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COPYRIGHTED IN 1936 BY WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 143.
",U8dWjn"„'„3^^raCow-
BROOKLYN
9
'S3ff.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1S79, ATTHE POST OrFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3,1 J79.
NO. 3724
NEW YORK, NOVEMBER 7, 1936.
TRUST
THE CHASE
COMPANY
Chartered
NATIONAL BANK
1866
Kidder, Peabody & Co.
:
George V. McLaughlin
"■
.
NEW YORK
.
' /
OF
CITY
The
BOSTON
President
PHILADELPHIA
NEW YORK
THE
OF
NEW
YORK
i
chase is
tra-
ditionally a bankers' bank.
For
BROOKLYN
many
served
Member Federal Deposit Insurance Corporation
years
it has
large number
a
of banks and bankers
as
New York
Wells Ergo Bank
b
and
UnionlrustCo.
SAN
correspondent
and
COMMERCIAL BANKERS SINCE 1852
depository.
reserve
'
'
-
Member Federal
.*
'
Deposit Insurance Corporation
United States
Government
FRANCISCO
Securities
Member Federal Deposit Insurance Corporation
United States
Government
RESOURCE? OVER $200,
Securities
The
Hallgarten & Co.
FIRST BOSTON
Established 1850
CORPORATION
BOSTON
PHILADELPHIA
London
Street, New York
Telephone: BO wling Green 9-5000
CHICAGO
Chicago
Incorporated
63 Wall
NEW YORK
NEW YORK
Brown Harriman & Co.
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
Boston
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
WERTHEIM & CO.
120
The
Broadway
State and
New York
London
Amsterdam
CARL M. loeb & Co.
61
NewTorkTrust
Company
BROADWAY
Capital Funds
NEW YORK
Municipal Bonds
♦
$32,500,000
Barr Brothers & Co.
INC.
New York
Amsterdam
Berlin
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
(jth Ave.)
•
BOSTON
•
Allentown
European Representative's Office:
London
•
Boston
Railroad
8 KING WILLIAM STREET
-
Public Utility
BONDS
LONDON. E. C. 4
Correspondent
Edward B. Smith &
Minneapolis
CHICAGO
*
Co., Inc.
St. Louis
R.W.Pressprich&Co.
Members New York Stock Exchange
Member Federal Reserve System and
New York
N. Y.
Chicago
Clearing House Association
Philadelphia
San Francisco
I
Financial
n
Nov. 7,
Chronicle
1936
BAKER, WEEKS
A. G. Becker & Co,
& HARDEN
Incorporated
Investment Securities
J. & W.
Seligman & Co.
Members
Established 1893
New York Stock Exchange
54 Wall
No.
Street
New York Curb Exchange
Philadelphia Stock Exchange
Chicago Board of Trade
Investment Securities
Commercial Paper
52 WALL
NEW YORK
STREET, NEW YORK
Graybar Building, New York
Commercial Trust Bldg.,
Chicago
New York
London Correspondents
Philadelphia
Buhl Building, Detroit
6
And Other Cities
SELIGMAN
BROTHERS
Lothbury, London, E. C. 2
Bourse Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
Foreign
Leading
OutAustralia and New Zealand
Investment Bankers and Brokers
BANK OF
NEW SOUTH WALES
BIRMINGHAM
NEWARK
(ESTABLISHED
(With which
1817)
amalgamated the Western Australian
are
Bank and The Australian Bans ot Commerce,
New
MARX & CO.
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
Paid up Capital...
Reserve Fund
Reserve
...
BIRMINGHAM, ALABAMA
MUNICIPAL
SOUTHERN
Ltd.)
£8,780,000
6,150,000
Liability of Proprietors...
8,780,000
.............
£23,710,000
AND
J. S. RIPPEL & CO.
18 Clinton St.
Newark, N. J.
CORPORATION BONDS
Aggregate Assets 30th Sept., 1935. £115,559,000
A. C.
747
Australian
PALM
BEACH
AND
WEST
PALM
BEACH
DAVIDSON, General Manager
BRANCHES
AGENCIES in the
Zealand, Fiji. Papua,
AND
New
States,
Mandated Territory of New Guinea, and
The Bank transacts every description
tralasian
Wool
Banking Business.
Produce Credits arranged.
DETROIT
London.
of Aus¬
and other
Head Office:
MUNICIPALS
MICHIGAN
and
WATLING, LERCHEN & HAYES
Members
New York Curb Assoc.
Chicago Stock Exch.
Detroit Stock Exchange
29 Threadneedle
SYDNEY
Street, E.C. 2
FLORIDA BONDS
Agents Standard Bank of South Africa
New York
BONDS
CORPORATION
New York Stock Exoh.
London Office:
George Street,
Specializing in
CARLBERG & COOK, INC.
Palm Beach—West Palm Beach, Fla.
Bell System Teletype:
W-Palm Beach No. 84
DETROIT
384 BUHL BLDG.,
ST.
NATIONAL BANK OF NEW ZEALAND, Ltd.
LOUIS
Established 1872
Chief Office In New Zealand: Wellington
Sir James Grose, General Manager
Head Office: 8 Moorgate, London, E. C. 2, Eng.
LISTED AND UNLISTED
Subscribed Capital........—£4,000,000
St. Louis Securities
SECURITIES
Paid up Capital
Reserve
'
'
'•
.
5r/x
Charles A. Parcel Is & Co.
U1LDING, DETROIT. MICH
The
Bank
£1,000.000
.....
£500.000
Reserve..
conducts
every
banking
description of
business connected with New Zealand.
SAINT LOUIS
Members of Detroit Stock Exchange
PENOBSCOT
Co.
&
£3,900.000
Fund
Currency
"
Correspondents throughout the World
London Manager, A. O. Norwood
509OUVE ST.
Members St. Louis Stock Exchange
MIAMI
We
buy and sell for
Missouri and Southwestern
our
Stocks and Bonds
account
own
Hong Kong & Shanghai
Florida Municipal Bonds
(jorrigan.Miimr &(1o.
BANKING
Smith, Moore & Co.
St. Louis
t NC.
In graham
Bldg.
Bell System Teletype
MIAMI
The First Boston
St. Louis Stock
MM1 18
Corp. Wire
Exchange
Authorized
Capital (Hongkong Currency) HS50,000,000
Paid-up Capital (Hongkong Currency)..H320,000,000
Reserve Fund In Sterling
£8,500,000
Reserve Fund in Silver (Hongkong Cur¬
rency)
.HS10.000,000
Reserve Liability of Proprietors
Foreign
Foreign
Head Office
.......
FULLY PAID CAPITAL
RESERVE FUND
.
3.000,000
HUGHES, Agent
NEW YORK
£3,780,192
£3,857,143
Deposits....
£64,009,174
200
Years of Commercial
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
Over
£3.000,000
....
H$20,000,000
C.
Incorporated by Royal Charter 1727
Reserve fund
Cairo
DE
72 WALL STREET,
Royal Bank of Scotland
Capital (fully paid).
of EGYPT
(Hong¬
kong Currency)
C.
NATIONAL BANK
CORPORATION
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony,
and
Banking
Kenya Colony
Uganda
Head Office: 26, Bishopsgate,
London, E. C.
Branches
CHIEF FOREIGN
LONDON AGENCY
6 and
3 Bishopgate,
in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
DEPARTMENT
London, England
Subscribed Capital.
7, King William Street, E. C. 4
HEAD
Branches in all the
principal Towns in
EGYPT.,and the SUDAN
General Manager
J
Paid Up Capital...
OFFICE—Edinburgh
William Whyte
Total number of offices, 254
1
£4,000,000
£2,000,000
Reserve Fund
£2,200,000
The Bank conducts every description
of banking
and exchange business
Trusteeships and Executorships also
Associated Bank. Williams Deacon's Bank, Ltd.
undertaken
financial
IV
ontmercW §
Vol. 143
ronirlp
NOVEMBER
No. 3724
7, 1936
CONTENTS
Editorials
%
page
Financial Situation
2895
Another Four Years
2908
Does Europe Want Peace '!
_.2909
Comment and Review
New
Capital Flotations in the United States for October
and the Ten Months Ended Oct. 31.
.2911
.
Book Review:
The
Theory and History of Central Banking with Special
Experience, 1913-1935
2916
Reference to American
Week
the
on
European Stock Exchanges
:
Foreign Political and Economic Situation
Foreign Exchange Rates
and
2900
__2901
Comment.
2905 & 2943
Course of the Bond Market
2917
Indications of Business
2918
Week
on
the New
Week
on
the
Activity
York
Stock
New York
Curb
Exchange.
2898
Exchange.
...2943
News
Current Events and
Bank and
2928
Company Items
Trust
Discussions.
....2942
General Corporation and
Investment News
Dry Goods Trade
State and
2989
.
Municipal Department
3027
3028
Stocks and Bonds
Foreign Stock Exchange Quotations
2988
Dividends Declared
2947
Auction Sales
New York Stock
New York Stock
New York Curb
.
_
.
2988
_
Exchange—Stock Quotations
2955
Exchange—Bond Quotations2954 & 2964
Exchange—Stock Quotations
New York Curb Exchange—Bond Quotations
Other Exchanges—Stock and Bond
Quotations
Canadian Markets—Stock and Bond Quotations
2970
2973
...2976
2981
Over-the-Counter Securities—Stock & Bond Quotations. 2984
Reports
Foreign Bank Statements
2903
Course of Bank
2943
Clearings
Federal Reserve Bank Statements
General
2951
Corporation and Investment News
....2989
Commodities
The Commercial Markets and
Cotton
Breadstuff s
Published Every Saturday
the
3018
Crops
......
..3021
3025
Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and Editor William Dana Seibert, President and Treasurer; William D. Riggs, 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 secondclass matter June 23. 1879. at the post office at New York, N. Y.. under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, S15.00 per year $9.00 for 6 months- in Dominion of Canada, $16.50 per year $9.75 for 6 months,
South and Central America, Spain, Mexico and Cuba, $18:50 per year, $10 75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa. $20.00 per year; $11.50 for 6 months.
Transient display advertising matter. 45 cents
per agate line.
Contract and card rates on request.
Financial
YI
Nov. 7.
Chronicle
1936
Notices
Kingdom of Bulgaria
P/2% Stabilization Loan 1928
Dollar Tranche.
HOLDERS OF
THE
TO
above-named Loan
from the
the
of
Trustees
The
that they have received
announce
Government sufficient sums in
foreign exchange to provide for a payment
of
21V2%
of
the
interest
coupon
due
November 15, 1936 and they are accordingly
Bulgarian
THE
paid at this
arranging for the coupon to be
rate.
AMERICAN ROLLING
League
Loans
of March 25,
the
in
explained
As
announcement
Committee's
will not be taken
as
a
complete
discharge.
Coupons
will
accordingly be marked with an indication
of
the
amount
paid
and
will
then be
1936, payment at this rate
returned to the holders.
provide any sums
will
It will not be possible to
for sinking fund purposes and drawings
MILL COMPANY
place.
therefore not take
also
Trustees
The
that
the
the
for
announce
of bondholders
information
since
publication of their announcement of April
Ten-Year 4%%
Convertible Debentures,
Debt
for their consent to alterations in the rates
May I,1945
of
hereby given
is
that pursuant to the pro¬
Indenture dated May 1, 1935,
visions of the Trust
between The American
Rolling Mill Company and
The Chase National Bank of the
City of New York,
Trustee, The American Rolling Mill Company
as
has elected to redeem and pay on
all of its
December 5,1936,
outstanding Ten-Year 4%% Convertible
Debentures, due May 1, 1945, which have not been
called for
redemption prior to that date.
Unless
presented for conversion into
stock of The American
accordance with the
denture
on or
tures so to
loan.
Director-General's
should
rates
the
increase
the
to
Referring
any
notice,
above
the
undersigned will, as directed by the Trustees,
be
prepared
November
to
15,
on
$37.50
coupon
with
or
upon
coupon,
to
pay
193C
$4.03
and
of the
Dollar
holders
of
the
on
letter
each
$18.75
on
each
presentation of such
appropriate
an
the
coupons
after that date, $8.06
Bonds,
coupons,
of transmittal,
at the office of either of the undersigned for
of
stamping
the
such
payment
thereon.
and should then be re-attached to the'Bonds
from
which
they
common
before December 5, 1936, the Deben¬
were
detached.
Speyer & Co.
Rolling Mill Company in
J. Henry Schroder Banking Corp.
American Fiscal Agents.
New York, November 5, 1936.
paid at the principal
on or
after that
date of said Debentures with all coupons
maturing
December 5, 1936, upon
after November
redeemed
cease
surrender
1, 1936. The Debentures so to be
bear interest after December 5,
to
TO
NOTICE
registered
as to
THE
HOLDER OR
CERTAIN
OF
STATE OP TEXAS
COUNTY OP ERATH
CITY OP DUBLIN
holder or holders
Dublin, Texas, that ail of
Notice is hereby given to the
of bonds of the City of
bonds of the following described
hereby called for redemption*
the outstanding
principal must
Bonds
"Sewer
of
the
City
Texas, dated December 1,
accompanied by
proper
instruments of transfer
each,
Debenture
Each
so
December
The
Chase
to
be redeemed is
for conversion on
or
ut
con¬
of
before
Bank of the City of New
common
Rolling Mill Company
Indenture.
ut
redeemable
Eayable forty (40at any time their date
)years from after ten
(10) years from their date.
"City of
Dublin,
City
Water Works
Improvement and Extension Bonds,"
dated July 1, 1922, bearing 5% interest,
numbered from 1 to 25, both inclusive,
in denomination of $1,000 each, aggre¬
made
an
stock of The American
as
provided in the Trust
adjustment in cash, in accordance with
provisions of the Trust Indenture, on account
account
the
of
gating $25,000.00, due and payable forty
(40) years from their date but redeem¬
Upon such conversion there will be
of interest accrued
on
sufch Debenture and
on
regular and extra dividends declared
shares
deliverable
on
$20,000.00, due and
such conversion.
any
years from their date.
"City of Dublin, Public Water Works
Bonds," dated June 1, 1911, bearing 5%
interest, numbered from 1 to 30, both
inclusive,
in denomination of $1,000,
each, aggregating $30,000.00 due and
York, 11 Broad Street, New York, N. Y., into
shares
aggregating
redeemable at
time after ten (10)
Eayable forty (40) years from their date
5, 1936, at the office of the Trustee,
National
of Dublin,
1909, bearing
5% interest, numbered from 1 to 20, both
inclusive,
in denomination of SI ,000
in blank.
vertible, if presented
HOLDERS
CITY OF DUBLIN,
TEXAS, BONDS
issues are
Debentures
1936.
on
of
raise
Broadway, New York, N. Y., at 102%% of their
140
the
yield
annual
at least 40 million
did
not
objection to their adoption.
Trustees
the
the
the new
After stamping, the coupons will be returned
principal amount together with accrued interest to
40
that
assurance
of
Guaranty Trust Company of New York,
office of
be
view
In
the assigned revenues by
provisions of said Trust In¬
be redeemed will be
is assigned to the service of
revenue
above-named
leva,
duties
statistical
and
customs
certain
whose
the
Notice
Director-General
of
the
Administration has asked
the
1936
30,
Bulgarian
due
able
at
any
time
after ten
(10)
years
from their date.
redemption of said bonds is
the 10th day of December, 1936.
The place fixed for redemption of said bonds
is
the
REPUBLIC
NATIONAL
BANK
&
TRUST COMPANY, DALLAS, TEXAS.
All of said bonds or any of them not presented
The date fixed for
payment or redemption shall cease to
interest on and after said date of December
for
bear
10th,
1936
and the seal or
this the 27th day of
Witness our official signatures
said Citb of Dublin, Texas,
The
American
Rolling
Mill Company
By Charles R. Hook, President
October,
W. P. LANGSTON
City Secretary, City of Dublin,
Texas.
(SEAL)
[s]
W. P. LANGSTON
City Treasurer, City of Dublin, Texas.
Dated November 4, 1936.
1936.
[si
First
National Bank in Riverside located at
Riverside, in the State of California, is closing
All note holders and other creditors
of the association are therefore hereby noti¬
its affairs.
to present the notes and other claims for
payment.
JQNAg E
KILLIAN( president.
Dated: October 8, 1936.
fied
The Financial Situation
believe that the
even
ising
reelected
even
by
In the
his most ardent admirers.
among
there
sense
(for
the most part largely in sympathy with the
be
New
Deal) will constitute the accredited government
of
alters the
are, ;
of
Those
active
been
as some
these
far
recognize
duly elected
these
as
as
rep¬
acts
stowed upon them
are
by the
Constitution, and conduct
themselves
Nor
would
it
purpose
having said
Of all
results
for
serve
any
to keep
open
none
campaign.
for
The
the
democratic principles.
this sense,
now
of
In
of
but only in this
that
has
demands,
demand,
the
that
number
of
and
women
who
are
could
vast
sensible
sound
should
and
now
are
un¬
ing
that underlie
Some 26,-
at
least, indicated
the polls that
place
progress
believe in the New Deal, but except on
fallacious idea of
in
not
the
least
vox
populi
prove
dei this fact does
vox
that
the old but
16,000,000 who
the
the need
enough.
number
As
matter
a
of
men
and
measures.
fact, issues at many points
clearly drawn in the election campaign,
many
were
of
ent
the
and
factors of political organization, private gains,
result.
a
very
substantial influence
All facts considered, there
upon
the final
is good
reason to
and
winter
years
Roosevelt's
President
second term
no one
knows.
at pres¬
likely
Very
President himself has
not
formulated
yet
definite
be
temptation
strong
toward
continuation and
ening
of
to
no reason
doubt that the
will
any
There
program.
is, however,
the
a
sharp¬
a
radical
de¬
parture from tradition and
the
teachings of experience.
The President has
re¬
peatedly shown himself to
susceptible to the
but
even
if he
popu¬
keep the ship of state
far
were
constructive, earnest and
per¬
an
upon
If
as
many
his
attitude,
muster and
and doubtless
there
more
a
conservative and careful
he will need all the help
doubtiess
An
But
have said,
believe, the President is likely during his
second term to become
in
selfish motives and emotional reactions had without
doubt
will be brought
next
keel during the next few years would be great
expressed the opposite view at the polls are wrong
judgment of contemporary
none-
during the following
for
sistent endeavor to
even
in their
not
restraining hand
jubilant and
forward
the government
so
re¬
too-steady majority. What
lar whims of the moment,
less
hands,
join
a
upon a
course,
they
im¬
gardless of party ties, to
be
at
less
both in and out of
Congress
be impossible in this
brief space to trace all the ramifications of
the subject.
It leads directly or indirectly
almost everywhere.
The budget simply must be brought into
balance at the earliest possible date. We hope
the President goes to work at the task of bal¬
ancing it in dead earnest and at once.
further
not
perative that sober-minded
groups
000,000 voters have, tech¬
nically
but
programs
would, of
of
more
it
render
desirable
governmental fi¬
rests upon the ability of
It
development of the ideas
the New Deal.
sound
The
proportions
majority in this elec¬
tion
Continued progress will be
without
live within its income.
to
lay aside their
measures
the
vulner¬
of their unduly large
holdings of government obligations.
When
all is said and done, the hope of relieving them
And of placing them upon a really sound foot¬
convictions and lend their
and
had begun to make
a pe¬
in the
importance
enormous
desirability of greater stability in in¬
relationships and of his
we now
a
applic¬
present situation
touches the life of
none
able position by reason
dangerous
aid and support to
culiar
the banks of the country are in a most
con¬
is
course,
general
ability often expressed, but
Despite all protestations to the contrary,
vinced that the programs
of the New Deal
of
control.
men
in this country
sincerely
government
respect for the
of
This,
truth
Treasury deficits of the past few years have
created a dangerous inflationary situation at
home, which such steps as altering required
reserves cannot hope alone to remedy or even
to hold indefinitely in check.
The real begin¬
ning of progress in correcting this evil will be
made
when
the budget
is brought under
oc¬
or
is proper
rights of the majority.
nances.
Where the Minority Stands
Nothing
vital and
in that direction.
dent and his followers.
democratic
as
it, nevertheless, has
more
impossible
as
functioning of
proper
a
the
hope that
unite behind the Presi¬
curred
the
essential to
minority is
ternational currency
the country should
sense,
is
intelligent, courageous,
of thinking.
way
the
upon
absolutely essential will remain unattain¬
able.
The place to start with many things is
with the budget.
The Secretary of the Treasury on several
recent occasions has had a good deal to say
re¬
nature
win others
their
forthright, constructive
as
with
are
and decent
the Right Foot
on
the people at more points and more commandingly than the budgetary situation.
As long as the budget remains hopelessly
out of balance a long list of reforms and of
constructive measures now generally realized
accepted
they
grace
gard
be
must
what
good
convictions and to do what they can to
problems by which the Govern¬
ment in Washington is faced, and for that
matter by which the country at large is faced,
the wounds inflicted dur¬
the
It is not only their right
years.
right foot.
accordingly.
good
should
we
duty to adhere steadfastly to their
by the press
his departure from his
home in Hyde Park on Thursday evening that
he was "going back to Washington to try to
balance the budget, thereby carrying out the
first of the campaign pledges."
We hope that we are warranted in assuming
that the President was seriously and sincerely
in earnest in what he said, both as to "trying
to balance the budget" and in listing a bal¬
anced budget as "the first of the campaign
pledges." If he is, he is starting out on the
within the powers be¬
ing
the past
that
different from that
wholly
course
President Roosevelt is quoted
resentatives of the people
so
a
An
Starting
official and valid the acts
of
following
have
opposing
as
must
with the
case
,
to
the reelection of the Presi¬
dent
future election
the
was
But however this may be
fully convinced
are
course,
who
in
larger proportion because of
obviously millions of intelligent, sincere
who
but their solemn
situation, the results of the balloting on
Tuesday
final.
time
are
citizens
that he and those who have been elected to Congress
of the country until such
a
26,000,000 who favored it.
anticipated
majority probably not
a
much
in
so
deep and sincere conviction than
has been
continuation of the New Deal,
a
16,000,000 who opposed the New
Deal did
PRESIDENT and firmly,
in the past ROOSEVELT, admitting no prom¬
vehemently, errors
hej^can
would welcome it.
Opposition Program Essential
are
concerted effort to
other
compelling
develop
a sane,
reasons
for
constructive
a
op-
Financial
2896
Nov.
Chronicle
7,
1936
position program. If any feature of the unsuccessful
vincing evidence when once again the time comes to
campaign of the Republican party during the past
fe wmonths stands out more clearly in retrospect
go
than any
Begin with the Budget !
other it is the plain fact that its weakness
<
at bottom rested upon
its lack of any carefully for¬
constructive
and
policies
mulated,
definite
programs
that set a unified Republican party off
in
or
sharp contrast to the New Deal and its advo¬
the
When
cates.
1932 it seemed to lose its
office in
from
Some groups
the most
vitality.
in it clung desperately, although for
part silently, to the doctrines that had
it to
caused
party was swept ignominiously
fall, while large elements went
over
to the people for a mandate.
The
will of
it
with
the
President, became
out-and-out
opportu¬
nists, permitting themselves to stand up and
counted
Deal
as
favoring
be
of the worst of the New
some
time did
no
serious effort to
structive
the party as
such make
fiscal year
ments
are
perform the functions of
a
Certain individuals in it stood
minority.
telligently and outspokenly critical of what wTas go¬
certain members of the Democratic
on as were
party, as, for example, Senator Carter Glass.
net result
upon
covery
first
of constructive
formulated
a
party
effort, without
leader.
and without a virile
convention
lad
The Cleve-
compromise
a
a
plat¬
form, and selected a previously unknown member
of the
party from the West in the vain hope of unify¬
party without unity and without constructive
a
ideas.
In these
circumstances, it
conservative
the
more
the
Democratic
New
and
was
inevitable that
quarter of the current fiscal year exceeded $894,-
000,000, the corresponding figures for last year be¬
Meanwhile ordinary expenditures
ing $945,000,000.
stood for
the first three months of the 1937 fiscal
at $1,059,000,000, compared with $949,800,000
with
party, long without sympathy for
Deal, could not in large numbers bring
their
such
former
slight
of action if
course
Now
is
be
there will
it
be
stands
to
different
a
placed in
were
wiser
and
power.
It is evident that
that
more
the
Republican
discredited than in
party now
1932
have still to make
Ave
It is not
tion.
enough to reduce the deficit by in¬
creasing taxes or by the aid of larger collections
under
very
The budgetary situation will
existing law.
be
not
impotent, the
answer
substantially,
President has
radically,
even
than
ever
begin at
is that this has ex¬
the
of
imperative that constructive work
The fact is that the constructive
once.
forces
country are not found solely in the
Republican party by
large
an
element in the Democratic party which
ought normally to form
"opposition."
a
It must be assumed that he is sincerely
interested in
the earliest
improving the budgetary situation at
practicable date,
of
in
know that otherwise the
danger of
course,
can
Senator, but
hesitate for
men
of all
in
we
a
no
way
constructive thought
We,
speak for the venerable
feel confident that he would not
moment
to
join forces with sensible
parties to hold current follies in check
so
far
to
present itself, the enormously difficult and ur¬
as
possible, to begin,
as
opportunity seemed
gent task of modifying, amending or repealing the
many
effect
unstatesmanlike laws that have gone into
during the past three and
to start the work of
ord of
building
a
up a
half years, and
constructive
rec¬
public service that would provide really con¬
a
He must
general break¬
down in the credit of the Government is too
be
He will
tolerated.
outlays.
great to
sorely need all the support
muster in any
can
to reduce
attempts he may make
He will obtain little such
sup¬
port from the ardent advocates of the New Deal
type of policy.
But there
number of members
are a
of greater
left in both houses Avho realize the need
Some of them with¬
prudence in public spending.
Senator
of
Glass has
the loose fiscal
There is not the
less of party
and form
is
long been
an
management of the New Deal.
slightest
reason
why all sensible
Congress, quite regard¬
affiliations, should not combine forces
small but influential group
a
Tuesday.
outspoken critic
to do what
possible to help set the financial house in order,
\\rhether
mined
or
to
not it proves
work
that the President is deter¬
vigorously in that direction next
year.
There is indeed
world
Avhy they should.
part of the nucleus of the
public life, Senator Glass of Virginia.
his statement on
as
leaving 'Hyde Park Thursday indicates.
Relief
What is more, the Democratic party
has by far the ablest leader of
The
receipts but of lower expenditures during the next
feAV years.
There is fully as
any means.
reduced.
spoken hopefully not only of larger
and is
actly nothing to do with the matter except to make
more
have been
satisfactory until expenditures
members of both houses of
therefore
begin¬
a
ning in getting the budget into a really sound condi¬
out doubt voted the Democratic ticket last
begin making certain that
repetition of this debacle in 1940.
no
asserted
even
they
time
the
of
join hands
seemed to give
opponents who
assurance
V//,:
last year.
able members of
more
themselves to forsake their old ties and
now
re¬
and relief (on the same basis as above) for the
that he
it
expenditures for
said during the campaign,
The
campaign yejar 1936 came
wholly unprepai^ecMior it,
record
a
program
that the
was
party
a
without
If
$1,894,000,000. Despite the substantially en¬
larged rate of business activity, about which much
con¬
a
minority, and none of them was so consistently, in¬
the
exceeded $1,953,000,000, if all disburse¬
included without deducting collections on
capital account. The corresponding figure for last
year was
year
even
valiantly by their guns but they were in a small
ing
Actual
beginning of the year.
measures.
At
ing
The budget
before Congress at once when
come
at the
convenes
the New Deal. Many without
deep conviction yielded to the popular clamor and,
necessity
expenditures during the first quarter of the current
was
boots and baggage to
place to begin is with the budget.
valid
every
Problems
reason
in the
Involved
Closely related to the budget is the question of
relief.
The election is
now
over.
There is
no
reason
Avhy the President should not face the fact that great
waste and
extravagance have been involved in his
relief program,
greater
care
that
more
agement generally would
lions without
that
fected
even
economies
without
work" for the
save
money,
save
man¬
the taxpayers mil¬
reducing the amount that the really
needy receive by so much
aAvare
efficient administration,
in super\rising outlays and better
as one penny.
of
giving
He must be
importance could be ef¬
up
his idea of "making
unemployed. Not only would all this
but it would greatly help in stimulating
Volume 143
Financial
Chronicle
re-absorption of the unemployed into industry, since
without question one of the difficulties to be overin this connection is the
come
ers
able to exist without
are
Deal and its type of philosophy in or out of politics must be
with which labor-
ease
undergoing the normal
with
not to say
the President in
they
can muster upon
with them if such
a
event he cannot be
vigorously
and
oppose
all the influence
use
is necessary,
persuaded, to
oppose
\
*
politics should of
™x,
a
x,
covery
of
upon the shelf. As a matter of fact, the
possible basis for gaining partisan advantage
time in the future is
some
siderations for the time
desire and
and all
this
to
forget all such
being and show
a
be mustered in
can
an
muddled problem of relief into
factory state. Current reports
are
effort
a
more
are
really concerned about
way
of doing things, there is
as
a
belief
the National Industrial Re-
Act represented.
.
,
a rather large advance of
all money in circulation, banking statistics
for the week to 'Wednesday night reflect only a con¬
tinuance of trends previously in evidence. The
statement of the 12 Federal Reserve Banks, combined, shows that the credit base still is expanding,
**
con-
to
our
\Y/ITH the exception of
sincere
ability to work constructively with
who
If American busi-
so.
'
„
,
~
Federal Reserve Bank Statement
defi¬
nitely laid
best
they did
truly free America, and if those who
the New Deal
_
*
be
course
a
in such programs
him openly,
Considerations
They must not
place in their mental furnishings for
no
and in the
the day
traditions and
our
him to persuade him to work
course
guard lest they mistake shad-
actively supporting, such legislation only
rue
wants
ness
effecting needed reforms in
relief, to
constructively.
purely partisan
later to
practices to work constructively
the administration of
their
make the mistake they made before of tolerating,
plain duty of those who have been critical
of the current relief
on
for substance in this matter.
ows
rigors of hard work.
It is the
2897
any
get
gold to the amount of $27,000,000
satis-
our monetary
to the effect that
was
added to
stocks in the weekly period, making
the President will defer definite relief recommenda-
the aggregate $11,058,000,000.
tions for
Reimbursed itself only for $15,006,000 of these
acquisitions by depositing gold certificates with the
Federal Reserve Banks. Currency in circulation
increased by $76,000,000 in the week, the gain being
is
more
a
time,
he did last year, until the picture
as
clearly defined.
Such
a
policy
ever>
his part
on
well be advisable, and would in any event pro-
may
vide
more time and
opportunity for others to organize to work with him in any sincere endeavor
he may make to reduce this immense burden now
resting
larger than might seasonally have been anticipated,
-But the month-end and Election holiday require-
the country, and to bring what influ-
upon
ence
they have to bear
he is
ments apparently contributed jointly to the increase,
which more than offset the gold acquisitions. To-
disposed to wince and relent and refrain.
Many
other
opportunities
present themselves
to do with the
as
will
time passes.
gether with other and less important changes in the
accounts, these alterations caused a decline of
$38,644,000 in member bank reserve balances,
After the usual adjustments were made with regard
unquestionably
Questions having
gold content of the dollar, of the
of the so-called stabilization
trade
him in the event that
upon
use
to requirements, it was estimated officially that
excess reserves totaled $2,140,000,000 on Nov. 4, a
decline of $20,000,000 for the weekly period,
fund, of the reciprocal
treaties, and other matters of equal moment
will almost of
winter.
On
necessity
issues
before Congress next
come
that
have
to
do
with
.The addition of $15,006,000 gold certificates to
the Fund brought the aggregate Federal Reserve
holdings of these instruments up to $8,650,837,000
money,
banking and credit Senator Glass has during recent
years
been
most
alone
obliged for the most part to stand alas
the lessons of
champion
a
of
common
sense
The Treasury, how-
and
Nov. 4, which establishes still another record,
on
party to expect to make real headway against the
The demand for hand-to-hand currency reduced cash
in vaults sharply, and aggregate reserves were
actually down $2,383,000 to $8,911,546,000. The
greater use of currency was reflected by a gain of
New Deal.
$48,503,000 in Federal Reserve notes, the
experience. There is not the slightest
for such
excuse
a
situation, and
mitted to exist there is
impression
tariff
That
upon
the
so
long
party has not made
it is per-
as
for the
Republican
favorable
a
the country in its attack
over now,
upon
it is not
because it
,
has
The
on
.
...
country by eliminating
international
trade
a
record for
recessions
con-
Many observers
intends
are
tol.gMatton
effect be the substantial
Industrial
'
convinced that the President
while
the
while
m
all deposit accounts amounted
industrial
advances
were
up
$175,000
to
Open market bankers bill and United
that .oala b
equivalent of the National
sportively
.
Recovery Act, although possibly taking
probably called by
can
shown
$26,474,000.
the form of several enactments instead of
one, and
to
already
liabilities, so that the reserve ratio moved up to
80.1% on Nov. 4 from 80.0% on Oct. 28. Discounts
by the system advanced $970,000 to $7,077,000,
in these and kindred matters.
NRA
as
$63j553)000, and the aggregate of deposits was
$6,988,002,000 on Nov. 4. With reserves showing
little change, it appears that the drop in deposit
liabilities more than offset the gain in circulation
statesmanship and breadth of vision by a
complete shift in the position that has been taken
New
deposits,
$6,693,359,000,
bank deposits dipped $854,000 to $153,316,000. The
structive
A
to
to
restrictions, would do well to
up
reserve
receded$18,701,000 to $46,778,000, and non-member
,.
mitigating the severity of
forget party ties and build
$38,644,000
deposits on general account were off
$5,354,000 to $94,549,000. Foreign bank deposits
„
or
fell
Treasury
is open to criticism chiefly be-
,.
Nov. 4. Member bank
noted,
and those sensible members
vigorous and forthright enough, not
harmed, or is likely to harm, the
,.
actual
circulation of these instruments being $4,134,747,000
the
party who understand, as they must, that
this whole program
cause
use
policies of the present Administration.
campaign is
of
no
National
names
that have
no
similarity
Recovery Administration.
Ameri-
business and all sincere opponents of the New
Corporate Dividend Declarations
fP^IVIDEND actions taken by corporations the
***
current week
were
outstandingly favorable,
International Nickel Co. of Canada, Ltd., declared
2898
Financial
dividend
a
of 40c.
share
a
the
on
stock,
common
Chronicle
$835,000 in the wholesale trade division
payable Dec. 31, and compares with 35c. a share,
with
30c.
struction
share and 25c.
a
share
a
paid, respectively, in
each of the three
preceding quarters.
Corp. declared
special dividend of 25c.
a
addition to the usual
share
a
the
on
Phelps Dodge
share in
a
quarterly distribution of 25c.
capital stock, both payable Dec. 15.
Socony-Vacuum Oil Co., Inc., also declared
dividend of 25c.
Dec. 15.
of
$1
share
a
its
on
capital stock, payable
Phillips Petroleum Co. declared
share
a
A dividend of 35c.
Oil Co.
its
on
share
a
declared
was
share paid
a
June 15 last.
on
Firestone Tire & Rubber Co. declared
50c.
share
a
the
on
share
a
July, April and Jan. 20 last.
increased
Co.
stock to 75c.
dividend
share, 50c.
a
made
were
May
on
Baking Co. declared
share
lar
the
on
Kroger Grocery
extra dividend of 30c. a
an
quarterly dividend of 40c.
same
Co.
declared
extra
an
addition to the
amount
the
on
dend of 75c.
lar
Dec. 5.
Bearing Co. declared
the
on
a
of $1.15
share
a
extra divi¬
an
regular quarterly of simi¬
common
stock, and $1.35
common
in
stock, both payable Dec. 1.
Household Finance
dividends
share
a
regular quarterly dividend of like
share and
a
amount
dividend of 50c.
common
Timken Roller
share bearing the
a
stock,
payable
Corp. declared special
the class A and B
on
share
a
both
the preference
on
stock, all payable Nov. 19; regular quarterly divi¬
dends
of
75c.
87%c.
a
share
declared,
share
a
both payable Jan.
the regular
be
stock
common
the preference stock
on
Foundries declared
the
the
on
15.
and
also
were
American
Steel
dividend of $17.50 a share and
a
quarterly dividend of $1.75
a
share
on
7% cumulative preferred stock. The former will
paid
on
tribution
common
dend
Dec. 15 and the latter
of
$1
a
share
on
also
was
Dec. 31; a dis¬
declared
the
on
stock, payable Dec. 15, being the first divi¬
to be disbursed
1931, when
on
this
issue
since
and liabilities $573,000
as
while last year 58
In
failed for $1,187,000.
country
divided into
Federal Reserve Districts, there were
fewer failures
of
section
every
the
except for the Kansas City District where there was
a
small
increase; however, this district and all the
others had fewer liabilities involved with the
exception in
which had
of
this
and
liabilities
spread fairly evenly
exceptions noted;
District
a
in the others
this year as
from
single
District
Richmond
the
liabilities this year.
more
failures
of
case
The reduction
October
1935
was
all the districts with the
over
further exception, the Chicago
should
were
amounting to
noted for in
be
also
that
sharply reduced than
more
than $726,000
no more
compared with $2,236,000 last.
The New York Stock Market
regu¬
Harbison-Walker Refractories
payment date.
con¬
reduction,
sharpest
35 commercial service firms failed for $501,000
year;
District liabilities
common
compared
as
October 1935; the
the
failures numbering but 34
the
on
stock, payable Dec. 1; the
common
showed
group
Reserve
share having been paid
a
$2,318,000 in
Department
this issue in previous quarters.
on
&
the
dividend of
a
stock, payable Nov. 20;
common
previous payments of 30c.
Stores
by the Ohio
stock, payable Dec. 15 ; this
common
with 25c.
compares
dividend
a
the capital stock, payable Dec. 1.
on
for
81
7, 1936
compared with 74 failures involving $2,792,000 last
special
a
Nov.
Sept. 30,
VIGOROUS the immediate post-election sessions
prices in improvement in stock and bond
marked the
profit-taking yesterday.
opened
on
The
sharply higher fig¬
Soon
a
after
measure
of
the markets
Wednesday, after the sweeping victory
for President
Roosevelt,
a
vast surge of buying took
place and sent general levels to best figures since
1931.
All groups
of stocks and bonds, with the sole
exception of the utility issues, participated in this
advance, the utility exception being due, of course,
to the Administration
panies.
campaign against these
the election caused the
over
com¬
It would be idle to claim that satisfaction
advance, for the simple
fact is that financial interests in
appointed.
plainly
But
good
a
released,
was
deal
and
general
of
it
to
dis¬
were
pent-up buying
added
was
the
tendency to purchase equities because they supply
at least
some
possibility of avoiding the destructive
effects for individuals of
Washington.
inflationary tendencies at
The movement toward higher levels
aided
was
dend
Business Failures in October
toward
was
despite early uncertainty and
ures,
also
25^. a share was paid.
dealings in the New York markets.
trend for the week
materially by
numerous
distributions, predicated
of undistributed
on
the
corporate surpluses.
for
COMMERCIAL failures in October, reported by
Dun & Bradstreet, show
lessening of the
certain
tin,
added
favorable trend that has characterized these figures
special divi¬
taxation
new
Keen demand
issues, and enhanced the upswing.
no
for
the
months,
past four months
the
smallest
and like
October totals
reduced from the
since
same
1919
very
the
not
are
only
month of 1935
which
the
was
The
preceding
but
year
greatly
are
the
of least
Bankruptcies last month numbered only 611 with
metals, such
the
sire
trading last Saturday
on
as
commitments
and
day, which
lead and
copper,
groups
of
quiet, with the
was
the market reflected
the part of many
lighten
as
inquiry for related
price trend uncertain,
Doubt
failures in the period since 1894.
base
to
a
de¬
traders and investors to
the
over
election
period.
uncertainty again prevailed last Mon¬
was
the final pre-election session.
The
but
$8,441,000 liabilities involved; in the preceding
month, September, 586 concerns failed for $9,819,000
tone
but in October
improved, owing to signs of
a
demand for the
post-election session
of
19|35 1,056 firms failed with liabilities
$17,185,000
October
was
involved.
countrywide
branches of industry.
had
105
failures
comparison
The
improvement
and
pertained
to
in
all
The manufacturing division
involving $3,469,000 liabilities in
with
exactly
double
the
number
of
was
clined
on
subdued
slightly.
Wednesday
turnover
ing to
on
more
throughout, and most stocks de¬
Copper and other base metal shares
metals.
was an
The
great and
exceedingly active
the New York Stock
one,
than 3,000,090 shares.
Industrial and
gains of 1 to 6
failures and $4,984,000 liabilities in October 1935; in
points.
the retail trade group
mand, but also disclosed sharp advances.
there
were
this year and 633 last year while
000 last month
were
amount involved
a
liabilities of $3,063,-
only slightly
year ago;
382 bankruptcies
more
than half the
55 firms failed for only
stocks
results
receded
seem
companies.
to
a
point
were
or
indicate
Dealings
on
with
Exchange amount¬
metal stocks soared and closed with
Railroad issues
steady
in
more
modest
de¬
Utility
two, since the election
further
Thursday
pressure
on
the
were even more
Volume
Financial
143
active than in the
in stocks moved
buying
all
the
large scale
on a
demand, and
indecisive, with little buying enthusiasm apparent
preceding session, and turnover
over
Foreign
3,500,000 mark.
' and with prices at the close somewhat irregular,
On Wednesday all uncertainty
added to the domestic
was
illustrated by unusual pressure on
was
important foreign exchanges.
2899
Chronicle
dispelled, and
was
with business and industry showing a continued
favorable position, further impetus was given to
Some profit-tak-
ing by professional operators took place, but it was
buying which covered
absorbed
being strong and active and leading issues showing
easily and prices advanced in almost all
of issues.
groups
demand than
shares
Industrial stocks
others, but rails improved, and utility
regained most of their previous losses.
and other base metal stocks
per
demand.
After
a
Cop-
mestic and foreign account, and prices closed steady
in modest
were
and higher in the broadest and most active market
good start yesterday, realization
this
Recessions
pressure.
however, and levels
since Feb. 19.
those current
better than
week
earlier.
Utility stocks held
appreciable increases
Steel issues drifted
week
downward, partly because reports of
took
Several large
com-
announced distributions of
por-
of accumulated
surpluses to employees, rather
than to stockholders.
and
in
initial
the
period.
session
after
Rut
of
securities.
forward
mand.
results
became
against 57%; Wool worth
marked
on
a
Thursday and
base
the
on
metals.
higher in Europe, and
still another advance here also
tin
upward
trend in
in
The
was con-
the
a
an
touched
sessions.
The
the
the
tillers at 53% against 49%, and National Distillers
at 30% against 28%.
Improvement was noted in the steel stocks for the
Sterling dipped almost
at 122 against 114; Bethlehem Steel at 73% against
a new
French francs
were
since
depressed for
Stock
York
Exchange
the motor group, Auburn Auto closed yesterday at
227 stocks
high levels for the year while 9 stocks
On the New York
low levels.
touched
72%; Republic Steel at 24% against 24%, and
Youngstown Sheet & Tube at 86% against 86. In
Curb
33% against 33% on Friday of last week; General
Motors
at
74%
against 73;
Chrysler at
134%
against 129, and Hupp Motors at 2% against 1%-
In the rubber group, Goodyear Tire & Rubber closed
on
yesterday at 27% against 26 on Friday of last week;
Exchange remained unchanged
United States Rubber at 38% against 36%, and
Stock Exchange the sales at
B. F. Goodrich at 26% against 25%. The railroad
shares were depressed this week. Pennsylvania RR.
new
Call loans
levels.
low
New York
half-day session on Saturday last were 733,360
closed yesterday at 43% against 44 on Friday.of
1,600,910 shares;
last week; Atchison Topeka & Santa Fe at 77%
shares;
Tuesday
on
they
Monday
was
Election
Wednesday the
sales
were
Day
were
and
a
3,294,200
holiday;
shares;*
on
against 79%; New lrork Central at 45% against
on
45%; Union Pacific at 143 against 141%; Southern
Thursday, 3,620,890 shares, and on Friday, 2,717,010
shares.
last
ex-div.
week. United States Steel closed yesterday at 77%
against 76% on Friday of last week; Inland Steel
significant,
1%.
On
at 17%
United States Industrial Alcohol at 40% against
were
the New York Stock
at
against 173%; Standard Brands
flow of funds from Europe
New
new
stocks
Conti-
38%; Canada Dry at 17% against 18; Schenley Dis-
Exchange 74 stocks touched new high levels and
20
Sulphur at 49% against 38%;
they
parity.
new
Texas Gulf
nental Can at 73 against 73; Eastman Kodak at 178
ex-div. against 146%; Lorillard at 23% against 23;
vention of the French stabilization fund.
touched
yesterday at 94% against
Lead and
good markets here.
the
and
179%.
expectation of
time, but recovered yesterday on obvious interOn
against
States, presumably to take advantage
to the United
to its old
against 62,
against 17%; Westinghouse Elec. & Mfg. at 146%
prevailed.
the post-election
movements
plainly reflected
of the
181%
was
Copper
foreign exchanges were held to narrow fluctuations,
but
at 63
Grains and cotton joined the
advanced.
-were
closed
at
against 25%; National Biscuit at 32 against 31%;
regime,
were
In the commodity markets atten-
yesterday.
centered
Union
Tel.
against 61%; National Dairy Products at 25%
upswing became general
tion
&
toward better levels, but utility
Roosevelt
bonds failed to share in the movement at first.
tinned
Western
Tel.
97%
at
& Co. at 59%
de-
continued
a
policy
money
Among the bond issues with
was
American
& Co.
speculative
extremely easy
corporate bonds likewise
tinge the trend
a
93% on Friday of last week; Allied Chemical &
Dye at 237 against 233; E. I. du Pont de Nemours
at 178% against 172%; National Cash Register at
30% against 28; International Nickel at 63%
the
will continue under
rated
Sears, Roebuck
against 97%; Montgomery Ward
senior
Friday
160% against 158; International Harvester at
weekly
most
on
N. J. at 46 against 48; J. I. Case Threshing Machine
current
United States Government issues moved
that
the close
Gas & Elec. at 18% against 20%; Public Service of
/
the
sharply Wednesday and Thursday, on the
realization
over
Friday of last week; Consolidated Edi-
96% against 92;
election
the
on
quiet late last week
heavy buying took place in
known,
Best
was
general rule, prices
Co. of N. Y. at 44% against 48%; Columbia
son
at
Trading in listed bonds
as a
General Electric closed yesterday at 50%
ago.
against 49
increases
authenticity.
moreover,
panies,
tion^
Avage
additional
on
a
strong opening, some liqui-
maintained their gains and closed yesterday with
others, yesterday.
a
a
dation was in evidence, but,
moderate,
were
On Friday the market assumed
cautious attitude after
whole remained far above
as a
to six points,
one
Thursday witnessed increased buying, both for do-
selling appeared in volume and prices slowly wilted
under
broad front, the market
advances for the day of from
in greater
were
a very
On the New York Curb
Saturday
were
260,835
Exchange the sales
shares;
on
Monday,
Pacific at 43% against 46; Southern Railway at
22% against 23%, and Northern Pacific at 28%
against 29%.
Among the oil stocks, Standard Oil of
on
N. J. closed yesterday at 67 against 68% on Friday
Thursday, 719,640 shares, and on Friday, 722,425
of last week; Shell Union Oil at 27 against 26, and
Atlantic Refining at 32% against 31%.
Equities
485,505 shares;
on
Wednesday, 777,175 shares;
shares.
The movement of
equities in the stock market
on
Saturday last and Monday of this week was rather
in the copper group were strong, and Anaconda Cop-t
per
closed yesterday at 53 against 47% on Friday
i
Financial
2900
of
last
Chronicle
Nov.
7, 1936
against
levels recently attained. Some nervousness is caused
58%; American Smelting & Refining at 99 against
in France by reappearance of the stay-in strikes,
93%, and Phelps Dodge at 50% against 46%.
which have
week; Kennecott Copper at 61%
Trade and industrial indices
in almost all important
for the week
duction
suggest improvement
Steel ingot
instances.
ending today
pro-
estimated
was
capacity against 74.3% last week and 50.9% at
this time last year.
Electric
power
the week to Oct. 31 amounted to
watt
production for
2,175,810,000 kilo-
hours, according to the Edison Electric InstiThis
tute.
compared with an output of 2,166,-
was
656,000 kilowatt hours in the preceding week and
with
1,897,180,000 kilowatt hours in the correspond-
ing week
of last
Car loadings of
year.
revenue
freight for the week to Oct. 31 totaled 814,175
the
Association
This
represented
vious
of
Railroads
decline of 1,797
a
week, but
American
c.ars
gain of 132,177
a
cars,
reports,
from the
cars
pre-
the
over
similar week of 1935.
As
definite political character.
In Ger-
sufficiency will prove feasible and will not interfere too much with the course of business,
by the American Iron & Steel Institute at 74.7%
of
a
the hope is held that the program of self-
many
Advances in commodity prices furnished the occasion for much of the stock trading on the London
Stock Exchange as dealings were resumed for the
British funds were unchanged on Monday,
week.
and industrial issues displayed quiet firmness.
But
rubber company stocks were marked sharply higher,
while copped, tin, diamond and gold mlnibg issues
also
in' excellent demand.
were
The advances in
rubber shares was too rapid, and some recessions
from the highs tof the day occurred on late profit-
In normal
taking.
dealings
on
Tuesday, British
funds advanced, while small gains appeared also in
most industrial stocks.
Copper stocks advanced
readily owing to the gains in the European price
indicating the
of the commodity
/ of the metal, and further improvement was noted
kets, the December option for wheat in Chicago
also in other mining issues. Rubber stocks receded
closed yesterday at
close
course
114%e.
against 113%c. the
as
Friday of last week.
on
December
Chicago closed yesterday at 100c.
the close
on
Friday of last week.
corn
against 94c.
as
steady but most industrial shares soft.
Base metal
American issues receded at first, but moved sharply
on
yesterday
against 12.06c. the close
as
17.50c.
was
against 16.97c. the close
as
Domestic
yesterday at 10%c.
as
capper
advanced
against 10c. the close
oh
Friday of last week and 9%c. the prevailing
tation on Friday of previous weeks.
pence
Friday of last week, and spot silver
yesterday at 44%c., the close
of
matter
the
foreign exchanges, cable
London closed
on
against $4.89 the close
cable transfers
4.65c. the close
on
equities of all descriptions. Gilt-edged issues drifted
a
bit lower, but British industrial and mining stocks
reports were received of advances in New York.
against 20 1/16
Friday of last week.
the
in the London market, with attention centered
moved sharply higher. Interest in American issues
was stimulated additionally late in the day, after
in New York closed
transfers
reports of the upswing in
on
Boom conditions de\&eloped Thursday,
New York.
quo-
pence per ounce as
per ounce on
higher in late trading
price of bar silver yesterday was
In London the
9/16
on
The spot price for rubber
Friday of last week.
to close
as
Friday of last week.
Friday of last week.
and
trading favorites resulted in wide advances. Ac-
tivity increased on Wednesday, with British funds
stocks again were in keen demand, and some of the
gold mining issues likewise improved.
Anglo-
yesterday at 12.27c.
In
can
spot price for cotton here in New York closed
The
on
realization selling. Late trading in Anglo-Ameri-
on
against 40%c.
the close
20
at
December oats at
Chicago closed yesterday at 42%c.
on
mar-
Friday
on
Paris at
on
Friday
on
yesterday at $4.87% as
as
against
nyr
i
metal issues soared in excited trading,
Dealings at Paris were suspended on Monday, in
observance of All Saints Day.
When business was
resumed on Tuesday the tendency was uncertain,
for budgetary difficulties loomed and
marked lower, while French bank and
were
industrial stocks did not vary greatly.
i
European Stock Markets
eg^.
strikes
new
developing in important French industries.
were
Rentes
week ago.
a
c
of last week,
4.63%c.
British funds were dull in quiet trading yesterday,
but gains appeared in most industrial stocks. Base
wag
Keen inter-
taken, however, in base metal and other
com-
PRICE trends in thesomewhatEuropean financial modity to the similar movements at London. Interissues, which moved sharply higher in reexchanges were leading irregular on stock
sponse
centers this
American
week, with optimism the rule after the
elections
followed
were
swing in the New York market.
where
centered
election
results
American
on
became
by
a
brisk
up-
Attention every-
securities
known, and
after
the
pressure
on
foreign exchanges reflected the flow of funds to the
New York
market in
the movement here.
in most
New
order
to
take
advantage of
The London market
sessions, and buoyant after the
York
became
prices moved
known.
lower early
On
the
was
firm
response
Paris
in
Bourse
in the week, owing to
national
The trend
securities
on
in
were
Wednesday
was
demand
in all departments of the market.
most of their
Rentes regained
previous losses, while active demand
appeared for bank, utility
Much of the activity
and industrial stocks,
concentrated again in the
was
commodity issues, which continued
lead of the London market.
ties
were
tinued
on
throughout.
toward higher levels
quiet but firm.
Thursday, largely
to follow the
Intern atf/onal
The upswing
on account
securi-
was
con-
of the opti-
inism engendered by the improvement in the New
budgetary uncertainty and further stay-in strikes,
York market after the elections.
but
higher levels, and French equities of all kinds kept
at
optimism
Berlin
were
was
were
dull,
anticipated
International
matter of
cidents
on
Sessions
largely because restrictions
trading in foreign securities,
currency
concern
were
restored by Thursday.
developments
everywhere, but
reported.
no
remained
a
unsettling/ in-
The trade position remains
good in the leading industrial countries of Europe.
Business
activity in Britain is holding at the high
up
the fast
pace
previous day.
large gains.
Rentes attained
of the upward movement
on
the
International securities also showed
A good tone prevailed yesterday at
Paris, owing largely to reports of favorable
move-
ments in other markets.
The Berlin
others to
market
was
international
more
indifferent
influences.
than
Trading was
Financial
Volume 143
Heavy industrial stocks, chem-
There is now a possibility that the gold clause
will find a new friend in Great Britain, even
mining shares suffered sharply, but
though the British market never took much interest
specialties managed to resist the depressing
in the stipulation for gold equivalent payments as
quiet on Monday, with declines the rule in nearly
all groups
of issues.
ical issues and
a
few
influences.
Fixed-interest issues
changed.
After
tended to
point
a
two
or
depressed
were
be
would
dull and
were
of the dates the international debt contracts were
un-
signed.
weak opening, Tuesday, prices
a
a
on
that
rumors
ment of the unconverted balance
of about $20,-
000,000 of these bonds in precise accordance with
restrictions
new
dealings in such
on
litigation in England with a view to obtaining pay-
Foreign issues
registered.
Holders of British Government 5%% gold
1937, have started
dollar bonds of 1917, due in April,
were
few instances net advances
were
imposed
Initial losses
the Boerse.
recover on
regained and in quite
of
2901
Chronicle
the contractual stipulations.
securities,
The first attempt in
lower
the King's Bench division was fruitless, as Justice
levels, with foreign issues hardest hit as the reports
Sir George A. H. Branson denied the request of the
The
tendency
restrictions
of
again
the
were
occurred late in the
losses
were
circumstantial.
more
Some
curtailed
Boerse
foi^ an
in the equivalent of pre-devaluation dollars.
improvement
that most final
so
of Liechtenstein
order directing payment of coupons of these bonds
But
appeal was permitted by the British Court of
Appeals, Monday, and this ruling amounts to a
day, however, and the initial
an
quotations
The
decision that the British Government must pay in
quiet yesterday, and changes were not
the gold equivalent, or, in other words, at a rate of
only fractionally lower for the session.
were
holders Aktiengesellschaft
Thursday, as de-
on
rule.
International Trustee for the Protection of Bond-
But
receded,
also
stocks
unchanged
was
toward
was
industrial
and
The situation
clines
became
bank
German
Wednesday
on
was
Gold Clause in Bond Contracts
about $1.69 in current dollars for every $1 of the
original contract. London reports indicate that the
case now is being taken to the House of Lords, who
ONE offshoot of the recent wave of currency deEurope is renewed uncertainty
^ave already are on recordma^ers- -^lt the Law
sa^ *n suc^ as upholding the go d
^ords
important.
1
valuations in
clause in bond
lost all
validity of
international
regarding the
significance
as
the
clause in a flotation of bonds m London by a Bel^an utility company, which happened to contain a
gold clause. This introduces the possibi ity that t e
^ause W1^
111 Great Britain. T e
decision
the Law Lords on the newest litigation
awa*ted with interest and suspense.
gold
The clause long since
indentures.
between citizens of the same
country, even though the obvious intent was to prelosses
vent
arising from
currency
tampering by
Sovereignties everywhere
governments.
reserve
the
right to abrogate their own contracts and to modify
the
made
contracts
they do not permit their subjects to exercise any
such
prerogatives
of the
course
this
on
their own account, and in the
numerous
currency
devaluations of
depression the gold clause lost all
observed carefully
obtained
internal
Internationally, however, the clause
validity.
by
decisions
two countries.
one or
in
Court
World
the
was
France
at
The
Hague, upholding the French contentions that devaluations
a
by creditor countries should not relieve
debtor from
ment
observing gold or gold equivalent pay-
stipulations.
After
the
United
devalued
States
France continued to make debt service
its
own
action
But
a
been
dollar bonds
in the
gold equivalent, this
5%% bonds effected Oct. 1 have not
adjust the situation produced by
the French franc devaluation of
of such bonds
on
were
notified in
Sept. 26.
the insertion
of the loan, and the ratio when
was
ordered
was
such
as
fully the depreciation of the dollar.
devalued
on
the
day
same
appeared, and it is reported
have
received
Until
more
no
changes
to counteract
But the franc
that
the
that paying agents
in
seem
their
instructions,
of
v-
A
j
tv
i
I*\ECLARATIONS of. far-reaching diplomatic importance were made this week in Italy and
England, and it is possible that a new phase thus
was reached in the troubled affairs of Europe. Preinier Benito Mussolini, speaking in his usual bellicose vein, urged Great Britain and France to aban-
L/
don the post-war system and
collaborate in the new
Italo-German accord.
He emphasized the importance of the Mediterranean to Italy and held out
a cautious olive branch to England.
Prompt
answer to these statements was made by Anthony
Eden, Foreign Secretary in the British Cabinet,
who declared that British intentions in the Mediterranean, as elsewhere, are essentially peaceable.
In
both statements much weight was placed on the
Mean-
rapid increases of the respective armaments.
while, fresh indications appeared of the steady
growth of "defense" forces and arrangements,
French authorities announced on Wednesday that
they would extend the famous Maginot line of forts
to cover not only the border between France and
Belgium, but also the frontier between France and
Switzerland.
The British were reported to be
strengthening their military and naval positions in
the
Mediterranean.
Informed sources in Rome
made it known that the Italian navy is to be in-
creased and the personnel augmented by 40,000 men
Britain in the
to meet any possible threat by Great
Mediterranean.
Premier Mussolini struck out along new diplomatic lines in his address at Milan, last Sunday,
course,
It is
which acconts for the
heavy decline of French dollar bonds in the New
.York market.
.•
of francs available
compensate for the recent depreciation.
situation,
„
European Armaments and D.plomacy
that France is not prepared
to make the additional number
this
notice
information is available as to the French
attitude, it would
to
Holders
advertising col-
our
Sept. 26 that francs would be made avail-
able for servicing
was
dollar,
payments on
introduced, for coupon payments on French
been modified to
umns
its
being in line with the previous contentions,
doubt as to continuance of this attitude has
Government
•
by their subjects, even though
and it remains to be seen what the real reaction of
other European countries will be.
The speech was
devoted entirely to the foreign relations of Italy,
and it started with scornful dismissal of the League
2902
Financial
of Nations
as
II
plain that Italian friendship toward
France remains
is
factor in the current situation.
a
Duce made it
cool, but he also indicated that Italy
prepared for greater warmth.
Relations with
Switzerland, Austria and Hungary remain
excel-
lent, he said, and improvement has occurred in
of Yugoslavia.
spect
through direct
understanding recently
conversations
is not
in
Berlin.
barrier," he
a
axis around which all Euro-
an
States animated by
laborate
indicate that
reports
the rebels
are
splendidly equipped, even to gas masks, and neutral press correspondents state candidly that Italy
and Germany furnished the bulk of the arms and
ammunition, not to mention the airplanes.
Loyal-
is asserted with equal candor and assurance that
"verbal"
"It is rather
said.
All
nents.
ists lately have received more modern arms, and it
Berlin-Rome protocol
"This
greater gains in recent days than their Leftist oppo-
Italian
portance of the
pean
Germany the
Nov. 7, 1936
only praise, and he emphasized the im-
leader had
reached
For
re-
Chronicle
a
troubles."
desire for
With
col-
peace may
France and Russia are supplying the defenders of
Madrid.
The conflict, as a London dispatch to the
New York "Times" put it, is really an international
war on
The danger that it will involve
Spanish soil.
the nations supplying the two sides remains acute,
specific reference to
Some gains were made by the Loyalist defenders
Britain, Premier Mussolini remarked that the
of the capital late last week, and the predictions of
Mediterranean may be a high road or short-cut for
early capture of the city by the rebels once again
the British
were
Great
on
Empire, but for Italy it is life itself,
Italy does not intend to
menace
road, he declared, but does insist
of vital
rights and interests.
tinue to be the Italian
the Italian program
interrupt this
or
upon
recognition
Armed peace will
con-
watchword, he added, and
of armaments for land,
and
sea
sky will be regularly developed.
Foreign
ments
Thursday, in the
debate
Great
Commons.
attack
to
nor
short-cut for the British
be
really
a
no
desire to threaten
He
intention
Italian
any
disputed, how-
the Italian contention that the
it is
full-dress
a
Britain, he said, has
any
interest in the Mediterranean.
ever,
a
of
course
com-
foreign affairs in the British House of
on
is merely
sea
Empire, and held that
vital main arterial route.
"It should
possible for each country to maintain its vital
interests in the Mediterranean without conflict and
with mutual
even
advantages," Captain Eden said,
He took issue with the Italian thesis
and expressed
tion
will
international
the
on
League
the hope that the Geneva organiza-
continue
to function
in
interests
the
Some attention also
harmony.
back to 18
or
20 miles from the capital, last Satur-
But the rebel lines quickly were reformed,
day.
and the drive toward Madrid
of
was
paid in the address to recent German charges that
successes
thereafter
claimed
were
of the capital cowered in dread
lery sounded
zens
Germany's economic difficulties is
Eden
stated.
dial, it
Anglo-French relations remain
that
Belgium for the time being
to
existing Locarno obligations.
a
five-Power
gressed
very
divergencies"
changes.
doctrine
a
accept," Captain
indicated, and the House also
was
formed
moment
a
Locarno
far,
in-
adheres
Preparations for
conference
"formidable
as
were
cor-
was
have
and
not
pro-
important
water
her armaments until
they
are
second to none, Cap-
tain Eden added.
'
IOYALISTS
A-*
and
rebels
"
are
waging
ever
greater desperation the struggle to decide the
future
of
the
Iberian
peninsula.
Fighting
tinued all this week in the suburbs of
frequently
was
members
tenaciously
con-
Madrid, and
carried into the heart of the capital
through airplane raids
The
with
of
to
the
their
op
the part of the insurgents,
constituted
posts
government held
and
sent
constantly
tal.
among
many
in
the streets of
that
street
weeks,
the
Madrid, for it
constructed
appears
fighting will develop.
Fascist
and
•
hastily
inevitable
As in previous
Monarchist
rebels
made
bullets rained
trained
on
injuries
was
were
continued
and supplies clearly
defenders.
guns
This
week, and
likewise
were
were
But the rebel forces
Fires broke out in
and artillery fire.
as a
many
places in and
result of the bombings
The Leftist Cabinet
was
ganized Wednesday, and four Syndicalists
mitted in order to gain
Catalans.
two
one or
said to have Ger-
superior to those of the
were
Madrid, probably
near
all this
able to bring down
and Italian markings.
man
reported, chiefly
Swift pursuit planes, manned
the city.
were
the
on
In the first of these raids 110
trench mortars and other heavy
more
reor-
were
support from
The Non-intervention Committee in London
adthe
con-
tinued its futile bickering, but not much attention
was paid to the deliberations of that group.
The
aim of the committee to avoid all recognition of
obvious
aid
being extended the two sides in
Spain by other countries
vious weeks. It
was
was
demonstrated in pre-
also made clear that
no
steps
would be taken to control the movement of supplies,
A subcommittee toyed last Monday with the idea of
establishing
a watch on
the Portuguese-Spanish
frontier, but it bowed before the rage of the Portu-
guese
representatives.
The main committee met
Wednesday and spent nine hours listening to
changes of unpleasantries by the Soviet delegate
on
were
and
the women and children of Madrid.
horrible warfare
onward
Stone barricades
of artil-
Shortages of food
Bombs and machine gun
deaths and
the
rolling rebel forces of General Francisco
roar
Beginning late last week, the rebels
unprotected people.
greater numbers of untrained militia to meet the
Franco.
the
engaged in large-scale airplane raids over the capi-
the
^Pain
as
reported in the capital, which added to
were
the confusion.
revealed in the diplomatic ex-
Great Britain will continue to increase
were cap-
began to flee Madrid for the comparative safety
of Mediterranean cities.
by Loyalists,
which I could not for
the rebels,
Groups of private citi-
ever nearer.
of the rebel bombers, which
tendency to blame Great Britain
by
tured Wednesday and Thursday, and the population
the colonies of that country were stolen after the
for
continued with
Suburbs only 6 and 7 miles out of Madrid
World War.
"This
was
Early this week all the ground
increased frenzy.
lost to the loyal forces had been regained, and fresh
Secretary Eden replied to these
on
Striking desperately toward the
proved false.
south, the loyal militia drove their rebel enemies
one
on
exon
hand and the Italian and German delegates
the other.
sufficient
The group discovered that it had
information
to
support
the
no
Italian
charges of Russian aid to the Loyalists, this procedure being exactly comparable to the previous
finding that Soviet charges of German, Italian and
Volume
Financial
143
2903
Chronicle
I
Portuguese aid to the rebels
the
were
whitewashings of the Non-intervention
mittee
deceiving
are
offensive
made
was
French
modern
no
one.
Laborites,
But
unjustified.
Com¬
Soviet materials
of
tives, who made the largest
erally
in¬
war,
A
cluding presumably tanks and field guns," a London
dispatch
"These
the
to
New
York
and guns
contrast to
the second-rate
Of
airplanes
materials
Italy and Germany
the rebels."
considerable
the
found
KING EDWARDParliament, Tuesday, the occa¬
VIII opened the usual term of
British
in
as
France,
acted in this
capacity.
opening address
relations
and
There
Kingdom.
remained
surveyed briefly the foreign
of
affairs
afforded
it
interesting
The
light
with other countries remain
continues to be based
on
tion
some
friendly, and he
ment
foreign policy
limitation.
ments
The
was
should
for the Sino-
in
trade
additional opportunity to miti¬
is
It
meeting of the Imperial Con¬
of
coronation.
After
King Edward
celebrated,
peoples of that country his succession to the
made in the address to
be
RATES
Rate in
legislation to
OF
'
Pre¬
Country
Holland
1 1936
Oct.
Aug. 28 1935
4M
Nov. 29 1935
SH
Ireland
3
June 30 1932
Italy
4
4"
Hungary
4H
India
2^
7
6
Aug. 15 1935
Canada
2H
Mar. 11 1935
Chile
4
Jan.
24 1935
Colombia..
4
July
18 1933
3
Jan.
1 1936
Danzig
5
Oct.
21 1935
Denmark..
3H
Aug. 21 1935
accepted that Prime Minister Stanley Baldwin will
England...
2
June 30 1932
Estonia
5
Sept. 25 1934
retain his
Finland
4
Dec.
2
Oct.
long-anticipated major shift in the British
un¬
confidence early this year.
next
It
now
is
post at least until after the coronation,
is made Chancellor of the
berlain
of
Minister
William
the
Some
S.
of
Agriculture,
Sept. 30 1932
Oct.
on
on
to
be
succeeded
months' bills
by
week.
British
as
Money
and
rank,
Godfrey Collins.
some
other
less
important
made.
municipal election results of 372 boroughs.
3H
6M
5
5
Jugoslavia
Feb.
1 1935
5H
July
1 1936
3H
Morocco
May 28 1935
4>4
6
Norway
6H
3H
May 23 1933
4
2H
2H
5,H
4H
2X
Poland
5
Oct.
25 1933
6
Portugal
5
Dec.
13 1934
Rumania
4H
Dec.
7 1934
6
SouthAfrica
3H
May 15 1933
4
.
...
6
5M
Spain
5
July
5
Sweden
2H
Dec.
1 1933
3,
7H
Switzerland
2
Sept.
9 1936
2H
10 1935
The
as
on
on
Friday of last
Friday
was
3^%-
market rate remains at 2}4%, and
1%%.
Bank of
Leslie Hore-
The current trend of
political sentiment was reflected, Monday,
were
2 1935
call in London
in Switzerland at
also
June
against 9-16@^%
on
Mr. Elliot was appointed Secre¬
Belisha, Minister of Transport, was promoted to full
changes
414
were
At Paris the open
since the death of Sir
3.65
Friday of last week, and 9-16@^% for three
tary of State for Scotland, a post that was vacant
Cabinet
13 1933
Morrison, former Financial Secretary
Treasury.
5
6 1936
Java.
4J4
Apr.
IN bills
LONDON open market discount against 9-16%
rates for short
Friday
9-16%,
Walter Elliot, an exponent
nationalism, was relieved of his post
economic
3K
3.29
Foreign Money Rates
changes in the Conservative Cabinet were
as
15 1936
4
probably would succeed the present Prime
effected last Monday.
May 18 1936
3
Exchequer Neville Cham¬
Minister and head of the Conservative party.
minor
4 1934
7
..
Greece
X
20 1936
Lithuania..
France
Germany
spring, and if any change in leadership then
..
Japan
—
Czechoslo¬
vakia
warranted
•
Rate
3
July
Bulgaria...
England, lately,
vious
4
Mar.
4
10 1935
6
2X
3 M
3H
...
Pre¬
Date
Established
Effect
Nov.
>
BANKS
Rate in
Rate
Argentina..
Batavia
observers predicted with
abhorrence
CENTRAL
FOREIGN
vious
2
Cabinet which many
the
any
Austria
of that
mu¬
on
Foreign Central Banks
Date
Nov.6
Belgium
in
is in reality only
Established
Effect
Country
placed before the Parliament at this term.
Not much talk has been heard in
and
arms
graciously admitted,
which follows:
July
1 1935
May 15 1935
of
second-hand
was
rates
DISCOUNT
improvement in the United Kingdom,
and to various minor items of social
industry.
Present rates at the leading centers are shown
satisfactory course of the rearmament program,
the business
It
the
in the table
the
should
THEREdiscount no of
have been changes during the week in
of the foreign central
he
and
was
private
and
government
concerns
banks.
Brief reference
of
purpose
government
hand, that much of the public abhorrence of
plans to visit India and make known to the princes
crown.
The
It
govern¬
complete responsibility for the in¬
Discount Rates of
the
said,
the
war.
place in London next May, the
with the
coinciding
coronation
cited.
were
that
industry.
arms
war.
armaments
time
practices
report
Ministry for the
new
surplus and
nitions of
gate suffering and loss of life in that country.
a
the
Complete cessation was urged of the private export
and will take every
take
a
the
the
between
Great Britain will continue to
disclosed that
should be
one
The armaments
organize and regulate the necessary collaboration
other
was
no
war.
largely to blame for public agita¬
in
assume
support the Non-intervention Committee on Spain,
ference will
that
dustry, according to the commission, and
expressed that a
satisfactory solution will be found
Japanese conflict.
create
controlling
Locarno treaty will pro¬
hope
so
of unfortunate
suggested
was
together with negotiations for naval arma¬
ceed,
The
against private armaments manufacture, and
instances
membership in the League
a new
industry,
restrictive
recommend
profit from
held
concerns were
Efforts for the appeasement of Europe
specifically for
The commission
private manufacturers of armaments.
allowed to make
King noted that rela¬
assured the Parliament that British
of Nations.
on
the
did
it
but
conscripted in wartime,
United
surprises, but the speech
were no
trends in Great Britain.
and
the
Banks, which studied all phases
report also urged that the armaments industry be
instructive, and along with other recent
incidents
tions
of
In accordance with custom,
internal
the
the
on
relating to the profits and trade practices
measures
which the bachelor King
on
report
a
industry, submitted last Satur¬
for nationalization of the
no reason
the
being the first
staunchly
were
industry for 20 months.
British Policies
the
importance is
of Sir John Eldon
of
sion
formerly
preference for Conservative
a
day by a Royal Commission under the chairmanship
to
gave
that
areas
British armaments
first sent to the Spanish Leftists to oppose
the modern
of
expressed
government.
materials, according to reliable reports, are
first-class in
number
^ains, campaigned gen¬
of retrenchment and economy.
on programs
Laborite
remarked.
"Times"
of the city and
many
It is significant that the Conserva¬
Independents.
"Madrid's counter-
possible only by shipments of
and
controlled
who
county councils, lost heavily to Conservatives and
•
England Statement
THE further small loss week ended Nov. reducing
statement for the in gold holdings 4 shows
a
*
the Bank's
ever,
holdings to £249,604,429 which is, how¬
only £150,270 below the all time high reached
several weeks ago.
As the gold loss
was
attended by
Financial Chronicle
2904
expansion of £4,370,000 in circulation, there
an
sulted
a
decrease of
£4,422,000 in circulation.
re¬
Public
deposits fell off £406,000 and other deposits £753,177.
The
bankers accounts
of
consists
latter
creased
£1,192,813 and other accounts which
The proportion
£439,636.
of
the proportion
ment securities
was
securities, £1,520,202.
087
was
rose
week
ago; a year
Loans
on govern¬
a
36.85%.,
£1,780,000 and those
rose
de¬
to liabilities
reserve
dropped to 40.40% from 43.00%
ago
which
other
on
Of the latter amount £1,054,-
addition to discounts and advances and
an
£466,115, to securities.
No change
was
in bills of
43,138,000 marks, in investments of
304,563,000 marks and in other daily maturing obli¬
gations
of 5,024,000 marks.
show
expansion of 439,382,000 marks, which brings
an
the total up to
4,713,382,000 marks.
furnish
a
REICHSBANK'S COMPARATIVE STATEMENT
Changes
Nov. 6
Nov. 7
Nov. 8
Nov. 9
1935
1934
1933
1932
oth. Ger. bks.
on
Other deposits
Bankers' accounts.
>-•'
Other accounts—
Governm't
securities
Other securities.
Dlsct. & advances.
Securities
;
Reserves notes & coin
Coin and bullion
Prop, of
j
llab.
res. to
Bank rate
Bank of France Statement
Investments.
._
Other assets
Notes in circulation
+439,382,000 4,713,382,000 4,158,594,000 3,822,930,000
+5,024,000
855,995,000
688,024,000
727,976,000
a262,299,000
290,147,000
245,485,000
Other dally matur. oblig
Other liabilities.^
Propor'n of gold & for'n
*
l&%
to note clrcul'n.
curr.
Validity of notes
New York
money
was
mercial demand for loans
total to
corded.
*64,358,742,140 francs.
Gold
An expansion in
1,957,000,000 francs increased the
87,198,426,220 francs, the highest
-
ever re¬
Circulation last year totaled 83,306,170,910
francs and the
previous
year
81,015,360,700 francs.
Owing to the large gain in note circulation, the
ratio fell off to
a
a
aggregated 71,989,792,417 francs and two
note circulation of
reserve
64.09%, in comparison with 74.36%
and 80.44% the
year ago
before.
year
Figure of Oct. 15
NO QUIVER or market this week.theThere New
tremor bothered
dull
THE statement forBank's gold holdings,showed no
change in the the week of Oct. 30 the total
82,524,757,694 francs.
a
Money Market
of which stands at
ago,
2.24%
other banks expired March 31, 1936.
on
latest available.
little business and
year ago
An increase
for
and
unchanged schedule of charges
an
accommodation.
alterations
no
The
now
Reelection
structure.
autumn
seems
are
peak
Roosevelt
accepted to signify indefinite
continuance of the
Large
easy
investors
policy.
money
again turned,
institutional
in this situation, to the
Treasury issues market, for there
appears
Bankers'
funds.
ness
at
was
a
bill
and
commercial
minimum.
Call
on
of
months
current
count remains
declined
accounts
4,000,000
francs respectively.
unchanged at 2%.
Below
The dis¬
comparison of the various items for three
a
BANK OF FRANCE'S COMPARATIVE
furnish
we
years:
Francs
Gold holdings
—4,000,000
1, 1935
Nov.
Francs
No change *64358 742.140
Credit bals. abroad-
5,800,767
2, 1934
Francs
71,989,792,417 82,524,757,694
7,830,380
7,570,288
French commercial
a
bills discounted-.
Credit current accts.
7,328,657,393 8,372,730,476 3,314,355,128
No change
1,465,296,252 1,254,301,197
921,170,019
+12,000,000 3,447,109,987 3,140,762,838 3,235,592,953
+ 1,957,000,000 87,198,426,220 83,306,170,910 81,015,360,700
—622,000,000 13,219,160,007 13,509,472.550 21,582,025,439
Tem. adv. without
interest to State.
Proport'n of gold
No change 12,302,602,000
_
0.86%
74.36%
80.44%
74.36%
Includes bills purchased in France,
64.09%
80.44%
b Includes bills discounted abroad,
c
Rep¬
resented drafts of Treasury on 10-billlon-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;
See notation to table "Gold Bullion in Euro¬
pean
Banks" on
a
subsequent page of this issue.
Note—"Treasury bills discounted" appeared In blank In the statement of Sept. 25,
as
to six
Exchange revealed
October
928,018
an
of
on
$3,396,774,
Oct. 31.
issue of
A similar issue
age
to
increase
throughout
aggregate
an
of $974,-
The Treasury sold late last
$50,000,000 discount bills due in
days, and awards
0.115%, computed
an
were
on an
sold
was
made at
an
average
of
annual bank discount basis.
yesterday at 0.106%
aver¬
discount.
New York
Money Rates
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
was
on
hand to sight llab.
a
up
by the New York
Stock
were
+408,000,000
b Bills bought abr'd
Adv. against secure.
Note circulation
c
Francs
Nov.
available at
sive tabulation of brokers' loans
Changes
Oct. 30, 1936
Exchange held at 1% for all transac¬
The comprehen¬
273
for Week
the New
1%%.
week
STATEMENT
busi¬
paper
loans
tions, while time loans for all maturities
creditor
to be
little other outlet for the vast accumulation of idle
York Stock
and
was
extreme
appeared in French commercial bills discounted of
12,000,000 francs, while credit balances abroad
com¬
passed,
anticipated in the rate
President
of
of
to have been
408,000,000 francs and in advances against securities
francs and 622,000,000
31,1934
Liabilities—
York
years
Reichsmarks
"—17+666
Silver and other coin—
447,111,000 402,157,517 379,786,990 373,334,951 361,210,213
9,983,923 25,243,845 20,427,636
27,201.000 21,008,522
127,149,173 126,200,009 145,231,608 131,369,838 113,715,450
86,340,417 89,559,105 107,165,239 91,295,138 79,858,220
41,808,756 36,640,904 38,066,369 40,074,700 33,857,230
81,963,337 87,214,999 79,804,835 72,788,095 68,053,293
27,623,583 23,478,841 20,296,764 23,077,376 29,586,291
7,654,874 10,986,320
9,641,533
8,465,914 11,799,151
19,968,709 12,492,521 10,655,231
14,611,462 17,787,140
62,492,000 54,249,689 72,858,663 78,477,842 54,233,245
249,604,429 196,407,206 92,645,853 191,812,793 140,443,458
36.85%
46.93%
40.40%
50.10%
40.42%
2%
2%
2%
2%
2%
Oci.
+684,000
abroad-
Bills of exch. and checks
Notes
Oct. 31, 1935
Reichsmarks
31, 1936
Reichsmarks
82,564,000
64,514,000
87,785,000
21,034,000
20,851,000
27,629,000
5,144,000
5,520,000 r 3,955,000
+511,029,000 4,948,159,000 4,109,587,000 3,729,316,000
220,305,000
139,856,000
al67,920,000
*
5,191,000
4,387,000
+43,138,000
79,330,000
90,812,000
65,960,000
+304,563.000
828,685,000
750,491,000
660,789,000
664,583,000
724,017.000
a604,606,000
Gold and bullion
Advances
Public deposits
Oct.
Reichsmarks
Of which depos.
1936
in
a
three years:
Reserve In foreign curr.
Circulation
show
for Week
Nov. 4
reserve
loss of 174,000 marks. Below
comparison of the different items for
currency
com¬
STATEMENT
Circulation last
The item of
3,822,930,000 marks.
year,
foreign
we
Notes in circulation
aggregated 4,158,594,000 marks and the previous
year
Assets—
BANK OF ENGLAND'S COMPARATIVE
7, 1936
exchange and checks of 511,029,000 marks,
in advances of
made in the
2% discount rate. Below we show the items with
parison for previous years:
Nov.
all of these bills had matured and have
now
been transferred to the account
"temporary advances without Interest to the State."
Bank of
ruling quotation all through the week for both
loans and renewals.
still
at
a
standstill,
reported this week.
for all maturities.
in
new
The market for time money
no
transactions
is
having been
Rates continue nominal at 1)4%
Prime commercial paper has been
good demand this week but there has been
a
sharp
dip in the supply available and the market accord¬
ingly slowed down.
Germany Statement
Rates
are
%% for extra choice
names
THE statement for increase quarter holdings of
further the last
gold of October
shows
684,000 marks, bringing the total
year
up
ago
now
and 2.26% two
less known.
1.47%,
as
years ago.
Bankers' Acceptances
to 64,514,000
and 82,564,000 marks the previous
ratio is
names
in
a
marks, in comparison with 87,785,000 marks last
reserve
running from four to six months and 1% for
The
THE market for prime bankers' acceptances is
unchanged and while the demand continues
a year
fairly brisk the supply of high class bills has been
year.
against 2.24%
An increase
appears
spotty.
Rates show
no
change.
Official quotations
Volume
as
Financial
143
Federal Reserve Bank of New York
issued by the
bills-up to and including 90 days are 34% bid
for
3-16% asked; for four months, 5-16% bid and
and
34% asked; for five and six months, 34% bid and
The bill-buying rate of the New York
5-16% asked.
Reserve Bank is
34% for bills running from 1 to 90
days, 34% for 91- to 120-day bills and 1% for 121- to
The Federal Reserve Bank's holdings
180-day bills.
of
remain
acceptances
unchanged
$3,087,000.
at
in
Open market rates for acceptances are nominal
far
dealers
as
their
concerned,
are
acceptances
are
34
94
s16
90 Days
Prime eligible bills
yi
s16
60 Days
34
3J6
3J6
FOR DELIVERY WITHIN THIRTY
34
'■
30 Days
3J6
DAYS
Oct.
13
ZA% bid
% % bid
—
Rates of the Federal
Reserve Banks
France
rates
following is the schedule of rates now in effect
various
the
classes
of
Reserve banks:
different
at the
paper
v
DISCOUNT RATES OF FEDERAL RESERVE
believed
is
have
must
the
that
agreed
upon
and
In the case of Switzerland
for Holland.
unnecessary
it
on
equilibrium between the currencies of those
countries, the arrangement was both unsuitable
authorities
Swiss financial
fixed buying and selling
a
price for gold, which had not hitherto been
the
case.
Representatives of the French and British Govern¬
and
a
of Treasury and State Department
group
advisers
It
Friday of last week.
on
no
Switzerland
was
step of importance was
Nevertheless it is
cussion.
of
arranging earlier monetary
conferred with Secretary Morgenthau
agreements,
stated at
under dis¬
probable that the action
and Holland were under considera¬
Great Britain
was
represented by Y. A. L.
Mallet, counselor of the Embassy,
and the French
represented by Jean Appert, financial attache.
were
Despite denial of the significance of the conference,
other matters which may
of
BANKS
concluded
Great Britain and
way favorable to the maintenance
in every
was
of fair
tion.
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
seemed to be of the
by the United States,
the time that
Eligible non-member banks
The
surprise in the market as
opinion that while the gold agreement
<SS°
Eligible member banks
for
caused
movement
ments, who were active in
120 Days
Bid
Asked
5,5
34
150 Days
Bid
Asked
Asked
Bid
Prime eligible bills.
The
financial circles in Amsterdam
market
follows:
as
—180 Days
Discount
so
they continue to fix
The nominal rates for open
rates.
own
as
2905
Chronicle
strongly influence the course
foreign exchange were doubtless under discussion,
that Washington dis¬
of singular interest
it is
for
Rate in
Federal Reserve Bank
Date
Previous
Established
Rate
Effect on
Nov. 6
New York
Feb.
Jan.
17 1935
234
2
May 11 1935
Cleveland
m
Richmond
2
May
Atlanta
2
Jan.
14 1935
Chicago
2
Jan.
19 1935
St. Louis
2
Jan.
3 1935
May 14 1935
Minneapolis
2
Kansas City
Dallas
2
May 10 1935
2
May
8 1935
San Francisco
2
Feb.
"Exports of gold from the United States by private
2H
234
234
234
234
234
234
234
9 1935
16 1934
individuals and banks may never
and if it is decided upon,
ments to the
which will be
STERLING exchange steady. Steadiness and nar¬
and the entire foreign ex¬
change market
are
row
fluctuations
currencies for
are
expected ho continue in the major
time under the new tripartite
some
and gold agreements as the several stabili¬
are sufficiently powerful to regulate and
currency
zation funds
the fluctuations
restrain
in rates which are to
be
normally expected under the present disturbed inter¬
national economic conditions. On Tuesday, Election
Day, there was no market in New York.
.and
The
range
week has been between $4.8734
$4.88 15-16 for bankers' sight bills, compared
for sterling
with
a
this
range
of between $4.8834 and $4.8934 last
The range
week.
for cable transfers has been between
$4,87 9-16 and $4.89,
tween $4.88 13-16
compared with
and $4.8934
a
a range
week
of be¬
outstanding
feature
both
It
was
In the
their
and receive gold for the
Thursday that
no
would
market
on
a
Administration officials to favor the elimina¬
among
tion of
not
Such
private gold exports.
a
change would
necessarily result in the abandonment of a fixed
gold price
or
The Government
of gold parities.
ex¬
change controls under the tripartite agreement would
agree
to redeem currencies of
stated
participating nations at
gold prices. The stabilization funds would have
supply all domestic demands for foreign currencies
at
prices within the theoretical gold points. It is
a decision will not be forced until
understood that
France, Holland,
adopt
Switzerland and possibly England
international gold value for their cur¬
some
For
many
Wednesday indicated that Dutch
large accumulations of dollar balances.
on
It
has
been
is
frequently pointed out that Great
averse
to such
action at present.
It is
understood that the Ottawa agreements will be re¬
some
time in 1937 and it is possible that the
gold value for the pound until after their ratification.
The Gold Reserve Act of 1934 empowers the United
20% depreciation against the dollar.
drop
interests had
bility, but there is undoubtedly a strong inclination
Wednesday
days previous guilders showed a strong tendency to
above
has not been
It exists merely as a possi¬
British authorities would hesitate to establish a fixed
but the persistent
strength of guilders told a different story.
rise
definitely decided upon.
from the
seem
large dollar balances were
accumulated in the Swiss centers,
Their sharp
Great Britain
This change in gold policy
and France.
newed
of Switzerland it
action of the Swiss franc in the
and
standard,
only between
agreement between the United States,
currencies in this
could sell
obtained.
case
gold
move
governments, as provided in the present exchange
Britain
market should the need arise
so
which the metal would
under
rencies.
countries
dollars
gold exports would result in
Government-controlled
strictly
The meaning of their action was
only by joining in the agreement that
tion agreements.
plain.
presented to Congress next session."
Elimination of private
a
Executive amend¬
gold regulations or in the monetary bill
to
ago.
affecting the course of
foreign exchange is the decision apparently reached
on Tuesday by Holland and Switzerland to enter into
full accord with the tripartite currency and stabiliza¬
An
again be permitted,
the prohibition against such
exports may be embodied either in
Exchange
Course of Sterling
Saturday last showed that Administration.
on
lean toward ending private gold exports by
either banks or individuals.
One dispatch stated:
2
2 1934
Philadelphia
patches
groups
2^
8 1934
Feb.
2
Boston
States
Secretary
of the Treasury,
subject to the
approval of the President, to arrange any conditions
he sees fit for the international movement of gold.
More
gold continues to arrive in New York
London.
Since the begyming
in October
from
of the movement early
approximately $110,000,000 has arrived.
E2906
Financial
This metal
gold in London.
which
has
year.
A
The movement of gold is the largest
occurred
year ago
nervousness
from
London
the
possibility of international
complications arising from the Italian campaign in
Ethiopia. The present shipments have proceeded
from
different motive, and are believed to represent
direct switching of private investments from
a
a
The
rate
American
securities.
A
heavy flow of funds
from many centers to London has taken place at the
Paris, the London
and the
York trend.
The
London
security markets
mean
London check
market gold price,
open
price paid for gold by the United States:
MEAN
LONDON CHECK RATE ON
Saturday, Oct. 31_
___105.14
Nov. 2___
PARIS
Wednesday, Nov. 4
Thursday,
Nov. 5...
Friday,
Nov. 6
_105.13
Tuesday, Nov. 3--
....105.12
105.14
105.26
105.35
LONDON OPEN MARKET GOLD PRICE
Saturday, Oct. 31
142s. 3d.
Monday,
Nov. 2
Tuesday,
Nov. 3
time and has served to offset the London-New
same
exchange during the week ranged be¬
following tables show the
on
Monday,
7, 1936
premium of 1-64% and 3-32%.
a
gold
into
Nov.
Canadian
tween
during the past
heavy movement resulted from
a
to
as
Chronicle
directly from the stocks of hoarded
comes
Wednesday, Nov. 4.. __142s. 2J^d.
Thursday,
Nov. 5_. __142s. 3d.
Friday,
Nov. 6__ __142s. 6^d.
_142s. 2^d.
142s. 2d.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
are ex¬
Saturday, Oct. 31
Wednesday, Nov. 4
$35.00
$35.00
ceptionally active.
Monday,
Nov. 2.
35.00
Thursday,
Nov. 5__
35.00
International
Tuesday,
Nov. 3
35.00
Friday,
Nov. 6
35.00
disregarded.
for copper,
an
important
rising London stock market.
Offerings
and
are numerous
are
concerned prin¬
cipally with industrial enterprises.
by
an eager
in
the
Their absorption
public indicates undiminished confidence
business
situation
tremely low yields
edged issues
and
The
prospects.
ex¬
of government and other gilt-
also largely responsible for the flow
are
No check
on
of the
has yet been indicated by
progress
business indices,
many
slackening has been recorded in
Retail trade sales in England in
a
larger than in September, 1935.
few instances.
4.5%
were
For the first eight
of
fairly large repatriation
foreign funds from London in recent weeks,
have not hardened.
rates
is in
are
supply at %%.
19-32%,
months' bills
All the
this week
Call money
money
against bills
Two- and three-months' bills
four-months'
bills
21-32%,
and
was
On
taken for unknown destination.
day £238,000,
on
available £91,000,
was
Tuesday £747,000,
on
Thursday £346,000, and
on
On
Day, there
The
for bankers'
On
the week ended Nov. 4, as
Reserve Bank of New
York,
Friday
gold movement for
reported by the Federal
was as
$16,731,000 from England
day sterling
\
Wednesday.
figures
transfers.
range
are
for
Commercial
at $4.87
week
There
were
no
ended
on
was re¬
exports of the
change in gold held ear-marked for foreign
It
was
reported that $288,000 of gold
day $1,691,500 of gold
were
no
was
On Fri¬
exports of the metal or changes in
reported that $208,000 of gold
Francisco from Hongkong.
was
received from Belgium.
gold held earmarked for foreign account.
was
on
Friday
sight
bills
finished
at
1-16, and seven-day grain bills at $4.87%.
grain for payment closed at $4.87 13-16.
Continental and Other Foreign Exchange
FRENCH francs have been ruling steady due to
the
operations of the exchange equaliza¬
tion fund.
as
A marked difference of
to the extent of the
Continental
Amsterdam
balances.
a
opinion
seems
to
repatriation of French and
According to reports from
large volume of Dutch funds is still
as
there is less fear of
internal disturbances in Holland than in France, it
would
seem
that the French
repatriation is not
developments in France
in
New
was some
York
futures for 90
at
a
pro¬
are
not considered
on
It
was
received at San
In Thurs¬
speculative selling of
over-night
days, which
a
news.
French
few weeks
ago
discount of only a few points, reached a
Thursday.
The sales of
Wednesday and of 10 points
A further sharp decline in both spot
and futures took
the
On Fri-.
14.87%@
was
sixty-day bills at $4.87 1-16, ninety-day
$4.86 11-16, documents for payment (60 days)
bills at
on
approximately $566,000 of gold was
received at San Francisco from Australia.
There
the
Closing quotations
discount of 7 points on
$1,122,000
On Thursday $80,600 of gold
ceived from Russia.
or
$4.88%@$4.88%.
lower
active
$4.87 13-16,
were
received at San Francisco from Australia.
above
an
$4.88 5-16@$4.88%,
$4.87 13-16 for demand and $4.87% for cable
were
franc
Net Change in Gold Earmarked for Foreign Account
metal
were
firm in
was
was
$4.87% for bankers' sight and $4.87 9-16@$4.87 15-16
francs
None
3,000 from Guatemala
account.
was
day's trading there
3,099,000 from Canada
Note—We have been notified that
active
more
propitious in the foreign exchange market.
Exports
Decrease:
and
$4.88 13-16@$4.88 15-16
was
sight
and cable transfers
Political
$20,510,000 total
sight
On Tuesday,
ceeding to the desired extent.
follows:
677,000 from In ia
was
range
sight and $4.88%@$4.89 for cable trans¬
Bankers'
GOLD MOVEMENT AT NEW YORK, OCT. 29—NOV. 4, INCL.
Imports
bankers'
steady in
was
expected to be repatriated and
At the Port of New York the
The
range
The
market in New York.
no
Thursday sterling
market.
on
£440,000.
\
was
Wednesday the pound
exist
Wednes¬
on
tor
$4.88 15-16@$4.89 for cable transfers.
Election
transfers,
secret
open-
gold has been taken for American account.
Saturday last there
cable
active trading.
more
on
Bankers'
On Monday the pound
$4.88%@$4.88 15-16
was
It is
equalization fund continues to be
Monday £215,000,
slightly firmer in
market
open
important buyer, and that much of the
market
$4.88 13-16@$4.88%;
was
Cotton and
offer in the London
on
believed that the
an
six-
11-16%.
gold
steady in limited trading.
for cable transfers.
corresponding period of 1935 by 6.2%.
a
was
$4.88%@$4.88 15-16.
some
months of this year retail sales exceeded those for the
Although there has been
sight
fers.
although
September
Saturday last
trading.
of investment funds into industrial issue.
any
Referring to day-to-day rates, sterling exchange
Rising commodity prices, particularly
capital
new
to have been
appear
tin and rubber, constitute
factor in the
of
complications
place
on
Friday.
gold by the French equalization fund
to the Bank of France
are
so
disguised that it is in-
possible to follow the operations, and the gold, cir¬
culation and discount items
poses
of calculation.
what amount of
have
meaningless for
no
way
to
pur¬
discover
gold is coming out of hoarding
from foregn domicile.
fund
are
There is
declared
or
The authorities handling the
that
they will do everything
possible to conceal its operations.
According to
current
some
Paris observers the truth is that
international
gold
movements,
which
are
Volume
Financial
143
dependent solely
funds,
because
the action of the equalization
on
virtually ignored by the general public
are now
gold is simply earmarked instead of being
physically transported.
It is
therefore
practically
impossible to ascertain either the importance of the
repatriation of capital which has given rise to the re¬
entry of gold or the amount of hoarded gold brought
back to the
Bank
of
actual
an
increase
of
However
occurred in
gold has
volume if its
owners had not been
deprived of profits
resulting from devaluation of the franc. The time
limit set for surrender of the metal at the old
Some French authorities
of
amount
they
financial affairs assert
on
France since devaluation
representing either repatri¬
ultimately be de¬
continue to function
cannot
The
successfully.
following table shows the relation of the lead¬
ing European currencies to the United States dollar:
Old Dollar
France
(franc)
6.63
16.95
5.26
8.91
Switzerland
19.30
32.67
22.96^ to 22.99
40.20
68.06
53.61
(franc)
Holland (guilder)
dollar
parity
as
4.61
5.26
The London check rate
105.18, against 105.17
In New York
at
sight bills
Paris closed
on
quotations for Berlin marks
abroad must declare their holdings before
or
Nov. 15.
They will be taxed in
the franc
depreciation of their holdings.
To what extent the
gold which
particularly in London,
verted into British
or
amount
an
Sept. 26, has been
on
pointed out that in the
the
conversion is
of large corporations
case
hazardous
con¬
is unknown, but
since it
is
difficult
to
eliminate record of the operation from the corporate
books. There can be no doubt that a large part of
the
amounting to
than $110,000,000,
more
for
Austrian
schillings closed at
18.71, against 18.70;
Czechoslovakia at 3.54%, against 3.54%;
Bucharest at 0.74, against 0.74; on Poland at
exchange
on
18.86,
on
against
18.86;
and
2.16.
Greek
exchange
against
where the
capital to France has produced
in
the
Paris
an
market,
money
overnight rate has dipped to 1%.
The
Finland
on
at
2.15%,
closed
at
0.89%,
against 0.89%.
According to recent dispatches from London the
Swiss Government
Nov.
on
take the
funds
same measures
the United States for
land is
as
ready to
2 decided to adhere in
as
Great Britain, France and
fixing the gold price.
gold
on
the
the three nations in the pact.
It
now
pay
same
Treasury bill rate has been reduced from 3% to
rangement
!%%•
stated that while the Dutch authorities
French
are
issues.
The
willing to invest in medium
ernment's
budget proposals will
spur
this
course
on coupons
by
of state
municipal bonds and reducing the dividend tax
domestic stocks from 24% to
on
long-term
It is hoped that the Gov¬
abolishing the 10% Laval levy
and
or
problem remains of inducing capital to
into real investments.
go
indication that the
no
18%.
The tax
on
foreign dividends remains at 25% in order to make
investment in
domestic
stocks
relatively
more
at¬
tractive.
Holland had also agreed to adhere to the
unsatisfactory.
Many authorities both here and in
Berlin consider that
have
come
London
in
believe
the
Bank
credits
cluded by the
banks
are
for
of the
are
new
causes
industrial enterprises,
Banking Law of 1934.
without
which
of the 1931 crisis, are now pre¬
resources
as
In fact, the
their current deposits
only one-half of their pre-crisis level and of late
have been
reported to be stagnant
On the other
hand, industrial
bank debts and
work-creation
now
and
concerns
hold substantial
armament
bills.
term market these Reich bills have
commercial paper.
cause
while bearing
or even
declining.
have repaid
sums
In
decision.
the
that
Holland
Bankers'
sight
short-
largely supplanted
There is
Government
Amsterdam finished
on
against 54.16
reason
will
not
closed at
at
53.65,
53.50,
at
against
against 53.90.
22.98
and
at
Swiss
against 21.82 and 21.83.
22.99.
Checks
francs
22.98% for cable
Copenhagen
checks finished at 21.78 and cable transfers at
at 25.15
Friday
on
22.97% for checks and
transfers,
on
Friday of last week; cable
against 54.17; and commercial
on
21.79,
Sweden closed
and cable transfers at 25.16, against 25.20
and 25.21;
while checks
on
Norway finished at 24.51
and cable transfers at 24.52,
Spanish pesetas
were
against 24.56 and 24.57.
not quoted in New York.
in Reich
the
However, it is considered
practically certain that Holland will
beyond their control when they abandoned
sight bills
were one
no
as
gold standard.
transfers
substantial increase in Reich note circulation.
to
Government is still "gold-standard minded,"
having only with great reluctance yielded to circum¬
through credit inflation, and believe that in view of
a
4
consider¬
The
the present abnormal
volve
are
ar¬
Nov.
on
yield to those demanding the largest possible degree
of depreciation in order to stimulate business
activity.
at 53.64
credit structure this must in¬
dispatches
participate in the agreement fully.
to
enterprises must be financed
new
but Amsterdam
ing the question of adherence to the agreement, they
stances
The German mark situation remains intricate and
Switzer¬
conditions
understood
was
that
Nevertheless there is
and to
currency agreement
market for Treasury bills has also revived and the
«,
for
5.26% for bankers' sight bills and at 5.26%
transfers, against 5.26% and 5.26%.
ciled in London.
of
40.21
were
cable
practice to the tripartite
The inflow of
against 16.89 and 16.89.
sight bills and 40.22 for cable transfers, in
comparison with 40.21% and 40.22.
Italian lire
represents disguised operations of French funds domi¬
abundance
against
bankers'
gold which has reached New York from London
since Oct. 1,
4.63%,
4.65.
Antwerp
belgas closed at 16.93 for bankers' sight bills and at
closed at
held abroad,
was
other currency
it is
equal to
>'
at
Friday
on
Friday of last week;
on
for cable transfers,
at home
5.26y2
54.16
the French center finished
on
4.63%, against 4.64%
16.93
into billions of
to
Friday of last week.
on
Final
It is not
runs
4.65^
before devaluation of the European currencies
compulsory to turn in gold, but those
surrendered gold
to
between Sept. 26 and Oct. 5, 1936.
who choose to retain possession of their metal either
francs.
or
to
16.87K to 16.93
transfers
capital
Range
This Week
a
3.92
Italy (lira).
New
Parity
13.90
Belgium (belga)
a
New Dollar
Parity
;;,k
/ /•
cable
ated
the
at
strong body of opinion
a
valued and that the various forms of blocked mark
at
gold going into the Bank of
rediscountable
are
There is still
which holds that the mark must
parity
has been extended from Oct. 31 to Nov. 15.
the
deposits,
on
Reichsbank.
,
equalization fund.
France, hoarded gold would have returned in larger
that
pay
2907
France, which takes delivery
for the account of the
great
Chronicle
—
EXCHANGE on the South American currencies
followed
familiar pattern. These countries
a
Industry favors public bills be¬
are
exceptionally steady
higher interest than the banks
the
sterling-dollar rate.
as
they
are
closely linked to
The exchange position of the
Financial
2908
South American countries is
steadily improving owing
to the increase in volume and value of their
exports.
The authorities in the various South American
tals
await
capi¬
only the final settlement of the major
reducing further
before
exchanges
their exchange
control restrictions.
Argentine
paper
closed
Friday, official
on
quotations, at 32 9-16 for bankers' sight bills, against
32%
on
Friday of last week; cable transfers at 32 9-16,
The unofficial
against 32%.
27.80,
was
free market in milreis
were
against
Brazilian
The unofficial
or
nominally quoted at 5.19,
nominal
Peru is
5.19.
8%.
5.85@5.95, against 5.87@
was
Chilean exchange is
5.97.
27%.
and
27.80
against
milreis, official rates,
free market closed
or
at
against
24.50,
their
the
or
are
therefore
Silver receipts from China
steady.
at New York for the week ended Oct. 23 were valued
at
$13,916,260, while imports during July, August,
September and the first two weeks of October
sudden
The
gated only $12,163,000.
aggre¬
increase in
silver
receipts from China after the long lull gave rise
to reports that
the Treasury had increased the
amount of silver which it had agreed to purchase
from China.
Authoritative sources in Washington
asserted that there
was no
revision in this secret
com¬
out of the understanding nego¬
The United States agreed not only
certain amount of Chinese silver but
mitment, which
grew
sections is not
likely to afford much consolation
losers, for the Roosevelt wave swept over in¬
agricultural regions alike, and neither
business
nor
centers
Republican strongholds.
Representatives, where Democratic
approximately three supporters for
upon
member of the opposition.
every
test which
produced
a
cleaner
Gold Bullion in
European Banks
An electoral
con¬
could hardly
sweep
imagined.
is
little apparent reason for
as
question¬
ing the meaning of the election as there could be for
questioning its outcome. If the vote means anything
at
all, it means what is clearly written upon its
face, namely,
overwhelming popular endorsement
an
of Mr. Roosevelt and his
to
external
all
that
policies.
The cogent and,
devastating criticisms
appearance,
made of Mr. Roosevelt and
were
his program
were
wholly without effect in weakening his hold
upon
the voters, and his refusal to commit him¬
self at crucial
future
shows
points regarding his
If the irritable and
him.
unseemly expressions that
of his later
some
otherwise have
the
condemned
popular vote
be
can
vote
was
ment, without qualification
paign
no prac¬
a
or
as
as
having
for which the
none
be interpreted
The
doubtless many
pointed to
by the voters,
can
modification.
speeches
of his adherents. No fea¬
mass
ture of the New Deal
been
campaign
support which he might
received, they obviously had
tical effect upon
in the
course
signs of having counted against
no
alarmed and alienated any
also to allow China to convert the dollar balances into
ma¬
also made, Mr. Roosevelt will be able
were
count
to
of
House
new
gains
to
gold for use in its currency regulation program.
Closing quotations for yen checks yesterday were
28.53, against 28.59 on Friday of last week.
Hong¬
kong closed at 30 9-16@30%, against 30%@30 9-16;
Shanghai at 29%@29 27-32, against 29 9-16@29%;
Manila at 50%, against 50 3-16; Singapore at 57.35,
against 57%; Bombay at 36.90, against 36.96, and
Calcutta at 36.90, against 36.96.
safe
jority in the Senate has been increased, and in the
disfigured
a
proved to be
A heavy Democratic
tiated this spring.
purchase
drawn. A study of
was
varying popular majorities in particular States
There
in close
and
being beaten in the State from which
presidential candidate
dustrial and
—*—
EXCHANGE on thewith the fluctuations in sterling
harmony Far Eastern countries moves
of
financial
be
/
24.50.
1936
7,
support the party has ever enjoyed, and had the hu¬
miliation
to the
pesos
Nov.
Chronicle
demand for
a
wholesale
restraint.
endorse¬
There
who will hope that, with the
are
cam¬
and another four-year term assured, the
over
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
open
and bitter attacks which Mr. Roosevelt made
upon
his opponents, and the extraordinary invita¬
of
tion to those who do not like his
par
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable yesterday (Friday); comparisons
are shown for the corresponding dates in the previous
four years:
1935
1932
1933
1934
France.
Germany b
Spain
Italy..
Netherlands
Nat. Belg..
Switzerland
Sweden
Denmark..
Norway
.
..
£
£
£
£
249,604,429
391,871,164
1,844,250
88,092,000
a42,575,000
47,491,000
105,134,000
80,129,000
24,243,000
6,552,000
6,603,000
196,407,206
575,918,339
3,303,000
90,348,000
43,537,000
47,560,000
98,883,000
46,707,000
21,335,000
6,555,000
6,602,000
192,645,853
660,198,061
2,848,900
90,637,000
66,712,000
1
73,547,000
74,160,000
67,834,000
15,663,000
7,396,000
6,580,000
191,812,793
645,989,539
17,377,100
90,424,000
76,204,000
73,086,000
77,431,000
61,691,000
14,189,000
7,397,000
6,573,000
140,443,458
664,286,558
37,696,600
90,315,000
62,687,000
86,240,000
74,594,000
89,165,000
11,443,000
7,400,000
8,014,000
Total week.
1,044,138,843 1,137,155,545 1,258,221,814 1,262,174,432 1,272,284,616
Prev. week. 1,163,671,595 1,131,502,174 1,257,896,119 1,263,300,374 1,271,181,652
a
Amount held Oct. 29,
1935; latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held
abroad, the amount of which Is nowreported as £1,381,450.
Note—The par of exchange of the French franc cannot be exactly determined as
yet, since the legislation enacted Sept. 26, 1936 empowers the Government to fix
the franc's gold content somehwere between 43 and 49 milligrams.
However,
calculated
on
the ba9is on which the Bank of France has revalued its
the parity between francs and pounds sterling is approximately
pound (the old parity was about 125 francs to the pound).
that
gold holdings,
165 francs to the
It is on this new basis
have here converted the French Bank's gold holdings from
we
francs to pounds.
It would be foolish
success
to
every
the
re¬
one
of the worst de¬
party has ever sustained; they lost
important State they had claimed
Tuesday.
definitive and overwhelm¬
The Republicans suffered
feats that
on
point of view the outcome is
was
to
opportunities
more
be
generous
himself has
may
incline the Presi¬
temper and
more conser¬
but the grounds of such
found
said
in
a
hope
are
anything that Mr. Roosevelt
in
or
the
imposing popular and
electoral vote which he has received.
Unless,
then,
Mr. Roosevelt has in mind
radical reversals of
in
now
policy of which
no
some
evidence is
sight, his second Administration will be de¬
voted to
continuing and enlarging the work of the
present one. The objective of national planning on a
comprehensive scale will continue to determine the
economic
reason
to
and
social
expect
a
program.
There
good
seems
revival of the National Industrial
Recovery Act, with only such changes
essary
are nec¬
as
to enable it to circumvent any constitutional
objections and make
agricultural
attempt to minimize the
of Mr. Roosevelt in the election
whatever
garded, the victory
ing.
and
a
more
effective the Federal
su¬
pervision and control of industry and business. The
Another Four Years
From
sibilities
dent to
not
£
England...
policies to leave
country, may be forgotten, and that new respon¬
vative ways,
1936
Bants of—
the
or
whose
with crop
program
insurance
will certainly be carried
as an
outstanding
new
on,
feature.
We shall have
persistent efforts to raise the general
price level,
the theory that spending
on
thereby be enlarged
and
power
the standard
will
of living
raised, and the Patman-Robinson Act is available
for
a
tices.
minute
regulation of prices and trade
Collective
prac¬
bargaining, with employer interest
Financial
143
Volume
systematically repressed and labor interest system¬
atically encouraged, is obviously to go on, and
likelihood of increased
the
Federal
with
pressure upon
2909
Chronicle
A difference in
ative and direction.
does
not
There
mean
be
can
effective
no
employers to accept strike settlements which em¬
central initiative and
There is cer¬
zation the President
body substantially labor union terms.
tainly every reason to expect a continuance of
Fed¬
terms, however,
real difference in substance.
any
planned economy without
direction, and of such centrali¬
will be and must be the
con¬
The country has already been car¬
trolling head.
banking and of security and com¬
ried
ominously far along the road of such control,
modity exchanges, Federal control of th£ produc¬
and
the movement will continue to
tion and distribution of electric power
and
control of
eral
tual elimination of
eral loans for
and the vir¬
utility holding companies, Fed¬
housing, Federal aid for public works
applauded by all who believe that efficiency is
better than
liberty and uniformity better than
not
always wise, deny that the people can be
are
tic Federal supervision of
trusted to do
will be strange
social
the
we
of Federal employees,
the number
to
if
It
do not have further additions
security
shown to possess, a
taxation
a
intimation,
in
not
stabilization and
of
al¬
currency
points, for
done thus far has
admittedly been experimental, and
Roosevelt
Mr.
good deal that has been
a
his
nor
advisers have been
wholly blind to criticisms that
have been made.
important projects, too, have been blocked by
Some
Supreme Court, and if the Court is not to be
the
reconstituted
amendatory
of
session
or
be
must
ion
its
jurisdiction curtailed its opin¬
A
heeded.
bills
are
considerable
of
number
likely to appear in the next
Congress, and some administrative or¬
have a different tenor from earlier ones.
ders may
Of fundamental
Over
change, however, there is no pros¬
things for themselves.
against this theory of
tatorial
an
essentially dic¬
Executive, and in sharpest contrast to it,
stands the American idea of
popular representative
government, grounded in a Constitution which em¬
bodies fundametnal
law, operating jointly and har¬
moniously through the States and the Federal
and
private rights. There
the New
Deal, that
well
be
doubt that this
of Mr. Roosevelt's influen¬
some
are
undermine
and
exerting themselves to
it.
The, next four
years
it further impaired unless the millions
see
who still believe in it
give it loyal and vigorous
The election has drawn
port.
no
regard it as antiquated, and that po-'
litical and social forces
may
can
system has been considerably shaken by
tial advisers
discredit
gov¬
and jealously guarding personal liberty
ernment,
American
balanced budget.
will doubtless be modifications at a num¬
There
ber of these
neither
burdensome increase of Federal
indefinite postponement in fact,
an
possibly
though
dangers which it has been
support for the policy of liberal spend¬
as a
ing, and
notwithstanding the
program
fundamental defects and
adherence to
va¬
riety, and by those who, because popular decisions
ostensibly for the relief of unemployment, and .dras¬
corporation finances.
be encouraged
sharply than
the line far
sup¬
more
before between radicals and
ever
con¬
constitutional system
the
servatives, with the
as
Conservative opinion, while await¬
dividing issue.
ing the announcement of Mr. Roosevelt's further
program,
the
will support the Administration in what¬
conduces
ever
the
to
happiness and well-being of
country as long as government by fiat does not
Federal legisla¬
tion thus far enacted, and the Executive orders giv¬
ing effect to it, are essential to national regimenta¬
ground in united opposition wherever constitutional
tion, and national regimentation is the essence of
guarantees
are
the
The United
States cannot have both
pect, for the simple reason that the
Ney Deal.
campaign
speeches, nowhere gave any intimation that he re¬
garded his task as virtually completed, or as some¬
thing of a temporary nature which an industrial
Mr.
Roosevelt,
moreover,
in
his
and business revival would render unnecessary.
the
contrary, he made it categorically
displace government by consent; it will hold its
and
even
he has
of
ward with
the
ened here
or
for
reason
be patched or strength¬
alterations may
design, but there is not the slightest
there, and some minor
be made in the
are
liberties imperiled.
regimentation
incompatible, and not
huge popular majority which Mr. Roose¬
making
a
relieve him from the necessity
can
choice.
Does
only be¬
building whose foundations he has
The foundations may
laid.
or
On
received, he may be expected to go for¬
now
the
velt has obtained
supposing that the structure of national
Europe Want Peace?
The remarkable
With the immense popular endorsement which
gun.
liberty, for the two
clear that
the work of reform and reconstruction had
overridden
speech which Premier Mussolini
delivered at Milan last
Sunday
seems
to have pro¬
duced, outside of Italy, a different effect from that
which
apparently
speech
peace,
appears
was
expected. The
purpose
of the
to have been to invite Europe to
and to indicate some of the conditions under
which peace
might be assured, but the declaration of
regimentation will not be carried forward on essen¬
"peace with all, with those near and afar,"
tially the lines that the country already knows.
qualified immediately as an "armed peace" and by
We
four
are
years,
two
tween
during the next
intensification of the struggle be¬
likely to see, therefore,
an
of
theories
government, one of which
eventually prevail because the two cannot
reconciled.
To the extent that Mr. Roosevelt
must
be
is
the trend will be unmistakably
direction of Federal centralization and Ex¬
able to have his way,
in
the
ecutive
dictatorship.
That anything even remotely
is contemplated
dictatorship is a harsh
resembling personal dictatorship
will
certainly be denied, for
word
to
American
ears
and the picture which
it
conjures is repugnant to the American mind. What
will
more
leadership,
probably be
or some
heard is the softer word
such phrase as Executive initi¬
a
promise of a "regularly developed"
was
program
of
land, sea and air armament, at the same time that
references to several other countries
to
ture
stir
uneasiness
and
even
were
of
a
resentment.
na¬
In
spite of these contradictions, however, the speech
quite* the most important official utterance
was
international relations
been
the
in
on
Europe that has lately
made, and as such it invites attention, while
extraordinarily outspoken language which Mus¬
solini
employed
If the
gave
added emphasis to his thought.
European atmosphere was to be clarified,
Mussolini declared,
it
"clear the table of all
falsehoods
was necessary
first of all to
illusions, of all conventional
and the lies that still
constitute
relics
2910
of the
Financial
great shipwreck of Wilsonian ideology."
these illusions he mentioned three.
is
The
Chronicle
The
Of
for all to disarm
The
the
were
of
edent in
lective
security,
something which
does not exist and will
^indivisible peace," by which
ently,
a peace
in which nations
was
were
A
third
was
meant, appar¬
expected to join
irrespective of whether
or
terest to do
League of Nations Mussolini
For the
so.
not it
was
to their
own
in¬
expressed unrestrained contempt. The League, he de¬
clared, rested
lute
the absurd principle of "abso¬
upon
juridical equality
either reform itself
It must
perish, and since reform is
or
"extremely difficult,
all States."
among
far
as
as we are concerned it
Turning to Italy's relations with other States,
Mussolini
pointed
out
that
reached with France in
should have
relations
France
opened
between
had
accords
were
January, 1935, "could and
the
two
against Italy, at which
countries,"
but
supported
that
sanctions
point "friendship experi¬
freezing," and had continued to main¬
tain that "the
empire of the dead ex-Lion of Judah
[Haile Selassie] is still alive," and that "as long
the
French
attitude of
erwise."
Government
waiting and
With
maintains toward
reserve, we cannot
Switzerland,
Italian relations "were and
extremely friendly."
Mussolini
are
and
lis
as
an
do oth¬
declared,
always will be
The accords of July 11 with
Austria, which Mussolini revealed
approved" by him
as
ceived.
were
"known and
of June 5, had opened a new
ready for combat."
man,
gesture has been variously re¬
Minister Eden,
Foreign
House
Commons
of
"Great Britain
intention
has
declared
desire to threaten
no
the
that
nor
any
interests in
Italian
any
the
insisted, however, that for Great
Mediterranean
Britain the
speaking in
Thursday,
on
attack
to
Mediterranean." He
was
highway of vital
a
importance, and he apparently saw no need of an
with
accord
Italy to insure its unrestricted
Meantime the
for
Mediterranean
the
use.
reorganization of British naval plans
is
area
reported
being
as
actively considered. France found the Milan speech,
with its reference to the
"freezing" of friendship be¬
the two countries because
tween
disappointing, and
on
of
sanctions, cold
Wednesday Defense Min¬
ister Eduard
Daladier told the Chamber of
ties that
only the Belgian frontier of France,
not
Swiss frontier
but the
as
Depu¬
well, would be fortified.
Austria, naturally received the Mussolini speech
epoch of truly friendly
a new
subsequently
enced its first
which
one
sea
Mussolini's peace
and
perish in peace."
can
the
was
feet like
no prec¬
"never existed,
exist."
never
Rome," however, "let it be
people would spring to their
labyrinth
history." A second illusion is that of col¬
"really thinking of
of
which
procedure of the League of Nations, which in
procedure which for fertile invention has
If any one was
known that the Italian
enhanced by
disarmament conference constructed "a
a
"direct, rapid and complete
was a
suffocating the life of the Italian people in that sea
together is impossible and absurd."
absurdity and impossibility
7, 1936
the basis of recognition of recipro¬
on
interests."
cal
wishes to disarm first, and
one
only solution
understanding
first, which
"already fiat," is the illusion of disarmament, il¬
lusory because "no
Nov.
with
enthusiasm,
while
in
aroused excited visions of
Hungary
a
recovery,
the
speech
with Italian
aid, of the territory and Magyar populations which
when
lost
were
Hungary
dismembered by the
was
Revision of the peace trea¬
Paris Peace Conference.
ties, however, commonly known in the Balkans as
revisionism,
is
irritating
an
issue to Yugoslavia
the members of the Little
and
Entente
Entente, the Little
having been formed primarily for the pur¬
of preventing the forcible recovery by Hungary
pose
of its former
minorities.
jurisdiction
Mussolini's
over
Rumanian and other
speech, accordingly,
is
re¬
ported to have lessened appreciably the cordiality
epoch in the history of Austria and, in his opinion,
strengthened the governmental organization and af¬
toward
Italy which has lately somewhat developed,
and
have
forded greater guarantees of
Rumania
Hungary,
"a
as
of
independence.
historic
a
yars
injustice which left "four million Mag¬
beyond her present borders." The sentiments
of the Italian
of
their
military
qualities,
their spirit of sacrifice."
relations
had
recently
With
"greatly
im¬
As for the verbal understandings (it was
that
Mussolini
Germany, they
axis
around
by
which
used
"not
were
desire for
seems
to be that several of the
States to which Mussolini
particularly referred do
not want peace on
all
a
a
plural form)
with
barrier" but rather "an
European States animated
peace may
collaborate."
There
was
out of the
feeling.
capitalism of
a
today represent only "the superState carried to its most ferocious
extreme," and "the time has
come
to put an
end
to it."
relations with Great Britain
with at the
and other nations the Mediterranean is
Italy,
no
come
ian
Mussolini declared,
intention of
bilateral
were
dealt
conflict,
European,
or
was
a
highway,
"it is life."
There
menacing the highway, and
one
a
which might quickly be¬
not to be thought of, but Ital¬
"rights and vital interests must be respected."
won
question in the present state of European
made, there is unquestionably
picion that Italian
and that
armed peace,
an
appears
preparation for
peace
a
widespread
sus¬
talk is not very genuine,
especially
on
such
scale
a
in Italy, is regarded at bottom as only
war.
doubtedly attaches
his
peace
to
A
similar
suspicion
un¬
Chancellor Hitler and his
proposals, notwithstanding that in none of
speeches
has
the
-
greatest length. While for Great Britain
certainly be
Even after all alloivance is made for the
the Italian Premier in
^
very
Revision of the peace treaties
flamboyant tone in which the Milan pronouncement
was
a
communism
means.
by negotiation rather than by war seems hopelessly
Germany and Italy to bolshevism, for bolshevism
was
the terms which he stated or im¬
hope for gains which cannot
as
for
in
only conclusion to be drawn from such ex¬
pressions of opinion
nothing to wonder at in the united resistance of
Italian
alarm
by peaceful
Yugoslavia
and
and
plied, and that others, in accepting Italy's support,
their courage and
a
resentment
Czechoslovakia.
recognition
thorough
noticed
occasioned
and
people for the Magyars, which senti¬
Magyars reciprocated, were "marked by
ments the
proved."
The
the other hand, was characterized
on
truly great but disabled veteran," the victim
to
German
Chancellor rivaled
his irritating references to
other Powers.
On
the other
hand, the Milan speech effectively
punctured what is left of some peace balloons that
for years
was
have been hovering over Europe.
never
peace
any
sound
reason
There
for expecting that
would be reached by way of disarmament, and
anyone
who
now
advocates that way of approach is
talking without regard to realities.
Collective
se-
Financial
143
Volume
curity has become equally an illusion, partly be¬
cause no Power wishes to bind itself to defend an¬
also endangered,
other unless its own interests are
insistence has made the
and more because French
Mussolini's
discreditable.
idea
of
criticism
the
fundamental weak¬
nesses for which there is no remedy: the assumption,
contradicted by the facts of common observation,
that the member States possess legal if not actual
League of Nations touches three
equality, the cumbersome procedure in which the
business of the League has from the beginning been
Mr.
Thurs¬
day, again pledged "every endeavor" of Great Brit¬
ain to "strengthening the authority of the League,"
the hopelessness of reform.
and
enmeshed,
Eden, in his House of Commons speech on
[the reference, apparently, was
Italo-Ethiopian controversy] there is no rea¬
to the
to
son
that the world must turn back on an
say
which is
endeavor
the only
trophe and failure."
The
record of
$381,401,866
of
the
grand total of $464,764,933,
a
State and municipal issues,
securities, and one farm loan
The month's grand total compares
of
with $295,554,577 for
with $338,382,702 for July; with $731,166,331 in
$408,959,275
August;
September;
for
$1,002,692,011
for April.
In March the grand total was $767,415,683; in
February it was $302,858,716, and in January it was $411,031,104.
Refunding operations for the month of October
comprised $276,070,454 out of the grand total of $464,704,933, leaving the strictly new capital raised during the
$419,781,649 for May, and with
with
June;
1
end
or
States
United
comprised
four
bill
Treasury
importance
in the usual
The month's financing
issues sold
on
a
discount
sold
securities
during
Mr. Morgenthau on
United
the
first
10
months
of
the
Most
European
dated
Oct.
Tenders to the offering
of 273-day
and
7
will
Treasury
mature
bills.
July
7,
was
99.877,
the
0.162%.
which, in one
If their
desire for peace were far stronger than it is, the
possibility of realizing the wish is everywhere
clouded by anxiety over the outcome
and conse¬
quences of the war in Spain, and the announced
purpose of Germany and Italy to oppose bolshevism
scale, however, they desire it on terms
another, carry some provocation.
or
way
communism.
and
armed
rests.
Oct.
nounced
a
8
on
Mr.
Amount
Due
Dated
Jan.
8 273
2 Jan.
Jan.
9 Jan.
1937.
Tenders
Jan.
16 Jan.
22 273
Jan.
23 Jan.
29 273
Feb.
19 273 days
Feb.
20 Feb. 26 273 days
bills
98,970,000
11 273
Feb.
4 273 days
2 Mar. 16 12-15 yrs.
2 Mar. 16 5 years
5 Mar. 11 273 days
Mar. 12 Mar. 18 273 days
Mar.
Mar. 19 Mar. 25 273 days
273 days
Apr.
Apr.
April
50,025,000 Average
99.921 *0.104%
50,085,000 Average
99.911 *0.118%
50,028,000
50,196,000
50,008,000
50,077,000
50,110,000
137,648,000
201,805,000
150,991,000
146,908,000
117.748,000
Average
99.904 *0.126%
Average
99.914 *0.113%
Average
99.924 *0.100%
Average
99.929 *0.093%
Average
99.933 *0.089%
50,024,000 Average
50,102,000 Average
99.924 *0.123%
99.909 *0.151%
250,419,000
total.
The
99.910 *0.156%
May
May
273
days
1937.
May
May
202
days
50,000,000 Average
50,005,000 Average
50,050,000 Average
May
273 days
148,465,000
50.060,000 Average
99.848 *0.200%
Issued to replace
99.909, the average rate on a bank discount basis
being 0.120%.
Issued to replace maturing bills.
In the following we show in tabular form the Treasury
10 months of 1936.
The
$7,566,788,350,
$4,686,346,900 went to take up existing issues and
first
results show that the Governm'ent disposed of
$2,880,441,450 represented an addition to the public debt.
For October by itself, the disposals aggregated $200,397,000,
129,255,000
147,495,000
140,735.000
161,330,000
131,565,000
accepted.
refunding.
*0.087%
*0.078%
*0.074%
125,607,000
on Oct. 15 announced another offering
thereabouts, of 273-day Treasury bills.
dated Oct. 21, 1936, and will mature July 21,
to the offering totaled $172,935,000, of which
all of which constituted
Average
days
or
financing done during the
*0.095%
2,100,326,950
273 days
15 273 days
Apr. 16 Apr. 22 273 days
Apr. 23 Apr. 29 273 days
Apr.
Average
99.937 *0.084%
50,010,000 Average
109,838,000
100
2.75%
5,603,388,750 1,223,502,850
1.50%
100
676,704,100
3,402,542,800
99.921 *0.104%
50,000,000 Average
123,071,000
Marc h total.
Apr.
Average
200.941,000
Febru ary tota
27 Mar.
Average
209 days
Application to the offering totaled $176,251,000, of
was accepted.
The average price of the
of which
days
273
$50,159,000
was
50,296,000
50,545,000
50,100,000
50,000,000
192,133,000
184,569,000
143,432,000
4 Feb.
6 273 days
30 Feb.
Feb.
99.928
99.934
99.941
99.944
200.314,000
13 Feb.
Jan.
*0.107%
*0.100%
*0.094%
*0.098%
May
offering of $50,000,000, or thereabouts, of 273-day Treasury
bills.
The bills were dated Oct. 28 and will mature July 28,
which
50,074,000 Average
99.919
99 924
99.929
99.926
May
was
1937.
days
Janua ry total
May
15-18
May 27 June
May 28 June
5 years
May 28 June
273
yrs.
195 days
days
June
4 June
188 days
June
4 June
273 days
181
days
June
11
June
273
days
June
18 June
174
days
June
18 June
273
days
June 11
June
273 days
2 July
9 July
15 273 days
16 July
23 July
273 days
50,015,000
50,000,000
50,052,000
50,000,000
50,047,000
169,959,000
273 days
141,262,000
July
^uly
July
273 days
273 days
30 Aug.
6 Aug. 12 273 days
Aug. 13 Aug. 19 273 days
Aug. 20 Aug. 26 273 days
Aug.
50,019,000
50,090,000
50,064,000
50,046,000
169,772,000
155,235,000
182,740,000
197,603,000
273 days
Aug. 28 Sept.
Sept. 4 Sept.
273 days
Sept. 8 Sept. 15 20-23 yrs
273 days
Sept. 11 Sept. 16
Sept. 18 Sept. 23 273 days
Sept. 25 Sept. 30 273 days
Oct.
1 Oct.
7 273 days
8 Oct.
15 Oct.
22 Oct.
14 273 days
21 273 days
28 273 days
*
er
99.855 *0.191%
Average
99.949 *0.067%
Average
99.946 *0.071%
Average
99.913 *0.115%
Average
99.830
Average
99.825 *0.230%
99.839 *0.213%
99 853 "0.194%
99.871 *0.170%
*0.224%
Average
Average
Average
104,697,000
132,397,000
141,680,000
175,240.000
192,136,000
172,935,000
176,251,000
100
Average
Average
Average
99.887 *0.149%
99.901 *0.130%
2.75%
99.889 *0.146%
99.881 *0 156%
99.859 *0.186%
50,045,000 Average
99.877 *0.162%
50,133,000 Average
50,060,000 Average
50,159,000 Average
99.893 *0.141%
99.906 *0.124%
99.909 *0.120%
200,397,000
total
Average rate on a
Average
Average
1,232,156,050
Oct.
Octob
50,018,000
50,147,000
981,826,050
50,022,000
50,022,000
50,121,000
176,162,000
140,137,000
5,641,583,500
Septe mber to tal.
Oct.
Average
200,219,000
Aug us t total-
Oct.
99.902 *0.175%
250,114,000
total.
July
99.863 *0.110%
2.531,544,350
154,933,000
179,143,000
167,814,000
June 25 July
July
99.858 *0.188%
100
2.75%
,237,987,200 1,626,937, 850
100
1.375%
503,958, 500
,841,455,900
99.900 *0.184%
50,090, 000 Average
146,415,000
99.835 *0.218%
50,295, 000 Average
134,960,000
99.902 *0.187%
50,140, 000 Average
152,610,000
99.826 *0.230%
50,035, 000 Average
113,830,000
99.904 *0.191%
50,018, 000 Average
133,883,000
99.816 *0.242%
50,012, 000 Average
116,172,000
99.912 *0.183%
50,050, 000 Average
135,202,000
99.818 *0.240%
50,008, 000 Average
146,116,000
total.
June
99.905 *0.125%
400.357.000
total
May
May 27 June
July
was
days
50,060,000 Average
50,050,000 Average
50,130,000 Average
132,204,000
190,515,000
212,610,000
170,307,000
May
The average price of the bills
99.906, the average rate on a bank discount basis being
0.124%.
Issued to replace maturing bills.
On Oct. 22 Mr. Morgenthau announced a further new
$50,060,000
days
16 273 days
May
the
being 0.141%.
Yield
Price
%
50,005,000 Average
50.111,000 Average
of
discount basis
were
Accepted
94,599,000
Morgenthau
The bills
Amount
Applied for
Dale
93,918,000
187,941,000
totaled $175,240,000, of which $50,-
of
1936
days
which $50,133,000 was accepted.
price of the bills was 99.893, the average rate
$50,000,000,
FINANCING DURING THE FIRST TEN
216
maturing bills.
of
TREASURY
STATES
223 days
Treasury Morgenthau an¬
offering of $50,000,000, or thereabouts, of
$192,136,000,
bank
a
Month of October
273 days
rate on a
Secretary
new
The average
is precarious indeed, but it
May
273-day Treasury bills. The bills were dated Oct. 14, 1936,
and will mature July 14, 1937.
Subscriptions to the offering
totaled
The hope
MONTHS OF
Offered
an
Europe has just now.
is all that
UNITED
circumstances
to be the only safe recourse,
armaments that the hope of peace
and it is upon
now
such
Under
peace appears
May
bills.
On
peace.
May
accepted.
average
desire
Apr.
May
The average price of the bills was
bank discount basis being
These bills replace a similar amount of maturing
045,000
probably
States
exceptions that do not count heavily in the
With
Apr.
Oct. 1 announced an offering of $50,-
thereabouts,
or
were
of
Financing During the Month of October, 1930
New Treasury
bills
magnitude
and give particulars of the different issues.
current year
000,000,
and
furnish below a summary of the
States Treasury issues, we
new
Covenant
trophe simply does not exist.
Mar. 26 Apr.
the
of
the
which
machinery
basis.
Because
not a mere unfortunate in¬
due to the complete breakdown
Mar.
Government issues appeared
during the month of October.
order
was
Mar.
$188,694,479.
month at
war was
of the
specifically pro¬
vides for just such a matter; while if the League
cannot effectually intervene in a war between two
of its members, its ability to avert a general catas¬
it
corporate
$1,000,000.
emission of
with
shows
$82,363,067
comprising
failure! to prevent
Ethiopian
cident ;
financing in this country during
new
October
of
month
alternative to catas¬
the
Flotations in the United States During the
and for the Ten Months Ended October 31
The New Capital
The
there
rather plaintively that "because
and declared
has been one failure
2911
Chronicle
bank discount basis.
2912
Financial
USE OF FUNDS
lows:
$150,000,000 American
Jan.
Jan.
Total Amount
Type of
Security
New
Indebtedness
Refunding
Accepted
$50,060,000
$200,314,000
$50,296,000
50,545,000
$205,000
50,000,000
$50,091,000
50,545,000
50,100.000
50,000,000
$200,941,000
$200,736,000
15
Treasury bills
Jan.
22.
Jan.
29
..
__
Treasury bills
Treasury bills
Total
Feb.
6
Treasury bills
Feb.
11
Treasury bills
Feb.
19
Treasury bills
Feb.
26.
Treasury bills..._
Total
_
1st mtge. 4s, Aug.
The largest
1
I
$50,010,000
1,223,502,850
676,704,100
50,000,000
50,025,000
50,085,000
Treasury bills
2*A% Treas. bonds.
1H% Treas. notesTreasury bills
Mar. 18
Treasury bills
Mar. 25.
Treasury bills
1,1965.
$150,000,000 American Telephone & Telegraph Co. debenture
314s,
1961,
1,
Oct.
priced
Other large public utility
Gas
1st
Electric Co.
&
Maine
at
......
Treasury bills
8
&
ref.
_
_.
Treasury bills
_
Treasury bills
_
$50,024,000
Treasury bills
Treasury bills
Treasury bills
50,005,000
50,111,000
[
50,045,000
I
50,045,000
49,960,000
May 20
Treasury bills
Treasury bills
50,000,000
May 27
Treasury bills.
50,050,000
1
50,050,000
50,060,000
May 27
Treasury bills
50,060,000
$200,242,000
$200,115,000
May 20
60,005,000
at
2M% Treas. bonds. $1,626,937,850 11,024,865,700 $1,106,030,650
June 15
1%% Treas. notes
Treasury bills
Treasury bills
Treasury bills.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
3
June
3
June 10
June 10
June 17
June 17
June 24
June 24
503,958,500
50,090,000
50,295,000
_
50,140,000
50,035,000
50,018,000
50,012,000
50,050,000
50,008,000
Co.
Credit
101,
at
to
mention
3%s,
debenture
about
yield
but
and
$30,-
were:
3.16%,
Oct.
1,
150,000
and
Corp.-Seagrams, Ltd. (Canada), 5% cumu¬
one
railroad issue offered in
5.15%.
October, namely,
prices to yield 0.50% to 2.50%.
During
June 15
June
was
1
50,090,000
50,295.000
i
60,031,000
50,144,000
(
60,015,000
50,040,000
Distillers
Corp.-Seagrams,
Ltd.,
a
new
fixed
investment
trusts
were
offered
during
October.
There
two conspicuous corporate
were
offerings made in
October carrying warrants, or a convertible feature of
kind or other.
These issues were as follows:
50,015,000
J
month
the
Canadian corporation, marketed in this country an offering
of 150,000 shares of its 5% cumul. pref. stock.
No
$400,357,000
Total
of
1936,
1,
Industrial
2%% Equipment Trust certificates, Nov. 1, 1937-51, offered
50,071,000
May 13
worthy
3^s H. Aug.
3.40%.
about
$9,150,000 Southern Pacific Co. Equipment Trust, series N,
$250,419,000
$50,102,000
May
6
May 13
3%s I, June 1, 1966,
mtge.
3.35%, and $14,000,000 Central
& gen. mtge.
yield
Commercial
priced
There
\
Treasury bills
1st
to
flotations
shares Distillers
$50,024,000
50,102,000
6
3.19%.
about
$35,000,000 Pacific
lative preferred stock, marketed at 97, yielding about
50,110,000
^$250,419,000
Total
May
yielding
were:1
$903,653,550
$50,028,000
50,196,000
60,008,000
50,077,000
$50,028,000
50,196,000
50,008,000
50,077,000
50,110,000
_
Treasury bills
Apr. 29
__
Treasury bills
15
Apr. 22
Apr.
101%,
miscellaneous
$2,100,326,950 $1,196,673,400
1
Apr.
Co.
Power
priced
903,653~550
50,000,000
50,025,000
50,085,000
1951,
Apr.
101,
at
issues
$50,010,000
| 996,553,400
000,000
Total
$14,000,000
corporate offering of the month was that of
sold at 102%, to yield about
:■sf !-M 1I I I1I I1I I1I 11 I1I I1I
1966;
mtge. 3%s H, Aug. 1,
1966, and $13,906,900 New York State Electric & Gas Corp.
50,050,000
50,130,000
50,074,000
50,100,000
_
1
I, June 1,
1st & gen.
$205,000
Treasury bills
& Telegraph Co.
Telephone
& ref. mtge. 3V2s
1st
Co.
tric
Central Maine Power Co.
$50,060,000
50,050,000
50,130,000
50,074,000
$200,314,000
8
7, 1936
3%s, Oct. 1,1961; $35,000,000 Pacific Gas & Elec¬
debenture
Dated
Nov.
Chronicle
50,018,000
150,000 shs.£Distillers Corporation-Seagrams, Ltd. (Canada) 5%
one
cum
pref. stock.
Each certificate carries a warrant to purchase
an equal number of common shares on or
before Oct. 1,A1941
at prices ranging from $28 to $32 per share.
$4,500,000 United Stockyards Corp.
15-year collateral trust 4^s, A,
1951.
Each $500 of bonds carries a non-detachable
purchase on or before Oct. 1, 1951, or on or before
redemption date if called for payment, 15 shares of common
stock at $15 per share.
Oct.
1,
warrant to
$2,531,544,350 $1,225,041,700 $1,306,502,650
Total..
July
July
July
July
22
29
$50,019,000
50,090,000
$200,219,000
Treasury bills
Aug. 26
$250,114,000
$50,019,000
50,090,000
50,064,000
50,046,000
«
Total
Aug.
5
Aug 12
Aug. 19
$50,015,000
50,000,000
60,052,000
$200,219,000
15
Treasury bills
Treasury bills
Treas ury bills
Treasury bills
Treasury bills
$50,015,000
50,000,000
50,052,000
50,000,000
50,047,000
$250,114,000
8
July
1.
Treasury bills
Treasury bills
Treasury bills
The following is a complete
summary of the new financ¬
ing, corporate, State and city, foreign government, as well
as
farm loans issued during the month of
October, and
the 10 months ending with October:
50,000,000
50,047,000
SUMMARY
OF
CORPORATE,
AND
FOREIGN
MUNICIPAL
GOVERNMENT, FARM
LOAN
FINANCING
50,064,000
50,046,000
New Capital
Total
Sept. 2
Sept. 9
Sept. 15.
$50,018,000
50,147,000
981,826,050
Treasury bills
2M%
Treas. bonds
Treasury bills
Sept 16
Sept. 23
Sept. 30
$1,232,156,050
Oct
21
Oct.
Treasury bills
28
Treasury bills
Total
Grand
Features
accounted
for
050,000 for that
group
laneous
totaled
issues
which
Long-term bonds and notes
50,159,000
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign government
$107,963,466 in October
only $9,150,000
as
as
Long-term bonds and notes
Short-term
of
or
than
more
refunding portion
the
total.
639,147,
or
Canadian—
In
more
The
to
refunding operations was $271,-
71%
of
the
In
total.
$175,460,330,
was
August
September
than 70%
more
or
the refunding portion
than 26%
of the
total.
$61,-
was
than 71% of the total.
Preferred stocks
Common stocks
was
$559,871,977,
was
or more
$536,936,945,
February
total,
it
was
or
In May it was
*
more
than
or
90%
of
about
total;
the
93%
the refunding portion
of
was
in
the
$200,-
or approximately 73% of that month's total.
In
October (1935) the amount for refunding was $179,392,421,
71%
of the
total
for
that
month.
refunding issues sold during October of 1936
21,900",000
322,198,600
55,000,000
344,098,600
647,681,822
1,575,000
308,439,142
1,750,000
55,000,000
956,120,964
3,325,000
agencies
Municipal—States, cities, &c
United States Possessions
1,558,824,105 3,589,750,055 5,148,574,160
Important
were
as
fol¬
These figures do not Include funds obtained by States and
municipalities from
any agency of the Federal Government.
In April it
of the total.
than 82% of the total; in March
$181,140,575,
while in January
nearly
887,667,283 2,854,362,313 3,742,029,596
48,000,000
48,000,000
Other foreign government
Farm Loan and Government
In June it was
972,556,
or
_
Total corporate
Canadian Government
*
than 87%
15",b"ob:665
Long-term bonds and notes
Short-term
Grand total
than 76% of the total.
or more
it
38,000,000
Other roreign—
July it was
In
or more
more
30,000,000
15,000^000
Common stocks
$309,-
$72,087,966 repre¬
and
$224,583,078,
or
8,000,000
Preferred stocks
during
portion of the month's corpo¬
$375,755,755,
$267,385,450,
623,757,960 2,611,428,840 3,235,186,800
18,707,500
35,762,500
54,470,000
73,844,534
161,863,230
235,707,764
148,357,289
15,307,743
163,665,032
Short-term
stock flotations.
516,500,
Preferred stocks
Long-term bonds and notes
313,900 comprised long-term issues
the
464,764,933
Domestic—
compared to $24,475,000
October was, as already stated, $381,401,866, of which
devoted
276,070,454
Corporate—
September.
rate flotations
82,363,067
188,694,479
Grand total
against
The total corporate securities of all kinds put out
sented
i",bbb",665
3,553,954
381,401,866
Ten Months Ended Oct. 31—
Common stocks
ber amounted to
1,000:666
78,809,113
Municipal—States, cities, &c
$104,525,140 in September, while railroad financing in Octo¬
recorded for
271,516,500
United States Possessions
$121,-
with
Industrial and miscel¬
in September.
109,885,366
Farm Loan and Government
agencies
corporate offerings
compares
15",000:655
Common stocks
October, we note that public utility issues
$264,288,400,
i5~,bbb~666
Preferred stocks
Other foreign—
50,060,000
*
announced during
25,477,514
Short-term
50,133,000
new
3l",6lb:452
3,936,000
Long-term bonds and notes
$469,965,250
of October Financing
Making further reference to the
309,313,900
18",18S:65O
Canadian—
$7,566,788,350 $4,686,346,900 $2,880,441,450
total.
249,392,500
13,422,452
21,541,514
Common stocks..
$200,397,000
Treasury'bllls
14
,
59,921,400
Short-term
Preferred stocks
50,045,000
$200,397,000
7
Oct
Long-term bonds and notes
469,965" 250
$762,190,800
50,045,000
51,133,000
50,060,000
50,159,000
Total
Oct.
50.022,000
50,022,000
50,121,000
50,121,000
$
Domestic—
511.860,800
50,022,000
Treasury bills
Treasury bills
Total
$
Corporate—
$50,018,000
50,147,000
50,022.000
Treasury bills
Refunding
$
Month of October—
In the elaborate and comprehensive tables on the succeed¬
ing pages
we compare the foregoing figures for 1936 with
corresponding figures for the four years preceding,
thus affording a five-year comparison.
We also furnish a
detailed analysis for the five years of the corporate offer¬
ings, showing separately the amounts for all the different
the
classes of corporations.
Following the full-page tables
of
the
every
new
capital
issue of any
flotations
we
give complete
during
details
October, including
kind brought out in that month.
S
o
o
to
O
&
A
CO
»
Cb
fta
c
©
I—*
CO
S3
•»*
>3
<b
19,05 0 5,328",64 24,3 64
RCeafupnidtilg
40,2980 6,385,0 1,0 ,0 791,250
48,74250 4,015,0 9,"IO ",6 38,450 10,24.305
Capit l 40,230
Total
3,109,240
3,109,240 5,917"492 59,02673
3,291,250 60.5236 6,96",250
3,0 ,0 12,85~,60 1,70 , 0
14,5 0
1,50 , 0
1,50 , 0 15,8 "60 3,20 , 0
40,2980 4,685",0 1,70,0
6,385,0
1,791,250
1,791,250 4.708,6 3,76,250
2,9 1",740
3,109,240
1 7,50
2,9 1",740
3,109,240
1 7,50
"390", 0
390, 0
Total
New
Total
1932
CReafupnidtilg
3,109.240
Total
2,0 ,0 29,0 0 "3090"0,
1933
31,90 83,0 0 42,78 5 157.38,5
2,0 ,0 29,0 0
31,0 0 4,318",92 35,18.92
New
1934
Refundig
3,109,240 5,06"84 58,176 04
390, 0
New
163,90475 15,701946
New
Total
309,13.0 610",452 5,47 514 15,0 0
31",
Refundi g
249,3250 18. ,6 3,96,0
Capital 59,2140 13,42 52 1,54 14 15,0 .0
New
381,4086
1,0 ,0 82,36 07
46.74,93
271,56 0
1,0 ,0 3,53,954
276,0 45
Nfroaamguneicnpfnltdceys COGORREPUFWPAITE
Sbtaeys
109,8536 718, 039", 18,6947 obtained
funds
OFOCTBERS boannodtess stock stock boannodtess stock stock foreign— bonanotdess stock stock corpate foregoviegrnmnt SPostaeeins toal fdinigculuoroedset
Governmt Goaavncdtie,s.♦&Municpal—_Ste,s
Corpate—
LiDomestc— ong-term Short-em Pref red Com on Candi — Long-term Short-em Pref red Com onOther Long-term Short-em Pref red Com on Total
Grand
Can dian Loan
Other
Farm
United
2,0 ,0 20, .6
09,bo0b',
29,0 0
Refundi g 2,0 ,0
2,0 ,0 2d,"o ,6
9.0 ,6 0
2,91",740
3.109,240
740
3,109,240
"19.2
These
*
ACHANRDTE
2,0 ,0 20, 0 "3090"0. 9,0 ,0
31,90
9,b"o ,6
31,0 .0
29,0 0
Capit l
2,0 ,0 20, 0
390, 0
"390", 0
390, 0
"390", 0
15,701946 "102",78 1,46,98
f,670", 0 18,621 32
180,643"96 5,0 0 ■"102",78 10,396.48 "482",0
$
New
73,0281 15,0 0 59,28 023 1,70, 0 149,26834
Refundig
2,0 ,0
$
$
1934
179,3241 23,96156 12,5701 3,78,0 219,65832
Capital 70,8352 1,540, 0 1,379,286
48,74250
Refundi g
Total
25,392 38,96150 71,86034 4,98,0 368,12076
1935
6179,,40895250
New
83,0 0 38.429,73 12,8973
23.74,0 17,24196 1,379,286
Total
"275",0
Capit l
YGFotevhdrnmatlFMOETSCIUIATVNSHNARBHSERED
YFOEMTCIFAMAIVLNFHURAOBSCERRPDGMN
390, 0
Capital
1936
Refundi g 3,0 0
New
850,628 850.628
1933
MONTH
3,291,250
1 7,50
3,0 ,0 14,5 0 1,50",0
20,9 0
1 7,50
67,489250 4,015,0 9,i"o ,6 43,76 19 124,3679
1932
SOUMFARY
43,2980 17,"50 , 0 3~,"40 ,06
43,02 0 "275",60
43,2980 20,9 0 1,0 ,0 2.91,250
Total
GFCOOVRREPRENIGMANTT,,
S3
Total
1935
Refundi g
Capit l
$
$
$
New
Total
$
59164, 26 ,0 0 9,250", 0 "482",0 4,0 ,6 10 ,0 23,740
153,8 "940
5.706.53 "132",0 0 4,0 .06
10,6090". 5 ,0 0
3",543",65 "350",0
163,90475
10 ,0
Refundi g 6204 ,0683",4,698,0 1,051",0 1,560. 6
—
—
"102",78 1, 46, 98
1,670", 0 2,91 ,286 if,"09 ,60 5,0 0 "1702"8 ,4,689, 63 "350",6 1.70',65 73,0281
16,~9,506 3,971,07 4168,043",812,50
4,681,7 2 72,08796 9,150, 0 264,8 0 10,97 0 1528,6748",812.50 6,320, 0 37,18 712 381,40 86
156,019",2,014,0 3,403", 0
" 87",
249,3250
Capit l
New
9,150, 0 5,8 90 2,302, 0 6,523,56 4",760, 32",50 '6 59.21,40
500
258,70"5 6,712,0 4.5~,6 1.560,6
50 2,140
1,957,0 42,60 184 812,50
'
$
15,701946 169,53"86 5,706.53 "132",0 4,0 ",0 179,3241
946
70,8352
9,150, 0 247,6890 7,0 ,0 6. 75.0 6.320.5 32",50 0 309,13 0
$
1936
"l07,51
4.0 ,0 1,7 0, 0 25,39 2
4,594,21 49, 639 6 9,150, 0 5, 85,90 4,259,07
48,2364
87",
127,560
812.50 4,760, 0
37,09421 109,8536
;
OFOCTBER NBooantneddss
SNBhootoeratsn-—Tdesm util es &sccotopeall,,, manufctres oi b&uildcng„s, iscelanous util es &cscotopea.ellr,,, b&uildcng.s,
aautiles&ccotoep_ellr,,,manuft cesori b&uildcn_gs, Miscelano_us.I csoercpuritate
Utiles &sccotoepall,,, manufctres oi indamuansnutfrcidtrlig b&uildcngs, &httrroaucldds.iinnt«gg,,,Miscelanous
MONTH
Long-term Railroads Public Iron,Equipment Maotnords Other
Total
Oil
Land, Rub er
Ship ingInv.
Railroads Public Iron,Equipment Maotnords
Total
Oil
Land, Rub er
Ship ing
M
Stocks— Railroads Public
Total
Iron,
Oil
Land, Rub er
Ship ing
otal—
T
Railroads Public Iron,Equipment Maotnords
Total
Oil
Land, Rub er
Ship ing
$
Total
359, 8 0 196,50 8,975,2758,435,470
573,460 56,015 0 15,6"o 0671,93824
692,0 0
1,493705,69
3, 97",320
269,1 82040, 0 92,50 0 69,514326 471, 416
Capital 257,0 3 2,61 50 8,975,275 ,038,150
1932
22304, 5 6,015 0 59,10 0632,4 598 692,0 0 1,02 561,823
Refundi g
$
10,8350 163,8940
$
New
Total
$
138,49150 8,12870 14,7 5 15,8130
13",32
Refundi g 14,8705 71,52870 32,17" 8
10,bo0b",
275,0 0
Capit l 253,02530
Total
1933
3~,250", 0 "02.10 0 359, 8 0 34,8250 145,6790 10 ,0 0 3,40 , 0 4,"lOi,0 "450",0 75,905 ", 196,50. 8,359.4 5 5,382,50 2,168",750 1,~506", 6 17,4 0745 4 ,152,0 49,52 95 10 ,0 0 9,057, 0 7,35l",0 2,168,750 450, 0 150,065 ", 573,460 5
50,0 0
275,0 0
10,83 50 23,50 0138,4 0
10 ,0 0
1,70 , 0 ~450~,6
163,8940
3, 97,320 32,8 70 23,5028 10 ,0 0 3,20 , 0 "050 0 "4050"0,
1,897",320 1,50 , 0
269,1 820
~~
3",20~6 1,20 , 0 257,0 3 10.32057,53 ,0 1,70 , 0 4,io~ ,6 7,95 , 0 32,61 50 61,47625", 3,8 2,56 27,*51608", 1.50 , 0 14,03425 1 ,3250 267,02475 5,8 7,50 7,301, 0 2,168,750 10,65 0 304, 25
New
20,31697860, 0 12,0 0 30,9 13 32,0719
am
9,327,0 345,86 0
Refundi g 9,327,0 92,46150
1932
358,9238 60, 0 75,90 0392,5801671,40,0 8 ,025
i.6b ~5o
II"
jp
$
1933
Total
92,6750 43,290 1,725,0 "90" ~6
138,49150
Refundi g 80,627,50 32,5180 1,725,0
75,0 0
75,0 0
89,728 0 9,147, 83,129,15 "859",26914,60734 1,795,120 1,08,56 130,7218 9,045092,18 9782,7651 2,0 0 859,26912,43 04 1,795,12090 ,0 05,9 ,10 1,08",56 358,92 38
7,2 7,0 39,7 520 19,5740 12,0 0 5,10 , 0 5,9 ,16
14,8705 7,27,0 23,95,20 19,5740 12,0 0 5,0 ,0
5,9 ,16
73,12870 2,147, 8 30,17 0
32,17 8 87,90450 57,960 78 19,5740 12,0 0 36.8956 "95,10 20,316978
_
_
Capital 23,610 16,0 014,7 5 83,5 23
$
~
13 , 32
138,60541 63",9~o ,0 361,59036 1,40,0 56,495 6
New
Total
1934
Refundi g
$
$
214,3061 165,2 0 2,908,0 30,6539
1,2"o ~,06
f,2"0 ",6
278,6520 50, 0 2098,300b",13,245 740, 9745
1934
135,709 13965,1 ",612,4596 1,42697,18
1,6892 50 47,30 10,4576 12,573206
1,849570 2 76,0 0 98,31720 973,8691079,46,0 3.907, 2.59
Refundi g 1,4 76,1 39,2450 65,03 746
1,5460291776,0 0 8 ,5 "20 317,8029 8,208,0 593.09
Capital 247, 53298,45,0 35,01 0 12,573206
30,543 5 109,762 56 ,062151,738,0 1,07 950
New
Total
$
$
1935
$
New
Total
CFOORRPEIGANT,
$
3,251860 54,70 235,70 64 163,5032 38,0 0 15,0 0
3,7420956 48,0 0 5,0 0 34,09860956,120964 3,25,0 5,1487,160
Refundi g 2,61 48, 0 35,76250 16,8320 15,307 43 30, 0
432,8546 1 8,0 0 5,0 0 32,19860 38,4912 1,750, 0
Capital 623,75 96018,70 5073,84 534148,357289 8,0 ,0 15,Ob",0
$
SOUM AFRY
New
CIUTSORNPHIEAED
GONREUPFWI
87,6 .283 "09,120 0647,812 1,57,0 1,5824,105
$
1936
214,3061 70,9470 75,0 0 3,758,0 16.0 ,0
Refundi g 104,5 0 3 ,652 0 2,308, 0 3,50 , 0
143,9602 63,9470 52,0 0 2,958,0 15,0 0
Capital 49,513 0 19,3280
3,58970,5
50 ,0 0 40 ,0 0
70,34590 7,0 ,0 23,0 0
New
175,6430 940,7680 237,0 0 7,941,0 204,15 0 14,50 7,510, 0
4,0 ,0 7,84 ,0
123,89608 ,39 4019,2456 2",41",0 159. 8,63510,281505,792,0
Capital 51,73 2052,37406 87,543 5,0,0 4,05685 4,218,7501,78,0
Total
1935
2.836
Refundi g
Total
Refundi g
16,450
58 ,750
21,350",249 "626. 6 "3l"0,20610,5 0 3,27419 24,9601 129,085 0 58 ,750 27,41624920, 0 40 ,0 0525,0 0 310,25610,75 0 41,03529
~
168,470 86,152 0 5,26,0 19,0 0
134,905
80 ,0 0 50 ,0 0
250, 0
31,50
58 ,750
21,350",249
"525,0 0 310,20
865,20
278
10,5 0 3,27419 56,13 0 42,93 80 58 ,750 2,150249 1,0 ,0 40 ,0 0 525,0 0 "310",20 10,75 0 135,70 9
1,68921,50
6,0 ,0 47,30 2,48719621,3 920 "102",78 17,60 248 5,075,0
46,0180 12,68952 175,6430 983,25 196 23,1 920 14.03,78 26,34578 15,7 0 7,510, 0 4,0 ,0 59,85 0
4,0 ,0 7, 4 ,0
1.4,76.1
20, 0 5,0 ,0 2,45,0 6,0 ,0
6.0 .0 39,2450 20,7 1946 13,7620 1 ,20 0
19,37180 65,03 746 123,896092,0586 18,076 20,4 0"f,173,40 635 106,281 505,792,0 4,0 ,0 3,1580
1,54602,917
10 ,0 0
247, 5329
6,0 ,0 2,485,0
8.4 5,0 1,785,2 07,549, 20 102,78 6,40 ,248 5,075,0
26,70. 6 47,583206 51,73 20 54,1931095,30425 1,60278 52,94 139,23,750 1,78,0 26,70 30,543 5
60 ,0 0
1,849570 2
70,4390 1,5734,0 327,0 23, 0 15760,"826",264,0 0 19,5 0 187,9506 3,27186,0 30, 0 1,850, 0 2,0 ,0
8,125,0 4,50 , 0 245,0 0 7, 50, 0 54,70 45,21 63 12,857 26 7,462,40 4, 85,0 215,36 081 31,70234 50 ,0 0 3,509~36 1,9250 81,349653 41,372 96
730,4 90 .,620413342,05726 30,68240 4,85,0 40,31758 30,2 34 20,34 0 4,109,30 1,9250 27,049653 3,7420956
60 ,0 0
48,76315 1,497621,534 218,9572 20,73450 137, 256 40, 1963 1,27 0 31,42057 2,641 8,40 15,0 0 2,0 ,0
8,125,0 2, 87,50
49,876315 ,540681 26,493752 20,73450 218,47592 58,47321 1,27 0 3,509,36 74,36 2,85436 1
CAHANRCDTER Capital 215,6758 75,286 108,94282,496,50 39,642423,9580378,327,0 "60 ",6 6 156,29436 631,75960 15,0 0 1,250, 0
by
250, 0
20, 0 5,0 ,0 6",0 ",6 4,730, 0 6,0 ,0
New
1936
75,0 0
75,0 0
7,0 ,0 3,129,15 "8259"69,84,37 04 1,795,120 1,08 ,56 98,34 10 12,0 0 34,210 3,129,15 "859,26984,537 04 1,795,120 90 ,0 0 1,08 ,56 138,60541
16,0 0
10 ,0 0
53154,0 10 3,850 2,308,0 4,0 ,0 40 ,0 0
Total
MSfFrGtatmeoaouvhndgicerpndlmseasylFSTEOF3YNOAHCIDAV1ERRSS.
GMFLAFOMTUEIFVOYN3ENAHRCICDNAVDPM1RRTGSST.,
Capital 70,34590 31,50 2,908,0 30,6539
$
23,610 i6.5o~.6
New
41,03529 50, 0 693,41 6 725,6014 1,8306,913
143,9602 13,705
90 ,0 0
Capital 12,0 0 10,7210
523,90
7, 50, 0 35,76250 42, 6 28 6,198,0 "5923"0 ,73,1 3 6 1,4379 3,509,3 0 305,31706", 17, 0973
2, 12,50 245,0 0
18,70 50 2,768,356,59,726 7,462,40 3,961,0 142,9 745 15, 8594 50 ,0 0 1,9250 46,173.62 237,01823 230,567 85 79,4 501 15,63974 9,58,950 3,961,0 18,4198 41,72913 9,072,0 60 ,0 0 1,9250 20,73.05 87,6 283
New
O3C1T. notes. notes. notes. governmt acie_s.&t,Posein finuocbltadinsee O3C1T. Notes— &c manufctrig h&ocld_ing, Notes manufctrig h&ocld_ing, &c manufctrig &hocld_ing, &c manufctrig h&oldcing,
boands stock stock_ boanndsd stock. stock_foreign— boands stock stock corpateGovernmt Gaonvdt,♦Municpal—Stes,Staes toal fdignuoroest MEONNDTHS LBonoagn-tnedrdmsRailroads Utiles sccotoepall,,,Equmiapnumfcetrnets anodi indausntridl b&uildcngs, ttrraudsintg,,Miscelanous SBhoorta-nTdesmRailroads utiles &scctooepall,,,Equmiapnumfcetnrets anodi indaustril b&uildcngs, ttrraudsintg,,Miscelanous Railroads utiles sccotoepaellr,,,Equmiapnumfetnt aacensodri indausntrdl b&uildcngs, ttrraudsintg,,iscelanous Railroads utiles sccotoepall,,,Equmiapnumfcetrnest anodi indausntridl b&uildcngs, ttrruadsintg,,iscelanous csoercpuritate
MEONNDTHS
Long-term Com on Com on
Corpate—■ Domestic— Short-emPrefred Candi— Long-termShort-emPrefred OtherLong-termShort-emPrefredCom on CandianOfortehigernLoan
Grand
Total
TEN
Farm
United
These
Total
Total
*
TEN
Public Iron, Motors Other Land, Rub er
Oil
Ship ingInv.
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Stocks—
Total
Public Iron, Motors Other Land,Rub er Ship ing Inv.
Oil
M
Total—
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
M
Total
DETAILS OF NEW CAPITAL
LAND,
FLOTATIONS DURING
$60,000 Blessed
OCTOBER, 1936
LONG TERM
BONDS
AND
NOTES
THAN
FIVE
LATER
(ISSUES MATURING
YEARS)
65,000 Mt.
tion.
Read & Co.
14,000,000 Central Maine Power Co. 1st & gen. mtge. 3Ms, H, Aug. 1,
1966.
Refunding; reduce bank loans.
Price, 101 M; to yield
about 3.40%.
Offered by The First Boston Corp.; Coffin &
Burr, Inc.; Brown Harriman & Co., Inc.; Blyth & Co., Inc.;
Harris, Hall & Co., Inc.; Halsey, Stuart & Co., Inc.; Stone &
Webster and Blodget, Inc.; White, Weld & Co.; Field, Glore
& Co.; Kidder, Peabody & Co.; W. C. Langley & Co.; Lee
Higginson Corp.; F. S. Moseley & Co.; Whiting, Weeks &
Knowles, Inc.; R. L. Day & Co.; Estabrook & Co.; Jackson &
Curtis; Paine, Webber & Co.; Spencer Trask & Co.; Stark¬
weather & Co., Inc.; Tucker, Anthony & Co.; H. M. Payson
& Co., and Maine Securities Co.
9,500,000 Cumberland County Power & Light Co. 1st mtge. 3 Ms,
Oct. 1,1966.
Refunding.
Price, 103M; to yield about 3.31%.
Offered by The First Boston Corp.; A. C. Allyn & Co.; Harris,
Hall & Co., Inc.; Halsey, Stuart & Co., Inc.; Coffin & Burr,
Inc.; H. M. Payson & Co.; Maine Securities Co., and Charles
H. Oilman & Co., Inc.
3Ms, A, Oct. 1,
1966.
Kefdg.; cap. expenditures.
Price, 101H; to yield about
3.40%.
Offered by Halsey, Stuart & Co., Inc.; Field, Glore
& Co.; A. G. Becker & Co.; Harris, Hall & Co., Inc.; Bon¬
bright & Co., Inc., and Brown Harriman & Co., Inc.i
5,600,000 Lake Superior District Power Co. 1st mtge.
debenture
4Ms, Oct. 1, 1946.
Refunding.
Price, 100; to yield about
4.50 %.
Conv. into common stock at $20 per share on or before
Oct. 1, 1938; at $25 per share thereafter and on or before
Oct. 1, 1940, and at $33 1-3 per share thereafter and on or
before maturity.
Offered by Paul & Co., Inc., Philadelphia,
and Northern Wisconsin Securities Co., Wausau, Wis.
13,906,900 New York State Electric & Gas Corp. 1st mtge. 4s, Aug. 1,
1965.
Refunding; hew construction.
Price, 102; to yield
about 3.88%.
Offered by General Utility Securities, Inc.
35,000,000 Pacific Gas & Electric Co. 1st & ref. mtge. 3 Ms, I, June 1*
1966.
Refunding.
Price,
102M; to yield about 3.35%.
Offered by Blyth & Co., Inc.; Brown Harriman & Co., Inc.;
Edward B. Smith & Co.; The First Boston Corp.; Lazard
Dean Witter & Co.; Bonbright & Co., Inc.;
Co., Inc., and E. H. Rollins & Sons, Inc.
Bankamerica Co.; Mitchum, Tully
Co.: Elworthy & Co.; Wm. Cavalier & Co.; Brush, Slocumb
Co., and Schwabacher & Co.
Freres & Co., Inc.;
H. M. Byllesby &
plication.
3,100,000 St. Mary's College & Academy (Monroe, Mich.) 1st mtge.
3s, 3Ms, 3Ms and 4s, July 1, 1937-Jan. 1, 1952.
Refunding.
Price, 100; to yield 3% to 3.75%.
Offered by B. C. Ziegler
& Co., West Bend, Wis.; Securities Co. of Milwaukee, Inc.;
Clayton & Co.; First of Michigan Corp.; Milwaukee Corp.;
Paine, Webber & Co.; Campbell, McCarty & Co., Inc.; Crouse
& Co.; Watling, Lerchen & Hayes; Braun, Monroe & Co., and
H. Russell Hastings.
600,000 St. Mary's Hospital (Milwaukee) 1st mtge. 4s, Jan. 15, 1937Oct. 15, 1946.
Real estate mortgage.
Price on application.
Offered by Dempsey-Tegeler & Co., St. Louis.
470,000 Society of the Sisters
&
1,500,000 Tri-County Telephone Co. 1st mtge. 4Ms, B, April 1, 1956.
Refunding; pay open debts, &c.
Price, 102; to yield about
4.34%.
Offered by Brown Harriman & Co., Inc.; Blyth &
Co., Inc., and First of
Schneiderhahn.
,
Thalhimer
1,000,000
Brothers
& leasehold 4Ms,
mtge.
120,000 Trustees of the Kentucky Baptist Education Society,
Inc., 1st mtge. 4Ms, Oct. 1, 1937-45.
Refunding. Priced to
yield 3.76% to 4.30%.
Offered by The Bankers Bond Co.,
Inc., Louisville, Ky.
$6,320,000
$30,000,000
MISCELLANEOUS
Commercial Credit Co. debenture 3 Ms, Oct. 1, 1951.
New
capital.
Price, 101; to yield about 3.16%.
Offered by the
First
Boston Corp.
and Kidder, Peabody & Co.
Other
underwriters were:
Robert Garrett & Sons; Goldman, Sachs
& Co.; Stone & Webster and Blodget, Inc.; Blyth & Co., Inc.;
Brown Harriman & Co., Inc.; Hayden, Stone & Co.; W. E.
Hutton & Co.; Mellon Securities Corp.; Schroder, Rockefeller
& Co.; Edward B. Smith & Co.; White. Weld & Co.; Spencer
Trask & Co.; Clark, Dodge & Co.; Mackubin, Legg & Co.;
Putnam & Co.; Graham, Parsons A Co.; Lee Higginson Corp.;
Mitcnum, Tully & Co.; Estabrook & Co.; Baker, Watts & Co.;
J. & W. Seligman & Co.; Chas. D. Barney & Co.; Dominick
& Dominick; Hallgarten & Co.; Jackson & Curtis; Baker, Weeks
& Harden; Eastman, Dillon & Co.; W. W. Lanahan & Co.;
Stein Bros. & Boyce; A. C. Allyn & Co., Inc.; Baldwin & Co.;
Bond & Goodwin, Inc.; Alex Brown & Sons; H. M. Byllesby
& Co., Inc.; Frank B. Cahn & Co.; Cassatt & Co., Inc.;
Paul H. Davis & Co.; Edgar Ricker & Co.; Pacific Co. of
California; Strother, Brogden & Co., and Dean Witter & Co.
2,500,000 (Walter E.) Heller & Co. 10-year 4% notes, Oct. 1, 1946*
New capital.
Price, 100; to yield about 4%.
Ea h note
carries a non-detachable warrant to purchase one share o
common stock for each $100 of notes at prices ranging from
$10 to $15 per share from Jan. 1, 1937, to Dec. 31, 1941.
Offered by F. Eberstadt & Co., Inc.
$32,500,000
STOCKS
Preferred stocks of a stated par value are taken at par, while preferred
stocks of no par value and all classes of common stock are computed
offering prices.
at their
PUBLIC
shares
taken
holders of its
1,000,000
Cumberland County Power & Light Co. 5M% cum. pref.
Retire bonds.
Price, 103; to yield about 5.33%.
stock.
Offered by company to holders of its 6% cum. pref. stock and
to holders of common stock.
Underwritten by H. M. Payson
&
Co.; Charles H.
First Boston Corp.,
8,589,500 Southern
stock.
OTHER
INDUSTRIAL AND
MANUFACTURING
$125,000 (The) APW Paper Co. 10-year convertible 3 M % notes, Aug. 1,
1946.
Complete construction of storage plant.
Price, 100;
to yield about 3.50%.
Convertible on and after Aug. 1, 1937,
into 25 shares of APW Paper Co. common stock for every
$100 of notes, or into 20 shares of class A stock of APW
Properties, Inc., for every $100 of notes.
Offered to stock¬
holders of APW Paper Co.
1,250,000 Harris Seybold Potter Co. 15-year convertible debenture 5s,
Oct. 1, 1951.
Refunding; other corporate purposes.
Price,
101; to yield about 4.90%.
Convertible into common stock
at $30 per share until Oct. 1, 1939; at $35 per share thereafter
until Oct. 1, 1942, and at $40 per share thereafter to Oct. 1,
1951.
Offered by Mitchell, Herrick A Co.; Riter & Co., and
Otis & Co., Inc.
Indiana Gas & Electric Co. 4.8% cum. pref.
Retire
loans
4,500,000 United Stockyards Corp. 15-year collateral trust 4Ms, A,
Oct. 1, 1951.
Acquire constituent companies; working capital.
Price, 98; to yield about 4.43%.
Each $500 of bonds carries a
non-detachable warrant to purchase on or before Oct. 1, 1951,
or on or before redemption date if called for payment, 15 shares
of common stock at $15 per share. Offered by Jackson A Curtis;
John De Witt; Bond & Goodwin, Inc.; Starkweather & Co.,
Inc.; Singer, Dean & Scribner; Minsch, Monell & Co., Inc.;
The First Cleveland Corp.; Wm. Cavalier & Co.; The R. F.
Griggs Co.; Stein Bros. A Boyce;
Piper, Jaffray & Hopwood, and
$6,675,000
Prescott, Wright, Snider Co.
Wadsworth A Co.
incurred
in
redeeming
funded
debt.
Price, 102M; to yield about 4.68%.
Offered by Bonbright
Co., Inc.; The First Boston Corp.; E. W. Clark & Co.;
Stone & Webster and Blodget, Inc.; Lee Higginson Corp., and
Spencer Trask A Co.
$16,619,500
IRON, STEEL, COAL,
$2,957,070 Gulf States
COPPER, &c.
Steel Co. 98,569 shares common stock.
bonds, pref. stock, &c.
Price,
holders of its common stock.
Co.;
1,014,000
Retire
30.
Offered by company to
Underwritten by Hallgarten &
Lazard Freres & Co., Inc.; Lehman Brothers;
Colgate,
Kuhn, Loeb & Co.
Pittsburgh Steel Co. 101,400 shares common stock, no par.
Offered by company to holders
Expansion, impts. Price, 10.
stock.
of its common
$3,971,070
'
INDUSTRIAL AND MANUFACTURING
Aircraft Corp. 200,000 shares common stock.
New
Price, 1.
Offered by Robert & Co., New York.
Wheel Co. 50,000 shares capital stock. General
corporate purposes.
Price, 12M.
Offered by F. A. Brewer
$200,000 Arrow
capital.
637,500 Athey Truss
& Co.,
675,000
Inc., and Kalman & Co.
Beech Aircraft Corp. 150,000 shares common stock.
Price, 4M«
Offered by Tobey & Co.
Acquire
plant, Ac.
500,000 Cannon Shoe Co. 10,000 shares 5M% cum. pref. stock and
10,000 shares common stock.
Expansion; working capital, Ac.
Price, one share pref. and one share common for $50.
Offered
by Baker, Watts & Co.; Mackubin, Legg & Co., and W. W.
Lanahan & Co.
.
800,000 National Fireproofing Corp. 1st mtge. convertible 5Ms, A,
Nov. 1, 1946.
Pay delinquent taxes; working capital.
Placed
privately.
Offered privately by F. J. Young A Co., Inc., N. Y.
Gilman & Co.; Maine Securities Co.; The
and A. C. Allyn & Co., Inc.
&
OTHER
Loeb A Co.
Offered by company to
Underwritten by Morgan
up
by underwriters.
6% cum. pref. stock.
Stanley & Co., Inc.
Michigan Corp.
STEEL, COAL, COPPER, &c.
UTILITIES
Hudson Gas & Electric Corp. 4M% cum. pref.
stock.
Replace 6% pref. stock.
Price:
Of the 70,300 shares
offered, 66,896 shares were taken by holders of 6% pref. stock
on a snare-for-share basis plus $2.50 in cash; balance of 3,404
$7,030,000 Central
Hoy.t & Co., and
IRON,
Corp. (Richmond, Va.) 1st
4Ms and 5s, April 1, 1937-47.
Real
4.50% to 5%. Offered by
Realty
mortgage.
Priced to yield
Gallaher & Co., Richmond, Va.
estate
247,668,900
$7,000,000 Gulf States Steel Co. 1st (closed) mtge. 4Ms, Oct. 15, 1961.
Refunding; retire preferred stock, Ac.
Price, 99; to yield about
4.56%,
Offered by Hallgarten & Co.; Lazard Freres & Co.,
Inc., and Lehman Brothers.
Other underwriter was Kuhn,
of Christian Charity of New Jersey
(Mendham, N. J.) 4s, 4 Ms and 4Ms, Oct. 1, 1937-51.
Re¬
Priced to yield 3% to 4.50%.
Offered by Alphonse
funding.
Other underwriters were:
1,362,000 Queensborough Gas & Electric Co. 25-year 3Ms, 1961.
Liquidate indebtedness.
Price, 100; to yield about 3.50%.
Placed privately with insurance companies.
University (St. Louis,) 1st mtge. 3Ms & 4% real
Dec. 1, 1937-54.
Refunding.
Price on ap¬
Offered by Metropolitan St. Louis Co., St. Louis.
notes,
estate
7,000,000 (The) Connecticut Light ^Power Co. 1st & ref. mtge. 3Ms,
F, Sept. 1, 1966.
Refunding; retire preferred stock, &c.
Price, 105; to yield about 3.24%.
7,500.000 (The) Connecticut Light & Power Co. 20-year debenture
3Ms, Sept. 1, 1956.
Refunding; retire preferred stock, &c.
Price, 102; to yield about 3.36%.
Both issues of Connecticut Light & Power Co. were offered by
Putnam & Co.; Chas. W. Scranton & Co.; Estabrook & Co.;
Kidder, Peabody & Co.; Brown Harriman & Co., Inc.: The
R. F. Griggs Co.; Coffin & Burr, Inc.; The First Boston Corp.;
Blyth & Co., Inc.; Stevenson, Gregory & Co.; Hincks Bros. &
Co., Inc., and Paine, Webber & Co.
Mercy College & Academy (Grand Rapids) 1st mtge.
May 1, 1940-48.
Refunding.
Price on applica¬
Offered by Eckhardt-Peterson & Co., Inc., St. Louis.
375,000 St. Louis
UTILITIES
150,000,000 American Telephone & Telegraph Co. 25-year debenture
3 Ms, Oct. 1, 1961.
Refunding.
Price, 101; to yield about
3.19%.
Offered by Morgan Stanley & Co., Inc.; Kuhn, Loeb
& Co.; Kidder, Peabody & Co.; Lee Higginson Corp.; The First
Boston Corp.; Brown Harriman & Co., Inc., and Edward B.
Smith & Co.
Other underwriters were;
Blyth & Co., Inc.;
Mellon Securities Corp.; Dillon, Read & Co.; Bonbright & Co.,
Inc.; Lazard Freres & Co., Inc.; Clark, Dodge & Co.; Dominick
& Dominick; Goldman, Sachs & Co.; Harris, Hall & Co., Inc.;
Hayden, Stone & Co.; W. E. Hut ton & Co.; Lehman Brothers;
F. S. Moseley & Co.; J. & W. Seligman & Co.; White, Weld &
Co.; Hornblower & Weeks; Jackson & Curtis; Dean Witter &
Co.; Bancamerica-Blair Corp.; Chas. D. Barney & Co.; Cassatt
& Co., Inc.; E. W. Clark & Co.; Coffin & Burr, Inc.; R. L. Day
& Co.; Estabrook & Co.; Field, Glore & Co.; Graham, Parsons
& Co.; Hallgarten & Co.; Hemphill, Noyes & Co.; Ladenburg,
Thalmann & Co.; G. M.-P. Murphy & Co.; W. H. Newbold's
Son & Co.; Paine, Webber & Co.* R. W. Pressprich & Co.;
Salomon Bros. & Hutzler; Schoellkopf, Hutton & Pomeroy,
Inc.; Speyer & Co.; Stone & Webster and Blodget, Inc.;
Spencer Trask & Co.; Tucker, Anthony & Co., and Dillon,
Word Convent (San
July 1, 1937-48.
Real estate
Incarnate
4s and 4Ms,
Corp.
2,300,000 Montana-Dakota Utilities Co. 10-year convertible
&
Price
on
application.
Offered by DempseyTegeler & Co., St. Louis.
530,000 John Carroll University (Cleveland) 1st & ref. mtge. 4s and
4Ms, Sept. 1,
1937-46.
Refunding.
Price, 100; to yield
4% to 4.50%.
Offered by Festus J. Wade Jr. & Co., St. Louis
mortgage.
RAILROADS
PUBLIC
BUILDINGS, Ac-
Sacrament
Antonio) 1st mtge. 4s and 4Ms,
$9,150,000 Southern Pacific Co. Equipment Trust Series N 2M%
equipment trust certificates, Nov. 1, 1937-51. New equipment.
Priced to yield 0.50% to 2.50%.
Offered by Halsey, Stuart
& Co., Inc.; Bancamerica-Blair Corp.; Graham, Parsons &
Co.; Hallgarten & Co.; E. H. Rollins & Sons, Inc.; Shields &
Co.; Cassatt & Co., Inc.; Hemphill, Noyes & Co.; Arthur Perry
& Co., Inc.; Newton, Abbe & Co., and The First Cleveland
&
2915
Financial Chronicle
143
Volume
200,000
Capitol Brewing Co. (Lansing, Mich.) 200,000 shares common
Expansion; working capital.
Price, 1.
Offered by
Hogan, Rossier & Co.; King Boug, Stodgell & Co.; R. W.
Reilly & Co.; P. W. Churchman & Co. and George T. Shupert
stock.
& Co.,
all of Detroit.
5,000,000 Celanese
stock.
Corp. of America (Del.) 7% cum. series prior pref.
working capital.
Price,
Offered by Fuller, Rodney & Co.
Improvements, betterments,
110; to yield about 6.36%.
& Hedden & Co., Inc.
15,000,000 Distillers
Corp.-Seagrams, Ltd. (Canada) 5% cum. pref.
Retire bank loans.
Price, 97; to yield about 5.15%.
carries a warrant to purchase an equal number
of common shares on or before Oct. 1, 1941, at prices ranging
from $28 to $32 per share.
Offered by Brown Harriamn &
Co., Inc.; Blyth & Co., Inc.; Goldman, Sachs & Co.; Stone
stock.
Each certificate
A Webster and
Blodget, Inc.; Hayden, Stone &
Co.; Kidder,
Peabody & Co.; Cassatt & Co., Inc., and Alex Brown & Sons.
Other underwriter was Brown Harriman & Co., Ltd., London,
England.
2916
Financial
2,301.161 Doehler Die Casting Co. 74,231 shares
common
stock,
Chronicle
Nov.
no par.
Redeem
7%
pref.
stock; improvements,
&c.
Price,
31.
Offered by company to its stockholders.
Underwritten by
Hemphill, Noyes & Co.; Parrish & Co.; Hayden, Stone & Co.;
Schroder, Rockefeller & Co., Inc.; Riter & Co., and H. M.
Byllesby & Co., Inc.
BOOK
The
Theory and History of Central Banking,
Special Reference to American Experience 1913-1935
with
349,693 Electric Smelters,
Inc.
268,995 shares common stoc"3[
Working capital.
Price, 1.30.
Offered by George
Murfitt,
New Yqrk.
460,000 Fuller Manufacturing Co. (Del.) 115,000 shares common
stock.
Acquisitions; working capital.
Price, 4.
Offered by
Sadler & Co. and Fuller, Cruttenden & Co.
550,000 (Gilbert)Klinck Brewery Corp. 400,000 shares
partic.pref.
stock.
Plant improvements;
working capital.
Price.
1V».
Offered by Dingwall & Co., Inc.
577,500 (Edgar P.) Lewis & Sons, Inc. (Mass.) 35,000 shares
cum.
pref. stocK.
Retire
pref.
stocks; working
conv.
capital.
Convertible at any time into common stock on a
share-for-share basis.
Offered by Wilmerding & Co., N. Y.
562,500 Majestic Radio & Television Corp. (Del.)
150,000 shares
capital stock.
New capital.
Price, 3%.
Offered by J. A.
P 'ice, 16>£.
By Henry Parker Willis: Harper <£• Brothers, Hew York and
London.
480 pages.
$5.00
At
such
time
a
the amateurs,
the
as
Work-
ing capital.
Price, 13.
Offered by company to its stockholders.
Underwritten by Charles D. Barney & Co.
2,133,500 Masonite Corp. 21,335 shares 5% cum. pref. stock.
Retire
pref. stock; improvements, &c.
Price, 103; to yield about
4.85%.
Offered by company to its common
stockholders and
to its 7% pref. stockholders.
Underwritten by Cassatt & Co.;
Inc.; Charles D. Barney & Co.; Clark, Dodge &
Co.; Hayden,
Stone & Co.; Hemphill, Noyes &
Co.; Hornblower & Weeks;
G. M.-P. Murphy & Co.; Northern
Wisconsin Securities Co.;
Securities Co. of Milwaukee, Inc.. and
McGowan, Cassady
& White, Inc.
267,000 McBrayer Springs Distillery, Inc.,
267,000 shares
stock.
Additional
equipment;
working
capital.
Offered by Dart & Co., Detroit.
797.340 Nu-Enamel
Corp.
(Del.)
97,000 shares
common
Price.
common
General corporate purposes.
Price, 8.22.
can Industries
Corp., Detroit.
1
500,000 (K.) Taylor Distilling Co. 50,000 shares
conv. pref. stock.
Capital expenditures; working capital.
Price, 10.
Offered
by F. S. Yantis & Co., Chicago.
4,047,186 United Air Lines Transport
Corp. 367,926 shares capital
stock.
Expansion; working capital.
Price, 11.
Offered by
company to stockholders.
&
Underwritten by Brown Harriman
Co., Inc.; G. M.-P. Murphy & Co., and
3,720,000 United Stockyards Corp. 310,000 shares
stock.
other
countries
tested
have
no-par conv.
pref.
Price, 12.
Convertible at any time into common stock
on a
share-for-share basis.
Offered by John De
Witt; Bond &
Goodwin, Inc., and Bond & Goodwin, Inc., of 111.
1,792,000 United
Stockyards Corp. 224,000 shares common stock.
Acquisition of constituent companies;
working capital
Price.
8.
Offered by John De
Witt; Bond & Goodwin, Inc., and
Bond & Goodwin, Inc., of 111.
600.000 Willson Products,
Inc., 40,000 shares common stock.
Expansion; working capital.
Price, 15.
Offered by C. B.
Ewart & Co., Inc., and Brown
Young & Co., Inc.
Acquire property.
Corp. of Chicago.
Price,
63^.
class A common stock.
1,109,952 Motor Finance Corp. (N. J.)
11,562 shares
Pr®£- st°ck. Working capital. Price, 96:
no par
$5 conv.
to yield
about
o.2(J%.
Convertible into common
stock*up to Oct. 1, 1941,
on
basis ranging from one share of
pref. for 2y2 shares of
common to one share
of pref. for two shares of
common.
Offered by Rutter & Co. and J. S.
Rippel & Co.
300,000 Pearson, Inc.
(Indianapolis)
12,000 shares 5% cum. pref.
General corporate purposes. Price, 25; to yield about
5%.
Offered by Burt, Nelson &
Ranser, Inc.; Enyart, Van
Camp & Foil, Inc., and Roger Verseput & Co. I
I/Sck*
(Indianapolis)
General
corporate
Nelson &
purposes.
124,000 shares
Price,
4.
common
Offered
by
stock.
Burt,
Ramser, Inc.; Enyart, Van Camp & Foil, Inc., and
Roger Verseput & Co.
1.175,760 Western Auto
Supply Co. 24,495 shares no-par class A
common
company
&
stock.
to
its
Co., Inc.
Working capital.
Price, 48.
Offered by
stockholders.
Underwritten by Cassatt &
100,000 Winter
& Hirsch,
Inc., 7% pref. stock.
Provide funds for
loan purposes.
Price, 21; to yield about 6.67%.
Each share
carries
a
warrant
entitling the holder to purchase two shares
of common
stock at any time within three
years at prices rangI„n® fr°m $1 to $3 per share. Offered by Robert N. Baltz
& Co.,
Chicago.
when
length at
at
usefully
more
a
central
banking
especially
practice
and
theory
afforded
as
of
by
experience
the
past
by step of
tracing step
a
educational purpose
the facts of
century,
a
and
deviations of
recent
banking
central
than
concerning
from
those
gen¬
in the early years of the twentieth cen¬
tury.
If at each point changes that have occurred are
subjected to a searching test in the light of experience
erally in
and
vogue
that
lessons
the
of
century
a
trial
and
have
error
plainly taught to those willing to learn, the value of the
resulting product must be proportionately the greater.
Just
tasks
such
review,
and
tributions
essayed
are
in the
those /who
are familiar
the past by Dr.
in
made
volume
with
Willis
under
now
the
many
con¬
with
or
the
penetrating quality of his thinking will hardly need to be
work
the
that
told
is
that
of
master.
a
The
author
ex¬
in his preface that "The Theory and Practice of
Central Banking" is the third part of a study undertaken
plains
him
by
1915,
in
Reserve
first
the
being
two parts
"The
Federal
history of the Reserve System from the
time of its initiation up to the time of the publication of
the
System,"
a
Part
and part two consisting of "Federal Reserve
Practice"
(published in 1926), and presenting
of the technique of Federal Reserve banking.
three, "The Theory and Practice of Central Banking,"
now
under
book,
Banking
review
a
of
the
the result of study and observation
review, is
central banking, both here and
particularly of the application of these ideas
underlying ideas of
made in
been
the first 20 years
Part
I
of
the
the
with
Federal Reserve System during
the
of its existence.
present volume, comprising six chapters,
general underlying ideas and purposes of
banking, its origins, problems, theory, contemporary
the subject, and its origins and development in
the United States.
Part II is given over to the more tech¬
ideas
on
nical
matters
central
of
bank
operation,
such,
for
ex¬
ample, as rediscounting, rate policies, investment in relation
central
to
banking, open market operations, note issue,
and central banking, and the like.
Part III
price control
devotes
itself
international
the
to
aspects of the subject,
illuminating chapter in which
the future of central banking is analyzed and appraised.
The public-spirited business man (including the banker)
wishing to be well-informed concerning one of the most
vital problems before the world today cannot
afford to
but
with
concludes
most
a
miss the admirable general
bankers
in
banking
as
what
the
this
well
so
Few, if
grounded
in
his country at
attentiveness the
central
banking.
of the situation
as
forthrightness,
the
marks true
it
now
"It is certain at all
discussion
finds
one
of
the
judicial
a
future
appraisal
stands, set forth with candor and
facing
courageous
financial
some¬
Every citizen with
heart ought to study with the
author's
Here
any,
central
not to profit from careful perusal of the
good of
of
analyses of Part I.
are
technical studies of Part II.
more
utmost
country
of
the
facts
that
statesmanship.
events," concludes the author, "that
central
$4,681,712
banking cannot continue in its present unsettled
unsatisfactory condition, and that while matters may
and
FARM LOAN AND
GOVERNMENTAL AGENCY ISSUES
$1,000,000 (The)
Virginia-Carolina Joint Stock Land Bank of
Norfolk, Va., 3% farm loan bonds due Sept. 1, 1941.
Re¬
funding.
Price, 100; to yield about 3 %.
Offered by Webster,
Kennedy & Co., Inc., and G. M.-P. Murphy & Co.
of no
stated par value are taken at
par, while preferred
par value and all classes of common stock are
a
computed
at their
offering prices.
$2,220,000 Oklahoma Natural Gas Co.
22,200 shares 6% conv. prior
pref. stock.
Price, 100; to yield about 6%.
Convertible into
common
share
stock at basic rate of six shares of
of
common
for each
pref.
stock.
Offered by
Stone & Webster and
Blodget, Inc.* Graham, Parsons & Co.; Schoellkopf, Hutton
&
Pomeroy, Inc.; Jackson & Curtis; Paine, Webber & Co.;
Wm. Cavalier
& Co.; Eastman,
Dillon & Co.; Bosworth,
Chanute, Loughbridge & Co.; Kidder, Peabody & Co.; G.
M.-P. Murphy &
Co.; A. M. Kidder & Co., and, Trail &
Middendorf, Inc.
1,037,500 Penn Electric Switch Co. (Iowa) 50,000 shares class A stock.
Price, 20
Offered by Paul H. Davis & Co. and Jackley
& Co.
1,080,000 South Bend Lathe Works (Ind.) 60,000 shares capital stock.
Price, 18.
Offered by Ames, Emerich & Co., Inc., and Paul H.
Davis & Co.
262,500 Troxel Manufacturing Co. (Ohio) 30,000 shares common
stock.
Price, 8%.
Offered by The First Cleveland Corp. and
Kraus-Cunningham & Co.
$4,600,000
run
as
on
at
present
to
general
some
banking system throughout the world,
and
remodeled
in
such
a
nevertheless, continuous
be based
to
ISSUES NOT REPRESENTING NEW
FINANCING
Preferred stocks of
'
of
managers
central
Banking
Corp. (Philadelphia) 25,000 shares
stock.
Retire debentures; expansion.
Price, 20; to yield about 6%.
With warrants to purchase com¬
mon stock at
prices ranging from $5 to $7 per share.
Offered by
H. Vaughan Clarke &
Co., Philadelphia.
1,000,000 Homestead Fire Insurance Co.
50,000 shares capital stock.
Additional capital.
Price, 20.
Offered by company to its
stockholders.
stocKS
serve
marshaling of
deals
fl;20 cum. prior pref.
496,000 Pearson, Inc.
bank
and particularly
careful
Offered by Straus Securities
MISCELLANEOUS
$500,000 Commercial
central
ing stability in international currency relationships, nothing
could
that has
OIL
$812,500 A. & K. Petroleum Co. 125,000 shares
and
service is being paid to the desirability of restor¬
abroad, and
$46,003,184
and
definitely broken from the moorings
experience,
least lip
others.
Acquisition of constituent companies;
working capital
when the banking
the dilletantes, the fanatics and the Pliillis-
when
stock.
Offered by Ameri¬
present,
governments
tines,
of
.
systems of the United States are in the hands of
currency
Sisto & Co.
582,804 Marchant Calculating Machine Co. 32,378 shares
common
stock.
Improvements;
working
capital,
&c.
Price,
18.
Offered by company to its stockholders.
Underwritten by
Pacific Capital Corp.. Los Angeles.
4,550,000 (Glenn L.) Martin Co. 350,000 shares common stock.
1936
7,
REVIEW
distinct
he
makes
of
it
development
steady
upon
lines
way
as
success
clear
just
to avoid such
eventual pursuit
what
"Central
in
the
be corrected
a
collapse,
in the profession will have
development."
are.
breakdown
or may
of
one
or
two
In succeeding paragraphs
he
considers
banking,"
these
lines
of
he
continues, "may
conceivably resume the current of development along which
it was being borne during the first decade of this
century.
Should
it
do
so
we
expect a resumption of the
may
same
general ideas
and aims that were then characteristic and
have since been still further worked out in those countries
where
In
central
such
case
tralization
by
a
or
banking
we
should
given
was
have
centralized
an
control
recognition of banking
room
for development.
increasing degree of cen¬
of
banking, accompanied
essentially
a public service
industry best conducted by skilled bankers, satisfactory to
and preferably selected by the members of the
existing
banking community."
as
"The aims of central banking would," the author
believes,
be the creation and sound classification of credit,
"then
restraint upon undue speculation, conservation of funds for
that such an
disputants in some ways
consideration of it in the
future, but in others it tends strongly against such a result.
One of the first acts of every despotic aspirant for political
power in recent years has been the seizure of the central
banking mechanism, followed almost immediately by the
debasing of its portfolio.
And yet this characteristically
despotic measure of procedure has elicited far less public
reprobation than many infinitely less important trespasses
banking that
possibility is one consonant with the
nationalism, the "economic planning" notions, and
the author sees
extreme
as a
the redistribution of wealth ideas
of recent years.
opments since the Treaty of Versailles have
nationalistic
in their nature and inclined
"Devel¬
largely been
the
toward
gradual evolution of,.a more fully developed system of State
capitalism.
While" actual warfare has thus far been
avoided, much that has been said and done in the way of
economic legislation, protective policies, and development
of immigration restrictions has been based upon an under¬
lying idea of hostility between nations or a feeling that
it was possible for any nation to effect a restoration of
soundness and prosperity either at the expense of others
all
at
or
and the decline of democratic institutions
of dictatorships
been
have
cial
feeling, and
to be noted in the use of finan-
manifestation
one
the net outcome is
.
.
.
.
of
financial
and
resources
The growth
collaboration.
without their
events
this
general
with
institutions
a
view
to
promoting this nationalistic ideal.
"Central
banking in
such a
borrowing to cover government
Immense
become
tends to
regime
a
manipulating relationships of economic classes.
for
means
deficits for the
of placating the different elements in the popula¬
tion may be dumped into the banks of the country, the
responsibility for it being ultimately carried by the central
purpose
The extension of credits by the latter may be
banks.
for
of
such
"Nothing is
the
to
credit
or
by
a
in lowering them.
more
discouraging in the economic history of
24 years than the lush growth of erroneous, not
absurd, economic and financial ideas among the
past
say
Activity increased
of large
Where such discontent is due
of citizens.
groups
supposedly high prices, or the difficulty of borrowing at
banks, the remedy that naturally suggests itself is that of
making credit cheap and abundant, that all may be able
to
buy freely; or, in rarer cases, of curbing credit in order
to
bring about
In such cases central
decline in prices.
a
banking becomes merely an adjunct to a dynasty of political
dictators who desire to bring about an
tion of purchasing power and wealth.
banking
in
efficient
means
lines along
this
aspect
artificial redistribu¬
The future of central
is obviously that
of providing an
for assuring wealth redistribution, and the
which it must work in such an event are obvi¬
only the reverse of those which are determined by
the older cannons of banking soundness and liquidity."
ously
all this the author draws the conclusion that "the
From
choice
of
central
banking
choice
which
to
which must
the
between
direction
two
have
we
types
or
forms
made reference
is
of
a
be made as an incident to a large ques¬
tion of economic organization.
'Sound banking' in the sense
admitted during past years, is
of the term which has been
incompatible with the so-called 'planned economy' which has
become
so
popular and ideal with sundry social reformers."
But, the author remarks, "if a planned economy has a bank¬
ing system of its own which it is prepared to substitute
for the
fest
older
nor
system, it has not yet made that fact mani¬
has it done
anything to demonstrate the superior
feasibility of its own course of action." Thus,
"the future of central banking becomes enigmatic, since at
efficiency
or
present, as on similar occasions, there is widespread belief
that it is entirely possible to
retain old institutions to which
after the basis for
the public has become accustomed even
has
them
The
disappeared."
book
then
closes
a
discussion
of
some
of the
underlying difficulties in obtaining for these questions the
attention
they
deserve.
On
this
subject the
make:
author has
the following pertinent observations to
in securing the satisfac¬
economic problems is, of
course, the indifference of the rank and file of the com¬
munity to the points at issue, and unwillingness on their
part to give them much attention.
The fact that central
banking has in most countries come to be so far disassoci¬
"One of the principal difficulties
tory
treatment
of contemporary
ated from the actual life of the average man
ently
tended
to
become
a
community
and has
matter,
appar¬
or—to
the
been made.
this
Day holiday,
Industrial bonds
particularly strong.
been
in member bank reserves,
decline in
seven
been firm to
fractionally
advanced % to 108%;
Ohio D 3%s, 1996, were up % at 100%;
4s, 1017, rose % to 116.
Second-grade rail¬
Baltimore & Ohio 4s, 1948,
&
Chesapeake
Pacific
Union
and in excess reserves,
weeks.
High-grade railroad bonds have
higher.
been steady, with
Lehigh Valley 4s,
scattered price improve¬
2003, closed at 72%, up 1;
At¬
advanced % to 94%; New
York Central 4%s, 2013, advanced % to 94%.
Election results have been hardly perceptible in betterLine 4%s, 1964,
Coast
lantic
grade utility bonds, and
prices have been steady.
Holding
Wednesday, but recov¬
ered later so that net losses for the week were small.
Associated Gas & Electric 4%s, 1948, closed at 55%, down
2%; Continental Gas & Electric 5s, 1958, at 92% were down
%; Standard Gas & Electric 6s, 1966, declined 3% to 80%;
United Light & Power 6s, 1975, lost 2% points,' closing
at 82%.
Special developments have been lacking, and there
company
debentures were weak on
have been no offerings
of new issues.
Industrial bonds have been
strong, price advances
having
Spectacular gains have
been registered among the sugars; at 64% Manati Sugar
7%s, 1942, were up 6%, while Francisco Sugar 7%s, 1942,
rallied 6% to 89%.
Steels closed Friday at moderately
higher levels.
Foods and tobaccos have been firm.
Most
of the oils advanced; Empire Oil & Refining 5%s, 1042,
were 1% points higher at 89%.
There has been some for¬
ward movement among rubber company issues.
RadioKeith-Orplieum 6s, 1941, have been a feature among the
amusements; a new high was made at 95%, a gain of 3%
been
general in nearly all groups.
points.
Liquor company obligations have been irregular,
& W. conv. 4%s, 1945, declining % to
Hiram
Walker, G.
109%.
Allis Chalmers conv. 4s,
at
1945, crossed 200 but closed
198, up 4%.
Foreign
with
in the bond market
High-grade issues, as typi¬
fied by the Aaa group, now average 3.17% compared with
the year's record of 3.16% made in September.
United
States Government bonds have been unusually strong after
weeks of marking time.
The average yield on eight issues
is now 2.14%, a new low.
The .Federal Reserve Bank's
statement this week revealed an increase of $76,000,000 in
money in circulation, which was considerably more than
normal seasonal expectations, and was accompanied by a
have
ments.
to
The
for
Bond Market
after the Election
in all groups have
and gains
road bonds have
every
management.
stimulating and convincing
has prevailed
tone
strong
week.
dictatorship of the sort, an inevitable
necessity is found to be that of placating the discontent
In
central bank
The Course of the
A
political administrators who had happened to acquire great
power.
more
that reason.
the first
credit,
govern
much
very
decrease
cheaper
or
withdrawal
their
is
book
belief that the
will result in raising prices, or
more
extension
deter¬
condition and
that
.
.
.
statement of objectives or
clear
a
assumed needs of some portions of the popula¬
mined by the
tion
This difficulty in securing
close application
of study and reasoning power on the part of the population
to the problems of central banking is undoubtedly one of
the major difficulties which must be reckoned upon as a
semi-permanent obstacle to success in the new course of
development upon which the subject seems to be entering."
From all this it is clear that the author has not confined
himself to the technicalities of central banking, but, on the
contrary, has, as indeed he was obliged to do if his discus¬
sions were to be of real service at a time such as the present,
given liberally of space and time to those broader issues
rights.
popular
upon
V-J'-.'•
•
line of development for central
other
The
wiser
and
sounder
for
either
its consummation within comparatively few
to attain
years."
comparatively small circle of
makes
existing national rights, duties and responsibilities.
The
line of evolution is reasonably possible, and it should be
able
This
its daily well-being.
affect
to a
modification of
sonable outlay of effort, and with a limited
has
aggravate this selfishness and indifference on
the community regarding questions which do
of the past 50 years to warrant any
outcome may be attained with a rea¬
capitalistic history
tended to
the part of
not seem to
limitation of the subject
matter,
governmenal
undiscriminating—a
legitimate business purposes and, perhaps, under suitable
development and with suitable oversight, the determination
of the status of income as between the production of consinners' goods and producers' goods."
Briefly stated, "cen¬
tral banking would thus become the mechanism by which
world capitalism would bring about the satisfactory dis¬
tribution of savings as between capital production and other
forms of use, and geographically as between different coun¬
tries according to the results that could be obtained through
the application of further investment within their terri¬
tories.
There is nothing in what has taken place in the
doubt
2917
Financial Chronicle
143
Volume
bonds
revealed
virtually all groups
strength,
substantial advances.
Argentine bonds, par¬
ticularly Buenos Aires issues, Panama 5s, and Cuban Pub¬
lic Works 5%s, registered advances.
Among Europeans,
registering
Czechoslovak
vanced.
8s,
Scandinavian issues ad¬
the other hand, have
while sharp declines have been regis¬
Belgium
and
Polish and Italian bonds, on
been somewhat lower,
tered by all
classes of French dollar
bonds, particularly the
issues and the Soissons 6s.
Moody's computed bond prices and bond yield averages
are given in the following tables:
stamped government
Financial
MOODY'S BOND
(Based
U. S.
AU
1936
Govt.
Domes¬
Daily
Bonds
PRICES
(REVISED)
Aaa
Aa
104.85
116.00
5~ 111.36
104.67
116.00
104.48
116.00
112.25
Exchan ge
99.83
101.76
112.25
4- 111.00
RR.
91.51
91.20
99.48
103.74
91.05
99.48
103.74
110.83
102.12
P.
U.
Averages
ticCorp.
6—
5—
4-
112.05
101.41
91.05
99.31
103.56
112.05
101.41
91.20
99.48
103.56
110.83
30- 110.85
104.48
115.78
112.25
101.58
91.20
99.31
103.74
104.48
115.78
112.25
101.58
91.20
99.31
103.74
111.03
28- 110.78
104.48
115.78
112.05
101.41
91.05
99.14-
103.74
111.03
27- 110.80
104.30
115.78
111.84
101.58
90.90
99.14
103.74
110.83
110.83
104.30
115.57
111.84
101.58
90.75
99.14
103.56
110.63
24— 110.85
104.48
115.78
111.84
101.76
91.05
99.31
103.56
3-
111.03
29.. 110.87
110.83
26.
23- 110.85
104.48
115.78
112.05
101.76
91.05
99.31
103.74
104.48
115.78
111.84
101.76
91.05
99.31
103.56
116.00
111.84
101.76
91.35
99.48
103.74
104.67
115.78
111.84
101.94
91.35
99.83
103.56
110.97
104.67
115.78
111.84
101.76
91.51
99.83
103.56
104.67
115.78
112.05
101.94
91.51
100.00
103.74
110.91
104.67
115.57
111.84
101.94
91.51
99.83
103.56
110.89
104.48
111.84
101.94
91.35
99.83
14.. 110.85
104.48
115 57
111.64
101.94
91.35
99.83
103.38
104.67
115.57
111.84
101.94
91.51
99.83
103.56
12- Stock
Exchan ge CIor ed
104.48
115.57
111164
10- 110.78
103.56
3.41
3.79
3.42
Exchan
•
3.80
3.42
3.40
Clos ed
ge
3.17
3.36
3.92
4.55
4.04
3.75
3.18
3.36
3.92
4.54
4.03
3.80
3.75
3.18
3.35
3.91
4.54
4.04
3.79
3.41
3.75
3.18
3.35
3.91
4.54
4.04
3.79
3.41
3.75
3.18
3.36
3.92
4.55
4.05
3.79
3.41
3.76
3.18
3.37
3.91
4.56
4.05
3.76
3.19
3.37
3.91
4.57
4.05
3.80
3.43
3.75
3.18
3.37
3.90
4.55
4.04
3.80
3.42
3.42
3.79
3.42
23-
3.75
3.18
3.36
3.90
4.55
4.04
3.79
3.42
22-
3.75
3.18
3.37
3.90
4.55
4.04
3.80
3.42
3.'4
3.17
3.37
3.90
4.53
4.03
3 79
3.41
20-
3.18
3.74
3.37
3.89
4.53
4.01
3.80
3.42
19-
3.74
3.18
3.37
3.90
4.52
4.01
3.80
3.42
17-
3.74
3.18
3.36
3.89
4.52
4.00
3.79
3.42
16-
110.83
115.57
3.79
4.03
21-
110.63
13- 110.80
4.03
4.55
3.35
24-
110.83
15.
4.54
3.91
3.35
3.17
Indus
26-
110.83
16.
3.90
3.17
3.75
U.
27-
110.83
110.94
3.78
P.
28—
110.83
19.
17.
4.01
29„
111.03
20- 110.97
RR.
30-
110.83
104.67
22.
120 Domestic
Corporate by Groups
4.52
3.88
3.75
(REVISED)
Baa
3.34
Stock
1936
—
31
Oct.
110.83
110.82
21- 110 90
Aa
3.17
3.74
2-
110.83
115.78
Aaa
3.73
1
116.00
104.48
AVERAGES
'
Clos ed
104.48
110.84
YIELD
7.
Individual Closing
Prices)
Domes-
Nov.
111.23
2.. 110.85
31.
Oct.
120
Daily
Indus
103.93
on
120 Domestic Corporate
by Ratings
1936
111.03
101.58
112.45
Stock
All
120 Domestic
Corporate* by Groups
Baa
6— 111.63
3.
MOODY'S BOND
(.Based
120 Domestic Corporate *
by Ratings
Corp. *
Averages
Nov.
Nov.
Average Yields)
on
tic
120
Chronicle
3.74
3.19
3.37
3.89
4.52
4.01
3.80
3.42
15-
110.83
3.75
13-
3.89
4.53
4.01
3.19
3.38
3.89
4.53
4.01
3.81
3.43
3.74
u
3.19
3.75
14-
3.19
3.37
3.89
4.52
4.01
3.80
3.42
Exchan ge CIor ed
i
3.19
3.38
3.89
3.42
12- Stock
3.37
3.80
3.42
101.94
91.51
103.38
110.83
10—
3 75
4.52
4.01
3.81
9— 110.82
104.67
115.78
111.64
101.94
91.51
99.83
103.56
110.83
9—
3.74
3.18
3.38
3.89
4.52
4.01
3.80
8— 110.82
104.48
115.57
111.43
101.76
91.51
99.66
103.38
110.63
8-
3.75
3.19
3.39
3.90
4.52
4.02
3.81
3.43
7- 110.80
104.48
115.57
111.23
101.76
91.51
99.83
103.20
110.63
7-
3.75
3.19
3.40
3.90
4.52
4.01
3.82
3.43
6_. 110.82
104.48
115.57
111.43
101.76
91.35
99.83
103.20
110.63
6-
3.75
3.19
3.39
3.90
4.53
4.01
3.82
3.43
99.83
3.42
110.87
104.30
99.83
103.20
110.43
3— 110.86
2— 110.83
104.30
115.57
111.23
101.58
91.20
99.66
103.02
110.43
3-
3.76
3.19
3.40
3.91
4.54
4.02
3.83
3.44
104.11
115.57
111.23
101.41
91.05
99.48
103.20
110.43
2-
3.77
3.19
3.40
3.92
4.55
4.03
3.82
3.44
1.. 110.77
104.11
115.57
111.03
101.41
90.90
99.31
103.02
110.24
1
3.77
3.19
3.41
3.92
4.56
4.04
3.83
3.45
Weelly—
Sept 25— 110.68
103.93
115.78
111.03
101.23
90.59
98.97
103.02
110.24
3.18
3.41
3.93
4 58
4.06
18— 110.86
103.93
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
3.82
3.44
11- 111.04
103.74
116.00
111.03
101.23
89.84
98.28
103.20
110.43
11—
3.79
3.17
3.41
3.93
4.63
4.10
3.82
3.44
4.. 111.13
103.3*
115.78
110.83
110.88
89.25
97.78
102.84
110.24
4-
3.81
3.18
3.42
3.95
4.67
4.13
3.84
3.45
115.35
110.43
3.84
3.20
5.
115.57
111.43
101.58
91.20
5-
3.76
—
3.19
3.39
3.91
4.54
4.01
3.82
3.44
Weelly—
Aug. 28.. 110.91
102.84
3.78
Sept. 25—
3.83
3.45
96.94
102.66
109.84
Aug. 28._
4.72
4.18
21_. 110.71
102.66
114.93
110.43
100.18
87.93
96.11
102.66
109.64
21-
3.85
3.22
3.44
3.99
4.76
4.23
3.85
3.48
14.. 110.59
102.66
114.93
110.43
100.00
88.22
96.44
102.84
109.44
14—
3.85
3.22
3.44
4.00
4.74
4.21
3.84
3.49
7.. 110.42
102.66
114.93
110.43
100.00
88.07
96.28
102.66
109.64
7
3.85
3.22
3.44
4.00
4.75
4.22
3.85
3.48
July 31.. 110.13
102.48
114.93
110.24
99.83
87.78
95.78
102.48
109.44
July 31
—
3.86
3.22
3.45
4.01
4.77
4.25
3.86
3.49
24_. 109.92
102.12
114.72
109.84
99.48
87.49
95.29
L02.48
109.05
24„
3.88
3.23
3.47
4.03
4.79
4.28
3.86
17.. 109.76
101.76
114.72
109.64
99.14
87.07
94.97
102.48
108.66
17-
3.90
3.23
3.48
4.05
4.82
4.30
3.86
3.53
10— 110.05
101.58
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
3.53
3_. 110.04
101.23
114.93
109.44
98.62
85.79
94.01
102.12
108.46
3-
3.93
3.22
3.49
4.08
4.91
4.36
3.88
3.54
108.27
June 26..
June 26.. 109.88
101.06
114.30
100.35
109.05
88.51
3.94
3.44
3.25
3.98
3.85
3.47
3.51
94.17
101.58
3.51
4.09
4.89
19.. 109.93
101.06
114.30
108.85
98.62
86.07
94.49
101.58
108.08
19..
3.94
3.25
3.52
4.08
4.89
4.33
3.91
3.56
12.. 110.01
101.23
114.72
109.05
98.45
86.36
94.33
101.58
108.66
12..
3.93
3.23
3.51
4.09
4.87
4.34
3.91
3.53
5.. 109.99
100.88
114.30
108.85
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
3.91
3.54
May 29__ 110.01
98.45
86.07
4.35
3.55
3.91
101.06
114.51
108.46
May 29..
3.94
3.24
3.51
4.09
4.92
4.37
22.. 110.20
100.88
114.09
108.85
98.45
85.38
93.53
101.23
108.46
22..
3.95
3.26
3.52
4.09
4.94
4.39
3.93
15_. 109.98
100.88
113.68
108.85
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
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
4.11
4.97
4.42
3.97
3.55
99.83
113.07
107.88
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
1
—
Apr. 24.
109.69
109.80
.
100.18
109.05
113.27
98.45
107.69
85.65
97.78
93.85
85.10
101.58
92.90
107.88
100.35
—
Apr. 24.
3.99
.
3.30
3.58
4.96
4.13
4.43
3.54
3.98
3.57
17.. 109.96
100.53
113.48
107.88
98.11
86.07
93.85
100.53
108.08
17-
3.97
3.29
3.57
4.11
4.89
4.37
3.97
3.56
9— 109.75
100.88
113.68
108.08
98.11
86.50
94.49
100.70
107.88
9_.
3.95
3.28
3.56
4.11
4.86
4.33
3.96
3.57
3_. 109.64
100.70
113.89
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
3.97
3.57
Mar. 27-
109.66
100.53
113.48
107.88
98.11
85.93
107.88
Mar.27_.
3.57
4.11
4.36
3.98
20_. 109.51
100.70
113.68
108.27
98.28
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
13.. 109.11
100.53
113.07
108.27
98.11
85.79
94.01
100.18
108.08
13..
3.97
3.31
3.55
4111
4.91
4.36
3.99
3.56
6.. 109.46
101.41
113.48
108.66
98.80
87.64
96.11
100.53
108.27
6-
3.92
3.29
3.53
4.07
4.78
4.23
3.97
3.55
Feb.28.. 109.03
101.23
113.07
108.46
98.45
87.64
95.46
100.53
107.69
Feb. 28..
3.93
3.31
3.54
4.09
4.78
4.27
3.97
3.58
21.. 108.95
101.41
113.07
108.27
98.45
88.22
95.95
100.35
108.08
21
3.92
3.31
3.55
4.09
4.74
4.24
3.98
14.. 108.48
101.06
113.07
108.08
97.95
87.78
95.13
100.53
108.08
14..
3.94
3.31
3.56
4.12
4.77
4.29
3.97
3.56
7— 108.21
100.53
112.86
108.08
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
31.. 108.03
100.00
112.25
107.88
96.94
85.93
93.06
100.18
107.49
31„
4.00
3.35
3.57
4.18
4.90
4.42
3.99
3.59
24.. 107.89
100.00
85.93
Jan.
112.25
94.01
100.35
Jan.
3.97
—
24_.
3.29
4.00
4.90
3.57
3.56
93.06
100.00
107.88
3.57
4.16
4.90
4.42
17.. 108.34
99.66
111.84
108.27
96.78
85.10
92.43
99.83
107.88
17..
4.02
3.37
3.55
4.19
4.96
4.46
4.01
3.57
10.. 108.02
98.97
111.64
107.49
96.11
83.87
91.20
99.14
107.11
10—
4.06
3.38
3.59
4.23
5.05
4.54
4.05
3.61
4.07
3.67
107.88
97.28
3.35
3.57
4.00
3.. 107.94
97.95
111.03
106.22
95.13
82.40
89.84
98.80
105.98
3-
4.12
3.41
3.62
4.29
5.16
4.63
High 1936 111.63
104.85
116.21
112.45
102.12
91.51
100.00
103.93
111.23
Low 1936
3.73
3.16
3.34
3.88
4.52
4.00
3.78
3.40
Low 1936 107.77
97.61
110.83
106.73
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
High 1935 109.20
97.45
110.83
106.73
94.81
81.61
89.25
98.62
105.6
Low
1935
4 15
3.42
3.63
4.31
5.22
4.67
4.08
3.69
Low 1935 105.66
1 Yr. Ago
88.07
103.56
95.78
86.92
68.17
79.70
82.79
94.17
High 1935
Nov. 6 35 107.76
95.13
109.44
104.11
92.59
78.58
85.38
96-78
104.48
Nov. 6 35
86.36
102.30
95.13
85.24
68.37
85.10
81.35
92.90
1
2 Yrs.Ago
Nov. 5 34 104.22
4.75
3.80
4.25
4.83
6.40
5.37
5.13
4.35
4.29
3.49
3.77
4.45
5.46
4.94
4.19
3.75
4.87
3.87
4.29
4.95
6.38
4.96
5.24
4.43
Yr. Ago
2 Yrs.Ago
Nov. 5 34
*
These prices are computed from average yields on the basis of one "typical" bond (4% coupon,
maturing in 30 years) and do not purport to show either the average
level or the average movement of actual
price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
Indications of Business
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
The same
kets.
Friday Night, Nov. 6, 1936.
Business continues to forge aliead.
For the seventh con¬
secutive week business activity has registered a new recov¬
high, the index figures of the "Journal of Commerce"
week being 101.7%, which
compares with a revised
figure of 101.3% for the week ended Oct. 24 and 83.41% for
Activity
effect
ful effect
in
ure
evident
was
The election
abroad, and this
the
in
all
most
commodity mar¬
results appeared to have a
heavy
was
foreign
reflected in
buying
of
highly cheer¬
small
no
American
meas¬
securities.
ery
Opinion
this
fundamental factors in the business situation are so strong
that nothing short of a
grave political or labor disturbance
the comparative week of 1935.
a
slight advance to 74.7%
cellent
heavy steel
With steel wages
the price
assured,
of steel for
there
steel will
the
per
soaring
rising,
the
indications
Automobile
week.
Motor
of
reports
1937
new
tric power production for the
ther
in
seems
demands
for
are
automobiles,
as
approaching
recently
indicated
with
time goes on.
last week of October
pros¬
Elec¬
rose
to
new
facturing
days.
that
assemblies
trade
pects for increasingly heavy orders
weather
advances
which now
be heavy, especially from automobile makers d!nd
production
another
by
followed
first quarter,
strong
are
railroads.
75,000
shows
capacity, with prospects ex¬
buying during the balance of the
for
year.
Steel ingot production
of
peak, reflecting the continued rise in manu¬
activity in leading industries as well as cold
influences in
stimulus to
the
Production
of
sqine
added
power
parts
use
for
the
week
was
of 1,797 cars
132,177
cars
nothing
At
of
in
this
the
weather
period
a
severe
the
news
cold
a
loadings
decrease
past
wave
the line of freezing temperatures extended
souri
North
and
to
higher.
Car
cars,
had
week.
over¬
Wyoming,' the lowest reported being 6 degrees below zero
at Yellowstone Park and
Lander, Wyo.
During the week
weather
still
814,175
spread the Northwest, with sub-zero temperatures prevail¬
ing in
northern
North
Dakota,
eastern
Montana, and
post-election
signs of going
expansion.
that
below the preceding week, but an increase of
above the same week in 1935.
Retail sales
spectacular
the close
eastward,
showing
substantial
observers
were up 1% to 3%.
Wholesale bookings show
slight rise over the previous week, and a rise of 18% to
22% compared with the same week of 1935.
There was
14.7% compared with the previous week and 14.3% above
output for the like week of 1935.
The effect of the Admin¬
istration's victory upon stock prices was unmistakable, the
upswing
further
careful
among
a
the shorter
a
gain
showed
prevail
for the week
western
of
,
prevent
to
for the week ended Oct. 31 totaled
A fur¬
of the country.
of power
can
appears
were
upper
Carolina,
northwestern
prevailed
general in
in
other
central
Texas.
the
While
Northwest,
sections of
as
Kentucky,
far south
as
southern
Mis¬
abnormally
cold
mild
temperatures
the country.
From the
Mississippi Valley and central and southern Plains
the
somewhat
temperature
above
normal.
averaged
In
from,
slightly
considerable
below
portions
of
I
Financial
143
Volume
especially the western Ohio and middle Missis¬
the interior,
Valleys, additional rains of the week were unfavor¬
able in keeping the soil in a saturated condition, which
retarded seasonal field operations.
At the close of the
week the line of freezing lhad extended a little farther south
than previously in most Eastern districts, and also in trans-
sippi
Mississippi sections, but it
still behind a normal
was
Central sections of the country.
in South
year
In the New York
City area the weather continued mild for this season of the
year,
with temperatures
cloudy
warm to
cold
Today
comfortably cool.
ranging
The forecast was for fair tonight.
Increasing cloudiness and warmer temperatures Saturday,
with probable showers.
Overnight at Boston it was 34 to
52 degrees; Baltimore, 38 to 48; Pittsburgh, 30 to 42; Port¬
land, Me., 34 to 50; Chicago, 32 to 46; Cincinnati, 26 to 38;
Cleveland, 34 to 42; Detroit, 30 to 46; Charleston, 52 to 64;
Milwaukee, 34 to 48; Savannah, 56 to 74; Dallas, 42 to 58;
i Kansas City, 32 to 56; Springfield, Mo., 34 to 50;
Oklahoma
City, 40 to 56; Salt Lake City, 32 to 44; Seattle, 46 to 50;
Montreal, 30 to 38, and Winnipeg, 10 to 14.
it
was
from
and
here,
with
temperatures
40 to 53 degrees.
♦
Selected
Income
and
Steam
The
Bureau
of
Balance
Items
Sheet
of
Class
I
Railways for August
Statistics
■Commission has issued
of
the
statement
a
Interstate
Commerce
showing the aggregate
totals of selected income and balance sheet items of Class I
railways in the United States for the month of August.
figures are subject to revision and were compiled
from 138 reports representing 144 steam railways.
The
present statement excludes returns for Class I switching and
terminal companies.
The report in full is as follows:
steam
These
TOTALS
FOR
THE UNITED
STATES
2919
Chronicle
2.1%, from the preceding week, a gain of 132,177 cars, or
19.4%, over the total for the like week of 1935, and an in¬
crease of 201,127 cars, or 32.8%, over the total loadings for
the corresponding week of 1934. For the week ended Oct. 24
loadings were 14.8% above those for the like week of 1935,
and 30.6% over those for the corresponding week of 1934.
Loading for the week ended Oct. 17 showed a gain of 12.8%
when compared with 1935 and a rise of 28.9% when com¬
parison is made with the same week of 1934.
The first 18 major railroads to report for the week ended
Oct. 31, 1936 loaded a total of 380,579 cars of revenue
freight on their own lines, colnpared with 381,726 cars in
the preceding week and 322,489 cars in the seven days
ended Nov. 2, 1935.
A comparative table follows:
or
REVENUE
FREIGHT LOADED
For the Month of August
1936
For the Eight Months of—
1935
1936
1935
Other income
...
$64,680,716
11,238,162
$42,156,709 $364,697,978 $253,852,509
101,916,309
95,303,307
11,154,287
$75,918,878
Net railway operating Income
Received from Connections
Weeks Ended
Oct. 31
Oct. 24
Nov. 2
Oct. 31
Oct. 24
Nov. 2
1936
1936
1935
1936
1936
1935
15,446
9,957
6,176
25,354
21,900
35,059
36,325
28,568
17,795
6,914
17,678
28,245
27,710
23,891
12,317
12,714
19,879
16,923
10,161
10,379
23,006
8,810
15,452
9,161
7,784
17,901
20,104
12,650
12,919
10,502
3,051
2,705
2,729
1,557
1,529
1,317
2,398
2,738
2,323
1,980
2,072
5,073
5,719
5,280
3,080
3,346
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
24,625
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chicago M ilw. St. Paul & Pac.Ry.
Chicago & North Western Ry
2C.274
23,132
17,870
Gulf Coast Lines..
International Great Northern RR.
7,054
8,524
Missouri Pacific RR...
18,414
18,683
9,904
9,728
New York Central Lines.
46,193
45,534
15,141
40,226
1,999
2,741
8.209
37,193
5,493
4,810
Norfolk & Western Ry
5,439
26,221
44,529
10,923
44,297
New York Chicago & St. Louis Ry
25,491
21,940
4,922
Pennsylvania RR
71,228
72,362
60,256
47,241
4,924
47,376
Missouri-Kansas-Texas
Pere
RR
*
10,807
9,056
4,501
37,404
5,591
5,780
5,179
7,469
6,952
5,688
6,775
7,960
5,655
32,785
5,884
32,655
28,139
*9,067
*9,319
*7,253
6,279
5,470
8,874
8,927
8,390
380,579 381,726 322,489 226,221 225,641
Total.
Excludes
Orleans
6,451
6,940
7,219
Marquette Ry
187,286
Pittsburgh <fc Lake Erie RR
RR.
cars
interchanged between S. P. Co.-Pacific Lines and Texas & New
Co.
$53,310,996 $460,001,285 $365,768,818
LOADINGS
TOTAL
RECEIPTS
AND
CONNECTIONS
FROM
Cars)
of
(Number
Total Income
Cars)
Weeks Ended—
Wabash Ry
Income Items
of
Loaded on Own Lines
Southern Pacific Lines
(ALL REGIONS)
RECEIVED FROM CONNECTIONS
AND
(Number
Weeks Ended-
deductions
Miscellaneous
from Income
Inc. avail, for fixed charges
$74,428,172
12,657,390
1,309,0S8
1,490,706
11,571,967
$52,001,908 $447,343,895 $354,196,851
Fixed charges:
Rent for leased roads
Other deductions
Total fixed
charges
$52,571,011
Income after fixed charges..
216,967
999,832
$20,857,329
24,415,854
8,031,354
dl,305,166
999,832
a
89,113,653
335,140,726
1,741,374
d$2,304,998
d71,798,902
8,016,354
$16,384,500 dS79,815,256
Depreciation (way and struc¬
129,051,700
17,300,498
16,126,396
1,516,284
16,126,094
tures and equipment)
2,984.438
130,049,909
10,909,109
3,036,072
62,036,204
11,561,399
38,235
16,409
13,425
80,352
81,470
67.730
Total
reported
Balance at End of August
cars.
Investments in Btocks, bonds, &c.,
of affiliated companies
1935
week in 1934, but a decrease of 118,743 cars,
the corresponding
10,183
cars
below
the preceding week,
$443,099,954
11,430,155
33,126,411
-
Demand loans and deposits
_
.
._
Time drafts and deposits..
week of Oct. 24
Special deposits....
169,189,941
1,987,793
59,482,484
...........
Loans and bills receivable
-
Traffic and car-service balances receivable
52,109,844
140,406,598
295,642,550
27,407,015
2,394,638
Net balance receivable from agents and conductors..
Miscellaneous accounts receivable
Materials and supplies
.....
Interest and dividends receivable
Rents receivable
14 673,088
104,981
52 286,570
4 077,589
50 576,146
43 935,781
132 ,471,252
293 166.112
33 501.752
2
.561,207
4 ,265,258
6,372,099
Other current assets
Total current assets
of merchandise
1936
Funded debt maturing within six
1935
$192,958,479
$185,922,020
$220,025,568
78,624,133
218,326,219
97,291,597
495,555,143
6,971,091
448,158,928
14,497,949
107,874,803
33,342,095
23,313.461
months, b—
-
$343,799,984
67,075,502
205,555,010
53,659,096
371,066,634
9,485,343
314,704,643
-
Audited accounts and wages payable..
Miscellaneous accounts
payable
Interest matured unpaid
Dividends matured unpaid..
Funded debt matured unpaid
Unmatured dividends declared
Unmatured Interest accrued
Unmatured rents accrued
•
Other current liabilities
14,483,078
108,622.509
33,126.416
17,448,020
$1,743,980,987 $1,539,026,235
Total current liabilities
Other than U.
The
net
S.
Income
157,577.570
Government taxes
33,740,236
157.051.884
reported Includes charges of $1,521,056 for August,
1936
of accruals for excise taxes
devled under the Social. Security Act of 1935; also $3,819,938 for August 1936 and
$23,441,433 for the eight months of 1936 under the requirements of the Act ap¬
proved Aug. 29, 1935, levying an excise tax upon carriers and an Income tax upon
their employees, and for other purposes.
(Public No. 400, 74th Congress.)
The
net Income for August, 1935, includes credits of $499,825 and for the eight months
of 1935 credits of $6,965,070 on account of reversal of charges previously made for
a
as
above the
cars
above the corresponding
cars
It
week in 1935.
same
170,819
cars
above
cars
below
products loading totaled 33,025 cars, an increase of 443
decrease of 907
above the preceding week, but a
sponding
preceding week, 4,905
and 34,862 cars above the same week in 1934.
Grain and grain
the
than carload lot freight totaled
week, but an increase of 22,519 cars above the corresponding
week in 1935,
cars
less
Week in
1934.
was,
In the
cars
below the
however, an increase of 861
corre¬
cars above
Western districts alone, grain and grain
products loading for the week ended Oct. 24 totaled 21,434 cars, an increase
of 93 cars
above the preceding week this year,
but
decrease of 594
a
cars
below the same week in 1935.
Live stock loading amounted to
1935.
It
1934.
In
22,273
cars, a
decrease of 339
cars
below
week, but an increase of 1,342 cars above the same week in
however, a decrease of 3,270 cars below the same week in
was,
the Western districts alone, loading of live stock for the week
ended Oct. 24,
totaled 18,300 cars, a decrease of 228 cars below the
1,225 cars above the
same
pre¬
week
in 1935.
Forest
above the
products loading
totaled
14,404 cars above the same week in
cars,
an
increase of 294
cars
1934.
amounted to 49,766 cars a decrease of 5,515
Ore loading
preceding
36,327
preceding week, 5,631 cars above the same week in 1935, and
cars
below the
week, but an increase of 17,130 cars above the corresponding
and 35.111 cars above the corresponding week in 1934.
week in 1935,
Coke loading amounted to
10,334 cars, a decrease of 248
cars below the
preceding week, but an increase of 3,379 cars above the same week in 1935,
and 5,391
cars
above the same week in 1934.
All districts reported increases in the
72,560,145
Tax liability—U. S. Government taxes
decrease of
decrease of 4,109
week in 1935, and 9,115 cars above the same week in 1934.
ceding week this year but an increase of
Loans and bills payable, c
Traffic and car-service balances payable
was a
a
amounted to 154,615 cars, a decrease of 2,529
Coal loading
the preceding
the preceding
Balance at End of August
cars,
but an increase of 51,352
increase of 1,820 cars above the
cars, an
$1,242,559,482 $1,034,044,913
;.
Selected Liability Items
totaled 338,813
week in 1934.
$372 425,177
30
12.7%
or
1930.
1935, and 94,690
week in
the corresponding
•Cash
corre¬
1.2% below the preceding week.
cars, or
Loading
$736,423,537
14.8% compared with the
increase of 105,351 cars, or
an
sponding week in 1935, and an increase of 191,164 cars, or 30.6% above
other than those
$688,772,332
815,-
.
was
corresponding
1936
follows:
as
freight for the week ended Oct. 24 totaled
Loading of revenue
972
22,932
31,373
American Railroads in reviewing the
The Association of
week ended Oct. 24
Miscellaneous freight loading
Selected Asset Items
2, 1935
37,788
16,040
Loading of revenue freight for the
On preferred stock..
52,366,611
17,229,044
13,037,536
2,505,336
11,830,687
On common stock
Nov.
1936
Illinois Central System
St. Louis-San Francisco Ry
below the corresponding week in
L
24,
26,826
Dividend appropriations:
'
Oct.
1936
26,524
This
Federal Income taxes
31,
Chicago Rock Island & Pacific Ry.
$53,307,074 $422,928,041 $425,995,753
21,857,161
Contingent charges
Net Income,
89,431,887
331,700,514
1,795,640
11,374,679
41,715,428
11,171,248
41,152,712
247,051
Interest deductions
Oct.
number of
cars
loaded with
revenue
corresponding weeks in 1935 and 1934.
freight in 1936 compared with the two previous
freight, compared with the
Loading of revenue
years
and in 1930 follows:
and $11,653,878 for the eight months of 1936 on account
ft
b Includes payments which will become due on
(other than
that In
Account
1936
Five
weeks In February
Four weeks in
account of principal of long-term
764. Funded debt matured unpaid)
within six
months after close of month of report,
c Includes obligations which mature not more than two years after date of Issue,
Five
weeks In May
Five
weeks In August
Week of Oct.
Week of Oct
2.1% in Latest Week
September—
3___.
10
Week of Oct. 17
Week of Oct. 24
Loadings of
revenue
1936,_totaled 814,175
1934
/
-
2,183,081
2,920.192
2,461,895
2,340.460
3,026.021
1930
2,353,111
3.135.118
2,418,985
2,544,843
3,351,801
2,787,012
2,825,547
3,701,056
3.061.119
2,169,146
2,927,453
2,408,319
2,302,101
2,887,975
2,465,735
2,224,872
3,098,001
2,628,482
2,504,974
2,351,015
3,072.864
2,501,950
705,974
632,406
954.782
820,195
734,154
931.105
826,155
815,972
732,304
636,999
640,727
710,621
624,808
959,492
934,715
29,460,040
25,995,137
25,897,392
39,129,295
3,470,797
4,380,615
3,550.076
3,633.575
4,586,357
3,575,454
3.683,338
4,608.697
3,840.292
freight for the week ended Oct. 31,
cars.
...
Four weeks In July
Four weeks In
d Deficit or other reverse Items.
Revenue Freight Car Loadings Off
March...
Four weeks In June
1935
819,126
Four weeks in January
Four weeks in April
liability under the Railroad Retirement Act of 1934.
debt
.
*
This is
a
decrease of 1,797
cars,
Total
Financial
2920
In
the
following table
we
undertake to show also the
loadings for separate roads and systems for the week ended
Oct. 24,1936.
increases
During this period
when
a
total of 109 roads showed
compared with the
week last
same
year.
Chronicle
important of these roads which showed increases
Pennsylvania System, the New York Central
Lines, the Baltimore & Ohio RR., the Atchison Topeka &
Santa Fe System, Southern Pacific RR. (Pacific Lines) and
the Illinois Central System:
the
were
from Connections
1935
1936
1934
1936
1936
—2
595
765
629
1,368
1,509
8,205
1,246
1,800
7,592
303
255
11,283
Chicago Indianapolis & Louisv.
1,674
8,336
1,822
1,563
2,383
10,405
2,097
Ann
Arbor
Boston
& Maine
1,388
Detroit & Mackinac
382
348
499
2,071
21,869
20,038
1,614
19,481
17,022
1,159
12,919
5,599
Illinois
Central
32
100
78
1,967
Macon Dublin & Savannah
6,652
Mississippi Central
8,812
2,173
8,017
7,183
6,120
Mobile & Ohio
479
365
151
111
1,537
2,669
4,650
2,869
Lehigh & Hudson River
Lehigh & New England..
196
145
166
1,348
3,211
16,846
8,349
2,072
1,920
Lehigh
Valley
8,910
1,767
8,281
1,177
7,745
Central
3,146
4,848
2,531
45,534
11,249
1,737
1,534
7,195
2,743
3,856
2,236
40,753
10,496
1,812
4,709
5,535
2,915
2,562
2,433
262
187
78
45
44,297
39,046
11,746
1,856
9,157
6,777
3,718
1,825
33,534
9,797
2,042
4,168
4,223
4,899
432
274
402
29
14
514
331
285
321
177
358
201
12,268
11,920
Grand Trunk Western
Monongahela
Montour.
b New York Central Lines
N. H. & Hartford
New York Ontario & Western.
_
N. Y.
5,493
Pere Marquette.
7,356
6,940
Chicago & St. Louis
Pittsburgh & Lake Erie
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.
.
1,416
Pittsburgh & West Virginia
1,449
1,304
178
480
163
157
289
2,220
3,327
Nashville Chattanooga & St. L.
Tennessee Central
1,823
2,892
1,985
1,995
2,830
2,484
467
393
379
801
68,335
58,127
50,535
34,564
112,617
Total..
15,178
7,482
1,832
1,102/
Grand total Southern District
Northwestern
6,969
97,655
88,653
68,931
Belt Ry.
Chicago
Chicago
Chicago
Chicago
District—
681
Great Western
546
2,173
18,018
16,259
2,352
18,014
3,573
5,149
12,919
3,702
Milw. St. P. & Pacific-
23,006
4,056
3,891
10,845
8,578
1,102
5,854
1,240
3,529
434
323
299
170
21,407
18,596
13,307
3,460
826
683
784
561
2,799
2,024
Great Northern
Green Bay & Western.
Lake Superior & Ishpeming
610
635
1,033
887
5,688
5,141
8,927
8,598
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern
4,081
2,891
3,349
3,336
146,891
131,383
174,576
155,165
528
695
398
838
2,082
1,261
1,900
2,053
30,484
2,739
8,032
6,348
12,041
395
6,037
82
5,218
2,701
3,940
702
36,325
6,809
219
1,386
Ft. Dodge Des Moines & South-
4,210
9,161
3,670
7,551
5,132
1,318
2,313
20,904
St. P. Minn. & Omaha
Duluth Missabe & Northern
Duluth South Shore & Atlantic
5,308
1,431
785
21,178
2,893
of Chicago
& North Western.....
Elgin Joliet & Eastern
162,405
Wheeling & Lake Erie
Spokane
Total
218
1,662
206
662
—
Wabash
179
895
2,985
12,798
1,826
10,807
7,556
5,591
960
Louisville & Nashville
6,279
Rutland.
998
25,967
24,869
System
1,005
5,409
362
Erie
N. Y.
496
22
13,078
4,361
Detroit & Toledo Shore Line...
1936
1,116
1,182
4,398
8,916
2,088
Detroit Toledo & Ironton
1934
1,944
522
Delaware Lackawanna & West.
from Connections
1935
Gulf Mobile & Northern
25
Central Vermont
Delaware & Hudson
Total Loads Received,
Group B (Concluded)—
Georgia
Georgia & Florida
1,199
5,501
9,469
Central Indiana
Maine
Total Revenue
Freight Loaded
Railroads
1935
Eastern District—
Bangor & Aroostook
(NUMBER OF CARS)—WEEK ENDED OCTOBER 24
Total Loads Received
Freight Loaded
Railroads
1936
7,
The most
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Total Revenue
Nov.
Pacific
13,429
9,814
328
236
121
311
2,682
2,239
1,132
1,738
123,557
106,732
84,498
53,292
25,354
22,329
2,594
International_
Spokane Portland & Seattle
Total
Allegheny District—
Akron Canton & Youngstown..
26,375
17,678
15,804
3,856
2,938
2,847
1,586
Buffalo Creek & Gauley.
Cambria & Indiana
381
307
284
9
6
1,426
1,466
1,227
14
16
Central RR. of New Jersey
Baltimore & Ohio..
Bessemer & Lake Erie..
7,118
5,530
5,667
11,770
11,043
Cornwall....
817
670
476
49
44
Cumberland & Pennsylvania...
294
383
305
42
35
Ligonier
122
173
162
50
28
Long
974
792
917
2,707
1,371
1,255
61,105
12,444
1,149
54,583
12,659
1,364
47,376
17,958
2,349
1,363
38,640
16,055
8,911
4,202
6,569
2,762
Valley
Island
Penn-Reading Seashore Lines..
72,362
15,049
14,538
Pennsylvania System
Reading
Union
Co
(Pittsburgh)
Maryland.
3,473
3,127
21,032
2,735
Garfield..."IIIII
440
341
257
103
Burlington & Quincy..
19,879
2,340
18,235
17,868
10,379
1,572
11,621
2,602
1,678
11,489
2,645
1,147
9,159
1,651
5,242
1,766
4,527
Alton..
Bingham &
Chicago
Chicago
Chicago
Chicago
& Illinois Midland
Rock Island & Pacific-
13,151
3,441
1,783
5,323
1,072
1,441
& Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver
Illinois
73
67
1
3,725
3,457
6,865
6,021
466
Northern
North Western Pacific
162,085
Pocahontas
116,137
114,866
96,454
District—
27,710
25,491
& Western
25,877
21,960
18,298
774
12,714
4,924
1,264
22,272
939
Chesapeake & Ohio
Norfolk
131,869
723
Norfolk & Portsmouth Belt Line
10,129
4,474
1,279
4,271
4,027
3,077
891
52,638
44,370
19,793
321
277
1,344
17,237
10,488
692
566
15
1,800
1,445
2,816
130,687
116,829
105,476
61,796
207
174
151
5,154
222
Total.
&
202
149
226
199
198
298
2,705
2,738
2,761
2,294
3,531
1,529
2,072
1,106
2,169
District—
Southern
Fort Smith & Western
....
9,381
8,060
7,847
4,613
3,942
Gulf Coast Lines
1,393
937
1,200
1,773
1,581
International-Great Northern..
Charleston & Western Carolina
450
366
329
1,095
779
Durham & Southern
171
138
155
395
481
Kansas Oklahoma & Gulf
Kansas City Southern
Gainesville Midland
42
47
51
126
125
Louisiana
1,179
1,477
1,214
1,274
1,350
383
399
416
1,103
914
394
349
306
8,521
22,191
7,679
2,533
4,052
19,881
7,083
19,342
3,135
4,266
15,726
13,333
177
195
175
861
860
44,282
39,528
38,118
34,367
29,950
Line
Clinchfield
Southern
Piedmont
&
Northern
Richmond Fred. & Potomac...
Seaboard Air Line
Southern System
Winston-Salem
Southbound
&
214
Louisiana Arkansas & Texas
Litchfield & Madison
Midland
145
119
1,650
1,569
1,533
1,408
163
94
392
416
362
1,000
I
845
817
622
303
168
132
82
249
Lines..
Missouri & Arkansas
Missouri-Kausas Texas
5,719
18,683
5,488
15,391
4,360
14,643
3,346
9,728
Pacific
a
257
162
62
29
27
30
41
Weatherford M. W. & N. W__
457
280
398
548
*
489
6»1
515
Previous figures.
a
Total.
184.8
on
Friday,
as
Beef,
compared with 181.1
...181.1
...181.5
Two weeks ago, Oct.
Month ago, Oct. 6
Nov.
2
...181.3
Nov.
3—Holiday
Nov.
4
...183.6
Nov.
5
...183.6
Nov.
6
55,562
61,139
53,033
RR., the C. C. C. & St. Louis RR*
potatoes, wool, lead, tin and rubber also advanced,
cocoa,
were
butter,
reported for the grains except
coffee,
apples
and
THE
"ANNALIST"
WEEKLY
INDEX
barley, flour, hams and
cotton
sugar,
OF
WHOLESALE
and
gasoline.
COMMODITY
(1913=100)
Nov.
2, 1936
Farm products
Textile products
Oct.
126.1
Food products.
27, 1936
Nov. 4, 1935
124.3
119.0
125.9
126.9
134.9
113.2
X113.3
117.8
Fuels
166.9
167.1
170.1
Metals
114.5
114.3
111.6
Building materials
111.8
111.8
111.5
181.7
182.9
Year ago,
Nov. 6
High—Oct. 7 & 9
165.5
Chemicals
97.7
97.7
98.2
175.3
Miscellaneous
88.8
88.6
85.0
Low—March
148.4
127.9
127.3
127.4
75.5
75.2
75.5
1936
18
High—Aug. 18
Low—May 12.
188.9
162.7
All commodities
All commodities on old dollar basis
x
Increase Noted in "Annalist"
Revised.
Weekly Index of Whole¬
Commodity Prices During Week Ended Nov. 2
Higher prices for cattle and hogs raised the "Annalist"
Weekly Index of Wholesale Commodity Prices 0.6 points,
the index rising to 127.9 on Nov. 2, before Election Day,
Oct. 27.
bananas,
Prices generally rose Wednesday after the election.
23
...184.8
58,007
1935
Fri.,
on
eggs,
while losses
pork,
PRICES
Oct. 30
Oct. 31
from 127.3
66,210
b Includes figures for the Boston & Albany
Not available.
2,073
RR.
Thurs.
sale
3,737
18,223
402
gains for silk, cocoa, hides, rubber, wheat,
hogs, steel, copper, lead, cotton, wool and sugar. Corn de¬
clined, and there was no net change for coffee and silver.
The movement of the index during the week, with com¬
parisons, is as follows:
Tues.,
Wed.,
2,163
3,453
7,052
265
1,248
2,282
803
week ago.
There were
Fri.,
Sat.,
Mon.,
2,796
2,065
1,647
2,988
682
Moody's Commodity Index Advances Sharply
closed at
5,670
657
628
3,400
690
The average price of basic commodities advanced sharply
this week.
Moody's Daily Index of Staple Commodity
Prices
4,733
5,316
2,567
...
801
617
Central
114
8,058
Texas & Pacific
4,560
Note—Previous year's figures revised,
Michigan
28
129
7,679
2,673
7,926
118
187
533
Florida East Coast
46
166
10,306
3,380
8,415
5,547
Terminal RR. Assn. of St. Louis
Wichita Falls & Southern....
670
of
Georgia
Columbus & Greenville
the
141
70
157
923
Atl. & W. P.—W. RR. of Ala-
and
51
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
4,553
Atlanta Birmingham & Coast..
Central
224
248
919
277
Texas & New Orleans
Group B—
Alabama Tennessee & Northern
320
342
Valley
Missouri
2,219
2,233
1,416
Arkansas
Natchez & Southern
Total.
5,866
System.
18,490
Burlington-Rock Island
A—
Norfolk
78
17,318
P.
1,949
Southwestern
Coast
373
176
597
Western Pacific
Alton
Atlantic
781
16,590
Southern District—
Group
105
a
20,436
Union Pacific System
Utah
708
58,411
Virginian
Total.
25
1,219
1,365
1,819
21,195
in U.
2,594
1,573
3,639
584
295
Southern Pacific (Pacific)
24,240
•
St. Joseph & Grhnd Island..... Included
Toledo Peoria & Western
342
6,914
1,276
1,581
2,038
1,499
1,269
2,042
Peoria & Pekin Union
Total
929
1,823
1,095
City
Terminal
Nevada
76
3,895
West Virginia Northern
Western
Central Western District—
Atch. Top. & Santa Fe System.
The "Annalist" continued:
Wholesale
Week
Commodity Prices Advanced Slightly During
Oct. 31, According to National Fertilizer
Association
A
slight
modity
advance
price
index
was
recorded
compiled
by
by
the
the
wholesale
National
com¬
Fertilizer
current month
Last week the
80.0% of the 1926-1928 average, compared
with 79.9% in the preceding week.
A month ago it regis¬
tered 80.1%, and a year ago 78.1%.
It is pointed out that
the commodity price level has been very stable recently,
the index during the last eight weeks having fluctuated
between
79.9% and 80.5%.
The announcement by the
Association during the week ended Oct. 31.
corrected
stood at
index
from the
general
trend of
prices
indexes
group
last week
was
this
with
upward,
point reached since the middle of August, with the increase
seven
of the
week
series represented
corresponding stocks on Sept.
3,844,864 net tons of coal in
September, 1936.
This was a decrease of 0.6% below the 3,867,940 net
tons consumed in August, 1936.
Consumption of bituminous coal declined
from 3,686,136 net tons in August to 3,670,229 net tons in September, 1936,
or 0.4%.
The use of anthracite declined from 181,804 net tons in August
to 174,635 net tons in September, 1936, or 3.9%.
In terms of day's supply, which is calculated at the current rate of con¬
sumption, there was enough bituminous coal on hand at the electric power
utility plants on Oct. 1, 1936, to last 50 days and enough anthracite for
Electric
due to higher
was
Twenty-nine price
which was an increase of
1. 1936.
plants consumed
utility
power
195 days' requirements.
higher prices for Southern pine and zinc oxide.
of
result
coal and 1,099,486
3.8% and a decrease of
5,960,874 net tons were bituminous
stock,
0.1%, respectively, when compared with the
burlap, jute and silk.
A small decline in the price
responsible for the recession in the fuel price index.
A new high point for the recovery period was reached last week by the
metal index, reflecting, rising prices for copper, tin, lead and copper wire.
The building material index also advanced to a new recovery peak as a
gasoline
total
net tons were anthracite,
advancing
Oct. 1,
electric power utility plants on
amounted to
when
quotations for wool,
of
preliminary data.
7,060,360 net tons.
This was an increase of 3.2%
compared with the amount of coal in reserve on Sept. 1, 1936.
Of
1936,
relatively slight.
changes were
actual reports received
with
Coal Slocks and Consumption
and only one declining, but the
Small increases took place in the indexes
of foodi and fartn product prices,
although in each group the declines
outnumbered the advances.
The textile index advanced to the highest
principal
the preceding months are
and vary slightly
preliminary while those for
are
accordance
in
The total stocks of coal held at the
Association, dated Nov. 2, continued:
The
2921
Financial Chronicle
143
Volume
in the index advanced
and
an$ 23 declined; in the preceding week there were
32 declines; in the second preceding week there were
and
20
31
the preparation of
[The Coal Division, Bureau of Mines, cooperates in
during the
25 advances
these reports.)
advances
declines.
WEEKLY
Week
Week
Each Group
Month
Preced'g
Ago
Year
Ago
1936
1936
81.3
82.0
78.8
80.4
79.3
Fats and oils
Cottonseed oil
95.7
94.6
monthly in¬
production, factory employment, &c.:
96.0
Oct.
31,
24,
Nov
2,
1935
79.5
79.4
79.5
66.8
67.2
68.9
100.8
(1923-1925=100)a
1
V
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
63.5
Grains
BUSINESS INDEXES
Index numbers of Board of Governors,
75.7
Cotton
Farm products
23.0
the Board of Governors of the
28
76.4
94.6
Foods
System
System issued as follows its
dexes of industrial
82.5
Oct.
'
Total Index
25.3
Oct. 3,
1936
81.5
Group
Bears to the
of Oct.
date
Reserve
Federal
Federal
Governors of
of
Reserve
(1926-1928=100)
Under
Latest
Per,,Cent
Board
of
Indexes
Monthly
WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
100.8
99.5
78.7
75.5
75.1
75.3
77.8
17.3
Fuels
79.7
79.8
79.7
76.5
10.8
Miscellaneous commodities..
78.9
78.7
77.8
72.0
Livestock
8.2
Textiles
70.0
69.8
69.7
Metals
86.3
85.8
85.9
Building materials
83.2
82.4
82.7
76.9
1.3
Chemicals and drugs...
96.2
96.2
96.2
95.6
.3
Fertilizer materials
67.9
67.8
68.1
65.9
.3
Fertilizers
74.6
74.6
74.0
72.7
.3
Farm machinery
92.6
92.6
92.6
92.0
All groups
100.0
80.1
79.9
80.0
combined
Sept.
Sept.
Aug.
Sept.
1936
1935
1936
1936
1935
General Indexes—
83.8
6.1
Aug.
1936
69.8
7.1
Sept.
pl09
108
r91
pl07
106
90
Manufactures*
pi 10
110
r92
P107
106
89
Minerals
plOl
98
87
pl09
104
92
Total
p61
62
43
65
44
Residential
p49
p70
46
25
p61
p49
75
58
p71
81
88.9
81.9
90.6
Industrial production, total*
b:
Construction contracts, value
All other
Factory employment
78.1
Factory payrolls
88.9
c
59
89.0
783.7
81.1
81.0
c
25
46
771.7
Freight-car loadings.
Public Use During Sep¬
9.703,422,000 Kwh.
72
70
62
82
76
70
Department store sales, value
88
86
81
94
68
86
Production of Electricity for
tember Placed at
The Federal Power Commission in its
Production Indexes by
Groups and Industries—
of electricity for public
'the month of September
totaled 9,703,422,000 kwh.
This is a gain of 18% when
compared with the 8,208,267,000 kwh. produced in Septem¬
ber, 1935.
For the month of August, 1936, output totaled
in the United
OF
August
Sept.
August
July
9,800,382,000l9,703,422,000
+ 13%
77
47
100
99
59
157
147
129
173
158
143
p81
77
58
——
9.671,982,000
61
p57
47
65
47
65
pl47
149
135
pl52
152
139
93
87
62
178
177
119
98
100
84
93
93
79
-»
88
71
88
68
60
59
58
56
shipments
'
Silver
-
60
Lead
.
57
1935 and for plate glass
and tires and tubes since December, 1934.
Revisions in seasonal factors and in
adjusted indexes of industrial production, manufactures, automobiles, plate glass,
and tires and tubes will be shown in the Federal Reserve Bulletin for November, 1936.
a Indexes of production, carloadings and department store sales based on daily
averages,
b Based on three-month moving average of F. W. Dodge data centered
at second month,
c Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics.
Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board of Governors.
V Preliminary,
r Revised.
factors revised
♦Seasonal
for automobiles since July,
+ 18%
+ 29%
+ 17%
EMPLOYMENT
FACTORY
AND
AND
PAYROLLS—INDEXES
BY
GROUPS
INDUSTRIES* (1923-1925=100)
Payrolls
Employment
Without
Adjusted for
Seasonal Variation
Total for U. S
75
P86
p57
...
+ 11%
+ 14%
80
+20%
+ 37%
+ 23%
+ 16%
+ 10%
120
+ 15%
+ 19%
28
126
Iron ore
+ 19%
+ 10%
82
pl30
Zinc.
+ 19%
+ 15%
42
104
Petroleum, crude
+ 13%
+ 13%
r91
114
Anthracite
Sept.
+ 11%
81
rill
Minerals—Bituminous coal
♦
628,301,000
624,751,000
605,574,000
Middle Atlantic
2,391,629,000 2,434,075,000 2,459,972,000
East North Central. 2,210,599,000 2,225,733,000 2,219,371,000
604,026,000
612,652,000
West North Central.
618,806,000
South Atlantic
1,104,889,000 1,124,944,000 1,122,143,000
458,510,000
439,239,000
East South Central.
434,673,000
532,266,000
550,242,000
West South Central.
515,324,000
372,092,000
385,473,000
Mountain
403,715,000
Pacific
1,386,773,000 1,403,273,000 1,306,741,000
106
87
Tobacco manufactures
Percentage
New England
83
113
90
107
Cement.
from Previous Year
Potcer and Fuels
118
pl20
78
pll3
Leather and shoes
Change in Output
Total by Water
118
106
91
Automobiles *_.
States during
ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS)
Division
83
120
Food products
9,800,382,000 kwh.
Of the September, 1936, output a total of 3,025,815,000
kwh. was produced by water power and 6,677,607,000 kwh.
by fuels.
The Survey's statement follows:
PRODUCTION
121
90
Textiles
report disclosed that the production
use
119
pl20
Manufactures—Iron and steel
monthly electrical
Without
Seasonal Variation
Seasonal Variation
Sept.
the United
September was 323,447,000 kwh., 3.0% more than the average
daily production in August and the largest average daily production for
any month of record.
The normal change from August to September is
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
1936
production of electricity for public use in
The average daily
Aug.
1936
1935
1936
1936
1935
1936
1936
1935
States in
Machinery
Transportat'n eqpt
MONTHLY
electricity by the use of water power
PRODUCTION OF ELECTRICITY FOR
Increase
Increase
1936
PUBLIC USE
Kilowatt Hrs.
April
9,245,639,000
8,599,026,000
8,904,143,000
8,891,574,000
May
9,085,474,000
June
9,124,052,000
July
9,671,982,000
9,800,382,000
9,703,422,000
February
March
August
September
.
_
October
November
.
.
December
74.7
81.1
80.7
62.7
100.8
88.8
104.1
101.2
91.1
89.4
88.8
75.2
92.7
92.7
81.6
86.6
92.7
75.9
76.8
82.3
60.0
96.8
91.0
88.8
97.0
84.0
76.7
83.4
64.6
60.7
60.3
52.4
61.0
60.5
52.6
60.8
59.7
49.1
metals
97.1
94.2
87.4
96.5
92.4
86.9
83.6
79.1
70.9
Lumber & products
59.1
58.8
55.5
60.7
59.5
57.0
53.9
52.7
47.3
Stone, clay & glass
60.0
60.4
53.9
62.2
61.9
55.8
51.3
51.5
42.2
products
100.1
102.0
96.0
100.0
98.5
95.9
82.6
86.0
84.6
97.0
98.7
93.2
95.9
95.0
92.1
81.5
84.3
80.4
Wear, appar'l
102.9
105.1
98.3
105.2
102.3
100.5
79.9
84.2
87.8
products.
86.1
86.7
85.4
89.4
89.7
88.8
77.7
82.8
76.9
104.1
105.1
799.8
121.7
115.9 7118.2
112.7
products.
58.4
59.7
57.3
60.1
59.5
58.9
51.4
51.5
49.4
102.1
100.8
97.6
101.8
99.6
97.3
93.1
90.6
86.2
products
116.1
114.6
110.3
116.5
111.4
110.7
108.6
105.2
99.0
117.7
116.0
110.8
117.7
111.4
110.8
109.3
105.1
97.8
109.6
109.0
108.2
111.6
111.1
110.1
106.5
105.5
102.8
91.4
89.5
81.7
90.8
88.1
81.1
86.0
84.0
68.8
88.9
88.9
81.9
90.6
89.0
783.7
81.0
81.1
771.7
Nonferrous
Textiles &
Fabrics
Leather
Over
1935
January
86.0
96.2
2.
Produced by
Water Power
1935
Over
1935
87.8
RR. repair shops..
1.
1936
74.1
Paper & printing..
Chemicals & petro¬
in September
was only 31% of the total.
The output for the first nine months of this
year is 14% above the first nine months of 1935.
The production of
86.2
101.7
Iron and steel
Automobiles
+1.1%.
TOTAL
87.1
Food products
1936
1934
Tobacco
1935
Kilowatt Hrs.
8,349,152,000
7,494,160,000
8,011,213,000
7,817,284,000
8,020,897,000
7,872,548,000
11%
9%
37%
15%
11%
14%
13%
34%
8,370,262,000
16%
8,573,457,000
8,208,267,000
8,844,416,000
8,692,799,000
9,138,638,000
14%
6%
4%
5%
4%
5%
10%
11%
14%
13%
14%
16%
18%
13%
42%
45%
43%
36%
33%
'
31%
31%
39%
40%
44%
46%
46%
44%
43%
39%
leum
110.4 7105.5
1. Chems. group,
except petro¬
leum refining
j
37%
32%
37%
36%
2.
Petroleum re¬
fining
Rubber products..
Total
*
•
Indexes of factory
employment and payrolls without seasonal adjustment com¬
piled by the Bureau of Labor Statistics.
Index of
for seasonal variation compiled by Federal Reserve
factory employment adjusted
Board of Governors. Under¬
payroll period ending nearest middle of month. September,
preliminary, subject to revision.
lying figures are for
Total
9.2%
99,393,073,000
40%
1936 figures are
r
The
Revised.
quantities given in the tables are based on the operation of plants
engaged in generating electricity for public use, including central stations,
both publicly and privately owned,
electric railway plants, plants operated
Bureau of Reclamation
miscellaneous Federal and State projects, and that part of the
of manufacturing plants which is sold.
Accurate data are received
Electric
by steam railroads generating electricity for traction,
plants,
output
each
month representing approximately 98%
the remaining
of the total output shown;
2% of the output is estimated and corrections are made as
rapidly as actual figures are available.
Thus the figures shown for the
The
Production for Week Ended
2,175,810,000 Kwh.
Edison' Electric
Oct. 31 Totals
Institute, in its weekly statement,
disclosed that the production of
electricity by the electric
light and power industry of the United States for the week
ended Oct. 31, 1936, totaled 2,175,810,000 kwh., or 14.7%
i
2922
,
above the 1,897,180,000 kwh. produced in the
week of 1935.
Financial
Chronicle
corresponding
output during the week ended Oct. 24 totaled
2,166,656,000 kwh.
This was a gain of 14.3% over the
1,895,817,000 kwh. produced during the week ended Oct. 26,
districts
Oct. 31,
Regions
Oct. 24,
1936
9.7
New England
Week Ended
Louis and
Oct.
1936
9.8
13.1
13.3
15.0
15.5
18.4
16.9
19.2
Francisco.
in
trade
the
West Central.
11.4
12.9
8.8
18.4
18.5
business
of
22.9
18.6
14.9
14.5
16.9
7.2
8.5
15.3
11.8
14.7
14.3
16.5
16.1
Pacific Coast
Total United States.
DATA
FOR RECENT
(In Thousands of
Kilowatt-hours)
store,
Second
activity
First
In
department store and
(New
given
are
elsewhere
this
in
Bank
WEEKS
1934
1933
1932
1931
1930
of Boston
In
Aug.
2.079,137 1,821,398
2,079,149 1,819,371
2,C93,928 1,832,695
2,125,502 1,839,815
2,135,598 1,809,716
2,098,924 1,752,066
1-.
8-.
Aug. 15..
Aug. 22..
Aug. 29_.
Sept.
5..
2,028,583
2.170.807
2.157.278
2,169,442
2,168,487
1,827,513
1,851,541
1,857.470
1,863,483
1,867,127
2,170.127 1,863,086
2.166.656 1.895,817
2,175.810 1,897,180
Sept. 12..
Sept. 19..
Sept. 26..
Oct.
3..
Oct.
10..
Oct.
17..
Oct.
24..
Oct.
31..
DATA
FOR
RECENT
+ 14.2
1.658
1.659
1,674
1.648
1,627
+ 14.3
+ 14.3
+ 15.5
+ 18.0
+ 19.8
1,650
1,627
1,650
1,630
1,637
1,583
1,663
1,639
1,653
1,646
1,619
1,619
1,622
+ 17.2
1,631
1.649
1,659
1,657
+ 16.1
+ 16.4
+ 16.1
+ 16.5
1.668
1,677
1.669
+ 14.3
+ 14.7
MONTHS
1,533
1,583
1,565
1,634
+ 11.0
1,427
1,415
1,432
1,436
1,465
1,424
1,525
1,476
1,491
1,499
1,506
1,508
1,528
(THOUSANDS
1,643
1,629
1,643
1,638
1,636
1,582
1,663
1,660
1.646
1,653
1,656
1.647
1,652
1,628
1,678
1,692
1,677
1,691
1,688
1,630
1,727
1,725
1,730
1,733
1,750
1,762
1,675
1,806
1,792
1,778
1,722
1,714
1,711
1,724
1,729
1,747
1,806
1,799
1.824
1,741,
1,816
1,819
OF KWH.)
England
September,
Jan
.
April
May
June
July
...
August.
7,048,495 + 13.9
7,500,566 + 11.7
7,382,224 + 12.9
+ 13.1
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
Sept
Oct
Nov
Dec
Total.
1934
Ch'ge
+ 16.7
+ 17.5
+ 14.8
93,420,266
1933
decrease
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
6,480,897
5,835,263
6,182,281
6,024.855
6.532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
1931
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
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
M0te—The monthly figures shown above are based on reports covering approxi¬
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
I
Department of Commerce at Washington, Nov. 5,
issued its analysis of the foreign trade of the United States
in September, 1936 and 1935 and the 9 months ended with
September, 1936 and 1935.
This statement indicates how
much of the merchandise imports and exports consisted of
crude or of partly or wholly manufactured products.
The
following is the report in full:
ANALYSIS
AND
OF
ECONOMIC
BY
IMPORTS
INTO
GROUPS
THE
OF
DOMESTIC
UNITED
STATES
EXPORTS
FOR
THE
FROM
MONTH
in
sales
volume
840
$20,712,617,
was
reported.
largest
The
to
1935
Value
Cent
Value
Cent
Value
Cent
Per
Value
District
72,819
33.5
404,945
26.3
418,057
Agricultural
55,448
28.3
58,413
26.9
296,074
19.3
303,620
17.8
Non-agricultural—
13,222
7,074
6.7
14,406
6.6
5,697
2.6
2.6
3.6
5,622
2.6
114,437
42,644
41,690
2.5
7,008
108,871
39,682
39,008
7.0
3.6
Agricultural
Non-agricultural...
2.6
674
75
66
6.7
2.4
954
.1
107,533
97,268
10,265
289,869
6.3
Manufactured foodstuffs & beverage
Agricultural
Non-agricultural.
Semi-manufactures-
_
-.
00,329
13,380
1,949
29,540
7.8
8.1
1.0
1.3
9,695
.6
15.1
31,860
14.6
253,445
1,866
251,579
732,499
2,823
729,676
16.5
6.8
6.8
224
Finished manufacture
Agricultural
K Non-agricultural.-.
.1
304
.1
29,316
75,427
15.0
38.5
31,556
89,508
41.2
368
Agricultural
W Non-agricultural
k>
.9
17,652
14,858
2,794
.2
330
.2
75,059
38.3
89,178
41.0
14.5
106,137
96,442
6.3
5.7
.6
17.0
.1
2,918
in
"continues
47.5
842,496
49.5
16.8
.2
Bank's
to
89,
August
Agricultural
Non-agricultural
196,040 100.0 217,535 100.0 1,536,707 100.0 1,704,232 100.0
76,429 39.0
79,525 36.6
449,130 26.3
436,212 28.4
73.7
71.6 1,255,102
119,611 61.0 138,009 63.4 1,100,496
77
with
a
Con
be
while
the
49,809
29.5
Agricultural
Non-agricultural
36,863
12,945
21.8
7.7
18.724
8.6
113.776
7.5
Crude foodstuffs
23,655
14.0
31,063
14.2
16.0
22,762
13.5
29.963
13.7
893
.5
1,100
.5
240,776
233,317
7,459
Agricultural.
Non-agricultural
Manuf'd
foodstuffs
69.437
31.8
50,713
23.2
425,333
311,557
28.2
20.7
15.5
.5
533,359
377,097
156,262
244,089
234,938
9,151
beverages
Agricultural
>>
20,742
12.3
11.3
33,149
31,080
15.2
14.2
Finished manufactures
19.017
1,726
38,459
5,530
32,929
36.018
Agricultural
Non-agricultural
331
.2
390
.2
35,687
21.2
43,514
19.9
Non-agricultural
Semi-manufactures
Agricultural
Non-agricultural
259,952
248,307
17.3
16.5
295,302
282,016
1.0
2.069
1.0
11,646
.8
22.8
40,817
4,654
18.7
291.849
19.4
2.1
42,175
249,674
288,601
3,284
285,317
16.6
13,286
359,994
56,883
303,111
19.1
trade
.
business
in
.
sales
3,434
331,099
36,163
43,904
16.6
20.1
2.8
18.9
»
Imports for consump. 168,683 100.0 218,370 100.0 1,506,512 100.0 1,767,277 100.0
54.0
55.7
954,368
84,502 50.1 116,799 53.5
838,641
Agricultural
46.0
44.3
46.5
812,909
667,871
84,1811 49.9 101,571
Non-agricultural.
the
in
volume
of
decrease
a
and
3.6%
was
group
and
of
building
District
Federal
Reserve
the output of factories
this
average,
mines
and
with
compared
as
88
in
.
District
as
the
from
whole
a
sale
compare
favorably
farm
products
has
of
been
.
showed
marked
a
improvement during September,
wholesale was not quite as
large as seasonal expectations
both continue to show marked gains over a year ago. . . .
at
Manufacturing
Factory activity has continued
for manufactured
a
year
the
sales
ago,
volume
of
.
.
in
at
products again
have
been
unfilled
fairly
a
high level, and the demand
has increased seasonally.
Compared with
larger.
Reports indicate that
expanded in the month and over last
considerably
orders
has
.....
manufactures
September
productive
in
as
activity,
the
which
at
88%
of
the aggregate maintained
in
previous
is
year-and
last
three yers.
two
adjusted
the
months.
for
1923-25
seasonal
average,
substantially
above
about the
This
Bank's
changes
or
the
18%
and
of
the
of
working
higher
level
same
index
than
in
previous
j
The Oct. 31
Federal
(Cleveland) District
"Monthly Business Review" of the Cleveland
Reserve
Bank
states
that
"trade
and
industrial
activity in the Fourth District in late September and early
October continued at
approximately the same levels as a
month previous.
Gains over last year were evident in
nearly every line, and in some instances production was at
record
high levels," according to the report, which further
said:
In
of
the
second
tiie steel
rapidly
tions
the
as
dropped
the
reported
month
in
each
that
Other
of
lines
of
being
up
Favorable
time
September
represented,
and
the
however,
assemblies
in
in
four
gains
the
the
not
were
operating rate
increasing aa
Steel
season.
sales
retail
the
in
also
mill
about
the
continued
September.
.
.
over
sales
in
of
.
in
period
same
opera¬
steel
scrap
August
were
available, except
are
activity.
store
than seasonal.
in
were
figures
resumption
steel
mill
....
employment
the
corresponding
greater
trade
31% in
in
department
in
was
months.
for which
chiefly
increase
field
than
August
October
October,
auto
earlier
city of the district
larger
over
of
and
expected
first
distribution
20%
increase
weeks
Pittsburgh, Youngstown and Wheeling, and
the
These
the
nearly
cate
at
for
parts plants
In
third
industry
down
were
In
and
industry declined
operations
.
of
at
.
September
1935,
were
the
and
Preliminary reports indi¬
volume
as
good volume,
in
September.
furniture
store
.
weather
through September and the greater part of October
beneficial to late-maturing crops in this district, and the season
somewhat better than expected earlier in
the year.
Estimated
farm cash income is larger than in
several seasons.
was
very
334.533
.2
3.3
19.6
21.4
2.1%,
was
Massachusetts
well
..
.
Income
years.
wouldi warrant;
sales
&
which
Philadelphia
1923-25
ago.
conditions
previous
Retail
auto
Crude materials
a
reported in each of the 11
lumber
the
index covering
to
year
consistently larger.
MaBsillon.
Imports
for
r/V sumption—
in
in
larger than
were
in
group,
the
to
adjusted
relative
and
Agricultral
prices
Domestic exports-
was
In stating this, in its Nov. 1 "Busi¬
Review," the Bank also said:
ness
49.7
.2
286,951
846,129
3,633
corresponding
there
year
of coal and crude oil."
.2
16.4
47.7
the
England mills usually
this
maintained," according to
the Federal Reserve Bank of
Philadelphia, which reports
that
"industrial production during
September showed a
slight improvement over August, owing to increased output
24.5
Crude foodstuffs--.
Increases
was
Fourth
35.0
9.8%
(Philadelphia)
activity
Cent
68,670
New
but
establishments
amount
coal
Third
Business
Domestic Exports—
Crude materials
retail
an
gain
days, continued
1936
Per
exceeded
in
in
1936,
22.1%.
Production of
Per
April-September,
...
September
1936
Per
wool
raw
September,
New
2,614 bales
employment from August to September
of
major divisions except the
year.
1935
months,
with
consumption.
average
2.8%.
payrolls,
amounted
level
Class
six
consumption
and
$18,871,540 in September, 1935.
{Value in 1,000 Dollars)
Nine Months Ended September
August
increase in
average
SEPTEMBER, 1936
Month of September
the
cotton
basis in
average
compared
as
13%
were
to the Massachusetts Department of Labor and Industries,
was an increase of 2.0% in the number of wageemployed in representative manufacturing establishments in Massa¬
chusetts as compared with August, and a
gain of 0.3% in the amount of
aggregate weekly payrolls.
During the 11-year period, 1925-35, inclusive,
This
The
of
bales
daily
a
on
September
.
According
rose
Analysis of Imports and Exports of the United States
for September
3,632
>
.
production,
representing
during
.
consumption
each
daily
factors
earners
September
7,435,782
ago.
Consumption of
the
the
England
year
to
average
1935.
in
a
cotton
In
in
New
during September there
tiie
1932
1935.
between
increases
The
7,762,513 + 11.6
8,664,110
8,025,886
8.375,493
8,336,990
8,532,355
8,640,147
9,163,490
9,275,973
Feb
March
1935
1936
September
daily
of
month
decline
in
mills amounted
inclusive,
and
of—
the
sales
store
During September
P. C.
Month
reported that the level of general business
with
contrast
department
1929
larger than in
Aug.
(Boston) District
"Monthly Review" of Nov. 1 the Federal Reserve
customary seasonal changes, with minor decreases reported
in most of the major activities."
The Bank added:
Ch'ge
1935
1936
its
activity in New England during September "was moderately
lower than in August after allowances had been made for
Weekly Data for Previous Years
in Millions of Kilowatt-hours
P. C.
Week of—
.
St.
Reference to the New York Re¬
issue of the "Chronicle":
11.1
20.1
Rocky Mountain
U
Boston,
are
Chicago,
17.7
Southern States.
w
v
remarks
Atlanta,
Bank's reports on chain
indexes
10.3
Middle Atlantic
Central Industrial
following
Richmond,
York) District ap¬
peared in our issue of Oct. 31, pages 2748-2749; that Bank's
Oct. 10, 1936
17. 1936
the
Cleveland,
San
wholesale
Week Ended
8.8
in
covered
Philadelphia,
OVER PREVIOUS YEAR
Week Ended
Reserve
We give below excerpts from the monthly reports on busi¬
of the various Federal Reserve banks.
The Reserve
serve
Week Ended
Major Geographic
Various
ness
The Institute's statement follows:
PERCENTAGE INCREASE
Conditions in
Districts by Federal Reserve Banks
Electric
1935.
of Business
Summary
1936
7
Nov.
turned
out
Fifth
According
"business
October
same
to
in
the
the
continued
time
last
(Richmond) District
Federal
Fifth
Reserve
District
in
Bank
of
September
to
run
well
ahead
year,
and
also
showed
of
Richmond,
and
business
gains
fully
early
at
up
the
to
Financial
143
Volume
levels over trade in recent months this year."
From the Bank's Oct. 31 "Monthly Review" the following
seasonal
is also taken:
■
September normally witnesses
activities
commercial
business
as
conditions
Employment
and there was some
ago,
October.
fall
industrial and
sharp upturn in many
a
expectations.
this year
and
begins,
trade
to or above
up
was
,.
„
.
expansion
in
than those of a year
further improvement during September and early
notably better
continue
Demand
retail
increased operations in September,
of the large out¬
mills
put, unfilled orders at the mills increased early in October.
.
Retail
trade
as
reflected
in
department store sales
was
than
September
trade
wholesale
the
in
all
in
month
same
lines
data
are
better
6.7%,
in
and
available compared still
The agricultural outlook in
Not only were cotton
trade.
1935,
increasing
year,
production forecasts raised by the Department
and tobacco
of Agriculture,
Other
crops which were harvested in the fall turned out somewhat above earlier
estimates
in most instances, and favorable weather for development of
late crops and for harvesting overcame much of the handicap from a late
but
cash
these two leading
prices for
crops
the spring and lack of sufficient
in
start
Sixth
also inclined upward.
rain in the summer.
improvement over earlier
higher than at
the corresponding time of other recent years," the Federal
Reserve Bank of Atlanta, in its Oct. 31 "Monthly Review,"
seasonal
noted:
retail trade has been
1936,
from
May to July
14.1% greater than in that part of 1935.
smaller, and the increase from July to
was
September was greater than the usual seasonal movements, and the index
of daily average sales, after adjustment for the seasonal trend, increased
for each of the past five months from 96.3% of the 1923-25 average for
in this series.
The
79 firms, increased
26.6% greater than a
year ago, and for the first nine
months of the year has been 17.2%
greater than in that part of 1935.
The September index of wholesale
trade is higher than for any other month since November, 1929.
.
.
.
Further gains from July to August are indicated in the latest available
figures of employment and1 payrolls.
Consumption of cotton in Georgia,
Alabama and Tennessee amounted in September to 206,427 bales, 9.8%
larger than in August, 43.8% greater than in September, 1935, and larger
than in any other month, except June, 1933, in available records.
April
123.2%
to
of
further
from
September,
for
wholesale
volume
trade,
new
a
based
upon
level
high
reports
August to September by 12.4%,
While mild weather had
from
(Chicago) District
^"With the beginning of fall, an accelerated rate of outpuo
wai noted in several manufacturing as well as food-producing
industries of the Seventh Federal Reserve District," accord¬
ing to the Federal Reserve Bank of Chicago, which said that
of the gains were "contrary to trend for the season,
while other industries were maintained at the comparatively
some
high level of activity ithat prevailed throughout the summer
months."
The Bank also had the following to say in its
September and
benefit
water
sales
planting
tobacco
fall
date substantially in excess of the cor¬
and sales volumes for the year to
demand for steel maintained
heavy
foundries recorded
further decline.
a
only gained more than
started
seasonally over August but were well above
drop in new building
September, but the volume continued to exceed
in
considerably the level of other recent years.
Other industries to
reflected in their payrolls, were wood
products, chemicals, and paper and printing.
Industrial employment in
the aggregate increased slightly during the month, while payrolls declined
record
less
expansion in September, as
usual.
than
but trade was well naininated during Sep¬
tember, after allowance for seasonal influences.
"Current
indications point
toward
agriculture than in
grains was generally small.
Oct. 1 forecasts
production were raised over those of a
earlier; practically all of the
Seventh District corn crop is now safe
frost.
and electrical supply
the wholesale drug, hardware,
and gains over a year
Wholesale grocery sales, however, showed a contraa month earlier and were smaller than in September
trades was greater than seasonal
substantial.
seasonal recession from
trades recorded above-average
expansion in September, and the gain in the retail furniture trade was
about average; exceptionally large increases were shown over the same month
The department store and retail
last year.
of
Industrial
than seasonally, while in
Oregon the adjusted index advanced, reflecting increasing canning activity.
employment in California declined slightly more
^Wholesale distribution of automobiles in the Middle West again reflected
production trends in September, being less than 25% of
the August
Although sales of new cars at retail likewise
volume.
they continued to be considerably heavier than a year ago,
carsjnainatined
a
declined further,
and those of used
Among the measures of trade activity seasonally adjusted
adjusted indexes of department store sales and railway freight carloading
increased.
.
.
.
Market conditions continued favorable for Twelfth
to
and
aided
St.
the
Louis
and
attained
recession
in
a
was
was
"continued
at
an
by wide margins the highest levels of the
Despite the fact that the usual summer
noted
little in
evidence
this
year,
seasonal expan¬
lines was earlier
and more
The foregoing
by the Bank in its "Monthly Review" of Oct. 30,
large majority
marked than
which
Reserve Bank,
the steady improvement of recent months
movement.
recovery
sion
Federal
in
the
also said:
of
preceding four years."
Total production has ex¬
had been harvested by Oct. 1.
season's crops
ceeded forecasts made earlier this season
season.
■
and is greater than it was last
.
+—:—
of Labor Reports Wholesale
United States Department
Commodity Prices Up 0.1% During Week Ended Oct. 31
Wholesale commodity prices
advanced 0.1% during the
ending Oct. 31, according to an announcement made
Nov. 5 by Commissioner Lubin of the Bureau of Labor
Statistics, United States Department of Labor. "The allcommodity index rose to 81.2% of the 1926 average," Mr«
Lubin said.
"The index is 0.1% below a month ago but
week
the corresponding y^eek of la3t year."
1.8% above
Mr.
Lubin continued:
textile products,
was
attributable in the main to advances in the
metals and metal products, building materials,
Farm products, hides and leather
and miscellaneous commodity groups.
products, and chemicals and drugs
ucts is
now
chemicals
higher than a year ago.
drugs
and
to
8.4%
except foods and textile prod¬
The increases range from 0.5% for
products. Food prices show a
for farm
the corresponding week of last year and textile prod¬
decline of 1.8% from
1.5% lower.
ucts are
Wholesale prices
82.0.
group
remained at 81.7, representing a decline of 0.4% from
October.
the first week of
index
the
for
large
group
of "all
commodities other than farm
products," reflecting the trend in prices of
advanced
month's
The semimanufactured articles group ad¬
The index for the finished
and is 0.4% above a month ago.
vanced 0.3%
products
of raw materials declined 0.1% to equal last
index,
corresponding
The
Fuel and lighting materials
declined.
goods remained unchanged.
and housefurnishing
0.1%
to
equal its Oct. 3 level.
non-agricultural commodities,
This index is 0.4% above a
year ago.
products and processed
Industrial commodity prices
all commodities other than farm
The group of
are
0.1% during the week.
month ago and 2.3% above a year ago.
0.5% above a
The following
is also from the announcement issued Nov. 5
by Commissioner Lubin:
prices of'raw silk and smaller increases in cotton
worsted goods, and raw jute caused the index for the
Average prices of tire fabrics and
lower.
Clothing and knit goods prices remained steady.
index for textiles—71.6—is 1.3% above that for the week
Sharp advances in
goods, woolen and
textile
products group to rise 0.6%.
burlap
This
were
week's
ending Oct. 3.
Wholesale food prices rose
0.2% largely as a result of increases of 2.6%
Higher prices were
dried apricots, raisins, canned beans, ba¬
nanas, fresh beef, cured pork, coffee, oleo oil, raw sugar, edible tallow,
and cottonseed oil.
Meats declined 0.7% and cereal products were down
vegetables and 0.8% in dairy products.
reported for butter, macaroni,
0.6%.
reported were
flour, hominy grits, white cornmeal, canned pears,
fresh pork, veal, dressed poultry, lard, and coconut, corn, and
Individual food items for which lower prices were
mutton,
Eighth (St. Louis) District
the Eighth (St. Louis)
industry in
accelerated pace
District agriculture
while unusually warm dry weather
harvesting but retarded fall plowing and seeding.
The bulk of this
during September and early October,
cheese, oatmeal, wheat
substantially wide margin over last year.
District
during September and the first half of October, according
Trade
the record high point which it
The index for California remained almost at
reached in July.
in fruits and
1935.
seasonally lower in September
erately because of a reduction in nonresidential construction.
HvSeptember improvement over August in
ago were
larger income for Twelfth District
since 1930," the Bank said,
year
Likewise, the value of building permits declined mod¬
foods also advanced
...
The September movement of
from
a
any
The volume of industrial production was
than in August.
of Seventh District corn and potato
month
the cotton and
expected earlier
clined slightly,
The movement of building
mainatined through the month.
well
operations of
Shipments from furniture factories
There was a noticeable
September.
was
by
announced on
the Twelfth District de¬
Oct. 24 that industrial activity in
Each of the 10 major commodity groups
that
industry in the Chicago District at a high level through September and well
into October, and September pig iron production was the largest for any
month since June, 1930.
Activity at malleable casting foundries expanded in
September as did that at stove and furnace factories, although steel casting
UA continued
materials
derived
was
The Federal Reserve Bank of San Francisco
responding months of 1935.
for
benefit
both of which are turning out better than
fjThe rise in the index
not
month.
While the moisture came too late to
it served to revive pastures, supply stock
late gardens, and put the soil in condition for
season.
foods,
trade, September sales
expanded more than usual over a month earlier and gains over the month
last year were large.
Thus, the third quarter of 1936 closed with production
reporting groups of wholesale and retail
construction
larger
crops,
Some
grains.
crops,
the
being
as
this
early
important
deficiencies, help
many
"Business Conditions Report" of Oct. 28:
average
seasonal
all wholesaling and! jobbing
September
Pin
0
tendency to retard the distribution of
a
lines investigated by this Bank
than a year earlier, and with
the expection of groceries, electrical supplies and furniture, which recorded
slight declines, all showed increases over the August volume.
...
As a whole, the agricultural situation
underwent improvement during
the
past six weeks.
The betterment was attributable mainly to the
distinct breaking
of the devastating drought by abundant rainfall in
was
Seventh
most
mining,
coal
adding:
September sales by reporting retail firms increased! 15.7% over August,
and were 22.9% greater than in September last year.
For the nine months
The decline
further
number of workers employed in
Twelfth (San Francisco) District
months, and to indicate a level of activity
of
large scale and,
a
on
.
.
(Atlanta) District
reflect
to
was
expansion in activities.
further upward dur¬
other activities,
transportation and retail, also in¬
indicating
reports
the
agriculture,
.
merchandise,
in
reporting that "business and industrial statistics for
the Sixth District continued in September with very few
exceptions
October
period, and
including
In
also
early
ing the
reported
.
.
improved materially last month.
District
the Fifth
which
for
favorably with September,
more
last
descriptions
loadings and statistics of wholesale and
reporting to this Bank, distribution in September reached the
firms
with
and cotton con¬
sumption set a new record for that month, but, in spite
textile
all
of
freight-car
by
highest volume for the month since 1930.
Industrial production increased
in more than
the ordinary seasonal amount from August to September,
creased.
.
Cotton
merchandise
for
indicated
as
Employment and payrolls at district factories moved
.
.
2923
Chronicle
the index of food prices advanced during the week,
month ago and 1.8% below a year ago.
electrolytic copper, pig lead, and copper and brass
manufactures caused the index for the metals and metal products group
to advance 0.1%.
Agricultural implements were down 1.4% due to lower
olive,(Oils. ;Although
it
is/0.8% below
Rising
prices
a
for
prices for harvester
prices of iron
fixtures
W
threshers and pig tin continued to decline.
and steel items, motor vehicles,
Average
and plumbing and heating
did not change.
Higher
prices for lumber and certain paint materials resulted in the
building materials group advancing to 87.4, the highest level
index for the
reached since July,
were
firm.
lower.
1934.
Average prices of sand, gravel, lime, and lath
Brick and tile, cement
and structural steel prices remained
2924
Financial
Wholesale prices of cattle feed advanced 4.1% during the week.
rubber
Cylinder oil and paraffin
2%.
rose
advanced slightly.
wax
Chronicle
Crude
Auto¬
soda bicarbonate, certain
copra,
oils and menthol caused the index for the chemicals and drugs
group to
decline 1%.
Average prices of packers prime tallow and tankage were
higher.
posted at 90c. a barrel, while Humble lifted Saxet crude,
and Refugio heavy crude to 95c., with Talco crude
moving
up to 65c.
Mirando and Duval crude were lifted to 90c.
by both Humble and Texas, with both companies advancing
Mixed fertilizer prices were firm.
Following the pronounced increase of last week, the index for the hides
and leather products group
and
chrome
declined 0.5%.
Prices of kipskins, sheepskins,
Cowhides and calfskins advanced.
calf leather fell sharply.
Shoe prices
and other leather products such
gloves, belting, harness,
as
Taft crude 5c. to 95c.
and luggage were steady.
A decrease of
to decline 0.4%.
lambs, and live poultry fell sharply.
Grains,
the other hand, rose
on
barley,
0.7% below
a
heavy and Placedo
heavy at 90c., initial postings for both fields. Price schedules
also were established for the first time by the
company in
Taft and Heyser light, set at 95c. and $1.15,
respectively.
Market prices of hogs, ewes,
Cotton and potatoes also declined.
1.7%.
Higher prices
reported for
were
oats, rye, wheat, cattle, wethers, eggs, oranges, alfalfa hay,
corn,
seeds, dried beans, and wool.
a
month ago.
This week's farm products index—83.9—is
The Humble announcement disclosed that
Plymouth crude
class, an initial posting
setting it at 88c. for 18 gravity and below, with an added
2c. differential for each degree of gravity,
making the top
The farm products group index is 8.4% above
has been included in the Gulf Coast
year ago.
A slight increase in prices of bituminous coal did not
for the fuel and lighting materials group as a whole.
Prices
of
anthracite
coal,
and petroleum
coke,
affect the index
It remained at 77.3.
products remained
of 44 gravity and above at $1.22.
Flour Bluff crude also was placed
un¬
changed from last week's level.
The index for
the
housefurnishing goods group remained at 83.2% of
Wholesale prices of both furniture and furnishings were
the 1926 average.
stationary.
of the
Bureau
of Labor
Statistics includes
784
price series
weighted according to their relative importance in the country's markets
and is based
The
the average
on
for the year 1926
as
100.
following table shows index numbers for the main
of
groups
com¬
modities for the past five weeks and for Nov. 2,1935, Nov. 3,1934, Nov.
4,
1933. and Nov. 5, 1932:
(1926=100.0) *
Oct.
Oct.
31
Commodity Groups
Oct.
24
Oct.
17
1936
1936
Oct.
10
1936
Nov.
3
1936
Nov.
2
Nov.
3
1936
1935
4
1934
1933
Nov.
5
1932
All commodities
81.2
81.1
81.2
81.2
81.3
79.8
76.0
70.9
63.9
Farm
83.9
84.2
84.7
84.1
84.5
77.4
69.9
55.5
45.9
products
Foods
82.3
Hides and leather products.
Textile products
82.1
82.5
82.6
83.0
83.8
75.4
64.2
96.0
96.5
95.9
96.1
95.7
95.1
84.4
87.6
71.6
71.6
_
71.2
70.9
70.9
70.7
72.7
69.5
76.1
54.2
59.3
in the same class with
by the Humble schedule,
posting 30 to 30.9 gravity at $1.04, with an added 2c.
differential for each degree of gravity, making the
top
gravity and above at $1.24.
Other crude oil price changes made during the week in¬
cluded a 5c. increase in the price of West
Kentucky crude
to $1.28, effective as of Nov. 1, posted on Nov. 4
by the
Ohio Oil Co.
Earlier in the week, the same company had
lifted the price of Rock Creek, Wyo., crude 33^c. to
$1.08^
a barrel, also effective Nov. 1.
Other adjustments made by
the company, included a reduction of 10c. a barrel in Grass
Creek, Wyo., crude to 62c. a barrel, posted Nov. 4 and
Anahuac
I
The index
The Texas Co. also included Greta
crude in the increase, lifting it to 95c.
Humble's new postings put Heyser
3% in livestock and poultry prices caused the index for
the farm products group
7, 1936
sidiary of the Standard Oil Co. of New Jersey.
Other com¬
panies to meet the boosts effective as of Nov. 1, included
Magnolia, Socony-Vacuum unit, the Texas Co., and other
majors operating in the affected fields.
"Under Magnolia's new schedule, Mirando crude will be
mobile tire and tube and paper and pulp prices were unchanged.
Weakening prices for denatured alcohol,
Nov.
,
effective
and
as
Dickinson
crudes
of the first of the month.
Stanolind Oil & Gas
Co., subsidiary of Standard of Indiana, reduced prices in
three areas in Wyoming.
The changes, effective Nov. 4,
cut Frannie light crude 8c. to 70c. and Frannie
heavy 10c.
72.8
to 62c.
86.4
86.3
86.4
86.4
86.3
85.9
85.5
82.5
79.9
Creek
materials
Chemicals and drugs..
87.4
87.3
87.2
87.1
86.9
85.6
84.9
83.8
70.7
81.5
82.3
81.9
81.7
81.7
81.1
76.9
72.6
72.4
Housefurnishing goods
83.2
83.2
83.2
83.2
83.2
82.0
82.8
81.3
72.5
Miscellaneous
71.9
71.5
71.3
71.0
71.1
67.5
69.6
65.3
63.8
Fuel amd lighting materials.
Metals and metal products.
77.3
.
Building
Raw materials
77.3
77.2
77.3
77.1
74.3
74.9
*
74.6
*
*
*
*
*
*
*
82.1
82.2
Semi-manufactured articles..
76.6
76.4
76.4
76.3
76.3
*
*
Finished products
All commodities other
81.7
81.7
81.8
81.9
82.0
♦
*
80.6
80.5
80.5
80.6
80.6
80.3
77.3
74.2
67.8
80.2
80.1
79.9
79.9
79.8
78.4
77.8
77.2
70.3
farm
All
82.9
other
'
than
farm products and foods..
*
82.0
than
products
commodities
81.8
Not computed.
Weekly
Report
of
Lumber Movement,
Oct. 24, 1936
Week
Ended
The lumber industry during the week ended Oct. 24, 1936,
#
stood at 70%
73%
of the 1929 weekly average of production and
1929
of
shipments. Reported new orders continued
slightly in excess of output.
National production reported
during the week ended Oct. 24 of 5% fewer mills was 1%
below
revised
production figures of the preceding week;
shipments were 10% below and new orders were 5% below
that week, according to
reports to the National Lumber
Manufacturers Association from
regional associations cov¬
ering the operations of important hardwood and softwood
mills.
Reported new business during the week ended
Oct.
24
was
1% above production; shipments were 9%
Reported new business of the previous week
5% above production; shipments were on a par with
below output.
was
output.
Production in the week ended Oct. 24
was
The Association's report further showed:
year.
During the week
ended
Oct.
24, 580 mills produced 257,759,000 feet of
combined; shipped 233,714,000 feet; booked
260,156,000 feet.
Revised figures for the
preceding week were:
Mills, 610; production, 260,461,000
feet; shipments, 260,656,000 feet;
orders, 272,871,000 feet.
hardwoods
orders
and
of
Southern
Northern
Oct.
softwoods
pine,
West
hardwoods
Coast,
reported
Northern
orders
pine,
pine reported shipments and all but Northern
above the
orders
reported for the week ended
totaled
244,794,000 feet,
Shipments as reported)
mills.
10% below production.
or
and
hemlock reported
production
corresponding 1935 week.
Lumber
wood mills
feet,
hardwoods
production in the week ended
All
reporting softwoodl regions except California redwood and
pine reported orders above the 1935 week.
All except Northern
24.
Northern
same
Southern
above
Reports
from
102
hardwood
or
for
0.3%
the
Production
Oct.
24,
1936, by
497 soft¬
below the production of the
same
was
week
were
220,495,000
245,550,000 feet.
mills give new business
as
15,362,000 feet,
26% above production.
Shipments as reported for the same week were
13,219,000 feet, or 8% above production.
Production was 12,209,000 feet.
or
Identical
Last
week's
feet, and
a
214,495,000
feet
and
production of 465
year ago
feet
it
and
Mill
Reports
identical
softwood mills was 239,716,000
199,475,000 feet; shipments were, respectively,
180,149,000 feet, and orders received), 239,501,000
was
165,262,000 feet.
Petroleum and
Its
Products—Texas
Crude
Oil
Prices
Advanced—Cuts Posted in Other Producing Areas—
Texas Oil Control Rules
Upheld by State Supreme
Court—Daily Crude Average Optput Slips
Increases of 5c. a barrel in
prices in fields in Texas, which
furnish the heavy crude used in the manufacture of fuel oil
posted
on
Nov. 4, by the Humble Oil & Refining Co., sub¬
cut 10c. to 67c. and
was
Grass
Dissatisfaction with the action of the Railroad Commission
in
lowering the November maximum daily crude oil allow¬
able
more
than 100,000 barrels from October
among oil men
expected to break out in open dissension at the
in Texas is
monthly state-wide
oil and
gas
proration hearing
of the
Commission scheduled for Nov. 19.
Independent operators have not been backward in com¬
plaining of the lower production rate and a move to increase
the State's daily allowable to
1,200,000 barrels daily is
gaining supporters.
The current allowable, set after open
warfare among member-States of the Interstate
Compact
Commission over Texas' action in setting October
output
far above the Bureau of Mines' estimate had
threatened, is
1,109,000 barrels.
shown
by reporting softwood mills 20% above the corresponding
week of 1935;
shipments were 19% above and orders 45%
above shipments and orders of the
corresponding week last
Hamilton Dome crude
heavy a similiar amount to 62c.
Upholding the authority of the Texas Railroad Commis¬
sion, the State Supreme Court in mid-week ruled that the
Commission has the right, in the interest of conservation, to
control the production of oil wells and that the amount of
royalty on production should be determined by actual output
in the "orderly operation" of the wells and not on the basis
of potential production of the wells.
The Commission won
another victory in the State Court of Civil Appeals when the
Court's decision in the case of the Humble Oil &
Refining
Co. against the American
Liberty Oil & Refining Co., sus¬
tained the right of the Commission to grant
exceptions to
the rule for the spacing of oil wells.
Steadily moving into lower levels
drain
on
as a
result of the heavy
inventories to meet current
demand, stocks of for¬
eign and domestic and foreign crude hit a new 15-year low
on Oct. 24 at
291,846,000 barrels, off 692,000 barrels on the
week.
Domestic stocks were off 576,000
barrels, with
foreign crude holdings dipping 116,000 barrels.
Bids for the sale of royalty oil accruing to the United
States Government from leases
Salt Creek oil
of
field, Wyoming,
on
Government land in the
were
called for by Secretary
the Interior Ickes on Nov. 2.
The announcement dis¬
closed that sealed bids will be received in Mr. Ickes' office
until noon Dec. 1, 1936, from
responsible bidders for
pur¬
chases
beginning Jan. 1, 1937.
E. O. Thompson, Chairman of the Texas Railroad
Commission and of the Interstate Oil Compact
Commission,
will be one of the featured speakers at the 17th annual meet¬
ing of the American Petroleum Institute Nov. 9-12 in Chi¬
cago.
Col, Thompson will deliver an address on "Accom¬
plishments of the Interstate Oil Compact Commission" at
the first general session on Nov. 10. " Congressman Pettingill, a member of the Cole committee which investigated the
petroleum industry in 1934 for Congress, will speak on the
"Survival of Free Enterprise," at the Nov. 11
meeting.
Invitations have been sent to Governors of all
oil-producing
States to attend personally, or through their
representatives,
the sessions of the annual convention of the
Independent
Col.
Petroleum Association of America Nov. 30 and Dec. 1 at
Oklahoma City, Okla.
Members of the Interstate Oil
Compact Commission will be in session at the same time.
Boggs, President of the Western Petroleum Refiners
Association, will address the independent group.
Although suffering a sharp reduction in the Oct. 3 week,
daily average crude production held above the 3,000,000barrel mark, the American Petroleum Institute report disC. M.
closed.
Output
was
3,043,500 barrels, against tbe October
Bureau of Mines' estimate of
2,842,300 and actual outturn
last year
of 2,798,350.
Representative price changes follow:
4—Crude oil prices
Nov.
were
lifted
5
4—Ohio
Oil lifted
West
cents
Kentucky
basis, 3,040,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and In
pipe lines as of the end of the week, 57,982,000 barrels of finished and
a
barrel
crude
5
Grass Creek, Wyo., 10 cents to 62 cents; lifted Rock
a
daily during the week.
(Figures in Barrels)
B. of M.
Prices of Typical Crudes per Barrel at
(All gravities where A. P. I. degrees
$2.45
are
Average
Week Ended
4 Weeks
not shown)
S1.J0
1.15
Darst Creek
Illinois
1.28
Central Field, Mich..
Western Kentucky
1.28
Sunburst, Mont
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
Petroleia, Canada
.97
-
1.32
1.15
1.22
1.40
2.13
-
DEMAND
OIL
PRICES
ADVANCED-
RISING—INVENTORIES
SHOW
1936
1936
1936
1935
586,450
168,550
575,400
161,700
492,400
149,850
65,950
05,300
33,800
170,100
71,100
439,650
169,950
178,100
64,850
65,300
33,800
169,550
71,500
438,600
170,900
180,200
61,800
65,250
33,850
169,100
70,600
439,100
170,000
179,700
55,800
60,250
31,600
147,850
44,450
429,550
| 254,650
1,193,950
1,194,700
1,189,400
1,024,150
75,450
157,800
76,150
157,550
76,400
157,250
33,000
128,100
189,300
233,250
233,700
233,650
161,100
29,600
106,300
30,000
37,300
14,200
4,300
74,200
28,100
117,050
31,200
40,400
15,750
4,950
83,100
28,150
114,600
30,450
41,650
15,500
4,900
80,900
28,150
114,850
30,300
41,000
15,850
4,900
81,550
29,850
111,100
55,650
36,350
12,900
4,250
56,750
2,307,000
2,475,900
2,499,550
2,476,750
2,134,350
535,300
567,600
583.500
582,000
664,000
2,842,300
3,043,500
3,083,05Q
3,058,750
2,798,350
559,900
155,000
Kansas...
Panhandle Texas
North Texas
West Central Texas
East Central Texas
East Texas
Southwest Texas
ONLY
NOMINAL
GAIN
DESPITE
REFINERY
INCREASED
Ended
Nov. 2
564,750
163,400
(October)
Oklahoma.
West Texas
PRODUCTS—HEATING
Oct. 24
Oct. 31
culations
Eldorado, Ark., 40
Rusk, Texas, 40 and over
Week
Ended
Oct. 31
Int. Cal¬
1.42
Mid-Cont't, Okla., 40 and above.. 1.18
Winkler, Texas...
.85
Smackover, Ark., 24 and over... .75-.80
Actual Production
Dept. of
Weils
1.15
_
FUEL
PRODUCTION
DAILY AVERAGE CRUDE OIL
Hamilton
Dome and Grass Creek fields in Wyoming
MOTOR
95.9% of the potential
Bureau of Mines basis, produced an average of 700,000 barrels
Creek, Wyo., crude,
Nov. 4—Stanolind cut crude prices 5 to 10 cents in Frannie,
REFINED
and fuel oil.
charging capacity of all cracking units indicates that the industry as a
whole, on
SI.28; cut
to
cents
gas
Cracked gasoline production by companies owning
Texas fields
in
3H cents to SI.08)3 a barrel.
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
lof
unfinished gasoline and 114,307,000 barrels
<
furnishing heavy crude by aU major companies, effective Nov. 1.
Nov.
2925
Financial Chronicle
Volume 143
Coastal Texas
OPERATIONS
Total Texas.
1,106,900
Seasonal
strengthening of the fuel and heating oil markets
as cold weather stimulated
consumption with the accompany¬
ing rise in demand featured developments in the refined
product markets.
Standard Oil Co. of New Jersey Wednesday advanced light
fuel oil at terminals and in tank-cars
at New York to
4%c., at Baltimore the same amount, and at Norfolk and
Charlestown %c. to 4%e. a gallon.
The company also lifted No. 1 range oil at Norfolk,
Charleston and Wilmington ^c.a gallon to 4Other
companies operating in the areas affected by the Standard
advances, posted corresponding increases.
Better-than-due consumption of motor fuel was reflected
in a gain of only 98,000 barrels in inventories of finished and
unfinished gasoline,
j Stocks of gasoline at refiners and bulk
terminals, the American Petroleum Institute reported, rose
171,000 barrels to 51,904,000 barrels.
This gain was par¬
tially offset by a decline of 73,000 barrels in unfinished
gasoline stocks to 6,058,000 barrels.
An increase of 1.2% in operating rates at the nation's
refineries lifted the total to 78.8% of capacity.
Daily
average runs of crude to stills of 3,040,000 barrels, up 50,000
barrels, reflected the rising trend in fuel oil production.
Inventories of gas and fuel oil rose 101,000 barrels to 114,307,000 barrels.
Representative price changes follow:
Nov. 4.—Standard of New Jersey advanced No. 1 light fuel oil
He. at
North Louisiana..
Coastal Louisiana.
Total Louisiana.
Arkansas
Eastern.
Michigan
Wyoming...
Montana
Colorado
New Mexico.
Total east of California-
California
Total United States
Note—The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED OCT. 31,1936
(Figures in thousands of barrels of 42 gallons each)
Crude Runs
Stocks of Finished and
to Stills
Daily Refining
Capacity
Unfinished Gasoline
Stocks
Of
Unfin'd
tial
Total
Rate
East Coast..
612
Appalachian.
Ind.,Ul.,Ky.
Okla., Kan.,
154
146
475
457
453
P.
P.
Oper¬
At Re¬
age
Reporting
ated
fineries
C.
Terms., Nap'tha
Distil.
<Ssc.
810
61.6
849
665
4,636
1,067
3,120
285
97.4
713
6,404
68.8
410
3,512
1,862
8,451
2,344
94.8
90
96.2
445
264
New York and Baltimore and 4%c. at Norfolk and Charleston, in terminals
384
84.8
330
160
48.5
115
71.9
2,992
1,196
2,205
Inland Texas
68
165
Texas Gulf..
732
710
97.0
623
87.7
4,940
277
1,679
La. Gulf
169
74.2
197
No. 1 range oil at Norfolk, Charleston and Wilmington
Mo
Oil
9,107
87.3
and in tank
cars
Fuel
5,021
534
612 100.0
and
C.
Daily
Aver¬
Poten¬
Gas
in
Finished
District
13,029
lifted
He.
U. S, Gasoline
(Above 65 Octane). Tank Car Lots, F.O.B. Refinery
New York—
-.05)4
Colonial Beacon..$.0734 New Orleans. .06M-.06)i
Texas
.05)4
.07)4 Los Ang., ex.
Gulf
Gulf ports
.07
.05)6
Shell Eastern
Tulsa
.07
.06
-.06)1
New York—
Standard OH N.
J.S.0654
Socony-Vacuum..
.07
Tide Water Oil Co
.07)4
.07)4
Warner-Qulnian.. .07)4
Richfield OIKCal.)
Chicago
$.05
N. Y. (Bayonne)
California 24 plus D
...$1.15
Diesel 28-30 D
(Bayonne)
$1.00-1.25
1
zl Brooklyn
F.O.B. Refinery
46
94
703
852
789
92.6
502
63.6
8,765
2,ill
1,237
73,290
3,553
89.9
2,799
78.8
423
401
241
30,106
2,641
18,473
704
5,636 110,683
422
3,624
3,954
3,941
3,040
2,990
32,747
32,249
19,177
19,484
6,058 114,307
6,131 114,206
z2,746
Reported
27,280
17,093
5,425 109,952
Est. unrepd.
Oct. 31 '36
-.03)4
,
3,954
3,941
U.S. B.ofM.
$ .95
Phlla., Bunker C
x
Estimated Bureau of Mines basis,
z
October, 1935 daily average.
1.05
or
Preliminary
Terminal
| Tulsa M. G. I.$.02H-.02M
..$.195
.17
Detroit
—
Denver..
.17
I
Minneapolis
.195
New Orleans
.23
Philadelphia
Pittsburgh
.17
.195
.18
.19
...
Buffalo
175
Jacksonville
.20
San Francisco
Chicago
175
Houston
.18
St. Louis...
Los Angeles......
of
Estimates
October
Coal
Production
Show Large Gain Over Preceding Month
According to preliminary estimates made by the United
bituminous coal output during the
month of October, 1936, amounted to 42,935,000 net tons.
This compares with 37,200,000 tons produced in the pre¬
ceding month, and 37,768,000 net tons during October, 1935.
Anthracite production during October amounted to 4,253,000
net tons, an increase from the 3,764,000 tons produced in
September, but a decline from the 4,279,000 tons mined in
October, 1935.
The Bureau's statement follows:
States Bureau of Mines,
$.201
.21
Cleveland
.167
....
45
679
M.G.I....$.02)4-.02)4 I
Cincinnati.
$.167
Newark
Boston..
141
81.7
xOct. 31 '35
Gasoline, Service Station, Tax Included
New York
77.8
49
xOct.24'36
New Orleans C
(Chicago,
27 plus....$.04
z
453
56
61.9
1.65
Gas Oil,
N. Y.
887
90.0
60
$.03Ji
Fuel Oil, F.O.B. Refinery or Terminal
Bunker C
121
72
97
xEst.tot.U.S.
(North Texas.$.03)4-.03)4| New Orleans.
$.04)41 Los Angeles.. .03)4-.05
( Tulsa
.03
(Bayonne)
96.4
80
Rocky Mtn.
California...
...
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
163
No. La.-Ark.
was
.175
194
rNot Including 2% duty city sales tax.
Daily Average Crude Oil Output Drops 39,550 Barrels
In Week Ended Oct. 31
The
American
Petroleum
Institute
estimates
Averaoe per
that
the
crude oil production for the week ended
Oct. 31, 1936, was 3,043,500 barrels.
This was a decline
of 39,550 barrels from the output of the previous week.
The
current week's figure remained above the 2,842,300 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during October.
Daily average produc¬
tion for the four weeks ended Oct. 31, 1936, is estimated
at 3,058,750 barrels.
The daily average output for the week
ended Nov. 2, 1935, totaled 2,798,350 barrels.
Further
details, as reported by the Institute follow:
daily
Imports of petroleum for domestic
use
and receipts in bond at principal
daily
average
of
117,714 barrels,
1936
compared with a
daily
average
(Net Tons)
(Net Tons)
42,935,000
4,253,000
239,700
27
27
1,590,000
163,600
8,878
37,200,000
3,704,000
163,500
Anthracite
Beehive coke
25
1,488,000
25
150,600
6,288
37,768,000
4,279,000
90,000
27
to End
of
26
345,526,000
42,161,000
1,315,000
Sept., 1936 (Revised)—
Bituminous coal
Anthracite
Beehive coke..
26
Oct., 1935—
Bituminous coal
...
Anthracite
Beehive coke
—
26
27
1,399,000
164,600
3,333
300,532,000
43,223,000
714,500
Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the year.
of
Receipts of California oil at Atlantic and Gulf Coast ports for the week
31 totaled 73,000 barrels, a dally average of 10,429
barrels,
compared with a daily average of 37,714 barrels for the week ended Oct. 24
and 21,786 barrels daily for the four weeks ended Oct. 31.
Reports received from refining companies owning 89.9% of the 3,954,000estimated daily potential refining capacity of the United
States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines
Days
(.Preliminary)—
Bituminous coal
September
Anthracite
Shipments
Ago
4.12%
Below
a
Year
the four weeks ended Oct. 31.
barrel
October
(Net Tons)
Oct.,
Day
31 totaled 824,000 barrels,
200,857 barrels for the week ended Oct. 24 and 165,786 barrels daily for
ended Oct.
Calendar Year
No. of
Working
Working
Month
average gross
United States ports for the week ended Oct.
a
Total for
Shipments
of anthracite
for the month of September
1936, as reported to the Anthracite Institute, amounted to
3,439,663 net tons.
This is an increase, as compared with
shipments dining the preceding month of August of $522,286
net
when compared with September
decrease of 147,718 net tons, or 4.12%.
tons, or 17.90%, but
1935, shows
a
2926
Financial
Shipments by originating carriers
(in net tons)
are
Chronicle
month of 1935.
Shipments
rose
ber to 54,035 tons in October.
September
August
September
1936
1936
1935
1935
718,199
703,533
707,989
.289,181
373,318
451,102
651,941
677,090
569,995
337,725
466,481
442,540
394,599
375,536
187,463
135,952
438,588
472,904
176,354
Reading Company
Lehigh Valley RR
Central RR. of New Jersey..
Lack. & West.
RR—
Dela. & Hudson RR. Corp..
Pennsylvania RR
217,287
304,330
292,080
260,360
203,080
178,456
105,710
349,712
245,457
189,802
114,903
Erie RR.
August
•
1935.
The Institute's statement follows:
SLAB
279,464
232,916
287,950
248,969
143,391
112,609
ZINC
STATISTICS
(ALL GRADES)—1929-1936
(Tons of 2,000 Pounds)
Lehigh & New England RR.
Total
3,439,663
W
2,917,377
3,587,381
2,393,145
Production of Soft Coal Higher in Week Ended Oct. 24
—Anthracite Slightly Lower
Bureau
of Mines
in
Retorts
631,601
52,633
602,601
50,217
504,463
42,039
436,275
300,738
25,062
314,514
26,210
129,842
213,531
47,794
218,517
18,210
124,856
324,705
344,001
28,667
105,560
27,059
366,933
30,578
352,663
29,389
117,685
116,276
111,806
108,680
107,625
112,909
115,723
112,446
106,316
aver.
Total for year
Monthly
its weekly coal
aver.
Total for year
Monthly
Orders
End of
Period
During
End of
Period
Period
6,352
57,999
68,491
18,585
31,240
47,769
26,651
19,875
23,099
18,273
21,023
18,560
8,478
27,190
23,653
15,978
75,430
529
196
143,618
16
36,356
aver.
41
3
1932
Total for year.
Monthly
aver.
170
14
1933
8,305,000 tons.
production in Pennsylvania, during the week
Total for year.
ended Oct. 24 is estimated at 795,000 net tons.
This is a
decline of 169,000 tons from the preceding week, and com¬
Total for year.
Monthly
aver.
239
20
1934
Monthly
aver.
148
12
September
35,120
35,547
36,221
35,455
34,877
41,205
38,455
35,627
29,353
32,306
38,824
42,351
October
36,716
47,063
95,969
01
November
37.469
48,172
85,266
01
40,463
41,971
83,758
0.
431,412
35,951
465,659
38,805
January
41,917
46,468
79,207
0
February
36,228
39,918
75,517
0
March
42,483
38,159
79,841
0
January
February
last year.
The Bureau
of
March
bituminous
coal
and
4,172,000 tons of anthracite
produced during September, 1935.
During the calendar year to Oct. 24, 1936, a total of
335,581,000 tons of bituminous coal and 41,224,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 292,883,000 tons of soft coal and 42,556,000 tons of
hard coal produced in the same period of 1935. The Bureau's
statement follows:
Week Ended
Oct. 24,
1936 c
BItum. coal:
34,572
34,637
July
August
December
Oct. 17,
1936 d
:
_
Total for year.
aver.
0
33
0
3
Oct. 26,
1935
1936
1935
0
0
0
0,
9,710,000 9,662,000 8,305,000 d335581000 292,883,000 431,397,000
1,618,000 1,610,000 1,384,000
1,334,000
1,165,000
1,707,000
5
43,252
42,311
80,782
F Dally
795,000
132,500
781,000
130,200
41,224,000
164,600
42,556,000
169,900
59,584,000
237,900
56,000
aver..
964,000
160,700
54,200
9,033
24,200
4,033
1,260,000
697,700
2,736
5,563,900
21,819
Beehive coke:
^ Tot. for per'd
Dally aver..
9,333
4,941
a Includes lignite, coal made Into
coke, local sales and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel and coal
shipped
by truck from authorized operations,
c Subject to revision,
d Revised,
e Ad-
,47,367
,59,456
,51,183
32,341
38,205
*34,291
38,004
*33,726
43,977
81,710
37,922
*33,849
41,400
*36,657
41,048
*36,919
40,700
*36,934
41,308
*37,350
0
44,905
0
June
44,947
41,654
85,003
0
July
45,553
41,891
88,665
0
August
Tot. for per'd
,47,080
59
43,614
46,085
86,194
0
Penn. anth.: b
w
25,993
25,816
20,000
22,435
35,878
26,967
36,939
39,238
1936
April
1929
e
32,230
33,157
32,535
32,450
30,387
31,230
31,244
30,482
32,445
*30,529
32,934
*31,881
33,868
*33,080
35,126
*33,896
33,719
32,389
33,836
33,884
32,942
34,870
*30,988
34,777
♦31,324
36,650
*33,462
38,329
*34,298
23
May..
aver..
32,658
33,210
35,196
Calendar Year to Date
a
Tot. for per'd
Daily
April
May
June...
Monthly
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (IN NET TONS)
28,887
1935
with 781,000 tons produced in the corresponding week
tons
Unfilled
Retorts
for
Export
'
1931
with that of Oct. 24 amounted to
reported that a total of 37,200,000 tons of
soft coal and 3,764,000 tons of hard coal were mined during
the month of September.
This compares with 25,038,000
Average
Shipped Operating
1930
report showed that production of soft coal increased slightly
in the week ended Oct. 24. The total output is estimated at
9,710,000 net tons, a gain of 48,000 tons over the preceding
week.
Production during the week in 1935 corresponding
Anthracite
Period
35,135
33.468
36,735
35,329
Monthly
States
Period
End of
=
\
1929
Total for year
The United
Shipped
During
Stock at
During
V
.
(a)
Produced
Period
N. Y. Ontario & Western Ry.
pares
1936
7
from 51,847 tons in Septem¬
This latter figure also com¬
pares
with 47,063 tons shipped during October, 1935.
Inventories on Oct. 31 stood at 68,892 short tons, comparing
with 76,630 tons on Sept. 30, and 95,969 tons on Oct.
31,
as
follows;
Dela.
Nov.
September
42,283
51,847
76,630
0
October
46,297
54,035
68,892
41,308
*37,418
40,672
*36,843
41,733
*38,052
0
*
Justed to make comparable the number of working days In the three years.
Equivalent
retorts computed on 24-hour basis,
a
35,872
*34,358
34,334
*32,456
36,189
*34,516
37,778
*35,749
37,888
*36,296
38,176
*36,972
38,135
*36,734
38,358
*37,006
38,326
*36,897
42,219
56,829
,41,638
,35,968
,28,370
^27,090
,44,458
65,173
54,064
39,157
'60,513
*37,893
Export shipments
are
in¬
cluded in total shipments.
ESTIMATED
WEEKLY
BY
STATES
AND
MONTHLY
PRODUCTION
OF
COAL
Note—These statistics include all corrections
(IN THOUSANDS OF NET TONS)
and
adjustments reported at the
year-end.
(The weekly estimates are based
and
are
subject to revision
on
on railroad car loadings and river shipments
receipt of monthly tonnage reports from district and
Lead
State sources or of final annual returns from the operators.)
Advanced
20
Points
Abroad
Week Ended
Monthly Production
State
Oct.
17, Oct. 10, Oct. 19,
1936P
Alaska
1936p
2
Alabama
...
Georgia and North Carolina
1935
2
10
7
14
993
916
605
90
100
362
255
279
193
140
565
400
457
1
1
1,122
361
349
65
-
66
1
5
5
2
1,007
3,729
1,304
3,459
1,139
2,910
i
317
71
232
887
170
208
Kansas and Missouri
140
143
162
539
464
452
Kentucky—Eastern
873
868
761
3.0S7
2,441
170
166
170
3,367
^645
565
643
34
34
Western
Maryland
Michigan
40
138
126
105
7
New Mexico
North and South Dakota
Ohio
7
40
13
52
83
78
280
223
234
38
.
8
80
..
Montana
39
26
118
111
95
62
F168
68
1,660
2,690
6,211
93
17
6,637
1,435
370
301
15
15
15
63
57
65
90
Tennessee
92
85
336
170
179
263
I
264
f
1
_
Texas
1,996
3,732
Copper
Interest in
buying and
copper
a squeeze
centered in the London market, where speculative
in the near positions on the Metal Exchange caused
prices there to move into
new
high ground for the movement.
704
46
53
37
f 179
114
106
likely to change.
2,045
2,010
1,870
635
599
550
8,242
2,318
7,552
2,050
5,163
1,486
148
138
516
393
385
5
2
1
......
_
Washington.,
r_
West Virginia—Southern
a
l_
Northern b
Wyoming
142
Other Western States
2
c
*
f
259
1
1,090
•'
963
Sales abroad
on
Nov. 4 ranged from 10.475c. to
10.725c.,
to get a clear view of the
situation in
which illustrates how difficult it is
Europe.
Domestic consumers, viewing developments abroad in the
light of vastly
improved business conditions, naturally
Total bituminous coal.
9,662
9,573
8,273
37,200
33,240
25,038
Pennsylvania anthracite.
964
1,035
989
3,764
3,223
4,172
Grand total
10,626
10,608
9,262
40,964
36.463
29,210
Includes mines on the N & W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
the B. & O. in Kanawha, Mason and Clay counties,
b Rest of State, Including
be forced above the 10c., Valley, basis.
buying,
the
Panhandle
District
and
Grant,
Mineral
and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Represents that portion of
the State not included in Western Pennsylvania,
e Figures are comparable with
records for 1935, and cover production of Western Pennsylvania, as defined by the
NRA Sub-Divisional Code Authority,
p Preliminary,
r Revised.
* Less than
1,000 tons.
♦
last -week's business amounted to
Output During October Above Preceding
Month—Shipments Continue Upward Trend
According
is
expected
Sales
on
to
total
to
around
75,000
tons.
Most
of
copper
in
the domestic
market
during
on record.
175,484
tons,
of
months,
was as
in
July.
Distribution
the
all
price here
recent
of
heavy-
which
was
producers
October
believe
this
3,406
2,149
November
January.
;
_
*
record
amounted
to
tonnage,
Delivery—
February
by
Tons
6,651
Later deliveries
2,998
163,247
350
Total
178,801
Lead
,
Demand for
October
The previous high was
October's
follows:
Tons
December
Nov.
_
16,658 tons,
178,801 tons, the largest monthly total
figures
released by the American Zinc
5, 46,297 short tons of slab zinc were
produced during the month of October, 1936.
This com¬
pares
with 42,283 tons produced during the month of
September, 1936, and with 36,716 tons in the corresponding
Institute
lest
figure will be in excess of current actual consumption of the metal.
Delivery—
Zinc
nervous
Mine and scrap production of copper in the United States
for
October,
Slab
were
Notwithstanding the
sold at 10c., Valley.
a
on
Speculators
appeared to be in complete control of the London market, and not until
the increased production can be brought into the
picture is the situation
Utah
Virginia..
again
upward, influenced by favorable reports on general in¬
activity and a spectacular upward movement in
quotations on the London Metal Exchange.
Roosevelt's
overwhelming victory was accepted everywhere as pointing
to higher commodity prices, owing to continued free
spending
and the resultant higher costs. The price of lead was raised
20 points during the week, establishing the market at
4.90c.,
New York.
Zinc was active but unchanged.
The domestic
copper price is marking time pending developments abroad.
Antimony advanced one-quarter cent.
Silver advanced
abroad. The publication further reported:
dustrial
r1,400
60
505
2,348
105
bituminous—Eastern d..
Western e_
Up
"Metal and Mineral Markets" in its issue of Nov. 5 said
that the trend of prices for major non-ferrous metals
141
485
1,815
1,858 f 3,069
59
507
2,388
.
Penna.
During Week—Copper
Squeeze in London
was
9
222
1,101
-
_
Iowa
Sept.,
1936
95
Colorado
Illinois
Aug.,
1936r
169
Arkansas and Oklahoma
Indiana
2
229
...
Sept.,
1935
on
lead continued fairly active, and the price was
10 points on two occasions in the week that just ended.
advanced
Labor difficulties
in Utah and the shipping strike on inter-coastal traffic had some influence
on
the market.
Deliveries
of lead
during October
are
expected to show
Volume
Financial
143
ranging
50,685
tons.
Production during October has not increased materially, according
to producers, and another sizable reduction in stocks is anticipated.
The first advance of 10 points was announced by producers on Oct. 29
and the second similar rise occurred early yesterday.
This establishes the
market at 4.90c., New York, the settling basis of American Smelting &
Refining Co., and at 4.75c., St. Louis.
Sales by St. Joseph Lead were
another
Finished Steel
Nov. 2, 1936, 2.197c.
Based
a' Lb.
One week ago
One year ago
Zinc
2.197c.
Sept. 29
2.084c.
Mar. 10
1935
2.130c.
Oct.
1
2.124c.
Jan.
2.199c.
Apr. 24
2.008c.
Jan.
2
1933
2.015c.
Oct.
3
1.867c.
Apr.
18
_1.977c.
Oct.
4
1.926c.
Feb.
2
1931
2.037c.
Jan.
13
1.945c.
Dec. 29
1930
2.273c.
Jan.
7
2.018c.
Dec.
2.317c.
Apr.
2
2.273c.
Oct.
29
1928
the first time
£20 per ton for
1930.
31 were even larger than first
2.286c.
Dec.
11
2.217c.
July
17
2.402c.
Jan.
4
2.2120.
Nov.
tons consisted of Prime Western.
Shipments to
In the last two trading days, however, the
good showing.
has quieted down a little,
transacted
the
basis of 4.85c.,
demand
Based on average of basic iron at Valley
1936, $18.73 a Gross Ton
furnace and foundry irons at Chicago,
$18.73
Philadelphia,
Buffalo,
Valley
and
18.73
Birmingham.
ago
18.84
Nov. 3,
One week ago
One month ago
One year
Low
High
A feature in
St. Louis.
1
The week's
but the undertone continues firm.
on
9
Pig Iron
Undelivered sales now amount to
during the seven-day period totaled 4,694
consumers
8
esti¬
which 18,725
56,818
mated, the total for the period amounting to 19,300 tons, of
was
Low
High
1936
1927
business
85% of the United States output.
1929
the London market sold above
Zince sales in the week ended Oct.
tons—a
plates,
steel bars, beams, tank
1932
amounted
4,500 tons, against 11,500 tons in the previous week.
..
tons.
on
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
2.197c.
2.197c.
2.130c.
One month ago
1934
premium.
Lead sales in the domestic market for the week ended yesterday
since early
"IRON AGE" COMPOSITE PRICES
The deliveries in September amounted to
booked throughout the week on its own brands at a
Lead in
THE
preliminary estimates on shipments to consumers
gain,
from 57,000 to 59,000 tons.
to about
2927
Chronicle
the
was
tributed almost entirely to a wild speculative boom,
and not to any new
Aug. 11
developments in connection with the proposed miners' cartel.
>
'■
Increased
Tin
T
-T.
.•
activity by the speculative element in London was an im¬
been
have
no
basis for the enthusiasm abroad
a
final decision
world's visible supply
The
with 16,896 tons
compares
a
$18.73
5
17.83
1934
17.90
May
1
16.90
Jan.
16.90
Dec.
5
13.56
Jan.
14.81
Jan.
5
13.56
Dec.
6
15.90
Jan.
6
14.79
Dec.
15
1930
18.21
Jan.
7
15.90
Deo.
16
3
18.71
May 14
18.21
Dec.
17
1928
18.59
Nov. 27
17.04
July
19.71
Jan.
17.54
Nov.
24
1
Arnhem
This
of tin, including the Eastern and
19,048 long tons.
month previous and 16,138 tons a year ago.
United States deliveries during October came to 6,005 tons,
27
1927
and few in the
,
May 14
1929
'
'
Steel^Scrap
Siam's position is concerned. * 'I
so far as
at the end of October increased to
carry-overs,
7
Nov.
prices for
except that
The Tin Committee meets (Nov. 5)
all metals are rising.
Industry expect
Jan.
18.84
There seems
portant factor in driving prices for the metal sharply higher.
to
$18.84
1933
The rise there was at¬
1935
1931
sharp advance in London.
1936
1932
market
the
Based on
No.
1 heavy
melting steel
1936, $16.58 a Gross Ton
One week ago
quotations at Pittsburgh, Philadelphia
$16.50
Nov. 2,
One month ago
and Chicago.
16.75
One year ago
12.58
against 6,200
Low
High
$12.67
9
1936
September, and 5,355 tons in October last year.
Chinese tin, 99%, was nominally as follows:
Oct. 29, 45.875c.; Oct. 30,
$16.75
1935
tons in
13.42
Dec.
10
10.33
Apr. 23
1934
13.00
Mar. 13
9.50
Sept. 25
1933
12.25
Sept. 22
June
Jan.
3
12
6.43
July
5
Jan.
6
8.50
Dec. 29
1930
Feb.
18
11.25
Dec.
9
17.58
Jan.
29
14.08
Dec.
3
16.50
Dec. 31
13.08
July
2
1927..
15.25
Jan.
11
13.08
Nov. 22
1931...
Correction—Straits tin, New York, Oct. 26 was 44.000c. per
not
6.75
Jan.
1932
47.000c.
■
8
8.50
1929
g'l, 45.425c.; Nov. 2, 45.350c.; Nov. 3, holiday; Nov. 4.
11.33
15.00
1928
45.625c.; Oct.
42.000c.,
pound, and
published in the Oct. 29 issue.
as
American
The
Steel
Ingot
Production
Ground
of
Some
Recovers
Recently Lost
The Nov. 5 issue of the
"Iron Age" stated that a slight
lifting of the rate of steel ingot production to 74^%; an
October increase of 6% in pig iron output; a stronger scrap
market with an advance of 25c. in heavy melting steel at
Chicago; a stepping up of automobile assemblies to more than
71,000 a week, with further gains in immediate prospect;
an advance of $1
a ton in pig iron prices by an Eastern
producer, which may be followed shortly by competitors,
and more active buying of some steel products, are possible
indicators that pre-election uncertainty may soon be dis¬
placed by a renewed forward movement.
The "Age"
further reported:
Iron
production
Several of the larger companies are operating at fractionally
than last week.
The tapering of new
49.7% Jan.
13
49.4%
Apr. 27
71.2%
14
50.4% Jan.
20
May
4
70.1%
Oct.
21
51.8% Jan.
27
May 11
Oct.
28
49.9%
49.4%
50.0%
52.0%
51.7%
52.9%
53.5%
55.8%
69.1%
69.4%
3
51.9% Feb.
5....-50.9% Feb. 10
52.6% Feb. 17
Nov.
Nov. 11
53.7% Feb. 24
55.4% Mar. 2.
Nov. 18
Nov. 25
2
56.4% Mar.
9
55.7% Mar. 16
higher rates
Dec.
16
54.6% Mar. 23
Dec. 23
products, which had affected schedules at some mills, apparently has been
Moreover, this loss of tonnage has been offset to a considerable
checked.
reports on Nov. 2, totaled 2,992,968 gross tons, compared
tons in
tons in the
The daily rate was
previous month, a gain of a little over 6%.
the highest since June,
a
New England maker, whose competition has
The shortage of pig iron in Europe has
been largely foreign iron.
restricted exports to this country,
and Atlantic Coast consumers will be more dependent on
which
are none too
plentiful.
been suspended because of scarcity.
The New England pig iron maker,
able than pig iron at the prices which have
prevailed for iron.
district furnaces, including some of the steel companies
a
general advance in prices, which may amount to as
by the end of the
year,
is in prospect.
Central
that cater to mer¬
which they need for steel mak¬
much
as
$2
The $1 advance announced in New
The expectation of steel companies that blast furnace
continued at
a
production will be
high rate throughout the winter is borne out by the heavy
movement of Lake
Superior ore, which to Nov. 1 totaled 41,063,872 gross
tons, indicating receipts for the season of
46,000,000 tons, by far the largest
The scrap market, though not active as to
tone in the expectation that no
sales, has taken on a firmer
sharp falling off in steel production will occur
The advance of 25c. at Chicago brings the "Iron Age" com¬
posite price to $16.58, restoring
a
third of the loss of the past few weeks.
Two divisions of steel consumers, the railroads
and the automobile indus¬
try, show considerable promise for the remainder of the year.
mobile industry will have the more immediate effect, as its
showing
an
increase.
come as
.
multiplying
run
that
and equipment by the rail¬
has started a pro¬
accumulated orders.
The Ensley (Alabama) rail mill
probably will last five months on
Other rail buying in substantial amounts is
weeks.
The Burlington road may buy
expected within the next few
3,250 freight cars and five locomo¬
tives, the Union Pacific 10 locomotives, the Western Pacific 10 locomotives
and the New York may order 60 engines
for.
20
67.9%
July
27
6..—49.2% Apr. 20
70.4%
Aug.
3
instead of the 50 recently inquired
A large Eastern carrier is considering a major car program.
70.0%
72.2%
72.5%
71.5%
68.2%
72.6%
74.4%
75.4%
75.3%
75.9%
10
17
24
31
7
14
21
28
Oct.
5
Oct.
12
Oct.
19
Oct.
26
71.4%
July
6
summary
Nov.
74.2%
74.3%
2
74.7%
of the iron and steel
,.
election, steelworks operations have held steady at 73%
of capacity during
At the
the past week.
time prospects for increased activity in the heavy products
same
Western railroads announced equipment programs
Chicago Burlington & Quincy plans to spend
aggregating $21,000,000.
$8,000,000 for freight equipment, involving possibly 3,000 cars, and West¬
ern
Pacific $13,000,000 for rails, cars,
locomotives and other equipment.
Nine months' net profits which are
same
300% higher this
year
than in the
period last year have been reported by 10 leading integrated producers
who account for 81 % of the
nation's ingot capacity.
Oct. 1 aggregate net profits of the 10 were $75,204,792,
This year up to
against $18,466,565 in the nine months last year.
Ingot production
was
40% ahead of the 1935 period; operations averaged65.4% against46.6%,
and "Steel's" composite of finished steel prices was approximately 87 cents
a
ton
higher than in the nine months of 1935.
Two leading
the
producers in connection with their latest financial reports
they are considering wage increases.
At the
same
time
companies are giving thought to price policies for the first quarter
of 1937.
The first increase in the price of domestic pig iron since a year ago Is
scheduled to go into effect
One of the
Nov. 4 at Everett, Mass.
The producer thera
principal producers has made more flexible the $3 per ton
deduction for sheet orders of 150 net tons and over, previously allowable
for
one
size and shape, for shipment at one time to one destination.
maximum of six sizes,
will be
permitted.
each 25 tons
still
are
last week was
of sheets
66,985,
an
have shown further gains
Except for the construction industry, in which activity may revive after
Total auto production
increase of 7,245 units.
Shipments of bars and
other materials to the automobile industry have improved also.
nearly double the amount released in any recent
present
95-100%
would undoubtedly induce
a
fresh wave of forward buying.
their
rate.
Shape awards during the week declined 7,376 tons to 13,004, while rein¬
forcing bar awards held about even at
both
lines
during
2,803 tons.
Although the trend in
the next few months likely will be downward as cold
weather hampers construction,
there is a fair amount of new business which
should help cushion the decline.
"Steel's" scrap composite is off
8 cents to $16.25 on a price weakness in
The iron
advance followed by higher prices for the
week, indicating that tin
plate operations for the balance of the year would remain close to
heavy melting steel at Philadelphia, due to
wage
and many
quicker deliveries.
unable to offer
election, the outlook for moderately good business during the remainder of
A
A
and shipments within 15 days,
This will apply to hot-rolled strip also.
Automotive shipments
mills
or more,
the year is promising.
iirst quarter
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Specifications from some of the leading can companies last week were
.
Indications of substantial purchases of rails
duction
are now
Ford Motor Co. swings into heavier as¬
semblies.
are
The auto¬
orders
With motor car output for last week estimated at
71,095, further gains will
roads
an¬
will raise all grades $1 a ton.
since 1930.
this year.
13
July
have stated that
England is limited to deliveries by Dec. 31.
2
Reflecting the strength of the iron and steel market despite the proximity
is said to find coke more profit¬
chant trade, are less anxious to sell pig iron,
July
of the national
domestic supplies,
In England trading in pig iron has virtually
which operates auxiliary by-product ovens,
ing, and
prices comes from
15
June 22
62.0%
64.5%
became brighter as two
The first announcement of expected increases in pig iron
June
49.5% Mar. 30
6
46.7% Apr.
Apr. 13
"Steel," of Cleveland, in its
on Nov. 2, stated:
Furnaces in blast
1930, when it was 97,804 tons.
Nov. 1 totaled 160, a gain of five since Oct. 1.
8
74.0%
67.2%
69.0%
70.9%
71.5%
markets
with 2,730,293
September, the daily rate having been 96,547 tons against 91,010
June
67.9%
68.2%
69.5%
70.0%
70.2%
1
June 30
1936—
Jan.
makers.
Pig iron production in October, as estimated by the "Iron Age" from
9
May 18
May 25
June
60.0%
53.7%
30
Dec.
by larger releases of bars, sheets, strip and wire by the automobile
extent
Nov.
1936—
7
Oct.
Dec.
business, principally in the heavier
on
1936—
1936—
1935—
Oct.
Chicago.
Pittsburgh and
gained moderately at
has
Institute
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 74.7 % of capacity
for the week beginning Nov. 2, compared with 74.3% one
week ago, 75.3% one month ago and 50.9% one year ago.
This represents an increase of 0.4 point, or 0.54%, from the
estimate for the week of Oct. 26.
Weekly indicated rates
of steel operations since Oct. 7, 1935 follow:
nounced that
Dec.
Steel
Steel
and
Aug.
the lack of demand for export.
and steel composite is down 4 cents to $34.62 from last week's
revised $34.66, and the
finished steel index is unchanged at $53.90.
2928
Financial
Chronicle
October shipments of pig iron are reported to be the heaviest for any
month
this
showing
year,
gain of about 10%
a
logs of producers are fairly substantial and
a
September.
over
Back¬
further gain may be made in
U. S. Steel is estimated at 68 V2 %, compared with 69 % in the week before,
and
70%
two weeks ago.
Leading independents
Superior iron
shipments have been hampered at the loading
ore
What effect, if any, this will have
shipments is uncertain at present.
on the season's
with the nearest
corresponding week of previous
Operations in the Pittsburgh district
were
approximate changes, in points, from the week immediately preceding:
The Week with the Federal Reserve Banks
The
daily average volume of Federal Reserve bank credit
outstanding during the week ended Nov. 4, as reported by
the Federal Reserve banks, was
$2,474,000,000, an increase
of $3,000,000 compared with the
preceding week and a
decrease of $8,000,000 compared with the
corresponding
week in 1935.
After noting these facts, the Board of
Governors of the Federal Reserve System proceeds as follows:
total
Reserve
bank
credit amounted
to
$2,448,000,000,
a
of
$14,000,000 for the week.
This decrease corresponds with
decreases of $39,000,000 in member bank reserve
balances, $21,000,000 in
non-member deposits and other Federal Reserve
accounts, and $3,000,000
Treasury cash and deposits with Federal Reserve banks and
an
increase
of $27,000,000 in monetary gold stock, offset in
part by an increase of
$76,000,000 in money in circulation.
Member bank reserve balances on
Nov.
4
were
estimated
be approximately
to
$2,140,000,000 in
of
excess
legal requirements.
purchased
reported in the System's holdings of bills
were
bills
and
industrial
advances.
An
$2,000,000 in holdings of United States bonds was offset by
$2,000,000 in holdings of United States Treasury bills.
increase
of
decrease of
a
52 M
1934-
The
and in related items
4, 1936,
during the week and the
were as
year
ended
(+)
Decrease
or
(—)
Since
Nov. 4,
Oct. 28,
1936
1936
_
U. S. Government securities
Industrial advances (not including
6,
$23,000,000 commltm'ts—Nov. 4)
1935
$
-2,000,000
26,000,000
—19,000,000
—7,000,000
—16,000,000
2,448,000,000
11,058,000,000
2,515,000,000
Monetary gold stock
Treasury currency
Money in circulation
—7,000,000
—14,000,000
—14,000,000
+27,000,000 +1,344,000,000
+ 1,000,000
+114,000,000
6,378,000,000
6,693,000,000
—39,000,000
+624,000,000
+1,022,000,000
2,487,000,000
Member bank reserve balances
—3,000,000
—168,000,000
462,000,000
—21,000,000
—34,000,000
+ 76,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
Non-member deposits and other Fed¬
eral Reserve accounts
....
Returns of Member Banks in New York
City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
and
also
for
the
+ 1H
—7
—1
20
+2
29
52
—3
44
—3
—3
33
1930
47
—3
1929
77M
1928.
87
64
+ 3^
18j^
+2
1927
H
+
—
29J4
263^
24
—7
19 34
h*
-
78
62 y2
23^
30
—8
H
-
+ 2)^
80
....
—
-2K
75
85
—1
88
+
68
—2M
—3
—3
62
—2
H
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business Oct. 28:
The condition statement of
loans
on
and
Oct. 28 shows
investments,
weekly reporting member banks in 101 lead¬
decrease for the week of $54,000,000 in total
a
an
increase of $112,000,000 in demand deposits-
adjusted, decreases of $68,000,000 in Government deposits, $43,000,000 in
deposits credited to domestic banks and
an
increase of $40,000,000 in reserve
Loans to brokers and dealers in New York City decreased $32,000,000,
loans to brokers and dealers outside New York increased $7,000,000, and
loans
securities
on
Cleveland
district
others
to
and
(except
banks)
$12,000,000 at
increased $8,000,000 in the
all reporting
banks.
Holdings of
acceptances and commercial paper bought declined $3,000,000, real estate
loans
showed
and
no
net
change for the week, loans to banks declined $3,-
$11,000,000 at all reporting member banks.
Chicago member
banks,
United
of
States
Government
direct
increased
obligations
$11,000,000 in the Cleveland district, and declined $12,000,000 each in the
banks.
Holdings of obligations fully
for the
States
guaranteed by the United
Government increased $3,000,000.
Holdings of "Other securities" declined
$17,000,000 in the New York district and $15,000,000 at all reporting
member banks.
Demand
Total Reserve bank credit
Independents
K
-
42
-
New York and Richmond districts and $12,000,000 at all reporting member
+ 1,000,000
7,000,000
3,000,000
2,430,000,000
Other Reserve bank credit
-
-
+2H
25 X
__
-
1931_
Holdings
Nov.
$
Bills discounted.
Bills bought
27
-
000,000, and "other loans" decreased $6,000,000 in the Cleveland district
follows:
Increase
banks
.—.........ii'i
.v. -
68 K
balances with Federal Reserve banks.
statement in full for the week ended Nov. 4, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on
pages 2952 and 2953.
Changes in the amount of Reserve bank credit outstanding
Nov.
1935
ing cities
Relatively small changes
discounted,
74
1933
placed
at 74% of capacity, unchanged from the previous
week,
according to the "Wall Street Journal" of Nov. 6. Two weeks
ago the rate was 75%.
The "Journal" further reported:
in
1936
1932
Steel ingot production for the week ended Nov. 2 is
4
U. S. Steel
Industry
unchanged.
Nov.
production
together with the
years,
down 1 point to 69%: Detroit,
6 to 95: Youngstown, 1 to 76; Wheeling, 6 to 86, and Cleveland, 2M to 77.
Buffalo was up 3 points to 87%; Chicago, iy2 to 76.
Other districts were
On
credited with 78%,
It is considered likely more boats
will be pressed into service if the condition continues.
decrease
are
The following table gives a comparison of the percentage of
docks by cold weather.
total
7, 1936
against 77H% in the preceding week, and 79% two weeks ago.
November.
Lake
Nov.
deposits-adjusted
increased
$46,000,000
in
the
New
York
district, $22,000,000 in the Boston district, $17,000,000 in the Chicago
district, $13,000,000 in the Cleveland district and $112,000,000 at all
reporting member banks.
York district.
Time deposits decreased $7,000,000 in the New
Government deposits declined $30,000,000 in the
New York
district, $13,000,000 in the San Francisco district and $68,000,000 at all
reporting banks.
Deposits credited to domestic banks decreased $21,000,000
in the New York district and
A
$43,000,000 at all reporting member banks.
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Oct. 28,1936, follows:
summary
^
Increase
Oct. 28, 1936
§
Assets
Loans and investments—total
.22,517,000,000
(+)
or Decrease
Since
Oct. 21, 1936
(—)
Oct. 30. 1935
S
$
—54,000,000 + 2,139,000,000
current
week, issued in advance of full statements of the
member banks, which latter will not be available until the
coming Monday:
Loans to brokers and dealers:
In New York City
933,000,000
220,000,000
—32,000,000
+ 7,000,000
+ 154,000,000
2,026,000,000
paper bought313,000,000
Loans on real estate
1,143,000,000
Loans to banks
53,000,000
Other loans
4,033,000,000
U. S. Govt, direct obligations
9,274,000,000
Obligations fully guaranteed by
United States Government
1,257,000,000
Other securities
3,265,000,000
+12,000,000
—3,000,000
—49,000,000
Outside New York City
on
securities
to
Loans
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York City
Nov.
4,
1936
Assets—
$
Loans and Investments—total..
Loans to brokers and dealers:
In New York City
Outside New York City..
Loans
on
securities
to
Oct. 28,
1936
$
Chicago-
Nov. 6,
1935
$
Nov. 4, Oct. 28,
1936
1936
$
8,608
8,653
7,734
903
894
781
1
1
> 78
78
58
38
39
2,051
2,059
1,794
(except banks)
707
705
723
139
131
127
145
12
Loans
131
131
123
real estate
Loans to banks
Other loans
U. S. Govt, direct obligations..
14
140
1
1
153
12
18
14
16
24
23
44
6
5
6
1,415
1,426
1,182
377
379
235
3,722
3,738
3,258
1,106
1,108
982
Obligations fully guaranteed by
(except banks)
Accepts, and com'l
Reserve with Fed. Reserve banks.
"23
others
Accepts, and com'l paper bought
on
1935
$
$
.
Nov. 6.
Cash in vault
5,390,000,000
405,000,000
Balances with domestic banks....
Liabilities—
2,371,000,000
Demand deposits—adjusted
464
464
382
93
92
1,067
1,038
265
269
265
Reserve with F. R. Bank
2,496
2,509
2,388
640
656
600
+ 3,000,000
—15,000,000
+124,000,000
+ 99,000,000
+ 40,000,000
+758,000,000
+55,000,000
+152,000,000
+ 12,000,000
—18,000,000
+ 112,000,000
—43,000,000
+ 1,000,000
—7,000,000
—68,000,000
+1,742,000,000
+166,000,000
+157,000,000
+ 817,000,000
+ 94,000,000
Borrowings
96
1,033
—3,000,000
6,041,000,000
467,000,000
Domestic banks
—16,000,000
—3,000,000
—28,000,000
—11,000,000
+693,000,000
-12,000,000 +1,097,000.000
15,340,000,000
5,065,000,000
704,000,000
Time deposits
United States Govt, deposits
Inter-bank deposits:
Foreign banks
United States Government
Other securities
+ 68,000,000
others
Cash In vault
Balances with domestic banks..
Other assets—net
60
35
36
36
,76
77
83
202
195
189
465
463
470
70
69
81
6,289
6,385
5,661
1,573
1,600
1,432
591
609
585
436
435
412
59
56
Inter-bank deposits:
Domestic banks
Foreign banks
The
minent
Liabilities—
Demand deposits—adjusted
Time deposits.
United States Govt, deposits
Spanish Rebels Bombard Madrid—Capture of Capital
Appears Imminent—Cabinet Reorganized to Give
Syndicalists Greater Strength
117
137
196
77
89
62
2,496
2,423
2,173
644
627
535
409
422
341
6
5
4
the
capture of
late
this
Madrid by Spanish rebels appeared im¬
week,
capital and began
as
the
Fascist forces
closed
in
on
steady bombardment, while rebel
airplanes conducted a series of bombing raids on the city.
If Madrid is captured, it is
expected that the seat of the
a
Government will be removed to Barcelona, where President
recently fled. A reference to the Spanish civil war
was contained in the "Chronicle" of Oct.
31, pages 2759-60.
Azana
Borrowings
Other liabilities
Capital
account
.
mwm
—
m
362
"350
"321
"24
22
30
1,440
1,432
1,458
238
237
225
On
Nov. 4 the Spanish Cabinet was reorganized to
include
On the same day the In¬
Syndicalist group.
the extremist
but
failed to reach a decision on German and Italian charges
that Soviet Russia had supplied arms to the Madrid Gov¬
ternational Non-intervention Committee met in London,
Changes in the Spanish Cabinet
Press
Associated
Francisco
Premier
the
Largo
Caballero,
who
is
Syndicalist party,
The
Government
new
defense
Health
The
of the
first
Spain's
the
Minister
Those
are
to be
Minister
is
of War,
a
Left Republican.
for
to
Federica Montseny,
whom
the
new
Government
Propaganda,
and
addition
Mr.
by Juan
The
Ayguade,
Commerce.
Jaime
in
posts,
Air
and
Navy;
Juan
to
Caballero,
Largo
Negrin,
Finance;
Angel
Julio Alvarez del Vayo, Foreign Affairs; Vicente Uribe,
and Jose
da
Giral
Garcia,
who
shifted to
was
Reichsbank
and Manuel
held
the
the Labor
Order
Jose Hernan¬
Communications;
Irujo, Ministers without port-
Commerce
in
portfolio
the
last
post.
Gold—Only 2
Affecting
Allowed
Metal
not
March 1,
to
Funds
Holders
foreign coins exceeding 2 marks
(80 cents) in value
the Reichs¬
ordered by official decree today to offer them for sale to
bank before Nov. 30.
the Ministry of Economics,
the first to
was among
"self-sufficiency" plan directed by
Germany's four-year
General Hermann Wilhelm Goering.
Previously small amounts of gold and foreign currency under 200 marks
($80)
were exempt
of
by State Maranhao (Brazil)
223^% of Nov. 1
7% Bonds of 1928
Coupons
for Pay¬
External
on
of
Maranhao, Brazil, has remitted to the
Co., New York, as special agent, funds for
the payment of the Nov. 1 coupons on its external secured
sinking fund 7% bonds of 1928 at the rate of 223^% of the
dollar face amount.
Coupons accordingly will be paid at
this rate upon presentation with a letter wherein the holder
agrees to accept such partial payment in full satisfaction and
discharge of the coupon, it is announced.
Trading
New
on
Own
York
Account
Exchange
Stock
Members
by
of Total Transactions
During Week Ended Oct. 3—SEC Issues First of
Series of Weekly Reports
Round-lot
Oct.
3
for
and sales
purchases
the
19.85%
of all
account
during the week ended
members
New York
of the
Stock
The order, issued by
put into effect
1937, the Nov. 1 announcement said.
State
for
or
be made up
Bankers Trust
York "Herald-Tribune" said:
gold
ad¬
moneys,
Marks in
30—Rubber
Nov.
After
The
Restrictions
Possessors of
available
the
exhaust
to
Remitted
ment
From Berlin Oct. 30 Associated Press advices to the New
were
sufficient
ditional purchases upon tenders below par may
Secured
their
Prieto,
fund, a
of these
bonds for the sinking fund.
Tenders are invited at a flat
price, below par, up to Dec. 1, 1936. If the tenders accepted
of $500,446 will be available for the purchase
sum
are
measures
folio.
Anastasio
receipt of funds from the Argentine Government, to¬
upon
portfolio.
retained
Education,
as
frankly anarchistic, were
are
Justice, and Juan Lopez,
Espla,
Bernardo Giner de los Rios,
Agriculture;
retained the
four members
Socialist,
designed to improve
represented in
Carlos
were
Galarza, Interior;
Ministry,
external
given.
was
Garcia Oliver,
without
who
Indalecio
said
Cabinet
woman
newcomers
were
was
Syndicalists also
other
Morgan & Co. and the National City Bank, as fiscal
J. P.
agents for the Government of the Argentine Nation
gether with unexpended moneys now in the sinking
4:
capital.
portfolio
Industry;
Peyro,
dez,
the aims of which
Nov.
a
in, along with a provincial Autonomist andi
taken
the
reported as follows
were
Madrid advices of
leadership of the Government and the Ministry
of
$500,446 Available for Purchase of Argentine External
6% Bonds, due 1959, for Sinking Fund
sinking fund 6% bonds, due 1959, announced on Nov. 1 that
ernment.
in
2929
Financial Chronicle
143
Volume
if acquired prior to Oct., 1931.
Use of rubber in the manufacture of rubber bands, garters,
suspenders,
forbidden in an effort to conserve
toy balloons and collapsible bathtubs was
The ban becomes effective Jan. 1.
supplies of raw rubber.
Exchange, exclusive of odd-lot dealers, amounted to
3,962,110 shares in 100-share transactions, which is 19.85%
of the total volume of round-lot transactions
on
the Exchange
during the week of 9,979,660 shares.
This was revealed
by the Securities and Exchange Commission on Oct. 30 in
making public the first of a series of current figures, to be
published weekly, showing the daily volume of stock trans¬
actions
for the
of all
account
members
of the New
York
Stock
Switzerland to Adhere to Tri-Partite Currency Agree¬
ment
The
following United
Switzerland, Nov. 3:
Press
advices
are
Berne,
from
J* The Swiss government today decided to adhere, in practice,
to the tri¬
partite currency agreement among the United States, France
and Great
Britain, and to take the same measures to fix the gold
Switzerland now is ready to pay gold on the same
price in Switzerland.
conditions as the United
States, Britain and France.
}
available.
Reference to the currency pact was
made in
our
issue of
Bulgaria Increases Service on 7k£% Stabilization Loan
of 1928—Transfers 213^2% °f Nov. 15 Coupons as
Against 16% May 15, 1936
Speyer & Co. and J. Henry Schroder Banking Corp., as
American fiscal agents for the Kingdom of Bulgaria 7lA%
stabilization loan 1928, announced on Nov. 4 that the
Bulgarian Government has transferred sufficient funds in
dollars to provide for payment of 21% % of the interest due
Nov. 15, 1936 (16% was paid on the May 15, 1936 coupons).
Payment will be made, on or after that date, at the office
either
of
the
The SEC
Oct. 23 made available figures
covering six
and Curb exchanges,
showing the percentage of trading for the account of members
to total transactions on the exchanges.
As noted in our
issue of Oct. 31, page 2761, the Commission on Oct. 23
revealed that the percentage for the six months in the
instance of New York Stock Exchange member transactions
was 21.01% of the total round-lot trading, slightly above
the 19.85% during the week of Oct. 3.
In making public the data for the week of Oct. 3, the
on
months' trading on the New York Stock
Oct. 17, page 2447.
of
Exchange and the New York Curb Exchange.
The
publication of these figures is part of the Commission's
program, embodied in its report submitted to Congress last
June, on the "Feasibility and Advisability of the Complete
Segregation of the Functions of Broker and Dealer."
The
percentage of member trading for own account to total trans¬
actions on the New York Curb Exchange for the week ended
Oct. 3 was not made known by the Commission, which ex¬
plained that the total volume figures for the week were not
fiscal agents,
upon
presentation of such
with an appropriate letter of transmittal.
The
coupons will be stamped with the amount of the payment
thereon, at the rate of $8.06 per $37.50 coupon and $4.03
per $17.50 coupon, and will be returned to the bondholders,
to4be reattached to their bonds, in order that their claim for
the balance may be preserved.
coupons,
SEC
Oct. 30 had the following to say:
on
The figures
of all
made public today show the daily volume on each Exchange
purchases and sales made for their own account by specialists, odd-lot
dealers
and
other
figures
also
distinguish
members
during the week
ended
Oct.
National
5%
Bank
Invites Tenders of
Bonds,
Funding
Available in Sinking
The Chase
was
on
Nov.
1,
1936—$80,575
Fund
National Bank
announced
due
Yugoslavia
The term "members"
includes
not
round-lot volume in the table for the New
The figures given for total
York Stock Exchange represent the volume of all round-lot
transactions
that Exchange as distinguished from the volume
reported by
effected
on
The total volume is greater than the ticker volume because
the ticker.
of Kingdom of
Yugoslavia
Serbs, Croats and Slovenes)
up
due
to
error
to 12 o'clock noon on Nov. 10.
+.
Dec.
External 6% Bonds, Issue of
1, 1924, Invited to Exhaust $342,534 in Sinking
of
Argentine
Fund
-
i'
circumstances,
from the dates of delivery
fail to appear
The publication of
The
the ticker.
available.
dates, as distinguished
and payment.
these figures is made possible through the voluntary
Because of the time required to assemble
Exchange and their members.
the figures,
from
there
which
their members
is
a
compiled from reports received by the exchanges
are
necessary
and member firms in various parts of the country,
interval
approximately four
of
between the
weeks
end of the week in which the transactions occur and the date of publication
of the figures.
in
of
so
Due to the possibility of error or incompleteness inherent
comprehensive a system of reporting, the completeness or accuracy
these
figures
cannot
be guaranteed and they are subject to revision
from time to time.
published today
are
based upon 1,076 reports filed with the
New York Stock Exchange by its members and 838 reports
New York Curb Exchange
by its members.
filed with the
These reports are classified
follows:
New
of the
•
transactions which,
on
include the total round-lot
cooperation of the New York Stock Exchange and the New York Curb
as
Argentine Nation external
sinking fund 6% gold bonds, series B, issue of Dec. 1, 1924,
due Dec. 1, 1958, are being notified by the Chase National
Bank, acting for the fiscal agents, that $342,534.09 is avail¬
able in the sinking fund for the purchase of these bonds at
prices below par. Tenders of these bonds, with coupons due
on and after June 1, 1937, will be received at the corporate
trust department of the bank up to 12 o'clock noon, Dec. 2,
1936, said an announcement issued in the matter on Nov. 1.
Holders of Government
other
volume on that Exchange inasmuch as those figures are not yet
The data
Tenders
or
table for the New York Curb Exchange does not
for the sale
(formerly Kingdom of the
5% funding bonds, due Nov. 1,
1956, and fractional certificates, in an amount sufficient
to exhaust the sum of $80,575.61, now held in the sinking
fund.
Proposals, which should be made at a price based
on
principal alone, exclusive of interest, which will be
added to the stated price, will be received by the bank
to it
their
only persons holding seats on the exchanges, but also
firms and non-member partners.
The dates shown in the tables are actual trade
of the City of New York, it
Nov. 1, is inviting tenders
The
1936.
of members while on
the ticker volume does not include "stopped" sales or
Chase
3,
between the transactions
the floor and their transactions while off the floor.
York
New
York
Stock
than
as
Reports showing no transactions..
104
344
other
116
399
402
167
488
specialist
Reports showing transactions initiated off the floor
The number of reports in
838
.184
Reports showing transactions as specialist--
the number of reports
Exchange
1,076
Number of reports received
Reports showing transactions
initiated on the floor
Curb
Exchange
s.
the various classifications may total more than
received since, at times, a single report may carry
entries in more than one classification.
Financial
2930
Chronicle
Nov.
The following
data made available by the SEC shows the
proportion of trading on the New York Stock and Curb
exchanges done by members for their own accounts:
NEW
YORK
STOCK EXCHANGE—TRANSACTIONS IN
FOR ACCOUNT OF MEMBERS * (SHARES)
Week Ended Oct. 3, 1936
Cent
transactions
of
except transactions
members,
of
Total
V
7.18
459,730
495,720
.
Total
955,450
transactions
of
In
specialists
in
stock
other collateral;
on
thus
usually will exceed the true relationship between borrowings
all listed shares and their market values.
borrowings
1,434,320
——
Sold
Round-lot
listed share collateral from those
on
this date, was
on
are not broken down to separate
1936, the Stock Exchange member total net
collateral amounted to $971,531,244.
The
ratio of these member total borrowings to the market value
of all listed stocks, on that date, was therefore 1.76%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
741,790
692,530
Sold
2; Initiated off the floor—Bought
only
Member borrowings
As of Oct. 1,
specialists and odd-lot dealers in stocks in which registered:
Initiated on the floor—Bought
1.
therefore 1.67%.
these ratios
on
Round-lot
The ratio of these member
borrowings to the market value of all listed stocks,
those
a
Total volume of round-lot sales effected on the Exchange.9,979,660
New York Stock Exchange member total net borrow¬
collateral amounted to $974,928,018.
on
was
Per
Week
1,
As of Nov. 1, 1936,
ings
total
Total for
7, 1936
1935.
In its announcement of Nov. 5 the Stock
Exchange stated:
STOCKS
ALL
Nov.
4.79
on
which
November 1, 1936
796,720
775,620
registered—Bought
Sold
Oct. 1, 1936
1.572,340
Total—Bought
Sold
Autos and
3,962,110
19.85
...
i
...
Petroleum
1,268,590
—-
Paper and
1,158,440
Total-—
all
Textiles...
partners, including special partners.
a
Per
of
cent
transactions to
members'
total
Exchange transactions.
i
Railways and equipment
Steel, Iron and coke
Exchange members, their firms and their
In
Gas and electric (operating)
Gas and electric (holding)
cal¬
culating these percentages the total of members' transactions is compared with twice
the total Exchange volume for the reason that the total of members' transactions
includes both purchases and sales, while the total Exchange volume includes only
'
Garments
U. S. companies operating abroad
Foreign companies (Incl. Cuba & Can.)
Round-lot transactions of members, except transactions of specialists in
Btocks in which registered:
.
*
1.
Initiated
on
the floor—Bought
79,225
70,445
Sold
Total
2.
All listed
15.50
42.40
10.47
stocks
17.76
23.67
37.27
68.58
35.43
27.65
35.06
58,507,236,527
43.36 55,105,218,329
40.88
We give below a two-year compilation of the total market
value and the average price of stocks listed on the Exchange:
149,670
Initiated off the floor—Bought
36.08
53,788,867
Tobacco
a
65.24
26.70
135.633.824
239,889,988
1,825,522,738
33,803,872
854,868,337
1,338,965,591
Miscellaneous businesses
Total for
Week
49.48
21,940,267
Leather and boots
Total volume of round-lot sales effected on the Exchange
46.48
326,271,831
Shipping services
Ship operating and building
OF MEMBERS *
33.19
28.07
468,970,243
Business and office equipment
NEW YORK CURB EXCHANGE—TRANSACTIONS IN ALL STOCKS FOR
Week Ended Oct. 3, 1936
39.64
20.17
1,960,458,452
4,075,024,697 108.60
241,986,683 29.37
Communications (cable, tel. & radio).
sales.
ACCOUNT
80.79
27.03
10.22
2,516,280,022
Miscellaneous utilities..
Aviation
55.69
45.92
39.04
6,283,480,821
473,103,888
3,014,924,280
5,733,020,770
2,789,810,764
284,620,076
publishing
Retail merchandising
2,427,030
-
-
"members'* includes
41.98
38.40
2,334,279,211
2,292,071,285
Machinery and metals
(excluding iron)
5,065,205,755 46.98
1,434,204,903 24.85
6,059.914,088 74.20
717,685,927 38.89
1,916,709,969 51.78
3,297,921,477 37.38
409,322,596 42.56
835,559,769 74.32
25.24
385,659,751
9.29
46,579,080
2,155,268,886 38.24
1,978,921,797 33.71
5,714,705,960 29.87
435,897,136 25.86
2,733,601,445 42.09
5,441,723,519 46,95
2,644,196,495 61.59
262,985,405 24.67
2,404,828,118 34.53
19.63
1,897,654,411
3,890,976,106 103.70
235,259,194 28.55
16.14
334,213,511
40.72
449,791,022
9.60
20,117,752
17.18
52,023,513
23.29
133,453,861
37.81
237,905,941
1,813,167,516 68.11
32.83
31,322,170
754,766,010 24.41
1,313,675,246 34.40
78.43
51,227,710
Mining
Soldo.
The term
414,685,077
Land and realty
2. In odd lots (including odd-lot transactions of specialists):
Bought
tires
Amusements
507,900
——
25.24
2,064,632,101
3,395,379,615
441,106,915
908.315.823
Farm machinery
292,200
i
$
49.00
780,039,583
Rubber and
Total
Price
1,454,725,192
6,406,150,555
Electrical equipment manufacturing. _
Foods
215,700
Sold
Value
5,292,257,449
—
Building
registered:
*
accessories
Financial
Transactions for account of odd-lot dealers in stocks in which
1. In round lots—Bought
Aver.
Price
%
Chemicals
Total
Market
7.88
1,998,240
1,963.870
——
Aver.
Value
Total
Market
119,715
Market
85,250
Total
Average
Market
Average
Value
Sold
Price
Value
Price
204,965
1934—
Oct.
Round-lot transactions of specialists in stocks in which registered:
Bought
Sold
253,195
274,380
*
1935—
1
$32 319.514,504
$24.61
Nov.
1
$43,002,018,069
$32.90
Nov.
1
Deo.
1
44,950.590,351
34.34
1
31,613,348,531
33,888,023,435
24.22
Dec.
25.97
1936—
1935—
Jan.
1
Feb.
Jan.
1
July
527,575
1
Aug.
Total
452,135
Sold
430,075
Total
882,210
Odd-lot transactions of specialists in stocks in which registered:
1
Sept.
1
Bought
164,478
Sold
103,906
1
Total
•
The
1
Apr.
1
1
June
1
Oct.
Figures
"members"
includes
all
Exchange members,
are not
Form
obtaining exemption from
declarations under Section 7 under
Holding Company Act of 1935 with
to
the
issue
and
sale
mission said:
of
securities.
Com¬
The
1
Oct.
1
30 97
Nov.
1
58,507,236,527
Apr.
1
May
1
25.77
June
1
26.50
July
27.78
Aug.
1
1
'
38.85
35.74
37.35
38.00
40.30
40.56
40.88
43.36
exemption from
the provisions
of Section
6(a).
empowered to grant such exemption when the issue
solely for the
purpose of
or
The Commission is
sale of such securities
financing the business of the applicant and
have been expressly authorized by the State
which the applicant is organized and
Member firms of the New York Stock Exchange enclosed
their monthly statements mailed to customers on Oct.
31, copies of a letter, signed by Charles It. Gay, President,
inaugurating a series of such letters to be included with
with
monthly
wide
commission of the
State in
doing business.
statements
publicity
letters will
ticipating
a
its
a
recent
copy of
be
thetic
earnings
statement and balance sheet.
services which
made
The
the
of
Listed
Stocks
on
New
York
Stock
Exchange Nov. 1, $58,507,236,527, Compared with
$55,105,218,329 Oct.
1—Classification
of
Listed
Stocks
The New York Stock
Exchange announced on Nov. 5 that
of Nov. 1, 1936, there were 1,196 stock issues aggregating
1,349,322,382 shares listed on the Exchange with a total
market value of $58,507,236,527. This compares with 1,201
stock issues aggregating 1,347,954,871 shares listed on the
Exchange Oct. 1, with a total market value of $55,105,218,329, and with 1,168 stock issues aggregating 1,307,139,275
shares with a total market value of $43,002,018,069 on
as
of
Invitation," describes the
Exchange.
interest
of
the
list
You,
approach
This
which
to
you,
open
first
a
friendly
to
line
is
the
informed and
facilities
which is
sent
in
the
sympa¬
purchase
terms,
letters
fallacy that
it
our
a
will
chievous
next
to
as
for
ask
your
to you
holder
a
of
assistance
through
securities,
and untrammelled market.
because
have
If
the
in
of
the
quality
unimpaired, misconception must be removed.
exists, the market is exposed to
of
be of
contact
with
with
you
inestimable
in
a
purely
problems?
introductory
the
that
can
coopration
of
some
company
and
its
misunderstanding
market,
non-technical
buys
use
message,
free
remain
that
as
letter
Succeeding
discharge of this responsibility
enlist
can
who
this
be less familiar than
may
securities
your
feels
a free,
is
extent
danger.
which
The
Exchange
millions
Hence
Exchange
the market
tiie
it renders.
the
the
of member firms.
Stock
definite
To
of
securities.
^
of
if
easier
cooperation
preservation
Value
Stock
position in the national economy. The management of the
Exchange is
of its obligation to
keep the public informed with respect to
courtesy
jurisdiction of the State commission,
these
sensible
the essential
the
to the
nation¬
of
It follows in part:
Exchange is addressing you in an effort to promote
understanding of its functions and operations, its principles and
better
opinion of counsel
as
Exchange's
distribution
more
of the
sale
the application to and order of the State commission and
the
total
The New York Stock
and
an
The
in the distribution.
purposes
will
are
be
of
part
a
The initial letter, entitled "An
The form requires a description of the
applicant's business, the securities
to be issued, and the terms of issue.
Among exhibits required
as
program.
than 500,000 copies a month, approxi¬
400 individual member firms of the Exchange par¬
mately
^
.
The new form, XJ6B-1, promulgated by Rule 6B-1, calls for definite
Information from companies making such applications under Section 6(b)
Market
Sept.
30.44
24.70
23.73
38.61
Sent to Customers
Issued
the requirement of filing
the Public Utility
are
29.76
37.98
50,164,547,052
51,201,637,902
51,667,867,515
47,774,402,524
49,998,732,557
50,912,398,322
54,066,925,315
64,532,083,004
55,105,218,329
Aid New York Stock Exchange in Publicity
Program—Series of Letters of President Gay to Be
The Securities and Exchange Commission announced on
Oct. 30 the issuance of a new form for the use of subsidiaries
of registered holding
companies in
for
1
Firms
available for this week.
by SEC Under Holding Company
Act for Use by Subsidiaries of Registered Com¬
panies Seeking Exemption
reference
1
Mar.
their firm and their
♦
New
Feb.
268,384
term
partners, including special partners.
a
25.99
* 40,479,304,580
Mar.
35.62
46,954,581,555
25.29
35,933,882,614
32,991,035,003
32,180,041,075
30,936,100,491
33,548,348,437
34,548,762,904
36,227,609,618
38,913,092,273
39,800,738.378
May
Total—Bought
1
to
that
the
portion
facilities
help.
May
educational
of
and
we,
and'
the public
purposes
therefore,
of
en¬
informational
.
series
designed to convey, in simple,
realistic, work-a-day picture of the Exchange.
be expository in character.
The second, to ac¬
a
statement
the
from your broker, will deal with the mis¬
Exchange itself sells securities when the public
buys when
Exchange is the principal
on
the
one
public
side
sells;
of all
in
other
transactions.
words,
This,
that
the
incredible
Volume
is
though it appears,
in the
bornly
of the misconceptions that
one
minds of
uninformed
persons.
.
.
sellers'
persists most stub¬
interest,
most
Exchange—its
earnestly
we
invite
suggestions.
Outstanding Brokers'
Loans on
New York Stock
Exchange Increased $3,396,774 During October to
$974,928,018 Oct. 31—Gain of $182,506,449 Noted
as
Compared with Year Ago
happen, of
•
to
$3,396,774 in the loans out¬
standing during October, the total for Oct. 31 being reported
at
$974,928,018, as against $971,531,244 on Sept. 30.
When compared with Oct. 31, 1935, the figure for the latest
date reflects a gain of $182,506,449.
The increase of $3,396,774 from Sept'. 30 to Oct. 31 offsets the drop of $2,253,340 which, as noted in our issue of Oct. 10, page 2293,
occurred between Aug. 31 and Sept. 30.
The gain on Oct. 31 over the previous month and a year
ago is attributed to demand loans, which, at the end of
October, totaled $661,285,603, against $598,851,729 Sept.
30 and $335,809,469 Oct. 31,1935.
Time loans, on the other
hand, amounted to $313,642,415 at the latest date, below
both the Sept. 30 and Oct. 31, 1935, figures of $372,679,515
and $456,612,000, respectively.
The following is the report for Oct. 31 as made public by
the Stock Exchange on Nov. 4:
In
Trade
to the
New
A
report issued by the Exchange a
Below
furnish
we
collateral,
Oct. 31,
$38,727,325
$50,000,000, or thereabouts, of 274-day
tbis week on a discount basis to
highest bidders.
The tenders to the offering, invited
on
Nov. 3 by Secretary of the Treasury Henry Morgentbau Jr., were received at the Federal Reserve banks and
the branches thereof up to 2 p. m., Eastern Standard Time,
the
the figures:
Time Loans
Total Loans
$827,033,410
831,115,348
880,263,155
249,062,000
242,544.500
220,124,500
294,644,900
320,871,000
334,199,000
349,335,300
372,553,800
824,958,161
815,858,439
773,123,266
804,565,448
792,541,031
808,589,298
face
768,934,748
772,031,468
781,221,869
ing,
-
Mar. 30
Apr. 30
May 31
June 30
July
31
Aug. 31
Sept. 30
Oct.
31
Nov. 30
,.
Dec. 31
418,266,300
456,612,100
439,457,000
391,183,500
There
29
Mar. 31
Apr. 30
—.
May 29
June 30
July
31
Aug. 31
Sept. 30
Oct.
324,504,713
292,695,852
243,792,915
375,107,915
410,810,915
407,052,915
396,076,915
600,199,622
631,624,692
753,101,103
688,842,821
559,186,924
581,490,326
571,304,492
591.906.169
598,851.729
661,285,603
-
31
313,642,415
New
(the bills)
denominations of
be
in
and
of
tenders
10%
of
reading," and,
the bank, "it seems unquestionably true
reached a new high point for the
In part, the bank goes on to say:
asking whether the movement is not going too fast,
of goods are not being accumulated, at the expense
of a slowing down of production in the first half of next year.
It is
recognized that wants are still unsatisfied and labor and plants still
unemployed, and thus there is no limit to the recovery as long as all the
elements in it are kept in balance, costs and prices remain in line with
purchasing power, and maladjustments of production and consumption are
avoided in each industry.
However, few business upswings run long with¬
out such maladjustments appearing, which require a pause for their cor¬
rection and interrupt the forward movement temporarily, even though the
recovery."
Naturally,
and
some are
whether
force
of recovery
The
and
stocks
far from exhausted.
is
appearance
in
some
accompanied
reports that business
consumption,
their
than
recognize that
than
not
tapering
of
the
in the
On
consumption
to
off
other
more
the
inspires
some
type of
buying
hand,
an
accumulated
caution,
time in
there
temporarily
warrants, and an appearance of scarcity
than real.
Experienced observers
illusory
nearing the top of
while
matter
recovery
the
this
when
be
is
as
appears
business is more likely
upward movement, and ready for a
purchases
possibly
are
absorbed.
This view
a resting period
suggesting
1937.
is obviously no
way
of determining when
a
policy of buying ahead, once begun, will stop.
In some cases the buying
is a precaution against
inability to obtain goods when needed, and a
resulting price "squeeze."
If buyers are of the opinion that a change to a
offered
Each
must
be
banks
by
of
an
bills
Treasury
express
applied for, unless the
of payment by an
guaranty
trust company.
the closing
hour for receipt of tenders, on
Nov.
0,
and public announcement of the
soon as possible thereafter, probably on
The Secretary of the Treasury expressly reserves
right to reject any or all tenders or parts of tenders, and! to allot
than the amount applied for, and his action in any such respect shall
hour will be opened
the closing
to
acceptable prices will follow as
the
the
less
following morning.
Those submitting
final.
be
available
The
any
funds
gain
from
on
Treasury
all
advised of
the acceptance or
the Federal Reserve banks
made at
be
must
tenders will be
Payment at the price offered for Treasury bills allotted
in cash or other immediately
rejection thereof.
Nov.
10, 1936.
bills will
be
taxation,
except
as to principal and interest, and
disposition thereof will also be exempt
exempt,
from the sale or other
estate
and
inheritance
taxes.
(Attention
is
Decision 4550, ruling that Treasury bills are not
No loss from the sale or other disposition
exempt from the gift tax.)
of the Treasury bills shall be allowed as a deduction, or otherwise recog¬
invited
to
Treasury
nized, for the purposes of any tax now or hereafter imposed by the United
States
or
any
Treasury
prescribe
their
against future needs, orders in the markets may
larger
be created which
considered.
three decimal places,
of its possessions.
No. 418, as amended, and this notice,
of the Treasury bills and govern the conditions of
Department Circular
the
terms
issues.
-*>
are
men
but when buyers begin to compete in this way, and to expand
coverage
become
may
or
after
merchandise lines of premiums for spot goods,
increasingly buying ahead or carry¬
ing larger inventories, are manifestly important developments.
Premiums
for nearby deliveries are evidence of strong demand and! a high rate of
the
be
price
than
1936, all tenders received at the Federal Reserve banks or branches thereof
up
says
will
The
accepted without cash deposit from incorporated
face amount
the
are
Immediately
»
that business activity has
$1,000
$1,000.
of
with not more
100,
securities.
974,928,018
National City Bank of New York, in
its November "Bank Letter," that the general summary of
business news which it presents therein "makes cheerful
(ma¬
companies and from responsible and' recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
trust
ment
971,531,244
for Recovery
multiples
than
Fractions must not be used.
will be
Tenders
less
amount
the basis of
on
99.125.
e.g.,
988,543,241
967,381,407
973,784,584
an
must
expressed
969,997,839
It is observed by the
and in amounts or
$1,000, $10,000, $100,000, $500,000 and $1,000,000
for
tender
tender
by National City Bank of
Having Reached New High
Point
as
tenders to the offer¬
will be issued in bearer form only,
turity value).
Activity Viewed
York
without interest.
on Nov. 10 in
securities
In inviting the
$50,545,000.
incorporated bank
Business
be payable
similar
of
Nov. 3, Secretary Morgenthau stated:
on
They
bills will
of the
maturity
a
amount of
924,704,335
924,320,544
996,894,018
1,063,950,736
381,878,415
372,679,515
is
Aug. 11, 1937, and on the maturity date the
on
amount
No
31
Feb.
Treasury bills will be dated Nov. 10, 1936, and
new
will mature
792,421,569
846,113,137
938,441,652
;
(Nov. 6).
yesterday
1936—
Jan.
of
issue
new
The
28
Thereabouts, of 274-
or
Treasury bills was sold
1935—
Feb.
of
'
Offering of $50,000,000,
A
the same as In the loan
$280,542,000
273,373,000
263,962,869
31
prepared by the municipal department
Day Treasury Bills—To Be Dated Nov. 10, 1936
575,896,161
573,313,939
552,998,766
609,920,548
471,670,031
474.390,298
419,599,448
399,477,668
362,955,569
335,809,469
406,656,137
547,258,152
Dec. 31
Jan.
by
departure in presenting tables by which equivalent
taxable bonds and tax free securities may be de¬
♦
New
$546,491,416
557,742,348
616,300,286
Nov. 30
Prepared
Corp., New York
The tables are presented
organization is now dis¬
tributing. The tables are based on factors which enable
equivalent yields to be determined even though the bonds
are selling at a premium or a discount.
Most tables now
in general use show equivalent yields only on bonds selling
at par.
The booklet contains tables for Federal income tax
brackets ranging fromJB10,000 to $500,000 per year.
ago.
Demand Loans
31
as
The First Boston Corp., New York.
a booklet which the investment
$974,928,018
(2) above
October.
campaign, it is
have opinions
in
collateral
two-year compilation of
a
1934—
Oct.
month
on
Tables
Yield
Boston
725,000
Combined total of time and demand borrowings
during
the presidential
interruption; nor
year.
termined has been
$661,285,603 $313,642,415
The scope of the above compilation is exactly
no
future at least, been altered.
near
Tax-Equivalent
new
yields
suffered
favorable
continued
has
news
has
First
Time
29,863,948
business conditions the bank
on
Both the markets
reports indicate that good business is expected during the re¬
of the
mainder
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the City of
for the borrowings included in items (1) and
business
outlook, for the
trade
and
S631.421.655 $312,917,415
"Government securities" pledged as
industrial
and
that
evident
The detailed tabulation follows:
Total face amount of
its opening remarks
Notwithstanding the preoccupation with
(1) Net borrowings on collateral from New York banks or
New York
is all the evidence needed
the unemployment
stated:
1936, aggregated $974,928,018.
Demand
only three-fourths of the ground lost from the 1929
bottom, and
buying turns out to be running ahead of consumption.
contracted for and carried in New York, as of the close of business,
trust companies..
industries.
at different times in different
course
|
peak to the
that the
productive facilities of the country are working below their possibilities.
It is hardly conceivable that a scarcity of goods can develop which will
not be quickly relieved, either through increased output or because the
1932
Nov. 4, reveals an increase of
New York Stock Exchange member total net borrowings on
long
In the recovery thus far
long time.
a
Considering the situation as a whole, it is plain that no general change
a
sellers' market is to be apprehended.
The business recovery has
retraced
The monthly report of the New York Stock Exchange on
the outstanding brokers' loans on the Exchange, issued
.
taking place in important lines the move may go a
the supply of manufactured goods has kept abreast of the demand without much difficulty,
and
only in negligible instances has anything like
a sellers' market
appeared.
However, as business improves and demand rises the efficient
low-cost capacity
of many industries will gradually be worked to the
limit; and from that point increases in demand will disclose a scarcity
and advance prices until high-cost plants can operate profitably, or new
low-cost plants be made ready.
At some stage of the recovery this will
social
financial,
market is
and last
way
.
and economic
implications and relationships, its intricate but adaptable andi efficient
organization—is an almost inexhaustible subject.
In the selection apd
discussion of those features of the Exchange and its work which are of
Stock
York
New
The
2931
Financial Chronicle
143
Tendered to Offering of
273-Day Treasury Bills Dated Nov.
$147,017,000
$50,000,000 of
4—$50,113,000
About 0.115%
The tenders to the offering last week of $50,000,000, or
thereabouts, of 273-day Treasury bills, dated Nov. 4, 1936,
and maturing Aug. 4, 1937, totaled $147,017,000, it was
announced on Oct. 30 by Henry Morgenthau Jr., Secretary
of the Treasury, of which amount $50,113,000 were accepted.
As noted in our issue of Oct. 31, page 2763, the tenders to
the offering had been received at the Federal Reserve banks
and the branches thereof up to 2 p. m., Eastern Standard
Time, Oct. 30.
In his announcement of Oct. 30 Secretary
'Morgenthau said:
Accepted at Average Rate of
2932
Financial
Chronicle
The accepted bids ranged in price from 99.915, equivalent to a rate of
about 0.112% per annum, to 99.909, equivalent to a rate of about 0.120%
per annum, on a
bank discount basis.
the latter price was
issued is 99.913,
accepted.
and the
The
average
Nov. 11 to be
per annum
on
a
legal holiday";
a
"That the President of the United States is requested to issue a proclama¬
tion calling upon the officials to display the flag of
Government buildings on Nov.
The average rate of
issues of 273-day
0.115% compares with rates on previ¬
bills of 0.120% (bills dated Oct. 28),
0.124% (bills dated Oct. 21), 0.141% (bills dated Oct. 14),
0.162% (bills dated Oct. 7), 0.186% (bills dated Sept. 30),
and 0.156% (bills dated Sept. 23).
States to observe the day in
the United States on all
11 and inviting the people of the United
schools and churches, or other suitable places,
with appropriate ceremonies expressive of our
gratitude for peace and our
desire for the continuance of friendly relations with all other peoples."
Now,
therefore,
D.
Franklin
I,
States of America, do hereby direct that on
Nov. 11, 1936, the 18th anni¬
Armistice, the flag of the United States be displayed on all
versary of the
The various mints and assay offices received during the
week ended Oct. 30 a total of $21,436,784.70 of gold, it was
announced
by the Treasury on Nov. 2.
Of this amount
the Treasury made known, $18,596,986.74 was imports,
$263,147.34 secondary, and $2,576,650.62 new domestic.
The gold was received as follows during the week ended
Oct. 30 by the various mints and assay offices:
RECEIPTS OF GOLD BY THE MINTS AND
Imports
Philadelphia.
ASSAY
New
Secondary
Domestic
$86,824.01
18,454,600.00
117,700.00
16,325.32
18,379.10
7,379.64
771,208.70
$263,147.34
$2,576,650.62
36,836.71
6,732.20
New Orleans
Seattle
Total for week ended Oct. 30,1936. $18,596,986.74
Silver Transferred
to
ended
ounces
Oct.
30
to
United States Under Nationaliza¬
of silver
the
were
United
on Nov. 2 that
transferred during the week
under the Executive
States
Order of Aug. 9, 1934, nationalizing the metal.
Since the
Order was issued, the Treasury revealed, 112,988,180.27
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. 2:
SILVER TRANSFERRED TO UNITED
STATES
(Under Executive Proclamation of Aug. 9, 1934)
Fine Ounces
94.00
New York
1,797.00
CORDELL HULL,
k
Secretary of State
Rt
President Roosevelt, Prior to Election Indicated Plans
to Continue CCC at Minimum Strength of 300,000—
Letter from Robert Fechner Praises Work of
President Roosevelt revealed
San Francisco
The survey indicated that
171.00
Seattle
erosion control operations on agricultural
in the rehabilitation
2,062.00
112,988,180.27
"Chronicle" of Oct. 31, page 2764, reference was
Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 1,171,110.70 During Week Ended Oct. 30.
According to
mints
a tabulation issued
by the Treasury on
total of 1,171,110.70 fine ounces of silver was
by the Treasury Department to the various
over
and
offices during the week ended Oct. 30.
purchases made by the Treasury in
accordance with the President's proclamation of Dee. 21,
1933, which authorized the Department to absorb at least
24,421,410 fine ounces of newly-mined silver annually.
Total receipts since the issuance of the proclamation, which
was referred to in the '"Chronicle" of Dec.
31, 1933, page
4441, were in amount of 108,903,740.72 fine ounces. The
tabulation issued by the Treasury follows:
silver
assay
was
from
Nation
644,632.70
5,137.41
__
Denver
Total for week ended Oct. 30, 1936.
Total receipts through Oct. 30, 1936
1,171,110.70
108,903,740.72
The receipts of newly-mined silver
during the week ended
were noted in these columns Oct.
31, page 2764.
its
on
has
detection facilities;
rodents
proclamation, calling for the observance of Armistice
Day, Nov. 11 ('the anniversary of the cessation of the World
War) was issued by President Roosevelt under date of Oct. 27,
was made public Oct. 30.
The proclamation follows:
By the President of the United States of America
A
"Whereas, the 11th of November, 1918, marked the cessation of the most
destructive, sanguinary and far-reaching war in human annals and the
resumption by the people of the United States of peaceful relations with
other nations, which we hope may never again be severed; and
"Whereas, it is fitting that the recurring anniversary of this date should
owned
water and
1,000,000,000
to
and
mutual
understanding
between
im¬
the CCC has launched
conservation program.
effective
control of insect and disease pests, fire and
through
lands;
destroy natural resources on Federal, State and
the
through
development
of
recreational
new
through projects conserving
game
trees;
animals and
through
and increased
through the planting of nearly
birds;
improving
range
conditions
for
livestock;
through physical improvements
Indian, military and naval reservations; and through many other types
of projects
of public interest
and utility which are non-competitive with
private industry.
Addresses
of President Roosevelt in Closing Days of
Campaign — "Fire-Side"
Talk
Election
Eve —
Speeches at Madison Square Garden in New York
and Academy of Music in Brooklyn
President Roosevelt,
unprecedented
vote
in
who this
the
campaign for reelection to
with
On
week
national
a
close
(Nov. 3)
election,
on
election
"fireside talk" at his Hyde Park
a
the
day
same
the
President
polled
brought
eve
an
his
(Nov. 2)
(New York) home.
addressed
gatherings
in
neighboring localities, his principal speech that day being
of
in
the
and
Pouglikeepsie,
President
were
N. Y.
The
delivered
on
final
major
addresses
Friday night, Oct. 30,
Saturday night, Oct. 31, at, respectively, the Academy
of Music in
York
Brooklyn and Madison Square Garden in New
City.
From
the
platform
of
the
Governor
latter,
Landon, Republican nominee for President, delivered a cam¬
paign speech two nights before (Oct. 29)—referred to in
a
Oct. 31 issue, pages 2772-2773—in which, in
restatement
he
sought
what
as
an
of the basic
presenting
principles of his political creed,
expression of view from the President
as
to
lie
proposed on his New Deal policies, particularly
to the National Industrial
Recovery Act and the Agri¬
cultural
Adjustment Act.
The President, at the Madison
Square Garden rally, declared that "for nearly four'years
its
goodwill
projects and other
tangible values to the country's physical
through aid to land reclamation projects;
you
through
pond and lake im¬
improving land drainage; through the protection
propagation of
perpetuate
peace
broad-gage and
enormous
that injure and
privately
be commemorated with thanksgiving and
prayer and exercise designed to
nations; and
of drainage
and communities against flood and soil erosion;
our
PROCLAMATION
Whereas, the preamble to Senate Concurrent Resolution 18, Sixty-ninth
Congress (44 Stat., 1,982), passed Jqne 4, 1926, recites:
erosion control, stream,
rehabilitation
oportunities; through protection of forests, water sheds, agricultural lands
made
A
first
added
Oct. 23
Proclamation of President Roosevelt Asking Observance
of Armistice Day, Nov. 11
drainage
through the construction of roads, communication lines and fire
resources
521,340.59
..
protection,
Our records show that during the last few years
The CCC
Fine Ounces
San Francisco
and
systems
provement and increase in our natural resources.
(Under Executive Proclamation of Dec. 21, 1933 as Amended)
Week Ended Oct. 30, 1936—
irrigation
be broadly divided into such classifications as
park development,
wild life
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES
Philadelphia
lands,
grazing
may
types of projects having as their objective the further preservation,
the
The
the survey,
provement, flood control, water conservation, range development, reclama¬
tion,
during the week ended Oct. 23.
of
lands, and an expanded demand
flood control projects, for wild life conservation and
of
Available and planned work for the next several years, as set
in
forestry,
Total for week ended Oct. 30, 1936
Total receipts through Oct. 30, 1936
a
This
national forest holdings, the
lands by the States under the Fulmer Act, the
new forest
for CCC man-power on
projects.
2,
the annual work load ahead for a permanent
CCC will increase rather than diminish during the next few years.
will be due largely to the gradual increase in
forth
turned
Corps
Oct. 27 that if reelected
in part:
New Orleans
Nov.
on
planned to continue the Civilian Conservation Corps at a
strength of between 300,000 and 350,000 for at least several
years.
The annual cost of maintaining the CCC at the
minimum figure is $330,000,000.
The President said at a
press conference Oct. 27 that CCC officials were checking
applications for admission to determine whether the next
Congress should be asked to appropriate for the 1937-38
fiscal year sufficient funds to maintain the present strength
of 350,000 or a smaller corps of 300,000.
He added that it
seemed certain that enlistment next year would not fall
below 300,000.
Mr. Roosevelt also made public a letter
from Robert Fechner, Director of the CCC, in which he
commented on a recent survey of corps activities and said,
Denver
Receipts
ROOSEVELT.
D.
By the President:
expansion of State-owned parks, a0 growing appreciation of the need for
Week Ended Oct. 30, 1936—
made to the silver transferred
sixty-first.
FRANKLIN
acquisition of
Philadelphia
In the
this 27th day of October, in the year of
Thirty-six, and of the independence of
Hundred and
he
Treasury Department made known
2,062 fine
Lord Nineteen
our
the United States of America the one hundred and
4b",5bb~66
During Week Ended Oct. 30 Amounted
2,062 Fine Ounces
to
hereunto set my hand and caused the seal of
"
tion Order
The
In witness whereof, I have
Done at the City of Washington
660.487.09
91,439.72
Denver
the United States to
schools and churches, or
places.
the United States to be affixed.
1,104,454.83
16,539.27
San Francisco
suitable
OFFICES
$7,378.11
New York
observe the day with appropriate ceremonies in
other
United
of the
President
Roosevelt,
Government buildings, and do invite the people of
Gold Receipts by Mints and Assay Offices During Week
Ended Oct. 30—Imports Totaled $18,596,987
7, 1936
States have already declared
our
And whereas, the said concurrent resolution provides:
price of Treasury bills to be
is about 0.115%
average rate
ous
'
"Whereas, the Legislatures of 27 of
Only part of the amount bid for at
bank discount basis.
Nov.
have had
thumbs,
sleeves
an
has
rolled
Administration which, instead of twirling
rolled
up."
up
its sleeves.
He went
on
to
say,
We will
in part:
keep our
Volume
struggle with the old enemies of peace—business and financial
We had to
You
sectionalism,
ployed
speculation,
monopoly,
reckless
banking,
antagonism,
class
They had begun to consider the Government of the United
appendage to their
mere
States as a
candidate
the}' stand today.
as
Of
They
Of
unanimous in their hate for
are
First
like to
should
I
Administration
have
forces of selfishness
have it
to
said
Forces
it said
of
forces
course
is
March
used
below
campaign
of
have
and
the
of
threat
to
close
into
the
It
is
wage
Some of them are
not happy.
are
to
as
of
hope for
the
The
all
an
factory
old
that
It
is
the office
or
of
strategy
1936
if
tyrants
a
this
by
system
the
attempt
to
eaeh
version of the old
victims
But this propaganda is
the employer.
of
wage
by him
And
employer puts up three dollars—three for one.
his
deceit.
is
votes
fraudulent
the
on
to
some
confidence.
more
attempt is
sentatives
voted for
it and only 18
voted
it
the
I
am
I
have
contained
who are not
of the threat to
indignation and will show it at Hie polls.
of it, I prefer to remember this campaign not
as
bitter but only as hard-fought.
There should be no bitterness or hate
where the sole thought is the welfare of the United States of America.
No man can occupy the office of President without realizing that he is
Aside
this
from
President
all
of
phase
the people.
promises.
vision
Our
This is
to
state
Of
the
today, just as four years ago, the people want more
that
confident
am
than
future
the
for
contains
to those who,
answer
our
course,
more
than
promises.
silent about their own plans, ask us
improve working conditions for
continue to seek to
will
we
overlong,
reduce hours
to increase wages
that
wipe out sweatshops.
Of
monopoly in business, to
support collective bargaining, to stop unfair competition, to abolish dis¬
honorable trade practices.
For all these we have only just begun to fight.
Of course, we will continue to work for cheaper electricity in the homes
spell starvation, to end the labor of children, to
course,
and
farms
of
rates,
the
on
low
for
interest
regulation
continue
will
we
of
Of
end
to
their
the
crops.
their
and cheaper
transportation,
financing, for better banking,
for
for the
trade among nations, for the
have only just begun to fight.
issues, for reciprocal
For all these we
continue our efforts
will
we
With
for better
sounder home
security
course,
end
effort to
every
America,
wiping out of slums.
America.
continued
cooperation
in behalf
we
will
of
the
do all in
farmers
our
of
power
piling up of huge surpluses which spelled ruinous prices for
We will persist in successful action for better land use, for
of water all the way from its source to
reforestation, for the conservation
the
sea,
for
farm
for
drought
food
supply.
Of
and
commodities,
encouragement
course,
flood
for
a
for
control,
better marketing
reduction
definite
of
farm
facilities
tenancy,
for
insurance and a stable
For all these we have only just begun to fight.
we will
provide useful work for the needy unemployed1; we
of
farmer
cooperatives,
for
crop
work to the pauperism of a dole.
Here and now I want to make myself clear about those who disparage
their fellow citizens on the relief rolls.
They say that those on relief
prefer useful
are
not
relief
the
for
merely
jobless—that
they
problem is to end relief—to
language
when,
as
of
with
say
the
the
and if
the
at
of Music, on
had been undertaken
Brooklyn Academy
in part:
and
food
furnished
work for idleness, hope instead of dull despair.
Nov.
on
second
had
had
wheels
will
America
3
that that
say
job weU done.
was a
stalled economic engine to
again.
We knew enough about the mechanics of our eco¬
know that we could not do that one wheel at a time.
We
thing
order to
nomic
not ashamed of giving, help to those who
are
we
to those overtaken by disaster.
to give aid
enough
started
was
We
once.
knew
At the
only the wheel of finance.
help
to
our
economists.
one-wheel
of
at
did
we
that it
same
We proposed to get all four
no good to
try to start
was
time
had to start the wheels
we
agriculture, of workers Of all classes, of business and industry.
of
By democratizing the work of the Reconstruction Finance Corporation
and redirecting it into more practical and helpful channels we furnished
We
in
the machine.
primed the pump
work
worth
Program;
the Home Owners'
Loan Corporation; the Federal
up
a
seek
and
Nation
a
sound monetary policy; a sound
banking
to increase wages, to shorten working
With labor's aid and backing we took the
together to encourage them
is
child labor.
for workers' security by the Social Security Act—an Act
being misrepresented to the workers in a pay-envelope
great step
which
up
foreign exchange accords.
National Labor Relations Board to improve working con¬
industrial peace.
We brought the business men of the
to abolish
hours,
We set
while.
reciprocal trade agreement, audi
set
ditions
now
easily recognize as oldcontributing any¬
sound security for the laboring man and his wife
few employers
by a
propaganda
time
the Na¬
Administration;
Adjustment
Administration,
structure;
first
works.
Agricultural
Administration; the Tennessee Valley Authority; the Resettle¬
and the Rural Electrification Administration—a long
Housing
list
the
Administration; the Farm Credit Administration; the Soil
tional Recovery
Conservation
by spending government inoney in direct relief,
public
in
relief,
established
We
whom you will
exploiters of labor who have always fought against
a
.
.
.
back to what the Federal Government has done in the past three
and
one-half years:
Some people call these things waste which have
restarted our economic machine.
You and I know that they are the means
To
go
by which our stalled machine was started again.
And on Nov. 3 America will say that that was
did
job well done.
a
to look to the* future—to root out abuses—
The third
of America—to
workers
It is that which makes it pos¬
today.
We did
needed help.
relief, drought relief,
flood relief, work relief.
We
established
the
Federal
Emergency Relief Administration, the Public
Works Administration, the Civilian Conservation Corps, the Works Prog¬
ress
Administration.
Some people ridicule them' as alphabetical agencies.
But you and I know that they are the agencies that have substituted food
that,
thing
establish
every
possible
crash.
banking reforms; a
We established the Securities Exchange Commission;
sound monetary policy; deposit insurance for 50,000,000
bank accounts—all
aimed to safeguard the thrift of
objectives.
our
Nation.
our
devotion
to
first thing was
and children.
Objectives
to think in terms of the whole Nation that
because I have sought
is
our
peace.
thing themselves to
Future
I
need
address
We
this form of campaigning, and I am
of employers, Workers and the
at
overwhelming majority
the
that
men
coercion.
general public share that
It
on
to
ment
law-abiding business
appreciate the extent
this
in
indignation
expressed
confident
fully
propaganda
business
honest
majority of
the vast
this
to
Where does this
enact this law?
helped
sure
parties
last-minute drive
these Republican Representatives and
leave
Republican leadership
who
on
instead, to work for and to
go
his
We
77 Republican Repre¬
against it, and 15 Republican Senators
against it.
only five
In addition to an over¬
both houses,
in
of Democrats
Senators
that
road
The
by the record of
well shown
Security Act.
of the Social
majority
and
and in
us
of
the
fuel for
this
of
nature
passage
whelming
for
of war,
goodwill toward men"—Democracy must
we
why
get under way
,
are
Congress—diverted
The
of
is
to
The
guilty of more than deceit.
When they imply that the
thus created against both these policies will be stolen by some
they
actions,
our
government to persuade those who are mentally
other
And'
wholly foreign policy, they attack the
integrity and honor of American government itself.
Those who suggest
that are already aliens to the spirit of American democracy.
Let them
emigrate and try their lot under some foreign government in which they
have
only just
have
All
war.
threats
■in his Administration, saying,
another dollar.
omission
future
we
home.
and
profit by war are not
earth,
for starvation,
reserves
them,
Oct. 30, the President reviewed what
They imply to him that he pays all the cost of both forms of insur¬
They carefully conceal from him the fact that for every dollar
up
of
rumor
against
In
is
ance.
But
like
others
for
/
the worker his
pays
and
war
have need
That
candidate
particular
delude their
to
to
on
sible for
deceit.
put
by monopoly and specula¬
increase his purchasing
to
prepared to fight
sacrifice for each other.
prophet—"What doth the Lord
require of thee—but to do justly, to love mercy and to walk humbly with
thy God."
That is why the recovery we seek, the recovery we are
winning, is more, than economic.
In it are included justice and love and
humility—not for ourselves as individuals alone, but for our Nation.
That
destruction
That omission is deceit.
They carefully conceal from him the fact that under the Federal law
lie receives another insurance policy to help him if he loses his job, and
that the premium of that policy is paid 100% by the employer and not
one cent
by the worker.
They do not tell him that the insurance policy
that is bought for him is far more favorable to him than any policy that
any private insurance company could afford to issue.
That omission is
that
added
objectives—spell peace at
unrest
tha^, is best in
We
will be reduced by a contribution to
some
vague form of old-age insurance.
They carefully conceal from him
the fact that for every dollar of premium he pays for that insurance the
employer
are
side in this campaign.
cling to that
message.
For it is my deep conviction that Democracy cannot live without
that true religion which gives a nation a sense of justice and of moral
purpose.
Above our political forums, above our market places stand the
altars of our faith—altars on which burn the fire of devotion that maintain
employers and politicians and
very
of
stand
"Peace
peace
new
a
is deceit.
tell
They
and
too,
these
shores
our
causes
who
the pay-envelope
foster
Only reckless men, heedless
disruption
earners.
to the will
according
vote
unemployed—our security for the aged.
consumer against unnecessary
"We want none of it. But, while
we will continue to remove
antagonism at home which might make our
people easier victims to those for whom foreign war is profitable.
Those
fighting their battles for them.
worse—it
so
ideals, spell also peace with other nations.
guard
the
Every message in a pay envelope, even if it is the truth, is a command
to
and women
protect the
successful efforts
our
men
opportunity to put it to use.
the crippled, for the blind, for
it constant.
this—all
our
we
So long as I
pocket.
undermine
now
the
down
win.
not
to
the costs that
things,
Today there is
I
White House.
who talk most loudly of class antagonism and the
votes
all
Social Security
coerce
does
keep
these
All
employer by returning to the tactics of the labor spy.
system
the
door.
front
tonight.
is there
working people.
risk the
American
of
It
citizenship
amazing paradox!
an
newspapers
of
on
an
help for
our
continue
continue
will
and
For
with their backs to the wall would descendi
decent
.
is
the
pass-key to the
one
pass-keys
men
of
would
only
in my
remain
to
against America's
worker
Here
continue
for young
efforts
our
education and
an
insurance for the
will
we
power
there
Since
that today
record
House—by
pocket.
my
four-year
a
White
been
in
the level
consequences,
between
the
Only desperate
desperate.
far
key
it will
who
Those
so
that
President
am
know from
to
there has
1933,
4,
people
entrance
one
carried
have
our unem¬
on
begun to fight.
American
only
will
we
course
continue
obtain
may
We
met
their master.
The
they
tion.
I should like
met their match.
power
second Administration that in it these
my
and
Samaritan
of
the same side
not with those who pass by
still
is
government
objectives?
our
will
price spreads, against
first Administration that in it the
my
and of lust for
of
Their Match
of Selfishness Met
Your
Good
of
we
the mothers—our
Of
In
course
that
their hatred.
I welcome
me—and
the
with
Again—what
We know now that government by
affairs.
own
will continue to refuse to accept that estimate
I
fellow Americans.
other side.
the
organized money is just as dangerous as government by organized mob.
Never before in all our history have these forces been so united against
one
and
the street
profiteering.
war
2933
Chronicle
Financial
143
stock
some
broker,
are
worthless.
purge
our
Their solution
the rolls by starvation.
needy unemployed
for the
To use
would be cared
fairy godmother should happen on the scene.
to
brought
the
we
was
defence
against
a
return
of the
our
evils
which
citizens.
By our tax policy and by regulating financial markets, we loosened the
grip which monopolies had fastened upon independent American business.
We have begun also to free American business and American labor from
the unfair competition of a small, unscrupulous minority.
We established
by statute a
some
curb
upon
the overweening power
and unholy practices of
utility holding companies.
the Rural Electrification Act, by the Tennessee Valley Authority
and similar projects we set up yardsticks to bring electricity at cheaper
rates
to the average American farm and
the average American home.
By
Through
loans to private enterprise we promoted slum-clearance and lowhousing.
We set up a National Youth Administration to
modern
cost
keep
help
our
homes
and
in school and
successful war
youth
By
opportunity.
a
of
places
business safer
for them the door of
have made America's
gangster, the kidnapper
to hold open
on
crime
we
against the
and the racketeer.
Some
know
people call
them
to be
these
new
things meddling and
stones
in a
interference.
foundation—a foundation
You and I
on
which we
determined to. build a structure of economic security for all
our people—a safer,
happier, more American America.
On Nov. 3 the American people will say that ,that is a job well begun.
These are the things we have done.
They are a record of three and a
can,
half
the
we
and
are
years
people.
have
crowded
with
achievements significant
of better life
for all
Every group in our national life has benefited, because what
each group has produced benefits for every other group.
done for
Financial
2934
In
policies there are no distinctions between them.
There will
If we are in trouble, we are all of us in trouble together.
If
our
none.
be
to
are
and
we
.
together.
.
united
all
.
doing that
Nation in
a
gulf of
bridging the
are
we
the Nation.
for
program
antagonism which
12
In
years
of
neglect had opened up between them.
An
important task remains to go forward, to consolidate and
these gains—to close the gap by destroying the glaring
inequalities of opportunity and of security which, in the recent past,
have set group against group and region against region.
to
;equally
strengthen
By
policies for the future we will
our
forward this
carry
program
of
unity.
We will not be content until all our people fairly share in the
ever-increasing capacity of America to provide a high standard of living
its citizens.
for all
Nov.
On
their
is
A brief
challenging the constitutionality of the Commodity
Exchange Act of 1936 was filed in the United States Supreme
Court on Nov. 2 by William S. Moore, who acted in behalf
of himself and other members 'Of the Chicago Mercantile
Exchange, a separate brief was filed at the same time by
seven members of the Chicago Board of Trade.
It is stated
that both petitions contend that the act is unconstitutional
because it seeks to regulate "a purely local and intrastate
activity which does not directly affect nor in any way
burden
people will say that our policy for the future
Both the
final
his
preelection nation-wide radio address from
his Hyde Park home, Nov. 2, President Roosevelt said that
"whoever is elected tomorrow will
become the President of
all the
people.
It will be his concern to meet the problems
of all the people with an understanding mind and with no
trace of partisan feeling."
"Any President," he went on to
say,
who
ment of
offer constructive suggestions for the manage¬
can
government or for the improvement of laws."
The
and
men
Both
when
as
no
A
to the ballot box tomorrow,
go
think best for the kind of
you
be
you
man
once
How
a
of
in
on
or
was
any
woman
strings
will
one
In the
fire
No
instructions.
intimidate
you
the
own
vote
boss.
own
That
is
not
There
today.
so
business.
how
contrary
his
to
And
vote.
you
by telling
all equals.
are
we
her
or
secret.
you
know
will
coerce you
polling booth
There need
wishes
don't
let
or
anyone
otherwise.
you
It is
experience in responsi¬
an
bility and humility to be permitted, as President, to know and share the
hopes and the difficulties, the patience and the courage, the victories and
the
defeats
this great
of
people.
overmuch what they will receive for what they
giving in the service of a democracy—whether it is worth the cost to
Sometimes
are
share
in
wonder
men
that
struggle which
is
part
a
of the business of representative
government.
that they have been a part of
feel
is to
helped to build—that
generation.
things—that they have
great
District
share in the great battles of their
Supreme Court review decision of the
asked that the
court
the northern
for
district of Illinois in which
upheld the act's validity.
Court
The petition said it was
they have had
their
,
the
.
understood other cases attacking the act were
pending in lower courts and asked that the high tribunal issue a writ of
certiorari and consider the
at the same time.
cases
asserted the act "as a whole violates
.
the 10th
.
,
amendment of the constitution, because it seeks to regulate a purely local
intrastate
activity
(trading in commodity futures)
which
does not
directly affect, nor in any way burden or obstruct interstate commerce."
In addition,
because "it
the brief said, the act should be held invalid
represents an attempt by congress to resort to its power of control over the
obedience to unconstitutional
compel
regulations."
Mr. Moore, it was noted in Associated Press accounts
challenged the act as it applied to transactions for future
delivery in butter, eggs and Irish potatoes. Provisions ap¬
plying to grain were questioned in the other petition filed by
James E. Bennett & Co., P. S. Lewis & Co., Uhlmann Grain
Co., Bartlett Erazier Co., Richard Gambrill Jr., Edwin O.
Myers and John H. Fisher. In our issue of Sept. 19, p. 1798,
reference was made to previous proceedings in these cases.
738
^
the reward of that effort
But
exchanges, would result in personal injury and
mails and other means of interstate communication as a device to
is his
not
was
because
you
one
or
want to have.
you
polling booth
ballot
the
is the citizen's
citizen votes
No
world
a
do not be afraid to vote
in the polling places.
us
when
time
a
petitions
Federal
and
women.
in which the court
case,
loss of profit.
The petitioners
Society needs constant vigilance and the interest of individual
the Carter
petitioners in both cases asserted enforcement of the act, which seeks
to regulate all commodity
President added:
And
cited the court's decisions in the Schechter case in which
cases
invalidated NRA and in
court
declared the Guffey coal control act unconstitutional
"should welcome any American citizen or group of citi¬
zens
obstruct interstate commerce."
Commerce" said:
policy for the future.
the
In
or
Washington advices Nov. 2 to the Chicago "Journal of
■
the American
3
7,1936
Board of Trade Petitioners
the
in
classes
Nov.
Challenging Constitutionality of Commodity
Exchange Act Filed in U. S. Supreme Court—
Members
of
Chicago Mercantile Exchange and
we
work.
have
■
Briefs
to be secure, we must all be prosperous
are
theory of government has been banished from Washington.
It did
It was not and cannot be the answer to our problem.
We
That
not
if
prosperous,
secure
be
Chronicle
r-
Futures
Commission
Merchants
and
Brokers
596
Registered Under the Commodity Exchange Act
Commodity futures commission merchants numbering 738
principal offices in 34 states, the District of Columbia,
one
foreign country, and maintaining approximately
1300 branch offices, have been registered under the Com¬
modity Exchange Act, the Commodity Exchange Adminis¬
with
and
Regarding the President's brief addresses in five cities in
Orange and Ulster counties, in the Hyde Park
dispatch, Nov. 2, to the New York "Times" (from
Dutchess,
territory,
a
Hyde Park).said:
The
President
on Nov. 4.
Also, 596 floor brokers op¬
the commodity futures exchanges designated as
contract markets under the act have also been registered, said
the announcement, which added:
tration announced
erating
in Beacon,
spoke this afternoon
Newburgh, Kingston and
Rhinebeck, and passed slowly through Marlboro, Milton and Highland.
After dinner he drove to Poughkeepsie, the seat of Dutchess County, speak¬
ing from a balcony of the Nelson House, facing on Market Street, which
was roped off for two blocks.
|$ The
on
provisions of the CEA, which became effective Sept
orders for commodity futures to
Endorses
The talks
argument
this
afternoon
appeal,
or
He
marked
were
by
except for reiteration
appeared to be much better
possibility of his reelection,
in
as
uniform absence of political
a
of observations that conditions
did
are
Mr.
conditions will be
endorse
although he had
R. Whiton,
in whose
left
district
by
rode
Marvin
Democratic
merely
as
a
detachment
1:10 p.
Mclntyre,
a
leader
slowing
of
miles
automobile
an
driven
motorcade
about
In
would
said
in
their
stop.
his
He
12
him in
uphold
10
the
eastern
had
speech Mr.
Constitution
and
Constitution
the
something
about
He
of
the
be
to
not
bill
urged that
radio talk
operate
south
to
joined by
who had
family,
Beacon,
gave
new
only
within
the
Convention in
assurances
The
first
that he
He
limits.
its
of
only about
rights,"
the
those who, meeting
Poughkeepsie in 1788,
contain a
that it
but in
my
.
people exercise their right to vote,
a
"transi¬
merchandise
Government.
from
In
the
interstate
quoting
from
re¬
of the
ruling the
power
the
"Herald Tribune" said:
.
The decision by Judges Martin L. Manton, Learned Hand and Thomas
W. Swan, upheld an order by the National Labor Relations Board that the
New York Packing & Shipping Co. reinstate with back pay five
employees
who, the Board alleged, had been discharged for union activity.
The New York
Packing & Shipping Co. consolidated for delivery to all
parts of the country packages bought from New York firms by out-of-town
customers.
nullifying
The court took cognizance of the
the
National
Recovery
Act,
Schechter poultry decision
which
held
that
an
interstate
journey does not justify Federal regulation of local activity after the jour¬
ney, but held that a transitory stop did not break an interstate journey.
After finding that the company had discriminated against the five
"Respondent's business consists of the consolidating and arranging for
transportation of packages, which are already on an interstate journey pur¬
and, referring to his
to
It's not an
to the American people to exercise their
to
a
contract of sale between
obtain bulk rates for transportation.
buyers in other States.
buyer and seller.
The purpose is to
Ninety per cent, of the shipments
are
The only change which occurs in the transitory
stop, that of uniting into single and larger packages, Is intended to facilitate
and render
more
economical the shipments of merchandise.
Respondent,
.
that
his
with
"as many
as
pointed
out
Colonial
Federal
suant
given later, said:
After reaffirming
neighbors
his
take
support of
their
full
acting
the Constitution, Mr.
advantage of
Roosevelt
the right to
vote
urged
along
possible" of the 55,000,000 other registered persons.
that
days, when only
the early
that
move
inheritance
added.
"The newspapers said that speech would be an appeal for votes.
.
to the New York "Herald Tribune" it is held that
tory stop" in the transportation of merchandise did not
employees, the Board ruled:
person
the Constitution of the United States
President
The scope of the Wagner National Labor Relations Act
is extended under a ruling on Nov. 2 by the United States
Circuit Court of Appeals in New York, in which, according
him.
was
Dutchess County.
only with the stipulation
appeal to vote any ticket, but an appeal
wills."
He
men,
rights.
know
but
newspaper
procession
had been among
''So you will see that not only in my own
I
start
and James Townsend,
place behind
a
end
Roosevelt
great-great-grandfather
ratified
at the
car
containing
the
further
miles
the New York State Constitutional
bill of
his
...
the
his
Court of Appeals in New York
Scope of Wagner National Labor Relations
Act—Upholds Powers of Regulation After "Transi¬
tory Stop" in Transportation of Merchandise
local
passed through Poughkeepsie,
cars
Poughkeepsie
home in
Poughkeepsie
that
of
south
proceeded
now
scheduled
any
drive Alpha
President Roosevelt
troopers,
With
County.
that
so
of State
m.
containing Secretary Morgenthau and his
from
over
of
his
Representative, who has been making
Fish, bitter critic of the President
White House secretary,
Dutchess
down
seven
much of
on
photographers and local politicians could take
About
be registered
the part of a futures commission merchant or a floor broker to
Extends
little easier in the White
Hyde Park is situated.
House at
H.
companion
Representative
small
a
Hyde Park
a
by word the activities
Democratic candidate for
fight against
Escorted
on
fine of §10,000 and imprisonment for not more th^n one year.
I can spend more time in Dutchess County."
Roosevelt
candidates,
and
Failure
United States Circuit
House, and if they
strong
commodity futures orders for others are also required to
talk during his last stop, in Rhinebeck,
a
"I hope that In the next four years
a
markets without
Floor brokers executing
referred only generally to the
when he said:
Neither
on contract
register constitutes a misdemeanor under the act punishable by a maximum
visit to his neighborhood rather than
and he
be executed
having registered with the Secretary of Agriculture.
than in 1932.
now
himself pictured his tour as a
political barnstorming exhibition,
a
Candidates
No
13, make it
unlawful to engage as futures commission merchant in soliciting or accepting
the
men
universal
franchise
contrasted
sharply
who owned property could vote,
so
with
that "in
days the results of elections could not be called the will of the
majority."
,'
as agent for out-of-state
which
fall
within
the
"Undoubtedly the
buyers, is engaged in interstate transactions
sphere of Federal
mere
power.
.
.
.
fact that goods are intended to be transported
interstate does not bring their production or manufacture under the com¬
merce
clause.
Carter
v.
Carter Coal Co., 56 Sup-Ct., 855.
Nor does
an
interstate journey justify Federal regulation of local activity which follows
the termination of that journey.
295 U
S. 495.
But there is
a
Schechter Poultry Co.
v.
United States,
region of intrastate activity tied up with
Financial
Volume 143
interstate transportation and communication, in which
Federal power may
properly operate and from which State regulations may be barred.
.
.
.
"Moreover, there is a continuity of transit from seller to buyer in which
break the
interstate journey.
Carson Petroleum Co. v. Vial, 279 U. S. 95.
It is
merely a halt as a convenient step in the process to its final destination.
respondent
the
The
participates.
transitory
does
stop
not
Binderup v. Pathe Exchange, 263 U. S. 291, 309.
motion
"The
enforcement is
for
taxes
The
the
they do
be
will
Mehl,
that
in Position
Perform Certain Amount of Self Regulation
Commodity
Exchanges
are
to
J. M. Mehl, Assistant Chief of the Commodity Exchange
Administration, "invited the cooperation of all who are
interested in the sound development and the proper regula¬
tion of commodity exchanges" in a talk delivered to the
members of the Commodity Club of New York and their
guests, at the initial dinner meeting of the new season at the
Hotel Governor Clinton on Nov. 5.
He said that business
using the facilities of commodity exchanges fall into
those who deliberately seek speculative ad¬
men
two
in
.
the
risks by
possible.
He agreed that the commodity
exchanges themselves are in a position to perform a certain
amount of self regulation and that it is understandable that
they should be disposed to take exception to the reflection
upon their ability to govern their own affairs, which how¬
ever he contended is without justification.
He emphasized
that the CEA is not approaching the problem of regulation
from the premise that the Exchange needs to be watched
but rather that the market as a whole needs protection from
the few men who might abuse exchange privileges.
One of
the important problems in the regulations, which Mr. Mehl
mentioned, was that of crossing orders received from cus¬
tomers on both sides of the market.
He spoke in detail
and those who seek to avoid speculative
means
every
the proper handling of margins deposited by
including the day-to-day variation margins
accruing to the customer's account. He concluded by saying
that the Adminstration is disposed to go slowly, that it has
not tried to solve questions by a hasty formulation of rules.
directors of
and
the United Elastic
and argues that
State or Federal Governments under it
recoverable if and when the Acts are later
and not
to show
summons
was
cause
issued, returnable Nov.
9.
of the Boston law firm of
Nutter, McClennen & Fish.
As was indicated in these
columns Oct* 24 (page 2608), a request that the United
States Supreme Court pass upon the validity of the Federal
Social Security Act in considering the New York Unem¬
Mr.
it
Fales,
is
stated,
is
ployment Insurance Act was denied by the Supreme Court
Oct. 19.
on
+
Prevailing
Held by New York Attorney
Applying to All Public Works
Rate
Wage
General Bennett
as
groups,
venture
manner,
.
.
officers
the provisions of both Acts,
to meet
wholly lost
"not for the purpose of
action with respect to
and in matters which are
to take
States
unlawful
an
that
bill,
the
says
several
to be void.
found
A
imposed,
the
the moneys paid to
so
unwarranted exaction,"
and
''unlawful
an
Congress."
asserts
Corp. have decided
granted."
of Commodity Exchange Commission, in
Address to Commodity Club of New York Agrees
M*.
of
concern
Fales
Mr.
* \
is
coerce
internal affairs
their
not
tax
but to
as
income taxes at all.
or
Federal
revenue,
describedi
further
are
and not excise
if
J.
2935
Chronicle
ruling by New York State Attorney General Bennett,
prevailing wage applied to all
public works, "irrespective of the work being done under
contracts, with department grants, or otherwise," was an¬
nounced at Albany on Oct. 29.
The "Knickerbocker Press"
of Albany states that the ruling was given to the State Labor
Department in an official communication.
The announce¬
ment of the ruling said its result is to prevent "any loophole
being created to avoid payment of prevailing rates on public
work," according the the paper indicated, from which we also
quote:
A
in which it is held that the
The prevailing rate is
fixed by State Industrial Commissioner Elmer F.
Andrews after his own investigation of the wage rates paid in the locality
where the construction takes place.
had been raised by the Wyoming County Board of Super¬
The question
regarding
visors in connection with a
customers,
with the materials
project in which the labor is employed directly,
In part, Mr. Bennett's opinion
purchased by contract.
said:
"Your
question
by contract
are
is as
to
whether public works carried on other than
subject to the provisions of Article 8 of the Labor Law
whether or not subdivisions 7,
of the State of New York, and particularly
8 and 9 of Section 220 of Article 8 of the Labor Law are applicable to projects
Federal Court in Boston Holds Cash Proceeds of Bonus
Bond Not Subject to
Levy
or
brought by Herbert Mahar, World War
Adams, Mass., Judge Hugh D. McLellan, in
Federal District Court in Boston, ruled on Oct. 31 that
In
test
a
case
of
veteran
inviolate and not subject to at¬
bond proceeds are
bonus
levy or seizure under any legal process.
noting this the Boston "Herald" of Nov. 1 also said:
tachment,
Mahar had been ordered jailed for
court of Berkshire county,
In
doctor's bill out of the
proceeds of his bonus money.
court
on
grounds bonus money could not be levied upon.
the Federal
The Federal
court sustains him.
ordered to free Mahar from the technical
Sheriff J. Bruce Mclntyre was
custody in which he has been
Berkshire
The
court,
held during trial of the issue.
inferentially, agreed that the physician-creditor
obtained by cashing four
of his bonds could be and should
be applied to the
Berkshire court erred.
Judge McLellan says the
debt.
but ruled that $200 Mahar had
bonds held by Mahar,
could not attach
project, provided the arrangements meet the approval of that Department,
regardless of the fact that the work is to be carried on under the manage¬
of the Board of Supervisors.
ment
"In my opinion,
Article 8 of the Labor Law, including Subdivisions 7,
8 and 9 of Section
220 of that article, axe applicable to the construction
of McAvoy
case
Compensation Act Also Questions
Security Act
In
action filed in the Federal
an
Federal Social
31, the constitutionality is questioned of
Massachusetts Unemployment Compensation Act
Federal Social
Security Act.
"I
am
aware
Elastic
ald" of
permits of a different conclusion.
and
the
The action was filed by Dean
Corp. of Easthampton, Mass.
Nov. 1 it is stated that Mr. Fales petitions the court
choose
Acts
misfortune,
the
when
capriciously,
persons
the unfortunate
for
whom
on
to
they
impose
not the cause of
the State's burden to
are
From
The
which
poor
Massachusetts
enacted
law,
we
over
was
that
to
it
in
1935,
with
is
"Consequently, it is my opinion that the proposed addition to the Wyom¬
the Labor Law, relating to
to
unemployment
compensation
describedi first in the
affects
the Massachusetts Unemployment
Commission.
able, the bill points out, by fines or imprisonment,
sons
failing
Taking
Act
for
up
to meet
or
both, for all
per¬
Brief
Upholding Validity of New York State Unemploy¬
Law Filed
Insurance
ment
preme
in
United
States Su¬
Court by New York Attorney General'Bennett
to
prevent "the social and economic evils of unemployment
constitute a serious menace to
found by the Legislature to
the welfare of the people of
the State."
contentions Associated
Bennett's
Mr.
Further indicating
Press
advices from
the Federal Social Security Act, the Fales bill states that the
provides an excise tax on wages starting in 1937, in varying amounts
successive year.
The Act also provides, says the bill, "what
from 1% to 3 %,"
employer.
to be an income tax on employees ranging
starting in 1937, which tax is to be collected by the
Both taxes, says the bill, are unconstitutional.
Bennett insisted that the only question presented for decision
Mr.
Supreme Court
act
of
constituted a reasonable exercise of the sovereign power of
employers,
State
the
They amount to an
unlawful taking of property without due process of law, it asserts.
The
was
unemployed out of funds derived from a levy upon
involuntarily
those
of New
York."
The law must be
sustained, he asserted, under State's police and taxing
power.
i
"The adoption of an
evils
of
involuntary
insurance plan to mitigate the economic and social
unemployment is a
power
reasonable and proper means,"
"of accomplishing a legitimate legislative
Mr. Bennett declared that
acti
by
whether "in the light of all available facts an
the State Legislature to provide unemployment compensation to
the
he asserted,
its terms.
8 of
v
♦
The Act is enforce¬
each
purports
hours of labor and rate of wages."
Washington Nov. 4 said:
also quote:
relation
labor do, of course, apply to all labor
but adds that the law should be sustained to enable the State
bill.
It is pointed
only employers of more than eight persons, and that
such employers are obligated to pay a contribution of 1% during 1936
of the amount of compensation paid to their employees,
with the first
instalment payable Sept. 15 and others due Nov. 15, Dec. 15, and Jan. 15.
Starting next year, the bill sets forth, the employees will be forced to
make similar contributions, all of which, under the Act, must be turned
out
provisions of Section 220 relating to the payment of pre¬
the
relief or otherwise.
the "Herald"
amended)
In fact in my opinion addressed to
care
The Acts have no rational
relation to the prevention of unemployment and, on the contrary, capri¬
ciously incite the employer to increase unemployment, and capriciously
increase the burden on the employer to contribute to unemployment relief."
by
former law,
as
A brief upholding the validity of the New York State Un¬
employment Insurance Law was filed in the United States
Supreme Court on Nov. 4 by John J. Bennett Jr., New York
State Attorney General.
Mr. Bennett in his brief states that
"it is beyond dispute that the act in its immediate application
does deprive employers subject to its provisions of property,"
that:
The
a
performed on public work, whether under contract or not."
United
In the Boston "Her¬
filling the requirements of the Federal Social Security Act
and the Massachusetts law.
The petition, it is said, main¬
tains
1900 under
(Cb. 50, L. 1921,
Department under date of Sept. 27, 1933, I stated in part as follows:
vailing rates of wage and hours of
both the
enjoin officers and directors of the corporation from ful¬
to
that this case was decided in
but I cannot see that the new Labor Law
Fales, of Watertown, Mass., a stockholder in the
A.
says:
ing County Hospital is required to be constructed pursuant to Article
District Court in Boston,
Oct.
on
490,
law is that laborers, mechanics and workmen em¬
ployed upon public work shall receive the prevailing rate of wage paid in the
locality where they are employed.
That policy is just as important with
respect to men who are employed by a city as it is with respect to men who
are employed by a contractor on work for the city.
.
,
,
To carrv
out the intent of the law, it is just as necessary that those rates of wages
be paid by the city as that they should be paid by the contractor.
.
.
."
'The policy of the
your
Massachusetts Unemployment
My opinion is supported by the
the hospital.
City of New York, 52 App. Div. 485, affirmed 166
vs.
N. Y. 588, wherein Justice Rumsey, at page
"The other
Action in Boston to Test
19, 19-A and 19-B of the Public Health
Law, the Health Department has the authority to grant State aid for this
"
and obtained a writ of habeas corpus from
Mahar sought
Oct. 19, I advised the State Department
of Health that pursuant to Sections
of the proposed addition to
contempt of court by the 4th district
for failure to pay a $200
of this character.
"As stated in your letter, on
Seizure
to impose the cost upon the general group or
es
are
purpose."
"the right of the State to use its sovereign
class (employers) whose
reasonably related to the conditions sought to be relieved, is
well established."
Asserting unemployment
which
all
had become a widespread and growing burden
weighed upon all classes and must continue in
times
even
during prosperity,
substantial volume at
Mr. Bennett insisted that the Court
2936
Financial
must consider the economic factors which he declared made the insurance
necessary
and which he presented in
a separate
brief of 224 printed pages.
Reference to briefs filed in the Supreme Court
questioning
validity of the law was made in our issue of Oct. 31,
the
2769.
page
United
States to Continue Reciprocal Trade
Policy
—Secretary of State Hull Asserts Election Shows
Americans Approve Treaty Program
The result of the Presidential election on Nov. 3 showed
that the American people support the present Administra¬
tion's reciprocal trade program,
Secretary of State Cordell
said
Nov.
on
4.
Indorsement of
the
Government's
recent
foreign policies, he continued, was a source of "grati¬
fication and genuine encouragement."
He said that the
Administration will continue its program in the same
per¬
sistent, careful manner adopted so far. Mr. Hull will sail
today (Nov. 7) for Argentina, as head of the United States
mission to
Pan-American conference to consolidate peace
programs in the Western Hemisphere. His remarks on Nov. 4
were
a
reported
follows in Washington United Press advices
as
Nov. 7,
tified, the form showing his full
address, the
name,
name of
1936
the employer,
the address of the employer, age, father's name, mother's name and other
similar data."
The
identification
card
bearing
the
employe's account
said
Mr. Goldman "constituting a permanent record establishing
the identity of the employe in the accounts of the Social
Security Board." The identification card will also he said
"be the medium through which all payments will be credited
to the employe's account and upon which his annuity will
number will be issued after return of Form SS-5, this,
-v
♦
Hull
Chronicle
of that date:
be
based."
'
Separate directions
issued to employers and workers
as to the information
required; general instructions in the
matter which the Social Security Board has given out state:
are
The Federal old-age benefits system provides for
from the Federal Government to
of 65.
It
established
was
Jan. 1, 1937.
on
broad fields
pendent
Its purpose is to bring to those persons
of
old
The
age.
based
are
and industry
commerce
Board, Washington,
Benefits
system
administered
is
employed in the
increased assurance of an inde¬
by
Security
Social
the
D. C.
the wage record of the individual
on
(1) Monthly benefits
types:
retirement'payments
qualified persons, beginning at the age
by the Social Security Act and goes into effect
and
are of
three
(2) lump-sum payments, and (3) death
at 65;
benefits.
Meanwhile Mr.
far
so
to
"never
Hull has promised to go forward with the world trade
which he reasserted tonight is the most useful instrument found
program
assure
in
all
and
peace
The
prosperity.
history functioned
on
45,000,000 Americans voted Tuesday
over
democracy
impressive scale than when
more
a
Secretary said
on men
and measures."
economic relations
closely interrelated.
are
among nations and
international
geous
this
peace
The
trade.
Administration has
tiormal
Both require
agreements program pursued by
be the most effective instrument for
bringing about revival of international trade, thereby stimulating general
economic prosperity
and affording
increasingly
an
"The
other
foreign policies is
matter
a
of
both
people
of these
gratification and
We shall go forward with this program in the
couragement.
persistent,
careful
and
cautious
manner
in
which
we
and
genuine
same
have
earnest,
heretofore
Mr.
Hull
and
The
his
aides
Secretary's
already
have
statement
negotiated.
added
Secretary
$3,000
a
year
together to
done in this country
worker becomes 65 years of age.
a
employer, with
an
This
Wages
few exceptions.
a
to an individual from any one employer
make up
the
of that individual.
total wages
means
Monthly benefits will
be paid on Jan.
$10 to $85
range from
1, 1942.
a
wages
as
explained
month and will begin to
To qualify for this type of benefit an individual
mustr be
65 years old, his total wages must be $2,000 or more, and he must
have earned wages for at least 1 day in each of 5 different calendar
years.
Lump-sum payments will be made
to individuals who reach the age of
qualify for monthly benefits.
.
The amount paid them will
equal 314 % of their total wages.
Death benefits to be paid to the estates of individuals who die before
drawing monthly
In order that
or
lump-sum benefits equal to 314 % of their total
wages.
old-age benefits
can be paid by the United States Treasury,
responsibility of the Social Security Board to determine the total
wages of those individuals who will be entitled to receive benefits.
Accord¬
it is the
negotiated
tonight
hinted
14
reciprocal
that
more
trade
will
be
■
ingly, the board must keep
an account of the individual's wages.
will be informed in due course
ers
»
.
total wages for work
on
in this paragraph and not wages
generally.
en¬
sought to advance this great undertaking."
treaties.
be
65 but do not
unequivocal indorsement by the American
based
Every time the word "wages" is used below it
foundation for
secure
world peace.
are
1936, and before
of not more than
flourishing and mutually advanta¬
trade
proved to
31,
includes every kind of work for
will
"We have consistently acted in deep conviction," he said "that economic
prosperity and world
These benefits
after Dec.
to the wage reports
as
Employ¬
which will be
re¬
quired for this purpose.
of
Treasury Morgenthau Finds Financial
Situation Satisfactory—To Spend Week's Vacation
in South—Dec. 15
Financing
.
Prior to leaving Washington on Nov. 5 for a week's va¬
cation at Sea Island, Ga., Henry
Morgenthau Jr., Secre¬
tary of the Treasury, indicated at his press conference that
day that he regarded the present financial situation of the
country as satisfactory and that no change in policy would
be necessary unless there was a
change in conditions, it was
stated in
Washington advices, Nov. 5, to the New York
"Times" of Nov. 6.
Secretary Morgenthau is accompanied
on his vacation
by his wife and father,
Those
are
whom
to
the
provisions of the Act do not apply
"self-employed, employes of the railroad industry who
subject to the Carriers Taxing Act, agricultural labor,
domestic employes in private homes, casual laborers not in
are
the
of
course
employer's regular trade
an
or
business, officers
members of cruiser vessels documented under the law of
the United States or any foreign
or
country, Federal Govern¬
and State employes, and employes of certain
non-profit organizations, chiefly religious, charitable, lit¬
erary or educational."
ment, city
#
Henry Morgenthau
The advices of Nov.
Sr., former Ambassador to Turkey.
5 also said:
"some things would be looked at from
the standpoint of the good of the
country, rather than whether they were
;good or bad politically."
.
.
.
Mr. Morgenthau indicated that
a
successor to
on returning from Sea Island he would
Thomas Jefferson Coolidge, former
Under-Secretary of
the Treasury, who resigned because he
tion
financial
policies.
The
was not
in accord with administra¬
Secretary will recommend the
Under-Secretary to President Roosevelt
man.
as soon as
he finds
name
a
of
an
satisfactory
...
15 financing.
At that time $357,921,200 in 2% % notes will mature.
tailing due Dec. 15 and 16
$450,000,000.
are nine
Also
blocks of Treasury bills amounting to
They will be paid off in cash.
expected that refunding issues for the notes would be offered and
that the Treasury would take the
opportunity to obtain some additional
cash.
On-Oct. 31 $2,353,529,000 in bills was
was
outstanding,
jft Secretary Morgenthau
ifor future
said to
was
be well pleased with
the prospects
financing.
5, to the New York
continued:
Distribute
Blanks
Here—Old
Paid Retired Workers
Age
Benefits
to
be
Reaching 65 Years
bring under
Postmaster
announced
way
Albert
on
Security Board
the operation of the Social Security Act,
Goldman
of
the
New
York
Postoffice
Nov. 5 that blanks to be filled out
by employ¬
on Nov. 16.
Forms for employees
would be distributed
will be
supplied by employers
on
Nov. 24.
Mr. Goldman in
his announcement said:
Since last March
"In cooperation with the Social Security
Department, the distribution
16 to all employers" lexcept those exempted by the
Manhattan
"On Nov. 16
a
and
form known
the
them out of
as
Actl"
on
was
case
of large organizations
Such forms
"On Nov. 24 and in accordance with the information furnished on
a
the nations second city has operated
6, which
came
from
labor
on
Livestockfmen,
groups.
Eastern
and agricultural interests
harmony with Mid-Western farmers.
put to
on
Sub¬
produce
complained the "fast" time put
a vote
a
in last Tuesday s election.
referendum
By
a
summer
ever
months.
voted
on
the matter.
margin of
more than
daylight saving
Approximately 1,450,000 persons—the largest
on a
question of public policy here—recorded their
the question.
Mayor Edward J. Kelly scanned the results and "earnestly requested"
the council to "give heed" to the popular sentiment.
The ordinance will necessitate action
on schedule changes by the Chi¬
Board of Trade, the stock and mercantile exchanges, some business
cago
Commuters had traveled
ules
of
trains
running
on
Eastern Standard Time although the sched¬
through the metropolitan
area
had remained
on
Central Standard Time.
Reference to the placing of Chicago in the Eastern Stand¬
zone was
made in our issues of Aug. 29, page 1237;
ard Time
March 7, page 1575; Feb. 29, page 1392,
and Nov. 9, 1935,
2988.
Governor Landon to Seek Reconstruction of Republi¬
can
SS-4,
This form is the individual form applying
descriptive form by which he
may
be iden¬
Party—Will Take Vacation After He Retires
January
from Office in
Governor
SS-4 will be furnished to each employer of
together with the address at which the business is conducted.
stand
of labor in the
should be returned to the postmaster not later than Nov. 21.
eachemploye and provides
of Nov.
two to one, the citizens voted in favor of Central time with
Nov.
by arrangements otherwise made through the postoffice.
This form,
which is entitled 'Employer's Application for Identification Number,' will
describe the number of employees employed and the nature of the business,
Form SS-5 will be distributed.
"Herald Tribune"
The Chicago Federation of Labor initiated
It
Bronx."
labor by the letter carrier on his route or in the
to
Nov.
Board, and in accordance with
of forms in connection with the Social Security Act will be made
of
1,
protests
commissioners
page
the instructions received from the Postoffice
boroughs
Time
houses, radio stations and railroads operating suburban trains.
In furtherance of the plans of the Social
ers
Standard
Standard Time in keeping with a measure approved by the council.
sequently,
number that
of
Bringing Social Security Act Into Operation
to Begin Nov. 16—Forms to be Filled Out
by Em¬
ployers and Workers—New York Postoffice to
to
Central
to
Approve Shift by Two-to-One
the election on Nov. 3 had approved a
by 2-to-l that Chicago be returned to the Cen¬
tral Standard Time zone, the City Council on Nov. 5
passed
an ordinance
stipulating that clocks be turned back one hour
at 2 a. m. on Nov. 15.
The ordinance also provides for
Daylight Saving Time during the summer months—from
the last Sunday in April to the last Sunday in
September, it
was stated in Associated Press advices from
Chicago, Nov.
time in the
Task
Return
referendum
Consideration already has been given by
Treasury experts to the Dec.
It
to
15—Voters
After voters at
He replied indirectly to criticisms of the
Treasury made during the Presi¬
dential campaign by saying that
-seek
Chicago
dential
Alfred
M.
Landon
of
Kansas, defeated Presi¬
nomine of the Republican party, will seek to
recon¬
struct that party during the next four years, it was
reported
from Topeka on Nov. 4. The Governor resumed his duties
at
the
after
Kansas
he
has
State House
completed
his
Kansas, he intends to take
outlined
New
as
York
follows
"Herald
in
a
a
on
Nov.
second
4.
Early in January,
term
long vacation.
as
Governor
of
His plans were
Topeka dispatch of Nov. 4 to the
Tribune"
:
intends
He
ambition
without
citizen
ability
his
of
to perform
his duty as titular
trying to reconstruct
four years by
the
He intends to try to do this as a private
hold office—not by making speeches, but
bottom up.
from the
party
best
the
to
the party for the next
of
leader
to
work, and especially by trying to encourage the development of
men with more progressive ideas on whose future he believes the
by patient
younger
to be
likely
do not
again, but the Republican pro¬
believe that they are best fitted to try to rebuild
and that the future of the Republican party
general viewpoint. They regard conservative Re¬
party in their own State
the
with
lies
their
of
men
publicans
made
as
Landon
Presidential
serious
a
error
during the
in going as far as he did
the demands
to appease
race
they think Gov¬
In fact,
reclamation.
beyond
repudiated
ernor
is
long
so
of
Landon
Governor
"who
Kansas,
was
defeated ill his
campaign for the presidency as the Republican candidate,
brought his campaign to h close on election eve (Nov. 2)
with an appeal by radio from Topeka to the people of the
Nation, in which he declared that "a grave responsibility"
was faced, "a responsibility to the ideals of free and popu¬
drew
world," he said, "needs a free America. We must hold the
line of democracy."
Prior to his Nov. 2 message, which we
give further below, Governor Landon delivered an address
on
Saturday, Oct. 31, at St. Louis, and the previous day
had spoken at Charleston, W. Va., and briefly
W. Va., -his intention to speak at these points
having been noted in our issue of Oct. 31, pages 2772-2773.
In his final radio address, Nov. 2, Governor Landon said:
(Oct. 30)
at Huntington,
During the last four months I have traveled through many parts of the
of
Everywhere I have
have given both
fellow citizens and to address thousands more.
my
gone
I have seen great numbers of men and women who
time
and
in making clear, as they understand them, the issues that
the country.
face
energy
many
It
long
so
as
citizens understand
our
will
decision
be the right decision.
the issues that are before them, their
It is the basic principle of our form
left with safety to the tribunal
of the people, a tribunal that has never failed in its duty when given a
leadership that respected the combined wisdom of the people.
j,"
I am
confident that the people understand the issues before them in
of
election.
this
united
in
All
We
vote
box
ballot
the
polls
tomorrow
but
future
the
in
not
us,
relief,
on
united
vote let
Live
and
let
united
We
as
are
responsible to no authority
own
our
founded.
industry,
workers in
It's
The answer is
going to do
If
for the future.
.
.
are to
have full recovery and reemployment, confidence must be
There must be some assurance that money invested today will
we
restored.
we
are
must
we
the
by an erratic Administration.
.
.
.
that will give real work to the unemployed,
to have a recovery
out
cut
not
is
We
We must balance
government's credit. But
and extravagance.
government waste
We must restore confidence in the
budget.
this
dare not plan
they
be destroyed tomorrow
If
their own government, and
They lack confidence in
next.
confidence
this
without
not
Why are there 11,000,000
that enterprise and initiative are afraid of
They don't know what the Administration is
what is holding us back?
wrong;
present Administration.
all.
also
must
open
the
way
to individual initiative.
We must restore
competition. We must strengthen and enforce the
Anti-Trust Laws, which are designed for the protection of the little fellow.
We must stamp out unfair trade practices which work to the disadvantage
of the little fellow.
And we must do this without treating every man
the
who
makes
At the
profit
a
same
as
time
we
if he were a criminal against society.
must provide real old-age pensions for our people.
the present tax
repeal
must
We
free
of
principle
pay
on
envelopes and pay the
cost of
pensions as we go along by a direct tax, widely distributed.
We must not depend upon a reserve that would have to be larger
these
than
present national debt—a reserve that would be a constant temptation
waste
and extravagance by future
Congresses—indeed a
our
continued
the
of
out
Congress could use as
that
reserve
envelopes of
pay
our
means
a
to pay off the national debt
workers.
Not
far
trails
These
a
These are the simple principles
This
responsibility.
grave
West—the Santa
responsibility
had
women
the Oregon
Fe Trail,
trekked the pioneers.
determination and
these trails
Across
and
men
is not
build
energy,
the
We need
mination ,and
look
would
their
We need their deter¬
We need the vision that enabled them
and see the world in which their children
be free.
And, above all, we need their simplicity,
of those men and women.
self-reliance.
present
the
and
prosper
still
future.
courage
their
beyond
before
have
great
a
us
still
Let
us
great destiny.
task and a
We must
understanding and unity, that democ¬
to the world, by our calmness,
prove
to the polls tomorrow
resolved to maintain the eternal prin¬
ciples that have made us great—love of liberty, a passion for justice, and
the habit of human tolerance.
Let us go resolved to preserve a form of
is the
government that
And
let
Let us go resolved that the
of the world.
envy
of life shall not, cannot fail.
American way
us
resolved
go
to
keep
the
faith.
Let
remember
us
the
Almighty God who presided over our beginnings, who carried us through
storm and trial, and without whose guidance we can never
attain the
destiny that
"Our
healing
the heart,
In
fathers saw.
our
is
not
in
his
prompting
us
storm
or
in the whirlwind
to a wider and wiser
address
Charleston
.
.
.
but
small voice that speaks to the conscience and
humanity."
government expenditures and asserted "we have seen
waste and extravagance on
an
unparalleled scale."
He
likewise said:
continue
cannot
in.
It
Mr.
would
forever
inevitably
leads
necessities
of democracy.
Every American will accept the verdict, and
spoken.
of the good of our country.
You have my sincere
That is the spirit
congratulations.
ALF M.
Mr. Roosevelt
LANDON.
replied to this message as follows:
telegram, and I am confident
will now pull together for the common good. I
grateful to you for your generous
am
that all of us Americans
send you every
good wish.
Vice-Presidential nom¬
following telegram to President
Colonel Frank Knox, Republican
inee, on Nov. 4 sent the
Roosevelt:
The American
you on
people have clearly indicated their will.
the confidence they have
When late election
I congratulate
expressed in you.
results Nov. 3 indicated his re-election,
night told a group of his neighbors
President Roosevelt that
Hyde Park, N. Y., that "it looks as if this was going to
a large, if not the largest sweep in the history of the
United States." His remarks were described as follows in
United Press advices of Nov. 3 from Hyde Park:
in
of life—to the
Landon
also
this
policy
spending
impossibly
Park citizens, carrying red flares, marched
showed the extent of his vote.
They poured up the long
came
out to meet
for
Mrs. Roosevelt
„
the rain and flanked by his sons, Franklin Jr.,
President said:
glad Hyde Park got here before Poughkeepsie. I have been check¬
ing the returns and it looks as if this was going to be a large if not the
largest sweep in the history of the United States.am
observed that this was the sixth election party held at Hyde
Park since 1910.
In that year he ran for the State Senate.
Replying to shouts from
now.
I have just
The President
cheered.
was
"on
the crowd, he remarked: "I can't say anything
swallowed some smoke from that red fire."
then presented his 83-year-old mother to
the crowd and
Then he returned to the house to check up, he said,
California."
we
high prices
to the President's
tree-lined drive to the house.
them.
Standing bare-headed in
and John, the
she
than
more
4 informally assured the Nation
reprisals against or oppression of those
The President on Nov.
destruction of our savings.
indicated that if elected
said:
of
to inflation—to
do everything in his power
other things, he
Hyde
home when results
Then he
Governor Landon commented
upon
We
Hyde Park, N. Y.:
The Nation has
work for the common cause
I
the
revealed by the still
will be
on
be
lives.
go
Landon of Kansas, Republican Presidential
conceded the re-election of President Roosevelt
Nov. 4. He sent the following telegram to the
The President,
abiding faith.
and their
steadfastness
We
racy
the
of
early
I
self-reliance.
And they had
courage.
world
a
Now
Governor
Trail, the
vision. Through their characters ran
simplicity, steadfastness and abiding faith.
They gave up comforts, home
and quiet ways and dared to go forth through hardship and danger to
had
They
His
Knox
President:
the
Trail.
Overland
live.
Republican Presidential Candidate, and
Congratulate President Roosevelt on
Re-election—President Says Americans Will
"Pull Together for Common Good"
Gov. Landon,
nominee,
well-being in the years just ahead.
It is a responsibility
and popular government upon which our Nation was
a responsibility to a world which
stands at a parting of
to
+
not as
The world needs a free America.
We must hold the line of
We dare not fail.
from the Kansas home where I am speaking tonight ran the
ways.
great
the
the
Americans, determined to hold this Nation
in the past—determined to keep it moving along
of free
is
It
democracy.
take
is
unemployed?
as
live and help
live;
tomorrow
ideals
the
to
problems.
experiments that are shattering Amer¬
industry.
What
Col.
people.
face
only to
the
ican
be resolved to take up the task
not as
farmers,
as
us
path of greatness—determined to keep it free.
a
started to apply some common sense to our
we
stopped the ill-considered
we
conscience.
our own
have cast our
we
before
lies
workers
to
It's time
aside the prejudices of section or of group.
the knowledge that we
in
secure
after
And
the
Governor Landon spoke in a
platform remarks were addressed to
time
to
all diverse interests within our borders,
but as parts of a single and united Nation.
lay
we
except the authority of
of
to the
republic will be the measure of our
a
future.
to the polls tomorrow not as farmers, not as workers in industry,
workers on relief.
We go as Americans.
And when we stand
as
that
go
country,
our
by themselves,
not
they will
that
Americans for the future of America.
as
have not done this merely because our
We have done it because we were
go
before
We
confident
am
of
regions
progress
not
I
aim—to vote
one
we
document.
a
similar strain,
gatherings at
other points along the route.
In his St. Louis address,
Oct. 31, Governor Landon asserted that "the two biggest
jobs before the country today" are getting the 11,000,000
unemployed back to work and "stopping the pouring of our
money
through the great political sieve at Washington.
The two jobs are wrapped up together."
In part, he added:
issues may be
the
that
government
keep
At Huntington
To these men and women I want to pay my tribute for
the duties of citizenship.
There has been no campaign for
years in which they have been so sensible of their responsibilities.
is
the basic principle of the American form of government that,
performing
our
and brief
It has been my privilege to meet thousands
country and over many miles.
But
great
a
up
republic.
determination to keep
to
in the
success
their own,
happiness.
perity and
"The
which our Nation was founded."
lar government upon
jealously determined to keep
they can always bring it back on the course.
They do this by exercising their rights on Election Day.
We have been living for 150 years under our Constitution.
We have
maintained our republic.
And we have achieved a high measure of pros¬
And
Speeches—Final
Appeal at Topeka by Republican Presidential
NomineejAfter Week-End Address at St. Louis
interested in the manage¬
the voters of the Nation are
as
government, so long as they are
the government
determined
Gov. Landon's Concluding Campaign
of
always possible.
But
ment of the
ancestors
conservative Republicans.
of
elected
actions
obvious
is
it
handled
This
republic
people—cannot be kept a
the efforts of the people.
that a government
130,000,000 people must be
in the periods between elections by the people's servants—their
representatives.
During these periods, through error or misguided
of those representatives, government may wander off the course.
Now
he
the
of
government
republic—a
A
except through
.
.
.
have any illusion that
to
appear
Presidential candidate
a
Kansas
in
gressives
depends.
itself
party
Landon's friends
Governor
is
Republican
the
of
future
2937
Financial Chronicle
143
Volume
President he
to preserve peace.
Among
that there will be no
who
opposed him in the campaign, and said that
motivating idea was to work for the
his only
welfare of the country
as
telegrams.
than 20,000 congratulatory
political activity as national and State party chairman.
The fact being noted that Mr. Farley's was the only accurate prophesy
He issued the
following public message in reply on Nov. 4:
It is heartening to have this
telegrams.
as my
additional assurance that we are
acknowledgment and my
rallied sufficiently from|his
Vermont—the chairman
technically known as a wise-crack.
weariness to utter what is
"As goes
Maine," he said, "so goes Vermont."
Will each of you accept
thanks for your message ?
Another
of Detroit,
an
Hyde Park on the night of Nov. 5,
arriving in Washington yesterday morning (Nov. 6). He
plans to take an early vacation, probably leaving Washington
within 10 days for deep-sea fishing in the Atlantic.
President left
The
and
Maine
only
and pledges of loyal support.
for your confidence
this
and
I would like to thank each of you individually
going forward together.
contended that the Republicans would carry
of the election—he steadily
nearly buried by an avalanche of thousands of letters
I find myself
1936
he will retire to private business and his
the intimation that after that
Within 24 hours after the election he received
whole.
a
more
Nov. 7,
Chronicle
Financial
2938
protagonist in Tuesday's drama, Father Charles E. Coughlin
Lemke's third-party ticket, which polled
word to say. Hejdid not refer to
States and, through his
the sponsor of Mr.
insignificant vote everywhere, had a
his claims' that
turn
vote,
Mr. Lemke would carry several
the election to Mr.
He simply remarked that the
that "he can)be dictator
Landon.
to the President powers so great
outcome gave
if he wants to be."
According to returns up to Nov. 6 the popular vote regis¬
by President Roosevelt at this week's election (with
some election districts still unreported) totals 25,909,546 with
tered
Re-elected by Largest Electoral
Vote Since
1820—Popular Plurality Greatest in
History—Democrats Increase Membership in House
and Senate—Gubernatorial Candidates Benefit in
Roosevelt
President
16,049,201 for Gov. Landon and 648,027 for Mr. Lemke.
for President Roosevelt was 22,821,857, while that for President Hoover (who that year
had been named for re-election) was 15,761,841.
At the
In 1932 the popular vote
Nationwide Indorsement of Roosevelt Administra¬
tion—Press Conference at Washington
previous National election, in 1928, Mr. Hoover then elected
President, received a popular vote of 21,392,190, against
15,016,443 for Gov. Alfred E. Smith. It was reported that
at this year's election approximately 55,000,000 had regis¬
tered, and that 45,000,000 were expected to go to the polls.
With his arrival in Washington yesterday (Nov. 6) at
8:25 a. m. (from his Hyde Park, N. Y., home) a burst of
welcome was accorded the President—the Capitol being in
holiday attire.
A motor escort of 20 policemen preceded
President Franklin Delano Roosevelt on Nov. 3 was re¬
elected to
in
second term by the greatest popular plurality
a
States, and by the largest
history of the United
the
plurality since the election of President Monroe in
The President defeated his Republican rival, Gov¬
Landon of Kansas, by approximately 10,000,000 votes.
electoral
1820.
ernor
He
captured
State with the exception of Maine and
every
Vermont, and thus obtained 523 electoral votes, as com¬
pared with only 8 for Governor Landon. His election was
generally interpreted as an indorsement of the basic policies of
the New Deal. In his home State of New York, the Presi¬
dent's plurality exceeded 1,100,000, while he also obtained a
large lead over Governor Landon in the latter's home State
the President's
dent, the newspaper correspondents in their questioning
seeking to draw from him what he planned as to New Deal
objectives—whether constitutional amendments were being
considered, whether Cabinet changes were likely, etc.
While declaring that he had given no thought to new Cabinet
appointments or to the question of filling other important
posts now vacant the President on the plea that the day
was
a holiday refrained
from committing himself further
than to say he was starting in on the new budget today
with Daniel W. Bell, Acting Director of the Budget, and
that this work (to quote the Associated Press) would con¬
stitute his principal task in the next week, going over esti¬
mates with department heads and other officials.
of Kansas.
triumph
The Democratic
was
accentuated by unexpected
gains in the House and Senate, as well as by the election
Governors throughout the Nation. The Democrats
House of Representatives
308 to 334.
The remaining membership includes 89
of many
increased their membership in the
from
Republicans (including the third-party Presidential candi¬
date, Representative William Lemke, who retained his seat
from North Dakota), 7 Progressives and 5 Farmer-Labor
members.
The Democratic membership in the Senate was
increased from 69 to 75, while the Republicans fell from 22
to 17.
Senator Norris of Nebraska, who was re-elected,
shifted in classification from Republican to Independent, and
Representative Lundeen of Minnesota replaced the late Sen¬
Schall, Republican.
Vice-President John N. Garner was re-elected with President
Roosevelt*. The defeated Republican Vice-Presidential can¬
didate was Colonel Frank Knox of Illinois.
Further analysis of election results follows, as given by
Arthur Krock in the New York "Times" of Nov. 5:
James
M. Farley Will Resume Office as Post Master
General, but Will Probably Not Accept Appoint¬
ment in President Roosevelts Second Term—Says
There Will Be No Reprisals Against Presidents
Opponents
ator
The
elected
Republicans
September),
governors
States—Maine (last
Dakota, South Dakota
in only six
New Hampshire, North
Montana,
and Vermont.
Legislature of Pennsylvania for the first time in
Democrats control the
have reduced the Republican majority in the New York
modern history,
Assembly to one vote and are in command of the
Lower House of New
Jersey.
'
These
by
are
a
the brief statistics of the most sweeping personal victory
candidate for office in this country, since the campaign
State concede that it was the strength of the President
in every
people which was responsible for the
National
and
Committee
national
issue, and the popular response was
made
e\
maiiag
withthi
The Republican
Mr.
Roosevelt the
made on that basis.
proceed with certain New Deal policies which, with Mr. Roose¬
velt, had been under partisan
attack.
Secretary of State Hull at Wash¬
and the "good-neighbor"
policy had been sustained after campaign argument, and announced
ington asserted that the reciprocal trade treaties
foreign
that the Administration
spirit of
would proceed further along these lines.
John L.
of the United Mine Workers of America and guiding
Lewis, President
the Labor
Non-Partisan League, which, acting as a separate
political organization,
polled thousands of votes independently in many
States, issued a claim that unorganized labor, following the lead of the
organized workers, "had re-elected" Mr. Roosevelt, and he and others in
the labor movement
The symbol of
contemplated possible political alignments in 1940.
modestly and quietly and, in a brief statement to newspaper correspon¬
dents, confined himself to echoing a statement made late Tuesday night
Farley, that there would be no "re¬
prisals" for opposition in the election. In a radio broadcast tomorrow night
National Chairman James A.
by
the National
to
Conference on Human Needs, the President is expected
immediate public plans.
Tonight he will return to Washington for a week, preparatory to a holiday
fishing cruise in Southern waters.
give to the American people an outline of his
to
The defeated candidate, Mr.
Landon, resumed
his duties at Topeka
as
good sportsmanship which has
him, and showing the utmost good humor in the
face of the most crushing defeat ever administered to the Presidential
nominee of a major party in the history of the country.
Ducks, not fish;
always characterized
are
and
the quarry
he
which most appeal to Mr. Landon in his hunting exploits,
that soon he will undertake a shooting expedition
announced
against this species of wild fowl.
In Pennsylvania,
Governor George H. Earle—in many Democratic eyes
the outstanding Democratic
astonishing party victory
Presidential possibility for 1940 because of the
Tuesday (Nov. 3) in that indurated Republican
which, he said, the former Repub¬
State—laid plans for social legislation
lican legislative
And at
majority had obstructed
Democratic national headquarters in
return to
Washington to
New York City, Mr. Farley
with the news that he will soon
fill out his term as Postmaster General, leaving
wearily but happily faced the reporters
I
soon
any
Though the election was won
Tonight's victory is not a partisan trend.
majority, both the popular
and the electoral college
majority, makes it very plain that it was principle
and not party that was
sustained in today's voting.
We may look forward to four years of
uninterrupted effort to accomplish
the completion of economic recovery, of
nent
industrial welfare and of perma¬
establishment of real liberty in the United
that the people who so viciously
who called him
are now
a
States.
I have an idea
assailed the President during the campaign,
Communist and would-be dictator, an enemy of business,
rather ashamed of the bitterness they brought into the campaign.
For myself, I hope these
the President entertains
attacks will soon be forgotten.
no
I am
sure that
bitterness, even to those who in the fury of
political struggle so grossly assailed him.
of the
people contributed to
He realizes, I feel justified in
the splendid indorsement he has received.
No American need have any fear of the future.
mission is to
see
corporation that is
Mr.
No individual and
no
the level with the people has any cause to dread
on
Roosevelt's second term.
in the fury of
Franklin D. Roosevelt's
that all of us have a square deal.
Anything to the contrary that was voiced
the campaign with the idea of frightening the people away
from
their President
more
absurd, when it was spoken or written, and is
absurd today.
was
I know that all who hear these words will
of this great political
join
me
battle will soon be healed.
the fence has any thought of
Gov. Landon Shows Good Humor
Governor of Kansas, wearing the mien of
be healed."
No American, Mr. Farley
fear of the future, and "no in¬
dividual and no corporation that is on the level with the
people has any cause to dread Mr. Roosevelt's second term."
From Mr. Farley's radio address, which was broadcast
throughout the Nation, we quote in part as follows:
litical battle will
stating, that he is more than ever the President of all the people, for all
the great victory, the President, at his ancestral home
Hyde Park on the Hudson River, received the later details of his triumph
at
James M. Farley, Chairman of the Democratic National
Committee, said in a radio broadcast early on Nov. 4 that
there will be no reprisal or oppression against political op¬
ponents because of President Roosevelt's re-election.
He
indicated as his belief that opponents who might have been
reckless in their attacks against the President probably were
now of soberer mind, and that the "scars of this great po¬
under the Democratic banner, the size of the
triumph of the President his associates yesterday saw a
In the personal
mandate to
Democratic sweep.
candidates
.
continued, need have
Personal Victory for President
won
in its course from Union Station to the
car
White House, and 11 bands formed part of the procession.
His usual press conference was held yesterday by the Presi¬
in the hope the scars
Nobody
on our side of
reprisal or oppression.
In
July President Roosevelt granted Mr. Farley a leave
as Postmaster General to permit him to devote
political campaign as chairman of the Demo¬
cratic National Committee. On Nov. 6 Mr. Farley left New
York for Washington to resume his Cabinet duties.
He
plans to leave for Ireland on a vacation trip Nov. 11. It
was reported that he will probably not accept re-appointment
to the Cabinet during President Roosevelt's second term,
although he said that he intends to continue as chairman
of absence
his time to the
of
the
Democratic National
Committee.
described
New York "Times" of the following day:
newspaper men on
"I
am
Nov. 4
were
His remarks
as
to
follows in the
going to Washington Friday, will resume my duties as Postmaster
General then and will attend
the
Cabinet meeting that
day," said Mr.
Financial
Volume 143
with
out my term as Postmaster General."
Mr.
Farley will leave for Ireland
on
Asked
how
he
would
to
came
carry
make
only
his
Maine
accurate
and
Mr.
State had made as great an effort
in any way against its use for purposes
as
Before Plan
dates
Successful
the District of Columbia must be settled before the present
Governor Herbert H.
re-elected for
Lehman of New York
third
on
Nov. 3
social
security plan becomes secure in the United States.
Washington advices Nov. 5 to the New York "Journal of
Commerce"
report the Federation as stating this in a
Bulletin in which it lists and discusses pending cases.
In
part the Bulletin is quoted as saying:
Republican
rival, Judge William F. Bleakley, by a plurality of approxi¬
mately 500,000. This plurality was about half that received
in New York State by President Roosevelt. All other leading
candidates
a
term, defeating his
the Democratic State ticket
on
were
elected with
"Whether constitutionality of
Governor Lehman, while the Democrats increased
their ma¬
jority in the State Senate'.and the Republican majority in
the Assembly was lowered.
Gov. Lehman, who delivered
the principal speech seconding the re-nomination of President
Roosevelt at the Democratic National Convention at Phila¬
delphia on June 26, last, had announced on May 20 that
he would not be a candidate for re-election as Governor, but
following a letter from President Roosevelt urging his return
to Albany for another two years Gov. Lehman issued a
statement on June 30 in which he said that if his party again
nominated him he would accept the call. With Gov. Leh¬
man's re-election he received the following telegram from
Mr. Bleakley:
The
people have spoken and I tender
very
You fought
victory.
upon your
very
my
WILLIAM
F.
the results of the New York State vote
as
outlined
Republicans and Democrats clung to their majorities in the New
York Legislature today, dividing control of the
1937 Senate and Assembly
for a second consecutive year.
The Republican seats in the Assembly
working majority of 76
as
will be reduced by five to a bare
against the Democrats 74 on the basis of com¬
The Democrats will control the
plete returns from yesterday's balloting.
Senate by the same margin of
The Democrats
chester
county,
29 to 22.
picked up Assembly seats in the Fifth District of
the only Republican gains were in
but
West¬
the Third of Erie, the Second and Fourth of Monroe,
the Sixth of Kings, and the seats in Clinton
and Sullivan counties, while
late
morning returns
Democratic incumbent,
to
comer
would result,
Earl McDermott of Cohoes,
Pacific Coast
showed
S.
that
politics, from Albany, in Albany county's Third
District.
the definite result
the
was
announced.
veteran
Strike
Maritime
Spreads to Atlantic and
The
Coast
Pacific
shipping strike spread this week to
Atlantic and Gulf ports, tying up
hundreds of ships and causing heavy losses to ship owners
as a result of cancelled bookings of passengers and freight.
New
York
The
Seajmen's
and
other
made by Arthur L. Parsons,
Assemblyman William
county, author of milk control legislation in
S.
Dunn of Schoharie
,
headed by Joseph Curran, which is con¬
ducting an insurgent strike in New York in sympathy with
the West Coast walkout, claimed on Nov. 5 that some 50
ships were affected by the walkout here. The International
Seamen's Union had sought to prevent a strike at the
Atlantic and Gulf ports.
The position of the I.S.U. was
explained by David E. Grange, Vice-President, in a state¬
ment issued on Nov. 5, which said in part:
I wish to have it distinctly
Union of America is
not
understood that the International Seamen's
engaged in any strike-breaking activities.
due to the fact that we have
out on strike,
Atlantic and Gulf districts
signed agreements covering wages and working conditions on ships owned
and operated out of ports of
the Atlantic and Gulf.
Our agreement will not terminate
provides that
members.
union
For
50
over
companies
the
.
.
years
that
until Dec. 31, 1937.
are
signatories
Our agreement
thereto must employ
.
the International Seamen's Union of America has
been the only organization representing seamen in
We have
this country.
always stood steadfast, carrying out agreements once they have been en¬
men on
We have upward of 55,000
the Atlantic and Gulf who are members of the International Seamen's
Union of America.
To date there are less than 3,000 of those men off the
...
continue to advise our members to man
We shall
all ships within our
agreement until all our ships sail for their destinations with passengers
Governor
Former
to
Former
"Stand
Smith
E.
who
actively opposed President Roosevelt in his campaign for
re-election and who supported Governor Landon, issued a
statement on Nov. 4 urging public support of the President.
He said:
The
must
R.
We,
as
good Americans, still have faith in the ability of our law-
enforcing agencies to protect law-abiding American seamen who want to do
nothing more than continue to go to sea as members of the
Seamen's Union of America, working under an agreement
are
people have spoken, and
the cardinal principle of de¬
Every citizen, every real American,
put his shoulder behind the wheel and stand behind the President.
the will of the majority.
Smith
merce
Payne
Before New York Chamber df Com¬
Pooled Fund of Social Security
to
Speaking before the Chamber of Commerce of the State
meeting on Nov. 5 R. Smith
of New York at its monthly
Payne, Chairman of the New York State Employers' Con¬
ference, declared that as the Social Security law now stands
the wage-earner is the victim of a payroll tax which is noth¬
ing more than a medium for increasing the government's
revenue pool.
"In the final analysis," he said, "the pooled
fund repressnts the most colossal pork barrel ever con¬
ceived by anyone."
Winthrop W. Aldricli, president of the chamber, in intro¬
ducing Mr, Payne as the speaker, said that the Social Se¬
curity act was "one of the moist important matters before
the industrial world today" and of vital concern to every
employer.
Mr. Payne expressed regret that employers had not used
the same precaution and educational means to protect their
employees against impractical mandatory social laws, as
they had against "the ravages of loan sharks, fly-by-night
saving schemes, accidents, etc."
He said there was nothing
in the present unemployment insurance title of the Social
Security Act "which even smacks of future security."
If
properly constructed, the law might have acted as a pan¬
acea in minor depressions, he declared.
Declaring that the government had given its promissory
note to itself for money which it promises to return to itself
with interest, Mr. Payne asked where the interest was to
come from.
He added:
the Pacific
Coast strike
was
made in
our
The strike, which had been
threatening for several weeks, went into effect on Oct. 30.
As to the status of the walkout after it was one week old,
United Press advices from San Francisco, Nov. 5, to the
New York "Journal of Commerce" of Nov. 6, had the
following to
Describes
Act "Colossal Pork Barrel"
International
with which they
satisfied.
Reference
issue .of Oct.
American
mocracy is
We will not tolerate any unlawful action on the part of our mem¬
bership.
President"
Smith of New York,
and
cargoes.
Urges Americans
Behind
Governor Alfred
The
International Seamen's Union of America did not order its members in the
ships.
the past two years.
International
Defense Committee of the
Seamen's Union,
tered into between the union and employers.
The other Republican Assembly gain was
defeated
So
before
responsible for State taxes."
Gulf Coast Ports
lost by a close margin to John McBain, a new
close was the race that a recount of unofficial figures was necessary
who
Security Act remain responsible for Federal taxes on pay rolls and employers
Schoharie and Albany counties.
appeared possible for a time that a deadlock at 75-75
Washington,(where
that all employers specified in Title
means
in all States that have laws will be
BLEAKLEY.
follows:
This
In the meantime the
technicality) remain valid and
IX of the Social
declared inoperative on a legal
was
in effect.
I wish you
Associated Press advices of Nov. 4 from Albany
It
the law
still unknown.
except in the State of
Federal law and all State laws
sincere congratulations
clean fight and a good one.
a
the Federal law will be passed on during
this session of the Supreme Court is
successful administration and continued good health.
Both
Secure
Becomes
According to the American Retail Federation the con¬
stitutionality of the Federal Social Security Act and of the
unemployment compensation laws passed by 14 States and
Governor Lehman Re-elected in New York by Plurality
of About 500,000—Other Democratic State Candi¬
a
other than indicated."
Constitutionality of Social Security Act Must be
Determined, Says
American
Retail Federation,
they did in the September election.
Vermont," he added.
was
represented a reserve to
It Is not ear-marked or protected
Farley said that
They will have to change that old political adage to "As goes Maine so
goes
fund which was supposed to have
a
Roosevelt would have carried Maine if the Democrats of that
President
►
income of more than a billion dollars being
protect the security of our wage earners.
that Governor
prediction
Vermont,
average
particularly
confidential assistant,
and Edwin L. Roddan, of the National Committee's publicity division.
Landon
an
disposal of the administration in Washington during the past four years,
Wednesday.
the Normandie next
He will be accompanied by Ambrose O'Connell, his
billions of dollars
placed at the
"Picture, if you please, a fund eventually estimated at
Farley, who has been on leave of absence during the campaign, "I will
serve
2939
Chronicle
31,
page
2772.
say:
Bargemen in the San Francisco area
joined the ranks of maritime strikers
today as civic and Federal authorities, their own efforts unavailing, tinned
to
Washington and President Roosevelt for a solution of the costly maritime
tieup.
Public sentiment
an
name
emergency
aligned itself behind a proposal
the marine walkout.
comment, although
said it might
Roosevelt
Civic leaders and spokesmen for some of the steam¬
ship operators expressed approval of the plan.
direct
that Mr.
mediation board to consider the dispute which led to
The union leaders withheld
Harry Lundeberg, leader of the sailors' union
be acceptable if the board did not attempt arbitration..
Plans Departure
Peace moves were at so much of a standstill that
Edward F. McGrady,
Assistant Secretary of Labor, booked passage on a transcontinental plane
after devoting most of
prevent the strike of seven maritime and dock unions and then
first to
to
his days and nights dining the last month to seeking
finding a means of settling it.
Washington
Mr. McGrady said his plans to leave for
that he would cancel them directly on any
There were no signs
Instead
the
strike
were
tentative and
break in the situation.
tonight of the break he sought.
was
spreading.
C.
J.
Delaney,
President
of
the
Bargemen's Union, announced the walkout of 600 men, employed in San
Francisco and Sacramento and San Joaquin River barge work.
Mills Close Down
It
were
was
estimated
40,000
men
were
on
strike and additional 25,000
idle because of the dispute.
While the joint union
strike committee still debates steamship operators'
place maintenance crews aboard boats,
idle ships to take care of them.
the operators
sent
^
strikers voted to release perishable goods from the ships which
requests
to
watchmen to the
The
they deserted Friday when the
strike call was issued following collapse of
negotiations over new contracts.
2940
Financial
Affects
\
20
Chronicle
Weather Reports
Mayor Kelly of Chicago in
The maritime strike has put weather forecasting back to where it was
years ago.
Thomas R. Reed, San Francisco forecaster, said
today.
The Bureau depends on reports of
ships at sea for information on weather
conditions
immediately west
California
San
Francisco
and
likely to
affect
councils, the National Federation of Foreign Trade associations, the Latin-
Advisory Council and meetings devoted to merchandising,
credit, exchange and collections will be held during the three days of the
convention.
Previous reference to the
was
from New York Nov. 7
Secretary of State Cordell Hull will head a delegation of
eight United States representatives at the Inter-American
"I conferred this afternoon with Mr. Franklin
and Mr. Hand, and after
over the problems connected with the
ship strike it was agreed that
going
are
not
Conference
properly the subject of investigation by this
Aires
office," Mr. Dewey said.
The
men
day Mr.
"under
were
no
Dewey had declared that
circumstances"
a
"bona
fide"
part of his investigation.
Frequent hints
elected,
render
deploring working conditions
ship operators here had
in the American
not convinced
Salt
City,
the
arbitration
or
Fort
an
upon
her return
charge of the machinery for
attempt to effect
a
Members
of
the
Department
of
Commerce
Maritime Commission also will take
and
such
Inspection, to
Milton,
United
as
the
an
set up hiring halls on the Pacific Coast had
advices
from
San
President
Roosevelt
that
he
would
Francisco
discuss
the
at
a conference,
scheduled for last
United Press advices quoted above also said:
The President's announcement injected
new
hope of
a
yesterday
maritime
night.
Chattanooga
is
election
subject
Nov.
.
to
the speaker, it
The
week
this discussion.
"China and Silver—How Not to Do It"
will be another notable feature of this session, Prof. C. F.
Remer of the University of Michigan, Ann Arbor,
being the
speaker on this subject.
The following is also from the announcement of the Na¬
this country and abroad men interested in
foreign trade
to invade Chicago for the convention.
of
these
delegates
gathered
to
Marine
Conference, meeting in Geneva,
Oct.
on
26.
to the governments
Drafts
of
the
agree¬
concerned for ratifica¬
provides
a
48-hour
discuss
Chicago plans
international
week
for
sailors
in
port,
those
working in the pilot house or engine
ships must carry crews of officers
efficient enough to
guarantee security at sea.
Others
1.
2.
that
3.
Provision
for
annual
on
the
Shipowners
falling sick
or
those
who die
as
A revised
and
of
a
for
and
men
vacations of 12
of
second,
injured
a
It also
large
and
working days for
efficiency secured from public
in
tests.
line
of
duty
result of such.
draft of
with
practical
of
individually responsible for the treatment
on
aboard,
the hours
first
of
with
States
seamen
burial
of
agreement which raises the mini¬
work
the
welfare
and
the
of
Eight
crews
to
of
on
15
years.
seamen
certain
'
United
of
for
seamen.
seafaring occupations from 14
deal
and
.
the international
recommendations
ships.
afloat.
seamen.
compulsory sickness insurance for
admission
age
Two
basis
are
A system of
mum
minimum paid
days
All captains must
possess certificates
seamen
and I 56 hours
room
.include:
authorities
Delegation
Sails
in
port,
categories
Today
for
Inter-American Peace Conference at Buenos Aires
—President Roosevelt to Leave For Sea
Trip Nov. 17
—Expected
pT
to Visit
PresidentTRoosevelt
on
Parley
Oct. 31 appointed
headed
eight delegates,
byJSecretary of State Cordell Hull, to represent the
United States at the forthcoming Inter-American
Conference
for the Maintenance of Peace, to be held at Buenos
Aires,
beginningJDec. 1. The delegation will sail for Argentina from
New York
today (Nov. 7).
It
President Roosevelt himself is
was
reported
on
Nov. 5 that
considering going to the
ference, while nothing official has been announced
verbal
statement came from the President's
Marvin H. Mclntyre, at
Hyde Park, N.
a
tional Foreign Trade Council:
2.000
Geneva
at
the
first
for
specifies
was
making available the program of the convention, to be
Chicago, 111., Nov. 18 to 20.
Recent events in con¬
nection with the tri-partite agreement between
I^e United
States, France and Great Britain and the action of France
and Italy on quotas and tariffs give unusual significance to
getting ready
Adopted
sea-safety agreements adopted at the confer¬
United Press advices from
Geneva, Oct. 26, had
the following to
say:
in
welcome
-
the
ence,
held in
matters.
defeated
from 28 countries, representing 82% of the world's
tonnage
shipping, attended the conference, organized by the International Labor
of the League of Nations here.
The countries included the United
States, Great Britain, France, Russia, Spain,
Argentina, Brazil, Chile,
Canada, Mexico, Peru and Venezuela.
announced recently by the National
Foreign Trade Council
to
officials
be
Delegates
5.
are
picture,
Roosevelt
Office
.
Monetary Stabilization to Be Discussed at National
Foreign Trade Convention in Chicago, Nov. 18-20
The subject of monetary stabilization is one of the im¬
portant matters to be dealt with at the 23d National Foreign
Trade Convention, and will be-an
outstanding feature of the
banking session, with Leon Fraser, Vice-President of the
over
entire
to Governments for Ratification
International
4.
From all
the
President
'
officers and1 nine
working
Mr. McGrady will remain here
pending
Washington conference. It was believed Mr. McGrady .
standing by to report any late developments to NIr. Roosevelt and
Secretary Perkins.
'
although
change should
which added:
settlement after
Mr. McGrady's efforts had failed.
as
editor,
to
3.
tion, it was stated in United Press advices from
Geneva,
Oct. 26, to the New York "Journal of
Commerce" of Oct. 27,
The
was
York,
to
ments were sent
outcome of the
First National Bank of New
advisers is expected to include Richard
Department's
Switzerland, adjourned
As
Press
(Nov. 6), it was stated that Mr. McGrady had canceled
his plans to return to
Washington, and resumed efforts to
end the Pacific Coast strike.
This change of plans by the
Assistant Secretary of Labor followed announcement
by
situation
the
the
been futile yesterday.
In
Charles G.
of
bureaus
active part.
But it appeared
that the efforts of Joseph B. Weaver, director
of the Bureau of Navigation
and Steamboat
Legislature; Adolf Augustus Berle
Fenwick, Professor of Inter¬
College, and Michael Francis Boyle, Phila¬
Mawr
Following the adoption of a series of agreements and
recommendations intended to bring about greater
safety at
sea
by improvement of working conditions of all
seamen,
quick termination of
the strike.
new
State
ParleyJSent
Secretary of Labor, is expected
conciliation, in
to
in
Program—Recommendations
that President Roosevelt would comply with the
hopes
operators and strike leaders by studying the
shipping par¬
alysis and strike conditions was indicated
yesterday at Hyde Park, where
it was reported that one of his reasons for
hurrying to Washington today
was to get in touch with
experts concerning a critical industrial situation.
Perkins,
Administration
International Marine Conference
Approves Sea Safety
Possibility
Frances
the
,
of both ship
Miss
Bryn
Minister
in
from New York to the capital to take
personal
trip, if
but the personnel of the
of
Southgate,
Division of Protocol; Howard Norweb,
Bolivia; Warren Kelchner, chief of the State Depart¬
ment's Division
of Latin American Affairs, and
Herbert Feis, economic
adviser to the State Department.
The party also may include a number of
Democrats, including George
of
acknowledge,
,
desire
the
member of the Utah
a
at
The staff of technical
chief
American
New
Sabine district (Port Arthur, Beaumont
and Lake Charles), 20, 650,
Houston, 15, 1,070.
New Orleans, 16 900.
Marcus Hook, Pa,, 10, 375.
Galveston, 9, 400.
Boston, 6, 500.
Savannah, 4, 300.
assistance
House,
a
dispatch
will'make
delphia lawyer.
night, together with the number of strikers, except for the Pacific
Coast,
Providence, 3, 125.
Texas City, 3, 120.
Mobile, 3, 125.
Norfolk, 3, 130.
Newark, 2, 80.
Charleston, 2, 75
Albany, 2, 70.
Tampa, 2, 75.
Bridgeport, 1, 42.
Poughkeepsie, 1, 42.
White
himself
to
Law
follows:
York, 58, 7,000.
Baltimore, 28, 1,450.
Philadelphia, 26, 1,400.
the
indicates
upon
New York City Chamberlain;
national
Thomas
issued late last
as
confirmed at
possible
Lake
Jr.,
mer¬
Tally of Tied-Up Ships
affected by the nation-wide strike
President Roosevelt
producing substantial results.
Secretary Hull the delegation will include Sumner Welles,
Assistant Secretary of State in
charge of Latin American affairs; Alexander
Weddell, United States Ambassador to Argentina; Mrs. Burton
Musser, of
E. Dewey, special rackets
prosecutor, that the strike was a "racket."
From Honolulu to Alaska, as well as at the
major continental ports, the
stagnation of shipping caused varying degrees of
apprehension. Pacific Coast
ports shared-in the tentative suggestions of
insurgent New York leaders
that a general strike of marine workers be called.
A tally of ships
all
that
decided
now
In addition
Port of New York claimed 52
ships affected
jubilant because of reports that the Department of Labor
was
cantile marine and because
not
was
delegation
Defense Committee at the
a statement
Peace, opening in Buenos
were outlined as follows in a
Washington
of Oct. 27 to the New York "Herald Tribune":
A slow but steady gain by
striking seamen and marine workers at At¬
lantic, Pacific and Gulf ports yesterday added to the
gravity of the ship¬
ping situation as ship operators in many ports expressed the
hope that
President Roosevelt would intervene soon.
Members of the Seamen's
preparing
of
ference
following regarding the walkout at the Atlantic
were
Maintenance
group, Which will also include more than a score of
technical advisers and secretaries, will sail from New York
on Nov. 7.
Plans for American representation at the con¬
labor
and
Gulf Coast ports, is from the New York
"Herald-Tribune"
of Nov. 6:
and
for
Dec. 1, it was revealed in Washington on Oct. 27.
on
The
agreed to limit themselves to this statement.
the
made in
was
Secretary Hull to Lead United States Delegation to
Pan American Peace Conference—Group Will Sail
Charles Hand,
publicity adviser to
Mr. Franklin, who had hoped that the intervention
of the special prosecutor
the matters involved
coming convention
issue of July 11, page 210.
our
would help clarify the situation.
disputes
taking
American
As to this, the New York "Times" of Nov. 6
stated:
in
are
:
Separate sessions of the American-Japanese and American-Chinese trade
Also present at the conference
The three
in all sections of the United States
commerce
similar action.
the
Dewey, special rackets prosecutor, intervene. Mr. Dewey,
however, on Nov. 5, following a conference with Mr.
Franklin, declined to conduct an investigation into the
Earlier
record attendance."
a
The Canadian Chamber of Commerce is sending a large
delegation and
An investigation into the Eastern seaboard strike
had
been sought by John M.
Franklin, President of the Inter¬
national Mercantile Marine Co.,
who, ih a statement issued
on Nov. 4,
charged intimidation, and termed the strike "a
racket." Mr. Franklin had endeavored to have Thomas
E.
strike.
7, 1936
telegram to the Chairman, James A. Farrell,
a
"Chicago is preparing for
says:
local chambers of
area.
of
Nov.
1
Y.,
Mr.
Roosevelt plans
the statement
a
southern cruise.
being given
to the New York "Times":
as
on
The
as
to
con¬
this,
Secretary,
Nov. 5 that
substance of
follows in Hyde Park advices
Volume
Financial
143
The President expects
to leave for a sea trip from a
Nov. 17, but no decision had
been made
as
southern port on
although
to where he will cruise,
The
nouncement said:
disptach to the "Times" added:
It is also possible but by no means determined that
order to take part
opening ceremonies of the Pan-American Peace Conference on
If this latter plan were carried out, he would return to Washington
the
Dec. 1.
about Dec.
13
Washington dispatch of Oct. 31 to the Associated Press
reported the appointment of the official United States delegastion as follows:
A
The
on
SS. American
Secretary of
W. Weddell, Am¬
Adolf A. Berle Jr., Chamberlain of New York
which will sail from New York on the
delegation
Legion
Nov. 7, will consist of Sumner Welles, Assistant
charge of Latin American affairs; Alexander
State in
bassador
Argentina;
to
crops
have been sponsored by this committee during the past
agricultural
State
of
score
or
experiments have been conducted
more
tobacco,
potatoes,
beets,
sugar
celery, cabbage and beans.
General
now
of the
Chairman
of Salt Lake City,
Elsie F. Musser,
member of the Utah State Senate.
Norweb, Minister to
Bolivia; Dr. Herbert Feis, economic adviser to the State Department;
George F. Milton and Dr. Samuel Guy Inman. Richard Southgate, of the
State Department, will serve as Secretary-General, and Emilio Del Toro
Special advisers to the delegation will be R. Henry
Cuevas, Chief Justice of Puerto Rico, as counselor of the delegation.
as
Reed, Chief of the Division of Mexican affairs, will serve
L.
Edward
assistant to Secretary Hull, and Mrs. Warren Delano
Pan-American Union
The
Bobbins, widow
Farm Equipment Institute,
and the National Fertilizer Association.
today that radio broadcasts
also announced
would be conducted Nov. 4, 6 and 7 at 10:30 each night to increase interest
President Roosevelt will join with Latin-
in the Buenos Aires conference.
♦
Large Attendance Anticipated at Annual Convention
of Investment Bankers Association Dec. 2 to 6 in
Augusta, Ga.—J. M. Landis and J. D. Ross of SEC
Among Speakers—Meeting
Marks
Association's
25th
American executives to emphasize important aspects of the meeting.
Anniversary
Plans for the 1936 annual convention of the Investment
the
Ambassador
William
Phillips,
who
were
not
President of the Massachusetts Institute
A. Dykstra, City Manager of Cincinnati;
Edie-Davidson, Inc., consulting economist
of New York; D. Leon Harp, Texas Securities Commissioner
and President of the National Association of Securities Com¬
missioners; James M. Landis, Chairman of the Securities
and Exchange Commission; and James D. Ross, member of
the SEC.
Mr. Wood will open the general sessions of the
convention with his presidential address on Dec. 4.
In his
announcement of Nov. 4 Mr. Wood said:
appointed
United
States
addressed to Victor Emmanuel III,
King of
This remains the attitude of the overwhelming
majority of the nations.
departure from the United States for Italy to
his duties as Ambassador, was noted in our issue of
lems, while less critical than
to
concern
users
Sept. 12, page 1658.
Smull, former President,
was
elected Vice-
York in
place of Jesse Isidor Straus, to serve until May,
1937, at the monthly meeting of the membership of the
Chamber, held Nov. 5. Mr. Straus' death was referred to
in our issue of Oct. 10, page 2305. At the meeting Richard
W. Lawrence, Chairman of the Executive Committee, read
a
resolution in memory of Mr. Straus, who was Senior
Vice-President of the Chamber up to the time of his death
on Oct. 4.
At the conclusion of the reading of the resolution,
a silent tribute was paid to the memory of Mr. Straus.
The Chamber also elected the following to membership
Nov. 5:
Clarence M. Fincke,
President, Greenwich Savings Bank.
Robert Lehman, of Lehman
Bros.
Robert E. Miller, Vice-President.
Bank of New York & Trust Co.
George P. Brett, Jr., of Macmillan & Co.
Dexter Blagden,
the 25th anniversary of the Association and the
commemorated.
suitably
Craigmyle, Marache & Co.
of the
discussion
engaged in the business of procuring capital for industry are aware
responsibility they hold at the present stage of business recovery.
Most of the business expansion to
date has been accomplished with existing
A start toward rehabilitation of the industrial plant has
facilities.
made, but improvements have been
been
financed in large part from cash on
hand.
hoped that the stage will shortly be reached where new capital is
It is
The consequent expansion in business would
needed in far greater amounts.
be the
cure
for unemployment.
j
„
Progress during the last 12 months in practically every line of economic
endeavor will be reviewed in
Among these,
mittees.
as
research
the annual reports of th© Association's com¬
13 committees that function throughout the year
organizations,
conclude their studies
with
surveys
of their
respective fields for the annual meeting.
Subjects selected for special emphasis are being made the
One forum will be held on
each of the five days with addresses by outstanding authori¬
ties who are also expected to join in the roundtable discis¬
sions following the formal presentation of their subjects.
basis for convention forums.
the following topics:
Municipal finance, with special consideration of tax limitations.
Securities regulation,
retired.
However,
monopolize the major portion of our schedule
Forums will be dovoted to
Frederick J. McDermott, of New York State Department of Insurance
Theodore F. Kliesrath, of
Those
of the
President of the Chamber of Commerce of the State of New
be
will
present and future will
Chamber of Commerce to Succeed Late J. I. Straus
—Seven Elected to Membership
those of recent years, are nevertheless of vital
in the business, to the investing public and to the
This meeting marks
J. B. Smull Elected Vice-President of New York State
on
everyone
capital.
of
occasion
Barstow
take into account the increased
association's history, and the
financial and investment affairs.
Today's prob¬
Preparations for the convention must
membership, now at the highest figure in the
broad interest in current
Mr. Phillips
J.
The
in Augusta, Ga., Dec. 2 to 6
Lionel D. Edie, of
Italy, which means the United States Government does not recognize the
assume
of the
Nov. 4, the
Karl T. Compton,
of Technology; C.
Italy and Emperor of Ethiopia, but only to Victor Emmanuel III, King of
Italian conquest of E thiopia.
on
Among guest speakers so far announced are Dr.
United States
as
Breckinridge Long due to ill health, presented his credentials
to the King of Italy in Rome on Nov. 4, it was reported in
wireless advices from Rome, Nov. 4, to the New York
"Times" of Nov. 5, which continued:
credentials
accom¬
according to
general outline of the program for the convention.
investment bankers will meet
Ambassador to Italy last June following the resignation of
The
1929,
Chicago,
who announced in
Association,
Italy
to
was
since
attendance
largest
Orrin G. Wood of Estabrook & Co., Boston, President
inclusive.
William Phillips Presents Credentials
drawn to
Bankers Association of America are being
modate
the delegation.
of the late Minister to Canada, as special assistant to
The membership includes
Society of Agricultural Engineers,
Agronomy, American Society for Horticultural Science,
President of the Brotherhood of Railroad
Trainmen; Charles G. Fenwick, Professor of Political Science, Bryn Mawr
College; Michael F. Doyle, Philadelphia lawyer, and Mrs.
committee.
representing the American
committees
American Society of
kale, spinach, peas, carrots,
tomatoes,
...
Agricultural Engineering, Ohio State University,
C. O. Reed, Professor of
is
at 60 different locations and in
The crops under experiment include corn, cotton,
nearly 20 different States.
Alexander F. Whitney,
City;
Department of Agriculture and a
experiment stations.
During 1936
with the United States
in cooperation
these
Dec. 14.
or
fertilizer to
several years
Experiments involving many different methods of applying
he will extend his
trip by a week and visit Buenos Aires for one day in
in
Washington, according to an announcement by H. R.
Smalley, Chief Agronomist of the National Fertilizer Asso¬
General Secretary of the committee.
The an¬
ciation and
it is probable he will fish in Caribbean waters-.
V
2941
Chronicle
Public utilities, a
both Federal and State.
discussion of the principles involved in the relations of
electric power industry.
Railroads, including consideration of the modernization programs and
government to the
York
New
to
Institute of Banking,
American
Chapter,
Hold Seminar
on
Current Federal
Income Tax
course
of eight sessions on current Federal
procedure and problems will be given again by
Myron M. Zizzamia of the City Bank Farmers Trust Co.,
of New York, it was announced on Nov. 2 by the New York
Chapter of the American Institute of Banking, educational
A
seminar
income tax
section
American
the
of
their results in operating
session of the seminar
was
Bankers Association.
The first
scheduled for last night (Nov. 6).
This course is intended for
have
had sufficient
enable them to take
an
The
ssue
income
tax
or
the discussions.
A thorough study will be made of the
Act of 1936,
estates
and
changes effected by the Revenue
current regulations and rulings,
ticular attention will be given to the
trusts
and recent decisions.
Par¬
application of the income tax law to
and its requirements relative to
fiduciaries, donors of
trusts and beneficiaries.
+
More
World's
Be Held in Savannah,
Joint Committee
in
on
Directors
Announces
With
the
Added
to
Board of
New
York
Fair, Inc., Bringing Membership to 34—
A.
Whalen,
President
of
Corporation,
Completion of Directorate
addition of
seven
men
prominent in business
the selection of directors of the New York
World's Fair, Inc., was completed on Nov. 5, Gro/er A.
and
finance,
Whalen, President of the corporation, announced following
a directors' meeting.
The Board now numbers thirty-four.
The new members are:
Winthrop W. Aldrich, Chairman
of the Board of the Chase National Bank;
Southern Convention of National Fertilizer Association
to
coming convention was previously referred to in our
Grover
trust management experience to
.
of Oct. 17, page 2462.
Seven
bank and trust company officers and employes
active part in
,
today, particularly those inherent in present low
interest rates.
The announcement of Nov. 2 said:
who
efficiency and economies.
Investment problems of
Procedure
Philip A. Benson,
President of the Dime Savings Bank of Brooklyn; Frederick
Ga., Next Week—National
H. Ecker,
Fertilizer Application to Meet
Insurance
Washington Nov. 17
The twelfth annual Southern convention of the National
national
Chairman of the Board of the Metropolitan Life
Co.; Basil Harris, Vice-President of the Inter¬
Mercantile Marine Co. and the United States
Lines; Floyd L. Carlisle, Chairman of the
Board of the Con¬
Fertilizer Association will be held in Atlanta, Ga., next week.
solidated Edison Co. of New York; Thomas H. Mclnnerney,
President A. D. Strobhar of Savannah will open the conven¬
President of the National Dairy Products Corp., and Henry
tion
,
on
Nov. 10 with his annual address.
On Nov. 17 the twelfth annual meeting of the National
Joint Committee on Fertilizer Application will be held in
Bruere, President of the Bowery Savings Bank.
Our last item regarding the 1939 World's Fair in New
York City
appeared in these columns Sept. 19, page 1810.
2942
Financial
ITEMS
ABOUT
TRUST
BANKS,
COMPANIES,
Chronicle
The distribution will bring the total payments up to
&c.
in
the
Arrangements
were made Nov. 4 for sale of a New York
Exchange seat at $30,000, unchanged from previous
Curb
Nov. 7,
institution, which closed Sept.
Mr.
Bradford
from
the
saidi
♦
♦
be
fall
meeting of
in
held
Salle
the La
Street
We
Cashiers
will
Jay,
the
on
which
was
partner
a
graduated
in
1905.
Mr.
Jay
York
from
1916 to
banking and investment
been
was
a
He
at
was
time
one
♦
='
y
■
.V
■/
a
native of Germany, and as a specialist in the field
of
foreign finance, was well known in this country and abroad.
Since he joined Hallgarten & Co., in
1921, he negotiated
many
national, departmental and municipal loans
for
European and South American countries, which his firm
offered publicly.
that
Mr. Merzbach
Lowy of London for 25
firm
served
when
he
entered
with the firm of Med-
was
and was a partner of
British army, in which he
After the war he became
years,
the
during the World War.
associated with the firm of Seligman
Bros.,
he remained until he
accepted a general
London, where
partnership in
Hallgarten & Co., in April, 1921.
v:,:v
*
Dime Bank
the
of
New
York
announces
that
Charles F.
McNamee, Assistant Secretary, will be in charge
32 University Place,
Manhattan, and that
Edward K. Ekman will be Assistant
Manager. At the office
at 275 West 125th
Street, Raymond F. DeMott, Assistant
Secretary, will be in charge, and Alfred C. MacCulloch will
of
its
office at
be Assistant
Manager.
in operation on
Nov.
Both
2.
of
these
$958,809,
Grand
to
DeMott,
A.
Her¬
the
Manhattan, Brooklyn, Bronx and Queens.
The directors of the
Peoples National Bank of Brooklyn
New York have elected to
membership on their board
Max Trunz.
Mr. Trunz is President and
Director of the
Trunz Pork
Stores, Inc., with which line of industry he has
had 35 years' experience.
Mr. Trunz is also a trustee
of the
Bush wick Savings
in
Bank, Brooklyn.
&
Trust
"Transcript"
benefit
to
The proceeds will be used to retire the balance
preferred stock issued in 1933.
In order to provide
for the rapid increase in the
deposits of the bank immedi¬
ately following the banking crisis, additional common shares
of its
subscribed to by stockholders and
were
$4,000,000 par value
purchased by the Reconstruction
We quote further from the New York
"Journal of Commerce" of Nov. 6, as follows:
preferred
Finance
The
shares
were
Corporation.
capital structure of the
The
stock.
mon
required
priorities of
be
to
available
for
set
bank will
aside
future
the
extent
of
$2,000,000 in
Belmont, approximately 20% in the
savings depart¬
10% in the commercial division.
Co., Cambridge, 10% in the
Central Trust
in the commercial.
Medford
Trust
Co.,
Medford,
22%
in
savings department and 10%
The
plan
new/
increase in
shares
of
for
the
capital
recommended
common
the
same
par
of
six
which
record
is the
by
stock from
shares of
share,
The Charlestown Trust
Co.,
The savings depositors
savings
and
15%
in
the
Bank
$4,730,000
on
Commissioner
the assets
of
out
that
while
the
RFC
will
lend
closed
available
been
paid
a
total
of
$68,000,000 will
A 10%
dividend, amounting to $2,000,000,
shortly to more than 14,000 depositors of the
of
of
Pittsburgh, N. A., Pittsburgh,
have
-
will
be
paid
defunct Bank
Pa., Avery J. Bradford,
receiver, has announced. The Pittsburgh "Post-Gazette"
Oct. 26, from which we
quote, continued:
the
preferred
corporate
and
will
purposes,
value.
of
as
new
the
Board
of
Directors
calls
for
an
235,000 shares of $20 par value to 375,000
The additional shares will be offered to
the
stock
close
for
H.
of
business
each
10
Nov.
shares
12,
now
1936,
held at
in
the
$30
per
approximate book value.
Squire,
State
President.
About
set
by
Associated
99%%
Federal
of
advices
the
depositors had
regulations.
The bank
Department,
Wednesday
arrested
held under
and
Press
(Oct.
28),
from
Columbus,
in
accounts
below the $5,000 limit
by the State Banking
President, O. E. Wheland,
closed
was
and
its
$200,000 bond.
♦
Ind., advices on Oct. 29 to the Indianapolis
"News" had the following to say in
regard to the affairs
of the old Terre Haute Trust Co. of that
city:
Dividend payments totaling $288,000 will be
ready Nov. 2 for waiving
depositors of the old Terre Haute Trust Co., according to an announcement
of trustees today (Oct.
29).
The payments will be made for
20% of the remaining 50% of deposits
unliquidated when the trust company closed three years ago.
which
First
has
Citizens'
been
State
operating
Bank
as
an
of
Whitewater,
unrestricted,
Wis.,
non-member
bank, has been admitted to the Federal Reserve System and
as a member bank
by the Federal Reserve
Bank of Chicago, the latter announced on
Oct. 29.
has been licensed
4
The
of
two
Frankfort, Ky., banks—the Capital
Trust Co. and the Farmers'
Deposit Bank—under the title
of the Farmers' Bank & Trust
Co., will be consummated
Portly, it was announced on Nov. 1 following approval of
the union by the
respective stockholders of the institutions.
The
merger
Louisville
Nov. 1
that
the
"Courier-Journal" in a Frankfort
dispatch
(from which this information is obtained) stated
stockholders
of stock
of their
in the
present
of
each
new
institution
will
combined institution
shares.
The
is
returned
When the dividends have
been returned to
depositors.
other
com¬
eliminated,
the
Urichsville, Ohio, closed on Oct. 28, when
shortage of $500,000 was found in the accounts of the
share
banks, actually only $2,000,000 will
for distribution to
depositors, because the balance must be
by the banks to the RFC in
payment of loans that already have
been advanced
by that corporation to the State banks.
be
of
the Union Bank at
each
in the commercial depart¬
this bank have been
paid in full.
pointed!
and
indlude only
be
Banking Superintendent for
Ohio, announced on Oct. 31 that the Federal Deposit Insur¬
ance Corporation would start Nov. 2 to
pay off depositors of
in
the
retirement
needs
to
will
4
Charlestown, 20%
The paper continued:
The
revised
issue
'
Samuel
on
the
commercial.
ment.
be
the preferred
including the payment of dividends.
The
is
dividend payments
early in December, as a result of a loan
by him from the Reconstruction
Finance Corpora¬
tion.
The banks involved and
the percentages of dividends
to be paid follow:
Belmont Trust Co.,
Wilkes-Bar re, which
institution.
secured
ment and
of
♦
of Oct. 27
authority for the
statement that 50,000
depositors of closed Massachusetts
banks under the
supervision of Henry F.
Pierce, State Bank
Commissioner, will
Co.
^
♦
Boston
of
loan
a
Terre Haute,
4
The
obtaining
noting this, added:
Bowery office
place of Mr. McNamee at the
Manufacturers Trust Co. now has 61
Street office.
offices in
out
"is being made
by
not
special meeting of the stockholders of the National
City Bank of Cleveland, Ohio, has been called for Nov. 16
to vote on a proposal to increase the common stock of the
the
Bernard J.
were
Tremont branch.
take
and
55%.
or
a
offices
the Tremont office to take the
place of Raymond F.
who formerly had charge of the
Sandler will
the receiver,
liquidation
A
placed
Weintraub, Assistant
Secretary, lias been transferred from
bert
according to
Title
ratio of
Co.
15
All prior loans made for the
stockholders
Trust
and
12
closed Sept. 22, 1931, will receive a 5% liquidating dividend
of $87,216 on Nov. 30,
bringing repayments thus far to
become
of New York.
Manufacturers
between
According to the Philadelphia "Record" of Oct. 30, Dr.
A. Haar, State Secretary of Banking for Pennsyl¬
vania, announced on Oct. 29 that the 8,058 depositors of
funds
John R. Kilpatrick, President of Madison
Square Garden
Corp., has been elected a member of the
Advisory Board
of the Times Square branch of the
Chemical Bank & Trust
Co.
"in
Luther
Vice-
partner of the international banking
firm of Hallgarten & Co., New York, died on
Nov. 2 in
his sleep.
Mr. Merzbach, who was 60 years old, was a
win &
payments
estimated at $1,000,000.
were
actual
from
further
for
His
Hospital in that city.
George Merzbach,
hopes
of
purpose of dividend payments
have been repaid.
To date the cost of liquidating this receivership has
been 3c. on a dollar, or one-half the average costs of
liquidating a closed
bank, according to records of the Comptroller of the Currency, which
is 6%%.
Prior to that
President of the First National Bank of Milwaukee.
He is
a trustee of the American
Library in Paris and a director
of the American
obtained
nature."
any
Trust Co. in
early experience with
obtained in Milwaukee in the
1920.
between 1907 and 1915.
years
has
voiced
Remaining assets
latest payment,
The
cash
made by President Carter Davidson
visit of Mr. Jay to the college from
member of the J. P. Morgan firm since 1920.
time he was Vice-President of the Guaranty
New
months."
was
occasion of
he
Kabet
Mr.
in Morgan & Cie., Paris,
France, has accepted an invitation of Knox College, Galesburg, 111., to serve as member of the Board of Trustees.
This announcement
"Money and Commerce" of Oct. 31 that
7,734 depositors of the defunct Monongahela National
Bank of Pittsburgh, Pa., were to receive another 5% divi¬
dend totaling $334,952, beginning Nov. 2.
In his announce¬
ment, Albert E. Kabet, the receiver, stated that the dividend
would bring the total amount of repayment to 80% of the
deposits, the first dividend of 65% and the second of 19%,
amounting to $5,027,488.
The paper continued:
•
Dean
learn from
the
Hotel
the
Sherman, Chicago, the evening of
Nov. 10, it was announced in Chicago on Oct. 28 by Frank J.
Rinne, President.
Thaddeus R. Benson, President of the
Chicago Stock Exchange, and Joseph A. Rushton, Chairman
of the Chicago Association of Stock Exchange Firms, will
be the speakers.
About 250 Cashiers are expected to attend.
Nelson
loan
a
Corporation.
transactions.
The
1931.
21,
payment was made possible by
present
the Reconstruction Finance
iw
92%% of deposits
added, will be located in the
Farmers' Deposit Bank.
new
be
combined
present
given
in lieu
a
of
bank, it
quarters
of
the
4
A new banking institution was
opened in Miami, Fla., on
Nov. 4, under the title of the American Bank &
Trust Co.
The new institution, which is a member of
the Federal
Deposit Insurance Corp., reports a capital of $200,000 and
paid-in surplus of $50,000. It is located in the Safe De¬
posit Building, ownership of which the bank -will
acquire.
N. A. Rosen,
formerly a New York investment broker, is
Chairman of the Board, and other officers
include Leo
Robinson, President; Rufus H. Daniel, Vice-President and
Cashier; Hyman Shapiro, Vice-President; and J. T.
Carter,
Treasurer.
Financial
143
Volume
^
"Foreign Exchange Regulations Af¬
Exports" contains valuable information for
manufacturers
55 BROAD
DEPARTMENT
STREET, NEW YORK
Member Federal
Reserve System
Member New York Clearing House
Member Federal Deposit
FOREIGN
EXCHANGE RATES
record for the week just passed:
a
RATES
EXCHANGE
BANKS TO
CERTIFIED
BY
TREASURY UNDER TARIFF
OCT. 31,
1936 TO NOV. 6, 1936,
Noon Buying
FEDERAL RESERVE
ACT OF 1930
INCLUSIVE
Rote for Cable Transfers in
United States Money
New York
Value in
Country and Monetary
Unit
Nov.
Oct. 31
2
Nov.
3
Nov.
Nov.
4
5
S
$
$
$
Europe—
Nov.
6
S
.186914*
.186885*
.186900*
.168830
.168707
.168811
.168884
.169007
.012875*
.012875*
.013000*
.012875*
.012750*
Bulgaria, lev
Czechosl-kla, koruna.
.035384
.035384
.035384
.035395
.035390
.218183
.218225
.218245
.218091
.217625
Denmark, krone
England, pound sterl'g
Finland, markka
France, franc
Germany, relchsmark
Greece, drachma
.888500
:.888916
4.889125
:.885875
1.876125
.021535
.021525
.021550
.021525
.021512
.0*0483
.046500
.046492
.046345
.046252
.402078
.402085
.402064
.402100
.402060
.008937*
.008939*
.008928*
.008941*
.008935*
Holland, guilder.
.536076
Austria, schilling
.186871*
.186914*
Belgium,
belga
.541214
.540150
.538969
.537414
Hungary, pengo
.197750*
.197750*
.197750*
.197750*
Italy, lira
Norway, krone
Poland, zloty
.052603
.052606
.052603
.052600
.052601
.245562
.245604
.245625
.245520
.244962
.188266
.188266
.188233
.188266
.188250
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona.
.044366*
.044383*
.044333*
.044333*
.044375*
.007321*
.007325*
.007285*
.007350*
a
a
.251995
.252012
HOLI¬
.252050
.251916
.251377
Switzerland, franc....
Yugoslavia, dinar
.229803
.229787
DAY
.229800
.229639
.229685
.022950*
.022960*
.022980*
.023000*
.023000*
.293833
.293558
.293900
.294041
.293979
.007278*
.197750*
a
a
Asia—
China—
Chefoo
(yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
India, rupee
Japan, yen..
Singapore (S. S.) dol'r
the
Hill-Sullivan, 4% points to 89 %; Consolidated
Mining & Smelting, 6 points to 74; Gulf Oil of Pennsylvania,
4 points to 1063^, and Newmont Mining, 0% points to 105%.
j* The trend of prices continued upward on Thursday, and
requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
FOREIGN
York Stock
Bunker
Association
Insurance Corporation
.293833
.293558
.293900
.294041
.293979
.293625
.293558
.293691
.294041
.293979
.293833
.293558
.293900
.294041
.293979
.303450
.303483
.303483
.304833
.304458
.369043
.368250
.369177
.369280
.369222
.285653
.285717
.285651
.285579
.284885
.573162
.573475
.573575
.573275
were a few new tops, the changes in the general
comparatively narrow and the volume of transfers
below the preceding day.
Public utilities were somewhat
stronger and recovered a part of the losses of the previous
session.
Mining and metal shares continued moderately
active and the specialties were again in demand at gradually
increasing prices.
The best gains for the day included
among others Aluminum Co. of America 3 points to 131,
Gulf Oil of Pennsylvania 2% points to 109, Humble Oil 2%
points to 71%, Royal Typewriter 5 points to 95, Western
Auto Supply 4 points to 69 % and Mangel Stores pref. 4%
points to 95.
Irregular price movements were in evidence during a
goodly part of the dealings on Friday, though the trend of
the market was, on the whole, inclined to point upward.
Public utilities continued to move slowly ahead and a num¬
while there
Pursuant to the
give below
Exchange, the New
polls, but the rest
The volume of
trading leaped to 775,630 shares as compared with 486,555
on Monday.
The metal stocks led the forward swing but
there was also a good demand for the oil shares and specialties.
The strong stocks included among others American Meter
Co., 3% points to 50%; Babcock & Wilcox, 3% points to 114;
of
MANUFACTURERS TRUST COMPANY
HEAD OFFICE AND FOREIGN
Curb
overwhelming Roosevelt victory at the
market worked sharply upward.
the
abroad.
and merchants who sell
New York
The
Exchange and all commodity markets were closed on Tues¬
day, general election day.
N Public utilities continued heavy on Wednesday following,
Our booklet
fecting
2943
Chronicle
list
I
were
popular trading issues showed moderate gains
Associated Gas & Electric was
ber of the
at
in
the close of the session.
good demand and moved upward 4% points to 30%, Com¬
monwealth Edison improved 2 points to 112 and there were
a
number of substantial advances among the specialties.
compared with Friday of last week the range of prices
toward higher levels Aluminum Co. of America closing
last night at 132 3^ against 129 on Friday a week ago, Amer¬
ican Cyanamid B at 39 against 363^8, Commonwealth Edison
at 112 against 110%, Creole Petroleum at 27% against 27%*
Fisk Rubber Corp. at 9 against 8%, Gulf Oil of Pennsylvania
at 11434 against 104%, Hollinger Consolidated Gold Mines
at 13*4 against 1334* Hudson Bay Mining & Smelting at
31 against 29, Humble Oil (New) at 70 against 66%, Lake
Shore Mines at 57% against 54%, New Jersey Zinc at 82%
against 79%, Newmont Mining Corp. at 108 against 99,
and Sherwin William Co. at 135 against 134%.
As
was
.571900
TRANSACTIONS AT
DAILY
Australasia—
Australia, pound
894166*'3.895312*
New Zealand,
Africa—
923958*3.925312*
3.925312* 3.923958*3.915104*
South Africa, pound.. 4.831875* 4.833035*
North America—
4.833392* 4.831875* 4.823437*
THE NEW
YORK CURB
EXCHANGE
3.895375* 3.893750*3.885105*
pound.
.000528
Mexico,
1.000204
.999166
.999166
.999166
dollar
.277500
.277500
.277500
.277500
.997851
.997832
.997890
.997773
.997611
.325925*
.325740*
.325050*
.086811*
.086811*
.086811*
.086811*
.058562
.058462
peso
.058622
.051633*
.051650*
.051625*
.569250*
.569250*
.569250*
.801873*
.801250*
.801250*
Foreign
Governm't
Domestic
Saturday
260,835
Monday
485,505
2,035,000
2,965,580 $11,796,000
719,640
722,425
Friday
Total
Temporarily suspended.
available,
CURB
22,000
EXCHANGE
2,965,580
3,031,905
109,847,523
58,589,767
$11,796,000
$24,877,000
$691,910,000
$994,271,000
Foreign government--
207,000
263,000
15,622,000
13,771,000
Foreign corporate
138,000
223,000
10,567,000
11,218,000
$718,099,000
$1,019,260,000
Stocks—No. of shares.
Bonds
Price movements
on
the New York Curb Exchange were
irregular on Monday, but following the wide
Roosevelt victory the market moved sharply forward and
with the exception of the public utilities group sharp gains
were
registered in practically every section of the list.
Renewed buying was apparent in the specialties and in the
mining and metal stocks.
Oil shares also moved briskly
forward and regained part of last week's losses. The volume
of business showed a sharp increase both in transfers and the
somewhat
number of issues traded in.
Moderate improvement in price movements was apparent
during the early part of the abbreviated session on Saturday,
but the market weakened as the day progressed and the
gradually checked.
Scattered through the
advances
were
list
number of trading favorites that were able to hold
were a
most of their
early gains though the changes were generally
The turnover was fairly
small at the close of the market.
large, the transfers reaching approximately 261,000 shares
traded in.
The advances included among
others American Gas & Electric 1% points to 44; American
with 374 issues
Meter, 1% points to 47%; Electric Bond & Share 5% pref.,
1% points to 74; Northern Indiana Public Service 6 pref.,
point3 to 85; Quaker Oats pref., 3% points to 146 and St.
Regis Paper pref., 1 % points to 104%.
Public utilities were under selling pressure during most of
2
Monday, and while losses were in evidence
in both common and preferred stocks, the widest recessions
occurred among the latter group.
High priced specialties
also turned downward and a number of the market's leaders
in this section lost from 2 to 5 or more points.
Prominent
among the declines were Babcock & Wilcox which dipped 4%
points to 110%; Associated Gas pref., 3% points to 25%;
American Superpower, 3 points to 48; Royal Typewriter,
8 points to 90; Singer Manufacturing Co., 10 points to 375;
Central States Electric pref., 3 points to 47% and Dictograph
Products, 3 points to 27%.
*;
the trading on
J
6
1935
1936
1935
1936
2,721,000
3,287,000
2,933,000
$138,000 $12,141,000
New York Curb
Exchange
THE
35,000
Jan 1 to Nov.
Week Ended Nov. 6
Sales at
Nominal rates, firm rates not
a
56,000
$207,000
777,175
2,086,000
HOLI DAY
2,580,000
3,218,000
2,878,000
Wednesday
$1,114,000
21,000
85,000
34,000
33,000
Thursday..
Total
$4,000
HOLI DAY
.801250*
*
Foreign
Corporate
$25,000
30.000
$1,085,000
.051650*
.569250*
.801250*
peso
.058437
.051633*
.569250*
(Free) mllrels
Chile, peso
Colombia,
.325960*
.086811*
.058462
mllrels
of
Shares)
Tuesday
.325900*
peso
Brazil (official)
(Number
Week Ended
Nov. 6, 1936
.999166
America—
Argentina,
Uruguay,
1.000396
.277500
peso
Newfoundland,
South
1.000504
.999333
Canada, dollar
Cuba, peso
1.000468
Bonds (Par Value)
Stocks
Domestic
$12,141,000
Total
$25,363,000
Course of Bank Clearings
week will show an increase compared
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Nov. 7)
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 11.0% above
those for the corresponding week last year.
Our preliminary
total stands at $5,715,140,826, against $5,149,694,384 for
the same week in 1935.
At this center there is a gain for the
week ended Friday of 21.9%.
Our comparative summary
Bank clearings this
with
a
year ago.
for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending Nov. 7
Cent
1936
1935
$2,701,863,109
259,327,652
274,000,000
226,721,000
74,641,054
$2,216,030,403
+21.9
+ 13.3
73,800,000
123,797,000
102,156,047
73,611,295
63,458,791
51,628,692
35,177,000
228,815,077
245,000,000
206,000,000
60,831,573
68,800,000
107,167,000
76,688,132
65,670,586
55,622,307
46,791,525
35,764,000
five days
five days
$4,060,181,640
702,435,715
$3,513,180,603
636,421,630
+ 15.6
Total all cities, five days
$4,762,617,355
952,523,471
$4,149,602,233
1,000,092,151
+ 14.8
$5,715,140,826
$5,149,694,384
+ 11.0
New York
Chicago
Philadelphia
Boston
Kansas
i
City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans.
Twelve cities,
Other cities,
All cities, one
day
Total all cities for
week
+ 11.8
+ 10.1
+ 22.7
+ 7.3
+ 15.5
+ 33,2
+ 12.1
+ 14.1
+ 10.3
—1.6
+ 10.4
—4.8
2944
Financial
Complete and
foregoing will
exact details for the week covered
in
appear
our
issue of next week.
them to-day, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
cases
For that week there
was an
10
however, which
months
Month of
Railroad & miscell. bonds
increase of 3.9%, the
aggregate
that in the New York Reserve District
(including
an increase of
2.4%, but in the
Boston Reserve District the totals
register a decrease of
0.9% and in the Philadelphia Reserve District of
6.4%.
1936
and
1935 follows:
October
Ten Months
1935
43,995,282
U. S. Government bonds
1936
46,658,488
1935
396,979,510
278,586,660
Total
bonds
The
$284,422,000 $193,776,000 $2,403,783,000 $1,772,887,000
3i;il7,000
29,954,000
273,206,000
315,937,000
22,380,000
51,997,000
253,311,000
634,228,000
$337,919,000 $275,727,000 $2,930,300,000 $2,723,052,000
volume
of
New York Stock
transactions
in share
properties
1933 to 1936 is indicated in the
the
on
Exchange for the 10 months of the
appears
this
of
on
The results for
Bonds
State, foreign, &c., bonds
of
clearings for the whole country having amounted to
$5,931,429,695, against $5,708,286,559 in the same week
in 1935.
Outside of this city there was an increase
of 6.0%,
in the bank
clearings at this center having recorded a gain of
2.5%.
We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
1936
Description
able to give final and complete
week ended Oct. 31.
we are
Exchange is appended.
1936
previous—the
week
the
Stocks, number of shares.
present further below,
the
October and
we
results
for
the New York Stock
has to be estimated.
In the elaborate detailed
statement,
Nov. 7,
Our usual monthly detailed statement of transactions
by the
We cannot
furnish
of the week in all
Chronicle
years
following:
1936
1935
1934
1933
No. Shares
city) the totals record
No. Shares
No. Shares
No. Shares
Month of January
67,201,745
19,409,132
60,884,392
51,016,548
14,404,525
15,850,057
54,565,349
56,829,952
29,900,904
179,102,685
49,663,714
141,296,205
58,129,049
39,609,538
20,613,670
21,428,647
22,408,575
30,439,671
22,336,422
29,845,282
25,335,680
16,800,155
52,896,596
104,213,954
125,619,530
February
The Cleveland Reserve District
enjoys a gain of 20.9%, the
Richmond Reserve District of
3.0% and the Atlanta Reserve
District of 16.0%.
In the Chicago Reserve District there is
an
improvement of 11.2%, in the St. Louis Reserve District
of 6.5% and in the
Minneapolis Reserve District of 4.3%.
In the Kansas City Reserve District the
totals show an in¬
crease of
1.9%, in the Dallas Reserve District of 19.7%
March
First quarter.
April
May
June
Second
18,718,292
19,314,200
20,096,557
quarter.
81,651,855
75,184,668
71,981,117
282,730,080
Six months.....
and in the San Francisco Reserve District of
7.1%.
In the following we furnish a
summary by Federal Reserve
districts:
260,754,540
124,848,382
213,277,322
340,859.129
34,793,159
26,563,970
30,872,559
29,427,720
42,925,480
34,726,590
21,113,076
120,271,243
42,456,772
43,333,974
July
August
September
SUMMARY OF BANK CLEARINGS
Third quarter.
16,690,972
12,635,870
92,229,688
107,079,790
50,439,918
206,061,989
352,984,228
231,928,172
263,717,240
546,921,118
43,995,282
46,658,488
15,659,921
39,372,212
.
Inc.or
Week Ended Oct.
Federal
24, 1936
Reserve Dists.
1936
1935
$
1st
Boston
2nd
New
York. 12
"
3,532,558,013
3rd
Philadelphia 9
"
359,972,597
"
296,868,843
"
130,388,375
4th
12 cities
5th
Cleveland.. 5
Richmond. 6
6th
Atlanta
10
7th
Chicago
8th
St.
276,296,869
Dec.
1934
$
%
—0.9
278,735,125
+2.4
3,450,583,287
—6.4
384,555,376
245,622,055 +20.9'
126,544,393
+3.0
130,470,577 + 16.0
271,468,065
3,221,873,024
299,881,108
3,614,184,195
196,628,303
182,451,194
106,404,409
114,259,390
91,073,034
93,254,991
$
The
279,716,549
151,307,521
18
"
493,976,935
444,256,029
+ 11.2
4
"
335,407,742
152,512,658
+6.5
124,551,111
97,536,593
+4.3
83,392,712
126,350,955
+1.9
100,795,087
42,786,022
the clearings by months
covers
since Jan. 1, 1936 and 1935:
112,498,498
101,682,264
following compilation
298,956,131
143,208,937
9th
Minneapolis 7
10th Kansas City 10
11th Dallas
"
"
128,760,533
5
"
64,886,688
12th San Fran.. 11
"
242,218,399
109 cities
Outside N. Y. City
Canada
October
254,321,6/7
8
"
Louis..
Total
Nine months
1933
32 cities
54,212,896 + 19.7
226,210,336
+ 7.1
MONTHLY
Clearings. Total All
79,918,441
88,634,129
188,988,490
CLEARINGS
Clearings Outside New York
Month
1936
5,931,429,695
2,508,756,275
5,708,286,559
+3.9
5,086,435,463
5,316,439,207
+6.0
1,967,486,860
1,794,224,860
352,061,500
—2.5
304,469,009
%
1935
$
$
Feb...
343,429,624
$
1936
Jan
2,367,564,001
1935
$
47,037,405
174,392,963
%
316,404,086
27,549,083,462 25,531,356,085 + 7.9 10,762,247,637
23,978,769,914 20,789,443,354 + 15.3 9,396,374,788
Mar.. 28,819,651,771 26,345,866,222
+9.4 10,348,016,547
9,324,830,816 + 15.4
7,937,486,169 + 18.4
9,314,558,772 + 11.1
1st qu_
We also furnish to-day a
summary of the clearings for the
month of October.
For that month there was an increase
for the entire body of
clearing houses of
8.3%, the 1936
aggregate of clearings being $28,511,682,845 and the 1935
aggregate $26,337,645,767.
In the New York Reserve Dis¬
trict the totals show a gain of
3.2%, in the Boston Reserve
District of 9.6% and in the
Philadelphia Reserve District
of 11.5%.
The Cleveland Reserve District has managed
to enlarge its totals
by 25.2%, the Richmond Reserve
District by 16.1% and Atlanta Reserve District
by 17.9%.
The Chicago Reserve District has to its
credit an improve¬
ment of 23.5%, the St. Louis
Reserve District of 20.6%
and the Minneapolis Reserve District of
3.9%. In the
Kansas City Reserve District the increase is
6.2%, in the
Dallas Reserve District
21.9%
Reserve District 14.1%.
and in the
1st
2nd
Boston
14 cities
October
1936
Reserve Dists.
1935
$
$
1,252,086,668
16,563,803,761
Francisco
26,950,103,002 24,747,965,537
+ 8.9 10,746,681,952
—1.0 10,213,356,560
28,472,351,148 24,313,879,567 + 17.1 11,146,917,549
_
1,141,929,507
Inc
October
2d
80,088,724,056 73,968,819,639
+ 8.3 32,106,956,061 28,328,060,717 + 13.3
160436 229,203
qu-
6 mos.
+ 9.4 62,613,595,033 54,904,936,474 + 14.0
Sept
3d
_
+ 3.9 11,724,678,194
—3.3 10,670,677,473
26,278,709,400 22,882,967,911 + 14.8 10,992,032,860
.
1934
qu.
76,901,059,402 73,293,845,275
+4.9 33,387,388,527 28,627,344,476 + 16.6
237337288,605 219929330,575
+ 7.9
Oct
28,511,682,845 26,337,645.767
+ 8.3 12,477,212,893 10,784,198,434 + 15.7
The courseof bank
for the month
1933
7°
$
$
or
+ 9.6
+3.2
1,043,426,096
12,731,616,774
13,710,660,489
1,613,613,139 + 11.5
1,106,754,274 +25.2
1,317,190,765
1,153,715,634
October
Philadelphia 12
"
4th
"
1,385,849,330
5th
Cleveland__14
Richmond
8
"
878,667,854
791,764,647
660,396,673
0th
Atlanta
568,727,440
+ 16.1
"
505,412,361
394,800,405
754,915,0/8
640,324,582
1,860,051,587
+ 17.9
+23.5
543,148,906
414,037,947
1,526,441,683
1,260,162,157
528,384,643
435,584,375
398,716,663
348,500 802
620,924,582
503,036,589
San Francisco
361,837,100
330,878,715
Baltimore
...
908,283,626
757,794,238
Cincinnati
...
7th
Chicago
25
"
5
"
2,296,794,106
730,639,693
Minneapolis 13
10th Kansas City 14
"
503,836,936
"
806,404,595
11th Dallas
10
"
12th San Fran..20
"
8th
St.
Louis..
9th
Total
164 cities
525,398,477
1,232,466,480
28,511,682,845
+20.6
+3.9
759.650.151
+6.2
4^,012,825 +21.9
1,080,388,932 +14.1
605,968,859
484.723.150
12,477,212,893
Outside N. Y. City.
Canada..*,....32 cities
+ 8.3
26,337,645,767
10,784,198,434 + 15.7
1,837,059,756
1,582,531,388 + 16.1
21,364,051,053
21,095,971,128
9,077,155,716
7,763,971,271
New York
1,541,012,916
1,330,883,885
Chicago
...
.Boston
Jan.
1
to
Oct.
31-
1934
1933
1936
1935
1934
1933
$
$
8
$
$
$
$
1,474
1,191
—
St. Louis
1,069
978
...
Philadelphia
1,728
1,547
...
Pittsburgh
...
__
Kansas City
...
...
Cleveland
...
...
New Orleans...
...
Detroit..
...
Louisville
...
Omaha
Federal
in each of the
1935
...16,034 15,553
Minneapolis
We append another table
showing the clearings by
Reserve districts for the 10 months for
four years:
1
subjoined statement:
$
3rd
16
clearings at leading cities of the country
of October and since Jan.
1936
"
_
96,000,983,560 83,532,280,950 + 14.9
BANK CLEARINGS AT LEADING CITIES
IN OCTOBER
(000,000s
omitted)
995,035,130
16,044,501,321
9,885,839,779 + 18.6
9,503,102,940 + 12.3
9,238,401,757 + 19.0
9 mos.
NewYork._13
1,799,091,048
146635485,300
July.. 27,172,984,681 26,157,298,201
Aug... 23,449,365,321 24,253,579,163
October
Dec.
9,282,765,357 + 15.8
+4.9
9,733,457,076
9,311,838,284 + 19.7
May.. 24,666,269,906 24,906,974,535
June..
last four years is shown in the
October
Federal
San
80,347,505,147 72,666,665,661 + 10.6 30,506,638,972 26,576,875,757 + 14.8
April.
...
12,287 13,332 157,371 151,950 135,775 131,509
856
1,017
12,796
10,742
9,241
7,996
906
865
9,608
8,612
8,105
7,779
1,261
1,106
15,303
13,882
12,008
10,337
414
357
317
264
3,680
3,235
2,863
2,381
613
475
374
340
5,400
4,294
3,686
3,130
658
603
496
431
5,914
5,272
4,506
3,838
328
271
241
188
2,736
2,401
2,199
1,683
260
218
184
163
2,338
2,014
1,748
1,508
411
397
320
261
3,930
2,305
3,024
2,368
404
319
255
238
3,452
2,770.
2,479
2,102
322
324
259
239
2,734
2,527
2,242
2.088
182
166
136
90
1,381
1,155
1,019
748
471
386
283
216
4,364
3,684
2,959
1,492
155
130
106
84
1,324
1,135
976
748
1,368
1,236
1,161
433
373
339
10 Months
Inc.or
10 Months
10 Months
1936
1935
Dec.
1934
1933
314
140
144
123
95
Providence
10 Months
53
46
41
38
Milwaukee
95
74
65
51
845
679
573
464
107
1,208
1,120
1,003
Buffalo
Federal
Reserve
Dists
1st
Boston
NewYork__13
3rd
14 cities
"
Phfiadelphial2
Cleveland..14
"
4th
5th
Richmond.
"
6th
Atlanta
7th
St.
16
Chicago
8th
8
"
"
24
"
5
"
MInneapollsl3
10th Kansas Cityl4
"
Louis..
9th
$
$
%
$
$
11,200,279,626 10,012,795,903 + 11.9
9,345,806,684
6,978,394,204
162,166,487,(42 156,45i;415,963
+3.7 139,722,277,103 135,187,157,144
15,975,717,111 14,473,546,443 + 10.4 12,549,426,090 10,848,395,094
12,130,017,135
9,890,703,698 +22.6
8,531,557,021
7,228,937,062
5,413,119,520
4,763,477,16/ +13.6
4,279,333,705
3,366,126,877
6,026,653,452
5,160,827,253 + 16.8
4,463,014,709
3,378,453,944
20,331,317,693 17,014,293,948 +19.5 14,364,960,080 11,221,873,195
5,831,834,465
5,041,113,318 + 15.7
4,458,697,106
3,626,095,711
4,284,394,815
3,940,106,667
+8.7
"
3,433,260,848
3,004,879,892
11th Dallas
7,538,912,834
6,744,159,001
.10
"
4,473,280,757
12th San Fran..20
3,418,8/4,608
+ 11.8
+23.5
5,773,389,881
4,223,301,429
"
3,081,502,340
2,456,818,275
9,355,662,373 + 14.7
8,150,626,110
6,742,140,489
Total
164 cities
Outside N. Y. City
Canada
32 cities
10,726,935,628
265,848,971,450 246,266,976,342
+ 8.0 218,153,851,677 200,512,552,644
108,478,196,453 94,316,479,384 + 15.0 82,378,890,343 69,003,825,652
15,705,428,085
13,716,574,965
+ 14.5
13,047,054,283
12,198,199,671
809
Denver.
Richmond
...
Memphis
...
Seattle
...
Salt Lake City.
Hartford
Total..
139
120
106
100
145
129
102
85
1,382
1,049
1,195
1,021
854
688
64
45
45
697
595
490
403
199
185
175
134
1,495
159
1,375
117
1,271
104
1,034
86
802
651
602
455
167
135
110
88
1,429
1,188
970
816
62
53
43
610
527
443
367
51
...
Indianapolis
161
74
...
123
79
...
St. Paul
2nd
-
51
37
36
490
454
361
351
73
966
853
610
...25,969 24,167 19,517 19,554 244.126 227.581 201,867
187,041
2,543
2,176
1,847
1,542
21,723
18,725
16,287
Other cities
...
13,472
Total all
28,512 26,337 21,364 21,096 265,849 246,266
218,154 200,513
Outside New York. 12,477
10,784
9,077
7,764 108,478
94,316
82,379
69,004
We'now add
for
each
our detailed statement
showing the figures
city separately for October and since Jan. 1 for
two years,
and for the week ended Oct. 31 for four
years.
Volume
Financial
143
CLEARINGS
FOR
2945
Chronicle
OCT. 31
OCTOBER, SINCE JANUARY 1, AND FOR WEEK ENDING
Month
Week Ended Oct. 31
10 Months Ended Oct. 31
of October
Clearinos at—
Inc.
1936
1935
$
First Federal Reser
1,714,552
3,463,084
15,094,944
9,778,416
51,252,993
19,317,084
8,283,100
52,539,200
New Bedford
Springfield
Worcester
Conn.—Hartford
New Haven
Waterbury
R. I.—Providence
N. H.—Manchester
Elmira
Jamestown
New York
Rochester
Syracuse
Westchester County
.
District —New
erve
Conn.—Stamford
16,006.474
17,192.471
N. J.—Montclair
1,846,927
87,907,534
149,136,617
3,951,321
1,808,127
82,772,587
148,973,870
Newark...
Northern N.J
Oranges
3,395,024
Total (13 cities)
16,563,803,761 16,044,501,321
Third Federal Rese
rve
Bethlehem
Chester
Harrlsburg
Lancaster
Lebanon
Norristown
11,549,508
5,101,043
7,216,933
16,746,000
....
Wilkes-Barre.....
York
N.J.—Trenton
1,799,091,048
Total (12 cities)
Fourth Federal Res
erve
+ 9.6
11,200,279,626
+ 7.3
357,113,821
49,703,127
1,381,738,907
28,548,553
25,097,476
24,917,616
22,682,778
+ 4.5
+ 19.5
+ 39.0
+0.9
+ 15.2
+ 23.7
+ 14.2
+ 12.5
+ 16.4
+ 13.9
+ 12.7
+ 9.0
+22.3
+ 7.0
—6.9
+2
+ 6.2
District
Greensburg
Ky.—Lexington
W. Va.—Wheeling
Fifth Federal Reser
District—
W. Va.—Huntington..
1,414,070
11,548,000
Va.—Norfolk
198,937,590
6,349,211
8,895,397
328,021,519
1,698,645
103,532,241
Richmond
S. C.—Charleston
Columbia
Md.—Baltimore
Frederick
D. C.—Washington...
660,396,673
cities)
Sixth Federal Reser
ve
District-
16,634,090
77,274,615
Tenn.—Knoxville
Nashville..
260,800,000
6,986,159
3,874,963
4,855,005
62,035,945
5,344,379
102,573,354
6,898,788
6,063,884
5,006,000
11,314,351
1,781,825
1,027,342
182,444,378
Ga.—Atlanta
Augusta
+ 8*1
*445*537
1,147,923
3,511,317
1,808,618
12,067,362
3,729,038
—23.6
+ 3.1
1,379,107
3,695,268
1,577,499
10,521,755
3,119,458
544,724
792,657
3,573,279
1,303,094
12,096,132
3,446,347
+ 16.0
10*.5*2*3*666
10*.00*2* 400
+ 5.2
8*,1*49*466
8*. 239" 500
+ 17.4
588,203
445,886
+ 31.9
428,335
398,632
10,012,795,903
+ 11.9
276,296,869
278,735,125
—0.9
271,468,065
254,321,677
407,382,883
43,739,533
—12.3
11,220,294
1,139,576
6,673,100
+ 83.1
+ 13.6
918,369
+ 24.1
1,207,720,558
+ 14.4
33,100,000
32,500,000
+ 1.8
12,727,533
868,667
28,100,000
468,199
392,011
7.777,491
835,806
25,970,537
625,423
452,658
3,522,214,347
6,724,706
3,617,805
al, 581,041
3,033,224
394,398
15,847,774
26,690,026
325,534,102
176,726,283
al41,128,445
157,807,122
16,865,957
818,104,114
282,691,327
158,781,599
al27,029,988
127,161,217
16,564,285
746,861,314
1,492,410
1,230,160
8,594,754
5,564,252
1,871,122
2,365,451
+ 4.9
1,547,000,000
5,442,112
+ 11.7
11,434,674
4,460,140
6,137,264
19,444,618
a20,330,800
+ 24.6
+ 5.8
+ 20.9
+ 12.8
+21.0
+ 1.0
+ 14.4
+ 17.6
Wis.—Madison
Milwaukee
Oshkosh...
La.—Cedar Rapids
Des Moines
Sioux City
111.—Aurora
Bloolnington
Chicago
Decatur
Peoria
Rockford
+ 16.0
831,332
733,396
348*,boo,000
373*,"obb",660
—6.7
288,"06b", 000
1,455,260
2,435,622
+ 24.4
+ 11.4
930,054
1,550,294
3,585,000
1,170,318
3,046,082
1,104,636
1,417,050
2,929,600
+22.4
1,045,190
2,004,978
915,609
1,208,149
5,245,000
270,000,000
1,142,836
1,823,009
1,607,343
1,138,987
2,619,000
+ 10.4
359,972,597
384,555,376
—6.4
299,881,108
279,716,549
+ 10.0
+ 6.9
+ 17.2
85,645,398
2,338,216,127
3,452,325,686
68,994,195
2,014,275,334
2,770,190,651
434,074,300
19,430,682
+24.1
8,466,058
52,144,453
+ 27.9
+ 26.9
+ 9.3
+ 31.2
+ 17.8
+ 22.6
488,861,000
21,815,702
10,823,136
63,430,633
113,318,779
+ 22.7
7,794.329
4,722,981
12,738,328
+29.3
5,400,006,437
+ 14.5
51,065,533
+ 45.0
+ 16.1
+ 24.6
+ 12.6
—20.0
—15.8
+ 17.7
b
b
b
b
b
56,925,009
87,583,364
11,497,800
51,625,746
70,229,619
9,829,500
+ 10.3
+ 17.0
40,547,539
56,987,021
9,367,300
1,464*,229
1,347", 029
+ 8*7
36,440,819
54,161,532
7,097,000
*895,108
+ 24.7
+ 12.3
+ 21.6
92,307,894
+ 22.8
6.410.066
"
b
b
754",944
b
b
b
+ 21.6
+ 20.5
+ 7.4
79,253,066
3,918,757
9,745,547
4,293,826,571
49,108,370
67,810,820
+ 25.2
12,130,017,135
9,890,703,698
+22.6
296,868,843
245,622,055
+ 20.9
196,628,303
182,451,194
6,344,547
98,196,000
+85.2
301,514
2,728,000
41,814,601
1,155,046
192,162
2,456,000
44,057,799
1,148,206
+ 56.9
2,206,000
30,695,222
+0.6
157,212
2,595,000
38,286,548
983,431
+ 14.0
+8.2
66,069,586
59,242,256
+ 11.5
49,553,004
42,820,313
+ 21.2
18,319,628
19,447,970
—5.8
14,829,214
14,204,799
+ 3.0
106,404,409
91,073,034
2,452,709
11,552,982
43,400,000
1,228,009
3,900,687
9,860,752
34,500,000
1,083,616
9,390,000
+ 14.6
+ 30.7
+ 25.8
139*,3*98*,441
112*,*5*9*0*161
+23.8
88,83*1,335
83,996*899
+ 4.0
+ 16.9
Richmond—
746,505
10,384,000
185,089,074
6,050,615
7,014,630
270,787,415
1,403,651
+ 89.4
11,748,061
+ 11.2
105,387,000
+ 21.0
14,486,401
87,251,550
+ 18.7
927,118,855
568,727,440
+ 7.5
+ 4.9
+26.8
+ 21.1
+ 16.1
1,494,763,999
48,710,735
74,706,699
2,736,197,770
1,375,279,296
41,677,741
62,832,123
2,400,739,022
13,392,587
765,015,851
+ 7.3
+ 8.7
+ 16.9
+ 11.1
—5.1
5,413,119,520
4,763,477,167
+ 13.6
130,388,375
118,995,329
576,458,913
+ 19.5
3,270,291
16,578,402
54,100,000
*1,700,000
3,011,699
+ 8.6
13,290,170
49,800,000
+ 24.7
1,382,103
+ 23.0
+ 11.8
934,897
*912* 156
+2.5
+ 20.9
12,597,000
11,659,000
+ 8.0
*878", 492
10,292,000
21,*9*50*270
16*."8*79",290
+ 30.0
16,61*7*391
1,282,195
1,305,129
—1.8
1,098,565
Atlanta—
13,051,464
64,037,444
225,100,000
6,443,848
3,175,360
4,686,501
+ 27.4
142,226,620
+ 20.7
657,304,507
49,033,386
3,907,846
81,448,359
6,634,525
5.528.282
+26.5
4,049,000
+ 24.9
+ 15.9
2,092,200,000
+ 8.4
49,513,008
30,892,217
37,989,366
619,673,379
640,324,582
+22.0
+ 3.6
+ 36.8
+ 25.9
+ 4.0
+ 9.7
50,054,045
747,464,784
59,732,831
36,713,556
40,785,000
60,675,389
13,728,784
6,397,304
+ 21.9
+ 12.1
+ 22.5
+ 39.9
+23.3
+ 44.8
+ 23.4
+ 9.2
+28.1
+ 5.5
+ 41.4
+ 12.7
+ 13.6
+ 51.1
+ 11.7
+ 23.8
+23.7
+43.8
+ 33.7
148,715
997,985
+ 18.9
126,544,393
+ 14.2
1,786,700,000
44,684,080
+ 17.1
+ 22.1
20,331,317,693
Terre Haute.
1,084,251
+ 24.
+ 13.8
-Cleveland—
+ 23.5
South Bend
1,258,215
322,387
+ 14.3
15,975,717,111
1,860,051,587
Gary
308,357
1,613,613,139
2,296,794,106
5,042,309
Indianapolis
b
308,463
14,473,546,443
Total (24 cities)
6,595,393
Lansing
Ind.—Fort Wayne
b
—6.6
+ 11.5
+ 20.9
Grand Rapids
Jackson
—5.0
+ 40.6
—7.1
+ 19.0
343,621
483,420
18,020,800
Springfield
Flint...'
+2.4 3,221,873,024 3,614,184,195
320,019
+ 17.2
45,558,840
117,840,120
696,506,000
52,681,620
203,537,822
38,604,241
844,963,714
18,659,481
44,350,774
355,798,400
143,599,026
16,477,768
18,130,278
12,795,942,270
34,232,884
181,354,556
45,186,130
51,208,010
470,992,409
5,188,028
13,526,821
2,069,671
Detroit
+ 11.3
—10.2
a249,007
+ 10.8
+20.3
+ 11
+ 14.3
+ 8.6
*6*2*3* 148
13,182,086
969,689
+3.6
+ 7.4
+ 18.9
+ 18.0
b
b
b
b
b
"
+ 18.1
"*192*86l
"l"9l", 403
+ 0*8
"12b",914
1*61*036
+ 19.6
38,701,605
32,039,627
+ 20.8
26,618,328
19,583,977
5,160,827,253
+ 16.8
151,307,521
130,470,577
+ 16.0
114,259,390
93,254,991
21,253,293
3,683,913,489
36,993,667
87,633,142
15,380,419
49,935,284
—26.8
397,591
110,299,125
357,986
+ 11.1
99,956,573
+ 10.3
733,527
64,425,984
427,189
51,488,725
+ 36.4
2,716,320
2,548,326
+ 6.6
1,675,888
1,508,405
+20.5
+ 25.2
1,4*73", 729
+ 2*1
88*1,200
32,773,722
89,189,056
594,531,000
37,849,751
173,314,901
31,659,195
679,420,708
16,116,301
37,075,480
315,918,925
120,634,215
12,820,886
15,141,737
+ 39.0
1,166,765
1,443,856
1,057,955
+ 10.3
753,921
697,114
473,597
16*,'48"l"t 000
14*,771*,000
1,156,020
5,373,643
858,249
4,249,142
17,303*672
16**5*5*6*161
1,069,238
8,298,330
3,659,806
944,509
9,123,362
2,991,380
+ 22.3
District —Chicago—
1,853,701
Mich.—Ann Arbor
+ 12.5
6,796,492
3,304,078
a2,149,220
2,669,230
495,021
18,237,945
28,865,245
298,943
41,353,632
54,861,663
167,826,900
+ 21.6
serve
—13.0
459,209
+ 11.9
13,736,810
78,541,000
5,883,403
22,908,534
4,276,468
94,501,238
2,050,411
4,718,300
37,743,675
15,910,214
1,848,900
1,746,049
1,473,791,880
3,727,541
19,659,155
5,076,026
5,406,170
Seventh Federal Re
3,532,558,013 3,450,583,287
+ 10.2
62,503,952
754,915,078
Total (16 cities)
+2.5 3,118,948,603
+26.1
a*350,000
92,823,109
+ 33.2
Vicksburg
La.—New Orleans
19,023,740
28,804,829
13,882,000,000
51,012,266
+29.4
Meridian
—12.3
305,008
+ 9.5
103,870,675
48,447,621
64,325,162
186,890,600
15,565,093
4,363,641,562
46,880,753
119,566,291
18,528,108
...
274,082
21,701,005
32,060,484
+ 1.8
15,302,775,000
54,526,199
—17.9
Jackson
—11.3
+ 13.8
2,259,215
386,461,432
4,625,994
11,046,428
1,599,055
4,952,650
4,147,674
9,816,826
63,696,000
4,063,752
18,565,498
3,917,619
73,792.011
1,944,346
3,336,220
33,496,649
14,004,017
1,223,231
1,562,724
1,190,581,793
3,014,398
13,675,295
3,797,226
4,471,534
Montgomery
Miss.—Hattiesburg—
+ 10.9
620,085
607v821
593,603
658,014
+3.6 3,422,673,420 3,340,722,558
7,818,444
6,937,066
+ 15.2
4,036,061
+ 11.3
5,090,524
a2,705,301
a2,354,065
+ 11.1
2,665,496
+ 24.1
2,997,721
b
6,026,653,452
Mobile
—2.0
+ 10.6
12,064,351
76,098,982
43,625,431
15,436,567
20,572,248
+ 17.9
Tampa
Ala.—Birmingham
+ 28.5
—10.7
+ 14.6
13,731,823
86,990,033
54,503,997
17,572,845
22,638,538
1,381,302,662
Fla.—Jacksonville
—8.1
+ 19.5
+22.5
+ 30.6
b
4.978.283 + 127.3
+ 27.4
1,398,972
+ 19.2
861,933
+ 9.9
165,989,379
Macon..
+ 8.0
+ 17.0
15,871,294
1,420,200,248
38,283,035
25,292,479
33,967,854
512,340,987
41,595,824
672,366,287
52,277,462
35,441,916
37,984,000
51,031.092
11,633,412
5,416,706
1,154,640.912
Columbus.,
+ 32.2
+ 3.7
1,106,754,274
Franklin
Pittsburgh
—1.0
+ 9.1
1,385,849,330
Pa.—Beaver Co
+ 7.0
+21.2
876,864
3,225,418
2,324,297
10,772,149
3,846,318
+ 3.2 162,166,487,742 156,451,415,963
517,901
1,571,359
613,409,806
5,139,326
8,975,233
14,215,672
877,284
Youngstown
626,295
"398*766
—0.5
+ 6.0
Mansfield
645,813
1,964,675
242,387,032
517,576
1,712,426
220,910,153
787,156
"
+ 11.2
+ 8.3
+ 14.4
35,075,677
2,407,720
956,888
5,915,990
11,597,491
605,051
451,737
1,281,018
474,545,597
4,489,797
8,354,012
...
+ 5.3
1,427,340,218
+0.1
+ 16.4
2,552,126
1,255,687
*6,970,000
Hamilton
cities)
$
529,717
1,641,248
239,116,066
864,675
431*178
+ 3.1 157,370,774,997 151,950,496,958
+29.6
Columbus
Total (8
+ 43.0
+ 1.6
—1.4
8,213,972
218,075,107
318,655,094
51,204,800
.........
Cleveland
Total (14
—1.1
15,283,362
29,455,671
131,119,593
76,121,328
490,051,374
167,464,900
63,708,400
433,129,500
24,348,527
27,653,735
14,758,491
13,738,797
27,189,549
114,626,749
57,586,802
453,771,804
143,094,970
53,327,000
373,421,300
20,739,201
—8.7
10,648,271
259,506,166
404,221,399
55,989,100
Ohio—Canton
Lorain..
580,368
2,382,085
240,076,671
670,318
Philadelphia-
1,728,000,000
6,586,591
Reading
Cincinnati
District-
1,949,306
a*2,500,000
1,533,365
9,089,954
6,726,218
2,110,539
2,481,591
Pa.—Altoona
Scran ton
+ 5.9
+ 11.6
—10.1
York-
38,760,945
41,604,117
5,099,876
4,531,680
138,500,000
161,196,944
2,616,428
2,981,015
2,701,672
3,044,217
16,034,469,952 15,553,447,333
32,728,141
35,685,984
20,872,783
17,073,043
al4,523,103
815,541,172
Philadelphia
$
+ 22.1
1,141,929,507
Lowell
Buffalo
%
1933
1934
$
25,936,854
74,831,982
1.252,086,668
Holyoke
Second Federal Res
Dec.
$
8,612,118,669
2,855,525
2,916,077
1,818,213
Bingham ton._.L..
1935
27,470,928
91,361,903
+ 6.0
+ 19.5
+ 9.3
Fall River
N. Y.—Albany
Inc. or
1936
9,607,876,824
27,342,868
15,544,448
3,168,458
8,957,318
977,817,149
3,193,084
1,790,356
1,739,283
3,312,696
12,628,252
7,032,717
50,800,539
16,770,880
6,697,900
46,023,700
1,997,175
1,068,986,482
cities)
1935
Dec.
%
1936
%
3,359,299
10,707,699
Portland
Mass.—Boston
Total (14
Dec.
or
District— Boston—
ve
Maine—Bangor
►
Inc.
or
10,741,982,436
+ 18.5
+ 26.7
"
+ 32.1
+ 17.2
+ 39.2
+ 17.4
+ 21.9
+ 24.4
11*6
13","947",000
10*,*862*600
+ 34.7
+26.5
649,169
3,630,243
604,028
3,042,946
4*5
14,388,545
ll",2*0*3",371
+ 13.2
774,471
6,956,706
2,439,555
285,692
5,439,604
2,000,127
+
+
+ 15.8
+ 19.6
+ 12.6
+ 19.0
+ 28.5
+ 19.7
+ 19
—9.0
*
387*919
*354*446
316,684,201
283,163,763
751,677
3,166,835
778,809
26,367,375
117,487,559
34,983,249
41,918,158
+29.8
+ 54.4
+29.2
+ 22.2
4,334,698
1,059,409
1,336,660
17,014,293,948
+ 19.5
493,976,935
9*4
*5*54*561
355*469
+ 11.8
218,833,103
+ 3.6
616,136
+ 36.9
+
944,491
+ 12.1
1,016,318
+ 31.5
2,615,194
617,687
914,852
206,487,276
423,852
2,393,139
514,825
748,772
444,256,029
+ 11.2
335,407,742
298,956,131
2946
Financial
Chronicle
Nov.
7, 1936
CLE A HI NG S—(Concluded).
Month of October
10 Months Ended Oct. 31
Week Ended Oct. 31
Clearings at—
Inc.
or
Inc.
Inc.
or
or
1936
Eighth Federal Res
Mo.—St. Louis
erve
Dec.
1936
1935
Dec.
1936
1935
Dec.
1934
$
%
$
S
%
$
$
%
$
District- -St. Louis—
413,961,025
155,193,782
158,929,260
273,626
2,282,000
Ky.—Louisville
Tenn.—M em phis
111.—Jacksonville
Quincy
olties)....i.
357,498,816
129,659,404
116,632,080
222,559
1,956,000
730,639,693
-
Total (5
1935
$
605,968,859
+ 15.8
1933
$
3,680,171,873
1,324,301,009
3,234,752,464
1,134,998,659
+ 13.8
+ 16.7
650,722,140
2,263,055
18,377,000
+24.8
b
b
+ 16.7
802,317,753
2,823,830
22,220,000
+20.9
512,000
469,000
+ 9.2
486,000
339,000
+20.6
5,831,834,465
5,041,113,318
+ 15.7
152,512,658
143,208,937
+ 6.5
124,551+11
112,498,498
3.094,105
68,391,188
2,863,359
63,475,567
+ 8.1
1,964,243
+ 7.7
57,375,972
2,625,092
55,560,035
[23,783" 151
25,354,314
2,135,480
—6.2
18,*7*98*669
17*.6*3*9*237
+ 5.4
1,849,818
1,577,012
1*1*3
"498*635
+ 19.7
+36.3
+22.9
89,800,000
28,977,058
33,223,600
+23.3
+7.7
79,000,000
69,600,000
—21.8
83+00,000
37,052,677
22,287,260
23,899,879
21,165,232
20,774,887
+ 49+
b
21,784,611
b
b:
'
Ninth Federal Rese
rve
Minn.—Duluth.
13,672,903
321,913,425
355,771
13,480,247
324,124,641
1,191,694
106,423,999
8,843,806
al,141,400
858,618
2,857,467
6,008,310
3,218,961
4,090,535
13,290,134
334,738
503,836,936
484,723,150
Minneapolis..
Rochester..
1,553,424
St. Paul
N. Dak.—Fargo
Grand Forks
Minot
\
S.
District— Minneapolis—
122,517,425
10,944,774
al, 107,000
856,795
3,062,777
7,659,432
3,622,393
3,699,653
13,978,164
j.
Dak.—Aberdeen.
Sioux Falls
Mont.—Billings
Great Falls
Helena
Lewistown
Total (13 cities)
Tenth Federal Rese
Neb.—Fremont..'
Hastings
rve
Kan.—Kansas City...
Topeka
Wichita
Mo.—Joplin
Kansas City.
St. Joseph....
Okla.—Tulsa
Colo.—Colo. Springs._
Denver..
Pueblo.
Total (14 cities)
Eleventh Federal R
+ 15.1
+ 6.3
1,049,278,948
89,342,337
a8,217,000
7,453,789
26,336,811
70,441,641
27.380.907
32.342.908
108,763,666
2,705,886
+ 3.9
+23.8
—3.0
—0.2
+ 7.2
+27.5
+ 12.5
—9.6
+ 5.2
El Paso
Fort Worth
Galveston
Houston
Port Arthur
Wichita Falls
La.—Shreveport
Total (10 cities).....
Twelfth Feceral Re
Wash.—Bell'ham
Seattle..
Ore.—Eugene
Portland
Modesto
.....
San Francisco
San Jose
Santa Barbara
.
Stockton
k
Total (20 cities).
District —San
Franci
2,628,963
135,363,331
44,805,000
4,122,230
5,461,104
949,000
122,572,602
4,056,627
62,092,682
11,328,024
5,540,095
17,958,882
14,748,837
3,349,000
13,009,301
12,477,212,893 10,784,198,434
CANADIAN CLEARINGS FOR
4,237,407
4,456,255
99,338,614
+ 14.0
+23.0
+ 22.5
1,236,387,747
+ 10.6
29,229,274
57,480,220 + 109.8
—2.1
94,906,675
+ 11.0
120,272,309
+ 15.5
17,088,362
Victoria
London
Reglna
Brandon
Lethbridge
Saskatoon..
Moose Jaw
Brantford
Fort William
New Westminster.
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Alberta
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total (32 cities)
a
Not included in totals,
78,450
+ 17.8
83,366
+ 6.7
2,430,218
30,661,232
+ 7.9
—4.7
79,918.441
•
79,902
64,106
1,944,236
26,299,638
47,908
b
1,703,304
22,151,945
1+47+60
+ 0*7
1*,'576* 969
1,498*294
2,664,394
2,532,249
+ 5.2
1,948,230
1,716,578
58,271,970
2,461,828
1.457,077
+
88,5~54,6l3
85,694" 973
+ 3.3
65,*293* 066
+ 5.0
2,990,619
2,707,213
+ 10.5
2,641,844
~
"
"209", 329
7,538,912,834
6,744,159,001
+ 11.8
128,760,533
126,350,955
56,079,071
33,953,999
1,588,423,022
135,995,631
232,531,406
,+23.0
84,791,000
1,148,344,211
13,460,228
+ 27.7
+30.6
51,078,450
37,955,074
1,953,714,263
164,056,629
265,007,898
102,442,000
1,466,911,305
15,754,928
33,057,100
133,323,782
+21.9
4,223.301,429
+ 4.2
+ 19.2
+ 5.3
+24.4
+29.9
+ 25.6
—20.6
+
146*2
*3*7*0*, 929
353+08
~
"
7*6
*5*9*3*387
"411,373
+ 1.9
100,795,087
88,634,129
+
1,099,839
1,045,072
+ 5.2
776,664
51,197",833
42*.*666*,743
+ 20.0
33,*7*8*7",973
35+12*524
+ 14.0
6,339",229
+ 12+
+ 4+
5~,*5*1*4+84
2,939,000
5,654,636
2,814,000
4,2*73*842
+20.8
1.828,000
3,365,000
;V
816,897
+20.6
+ 17.0
"b
—0.1
a~655+98
+44.6
3,310,787
2,032+45
+ 62.9
2+19,543
1,628,800
3,418,874,608
+23.5
64,886,688
54,212,896
+ 19.7
42,786,022
47,037.405
+20.3
33,94~9~,299
23,036*382
197947+45
10,418,000
1,235,298
29+63+96
9,070,000
1,012,915
+"l5*.2
+ 9.3
+ 14.9
+ 22+)
8,018,000
566,018
5,308,000
520,766
29,227+15
23,643*,207
+ 23*6
20*.*91*4+83
19*."7*0*7+34
14,467+27
12+81*274
+ 18.8
13,608*642
9,539*277
a88~3+69 —2*5*8
b
i-T
SCO—
+ 7.0
+ 23.3
+24.3
+50.3
+ 17.0
+0.9
+ 23.0
+ 3.1
+ 19.0
+ 35.8
+20.8
+ 7.2
+ 13.2
+25.0
+ 17.6
+ 3.8
+ 9.1
+ 3.1
+ 19.9
+ 32.9
+ 14.1
25,164,097
1,428,628,999
390,332,000
39,705,986
50.125,404
8,652,000
1,212,694,124
32,140,270
609,721,568
131,662,490
55,473,759
184,574,989
19,774,041
1,187,824,198
357,266,000
28,157,143
45,866,242
+27.3
+ 41.0
+ 9.3
7,374,466
+ 17.3
1,058,809,393 + 14.5
+ 7.9
29,779,854
527,201,500
+ 15.7
104,882,733
+25.5
44,160,697
+ 25.6
155,409,107
+ 18.8
169,834.619
142,236,300
+ 19.4
31,913,581
+ 30.7
24,424,473
145,954,409
117,232,302 +24.5
35,440,128
28,902,997 +22.6
5,914,217,913
5,272,045,345 + 12.2
113,164,107
92,053,852
+ 22.9
60,634,689 Hik 46,951,583 :+29.1
-■1
86,900,496
65,310,147 1+33.1
10,726,935,628
3",244",884
3* 126+52
+ 3*8
2,511*284
2+13,650
2,953,443
2~,83*0*829
+4.3
2,122,832
3,327,957
140",666+09
139,1*8*0+42
2,677,488
1,124,323
2,254,413
3,001,503
1,139,507
1,560,611
242,218,399
226,210,336
+T.i
113,537*434
109*,*7*1*8*846
—10.8
—1.3
2,498,506
867,043
+ 44.5
1,308+66
1,948,664
902,771
1,059,053
+ 7.1
188,988,490
174,392,963
9,355,662,373
+ 14.7
+8.3 265,848,971,450 246,266,976,342
+ 8.0
5,931,429,695 5,708,286,559
+ 3.9 5,086,435,463 5,316+39,207
+ 15.0
2,508,756,275 2,367,564,001
+ 6.0 1,967,486,860 1,794,224,860
+ 15.7 108,478,196,453
94,316,479,384
OCTOBER, SINCE JANUARY 1, AND FOR WEEK ENDING OCT. 29
10 Months Ended Oct. 31
or
$
+ 16.3
+ 12.6
5,246,252,733
4,322,991,211
2,517,417,824
782,237,720
922,930,538
176,511,259
98,293,783
192,889,722
254,139,838
74,692,912
72+23,199
120,230,846
161,305,480
181,091,411
13,373,979
19,496,435
63,243,971
25,318,713
37,128,071
31,210,592
26,068,287
10,329,622
26,772,938
24,684+01
45,003,134
114,804,151
14,563,861
30,083,454
23,064,649
20,077,355
19,557,165
37,539,131
+ 16.1
15,705,428,085
+ 38.0
+0.1
+ 18.7
+ 13.3
+ 12.6
+ 5.6
+ 15.3
—21.3
+ 12.9
+ 12.9
+ 2.7
+ 7.2
—10.7
+ 11+
—11.3
—11.3
+ 12.6
+ 15.7
+ 13.0
+ 8.6
—26.3
—7.3
+ 0.6
+ 2.6
+24.6
+ 5.4
+ 3.0
+3.3
+ 22.8
+ 6.2
Week Ended Oct. 29
Inc.
$
b No clearings available.
—8.9
+ 11.8
33,072,610
92,223,430
%
12,172,189
19,174+13
Edmonton
83,392,712
+ 8.1
1935
1,582,531,388
St. John
+ 4.3
+ 27.7
1936
1,837,059,756
Calgary.
l",*69*7*066
279,229,466
24,515,802
Dec.
28,580,000
1,705,500
2,314,953
8,639,145
3,788,393
4,331+39
3,196,861
2,996,299
1,261,430
2,740,109
2,703+91
4,784,118
11,671,613
1,934,322
3,344,340
2,576,568
*2,205,000
1,982,625
4,059,465
Hamilton
2*.475+05
+1*4*2
3,634,704,724
126,818,131
$
466,752,590
396,533,008
322,405,304
72,750+47
97,635,177
19,386,694
10,142,872
18,890,849
39,113,095
7,176,717
7+73,424
11,853,520
17,884,631
32,021,334
1,534,828
2,610,338
9+38,863
3,365,607
3+42,858
2,830,006
2,760,203
1,711,677
2,955+89
2,688,094
4,661,611
9,368,447
1,835,441
3,247,253
2+93,746
1,795,249
1,866,447
3,605,569
Quebec
Halifax
+ 12+
97,536,593
92,442
88,952
2,622,929
1935
542,921+25
547,158,574
322,526,270
86,344,065
110,631,276
21,822,410
10,714,833
21,786+76
30,793,811
8,101,166
8,096,577
Ottawa
*332*822
1
101,682,264
$
Vancouver
2,532*392
"*4*87+77
*430*,575
+3.0
—4.1
+8.7
1936
Winnipeg
2,838+51
+
"
"506*825
Inc.
Montreal
"575",666
3,940,106,667
Month of October
Toronto
"*5*9*9*815
"6~57~202
4,284,394,815
Clearings at—
Canada—
+ 23.0
545+14
431,012,825
Grand total (164 cities)
28,511,682,845 26,337*645,767
Outside New York
"60*7*488
+ 36.1
515*419
NM
1
+8.1
*
+25.8
+ 23.9
1,080,388,932
Long Beach.
Pasadena
+ 14.3
2,250,979
^
+ 12.8
+ 17.0
15,479,618
28,393,945
12,595,000
138,208,715
1,397,759
4,163,900
12,164,081
1,232,466,480
Calif.—Bakersfield
Berkeley
+8.6
+ 16.4
+ 1.3
24,054,570
+23.7
3,125,601
602,683,857
13,334,166
5,236,828
8,022,802
Ariz.—Phoenix
+21.6
1,020,668,719
4,922,359
3,556,213
210,131,235
150,822,018
4,184,099
73,869,202
15,378,270
6,692,932
19,246,537
16,696,684
4,187,581
15,296,062
3,243,934
657,709,905
13,746,503
6,279,313
10,664,137
....
Utah—Ogden
1 Salt Lake City
51,752,452
22,268,937
31,402,508
+ 14.1
+8.2
•
Dlstric t—Dallas—
6,194,982
6,390,172
958,000
Idaho—Boise
,
+22.1
+6.2
2,812,010
166,844,139
51,250,000
Yakima
.
113,368,548
2,216,394
759,650,151
serve
Spokane
108,677,025
2,526,523,258
10,382,952
965,884,490
76,753,489
a8,108,000
6,522,070
24,354,544
4,831,302
5,482,416
121,706,161
1,367,933,326
120,568,726
92.919.672
133,510,440
19,735,286
3,930,000,956
133,148,521
356,602,031
27.649.673
1,194,582,039
30,242,285
525,398,477
Dallas
A^M
1
Cit y—
6,088,029
3,705,847
250,398,330
19,185,113
29,891,421
15,669,000
179,515,342
1,755,026
3,307,708
15,882,661
Beaumont
{
12,626,479
389,369
+25.5
—4.7
579,838
11,776,518
+ 9.2
—3.1
144,342,317
5,548,880 + 177.3
8,733,819
+0.1
+ 7.8
12,412,777
+ 3.8
2,007,299
+3.4
397,230,813
+ 3.9
13,193,080
28,454,022
+ 33.7
+ 13.8
2,534,293
129,343,210 + 12.2
3,103,916 —13.8
eserve
Texas—Austin
(
123,970,320
2,733,751,123
806,404,595
Omaha
Riverside
488,761
552,529
+1.4
—0.7
+ 30.4
12,862,271
139,913,523
15,387,966
8,745,988
13,381,936
2,083,545
410,593,655
13,705,965
38,029,638
2,885,045
145,097,737
2,676,036
o
Lincoln
V
District— —Kansas
a
~
* Estimated.
or
Dec.
•% '
4,650,541,788
1
+ 12.8
3,707,599,250
2,118,215,287
636,781,253
863,491,684
166,229,358
92,997,044
160,379,447
232,080,658
68,586,642
64,798,712
+ 16.6
109,416,342
165,241,297
156,266,577
12,311,035
19,227,383
60,832,677
21,469,300
33,512,572
25,097,934
22,461,593
10,560,981
25,614,216
23,360,677
41+36,739
94,386,995
15,445,564
28,983,190
21,944,436
17,550,407
18,656,109
31,397,818
13,716,574,965
+ 18.8
+ 22.8
+ 6.9
+ 6.2
+ 5.7
+ 20.3
+9.5
+ 8.9
+ 11.3
+ 9.9
—2.4
+ 15.9
+ 8.6
+ 1.4
+4.0
+ 17.9
+ 10.8
+ 24.4
Inc.
1935
Dec.
1934
$
$
%
$
109,780,124
96,942,058
55,912,332
17,782,629
18,300,447
4,247,588
2,148,053
4,311,160
6,296,400
1,761,679
1,419,323
2,241,811
3,896,382
4,977,005
109,040,717
92,973,192
67,820,449
17,476,951
15,104,665
4,426,127
—10.4
—16.3
752,818
831,923
590,625
+ 7.7
+ 6.5
—36.1
+ 14.5
—5.7
353,202
+2.8
696,147
510,258
476,250
366,540
385,851
711,734
511,750
396,159
+ 19.6
1,028,880
381,301
884,493
+ 14.5
343,429,624
352,061,500
114,550,027
84,622,262
46,718,805
14,885,578
3,970,304
3,029,318
1,902,564
3,424,649
6,085,324
+ 18.0
1,530,245
1,355,595
2,439,274
3,929,601
4,138,385
299,605
427,372
1,573,422
721,592
611,048
664,039
575,841
231,544
558,856
355,758
1,107,523
1,727,234
—8.5
327,600
—2.2
—4.1
—15.3
—3.9
—21.7
—8.9
588,616 •+27.9
690,136
+ 20.5
2,086,548
+ 14.4
+ 4.8
—4.0
527,994
2,461,529
+ 5.1
+ 1.7
+ 21.2
1,997,938
+ 5.7
+4.5
—17.6
473,007
1,672,111
+21.6
+4.5
+ 4.3
319,677
545,319
637,005
327,996
723,923
560,234
941,344
—Z.2
+ 0.7
1,993,789
4,046,850
9,855,251
1,537,984
1,480,000
2,645,372
4,054,110
6,356,856
350,846
669,954
289,092
533,504
554,193
831,923
+ 16.1
or
1936
+ 8.3
+ 5.2
—11.9
—26.3
—1.1
—11.6
+ 16.3
657,266
457,817
461,745
345,268
783,548
—2.5
304,469,009
—0.3
+ 20.2
—3.9
1933
$
122,730,855
84,907,641
49,969,733
15,446,743
3,759,424
3,441,320
1,910,684
3,844,876
5,310,618
1,590,414
1,460,966
2,478,824
3,624,856
4,488,727
339,041
367,325
1,357,338
629,428
660,155
617,744
467,782
185,380
621,309
441,584
1,019,862
2,068,550
281,614
507,290
475,800
436,396
343,053
628,754
316,404,086
Volume
The
as
Financial
143
ENGLISH
daily closing quotations for securities, &c., at
reported by cable, have been
Sat.,
Oct. 31
Silver,
Nov. 2
20d.
per oz__
Consols, 2% %_|Holiday
85%
106%
Holiday
117%
The
price of silver
85%
85%.
106%
1960-90
Nov. 6
20 9-16d.
142s.6%d.
85 9-16
142s.2%d. 142s. 3d.
85%
Holiday
Nov. 5
20%d.
20%d.
142s.2%d. 142s.2d.
Fri.,
20 5-16d.
Nov. 4
Nov. 3
20d.
Gold, p. fine oz.142a.3d.
Thurs.,
Wed.,
Tues.,
Mon.,
IN
London,
follows the past week:
as
106%
106%
117%
\
•
LONDON
Oct. 15-.-20d.
IN NEW YORK
(Per Ounce .999 Fine)
Oct. 14
45
Oct. 15
46
Oct. 16.
45
cents
cents
cents
Oct. 17...19 13-16d.
20d.
19 15-16d.
19 13-16d.
Oct. 19...19%d.
19%d.
Oct. 17
45 cents
Oct. 20...19 ll-16d.
Oct. 21...19 13-16d.
19 ll-16d.
19 13-16d.
Oct. 19
Oct. 20
45 cents
45 cents
Average...19.833d.
19.833d.
Oct. 16...19 15~16d.
recorded during the period
highest rate of exchange on New York
$4.89% and the lowest $4.88%.
from Oct. 15 to Oct. 21 was
106%
117%
'
-Bar Silver per Oz. Std.Cash
2 Mos.
The
British 3% %
War Loan...
2947
Chronicle
Quotations during the week:
CABLE
MAR CET—PER
FINANCIAL
117%
British 4%
States
the
on
Bar N.Y. (for.)
117%
per
NATIONAL BANKS
(in cents) in the United
ounce
days has been:
same
44%
44%
44%
44%
50.01
50.01
50.01
50.01
77.57
U. S. Treasury. 50.01
44%
50.01
Closed
77.57
77.57
77.57
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The
77.57
INCREASED
CAPITAL STOCK
COMMON
TJ. S. Treasury
•
(newly mined)
77.57
Toy National Bank of Sioux City,
Iowa (from $200,000 to $300,000)
Oct.
Oct.
THE
AND
ENGLISH GOLD
SILVER MARKETS
Samuel
Montagu & Oo. of London, written under date of
GOLD
Bank of England gold reserve
660,346
on
Oct.
Amt.
$100,000
Moravia, N. Y.,
$52,000
-
STOCK REDUCED
COMMON CAPITAL
Amt.
Oct.
of Reduction
Kan.
Beloit,
Beloit,
of
Bank
National
First
28—The
of Increase
Sioux City,
$104,000
from $75,000 to $50,000
Oct. 21 1936:
25,000
-
CHANGES IN CAPITAL STOCK AS REPORTED
BY NATIONAL BANKS
£248,-
against notes amounted to
Retirement
Increase in
Pref. Stock
Shs.
Com. by Div.
Par Value
Name and Location
Date of
purchases of gold by the Bank were announced during the
week
No. of
Change
Outstanding
Capital
Par Value
14, showing no change as compared with the previous
Wednesday.
No
27—The First National Bank of Moravia,
from $52,000 to
reprint the following from the weekly circular of
We
The
23—The
No. of
After
Changes
Shs.
under review.
In the open market about £2,600,000
daily fixing.
Offerings were taken
of bar gold was disposed of at the
mainly for America, the price being
of
Quotations during the week:
Equivalent Value
of £ Sterling
Per Fine
Ounce
Oct. 15
Oct. 16
lis.
lis.
lis.
lis.
lis.
lis.
lis.
14?s. Id.
142s. Id.
Oct. 19
142s. 2%d.
142s. 4%d.
Oct. 20
142s. 3%d.
Oct. 21
142s.
Average
142s. 2.33d.
17-..
Oct.
The following were
the United
l%d.
11.50d.
11.50d.
11.37d.
11.2Jd.
11.29d.
11.46d.
11.39d.
Kingdom Impprts and exports^of gold
British West Africa
£171,452
24,447
24,646
342,276
Tanganyika Territory
Kenya
British India
Australia
36,913
34,234
New Zealand
Switzerland
Belgium
Belgian Congo
Netherlands
Germany
Venezuela...
Other countires
$500,000
15 shs.
18% shs.
$1,875
$1,875
C
14,375
100 shs.
100 shs.
P
None
$10,000
C
Dyersvllle, Iowa
-
8- 4-36 The Farmers National Bank of
Minnesota Lake,
Minnesota
$10,000
Lake, Minn
10-16-36 The Depositors National Bank
Nat'l
—
—
—
—
-
—
35,000
50,000
200,000
P
4,000 shs.
$50,000
50,000
C
150,000
100 shs.
P
None
—
100 shs.
10-19-36 The Rockville National Bank,
First
mm
P
C
2,500 shs.
$25,000
Durham, N. C._
10-10-36 The Flat Top Bat'l Bank of
Bluefleld, Bluefleld, W. Va..
of Durham,
—
mm
_
—
$10,000
$10,000
c
50,000
142 6-7 shs.
of Ne¬
Bank
100 shs.
p
40,000
c
60,000
$10,000
United States of America. £2,318,63 7
750 shs.
250 shs.
p
1,272,787
138,874
2,650
St. Paul, So. St. Paul, Minn.
10-22-36 The First Nat'LBank of Kalis-
$75,000
$25,000
c
50,000
250,000
500 shs.
p
50,000
$50,000
c
50,000
4,000
1,788
10- 9-36 The First Dakota Nat'l Bank &
500 shs.
p
S. Dak
10-20-36 First National Granite Bank of
$50,000
c
1,000 shs.
$100,000 "A"
p
1,100 shs.
$55,000
1,500 shs.
$60,000 MB"
p
62,500
c
150,000
p
None
625 shs.
p
None
$50,000
c
100,000
Switzerland
Belgium
Germany
Palestine
Other countries
peli, Kalispell, Mont
Trust Co. of Yankton,
Augusta, Me
of
Marlboro, Mass
10- 8-36 The
National
First
Bank
of
Moravia, N. Y
10-23-36 The Sherburne National Bank,
£3,738,736
17 carries
Exports
£6,193,542
287,949
438,913
i
British India
1,234,458
14,513
407,042
75,284
42,153
1,209,201
59,238
British Malaya
Australia
New Zealand
British West India Islands & British Guiana
Germany
Netherlands
1,409,441
Belgium—
21,863,588
124,446
—
Switzerland.
...
Finland
316
£7,764
3,000
c
150,000
p
None
85,000
25,000
$30,000
$15,000
c
250 shs.
250 shs.
p
$12,500
$12,500
c
Wal¬
100 shs.
100 shs.
p
75,000
20,000
$10,000
$10,000
c
30,000
25 shs.
p
$2,500
c
47,500
52,500
111.
10-21-36 The Second National Bank of
...
National Bank,
10-15-36 Walters
25 shs.
$2,500
County National
Denton, Texas
C—Common stock.
P—Preferred stock.
NOTICES
Inc., 29 Broadway, New York, has
cumulative
the
on
Refining Corp.
—Peltason, Tenenbaum & Harris, Inc.,
Boatmen's Bank Bldg., St. Louis,
circular on the State of Arkansas with special reference
road district refunding 3% bonds, series A.
have
prepared
—J.
a
Hanauer &
B.
Co., strictly a municipal bond house since
30,559
12,345
securities, and all over-the-counter
£33,622,083
£3,899,287
—M. L. Moore & Co., municipal
announce
to
its or¬
department to deal in corporate
ganization in 1930, has inaugurated a new
SILVER
prepared a
St.
of The Taggart Corp.,
preferred shares
Regis Paper Corp.. and Derby Oil &
its
2.708",807
V. Grace & Co.,
—G.
circular
l"0",000
Central & South America (foreign).
Other countries...
50,000
$25,000
150 shs.
CURRENT
12,032
230,278
132,808
371,409
298,952
22,928
88,964
28,620
Venezuela
p
$25,000
Bank of
132,808
...
United States of America
400 shs.
400 shs.
52,000
240 shs.
9-21-36 The Denton
40,306
29,706
Tanganyika Territory
Kenya
c
:
of Gadsden, Ala
Belvidere, 111
British West Africa
300,000
6- 6-36 The DeWitt County National
gold for the month of September, 1936:
Union of South Africa
50,000
300,000 B
ters, Okla
10-- 6-36 The Denton County National
Bank of Denton, Tex
Kingdom imports and exports of
Imports
—
8-12-36 The American National Bank
Bank of Clinton,
The following are the details ofiUnited
50,000
300,000 A
c
Bank
National
First
9-23-36 The
gold to the value of about £653,000.
Belgian Congo
<m
vada, Mo., Nevada, Mo—
10-21-36 Stock Yards Nat'l Bank of So.
The SS. Viceroy of India which sailed from Bombay on Oct.
Italy
«■
$10,000
£2,530,255
France
P2,500,000
CI,000,000
P
35,625
Co., Des Moines, Iowa
Trust
Sherburne, N. Y__
Southern Rhodesia
25,000 B
50,000
5,000 shs.
Rockville, Ind
1,462,255
86,076
20,157
232,544
54,586
25,626
9,595
14,448
France
61,000 A
8-14-36 The Dyersville National Bank,
10- 3-36 The
Exports
100,000
$4,000
Whitehall,Whitehall,N.Y.-j
8-14-36 Iowa-Des Moines Nat'l Bank &
registered from mid-day on Oct. 12 to mid-day on Oct,*19:
Imports
$40,000
C
P
C
Little Falls, N. J..
10- 3-36 The Merchants National Bankl
maintainedlat about dollar parity.
P
535,000
100 shs.
466 2-3 shs.
10- 8-36 The Little Falls National Bant.
issues.
bond brokers, 24 Broad St., NeA York
that W. Austin Scott, formerly of
"W. A. Scott Co., is now asso¬
ciated with them.
The market developed an easier tendency
and there
was a fall in prices
Business with the Indian Bazaars was hampered
during the past week.
by the communal disorders in Bombay and with little demand from other
quarters support was
poor.
However, offerings on China account con¬
tinued and prices-declined from
20d. on Oct. 15 to 19 ll-16d. yesterday,
the declining rates attracting buying
for America and also some speculative
yesterday's level, sellers were more hesitant and there was an im¬
provement today, when, following a resumption
was
of Indian buying, 19 13-16d.
quoted for both deliveries.
of conditions in
Bombay becoming more settled.
—Talbot
&
with them in their trading
Co., members New York Stock Exchange, announce
Daniel F. O'Hara and
Howard "W. Metzger have become associated
that
with
Germany
'
£73,329
37,992
3,019
4,579
2.432
X2.000
United States of America.
British India
Sweden.
17 ,120
France
Hungary
Post Office
Bros.,
has
been
appointed
"Willett,
&
—Homer &
for McGill-Paris
broad silks.
factor
Inc., announces the opening of a Boston office
Square, under the management of C.
1 ,240
1 ,550
5 ,501
circular
on
115
Co.,
at 10
A. Fiske.
York, are distributing the
Review."
Broadway, New
Inc., 40 Exchange Place,
the high-grade railroad bond
2 ,154
Denmark
Straits Settlements.
£124,717
Inc.,
Talcott,
Corp., Covington, Pa., manufacturers of
New York, has prepared a
market.
2 ,940
Norway
1 ,650
Other countries
Coin at face value.
150 Broadway, New York, has prepared for
production industry.
10 ,422
Ehypt
1,366
Baker & Co.,
November issue of their "Over-the-Counter
£263 ,015
198 ,235
Switzerland
Belgium
Irish Free StateOther countries.
Fabrics
—Bristol
Exports
Imports
Japan
Manchuria.
New Zealand—
—Amott,
distribution a statistical analysis of the cement
—Leach
The following were the United Kingdom imports and exports of silver
registered from mid-day on Oct. 12Ito mid-day*on*Oct, 19:
x
that Philip C. Langdon, formerly with
Quincey & Co., is now associated
—James
The tone of the market is steadier with the prospect
^
E.
department.
them.
demand.
At
—Weeden & Co., Inc., announces
Chas.
2 ,674
£506,501
DIVIDENDS
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
WO show the dividends previously announced, but which
have not yet been paid.
Dividends
are
2948
Financial Chronicle
The dividends announced this week
Nov. 7,
Per
Per
Name of Company
Share
Aim. worth
Manufacturing Corp
Albany & Susquehanna RR. Co. (s.-a.)
18.99c
12 Mc
12Mc
American Capital Corp., prior pref. (quar.)
American Fork & Hoe
_
"
^25c
American Service Co., $3 cum. preferred
Cum. class A (initial)
S3
American Steel Foundries (resumed)
Preferred
Preferred (quar.)
American Thread Co., preferred (semi-ann.)
12Mc
Anglo-Huronian, Inc
20c
Atlas Powder Co. (quarterly)
Extra
50c
25c
Auto Signal Corp. (initial)
Baltimore Radio Show, Inc. (quar.)
Extra
3c
25c
SI
6% preferred (quar.)
15c
Bandini Petroleum Co
Bankers National Investing Corp. (quar.)
lc
8c
Class A and B
(quar.)
60c. preferred (quar.)
Beech Creek RR. Co. (quar.)
Belden Mfg. Co. (initial quar.)
Bigelow-Sanford Carpet Co
Special
Preferred (quar.)
Birmingham Water Works, 6% pref. (quar.)
Bolsa Chica Oil Corp., 8% pref. (resumed).
Boot Mills (quarterly)
Border City Mfg. (resumed)
Boston Storage & Warehouse Co. (quar.)
32c
15c
50c
15c
25c
20c
SI
$1
SI M
sim
-
Bristol-Myers Co. (quarterly)
60c
Extra
20c
Brach (E. J.) & Son (quarterly)
...
Bridgeport Gas Light Co. (quar.)..
Buckeye Pipe Line Co
Bullock's, Inc—
Butler Water Co., 7% preferred (quar.)
Campe Corp. (quarterly)
Canfield Oil Co. (resumed)
7% preferred (quar.)
Carolina Telep. & Teleg. Co. (quar.)
SI
75c
SIM
10c
Cayuga & Susquehanna RR. Co. (s.-a.)
Central Vermont Public Service, $6 pref. (quar.)
Chapman Valve Mfg. Co., 7% preferred
Chester Water Service Co., $5M pref. (quar.)
Chicago Wilmington & Franklin Coal Co.—
6% preferred (quar.)
Cincinnati Northern RR. Co. (s.-a.)
City Auto Stamping
i
City Auto Stamping Co. (extra)
City of New Castle Water Co., 6% pref. (quar.)
Clearfield & Mahoning RR. Co. (s.-a.)
Cleveland & Pittsourgh RR. Co., special gtd
Collins & Aikman Corp., common
■
30c
50c
Catawissa RR. Co., 5% 1st & 2d pref. (s.-a.)__
Extra
Dec.
7
Dec.
15
Nov.
Nov.
Oct.
15
Oct.
30
Oct. 30
Dec.
Nov. 18
Dec. 15 Dec.
5
Dec. 19 Nov. 25
Dec. 19 Nov. 25
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Nov.
Dec. 31 Dec. 15
Jan.
1 Nov. 30
Dec.
1 Nov.J19
Dec. 10 Nov. 30
Dec. 10 Nov. 30
Dec.
8 Nov. 27
Dec.
1 Nov. 14
Dec.
1 Nov. 14
Dec.
1 Nov. 14
Nov. 20 Nov.
4
Nov. 25 Nov. 12
Nov. 25 Nov. 12
Nov. 25 Nov. 12
Jan.
2 Dec. 15
Nov. 16 Nov. 10
Dec.
3 Nov. 16
Dec.
Dec.
.
Bourne Mills (quarterly)
Dec.
$4M
Special
When
Holders
Payable of Record
Jan.
e3 to 1
All-Canadian Common Stock Trust Shares A
Allied Kid Co
SI
SIM
$2M
SIM
$1.20
'M
3 Nov. 16
3 Nov. 16
Dec. 15 Dec.
1
Dec. 15 Nov. 30
Nov.
2 Nov.
2
Nov. 14
Dec. 31
Nov. 2
Dec.
1
Dec.
1
Nov.
3
29
Nov. 13
Nov. 13
Dec.
1 Nov.
Dec. 29 Dec.
Dec. 15 Nov.
Dec.
1 Nov.
Dec. 15 Dec.
Dec.
Nov.
50c
50c
SIM
50c
50c
Nov.
2 Oct.
Consolidated Steel Corp., Ltd., $1% pref
Creameries of America, Inc., $3M pref. (qu.)__
__
Crown Cork & Seal Co., Ltd., common
(quar.)__
$2M cum. preferred (quar.)
60c
50c
56Mc
Crum & Forster Insurance, A and B (quar.)
Cumberland Co. Power & Light, 6% pref. (qu.)_
Curtis Publishing Co., preferred
Cushman's Sons, Inc., 7% preferred
Diem & Wing Wafer Co., old 7% pref. (special).
Dictaphone Corp
Preferred (quarterly)
Doehler Die Casting Co., 7% preferred
(quar.)__
Dominguez Oil Fields Co., extra
Durham Hosiery Mills, 6% preferred
25c
SIM
TiSIM
87Mc
31
28
5
29
$5
87 Me
SIM
7i50c
15 Dec.
1
Nov. 17 Nov.
5
Dec.
1 Nov. 20
Dec.
1 Nov. 20
Nov. 20 Nov.
5
Dec.
1 Nov. 10
Dec.
7 Nov. 20a
Dec. 15 Nov. 30a
Nov. 30 Nov. 20
Nov.
2 Oct. 17
Dec. 15 Nov. 13
Dec.
1 Nov. 16
Nov. 16 Oct. 31
Dec.
1 Nov. 13
Dec.
1 Nov. 13
Dec. 24 Dec. 14
Nov. 3C Nov. 20
Nov. 16 Oct. 31
East St. Louis & Interurban Water Co.—
7% preferred (quar.)
6% preferred (quar.)
SIM
SIM
Eastern Utilities Assoc. (quarterly)
Eisler Electric Corp. (resumed)...
1
Dec.
1
Nov. 20
Nov. 20
Dec.
26
Dec.
10
Dec.
10
40c
Dec.
15 Nov. 14
30c
To be distributed after listing on Curb
Dec.
e3%
Ely & Walker Dry Goods (quarterly)
Employers Reinsurance Corp. (quar.)
Ever Ready Co. (Great Britain), Ltd.
(interim)
Preference, interim
Fajardo Sugar (quarterly)
25c
40c
9
15 Nov. 14
Dec.
1 Nov. 20
Nov. 16 Oct. 31
(quar.)
xw 15%
Dec.
1 Nov. 12
xwl 0%
Dec.
1 Nov. 12
50c
Dec.
1 Nov. 16
h$3
Fisk Rubber Co., preferred
Dec.
1 Nov. 16
SIM
50c
SIM
SIM
SIM
First Holding Corp. (Calif.) 6% pref. (qu.)
First State Pawners Society (Chic., 111.)
General Gas & Electric (Del.), $5 prior
(quar.)
Nov.
5c
Extra
Federal Light & Traction, pref.
Firestone Tire & Rubber (quar.)
Preferred (quarterly)
Nov. 16
50c
Electrolux Corp. (quar.)
(new)
Dec.
1 Nov. 16
Dec.
Nov. 20 Nov. 15
Dec.
1 Nov. 15
1 Nov. 20
Dec.
Dec. 31 Dec. 21
pref.
SIM
—
Graniteville Mfg. Co. (quar.)
Extra
Green Bay & Western RR. Co., cl. A deb_
Capital stock (interim).
Guggenhihie & Co., 7% preferred (quar.)
Harbison-Walker Refractories Co. (quar.)
Extra
Preferred (quarterly)
Dec.
15 Dec.
Nov.
2M%
2M%
SIM
50c
50c
_______
2
Nov. 27 Nov. 17
Nov. 27 Nov. 17
Nov. 15 Oct.
Dec.
Dec.
1 Nov. 16
Jan.
Dec.
15 Dec.
15 Dec.
$1I
Hazel-Atlas Glass Co
Holland Furnace Co. (resumed)
Hollander (A.) & Son (extra)
Jan.
2 Dec.
$3
30c
Holt (Henry) & Co., A
29
1 Nov. 16
20 Jan.
SIM
Dec.
Hawaiian Traction Co. (quar.)
Extra
__
7
2
Nov.
...
7
1
1
10a
Nov. 27 Nov. 18
Dec.
15 Nov. 30
Dec.
1 Nov. 10
Homestake Mining (monthly)
Extra
Nov. 25 Nov. 20
Hooven & Allison Co
Dec.
Nov. 25 Nov. 20
7% preferred (quarterly)
Household Finance Corp., A & B (quar.)
A & B
(special)
Partic. preferred (quarterly)
Par tic. preferred (special)
Huntington Water Corp., 7% pref. (quar.)
6 % preferred (quarterly)
Idaho-Maryland Mines Corp. (extra)
Imperial Chemical Industry—
Amer. dep. rec. for ordinary reg. (interim)
International Nickel Co
International Products Corp., 6% preferred
International Radio
__
Kellogg
Co
SIM
75c
$1.15
87 Me
SI.35
1 Nov. 15
1 Nov. 15
15 Dec. 31
Nov. 19 Nov. 14
Jan.
SIM
10c
8Mc
15 Dec. 31
(quarterly)
(quarterly)
Lunkenheimer
40c
/i$3
e200%
S3
3
Nov. 10 Sept.11
1
Dec. 31 Dec.
Dec.
15 Dec.
1
Nov. 23 Nov. 17
Oct.
5 Sept. 26
5
Nov. 16 Nov.
5
3c
50c
Dec.
31
1 Nov. 12
Dec.
SI.07
June
1
Sept.
Co
1 Nov. 14
Nov. 15 Oct.
Oct.
31 Oct.
15
May 15
1 Aug. 15
Decl'37 Nov. 15
Dec.
1 Nov. 23
Dec.
1 Nov. 23
25c
Nov. 14 Nov.
25c
Nov. 15 Nov. 10
75c
Dec.
Dec.
(quarterly)
May Dept. Stores (quarterly)
McColl Frontenac Oil Co. (quarterly)
McKesson & Robbins, Ltd., (s.-a.)
7% preferred (semi-ann.)
McKinley Mines Securities Co
Mead Corp., preferred (quarterly)
Pref. stock div. of 1 share of com. plus cash of
Mercantile Stores Co., Inc., 7% pref. (quar.)
Michigan Bakeries, Inc., $7 pref. (quar.)
$1 non-cumulative preferred (quar.)
Mock, Judson, Voennnger
Monsanto Chemical Co. (quarterly)
Special
SIM
Morse Twist Drill & Machine Co
Mullins Mfg. Co., pref. (quar.)
$2
SIM
...
20c
1
4
Nov. 19
15 Nov. 14
25c
Nov.
2 Oct.
20
S3M
2Mc
SIM
S4M
SIM
SIM
Nov.
Dec.
2 Oct.
20
Dec.
1 Nov. 15
1 Nov. 19
Dec.
1 Nov. 15
1 Oct.
26
Nov.
Dec.
1 Oct.
12 Dec.
26
15c
25c
:
31
Nov.
25c
Muncie Water Works Co., 8% pref. (quar.)
Nov. 16 Oct.
Dec.
Dec.
1
15 Nov. 25
15 Nov. 25
Nov. 16 Oct.
Dec.
29
1 Nov. 14
$2
25c
15 Dec.
1
Dec.
15 Dec.
1
38c
Corp
Nashua Gummed & Coated Paper Co
National Pressure Cooker Co. (quar.)
Dec.
Nov. 16 Nov.
9
Dec.
1 Nov. 15
Dec.
1 Nov. 15
15c
Extra
20c
SIM
SI
lc
25c
24
1 Nov. 14
31
Dec.
1 Nov. 20
Dec.
1 Nov. 20
1 Nov. 21
1 Nov. 21
7i75c
Dec.
/i87Mc
7% preferred
Dec.
SI
Dec.
SIM
Dec.
1 Nov. 14
35c
Dec.
15 Nov. 30
Dec.
15 Nov. 30
Northwestern Water & Electric, $4 pref. (qu.)__
Nova Scotia Lt. & Pow. Co., 6% pref. (qu.)
Ohio Oil Co
(quarterly)
Omnibus Corp., preferred
Si||
(quar.)
Pacific Lumber Co
Pennsylvania Gas & Electric Corp., cl. A (quar.)
7 % & $7 preferred (quarterly)
Illuminating Corp., pref. A (quar.)
Penn State Water Corp., $7 pref. (quar.)
Perfect Circle Co. (quarterly)
Phelps Dodge Corp
Special
1
Phillips Petroleum Co
Pillsbury Flour Mills (quar.)
Pittsburgh Brewing Co., preferred
Pittsburgh Brewing Co., $3M preferred
Pittsburgh Suburban Water Service Co.—
$5M preferred (quarterly)
Portland & Ogdensburg Ry., gtd. com. (quar.).
Protective Indemnity Co
Penna.
Extra
Public Electric Light, 6% pref. (quar.)
.
S3
h$0
37Mc
SIM
12Mc
SIM
50c
Jan.
2 Dec.
15
Nov.
1 Oct. 31
Dec. 16 Dec.
2
Dec.
1 Nov. 20
Jan.
2 Dec.
21
Nov. 16 Nov.
5
Dec.
1 Nov. 20
Dec.
15 Nov. 25
Dec.
15 Nov. 24
25c
Dec.
15 Nov. 24
SI
Dec.
1 Nov. 16
Dec.
1 Nov. 14
40c
SI
Nov. 20 Nov.
7
/i$l
Nov. 20 Nov.
7
SIM
Nov. 16 Nov. 15
50c
Nov. 30 Nov. 20
SI
50c
Nov.
2 Oct.
21
Nov.
2 Oct.
21
Dec.
1
Nov. 20
1
Nov. 16
SIM
Royalite Oil Co., Ltd
Special
Secord, (Laura) Candy Shops, (quar.)__
Servel, Inc. (quarterly)
1 Nov. 10
25c
Purity Bakeries Corp
10c
Reliable Stores Corp., common
50c
1st pref. (two quar. periods, July 1-Dec. 31)S3M
Rike-Kumler Co. (quarterly)
25c
Riverside Cement Co., class A prefh S1.36M
Dec.
Dec.
1 Nov. 19
Dec.
1 Nov. 19
Dec.
11 Nov. 27
Dec.
1 Nov. 15
r50c
1 Nov. 13
Dec.
1
Nov. 13
75c
Dec.
1
Nov. 14
25c
Dec.
1 Nov. 18
40c
Smith (E. L.) Oil Co
Dec.
r25c
Extra
Dec.
1 Nov. 18
Oct. 20 Oct.
1
Dec. 15 Nov. 18a
Nov. 16 Nov.
6
Dec. 15 Nov. 20
SI
Socony-Vacuum Oil Co., Inc. (special)
25c
Stamford Water Co. (quarterly)
Southern Calif. Edison Co., Ltd., pref. B (quar.)
Standard Oil Co. of California (quarterly)
Extra
$2
37Mc
25c
5c
Standard-Coosa-Thatcher Co
25c
7% preferred (quarterly)
SIM
Sterling Products, Inc. (quar.)
Special
Stromberg-Carlson Telep. Mfg. Co., pref
Sun Oil Co., common
Dec.
15 Nov. 16
Dec.
15 Nov. 16
Nov. 10 Nov.
1
Jan. 15 Jan.
15
95c
1
Dec.
1 Nov. 16a
Dec.
1 Nov. 15
25c
Sunray Oil__
Super-Mold Corp. (initial)
Susquehanna Utilities, 6% 1st pref. (quar.)
Sylvanite Gold Mines, Ltd. (quar.)
Terre Haute Water Works, 7% pref.
(quar.)
Timken-Roller Bearing (quarterly)
Dec.
30c
hUVs
Com. stk. div. of 6 shs. for each 100 shs. heldPreferred (quarterly)
;
Dec.
Dec.
15 Nov. 25
SIM
Dec.
1 Nov. 10
5c
20c
Nov.l6a
15 Nov. 25
Dec. 21 Nov. 16
Nov. 15 Nov.
2
SIM
Dec.
1
5c
Dec.
3 Nov. 16
Nov. 20
SIM
Dec.
15 Nov. 18
75c
$1
Toronto Elevators, Ltd
Truax-Traer Coal Co.. preferred (quar.)
Dec.
75c
Extra
Dec.
15 Nov. 18
SIM
Union Investment Co. (extra)
Union Tank Car Co. (quarterly)
50c
1
Nov. 20
Nov. 25 Nov. 10
Dec. 15 Dec.
5
Dec.
1 Nov. 20
30c
Dec.
25c
Dec.
1 Nov. 16
10c
United Merchants & Manufacturers, Inc
United Profit Sharing Corp. (resumed)
United States Electric Lt. & Power Shares—
Series B registered
Dec.
15 Nov. 20
3c
1 Nov. 16
50c
Nov. 16 Oct. 31
Dec.
1 Nov. 20
Dec.
1 Nov. 16
10c
United Wall Paper Factories, 6% pref.
(qu.)
Vick Chemical Co
Extra
Dec.
25c
Dec.
SIM
....
Vogt Manufacturing (quarterly)
Ward Baking Corp., preferred
Warren (Northam) Corp., $3 pref.
(quar.)
Whiteman (Wm.) Co., Inc., 7% pref. (qu.)
Whiting Corp., 6M% pref. (quar.)
Williams (J. B.) Co. (quarterly)
Below
Dec.
Nov. 14 Oct.
2c
Northern Canada Mining Corp., Ltd
Northwestern Public Service, 6% preferred
Preferred
Nov.
1 Oct. 15
Nov. 16 Nov. 10
2c
SIM
1 Nov. 16
1 Nov. 17
Dec. 24 Dec. 10
75c
Dec.
1 Nov. 16
SIM
SIM
Dec.
2 Dec.
16
Nov.
2 Oct.
20
Nov. 16 Nov
6
50c
give the dividends announced in previous weeks
and not yet paid.
This list does not include dividends an¬
nounced this week, these being given in the
preceding table.
we
Per
Share
1 Nov. 20
Nov. 16 Nov.
25c
1 Nov. 16
1 Feb.
SIM
Matson Navigation Co.
1 Nov. 20
Dec.
Nov. 16 Nov.
1 Nov. 16
Dec.
Mar.
25c
25c
Stores
Nov. 19 Nov. 14
Dec.
Kelvinator Corp. of Canada, pref.
(quar.).
Key Co
Keystone Custodian Fund, series B-2
Kirkland Lake Gold Mining
Kobacker Stores Co., preferred
(quar.)
Koloa Subar Co. (monthly)
Dec.
Jan.
22
25c
•
Nineteen Hundred Corp., class B (quar.)
North Canada Mining Corp., Ltd
15 Nov. 30
87Mc
Dec.
4
Sept. 24
25c
1
16
Dec.
SI
2 Oct.
$4M
New Mexico & Arizona Land Co
1 Nov. 19
1 Nov. 19
25c
Nov.
25c
15
Dec.
Dec.
371?
1
25c
20
Jan. 31 Jan. 21
Nov. 30 Nov. 16
Nov. 30 Nov. 16
Dec.
1 Nov. 20
Jan.
2 Dec. 19
Dec.
1 Nov. 10
Dec.
1 Nov. 19
Dec.
10
Nov. 14 Nov.
Oct.
SIM
Orange County Telep. Co., 6% pref. (s.-a.)
SIM
$6
15 Dec.
25c
20c
—...—._
Quarterly
Quarterly
Quarterly
Quarterly
Preferred
Dec.
45c
6% preferred (semi-annual)
Newmarket Mfg. Co. (quarterly)
Consol. Diversified Standard Securities—
Extra
SIM
(quar.)
Lehigh Power Security Corp.
$6 preferred (quarterly)
Le Tourneau, Inc. (quar.)
Extra. i
1 Nov. 10
Neon Products of Western Canada—
Nov. 16 Nov. 10
Dec. 14 Dec. 15
Dec. 21 Oct. 15
Nov. 23 Nov. 10
Jan.
2 Dec. 19
Nov. 16 Oct.
N6v. 2 Oct.
45c
Preferred B (quarterly)
Dec.
Nov. 16 Nov. 10
Nov. 16 Nov. 10
Dec. 15 Dec. 10
SIM
Preferred BB (quarterly)
Lee (H. D.) Mercantile Co.
Holders
Payable of Record
30c
15
50c
$2M non-cum. preferred (s.a.)
Consolidated Film Industries, Inc., pref
Consolidated Paper Co. (quarterly)
Kroger Grocery & Baking (extra)
Lawson (F. H.) Co., 6% preferred A (quar.)
Preferred AA (quarterly)
Lincoln
When
Share
Company
14
Nov. 16 Nov.
Preferred (quar.)
Compressed Industrial Gases (quar.)
Name of
Nachman-Spring-Filled
Oct.
SI
_
1936
are:
Name of Company
Abbott's Dairy Co.
(quarterly)
Acme Wire Co. (quar.)
Albany & Vermont RR
Allegheny <fe Western Ry. gtd. (semi-ann.)
Allentown Bethlehem Gas Co., 7% pref.
(qu.)__
Alpha Shares, Inc., partic. stock (semi-ann.)__
Aluminum Manufacturing. Inc. (quarterly)
7% preferred (quarterly)
American Arch Co. (quarterly)
American
Asphalt Roof Corp. (quar.)
6% preferred (quarterly)
American Box Board (quarterly)
Extra
When
Holders
Payable of Record
Dec.
Nov. 14
50c
Nov.
$1.35
Nov.
Oct.
Oct.
31
Jan.
Dec.
19
87 Mc
Nov.
Oct.
20c
Nov.
25c
S3
31
SIM
Dec.
75c
Dec.
31
Oct. 31
Dec. 15
Dec. 15
Nov. 20
Nov.
Nov.
60c
$2
Dec.
1
$2
Dec.
2Uc
Dec.
Dec. 21
Nov. 26
5c
Dec.
Nov. 26
Volume
Per
Name
Share
of Company
American Business Shares, Inc
Extra--
Dec.
15
1 Nov. 15
Dec.
SI
American Can Co., common (quar.)
$1.04
$1
(Initial)
American Chain Co.. 5% preferred
American Chicle Co. (quar.)
1
Dec.
lc
—
-
Jan.
$3H
1 Nov. 15
Nov. 16 Oct. 26a
1
Dec. 15 Dec.
Dec.
Dec.
Special
American Envelope Co.. 7% pref.
American Factors Ltd. (monthly)
15c
1
1 Nov. 25
Nov. 10 Oct. 30
1 Dec. 12
1 Nov. 14a
31 Dec. 15
Dec.
1 Nov. 21
6
Nov. 16 Nov.
25c
Jan.
20c
American Hardware Corp. (quar.)
American Home Products Corp
American Mfg. Co. preferred (quar.)
American Metal Co., preferred
1
15 Dec.
15 Dec.
Dec.
A (quar.)
Dec.
$1*
1
h%4
50c
American News New York Corp. vbi-mo.)
American Paper Goods Co., 7% pref. (quar.)
American Re-Insurance (quar.)
$1*4
D«e.
Dec.
16 Dec. \ 5
30c
75c
Dec.
5ftc
Nov. 30 Nov.
25c
Dec.
15 Dec.
1
50c
Mill Co. (quar.)
American Smelting &
Nov. 16 Oct. 30
Jan. 15 Dec. 15
Dec.
15 Dec.
1
75c
Refining Co
American Sumatra Tobacco Co. (quar.)
Extra
15 Nov. 16
6
$14
50c
Anaconda Wire & Cable
$1
Extra
Anglo-Iranian Oil Co., Ltd. (interim)
Anheuser Bush. Inc. (quarterly)
Apex Electric Mfg. Co. prior preferred
Armstrong Cork Co. (quar.)
Asbestos Mfg preferred (quar.)
Associated Dry Goods Corp. 6% 1st pref
6% first preferred
6% first preferred (quar.)
Atlantic Coast Line RJti., preferred (s.-a.)
Atlas Plywood Corp
h$3
s7&
5
Nov. 16 Nov,.
1 Nov.
Dec.
9
20
1 Jan.
Feb.
6
1 Nov.
Dec.
Jan.
15 Jan.
15 Jan.
2
Jan.
$24
Nov. 10 Oct.
23
2
25c
Nov. 16 Nov.
2
Nov. 16 Nov.
2
50c
Nov. 30
Dec. 15
50c
Dec.
162-3C
(resumed)
Jan.
$14
2 Dec.
Jan.
Extra
Nov. 16 Nov.
5
25c
Nov. 16 Nov.
5
624c
$14
Bethlehem Steel, 7% pref. (quar.)
5% preferred (quarterly)
Blackstone Valley Gas & Electric Co.—
6% preferred ^semi-ann.)
Blauner's, Inc. (quarterly)
Preferred (quarterly)
Bloch Bros. Tobacco (quar.)
6% preferred (quar.)
Blue Ridge Corp.. opt. $3 conv. pref. (quar.)—
Bond & Share Trading Corp., 6% pref (quar.).
Borden's Co. common (quar.)
Boss Mfg. Co. (quarterly)
Boston & Albany RR. Co
-—
jBourjois. Inc., $2% pref. (.quar.)
Brewer
(C.) & Co., Ltd. (monthly)-.
Monthly.
Brooklyn Edison Co. (quar.)..
_..
Brooklyn-Manhattan Transit, preferred (quar.)
Preferred
(quar.)
Brooklyn Tel eg. & Messenger Co. (quar.)
Brooklyn Union Gas Co. (quar.)
Buck Hill Falls Co. (quarterly)
25c
$3
25c
75c
Nov. 16 Oct. 26
4
Jan.
2 Dec.
2 Dec.
Jan.
3l
75c
374c
40c
$14
$24
68l!
$1
$2
$14
$14
$1 4
75c
r 5c
1 Nov. 16
Dec.
Nov. 15 Oct. 31
Nov. 15 Oct. 31
5
1 Nov. 21
1 Nov. 14
1 Nov.
Dec.
Dec.
Dec.
Nov. 16 Oct. 31
Dec. 31 Nov. 30
2
Nov. 16 Nov.
Nov. 25 Nov. 20
Dec. 24 Dec. 20
Nov. 30 Nov.
2
1
1
Dec.
Nov.
1
2 Dec.
Jan.
Nov. 16 Oct. 31
Nov. 15 Nov.
Dec.
Dec.
1 Nov. 14
5 Oct. 30
5 Oct. 30
60c
Dec.
25c
Nov. 16 Nov. 2
Nov. 16 Nov.
2
Jan.
2 Dec. 15
Dec. 15 Nov. 30
25c
40c
Calamba Sugar Estates (quar.)
California Packing Co. (quarterly)
374c
California Water Service 6% pref. (quar.)
Nov. 14 Oct.
Campbell. Wyant & Cannon Foundry
Canada & Dominion Sugar Co. (quar.)
Nov. 30 Nov.
...
,
r37l
124c
50c
.
$14
(quar.)
75c
Castle (A. M.) & Co. (quar.)
50c
;
(special)
...
Rapids Mfg. & Power (quar.)
Corp.. 5% preferred
Central Cold Storage Co. (quar.)
Central Massachusetts Light & Power Co.—
6% preferred (quar.)
Central Mississippi Valley Electric Property—
Chain Belt Co
Champion Hardware Co. (quarterly)
Champion Paper & Fibre Co. (quar.)
6% preferred (quarterly)
Chartered Investors, Inc., $5 pref. (quar.)
Chase (A. W.) Co., Ltd., pref. (quar.)
Chesapeake & Ohio Ry., 6pref. (semi-ann.)
Chicago Electric Mfg. Co. $2 pref. A
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly).
Chicago Mail Order Co. (quar.)
2 Dec. 20
Tan.
Nov. 10 Nov.
2
Nov. 10 Nov.
2
Nov. 15
Dec.
Nov.
Nov.
9
Nov.
9
Nov.
Nov.
Oct.
3
Nov.
Nov.
2
Nov.
Nov.
5
31
Colgate-Palmolive-Peet (guar.)
Columbia Gas & Electric Corp. com. (quar.)
6% cum. pref. series A (quar.)
5% cum. pref. (quar.)
5% conv. cum. pref. (quar.)
Columbia Pictures Corp.. $2% pref. (quar.)
Commercial National Bank & Trust (quar.)
Concord Gas Co., 7% preferred
Confederation Life Association (quar.)
Connecticut Light & Power Co. 6)4 % pref
5M% preferred (quar.)
Connecticut Power Co. (quar.)
Connecticut River Power 6% pref. fquar.)
Consolidated Cigar, preferred (quar.)
Consolidated Edison Co. (N. Y.) (quar.)
Nov. 15 Nov.
5
Nov. 14 Oct. 31
Jan.
Dec.
"
2 Dec. 15
1 Nov.
2
Nov. 10 Oct. 31
1 Dec. 31
Jan.
Nov.
7 Oct.
28
Jan.
2 Dec.
Jan.
2 Dec.
15
15
Dec.
1 Nov. 10
1 Nov. 10
Jan.
Dec.
Dec.
Dec.
1
Dec.
19
15 Sept. 30
1 Nov. 10
1 Nov.
6
Nov. 15 Oct.
Nov. 15 Oct.
1—
Dec.
Dec.
15 Dec. 31
1
10 Dec.
1
10 Dec.
(qu.)__.
cl. A (quar.),
31
Extra.
Nov. 16 Nov. 10
7% pref. (quarterly)
Dec.
1 Nov. 13
A & B pref
1
$14 Dec. 15 Dec.
(quar.).
Dec. 21 Dec. 11
60c
Dentist's Supply Co. of New York (quar.).
Dec. 31
$14
7% preferred (quar.).
1 Nov. 20
Denver Union Stockyards, 54% pref. (quar.)__ $1,374 Dec.
2 Nov. 15
e24% Jan.
Deposited Bank Shares of N. Y. (semi-ann.)
1 Nov. 14
Dec.
35c
Deere & Co. (quar.)
Dec.
1 Nov. 14
A$1
7% prcforrod
«*
1 Nov. 16
Dec.
30c
Detroit Gasket & Mfg. Co. preferred (quar.)—..
Crown Drug Co., Inc.,
Detroit Toledo & Ironton RR.
Match
30c
25c
(quarterly)
$14
374c
624c
pref. (quar.)
Class A (quarterly)
35c
Doctor Pepper Co. (quar.)
Dominion Bridge Co. (quar.)
®30c
20
Dec.
2
Stores,
Dec.
15 Dec.
Dec.
Dec.
1 Nov. 14
1 Nov. 16
Dec.
1
Dec.
Dec.
Nov.16
1 Nov. 14
15 Nov. 16
15 Nov. 16
pref. (qu.)—
$6 preferred (quar.)
Electric Boat Co
Electric Shareholding Corp.—
Pref. stock div. of 44-1000 sh. of com. or
7
Nov. 20 Nov.
7
5
Nov. 30 Nov. 14
Nov. 25 Nov. 14
cash-
$14
Emerson Drug Co. preferred (quar.)
Empire & Bay State Teleg. 4% gtd. (quar.)
Erie & Pittsburgh RR., 7% guaranteed (quar.).
Guaranteed betterment (quar.)
50c
$1
874c
80c
$1
Erva Plantations Co
Ex-Cell-0 Aircraft & Tool
Special
Faber, Coe & Gregg, Inc. (quar.)
Fairbanks Morse Co. preferred (quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)—
Farmers & Traders Life Insurance (quar.)——
Dec.
1 Nov. 10
1 Nov. 10
Dec.
5 Nov. 20a
Dec.
1 Nov.
Jan.
Dec.
2 Dec. 15
1 Nov. 20
Dec.
10 Nov. 30
Dec.
1
Extra
(e)__
Fidelity-Phenix Fire Insurance
Fire Association (Phila.) (semi-ann.)
Dec.
1 Nov. 16
Dec.
1 Nov. 16
1 Nov. 16
50c
Dec.
$14
Dec.
$14
Dec. 31 Dec.
$24
Jan.
Jan.
2
2
Apr.
1
Apr.
1
•M6ri
50c
Extra
1 Nov. 16
15
8
Dec. 28 Dec.
Nov. 16 Oct. 23
Nov. 16 Oct.
Jan.
(quar.)
City, quarterly—
First National Bank of Chicago
(N. Y.) (quarterly)
(Toms River, N. J.)
4
15c
45c
50c
a.
5
Nov. 30
Nov. 14 Nov.
$24
Quarterly
2
Dec.
50c
Extra
23
2 Dec. 31
Dec. 31 Dec.
2 Dec.
Jan.
24
Dec.
23
Tan.
Dec.
(qu.)_
2
15
Dec.
Dec.
Dredge & Dock..
Extra
pref. A (quar.)
7% preferred (quar.)_-_
Free port Texas Co. (quar.)
Florida Power Corp. 7%
Preferred (quar.)
General Foods Corp.
Dec.
Feb.
(quar.)
Mar.
Mfg. Co. common
preferred
Great Lakes Dredge & Dock (quar.)
Gorham
Dec.
Jan.
Dec.
Jan.
3
1 Nov. 16
Dec. 31 Dec. 16
Dec.
1 Nov. 16
7
Dec.
1 Nov.
Dec.
1 Nov. 14
Dec.
1
Nov. 15
Nov. 14 Nov.
Dec. 15 Dec.
15 Dec.
Nov. 16 Nov.
Dec.
M
3
5
5
2
Nov. 14 Oct.
31
Nov. 14 Oct.
___
Extra
31
Nov. 14
Co.. pref. (quar )
Nov.
Nov. 16 Oct.
(quarterly)
Nov. 16 Oct.
(quarterly)
Nov. 27
Bartlett & Co, (mo.)
Dec.
Monthly
24
2
24
24
Nov. 20
Dec.
17
Nov. 27 Nov. 17
1 Nov. 14
Dec.
■.
(quar.)
10
Nov
(monthly)
16 Oct.
Nov
16 Oct.
10
Nov. 10 Oct.
Extra
30
31
31
Nov. 16 Oct.
Nov. 16 Oct.
,..
Dec.
(N. Y.) pref. (quar.)
Corp. (quar.)
industries—
for ordinary regis.....
of Canada (quar.)....
Ingersoll-Rand Co..........
........
Imperial Life Assurance
1 Nov. 10
Dec.
Commercial & Sugar
Ltd., pref. A (quar.)
American deposit rets
20
10 Nov. 30
1
15 Dec.
4
Nov. 14 Nov.
Dec. 21 Dec. 10
Hart-Carter, pref
Hormel (Geo. A.) Co. (quar.)
Class A preferred (quar.)
Dec
Dec.
Hawaii Consol. Ry.
Honolulu Plantation
1
10 Nov. 20
Nov. 14 Nov.
(quar.)
com. class A
(A.) & Son, (quarterly)
1
10 Dec.
15 Dec. 31
1 Nov. 20
Dec.
—
preferred
(ChasT E.")_CoT,
26
Dec.
Hackensack Water Co. (semi-annual)
Preferred A (quar.)
Hale Bros. Stores (quar.)
Preferred
19
May 22
Dec.
Electro-Chemical (quar.)
Greyhound Corp. (quar.)
Hibbard, Spencer,
1
Nov. 25 Nov. 14
Dec. 15 Dec. 10
Western
Utilities 6% 1st pref
Brewing (quarterly)
9
Dec. 15 Dec.
7
Nov. 30 Nov. 16
2
Nov. 15 Nov.
Grand Union Co.
Hercules Powder
1 Feb.
Nov. 16 Oct.
Extra
Hershey Chocolate Corp.
1 Nov. 18
1 Jan. 15
June
$5 preferred
$3 pref. ser. A (s.-a.)
(quar.)
-—_—
General Outdoor Advertising, Inc., preferred-._
General Finance Co. (quar.)
General Theatres Equipment Corp
Georgia RR. & Banking Co. (quar.)
Globe Democratic Publishing Co. 7 % pref. (qu.)
Globe Wernecke Co., pref. (quar.)
...—
Golden Cycle Corp
Proforrod A.
Nov. 20
2
Nov. 16 Nov.
1 Nov. 22
Dec.
—
(quarterly)
(M. A.) Co., preferred
1 Nov. 14
1 Nov. 14
Nov. 16 Nov.
General Investment Corp.,
Hamilton Watch Co. 6%
1
Dec.
Preferred
(quar.)
Gemmer Mfg. Co. class A
Genera] Box Corp. (initial)
General Cigar Co., Inc., preferred
Preferred (quar.)
1 Nov. 20
Dec.
H.) Co. (quarterly
Extra
Fitz Simons & Connell
1 Nov. 16
1 Nov. 16
Dec.
Fishman (M.
Hollander
1
23
Nov. 16 Nov.
$1.40
$14
$14
60c
Imperial Chemical
1 Nov. 16
Dec.
50c
Illuminating & Power Secur.
7% preferred (quar.)
Nov. 20 Nov.
15
30c
Horn & Hardart Co.
15
Nov. 15 Oct.
Dec.
extra
Eastern Shore Pub. Serv. Co. $64
First National Bank
5
Dec.
1 Nov. 14
1
15 Dec.
50c
Mfg Co. (quar.)
Eddy Paper Corp
Hawaiian
10
Oct7~31
Dec.
24c
(initial)
Eaton
Hires
1
10c
Extra
Duval Texas Sulphur Co.
Special
1
2 Dec.
Dec.
Nov. 14
2
Havana Electric
20
Jan.
Nov. 16 Nov.
Nov. 16 Nov.
East Mahoning RK. Co. (semi-annual)
Heileman (G.)
Nov. 16 Nov. 4
Jan.
2 Dec. 23
Nov. 15 Oct. 31
Dec. 31 Dec. 25
1 Nov. 15
1 Nov. 14
Dec
$2
Duquesne Brewing Co. (extra)
Duro-Test Corp. common
Great
Dec.
Nov. 15 Oct. 31
Jan.
2 Dec. 10
Nov. 16 Nov.
15c
Bros.
1
60c
deposit receipts therefor
Dow Drug Co
Edison
Nov." 15
Dec.
$14
Dow Chemical Co
or
18
Nov. 20
20c
Diem & Wing Paper Co. 7%
Dixie-Vortex Co. (quar.)
Preferred
Jan.
$3
(increased)
Dexter Co. (quar.)
Extra
Diamond
5 Dec.
$2
Detroit Hillsdale & South Western RR—
20
Nov. 15 Oct.
Dec.
,—
Jan.
...
—
-
30
Nov. 15 Oct.
Nov. 16 Oct.
Extra
....
2 Dec. 10a
Jan.
Nov. 16 Oct. 31
Nov. 16 Oct. 31
15 Nov. 30
1
Nov. 16 Oct:~i5'
Consolidated Oil Corp. (quarterly)
15
31
Nov. 30
(quar.)
Dec.
7% preferred (quarterly)
Nov
Nov. 16 Oct.
Nov. 14 Oct.
Crown Cork International Corp.,
Dec.
Consolidated Glass Ltd. (quarterly)
—...
—....
-
20
Nov. 15 Oct.
Dec.
Extra
8
15
15
1 Dec.
Cresson Consol. Gold Mining & Milling
Hanna
5% preferred (quar.)
Clark Controller Co. (special)
Cleveland ft Pittsburgh Ry reg. gtd. (quar.)
Dec. 28 Dec.
1 Dec.
Jan.
.... ...
Cosmos. Imperial Mills
24a
Jan.j
General Metals Corp.
1 Nov. 20
Nov. 21 Nov.
2
Chicago Yellow Cab Co. (quarterly)
Chile Copper
Cincinnati Union Terminal Co.—
15
24a
Nov. 14 Oct.
General Gas & Electric Corp.
Nov. 16 Oct.
Dec.
Dec.
Extra
2
Nov. 16 Nov.
Dec. 15 Nov. 14
1 Nov.14
Dec.
Nov. 16 Nov.
5
Dec.
1 Nov. 20
Nov. 16 Nov.
2
6% preferred (quarterly)
Centrifugal Pipe Corp. (quar.)
Century Ribbon Mills, pref. (quar.)
Extra
31
75c
h$5
25 c
$14
1 Nov. 14
2 Dec.
Nov. 14 Oct.
.......
First National Bank
t 50c
Extra
Celotex
$5 preferred (quarterly)
Container Corp. of America
40c
50c
Caterpillar Tractor Co. (quar.)
I
1
1
Dec. 23 Dec.
Nov. 16 Oct. 31
Nov. 20 Oct. 19
10c
Cedar
1
h$24
50c
Dec.
—....
...
First National Bank of Jersey
V$1 4
pref
Canadian Converters, Ltd. (quar.)
Catalin Corp.
Dec.
Dec.
31
7
Nov. 15 Oct.
Canadian Investors Corp. (quarterly)
Canadian Oil Cos., Ltd. (quar.)
Extra
1
1 Nov. 14
15c
Extra
Carnation Co., 7% preferred
20
50c
Burroughs Adding Machine Co. (quar.)
Special
Byron Jackson Co. (quar.)
Carman & Co., Inc., A
6
15 Jan.
Apr. 15 Apr.
Jan.
Dec.
c50c
(quar.)
Canada Tron Foundries. 6% non-rum.
Canada Wire & Cable Co. preferred
4
Nov. 15 Nov.11
Dec. 31 Dec. 24
124c
Ltd
Extra.
15
25c
Best & Co
Bunker Hill & Sullivan Mining Co.
Extra
Dec." 1
10 Nov. 25
Nov. 15 Oct. 31
2 Dec. 15
Beacon Mfg. Co. 6% pref. (quar.)
Belding Corticelli, Ltd. (quar.)
Preferred (quar.)
Berghoff Brewing Corp. (quarterly)
Jan.
15
1 Nov. 14
2 Dec. 15
Jan.
—
Continental Insurance Co
Extra..
15
Dec.
Continental Steel
(quar.).
5% preferred (quarterly)
Creamery Package Mfg Co
15
15
2 Dec.
2 Dec.
Jan.
-
Preferred (quar.)
2 Dec.
2 Dec.
Crown Zellerbach Corp. class
Ouneo Press, Inc., preferred
$14
Badger Paint & Hardware Stores. Inc., pref
Jan.
Jan.
Extra..
Oopperweld Steel (quar.)
Corporate Investors, Ltd. (quar.)
Holders
When
Payable of Record
Jan.
preferred (quar.)
6% preferred (quar.)__
6.6% preferred (quar.)
7% preferred (quar.)
6% preferred (monthly).
6% preferred (monthly).
6-6% preferred (monthly)....
6-6% preferred (monthly)
Continental Can Co., Inc. (quar.)
1 Nov. 10
Dec.
9
Nov. 16 Nov.
9
Nov. 16 Nov.
25c
Buffalo Ankerite Gold Mines,
Consumers Power Co.. $5
Crown Cork & Seal Co.
h$ 3
h$ 14
Atlas Tack Co
Share
Name of Company
Nov. 24 Oct. 30
Dec. 30 Dec. 20
American Tobacco Co. com. & com. B (quar.)_.
Baker (J. T.) Chemical
Barber Co., Inc
Per
Holders
When
Payable of Record
2c
(semi-ann.)
American Bakeries Corp., 7% pref.
American Rolling
Extra
2949
Financial Chronicle
143
1 Nov. 10
Nov. 10 Oct.
$14
24%
$34
50c
31
Nov. 14 Oct.
31
Nov. 26 Oct.
Jan.
2 Dec.
Dec.
1 Nov.
11
31
9
2950
Financial
Per
Name of Company
Indiana Pipe Line Co
Extra
20c
50c
7% preferred (quar.)
Kayser (Julius) & Co
Kelvinator of Canada, 7% pref. (quar.)
Kendall Co. cum. partic. pref.
(quar.)
Ken-Rad Tube & Lamp, class A
37 He
h37Hc
87 He
25c
25c
-
_
(quar.)
SIX
5
Kroehler Mfg. Co.
class A preferred (quar.)
Kroger Grocery & Baking Co. (quar.)
6% preferred (quarterly)
7% preferred (quarterly)
the Woods
5c
SI H
40c
S1H
SIX
S14
six
MX.
SIX
Milling, preferred
Preferred
Lake Superior District Power Co.
7% pf. (qu.)_
6% prefeerred (quar.)
Landers, Frary & Clark (quarterly)
37 He
25c
Landls Machine Co. (quar.)
Preferred (quarterly)
Lansing Co. (quarterly)
Lanston Monotype Machine Co.
(quar.)_,
Leath & Co., preferred
MX
25c
.
(quarterly)
$1
62 He
-
Lehigh Coal & Nav. Co. .semi-ann.)
Lehn & Pink Products Corp. common
15c
87 Hc
h$ 4
MX
MX
$1
Lexington Utilities, 6H% preferred
'
614% preferred (quarterly)
Libbey-Owens-Ford Glass Co
Liggett & Myers Tobacco, com. & com. B (qu.)_
Lincoln Telep. & Teleg. Co., 6% pref.
(quar.)__
Link Belt Co. (quar.)
Extra
Preferred (quar.)
Little Miami RR., special guaranteed
(quarterly)
Original capital
Loblaw Groceterias Co., Ltd., A & B
(quar.)
Lock-Joint Pipe Co. 8% preferred (quar.)
Loew's, Inc., $6H cumul. pref. (quar.)
Loose-Wiles Biscuit Co.. 5% preferred
(quar.)__
Lord & Taylor, 1st preferred
(quar.)
Los Angeles Gas & Electric Corp.
6% pref
Ludlum Steel Co
Lumber mans Insurance (semi-ann.)
Lunkenheimer Co..
referred (quar.)
Luzerne County Gas & Electric
Corp.—
First $7 preferred (quar.)
First $6 preferred (quar.)
S1H
30c
50c
SI
10
r25c
;
■
S2
SI X
si x
SIX
SI H
50c
15c
50c
Extra
_______
1 Nov. 14
1 Nov. 14
Dec.
1 Nov. 14
Dec.
1 Nov. 14
Jan.
1
Nov. 16 Nov." 5
Dec. 15 Dec.
5
Dec.
Nov. 10 Nov 10
Nov. 30 Nov. 20
Dec. 20 Dec. 10
Nov. 30 Oct. 21
Dec.
1 Nov. 14
Nov. 10 Oct. 31
Nov. 10 Oct.
31
Dec.
Dec.
15 Nov. 30
1 Nov. 16
Nov. 10 Oct. 31
Dec.
1 Nov. 16
Dec.
Dec.
15
10 Nov. 25
10 Nov. 25
1 Nov. 12
Jan.
2 Dec.
Nov. 14 Oct.
Jan.
1 Dec.
Dec.
1 Nov.
Nov. 16 Oct.
Nov. 16 Nov.
31
28
18a
17
31
2
Nov. 16 Oct.
Jan.
2
22
Dec. 21
Nov. 16 Oct. 31
Nov. 16 Oct. 31
Nov. 16 Nov.
5
Nov. 15 Nov. 10
Nov.
9 Oct. 28
Dec.
1 Nov.
6
SIX
2
25c
Extra
Dec. 15 Dec.
1
Dec. 15 Dec.
1
1 Nov. 20
83 l-3c Dec.
75c
Nov. 20 Oct. 20
Nov. 20 Oct. 20
$1
Nov. 30 Nov. 30
43Hc
50c
1 Nov.
Dec.
2
75c
Dec. 15 Dec.
1
50c
Dec.
1 Nov. 20
25c
5% preferred (new)
Mayfair Investment Co., Los Angeles
(quar.)__
Extra
McClatchy Newspapers. 7% pref (quar.)
Mclntyre Porcupine Mines (quarterly)
McKesson & Robbins, Inc., pref.
(quar.)
McWilliams Dredging Co.
(quar.)
Special
Meadville Telep. Co., common
12Hc
(quarterly)
Memphis Natural Gas Co
Preferred (quar.)
Mergenthaler Linotype Co
Mid-Continent Petroleum
37m
six
50c
75c
Minneapolis-Honeywell-Regulator (quar.)
37Hc
12Hc
Extra
Monmouth Consol. Water, $7 pref.
(quar.)
Montgomery (H. A.) Co. (quar.)
SIX
Dec.
1 Nov.
Nov. 15 Oct.
Dec. 19 Dec.
1 Dec.
Jan.
Nov. 16 Oct.
Dec.
1 Nov.
Nov. 20 Nov.
Nov. 20 Nov.
Nov. 16 Nov.
20
31
1
19
30
2
4
4
2
25c
Dec.
25c
Mar. 31
25c
Quarterly
Quarterly
Montgomery & Erie Ry. (semi-annual)
Montreal Light, Heat & Power
(quar.)
Tune 30 June 15
Nov. 10 Oct. 31
Nov. 16 Oct. 31
17Hc
$2
Moody's Investors Service,
pref. (quar.)
Preferred
Moore (Wm. R.) Dry Goods (quar.)
Morris Plan Insurance
Society (quar.)
Mountain Fuel Supply
Muskegon Piston Ring Co. (quar.)
75c
h 50c
,l«1
24 Dec.
Nov. 16 Nov.
Nov. 16 Nov.
Jan.
Dec.
14
Mar. 15
2
2
2 Jan.
2
1 Nov. 26
25c
Dec.
1 Nov. 14
25c
Dec.
25c
Dec.
Dec.
Extra
19 Nov. 13
19 Nov. 13
1 Nov. 16
Dec
28 Dec.
Muskogee Co., 6% cumul. pref. (quar.)
Mutual Chemical Co
National Acme Co
of Am. 6% pref.
(quar.)_.
25c
National Bearing Metals
Corp. (extra)
National Biscuit Co
Preferred (quarterly)
National Casket Co.
$1.10
40c
SIX
(semi-ann.)
National Lead preferred A
(quar.)
National Life & Accident Insurance Co.
National Power & Light < 'o
III
SIX
(Tenn.)
40c
(quar.)
Neptune Meter Co., 8% pref. (quar.)
Newberry (J. J.) Co., 5% pref. A (quar.)
New Britain Match Co. preferred
New Jersey Zinc Co.
(quar.)
New York Air Brake
Nineteen
Hundred Corp., class A (quar.)
Nonquitt Mills
Norfolk & Western Ry. Co.
(quar.)
Preferred (quar )
North American Edison Co.,
pref. (quar.)
North Oklahoma Gas Co.,
0% pref. (quar.)
North River Insurance (quar.)
Northern RR
20
Nov. 16 Nov.
25c
Masonite Corp. (new) (quar.)
21
1 Jan.
10c
5c
Manufacturers Casualty Insurance Co.
(quar.)_
2 Dec.
Feb.
Dec.
50c
5c
Manischewitz (B) & Co. (resumed)
7% preferred (quarterly)
1 Nov. 10
Jan.
Nov. 30 Nov. 13
Nov
16
Nov. 1
Nov. 16 Nov.
2
Nov. 16 Nov.
2
Dec.
1 Nov. 10
Dec. 15 Dec.
1
1 Dec. 20
Jan.
Nov. 16 Nov.
2
Si H
.
23
1 Nov. 16
25c
Shirt
Dec
2 Dec.
SIX
Extra
31
Dec.
SIX
S1H
.__
Dec
Dec.
Jan.
Dec.
50c
Non-cum. preferred (quar.)
,
Macy, R. H. & Co. (quarterly)
Madison Square Garden (quar.)
Magnln <1 > & Co
$0 preierred (quar.)
Managed Investments (quar.)
Dec. 24 Dec. 14
1 Jan. 20
Dec. 16 Dec.
2
Feb.
15c
SIX
SIX
!
Nov. 15 Nov.
5
Dec.
1 Nov. 10a
Nov. 10 Oct. 31
Nov. 20 Nov.
2
Nov. 20 Nov.
2
Dec. 23 Dec.
3
S1H
25c
Lynch Corp. (quar.)
MacMillan Co. (quar.)
Manhattan
15 Nov. 30
Dec.
1 Nov. 14
Dec. 31 Dec. 21
Nov. 20
Nov. 30 Nov." 16
six
SIX
_
Kreuger (G.) Brewing Co. (quar.)__
or
Dec.
e200 %
c50c
„
Ontario & Quebec Ry. deb. stock (semi-ann.)—
Owens Illinois Glass Co
Ozark Corp
(quarterly)- —
Pacific Fire Insurance (increased)
Pacific Gas & Electric, 6% pref. (quar.)—
Go
of N
J
4% gtd
quar.)
Northwestern National Life Insurance Co
Northwestern Public Service,
7% pref. (quar.)_
6% preferred (quarterly)
Oahu sugar
Extra
$2
h$28
Nov. 30 Nov. 13
Nov. 14 Oct. 31
Dec. 15 Nov. 27
Dec.
Dec.
1 Nov. 20
1 Oct. 26
Nov. 16 Nov.
2
Dec.
1 Nov. 16
Nov. 15 Oct. 26
50c
Nov. 10 Oct.
50c
Dec.
50c
Nov. 14 Oct.
50c
$2
$1
$1H
$1 H
20c
$1
15c
SIX
S1H
20
1 Nov. 12
31
Nov. 15 Oct. 27
Dec. 19 Nov. 30
Nov. 19 Oct. 31
1 Nov. 16
Dec.
Dec.
Dec.
1
Nov
15
10 Nov. 27
Dec.
1 ivJov 21
Nov. 10 Nov.
2
Dec.
1 Nov. 21
Dec.
1 Nov. 21
20c
(quarterly)
Old Dominion Co., irregular dividend
Irregular dividend
Olympic Forest Products Co., $8 preferred-
Ontario Manufacturing (extra)
Ontario Steel Products, preferred
Preferred (quarterly)
Nov. 14 Nov.
6
20c
Occidental Insurance Co.
(quarterly)
Ohio Finance Co. (special)
Ohio Power Co., preferred
15c
SI X
17
Nov. 20 Nov.
5
Dec.
1 Nov. 18
Dec. 15 Nov. 13
Nov. 14
6
30c
50c
Nov. 16 Nov.
5
Nov. 10 Oct. 24
Dec.
1 Oct. 31
Dec. 10 Nov. 25
25c
Feb.
SI
S1H
$2
25c
h$2
SIX
Nov.
10 Jan.
26
Dec.
1 Nov. 20
Nov. 30 Nov. 20
Dec. 18 Oct. 31
Nov. 16 Oct.
31
Nov.
2
Oct. 30
Nov.
i
Nov. 30
>ee.
81H
Parker Rust-Proof Co
Extra
Preferred
Oct.
31
Nov.
Nov.
Nov.
Oct.
31
Oct.
20
Oct.
20
Dec.
Nov. 10
40c
Dec.
Dec.
Dec.
Dec.
Dec.
Nov. 14
37 He
82 He
(semi-annual)
3H%
Parker-Wolverine Co
Pender (David)
Grocery, class A (quar.)
Peninsular Grinding Wheel Co. (quar.)
Peninsular Telephone (quarterly)
25c
Pennsylvania Power Co., $6 pref. (quar.)
$6 60 preferred (monthly__
Pennsylvania State Water Corp., $7 pref. (quar.)
Peoples Telephone Co. (Butler, Pa.)—
6% preferred (quar.)
Philadelphia Subruban Water Co. pref. (qu.)
Phillips Packing Co., Inc
Phoenix Finance Corp., preferred (quarterly)
Phoenix Hosiery Co., preferred
Pitney-Bowes Postage Meter (quar.)
Pittsburgh Ft Wayne & Ohicago Ry. Co. (quar.)
7% preferred (quarterly)
Pittsburgh Youngstown & Ashtabula Ry. Oo.—
7% preferred (quarterly)..
Plymouth Fund, Inc., class A
25c
Nov. 20
Oct.
15
5
5
Nov. '5
$1.75
Feb.
Nov.
Feb.
75c
.
25c
Dec.
12c
Nov.
Nov.
5
Nov.
Nov.
5
Dec.
Nov. 20
55c
Dec.
Nov. 20
Dec.
Nov. 20
Dec.
1 Nov. 20
SIX
Dec.
1 Nov. 12a
Nov. 12 Oct. 31
Jan
10 Dec
31
Dec.
1 Nov. 19
Nov. 16 Nov.
2
Jan.
2 Dec.
Jan.
1 Dec.
Dec.
—
Portland & Ogdensburg Ry., guaranteed
Procter & Gamble Co. (quarterly)
Nov.
Nov.
Public National Bank A Trust Go (quar.)_..
Public Service Corp. of N. J. 6% pref. (monthly)
Jan.
.
Dec
Nov.
Dec.
6% preferred (monthly)
$5 preferred (quar.)
Dec.
Nov.
r25c
Oct.
Nov
Nov.
Oct.
50c
Dec.
60c
Dec.
Nov. 20
Dec.
1
50c
27
Nov.
Oct.
50c
Dec.
25c
Nov.
Nov. 19
Nov. 10
Dec.
Nov. 16a
Jan.
Dec. 21a
25c
SIX
5%
Dec.
Dec.
15
1 Nov. 12
1 Nov. 12
1
1 Nov.14
Dec.
Dec.
Nov. 17 Oct. 16
Dec.
1 Nov. 20
Dec. 15 Dec.
5
Jan.
Dec.
15
1
Dec.
15
Dec. 31
Dec. 31
San Francisco Remedial Loan Assoc.
(quar.)
Schmidt Brewing Co. (initial)
1
Jan.
Dec.
15
l6 Oct. 31
Nov. 16 Oct
15
Nov. 14 Nov.
6
Dec. 15 Dec.
1
Nov. 16 Oct. 30
Dec. 15 Nov.
6
Nov.
Schott Brewing Co., class A & B._
Scotten-Dillon
1
Sears Roebuck Co, (quarterly).
Extra
Dec. 15
Dec.
1
Nov. 15
Dec. 14
Dec. 14
Second Investors Corp. (K. I.), $3 prior
pref
Second Twin Bell Syndicate (monthly)
Securities Acceptance Corp. of Omaha
(quar.)__
Extra dividend payable in 6% pref. stock____
Selfridge Provincial Stores Am. deposit rcts__
Servel, Inc., 7% cum preferred (quar.)
Shawinigan Water & Power (quar.)
Shenango Valley Water Co., 6% pref. (quar.)..
Sherwin-Williams Co., common
5% preferred series AAA
Signode Steel Strapping (increased, quar.)
Preferred (quarterly)
Simmons & Co. (increased)
Sioux City Gas & Electric Co. 7 %
pref
Solvay American Investment, preferred (quar.)_
Somerset, Union & Middlesex Lighting Co
Nov.
6
Nov. 14
Oct. 30
Dec.
19
Dec.
19
cDec. 8 Nov. 13
Jan.
2 Dec. 1H
Nov. 16 Oct. 29
Dec.
1 Nov. 20
Nov. 16 Oct. 31
Dec.
1 Nov. 14
Nov. 15 Nov.
5
Nov. 15 Nov.
5
Nov. 24 Nov.
4
Nov. 10 Oct. 31
Nov. 16 Oct. 15
Dec.
1 Nov. 14
Nov. 25 Nov.
9
Nov. 25 Nov.
9
Pulp Co
Extra opt. stk. div, of l-200th sh. of
6% pf.,or
Southern Calif Edison (quar.)
Nov. 16
>ct. 20
Nov. 1 60ct. 31
15 Dec.
7
Nov. 20 Oct. 31
Feb.
1 Jan. 15
Dec. 10 Nov.
9
Southern Canada Power Co., com.
(quar.)
Southern Natural Gas Co. class A
i
Dec.
Sovereign Investors, Inc. (increased)
Spiegel May Stern Co., preferred (quar.)______
Standard Brands, Inc., extra
Standard Steel Construction, $3 class A
$3 class A
Stanley Works. 5% preferred (quar.)
Nov. 16 Oct. 30
Jan.
1 Dec. 15
fcls
2
1
Nov.
2
Dec.
Stewart-Warner Corp., common
(semi-ann.)
Common (extra)
Nov.
Dec.
Stein A & Co.
1
Nov.
2
Dec.
1 Nov. 14
Nov. 15 Oct. 20
Nov. 15 Oct. 20
Nov. 15 Oct. 20
Dec.
Nov. 20
Dec.
Nov. 20
Strawbridge & Clothier, 6% prior pref. A (quar.)
Syracuse Lighting Co., Inc., 6% pref. (qu.)
6H% preferred (quarterly)
8% preferred (quarterly)
Tampa Gas Co., 8% pref. (quar.)
7% preferred (quarterly)
Tamblyn (,G.) Ltd. (initial, quarterly)
Quarterly
Quarterly.
j
Quarterly
Tampa Electric Co. (quarterly)
Nov. 20
Nov. 20
24
Nov.
2
Dec.
37 He
$1 H
21
Nov. 22
Nov. 20
Nov. 20
Dec.
7% preferred (quar.).
8% preferred (quar
'.)Pullman, Inc. (quarterly)
Quaker Oats Co. 6% preferred (quar.)..
Quebec Power Co. (quar.)
Rainer Pulp & Paper Co., $2 cl. A & B. (quar.)__
Rapid Electrotype (quarterly)
Reading Co. (quarterly)
First preferred (quar.)
Republic Insurance Co. of Texas (quar.)
Reynolds Metals Co. common
5H% cumul. conv. pref. (quar.)
Rhodesian Anglo-American, Ltd
Rochester Gas & Electric Corp.—
6% preferred O & D (quar.)
5% preferred E (.initial, quar.)__
7% preferred B (quarterly)
Rolland Paper Co. 6% pref. (quar.)
Rolls Royce (interim)
x
Roxborough Knitting Mills, pref. (quar.)
Ruud Manufacturing Co. (quarterly)
St. Louis Bridge Co., 6% 1st pref.
*,semi-ann.)__
3% 2nd preferred (semi-annual)
St. Louis Rocky Mt. & Pacific, preferred
10
10
Nov. 20
Nov. 15
Dec. 15
Nov. 20
Oct. 23
Dec.
Dec.
.
23
Oct.
SIX
rii
Seaboard Oil Co. (Del.) (quar.)
Seaboard Surety Co
27
Dec.
Nov.
---
;
Jan.
Apr.
July
Oct.
...
Nov. 16 Oct.
Nov. 16 Oct.
Jan.
2 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
2 Dec.
15
Dec.
6% preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
31
31
15
Jan.
Preferred (quarterly)
Tennessee Electric Power Co.,
5% pref. (quar.),
Tide Water Assoc. Oil
Tide Water Power, $6
Dec.
Jan.
Nov.
__
7.2% preferred (monthly)
7.2% preferred (monthly)
Texas Gulf
Producing Co
Thatcher Manufacturing Co..
Thompson (John R.) (quar.)
Nov. 10
81.75
—
Extra
Nov. 10
Nov. 10
Nov. 14
6Xc
SIX
(extra)
_
6
Nov.
87 He
——-—
7% preferred (quarterly)
7% preferred (quarterly)
Penmans
Ltd
(quar.)
Pennroad Corp
Penna. Illuminating Corp., class A pref. (quar.)
Class A preferred
Nov.
Nov.
20c
-
Nov.
30c
Extra
Packard Motor Car Co. (increased)
Parker Pen Co. (increased)
Nov. 14
2 Dec. 15
Jan.
Dec.
Jan.
Dec.
conv.
pref. (.quar.)
preferred (quar.)
15
1
1 Nov. 14
2 Dec. 15
15 Nov. 20
Dec.
Nov. 10
6a
Nov. 16 Nov.
2
Nov. 21 Oct. 21
Nov. 16 Nov.
(quar.)
(quar.)
Troy & Greenbush RR., A (semi-ann.)
Tri-State Teleo. &
Teleg., 6% pref
Truax-Traer Coal Co.
(resumed)
Twin Coach Co
208 S. La Salle Street Bldg.
Corp.
15
Nov. 1. Oct. 31
Nov. 16 Nov.
5
Dec.
1 Nov. 10
Tobacco & Allied Stocks, Inc
Tobacco Products Export
Corp. capital stock
Toburn Gold Mines, Ltd.
Quarterly
Holders
37 He
34 Xc
6Uc
5 H % preferred (quarterly)
Paeific Lighting Corp., com. (quar.)
Sound view
1936
Payable Of Record
Dec.
2H%
S2X
26c
____________
7.
When
Share
of Company
23'
1 Nov. 14
1 Nov. 25
Dec.
37&
Kalamazoo Vegetable Parchment Co.
(quar.)—
Kentucky Utilities, jr. pref
Junior preferred (quarterly)
Kimberly-Clark Corp. (special)
Klein (D. Emil) Co. (quar.)
Dec.
six.
SI X
mix
(qu.)_
Per
Name
23
1 Nov. 13
1 Nov.
5
Nov. 16 Oct. 31
Dec.
1 Nov.
5
25c
Jantzen Knitting Mills, 5%
pref. (initial
Jones & Laughlin Steel Corp.
preferred
Jarvis (W. B.) Co. iquarterly)
Katz Drug
Dec.
Dec.
SIX
Interstate Hosiery Mills, Inc. (quar.)
Iron Fireman Mf« (quar.)
v
Ironwood & Bessemer Ry. & Light Co.—
Lake
Nov. 14 Oct
Nov. 14 Oct,
75c
Nov.
Holders
Payable 0} Record
20c
Inland Steel Co
International Harvester Co., pref. (quar.)
Preferred
When
Share
Chronicle
Dec.
Dec.
Dec.
Nov. 16
15 Dec.
1
Nov. 10
Nov. 14 Nov.
7
(Chicago)
50c
Jan.
4[Dec.
19
Volume
Financial
143
Union Bag & Paper Co. (quarterly)
Union Oil Co. of California (quar.)
United Corp. Ltd., A
United i >vewood i'on*
preferred (quar.)
Nov. 16 Nov.
c50c
Nov. 10 Oct.
Nov. 16 Oct.
25c
mi
• an
$1 "4
50c
United Engineering & Foundry
Preferred (quarterly)
t3&
58 i-3c
—
United States Steel, 7% preferred
Preferred (quarterly).
United Verde Extension Mines Co
2
Dec.
1
9
Nov. 16
Dec. 15
Jan.
Dec.
21
Jan.
1
Nov. 30
Dec.
16
1 Dec. 16
2
Nov. 28 Nov.
2
Nov. 28 Nov.
Jan.
Mar
1
Feb.
25c
Upper Michigan Power & Light Co.—
6% preferred (quar.)
U. S. Sugar Corp..
Stock dividend of M share Clewiston Realty &
Development Co., common
Dec.
25c
;
;
Dec.
lune
1
May 15
1
Tan.
$im
Feb.
10c
i
Dec.
Jan.
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 10 Dec.
Van Norman Machine & Tool Co
Extra
Vapor Car Heating Co., preferred (quar.)
Venezuelan Oil Consol., Ltd. (interim)
Vick Chemical Co. (quarterly)
Extra
Will & Baumer Candle Co.. Inc.. common
Wilson
10
10
Dec.
Dec.
Nov. 16
Nov
Dec.
Nov. 14
Nov.
Nov.
Jan.
Oct. 31
Nov.
5
Dec. 21
Nov.
Nov.
9
Nov.
.
Nov. 20
Nov.
4
Dec.
-
The
Nov.
THE NEW
WEEK
ENDED
♦
♦
16
Nov. 12 Nov.
9
Dec.
1 Nov. 10
25c
Ian.
Dec.
19
25c
Feb.
1
Ian.
20
25c
25c
...
Mar.
2
i
Feb.
20
\nr.
1
Mar. 20
Nov. 16
SIM
Transfer books not closed for this dividend.
a
The following corrections have been
Crown Drug Co., Inc., 7% pref. div.
1
made:
payable to holders Nov. 10.
Union Bag & Paper Co., div. payable Nov. 16.
West Jersey & Seashore 6% pref. payable Dec.
Nov. 14.
1 to holders of record
'■
..
Payable in stock.
e
/ Payable in common stock,
g Payable in scrip,
dividends,
j Payable in preferred stock.
h On account of accum-
ulated
American Chain Co. pref. stock, called for redemption with above
p
Payable in Canadian funds, and in the case of non-residents of
r
a
reduction of
Net
Canada,
5% of the amount of such dividend will be made.
Deposited Insurance Shares, series A & B stock div. of 2M% payable
Holders have option of dividend in cash based on liqui¬
s
dating value of shares.
Caterpillar Tractor, extra div. of 50c. or 1-200 sh. of 5% pref. stock.
t
u
x
Payable in U. S. funds,
Less tax.
The
OCT. 31,
w
Less depositary expenses.
A deduction has been made for expenses,
y
z
Per 100 shares.
following shows the condition of the Federal Reserve
Bank of
SATURDAY,
Surplus and
tax of
New York
CLEARING HOUSE
YORK
a
in trust shares.
City
1936
in
New York at the close of
business
Nov. 4 1936
comparison with the previous week and the corresponding
date last year:
Time
Demand
Undivided
Capital
14
Condition of the Federal Reserve Bank of
Deposits,
Deposits,
Profits
Clearing House
Mov
9
New York
weekly statement issued by the
Clearing House is given in full below:
THE
2
1 Nov. 20
1
Nov. 13 Nov.
4
Dec.
i
Nov. 20
Monthly,
Weekly Return of the New York City
Clearing House
FOR
)ec.
60c
Zellers, Ltd., 6% pref. (interim)
Nov. 16
Nov.
ASSOCIATION
Dec.
1 jM C
Co.
Monthly
Monthly
1
Dec.
_
Extra
OF
2 Dec. 21
Nov. 15 Nov.
accumulated dividend.
Wasnington Ry & Elec. Co.. 6% pref. (qurr.)
5% preferred (sem'-ann.)
Wesson Oil & Snowdrift, prefeired (que .)
Western Cartridge Co. 6% pref. (qua*-.)
Western Tablet & Stationery Corp. (^uar.)
6% preferred (initial)
Westinghouse Electric & Manufacturing
Preferred (quarterly)
MEMBERS
2 Dec. 21
Jan.
Nov. 16
Dec.
Virginia Coal & Iron Co. (quarterly)
STATEMENT OF
Jan.
SIM
(quarterly)
Wilson-Jones Co. (final)
Woolworth (F. W.) (quarterly).;
Worcester Salt, preferred (quar.)
Wrigley (Win.) Jr. Co. (montniy)
Monthly
<v
1 Nov. 10
Nov. 16 Nov.
2
Dec.
1 Oct. 31
10c
Williamsport Water Co., $6 pref. (quar.)
26
15 Mar. 15
15 June 15
Nov. 14 Oct. 31
Dec.
1 Nov. 16
Dec.
2 Nov. 20
Utility Equities Corp., $5M prior preferred
Vanadium-Alloys Steel (quarterly)
22
31
Dec.
SIM
SI M
$1
SIM
...
15
15 Nov. 20
15 Dec. 15
Dec.
(quarterly)
22
Nov.16 Oct.
(quarterly)
(quar.)..
Wheeling Electric Co., 6% pref. (quar.)
Whitaker Paper Co. (resumed)
Preferred (quar.)
Nov. 14
Apr.
July
Utica Gas & Electric Co.. 7% pref. (quar.)
Nov. 15 Oct.
Nov. 16 Oct.
25c
West Virginia Pulp & Paper Co. pref.'
20 Dec. 10
10 Nov. 20
Dec.
Preferred (quarterly)
Preferred (quarterly)
10c
l%%
1M%
6% cumul. preferred (quarterly)
Westvaco Chlorine Products
Dec. 31
3-31-37
6-30-37
9-30-37
12-31-37
Nov. 14
10 Nov. 20
Jan.
Preferred (quarterly)
25c
.
c
Preferred
25c
25c
Quarterly
15 Nov. 18
25c
25c
(quar.)
Quarterly
Preferred
15
10 Dec. 21
2 Dec. 23
Jan.
h$ 2
%\H
Universal insurance (Newark, N. J.)
Quarterly
Nov. 16
Ian.
25c
_
Dec.
1
Dec.
—
2
Ian.
—,
Extra
15
Ian.
Jan. 30
4-30-37
7-30-37
10-30-37
1-30-38
cDec. 1
25c
West Jersey & Seashore 6% spec. gtd. (s.-a.)__.
Westland Oil Royalty Co
Inc., class A (mo.).
West Penn Electric Co., 7% cumul. pref. (qu.).
Holders
Payable of Record
25c
-
Quarterly..
7
Dec.
58 l-3c
7% pref. (monthly)
j
54c
6.36% pref. (monthly)
6 36% pref. (monthly)
54c
50c
6% pref. (monthly)
50c
6% nr^f (monthlv*
United New Jersey RR. & Canal Co. (quar.)
$2M
United States National Corp. (liquidating)
5c
United States Pipe & Foundrv do common (qu.)
37 He
United States Playing Card Co. tquar.)>.
25c
Westinghouse Air Brake (quar.)
Quarterly
Quarterly
11
24 Nov. 30
24 Nov. 30
1 Nov. 16
Dec.
$1M
Share
Company
'
7
Nov. 17 Nov.
Dec.
1 Nov. 13
25c
Preferred (quarterly)
United Lignt at Hail ways, 7% pref. (mo.).
>ec.
9
17
31
Nov. 17 Nov.
UK
United Gas Corp., $7 preferred (quarterly)
United Gas Improvement (quarterly)
Name of
Payable of Record
Share
When
Per
Holders
When
Per
Name of Company
2951
Chronicle
Average
Average
Members
Nov.
4,
1936 Oct. 28,
1936 Nov. 6, 1935
$
$
Bank of N. Y. & Tr. Co.
Assets—
137,529,000
11,191,300
25,431,700
384,302,000
«53,577,400 al,444,562,000
477,574,000
62,738,100
178,070,700 61,504,616,000
35,132,900
478,865,000
721,774,000
64,217,500
257,602,000
16,866,400
633,003,000
90,750,600
59,220,500
506,670,000
52,595,000
3,911,600
/121,233.300 c2,008,750,000
46,663,000
3,440,600
4825,232,000
69,954,500
2,702,200
17,487,000
84,017,000
8,494,300
23,129,200
326,528,000
78,886,000
7,873,900i
83,202,000
8,595,100
12,481,000
33,886,000
164,885,000
11,656.000
35,705,000
92,296,000
46,700,000
22,735,000
3,500,000
355,000
2,336,000
65,481,000
9,969,857,000
604,920,000
Treasury
notes
official reports: National, June 30, 1936; State, Sept. 30, 1936; trust
companies, Sept. 30, 1936.
e As of Aug, 1, 1936.
f As of Sept. 30, 1936.
Includes deposits in foreign branches as follows: (a) $244,652,000; (6) $93,758,000;
Treasury
bills
6.000,000
20,000,000
Bank of Manhattan Co..
National City Bank
Chemical Bk. & Tr. Co..
Guaranty Trust Co.
e77,500,000
20,000,000
90,000.000
....
Manufacturers Trust Co.
42,935,000
Cent. Hanover Bk. & Tr.
21,000,000
15,000,000
10,000.000
60,000,000
4,000,000
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co..
Continental Bk. & Tr.Co
Chase National Bank...
/100,270,000
500,000
25,000,000
Fifth Avenue Bank
Bankers Trust Co
Title Guar. <fc Trust Co.
10,000,000
5,000,000
Marine Midland Tr. Co.
New York Trust Co
12,600,000
7,000,000
5,775,000
Com! Nat. Bk. & Tr.Co
Public N. B. &Tr. Co-
Totals
*
622,480,000
836,531,800
599,000
3.078,000
22,587,000
1,481,000
45,662,000
The
hand and due from
3,247,400,000 3,240,051.000 2,944,827,009
1,304,000
1,476,000
1,710,000
56,604,000
46,526,000
65,512,000
Redemption fund—F. R. notes.
Other cash t
—
3,305,308,000 3,307,039,000 2,993.063,000
Total reserves
Bills discounted:
Secured
by
U.
S.
Govt, obligations,
United States government securities:
Bonds
...
Total U. S. Government securities-
York
"Times"
publishes regularly each week
trust companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended Oct. 31:
number of banks and
a
INSTITUTIONS
BUSINESS
NOT
FOR
IN
CLEARING
THE
WEEK
HOUSE
ENDED
THE
WITH
FRIDAY,
CLOSING
OF
Total bills and securities
Due from foreign banks....
Federal Reserve notes of other banks...
4,953,000
4,889,000
1,097,000
6,299,000
1,799,000
7,618,000
100,883,000
383,222,000
161,138,000
100,381,000
383,224,000
161,638,000
486,204,000
179,466,000
645,243,000
645,243,000
741,817,000
657.592,000
756,123,000
84,000
7,988,000
86,000
8,052,000
137,618,000
10,856,000
29,538,000
256,000
6,591,000
103,093,000
12,077,000
119,735,000
10,860,000
Uncollected items
2,049,000
76,147,000
Bank premises
30,264,000
All other assets
STATE
AND
Other Cash,
Loans,
Disc,
BANKS—AVERAGE
and
Including
Investments Bank
$
Manhattan—
Grace National
Res.
4,132,655,000 4,150,781,000 3,900,762,000
Trade Bank of N. Y.
Brooklyn—■
Peoples' National—
Dep.,
Dep. Other
Banks and
Oross
Trust Cos.
Deposits
Elseiohere
$
$
Liabilities—
$
245,369
2,483,900
2,621,000
109,537
29,330,300
26,636,000
5,978,308
104,000
4,007,000
5,842,300
5,999,000
1,502.173
918,000
883,000
5,472,000
TRUST COMPANIES—AVERAGE
Res.
Loans,
Disc,
FIGURES
Y. and
N.
$
80,800
722,000
24,686,300
20,500,000
5,388,149
Sterling National—
Notes
Cash
and
Invest.
N.
F. R. notes in actual circulation
856,764,000
841,818,000
769,739,000
Deposits—Member bank reserve aco't— 2,918,851,000 2,920,453,000 2,691,648,000
U. S. Treasurer—General account
7,796,000
22,325,000
33,106,000
17,018,000
24.323,000
Foreign bank
8,258,000
Other deposits
82,629.000
83,148,000
150,051,000
3,026,294,000 3,050,249.000 2,883,063,000
Total deposits.
Deferred availability items
Capital paid In
Surplus (Section 7)—
Surplus (Section 13b)
Reserve for contingencies
FIGURES
Dep.,
Dep. Other
Y. and
Banks and
Oross
Trust Cos.
Manhattan—
$
^
$
58,132,100
8,785,694
11,733,555
Federation
Fiduciary.
Fulton
___
*6,352,700
159,453
*1,166,339
20,477,200 *4,910,300
28,361,100 *12,032,700
68,860,877 17,676,204
124,211,000
50,246,000
50,825,000
7,744,000
8,849,000
7,722,000
133,677,000
50,246,000
50,825,000
7,744,000
8,849,000
7,373,000
116,644,000
50,986,000
49,964,000
7,250,000
7,500,000
15,616,000
Deposits
Elsewhere
All other liabilities
——
4,132,655,000 4,150,781,000 3.900.762,000
Total liabilities
Empire
29,559,000
OCT. 31. 1936
Total assets
NATIONAL
Lawyers....
United States
2,840,000
658,416,000
Bills bought in open market
Industrial advances
2,862,000
2,091,000
1,098,000
6,495,000
Total bills discounted
3,195,000
2,385,000
5 580,000
direct and (or) fully guaranteed
Other bills discounted
(d) $52,533,000.
New
returns of
on
United States Treasury x
39,497*000
As per
(c) $99,737,000;
Gold certificates
S
$
11,712,500
1,327,848
2,891,300
2,585,926
878.679
905,000
4,093,200
16.964,407
515-700
s
69,620,900
10,901,956
11,508,887
22,320.800
41,866,800
74,283,000
of total reserves to deposit and
F. R. note liabilities combined
Commitments to make industrial ad¬
Ratio
t "Other cash" does not include
bank notes,
85.1%
85.0%
81.9%
9,267,000
vances—
9,362,000
9,513,000
Federal Reserve notes or a bank's own Federal
Reserve
Brooklyn—
Brooklyn
Kings County
*
...
3,166,000
2,591,400
77,279,000
34,850,772
49,403,000
10,807,649
Includes amount with Federal Reserve as follows:
Empire, $1,665,000; Fidu¬
ciary, $818,245: Fulton, $4,686,800; Lawyers, $11,130,900.
I
368,000 121,731,000
43,135,195
x
These are certificates given by the United States Treasury for the gold taken
over
from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
100 cents to 69.06 cents,
these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Aot of 1934.
2952
Financial
Chronicle
Nov. 7, 1936
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks
at the close of business on
Wednesday.
Thursday afternoon, Nov. 5,
on
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.
returns
for the latest week
COMBINED
appear
in
RESOURCES AND LIABILITIES
Three ciphers (000) omitted
Nov.
ASSETS
on
$
hand and due from U. S. Treas.x
the
upon
Oct. 21,
1936
$
8,650,837
Oct. 7,
1936
Oct. 14,
1936
$
AT THE CLOSE OF BUSINESS NOV. 4, 1936
Sept. 23,
Sept. 16,
Sept. 9,
1936
1936
1936
1936
$
$
$
Sept. 30,
$
$
$
Nov.
6,
1935
$
8,581,384
13,136
251,328
8,527,881
12,248
252,246
8,384,683
12,428
261,445
8,384,679
249,355
8,609,328
12,471
253,547
12,850
267,059
8,386,071
12,102
263,529
8,372,031
12,145
248,066
7,063,156
19,370
223,634
8,913,929
8,875,346
8,845,848
8,792,375
8,658,556
8,664,588
8,661,702
8,632,242
7,306,160
4,142
2,935
3,421
2,686
3,103
3,067
3,963
4,196
3,426
4,113
2,893
6,558
3,226
3,805
3,952
4,059
3,681
4,352
3,773
3,028
11,354
Other cash*
reserves
8,635,831
12,273
265,825
8,911,546
Redemption fund (Federal Reserve notes)
Total
Governors of the Federal Reserve System
OF THE FEDERAL RESERVE BANKS
Oct. 28,
1936
4,
1936
Gold ctfs.
The comments of the Board of
department of "Current Events and Discussions
our
-
Bills discounted:
Secured by U. S. Government obligations,
direct and (or) fully guaranteed
Other bills discounted
Total bills discounted
7,077
6,107
6,170
8,159
7,539
9,451
7,031
8,011
8,033
6,801
3,087
3,087
26,299
3,089
26,427
3,098
26,480
3,098
27,142
3,098
3,098
3,096
3,095
4,676
32,677
378,077
1,443,363
608,787
378,077
1,443,363
608,787
378,077
1,443,363
608,787
378,077
1,443,363
608,787
1,443,363
606,904
2,430,227
Bills bought In open marketIndustrial advances
2,430,227
2,430,227
2,430,227
2,430,227
26,474
—
United States Government securities—BondsTreasury notes
Treasury bills
Total U. S. Government securities
379,960
1,443,363
—
28,145
28,550
28,521
378,077
378,077
1,443,363
324,721
1,496,719
608,787
378,077
1,443,363
608,787
608,787
608,787
235,447
1,638,588
556,162
2,430,227
2,430,227
2,430,227
2,430,227
2,430,197
28,628
Other securities
Foreign loans
Tota
181
on
gold
bills and securities..
2,465,720
2,466,865
2,465,913
2,468,006
2,467,964
2,470,921
2,468,906
2,469.855
Gold held abroad
-
Due from foreign banks
"""220
""218
""216
217
24,720
573,806
24,791
841,169
48,062
21,297
592,617
40,255
48,062
39,116
24,797
654,301
48,062
38,307
40,657
48,060
39,247
12,048,652
12,065,573
12,106,944
12,268,707
11,961,819
""220
Federal Reserve notes of other banks
Uncollected items
Bank premises
—
All other assets
v
24,852
556,847
48,067
—
_
Total assets
__
-1
V
LIABILITIES
:
•
*'
•'
:
2,469,983
2,474,532
■
"""217
"""217
"""219
"""219
"""641
22,640
26,320
780,969
48,058
37,888
26,775
554,757
48,055
45,139
477,338
50,169
39,232
27.293
578,531
48,059
38,420
11,862,204
11,826,014
12,025,011
11,777.170
10,371,806
622,578
48,060
21,829
41,137
y..\
'
,
Federa IReserve notes In actual circulation
4,134,747
4,086,242
4,091,064
4,093,187
4,077,724
4,049,143
4,033,849
4,045,458
4,055,971
3,563,254
Deposits—Member banks'
6,693,359
6,732,003
6,693,447
6,616,920
6,478,948
6,356,952
252,737
6,224,640
388,351
6,205,735
417,924
6,471,333
54,683
5,671,235
reserve account
United States Treasurer—General
account—
.
195,786
74,395
197,022
7,051,555
7,009,058
7,000,898
577,408
824,207
130,241
145,501
27,088
34,236
13,302
657,033
130,243
145,501
27,088
34,236
12,721
130,243
145,501
27,088
130,178
12,048,652
_
88,904
159,828
13,201
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
135,246
63,782
163,492
575,644
130,232
Total deposits
Deferred availability Items..
88,337
65,479
154,170
6,988,002
Other deposits
99,903
153,316
Foreign banks
12,065,573
12,106,944
94,549
46,778
145,501
27,088
34,237
All other liabilities
Total liabilities
Ratio of total reserves to deposits and
Federal
Reserve note liabilities
ombined
59,719
51,950
64,862
56,762
59,235
22,501
181,873
190,268
193,937
211,572
213,724
6,946,151
6,843,512
6,868,121
6,874,358
6.796,823
5,967,179
588,543
620,360
130,162
145,501
574,758
756,014
130,185
145,501
27,088
34,240
12,167
543,220
130,172
145,501
27,088
34,236
44,159
490,231
12,025,011
11,777,170
10,371,806
13,341
27,088
34,242
12,392
34,241
12,197
130,163
145,501
27,088
34,241
12,293
12,268,707
11,961,819
11,862,204
11,826,014
145,501
34,242
27,088
130,364
144,893
23,457
30,699
21,729
80.1%
80.0%
80.0%
79.7%
79.8%
79.5%
79.5%
79.3%
79.5%
76.7%
22,574
22,790
22,774
23,086
22,906
23,307
23,397
23,543
23,721
27,336
5,250
4,262
4,337
6,579
5,834
7,628
5,264
6.324
4,374
564
6.718
565
73
62
51
114
158
91
157
553
788
Commitments to make Industrial advances
594
1,077
527
576
601
76
163
233
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
525
431
874
845
865
1,100
1,094
587
194
155
162
252
117
233
243
433
339
338
827
7,077
Total bills discounted
1-15 days bills bought
16-30 days bills bought
31-60 days bills bought
61-90 days bills bought
853
319
Over 90 days bills discounted
6,107
6,801
9,451
7.031
8,011
8,033
2,275
341
481
1,645
1,623
1,598
67
31
717
716
67
473
427
722
285
278
295
282
198
784
726
68
407
2,566
2,617
2,739
497
1,758
1,703
602
274
1,002
3,391
3,087
3,087
3,089
3,098
3,098
3,098
3,098
3,096
3,095
4,676
1,035
1,092
1,081
894
1,561
1,615
1,590
301
1,592
1,566
332
1,524
457
469
448
312
397
398
459
677
608
588
507
522
551
567
612
682
690
949
1-15 days industrial advances.«
16-30 days Industrial advances
31-60 days industrial advances
61-90 days Industrial advances
Over 90 days Industrial
advances...
7,539
5
154
174
Total bills bought in open market
8,159
31
264
In open market
"Over 90 days bills bought in
open marketl
6,170
83
In open market
In open market
in open market
984
930
1,019
23,592
812
762
737
696
937
'■
:
156
370
23,356
1-15 days U. S. Government
securities.—
16-30 days U. 8. Government
securities
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities.
Over 90 days U. 8. Government
23,496
24,855
25.234
25,182
25,267
29,114
26,299
26,427
26,480
27,142
28,145
28,650
28,521
28,628
32,677
34,319
37,521
42,362
40,187
35,561
38,559
40,187
42,093
34,793
41.439
39,009
65,816
200,919
-
Total U. 8. Government securities
2,179,032
2,430,197
49,968
168,653
184,628
26,739
2,150,548
28,951
2,136,765
34,319
189,340
32,521
2,133,860
2,430,227
._
securities
1-15 days other securities
16-30 days other securities
31-60 days other securities.
61-90 days other securities.
Over 90 days other securities.
23,314
26,474
Tota Jindustrlal advances
1,039
23,571
2,430,227
2,430,227
,
86,948
156,053
168,653
39,009
31,795
76,383
184,628
2,114,144
2,098,541
2,430,227
2,430,227
37,521
84,287
2,098,412
189,340
2,092.995
2,083,044
85,786
44,489
71,480
88,216
2,140,256
2,430,227
2,430,227
2,430,227
2,430,227
71,006
22,760
32,550
145,360
50,495
_
.
.
.
.
181
Total other securities
181
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
Collateral Held by Agent
as
4,397,757
263,010
4,388,746
302,504
4,399,643
4,378,990
285,803
4,368,693
4,346,943
308,579
290,969
297,800
4,346,600
312,751
4,349,616
304,158
4,342,679
286,708
3,846,465
283,211
4,134,747
In actual circulation
4,086,242
4,091.064
4,093,187
4,077,724
4,049,143
4,033,849
4,045,458
4,055,971
3,563,254
4,369,838
4,365,838
4,361
4,360,838
4,445
4,362,838
4,348,838
4,337,838
4,327,838
3,747,518
5,882
93,000
88,000
5,444
88,000
4,325,838
6,411
83,000
4,328.838
98,000
6,590
88,000
5,306
93,000
6,130
73,000
129,500
4,463,199
4,463,283
4,457,428
4,447,720
4,431,144
4,421,282
4,415.249
4,407,968
3,882,262
Security for
Notes Issued, to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
5,289
93,000
United States Government securities
Total collateral
*
x
cents
the
4,468,127
"Other cash" does not Include Federal Reserve notes,
These
on
are
5,244
t Revised figure.
certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to
69.08
Jan. 31,
1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated
provlslonslof the Gold Reserve Act
of 1934.
as
profits by the Treasury under
Volume
Financial
143
Chronicle
2953
Weekly Return of the Board of Governors of the Federal Reserve System (
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
Three Ciphers (000) Omitted
Federal Reserve Batik of—
Total
Boston
New York
Phila.
RESOURCES
$
$
$
$
certificates on hand and due
from United States Treasury..
Cleveland Richmond
$
BANKS AT CLOSE OF BUSINESS
Atlanta
Chicaao
$
$
I
St.
Louts Minneap. Kan. City
San Fran.
Dallas
$
$
$
$
$
NOV. 4. 1936
Gold
Redemption fund—Fed. Res. notes..
Other cash *
Total reserves...........
...
629,566
8,650,837
11,354
249,355
583,703 3,247,400
1,304
1,627
56,604
29,936
495,085
362
821
387
30,263
23,521
8,911,546
615,266 3,305,308
525,710
653,908
311,690
251,104
661
709
780
261
14,834
235,814 1,713,828
245
2,487
11,712
24,037
13,707
7,096
14,205
7,022
598,298
1,710
16,418
326,911
250,013 1,738,110
265,472
174,674
266,256
173,492
616,426
60
166,869
251,271
166,209
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed..
Other bills discounted
U. S. Government securities:
Bonds
75
2
50
2
82
46
22
17
58
45
12
115
71
35
619
5,580
167
121
24
17
58
146
12
165
73
95
225
1,098
6,495
317
294
121
108
385
86
61
87
87
218
2,910
5,037
1,352
2,938
517
1,592
514
1,123
815
1,426
1,755
32,675
124,124
52,191
38,425
145,968
61,376
19,623
74,543
31,344
15,508
58,910
24,770
44,392
168,634
161,138
70,907
18,107
68,781
28,921
14,182
53,872
22,653
19,677
74,748
31,430
15,734
59,770
25,133
33,520
127,335
53,541
379,960
1,443,363
Treasury notes
Treasury bills
27,234
103,456
43,500
606,904
Total U. S. Govt, securities
2,430,227
Bank premises
All other resources
....
...
645,243
208,990
245,769
125,510
99,188
283,933
115,809
90,707
125,855
100,637
214,396
658,416
214,511
247,536
128,593
99,830
285 968
116,555
91,903
126,922
102,223
216.464
17
84
21
20
10
8
26
4
3
6
6
15
24,852
566,847
48,067
40,255
Uncollected Items
174,190
177,944
220
Due from foreign banks
Fed. Res. notes of other banks
resources.
100,883
383,222
101
2,466,865
Total bills and securities
Total
3,195
2,385
85
47
3,087
26,474
Bills bought In open market
Industrial advances
572
7,077
Total bills discounted
4,142
2,935
330
7,988
119,735
10,860
30,264
441
2,656
52,614
3,166
74,278
4,833
32,881
2,453
1,049
18,092
1,634
518
24,651
2,919
1,509
22,470
2,284
1,282
42,610
5,079
1,349
52,591
6,525
1,575
66,581
3,113
22,559
1,526
2,989
27,785
3,580
3,119
1,729
1,115
1,406
593
237
328
298
296
397
863,724 4,132,655
791,491
963,658
514,818
377,520 2,106,974
410,947
287,583
431,006
300,620
867,656
473
12,048,652
,
3,361
LIABILITIES
F. R. notes In actual circulation.....
4,134,747
362,138
856,764
301,552
396,549
205,574
188,304
926,212
181,716
132,166
157,016
92,850
333,906
6,693,359
94,549
407,466 2,918,851
7,796
2,581
399,686
7,046
4,358
1,746
441,225
12,120
4,312
222,357
120,604
223,260
1,962
1,359
25,080
217
158,725
5,826
1,359
3,388
447,969
6,727
1,406
8,392
4,056
2,062
3,413
144,898 1,031,848
5,495
16,505
1,640
5,436
2,819
1,295
176,470
17,019
82,628
417,000 3,026,294
412,836
482,737
237,541
154,852 1,055,084
192,995
130,060
226,798
169,298
482,507
124,211
50,246
50,825
7,744
8,849
7,722
43,812
12,207
13,406
4,231
3,000
52,892
12,568
20,941
4,248
5,616
26,057
3,757
4,655
37,450
3,956
3,613
1,142
3,111
56,852
4,719
5,186
3,448
1,289
27,416
3,823
3,783
1,252
1,328
27,471
10,178
9,645
1,696
1,849
447
423
209
242
863,724 4,132,655
792,491
963,658
514,818
9,267
253
1,400
2,334
Deposits:
Member bank
reserve
account
U. S. Treasurer—General account.
Foreign bank
46,778
Other deposits
153,316
Total deposits.........
6,988,002
Deferred availability Items
All other liabilities
Total liabilities
9,902
2,874
1*513
282
14,371
1,007
9,709
1,125
4,275
14,726
3,234
16,578
7,573
1,328
896
16,078
2,943
3,149
1,003
1,427
325
757
192
870
404
377,520 2,106,974
410,947
287,583
431,006
300,620
867,656
48
1,287
73
351
495
4,358
754
2,563
81,845
12,191
21,350
1,391
546
839
Industrial
advances
*
60,619
9,396
12,048,652
make
3,485
145,501
27,088
34,237
13,201
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
to
,
575,644
130,232
Capital paid in
Commitments
3,468
22,574
"Other cash" does not Include Federal
2,407
301
Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers
(000) Omitted
Federal Reserve Aoent at—
Total
Boston
New York
Phila.
$
Federal Reserve notes:
$
$
$
Cleveland Richmond
Atlanta
Chicago
$
$
$
Louis Minneap. Kan. CUv
St.
$
$
$
$
Dallas
San Fran.
$
$
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
4,397,757
263,010
382,438
20,300
940,365
313,941
12,389
420,985
24,436
216,932
11,358
207,484
19,180
950,284
83,601
24,072
188,868
7,152
135,451
3,285
166,360
9,344
100,740
7,890
373,909
40.003
In actual circulation
Collateral held by Agent as security
4,134.747
362,138
856,764
301,552
396,549
205,574
188,304
926,212
181,716
132,166
157,016
92,850
333,906
4,369,838
5,289
396,000
955,706
4,182
316,000
423,000
218,000
166,000
966,000
161,632
101,500
379,000
86
75
2
59
60
101,559
379,060
for notes issued to banks:
1
Gold certificates on hand and due
from United States Treasury
Eligible
paper
U. S, Government securities
Total collateral
572
4.468,127
122,000
165,000
30,000
15*600
3,000
396,572
959,888
316,086
423,075
218,002
191,734
137,000
168,151
151
102
45~66O
93,000
211,000
966,000
-
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System uvon the figures for the latest week
appears in our department of u Current Events and Discussions,
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6, 1935, covers reporting banks in 101 leading cities, as it did prior to the banking holiday In 1933, instead of 91 cities, and has
so as to show additional Items.
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and partly
also been revised further
in "Other loans." The Item "Demand
deposits—adjusted" represents the total amount of demand deposits standing to the credit of Individuals, partnerships, corporations,
associations, States, counties, municipalities, Ac., minus the amount of cash items reported as on hand or in process of collection.
The method of computing the Item "Net
demand deposits," furthermore, has been changed In two respects In accordance with
provisions of the Banking Act of 1935:
First, it Includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23,1935.
The item "Time deposits" differs In that it formerly Included a relatively small amount of time deposits of other banks,
which are now Included In "Inter-bank deposits."
The item "Due to banks" shown heretofore Included only demand balances of domestic banks.
The Item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net," and "Other liabilities."
By "Other assets—net" is meant the aggregate of all assets not otherwise specified, less cash Items reported as on hand or In process
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON OCT. 28 1936 (In Millions of Dollars)
Federal Reserve District—
Loans and Investments—total.......
Total
Boston
New York
PhUa.
$
ASSETS
$
S
$
$
1,215
9,537
1,181
1,841
654
589
3,033
3
6
44
22,517
$
Atlanta
Chicago
$
Cleveland Richmond
$
St.
Louis Minneap. Kan. City
$
673
418
6
2
691
Dallas
San Fran
$
$
$
$
.
511
2,174
3
12
Loans to brokers and dealers:
In New York
City
933
13
902
9
220
27
80
21
13
2,026
Outside New York City
on securities to others (except
149
221
2
3
3
4
Loans
banks)
Acceptances and com'l
42
Loans to banks..
839
148
52
198
71
31
46
44
135
23
3
7
6
29
8
10
24
1
23
82
242
62
182
26
24
71
44
6
18
23
363
53
bought.
313
1,143
paper
Loans on real estate
2
23
2
4
1
1
8
8
68
«...
-
161
3
......
1
Other loans
4,033
317
1,576
182
208
110
163
528
139
124
144
160
382
U. S. Government direct obligations..
405
3,977
329
881
293
211
1,608
229
182
262
191
706
Obligations fully guar, by U. S. Govt.
9,274
1,257
18
501
96
59
69
41
149
59
15
50
41
159
Other securities
3,265
158
1,262
309
270
77
85
395
109
48
139
50
363
5,390
306
2,616
287
149
101
Reserve with Federal Reserve Bank.
Cash In vault
335
143
85
885
128
63
292
405
124
72
17
36
19
11
66
11
5
13
11
20
Balance with domestic banks
2,371
131
180
161
270
150
128
428
133
83
274
173
260
Other assets—net
1,303
76
535
87
109
39
39
103
24
17
24
29
221
15,340
1,044
6,916
809
1,093
406
314
2,341
408
271
491
369
878
5,065
286
1,008
279
713
199
177
812
180
122
147
121
1,021
704
13
171
72
66
40
46
130
11
3
22
41
89
6,041,000
241
2,493
323
365
236
220
844
276
128
400
209
306
11
.......
LIABILITIES
Demand deposits—adjusted...
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks..
.......
Foreign banks
467
Capital account
......
1
......
.......
1
15
......
......
424
4
2
2
7
849
24
363
21
14
34
7
29
9
5
2
6
335
3,520
233
1,565
225
338
90
86
352
85
56
89
78
323
Borrowings
Other liabilities
.....
-
Nor.
2954
Stock and Bond Sales—New York Stock
1,
Exchange
YEAiU#v
DAILY, WEEKLY AND
Occupying Altogether Sixteen Pages—Page One
and deferred delivery sales are disregarded in the day's range, unless they are the only
NOTICE—Cash
account
United States Government Securities
Transactions at the New York Stock
the New
on
York Stock Exchange
Below
furnish
we
Corporation bonds
on
Nov.
Prices Oct. 31
[High
jLow.
Treasury
4Mb, 1947-52..
[Close
Total sales in
Nov. 2
Nov. 3
Nov. 4
Nov. 5
119.11
119.2
119
119.5
119.11
119.2
119.5
119.10
119.22
72
25
$1,000 units...
108.12
108.12
108.17
108.27
108.12
108.12
108.14
108.20
108.30
108.12
108.12
108.24
i
I
Total sales in
137
114.11
114.10
114.27
115.4
LOW.
114.8
114.11
114.10
114.22
114.25
114.8
114.11
114.10
114.27
1
5
$1,000 units. .
3Ms, 1946-56.
* 9
4
.
Close
112.28
108.30
109.4
109.4
1935
109.4
109.4
109.9
Low.
35
10
105.22
104.31
105.8
105.12
105.5
105.12
Ij05.5
104.29
104.30
104.29
104.30
135
14
11
$1,000 units...
408,312,520
292,849,269
$11,375,000
6,205,000
47,551,000
$4,667,000
6,428,000
45,077,000
$264,527,000
278,799,000
2,447,226,000
$640,182,000
323,497,000
1,827,369,000
$65,131,000 *$56,172,000
Total—
'
Below
105.21
105
12,224,519
$2,990,552,000
$2,791,048,000
Government
109.12
30
105.14
3
11,966,370
State and foreign
Railroad and industrial
109.12
104.30
209
Stock and Bond Averages
the
are
daily closing averages of representative
stocks and bonds listed
on
the New York Stock Exchange
compiled by Dow, Jones & Co.:
as
591
High
106.7
106.4
106.8
106.27
107.8
Low.
[Close
106.6
106.3
106.8
106.16
106.7
106.3
106.8
106.27
Bonds
106.25
107.6
Stocks
10
10
30
20
20
Total
10
First
Second
10
107.31
108.6
108.6
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
107.30
107.31
108.4
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
107.31
7
$1,000 units...
108.6
108.5
9
12
[High
SHb, 1940-43
Exchange
1936
1935
1936
109.12
Close
Total sales in
Jan. 1 to Nov. 6
Week Ended Nov. 6
Stock
York
11
109.10
(High
Total sales in
$65,131,000
113.3
109.4
units—
3s, 1946-48.—
$11,375,000
Stocks—No. of shares.
335
125
Low.
■
$6,205,000
113
109.4
Close
3s, 1961-55.
$47,551,000
113.3
112.28
(High
Total sales in $1,000
14,988,000
18,143,000
18,715,000
115.4
36
$1,000 units..-
3Mb, 1943-47
52
112.28
(High
Low.
.
3,945,000
Bonds
2
114.8
Close
Total sales in
1,182,000
1,576,000
Sales at
New
109
108.17
3
[High
units ...
4s, 1944-54
HOLI DAY
10,409,000
13,380,000
13,194,000
109.3
Low_
[Close
Total sales in $1,000
773,000
2,917,000
3,581,000
3,294,200
3,620,890
2,717,010
....
119.22
High
3Ms, 1943-45
1,173,000
1,662,000
$4,879,000
8,406,000
11,966,370
Wednesday
Thursday
Firday...
Total
119.5
•
Sales
$159,000
Nov. 6
119.2
41
Bond
HOLI DAY
Tuesday
'
Total
States
Bonds
$612,000
$4,108,000
6,460,000
1,600,910
...
United
State,
Miscell. Municipal &
For' nBonds
Bonds
Shares
733,360
Monday
Quotations after decimal point represent one or more 32ds
and
Number of
6, 1936
Saturday
point.
Railroad
Stocks,
Week Ended
the New York Stock Exchange during
/
Daily Record of V. S. Bond
Exchange,
daily record of the transactions in
a
the current week.
a
No
Daily, Weekly and Yearly
Treasury, Home Owners' Loan and Federal Farm Mortgage
of
transactions1^ thelday.
is taken of such sales in computing the range for the year.
Low^
38
Date
39
Total
6.
181.63
58.08
34.95
107.44
112.69
94.91
106.56
105.40
High
108.29
109.4
109.6
Nov.
5.
182.25
58.74
35.04
66.11
107.33
112.43
94.51
106.45
105.18
]Low.
108.29
109
109.4
Nov.
4.
180.66
58.27
34.05
65.35
107.20
112.28
94.18
106.45
105.03
[Close
Total sales in
Total sales in
108.29
109.4
Nov.
3.
$1,000 units...
2
Nov.
2.
176.67
58.15
35.20
64.78
107.33
112.24
94.28
106.59
105.11
Oct. 31.
177.19
58.66
36.08
65.29
107.29
112.24
94.49
106.64
105.17
[High
SLow.
[Close
3Ks, 1946-49
7
3
$1,000 units..
3%s, 1941-43
109.6
22
29
107
107.5
107.14
107.30
106.30
106.29
106.31
107.8
106.29
107.5
107.14
65.76
HOLI DAY
107.26
63
Nov.
107.21
106.30
4
106.30
units—
20
36
47
(High
106.19
106.19
106.26
107.4
Low.
Total sales in $1,000
33
106.18
106.18
106.24
107.3
107.3
3Ms, 1949-52
United States
Close
106.18
106.19
106.26
Total sales in $1,000 units...
7
51
432
(High
108.31
108.28
HOLI¬
108.27
109.4
108.26
108.28
DAY
108.27
109.2
109.3
108.31
108.28
108.27
109.2
109.3
25
1
Treasury Bills—Friday, Nov. 6
109.4
Low.
[Close
3Ms, 1941
•
Total sales in $1,000
2
units...
108.8
108.25
108.15
108.8
Low.
108.17
108.8
108.9
quoted
N
108.31
Nov. 10 1936
108.17
108.21
108.22
108.31
Nov. 25 1936—
13
62
19
5
(High
102.19
102.20
102.30
103.15
103.22
Dec.
9 1936—
Low.
102.17
102.17
102.20
103.1
103.11
Dec.
16 1936—
103.13
103.21
Deo. 23 1936—
419
184
Dec. 30 1936—
2Mb, 1955-60
■
—
Dec.
2 1936—
[Close
102.19
102.20
102.30
Total sales in $1,000 units—
53
58
1,125
(High
104.16
104.16
104.26
105.9
105.18
Jan.
Low,
104.15
104.12
104.18
104.26
105.9
Jan.
13 1937—
[Close
104.16
104.12
104.26
105.9
105.18
Jan.
20 1937—
33
207
Jan.
27 1937—
2Mb. 1945-47
6 1937—
Total sales in $1,000 units...
4
8
227
(High
102.17
102.19
102.30
103.11
103.15
Feb.
3 1937—
Low.
102.17
102.18
102.24
103
103.8
Feb.
10 1937—
Close
102.17
102.18
102.27
103.7
103.15
Feb.
17 1937—
Total sales in $1,000 units...
4
430
15
2Mb. 1948-51
■
361
102
Feb. 24 1937—
(High
101.17
101.19
101.29
102.16
Mar.
Low
101.16
101.17
101.24
102
102.8
Mar. 10 1937—
(Close
101.17
101.19
101.28
102.9
102.14
Mar. 17 1937—
Total sales in $1,000 units—
14
16
44
172
Mar. 24 1937—,
2Mb, 1951-54
(High
101.3
101.12
101.4
102.10
864
101.26'
101.1
101.1
101;16
101.13
101.3
101.11
101.23
3 1937—
140
108
28
2
2 1937.
9 1937-
0.14%
June 16 1937.
0.14%
0.14%
0.15%
0.15%
0.15%
0.15%
28 1937.
5 1937.
12 1937.
19 1937-
June 23 1937June 30 1937.
7 1937.
July
July
14 1937-
July
21
July
28 1937-
Aug.
1937-
0.15%
4 1937.
0.]
165
104.17
104.22
105.2
Low.
104.22
104.24
105.3
[Close
104.14
104.22
105.1
105.8
Total sales in $1,000 units...
Federal Farm Mortgage
[High
4
Quotations for United Statest Treasury Certificates of
105.8
104.14
~
Indebtedness, &c.—Friday, Nov. 6
24
174
I
103.16
'103.23
104.3
Low.
103.13
103.23
103.28
104.4
(Close
103.16
103.23
104.2
104.9
3s, 194449..—
26 1937-
June
June
7 1937.
14 1937.
21 1937-
101.27
(High
3Ms, 1944-64.
Apr.
Apr.
May
May
May
May
Apr.
Apr.
101.22
101.3
Total sales in $1,000 units...
Federal Farm Mortgage
Figures after decimal point represent one
104.10
a
3
248
38
[High
104.6
104.1
104.10
104.17
104.21
Low.
104.3
104.1
104.10
104.11
104.19
104.6
104.1
104.10
104.15
39
19
150
Dec.
15 1939—
1 %%
101.14
15 1941...
1 %%
m%
1M%
1M%
VA%
1H%
101.1
101.3
Feb.
101.26
101.28
Deo.
15 1936.
101.13
101.15
June
15 1938---
101.17
101.19
Feb.
15 1937--.
101.16
Apr.
15 1937--
102.2
102.4
Mar. 15 1938
2M%
103.14
103.16
Sept. 15 1937-—
■
21
Total sales in $1,000 units..
Federal Farm Mortgage
[High
3
■
102.24
103.8
103.11
June
102.24
103.5
103.11
Mar. 15 1939...
102.24
103.5
103.11
Mar. 15 1941...
Total sales in $1,000 units...
Home Owners' Loan
1
1942-47..
62
1
June
15 1940...
(High
103.8
103.7
103.18
103.30
104.2
Low
103.6
103.5
103.10
103.19
103.26
Mar. 15 1940.
Close
103.8
103.7
103.18
103.26
104
June
180
230
3s, series A, 1944-52
Total sales in $1,000 units.
Home Owners' Loan
8
32
(High
101.21
101.22
102
102.9
2Mb, series B, 1939-49.. Low.
101.20
101.20
101.22
102.1
101.21
101.22
102
102.4
8
15 1940—
„
15 1939...
101.14
Bid
186
268
103.26
193a...
m%
103.1
2H%
101.7
101.9
m%
M) 4.4
104.6
3%
3%
3%
3M%
101.8
1
119
101.25
102.6
102.4
Close
101.30
102.6
102.5
FOOTNOTES
units...'1
12
66
15
*
Note—The
1
Treasury 3 Ms,
Treasury 3Ms,
7 Treasury
above
1941-1943
1944-1946
includes only sales
registered bonds were:
table
Transactions in
I
coupon
\
Deferred delivery.
n
New stock,
r
109
to 109
108.21 to 108.21
108.22 to 108.22
*
*
3Ms, 1943-1945
of
Bid and asked prices;
no
t Companies reported in
a
bonds.
FOR
NEW
YORK
102.5
Low.
2Mb, 1942-44
102.7
Cash sale.
x
Ex-dividend.
y
Ex-rights.
103.28
2 H%
..
sales on this day.
receivership.
STOCK
103.3
101.26
101.10
101.28
103.24
103.26
103.2
103.4
1,473
101.30
Asked
Sept.15 1938...
102.13
9
Dec.
101.16
Rate
Maturity
102.6
(Close
Total sales in $1,000 units...
Home Owners'Loan
[High
Int.
Asked
Bid
102.14
Total sales in $1,000
32ds of
'■
>
Int.
Rate
Maturity
—J Low.
(Close
2 Ms,
more
104.21
$1,000 units...
3s, 1942-47
or
point.
(Close
Total sales in
Federal Farm Mortgage
Asked
0.12%
0.11%
0.11%
0.11%
0.11%
0.13%
0.13%
0.13%
0.13%
0.14%
101.30
Low.
[Close
2 Ms, 1956-1959
Mar, 31 1937.
0.12%
0.12%
0.12%
0.10%
0.10%
0.10%
0.10%
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%
Nov. 18 1936—
108.17
8
108.9
Total sales in
Bid
Asked
Bid
$1,000 units...
3Ms. 194446
for discount at purchase.
are
153
108.8
[High
Rates
49
PAGES
Proctor
Abbott,
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
Stocks, Bonds, Commodities for institutions and individuals
Chicago
New Yiwrk
Volum§
LOW
AND
•
Boston
Buffalo
•
Montreal
•
•
Toronto
Oct.
SALE PRICES—PER
HIGH
Monday
31
Nov.
*60
2
*60
64
Tuesday
Nod.
$ per share
$ per share
Indianapolis
•
SHARE, NOT PER CENT
Wednesday
3
$ per share
Nov.
4
$ per share
64
*60
Nov.
$ per share
64
64
Nov.
5
6
S per share
64
64
STOCKS
Sales
NEW YORK
14%
*6612
*27%
34i,
2%
23,
77*4
4*,
*
107
¥5%
4%
56
37%
112
233
68i2
15*4
1514
68l2
15*8
28
27*4
34 78
34*8
212
107
"1534
4U
55
*27*8
34*8
2l2
4%
*172
4i2
16*8
190
4*8
80*4
4*8
*
2l2
*172
4*8
4*8
4i2
107
"15*4
83
83
16*8
190
4i2
*
70
Par
Abraham
& Straus
No par
400
*172
400
Adams
Mlllis
Address
2,000
Advance
8412
7,900
Affiliated Products Ino-No par
Air Reduction Inc new-No par
4i2
5,200
Air Way El Appliance. .No par
Ala & Vicksburg RR Co.. 100
91
Mar 25
18",600
Alaska Juneau Gold Mln...l0
13
July 17
Albany & Susque RR Co.. 100
178
16*8
190
414
4i2
¥4,606
12,300
56*4
57
59
5714
58i2
55
56
58
900
57
58is
58's
57
55
57
58
1,100
47
47
47*8
48l4
4612
4812
2,800
38%
*108
39%
110
233U 234
297s
29i2
3878
39*8
38i2
Apr 28
2,800
55
113
59
3
34*8
212
55
39*8
3714
Mar3 1
110*4 Aug
27*4
53
23014 232
29
2914
25
42
$
share
Express
47
♦109
Acme Steel Co
per
Adams
56
♦44
100
$
3914
*108
110
*108
239
237
238
No par
Multlgr Corp
Rumely
^Allegheny Corp
10
No par
No par
9*8 Apr 30
1778June
22i8
9
Jan 21
per
Nov
6
32
Apr
Feb
1
110
Jan
Feb 10
51
June
74*4
5
35*4 Feb 14
37% Oct 13
24%
20%
2
84% Nov
6
104% Mar
6% Apr
1
9
102
Oct 17
74
17% Sept 24
Mar 25
186
Aug 5
2i2 Apr 28
195
2% Mar
14%
Dec
2
Mar
1*4
Mar
14%
14%
Dec
Dec
6%
Apr
33%
Dec
98
Feb
8
111
157
Jan
7
245
31*4 Nov
8
5
16% Nov
19,200
Allied Mills Co Inc
No par
23
1412
14*4
14*4
16
16
16i2
16
16*8
67,400
Allied Stores Corp
85*4
86
87
88%
87l4
69
67*8
68*4
71%
70i2
35,000
35*8 Jan 21
71% Nov
307,
41,
29
2912
30
30
30*4
31*4
32%
5,800
Allis-Chalmers Mfg
Alpha Portland Cem
No par
30&,
68i2
2914
86%
70*4
No par
100
677,
867g
69ig
1,200
671,
87i4
7112
No par
32% Nov
4*8
4i2
4%
Amalgam Leath Cos Inc
33i2
33
33
98*4
99 i2
97
101
4*8
*32i4
33
103i2 107*8
3,500
*3214
74
4%
4*8
33%
*3214
10U2 107
7712
75l2
4*8
19*4May 31
4
Oct 28
41*8
40
70*4
*69
41,
34
*321,
1001, 1001,
744,
74*4
73*4
73*4
73
4114
42
40
4078
40%
70
70
70
*69
62
*69
4i2
6II4
62i8
62
138'
137*4
137*4
138
124*4
124
125%
124*4 126*8
1657, 1657,
165
16578
165
*6114
138
124*4
53
63
52*4
53
9014
90 U
90
90l2
60*4
62
61 *2
61',
*125*1, 125*4
5112
*90
61
165
53*2
02
61*2
34
♦28
*107l2 109i2
30
*28
34
70*8
63
64l4
2,600
64
127
126
12714
*150
165
164
164
9,100
91l2
1,200
75*8
9,500
American Chain
*28
34
3112
26
26i2
27i2
27*4
287g
9612
4'4
97
98
98
14
13*4
*13i8
45*4
Exchange
Closed
17%
17i2
16*8
1714
*38*4
39>2
36*4
17i2
17*8
17U
51,
*28
48%
2*4
13
*13
300
*156
6*4
67,
47
135,
"4",100
3314
17,900
28*s
29
300
718
Election
34
4878
13t8
14
37
100
100
3314
49%
49
2*4
27g
19i8
14%
19%
3512
14i2
37t4
22
211,
22%
22*8
102*4
23's
11%
11U
11
III4
11%
III4
11*4
11*4
49i2
60*4
51
52*4
50%
*133
♦133
~6~4%
12->8
117,
*75i2
66i2
*60
102
49*8
3,200
Amer Home Products
3
1,900
American
19%
1,000
14%
36%
13,800
6% non-cum pref
100
Amer Internat Corp...No par
22*8
11%
64"
52*4
*50
1,100
22*4
5,800
Amer Mach & Fdy Co. .No par
1214
6,500
Amer Mach & Metals_.No par
105
54
10,700
41,200
Amer Metal Co Ltd
50,500
6% conv preferred
100
Corp. .No par
Amer Power <fc Light—No par
...
12i2
10*8
11*8
11%
73*4
76
74
76
76
77
4,000
63
65
63
65*8
64%
66i8
9,600
23%
69,300
162i2
30
22>s
2214
21*4
162*2 *160
162i2
32
3178
3H2
37*4
37*4
3812
38i2
221,
31*4
217,
*160
23i8
162i2
23l2
22*4
161% 16112
3178
33
33
33*8
22%
162
11*4
38i2
38i2
37%
3812
25U
24%
25
24i2
25*4
25%
257g
33%
38i8
25%
34t2 101,700
1,300
38*s
*24*4
40
4012
40
4014
41*4
41*4
41
41
40%
40%
470
924,
9312
94
95%
95
9912
99*4
143
143
144
143
14414 144*4
*106
10678 *106
10678 *106
1067g
63
*621,
63
62*4
6234 63
33,400
*140
143
143
*140
1061, 1061, *106
62 U
*62
62
*133
140
10678
62
*133
140
4314
42*4
41*4
*129
1297, *129
129%
*2714
2712
27%
27l2
5412
54i2
5414
5478
425,
*135
140
*1377, 140
24
*235,
2378
*23*4
180
J. 80*4 178% 180
98
98
*97*4
97*4
997, 100
99i2 100
*1397, 144
137,
140
14
812
5814
106
1378
1314
~27% ¥7*4
♦103
140
_26% ¥7*4
*104
»_
585,
8
67*4
1
1
1
61,
61,
434
47,
6i8
478
.
*133
140
45
42*4
12914 130i2
27
24%
26
10678
8is
8
8*8
58*4
58
59
*62i2
66
*30
34
46*8
130% 135
27
267,
577g
56*4
*13778 140
*1377, 139*4
24
241,
24*4
2414
177
180
178% I8OI4
98*4
99
9812
99i2
997, 10012
100
100*4
14H2 14U2 *141% 144
14i8
137,
141,
1514
*105
*58
43%
140
56
10678
1%
6%
514
*133
27*8
5412
198*4 100*4
1
61,
478
*64
59
25U
106
26%
106
8%
8%
57*4
5878
n8
99
*133
143
1478
25*8
106
8%
58*4
5%
478
1
*60
34
35
35*4
36%
36i2
48
47*8
49%
50*8
54*8
54
55*8
8012
80i2
8OI4
80%
82
85
85
85*8
20
20U
19*4
20
19*4
20
1978
20
20
103
103
.
For footnotes see page 2954.
37
40
103
365s
5278
184
143
15*8
26%
106
878
61
1%
67g
5is
100
Preferred
2d preferred
American
5,300
5
*101% 105
Shipbuilding Co .No par
& Refg.No par
Amer
475,
*101*4 105
*1017, 105
25
36
27l2
291,
4
4
4
*31,
41
41
39*4
4078
*119
11912
11912 119l2
*108*8 109
*10814 109
5*8
5*8
5*8
512
79
a79
78*8
785,
*110
1151, *110
1151s
54i2
55*8
54*4
53l2
♦14
14
14
14i4
Amer
American
26
Razor new. 18.50
Amer Smelting
2,200
25
26
Rolling Mill
Amer Safety
100
6% cum
........25
Snuff
100
Preferred
140
179% 1823,
99% 99*4
100% 101*4
100
American Seating Co..No par
26%
26*4
5612
57%
139*4 139*4
5%
36
Preferred
American
960
6%
80
100
800
preferred
preferred
135% 145%
6*4
*62
1,400
.No par
No par
Am Rad & Stand San'y.No par
$5
¥2", 800
6*8
75
5,000
$6
48*4
46*8
1%
6%
1
2578
No par
Amer News N Y
64
68
10*4
..1
No par
Ice
American Locomotlve..No par
Preferred
100
78
*160
11*8
*50
4% Oct 30
3Us Oct 29
37
Jan
2
3
*133
*133
64%
1
...50
19i8
14i8
35i2
103
200
3,800
23,300
2,000
6,900
300
22,800
82,500
200
5,400
16,600
2,400
1,600
38,800
Amer 8teel Foundries..No par
100
Preferred
No par
Stores
100
Sugar Refining
-.100
Preferred
2'8 Sept 24
16i2Sept 24
9*8 Apr
23*8 Apr
66
Apr
21
May
10
Apr
27
Apr
124
Apr
z35% Jan
712 Feb
43
30
28
28
9
28
30
2
3
20
Feb 20
36*8 Feb 20
18*4 Apr 30
Jan
7
129
Jan
6
20% Mar 21
100
Am Type Founders
Preferred
10
Inc
100
Am Water Wks & Eleo. No par
1st
No par
preferred
American
Woolen
Preferred
No par
100
1
JAm Writing Paper
No par
Preferred
Amer Zinc Lead & Smelt
1
25
Oct
19% Oct
42*4
54
134
64%
; 14%
87%
74%
27%
88% Mar 13
Jan 2
136
8% June 30
20 May 13
19% Apr 28
92*4 Jan 3
7% Sept 25
52*4 Sept 25
*4May 19
4% Apr 30
3% July 3
44
Jan
Oct
49% Aug
Feb
Mar 17
15% Oct
Feb
50
122
Preferred
"¥ 700
7,000
.....
Armstrong Cork
Arnold
100
Co—No par
Constable Corp
6
2
104
Aug 18
47% Feb 24
7% Jan 9
1
101% Dec
117% Aug
Jan
76
June
Feb
143
July
12
Mar
88
Feb
113
Deo
32%
Dec
43
Jan
50%
Dec
124
1
Dec
18% Jan
98% Mar
129%
Jan
9'
Mar
1
7% Mar
Mar
% Mar
2
2
6
5
16
5
Jan 30
25% Nov
70% Feb
140% May
27% Nov
160% Nov
104% Nov
107
Nov
141
Nov
5
Deo
11*4
Deo
Mar
Mar
49
Aug
8
Deo
5%
Mar
30
16% Apr
10% Sept
37
96% Oct
3% Mar
109
1% June
36
117
Jan
110% Jan 20
7% Jan 25
Aug
97
Apr
3% Apr
84
Jan 28
55% May
125
Jan 28
85
15% Nov 4
Deo
94% Nov
10*4 Sept
68*4 Nov
2% Dec
31
7
62% Mar 23
38%
22*4
3
Jan 13
Jan
Jan
Deo
May
63
2% Mar
Nov
144
Dec
125
5
5% Jan 27
1
Apr 30
May 11
66% Jan
Feb
Jan 10
7*4 Mar
37
105% Jan 3
4%June 10
121
4% Mar
35% Mar
118
Armour&Co(Del)pf 7% gtdlOO
Armour of Illinois new
5
$6 conv pref
No par
64%
11% Feb
70*4 Feb
73% Mar
July
21%
26%
4% Mar
20
48
54% Nov
86% Oct
26*4 Mar
3
Mar
31% Apr
27*4 Oct 30
2
109% Sept
2
400
10% Mar
134% Mar
15*4 Mar
9% Nov
41% Aug
25% Dec
159
Sept
32% Nov
9
Jan 11
15% Jan
24,500
1,100
8% Mar
74*4 Mar
100
Dec
1% Mar
10% Mar
Anchor Cap
No par
32%
36% Nov
2,100
Co
Deo
130% Nov
72% Apr
Archer Daniels Midl'd.No par
75%
Jan
6
43
27*4 Nov
33% Nov
12% Dec
Jan
4,000
preferred
13% Mar
37*4 Feb
11% Nov
72
20*8
7%
6
Nov
z24
36*4 Nov
A P W Paper
Mar
18% Mar
4% Apr
104
111
Oct
6% Nov
Oct 2
July 28
Sept 2
Sept 3
Jan 4
8
20
32
3
Mar
6
2
15%
July 16
Jan
300
9
Feb 13
Nov
Oct
4% Mar
Oct 10
Jan 20
9,800
5
Oct
102% Feb
10
Aug
Aug
38% Nov
4% Jan
Sept 23
26% Jan 28
182% Nov 6
35
17
38%. Aug
Apr
May 18
9
Apr
42
/29%
1%
14%
5
Jan 14
2
May 13
June
9
Mar
8%
145
150
Dec
40
24
97
Mar
3% Mar
12
29% Jan 14
15
9% Aug
Oct
14% Nov
105
9%
Mar
14
3
5% Jan 14
39*8
Apr
2
2
Oct
49% Nov
24
34% Aug
9% Dec
35*4 Nov
19% Dec
92*4 Dec
3% Deo
3
35
2,800
Dec
28
28
29
36
39% 43
4
4
*3%
*3*8
3*8
3*8
42
41*4
41%
41*4
40*8 41*4
*117% 11912 *118% 119i2 *115
119%
*108*8 109
108*4 108*4
108*4 109
5*s
5*8
5*4
5*8
5%
5*4
79
78i2
78i2
79%
79*4 79*4
115
*110
*110
115% *110
115i8
57
58
59
56%
545s
z57%
14
15
15%
14*8
14*8
147g
Dec
6
$5 prior pref
...25
Anaconda Copper Mining. .50
$6.50 conv preferred.No par
Andes Copper Mining
20
33%
Dec
Jan 27
8% Mar
Anaconda W & Cable..No par
30
*4 May
Oct 23
84
103
65
Oct
May
2*4
21% July 20
46
Aug
72
9*4 Mar 23
51% Oct 23
36*4 "i",I66
54lg 169,800
No par
2% Mar
22% Mar
6% Feb
165% Aug 4
34
Feb 19
7
36
39*4 Oct 21
Aug 28
18
28% Aug 11
Apr 30
45
Oct 13
25*8 Jan 2
56*4 Jan 7 1.100*4 Nov 5
152*4 Mar 11
136t2 Jan 3
104
Jan 9
108%May 28
67% Mar 6 * 73% Jan 22
144
Sept 26
133% Jan 7
48*4 Nov 6
20% Apr 30
145% Nov 6
107*4 Jan 4
36
Jan 29
24*4 Sept
1
63% Aug 29
48% Apr 30
149% Apr 30
87
Mar 13
Preferred
Jan
2334 July
Telep & Teleg
—100
Tobacco—.....25
Common class B........25
Amer
25% Mar
157
Am Sumatra Tobacco..No par
American
Preferred
80
2
Apr 30
Apr 30
Jan 20
29*4 Jan
13
34
175
Oct
6% Apr 30
5*s
35U
78i2
175
18is
2i2
2014
5
65% Nov
14% Feb 17
9*4 Jan
5l8
33%
49
Apr
3% Apr 30
17%
35i2
68U
89
51,
48l2
2i2
Nov
33%
Mar
17*2
10
168
Mar
30
12
6% conv pref
Jan
10
3
25
Amer Hide & Leather
151*4
5
Oct 13
14% Oct 30
33% Nov 6
32
Aug 29
101
Sept 12
5
May 2
No par
Amer Hawaiian SS Co
54%
Deo
7% July 10
20% July
16% Jan
No par
1,200
149%
June
No par
1,800
42%
Jan
96
preferred
6,700
Mar
5
Feb
preferred
19%
Nov
66
$6
53g
34
21
110
64% Sept 11
Feb
Nov
113% Oct 26
Preferred
5
70
87%May 11
29
July 3
2d
18
Jan
Nov
2,300
33*8
43
4
Dec
47% NOV
115
3,200
34
Feb
57*4
Jan
4,900
*33
80
Jan
18
*17*8
48% Jan
41% June
13% Jan
5
8
39
99
1214
100
Oct
22*4 Nov
38
48%
*19i8
7812
Co
Amer & For'n Power...No par
37%
Mar
6
Sept 12
18
19*2
13*8
68
l¥,806
Mar
55% Apr 15
92
39
278
48*4
47*8
100
Tiling new..l
Oct
12
14
Oct 15
77% Nov
136
18*4
47,
Day
48*s
♦60
7
6% 1st pref
Amer European Sees...No par
Amer Express
300
6*4
American Crystal Sugar....10
Amer Encaustic
36
Jan 14
3912
49
99
60
100
.
Corp..20
Nov
1
125% Mar 29
57*8 Apr 27
Jan 3
17*4
21*,
~6~4%
*156
13*4
(Alleg Co) .25
Colortype Co
..10
Am Comm'I Alcohol
Dec
9
4% Oct 15
140
31
114*4
39
46*4
22
48*4
,300
5,200
Amer
24%
4
169% Sept
17
217,
*60
7
170
*12*8
No par
22% Dec
3% Mar
75%
!62%May
30
Apr 30
38i2
19*2
131,
34i2
36*4
35i2
♦99U 102
13*4
Chicle
Am Coal of N J
34
12i2
31*2
"458 "4*4
American
100
Dec
Sept
June
137% July 17
17
2*4
20U
13*8
6*4
4*4
No par
preferred
32
173
/49
Oct 30
115*4 Feb
3614
5
5
3312
4712
4*8
13
45%
38*4
34
414
*156
7i8
48*8
67,
48*,
Stock
300
*156
7*8
4U
13t4
300
105l2 106
98
4',
26*4
100
5314
97
*133i2
Preferred
63%
26
*95
25
88*8
72
May
90
108
7
Apr
124
51*4
97
4*8
40
100
Can
63*4
108
Jan
Fdy.No par
conv pref
92
2514
131,
5 m%
American
54%
1378
32i4
2*4
Am Brake Shoe &
90i4
13*4
473,
Preferred
6214
317,
20U
600
Note
52*8
13%
51,
5,800
Bank
Ameiican Car & Fdy...No par
Preferred.
100
30*4
17i2
450
139*4 140
126
13i2
33i2
Jan
10
30*8
48*,
65
70*4
131,
300
50
*69
30
7
July
American
13*4
*156
37
1,800
7,900
31
*13
10
77U
4H2
140
6
July 17
77
63
Oct 22
49
41
138
33
75
41*2
13%
,
6% com preferred
50
Corp
No par
Ohem (Del)..No par
Amerada
Am Agric
30*4
41,
1
6,500
7%
*1071, 113*, •10712 113
*28
62*4
138
100
new
Jan 31
Jan
Mar
5
31*8
15
Aug 14
7
21
125
Oct 13
Aug
87
6*4 Jan
Jan
Apr
5
58% Nov 5
49% Oct 13
40*8 Oct 5
preferred
Sept
5
2
5%
187
Nov
Jan
29>i
31
x20%
58% Nov
2
2
59
Jan
Alleg & West Ry 6% gtd.,100
Allied Chemical & Dye.No par
74
Oct
Apr
13%
Feb
Dec
Dec
12U
13,700
2%
Dec
Nov
3%
12%
"moo
Sept
173
Dec
*4 Mar
100
Apr 28
2678 July 7
Apr
8%
Oct 13
434
87
31*4
*4
Oct
Dec
37% Nov
Jan
2
27
11%
June
Apr 28
12*8 Jan
share
74*4 Nov
4% Mar
6% Sept
100
100
per
52% Nov
116
8
8
Pref A without
warr
Highest
28
29U
147,
30
4% Mar
15*4 Nov
Mar
Jan
share S
65
21% Jan
2
per
118
zl% Jan 14
7*s Jan 2
58
$
share
Pref A with $30 warr
Pref A with $40 warr
2 Vi % prior con v pref .No par
Allegheny Steel Co
No par
110
235
No par
Lowest
Highest
25,700
107
16i8
Year 1935
IQQ-Share Lots
Lowest
Shares
5478
5312
233
68%
15i8
81%
♦
1512
647,
37*4
*109
67i2
15
4U
107
*52
471,
70
80*8
190
4',
56%
*65%
14%
8II4
4i2
15U
547,
47
35
2i2
*100
56
647,
*2%
*172
41,
*521,
28%
34*4
212
4U
15%
190
*180
28i4
34i2
78
77*4
43,
14*4
27*4
34U
2i4
28%
341*
70"
14i4
27*4
68%
147,
Range for Previous
Range Since Jan. 1
On Basis of
STOCK
Week
65
2955
EXCHANGE
the
Friday
Thursday
Preferred
*65%
Norfolk, Va.
Kichmond, Va.
»
New York Stock Record—Continued—Page 2
143
for
Saturday
Cleveland
•
Jan
25% July
4
Mar
17%
Deo
Deo
Jan
Apr
12% Deo
4
Deo
52
Aug
122% July
109
6%
70%
110
50*4
9%
Deo
Jan
Jan
Jan
Dec
Deo
New York Stock Record—Continued—Page
2956
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER CENT
STOCKS
Sales
NEW YORK
Saturday
Monday
Oct.
Nov.
S
31
2
Nov.
$ per share
share
ver
17
17%
•93
104%
20%
Wednesday
Tuesday
Nov.
3
$ per share
4
Nov.
$ per share
1634
*16%
Tgursday
16%
16%
20
*109% 115
*110
125
126%
126% *115
44
*43%
44%
78%
777s
79%
7634
*115
126% *117
105% 106%
106
40 84
40
4134
30
2734
29%
*1017# 125
19%
*118
*105% 106%
40%
*28%
41
40
30
*49
61
*2734
*47%
31%
31%
*113% 114%
7234
7234
*126% 128%
17%
33%
*6%
18
1
33%
678
*38
126% 126%
18
*17%
33
7
16%
125
51
*108
7
42
39
40
*38
114
38
4%
5%
5
5%
4%
4%
*67
69
*67
70
*69%
6978
68
68
69
69
*67
71
70%
2234
35%
25%
24%
23%
24
121%
18%
1834
18%
18
19
*96
-
98%
1334
*8338
28%
1378
85%
29
23
23
62%
62%
72%
73%
19
19%
*123% 124%
48
4834
18%
*30%
32%
18%
32,200
4,100
46%
45%
46
45%
45%
600
112
24%
24%
18%
19
25
112
27
25%
24% 25%
120% 121
1834
18%
19%
19
19%
2034
*110% 112
*110% 112
24
24
24%
24%
*102
103
112
9734
9734
85%
13%
97%
13%
97%
1334
85%
11,000
2,600
-
9734
1334
*83%
«.
IO634
100
Bangor & Aroostook
.50
Preferred. .—_——100
Barber Co Inc
10
No par
Barker Brothers
No par
1st preferred
100
Beatrice Creamery
25
$5 pref w w-_—No par
Beech Creek RR Co
800
9734
2,600
...........
50
Beech-Nut Packing Co
20
30%
3034
23
3078
23%
30
23%
23
23%
65
6434
65%
66
67%
21,700
3,700
3,800
Best & Co
71%
75%
75
74%
54,300
Beth Steel new (Del)..-No par
19%
76%
19%
73%
19
19
19%
122% 123
5134
52%
18%
18%
33%
33%
3,600
preferred
20
preferred
100
Bigelow-Sanf Carp Inc.No par
18
32%
18%
32%
52
53
18%
18%
32%
32%
4,100
7,400
50
I15" 115"
26%
2634
26
45%
45%
45%
111
26%
46
26%
4534
111
*111
116% *110
Bendix
5
Aviation
Beneficial Indus Loan..No par
..No par
5%
7%
Blaw-Knox Co
No par
Bloomingdale Brothers .No par
...100
20
Blumenthal & Co pref
27%
2634
29
28%
29%
17,900
Boeing Airplane Co..
46
46%
4634
46
46%
91%
44%
2,700
10,900
116
100
5
95
92
92
91%
92
91%
42%
44%
44
44
44
27%
27%
43%
27%
44%
28
28%
28
28%
28
83
84
83%
8%
84
8334
84%
85%
87
86
8%
*1%
15%
59%
52%
9
884
834
*8%
28%
87%
8%
800
Boston & Maine
2
2%
2
2
100
JBotany Cons Mills class A.50
25,300
24,700
1,400
4,100
3,900
*8%
8%
*1S4
2%
15%
15
59%
50%
*44
7%
38%
56
15%
Exchange
Closed
4434
60%
60%
44%
7
7
Election
38%
55%
38%
50
45
♦1043s 105
54
1784
16%
18%
16%
110
Day
52
52
52
46%
46%
4784
49%
7
7%
39%
634
38%
55%
7
48%
6%
55%
56%
104% 104%
50
52%
49
50
18
1784
17%
16%
*105
62%
51%
5334
*48%
*105
62
52%
49
52
49
16
61%
1678
6278
15%
61%
*38
56%
104% 104%
64
*48%
1634
*1%
16%
4434
15
5934
59%
60%
7%
38%
56%
Stock
8%
2%
*1%
16%
1634
*105
110
18%
17%
110
38%
56
104% 104%
50%
*49
18
17%
*108
52%
50
18%
17%
110
7
130
420
5,200
*36%
38%
400
56
56%
4,300
106
5234
*49
18%
16%
*108
106
400
'
Tf% ~ii% "iT%
978
85
10
■
'
11%
12
*81%
90
10
10
1134
*93
10
48
47%
48
49%
4834
31%
31%
5%
9%
47%
30%
3084
5%
10%
48
31%
31
30
3134
32
31%
31
31%
31%
18
18
18
31
5%
5%
5%
5%
5%
18%
20
20
19%
484
1934
20%
20%
22%
22
1278
100
1078
4934
3278
75
76
76
77
31
32%
32
32%
39
39
3 884
39
1%
12%
13%
15
3978
1%
1534
41%
1%
12%
1%
13%
39%
1%
40
1'8
1178
35%
1778
35%
35%
35%
18
17
59
*55%
36%
16%
*55%
13%
54%
17%
59
1%
13%
72,500
200
11
21,100
16%
36% £35%
3534
18
1634
17%
59
*55%
14
14%
14%
13,800
185,000
5
7%
Budd Wheel
No par
Burroughs Add Mach—No par
JBush Terminal
No par
Debentures
100
Bush Term Bldg gu pf ctfs.100
Butte Copper & Zinc
—5
No par
Byers Co (A M)
Preferred
100
Byron Jackson Co
No par
California
No par
Packing
Callahan Zinc-Lead...
72,200
64
2,300
Cannon Mills
1734
17%
1,100
Capital Admin class A
52
52
*132
85
2684
28%
*78%
2884
133
132
8684
27
26%
28%
79%
2834
158% 164
132
85
28%
*132
87%
86
2684
28%
27
28
28
106
*24%
59%
67%
106
25%
5984
99
99
76%
*1%
5%
7684
2
2
2
5%
♦10%
11
*7%
9
*126
*105
79%
30%
31%
678
7%
140
67
70
««•■»•>
*105
6934
106
25
25%
58%
58%
98
100
76%
7734
2
*1%
2
*5%
5%
*1%
534
2
5%
2%
10%
1%
1%
*178
2
10%
1034
10%
10%
9
*6%
9
*7
9
31
31
3234
1%
33%
33
33%
2
2
2
4
4%
3%
10%
4
4%
3%
97%
76%
*1%
6%
2
10%
*734
4
3%
10%
18%
61%
1%
3%
984
17%
60%
1%
5%
4%
3%
10%
18%
29
106
142
59
4
*27
6934
25
4
■6%
5%
142
59
2
*6%
82
2434
2
1%
*5%
29%
24%
69%
98%
77%
24%
*51
2
18%
7
135
33%
61
2734
2984
66%
*32%
1%
3%
♦103s
90%
6%
27
60%
1%
5%
5%
27%
For footnotes see page
133
3%
99
77
77%
534
4,800
133
130
91
27%
29%
80%
31%
7%
28
7,600
21,000
30
3,400
81
31%
8%
930
6,700
63,600
200
,
400
29,500
142
142
660
69
70
1,430
105% 105%
25
25%
*55% 58
99%
99%
77
77%
2
*1%
5%
5%
*1%
10%
*7
32%
2
10%
30
1,300
500
2,700
11,300
700
/ 1,400
2,700
9
32%
1,100
'
Jan 17
4i2 Jan
33i2 Jan
40% Jan
4
7
2
45
1834
18
18%
5,100
61%
61%
62
1,300
1%
Dec
90
Dec
22% Dec
59% Jan
100
July
Dec
4734 July
2734 Nov
70% Dec
8% Dec
234 Dec
17% Nov
11% Jan 30
33s Feb 14
1878 Feb 13
6478 Mar 6
69
Apr 4
50% July 24
12% Mar 5
51% Mar 6
58% Sept 22
106
9734 Feb
Sept 21
8%May 19
878 Jan 2
10712 Sept
28%
334
%
8%
24%
23%
Jan
Mar
June
Apr
Feb
Jan
3038 May
5538
Oct
55
Oct
42
Dec
1% Apr
14
May
38
36% Mar
4684 Aug
Jan
5%
Dec
Deo
2
1578May 5
115% Sept 16
123
8
14i8 Apr 29
2% Jan 2
16% Apr 29
5418 June 15
Apr 30
30% Apr 30
22
July 22
14
Mar
5
5034 NOV
6
33% Oct 23
34% Oct 7
103s Apr 30
6
6% Mar 20
253s Sept
84
Sept
3334 Oct
4334 Aug
19
18
22
10
1% Feb 10
16
5
Feb 19
91
Jan
4
Preferred certificates
JCelotex Co
55
Nov
100
100
par
No par
2%
2%
2
2
2,300
tChic Rock Isl & Pacific—.100
5
5%
5%
5%
5%
5%
5%
5%
5%
1,000
5%
28%
*27%
28%
7% preferred
6% preferred.
Chicago Yellow Cab
100
100
No par
8% Nov
57
Feb 21
103s Oct 21
108% Oct
7234 Nov
Apr
Jan
Apr
Feb
July
Dec
111% Nov
126% Nov
8%
60
Nov
35%
Jan
21% Nov
6234 Nov
29
May
6
2
5
19% Mar 24
5
Oct
Mar 13
106
34
Mar
6% July
96% Mar
38% Jan
3% Mar
62% Aug
12% Jan
109%
65%
Jan
Dec
15%
Dec
88%
Deo
21
Dec
7
19
Aug
2214 Jan
3
2
59
Jan
2
51
Jan
2
6
Conv preferred
Nov
Oct
Nov
tChic Ind & Louisv pref
100
Chicago Mail Order Co
5
fChic Mil St P & Pao—No par
Preferred
Mar
71
4
Preferred
95
Dec
142
100
Preferred
Aug
Mar
4
8
80i2 Feb
57i2 Sept
18sMay 19
4
II4 Apr 28
100
40%
Dec
Oct
Jan
Oct
7
22%
100
preferred
17%
1384
85
86
Sept 26
35% Mar 13
101
33% Nov
56%
103% Oct 3
934 Feb 19
5
No par
5
Jan
Oct
Nov
32
4
1%
634
Nov
6
8%June
*42% "Feb
14
32% Jan
par
Jan
Dec
88
2184May
19
Apr
54 May
2538 Jan
6% Nov
35
Apr
012 Apr
97i2May
1
June
Nov
3% Jan
10% Jan
22% Jan
3% Nov
48
par
4
28
29
2
4734 Jan 21
28
4% Mar
32% Feb
82% Feb
4534
83%
36%
19%
16%
Chesapeake Corp
No par
Chesapeake & Ohio
25
tChic & East 111 Ry Co
100
6%
30
6
100
Chicago Great Western
7% Mar
8% Sept
Apr
8% Oct
50
Nov
6
Mar
30% Aug
% July
2% Mar
July 15
No par
1434 Nov
24% Nov
66
June 22
22
30
Mar
Dec
984 Nov
20%
143
Jan
Aug
97% Dec
14% Nov
32
186
116
Apr
100
1% Mar
11% Mar
£91
7% preferred
...100
6% prior pref
100
ChampPap & Fib Co 6% pf 100
Cab
10
7
Cerro de Pasco Copper.No par
Certain-Teed Pro ducts. No par
Common
6
1
Mar
May
Mar
Mar
5% Apr
5434 Jan 16
5% preferred
100
Central Agulrre Assoc. .No par
Central Foundry Co
1
Central RR of New Jersey. 100
Checker
Nov
18% Feb 24
Mar
2%
334
8%
13%
par
100
Century Ribbon Mills..No
6%May 22
92i2 Jan 6
6234 Mar
3% Mar
23
Mar 23
9
25% Nov 6
2478 Mar 23
Stamped
100
Carriers & General Corp
1
Case (J I) Co
—.100
Caterpillar Tractor
No
Celanese Corp of Amer.No
100
115
838 Apr 30
11% Jan 10
2034 Apr 28
25
Apr 27
2% Jan 2
8U Jan 2
Jan
3% July
4% Mar
18% Oct 15
Sept 25
8
Mar
9% Jan
Oct
8
2
400
Jan
Nov
Mar
Oct
5
800
90
17
23% Aug
114
38
4 zlOO
Chicago Pneumat Tool-No
10%
18%
103% Jan
28% Mar
6% Mar
39% July
21
Jan
Chicago & North Western. 100
6078
27% Sept
Jan 15
87
4,500
18%
1434 Mar
9% Mar
16% June
Oct
Dec
323s Aug 10
8734 Nov 6
4
3%
27
41
Oct 30
33% Nov 6
63% Mat
100% Apr 13
Nov
4
27
Apr 27
1% July 16
t/12%July 2
43% Apr 30
47%June 30
120
53
3%
62
*27
Jan 21
6
Jan
64
5%
2954.
64
2
113
8
1
10
2,700
1034
June 30
Nov
32% Nov
4584 Jan
No par
Preferred A—
2
17%
1034
39
25% Jan
53
20% Feb 19
1078 Jan 20
37
Apr 30
1234May 8
1%
3%
60%
10
25
Preferred
52,200
2,300
1,400
10
3%
100
230
3,200
£89%
44
44
*43
44
*43% 45
10
9%
*934
934
9%
934
*105% 108% *105% 108% *105% 108%
71
71%
67%
70%
7234
69%
14
15
15
13%
14%
14%
135
66%
133
79%
45~"
135
~67_
89%
2634
29
43% 43%
984
9%
9%
*9%
♦105
108% *106% 108%
64
63%
6234
65%
1234
13%
13%
13%
*
133
2778
79%
6%
*43"
88%
26%
79%
29%
79%
29
135
103%
8%
160% 16134
734
3
Jan
14i2JuIy 8
18i4May 8
10934 Jan 24
7714 July 11
57% Nov
763* Nov
Carolina Clinch & Ohio Ry.100
...
103
23
24%
2234
Jan
19% Sept
125% Oct 15
54
17%
7%
163% 165
4534 Apr 30
16i8 Apr 28
107i2July
15% Mar
34
Canada Dry Ginger Ale
5
Canada Southern
...100
Canadian Pacific
52
103
6778 Nov
7
40% Apr 2
20% Oct 6
60
Aug 20
17
734
3238 Oct
25% Oct
Jan
6
59
103
Jan 18
48
Jan
52
8
20
11% Mar
Sept
11% Mar
79
30
53
8
21% Jan 20
4
par
56%
16%
*102% 103
Feb
Oct 29
16% Mar
89%May
16% Nov
16%
*100
72
99
2
5
2
53
—
8
20% Nov
33% Sept
95
Sept
1434 Nov
117% Mar
6
17
—
Feb
Oct
Nov
Jan
54%
*100
Dec
May
14
% Jan
63
*98%
115
33
6
53%
*16%
mmtmm
Jan
Mar 11
Jan
.1
Calumet & Hecla Cons Cop..5
Campbell W & C Fdy„No
140
10734
July 30
4278 Oct 20
June
85
No par
*52
*98%
♦10234 103
*102% 103
7%
778
7%
778
160
158% I6O84
161%
85
100
..No par
17%
•9812
26
No par
100
preferred
Mfg
preferred
Budd (E G)
53
62
11414 Jan 15
1434
105
100
100
53%
63
Nov
5
71% Aug
*6234
*16%
14%
15% Nov
88
6334 Aug
11% Dec
8% Dec
*52
14
Feb
June
5% Mar
Jan
2,800
17,400
*55%
2034 NOV
3%
32
8
Mar
13%
13%
Apr
Dec
Mar
13%
13%
Oct 15
a:20
Dec
Aug
116
90
3,000
1%
2638 Oct 28
25% Oct 14
123
Sept
53
6%
25%
16
106% Mar
18
25%
49 %
43
13,400
640
7% Mar
9% Mar
36% Mar
Dec
6
No par
Bulova Watch
3,100
4,200
Oct 20
40
Oct 20
Bullard Co
1,580
73
27% Nov 6
41% Oct 7
49% Feb 28
118
July 2
7% Apr
57
8,600
6,200
Oct 17
65% Jan 15
1978 NOV 6
6,500
36,000
Jan
53s Oct 15
74
45
50%
5
Dec
44i2May 11
32%
31%
24
Oct
Brown Shoe Co
49
8,800
Jan
$6 preferred series A-No par
Brooklyn Union Gas
No par
7% preferred new
100
36%
17%
76
31%
5%
23%
No par
Bruns-Balke-Collender.No par
35%
17%
76
31
5
2234
par
Bucyrus-Erie Co
23%
78%
32%
40%
31
5%
23%
5
No par
Bklyn Manh Transit
32
6%
par
16,900
22%
434
2234
77%
3184
40%
1%
15%
31
*55%
Preferred
par
par
10,200
22%
19%
4%
22%
1%
Bridgeport Biass Co—No
Briggs Manufacturing-No
Briggs & Stratton
No
Bristol-Myers Co
Brooklyn & Queens Tr.No
19%
17%
110
23
22%
76%
100
900
22
20%
Corp
3,200
31
22%
76%
4%
10%
15
10
50%
3178
6%
17%
*19%
4%
4%
12%
*94
No par
Borg-Warner
7%
f'y
92
*85
Class B
Borden Co (The)
53%
....
85
Bon Ami class A
Jan
63
5%
2
80i8June 12
93
42%
Dec
14
6%
Feb 28
No par
96
2734
Sept
19%
45%
1% Feb
Aug 18
5
Bohn Aluminum & Brass
Mar
234 July
35
1678 Apr 30
41
Aug 20
42%
*95
Jan
18
8
115
Mar
5% May
35% May
100
13i8
28%
700
May
83
63
19
110
Belding Heminway Co -No par
23
12234 12234
41% Jan 3
11014 Sept 3
243s Nov 4
1314 Jan 6
82i4 Jan 10
14i8 Jan 6
1634June 26
Belgian Nat Rys part pref....
23
122% 122%
52
4934
Aipr30
May
10% Jan 15
46% Jan 24
734 Mar 18
9
8
21
Bayuk Cigars Inc
600
13%
85%
2i2July
2% July
Jan
4
15
3018 Feb 14
54% Mar 5
28
48% Nov
678 Feb 24
29%June 30
3
Apr 9
100
62%
71%
73%
18%
19%
123% 124
50
50%
18%
18%
*31
32%
26%June 5
538June 30
100
Preferred
18,200
5,100
Jan
29i2 Apr 30
3334 July 8
1578 Apr 30
Pref assented
Baltimore & Ohio
Preferred
*115" 118"
Oct 28
Barnsdall Oil Co.——-.5
..
Mar
127
Sept
92% Dec
37% Jan
17% Dec
19% Dec
Mar
6
Jan 17
34,000
104
3
June 26
6^6% conv preferred....100
10
Oct 14
4438 Oct 3
3H2 Oct 19
5312 Oct 20
35i8 Apr 10
14
110
25%
103
*41
*83%
30%
110
112
24
102% 1027S
13%
*83%
85%
29%
112
2634
27%
23% 24%
120% 121
19%
19%
20%
20%
*41
*41
43%
9734
1334
28%
22%
61%
26%
112
19
112
*41%
97%
13%
*83%
112
121%
18%
18%
43%
70%
23%
35%
*121
24
2334
2334
*2334
103
102% 102% *102
*41%
23
34
112
120
*111
112
*111
400
23%
36%
Dec
Oct
Assented
23%
3534
Dec
60
Apr
Preferred
23%
Dec
44
32%
Avia'n Corp of Del(The)new.3
3534
100
20%
48
Baldwin Loco Works..No par
400
Mar
2934 Feb
3534 Mar
66% Mar
19% Apr
Feb 18
No par
No par
A
4,000
109
48
Nov
June 12
19,700
46
23%
120
70%
Oct 30
73
13,700
35
25
Prior
1834 Nov
115
No par
Preferred..
Oct
90
7% Mar
80% Apr
5U8 Feb 10
88% Aug 8
107
9%
70
6
2
A
5%
4%
71%
*2234
46
*45%
111% 111% *111% 112
24%
120
334 Mar
Apr
May 13
Oct 30
124
2
Highest
5 per share i per share
22i8 Feb 27
112
9034 Jan 2
21% Apr 24
11
Apr 22
1312 Apr 24
26%June 4
109
Sept 17
share
22i2Nov
June 19
Jan
Lowest
—.100 xll2
4% conv pref ser
Atlas Powder
5%
4
.
1,600
41
478
24
170
25
100
Atlantic Refining
Austin Nichols
5
*120
700
100
Preferred
3,500
5%
4%
46
100
Atlantic Coast Line RR—100
7%
4%
22%
59
7%
4%
3%
35
Fe.-lOO
Atch Topeka & Santa
Preferred
per
108
May 21
Atlas Tack Corp
No par
Auburn Automobile—No par
5
23%
Feb 21
36
9,200
5
35%
98
25
Oil
1834
34%
4%
2278
100
100
103
Atl G & W I SS Lines—No par
100
Jan 20
12% Apr 30
1
700
300
95
8
3
818 Jan
par
33%
4%
4%
35%
*45%
400
31,600
Year 1935
Highest
$ per share
100
11,300
72%
124% 125
41
4
21,800
72%
5%
4%
No
6% 1st preferred
7% 2d preferred
114
18
Artloom Corp
Preferred
Associated Dry Goods
Associated
110
79
78%
79
77%
106% 106% *105
106%
41
42
40%
41%
*28% 29%
2934
2934
*49% 50%
49% 49%
33
32
3234
33
5
4%
70%
71%
20
28,100
45
5
*67
2,100
-
123%
45
434
4%
*67
-
22%
109
12378 *117
45
-
Par
Shares
16%
••
21%
Range for Previous
of 100-Share Lots
Lowest
Week
6
16%
*93
Range Since Jan. 1
On Basis
STOCK
7, 1936
EXCHANGE
the
share
per
21%
44
106
$
31
32%
115
115
*111% 115
*70%
7234
72%
7284
*124% 126
*124% 125%
1834
18%
18%
18%
33
3234 34%
3434
6%
7%
7%
7%
73
*38
42
79
Nov.
10-5
21%
*110
44
*49
30%
31%
113% 113%
32
106
21%
77%
4934
*70
106
43%
*43%
5
16%
*93
20
*93
Friday
$ per share
106
20
I
Nov.
278 Jan
Jan
2
May
25%May
1% Apr
278 Apr
2i2 Apr
6%May
12i2 Apr
40%May
12
13
30
1934 Jan
4
36
4
37% Mar
1
Apr
78 June
% Feb
3% Jan 13
634
Oct 13
2% Feb
5
12% Oct 16
1%
Mar
Feb
61% Nov
63% Dec
2% Jan
3% Dec
2% Jan
6% Dec
12
Jan 31
1
Mar
9
Dec
33%
Oct 30
June
*35
Nov
Mar
3
Jan
Mar
484
Jan
June
Jan
July.
5%
10%
Mar
20%
Dec
Mar
20% Jan
2
19%
%
84
1%
3%
4%
62
Nov
4
20
3
Feb
8
8
Jan 11
84 July
1% Mar
5434 Dec
2% Jan
4% Dec
July 15
32% Oct 7
1% July
9% July
1934
2% Feb 11
5% Feb 11
29
1
478 Feb 21
2
4% Mar
Nov
7734 Nov
27
30
4
li2 Apr 23
3% Apr 24
3% Apr 28
Mar
Oct 31
26% Oct 22
69% Apr 17
100
23
12% Oct 19
8
4
Jan
Jan
Dec
Volume
LOW
AND
New York Stock Record—Continued—Page 4
143
SALE PRICES—PER
HIGH
Sales
NOT PER CENT
SHARE,
Monday
Tuesday
Oct.
Nov.
Nov.
31
2
3
Nov.
Nov.
5
Nov.
4
the
Friday
Thursday
Wednesday
On Basis
STOCK
Year 1935
of 100-Share Lots
EXCHANGE
Highest
Lowest
$ per share
Lowest
Wee*
6
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK
for
Saturday
2957
$ per share
1
$ per share
*18%
*9%
19
18%
934
48
*47
$ per share
19%
19%
1934
934
48
49%
128% 133
18%
1838
9%
47
$ per share
$ per share
9%
934
19
18%
9%
$ per share
9%
49%
49
49%
8534
12734 129
18
18%
18
18%
85%
85%
*8534
85%
10%
*34
10%
34%
"98"
98"
*110
111
42
42
87
13234 134%
18
18%
86%
86%
50
128% 129%
50
*51
1034
10%
10%
7,600
34%
2,300
*97
103
111
111
42
42%
*88
51
51
*63%
64
63%
6 584
125
17%
63%
64
113
*111
*56%
17%
62%
35
64
64%
17%'
3434
*26
26%
25%
*31%
125
66%
89%
50
m
'
-
M.
-
126
*56%
57
*17%
17%
66%
2,100
125%
65%
"2400
125
*56%
57
173s
19,700
20
113% 113% *114
30
*30
35"
35
26
3634
24
25
24%
25
25
25
32
33
*31%
32
123
38
*37
37%
*31%
32%
124% 124%
37
3834
46%
*44
45%
20%
100%
19%
46%
20
1734
83%
125
125
16
16%
4%
75%
11%
34%
*1834
*18
4%
105
103% 104
100
100
*99
79%
71
*121% 123
16%
16%
4%
3%
*122
124%
16
72
83
84
82-%
125
125
124%
17
16%
16%
1638
3%
3%
334
3%
68%
71%
6938
19%
15
15%
7,700
48%
7%
34
90%
*85
110
17%
17%
a:44%
45%
7%
7%
133S
1338
*105% 106
7%
7%
Stock
3%
3%
17%
22%
27%
33s
34
3%
Closed
17%
22%
17%
2338
Election
28%
234
%
28%
234
Exchange
2234
2%
107
17%
107
Day
30%
2%
107
107%
72%
7334
21
38%
3934
3934
234
2%
35%
26%
234
2%
42%
37%
83%
37%
29%
83%
54
54%
47
47
*108
110
108
136
12%
12%
51%
5234
1%
103
27
136
22
4038
2%
38%
7%
7%
8%
%
3%
%
3%
17%
x22
29%
234
2%
106
74%
21%
21%
4034
41
234
3
41%
140
4234
140
600
2238
41%
3
1%
984
103
35*2 Apr 30
Continental
4
Mar 20
44,300
Continental Oil of Del
218 Apr 30
28i8June
2512N0V
5514 Apr 30
4,000
640
11,100
200
21,400
109% 109%
6%
18
6%
19
3034
30%
31%
32%
30%
33
49%
49
4984
19%
19%
6%
6%
56
56%.
46%
57%
6,000
600
18%
19%
20%
110
6%
112
Curtis Pub Co
6%
19%
7284
49
49
80%
83
183s
18%
99
101%
32%
32%
32%
33%
50%
19%
10%
9%
*15
6%
19%
69%
*46%
684
67,900
20%
69%
60,600
49
80%
82
18%
1834
9734 100%
32%
32%
31S4
32%
49
50%
19%
20
6%
145
900
6%
145
9%
16
*9
*14
Inc
No par
5
76s Apr 27
10
~""l60
15%
55
55%
55%
56%
1,300
32
32
33
33
3284
33%
1,800
39
39
38
37%
38%
23%
23
23%
*18%
19%
*18%
19%
*18%
19%
53
53%
53%
39
38%
22%
*18%
23%
19%
23%
5484
55%
1938
24%
19%
20
1,700
18,300
73
76
74
75%
46
46
46
47%
48
49
23%
2384
23%
24%
2434
25%
1
1
100
1%
8%
*%
*1%
1%
300
8%
7,500
%
1%
7%
1584
*113
115
170
174
130% 130%
112
113%
7%
7%
173
*1%
2
*138
734
*14%
*113
8%
1534
115
172% 176
130% 130%
113
113
8%
172% 175%
734
*160
163%
38
38%
14
13%
1434
4434
44%
46
44
115
*113
13%
1
38%
14%
13%
*%
2384
*%
163% 163%
45
*113
*44%
23%
13%
*113
13%
For footnotes see page 2954.
13%
13%
8
*15
*113
1584
115
7%
*15
*113
11
1534
179
178% 181%
130% 130% *130% 130%
*113%
*113%
176
8
176
8%
7%
8%
17734 178
17734
164
163% 163% *160
39
38%
3834
39%
14%
1434
14%
14%
47%
45%
4638
47%
114
115
113% 113%
13%
1384
13%
1384
800
80
5,300
3,200
60
3,800
36,800
32,100
60
11,200
Mar
70% Jan 27
61
83
16
Mar
6
June
Nov
5
June
2234 Mar
Jan
1878
Dec
23i8 Feb 20
93s Feb
7
Mar
11
ll2
Feb
100
128
May 12
153
Feb 17
65
Mar
Co.100
& Mackinac Ry Co...100
60
Jan 24
65
May 12
45
Apr
Aug
4
Apr 29
13
June 12
213s Jan 31
42
Jan 10
30is
5% non-cum preferi ed__100
A..No par
Diamond Match
No par
Devoe & Reynolds
Oct
58i4 July 27
40i2 Jan 25
1178
Oct 24
2
5i8
26i2
37i2 Oct 28
43
Aug
6
34%
Ltd No par
I8I4 Apr 30
345s Jan
2
33
19
21
Co
No par
49
Jan
6
58May 20
lis Jan 6
4% July 10
100
100
Dunhill International
6P2June
512 Jan 10
1
1318 Aug 27
No par
100
114
Feb
Nemours(EI)& Co_20
133
Apr 30
6% non-voting deb
100
Duquesne Light 1st pref—100
Eastern Rolling Mills
-.5
Eastman Kodak (N J).No par
129
Feb
Du P de
6% cum preferred
Eaton Manufacturing
Eitingon
Schild
Eiec Auto-Lite
Preferred
Electric
Boat
(The)
100
Co
4
No par
5
100
3
zl
8
7
11% June 12
5i2 July
156
1
Apr 28
152
July 24
2812 Jan 6
534 Apr 28
3034 Apr 27
llOU Jan 23
10
Apr 30
Jan
Jan
Dec
June 19
29
Dresser(SR) Mfg conv ANo par
Convertible class B
No par
Preferred
7
4P2 Jan 2
712 Apr 28
505s Jan 6
Ltd......No par
Duluth S S & Atlantic
Oct
Oct
35i2 Aug
Participating preferred...25
Distil Corp-Seagr's
Preferred
11,300
Mar
6U Mar
73
19
pref..100
Duplan Silk
115
2
Jan 21
23i2 Mar
Douglas Aircr Co Inc. .No par
10%
73%
46%
Mar
3238 Nov
Dominion Stores Ltd..No par
10%
71%
Dec
15
89i2 Mar
5434 Oct 13
Dome Mines
10
72%
9
37
33i2Nov
1,300
10
71%
1878 Nov
IOP2N0V
90
Jan
2
7,200
10%
7234
2P8 Mar
Jan
5*8 July
1912 Apr 28
32,700
1,100
2,800
10%
54%
10%
5634
10%
23%
Jan
6
44i2 Jan 14
24% Apr 13
5
3634 Jan 20
1478 Apr 30
43s Jan 4
Dixie-Vortex
72%
47
27
100
*10%
55
20
Detroit Edison
Det
Mar
Jan
1
100
Delaware Lack & Western..50
64
3i2 Mar
14
Corp. 10
Preferred
11,100
15%
22%
7
Delaware & Hudson
53%
37%
Jan
Diesel-Wemmer-Gilb
20
22%
52
10,500
*52
38
No par
29,400
*12%
32
59
pref. .100
—No par
Det Hillsdale & SWRR
16
Jan 15
8% preferred
*64
74i2 Mar
110i2 Oct 22
9i4Mar 11
Davega Stores Corp
Deere & Co
1
Denv & Rio Gr West
5
40%
Cutler-Hammer
400
6
Oct
112% Nov
4
1
Class A
1478 Nov
5634
99i2 Mar 13
No par
No par
Curtiss-Wright
Cushman's Sons 7%
23i2 Mar
6
7
35i2May 26
16%June
10
1,100
57% Nov
3578 Jan
1134 Sept
6312 Jan
Sept 26
7
1,000
1,600
4
47% Apr
6i8 Jan
50
Packing
(The)
Oct
12458Sept 21
2% Feb 4
I8I2 Feb 4
14% Mar 9
9
10
Sugar
Preferred
60
Oct 30
Nov
3734June 19
353a Sept 1
9034 Nov 5
July 22
4,800
19,000
43
6
109
10% Jan 6
Sept 9
36i8May 17
43U Jan 6
10
4134 Mar
148i4 Oct
4% Mar
Jan 27
7%May 4
Apr 30
95% Apr 29
1% Sept 28
100
Cudahy
10934 110
Jan
1518 Mar
Oct 31
Preferred
1,200
*64
*9%
1.440
pref
Cuban-American
34
6912 Oct 19
82i2June 18
47
No par
100
(The)
Cuba RR 6%
6,200
18%
19%
112%
770
40,300
Cuba Co
20%
*64
14%
7
Jan
2878 Mar
168i2 Apr 15
140
Mar 27
5
8
Oct 26
100
38
*69%
49%
zll2
"5"600
Apr
46
Preferred
20%
6
9%
10
46
No par
ex-warrants
38
146
44%
Pref
Oct 26
Nov
46*4 July 22
$2.25 conv pref w w..No par
21
6
38%
13%
7% preferred
38%
110
146
32
38
Crane Co
387s Nov
73s Mar
July
54%
*5%
6%
146% 147
53%
32%
163%
4
No par
4358 Jan
148% 148%
22%
38
Coty Inc
6358 Aug 22
158
Aug 20
No par
*64
171% 171%
25
100
Preferred
Crown Cork & Seal
38
49%
*160
Corn Products Refining
7,400
38%
21%
31%
171
5
Continental Steel Corp.No par
Corn Exch Bank Trust Co..20
89%
107
Jan
3,800
14,200
88%
108%
7
5
Feb 11
*118
107
Jan
46
28
1134
46%
6234
243a Mar
9034
121% *115% 121% *119
121%
2
2
1%
2%
1%
134
12
13%
12%
13
12%
12%
11
11%
11%
11%
103s
IO84
4i2 Mar
Oct 28
17%June 30
102
30%
"8
3
Continental Diamond Fibre..5
Crucible Steel ol America. .100
121%
Dec
22
108
87U Jan 13
1
Dec
2i2 Jan
38 Aug
Apr
67%May
88%
110
100i2
%
Continental Insurance...$1.50
Motors
Feb
li2 Mar
6i2 Mar
Oct 22
20
155s Mar 16
*105
20i2 Apr 17
2614 Mar 9
30i2 Nov 4
100
Preferred
Continental Can Inc
No par
110
5
158 Jan 16
43s Apr 18
72i8
3
Crosley Radio Corp
*105
lli2 Feb
3,500
200
47
109
1% Jan
67% Jan
Cr W'mette Pap 1st pf .No par
Crown Zellerbach v t c.No par
94% 101
3134
32
32%
33%
49
60%
8
No par
9,000
97
*113%
Class B
34,600
94%
172% 174
June 18
1534 May 14
1038 Jan 6
14%
98%
*130% 131
2
12i4June 18
54%
97
*14%
Jan
100
1438
18%
15%
3
5*2 Sept 23
3sMay
53
17
115
10618 June 30
101
14%
7434
*14%
6
Jan
378 Apr 28
54%
*46%
*113
2018 Feb 13
483s Oct 30
July 14
8% Oct 5
1514 Mar 6
102
Container Corp of America.20
Continental Bak class A No par
5% preferred vtc
7i8 Feb 13
lli2 Apr 30
.No par
Consol Ed Co of N Y..No par
$5 preferred
No par
12%
I684
7%
Preferred
4i8 Sept 28
15U Apr 30
27U Apr 30
52%
75
7%
1
12%
50
2
Consol Film Industries
53
110
1634
*1%
Nov
7212 Oct
314 May
1414 May
1578 Feb
12%
7484
1
Mar
69
5,600
46%
Mar
62
3234
*4638
7
5
32
43
*136
Feb
3312 Jan 3
15i2 Oct 24
Nov
4
31
43
----
9
24
Oct 27
Consol Coal Co (Del) v t c. .25
500
27
Nov
3,900
9,000
Mar
8
4
44i2 Jan
2534 Mar
Nov
{Consolidated Textile.-No par
15.10C
13i2 Oct 26
16i2 Oct
34 Mar
29is Jan
578 Mar
92
7214
Consol RR of Cuba pref...100
19,300
Feb 17
Jan
5614 Feb
9778 July
92
8,900
590
5i2 Feb 17
82
39i2
82
"5" 600
12,800
Aug 28
June
12612 Oct 7
2458 Feb 21
Mar
31
Jan 27
34
2,300
Jan
9
33s Mar
35i2 Mar
7312 Feb 13
52
*105
*46%
*%
8
12%
17%
*44%
*23%
%
1%
734
7
62
108
74
53
9
44
35
54%
50
53
Jan
100U July
41
46%
72
3134
*37%
2
6
136
4784
9
2
Jan
14
8034
6534June 24
Consol Laundries Corp
5
Consol Oil Corp
No par
Preferred
No par
3%
3%
1634
17
21% 22
27%
2884
2%
2%
104% 104%
7234
74%
40%
234
Jan
9012 Jan
100
79,400
%
2134
Dec
Prior preferred
100
Prior pref ex-warrants._100
Preferred
8%
8
Jan
Dec
25
64%
*1634
20
4,300
17%
4534 135,800
107% 107%
7%
8
14
14%
No par
Feb
48i2
100
54
*4684
"9"
"l'ioo
Conde Nast Pub Inc
7
65s Mar
40*4
No par
*47
73
4934
7434
/53%
4%
Solvents. .No por
Commonw'lth & Sou...No par
$6 preferred series
No par
4
51i4 Jan 23
2318 July 28
10834 Oct 5
103
Aug 24
84% Sept 30
12134 Nov 6
847S Oct 6
Cream of Wheat ctfs
88%
54%
47
*69%
9
100
Jan
Feb
z45% Jan 22
2,100
83
73
*52
s__10
pref
634
1034
May 20
31
5,400
8334
*70
*15
Commercial Credit
Mar
42i2May 26
37%
31
73
*64
..100
Jan
9
6934 Mar
7
44
30
*70
684
.100
preferred
Mar
101
136i2 Aug 11
37%
2934
*3634
20%
150
17%
44%
36
Jan
72i2 Nov
533s Apr
15*8 June
3
37% Mar 11
Jan
37%
3234
42%
*136
29%
82%
38
38
37%
20%
20%
20%
2O84
109% 10934 *109% 110
6%
6%
6%
6%
18%
17%
18%
18%
634
4%
38
38%
37% 38%
36%
27
26
26%
25%
26%
2634
66%
65%
6534
65%
66%
6634
72
7234
71%
72%
70%
72
*159% 161
*160% 162
*159% 161
5%
5%
5%
6%
5%
534
37%
103
106
73%
373s
*1%
11%
9%
1734
22%
28%
37
12%
51%
734
79
14%
*105% 106
*105% 106
1334
37%
*3634
19%
10734 10734
37
121% *110
12%
9%
36%
66%
66%
70%
69%
160% 160%
534
5%
42% 43
42
734
1334
*105% 106
7%
7%
34
%
39%
584
4%
17%
234
71%
4%
453s
39%
6634
60
43%
107% 107%
21%
160
92
110
xl6%
21
27
92
*85
7834
17%
17%
4734
46%
*107% 108
21%
36%
140
92
110
4%
7%
13%
4%
80
92
4%
434
20
*85
76%
16
94
15
15
*75
100
Connecticut Ry & Ltg pf.,100
Consolidated Cigar____No pai
20
78%
Oct
36i4 Feb 20
7
14%
90%
Oct 29
3978
2
20
110
30
No par
Preferred series A
6
2H2 Jan
1918 Jan
16
14%
78%
91
77%
100
v t c
2012 Jan
8I4 Jan
28U Sept 17
307s Aug
3,200
13%
4% 1st preferred
4% 2d preferred
5
11318 Nov 5
11034 Oct 26
Congoleum-Nairn Inc. .No par
Congress Cigar
No par
19%
19%
Aug
5
3
11058 Sept 24
Jan 10
19%
110
Nov
5778June
3912 Apr 30
107U Jan
14%June 26
2U Apr 30
59U Apr 28
7
July 3
19%
July
106i2 Feb 28
6684 Nov 5
97
19%
*18
par
100
Aug 14
Commercial
1934
1934
14
No par
Corp.No
Colorado & Southern
June 30
Jan
1834
20
(called)
Colonial Beacon Oil
13
100
55
1934
1334
No par
100
conv
June
20
126
Preferred
4
Mar
48
Jan 31
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
1934
4%
Collins & Aikman
5%
80
Jan 15
par
Dec
Oct 13
84
100
80~
2758 July
Oct 16
555s Jan 16
preferred
314 Apr
1214 May
51
124
Colgate-Palmolive-Peet No
Oct
88
No par
11,500
8334
400
125
17% 34,800
3% 313,600
11,800
70
3,700
12
20%
21%
19
400
5,100
72%
*147
14,400
7234
36
72%
103
7334
12034 12134
11%
7234
9%
74
68%
72%
12
7234
12038 120%
35%
3%
3%
17
17%
23
2234
29%
28%
234
2%
*104% 107%
*1%
80
1234
*105% 106
*118
1,100
100
18%
36%
7%
29
105
*90
12
13%
534
117,000
105
100
IIII4 Aug 13
4712 Oct 10
No par
Columbia Gas & Elec. .No par
19
105
1138 Oct 14
46is Mar 24
70i2 Feb 7
129
July 28
Col Pict Corp v t c
No par
$2.75 conv pref.....No par
99
4
7
Feb 26
400
8,500
July
Apr 28
46
19%
Oct 31
Feb 10
33
Mar 30
Columbian Carbon
35
98
90
107U Jan
48
100
Oct
6984 Sept
4
Oct 10
48
Coca-Cola Co (The)
Class A
Sept
3i2 Mar
4
200
82
Colo Fuel & Iron
Nov
Nov
434 Jan 7
2334 Jan 21
156i4 Jan 9
50
6%
87
50
Nov
Cluett Peabody & Co..No par
Special..
I35I4N0V
4
100
39%
35%
79%
Preferred
46
105
18
5
;
37%
3534
*18
50
47
12
14
100
3834
34
13%
70%
800
11%
*7%
160
220
34%
18%
36
150
31
128
31%
11
108
*26%
66%
31%
31
128
34%
*85
%
31%
3%
75
*90
7%
37%
*46%
31%
128
11%
90
18
31%
34%
110
47%
83
81
90
*107
72%
*119% 123
82%
81%
*85
4%
100
31
128
140
69%
12%
7534
20
13%
46%
19
104
72
7034
71%
71%
*118% 120% *11834 120%
83
20
6,900
36%
32
*99
33%
37%
121
*103% 10434
*24%
37
32
37%
30
36%
-
126
*45%
19%
Mar
12
Preferred
*127
100
32
33
31
Clev Graph Bronze Co (The)
Clev & Pitts RR Co 7% gtd.50
15400
*122
*31%
Feb
6
1978 Feb 14
8512 Jan 21
1514 Jan 2
72% Jan 2
5
No par
Equipment
No par
C C C & St Louis Ry Co... 100
Preferred
*30"
35%
9
Clev EI Ilium Co pref__.No par
18%
*113
113
35
Oct 23
400
1113s
*30
50
2,900
43
104%
104% *104
1043g *104
6634
63%
64%
6534
66%
17%
*104
104%
113
65%
12334 124%
57
57
50
103
110%
*50
*49
*127
*127
*127
*97
103
*97
*110
*109% 111
43
43%
4234
43%
*88
89% *88
89%
65
104% 104% *104
8
Clark
111
*56%
Jan
100
City Stores
34
111
*122
25
Preferred
34%
*97" 103"
*41%
3
30U Jan 6
1134 Jan 24
25
Jan
City Investing Co
10%
8934
*112
30
34
51
17%
490
86%
90
share
7
25
Chrysler Corp
City Ice & Fuel
1034
*88
1734
6,600
per
17% Sept 19
10
Copper Co
33%
*49%
67
86
9,5400
Chile
$
No par
__
10
51
122
Childs Co
32
8934
*56%
Chickasha Cotton Oil
2,400
1,110
10%
*88
122
1,000
9%
49% 50
13334 135%
18
18%
9<%
34
9%
34
*49%
*64%
*127
Par
19%
19%
*51
80
Shares
$ per share
1178 Jan 23
34% Jan
684 May
82i4
6
17% Mar
Nov
6
13% Mar
2578 Nov
6
6% Mar
Oct
4
% June
i4 June
134 Jan 15
3
Jan 15
834 Oct 13
I8I4 Jan 17
2
June
1234 May
Mar
11534 July 28
103
18112 Nov
133is Apr
126%
Feb
104
Feb
6
1
11534 Feb 14
97s Feb 11
185
Aug 8
166
Mar 13
86% Mar
334 Mar
110%
Jan
141
Jan
Oct 16
153s Oct 13
16%
47% Nov
19% June
3934
115
6
Nov
6
173s Feb
4
Jan
3% Mar
107
Jan
3% Mar
New York Stock Record—Continued—Page 5
2958
LOW
AND
SALE PRICES—PER
HIGH
STOCKS
Sales
NOT PER CENT
SHARE,
ffiT
jur
Saturday
Monday
Oct.
Nov.
31
5*4
5*4
Tuesday
2
Nov.
3
Nov.
$ per share
$ per share
Wednesday
534
5%
15 >8
79
15%
80%
5%
1434
77*2
80
83%
68
69
14%
77*2
71*4
73 >8
47
73%
76
46
46
4634
16*8
78
558
73*4
69
81*4
73*4
44*4
78
44
44*4
2*4
*55~
«•'
-
57"
*55*8
2%
23*4
*55*8
*114
115*8
13
*12
75
*71
75
65
*75
80
*75*4
*81*8
85
82%
82*8
9*8
9%
*71
80
1
"
74
:
13*4
13*4
135g
13*4
*81*2
9*2
15*4
28*2
24*4
13%
30*8
30*4
30
30*2
30*4
*5*8
5*2
*3*g
3'4
9*8
%
214
23g
'1
13
13*2
13*8
4634
%
2234
2U
23»4
56*4
23*2
40%
*4
78
*%
2*8
115*8 *114
ni4
15*2
*29*2
9*8
15*8
15*8
15*8
30*4
29
29%
24*8
24*2
2334
23*4
*5*4
5*2
3*4
34
%
2%
2*8
25%
23
24
2%
24%
*56
57
7434
85
60
56
*75%
*81*2
934
15%
2934
24%
13%
31
10*8
15%
29
24*4
13%
30*2
5*4
3*2
5*4
3*4
34
115% *114
115% *114
*12
12% .12%
12*4
71
*66%
72% *65
3*4
5*8
15%
663g
*15
15*8
15
15
15*2
65*4
643g
65
63
64
195
*180
3
1534
*04*4
183
198
*75%
*81*2
104i2 105
105
105
105
*101
*95
54%
5*2
2,800
3*4
3%
1534
490
6734
6,000
*14
67%
200
6034
*194
57
107
11,800
934
*3734
4334
38*4
3834
44*4
39U
39%
39%
*37
45
3178
31*4
31*4
105
105
51*2
51*4
36*2
37
36
36%
3178
4*8
31
31
41
40*8
51*2
36;%
5178
*31
4%
41
•
36
36*4
115
41*8
*85
42
89^8
2534
26*8
40
5*8
*89
25*2
4034
70
*67*2
36
42
70
6,300
5%
41%
26%
109
109
35
36%
115
115
43
42%
89
89
28
28%
119
70
*69%
40*4
40*2
5%
6%
*
40*2
40*2
578
578
*534
19*4
*17*2
*18
40*2
40*4
*578
6
17*2
18*2
100
_
*12%
"l~2%
*103*2 110
64
165s
*
64*8
16*4
151
"~8
20*2
47*2
116
51*2
*150
48%
41*4
"12*2 "l234
*10312 110
63
64*4
16*8
8
7*4
20*2
20
Exchange
8
49*8
4U2
52
19*2
118
Election
52
154
48*2
413s
3*8
278
70*2
68*s
77
*69
*78
85
*74
62
62
8134
*51*2
*150
Day
49*8
4834
41*2
212
6734
i
417g
3*8
70
75
*68
73*4
72*4
*1197* 120
120
47
47
884
*5978
9
9*4
60*2
62
4*2
4*2
42
42*4
*115*4
4*2
4184
*115*4
258
2~34
38*2
52S4
38*2
53
2*8
38
51*8
4i2
42
.
mm
258
'39
1
2%
75
*70
80
62%
120
74%
120
48
9%
38
m
m
'm
m
28%
52*2
52%
150
51
50%
80
62%
75
120%
47%
9%
62
*114%
2%
25g
2%
38*4
3834
3834
6*8
69
16*2
5234
77
6234
4*8
45
2%
40
■
.
_
44%
53%
54
25%
25*8
7778
26%
79%
27&s
26*4
104*8 10434
10*4
10*4
92
*89
278
2»4
4*8
378
4*8
378
*2834
20
5%
6%
534
6,400
6,300
7
92
25*2
78%
27%
27%
28%
10534
105
10%
*89
79
10%
91
3
3
434
4*4
4%
4%
2184
21%
5%
4<%
2I84
3%
21%
43%
38
27%
60,800
78%
79%
27
28
3,900
41,300
106
107
26%
10*2
*89
11*4
3%
60,000
5*4
46,800
2,200
4
10
$5 preferred
No par
Gen Outdoor Adv A...No par
Common
No par
Printing Ink..No par
No par
No par
Gen
Railway Signal...No par
Preferred
100
Gen Realty & Utilities
Jan
118
6
75I4N0V
6
Jan 27
53?8
122*4 July
3
18%
Jan
2
5*4
Jan
3
Aug 24
Oct
Deo
20*8 Mar
Jan
120
Nov
21
Dec
Aug
4
17*8
Feb
June 20
93*8
Jan
110
3% Apr 28
Nov
6*8 Feb
50
Feb
5
4
118*2 Mar 14
378 Jan 21
43
Feb 21
5434
Us Mar
15*8 Mar
80
Jan
Dec
Deo
Jan
33*8
*89
91
90
91%
16*4
16
17%
*81
14*2
2*4
2*8
33*2
33%
13
1
13%
•
54*4
*53*2
52
*48*4
128% 128%
10
10%
*32%
*36
36*2
5212
55
1287g 12878
10
*3212
mmfmm
36*2
IO84
2134
11%
21%
11*8
21%
♦119*2 120
*119*2 120
*103
1
4784
*127%
4878
mrnm m
2*4
33*2
*36
11%
*21%
48%
48%
*128
165s
16*2
*106% 109
*106*2 109
2954
16%
109
109
1418 Deo
207a
Jan
70
92
Jan
Apr
2*8 Apr
20
Apr
4*8 Feb 19
1*4 June
11% Mar 20
6*4 Mar
Grand Union Co tr ctfs
1
Preferred
100
6*8 Jan 15
2*4 Mar
23% Jan 15
2
143g May
18*8 Mar
6
26
3512 Apr
48% Nov
39
Mar
1
22
3678 Nov
100
Greene Cananea Copper... 100
66
17% 112,500
Greyhound Corp (The) .No par
Guantanamo Sugar
No par
15% Nov
l%July
24
July
90
2%
8,400
2,100
600
480
Preferred
10*8 Deo
85
Deo
4*8 Oct
3% Nov
36*2
10
11%
11%
5,400
21
21
500
116
116
110
104% 104l2
20
50%
7,200
17%
17%
10784 108
3,200
60
347i May
Jan
140
Apr
j
50
i
25% Nov
28*8
I M
95
to
34
leb
7
1
Feb
2*4 May
Mar 19
43*4 May
Jan 23
95
1778 NOV
3ia Feb
39
Dec
6
19
Feb
2
19*4 Mar
4
4
Mar
6212 Oct
8
6
Apr
11*8
34*4
No par
28*8 Jan
7
63
Aug
8
12
Mar
33*8 Nov
129l2Sept
9
48
Mar
9'4
...100
105
25
30
Jan 24
25
83
10
6
Hamilton Watch Co...No par
Preferred
100
109
May 19
100
June 22
7% Oct 30
Rights
7% preferred olass A
Hall Printing
Hanna (M A) Co $5 pf. No par
Harbison-Walk Refrao.No par
14
120
1
12
...100
Jan
4
June 10
,
Jan
9
Jan
2
30% Jan
..100
Hat Corp of America cl A
0H% preferred
Jan
21
2
Preferred
*128
5
23*8
119
Jan
Haokensack Water
*36
17'
Jan
Jan
35*8 Nov
38*4 Sept
30% Jan
Preferred
Preferred
4
7
7
Oct
Mar
5
29*4
100
...100
Gulf Mobile & Northern... 100
Gulf States Steel
9
Apr 28
May 21
9
149l2 Aug 14"
Green (H L) Co lnc
30%
3,100
17*4
3
Jan
Nov
16*4 Mar
June 30
65
128% 128%
10*4
9%
•
163g
July
96
7*8 Mar
4*4
"22"
7
*33
50
6
May
6
400
4984
Nov
12% Mar 11
"l4%
49*8 Deo
Jan
770
mmmrn
107
Feb
1*8 Apr
Jan
400
10484
27% Nov 5
795s Nov 6
317g Apr 15
60% Mar
52*4
5034
*115% 117
10U Feb 17
21*8 Jan 6
"23*8
31
35*2
13*4
36*2
11%
2134
6
7l2 Feb 28
136
5214
5034
11
Jan
55U Jan 14
65
July 27
Green Bay & West RR Co. 100
54%
*33
2
Oct 13
89
Great Western Sugar. .No par
110
mmmmmm
13
128% 128%
77
191s Aug
Aug
93
11,100
38*2
34
51%
...100
Graham-Paige Motors
1
Gr'by Con M 8 & P 2d stpd 100
70*8 Jan
2*s Mar
Deo
13%
50
10*4
2%
2
6
De0
35
13%
5234
10434 *103
mmmm
2%
17%
Jan
8% Apr 28
Jan 24
16
92
nl5i2
87
No par
2
90
23i8Nov
35*8
63*2
'
par
Gotham Silk Hose
6
9^8 Mar
62
'■
74
Sept 11
21*8 July 8
Nov
19*8 Oct
9*4 Mar
90
2
par
par
Deo
Nov
403s Oct 14
63*4
36%
$5 preferred
No
Goodyear Tire A Rubb.No
1st preferred
No
51
Oct 17
6
88*2
36%
6UNOV 2
12% Aug 17
13&8 Jan 21
Oct
3*8
39*a
Jan
34
36%
Goebel Brewing Co
1
Gold Dust Corp v t o...No par
Goodrich Co (B F)
No par
Gobel (Adolf)
109
*4 Apr
14*4 Mar
32%
35
36*2
1
52>4 Sept 18
378 Jan 2
Oct
4ia Nov
41*4 Dec
Great Northern pref...... 100
69
3412
84
3934 June 11
109
25,600
145
3412
Oct 15
No par
No par
4H% conv preferred.....50
$6 preferred
Glldden Co (The)
Dec
42*8 Nov
43%
42
3734
Aug 21
Jan 6
6*4
6*4
Oct 17
145
36%
70
59*a Nov
Mar
Jan 17
Jan 10
72*8
Jan *120*8
3
105
2
Apr 28
20i2May 25
33U Apr 30
Feb
10
63
32i< Apr 28
Jan
597a
116
1107*8
Feb 17
106
v
6312 Sept 21
10% Sept 21
38
16 preferred
No par
General Refractories...No par
1
6
15*4
3
3
223s
*66
General Motors Corp
Oct
70% Jan
81
123
Oct
2
69
page
116
Jan
144
see
19% Jan
July 29
58
100
16
48%
*66
For foot notes
..No par
Gt Nor Iron Ore Prop .No par
21
144
*106*2 109
$8 pief class A
21%
29%
48%
69
163g
Mar
Conv pref series
No par
Granite City Steel.....No par
Grant (W T)
No par
2134
29*2
143
*12778
11
4,800
1,100
2,300
10,100
4%
21%
36
103
Oct 30
l%July 0
31& Apr 30
16
Apr 29
24% Aug 4
28% Jan 16
*66
47
77
Preferred...
93
5
143
36*81
5,100
8,900
3%
69
16~3s
11,800
1,300
5,400
900
36
31*2
1638
3,400
3,300
54*4
145
103
Jan
1,000
86
54
145
—
19
6,700
86
4434
*66
—
No par
44
54%
69
4858
Oct
87
5384
147*2
mm
8
43*2
54%
86
43%
22%
86*2
4434
4284
104
1*8 Aug
15*8 Aug
18
Aug
18
Apr
2
87
2134
42*2
485s
*12778
377a July
Feb
Oct
21%
22%
4184
*103
Sept
%
5
71
Mar
7
21*2
407a Nov
Jan
No par
Oct
Jan
30
43%June 22
43s Feb
Nov
>4 July
20*8
5
12
42*2
2134
Nov
6
145*8
Jan
Glmbel Brothers......No par
41*2
120
46*i Nov
6*t Nov
127*2
500
43
119,
Aug 21
29,700
48%
*21*8
76
23%
6%
1034
18*t Nov
Mar
8134
20*8
3078
*36
Mar
41
30
11
Mar
14
Preferred
Oct
10H Nov
4
Conv pref series A ...No par
General Mills
Aug
2
7
48%
21%
30*2
70
1,100
Dec
146
19
6
13%June 25
21%
11
51
Jan
48*8
tl3*8
Oct 13
59i2June 20
34% Apr 30
33»s Feb 18
100*b Sept
Oct 13
5014
150
%
5*4 Mar
Jan 11
22% Nov
121
Jan 21
140
Jan
30>8 July
48*2
*32*2
36*2
No par
11*4
115
Gen Time lustru Coi p No par
378
*9
General Electric
Oct 30
51is
Oct 24
Dec
Gillette Safety Razor. .No par
Conv preferred.....No par
30
-
2
17% Oct 26
155
Dec
16,400
20*4
834
2
6
13*4
107*
16*4
8I84
48
«...
2
Jan
Nov
69
5*8 Nov
Mar
Apr
21
834
Jan 23
1334 Nov 6
I04i2 Apr 21
10*4
48%
128*2 128*2
10*4 Apr 28
7
Nov
5*2 Mar
84*4 Jan
32% Mar
7*8 Mar
20*2 Nov 6
105i2 Aug 27
14
1934
*48
Jan
10*8 Nov
78 May
5
6
203s
48
4
7*8 Aug
6
30*2
47*4
48
Dec
6
$7 pref class A
330
500
52*2
Deo
4
4*4 Mar
Oct
31
54*4
o§
15
03% Oct
7
*178
Mar
1
28 s4
6*2
*133s
Feb 20
9734 Oct
35% Feb
6
63s
*31*4
Apr 14
126
Jan
100
Nov
70
30U Apr
17U Mar
5*4
No par
34*a Nov
112% June
70% Jan
7% preferred
Dec
Dec
July
534
178
General Cigar lnc
M
111
19*4 Mar
17
534
14i2
97a Mar
60*a Mar
Feb 1
4
42U Apr 30
17
Dt-e
3 zl35
3
2
100
Dec
321* Apr 30
6
33*2
Apr 21
38*4 Feb 17
4312 Sept 18
8i2May 20
97
Jan
9*4
Gen Theatres EqulpCrpNo par
53s
*13*4
Nov
•%
II n2
127
lli2May 11
100
10*8
Gen Steel Castings pf__No par
48
*52*2
1,000
Jan
334
Dec
Sept
§«% Aug
Jan
350
558
*31
118%.l une
25
Feb
4,800
2,100
20*4
'
July
45*4
2*4 Mar
20*4
59%
*30*4
63*4
1%
.;4% Apr 30
"l9"
28%
5434
47*2
*20*8
*83
5
57*2
52%
31
34*8
2
44*8 Nov
27%
54
3512
11*4 Mar
47% Mar
84i|
61
54
10312 104*8
*10
10*4
3578
Dec
55% Nov 5
37 78 Oct 24
32 8 July 31
28
54
78
*66
1027s
I '512 July 17
57*4
19*2
20*2
*3558
Dec
Apr
Feb 26
Apr 30
30i2Sept 25
25% Mar 21
3% Aug 29
40
2784
4234
234
378
25*8
Apr
57%
1978
84l2
43*4
*89
13*8 May
5
5234
81%
4
10
Nov
27«4
81
278
4912 Feb 14
Oct
No par
§
Deo
34
6
*55*2
2678
81
91
Aug
Aug
4018 Sept 11
2
7
7% cum preferred
$0 preferred
Gen Public Service
110
81
10*2
Jan
3*s
Jan 27
141
No par
Class A
100
39
4i2
Feb
Apr 30
6
General Cable
General
81
*145
700
600
81
42*2
4,100
62%
81
3%
20*8
13,600
6
General Bronze
1,000
1,000
*114*2
234
July
7a
38
No par
$8 preferred
5,300
*805g
20
7,100
6
General Baking
9%
41
284
3*4
37S
20
Corp
48%
120*2
37*2
*89
11,100
No par
,
834
62%
16
2678
Preferred
48%
37
104
(The)...No par
Gen Amer Trans
70
11934 11934
75% 128,500
74%
16%
10*4
Co
6,900
73%
37
104
Gamewell
GannettCoInc couv$6pfNopor
Gen Amer Investors ...No par
10
No par
120
8*1
2
16*8 Mar
281| Mar
No par
16
7778
550
6,100
Gen'l Gas & Elec A
62%
3*4 Mar
0
Oct 15
4014 Nov
23% July 16
General Foods
"77"
4
678 M ar
Jan
03
10
11*8 Nov
20i2
Freeport Texas Co
100
5*8 Mar
12U Mar
6
F kin Simon & Co lnc 7%pfl00
13.400
*
Jan
A pr 28
2% Jan
30%June
27,300
37
2534
73a
3
1
Fourth Nat Invest w w
2%
16*4
~24%
Aug
Apr
May
9534 July
65
36
26
10
42%
1578
25*8
777s
2,100
83,800
16
638
72
95
No par
Preferred
Preferred
mmt
51
37
137g
25*2
7778
90
27,900
/
Dec
115
sH §
Aug 21
pref
Foster- Wheeler
Deo
Jan
106
conv
No par
115
Apr
Apr
^100
180
1578
6*8
par
Florshelm Shoe class A.No par
50
7,000
150
3638
1334
(The)... No
65
3
65
120
Fllntkote Co
Oct 13
Dec
Dec
48
100»2
100
205
Dec
1§
19*s
54
Jan
National Stores.-No par
Jan
40
20U
Preferred series A
Mar
I**
6
z24%
First
4
17
18% Mar 25
7034 Oct 7
75
16
5*4
6*4
Nov
Apr
*8 Mar
53'2 Feb 29
37
558
6
473g Jan 17
16
558
Dec
2
31% Apr 30
*36*8
84l2
40*a
May
52
52*2
'
54*2
147a Aug
15
$6 2d pref
No par
Gabriel Co (The) cl A ..No par
56
86
10*t Mar
0
Rubber.... 10
41%
234
42
73%
60
Dec
8
Fuller (G A) prior pref.No par
27*8
43
Dec
120
56
42l2
*54*8
13*i
130
2658
*8358
7
Oct
40
57*4
193g
Dec
29
69%
27*2
20*8
Jan
19*i
Mar
June 26
90
67
20
14
8*i Mar
6*4 Mar
Nov
32
3,700
27%
•
7*8 Mar
92
3
1 Follausbee Bros
43
152
*108
107l2 107*2 *107% 110
4
4
4
4%
4*8
44
43%
44%
4334
42*4
*114*2
2%
8
5
112
Jan
llene's (Wm) Sons Co. No par
Firestone Tire &
Nov
7*»
Aug 10
Food Machinery Corp new.. 10
50
117% 118
150
9*4
62
63
36*8
8*4 884
22
22%
49%
48*2
22%
47%
120
9
63
50%
41*2
64
85
47*2
62
mm
234
16%
*
49*2
68
62
120
9*4
*107*2 108
*107*2 108
41%
68
117%
150
50*4
62
120
48
*47
68
48
5134
52
*118*2 120
7434
7234
73
66*4
116
154
6
900
Dept Stores.No par
§5
§5*8 Nov
4i2 Aug
69% Mar 30
1,900
109
20%
17%
19%
19%
*98% 105
*98*2 105
13
1334
13%
13%
*103*2 107% *103% 107*2
21
21
48*2
118
*75
85
6134
11834 H834
118*4 119
13
17
1034
16%
16*8
152
1493s 149% *145
834
83g
8*4
7%
46
47
118
*150
5134
154
Closed
205s
46
3
7234
16l2
*116
47*2
116
17%
100
*103*2 110
65%
63*2
Stock
*14934 152
70
*71*2
1238
6
39*2
Federated
Nov
56I4 Oct 29
27% Sept 21
99U Aug 11
1,700
115
119
"67*4
70
*39%
*
■
39
14,600
Works..No par
Federal Screw
800
31
4%
41%
*
119
*68*2
55
31
89
89
26%
*
54
5%
41%
423g
2578
25*4
33%
104*2 105
31
115
Federal Motor Truck..No par
mmmmrnrn
21,900
37%
35*2
89
90*8
mm
34
122>2 Jan
313s Feb 24
1834 Apr 30
37
Fidel Phen Fire Ins N Y
mm
Jan
84
—100
Preferred
Dec
§0
8I4 Mar 19
5»4 Mar 26
uue
8% Apr 29
3434
No par
Preferred
2,100
45*2
700
2% J
Federal Mln & Smelt Co... 100
700
'
36%
109
109
15
Federal Water Serv A. .No par
37%
*41%
41%
115*2 115*2
34i2
*37
34
...
3,400
3,300
5
31
109
45%
10U
Rico.20
7,500
37%
*29%
37%
*108*2 109
35*4
34i2
*109*4 119
*109*2 119
*67
*29*2
434
4*4
41
39%
44%
104% 104%
54
55%
52%
*11212 120
41*4
4U2
*108*8 112
115
458
105
334
^mmrn'm
1,400
o
Federal Light <fc Trao—
4%
40%
4%
3878
6% conv preferred
tajardo Sug Co of
934
3:*4
9%
3%
434
57%
112
101)
Preferred
120
96
8%
338
434
105
2,600
25
...
Fairbanks Morse & Co.No par
200
54%
24%
~56%
106
Fairbanks Co
240
203%
♦
9%
51*8
3
Feb
Sept
1*4 Nov
5
4*8 Jan
5*4
434
3~1%
Jan
June 30
Exohange Buffet Corp.No pai
5%
3%
1534
3%
105
15*8 Mar
11»4
n
IOI4N0V
lSUSept
3412 Oct
1578 Aug 10
4%
30*4
14*i
97
Apr 29
Cleaner
Vacuum
Mar
8912June 30
4078 Jan
834
105
14
Oct 13
2
*338
33%
06
4
16
J
17g Aug
114
6
11
7g
Jan
Jan
100
preferred
Second preferred
Flrt
Dec
§8*4 Nov
02*4
Jan
100
100
Erie.
11*4
125*4 Jan
1*1 Mar
48
7
Apr 30
Feb
7*8 Aug
S4*« Dee
Apr
55
5% Apr
«*a
%
84 34
7
9
44%
par
No par
Mar
share
per
% Mar
Jan 14
Jan
478
*37
No
Equipable Office Bldg.No par
July 22
15% Apr 17
12
334
mm m
100
2*2 Mar
7
09
116
23July
8*4
33
$5^ preferred
$6 preferred
300
Feb
Mar
Highest
6
5
434
45%
45i2
3
1*8 Mar
6
5
3*4
M
No par
Jan
Feb
Eureka
478
*37
Aug 18
7%
3%
25% Nov
Evans Products Co
9
44
63i2 July 25
110
1
39
7,500
3*4
44
4
4
78
July 27
5514 Jan 7
15s Feb 5
2,700
4*4
44
Jan
3
14
9
*37
1%
2234Nov
9
July
32%
3*4
*38
Jan
$5conv preferred
300
21,800
100
5% Pref
Engineers Public Serv...
2
%
85
1334
96%
*103
Jan
42% July 13
561 Sept
31
*95
53%
29%
7*4 Feb 21
17*4 July 14
13%
24
5338
No par
Battery.-No par
2
2
tkare S
per
31%
52%
54
preferred
Endicott Johnson Corp....60
800
54%
97*2
700
2434
24%
96%
53
200
*22
24
97*2
Jan
$6
mmmm-m
5,700
53
2458
32«4
Elec Storage
3,800
5434
52*8
Sis Sept 22
Jan 2
03s
No par
3
16
24%
97*2
% per share
preferred
50
30*4
24
25*8
% per share
$7
6% part preferred
29
51*2
52
Electric Power &. Light.No par
El Paso Nat Gas Co
16
53*4
97
Elec & Mus Ind Am shares....
6,600
30%
25
Year 1915
Lowest
Highest
t Elk Horn Coal Corp.No par
10%
51
25*8
Par
1,100
1,000
85
*185
2478
11,800
7,300
1,800
9%
15*4
54
52*8
3,500
77,600
80
85
10%
Lowest
Shares
56
115%
12%
72%
80
195
*185
534
534
82
*»«.
$ per share
1936
EXCHANGE
Week
14%
15*4
_
6
14
534
80*4
*2*8
Nov.
5
$ per share
$ per share
$ per share
'■
#34
Nov.
15%
55g
15
72*4
44*4
4
7,
Range for Previous
Range Since Jan. 1
On Oasis of 100-share Lots
STOCK
YORK
NEW
the
Friday
Thursday
Nov.
Jan
3
3
Jan 20
1041s Feb 17
11
Nov
Jan
30*4
Deo
30
Jan
35
Deo
4
Mar
8
21*4
37
4
1178 Aug 20
22% Oct
3
Oct 31
120
10 ;%Mar 18
50% Nov
6
128
Sept 24
17% Nov 6
11
1
Jan
Deo
6
3458 Oct 10
Aug
108
Deo
Deo
9
6*8 Apr
63
Oot
14*8 Nov
Jan
112
Deo
100*8 Sept
105
Nov
10
Mar
30*8
Deo
99*4
Jan
121
6*8
Feb
14*s Deo
113*8 Deo
81
Feb
Deo
Volume
LOW
AND
New York Stock Record—Continued—Page 6
143
HIGH
SALE PRICES—PER
Sales
NOT PER CENT
SHARE,
STOCKS
NEW
for
Saturday
Oct.
Nov.
31
$ per share
6i8
6i4
102
102
Monday
2
Nov.
$ per share
6%
103
1384
Tuesday
162
38
38
*125
129
*127
129*4 *128
*6712
6984
*160
36*8
129
68*4
Nov.
3
$ per share
6*8
103*2
13%
6*4
13s4
6*2
104i2
14%
Nov.
Nov.
5
160
37%
37%
129
160
129
130
128
128*2
128
6934
*11112 112i2 *111*2 112%
39% 39%
3912 39i2
70
Hazel-Atlas Glass Co
Hecker Prod
128
162
*130
130
70
40*4
128*4 128*4
115
*112
114
*410
420
*410
418
*410
3I5s
3278
*4134
3234
3278
*110% 111*2
3H2
3284
*4184
32
32%
28%
42*2
28*2
*75%
69%
76*2
28%
*76*8
69*2
70
370
*42
42%
28*2
76*2
70
28%
76*2
420
*420
426
42%
43
42*4
29%
30%
29*2
76%
076*2
76%
69
9%
I
426
42%
30
69
69%
70
10
*75%
'
426
42%
30%
77
69%
10%
10*4
56s4
10%
57%
8,700
""166
500
200
1,800
44,400
Jan 23
131
preferre I
.100
126
Aug 13
Hershey Chocolate
No par
58% Sept 24
$7
cum
Conv preferred
No par
No par
108
5
9
Holly Sugar Corp
7% pref
No par
Class B
.100
414
54*2
9*2
54%
57%
9%
57*2
334
3%
334
334
334
11*4
11*2
11%
11%
11%
*11%
II84
400
20i2
2078
11*8
21%
22*2
22%
2%
22%
21%
68,500
2%
2%
22%
2%
56,500
2684
25*2
26
16,400
4734
48
700
17"
71%
17%
250
21
2
2*4
25%
26*2
2534
50U
*7134
50*4
*4834
72
72
49
18l2
18
18*4
14%
38
14
38»s
130
130
*136
13*2
4934
Hi'
III4
ll7s
53s
5*8
*12*4
13
38%
37%
*128*2 130
4
4
12%
*3i2
12*4
3%
32
32
171
171
92l2
93
152
*151
3%
12%
3%
92l2
12%
3%
434
5>4
5%
5*4
5*4
61*2
60%
*131
*
I384
14%
40*8
40%
131
9534
92*8
94*2
150%
£150% 150% *148
4%
4%
4*4
4*4
5%
534
534
5%
64
64%
62% 65%
93*4
4*2
131
1334
39
130
95
152
4%
61i8
18*4
*129
63
132
*131
132
131
131
&
100
Motor Car
No par
100
30
..100
58
RR Sec ctfs series A....100
11
Leaseddl nee
No par
106
...100
...No par
Ctfs
s
t Interboro Rap Trvt C..100
3,600
Intercont'l Rubber
Interlake Iron
Prior preferred
....100
Internet Harvester
No par
1,400
Int Mercantile Marlne.No par
64%
81,100
Int Nickel of Ca iada..No par
Preferred
100
.....
100
...
13%
13*4
13%
12,800
534
14*8
5%
13%
6%
5*2
5*2
5%
5%
2,600
3*8
3*4
3%
3*4
3
7,200
66
67
69%
68*4
70%
67
4134
42
67*4
4134
42
42
^42%
42
42
109% 109%
*9
10
8*4
57%
29%
48*4
27%
8334
834
29%
48*4
84%
12i8
123s
12
12*4
29
29*4
27%
28%
105
105
*18i2
19*4
*28i8
*121*4
28*4
*863s
8*8"
12934 131
104
*19
Exchange
Closed
Election
104
19*4
28*8
*12134
Day
123%
46
125"
46
19%
*40U
*28
*25%
20%
*27
5i8
88"
48
48%
30*2
30
3034
4,500
88
88
8934
1,360
12%
13%
13
13%
62,000
Inter Telep & Teleg
30*4
12%
30%
31%
31
3134
11,600
Interstate Dept Stores.No par
*142
153
122
122
121
122
45
18l8
3
122% 125%
45
John8-Manvllle
No par
100
Preferred
Jollet & Chic RR 7%
gtd—100
Laugh Steel pre*.. 100
Stove Co
10
1,580
Jones &
46
1,100
Kalamazoo
124*2 125%
45
1
*117
10
Kan City P &
L pf ser B No par
2,600
40
1,400
29%
26*2
*27*2
*25*2
29
29
30
30%
30%
30
Kaufmann Dept Stores
25%
25%
2534
26*2
2634
30*8
2734
2,400
25%
2,100
5
pf. .100
Kelsey Hayes Wheel conv cl AI
20%
5*8
20 %
*26
*101*2 110
*101% 110
21%
2134
2234
20%
19
18*4
19%
18%
21
21%
2034
21%
20%
20*8
20%
62%
20*4
27*2
*26%
27%
*26*2
5*2
46*2
5%
5*2
46
47
5
5
46
102
22*4
102
27
27
22%
19%
36,400
106
61
20*8
*26
5%
4534
106
5*4
28%
29
29
45
45
18%
18%
18%
13%
17%
*12*2
16*2
18%
18%
1134
12
12
13
13
17*4
16
16*4
16*2
17%
17
38%
37*4
148*2 150
20*4
19*2
38
36*2
148*2 148*2
19%
19*2
3
3
3*8
41
161
20
3*4
112%
3*4
16%
16*2
112
112%
19%
3
16
16
3834
153
17%
113% 113*2
21*4
2034
Preferred-
3%
17*4
713s
Jan 27
1
B
No par
Kelvlnator Corp
Kendall Co pt pf ser A. No par
*157
1,200
23,900
150
100
5% preferre 1
1,000
Lane Bryant
Lee Rubber & Tire
No par
5
17%
Leblgb Portland C
meat...25
4% conv pref erred .....100
Lehigh Valley RR
50
6,700
3,300
Lehigh Valley Coal
No par
60
Preferred
(The).—No par
Lehu & Ftuk Prod Corp
5
Ler er Stores Corp
No par
,
ehman Corp
984
4,900
1,100
Life Savers Corp
160
43
44*4
45*2
49
49*4
49
41*2
41
57*4
43
49%
49U
40%
57%
*105% 107*2 *105% 107*2
2*4
2%
2%
2%
55*2
56%
5684
577s
43s
*40
577s
43g
40i4
*
110
23*8
*
23*4
5634
4*4
40*4
110
2234
28%
4:%
40%
40%
110
23
23
*
142
42
58*2
59%
59
142%
36
36%
"35*4
2814
28
28%
26%
99
29
33*4
99
99*2
28*2
29%
33
33%
99*2
*98*8
28*4
29
33*2
28%
33*4
*133
*133
47
57
55*2
47*4
56*2
48*4
56*2
For footnotes see page
42*4
23%
142
4134
3*4 Mar
7*2
Feb
Jan
20% Nov
90% Oct
31% Nov
28% Nov
18% Jan
34
Mar
28% Jan
2
6
Jan
24% Jan
2
63% Nov
5
24% Oct
15*4
3% Mar
10% Aug
84
Mar
7% Jan
8
13*4 Mar
10
2%
23
Mar
Oct
Mar
19*4 Mar
103% Apr
Tobacoo—25
32
June 10
15% July 29
7*8 Jan 2
12
July 15
15*2 Apr 30
94% Apr 30
110
520
9984 100*4
9934
3,700
2,100
2834
30*8
2884
29%
9,200
33%
3334
33%
3334
1,600
Series B
No
No
Corp No
Long Bell Lumber A...No
Loose-Wiles Biscuit
5%
par
preferred....———100
10
Lorillard (P) Co
—100
100
7% preferred
t I oulslana Oil pref
Louisville Gas & El A ..No par
4734
4 884
14,000
Nashville.——100
Ludlum 8teel
1
Mac Andrews & Forbes
10
6% preferred
100
Mack Trucks Ino
No paT
58
58%
18,500
Manv
50
July
21
Deo
Nov
6%
41
Dee
Deo
27*4 Nov
Apr
113
6% Nov
May
Jan
80
Jan
22% May
32
12
Mar
19% Mar
27% Dec
46
Aug
6
21%
28%
13%Sept
1734 Oct
3
43*4 Nov
6
169*2Nov
6
5
6
Oet
May
8% Mar
10% Mar
"5"
2
22
2
6
4
Feb
6
1% Mar
9% Apr 29
89
May 11
19
Oct
1
6*2 May
116
Nov
6
67% Mar
21% Nov
4
12
Louisville &
—
2954
i
*R
H* Co Tno
..No oar
Aug
50*4 July 13
33% Jan 31
8*2 Jan
July
Oct
t
26*4 Feb
Oct 19
Jan
2
38% May
4
62
Oct
2
7534 Nov
6
9
14*2
17%
Jan
Jan
Deo
Jan
"H% "Jan
3% Aug
15*4 Nov
95*4 Nov
17% Jan
1
47%
Mar
7
Jan
May 19
25
May
97
Mar 16
7
97*4 Mar 13
10%
Oct
160
Oct 28
19
Apr 29
25% Jan 2
36
July
3
32%June
3
43
Apr 21
104% Feb 28
2
Apr 23
107
49%
21
Mar
29% Nov
Jan 16
94%
Apr
120
Aug
116% Jan 15
93*4
Apr
122
Aug
151%
Jan
11% Jan 6
31% Jan 29
115
142
169
Aug 19
23% Feb
ft
47*4 Oct 20
60% Feb 19
44% Apr 6
63
Nov
6
108% July 17
3% Feb 11
Oct 15
45
May 19
113
21% Apr 28
151
Sept
Jan
7
13
Jan
3
61%May 25
20
May
4
30% Oct
57*j Jan
22*4 July
2
33
40%
Jan 30
7
102% Oct 19
15*2 Oct
13i2 Mar
17% Mar
24% Mar
31% Feb
102
Feb
1
Mar
124
10% Nov
167*2 May
28*4 Nov
27% Nov
43
Oct
37% Deo
55% Nov
108*4
2%
Oct
Oct
36% Nov
4%
Dec
41% July
112
Deo
26% Nov
Apr xl49%
Deo
4*2 June
10% Mar
16
Dec
23
Aug
34
Mar
64
Deo
Sept
8
35
Feb 19
12*4 Mar
26
Oct 16
42
Jan 21
37% Nov
46
Feb
130
May
127*2 Jan
27%
Oct
21% Mar
6% Sept
18*2 Mar
27*2
96
2
107*4 Nov
3834
Oo*
30%
42
1
26*2
98*2
Dec
30
3
Jan 17
80
Dec
Deo
22
33% Feb 25
102
Oct 13
25% Mar 20
107
Oct 28
120%
14%
6% Mar
26*2 Jan 27
142
133
116% Mar
x3834
38*4
133
8
5
25
6,900
39
48%
59*4
48*t Aug
30% Nov
par
24
99% Nov
126*s Dec
Feb
1% Mar
33
Apr
50
120% Apr
37
Aug
Nov
8% Mar 24
1,300
Jan
93
2
3,900
28
Apr
Jan
27*4
*133
38% Mar
117% Mar
3%
4134
142
Oct
22% Mar
26*2
59% z58%
Jan
24%
59% Oct 20
110% 110%
23%
6
Preferred
16,300
37
4784
Nov
36
2
2,600
36
48%
Aug
16
Jan
800
27%
*133.
„
48*2
42
110%
142
90
6% Mar
35*2
63
41%
23%
16% Sept
par
2,200
59%
23*4
8% May
70*i June
par
4,400
50
44%
49%
41*2
42
Dec
Lone Star Cement
4584
50
*
Oct
14
Loft Inc
2,000
49
42
78
"2",300
21%
4934
41%
110
49% Nov
56% Dec
5% Mar
54,300
21%
Jan
42% Mar
16
July
-.25
Preferred
100
Lily Tulip Cup Corp--.No par
Lima Locomot Works—No par
Link Belt Co
—..No par
Liquid Carbonlo
No par
Loew's lnc
—-No par
4,500
162
Llbbey Owens Ford
Liggett & Myers
10o%
*105% 107*2 *105% 107% *105% 107*2
2%
2%
2%
2*4
2*4
2*4
57*4
58*2
58*4
56*8
5734
58%
4%
4*2
434
4*4
4%
4%
110
3,100
105*4
163
21%
45%
142
98i2
*33"
104
21%
44%
142*2
37 '4
36
104121
161*2 161%
21%
43
57*2
160
21%
21%
42%
160
160
21%
43%
21 *2
*4U2
*103% 104*2 *104% 105% *104
27
2,800
Dec
60
8
9,100
2,700
110
Dec
125*2 Oct 30
4684 Oct 6
121
Apr 6
26
Apr 2
28
17*4
340
Deo
Deo
130
19% June 30
20% Apr 27
12%
12,100
42%
Feb
Kroger Groc & Bak
No par
Lacelde Gas Lt Co St Louis 100
No par
15,500
Deo
130
Nov
1
40
19%
3%
Dec
5
263s
934
Sept 9
4% Apr 29
5
3%
2%
28%
2
145
Oct
9%
26%
26%
7
4
Oct
Dec
Nov
36% May
Aug 28
48% Nov
Gl_ No par
Libby McNeill & Libby No par
9%
2
2
Dec
Jan
74% Feb 26
15,800
2634
4
Jan
Feb 28
47%
130
Jan
25
Mar
35*4 Aug 31
7534
9*4
June
14*4
Dec
4*4 Aug
6*2
Dec
49
Stores—.No par
100
60
26%
18
87
154
20*2
9% May
110
6
Jan
5
1
Nov
42*4
4%
6
140
Jan
Oct
Nov
'126*4 Feb 24
Jan
Deo
5
Oct
Sept
88
3
13%
1*4
126
Co new..No par
21%
9%
7
May 20
2
Oct
7% Dec
23% Sept
2
\
31
Kress (S H) &
Kreege Dept
75
2684
Jan
20
Oct 16
22*4 Apr
Preferred
700
"
60
9%
80
107
6
29% Nov 6
110% Feb 10
8 sSept 28
21
2634
24% Sept 28
3134Nov
20% Apr 28
Co.....
7% preferred
75%
160
Jan
1% Mar
63*2 Feb 21
31 a4 Oct 13
8934Nov 6
19*4 Feb 17
xl.il
Kreege (S S)
50
60%
213s
22%
Oct 23
10
100
15,000
7434
103*2
Jan
123% July
Sept
9
11*2 Oct 20
30
Oct
65% Nov
1% Mar
1% June
Mar 26
10% Oct 20
60% Oct 23
Dec
190*2 Dec
*
50% Oct 20
59*4
104%
15
6
8%
Deo
Jan
135
4
Apr 28
21%
103
Nov
30
940
7384
104
3
"l",266
60*4
103
65% Nov
133
June
5%
36%
Jan
Deo
34% Mar
8
29% Apr 24
71*4
*102% 10384
26
Feb 21
18*2 Jan 7
3% May 11
58%
10384 103*4
5% Jan
8
Mar
149%
6
Kimberly-Clark.
No par
Kinney Co
.....—No par
Preferred
No par
20*2
*10212 104
Mar 23
Keystone Steel & W Co No par
59
9
4%
2% July
5,300
Kennecott Copper
72
9*8
75%May 27
39*2 July 15
116%June 29
17
412 50
20%
26*4
2
Nov
2
71
9i8
145
2
59
*26 83
6
Jan
71%
2084
7
Jan
Lambert Co (The)
113*4 116
May
13
5,300
41%
43*4
163*2 169*2
1834
ss
88
121% Feb
19%
Kayser (J) <fc Co
Keith-Albee-Orpheum
Cl
Apr 29
58% Jan 18
100
60
*59
1*2 May
,
5% Mar 11
17%June
47
4784
12
5% Feb 14
15*4 Mar 4
28% Jan
75,600
27%
18*4
18*4
8*4 Mar
18% Jan 11
No par
62%
20*2
47%
28*2
80
24% Aug 14
113
100
Kansas City Southern .....
6,900
21%
47%
*44
7,200
19%
18%
1834
200
20%
29
27% 28%
28%
2834
29%
101% 101%
101% 101% *101% 101%
834
8%
834
834
*8*4
884
*108*2 120
*108% 120
*108% 120
45
45
45%
48%
47%
47%
25%
25%
2534
25%
25%
24*8
48
112
27%
2034
45
29*2
112U 112*4
203s
20*2
63%
53s
*42
20*4
106
47%
*27
16
56
10
1
"l9
16*2
48
153
....
Preferred
19
3
16*8
*142
153
2
Jewel Tea Inc........No par
60
.9,000
10% Apr 30
2
39
*148*2 153*2
1978
400
126
63
21
Jan
1934
61
11 *8 Sept
Jan
41
59%
8
15
18%
58*4
8
82
40
59%
Oct
Apr 29
June
100
Island Creek Coal
10
126
106
9
No par
Preferred
Interti pe Corp
40%
107
47
15
"l9*2
*106
Jan
19*4 Jan 9
23
Apr 28
60
18*2
106
3'
100
39%
106
z*4
.100
No par
7% preferred
19
38
38
International Shoe....No pa*
International Silver
39%
48
17U
2,300
86%
135% 140
45
No par
19
30*2
*11%
31
800
124% 126
*117
*117
117
International Salt
20
it?
134% 139%
*142
Feb
Mar
'
30%
30*2
29%
12134 12134 *12134
*86
88
87*2
45
45%
28
27%
101% 101*2 *101*2 101%
8
784
7*4
*7%
*107
120
*108*2 120
45
*43*2
*43% 45
24
24%
23%
24%
27
100
Preferred
85
145
Nov
2%
4
112
No par
29
88
108 :
46% Mar
''
Apr 27
3% Jan 7
Certificates
48
133*2
6
16%Nov 5
7% Jan 18
107
Internet Rys of Cent Am.. 100
85
86
July
Jan
44
2884
131
130
109
May 22
48%
124% 124l2
Nov
37
29%
49%
29*2
121
4% Mar
21% Jan
98% Jan
29*2
800
Deo
5
29%
126
28
*42
600
Deo
15
Mar
70% Nov
Preferred
680
6
96% Nov
160
Apr
Oct
2*8 Mar
23% May
60*2 Mar
.
14% Oct 30
41
Jan
4*4 Mar
40
Oct 19
185*4 Apr 11
17*2
3%
22%
38%
59%
20*2 Apr 30
*3934
7
28
57
*4 Apr
9% Mar
15
Apr
■s*4 Feb 19
29*2 Oct 17
54% Sept 2
73% Oct 4
% May
100
Int Printing Ink Corp
60
Deo
% July
41*4
28*2
47
60
9
22% Nov
6
Preferred
360
10%
125% Feb 6
l
3% Apr 30
Deo
6% Mar
6% Mar
6
*19%
106
59i8
108%
148% Jan 23
2% Apr 30
4% Jan 2
43 *4May
8
Nov
5*2
13*4
6
56*8
29*4
29
*101*2 110
*101% 110
22
21*4
22*4
22i8
19
19
*18*2
18i2
21
21
20%
21*2
*105
*9%
*8
17% Feb
Nov
7
Oct
58%
*12184
129*4 130*4
117
*117
108
8
Nov
60%
6% Oct
3% Oct
57%
*125
45
9
104
*102
*102
104
*99*2 105
19%
19%
19%
19%
19%
19%
28%
*86
10%
56% Jan
Deo
73
Jan
2*4
9
57%
2934
145
*124i8 126
109
22*4 July 10.
Apr 28
160
31%
Feb
1% Mar
43
5
5% Jan 23
6
2834
29*2
84
o
*9%
*8
8*4
2*2 Jan 2
9% July
1
2% July 10
Jan
Jan
.No par
.....No par
12
Stock
58*4
29*2
*47*2
28*4
109
10
49
100
Class C
68*s
41
41*2
109»2 109*2
10l8
10*8
9
*884
*55i2 57
29% 29*2
*47% 48U
29
29*4
85*4
8314
3%
69*4
Deo
July
.No par
Class B_
3%
•
Jan
22% Deo
42
12% Jan 15
41
Deo
11
495
4
20
July
30*4
July 25
58% Nov
1
118
Jan
Feb
6% Mar
1% J in
Inter Pap & Pow cl A..No par
13*2
5*2
3
1,600
25
Hydro-El Sys cl A
Preferred
76% Nov
-
81*4
30% Mar
338
4
Nov
■
No par
No par
Int Business Machines.No par
24,500
8
122
6
11% Apr 30
....No par
Internet Agrlcul
500
Feb
Mar
70 %
June
36% Deo
6
Sept 29
1
Inc
2,000
133
541
Oct
6% Mar
19% Dec
135
Oct 27
Int
115
Jan
5*4 Mar
3334 Oct 30
3734 Aug 1
Aug 24
88% July 7
Jan
600
'
Feb 14
5
10.400
104
147
6*s
1,300
5
June
162
Aug 15
May 12
Insuraushar
3*4
8*2
5534
4% Jan 2
25%May 21
Inspiration Cons Copper.20
6
10
6
Inland Steel
14*8
109*2 109*2
5
Jan
May 12
89,300
3
6612
June
"4",000
6
14
2
125
10
6% pref
135s
13%
Jan
18% Apr 30
18,900
63%
1
10
100
No par
2,100
Feb
Apr
73%
44% Feb 19
7
3%Juue 10
8% Apr 27
13%May 4
96%
150*2 152*2
4*4
4*8
5%
5%
132
6% Jan
Ingersoll Rand..
95
119
48% Jan 21
100
Indian defining
Industrial Rayon
1,000
Deo
Jan 14
...6
Manhattan
700
17,100
131
4
35,900
1,800
Feb
2
54'4Juue
41
4,900
122
Jan 13
116
Feb 17
6 >'4
129
14%
Oct
Apr 17
80
33
6% pref series A
50
...
1284
4*8
4%
131
71%
18
*135%
*135%
122
122
114
114*4
116*4 120%
16
16*2
15%
1334
15% ; 15%
5
*5
5*4
5*8
5*4
5%
12
12%
12%
1234
12%
12%
4
4*8
334
4*4
4%
4*8
13
13%
13%
12%
13%
13*4
3%
3%
3%
334
3%
334
32
33
32%
34%
32% 33%
172
176
173
174*2
172% 173%
*30*2 32
170*2 170*2
*151
4934
*70
*135%
11334 113%
13*8
11%
*5
5*4
1234
49
72
*17%
18*4
14
1334
38%
38%
129% 129*4
*13^%
114
49
70
72
1812
13%
.2%
26%
2%
26
26iS
90
44% Feb 20
Preferred
son
Mar
2
Howe Sound Co
Hu
71
3
Illinois Central
2*8
20%
Oct 26
6
Hupp Motor Car Corp.
2534
2
*11
Jan
July
Houston Oil of Tex v 10 new 25
53*2
3%
Hudson
Jan
Jan
22% July
50.
Oct
Deo
11
39%June
pari
6*j
120
142%
1
par
Household Fin partio pf
Class A
No
Jan
127
Aug
No par
_
Houdallle-Hershey ol A No
III4
*
108
1% Mar
85
7
Oct 14
19% Jan 13
100
Highest
136
June 13
Jan
Jan 27
41
Sept 16
30% Jan 2
No par
$5 conv pref
Hollander & Sons (A)
Homestake Mining..
141
164
102
Holland Furnace
984
1,700
4
84
533g
15,800
6
No par
der...
9%
4
5
Mar
Hercules Po
*384
4
Mar
25% Apr 30
533s
4
9
14% Nov
100
25
Lowest
$ per share S per share
133
4% Apr 30
102
No par
22,900
70
58%
14,600
2
..25
v t c.No par
Preferred..
400
10,900
*111
f per share
Hercules Motors
Corp
Helme (G W)
120
600
70
*112
1,10
200
*6584
70
Range for Previous
Year 1935
Highest
$ per share
Aug 10
1334 Nov 2
11.
May 14
150U July 8
20
14,900
135
111% 112%
111*2 111*2 *111% 112%
43
44%
39*4 39%
3934
43%
111% 112%
iin2 110% 112
3034
31%
30%
32
3034
31%
36%
37
33*4
35
34%
36
*112
114*2
114% *112
114% *112
110
100
128
3834
128*2 128*2
68%
Hayes Body Corp
1,400
7,500
39%
*126
Par
5,600
634
*160
160
37
Lowest
Shares
14%
6*2
13%
14*4
160
38%
Ranoe Since Jan. 1
On Basis of 10O-x5ar« Lots
8TOCK
103*2 103*2
6%
634
104% 105
*12584 129% *12584 129
162
YORK
EXCHANGE
Week
6
$ per share
$ per share
14
the
Friday
Thursday
4
$ per share
104
*12534 129*2 *12584 129*2
*160
Wednesday
2959
9
Jan 30
4 pr 30
133
Nov
6
49% Oct 30
59% Nov
4
113
Feb
18% June
«0%
Apr
30*4
Dec
57
Nov
New York Stock Record—Continued—Page 7
2960
SALE PRICES—PER
LOW AND
HIGH
Saturday
Monday
SHARE, NOT PER CENT
Range Since Jan. 1
STOCKS
Sales
for
4*/VV>
Oct.
Nov.
31
4834
14%
48%
*2*8
1434
49
*2%
318
143g
14
14ig
*13l2
14%
36%
15
21%
36%
1434
*21
334
11
14%
14%
Nov.
14%
2034
3%
10 78
334
2%
*10%
2%
Nov.
3
$ per share
Thursday
4
Nov.
$ per share
$ per share
14
14
14%
14
1434
53
54
57
55
56%
3%
15
3%
15%
14%
3
16
50
147g
21%
147g
207g
37g
3%
1034
16%
1034
2%
11
2%
47
47
*47
19%
8%
3638
*7*8
20%
8%
1934
*7%
37
3584
169% 160% *160% 161%
62%
63%
6234
6234
2
2%
36%
12
32
3%
*3
48
217g
21%
7%
8%
147g Oct 28
6
2
67.
714 Jan
2
17% Feb 7
1618 Nov 5
57i4 Jan 10
23i4 Feb 3
100
Preferred
No par
14%
1,900
21%
1,800
Manhattan Shirt
4
2,200
Maracaibo Oil Explor
11
9,200
Marine Midland Corp
10%
2%
10%
*31%
32%
180
10%
40
33%
290
5
.....25
1
(Del) .5
100
Market Street Ry
Preferred
100
Prior
100
100
preferred...
2d preferred
334
48%
48
37%
*160% 161%
2
t Manhattan Ry 7% guar. 100
Mod 6% guar
100
*2
2%
10%
317g
32%
*3
8% Jan
Mandel Bros
49
4934
"I",566
Marlln-Rockwell
22
21%
21%
41,.00
Marshall Field & Co
No par
8
8%
37%
Martin-Parry Corp
No par
6,300
*4%
7%
36%
37
37%
160% 160% *160%
300
150
...No par
Mathleeon Alkali Wks._iV0 par
100
Preferred
June 30
7
32i2May 27
1418 Nov 6
17%May 4
2U Jan
Nov
5
6%
185s
Jan
378 Feb
7
%
Feb
Mar 17
23
13
2%
3512 Oct 24
6I2 Apr 28
27i2 Apr 27
15378 Jan 17
Oct 24
4ijMar 18
5084Mar 5
22
Nov
5
12
Mar
5
37% Aug 13
161
Aug 12
63%
66
66
66%
10,900
16%
16
17
16%
1634 T 16%
1634
2,000
Maytag Co
21i2 Feb 28
46
46
46
46
46
46
46
46%
400
Preferred
No par
-No par
1312 Apr 30
*45%
46
65
*42%
45
Preferred
ex-warrs..No par
45
♦110
111
357g
1984
*42%
*110
*2258
23
36
36%
193s
19%
*
45
no"
111
3584
3578
1978
*98% 100
*
45
36%
21%
*
45
*110"
110
66
45
*110"
111
21
12,700
100
200
JMcCrory Stores Corp
6% conv preferred
100
92
June 19
101
23
800
McGraw-Hill Pub Co. .No par
16
June 16
24
42
43%
13,800
Mclntyre Porcupine Mines..6
38is Oct
7
498s Jan 24
1,600
McKeesport Tin Plate. No par
85
6
McKesson & Robblns
883 Apr 30
3784 Jan 3
lli2 Apr 29
973s Jan 7
1234 Jan 2
H8I2 Jan 3
H84 Feb 14
97
98
98
98
98
98
98
98
1034
1034
44%
44
11%
44%
11%
4438
35%
20%
4234
11%
44%
1078
1078
10*8
44
44%
44%
15%
1538
15%
15%
*100% 102%
*100% 103
17
17
1634
16%
115
115
*113% 115
*88
89
89%
8838
9*8
934
9%
*9%
90
90
90% 90%
42%
42%
*40% 42%
58%
57%
58% 58%
1034
11%
10%
107S
28
2838
277g
28%
68
1%
*3%
*67
1%
33s
5
22%
115
115
88%
9%
97g
91%
42%
5934
42%
45
45%
99%
116
1%
72
70
69
69
293s
28%
29
28%
29%
3
3%
6%
6
3%
6%
237g
94%
2378
94%
68%
44%
69*8
24
24%
9334
95
57%
5734
43%
40
2934
95%
*30%
*70%
*103%
20%
59%
2934
95%
313S
74%
2034
59%
94
95
94%
60
23%
6,800
7%
734
29%
2734
234
7,000
10,700
3%
6%
6
24%
5
434
23%
29
3
6
25
24%
96
2434
96%
60%
95
29%
2888 Apr 30
Motor
6
1518 Jan
25
10,200
Mulllns Mfg Co
1
11
94
32
33%
1,800
Munslngwear
2,800
Murphy Co (G C)
6% preferred
Murray Corp of Amer
Myers F & E Bros
No par
No par
43
Jan
Nash Motors Co
No par
15
Aug 12
20%May 4
1212 Apr 30
912 Apr 30
4712 Oct 22
2834 Oct
38s4 Jan
21%
74
75
75
*104
*103%
76
75%
*104
m
•
-
-
-
61
61
62
62
17%
42
41
42
17%
41%
1634
42
1678
40%
40%
1634
4134
16%
155% 155%
28
28%
26
25%
111% 111%
10734 IO734
1778
17%
2834
28%
28% 28*8
28%
28%
*28*8 30
2834
29%
2838
2978
*156% 160
*155% 160
12
61
1534
71
45%
*43%
85
434
13%
*133
*
12
3178
*2834
29%
30
31
30
30%
31%
30
32%
200
7%
1
No par
10
100
Nat Cash Register
No par
22,300
Nat Dairy Prod..
No par
..100
90
100
7% pref class A
15,700
7% pref class B
100
t Nat Depart Stores—.No par
27,600
Nat Distil Prod
800
32%
39,100
Nat Enam &
No par
Stamping. No
National Lead
10
74%
73%
14,700
73%
72
6734
68%
122
122
11%
*1
74
125
,125
1134
73
57,300
National Pow & Lt
No
75
73
74%
8,000
126
127
127%
1,400
National Supply of Del
Preferred
10%
3,900
National Teh Co
12%
12%
12%
56
8,300
1,500
Natomas Co
56
9%
934
61%
*108
*108
29
*22
10
10%
62
m.
—
—
978
10%
62
62
108
108
108
108
*22
—
29
29
*22
29
62%
16%
1534
18
17%
18
1734
19%
70
72
72
70%
72
72%
72%
47,900
2,800
67,500
4478
4534
45%
46%
45%
46%
44%
41
42
457g
44%
4634
44%
*8334
45
44
46
2,100
8434
82
84
85
85%
85
85
1,600
458
458
458
14
134
13%
"l%
1%
*
100
*133
*
*
5%
5%
5%
5%
5%
37g
5%
5%
5%
438
12
99
104
104
83s
*138
305
1%
307
HO84 HO84
32
55%
33%
55%
8%
8%
*103
104
*101
*101
13%
2978
52
3%
27
1384
48
48%
28%
*51
234
25%
13%
*46
12%
*
82
*99
100%
104
105
*1%
*308
53
3
27%
1378
47%
For footnotes see page 2954.
1%
309
*110% 1137g
30
55
8%
102
103
"29"
4
12%
*76
31
55%
8%
103
103
28%
29%
53
53
27g
*22
3
13%
27%
14%
47
4934
4
12
4%
12%
5%
690
15%
1,850
133
80
*
1%
28
37% Apr 14
Oct
5
263gJune 30
323s Nov
21
May
4*s
Jan
3412 Nov
32is July
5
4%
3,900
10%
•
10%
2,500
5%
5%
700
9. 4
12
4
12%
82
197g Jan
2
6
10
No par
No par
Newberry Co (J J)
No par
5% preferred series A...100
t New Orl Tex A Mex
100
Newport Industries
1
N Y Air Brake
No par
New York Central
No par
N Y Chic & St Louis Co.—100
Preferred series A...
100
New York Dock
100
Preferred
100
N Y <fe Harlem
3
3
900
3,300
70
32% 127,300
55%
600
884
29,300
10284
500
3%
60
23,900
220
2,700
27%
40
14%
14%
14%
14%
69,400
48%
4934
47
49
*25
26%
*25
19*8 Nov
6
72i2Nov 6
4958 Oct 13
531s Oct 5
95
Sept 29
6*2 Mar
4
17U Feb 17
Oct
5
Sept 14
43g Mar
18is Mar
12U Mar
61U
Deo
lHs
107a
36is
2934
Deo
Deo
Nov
Deo
Mar
19
Dec
97g Mar
39
Deo
6
2
Mar
4
Mar
112
Mar
114i4 Mar
6I4
167g
139
Deo
Deo
June
114U Mar
1U Deo
5
5
100
Conv preferred
100
N Y Ontario & Western...100
3
Apr 24
6% Feb
6
2*8
Oct
7
5*8
Oct
16*8 Aug
2*8 Mar
6% Nov
X N Y N H & Hartford
N Y Railways pref
No par
N Y Shlpbldg Corp part stk..l
7%
preferred
4,100
Jan
73g Apr 28
4
July 9
2% Jan 7
9% Apr 27
100
57
May 21
No par
83
Mar 17
No par
93i2 Apr 23
t Norfolk Southern.,..
100
Norfolk & Western....... 100
3
32% Jan 8
2734 Jan 2
17S4 Jan 2
36i2 Jan 2
3igJuly 7
10i4May 16
43
2U Feb
110
53
3*8 July
109
Jan
Deo
Oct
9914 Sept
600
29%
6
Sept 30
Apr 14
15
7
4
Apr 30
4184
2
113%
28%
*52%
62% Nov
712 Jan
21i4 June
43i2 Jan
Jan 10
306
*100% 103
6
1
306
52%
13% Jan 24
5634 Nov
90
110% *110
29%
z8% Mar
18
29
Nov
Aug
Aug
par
308%
2834
52%
Mar
li2 Nov
84 Nov
8334
207g
7738
11*8
1318
100
110
*100% 103
Mar
408g Mar
IN Y Investors Inc...No
308
8%
9
36
Nov
138
190
102
5
Jan 20
103% 104
1%
*1%
*55
75
127i2Nov 6
117g Jan 17
125
10334 104
1%
*1%
884
7
50
non-cum pref
N Y Steam $6 pref
$7 1st preferred
55%
75% Oct
150
180
103%
12 July
i4 Mar
6
100% 100%
8%
Feb 11
li2 Feb 11
Jan
99
*55
3
119
99
*102
9
147g Feb 17
50
*70%
31%
57U Apr 29
74ig Jan
77g July
10i4June
3234 Apr
41
Apr
1041a Apr
10U Feb
82
32%
8
25
*64
3084
1l1
Jan
i2 Jan 10
100
...No par
Bros
958May
N Y Lacka & Western
1,800
100
4
Nelsner
10%
160
"1%
1%
100
4
1434
133
140
4%
10%
82
4%
*
5%
5%
14%
160
"1%
1%
100
4
4%
14%
14%
133
160
133
*
160
434
4%
10%
104
20
1534
10%
*110% 11378
33*8
34
*553«
56%
800
69%
10%
*13s
134
*307% 310
62%
par1
Nat Rys of Mex 1st 4% pf. 100
2d preferred
..100
National Steel Corp
25
5634
105
2318 May
148g Aug
12
73%
737g
99
li2 Mar
6
47g Mar
72%
99%
5
19
162is May
14012 July
500
*99
Nov
33% Mar
Jan
1,400
1134
Sept
112
2538 June 11
Jan
%
*4
zl06
i07i2 Jan
23% Deo
22% Deo
II314 Nov
108
Aug
150
1%
80
Sept
7
2
June .4
121*8
12
117g
4%
108
6
31
Deo
Aug 28
%
12
Mar
Mar
Mar
164
14*8
14i4
363s Nov
15818 Deo
Mar 17
1%
80
Apr
168
%
12
Feb
22>4
14Hs
13i2
127g
144
1%
*79
634
9
July 31
Oct 29
%
4
9
155
56
4%
7
15% Mar
Jan
Deo
13734 Jan 21
%
"l%
4is Mar
183g Oct
Oct
Jan
100
1%
*
27is
100
1134
14
Mar
Preferred B
%
133
47is
19ia
14
Preferred A
1%
*
Apr
20
12%
147g
Jan
11
100
56%
134
30
162
54
434
6
Nov
Nov
6
218s Nov
6
21% Feb 19
28i4 July
11234 Mar
Apr 28
484 Mar
2234 Mar
62
21
Apr 30
21
Apr 30
10734 Oct 19
10
26is Deo
150
12
85
9
8I84 Nov
*142
12
45%
Jan
6
15«4 Nov
Sept
13U Mar
62
*160
53%
60%
16
71%
46
153
2
33ig Deo
153s Deo
160
11%
60%
par
1021s July 3
14
Apr 30
7i8 Mar
9is Aug
142
84
*27
10
30,100
1134
61
4
cum pref
53
29
447gMay
100
...
Nov 16
31i2 Nov 6
96i28eptl8
3378 Nov 6
7912 Aug 1
IO514 Sept 1
142
10%
3%
*25%
Nat Aviation Corp
National Biscuit
1%
9%
7
National Acme
3,200
12%
6734
Jan
Nashv Chatt & St Louis... 100
4,300
26,300
31%
31%
May
21
14 Apr
3184 Dec
160
150
10%
2884
51%
32,200
1,670
70
No par
Dec
94«g Nov
*142
11%
8%
-
Apr 30
7
Feb 25
*157% 160
150
4%
1078
*103
-
12
1%
1%
*.... 100
*104
-
Nov
No par
53%
160
*4
-
*%
*108
*27
12
32%
..
30,600
1%
122
*5134
17
17%
12
3178
11%
.
900
17
17%
12
1234
12%
32%
32%
317g
*156% 157% *156% 157% 157% 157%
30
31
28
29%
2934
297g
2534
25%
25%
26%
25% 26
*108
110
*108
110
109%
110%
108
108
108
108%
10734 10734
19
18%
18%
18%
187g
17%
29
2834
29%
30%
2978
2834
17
32%
6834
122% 122%
9%
9%
Feb
12,800
21
71
Deo
31%
94%
73
t
Nov
66
25
Inc
Feb
Jan
4ig Deo
407g
30%
Preferred
3
23
65is May
lis May
41%
24%
440
July
60
30%
94%
3184
93
4is Deo
1784 Deo
6*8 Nov
I6I4 Deo
Hs Mar
1084 Mar
1
July
71
4234
24%
31%
57g May
Nov
2*8 Deo
4
65
30
94%
114 Mar
103g Apr
2is July
68
2184 Mar
417» Deo
24%
31%
Mar
6
30
94%
Mar
84 Apr
1
4
41
21%
72%
Nov
24
*31
31
7*8 Nov
59»4 Feb
42
20%
12
Mar
61
1*8 Feb 10
43i2 Oct 19
21
13g
103
May 19
35>4 Jan
84 Jan
19%
12*4
7
Mother Lode Coalition. No par
Motor Products Corp..No par
17%
42%
*%
72%
*67%
Feb
22,400
60
*1%
4
79
_
1%
16%
40%
123S
6% Feb 8
26% Apr 14
95s Feb 21
333g Oct 16
1%
'
*142
16%Jnue 10
512 Jan
14i2 Jan
2
Sept 15
Jan *111% June
37g Mar
7
6OI2 Jan
60
14
234 Feb
60
1678
142
76i8 Mar 24
Morris & Essex
20%
18
Deo
12% Mar 23
200
60
18
Nov
150
69%
1%
42%
70%
*107% 108
85
Jan
I97g Aug 24
.....
247g Sept
116ig Oct
20is Deo
58
784 Feb 11
*28% Apr 8
class B
814 Mar
105
Conv preferred
100
Mohawk Carpet Mills.....20
Monsanto Chem Co
10
Wheel
6084 Oct
33ig Deo
42*8 Deo
684 Oct
6
*69
8,300
2084 Mar
22
Apr
24 ig Jan
2i2 Mar
9is Mar
6
69%
.
Nov
Nov
514 Feb 10
212 Aug
234 Jan
37s Jan
Deo
Nov
Nov
69%
1%
70%
2578
100
Deo
106
69%
*103%
1934
28%
100
Jan
Deo
120
42
30%
112
Preferred series A
X Missouri Pacific
Deo
15*8
115*8
1484
971s
65%
8*8
Nov
Mont Ward & Co Inc. No par
Morrel (J) & Co
...No par
16%
25%
100
Nov
IO84 Deo
40
60ig Mar
300
60
28
4% leased line ctfa
Mission Corp
No par
Mo-Kan-Texas RR....N0 par
19«4 Deo
45i8 Sept
131
85
43
17
*110
100
35is June
Sept 16
*42
95%
*155% 157%
No par
7% preferred
00*
109
60%
95%
16%
11%
Preferred
Minn St Paul & SS Marie. 100
NoY
48% Sept 10
13112 Mar 30
28%
Day
3178
5
Feb 21
2334
2334
1178
5
42
1%
Dec
1378 Nov
5934
69,300
Mar
3078 Nov
42
59%
8% Apr
534 Jan 3
*17% Apr 30
Oct 19
61
30%
1634
11
Mar 24
69%
1%
Election
32%
19
40
1%
40%
1178
3,400
85iJ
42
16%
1638
3,300
38i2 Dec
1638 Nov 6
Apr 23
108
42
6934
32
2,100
3,500
6%
714 Mar
3384 Nov
90is Jan
5% May
8
Apr
734
Feb 17
58
Closed
29
2378
6%
24%
24
Exchange
2834
27g
3
6%
6934
1%
39%
2338
40%
23*8
2%
5%
Mar
64i48ept
106i4June 19
6I2 Jan
57U Jan 17
13s July 14
24
28
45
x65
*4%
227g
7%
June
6
6% Pref series A
No par
Minn Mollne Pow Impl No par
600
103
9
Minn-Honeywell Regu.No par
500
Oct
Jan
40% Jan
9
5784 Nov
84is
31i2 Jan
216s Jan
Deo
Nov
20
Merch A Mln Trans Co .No par
Midland Steel Prod
11
3378 Nov
156
65
Mesta Machine Co
5
Deo
Dec
Deo
Nov
Jan
Jan
10
Deo
32%
Mar
5
10
23>4
37g
45U
14U
64
3
100
17g Deo
Jan
97is Dec
7% preferred
May
978 Deo
Jan
5is
41
Mar
200
357s Mar
3
33
9
250
72
Jan
5
1,700
72
June
Oct
120
72
4
136
Nov
88
12,200
684 Mar
2384 Mar
llsg Oct 17
95i2 Oct 19
106
8%
Mar
12U Deo
Oct
30
Sept
5
Jan 31
46
20
91
117
8%
Oct
Mar
116
1
40
10334
1%
63s
9
1
5514 Jan 31
678May 22
30 May 13
..No par
Mengel Co (The)
110
3%
3
Aug
No par
8 %cum 1st pref
100
Mllw El Ry A Lt 6% pref.100
50
1%
28*8
Feb 24
Oct
384 Mar
9712 Jan 10
Melville Shoe
4,900
3%
734
No par
No par
45%
120
1%
5%
100
Mld-Contlnent Petrol
3%
22%
McLeilan Stores
Miami Copper
3%
7%
5
No par
6% conv pref
Mead Corp
$6 pref series A..
29^
l2i4May
new.
pref
31,000
*1%
*5%
conv
13% 104,400
1%
22%
$3
No par
30%
3%
1%
*3
Stock
5,300
McCall Corp
102
*116% 117
8%
8%
8
7%
102
100
99%
116
100
62
45
120
10334 10334 *102% 10334 *103
IO384
734
1%
121
1,110
45
61%
127g
29%
45%
*119
1,100
4,800
92
90%
*39
307g
121
90
9%
13%
42%
"2",300
90%
2934
*119
14,500
_
116
9%
13
5%
227g
1
1,500
90%
30
*4%
22%
7%
*69%
36,200
116
117g
3%
*42
11%
4434
978
93%
29
734
67*8
*4134
11%
44%
89%
42%
60%
137g
59
734
*43g
22
116
887g
9%
91
89
*4134
5778
43%
*3
116
88%
122
*13s
100% 101
16
16
15%
16%
16%
16%
*100% 102% *100% 102% *100% 102%
17
17
1634
1634
1634
17%
100
100% 100% zlOO
115
116
115% 115%
7%
7%
7%
7%
68
2
23
4134
10334 *102
Jan
501b Apr 8
IIOI2 Oct 30
36i2 Oct 29
2H2Nov 4
*95
42%
*102
103
5
Feb 28
23
41%
43%
Feb 13
Nov
67
23
41
*119
3
207g
98%
,
40
43%
1,500
No par
4
23
3934
122
36
Prior preferred
Sept
23
35
„
39%
433s
10
43%May
3534
21%
98%
19%
*98% 100
*98% 100
22*8 23
*119
111
May Department Stores...10
19is Nov
Feb
July 27
Jan 10
16%
*46
Mar
1
7
7
41
May 5
IDs Jan 22
May
10
5U Apr
38 June
2i4July
10
6618
6®4 Mar 17
Jan
IH4 Dee
37»4 Deo
214 May
Apr
Apr
1314 Mar
1284 Aug 7
3ig Mar 19
16
67
Jan
3
29
3
16
j
4
Jan
Apr 30
8I2
li8
6I2
I884
Highest
% per share % per share
34it Jan
1%
an
X Manatl Sugar......
37g
1078
1478
21%
% per share
Lowest
...10
100
Magma Copper
14%
11
11
16%
$ per share
Year 1935
Highest
Madison Sq Gar v t o.-No par
21
4
48
20%
*734
1,700
36
1478
*46%
20%
16
*33
21
*10
36
*15
14%
12%
32%
3%
32%
1678
16%
36
16
*33
378
3,700
10,500
1,200
1,110
3
21%
3%
Par
3%
15%
16
37
1478
*33
1936
Range for Previous
On Basis of 100-$7iar« Lots
Lowest
Shares
137g
*3
*3
33%
$ per share
7,
EXCHANGE
Week
5034
3
4
12
33%
6
14%
*3
*19
Nov.
5
NEW YORK STOCK
the
Friday
5034
40
*36
11%
*2%
2
$ per share
$ per share
Wednesday
Tuesday
Nov.
Adjust 4% pref
100
North American Co...No par
Preferred
....50
1 ig
210
105
Aug 27
Jan
2318 Apr 30
is Mar
6ig Mar
61
Oct
69
June
79
May
27g Jan 14
84 Aug
...50
100
No par
new. .No par
Deo
Deo
Mar
28
Nov
69
67
6
2%
9
103
Aug 28
1218 Aug 25
Jan
Deo
35% July 27
7
7
19
10218
June
Aug 18
24is Jan
Jan
92is July
108
Jan
6
Deo
218
Mar
Jan
334
16ig
87
Jan
2
2
Jan
Mar
57
50
May
99
Oct
1084 Mar 19
4U Jan 17
8is
158
115
106% July 21
121* Feb 21
Jan
99
2
31012 Oct 30
2
9712 Apr
237gJuly
Ohio Oil Co
Sept 16
100i4 Nov 6
109i4 Aug 12
6
North
Northwestern Telegraph
60
Norwalk Tire A Rub—No par
Preferred
50
Oliver Farm Ea
Mar 13
99
6
98
Pacific
Feb 24
Feb 24
Nov
6234 Feb
No Amer Edison pref ..No par
No German Lloyd Amer shs._
Central
Feb
65s Jan
North Amer Aviation
Northern
2
May 12
14%
7i2
53g
15%
14 May
98
June
Nov
9
4
3684 Feb 20
Mar 24
4% Mar
30
6
Jan 22
17% Jan 16
54%May 5
35is Mar
314 Nov
86is Mar
13ig Mar
357g Jan
1% July
z20
Mar
914 Mar
I6i4 Oct
55
73g
102
Deo
Deo
Nov
10ig Nov
99
Aug
25U
Deo
52% Deo
2U Jan
32% Jan
1414 Deo
27U
Deo
Volume
New York Stock Record—Continued—Page 8
143
18
1812
I8I2
13
13i2
3234
*1318
32i4
*126
131
*126
32
112
*60
70
*60
*11312
—-
11
24
19
10
20
~38~
144
*140
5,800
3634
37i2
37
3734
50
52
51U
28i8
28U
51i2
3114
14,800
3,600
2684
*17%
12%
*12%
17%
17%
17%
18
17%
18%
18
12%
12%
13
12%
13
12%
♦12%
12%
13%
13
13
13
13
2%
2%
2%
14
2%
66
78
56
56
*74
*74
17
17
123
16%
15%
43%
44
31
31%
31
3%
3%
16%
30%
31
4
17%
7%
7%
7%
13%
13%
13%
31%
6%
6
7%
8%
8%
7%
14%
2%
15%
15%
2%
62%
102%
62%
101
*4
4%
98%
99%
98
4%
4
4
7%
7%
7%
7%
58%
58%
58
61%
58%
20%
43%
20
20
42%
42%
43%
53
53
*4
*18
98%
*112% 116
55%
55%
*4%
*39%
55
5%
*39%
26
26
26
15%
15%
15
107s
11
10%
40%
*101
11
46%
46%
46%
52%
52
*51
101
♦100
82%
*100
*10
2%
76%
*11%
♦79%
44%
77s
78
12%
83%
45%
7%
*69%
*11%
74%
2
2%
30%
*30%
12
2%
Closed
78%
12
73%
*69%
11%
11%
11%
2
2
30
10%
*50
187
187
Election
*79%
45%
*7
Day
30
30%
10%
*1034
*187
88%
*2%
*17
90%
3
*2%
20
2%
2%
37
37
*1%
11%
93
106% 107%
2%
17
17%
20
20
10%
*69%
11%
*17
2%
105
37%
*1%
53
54
11%
90
91%
2%
*2%
*16
20
2%
2%
109
105%
51%
*117
47
*117
119
48
44%
112% 113
58%
59
18
18%
*139
58%
17%
*96%
17%
18
18%
18
11%
10%
17%
73
72%
7%
7%
34%
34%
*34
62%
53%
117
45
46
*2
*300
16,500
10
91%
1,350
20
10
12,100
300
6%
6%
6%
2%
11%
22%
22%
67%
67
69
53%
53%
117
46%
1,000
2
2
10%
10%
3,900
22%
23%
56,650
23
23%
6,700
400
5,900
53%
10,000
118% 118%
46
46%
130
18,500
108% 108%
1,200
121% *120% 123
*140
157
*145
157
109% 110
113% 113%
300
19%
20% 107,000
109% 110%
690
97%
99%
98%
98%
800
17%
18%
20,100
18%
18%
18%
17%
18%
18%
18%
1,200
11%
11
12
11%
12% 199,400
105% 105% *100
76
78%
74%
8
34%
34%
100
78
7,200
8%
8
8%
34%
34
34%
40,400
2,200
48%
2,100
Deo
60
7
3
2
July
8i8 Jan
July
10
Nov
No par
U2July
7
7% preferred—
Phoenix
10
6
3
July 13
50
25
pref
25
100
100
No par
5
5
Gamble
50
No
No par
100
...100
100
$5 preferred
Pub Ser El & Gas pf $5 .No par
No par
Ino
1st pref.No par
1st
*13%
13%
*13%
14
13%
133g
13%
13%
13%
14%
3,200
78
78
79
80
80
82
82
86
21
21%
21%
20%
23%
*22
99
99
22%
22%
57
57
129
130
25%
*111%
*30%
57%
*60
*6
22
*56%
30%
12
26%
*60
*5
*25%
22%
107
5%
25%
56%
26
107
6%
26
129
26%
26%
58
58%
*60
32
65%
*9
10%
25
25%
Reo Motor Car
Republic Steel Corp—No par
60
27
1,700
100%
2,200
23%
4,000
60
1,300
320
129%
27%
6,300
33%
"3" 100
59
13,600
*111%
32%
58%
65%
32
58%
*60
11% *._
26%
6
75,100
"25%
6% conv prior pref ser
Preferred
100
A. 100
5
10
100
No par
5H% conv pref
100
Reynolds Spring new
1
Reynolds (R J) Tob class B.10
Reynolds Metals Co
Rhine
600
A Brass
Class A
Class A
65%
11%
25%
6% conv preferred
Revere Copper
10
Westphalia El A Pow__
Mfg
No par
Rltter Dental
7
Jan 17
Jan
3*4 Feb
17%
26%
24%
934
3%
12%
May 18
2
li4 Jan
Oct
8
9%
Apr 11
112% Nov 6
41% Apr 4
2
4i8 Jan
2
634May 21
Deo
40
Deo
8
Nov
1% Deo
31
Apr
38
7
Mar
12% Aug
44% Aug
26% June
Nov
Feb
180
Aug
5% Mar
22% Mar
10
Dec
55
Oct
172
1
10%
Mar
2% Nov
Apr
16% Dec
3% 8ept
1% Mar
24% Apr
67s June
6
1
Mar
62
Nov
25
Nov
2% Aug
6
3
6% Mar
13
Mar
Nov
5
12% Nov
Mar
4
6% Mar
1% Mar
% Feb
4% June
2% Nov
16% Jan
Nov
Jan 11
Feb
6
23% Nov
2334 Nov
Nov
6
5334 Nov
5
57s Nov
6
6
69
Deo
*
17i2 Oct 23
1734
Oct 27
5712 Oct 23
40'4 May 12
117
Sept 23
39
Apr 29
103i2 Feb 21
11318 Apr 3
128
146
112
Apr 4
Apr 14
Jan
7
367s Jan
2
Aug 21
1
May
91%May
9%May
4
9
16i8 Oct 2
934May 12
83% Jan
2
68i| Apr 28
5
Jan
2
35if Jan
39
Jan
37
Jan
97s Jan
2
65is Oct 13
l7s Apr 28
125«May 7
Aug 21
1912 Oct
99% Sept
10
July 15
130
July 14
144% July 14
164
July 14
114
Apr 1
Jan
Jan
20% Mar
62%
Feb
Deo
Deo
100
Mar
148
Deo
99
Jan
113
July
527i
Jan
24% Mar 20
29% Oct
5% Mar
17
Deo
13334 Apr 17
49% Mar
119%
Dec
27
24
27
65
103
Deo
17
4
65%
Oct
117% Mar
19
Sept
19% Oct
14% Jan
8
108% June 18
80
July 15
9% Feb 19
16*4 Jan 30
88
Feb 17
3*4 Jan 14
22% Oct 20
22% Oct 17
8%
June
Feb
Mar
92
Deo
6
Oct
Apr
38
Deo
11
Aug
Oct
6
3
Oct
18
Nov
21%
Oct
98% June
2% Mar
9
Mar
28% Mar
78% Oct
5% Apr
9
60
Nov
5
13
138
Oct
1
75
34
Feb
5
117
Jan 13
3
65% Feb 10
Apr
Apr
17% Apr
101
20% Dee
88
Nov
25% Nov
110
Mar
5% Deo
20% Nov
97
Nov
95% Nov
16
37%
Deo
Deo
115
Nov
32
Deo
June
113% Dee
Mar
68% Nov
34% Oct 14
Apr 29
587sSept 16
Nov
Mar
Mar
Apr 28
22%May 25
105
Apr 27
24%June
72
1
8
Aug
104% Oct 1
24% Oct 20
30% Deo
43% Jan
43% Nov
3% Apr
20% Apr
33
1
121
Oct
13% Deo
1% Mar
16% Mar
29% Mar
36
Apr
June
8% Mar 25
26*4 Feb 19
17%
35% Mar
7
90
Deo
132
69
4
104%
117
24*4 Jan 23
114
Apr 15
Apr 20
Nov
46% Nov
Mar
73
23*4 Jan 15
2
53% Jul
121
85% Mar
99*4 Apr 15
4i8July 8
167s Apr 30
77
May 4
78%May
113
42%
115
2
17i8 Aug 21
Oct
122% Feb 26
49% July 22
38% Apr 14
5034 Oct 3
49% Aug 11
45% Oct 16
287s Jan
77
56.500
21
2
1
25
25
Rensselaer & Sar'ga RR Co 100
Jan
Jan
16
Remington-Rand
$6 preferred
Prior preferred
3
4
June 20
li2 Apr 24
1178 Jan 6
Reliable Stores Corp...No par
6%
60
58
*25%
10
No par
100
25%
129% *127
*60
♦
300
Co
preferred
6%
22%
27%
1,900
1st
24%
23%
*111%
66
109%
100
59
57%
58
*106
23
118% 118%
23
130
*111%
*22%
90%
118% 120
32
22%
*89
100% 100%
24
31
For footnotes see page 2954.
44,400
92
22%
/
11%
26%
23
23%
89%
130
26
57%
57%
5,800
22%
22%
22%
9934100
57
31%
22
21%
117% 119
22%
30
21%
89%
22%
109%
6%
5%
25%
24%
129% 129%
25%
*111%
Rela (Robt) &
500
22%
*105
99
25%
66%
*25%
*96%
Preferred
500
21%
*2184
109% *107
5%
5%
5%
5%
24%
23%
24%
24%
117% 118
118% 119
*107
430
3
22
20%
87%
23%
109%
10
100
Hosiery
21
2034
21
87%
Silk
21
*88%
21
20%
89%
Real
50
60
preferred
13
94% Oct 23
2
258 Oct 30
5818 Jan 7
21
16
2d preferred
*88%
*21%
14
103
{ Radio-Kelth-Orph
No par
Raybestos Manhattan.No par
Reading
50
Jan
l%May
No par
_
12% Nov 5
57% Oct 21
187
Oct 31
7% Apr 30
49
8% conv preferred
-100
6% preferred
100
Purity Bakeries.
No par
Quaker State Oil Ref Corp . 10
Radio Corp of Amer...No par
Preferred B
No par
Pure Oil (The)
100
*21%
par
5% pf (ser of Feb 1 '29)-100
Pub Ser Corp of N J
No par
300
2%
6
100
1
...100
5% conv 2nd pref
45%
2%
37% Jan
...100
5% conv 1st pref
49
21
2914 Oct
7i8June
No par
48
*2%
% July
Bolt. .No par
Class B
*44%
2%
2
t Postal Tel & Cable 7% pf 100
Pressed Steel Car Co Ino
1
*48%
21
2% July
Oct
Porto-Rio-Am Tob cl A.No par
45
2%
Jan 15
3
12
48%
*19%
17
2
6
20
48%
2%
2
8
85
78% Nov
Feb 21
Jan
U8 Jan
35ij Apr 28
176
Feb 3
Nov
4% Jan
x68% Deo
14% Deo
July
84
8
100
Deo
10% Deo
70
100
14
Mar
par
Plymouth Oil Co
Pocahon..No par
No par
45
Nov
Mar
Mar
100
Poor & Co class B
48%
88
68
Pond Creek
45%
Mar
5% Mar
63% Apr
13% Mar
3
Preferred
49%
7
5it July
Pittsburgh United
45%
15% Feb
7»4 Apr 29
May 29
5
No
6% preferred
$3.50 conv
Mar 13
38%
1%
3%
1%
35%
6
Pitts Steel 7% cum
Pullman
Mar 13
16% Mar 13
3% Jan 13
101*4 July 24
100
Pittsb Screw &
Procter &
12
2
Petts Ft W & Chic pref
45%
22
66
102% Oct 19
Feb
23
Mar
Preferred
49%
*2%
*19%
3U Jan
54% Aug 19
No par
Petroleum
48
2%
8Us Jan
7
3
Nov
49% Apr
Preferred
*45
78
4512 Jan
2
6
Hosiery
*47%
21
12%June
38i8 Jan
100
7% preferred
Phillips Petroleum
45%
*2%
Deo
19% May
Deo
July
Nov
49%
78
54
255s jan
48%
*19%
Aug
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
$6 preferred
No par
t Phila Rapid Tran Co
60
48
*48
Mar
Nov
19%
*47%
*48
13
4
34% Nov
64*4 Deo
28%
45%
85%
4%
*45
48
Oct 16
Dec
Apr
Mar
Oct
"""266
18,700
Oct 16
32%
39%
116%
43%
12% Mar
7% preferred
8% preferred
17%
48
89
Feb
11
6% preferred
61
Oct 24
30
108% Oct
17% Mar
2% Feb
9% Mar
16% Mar
5
600
60
6
9
4
Pittston Co (The)
13.500
17% Mar
Oct 19
19% Mar
Pittsburgh & West Va
17%
84% Sept
6% Aug
6% Aug
30% Nov
53
100
24%
1% Nov
July
81
10i8June 30
37%
2%
23%
4% Deo
8% Dee
May
15
13% Oct
7% Mar
160
17%
21% Nov
6
Apr
5
590
24
Mar
Mar
12
Sept
101% Sept
14% Sept
6
15,600
*21%
3
18
Nov
Feb
3%
17%
Feb
57% Apr
2% Mar
20
807s Deo
18
112%
157
48
6
Jan 13
Petroleum Corp. of Am
6
Pfelffer Brewing Co...No par
Pitts Term Coal Corp
2%
140
34%
34%
6
23%
24%
107% 108
121
37
4.100
12%
*137
*88% 106
74%
72%
8%
7%
73%
8
24%
2%
3%
111
47,500
500
140
10%
*88% 106
72%
7%
*21
36
20
10
2,800
*137
17
11
106
2%
*2%
300
12%
140
*18
18
10%
*97
36
62%
52%
119
109% 109%
97%
97%
97%
17%
97%
17%
3%
109%
113%
113% *112
59%
60%
58%
56%
19%
20%
19
18
108%
100
520
55%
*187
*112
18%
*96
17%
3
109
10
*140
59
108
30%
12%
*54%
12%
84%
48%
*137
113%
108% 108%
-
3
*120% 123%
140
154% 154%
*112
-
109
10734 108%
*107% 108% *108% 108%
124
123
122% 122%
-
2%
20
*15
10%
59
*79%
2%
*2%
.
21%
52%
*154% 158
•
21%
58%
110
Jan
16
Phillip Morris & Co Ltd
10
Phillips Jones Corp...No par
12%
10%
51%
3
56
8,300
91
21
58%
140
20
64% Jan
Phila & Read C A I
12%
20%
52
1,200
7,400
5,000
38,800
64%
Oct
Deo
1% Deo
27% Nov
Pet Milk
3,300
91
19%
60
*139
2%
2%
51%
100
100
Preferred
2
46% Aug 10
No par
Prior preferred
""400
*4 Apr
4% Oct
8% Feb
*4 July
7% Feb 19
Jan
251s Apr 28
2%
*12
58
Apr 27
100
100
380
81
4
May
2% Mar
Feb 21
56% Nov
116%June
Mar
Pere Marquette
*99% 101
7
5%
12%
11%
80%
45
Feb 19
Peoria & Eastern
1,500
90%
91
36%
*59%
38
11
Deo
7%
27*4 July 17
June 30
100
52%
12%
19%
19%
48%
*187
12%
10%
19%
People's G L & C (Chic)...100
Aug
Nov
9% Aug
5
6% Jan 28
10% Mar 24
63% Nov 6
700
52
2%
17
8
102% Nov
28U Apr 29
30
14
21
67
4
5
1
2
17% Jan 24
3isJune 23
2
2
142% Deo
% June
6% Mar
71% Dec
82% Nov
10
Apr
11% Apr
4i8 Jan
28*4 Jan
Deo
Jan
Nov
56
6*4 July
17*4 Nov 4
33% Nov 6
5% Jan 23
47% Mar 10
Oct
Jan
123
3% Mar
10*4 Jan
9
3
21
Jan
111%
July 16
73
31% Deo
Mar
June
70
Oct 22
Nov
Deo
5% Deo
12
5
7
136
3
Mar 13
110
Pillsbury Flour Mills
Pittsburgh Coal of Pa
6%
10%
7^900
69
100
Preferred
~
2 200
2%
19%
....
Pierce Oil Corp pref
6%
19%
Corp ▼ 10 No par
60
Peoples Drug Stores. .Noo par
Pierce
2%
19%
Pennsylvania
2,400
2%
10%
Penn G1 Sand
1,000
6,300
*6%
10%
1,300
37,600
100
75%
23%
6%
-19%
19%
Preferred series A
12%
2%
30%
17%
2%
10%
19%
3
No par
Penney (J C)
No par
Penn Coal A Coke Corp
10
Penn-Dlxle Cement
No par
12%
24%
*2
Peerless Corp
Penick & Ford
74%
22
*6%
Patlno Mines A Enterpr No par
12%
2%
30%
12%
55%
16%
2%
Proof Co...2.60
74%
23%
6%
Rust
June
8% Aug 19
17% Jan 13
2% July 7
40>4May 4
23
Apr 28
4is Jan 2
6%June 20
10i8May 20
Us Jan 2
60
Aug 17
10
Mar
13% Mar
4% Apr 6
74% Apr 4
97% Feb 13
109
Aug 31
I884N0V 4
7i8 Aug 22
Parmelee Transporta'n.No par
Pathe Film Corp
.No par
17*4 Nov
3% Deo
19
18l2Nov
133s Oct
July 30
59
1
11%
22
22%
Parker
103
1
20% Jan
2
1214 Aug
13s Jan
1
8%
53
152
52%
12
11%
8
No par
47%
11%
Jan
1
Park Utah C M
Parke Davis & Co
8%
53
*1%
11%
84%
30
140
50%
82%
2
146
10
48%
74%
11%
2%
30%
3
100
74%
47%
7%
Jan
100
7%
12
84%
118
100
80%
*11%
*79%
47%
16%
*2%
47%
2%
27%
16%
11%
9%
2%
9%
23%
22%
6%
119
10%
2%
80%
36%
37%
2%
15%
27
52%
*99% 101
5%
*5%
5%
*187
11%
*101% 105
81%
81%
53
51%
52%
16%
*20%
22%
119
15%
100
5%
*7%
54
11%
11%
12
*50
11%
11%
100
Exchange
81%
26%
16%
11%
*81%
25%
83%
45%
7%
2
*101% 105
11
Stock
200
5,400
56%
26%
15%
11%
*10%
44
15
83%
44%
3,900
21%
52%
2%
78%
63%
56%
52
2%
76%
61%
21%
52%
10%
900
5,700
43
52
2%
4,800
56
86
*25%
101
*5%
2%
63
21%
44%
48
5%
10%
5%
8%
16%
55
47%
10%
*5%
1,400
43%
105
*81%
14%May 15
67s Jan
3% Apr
6
41
July 20
58*4 July 22
31UNov 6
30% Jan 11
Trans...5
Nov
35% Nov
100
Paramount Pictures Ino
8,300
2,600
9,700
56,200
*112% 115
*112% 115
52%
53%
53%
50%
53%
6
6
*4
*4%
5%
41
40
39%
39%
40%
50%
6
42
4
Deo
129
Mar
Jan
Deo
55
115% Mar
Aug
1
Nov
4%
476s Apr 30
4% conv pref
14
1212 Oct 13
28i2 Oct 13
22i2 Oct 13
Mar
July
17% Sept
Mar
114% Mar
Oct 30
19
2
8
3
Pacific Ltg Corp......No par
Pacific Mills
...No par
&
92
80
8
34
Petr
125
4
July
Pacific Finance Corp (Cal).lO
Pacific Gas & Electrio
25
Pacific Telep & Teleg
Jan
38
4
3*2 Jan
8% July
8% conv preferred.....100
Paraffine Co Inc
No par
32%
*112% 116
*101% 105
87
20
13
No par
No par
Panhandle Prod & Ref.No par
18%
54
.
5
10
1st preferred
2d preferred
Nov
Nov
11% Nov
26% Deo
4% Mar
22*4 Jan
106
July 22
164i2 Mar
4
7
18ij Jan 3
67
Apr 28
-
44%
20
128
11*4 Apr 30
101% 102%
4%
*4%
7%
7%
61%
25
Co
Pan-Amer
1,100
-
6%
2%
7%
58%
61
53
*5%
54
738
7%
"43%
82%
26%
15%
*82%
4%
*
53%
*112% 116
53%
5%
42%
*101% 105
•
101
*4
7%
98%
62%
114
Jan
107
Apr
11%
2
20*4 Mar
Jan
4*4 Apr
June 12
65
July 22
Jan 2
75
4
6
116i2 Oct 17
7
Pac Western Oil Corp..No par
Packard Motor Car
No par
44%
44%
32%
2%
Glass
6,300
74,000
6%
7%
62
-
Owens-Illlnols
33%
4%
4%
313$
2%
7
114
Second preferred
Park-Tllford Ino
*44%
611?
47
100
First preferred
6%
62
No par
10,300
31%
15%
2
70
100
Outlet Co
32%
4%
2
100
No par
preferred....
36,500
44%
14
-
123
136
Jan
J2i2 July
July
Preferred
Otis Steel
Prior
I5I4N0V
353s Nov
20*4 Dee
3% July
25% Mar 30
II6I2 Feb 24
24% Apr 27
No par
17%
44
7%
14%
2%
Otis Elevator
16%
33
31%
4%
4%
2
130% 133%
133% 135
17
17%
33
2
Jan
110
60
17%
18%
7
Jan
900
81
80%
*105%
-
6%
&
6%
2%
-
44
31
62
*
18%
18%
4
44
2%
81%
30%
43%
30%
6%
62%
60
80
*105%
136
15%
4
6%
2%
•»«••»
31%
•
6%
*62
«»
58
56
81%
*105%
-
121% 125
17%
124% 125%
16%
15%
3%
*
58
*56
79
*105
July
200
4,800
70,600
13%
2%
2%
per share
8
6% preferred
18%
12%
*12%
2%
258
2%
190
*150% 152
*15012 152
*15012 152
13,100
142
141
141
140
142
141
12%
78
31
26
18
2%
55%
167s
5158
2512
3,830
$ per share
17
Pacific Coast
3538
Highest
% per share
107
Pacific Amer Fisheries Ino
3414
23
Lowest
100
Preferred A
1,070
850
Highest
Oppenhelm Coll A Co..No par
6,500
343s
50l2
*15012 152
*15012 152
~2~666
18%
36
2612
2678
14184 141.34
152U 153
I8I4
18%
10i2
10i2
23
23%
1812
20
34
I8I4
1012
Omnibus Corp (The) vtcNo par
Preferred
3712
1912
53
10
3484
2414
"3914
5H2
5314
27
5314
26%
1,700
18i2
10i2
24i2
2034
34
~39% *39%
80
12,900
*11312
15H2 153i2
1834
1114
2512
2114
18i8
1034
25
1734
100
8,400
9,300
65
*62i8
65
*6218
*11312
154
153
1118
223g
65
65
*113l2
—
15H2 15212
18i8
1858
18%
lll2
2514
20U
18l2
65
*11314
153%
153
16l2
112
Year 1935
100-chars Lots
$ per share
Par
5,000
18
I8I4
18i2
18%
1834
18i4
IIOI2
110i2 *107
109i2 109i2 *107
1412
1434
14i2
15
1378
15U
35
353s
3234
34i2
3214
33U
126
126
*126i4 131
126
126
17
16i2
17l8
1712
16U
17
115i2
112
112
112
11334 115
130
16%
I6I2
16%
lllis HlJa
On Basis of
Lowest
Shares
$ per share
Range for Previous
Range Since Jan. 1
STOCKS
EXCHANGE
Week
6
Nov.
5
Nov.
$ per share
$ per share
$ per share
Friday
NEW YORK STOCK
the
NOT PER CENT
Thursday
4
Nov.
3
18i2
IIOI2
13i2
333s
11012 *109
*109
Nov.
$ per share
$ per share
SHARE,
Wednesday
Tuesday
2
Nov.
31
Oct.
SALE PRICES—PER
Monday
Sales
for
AND HIGH
LOW
Saturday
2961
25
July
50
10*4 Jan
19^2 Feb
3
2
59
Nov
13% Jan
35
6
9
MarlO
43%
55%
11%
5%
Apr
67
Deo
13% Mar
20% Deo
Mar
Nov
New York Stock Record—Continued—Page 9
2962
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER CENT
Sales
STOCKS
fnr
NEW
JOT
Monday
Tuesday
Nov.
Saturday
Nov.
31
Oct.
$ per share
$ per share
64*2
98
587g
9634
7
634
*6*8
36*2
3434
3534
2
1%
4*2
4*2
13
40*8
*12*4
*30
36
111
112
112
1638
16*2
4934
2*8
17*4
64i2
2%
17U
1%
*3
3U
7*2
9734
16
17*4
66
44%
*65*2
111
52
16%
52%
1678
54%
99
238
2*4
67
1
1*8
3%
2%
18*4
I8I4
2*4
18*4
68
*17
18%
68
3*4
12,900
Servel Inc
13,600
Shattuck
79
79
80
80
79
8034
29
29*2
1784
29
29*2
2934
30
30
1738
1734
18
8034
3034
19%
26U
2534
26*2
26%
27
98
98
98
25*2
*97*4
7l2
5838
19%
27%
I884
26*8
17%
26*4
97%
4
3678
35*4
120
39%
27*8
39%
27%
28
27
126
126%
8,500
300
834
24,600
59
600
397g
27%
126%
170
20,900
5,000
11*8
4634
12
11*4
12
25,200
477g
46
47
10,400
4
4
4
4
4
4
600
35U
4*8
36%
36*4
35%
37%
f-
35
34*2
120
38*8
77g
58*2
38%
126
560
98%
58
267g
45*2
*4
*97
8%
58
36
11
10*8
z45
4
7%
58%
37
11,100
*120
800
120% 121
121%
75
76
72
240
70%
70%
70*2
3101
*95
101
101
760
101% 102*4
49
50
50
50
50
50*2
1,100
22
22
22
23
23
23%
3,300
17
17
17*4
17%
1634
17% 129,300
120*2 120*2
No par
Sears, Roebuck & Co..No par
2,700
1734
98
Prefei re 1.
4*8
78
126U 126*4
107g
1134
48
45*4
No par
100
6312 Jan
6
2
3i2July 24
59% Jan 21
284May 25
4*4
7»4
8
June
Seagrave Corp
29*8
^
J Seaboard Air Line
11
3778 July 15
97% Feb 1
138May 26
7%June 4
2,100
25,200
173s
/
100
No par
Hots Sept 22
634
99
78
.
1
Preferred
120*2 120*2
Second
Natl Investors
1
Preferred
1
1
(F G)
No par
Sharon Steel Corp
No par
$5 conv pref
Sharpe & Dohme
No par
Conv
7s Jan
2
par
Sheaffer (W A) Pen Co.No par
Shell Union Oil
No par
Conv preferred
a
100
89
Deo
10
Dec
15
37
Oct 24
*70
75
100*2
50*8
*70
75
*
*49
■
100*2 10034
48*2
48*2
*2134
22
21*8
2134
16%
17
1634
1678
*111*2
412
*111*2
438
29*2
29*8
_
4%
29
153
153
.*
*111*2
4*8
297g
....
4*8
29*8
*
155
113
47g
4%
3038
30%
155
*
113
155
100
*111%
434
4%
31*4
31%
*
47g
31%
14,200
5,100
155
10
31*2
32
"30*8
31*2
"29*8
30*8
"30*4
31%
~30%
45*8
46
45*2
44*8
45%
23
22
23
17,400
33,800
15,300
44
43
4434
44
4538
23%
44%
31%
4478
23U
4458
22%
43*2
43%
2278
43*8
44U
22*8
44
11,500
55
*53*4
55
5434
55
42%
5434
*53
22%
41*8
*53*4
55
10
*9*4
10*8
912
*75
76*4
76U
79*2
*107*4 108
*107*4 108
7*4
738
73g
7*4
24
*2334
2234 23*2
*86*2
*32*2
20*4
3338
9212
33
*87
3212
2038
20*2
3338
20*8
32*4
33*4
51
*5084
95*2
96*2
94*8
96*2
*106*4 10734 *106*4 108
*5034
61
37
37
1738
175s
128
128
*103s
734
10*2
778
22*4
2278
*51
52
59
60
*238
2*8
39*4
393s
4038
40*2
29*2
68*2
37*4
7534
29*2
68*8
*35*2
*76*4
33s
1338
20*8
1934
1434
Closed
Election
Day
128
103S
10
934
934
*9%
9%
9%
78
*75
*76
79*2
7734
*108% 115
107U 107*4 *108% 112
8
734
734
7%
8%
7*4
24
24
24
24
23*4 23*4
92%
*86% 92%
*86*2 92% *86*2
32% 32%
3234
*31*2 32%
33%
21
22
21
2138
217g
20*8
34%
33% 35%
353g
33*4
33%
51
*5034
5078
5034
5078
*5034
96
95
98% 100%
9834
99%
108
108
*107*2 108
*107*8 108
40
40
37
38%
4134
37%
18
#17*4
17%
177g
17*8
18*8
1,200
*12538 126121
11
10
10*2
734
126
127
11
11%
7%
125% 127
11
1034
19*2
1412
80
80
122
37*2
4*8
24i2
*357S
*12l2
23
*31
3I4
24
7%
122*2
37*2
4*8
2538
36*2
13*8
23U
31*4
3*4
2434
73a
8
8
47*8
47*8
39
39
1212
934
1234
97g
834 July
76
O) Corp
No pa
Snider Packing Corp...No par
Socony Vacuum Oil Co Inc.. 15
Solvay Am Invt Tr pref
100
4,100
64,700
100
2,300
So Porto Rico Sugar
Preferred
112
734
4*8 Feb
5
1*8 May
40
Apr
41, Nov
81i2Sept 21
70
Nov
3C34Nov
6
7*8 Mar
17
Deo
1914 Nov
6
7*4 Mar
32
3
9
127, Dec
25*4 Nov
Mar
Oct 28
3*4 Mar
July 12
41
Sept 25
40% Nov
295s Dec
28
Nov
5
126l2 Nov
5
April
Mobile <fc Ohio stk tr ctfs 100
34
Jan
3
Spalding (A G) & Bros.No
1st preferred
No par
Conv preferred A
Spiegel-May Stern Co..No
preferred
Square D Co
Preferred
*28
30%
300
Standard OH of Indiana....26
Standard Oil of Kansas.....10
67
70*8
93,700
Standard OH of New Jersey.25
36*2
76U
36*2
7534
37
37
37
76%
77
78
"19*8 "19%
121
9,300
Stewart-Warner.
5
1734
18*4
18
1834
18*4
187g
34,500
Stone & W ebster
No par
143g
15%
15*4
15%
15*4
15%
63,000
f Studebaker Corp (The)
80
80
80%
80% 80*2
122%
122% *121
122% *121
38
38*2
37%
38*2 38s4
79*2
122%
37*2
*121
4
38
1,500
70
*4%
2,000
20,000
24%
25%
9,400
37
37
4U
4%
434
4%
25*4
2438
36%
25%
36*2
13%
13
13
13%
100
2*8
23*2
2378
12,600
32U
32
32*2
23%
317g
2378
3184
1638
15
1638
16%
1634
1534
16*2
16,500
2,200
24*2
36*2
37
*13
32
400
1,800
600
"734 "V84
1
7
*6*8
32U
32*2
7*2
32%
11*2
11
11
14*8
17*8
1434
173s
*15*2
16
978
10
Sweets Co of Amer (The)...60
29,200
Texas Gulf
1334
25,800
Texas Pacific Coal A Oil
11*4
27,300
1200 *1000
1200
Texas Pacific Land Trust
Old
87S
65
1178
834
9%
41
1,400
Texas
43%
46*2
3,800
Thatcher
62
11%
87g
7%
62
1134
90
9%
500
2,500
120
6,700
7
*7*4
500
*32%
7*2
34%
7%
33
34
34%
1,200
11
11
11
11%
11%
300
31
&
53 60
Ry
Mfg
conv
pref
Thermoid
100
29*8
29*4
53g
30%
3034
3138
3138
5,000
534
5%
534
5,300
30
3178
29%
29%
200
19*4
19*2
19%
1934
5%
*29*4
1984
684
30
20%
1934
20*8
62,500
104% 1047g
900
18,200
Tlmken Detroit Axle
Tim ken Roller
Bearing.No
Transamerica Corp
No
10434 105
105
105
*104
22
22%
6684
14*8
10%
67*2
1434
1584
978
1534
8*4
83s
10*2
41
15
*96
33*8
41*8
15
97*2
3%
334
8*4
103S
Thompson Prods Ino...No
Thornpson-starrett Co.No
cum
pref..
Tidewater Assoc Oil...No par
Preferred
24%
2478
68%
15%
69
70
70%
71
17,300
15%
15%
15%
15%
34,000
17%
1534
18*4
1638
17%
157g
16*4
6,600
1,500
Transcont & West 'n Air Inc. 6
Transue & Williams St'l No par
10%
10
10*4
10
10%
20,400
1087S 10878 *108% 109%
200
Tri-Contlnental Corp..No par
6% preferred
..No par
109
17%
109
8*2
8*4
10%
32%
4038
34%
14%
97%
334
334
81
8034
8134
48
487g
48
48
For footnotes see page
8*2
8%
8%
11*4
11%
11*4
9%
1134
12,300
2954.
42%
1434
34%
42%
15%
15
43%
15*4
98
98*2
99
97
99
378
8238
3%
8I84
4834
4834
378
82%
49*2
1,100
32,400
33%
417g
1434
34%
42%
3,200
35
483s
1484
97*2
8O84
8*2
1034
18*4
81
40*2
384
No par
1638
103S
403s
loo
1534
9*8
17*8
3234
1434
24%
par
par
No par
2234
67%
1478
1678
10*8
32I2
*97
233s
233g
2,200
200
10
Preferred called
Truax Traer Coal.....No
par
par
27*4 Mar
407,
Dec
23
Mar
23*8
Deo
3U34
20
Oct
Oct
52*8
32ls Nov
78
68
Nov
4
Deo
10
Dec
60
Deo
6*8 Mar
187,
Deo
2*2 Mar
2*4 Apr
I5ia Dec
10*« Nov
Jan
6
1578
Jan
2
8
3
par
Preferred
Nov
2
Jan
2
6
7% Jan 6
9i4Juue 30
Nov
4%
91
Oct 13
Mar 12
2578 Oct 16
3778 Oct 15
ioo
1,400
Ulen & Co..
81
82*2
3,700
l4834
493s
5,300
Under Elliott Fisher Co No
par
Union Bag A Pap Corp No
par
No par
93s Jan
6
2
337* Apr 27
Mar 25
884 June 16
9
49
5
6
Feb 28
3U
5
Jan
Mar
177, Oct
3*4 Mar
15
Sept
32*2 Dec
1*4 Apr
6*4 Sept
4
Mar
16% Mar
28*4 Apr
3*4 Jan
81,
14
63i8 Oct 24
1414 Mar 5
110
1*8
1050
46% Nov
Mar
60i2 Mar
115*2 Jan
ill
Apr
Feb 18
125s Mar
2
6
36
July 21
8%May 23
Jan
8
16% Feb 29
148s Mar 6
July 16 1375
Oct
Jan
Oct
7
12is Jan 6
Apr 27
11
Apr 30
66
1478 Jan 2
10%May 19
718 Jan 3
93
Jan
6
4?8
Jan
6
7i8 Apr 30
22%June 1
31«s Apr
834May
65U Jan
278June
74*8June
27
60
Mar 11
2478Nov 6
72i2 Feb 18
153gNov 5
275s Apr
4
1712 Oct 16
12
Feb
110
Oct
4
9'8 Nov
II84 Nov
35
Nov
4338 Nov
16*2 Oct
22
99
30
38%May 21
12*8
10*i
Nov
Oct
Oct
Deo
2
June
5
Jan
16
Mar
29
Nov
5*8
Jan
1*8 Mar
Apr
7*8 Mar
84
Jan
26*4 Mar
4*8 Mar
28*8 Mar
87B Nov
26*4 NOf
6
D«°
28
Deo
157,
48
14
7*4 Mar
5*8 Mar
17, Mar
16
Apr
Deo
131, Dec
72lf Nov
47, Mar
69
Deo
lt)4i| Nov
Deo
15*4 Nov
Deo
8*4 Nov
97*8 Nov
11138 Sept
20
29
Deo
97S Jan
8*4 Dec
30*4 Deo
36*4 Feb
0*4 Oct
12i2 May
61
17
48
Deo
100
13*, Mar
3
6*4
May
60
8% Mar 23
39*4 Feb 26
ld6% Mar
Deo
5*4 Apr
61*8 Jan
2*i Mar
32*4 July 31
3
Sept
Dec
2
5
9
22*4
33i2
Deo
Jan
20*4 Nov
Dec
Dec
47* Jan 21
6
Deo
12*4 Aug
26
44*a
12U Feb 14
1434 Jan
100*8 Jan
Dec
281,
9i2 Feb 18
34% NOV 6
Apr 30
Ma*
3*|
131, May
3
24%
Nov
30*8
Doc 1076
5
26
77
121
Apr
Jan
8I4
Feb
Deo
35*4 Mar
21*4 July 27
Jan
32
4034 Oct
109*8 Sept 15
par
Truscon Steel..
10
20th Cen Fox Film
Corp No par
Preferred
No par
Twin City Rap Trans..No
37S
378
47*8 Feb
4438 Nov
7034 Nov
2384June
25
Nov
2
69
Third Avenue
Deo
J*J
14*8 Jan
86
l
287,
16% Apr 30
28
Dec
Mar
78 July
53i2 Jan 28
24i2 Apr 16
No par
No par
30*8
105
Oct 21
3*4 Jan 17
May 18
Jan
Dec
Aug
11*8 Aug
6
64
Jan
Apt
13*1
0*4
261,
3is Mar
67„
19*8
130
1*2 Mai
1*4 Mar
Jan 28
Jan
106*8 Nov
7
Jan
9*8 July
Oct
4*4 Mar
13*8 Oct 30
23
Oct
84
9
2%May 21
9i8
Dec
Nov
6
8%May
48
18*,
16ia
48
8
8
65
100 1000
No par
Third Nat Investors....
Thompson (J R)
Oct
36*4 May
8
4078 Nov
Co
53 60
978 Feb 17
33
Co .100
Preferred
Deo
8*i
66i2Sept
12*2 Mar
68*4 Jan
1*8 Mar
iou
The Fair
Deo
8*4
243s Sept
10% Mar 11
5038 Nov 5
1
12% Sept
21, Mar
684May 14
10
7*4 Mar
8*2 Mar
33*4 Feb
437, Mar
101*i4 July
122*8 Juno
6*8 Apr 27
287g Jan 6
No par
Nov
Feb 24
6
Sulphur
Pacific
par
26
29*8
53s
5*2
51is Jan
2434May
31
13»4 Mar 17
6
Tennessee Corp
Texas Corp (The)
40*2
*87%
2
Mar 27
129
1634 Nov 5
2434 Oct 31
4034
89
32S4 Jan
25
4
15
Symington-Gould Corp ww__l
Telautograph Corp
8*4 Nov
6
I8I4N0V
Jan 30
13%
11%
Aug 21
Aug 27
4134NOV
3578
1034
89
35
109
5
28% Apr 28
3934
*62
Feb 26
100U Nov
Jan
137g
1134
2
5
25
11%
62
912 Jan 3
2484 Apr 28
2684 Apr 30
353s Oct
1314 Sept 29
407g
90
21»4 Apr 27
143s Apr 19
36*4 Jan 25
24's Aug
4
6*8 Jan 4
2014 Apr 28
....No
Jan
70*i Nov
107
3*8 Mar
3*4 Juno
6
25
A
69%
6
Oct
No par
Swift Internat Ltd
*28*2
*10878 10938 *108*2 109
*934
32*8
10
Swift & Co
Tide Water OH
6634
..100
13
11
884
7
Superior Steel
Sutherland Paper Co
10
8934
834
6*8
32*2
*1078
27
3
39%
62
11
984 Mar
4
l
iou
427g
Apr
Apr
40i2 Mar 18
6*4 Mar 12
13%
4334
Mar
124*4 May 16
39%
...
5
42
2
52,400
40%
43%
6
Oct 15
Aug 13
2
OH...
July
82
Jan 11
51,600
40
11»4 Feb
15
112
Jan
734
9*4
*1000
7
Jan
4934
41%
Dec
Oct
27
7%
878
1100
Dec
23*4
59
72
48%
41%
43*8
21*,
118
9%
503g
734
6i2 July
7
July
4812 Oct 13
par
7%
87g
49%
734
Dec
2634 Oct 13
100
9%
49*2
*925
63
31%
Superior
Clabs
Deo
8
678 Jan
c«t
28*8 May
Nov
No par
Preferred
978
8934
884
Oil
1
Superheater Co (The)..No
127g
1100
10*2
Sun
734
83g
47*8
3878
838
47*2
3878
127g
10
*62
10
20*2
13*8
2338
*87
par
Preferred...
No par
Convertible preferred.... 60
20%
3134
62
Sterling Products Inc
Sterling Securities cl A.No
20%
31*2
*925
par
"20%
24*4
*36*2
*12l2
23*4
934
(The) L S..No
2034
24*8
*3578
*12i2
2234
778
46*2
38*4
12*2
No par
Stand Investing Corp ..No par
Standard OH of Calif
No par
14i2
7934
4
»15
No par
1938
4*8
*37*8
No par
No par
19*8
18*2
14*4
79*2
112
251,
16*i
12
9% July 29
6i8 Apr 30
70%
700
132
684 July
1207S Jan 10
30
'
Jan
27
Mar-12
4438
—
Jan
20
162
99
30
-
107*1
Dec
Nov
15*4 May
Fob
13
69%
-
70*8 Nov
68i2
30
Apr
10*8 Aug
Jan
10*8 Mar
Mar
70
m
Mar
Dec
20*i Dec
116U Dec
65i2 Dec
16*4
63i4June
1
56 cum prior pref
57 cum prior pref
Mar
Apr
46*8 Nov
101% Mar 18
684 Apr 30
No par
Preferred
13
24
19*8
20i2
18*4
12*4 Mar
63
30
"
Mar 26
par
Tobacco
* Stand Gas & El Co
Jan
Dec
Nov
4778 Oct 13
53*4 Mar 20
No par
No par
Standard Brands
60
111
32i2July 28
22
40%
43*4
3,400
160
Jan
1
par
No par
40%
2,200
1
44
par
39
2,700
July
Mar
July
161, Deo
9212 Oct 24
3938
75*2
5% Mar
63*8 Mar
8*8 Feb
6*4 Nov
50 I
34*4
712 Feb 29
3512 Aug 28
100
Spencer Kellogg & Sons No
Sperry Corp (The) vtc
Spicer Mfg Co
No
Starrett Co
114
73%June 10
29<4May
1
1678 Apr 30
133s Jan
2
3834
40*8
29*2
6784
35*2
10*2
8934
87g
2278
673s
par
100
Spang Chalfaut & Co Inc pf 100
Sparks Wlthlngton
No par
Spear & Co..
300
900
4
29
Apr 27
21
23s
4134
4434
*3534
75*2
Mar
3^8 July
Jan
2%
40%
48.200
.110
19
*2%
43%
5
100
238
427g
17l2Nov
100
Railway...
Preferred
9,600
6838
12i2May 20
Southern
59*4
40 78
6
7
57%.
*28
28i2 Jan
20
58*2
2%
41%
29*2
69*8
35*2
7534
1
Sept
Jan
57
40*8
21
Feb
5634
44,000
Jan 31
2312 Jan
2,
1284 Apr 27
58*8
23s
17,800
22,000
2,100
Oct 22
Aug 14
25
5634
238
7*4
Mar
60
72
150
21%
7
Jan
Oct
697# Nov
78
100
49
6%
Deo
47,
278
Mar
105
26
49
7
Deo
31
2
100
Co mm
Deo
367,
4
Sept 29
Jan
Nov
1*4
3
20*4 Mar
Oct 30
40UJune 30
54
91
*8 Aug
10114 Nov
132
Southern Calif Edison......25
Stand
Jan
*4 June
6*4
Southern Pacific Co
6h%
55
I84 Feb
4i2 Feb
435s Mar 12
14i2 Jan 25
Mar
657g
No par
20%
10%
22*8
100
South Am Gold & Platinum.. 1
4'Jlg
62
19%
19'*8
10434 10434
100
(A
217g
43
6*2
30*2
preferred
20
*42
2978
Sloss-Sheff Steel & Iron... 100
48%
44U
5*2
14,300
4*8 Nov
201, Jan
8
Mar 31
Jan
47
6*2
43
2934
290
1*4 Apr
Apr
414 Feb
20i2 Feb
6*2
20U
*4U2
*30
8,100
13*8 Dec
66*4 Nov
19i2 Jan
1938
43
*11
29,600
Jan
Mar
25
55.60 preferred
400
6
22
5414N0V
IOI84 Mar
Oct
46U
55*2
23g
1100
87S
800
114i2 June
Oct
4*4
100
Jan
109
6
1934
23if Nov
46
113*4 June
Jan 15
37UN0V 6
4912
*42
*87
22,200
Mar
487g Oct 19
22
*925
*4212
10
10
12
10484 Mar
Jan
7*4
20*2
47*2
50 s4
20
127
Exchange
3634
17*2
400
3*2
1338
50*4
3634
17*8
547g
*75
Stock
32*2
23
Jan
z3%June
Preferred
7%
Jan
Nov
14
No par
10
Petroleum
Skelly OH Co
Smith
2
3
6
878 July 15
2
25*4 Deo
Apr
Apr
31*8 Dec
Jan 20
114i2Mar 11
17is Oct 30
Jan
IIOI2 Jan
Dee
*4 June
1
4638 Nov
'
*95
10*4 Mar
Oct 13
98
July
434
4318 Jan
30i4 Apr
1434 Apr 30
Sliver King Coalition Mines 6
Simmons Co
Slmms
Apr 23
6U4May 13
15% Jan 7
IDs Jan
2034 Jan
No par
preferred ser A.No
102
Apr
113
Aug
3012 Aug 22
34
29*4
7%
7*8
*583s
6884
35*4
35U
26U
26*2
12584 126
Schulte Retail Stores
Scott Paper Co
July 29
Seaboard oil Co of Del-No par
4
98
27
108
10,300
634
2678
No par
353g
35
97%
4*8
778 Jan
18
Jan 24
700
7%
4
240
33
Nov
3
217s
3*8 Mar
7,200
99U
4
800
Feb
82
68s Mar
1%
634
7*4
101*4
3,100
July
3%
3983s
7
800
100
Nov
Highest
share $ per share
per
10% Feb 19
3984 Nov
1% Jan
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp
5
5H% preferred
100
Safeway Stores
$
117*8 Feb 19
238 Jan
100
t St Louis South western. __100
65
638June
1
34%
97
22
Jan
74»4 Apr 28
3%
34U
7%
5,600
53,600
Year 1936
Lowest
I per share
share
1%
33
4
7%
5834
35*a
26*8
26U
126
126U
10*8
10*8
46
46*2
110
Range for Previous
Highest
3*4
4*8
80%
*97*4
7*8
*583s
35*8
170
68
2*4
32
Preferred
73~406
per
Roan Antelope Copper Mines
Ruber'dCo(The)cap stkiVo par
prel
100
Rutland RR 7%
St Joseph Lead
1st preferred
150
99
98U
4U
46
987g
96*2
7*2
5,900
98U
*3*4
7
27,400
111% 111%
11234 113
9
10
t St Louis-San Francisco-.100
700
2,800
50
75
Par
500
4%
14%
35%
50
1*8
33
45
Lowest
2,300
2
98U
3*4
32*2
*30
46%
111
1
1%
983S
*4
4474
14
35%
1278
39%
Range Since Jan. 1
On Basis of lOOmhars Lots
STOCK
Shares
7
1%
4%
112*4 *112% 11234
16*4
16%
17%
49U
98*4
2*4
18*2
*3
33
38
178
43g
127g
112
2*8
17*4
6584
65
1
3984
*30
3434
16*2
2
39
YORK
7, 1936
EXCHANGE
Week
643,
7
1%
4%
the
100% 100*j
111
49*2
98U
15*2
4878
98*4
sou
98*8
64
100
111
110*4
11134 IH34
6
per share
7U
178
383g
110
*98*8
33
40*8
3938
41*8
*110
$
7
4%
12*8
*30
'.
*97
99*2
634
39U
1*8
Nov
$ per share
64% 65
5984
4*4
12S8
1234
35*2
*32
36*2
2
4*2
178
4i2
*12%
Friday'
5
Nov
$ per share
$ per share
54*8
7
Thursday
4
Nov
3
98
54*4
98*2
54*4
98*2
*6%
35*2
2
Wednesday
Nov.
Nov
8*s Jan 20
99
Jan 13
52*4 Feb 19
"3*8
Oct
3i2 Mar
Aug
13
24*8
Oct
2i2 June
18
Mar
"67,
May
8I4 Nov
247, Deo
33i2
Deo
12*8 Nov
73
Dec
6*8 Nov
1*8 June
63*4 Mar
87*4
Deo
29
60*8
Jan
May
Volume
LOW
AND
'■
143
SALE PRICES—PER
HIGH
New York Stock Record—Concluded—Page 10
SHARE, NOT PER
CENT
STOCKS
Sales
NEW YORK
for
Saturday
Oct.
Monday
Not.
31
$ per share
23%
Nov.
Wednesday
Nov.
3
$ per share
23
141
23%
143
97%
97%
29%
29
23%
22
14
14%
13%
*32
34%
32%
34
140
98
23%
Nov.
Nov.
5
24
.
143
25,100
24%
10,300
23%
24%
97%
29
23%
23
23 7g
14
13%
14
34
33
34%
32%
29%
Par
Union Carbide A Carb.No par
Union Oil California
25
Highest
Lowest
$ per share
$ per share
% per share
Union Pacific
100
108i2 Jan
1,300
Preferred
100
90% Jan
143
97%
29%
23%
137g
97%
98
98%
29%
2434
29%
29%
700
2334
24%
14%
14%
1434
31,700
27,700
33 78
36
35
36%
2,200
Union Tank
No par
Car
United Aircraft Corp
6
Un Air Lines Transp Corp...5
32%
95%
31%
8
46%
H84
*21%
*102
584
*46%
79%
16
*111
*12
18
99
3%
19
*30%
3178
32%
114% *113
114%
95%
95
31%
8%
46*4
32%
7%
45%
15
22%
104
6
47%
79%
16%
14%
*21%
102
95%
32%
778
46%
1478
22%
102
57,
47
102
57g
57g
48%
47
78%
157g
79%
99
3%
3%
3*8
20%
21%
30%
168
19
109
*164
17*4
*57%
577,
♦66%
*38%
39*4
387,
4%
11%
*90%
55%
10%
36*4
94%
*84*4
4%
4%
107,
*90%
11%
93
557,
537,
10%
18%
18%
58
11%
57%
39%
4%
11%
93
92
55%
10
39%
5
9*4
2%
39%
434
11%
11%
1,800
93
90%
90 78
500
57%
56%
57
56
11%
10%
57%
1078
11,100
11%
11,000
preferred v 10
U S Pipe A Foundry
U S Realty A Impt
U
9234
93 78
91%
93%
13,100
71
71
72
72
90
78
79%
1457g 146
147
147%
148
2,000
135
135
135
*135% 140
300
*156
164
*156
164
*156
76%
6%
♦93
857S
103
4%
2%
90
*87
Stock
Exchange
40
5%
"5*4
39
39%
113% 113%
Closed
Election
100
147,
62
1*8
9%
30
29%
♦98
*87%
5%
7
8578
34
129
*27
1734
*45
6%
*98
1%
87%
18
18
36%
49%
6%
6%
100
100
*80
39*4
82
109
39%
*81%
9%
1%
1%
9%
3434
9%
35
734
48%
67g
100
20
*1%
"T%
39%
40%
40*4
19%
6
5*4
91*4
43%
2
2
9378
6
141
534
92
144
150
150
150
27%
37%
24%
337,
26%
*36
43%
44%
734
27
27
*36
37%
24%
24%
33%
33%
33%
*86
98
*86
120
*120
98
*86
*120
*32
32%
31*4
31%
♦102% I037g *103% 10378
24
24%
25%
24%
15%
15%
15*4
15%
4*4
*4%
*4%
4*4
30
29
24%
15%
*4%
30
30
3%
8%
8%
8
77%
♦78
61%
33
61
61*8
8%
77%
60%
33%
33%
32%
81%
77%
190
80*4
75%
117
3%
109%
107
934
100
Vulcan
1834
19
1,800
«,
57,900
14,800
2,000
49%
1,100
6%
6%
5,800
300
1%
9%
1%
10%
100
39%
8%
1
"1%
40®4
81%
37%
8
*80
*1%
40%
*81%
3878
22,300
8%
3,300
44%
19
1%
'""266
40%
2,600
82
100
180
10834
106
107
750
534
93%
6%
96%
4434
94
80
120% 122
340
93%
1%
2
6
6
94%
9534
4434
44
44%
14634 148% *14534 147%
154
♦149% 154
27
*25
26%
26%
*150
27
*37
38
37%
37
37
2478
24%
25
24%
25%
33%
34%
3434
34%
34%
*86
3278
25%
1534
434
32
3%
8%
98
*86
120
*112
120
33
33
32%
33%
103%
1037g 10378 *100
27%
26%
27%
24%
16
16%
16%
157g
4%
4%
4%
4%
32
32
3284
32%
3%
3%
3%
3%
8%
8%
8%
8%
78
79
34
82%
78%
81%
75%
120
128
70
3,500
1,800
1,300
1.400
31,300
11,200
18,800
50
400
30
1,900
1,400
98
120
98
....
100
100
78%
63%
35%
84%
75%
126
2,400
300
76,100
2,200
18,200
79
79
63
64%
32,400
3334
34%
5,000
600
85%
♦113% 11634
38% 38%
8%
84
85
83%
116% 116%
38
38%
8
8
For footnotes
see
pag
87
«
116% 116%
39%
38%
8
8%
2954
117
39%
734
2034
49%
8734
117
41%
8%
Nov
Nov
63
Dec
63
Dec
68
Dec
70
Aug
6
Aug 20
Sept
2
Mar 24
48% Mar 19
114%May 15
Apr 27
9% Feb
2% Mar
17% June
Jan
72%
*115
40%
77g
18,900
11634
300
41%
18,400
77g
3,700
Dec
112% I >eo
784 Nov
36% Oct 22
,
15
Feb
33
Nov
63% Mar
83
May
131% Aug 26
86
Feb 19
137%June 10
4% Feb
109%
Feb
1
Apr
li4 Mar
10% Mar
784 Mar
4%June 29
9% Jan 7
6
Nov
6
4% Mar
37% Oct 13
2
5
3
26% June
19
30
Apr 30
11418 Oct 15
118
10
3
Jan 16
Feb 28
Apr 17
Apr 17
45% Nov
114
Jan
1%
Feb
9% Nov
33%
120
Dec
Apr
6% Nov
6
50
May
117»4 Dec
3% Nov
584 Deo
4% Deo
6
19% NOV
Jan
1
4
Apr 29
Oct 10
7% Oct 10
100-aSept 24
11
Deo
Feb
5
3
Deo
47
Deo
10%
Deo
52
Mar
1%
Apr 30
Apr 29
5
Jan
2% Mar
63% Sept 22
14% Mar
%Juue 18
27R Feb 29
% Mar
Jan
45g Jan
157g Jan
2
16
103g Nov
7
85
2% Jan 13
2
83% Aug 11
107
Sept 9
110
Apr 21
Feb 25
Jan
87
Feb 20
17gNov 6
6ig Aug 26
72%May 4
3434 Jan 13
123ia Jan
Jan
6
7
22%June
8
Jun 23
46% Jan
91% Jan
116ia Jan 6
11 ia4 Jan
6
8>8 Apr 27
15
Apr 30
6
Nov
32%Sept 30
39% Nov .5
11% Feb 6
9
96
6
33
2
Apr 30
19i2 Apr 28
6%June
Nov
102
Sept 10
124%Sept 18
116
.
Mar 23
12% Feb 21
23% Sept 11
4
Feb
7
97„ Feb
7
96% Nov
5
48% Mar
3
28%
2% Mar
7% Mar
20% Aug
25% Dec
4
Mar
85
1
Apr]
.
Jan
Dec
Dec
Jan
17
Aug
32
Sept
30%
Deo
7«4 Nov
90
Feb
3
Nov
55% Nov
72
Jan
84%
34
Mar
39% Mar
Oct
91% Deo
99% Nov
92
Nov
36
Mar
104%
Jan
120%
Deo
Jau
11484
Dec
5%
7%
1%
2%
20%
Mar
Mar
July
Feb
10%
19»4
3%
7%
Dec
Deo
Mar
77% Nov
18
Mar
95
153% Oct 17
32% Mar
160
U0
Feb
Oct 16
1%
6%
Jan
30%
33>4 Jan 25
10
Mar
35% Oct 22
39
29
Jau
l9«4June 29
32
32% Sept 17
35% Oct
34
90
6
Jan
Jan
3584 Deo
98*4 Nov
126
Dec
6
Jan 14
Jan
3
July 29
Oct
33%
38%
Deo
Dec
I6S4 Mar
25% Nov
jan
35% Sept
18
.100
preferred..—100
99
Wheeling Steel Corp...No par
Preferred
100
White Motor
60
21% July
1
37% Jan 10
14% Mar
32% Nov
84
July
8
109% Feb 19
18% Feb
1334 July
3
46% Jat,
6% Mar
102% Nov
19% Dec
24% Jan
5H % conv
Spr ctf..No par
Mach...No par
preferred...—No par
Conv
Wilcox Oil A Gas
Wilson A Co
$6
Ino
preferred
Woolworth
5
No par
....100
(F W) Co......10
Worthing ton P A Ml—....100
100
—100
July 21 x\ 20
7
314 Apr 28
16
Apr 28
234 Jan 7
6%June 19
70
June 20
4434 Apr 23
23% Apr 30
66
Apr 30
Oot 23
28% Mar
4
17
6
Mar
5% Jan 13
33% Oct 13
5% Mar 30
12% Oct
1% Mar
6
Jan
1
Mar
3?g
11
Jan 14
87
Jan 15
58
Apr
Apr
64% Nov 6
36% Oct 22
85% Oct 23
8034 Oct 23
140% Sept 16
51
Jan
11% Mar
25% M«r
7384
130
37
Dec
June
Jan 23
3,000
4%
Dec
2
Feb 10
37,700
44%
8
79
50%
87%
Nov
56% Nov
21<4 Jan
33
45
2OS4
2
114
Apr 28
155
Nov
4% Aug
Feb
Aug 21
20
73
Feb
333g
8%
83%
42%
4934
86%
Oct
Deo
May
4
941 j
Jan
34
109
78
7%
78
73% Nov
91
8% Mar 16
44
50% Nov
119% Nov
140*4 May
165
Aug
5
8
Aug
63
153
Apr
Apr
19%
11%
11%
Wrlgley (Wm) Jr (Del) .No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B. 10
1,900
154
Aug
Mar
Dec
124% Apr
7334 July
Feb rl59%
% Mar
6
1,000
19%
1
4
45
4834
86%
29
Jan
71%
153
Apr 24
62% Jan
44%
20
133%
Wright Aeronautical..-No par
70
49
7
870
44%
151
------39
5% pref
Aug
600
71%
19
Maryland...
Mar
1,680
71
49
100
2d preferred........—100
Western Pacific
100
Preferred
100
Western Union Telegraph .100
Westlngh'se Air Brake.No par
We8tlnghouse El A Mfg....60
1st preferred
50
Weston Elec Instrum't.No par
Class A
No par
Westvaeo Chlor Prod..No par
Western
51
78
44
151
100
6
84
71
19%
pref.... 100
preferred
6%
Nov
130%
8234
45
487g
100f
6% preferred
West Penn Power
Feb
Apr
Apr
*76
70%
151
100
46
7
26ig
1778
1078
2i8
47%
914
14934
3%
6
4% Jan
2834 Aug
6% Jan
27% Mar
73% Mar
119% Jan
Nov
4938 Nov
Aug 21
No par
July 10
84
1
preferred
July 30
22%
48% July 21
335gJune 30
Preferred
9
2
...1
No par
Conv
Dec
116
May 26
West Penn El clasa A..No par
48
80
83
Wesson Oil A Snowdrift
24% Mar
6
...100
Wells Fargo A Co
Dec
Jan
Oct 13
5434 Oct 28
27% Feb 23
21
Convertible
17%
May
Sept
No par
pref....No par
No par
Waukesha Motor Co......-.6
Webster Elsenlohr
—No par
Warren Bros..
Warren Fdy A Pipe
9% Mar
126
44%
18%
No par
No par
$3 85 conv
White Sewing
70%
487g
6
White Rk Mln
45
151
Preferred
1,300
3,600
70%
48%
No par
.100
B
3,900
447g
19%
48%
85%
Class
Wheeling A L Erie Ry Co.
20
45
152
152
.....No par
5
6% Mar 18
258 Oct 28
9
100
Preferred
11%
115
9
Preferred B
Ward Baking class A...No par
Mar
165
Apr 30
Jan
Sept
3
1484 Mar
90
2
4
9% Sept
16% Sept
73
4
7% Mar 26
7
100
No par
No par
6H% preferred
---100
t Walworth Co...
No par
Walk(H)Good A W Ltd No par
Jan
95
Mar 23
Preferred A
Co
53
Jan
168
1
575s Apr 29
5
Walgreen
~35%
Oct 17
7984 Oct 19
2U Aug 21
Waldorf System
50% Nov
2
144
3
100
Preferred
mmm
10178
6
44
20,500
2,700
2
154
2,500
29
2
94%
600
33
2
6I84
*76%
10
3,100
28
93
34
*123
2,000
48%
100
Detlnnlng
t Wabash
M&r
3% Mar
7% Mar
Apr
150% Oct 29
Apr 30
May
Deo
3978 Nov
6734May
14
165
13
46*8 Jan 21
115% Jan 7
131
Apr 27
June
Nov
10% Nov
Jan
30
Oct
87
58
3
Jan
Oct
Deo
Jau
978 Jan 27
2
3% Jan
1
July
Dec
Feb
Dec
Oct
3%
20%
39%
Nov
5
627g
5
11%
Oct 30
18% Jan 28
104
Sept 21
100 *114% Jan 16
70
Aug 8
100
120
Aug 31
100
Preferred
1,400
30
122
62
81%
75%
pref...No par
Virginia Iron Coal A Coke. 100
6% preferred
100
Virginia Ry Co pref
20
93
33
81%
100
preferred
4% Mar
9H4
84
6%
Mar
75% Apr
100
Va El A Pow $6
% June
July
96% Jan 24
72
No par
5
5
11
72i4 July 30
Vlcks Shr A Pac Ry Co oomlOO
Chem
Nov
2
68*2 Jan
40
Va- Carolina
Jan 23
9214 May
18% Nov
143
97
5
20
30%
120
92%
120
60%
123
140
71
*70
*8
327g
3%
123
*100
103% 103%
3%
77
♦1%
40
81%
82
102
142% 14634
*150
247,
*112
3,900
*114
115
11334 11334 *113% 115
9%
934
934
9%
934
9%
18
19 '
18%
18%
19%
*18%
2
M
41%
115
2
m
11334
120
9%
*
5
Jan
19% Oct 30
2834 Jan 16
m m
Nov
7%
169% Feb 18
100 *110% Feb 17
100
100
1%
*80
~T%
9%
*17*4
<m
Nov
47
5
Raalte Co Inc
7% 1st pref
96
21% Jan 6
7% Apr 30
1638 Jan 2
Van
Vick Chemical Co.
Nov
65% Mar
113
8
4,900
400
15
5
I6I4 Apr 30
4,800
122
115
100
Preferred
110
59
Vanadium Corp of Am.No par
pref
t Warner Quinlan
7%
92%
410
60% Oct
9% Mar
87% Mar
2% Jan
4% Mar
31U Aug 28
4% Oct 3
10
Aug 17
160
Dec
9
58
Jan
Deo
8
39% Jan
2
Jan
20%
96
8
21% Oct 31
6
71
Mar
193s Jan
Aug 18
6,300
6
74
May
878 Jan
49
50
1
..No par
Vadsco Sales
5% non-eum pref..
734
160
884 June
4% Mar
65
3% July
9
Universal Pictures lot pref. 100
Utilities Pow A Light A
2
Jan
153
130
June
Deo
784 Nov
4584 Nov
1334 Deo
85% Aug
7
10
Apr 29
24%June 4
80%May 8
No par
100
6,900
24%
100
Universal Leaf Tob
12,600
Oct
4
700
Preferred.....!
17%
1% Feb
2O84 Mar
Jan
No par
10
Nov
Oct 23
Preferred class A
62
33%
109
100
Preferred
United Stores class A ..No par
78
Feb 17
400
62
*80
94*4
No par
62
29%
108% 110
100
Preferred
US Tobacco
62
30
*98
100
U 8 Steel Corp
62
*27
*81%
60
Preferred
Warner Bros Pictures..
29
82
preferred
U S Smelting Ref A Mln
27
27
1834
100
50
1st
1578 138,000
30
>
No par
15%
9
103
102
*7
Rubber
*127% 129
34
No par
16
*27
____
1%
40%
113
8
100
20
15%
*26
7*4
~"l%
584
Prior
1534
9
337g
-
*88
"
36%
48
21,600
90
*127% 129
30
7%
86%
37
3678
36%
116
*115
*115% 116
*115% 116
9
8%
87g
8%
778
8%
44%
447g
45%
44% 45%
43%
19
19
19%
19%
19%
*1834
14%
*27%
33%
7%
74
74
75%
*74%
*122% 128% *122% 128% *122% 128%
2%
27g
2%
234
234
2%
8
8
7%
7%
734
7%
6
6
*5%
6%
6%
*5%
36%
10
164
95
74
*61%
*1%
7%
634
78% 108,800
94
~~6~~
*27
14%
34%
77%
147
94
86
*88
*127
Day
6l7g
87g
*27
7
634
*93
94
578
6%
39
40% 4134
42%
114
*113
*113% 114
7%
7%
734
*7%
100
14%
*59*2
1%
79%
160
*158
162
160
*156% 161
107
10234 10334
109%
10234 102*4
4
3%
334
378
3%
37g
2%
2%
2%
2%
2%
2%
54
54%
5334
53% 5434
5334
23
23
23%
22% 23%
2334
1
48
48%
49%
49%
46% 48%
*11434 115% *114
115% *11434 1151,
46
46
45% 45%
45%
*44%
*87
90
90
90
*87%
*87%
♦87
"5%
400
*132
*156% 161
2%
No par
117S
91%
*70%
85
No par
Class A v t c
11%
91%
71
149
123
U S Leather v t c_.
93%
93%
94%
43%
43%
145% 1467.
81%
*75%
U S Industrial Alcohol-No par
88%
*115
8%
2,600
3,000
71*4
4
50
pref
conv
434
87
103
preferred
7%
41%
71*4
94
*9484
96%
121% 121% *120
77
57%
40
20
100
U S Hoffman Mach Corp...5
100
84%
102% 102%
3%
*56
100
4%
5
'■
30
2,800
72
*80
24%
*33%
90
166
85
7
*27
U 8 Gypsum
7.600
30
*36
3,200
9478
7
6
No par
39%
*27
*17%
*17g
U S Freight
300
Jan
Aug
Jan
13
2
U S Dlstrib Corp..
Preferred
No par
1,380
Nov
46
20
91
26%
118
6i8 Apr 30
Apr 30
100
Preferred
20
Oct
113% July
2
14»8 Apr 30
Jan
Jan
90% July
26% July
30% Dec
1384 Deo
738 Apr
I
50% Oct 16
66% Jan
109
Mar
Deo
111%
111
105
13
2,300
18%
18%
..100
Paperboard
9
32%June 18
USA Foreign Secur...No par
900
93%
7
9%
United
38%
34
109
200
4,500
3978
7
1%
*39%
*81%
166
1878
57%
4078
No par
United Gas Improve...No par
Preferred
No par
95%
129
128% 1281* *127
♦74
78
78
*7234
♦120*4 128% *122% 128%
3
3
27g
27,
8
8
*7*4
778
7%
*6%
7%
*6%
17*4
17%
17%
17*4
36
36
36
35*4
116
*115
*115% 118
8
8
7*4
7*4
44%
44%
44%
4478
19
19
19
*18*4
*48
48
48
49%
6%
6%
6%
6%
7*4
1134
*56%
166
1
100
76,300
94
*27
34
5
18
6,600
United Fruit
95%
113% 113%
9%
*23%
*28%
*164
18%
57%
40%
United Eng AFdy
39%
*87
1*8
164
1,000
47
92%
53
51*4
22%
22%
47
4678
46*4
46%
*114*4 115% *114*4 115%
44*4
44*4
44% 44%
14%
*60%
47
July 10
92
52
*98
•
7
20% May
share
75% Nov
24
Jan 11
16% Feb 4
29% Aug 10
10% Apr 27
4
Drug Ino
United Dyewood Corp
Preferred
4% Mar
per
9% Feb 17
48% Aug 4
22% Jan 6
638 Apr 30
40% Apr 29
United Electric Coal..-No par
91
22%
40
48
No par
4,800
6%
94%
50
5%
48%
*47
6%
Preferred
6
Jan
Highest
t
95% Oot 30
3384 Sept 5
Jan 15
37%
22%
*87
6%
Unlted-Carr Fast Corp.No par
United Corp
No par
Nov
33
Jan 21
Jan
54.000
•4%
2%
68
6
117
9
15
87%
102*4 102*4
No par
United Carbon
Oct
93
36
85
111
36%Nov
16% Apr 27
24i4 Mar 18
5
10
1034
39%
86
No par
100
Biscuit
7
323a Feb 18
2
100
230
103
10%
3678
*156% 161
4
6
Jan
78 Oct 27
Preferred
June 10
25%Sept 26
1% Oct 6
United
United
7
2
3158 Feb
No par
55
751*
76%
76%
75%
148% 148%
146% 147%
*131% 142
*131% 142
163
163
*145% 164
6%
684
6*8
684
*92
93
93
93*4
*85
6
102
164
<
30%
19
10334
168
99
21%
167
*102
112%
*98
31
112%
102
79
80
81
81
797g
80%
15
15
15
15%
1578
15%
*111% 11234
111% 111% *111% 112
*12
12
12
1234
12%
12%
18
18
19
19%
18%
19%
987s 100
98% 98%
*94% 98%
*3
*3
*3
3%
3%
3%
20
19
19%
20%
19%
20%
30
31
30%
31%
3034
31%
111
113
110
111%
110*2 111%
16%
111% *111% 112*4
*12
127,
12*4
18
18%
18%
111*4
72
3,200
32% 33
3234
32%
114%
114% *113
114% *113
95
95
2,600
95%
94%
95%
9478
33
1,800
33%
33%
32% 33
33%
7
7% 194,700
67g
7%
634
7%
43
44
9,500
44%
45%
43%
44%
15
15
15
12,100
1434
14%
14%
1,000
21% 21%
21% 21%
21% 2178
32
100
1484 Feb
82% Mar
79% Mar
20% Oct
978 Mar
13
United Amer Bosch
*113
44
6
28% Feb 7
14934 Aug 12
22% Jan 2
20% Apr 30
Rights..
*113
101% Nov
71% Jan 3
2084 Aug 26
2,400
143
140% 142%
97%
287S
Lots
Lowest
Week
Shares
100% 10134
100% 101%
23%
6
$ per share
$ per share
99% 100%
23%
97%
*2878
4
Range for Previous
Year 1935
Range Since Jan. 1
On Basis of 100-a/Jare
STOCK
EXCHANGE
the
Friday
Thursday
$ per share
100
99
23%
143
141
2
f per share
100%
100
Tuesday
2963
Preferred A
Preferred B.
Preferred
100
Young Spring A Wire..No par
Youngstown S A T
6H%
Zenith
Znnlte
preferred
Radio Corp
Products Porp
No par
100
No par
I
47
20
Apr
35% Mi*r
Mir
4*4
Deo
20% Deo
3% Deo
9% Nov
79
Nov
65% June
25% Nov
61
Nov
51% Nov
68
Dec
8234 Apr
35>4 Nov
Jan
3
2234 Oct
8
1734 Apr
2% June
Jan
July
6
1
155% Oct
9
31% May
91
Nov
Apr
6
18
Mar
53 %
41«4 Jan
6
13
Mir
Deo
Deo
105
Jan
6
11% Jan 28
53* July
7
55
8784 Oct 10
122
Aug
7
41% Nov
5
1% Ma>
4
2% June
98*
jan
38%
Apr
9%
467g
105
Deo
Dec
U84
Nov
7 84
Deo
Complete
Bond
Brokerage Service
RICHARD WHITNEY & CO.
Member*
15
New
York
Stock
Members
New
York
Curb
BROAD
Exchange
Exchange
STREET,
NEW YORK
Telephone BOwllng-Green 9-4600
A. T. & T.
Teletype TWX,
N.
Y.
1-1793
New York Stock Exchange- Bond Record, Friday, Weekly and Yearly
2964
Nov.?,me
On Jan, 1, 1909 the Exchange method of quoting bonds teas changed and prices are now "and interest"—except for income and defaultebonds
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of
the regular weekly range are shown in a footnote In the week In which they occur.
No account is taken of such sales In computing the range for th
year.
Friday
Y.
STOCK
Week
EXCHANGE
Ended
Nov.
Week's
Last
BONDS
N.
Range or
Friday's
Sale
Bid
Price
6
Low
U. S. Government
Treasury 4%s
Oct
Treasury 3%s
Oct
Treasury 4s
Dec.
Treasury 3%s
Mar
Treasury 3%s_._ June
Treasury 3s...
Sept
Treasury 3s
June
Treasury 3%s
June
Treasury 3%s.__Mar
Treasury 3%s
June
Treasury 3%s
Dec
Treasury 3%s
Treasury 3%s
April
Treasury 2%s.—Mar
&
Asked
Hioh
Since
Jan. 1
No
Low
119.22 119
119.22
140
115.3
15 1943-1945 A
15 1944-1954 J
109
108.12
109.3
198
105.24 109 3
115.4
114.8
115.4
378
111
115 4
113.3
112.28
113.3
136
109
113.3
109.12 108.30
109.12
78
105.21 104.29
106.17109 12
105.22
960
102.20105.22
107.6
106.3
107.8
105
102 29 107.8
108.5
107.30
108.6
43
107 19 108.6
109.6
108.29
107.26 106.29
109.6
107.30
109.3
"
103.21
109.13
100
103.22
102.14 101.26
102.16 1110
100 23 102 16
101.27 101.1
3s
Jan
15 1942-1947 J
103 15
101.30
443
100.30101.30
104.14
105.8
252
102 20105.14
103.13
104.10
310
100 26104 .10
104 21
215
101 20 104 21
J 104.21 104.1
2%s
Mar
1 1942-1947 M S
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N
1 1939-1949 F
1942-1944
A
103.11 102.24
103.5
104
103.11
104.2
102.13 101.20
102.14
102.5
102.7
101.25
64
1923
F A
A O
Akershus (Dept) est 5s
1963 M N
♦Antloqula (Dept) coll 7s A...1945 J
J
20
%
"~9H
♦External
s
f 7s series B
1945 J
J
9%
♦External
s
f 7s series C
194 5 J
♦External
s
f 7s series D
194 5 J
J
J
"~~9 %
♦External
s
f 7s 1st series
1957 A
O
8M
♦External
sec s
f 7s 2d series. 1957 A
O
♦External
sec s
I 7s 3d series. 1957 A
O
20%
20%
99%
9%
9%
8%
8M
590
93
20%
20%
7
100.15103.16
99.16 102 14
99.17102.7
6
17%
4
96%
10
7%
9%
18
8
9
9
3
8%
9%
4
7%
8%
8%
8%
31
11
7%
7%
10
8
7%
10
98
D
97M
97%
1960 A
O
102 M
101%
102%
36
1959 J
D
102
101%
102
63
O
102
101%
102
20
External
s
f 6s of Oct 1925.. 1959 A
External
s
f 6s series A
1957 M
195K
8
M
M
Extl 6s Sanitary Works '
1961 F
Extl 6s pub wks May l927._1961 M
Public Works extl. 5%s
1962 F
S
102
101%
102%
36
102%
53
102%
62
97% 102%
97% 102%
97% 102%
102%
80
97%
102
101%
101%
101%
101%
101%
102%
102
102
101%
A
102
102
102
43
97%
21
97%
61
Australia 30-year 5s
External 6s of 1927
1955 J
J
110%
110
1957 M
S
109%
109%
110%
16
External g 4 Mb of 1928
Austrian (Govt) 8 f 7s
♦Bavaria (Free State) 6%s
1956 M N
103
102%
103%
97%
24%
140
N
♦ElSalvador 8s ctfs of dep
Estonia (Republic of) 7s
1948 J
75
102%
102%
102%
102%
110%
O
99%
■25
32
104%
30
25
24%
35%
30%
100%
25%
24%
36%
32%
32%
32%
9
1
37
7
14
1
48
126
69
91
110
22%
22
21%
95
7
104%
105%
8
30
30
70%
97%
18
27
4
122% 183
116% 172%
130
External 7s stamped
7s unstamped
1949
German Govt
1949
j"
130"
130
138
9
122%
D
122%
123
35
101%
1965 J
♦5%s of 1930 stamped
♦5%s unstamped
D
25%
24
24%
7
32
32%
66
27
30
30%
♦7s unstamped
1949
German Prov & Communal Bks
1958 J
♦(Cons Agrlc Loan)6%s
♦Greek Government
»
D
"79%
25
38%
1
95
♦7s with all unmat coup
101%
100%
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
71%
73%
72%
74%
79
13
75
11
58
72%
57%
75
59%
75
Milan (City. Italy) extl
6%S—1952 A
♦{Treas 6s of '13
assent
77
30
61%
77%
5
39%
58%
Minas Geraes (State)—
♦Sec extl s r 6 %s
17%
17%
7
13
18%
♦Montevideo
♦Sec extl
O
F
A
18%
110%
114%
101
109%
110%
57
105%
114%
115
31
111% 116%
96% 101%
13
101
21
103
68
50
99%
32%
40
1950 M
100%
102
*42
102%
40
29
20
103%
48
36%
36
D
S
30
24%
4'
23
2
18%
17%
32%
25%
16%
26
38
51%
*22%
49%
*113
81%
80
25
49%
87%
97
69%
100
97
79
80
69%
98%
I
......
70%
100
28
25
35
29%
22%
31%
alOO
28
9%
9%
5%
9%
10%
7%
56
4 V
7%
6%
43
5%
5%
20
4%
4%
7%
7%
7%
7%
10
68%
67%
68%
"21
J
6
S
19
24
17%
19
18
62
19
63
8
60%
2
173%
S
D
A
"62"
60
O
*104%
104%
104%
105
107%
108
S
101 %
101%
58
100
1956 M S
1965 A O
102%
100%
101%
102%
99%
100%
124
*102%
102%
13%
15%
13%
15%
Oslo (City) 30-year
13%
15%
15%
102
,
104%
1955 M N
19
1961 A
O
13%
13%
1962 M N
1960 M S
13%
12%
*47%
D
24
S
12%
12%
s
s
f 5s
f 6s
♦Sinking fund 4%s
♦Extl
1958 M N
—.1955
Panama (Rep) extl 5%s
A
1953 J
"99%
106
2
12
13%
15
11%
12553%
27%
♦Nat Loan extl S f 6s 1st ser.. 1960 J
♦Nat Loan extl s f 6s 2d ser. 1961 A
PolaDd (Rep of) gold 6s
1940 A
Stabilization loaD
21
21
21%
19
21%
21
21%
19
25%
25%
77
"99%
12%
19%
75%
105%
12
40%
77
105%
18
24%
82%
"99%
13%
13%
50
25
81%
D
♦Stamped
Pernambuco (State of)—
♦78 Sept coupon off
.....1947 M S
♦Peru (Rep of) external 7s
1959 M S
3
f 5s ser A
*24
82%
O
15%
13%
13%
13%
s
6
105
72
13%
60%
104%
14%
14%
14%
14%
13%
13%
13%
43
100% 105%
104%
S
D
63%
101
A
14
19%
19%
47
14
29
13%
9
14
14%
19
15%
14%
9%
77
106%
D
24
5%
107
1953 M
25
6%
50
5
106
A
1952 F
14%
13%
13%
4
106
F
1970 J
14%
7%
5
J
O
♦Nuremburg (City) extl 6s
14%
7%
10%
12%
12%
6%
Oriental Devel guar 6s
Extl deb 5%s
14%
10%
5%
16
S
7%
4
5%
5%
15%
D
95% 101
clOO
6%
D
14
1957 J
1961 J
56
4%
13%
1963 M N
77
91% 100%
78
89%
4%
16
14%
83
51%
56
D
58
14%
14%
53
28
8%
15%
14%
1
7
60%
87%
83% 100
8%
*5%
15
14%
135
112% 115
J
14%
14%
I
85%
J
14%
J
2
84%
85%
D
15%
A
—I
114
110
26%
*25%
14%
S
♦Chinese (Hukuang Ry) 5s
1951
♦Cologne (City) Germany 6 >$8.1950 M
Colombia (Republic of)
17
106%
106%
Municipal Bank extl
27%
J
5
A
1963 M
27
s f 6s
Jan 1961 J
♦Extl sinking fund 6s.-Sept 1961 M
♦External sinking fund 6s—.1962 M
104
24
23
1959 M N
External sink fund 5s
31
F
26%
24%
15%
•
New So Wales (State) extl 5s.. 1957 F
External s f 5s
Apr 1958 A
Norway 20-year extl 6s
1943 F
External sink fund 4%s
External s f 4%s
*28
3
M
1952 J
42%
15 1960 A
36%
1959
(City) 7s
1944
34%
36%
f 6%s
20-year external 6s
*30
A
s
J
1958 M
♦6s series A
112%
15 1960 J
1942 M N
1960 A O
(large) '33
J
58
18%
18%
1954 J
♦{Small..
74%
1960 A
99%
19%
5%
55%
83%
79%
80
58
1
104%
93%
9
44
2
1
6%
.....1954 J
58
1975
J
1945 Q
♦4s of 1904
74
74%
A
♦Medellln (Colombia) 6%s
D
1954 J
♦Mexican Irrig assenting 4%s.l943 M N
93
3
15%
37%
31%
28%
24%
1957
92% 100
80
99%
24%
23
s f 7s
1947
Lower Austria (Province of)—
♦7 %8 June 1 1935 coup on —1950 J
1
55
21%
34%
Jugoslavia State Mtge Bank—
4
~18
26
104%
1965 M N
sinking fund 5%s
26
15%
1951 J
f 6%s_.1964
32%
35
98%
f 5s......1960 M N
s
34
45%
30
24%
Helslngfors (City) ext 6%s
1960
Hungarian Cons Municipal Loan—
♦7%s unmatured coup onj— 1945
♦7s unmatured coupon on...1946
Japanese Govt 30-yr
39%
26
30
Haiti (Republic) s f 6s ser A—.1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl. 7%s '50
8
29
25
32%
1968 FA
1968
Irish Free State extl
2
29%
29%
27%
28%
25%
*25%
1964
♦6s part paid.
22%
20
30
f ser 7s.. 1964 M N
♦7s part paid
♦Sink fund secured 6s
84
25
32
26%
AO
25
24
1965
stampefl 1949
70
99%
100
190
122% 182%
International—
♦German Rep extl 7s
Extl
5
104
103%
101% 105%
6
80
♦Ry ref extl
41%
2
♦Leipzig (Germany)
32%
32%
95
76%
1984 J
For foot notes see page 2969
6
120
Italy (Kingdom of) extl 7s
13
*80
71%
on.Oct 1961
Jan 1961
70
127%
24
49%
104
99%
1976
coup on.
78
118%
♦Hungary (Kingdom of) 7%s..l944 F
103%
101%
1961
coup
22
125%
D
1941
23
103
99%
...1954
1935
69
♦Hungarian I,and M Inst 7%s 1961 M N
♦Sinking fund 7%s ser B
1961 M N
103%
104
1952 M N
1935
30%
74%
30
48%
78%
125%
1941 J
7%s unstamped
A
♦Sink fund 7s July coup off. .1967 J
J
♦Sink fund 7 Ms May coup off 1968 M N
♦6s Apr 1
21%
74
*23%
94%
104%
104% 110%
98% 103%
90% 100
22%
32
Bulgaria (Kingdom of)—
♦68 July 1
78
37
109
F
S
1977
f 68
61%
61%
93
J
1976
♦Chilean Cons Munlc 7s
"74"
S
1961
♦Sink fund 6%s of 1926
♦Guar s f 6s
66%
3
105
Italian Cred Consortium 7s A. .1937 M
External sec s f 7s ser B
1947 M
C-3_——1960
♦External sinking fund 6s
♦Chile Mtge Bank 6%s
22
74
1
Italian Public Utility extl 7s...1952 J
1961
3
75
74
74%
15
I04«s16l09%
97% 102%
19
28%
19
27%
27%
37%
1938
74
96%
♦Mexico (US) extl 5s of 1899 £. 1945 Q
♦Farm Loan 6s ser A Apr
15
♦Chile (Rep)—Extl s f 7s
♦External sinking fund 6s
♦Extl sinking fund 6s._.Feb
100%
100% 102%
93% 100%
106
24%
101% 109%
109
118%
1950
f 6s..Oct
32
96%
60
1958
♦Cent Agrlc Bank (Ger) 7s
♦Farm Loan s f 6s..July
89
104%
105%
107%
116%
Aug 15 1945
90
17
106
114%
1935 coupon on...1962
10-year 2 %s
13
105%
102%
J
1967 J
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6%S—1953 M N
105%
31
25-year 3%s_._
15
96%
103%
60%
105%
105%
106%
37%
74
46
J
116%
♦Buenos Aires (Prov) extl 6s... 1961
♦6s stamped
1961
s
2d series sink fund 5%s
1940 A O
♦Dresden (City) external 7s.—1945 M N
107%
Buenos Aires (City) 6%s B-2..1955
External s f 6s ser C-2
1960
♦Guar
S
J
32%
♦Carlsbad (City) s f 8s
99
99
242
92
100
102
46
46
O
105
6%s of 1927—1957
♦7s (Central Ry)
1952
Brisbane (City) s f 5s
1957
s
Dominican RepCust Ad 5%s..l942 M
1st ser 5 %s of 1926
1940 A
44
31
5s
2
*96%
59
99% 104%
99% 101
Q
110
s f
♦Farm Loan
100%
{♦Stamped extd to Sept 1 1935... M S
107%
32%
Canada (Dom of) 30-yr 4s
96%
97
101%
99%
110
'"36%
♦6%s stamped
Extl sf 4%-4%s
Refunding s f 4 %-4 Mb
Extl re-adj 4^-4^8...
Extl s f 4%-4%s
3% external s f $ bonds
1
71
102%
96%
1941
ser
34%
102%
1955
24%
f 6%s of 1926.—1957
f 6s
89%
23
9
19
100%
105%
97 M
1950 A
Sinking fund gold 5s
20-year s f 6s
Budapest (City of)—
97
99%
96%
*100%
105%
24%
1960 M
external 8s
88%
70%
102%
Apr 15 1962
External g 4 %s
33
96%
24
1942
21%
100
89%
55
22
92 %
88
99%
96%
21%
"99% "56
23%
99
1952
J
♦External sinking fund 6s___1958
♦Brazil (U S of)
88
23%
102%
99
1951
B
ser
1955 J
Bergen (Norway) ext s f 5s
♦Berlin (Germany) s f 6%s
s
Sinking fund 8s
1955 J D
1956 M N
f 6s
External 30-year s t 7b
Stabilization loan 7s
External
Czechoslovakia (Rep of) 8s
Denmark 20-year extl 6s
External gold 5%s
98%
95%
"58%
1945 F A
1949 M S
Belgium 25-yr extl 6%s
♦6s July 1
101%
97% 102%
97% 102%
97% 102
N
S
102%
102%
110%
♦External
94
10
D
I
f 6s of May 1926
1960
External s f 6s (State Ry)...1960
s
1957 J
21%
21%
100%
11%
11%
11%
11%
9%
8%
Argentine 6s of June 1925
1958 J
17%
9%
100
Antwerp (City) external 5s
Argentine Govt Pub Wks 6s
8
External loan 4%s
98%
96%
17%
French Republic 7 %s stamped
—
♦Sink fund 6s Feb coupon on. 1947
♦Sink fund 6s Aprcoup on...1948
♦External
S
A
*20
High
100.17104 2
Foreign Govt. & Municipal*—
Agricultural Mtge Bank (Colombia)
s
1944 M
1949 F
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
Deutsche Bk Am part etf 6s... 1932
3s
External
1936 coupon on„.1951
♦Public wks 5%s—June 30 1945
100 31 105.18
S 105.8
May 15 1944-1949 M N 104.9
Extl
♦7s Nov 1
1949
Sinking fund 5%s...Jan 15 1953
101 7
15 1944-1964 M
External 6s series B
17%
109 12
912
Mar
2%s series B__Aug
2%s series G
17
1
105.12 108 31
479
Low
3
21
108 5
103.22 1839
No
21
103.19 107.4
103.15
High
21
21
107
105.18
Since
Jan. 1
Asked
O
539
103.15 102.17
&
Low
Foreign Govt. & Mun. (Concl.)
206
105.18 104.12
Bid
♦Sinking fund 7s of 1926
1946 M N
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
1952 J D
25-year gold 4%s
1953 M N
J
Cordoba (Prov) Argentina 7s. .1942 J
Costa Rica (Republic of)—
♦Colombia Mtge Bank 6%S—.1947 A
107.4
Federal Farm Mortgage Corp—
3%S
Fnday'a
Price
109.4
108.31
102.17
108
Range
Range or
Sale
6
103.24 107.30
108.26
108.31 108.8
53
Nov.
Ended
170
106.18
D
15 1949-1952 J
Aug 16 1941 F A
15 1944-1946 A O
15 1955-1960 M 8
Treasury 2%s.—Sept 15 1945-1947 M S
Treasury 2%s
Sept 15 1948-1951 M S
Treasury 2%s
1951-1954 J D
Treasury 2%s
Sept 15 1956-1959 MS
High
119 22
Week
if a
Last
BONDS
N. Y. STOCK EXCHANGE
o
cq&a
15 1947-1952 A
O
O
D
15 1946-1956 M S
15 1943-1947 J D
15 1951-1955 M S
15 1946-1948 J D
15 1940-1943 J D
15 1941-1943 M S
15 1946-1949 J D
Wee
Friday
Range
©
87
104%
99% 10°%
96%
102%
18%
78%
100%
104
27
86%
72%
82%
99ist6l04
96%
99%
104
106%
1963 M N
s
78
78
78
67
90%
70
67%
72%
58
81
16%
15%
12%
12%
15%
14%
12%
12%
16%
15%
12%
13%
17%
19
12%
10
12%
10
59
60
70
72%
44
58%
61%
40
f 7s._...1947 A
External sink fund g 8s
1950 J
D
O
O
O
"71%
J
58%
16%
16%
80%
111%
96
Volume
New York Bond Record—Continued-Page 2
143
BONDS
Price
Nov.
6
N. Y. STOCK EXCHANGE
52
Bid
High
Week
Jan. 1
Asked
db
Low
Foreign Govt. & Munlc. (Concl.)
BONDS
Since
<3
Friday's
Sale
Ended
Week
Range
Range or
Last
N. Y. STOCK EXCHANGE
♦8s June coupon off
1961 J
♦7 %s July coupon off
..1966 J
D
J
1962 M N
Prague (Greater City) 7 Ma
♦20
18%
16
22
5
15
19%
2
90)* 101%
18
29%
20%
18%
18%
90%
90%
24
24
13
24
24
14
18
113
2
109
114
14
109
114
24
Queensland (State) extl s f 78.. 1941 A O
26-year external 6s
1947 F A
♦Rhlne-Maln-Danube 7s A
1950 M 8
113
114
113%
4
28%
28%
24%
38
♦8s April coupon off
1946 A
O
19%
18%
19%
14
15
21
*6Ma Aug coupon off
1953 F
A
16%
15
16%
44
14
19%
1946 A
1968 J
♦6s June coupon off
♦7s May coupon off
8
33
O
71
1953 J
...1936 J
off
15
44
54%
110
24%
25%
29
*18%
17%
18
4
22%
20%
16%
15%
38
18%
14
Tokyo City 5s loan of 1912
External
f 5%s guar
1961 A
Battle Creek A Stur 1st gu 3s. .1989 J
Beech Creek ext 1st
g 3%s
1951 A
76
1960 M N
75
51%
♦6s
4s
Nov coupon on..
(City) external 7s
Yokohama (City) extl 6s
1958 F
A
1961 J
82%
99** 102H
39 H
59%
AND
59%
117
59%
37
10-year deb 4%s
Adrlutlc Elec Co ext 7s
Ala Gt Sou 1st cons A 5s
cons
4s
Coll A
conv
♦Coll A
3
♦5s
stamped
Allegh A West 1st gu 4s
Allegh Val gen guar g 4s
Ice
s
40%
97
97
-----
a73%
2
-----
--
109%
——
—
113%
103% 108
53
104
1
104
101%
100%
101%
98%
------
97%
91%
66%
98%
93%
70%
A
69%
------
101
1015*
98%
93%
70%
90
4
111%
111%
100%
100
100%
49
198
191%
203%
219
92%
77%
92%
92%
1
90 H
77%
359
66 H
1960 A
♦Debentures 6s.
Am
85
66
ser
%s~ 19.56
2030 M
S
D
111%
105%
135%
M N
Rolling Mill conv deb 4 %s. 1945
Telep A Teleg coll tr 5S--.1946 J
1960 J
73%
110%
•
;
108H 112%
99
"ll2%
110% 117H
25
101% 106 H
108 H 135%
105%
111%
105%
124%
135% 1637
1
A
D
"l47
U3%
112
113
44
110%
110%
111
184
110% 114%
J
150
136%
151%
202
129
113% 116%
103% 109%
109% 118
77%
68%
98% 100%
120%
27
119
122
129%
20
125
130%
~26%
"_5
*107
26%
26%
------
26
26
6
------
26
26
11
O
------
*25%
104%
*110%
28
----
J
105
------
75
105%
32%
23%
22%
20%
29
23
33
30
102% 106%
109% 111%
112%
1955 M N
86
86%
102
71%
93%
86
86%
83
73
94
82
82
68
89%
22%
80%
22%
2
20
31%
27
26
29
26
17%
30%
26%
1967 M S
26%
27%
13
17%
29%
86%
86%
^♦Boston A N Y Air Line 1st 4s 1955 F
A
§t*Botany Cons Mills 6%s__. 1934
O
1961
1st
5s
cons
A
1941 J
mtge 3%s
1941 J
8tamped
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
1950
F
J
A
82
-----
93
------
115
1945 M N
------
1950 J
——————
Bruns A West 1st gu
g 4s
Buffalo Gen Elec 4 %s ser B
Buff Roch A Pitts gen
g 63
1938 J
113%
121%
129%
122%
1947 M N
D
1957 M N
1950 F
1981
22%
F
M N
75
109
115
16
119%
122%
122%
7
----
109
109%
105%
103%
*108%
J
91%
A
*21
------
J
J
70%
A
O
29%
25
*85%
65%
------
O
1952 A
1955
♦Bush Term Bldgs 5s gu tax ex. 1960
By-Prod Coke 1st 5%s A
1945
Cal G A E Corp unf A ref 5s
1937
O
89%
55
MN
------
100%
100%
M N
54%
------
*104
108
110
105
106%
5
92%
92%
*21
♦Certificates of deposit
t*Bush Terminal 1st 4s
♦Consol 5s
124% 131%
104
105%
5
103%
-----
95%
37
103%
103%
103%
85
2
35
131%
105%
69
93
105%
109
A
2
82%
101
103%
100% 104%
115
*105
A
1937 M S
Consol 4%s
1957
8t*Burl C R A Nor 1st A coll 5s 1934
103
103%
----
8
44
----
— —
—
—--
108% 111
102% 104%
65%
95
19
30%
17
30
80%
90
70%
67
48%
70%
58
28
50
67
101%
104%
104%
9
Cal Pack
1975 M N
110
110
110%
7
57%
67
57%
46
32 H
45
99 H
112
119H
5
1940 J
J
♦Camaguey Sugar 7s ctfs
1942 A
O
25
1962 A
O
117
117
117%
10
114
113%
deb 5s
conv
cons gu
5s A
Canadian Nat guar 4%s
gold
gold 4%s
Guaranteed gold
114
36
117%
117%
16
9
A
110%
119
119%
119%
17
D
117%
117%
117%
3
115%
114%
115%
52
114
114%
17
127%
127%
97%
92% 101%
104% 107%
103% 105%
O
June 15 1955 J
1956 F
4%s
J
A
Guaranteed gold 4%s__8ept 1951 M S
Canadian Northern deb 6%s
1946 J
Canadian Pac Ry 4% deb stk prpet
J
Coll trust 4 %8
1946 M
5s equip trust ctfs
S
97
96
7
108% 116%
113% 119%
115
122
115% 121%
112% 120
110% 117%
110% 117%
122% 129
97%
103
104
32
iSS
115%
103%
115%
35
113% 116%
41
105% 108%
54
100% 105%
60
49%
Dec 1 1954 J
D
1960 J
1949 J
J
J
107%
104%
*60%
1938 J
D
*106%
6s ser A..Dec 15 1952 J
D
4s
guar g
Caro Clinch A O 1st 5s
cons g
J
114%
------
J
Coll trust gold 5s
Collateral trust 4%s
1st A
J
------
1944 J
J*Car Cent 1st
25
9%
111% 118%
241
1969 A
..1970 F
Guar
107
25
119
Oct
5s
21%
119
1957 J
1969 J
J
July
Guaranteed gold 5s
Guaranteed
115
109 H
104%
----
Canada Sou
107H 156
debl950 J
120%
128%
120%
A
D
_
*103
------
105'3«110H
110** 114
112%
J
A
conv
75
75
------
O
98%
113
1943 M N
Convertible debenture 4 Ha.. 1939 J
Debenture 5s
1965 F
t*Am Type Founders
9
A
101H
71
J
s f deb 5s
114%
O
1944 J
lat g 4%s ser J J
118H 203%
64
85
D
35-year
22
115
J
D_. 1960 J
Boston A Maine 1st 5s A C
1st M 5s series II
85%
8
1953 J
20-year sinking fund 5%s
O
J
1955 A
Big Sandy 1st 4s
83 H
85
------
Amer 1 G Chem conv 5 Ma
1949 M N
J
Am Internat Corp conv 5%s..l949 J
Am
15
109%
95
84%
95%
102 H
87 H
78
655
8
104 H
48H
36 H
49
101
76
101
153
O
80
55
----
D
------
80
53
109
76%
67%
70%
104
103%
101% 101%
139
..1955 M
f deb 5s
116
109
88
54
69%
O
1998 AO
1942 M 8
Foreign Pow deb 5s...
115%
109
O
J
3%s_. 1943
cons
Guaranteed gold 5s
Am A
116
100
102
89
*_
74
9
23
------
160
193
78
*107%
*73%
92%
119
18
a73%
74%
61%
103%
83%
*112%
201
104%
97
71H
*101%
Allied Stores Corp deb 4%b.. .1950 A O
A Ills-Chalmers Mfg conv deb 4s 1945 MN
American
D
82
101
59
1950
♦Alpine-Montan Steel 7s
91
222
103%
89 H
33 H
1950 A
5s
92%
88
92%
100%
102%
18
1949 J
5s
conv
80%
10
98
104%
51
1946 A
1944 F
tAlleghany Corp coll tr 5s
99% 106%
97%
91%
80%
84% 105
103%
102%
------
..1948
Alb A Susq 1st guar 3%s
71
100%
103
1943
assented
warr
105
J
102
♦Albany Perfor Wrap Pap 6s.. 1948
♦6s with
100% 105%
105%
1966 M N
102%
a73%
1943
B
aer
108% 115%
15
43
Bklyn Manhat Transit 4%s... 1966 M N
Bklyn Qu Co A Sub con gtd 5s. 1941 M N
102%
1946
...1952
1st
11
----
108%
92%
Bklyn EdlHon
90%
68
113
103
-----
74
103
68
70
59%
INDUSTRIAL.
...1947
102% 106%
100% 105%
59 %
37%
COMPANIES
Coll trust 4s of 1907
15
80
Debenture gold 5s
1st lien A ref 5s series B
Brown Shoe s f deb
3%s
♦SfAbltlbl Pow A Paper 1st 58.1953 J D
Adams Express coll tr g 4s
1948 M 8
90%
104%
105%
91%
114%
1948 J
1st Hen A ref 6s series A
RAILROAD
87
♦Certificates of deposit
Brooklyn City RR 1st 5s
49%
81%
83%
58
61
37 H
19
90%
90%
D
73 H
90
-----
40%
33%
22
63 H
59%
*
1952!M N
95%
100H 105%
73%
83
68 H
76%
6
101
J
1951
♦Berlin Elec El A
Underg 6
Beth Steel cons M
166
123%
25
57%
58
Warsaw
77%
2
57%
58
f 6s
s
11
58
♦External s f 6s
...1964 M N
Venetian Prov Mtge Bank 7s.. 1952:A O
Vienna (City of)—
♦External
ref
4s stamped
♦Berlin City Elec Co deb 6
%s.. 1951 J
♦Deb sinking fund
1959 F
6%s
9
74
101
12
104%
J
Con
29
44
77%
74
77%
O
Trondhjem (city) 1st 5%s
1957 M N
♦Uruguay (Republic) extl 8sJ2T946 F A
s
65
55%
84%
104%
J
33
91
105
76%
-----
32
96%
97%
137
1951 J
Bangor A Aroostook 1st 5s
33
----
133
103%
76%
62
76
81%
115%
1943 J
31%
23%
21%
22%
5
51%
39%
*91%
105
95% 104%
102%
S
4%s
A
A
J
S
38
101
1996 M
F
ser
15
----
26
O
A
Belvldere Delaware
26
1971 J
1952 M
227
115
D
I960 F
4 %s
29%
25%
25%
1955 F
97%
104%
102
108%
Conv
—
1946 F
127
92%
115%
*105%
*105%:
108%
92
23
26
5%s
88%
98
21
M N
on..1962 M N
Taiwan Elec Pow s f 5%s
119
94%
107%
103% 106%
102% 109%
75
95%
------
J
Bell Telep of Pa 5s series B
1st A ref 5s series C
1
125%
2
118
118%
103% 110
105% 113
95% 104%
103%
*103
O
8
32%
28
♦7s Feb coupon off
s f
July 1948
25%
28
125%
High
—
35
28
1936 M N
--
----
*105%
1940 M N
6s assented
1940
Bait A Ohio 1st g
4s......July 1948 A
Refund A gen 5s series A
1995 J
1st gold 5s
A
20%
90%
D
33%
50%
82
90%
1950 J
Tol A Cln Dlv 1st ref 4s A... 1959 J
Ref A gen 5s series D
2000 M
Styrla (Province of)—
Sydney (City)
Baldwin Loco Works 1st 5s
81%
1946 J
89%
*30
J
J
25%
72
89%
------
------
------
J
19%
4
D
D
A
J
J
1941 J
23
17
O
Silesia (Prov of) extl 7s
1958 J
♦Slleslan Landowners Asen 6s.. 1947 F
82
Southwest Dlv lst3%-5s
29
89%
*27%
55%
J
30
23%
17
18%
61%
J
J
J
gu g 5s
93%
95%
103%
60%
54%
97
J
Atlantic Refining deb 5s
Auburn Auto conv deb
4%s
102
104
J
(>s
.
1
Since
Jan. 1
N"
High
r
112%: 112%
MN
28%
30
19%
Asked
db
*118%
*109%
103%
94%
M N
Oct
Ref A gen 6s series C.......1995 J
D
P L E A W Va
Sys ref 4s
1941 M N
22%
20%
----
Bonds Sold
Friday's
Bid
J
S
D
17%
14%
6
1945 J
8olssons (City of) extl 6s
122%
29%
23%
M
J
May 1
Ref A gen M 5s
J
J
25
22
18
N
J
Range
Range or
Sale
D
J
22%
15
25%
1940 A
6 Ha
1935 coupon
14%
117%
25%
A
J
J
J
M S
off. 1968 J
J
8erbs Croats A Slovenes (Kingdom)
♦8s Nov 1 1935 coupon on.. 1962
1
70%
*
1952 M N
♦External 6s July coupon
♦Secured s f 7s
♦78 Nov
tr 5s
J
Atl A Dan 1st g 4s
2d 4s
—
1959 F
♦8axon State Mtge Inst 7s
g
18%
21%
20%
81H
19%
20%
71%
♦External 8s July coupon off-1950
♦External 7s Sept coupon off 1956
♦Sinking fund
14
18%
20
♦Extl 6%s May coupon off-.1957 M
San Paulo (State of)—
coupon
72
19%
20%
M N
Last
Price
28
1952 A
coupon off
§♦88 July
16
18%
17
18%
2
D
(City) extl 6s.....l964
(Kingdom of Monopolies)
May
27%
D
27%
27
1967 J
♦7s August coupon off
♦Saarbruecken (City) 6s
Sao Paulo (City of Brazil)—
♦88
O
1966 M N
♦7s June coupon off
Rome (City) extl 6%s
Roumania
10-yr coll
Austin A N W Is
Rio Grande do Sul (State of)—
Rotterdam
General unified 4 %s A
LAN coll gold 4s
Atl Gulf A W I SS col tr
Rio de Janeiro (City of)—
♦8s April coupon off..
Inter st Period
•
Low
113%
24
6
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4 %s A
1st 30-year 5s series B
Atl Coast Line 1st cons 4s July
28%
113
------
♦Prussia (Free State) extl6%s.l951 M S
♦External s f 6s
1952 A O
Ended Nov.
Hiah
Low
No
(City of)—
Porto Alegre
2965
Week's
Friday
Week's
Friday
------
108%
105
108%
105
-----
----
106%
-
106
111
111
3
106%
108%
105%
106%
3
102% 108%
---
8$
Amer Water Works A Electric—
Deb g 6s series A
t*Am Writing Paper 1st
♦
Certificates
of
g
6S..1947
♦Anglo-Chilean Nitrate—
8 f Income deb
8
f 4s
ser
106%
18
75%
3
103%
104%
36
D
104%
A
100%
99%
100%
225
J
106%
106%
106%
24
A
O
115%
113%
109%
115%
117
109%
1
111
29%
J
75%
M
S
4S...1995
1995 Nov
Stamped 4s
29%
1939 J
1955 F
1950 J
J
1964
B (Del)
Conv gold 4s of 1909
Conv 4s of
107
27%
75%
103%
104%
1967 J
1995 Q
Armstrong Cork deb 4s
Adjustment gold 4s.
106%
51
111
110%
109%
110
7
110
1955
Conv g
3
110
1995 M N
D
...1955 J
1905
109%
110
17
106%
106%
111
111%
4s Issue of 1910
deb 4Hs
Rocky Mtn Dlv 1st 4s
1960
1948
1965
*105%
107%
Trans-Con Short
1958
*113%
114
*111%
3
111%
Conv
L
111H
32 H
01%
61 %
107%
g
......
Atcb Top A 8 Fe—Gen g
55
57
t*Ann Arbor 1st g 4s
Ark A Mem Bridge A Ter 5s
Armour A Co (111) 1st 4 Hs
1st M
56
57
J
J
deposit
Anaconda ('op Mln s f deb 4 Ha 1950 AO
97
1st 4s
Cal-Arlz 1st A ref 4 Hs A
1962
-
—
—
-
111%
M
S
24
—
—
----
27%
31
67
84 H
96
103%
103 H
94 %
105H
100%
104% 107
110% 116)*
104 H 113%
Carriers A Gen Corp deb 5s w w 1950 M N
Cart A Ad 1st gu g 4s
D
1981 J
♦Cent Branch U P 1st g 4s
1948 J D
^♦Central of Ga 1st g 5s...Nov 1945
♦Consol gold 5s
1945
♦Ref A gen 5%s series B.
1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur money g 4s_.1951
♦Mac A Nor Dlv 1st g 5s
1946
♦Mid Ga A Atl Dlv pUr m 58.1947
♦Mobile Dlv 1st g 5s
1946
Central Foundry conv 6s
1941
Gen mtge conv 5s
1941
F
92
*36%
*76%
31%
17%
A
M N
32%
18
A
O
A
O
J
D
------
J
J
------
J
J
J
J
M
S
156%
M
S
100%
17%
92
5
73
39
----
27
47
52
77
80
23
33%
18%
16
11%
20%
18%
11
12
29%
21
24
20
23
28%
--
25%
♦
----
*15,
29%
133
15
—
-
--
160
76
95%
100%
37
104% 113%
106 H HO%
Cent Hud G A E 1st A ref 3 %s_ 1965 M
107%
107%
1
Cent 111 Elec A Gas 1st 5s
1951
F
A
104%
104%
104%
42
105
t*Cent New Engl 1st
1961
J
J
55%
55%
55%
7
J
J
93
92
93
41
J
J
83
83
83
5
110%
102% 1075*
109
4s
114
105%
gu
S
107%
110% 114
110% 113%
For footnotes see page 2969
BROKERS
BOND
Railroad, Public Utility and Industrial Bonds
—
21%
*24
------
Vilas & Hickey
York Stock Exchange
49 WALL STREET
—
Telephone HAnover 2-7900
Private Wires to
Members
—
New York Curb Exchange
....
—
A.
T.
&
T.
Teletype
NEW YORK
NY
Chicago, Indianapolis and St. Louis
1-911
94%
17
33%
i
New
—---
20
133
28
28%
160
95% 100%
105% 108
99% 105
77%
43%
86% 103%
81
93%
Nov. 7,
New York Bond Record—Continued—Page 3
2966
bonds
N.
c.'Bennett 15ros. &
L
cam
cJVl embers
Johnson
Y.
Ended
Nov.
1901 J
J
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
1948 A
O
1955 F
A
Columbus Ry Tow A I.t 4s
^JlwaB 'BON'DS
1965
Jan
Commercial invest Tr
Chicago, ///.
Y. 1-761
-<•
'Bell System
r
bonds
EXCHANGE
N. Y. STOCK
Ended
Week
Nov.
Range
Bid
A
Low
Cent Pac 1st ref gu g 4s
.1949
f
111*$
108}$
109
101*$
90*$
125*$
a
102*$
Cent RR A Bkg of Ga coll 5s. .1937 m n
M n
Central Steel 1st g 8 f 8s
..1941
m 8
Oertaln-tced Prod
125*$
M
S
105*$
105*$
125*$
94*$
105*$
m
n
175
173
176
Guaranteed g 5s
5*$s A
Chesap Corp conv 5s
conv
94
1948
Champion Pap A Fibre deb 4?$ si 950
10-year
95
1947
1939
..1992
General gold 4 Vjs
152
155*$
m n
109*$
109*$
126
124*$
100*$
100
1091$
126*$
100*$
100*$
d
154
S
Ref A Impt mtge3*$sser D..1996 m n
f a
Ref A imp M 3*$s Her E
1996
Craig Valley let 5s
1989
A Dlv
1st con g 4s
2d consol gold 4s
Warm Spring V 1st g 5s
1941
Chic A Alton RR ref g 3s
Chic Burl A Q—111 Dlv
Illinois Division 4s
1949
195s
1st A ref 4 *$8 ser B
IVI
ser
A
{{♦Chicago A East 111 1st 0s. .1931 a
gen 5S.1961
♦Certificates of deposit
Chicago A Erie 1st gold 5s
1982
Ch G L A Coke 1st gu g 5s
1937
ivi
J
1947 J
1947
♦Refunding 4s series C
1947 J
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1956
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1969
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1949
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1948
1950
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1977
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1981
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1972
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1973
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s
1977
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For footnotes see pave
1970
113
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1945
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29
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1951
1953
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1940
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1953
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1955 J
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..1953
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Ref A Impt 5s of
1927
Ref A Impt 5s of 1930
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20
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gold 4s
Conv 4s series A...
70
65
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1905
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1950
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Fairbanks Morse deb 4s
1954
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5s
International
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1942 IVI
1942 IVI
1942 IM
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series
...1912
1954 J
1974 M
S
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95
101 H
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70
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65
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80
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Gas A El of Berg Co
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Gen Cable lst s f
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1947 J
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A
1940 J
J
97
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1945
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79
97
97
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82
J
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1945 J
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Galv Houa A Hend lst
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1952
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1982
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1943 J
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104
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s
63
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stamped
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J
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J
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1995 J
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1941 IVI N
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65
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69
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assented....... .1995
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I ,1995
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74
101
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E...... .1952 A
32
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70
20
101
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1971 J
g
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1936
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1951
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1969 J
Gen A ref M 4s ser F
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4
—
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1969 J
gen 5s.
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1930 J
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1937 J
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..1942
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105
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61
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1936 J
s
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1943
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...II1930
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*$a
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57
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W..1940
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29
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Series D 3*$s guar
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1942 J
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10
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52
7
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J
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1951
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Dayton Pow A Lt 1st A ref
29*$
83
26
O
Paper 6s...1951
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29
113
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D
1950 M N
J
J
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....
107
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110
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150
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Crown Cork A Seal 9 f 4a
5
71
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Crown Zellerbach deb 5s
Cuba Nor Ry 1st 5*$s._
59?$
99
113?$
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55
67
....
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10
278
1965
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105
D
J
Jan. 1
Asked
D
1943 J
17
97
1055,6
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1970
15-year deb 6s with
51
96*$
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Copenhagen Telep 5s Feb 15.. 1954
102
98
s
j
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J
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6
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ivi n
J
May 1
Dul A Iron Range lst 5a
Dul Sou Shore A Atl
g 5s
43*$
J
1940 M
3 *$s
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Container Corp 1st 6s
68
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107
J
107*$
1960
mtge
68
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104
105*$
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105
J
f 5s
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93
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1950 A
s
47*$
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d
Cln Wabash A M Dlv 1st 4s 1991 J
St L Dlv 1st coll tr g 4s.2... 1990 M n
65*$
58*$
77*$
78
104*$
105*$
J
♦Debenture 4s
mtge
J
1955
♦Consolidation Coal
1st
O
.1955
36
45
45
46*$
A
O
Consumers Gas A Chic gu 5s.. 1936
Consumers Power 3*$ s.May 1 1965 J
1st
J
Since
Friday's
Bid
O
non-conv deb 4s.. 1954
♦Debenture 4s..
66
79
Sale
A
1951
♦Debenture 4s
66*$
67*$
43*$
•
ft
d
j
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43
524
j
...1940
105
501
1963 J
1977 J
4s
29
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3*$s
67
79
j
28
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53
conv deb
♦2d 4s assented
Detroit Terra A Tunnel
38
j
15*$
24
28
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m"s
46*$
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44*$
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1963
1939
10
48*$
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M n
1963 J
J
1947
29
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49
110*$ 111*$
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J
1943
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a
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m n
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Consol Oil
66
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o
99
14
39*$
M n
4s... 1942
Ref A Impt 5s ser D
Ref A impt 4*$s ser E
Cairo Dlv 1st gold 4s
Cleve Elec Ilium 1st M
14
116
66
d
1937
1st g 4s
10
12
38
1943 A
1951 J
.1951 J
del), 3*$a. 1946
65?$
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105
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123*$
82
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j
Cleve Cln Chi A St L gen
4s... 1993
General 5« serial B
1993 j
Ref A Impt 0s ser C
1941 j
g
117*4
40
3
Cln Union Term 1st gu 5s ser
c! 1957 ivi n
ivi n
1st mtge guar 3 *$s series D
1971
j
J
Clearfield a Mah 1st gu 4s.
1943
Spr A Col Dlv 1st
112
116*$
131
j
1944
1952
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eon gu
114
108*$
141
104*$
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1962 M
4>4s
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115*$
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55
1952 j
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60
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5
65
1944 J
Guaranteed 4s
con
63
112?$
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4
54
j
1951
38
110*$
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June 15 196)
J
d
Memphis Dlv 1st g 4s
1951
Chlo T H a So East 1st 5s
d
1960 J
lno gu 5s
Dec 1 1960 M S
1st
110
19*$
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A
Gold
1st
108*$ 113?$
j
♦Certificates of deposit
♦Conv g 4*$s
Ch St L A New Orleans 5s
Chic A West Indiana
1st A ref M
112*$ 118?$
113*$
J
a
11*$
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18
1934
♦Certificates of deposit
III
29*$
20*$
20*$
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I {♦Chicago Railways 1st 5s stpd
{♦Refunding gold 4s
126 *$
99*$ 100*$
1084$
43
J
Aug I 1933 25% part pd._
{♦Chlo R I A P Ry gen 4s.....1988
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155*$
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177
"38"
26*$
g 6*$s
1936
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May 1 2037
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133
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O
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...Jan 1 2000
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2
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1987
106*$
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352
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j
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127
38
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j
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115*$ 176
312
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J
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102*$
220
43*$
J
non-p Fed Inc tax 1987
89
14
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4*$* Beriee C__May 1 1989
E..May 1 1989
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1211$
50
41*$
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♦Gen 4Hs etpd Fed inc tax.. 1987
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1987
67
8
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1987
89
11
109
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122*$
m n
series F___May 1 1989
102
54
J
♦Gen 4*$* series
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7
S
j
High
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n
J
•Chic MAStP gen 4s ser A..1989
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116*$
j
♦Refunding g 5s ser B
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Chlo Ind A Sou 50 year 4s
114*$
ivi n
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{♦( hlc Ind a Ivoulsv ref 6s
8
a
A
1971
{•C A E 111 Ry (new Co)
56?$
108*$
112*$
114*$
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116*$
j
1
103*$ 112
110
118*$
113*$
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58*$
108*$
j
j
1977
1st A ref 5*
8
o
1949
3*$8—1949
General 4s
118*$
J
M
Low
40
*110
J
1989
Since
Jan
*110*$
j
1946
R A
100
100M
j
May 1940
Pott* Creek Branch 1st 4s
95
M
1944 J
coll 5s
Ches A Ohio l«t con g 5s
91*$
102*$
Range
Is
Hiah
111 %
109
o
1960 f
Asked
111*$
a
Through Short L 1st gu 4s. 1054 a
or
Friday's
Sale
Price
6
J
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1956
Consol Gas (N Y) deb 4 *$s
1951
Week's
Last
M N
Range
Range or
Last
Price
1956 A
Consol Edison (N Y)
3 *$s debentures
Teletype •*- Cgo. 543
Friday
deb3*$&1951
1st 4s
Stamped guar 4*$s
Randolph 7711
Connections
Dlgby 4-5200
Conn A Passum Rlv
15
Conn Ry A L 1st A ref 4*$s
135 So. La Salle St.
'Private Wire
•Nft.
Low
Debenture 5s
York, GN<. Y.
6
Colo A South 4*$s ser A
1980 IVI N
Columbia G A E deb 5s...May 1952 IVI N
A O
Debenture 5s
Apr 15 1952
f "H.ew York Stock Exchange
j <^ew York Curb Exchange
One Wall Street
fcs
K fe
EXCHANGE
STOCK
Week
•,
1936
Week's
Friday
104
36
107?$ 108*$
105?$
104
50
101*$
103
41
98
103
{{•Gould Coupler lst s f 6s
Gouv A Oswegatchle 1st 6s
1940 F
A
182
182*$
10
50
182*$
1942 J
D
*100
100
Gr R A I ext lst gu
g 4*$s
1941 J
J
*111
108
104H
111
s
106
Friday
Week
Nov.
Range or
Range
Salt
EXCHANGE
Ended
Week't
\
Last
BONDS
N. v. STOCK
Friday's
Rid
<k
Asked
Jan. 1
Price
6
1st A gen s
(Japan) 7s
f 6 4s
1944 F
....1950 J
BROKERS
90
95
954*
J
9744
9
88 H
9544
14
8m
9514
115
11444
11444
10
General 6 4« series B
1952
117
11644
117
14
10714 117
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1973
11244
11244
11244
11
103**
General 4 4b sertes D
1976
106?*
10644
106?*
14
90 H
General 4 4s series E
1977
10544
105
1064*
137
Gen mtge 4s ser G
1946
120
11944
121
200
Gen mtge 4s ser H
1946
108?*
107?*
108?*
144
11444
Great Northern 4 4s series A..1961
Gulf States Utll
Hackensack
Water
124*
-----
O
104
1950 A
O
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10344
101
1950
J
1952 J
Jr. J
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-
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101
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110
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116
82 4
854
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1024
1944
854
*
5s.... 1937 M N
1937 J
H A T C 1st g 5s Int guar
J
4414
6414
74
4
J
1014
1014
Houston Oil sink fund 5 4s A.. 1940 M N
D
Hudson Coal 1st s f 5s ser A... 1962 J
1024
102
1024
44
100 54
564
56
574
105
3814
123 4
4
844
48
72J4
354
52
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1084
14
1st 5s_.. 1937 J
1949 M N
A
1957 F
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Hud A Manhat 1st 5s ser A
1234
82 4
♦Adjustment Income 5s.Feb 1957 A
O
354
Illinois Bell Telep 3 4s ser B...1970 A
Illinois Central 1st gold 4s
1951 J
O
1084
1st gold
1st gold
1951 J
3 4s..
Extended
1st gold 34s
1951
.....1951 IV!
3s sterling
Collateral trust gold 4s.._..1952
A
J
al09
J
*1054
8
*904
O
1953 M N
Aug 1 1966 F
A
..1950 J
Litchfield Dlv 1st gold 3s... 1951 J
Loulsv Dlv A Term g 3 4s.-.1953 J
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term g 3s
1951 J
Gold 3 4s.
1951 J
94
Springfield Dlv 1st g 34s...1951 J
Western Lines 1st g 4g
1951 F
J
J
A
J
J
J
104
89
10314
Illinois Hteel deb 4 4s
1940
Ind Bloom A West 1st ext 4s..1940
94
44
7914
95
8114
884
174
8914
90h
874
1034
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104
22
83
824
197
102
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87
10514
86
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101
100
1986 M
8
104 4
1961 F
1966 J
A
J
1932 A
O
.
7% notes
♦Certificates of deposit..
conv
Int Agrlc
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A..July 1952
♦1st 5s series B............ 1956
♦1st g 5s scries C
1956
Ref
s
Paper 5s
ser
...1944
f 6s serif's A
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Int Telep A Teleg deb g
Conv deb 4 4s..
10314
8914
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504
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O
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J
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1947 F
444s..1952 J
1939 J
1955 F
4514
6014
90
97
924
934
12
8754
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98
374
13
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67
A
1950
..Apr 1950
5s
Term
Kansas Gas A
1st
1960
4s
Electric 4 4s
1980
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1943 M
♦Ctfs w w stmp (par $645)..1943
♦Ctfs w w stmp (par $925).. 1943
♦Ctfs with warr (par $925).. 1943
Keith (B F) Corp 1st 6s
1946 M
86 44
12
9654
1654
169
374
12
158
36 4
Kendall Co 5 4s.
;
22
2
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24
3
1949 F
1954 J
1954 J
First and ref 6 4s
Kinney (G R) A Co 7 4 % notes 1936 J
Kresge Foundation coll tr 4s..1945 J
43
35
39
32
3814
22
97
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32
92
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97
9714
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464
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115
102
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102
10714
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10354 10614
155
163
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11214 11614
118
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101
101
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A
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A
73
73
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A
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75
1937 J
1941 J
J
J
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1997 J
D
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1954 J
724
724
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73
1949
1949 M
1004
25
1
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1044
304
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105
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294
31
194
30
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..1954 F
A
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8054
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1964 F
1st A ref s f 5s
1974 F
A
A
1938 J
1954 F
J
A
2969
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1st A ref 4s ser D._
2003
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2003
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13244
1
131
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98
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84
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109
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102?*
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11144
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108
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99
9944
McCrory 8tores Corp
s f deb 5sl951
IVI n
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6448.1950
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D
1945 J
Gen mtge
1960 J
444sser A
{{♦Manatl Sugar 1st
s f
744s__.1942
A
,/2d 4s
Manila Elec
2013
j
RR A Lt 8 f 5s.^..1953 IVI
IVI
Manila RR (South
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1st ext 4s
10544
104 %
104 %
1044*
10244
754
77
24
764
744
764
26
99
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1034
100
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6
33
81
6414
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83?*
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86
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D
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{♦Manhat Ry (N Y) cons g 4s. 1990 AO
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139
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67
103
22
25
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61
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74
80
80
....1959 IVI N
J
J
344*
37
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partlc in
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Marlon Steam Shovel s f 6s
1947 A
Market St Ry 7s ser A...April 1940 q
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D
102 %
10244
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Metrop Ed 1st 4 44s ser D.....1968 IVI s
10544
10544
A
Metrop Wat Sew A D 5 44s
19.50
{{♦Met West Side EI (Chic) 4s. 1938 F
♦Mex
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108?4
A
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105
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Michigan Central Detroit A Bay
...1940 J
City Air Line 4s
Jack Lans A Bug 3 44s
1st gold 344s
...1951
M
100
108
110*4
8
27
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107
J
90
107
1
9244
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J
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90
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1962 J
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1978 J
83
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s
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M
F
A
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1977 M S
S
♦Sec 5% notes..
1938
Mohawk A Malone 1st gu g 4s. 1991 M s
Monongahela Ry 1st M 4s ser A'60 M N
Monongahela West Penn Pub Serv
......
gold 5s
"l4%
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9
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25
36
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95
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22
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24
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1962 J
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46
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J
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......1937 J
1937 J
17J4
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35
1960 A
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97
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91 44
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gen
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83
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♦Certificates of deposit
♦Mo Pac 3d 7s ext at 4% July..1938 MN
1st guar
39
1965 F
♦Certificates of deposit
Mont Cent 1st gu 6s
19
Jan 1967 A
A
♦Certificates of deposit
♦Conv gold 544s
6s debentures
91J
"46"
94
J
5
37
374*
J
1978 J
1941 M N
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...
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s
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67 ?4
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10144 106
3944
1949 ivi
..1946 J
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94
107
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98 44
82
32
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3
9144
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J
cons
92
J
1934 M N
1949
344
294*
9144
1939
refunding gold 4s
18*
8144
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1st cons 58
1938 J
1st
Q9
1939
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144
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O
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MIIw El Ry A Lt 1st 58 B
1st mtge 5s
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1940 A
1961 J
102
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1979 J
103
8
20
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1952 M n
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100
3
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78 44
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102?*
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(Sept 1914 coupon).....1977 M S
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95
1H54
1024*
9344
21
10114
113
107 %
9
11344
IVI N
1234*
"_2
111
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9914 10554
60
98
9044
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gold 4s
1938
♦Montgomery Dlv 1st g 5s..1947
2914
102%
10944
1955 IVI N
Dlv 4s
1334*
100
110
FA
♦Lower Austria Hydro El 0
Ms. 1944
Atl Knoxv A Cln
111
1004*
74%
104 44 100
13244
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125 44
137
1034* 10544
101
1054*
93
10244
9944 10544
101%
11344
g 4 44s
1945
Ry Joint Monon 4s... 1952
45%
10544
*94
♦1st A ref 5s series I__
3554
3214
4
90
1054*
1980
77
97
13
....
10544
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8014
10054 104
10014 10454
12
*101%
10544
1946
8t Louis Dlv 2d gold 3s
Mob A Montg 1st
268
10444
10544
98
87
57
804
69
104 %
65
10454 10514
1004
1004*
108
2003
6414
10414
80
108
11144
J
2003
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♦Certificates of deposit
98
804
764
121?* 127
10444
N
1977 ivi
23
1064
131
11
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10544
S
IVI
1940 J
gold 4s
1st A ref 58 series B
J
IVI
♦1st A ref 5s series F
105
1034
17
M N
104
98
*1054
Lehigh A New Eng RR 4s A...1965 A
Secured 6%. Bold notes
Leh Val Harbor Term gu 5s
J
1975
11
J
J
135?*
126
99
A
1951
122
304
O
Lehigh ANY 1st gu g 4s
1945 M S
Lehigh Val Coal 1st Aref s f 5s 1944 F A
1954 J
1954 J
1044
115
67
O
1944
♦Certificates of deposit
♦General 4s
3
1044
1044
1044
10344 109
69
O
S
90
1
3
166"
D
S
40
108?*
125
*10844
....1937 IV! N
6714
43
*1044
31
♦Certificates of deposit
9914
107
1094*
10214 10614
40
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Lehigh C A Nav s f 4 4s A
Cons sink fund 4 4s ser C
A
{♦Minn A St Louis 5s ctfs
244
O
A
5s
126
M
74
81?* 10344
33 J*
764*
34
814*
134%
1254*
135
A
5914
45
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A
1953 F
Lake Erie A West 1st g 5s
O
1938 J
♦1st A ref 5s series G
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 6 4s series C
A
F
91 14
*20
{♦Kreuger A Toll secured 5s
1st A ref s f 5s
1950
78
125
125"
{♦Mil Spar A N W 1st gu 4s...1947 ivi
{♦Mllw A State Line 1st 344s..1941 J
63
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N
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1997 A
414*
84 54
9954
10214 105
102
10714
554
J
1937 A
page
80
784
J
O
O
A
J
J
D
Kings County Elev 1st g 4s
Kings Co Lighting 1st 5s
see
9814
76
*1064
Kings County El LAP 6s
Purchase money 6s
footnotes
7514
8114 10014
J
4s unguaranteed
For
7914
9014 102
o
D
14 54
28
1961 J
Plain...
gold
9
1004
..1961 J
1961 J
Stamped...
2d
11554 16814
34
4714
134
1014
97
9814
102*4
36 4
124
364
994
8
1948 M S
1987 J' J
1961 J
J
Kentucky Central gold 4s
Kentucky A Ind Term 44s
4
19
100 4
O
1st gold 3s
I nipt
City
984
994
100 4
73
M
♦Certificates of deposit
Ref
97 4
1014
994
Kansas
6514
69
1044
Kan City Sou
9554
48
5
95
1014
J D
M 8
1990 A O
O
4s..1936
Ry ref g
8754
34
454
Jones A Laugh 11 n Steel 44s A-. 1961
{♦K C Ft a A M
16
94
James Frank A Clear 1st 4s... 1959
1st gu g 4s
9854
454
A
J
J
1941 M N
{♦Iowa Central Ry 1st A ref 4s.l951
Kan A M
107
94 4
165 4
N
J
O
J
1955 M 8
B...1972 M N
Debenture 5s
32
118
M
J
A
J
J
A
1947 J
1st coll trust 6% g notes
1st lien A ref 6 4s
1054
964
100 4
1941 A
A A B
104 4
514
10x54
10254 10414
964
974
954
O
D
211
1
Hieh
108%
O
A
{♦Man G B A N W 1st 3 44a...1941
Internat Cement conv deb 4s.. 1945
Internat
20
1054
M N
Corp 5s stamped 1942
Internat Hydro EI deb 6s
Int Merc Marine s f 6s...
105
1044
5014
924
1932 M S
1951 M N
Interlake Iron 1st 5s B
105
454
♦Certificates of deposit..
{♦10-year
2154
50
944
♦Certificates of deposit..
I ♦10-year 6s
9514
9914 105
*1054
Imp mtge 34s serB
Inland Steel 3Hs series D..
{ Interboro Rap Tran 1st 5s
7154
6754
9014,
10614 10814
105
O
*48
A
10
734*
7844
90
Since
Jan.
Low
103 44
7044
764*
8744
90
A
1962 M N
F
A
Louisiana A Ark 1st 5s ser A-..1969
Louisville Gas A El (Ky) 58—1952
Louis A Jeff Bdge Co
gu 5 4s... 1945
Louisville A Nashville 5s
1937
South
91
864
1064
ser
Lortllard (P) Co deb 7s
,
10314 10654
94 14
87
9114 10214
87
7254
108
*97
1024
1951
Long Dock Co 354 s ext to
Long Island gen gold 4s
96
J
Ref A
5s
103
10344
72?*
7844
Range
II
High
8914
6914
J
1965
N
Unified gold 4s
8714
*1044
Ry 5s series B
IV1
20-year p m deb 5s
Guar ref gold 4s
15
J
J
Union
General cons 6s
2003
Leh Val Term Ry 1st gu g 6s
1941
Lex A East 1st 50-yr 5s
gu
1965
Liggett A Myers Tobacco 7s...1944
10554 112
157
Ind (II A Iowa 1st g 4s
1950 J
{♦Ind A Louisville 1st gu 4s._..1956 J
Ind
N
414s
1952 J
95
A O
A
M
cons
1946
874
92 4
1963 J
2003
General
Lombard Elec 7s
93 4
D
D
1963 J
1st A ref 4 4s series C
J
Leh Val NY 1st gu g 414s
1940 J
Lehigh Val (Pa) cons g 4s.....2003 M N
8914
108?*
Friday's
id
&
Asked
Price
6
3954
87 4
884
Nov.
Little Miami gen 4s series A
Loews Inc s f deb 314s
95
104
EXCHANGE
Ended
Range or
Sale
Low
6154
124
III Cent and Chic at L A N O—
Joint 1st ref 5s series A
Week
86
874
D
Cairo Bridge gold 4s
924
11914
N. Y. STOCK
10IJ4 10614
10214 10214
al09
1
*105
1955 M N
Refunding 5s
40-year 4tj8
334
108
O
1955 M N
J
1952 J
Refunding 4s
Purchased lines 3 4s
Collateral trust gold 4s
j
A
123 4
82
12414
10254 105
101% 10514
102
Houston Belt A Term
1-1598
Week's
Last
BONDS
104
J
O
A. T. A T. Tele. N. Y.
Friday
77 4
8214
103?* 10454
J
A
,
1054
69
44
NEW YORK
Telephone Whitehall 4-2900
1451
Stock Exchange
St.
109
1999 J
♦Hoe (R) A Co 1st mtge
Members New York
63 Wall
8114 102
7514
-----
D. H. SlLBERBERG & Go.
11314
10654
10614
10914 12414
9914 1084
60
754
9614
10654
-
10444
99?*
*8044
*
-
23
10714
1952 J
1949 J
1st 4s
Mining 6s
Hocking Val 1st eons g 4 4s
eons g
75
1144
A
1946
♦Harpen
{♦Housatonle Ry
75
12
1940 M N
487er c""I"l966
10-year deb 4 4s
75
Feb
West deb ctfs A
♦Debentures etfs B
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5 44s B
1st mtge 5s series C
Gulf A 8 I 1st ref A ter 6s Feb
1
Feb
♦Green Bay A
DEALERS
FOR BANKS AND
99
94
A
BONDS
IN
High
Low
97
*05
D
Since
High
Low
Grays Point Term 1st gu 5s -..1947 J
Gt Cons El Row
2967
New York Bond Record—Continued—Page 4
143
Volume
-----
10544
10444 I
98
I
96
-
----
98
"34
16
28
66 44
98
2968
New York Bond Record—Continued—Page 5
Friday
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Week Ended Nov.
Range or
si
Bid
Price
&
Low
Montreal Tram 1st & ref 5a
Gen & ref
s f
Gen & ref
s
1941 J
Gen & ref
s
f
Gen & ref
s
1955 A
f 6s series D
A
Morris & Co 1st
s
f
4%s
J
1939
2000
103^32
95%
99%
93%
117%
D
J
—1955 M N
Constr M 4^s series B
1955 M N
Mutual Fuel Gas 1st gu g 58-—1947 M N
Mut Un Tel gtd 6s ext at 5%-.1941 M N
Naitim (A I) A Son—See Mfrs TrNash Chatt A St L 4s ser A
1978 F
Nash Flo A S 1st gu g 5s
1937 F
Nassau Elec gu g 4s stpd
Nat Acme 1st s f 6s
A
97%
A
J
1942 J
"107
105%
Nat Steel 1st coll
s
f 4s
{♦Naugatuck RR 1st
4s
3%
J
O
3%
D
107
IVI N
66%
D
123%
J
D
90
96%
58
90
101%
58
94
97%
43
106%
66%
122%
*55
-V-
107
92
NO A NE 1st refA lmpt 4 %s A. 1952
New Orl Pub Serv 1st 5s ser A. 1952
*79
99%
99%
99%
First A ref 6s series B
1965
New Orleans Term 1st gu 4s.—1953
{|*N O Tex A Mex n-clnc 58—1935
""3%
"I
4%
12
107
"22
52
66%
7
123%
7
68
♦1st 4%s series D
1956 F
1956 F
A
♦1st 5 Ha series A
1954 A
O
A
53
♦Certificates of deposit
N A C Bdge gen guar
J
1945 J
1944 MN
N Y Cent RR conv 6s
Consol 48 series A
—.1998 F
10-year 3%s sec s f
Ref A lmpt 4 %s series A
117
A
101%
193%
94%
100%
1946
2013
2013
Ref A lmpt 5s series C
N Y Cent A Hud River M 3 %s_ 1997
Debenture 4s
1942
1998
1998
N Y Chic A St L 1st g 4s
Serial
6% notes
56%
103%
103%
1949 F
N Y Greenwood L gu g 5s
D
125%
A
116
1946 IVI N
N Y A Harlem gold 3%s
2000
N Y Lack A West 4s ser A
1973 M N
M N
1973 M N
N Y L E A W Coal A RR 5%S.1942 MN
{♦N Y A N Eng (Bost Term) 4s 1939
{♦N Y N H A H n-c deb 4s
1947
83
9
30%
♦Non-conv debenture 4s
1955
♦Non-conv debenture 4s
1956 MN
♦Conv debenture 3%s_
♦Conv debenture 6s
1956 J
32
1948 J
J
1940 A
O
36%
47%
♦Collateral trust 6s
♦Debenture 4s
1957 M N
♦1st A ref 4%s ser of 1927—1967 J
20
D
37
♦Harlem R A Pt Ches 1st 4s. 1954 MN
4s
June 1992 M S
1955 J
{♦N Y Providence A Boston 4s. 1942
N Y A Putnam 1st con gu 4s... 1993
48%
D
A
A
O
"93%
1965 J
1947 M N
1st mortgage 5s
1st mortgage 5s.
-1951 M N
1956 M N
N Y Susq A West 1st ref 6s
2d gold 4 %s
General
gold
1937 J
J
1937 F
111
*101%
102
A
*112
113%
114%
112%
121%
121%
107%
100%
102%
101% 103%
111% 115%
47
72%
100%
110%
9
100% 104%
53
107
65
106% 110%
105% 107
84
88% 100
100
99%
48%
24%
32%
55
54%
A
90
110
D
90
89
97 %
98
100
74%
31
90
19
S
82
277
70%
3
46
"li
107%
96%
98
88
105%
107
96
100%
109
106% 109
59
77%
52
101%
75
103%
102% 103%
122% 126%
113% 117
92% 100%
107
94% 103%
103
108%
100% 103%
104% 106%
105% 107%
100% 100%
7
10
38
35
32%
37%
"21
32
Deb 5 %s series B
Deb 6s series C
A
Aug 15 1963 F A
Nov 15 1969 M N
North Cent gen A ref 6s
Gen A ref 4%s series A
1974 M
S
1974 M
8
104%
105
s
see
page 2969.
119
123*
36
105
108%
30
1956 F
Paramount Pictures deb 6s
Paris-Orleans RR ext 5%s
J
8
F
"76"
1942 J
1963 F
66
6
102%
99%
151%
74%
76
29
105%
104%
Penn-DIxle Cement 1st 6s A—.1941
M
Penn Glass Sand 1st M
J
4%s—.1960
Pa Ohio & Det 1st & ret 4 %s A. 1977 A
123%
80
60
101
107%
105% 107%
2
105%
~52
S
1968
D
Debenture g 4%s
1970
O
General
1981
O
4%s Berles D
Refunding gold
Peoria A
J
Apr
1990
Pekln Un 1st 5%s
*108%
106%
1974 F
115%
114%
101%
J
118%
123
109
114
120
40
105%
108%
109%
121%
114%
107%
109%
109%
76
115%
99%
105%
105%
115%
106%
121%
107%
109
109%
'114%
97%
97
16
15%
"l05%
54
22
12
8
105
99%
105%
76
98%
7
9
19%
150
56
89
100
103*
65
89
1
111
103%
113%
113
118
2
110
115%
103%
107%
130
120
*117
114%
107
104"
48%
114%
106%
106%
104
S
28%
J
J
24%
24%
A
O
Series J
1964 M N
101
103%
6
2
108
2
105% 107%
6
106
107%
27
54
92%
95
111
87
67
"38
46
73
104
5
100
104
86
38
114%
107%
107%
104%
74.
22%
12%
105% 107%
6
105%
108
103%
110%
17%
29
96%
104
16%
60%
121
5
14
1
50
105%
106%
~50
104%
8
104%
105%
19
122"
18
1940 A
O
1942 A
O
4%s
14
105
109
14
103
108%
105!
50%
28%
94
25
47
1963 F
4%s
General M 5s series A
General mtge 5s series B
General 4%s series C
1970 J
1975 A
1977 J
Pitts Va A Char 1st 4s guar
1943 M
Pitts A W Va 1st 4%s ser A... 1958 J
1st M 4%s series B
1958 A
1st M
4%s series C
O
J
D
1948
70
111
112%
112%
114%
111
114
111
113%
110
113%
105%
106%
111
109
111%
112%
*113%
*114
123
*122%
121%
119%
107%
107%
85
114%
108% 115
123
115%
8
107%
9
6
123
118
121 %
121
*111
122%
115% 122
116
122
107
110
109% 110
"95%
95%
94
94
1
"94"
75
96
93
94
52
74
95%
111%
O
O
81
112
*114%
N
1960 A
108%
55
15%
32%
23% 34
105% 109
*112
A
D
81
37
*104%
111%
112%
...1942 M N
guar
cons guar
*108
"81""
128%
"95%
""l
73
96
109% 111%
106%
29
Pitts C C A St L 4 %s A
Series B 4%s guar
108% 112%
98% 106%
100
48%
27%
1952 M N
115%
36
113
*127
J
PlrelU Co (Italy) conv 7s
111%
101%
1957 M N
1960 F A
51%
26%
40%
Philippine Ry 1st s f 4s
..1937
Pillsbury Flour Mills 20-yr 6s_. 1943
107%
111%
121%
113
A
J
121%
114%
97%
16%
4
*111%
99%
D
1967 J
Phlla Elec Co 1st A ref
4%s...1967 M N
1st A ref 4s
...1971 F A
83
105% 107 %
110% 113%
111% 115%
111 % 115%
100% 102%
119
103%
D
101
1
120
J
1974 F
"23
23
1943 M N
1977 J
1981 J
"42
115%
114%
101%
122%
112*
S
Phlla Bait A Wash 1st g 4s
General 6s series B
106%
105%
111%
122
'il2%
A
Pere Marquette 1st ser A 5s—.1956 J
1st 4s series B
1956 J
1st g 4%s series C
1980 M
106
*111%
O
1947 M S
1940 A O
5s
Peoria A Eastern 1st cons 4s
♦Income 4s....
April
99
103% 107%
108% 108%
D
Gen mtge 4%h series E
1984
Peop Gas L A C 1st cons 6s...1943 A
90%
105
105
1965
General 5s series B
10
107
Consol gold 4s
1948 M N
4s sterl stpd dollar May 1.1948 M N
Gen mtge 3%s ser C
1970 A O
Consol sinking fund 4%s
A
1960
4%s series A
97%
*103
Series G 4s guar
Series H cons guar 4s
Series I com 4 %s
15
104
107%
102% 107%
101% 105%
*104
J
4%s series B_
1981 J
Pennsylvania P & L 1st 4%s—1981 A O
Pennsylvania RR cons g 4s.
1943 M N
General
98
*113
45
82
102%
104% 106%
D
Series C
82%
42
32%
77
49%
119% 122%
O
Series D 4s guar
1945 M N
Series E 3%s guar gold.....1949 F A
Series F 4s guar gold
D
1953 J
90
59%
83
56%
1
66
101
49%
91
55
6
36
82%
61%
13
32%
5
108%
36%
34%
95
13
"5
102%
102
99
94
103
99%
100% 104%
102% 10*%
39
44%
100
84%
74
104
49
5
55
105
*107%
107%
*107%
1952 M N
A
77
80
D
28-year 48
41%
*102%
*106%
D
1
1944
18
*46
*122%
A
Guar 3%s trust ctfs C
Guar 3%s trust ctfs D
Guar 4s ser E trust ctfs
98% 103%
100% 104
39
1937 M S
1941
113%
Q9
"I
97%
99
102%
J
1942 M
5
101%
102
65%
A
I
195.r
4
39%
41
.
f g 3s loan ctfs
107
12%
12%
51
155
22%
21%
63%
Pitts Y A Ash 1st 4s
D
*111%
110
5s series B
1962
A
*120
1st gen 5s series C
1st 4%s series D
119% 120
1974
D
1st gen
ser
A
D
1977
Port Arthur Can A Dk 6s A...1953
A
1st mtge 6s series B
A
1953
Port Gen Elec 1st 4%s ser C—1960 M S
1st 5s 1935 extended to 1950
J
Porto Rlcan Am Tob
conv 6s.
{♦Postal Teleg A Cable coil 5s
J
"79%
J
38%
J
104%
J
92%
1053,6
103%
102%
103%
107%
Potomac Elec Pow 1st M 3%s 1966
Pressed Steel Car deb 5s
1951 J
107%
105%
{♦Providence Sec guar deb 4s._1957
{♦Providence Term 1st 4s
1956
106
Pure Oil Co s f 4%s w w
101% 107
120
127%
4 %8 without warrants
Purity Bakeries
s
f deb 5s
M
S
1950 J
J
1950 J
J
118%
104%
1948 J
J
98%
{♦Radio-Keltb-Orpb pt pd ctfs
for deb 6s A com stk
(65% pd)
J
D
..1941 J
D
"75"
106%
78
37%
104%
92
2
79%
7
39%
201
104%
30
92
93
*13
N
M
105%
73.
106%
74%
1953
115
112% 120%
*108%
105%
*105%
.1942
122
{♦Debenture gold 6s
For footnotes
121%
12
"41%
28
106%
107%
*126%
*118%
118
104%
58
108
105%
104%
103%
104%
109
4
39%
30
106%
107%
89%
*105
'l05%
S
111% 115
13
*107
"41"
40
17
F
♦Certificates of deposit
Paramount Broadway Corp—
104%
J
D
37%
88%
107
1961
104
O
21
{{♦Norfolk South 1st A ref 5s—1961 F A
♦Certificates of deposit
{{♦Norfolk A South 1st g 5s
1941 M N
N A W Ry 1st cons g 4s
1996 O A
Pocah C A C Joint 4s
1941 J
D
1967 M
100%
48
41
107%
North Amer Co deb 5s
100%
23%
26%
35%
15%
84
O
No Am Edison deb 5s ser A
J
Phlla A Reading C A I ref 5s—1973 J
Conv deb 6s
1949 M
104% 107%
54
31%
99% 107
105% 108%
16
1937 J
A
Ref mtge 3%s series B
1966 A
Paducab & 111 1st s f g 4%s
1955 J
{{♦Pan-Am Pet Co (Cal) conv 6s '40 J
1st M
72
100%
106%
101%
*100%
38%
37%
37%
37%
24%
93%
107%
52%
106%
107%
60%
120%
107
100%
J
24%
25
Niagara Share (Mo) deb 5%s—1950 M N
16%
121%
..1938 J
37
Nord Ry ext sink fund 6%s
121"
1st & ref mtge 3%s ser H-..1961 J
1938 F
♦2d extended gold 5s
Pacific Tel & Tel 1st 5s
24
96
O
102%
J
Pac RR of Mo 1st ext g 4s
General g 4 %s series C
General 4%s series D
Phlla Co sec 5s series A
80
1950 A
J
39
43
1955 A
S
8
25%
34%
91%
Nlag Lock A O Pow lst5sA
1963 M
1961
121%
107%
100%
102%
113%
113%
103
86%
96%
101% 104%
134
42
102%
103%
90%
14%
14%
Oslo Gas & El Wks extl 5s
Otis Steel 1st mtge 6s ser A-.-1941 M
J
R
107%
106%
102%
91%
1946
s
93
107%
Guar stpd cons 5s
Ore-Wash RR & Nav 4s
♦Paullsta Ry 1st ref s f 7s
Penn Co gu 3%s coll tr A
Guar 3%s coll trust ser B
80
a
*
121%
Pat & Passaic G A E cons 5s. .1949 VI
4
S
112%
J
53
40
M
*105%
112%
112%
O
90
1946
Ore Short Line 1st cons
106
D
A
110
{♦N Y Westch A B 1st ser 14%sl946
Niagara Falls Power 3%s
1966
4s—1946 J
g 5s—1946 J
1944
96
74%
80% 102%
6
108%
30%
109%
1943 F
106%
1st 5s—1945 M N
com g
Parmelee Trans deb 6s
89
1946 J
Ontario Transmission
1937 A
196s M
1953 J
124
50
,.l06%
31
104
1939 M N
Ohio Indiana & West 5s.
{♦Park-Lexington 6 %s ctfs.
109
102
103%
32
~66~
1943 M N
mtge 4s
53%
57%
110
97
"64% "16
30%
A
1940 F
6s
Terminal 1st gold 5s
N Y Telep lit A gen a fi%s
N Y Trap Rock 1st 6s
6s stamped
145
1
93%
107%
49%
106%
112
113
O
108
J
N. Y. A Rlchm Gas 1st 6s A.. 1951 M N
N Y Steam 6s series A
93
11
47
112%
Ohio River RR gen g 5s
Ontario Power N F 1st g
107%
"49%
Jan 1965 Apr
Prior lien 6s series A
154
145
116
*97
N Y Queens El Lt A Pow 3%s_1965 M N
{♦N Y Rys Corp lnc 6s
101%
103%
94%
100%
24
39%
109% 109%
104% 106%
*112
94%
50%
582
34
"68
J
109
100
42%
O
75
32%
118%
33%
106%
*109
A
102
60
53
109
107
99% 103
O
105% 108%
54%
115
107%
107
.Apr 1 1938 Q
126%
119% 123%
30
5
36%
47%
19%
36%
87%
32
104% 107%
5
2
29
120% 123%
35
125%
33%
31%
32
106
Ohio Public Service 7 %s A.. -.1946 A
1st & ref 7s series B
1947 F
47%
33%
52
125%
115%
*33
"33%
J
J
108
103
2%
103% 107%
61%
77%
50
*107%
31%
1943 M S
1965 M N
102%
"35
107%
104% 107
Ohio Edison 1st
6%
52
A
♦Non-conv debenture 3%s—1947
♦Non-conv debenture 3 Ms.-1954
1948 J
101%
107
130
*33"
'162%
D
103%
103%
108%
5%s—1957 M N
"~5
43
106%
107
107%
93%
*103
N Y L E A W Dock A lmpt 68.1943 J
J
N Y A Long Branch gen 4s
1941 M
108%
107
109%
59%
103
106
108
99%
4%
6%
2%
80%
56%
102%
102%
106
108%
110
*106%
103%
4%s series B
N Y O A W ref g
General 4s
O
D
100
1966
N Y Gas El Lt H A Pow g 68—1948 J
Purchase money gold 4s
1961 A
Ref mtge 5s..
1964 M N
J
Northwestern Teleg 4%s ext—1944 J
D
108
1965
1st lien A ref 3%s ser E
N Y A Erie—See Erie RR.
Ref mtge 4%s ser B—
105%
106%
1946 J
*108%
1938
N Y Edison 3 %s ser D
104%
"4%
99%
48%
52%
64
"38
104%
*104%
Pacific Coast Co 1st g 5s
108
108
"64%
109%
109%
Pacific Gas & EI gen & ref 5s A.1942 J
1st & ref 4s series G
1964 J
107%
94%
97%
95%
102%
104%
94%
100%
100%
-
100
13
77%
103
94
113
19
83%
107%
93%
96%
95%
102%
103%
92%
100%
"Io4%
107
109
107%
112%
58
102
1937
Refunding 5%s series A
1974
Ref 4^8 series C
1978 M S
3-year 6s
..Oct 1 1938 A O
N Y Connect 1st gu 4%s A
1953
1st guar 5s series B
1953
N Y Dock 1st gold 4s
1961
52
109
107%
45%
107%
94%
97%
95%
2013
Lake Shore coll gold 3%s
Mich Cent coll gold 3%s
113
J
J
O
*4%
100
104% 112%
74%
85%
93
103%
J
122
54
66
J
6
103
Ref A lmpt 4 %s ser A
53
O
6%
89
*111%
116%
100%
102%
93%
99%
J
125
O
3%
56
*51
4%s
J
81%
103%
A
~6%
22
53
103%
112%
A
*2%
"34
50
81%
J
110
80%
101%
109%
F
Q
1941
Connecting Ry 1st 4s
85%
76
73
1938 A
Norweg Hydro-El Nit
Hioh
64
65
1941
106
99%
*59%
50
J
1997
2047
2047
2047
2047
2047
A
ser
Low
69
"l3
44
No.
*82%
109%
126%
122%
63
Jan. 1
85%
1st & ref 6s ser B
Oregon RR & Nav
"1%
High
Nor States Pow 5s
2%
2%
2%
11
85%
Since
Asked
*83
Ohio
♦Certficates of deposit
♦1st 5s series C
103
98
*47
85%
Og & L Cham 1st gu g 4s
3%
<fc
97%
86
98%
98%
48
-.1954
North Pacific prior Hen 4s
Gen lien ry & Id g 3s Jan
Ref & lmpt 4%s series A
Range
Friday's
Bid
Price
Low
{Northern Ohio Ry 1st guar 5s
♦April 1 1934 & sub coupons. 1945
♦Oct 1935 and sub coupons. .1945
♦Stpd as to sale of April 1 '33 to
April 1 1935 lncl coupons—1945
Ref & lmpt 6s series B
Ref & lmpt 58 series C
101% 104%
101% 108%
4%
*2%
*2%
3%
sft,
Ref & lmpt 5s series D
Nor Ry of Calif guar g 5s
103
50
Range or
Sale
6
7, 1936
Week's
Last
EXCHANGE
Ended Nov.
84
96%
109% 117%
"~8
105
STOCK
Week
108% 111%
9
117%
"82
125%
122%
*103%
1983
_
66
"66"
68
J
1st g 4%s series B
1961 IVI N
N J Junction RR'guar 1st 4s—1986 F A
N J Pow A Light 1st 4'%s
1960
♦1st 5a series B__
86%
1031732105%
102%
107%
105%
*2%
*2%
3%
O
1948 J
New Orl Great Nor 5s A
83
*3
5s—1946 J
——1945 J
guar
20
96
100%
*2%
*2%
3%
1954
5s
84
104%
57%
73%
J
New England Tel A Tel 5s A—1952 J
{♦New England RR
♦Consol guar 4s
97%
*102%
J
—1965 J
g
cons
99%
93%
117%
*111%
J
A rets No 4 on '61
Newark Consol Gas
95
Y.
High
80
1031732l03'932
BONDS
N.
100% 104%
83%
87
85%
88
86%
1957 J
♦Assert warr A rets No. 4 on_1926 J
♦4s April 1914 coupon on
1951 A
♦48 April 1914 coupon off
1951 A
warr
Loto
83
1957 J
1957 J
♦Assent warr A rets No 4 on *57
♦4s April 1914 coupon on
1977 AO
♦4s April 1914 coupon off
1977 A O
♦Assent warr A rets No 6 on '77
Nat RR of Mex prior lien 4%s—
♦Assent
Since
65%
D
.1951
Nat Dairy Prod deb 3%s w w—1951 IVI N
Range
Jan. 1
*102%
106%
'"66
J
Nat Distillers Prod deb 4 %8—1945 M N
Nat Ry of Mex pr Hen 4 %s
1957
♦4%s Jan 1914 coup on
♦4%s July 1914 coup on
♦4%8 July 1914 coup off
2
*
4%s series C..1955
Morris & Essex 1st gu 3%s
Constr M 5s series A
No.
103%
86%
*
1955 A
Asked
Hioh
103%
*86%
*86%
5a series A..—1955 A
f 5s series B
Friday
■3-
Friday's
Sale
6
Nov.
Week's
16
65
104% 104%
91
93
9
87%
119%
104%
104%
15
98%
36
219
*100%
21 %
79
*83%
114%
98
77% 105%
79% 105%
80%
66%
104% 108
82%
64%
41%
27%
92%
110% 131%
102% 105%
91% 103
158
158
,
95%
93
95%
10
63
95%
BONDS
Week Ended Nov.
Week's
Last
Range or
Sale
Friday's
Bid
&
Asked
feS
c fe
STOCK EXCHANGE
6
Price
Nft.
O
1997
Gen A ref 4 %s series B
1997
Remington Rand deb 4%s w w.1956
Rensselaer A Saratoga 6s gu.._1941
M
1024
1074
1074
J
J
1074
F
High
No.
J
72
71%
72%
30
O
39
38%
39%
81
108
♦AdJ lnc 58 tax-cx N Y_.Jan I960 A
1937 J
Third Ave RR 1st g 5s
Tokyo Elec Light Co. Ltd—
25
9
Low
1054 1084
1074
3
1054
44
Low
1034
964
1084
106
112
112
3
112
1204
106
106
126
994
165
Third Ave Ry 1st ref 4s
112
117
109
954 1004
109 4
A
984
984
M N
1084
1084
109
56
106
1054
105
1054
30
1024 1054
324
12
264
214
*274
31
24
34
274
23
334
274
M N
♦
1977
1962
Roch G4E4H8 series D
Gen mtge 5s series E
♦
St Joe
8t Jos
S
97
98
106
106
1
104% 107%
J
104
104
7
104
A
O
Union Oil of Calif 6s series A.. 1942 F
A
35
90
19
764
90
10
374
54
94
1074
214
22
27
33
34 4
244
1054
1074
1104
I6§"
85
92
78
101
1950
304
29
304
73
30
29
304
136
{♦St L-fiaD Fran pr lien 4s A
♦Certificates of deposit
M N
i960
824
...1978
30
294
31
31
174
304
17
15
284
52
144
264
254
95
73
134
954
254
34
76 4
50
394
35
100
92
1005^ 105
99
100%
107%
102%
3
106% 109%
91
107%
107 %
S
J
32%
J
98
103%
111
113%
"32% "9
101%
*113%
102
25
35%
108
130
J
30
107
44
103
106%
135
106%
29%
*29%
29%
102%
IVI N
103%
137%
103% 107%
6
30
27
29%
103%
67%
64
92%
94%
37
284
1004
Vanadium Corp of Am conv 5s.
1955 F A
Vandalla cons g 4s series A
1957 M N
Cons b f 4s series B
684
51
54
64
55
52
*1004
102
"224
224
1044
*1014
1940
1214
244
105
1044
1224
1174 1244
J
J
J
1943
1st 6s..1942
1014
1114
61
112
89
2
101
1014
1114
108
n
"44*
{♦Schulco Co guar 64s
1946
♦Stamped
♦Guar s f 6 4s series B.....1946 A O
"44""
40
"0
46
46
474
45
42
45
6
46
5
♦Stamped
1989
*118
M N
A
deposit
114
104
1946
1951
1951
1952
1935
Shlnyetsu El Pow 1st 648
♦(Siemens A Halske s f 7s
134
124
14
J
.1966166
1961
—..—1946
7s
1941
Skelly Oil deb 4s
1951
Socony-Vacuum Oil 348
1950
South A North Ala RR gu 58..1963
♦Debenture 8 f 64s....
"84
O
A
S
D
J
F
A
47
1939
1954
A
96
96
19
1941
J
4s....1939
Omaha Dlv 1st g 3 Mb
1941
Toledo A Chic Dlv g 4s
1941
J
Det A Chic Ext 1st 5s
Dee Moines Dlv 1st g
8an Fran Term 1st 4s
81
964
1054
1054
1064
52
"35
21
96
954
964
24
804
984
984
994
151
87 4
944
944
944
50
764
96
J
944
98
77
951
944
944
88
764
95
99
100
1074
1084
1064
►
1094
1084
244
974
100
39
1064
118
1044 1064
1014 1014
108
169"
814
99
99
110
824
100
1024
1034
1034
1024
114
104
99
884
99
"54
185
92 4 1114
84
63
52
684 1014
69
5
70
84
55
71
95%
95%
97%
78
86
M
S
43
43
44%
112
28
98%
46%
S
74%
74%
69
78
100
4
974
1044
884
1034
6
1044
13
1064
100
118
1264
16
57 4
914
1084
1034 105
14 H
354
3
1044 1064
70
984 100 4
106
814 128
1064
46
105
140""
136
140
25
136
1024
103 4
1254
1044
13
69
1944 M
1947 J
Term Assn of St L 1st g 44s..1939 A
1st cons gold 5s
1944 F
Gen refund s f g 4s
1953 J
I6i%
1044
'"99""
974
994
1094
'1194
1094
1194
1104
111
107
1074
29
1034
1044
117
111
"l044
J
"l25
J
104%
J
100%
J
A
O
M
S
"36
J
23
103%
104%
72
107%
9
106
100%
110%
35%
100%
4
100% 104%
110%
2
106
37
111%
32%
32%
44
107
38
103% 107%
108%
44
104
J
D
109%
109
112%
101%
102
33%
85
97V
93$
81
93%
103
104
3
81
107%
107% 112%
99
102
90
103
33%
30
18%
33%
33
30
33%
134
18%
33%
65
66
*105%
102%
103%
27%
105% 107%
103%
29
19%
20%
99% 104
107
*65
15%
15%
27%
♦15%
"26
23
115
*20%
N
"48
105%
*112
♦Certificates of deposit
103
30%
"28%
J
7
42%
104% 107
33%
D
5s
....1938 J
Wilson A Co 1st M 4s series A.1955 J
Winston-Salem S B 1st 4s
1960 J
13
22%
97%
103
102
6
30
112%
J
(♦Sup A Dul dlv A term 1st 4s '36 IVI
(♦Certificates of deposit
{♦Wor A Conn East 1st 4%s..l943 j
Youngstown Sheet A Tube—
Conv deb 3 Mb
1951 F
1st mtge s f 4s ser C
1961 M
109
108%
M N
J
123%
107% 110
107% 108%
96% 105
107%
104%
93%
105%
♦Ctfs for col A ref conv 7s A. 1935 MN
20%
"*9
112%
33%
30%
A
138
134%
140
N
103%
102%
103%
58
24
9
141
9
21
21
♦10%
25
105% 140
98% 104
94
e
r
Cash sale only transaction
125
at exchange rate
87 4
107 4
99 4
107
1174 126 4
current week.
{ Companies
a Deferred de lvery sale only
Under-the-rule sale only transaction during
by maturity,
t Accrued Interest payable
*
during current week,
current week,
n
| Negotiability Impaired
of $4.8484.
reported as being In bankruptcy, receivership, or
securities assumed by such
Section 77 of the Bankruptcy Act, or
♦
Friday's bid and asked price.
1064
106
106 4
20
98
1064
1064
40
97
1064
1064
selling flat.
1064
1064
107
21
97
107
110
110
No sales transacted during
(
In the yearly range:
1054 110
Included In the yearly
No sales.
transaction during
1014 1044
the current week and not
range;
1054 1114
107
125
1034
1024
Cash sales transacted during
105
107
S
3
108%
"97%
J
RR 1st consol 48
1949 M S
Wheeling Steel 4 %s series A.-.1966 F A
J
M
108%
112
106%
S
A
A
119
*26
M
{♦Wis Cent 50-yr 1st gen 4s...l949
121% 125%
1
108%
J
1942
109%
1
106%
J
{♦Wickwire Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
6
125%
122%
108%
J
1940
110
37%
36%
104%
108%
104%
J
1938
1950 M N
1951 J D
1960 IVI S
.2361
Wheeling A L E Ry 4s ser D—1966
105% 109%
109% 110%
125%
122%
108%
36%
♦Westphalia Un El Power 6s. .1953 J
West Shore 1st 4s guar
2361 J
109 4 1114
116
1194
1194
107
J
1044
1264
103
S
Texarkana A Ft 8 gu 64s A..1950 F
74 4
120
103
1254
Elec Pow 1st 6s ser A
108%
1946
Registered
83
74%
94% 101%
140
J
S
30-year 5s
75
77
1074
1034
A
Funding A real est g 4%s
25-year gold 5s
104 4
1064
1956
Western Union coll trust 5s
41%
41%
110
122%
1946
♦5s assented
3
*111
S
1937
1943
Gen gold 4s
{♦Western Pao 1st 5s ser A
16
*109
..1961
1966
1952
1977
West N Y A Pa 1st g 5s
1054
6
1084
994
West Penn Power 1st 5s ser E.1963 M
1st A ref 5%s series A
74%
80%
101
*99%
D
Will A S F 1st gold
13
1044
72
J
1950
Western Maryland 1st 4s
27
107%
1939
Westchester Ltg 5s stpd gtd
1st mtge 4s ser H
75
108
Wash Water Power s f 5s
Wilk A East 1st gu g 5s
884
32
.2000 F A
Washington Cent 1st gold 4s.. 1948 Q M
Wash Term 1st gu 3 Mb
1945 F A
1st 40-year guar 4s
1945 F A
1st mtge 3%s series I
•
80
Warren RR 1st ref gu g 3 Us.
85
*1044
1254
1950
M
82%
95%
61
93
97%
♦Deposit receipts
714 1044
1044
314
1943
♦Studebaker Corp conv deb 6s. 1945
1951
Tex A N O con gold 6s
1943
Texas A Pac 1st gold 5s
2000
Gen A ref 5s series B
1977
Gen A ref 5s series C
1979
Gen A ref 6s series D
..1980
Tex Pac Mo Pac Ter 54a A..1964
80
95%
White Sew Mach deb 6s
103
1044
loo""
Tennessee Corp deb 6s ser C
82%
108
1044
1961
1944
99 4
1054
82
1946
1947
100
*1034
1074
S'western Gas A Elec 4s ser D..1960 M N
J
{♦Spokane Internat 1st g 5s
1955 J
Tenn Coal Iron A RR gen 5s. .1951
98
1004
94
944
944
M N
Mobile A Ohio coll tr 4s....1938 M S
D
S'western Bell Tel 34s ser B...1964 J
deb 3 4s
1064
1144 127
1064 1084
102 4 1064
S
6s_.1937 M N
J
1937 J
J
1955 J
1st 4s 8tamped
1956
Southern Ry 1st cons g 6s
1994
Devel A gen 4s series A
1956
Devel A gen 6s
1956
Devel A gen 64s
1956
Mem Dlv 1st g 5s
1996
St Louis Dlv 1st g 4s
1961
East Tenn reor lien g 6s
1938
Tenn Cop A Cbem deb 6s B
1034
36
103% 111%
S
102
8
D
O
w w
90
106
1st con gu g
lnc
314
56
1054
1st gu g 4s
conv
234
J
1st ref guar 4s
Tenr Cent 1st 6s A or B
2
23
108
A
M 314 8..
594 1034
424
724
714
1074
J
Ry 1st 4 4s
89 4
814
234
108""
M N
Staley (A E; Mfg 1st M 4s
Standard Oil N J deb 3a
87
J
1950
3%s
944 1004
142
40%
O
84
278
111%
35
26
25
109
O
134
84
40%
24%
A
1939 M
3
IU
108%
36
26
1941 M
6s debentures
90
1054 109
"68
A
1955
1955
Walworth Co 1st M 4s
9
*1274
O
i09%
GAW deb 4%sl945
27
15
"65
40
*34
27
25
40%
40
40
(
A
1980
39%
40%
38
deposit
14
102
"39%
1978 A C
99
42%
38%
40%
26
40%
40
40%
A
77
26%
68
40
64
101
1054
O
1969
1981
1946
-
F
77
9
41%
82%
89
40
♦Warner Bros Co deb 6s
70
102
J
1947
So Pac coll 4s (Cent Pac coll). 1949
1st 4 4s (Oregon Lines) A.-.1977
Gold 4 4s
1968
Walker (Hiram)
99
40%
41
8
♦Certificates of deposit
♦Certificates of
5
99
h
1976
♦Ref A gen 5s series D
72
60
71%
*68%
O
{♦Warner-Qulnland Co deb 68.1939
"234
83
♦Certificates of deposit
♦Ref A gen 4 He series C
85
67%
100% 102%
*102%
♦Certificates of deposit...
♦Ref A gen 5s series B
98% 104%
96%
84%
J
144
294
112%
100%
103% 107%
1939
114
178
81
68
54
53
144
104
99%
11
104
4s
72
58
"l6
107%
{Wabash RR 1st gold 5s
6%
25~"
106% 109%
71
112%
103%
95%
44
74
114
20
108%
106%
Warner Bros Plct deb 6s
704
714
A
Southern Colo Power 6s A
84
2%
"ii"
104
12
*
-
Bell Tel A Tel 1st a f 68.1941
234
34
1024
S
Slleslan Am Corp coll tr
114
17
1004
J
M
34
20
"74
107 %
23
53
1024
8
J
254
66
13
74
*1084
984
1004
*834
M N
M
66
3%
M N
74
S
M
28
96%
"25"
3%
108%
Virginian Ry 34a series A
8
S
M
(♦Atl A Blrm 1st g 4s......1933
A
{♦Seaboard All Fla 6s A ctfs..1935
♦Series B certificates
1935 F
Shell Union Oil deb 34s
104
27
O
A
♦Certificates of deposit
Sharon Steel conv deb 4 4s
12
74
_
♦1st A cons 6s series A
64
114
14
A
1959
(♦Refunding 4s
214
O
F
66
1144 1204
234
224
*214
O
624
254
1204
134
If ♦Seaboard Air Line 1st g 4a. .1950
(♦Gold 4s stamped
1950
♦Adjustment 6s
Oct 1949
A
112
34
9
46
Scioto V A N E 1st gu 4s
1024
1114 1144
*1144
75
85%
*3
S
{♦Wabash Ry ref A gen 5 Mb A-1975
Pub Berv 1st 6s..1952 J
78
60
21%
108%
*66%
110%
99%
"25
O
1st lleD g term
1074
64
107% 107%
J
D
1955 MN
♦2d gold 5s
164
1034 1074
1014 1044
20
1024
14
109
106% 108
3%
J
J
1958 A
cons
70%
66%
*110
1942 J
1949 M
33%
84
95% 104%
97% 105%
*110
5s...
1st
31
174
19
*1064
1972
2003 J
27
30
1937
Va A Southwest 1st gu 4s
107
105
*
1943
1934 J
1004 1024
*1054
1941
(♦Vera Cruz A P 1st gu 44s_.
(♦July coupon off
♦Vertlentes Sugar 7s ctfs
Virginia El A Pow 4s ser A
Va iron Coal A Coke 1st g 5a..
1024
664
O
17
33
27
"2
33%
27%
30%
64%
1941 A
118
109
67 M
884
564
68~
4s.. 1968
8 A A Ar Pass 1st gu g 4s
Texas Corp
100*,6
99
1959
75
*1004
St Paul Un Dep 5s guar
Tenn
100*32
100
1947
304
294
974
74
*72
1947
Symington-Gould
100*32
4
1944
Debenture 5s
31
274
1937
{♦St Paul E Gr Trk 1st 4 4s...
{♦St Paul A K C 8h L gu 44«.
St Paul MIdd A Man 5s
Mont ext 1st gold 4s
...
tPaclflc ext gu 4s (large)
1st
15
111
03%
314
304
"28
1937
5s
Guaranteed 6s
Island
154
14 4
J
1990
♦Gen A ref g 5s ser A
Swift A Co
68
108%
110
86
M~8
♦( tfs of deposit stamped.
{♦St L 8W 1st 48 bond ctfs... .1989 M N
♦2d g 4s lnc bond ctfs...Nov 1989 J
♦
1st terminal A unifying 5s.. 1952
Staten
111% 116
107% 111%
116
108%
103 %
32 4
J
deposit
St Paul A Duluth 1st con g
95
28
♦Prior lien 6s series B
♦Con M 4 4s series A.
RR
115%
111"
♦Sink fund deb 6 4s ser A... 1947
Utah Lt A Trac 1st A ref 5s... 1944
514
75
824
Ho Pac
123
s
U S Rubber 1st A ref 5s ser A.. 1947 J
86
344
11
So Pac Coast
122%
111
♦Un Steel Works Corp 64s A.. 1951
1951
♦Sec s f 6 4a series C
874
71
824
Gold 4 4s
Gold 4 4s
119
15
Utah Power A Light 1st 5s
674
{♦St L Poor A N W 1st gu 5s.__
1955
St L Rocky Mt A P 5s stpd
♦Silesia Elec Corp 6 4s
26
117
Utll Power A Light 54s
27
31
So Pac of Cal
4s
1934
({♦United Rys St L 1st g 4s.
IJ S Pipe A Fdy conv deb 3 4s.. .1946
1024 1054
1024
*100
434
10 year secured
U N J RR A Can gen
42 4
102 4
404
South
United Drug Co (Del) 5s
25
434
H ertlflcates of
43
*1004
1948
Santa Fe Pres A Phen
35
J
O
♦Certificates of deposit
8an Antonio
254
28
121%
116%
S
13
364
25
17%
22%
121%
S
1953 IV1
1944 M
107%
116
J
24
1
10
6
25
99%
89%
25
June 2008 M
1st lien A ref 5s
24
ll7"
1947 M N
deb
1968 J D
Gold 4s
1971 M N
35-year 3 4s debenture
United Biscuit of Am deb 5s.. 1950 A O
1054
35
1044
*1114
conv
Union Pac RR 1st A Id gr4s._. .1947 J
1st lien A ref 4s
June 2008 M
109
107
14
874
4s ...1933
g
St Paul city ('able cons
12-year 4s
98
244
"18
854
*844
ertlflcates of
{(♦Union Elev Ry (Chic) 6s... 1945
1124 1134
Ios~~
864
♦<
61
M N
1996 J
gold 6s...
1996 A
8t Louis Iron Mt A Southern—
♦fcRlv A G DIv 1st
1074
102
58
824
354
2d
79
O
27
8t l>awr A Adlr 1st g 5s
98
93%
84%
"2
90%
1945 M
49
Istm4%sl966
A Grand Island 1st 4s... 1947
Ry Lt Ht A Pr 1st 5s...1937
90% 100
93%
90%
1957 A
Union Elec Lt A Pr (Mo) 5s.
Un E L A P (111) 1st g 54a A.. 1954 J
474
1074
Saguenay Power Ltd
10
100
99%
*90%
90%
A
Uljlgawa Elec Power s f 7s
82
105
1st con 4 Mb
1952 F
f 7s
474
33
Rutland RR
sec s
120% 122
130
115
49
S
M
122
354
94 4
1949
1941
123
*116
37
1948
Ruhr Chemical s f 6s
Rut-Canadian 1st gu g 4s
♦Guar
106"
101%
*105%
*121%
J
Trl-Cont Corp 5s conv deb A_. 1953 J
Truax-Traer Coal conv 64s... 1943 M N
♦Tyrol Hydro-Elec Pow 7%s._ 1955 M N
45
122 4
({♦R 1 Ark A Louis 1st 4%s._.1934
*110%
S
1949 M
454
*90
S
1942 M S
1946 J D
43
82
M
.
334
474
1949
1st con A coll trust 4a A
4s.
1st g 5s
86%
33 4
58
{♦Rio Grande June 1st gu 6s—1939
gold 4a.. 1939
96% 103
234
*1024
♦Rio Grande West 1st
99% 107%
15
81%
23
1955
Rlma Steel 1st s f 7s
•
12
102%
80 %
30
1952
Rlchm Term Ry lstgu 6s
77%
107
102%
43
444
444
1944
♦Certificates of deposit
26
106
81
106 %
274
274
*274
({♦Richfield Oil of Calif 6s
Toronto Ham A Buff 1st g
43
O
D
1950 A
Tol W V A Ohio 4s ser C
Trenton G A El
34
*244
274
A
1953
1928
274
284
♦Cons M 6s of 1930 with warr '55 A O
IV! N
♦Cons mtge 6s of
F
314
73%
57%
22%
100% 103%
D
J
Imp 34s 1960
Tol St L A W 1st 4s
High
Low
J
1953 J
1st 6s dollar series
Tol A Ohio Cent ref A
J
1st mtge 4 %s_ 1956 J
J
♦Rhelnelbe Union s f 7s
1946 J
J
♦Rhine-Ruhr Water series 6s.__1953 J
♦Rhine-'Westphalia El Pr 7s...1950 M N
♦ Direct mtge 6s..
1952 IV! N
Revere Cop A Br
Since
Jan. I
Bid
1960 J
High
No.
119
S
Price
6
Week Ended Nov.
110
S
M
Sale
Jan. 1
Range
Range or
Friday's
dk
Asked
Last
N. Y. STOCK EXCHANGE
1074
1064
IV! N
Republic Steel Corp 4 %s ser A. 1950
GeD mtge 4%s series B
1961
Purch money 1st M conv 6 Mb '54
13
BONDS
Since
High
1034
J
48.1951
Range
Is
1034
1074
Lovo
Reading Co Jersey Cent coll
GeD A ref 4%s series A
Week's
Friday
Friday
N. Y.
2969
New York Bond Record—Concluded—Page 6
143
volume
t
Deferred delivery sales transacted
Cuba Rep. 4%s,,
reorganized under
companies.
ourrent week. ♦ Bonds
'
during the current week and not
99% on Nov. 2.
I
Included
2970
New York Curb
Exchange—Weekly and Yearly Record
Nov-
NOTICE—Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the
week, and when
regular weekly range are shown In a footnote In the week! n which they occur. No account Is
aken of such sales In computing the range for the
year.
In the
1936
elllng outside of the
following extensive list
we furnish a complete record of the transactions
on the New York Curb
Exchange for the
Saturday last (Oct. 31, 1936) and ending the present Friday (Nov. 6,
1936).
It is compiled entirely
from the daily reports of the Curb Exchange
itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
beginning
on
Friday
Sales
Last
Par
Acme Wire
Price
Low
110
High
21%
4
72 %
—*
2%
Conv preferred—
*
Ala Power $7 pref.
$0 preferred
100
77
77
—*
1
com
—
71%
25%
28
$3
Allied Products cl A
Aluminum
24%
132%
120%
*
"53%
com
6% preferred..
Oct
81
84%
Oct
Feb
70
Feb
Apr
29%
Oct
Jan
4%
Feb
Jan
1%
Nov
Nov
Burco Inc
2%
69%
36%
Class A
Jan
87
Jan
152
500
109
Jan
121%
100
15
Feb
18%
2,000
45
Jan
75
Jan
2%
6%
6%
6
Amer Cyanamld class A. 10
37
34%
Amer Equities Co com—1
Amer Foreign Pow warr
2%
2%
Amer Fork <fc Hoe Co com*
24 %
*
*
Nov
48%
Jan
Nov
47%
Sept
39%
5% May
Jan
31%
Jan
29%
25
21,500
24
40%
111%
38%
110%
11
37%
36%
41%
28
3
24%
44%
111%
11%
37%
41%
28%
29%
1,700
375
33%
Jan
50
36%
Sept
39%
43%
100
26
300
27
14
100
45
52%
4,900
May
63%
Feb
June
Jan
4%
2%
Aug
5%
400
Jan
7% June
40
40%
1
1%
6%
5%
9%
14%
6%
13%
2%
1%
6%
6%
4%
30%
Option warrants
3
21%
%
732
30
Assoc Laundries of Amer. *
X
Rayon com...*
"4%
4
Associates Investment Co *
Atlanta BIrm Cst RR pflOO
60%
58
Atlantic Coast Fisheries. _*
Atlantic Coast Line Co..50
12
13%
5,100
10,700
6,100
3%
3%
7%
60
11%
41%
"15%
15
51%
3%
50%
19
Corp
*
1
5
2%
19
1
10
Automatic-Voting Mach.*
Axton-Flsher Tobacco—
1%
9%
7%
7%
44%
115
44%
110
1
3%
12%
42
15%
51%
3%
19%
1%
10%
8
46
115
Bower Roller
Bearing
Bowman-BUtmore
com
Nov
6%
Nov
Feb
316 Sept
%
Feb
4%
60%
Nov
1%
Jan
26%
8%
Jan
Aug
92
Nov
Oct
June
10%
June
45%
Oct
11%
May
16%
Feb
6,800
8,600
50%
2%
Nov
55
Jan
2,100
May
7% May
1,300
1
6,100
8%
July
Apr
1,600
6%
Oct
Jan
4%
Feb
21%
1%
Oct
Sept
11
Mar
12%
Jan
6
Aug
88
Oct
2
20
142
Jan
153
122
122
122
10
121
Jan
124% May
3%
11
32%
8%
8%
1%
400
9,600
3%
3,300
49%
35%
8%
1,200
1,900
200
28%
1%
4%
31
2%
23
5%
300
4,500
460
18%
5,100
"17% "lV"
2^606
Oct
"2%
""2% ""2%
""300
5%
49%
9%
2%
%
19%
40
30%
27
4%
53
39%
12
Aug
Aug
Mar
June
Nov
Feb
Feb
Jan
Oct
56%
Aug
Sept
Apr
18
Feb
3
Aug
20% May
31
May
%
2
Oct
Aug
Sept
9%
35
5
Oct
Oct
900
"io""
47%
9%
Oct
15
18% July
Jan
13%
2%
Apr
43% June
14% July
5
July
4,700
100
5%
48%
15
Oct
12%
4%
Oct
Feb
13
34
4%
30%
2%
Jan
July
July
35 %
22%
4%
13%
97
Jan
0%
2%
23%
6%
18%
Feb
Oct
Oct
Oct
37
Aug
Aug
Mar
108
Aug
1%
Jan
1,400
3
Jan
350
29
Jan
4%
8%
55
Feb
Feb
For footnotes
see page
*
•
2975.
100
7%
Apr
11%
Sept
Sept
Mar
29%
Mar
Jan
14%
Oct
Jan
2%
Mar
1
15%
2%
May
1%
Jan
July
*i§
5%
Feb
Nov
7
58%
Oct
6%
July
Ju'v
12%
11%
2%
1%
14
500
7,900
93
17%
18%
29%
8%
37%
Aug
Jan
13,200
2,400
75
Apr
95
Apr
18%
37%
8ept
Nov
775
450
7%
8
Sept
16%
Mar
99% May
Feb
107%
116%
Jan
475
31%
Jan
Jan
19
100
44
Feb
30%
Feb
7
Oct
100
15%
22
Jan
69%
125
58
Oct
09%
Oct
115
118%
550
105
May
124%
Mar
55%
54
56
3,750
38
Jan
50%
31%
33%
600
24
Jan
34%
Oct
Apr
%
'516
500
Jan
1% May
66%
Oct
'SJ6
62
65
4
49%
1,700
3%
47%
4%
4%
53
4%
45
45
54
59%
51%
16%
%
34%
70,300
3
16%
15
Jan
3%
May
0
June
03
Feb
60
300
10
40
June
%
Feb
June
7%
48
"9%
9%
7%
48%
10
2
5%
112
70%
Aug
May
05%
7,300
11
Jan
19%
July
Apr
Jan
5%
Oct
Oct
7%
Nov
1%
9%
Feb
Sept
May
52%
Aug
Aug
10%
100
400
41
225
8%
2%
Sept
6
1%
M ay
3%
Jan
100
6%
2%
3%
3%
Aug
Sept
9%
3%
4%
3%
11%
Oct
^0%
9%
3%
4%
3%
11%
47%
3,600
2,200
10
Oct
42
May
102%
"~3%
11%
Jan
43
1,300
3%
1%
9%
2%
4%
""3
42%
100
2,000
3
""!%
200
4,125
91
Nov
4%
5
109% 112
5,700
100
2,600
66,300
4,500
%
60,000
1%
1,500
%
Oct
Oct
73
Feb
Feb
Oct
Nov
Sept
Oct
Jan
Jan
Jan
%
97
116% July
6% Nov
117
%
Apr
1% June
July
%
Feb
2
Oct
55
Oct
Sept
33%
Oct
Jan
1%
Jan
11%
14% July
3% June
23%
6%
84
Jan
94%
112
52
Oct
51%
54
700
13
Jan
29
29
50
28
"ij
1%
600
1
16%
15
1%
16%
1,700
1
21%
21
22
8,800
6
4%
6%
88%
88
90
"75%
73
75%
9%
9
.L..
3
....
8%
112
2%
99%
1
15%
15%
82,100
2,500
~2~,450
2,200
63% June
3% May
Mar
Oct
Oct
3
1,600
2
May
3%
Jan
25
88
Jan
101%
June
99%
1
16%
700
% May
2
11% Sept
Jan
6%
18
400
Cooper Bessemer
22?i
22%
55%
8%
24%
3,200
57
1,700
4,300
16%
60
12
4%
113
2,100
18%
4
75%
9%
Jan
18%
4%
116
Jan
Apr
Aug
90
18%
12
Mar
Nov
180
Continental Secur Corp.
57
3%
10%
113
Cook Paint A Varn
com.
$4 preferred
5
7 %
41%
3,700
*16
16
7%
%
com
Jan
Jan
6,300
3%
61%
Warrants
53 preferred A
Sept
32
91
8% preferred.
.100
Consol Royalty Oil
10
Cont G A E 7 %
prior pf 100
Continental Oil of Mex
Cont Roll A Steel
Fdry...
56
May
X4H May
17
15%
45
Mines."!g
Feb
Feb
Jan
Aug
69
46%
Consol G E L P Bait
com
*
5% pref 1
100
Consol M in A Smelt
Ltd
5
Consol Retail
Stores
I
Oct
8,300
97%
Compo Shoe Machinery
Consolidated Aircraft
Oct
Nov
6%
15%
25
Commonwealths Distrib 1
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv.. 1
89
21
3%
3%
31%
50%
6
Oct
Apr
Jan
Oct
Ja<>
18
87 %
Nov
Jan
1(2
Feb
18
preferred..100
1
1%
1%
Nov
275
Corp.. 100
5% income stock A___£l
6% conv pref
Colorado Fuel A Iron warr
Apr
19%
42%
22
6%
1
Club Alum
Utensil Co
*
Cockshutt Plow Co com."*
Colon
Development.. 1 sh
Sept
Apr
20
*
Cleveland Elec Ilium...!"*
Cleveland Tractor com
Clinchfield Coal
50%
19
$7~pref I *
Claude Neon I ights
inc.
14%
Aug
46%
25
Clayton A Lambert
Mfg
82
12.500
Jan
10%
18
*
City Auto
damping
City A Suburban
HoraeellO
90
1,200
34,400
116
Sept
92%
17%
150
Oct
Aug
29%
82%
3%
2%
July
16
68
19
Nov
102
50
2%
1%
Mar
Jan
"l9% *21" "II300
3%
1%
6
30%
80
"46"
80
Feb
Feb
230
104% 106%
109
110%
81
4%
210
9
"19%
Jan
Feb
Mar
21
2% May
18%
Jan
13,700
10
22
Oct
1%
9,100
16%
Preferred
—.II
*
Preferred B_*
Preferred BB
*
Nov
Feb
Aug
6%
36%
98%
"38"
Nov
Nov
37%
90%
105%
109%
Mar
7
25%
170
5,900
Jan
Mar
600
97
17%
37%
8%
32
Jan
Nov
200
/■
'
35
Feb
%
58%
7%
17%
3
4%
24%
14%
6%
2%
Feb
Apr
H
800
100
29%
40
100
a16
14%
2%
IlO
.
Copper Range Co..,
21
Mar
%
4%
89%
Childs Co pref
100
Cities Service
com...... *
Cord Corp
Corroon A
Jan
2%
7%
800
100
16%
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...*
Chief Consol
Mining
1
Oct
Aug
600
6,700
1
16%
*
Oct
26%
Brillo Mfg Co com
Class A
Centrifugal Pipe
Consol Copper
Jan
125
92%
Conv preferred
.....100
Conv pref
opser '29.. 100
Cities Serv P & L
$6 preferred
Jan
%
3
6%
6%
36%
Oct
33%
56
15%
2%
5%
25
7
2
Jan
Nov
100
25%
7%
6%
Oct
June
90
Jan
100
51%
1%
Oct
%
7
6% pref without warr 100
7% preferred...
100
Commonwealth Edlson'lOO
Commonwealth A Southern
5,500
3%
103
10%
14%
*
....
Columbia Oil <fc Gas
30%
37
~40""
Cent Hud G A
Evto.... *
Cent Maine Pow
7% pf 100
Cent Ohio Steel Prod
1
Cent P a L 7
% pref
100
Cent A South West
Utll__l
Cent States Elec
com___.1
Oct
28
107%
*
Feb
3,600
47%
32%
57 dlv preferred
1st preferred
2%
200
26%
Jan
2,350
..15
3%
3%
3
com
Jan
Oct
18%
7% prior preferred.. .100
Celluloid Corp
Oct
7,100
Apr
100
90
29%
AmerlHIl
Celanese Corp of America
7% 1st partic pref...100
55%
152%
29%
21%
3%
Cata in Corp of
115%
"16
16%
23%
3,100
107
25
*
Jan
15%
Jan
100
*
July
18%
"16
Corporation
Products.
70
Oct
2
Casco
40
Oct
1%
Carrie
340
Apr
3%
NOV
50
16
*
com
900
151
3%
19
Jan
4%
P & L 57 pref—*
56 preferred
*
Colt's Patent Fire
Arms
Columbia Gas & Elec—
Conv 5%
%
4%
17%
*
Oct
Oct
%
2%
18%
3%
5%
18%
100
31
Jan
6,600
100
Class A
Jan
2,400
2d
7% preferred
Jan
Oct
3%
21
*
1
6%
2%
4%
2%
,
23
Brill Corp class B
Jan
Aug
1
100
Preferred
13%
28
290
25
Bridgeport Gas Light Co.*
Bridgeport Machine
»
Jan
1%
7% 1st preferred
preferred
Brazilian Tr Lt A Pow
1
29,100
100
*
10%
151
.*
6
Oct
6%
pref
*
Jan
June
17,400
2,000
Aug
July
*
Charts Corporation
Oct
700
6%
13
/Carolina
Cherry-Burrell Corp
Chesebrough Mfg
Oct
500
Carnation Co
Nov
12%
»
Mar
Aug
July
Aug
lj
*
%
10%
A
Oct
9%
39%
'S16
25c
Mar
Jan
Jan
15%
51
Purchase warrants.—...
Blckfords Inc com
*
Feb
97
*
com
Aug
4
Jan
—100
(S) A Co
Oct
112
Jan
9%
Baumann (1.) A Co com..*
7% 1st preferred
Borne Scrymser Co
Bourjols Inc
83
44
Jan
1,800
2%
10,900
4%
83,300
30%
11,500
% 109,800
200
%
4%
2,500
60%
Feb
Mar
104%
%
88
Austin Sliver Mines
Automatlo Products
Bohack (H C) Co
13
19,600
96
14
1%
4%
1,500
109% 109%
13%
Blumenthal
Oct
4
95%
Common
1
Feb
32
Amer deposit rets
Assoc Gas A Eleo—
Blue Ridge Corp com
$3 opt conv pref
Oct
4%
500
14%
conv
Feb
Nov
5%
Arkansas P A L 57 pref—.*
$2.50
1%
53%
1,200
Art Metal Works com
5
Ashland Oil & Ref CoAssociated Elec Industries
Black A Decker Mfg Co..*
Bliss (E W) <fe Co com
*
21%
Jan
3,500
5%
9%
Conv pref
Oct
2%
5%
Berkey A Gay Furniture,
Jan
4%
5%
1
July
4%
10
com
Mar
Jan
18
200
Nov
2%'
"~2 %
._*
Bellanca Aircraft
»u
4,500
Jan
Mar
Jan
45
Jan
5%
Bell Tel of Canada
100
Bell Tel of Pa 6%% pf-100
Benson A Hedges com
*
42%
Apr
Apr
*
7% 1st pref
Jan
Jan
2
Arkansas Nat Gas
Barium Stainless Steel
1
Barlow A Seelig Mfg A...5
Feb
29%
28%
25%
30%
82
~40%
Class A common.—.10
Babcock A Wilcox Co
*
Baldwin Locomotive warr
Jan
800
"l%
Atlas Plywood
Oct
19%
17%
25%
69,200
1
5
46
3
Arcturus Radio Tube
50
Feb
Oct
96
1
53%
41%
Angostura Wupperman..1
Apex Eleo Mfg Co com
*
Appalachian El Pow pref.*
6% preferred
Warrants....
Aug
July
12
2%
5
Atlas Corp common
47%
114%
Jan
93%
2%
93%
50
Associated
Apr
%
45%
*
*
Oct
40
*
$5 preferred
25%
62%
1st preferred
l
Class R
Jan
40
Preferred
Class A
Convertible class
108
25
1
Carlb Syndicate
4,200
27
550
Carman A Co—
Feb
Jan
40
28%
Feb
Feb
6
Nov
3
*
7
40%
9%
10%
24%
14
l
Jan
200
83%
3%
100
Capital City Products
Oct
36%
May
%
B
Nov
7%
30%
40
29%
6% preferred
25
Amer Mfg Co com
100
Amer Maraoalbo Co..—-1
£1
Nov
8,300
1,050
3,300
8,400
Common class A
37
19
32,600
28%
Preferred
Feb
Jan
Oct
Jan
7%
200
Am dep rets A ord sh £1
Am dep rets B ord shs. £1
Amer dep rets pref shs £1
2%
800
24
com
9
3%
2%
28
25
19
*
non-voting...
Canadian Marconi.
Nov
Oct
1,400
37
Canadian Indus Alcohol A*
40%
43
32%
46%
25%
107
"88"
10
Feb
Mar
3?%
Mar
9%
9
Canada Bread Co com
*
Canadian Car A Fdv pfd 25
Canadian Hydro Elec—
600
24%
—*
Butler Brothers
Cable Elec Prod vtc
Cables A Wireless Ltd—
Jan
45
46%
24%
...
Feb
2
Jan
400
21
Fence
9%
Calamba Sugar Estate..20
30%
91%
28
Anchor Post
26
53 convertible pref
*
Warrants
Burma Corp Am dep rets..
Feb
9
Jan
21%
American Thread pref
Jan
Jan
20
*
Jan
27
25
Amer Potash A Chemical.*
Am Superpower Corp com *
Jan
86%
Amer Lt A Tr
Amer Meter Co..
4%
77%
100
Amer Invest (111) com
Amer Laundry Mach
*
Oct
Jan
28
500
36%
24%
...*
3%
American General Corp 10c
$2 preferred
1
52 50 preferred
1
Amer Hard Rubber com.60
com
107%
100
37
"39"
com
Apr
Sept
Mar
Aug
4%
•i«
4,700
Feb
Mar
com
6% preferred
43
Preferred
200
41%
44%
40%
44
10
300
25%
Sept
68
1
4,1%
—
2%
60
36%
89%
25
1
700
70
7
25
warr
Amer Gas A Eleo
21
3,050
36%
89%
*
Class B
Class B n-v
500
25
27% Apr
26% June
19
55 1st preferred
*
Bunker Hill A Sullivan..10
6%
%
—*
Clas A with
1
%
June
2%
36%
25%
*
2%
15
100
400
9%
10%
300
50
23
32%
2%
300
25
High
Jan
28%
Oo6<ft pref.....100
1%
2%
10c
$3 preferred
Brown
Brown Forman
Distillery
Bruce (E L) Co
Feb
19
Low
200
32%
dep rets ord reg
Brown Fence & Wire com.l
68
23
reg._£1
British Celanese Ltd—
Oct
40
Range Since Jan. 1 1936
Shares
23
32%
British Col Pow cl A.—.. *
Mar
High
Tobacco—
3%
23%
24%
126% 132%
119% 120%
17%
17%
53
54%
10c
Common class B
*
Amer
Am dep rets ord bearer £1
Am dep rets ord
Am
Feb
1%
Low
23
Buckeye Pipe Line
60
Buff Niag A East Pr
pref25
69%
100
$5 50 prior pref
Am Cities Pow A Lt—
35
Oct
87
American Beverage com.. 1
American Capital—
Class A com
Mar
Jan
100
American Book Co
Oct
4%
3,200
28
25
25
_
Goods Mfg
Aluminum Ltd
25
100
*
com
6% preference
77%
25
Price
.....
*
Aluminum Co common.
Oct
Registered
British
3%
3%
*
-
pref
conv
Mar
19
9u
37%
67%
Allied Internat Investment
Common
Mar
Aug
4%
600
600
Week
1H
-*
—
25
200
150
for
of Prices
British Amer OH Coupon.»
Oct
113%
2%
Apr
9%
Aug
44% May
2% June
200
78
com-
Jan
2%
26%
%
79%
83%
72%
Week's Range
Sale
Par
49
June
73
9is
60
May
15
2%
26%
Last
High
99
2.200
71
Warrants
Alabama Gt Southern-
Allen Industries
Low
60
4%
Sales
STOCKS
(Continued)
300
22
4
1
10
com
Alliance Invest
Range Since Jan. 1 1936
Shares
109% 110
21%
»
Agfa Ansco Corp com
Alnsworth Mfg Corp
Friday
Week
40
7% 1st pf 100
Aero Supply Mfg cl A—
Class B
Air Investors
for
of Prices
com.-.20
v t *
Adams Mlllls
Week's Range
Sale
STOCKS
10,100
Oct
Oct
Feb
Oct
11
Oct
19%
Oct
Oct
Oct
60
Jan
25%
Jan
58
Oct
6%
Jan
12
Nov
3%
Aug
8
Mar
4%
July
8
Feb
Jan
95
Nov
9%
34
Oct
Reynolds-—"
Common
.1
7%
7%
50 preferred A
Cosden oil com
!!__*
95
1
3
Preferred
Creole Petroleum
III100
24%
5
27%
24%
27%
*
12%
11
l
"16
Crocker Wheeler Elec
Croft Brewing Co
Crowley, Mllner
91%
3
%
7%
95
3%
26%
28%
12%
"16
3,600
400
1%
6%
Jan
4%
Feb
Jan
27%
15,300
19%
Jan
34%
Oct
Feb
Apr
16
Feb
5,100
3,400
Co"!!*
A
Crown Cent Petroleum
1
65
5,100
1,400
9
%
6
"1%
1%
2
IOIO'OO
1%
Sept
1%
Feb
May
11%
Jan
2%
Oct
Jan
Volume
143
New York Curb
Friday
STOCKS
Last
(Continued)
Sale
Par
Crown Cork
Price
Internat A..*
14
Crown
Drug Co com...25c
Preferred....
25
Crystal Oil Ref
Cuban Tobacco
Cuneo Press
com
Week's Range
of Prices
Low
434
434
300
454
2334
Petroleum
354
Oct
25
22 34
June
54
Aug
Jan
Feb
9
100
4 34
37 34
106
54
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
Class A
34
1 534
8.600
18 34
*1634 "l9"
1.300
'16
13 34
..
3,400
35
Dennlson Mfg 7% pref.100
Derby Oil A Ref Corp com*
Preferred
*
534
81
Dictograph Products
2
Distilled
9
1154
Feb
4834
Oct
109
Apr
134
Apr
Nov
Jan
1034
1034 June
22
May
634
Feb
3,200
134
Jan
Mar
81
1734
1954
14
17
3.800
854
954
49
1.100
3.400
754
34>4
9
4734
4534
50
2634
100
16k
Aug
400
19
"28"
"2754 "31"
19
4*200
11
11
2734
3454
2754
1.200
3654
854
834
6,000
700
600
Apr
Nov
73
654
Douglas (W L) 8hoe Co—
7% preferred
100
Dow Chemical.
__*
2734
3654
38
130
4154
127
81
1854
July
Aug
10H
Apr
Heyden
Aug
5054
3034
Oct
Oct
Mar
434 June
1554
1.100
*94 34
85
10
05 34
200
preferred
100
DubiUer Condenser Corp.l
108
108
10
400
.100
Durham Hosiery class B
*
Duval Texas Suplhur
*
Eagle Plcher Lead
10
East Gas A Fuel Assoo—
Common
4 34
»
% prior preferred. 100
6%
preferred
100
Eastern
*
13
15
66
6734
300
5234
5534
1.050
4,200
States Corp
$7 preferred series A
"254
*1*366
50
*
3
53
300
51
500
3,800
550
254
$(} preferred series B___*
Easy Washing Mach "B"_*
"51"
50
1434
13
1434
Economy Grocery Stores. •
2234
1834
23
Edison
Elsler
Bros Stores com
16
preferred
Elec Power Assoc
20
2434
70
6854
74
8134
8054
8334
1034
1
com
i
"9"
*
Class A
Elec P A L 2d pref A..
64
854
60
Oct
July
111
Sept
34
Jan
6
Mar
Feb
85
Illuminating Shares
Mar
6934
4134
Jan
85
2334
July
42 34
Feb
134
May
334
Oct
2434
Jan
55
23
Jan
54
654
Jan
Jan
v
1154
954
66
16,9oo
230,400
3,400
4,200
2,500
5,300
425
Jan
Mar
83
554
couv
pref w w
*
Elec Shovel Coal $4
pref..*
99
1534
2334
Jan
69
234
1554
6434
7454
Apr
6%
preferred-.
6 34%
preferred
100
7% preferred
8% preferred..
100
100
60
63
Empire Power Part Stk..»
Emsco Derrick A Equip..6
Option
warrants
7% preferred
Ex-cell-O Air A Tool
100
,S16
1934
3
2034
Fairchild Aviation
Falstaff Brewing
__1
*
l
Fanny Farmer Candy
1
Fansteel Metallurgical...*
Fedders Mfg Co com
"21" "4*806
234
19,200
S16
1,400
3,300
1.350
2,900
1.200
16
%
1
10
16
20
1934
2054
7
7
734
9
2134
1954
1234
10
3,200
2134
1,200
200
400
1.200
13
454
7%
Am
Internal Holding A Inv
Internal Hydro-Eleo—
Pref $3 .50 series
IntI Metal Indus A
50
99
Nov
10
Jan
2934
Feb
15
Jan
1934
Apr
Jan
44
Jan
6334
Oct
Jan
65
Jan
66
43 34
47
Jan
6654
Jan
72
Jan
31
Julv
July
July
Feb
July
Sept
Jan
2134
Apr
134
July
334
Feb
July
'it
34
Jan
Aug
14,500
425
1.500
854
854
2,000
Ford Motor of Can cl A._*
Class B
2434
2434
2554
6,500
Am
5
Jan
454
454
1334
dep rets ord reg__£l
Gen Gas A
10
10
1854
254
1854
254
23
2234
2334
300
1954
1934
2054
2,400
56 preferred
66
Apr
Sept
Jan
Jan
Jan
10
Oct
2134
Jan
Nov
17
3654
Sept
Jan
40 34
Mar
2854
112
754 May
19
July
2234 June
850
254
200
66
50
332
34
94
95
89
90
154
2154
154
2234
50
1434
1 554
154
2234
'11%
Jan
154
934
Feb
Nov
79
Oct
6434
Oct
6% preferred A
100
Georgia Power 56 pref
*
55 preferred
Gilbert (A C) com
754
Godchaux Sugars class A_*
Class B
*
1554
4254
2934
70
Oct
234
76
Feb
Sept
34
Feb
1003*
Sept
2334
Jan
62 34
Mar
1634
Sept
1554
2,700
3954
2834
4254
3034
2,000
1334
700
Grand Rapids Varnish
*
Gray Telep Pay Station.. ♦
For footnotes
see
page
2975.
2334
334
1134
25
2134
2134
354
1234
1,700
14,800
Aug
Oct
34
102
90 34
200
234
200
3
134
134
134
300
134
14
15
'74* *
7154
7454
2,750
27
2734
400
150
Feb
4354
3234
104
Kleinert
Oct
14 34
Feb
334
434
4,800
3
July
534
Feb
3634
3634
3654
10,000
434
434
434
200
5i«
Feb
Oct
Oct
10
1654 May
234 July
2534
Oct
454 8ept
1,200
10
Jan
16
Apr
300
17
July
3254
Jan
11
134
300
134
Aug
3934
Apr
Aug
May
38 34
Fel
3 34
4
6
35
2734
1954
534
3334
2434
34
2634
6
8,900.
35
1,000
May
34
2354
Sept
May
Jan
34
May
100
34
34
14k
Aug
425
7034
3J
54
3134
2634
154
Apr
6.400
Jan
34
17
9334
9434
93
9434
70
76
Jan
10134
101
10234
270
86
534
534
7954
8354
4,700
4,500
May
Jan
30
Jan
8354
2834
Oct
29
Mar
534
83
9,
'16
434
113
113
134
"16
300
434
200
34
134
20
11134
113
Jan
Jan
9754
105
634
""1734 "1734
'""IOO
"22"
21
22
.
300
200
'"*9*
1
105
104
"21" '"2l"
5754
534
"5k
105
114
48
Oct
July
1854
Jan
3H
July
534
134
4
234
Jan
716 May
Jan
1834
Jan
""366
334
Mar
100
9634
Apr
10k
May
634
34
24
11*4
954
107
534
1254
"22"
MOO
14
Jan
x25
5834
55
8,200
61
Jan
60
554
1,000
1134
54
,5i6
1,300
"1434 "ll%
4*,400
99
100
110
534
70
Sept
Mar
834
100
134
1S16
*
"uk
*
634
June
100
1154
July
3,400
634
34
Jan
434
Jan
2
107 34
Feb
111
734
Jan
25
1234
1,700
534
....
9
1154
454
1034
1254
7,500
934
Jan
1434
534
12,300
334
7234
Apr
Jan
90
July
64
Jan
84
July
78
634
554
1354
1234
100
*
1834
634 May
8954
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana PAL Co—
223*
Apr
3,100
77
7734
Jan
3
954
85
100
Mar
17 34
634
Loblaw Groceterias cl A..*
Class B
*
1534
734
1854
634
634
14
100
70
300
7
700
554
Oct
854
Feb
934
Jan
1534
May
25
94
May
102
100
134
Oct
234
200
3434
834
9
400
65 >4
10
9034
95
170
Jan
Apr
Apr
94
134
Sept
24,900
38
154
38
Sept
Nov
Oct
10
8
......
Aug
Aug
Aug
154
034
46
100
Lucky Tiger Comblnat'n 10
Lynch Corp common
5
Mangel Stores Corp
•
634% pref
100
1434
234
90
9%
20
100
Jan
3454
100
15
Jan
Jan
234
Jan
850
1
64
Feb
310
1,200
734
Sept
5
2734
34
34
*
Jan
Sept
2734
1 954
25
34
100
July
Jan
9i*
87
15
preferred
Jan
34
4,400
1034
...
Oct
3234
64
15
$6
\
554
'""406
34
1234
Oct
7
3334
*
734
34
1334
Aug
1/5
1034
Common
1934
Feb
10
1,500
15
7% preferred
6% pref class B
Apr
Feb
6,100
Lehigh Coal A Nav
Refining
334
13
1934
Lakey Foundry A Mach..!
Lane Bryant 7% pref.. 100
Lefcourt Realty com
1
Preferred
*
Oil
Jan
Sept
12 54
500
.__*
34
Feb
1154
434
I.io
Rubber
84
Nov
27
Oct
13
Lone Star Gas Corp
Long Island Ltg—
Oct
Oct
Aug
1654
Feb
Oct
Oct
48
100
13
934
Feb
954
46
1234
1
Feb
Jan
1734
Lockheed Aircraft
Aug
9
6834
134
Jan
18 34
Jan
Mar
634
334
434
Lit Brothers coml
Sept
234
Jan
1834 June
2454
334
1234
4234
434
Oct
Mfg Co—
Vtc agreement extended
Grand National Films lnc 1
37
5,700
Lion
854
Oct
20
100
.534
Leonard OH Develop
25
Lerner Stores 6 34 % pref 100
74k
Jan
Jan
Oct
Sept
Feb
5
Oct
47 34
Jan
1034
Mar
534
Jan
Apr
Apr
8
"*566
90
July
Apr
24
67
Jan
1434
1
Kreuger Brewing
...1
Lake Shore Mines Ltd._.l
Jan
1554
Feb
2434
2434
1
Products
Sept
Oct
5
Sept
6934
Jan
254
2134
79 34
Sept
7*4
Apr
234
2334
1334
00
1334
234
Jan
1234
Nov
Jan
2034
...1
Feb
434
Aug
Apr
Apr
*
Gorham
Vtc preferred A
*
Kansas G A E 7% pref. 100
Jan
47
5054
Jan
334
Keith (G E)
7% 1st pf.100
Ken Rad Tube A
Lamp A*
Koppers Gas A Coke Co—
6% preferred
...100
Apr
Jan
934
Jan
May
3054
3834
6254
3
*
Klrkld Lake G M Co Ltd.l
Klein (D Emll)
2 34
*
53 preferred
t c
Klrby Petroleum
Jan
200
"*"k "*3",6
Mines. 10
Gorham lnc cl A
v
Feb
104
Consol
Common
Feb
Jan
preferred
Goldfield
Naumburg...2.50
Mar
40
Glen Alden Coal
Jonas A
Jones a Laughlin Steel. 100
Julian & Kokenge com
*
Kansas City Pub Service—
434
'ii
Jan
334
534% preferred.....100
0% preferred
100
7% preferred
100
19
Jan
6
234
32
100
89
32
June
"7% "7%
4234
88
Jan
'Ji« May
234
100
89
Sept
6854
I*
10,900
34
1634
Kingston
1
Preferred
4234
34
Feb
67
'"*175
14
1534
2854
71
"87k
2334
22 34
14
1
2
85
*85*
2234
16
Superpower A
Kingsbury Breweries
20
600
2234
Warrants
Feb
100
1,800
23J
Jacobs (F L) Co
Illlli
Jersey Central Pow A Lt—
16
13
Aug
40 34
30
934
400
18 34
1
954
400
8,900
56
..1
Nov
1834
1254
Sept
Aug
June
3i6
10
40
53 convertible pref...._
57
Sept
54
934
New warrants
Nov
2,400
50
Telephone com_20
19,300
53
134
Kress (8 H) A Co pref-.100
134
2,400
*
*
Feb
June
1 854
154
5534
preferred.IIII*
Italian
21
2354
1034
May
10
34
General Tire A Rubber...5
B
prior
1
12
100
154
Warrants
General
A
class
$7
Irving Air Chute
Eleotrlo—
Gen Outdoor Adv
6% pflOO
Gen Pub Serv 56 pref
*
Gen Rayon Co A stock..
Class
Knott Corp common
Gen Investment com.....1
$6 preferred
52
454
Internatl Safety Razor B_*
Internat'l Utility-
Feb
23 34
234
10
Flreprooflng com....*
International Petroleum..*
Registered
*
International Products.I.*
6% preferred
..100
134
Ford M otor of France—
American dep rets 100 fee
400
54
4
Iron Fireman
Mfg v t O..10
Jan
5634
1,900
134
19
450
_
Oct
117
854
Gen
Warrant«77?...
Feb
Apr
454
Apr
40
May
4034 May
Froedtert Grain A Malt—
Conv preferred
15
*
CorpI_.Il
54
47
50
General Alloys Co..
Gen Electric Co Ltd—
Internal Mining
International Vitamin.._ 1
Interstate Hos Mills
*
Interstate Power $7 pref.*
11254 113
934
7734
Mar
.*
Julv
11254
834
Nov
7634
57
1,700
International Cigar Mach *
July
Feb
Brewing Co
lioo
preferred
Mar
89
dep rets ord reg..£l
Fox
7%
]
12
Jan
75
3134
22%
Jan
Insurance Co of N Amer. 10
July
52
1114
10434
18,300
Sept
Julv
34
9
Nov
Jan
June
485
26,100
2134
Mar
8834
74k
""5534
July
May
Vtc common
79
70
1
39%
434
*
Apr
Jan
1,300
;*
Sept
A pr
Jan
84
100
1134
29 %
354
34
8234
Corp
Jan
100
525
Jan
3834
$6 preferred
Florida P A L $7 pref
Ford Motor Co Ltd—
17 34
5054
*
Julv
54
8334
Flsk Rubber
July
1334
Oct
634 June
Finance^
27
National Stores—
1st preferred
100
First
Jan
35
40
2134
2,900
49
034% pflOO
class A
Feb
l
54
55
Feb
1334
Jan
*
com
Sept
100
300
Oct
Jau
Feb
6 34
(Phila).10
Corp
Brewery
3
634
L
Non-voting
industrial
3234
Fldello
July
Indian Ter Ilium Oil—
Mar
40
Fire Association
July
134
"*9*34 "*9k """566
Imperial Tobacco of Great
Britain and Ireland
£1
Class B
32
__*
Jan
1054
1,500
50
454
Oct
Jan
Mar
Aug
Mar
40
Ferro Enamel
Imperial Oil (Can) coup..*
Registered
♦
Imperial Tob of Canada.Is
934
7534
1434
634
1834
17 34
25,000
cl A__*
Apr
15
Oct
Industrie?
Investors Royalty
16
...
Evans Wallower Lead
1854
134
234
254
10 34
Sept
Sept
3834
234
Corp com
10c
Eureka Pipe Line
50
European Electric Corp—
2534
7234
Apr
13 34
ioo
Apr
Jan
21
"2034
Equity
Apr
1
Oct
Nov
Apj
Sept
1,300
1,200
35
15is
1734
Oct
deposits rcts...£l
Oct
44
250
200
134
1834
22
300
"""266
42
3434
1334
8*4
Jan
May
57
1354
Aug
June
88
"5534 "59k
1834
1734
134
Sept
14
825
""
"57H
134
234
934
534
Feb
9254
Feb
100
134
254
75
8834
143*
500
1434
534
2534
554
42
"35"
654
43
Nov
Jan
50
Mar
50
134
117
Jan
9934
854
52
Jan
34
72
99
954
52
Mar
Feb
Ind'po-isPA
3054
52
234
18
*
934
42
Oct
1034
3 34
Oct
Jan
50
Oct
634 July
154 June
Feb
May
100
1354
Jan
10
5
14
37
30
2
1734
Chem
Amer
13034
129
Apr
200
1,000
14
10254 117
2434
134
5
*
2434
8
4,200
Elgin Nat Watch Co
15
Empire District El 6% .100
Empire Gas A Fuel Co—
"l6
Mar
Feb
124
39
634
1734
Electrographle Corp com.l
334
1
1,000
1,300
1,900
15,600
11034
754
534
99
3
250
3734
7
29734
High
Indiana Pipe Line
10
Indiana Service
6% pref 100
7% preferred
100
Shareholding—
i
Loto
Oct
1534 June
1834
Range Since Jan. 1 1930
68
1434
534
10
Illinois P A L $6
pref
6% preferred
Imperial
Mar
734
134
Hydro Electric Securities *
Hygrade Food Prod
6
Hygrade Sylvania Corp..*
Oct
1534
734
1734
1434
1
Jan
1134
350
134
Common
Jan
Jan
25
36
1734
7% pref stamped.IIII60
7% pref unstamped..100
134
Jan
129
1134
1134
3734
3934
7% preferred
100 £10534 £10434 10634
Hud Bay Mln A
31
2854
3134
Smelt...*
65
Humble Oil & Ref.
70
7434
*
Huylers of Delaware lnc—
1054
4
12534
35
3734
Aug
734
for
Week
Shares
120
*
Chemical
July
554
6
warrants
Common
$6
4
*
$6
Electric
21
354
*
preferred
Option
354
l
Elec Bond A Share com..6
130
105 34
Jan
36
*
Electric Corp
Apr
Oct
5
13,900
634
Nov
Jan
06
5534
634
4154
39
7.000
654
6634
Oct
Aug
8634
100
834
Malleable Iron.25
Eastern
1434
734
Oct
1054
June
25
%
834
..
9
July
High
I.II25
Hecla Mining Co
Helena Rubensteln
Oct
Range
of Prices
76
5
_..___*
Aug
June
Nov
29
3J4
Hazeltlne Corp
2734
3654
2834
81
.
2354 Mar
275^ May
85
354
*
Horn A Hardart
85
80
1
A Alabast.*
Oct
29
354
334
,516
11434
Lamp Co
Jan
I*
80
Hall
1254
10
Duke Power Co
Gypsum Lime
35
Driver Harris Co
108
25c
Gulf OH Corp of Penna.25
Gulf States Util $5.50 pf.*
Jan
534
11
Draper Corp
7%
734
Haloid Co
Oct
Week's
Low
129
12534
'*36
*
Hires (C E) Co cl A
Holllnger Consol G M
Holophane Co com
375
130
Greenfield Tap & Die
Grocery Sts Prod com
Guardian Investors
May
8
3834
stock....*
com
Han ford Electric" Light 125
Hartman Tobacco Co
*
Harvard Brewing Co
1
Distillers Co Ltd—
Arner deposit rets
£1
Doehler Die Casting
*
Dominion Steel A (po&l B 25
Dominion TarAChemcom*
Non-vot
7% 1st preferred
100
Gt Northern Paper.....25
Oct
Oct
Price
Great Atl & Pao Tea—
Oct
3234
Aug
Jan
15
6
Liquors Corp
Oct
1534
1934
1634
..1
*
Diamond Shoe Corp com.*
Feb
Feb
234
Mar
1734
6% pref ww
..20
Detroit Gray Iron Fdy_._5
Detroit Steel Products
654
25
July
»16 Sept
80
Detroit Gasket A Mfg coml
Detroit Paper Prod
Mar
1634
z9
50
6
Sale
Par
12
5
com
Jan
200
9
preferred
100
Cub! Mexican Mining..50c
Last
High
7,300
6 34%
Darby
im
2
*
com
Low
134
vtc..*
STOCKS
(Continued)
Shares
14
2334
Range Since Jan. 1 1930
for
2971
Sales
Friday
Week
High
14
*
com
Exchange—Continued—Page 2
Sales
4
4234
98
Sept
Mar
Feb
Oct
Oct
New York Curb
2972
Sales
Friday
STOCKS
Last
Week's
(Continued)
Sale
of Prices
Low
High
Pa
Consol
Mapes
Price
21
21%
Marine—
34
Range
21%
for
200
Low
20
Feb
July
934
Jan
12
June
2234
Mar
Sept
InternatlMfg—
Marconi
Week's Range
for
Sale
of Prices
Week
Par
2754
Oldetyme Distillers
rights
Margay Oil Corp
Marlon Steam Shovel
Securities
*
1634
200
17
12
12 X
600
5
Apr
15
Masonlte Corp new com.
47
46
44
Oct
48%
3
3
48 34
3
1,200
Mane Utll Assoc v t c—-
Mas«ey-H arris common...
Master Electric Co
534
534
2,200
1534
15
15%
6
700
800
1%
Oct
14%
Feb
Aug
4
4
734
Jan
Oct
1634
Aug
Jan
Price
1
Pacific G & E 6% 1st pf-25
634 % 1st preferred—25
$6 pref
...
Pacific P & L 7% pref. 100
Pacific Public Service
*
$1 30
1st
*
*
preferred
stock
Mayflower Associates
57
57
100
60
June
64
Apr
Pacific Tin spec
May Hosiery Mills pre!—
McCord Had & Mfg B—
5034
50 X
50
42
Feb
53
Oct
1134
1,200
854
3934
900
35%
Oct
200
7934
Feb
4,600
'"31k"
834
834
600
634
6,800
2,900
32
3134
29
106
Low
2934
500
106
10634
200
77
2534
500
7
2534
24%
3834
11%
37%
Jan
37%
109
107
Memphis Nat Gas com..
o 34
6
OX
2,100
5%
Aug
Mercantile Stores com—
33 34
31
33%
900
2034
Jan
McWUllams Dredging
Mead Johnson & Co
100
preferred
7%
109
89%
5%
A—'
Merchants & Mfg cl
Participating preferred.
4%
4%
6%% A preferred... 100
47
Mesabl Iron Co
J
S16
f
125
1,600
3 34
Michigan Steel Tube..2.50
Michigan Sugar Co.——"
10
Preferred
334
2X
"16"
15%
1
X
5
534
3%
40
3%
2,350
20
13,600
1%
2%
Aug
Aug
1J4
15%
%
Jan
16
800
1
1,800
5X
500
105
6
Aug
Oct
Sept
Nov
Class A
v t c
534
4%
Class B
v
t
134
IX
5%
1X
8,100
6,500
Midland
Parker
Sept
34
102
Jan
Mar
Apr
Apr
Feb
Feb
434
Mar
354
454
Oct
Mar
18
Aug
134
654
Feb
Jan
23
$2 non-cum div she
com60
Mining Corp of Can
Minnesota Mining & Mfg
Miss River Pow pref.. 100
Mock, Jud., Voehringer
Co
.2.50
common
Moh & Hud Bow 1st
pref.*
preferred
*
Molybdenum Corp——1
2d
A._*
Utll—10
Montgomery Ward A—
Montreal Lt lit A Pow...*
Moody Investors pref
*
Moore Corp Ltd com.—,*
Preferred A
100
Moore (Tom) Distillery.. 1
Mtge Bk of Col Am shs
Mountain Producers
10
Mountain Sts Tel & Tel 100
Mueller Brass Co com..—1
Nachman-Sprlngfllled
*
Nat Auto Fibre A v t c—*
National Baking Co com.l
Nat Bellas Hess com
1
Nat Bond A Share Corp..*
National Container com..*
23X
400
76
23
76
Mid vale Co.
325
4
600
72
4
3%
234
39%
"40"
14
2%
40
14
900
525
70
115
115
14%
800
10334 105
103 34
90 X
950
94
,625
85
s 54
7%
8%
7,900
Monroe Loan Society
Montana-Dakota
$2 conv
preferred....—*
*
National Fuel Gas..
A...6
com—1
1
National Gypsum cl
National Investors
$5.50 preferred
Warrants
National
*
^Stores com...*
011 Products
4
National P A L $6 pref.—*
153
National Refinlhg Co—25
Nat
Rpbbttfi Majoh
*
N at
Servicelcojcnmon
230
700
25
7X
35%
43
25
43
44
200
"~7~X "7%
"lx
i',706.
5%
5X
148% 148%
6,400
42%
45%
7,400
21
21
35%
37%
1,100
2%
50%
54%
1,200
25%
23
25%
1,000
20
18%
52 %
20
55%
2%
3,100
"30%
2
2%
54
55 X
2X
2
1%
1%
10
100
1,000
900
National Sugar Refining..*
10
Transit.... 12.50
Nat Union Radio Corp—1
30X
29
3034
700
86
85
89
7%
434
316
134
2834
2534
834
1134
4%
.....
32
2654
*
Nebraska Pow 7 % pref.
100
*
Nelsner Bros 7% pref—100
Nelson (Herman) Corp
5
Neptune Meter class A
*
Nehl Corp common
1,000
734
100
900
5
34
134
32
3,300
100
600
2634
2,800
75
1.134
134
1,100
34
300
1934
500
11234 11234
11%
110
1
1%
X
8
18%
U2%
1,600
15
15
100
14%
1034
15
3,400
.....
134
Nestle-Le Mur Co cl A.—*
..100
preferred
New Bradford Oil..
5
New England T & T Co 100
New Haven Clock Co
26
Jersey 2iino
New Mex A Ariz Land...
7734
334
Nov
115
July
14
Nov
81
Jan
'""366
250
30
111%
10334 104
8%
6
Niagara Hudson Power—
Common
15
Class A opt warr.——
Class B opt warr
Niagara Share—
common
..5
NUes-Bement-Pond... .__*
Nlpisslug Mines
5
Electric
1
Nor Amer Lt A Pow—
834
41%
6%
3%
1434
*
preferred
No Am Utility Securities.*
May
Aug
11634 118
130
34
S16
2,300
234
234
1,000
Ohio Edison $6 pref...
*
100
com
5
Oklahoma Nat Gas com. 15
preferred
50
1434
13
1434
46
4534
46
July
2
500
54
234
234
2,300
934
1034
3,300
-
X
107
1,850
534
534
300
316
8234
9034
107
34
85
9034
400
900
110
10
10834
100
854
200
Apr
3334
3,400
21
Sept
33
Apr
17% May
45% June
60
Sept
May
%
2
25%
Aug
Jan
23
9
1%
0%
6934
1%
23
2%
510
30
150
110
0%
162
3134
38
1634
1934
454
34
4,900
2
Jan
Nov
92
834
854
Oct
Mar
Feb
Feb
Feb
Nov
Jan
Aug
Oct
Apr
July
Oct
May
Feb
Oct
Jan
Feb
Apr
Sept
Apr
Nov
Jan
Mar
Jan
Feb
734
4,300
654
Nov
1234
*
Erie .50
8%
1
Erle.50
"l~2 34
Meter
Pittsburgh Forglngs
Plough Inc
Sugar com
Potrero
Producers
$6
93
154
4%
Pub Serv Co of
834
7,800
42
13
93
9434
12834 13134
1%
154
1734
18
4
454
934
934
220
1,100
200
700
3534
516
Jan
Aug
1254
103
1063*
10634 107
175
109
109
109
800
104%
934
Sept
Oct
37
Jan
Oct
Sept
July
38
854 May
98
Sept
Oct
•it
134
1634
100
100
Feb
Feb
Oct
Sept
1254
103
*
*
$7 prior pref
$6 preferred
Nov
July
Common
Oct
111
3854
71
4134
Oct
37
Jan
Jan
7154
Apr
77
48
6734
3734
1434
48
6754
11634 11634
—100
6% preferred
10534
Mar
Apr
7034
111
Apr
119
450
450
com..*
.....60
Pub Serv of Nor 111
Jan
10334
25
45
Oct
Oct
Oct
Oct
Sept
Okla—
96
pref...100
7% prior lien pref—100
4
Pub Utll Secur $7 pt
60
96
101
pf.—*
6% prior lien
10134
'
*
*
6
Pyrene Manufacturing—10
Quaker Oats com...
*
6% preferred
100
Quebec Power Co———*
Ry A Light Secur com
*
Ry A Utll Invest cl A
1
82
7734
4254
4034
19
1834
854
8%
125
92
Jan
101
80
98
Jan
110
150
4
134 June
Sept
Feb
734
July
825
5034
Jan
1,475
22
Jan
8754
4734
Sept
Sept
19
125
14
Jan
20
Sept
8254
4434
9
800
12234 125
380
115
June
146
20
141
Jan
146
534
2334
600
1434
Jan
2334
550
17
Jan
2334
2354
Jan
234
34
Prod—
Class A..———
*
Class B
*
Feb
'16
100
Aug
16
16
100
Sept
Hi
-—*
Common
$3 conv
18
Feb
17 34
1 854
1,150
Feb
1934
Apr
Oct
534
*
Reed Roller Bit Co
46
Jan
754 June
1534 Mar
1054
1034
11
2,500
3
Jan
3234
32
21
June
654
(Daniel) com——*
*
Feb
254
25
preferred....—*
Raytheon Mfg v t c—50c
Red Bank Oil Co
——*
"~'ri6
200
634
July
834
Sept
500
5u
Jan
134
Mar
400
8,600
434
1%
Jan
254
1054
6
400
634
334
May
700
113
Roosevelt Field Inc..——6
234
234
234
800
1454
1434
1554
2,500
60
Oct
Jan
Safety Car Heat A Lt—100
St Anthony Gold Mines..1
534
Feb
Ltd—*
5
St Regis Paper com
7%
preferred
100
Salt Creek Producers
Jan
Sanford Mills com
Savoy Oil Co
Schlff Co common
Schulte Real Estate
Scovllle
Feb
105 34
2
Jan
Jan
113
854
4%
1934
Feb
Sept
Oct
Feb
Apr
100
•u
Jan
134
Mar
3834
Jan
27
3054
1,600
1034
15,000
9834
3054
1034
3054
934
Nov
954
3
16654
334
134
300
34
34
634
734
31,500
10434 10534
625
70
100
o'1*
,
334
165
554
60
134
3754
3754
54
"56"
49
3854
900
1
1,750
4
26
500
50
Jan
Jan
Apr
234
634
105
Jan
Mar
8
200
3
10054 105
*
Manufacturing.25
Oct
Apr
Sept
Sept
Oct
200
5
*
Oct
95
*
Jan
Mar
1834
10
Jan
6%
10634
1834
Ryan Consol Petrol......*
334
1134
July
434
1434
*
Aug
Apr
Mar
Jan
90
20
$1.20 conv pref
Royal Typewriter..
*
Russeks Fifth Ave..——*
Rustless Iron A Steel..—*
7
354
1134
Oct
106
0%
Rossla International
Oct
1,600
54
634
pf 100
Rogers-Majestic A
34
3354
7
10434
Oct
Oct
Jau
"16
*
July
Nov
Raymond Concrete Pile—
6% pref class D
100
RochesterTel634 % lstpf 100
Sept
Oct
Rainbow Luminous
Jan
Oct
Apr
22
434
1754 Aug
54 May
334 Aug
Jan
149
20
Rochester G A E 7 %
Feb
Feb
934
1373s
2334
Jan
July
Jan
"2154
434
Jan
Aug
Jan
'16
4%
105
*16
23*
754
Apr
Oct
Nov
Apr
Nov
Feb
Aug
Oct
May
105
Oct
Sept
Sept
10
Feb
Jan
May
30
23
Aug
71
634
41
134
Oct
Apr
Ocl
Feb
Apr
50
Nov
Jan
85
Sept
Jan
Apr
Jan
Feb
Jan
Mar
Feb
Mar
Scranton-Sprlng Brook—
38
Mar
3054
Sept
Feb
42
Water Serv $6 pref
Segal Lock A Hardware.
10934
Sept
Selberling Rubber com
11C 54
July
2
Jan
x3054
Jan
40
7,700
254
Jan
Feb
Oct
4534
200
4134
234
334
11,600
134
334
Selby Shoe Co
11454
10934
150
234
4534
354
Seeman Bros Inc
Nov
554
4634
434
454
300
4534
Securities Corp general...*
4734
Selected Industries Inc—■
10134
Jan
500
13 34
Jan
1534
3,100
954
Nov
14W
1434
Aug
350
26*4
June
3354
Aug
Feb
2034 June
654
Jan
354
50
1st preferred
100
Public Service of Indiana—
1054
July
Sept
Feb
110
Jan
Oct
200
103
254
48
2954
4,000
534
934
Oct
Apr
334
1154
15
1034
1054
Jan
Oct
May
Jan
Jan
96
19
800
37
1454
10
434 June
Jan
1554
Feb
140
41
Reynolds Investing.—1
Rice Stlx Dry Goods
*
Richmond Rad com
1
9034
Jan
July
102
2,600
Reybarn Co Inc—
110
1434
Jan
17,900
%
Oct
Jan
1034
42
Sept
1134
"""800
516
234
Oct
354
8
334
33
Feb
Apr
1634
4,300
3534
3534
334
July
77J4
June
3,400
7%
St Lawrence Corp
103
1
100
Jan
85
36 34
200
Jan
Apr
Jan
Apr
754
Jau
6634 May
9834
Jan
2,700
"16
534
234
71
Oct
Colo—
6% 1st preferred
Pub Service of
734
75
1234
18
—-*
preferred
754
42
3634
Relter-Foster Oil
634
854
Oct
Sept
Jan
Pitney-Bowes Postage
Pitts Bessemer & L
Reeves
63
Feb
Nov
Sept
654
Oct
Feb
3634
Apr
334
Jan
354
Jan
34 May
Jan
Mar
1934
6%
Jan
334
40
Ltd—1
Pioneer Gold Mines
Nov
1554
Jan
Feb
92
Jau
1934
534
July
Jan
Apr
July
Jan
734
2834
234
3%
Sept
60
Jan
Apr
Oct
Nov
Oct
Jan
Feb
Aug
Aug
Oct
Aug
Apr
Jan
Aug
634
7554
Oct
Apr
Sept
734
Apr
$5 preferred
$6 preferred
—
Pyle-National Co
Aug
2054
Jan
Feb
Sept
Puget Sound P A L—
Jan
125
Mar
1534
734
Jan
Feb
1154
Jan
254
Feb
Jan
36
Nov
June
934
50
Apr
Feb
18
200
57
Apr
41
11654
2,600
1454
n
9934
117
434
"1254
434
Apr
85
*
Investors..-—*
89
Apr
12
11234
Apr
3354 June
954 June
100
38
1934
Prudential
Feb
4434
2234
111
13,300
7
654
38
Jan
Feb
77
Jan
50
800
554
Jan
11434
200
1454
834
103
May
"""25
112
Jan
55
1534
2834
10654
1,000
3734
"34% "3434
23
31
Jan
534 July
334
Jan
6854 June
4234 July
1654
Aug
780
10934 117
14
Feb
Jan
15
1434
Jun
Mar
87
3734
3954 May
3054
Sept
2634
10134
1054
28%
11434
Hos'y
B——*
July
May
33 34
934
91
Propper McCallum
Prosperity Co class
Providence Gas
Sept
754
%
1,575
28
40
1734
16,300
6
Root Petroleum Co...—-1
11,400
1034
162
1
534
6% May
1454
Apr
11654
Jan
4% Aug
47 34
28
454
10954 11034
10734 10734
15934 162
9034
95
110
Royalty
7% Aug
9X June
•ti July
%" Jan
11134 Mar
4%
Jan
10734
Oct
12%
Oct
Jan
74% May
5%
Jan
3% June
%
Jan
9i«
Jan
12% May
34 34
15
400
6
1834
Nov
47
42 34
1434
2834
11034
Feb
Aug
June
2634
434
6454
26
Aug
3334
15
2634
Nov
37
1734
42% May
Jan
32
46
11034 11134
100
60
434
Pressed Metals of Amer.
Oct
3434
110J4
35
1734
Jan
46
Mar
10
Apr
Feb
new—1
Pines Wlnterfront
2%
Apr
May
May
Ry—100
com..—.*
Pierce Governor
Jan
2334
1134
654
754
2934
4
100
preferred
7%
Mar
Apr
2834
60
pref ser A
10
com..—*
conv
Pie Bakeries Inc
Sept
150
2134
600
-——1
Common
854
Jan
Feb
Jan
June
Phoenix Securities—
Feb
5
138
Aug
Feb
20
pref
-.6
Powdrell & Alexander—-.5
Power Corp of Can com..*
6% 1st pref
100
Pratt & Lambert Co
*
Premier Gold Mining
1
Prentice-Hall Inc
*
29
3134
4%
18
Nov
1034 May
654 Aug
Feb
8%
Aug
6654
35
110
110
*
44
834
3c 34
.....
2834
130
150
25$
Sept
July
Jau
Jan
4
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Jan
Oct
Jan
July
9234
5134
150
35
Pittsburgh A Lake
June
7%
3%
2954
108
Oct
89
100
2934
44
44
Oct
23,100
434
5
......
454
60 34
5
334
5534
21,900
7
2934
*
*
Phi la El Pow 8% pref—25
Phillips Packing Co
*
Oct
Feb
Apr
44
7
Oct
7,600
1034
For footnotes see page 2975.
49
28
1
S16
cl A.. 100
Ohio Oil 6% pref
15534
3554
June
149
48
Northwest
Ohio Power 6% pref... 100
Ohio P S 7% 1st pref.. 10
Feb
May
,
58,400
90 X
*
100
1634
82%
com
900
5
5634
1
Ohio Brass Co cl B
Aug
100
14
% pf. 100
Engineering.."
Novadel-Agene Corp
*
834
5534
Nor European Oil com
Northern Pipe Line.....10
*5
34
36
15J4
5
7% preferred..
100
Nor N Y Utll 7% 1st pf 100
1334
20
Sept
Oct
9454
Aug
30
105
5534
Nor Cent Texas Oil
Nor Ind Pub Ser 6
1554
106
July
Jan
80
100
5
1
$6
Jan
July
142
'"16
16
16
11734
4
Common
Ollstocks Ltd
8,800
"11134
..._
Telep 634% pref—100
com
2,200
654
534
Piedmont & Nor
9654
N Y W ater Serv6 % pref 100
$3
40
Jan
23
100
New York Transit Co
Nor Sts Pow
Jan
74%
.....
Noma
1,400
334
109
29
preferred
Class B
83 34
""634 "634
N Y Steam Corp com....
Oct
22
""1234 "1434 "3",200
97
N Y Merchandise Co
Founders shares
234
Oct
Mar
108
N Y Shipbuilding Corp—
Apr
Nov
534
74
Mining Corp.10
pref
2834
123
N Y A Honduras Rosario 10
N Y
Phlla Elec Co $5
76
5634
5534
534
Philadelphia Co com——*
"334 "334 "3", 100
'
1
Penn Cent L & P $5 pref..*
$2.80 preferred
*
Pa Gas & Elec class A
*
Pa Pr & Lt $7 pref..
*
$6 preferred
*
Penn Salt Mfg Co
50
Pa Water & Power Co
*
Pepperell Mfg Co
100
Pennroad Corp vtc
May
654
3254
4554
334
700
Co...—1
Mex Fuel
Perfect Circle Co.
July
334
Preferred
Penn
Jan
Oct
82%
*
100
Peninsular Telep com
9
3234 June
*
B
Feb
109
2%
14%
Class
Feb
Jan
"354
5534
A—*
Pender (D) Grocery
254
11
N Y Auction Co com
Y Pr A Lt 7%
500
130
20
20
New Process Co com
$6
134
Patchogue-PlymouthMills*
6
13
Feb
100
Nev Calif Elec com
N
Sept
1% May
1%
834
.....
Nebel (Oscar) Co com
Jan
July
3%
1,100
.....
National Tea 5% % pref.
Newmont
19
39%
1%
'2~506
1%
.....
New
Oct
28,500
'11%
1
Conv part preferred—*
National Steel Car Ltd—*
National
155%
43
35X
.....
7%
Jan
...—
Nat Leather common
Nat Mfg
July
»i6
Steel Products—
Mid-West Abrasive
New
2%
8
Airways——10
1
Corp.l
Pen Co
10
Amer
Pantepec Oil of Venez
Apr
Middle States Petrol—
Midland Oil conv pref
Pan
Apr
9
85
41
Paramount Motors
July
62
Sept
200
3
36
Jan
H
100%
Mexlco-ohlo oil
Michigan Bumper Corp..
Michigan Gas & Oil
854
834
3134
1034
25
101
101
Met Edison $6 pref
1,200
5
48 X
47
St6
Apr
Sept
Oct
Jan
27
Scott
Merrltt Chapman &
Feb
Apr
May
1334
4334
109
May
554 May
400
4234
654
7
High
534 July
554 June
354
Apr
2934
Jan
2634
Jan
10454
Jan
Page-Hersey Tubes Ltd..*
1134
654
Shares
634
834
Pacific Eastern Corp
Pacific Ltg
High
Low
6
1
Overseas
7%
Amer dep
1936
Range Since Jan. 1 1936
Last
High
Aug
7,
Sales
Friday
STOCKS
{Continued)
Range Since Jan. 1 1936
Week
Shares
Nov.
Exchange—Continued—Page 3
»
334
3
32
$5.50 prior stock
25
Allotment certificates.
_
4,800
9654
334
Common
3J
32
"9634
9654
50
81
Jan
454
98 34
96
9654
850
78
Jan
99
3
334
Oct
Volume
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Par
High
Low
United Profit Sharing
Control
800
*
Seton Leather com
12?*
Seversky Aircraft Corp—1
3H
6
11H
Shattuck Denu Mining
Shawlnlgan Wat & Pow__*
113*
123*
33*
12
28
23*
33*
93*
3*
Apr
800
73*
Jan
Oct
53*
United Shoe Machoom._25
1?*
933*
25
403*
Sept
43*
Feb
12
Nov-
July
28
Nov
Jan
500
473*
35
Jan
*25"
1,150
117
May
Apr
US Foil Co class B
10
110
July
116
Apr
16
June
25
Nov
100
3*
3*
3*
Aug
July
Oct
3
Conv pref
»33*
Simpsons Ltd 63* % pfd 100
.-..100
40
385
375
Sept
328
Aug
Oct
40
833* Sept
402
Oct
Jan
73*
July
Jan
35*
343*
163*
33*
Mar
Oct
30 j*
Typewriter vtccom... *
Smith (Howd) Paper Mills*
5,900
313*
293*
19
163*
"2
Corp
Southern Calif Edison—
So no tone
Oct
15*
Jan
2,100
23*
2
130
38
283*
273*
53*
373*
343*
Feb
273* Mar
253*
Jan
23* May
40 ?*
40
403*
500
32t*
Jan
443*
45
100
443*
Oct
60
263*
63*
600
1,700
100
75
Oct
100
141
May
10
4?*
"43*
100
43*
33* June
1
8 3*
6
..25
Line....50
Spanish A Gen Corp—
So'west Pa Pipe
Am dep rets
""83* "83*
500
ord bear__£l
ord reg...£l
93*
34 M
Jan
4
800
300
250
38
23*
3*
33
Venezuelan Petrol
Common class B
103*
Sept
35
Nov
Apr
43*
13*
413*
Vogt Manufacturing
Waco Aircraft Co
1
1
Steel Co of Can Ltd—... *
Stein (A) A Co common..*
100
6>* % Pref
*
50
-.20
Sterling Brewers Inc
1
Sterling Inc.............1
1st
preferred..
2d preferred..
Apr
ADT
Oct
20
203*
123*
393*
4,700
23?*
Jan
3?*
33*
400
4?*
Feb
643*
23?*
3*
4 ?*
Nov
Sept
Jan
Oct
643*
250
20
800
"~33*
33*
1,500
7I6
X
183*
"lOH
"93* "103*
4?*
19
13
Nov
Sent
Wilson-Jones Co
Oct
Oct
2,500
63*
43*
193*
53*
63*
33*
183*
4H
25 ?*
3 ?*
4
Jan
5,900
375
600
700
27
243*
Woodley Petroleum
1
Woolworth (F W) Ltd—
30
June
33*
233*
193*
163*
9,300
43*
Apr
243*
3
233*
33*
400
24?*
Aug
33*
3
11,500
203*
83*
33,400
83*
94
83*
933*
63*
Syracuse Ltg 6% pref.. 100
5
100
96
2,300
63*
102
"
113*
Taggart Corp common..
"103* "113*
Sept
243*
103*
1,200
95
63*
Apr
g49
Swiss Oil Corp....
6~,400
_
,
3J*
753*
53*
233*
53*
753*
25
3*
Oct
1,500
12,800
63*
1,700
93*
2,600
2,300
413*
143*
10
July
69
Oct
Exports...*
193*
43*
Oct
323*
„
150
Mar
Jan
3*
1
1,000
Triplex Safety Glass Co—
Am dep rots for ord reg..
Tri-StateT A T 6% pref.
43*
43*
23*
1
23*
353*
353*
43*
23*
353*
1
13 3*
103*
1
513*
483*
Class A
Tung-Sol Lamp Works
80c div pref
Twin Coach Co
7
1
..»
.._*
Ulen & Co 73* % pref
5% preferred
153*
.
113*
153*
53*
26
133*
52
73*
23*
133*
13H
Mar
363*
Oct
Mar
Sept
113*
Mar
6
May
Jan
13
Feb
133*
Nov
52
Nov
Option warrants
United G A E 7% pref. 100
United Lt A Pow com A__*
*
3,200
6,400
28
4,800
73*
73
33*
12
73*
40
40
33*
13
4?*
500
83*
93*
2,600
73*
21,400
3,600
12,200
73*
52
23*
55
33*
104
104
26
8
1023*
"97
98
1033*
1033*
Oct
Feb
6s
with warrants
6s stamped w
1938
W..1938
1st M 5s series B
5s series C
2975.
Bingham ton L H & P 5s '46
Birmingham Elec 43*8 1968
Broad River Pow 5s.. 1954
Apr
Jan
Sept
373*
Jan
Jan
Jan
5?*
28
103*
73
102?*
7
Apr
1103*
Jan
27 3*
73*
9?*
Mar
85
2?* June
73*
Oct
10?* May
10
53*
163*
3
15?*
30
July
41
Oct
Feb
Sept
Sept
May
May
Oct
Feb
Apr
July
Feb
Feb
Nov
3
97
33*
5?*
Jan
7
Jan
11
Jan
39
Oct
Oct
Sept
93*
Feh
55?*
1?* June
43*
Oct
Feb
7?*
363*
Apr
107
Jan
104
1073*
1043*
1033*
1003*
7,000
Feb
Mar
98
99J* 160.000
103
1033*
1033* 1033*
753*
Feb
Feb
19,000
May
1053* May
1033*
Feb
33*
133*
Jan
Jan
106
Jan
923*
1023*
Jan
Aug
94
1083*
106 J*
23?*
37
July
Aug
Oct
Oct
Oct
Mar
Oct
Oct
Oct
1083* Mi
1033* Jur
1053*
J£
22,000
3,000
103
June
105
102
May
1073*
20,000
1043*
1073*
113?*
i2~666
M;
Feb
Feb
57,000
98
84,000
553*
May
2,000
35 V*
283*
273*
Jan
Mar
Mar
61
66
69
803*
Oct
Jai.
Aug
Sept
Oct
July
Oct
57
16,000
573*
94,000
30
Jan
573*
623* 154,000
613* 167,000
29
Mar
653*
57
57 3*
303*
Jan
57 3*
63
69
32,000
33
Mar
98
983*
15,000
75
Jan
983*
Nov
863*
873*
19,000
78
Jan
91
Mar
613*
105
105
1053* 1053*
2
3,000
27,000
1003* May
96>*
Jan
61
70
1053*
Oct
Oct
Oct
Nov
Oct
1053*
Oct
Oct
773*
Apr
132
Oct
131
128
131
Apr
133?*
1263*
16,000
45,000
79
123
733*
Apr
1283*
Oct
Oct
75
Apr
128
Oct
1143*
Oct
117
Mar
21,000
15,000
Sept
Oct
130
1293* 130
7.000
142
"973*
143
1063* 1063*
97
973*
88
"98
883*
973*
98
Carolina Pr & Lt 5s... 1956
104
Cedar Rapids M & P
1939
1956
1033*
5s.'53
Cent Ariz Lt & Pr 5s. 1960
Jan
1083*
1193*
104?*
573*
Canadian Pac Ry 68—1942
63*
Fob
Feb
53
July
Gen & ref 6s.
100
107
53
1063* 1063*
1106 3* 109
1033* 104
1123*
1113* 1123*
Buffalo Gen Elec 5s
120
Apr
563*
Canada Northern Pr 6s '53
Apr
Jan
June
193*
43*
35,000
Feb
534
13*
19
983* 124,000
903*
923* 207,000
106 >* 1063*
12,000
1053* 106
10,000
183*
203*
20,000
37
343*
14,000
1073* 108
22,000
Apr
800
100
Oct
953*
13*
5,900
53*
13*
553*
Steel 6s... 1998
Aug
51,900
62
103*
23*
23*
363*
Mar
Baldwin Locom Works—
Mar
30
26
103*
8
613*
1968
1977 "67
983*
Assoc Rayon 5s
1950
863*
Assoc T & T deb 53*8 A '55
Atlanta Gas Lt 43*8.. 1965
Atlas Plywood 53*8
1943 '1053*
Bethlehem
7,300
25
53* June
4?* May
1023* 1023*
753*
5s registered
Conv deb 53*8..
July
2,300
73*
293*
16,000
'l223*
73*
53*
£1
$2,000
1957
1960
593*
May
1053* 1063*
900
53*
73*
3
18
1003* 1013*
1053*
33*
523*
7
953*
29
7J*
543*
33*
1153* 1163*
1213* 1223*
1223* 1223*
93
3
7
333*
80
4
93*
1163*
12
23*
63*
3
Bell Telep of Canada—
1st M 5s series A—1955
400
53*
96
Apr
300
Oct
14
Aug
4
Oct
Oct
July
1?*
Apr
173*
Jan
23*
Aug
10
July
Jan
1
Oct
8 J*
Sept
18
63*
Apr
234
Jan
400
53*
900
May
13*
1?*
400
113*
62
6
2,300
500
14
3
May
13*
73*
6,600
8
"553*
1,800
1223* 1273* 240,000
73*
1153* 1183*
13*
13*
92
2,350
1273*
53", 700
923*
200
6sstamped x w.__ 1938
'"~73* '"63*
13*
700
23*
23*
313*
73*
353*
*
For footnotes see page
13*
1?*
303*
253*
73*
643*
6s without warrants 1938
8,700
116
200
Feb
Molasses Co—
Am dec rets ord reg
6
"93* *103* "moo
Feb
13*
*
United Milk Products....*
53*
"""loo
163*
*
1
100
1,200
143*
*
*
$3 preferred
...1950
1968
Birmingham Gas 5s..-1959
1st $7 pref non-voting .»
1,100
1,250
Oct
United Aircraft Transport
13*
1,900
16,200
Nov
73*
United Gas Corp com
3*
113*
Aug
United Elastic Corp
100
500
7
Jan
975
,S16
33*
13*
23*
25j*
53*
13*
113*
163*
53*
2,700
1013*
May
96
1263*
Aug
$6 conv 1st pref
53*s
..1938
43*s C...1948
43*8
1949
Feb
43*
United Corp warrants.....
13*
13*
183*
Debenture 5s
943*
14
23*
24
73*
'1073*
Conv deb 5s
60
14
33*
13*
13*
53*8*53
6s..2016
Amer Radiator 43*8—1947
Am Roll Mill deb 5s..1948
Amer Seating 6s stp—1946
Conv deb
100
Warrants
123*
deb 6s '57
5s...2028
Am Pow & Lt deb
Conv aep
Traction Co
Common class B
Am El Pow Corp
Amer G & El deb
Feb
Union Stock Yards
om
...1946
1951
...1956
1968
43*8
Apr
3*
13*
43*
143*
943*
$3 cum A part pref
1st & ref
Apr
233*
4
May
64
33*
6S....1942
106
Jan
9,500
May
33*
733*
Alabama Power Co—
113
43*
33*
*
Union Gas of Canada
5
Jan
213*
113*
32
23*
773*
BONDS—
Abbott's Dairy
Conv deb
Feb
2,400
1,600
Jan
53*
2
10
Unexcelled Mfg Co
Youngstown Steel Door..*
Aug
534
*
Tublze Chatillon Corp
53*
Jan
123*
Associated Gas & El Co—
8
Trunz Pork Stores
43*
Feb
5,400
200
46
213*
5?*
60?*
15,700
10
700
450
100
4
24
13*
31
5s
Yukon Gold Co
Mar
't« June
3*
Oct
27
693*
Aim
Trans Lux Pict Screen—
Common
deposit rets.
103
Tonopah Mining of Nev_.l
Tri-Contlnental warrants.
Amer
*
Wrlght-Hargreaves Ltd..*
107
7% preferred A
100
Tonopah Belmont Devel.l
3,900
53* June
223*
Apr
X
Jan
53*
1,400
Am dep rets
473*
13*
65
93*
1053* 1053*
106
1063*
Appalachian El Pr 58.1956 "1063*
*1083* 1093*
Appalachian Power 58.1941
1183* 1183*
Debenture 6s
2024
1033*
1023* 103?*
Arkansas Pr & Lt 58—1956
67
653*
643*
Associated Elec 43*8—1953
Tobacco Securities Trust
473*
West Va Coal & Coke
Amer Com'lty Pow
Oct
143*
Tobacco and Allied Stocks *
Jan
Feb
~
18
West Texas Util $6
913*
413*
ord reg.._£l
Am dep rets def reg
£1
Todd Shipyards Corp...
Toledo Edison 6% pref. 100
""56
Jan
73* May
9?* May
106
14
33*
"223* "223*
13*
3
15?*
1063*
37
33*
5,600
5
Jan
H
6J* June
1967
143*
33*
43*
Aug
66
Aluminum Co s f deb 5s *52
40>*
63*
% May
100
Aluminium Ltd deb 5s 1948
*
63*
72
1st & ref 5s
13*
73*
1123*
Texas P A L 7%
Thew Shovel Coal Co
73*
1st & ref 5s
Tllo Roofing Inc
1
Tishman Realty A Const.*
♦
pref...100
Texon Oil A Laud Co
2
Texas Gulf Producing
23*
81
1.400
63*
Oct
Mar
Feb
Feb
Oct
Feb
Oct
Nov
6
23*
Oct
6?* May
323* Mar
63* July
19,000
3*
Jan
Aug
23*
12,700
53*
3*
Tenn Products Corp com.*
5?*
"l03*
1st & ref 6s
2,100
213*
53*
53*
1
"26"" '26"
1st & ref 5s
40
53*
Technicolor Inc common-
Jan
81
Oct
75
1,200
223*
Taylor Distilling Co
May
1
4
53*
"l3*
Oct
623*
383*
23*
2
2
23*
25
Nov
113*
54?*
523*
38
5?*% Pf-50
13*
Wolverine Portl Cement-10
NOV
Oct
Nov
42
7?*
19
300
3?*
353*
743*
75
800
3*
95
Aug
2?*
Winnipeg Electlc cl B—*
Wise Pi & Lt 7% pref—100
5?*
50
100
Sept
Ry—
73*
43*
25?*
150
13
"6M
42
Apr
108?*
10?*
6,400
413*
42
26
1st preferred.... 100
Western Tab & Sta
,--*
Westmoreland Coal Co
*
Westmoreland Co
*
pref—*
*
Williams (RC) &Co
*
Williams Oil-O-Mat Ht__*
Wll-low Cafeterias Inc—1
Conv preferred
*
Oct
183*
183*
183*
3*
Jan
M
7%
1334
1,200
70
6H% conv pref
50
Co...l0c
Swan Finch Oil Corp.... 16
8wlss Am Eleo pref—.100
1
7% 1st pf. 100
Western Maryland
8,300
33*
193*
Sunray Oil
Teck-Hughes Mines
Sept
325
4
61
Sunshine Mining
Tampa Electric Co com..*
Tastyeast Inc class A....1
July
Oct
3
61
33*
313*
5
Feb
3
May
2,500
6,000
3*
33*
43*
,SI6
27
1073*
14 3*
40
1,000
100
3*
93
Wayne Pump common... 1
5
Western Air Express
1
Western Auto Supply A..*
West. Cartridge 6% pf_100
Western Grocery Co
20
1043* 105
3?*
•
*
*
Stutz Motor Car
1
Wentworth Mfg Co
com....*
Corp
6
Sullivan Machinery
*
*
Walker Mining Co
183*
55
Stetson (J B) Co
Stroock (8) & Co
*
common..*
150
200
2i
Jan
IX
2?*
*
Waltt & Bond class A
200
193*
Starrett (The) Corp
United
Wahl (The) Co
163*
Standard Silver Lead
Sterchl Bros Stores
1
Oct
3,600
Aug
14
13*
93
53*
Va Pub Serv 7% pref.. 100
533*
105
1
*
--*
Preferred
United Chemicals
100
20?*
Standard Products Co—1
Union
1
Class B
16
123*
13*
683*
Venezuela Mex Oil Co—10
6?*
100
6% preferred
Standard P A L
Tobacco Prod
?!
preferred
Util Pow & Lt common—1
Feb
Jan
Feb
Feb
63*
Jan
*;
Priority stock.
Feb
Jan
13*
July
70
43
9
Utility & Ind Corp com..'.
Jan
July
23*
Ja°
Sept
1,800
1,200
4)*
31
Co
5
Utah Pow & Lt $7 pref—*
Utah Radio Prod
*
Utlca Gas & Elec 7% pf 100
Utility Equities Corp
*
52
373*
J*
Universal Products.....
Utah Apex Mining
16?*
"39
3
"223*
Universal Insurance
53 3*
pf-*
Standard Oil (Ky)
10
Standard Oil (Neb)
26
Standard Oil (Ohio) com 25
1
43*
Feb
*
Conv preferred
Taleott (J) Inc
Mav
Apr
3
10
8
1
Class B
Stand Investing $5.60
Stlnnes (Hugo)
—*
50c
Universal Consol Oil
Conv
Sept
5,600
33
40
43*
3*
Paper......*
United Wall
42
373*
2?*
23*
33
Jan
93*
29
100
3*
3*
363*
a
500
H
93*
35
3*
93*
343*
3*
Standard Cap & Seal com.6
Standard Dredging CoCommon
2
*
*
United Stores vtc
23*
33*
U S Stores Corp com
7% preferred
Spencer Chain Stores
*
Square D class A pref..._»
Stahl-Meyer Inc com
*
Standard Brewing Co
*
Tenn El Pow
Jan
63*
Southern Union Gas
Am dep rets
Apr
45
27
25
283*
100
Southland Royalty Co
413*
29?*
283*
6?*
763*
1553*
73*
2?*
113*
July
July
July
July
Aug
Feb
Feb
Mar
40J* Sept
28 H
Southern Colo Pow cl A.25
Southern Pipe Line
Fob
50
173*
16
95
100
7% preferred
Universal Pictures com
6% original preferred.25
6% preferred B
26
7% preferred
Southern N E Telep
23*
95
U S Rubber Reclaiming,.*
United Verde Exten
Smith (L C) & Corona
5?* % Pref series C
16?*
*
—*
10
U S Playing Card
943*
Jan
2?*
1
1st pref with warr
$7 conv 1st pref
Singer Mfg Co Ltd—
Amer dep rec ord reg._£l
403*
103*
33*
Jan
3*
U S Radiator Corp com.
Slmmons-Boardman Pub—
South Penn Oil
Preferred
U S Lines pref
H
403*
Sept
15*
83
1,750
23*
1
U S and Int'l Securities.. *
175
25
94
100
25
Shreveport El Dorado Pipe
92
*
U S Finishing common
111
1313*
Sept
""806
% June
X
22
135
6% cum pref ser AAA 100
Sherwin-Williams of Can
Apr
"12* ~~m
High
Low
2,500
*
43*
593*
1453*
23*
57
13*
A...*
U S Dairy Prod class
Class B
111
Shenandoah Corp com—.1
$3 conv pref_
25
8herwin-WllliamB com..25
Line stamped
B..1
Preferred
Range Since Jan. 1 1936
for
Week
Shares
8
Apr
15
33*
3,800
*
10
Preferred
of Prices
High
Low
13*
United Shipyards com
300
183*
13*
Price
Feb
13*
5,700
21,000
57
263*
Mar
Oct
2
£1
1
Amer dep rec.
Week's Range
Sale
(1Concluded)
Week
Selfrldge Prov Stores—
Singer Mfg Co
Last
STOCKS
1 1936
Range Since Jan.
STOCKS
Par
Sales
Friday
(Continued)
Sentry Safety
2973
New York Curb Exchange—Continued—Page 4
143
'1063*
1033* 104
1143* 1143*
1063* 1073*
25,000
116
Jan
116?*
Jan
1223*
123?*
5,000
134
Jan
145
Mar
4,000
1053*
Feb
107?*
Sept
39,000
893*
Jan
983*
Oct
90
Oct
10,000
5,000
6,000
76
89?*
1053*
104
IsTooo
24,000
47,000
1,000
7,000
102?*
109?*
983*
111?*
1053*
Jan
Jan
1033* June
Apr
109
Apr
108
Feb
105?*
1163*
Aug
Mar
105
Sept
1143*
Nov
Mar
Mar
Apr
Jan
Jan
Jan
1073*
Jan
New York Curb Exchange—Continued—Page 5
2974
Sales
Friday
BONDS
Last
Week's Range
Sale
of Prices
Week
Low
Price
High
Range Since Jan. 1 1936
$
Loto
1st & ref
F. 1967
102 3*
103%
58 series Q
4?*s series H
Cent Maine Pr
1981
4?*b E- 1957
103 3*
nt Ohio Lt A Pr 5s. 1950
C
104
104
1968
ser
Cent Power 5s ser D_. 1967
Cent Pow 4 Lt 1st 5a. 1956
""96
1948
68
Cent States Eleo 5s
6?*s ex-warrants... 1964
703*
Cent States P & L 63*s '53
Chic Dlst Elec Gen 4?*s '70
75 y8
1961
105%
6s series B
Chic Jet Ry & Union Stock
Yards 5s
1940
Chic Pneu Tools
Chic Rys 5s ctfs
1053*
Mar
1013* 1023* 54,000
1033* 1033*
12,000
1003* 1003*
6,000
$1023* 1023*
~3~000
103?* 1033*
903*
90?*
12,000
943*
963* 122,000
146,000
673*
69
69
713* 155,000
743*
763*
30,000
105?* 105?*
4,000
1053* 1053*
3,000
102?*
Sept
1043*
Sept
Aug
Apr
Sept
5?*b A '52
Cities
73
72 %
102%
1943
63*8
Sept
2,000
106
Jan
Feb
63*8 series B
100
Oct
1,000
73
753* 23,000
723*
763* 385,000
32,000
1023* 103
102
Oct
1963
803*
843*
1053*
113*
104
75
2,000
113,000
72?*
723*
76
54
7s series E
July
Nov
International Salt 5s_.195l
International Sec 5s.. 1947
111
1957
m%
1UH
6,000
Apr
113
1st M 5s series B...1954
1113* 112
5,000
Mar
1st
112
112
4,000
Jan
111
111
111?*
1073* 1073*
106?* 107
103
1033*
79
83?*
993*
993*
1133*
1133*
28,000
74,000
58,000
11,000
July
113
Mar
Jan
108
May
Jan
107
Oct
Apr
105
Feb
93,000
Jan
7,000
Oct
101
May
128
Oct
Iowa Pub Serv 5s
Mar
109
Jan
Isarco Hydro Elec 7s. 1952
Oct
109
Jan
Isotta Fraschlnl 7s
1st
1953
1st M 4s series F—.1981
3?*s series H
1965
Com'wealth Subsld 5?*8 48
107 yi
107
103?*
805*
Community Pr A Lt 5s '57
Community P S 5s
1960
Connecticut Light A Power
111?*
112
1951
$128
4?*r series O
1956
5s series D
1962
$1063* 107
106
1063*
130
124
7,000
106V*
1053*
Ka
Gen mtge
4?*s
1954
122%
Consol Gas El Lt A P (Bait)
lstref s f 4s
1981
3,000
122
1093*
4,000
120
122?*
Nov
Jan
112?* May
1243*
1043*
1st A coll 6s
ser
0?*8
w.1943
95?*
$28
Cont'l Gas A El 58
1958
"92 M
Crucible Steel 5«
1940
102 %
Dallas Pow A Lt 6s A. 1949
5s series C
1952
Delaware El Pow 53*8.1969
Denver Gas A Elec 5a, 1949
Derby Gas A Elec 5s__1946
Det City Gas 6s ser A. 1947
5s 1st series B
1950
Detroit Internat Bridge—
103*
10?*
70,000
78
Jan
100
Mar
99
Apr
6s series A
5s series
100
B
1961
Jan
95
Aug
Kansas Power 5s
Aug
104
Apr
Jan
70
Jan
Nov
1023* June
Apr
83?*
1073* June
106
Apr
110
Sept
May
May
108
May
1st mtge 5s ser H..1961
63*8 series D
53*s series F
Jan
105
1023*
107?*
993*
1053*
1023*
105?*
5s series
1948
1955
I
...1969
Kimberly-Clark
6s... 1943
Apr
Koppers G A C deb 5s. 1947
109
Feb
Jan
1033*
Aug
Jan
1073*
1063*
Sink fund deb 53*8.1950
Lehigh Pow Secur 6s..2026
Lexington Utilities 5s. 1952
July
Jan
Mar
Llbby McN A Llbby 5s
42
1942
5,000
103
103
17,000
873*
893*
57
893*
58
8
73*
104
Oct
Aug
Erie Lighting 5s
1073* 1073*
1967
Farmers Nat Mtge 7s. 1963
Federal Water Serv 53*8 '54
923* June
McCallum Hosiery 6V*s '41
McCord Rad A Mfg 6s '43
Memphis P A L 6s A..1948
110
Sept
Aug
104
July
Finland Residential Mtge
Banks 6s 5s stpd-..1961
Firestone Cot Mills 5a. 1948
95
40 %
2,000
1053*
.
Firestone Tire A Rub 5s '42
First Bohemian Glass 7a '57
Fla Power Corp 53*8.1979
------
Florida Power A Lt 5s. 1954
973*
103%
Jan
Middle States Pet 63*9 '45
Midland Valley 5s....1943
69
June
108
June
Mllw Gas Light 43*9-1967
Minn PAL 43*S
1978
5s ex-warr stamped. 1944
Deb 6s series
B
1941
General Bronze 6s
1940
General Pub Serv 5s..1953
Gen Pub Utll 63*8 A. 1956
General Rayon 6s A.. 1948
Gen Vending O
100
28,000
101?*
1003*
44,000
993*
100?*
99?*
983*
$97?*
$1003*
923*
91?*
70
Certificates of deposit
Gen Wat Wks A El 5e. 1943
95
Georgia Power ref 6s__1967
1013*
Georgia Pow A Lt 5s_.1978
84?*
Gesfurel 6s
1953
Glen Alden Coal 4s...1965
Gobel (Adolf) 43*8.-1941
893*
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd_.1950
1023*
Grocery Store Prod 68.1945
Guantanamo A West 6s '58
Guardian Investors 5s. 1948
83
80
"703*
Hamburg
El
A St Ry
Hood
1947
96
1935
105?*
warrants. 1943
Houston Light A Power—
1st 6s series A
1953
lat
1st
83
70
233*
43*s senes D
43*8 series E
84
...
100
Sept
Jan
102?*
Sept
Jan
1003*
99
95
1063*
1063*
Sept
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
Sept
Nat
Mar
Nebraska Power
98
May
103
Oct
July
6s series A
79
Jan
96
30
Jan
70
Aug
Nelsner Bros Realty 6s *48
Nevada Calif Eleo 5s. 1956
223* June
273*
July
New Amsterdam Gas fis '48
Feb
Mar
N E Gas A El Assn 5s. 1947
Conv deb 5s
1948
Conv deb 5s
1950
New Eng Pow Assn 5s. 1948
lb's'ooo
383*
903*
3,000
13,000
103
Mar
5s stamped
1043*
Sept
Income 6s series A.. 1949
108
ILOOO
82?*
Jan
Feb
Mar
72 3*
18,000
*76 3*
Oct
"3~666
July
1053* 1053*
95?*
96?*
$273* 293*
1103*
107?*
28,000
983*
Oct
433*
Jan
273* 273*
100?* 100?*
105?* 106?*
1023* 1023*
2,000
1,000
8,GC0
June
2,000
Jan
60
1113*
Mar
Jan
Debenture 53* s
1964
New Orleans Pub Serv—
N
1942
Y Central Elec
$1043* 1053*
103
1043* 104?*
For footnotes see page 2975.
May
323*
104?*
1073*
1033*
103
3,000
15,000
2,000
"73)00
99?*
Aug
Sept
104?* Apr
104?* June
1063* June
1123* June
103?*
1083*
1023*
105
103?*
1023*
106
Sept
Aug
104 3*
103?*
1053*
Oct
1073*
1063*
105
Mar
107?*
May
Feb
89
Oct
27
753*
Aug
62
11?*
Mar
Oct
July
Oct
3,000
107?*
Aug
20,000
1033*
9,000
1063*
Sept
Oct
106
103*
105
105
103
1003*
118?*
103
104?*
1083*
1033*
14,000
104
943*
60?*
4,000
14,000
106
783*
1003* 101
108?*
99?*
118?*
77
96
28,000
953*
36,COO
100
2,000
4,000
123* 47,000
7,000
1053*
104?* 29,000
943* 63,000
613* 530,000
109?*
123?* ~1T666
2,000
108?*
101?* 102,000
5,000
1193*
793* 100.000
783* 43,000
78
77
93?*
78?*
953*
963*
99
91,000
72,000
91?*
863*
903*
91%
863*
1043* 1043*
97
123*
Nov
Sept
A
18
J
1073* June
1173*
Jan
1053*
863*
1093*
64?*
643*
64?*
May
Jan
Jan
May
May
8,000
81,000
May
A
853*
Oct
101V*
91?*
86?*
933*
J
63* J1
1023* M
53,000
86
77
Oct
Sept
82 3*
l.OOOj
4,000
Jan
Sept
107?* May
1093* June
1083* May
16,000
78?*
953*
983*
6V*s '50
Apr
85
Jan
883*
Jan
2,000
105
Oct
Oct
New York Penn A Ohio—
Ext
$109
43*s '67
43*s. 1980
1st 53*8
1962
N Y A Westch'r Ltg 4s 2004
Debenture 5s.
..1954
106?*
1033*
Jan
July
1103*
38,000
Apr
103
107?*
1033*
20,000
Jan
104
106
1,000
Mar
1083*
~3J)66
Aug
Apr
Feb
105?*
1123*. Nov
$102
1123*
112
1033*
1123*
$105?* 107
Mar
Oct
JulyJan
May
863*
Nippon El Pow 63*8..1953
Jan
110?*
1063* 1063*
106
43*8 stamped..1950
N Y PAL Corp 1st
N Y State E A G
86 3*
943*
95
643*
67
29,000
18,000
3,000
109
Jan
Mar
~5j)66
90
Feb
No Amer Lt A Pow—
July
July
53*8 series A
Nor Cont'l Utll
1956
53*8-1948
No Indiana G A E 6s. 1962
1978
>*
Nov
8,000
90
1033*
1025*
95
123?*
2030
ctfs. 1978
31,000
3,000
Nov
Sept
July
103
99
913*
593*
$1083*
Pub Serv 5e
30.000
Sept
1003*
1083*
963*
Aug
Oct
94
2022
100
102?*
93
Mar
Feb
99
43*s.l98l
Deb 5s series B
Jan
July
953*
Mar
106?*
1193*
1033*
1063* 107
783*
1944
82
1043*
106
Jan
Jan
2,000
92
96
Apr
6,000
47,000
47,000
3,000
1073* 1073*
97
1957
53*8
27
Apr
15,000
Montana Dakota Utilities
Jan
1,000
107
Mississippi Pow 68.... 1955
/
88?*
923*
833*
83)00
1033*
103J*
1153*
100?*
50
105
90?*
~
273*
J
100
17,000
48,000
102 3* 1023*
1033* 104
1023*
53* s *55
Missouri Pub Serv 5s. 1947
10,000
703*
Jan
104
Mississippi Rlv Fuel 6b '44
59
1981
■
$253*
106
953* 60T666
1023* 166,000
86
10,000
1023* 1033*
$1063* 1073*
793* 81
97
Missouri Pow A Lt
25
"90"
96
103?* 103?*
"l02?* 102?* 102?*
104
104
1043*
1103* 1113*
111?*
103?* 103?*
'104k' 104?* 1043*
1043* 1043*
"105k" 105?* 1063*
105?* 105?*
105?*
$1043* 1053*
85?* 86?*
Niagara Falls Pow5sA1959
1938
.1936
Houston Gulf Gas 6s.. 1943
""97"
Miss River Pow 1st 5s. 1951
1955
102
Underground
53*8
Rubber 7s
63*8 with
843*
$353*
893*
$110
1977
Hall Print 6s stpd
Hamburg Elec 7s
93?*
100
57
Hackensack Water 5s. 1938
6s series A
70
223*
$22
rp 6a. 1937
98?*
98 3*
1023*
933*
10,000
21,000
Jan
108
90
95
6s
Munson SS 63*8 ctfs.. 1937
100
61
Aug
101
105?*
91
1013*
May
6,000
13,000
11,000
56,000
106
283* June
973*
Oct
Gary Electric A Gas—
Gatlneau Power 1st 5s. 1956
Deb gold 6s. June 15 1941
Jan
16,000
32,000
J
I
103?* 103?* 27^000
963* 973* 159,000
Jan
May
98
101
J
.
993*
8,000
96
J
753*
2,000
10,000
44
65
393*
1063* 107
102
"13^660
95
104
104 3*
105?* 1063*
$119?* 120?*
1033* 1033*
102?*
;
J
953*
$94
543*
1073*
100
Miss Pow A Lt 5s
101?*
102?*
1033*
54
1023* 1023*
1063*
913* 933*
963*
97?*
1063* 1063*
1073* 1073*
28
101?* 101?*
102?* 1033*
1033* 1033*
933*
Metropolitan Ed 4s E.1971
92
3,000
97
1063*
7s without warrants. 1941
1053*
67,000
$28
13,000
2L0~do
Mansfield Mln A 8melt—
Sept
933*
Ercole Marelll Elec Mfg—
1953
1063*
1947
104
63* s series A
Is'doo
104?* July
1043* May
104?*
Apr
1013*
Jan
Kentucky Utilities Co—
1961
104
Empire OH A Ref 53*8.1942
1053* 106
613*
623*
$663*
75
543*
56
107
107
Kansas Gas A Elec 6s. 2022
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s '56
1952
"543*
1947
43*8 series C
Mar
El Paso Elec 5fl A
Empire Dlst EJ 5s
62
543*
Stamped
53*s '55
Jersey Central Pow A Lt—
Jan
Feb
Louisville G A E 43*8 C '61
Manitoba Power 63*8.1951
103
Oct
Jacksonville Gas 5s... 1942
July
Oct
1950
1053*
1942
Louisiana Pow A Lt 5s '57
92?*
1,000
105
$106
43*8.-1958
1957
1,000
9,000
105
106
100
1053* 106
warrants
Oct
Aug 1 1952
Certificates of deposit.
$993* 100?*
1947
w w
Without
Iowa-Neb L A P 6S...1957
15
Deb 7s
Feb
87
17,000
18,000
33*
5,000
43*
103
103
5,000
91
92?* 105,000
85
893* 408,000
1083* 1083*
3,000
Dixie Gulf Gas 63*s..l937
Eastern Gas A Fuel 4s 1956
Feb
Aug
853*
Long Island Ltg 6s... 1945
33*
Feb
Aug
693*
863*
Oct
123*
113*
4?*
Jan
983*
1 95
Lone Star Gas 6s
103*
107
Jan
16
Aug 1 1952
Certificates of deposit
108
108
6,000
42,000
100?* 100?*
743*
76?* 108,000
Apr
Apr
36,000
63*8
July
Aug
48
104?*
13,000
14,000
July
July
Feb
81?*
1003*
15,000
19JJ00
Feb
633*
59
Jan
"5"66O
21,000
54
753*
15,000
Sept
1043* 1043*
1073* 1073*
1063*
1063* 1063*
1053*
1053* 1053*
$1083* 110
102?* 102?* 103
106?*
106?* 107
106
105?* 106
1,000,
1,000
76 3*
Jan
78
62,000
88
853*
1013*
883*
9,000
Jan
50
723*
110
1827666
893*
1003*
2,000
723*
92?*
Oct
933*
1023* 102?*
983*
983*
$77
79
Cuban Telephone 7?*9 1941
Cuban Tobacco 5s
1944
Cumberl'd Co PAL 43*s '56
14,000
33
Jan
70
28
973*
104?*
43*
92
5s series B
97
A.. 1943
w
11,000
43*8 series F
Consol Gas Utll Co.—
Conv deb
Jan
Sept
70?*
Jamaica Wat 8up
$1063* 106?*
Jan
63
69
92 3*
1952
Italian Superpower 6s. 1963
1093* 1093*
1QOQ
65
24,000
49,000
34,000
Invest Co of Amer—
Sept
Consol Gas (Bait City)—
1043* May
109?* May
35,000
81?*
80
81?*
813*
853*
1053* 1063*
113*
13
1956
Debenture 6s
Iowa Pow A Lt
7s aeries A
~5J)66
107?*
Interstate Public Service—
Jan
Mar
Oct
Oct
Sept
105?* Sept
973* Sept
1083* Apr
6s series D
June
863*
993*
104?*
"lfliooo
953*
$75
1952
Interstate Power 5s
4?*s series C
1956
4?*s series D_..1957
1033*
Nov
Oct
10,000
953*
723*
$76
...1957
7s series F
Commonwealth Edison—
1st M 5s series A
Feb
June
76,000
30,000
793*
1955
July
54
1,000
109
106
1063*
International Power Sec—
May
803*
80?*
54,000
54
105
Feb
Sept
Nov
14,000
$1103* 111
1st lien A ref 5s
63*s series C
723*
1003*
5,000
104
$106
v-81
Feb
813*
109H
53,000
106
93
1950
Intercontinents Pow 6a '48
82
$107?* 108
Indiana Service 5s
863* June
853* June
103?* July
1003*
1073*
94
94?*
1957
Indianapolis Gas 5s A. 1952
Ind'polis P L 5s ser A. 1957
3,000
4,000
83,000
1093*
1013*
$103
1951
Aug
13,000
793*
High
8,000
101
Indiana Hydro-Elec 5s '58
Indiana A Mich Elec 5s '55
99?*
Low
79?*
1063*
1023* 1033*
953*
973*
Indiana Gen Serv 5s.. 1948
5s
78%
793*
1093*
993*
1073*
1053*
105?*
1003*
1073*
105?*
1063*
1025*
96?*
1953
5s series C
Jan
June
111?*
101
54
1949
-
Comment A Prlvat 6?*8 *37
104?*
Indiana Electric Corp—
6s series A
1947
Nov
73
Line 6s
65
Sf deb 53*8—.May 1957
Feb
83
104
104
Cities Serv PAL 6?*8-1952
62?* May
Feb
Range Since Jan. 1,1936
High
101
1st A ref 53*8 ser B_ 1954
1st A ref 6s ser C... 1956
Sept
83
99?*
1966
Illinois Central RR 6s. 1937
111 Northern Utll 5s... 1957
111 Pow A L 1st 68 ser A *63
June
101
1950
Service
79
1947
95
75?*
783*
803*
1063*
Low
1949
Power 5s
97
104
79
5?*8 '42
Gas
Pipe
Conv deb 5s
102
104?*
1043*
6,000
41.000
82
1955
Cities Service 5e
1103*
1033*
Jan
Jan
6s series B
Idaho
1936
Week
Price
1.00C
103
1927
Cities Service Gas
104
110
5?*8_1942
Cincinnati St Ry
6s series B
for
of Prices
Hygrade Food 6s A... 1949
1956
4?*b
Week's Range
Sale
High
Central 111 Public Service—
6s series E
Last
BONDS
(Continued)
7,
Sales
Friday
for
(Continued)
Nov.
108
Mar
1043*
Mar
5,000
103
Mar
1073*
Mar
5,000]
104
Mar
107
Aug
94?*
107?* 107?*
903*
53
1063*
Mar
Oct
Jan
Last
Week's Range
(Continued)
of Prices
Low
High
Week
Price
105
...1969
105
5%|8
-
-
22,000
103
76
5,000
2,000
103% 104
2,000
76
103%
108
Ohio Power lit 5s B..1952
1st A ref
4%s
105% 106%
ser
------
106%
Sept
104%
104%
Nov
Aug
Mar
11,000
Jan
Jan
Oct
78
Oct
104%
109%
Apr
Apr
107
-
-
-
-
-
July
July
107
23,000
Apr
107%
Jan
B
Os series
Palmer Corp 6s
Oct
Jan
103
Nov
Apr
108
Aug
119)4
Jan
121% Mar
102% Mar
116% May
Feb
94%
17,000
98
------
114
Jan
75,000
80
Mar
99%
90%
1103
103%
103% 104%
103%
1
------
32.000
Apr
5%s '52
91%
90%
91%
1944
Union Amer Inv 5s A. 1948
39%
39
41
Ulen Co—
3d stamped
6s
10.000
United Elec N J 4s... 1949
117%
116% 117%
26,000
101)4
98)4
Mar
Mar
105
Jan
1,000
Feb
111% 112%
8.000
105)4
104)4
111%
5,000
104)4
Jan
Sept
Oct
105%
July
108%
108%
July
6%s
114%
108%
Jan
June
Un Lt A
98%
19'
97
98%
86,000
26
26
27
86,000
86 %
6
Mar
Jan
100
Jan
27%
113%
Mar
112%
July
Oct
112%
111% 112%
8,000
111
110% 111%
97
97%
22,000
107%
Electric Co 5s_.19f
107% 107%
13,000
58%
6,000
111)4 June
108%
Aug
86%
Jan
105% Mar
41)4
Jan
1.000
103
Jan
106%
Mar
105
May
108
Mar
Jan
May
105
Feb
106
57%
1053% 105%
105%
Piedmont A Nor 5a...
$106% 106%
6,000
96)4
2,000
103% 103%
24,000
20)4
103%
80%
107%
29,000
105
23%
103%
Poor A Co 6s.
80
79%
106%
107% 108
85%
85%
99%
)
101
99% 100
100% 101
16,000
4,000
1,000
35,000
11,000
25%
1,000
138% 140%
19,000
25%
Electric 6e__195<
------
23%
105
105
3,000
65
105%
106%
66%
90)4
June
Mar
Jun
Jan
Jan
07%
Jan
22)4 June
98%
Sept
Jan
108%
75
June
27%
Apr
Mar
Jan
Jan
83%
107%
108%
91%
100%
July
32
Feb
1973
Va Public Serv
Mar
Wash
1954
1937
58—1958
Elec 4s.. 1951
Ry A
Mar
Penn Traction 6s '60
West Texas Utll 5s A.
1957
138%
6% perpetual certificate
Pub Serv of Nor Illinois—
111%
1st A ref 5s
1951
5a series C
196(j
111% 111%
107
107
103% 104
10,000
1,000
10,000
132 %
Jan
145% May
Un 6s '44
5%s '55
Wheeling Elec Co 5s.. 1941
VFlsc Minn Lt A Pow 5s 4*
Wise Pow A Lt 4s
1966
Yadkin Rlv Pow 5a... 1941
108%
Jan
112%
Sept
104
Feb
107 %
Oct
101Jan
105
Aug
West United G A E
103% 104
9,000
102
Jan
105%
Sept
103% 104
19,000
102
Jan
104%
-
104% 105
7,000
103)4
Apr
106
19f 5
105%
105%
29,000
Oct
106%
92%
90%
92%
91,000
Jan
88
24,000
82%
84%
48,000
Jan
Jan
Feb
106%
Mar
Elec..19
105
4,000
103
Apr
106
106%
6,000
103
102
100%
16,000
100
95%
8,000
95%
91%
83%
94%
10,000
Jan
Jan
Jan
32% 211,000
1,000
102% 102%
4,000
107% 107%
29%
32%
rn.rn.rn.
107%
$106%
105% 106
105%
5,000
5,000
105
109%
109%
96
70%
72
72%
106% 106%
106%
J107 %
22,000
13,000
------
1,000
107
107
3,000
52,000
94%
96
101%
100% 101%
64,000
106%
106%
106%
3,000
102% 103%
61,000
Jan
100% 101
86%
88%
27%
27%
25%
25%
106% 107%
17%
18
105
105%
3,000
98% May
Baden 7s
4,000
74
Jan
Buenos Aires
10,000
25
May
88%
25%
4
17%
7
n
J132
>
L A P 6a B
7
1.000
31,000
7,000
$26%
-
5
28
27%
3
j
<
7
100%
.103%
^
A
7
71%
$8%
Cent Bk of German State A
24%
1951
Prov Banks 6s B
Jan
$24
105%
5
Ref M
3*4s. May 1
)
Ref M
3%s B.July
107
107%
rj
[)
25
26%
4
7
So* west Pow A Lt 6a.
82%
103%
102%
2
2,000
106% 107
107
107%
11,000
103)4
38,000
101
107%
24,000
100%
106)4
105)4
Mtge
7%s
1,000
30,000
13,000
102%
7,000
98%
5
85%
85%
1
80%
80%
101 %
84%
84%
Certificates of deposit
84%
84%
It
9
78%
77%
100%
3,000
103
56)4
35,000
101
Mar
107%
Jan
107%
Jan
107 %
Mar
Apr
Feb
111
Oct
Oct
Oct
86
Jan
92)4
Jan
103
99
Jan
104% Sept
101% June
2,000
91
Jan
3,000
100
May
69
Jan
106
69
May
90
May
90%
May
8«j%
10,000
------
11,000
20%
13%
14
98%
98%
22
20%
22
16%
15%
16%
1%
1%
1%
1%
Feb
63
Feb
Jan
Jan
34,000
1%
6s...1931
1931
1%
.1921
5%s.
May
22,000
1%
1%
May
13%
9%
71%
17.000
1%
stamped
6s
$13%
------
Mtge Bk of Chile
May
9
1%
1,000
16,000
------
1,000
9,000
1,000
26,000
$71%
58%
58%
12%
12%
1,000
5,000
12%
7s
12%
2,000
antl
.1961
...
Oct
64
13,000
21
19%
------
Oct
66
1
May
90%
90%
Oct
67)4
Aug
18% May
18% May
Jan
22%
Sept
Oct
60
7,000
13%
Sept
104
3,000
11,000
20%
Aug
Jan
Jan
------
84
Jan
Jan
7% May
95%
89%
$20%
1927..
107%
Oct
104% June
Jan
34,000
88
36,000
89
89% 40,000
33,000
89%
84% 189,000
83% 196,000
18,000
101%
84
1927
issue of May
16,000
102%
11%
12%
$97% 100
4s stamped
34,000
82%
83%
103% 103%
25%
26
12%
E..1951
1951
1951
Bk of Bogota 7s. 194
Mendoia
99%
105% 105%
R
5
Stand Gas A Elec 6a.
Medellln 7s series
105%
97%
)
1
11
$17
4,000
106% 106%
104
104
j
8'west Pub Serv 6e..
$23%
1,000
109% 109%
May
62%
11%
5,000
107
....—
Nov
25
------
11,000
$24%
7,000
102% 102%
1st A raf mtge 4s
24%
26%
25
28,000
105
2,000
24%
25
2,000
103% 103%
69
71%
67%
55%
62%
Secured 6s.
......
103% 103%
1,000
9
99%
7,000
103% 103 %
May
2,000
99%
'—.195;
5s
July
Issue of Oct
Sou Calif Edison Ltd-
3%s
73
100% 1003%
107% 107%
Jan
20
99%
100%
Sept
5,000
27%
17
2,000
100% 100%
3,000
103
27%
99%
7
5
28
28
103
$67
5
81
81
1947
1948
Jan
------
24
$78
1952
.
7%s stamped
Jan
107%
24)4
29
7s stamped
Cauca Valley 7s...
July
124
1951
(Province)—
18%
21
21
81
24
Danzig Port A Waterways
Estate—
Debenture 6sDec 1
12
101%
$20%
$20%
22)1 June
105%
Aug
17,000
......
J109%
5
|
Jan
105
i
Debenture
86%
83 Hi
78 %
101
3
Real
105
106%
;
*
Wks 6a__.l
105
105
Reliance Manag't 5s.. 19
Schulte
101%
Agricultural Mtge Bk (Col)
>
Pub
100%
AND MUNICIPALITIES—
<
Saxon
105%
96%
1,000
FOREIGN GOVERNMENT
86%
96%
93%
89%
Feb
87 %
84%
)
San Joaquin
3,000
102%
Sept
.
19(
Pub Rerv of Oklahoma—
5%a series A
5,000
100
102%
July
V
4%s series E.
4a aeries A
Apr
Jan
May
106%
100
July
)
Jan
June
102%
104
103%
Jan
Mar
105
105
West
Jan
Jan
1,000
1946
6s
104%
75%
90%
92%
100%
with warrants
Wash Gas Light
Jan
Jan
..
6s
Ward Baking
Jan
80
101 %
5%b A.
Aug
11,000
16,000
101
106%
100
------
Waldorf-Astoria Corp—
7s
76
100%
81%
105% 105%
—
—
1937
5%s '57
lst ref 53 series B
99%
100
.1952
5s series E.
Valvollne Oil 7s
Vamnia Water Pow
85
97%
100
6,000
7,000
82
99
....1944
4%S
Utlca Gas A Elec 5e D. 1956
114%
114
114%
West Newspaper
Public Servloe of N J—
4His series 1
91%
Utah Pow A Lt 6s A..2022
25%
25%
8S%
105%
Sept
101
36,000
90
14.000
105%
90%
94% 143,000
88%
105%
1952
5,000
------
85% 102,000
81%
United Lt A Rys (Me)—
6s series A
27%
$27%
82%
1974
1959
Rys (Del) 5%s 52
6%s
Aug
107
63
27%
United Lt A Pow 6s...1975
June
6,000
61
United Industrial 6%s 1941
1st s f 6s
1945
July
106%
6s series A
Peoples Gas L A Coke—
4a aerie* B
191
Peoples LtAPrfis
8,000
106% 107
112%
Apr
Jan
Jan
May
June
106%
106% 106%
5s series D
Mar
104%
113%
45%
105%
2,000
108
105
105
105%
107% 107%
107
107
Pub Serv 6s C-.
Aug
1,000
105
1957
Aug
24,000
105%
1967
107%
29,000
4,000
4%s
Edison—
Queens Boro Gas A
106% 106%
1954
5s series B
102
Mar
100
16,000
Sept
Jan
103
7,000
101% 101%
Union Eleo Lt A Power—
May
Apr
101
90,000
105%
97%
104% 105%
23,000
104
104)4
102%
Prussian
106%
Toledo Edison 5s
Oct
1,000
104%
Phila
(Leonard) 7%s_1946
1962
Tletz
United El Serv 7s ex-w 1956
5%s series B...
Pennsylvania Power 5
------
Jan
37,000
Deb
Penn
30
106% 107
$24
100
106
6a aeries A x-w
7,000
103% 103%
103%
101%
Apr
106
36,000
98
95
98
41,000
------
5s series A
101% 102
102
till % 113%
Tide Water Power 5s..1979
93)4
7,000
120
105%
ThermoldCo 6s stpd. 1937
Jan
5,000
36%
105% 106%
35%
36
1945
6,000
55,000
104% 105
104%
2022
gg
Oct
102%
94)4
106%
87%
89%
5s
Penn Ohio
61%
6%s__1953
Texas Elec Service 5s. 1960
Texas Gas Utll 6s
3,000
$115% 118
Pacific Pow A Ltg 5a_.1
July
60
Ternl Hydro-El
Texas Power A Lt 5s..1956
Oct
98%
37%
32,000
Feb
Apr
99%
Pacific Ltf A Pow 58.. 1
7,000
40,000
83%
Twin City Rap Tr
Pacific Invest 5s ser A. 1
7,000
—
96%
Feb
86
120
J107% 108
107
107%
95%
105
99
1
„
6,000
19,000
105% 105%
105% 105%
80%
107
Pacific Gas A El Co—
1st
48
11,000
------
83%
61%
Oct
Nov
13,000
J106% 108
Pacific Coast Power 5s
1,000
52
95%
June
102% 103
103
Jan
Oct
55
47
105%
105%
May
46%
29%
47
45
— —
62%
7,000
22,000
Tenn Public Service 5s 1970
101%
97 %
28,000
92%
55
46
$50
46
...
1957
5s series B
103 %
93
99% 100%
92%
1941
98%
97%
93%
100%
5a conv debs
Okla Power A Water I
Oswego Falls 6s
18,000
8,000
102% 102%
Okla Nat Gas 4%s._.
21%
May
106
1,000
104% 104%
102%
6s aeries A
108%
104)4
2,000
104%
Okla Gas A Elec 5s...
56,000
90
31%
Feb
103)4
8,000
106
106
-
90
29%
Mar
112
90
1 1936
Low
$
83%
77%
80
5%s..l943
Starrett Corp Inc 53..1950
Stlnnes 'Hugo) Corp—
7-4% stamped
1936
7s stamp ctfs dep. 1936
7-4% stamped
1946
7s strap ctfs dep. 1946
Super Power of 111 4%s '68
1st 4%s
1970
Syracuse Ltg 5%s
1954
Standard Telep
Range Since Jan.
Week
Tennessee Elec Pow 5s 1956
108% 1083%
106
106%
1961
Jan
Mar
107%
Ohio Publlo Service Co—
5%b series E
Oct
June
107
Mar
104
Oct
106
Jan
51
98 )i
103)4
105)4
1,000
104% 104%
104%
D. 19£
32,000
106% 106%
106%
Ohio Edlaon 1st 5a
102)4
100%
106
Jan
98
20,000
108
102
June
Jan
Jan
102)1
102%
56,000
103% 104
-
--
N'weetern Power 6s A.
N'western Pub Serv 5a 1957
9,000
102% 1043%
103%
-
20,000
104 % 105
105
105
104
1970
1940
4%|b series E
N'weetern Elec 6e atmpl945
$
for
Range
of Prices
High
Low
Price
High
Low
Standard Pow A Lt 6s. 1957
Northern Indiana P 8—
5s series C
1966
No States Pow
Sale
(Concluded)
-
Week's
Last
BONDS
1, 1936
Range Since Jan.
for
Sale
Sales
Friday
Sales
Friday
BONDS
5s serif* D.
2975
New York Curb Exchange—Concluded—Page 6
143
Volume
63)4 May
97
Jan
88
102%
7s.
Oct
Oct
Oct
Feb
•
value
a Defe1 red delivery sales not
not Included In year's range,
r
Ex-divldend.
No par
the rule sales
r
range,
$ Friday's bid
e
Cash sales
noraded n year* range, is Under
Cash Bales not Included In year's
No sales were transacted during ourren week.
week and not included In weekly or
and asked price.
transacted during the current
yearly range:
No sales
V
Under-the-rule sales transacted
during the ourrent week
and not Included In
weekly or yearly range:
No sales.
s
Deferred delivery sales
transacted during the curren
weekly or yearly range:
No sales.
AbOreviaiions
cum
"v
'
trust certificates:
warrants
voting
"x-w." wlthou
cert flcates of deposit; cons, consolidated,
convertible "m," mortgage; "n-v," non-voting stock,
Used A bow—"cod,"
cumulative: "conv,"
t'o."
week and not noluded
,
"w
when issued
"w w " with warrants
2976
Financial
Chronicle
Nov.
7, 1936
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Last
Closing bid and asked quotations, Friday, Nov. 6
Unlisted Bonds
Bid
Dorset ctfs of deposit
55 Fifth Ave Bldg 6S..1944
32
Asfc
8%
Pennsylvania Bldg ctfs
30%
Par
for
of Prices
Low
High
Week
Price
Pennsylvania RR
Bid
61 Bway Bldg 5%s.._1950
Qulncy Mining Co
54
Ask
50
25
2
Reece Buttonhole Mach.10
Unlisted Stocks
54"
50
Oliver Cromwell ctfs.
Stocks (Concluded)
Week's Range
Sale
Exchange
25
14%
18%
10
City & Suburban Homes._
Lincoln Bldg Corp v t c
4%
33%
Stone & Webster...
39 Bway Inc units
7
5%
_*
2d preferred.
Union
3%
Baltimore Stock
on
Established 1853
39
BALTIMORE, MD.
Members
Louisville, Ky.
York
New
and
Baltimore
Stock
1%
Jan
2%
1,372
"l66~~
99
45c
14%'
Feb
1%
Jan
Jan
53%
25
27%
26%
317
90%
Jan
50c
2,150
15c
Jan
32c
5
Sept
15%
21%
8%
100%
25
Oct
3
Jan
19
75
Exchangee
July
July
Sept
Oct
104
Mar
50c
27%
375
1
7
6%
92%
7%
94%
305
4
Jan
1,408
83
Jan
94%
40
40
40
Sept
Mar
28%
9%
94
1%
5
.
1
1%
17%
Warren (S D) Co
3,636
1
Mar
Oct
42
Aug
Jan
Feb
Feb
2%
Aug
1%
%
Jan
30c
Apr
608
9%
Jan
19
Nov
1,330
4%
Jan
10%
37%
Nov
1
45
19
10%
9
10%
37%
735
1.25
90c
"18%
21% June
170
1%
1%
Venezuela Holding Corp..*
Waldorf System Inc
*
Warren Bros Co
*
*
33
36
63
21
100
100
1,000
90
Oct
1%
Mar
Eastern Mass St Ry—
Series C-6s
1948
Chicago Board of Trade and Commodity Exchange, Inc.
Oct
Nov
3%
25
11
2,192
6
51
Copper L & M
Utah Apex Mining
Utah Metal & Tunnel
Broadway
York, Pa
,
Jan
Preferred.25
NEW YORK
Hagorstown, Md.
Oct
15 %
40
45%
United Shoe Mach Corp.25
STEIN BROS. &> BOYCE
6 S. Calvert St.
1%
370,
5
Union Twist Drill Co
Exchange
6,825
50
United Gas Corp
Orders Executed
Apr
14%
19%
17%
5
High
28%
25
14
*
Torrington Co.. ......—*
578
2%
Sub Elec Sec Co com....*
4%
Low
44%
42%
Reece Folding Mach
10
Shawmut Assn tr ctfs.-..*
Range Since Jan. 1, 1936
Sahres
Apr
Oct
Bonds—
Baltimore Stock Exchange
Oct. 31
Sales
Friday
Last
Stocks—
Par
Arundel Corp-
for
of Prices
Week
Price
*
Atl Coast Line
Week's Range
Sale
(Conn)..60
Bait Transit
com
Low
High
18%
18%
18%
43
41
43 %
t c__*
v
1st pref v t o__
2%
*
3
2%
6%
7
25
27
27
7%
30%
27%
Consol Gas E L & Power. *
89
88
90
5% preferred
100
Eastern Sugar Assoc com.l
Preferred
1
114
114
Black
&
Decker
*
com
Preferred,
Fidelity & Deposit
20
Fidelity & Gu Fire Corp. 10
Finance Co of Am cl A
Guiford Realty Pref.
*
30%
28
Range Since Jan. 1, 1936
Shares
Low
612
16%
Apr
22%
26%
July
45%
% June
754
971
.
7%
Feb
30%
Nov
36
Feb
94%
Aug
78
27
51
84
Jan
July
114
65
111
26
21%
26
Jan
27%
17
Jan
41
129%
44%
202
88
Jan
139
60
Oct
129%
"l2~~
41%
12
12
66
39%
12
58
58
16%
18%
3,792
1st preferred
25
12 %
2d
25
12%
3
125
10
116
Feb
50
Feb
61
14%
Aug
20%
7% May
% May
1%
Feb
12%
Mar
3
1
Mercantile Trust Co
50
Mercb & Miners Transp..*
MononW Penn P S 7%pf25
12%
2%
3
251%
42
Mt Ver-Wdb Mills—
100
70
3
3
251% 253%
42
42%
27
27%
Penna Water & Pow com. *
Seaboard Comm'l com A 10
92 %
69%
15%
1%
92%
12
12
U S Fidelity & Guar
28%
35%
27%
35%
28%
35%
273
25
Chicago Stock Exchange
Oct. 31
to
Nov. 6,
both inclusive, compiled from official sales lists
Jan
Cas
6
im
1%
2
Western National Bank.20
70
16%
1%
92%
Last
Week's Range
for
Nov
Sale
of Prices
Week
3%
Aug
15
248
Apr
262
Jan
45
Oct
Stocks-
Par
Baltimore City—
4s 2d water serial.. 1947
Transit 4s flat..1975
5s flat
Wash B & A 5s flat
112
39%
40%
46
1975
270
23%
Feb
28
40
43
Apr
75%
17%
1,162
11,100
9%
Apr
Aug
Oct
Oct
1
Oct
2
Aug
87
Jan
98
July
8%
Feb
12
Sept
13%
Apr
34
72
Jan
29%
36%
5
2,079
Oct
Common (new)
*
Adams (J D) Mfg com
*
Advance Alum Castings..5
46
100% 100%
9%
9%
1941
Boston Stock
61
Apr
1,200
36,500
3,100
2,500
6,000
112
Nov
15%
Jan
17
Jan
84
Jan
8
May
112
Nov
41%
ret
130
9
21%
24%
61%
5%
3%
60%
1,050
21%
21
24%
58%
5%
24
Armour & Co common—5
Asbestos Mfg
Co
56
5%
3
3
Associates Invest Co com.*
60
57
10
9
10
1%
32
2%
17%
30%
12%
9%
35%
83
87
com..
conv
Bastlan-Blessing Co
Bendix Aviation
pref*
com.*
*
com
Berghoff Brewing Co.-.-l
Blnks M fg Co A conv pref *
Bliss & Laugblln Inc cap.5
Aug
Stocks—
Par
of Prices
Price
Low
High
Common
Boston & Albany.
100
Boston Elevated
100
Boston Herald Traveler.-*
Range Since Jan. 1, 1936
Shares
Low
High
181%
157
2%
21
177% 182%
154% 157
67%
67%
29%
29
105
1%
20
2,328
245
117%
Jan
68
477
65
May
30
100
Common
776
28
Oct
8%
Preferred stamped...100
6%
34%
8%
16
16
16
Boston Personal Prop Tr.*
14%
14%
14%
4
com..
25
Copper Range
25
25
"15%
2
11%
182%
157
70
31%
Nov
Jan
Nov
Oct
Feb
Sept
Apr
Jan
Feb
Chain Belt Co
Feb
Cherry Burrell Corp com.*
Chicago Corp common
*
41
4%
July
14%
Feb
4
18
Feb
16%
16%
9%
Jan
12%
May
45
2%
July
7,327
5%
Jan
310
%
Feb
7
16%
Jan
Nov
Chicago Flex Shaft
com..6
Chic & No W Ry com.. 100
170
60
Jan
85
Jan
41%
Jan
83
Mar
Coleman Lp & Stove com. *
Commonwealth Edison. 100
1%
Jan
3%
62%
Apr
Consolidated Biscuit com.l
Jan
Apr
Feb
18
3
Feb
8%
Jan
2
12
2
2
47%
11%
4
48%
11%
4
13%
13
23
18%
159
22
GeorgianInc(Tbe)clA pf 20
*
2
Nov
8,946
6%
Jan
12
Nov
Chicago Rivet & Mach cap*
Chicago Yellow Cab Co..*
43
3%
Jan
11%
Mar
Club Aluminum Uten Co.*
"l3""
5
1%
11
50
3,400
13%
325
23
248
156% 160%
22
10
75
22%
965
745
1%
40
840
*
16
155%
20
1
May
Jan
7%
May
Apr
15
July
23%
Mar
169
Mar
Apr
27%
Feb
Feb
Jan
1%
13%
Nov
July
19%
Feb
Jan
Hathaway Bakeries pref-.*
15%
15%
13%
16%
58
57
60
215
26%
May
60
Nov
9
100
5%
Jan
11%
Sept
90
1%
May
2%
Jan
1.75
Aug
Class A
Class B
*
1%
Helvetia Oil Co t c
1
Intl Button Hole Mach__l
Isle Royal Copper Co...25
Loews Theatres (Boston)25
70c
26
"2%
17%
100
100
*
New England Tel & Tel 100
New River Co pref
100
(The) 100
Butte
*
35
"55%
54
2%
131
80
4
65c
100
100
"l7"
25
1%
Pacific Mills Co
*
see page
1%
17%
12%
"35"
»
c.
Mergenthaler Linotype.
1%
2980.
1%
707
5%
13%
70c
75
40c
July
26%
2%
17%
85
Jan
897
16%
%
9%
Jan
2%
17%
Nov
12%
100
7%
18%
Jan
18
Mar
Jan
146
1%
38%
122
117%
Mar
372
36
15
3
371
56
132%
85
178
3%
4%
293
30c
85c
29,054
110% 112
16% 18
1%
1%
27% 27%
75
220
525
100
*
com
Compressed Ind Gases cap*
33
9
Gillette Safety Razor
11% June
350
21
Jan
320
20
May
1,950
2,000
1,100
2,800
7%
Jan
5%
Jan
60%
Nov
7%
Feb
11
100
1% May
Feb
5
July
4,950
6%
Jan
21%
7%
Jan
17%
32%
Nov
1,100
1,850
9,200
350
14%
July
Jan
10%
July
22%
Apr
64
Jan
Feb
Jar
9%
11%
Nov
32
4,900
10
Oct
Jan
3
40
16%
14%
Oct
Feb
Sept
Jan
100
33
25%
July
500
13
21%
69
4% June
22
18
Aug
Sept
Sept
9%
2%
27%
107%
10%
19%
57%
21
Jan
16,650
7%
38%
35%
Nov
Nov
87
111%
Mar
23
Aug
Nov
Jul>
10%
19%
Nov
July
33
May
Jan
14%
Jan
58%
Oct
56
100
13
70
1%
18%
69%
1%
15%
1%
18%
1
Jan
2,600
12
Jul}
70
1,000
57
Jan
2%
18%
73%
Nov
68
Apr
3%
Feb
3%
57
Jan
Jan
Jan
73
May
2%
Apr
25c
110
16%
56c
Oct
Jan
Oct
27
45
3%
56
132%
87
Oct
Apr
Mar
Feb
Nov
Nov
Jan
5%
Feb
85c
Nov
112
70%
Feb
Mar
Jan
1.75
Apr
14% May
27%
Nov
Common
13
Sept
17
Oct
Feb
5%
54
55%
*
6
25
Preferred
100
Cudaliy Packing Co preflOO
Dayton Rubber Mfg
com.*
Cum clasp A pref...
Deep Rock Oil
conv
.35
pref..*
Decker (Alf) & Cobn
Preferred
com
Class A
10
26%
4
1%
33
49
Jan
97
Sept
20% May
68
Sept
Utll cap.5
Elgin Nat Watch Co...15
Fitz Sim <fe Con D&D com *
com.*
$3 cumul conv pref
20
General Candy Corp A...5
Gen Household Utll—
*
Godebaux Sugars Inc—
Class B
__*
5
50%
54
26%
3%
1%
40
16%
63%
69%
5%
54%
56%
1,650
Jan
37,000
1,750
43%
50
3%
32%
27%
4%
1%
250
3%
700
7
210
99
40
26%
26%
4%
43%
200
6,750
42
17%
56%
64%
17%
11%
Apr
8
Apr
Oct
10%
Jan
300
19%
Jar
10
90
12%
47
Aug
3,450
10
100
650
200
1,700
100
4%
50
9%
Jan
Nov
139
18%
27
Feb
Feb
110
90
11%
40%
17%
1%
12%
117%
Oct
40
27
Aug
Jan
500
11%
Oct
Aug
Apr
11
Oct
Jan
Feb
11%
24
28
27
Aug
Oct
72%
103%
10
19
% June
Jan
5%
97%
26%
3%
Feb
Nov
116%
120
10
39%
17%
Oct
180
28
18
10
38
260
1,250
28
19%
19%
39%
18%
Oct
4%
COO
31%
32
Jan
%
19
Apr
Mar
98
42
Feb
34%
1% May
30
Sept
Jan
96%
41
Sept
2,100
133% 139
104% 105%
17
19%
31% 31%
4%
Jan
2%
1,300
139
57%
Aug
19%
10%
105%
Jan
2 M
200
44
4
33%
12,500
112
Nov
Apr
Apr
4
25
50
Feb
Nov
69%
6%
54%
160
10%
26%
4%
43%
22%
Jan
40%
33
%
6%
Jan
35
110
42
%
8
230
108
19%
39%
Eddy Paper Corp (The)..*
*63
10%
*
*
(new)
130
620
44
111%
"19%
Elec Household
Common
Oct
91
33
6
Econ Cunnghm Drug com *
Gardner-Denver Co
1%
59%
3%
100
Dexter Co (The) com
Dixie-Vortex Co com
58,100
Feb
53
31
.5
Cord Corp cap stock
Crane Co common
3%
2,700
83
16
6% prior pref A
100
Continental Steel pref. .100
Common
2%
67
Consumers Co—
8%
Gilchrist Co
For footnotes
*
239
100
Old Colony RR._
Old Dominion Co
Preferred
55
100
Oct
June
13
63%
52
Fmployers Group
5%
X56
Jan
15
425
com
55
Economy Grocery Stores.*
15
13
.•.•.WW.
*
.
65%
100
RR! (N H)
Preferred
100
Prefered
50%
M
8%
Jan
July
Cities Service Co
Adjustment
10U
Fastern SS Lines com...
9%
1,400
30
33
"11"
........
_.*
7%
67%
100
N Y N B & H RR
Prior lien preferred...
Preferred
6%
65%
Preferred.
pref
22
10%
19%
....1
100
Common
Mass Utilities vt
Common
10%
3%
17%
no
Eastern Mass St Ry—
com
...
Conv preferred
*
Cent 111 Pub Serv pref--.*
Central S W—
1%
8%
.*
Edison Elee Ilium
Butler Brothers
..10
Castle & Co (A M) com__10
Central Cold Storage cm 20
11%
Common
B
25
'
East Gas & Fuel Assn—
4%% prior pref
6^ cum pref
5%
15
227
11%
11%
38
6%
35%
11%
Prior preferred
100
CIsfsA 1st pref stpd.100
Class D 1st pref
100
Calumet & Becla
Cliff Mining Co
*
16
28%
11%
9%
110% 110%
Central States Pr & Lt—
100
Brown-Durrell Co
2%
July
19% May
149%
Apr
Boston & Maine—
Common
"35%
Borg Warner Corp com. 10
Common
1%
21
50
100
High
Central 111 Sec—
25
1st preferred..
11%
Bucyrus Monighan cl A__*
for
Week
Amer Pneumatic Service—
Amer Tel & Tel
1%
17%
30
Bracb & Sons (E J) com..*
Brown Fence & Wire—
Sales
Week's Range
Sale
Low
1,850
10
Class A
Amer Pub Serv Co pref. 100
Oct
Exchange
Last
North
19
9
Bruce Co (E L) com
Northern
55%
18%
55%
"9%
Nov
48
100%
9%
Nov. 6, both inclusive, compiled from official sales lists
Friday
Range Since Jan. 1, 1936
Shares
64
25
Allied Products Corp—
Common
7% preferred
cum
High
Abbott Laboratories—
Automatic Wash
112
39%
1975
B 5s
5%
Low
Automatic Products com.6
Bait
Maine Central
Price
July
31
Bonds—
to
Sales
Oct
3
200
12
.
Owlngp Mills Distillery..1
Oct. 31
St., CHICAGO
Friday
preferred
Mar Tex Oil
A
10 So. La Salle
Jan
12%
Ch'cago Stock Exchange
Chicago Curb Exchange
Oct
Apr
9% June
Exchange
Sept
128
Members;
New York Stock
New York Curb (Associate)
Sept
39%
1,713
1,295
11
37
18%
Amsterdam
1 PaJ H.Davis &€o.
Oct
Feb
July
May
58
Preferred
Jan
5
39
*
SECURITIES
Listed and Unlisted
Jan
2%
19%
CHICAGO
High
415
258
100
Houston Oil pref
Mfrs Finance—
New
Nov
100
Nov. 6, both inclusive, compiled from official sales lists
to
44%
Nov
i
Jan
19%
32%
Nov
Feb
28
Nov
Jan
11%
Jan
90
Jan
19%
Oct
Oct
Nov
Oct
18% July
38% May
21
Jan
20
Mar
Apr
30
Jan
16%
23
June
41% June
4,500
11%
Nov
18%
42
300
27%
Jan
43%
Oct
17%
56%
64%
17%
150
16%
Jan
23
Apr
130
39
Jan
60
July
300
62
Oct
64%
25C
11%
Jan
18
Sept
10%
12%
14,300
7%
Aug
14%
Aug
30
30
150
8%
Jan
32%
Oct
54
63
17%
Jan
Oct
Volume
Financial
143
Sales
Friday
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Par
1,
Range Since Jan.
Last
Stocks (Concluded)
1936
Jan
46
Sept
42 %
40
28%
42%
29%
2,600
29
600
26
July
33%
Apr
Hall Printing Co com...10
U%
11
11%
950
6
Jan
U%
Aug
Harnischfeger Corp com .10
15
15
16
140
Jan
17
Jan
13%
Apr
Apr
Feb
27%
39%
Oct
22%
Helleman Brew Co G cap.l
11
10%
11
550
9%
8%
23%
23%
39%
15%
23%
39%
15%
100
20%
"isX
*
(Geo)
Iron Fireman
Jarvis (Y\
32%
2,200
8
May
12%
80
100
Feb
109%
140
60
July
68
130
14
Sept
24%
650
24
May
31
1,650
12%
12%
109
Kalamazoo Stove com
26%
22%
64%
21%
27%
24%
43
"27%
1
*
24%
""46
11
100
109
63
43
21
*
v t c
B) Co cap
Jefferson Elec Co com
11%
109
64%
pref.._*
Mfg
22
May
19
30%
25
pref.100
*
Indep Pneu Tool v t c
Interstate Pow $6
17
May
19
28%
,
6,900
50
45
46
47
46%
47%
1,850
12
Ky Utll Jr cum pref
40
12%
18%
41%
80%
1,800
Ken-Rad T & Lamp comA*
12%
17%
2%
550
1%
Jan
1%
10
1%
Sept
32
50
Feb
8
520
28%
3%
Katz
Drug Co
*
com
Kellogg Switchboard comlO
50
6% cumul pref
Kingsbury Brew cap
100
1
La Salle Ext Univ com
Z36
"~2%
5
32
7%
Leath & Co com
44
70
48%
Oct
Apr
18%
Oct
no
34%
Feb
43%
Aug
May
90%
3%
Aug
Mar
3%
Jan
Jan
May
Oct
8%
*
Burger Brewing
*
Carthage Mills
Champ Coated
1st preferred
Churngold
25%
100
*
13%
*
1,550
7
May
11%
Jan
Cinti Ball Crank pref.
Clnti Gas & Elec pref. .100
7
Jan
13%
July
Jan
50
July
..50
Cinti Street Ry
Cincinnati Telephone. ..50
Oct
6%
15%
Sept
600
35%
3%
7%
Jan
Jan
57%
2%
McQuay-Norrls Mfg com.*
.*
Mapes Cons Mfg Corp cap*
6
Oct
8%
Feb
300
34
Jan
54%
Feb
21%
6%
Marshall Field common..*
Mer & Mfrs Sec el A com.l
33
Apr
50
27
Jan
40%
50
June
2%
21%
21%
1,370
1
Julv
3%
Jan
100
20
Aug
27%
21%
Mar
Hobart A
Nov
Julian & Kokenge
27%
Metrop Ind Co ctfs
6%
14,500
2,500
27%
20
Jan
11%
5%
Apr
18
Jan
Oct
Aug
62
Jan
8
Aug
29%
I
3%
3%
3%
1,000
Middle West Corp cap...5
13%
5%
12%
5%
13%
6%
34,650
5,700
Common
Stock purchase warrants
Midland United Co—
2%
Jan
7
Apr
13%
Oct
July
7%
Feb
Oct
3%
4% June
Jan
1,750
1,000
1
Mar
%
15%
Mar
12
Sept
10%
Sept
%
6
30
100
100
6
6
10
1%
Jan
5
7
160
%
Feb
pref..*
6
Jan
11%
Jan
Jan
55
Feb
July
Jan
Jan
10%
26%
9*
*
6
Midland Utll 7% prllenlOO
prior lien
7% preferred A
8
220
Nov
46
45%
46
300
3%
38%
8%
25%
8%
26%
200
6%
Muskegon Motor Spec A.*
8%
26%
Nachman Sprlngfllled corn-
22
21%
28%
23
200
11
Jan
25
29%
160
28
Apr
33
53
54
400
38%
Jan
65
Apr
350
24
25%
101
60
8%
432
8%
Oct
Apr
17%
Feb
1%
Jan
Feb
102
100%
Jan
4%
108%
5%
9
Sept
53
Jan
100
Nov
47
20
Mar
25
July
35
44
Jan
100
788
24
8
Jan
15
Mar
Jan
35
Sept
105% May
114
June
25
Jan
10
20%
117
18
Aug
31
31
153
28
Jan
85
7
Jan
50
158
40
Feb
50
Aug
28
61
23
Jan
30
Oct
11%
50
11
July
14
Julv
25%
64
19%
July
27%
32
39
18
Jan
100
2
Jan
8%
8%
48%
31%
3%
*
17%
3%
3%
9%
*
52%
100
Jan
Aug
Feb
33
4%
17%
18
25
6
Jan
18
Nov
30
5
29
May
40
June
9
10
250
10
Nov
53%
183
3%
Feb
40% June
1
51%
*
26
26
26%
12%
12%
12%
53%
Nov
Sept
120%
Feb
Jan
116%
27%
Oct
16
20
*
813
Jan
Aug
48%
Apr
33
4%
37
37
*
32
32
56
26%
.10
33
33%
65
26%
37
...
Oct
12%
25
70
*
Rtke-Kumler
Oct
8%
116% 116%
*
Rapid.
33% June
30
25
B
July
20%
2.50
Randall A
17%
31
31
5% preferred
Oct
Jan
85
no
23
Motor.
Oct
12%
no
*
National Pumps
Oct
26
105%
102
48
*
Magnavox
Aug
37
Apr
30
«. «
Mar
Jan
11
105
100
95
Jan
19%
498
13%
12%
4
3%
107% 108
Aug
30
10
37
30
«
100
Kahn
Feb
6%
27%
11%
24%
Kroger
May
Natl Gypsum cl
3%
19%
Jan
Sept
Oct
National Battery Co pref.*
Oct
3%
14%
„
*
Sept
7
8%
13
^
*
Procter & Gamble
1
Couv preferred A
%
5% May
99% 100
*
Goldsmith
Nash
75
23%
...
Meteor
%
9%
7%
Common
94%
*
Gibson Art
Lunkenheimer
Mickelberry's Food Prod-
8%
*
Formica Insulation.._
230
1,150
50
8
*
Preferred
50
2
_
108%
..20
Early & Daniel
40%
57%
£6
9%
100
600
39%
21%
19%
6%
_
-
*
Coca-Cola A
Eagle-Picher Lead
Nov
.
Cintl Union Stock Yard..*
48
40%
5
com
6%
38
5
com
14%
60
1,000
Nov
9%
6
105% 105%
100
3,400
4
15
6%
39%
Mar
28%
69
24%
37
9%
44%
13%
Jan
60
426
3%
Baldwin Locomotive.. ...8
11%
McCord Rad & Mfg A...*
6%
pref..
Oct
9
9%
8
24%
9%
*
9%
14%
6%
*
com
Manhatt-Dearborn
Amer Prod part
1936
High
Low
Shares
28%
9
9
Amer Laundry Mach. ..20
11%
44%
3%
4
10
com.
Packing com
McGraw Electric
*
Industries.
Aluminum
Range Since Jan. 1
for
Week
of Prices
High
Low
Price
9%
Lion Oil Refining Co com.*
Lynch Corp
Sale
Par
Stocks—
Oct
13%
Week's Range
Last
Aug
Mar
official sales lists
Sales
Friday
Nov
24%
33
Exchange
both inclusive, compiled from
Feb
Printing Co—
Common
$3% preferred
LIndsayLt & Chem
Oct. 31 to Nov. 6,
Mar
10
76
Cln. 291
Jan
850
50
Cincinnati Stock
Jan
Feb
Apr
4%
6711—First Boston Wire—Bell Sys. Tel.
Phone Cherry
Jan
Mar
Feb
32
CINCINNATI
BLDG.
TRUST
11%
44%
Libby McNeil & Llbby_.10
Loudon
80%
2%
1%
Lawbeck 6% cum pref.100
Lincoln
17%
230
Feb
18%
31% June
39
Sept
UNION
CO.
&
BALLINGER
Oct
Sept
Apr
16%
22%
50
19
clB.
May
30
10
30
A*
com
Illinois Brick Co
111 North Utilities
Cincinnati and Ohio Listed and Unlisted Securities
25
com
Hormel & Co
Houdallle-Ilershey
Markets In
Active Trading
Heller (W E) prel
Without warrants-
Exchange
High
Low
Great Lakes D & D com..*
Hibbard-Spenc-Bart com25
Cincinnati Stock
Members
Week
Goldblatt Bros Inc com..*
Horders Inc
2977
Chronicle
Miller & Hart
conv
Modlne Mfg com
*
6%
Common
A com..5
1%
National Leather com...10
Nat Rep Inv Tr conv
Natl-Standard Co
pfd. *
"8%
48%
*
com
North A mer Car com
8
46%
1
National Union Radio coml
Nobiitt-Sparks Ind com..*
1%
17
Natl Pressure Cooker Co.2
"39"
37
1%
17
8%
48%
1
50
210
200
10
28%
28%
17
1%
Jan
6%
32%
2%
188
5
5
8%
Feb
Sept
28%
Feb
13%
10
21%
21%
Feb
Ohio Listed and Unlisted Securities
Jan
18
Jan
10
Stock Exchange
Feb
49
Members Cleveland
Oct
Sept
Jan
Jan
1%
Feb
Apr
%
26
33%
*
-.50
Preferred
35%
Aug
July
13
450
450
5%
10%
28%
Northwest Eng Co com..*
1,650
2,950
5%
Northwest Bancorp com..*
300
39%
5%
*
US Playing Card
US Printing
Monroe Chemical Co—
Sept
3% Sept
34%
Nov
3%
Jan
1,150
7%
June
150
15%
Jan
GILLIS
7% June
14
30%
Jan
Sept
Union Trust Building,
Northwest Utii—
7% preferred
100
35%
35%
40
210
Jan
49
100
62
62
62
30
25
Apr
76%
Sept
10
29
29
30
600
19
Apr
30
Cleveland
Sept
7% prior lien pref
Nov
Parker Pen Co
com
2%
Peabody Coal Co B com.. *
Jan
3%
37
50
27%
Jan
38
150
16%
Oct
22%
Apr
Apr
41
Oct
7
Oct
37%
4%
Potter Co (The) com
*
4%
4
Prima Co
*
2
1%
4%
4%
Corp com
Public Service of Nor 111—
77%
*
75%
76
60
37%
7
4%
4%
2
5
400
800
900
1,750
1,250
Sept
1%
May
5
Oct
49%
Apr
85
Oct
Apex Electric Mfg
Oct
Akron Brass
Mar
Jan
5%
5%
Mar
*
76
50
116% 116%
118% 118%
150
123
470
10
49
May
82%
120
Aug
112%
123
Mar
City Ice & Fuel
125%
June
140
Jan
Cleve-Cliffs
115
v
40
141%
Oct
4
1,050
1,300
2%
Jan
150
July
pref—*
6% preferred vtc
5
Reliance Mfg Co com... 10
Preferred...
Sears Roebuck & Co com. *
27%
97%
Siguode .steel Strap com..*
15%
Schwitzer-Curmnlns cap.. 1
30
Sivyer Steel Cstgs com...*
Southwt G & E 7% pref
"H"
104%
100
S'western Lt & Pow pref.. *
St Louis Nat Stockyds cap*
1%
28%
1%
29%
1,400
1%
11
Nov
May
7% June
3%
30%
Feb
Oct
'~84~~
4%
16%
Convertible preferred..*
15
Swift & Co
25
23%
23%
Sundstrand Mach TooiCo*
10%
Utah Radio Products com.*
3%
Utll & Ind Corp
*
3%
Convertible pref
Viking Pump Co com
*
Wahl Co com
*
Walgreen Co common
*
.....
Jan
69%
Nov
Elec
24
27%
2,850
18%
July
Faultless Rubber
97%
65%
Nov
Foote-Burt
*
15%
15%
80
2%
Apr
16
Oct
Grelf Bros
32%
10
26%
15%
Aug
33
Oct
Halle Bros
10
99
Feb
106
Sept
130
61
Feb
93
Aug
97%
24
24
104% 104%
84
90
86
50
20
Jan
79% LJan
4%
16%
23
21
4%
350
16%
700
8%
32%
23%
23%
3%
Mar
109
28%
91
Apr
Apr
Mar
Cooperage A..*
5
Harbauer
*
Inter lake Steamship
*
Jaeger Machine
1,040
63
10%
3%
%
3%
22
11
4
1
3%
22%
5%
55%
21%
55%
21%
55%
281
650
1,050
450
%
850
2%
50
15%
520
4
Oct
Nov
21%
Nov
55%
Nov
55%
Nov
45
70
13
33
May
25
July
10
Jan
16
55
80
36
Jan
55
Oct
28
502
28
Nov
15%
27
107% 107%
10
225
19%
Aug
11
16%
15
Oct
26
57%
72
34%
Jan
58
Oct
29
29
20
10
Jan
29
Nov
25
25
50
19% June
28
Oct
Oct
22
16%
Mar
25
Aug
*
"30%
30%
31%
2,555
18%
Apr
32
Sept
Jan
9
July
Jan
112
Sept
12
— -
5%
24
815,000
78
6%
16
Jan
Jan
Feb
Jan
Nov
Jan
July
Preferred—
8%
8%
1,130
3%
250
%
Aug
4%
Feb
1%
29%
1%
300
1%
Oct
4%
Feb
29%
90
29%
Nov
45
47
Ohio Brass B
6% cum pref
Packer Corporation
Patterson-Sargent
Peerless Corporation
Nov
Richman
Nov
Seiberling Rubber —
79
Nov
8% cum pref...
S M A Corporation
70
Apr
82%
Nov
Jan
4%
1%
8%
2,000
103
6
13%
41%
Apr
104
1%
Nov
12
5
100
5%
13%
Nov
91
8
...*
—50
Nestle LeMur Cum Cl A.*
NineteenHund.Corp Cl A*
450
10%
104
8
National Tool
Jan
1,000
5
8
Oct
National Tile
Jan
Oct
200
25
Oct
9%
July
5%
Bonds—
—
Mar
142
600
Jan
Mar
16%
57
16%
"29"
24
22%
5,350
Apr
24
37
41%
107%
Jan
Apr
Apr
6%
13%
Aug
10%
May
38
Mar
104
Jan
35%
36
Sept
Apr
Jan
45
30
Mar
2
Jan
Nov
24%
15
4%
May
July
35%
Feb
17
6%
21%
215
20% May
Mar
2%
73
July
4,316
125
Feb
Jan
Sept
July
760
18%
12%
8%
Jan
Oct
95
74
112%
70
65
15
55
"27"
Jan
106
64%
30
15%
Mar
61%
59%
34%
Murray Ohio Mfg
Mar
10%
82%
35%
24
107%
Oct
10
10%
82%
63
33%
23
35
Jan
54
10
93
34%
Jan
16
79
60
63
33%
Jan
30
78
62
34
25
200
93%
110% 110%
"63"
34%
35%
800
29S0.
92
"92%
Oct
Feb
34%
24%
Apr
1,700
footnotes see page
19%
Medusa Portland
Apr
13%
6%
13%
"For
Jan
McKee A G Class B
Aug
37
-
15%
Feb
18
20%
1927
1927
25
Oct
Nov
35
20%
12
ctfs
18%
—
28%
20%
1st mtge 5s
18%
25
Apr
7
700
36
Chicago Ry 5s B
27
25
Kelley Island Lim & Tras. *
O Lamson & Sessions.
*
1,850
5% June
13
5s. 1927
Oct
*
3,620
50
37
6%
13%
40%
27
21
100
Preferred--.
*
Cement *
Monarch Machine Tool..*
12% June
20%
2
22%
615
*
Feb
27%
97%
Nov
50
Willlams-Oil-O-Matlc com*
Wisconsin Bankshares com*
13%
64%
Feb
35
5
Zenith Radio Corp. com..*
42%
Sept
Controller & Mfg..*
108
108
Wleboldt Stores Inc com.*
Woodall Indust com
Mar
12
Mar
40
11%
147
"21%
National Refining
Thompson (J R) com...25
Mar
575
13%
*
*
Cooper Bessemer Corp
Cum pref A
100
8%
31%
Storkline Fur conv pref.25
30
40%
Commercial Bookbinding. *
350
88
*
Swift International
*
69%
108
Standard Dredge—
Common
Cliffs Corp vt c
32%
*
Preferred
3%
66%
108
100
Sangamo Electric Co
Chic City Ry 1st m
100
100
Railway
Ctfs of deposit
3%
1%
28%
50c
t c
1936
High
Low
30
*
Iron
Range Since Jan. 1
for
Week
Shares
39%
12%
Cleve Elec 111 84.50 pref..*
Cleveland
Range
of Prices
High
40%
27
Clark Controller
Jan
Week's
Low
30
*
13%
Jan
Raytheon Mfg—
Common
Sale
Price
Par
Stocks-
103
144% 148
100
Preferred
Last
Sept
Apr
6
official sales lists
Sales
Friday
6%
2%
2%
1%
Airway Elec Appl pref.100
77%
450
124
100
32
Quaker Oats Co—
Common
both inclusive, compiled from
Oct. 31 to Nov. 6,
50
116%
118%
loo
GLEV 565<fe560
Jan
7
Process
AT
Cleveland Stock Exchange
Feb
17
6%
4%
com.
A T
Telephone GHerry 5050
Feb
16%
Pictorial Pap Package com5
Pines Wlnterfront com
5
6% preferred
7% preferred
1%
37
Perfect Circle (The) com.*
Common
4,440
17
com.
Common
2%
37
100
6% preferred..
Penn Gas & Elec A
1%
7%
*
..100
*
*
3
*
*
Weinberger Drug Inc
25
1
"59%
55
2%
Apr
100
104%
9%
25%
8275
17%
July
2%
59%
75
2
Oct
1,236
54
Aug
3%
790
2
Jan
8%
Jan
360
Jan
Jan
30%
Nov
47
106%
Sept
Oct
21%
27
2%
68
4%
<
Jan
Nov
Feb
Feb
25
Feb
19%
Feb
25
18
25
37
16%
9%
17
485
14
May
<9%
800
9
Oct
10
16
17
9%
*
*
25
27
Nov
104% 104%
20%
20%
2%
100
Upson Walton
Vlchek Tool
104%
20%
570
16%
115
9
May
17
Oct
17
Jan
19
June
17%
18
150
Oct
2978
Financial
Chronicle
Members
Buhl
Building
Nov. 6,
to
detroit
Sale
Par
City Brew
1
com
Baldwin Rubber com
1
Burroughs Adding Mach.*
Capital City Prod com
*
Chrysler Corp com
5
of Prices
Low
High
Price
1%
1%
12
11%
31
"ie"
Detroit Paper Prod com__l
Eureka Vacuum
14
21
9%
9
74%
1
7
com
1
3%
Grand Valley Brew
Hall Lamp com
__*
44
74%
7
3%
e%
2%
1
2
2
Hoover Ball & Bear com. 10
17%
5%
17%
Houdaille-Hershey
30
30
21%
28%
20%
5%
17%
30%
22%
28
29
B
*
Hudson Motor Car com..*
Kresge (8 8) Co com
10
Lakey Fdy & Mach com__l
McAleer Mfg com
Michigan Sugar
__*
*
com
Preferred
10
Mid-West Abrasive comSOc
Motor Wheel
com
5
Murray Corp
com
..10
Packard Motor Car com..*
5%
3%
5%
3%
1
1S16
5%
5
4
3%
23%
24%
21%
12%
20
14
Apr
333%
243%
Oct
Aug
19
Jan
Apr
852
23%
2%
3%
1,550
Jan
Jan
,
Rickel (H W) com
2
4
Jan
Tivoll Brewing com..
Truscon Steel com
1
10
8%
.....
com
Universal Cooler A
*
B
*
8%
6
11
23
May
14
Apr
20%
Apr
4,588
991
603
5%
3%
Feb
Mar
495
3,025
,3i6
699
Jan
Aug
153%
Apr
3,475
6%
Jan
355
Sept
786
10%
4%
43%
4%
12%
3,585
5%
Nov
Jan
13
11
6%
5%
6%
24%
8%
11%
6,470
1,980
2,050
Mar
Feb
Feb
Feb
Oct
Nov
11
2,330
7%
Jan
850
6%
2%
23%
233%
Jan
Mar
Sept
243%
11%
11%
12%
10
6
6%
3,675
30
100
31
300
Warner Aircraft
1
31%
1%
1%
6
7
Wolverine Brew
com
1
,316
Wolverine Tube
com
*
12%
%
12%
4,275
1,150
300
465
Oct
Mar
Mar
Feb
7
July
Jan
8
125
30
July
Jan
Jan
Jan
Nov
Apr
Nov
Mar
Oct
7%
Oct
July
31
Feb
Jan
,5i6
31%
Nov
3
Jan
5%
%
12%
Sept
11%
1%
July
Oct
13
Oct
Jan
6%
23%
Jan
Harb-Walker Refrac com
Mar
Mar
Mar
Sept
*
Koppers Gas & Coke pf 100
mm
Lone Star Gas Co.
McKlnney Mfg Co
Mesta Machine Co
mm m-m
12%
2%
*
5
Mountain Fuel Supply
Natl Fireprfg
Co.
100
Preferred
14
15
3%
*
*
_
Pittsburgh Forging Co
Pittsburgh Oil .t Gas
34
1
Pittsburgh Plate Glass..25
mmmmmm
Pittsburgh Screw & Bolt..*
mmm
Preferred
mm -
14
Pittsburgh Steel & Fdry..*
Plymouth Oil Co
2
1
Ruud Mfg Co
5
mmmmm
San Foy Mining Co
1
mmmm
Shamrock Oil & Gas
*
Standard Steel Spring
25
*
United Engine & Fdy
United States Glass Co. .25
Victor Brewing Co
1
Westinghse Air Brake....*
•
--
Unll
Nov
Jan
452
31
Jan
20
80
June
123%
Nov
Sept
195
97
Jan
107%
4,000
10
Jan
1
Apr
14%
2%
Mar
3,927
60
41
Jan
64%
Mar
Jan
10%
Sept
Jan
15
Nov
Aug
4
Feb
100
425
210
1,705
136
25
7%
Jan
1.
Jan
Oct
36%
14%
1%
Aug
Jan
98%
7% May
Feb
Mar
140
Apr
Oct
1,885
3
Jan
12%
14%
Nov
2,298
11
Oct
50
July
12%
Jan
17%
1,126
90
2,500
2
20
;
2c
6%
14
26
1
mm
Mar
1%
1%
2%
48%
3
1
495
15
2,000
8,457
1,550
Jan
2c
20
Mar
3%
11%
Nov
2 June
Jan
Jan
Mar
4c
Jan
6%
Oct
14
Nov
Nov
300
17
Aug
27
Oct
190
22% May
Oct
1%
to
Oct
4
Oct
4
1,140
1
43%
mmmmmm
40
July
600
25
142
Westinghse Elec & Mfg. 50
Oct
Jan
1
2,225
3%
34%
46%
-
4
mm-mm
%
5%
11%
14
Preferred
Sept
23
7
2c
6%
26
Jan
1%
49%
17%
17
m
mm
Feb
Jau
7%
15%
7%
13
1
20
17
16%
July
17%
.5
Renner Co
July
4%
11
100
Jan
2,120
12%
1%
128
129%
11%
12%
12%
14%
mmmmmm
100
14
Feb
Sept
Feb
12%
1%
5
439
July
July
15
6%
Corp com..*
Preferred-
1,441
20
1%
1%
47%
49%
123% 123%
104
104%
11%
12%
1%
2%
57%
60%
6
5%
Jones & Laughlin Stl pref 100
Pittsburgh Brewing Co
65%
5%
24%
22%
13%
18%
83%
7%
Apr
15
Nov
8%
63%
1%
Jan
3
1,585
4,250
11%
Jan
5
200
Oct
Mar
8*
Oct
3% June
27
July
Jan
655
Oct
110
27
10%
4%
3%
8%
670
22
mmmmmm
Fort Pittsburgh Brewing. 1
Apr
July
Follansbee Bros pref.-.100
Oct
Oct
Sept
9
10
*
10
400
.
1,658
10
Mfg Co
Jan
62%
20%
4%
22
mmm
Oct
Jan
July
26
m
'
High
40%
9%
July
2
120
26
Feb
Aug
Clark (D L) Candy Co...*
125
21%
Nov
53%
mmmmmm
Low
25%
3%
7%
47%
13%
18,040
18%
Nov
July
Sept
Central Ohio Steel Prod..*
2%
19%
"21%
74%
2
18
3
Duquesne Brewing com..5
44
2
54%
mmmm
Duff-Norton
Jan
100
m
1
14
54
Devonian Oil
543%
6%
350
*
*
Carnegie Metals Co
50
Feb
Mar
Oct
Blaw-Knox Co
Columbia Gas & Elec Co.*
12
2,014
2,435
7,492
Armstrong Cork Co com..*
Apr
Jan
Jan
5%
9%
mmm mmm
-100
Preferred
39%
5%
9%
57%
18%
3%
20%
5%
20%
18%
Shares
Apr
'
Jan
Jan
39%
Range Sine* Jan. 1 1936
for
Week
High
Aug
152%
10%
15%.
233%
Aug
Low
5%
18%
18%
24
*
com. .4
Feb
106
Walker A Co units
1%
6%
Mar
550
1,498
Universal Products com..*
com
Nov
7%
12%
93%
7%
586
5%
4%
5%
23%
7%
11%
9%
8%
5%
Nov
26%
33%
43%
Aug
128
Jan
135
12%
5
River Balsin Paper com..*
Tlmken-Det Axle com
10
Wayne Screw Prod
July
14
of Prices
—
M&y
86%
Allegheny Steel com..
*
Arkansas Nat Gas Corp..*
Week's Range
Price
Par
Stocks—
Feb
m
11
Pfeiffer Brewing com..
Reo Motor com
United Shirt Dist
5%
3%
1
5%
4%
24%
21%
Oct
710
146%
9%
20%
General Motors corn...^10
13%
93%
253%
High
400
152
44
*
Low
2,175
14
Last
Sale
475
,5]f>
Sales
Friday
400
9
9%
14
Graham-Paige
3
2,516
2%
145
21
Goebel Brewing com
6, both inclusive, compiled from official sales lists
Range Since Jan. 1 1936
Shares
1,805
6,044
NEW YORK
Pittsburgh Stock Exchange
Oct. 31 to Nov.
Week
,3I6
%
145
5
Gemrner Mfg A
26%
for
2%
Federal Mogul com
_*
Federal Motor Truck com*
com
16
135
2%
1
100
com
m
12%
31%
15
26
Detroit & Clev Nav com. 10
Detroit Cripple Creek
Range
134
135
Consolidated Paper com. 10
Continental Motors com.l
Detroit Edison
BROADWAY,
Sales
Week's
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
Specialists in Pittsburgh Listed and Unlisted Stocks and Bends
Exchange
Last
Auto
120
both inclusive, compiled from official sales lists
Friday
Stocks—
York Curb Exchange (Associate)
BLDG.,
Court-6800
Tel
Randolph 5530
Detroit Stock
Oct. 31
j
BANK
UNION
Chicago Stock Exchange
Telephone
J Pittsburgh Stock Exchange
Members
New York Curb Aseociate
Detroit Stock Exchange
1936
h. s. edwards & co.
Watling, Lerchen & Hayes
New York Stock Exchange
Nov. 7,
250
60c
Jan
1.25
Sept
44%
145%
405
34%
Jan
97
Jan
47%
152%
Mar
201
6%
158
3%
Jan
5%
Oct
Oct
ted—
Penroad Corp vtc
4%
*
5%
Established 1874
Wm.Cavaixer&Co.
DeHaven & Townsend
MEMBERS
Members
New York Stock Exchange
New York Stock
Philadelphia Stock Exchange
philadelphia
Los
new
1613 Walnut Street
york
Exchange Chicago Board of Trade
Angeles Stock Exch. San Francisco Stock Exch.
523 w. 6th St.
30 Broad Street
Philadelphia Stock Exchange
Oct. 31
to
Nov. 6,
Friday
American Stores
Week's Range
for
Sale
Par
of Prices
Low
High
26%
American Tel & Tel
100
181%
Baldwin Locomotive
*
10
Budd (E G) Mfg
Budd Wheel Co
Curtis Pub Co
122%
13
*
10%
__5
*
com
Electric Storage Battery 100
General Motors
Gimbel Bros
46%
10
*
com
Horn A Hard (N
Y) com.*
Preferred
100
Lehigh Coal & Navigation *
Lehigh Valley
50
Mitten Bank Sec
Corp..25
Preferred
149%
Apr
182%
Nov
122
2%
24%
119%
July
6%
26%
Feb
9%
8%
Jan
560
Sept
Nov
Jan
36
127%
15%
Jan
Associated Gas A El A
Bandinl
Petroluem
Corp vtc
*
Pennsylvania RR
4%
2
14%
134%
Mar
Bolsa-Chica Oil A
Jan
Nov
June
24%
Apr
Broadway Dept St pref. 100
Buckeye Un Oil com
1
657
42%
July
55%
Jan
Byron Jackson Co
Calif Packing
51
May
Jan
75% Nov
22% Nov
Apr
39%
Oct
Jan
110%
Aug
928
105%
6%
Jan
12
Oct
11%
85
8%
Jan
21%
Oct
3%
261
8%
Mar
3,135
%
1%
9%
Jan
4%
12%
Jan
8
Mar
1,612
Feb
14%
Warrants
"34%
4%
42%
159%
162
115
.
50
7% preferred
6%
50
Phlla Rapid Transit
11%
34%
5%
9%
"~n%
11%
Phlla A Rd Coal A Iron..*
Philadelphia Traction
50
2
Reo Motor Car Co
6
Salt Dome Oil Corp
"20%
69
*
50
%
4%
*
6%
Tonopah Mining
4.002
1
Jan
28%
Apr
5%
45%
446
113%
Feb
162
112
Apr
68
34%
981
6%
12
3%
2,926
80
1%
July
10%
Jan
20%
22%
3,753
65
69
80%
1
91
4%
July
7%
16%
May
30%
Apr
Feb
32%
200
16%
Jan
32%
Oct
*
41%
40%
41%
500
31
June
41%
Nov
Citizens Natl T A S Bk. .20
29
28
29
900
Claude Neon Elec Prod
Jan
10)
13)
10%
14%
3%
26% June
10% Sept
11% June
3%
Jan
32%
10%
14%
3%
16%
15%
5%
19%
6%
Feb
Mar
Apr
Feb
United Gas Impt com
Preferred
Preferred
3%
5%
40%
Apr
14%
16%
18,177
14%
112
268
14
61
108%
9%
Apr
Apr
Apr
Apr
9
200
7%
Jan
*
Westmoreland Inc
111%
.*
Westmoreland Coal
111
13%
*
9
Elec A Peoples tr ctfs 4s '45
Small bonds
9
Feb
20%
19%
18
800
Equip Co. ..5
20%
57% c
1,600
1,700
Hancock Oil A
1
*
com
Holly Development Co
Hudson Motors
1
55c
9
23%
55c
450
72%
19%
9
22%
450
3
75
700
19%
100
9
100
28
2,700
95c
95c
1.00
300
20%
20%
20%
200
Jade Oil Co..
For footnotes
see
page
2980.
11
900
9%
Feb
20c
Feb
430
Oct
20%
Apr
87% c July
440
Jan
75
Jan
Aug
20%
13%
18%
Jan
28%
Oct
46c
Jan
1.50
Apr
14% May
21%
Oct
16o
Feb
95c
Feb
54%
11%
8
10c
10c
1,000
7o
Oct
41c
9,500
3,500
37c
July
45c
35c
Oct
Feb
9%
8%
9%
Apr
Los Ang G A E
Feb
Los Ang Industries Inc...2
48%
July
Los Ang Investment Co. 10
4%
7%
19%
9%
9%
105% 106
4%
4%
6%
7%
Nov
Oct
Feb
600
6% June
67% c Sept
11%
Jan
116%
Jan
4% Sept
7% Nov
Feb
6% pref 100
106
Mascot Oil Co
1
60c
15
Feb
Menasco Mfg Co
1
10
Oct
Mt Diablo Oil M A Dev.,1
3%
57% c
Nov
20
Mar
Oct
19
May
113% June
60c
62% c
3%
3%
55c 57% c
5
13c
12c
13c
Occidental Petroleum
11
9
14%
37c
Kinner Airpl A Motor
Nordon Corp
$2,292
14% May
5%
06t
40c
Bonds—
11%
300
5%
10c
1%
275
3%
17%
5%
18
45c
Mar
4,053
5%
*
Creameries of Amer vtc
500
1,900
1,700
37c
90%
8%
45%
*
Consolidated Oil Corp....*
Consolidated Steel com
*
..10c
Jan
*
United Corp com
Preferred
Corp
1
Lincoln Petroleum Corp__l
Lockheed Aircraft Corp__l
71%
Oct
July
Apr
Apr
146
%
10
32%
Globe Grain A Mill Co..25
Mar
959
98
32%
Sept
75
2,120
Aug
*
19%
Jan
5%
90c
16c
Gladding McBean A Co..*
57
'he
4%
6%
43%
Aug
104%
Ma
12% Mar
28% May
Jan
3%
19% May
2%
Jan
75
Jan
Oct
1% Sept
57% c
Oct
5% May
Jan
450
Jan
225
20
Oct
25c
6c
General Motors Corp...10
8%
754
1,700
Jan
Jan
5c
1,500
Farmers A Mer Natl BklOO
2%
6%
400
Oct
5
123
8c
Exeter Oil Co A
325
2
103
83
4
8c
Oct
280
13
103
Feb
35%
>
72% c
8%
8%
High
Jan
Aug
Jan
%
2%
100
1,900
70c
Low
8c
Nov
33%
*
Union Traction
117
103
12,700
Feb
Jan
79%
1
*
Scott Paper
Sun Oil Co
5%
44%
10
72% c
8%
Shares
25
2
17
6%
4%
120
2
86
30
4%
120
Range Since Jan. 1 1936
for
Week
100
Berkey-Gay
125
65
4%
120
4
Aug
609
165
4
25c
903
Jan
4
25c
11%
54
Price
Range
25c
10
1.567
of Prices
Low
High
Barnhart-Morrow Cons..l
127% 134%
20%
20%
43%
46%
72%
75%
22%
22%
38%
39%
105% 106
10%
11%
19% 20
Apr
Week's
Nov
2,135
114
162
100
13%
2%
42%
50
Penna Salt Mfg
50
Phila Elec of Pa $5 pref.*
Phila Elec Pow pref
25
1
1
Barker Bros pref
Emsco Der A
Pennroad
Par
11
3
11%
Stocks-
1,264
121% 123%
4
*
High
24%
285
Sales
Last
Sale
967
26%
3%
25
Natl Power & Light
5
24%
Co.....*
Chrysler Corp
26%
27%
176% 182%
5
Bell Tel Co of Pa pref-.lOO
Friday
Low
Teletype l.a. 290
Angeles Stock Exchange
Range Since Jan. 1 1936
Shares
Angeles
Nov. 6, both inclusive, compiled from official sales list
to
Week
Price
*
Barber
Oct. 31
Sales
Last
Stocks—
Los
both inclusive, compiled from official sales lists
Los
1
36c
36c
36c
Oceanic Oil Co
1
70c
70c
70c
Olinda Land Co
1
10c
10c
10c
80
105
July
3,100
1,200
2%
3,000
55c
July
600
2%
Jan
489
32c
Jan
12,000
2,200
2,900
2,174
5
Jan
Jan
1.00
Apr
6% Mar
82%c Mar
28c
Apr
12c
July
25c
Jan
50c
Jan
1.85
Feb
8c
Jan
31c
Feb
57% 0 July
Volume
Financial
143
Sales
Friday
Range Since Jan. 1
Last
(Concluded)
Par
for
of Prices
Low
High
Pacific Finance Corp
10
10
Pacific Public Service
*
Pacific Western OH
*
35%
28%
4%
35%
28%
4%
18%
6%
33%
28%
4%
17%
6
7
27c
Republic Petroleum Co__l
1936
Week
Price
Pacific Indemnity Co
Rice Ranch Oil Co
Week's Range
Sale
Stocks
2979
Chronicle
27c
27c
1
Members
5,400
600
300
200
18%
High
Low
Shares
2,500
Jan
18%
18% Mar
Jan
5%
12% June
Jan
2%
Dean Witter & Co.
San Francisco StockExchange
San Francisco CurbExchange
Corporation Bonds
Municipal and
July
8
18%
Oct
13%
July
Trade
Exchange
Board
Stock
of
New
*
45%
38%
45%
600
28%
Aug
45%
Nov
60c
60c
60c
64
50c
Feb
75c
July
Sacramento
2%
47%
2%
47%
1%
Jan
3%
54%
52
52
900
Signal Oil & Gas A
34%
33
37%
800
31%
3,700
28%
27%
44%
34%
41%
40%
Cotton
(Asso.)
Exchange
Feb
Security-First Natl Bk._20
2%
47%
51%
215
York
New York Coffee & Sugar Ei-
Oakland
Portland
Seattle
Beverly Hllla
Honolulu
Tacqma
Corp B com
6% pref ann
io
SecurityCo units of ben Int*
York Curb Ex.
New
Los Angeles
San Francisco
40c May
Chicago
Chicago
WIRES
LEASED
PRIVATE
Exchange
Stock
York
New
Oct
29
Jan
10c
300
35%
Nov
New York
Safeway Stores Inc
Samson
*
com
So Calif Edison Co
25
6% preferred.
25
30%
28%
29%
28%
5%%
25
27
27
preferred
Southern Pacific Co
100
Square D Co A pref
*
Standard OH of Calif
*
44%
34%
39%
33%
44%
34%
40%
Superior OH
40%
Taylor Milling Corp
*
Transmerica Corp
*
Union Bank & TrCo
50
Union OH of Calif.
22%
14%
22%
15%
25
23%
12%
23%
Universal Cons OH Co... 10
13
Van.de Kamps Bakeries..*
35
35
Weber Showcase & F pref. *
9
9
Wellington Oil Co..
1
9%
7%
59%
22%
15%
July
60
Jan
37%
Nov
28%
27%
Jan
32%
July
29
July
Friday
26
Jan
28%
July
Last
Week's Range
for
100
24
Jan
46%
Oct
Sale
167
32
Aug
34%
Nov
of Prices
Low
High
Shares
35%
Aug
47
2,800
800
100
Oct
28
11
Jan
4,200
20%
7%
16
23%
Nov
Feb
150
28%
Mar
28
July
9%
5,700
7%
59%
200
Nov
10%
97c
Apr
Jan
7% preferred..
44%.
Mining—
Calumet Gold Mines... 10c
2c
4,000
95c
97% c
45c
45c
45c
1%C Nov
7%c
95c
Oct
1.45
Aug
31c
July
48c
Sept
1,700
1
Zenda Gold Mining..
l%c
97%c
1%C
1
Cardinal Gold Mining
Tom Reed Gold Mines
1,125
l
6c
6c
6c
Jan
Sept
26
Nov
186
Sept
203
Aug
6,480
5%
Sept
7%
32%
872
15%
Jan
33%
Oct
29
29%
334
23%
Jan
Feb
22
22
50
21%
Oct
32%
22%
8%
Nov
6%
7%
8%
8%
1,394
25
100
94
Feb
178
182
285
182
5
Baldwin Locomotive
182
%
350
28
25%
28
41%
39%
41%
2,515
pref..100
103%
103%
20
Caterpillar Tractor
*
Claude Neon Elec Prod..*
90%
90%
953
55
10%
520
10%
Mar
Crown Willamette
5
Nov
Crown Zellerbach v t c
100
July
32%
Oct
3%
Jan
7%
Feb
100
16%
Oct
Apr
1,500
2%
Apr
4
Aug
20%
4%
7%
5%
300
5
5
100
103
87
10%
10%
*
28%
28%
28%
3%
16%
5
3%
16%
3%
4%
6%
50%
26%
62%
4%
16%
4%:
4%
6%
Cities Service Co
Commercial
Solvents
Commonwealth & South...
Cord Corp
5
Curtiss-Wright Corp
3%
4%
6%
50%
26%
62%
1
General Electric Co
Goodrich (B F)
Loew's Inc
Co
;
100
5%
600
600
51
37
27%
62%
100
18%
57%
100
60%
46%
8%
12%
60%
46%
8%
500
13
11
17%
11%
8%
17%
Tide Water Assd OH
20
19%
20
New York Central RR
North Amer Aviation Inc.l
Packard Motor Car
Radio Corp of America
Radio-Kelth-Orpheum
United Corp (Del)
8
7
7
100
July
23%
33
32
33
562
29
July
34
5%
14%
•
16,659
7%
Jan
14%
Oct
110
91%
Apr
110%
Nov
110
91
Apr
110
Nov
110
preferred
23%
Aug
56%
56
57%
115
32%
Jan
75
Aug
*
23%
22%
23%
62C
22
Jan
30%
Feb
Mar
Oct
Mar
Eldorado Oil Works
25
24
25%
2,359
14
26%
Oct
Equip..5
20%
20%
1,560
14%
Feb
21
Apr
25
93%
18%
93%
95
430
86
Oct
112
Feb
10
41%
41
42
516
32% June
Apr
27%
Nov
Fireman's Fund Insur
Sept
62%
Nov
Food Mach Corp com
United States Steel Corp..
78
78
15%
14%
15%
100
78
Warner Bros Pictures Inc.5
3,800
Aug
Jan
58% May
Apr
9%
Oct
186
3%
July
17
106
Oct
20
Galland Merc Laundry
40
Oct
48%
General Motors com
15%
37%
54%
Jan
75
38
40
100
10
74%
73%
75
1,14/
pref..*
36%
36
36%
*
14%
14
14%
Gladding, McBean & Co.*
Golden State Co Ltd
*
19%
19
20
Common
Hale Bros Stores Inc
*
22
8%
21%
Hancock Oil Co
*
23%
23
10
41
40
41
*
31
29
31%
31%
Home F & M Ins Co
Honolulu Oil Corp
Ltd
20
31%
31%
Hunt Bros "A" com
10
3%
3%
6%
6%
1
Libby McNeill & Lib com. *
LeTourneau, R G, Inc
Business Established 1874
1
Lockheed Aircraft
Enquiries Invited on all
Mid-Wentern and Southern Securities
L A Gas & Elec
Lyons-Magnus Inc "B"__*
St.
Louis
Stock
York Curb
Chloago
Board
New
Exchange
.2%
*
Magna vox Co Ltd
MEMBERS
New York Stock Exchange
pref...100
315 North Fourth St., St.
Louis, Mo.
Nov.
to
6, both inclusive,
Range Since Jan. 1 1936
Stocks—
Par
for
Sale
American Inv. com
Week's Range
of Prices
Low
High
Week
Price
Conv. pref
Burkart Mfg com
30
56
29
Sept
50%
395
45
Sept
64%
Feb
26%
170
21
Aug
28%
95
95
24
25
Emerson Electric pref. .100
96
96
96
Br
-
-
-
com*
9
19%
3
Hussmann-Llgonier com.*
Huttig SAD common
*
16
3
Mar
965
19%
125
16
Aug
3
205
2
June
16
4%
510
6 %
9%
170
4
1%
1%
130
48 %
14
48
48%
14
14
104
60
Jan
96
Oct
25
96
Nov
9%
—
20
3%
1%
749
9 %
Feb
15
May
211
13%
Jan
25
Nov
Rice-Stix Dry Goods com.*
11
10%
11
225
3%
Feb
20c
15c
15c
50
15c
Nov
*
Preferred A
2%
11%
1%
2%
316
25c
Mar
10%
11%
115
*
pref—
*
Securities Inv com
Southw Bell Tel pref.
7%
_.
100
Stix Baer A Fuller com..10
Wagner Electric c6m...l5
15c
11%
8
*
St Louis Pub Serv com
Scruggs-V-B D G com..25
Scullin Steel
7%
7% June
3% May
2%
12
-----
124%
-----
Oct
Apr
554
*
.100
41%
*
*
*
*
1
100
Pulp & Paper com*
Ry Equip & Rlty com
-
*
B
100
pref
Nov
Mar
Oct
40%
41%
613
28%
Apr
41%
Oct
1941
76%
fUnited Railways 4s. .1934
32 %
fScullin Steel 6s
For footnotes see page
2980.
$4,000
69
July
77%
32 %
20.000
22
Jan
77%
Sept
Nov
28%
Jan
35%
Jan
1,000
770
4%
Jan
295
16%
July
145
80%
Jan
93
43%
43%
43%
100
34%
Jan
43%
38%
38%
39
275
29
May
39%
Oct
13%
30%
July
7
29
5%
7%
29
29
40%
4,795
5%
Oct
100
23%
Apr
30% June
45%
2,702
110%
110% 110%
10
108%
109
109
10
104
45%
109
45%
Oct
Oct
Sept
Oct
Oct
Sept
121
July
Jan
112
Feb
1%
Feb
15%
Apr
27%
Nov
23%
Apr
38%
Oct
694
42
Jan
94%
Nov
854
23%
Jan
47%
*
CaliflO
*
1%
94%
94
37%
94%
43%
43%
45%
4
4
575
2
2
2
134
1% May
9%
40%
9%
9%
125
39%
40%
6,064
35
14%
14
14%
1,390
11%
3%
20%
890
3%
3%
19%
104% 105
15%
14%
*
23%
23
24%
24
25
37%
14%
Co
10
T..100
Steel Co. 10
Checker Cab A. .50
Jan
2
25
25
7% preferred—
%
4
15%
Wells Fargo Bk & U
82
80
5%
22%
92
200
Universal Consol
80
Feb
5%
91
1,770
United Air Lines Trans—5
Bonds—
St L Car 6s Extd
7%
24%
Aug
1,306
Calif
Co com
Union Sugar
Nov
1%
Union Oil Co of
13%
49
Apr
6%
21%
100
127%
48%
6%
Jan
5%
20%
Jan
Feb
Jan
2
92
104%
Mar
July
38%
370
22%
Oil com.*
9%
38%
123
101%
200
27%
Thomas-Allec Corp A
45
25
48%
107
26
*
20
4%
107
Feb
34
Co..*
Nov
48
97%
1%
Spring Valley Water
122
16
6%
107
Apr
34
Standard Oil of Calif
13
Mar
48%
68
27%
5
Southern Pacific Co
100
So Pac Golden Gate A
*
B
i
---*
49
1%
107
81%
*
Signal Oil & Gas Co A
Soundview Pulp Co
Super Mold Corp of
82
Sept
com*
Schlesinger & S (B F)
Shell Union Oil com
13
49
1,940
8%
26%
82
124% 125
16
Jan
152
6% preferredTransamerica Corp
13%
Jan
Oct
Sept
July
Jan
Tide Water Assd
16
4%
18%
108
139%
Oct
Oct
Jan
120
Oct
Sept
Nov
Jan
Mar
50
150
15
13
3,646
29%
104%
150
30%
25
7%
30
150
100
*
pref—100
12%
105% 106
145
Feb
24%
-----
663
1
13
10
1,839
51%
1
25
St Louis Car common
31%
51%
31%
51%
Oct
Jan
Aug
50
Feb
Republic Petroleum
Oct
July
17%
31
Roos Bros com
Nov
32%
58%
1,759
2,290
Feb
18
40%
July
July
39
Mar
50
23
141% 144
July
Jan
18%
18%
105%
Jan
14%
July
119
13
9% June
Jan
Aug
13%
112
22%
25"
32%
5%
125
755
Safeway Stores
150
•
26
SJ L&P7% pr
698
Mar
6%
Nov
18
Nov
19%
Aug
19
96
25%
July
47
Jan
June
14
7%
12%
17
Nov
25%
142%
14%
47
98
*
Paraffine Go's com
6% prior
Jan
Nov
Jan
36%
31%
..*
6% preferred
Feb
944
Mar
13
930
7
18%
19%
47%
Oct
Nov
22
19%
17%
Nov
6%
18%
3
Jan
9
37%
Pacific Tel & Tel com.. 100
6%
7
18%
32% Aug
10% June
Oct
53%
*
National Oats com
65%
*
-
32%
10
18"
75
350
Aug
(non-vot)com*
Jan
290
-----
68%
36%
Oct
27%
Jan
20
(Non-voting) pref
Nov
2
98
37%
4%
25%
Aug
July
19%
95
Feb
Jan
16
50
3
Jai
Jan
2
200
98
25
6% preferred
5%
Feb
80
Pig'n Whistle pref..
Oct
Jan
4%
1%
5,013
Jan
11%
116%
963
24%
26%
Jan
Oc,
236
2%
3%
5%
6% May
105%
700
Pacific Lighting com
Nov
6% June
151
25
Oct
9%
3,48/
*
Oct
15
—
3%
206
9%
22%
Jan
25
—
1%
9%
106
21%
6%
15
-
9%
21%
8%
24 >4
—
2%
3%
9%
106
4,280
*
32%
25
Laclede Steel common..20
Jan
9%
Oliver United Filters A...*
50
10%
11
9%
106
12%
Pacific Amer Fisheries...5
100
10%
12%
32%
Nov
37%
Phillips Petroleum
17%
Oct
11% Jan
Nov
76
14%
Oct
Jan
47 %
40
96
Oct
Jan
%
Nov
June
14%
172
12;%
32%
10%
*
Bearing Metals com*
National Candy com.....*
74
9%
9
15%
Knapp Monarch pref
*
Lacl-CrlstyClayProd com*
Natl
2
Feb
July
May
Oct
2
93
Rainier
com..
Mo Portl Cement com..25
17
1%
International Shoe com..*
Meyer Blanke common..
255
9
Hydraulic Pr Brick comlOO
Key Co common
3 OH
July
25
14%
Pac Pub Ser
Aug
7%
40
96
Oct
4%
100
100
-
Preferred
9%
1
Hamilton-BrownShoe com*
Johnson-S 8 Shoe
15
Jan
31%
July
July
101
3%
10
Sept
25
Griesedieck-West
Nov
30
Pepper common
Ely A Walker D Gds com25
common..
High
26
-
13%
Jan
1%
5%
22
6% 1st pref
259
48%
30
Dr.
Falstaff Brew
Low
Shares
26
*
(new)..l
29%
27%
126
12
Pacific G & E com
50%
25
Brown Shoe common
136
736
20
Pacific Can Co
29%
31%
28%
*
July
12%
B
Last
Feb
32
20
North Amer Oil Cons
Sales
54
Jan
100
No Amer Inv com
compiled from official sales lists
Friday
Oct
21%
332
3
*
Oct
40
2,571
3
5%% preferred
Oct. 31
Jan
Aug
28
76
24%
Natomas Company
St. Louis Stock Exchange
11%
23%
40
3%
24
6% preferred
Oct
Jan
19% May
61%
100
Natl Automotive Fibres..*
Telephone Central 3350
8%
14%
40
3%
26
Market St Ry com
Oct
69
24%
& Co com
20%
40
Marchant Cal Mach com.5
Ma igin (I)
(Associate)
of
Trade
Oct
Apr
116
6%
Langendorf Utd Bak "B"_*
Leslie-Calif Salt Co
*
Oct
Julv
14%
4,21)
LOUIS MARKETS
i. m. simon &co.
10
Jan
Nov
36%
14%
966
---
10
Preferred
Nov
416
27%
8%
36
1,930
2,794
1,02'/
22
July
Honolulu Plantation
ST.
441
9
Nov
8%
79%
15%
Oct
Sept
Sept
4
16
20
Nov
Mar
4%
4
16
"A" preferred....
Jan
Oct
47%
4
25
*
Nov
General Paint Corp
May
Aug
Jan
Oct
6
112
3%
Oct
15
Apr
3,130
Emsco Derrick &
14%
100
6%
17%
Apr
100
5%
15
13%
14%
8%
17%
50C
135
110%
109
10
200
7%
Oct
107% 109%
14%
12%
109
Emporium Capwell Corp.*
9% May
5% July
Jan
440
15%
Jan
500
Feb
Sept
5%
5%
110%
60%
48%
2,400
Oct
Nov
Feb
16
June
110
Aug
7
90%
14%
*
Jan
36%
33% May
Apr
7%
900
Standard Brands Inc
60%
46%
8%
12%
11%
8%
17%
Oct
June
105
100%
*
Foster & Kleiser com...2 %
Montgomery Ward & Co..
Jan
Feb
Aug
Corp com*
100
'
300
.
Feb
43%
770
"B"
Nov
7%
Jan
99%
1%
45
21%
"A"
$3
Jan
30% June
20%
103
Preferred
Di Giorgio Fruit
51
Apr
May
15
Sept
%
25
20%
103
Preferred
Bendix Aviation Corp
473
Oct
Nov
100
106%
109
7%
1,100
5
%
%
pref...*
Jan
Apr
4%
3%
26%
5%
5
Aviation Corp (Del)
May
150
100
103
UnlistedAmerican Tel <fe Tel Co. 100
Jan
4%
80
100
California-Engels Mining.1
CstCosG&E6% 1st pf. 100
Cons Air Craft Corp..—1
Cons Chem Indus "A"
*
Creameries of Amer Inc..*
Jan
Nov
7%
31
Nov
15c
Oct
4c
5,000
Oct
17
50
22
7% preferred
Calif Water Serv
Oct
6%
29%
*
Calaveras Cement com
Oct
25
26
California Packing Corp..*
25
Feb
108%
59%.
Calamba Sugar com
Apr
190
22%
7
*
20
20
Byron Jackson Co
Jan
3%
16%
32%
5
Bishop Oil Co
17
Calif Cotton Mills com. 100
Western Air Express Corp 1
Yellow Checker Cab
High
July
1,670
5,298
6%
186
190
Bank of California N A. .80
Mar
Jan
5%
35%
6%
24%
Eng Co.5
Atlas Imp Diesel
6
13%
290
24
22%
15%
Anglo Cal Nat Bk of S F.20
Assoc Insur Fund, Inc-_10
24
Nov
Feb
5%
4%
Low
200
16
Feb
12
20
Range Since Jan. 1 1936
Week
Feb
16
Jan
200
Price
Par
Stocks—
Sales
Alaska Juneau Gold M..10
Aug
1,700
Exchange
6, both inclusive, compiled from official sales lists
Nov
Apr
120
Francisco Stock
San
Oct. 31 to Nov.
40%
14% May
19,700
17
24%
13%
35%
Jan
Jan
Mar
Exchange
Apr
50%
11%
700
9
8%
7%
59%
44
Stock
Honolulu
500
142
142
142
30
Inc.
Exchange,
Commoditv
Freeno
Stockton
13
310
24%
25%
40
9%
Oct
47%
Feb
Oct
14%
Oct
2% June
4%
Feb
20%
Oct
Jan
106%
Mar
75,373
11
Apr
15%
Nov
Aug
Nov
14%
2,988
10
Jan
24%
28%
23
Jan
41%
Oct
14
Nov
20%
Aug
3,543
38
14%
661
13%
Oct
Jan
Aug
Jan
14
310
Oct
Sept
101
36%
12%
5
2%
55
460
300
6%
May
1,684
50
20%
7%
290
Jan
28
Apr
327
Oct
July
Apr
Western Pipe &
37%
37%
37%
525
26%
Jan
38%
Sept
59%
57
59%
245
23%
Jan
62%
Oct
Yellow
54
54
54
100
53
Oct
57
Oct
!
to'
0-
1
1
1
1
t
1
1
1
1
1
1
1
1
1
t
1
1
1
2980
Financial
Chronicle
Nov.
Toronto Stock
STRASSBURGER & CO.
Oct. 31
Nov. 6,
to
Last
Week's Range
for
Sale
Member*: New York Stock Exchange—San Francisco Stock
Curb
Par
Stocks—
(Since 1880)
Francisco
Exchange—Chicago
of Prices
Low
High
Week
Price
Francisco Curb
Friday
Exchange
Sale
Stocks-
Par
UJ
Price
Low
5
High
Low
Alaska Treadwell
25
Amer Tel & Tel
100
Amer Toll Bridge
1
Anglo National Corp
Argonaut Mining
182
62
♦
20
Feb
Hamilton Bridge
♦
Hamilton Bridge pref.-100
100
15C
Oct
75c
Feb
Honey Dew
*
Honey Dew pref
*
5
97c
85c
97c
21%
21
14%
13%
21%
14%
5%
Ark Natl Gas A
6%
Atlas Corp
Aviation Corp
15
15
5%
120
6,810
8%
75
88
50
52
19%
20
265
12
May
15
15%
194
10
July
90
11
91%
63
40c
700
32c
1.00
1,550
3,538
90c
3
500
60c
64o
65c
1.40
2.15
Consolidated Oil
14%
Crown Willamette 2d prefCurtiss Wright Corp
1
103
6%
100
850
2*25 ~
6%
480
1.10
1,000
80
Jan
57
38
Apr
807
17
Jan
45
2.25
2.25
100
1
96o
—5
1.05
2,025
1.25
Idaho Maryland..
-1
6%
1
1.00
1.00
13%
13%
1
"sOo"
43c
50c
1
3.75
Preferred.-.-.
Kinner Air & Motor
M J & M & M Oil
1
29c
Jan
1,800
3.75
41c
3.65
90
11%
13,800
Feb
Apr
10%
Mar
4.00
59%
265
10%
11,600
8%
39%
.
Occidental Pete
34c
O'Connor Moffatt
700
34c
35c
19
19
320
14
125
8
45
45
3.15
3.45
3.45
Corp
6
5%
Pacific Western
17%
Packard Motors
12%
4%
11%
1
Radio
Corp )Del)
Radio-Keith-Orpheum
17%
12%
13
3%
10%
4%
5
13
110
745
12
1,708
8
8
100
17
15
17
18
5%% preferred
6% preferred.
Texas Consol Oil
50
Apr
3.90
Oct
Apr
May
6%
Feb
Guaranty pref
Corp
;
61
59%
United
Apr
13%
5%
14%
Apr
8
Nov
Equipment
7
.Preferred
5
Warner Bros Pictures
West Coast Life Ins.
r
Cash
z
value,
c
15%
5
Cash
Feb
32%
248
Feb
575
27%
Mar
Mar
J
59
Jan
15%
66
Nov
Nov
Nov
Oct
2.10 June
Feb
25
525
61
5%
Apr
33c
1,400
25c
Jan
171
48%
Jan
2,958
1,320
15%
1,152
17 %
18
Aug
Aug
Sept
15
10% May
78%
7%
16%
16%
15%
Jan
Nov
Sept
July
17%
July
85c
an
Feb
28%
28%
37
8%
Nov
20
Apr
1% Sept
95c Sept
49
Nov
1.50
o60%
Included
in
range
or
and
to
16%
Nov
15%
Nov
15
20
Jan
Jan
15.
1936
y Ex
rights
reorganization.
Sale
Stocks—
Brett
Par
Trethewey
Price
Sales
Week's Range
of Prices
High
Low
1
9%c
9c
10c
1
Central Manitoba
21c
19c
23c
Churchill Mining
1
3%c
3%c
Coast Copper
Cobalt Contact
3%c
5
6.50
4.75
8.00
2c
Dalhousie Oil
2%c
*
90c
71c
98c
East Crest Oil
*
12%c
8%c
13c
Foothills Oil
*
50c
60c
5%c
5%c
1.02
for
8,600
56,600
4,500
15,733
38,000
79,310
35,500
7,250
5,000
1.50
1
Grozelle Kirkland
2%c
1
Home Oil--.-.
*
1.38
Hudson Bay
*
Kirkland-To wnsite
1
30% c
17%C
Lake Maron
Malroblc Mines
Range Since Jan. 1, 1936
Corp
$
5,320,819
12,057,562
Total.
2c
ll%c
3%c
Jan
14 %c
July
Jan
57c
July
8
Nov
Jan
2.25 May
4.75
Oct
4c
Mar
38c June
98c
Nov
6%C May
30c Sept
13%c
Feb
70% c
Feb
1%C
Jan
4c
Apr
72 %c
Apr
1.50
22%c
14%c
Jan
31%o
Nov
Jan
31c
May
9c May
Nov
13c
3c
Jan
3%c
l%c
Feb
7c
Jan
*
38c
35c
47c
211,135
12c
Jan
47c
Nov
1
3%c
2%c
3%c
Jan
13c
13c
17c
10c
Aug
5%c
13,000
64,226
15,600
3,950
44,650
85,500
129,760
25,500
78,800
104,450
l%c
5
4c
July
7o
7c
Jan
24c
Oct
18c May
48c
Sept
Oil Selections
*
5%c
22% c
4%c
1
18c
24c
Parkhill
l
27c
24c
32c
Pawnee Kirkland
1
6c
4c
6c
l
1.15
Pend Oreille
95c
1.30
Porcupine Crown
1
9c
8c
9c
Ritchie Gold
l
6c
Robb Mont bray
1
6%c
7%c
3%c
18c
Sudbury Mines
l
3%c
4%c
6%c
2%c
Temiskaming
1
17c
16c
58,700
17,400
5,277,352
11,657,132
5,684,979
16,934,484
15,256,404
47,038,217
-
—-
38,614,874
180,742,659
8,326,733
25,590,453
105,698,925
33,284,543
183,829,311
on
173,845,599
5,765,756
other banks
Loans to other banks in
9,571,425
23,208,284
114,028,553
9,214,614
22,015,440
99,266,432
Canada, secured,
including bills rediscounted
Deposits
made
with
and
balance
due
from other banks in Canada
4,994,286
Due from banks and banking correspond¬
ents in the United Kingdom.
5,105,563
5,651,853
26,479,935
26,767,481
20,547,892
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
United Kingdom
Dominion
100,671,568
government
114,189,596
115,381,498
1,107,^67,951
1,083,536,713
910,867,980
170,681,652
and
171,673,277
99,951,451
140,547,427
51,793,587
Provincial
government securities
Canadian municipal securities and Brit¬
ish, foreign and colonial public securi¬
ties other than Canadian
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, deben¬
tures, bonds and other securities of
a
sufficient
marketable
value
104,965,842
97,475,556
14,447,914
4,554,604
13,364,286
8,929,814
4,570,092
75,176,183
75,520,799
76,265,162
62,887,891
53,395,895
7,028,148
7,021,118
6,865,992
9_,092",198
9",170",994
12,957*,358
1,894,899
2,319,989
60,006,034
pro¬
less amounts (If any) written off
Liabilities of customers under letters of
per contra
the
28*.515*312
96,540,238
1,750,445
loss
Real estate other than bank premises
on real estate sold by bank..
Bank premises at not more than cost
with
21,861,564
63,828,086
estimated
vided for
as
155,368,454
75,623,381
municipalities
and school districts
Non-current loans,
156,028,254
839,277,861
147,022,941
92,704,840
towns,
90,527,543
58,531,481
657,362,195
13,356,416
cities,
60,314,783
687,836,073
26,371,644
Other current loans & dlsc'ts in Canada.
Elsewhere
to
101,557,144
to
cover
Elsewhere than in Canada
Minister
of
8,909,674
8,832,169
5,453,245
Finance
reserves.
Shares of and loans to controlled
cos
Other assets not included under the fore¬
going heads...
Total assets.
3,204,835,636 3,140,683,691 3,036,115,909
Liabilities
Notes in circulation
High
1
Osisko Lake
Feb
Mar
'
Low
*
*-
Mandy Mines
Night Hawk
Borden
60,730
28% c 31%c 35,202
15c 17% c
16,000
11c
13c 264,800
3%c 3%c 20,506
3%
2%
Dominion notes
Week
Shares
Oct
17,378,381
-
Elsewhere
credit
inclusive, compiled from official sales lists
Last
Aug
Sept. 30,1936 Aug. 31,1936 Sept. 30,1935
Current gold and subsidiary coin—
In Canada
Deposit in the central gold
Friday
4%
Jan
CANADA
Assets
Loans
Nov
Exchange—Mining Curb Section
Nov. 6, both
Nov
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
for the security of note circulation.—
Oct. 31
Oct
29%
following we compare the condition of the Canadian
Sept. 30,1936, with the figures for Aug. 31, 1936,
Sept. 30, 1935:
Deposit
Toronto Stock
100
9%
July
In the
Oct
7%
stock dividend paid Aug
for year,
x Ex-dividend,
t In default
t Company in bankruptcy, receivership
125
1.95
1.15
Oct
June
banks for
Mortgages
sale.
4
165
2%
2%
Feb
July
55c
79
10% May
9% May
30
2,245
Loans to the Government of Canada
Loans to Provincial governments
3.10 June
Listed,
sale—Not
45
May
31c
6%
16%
51c
24%
25%
61
7%
"37c
U S Steel
Sept
9%
78%
U S Petroleum..
Feb
18
Jan
July
1,656
533
Feb
49
49
July
31%
85c
119
Nov
95
85c
May
July
42%
30
110
19
17
110
191
54c
19
15
117
115
22%
Jan
17%
40
Cheques
Mar
15
...
Superior Port Cem B
July
United States & other foreign currencies.
9
15
34
Mar
17
58
50
Mar
350
27%
28%
Feb
40
42%
310
28%
Aug
37
Notes of Bank of Canada
1,390
17%
28%
41
Aug
Notes of other banks
51c
58
25
Sou Pac Gd Gate 6% pflOO
Standard Brands
Jan
18
Deposits with Bank of Canada.---
26%
25
30
15
Nov
29%
Calif-Edison. _25
60
23
Nov
18%
31
37
39%
115""
18%
23
3%
23
2,620
1,315
Mar
Jan
51C
3
9%
29%
3%
10%
10%
42%
Shasta Water
par
6%
Nov
Aug
5%
Feb
Aug
37
8%
27
69%
Jan
10
Oct
90
Sept
51c
Schumacher Wall Brd pref.
Sears Point Co
Feb
28%
11%
Jan
6%
2%
500
8
Riverside Cement A..
3%
35c
'
June
4%
2.50
2,718
1,662
4.50
Oct
1.25
Jan
6%
13%
Jan
300
Jan
21c
1,900
19
Nov
3.15
75
10
2%
Jan
7%
27%
25
32
Oct
2%
8%
26%
3%
Jan
Jan
36%
410
15
8%
40
Jan
2.65
>4
20
Onoraea Sugar.
20
Pacific Coast Aggregates._
♦No
Sept
95c
21%
9%
36%
Comparative Figures of Condition of Canadian Banks
Feb
4.15
5
3.90
20
295
Feb
120
13c
4%
80
30% June
13
May
July
Jan
37c
32
4
80
40
1,421
1,365
1,360
Feb
29c
59%
Apr
Mar
July
160
35%
27%
July
19
11%
3.95
Oct
750
27%
10 %
Apr
Jan
28c
59%
Victor
Sept
22c
6,215
16%
6%
Sept
11%
1
Park Utah Mines.
1.05
3.15
Mountain City Copper
North American Aviation
Olaa Sugar
1.55
2,155
Montgomery Ward
Oahu Sugar
Feb
27%
Marine Bancorporation...
McKesson & Bobbins
Menasco MfgCo
2.25
1.00
37c
Oct
Nov
Jan
170
Mar
9%
115
45
4.50
Nov
t
May
50c
105
18
*
Waterloo Mfg—
Aug
50
2,540
2,078
Walkerville Brew
Mar
Aug
1.50
Jan
18
34
Nov
Mar
40%
Oct
9
15%
Toronto Elevators pref. 100
United Fuel pref
—100
45%
26%
6%
6
37c
10
15
14%
International Tel & Tel---
25
1.25
20
Jan
4%
Feb
Nov
»
July
103
Oct
14
*35%
*
Jan
15%
June
49%
24%
6%
Honokaa Sugar Co
Italo Petroleum
2.50
11% May
94c
20
International Cinema
Jan
65
72
70
48%
23%
24%
Holly Development
Holly Oil Co
Oct
110
45
General Metals
z
2.15
103
1.10
General Electric
Hawaiian Sugar
Hobbs Battery A
100
14%
13%
100
10
.
1.40
15%
35
»
Feb
Mar
85
Rogers Majestic Corp Ltd
Shawinigan
♦
Standard Paving
—*
Toronto Elevators
7
Jan
Nov
Feb
Oct
Jan
Nov
7%
1%
1.75
Oct
1.25
Aug
♦
Super Petroleum ord
55
Oct
Apr
4
Prairie Cities Oil
Thayers pref
14%
40c
28
Nov
Aug
730
65
30
4
Aug
Jan
145
100
Montreal Lt Ht & Pow cons
National Steel Car
Jan
May
30
325
15%
Oct
65c
1
4%
3%
Oct
4
4
195
Oct
Oct
1,615
20
Jan
4
14%
9%
370
1,240
32
32
Oct
Nov
14
*
750
53%
85
North Star pref
5
Ontario Silknit pref—-100
93
70
34
Mar
1.45
21
13
88
Nov
Jan
Jan
Apr
83
July
Oct
Jan
13%
34
*
Mercury Mills pref
Jan
2%
85
_*
8%
Oct
90c
Oct
Humberstone
7%
9%
Jan
40c
90c
Columbia River Packers.-_
z
Jan
4%
Jan
6%
5% May
40o
1
-
Dumbarton Bridge -
15
Jan
20
Claude Neon Lights
Coen Cos A
Title
Mar
Oct
9%
Cent Eureka com-
zCardinal Gold
Cities Service
Southern
7%
Feb
Nov
Oct
90
2
14
14
Int Metal Indust pref. .100
6%
Calif Associates Inc
Calif Ore PW 6% pref'27100
z
Int Metal Indust
Jan
8%
85%
zCalif Art Tile A
Pacific Eastern
Oct
14%
9%
10
z
97c
25
9%
Bunker Hill-Sullivan
z
62
Jan
Mar
5%
10
z
20
15
Nov
Jan
15%
10%
5%
1
Bolsa Chica A
z
140
1,895
3
Bancamerica-Blair
z
39o
13,650
182
Apr
10
Aug
Apr
Aug
Jan
Feb
34%
80c
75c
2%
40
1,024
14
9%
Oct
Nov
5
65
*
Bridge
1%
Jan
Oct
Mar
255
70
53%
77
50
18
70
5
10
1.75
50%
13%
8%
1.25
60
86
1.75
*15
Oct
150
5
9
8%
86
*1*75
670
1.65
17
5
337
26% June
62%
13%
9%
100
177% 182
36%
37%
21
70
25c
25c
30% May
19% May
340
—♦
Dom Tar & Chemical
High
265
25
100
Preferred
Dominion
Shares
"9"
*
*
8
8%
10% June
1.65
—
Alaska Mexican
Mar
74.
Corrugated Box pref---100
Crown Dominion Oil
DeHaviland
Range Since Jan. 1 1936
for
Week
JL
Sept
6%
9
-.1
Consolidated Press
Sales
Week's Range
Last
25
7%
20%
21
Canadian Wire Box A——*
160
460
36
Canada Paving
Oct. 31 to Nov. 6, both inclusive, compiled from official sales lists
High
Feb
9%
36%
21%
9
Marconi
30
52%
16%
9%
Canadian
Low
20
25
Bruck Silk
Direct Private Wire
Range Since Jan. 1 1936
Shares
49
49
Biltmore Hats
Canada Bud—
Canada Malting
Board of Trade—New York Curb Exchange (Associate)
San
Sales
Friday
FRANCISCO
'
-Exchange—San
Exchange—Curb Section
both inclusive, compiled from official sales lists
133 MONTGOMERY STREET
SAN
7. 1936
21c June
6%C May
26c
Apr
Jan
2%c
Jan
70o
July
1.30
Nov
4c
Jan
15c
Mar
1.00
Jan
13 %o
Mar
4c
Apr
2%c
Oct
2o
Jan
10%c May
9%c Sept
7%c Mar
27c Sept
116,282,712
123,527,133
Balance due to Dominion govt, after de¬
ducting adv. for credits, pay-lists, &c.
80,185,869
10,321,820
55,805,649
Advances under the Finance Act
Balance due to Provincial governments
33*8*62^821
35,184*772
41,239*704
626,323,498
590,014,931
Deposits by the public, payable
on
__
de¬
mand in Canada
Deposits
notice
by
the
or on a
131,747,122
647,739,862
public,
payable after
fixed day in Canada..—
Deposits elsewhere than in Canada.
,500,864,504
405,640,225
,502,821,895 1,444,330,569
427,473,150
370,406,548
Loans from other banks in
Canada,
secured, including bills rediscounted_.
Deposits made by and balances due to
other banks in Canada
17,256,408
12,556,569
11,061,490
10,420,422
11,440,914
30,199,333
1,268,333
31,705,748
1,296,694
62,8^7,891
2,797,942
2,945,499
132,750,000
27,706,040
1,701,457
53,395,895
2,474,285
811,470
132,750,000
145,500,000
13,666,939
Due to banks and banking correspond¬
ents in the United
Elsewhere
than
In
United Kingdom
Bills payable
Kingdom
Canada
and
the
—
Lettere of credit outstanding
Liabilities not incl. under foregoing heads
Dividends declared and unpaid
Rest or reserve fund.
Capital* paid
up
Total liabilities
63,828,086
2,709,686
800,735
132,750,000
145,500,000
145,500,000
3,189,950,119 3,128,413,092 3,022,991,575
Note—Owing to the omission of the cents in the official reports, the footings in
the above do not exactly agree with the totals
given.
2981
Financial Chronicle
143
Volume
Canadian Markets
LISTED AND UNLISTED
Provincial and
4%s—
-Oct.
Prov of British Columbia—
6s
July 12 1949
95
1 1953
92
Oct
4%8
6s
67%
6s
5s
96%
93%
4s
4%s_
Province of Manitoba—
Province of
94
98
15 1954
58
Dec
2 1959
Prov of New Brunswick—
93
96
4%s
97
4s
Mar
Feb
4%s
May
15 1960
15 1961
113
115
111
112%
June
6s
Apr
4%B—Apr
4%s
94
Prov of
.Sept
5s...
110
15 1952
(Concluded)
Stocks
117% 119
107% 108%
112
113%
*
Cocksnutt
111% 113
109
110%
Cosmos
Cosmos
Saskatchewan—
*
.Mar
88
Crow's Nest
89
91
Distillers-Seagrams
83
85
*
Canadian
Wood,
Bonds
&
New York
i
4%a
Dec
July
1 1944
1
June 15
Feb
1
July
1
-Sept
4%s
4%s
6s.
Oct
5s..
Feb
114% 115%
113% 114%
117% 118
1 1969
1 1969
1 1970
—July
6s
Ask
119
4s
Jan
3s
Jan
15
Last
Sale
Par
Stocks-
*
Abltibl
6% preferred
Alberta Grain...:
Alberta Grain pref
American
Batnurst
Price
3%
100
22%
*
2%
100
Cyanamid A. .10
Power A
*
Beatty Brothers
Beauharnois....
Blue Ribbon
pref
Brazilian
Brewers <fc Distillers
Brewing Corp
21
6,590
1.25
Jan
4%
Oct
23
585
6%
Jan
28%
Oct
2%
10
23%
23%
39
36
39
16
14
16%
2%
4,115
60
19
80
29%
12
Sept
11%
145
3%
1.45
3,925
40o
1.15
150% 151%
32
33%
755
141
Apr
153
Oct
20
27
Jan
34
Oct
18%
41,092
*
*
of Canada..
"is"
British American Oil
Brit Col Power A
B
Building Products A
Burry Biscuit new
Burt (F N)
Canada Bread.
preferred
preferred
Canada Cement
Preferred
.*
*
*
*
22%
23%
36
38
6
56
50c
..25
*
43%
43
7%
7
*
Oil pref
100
Pacific Ry
25
Wallpaper B—*
Wineries
*
46
Canadian
8%
44
8
13%
11%
47
13%
72
121
40%
July
Jan
May
6
Jan
68
Jan
80
May
6% June
20%
Jan
90
40
July
4
May
48
5
7%
6%
6%
6
12%
133
25%
7%
Wood (Alex & Jas)
July
100
Oct
11%
Jan
19
Nov
Jan
38
Oct
23%
33%
Oct
Jan
19
1.791
37
36
37
520
19
22%
22%
510
31
32%
100
19% June
28% Aug
110
110%
105
100
Jan
116
July
100% 100%
40
100
Oct
101%
Sept
32%
15
15
295
10%
93
93
100
872
70
Sept
15
Nov
100
14%
45
Nov
Oct
Jan
15
30
14
42
45
*
71%
70%
71%
62%
27
Apr
45
Nov
1,192
67
Jan
71%
62%
16%
Nov
Nov
Nov
172
6%
61%
62%
923
16
16
16%
1,925
16
Oct
58
54
58
35
54
Nov
58
7% Sept
11
9%
105
105
13%
10%
105
125
Jan
14%
July
2% May
6%
45%
Nov
19%
Nov
5%
45%
19%
5,683
26%
2,188
17%
18%
10
10%
675
70
71
100
18%
19%
7,430
107
107%
85
3
3%
57
3
2%
3
77
45
10
10%
19%
107
*
45
pref 100
45
Oct
9
21,388
44
Oct
107
Jan
6%
6%
Nov
102
2,450
19%
Jan
10
14%
45%
*
49%
13%
*
Oct
Aug
15
Apr
4
*
4%
36
Apr
Mar
Apr
May
13%
98
Apr
Mav
1%
2%
Sept
Oct
Jan
38
Nov
11%
Oct
72
Oct
19%
Oct
Oct
108
Oct
4%
4
Oct
55
Mar
59%
50
Commerce-
Dominion...
100
206
Imperial
100
205%
100
88%
5
5%
Feb
Jan
June
Apr
37%
6%
Oct
Oot
15
Feb
Nov
55
22
.
61
7%
104%
10
15%
Loan and
Nov
59%
95
Jan
51%
58J%
Nov
165
369
149
Jan
170
Feb
203
206
60
190
Jan
222%
Feb
205
208
292
197%
July
221
Feb
206
207
13
182%
Apr
213
Feb
280
290
59
271
Jan
300
185%
77
164
Jan
185
Oct
July
235
Mar
Feb
230
20
220
130% 132
117
120
Oct
160
Feb
73
2
70
July
90
Mar
75
Nov
95
Feb
Trust—
134
.100
72
Huron
&
Toronto
Erie
79
General Trust. 100
72
75
79
70
Oct
Oct
Oct
Nov
Toronto Stock
Oct. 31 to Nov. 6,
Exchange—Mining Section
both inclusive, compiled from
Oct
25
Oct
50
June
Jan
200
Nov
Last
Sept
12%
Sale
Par
Stocks—
Price
Week's Range
of Prices
High
Low
Feb
Acme Gas &
Jan
140
*
1
Oil
Afton Gold
Sept
Aldermac Mines
1
AJax Oil & Gas
Feb
15.960
10%
Jan
15%
75
24%
Sept
29%
Oct
Sept
3%
Feb
Ltd
•
No par
value.
for
14c
10c
14%
68,466
6%c
8%c
47c
41c
50c
31,800
17,750
/ Flat price.
99
158
Range Since Jan. 1 1936
Week
Shares
8%c
140
official sales lists
Sales
Friday
Nov
Jan
2
58
160
228
Canada Permanent— .100
Jan
123
4%
Nov
90%
Jan
13% May
150
13%
2% June
70
182
165
10(1
Oct
98
4%
Banks—
Canada
18
755
Apr
27
82
3%
Winnipeg Electric A..
11
3
10
6%
June
16%
Winnipeg Elec
July
28%
96
Jan
33
213
18%
.100
preferred
Sept
28
128
96
pf. .100
Westons (Geo) common..*
5
28
Nov
2,585
*
12
600
Oct
104
5%
23%
5%
*
Preferred
44
14%
20%
Jan
*
465
133
Nov
Sept
140
79
ion
—
Gas
6%
13%
2%
Preferred.....
13%
14
3
6,620
July
6C9
Nov
Nov
47
58
200
8
30
55
44
16%
8%
104
Nov
58
103
9
23%
130
85
23
Nov
7%
Jan
5
200
30
20
Nov
July
100
5%
23
Royal
48
24%
27%
38
90
20
15%
June
2,578
137
19%
Nov
4%
45
104
100
22
12%
June
5
Nov
Nov
Nov
200
14
Jan
4%
Nov
Apr
1,125
7,720
1,383
1,591
39
1
4%
55
10
5
16
290
22
9%
175
115
Oct
100
50
9%
25
4%
40%
Nov
10(1
42
260
260
4%
40 %
1
Montreal
496
Jan
260
10
Nova Scotia
6%
Sept
15
Mar
535
180
100
47%
i
Jan
1
Jan
139
Nov
16
37 %
4,822
Jan
45
1
782
35
105
Jan
16
207
20
Jan
Mar
33
1,155
Jan
146
8%
Feb
17%
12%
164
7%
Mar
29%
2,210
135
Oct
Jan
7%
40
1
Sept
6%
7%
104%
19%
9%
75
6%
......
Nov
97
151
180
Feb
18%
7,874
Aug
Sept
45
42%
Aug
98
104
Jan
4%
Oct
Apr
3%
28
170
180
6%
90%
7
Tip Top Tailors
New
15
2
876
102% 103%
45
1,030
95
58
1.40
Nov
Oct
3%
148
89%
104
18%
Oct
Aug
16%
Jan
28% May
15,187
96
6%
Jan
5%
1%
11
430
89%
Canadian Oil
Canadian
58
102% 103
100
50
*
Canada Steamships pf.100
Canada Wire & Cable A..*
B
*
Canadian Bakeries pref. 100
Canadian Cannera
*
Canadian Canners 1st pref.
2nd preferred
*
Canadian Car
*
Preferred
25
Canadian Dredge
*
Cndn General Electric..50
Cndn Industrial Alcohol A*
B
*
Canadian
55
7%
June
75c
1,605
13
22%
9%
4,160
80c
2%
12%
8
*
100
85c
2%
80c
2%
8%
Canada Packers
Canadian
16%
1%
34
14
15
102%
♦
Jan
1,617
6%
5%
*
15
4%
50
10
Western Can Flour
4
Nov
Jan
Feb
107
*
Preferred
Western Can Flour—
4%
Mar
1.00
5,836
1,252
3,341
..25
Steel of Canada
Oct
*
*
Oct
17%
21%
4%
12%
4%
12%
*
Walker (Hiram) com..
9% June
Nov
22%
.
—
United Steel com
195
78
Jan
21%
*
Oct
11%
Jan
18%
*
Jan
9%
65
849
313
100
Feb
Aug
Nov
1,760
.100
16%
6%
9%
3%
16%
22%
33
Oct
23%
Oct
78
5%
Feb
Jan
Aug
22%
20%
11
2 25
6 %
70
33%
Feb
Jan
13%
77
4
Oct
Jan
102%
22%
4%
Feb
39%
14%
Aug
35
360
16%
21%
Apr
Nov
65
1,485
14
ion
39
100
43% May
5
22%
106
106
16%
*
40%
6%
151
22
22%
...1
Jan
6%
Apr
14%
*
Sept
Sept
24%
105%
*
Simpsons Ltd pref
Standard Chemical
Jan
6
29,789
9,409
11
100
pref.
Corp
Metals
Union
Jan
May
June
36%
*
Preferred
4
Oct
13%
101
36
1
Tamblyn (G) new
High
Low
2%
22%
Preferred
B
3%
Range Since Jan. 1 1936
for
Week
Oct
20
*
Standard Steel pref...
Shares
5
36%
*
Simpsons A
6%
100
Bell Telephone
A
of Prices
High
1,580
64%
*
Riverside Silk A
*
B
,
Week's Range
Low
Oct
19
20%
26.542
14
22%
*
Remington-Rand
Sales
50
61
8%
Saguenay Power
Friday
75o
64
100
Photo Engravers
official sales lists
27
103
13%
......
Pantepec OH
both inclusive, compiled from
Nov
9%
23%
*
Russell Motor pref
Oct. 31 to Nov. 6,
61
9%
22%
*
Page-Hersey
Toronto Stock Exchange
Mar
4% June
6
July
*
Orange Crush
WA. 3401-8
King Street West, Toronto.
Apr
Nov
85
.100
Porto Rico
Oct
Nov
3
15
103
Nov
32
13
23%
Feb
3
14%
Jan
2%
110
Feb
6
12% May
9%
Feb
Jan
6
100
Power
Mar
3,455
100
Moore Corp common.
Pressed
69
Oct
22
*
Maple Leaf Milling
Ontario Steel Products
{Associate)
Mar
1
6% May
61
*
National Sewer Pipe A
New York Curb
53%
11,390
*
Preferred
Canadian
67
195
2
14%
3
National Grocers
Exchange
Commodity Exchange, Inc.
Sept
*
Groc A..
National Breweries...
Members Toronto Stock
90
20%
•
STOCK BROKERS
Jan
61
21%
Muirheads Cafeterias pref *
Duncanson, White & Co.
64%
......
B
>119%
205
......
*
A
,119%
119
Nov
5
*
Preferred
100%
8
20
.100
Preferred
1 1962
June
3
*
McColl-Frontenac
1 1962
3
32
Maple Leaf Milling pf.100
*
Massey-Harrls com...
Grand Trunk Paclflo Ry—
2,060
4%
*
B
128
1 1946
July
6%8
Feb
8
*
Intl Utilities A
Loblaw
Canadian Northern Ry—
114% 114%
116% 117%
1951
1955
1956
1957
100
•
Kelvlnator
Ask
Bid
National Ry—
4%8
4%s
Sept
32
.100
Internal! Nickel com..
Laura Secord
Canadian
88
1%
14
Internatl Utilities B._
Bonds
10
1,166
*
Preferred...
Government Guaranteed
92
12%
*
John Lang Co
Dominion
8
6%
♦
105 %
115% 116
Jan
5
*
108%
104
103
15 1944
6s
f
2%
57%
Intl Petroleum
103%
96
110
57
Intl Milling pref
Paclflo Ry—
28%
5
92
Imperial Tobacco
% 97%
4s perpetual debentures.
6a
Sept 15 1942 /111** 112%
Nov
July
57
B
A
21
18%
88
Imperial Oil Ltd
Canadian
13%
Aug
Jan
19%
7,328
4%
32
Nov
11,941
19%
25%
.100
38
Nov
21
Hamilton Utd Theatres.25
Ask
7%
Oct
6%
Jan
-.50
Preferred
Oct
Nov
10%
80
Hlnde & Dauch
18
107
126
19%
4%
Feb
Jan
7
480
17
*
Nov
11%
Apr
24%
1%
Oct
9%
Mar
10
86
1%
18
14
Jan
34%
4% May
8
May
38
36
June
56
20
10
24%
*
Nov
Apr
32
4%
20%
*
Sept
Apr
May
18%
14
90
16%
107
4%
38
Hamilton Cottons pref ..30
Ask
16%
......
88
Hunts A
Bid
10
106
8
Gypsum
Harding Carpets
Railway Bonds
11
27%
106%
17%
8.790
1,445
9,933
3,430
9%
8%
♦
Preferred
Montreal
19
*
Great West Saddlery..
Private wires to Toronto and
24%
18%
100
Goodyear Tire
Inc.
30
48
22
*
General Steel Wares..
Co
21
46%
Oct
Jan
102
*
Frost
•
25
*
Ford A
Preferred
14 Wall St.
256
106%
106
Nov
Apr
26%
25%
*
Fanny Farmer
Gundy
206
118
16%
*
English Electric A
English Electric B
Jan
205
107
»
Easy Washing
Nov
189
204
11
*
100
Preferred
75
14,415
8%
Dominion Steel & Coal B 25
Dominion Stores
May
75
19
Dominion Coal pref.. ..25
*
Eastern Steel Products
Oct
51
101
68
24%
86
15 1946
1 1951
116% 118%
1
22
48
15 1943
Nov
Oct
Apr
......
100
June
4Mb
Aug
15%
25%
100
pref
5%
625
22
205
Gas
Consumers
Nov
103%
10%
2,125
21
74%
Smelters. .25
Consolidated
112% 114
2 1950
1 1958
1 1961
June
20
10%
9%
9%
21%
*
Consolidated Bakeries..
High
Low
Shares
10314 103%
inn
Carnation Co pref
6s
111%
Week
Price
5%8.
4%8.
of Prices
Low
High
119% 120%
Quebec—
1 1941
Aug
4Kb
for
Sale
Par
1936
Range Since Jan. 1
Week's Range
112%
112
Sales
Last
100% 101
3 1937
Oct
1 1942
Sept 15 1943
May
1 1959
June
1 1962
Jan
15 1965
Jan
5%a
Exchange
Friday
Ask
Bid
Province of Ontario—
68%
1 1948 f 66%
1 1956 / 66
Jan
6s
Toronto Stock
Municipal Issues
Ask
Bid
Province of Alberta—
721,354
High
Low
9%o June
4c May
18 %c
40o June
70c
88
Oct
Feb
88o May
158
Feb
Nov
2982
Financial
Chronicle
Nov.
7, 1936
Canadian Markets—Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
STOCKS
BONDS
11 KING ST. W.
GRAIN
for
of Prices
Week
Price
Cobalt
Noranda
MEMBERS
Exchange
Winnipeg Grain Exchange
Sudbury
Hamilton
Klrkland Lake
North Bay
Owen Sound
Bourlamaque
2.10
Shawkey Gold
Sheep Creek
The Toronto Stock
Sarnla
Low
High
TORONTO
San Antonio
Toronto
Ottawa
Par
Week's Range
Sale
*•
OFFICES
Montreal
Sales
Last
Stocks (Concluded)
WAverley 7881
Exchange-rMining Section
Friday
Exchange(Inc.)
26,755
1 60
48,800
75c
Friday
Last
(Concluded)
Par
Price
Alexandria Gold
Sabres
3c
334c
Algoma Mining
*
8c
734c
334c
834c
Anglo Huronian
*
5.80
5.80
6.00
1.14
1.00
1.21
Argosy Gold Mines
Arntfield
\
Range Since Jan. 1 1936
Week
Low
7,200
2.95 374,571
56c £Jan
1.00
Jan
2 95
Nov
2.87
6.10
Sept
1.30
Sept
4.50
4.35
4.65
1
Sladen Malartlc
South Tlblemont
1.05
1.00
1.08
*
334c
334c
68c
59c
70c
2034c
160
22c
6.20
5.75
15,500
41,700
3340
Jan
2,029
4.10
Jan
134c
75c
78c
Ashley Gold
1
834c
7c
6.40
534c
5c
Bagamac Rouyn
-.1
Bankfield Cons Ltd
-1
934c
1.80
1.65
Barry-Hollinger
434c
1
5c
7.50
Aug
Aug
1.75
1.20
Aug
31c
July
65c
Sept
234c
Jan
7 34c
Oct
534c
Jan
11 he
Oct
1.92
3340
Mar
*
29c
38c
*
1.35
1.30
42c
1.40
31,375
June
1.84
1.37
Feb
1.80
1.25
Oct
57c
47c
2.00
61c
94,735
92,307
July
1
Bobjo Mines
2334c
Bralorne M Ines
23c
26c
8.80
8.65
8.90
10c
10c
*
50c
Buffalo Aukerite
Buffalo Canadian
1134
334c
13>4c
»
Hlll^
334c
1.90
*
Bunker
Cariboo Gold
12
1034
10c June
14c June
46c
Oct
76c
Apr
36 34c
9.00
Jan
25 34c
3.80
Jan
12
Oct
2.46
July
3c
Jan
20c
13>4c
3.85
2.05
1.50
56
21c
14,900
10,600
434
Jan
3.25
850
2.80
Jan
1.75
2.0o
17,530
1.70
Oct
2.07
2 75
2.85 248,264
1.75
62,850
Apr
1.22
May
2.18
May
1.10
Sept
1.75
Nov
1,995
42
Jan
834c
61 4
7,900
434
Jan
1.08
95,115
52 c
July
1.17
Oct
1.76 155,280
82c
Aug
1.76
7c
94c
1.33
4334
1134
56
45
Nov
93* Sept
18,474
24,498
20,100
4334
Nov
6.90
Jan
3c
Jan
IOC
Feb
79,570
75c
Oct
2.22
Nov
40c
74o
Oct
1.45
Jan
Jan
49c
June
8C
834c
834c
-1
19c
15c 1934c
1
3234c
30c 3334c
634c
734c
54c
46c
55c
14c
14c
14c
1.07
86c
4c
334c
Halorow-Swayze
4c
3.30
2.95
1
1734c
1734c
19c
18c
12c
22c
1334c
1334c
Homestead Oil
3.30
13c
53c
45c
55c
68c
65c
72c
4434c
41c
47c
,
1.19
1.00
61c
1
82
1.23
56c
82
65
1534c
46c
4234c
1.78
1
9
McWatters
Merland OH
*
110
Mimng Corp
Mlnto Gold
34c
1934 c
7.10
18c
13c 1534c
19c
20c
46c
52c
3934c 4334c
1.65
1.78
1034
1634
*
2.50
2.20
2.68
*
25c
20c
Morrls-Kirkland
Murphy Mines
1.65
71c
..i
1.66
69c
534c
*•
-.1
4c
6c
434c
1.08
1.02
2.40
..5
Noranda
*
7234c
69c
Northern Canada Mining. *
O'Brien Gold
..1
50c
44c
8.05
Olga Oil A Gas New...
834c
♦
Omega Gold
1
Pamour-Porcuplne..
*
Paymaster Consolidated ..1
7.20
7c
65c
62c
65c
3.50
3.85
1.19
1.13
1.22
6.90
6.75
7.05
3.05
2.98
3.10
Roche-Long Lac
Jan
80 34c
Aug
1.75
July
70,000
6,600
76,500
6,174
55,395
*
47,200
17,277
37,975
17,482
1334
30c
.
Jan
3.63
26c
41c May
55
Aug
July
Sept
94c May
88
Sept
6134c
Jan
60c
Mar
5o
Jan
47c
July
70c
Aug
1 38
May
12c
Jan
293ic
Mar
2 34c
Mar
15c
Aug
5 70
Aug
7.75
Feb
7c
June
18o
Nov
3.12
Jan
5 50
Nov
3.50
June
6.05
May
534c
534c
Jan
Jan
30c
Aug
37c
Aug
60c
Sept
33
30c
Aug
Oct
4934
Jan
Mar
2.24
July
234c May
15c
Feb
42c
Jan
1.22
19c
July
9234
1034
Nov
178
June
Nov
24
Feb
1.10
May
2.75
Sept
74c
Jan
1.00
Mar
22c
Mar
40c
Nov
Jan
1.93
Nov
54c June
85c
Oct
34c
Jan
834c
Sept
2c
Jan
7c
Nov
1.00
July-
1.40
Aug
634c
2.30
July
3.05
44 34c
Jan
73c
Nov
28 34c
Jan
63c
May
34c
Jan
8.20
Nov
Jan
6c
Aug
15c
May
40c
Mar
85c
June
3.11
5034
c
Oct
Jan
6.20
1.25
June
May
1.12
Jan
1 96
2c
July
434c
Feb
3.95
Mar
7.60
July
6.75
Nov
12
1.80
Jan
3.56
Sept
Jan
Sept
July
21c
Mar
2.25
1.60
Oct
3.25
Jan
59c
Oct
1.40
Mar
11c
10c
11c
6,410
5c
Feb
10c
4.70
.370
Sept
4.45
15,660
1.44
Jan
♦
4 35
1.88
1.75
July
2.08 120,970
50c
Jan
1.33
1.23
..1
26c
♦
34c
25C
1.36
54,050
32c 190,460
2834c 3534c
8,757
2.55
Sept
1.00
Mar
1.46
Sept
5 4c
Mar
76c
3934 c
Feb
Low
High
for
Range Since Jan. 1, 1936
Week
Shares
16
94
17
95
94
94
5
9
Low
155
8>4
*
834
110
High
14 34
June
21
Aug
94
Sept
100
June
July
10
Jan
734
110
5
100
Jan
110
Oct
3
335
2
July
6
Jan
23
Amal Electric Corp
*
Ang-Can T pf 7 % can reg50
"54 X
5434
55
89
51X
Jan
55
12
July
12
437
9H
July
16
Jan
May
110
Feb
Associated
Bat hurst
3
100
Pow & Paper A.»
Bawlf (N) Grain
Preferred
"ie"
*
23
lou
152
*
*
1834
3834
B.
Bruck
7 3*
Silk
Mills
9
*
Building Products A
45
434
25
10934 10934
14
234
..100
-
2334
434
12
Breweries
Preferred
23
15034
1634
3634
534
834
3834
Jan
104
43*
15,189
1034
Mar
17 4
325
1.00
4.50
152
1834
3834
734
934
29
20
Sept
Sept
895
141
Mar
25,303
1,578
3,305
28
934
38
Nov
Jan
3834
Nov
May
July
16
Jan
Jan
58
Nov
10,556
6
May
1334
Nov
98
370
68
Jan
1334
215
3
June
1334
Nov
534
20
2
Jan
534
Nov
Jan
27 *
.100
9534
Can Forgingsclass A.__..*
Class B
*
1334
1234
Can North Power
Corp...*
25 H
5
26
734
99
436
Canadian
22 34
2
234
380
Canada
1.25
Apr
8.25
634
7
615
634
June
15)4
49
560
Preferred., i..
Canadian Canners Ltd
100
*
Cndn Can Ltd conv
pref..*
Canadian Car &
Foundry. *
Preferred
25
Canadian Celanese
Preferred 7%...
*
100
Rights
Canadian Cottons pref. 100
Cndn Foreign Investment *
Caudn Hydro-Elec
pref 100
7
2434
27
12734
22
~28~"
56
734
634
334
Canadian Pacific Ry
*
25
Cockshutt Plow
*
Con Min & Smelt new...25
Crown Cork & Seal Co...*
Dist
Dominion Coal pref
Dominion Glass
Preferred
14
*
100
100
52
*
100
Dryden Paper
*
Eastern Dairies
7534
Enamel &
...
1
Heating Prod..*
English Electric A
10234 May
vH 0 00
July
4
Mar
7
534 June
10
Nov
6*
15
Ndv
13
Apr
May
112
18
Feb
22
Oct
101
50
97
May
105
Jan
28
29
200
Jan
34
Mar
55
5934
734
634
534
334
1334
233*
2,284
8,760
2,950
26
6
3
46
100
1434
1034
7534
20
2234
2434
50
53
Apr
5934
Nov
6 H
July
June
12*
1134
Feb
534
Jan
16 74
Feb
2,335
534
Aug
Nov
Mar
1034
7534
213*
1834
Apr
34*
32
Jan
53
1434
23,614
51
May
25
15
960
19
Apr
20
116
216
106
Jan
115
Feb
153
102
13634
Jan
155
June
434
May
1834
834
7434
934
12,777
60
50
143
!034
10
11
2434
234
2234
434
2434
1,435
1,620
2,110
434
2
434
665
434
134
1934
l
25
635
5
97 34
20
95
1434
6,875
1,090
634
4
2534
"1434
934
6334
934
6334
5
50
55
35
19
13
Mar
2634
3
June
134
Sept
Oct
3,595
133*
Oct
17)4
3,618
934
June
183*
106
88
Apr
119
14
1334
14
3,975
13 V4
Mar
144
6334
634
61
65
26,453
4334
Mav
65
94
94
1634
1434
3134
6
634
9434
1634
211
57
Jan
96
Sept
2,726
1,665
14
Oct
1634
Nov
170
25
123
Jan
7
8
140
2
May
4
Aug
634
Nov
July
168
534
Mar
3
7
534
1434
Oct
Oct
Mar
355
32
34
Oct
20
35
14
105
Nov
Nov
May
15
1734
103
Maf
Mar
Mar
Feb
170
3,060
1634
634
Jan
Nov
38
Oct
170
Oct
8
Oct
1
36
74
Jan
14
15
9,309
1234
Jan
173*
44
__*
100
1434
934
6334
Oct
Oct
Nov
9
*
100
84
Nov
Jan
100
*
6834
100
Jan
100
*
8
1334
1634
7
Oct
Nov
Jan
June
5434
Oct
Feb
15
103
No par value
1234
834
62
5
100
Preferred
8
Jan
434
May
115
5734
"m
Nov
28*
July
June
7 34
Oct
Nov
4
1034
Nov
434
Aug
95
734
17
McColl-Frontenac Oil
12
Jan
2434
634
1334
M assey-Harris
79
150
Jan
25
*
Mitchell (J S)
Montreal Cottons
034
July
July
May
July
295
5
Woods
Oct
Jan
115
918
100
Preferred
Nov
4,039
2,257
76
Howard Smith Paper
Preferred
Lake of the
Jan
1034
1,060
1,091
4,955
International Power
*
International Power pf.100
John A Lang & Sons Ltd
Jan
15,463
150
Hollinger Gold Mines
Lindsay (C W)
4
Aug
19
Imperial Tobacco of Can.5
Int Nickel of Canada
*
Oct
35
35
*
Feb
22
18
Hamilton Bridge pref. .100
Hillcrest Collieries
Preferred
13034
21
35
100
Lime & Alabast. *
Hamilton Bridge
31 H
Mav
18
Preferred
Nov
2534!. Nov
2534 May
3234
35
Goodyr T pref inc 1927.100
Gurd, Charles
*
Feb
Nov
*
Foundation Co of Can...*
General Steel Wares
*
*
7,657
1,540
Feb
49
*
B
Gypsum
2534
27
2734
12734 130
July
Jan
149
149
*
F.lectrolux Corp
12,915
Oct
152
1834
11534
100
Preferred
20
15
20
Dominion Steel & Coal B 25
Dominion Textile
10
10
1234
2334
934
7434
"2434
Corp Seagrams
Dominion Bridge
7
25
31
Nov
101
Candn Industrial Alcohol.*
Class B
*
.
10834 10834
10
14
Canadian Locomotive.
.
45
Oot
Jan
334
1334
4834
10834
Jan
Jan
1523*
1834
7
1134
*
Feb
33
1334
9634
Steamship
*
Steamship pref. 100
Oct
590
58
Canadian Bronze
Jan
780
54
25
Sept
2
234
2334
5634
1'referred
25
2134
1634
234
*
Canada Cement.
Aug
2B3*o Sept
Sales
234
2334
June
..1
Reno Gold
Royalite Oil
July
290
3,800
Pioneer Gold
Premier Gold
Authier
July
70c
6.90
Jan
May
1.95
2 J4c
6.20
c
81c
1.35
1.67
234c
6.75
1434
1.00
62c
1.56
234c
Lake-Gold Shore..
Jan
17 34
1.25
1.60
..1
62c
2c
Oct
1.80
-.1
1.33
Jan
Jan
133,387
13,745
4,800
24,865
7,480
16,660
26,130
1,000
Peterson-Cobalt..,
1
75c
Sept
1 20 May
Mar
16,300
3,700
1.93 S64.700
74c
26,300
534c 80,600
7c !51,300
1.14
10,550
2.55
3,200
73c
13,836
51c
8,350
8.20
58,293
834c 43,920
3.75
+
Aug
16c
11c
30c
Perron Gold..
Pickle Crow
July
86c
Feb
5534c
28c
34c
15c
Mar
8c
42,895
28,215
22,585
73,550
9 34c 153,200
834c
1934 c 2034c 18,200
9234 114
85,300
13
Mo 'el Oil
Jan
210
31c
67,080
15c
534c
Oct
4.75
6.50
534c
40c June
May
Jan
4.25
18c
17o
Jan
4.70
7.05
*
_
1934c 2134c
5c
Aug
7c
*
1
94c
Preferred
54c May
30c
5.50
5c
Feb
24c
1034 c
4.85'
1934c
75c
2634c
Jan
99,800
9,845
94,450
5.50
18c
92c
Jan
118,748
63,350
1
59c
1234c
Cap Gold
Nov
6c
334C
11,900
6,850
5,981
88,450
12,600
80,967
16,700
27,570
8,220
54,891
55c
15c
Maple Leaf Mines
..1
May Rplers Gold Mines
Read
s
85
57 34c
Lamaque-Contact
1234c
1.18 146,850
1
*
1,300
18,725
10,150
17,381
4,000
207,125
4,000
July
Exchange
Alberta Pacific Grain A..*
Preferred
100
Brazilian Tr, Lt & Pr
British Col Power Corp A
4 34c
Price
*
Bell Telephone
67,000
14c
100
Nov
245,150
45,497
1
34% preferred
Agnew-Surpass Shoe
Nov
29c
*
6
123*
36c
1234c
Par
45
82c
*
*
both inclusive, compiled from official sales lists
Acme Glove Works Ltd..*
Aug
19c
Nov. 6,
Stocks—
May
4.25 June
to
Friday
Nov
8c
1234c
Montreal Stock
Oct. 31
June
5334
14c
20
19c
Mcvittie-Graham
Page 2980
1.50
7c
750
1.50
2
34c
5
Exchange—Curb Section
Nov
75c
-.1
4.100
Exchange—M ining Curb Section
Feb
6,140
49,541
Apr
Jan
1.60
1234
McKcnxle Red Lake
McMillan Gold
Nov
20c
Feb
Sept
44
Mclutyre Porcupine
Nov
2.49
71c
July
1.98
*
3 00
Jan
Nov
9.00
See
May
7734c
__
Jan
8o
Mar
9c
3534c
Manitoba A Eastern
1.60
1.00
49,250
40c
59c
1.60
*
Nov
Oct
2734c
.
80c
Oct
Aug
Jan
God's Lake.l.....
Lac..
Apr
Mar
Toronto Stock
Toronto Stock
Jan
13c
5.55
28,475
1,366
1,100
86,600
Goldale
I.ee Gold Mines
25c
Apr
38c
39c
Oct
534c
Lebel Oro
Nov
Sept
30c
6c
1
Oct
1.30
July
1.17
Lake .Miore Mines.
4.45
June
4.95
1.78
.
2.50
Jan
Jan
6c
Mar
83c
...
Sept
20c
10c
2.41
38c
..1
1.45
1.20
Jan
Jan
1.10
Kirk Hudson
Bay
July
Jan
1.69
31c
.5
May
3c
of Prices
534c
.
July
680
6 70
3c
Week's Range
1.03
..
3.50
Nov
Mar
7.50
Sale
1.01
Mar
14c
4 30
28,000
Last
634c
High wood Sarcee
Sept
Sept
35,500
Oct
1
Hard Rock
Nov
34c
2.50
2 25
7.85 302,600
Aug
-.1
Red
*
6.40
Jan
Mar
3?4c
10
Francoeur Gold Mines Ltd.
Glenora Gold
Quemont Mining
Ymtr Yankee Girl
Jan
6c
83c
834c
Oct
35c
Gunnar Gold
3.00
6c
Jan
1.65
....
Feb
7.60
Mar
*
.
38 34c
7c
1.15
1.07
Goodfish
Sept
7.75
*
1.18
1234
634c
Preston (new)
Prospectors Airways
Quebec Gold
1
95340
*
NiplSBing.....
Wiltsey-Coghlan
Wright-Hargreaves
1.40
4.3o
59c
Aug
16c
3c
1.35
3.75
Falconbridge
Feb
75c
53,650
27,418
46,950
22,295
9c
Nov
1.73
Newbec Mines
New Golden Rose
8c
50 c
1.05
.
2.12
Jan
..1
.
2.55
5c
1
Eastern Malar tic Gold M. 1
M oneta- Porcupine
2.82
2.30
834c
334c
40c
Eldorado..
MacI>eod-Cockshutt
»
Waite-Amulet
*
Wayside Consolidated-50c
White Eagle
*
24c
4.10
...
834c
Jan
3,100
3.00 164,715
2.49 136,617
Oct
1.84
*
Mar
80c
Nov
2.60
...
Ventures
50c
2 07
Dominion Explorers
IJttle I/Ong
1
334c
1834c
1.30 137,800
Jan
1.36
Dome Mines
Macussa Mines
4.15
75c
73c
1.75
Chibougamau..
Lowery Petroleum..
3.80
1.39
♦
Lava
4.CO
73,665
45,284
20,570
2,925
15,612
49,110
36,750
Darkwater Mines Ltd..
Klrkland-Lake
1
Exploration. 1
17c
13c
1.23
Coniaurum
Laguna Gold Mines..
5.25
2.30
14c
18c
*
Howey Gold
J M Consolidated
5.10
2.10
14c
2.07
5
Hollinger Consolidated.
5.15
2.21
1.38
*
......
*
*
Jan
1.35
Conlagas
Marker Gold
1
Jan
1.80
Clericy Consolidated
Commonweath Petroleum
Greene Stabell
Grull Wihksne
Goldflelds
60
♦
Graham Bousquet...
Tashota
Teck-Hughes Gold
Texas-Canadian
2c
1
Central Porcupine
Chemical Research
Chromium Mining..
Granada Gold..
Grandoro
3.40
5,500
*
Gold Belt
3.00
7,200
..1
_
3.36
4c
13c'
1
—
Federal- Kirk land.
1
14c
___
Dorval Siscor Gd M Ltd
1.95
3734c
Calgary & Edmonton._
+
Calmont Oils
..1
*
Canadlan-M alartio
Central-Patricia
32c
1.90
Sept
1 20
1.63
Big Missouri
Castle Trethewey
29c
1.95
43c June
Oct
Oct
..1
Beattie Gold Mines
B R X Gold Mines
2934c
1
1.15 June
Jan
Feb
1.40
84,300
95,633
Base Metals
Bidgooe Kirk
Cons
4Mc
2834c
10c
I2 3$c May
Apr
Apr
5,040
18,900
6c
15,500
10c 177,110
1.92
78,654
8c
*
Sudbury Contact.
Sullivan Consolidated
Sylvanite Gold
Towagamao
634c May
9c
1
1.00
Jan
38,207
46,860
17,300
78,082
44,200
37,040
123,950
26,383
15,295
4c
*
1
Treadwell Yukon
33,575
Astoria-Rouyn
High
Jan
82c
83c
Toburn Gold
for
of Prices
Low
High
Sale
Stocks
Sales
Week's Range
97c
77c
.80c
Stadacona-Rouyn
Exchange—Mining Section
3.45
2.32
Sudbury Basin
Toronto Stock
High
Aug
Apr
80c
~
St. Anthony Gold
Chicago Board of Trade
Timmins
Low
2.38
2~58
50c
Sherritt-Gordon
Slscoe Gold
Montreal Curb Market
Canadian Commodity
2.10
Range Since Jan. I, 1936
Shares
44
5
30
Jan
44
36
36
5
26
Jan
37
Oct
97
99
45
86
JaD
100
Feb
Feb
Nov
Volume
Financial
143
2983
Chronicle
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Last
Stocks (Csncluded)
Par
35
Montreal
57%
91%
40%
Telegraph.. ..40
Montreal Tramways.. .100
National Brsweries
Nat 1 steel Car
Niagara Wlrs new
Noranda
Mlass
"31"
*
Corp
Preferred.
/.
.100
*
"17%
."100
100
Ottawa Traetlon
.100
20
*
Penman's
Preferred
...
"is"
*
74
1
<N
«
A
140
27%
32%
39
73
399
165
1.10
Nov
East Malartic
1
1.04
73
Nov
Falconbridge Nickel
M._*
,12%
11H
240
Mar
Francoeur Gold Mines Ltd*
1.00
85c
Jan
152
165
June
Greene Stabell Mines Ltd.l
23c
Jan
93c
28 He
Jan
81c
Aug
Oct
6O0
May
Oct
Lamaque Contact G M..*
15Ho
13c
6c
Jan
46 He
July
Jan
Lebel Oro Mines Ltd
20c
i
20Hc
Lee Gold Mines Ltd
1
5c
1
Jan
19
Oct
24
Nov
Mclntyre-Porcup M Ltd.5
Mining Corp of Canada..*
18
19
3,850
135
135
50
28%
25%
60%
Nov
8%
Oct
18%
July
New Golden Rose
1.5
*
13c
Jan
13,500
3c
Apr
14c
Aug
25c
600
75c
Oct
2 05
Sept
42 H
175
Oct
46 4
39
29c
Mar
Jan
2.50
2.50
100
1.24
Apr
2 70
Apr
~1T2
1
1.12
1.12
200
1.05
July
1.35
Aug
8.10
7.20
8.25
32,285
35o
105
Oct
Pamour Porcupine M
Ltd*
3.6o
3.65
3.85
1,400
3.17
5
Oct
Parkhill Gold Mines Ltd..l
28%c
24c
32c
67,800
Perron Gold Mines Ltd...l
1.60
O'Brien Gold Mines Ltd_.l
8.25
Nov
Oct
5.00
June
18c June
46 Ho
Sept
1.95
Sept
July
Ja.
8
Jan
W
Oct
1.58
1.65
4,550
1.12
Jan
119%
Jan
135
Oct
Pickle Crow G M Ltd
1
6.60
6.75
1,300
3.95
Mar
7 55
1,045
9,130
20%
Jar;
55%
Oct
Pioneer GMofB.C
1
7.00
7.00
300
6.90
Oct
11.60
Jan
18%
July-
28%
25%
Nov
Quebec Gold Mining Corp 1
75c
60c
75c
1,000
59c
Oct
1.40
May
May
Nov
Read-Authier Mine Ltd._l
4.35
3.75
4.45
1.43
Ja;
4 45
Nov
2,104
16
124
47
114
June
127%
Jan
Shawkey
80c
79c
85c
Oct
1.16
July
12
195
9
Oct
12%
Oct
Siscoe Gold Mines Ltd...l
4.55
4.30
4.70
17,576
7,600
16,630
75c
11
11
2.88
Mar
5.00
1.06
1.00
1.09
27,100
42 He
Mar
1 30
Sept
Sept
1.95
1.90
2.00
16,575
83c
Mar
2.47
8ept
4.30
Mar
6.65
July
37 He
May-
1 50
24c May
1.22
Nov
3.10
Nov
Feb
92
92
20
75
May
93%
Sept
Sladen Mai
14%
13
15
3,239
11
Juut
15
Nov
Sullivan Cons Mines Ltd.l
71%
62%
.100
70
71%
62%
1,596
1,084
67
Jan
Teck-Hughes G M Ltd__.l
49%
Jar
71%
62%
Nov
61%
Nov
Thompson Cad
Towagamac Exploration. 1
Ventures Ltd
*
92
*
Steel Co of Canada
2,301
5Hc
42 H
42 H
2ic
5c
124
.100
Southern Can Power..
Aug
25c
Jan
Feb
12%
97
4%
21
18c
May
10
Oct
54% cj
Montague
18
Aug
•1,076
11,365
Oct
Jan
Nov
2.24
19,500
126
May
15
July
July
22,050
Jan
4%
Jan
10c
55c
Mar
14%
6.90
28,200
41c
Ltd
June
515
16
52 c
6,915
1.17
55c 5740
103%
8
1
42,150
13
43c
Oct
24
Nov
Nov
June
48c
Lake Shore Mines
11%
61
45c
J-M
Aug
5,811
4,080
2.85
Jan
54c
Nov
13
19
8.CO
Apr
1.10
57 Me
19%
101%
48
16%
19%
7%
3.55 June
43
1
Jan
Feb
101%
Jan
Ltd.._l
Consol G M
6
64
*
*
1 deferred
Tobaoco pref. .100
Wabaeso Cotton
160
.
"25
.100
160
25
150
Jan
160
Nov
23
Ticket*
25
205
20
May
32
Jan
9%
105
4
Apr
3%
3%
629
2
Sept
440
2%
9
9%
*
__
95e
39
Jan
118
25%
21%
A..
555
7
27
Winnipeg Electric
55 4
65
24
Windsor Hotel pref
79.33C
53 %
65
Sherwln
.
2.85
55H
60%
Shawlnlfan W A Power..*
Simpeoae pref
125
2.16
*
88
126
51
Preferred
8.00
2.60
Dome Mines Ltd
Jan
Nov
1.69
2c
1.20
Nov
7.50
36c
Oct
36c 452,450
200
1.35
32%
Mines. 1
5
Oct
Jan
Oct
Cons Chin Gold Fields... 1
Castle-Trethewey
Coast Copper
High
58c
34o
July
21
59
Low
44,025
June
60
49
Simon (H) A Sons
1.35
103
102
50%
Williams of Can
20c
1.35
287
6,276
135
32 He
52c
44
July
5
"50
Cartler-Malartlc G M Ltd 1
42c
45
May
103% 104
St Lawr Flour M pref. .100
St Lawrenee Paper pref 100
50c
Sahres
Jan
44%
199%
10
1
Jan
60.
Bousquet Cad
15
19%
16%
Oct
36
Range Since Jan. 1, 1936
for
Week
High
Apr
29
12,371
240
36
Low
Price
Par
Jan
13
758
69
of Prices
Mar
39%
6,325
Week's Range
103
39
4%
18%
»
preferred.
3,850
44
Apr
85
"104"
.100
Paper pref
Lawrence Corp
41
18
21
Preferred
Rolland
92
40%
126
Quebec Power
Regent KnltMug
Rt
90
May
55%
112
20
60%
.100
Power Corp ef Canada
44
57%
99% 100
"163"
New preferred
30
22,229
165
240
Ottawa LH A Pow
35%
235
38%
72%
....
Ltd.. ...*
Ogllvls Flour Mills
Ontario Steel Products
334
57%
Stocks (Concluded)
Hihg
Low
Shares
43
V.25
Prsfsrrsd
High
Sales
Last
Week
Low
Montreal LHAPr Cons.*
1936
Sale
for
of Prices
Price
Market
Friday
Range Since Jan. 1,
Week's Range
Sale
Curb
Montreal
Sales
Friday
3%
3%
»
B
3
3
Aug
9%
Nov
4
Oct
4%
Oct
...
5.10
5.25
"~95c
86c
98c
1,100
74,250
1.20
90c
1.22
7,600
2.85
2.65
3.00
8,450
1
00
Ja
Aug
8%c
9c
2,900
8%o
Nov
21c
"7.70
Wayside Con Gold
7.70
7.90
4,350
7.50
Oct
8.90
Feb
5Hc
6c
1,300
2c
Jan
llHc
Aug
50c
W right-Hargreaves
Unlisted Mines—
90
365
*
60
1
1.40
1.37
4,800
98c
May
47
Sept
Central Patricia Gold
88
100
Arno Mines Ltd
Cndn Malartic Gold
Woods Mfg pref
1
3.80
4.25
5,800
2.49
Mar
4 75
July
544c
4%c
540
4c June
10% c
Jan
80c
Aug
1.75
Nov
3.18
Jan
1.64
Aug
1.00
May-
90
Oct
Jan
50
59
Nov
Duparquet Mining
Baaks—
1.42
50
58
59
36
141
140
141
107
133
Jan
141%
Aug
Eldorado Gold
1.73
1.36
1.75
31,800
49,235
165
Canadlenue
59
100
Canada.
161
165
123
148
Apr
170
Feb
Macassa Mines
5.50
4.90
5.50
4,895
208
205
208
601
184
May-
214
Feb
San Antonio Gold
2.15
285
286
46
271
Jan
300
Feb
Sherritt-Gordon
2.42
164
Jan
Commerce
Montreal
100
Nova Seotta
10<
100
Royal
"186"
186%
183
51%
487
186%
Nov
1
2*60
Stadacona-Rouyn
69c
*
100
3.00
116,679
118,170
3.30
3.20
3.30
Sylvanite Gold
2.15
60c 70Mc
~
1
5.50- Nov
3.40
Jan
Jan
3.00
Nov
c
Jan
77C
Aug
500
2.35
Mar
3.55
July
1.30
May
4.50
Oct
6% June
6%
Jan
44
Apr
24%
23%
Oct
17%
Unlisted Stocks—
i
Canadian Government
3%
22%
21
23
10,818
1,490
22
22
22
210
5
15
Brewing Corp of Canada.*
80c
"2H
Industrial Bonds
(FN)
Cndn Light A Power
Last
Sale
Stocks—
Par
Price
Week's Range
of Prices
High
Loto
*
Bathure* Pr A Paper cl B
74%
764
73
*
6
5%
64
Beauharnol* Power Corp. *
4
4
4
100
100
Belding-Cortlcelli Ltd..100
Bright (TG) A Co Ltd...*
Brit Amer OU Co Ltd....*
Brit Col Packers (new)...*
Can Nor Pow Ltd pref
100
Canada Vinegars Ltd
11%
Canadian
Ltd
Vlckers
..*
Cum pref
100
Canadian Wineries Ltd... *
City Gas A Eleo Corp Ltd*
Commerical Alcohols Ltd *
110
Jan
774
Mar
64
Oct
1.95 June
54
Oct
17 4
3
97 4
Sept
100
64
Nov
6,420
234
93
204
48
107%
610
37
30
24
243
59%
3
"13"
2.00
3%
4.00
900
114
Jan
60
2*4
3
370
11
12 %
13
86
24
June
11
50
114
Aug
15
May
1.00
Sept
55c June
360
26 4
Jan
10
104
745
74
July
13%
13)4
144
3,310
44
Feb
Dom TarAChem cm pf 100
107 %
1074
110
Foreign Power Seo Ltd...*
80c
75c
85c
23%
106
Oct
Apr
13%
12%
Oct
21
1,328
24%
25 H
1,276
80
74
80
22 %
22 H
25
33
344.
175
28%
Sept
102 H 103 H
21
19%
158
96 H
Jan
35
10 H
10M
19%
19%
34
3.00
4
Feb
Oct
12
Jan
Jan
144
1074
600
65c June
2.75
Government
244
898
9
Jan
254
244
5,333
8
Jan
25
1.05
1.51
43,345
70o
Jan
1 51
*
Imperial oil Ltd
..*
Int Paints (Can) LtdA....*
80c
70c
80c
70c
Nov
80c
224
74
23 4
204
Aug
24 4
*
36%
36
37
Inter Utll Corp class B...1
1.25
1.05
11
104
4%
11
44
85
14
144
335
*
Melchers Dlst Ltd A
8
*
4%
Mitchell A Co (Robt) Ltd *
14%
B
New York
•
Voting pref
2
*
Reliance Grain Ltd
*
Rogers-Majestic Ltd A
*
Sarnia Bridge Co. Ltd..A*
Sarnia Bridge Co Ltd B..*
105
Abitibi P A Pap ctfs 5s '53
Alberta Pac Grain 6s. .1946
96
2,180
50c
Jan
BeauhornolsLH&P 5%S '73
June
134
Feb
Beauharnols Pr Corp 6a '73
/49%
1955
115%
2
Aug
54
Feb
Bell Tel Co of Can 5s
Apr
14 4
Oct
Brit Co) Power
1.50
Oct
44
June
6
104
105
Minn & Ont Paper 6s. 1945
72
75
Montreal Island Pr
105% 106%
102
Oct
Canadian Lt & Pow 5sl949
Oct
Canadian Vlckers Co 6s '47
98
Jan
Oct
Cedar Rapids M & P 5s
Feb
Consol Pap Corp 5%s_ 1961
95c
28%
Feb
45
444
464
940
264
Apr
45%
Nov
Walker-Good A Worts pf.*
19 %
19
104
200
174
July
19%
Oct
7c
1
7c
1.300
1.55 201,650
76
113%
Nova Sootia L & P 5a. 1958
104% 104%
67%
Ottawa Lt Ht & Pr 5s. 1957
105
106
93%
East Kootenay Pow 7s
1942
1949
5s
81
98
79
99% 100%
99
5%s. 1955
5%s '70
4%s'59
Dec
1 1957
Provincial Pap Ltd 5%s '47
78
77%
101% 103
Quebec Power 5s
1968
Saguenay Power 4%s. 1966
Apr
Gatloeau Power 6s—1956
101% 101%
Shawlnlgan W & P 4%c '67
Nov
General 8teelwares 6a. 1952
103% 104%
Simpsons Ltd 6s
10c June
15c
Apr
41c
30o
Mar
59c
Sept
Sept
Oct
75o
Jan
9c
Oct
40o
Jan
274
Sept
30c
30c
500
40 He
42c
Big Missouri Mines Corp.l
Brazil Gold A Diamond Ml
48c
60c
20,950
31.486
49o
2,000
760
12%c 12%c
28
234
1
102
77
Power Corp of Can
80%
3 s 1956
101
Ottawa Valley Pow
810
59c
37
Jan
76%
114%
1.55
41c
93%
76%
f67
Apr
30c
Certificates of deposit—
Sept
1
28
76
98%
103
July
64o
Bulolo Gold Dredging Ltd 5
Northwestern Pow 6s. 1960
98%
5c
1.16
64o
12%c
103%
92%
95c
1.39
5%c
Beaufor Gold
50%
103
New Brunswick Pr 5s. 1937
44o
1
2,000
/50
Montreal Tramway 5s 1941
value) 3s
Ottawa Traction
FraserCo6s—Jan
Barry-Hoilinger G M Ltd. 1
Base Metals Mining
*
—
1939
par
Donnaconna Paper Co—
Eastern Dairies 6s
Mines—
Aldermac
112
93
'53
July
3%
no
5%s *57
Montreal L H & P ($50
96%
Mar
Apr
Sept
2%s to '38—5%s to '49
Mar 1 1960
10
1.75
Maple Leaf Milling—
5%s-3%s_ 1948
5s
15
20
Ask
86%
5%s.l951
91
90%
104% 105
/50
50%
Jan
850
Utility Bonds
Massey-Harris Co 5S..1947
103% 104%
97%
98%
3.00
HAnover 2-6363
McColl Frontenac Oil 6s *49
116
Canadian Inter Pap 6s '49
105%
•
104% 105%
June
Sept
50c
Apr
Corporation
5%s.-1960
1.50
1.00
•
Montreal and Toronto
87%
49%
CanadaNorthPow 5s..1953
74
Walker-Gooderh A Worts *
Afton Mines Ltd
Oct
86
-
Oct
10
61
19%
88%
-
Jan
Aug
300
Apr
86
Nov
105
95c
13 H
88
Burns <fc Co
24
24
Oct
10
Bid
Calgary Power Co 5s__1960
Canada Bread 6s
1941
Mar
87
II
Manitoba Power
Apr
97 4
165
Feb
Oct
MacLaren-Que Pr 5%8 '61
Nov
306
25
39%
98
Nov
1024
55
Apr
68%
2
Jan
Sept
4
f684
11
9
1.25
v
24
6
79
35
234
9
155
155
Oct
264
84
Ask
99
8
90c
23%
2
Ltd
Oct
Apr
May
8
1.00
United Distillers of Can..*
Walaervllle Brewery
94
39 4
2.50
72
9
74
1034 1044
*
United Securities Ltd.. 100
Apr
12
74
Bid
Aug
12
Nov
81
NY 1-208
Industrial and Public
24
72
Nov
17%
Jan
Oct
33 4
9
8
"12"
Sou Can Pac Ltd pref.. 100
Thrift Stores Ltd
2
11
101 *4 1024
104
105
Oct
Mar
104 H
21
Oct
1,015
645
40
SECURITIES
Bell System Tele.
5,022
1.45
11
Mtl Ref A Storage vot tr__*
Page-Hersey Tubes Ltd..*
Power of Can cum pref.100
8%
Nov
22%
m w*<m m m rrrt
Apr
Int Petroleum Co Ltd
May
Feb
95
Municipal
•
Oct
23%
6,500
20,908
Hunter Valley Oil
Sept
2% May
27
Oct
Nov
28%
Royal Securities Corporation
30 Broad Street
Nov
24
15
5,460
Private wire connection between New York,
Apr
Oct
234
234
*
85
Jan
Oct
/Flat price.
Nov
50
1.40
...»
Voting trust ctfs
June
Oct
Feb
Nov
52
*
Fraser Cos Ltd
Home Oil Co Ltd..
21
Jan
19
4,020
10 H
Sept
July
45
755
28 H
*1
value.
4%
24
84
18%
840
35
CANADIAN
Nov
10%
Ltd
Oct
July
*
Stores
Oct
2
625
37%
Oct
60
38,365
Mar
22
Mar
1.00
49 %
4.00
33
Oct
75c
July
Feb
1.10 June
Apr
2.00
100
*
Aug
1.50
52
9%
740
274
16,367
1.70
Jan
17%
112%
94
1.40
2
81
Weston Ltd
24
154
50
10,949
16 H
Oct
15
51%
8%
80
Apr
49
Apr
164
13 4
Jan
15%
80
27 4
No par
160
100
Royalite Oil Co Ltd
Feb
Sept
755
~34~
Nov
15c
100
Preferred
*
23
20
Nov
June
1,425
114
"20H
McLaren Paper...
Price Bros Co Ltd
Jan
Jan.
Jan
15
10
55c
5,414
McColl-Frontenac OilpflOO
Feb
10
14
Nov
36%
12 4
*
Western Can Flour Mills.*
Dom Tar A Chemical Ltd *
Dominion
64
Apr
Apr
24%
*
May
8
20
34
110
Oct
43 H
Mar
20 %
pref... 100
Ford Motor of Can A
May
164
30
2 %
*
Dom Eng Works Ltd
790
3%
2%
Catelll Pood Products B._*
Catelli Food Prod pref A.30
234
12*4
11%
110
44 %
*
Can Int Invest Trust Ltd. *
Cndn Pow A P Invest Ltd*
64
6%
22%
1,109
2,100
20
20 %
*
Cndn Dredge A Dock
23
100
%
Feb
64
30%
114
104
144
11
B
Loblaw Groceterias A
High
41
10
130
37
"~12
Gen Steel Wares pref.—100
Low
100
37
Massey-Harris Co pref. 100
AabestOfl Corp voting tr._*
7%
74
*
Donnaconna Paper A
Eastern Dairies
Week
Shares
43 H
21%
21
Dom Oilcloth A Lino
Range Since Jan. 1 1936
for
Feb
Mar
20
21
Consol Paper Corp
Sales
Friday
4 50
18%
9
40c
Jan
Aug
Sept
20
"40c
I 40
Sept
1.75
11
36 H
100
75c
Oct
Nov
420
354
9
Consol Bakeries of Can..
6, both inclusive, compiled from official sales lists
525
2,150
364
25
Canada Malting Co Ltd.
Montreal Curb Market
85c
24
5
13
124
434
Canada Bud Breweries...*
330 Bay St., Tiraiti
Claude Neon Gen Ad Ltd
Oct. SI to Nov.
2%
13
Preferred
Burt Co Ltd
2fS St. James St., Montreal
56 Spats St, Ottawa
4%
Brewers A Dist of Van...*
Public Utilitv and
IMS
3%
5
Acadia Sugar Refining..£1
Municipal
INCORPORATED
ESTABLISHED
4
*
Cum 6% pref....... 100
Ctf ofdep6% pref
100
AbitibI P A P Co
HANSON BROS
/71
Int Pr A Pap of
Nfld 5s *68 .103
71%
--
102% 103%
103
104% 105
103%
6%a.
6%s.
.Feb
1942 /118% 119%
96
/95
103%
1949
5%8 *63
104
102
103
Southern Can Pow 5s. 1955
104
105
Smith H. Pa Mills
Steel of Canada Ltd 6s '40
.Feb
105
104% 105%
112
United Grain Grow 5s. 1948
95
United Secure Ltd 6%s '52
«.
Wlnnipge Elec 6s.Oct 2 '64
-
87
...
97
82
...
2984
Financial
Quotations
New York
Bid
105% 105%
109% 109%
a3%s Nov 1 1954.
03%S Mar 1 1960.
a3%s Jan 151976.
109%
109%
108%
107%
10^%
114%
114%
114%
109
114%
115%
118%
118%
118%
.....
a3%S July
1 1975.
a 4s
May
1 1957.
a 4a
Nov
11958
a4s
May
1195r
.......
108
109%
115%
115%
115%
•
a4s
May
1 1977.
114
a4s
Oct
1
114%
117%
117%
117%
a4%s Sept
a4%s Mar
a4%s Mar
L.......
1
1
1
1 1964.
....
Bid
Bid
a4%s Apr
1173* 118%
118
1 1966
Apr 15 1972......
1 1974
Feb 15 1976
Jan
1 1977—...
Nov 15 1978
Mar 1 1981
May 1 & Nov 1 1957
Mar 1 1963
June 11965
July 1 1967
b 2.45
.
.
World
Canal & Highway—
105
115
Empire
Bk of New York & Tr.. 100
488
493
Fulton
Bankers
10
69%
Bank of Slcilly
20
ser
100 1695
100
120
125
Central Hanover
.20
128
131
Chemical Bank & Trust .10
61
63
Clinton Trust
88
92
Corn Exch Bk & Tr
Colonial Trust
Continental
ser
Par
Trust
100
Barge C T 4s Jan '42 to '46
Barge C T 4%s Jan 1 1945
20
25
1745
53
56
52%
50%
54%
52%
139
136
Title Guarantee & Tr.._20
11%
18%
19%
Underwriters
100
80
66%
United States...
100 2065
16%
18%
12%
90
2115
Bid
Ask
Trust
33 1-3
Par
First National
...
Bid
Ask
...100
289
294
Harris Trust & Savings. 100
415
435
Northern Trust Co
240
820
860
100
167% 171%
117
Ask
108% 109
106% 106%
106
106%
Hartford Insurance Stocks
Bid
1939-53
J&J
Inland Terminal
As*
60.25%
BOUGHT
109%
to2.50%
110%
4%s
ser E
M&S 5 0.50
to 2.00
113%
114%
M&S
1942-1960
M&S
—
SOLD
—
QUOTED
107
ser D
MAS 60.80
1937-1941
112% 113%
3 106
4%s
1937-1941
Holland Tunnel
B 1940-53.M&N
20
Preferred
Continental Illinois Bank &
Sept 1958 to *67
Bayonne Bridge 4s series C
1937-50..J&D
B
ser
Manufacturers
16%
15%
65%
Bank & Tr .10
20
25
New York
American National Bank &
Bonus—
133
George Washington Bridge
4%s
.25
10
Chicago Bank Stocks
1942-1960
4s
50
Ask
135%
3%s '65
3%s '76
342
100
Irving
Kings County
Lawyers
128%
128%
115%
Bid
ser
337
Guaranty
10
Canal Imp Is J&J'60 to *67
Port of New York—
Gen & ref 3d
27%
260
12
Port of New York Authority Bonds
Gen & ref 2d
As*
26%
245
71%
135%
Gen & ref 4s Mar 1 1975.
Bid
100
9
Improvement—
4s Mar &
...10
10
Bronx
Bonds
Highway
Par
Banca Comm Itallana. 100
7
4%s April 1940 to 1949. 61.90
5s Jan & Mar 1946 to '71 6 2.80
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964..
Can & Imp High 4%s 1965
Companies
Ask
1213* 122%
1222* 123%
101% 1015,6
251937
War
Bid
120% 121%
120M 121%
....
1 1979
Jan
Par
County
Brooklyn
Bid
—
7. 1936
119% 120%
119% 120%
1205* 121
Dec 15 1971
Dec
118%
118% H-"3*
118% 119
118^ 119%
1183* 119%
June
Ask
b 2.35
3s 1981
Ask
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
<z4%s
a4%s
a4%s
a4.%s
a4%s
New York State
3s 1974
New York Trust
City Bonds
a6s
Nov.
Over-the-Counter Securities—Friday Nov. 6
on
As*
a3%s July 11975.
a3%s May 11954.
Chronicle
PUTNAM
Members New
6
Tel.
CENTRAL
CO.
York Stock Exchange
ROW
HARTFORD
5-0151
A. T. T. Teletype
Hartford 35
—
United States Insular Bonds
Phlllippine Government—
Ask
Bid
4s 1946.
Bid
100
4%s Oct
4%s July
5s
5s
Feb
Honolulu 5s
108
U S Panama 3s June 1 1961
107
1952
April 1955
101%
107
1959__
108
Insurance
Govt of Puerto Rico—
101% 103%
109% 111
1952...
Ask
63.50
3 00
Par
6
3.75
3.50
Aetna Casualty & Surety 10
b
4%s July 1958
5s July 1948
3.25
3.00
Aetna Fire
10
113% 115
1941
6
3.00
U S conversion 3s 1946
2.75
113
Conversion 3s 1947
113%
113% 114
Federal Land Bank Bonds
Aetna Life
10
Agricultural
25
American Alliance
6%8 Aug
Hawaii 4%s Oct 1956
10
38 1955 opt 1945
3s 1956 opt 1946
3s 1956 opt
J&J
J&J
M&N
3%s 1955 opt 1945..M&N
4s 1946 opt 1944
J&J
1946
Ask
Bid
As*
101% 102%
101% 1021,6
48 1957
M&N
103'i,6 103%
104% 105%
101% 102',6
103% 103%
4%s 1957 opt 1937...J&J
4%s 1957 opt. 1937
M&N
4%s 1958 opt 1938
M&N
1011,6 101%
1021,6 102%
106% 107%
110% 111%
4s
opt 1937
M&N
1958 opt 1938
American of
135 So. La Salle
St., Chicago
Bid
Atlanta 5a
73
5
15%
5
13
Maryland Casualty
1
Mass Bonding & Ins.. 12%
61
64
Merch Fire Assur
com.2%
57
61
American Surety
25
60%
62%
Merch & Mfrs Fire New'kS
11
13
10
33
35
National Casualty
National Fire
10
19%
21%
10
65
67
Automobile...
Baltimore Amer
2%
99% 100%
Atlantic 5b
100
Burlington 58.
98
California 5s.,
100
Chicago 5s
/7
Dallas 5s
100
Denver 5s
86
First Carolines 5a
87
First of Fort Wayne 4%s..
First of Montgomery 5s...
100
86
...
100
...
-
90
Fletcher
78
Greenbrier 5s
100
Greensboro 5s
100
Illinois Midwest 5s
76
Illinois of Montlcello 4% 9.
Iowa of Sioux City 4%s._.
99%
Kentucky of Lexington...
La Fayette 5s
97
Joint Stock
Par
Bid
100
Atlanta
25
98%
99%
65
100
100
104
620
630
10
10
6
2%
4%
5%
10
100
/ 36
San Antonio 5s
100
72%
Southern Minnesota 5s
/22
Tennessee 5s
.
-
.
39
-
Union of Detroit 5s
98%
99%
100
Virginia-Carolina 5s
Virginian 5s
98%
99%
Ask
Par
Bid
Ask
Lincoln
...100
3
5
42
North Carolina
...100
22
25
70
75
Pennsylvania
...100
10
15
4
6
Potomac
...100
45
55
Des Moines
100
67
72
San Antonio
...100
47
51
First Carollnas.....
100
4
8
250
600
45
55
F
15
F
F
15
Virginia
5
Virginia-Carolina
...
100
15
Ask
Bid
FIG
...
1937 6 .25%
1937 6.35%
F I C
F I C
l%s...Mar 15 1937 6 .40%
l%s
Apr 15 1937 6.45%
l%s
July 15 1937 6 .45%
F I C i %s
Sept 15
FIC l%s
95%
30%
42%
Republic (Dallas)
10
Rochester American.... 10
31
40%
24%
25%
St Paul Fire & Marine. .25
10
Oct 15
Ask
1937 6 .55%
1937 6.55%
31%
33%
Merchants Bank
58
64
National Bronx Bank
Bensonhurst
Chase
50
City (National)
13.55
12%
Commercial Nationals. 100
46%
40.
199
43
45
Seaboard Fire & Marine. .5
5
18%
63%
20%
Seaboard
Globe & Rutgers Fire... 15
2d preferred
15
66%
Surety
10
Security New Haven... 10
86
90
Southern Fire
27%
28%
11
Springfield Fire & Mar..25
Stuyvesant
5
5
1
10
22%
24
Sun Life Assurance
Hamilton Fire
10
22
28
Travelers
8
100
60
12%
208
9%
33
13%
213
12%
33
35
35
36%
25
27
127% 130%
7
8
100
625
655
.....100
473
483
29
35%
26
37%
27%
U S Fidelity & Guar Co„2
US Fire
4
28
10
52
54
10
75
78
U 8 Guarantee
58
61%
74
77
Westchester Fire
32%
34%
50
Bid
95
80
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
Associated Mtge Cos Inc—
80
1953
52
Cont'l Inv Bd Corp 2-5s '53
Contl InvDeb Corp 2-6s'53
65
77%
46
.
..
...
—
54
...
-
—
1945
46
49
41
Bid
Nat Union Mtge Corp—
Series A 2-6s
1954
Series B 2-5s
Potomao
Bond
1954
(all
Issues) 2-5s
1953
Potomao Cons Deb Corp—
Ask
55
80
mm
'
mm
Corp
77
1953
45
47
Potomao Deb Corp 2-6s *53
Potomao Franklin Deb Co
45
47
45
47
2-6s_
44
1953
80
—
Nat Bondholders part ctfs
2-6s
1953
Potomao Maryland Deben¬
ture Corp 2-6s
1953
Potomao
(Central Funding series)
/34
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-6s_1953
45
76
36
...
47
Realty
Realty
Bond &
70%
—
Atlantic
Debenture Corp 2-6s '63
46
48
45%
47%
42
44
Mortgage
1953
deb 2-6s
Unified Deben Corp 5s '55
Ask
1
Telephone and Telegraph Stocks
1
*•1 (•I
•
Par
1
1
Am Dlst Teleg (N J) com.*
Preferred
100
Bid
128
Ask
110
30%
15
17
13
150
121% 123%
152
92
94
Cuban Telep 7%
pref__100
Emp & Bay State Tel.. 100
40
45
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
Int Ocean Telegraph...100
44
63
102
104
...
Lincoln Tel & Telegraph. *
Mtn States Tel & Tel.. 100
115
54%
1020
Sterling Nat Bank & Tr.25
41%
43%
New England Tel & TellOO
131% 133%
2125
Trade Bank
28
35
page
2987.
29
111
25
19
110
Roch Telep $6.50 1st
So & Atl Telegraph
pf 100
Ask
26
27
21
28
111%
112
25
22
100
153
...
155
Tr 1 States Tel & Tel—
64
52%
see
Bid
106
Peninsular Telephone com*
Preferred A
100
107
10
50
Footnote
% 100
S'western Bell Tel pref.100
25
For
N'west Bell Tel pf 6%
Pao & Atl Telegraph
104
Public National
147
New York Mutual Tel. 100
Sou New Engl Telep
Peoples National
..
Par
Ask
131
129% 131%
Penn Exchange
12%
2.50
Aff*
Empire Properties Corp..
Inc 2-5s
25%
11%
10
Surety Guaranteed Mortgage Bonds and Debentures
34
100
25%
10
48%
First National of N Y..100 2085
Flatbush National
Kings bo ro National
10
Great American
Great Amer Indemnity
Halifax Fire
42
..100 1000
Fifth Avenue
100
National Safety Bank. 12%
205
5
6
Bell Telep of Pa pref-.lOO
Clncin & Sub Bell Telep. 50
Par
Bank of Manhattan Co. 10
Bank of Yorktown__66 2-3
National..50
Rossla
Glens Falls Fire
Bell Telep of Canada.. 100
Bid
25%
39%
27%
5
Mortgage Bond Co of Md
New York Bank Stocks
Par
90
24
126% 131
Reinsurance Corp5
Federal Intermediate Credit Bank Debentures
Bid
86
5
37%
Interstate Deb Corp 2-5s'55
36
1936 6.25%
1936 6 .25%
10
Providence-Washington. 10
2-3s
100
16
25
12%
Georgia Home
98
28%
130
Phoenix
11%
93%
28%
Debenture 2-6s
Bank Stocks
100
l%s_._Nov
I C l%s—Deo
I C l%s.._Jan
I C l%8.._Feb
26%
125
Preferred Accident
Allied Mtge Cos Ino—
All series 2-58.
1953
100
F I C
23%
95
Pacific Fire
126% 131%
Bid
25
100
Land
5
48
20%
.
Denver
3
...2.50
National.25
35
42%
45
85
75
Dallas
100
North River
Northwestern
33
41
—
Atlantic
Fremont
48
12.50
16%
107% 108%
Southwest 5s
30
6%
2
Northern
11
136
100
_
...
45
47
20
15%
Hartford Steam Boiler.. 10
100
St Louis 5s
96
5%
New Jersey
New York Fire..
9%
130
83
«...
100
Potomac 5s
...
New Brunswick Fire
10
New Hampshire Fire...10
2
Hanover Fire
Phoenix 5s
.
78
27%
27%
33%
31%
45
2
20
New Amsterdam Cas
31%
29%
5
National Liberty
National Union Fire
20%
Harmonia
100
-
_
18%
26%
25%
7%
Hartford Fire
99% 101
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s.
-
100
94
99
61
.
81
-
....
99
Pennsylvania 5a_.i._
98
.
-
Pao Coast of San Fran 5s._
95
97
97%
_
100% 102
3%s
Fremont 5s
92
100
8%
Globe & Republic
-
North Carolina 5s
Pacific Coast of Portland 5s
...
88
100
.
Ohio-Pennsylvania 5s
Oregon-Washington 5s
.
88
First of New Orleans 5s._.
First Texas of Houston 5s.
First Trust of Chicago 5s..
100
7%
25
5
Federal
100
Maryland-Virginia 5s
Mississippi-Tennessee 5s..
New York 5s
8
-
92%
Louisville 5s
75%
100
Shippers
Fire Assn of PhiladelphlalO
Firemen's of Newark
8
94
4%
29%
Re-insurance. 10
Excess
Ask
6
21%
8%
74%
17%
5%
7%
10
General
Bid
Lincoln 5s
6
Ins Co of North Amer..10
Franklin Fire.
Ask
5
Lincoln Fire
Employers Re-Insurance 10
Bonds
20%
Fire
Knickerbocker
Fidelity & Dep of Md___20
Bank
10
Importers & Exporters
14
Fireman's Fd of San Fran25
Joint Stock Land
Homestead
87
38
Continental Casualty
Teletype CGO. 437
27%
4.?*
38%
5
American Reserve
American
Eagle Fire
State 0540
36%
25
City of New York
rpfnc.
Bid
10
12
Carolina
MUNICIPAL BOND DEALERS
5
Home Fire Security
23%
Connecticut Gen Life... 10
0tcSind(m VP
Par
Home
50%
14%
78%
31%
Bankers &
Bought— Sold— Quoted
104
483%
26%
84%
35
Camden Fire
MUNICIPAL BONDS
100
Ask
5
Newark...2%
Boston
JOINT STOfK LAND BANK BONDS & STOCKS
Bid
10
American Equitable
American Home
Bid
Companies
119% 120%
...
150
Preferred
10
Wisconsin Telep 7 % pf. 100
124% 125%
...
114
...
117
Volume
Financial
143
Quotations
2985
Chronicle
Over-the-Counter Securities—Friday Nov. 6—Continued
on
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
Hoscpb Walkers Sons
DUNNE&CO.
Members Hew York Slock Exchange
Dealers in
120 Broadway
Members New York Security Dealers Ass'n.
JOhn 4-1360
20 Pine Street, New York
Tel. REctor
GUARANTEED
NEW YORK
2-6600
STOCKS
Since1855,
BONDS
RAILROAD
Bought
Sold
—
Quoted
—
Earnings and Special Studies
Guaranteed Railroad Stocks
(Guarantor in Parenthesis)
John
Dividend
Bid
Par in Dollars
ion
6.00
103
107
Albany & Susquehana (Delaware A Hudson)
ion
10.50
180
100
6.00
109
Sloane & Co.
E.
41 Broad St., New York
■
HAnover 2-2455
•
AssociatiQn
Bell System Teletype NY 1-624
1S5
Allegheny & Western (Buff Rocli A Pitts)
Beech Creek (New York Central)
Boston & Albany (New York Central)
Request
Members 7\[ew Tor\Security Dealers
Asked
Alabama A Vlcksburg (Illinois Central)
on
2.00
112
100
8.75
156
159
.100
8.50
153
158
.100
3.00
57
60
Carolina Cllnchfield & Ohio (L & N-A C L) 4%... .100
100
Common 5% stamped
4.00
100%
10234
5.00
102
104
5.00
97
3.50
88
Bonds
Railroad
43%
41%
Boston A Providence
(New Haven)
Canada Southern (New York
Central)
Chicago Cleve Clnn & St Louis pref (N Y Central) 100
50
Cleveland & Pittsburgh (Pennsylvania)
50
52
48%
50
5.50
94
98
100
Georgia RR & Banking (L & N-A CL)
10.00
193
198
(Del Lack & Western)
.100
100
50.00
Central
(Pennsylvania)
Buffalo Creek 1st ref 5s, 1961
71
5.00
97
100
4.00
101
103
Cleveland Terminal & Valley 1st 4s,
Chateaugay Ore A Iron 1st ref 4s,
4.50
70
50
1.50
41
43
Georgia Southern A Florida 1st 5s, 1945
Goshen A Deckertown 1st 5%s, 1978
80
85
Hoboken Ferry 1st 5s,
178
3.00
Pittsburgh Fort Wayne A Chicago (Pennsylvania). .100
Preferred.
7.00
172
7.00
185
188
100
6.90
107
110
Little Rock & Hot Springs
100
6.00
150
154
Macon Terminal 1st 5s,
Hudson)
St. Louis Bridge 1st pref (Terminal RR)
Rensselaer A Saratoga (Delaware A
Second preferred.
75
77
100
3.00
150
154
.100
10.00
253
257
3.00
—
Tunnel RR St Louis (Terminal RR)
1955
Kanawha & West Virginia 1st 5s,
Vlcksburg Shreveport A Pacific (Illinois
Central)
—
Maryland & Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
53
93%
6.00
92
97
5.00
101
107
.100
5.00
87%
91
91
95
Portland RR 1st 3%s, 1951
Warren RR of N J (Del Lack A Western)
50
3.50
53
56
(Pennsylvania)
50
3.00
68%
70
West Jersey A Sea Shore
104%
77
79
7934
80%
97%
96%
95%
Terminal 4%s, 1957
St Clair Madison A St Louis 1st 4s, 1951
.
97
97
Rock Island Frisco
98
90
71
73
93
94%
111
Toledo Terminal RR 4%s, 1957
Union Pacific
-.
55
103%
Consolidated 5s, 1945
Toronto Hamilton A
'
96
Shreveport Bridge A Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951
•
99
3%s, 1970
70
1954
-
100%
99%
71%
99
Buffalo 4%a, 1966...
Washington County Ry 1st 3%s,
EQUIPMENT TRUST CERTIFICATES
81
80
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 & Hoboken Ferry general 5s, 1946
Preferred
105%
104%
—
100
Susquehanna (DLAW)
Valley (Delaware Lackawanna A Western)
36
/34
Western 1st 43, 1939
1965
105%
104%
1978
Kansas Oklahoma A Gulf 1st 5s,
-
101%
5.00
Utlca Chenango A
.
90
88 %
100
United New Jersey RR A Canal (Pennsylvania)
74
73
101
1946
50
-
102%
10034
99%
1995.
60
68
/65
10134
1952
—
Indianapolis A Western 1st 5s, 1965
Choctaw & Memphis 1st 5s,
Pittsburgh Bessemer A Lake Erie (U S Steel)
;—
92
89
1942
Oswego A Syracuse (Del Lack A Western)
——_
95
10534
104
1100
69
75
Preferred
87
88
93
950
Cincinnati
76
85
————
50
:
107
86%
1942—„—_
Prior lien 4%s, 1944.
Convertible 5s, 1940-45
3.875
60
99
102
73
3s, 1950
Prior lien 4s,
.100
Michigan Central
Northern
.
—
4%s, April 1, 1943
79
76%
4.00
(New York Central)
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
Lackawanna RR of N J
Boston A Maine
79
80
98 %
101 %
106
Augusta Union Station 1st 4s, 1953
Boston & Albany 1st
2.00
2.00
5 %s, 1945
6s, 1945
Birmingham Terminal 1st 4s, 1957
25
pref (N Y Central)
77
78
Akron Canton A Youngstown
90
100
Betterman stock
Delaware (Pennsylvania)
Fort Wayne A Jackson
101
•:
Asked
Bid
Quotations-Appraisals Upon Request
NEW ENGLAND PUBLIC SERVICE CO.
PRIOR
Stroud & Company Inc.
Private Wires to
EST.
members
Railroad
Bid
Atlantic
Equipment Bonds
Boston A Maine 4%a
2.00
2.00
63.60
6s
1.00
62.65
Baltimore A Ohio 4%s
2.60
5s
63.50
2.60
3%fl Deo. 1 1936-1944..
63.25
2.25
Canadian
National
4%s_.
62.80
and
Bid
Ask
61.60
62.65
Line 4%s
Coast
2.00
2.25
Alabama Power $7
80
82
64.00
3.00
Arkansas Pr A Lt $7
95
97
63.75
3.00
63.75
-
3.00
1.00
Buff Nlag A E pr
1.00
Carolina Pr A Lt $7
62.50
4%s
5s
2.00
62.50
New York Central
2.00
62.75
2.00
62.75
N Y Chic A St. L 4%s
58
2.00
Cent RR New Jer 4%s
61.75
1.26
Northern Pacific 4%s
61.75
Chesapeake A Ohio 5%s_,
6%s
4%S
61.50
1.00
Pennsylvania RR 4%s
61.75
61.00
0.60
61.50
1.00
64.00
Chicago A Nor West 4 %s_,
6s
Chic Milw A St Paul 4 %s_.
3.00
4.25
66.10
6s
4.25
6s
81
84
81
Chicago R I A Pao 4%s._.
6s
84
Jan A July
3.50
64.60
5%s
3.50
64.50
5s
64.50
3 60
62 00
62.50
6s
2.0o
2.00
61.60
4%S
1.00
62.76
Great Northern 4%s
1 25
62.00
Erie RR 6%s
6s
1.00
4%s
2.00
62.65
St. Louls-San Fran 4s
6s
1.50
/95
/95
m
5s
2.00
62.00
Reading Co 4%a
98
98
99
5%s
63.75
3.00
63.76
St Louis Southwestern 5s._
3.00
62.50
Southern Pacific 4%s
1.60
62.50
1.50
62.70
2.00
5s
62.70
2.00
5%8
62.00
1.25
5s
Southern Ry 4%a
._
62.50
1.50
1.00
4%8
62.50
1.50
62.60
1.75
6s
62.50
1.60
6s
62.00
1.25
5%s
61.76
1.00
Internat Great Nor 4%s_.
64.00
3.00
Long island 4%s
62.60
1.75
62.50
1.75
6s
6s...
Texas Pacific 4s
....
Union Pacific 4%s
5s
61.50
Virginian Ry 4%s
5s.
.
Wabash Ry 4%s
61.60
99%
102 H
100
102
64.00
4%S
3.00
6s
Western Maryland 4%s
Western Pacific 5s
5%s
preferred
87
90
79
82
$7
62.50
2.00
62.50
2.00
64.25
3.50
64.25
3.50
7%
pref--*
Natural Gas—*
Interstate Power $7 pref--*
Jamaica Water Sup pref-50
Jer Cent P A L 7% pf—100
Kan Gas A El 7% pref. 100
Interstate
pref. .100
6% pf.100
Kings Co Ltg 7%
7%
preferred
100
A E 6% pf—100
pref-*
Los Ang G
page
2987.
105% 107
63
61
105% 106%
106% 107%
106% 107%
99
101
113
70
65
193
50
51%
53%
55%
58
61%
95
«...
Memphis Pr A Lt $7
-
-
.
122
~
—
.
%
Illinois Pr A Lt 1st
Long Island Ltg
For footnotes se
110% 112
111
102
5s
80
100
100
2.60
77
Gas—100
pref
*
100 %
2.50
New
preferred
6s
3.00
Newark Consol Gas
92%
Idaho Power $6
6%8
64.00
99
Hudson County
1.00
63.25
5%s
Minn St P A SS M 4s
preferred
100
Nassau A Suff Ltg pref .100
Nebraska Pow 7% pref. 100
7%
—
90
1.00
1.00
•63.25
Maine Central 6s—
79
1.00
101
61.60
i
-
193
61.60
Loulsv A Nash 4%s
129
Hamilton Gas Co vto
2.00
61.60
1.00
Mountain States Pr com.. *
112
110
96
0.75
62 30
Illinois Central 4%s
61.60
........
24%
0.75
2.00
Hocking Valley 6s
5s
....
27
*
pref—25
preferred
61.50
62.75
62.70
call Dec. 1 1936-50
4%a
Denver A R G West 4%s_.
26
pref--*
6%
61.50
1936-49
2%s series G
non
13
Mississippi Power $6 pref—
$7 preferred
Mississippi P A L $6 pf—*
Miss Riv Pow 6% pref.100
Mo Pub Serv $7 pref
100
81%
25%
pf 100
100
Cent Pr A Lt 7% pref„100
Columbus Ry Pr A Lt—
1st $6 preferred A—100
$6.50 preferred B
100
Consol Traction (N J) -100
Consumers Pow $5 pref--*
6% preferred
100
6.60% preferred
100
Continental Gas A El—
7% preferred
100
Dallas Pr A Lt 7 % pref 100
Derby Gas A El $7 pref--*
Essex-Hudson Gas
100
Federal Water Serv Corp—
$6 cum preferred
$6.60 cum preferred
$7 cum preferred
—
Foreign Lt A Pow units..*
Gas A Elec of Bergen. .100
4s series E due
Pere Marquette
Par
Ask
Bid
Cent Maine Pow 6%
5s
3.00
65.10
N YNHAHartf4%s
1.00
64.00
Par
pref—*
pref.*
Assoc Gas A Elec orig pref *
$6.50 preferred..
*
$7 preferred
*
Atlantic City El $6 pref..*
BangorHydro-El 7 % pf 100
Birmingham Elec $7 pref.*
2.00
2.00
Utility Stocks
2.00
2.00
62.00
Public
3.00
62.70
62.60
Teletype N.Y. 1-1146
n.y. curb exchange
63.25
New Orl Tex A Mex 4 %s_
ONE WALL ST., N.Y.
exchange
63.00
5%8
STOCKS
Tel. DIgby 4-2800
1908
stock
Ask
62.80
6s
n. y.
64.00
Missouri Pacific 4 %s
5s
Pacific 4 %s
6s
Canadian
PREFERRED
BmfeU Brothers
Philadelphia, Pa.
New York
LIEN
%
mm..
68%
73
78%
83
83
85
114% 116
19%
17%
8%
6%
53
57
32
34
112
100
122
Eng G A E 5 % % pf. *
N E Pow Assn 6% pref. 100
New Eng Pub Serv Co—
$7 prior lien pref
*
New Jersey Pr A Lt $6 pf.*
New Orl Pub Serv $7 pf..*
N Y Pow A Lt $6 cum pf_ *
52
7% cum preferred...100
N Y A Queens E L P pf 100
Nor States Pr $7 pref.. 100
Ohio Edison $6 pref
*
$7 preferred
*
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf-100
7% preferred
100
Okla G A E 7% pref—.100
Pacific Pow 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
Ask
Bid
:
mmmm
53
77%
78%
53%
54%
105
107
61
62
102
104
111% 113
109
....
91
94
106
108
112
114
110% 111%
99
101
106
108
112
115
86
84%
109% 110%
95%
92%
111%
87%
89
Rochester Gas A Elec—
6% preferred O
100
Sioux City G A E $7 pf-100
104% 106
96
98
pref B.25
28
28%
54
56
South Jersey Gas A E1.100
193
26
27%
Tenn Elec Pow
22%
24
109
....
....
Sou Calif Edison
113
114
94
96
77
78%
6% pref 100
7% preferred
100
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
United G A E (N J) pf.100
Utah Pow A Lt $7 pref
*
86
88
Utica Gas A El 7 %
79~~
81"
54
....
101% 102%
Virginia
Ry
pf—100
100
....
65
67
75
77
110% 112
110% 112
95%
93%
76
....
69
67%
99% 101
138
142
2986
Financial
Quotations
on
Chronicle
Securities of the
Members New York Curb
Water Works Securities
System
&
Complete Statistical Information—Inquiries Invited
CO,
Exchange
iNCOR PO RATED
HANcock 8920
EXCHANGE PLACE,
40
Direct Private
Telephone between New York and Boston
Bell System Teletype—N. Y. 1-1074
Tel.
HAnover 2-0510
90%
Amer Tel Tel deb 3%s 1961
Amer Wat M ks & Ei 5s
Arix Edison
1st 6s
Utility Bonds
Ark
Ask
Bid
101
102
102
102%
1
91
93
95
97
Louisiana Gas 4s
1961
83%
First Mortgag
109% 110
100% 102
Lt 1st 4 Ha '65
Keystone
Telep 5 Ha 1955
Superior District
Power
85
69%
/5 2
Lake
100% 101%
Ark Missouri Pow 1st 6s '53
Associated
Ask
|
Kan City Pub Serv 3s. 1951
Kan Pow &
92%
...1
1st 6«series A
3%s
A.. 1966
Los Angeles G & E 4s 1970
ser
54%
Assoc Gas A El Go 4
%s *58
Louisville Gas & El 3 Ha '66
Metrop Edison 4s ser G '65
54%
Assoc Gas A
Mtn States Pow 1st 6n 1938
Elec Corp—
income deb 3%s
1978
41 %
Income deb
43%
47%
42%
44%
48%
1978
50%
53
1973
86%
3%s...1978
Income deb 4s
1978
Income deb 4%s
Conv deb 4s
Conv deb 4 %s
1973
Conv deb 6a.......1973
Conv deb 51*8
1973
Sink fund Income 4s 1983
Consumers Water Co.
101% 102
106% 106%
104
104%
94
76
3%s series
-.1966
I
103%
102
105
106
Sink fund lnc 5%s__1983
66
106H 107 H
1940
103
-
-
-
.1941
103% 104%
110%
98%
1946
81%
1946
84%
Cent M alne Pr 4s
110% 110%
101% 101%
107 % 107 H
106% 107%
G '60
ser
Elec 3%s
Power
1966
5s.-.1963
Conn Lt A Power 3 Ha 1956
3 %» series F.
Conn River Pr
1966
3%s A.1961
Consol E A G 6s A—1962
Detroit Edison 3 Ha G 1966
Edison El III (Bost)
3 Ha '65
Federal Pub Serv 1st 6s *47
61
63
86 H
96%
103
88 %
126
106 H
104% 105%
105
108% 108%
105%
92 H
107%
94
105 H
105%
105 H 105%
65%
106% 107
107% 107%
105% 105%
1st mtge 4s
1961
83%
102%
•j-
Iowa Sou Utll 5Hs
102
104"
1950
103 H
103%
Monongahela Valley Water
5 %s
—1950
Birmingham Water Works
5s series C
1957
Morgantown Water 5s 1965
101
5Hs series A
103%
105%
1954
Butler Water Co 5s... 1957
103
Calif Water Service 4s 1961
103
104%
Wat Serv 4Hs '58
103%
105
Citizens
Water Co
5s......
(Wash)
•
City W (Chat) 5s B..1954
100
Peoria
1st 5s series C
1957
Clinton W Wks Co 58.1939
105
1st A ref 5s
1950
101H
1st consol 4s
1948
1st consol 5s
1948
Prior lien 5s
1948
103%
5s series C
1957
105
s.,1947
5Hs series A
103
1st
leasehold
6%s..l944
1948
/39%
42
/71%
73
.1946
85
87
Plain field Union Wat 5s '61
Richmond W W Co 5s. 1957
67
74%
105
Roanoke W W 53
91% 93%
98% 100%
........1958
1958
105
1942
1942
103
1960
104% 106
101
103
6s series B
1952
100
104
1949
Nov 1947
Film Center
Bldg 1st 6s '43
40 Wall St Corp 6s
1958
42 Bway 1st 6a
1939
1st 6Ha
8tamped...l948
Fuller Bldg deb 6a
1944
5 Ha unstamped
1949
1946
Graybar Bldg 5s
Harrlman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4S...1950
Keith-Albee
/6%
84
8
86
84
52
54"
45
/34%
37%
/31
/50%
73%
/40%
1945
Munson Bldg 1st 6 %s. 1939
/29%
31
92%
95
75%
44%
/io%
68
/45%
74%
70
12
70
47%
76
72%
88
/60
51%
/33%
/33%
Sou
103
Pittsburgh Wat 5s '55
5s series A
1960
5s series B
102
1960
6s series A
1949
85%
105
87%
103
105%
102
103
104
103%
1954
101%
Texarkana Wat 1st 5s. 1958
103%
1962
104%
Union Water Serv 5%s '51
Water Serv Cos lnc 5s '42
102%
W Va Water Serv 4s..1961
100% 102
5s
1958
102
104
Western
102% 102%
98
N
Y
96
104"
100
Water Co—
5s series B
1950
1st mtge 5s
1st mtge 5%s_.
101
1951
98% 100%
98% 100%
103
106
Joplin W W Co 5s..._ 1957
Kokomo W W Co 5S..1958
100
103
Westmoreland Water 5s *52
103
105
102
104%
104%
Lexington Wat Co 5%8 '40
101
Wichita Water Co 5s B *56
Interstate Water 6s A. 1940
Jamaica Water Sup 5%s '55
104%
1950
6s series C
6s series A...
103'"
1960
1949
W'msport Water 5s...1952
104%
103%
103
105
35
54%
/29%
Oliver Cromwell (The)—
1st 6a
Nov 15 1939
1 Park Avenue—
165 Bway
Bldg 1st 5 Ha '61
/8
...
96%
5%s double stpd
1961
Realty Assoc Sec Corp—
1943
/5 7
59"
73
—
Borland Shoe Stores
61%
B/G Foods lnc
*
100
com
Bickfords lnc
/50%
51%
/48
50
/25%
Savoy Plaza Corp—
Realty ext 1st 5%s_1945
6s
1945
15 1948
(Newark) 6a '37
Securities
27%
/29%
46%
31%
17%
Ask
19
■
---
4%
15%
17
36%
37%
50%
54
5%
Par
Kress
(S H) 6% pref
Lerner Stores pref
Bid
11%
100
109
4%% preferred
100
Miller (I) Sons com..
*
6%% preferred
100
Murphy (G C) $5 pref.100
132
Neisner Bros pref
100
108
(Daniel) pref..100
105
Ask
12
mmm
Melville Shoe—
135
27%
/25%
*
Bid
101
$2.50
conv
pref
*
(H C) common..*
7% preferred
..100
Bohack
1st fee A l'hold 6%s_1940
May
Store
Par
Roxy Theatre—
Diamond Shoe pref
/26%
/55
Syracuse Hotel (Syracuse)
1st 6Hs
Oct 23 1940
100
Fishman (M H) Stores...*
Preferred
100
Green (H L) 7% pref..100
9
104% 106%
20
21%
Reeves
15
17
46
51
103
104%
Rose 5-10-25o Stores
100
Schlff Co preferred
*
106
United Cigar Sts 6%
*
15
100
85
Par
Bid
Ask
25%
39
Savannah Sug Ref com new
Savannah Sugar Ref
*
35%
40%
1
West Indies Sugar Corp__l
3%
Katz Drug preferred
Kobacker Stores
5
100
113
...
105
107%
mmm
18
22
18
pf.100
22
/69
/52%
1958
Trinity Bldgs Corp—
1st 5 Ha
...1939
2 Park Ave
Ludwig Bauman—
Boston
Chain Store Stocks
67
Textile Bldg 1st 6s
/50
Chain
65%
7% preferred
616 Madison Av 1st 6%b'38
London Terrace Apts 6s '40
-
70%
61 Bway Bldg 1st 5 Ha 1950
96%
NEW YORK
31%
53%
95
-
57 William St.
/53
1st 5%s
1947
Chicago
58%
50%
Sherry Netherland Hotel—
70
BURR & COMPANY INC.
35
101% 102%
5%s series Q
19tb A Walnut Sts (Phila)
1st 6s
July 7 1939
60 Park PI
72%
Bldg 1st 4s 1941
Walbrldge Bldg (Buffalo)—
1st
6 Ha
Oct
19
1938
57"
97%
1st fee A leasehold 4s '48
7% preferred
64
Eastern
/28
...
/75%
91
6% pref ctfs
U S Stores preferred
100
7
9%
Sugar Stocks
99%
62
Sugar Assoc
1
...
Westinghouse Bldg—
103%
Terre Haute Water 5s B '56
108
101% 102%
Water Co 5%s '47
South Bay Cons Wat 5s '50
37%
5Hs series C-2__..__.
5%s series F-l
62~"
70
1936
.1967
Sedalia
80
78%
/35
Prudence Co
/54
(Bklyn)__.__1942
1st A ref 5s A
102% 104
102% 104
96
/5 7
/49%
/61 %
5a income
68
1st 6%s (L I)
1947
Sf deb 5a
2nd mtge 6s
...1951
103 E 57th St 1st 6s...1941
78
Lewis Morris Apt Bldg—
lBt 6%s
Apr 15 1937
1st 6s
6a...
5 %s series BK
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
1st 6s
1948
35~~
/32
73
Lincoln Bldg lnc 6H8.1963
Loew's Theatre Realt Corp
6a
1st mtge 2s stmp A reg'55
1st A gen 6s
1946
Bldg (New
1st 6s
1936
Rochelle)
Ask
Metropolitan Chain Prop—
N Y Eve Journal 6 %s.l937
N Y Title A Mtge Co—
1400 Broadway Bldg—
Fox Theatre A Off Bldg—
1st 6 Ha
Oct 1 1941
Bid
97%
52d A Madison Off Bldg—
6s
4 %s.
1958
Scranton Spring Brook
Water Serv 5s
1961
107
1977
Illinois Water Serv 5s A '52
Mortgage Certificates
/49%
500 Fifth Avenue—
unstamped
105
102
Hackensack Wat Co 5a '77
93
101%
St Joseph Wat 4sser 19A'60
Scranton Gas A Water Co
105
Water A Gas—
1952
N Y Athletic Club—
East Ambassador Hotels—
6 Ha
102% 104
91
1950
Roch A L Ont Wat 5s. 1938
5s
77~~
Court & Remsen St Off Bid
502 Park Ave 1st 6s___1941
99*
108
100
109
Metropol Playhouses lnc—
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s.. 1948
1st A ref 5 Ha
1947
Eqult Off Bldg deb 5a 1952
Deb 5s 1962 Legended..
50 Bway Bldg 1st 3s ino '46
9>%
Metropolitan Corp (Can)—
Chanln Bldg Ino4s._.1945
1st 68......Apr 28 1940
Dorset (The) 1st 6s...1941
107
103
6s
Majestic Apts 1st 6a..1948
Broadway Motors Bldg6s stamped
102
99% 101
Pittsburgh Sub Wat 5s '58
Huntington Water 5a B '54
As*
52%
100
83
Indianapolis Water—
1st mtge 3H8
1966
Indianapolis W W Securs—
35%
98
102%
Co
81"
1946
5s series A
Bell System Tel.
N Y 1-588
Broadway, N.Y.
/49%
/34%
Works
96%
101
106
Pinellas Water Co 5%s '59
6s series D
INCORPORATED
BArclay 7
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 68.1941
B'way & 41st Street—
Water
Phila Suburb Wat 4S..1965
Community Water Service
5Hs series B
Real Estate Bonds and Title Co.
95
lOl"
100
Commonwealth Wat (N J)
6s series B
& CO.
99
102
108
Penna State Water 5 %« '52
Penna Water Co 5s...1940
•
AMOTT, BAKER
/45
99
93
Ore-Wash Wat Serv 5s 1957
1st mtge 5s
We invite inquiries for copies of our compre¬
hensive statistical reports on real estate issues.
Jan 1 1941
100
102%
Greenwich
Alden 1st 6s
Newport Water Co 5s 1953
Ohio Cities Water 5 %s '53
Ohio Valley Water 5s. 1954
103%
1941
5s series A..
Bid
97%
1951
5Hs series A
Davenport Water Co 5a *61
150
York Wat Serv 5s '51
Ohio Water Service 5s. 1958
4%s.
9».
94%
95%
93%
102%
Consol Water of Utica—
Real Estate Securities
104
92%
1951
1951
E St L A Interurb Water
2360
104%
102
5%s
Chester
98%
101
M uncle Water Works 5s '65
New Jersey Water 5s i960
New Rochelle Wat 5s B '51
104%
5s series B........ 195 4
97%
103
Connellsville Water 5a. 1939
103*4
Gulf States Utll 4s C.1966
Wks 5s '58
6s series A
84%
Green Mountain Pow 5s '48
Ashtabula Wat
Atlantic County Wat 5s '58
5 Ha series B
/55
Federated Utll 5Ha—1957
107
5a
.
63%
104% 106
Middlesex Wat Co 5%s "57
Monmouth Consol W 5s *50
City of New Castle Water
103%
106%
107
Long Island Wat 5 %s_1955
105
1956
New
99%
82%
85%
107% 107%
95
106
106 % 107%
84 H
86%
...
Cent Ml Mght 3 Ha
1966
Cent Ind Pow 1st 6s A 1947
92 H
/90%
105
Colorado
Ask
100% 102
Alton Water Co 5s
100
Clnn Gas A
Bid
Alabama Water Serv 5a '57
48
103
1st lien coll tr 6s
Ask
Bid
-
100%
55
Central G A E 5 Mis
Tel. 2-3761
Water Bonds
.
74
60
Cent Ark Pub Serv 5s 1948
MAINE
102% 103%
86
Sink fund Income 5s 1983
Participating 8s
Est. 1854
PORTLAND,
105% 105%
106%
75
78
101%
Co., Inc.
(Maine)
H. M. PAYSON & CO.
108% 108%
98% 101%
Sink fund lnc 4 Mis.. 1983
Bellows Falls Hy El 5s 1958
Blackatoue V G & E 4s '65
WANTED
Bonds of Subsidiaries
American Water Works & Electric
71
Electric 5s. 1961
NEW YORK
Teletype: New York 1-1078
OFFERINGS
Bid
'
Swart, Brent & Co.
75 FEDERAL ST., BOSTON
COrtlandt 7-1868
Public
1936
Specialists in —
S. A. O'BRIEN
BROADWAY, NEW YORK
7,
Over-the-Counter Securities—Friday Nov. 6-Continued
Associated Gas & Electric
ISO
Nov.
Preferred
1
Haytlan Corp Amer
*
...
73
For
footnotes
see
page
2987.
%
27
Par
Bid
Ask
37%
4
Volume
Quotations
2987
Chronicle
Financial
143
Over-the-Counter Securities- Friday Nov. 6 -Continued
on
SYLVANIA INDUSTRIAL CORP.
Specialists in all
Bought, Sold & Quoted
Investment
Company Securities
QUAW & FOLEY
30
BROAD
NEW YORK
STREET
GROUP,
DISTRIBUTORS
Members New York Curb Exchange
63 Wall
Telephone HAnover 2-9030
Kneeland 8C Co.—Western Trading
Louisiana Oil Refining Corp.
Mangel Stores New Pfd.
Electrol, Inc.
Incorporated
BOwling Green 9-1420
Street, New York
Correspondent
Investing Companies
Inquiries Invited
Ask
Bid
Par
Bid
Ask
19.36
20.60
11.15
12.13
*
28%
29%
Insurance Group Shares
1
1.28
1.40
Invest Co of Amer com. 10
Amer & Continental Corp.
Amer General Equities Inc
13%
14
1.14
1.27
*
7X
Am Insurance Stock Corp *
4%
5
Keystone Oust Fd Inc B-3.
24.63
Assoc Stand Oil Shares..2
7
7%
Major Shares Corp
*
3%
4%
4%
Maryland Fund Inc com..
Investors
Trust—1
10.61
11.60
29.95
31.78
1
17.72
19.36
4.95
Par
Administered Fund..
Affiliated Fund Inc
Established
Amerex Holding Corp
1919
Members of the New York Securiti) Dealers Assn.
25
Tel. HAnover
BROAD
ST., N. Y.
Teletype N Y 1-1397
2-8780
Climax
Bankers Nat Invest Corp *
Basic Industry Shares
*
Molybdenum Co.
E.
Members
61
UNTERBERG
Broadway, New York
Investment Tr of N Y
.87
38.36
Nation Wide Securities..1
23 X
Voting trust certificates.
2.25
k Trust Shares—
5.00
42
N Y Ba
No Amer Bond Trust ctfs
2.90
4)4
6X
26.67
28.68
Series 1955
OX
11%
Series 1956
21X
Series 1958
20 %
3.09
Series AA
•
2.41
64
No Amer Tr Shares 1953..
46
*
1-1666
Teletype N. Y.
-
3%
4.60
Corporate Trust Shares
-
26.97
4.85
21%
3
Mutual Invest Fund
Century Trust Shares...*
Oonsol. Funds Corp cl A.
Contlnental Shares pre!...
BOwling Green 9-3565
53
119.28 121.68
Mass
Central Nat Corp cl A
Class B
Exchange, Inc.
1.90
1.76
51
".47
1
*
1.96
1.81
Group Shares
.27
Canadian Inv Fund Ltd. 1
fNew York Security Dealers Association
|commodity
Bank
5.32
1
Bullock Fund Ltd
CO.
&
Institutional Securities Ltd
Investors Fund C
British Type Invest A
Broad St Invest Co Inc
Sylvania Industrial Corp.
C.
_*
Amer Business Shares
M. S. Wein & Co.
68X
rnmm
3.83
...
3.78
-
...
3.80
...
Securities—100
78
83
Pacific Southern Inv pref.*
40
43
15
16
Northern
2.98
Accumulative series
2.98
Class A.
*
Series A A
3.78
Blass B
*
3X
1.15
mod
...
Series ACC mod
Crum & Forster Ins
COMPREHENSIVE SERVICE
8% preferred
in the
Deposited Bank Shs
Deposited Insur Sb
1920
12 X
40 H
44
72
14%
16
Merck & Co Inc com
American Hard
com
6%
Rubber—
8% cum preferred.__ 100
American
Hardware
Amer Maize Products
American
25
—*
U X
100
Art Metal Construction. 10
Bankers
36%
26
28
Indust Serv cl A*
Beneficial Indus Loan pf_*
Bowman-Blltmore Hotels
85
47 X
22 %
6
51X
100
21
27
49%
23 X
IX
MX
5%
100
127
Molybdenum,...*
37
38%
12 X
Crowell Pub Co
$7 preferred
35.40
38.04
41%
44 X
State Street Inv Corp
31.67
34.12
Super Corp of Am Tr
Fixed Trust Shares A
13.67
B
23.48
4.40
4.65
Utilities Ino—*
1.04
1.12
Standard
2.96
B
4.44
2.96
5%l
5X
Fundamental Investors Inc
26.02
27.68
C
8.29
6.73
7.38
D
8.29
investors
6.13
—
8.22
2.69
C
D
110X
Building shares
2.11
2.28
Trusteed Amer Bank Shs B
Chemical, shares
1.74
1.89
Trusteed Industry
Shares.
1.56
1.73
7X
Food shares.
1.07
1.17
U S El Lt & Pr Shares A—
19X
20X
B__..
3.05
3.15
Voting trust ctfs
1.20
1.28
100
100
30
97
-
9X
34
shares
Trustee Standard Oil Shs A
6.98
B
100
1.76
1.53
1.66
1.99
Un N Y Bank Trust C3—
3X
IX
2X
20.08
21.96
9X
46 X
10 J*
48X
5X
6X
45
46 X
Mining Shares
*
20
23
Petroleum
1.44
1.57
Un N Y Tr Shs ser F
13
RR Equipment shares..
Steel shares
1.51
1.67
Wellington Fund
1.84
*
11X
*
99 X 103 X
2 X
IX
1
*
100
1st preferred
*
56 X
100
108 X
Standard Cap & Seal
Standard Screw
45 X
385
5X
36
5
50 X
shares
Bancamerica-BIalr Corp..
25
First Boston Corp
.50
.68
27.28
29.33
.95
1.09
Huron Holding Corp
Incorporated
Investm't Banking Corps
IX
%
22
Preferred
Investors..*
Investors Fund of Amer
395
1.38
1.27
Tobacco shares.
Guardian Inv Trust com.*
mm-
4%
49 X
25
100
4:7 X
108
*
Mfg
Schoelkopf, Hutton <fc
Pomeroy Ino com
37 X
164 X
56
59
Strom berg-Carlson Tel Mrg
13X
72 X
Sylvania Indus Corp
*
.*
38X
21X
39
Taylor Milling Corp
12
13
41X
Miscellaneous Bonds
14 X
69 X
43 X
61X
63 X
Douglas Shoe preferred. 100
37
40
Draper Corp
*
84
87
Flour Mills of America
*
IX
IX
Tubize Chatillon
Foundation Co. For shs„_*
3X
6X
4%
IX
Unexcelled Mfg Co
10
United Merch & Mfg com *
7 3/£
«
oys
Un Piece Dye Wks
Galr (Robert) Co com
Preferred
*
.*
78
37
21
22
105
*
Gen Fire Extinguisher
Graton & Knight com
*
46 X
100
82
42
IX
—
24 X
22%
103 X
Lawrence Portl Cement 100
36 H
105 X
4%
''
100
260
100
100
110
'mm-
120
—
mm
preferred
Cont'l Roll & Steel Fdy
1st conv s f 6s
1940
Cudahy Pack
1st
101
Wilcox-Glbbs common..50
30
34
WJR The Goodwill Station
35
98%
100
55
115
126
—
3%s
1950
1955
6s..1937
1946
N Y Shipbuilding 58—1946
Reynolds Investing 5s 1948
Scovill Mfg 5%s
1945
Std Tex Prod 1st 6%s as'42
Struth Wells Titus 6%s '43
conv
88
101.10 101.13
3%s__._1951
145% 150
99%
Martin
98% 100 X
103X 103%
102% 102%
/86
Debenture
1939
(Glenn L)
101X iom
6s
Merchants Refrlg
Nat
•
••
46
f44
Radiator 5s
98
...
89%
91%
106% 108%
22
f2l
96
'44
/28
30
Woodward Iron 5s—1952
f88
90
Bid
102% 103%
102%
102 X
93
Ask
Wltherbee Sherman 6s
120
100
76
109% 112
60
Young (J S) Co com... 100
102.15 102.19
101.10 101.13
1948
Conv deb 6s
103 X 104X
Deep Rock Oil 7s
1937
Federal Farm Mtge Corp—
37
Worcester Salt
preferred..
PENNSYLVANIA INDUSTRIES, INC.
Units
-
•
{Soviet Government Bonds
m
Bid
1943
7% gold rouble
i
*
ROBINSON, MILLER & CO.
INC.
52 William Street, N. Y.
Teletype
N.Y. 1-905
Ask
Union of Soviet Soc Repub
Union of Soviet Soc Repub
Bought—Sold—Quoted
Telephone
conv 4s.
1X3
100
1st preferred
1937
1938
l%s
Sept 1 1939
Gen Mtrs Accept 33—1946
White Rock Min Spring—
15
15
101.4 101.8
Kelsey Hayes Wheel Co—
6X
22 X
7%
HAnover 2-1282
98%
1966
Aug
19
Corp
June
1 1939
Journal of Comm 6%s 1937
103 X 105
36 X
21X
cum
$7
38 X
3Xb E
Chicago Stock Yds 5s. 1961
3%s
1951
-
34 X
2
m
100
Beth Steel
Aug
28
1953
Comm Credit
46
*
$3
Lawyers Mortgage Co-.20
preferred
preferred
West Dairies Inc com v t c 1
2%
1st 6%
conv
Home Owners' Loan
l%s
River Bridge 7s
17X
White (S 8) Dental Mfg.20
2
2d 8% preferred
17 X
—
/18%
1938
Haytlan Corp 8s
114
Bear Mountain-Hudson
3X
16X
15%
pref. 100
Preferred
36
Lord & Taylor com
3
104
46
35
Preferred
106 X 109 X
*
S3
89
44
Great Northern Paper. .25
Kildun Mining Corp
1
*
pf. 10
Warren Northam—
7
Great Lakes SS Co com..*
cum
Welch Grape Juice pref. 100
West Va Pulp & Pap com. *
50
5X
*
100
Ask
Bid
Ask
111
Am Wire Fabrics 7s__ 1942
Taylor Wharton Iron &
Steel com
39
*
Gen Fireprooflng 37 pf.100
Golden Cycle Corp
10
Bid
23
American Tobacco 4s. 1951
Dixon (Jos) Crucible... 100
Trico Products Corp
4X
1.99
Leather
Publication Corp com
1.24
1.62
__
5
Pharmacal
1.12
Merchandise shares
Investing shares
95
1.84
Remington Arms com
shares
...
*
Dentists' Supply Co of N Y
American
...
7.68
1.89
Singer Manufacturing..100
120
...
3.25
1.74
Scovill
100
...
16.63
Automobile
Dictaphone Corp
Preferred
...
3.18
Trustee Standard Invest
Group Securities—
...
15.29
Supervised Shares
...
7.55
Trust..
BB
...
...
Agricultural shares
56 X
*
...
4.24
Shs A
AA
...
11.30
*
* 126.14
50
25
_
25c
28 X
22.78
25%
57 X
m
5.67
27
Spencer Trask Fund
*
Standard Am Trust Shares
46 X
55%
54 H
_
10.89
Selected Income Shares
24 X
55%
com
Selected Cumulative Shs..
Selected Industries conv pf
-«r
...
2.49
23
Columbia Broadcasting A *
Class B
*
mm
mm
2.11
General
102
Yeast...100
preferred
$7
m
m
1.96
113X 115 J*
Pathe Film 7% pref
Petroleum Conversion
14 X
Columbia Baking com...*
$1 cum preferred
*
3.49
11%
*
X
20.46
4.24
8.70
Shares
5.45
18.77
..
Selected American Shares.
3.63
B
Selected Amer Shs new
*
New Haven Clock pf
Norwich
mm
*
Nat Paper & Type com
Northwestern
m
X
Fundamental Tr Shares A.
29
Ohio Match Co
23
29 X
130
Preferred
Climax
100
Preferred
ion
Ohio
Canadian Celanese com..*
1st preferred
100
preferred
Muskegon Piston Ring..
88
9M
ser
-
—
2.47
—
Foundation Trust Shares A
2 X
27
1
Preferred
37%
Mfg—
Preferred
71
2
Mock Judson & Voehringer
105
6.67
A.
ser
stock
7.85
12 X
68
*
National Casket.
American Republics com.*
Andlan National Corp
*
Ask
Bid
Maytag warrants
Amer Box Board
15.26
5.15
New
D
Dividend
Preferred...
69
*
14.76
Republic Investors Fund.5
Royalties Management
5.25
7-0700
Macfadden Publica'n com *
11%
American Arch
100
20.60
Representative Trust Shs.
C
Par
Ask
Amer Air Lines Inc..„ .10
American Book
18.70
36%
34%
Diversified Trustee Shs B
Industrial Stocks
Bid
2.06
Equit Inv Corp (Mass)..5
Equity Corp conv pref
1
Fidelity Fund Inc
*
115 Broadway, N. Y.
Tel. BArclay
Bell System Teletype NY 1-1493
Par
1.87
110
Deposited Insur Shs A
Members New York Security Dealers Association
Quarterly Inc Shares._25e
115
10
7% preferred
100
Cumulative Trust Shares. *
Bristol & Willett
30 X
28%
100
Common B shares
Over-the-Counter Market
Established
10
com
4X
Plymouth Fund Inc A. 10c
1.04
3.78
d
No par
Coupon,
value,
f
a
86.00
Interchangeable.
Ex-rights.
sellinc on New York Curb
& Basis price,
/ Flat price,
Exchange.
86.00
10% gold rouble...1942
91.10
w. i
c
...
Registered coupon (serial);
x ex-divldend.
y Now
When Issued,
t Now listed on New York Stock Exchange.
t Quotations per 100 gold rouble bond equivalent to
CURRENT
77.4234 grams of pure gold.
NOTICES
ROBERT GAIR
$3 Cumulative Preferred
in quarter ended Sept. 30, 1936 earned over
preferred requirement
twice
.30 per share on Common
Bought—Sold—Quoted
LANCASTER
&
NORVIN
HAnover 2-0077
Triano, formerly associated with
GREENE
DeCoppet & Doremus,
joined the staff of Lord, Abbett & Co., Inc.
—William
A.
Titus
Jr.
is
now
members of the New York Stock
—Peter P. McDermott &
associated with John Melady &
Exchange
Co., 39 Broadway, New
'■
Co.,
,
York, have issued a
bulletin on Allied Stores Corp.
Incorporated
30
—Andrew C.
has
BROAD STREET
Bell Tele. N.Y. 1-1786
—Fred M. Kauffmann has
Eldredge.
been admitted as a general partner in
Bull &
Financial
2988
Nov. 7.
Chronicle
PARIS BOURSE
THE
Quotations on Over-the-Counter SecuritiesFriday Nov. 6 —Concluded
1936
Quotations of representative stocks ai received by cable
each day
of the past week:
Oct. 31
Foreign Unlisted Dollar Bonds
Bid
Bavaria 6%s to
Ask
/22%
95 %
25%
98%
22%
22%
8,700
7s.
6s.
»
Elec 6s. 1
Brandenburg
Brazil funding 6%
Brazil
1
193
5
6a
1940
British
change Bank 7a
1936
f 16%
/7%
/6%
fe%
/8
17%
/30
/25
24
Ilseder Steel 6a
Nitrate
9%
10%
5s...
/24
27
Orleans Ry
66
68
Pathe Capital
1945
/24
Hungary
atlonal
14%
1962
/22%
75
/51
54
57%
orto
[
/65
/5 6
/28
33
rotestant
A8
22
9
/28
33
3
A0%
10%
4
6%S..
/23
26
Rhine Wefitpb
24%
24%
Rio de Janeiro 6%
Rom Cath Church
24
R C Church Welfare 7b '46
26
Royal Dutch 4s
3
Duesseldorf
7s
bulaburg 7%
/22%
/22%
/22%
/24%
/24%
3
5
/23
7
116
3
Electric Pr (Germ)
3
6%
6% 8
vwtmeut
7s to
Prankfurt
French Govt
5%s
French Nat Mail S3 fl
Gelsenklrchen Mln 6a.
4
German
5
Atl Cable 7s.
25
July to Dec 1934.
/23
26
Scrip.
Dec
.
atampt
Coupoi
stamped
35 to June 1 '36
June 1
Graz
<st
«.
f&H
-
-
...1960-191 0
Guatemala 8a 1948
{20%
/66
/76
-
Stinnes 7s unstamped.
78
unstamped
4
6
5
41
127
167
41
41
40
40
128
127
126
125
166
166
165
165
109
109
109
109
109
112
111
111
112
110
109
109
149
148
147
145
144
126
126
126
126
.........109
126
108
108
107
106
107
178
143
148
16
178
143
148
16
179
178
176
176
145
...121
16
Erdoel
G..
(4%)
10 %
16
26
...
Farbenlndustrle I G (7%)
Gesfuerel (6%)
Hamburg Elektrlzitaetswerko.
/25%
/24%
2534
Mannesmann Roehren
/26
28)4
Norddeutscher Lloyd..
Relchsbank
Hapag..
.......
109
145
143
142
144
147
145
15
145
15
146
16
120
120
118
116
118
16
194
234
195
210
15
15
15
15
16
193
193
191
191
234
231
230
231
196
197
195
197
211
208
207
206
10)4
/97%
98%
7s... 1950
/97
98
Steamship 6s. 1937
Unterelbe Electric 6s. 1953
100
103
Prov
United
114% 115%
Al
1947
to—1945
Vesten Elec Ry 78
Wurtemberg
NOTICE
CURRENT
94
/9%
7s....1951
City
...
....
93
1947
Tucuman
191
...236
196
208
(8%)
RheinlRChe Rraunkohle (8%)...
Salzdetfurth (7%%)
Siemens & Halske (7%)
1936 /
1946 /.....
7s
—The international price
26"
/23
/24
level must rise 98% to bring about the normal
relationship between the monetary supply of gold and commodity prices,
and prices prepared by Mackay & Co.
it is indicated in a study of gold
/25%
25%
increase in gold production and the
The study, which charts the recent
sharp
in
rise
the
the
close
of gold
supply
monetary
resulting from devaluation,
between the Sauerbeck
has existed
which
relationship
Price Index and gold since 1850.
2987
p;igi
Nov.
Nov.
Nov.
3
111
reveals
see
Nov.
2
112
A.
Dlsconto-Gesellschaft
und
Dresdner Bank
A
1955
Electric 7s
Tucuman
-
123
•
For foot 110ten
cable
24 %
143%
_
EXCHANGE
Deutsche Reichsbahn (German Rys) pf 7% 127
21 %
70
/ 98
/23%
1940
7s
Tollrna 7s
-
72
110
Bank
Deutsche
.....1956
Stettin Pub Utll 7s... 1946
12%
-
540
167
(7%)
Deutsche
42 >4
Toho
118
1,450
111
Prlvat-Bank
Dessauer Gas
3l6"
9%
100
8a
148
1,380
111
Commerz'uud
75
65
41H
18%
Al%
A3%
49
49
140
138
Nov.
Berliner Kraft u. Licht (8%)
/50-60
coupons
Siem & Halske deb 6s.2930 /290
7%
A7%
196 4
4s
-
1,072
48
460
31
Allgemelne Elektrlzltaets-Gesellschaft..... 40
Berliner
Handels-Gesellschaft
(6%)...
127
Serbian
-
-
8
Ireland 5%s 'i 7
(Austria)
Brit &
-
•
.
Young
12-1-34
.
s
-
German
■-
/7%
-
C
Dawes
State Mtge 6s
Serbian 5s
/24%
/23
-
scrip
1934
120
-
July to Oct 1936.
1951
1947
6%s
1,735
1,050
63
Oct.
....
/9%
Saxon
1,640
442
of the past week:
....
{15%
----
4,820
Per Cent of Par
/10
Saxon
/27%
BERLIN STOCK
38""
Sao Paulo (Brazil) 6s. 1943
Pub Works 7s. 1945
4,740
60
30*
....
Sautander (Colom) 7s. 1948
/29
.
Jau to June 1936.
...
4,720
411
THE
(Brazil)
1947
Fe 7s stamped. 1942
101.00
*132
130
/29%
1948 /
1948 /
Catharlna
81.90
99.75
119
ldH
AO
-
July to Dec 1935.
......
81.10
1,554
1,029
46
140
1,248
540
.....
24
127
1945
1957
82.20
98.80
—-
98.15
4,738
'■
83.30
81.50
80.40
81.30
Closing prices of representative stocks as received by
each day
/15%
/23%
/22%
1933
6%s "46
8s ctfs of dep
8%
1918
1932 A
Wagon-Lits..
{23%
/35
Elec 7% '36
8s
Santa
78.70
16
/58
.
.
Jan to June 1936.
(iertuau
24%
29%
16
1,712
67
/22%
/23%
15
79.25
(Ger¬
1946
4s scrip...
/66
/28
387
382
1,648
1,320
80.20
Soclete Marseillaise
/23
8
July to Dec 1933.
Jan to June 1934.
German
Church
78
7s ctfs of dep..
121
380
Tublze Artificial Silk, pref.....
/64
/15
26
Santa
K
63
24-
/
7%s
k~--~
Union d' Electricltle
Mortgage <S
European
705
78.10
Soclete Lyonnalse
/22%
1968
Alegre 7%
many)
HO
2
5
769
78.25
Soclete Generale Fonclere
7%
.1945
to.
/22
5
to
to
East Prussian Pow 6s.
765
79.30
Soclete Francalse Ford
99
685
1,280
.
77.40
Schneider & Cle
.1946
J
Cuudlnatnarca
/31
637
.1
605
:663
1,260
78.25
Royal Dutch.
Saint Gobaln C & C
.1947
4s.
7
6a
Rentes 4%,
Rentes 4)48,
/86
/85
1,690
1,500
77.30
Rentes 4)4%, 1932 B
Rentes 5%. 1920
/31
/97
/51 %
7
stamped..
/22
1948
3
7s atauiped
345
1,440
1917
Rentes, Pepetual 3%
Hungarian & Ind
Mtge 7%
14%
70%
68%
1,680
334
340
15
1,592
77.10
...
Pechlney
Savings Bk of
7%s
6%
Rentes 4%,
1948-1949
I
Cordoba 7s
25%
24%
/22%
1946-1947
/31
/73
3
pest, 7s
1,610
1,310
"130
749
Elec 7S..1957
7s to
at Central
6
A3%
A3%
545
Nord Ry
(A & B).
'C& D)
Savings Bank, Buda
City
26
/24%
13%
f9H
/3
Chilean
/23
115
A2%
6s assentc
130
237
503
636
Lyon (P L M)
&
10%
7a assented
120
225
27
1,219
760
LIqulde
iannhelm & Palat 7a. 1941
AO J*
/9
Chile, Gov
Light
Power
7%
[unlclpal Gas & Elec Corp
Recklinghausen 7s. .1947
5
815
1,248
311
598
Kuhlmann
1948
Water
Munlc Bk Hessen 7s to '45
7
520
767
211
492
1,535
Hollday
Hollday
eipzlg Trade Fair 7s 1953
f27
/59
7%%-.
7%s....
Valley
26
495
735
119
...
L'Air
iunlch
(Brazil) 8%...
Ceara
1,510
26
445
Energle Electrique du Littoral..
24
7
Cauca
Lyonnalse
AO
/26
uneberg
1
1,430
-
28
Eaux Lyonnalse cap
Energle Electrique du Nord
/27
26%
5
Callao (Peru)
1,325
-
»
elpzig O'land Pr 6%s *46
9%
71%a
) /113
Credit
42%
/22%
/33
i
196
321
26,400
915
Credit Commercial de France..
41$*
,
7%
Brown Coal Ind Corp—
6%s
320
25,700
880
Courrleres
/50-60
Coupons.
7%
ierldionale
196
7Mia
1948
7%
Hungarian Bank
2
316
24,800
Comptolr Natlonale d'Escompte
Coty S A
/30
ungarian Ital Bk 7%s '32
12 5
/20
310
24,725
p
845
Cle Generale Transatlantlque...
18
9,000
|
Citroen B
/78
funding sorlp...
509
v-;
/22
21
70%
1,405
491
Cie Generale d'Electrlcltle..*..
/48
/22%
78.
8,960
1,353
-
/31
m
oliv
8.800
1,256
460
Cle Dlstr. d'Eleotrloltie
25%
/18
8s.
Francs
U
Canal de Suez cap
Palatinate
Bavarian
Nov. 6
Francs
-
22
.
Nov. 6
Francs
Pacific
Canadian
.1957
6%.
Nov. 4
Francs
Banque de PUnion Parlslenne..
24%
33
Nov. 3
Francs
Banque de Paris et Des Pays Bas
Bid
Ask
/22%
/30
/2l%
!2 IX
f 19
/24
i
Bank of France
Nov. 2
France
J.
"During the period from 1850 to 1914, in spite of many changing factors
AUCTION
in world affairs,
SALES
the maximum divergence between the gold supply index
and the commodity price index was only
The
following securities
were
sold at auction
on
Wednesday
time—the
of the current week:
period 17 times.
went
By Adrian H. Muller & Son, New York:
Shares
1,47
$ per Share
Siocks—
$9,200 lot
-—51i0t
John W. Masury & Son (New York), par $25
200 Union Securities Co. (Washington), par $25
349 943 Lexington
lease at
Inc. (lot of stock relating to proprietary apartment
943 Lexington Ave )
$1,600
Ave
of which
greatest
14%, and after varying lengths of
eight years—the gaps
was
After 1914, when the World
War began, the price line
above the gold line, but in spite of this gap, the lines again
143%
crossed in 1930 with the drop in the commodity price
of
terms
where
the
depreciated
situation
was
With
currency.
reversed,
level.
below the index for monetary gold,
"The price level is now about 49%
in
inexorably
were
"The index lines, in fact, crossed during that
closed," the study states.
exception
the single
of
1929,
this situation is unprecedented.
,
lot
"As to whether the effect of this
gold reserve can be controlled or whether
history will again repeat itself and the international price level be forced to
By R. L. Day & Co., Boston:
Shares
rise to
$ per Share
Stocks—
5 Falmouth National Bank, Falmouth, par $100
4 First National
2 Sairamore
Manufacturing-Co.,
point where the gold supply index and the price index will intersect
in the future as
they have always done in the past, is still a matter of opinion
100
Bank Wlnchendon, Mass., par $100
100 National Electric Power $7
a
101
.....
The gold of the lncas,
inflation, the gold of California after 1848, and the gold of Alaska and the
66
par $100
preferred, par $100
55 lot
-
Rand in the
which is said to have started the sixteenth century
1890's—all these
of the last few
were
mere
trifles compared to
the increase
years."
85
26 Draper Corp
60c. lot
400 Pacific Development Corp
137%
35 Ludlow Manufacturing Assoc ates
200 Northern Texas Electric Co.
preferred,
par
$100; $600 dividend
scrip.-.$22 lot
15c. lot
70 Alaska Gold Mines, par S10
30>6
40 North American Co. common
Per Cent
Bonds—
9% flat
$2,000 Madison Ave. Office, Inc., 2d mtge. 6s, Jan. 15,1943, ctf. of dep
$500 Morency Theatres, Inc
$500 lot
—New York City bank stocks suffered a further
setback during the past
week, according to records compiled by Hoit, Rose & Troster. 74 Trinity
Place, New York.
The aggregate market value of 16 leading issues on
30 amounted to $1,952,709,000, compared with $1,981,562,000 at
of the previous week, a decrease of
The current average yield
yield of 3.32% on Oct. 23.
known book value
as
$28,853,000, or 1.46%.
of the
16 issues of 3.37%
compares
Shares
against 1.48 times a week ago.
Based upon current
19%
9%
9%
11%
20 Farr Alpaca Co., par $50.
Berkshire Fine Spinning Associates, common
23 Berkshire Fine Spinning Associates, common
55
St., Inc
7 Boston Chamber of Commerce Realty Trust prior preferred, par
15 units Thompson's Spa
V-
By Barnes & Lofland, Philadelphia:
Shares
151 John Evans" Sons, Inc., capital
5 Provident Trust
Co.,
Co., Prospect Park, Pa.,
13%
par $100
$10
City market registered a further de¬
cline during the past week, according to figures
Troster.
issues
on
The aggregate
value of 20
Share
7%
530
Oct.
compiled by Hoit, Rose &
leading fire and casualty insurance
Oct. 30 totaled $616,507,000, compared with
The current average yield of
on
.
$150 lot
par
Insurance stocks in the New York
close of the previous week, a decrease
$100--.,-^"
$ per
Stocks—
75 Interboro Bank & Trust
known
earnings, compared with 20.8 times on Oct. 23.
$ per Share
Stocks—
50 units 125 Ea"t 63d
with a
The current market value is now 1.46 times the
figures the 16 issues are now quoted at an average of 20.5 times their
By Crockett & Co., Boston:
Oct.
the close
23.
The
current
the 20 issues is 3.42%, compared with 3.37%
market
value
equals
liquidating value against 1.13 times a week ago.
underwriting and net investment income equal
against 7.54% on Oct. 23.
$625,111,000 at the
of $8,604,000, or 1.38%.
1.11
times
the
current
Combined earnings from
7.64%
of makert value,
Quoted prices for the 20 issues now average
13.1 times their combined earnings compared with 13.3 times a week ago.
Volume
Financial
143
General
Chronicle
2989
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
VAinsworth Mfg. Co.—Stock Split-Up Voted—
Stockholders on Oct. 29 approved an amendment to the articles of
increasing the authorized capital of the corporation to $3,000,000 represented by 600,(300 shares of $5 par value.
Company formerly
had authorized capital of 200,000 shares of $10 par common stock of "which
137,954 shares were outstanding.
The directors have declared a 50% stock dividend payable in common
stock on Dec. 8 to holders of record Dec. 7.
Stockholders will receive
We Invite
association
Inquiries in
Milwaukee and
Wisconsin
Issues
wa & (g®o
new $5 par common shares for each old $10 par common share held.
V. 143, p. 1861 for record of cash dividends on common stock.—V.
143, p. 2512.
three
See
Phone Daly 5392
MILWAUKEE, WIS.
Teletype Milw. 488
Alleghany Corp.—Changes in Collateral—
The New York Stock Exchange has been notified of the following changes
n collateral under the corporation's outstanding collateral trust indentures:
Collateral Trust Indenture dated Feb. 1, 1929:
Transferred from impounded income to deposited cash
(Substitution of 1,900 shares
$182,925 of deposited cash.)
of
Chesapeake
The
$1,753,787
Corp. stock for
.....
Collateral Trust Indenture dated June 1, 1929:
Transferred from impounded income to deposited
cash
(Substitution of 5.000 shares of The Chesapeake
$478,075 of deposited cash.)—V. 143, p. 2196.
$483,102
__
stock
Corp.
for
Allegheny Steel Co.—President Sells Stock—
Sheldon, 75-year old President of the company on Nov. 7
Allegheny common stock to a
banking syndicate.
Mr. Sheldon, who was a founder of the company in
1901, continues as one of its largest stockholders.
Resale of the stock to
investors was completed last month, it was stated.—V. 143, p. 1063.
1
Harry E.
stated in their brief that, were this a new enterprise and not a
announced the sale of 43,000 shares of his
Allied Kid
reorganiza¬
tion, good judgment would reject such a set-up.
"It is the duty of the Court to pass upon the feasibility of the plan of
reorganization.
Although the plan was unopposed the Court should not
approve any feature fundamentally unsound.
Especially when the objec¬
tionable feature is a new holding company
whose securities when issued
may be sold to the public.
Congress in sub-section (H) of Section 77-B
provided that 'all securities issued pursuant to any plan of reorganization
confirmed by the Court in accordance with the provisions of this section
shall be exempt from all the provisions of the Securities Act."
"This imposes upon the courts the task of scrutinizing with care securities
to be issued under a plan of reorganization."—V. 138, p. 4287.
American-Hawaiian
Steamship
Co.
(&
Subs.)—
Period End. Sept. 30—
1936—Month—1935
1936—9 Mos—1935
Operating earnings
$1,385,133
$954,321 $11,457,824
$8,758,617
Operating expenses
1,219.697
915,818
10.225,437
8,601,098
Co.—Special Dividend—
Net profit from oper..
paid
company
of 12
a
cents
per
extra
Amerada
Corp. (& Subs.
$43,099
56,553
$1,280,417
$188,755
515,227
513,682
def$13,454
1
def3.000
$2,216,193
$7,995,766
3.920.633
3.357,823
$1,415,613
551,255
$994,124
445,768
$4,075,133
$2,910,395
1,483,660
Net profit before Fed.
income tax
$6,268,218
1,222,069
969.239
Operating income.
$157,518
31,237
$765,190 def$324,926
24,593
45,382
def$16,454
$789,784 def$279.544
1936—9 Mos.—1935
Gross oper. income
$2,799,961
Oper. costs, admin, exp.,
1,384.348
Other income
$1,232,386
48,030
-Earnings-
1936—3 Mos.—1935
Period End. Sept. 30—
Total profit
Provision for deprec
$38,503
4,596
$173,992
56,564
Other income
and common stocks, on Nov. 2 to holders
of 371^ cents per share was paid on June
cents
$165,435
8,556
$117,427
special dividend of 12^ cents per share and a
share (or 25 cents per share) on the class A
of record Oct. 30. A dividend
30, last, and dividends of 123^
on May 1, last, and each three months previously.
In addition an
dividend of 12 M cents was pa(d on Feb. 1, 1936.—V. 143, p. 1063.
The
dividend
$117,427
-V. 143, p. 2197.
American Power
Period End. Sept. 30—
&
Light Co.
(& Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
Subsidiaries—
$1,966,867
Depreciation,
$5,558,793
$1,439,892
$3,879,634
depletion
1.491,531
999,012
4,153,160
2,620.420
$475,336
$440,880
$1,405,633
$1,259,214
$0.60
income
Net
$0.56
$1.78
$1.60
Earns, per sh. on net shs.
outstanding
—V. 143, p. 907.
American Bank Note Co. (&
Period End. Sept. 30—
,
1936—9 Mos.—1935
$1,586,730
243,824
Net revs, from oper..$10,720,585
Other Income (net)
40,052
Gross corp. income—$10,760,637
Int. to public & other
$1,487,109
249,129
Int. charged to constr'n.
Prop, retire. & depletion
reserve appropriations
Balance
Total income
Federal income taxes
67.434
162,486
Common dividends
Surplus
persh.
Earns
x
Pref.
$1,055,398
202,304
$1,024,886
202,304
487,456
$538,939
$365,638
$0.82
$1.30
$1.26
$
$
Real estate,
shown
stock...
machinery. &C..10 ,062.678
1 ,430,499
10,533,113
1,894,288
Accts. receivable..
1 ,462,949
Marketable invest.
1
,914,325
77,020
1,267,798
1,671,450
182,073
589,566
,177,327
465,046
tomers' orders..
2,142,695
Dividends payable
Material &suppl_.
Contract deposits.
Invest,
6% pref. stock of
foreign subsids.
4,495,650
6,527,730
391,032
325,393
334,054
457,070
272,599
49,885
229,920
174,559
589,566
ployees' pensions
5,837,413
Surplus
465,046
391,032
cus¬
67,435
Appr. sur. for em¬
Com. stk. acq. for
117,174
72,120
resale to ernpl..
Deferred charges__
83,898
54,194
5,566,450
x
(& Subs.)—Earnings-
Subsidiary Companies Consolidated (Intercompany Items Eliminated)
Operating income
$2,067,001
73,464
$2,401,090 $13,470,751 $10,223,230
5,604 *
29.907
34,980
8,700
$3,304,662
142,582
729,271
$2,406,694 $13,493,658 $10,958,210
88,549
423,850
277,834
744,448
2,908.608
3,057,247
earned surplus.
dividend
$2,432,809
$1,573,697 $10,161,200
requirements applicable
$6,923,129
to respective periods
whether
full requirements for the respective periods (whether paid
not paid) on securities held by the ptxblic.
The "portion applicable to
minority interests" is the calculated portion of the balance of income ap¬
plicable to minority holdings by the public of common stock of subsidiaries.
The "net equity of American Power & Light Co. in income of subsidiaries"
includes interest and preferred dividends paid or earned on securities held,
plus the proportion of earnings which accrued to common stocks held by
American Power & Light Co., less losses where income accounts Of individ¬
ual subsidiaries have resulted in deficits for the respective periods.—V. 143,
2037.
American
Rolling Mill Co. (& Subs.)—Earnings—
Period End. Sept. 30—
1936—3 Mos.—1935
Net profit after deprec.,
$552,137
int. and Federal taxes_x$2,063,603
Earns, per
1936—9 Mos.—1935
x$4,368,667
$3,011,140
$1.91
$1.28
share on aver¬
age number of common
shares outstanding—
.
$1,916,836 $24,783,096 $23,315,760
56,694
785,527
724,221
Full
or
PnTrntmn
Other income
$10,223,230
aries represent
Period End. Sept. 30— _1936—Month
1935_
1936—12 Mos.—1935
Yonofinn'
$5,395,584 $68,560,800 $63,764,035
Operating revenue J
$5,916,835
3,478,748
43,777,704
40,448,275
Operating expenses
3,849,834
_
$2,401,090 $13,470,751
Notation—All inter-company transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of subsidi¬
18,903,659 18.294,555
—Y. 143, P. 742.
American Gas & Electric Co.
22,313
earned or unearned.
p.
Total
18,903,659 18,294,555
Total
4,495,650
6,527,730
Reserve for taxes.
on
$3,295,962
$3,295,962
above).,
Total income..
sol.
Accounts payableAdvances
ol approp.
surplus
Cash
5,897,639
$17,470,995
7,168,458
S&1&IIC6 carried t>o cofl-
$
6% pref. stock
Common
6,608,219
79.307
Expenses, incl. taxes...
Int. & other deduc'ns—
1935
1936
Liabilities—
bfdgs.,
1,500,953
$4,245,960 $20,725,833
1,792,557
7,170,698
16,457,547
Dr 148
undistributed income.
1935
Assets—
15,961,764
Cr8,564
Am. Pow. & Lt. Co.—
Consolidated Balance Sheet Sept. 30
1936
4,112,968
Crl.684
Net equity of A. P. & L.
Co. in inc. of subs, (as
$822,582
$0.35
,
$9,828,197 $43,287,252 $39,826,329
84,384
19,921
Net equity of A.P.&L.
Co. in inc. of subs.
Other income
652,773
Note—No provision made for Federal surtax on
public..
ity interests
53.388
22,698
205.866
228,095
divs. to
1,668,007
$5,108,594
1,792,711
$9,769,234 $43,072,528 $39,473,998
58.963
214,724
352,331
Portion applic. to minor¬
$1,306,838
110.035
23,075
$67,000
on
shares
common
$1,416,603
$606,373
67,434
$296,920
Net profit
dividends
Preferred
$1,237,980
68,858
17.049
7.565
125.897
7,690
59,517
Subsidiary pref. divs
73.697
$756,884
$397,845
33,718
Other deductions
$1,342,906
$735,702
21,182
$375,698
22,147
Other income.
3,987,699
Cr3,663
deductions
Subs.)- —Earnings—
1936—3 Mos.—1935
$458,322
$819,209
82,624
83,507
Operating profit
Depreciation
•
Operating revenues
$22,628,894 $20,186,308 $88,741,198 $80,901,624
45,668.670
41.427,626
Oper. exps., inch taxes. 11,908,309
10,417.074
$0.89
$0.30
Before provision for Federal undistributed profits tax.
For the twelve months ending Sept. 30, 1936, consolidated net earnings
x
depreciation, interest and taxes, were $5,669,548 equal, after deduction
$118,215 for preferred dividends, to $2.62 a share of common stock on
average of 2,113,903 shares.
Production in Armco's Middletown plant, which is operating practically
after
of
an
$2,140,465
1,343,121
$1,973,530
1,344,797
$797,344
Total income
Deductions
$628,732
$25,568,624 $24,039,982
16,173,437
16,166,744
on
a
capacity schedule, was affected in recent months due to interruptions
of its continuous sheet rolling mill, according to
President.
The new installation has progressed to such
incident to the enlargment
Balance
$9,395,186
$7,873,237
an extent, he said, that with decreasing interruption, production may be
stepped up.
The work is scheduled for completion before the end of Janu¬
American Gas & Electric Co.
Total income
Expense
4
Deductions..
Balance
-V.
$1,257,243
$1,071,605 $14,882,858 $13,221,322
55,680
45,967
593,172
450,409
391,378
391,378
4,696,539
4,696,539
$810,184
$634,259
$9,593,146
$8,074,373
143, p. 2665.
American Department
Stores Corp.—Plan Disapproved—
Judge John P. Nields, in the U. S. District Court at Wilmington, Del.,
The
Oct. 30 denied approval of the reorganization plan of the company.
Court said he was "not satisfied that the plan is fair and equitable."
He further stated that he found no
to
justification of a new holding company
hold the stock of Brager-Eisenberg, Inc. of Baltimore.
substantially represented by the 95% of
the capital stock of the Baltimore company it owns.
The plan is the second
for the company that has failed to meet with the Court's approval.
A master, appointed by the Court, reported he found that a holding com¬
pany as provided was not necessary
Proponents of the plan frankly
The assets of the company are
Charles R. Hook,
ary,
1937.—V. 143. p. 2824.
American Service Co.—Initial Preferred Dividend—
The directors have declared an initial dividend of $1 per share on the
$3 cumulative class A stock, no par value, payable Dec. 19 to holders of
record Nov. 25.—V. 143, p. 1863.
American States Public Service Co.—Hearing Nov. 10
and stockholders are notified that pursuant to order passed
Oct
9, 1936, a hearing will be held by the U. S. District Court for the
District of Maryland on Nov. 10, for the purpose of considering the passage
of an order or orders directing the transfer of the property and assets of the
company to American States Utilities Corp. pursuant to the modified plan
of reorganization (which was confirmed by order passed on Sept. 28, 1936)
and distribution to creditors and stockholders as therein provided, allowance
of compensation, fees and expenses in connection witn the proceedings and
any other matters then presented to the Court with respect to the foregoing.
—V. 143, p. 2037.
The creditors
on
Financial
2990
Nov. 7, 1936
Chronicle
American
Writing Paper Co., Inc.—Earnings—
9 Mos. End. Sept. 30—
1936
$4,550,170
1935
$4,107,527
1934
$3,435,675
$3,323,381
4,349,129
3,899,688
3,384,100
3,053,920
Other income
$201,040
17,078
$207,838
21,504
$51,575
16,774
$269,461
23,789
Total income
Interest
Specialiita in
$218,118
231,908
115,069
82,269
$229,342
231,908
118,662
99,787
$68,349
231.907
123.292
103,004
$293,250
231,922
127,697
114,901
$211,126
$221,014
$389,854
$181,270
Net sales
All Rights and
__
Mfg. cost of sales, admin.
& general expenses
Scrip
Operating profit
MCDONNELL & CO
.
Depreciation
Other deductions
mm
/New York Stock Exchange
,
MembersjNew
Net loss
york Curb Exchange
NEW YORK
120 BROADWAY,
Consolidated Balance Sheet Sept. 30
Assets
a
Corp.—To Succeed American
American States Utilities
American Steel Foundries Co.—Clears
Preferred Arrears
—Resumes Common Dividends—
The directors on Nov. 5 declared a dividend of $17.50 per
of accumulations and the regular Quarterly dmdend
share on
of $1.75
total of $19.25 per share) on
The $17.50 dividend, which
the preferred stock, will be paid on Dec. 15 to
The regular quarterly dividend will be paid on
share ordinarily due at this time (or a
cumulative preferred stock, par $100.
will pay up all accruals on
holders of record Nov. 30.
Dec. 31 to holders of record Dec. 15.
■
*
The directors also declared a dividend of $1 per share on
the common
stock, no par value, payable Dec. 15 to holders of record Nov. 30.
This
will be the first payment to be made on the common stock since Sept. 30,
1931, when a regular quarterly dividend of 25 cents per share was dis¬
tributed.—V. 143, p. 1065.
American Surety
Co.—Balance Sheet Sept. 30—
1936
Assets
Real estate-
S
Liabilities—
Bonds
Stocks
Cash
Res.
Premium in course
of collection-
__
Accrd. int. & rents
1,364,053
50,220
164,201
101,201
7,500,000
3,757,302
5,474,660
3,785,775
1,470,467
275,000
Exp. & tax reserve 1,134,208
Contingent reserve
850,000
Res. for depreclat'n
3,738,756
1,516,957
175,000
1,025,307
169,705
25,745,402 23,357.689
Total
25,745,402 23,357,689
American
York
Stock
Accounts payable
hand...SI,004,061
864,172
1,259,833
Inventories (net)
2,560,769
Mortgages receivable
402,097
on
Notes receivable
ins.
&
Accrued royalties
8297,846
21,641
61,054
484
33,000
33.446
Res. for Fed. income tax
Accrued int.
on
debentures...
Contract payable.
Convertible debentures
113,658
public
service companies
Fixed assets (net)
32,242
2,503,209
Unexp'd Ins., prepd. taxes, &c.
158,912
Total
—
Acer, sals., wages & comm
Accrued taxes & insurance.--
117,250
...
Real estate, &c., investments.
with
...
Capital stock
Capital surplus
Earned surplus
$9,016,203
125,666
3,206,800
3,386,363
1,663,530
186,372
$9,016 203
Total.
Interest of 2rA% will be paid on Jan. 15, 1937, on the
sinking fund debs., due
1950,
on
15J^-year conv.
presentation of coupon No. 3.
—V. 143, p. 2665.
American
Water Works
&
Electric
Co., Inc.—Weekly
Output—
Week Ended
Oct. 24
Oct. 31
—V. 143, p.
1936
49,473,000
50,073,000
49.530,000
48,431,000
2824.
1935
41,682,000
42,109,000
42,949,000
42,629,000
1934
33,001,000
33,625,000
34,057,000
33,737,000
1933
1932
•
32,184,000
32,869.000
32,925,000
31,484,000
27,827,000
28,011,000
28,826,000
29,752.000
Amoskeag Mfg. Co.—Stockholders Approve Dissolution—
Three stockholders of the company and proxies representing 66.79% of
the stock voted to dissolve the company at a meeting held Oct. 28.—
V. 143, p. 2825.
Anaconda Wire & Cable
Co.—Earnings—
Period End. Sept. 30—
1936—3 Mos—1935
Profit on mfg. operation. $1,498,138
$732,191
Other income
3,171
3,591
Total income.-
Expenses
Deprec. & obsolescence.
$1,501,309
359,988
$735,782
293,322
189,729
39,636
Net profit
Shs. cap. stock (no par)Earnings per share.
—V. 143, p. 2824.
$764,266
421,981
$1.81
$2,253,553
875,806
$1,679,968
421.981
$681,232
422,470
$0.50
200,627
$3,638,777
1,651,700
526,372
380,737
$213,095
422,470
176,428
Federal taxes
$3.98
$1.61
Revenue from sale of gold and silver bullion
Revenue from sale of quicksilver
1936
1935
$393,979
133,245
36,351
41,250
Provision for other Federal taxes
Provision for other taxes
$429,895
136,548
33,717
41,250
14,960
8,282
50,010
Operating income
Non-operating income
$145,128
12,633
$128,237
12,631
$157,761
65,427
1,153
$140,868
30—
Ordinary
Maintenance
Provision for renewals and replacements
Provision for Federal income taxes
Gross income
Interest
on
funded debt
...
Miscellaneous interest
Net income.
48,438
Note—The above statement includes, for comparative purposes, the
income, expenses, &c. for nine months ended Sept. 30, 1935, of the Arizona
Power Co., adjusted to give effect to the plan of reorganization.
Net income appropriated for sinking fund purposes to the full extent of
company's sinking fund requirements.
such taxes, if any, cannot
—Y. 143, p. 909.
be determined until the close of the fiscal year.
Ashland Oil & Refining
The New York Curb
standing shares of
Co.—Listing Approved—
Exchange has approved the listing of 1,000,000 out¬
common
stock, $1 par.
Associated Gas & Electric
Co.—Weekly Output—
Net electric output of 86,714,421 units (kwh.), is reported by the Asso¬
ciated Gas & Electric System for the week ended Oct. 24.
This is 14.5%
above the comparable week a year ago.
Gross output, ihcluding sales to other utilities, amounted to 93,788,816
units for the week under review.—V. 143, p. 2825.
Associates Investment
Co.—Earnings—
1936
$6,270,366
455,477
1935
$4,282,459
464,225
783,645
705,527
311,650
441,840
333,123
$3,552,727
1,937
$2,259,624
$3,554,664
1,305,437
$2,280,381
576,097
$2,249,228
190,867
601,923
$1,704,283
99,700
240,000
$1,456,438
Salaries
$1,364,583
1,244,985
Branch office expenses
Provision for losses on
recs. (incl. prov. for col¬
lision, confiscation & conversion losses)
Other operating expenses
Other income credit
—
Gross income
Income charges.
Net income
Preferred dividends
Common dividends
...
.
Surplus
1936
$165,623
117,134
revenue
Operating costs (including development)
$48,489
deducting deplet., deprec., &c_
The above profit compares with a loss of $1,195 for the
quarter of 1935.
corresponding
The operating profit for the first three quarters of 1936 is $136,140, and
for the same period of 1935 was $22,425. These figures are after deducting
development costs.—V. 143,
p.
1219.
Archer-Daniels-Midland
20,756
Co.—Earnings1935
1934
$523,444
$397,059
$529,528
$364,302
1935
$
Liabilities—
S
Office furniture &
Funds with'd from
equip.
—
Acc. Fed., State
from auto. deal.
92,119
250,000
of
As«. Build. Co.,
subsidiary
a
.Emmco
Ins.
...
Co.,
Inc
250,000
Prepaid int.
J
J
651,716
Res. for losses
1,215,908
Unearned income. 4,050,050
Pref. capital stock,
7% cum
6,000,000
x Com.
cap. stock. 1,981,123
Earned surplus... 6,913,295
63,782
250,000
stock
&[1363995 [
local taxes (est.)
deprec.
value
Capital
343,920
439,423
934,254
1,983,967
3,000,000
2,261,213
5,053,443
on col.
trust notes, &0-.
1933
Federal taxes, &c
Earns * per sh. on 549,546
shs. com. stk. (no par)
§
Col. tr. notes pay.38,871,500 20,491,500
Accts. pay
1
" ]
191,646
x
1936
1936
1935
S
6,854,927
6,214,082
Notes receivable-.*53,380,392 28,064,856
Repossessed autos.
39,177
70,866
Accts. rec.—sun..
11,826
38,213
.
Total.
3 Mos. End. Sept. 30—
Net profit after deprec.,
"6",458
$91,181
91,181
Nil
Sinking fund appropriation
Balance for pref. & common stocks & surplus
Assets—
$129,362
35,194
1,066
Revenue from other sources....
—V* 143, p. 2038.
567,520
128,995
.
Corp.—Earnings—
9 Months Ended Sept.
Total operating revenue
Cash...
Earnings for 3 Months Ended Sept. 30, 1936
Net oper. profit, before
1936—9 Mos—1935
$3,630,876
$2,225,190
7,901
28,363
Condensed Balance Sheet Sept. 30
Anglo-American Mining Corp., Ltd.—Earnings—
Total
$8,941,097 $9,111,666
treasury for 2,748 shares.—V. 143, p. 2824.
Net income from operations
Output of electric energy for the week ended Oct. 31, 1936 totaled
48,431,000 kilowatt hours, an increase of 13.6% over the output of 42,629.OO0 kilowatt hours for the corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
years follows:
Oct. 17
—
9 Months Ended Sept. 30—
Gross income from operations
Interest—
Oct. 10
Total
a After depreciation,
b Represented by 89,266 no-par shares, excluding
734 shares in treasury,
c Par $1;
excludes voting trust certificates in
Contingent Liability—Subsidiary company is guarantor of customer notes
$340,917.
(5%)
1
$8,941,097 $9,111,5661
The above figures do not include any provision for surtaxes on undis¬
tributed profits under the Revenue Act of 1936, effective Jan. 1, 1936, as
Liabilities—
Accounts receivable (net)....
Notes receivable (net).--
Deposit
19,251
66,478
1
Total
the
Consolidated Balance Sheet Sept. 30, 1936
A. sects
Cash in banks and
80,300
45,958
Arizona Power
Type Founders, Inc.—Listing of Stock—
Exchange has authorized the listing of 58,500
additional shares of capital stock ($10 par) upon official notice of issuance
pursuant to executives' stock purchase options, making total amount
applied for 717,856 shares.
'
The executives' stock purchase options provides the "setting aside and
reserving 58,500 shares of common stock for allotment from time to time
prior to June 1,1941, in the discretion of the board of directors, to executives
of the company or any wholly owned subsidiary, for optional purchase
within five years from the date of any such allotment at not less than its
par value, $10 per share (or a price adjusted thereto in case the common
stock be changed into other or a different number of shares of stock), with
power to reailot any allotted shares surrendered or unsubscribed for,
subject to the proviso that no allotment be made to any director of the
company except to exprestf approval and ratification by the stockholders,
and the allotment (out of said total number of shares) to, and the execution
of contracts dated Sept. 24, 1936, providing for the optional purchase at
$10 per share by, Thomas Rf Jones, President and a director, of 35,000
shares, and Edward G. Williams, Vice-President and Comptroller and a
director, of 7,500 shares."
Tne executives' stock purchase options, and the allotments to Mr. Jones
and Mr. Williams and the contracts with them, were approved and ratified
by the stockholders at a special meeting held on Oct. 16, 1936.
New
1st
Goodwill
—V. 143, p. 1219.
The
under
mortgage
reported
unreported
losses-.-.-
accts. receivable
trust
.
Res. for
Reinsur. and other
Total
for
losses
1,335,225
58,740
672,458
1,081,503
dep. with
on
Deferred assets...
$
$
Capital stock
7,500,000
Surplus and 1 un¬
divided profits.. 6,008,172
Res. unearn. prem. 5,721,779
10,000,000 10,000,000
5,836,043
4,824,964
5,815,601
5,351,794
2,515,283
1,685,764
4
1935
1936
1935
«$>
ui
stook.$2,231,650 $2,221,650
4 c Common stock..
197,252
197,252
206,623 Gold bonds
5,153,500
5,153,500
Accounts payable.
230,455
445,086
622,486 Accrued accounts.
990,195
699,055
269,905
1,117,797 Other liabilities.....
Deficit
131,860 sur385,022
accounts
receivable, &c_.
b Preferred
$7,078,925
253,182
&
Inventories
Cash
account
7%
Investments
Notes
1935
1936
Liabilities
"
Plant &equip.__$6,807,691
Cash..
States Public Service Co—See latter company above.
per
1935
1936
RECTOR 2-7815
TEL.
111,070
55,583
61,047,587 34,699,3091
Represented by 403,080
no par
Total
61,047,587 34,699,309
shares in 1936 and 400,000 in 1935
To Increase Stock—
A special meeting of stockholders has been called for Nov. 10 to approve
amendment to articles of reorganization eliminating the 7% pref. stock
an
$0.85
$0.62
$0.86
$0.55
all of which had been either retired
Oct.
1, last.
ro exchanged for a new 5% pref. by
Stockholders will also be asked to approve an increase in the
authorized
Financial
143
Volume
common
stock to 750,000 shares from 500,000
Consoliditcd Income Statement 11 Months Ended Aug.
shares.—V. 143,
Gross sales, less returns and
1550.
p.
2991
Chronicle
$4,407,987
allowances, See
Cost of sales
Atlas
Corp.—Listing—
Age d—Conversion Date—
effective and that the First National Bank of Jersey
City has been appointed
agent to deliver permanent certificates of the new Atlas Corp. in exchange for
securities of the above corporations.
Stockholders are also notified in a letter dated Oct. 31 that the privilege
pires
common
Nov. 21, 1936.
on
Operating profit
Other deductions (net)
$964,932
100,606
.•
131,304
Income taxes—estimated
$733,021
Net profit..
Liabilities—•
$482,907
Cxistomers' notes, bills and ac¬
counts receivable
657,957
Merchandise inventories
1,595,050
451,648
Other assets
Permanent assets
Clarke Suit
1,716,043
(net)
Prepaid expenses
25,921
Transferred—--Goes to Federal Court—
1
Total
Harley L.
by
diverse citizenship of
Atlas
the parties.—V. 143, p. 2825.
Plywood Corp.—Files with SEC—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933 for 70,000 shares of
$1.25 cumulative convertible preferred stock ($20 par) and 70,000 shares
of common stock (no par), to be reserved for conversion.
Proceeds from
the preferred will be used to redeem at 105 $1,405,000 5lA% convertible
debentures.
Balance of proceeds will be used for general corporate pur-
share-for-share basis.
Consolidated profit and loss statement of company and subsidiaries for
three rnontns ended Sept. 30, 1936 snows a net income of $89,301 after all
charges and provisions for Federal taxes.
No provision was made for
Federal undistributed earnings tax.—V. 143, p. 2666.
The directors
on
Nov. 4 declared an extra dividend of 25 cents per
share in
regular quarterly dividend of 50 cents per share on the
par value, both payable Dec. 10 to holders of record
Similar distributions were made on Sept. 10, June 10 and March
addition
to
common
stock,
Nov. 30.
the
no
10, last.
Tue company also announced that
consideration would be given later to
special dividend on the common stock to be paid between
Dec. 10 and Dec. 31, when tne effect of the surtax on undistributed profits
declaration of
a
applying to 1936 earnings may be more accurately
Baltimore Radio Show,
Inc.—Extra Dividend—
an extra dividend of $1
per share in ad¬
dividend of 25 cents per share on the com¬
stock, both payable Dec. 1 to holders of record Nov. 14.—V. 142,
The
have declared
directors
mon
3156.
p.
Blissfield
The
Commerce Commission
interstate
to issue
not exceeding
on
Oct.
26 authorized the com¬
38,280 shares of cumulative convertible pre¬
to
Commission on
Commerce
Oct.
22 issued a certificate
Bolsa Chica Oil Co.—Accumulated Dividend—
on
the
80-cent
holders of record Nov. 30.
to
share on account of
amount to
$5
per
cumulative class A stock, payable Dec. 15
Arrearages after the current payment will
share.—Y. 143, p. 1867.
Border City Mfg. Co.—Resumes
The directors have declared
a
Dividend—
dividend of $1 per share on the common
stock, payable Nov. 14 to holders of record Nov. 3.
This will be the
distribution to be made on the issue since 1924.—V. 141, p. 3372.
Boston &
first
Albany RR.—Seeks to Resell Bonds—
Central RR. has applied to the Interstate Commerce
an order permitting the Boston & Albany RR. to resell
$500,000 of its 4M% improvement bonds which bear the guaranty of the
Central.
The bonds are part of a $5,700,000 issue sold by the Boston &
Albany in 1930 and repurchased for investment.
The Boston & Albany
proposes to invest the proceeds from sale of the bonds in other securities
to form part of its reserve fund.
The company will offer the bonds at 100 and interest from Aug. 1 through
The
New
York
for
underwriting group composed of Whiting, Weeks & Knowles,
Day & Co. and the First Boston Corp.—V. 143, p. 2200.
an
Inc.,
R. L.
Boston Consolidated Gas
Co.—Output—
1936
April
May
June
1,346,975.000
1,153,085.000
1,112,924.000
1,047.968,000
989.842,000
890,864.000
March
1935
1,287.421,000
1,256.310.000
1,152,477,000
1,039,210,000
1,009.712,000
897,530,000
792,302.000
807.899.000
923,828.000
1,014,558,000
817,742.000
808,035.000
917.563.000
1,034,242,000
October.
1934
1,172.408,000
1,171,444.000
1,126.368.000
988.598,000
985,750,000
879,667.000
784,460.000
837.210.000
911,322,000
1,034,386,000
—V. 143, P. 2200.
outstanding 7% preferred stock, and the common stock to be
the cumulative convertible preferred stock if and when
Boston & Maine RR.—Abandonment—
The
Interstate
Commerce
Commission on Oct.
19 issued a certificate
convert
presented for conversion.
Tne report of the Commission says in part:
The entire 38,280 shares of cumulative convertible preferred stock will
be offered to the record holders of the present outstanding preferred and
common
stock at the close of business
on
ranch extending from Franklin to Bristol, approximately 13 miles, all in
Eermitting abandonment of operation by the road of its so-called Bristol
Merrimack and
-Admitted to
Agent—
holders of undeposited
deposit of the corporation the stock of the three
the plan of
Briggs Manufacturing Co.—Earnings—
Period End. Sept.
1936—3 Mos—1935
30—
1936—9 Mos.—1935
Net
profit after deprec.,
&c
x$l,993,146
Earns, per sh. on 1,979,000 shs. no par stock-_
$1.01
Federal taxes,
x
Before provision for
$838,788 x$8,867,24S
$7,384,246
$4.48
$3.73
undistributed profits.—V. 143,
$0.42
Federal surtax on
2359.
Listing & Regis-
2666.
2828.
year noteholders corporation to which they are entitled under
reorganization, and also a cash payment.—V. 143, p. 2516.
Tobacco Co., Ltd.—To Do Business
British-American
tration—
The New York Curb Exchange has admitted to listing and registration
the $1.20 cumulative convertible class A common stock, $5 par.—V. 143,
N. H.—V. 143, p
Manufacturers Trust Co. is agent to pay to the
notes and certificates of
p.
Barlow & Seelig Mfg. Co.-
Grafton counties,
Bowman-Biltmore Hotels Corp.—Paying
such date as the directors shall
determine, on the basis of the rignt to suDscribe at par for one share of the
proposed preferred stock for each $275 of preferred or common, or both such
classes of stock, then neld.
Fractional snares of the proposed preferred
stock wiil not be issued, but rights to subscribe for fractional shares may
be combined into rights to subscribe for full shares.
In order to assure the issue, sale, and distribution of the entire 38,280
shares of proposed preferred stock, the applicant proposes to pay a fee of
not exceeding $70,000, plus $1.50 a share for each share not subscribed for
by stockholders and actually purchased at par by the underwriters.
While
negotiations have been had with a group of banking houses, no contracts,
under writings, or other arrangements in connection with the issue have been
made as yet.—V. 143, p. 2666.
p.
$4,929,527
stock
to redeem tne
used
1,491,770
Total
The directors have declared a dividend of 20 cents per
accumulations
(par $100), and 76,560 shares of common stock
(par $50);
such preferred stock to be sold at not less than par and the proceeds used
ferred
2,079,725
199,594
RR.—Abandonment—
Interstate
July
August
September
Bangor & Aroostook RR.—Stock Authorized—
The
pany
1,000,000
$4,929,527
{In Cubic Feet)—
January
February-
dition to the regular quarterly
8% preferred stock
Common (298,354 shares)
permitting abandonment, as to interstate and foreign commerce, by the
company of its entire line of railroad extending from a connection with the
Wabash Ry. at Adrain in an easterly and southeasterly direction to a con¬
nection with the Detroit, Toledo and Ironton Ry., near Riga, approximately
12.5 miles, all in Lenawee County, Mich.—V. 141, p. 3684.
determined.—V. 143,
p. 2826.
30,542
33,934
compensation
Reserve for contingencies.____
Guaranty Trust Co. of New York has been appointed co-transfer agent
par).—Y. 143, p. 2516.
Commission
Atlas Powder Co.—Extra Dividend—
192,475
sion for income taxes
Res. for conting.
for 400,000 shares of common stock (no
8oses. to Van Alstyne Noel, Inc., underwriter, has price is $25 per share.
xent
take the issue.
Maximum public offering made a firm commitThe preferred is convertible iixto common on a
$100,000
180,676
20,000
payable
Dividends payable
...—-Accrued accounts, incl. provi¬
Capital surplus.
Operating deficit
Patents and goodwill..
stock of the new Atlas Corp. into pref. stock ex¬
The terms of conversion are 3.4 shares of common
Clarke against the Atlas Corp. and Floyd B.
from the Atlas Corp.
which was alleged to
have expired on Oct. 10, was transferred Nov. 2 from the New York Su¬
preme Court to the Federal court.
The application for the transfer was made by Mr. Odium and the Atlas
Co. on the ground that Mr. Clarke is a resident of Chicago while Mr.
Odium is a resident of Connecticut.
The transfer was asked because of
The suit
Notes
Accounts payable
(net)
stock for each share of 6% pref. stock.
Odium seeking to extend an option for the purchase
of its stock in the Utilities Power & Light Corp.,
1936
Consolidated Balance Sheet Aug. 31,
Assets—
Cash
of the old
and Sterling Securi¬
Corp., that the consolidation of tne above corporations has become
(new corporation) is notifying stockholders
The Atlas Corp.
Atlas Corp., Pacific Eastern Corp., Shenandoah Corp.
of converting
1,108,978
Curb
(voting).
The Exchange will also list 529,836 additional shares of 6%
preferred stock, $50 par, (voting); 1,951,073 additional shares of common
stock, $5 par, (voting), and the option warrants to purchase 270,000 ad¬
ditional shares of common stock, $5 par, (voting), upon notice of issuance.
ties
2,334,077
;
Selling, general and administrative expenses
Exchange has approved the listing of 470,164
outstanding shares of 6% preferred stock, $50 par, (voting); 4,499,265
outstanding shares of common stock, $5 par, (voting), and the option
warrants to purchase 1,681,072 8-60 shares of common stock,
$5 par,
York
New
The
31, 1936
in
Virginia—
two years ago gave up its Virginia charter,
State corporation commission to do business
Capitalized at £34,181,761, the company paid the maximum
fee of $5,000 on domestication.—V. 142, p. 2490.
This company, which about
has again been licensed by the
in Virginia
entrance
Bastian-Blessing Co.—Application Approved—
Tue Chicago 8tocxt Exchange has approved the application of the com¬
pany to list 13,000 additional shares of common stock.—V.
Belden Mfg.
The
directors
143,
p.
the
new
Bell
on
New Stock—
have
declared
initial
Telephone Co. of Pennsylvania —Earnings—
Period End. Sept. 30—
Operating
revenues
oper.
rev.
Operating expenses
Operating taxes
Net oper.
-V.
an
$10 par stock, payable Nov.
Uncollectible
income
1936—9 Mos —1935
1936—Month—1935
$4,969,570 $48,503,558 $45,380,826
$5,356,017
20,251
15,942
125,134
181,276
3,644,104
3,557,140
32,860,190
32,401,409
292,191
421,100
3,632,879
2,599,414
$1,274,871
$1,099,988 $11,885,355 $10,198,727
143, p. 2199.
Corp.—Listing—
The syndicate, which recently offered conversion of the outstanding
$10,000,000 of 5% first mortgage bonds, maturing 1960, into 4^6% first
standing approximately $3,400,000 of the 5% first mortgage bonds, series A.
Because of fluctuating conditions of foreign exchanges, it is added, the
company
will not call for redemption at this time the $3,400,000 remaining
outstanding bonds, but company will proceed with the redemption of these
bonds as soon as exchange conditions become more normal.—V. 143, p. 1221.
Bristol-Myers Co.—Larger Regular Dividend—Extra Div.
declared an extra dividend of 20 cents per share
quarterly dividend of 60 cents per share on the capital stock, par $5,
payable Dec. 1 to holders of record Nov. 13.
Previously the company
had distributed an extra dividend of 10 cents per share and a regular quar¬
terly dividend of 50 cents per share from Dec. 1, 1933 to Sept. 1, last, incl.;
the Dec. 1, 1933 disbursements were the initial payments on this issue.
The directors on Nov. 4
and
a
both
Shs. com. stock (par
Nov.
5 declared
special dividend of $2 per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, no par value, both payable Dec. 3 to holders of record
Nov.
16.
See V. 142, p. 2984 for detailed
dividend
record.—V. 143
p.
,
Co.—Listing—
Stock Exchange has authorized the listing of 298 354
stock (no par) all of which have been issued and'are
outstanding, with authority to add, 30,000 shares of common stock, upon
official notice of issuance from time to time pursuant to agreements made
The
shares
New
of
York
common
by the company under the Employees' Contingent Stock Compensation
plan, making the total amount applied for: 328,354 shares of common stock
x$814,419
687,053
x
After
$i.l9
1936—9 Mos.—1935
$1,828,977
686,944
$2.90
$2.66
$821,247 x$l,993,768
686,944
687,053
$1.20
estimated provision for surtaxes on undivided profits.
ended Sept. 30, 1936, net income was $2,397,362 equal
For the 12 months
to
with $2,229,054 or $3.24 a share for the 12
1935.—V. 143, p. 2200.
$3.49 a share comparing
months ended Sept. 30,
a
911.
Black & Decker Mfg.
$5).
Earnings per share
Oct^L lj36,^and due Oct. 1, 1966, which are issued and outstanding.—
Bigelow-Sanford Carpet Co.— To Pay $2 Special Div.-—
1936—3 Mos—1935
30—
Net inc. after all charges
Exchange has authorized the listing of $55,000 000
consolidated mortgage 30 year sinking fund 3%% bonds, series E dated
on
Bonds
mortgage bonds, series B, of the same company, maturing 1961, recently
announced that $6,600,000 of the bonds had been converted, leaving out¬
Period End. Sept.
Bethlehem Steel
The New York Stock
The directors
Co.—$6,600,000
Converted—
Co.—Initial Dividend
dividend of 15 cents per share
16 to holders of record Nov. 10.
The company had recently split its stock on a 10 for 1 basis—10 new $10
par shares being issued for one old $100 par share.
Quarterly dividends of $1.50 per share were paid on the old stock.
See
V. 141, p. 2877 for detailed dividend record of old stock.—V. 143, p. 2358.
on
Telephone
Columbia
British
2039.
Brown
Charles
Co.—43% of Bonds Deposited with Adams Comm.
Francis Adams, Chairman of the bondholders' protective com¬
mittee for the first mortgage
5^ % bonds, announced Nov. 5 that more than
$9,200,000, or approximately 43%, of the $21,415,500 outstanding bonds
have been deposited with the committee.
"To make the work of the committee most effective," he said, "it should
be in
a
position to speak for a
substantial majority of the bonds, rather than
one-half, which is the case at present time.
In the judgment
this is not a time when bondholders can afford to wait
until a plan is proposed.
Their active co-operation through the deposit
of their bonds is needed now in bringing about conditions which will make
possible a fair and sound reorganization."
for less than
of the committee
Financial
2992
While substantial progress is now being made toward a sound basis for
reorganization, Mr. Adams said, a great deal of constructive work still
remains to be done.—V. 143, p. 2516.
Broad River Power
Co.—Earnings—
12 Months Ended Sept. 30—
Total operating revenues
1936
$3,320,292
1,444,762
.
Operating expenses
Maintenance
Provision for retirements
228,722
218,576
435,584
-
Provision for taxes
Chronicle
Assets—
Sept. 30 '36 Dec. 31 '35
bldgs., machin'y & equip..$3,650,487 $3,508,099
Cash
1,225,479
777,731
Land,
1935
$2,963,177
1,268,752
166,000
Accts. receivable..
749,933
Inventories
577,508
905,437
688,683
1,124
2,311
237,325
2d mtges, rec...
Investments
100,604
105,872
49,558
stock.
36,557
41,332
Stk. purch contra.
9,000
416,825
Other income
$992,646
65,728
$874,273
32,167
$1,058,375
$906,441
577,452
122,230
—
Gross income
—
Interest
on
funded debt
554,234
Interest
on
unfunded debt
149,614
63,348
Cr757
Amortization of debt discount and expense
Interest charged to construction
Balance of income
^__T
$291,934
plan provides for
on
change in the common stock from no par value and
a share to $5 par value, thereby
eliminating the
capital deficit of $1,345,485 as of June 30, last, and creating a capital
surplus of $1,708,272.
'
Stockholders will be asked also to authorize 4,957 shares of a new 3H%
cumulative preferred stock of $100 par, to be distributed in payment of
dividends in arrears on the present 7% preferred stock on the basis of onehalf share for each $50 of dividends in arrears.—V. 141, p. 2582.
value
Total
x
par
163,280
143,285
255.381
Taxes accrued
245*742
152,909
26,635
25,799
Burden
p.
6,802
19,238
105 285
reserve
Earned surplus.
26,367
shares.—V. 143,
wages
& unadjust.cred
1,471*145
1,660,962
__
29,395
Total
$6,426,618 $6,142,110
y
Represented by 348,000 no
2669.
Canada Wire & Cable Co., Ltd.—Accumulated Div.—
have declared
dividend of $2.75 per share on account
a
on the 6J^% cum. pref. stock,
par $100, payable Dec. 23
holders of record Dec. 1.
A dividend of $3.25 per share was paid on
Oct. 1, last, this latter being the first payment made on the stock since
to
Dec. 15, 1932, when a regular
quarterly dividend of $1.62H Per share was
Accumulation after the current payment will amount to
$20 per share.—V. 143, p. 1715.
distributed.
Canadian National Ry.—President-4^The directors of the company on Oct. 30 informed O. D.
Howe, Canadian
Minister of Transport, that S. J. Hungerford had been made President of
the system.
Mr. Hungerford will combine the duties of President with those of Chair¬
man of the Board.
The appointment is subject to
council
and steps are
authorizing
a
new
approval by order inbeing taken to prdcure this approval.
The statute
for the management of tne Canadian National
set-up
left to the discretion of the directors whether these offices should be com¬
dividend of $1 per share on the common
15 to holders of record Nov. 20.
This com¬
Corp. (& Subs.)—
Unclaimed
$6,426,618 $6,142,110
The directors
a
stock, par $50, payable Dec.
pares with 75 cents per share
paid each three months from Sept. 15
1932, to and including Sept. 15, last, and $1 per share distributed quar¬
terly previously.—V. 142, p. 1281.
16 574
Prov. for returned
3,825 shares in 1936 and 4,325 in 1935.
bined
Buckeye Pipe Line CoLarger Dividend—
Buffalo Niagara & Eastern Power
175,250
Accounts payable.
Other acctB. pay'le
of accumulations
a
of $18.14
The directors have declared
own
Deferred charges..
$149,870
(E. L.) Bruce Co.—To Reorganize—
The
Co.'s
Liabilities—
Sept. 30 '36 Dec. 31 '35
Capital stock...$4,050,220 $4,050,220
castings
64.041
A meeting of stockholders has been called for Nov. 20 to vote on a plan
of reorganization and recapitalization aimed at eliminating the propit-andloss deficit in liquidating accumulated dividends on the preferred stock.
stated
y
Land contracts and
Cr7,154
Note—No provision is made in this statement for Federal surtax
undistributed profits, if any, for the current year.—V. 143, p. 1867.
7, 1936
Payroll accrued
83,249
/
Cash in closed bks.
x
Operating income
Nov.
Consolidated Balance Sheet
or two men named.—V.
Canadian Pacific
143, p. 2829.
Ry.—Earnings—
Earnings of System for Week Ended Oct. 31
"IQIfi
Gross earnings
Tnrrt>n<ip
.
$4,645,000
$4,324,00®
$330,000
—V. 143, p. 2829.
Earnings—
Canfield Oil Co.—Resumes Dividends—
Period End. Sept. 30
1936—3 Mos.—1935
1936—12 Mos.—1935
Operating revenues
$8,856,340
$7,566,922 $33,707,135 $30,679,595
Oper. revenue deductions x5,744,420
y4.617,010
20,604,021 yl8,209.223
The directors have declared
stock,
no par
tribution
Operating income
$3,111,920
Non-oper. income, net..
8,596
Gross income
$2,949,912 $13,103,114 $12,470,372
14,340
17,673
66,800
Balance...
$3,120,517
1,565,380
$2,964,252 $13,120,787 $12,537,173
yl,278,092
5,528,656
y5,098,195
$1,555,136
Deduc'ns from gross inc.
$1,686,160
$7,592,131
48,631
$7,438,977
291,340
x$l,555,136 y$l,637,528
$7,592,131 y$7.147,637
Divs.on pref.stk. of subs.
Net income.
The appropriations made to retirement reserve during the
quarter
include $338,000, representing an additional amount applicable to the first
six months of the year,
y Changed to give effect to major adjustments
made later in the year 1935.
x
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V. 143, p. 746.
Buffalo General Electric Co.
Period End. Sept. 30—
Operating revenues
Oper. revenue deduc'ns.
(& Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
$4,556,833
$3,751,302 $17,663,767 $15,780,189
x3,513,721
y2.689,135
12,435,684 yll,037,961
a dividend of $1 per share on the common
value, payable Nov. 16 to holders of record Nov. 10.
This
paid since Nov. 25, 1933, when a similar dis¬
made.—V. 137, p. 3499.
will be the first dividend
was
Catalin
Corp. of America—Initial Dividend-—
The directors
on Oct. 29 declared a special initial dividend of 40 cents
per
the common stock, payable Dec. 15 to holders of record Nov. 15.
The company stated that the above action was motivated
by the situation
with regard to taxes on undistributed corporation income.—V. 143, p. 422.
share
on
Celanese
Corp. of America—Transfer Agent—
The company has notified the New York Stock Exchange that effective
2, 1936, arrangements have been made for Bankers Trust Co. to
accept at its office common stock certificates of the corporation presented
for transfer.
Nov.
The corporation will continue to maintain a stock transfer office at its
principal office, 180 Madison Ave., New York, N. Y.
to
Certificates presented at the office of Bankers Trust Co. will be forwarded
the corporation's uptown office for transfer and the transferred certifi¬
cates then returned to Bankers Trust Co. for
delivery.—V. 143,
p.
2669.
Central Hudson Gas & Elec. Corp.—Files Amendment—
The company has filed a post-effective amendment
with
the Securities
and
Exchange Commission stating that it will offer 3,404 shares of 4H%
preferred stock, par $100, publicly through Morgan Stanley
& Co. at 107 H.
Of the total issue, which was 70,300 shares of
preferred, 66,896 were
exchanged with holders of a like amount of 6% preferred stock
The
exchange was for each share of 6% preferred, the stockholders receiving
one share
of 43^% preferred, plus $2.50 in cash.
This exchange offer
expired Oct. 28.—V. 143, p. 2670.
cumulative
Operating income.... $1,043,112
Non-oper. income, net..
565
$1,062,166
$5,228,083
1,884
$4,742,228
Dr2l2
548,739
$1,061,766
526,177
$5,229,967
2,121,807
$4,742,015
2,119,723
x$494,938
Gross income
Dr399
y$535,589
$1,043,677
Deduc'ns from gross inc.
Net income
x The
appropriations made to retirement
include $218,000, representing an additional
first six months of the year,
y Changed
ments made later in the year 1935.
$3,108,160 y$2,622,292
reserve
during the quarter
applicable to the
major adjust¬
amount
to give effect to
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V. 143, p. 746.
Central Illinois Electric & Gas
Co.—Earnings—
12 Months Ended Sept. 30—
1936
operating revenue
Operation
_
1935
$4,549,882
1,851,557
Total
$4,072,439
1,712,268
Maintenance
248,751
206,494
14.090
476.487
22,281
365,850
$1,958,995
1,527
$1,765,543
2,469
$1,960,522
300,000
$1,768,013**
$1,660,522
$1,468,013
Uncollectible accounts
Taxes (incl. Federal income taxes)
Bullock's, Inc.—75-Cent Common Dividend—The directors have declared
a
dividend of 75 cents per share on the com¬
mon
stock, payable Dec. 1 to holders of record Nov. 15. A similar payment
made on Sept. 1, last, and prior thereto
regular quarterly dividends of
25 cents per share had been distributed.
In addition an extra dividend of
50 cents per share was paid on Dec.
16, 1935.—V. 143, p. 912.
Net oper. revs, before prov. for retirements
Non-operating income—net
was
Bush Terminal
Buildings Co.—Int. Payment Held Up-—
Judge Inch, in U. S. Court, Brooklyn, Oct. 30 granted a motion by the
Irving Trust Co., indenture trustee, to segregate for the benefit of the
bondholders the income from Bush Terminal
Buildings
Co.
properties
covered by an
$8,650,000 first mortgage which matures in 1960.
Judge Inch on Nov. 4 denied a motion made Oct. 30 by the Irving Trust
Co. for permission to pay interest of
$216,255 due on last Oct. 1 on $8,650,000 of first mortgage bonds. The interest was due on the date the
company
filed a petition seeking
reorganization under Section 77-B of the Federal
Bankruptcy Act.—V. 143,
p.
Bros., Chicago—Stock Increase Voted—
gave approval at a special meeting held Oct. 30 to the
authorized issue of 350,000 shares of $30 par value convertible
5% preferred stock and to increase to 2,000,000 shares from 1,500,000 shares
the authorized amount of $10
par value common stock.
As
an
a result the company
will offer through Hornblower & Weeks and their
group 285,000 shares of preferred stock at a price to net the company $29
a share or
$8,265,000.
This new money will be used to redeem $5,100,000
of debentures and for
working capital.—V. 143, p. 2828.
Butte
.
844.396
864.615
Other—Net interest
4,870
Amort, of debt discount & expense on 6% bonds..
Federal & State taxes on debt interest
5,179
11,344
5,314
5,179
12,608
$794,732
460,762
$580,296
452,469
$1,255,494
764,692
$1,133,592
671,890
Net income
Earned surplus at beginning of period
Reversal of prov. for Illinois Retailers'
3 Months Ended Sept. 30—
Tons of ore settled for
Receipt from lessee, operator of company's
1936
prop.
_
.
1935
33,145
$14,939
xl,661
38,145
$37,081
1,212
58
.
Dividends on common stock
Write-off of excess of cost of property purchased
over Illinois Commerce Commission valuation..
Premium on bonds retired
$16,657
9,232
$38,293
8,554
Net income
$29,739
$7,425
Includes dividends.—V. 143, p. 912.
Total gross profit...
Administrative and selling expense
Interest and investment income
9 Months
_
share
on
348,000 shs. capital stock..
$2,093,501
43,697
$1,459,222
Net profit for period
per
Months
$1,410,640
48,581
Provision for depreciation and obsolescence
Provision for Federal income tax
Earnings
12
$2,137,198
473.259
Drl5,926
357,272
Cr 5,7 94
247,500
159,765
458.002
228,320
$700,479
$961,689
$2.01
$2.76
940
$485,177
$460,762
1935
1
plant
1936
Liabilities—
$
&
500
Due from affil. cos.
1,552
Merchandise,
Appliancesonrent'l
Prep, ins., tax., &c.
349,470
117,378
26,947
103,685
17,781
2,342
2,498
special deposits.
5,989
Cash in closed bks.
239
payable—
178,162
156,667
113,956
400,970
103,218
371,180
17,148
17,924
173,470
3,838,694
357,438
460,762
15
Consumers'depos.
Accrued accounts.
extension
depos.
—
refund¬
over
long
term
Def'd
credit items
Reserves
178.099
4,059,598
312,949
485,178
Capital surplus
42,371
3,668
142,384
16,721,000
7,424,200
16,750,000
trade & sundry..
able
298,669
$
7,424,200
Due to affil. cos..
Service
287
ma¬
investments
Accts.
1935
$
Com. cap. stk
Funded debt
a
equipment (incl.
intangibles)
28,396,998 28,084,113
Cash...
369,613
284,960
Notes receivable..
14,673
13,977
Accts. receivable..
600,641
513,976
Tax anticip'n war¬
Misc.
Campbell, Wyant & Cannon Foundry Co. (& Subs.)—
Period Ended Sept. 30, 1936—
Gross profit from sales of castings
Other operating income, net
4,444
1,180
Comparative Balance Sheet Sept. 30
1936
Assets—
terials & supplies
r
100.826
Earned surplus at end of period
rants (at cost)..
Total
Administrative expense and taxes
x
Occupa¬
tional tax (incl. int.-) tax declared unconstitutional
Property,
Copper & Zinc Co.—Earnings—
Interest received.
Profit on sale of sec
300,000
2668.
Shareholders
1
Gross income
Funded debt interest
Total
Butler
creation of
Balance
Provision for retirements
150,117
Sink.
fd.
&
other
Def'd debit items.
Total..
a
Earned
29,891,263 29,653,5711
Represented by 74,242
no
par
Central West Virginia
surplus
Total
29,891,263 29,653,571
shares.—V. 143,
p.
913.
& Southern RR.^—Abandonment
The Interstate Commerce Commission
on
Oct. 14 issued
a
supplemental
certificate permitting abandonment as to interstate and foreign commerce,
by the company of its entire line of railroad in Tucker and Randolph coun¬
ties, W. Va„ approximately 29H miles.—Y. 135, p. 1881.
Volume
Financial
143
value, to provide funds for expansion of the company's
Central Illinois Light Co.—Earnings—
_
$88,523
Chicago & Eastern Illinois Ry.—Equip. Trust Ctfs.—
The Interstate Commerce Commission
1936—9 Mos- -xl935
Period End.
Sept. 30— 1936—3 Mos.—xl935
$3,547,368
$3,088,620
Operation
916,370
935,721
Power purchased
302,307
388,247
Gas purchased
55,177
48,165
Maintenance
221,572
277,744
Prov. for retirement
374.412
373,958
Taxes
y356,045
227,834
$9,348,218
2,421,175
1,025,283
218,944
735,714
1,115.017
y874,814
$£ ,544,020
2 ,342,384
$922,888
18,987
$2,957,270
$2,810,474
23,340
$3,000,604
Total operating revenues
-
___
$1,235,542
.
Other income (net).
17,713
866,420
167,925
649,527
1 ,110,860
596,428
43.334
.
580,034
$941,876
616,057
5,917
6,278
1,754,954
17,063
$2,833,815
1,898,135
17,727
27,771
interest
$1,253,256
.
General
30,667
(net)-,
84,181
95,599
17,138
17,328
51,415
51,225
$622,394
$271,543
$1,092,989
$771,128
>.
Net
inc.
before
pref.
dividends
Figures for the three and nine months ended Sept. 30, 1935, reflect
adjustments made subsequent thereto but applicable to those periods.
y No provision has been made for Federal surtax on undistributed profits
—V. 143, p. 1553.
x
Chain Store Investment
1936
The Interstate Commerce Commission on Oct. 22 modified its order of
May 14, 1934, so as to permit $960,000 of equipment-trust certificates,
series B, to be amended by eliminating therefrom the applicant's right of
redemption.
Hearings Called Dec. 8—
1934
1935
$4,657
$2,787
support of and in opposition to the debtor's plan which has been filed
with the District Court and with the Commission.
Plans of reorganization
also
511
Chicago & Illinois Midland Ry.—Listing Approved—
The New York Curb Exchange has approved the listing of $5,500,000
outstanding principal amount 1st mortgage sinking fund 4M % bonds,
eries A, due March 1, 1956.—V. 143, p. 2831.
Chicago Indianapolis & Louisville Ry.—More Time for
Plan—
The Federal District Court in Chicago has extended to Feb. 27, 1937,
the time in which the company may present a plan of reorganization under
Section 77. The time for presenting a plan was previously to have expired
Oct.
185
326
Gain
209
130
$3,621
$1,719
$724
Loss from Security Transactions
or
Sales of securities
Cost of securities sold
$43,109
143, P. 2831.
The company will
pay
a
regular quarterly dividend of 37 H
cents per
(not 27 M cents as erroneously stated in last Week's "Chronicle") in
addition to the extra dividend of 1234s cents per share on the common stock
on
34.552
$91,481
56,992
$20,979
38,308
$8,557
$34,490
Dec. 1 to holders of record Nov. 10.—V. 143, p. 2831.
Chicago Rock Island & Gulf Ry.—Earnings—
Gross from railway
Net from railway
def2.993
3,227
3,255,645
,
870,990
2,879,561
770,555
187,595
Net after rents
From Jan.
1935
$307,916
71,988
1936
$342,385
76,464
September—
""301
""339
Net income to current surplus-
27—V.
Chicago Mail Order Co.—Dividend Correction—
288
Interest
358
175
Miscellaneous expense--
be filed by creditors or representative groups of stockholders.
143, p. 2831.
may
—V.
$1,445
Managers, commissions
Taxes
«.,•
Public hearings on plans for reorganization of the road will be held by
the Interstate Commerce Commission Dec. 8.
The hearings will be held
before Examiners R. T. Boyden and Homer H. Kirby.
The Commission said that at the hearings evidence will be received in
share
Corp.—Earnings—
3 Months Ended Sept. 30—
Dividend income
Oct. 22 authorized the com¬
Chicago Great Western RR.—Equip. Trust Ctfs.—
-V. 143, p. 2201.
Central Illinois Public Service Co.- -Earnings—
on
obligation and liability in respect of not exceeding $1,080,000
equipment-trust certificates, series C, to be issued by First National Bank,
Chicago, as trustee, and delivered at par to General American Trans¬
portation Corp., as vendor, in connection with the procurement of certain
equipment.—V. 143, p. 2831.
pany to assume
$1,368,477
$1,392,034
$74,395
facilities.—V. 142,
2493.
p.
[A Subsidiary of Commonwealth & Southern Corp.]
1936—12 Mos.—1935
1936—Month- -1935
$8,082,630
$7,343,412
$627,947
$566,208
3,654,658
308.952
4,296,679
346,792
Oper. exps. and taxes795,155
885,000
Prov. for retire, reserve
75,000
60,000
832,108
872,337
Int. and other fixed ch'gs
75,829
65,108
693,013
636.579
Divs. on pref. stock
41,802
57,751
Period End. Sept. 30—
Gross revenue
Balance.-
2993
Chronicle
1,764
1933
$234,663
6,322
1934
$282,906
39,487
1
24,173
def78,377
2,725,010
660,093
def31,744
def314,672
1—
Gross from railway
Net from railway
2,430,713
567,854
loss$17,329
Net after rents.
—V. 143, p. 2202.
Net gain from security transactions
Chicago South Shore & South Bend RR.—Reorganiza¬
Surplus Account Sept. 30, 1936
Capital
Surplus
$539,767
Balance, July 1, 1936
Gain from security transactions
Deficit from
Security
Transactions
$350,938
8,557
tion
Current
Surplus
$8,314
,
~3~, 620
Current net income
Total
$539,767
Dividends
on
preferred stock
$539,767
Balance, Sept. 30, 1936
Balance Sheet
Assets—
1935
1936
•
Cash
$1,890
Accts. receivable
d Invest, at cost
369,407
$7,751
stock
at
int.
Prepaid
$342,381
Liabilities—
'
Unclaimed dlvs
payable
192
Accounts payable
b Preferred stock-..
98,775
c
Common stock
Capital surplus
___
Def.
from
$372,058
$409,137]
44,133
10,000
10,000
539,768
540,027
342,381
9,191
293,588
Total
$372,058
$409,137
7.250
b 2,195 shares at stated value of $45 per share in 1936 (2,245 shares in
1935).
c 1,000,000 shares at stated value of 10 cents per share,
d Invest¬
originally purchased by predecessor
corporation or this corporation.—V. 143, p.,2518.
ments carried on books at cost at which
Chapman Valve Mfg. Co.—Accumulated Dividend—The company paid a dividend of $7 per share on account of accumula¬
on the 7% cum. pref. stock, par $100, on Nov. 2 to holders of record
Oct. 28.
A similar payment was made on Sept. 1, last, and dividends of
tions
$3.50 were paid on June 1, last, Dec. 2 and June 1, 1935, and Dec. 1,
1934, this latter being the first dividend paid since Dec. 1, 1931, whei a
when
V. 143. p.
regular semi-annual distribution of like amount was made.
1223.
Checker Cab Mfg.
Co.—Files with SEC—
The company has filed a
registration statement with the Securities and
Exchange Commission covering 175,000 shares of new ($1 par) stock. The
shares to De offered are part of the stock to be received by Cord Corp. and
Morris Markin under a proposed plan to increase the authorized number of
snares of stock to 1,250,000, decreasing the par value from $5 to $1 per
share, and authorizing the issuance of five new shares of common stock of
$1
par value for each share of the $5 par stock now held.
All the proceeds from the sale of the 175,000 shares of new common will
Cord Corp. and Morris Markin.
The registration statement points out that under the terms of an under¬
writing agreement, Cord Corp. and Morris Markin "further agreed not to
sell any of the remaining shares of said stock owned or controlled by them
between its effective date and 60 days after the effective date of the abovementioned registration statement but reserved the right to dispose of such
stock privately to one purchaser provided such purchaser agrees not to place
accrue to
same on
the market within the above
period."
The registration statement discloses that as of
Morris Markin held 47,663 shares of the
and
Sept. 30,1936, Cord Corp.
outstanding stock of the
In addition, Cord Corp. owned 8,600 shares of
and Morris Markin owned 10,650 shares.—V.
company in joint account.
Checker
143,
p.
Cab
common
on
Corp.—Stock Increase Approved—
Oct. 29 approved an increase in the authorized capital
stock to 1,250,000 shares from 250,000 shares and also approved a decrease
in the par value to $1 from $5.
Stockholders also authorized conversion of the $5 par stock into $1 par
on the basis of five shares of the newly authorized stock for each share
Fidelity-Philadelphia Trust Co. and Presbyterian Ministers
approximately 40% of the debtor's equipment-trust
M. Morris and John N. Shannahan, as trustees of the estate of the Midland Utilities Co. and Midland
United Co., and Peoples Gas Subsidiary Corp., Peoples Gas Annuity Trust,
Commonwealth Subsidiary Corp., and Public Service Subsidiary Corp.,
holders of more than 98% in amount of the claims of class 4 general creditors,
of all of the now outstanding common and class B preferred stock of the
debtor, and of approximately 23.4% of the now outstanding class A preof
holders
Fund,
certificates now outstanding, and by Hugh
ferrod. st^ock
•The plan of
reorganization approved by us on April 16, 1936, provided
about $212,800 of 5-year 5% promissory notes of the
for the issue of (1)
(2) a funded debt of $1,341,000 consisting wholly of series B-3%
25-year rirst mortgage bonds which would be subject to the prior lien of
any series A bonds that might later be issued under conditions and limita¬
tions prescribed in our report and order; (3) an issue of about $4,307,000
of $5 first preferred stock ($100 par); (4) an issue of $1,947,600 $6.50 second
preferred ($100 par), and 122,000 shares (no par) common stock.
It also
provided that, as long as any of the proposed new series B bonds are out¬
standing, dividends upon the stock to be issued under the plan shall be con¬
sidered as earned when and to the extent available under a prescribed
method of computation.
Under the plan any excess of such net earnings
remaining after payment of an annual $3 dividend on the first preferred stock
shall be applied (1) one-half thereof to the trustee under the mortgage secur¬
ing the series B bonds as an additional sinking fund for the retirement of
said bonds, and (2) the other one-half of such net earnings to be available
for additional dividends on the first preferred stock, the total dividends
debtor;
thereon, however, not to exceed $5 a share in any year, any excess
to be available to the debtor for the payment of dividends upon the
but snail not, so long as any series B bonds are outstanding
of the public (i. e. of persons other than Midland Utilities
pose,
hands
9 Mos. End. Sept.
Subs.)—Earnings—
30—
Sales and rents...
Costs and expenses
1936
1935
1934
1933
$12,167,771 $12,752,354 $13,607,976 $12,135,035
11,313,973
11,982,836
12,842,056
11,406,904
$769,518
18,207
$765,920
17,637
$728,131
23,215
23
$787,724
331,586
3,853
$783,557
349,27S
2,559
$751,369
365,723
11,685
450,246
11,405
477,153
20,145
473,863
39,323
493,698
58,820
prof$80,035
$45,012
$81,466
$178,557
$853,798
13,743
Operating profit
Other income.
The outlook for the final quarter of this year is good, according to Mr.
Markin and he added that the company expected to deliver 1,000 cabs
Interest-
Stockholders on Nov.
5 approved a proposal fo amend the company's
new limited preference stock.
Tne new
charter to authorize the issuance of
company's outstanding stock and surplus,
The special stockholders' meeting was ad¬
including the stock so issued.
journed to Nov. 16.—V. 143, p. 2831.
Chesapeake & Potomac Telephone Co. of Virginia—
Would Issue $2,000,000 Stock—
The company has filed an
application with the Virginia State Corporation
$2,000,000 capital stock at par
Commission for approval of the sale of
in the
Co. or
in interest), be used in
payment of any dividends.
It represents, by its petition that such a modi¬
fication of our plan of reorganization is favorable to the interest of the
holders of the debtor's now outstanding equipment-trust obligations, which
under our plan will be exchangeable for new series B bonds; and that the
interests of class I claimants, who will receive, under our plan, new 5-year
notes of the debtor, and of creditors whose claims amount to $i ,000 and lead,*
who will receive cash payment of their claims, are not affected.
The
petitioner contends that such a modification will improve the plan as it may
affect the public interest, in that the excess earnings affected by such
modification may be used only for the general corporate purposes of the
debtor, other than the payment of dividends, thereby tending to improve
the debtor's credit, increase its cash resources, and enable it f retire its
outstanding series B bonds at an early date, with a corresponding reduction
in its fixed charges.
The petitioner also states that this modification will
result in an increase in its funds available for necessary capital expenditures,
thereby avoiding, to the extent so used, the necessity for issue of series A
bonds having a lien prior to that of the series B bonds.—V. 143, p. 2518.
Non-rec. income
stock is not to exceed 40% of the
second
Midland United Co., or their successor or successors
of $5 par.
Morris Markin, President, stated at the meeting that the management
woul continue to hold a substantial interest in the company.
Chesapeake & Ohio Ry.—New Stock Issue Approved—
thereof
preferred stock, and any remainder for any proper corporate purposes.
The debtor now requests that these provisions be modified so that the
one-half of the net earnings, above referred to, as available for payment
of dividends shall be available to the debtor for any proper corporate pur¬
stock
during the period.—V. 143, p. 2360.
in part:
been filed by the
Childs Co. (&
Checker Cab Mfg.
Oct .120, upon debtor's petition,
of reorganization.
By petition filed Oct. 8, debtor seeks a modification of our report and order
of April 16, 1936, in this proceeding, approving a plan of reorganization
for that railroad.
Assents to the modification proposed by the debtor have
2360.
Stockholders
its plan
The report of the Commission says
101,025
security
transactions
Current surplus
Total
$291
6,413
2,508
Interest
1935
$292
50,000
Reserve for taxes—_
319
receiv.-
$9,191
1936
398,878
cost
(50 shs. pref.)
Accrued
$11,935
2,743
Sept. 30
Notes
250
Treas.
$342,381
Modified—
The Interstate Commerce Commission on
modified
--—-
'
$867,541
325,854
Total income
-
Federal taxes
Deprec. &
______
amortization.
Other deductions
Net
loss.
Earns, per sh. on
shs.
—Y.
37,321
$2.41
7% pref. stock
143,
p.
Nil
Nil
Nil
749.
Co., Chicago—Bonds ^Offered—
Co., Inc., Dubuque, Iowa, recently offered
$250,000 1st mtge. 5% sinking fund bonds at 99
Climax
North
Engineering
City
Dated Oct. 1, 1936; due
Oct. 1, 1946.
payable at office of American
Principal and interest (A. & O.)
National Bank & Trust Co. of Chicago,
Financial
2994
corporate trustee, in lawful money of the United States. rRed. all or part or
through operation of sinking fund on any int. date on and after Oct. 1,
30 days' notice, at principal amount thereof and int. to redemption
if red. before Sept. 30, 1939, the premium
each year thereafter elapsed to maturity.
Coupon bonds in denom. of $1,000 and $500, registerable as to principal
only.
Sinking Fund—Company will covenant in the indenture that on Aug. 1,
1939, and on each Aug. 1 thereafter to and including Aug. 1, 1945, it will
deposit with the corporate trustee an amount in cash and (or) at the option
of the company, in bonds taken at the principal amount thereof and with
all unmatured interest coupons appertaining thereto, equal to 20% of its
net earnings (as to be defined in the indenture), for the preceding fiscal
year.
Cash so deposited is to be applied by the corporate trustee to the
purchase or redemption of bonds, and bonds so deposited are to be canceled.
Company and Business—Company was incorp. in Delaware Dec. 19, 1918.
Plant and principal place of business at Clinton, la.
Company is engaged in the manufacture and sale under the trade names
of "Blue Streak" and "Trustworthy", of internal combustion engines for
operation on gasoline, distillate, natural gas, butane and propane.
These
engines are designed for use in connection with cranes, power shovels, drag
lines, hoists, locomotives, and other machinery and for direct connection
1938,
on
date plus a premium of 4%
thereafter declining H of 1% for
to
pumps, electric generators and other equipment.
These engines are also
built into complete power units for direct or belt drive.
Company also
purchases engines from other manufacturers and equips them for special
application.
Company also manufactures small light plants, power units
and air conditioning equipment for Fairbanks, Morse & Co., w'ich are
marketed under the name of that firm.
Accessories, such as flexible coup¬
lings, gas mixing valves, and heavy duty reverse clutches for cable and
rotary drilling operations in the oil fields, are also manufactured,
Capitalization—The capitalization of he company, after giving effect to
the issuance and sale of the $190,000 of first mortgage 5% sinking fund
bonds under purchase commitment to North City Co., Inc., and to the
application of the proceeds and assuming the sale of the remaining $60,000
of bonds is shown as follows:
Authorized
Outstanding
First mortgage 5% sinking fund bonds, due
Oct. 1, 1946
$350,000
$250,000
Participating preferred stock, 4% (par $50)-- - 8,000 shares
8,000 shares
Common stock (par $1)
25,000 shares 250,000 shares
Purpose—Net proceeds of this issue are estimated at $22 ,700, after
deducting expenses to be incurred by the company in connection therewith
estimated at $4,300.
Company proposes to apply such net proceeds forth¬
with upon
receipt thereof (a) to the extent of $90,000 to the payment of
the company's 5% mortgage loan payable to the Reconstruction Finance
Corporation, (b) to the extent of $80,000 to the payment of 6% notes pay¬
able in the amount of $60,000 and $20,000, payable, respectively, to City
National Bank of Clinton, la., and City National Bank of Clinton, la.,
as trustee of the Grace H. Smith Trust; and (c) to the extent of the remaining
balance, estimated at $50,700, as an addition to the working capital of the
company, and believed to be needed in the operation of the business.
No
determination has been reached as to the purpose for which such additional
working capital will be used.—V. 143, p. 2518.
Collins & Aikman
to
on
Nov.
the regular
Colorado Fuel & Iron Corp.
Consolidated Balance Sheet
as
a
uj
on
July 1,1936
Liabilities—
Assets—
Casii
(& Subs.)—Balance Sheet—
of the Commencement of Business
banks and on hand..
Notes and accounts receiv.
Inventories
able within one year
433,637
receivable, &c
b Land,
buildings, machinery
and equipment
35,217,942
Intangible assets
1
Deferred
charges:
prepaid
327,205
taxes, insurance, &c
compensation
_
able subsequent to June 30,
1937-
Res.
$887,663
1,480,572
600,000
210,401
198,000
109,461
15,536/200
__
fixed assets—
provided at July 1, 1936.. 11,300,000
c
sufficient
to
warrant
We find that the
present and future public convenience and necessity
permit abandonment by the company of its narrow-gage line of railroad and
branches, in Douglas, Jefferson, Park, Summit, and Lake Counties, Colo.,
described in the amended application.
Our certificate will be issued with
tne provisions that it snail take effect and be in force from and after 60 days
from the date thereof, and that within that period the applicant shall sell
said line of railroad, or any portion thereof, to any person, firm, or corpora¬
tion desiring to purchase the same for continued operation, at a price
representing tne fair net salvage value thereof.
Nothing contained herein
shall be construed as authorizing any purchaser to operate the line, or any
portion thereof, in interstate commerce, without first securing a certificate
tnerefor under section 1 (18) of the Interstate Commerce Act.—V. 143,
p. 2832.
Commonwealth Edison Co.—Earnings—
1936—9 Mos.—1935
earnings..$61,316,555 $58,132,794 $82,330,504 $78,035,914
9.263,705
12,215,862
12.404,328
9.005,071
18,502,689
26,802,892
24,878,752
20,017,369
2,904,977
3,388,594
3,813,524
Maintenance.
2,490,512
Prov. for depreciation.
5,980,149
5,998,106
7,982,989
8,017,988
purchased
Operation.
Power
_
Taxes
(estimated)—
.
Federal income
Common stock
...
5,526,600
12,515,692
After
$12,812,419 $12,855,212
1,653,763
1,508,788
operations
$48,424,9761
reserves
Total
Ry.—Abandonment—
The Interstate Commerce Commission has issued a certificate permitting
abandonment by the company of a narrow-gage line of railroad, and certain
branch
lines
connecting therewith, in Douglas, Jefferson, Park Summit,
and Lake Counties, Colo.
The report of the Commission on further hearing states:
By report and order dated June 2, 1930 we denied the application of the
company for a certificate of public convenience and necessity permitting
abandonment of (1) that part of its Denver-Leadville narrow-gage line
extending southwesterly and westerly from Water ton, through Jefferson
and Douglas Counties, to Como, Park County, thence northwesterly to
Dickey, Summit County, and thence southwesterly, through Summit and
Lake Counties, to Leadvilie, a total distance of 131.67 miles; and (2)
branch lines connecting with its Denver-Leadville narrow-gage line, de¬
scribed as follows:
(a) All its 3-rail branch line in Lake County extending
southeasterly from Leadvilie to Blind Tom mine, 2.44 miles; (b) ail its
narrow-gage branch line in Summit County
extending northerly from
Dickey to Dillon and thence easterly to Keystone, a total distance of 6.84
miles; (c) all its narrow-gage branch line in Summit County extending
northwesterly from Kokomo to Wilfley's Mill, 1.1 miles; (d) all its narrowgage branch line in Park County extending southerly from Como to Garos
and thence nortwesterly, through Fairplay, to Alma, a total distance of
31.67 miles; and (e) all its narrow-gage branch line in Park County extending
southwesterly from Hil Top Jet. to Leavick, 11.33 miles.
These lines have
an aggaregate length of 185.05 miles and are all located in the State of
Colorado.
in that report are set forth pertinent facts concerning the history and
physical characteristics of the lines in question, a description of the tribu¬
tary territory, the industries served, the nature and volume of traffic handled
during the 5-year period, 1923-1927, and the financial results of operation.
In our conclusions, we said:
"The record before us, so far as it relates to existing operations, would
justify the issuance of the certificate sought.
It shows continuing losses
in large amounts for many years from the operation of the line in question.
Operations at the cost of so serious a burden upon interstate commerce can¬
not be expected to be continued indefinitely.
We must however, consider
the needs of the communities and interests served and their showing as to
future prospects of traffic for the railroad.
Although, as indicated herein,
the testimony as to those prospects is conflicting, we are sufficiently im¬
pressed with the representations of the protestants to afford an opportunity
to test their predictions.
Accordingly, we will deny the application without
prejudice to its renewal by the applicant after the expiration of 36 months
from the date hereof if it can show that the situation has not materially
improved.
"In the meantime, possible economies in operation, such as might be
effected by reducing passenger service, changing freight schedules, and
perhaps improvement of equipment, should be developed.
It is also possible
that the cooperation of the State through reduction in taxes can be secured.
The public served by the road should realize that the continuation of the
service is dependent primarily on the
traffic furnished.
If the people
desire to retain the service of the railroad they will no doubt appreciate the
necessity of providing it with sufficient traffic to enable it to live."
The company offered to donate the above-described lines, or any portion
thereof, to any local interests or communities that might wish to operate
them, together with such rolling stock used thereon as might be nescesary
for continued operation, and to allow the operator entry into Denver.
Pursuant to that offer, two corporations were formed and each filed an
application with us for authority to acquire and operate the lines in question.
The applications were denied.
309,433
1,570,733
5,216,856
1,792,275
$17'£79,301 $17,681,744
2,252,474
2,028,173
®19,709,917
8,780,015
156,836
«
Amortiz.
of
debt
disct.
n_n
...
722,379
662,559
$7,161,874 $10,471,743
541,269
and expense
$10,110,507
501,293
Consolidated net inc..
$7,442,134
Shs. outstanding at end
...
„
of period.
$48,424,976
c
Colorado & Southern
2,350,277/
1,590,316
1,607,136
6,330,8 8
2,348,825
Consol.netearnings..$14,466,183 $14,364,001 $19,83.1,776
Interest on funded debt.
6,340,495
6,564,913
8,454,009
Int. on unfunded debt..
142,283
135,920
183,644
Otherincome
1,607,093
$4.46
1,612,020
$4 62
1.607,093
$6.29
1.612.020
$6.50
Earnings for 3 Months Ended Sept. 30 (Incl. Sub.
of $148,000.
b After reserve for depletion and depre¬
Represented by 552,660 no par shares.
There
are warrants outstanding entitling the holders thereof to purchase 315,379
shares of common stock on or before Feb. 1, 1950.
(Warrant price per
share of common stock on July 1, 1936, $35.)—V. 143, p. 2832.
a
2,483,777
1,751,144
309.433
1,174,555
4,114,814
1,258,155
1,851,815
1,182,203
1,192.517
4,949,015
1,835,480
3% municipal compen
3% State public utility
3% Fed. tax on elec..
Other State & local, &c
Earnings per share
Total—
Corp.]
1936—12 Afos.—1935
$57,717,336 $81,618,972 $77,509,774
415,458
711,531
526,140
[Including Commonwealth Subsidiary
Period End. Sept. 30—
Elec. light & power rev.$60,803,004
Other oper. revs. (net)..
513.550
against
Capital surplus
ciation of $23,971,980.
continued maintenance and
its retention and that
operation thereof would impose an undue burden upon the applicant and
upon interstate commerce.
Net earns, from utility
pay¬
Res. for contingencies
Funded debt
proposed abandonment also is opposed by various local authorities, business
interests, and municipalities in the territory tributary to the line.
The application in the previous proceeding was denied in order to determinte whether or not it was possible for the line to make an improved
showing during a test period of three years.
Nearly six years have now
elapsed and the anticipated improvement has failed to materialize.
It as
been clearly demonstrated that the line cannot be operated successfully
with its present equipment.
The record is not convincing that success
could be achieved if the applicant would discard its old equipment, in whole
or in part, and replace it with new and heavier locomotives/motor cars, &c.,
as suggested by the protestants.
The initial cost of heavier equipment and
the cost to strengthen the line for its use would be ecxessive in view of the
traffic possibilities of tne territory served.
Whetner the new methods of
operation suggested by the protestants would result in the elimination of
truck competition to any great extent, is a matter of conjecture.
The
undertaking would be largely experimental and, if it proved unsuccessful,
the sums expended would be an economic waste.
Tne record clearly shows
that neither the present nor prospective volume of traffic on the line is
60,387
Res. for reorganization exps.
Res. for Fed. inc. taxes
Accident
1936
7,
Aug. 16, 1935, the company filed a petition seeking (a) to reopen the
case; (b) to amend its application in the previous proceeding by exlcuding
therefrom its request for permission to abandon the western portion of its
Denver-Leadville line between Leadvilie and Climax, 14.83 miles; and
(c) to renew the application as amended.
The aggregate length of the
lines now sought to be abandoned is 170.22 miles.
The offer to donate the
lines and rolling stock, above mentioned, is now withdrawn.
The petition
was granted and a further hearing was held at which the Attorney General
and the Assistant Attorny General of Colorado entered appearances in
opposition to the applicant's proposal on behalf of the protestants, the State
of Colorado, and the Public Utilties Commission of that State.
The
On
.
$5,451,005 Accounts payable—trade
2,782,072 Accrued liabilities.
4,213,114 Accident compensation pay¬
Long-term notes and accounts
Nov.
Total gross
Corp.—$1 Extra Dividend—
5 declared an extra dividend of $1 per share in
quarterly dividend of 50 cents per share on the
common stock, no par value, both payable Dec.
1 to holders of record
Nov. 19. Similar payments were made on Sept. 1, last.—V. 143, p. 2518.
The directors
addition
Chronicle
Co.)
1936
Other operating revenues (net)
Operation
1,037,915
2,000,090
797,414
Maintenance
1,997,172
Provision for depreciation
Taxes (estimated)—
655,972
562,356
309,433
364,609
1,400,388
288,046
$4,036,583
$3,462,725
610,178
382,313
3% municipal compensation.
3% State public utility
387,442
3% Federal tax on electricity
Other State and local, &c
1,659,511
Federal income
Net earnings from utility operations
355,651
unfunded debt
-
Amortization of debt discount and expense
Consolidated net income
Shares outstanding at end of period
Earnings per share
...
$3,988.687
40,296
180,422
Consolidated net earnings
Interest on funded debt
525,961
$4,392,234
2,113,467
Otherincome.
on
1935_o
$20,162,805 $18,658,939
3,123,947
2,859,983
6,109,428
6,776,232
Total gross earnings
Power purchased
Interest
■
$19,944,739 $18,525,638
218,065
133,301
Electric light and power revenue
44,889
175,454
$2,058,048
1,612,020
$1.28
$1,631,694
1,607,093
$1.02
2,136,648
Note—The above income account for the quarter ended Sept.
30, 1935,
and those for the 9-and
12-month periods ended Sept. 30, 1936 and 1935,
been restated to include the allocation of adjustments affecting the years
1936, 1935 and 1934.
The amount accrued for the Federal surtax upon
estimated undistributed profits for 1936, applicable to the periods shown
herein, has been calculated
on the basis of the present rate of dividend dis¬
The amount of accrual for surtax may, however, for the
1936 periods now reported, be materially changed depending upon fluctuat¬
bursement.
ing factors during the remaining three months of 1936.
This tax became
effective Jan. 1, 1936, under the "Revenue Act of 1936" which was passed
by Congress in June of this year.
The income
accounts
are
subject to further change if subsequent in¬
143, p. 2361.
formation necessitates revisions.—Y.
Community Power & Light Co. (& Subs.)—Earnings—
Period End. Sept. 30—
Operating
Operation
revenues
Maintenance
Taxes
Net oper. revenues
Retirement accruals
Int. & amortization, &c_
Net income
143,
p.
1936—12 Mos.—1935
$3,707,731
$3,993,757
1,933,702
1,885,201
200,437
201,028
369,738
341,212
242
$120,300
2,661
$1,489,879
18,571
$1,280,289
17,881
$159,608
29,461
70,696
$122,961
25,341
71,409
$1,508,450
304,768
843,893
$1,298,171
276,624
849,428
$59,449
Non-operating inc.—Net
-V.
1936—Month—1935
$384,970
$325,135
170,248
161,177
19,001
16,481
36,355
27,176
$26,210
$359,788
$172,118
$159,365
2204.
Compressed
proved—
Industrial
Gases,
Inc.—Application Ap¬
The Chicago Stock Exchange has approved the application of the com¬
pany to list 3,268 additional shares of capital stock, no par.—V. 143, p.
2046, 1871.
Volume
Financial
143
Community Telephone Co. (& Subs.)—Earnings—
30, 1936
Consolidated Income Account for the Six Months Ended June
$427,234
Gross earnings
Chronicle
i
Maintenance
58,416
28,727
7,411
Federal income taxes
120,362
82,815
7,645
See x
Net earnings
Subsidiary companies—Interest on funded debt
Other deductions (net)
Community Telephone Co.—Interest on funded debt
Amortization of debt discount and expense
5,761
y$24.140
Balance of income:
x Cumulative
interest on the series A debentures of the Community
Telephone Co., at the rate of 5% per annum in accordance with the pro¬
visions of the additional
on
this
indenture, dated
June
15,
y This balance of income of $24,140
for increased taxes for 1936.—V. 138, p. 860.
Connecticut
Gross
$6,347,353 $22,314,216
6,006,365
21,146,147
Operating profit
Relinquish
Lighting
Company
Properties—See Connecticut Ry. & Lighting Co. below.
—V. 143, p. 2824.
income..
Interest
on 5% secured
notes, &c
Depreciation
Depletion
Subsidiaries
Federal income
taxes, &c
bonds are payable only to extent earned
during each six months period
upto June 30, 1938; otherwise at or before maturity of bonds.
On Oct. 1,
1936, $85,782 was paid on these bonds which represented a payment of
17c for the six months ended June 30,1936.
Note—No provision has been made in respect of Federal income taxes
14,7o4,344
Federal taxes, &c
142, p. 1462.
prop'ties
Shares
capital
$315,391
92,414
before depreciation and Federal income taxes.i
Depreciation
'
31,294
Federal income taxes
Net profit
per
(no
$191,682
-
share
par)
on
240,000 shares $1.50 cum. partic. class A
$0.80
Note—Subject
contingent
1^3, p. 2833.
to
net income.—V.
Federal surtax accrued on undistributed
jjome
Consolidated Diversified Standard Securities, Ltd.—
Dividend Increased—
cents per share on the
value, payable Dec. 15 to
with dividends of 25 cents per
The directors have declared a dividend of 37 34
holders of record
share previously
Dec.
This compares
1.
Film
Industries,
from
Due
of
Wolcott at "Wilmington,
Del., on Oct. 31 issued an order
,
.
Consolidated
Gas
Electric
Light
&
Power
Co.
of
Period End. Sept. 30—
Miscell. oper. rev
Retirement expense
Taxes
940,176
$7,181,164 $32,638,925 $30,271,379
3,761,622 bl7,181,161
15,415,574
577,633
2,486,320
2,437,680
869,113
4,145,192
3,635,911
$1,839,643
90,053
$1,972,794
57,540
$8,826,250
372,885
138,231
$2,030,334
736,719
$9,199,135
$9,079,693
2,730,476
2,979.314
$1,248,847
278,828
1,050,657
$1,293,615
285,781
1,050,657
$6,468,659
1,115,315
4,202,629
$6,100,379
1,155,897
4,202,629
205,069
Res. for insur., an¬
nuities & cont.. 4,456,707
3,795,209
Paid-in surplus.-.47,581,334 47,002,146
Earned surplus... 12,678,839
7,450,545
186,656
833,411
and
8 ,733,056
7,908,892
debits,
922,281
621,050
538,686
charges
586,931
98.919,062 89,735,9981
Total....
After
x
y
Total
98,919,062 89,735,998
depreciation, depletion and intangible development
z Including shares held in treasury.—V. 143, p. 1872.
Par $5.
Crescent Public Service Co.
1936
1935
$1,732,306
14,761
Operation
Maintenance
-
Income deductions
Net corporate income
Long term debt
Unfunded debt
preferred shares
Amortization of debt discount & expense
Int. on coll. trust 6% bonds, series A
$1,561,002
912,546
105,431
12,302
139,815
10,310
$499.899
165,298
6,241
43,944
13,570
2,363
Gross revenue
$1,553,160
$1,747,067
946,597
116,688
12,458
162,523
8,900
Non-operating revenue
on
costs,
(& Subs.)—Earnings—
9 Months Ended Sept. 30—
Total operating revenue
$380,595
166,058
5,592
44,694
13,613
5,010
on coll. trust 6% income bonds, series B com¬
puted in accordance with formula in indent
7,842
Int.
Net
income
prov.
No
x
Gross income
Fixed charges
2.07M66
328,349
Prepaid & deferred
$8,782,213
297,480
$1,929,697
680,850
Operating income
Non-operating income--
PJQQ
credits..
rec.
invest,
Dividends
$7,508,671
b4,161,198
567,652
Total operat. rev
Operating expenses
4Q
1
liabilities! 2,5261205
3,913,805
Taxes
1936—3 Mos.—1935
1936—12 Mos.—1935
$5,210,532a$22,485,899 $20,396,473
1,814,431
9,087,077
8,874,980
55,832
767,391
687,552
77,660
100,367
298,557
312,372
salesa$5,522,487
Revenue from gas sales.
1,849,613
Rev. from steam sales._
58,910
Revenue from elec.
fpurr
Depletion
Wholly Owned Subs.)—Earnings—
Baltimore (&
19,740,598
595,957
184,042
advances..-
preferred stocknolder. The bill alleges 150,000 of the issued 524.973 shares
of common stock areowned by Setay Corp., which, it is alleged, is controlled
by Herbert J. Yates, President of Consolidated. Mr. Yates and directors
interested in common stock and, the bill charges,
the purported amendment was proposed by the directors to improve the
position of common stockholders at the expense of preferred holders.—
—V. 143, p. 2833.
controlled
to
pns
Deferred
3,374,355
to controlled cos.
a
of Consolidated largely are
$
Minority interest-
&c
restraining the company from filing with the Secretary of State any certifi¬
cate of amendment purported to have been adopted recently by eitner the
directors or stockholders.
He also issued a rule on the company and its
officers to appear Nov. 13 to show cause why a preliminary injunction
should not be granted.
The action was taken on a bill filed by Norman Johnson of New York,
Due
Invest. & advances
Unadjust.
1935
Capital
stock.z23,692,966z23,692,966
Accounts payable. 5,125,684
4,342,983
Dividend payable. 2,341,207
1,170,614
crude
Notes & accts.
1936
Liabilities—
y
99,116
oil, &c
20 ,438,235
Mat'ls & supplies615,053
by
Court—
Chancellor
$5,568,802
undistributed profits.
Accrued
(non-curr.)
Set
I
con¬
trolled cos.(curr)
Other
Inc.—Hearing
S
Property accts.-43 ,912,421 40,229,547
Cash.
13 ,054,220 10,535,727
Ccfs. of deposit
450,000
200,000
U. S. Govt, securs.
20,000
20,000
Notes & accts. rec. 5 ,744,184
5,196,835
par
distributed each six months.—V. 135, p. 3171.
Consolidated
on
|
$
Assets—
1935
x
Other curr. assets-
no
4,682,625
1936
Invent,
$2.50 non-cumulative preferred stock,
$8,083,624
4,682,668
Consolidated Balance Sheet Sept. 30
Net profit,
stock
$2,435,106
4,682,625
4,682,668
$0.79
$0.52
$1.72
$1.19
treasury,
Kettleman
y Increase in
equity in xxon
Association resulting from readjustment of ownership.
Earnings for 3 Months Ended Sept. 30, 1936
Earns,
-
stock
Note—No deduction made for surtax
Inc. (& Subs.)—
■
$3,727,357
outstanding (par $5)—
Earnings per share
x
Excluding shares in
North
—
Cr697.754
Net income..
x
River Power Co.—Listing—
sale of
1,171,257
$5,109,036 $16,994,612 $12,171,802
1,523,227
6,240,736
3,019,104
170,495
487.730
606,619
959,638
2,866,429
2,894,726
15,727
698,962
73,577
4,843
8,487
8,974
76,0J7
Crl ,315,260
_
Minority interest
y Special credit
on
1,368,590
$4,586,966 $15,685,577 $10,984,199
522,070
1,309,035
1,187,603
6,492,010
1,962,247
168,465
971,054
356,428
4,211
Intangible develop, costs
Depletion & lease amortDepreciation
Profit
394,730
1,965,379
526,630
Total income
The New York Stock Exchange has authorized the listing of $20,300,000
first mortgage bonds, series A, sinking fund, 3M%. due Feb. 15, 1961.
1936—9 Mos.—1935
$56,2/7,532 $53,143,765
39,223,365
40,988,309
15,558,308
484,142
I
Operating profit.
Bonds Called—
City of New York, successor trustee,
% 50-year gold bonds
Gas Improvement Co.
that $162,000 principal amount of these bonds are called for purchase on
Jan. 1, 1937, for purposes of the sinking fund, at 105 and accrued interest.
Bonds should be presented for payment any time after that date before
Jan. 2, 1954, at the Chase National Bank, corporate trust department,
11 Broad St., New York.—V. 143, p. 1395.
Subs.)—Earnings—
$$0,540,004
New Britain.
The Chase National Bank of the
2205.
p.
Period End. Sept. 30—
1936—3 Mos—1935
Gross income
$21,203,866
Other income.
is notifying holders of first and refunding mortgage 4
endorsed with a gurantee of interest by the United
143,
Continental Oil Co. (Del.) (&
Costs and expenses
Taxes
the New
affected
constitutes approximately 30% of the Connecticut Co.'s present system
and includes the lines in Norwa
Norwalk, Bridgeport, Waterbury, Cheshire and
Chemical Industries,
$91,936
No provision made for interest on
company's 25-year 5% sinking fund
which was charged to profit and loss account.
Interest on these
x
District Court at New Haven in the reorganization proceedings of
Haven Railroad System and the Connecticut Co.
The property
Consolidated
$1,198,208
147,166
792,937
143,086
23,083
Profit-..
x
Co.—To Operate Own Lines
Company will take over on Nov. 16 and thereafter operate its own
property, now being operated as part of the Connecticut Co. System,
according to orders signed Oct. 29 by Judge Carroll C. Hincks of the U. S.
—V.
$1,168,069
30,139
$347,561
47,714
262,698
49,358
Crl2,788
——
—
and surtax of parent
company.—V.
Connecticut
$340,988
6,573
$579
Other income.
Total
9 Months
3 Months
income.-
Expenses, ordinary taxes, &c
bonds
Co.—To
Connecticut Ry. & Lighting
^
Consolidation Coal Co., Inc. (& Subs.)—Earnings—
been
has not
/unmr\omr
-tr
the offer openly to the company.
Period Ended Sept. 30, 1936—
_
1934, is not reflected
statement,
adjusted
f°r representat*on
°4172
51,202
Depreciation
State, local, &c., taxes
i.
j
nnon
p
161,115
Operation
2995
posal, which has the support of the independent bondholders committee,
Isidore Kresel, counsel for the corporation, said that the proper procedure
' wuuoci iui
vuc tui pui duionr bdiu tudt i/iitj piuytji
rADrAflflBtn tiDP
nf thn /vfTxvr*
1
tn thn
—.y
142#
after
Fed. income tax but
75,026
20.
54^
before
for renewals & replace, (deprec.)
$193,455
x$125,086
provision for Federal income tax is included in the figures for 1935.
Note—It is the policy of subsidiary companies
to make appropriations
renewals and replacements (depreciation) at the end of
therefore the above statement for the first 9 months of
1936 and 1935 show results before deducting such appropriations.
to the reserve for
each calendar year;
Net income
—.
Preferred dividends.___
Common
dividends
Consolidated Balance Sheet
Sept. 30*36 Dec. 31 '35
Balance
-
Earn, per sh. of com. stk.
c$80.638
$0.83
c$42,823
$0.86
$1,150,714
$4.59
$4.24
beginning in July, were lowered by rate reductions made
during 1936. b Pursuant to the company's practice, operating expenses
have been adjusted to equalize the costs of power on basis of average river
flow of the Susquehanna River.
The flow was subnormal for this period.
These
adjustments are made through "Hydro-Equalization" account,
established as of January, 1931.
c Excess of common dividends for three
months over balance available therefor from third quarter's operations.
—V. 143, p. 2204.
a
Revenues,
Consolidated Paper Co.—Extra Dividend—
declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of 25 cents per share on the common
stock, par $10, both payable Dec. 1 to holders of record Nov. 20.—V. 142,
The directors have
p.
949.
Consolidated Steel Corp.—To Pay 60-Cent Pref. Div.—
The directors have declared a dividend of 60 cents per share on account
of accumulations on the $1.75 cumulative preferred stock, payable Nov. 20
to holders of record Nov. 5.
A like payment was made on Aug. 15, last,
this latter being the first payment made since January, 1931.—V. 143,
p.
Plant,
Special deposits
9,973,977
3,732
9,845,989
Accounts payable-
104,494
5,794
Consumers'deps..
9,693
204,081
12,868
252,609
12,005
221,056
Taxes.
xl6,988
Miscell.
Investments
Cash
Accts. receivable--
Acer.
254,097
interest..
supplies-
Prepayments
bonds.
49,104
84"518
8,454
1,607,685
1,583,703
Interest
on
485
73,127
Reserves
27,747
Consumers'
75
refundable
"
99,530
Service & ins. dep.
6~509
Deferred liabilities
2,797
Unrealized
Pref. stk.
Unamort. debt dis¬
count & expense
—
253,058
Total
x
267,731
3,048
10,895
619
219,811
219,811
(sub.co.) 1,068,760
294,950
1,092,520
60,610
497,438
.10,829,080
10,734,637
profit.
Common stock
60,610
Deficit
"""309
—10,829.080 10,734,6371
16,496
deps.
Cash in closed bk.
Leasehold impts..
"""16$
101,252
6,904
Miscell. liabilities-
769
90,725
Misc. curr. assets-
98
,105,195
Unred'med coup's.
24,446
int. recelv..
Suspense
7,894,300
78,615
88,019
Notes receivable..
Mat'ls &
$
Long-term debt... 7,794,000
property &
equipment
Total.
Includes warrants.—V. 143, p. 918.
Crown Cork & Seal Co., Inc.—Files with SEC—
Nov. 2 filed with the Securities and Exchange Com¬
registration statement (No. 2-2598, Form A 2) under the Securi¬
917.
Consolidated Textile Corp.—Hearing Adjourned—
Federal Judge Henry W. Goddard adjourned on Oct. 29 the hearing in
reorganization proceedings for the corporation until Nov. 12.
In a short
session the Court was advised of a recent offer of $500,000 as an advance
for financing pin-poses by an unidentified banker of the reorganization pro¬
Sept. 30*36 Dec. 31 '35
Liabilities—
Assets—
$741,852
The company on
mission a
ties Act of 1933 covering
of
106,717 shares of
no par
value
common
stock.
The company will offer the stock to its co.nmon stockholders in the ratio
one share for each four shares held.
The price at which the stock will
be offered to stockholders and the record date are to be furnished by amend-
Financial
2996
Chronicle
Nov. 7.
interest,
yiWftWit,
Inquiries Solicited in
Light & Railroad Co.
have declared
accumulations on the 8% cum.
to holders of record Nov.
DEPARTMENT
Dictograph Products, Inc.— To Appeal Patent Decision—
Eastman, Dillon 6 Co.
MEMBERS NEW
Broad
15
The company will appeal the decision in
U. S. Court, Brooklyn, by Judge
Moscowitz, holding the basic patent} issued July 23, 1929, of the electric
razor manufactured by Schick
Dry Shaver, Inc., valid and infringed by
YORK STOCK EXCHANGE
New York
Street
10.
dividend of $2 per share on account'of
debenture stock, par $100, payable Nov. 16
Similar distributions were made on Nov. 2,
a
Aug. 1, May 1, March 5 and Feb. 1, last, in each of the eight quarters
preceding Feb. 1 and on Jan. 4, 1934, while on Feb. 1, 1933, the company
paid $4 per share.
The last previous regular quarterly dividend of $2
per share was paid on Feb. 1, 1932.
Arrearages after the current dividend
will amount to $4 per share.—V. 143, p. 2675.
(New York State Electric & Gas Corp. System)
1st Cons. 5s Sept. 1956
(Non-Callable)
TRADING
m
Mfg. Co.—$2 Preferred Dividend—
Dennison
The directors
Elmira Water
II 11
i#"1
:
1936
with reorganization pro¬
will be determined, inlconnection
ceedings.—V. 143, p. 2206.,
and
competing product of Dictograph
the
Products Co., Inc., known as the
Packard Lektro Shaver.
Y. 1-752
A. T. & T. Teletype N.
All stock not subscribed for by stockholders will be sold to under¬
writers, it is stated.
•
According to the prospectus, if the holders of all outstanding $2.25
cumulative preferred stock with warrants for the purchase of common
stock attached exercise these warrants and become common stockholders on
or before the record date, there will be outstanding, exclusive of treasury
ment.
stock, and a maximum
106,717 shares of no par value common stock will be offered for sub¬
scription.
The number of shares of common stock outstanding on the
record date and the exact number of shares of common stock which will be
offered for subscription will be determined by the extent to which holders
stock, 426,869 2-5 shares of no par value common
of
of the warrants have exercised their right to
purchase common stock and
Dictograph based its defense on the contention that the Schick patent
was invalid.
A master will be appointed to determine damages.
The opinion stated that gross sales of Schick electric razors from 1931 to
date have been $6,000,000.
Dictograph's razor first appeared on the
market in December, 1935. —Y. 143, p. 2835.
Dictaphone Corp.—Larger Dividend—
The directors have declared a dividend of $2.25 per share on the common
stock, no par, payable Dec. 1 to holders of record Nov. 13.
This compares
with $1 paid on Sept. 1 and June 1, last; 75 cents paid on March 2, last;
$1.50 paid on Dec. 2, 1935; 75 cents on Sept. 3, 1935; 50 cents on June 1,
1935; 25 cents on March 1, 1935; $1 on Dec. 1, 1934; 50 cents on Sept.
June 21, 1934, and 25 cents per share paid on Arpil 21,1934; Dec. 21,
and March 1,1932.—V. 143, p. 1875.
1 and
1933.
become stockholders of record.
from the sale of the stock, according to the prospectus,
of the property of
The proceeds
Dominguez Oil Fields Co.—Extra Dividend—
will be used for the further development and completion
Crown Can Co., a wholly owned subsidiary, organized by the company for
the manufacture of cans and metal containers, for the expansion of this
other lines of the company's business and to reimburse the treasury
expenditures made for these and other purposes.
Webber & Co. is expected to be one of the underwriters, it is
and
for
Paine,
stated in the prospectus.
Income Account 9 Months Ended Sept. 30
al936
—---
bl935
$8,743,261
9,609,350
6,546,779
$2,917,205
Cost and expenses
$2,196,482
—
Operating profit.
Interest and amortization
.
174,673
212,127
Depreciation.---
409,672
370,966
Federal income taxes
314,724
223,887
1,550
21,183
——c$2,016,586
293,631
277,978
$1,324,390
$796,710
373,594
370,619
$4.54
$2.90
(net)
—
Net profit
Preferred dividends
dividends
Common
Surplus-..
—
Shares common stock (no par)
Earnings per share
from sale of
entire investment in Detroit Gasket & Mfg. Co. which was consummated
after Jan. 1,1936.
b Does not include Detroit Gasket & Mfg. Co.
c No
provision made for Federal surtax on undistributed profits.
a
Does not include net profit of approximately $1,728,000
Nov. 13 will vote on a proposed
stock from 440,487 shares to 600,000
The stockholders at a special meeting on
increase in the authorized common
143,
p.
—V. 140, p.
2205.
a dividend of 50 cents per share on the
value, payable Dec. 7 to holders of record Nov. 20.
25 cents per
incl. June 6,
1936.
In addition an extra dividend of 50 cents per share was paid on
Dec. 6, 1935—V. 143, p. 2205.
The
directors
stock,
have
2182.
Duquesne Light Co.—Earnings—
1935
1936
Year Ended Sept. 30—
Operating revenues
Oper. exps., maintenance and all taxes..
i
—$26,868,568 $25,592,935
11,458,158
10,543,574
—
(before approp. for retire, reserve) $15,410,410 $15,049,361
895,905
878,789
Net oper. rev.
Other income (net)
Net operating revenue and other income.i. .—$16,306,316 $15,928,150
2,149,485
2,047,435
Appropriation for retirement reserve
$14,156,830 $13,880,715
178,379
176,575
income
Gross
Rents for lease of electric properties
(net)
Interest charges
3,025,730
2,458,392
:—
Amortization of debt discount and expense.—
316,317
194,152
Appropriation for special reserve
Other income deductions
500,000
375,000
76,570
102,820
-$10,627,170 $10,006,437
Net income
—V. 143, p. 2365.
Durham Hosiery
Mills—Accumulated Dividend—
to holders of record
Cuba RR.—Listing
of Certificates of Deposit—
of certificates
of deposit representing $4,000,000 first lien and refunding mortgage gold
bonds series A 7M% due 1936, and certificates of deposit representing
$1,376,000 first lien and refunding mortgage gold bonds series B 6%
Oct. 31.
June 1, 1934; $1 was paid on March
Feb. 21, 1933.—V. 143, p. 1227.
Eastern
declared
no par
A like payment was made on Sept. 8, last, and compares with
share distributed each three months from Sept. 6, 1934, to and
preferred stock, par $100, payable Nov. 16
Similar dividends were paid on Sept. 1 and
1, 1934 and 50 cents on Nov. 20 and
of accumulations on the 6% cum.
50-Cent Dividend—
common
share on the
value, payable Nov. 30 to holders of record Nov. 20.
paid on April 1, 1935 and an extra of 25
The directors have declared a dividend of 50 cents per share on account
To Increase Stock—
shares.—-V.
no par
cents per share was distributed on Dec. 1, 1934 and on Dec. 1, 1932.
The
regular monthly dividend of 25 cents per share was paid on Oct. 31 last
$1,368,319
320,907
371,289
Other expenses
stock,
An extra dividend of 10 cents was
(Incl. Subs.)
$12,526,555
Net sales
The directors have declared an extra dividend of $1.50 per
common
Rolling Mill Co.—Earnings1936—9 Mos—1935
1936—3 Mos.—1935
Period End. Sept. 30—
Operating profit
—
Depreciation
$36,572
23,379
$104,221 loss$107,076
67,271
68,347
$13,193
Net profit
loss$45,567
23,193
loss$68,761
$36,949 loss$l75,424
Net profit for 12 months ended Sept. 30, 1936 was $50,142,
ing provision for depreciation of $90,650.—V. 143, p. 919.
after deduct¬
The New York Stock Exchange has authorized the listing
due 1936.
Oct. 15, 1936
adopted resolutions approving a plan embodied in an agreement dated
Oct. 19, 1936, between the company, National City Bank, New York and
such holders of the company's first lien & refunding mortgage gold bonds
series A 7M% due 1936 and series B 6% due 1936, as may become parties
thereto, providing for the extension of the payment of the principal of the
series A and series B bonds, maturing on Dec. 1, 1936 until Dec. 1, 1946.
The directors of the company at a special meeting held on
For further details see V.
143,
p.
Eastern
revenue
expense
Other income
Other expense
taxes
com.
stock,
no par.
Earnings per share
Ebasco Services,
1936—9 Mos.—1935
$732,655 x$5,239,059
1,790,630
1,790,466
Nil
$0.39
$4,505,951
1,790,630
Nil
Preferred Dividend—
have declared a dividend of $1.75 per share on account
of accumulations on the 7% cum. pref. stock, par $100, payable Dec. 15
to holders of record Nov. 13.
A similar distribution was made on Oct. 1,
The directors
last, and in each of the eight preceding quarters and compares with $1.25
paid on July 2, 1934, 75 cents per share on April 2, 1934, and 50
share on'Jan. 23, 1934.
Accruals on the pref. stock after the current dividend will amount to
$8 per share.—V. 143, p. 918.
week ended
Edison Brothers Stores,
12,937,000
Inc.—Sales—
1935
1936
of—
$874,140
1,051,674
June
—
July
AugustSeptember
-
October
The
company
90 in the
same
-
-
had
month
101
inc.
after
all
991867
1,130,346
1,699,201
2,055,013
1,606,256
in operation in October, 1936, against
ago.—V. 143, p. 2520.
El Paso Natural Gas Co.
Sept. 30—
operating revenue
1,829,871
1,485,785
1,409,817
stores
a year
Per. End.
1,368,964
1,211,919
1,375.877
2,086,971
—
2,124,966
1,968.054
1,725,817
-
-
$733,092
867,050
1,603,565
March
April
May
Gross
14.8
21.8
20.4
(& Subs.)- —Earnings—
1936—3 Mos.—1935
$443,268
$679,499
1936—9 Mos.—1935
$2,222,238
$1,647,702
chgs.
incl. int., amort.. prov.
for retire. & est. Fed.
176,727
taxes
5,717
613,982
266,906
151,282
defl 1,679
551,196
214,422
Bal.
1718.
Rio Grande Western
63,467,000
%
14,125,000
9,241,000
January-February
1936—9 Mos.—1935
1936—3 Mos—1935
95.253,000
42,429.000
51,670,000
National Power & Light Co. 76,404.000
—V. 143, p. 2835.
Month
Amount
1935
1936
109.378,000
Elec. Power &Lt. Corp
after pref. div. re¬
quirements
int., taxes, &c_
x$440,312
$35,001 x$l,262,132 Ioss$296,607
x Before provision for possible Federal surtax on undistributed income.
RR.—Hearing Put Off
to Dec. 14—
the hearings before the Interstate Commerce Com¬
on reorganization of the road were brought to a close Oct.
23
conclusion of the direct testimony of the debtor's witnesses in support
of the proposed plan of reorganization filed by the management.
Trial Examiner Boyden announced a recess of hearings until Dec. 14,
at which time opportunity will be given counsel for the intervenors to
The first phase of
mission
upon
cross-examine witnesses.
Net income for the 12 months ended Sept.
of
$45,500 as part of the company's
Electrolux
Nov. 23, when
according to their claims
refinancing plan.—V. 143, p. 2677.
Corp.—Extra Dividend—
The directors have declared an extra
dividend of 30 cents per share
in
to the regular quarterly dividend of 40 cents per share on the
stock, both payable Dec. 15 to holders of record Nov. 14. Extra
dividends of 10 cents per share were paid on Sept. 15 and June 15, last.
addition
Hearing Set for Nov. 23—
30,1936, amounted to $766,119
compared with $454,696 for the 12 months ended Sept
30, 1935.
After
preferred dividend requirements, the
company reported
balances of
$685,838 and $383,016, respectively, for the two 12 months periods.
Gross
operating revenue for the 12 months ended Sept. 30, 1936, was $2,901,745.
against $2,287,512 a year ago.
Figures for the nine months and 12 months periods ended Sept. 30, 1936,
do not include dividend received from Eddy County Gas Co. in the amount
common
Federal Judge Wilson McCarthy has set a hearing for
division of creditors and stockholders of the road,
Inc.—Weekly Input—
Operating Subs, of—
Net
Net profit after deprec.,
Court
$728,4ft
Oct. 29,
Amer. Power & Lt. Co
Curtiss-Wright Corp. (& Subs.)—Earnings—
Denver &
$982,104
1936, the kilowatt-hour system input of
which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp., and National Power & Light Co., as
compared with the corresponding week during 1935, was as follows:
per share
cents per
—V. 143, p.
10,441
465,841
■■■■■—XtlCTCdSB"""
x$l,131,188
1,790,466
Nil
x No
provision has been made for Federal surtaxes on undistributed
profits.
Commenting on the report, the company announced: "Under the system
of reporting now requested by the Securities and Exchange Commission,
dividends paid to a company on any of its stock owned by it and held as an
investment should not be reported under the head of earnings.
On that
basis the net earnings of the Curtis Publishing Co. for the nine months
ended Sept. 30, 1936, after deduction for depreciation and for Federal,
State and local
taxes were $5,059,358.
Under the system heretofore
followed, net earnings for the nine months, including such dividends re¬
ceived, were $5,239,059, compared with $4,505,951 reported for the cor¬
responding period of 1935."
Period End. Sept. 30—
11,433
462,520
*
the operating companies
Net profit after deprec.,
and Fed., State & local
Shs.
1936—9 Mos.—1935
$8,368,641
$7,946,123
6,935,450
6,762,246
$226,896
$175,495
Net income
For the
1936—3 Mos.—1935
1936—Month—1935
$1,056,000
$1,014,328
834,014
741,027
914
1,295
47,405
47.700
-V. 143, p. 2520.
2673.
Curtis Publishing Co.—Earnings—
Period End. Sept. 30—
Steamship Lines, Inc. (& Subs.)—Earnings—
Period End. Sept. 30—
Operating
Operating
—V.
143, p. 2836.
Volume
Financial
143
Engineers Public Service Co. (& Subs.)
Period End. Sept. 30—
1936—Mo nth—1935
Gross earnings
$4,211,124
$3,814,725
Operation
1,675,478
250,928
501,065
Maintenances
Texas
Balance
1,516,710
227,017
458,073
41,399
Interest & amortization.
-12 Mos.—1935
$1,825,052
672,570
$47,660,538 $44,615,385
19,522.670
18,373,741
2.758,029
2,640,848
5,159,679
5.397,607
$18,829,893
8,328,554
$1,665,135 3520,854,843
8.166,304
706,314
controversial issues of material amount not otherwise provided for.
There is litigation threatened or pending not provided for in the balance
sheet, because the ultimate liability, if any, is not susceptible of present
determination.
Note—Engineers Public Service Co. has outstanding common stock
purchase warrants, which were originally issued attached to certificates
for the $5.50 cumulative, dividend preferred stock, to purchase 196,934
shares of common stock at $68 per share on or before Nov. 1, 1938; and
158,000 shares of $5 (cumulative) dividend convertible preferred stock
convertible at option of holders up to June 30, 1938 into one and one-half
shares of common stock for each share of preferred.—V. 143, p. 2677.
any
$1,612,924 3520,220,158 $18,203,187
626,706
634,684
52,211
$1,783,652
Inc. from other sources.
by the companies involved.
The returns of subsequent years which have
not been examined
by the Treasury Department are not believed to contain
-Earnings—
1936
Balance
$1,152,482
$958,821 $12,688,538 $10,501,339
Appropriations for retirement reserve
5,254,974
5,025,008
Dividends on preferred stocks, declared
2,525,778
2,227,274
Cumulative preferred divs. earneu but not declared
1,461,841
830,278
Amount applicable to minority interests
14,637
5,969
Eisler Electric Corp .—Earnings—
9 Months Ended Sept.
Net sales
The
$3,431,306
1.358,191
earned.
common
dividend
Comparative Income Statement 12 Months Enaed^Sept. 30
B311936
Revenues from
Subsidiary Companies—
Interest—miscellaneous
cent dividend
48
will
be distributed
after
the
common
stock
$2,600,554
$1,121,753
134,958
a64,925
1,772
110,392
44.336
3,616
$2,398,897
2,323,537
Total gross revenues
$963,407
2,323,537
Taxes
Interest
paid
on
was
has
been
the 37
June 14, 1930.
Ready Co. (Great Britain), Ltd.—Interim Divs.—
The directors
------
87,988
870.427
Expenses.
Ever
Ll 71,912
87,735
x2,329,782
Dividends—common
Sept. 30. 1936
have
declared
interim
the half-year ended
dividends for
follows:
as
.
10% per annum on the preference stock and 15% actual on the ordinary
stock both payable Dec. I to holders of record Nov. 12.
An interim dividend of
10% was paid on the ordinary shares a year ago.—
V. 136. p. 4277.
Fairchild Aviation Corp.—To Be Added to List—
The New York Curb Exchange will list 52,360 additional shares of com¬
Balance for dividends and surplus
Preferred dividend requirements
i-Tx
Includes $972,548 declared by a subsidiary company in Nov., 1935,
the only declaration on tae common stock of that subsidiary for the entire
year 1935; also includes $1,111,484 declared by the same company through
Sept., 1936.
Note—In 1936, two dividends on preferred stock have been declared
payable
dividend
on the New York Curb Exchange.
The last previous disbursement made on the common stock
[$91,425
$128,000
54,988
Dividends—preferred
$4,647,074,
current
a cash dividend of five cents per share on the
stock, payable Dec. 20 to holders of record Dec. 10 and a stock
of 3% payable in common stock to holders of record Dec. 10.
The stock
1935 J
*
,
Interest—income notes
Interest—time notes
aggregating
total
effectively listea
only]
company
balance sheet at Sept. 30, 1936, shows
$712,476 and current liabilities of $187,411.
company's
1935
$593,735
40,744
The directors have declared
Cumulative pref. divs. of certain subs, cos., not
[Parent
1936
$788,892
87,730
To Resume Common, Dividends—
$2,412,808
422.962
30—
Net income before prov. for Federal income taxes..
assets of
Balance applic. to Eng. P. S. Co., before allow¬
ing for unearned cumulative pref. divs. of
certain subsidiary companies
2997
Chronicle
of
out
earned surplus, on
(1935, none.)
account
of
cumulative dividends accrued and in arrears.
mon
stock, $1
par, upon
notice of issuance.—V. 143, p. 2678.
Fajardo Sugar Co.—Annual Report—The remarks of
John Bass, President, together with the income account
and balance sheet for the year ended July 31, 1936, will be
found under "Reports and Documents" on a
subsequent
page.
Earnings for Years Ended July 31
Comparative Balance Sheet Sept. 30 (Parent Company only)
1936
1935
$
94,163,034
companies
...
Miscel. invest.
Notes
rec.
8
41,075,633
41,075,633
Com. stock...
1,909,968
58,059,512
2,150,000
e
Notes payable-_
l
Accts pay
(sub.
Divs
companies):
1,959
al68,896
273.680
56,149,544
g3,559,073
Time notes...
.085,000
Sundry lia
Cash..........
8,544,955
229,201
Capital surplus.
f Earned surplus
companies)...
21,918
Unad. debits...
Govt
21,981
Deduct—Producing
180,756
183,159
174,133
$6,875,531
$8,271,063
$4,039,880
and
5,317,690
4,866,014
5,844,327
3,795.345
$2,597,301
Net income
Interest paid
Total
..105,678,138
107,154,216
Profit
$2,009,517
$244,535
107,481
186,140
19,736
60,490
333,979
313,935
$2,426,737
103,186
421,020
value of securities of the parent company issued, and cash paid, to
acquire stocks of subsidiaries and an amount of $5,263,498 arising from
stated
Beneficial interest in
111,357 shares of common stock of
$3 par value of El Paso Natural Gas Co. held by Trustee under Declaration
of Trust,
d Represented by: 158,080 shares $5 (cumulative) dividend
convertible preferred, 196,934 shares $5.50 cumulative dividend preferred
and 75,000 shares $6 cumulative dividend preferred, of no par value (entitled
to $110 per share upon redemption or voluntary liquidation, or $100 per
share upon involuntary liquidation, plus accrued dividends, except that
after June 30, 1938 the $5 preferred is entitled to $105 per share upon
redemption or voluntary liquidation).
Total preferred stock authorized
431,000 shares. • Bepresented by :1,909,968 shares of $1 par value (1935—
1,909,968 shares of no par value).
Authorized $2,349,000.
f Before
provision for cumulative dividends not declared, including those normally
payable on:
Oct. 1, *36
Oct. 1, *35
$5 (cum.) div. conv. pref., $6.25 (1935—$11.25)
per share
$988,000
$1,778,400
$5.50 cum. div. pref., $687 M (1935—$12.37H)
per share
1,353,921
2,437,058
$6 cum. div. pref., $7.50 (1935—$13.50) per share.
562,500
1.012.500
c
.
Total
$2,904,421
$2,306,289
5,420,099
$1,635,092
4,126,830
$1,902,531
2,239,039
loss$49.086
2,334,171
$7,726,388
$5,761,922
$4,141,570
$2,306,024
cl75,400
cl70,727
14,740
66,983
453,446
73,929
97,167
Comparative Consolidated Balance Sheet Sept. 30 (Co. & Subs. Cos.)
Assets—
$
equipment.
Investments
Cash
Notes rec.
Accts
&
plant
Prop.,
rec
Interest
.
1936
Liabilities—
$
Pref. stock
.322,540,674 319,194,374
10,096,530
13,083,184
12,630,952
7,269,294
5S2.593
475,067
6,965,297
6,518.522
41,075,633
1,909,968
Com. stock
Sub. companies:
Pref. stock...
Prem.
&
69,449,796
62,704
Net profits
Previous surplus
Income tax refunds,
1935
$
41,075,633
58,059,513
69,450,138
20,939
Total.
.
Income and profit taxes.
of prior years
Add'l inc. tax assessm'ts
relative to prior
J>aid under protest dur-
Profit & loss, surplus- $7,097,542
Shs. of com. stock out¬
$5,420,099
$4,126,830
$2,239,039
e323,890
d64,778
$25.24
d64,778
$29.37
d64,778
standing
...
value $100.
e
Par value $20.
Consolidated Balance Sheet July 31
A. ss cts
b
Livestock
889.773
854,912
1,162,991
315,202
1,072,002
412,927
21,233
203.401
961,064
170,868
342,174
2,842,460
equipment
Agricultural loans.
Compen. rec. from
accounts
hand 1,104,845
70,073
Mortgage bonds..
Chattel mtges
Coup, notes..
2,919,500
502,461
395,413
45,014
562,850
Notes pay., bks.
Others
742.292
Accts pay
Customers' dep.
1,555,191
2,150.000
241,519
1,636,796
771,002
Divs. declared..
2,977,176
5,101,577
192,518
24,156,275
aries with public
Mortgages payable
15,850
100,000
investments
1,000
1,000
247,232
334,611
1,867,163
Bills <fe loans pay..
Planters'
Reserve
ance,
$
subsidi¬
accounts
for
83,970
370,252
2,932
323,646
insur¬
contingen¬
cies and
replace¬
ments..
165,247
Earned surplus—
lbb'boo
165,248
319,216
7,097,542
5,420,099
14,762,261
Capital surplus
14.911,715
319,216
Miscell.accounts &
74,470
62,941
98,000
2,897,739
103,324
23,703
receivable-
bills
U. S., &o., secur
Cash
(not curr't)
97,886
119,807
126",415
2,919.600
Appll. on rental-
332,681
293,155
Deferred charges..
2,708,533
271,062
Molasses on hand-
Spec, cash deposits
2,599,355
of
1935
c6,477,800 d6,477,800
Accounts payable.
the Fed. Govt..
Misc.
$
Capital stock
Stock
Growing cane
Raw sugar on
Liabilities—
7,286,817
and
Mat'ls & supplies.
Planters'
1936
$
$
aProp'y & plant.. 7,246,198
78,679
Mat. & supplies.
1935
1936
145,911,500
91,262
Nil
Under sugar cane production adjustment contract based on tonnage
certified to by AAA.
b In respect of restriction of sugar production during
the 1934-1935 crop, per government appraisal,
c Income tax only,
d Par
a
78,679
449,951
$7.12
Earns, per sh.on com.stk
146,067,500
Bonds
years
ng the current year..
Dividend paid
Accts.
dls.
onpref.stk.
prior
years
$5,227,958
Includes net profit of $609,460, credited in September, 1936, arising
from assignment by the company of a partial interest to purchase El Paso
Natural Gas Co. common stock and sale of 60,000 shares of common stock
of that company of the 171,357 snares held by the . rustee under Declaration
of Trust, less Federal income tax and expenses applicable thereto.
Note—Tnere are outstanding common stock purcnase warrants, which
were originally issued attached
to certificates for the $5.50 cumulative
dividend preferred stock, to purchase 196,934 shares of common stock at
$68 per share on or before Nov. 1, 1938; and 158,080 shares of $5 (cumu¬
lative) dividend convertible preferred stock convertible at option of holders
up to June 30, 1938 into one and one-half shares of common stock for each
share of preferred.
1936
restricted sugar
ing 1936
g
1936
on
of prior crops sold dur¬
No provision has been made for the Federal surtax on undistributed
which may be payable under the Revenue Act of 1936.
b In¬
vestments in subsidiary companies are carried at an amount based on the
a
net income
revaluation,
$5,733,711
526,884
57,704
$3,865,747
$7,914,991
Total
Depreciation
105,678,138 107,154,2161
1Q33
1,048,548
130,516
$8,087,904
b961,064
Miscellaneous
mfg. costs. &c
3,133
Total
1931
686,090
80,968
a203,401
157.185
5,546",371
Taxes accrued..
(sub.
855,395
Sugar output, tons
103,533
Sugar, &c., produced... $7,554,405
Compens. rec. from Fed.
39,533
24,819
1935
Cane, ground, tons
2,788,244
.655,000
rec.
9,486
declared..
8.655,000
2,021.000
Income notes.
Divs.
$
d Pref. stock...
b Invest, in sub.
c
Liabilities—
1936
1935
1936
$
90,504,157
927,975
Assets—
>•.
rec
Prepayments
Sink, fund cash.
Special deposits.
Unamort.
835,123
431,205
25,313
5,090,886
debt
dlsct&exp
Unad. debits...
9,844,501
798,501
8,691,041
283,574
85,427
764,406
Int. & taxes acc.
Sundry iiab
Retire,
res
Contri. for ext..
Oper.
51.432
4,531,593
434,573
22,036,281
18,149
reserves..
1,556,511
Unad.credlts...
484,057
1,232,023
391,149
Cum. pref. divs.
not
declared
(sub. Cos.)
8,482,478
__
6,657.579
Minority ints. In
in
com.
cap.
14,762,261
Total
14,911,7151
Total
After
deducting reserve for depreciation of $3,514,502 in 1936 and
$3,306,356 in 1935.
b After deducting reserve for depreciation, c Represented by shares of $20 par.
d Represented by shares of $100 par
"V. 142,
p. 3168.
a
Falconbridge Nickel Mines, Ltd.—Earnings—
3 Months Ended Sept. 30—
1936
59,923
2,060,621
Tons treated.
produced, lbs
Copper in matte produced, lbs
liefined nickel produced, lbs
Refined copper produced, lbs
Gross operating profit
Provision for taxes (est.)
Deprec. & def. develop
Nickel in matte
1934
70,005
2,598,174
1,231,154
2,834,248
2,734,227
2,388,056
1,060.725
$521,354
64,500
1,304,783
$719,052
66,000
1,014,022
$354,639
45,000
984,901
r.
1935
77,883
2,850,449
1.336,449
168,976
146,658
119,591
$287,878
$506,395
$190,048
stka. & sur. of
directly contr.
companies
Capital surplus.
Earned surplus.
Total
368.178,842 364.532,635
Total
Net profit
580,694
602,488
56,149,545
3,849,614
6,283"6§5
368.J78.S42 364,532,635
Contingent liabilities:
Additional Federal income taxes for the years
1932, inclusive, aggregating approximately $600,000 plus interest,
in excess of provision made therefor, after deducting indicated
refunds,
have been proposed by tne Treasury Department against certain of the
Subsidiary Companies, but the propriety of such taxes is being contested
1927 to
/
ttmsf
-
Note—Above figures exclusive of non-operating revenue.—V. 143, p. 1075.
Firestone Tire & Rubber Co.—To Pan 50-Cent Div.—
The directors have declared a dividend of 50 cents per share on the com¬
mon
stock,
par
$10, payable Nov. 20 to holders of record Nov. 15.
Pre¬
30 cents on July 20, April 20
vious dividend distributions were as follows:
and Jan. 20. last; 10 cents per share each three months from April 20, 1933
to Oct. 21, 1935, incl.: 25 cents paid quarterly from Oct. 20, 1930 to and
including Jan. 20, 1933, and 40 cents per share paid on Jan. 20, April 21,
and July 21, 1930.—V. 143, p. 2050.
Financial
2998
Franklin Rayon
(Marshall) Field & Co. (& Subs.)—Earnings—
Sales for the last three quarterly periods, compared with sales for
responding quarters last year, are as follows:
>
cor¬
_
1936
First quarter
Second quarter
1935
$23,811,415 $23,151,856
24,506,056
24,704,259
25,246,256 26,463,135
-
Third quarter
Nov. 7,
Chronicle
1936
Corp.—Listing—
The New York Curb Exchange has
approved the listing of 163,367 out¬
standing shares of common stock, $1 par, and will list 90,120 additional
shares of common stock, $1 par, upon notice of issuance.—Y. 142, p.
4178^
Gemmer
Co.—Accumulated Dividend—
Manufacturing
The directors
have declared
dividend of $4
a
per
share on account of
accumulations on the $4 cumul. partic. pref. class A stock, payable Nov.
Total
$73,563,727 $74,319,250
-
During the past quarter company sold The Davis Store which had been
operated by the company for the past 13 years.
If the sales of jobbed lines, the sales of The Davis Store and the sales of
other discontinued units are eliminated for both years, the sales for the
nine months on a comparative basis are as follows:
1936
1935
Nine months ended Sept. 30
$65,109,500 $56,165,000
Net results for the same three quarters of both years are as follows:
1936
1935
.
loss$94,532 loss$442,734
124,990 loss400,640
195,052
154,845
First quarter
Second quarter
Third quarter
$225,510 Ioss$688,529
Total
Some non-recurring items arising from the liquidation of certain units and
adjustments made in the elimination of personnel nave been charged against
the earnings of the tnird quarter.
All divisions of the business have operated at a profit during tne past
two
The Merchandise Mart and its income is showing a
months except
Accumulations after the above payment will amount to $11.75 per share.
—V. 143, P. 2679.
1936
January-.
February
$184,107
212.166
-
1933
$101,306
123.869
March
212,259
214,193
226 586
126.196
April
May
282,947
265,007
229,742
337,261
286,932
298,662
197,556
228.879
323 390
2
.
2
294,952
June.
352,253
315.021
July
August
September
332.95 7
340,479
*<>0.3 j 6
317.212
281,772
339,137
323,779
October
387,381
143,
294.226
347,893
2498.
p.
directors
Called—
General Finance
Corp.—Added to List—
Stock Exchange has approved the application of the com¬
to list 854,050 shares of common stock, $1 par.
Capitalization, as of Sept. 30, 1936 consisted of $749,000 10-year 5%
convertible debentures due 1946; 65,805 shares ($10 par) 6% cumulative
The Chicago
preferred stock and 666,800 shares ($1
Earnings taken from the company's
Sept. 30, 1936 were $345,902 equal to
stock.
Dividends paid and declared on
par) common stock.
books for the 10 months ended
47 cents a share on the common
the common stock so far this year
having been authorized for
amount to 25 cents a share, a 10-cent payment
142, p. 1983.
Plan—
has notified its employees that it will retain its own retire¬
plan for workers, pending a decision by the U. S. Supreme Court on
the constitutionality of the Social Security Act.
Its retirement plan has
The company
ment
been in effect two years.
Clarence Francis, President of the company,
said that at one time the
had considered the advisability of continuing contributions by
employees and the company for pensions at the present rate and of diverting
part of the proceeds to tne government in accordance with tne terms of
company
,
"However, within recent weeks," Mr. Francis said, "many impartial
of the wnole problem nave become convinced tuat tne consti¬
students
tutionality of the Federal legislation is open to serious question.
that the
Nov. 15
have been consequent sug¬
"In addition to tnat, tnere are reasonable grounds to believe
administrative task of registering 26,000,000 employees between
execution, and there
gestions that tne effective date of the law may
Mr. Francis said tnat if tne Social Security
stitutional, the company would preserve) its
and Jan. 1 is impossible of
would file
claims
witn
tne
be postponed."
Act were declared uncon¬
private
pension
plan
and
Federal government for a return of payments
that nave been made.
"If and
wnen tne
validity of the law is upheld," Mr. Francis said, "then
will reconsider the wnole problem and endeavor to work
plan wuereby ade mate retirement provision will be made without an
increase over present cost to botn company and the employee."—V. 143,
p. 2838.
your management
Fisk Rubber
The
239.800
2-1
870
247,639
278,313
284,169
Corp.—Ctfs.
pany
the law.
1934
$154,799
161.205
1935
$165,027
192.684
Car
General Foods Corp.—Pension
(M. H.) Fishman Co., Inc.—Sales—
Month of—
Tank
$2,430,000 equipment trust certificates, series 20, have been
Dec. 1 at 101 Yz and accrued dividend.
Payment
will be made at the Fidelity-Philadelphia Trust Co., Philadelphia, Pa.—
V. 142, p. 4179.
Refunds $14,850,000 5s—Places $10,000,000 4s—
Company recently completed arrangements for refunding the $14,850,000
of 5% first mortgage bonds held by the Metropolitan Life insurance Co.
by the payment of $4,850,000 in cash and the issuance to the same company
of $10,000,000 of 15-year 4% bonds.
Thisrefunaing will result in a decrease
of approxiu .ately $350,000 in interest charges in 1937 as eo. .pared with 1936.
Company Is now giving consideration to the reorganization of the remainder
of its financial structure.—V. 143, p. 1719.
—V
American
General
A total of
called for redemption on
Dec. 15, 1936.—V.
steady improvement.
16
to holders of record Nov. 9.
out a
Corp.—Preferred Dividends—
declared
have
a
dividend of $3 per share on account of
accumulations on the 6% cum. preferred stock, par $100, payable Dec. 1
to holders of record Nov.
16.
This payment represents the dividends
General Gas & Electric
ordinarily due in October and July of this year.—V. 143. p. 2837.
Corp.—New Stock Authorized—
Initial Dividend—
Flanagan-Nay Brewing Corp.—Bankruptcy—
The corporation, which was
discharged from reorganization proceedings
after meeting its obligations last April, filed a plea in bankruptcy, Oct. 29 in
Federal Court at New York. It reported liabilities of $i ,151,734 and assets
of $1,062,806.
The corporation's attorney, Louis Karasik, obtained an order, however,
staying formal adjudication until the Court has considered an offer for
composition under Section 12-A of the Bankruptcy Act, Federal Judge
Mandelbaum, who granted the order, directed Referee Harold P. Coffin
to hold hearings on the proposal.—V. 139, p. 3965.
Flintkote Co.
Period End. Oct.
(& Subs.)—Earnings-
10— 1936—12
Net sales
Operating profit
x Extraordinary
income
1,190,828
563,046
1,161.049
5,755
Total profit
Other charges
$563,046
12,331
$612,293
29,509
(net)
Federal, State & foreign
103,319
$1,196,583
47,036
$1,264,368
Cr8,215
109,302
81,160
204,666
178,095
$473,482
$469,555
$944,881
$1,094,488
$0.71
$0.70
$1.41
$1.64
taxes
Net profit
Earns, per sh. on 668,046
shs. com. stk. (no par)
x
1936—40 Weeks—1935
$3,222,010 $10,720,728
$8,624,067
Whs.—1935
$3,953,946
612,293
Received in settlement of patent infringements
and other claims.—
V. 143, p. 1719.
Florida Power Corp.
(& Subs.)—Earnings—
192,265
1935
$2,554,893
895,751
128,475
209,639
254,772
23,712
225,036
12 Months Ended Sept. 30—
197,788
1936
$2,742,645
1,038,818
Operating revenue—electric
Operating expenses
Maintenance.
Prov. for retirements, renewals & replacements of
fixed capital
Federal income taxes
Other taxes
53.209
At the special meeting of the stockholders held on Oct. 27, 1936, the
creation of $5 prior pref. stock was authorized.
Accordingly, the corpora¬
tion is now in a position to carry out the terms of its proposed plan as
announced in its letter of Oct. 1, 1936 (See V. 143, p. 2268), addressed to
the
stockholders.
The puolie holders of the cumul. pref. stocks are offered the $5 prior
pref. stock on the oasis set forth in said letter, so that each such holder of
cumul. pref. stock, desiring to take advantage of the plan and exchange
offer, will be entitled to receive:
One share of $5 prior pref. stock in exchange for one share of $6 cumul.
pref. stock.
One and one-tenth shares of $5 prior pref. stock in exchange for one
share of $7 cumul. pref. stock; and one and one-fifth shares of $5 prior pref.
stock in exchange for one share of $8 cumul. pref. stock.
,
An initial quarterly dividend at the rate of $1.25 per share for the quarter
ending Dec. 15, lu36 has been declared payable in cash to the holders of the
$5 prior pref. stock of record at tne close of business Dec. 7, 1^36.
The above offer of exchange will be available to and including Dec. 31,
1936, unless such time is extended by the corporation.
Public holders of
the cumul. pref. stocks who wish to take advantage of the offer should im¬
mediately forward tneir certificates properly endorsed for transfer to
Transfer & Coupon Paying Agency, 61 Broadway (Room 2425), New York,
N. Y—V. 143, p. 2208.
General Motors
General Outdoor Advertising
$1,053,113
Operating income
81,273
$1,101,289
$1,106,170
608.600
52.475
Grossincome
_
Interest
on
608.600
39,319
47.964
funded debt.
Interest
on
unfunded debt
47.964
Amort. of debt discount & expense
Interest charged to construction
C3r352
General
on
the
Telephone Corp. (&Subs.)—Earnings—
Period End. Sept. 30—
263
Crl,315
3,031
Total operating revenues
Maintenance
$392,338
222,124
$408,570
222,124
Depreciation
Other operating expenses
State, local & misc. taxes
$170,213
Balance of income
on
preferred stock
„
Federal income tax
Balance-
Note—No provision is made in this statement for Federal surtax on
undistributed profits, if any, for the current year.
Asks
FPC
to
Change
Proposed—Bond Issue—
The corporation has asked the Federal Power Commission to modify its
recent order authorizing the company to issue $12,000,000 1st mtge. 4K %
bonds, due 1976, and allow it to issue instead $lu,000,000 1st mtge. 4%
bonds, due 1966, and $2.50 ,000 5% sinking fund debentures, due 1946.
The company proposes to use the proceeds from the sale of the securities:
(a) to retire its $11,000,000 present outstanding bonds, series A and B;
fl>) to pay off and retire $60,000 bonds of the City of Apalachicola, Fla., and
(c) to reimburse the treasury for expenditures heretofore made for addi¬
tions to its property.
Public hearing will be held on the proposal
P.
Monday, Nov. 16.—V. 143,
921.
Fort Worth & Rio Grande
1936
September—
Gross from railway
Net from railway
Net
From Jan.
1933
$35,956
$45,151
def6,181
def!6,152
def 13,991
def20.365
320,709
defl25,788
def204,299
335,588
def120,751
def204,233
300,574
def224,469
def318,281
$39,387
defl2.315
def23,731
1—
Gross from railway
Net from railway
Net
$35,560
def7,816
def!6,670
after rents
1934
346,574
—
after rents
-
def95,138
def195,545
—V. 143. p. 2208.
Gar Wood
The
New
York Stock Exchange has authorized the
(par $3).—V. 143, p. 1399.
Netoperatingincome.
$2,465,522
23,396
$2,345,789
22,420
$3,271,717
28,718
$2,488,918
1,025,741
5,131
Amort, of debt discount & expense—
66,405
Int. during construction
Crl6,243
Declared pref. stock div. of sub. cos_.
321,197
Undeclared pref. stock div. of sub. cos
39,014
Minority interest in current earnings32,005
Other fixed charges
9,979
$2,368,209
1,159,792
8,763
63,016
Cr7,177
317,097
72,010
29,430
10,995
$3,300,435
1,385,571
11,825
91,745
CV19.732
426,898
63,018
45,145
18,618
$1,005,689
165,404
$714,293
y55,135
$1,277,347
220,539
$840,285
$659,158
$1,056,808
Net earnings
on funded debt
...
Interest
Other interest
Netincome
-
General Tel. Corp. pref. dividends
-
Includes
$166,788 expense of holding companies of which $134,212 is
of estate of Associated Telephone Utilities Co., debtor, for period
Jan. 1 to July it, 1935.
A substantial portion of this amount is of an extra¬
ordinary nature incidental to the reorganization and compares with $74,460
expenses of General Telephone Corp. for the nine months ended Sept. 30,
1936.
y Amount not comparable with 1936 inasmuch as preferred stock
dividend liability dates only from July 1,1935.-—V. 143, p. 2368.
x
expense
(B. F.) Goodrich Co .—Offering Postponed—
The company in an amendment filed with the Securities and Exchange
the date of proposed public offering of its $28,-
Industries, Inc.—Listing—
shares of common stock
...
Other income—net
Income balance
Ry.—Earnings—
1935
1936—9 Mos.—1935
12 Mos.—'36
$8,849,178 $8,231,316 $11,680,074
1,553,265
1,404,238
2,048,874
1,542,008
1,443,018
2,042,605
2,380,670 x2,425,771
3 ,177,985
734,958
571,359
959,021
172,755
41,141
179,872
$186,445
Miscellaneous deductions from income.
Dividends
$1,024,896
48,175
Co.—Accumulated Div.—
a dividend of $3 per share on account of
6% cumulative preferred stock, par $100, payable
Nov. 25 to holders of record Nov. 14.
A similar payment will be made on
Nov. 15 and $3 was also paid on Oct. 15, last, this latter being the first
dividend paid since May 15, 1933 when a regular quarterly dividend of
$1.50 per share was distributed.—V. 143, p. 2839.
The directors have declared
accumulations
Other income
Corp.—New Oldsmobile Prices—
Reduced prices on all enclosed models in the 1937 Oldsmobile eightcylinder line and reductions on the four-door sedan and tne four-door
touring sedan in the six-cyiinder line were announced on Nov. 3.
The
six-cylinder prices were listed as follows: Business coupe, $685; club coupe,
$740; two-door sedan, $740; two-door touring sedan, $/65; four-door sedan,
$790; four-door touring sedan, $815; convertible coupe, $835.
The new prices in the eight-cylinder line are: Business coupe, $785;
club coupe, $840; two-door sedan, $840; two-door touring sedan, $865;
four door sedan, $890; four-door touring sedan, $915; convertible coupe,
$935.—V. 143, p. 2838.
Commission states that
listing of 800,00
000,000 4j^% first mortgage bonds, series A, of 1960 has been
Nov. 19—V. 143, p. 2051.
delayed to
Financial
143
Volumi
General Theatres Equipment Corp. (&
Subs.)—Earns.
selling and general and administrative expenses— 2,124,573
$334,302
81,480
Profit from operations
Other income
Total income
$415,782
46,418
—
Other deductions
Equipment Corp
34,797
283
49,809
-
(net)
$3,151,554
(less res.).
Accounts receivable.
.
Interest receivable..
—
....
Inventories (less reserve)..
Capital assets
5,315,719
569,030
.
realized
subs,
241,282
September
October.
—V. 143, p. 2370.
Gulf Power
Co.—Earnings—
Period End. Sept. 30—
Gross
1936—Month—1935
$132,498
$111,013
82,765
69,010
revenue
Prov. for retirem't
res..
8,000
5.500
chgs.
pref. stock
17.570
5,584
16.470
5,584
$18,578
$14,448
& other fixed
Int.
on
1936—12 Mos.—1935
$1,418,025
$1,217,875
918,378
768.054
88,500
59.250
209.885
199.737
67,014
67.027
Balance
$123,806
$134,248
142,307
payable,
for est.
Res.
of
—V.
143, p. 2210.
Gulf States Steel
additional liabil¬
39,162
ities—reorganization
Obligation to receiver on acct.
Co.—Preferred Stock Called—
All of the outstanding 1st pref. stock has been
Jan. 2, 1937 at 110 and accrued
will be made at the City Bank
partic. of non-assenting
in
receivership
assets....
be
to
called for redemption on
dividends (on $129.27 per share).
Payment
Farmers Trust Co., N. Y. City.
—
1,975,000
104,102
Reserves
161,164
29,821
49,943
Deferred chgs.—prepaid exp.
payable......
—
Capital stock
Surplus
The City
Bank Farmers Trust Co. has been appointed as trustee, registrar
1st (closed; mtge. sinking fund 4>£ % bonds
2841.
and paying agent for $7,000,000
due Oct. 15, 1961.—V. 143, p.
4,386,865
—
;
Trustee, &c.—
127,935
:.
Deferred credits to income..
Note
4,928
due from
amt.
$336,404
exercise
upon
warrants
(not consol.)
subs,
2.229.407
2.H18.810
2.157.231
52.08.158
2,475,845
7 l5
2.429.731
2,500,927
3,027,656
creditors
applied in reduction of note
payable—
........
&
trade creds.
Other accts. pay. & accr. exp.
1,219,818
__
Investments
in
2.-11:
August
Divs.
Prov. for State & Fed. taxes.
Accts.
1,097,575
1,176,806
2,465
Notes rec.—cust.
Invest,
2.625.257
Julv
May
Liabilities—
Assets—
Cash in banks & on hand
of
$255,768
30 1936
Condensed Consolidated Balance Sheet Sept.
Cash
June
April
Oper. exp. and taxes.._
General Theatres Equipment Corp. and net
income accruing to stocks of subs, owned by it
of
income
1.981,446
2,383.537
2,157,556
1936
[A Subsidiary of Commonwealth & Southern Corp.]
$284,473
Dr28,705
:
Other income of General Theatres Equipment Corp.
Net
1935
$1,609,115
2,043.153
2.521.571
2,514,305
March
General The¬
Net income accruing to stocks of subs owned by
atres
$1,867,874
February
Net sales
Depreciation
Minority interest in net income
Normal Federal income tax (estimated).
(H. L.) Green Co., Inc.—Sales—
Month of—
Earnings for 3 Months Ended Sept. 30, 1936
Cost of sales,
2999
Chronicle
5,103,439
Gulf States Utilities
Co.—Listing—
authorized the listing of $17,300,000
& ref. bonds, series C 4%, due Oct. 1, 1966 and $4,000,000
10-year 4J4% debentures due Oct. 1, 1946.—V. 143, p. 2680
The New York Stock Exchange has
1st
.$12,617,6631
Total.
.$12,617,663
Total.
—V. 143, p. 2839, 1558.
Gould
r
The
Halle Bros. Co.—Proposes Refunding $2,611,700 Bonds—
Coupler Co.—Modified Plan Consummated—
reorganization committee (Hunter S. Marston, Chairman) in a
Oct. 31, stated:
The modified plan, adopted Sept.
New Issue to Be Placed
notice
_
30, 1935, was consummated on Oct. 29,
1936, pursuant to order of the U.S. District Court for the Western District
York, entered Oct. 23, 1936.
Holders of outstanding securities
of Gould Coupler Co. (other than common snares) and of Symington Co.
or of certificates of deposit therefor may now obtain delivery of the new
securities to which they are entitled by forwarding their securities and (or)
certificates of deposit to Chase Rational Bank, New York, accompanied
of New
by an appropriate letter of transmittal.
Holders of common shares of Gould Coupler Co. are notified that the
modified plan will
Nov. 28, and payment of the subscription price must be made on
subscription rights to which they are entitled under the
expire on
or prior to that date.
i,
Holders of outstanding securities of the companies are entitled to receive
the new securities under the modified plan, whether or not they have
assented to the modified plan.
HiSee also Symington-Gould Corp.
below.—V. 143, p. 1080.
Ltd.—Liquidation Halted—
In accordance with a ruling
of the Supreme Court of British Columbia,
fc%Thd Allenby property, which in the estimation of stockholders would have
to be sold at a loss in case of liquidation is estimated to contain reserves of
between 9,000,000 and 10,000,000 tons of low-grade ore.
It has not been
operated since 1930.—V. 143, p. 2210.
Union Co.
profit after
depreciation, &c
Net
(& Subs.)—Earnings—
3 Months
9 Months
Sept. 26,'36 Sept. 28,'35 Sept. 26,'36 Sept. 28,'35
taxes,
x$93,680
$62,331
x$211,482
$113,410
$0.59
Earned per share on
$0.39
$1.33
$0.71
159,-
550 shs. of cum. pref.
stock
undistributed profits.
Store sales for the quarter ended Sept. 26, 1936, amounted to $7,732,914
Before Federal surtax
x
on
compared with $7,144,636, an increase of 8.2%
quarter of 1935.—V. 143, p. 2840.
$5,746,369
1,889,275
6,954,057
90.000
270,000
5,007,639
270,000
$60,980
26,308
$115,759
$165,658
33,747
$87,288
$121,792
$199,405
2,656
18,968
9,330
74,815
$84,632
382,488
$0.22
$102,824
$190,075
382,488
$0.49
$415,197
254,992
2,692,057
Depreciation
Operating profit
income.
_
Total profit
Spec, ctiarges, inc. Fed.
income tax
Net profit
Shs. com. stk. (no par)..
Earnings per share
Provision
x
1936—9 Mos.—1935
gen.
and admin, expense._
for
Federal
tax
on
plan.
negotiating arrangements whereby the company will
issue of mortgage bonds the principal amount of $2,750,000. Tne new issue will have serial maturities of $275,000 eacn ranging
from April 1, 1937, to ^April 1, 1946, and annual interest rates of from
Tne
company
is
borrow upon a new
U4% to 4%%.
The bonds maturing on and after April 1, 1941, are to be
sold directly to an insurance company for investment and the company will
issue to a banking institution four notes in the principal amount of $275,000
maturing
each,
callable at
on
April
1,
103 and accrued
The present outstanding bonds
1937-41.
6,034
254,992
$0.40
are
interest and if the refunding is consummated
interest payments, even with due considera¬
tion for the 3 % premium necessary to call tne existing bonds.—V. 143, p. 112
there will be a large saving in
The directors have declared an extra dividend of 50 cents per
share in
like amount on the common
value, both payable Dec. 1 to holders of record Nov. 16.
An
extra dividend.of 12>£ cents per share was paid on June 1 and March 2,
last.
The regular quarterly dividend was raised from 25 cents to 50 cents
per share with the Sept. 1, last, payment.—V. 143, p. 2523.
addition to the regular quarterly dividend of
no par
Hazel-Atlas Glass Co.
(& Subs.)—Earnings—
Sept. 26, '36 Sept. 28, '35
and other operating revenue.-$31,277,061 $23,810,169
incl. mat Is purch., maint. &
repairs, labor, royalties paid, taxes and ' other
operating costs
*.
24,521,975
17,599,918
Provision for depreciation and depletion
723,058
649,303
Selling, general and administrative expense
2,850,064
2,396,925
12 Months Ended—
Net sales, royalties
Cost
of goods sold,
Gross
$3,181,961
operating profit
250,916
$3,387,908
Provision for doubtful accounts, contingencies, &c.
58,670
Loss on property retired
74,075
Miscellaneous charges.
351.365
Provision for Federal income taxes (estimated)...
477,367
$3,414,938
$2,426,430
$2,517,888
Total income
Profit.
Net profit
from sale of securities
21,282
$490,012
$1.63
undistributed profits unnecessary.- -V.
Cash
168,426
340,578
388,044
527,623
-
dividends
Surplus balance at close of year
(incl. 65 shares treasury stock)
51,546
$2,954,053
7,629,217
84,361
$2,569,434
7,200.024
31,803
$10,667,633
x3,318,884
profit
Surplus balance—beginning of year.
Misc. adjust, not applic. to current year—net
Total
$468,731
$3,164,021
205,946
Other income
Net
$7,389,715
$2,753,037
Cost of sales, sell.,
x
the correspondong
1936—3 Mos.—1935
$2,095,034
Period End. Sept. 30—
Net sales
Miscellaneous
over
Steel Co.—Earnings—
Granite City
to consummate the
stock,
liquidating proceedings of this company have been halted.
Liquidators
Nathan L. Amster and A. S. Baillie, have been discharged effective Oct. 31.
Directors in meeting on Oct. 29 elected the following officers:
N. L.
Amster, President; A. S. Baillie, Vice-President and General Manager;
B. E. Perks, Secretary and Treasurer; L. V. Boyd, Assistant Treasurer;
and H. J. Warded, Assistant Secretary.
Grand
Privately—
A plan to take advantage of prevailing low money rates by refunding
$2,611,700 of 6% mortgage bonds, in addition to refinancing the present
issue of preferred stock, is being announced by the company in a letter sent
to preferred stockholders.
The consent of 75% of preferred stock is needed
Harbison-Walker Refractories Co.—Extra Dividend—
Granby Consolidated Mining, Smelting & Power Co.,
Period Ended—
mtge.
$9,801,262
2,172,045
$7,348,748
$7,629,217
434,474
434,474
$6.80
$5.91
x Includes extra dividend of $2.64 per share amounting to $1,146,840.
The consolidated income account for the quarter ended Sept. 26, 1936,
follows: Net sales, royalties, &c., $8,756,045; costs, ordinary tax, &c.,
$6,694,120; depreciation, $158,896; gross manufacturing profit, $1,903,029;
selling, general and administrative expenses, $699,544; gross operating
profit, $1,203,485; other income, $30,561; total income, $1,234,046; pro¬
vision for doubtful accounts, $2,943; loss on property retired, $19,391;
miscellaneous charges, $83,486; Federal income taxes, $212,861; net profit,
$915,365; dividends, $543,011; surplus, $372,354.—V. 143, p. 924.
Shares outstanding
Earnings per share.
--------------
143, p. 923.
Hercules Powder
(W. T.) Grant Co.
Sales1936
Month of—
7,179.255
6.552,836
6,509.624
5,771.013
common
6.767.022
6,726,456
7,347,316
5,735,716
6,292,108
6,570.467
entered the market Nov. 5 for its first public
financing with the offering of a new issue of 40,000 shares of
5,749.845
6,433,236
The stock is
8,365,311
7,822,201
7,122,539
7,648,879
6,953.195
7,662.787
7,429,574
7,654,459
8,371.061
7,074.988
June
July
6,925.305
7,442,616
9.332,653
August
September
October
6.2/7,423
—V. 143, p. 2370.
Graton &
Knight Co.—Recapitalization Plan Voted—
At the special meeting of stockholders held Oct. 30, the general plan of
recapitalization recommended by directors was unanimously approved by
the shares represented at the meeting, which constituted more than 79%
of the pref. and approximately 74% of the common shares outstanding.
Also, a new bond issue of not exceeding $1,250,000 was authorized.
The plan contemplates giving each stockholder participating, $4.25 in
cash and one share of new $1.80 prior pref. callable at $36, in settlement of
dividends amounting to $40.25 accrued on the present 7% preferred.
At the suggestion of counsel, action on authorization of the new stock
contemplated by the plan was deferred pending deposit of a sufficient
percentage of the outstanding pref. stock with the Worcester County Trust
Co. to enable the proposed settlement of dividends to be carried out.—
V. 143, p. 2370.
Greenwich
Gas
The company has
filed
Systems,
a
Inc.—Files
With
SEC—
registration statement with the Securities and
Exchange Commission covering $1,000,000 of 4% first mortgage collateral
bonds, due 1956, and 22,000 shares of $1.25 cumulative participating
preferred stock.
Co.—Obituary—
James T. Skelly, Vice-President and a director of this company, died on
31—V. 143, p. 2842.
Oct.
$4,492,044
5,136,563
6,267,376
$5,578,375
6.475.347
April
May
8.328.257
1933
$4,550,096
6,774,303
5,951,919
$5,753,923
March
February
1934
1935
Hearn
Department
Stores,
Inc .—Stocks Offered—The
company
through the First New Amsterdam Corp.
priced at $15.50 per share.
Net proceeds from
the sale of this issue together with proceeds from 30,000
siiares of common stock which the company is offering for
sale to its officers and employees are to be used as working
capital, for the purchase of merchandise at peak seasons and
in the ordinary course of business.
After the financing,
over 82% of the company's outstanding common stock will
continue to be held by the management and the employees.
Concurrently, public offering of 45,000 shares of the com¬
stock
pany's 6% cumul. conv. pref. stock
made by Robert Garrett & Sons and
dam Corp., priced at $52 per share.
(par $50) is also being
the First New Amster¬
This offering does not
constitute new financing for tiie company as the pref. shares
are already outstanding in the hands of affiliated corpora¬
tions.
The company has agreed to make application to list its
pref. stock on the New York Stock Exchange or New York
3000
Curb
Financial
Chronicle
Exchange and it$ common stock on the New York
Exchange.
Curb
Registrar: City Bank Farmers Trust Co.
Hickok
Nov. 7,
Oil
Corp.
(& Subs.)
Years Ended June 30—
1936
Net sales
$13,941,l
Transfer Agent: Bank of the
Material cost of sales
Manhattan Co.
Operating
Business—Company acquired the business of James A. Hearn & Son, Inc.,
July 28, 1932, which concern and its predecessors had been engaged in
"Hearn" in one form or another in the City
of New York for over 100 years.
It operates a retail department store
expenses
-Earnings-
1935
1933
1934
$10,752,583 $11,131,862
7,941,097
8.041,437
1,701,381
1,656.561
10,813,668
1,684.479
1936
$6,843,233
4.799.618
996.503
on
Operating profit
retail businass using the name
departments including wearing apparel for men, women and
children, furniture and home furnishings, dry goods, toilet goods, stationery,
with
Other income
many
jewelry, housewares, luggage and leather goods, toy and sporting goods,
meats and groceries, wines and liquors and restaurants.
It sells on a cash
instalment contracts are accepted on sales of some of the
larger items of home furnishings and some of the larger appliances using
gas and electric current.
The store is located in the block bounded by 5th Ave., 14th St., 6th
Ave. and 13th St., N. Y. City.
Authorized
$1,567,270
249,394
203,420
360,351
124,000
$1,297,168
$867,611
$1,114,457
$713,334
Drl39
Balance
of sub.
Cr210
Crl.508
220,870
per annum are cumulative from Nov. 1, 1936, payable
stock is redeemable by the company on any dividend
Preferred in liquidation against the common stock,
to the extent of its par value plus divs.
Sales—Sales, inclusive of leased departments' sales, for the periods in¬
Preferred
dicated
below were
follows:
as
12 Months Ended Jan. 31
—
1934
1935
11 Mos.End.
1936
July 31 '36
$17,520,829 $17,146,801
$9,559,153 $15,223,847
Earnings—Earnings for the periods indicated below were as follows:
Sales
—Years Ended Jan. 31— 6 Mos. End. 11 Mos.End.
1935
1936
July 31. '36
$405,417
$55,655
$148,778
Net profit
Prov. for Fed. inc. taxes
July 31, '36
$612,542
3,834
8,059
cos
companies
315,676
70,635
49,979
Combined earnings
$1,612,845
Dividends on pref stock.
72.706
Dividends on com. stock
199,999
$938,107
$1,164,645
_-
$355,417
$47,595
105,332
Consolidated Balance Sheet June 30
1936
Assets—
1935
$
Cash
&
Notes
receivable
fr.
1,135,839
651,275
855,346
571,928
985,995
1,166.039
taxes
1,517,010
131,326
4,880,371
(non-curr.)
Mtge. & land
——
115,572
...
.
preferred shares are being purchased from Gramercy Corp. and
not from the company.
Gramercy Corp. has also agreed to sell or cause
to be sold to each of these underwriters, at any time prior to Dec. 31, 1936,
at their several options, 11,250 additional shares of preferred stock, making
a total of 22,500 additional shares under option,
y In addition the com¬
pany has agreed to deliver to First New Amsterdam Corp. assignable option
agreements, granting First New Amsterdam Corp. the option, exercisable
within two years, to purchase up to 30,000 additional shares of common
stock,
z Company proposes to offer 30,000 of these shares to officers and
employees, and Endicott Corp. has agreed to purchase from the company
all of such 30,000 shares not purchased by the officers and employees pur¬
suant to the offering.
These shares are being underwritten by Endicott
Corp. and Endicott Corp. proposes to loan to, or procure loans for officers
and employees of the company, at interest to enable them to purchase
the stock, secured by the stock as collateral.
The stock, if any, acquired
by Endicott Corp. will be offered to officers and employees at $10 a share,
either for cash or on instalment, interest-bearing payments.
Endicott
Corp. also has agreed to purchase an additional 20,000 shares of common
stock from the company.
Cash
on
Sheet
as
at
July 31,
hand
2,449,556
Demand deposits
Sundry accts. receivable
Advances, net
Inventories.-——-—-Other current assets
Accts. payable (trade)
Due to lessees (leased depts.)
Accruals &c., current liab—
Due to customers for refunds,
credits, &c
Due to Chanlan Corp
50,000
Reserve for losses under
Inv. in pref. stk. of Hamilton
Commercial Corp
Reserve for service work—
561,414
147,228
Miscellaneous assets
13,698
-
5,675
120,674
—
23,087
Fixed asset (net)
Deferred charges
$309,339
5,830
72,784
27,261
Stock
—
7,512
Deferred Income
621
$6 cum. class A pref. stock—
$6 cum. class B pref. stock-
Common stock
1,400,000
600,000
5,000
-
Surplus
Total
-V.
1,411,650
Total
$3,966,346
$3,966,346
143, p. 2681.
Hershey Chocolate Corp. (& Subs.)—Earnings—
Grossincome-.
Cash
discount, &c_
Federal taxes.
$3,626,957
248.209
280,216
$1,954,905
245,624
235,639
$3,875,165
504,448
x509,l74
$5,037,491
537,751
603,976
.$980,723
253.844
526,311
$1,473,642
253,844
526,312
$2,861,543
761,532
1,578,934
$3,895,769
761.532
1,578,934
$693,487
$521,077
$1,555,303
701,749
$1.03
Operating profit
Other income
97,670
$1,318,931
165,139
xl73,068
exp._
$1,857,234
$200,568
Shipping expenses
Sell., & gen. adm.
-
1936—9 Mos.—1935
$7,729,018
$8,323,070
1.722,907
1,642,143
2,379,154
1,923,648
$1,228,564
90,367
—
1936—3 Mos.—1935
$2,539,965
$3,1?4,264
630,048
629,510
681,353
637,519
701,749
701,749
$2.63
701,749
$4.11
Net income
Con v. pref. divs
Common dividends...--
Surplus
Shares
com.
stock
out¬
standing (no par)
Earnings per share
x
No deduction
$4,757,277
was
$1.74
made for Federal surtax
on
undistributed profits.
1936
1935
<2
A ?*>/*/?
$
Land, bldg., &c„.21,588,705 20,219,588
Cash
1,589,088
1,721,832
Hershey Chocolate
Corp.conv. pref.
1,287,635
1,287,635
treasury
—
Accts. receivable..
1,230,675
1,230,675
2,790,123
2,364,538
Mdse. inventories-
9,357,781
7,899,299
408,583
340,724
stock.c
d Com.
Surp.
in
stock
Invest,
pre¬
paid exps., &c
Total
-
v
38,252,590 35.064,291
1936
Preferred
stock.
1935
$
Liabilities—
a
$
271,351
271,351
b Common stock.
728.649
728,649
Notes & loans pay. 4,690,000 el,700,000
Accts.
&
wages
payable
Res. for Fed.
217,313
1,053,164
inc.
1,186,183
780,156
780,156
Deprec. reserve
10,217,585 10,899,962
Surplus at organiz. 3,297,212
2,820,830
Earned surplus—16,726,965 15,623,996
Total
1,323,359
dividends
38,252,590 35,064,291
Represented by 271,351 no par shares,
b Represented by 728,649
no par shares,
c Represented by 17,507 shares at cost,
d Represented
by 26,900 shares at cost, e Notes payable only.—Y. 143, p. 758.
a
3,073.326
195,673
Total
185,856
200,000
430,163
11,045,997 10.624,260
Co.—Preferred and Common
company is being carried
offering of 14,000 shares of $1.50 eonv.
share and accrued dividend, and 10,000
stock at $10.25 per share by Distributors
Group, Inc.
Each convertible preferred share
may be converted until Dec. 31, 1938
shares of common stock; thereafter
through 1939 into one share of
stock; and thereafter through 1941 into % share of common stock.
Conversion privileges expire after 1941.
Net proceeds of the present offering, after
expenses, as well as proceeds
into 1
common
from
contemplated offering of additional shares expected to be made
will be used for working capital, expansion and other
corporate
a
later,
purposes.
x
Upon the completion of this first step in its financing
program, the com¬
will have outstanding 14,000 shares of $1H convertible
preferred
stock ($5 par) and 103,504 shares of common stock
($1 par).
The second
step, expected to be taken in the latter part of 1937, comprises the sale of
an additional
14,000 shares of preferred and 10,000 shares of common.
An additional 14.000 shares of common stock
may be outstanding if the
company assumes, and the underwriter exercises, an option from A. B.
Davis, President of the company, for 14,000 shares of common stock which
pany
holds.
company
was
recently incorporated
in Delaware, acquiring the
originally established in Ohio
variety of industrial chemicals as
dye-stuffs, pigments, printing inks, varnishes and colors used in the
business of the Hilton-Davis Co. which
in 1922.
The company manufactures a
well
as
was
printing trade and other industries.
Net
income of
profits taxes,
the
were
original company, after Federal income and excess
reported at $107,550 for 1935 and $78,325 for the first
143, p. 2372.
six months of 1936.—V.
Holland Furnace Co.—To
The directors have declared
a
Pay $1 Dividend—
dividend of $1 per share
on
the
common
stock,
no par value, payable Nov. 27 to holders of r.cord Nov.
18.
This
will be the first dividend paid on the common
stock s nee July 1,1932 when a
quarterly dividend of 25
cents per
share
was
distributed.
With reference
to future dividend policy, P. T.
Oneff, Vice-President,
"With continued improvement in our business and the
Federal surtax
on undistributed
earnings to consider, it is probable an extra dividend will
be paid on the common stock in December.
In fact, the directors intend to
continue to pay dividends consistent with our
said:
1930."—V.
increau.ag earnings, the best
143,
1080.
p.
(A.) Hollander
Capital Stock—
The
New
York
&
Stock
Son,
Inc.—Listing
Exchange has authorized
the
of
Additional
listing
of 26,575
of capital stock (par
$5)- on official notice of issuance
full, making the total number of shares applied for 226,575.
30, 1936 the stockholders increased the capital stock from
200,000 shares (par $5) to 300.000 shares (par
$5).
additional shares
upon payment in
The
directors
shares
of such
on
Oct.
stock.
30
authorized
the issuance
of 26,575
additional
Providing the registration statement becomes effective as
expected the
company proposes to offer not later than Nov. 25, 26,575 shares of
capital
stock, and to give each holder of its capital stock of record Dec.
8, the right
to subscribe, at $18 per share, on a pro rata basis of one
share of such capital
stock for each
in
shares
of capital stock held.
Subscription must be made
City funds, to the order of Guaranty Trust Co., Agent, New
on or before Dect. 28,
(except in case registration statement
become effective on or about the date above
indicated).
seven
New York
York,
in
does not
The
full
underwriters will cake up and pay for such
unsubscribed for stock
within two days after the
expiration of the stockholders' right to subscribe.
Proceeds from the sale of the additional
26,575 shares will be used for
general purposes.
Of the purchase price ($18 per
share) $5 per share will be
credited to the ' capital stock account"
and the remaining $13 per share to
"paid-in surplus."
1
Voted—$3 Extraordinary Dividend—Rights
The stockholders held a
special meeting on Oct. 30 and approved the
resolution adopted by the board of directors on Oct.
6, 1936, amending the
Sonicate of incorporation to increase the authorized capital stock from
200,000 shares to 300,000 shares of $5 par value
per share.
Immediately thereafter the directors met and declared an extraordinary
cash dividend on the
capital stock of $3 per share payable on Dec. 15, 1936
to holders of record Nov.
30, 1936.
The directors further resolved that
subject to the becoming effective of
registration statement as required by
amended, the company will offer for sale
a
and State taxes-
Accrued
4,158,441
__
22,830
1,645,000
per
shares of common
Stock Increase
Consolidated Balance Sheet Sept. 30
Chemical
initial
an
pref. stock at $25
since
Per. End. Sept. 30—
Gross profit on sales.
2,000,000
999,000
Offering—Financing for the
with
out
con¬
tractual obligations
2,000,000
200,000
13,238
depletion and amortization of $2,285,005 in 1936
$2,950,954 in 1935—V. 143, p. 1881.
The
$79,595
520,197
78,414
43,157
425,706
11,045,997 10,624,2601
Hilton-Davis
1936
Liabilities—
"
156,465
284,002
258,945
1,022,100
After depreciation,
x
and
he
Balance
+\.ySCtS
179*,966
Conditional liabil..
Int. of mln. stkhol.
Preferred stock
101,647
245,190
Appreciation surp.
Total
names
The
x
1,500,000
Earned surplus
the tax on this income the provision for Federal income tax for
period from Sept. 1, 1935 to July 31, 1936, would have been approxi¬
mately $86,000 and the corresponding net profit for this period would have
Endicott Corp., Newark
67,155
76,834
contr
Paid-in surplus.
the
Pref. Stock Common Stock
xl 1,250 shs
xll,250 shs. y20.000 shs.
a50,000 shs.
28,787
27,286
259,581
Com. cl. A stock.Com. cl. B stock-_
&C
to reduce
Robert Garrett & Sons, Baltimore
First New Amsterdam Corp., New York
15,573
229,916
Debs, outstanding.
Res. for contlng...
964,627
includes $106,327 non-recurring profit on the sale of a power
The provision for Federal taxes has been reduced by a loss during
this period and if such loss had not been available
of the several principal underwriters, and the
several amounts underwritten by them, respectively, are as follows;
payroll.-
2,100
502,388
Notes pay. to bank
the seven months preceding
Undertakers—1The
275,067
17.482
58,872
370,836
100,820
Acer, taxes & Int._
Accrued
x$554,482
been $526 541.
payable—
Divs. payable
Unredeemed coups
Federal taxes
companies
1,649,794
Other assets
118,770
xBldgs.,
mach'y
and equip.,&c— 4,625,788
trade
Goodwill,
names, &c
822,922
Prepaid expenses,
$
441*650
Accounts payableState gas & corp.
controlled
companies
Inv. in controlled
1935
$
Notes payable
435,964
accounts
Inventories
Due
1936
Liabilities—
$
940,040
This
x
plant.
$935,712
115,150
Amounts
198,805 Unavailable
115.150
58,059
$144,943
Net profit-
50,000
150.573
Proportionate share of
net profit of controlled
the rate of 6%
Q-F.
date at 110 plus divs.
$1,197,685
135.849
$1,245,955
208,614
169.730
Minority int. in profits
of
at
$1,047,112
256,779
Other expenses
Fed. inc. tax & contin.--
To Be Outstanding
preferred stock on or before Oct. 1, 1937 and thereafter at the rate of
2 Yi shares of common stock for each $50 par value of preferred stock on
or before Dec. 31, 1941, with no conversion rights thereafter.
Dividends
$1,433,864
133,407
299.057
6% cumulative convertible preferred stock
($50 par value)
45,000 shs.
45,000 shs.
Common stock ($5 par value)
x500,000 sbs.
235,000 shs.
i x 135,000 shares are reserved for conversion of the 6% cumulative con¬
vertible preferred stock and 30,000 are reserved for options.
6% Cumulative Convertible Preferred Stock—The preferred stock is con¬
vertible into common stock at the rate of three shares for each $50 par value
$1,110,106
$1,742,537
188,589
Total income
basis except that
Capitalization—
$1,443,480
--
the
Securities
Act
of
1933,
as
to stockholders 26,575 shares of
capital stock at $18 per share, on the basis of one
shares of stock now held by them.
Warrants will be
its authorized but unissued
share for each seven
issued to stockholders of record at the close of business
Dec. 8, 1936 evidenc¬
ing their right to subscribe to the new stock, which warrants mhst be
exercised on or before Dec. 28, 1936.
The entire issue has been under¬
written
the
by the directors of the company without charge to the company for
underwriting.
Hollander, President of the company, made the following
Michael
statement at the stockholders'
meeting:
Financial
143
Volume
"I believe that our stockholders should be informed of the purpose that
the directors in recommending the increase in the authorized
capitalization of our company and which you are asked to approve.
"Our company, as you know, is the largest company of its kind in the
world, and over its period of existence of 40 years, it has enjoyed a sub¬
stantial profit earning in each of the years excepting 1932, which year was
an unusual one and in the depths of the depression, when an operating loss
actuated
sustained.
was
been a very profitable year for your company and
end of the year the company will have earned a
"This current year has
indications are that by the
substantial net profit.
Dividend Policy
the first to show
"The company was among
improvement during the late
depression with the result that dividends on the common stock were resumed
on Feb. 15, 1934, when a dividend of 12H cents was paid, which rate has
since been continued
quarterly.
In recognition of the continuing im-
¥rovement further extra dividend was declared payable onpaidon16, 1936,
cents was Nov. Aug. 15,
936, and in business, an extra dividend of 12
next, to holders of record on Oct. 30, 1936, in addition to the
dend of 12)^ cents per share to be paid on Nov. 16, 1936.
"Under the provisions of the Federal Revenue Act of 1936,
regular divi¬
the Govern¬
imposes heavy taxes on 'undistributed net income,' which has led
directors to the conclusion that the company ought to distribute, before
the end of this year, in the form of an extraordinary cash dividend, a sub¬
stantial portion of its net profits earned this year.
ment
your
41,050 Shares of Stock—
Files with SEC for
has filed a registration statement with Securities and
Commission covering 41,050 shares of capital stock (par $5).
Of the total issue, 26,575 shares which have been auonorized and not yet
issued will be offered to stockholders of record Dec. 8, through warrants
The
company
Exchange
remaining
$18 a share.
Expiration date of warrants is Dec. 28. The
14,475 shares represent stock held in the company's treasury.
Underwriters will be officers and directors of the company
at
who have
agreed to take proportionate amounts not subscribed for.
Proceeds will be placed in the general cash funds of the company
and will
be used for its general purposes.
Sept. 30 snows
income taxes.
.
.
loss for the nine months ended
a net income of $576,168 after all charges, but before Federal
No mention is made of provisions for Federal undistributed
Consolidated
statement
of profit and
earnings tax.
Consolidated Balance Sheet
Dec.31, 35
$697,762
$161,593
Notes
942,184
230,179
Accts.
706,863
3.C33
Res.
Fed.inc.taxes pay.
Cash on hand k. in
banks
Notes receivable..
Accts. receivable..
1,915,043
Loans rec.(emp!.)_
Inventories
5,019
for con tings.
Res. for royalties.
Res. for 1936 Fed.
358,620
income taxes
65,520
Com. stk. (par
80,850
80,850
Capital surplus
Earned surplus
1,394,595
1,224
460.000
Invested
Deposits
$5)
100,000
1,000,000
-V. 143, P.
500,000
500,000
2,208,333
1,91^,730
shares reserved for
convertible preferred stock
the number of outstanding
shares has been decreased by conversion into common stock, on a share for
share basis, 22,350 shares having been so converted up to Aug. 7, 1936.
Company intends to call for redemption and payment on Nov. 1, 1936,
all the convertible preferred stock which shall not have been converted into
common stock prior to 15 days before the date fixed for redemption.
,4
y As of June 30, 1936, there were 83,311 shares shown as outstanding,
exclusive of the amount held in the treasury and 127,010 shares reserved
for the conversion of debentures and convertible preferred stock.
Such
shares so shown as outstanding, however, include 504 shares which the
company holds in the treasury and which it acquired in 1935.
Since June 30, 1936, the number of shares of common stock outstanding
has been increased, and the number of shares reserved has been decreased
by the exchange into common stock of the shares of convertible preferred
stock on a share for share basis, upon the exercise by the holders of the
latter of their conversion rights.
Up to Aug. 7, 1936, there had been 22,350
shares of common stock issued for such conversion.
z Only 11,958 shares are to be issued and outstanding by reason of con¬
version of old preferred stock into common stock.
Listing—Application will be made to list on the St. Louis Stock Exchange
the preferred stock series of 1936 to the amount which may be issued, and
to register such stock under the Securities Exchange Act of 1934.
There
were, as of Aug. 13, 1936, listed on the St. Louis Stock Exchange 107,041
shares of common stock of the company, with 57,959 additional shares
authorized to be listed as issued upon notice.
for fractional-share interests in
warrants issued
declared
as
Since June 30, .1936,
dividends.
3l
Dec.
Ended
6 Mos.End.
June 30 '36
1934
1935
(less returns and
allowables),.
$1,378,718
Distributors'chgs.,&c..
378,339
$1,630,582
472.161
$1,920,466
656,917
$1,536,007
503.681
$1,000,379
678,736
$1,158,421
762,132
$1,263,548
839.278
$1,032,326
689,431
358,355
308,432
325,926
232,702
$98,344
95,887
$110,192
19.946
$87,856
25,64*4
loss$l6,765
$113,501
$194,231
$184,384
91,188
66.945
60,456
25,941
7,071
18,922
22,602
$39,484
$114,852
$135,840
1933
Sales
Net sales
Cost of sales
Profit
on
operations.. loss$36,712
Other income & credits.
_
74,191
$6,046,025 $3,538,306
Total
Total
A Dividend—
declared a dividend of 30 cents per share
the $1.80 cum. partic. class A stock, no
Federal income taxes
on account
par value,
share
1935, this
payable Dec. 1 to holders of record Nov. 10. Dividends of 10 cents per
were paid on Sept. 1, June 1 and March 2, last, and on Dec. 2,
latter being the first payment made on the issue since June 1, 1933, when
15 cents was paid. 22H cents per share were distributed each three months
from June 1, 1932, to March 1, 1933, incl.
Prior to then regular quarterly
dividends of 45 cents per share were disbursed.—V. 143, p. 924.
Net
loss$107,953
profit
Consolidated Balance Sheet as of June
...
Co.—$2 Extra Dividend—
The directors have declared an extra dividend of $2 per share in addition
to the regular monthly dividend of $1 per share on the capital stock, par
$100, botn payable Nov. 25 to holders of record Nov. 20.
Similar distribu¬
tions were made in each of the 28 preceding months.
The company paid
extra dividends of $1 per share and regular dividends of $1 per snare each
month from Jan. 25, 1934, to and including June 25, 1934.
In addition,
a special extra of $20 per share was paid on Dec. 5 last.—V. 143, p. 2372.
Homestake Mining
Due from empl. &
distributors
Inventories
properties
11 Income &
Patents, dies, patterns, &c_._
Treasury stock
54,064
5,000
7,625
receivable.. 1,220,540
Instalment notes
Plant and other
$725,000
1,000 Accounts payable—trade
Distributors' accounts
1,170 Accruals
—
9,441 j Amt. withheld on notes disc..
363,846 Liability under installation &
247,680 I
service contracts
securities at cost..
U. S. govt,
30,1936
|
Liabilities—
$97,376 Collateral trust notes
Assets—
Current assets
Misc. accts. and claims rec—
Household Finance
Income Statement
Consolidated
Particulars—
Other expenses & chgs._
on
treasury and 226
exclusive of the amount held in the
sell., admin, and
finance dept. expenses
2523.
of accumulations
Outstanding
Authorized
250,000 shs. y83,311 shs.
125,000 shs. x64,343 shs.
Pref. stock (par $50)
30.000 shs. zll,958 shs.
The outstanding funded debt of the company as of June 30,1936 consisted
of $67,000 convertible 10-year 6% sinking fund gold debentures dated
March 1, 1929.
x As of June 30, 1936,
64,342 shares were outstanding,
Total
(Henry) Holt & Co., Inc .—Class
The directors have
■
.#
.
1,000,000
587
$6,046,025 $3,538,306
Total
March 1, 1931.
on
Capitalization—
Common stock (no par)
Conv. pref. stock (no par)
Years
94,500
2,916
94,500
5,416
Goodwill, tr. mks.,
&c
companies
124,695
460,000
assets
stk.(13,475
s lis.)
Fixed assets (net).
$13,079
Company owns the entire^stock issue of each of the above companies.
listed are wholly inactive, except that the
Hussmann-Ligonier Co. of Pa., for convenience, holds title to a dismantled
plant at Yardley, Pa.
The Allied Store Utilities Co, is the sales organization for the distribution
of the equipment and products manufactured by the Hussmann-Ligonier
Co., the entire production of the latter being distributed by the former,
under the terms of an agreement made and entered into between the two
The last six subsidiary companies
2,000,000
1,380,503
Inv. & advances..
Treas.
90,554
payable...
payable—
84.509
399,316
65,520
31/35
$26,159
June30'36 Dec.
Liabilities—-
June 30 36
Assets—
3001
Chronicle
gen. tax
6,075
12,699
42,935
67,000
accruals
Convertible
309
__
21,425
Deferred charges.
'
54,528
Deferred liability
52,536
Deferred income
645,681
preferred stock
Convertible
75,000
Common stock
21,034
193,610
Capital surplus
Corp.—Special Dividends—
Earned surplus
declared a special dividend of $1.15 per share on the
stocks, and a special dividend of $1.35 per share on
stock, all payable Nov. 19 to holders of record Nov. 14.
They also declared the regular quarterly dividends of 75 cents on the com¬
The directors have
class A and B common
the preference
stocks and 87B cents per share on the preference stock.
These
paid on Jan. 15 to holders of record Dec. 31.
Special dividends of $1.05 per share were paid on the common
a special dividend of $1.22)4 per share was paid on the preference
Dec. 5, 1935.—V. 143, p. 2842.
mon
latter
will be
stocks and
stock on
Hudson Motor Car
Substantially
Unchanged—
1937 Iludsons and Terraplanes will not be greatly changed
levels, notwithstanding a great number of improvements in
both lines of cars, according to A. E. Barit, President of the company.
In announcing the prices of the new Hudsons and Terraplanes, Mr. Barit
calls attention to the fact that complete model changes have been made
in both cars.
These result in six inches wider bodies, with considerable
of
Prices
from
2054.
Illinois Water Service
12 Months Ended Sept.
-Earnings-
Co.
$615,689
Net earnings
$304,775
$287,981
656
2,244
$305,431
$290,226
171,950
171,950
1,391
3.949
171,950
3,950
Cr451
Cr414
Crl78
4,632
16,500
700
5,693
18,500
700
22,500
700
$110,261
53,400
from operation.
$598,416
210,350
37,368
62,715
$308,808
General taxes.
190,322
39,561
44,220
411
Maintenance.
$578,879
193,342
45,240
68,710
$308,396
'
$103,660
53,400
$89,360
53.400
Other income
.
1936
automatic gear shifting, much
motors.
The plant and tpol
expenditure involved in making these improvements totaled alone more than
two and a half million dollars.
Notwithstanding this, the base price of the
1937 Hudson line will be lower than in 1936, and that of the Terraplane
improvement of exterior lines, a new type of
more luxurious interiors, and more powerful
unchanged from 1936.
the new Hudson cars begin at $695, as compared with
Terraplane list prices for 1937 begin at $595, which is the
year's figure.—V. 143, p. 2843.
corporate income.
Interest on bonds.
Miscellaneous interest
Amort, of debt discount and expense.
Interest charged to construction
Provision for Fed. income tax.
Prov. for retirements & replacements
Gross
Miscellaneous
deductions
Dividends
pref.
1,264
line will remain
List prices on
last year.
as
1934
1935
1936
30—
Operation
Co.—New Hudson-Terraplane Prices
$1,962,788
Total
$1,962,788
Total
-V. 143, P.
last
$710
same
Stock Offered—Stifel, NicoCo., inc., and Francis Bro. & Co. on Oct. 21 offered
per share and div. 11,760 shares of preferred stock,
Hussmann-Ligonier Co.—Pref.
]aus &
at $50
series of 1936
(53^%cumulative).
Although the prospectus states that the offering of preferred stock series
11,760 shares, plus such additional shares, not to exceed
as may be necessary to provide funds to redeem at $11 per share,
Plant, prop.,
Debt disc.
90,964
case
64,195
of amort.
that 11,760 shares will
exceeding 11,820, as may
be issued, plus such ad¬
be required to provide funds
such of the convertible preferred stock as is not
converted into common stock prior to 15 days before the date fixed for
redemption of such convertible preferred stock.
The proceeds of the pre¬
ferred stock series of 1936 which will be issued and sold will be used to
redeem the convertible preferred stock and for general corporate purposes
$11 per share
.
Receivables
Mat'ls & supplies.
°f2fi^ortr—^Company
Feb. 13, 1929, in Del., under a perpetual
others, of manufacturing and selling re¬
frigerators, ice boxes, store and office fixtures and equipment, show cases
and similar products.
Since organization the company's main activity
has been the manufacture of refrigerated display counters, refrigerator
parts meat choppers, coffee mills and other butcher shop equipment.
The group of companies affiliated with the company comprises the follow¬
ing corporations: Allied Store Utilities Co. (Mo.); Hussmann-Ligonier Co.
of Pa • Ice-O-Therm Refrigerator Co. (Mo.); Harry L. Hussmann Refrig¬
erator Co. (Mo.); Ligonier Refrigerator Co. (Ind.); Gruendler Refrigerator
Co. (Mo.); Steiner Manufacturing Co. (Mo.).
was incorp.
charter for the purpose, among
unadjusted cred.
36,259
33,871
725
Accounts payable.
7,017
15,882
104,305
123.577
515,602
26,650
Reserves
509,774
8,575
40,621
66,705
36,284
9,274
39,386
61,847
6% cum. pf. stock
890,000
890,000
1,140,000
Capital surplus
81,515
Earned surplus..,
200,903
1,140,000
4,436
3,215
47,569
z
Common stock..
81,515
164,770
charges and
prepaid accounts
$6,408,775
Total
z
&
21,730
stk.
stock.
Purpose—It is proposed
liab.
Accrued items....
rate
expense
U nbilled revenue .
to redeem at
def.
Due affil. cos.
& exp.
such of the outstanding
Def'd
60,245
Misc.
1935
$3,439,000 $3,439,000
Funded debt
,045,103
107,701
$6,079,214
Unamortized
1936
Liabilities—-
1935
equip¬
ment, &C
Cash
Comm. on cap.
ditional shares, not
460
Balance Sheet Sept. 30
11,820,
convertible preferred stock (no par) as is not con¬
verted into common stock prior to 15 days before the date fixed for redemp¬
tion of such convertible preferred stock, the bankers in their advertisement
state that only 11,958 shares of the new preferred are to be issued and out¬
standing by reason of the conversion of old preferred stock into the common
stock.
1936
Assets—
in proc.
of 1936 will be of
on
1,560
3,873
$6,404,9421
Total
Represented by 57,000 no par shares.—V.
$6,408,775 $6,404,942
143, p. 589.
Imperial Royalties Co .^—Earnings—
Earnings for the
Period From July 1, 1936 to Sept. 30,
Gross income
Administrative expense
Operating profit.
1936
$31,908
6,505
$25,403
61
Transfer fees
Total income
Ttixes
$25,464
988
50
Production expense.
Net
profit (before reserves).
925.
-V. 143, P.
$24,425
3002
Financial
Indian Refining Co.— To Vote on Dividend—
Chronicle
Current assets
Stockholders at their annual meeting on Nov. 10, will be asked to consider
whether or not directors should be authorized, after providing for the pay¬
ment of $42.50 per share accrued dividends on the 126 shares of
outstanding
preferred stock, to declare a dividend on the common in such amount as
will be necessary to avoid the imposition of surtaxes on
undistributed
profits.
In additon, they will be asked to determine whether such dividend on
the common, if authorized, should be payable, in cash, or in debentures
to be issued by the company, or otherwise.
Texas Corp. is the owner of approximately 94% of the outstanding com¬
mon stock.—V.
142, p. 3678.
Inland Telephone Co. (&
Gross earnings
Subs.)—Earnings—
the 6 Months Ended June 30,
1936
$272,924
109,190
32,565
_
Operation
Maintenance
Depreciation
;
State, local, &c
,
12,385
6,358
Federal income taxes
b'Net earnings
Divs. of Inland Telephone Co.—Pref. stock
*
This balance of income of $24,970.55
1936.—Y. 127, p. 1947.
has not been adjusted for increased
taxes for
Inc.
applic.
charges
Corp.—To Retire Bonds of Subsidiary—
5K% sinking fund bonds maturing
looking to the
Jan. l, 194S.
Tnis is believed to oe the first step in a plan
eventual redemption of company's remaining funded debt.
Company announced that it already has a substantial amount of the
bonds in its nands and that it has made arrangements to borrow
so as not to impair its working capital position.
Annual
interest requirements on the issue has been roundly $120,000.
The Zenith bonds are callable at 102 plus accrued interest.
This indebted¬
was
assumed by Interlake at the time of the merger in 1929.—Y. 143,
are
Jamaica Public Service Ltd. (&
Period End. Sept.
Oper.
•
Inc. from other
Payment Made—
__
$68,970
40,781
$875,281
528,166
$850,574
502,662
$28,188
$347,115
$347,912
22
sources-
Balance
$28,188
8,624
$347,152
8.617
103,959
$347,912
103,743
$17,208
$19,564
$243,192
$244,169
i
bankruptcy this total was reduced by sinking fund redemption to $96,409,500, principal amount.
Irving Trust Co., as trustee in bankruptcy, will pay the 10% dividend
on the
total amount of debenture claims allowed, but many individual
debenture holders will obtain their dividends from other sources, some from
the Bank of New York
Trust Co. as depository for the debenture holders
Srotective committee, and others from the holders protective committee. as
epository for the independent debenture Title Guarantee 6i Trust Co.
Holders of debentures aggregating approximately $3,500,000 who either
to file any claim in the bankruptcy proceeding or did so after the
failed
the
Bankruptcy Act
had
expired,
will
receive their payments from Edward Ward McMahon and the Brooklyn
Trust Co.
as
successor
trustees under
the bankrupt's debentures.—Y.
143, p. 1402.
2682.
p.
Jantzen
International
Nickel
Co.
of
Canada, Ltd.—Dividend
Again Increased—
a
with 35 cents paid on Sept. 30, last; 30 cents paid on June 30,
last, 25 cents paid on Maren 31, last, and on Dec. 31, 1935; 20 cents on
Sept. 30, 1935; 15 cents per share paid each quarter from Sept. 29, 1934,
to and incl. June 29, 1935, and 10 cents per share paid on June 30 and
March 31, 1934. This latter was the first payment made since Dec.
31,1931,
when a regular quarterly dividend of 5 cents per share was disbursed.—
V. 143, p. 1081.
1935
$2,563,432
1,231,946
1,111,146
1934
$2,3»3,550
1,091.149
1,015.649
Net profit from oper..
Other income
$469,134
$220,340
$276,753
47,369
40,649
74,830
61,882
Total income...---.-
$516,504
7,595
$260,989
8,825
3,733
$351,583
7,239
$155,468
Operating
expenses
Interest.
Loans on foreign exch
Adjust, of inventories
Depreciation
and will be accepted on the basis of the lowest prices submitted.-t-V.
143
52,739
87,010
48~,089
Net profit
Preferred dividends
$369,158
1936
1935
$12,642,790 $10,546,387
11,461,489
9,537,651
$93,586
3.544
46,364
15,764
46,465
$157,089
65,679
79,736
$163,446
89,223
$105,435
42,394
$11,674
711,103
$74,223
636,bbl
$63,041
573,839
43,251
-
_
-
24
63,780
79,736
-
Bal. carried to surplusi
Surplus at first of
$225,642
7l»,o27
Crl9,7l2
year—
Res. restored to surplusProfit from sale of treas¬
ury
Prem.
Cr6,600
stock
on pref .stk.retired
45,805
"
4~,250
Additional pr. year taxes
$924,677
Shares
common
Earnings
$718,528
$711,104
$636,881
200,000
$1.53
200,000
$0.46
200,000
200,000
$0.20
stock
pe, snare
$0.49
Consolidated Balance Sheet Aug. 31
el936
Assets—
Cash
173,477
235,275
Inventories
543,718
469,230
123,075
105,530
27,910
Trade
$777,386
Cust's receivables.
49,245
Cash
val.
surr.
Misc.
cos.
Due
pref .stkhldrs
47.060
5% cum. pref.stk
750,000
d Common
68,423
invest'ts.
Miscell.
53,689
68,588
21,815
937,700
c7% cum. pref.stk
47.060
Inv. stk. affil.
9.937
b
7 %
2,400
68,423
4,775
$21,690
99,281
27,144
obligations-
a
for
of
$35,712
Due banks
Other
1935
pay¬
Miscell. accruals.-
receivables.
reserved
retire,
accts.
able—
ol
life insurance
Cash
el936
Liabilities—
1935
$706,800
stock-
Earned
surplus.
Capita
surplus...
-.
750,000
750,000
855,832
68,845
6iU,478
108,050
Hayden Isl.Amuse¬
ment
Co.
stock
<fesecur. advs__-
131,880
115,880
Plant & equipm't.
786,799
710.004
32,267
36,259
1
1
Deferred charges
Pat'ts & tr.-marks
$2,643,812 $2,572,010
Total
$2,643,812 $2,572,010
7% preferred stock called for redemption or exchange at 105.
b $100
Outstanding*6,887 shares, $6^8,700.
Held
$61,300.
Total, $750,000.
c Represented
by shares of $100 par.
d Represented by 200,000 no par shares,
e After
giving effect to redemption and excnange of preferred stocx and payment
of dividend thereon, accomplished Sept. 1, 1936.—V. 143, p. 2524.
par, authorized 7,500 shares.
for exchange, fully applied for,
Kirkland Lake Gold
(& Subs.)- -Earnings
9 Mos. End. Sept. 30—
Sales..
896.454
Min. int. in London prof
1
2374.
Costs and expenses
891.063
a
Paper Co.—Tenders—
The Bankers Trust Co., as trustee, is inviting offers of first and refunding
5% sinking fund mortgage bonds, series A and B, at prices not to exceed
10214, and to an aggregate amount sufficient to exnaust the sum of $100,729
held in the sinking fund.
Offers will be received until noon on xnov. 16
International Printing Ink Corp.
$1,881,104
118,769
Federal income tax
Total
International
1933
1936
$3,062,809
1,373,187
1,220,488
Cost of sales...
pref. stock
Nov. 2 declared
dividend of 40 cents per share on the
stock, no par value, payable Dec. 31 to holders of record Dec. 1.
on
This compares
p.
Knitting Mills Co. (Ore.)-(& Subs.)- -Earns.—
Years End. Aug. 31—
Sales
Deposits Extended
Henry C. Hoffman, Secretary in a letter to the holders of undeposited
the purchase of common stock states:
The plan outlined in previous letters has been authorized and approved
by the holders of more than 80% of the outstanding stock of this corpora¬
tion, and the new company, to acquire the property and assets of this
corporation, has been formed.
(For details of plan see V. 143, p. 2055).
More than 83% of the warrants have been deposited for exchange for
stock of the new company.
In order to give holders of warrants who have
not yet done so any opportunity to deposit their warrants for exchange for
stock of the new company, the directors have extended the time for the
deposit of warrants under the plan to the close of business on Nov. 13.
Those wishing to exchange this warrants for stock
in the
new com¬
pany, may deposit their warrants by executing the letter of transmittal and
sending it, together with their warrants duly endorsed with the signature
guaranteed by a bank or a member of the New York, Toronto or Montreal
Htock Exchange, to one of the following depositaries:
City Bank Farmers
Trust Co., 22 vVilliam St., New York; Chartered Trust & Executor Co.,
34 King St. West, Toronto, Canada, and Chartered Trust & Executor Co.,
132 St. James St. West, Montreal, Canada.—V. 143, p. 2055.
warrants for
common
143,
Common dividends
International Mining Corp.—Time for
The directors
Balance
-V.
36
$25,826
;
checks.
Aggregating approximately $10,000,000 covering a 10% dividend
on the company's debentures,
the checks were sent to debenture holders
in every State in the Union and in 20 foreign countries,
i
With this dividend, creditors will have received a total of about $15,000,000, an initial dividend of 5% haying been paid Dec. 20, 1935.
The
cash for current dividend was obtained principally from the sale of European
and Philippine properties of international Match to the Swedish Match
Go. last July and from payments in various law suits.
The public originally paid $100,000,000 in cash for the debenture issues
in connection witn wuicn this dividend is being distributed.
Prior to the
1936—12 Mos.—1935
$68,052
42,248
$25,803
and taxes.
exps.
Subs.)—Earnings—
1936—Month- -1935
30—
Gross earnings
Net oper. revenues
International Match Corp.—10%
by
-Spanish
has issued a
declaring militarization of the Spanish Telephone Co. is correct.
advised that this action was taken pursuant to the contract between
the Spanish Telephone Co. and the Spanish Government which gives the
Government to right to take over operations in cases of grave disturbance
of the public order and provides that in such event the Government will
indemnify the company for all damages as well as for loss of revenue sus¬
tained."—V. 143, p. 1882.
One of the largest liquidating disbursements in recent years was made
Oct. 20 with the mailing to creditors of the corporation of some 15,000
allowed
$1,461,117
$1,693,333
The corporation has issued the following statement:
"The report from Madrid,that the Spanish Government
2682.
period of six months
$52,096
International Telephone & Telegraph Corp.Takes Over Telephone System—
\
additional funds
ness
$42,138
Government
Zenitu
p.
fixed
to
decree
This company will call for retirement on Jan. 1, 1937, the $2,370,000 of
Zenith Furnace Corp. first mortgage
1936—9 Mos—1935
$3,929,758
$3,549,254
2,236,425
2,088,137
-V. 143, p. 2374.
We
Interlake Iron
1936—Month—1935
$305,126
$284,243
262,988
232,147
revenues
Oper. exps. and taxes
Cr66
$24,970
13,125
the
on
International Rys. of Central America-—Earnings—
3,366
3,349
Balance of income
Corp.—$3 Accumulated Div.—
directors have declared
Period End. Sept. 30—
Gross
42,330
Amortization of debt discount & expense
1936
a dividend of $3
per share on account of
6% cumul. pref. stock, par $100, payable Dec. 15
to holders of record Dec. 1.
This compares with a dividend of $6 paid on
July 15, last, and $3 paid on Jan. 15, last, and on Oct. 24, 1935, this latter
being the first payment to be made on the pref. stock since July 15, 1931,
when a similar amount was distributed.—V. 143, p. 2524.
$73,949
Int. & other deductions of subsidiary companies (net).
The Inland Telephone Co.—Interest on funded debt
General interest.
as
International Products
The
38,475
taxes
7.
of Sept.
30, 1936, incl. $1,525,854 cash, amounted to
$7,415,679 and current liabilities were $1,378,872.
This compares with
cash of $2,247,627, current assets of $7,835,874 and current liabilities of
$1,069,211 on Sept. 30, 1935.
Inventories amounted to $3,528,088 against
$3,695,480.
Total assets as of Sept. 30, 1936, aggregated $14,085,398 against $13,092,869 on Sept. 30, a year previous; capital surplus was $1,583,576 against
$1,656,276 and earned surplus was $1,193,532 against $802,033. Company
has no funded debt.—V. 143, p. 2212.
accumulations
Consolidated Income Accounts for
Nov.
1934
$9,383,101
8,554,767
$7,359,615
7,246,519
$828,334
CY35.840
$113,096
50,788
1933
Mining Co., Ltd.—3-Cent Div.—
The directors have declared
a dividend of three
cents per share on the
$1, payable Dec. 1 to holders of record Nov. 12.
A
similar payment was made on April 30, last, on Nov. 1, 1935 and on Dec. 1,
1934, this latter being the initial distribution on the issue.—V. 143, p. 1885.
common
stock,
par
(S. S.) Kresge Co.—Sales—
Other deductions (net)
Profit
Federal taxes
Subsidiary pref. divs
$1,181,301
36,228
$1,008,736
49,429
$1,145,073
182,300
1,449
$959,307
134,050
50,239
Month of—
1936
$8,597,317
$62,308
AugustSeptember
12,182.365
11,169,2/4
11.352,956
11.752,862
October.
$864,174
103,300
21,350
1935
$8,488,424
8,975,051
10,328,161
11,518.500
10,871,686
11,048,088
10,004,027
10.758,118
10.147,936
13,539,905
11,925,369
January
February
9.570.689
10,043,390
12.011,258
11.925.061
March
April
May
June
Preferred dividends
Common dividends
Surplus..
Earnings per share
x$961,324
289,003
395,572
$775,018
y230,919
$276,749
$340,779
$2.34
$1.96
203,320
$739,524
235,696
65,155
$62,308
247,381
$438,673 def$185,073
$1.87
Nil
No provision was made for Federal sur-tax on undistributed
profits,
After deducting $16,513 recovered from the holders of 11,009 preferred
x
y
shares
issued
in
exchange for
a
like number of shares of United
Color
&
Pigment Co., Inc., preferred stock, pursuant to the exchange agreements.
Consolidated income account for
12
months ended
Sept. 30, 1936,
follows:
Sales, less returns, allowances and discounts, $16,435,609; costs
and expenses, $14,909,029; operating profit,
$1,526,580; other deductions
(net), $13,594; profit, $1,512,986; provision for Federal income taxes,
$243,750; subsidiary preferred dividends, $2,173; net profit, $1,267,063.
July.
1934
1933
.824.821
8 ,797,055
12 ,320,725
10 ,146,128
11 .680.348
$7,706,388
8,053.868
8,491,512
10.228.412
9,941.023
10.304.867
..
11 ,522.566
9 ,4/l,yy8
9,4u6,oi6
10 ,252.468
10 .413.911
9,920,933
10.634.773
11 .498,690
10.848,333
On
Oct. 31, 1936 the company had 730 stores in operation, including
in the United States and 49 in Canada, against 693 American stores
and 48 Canadian stores at the end of October, 1935.— -V. 143, p. 2375.
681
Kroger Grocery & Baking Co.— To Pay Extra Dividend—
The directors have declared
an extra dividend of 30 cents per share on the
stock, no par value, payable Dec. 1 to holders of record Nov. 10.
regular quarterly dividend of 40 cents per share, which had been
previously declared also carries the above dates.
common
The
In order to
avoid
payment of a
directors stated tnat it
was
heavy tax on undistributed earnings,
for the present at least to depart
necessary
Financial
143
Volume
from the usual conservative dividend policy
half
over
established by the company
century ago.
a
elected Vice-President
on Oct. 23 succeeding to the vacancy caused by the death of Joseph W.
Lewis.
Mr. Akin was elected a director at the annual stockholders meeting
Akin assistant to the president
Liabilities as of Sept. 30, 1936
(Arthur T. Vanderbilt, trustee in liquidation )
Statement of Assets and
Liabilities—
Assets—
Mtge. loans
Cash: In bank
On hand
Real estate owned at cost
Advances
for
Due from
414
was
7,523
1.500
313
1,641,980
156
4,025
22,141
f
Autos., furniture & fixtures..
HOLC bonds
on
3,787
Deposits sale of real estate...
Security oeposits for rent
x Receivers' equity In liquid.
57,549
HOLC bonds
Deposits with
573
7,230
(contra)
Reserve for Federal inc. taxes
9,950,250
ERA
funds
Suspense accounts.
Insurance, fore¬
closure costs, &c
Accounts and notes receivable-
Int. accr.
Trust
7,230
(contra)
......--.$10,951,435
accrued on
1, 1930
bonds to Sept.
110
funds
bonds Issued &
outstanding
Interest due and
25,592
140
736,907
Tax antic, notes & salary warr.
Trust
1st mtge. coll.
real estate....$1,809,685
on
Book value of municipal bonds
20
118
department
Title plant
Laclede Steel Co.—New Vice-President—
on
from opera¬
adjustment of the prepaid taxes, there is an indicated earning
tions of approximately $108,000 for the nine months period.
^
Commenting on the declaration of this extra dividend, Albert H. Morrill,
President stated that: "Ever since the establishment of the Kroger Co. more
than a half a century ago, it has pursued a conservative dividend policy.
"Until a few years ago it rarely paid out in dividends more than one-third
of its earnings and since the increase of the dividend of $1.60 it still has
retained a substantial part of its earnings each year.
By pursuit of tnis
policy, Kroger has been able to provide for its expansion and betterment
out of its own earnings without recourse to the expensive and cumbersome
process of securing funds through public financing.
"Through its financial accumulation, thus accomplished, Kroger finds
itself with ample resources for its present requirements.
It is necessary at
least for the present that Kroger depart from its policy of the past in order
to avoid payment of a heavy tax on undistributed earnings.
"Conservative estimates of Kroger s earnings for 1936 indicate that they
may be of sufficient amount to subject the company to a tax on undis¬
tributed earnings under the law passed at the last session of Congress.
Under these circumstances, it is thought wise to provide against the possible
liability of this tax," Mr. Morrill stated.—Y. 143, p. 2525.
William M.
3003
Chronicle
1
Total
Total
$12,614,342
$12,614,342
-
Subject to final liquidation of all assets and liabilities in possession of
liquidation and interest accrued on outstanding bonds since
Sept. 1, 1930, amounting to $3,758,513.
The bondholders' protective committee for the first mortgage collateraJ
bonds consists of Robert E. Goldsby, Chairman, Frederic J. Fuller, Dudley
C. Smith and Homer F. Whittemore with Richard F. Hardy, Sec., 100
x
the trustee in
Oct. 20—V. 143, p. 277.
„
Lake Erie Franklin & Clarion RR.—Abandonment—
The Interstate Commerce Commission on Oct. 14 issued a certificate
permitting the company to abandon (1) its so-called Mill Creek Branch,
extending northward from Strattonville to the mouth of Mill Creek, on
Clarion River, about 3.2 miles, and (2) approximately the last mile of its
so-called Reidsburg Branch, all in Clarion County, Pa.—V. 142, p. 1293.
Co., Ltd.—Deposit Time Extended—
dividend of $1.75 per share on
preceding quarters.
The
927.
*
Lindsay Light & Chemical Co.—Earnings—
Per. End. Sept. 30—
Net
profit
after
_
$io)
shs.com.stk.(par
—V. 143, p. 2847.
Ounces Gold
Metals Produced—
Third quarter 1936
Third quarter 1935
Third quarter 1934
—'ii-
$1,622,039
57,u36
$1,679,976
Total income
$1,396,656
Depreciation
Income and capital stock taxes.
Minority interests
Net profit accrued to Lucky TigerCombination Gold Mining Co
$1,421,397
Total
Income deductions, miscellaneous
Interest expense
34,081
671
17,653
x213,188
California franchise tax—1936
Provision for Federal income taxes.
.
x
Net income—
$1,155,802
No provision has been made
for surtax on undistributed profits.
Consolidated Balance Sheet Sept. 30, 1936
on
$210,838
Inventories
Accounts
b390,927
hand & in bank
Loan from parent co
1,166,781
Rental equipment
Fixed assets
al89,822
674,707
Other assets
85,197
_
payable (trade)
a
After
28,150
262,723
Deferred credits
225,000
50,599
1,760,165
Total.......
for depreciation of $44,951.
$3,627.—V. 143, p. 2376.
660
:
Capitalstock (par $1)
Capital surplus
revenue
$56,295
reserve
(electric)
Construction
of doubtful
Provision for retirements
Federal income taxes
Other taxes
Operating income....
1935
$1,795,535
350,005
20,683
Cash&accts. rec..
Oct.
.
Federal tax res..
process.
Investments..---
55,728
$631,582
$350,000
5,074
276,507
$631,582
4,715
$650,366
.
25,394
1,975
'36 £epf.28,'35
42,965
23,370
Prepaid insurance.
3,
$350,000
1,015
299,351
$650,366
Capital stock
Profit and loss...
Mdse. and stock in
Total
—V. 141, p.
Total
3231.
Sales
Company operated
October, 1935.
1936—Month—1935
1936—10 Mos.-—1935
$3,510,853
$3,183,492 $30,311,564 $27,898,695
194 stores in October, 1936, against 203 stores in
Reorganization Claims Reduced $1,100,000—
262,330
$886,103
7,939
claims
the reor¬
to Judge
Patterson has reduced by $1,100,000 the
Federal Judge Robert P.
276,413
$1,064,639
....
Other income
27,968
56,389
Sheet
Liabilities—
McCrory Stores Corp.—Sales—
22,570
262,330
32,059
340,246
Maintenance
distributed.
Balance
Sept. 28,'35
$512,904
$530,540
Per. End. Oct. 31—
1936
$2,022,411
300,566
expenses.
Co.—Dividends Resumed—
Oct. 3, '36
Assets-—
Lexington Water Power Co.—Earnings—
12 Months Ended Sept. 30—
Operating
Operating
$42,491
on
Comparative
$2,718,276
b After
reserve
accounts of
$79,199
1,321
3,101
7,235
11,247
814
paid a dividend of $1 per share on the common stock, par
Nov. 2 to holders of record Oct. 20.
This was the first dividend
paid on the common stock since Aug. 1, 1934 when $1 per share was also
distributed.
Dividends of $1 per share were paid each quarter from
Nov. 2, 1931 to and including May 2, 1932.
Prior to Nov. 2, 1931 regular
90,000
Federal taxes, 1935 (balance).
Accruals
„..$2,71S,276
Manufacturing
Luther
$300,977
Earned surplus..
Total.
4,244
2,537
5,600
The company
quarterly dividends of $2 per share were
Liabilities—
Assets—
Receivables
$55,686
Estimated.—V. 143, p. 927.
$100,
Cash
$70,613
8,586
7,800
24,740
Other income, miscellaneous
x
$47,886
$18,012
Miscellaneous expenses
20,386
112,550
$41,548
2,206
4,595
4,342
12,393
Interest
Operating profit
Balance
$203,549
4,975
149,050
$33,187
8,361
Operating costs
283,319
1934
xl935
$201,911
10,733
119,593
__
$3,266,399
1,644,359
Total income
101,153
143,640
132,632
$163,513
Less royalties
Selling, general 3c administrative expense
Ounces Silver
■
3,208
2,982
3,788
xl936^
3 Months Ended Sept. 30—
profit on sales
operating income, net
$0.52
.
Gross value
Earnings for the 9 Months Ended Sept. 30, 1936
Gross
$41,689
$0.08
$0.13
Nil
„
$16,479
$11,029
loss$l,847
Lucky Tiger Combination Gold Mining Co. —Earnings
(R. G.) LeTourneau, Inc.—Earnings—
Other
1936—9 Mos.—1935
1936—3 Mos.—1935
taxes,
depreciation, &c
Earns, per sh. on 60,000
Stock Increase—
A special stockholders meeting will be held on Nov. 23 to vote on a
proposed reduction in the authorized 6J^% pref. stock by 15,684 shares
and an increase by 32,000 shares new 4conv. pref. stock, and 18,000
shares, not designated as to series.—V. 143, p. 2375.
Cost of goods sold
Dividend—
account
Dec. 1
each of
last regular quarterly dividend was paid on
a
7% cum. pref. stock, par $100, payable
holders of record Nov. 20.
Similar payments were made in
the
on
June 1, 1933.—V. 143, p.
Reconstruction Finance
Corporation from its own cash resources, and, in addition, made payment
of $500,000 to apply against 1938 RFC maturities.
The road had previ¬
ously reported to the Interstate Commerce Commission that it was in
negotiation with bankers for a loan to meet the Nov. 1 maturity.
The ICC on Oct. 20 modified a previous report so as to permit the release
from pledge with the RFC of $8,434,000 collateral, upon repayment by the
road of the $3,000,000 loan falling due Nov. 1.—V. 143, p. 2846.
The company on Nov. 1 repaid $3,000,000 to the
Net sales
Boston.
of Boston, 24 Federal St.,
Co.
Trust
Lexington (Ky.) Water Co.—Accumulated
the six
Lehigh Valley RR.—-Repays $3,000,000 RFC Loan—
on
Union
The directors have declared
of accumulations
to
1936.—V. 143, p. 2213.
Corp.—To Vote
is
—V. 131, p. 949.
that the time
July 1, 1954,
may be deposited with the Bankers Trust Co. as agent under the readjust¬
ment plan dated Aug. 20, 1936 has been extended to and including Nov. 30,
The company has notified the New York Stock Exchange
within which first mortgage 6% convertible gold bonds, due
Lerner Stores
,
Broadway (Room 909), New York, and Sullivan & Cromwell, New York
and Lindabury, Depue& Faulks, Newark, N. J., Counsel.
The depositary
is Central Hanover Bank & Trust Co., 70 Broadway, New York, and the
sub-depositary
Lautaro Nitrate
.
for final allowances made by lawyers and others in
ganization case.
Claims aggregating $1,600,000 were presented
Patterson.
He allowed payments of only $500,000.
The Court said that McCrory creditors had been paid in full,
and requests
the pre¬
left undisturbed and had received all back divi¬
stockholders were still in possession of a large portion
of the equity in the reorganized company.
He said, however, that the
total compensation that might fairly be granted to lawyers and others is
altogether out of line with the total compensation that can fairly be made
out of the general estate of the debtor.—V. 143, p. 2376.
ferred stockholders were
Gross
$1,072,578
Interest
on
Interest
on
Interest
on
$886,103
577,726
226,874
583,564
243,279
28,474
39,170
25,449
$200,331
income
loss$6,674
5% first mortgage bonds
bfi % debentures
unfunded debt
Amortization of debt discount and expense
Balance of income
Note—No provision is made in
40,484
this statement for Federal surtax
year.—V. 143, p. 761.
on un¬
Mortgage
&
j
Title
Guaranty
McKeetport Tin Plate Co.—To Increase
Co.—Trustees*
on
of Receipts and Disbursements 9 Months Ended Sept. 30,1936
$599,523
71,996
691
mortgage loans
Miscellaneous income
.$672,210
,
February
March
-
April
-
May
-
operating expenses
;
Salaries, $48,144; trustees' and legal fees, $31,500
Insurance, $4,251; rent, light and heat, $6,355; auto and traveling,
$5,957; accounting, $2,810
Stationery, printing and postage, $2,770; advertising, $1,645; tele¬
phone and telegraph, $1,761;
legal department expenses, $1,556.
Other expenses
Net excess of receipts over
disbursements
$502,164
79,644
7,732
1,692
x$61,601
This net excess
payment in advance of a substantial portion of the taxes for the full calendar
year.
Total taxes of $245,587 have been paid during the first nine months.
Taxes paid in respect of the year 1935 were $252,281 and for 1934 were
$245,294.
It is estimated that 1936 taxes will amount to approximately
$265,000.
On the basis of this estimate, and after giving effect to an
143,
p.
Mack Trucks,
Earns, per sh. on 597,335
shs. cap. stk. (no par)
„
No deduction has been
^Orders received
1936—3 Mos.—1935
1936—9 Mos.—1935
x$364,311 loss$284,520
x$876,200 loss$603,553
Nil
$1.46
Nil
undistributed
$0.61
made for possible Federal surtax on
October in the
in the first nine months this year were
corresponding period of 1935.—V. 143,
for October exceeded those received in any
past five years, and orders booked
more than 50% greater than in the
2376.
1,745,753
Inc.—-Earnings-
Net profit after deprec'n
and Federal taxes
p.
1.585 457
1,489.857
1,724,435
1,524,514
2376.
Period End. Sept. 30—
x
1.346.646
1,742,439
1,738,253
1,711.846
2,024,663
October.
19,373
of receipts over disbursements for the first nine months
of 1936 is less than the amount actually earned during the period due to the
x
—
September
—V.
1,539,118
1,542.407
1.797.441
-
-----
July
1935
$1,056,813
1,068.570
1,312,992
1 620,954
1 775.527
— -
August.
Disbursements—
Real estate
1936
$1,094,442
1.154,648
January.
June
Total
Co.—Sales—
Month of—
Real estate rent income
Interest
the autnorized
McLellan Stores
Report 9 Months Ended Sept. 30, 1936—
Statement
Stock—
has notified the New York Stock Exchange of a proposed
capital stock from 300,000 shares to 600,o00
shares—V. 143, p. 2685.
The company
increase in
distributed profits, if any, for the current
Lincoln
dends, that common
3004
Financial
Total
Majestic Radio & Television Corp.—Stock Sold—
J. A. Sisto & Co. announce that subscription books on the offering of
150,000 shares of stock have been closed, the issue having been oversub¬
scribed.
See also V. 143, p. 2848.
Manhattan
Railway—Request for Aivard Action Denied—
borough Rapid Transit Co. to proceed with the matter of the condemnation
Avenue spur from 53d Street to 59th of the Manhattan Ry.
was vested in the city and the structure was removed a
number of years ago, but proceedings for an award were never consummated.
Mr. Franklin said that if an award was made, it would aid the position of
of the Sixth
►i-Title to this spur
Manhattan under the unification proceedings,
and that
even
if tne
The directors have declared
stock,
par
a dividend of 75 cents per share on the com¬
$10, payable Dec. 1 to holders of record Nov. 19.
This
1934.
Dividends of 10% were paid on 1933; 5.6% in 1932 and 10% in 1931.
an extra dividend of 25 cents per share was
paid on Dec. 2, 1935.
that a special meeting of directors will be held
Dec. 28 to declare an extra dividend payable in January to
comply with
provision of the surtax law.
Company's fiscal year ended Jan. 21.
In addition
Company announced
S. B. Butler, Secretary, stated that a resolution was also adopted to
pay
employees in continuous service since Feb. 1, last, to Dec. 22, one week's
salary as additional compensation excluding executives, buyers and other
department head£.—V. 143, p. 1564.
Mead
Paid
Corp.—Dividend Plan Approved—Arrearages to Be
Up—
Stockholders on Oct. 30 approved a plan for clearing up dividend accumu¬
lations of $19.50 a share on the 6% cum. pref. stock by payment of
$4.50
in cash and one common share in lieu of $15 of the arrearages.
The directors on Oct. 30 declared a cash dividend of $4.50 per share and
dividend of $15 per share payable in common stock on the $6 cum.
pref.
stock, series A, no par value, both payable Dec. 1 to holders of record Nov.
15.
This payment will clear up all accumulations on the preferred stock.
The directors also declared the regular quarterly dividend of $1.50
a
Listing—■
The New York Stock Exchange has authorized the listing of 33,642 addi¬
tional shares of common stock (no par) on official notice of issuance in
pay¬
ment of 10 accumulated quarterly instalments of dividends on the shares
Of the company's $6 cumulative preferred stock, series A, at the rate of
1 share of common stock for each share of $6 cumulative preferred
stock,
series
A, making the total number of shares of
754,343 shares.—V. 143, p. 2686.
stock applied for
common
Melville Shoe Corp.—Sales—
Four Weeks Ended—
Jan. 18
Feb. 15
Mar. 14
Apr. 11
May
1936
1935
1934
1933
$2,121,902
1,413,889
1,886,886
$1,748,419
1,421,024
1,699.250
2,516.819
3,364,128
2,985,692
2.6.>4,9o8
1,377,870
1,596,796
2,878,307
2,602,212
$1,325,240
1,290.858
1,543,401
2,720,111
2,323,145
2,910,143
2,152,583
1,283,701
1,562.967
2.549.956
2,305,298
$1,060,914
1,017.182
3,812,588
9
June
6
2,795,262
3,601,140
July
4_
3,249.480
Aug. 1
1,807,272
1,708,958
3,387,267
3,124,864
Aug. 29
Sept. 26
Oct.
24_
1,010.003
1,945,178
1,444.198
2,054.505
1,7/0.716
1,242,728
1,500,476
2,028,993
1,829,453
—V. 143, p. 2526.
Mengel Co.—Files with SEC—
The company has filed a registration statement with the Securities and
Exchange Commission covering certificates of deposit to be issued in
con¬
nection with
a call for deposit of its
7% cumulative preferred stock ($100
plan of recapitalization and refinancing.
The preferred, of which there are 33,603 shares
outstanding, including
655 held in treasury, may be deposited on or before Jan. 30, 1937.
While
there are no provisions for extension of time within which
deposits may be
made, the company has reserved the right to permit direct exchanges of stock
par) under
a
under the plan after Jan. 30 next.
Authorized
Outstanding
Common ($1 par)_
560,000 shs.
320,041 shs.
7% preferred ($100par)
60,000 shs.
a33,603 shs.
7% convertible bonds
b$l ,452,300
7% non-convertible bonds
b881,500
K a Includes 655 shares in treasury,
b Includes $86,900 in treasury and
$59,000 pledged.
The capital structure as it will be if the proposed
plan is adopted and all
present outstanding preferred stock is exchanged:
_
Authorized
Outstanding
1,040,000 shs. x420,850shs.
80,000 shs.
y67,206 shs.
$2,500,000
$2,500,000
^
Common ($1 par)
5% convertible preferred ($50 par)_
5% convertible bonds
x Includes
1,965 shares applicable to preferred stock in treasury,
y In¬
cludes 1,310 shares for shares in treasury (which shares will be
canceled).
Under the plan the company will create a new issue of
80,000 shares 5%
convertible first preferred stock, $50 par, will issue
$2,500,000 5% first
convertible bonds, due 1947, and will increase common stock
mortgage
to
1,040,000 shares from 560,000 shares.
Each holder of the 7% preferred, under the
proposed plan, is given the
opportunity to exchange the stock on the basis of one share of 7% preferred
and right to dividends accrued thereon to
April 1, 1937, for two shares 5%
convertible first preferred and three shares common.
As at Sept.
arrears on the 7 % preferred were
$35 per share.
The company has reserved the right to declare the
dividends in
1, 1936
plan operative when
In the opinion of its directors sufficient
number of preferred stockholders
have agreed to make the
exchange.
The
bonds will be issued for
cash, except that any bonds may be
exchanged for present outstanding bonds of the company of the same face
value within such period as determined
by directors.
The company will
call for redemption on March
1, 1937, all bonds presently outstanding
and not exchanged.
The company has employed James C. Willson &
Co. to solicit exchanges
of preferred stock under the plan.
An agreement also has been made with
underwriters, James C. Willson & Co. and Metropolitan St. Louis Co.
new
in
connection with underwriting the new bonds.
The company states
it is contemplated that other registration statements will be filed
with SEC.
The company and its subsidiaries in the nine months
ended Sept. 30,
1936, showed a consolidated net profit of $166,437 after all
charges and
provisions for Federal and State income taxes.
No provision has been made
for surtax on undistributed profits.—V.
143,
Merchants & Miners
3 Mos. End. Sept. 30—
Total revenues
-
Earnings
x
.
to
2849.
1934
1933
$1,852,512
$1,941,891
x364,992
236,902
253,786
115,756
277,787
$1.07
245,914
$0.49
236,902
$1.54
per share
F5nn'De months ended Sept. 30,
$2.39
a
share comparing
on
$1.19
undistributed profits.
1936, net income
with $392,431 or $1.66
Oct.
^
30
~
Michigan Bell Telephone Co.—Earnings—
1936—Month—1935
1936—9 Mos.—1935>4
revenues..$3,042,719
$2,728,546 $27,005,443 $24,179,409
1,659
12
27,485
37,102
Operating expenses
1,907,152
1,728,913
16,728,918
15,885,140
Operating taxes
347,584
330,950
3,182,770
2,864,295
Period End. Sept. 30—
Operating
Uncollectible oper. rev..
$668,671
$786,324
Net operating income.
$5,392,872
$7,066,270
-V. 143, p. 2526.
Middle
West
Corp.—Last of Stock Sold by RFC•—
Sale of approximately 89,000 shares of common stock of the corporation
by the Reconstruction Finance Corporation at $13 a share to J. Donald
Duncan, was announced Oct. 25 by C. H. Albers, receiver for the Central
Republic Trust Co.
This block of stock represented the remainning
holdings of the RFC.
Total noldings originally were reported at 173,995
shares, obtained by the RFC in the banktuptcy reorganization of the
predecessor Middle West Utilities Co., constituting a 5 or 6% interest.
About Oct. 15 it was learned that 85,000 shares of the RFC noldings
had been sold in Sept. to Field, Glore & Co., at a price reported at $12 to
$12.50 per share.
Later it was disclosed that the entire block of stock
had been placed privately by Field, Glore & Co.
This redistribution of Middle W est shares held by RFC followed closely
upon the reported purchase in August by Chicago Corp. and A. G. Becker
& Co. of 475,046 shares from the Continental Illinois National Bank &
Trust Co. at $12 a share.
At this time, it was stated by Charles F. Glore,
President of Chicago Corp., that his company together with A. G. Becker
& Co., was interested in buying the RFC noldings of Middle West stock,
but that no bid had been made by them and that they were not negotiating
directly with the RFC for it.—V. 143, p. 2378.
,
Miller & Lux Inc.—Semi-Annual
,
Report—
The bondholders' and noteholders' committees in a joint letter to
of the first mortgage 6%
holders
gold bonds and secured 7% gold notes, state:
Retirement of Bonds and
Notes
Outstanding
Outstanding
Dec. 31,1935
Retired
Oct. 22, 1936
$880,500
$4,035,000
1,011,000
1,928,000
$4,915,500
2,939,000
6% bonds
7% notes
Total..
$5,963,000
$1,891,500
$7,854,500
Progress of Liquidation
In report of March 6, 1936,
the committees recommended that the com¬
the Buena Vista Water Storage District
Joaquin & Kings River Canal & Irriga¬
tion Co., Inc., for notes, and informed security holders how
they might
make such exchanges.
A comparatively small amount of securities were
exchanged in response to this offer.
After holding the offer open for some
time, it was concluded to sell the bonds of the Water Storage District and
use
the money for the purpose of retiring bonds and notes.
The sale was
made, and Miller & Lux bonds and notes were acquired for retirement,
partly by purchase in the market and partly by purchase as a result of a
call for tenders.
The purchases so made were partly made by the sinking
fund and partly by the company direct.
The company has made sales of land during the year 1936 amounting,
to Oct. 22,
1936, to $1,923,873.
Part of the proceeds has, of course,
gone for commissions, and part is represented by contracts, but considerable
money has come in, so that the committees believe, and have so recom¬
mended, that the company is now in a position to pay another instalment
pany offer to exchange 6% bonds of
for bonds or notes, and stock of San
of interest on the bonds and notes.
In accordance with this recommenda¬
tion, the directors voted to pay on Oct. 31, 1936, coupon No. 16, due Oct. 1,
1933, on both bonds and notes.
The committees cannot make any representations as to when further
interest payments can be made, but assure the depositors that they will
continue to carefully watch the company's progress with a view to recom¬
mending further payments if and when the same may be made with safety
to the progress of proper liquidation.
Holders of certificates of deposit, issued
by Wells Fargo Bank & Union
Trust Co. to those depositing first mortgage 6% gold bonds and by Crocker
First Federal Trust Co., or its successor, Crocker First National Bank of
San
Francisco, to those depositing secured 7% gold notes, may obtain
together with interest on the same to Oct. 31,
1936, by presenting their certificates of deposit in order t' at the fact of
payment of this interest may be stamped on the certificates of deposit.
As all expenses of the committees to date have been paid by the company,
there is no charge against the depositors for expenses of the committees.
For some little time past there has been no fixed market price for these
securities, largely owing to the market stimulation occasioned by the call
for tenders.
From a recent quotation sheet the 6s are quoted at 115 flat
bid and the 7s at 110 flat bid.
The ratio of deposited securities at Oct. 22, 1936, stood as follows:
Bonds 86.8%; executed extension agreements, 95%; notes 79.6%; executed
extension agreements, 99%.—V.
k
141, p. 3543.
Minneapolis & St. Louis RR.—-Receivers1 Certificates—
The Interstate Commerce Commission
on
Oct. 19 authorized
the~issuance
of
$1,008,000 of receivers' certificates to renew or extend matured and
maturing certificates of like principal amount.
The report of the Commission says in part:
On Sept. 26, 1936, the U. S. District Court for the District of Minnesota,
Fourth Division, authorized the co-receivers, among other things, to renew
or
extend for
a period of six months or longer, at a rate of interest to be
obligations to banks, trust companies, and individuals evi¬
by receivers' certificates aggregating $1,008,000.
The order au¬
thorizes the co-receivers to reserve in the certificates the right to call the
entire issue, upon not less than 20 days' notice, for payment of principal
agreed upon,
denced
and
accrued
interest.
The co-receivers propose to issue the new certificates at par to the banks
corporations, trust companies, or individuals from which the loans were
obtained, or upon their order, or to issue new certificates to others and apply
the proceeds thereof in satisfaction of the indebtedness evidenced
by the
outstanding certificates.—V. 143, p. 2850.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
[Excluding Wisconsin Central Ry.]
Period End. Sept. 30—
1936—Month -1935
Total revenues
$i,28i,370
$1,591,241
1936—9 Mos.—1935
$10,406,632
1,299,521
120,398
225,872
73,556
Other
26,194
460,584
577,400
457,494
50,015
446,427
$413,222
$38,947
Int.
on
income—Net
funded debt
Net deficit
305,295
4,172,271
$9,491,903
853,209
81,558
485,797
4,032,532
$4,357,167
Net railway revenues
Net after rents—Cr
The
Interstate
Commerce
was
a
$565,837, equal
share in first nine
Commission
on
permitting abandonment by the company of
from Rice Lake to Birchwood, 16.57 miles
Counties, Wis.—V. 143,
No provision has been made for Federal
surtax
months of 1935.
Earnings—
1935
$2,015,420
236,902
on
$4,436,771
Abandonment-
Transportation Co.-
1936
$2,334,236
Net income (after deduc¬
tion of oper. expenses,
rents, taxes & deprec.)
Shs. cap. stk. (no par)
p.
made
payment of this interest,
The present capital structure of the company consists of;
^
was
of Compagnie des Chemins de
share
per
the preferred stock likewise payable Dec. 1 to holders of record Nov.
15.
on
* -a
that 3,000,000 francs principal
Fer du Midi (Midi Railroad Co.)
4% bonds, foreign series, due 1960, have been drawn for redemption at the
principal amount on Dec. 1, 1936.
Payment will be made on and after
Dec. 1 at the office of J. P. Morgan & Co. in New York by check in French
francs on Paris, or, at the request of the holder, at the dollar equivalent of
the franc amount of the bond on the basis of J. P. Morgan & Co. s buying
rate of exchange on Paris at the time of presentation.—V. 140, p. 1491.
Massey-Harris Co., Ltd.—Sinking Fund Changes Voted—
compares with 50 cents per share paid in each of the three prceding quarters,
and dividends of 40 cents per share were paid in each quarter of
1935 and
f ^
(France)-—Bonds Called— ^
Announcement
amount
Bondholders at a postponed meeting on Oct. 26 unanimously approved a
proposal for waiving default occasioned by the company's failure to make
sinking fund provision and reduce future sinking fund payment requirements
—V. 143, p. 2216.
mon
Sept. 30, 1936,
$8,442,116, while net income for the 12 months ended
$814,538 equal to $3.44 a share.—V. 143, p. 1083.
was
May Department Stores Co.-—Dividend Increased—
1936
1936 amounted to
was
case
only being actively prosecuted it would be a help.
Judge Mack replied that if there was any reasonable chance for unifica¬
tion there was no use in incurring useless expense in prosecuting this matter.
He also said that he was not impressed with Mr. Franklin's argument that
active prosecution would help Manhattan Ry. in the unification proceedings.
—V. 143, p. 2215.
Sept. 30,
12 months ended
for the
revenues
Midi RR.
Federal Judge Julian "W. Mack recently denied a request made by Charles
Franklin, counsel for the company, to instruct the receiver for the Inter-
Nov. 7,
Chronicle
p.
Oct.
a
17
issued
a
certificate
line of railroad extending
all in
Barron
and
Washburn
Zi850.
Missouri & Kansas RR.-—Abandonment—
The
Interstate
Commerce
Commission
on
Oct.
20 issued
a
certificate
permitting abandonment by the company (1) of its entire line of railroad
extending southwest from Forty-first St. and State Line, in Kansas City,
to the Court House Square, in Olathe, approximately 24 miles, in Wyan¬
dotte and Johnson Counties, and (2) of operation, under trackage rights,
over tracks of the Kansas City Public Service Co. in Jackson County, Mo.
Volume
Financial
143
application of company for authority to issue
Corp.]
IA Subsidiary of Commonwealth & Southern
Period End. Sept. 30—
37,747
21,088
6,100
37,472
21,088
$3,003,833
1,958,654
111,100
453,859
253,062
$36,694
Balance
$122,965
1,831,840
73,200
446,276
253,122
-V. 143, p. 2216.
Missouri & Arkansas
1934
1933
$87,975
25,339
14,276
$77,178
$93,711
17.854
39.893
6,843
27,906
757,260
142,961
41,199
Net after rents
From Jan. 1—
434.088
118,492
67,099
721,848
643,503
123,733
26.065
Gross from railway
Net from railway
Net after rents
148,101
47,708
par, upon
Motor Wheel
Pay Interest—
authorized Oct. 28 by Federal Judge George
were
$772,845
$2,572,400
604,129
224,547
110,187
63,978
3 3.744
236,656
$374,132
$1,387,870
212,500
595,000
$0.44
$1.63
profits.
Provision for Federal income tax
Net profit.
Dividend...
Earns, per share on 850,000 shs. cap. stk.
(par $5).
Recapitulation of earnings for 12 months ended Sept. 30,
ending Dec. 31, 1935, $542,397; Mar. 31, 1936, $370,014;
$643,723; Sept. 30, 1936, $374,132; total, $1,930,267.
include Pacific
of Missouri first
RR.
1 and Feb. 1; Pacific RR. second mortgage bonds, due July 1 and
Jan. 1; Pacific RR. of Missouri real estate bonds, due May 1 and Nov. 1;
Missouri Pacific Ry. third mortgage bonds, due May 1 and Nov. 1; St. Louis
Iron Mountain & Southern River and Gulf division, due Nov. 1, and
Pacific RR. of Missouri Carondelet Branch, due April 1 and Oct. i.
The Court also authorized the continuing order to apply on the follow¬
Aug.
ing equipment trust certificates, directing the trustee to pay interest and
sinking fund instalments as they fall due pending further instructions
from the Court: Missouri Pacific equipment trust certificates series A, B,
O, D, E, F, 41; New Orleans Texas & Mexico series A, B, C; International
Great Northern series A and B.—V. 143, p. 2850.
Mock, Judson, Voehringer Co., Inc.—Dividend Reduced—
have declared
a
dividend of 15 cents
per
share
the
on
stock, no par value, payable Dec. 12 to holders of record Dec. 1.
This compares with dividends of 25 cents per share previously paid each
three months.—V. 143, p. 2379.
common
Sept. 30'36 Dec. 31 '35
Sept. 30'36 Dec. 31 '35
due
mortgage bonds,
1936: Quarters
June 30, 1936,
Comparative Balance Sheet
6^rQod.
The directors
$2,316,263
256,137
No provision has been made for Federal surtax on undistributed
Net profit for 9 months ending Sept. 30.1935, $545,581.
H. Moore
at St. Louis to pay interest until further notice on various bond issues of
the road without further orders from the Court, provided the interest is
issues
$729,524
43,321
Selling, adver., adminis. & other chgs. against inc.
Depreciation
x
9 Mos.—
Mos.
—3
.
x
Missouri Pacific RR.—Authorized to
The
Corp.—Earnings—
Period Ended Sept. 30,1936—
Income from sales of wheels, stampings, &c
Interest earned and income on investments
—V. 143, p. 2378.
The trustees
stock, $1
Total income
1935
1936
Gross from railway
Net from railway
83,151 additional shares of com¬
notice of issuance.—V- 143, p. 2850.
The New York Curb Exchange will list
mon
Ry.- -Earnings—
$86,871
11,195
defl,390
September—
(Tom) Moore Distillery Co.—To Be Added to List—
$2,727,404
$227,157
9,000
Int. & other fixed ch'ges
Divs. on pref. stock
JL
bonds, and $10,589,500 debentures.—V. 143, p. 2850
1936—12 Mos.—1935
1936—Month—1935
$303,653
$258,416
78,260
57,062
$57,557
Oper. exps. and taxes—
Prov. for retire, reserve.
17 as date for hearing on
$48,000,000 1st & ref. mtge.
The Federal Power Commission has set Nov.
Mississippi Power Co.—Earnings—
Gross revenue
3005
Chronicle
Assets—
y
x
Land, bldgs.,ma¬
5,633,263
828,013
107,937
1,605,825
Cash
Marketable
5,711,788
106,033
chinery, &c
1,291,783
2,262,754
352,347
securs.
959,462
receivable
Inventories
3,277,937
287,730
Other assets
88,615
80,517
11,819,317 10,774,686
Total
78,169
47.089
.
162,832
87,500
Accrued taxes, roy¬
alties, &c
Timber
79,900
purchase,
contra
Reserve for contin¬
354,004
10.671
6,030,463
Profit and loss
5,237,592
11,819,317 10,774,686
Total
Represented by 8,50,000 shares of $5 par value,
x
of $5,586,977 in 1936 and
4,250,000
946,191
50,000
payable
Accounts
gencies, &c
Prepaid taxes, Ins.,
bond disct., &c.
$
1,009,593
Common stock..
Federal income tax
Customers' notes &
accts.
$
4,250,000
Liabilities—
$
$
y
After depreciation
$5,604,379 in 1935.—V. 143, p. 1084.
Municipal Service Co.—Files Plan—
reorganization of the company, supported by NYPANJ
affiliate of Associated Gas & Electric Co., was ,£ilod__
S. District Court in Philadelphia under Section 77-B of
the National Bankruptcy Act.
The plan proposes tentatively: (1) Exchange of the company s $3,926,500
6% collateral trust bonds for a like amount of secured 5% debentures of
1956 to be created by NYPANJ Utilities Co.
(2) Exchange of $?32.500 of 5% secured demand notes for an equal
amount of 10-year non-interest-bearing notes of NYPANJ Utilities Co.
(3) Cancellation of $4,124,351 by NYPANJ Utilities Co. of unsecured
demand notes and the issuance in exchange for the remaining $1,045,365
of $522,682 10-year non-interest-bearing notes of NYPANJ Utilities Co.
Preferred stockholders would receive 1 share of $4 cumulative preference
stock of Associated Gas & Electric Co. for each 5 shares they now hold,
or $2 in cash for each share.
Election to take the $4 stock must be made
within 90 days after the final confirmation of plan by the Court, otherwise
^2 cjisIi will be paid.
The Municipal Service Co. common stock will receive 10 cents a share.
Judge William H. Kirkpatrick set Nov. 16 for a hearing on whether he
will permit the present management, which is given possession until that
time, to remain permanently in control or will appoint trustees.
Judge Kirkpatrick's decree in the matter states that the pi an has already
been accepted by 21% of the sinking fund bondholders, 83% of the note¬
holders and 99% of the common stockholders.
The plan contemplat es the transfer of all of the assets of Municipal Service
Co. by NYPANJ Utilities Co.
On Aug. 31, last. Municipal Service Co. had total assets of $23,779,606.
—V. 143, P. 1565.
A plan for the
Mohawk Hudson Power Corp.
(& Subs.)—Earnings—
Period End. Sept. 30—
1936—3 Mos.—1935
1936—12 Mos.—1935
Operating revenues
$9,634,466
$9,428,401 $39,907,975 $39,231,724
Oper. rev. deductions.. x7.298,279
y6,855,561
28,332,009 y27,647,835
Operating income
$2,336,187
Non-oper.income.net..
2,286
Gross income.
Deductions
$2,338,473
from
$2,576,951 $11,591,878 $11,600,485
gross
1,441,181
Balance
1.543,268
5,785,910
6,288,820
$897,292
income
Divs.
$2,572,840 $11,575,965 $11,583,889
4,111
15,912
16,596
$1,033,682
$5,805,967
$5,311,665
2,208,462
2,208,462
pref. stocks of
on
552,115
552,115
x$345,l76
y$481,566
subs
Net income
$3,597,504 y$3,103.202
x The
appropriations made to retirement reserve during the
include $103,596, representing an additional amount applicable to
months of the
six
mad
j
year,
y
quarter
the first
Changed to give effect to major adjustments
later in the year 1935.
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V. 143, p. 2527.
Monsanto Chemical Co.
(& Subs.)- -Earnings-
9 Months Ended Sept. 30—
Gross profit
1936
$6,756,975
2,134,098
Selling & administrative expenses
Depreciation and obsolescence
Research
x
665,333
expenses
$4,524,294
1,285.447
674,769
351.915
$2,212,162
255.042
$3,640,601
42.959
$2,467,204
41,956
180,508
550,321
384,260
*
-
-
122,040
672.953
Other charges
Provision for income taxes.
Net income for period
'.
Net inc. applic. to min. interests
Preferred dividends
Net earns, avail, for common stock
per
$6,768,529
2,020,487
931,678
500,537
$4,132,686
Gross income
Earnings
1934
$3,315,826
324,775
Bond and note interest
share.
$3,337,693
46,972
$3,290,721
$2.89
$2,866,812
95.756
$1,945,230
58,125
75,687
$2,732,999
$2.76
,
Murray Corp. of America (&
$2,669,367
$1,945,230
$2.25
$
$1,899,719
Rec., less reserve.
2,971,549
2,794,105
of cost or mark't 5,425,807
5,165,088
Reserves...
906,229
1,005,956
5
Inv., at
1,645,334
403,926
Est. income taxes.
the lower
Other assets
943,743
10,289,162
on
un¬
Patents & process.
Deferred charges..
26,464,989 23,046,238
1
1
273,970
143,192
Nachman
this latter
cents
1,940,000
389,057
342,085
9,991,230
Earned surplus
9,715,241
3,388,291
7,775,076
Earn. surp. acquir.
from pred. crop.
was
Total
Montana
Power
Co.—Files
with
on
x
ties
SEC—
company on
a
Act
of
to the registration
920.847
$963,463
722,176
$1,920,890
497,722
110,097
176,183
$704,138
$241,287
482,060
1.43,782
10,000
461,380
123,894
$1,136,888
7,686
statement.
x$37,692
loss$48,747
..Nil
$0.11
—
1935
$1,270,000
1,179,375
1.562.100
1.369.225
2,407,100
2,301,405
May
NO.
1934
$1,076,000
1,005,550
1,310.550
1,103,475
2,216,800
:::::::
September""
—V.
143",
p.
1,200.100
2.082,475
948,200
1.927.750
2.016,500
3,322,925
-
Tniv
October
1,446.975
1,371,750
2,650,800
1.282.800
1.083,775
2.229,450
2851.
National Gypsum
The company has called
Co .—Plans Stock Dividend—
a
special meeting of stockholders for Nov.
20
additional 32,000 shares of 5% second preferred stock,
$20, to be issued as a dividend on the common stocks out of 1936
authorize
an
par
earnings
The company
and
has had a very satisfactory earnings record so far in
believe the common shareholders are entitled to
accruing this year but because of the company's
the directors
note in a like principal amount held by
American Power & Light Co. and due Feb. 1, 1940.
The balance of the proceeds will be used for additional working capital.
The interest on the bonds to be redeemed is to be supplied from treasury
dends from earnings
funds.
$2.50 a share, payable
The price to the public, the names of the underwriters, the underwriting
discounts or commissions and the redemption provisions are to be furnished
and class B common stocks.
"While the company now
by amendment to the registration statement.
expenditures are
1,452,425.00 to pay off a 6%
1935
losslS.TM
1.790,300
June
$27,496,789.73 for the redemption on Jan. 1, 1937, at 105% of $26,965,100
principal amount of the company's first and refunding
mortgage 5% sinking fund gold bonds, series A, due July 1.
736,680.00 for the redemption on Jan. 1, 1937, at 105% of $701,600
principal amount of Helena Gas & Electric Co. first mtge.
gold bonds, 6% series, due Jan./l, 1952.
$0.09
1936
$1,825,375
Anril
to
9 Mos.
1,591.675
1,737,350
1,561,800
3.070.125
3,147,775
January
February
March
13,000,000.00 for
1936
x$31.721
Co.—Domestic Gross Orders—
Month of—
1943.
(& Subs.)—Earnings
1936—3 Mos.—1935
was made of any provision for Federal surtax on undis¬
profits.—Y. 143, p. 929.
August"
the redemption on Jan. 4, 1937, at 104% of $12,500,000 principal amount of the company's 5% gold deben¬
tures, series A, due June 1, 1962.
the capital
of record Dec. 1.
This compares with
50 cents per share paid on May 1, 1935,
being the first distribution made since April 1, 1930, when 50
also paid.
Prior to then, quarterly dividends of 75 cents per
paid.—V. 143, p. 2379.
No mention
According to the registration statement, the net proceeds from the sale
of the bonds will be used as follows;
$68,296 loss$343,986
11,635
declared a dividend of 25 cents per share on
National Cash Register
1936
Nov. 4 filed with the Securities and Exchange Com¬
registration statement (No. 2-2605, Form A-2) under the Securi¬
1933 covering $48,000,000 of first and refunding mortgage
bonds, series due 1966.
The interest rate is to be furnished by amendment
The
mission
$1,624,985
Spring-Filled Corp.—To Pay Smaller Div.—
N&r0S|SleP-!-ia:
Esh?:rapr SStk0,(n3o pkT
44,757,548 35,839,664
for possible Federal surtax
undistributed net income.—V. 143, p. 1084.
$2,815,307
894,417
(Conde) Nast Publications, Inc.
274,050
Note—No provision has been made
132,646
$10)
Period End. Sept. 30—
tributed
Total.........44,757,548 35,839,664
1933
$830,817
210,850
stock, payable Dec. 15 to holders
75 cents paid on Sept. 15 last and
Min. int. in Amer.
subsidiary
1934
$2,671,632
143,675
$1,129,200
$56,661 def$343,986
730,271
768,732
768,732
768.732
$1.30
$1.47
Nil
Nil
Note—No provision has been made for Federal surtaxes on undistributed
profits—V. 143, p. 1084.
share were
1,940,000
Com. stk. (par $10)11,144,100
Paid-in surplus
8,286,983
Capital assets
-Earnings—
$1,414,135
$1,210,963
Profit
Shs. com. stock (par
The directors have
1,470,673
328,159
814,159
9,515,938
red. & cum.
preferred stock.
181,276
Federal taxes.
$
Accounts payableAccrued Items
507,480
Interest
Sept. 30*36 Dec. 31 *35
Liabilities—
$
3,0^5,082
866,971
Depreciation.
Comparative Consolidated Balance Sheet
8,715,001
$2,766,690
Total income
Expenses, &c
Subs.)
Earnings per share
distributed net income.
Sept. 30'36 Dec. 31 '35
97,323
Other income.
,
,
1935
1936
9 Mos. End. Sept. 30—
$1,210,963
Depreciation and obsolescence no t reported.
Note—No provision has been made for possible Federal surtax
'\.SS6tS
and
J. W.M. Mfg. pref. divs.
x
Cash & mar. secur.
Co.,
Oct. 29 in the U.
.
1935
$3,957,544
175,142
Net profit from operations
Other income
Utilities
in second preferred
1936
divi¬
cash
stock at par to holders of class A
.
strong cash position, substantial
anticipated early next year for capital improvemnets in
enjoys
a
3006
Financial
Chronicle
bringing the three plants acquired from Atlantic Gypsum up to our stand¬
ards and for additional working capital to carry receivables and inventories
"The payment in stock will permit the company to retain its
the business without subjecting itself to heavy taxes and
vide funds for necessary improvements and
tional financing.
earnings
thereby pro¬
working capital without addi¬
Consolidated Profit and
Loss Statement
'36
$2,235,158
to Aug. 8,
have advised that this method of payment complies with
the Revenue Act of 1936 and the dividend being taxable income
of the recipient should eliminate necessity of the company
paying out
about $100,000 as a tax on undistributed profits, provided the stock is
Returns & allowances
authorized
Selling, general & administrative exps
hands
before
the
"Progress made by the company during recent years will indicate its
ability to earn an additional $32,000 required for dividends on this new
stock and still leave the present holders of second preferred in
strong divi¬
dend
1,734,825
332,026
$1,511,025
11,837
1,205,893
262,643
$330,712
Operating profit.,
11,557
1.667,244
230,940
Cost of goods sold
closes.
year
6,261
Sales.
purpose of
in stockholders'
$106,681
13,900
$30,652
10,563
$120,581
27,849
$41,215
33,355
37,037
Other income
Total income
"Additional earnings from the Atlantic Gypsum and Craftex properties
from any increase in sales resulting from improvements in
building
will further strengthen the stockholders' income position.
The
$367,749
and
Other deductions._;
a
outlook
Portion applic. to minority int. of subs
does, in the judgment of the directors, justify this increase in
capital."—V. 143, p. 1565.
20,132
42,469
Normal Federal income taxes—est-
National Oil Products Co.,
Per. End. Sept. 30—
Net income after charges
res. for Fed. inc. taxes
contingencies
Shares capital stock
Earnings per share
—V. 143, p. 1407.
Inc.—Earnings—
1936—3 Mos.—1935
No provision has been made for
a
15,145
1936—9 Mos —1935
$140,072
146,120
$0.96
169,128
$1.48
$397,378
169,128
Accounts
$1.60
receivable
556,046
792,120
Inventories, less reserve
Investment—at
Nov. 2 declared
on
$301,214
3,951
Due from customers
National Pressure Cooker Co.—Extra Dividend—
The directors
an
cost
less
serve for loss.—
extra dividend of 20 cents per
-
10,704
_
stock, par $2, both payable Dec. 1 to holders of record Nov. 15.—
b
Corp.—Hearings Postponed—
arguments on the proposed reorganization plan for the company has
adjourned until Nov. 10 by Federal Judge Samuel Mandelbaum.
At the
time Judge Mandelbaum postponed until Nov.
1934
1933
Operating income
Total income
Uncol. railway
__
26,468,491
27,677,987
119,503
73,460,461
69,328,921
10,105,408
277,350
4,131,540
482,343
27,797,490
revenue.
493
789
Rent of equipment-_
Miscel. int. (net)______
3,027,407
310,629
24,420,408
2,600,034
588,666
24,799,932
Fixed charges.
4,613,883
9,480
4,619,962
387,816
24,761,271
25,502,867
$2,566,686
p.
1,290,448
Mexico
191,931
16,967,787
1936—3 Mos.—1935
$5,794,731
1,118,244
610,727
706,056
Interest.
Federal taxes.
Interest expense
Netprofit.
_y$3,359,704
Shs. cap. stk. (par $25).
2,157,177
Earnings per share
$1.56
Proceeds will
With
1936—9 Mos.—1935
$4,171,129 $14,963,911 $14,533,752
968,972
3,094,842
2,751,056
525,242
1,676,229
1,502,566
389,152
1,650,421
1,433,.,65
x242,807
$8,603,758
2,155,777
$1.06
$3.96
$3.99
Special non-recurring interest expenses in connection with bond refund¬
y No provision was made for Federal surtax on undistributed
profits.
Southern Union Securities Co.
accrue to
Period End. Sept. 30—
Operating revenues
Net ry. oper. income
—V. 143, p. 28 2.
def37,183
defl30,662
City Bank Farmers Trust Co., as trustee, is notifying holders of
(collateral) mortgage sinking fund bonds, 4% series due June 1, 1965.
795,834
9 Months
$3,067,443
2,165,958
12 Months
$3,999,157
2,774,361
$356,339
$901,485
$1,224,796
25,209
51,331
1,705
16,255
89,446
75,678
151,981
5,166
41,795
263,595
103,752
203,392
9,132
57,103
379,375
1,749
$172,391
2,172
$363,267
4,804
$475,550
2,499
$174,563
2,652
24,555
$368,072
7,255
51,055
$478,049
9,896
64,134
$147,356
$309,761
$404,018
7,688
10,638
72,837
99,685
3 Months
$1,152,174
Maint. & repairs (excl. of repairs &
replace, charged to res. for deprec.)
Provision for depreciation
Charges in respect of equip, dismant.
Taxes other than Fed. income taxes._
Selling,
gen.
& adminis. expenses.—
Miscell. expensesi. ^
Prov. for doubtful accounts
___
______
_—
CV5.258
Net profit from operations..
Miscell. other income
Interest paid—net
Prov. for normal Fed. income taxes.
_
Month of—
1936
$1,086,449
1.207,599
1,334,294
1,780,122
1,937,089
February
March
April
May
June
1,935.038
July
August
September
1,680,633
1,583,747
1,657,871
^tober___ ______
1,959,141
1935
1934
$993,887
1,053,897
1,335,358
1,565.392
1,612,224
1,659.109
1.435.896
1,467.626
New River Co.—$1.50
1933
$984,596
988,901
1,562,651
1,300,759
1,707,159
$793,048
831,719
924.977
1,278.039
1,363.375
1,579.183
1,311.105
1,153.923
1,148.592
1,403,181
1.157,525
1,202,960
1.297,180
1,647,333
1,411,793
1,296,191
1,249.223
New England Power Co.—Bonds Awarded—
Bros,
and
associates on Nov. 5 were awarded at
competitive
bidding $10,067,000 of first mortgage series A 3M% bonds of the
company.
Their bid was 102.5509.
The bonds are dated Nov.
15, 1936, and are due
Nov. 15, 1961.
The bonds are still in registry with the
Securities and Exchange Com¬
Offering is expected about Nov. 10.
Associated with Lehman Bros, are Haligarten &
mission.
Co.; Graham, Parsons
Co.; Arthur Perry & Co.; E. H. Rollins & Sons, Inc.; Dick & MerleSmith; Burr, Gannett & Co.; G. M.-P. Murphy & Co.; Schoellkopf, Hutton
& Pomeroy, and Newton Abbe & Co.
The offering price of the bonds will
be 103 fi.
&
Proceeds of the sale of the issue will be used
together with other funds
of the company to redeem on Jan.
1, 1937 the outstanding first 5s due
1951, at 105.—V. 143,
New
The
shares
Britain
company
being
Repairs and replace, charged to res.
for deprec. account
y Before prov. for reduc. in invest,
in Armstrong-Newport Co.
(50%
int.) which is chgd. to deficit acct__
—V. 143, P. 931.
x
735
.
25,150
Brothers, Inc.—Sales—
January
Lehman
1936—9 Mos.—1935
$8,945,949
$7,283,367
645,995
201,729
Newport Industries, Inc. (& Subs.)—Earnings—
Period Ended Sept. 30—
Sales.net-.
The
that there has been drawn by lot for redemption for the
sinking fund on
Dec. 1, 1936, $1,000,000 principal amount of these bonds.
Drawn bonds
will be redeemed at their principal amount
plus a premium of 2 % % on
Dec. 1, at the office of the trustee, 22 William St.—V.
143, p. 2218.
Neisner
System—Earnings—
1936—Month—1935
$842,301
$625,359
Bonds Called—
first
$2,566,686
SEC—
New Orleans Texas & Mexico Ry.
x
$2,287,763 y$8,542,419
2,155,777
2,157,177
— -
25,906,242
Corp. (& Subs.)—Earnings—
Per. End. Sept. 30—
Operating profit
Deprec. and deplet
702,400
80,000
1,400,889
—
Total.
Co.—Files
Gas
Gross profit on sales
National Steel
—
2852.
Cost of sales
Loss for year.
—V. 143,p. 2851.
x
10,382,758
5,534
2,237,901
345,838
143,
New
pOQOp
26,311,773
156,718
—-
Surplus
The company has filed a registration statement with the Securities and
Exchange Commission covering $1,500,000 5% first mortgage, Series A,
15-year sinking convertible bonds due May 15, 1951.
All of the bonds
being registered are outstanding and owned by Southern Union Securities
Co.
E. H. Rollins & Sons, Inc., will be the principal underwriter of the
issue.
Price of the bonds to the public will be 100.
1932
81,815,366
71,709,958
pPC/)(?
Other income.
7% class A cum. pref.—$100
856,898
34,054
Total—
—Y.
of Mexico—Earnings—
1935
68,171
42,469
16,322
Federal incdme taxes..-----1
9,946
Land, buildings, machinery
& equipment, less res
Deferred charges
712,411 shares of the Jersey Central Light & Power Co. held
as
collateral for a $20,000,000 debenture issue of the National Public
Service Co. The upset price has been changed from
$7,000,000 to $8,000,000.
Originally the price was fixed at $5,000,000.
Judge Mandelbaum said he
would appoint a Special Master to take
testimony in the matter before
Nov. 10.—V. 143, p. 2688.
Operating revenue.115,510,838 104,211,823
Operating expense
89,199,064
76,533,836
56,433
-A
accounts.-
13 the scheduled sale
at auction of
National Rys.
Accrued
par value..
1,750
less reserve for losses
National Public Service
All
$200,000
Accounts payable
Common stock..
quent to Aug. 8, 1937-.Notes & accts. receivable
V. 143, p. 2528.
1936
Note payable
Reserve for contingencies
re¬
-
Due from customers subse¬
Calendar Years—
undistributed profits surtax.
Trade acceptances receivable—
share
in addition to the regular quarterly dividend of 15 cents
per share on the
common
659
$7,199
Liabilities—
Cash
$234,109
146,120
$2.35
2,121
$90,131
Consolidated Balance Sheet Aug. 8,
Assets—
$250,640
478
$290,002
Net profit
ing.
$2,185,090
position.
activity,
same
-Year Ended Dec. 311934
1935
Jan. 1, '36
Period—
"Tax experts
and
1936
The R. F. Griggs Co.. Waterbury, Conn.—30%; Coburn & Middle,
brook. Hartford, Conn.—30%; John E. Sloane & Co., New York—15%'
Tifft Bros., Springfield, Mass.—10%; Aldrich & Co., Hartford, Conn.—5%:
Eddy Bros. & Co., Hartford, Conn.—5%; Sweeney, Brainard & Co., New
Britain, Conn.—5%.
that will result from the materially larger sales expected next
year," Presi¬
dent Baker added.
in
Nov. 7,
July 1,
p.
2689.
Machine
Co.—Stock
is offering 10,000 shares of
of
stock
(no par),
the
an
the stock offered $1 per share is to be credited to
capital account and the
balance to paid-in surplus.
The R. F. Griggs Co., Waterbury,
Conn., and Coburn & Middlebrook,
Conn., are the principal underwriters.
The principal underwriters have agreed
severally and jointly to purchase
ana pay for at $25 per share all of the shares of
common stock offered and
not subscribed and paid for by the stockholders.
Hartford,
An
underwriting group has been formed, the members of which will
assume, severally and not jointly the
obligation of the principal under¬
writers and participate in the
underwriting* commission (in proportion to
their respective participations) to the extent of 90 cents
per share.
This sub-underwriting agreement, however, shall not affect the
joint and
several obligation of the principal underwriters.
The members of this group and the
percentage amounts of their respective
are;
participations
the
on
holders of record Nov.
Preferred Dividend—
a
dividend
of $1.50 per share on account of
6% cum. pref. stock,
14.
par
Similar distributions
$100, payable Dec.
were
made
on
1 to
Nov. 2 and
April 1, last, Nov. 1 and March 1, 1935, Nov. 5 and June 15, 1934, and on
Nov. 2, 1931, this latter payment representing the dividend due May 1,
1924.—V. 143, p. 2380.
New York Central RR.—Release
of Collateral—
The Interstate Commerce Commission on Oct. 15 amended previous
reports and certificates so as to permit the release by the Reconstruction
Finance Corporation of $2,280,000, of the capital stock of the Indiana
Harbor Belt RR., $685,000 of Lake Erie & Pittsburgh lst-mtge 4H % ser. A
•
bonds, due July 1, 1965, and $71,000 of Lake Erie & Pittsburgh lst-mtge.
5% series B bonds due July 1, 1965, deposited by the Central as part of
collateral security for its loans from the RFC, the unpaid balance of
such loans being $9,478,737.
On Sept. 18, 1936 the Central repaid to the
RFC $2,420,263 of loans due in 1937.—V. 143, p. 2852.
the
New York Chicago & St. Louis
RR.—Equip. Trusts—
Stroud & Co. and associates
were the high bidders, bidding 102.043 for
$4,624,000 4% equipment trust certificates at the Reconstruction
Finance Corporation sale.
The high bidder was the only one participating
in the bidding for this issue.—V. 143,
p. 2852.
the
New York Power & Light
Corp.—Earnings—
Period End. Sept. 30—
1936—3 Mos—1935
1936—12 Mos—1935
Operating revenues
$5,842,903
$5,909,621 $24,255,168 $24,405,581
Oper. revenue deductions
4,262,894
x4,147,586
16,644,982 xl6,847,627
Offering—
common
increase of 120,000 shares in the authorized
capital
stock authorized by the stockholders of the
company.
Assignable option warrants are being issued by the
company to holders
of common stock of record of Oct. 30,
entitling them to purchase additional
common stock from Oct. 30, 1936, to the close of
business Nov. 20, 1936.
at $25 per share, in the proportion of 1
additional share for each 8 shares of
outstanding common stock held.
It is presently contemplated that of the
consideration to be received for
a part
The directors have declared
accumulations
$1,762,034
2,264
$7,610,185
Dr6,731
$7,557,954
8,915
1,164,605
$1,764,298
1,200,554
$7,603,454
4,671,853
$7,566,869
4,900,176
$411,233
Gross income.
$1,580,008
Dr4,168
$1,575,839
Non-oper. income—net-
x$563,743
Deduct, fr. gross inc
Net income.
$2,931,600 x$2,666,692
x Changed to
give effect to major adjustments made later in the year 1935.
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V. 143. p. 765.
New York New Haven & Hartford
Period End.
Operating
Sept. 30—
I
revenue
Net
rev. from ry. oper__
Net ry. oper. income
Net after charges
Company Gets
RR.—Earnings—
1936—Month—1935
1936—9 Mos.—1935
>6,808,181
$5,931,743 $57,240,526 $52,269,147
2,105,824
1,638,560
13,555,934
13,779,224
1,068,517
713,722
4,295,114
6,143,173
122,224
def324,902 def4,814,937 def2,618,872
Until Feb. 1 to Formulate P^an—
The company
has granted an extension of time until Feb. 1, 1937,rin
reorganization plan under Section 77 of the Bankruptcy Act
by Federal Judge Carroll C. Hincks. The extension was fixed after repre¬
which to file
sentatives
a
of the
Corp. opposed
a
Reconstruction
longer stay.
Finance
Corp. and the Railroad Credit
Financial
143
Volume
previously granted expired Oct. 23. exactly one
A six months' extension
Judge Hincks date that the New Haven filed an application time, that he
ear from the stated, in allowing this further extension of to reorganize,
of the impossibility of perfecting a reorganization
aware
was
Feb. 1 from his own knowledge of the road's affairs.—V.
New York State Electric & Gas
1936
1935
$14,203,994 $13,550,546
8,155,081
7,281.047
1,087,577
1,076,584
523,278
516,954
143,360
288,169
932,996
898,501
Operating expenses.
Maintenance..
for
Provision
retirements
Federal income taxes
Other taxes
$3,361,699
223,503
$3,489,288
$3,633,522
1,588,783
Amortization of debt discount & expense
$3,585,202
1,604.637
251,806
113,336
Amortization of miscellaneous suspense.
Interest charged to construction
70.563
05,497
Operating income
Other income
Gross income
Interest
on
funded debt
Interest
on
unfunded debt
Balance of income
.$1,550,356
144,233
210,452
113,277
70,563
Cr9,321
$1,659,767
Note—No provision is made in this statement for Fedeal surtax on urndistributed profits, if any, for the current year.—V. 143, p. 2853.
New York
Telephone Co.—Earnings—
Period End. Sept. 30—
1936—Month—1935
1936—9 Mos.—1935
Operating revenues
$16,369,630 $15,723,374 $148086,064 $140442,569
Uncollectible oper. rev—
70,347
93,050
609.038
738,542
Operating expenses
11,136,727
11,138,597 101,465,905 101,401,682
Operating taxes
2,038,977
1.670,662
18,462.95k
14,931,968
Net oper. income
—V. 143, p. 2380.
$3,123,579
North American Edison Co. (&
12 Months Ended—
Total operating revenues
Corp.—Earnings—
12 Months Ended Sept. 30—
Total operating revenues
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal Income tax law.—V. 143, p. 765.
plan before
143, P- 2852.
3007
Chronicle
$2,821,065 $27,548,170 $23,370,377
Subs.)—Earnings—
Sept. 30, *36 June 30, *36 Sept. 30,' 35
—$92,944,789 $91,085,655 $85,894,340
31,115,381
30,484,711
29,040,983
5,577,658
5,421,555
5,233,909
10,545,119
10,439,269
10,022,168
3,386,610
2,833,112
2,528,237
Operating expenses
Maintenance
Taxes, other than income taxes
Provision for income taxes
Net operating revenues
Non-operating revenues
$42,320,019 $41,907,006 $39,069,041
259,896
194,732
223.410
Gross income
Interest on funded debt
Amort, of bond discount & expense-Other interest charges
Interest during construction charged
$42,579,915 $42,101,739 $39,292,451
13,023,241
13,765,053
12,813,478
564,959
617,886
578,310
172,089
154,784
181,011
1,171,730
12,023,511
Cr328,302
4,917,730
955,050
11,685,686
Balance for dividends & surplus
$10,580,878
Divs. on North American Edison Co.
$10,159,449
$7,524,561
2,206,095
2,206,050
2,205,960
$8,374,782
$7,953,398
$5,318,601
to property
reserve-.__
preferred stock
com.
Crll4,841
5,101,598
—
Approp. for depreciation
Balance for
Cr24,813
5,113,552
1,157,577
& plant
Preferred dividends of subs
Min. int. in net income of subs
divs. &
surplus
12,179,920
Note—No allowance has been made for the 9 months ended Sept. 30,1936
for Federal surtax based upon undistributed income, as it is impracticable
to estimate it at this time—V. 143, p. 932.
North American
Light & Power Co. (& Subs.)—Earns.
12 Months Ended Sept. 30—
1936
1935
$44,237[888 $41,507,812
Total operating revenues
18,202,937
Operating expenses
17,470,201
Corp. (& Sub.)-
12 Months Ended Sept. 30—
Earnings—
1936
$2,951,911
891,047
14,455
Operating revenues
General operation
Rate case expense
1935
$2,855,570
826,442
22.455
24,633
7,767
Crl8,698
24,840
138,301
320,751
58,840
86,771
280.151
52,904
9,289
Other regulatory commission expense
General expenses transferred to construction.
Provision for uncollectible accounts
Maintenance
Cr23,222
...
Real property taxes
Excise taxes
Corporate taxes.
19,283
21,568,,
Net earnings before prov. for retire. & replace.
& Fed era] income tax..
$1,498,423
...
Other income
$1,551,475
27,659
$1,594,947
7/80.655
784.600
3.710
19,016
32,044
Crl ,729
193,500
84,824
a7,287
38.863
9,272
39,541
Crl .986
219,750
54,908
15,526
11,649
9,067
2,780,532
3,440,801
2,635.011
779,910
a920,277
Provisions for income taxes
$18,363,947 $17,842,156
1,075,711
93,498
Net operating revenues
Non-operating revenues
~~
$19,439,658 $17,935,655
8,573,194
8,267,843
271,024
Amort, of bond discount and expense
292,594
63,337
Other interest charges
56,051
Cr8,704
Interest during construction
Cr47,599
Divs. on pref. stocks of subsidiaries
1,173,314
1,190,259
Divs. on pref. stocks of subs, accumulated but not
1,723,406
declared—portion earned
2,304,128
Cr738
Minority interests
Cr710
4,570,495
Appropriations for retirement reserves
4,743,339
Gross income
on funded debt
Interest
43,473
$1,526,083
3,309,923
Taxes, other than income taxes
New York Water Service
Maintenance
$2,633,753
Balance after above deductions
$1,570,326
1,281,214
1,326,623
542,569
1,123,376
Interest
Gross corporate income
Interest
on
Interest
on
mortgage debt
gold notes
-
Miscellaneous interest
Amortization of debt discount & expense
In terest
charged to construction
Provision for retirements & replacements
Provision for Federal income tax
Provision for interest on Fed. inc. tax of prior years
Expenses in connection with debt refunding—not
consummated
Net income.
$425,405
$395,126
-
Consolidated Balance Sheet Sept. 30
1936
Assets—
Plant,
Funded debt
M tge. bonds assum
96,283
6,000
117,897
2,614,761
232,860
special deposit —z2 936,550
233,151
Cash....
Notes Aaccts. pay.
8
15,532,500 16,012,500
Consum's & exten¬
sion deps
invest.—
1935
$
Liabilities—
S
property,
equipment, &c__27 598,923 27,429,387
Miscell.
1936
1935
Notes payable
Accounts payable.
48,722
34,903
9,858
786,553
321,468
1,870,083
401,710
3,406
12,054
12,393
785,632
330,812
revenue..
274,407
106,994
Due from affil.cos.
11,137
10,812
Sewer & paving assessm'ts-current
3,000
Accrd. liabilities..
6.000
17,000
Unbilled
Cash held by trus¬
tee in sink, fund
Adv.
to
subs,
on
portion
Unearned revenue.
not
consolidated
Commis.
104,074
300,750
—
ital stock
327,468
1,713,018
346,598
3,885
9,746
498,482
Fire protect'n serv.
Debt disc. & exp.
498,482
Miscell. reserve
154,244
88,321
Misc. def. llabs
168,421
6% cum. pref. stk. 4,653,200
y Common stock.. 2,601,500
2,601,500
Capital and paidin surplus
2,872,393
Earned surplus
2,895,930
2,888,220
2,405.202
Sewer & paving as¬
in process of am¬
ortization...
sessments,
Mat'ls & suppliesDeferred charges &
105,974
200,620
107,782
prepaid accounts
50,532
49,802
Total
y
Reserves
Contribs. for exts.
cap¬
32,138,813 31,971,463
Total
&c__
27,154
36,305
4,653,200
—
loan to
Net income
a
...
No allowance has been made for the nine months ended Sept. 30, 1936,
for Federal surtax based upon
to
.8809,969 loss$879,674
-
undistributed income, since it is impracticable
estimate it at this time.—V. 143, p. 1086.
North American
Aviation, Inc. (& Subs.)—Earnings—
9 Mos. End. Sept. 30—
Net loss after taxes, de-
1933
1934
1935
1936
—
~
preciation, &c
prof a $137,957
b$117,082
c$744,846
d$355,859
Note—No provision has been made for Federal surtax on undistributed
profits.
a The
above consolidated net profit of $137,957 is after provision for
Federal income taxes and after depreciation charges amounting to $458,696.
The above net profit includes a credit adjustment of $57,974 applicable to
the six months period ended June 30, 1936, reflecting changes in rates of
depreciation of plans and engines of the Eastern Air Lines Division, b After
including accounted profit of $33,205 realized from the sale of securities
and after depreciation of $470,340.
c Befor ©
profit realized from sale o
securities, including profit from sale of securities in the amount of $1,199,941, there was a net profit for 9 months ended Sept. 30 last of $455,095.*
This net profit of $455,095 would be reduced to $300,452 if there were
included therein, North American Aviation's proportion of the net loss
of its subsidiary not consolidated in which a majority stock interest is
held,
d This net loss would be reduced to $256,866 if the equity of North
American Aviation in the net profit of its subsidiary, in which a majority
of stock interest is held, was included.
These figures include the results
of operations of North American Aviation, Inc., as actually constituted
during the first nine months of this year.—V. 143, p. 932.
North American Rayon
Corp.—Listing—
The New York Curb Exchange has approved the listing of 58,130 out¬
standing shares of prior preferred stock, $50 par; 300,000 outstanding shares
of common stock, class A, no par, and 212,374 outstanding shares of
common stock, class B, no par.—V. 143, p. 2529.
.32,138,813 31,971,463
Represented by 26,015 shares of $100 par value,
charges of No. Amer. Light & Power Co.
(incl. amort. of bond discount and expense)
Divs. on pref. stocks of subs, accumulated but not
declared—portion not earned
subsidiary
company
-
z Includes
not consolidated herein.—V. 143, p. 931.
Northern Canada Mining
Corp., Ltd.—Two-Cent Div.—
cents per share on the
stock, no par value, payable Dec. 1 to holders of record Nov. 20.
A similar payment was made on May 1, last and an initial dividend of like
amount was paid on Jan. 2, 1935.—V. 142, p. 1825.
The directors on Oct. 30 declared a dividend of 2
common
New York Westchester & Boston
Ry.—Seeks Extension
General mortgage bondholders at a meeting Oct. 23, voted to ask the
Court at New Haven for another extension of time in which to
draw up a plan of reorganization. The final date has been set by the Court
Federal
for Nov. 15, following a series of extensions.
Arthur Burke, Vice-President of Guaranty
Trust Co., presided at the
meeting and emphasized that if the present proceedings are discontinued
because of failure to present a plan creditors would be able to realize only
salvage value from the property.
H. E. Norton. Treasurer for the trustee, C. L. Bardo, said the road is
currently failing to earn sufficient money to cover rental and equipment
trust charges by more than $300,000 annually.—V. 143, p. 2690.
Niagara Falls Power Co. (& Subs.)—Earnings—
Period End. Sept. 30— 1936—3 Mos.—1935
1936—12 Mos—1935
Operating revenues
$2,868,118
$2,676,372 $10,694,124 $10,487,723
Oper. revenue deductions
1,483,127
1,464,277
5,720,911
5,526,004
Operating income
$1,384,991
Non-oper. income, net-53.404
Gross income
Deducts, from gross
$1,438,396
inc.
672,644
$1,212,095
55,364
$4,973,213
197,196
$4,961,718
218,317
$1,267,460
455,128
$5,170,409
2,038,287
$5,180,036
1,838,722
Northern New York
$436,340
1,100
—
$765,751
$812,331
$3,132,122
$3,341,313
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V. 143, p. 1725.
Niagara Lockport & Ontario Power Co. (& Subs.)—
Period End. Sept. 30— 1936—3 Mos.—1935
1936—12 Mos.—1935
Operating revenues
$3,070,170 $2,349,491 $10,464,860
$9,203,645
Oper. revenue deductions x2,396,415
yl,691,674
7,621,246 y 6,544,167
Operating income
Non-oper. income, net—
$673,754
4,565
$657,816
3,349
$2,843,614
15,400
Gross income
Net income
$678,320
$661,165
388,511
390,399
x$289.808
y$270,766
$2,859,014
1,550,241
The
$406,511
244,715
$1,713,664
962,794
$1,619,876
985,447
x$161,795
$750,870
x$634,429
profits under the 1936 Federal income tax law.—V. 143, p. 1240.
Northwestern Pacific
RR.—Earnings—
61,234
46,884
Net after rents
From Jan. 1—
2,461,120
151,008
def42,439
1933
$277,654
$293,949
23,875
def4,129
54,899
29,454
2,482,823
284,825
37,892
83,232
def188,852
$293,985
38,444
16,552
2,783,094
371,372
217,255
Gross from railway
1934
1935
1936
$346,596
September—
.
^
Gross ftom railway
Net from railway
Net after rents
—V. 143, P. 2220.
2,119,568
Ogden Mine RR.—Control—
The Interstate Commerce Commission on Oct. 14,
approved the acquisi¬
Central Railroad of New Jersey of control of the Ogden Mine
through stock ownership.
tion by
$2,659,477
12,341
$2,671,819
1,601,119
$1,308,773 y$l,070,700
appropriations made to retirement reserve during the quarter
include $120,000*, representing an additional amount applicable to the first
six months of the year,
y Changed to give effect to major adjustments
made later in the year 1935.
*
x
$1,609,221
10,654
x Changed to give effect to major adjustments made later in the year 1935.
Note—No provision has been made for possible surtax on undistributed
Ohio Associated
Deducts, froin gross inc.
$1,709,285
4,378
$198,528
Gross income
Deducts, from gross inc.
$405,151
1,360
$437,440
238,911
Operating income.
Non-oper. income, net—
Net from railway—---
Net income
Utilities, Inc.- -Earnings—
1936—12 Mos.—1935
Period End. Sept. 30— 1936—3 Mos.—1935
Operating revenues—— $1,666,791
$1,266,685 $5,632,327 $4,937,489
3,923.041
x3,328,267
Oper. revenue deductions
1,230,450
x861,533
Period End. Sept. 30—
Operating revenues
Uncollectible oper. rev.
RR.,
Telephone Co.—Earnings—
1936—Month—1935
$58,411
$58,411
$53,708
205
205
605
1936—9 Mos.
$514,905
-1935
$473,468
—
32,452
6,796
30,642
3,302
318,334
42,793
5,328
283,944
33,643
Net oper. income—
$18,958
$19,159
$151,521
$150,553
Operating expenses
Operating taxes
_
2,257
3008
Financial
Chronicle
hies with SEC—
Pacific Coast
The company has
filed a registration statement with tne Securities and
Commission covering $1,770,000 4%% first mortgage bonds
due 1966,
According to the registration statement, Bonbright & Co., Inc.,
Paine, Webber & Co. and Mitchum, Tully & Co. will underwrite $885,000.
$664,000 and $221,000 of the issue, respectively. Public offering price will
be supplied by amendment.
Net proceeds from the issue, together with
cash on hand, will be used to redeem $1,770,000 6% first mortgage bonds,
series A—V. 143, p. 2381.
Exchange
Ohio Bell
Operating expenses
Operating taxes
Operating expenses
operating income
143, p. 2381.
-V.
$866,515
$786,799
$7,297,203
$6,487,484
dends,
Preferred Stock—
total of $106.50.
as of Dec. 31, 1935, shows 20,000 shares of preferred out¬
standing ,-r-V. 142, p. 1130.
or a
Balance sheet
Ohio Oil Co.—■Dividend
The directors
stock,
Again Increased—
Nov. 5 declared
on
a
dividend of 35 cents per share on the
value, payable Dec. 15 to holders of record Nov. 15.
This compares with 25 cents paid on June 15, last, and 15 cents
paid on
Dec. 14 and June 15, 1935 and on Dec. 15, Sept. 15 and June 15,
1934, this
latter being the first payment made on the common stock since Dec.
15,
1932 when 10 cents per share was distributed.—V. 143, p. 1086.
common
no par
Ohio Water Service
Co.—Earnings—
Year Ended Sept. 30—
Operating revenues
Operation.
1936
General taxes
Net earnings from operation._—
Other income (see x)
Gross corporate income
on bonds
Interest
Miscellaneous interest
$246,828
$343,279
191,000
...
$488,744
$336,844
6,434
Provision for uncollectible accounts
1935
$599,766
165,371
7,200
30,538
59,813
Maintenance
$268,941
191,000
2,207
10,648
154,630
8,820
23,765
54 701
22,113
625
-
Amortization of debt discount and expense
Provision for Federal income tax
10,648
8,302
23,750
Provision for retirements and replacements
Net income
20,500
$108,954
$44,586
Includes earnings of Ohio Lakes Recreation Co. to date of
dissolution
Feb. 29, 1936.
Earnings from March 1, 1936, from
formerly conducted by
"net earnings from operation."
fishing and boating
Ohio Lakes
Recreation
Co.
inch ded in
Pacific Finance
New
shares of
Assets—
Habit It ies—
property, rights,
$7,383,986
Miscell. investments (at cost).
58,909
Cash..
a
101,141
144,915
16,823
Accounts & notes receivable.
Accrued unbilled revenue
Interest
receivable
307
Materials and supplies
37,241
Debt discount and expense in
Accounts
Accrued
$3,820,000
4,678
119,944
payable
items
"
Unearned revenue
3^375
Consumers' deposits and accr.
interest thereon
j
Reserves
15 711
J
480! 503
b Class A common stock
3,155,897
Capital
process of amortization
Defd charges & prepaid accts.
surplus arising from
appraisals of properties
227,159
49,719
Earned
..$8,020,201
Total
213,241
206,851
J
surplus
a
After
reserve
of
$25,013.
$8,020,201
b Represented
by 40,522
shares
no-par
Note—Ohio Lakes Recreation Co., wholly-owned
subsidiary of Ohio
Water Service Co., dissolved as oLFeb.
29, 1936; assets transferred to and
liabilities assumed by Ohio Water Service Co.
—V. 143, p. 598.
Oklahoma Natural Gas Co.
12 Months Ended Sept. 30—
Operating
1936
1935
$6,714,104
2,298 051
555.729
Note—No provision has been made for a Federal tax on
undistributed
profits, since the tax is not applicable to this company until the fiscal
year which ends Nov. 30, 1937.—V. 143, p. 2855.
Corp.—To Control Coach Co.—
has entered into
company
a
contract
designed to
give
it
stock
control of New York City Omnibus Corp.
through sale by Fifth Avenue
Coach Co. of its holdings of New York
Railways income 6s to Omnibus
Corp.
are
Omnibus Corp. is
subsidiaries.
Fifth
Avenue
a
holding company of which the other companies
Coach
Corp. owns about 54% of New York Railways
income 6s.
Through reorganization proceedings, New York Railways is to
be succeeded by New York City Omnibus
Corp. and bonds of the former
company exchanged for stock of the latter.
This step is part of the general program of the
parent company of eliminat¬
ing intermediate holding companies and making direct subsidiaries of
operating companies.
In pursuance to this policy, stockholders of Fifth
Avenue Bus Securities Corp. have voted to dissolve that
corporation and
stockholders of New York Transportation Co. are scheduled to
meet in
the
near future to vote on dissolution of that
company.
companies are subsidiaries of Omnibus Corp.
I The New York
Railways income 6s are to be sold
basis
at
approximately the present
market
price
Both of the latter
which
an
is
instalment
about
53%.
During the nine months, beginning February, in which it has operated
Federal trusteeship as an independent unit in the natural gas in¬
dustry, the company has increased its sales of natural gas to more than
17,400,000,000 cubic feet, according to a report issued Nov. 5 by J. D.
Creveling, President of the company, and approved by Gano Dunn, Federal
trustee.
This compares with approximately 11,200,000,000 cu. ft. in the
under
corresponding period of 1935,
was
Subs.)—Earnings—
Nine Months Ended Sept. 30—
Net sales.
Costs
Maintenance and repairs
Depreciation
Expenses
Other income.
Other deductions.
1936
$13,581,664
1935
398.479
$9,915,283
5,072,211
307,961
557 291
538,877
4,379',431
4,059,610
$1,395,231
776,936
loss$63,376
6,851,232
$2,172,167
280,872
234,000
Net income
x$l,657.295
Earns, per sh. on 2,000,000 shs. com. stk.
(no par)
$0.68
x No mention is made of
Federal surtaxes on
Panhandle
Period End.
Producing
Sept. 30—
xGross operating incl.
Cost, exp., taxes, &c
&
Refining
1936—3 Mos.—1935
$868,265
$754,063
Co.
(& Subs.)—
1936—9 Mos.—1935
$2,473,726
$2,007,915
2,192,020
1,832,244
151,297
146,940
Profit
$16,828
Dr2,202
$130,409
4,2w3
$28,731
5,386
$32,378
8,027
Profit.
Interest, &c_
684,134
53,101
$30,002
2,376
Other income.
791,652
46,611
$14,626
$134,702
29,571
$34,117
43,973
y$105,131
Loss$9,856
11,164
y$24,351
$3,462
After
gasoline sales tax.
yNo provision has been made for Federal
profits, or undistributed profits taxes.
Current assets, including $11,915 cash, amounted to $656,904 and current
liabilities were $855,585 which compares with cash of $54,070, current
assets of $542,377 and current liabilities of $825,330 on Sept. 30, a year
x
income,
excess
Inventories totaled $444,221 against $348,055.
Negotiations for Sale of $380,000 Debentures—
The company is conducting negotiations for the sale of $200,000 series
"A" and $180,000 series "B" debentures, or the securing of a loan until
such debentures can be disposed of.
These debentures were authorized by
the stockholders last April in connection with a plan to recapitalize the
The negotiations account for the delay in consummating the plan.
Originally it had been planned to file an application with the Securities
Exchange Commission for registration of the new securities. Later it
was decided to endeavor to place the debentures aforementioned with an
investor, or a small group, not for public distribution, and to proceed with
the calling of preferred stock for exchange into debentures and new common
stock, in which case, as no new securities were to be offered *to the public,
the filing of a registration would be unnecessary.
Just as soon as the company has a definite commitment, it will ask
pre¬
ferred stockholders to deposit their stock for the exchange provided in the
plan.
That plan, as approved by shareholders, provided for refunding current
indebtedness and readjusting capital structure.
The authorized common
was to be increased
by 300,000 shares, to 1,500,000, the present no-par
common to be changed into a similar amount of $1 par common.
It also created an issue of $800,000 10-year, 6% debentures, of which
$200,000 was to be series "A" to be sold at not less than 95% of face value,
the funds to be used in paying delinquent ad valorem taxes and other
secured indebtedness incurred prior to Jan. 1, 1935; $180,000 in series "B"
dibentures to be sold at not less than 90%, the proceeds to be used in
settlement of unsecured indebtedness accruing before Jan. 1, 1935; and
$420,000 in series "C" debentures to be issued in exchange for the present
preferred stock in the ratio of $25 face value, and in addition thereto 25
shares of the common for each share of preferred stock so
exchanged.—
V. 143, p. 932.
Pantex Pressing Machine Co.—Accumulated Dividend—
accumulations
on
the
a dividend of $3.75 per share on account of
7% cumulative preferred stock, par $100. payable
Nov. 30 to holders of record Nov. 10.—V. 131, p. 2234.
Leasers
Interest
ore
ore
on
sales
Rentals & miscellaneous
Total income
Mine operating & maintenance expense
Tunnel maintenance expense
Development expense
Drainage expense...
Liability insurance
General, taxes, insurance, N. Y. Stock transfer & adminis.
Depreciation (estimated)
$229,223
145,833
2,018
28,755
750
8,381
15,281
21,238
exp_.
Estimated earnings
$6,964
—V. 143, p. 1242.
Pennsylvania Water & Power Co.-
$765,839
1,181,200
Maintenance expenses373,404
Operating
expenses
Renewals
and
Interest
on
funded debt-
Net income
Preferred dividends
Common
■Earnings—
1935
1934
1933
$4,524,015
$4,221,642
932,733
$4,040,750
809,745
210,289
1,001,946
264,114
220,791
351,420
535,113
788,359
349,425
441,560
791,596
310,628
361,798
793,521
313,168
317,775
793,631
$1,615,126
80,598
$1,675,374
58,519
$1,602,172
14,359
$1,596,142
12,087
1,289,544
967,158
967,158
967,158
$244,984
$649,697
$620,655
$616,897
replace¬
ments expense
Taxes
$479,752
$211,772
4,723
11,260
1,467
sales (net)
investments & loans
9 Mos. End. Sept. 30—
1936
Gro33 income.
$4,844,625
286,087
Co.—Earnings—
Earnings for 3 Months Ended Sept. 30, 1936
Income
829,215
$0.09
undistributed profits.
For the quarter ended Sept. 30.
1936, net profit was $722,486, equal to
31 cents a share on common,
comparing with $512,328 or 21 cents a share
on common in
preceding quarter and $365,062 or 13 cents a common share
in September quarter of 1935.—V. 143, p. 598.
gain of 55.3%.
Park Utah Consolidated Mines
distributed.—V. 143, p. 1890.
Otis Elevator Co. (&
a
Sales for the 12 months ended Oct. 31, this year, were approximately
23,000,000,000 cu. ft., as against 14,800,000,000 cu. ft. in the preceding
12-month period.
Sales this year are running at the highest rate in the
company's history, Mr. Creveling said.
"Expansion into new territories in conjunction with increasing sales to
established markets is contributing to the system's growing deliveries of
natural gas," Mr. Creveling's report stated.
"Detroit represents the most
important single new outlet for natural gas and is expected to account for
about 45% of the system's entire sales.
Currently 326,000 Detroit meters,
representing about 75% of the city's total, are in natural gas service."
The additional load attached to the system this year under the Federal
trusteeship is requiring the expenditure of over $4,000,000 to reinforce and
enlarge existing facilities, Mr. Creveling said.
This expenditure includes
the construction of seven new compressor stations and increasing the
capacity of another.
The company was originally organized in 1929 as the leading operating
subsidiary of the Missouri-Kansas Pipe Line Co. The independence of the
Panhandle Eastern System as an operating unit was established by the
Federal Court under a consent decree entered Jan. 29, 1936.
Gano Dunn,
President of the J. G. White Engineering Corp., was appointed Federal
trustee to carry out the provisions of the decree.
Large holdings in the
Panhandle Eastern system are owned by the Missouri-Kansas Pipe Line
Co. and by the Columbia Gas & Electric Corp., through its holdings in
Columbia Oil & Gasoline Corp.—V. 143, p. 2381.
Co., Ltd.—Corrected Dividend—
The directors have declared two
dividends, one of $1.75 per share and
the other $2 per share, (or a total of
$3.75) on account of accumulations
on the 7% cumulative
preferred stock, par $100.
The $1.75 dividend will
be paid 011 Nov. 16 to holders of record Oct. 31 and
the $2 dividend will be
paid on Dec. 18 to holders of record Oct .31.
It was previously, erroneously
stated in the "Chronicle" that both dividends
would be paid Dec. 18.
A dividend of $1.75 per share was
paid on Aug. 15, last, and one of $1 per
share was distributed on Aug. 1,
1935, this latter being the first payment
made since Aug. 15, 1932 when a
regular quarterly dividend of $1.75 per
share
has authorized tne listing of 430,956
The directors have declared
on
—V. 142, p. 4032.
Ontario Steel Products
Calif.—Listing—
and
$7,458,732
2,496,350
834,337
revenues.
Omnibus
Corp. of
company.
(& Subs.)—Earnings—
Gross income after depreciation
Net income.
This
$151,344
232,640
65,991
Eastern Pipe Line Co.—Natural Gas Sales
9 Months under Federal Trusteeship—
Gain 55.3% in
ago.
Total
$281,942
233,775
278,683
stock ($10 par).—Y. 143, p. 1567.
Profit
1st mtge. 5% gold bonds
fran¬
chises, &c
$110,135
78,236
7,219
Stock Exchange
York
common
Depr., depl., amort., &c.
Balance Sheet Sept. 30, 1936
Plant,
_.
$105,862
45,482
Netprofit..
$24,680 Loss$57,595
$230,516 loss$147,287
x Includes depreciation,
depletion and taxes.—V. 143, p. 1087. ;
x
business
_
$228,689
53,253
$38,537
77,298
18,834
15,307
Panhandle
Ohio Brass Co.—To Retire
The company will retire all of its outstanding 6% cumulative preferred
stock on Dec. 31, 1936.
The redemption price is $105 and accrued divi¬
$22,802
15,735
$94,828
Operating profit..
The
Net
1936
1936—9 Mos.—1935
$1,901,610
$1,615,340
1,672,921
1,509,478
1936—3 Mos.—1935
$673,679
$488,602
578,851
465,800
Other income
Other deductions
1936—Month—1935 •
1936—9 Mos.—1935
$3,316,762
$2,987,066 $29,048,147 $26,518,729
8,932
3,850
64,097
51,387
1,969,673
1,801,632
17,576,988
16,576,631
471,642
394,785
4,109,859
3,403,227
revenues
Uncollectible oper. rev_.
x
7,
Co.—Earnings—
Period End. Sept. 30—
Gross earnings
Bond & other interest
Telephone Co.—Earnings—
Period End. Sept. 30—
Operating
Nov.
dividends._..
Surplus
—V. 143, p. 768.
Volume
Financial
143
Penn Central
12 Months Ended Sept.
30—
1936
407,043
$2,378,034
76,245
85,181
$2,432,078
1,265,250
14,490
85,781
2,277
Crl,341
$2,463,215
1,265,250
4,800
85,781
16,349
Crl72
$1,065,620
Provision for retirements-
$4,941,896
1,386,302
396,868
351,102
115,575
314,013
$2,355,832
Operating expenses.
Maintenance
1935
$5,282,436
1,538,744
469,721
405,877
Total operating revenues
Federal income taxes
$1,091,206
105,216
_____
Other taxes
Operating income
Other income (net)
—,
Chronicle
Light & Power Co. (& Subs.)—Earnings.
Gross income-
Interest
on
funded debt..
Interest
on
unfunded debt.
Amort, of debt, discount & expense
Miscellaneous deductions from income.
Interest charged to construction
3009
Philadelphia Co. (& Subs.)—Earnings—
[Not incl. Beaver Valley Traction Co. (in receivership) and its subsidiary
12 Months Ended Sept. 30—
Operating revenues
Operating expenses, maintenance and all
Net
operating
revenue
1936
1935
$50,573,804 $46,995,505
26,161,277 23,919,687
taxes
(before appropriation for
retirement and depletion reserves)
Other income (net)
$24,412,526 $23,075,818
164,406
202,961
Net operating revenue and other income (before
appropriation for retire. & depletion reserves)$24,576,933
Approp. for retirement & depletion reserves
.7,066,268
Gross income
$17,510,664 $16,334,421
990,811
989,975
6,206,163
6,863,418
539,269
422,996
Rents for lease of properties
Interest charges (net)
Amort, of debt discount and expense
Guaranteed divs. on the Consolidated Gas Co. of
the City of Pittsburgh pref.
capital stock
Appropriation for special reserve
Other income deductions
*_
.
Netincome
________
Note—No provision is made in this statement for Federal surtax
distributed profits, if any. for the current
year.—V. 143,
p.
on
un¬
768.
Peoples Drug Stores, Inc. (& Affil. Corps.)—Earnings
9 Mos. End.
Sept. 30—
Net sales.
1936
1935
Other income.
Total income.
Costs, exps., deprec.,&c.
Federal taxes..
$15,221,111 $13,997,241 $12,181,328 $11,471,750
14,310,151
13,363,856
11,409,063
11,168,490
140,246
90,565
115,819
42,592
Other deduc,, less other
income
Surplus.
2,254
9,526
$794,729
77,865
306,655
____
Common dividends
Cr2,790
$545,610
94,110
243,411
$654,192
98,472
148,545
$251,142
102,159
89,403
$410,209
Net profit
Cr24,015
Preferred dividends
Netincome..
$208,089
$407,175
$59,580
Shs. of com, stock outst.
(no par)
Earnings per share
245,324
245,324
118,837
118,837
$2.92
$1.84
$4.58
$1.25
Sept. 30, 1936, net profit was $262,353 after above
deductions, equal to $1.01 a share on common comparing with $261,972
or 94 cents a share on common in
preceding quarter and $170,234 or 57
cents a share in September quarter of 1935.
Current assets as of Sept. 30, 1936,
including $1,855,628 cash, amounted
to $4,953,302 and current liabilities $1,553,428.
This compares with cash
of $1,819,437, current assets of $4,954,198 and current liabilities of
$1,157,542 on Sept. 30,
1935.
Inventories amounted to $3,000,548
against
$3,042,667.
For quarter ended
Total assets as of Sept. 30, 1936.
aggregated $8,092,951 comparing with
$7,925,838 on Sept. 30, 1935, and earned surplus was $2,597,591 against
$1,825,483.—V. 143, p. 2381.
Sept. 30—
Other oper. revs.—net
-
Total gross earns
Gas purchased
Operation
Maintenance
State, local & other taxes
Federal income taxes.__
1936—3 Mos.—1935
1936—9 Mos—1935
$8,392,031
$7,820,830 $28,825,735 $26,699,814
189,866
187,702
542,342
595,403
$8,581,897
3,434,542
2,522,226
459,822
758,889
49,701
Depreciation
Net
819,309
from oper.
earns,
$8,008,532 $29,368,077
2,793,882
10,737,573
2,707,012
8,143,932
395,011
1,405,607
685,110
2,623,995
Cr68,973
155,172
799,548
2,483,892
$27,295,218
8,940,711
8,867,217
1,131,405
1,879,553
188,190
2,349,129
$696,940
195,492
$3,817,902
636,422
$3,939,010
600,470
Net earnings
on funded debt
Int. on unfunded debt..
$776,976
874,907
39,774
$892,433
1,088,809
42,118
$4,454,325
2,974,617
128,323
$4,539,480
3,262,710
119,172
Amort, of debt discount
and expense.
60,161
36,681
137,303
52,319
52,319
156,957
156,957
Cr2,719
Crl,339
Cr5,387
Cr3,444
loss$247,466 loss$326,155
664,421
675,789
$1,062,510
664,421
$1.60
$881,043
675,789
Netincome...
loss$0.37
loss$0.48
$1.30
Note—No provision has bean made in the accounts, for the nine months
ended Sept. 30, 1936, for the payment by the
company of Federal income
tax or Federal surtax on undistriouted
earnings for the reason that the de¬
ductions allowable on account of the
refinancing program recently completed
will, it is believed, offset the
net income which would otherwise be taxable.
Provision has been made during the nine months ended
Sept. 30, 1936, in
the aggregate sum of $79,942 for possible
payment by subsidiaries of Federal
surtax on undistributed
142,056
$28,156,530 $38,216,614
Adjust, of charges previously made against surplus
arising for revaluation of property, representing
*
unamortized debt discount
and
expense
and
premiums
on bonds redeemed, & commission, net
premiums, exp. & divs. on redemption & sale of
preferred stocks
Surplus, end of period_
—V. 143, p. 2382.
.__w—
11,005,829
.$28,156,530 $27,210,785
Philippine Ry.— ■Earnings—
Period End. Aug. 31—
Oper.
1936—12 Mos—1935
1936—Month—1935
Gross oper. revenue
$27,198
32,146
28,496
$504,607
391,023
349,488
$464,958
395,525
356,794
$34,412
$235,904
$287,361
2,297
2,579
$33,444
Net deficit
$27,010
31,043
30,378
$33,444
and taxes._
exps.
$34,412
$238,202
$289,940
-
Income appropriated for
investment in physical
property
Balance
—V.
143,
p.
2531.
Piedmont & Northern
Period End.
Operating
Operating
Sept. 30—
revenue
expense
r___
1936—9 Mos.—1935
$1,468,693
$1,283,958
842,908
759,583
183,388
145,070
$59,078
7,537
.
Deductions
Net income
Earned per share
$442,396
60,883
$379,305
$53,449
26,395
$503,279
235,417
$441,128
237,340
$40,483
$0.47
income
Non-operating income..
$45,554
7,895
$66,616
26,132
Net oper.
Gross income
Ry.—Earnings—
1936—Month—1935
$175,654
$146,122
92,423
83,286
24,152
17,282
$27,054
$0.32
$267,862
$203,787
$2.37
$3.12
61,823
Proposes Refunding—
Shs. in hands of public..
Earns, per share
2,343,677
3,600,190
Balance
Amort,
of intangibles of
subsidiary
Losses assigned to min¬
ority interests
1,375,000
186,249
161,676
2,343,604
3,840,233
70,928
Preferred stocks
Common stock
123,041
,___
Int.
1,375,000
186,250
149,411
Miscellaneous charges (net)
Taxes
$537,406
239,569
_
Other income
$7,300,942
39,724,523
Dividends—cash:
Duquesne Light Co. preferred stock
Kentucky West Va. Gas Co. preferred stock
Common stock (incl. minority interest)
Philadelphia Company:
Peoples Gas Light & Coke Co. (& Subs.)—Earnings—
Period End.
69,192
375,000
312,061
Total
$36,121,958 $47,125,465
Charges to surplus:
Duquesne Light Co.—appropriation from surplus
for special reserves
1,000,000
Deductions
Gas sales..
69,192
500,000
294,890
$8,911,173
27,210,785
*
Surplus, beginning of period
1933
1934
$15,014,949 $13,799,503 $12,002,422 $11,294,983
206,162
197,738
178,906
176,767
$23,278,779
6,944,357
Earnings for 12 Months Ended Sept. 30
Brewing
Co.—Accumulated Dividend—
a dividend of $1
per share on account of
the $3.50 cum. pref. stock, no par value, payable Nov. 20
to holders of record Nov. 7.
Dividends of 50 cents per share were paid on
directors
have declared
on
of
1936
1935
$38,307,039 $35,644,830
756,379
785,473
Other operating revenues—net—
Pittsburgh
The
accumulations
Aug. 18, and June 12 last, Oct. 19, 1935, and on Oct. 20, 1934, this latter
being the first disbursement on the preferred stock since the third quarter
1920, when a regular quarterly dividend of 87H cents per share was
paid.—V. 143, p. 440.
earnings.
Gas sales—
The company has applied to the Interstate Commerce Commission for
authority to issue and sell $6,250,000 30-year 3M% first mortgage bonds
and $475,000 of serial debentures to refund at 3
its $6,251,200 of 40year first mortgage 5s which it is proposed to call for redemption Jan. 1,
1937, at 105.
The new first mortgage issue would be dated Dec. 1, 1936,
mature Dec. 1, 1966, and be sold at a net price to the road of not less than
973^% of par and interest.—V. 141, p. 2126.
Protective
Indemnity Co.—Pays Extra Dividend-—
dividend of 50 cents per share in addition
regular annual dividend of $1 per share on the common stock, _on
Nov. 2 to holders of record Oct. 21.—V. 140, p. 2018.
The company paid an extra
Total gross earnings
Gas purchased.
$39,063,419
3,440,297
187,195
3,309,240
$4,994,939
860,639
Operation
Maintenance
___
State, local & other taxes
unfunded debt
Amort, of debt discount & expense
Amort, of intangibles of subsidiary
minority interests
Netincome
$6,758,966
277,174
$7,343,877
142,404
$6,131,876
4,283,952
Interest
150,803
177,463
$2,086,533
1,403,177
Cr7,922
$2,081,522
1,489,221
10,136
$7,036,140
4,245,228
20,685
$7,486,282
4,686,355
32,810
209,276
Cr6,734
$1,317,114
675,789
$1.95
an
extra dividend of 50 cents
p.
a
2382.
a special dividend of 25 cents
per share in
quarterly dividend of like amount on the capital
$25, both payable Dec. 15 to holders of record Nov. 24.—V. 143.
usual
Phillips Petroleum Co.—$1 Year End Dividend—
The directors have declared a dividend of $1
113,984
on
508,100
$2,389,071
$2,259,016
257,472
255,841
768,248
767,524
$211,017
626,007
$1,620,822
$1,491,492
626,007
$2.38
requirements
preferred stocks
Earns
381,155
$466,858
$319,821
Dividend
115,305
$577,294
and expense
avail,
for
—
com.
com.
per
sh
stk. out'd'g
stk.
.on com.
851,185
$0.49
$0.33
651,185
$2.49
Earnings for the 12 Months Ended Sept. 30
1936
Net earnings from operation
.
Net earnings
on funded debt
unfunded debt (net)
Amortization of debt discount and expense
Interest
on
1935
$38,763,336 $35,739,805
29,370,833
25,764,036
Interest
Netincome
/
share—designated as a
year-end dividend—on the capital stock, no par value, payable Dec. 1 to
holders of record Nov. 16.
The company paid extra dividends of 25 cents
per share and regular quarterly dividends of like amount on Sept. 1, June 1
and Feb. 29, last, and on Nov. 30, 1935.—V. 143, p. 1412.
Amort, of debt discount
Other income
■
Phelps Dodge Corp.—Special Dividend—
stock, par
p. 1088.
unfund. debt-net
Total gross earnings
Total operating expenses and taxes
The directors have declared
the
on
stock
special meeting elected V. V. Jacomini Vice-
director.—V. 143, p. 599.
30—
Net earnings
on funded debt-
Int.
Shs. of
per
Petroleum Conversion Corp.—New Vice-President-r-
to
(& Subs.)—
$2,020,251
61,271
Period End. Sept.
Amt.
share was paid on Oct. 1, last.—V. 143,
addition
Illinois
$2,023,083
63,449
share on
the common stock, payable Dec. 15 to holders of record Nov. 25. A similar
extra was paid on Nov. 1, last.
The regular quarterly dividend of 50 cents
a
Northern
Other income.
Perfect Circle Co.—Extra Dividend—
The board of directors at
of
$5,272,204
859,671
$1,252,457
664,421
$1.89
The directors have declared
President and
Co.
1936—3 Mos.—1935
1936—9 Mos—1935
$9,320,279
$8,485,987 $29,052,674 $26,640,363
7,297,195
6,465,736
22,293,708
19,296,486
on
Shares in hands of publicEarnings per share
—V. 143, p. 2063.
per
Service
209,276
Crl7,506
Net earnings.
on funded debt
Interest
Losses assigned to
Public
Total gross earnings
Total oper. exp. & taxes
175,432
173,070
___
Net earnings from operations
Other income.
Interest
14,095,868
11,196,924
1,838,953
$5,855,579
4,062,848
Federal income taxes
Depreciation.
$36,430,304
11,773,452
12,059,175
1,483,869
2,430,670
277,691
3,133,241
to the
$9,392,503
351,467
$9,975,769
191,855
$9,743,970 $10,167,624
5,685,417
6,308,905
41,535
66,287
500,619
701,390
$3,516,399
$3,091,042
Dividend requirements on pref. stocks
1,023,787
1,023,366
Amount available for common stock
$2,492,612
651,185
$3.82
$2,067,676
626,007
$3.30
per
Shares common stock
Earnings
per
outstanding
share on common stock
—V. 143, p. 2533.
3010
Financial
Pittsburgh
Letter
Points
United
Corp.—Retirement Rights Cited—•
Privilege of Redeeming Preferred Shares
Out
March 1, 1937—
A letter has been sent to preferred stockholders calling attention to rights
of preferred holders to have their shares retired on March 1, 1937, at tneir
liquidating value.
The retirement would be effected through the distri¬
bution to each preferred holder of his proportionate equity in 108,402
shares of United States Steel Corp. common, which is the company's prin¬
cipal asset. Fractional Steel shares would be paid in cash. Unless the price
of Steel common advances sharply before Feb. 16, when the
liquidating
value is to be determined, there will be little or no equity left for the nearly
2,000 common stockholders.
The preferred holders have their rights under an agreement made in
settlement of a suit entered five years ago, to force the liquidation of the
company following the sale of its operating properties to United States
Steel Corp.
The company was formerly known as Oil Well Supply Co. The preferred
is callable at 110 plus accrued dividends, which amounted to $35 a share
on Oct. 1.
The letter points out that the preferred holders electing to have
their stock retired would get Steel stock valued at about $118.96 for each
share held on the basis of the price of Steel common on Oct. 24.
The letter was signed by George E. Shaw, the Ascalot. Co., Kerfoot W.
Daly, Roy A. Hunt, Richard K. Mellon and David A. Reed.—V. 143.
p. 1726.
Puget Sound Power & Light Co. (& Subs.)—Earnings
Period End.
Sept. 30—
1936—Month—1935
1936—12 Mos.—1935
$1,294,751
$1,166,850 $14,776,700 $13,643,562
Gross earnings
Operation
475,378
431,796
5,573,502
5,320,491
Maintenance
75,482
178,260
67,903
167,216
849,040
1,798,040
821,046
1,883,468
$565,629
'axes
sources-
34,733
$499,934
34,733
$6,556,117
416,800
$600,362
317,242
$534,667
322,341
$6,972,917
3,817,555
$6,035,355
3,877,138
$283,120
$212,326
Appropriations for retirement reserve
Prior preference dividend requirements
Preferred dividend requirements
$3,155,362
52,158,217
1,360,633
550,000
1,583,970
c
from other
Balance--
1936
7
Nov.
payable Dec. 1 to holders of record Nov. 19. This payment will clear up all
accumulations on the preferred stock. See V. 143, p. 935 for detailed div.
on preferred stock.
The directors also declared an initial cash dividend of 50 cents per share
on the common stock, no par value, payable Dec.
1 to holders of record
Nov. 19.
The company declared a dividend of lU.% payable in common
stock on Jan.l, 1931.—V. 143, p. 2693.
record
Remington Rand Inc.—Registration Made Effective—
The company filed with the Securities and Exchange Commission on
Oct. 30 an amendment to its registration statement, covering 290,143 shares
of common stock and an indeterminate amount of scrip certificates, in which
it expands
considerably on the question of labor difficulties and their effect
of the company.
Pointing out in its amendment that it has had labor difficulties in its
plants at Tonawanda, North Tonawanda, Syracuse and Ilion, N. Y.;
Middletown, Conn., and Marietta and Norwood, Ohio, the company
states that these difficulties have been largely overcome and the factory
output at the present time is substantially equivalent to that of the same
upon operators
time last year.
The company's executive offices in New York were advised on Oct. 30
as of Oct. 11 the company's registration
that the SEC had declared effective
stock underlying the stock purchase
authorized $4.50 preferred stock.
had investigated protests
from seven American Federation of Labor unions.
The unions charged
the company's statements had misrepresented the cause of the late strike
and the extent to which the strike had reduced production and earnings.
The registration statement shows profits for the five months ended
Sept. 30, including the entire period of labor disputes and after covering
costs of strike, the moving and plant readjustment were $712,687, compared
with $884,046 for the like five months of 1935.
No mention was made of
provision for undistributed profits surtax.—Y. 143, p. 2534.
affecting the issue of
statement
common
warrants to be attached to the newly
This action
$5,618,555
416,800
Interest & amortization.
Chronicle
taken after the
was
Reno Gold
Commission
Mines, Ltd.—Earnings—
Earnings for the Year Ended June 30, 1936
Production
$873,173
-
417,426
Cost of production
Balance
1,434,183
550,000
1,583.970
-
$455,747
Gross operating profit
Miscellaneous income
1,939
Total income
Deficit for
common
dividends and surplus
$412,790
$1,336,385
-V* 143, p. 2692.
Quaker State Oil Refining Corp. (& Subs.)—Earnings
Period Ended Sept. 30, 1936—
Net sales (exclusive of inter-company sales)
Cost of sales, exclusive of depreciation
$6,485,681 $19,396,558
5,261,317
15,723.232
Profit
Other income
$1,224,364
44,109
$1,268,473
716,336
$3,798,480
2,205,862
542,049
193,350
Total income
Exp. & taxes (other than Fed. & State inc. taxes)Depreciation
181,086
65,890
Provision for Federal and State income taxes
$289,081
Net profit for the year
Dividends---
219,156
Balance.
$69,925
125,154
$857,218
$0.92
$305,159
Earns, per sh. on 927,305 shs. common now outst.
$0.33
Note—No provision has been made in the foregoing for surtax on un¬
distributed profit..—V. 143, p. 1727.
Balance Sheet June 30, 1936
Liabilities—
A s sets
Cash In banks
$242,662
hand and in transit
61,448
2,418
51
22,002
Quarterly Income Shares, Inc.—To Be Mutualized—
At
a
special meeting held Oct. 29, stockholders by an affirmative vote
over 70%
of outstanding stock, approved amendments to the charter
of the fund which will permit operation as a "mutual investment company"
under the new Federal tax law.
The Board of Directors announced that
the necessary action to qualify the fund as a mutual company will be taken
immediately
that operations for the fiscal
so
beginning on
year
Nov.
1
under the preferential regulations accorded this type company.
President, pointed out that the principal advantage to
shareholders of "mutual investment companies" arises from the substantial
will
come
Ross
tax
will
Beason,
savings possible on realized profits.
Investment funds not mutualized
pay normal income and undistributed profits taxes on these profits
companies qualifying and operating as mutual companies will be
while
relieved of such taxes.
Based on its current unrealized profits of more than
$16,000,000 it is estimated that tax savings to Quarterly Income Shares,
Inc., through mutual operation (assuming the profit is realized) would
amount to more than $5,000,000.—V. 143, p. 2222.
Queens Borough
Privately—
Gas
&
Electric
Co.—Bonds
Placed
The company, a subsidiary of the Long Island Lighting Co., has been
authorized to sell $1,362,000 25-year 3^% bonds at par under an arrange¬
ment
whereby the Long Island Lighting Co. will be freed of all bank debt.
have been purchased by large insurance companies.
The proceeds of the issue will be used to discharge the debt of the Queens
company to Long Island Lighting, amounting to $799,823, and to liquidate
The
Investments (at cost)
Stores
on
hand (at cost)
Deferred charges
a
Mine and
6,220
mill plants
other indebtedness
amounting to $562,300.
The parent com¬
pany, in turn, will use the funds received by it to pay all its debt to the
Kings County Lignting Co. The latter will then discharge its bank debt.
—V. 143, p. 2858.
Total
Radio
Corp. of America (& Subs.)—Earnings—
Revere
The
New
Other income
1936—3 Mos.—1935
1936—9 Mos.—1935
oper-$25,094,559 $19,433,642 $69,037,085 $59,096,963
251,177
219,740
690,752
985,106
Total gross income
$25,345,736
Cost of sales, gen. oper.
$19,653,381 $69,727,837 $60,082,069
18,089,416
63,104,928
53,747,351
$2,594,213
$6,334,718
323.649
2,127,346
Net income
Surplus at
period
317,500
450,000
659,100
632,600
$511,987
$2,847,384
$2,801,123
12,497,346
Amortization of patents.
Prov. for Fed. inc. taxes.
16,622,909
$i,083,604
Interest
Depreciation
$1,563,965
67,050
712,678
150,000
122,250
10,425,633
12,401,099
13,518,354
97,072
946,037
150,000
231,843
2,434,582
450,000
beginning of
Total surplus
$13,580,950 $10,937,620 $15,248,483 $16,319,477
A pref. dividends
431,133
862,291
5,812,990
$3.50 conv. 1st pref. divs
805,238
1,610,479
Surplus at Sept. 30-.-$12,775,712 $10,506,487
Earn, per share on com
$0.02
Nil
x
$12,775,712 $10,506,487
143,
p.
$0.03
$0.03
York
Stock
fund, debtOther deductions
on
Rail trans,
rev.
1936—Mo nth—1935
1936—8 Mos.—1935
7,530,495
393,473
132,693
1,161
7,117,410
59,538,550
134,489
145,728
1,253
2,714,624
55.603,451
1,041,566
1,073,080
1,165,157
15,520
16,457
(pay¬
rail
and
ments
to
other
carriers—ex¬
privileges)
-V. 143,p. 2693.
press
Reliable
Stores
$4,207,913
$3,741,468 $36,253,501
Corp.— -Clears
$32,265,310
Up Preferred Accruals—
Initial Common Dividend—
The directors
has authorized the listing of 95,176
preferred stock if called for redemption, whichever shall be the earlier date,
of 7 % cumulative preferred stock into 5 H % cumulative preferred stock,
at the rate of 1 1-3 shares of 5H% cumulative preferred stock for each
share of 7% cumulative preferred stock with accumulated and unpaid
dividends accrued or in arrears thereon, exclusive of dividends declared
thereon for any period between Aug. 1, 1936, and June 30, 1937, inclusive,
payable to holders of record thereof prior to the time of surrender thereof
for conversion.
The plan to exchange the 5 H% stock for the 7% stock is subject to the
approval of stockholders (meeting Nov. 13).
Consolidated Balance Sheet
June 30'36
June 30'36 Dec. 31 '35
Dec. 31 *35
2,134,943
U. S. Govt, bonds.
20,500
2,870,387
Assets—
Cust'rs
Liabilities—
$
Cash
notes
& exps. accrued.
1,563,692
Bond int. accrued.
and
rec.,
less
accts.
$
$
Accts. pay,, taxes
45,500
2,587.204
2,279,267
49,536
71,410
6,105,211
rec...
Inventories
7,843,760
972,321
167,980
1st mtge. 6% bds.
1st M. 4H% bds.
8,399,000
9,079.000
Res, for workmen's
comp.
195,223
Insurance
Metal stock
169,863
92.182
Properties, plant &
equipment (net) 16,745,670 16,930,725
Misc. prop'tles, &c
243,591
256,513
pref. stock... 10,000,000
CI Astk. (par $10) 2,500,250
10,000.000
Cash In bd. sk. fd.
Com. stk. (par $5)
2,556,465
Dr676,565
2.556,465
Dr684,150
3,118,538
3,100,334
676,565
684,150
1,660.889
927,459
122,929
taxes,
unexpired.
221,473
216,829
Unamortized bond
Goodwill
Treas. stock
1
30,922,742 28,885,854
2,500,250
against
stock In treas
Earned..,
Total
248,684
Surplus:
Capital
Applied
1,063,139
reserve
7%
y
30,922,742 28,885,854
Total
x Including
estimated Federal income tax and surtax,
y Preferred,
4,824 shares; class A, 9,000 shares; common (June 30, 1936), 20,833 shares,
stated par value.—V. 143, p. 2858.
Rochester & Lake Ontario Water Service
12 Months Ended
Sept. 30—
Operating revenues
General operation
Other
case
expense
regulatory commission
1936
$544,917
183,224
14,455
1,334
Corp.1934
1935
$508,642
$524,635
169,080
24,528
164.630
1,610
1,550
4,208
CV3.014
21,301
55,035
2,719
1,990
Cr4,092
1,710
19,465
49,241
2,535
1,303
Net earnings
Other income
$267,493
$243,319
$282,331
197
383
511
$267,690
112,125
$243,703
$282,843
120,734
1,524
29,951
General
expense
transferred
expense
to
con¬
CV3.491
_•
Provision for uncollectible accounts.
Maintenance
Revenues and income—$12,265,735 $11,140,348 $99,595,275 $90,091,941
Int. disc,
Exchange
126,902 shares of 5}4% cumulative preferred stock ($100 par) upon
official notice of issue thereof against conversion on or before June 30, 1937,
or prior to the earlier redemption date of particular shares of 7 % cumulative
struction
2858.
Railway Express Agency, Inc.—Earnings—
Operating expenses
Express taxes
$2,174,136
b After reserve for de¬
Gross corporate income
Interest on funded debt--
On 13.897,209 common shares.—V.
Period End. Aug. 31—
I
71,417
54,789
1,826,306
193,449
and
Rate
x
-
Copper & Brass Inc.—Listing—
disct. & expenses
Net income
payable
shares of 7% cumulative preferred stock ($100 par) in substitution for a
like number of shares of 7 % cumulative preferred stock previously listed;
&c.,
22,751,523
vincial taxes
Share capital ($1 par)
Total
Insurance,
develop., sell. & admin.
expenses
—
Reserve for Dominion and Pro¬
Dividend
a After
reserve for depreciation
of $192,473.
pletion of $163,660—V. 140, p. 3056.
Misc. accts.
Period End. Sept. 30—
compensation
Surplus
shares
$7,070
695
20,409
accrued
accounts
211,141
265,533
1,362,659
-
properties
on
reserves
Gross income from
Trade
$2,174,136
b Mining
bonds
bank and
Wages
Workmen's
Gold bullion & concentrates on
Discount
of
62,259
Dominion and Provincial taxes
9 Months
Accounts receivable
Net income....
9,178
55,781
41,385
Sundry administrative expenses, &c
Depreciation
Depletion
"$3,673,326
3 Months
$457,686
—
Nov. 2 declared a dividend of $3.50 per share on account
of accumulations on the 7% cumulative first preferred stock, pat $100,
Real property taxes
Excise taxes
Corporate taxes
-
855
115,714
2,231
24,163
44,446
2,626
1,402
Miscellaneous interest
Amortization of debt dis. and expense
Interest charged to construction
56
46
29,112
29,230
Cr 193
Cr633
Cr375
Prov. for retirements and replacem'ts
Prov. for Federal income tax
25,420
6,221
25,420
8,013
25,420
11,745
Prov.
for interest
on
tax of prior years
Federal income
1,363
3,082
$93,586
$62,828
on
Net income.
$93,842
Financial
143
Volume
3011
Chronicle
Comparative Balance Sheet Sept. 30
Balance Sheet Sept. 30
<& exp.
Debt disc.
In
41,257
37,609
63,845
Accts. & notes rec
Materials and sup¬
y
plies.
Def'd
revenue.
70,532
17,286
56,490
19,991
30,515
amortization
Cash
Unbilled
Purch.
1st mtge. 5% gold
Due to
of the issued
N. Y. W.
19,268
25,820
affiliated
10,347
12,828
prepaid accts
8,941
77,542
526,453
50,000
,185,500
1,185,500
592,393
650,192
538,667
Reserves.
Common stock..
Earned surplus
$5,463,413 $5,433,096
y
591,143
Total
Authorized—
Issue
Royalite Oil Co., Ltd .—Extra Dividend—
The directors have declared an extra dividend of 25 cents per
share in
regular dividend of 50 cents per share on the common
value both payable Dec. 1 to holders of record Nov. 13.
the
to
par
Similar payments were made on June 1, last and on Dec. 2, 1935.
dividend of 75 cents per share was paid on June 7,1935.—V. 142, p. 3362.
A
through
issuance of 100,000 snares of $1 cumulative
100,000 shares of $3 preference
class A stock in exchange for the present
Btock, plus
proposed in
one
preferred share is
Holders of the present common stock
share of new common stock for each
letter to shareholders.
a
would receive one share of new common for each five now held.
Before the plan is declared operative, directors will declare and pay cash
dividend of $2.50 on the present $3 preference stock.
The new class A
stock will be redeemable at $15 a share plus accrued dividends.
A special
meeting of stockholders has been called for Nov. 17 to vote on
the plan.
Accumulations on the preference stock now amount to
"This
$850,000.
possibly be paid out of earnings except over a long period
and then only with an increasing volume of business and the
growth of future earnings," Helena Rubinstein, President of the company,
says.
Pointing out that the company was organized in 1928 "when high
money rates prevailed and at a period of highly inflated values and extremely
exaggerated business activity," the plight of the company is attributed to
the general depression, resulting in a considerable loss of sales, and an
increase in taxes, both on income as well as directly upon commodities sold
by the company.
The excise taxes alone absorb 10% of sales, Mme.
Rubinstein points out.—V. 143, p. 1246.
arrearage cannot
of years,
St. Lawrence & Adirondack
£2,046,187 £2,032,630
Total
3238.
p.
The directors have declared an extra
Dividend—
dividend of 40 cents per share in
quarterly dividend of 25 cents per share on the common
stock, par $1, both payable Dec. 1 to holders of record Nov. 18.
This
compares with 15 cents per share distributed on Sept. 1 and June 1, last,
and 12H cents paid on March 2, last, and on Dec. 2, 1935, this latter being
the initial distribution on the issue.—Y. 143, p. 1416.
addition
to
a
Sharp & Dohme, I nc.—Earnings—
Expenses
$423,681
42,346
36,878
50,393
$275,842
49,189
37,956
25,649
$1,252,430
196,583
111,466
135,974
$922,762
155,653
113,831
87,674
y$294,064
$163,058
y$808,407
$565,604
Operating profit
Charges (net)
Depreciation
x Fed. inc. taxes, &c
Net profit
Earns, per share on 776,627 shs. com. stock
_
x
provision for contingencies,
y No provision was
on undistributed profits.—Y. 143, p.
1091.
Shenango Valley Water Co.—Files
by the New York Central RR. of the railroad properties and
franchises of
10.23 miles, and thence northeasterly,
to Montreal, Canada.
It has a total of 70.92 miles of railroad, of which
43.48 miles are owned, 13.32 miles are operated under lease, and 14.12
miles are operated under a trackage agreement.
Connections are made
with the Central's line and the Rutland RR. at Malone, N. Y., and with
the Canadian Pacific and Canadian National Railways in Canada.
The Central owns the entire capital stock of the St. Lawrence, consisting
of 16,150 shares (par $100), and has operated its railroad properties since
Jan. 1, 1916, under the terms of a lease which
expires by limitation on
Jan. 1, 1937.
The proposal contemplates continued operation by the
Central pursuant to tne provisions of a new lease which is for a period of
99 years.
Under the terms of the proposed lease, the St. Lawrence demises
to the Central all its railroad properties, powers, privileges, and franchises,
including the rights of the lessor under certain leasehold and trackage
agreements.
In consideration thereof, the lessee agrees to pay an annual
with SEC—
The company has filed a registration statement with the Securities and
Exchange Commission seeking to issue $1,500,000 4% first mortgage
bonds, series B, dde 1961.
H. M. Payson & Co. of Portland, Me., and
\V. C. Langley & Co., New York, will be the principal underwriters. A
portion of the proceeds from the sale of the bonds will be applied to the
redemption of $1,296,000 of 5% first mortgage bonds, series A.
Offering price will be filed by amendment.—V. 143, p. 602.
Sierra RR.—Seeks to
Buy Properties in Receivership—
Commission,
Sierra Ry.,
The company in an application to the Interstate Commerce
is asking authority to purchase and operate properties of the
now
in
receivership.
.
_
incorp. July 10, 1935, as a preliminary step
reorganization of Sierra Railway by the protective com¬
mittee for the first and second mortgage bondholders.
If the applicant is the successful bidder at the foreclosure sale, it would
issue:
$708,000 5% non-cumulative first mortgage income bonds to be
apportioned to depositors of Sierra Railway 6% first mortgage bonds;
6,740 shares 4% non-cumulative preferred stock ($100 par), for depositors of
5% second mortgage Sierra Railway bonds, and 11,680 shares common
stock ($50 par), to be distributed proportionately to dpeositors of the first
The railroad company was
the ultimate
in
^
bonds.—V. 139, p. 3817.
mortgage
Subs.)—Earnings—
Skelly Oil Co. (&
Period Ended Sent.
Grols.
30.1936—
_
_._
I_
_
_
ordinary
Costs, expense &
__T_
—9 Mos.— —12 Mos.—
$9,568,701 $26,265,584 $33,549,079
—3 Mos.—
$2,969,551
272,798
$8,408,486 $10,688,300
734,957
1,233,052
19,143,443 $11,921,352
260.241
341,583
361,710
517,977
4,650,764
6,120,694
361,100
380,eOO
$3,242,349
92,587
118,623
Total income
Non-operating charges
Interest on funded debt
Depreciation, depletion, &c
1,662,646
—
60,900
Federal income tax
____________
New York-Canadian boundary line,
rental
equal to the interest, amounting to $64,000 annually, payable on
outstanding bonds of the lessor, and an amount equal to the charges made
by the lessor for depreciation of the demised properties.—V. 135, p. 2171.
St. Louis San Francisco & Texas Ry.-
Net
12.955
def.32.075
12,091
def26,029
def60,089
def20,926
996,095
def8,765
357,207
801.793
def97,860
733,893
Net after rents
$4,563,235
$3.19
shares
jVofe—No allowance made for surtax on undistributed profits, but the
management believes that the provision for Federal income taxes in respect
to 1936 income, as shown above, is adequate to cover its normal income tax
and surtax on undistributed profits for the year to date.—V. 143, p. 1573.
South Bay
Consolidated Water Co., Inc.—Earnings—
12 Months Ended Sept.
1934
1935
1936
30—
$463,862
Operating revenues
General operation
$469,896
$475,037
163.524
28,479
5,653
Cr7,777
$196,165
42.010
Real property taxes
Excise taxes...
51,499
2,303
1,648
154,372
15,461
5,757
CV6.677
7,920
22,999
46,853
2,310
1,653
$205,834
$219,244
399
485
260
$206,233
158,105
37,144
$219,729
158,105
$196,425
Rate
149,462
4,113
1,934
03,492
8,550
expense
case
commission expensetransferred to construction
Other regulatory
783,889
def98,440
def3.583
def354,447
def365,063
def283,098
$106,636
1—
Gross from railway
Net from railway
3,037
$3,511,431
Maintenance
def31,414
after rents
From Jan.
$72,168
1,803
Provision for uncollectible accounts.-
1933
1935
$113,207
5.162
1936
$127,777
September—
Gross from railway
Net from railway
2
$1.20
-
Earns, per share on 1,008,549
common stock (par $15)
Gen. exps.
-Earnings—
1934
$3,509,628
applicable to minority interest._
Net income-
$4,560,198
$1,307,593
$1,307,595
Profit before minority interest
Loss
22,860,779
17,857,098
6,599,150
tax
Operating income
20 authorized the lease
the St. Lawrence & Adirondack Ry.
The St. Lawrence has been operated for many years as an integral part
of the Central's system, and extends northerly from Malone, N. Y., to the
Nil
made for
.$0.26
Nil
$0.12
Includes
Federal surtax
Other income
Ry.—Lease—
The Interstate Commerce Commission on Oct.
1936—9 Mos.—1935
$4,109,279
$3,746,372
2,856,849
2,823,610
1936—3 Mos.—1935
$1,354,039
$1,218,159
930,358
942,307
Gross profit
(Helena) Rubinstein, Inc.—To Recapitalize—
Recapitalization
141,
account-
Revenue
£2,046,187 £2,032,630
(no par)
prior to 1946, at 104 before
103 before 1952, at 102 previous to 1955, at 101 prior to 1958
and at par from 1958 to maturity, 1961.—V
143, p. 2858.
at
no
3,255
Unclaimed divs
1,547
Servel, Inc.—Extra Dividend—Larger Regular
this refunding.
The new bonds, would be redeemable at 105
addition
19,375
449
16,674
pref.
shares
616
Period End. Sept. 30—
by the New York P. S. Commission
first mortgage bonds, to be sold to
two life insurance companies at not less than par.
Proceeds from the sale
would be used to retire a like amount of 4H % refunding mortgage bonds,
series C, due 1953.
The entire issue will be sold to Metropolitan Life Insurance Co. and the
Mutual Life Insurance Co. of New York, each taking $2,500,000.
It is
calculated that annual interest savings of $50,000 will be effected through
stock,
10,000
19,062
Acer. div. on
£2,000,000 £2,000,000
31,083
31,083
90,593
The corporation bas been authorized
to issue $5,000,000 of 1st & ref. 3H%
1949,
1,000,000
10,000
Reserve fund
&
14,487
—V.
1,000,000
shares
cap.
Debtors
After reserve of $4,894 in
Co.—Bond
Telephone
Placed Privately—
or¬
£1,000,000
$5,463,413 $5,433,096
Total
Represented by 2,000 shares (no par),
1936 and $5,072 in 1935.—V. 143, p. 935.
sh.
Selfridge
Co., Ltd
50,950
50,000
Accounts payable.
Surp. arising from
appraisal, &c_._
Rochester
10,000
6,995
Corp
x
1,000,000 6% cum.
pref. shares
£1,000,000
1,000,000 ordinary
Cash
Paid-in surplus
Total..
3,288
3,768
cos
Note to pay N. Y.
Water Servlco
x
dinary
of
Investment
Due to parent and
Accrued liabilities.
charges and
123,500
1,520
26,941
139,500
1,541
27,582
S. Corp
Consumers deposits
1935
1936
Liabilities—
1935
1936
considera¬
tion of the whole
$2 ,200,000 $2,303,000
bonds
Extension deposits
of
process
Assets—
1935
1936
Liabilities—
1935
1936
Assets—
Plant, property,
equipment, &o..S5,257,367 $5,230,351
Cash held by trust,
for retire, of bds.
3,000
Corporate taxes
Net earns,
6,394
35,435
42,728
2,754
1,679
before prov. for retire-
Other income.
—V. 143, p. 2225.
Seaboard Surety
Gross corporate
Co.—Dividend Doubled—
have declared a dividend of 50 cents per share on the
stock, par $10, payable Nov. 16 to holders of record Oct. 30.
This
compares with 25 cents paid on May 15, last and on Dec. 30, 1935 and 12
cents per share distributed on Feb. 15, 1932 and on Nov. 16, 1931.—V. 141.
The directors
common
p.
3874.
income
Interest on funded debt
Interest
Stockholders will hold on Nov. 30 a special meeting to consider a proposed
Net loss.
shares
of
Selfridge
1936
1935
1934
1933
£75,000
Co., Ltd
£37,500
£22,500
£30,000
not
for
income
2,113
3,154
4,294
tax
4,950
7,314
6,114
£7?,152
£44,564
£32,969
£40,409
892
843
850
27,194
28,051
unadj.
Debt
discount
9,124
57,233
7,830
54,155
debits..
Unbilled revenue-
_
In process of
177,563
165,388
£32,119
7,415
£39.603
£48,255
£39,534
£67.416
Crl5,000
Cr25,000
60,000
60,000
60,000
60,000
on
£16,674
£3,255
£4,534
£7,416
A dividend of 25 cents was
27,813
Transferred from reserve
fund
paid and accrued
Sept. 30 on pref. shs_
105,868
Total
$6,960,884
$6,947,2271
103,38!
i
3,50(
Unearned
5,494
103,333
revenue.
65.033
Total
402,75c
1,044,40(
750,00(
516,26f
1,044,400
750,000
Common stock._
x Represented
by 7,500 shares, $100 par value,
$9,414 in 1936 and $8,200 in 1935.—V. 143, p. 936.
65.19C
412,108
Deferred liablls
x
8,22(
4,10*
106,625
4,785
516,265
168,514
192.24f
$6,960,884 $6,947,227
y
After reserve of
Socony-Vacuum Oil Co., Inc.—Special Dividend—
Divs.
_
f
Int., taxes,
dividends, &c__
Earned surplus
£43,721
4,534
i
1935
Notes payable
Capital surplus
£76,674
Total
Current
Preferred stock
£73,418
3,255
Previous surplus
"
$3,157,500 $3,157,501
587,68:
621,609
5,351
5,972
Reserves
&
amortization
r ' 1936
Due to aff 11. cos
Accounts payableConsumer's dep'ts
2,840
Net income
Credit of rev. account
&
'*
Funded debt
68,743
Prepaid accts., def.
exp.
Total
Secretarial expenses, &c.
Income tax
to
55,174
806
required
$18,978
Accrd.
Notes & accounts
chgs.,
2,152
transfer fee
Reserve
y
Liabilities—
1935
1936
Assets—
Plant,
property,
equipment, &c_-$6 ,638,895 86,599,417
7,095
12,246
Cash
receivable
Add amt. rec. for int. &
$1,597
*
Mat'ls & supplies-
&
7,500
135
641
12,175
Balance Sheet Sept. 30
Jan.
(Gordon) Selfridge Trust, Ltd., London—Report-
19,500
Federal income
prior years
to
Years End. Sept. 30—
Divs.; rec.
on
ordinary
Cr 120
$21,990
replacements
for interest on
tax for
reduction in the authorized preferred stock from $500,000 to $400,000, and
change the dividend rate on the preferred stock from 6% to 5% beginning
1, 1936, also to change preferred stock provisions with respect to
dividend payment dates and to change the dates on which preferred stock
may be redeemed.—V. 143, p. 2694.
Cr 163
20,000
& exp_
charged to construction
Amortization of debt discount
Prov. for retire. &
Seagrave Corp.—To Reduce Preferred Stock—
Cr 124
760
Miscellaneous interest
Prov.
158,105
37,102
12,175
affiliated cos—
25,406
6,168
12,175
163
Interest—parent and
Nov. 5 declared a special dividend of 25 cents per. share
stock, par $15, payable Dec. 15 to holders of record Nov. 18.
paid on Sept. 15, last; 20 cents was paid on
The directors on
the capital
3012
March
March
share
Financial
16, last, and 15 cents per share was distributed on Sept. 16 and
15, 1935.
During 1934 four quarterly dividends of 15 cents per
distributed.
were
With respect to the current dividend action,
the company, made the following statement:
John A. Brown, President of
"This special dividend declaration is made in order to reduce the
com¬
pany's liability for the new Federal tax on undistributed earnings.
Because
expenditures and debt payments, the
the business the cash represented by
this special dividend.
In any event, they would not ordinarily declare any
dividend at this time with respect to the earnings for the present calendar
year, as such earnings cannot be known with sufficient exactness in the
of the company's needs for capital
directors would prefer to retain in
usual
course
of business
for
time
after
to act at
Southern United Gas
unusual time and with limited knowledge of what may be the
total earnings for the period, in order to give sufficient time for the
required
intervals between declaration and stock record dates, and for preparing
an
Telephone Co.—Earnings—
Southwestern Associated
_
_
..
1936—9 Mos.—1935
1936—Month—1935
$78,740
$71,714
Period End. Sept. 30—
Uncollectible oper. rev_.
100
100
900
Operating expenses--—
Operating taxes—
72,647
5,489
45,413
4,288
460,472
45,586
$624,255
1,400
406,818
38,874
$504
$21,913
$197,450
$177,163
Operating
revenues
Net
operating income
143, p. 2068.
"The dividend declared today should be considered in the light of the
circumstances.
It does not establish any precedent with respect to what
might be called regular dividends, either as to total amount for the year,
or as to future
payments to be expected at the usual dates for dividend
—V.
action."
Total
Subsidiary—
Co., Chicago—Seeks Exemption—
Opportunity for hearing in this matter will be given Nov. 23.—V. 143,.
and mailing checks to reach stockholders before the end of the
year.
Sells
7, 1936
The company has filed an application (30-42) with the Securities and
Exchange Commission for exemption from the provisions of the Public
Utility Holding Company Act of 1935. The company filed a notification of
registration (30-42) Nov. 30, 1935.
The application states that since such
filing it has divested itself of subsidiaries and all other assets under a plan of
reorganization, and thus has ceased to be a holding company as defined by
the
year's end.
"Dividends must be actually paid out, however, before the end of the
year in order to be considered under the new tax law as a distribution
with respect to the current year's earnings.
This required the directors
some
Nov.
Chronicle
$704,408
Telephone Co.—Earnings—
Southwestern Bell
9 Months Ended Sept. 30—
revenues
$59,702,296 $55,421,007
-
'
The company has sold to a group of New York business men all its interest
in Equatorial Oil Co., a Delaware corporation, consisting of 898,008 shares
of its capital stock, constituting 59% of the stock
outstanding, together
with its claim of approximately $203,569.50 against Equatorial.
The only asset of Equatorial Oil Co. appearing on its balance sheet
consists of some 29,000 acres of land in the Magdalena River Basin in Colom¬
bia, originally acquired by Equatorial as oil land, but never developed.
—V. 143, p. 1091.
Net income
$13,580,036 $10,827,318
11,523,739
11,523,739
-
Di^dendsv:!::--:
Surplus.-:
$2,056,297 def$696.421
-
-
is included in respect of the undistributed profits
imposed by the Revenue Act of 1936 since the amount of such tax, if
any, cannot be determined until the end of the year.—V. 143, p. 2537.
N0ie—no provision
tax
Spicer Mfg. Co. (& Subs.)—Earnings—
South Carolina Power
Expenses
Operating
Prov. for retirem't res__
Int. & other fixed chgs._
Divs.
on
pref. stock
1934
$1,240,599
499,049
1933
$753,713
430,761
Other income (net).
$1,388,786
105,165
$571,912
52,536
$741,550
52,328
$322,952
21,185
$1,493,951
$624,448
267,901
26,284
$793,878
230,054
$344,137
458,929
1936—12 Mos —1935
1936—Month—1935
$240,816
$223,960
148,347
127,265
18,000
20,000
54,274
53,998
14,286
14,286
& taxes.
exp.
1935
$1,053,162
481,250
30—
Profit from operations._
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Sept. 36—
Gross revenue
1936
$2,012,900
624,114
9 Mos. End. Sept.
Co.—Earnings—
$2,789,899
1,650,148
222,000
647,119
171,538
$2,659,474
1,482,614
>,192
$195,434
163,000
646,986
171,438
414,065
28,043
140,000
Depreciation
Idle plant expense
Federal taxes
Balance
$5,908
$8,409
-V. 143, p. 2226.
Net profit
x Profit
before
profits.—V.
Southern California Edison
Co., Ltd.—Earnings—
Earnings for 12 Months Ended Sept. 30, 1936
Consolidated
Corporate
$41,124,243 $41,393,891
730,652
741,950
5,453,007
5,469,381
4,761,602
4,798,294
782,499
797,036
6,012,398
6,012,398
2,935,864
3,012,052
177,791
192,791
Total gross earnings
Maintenance & repairs
Depreciation
State & local taxes, &c
Provisions for Federal income taxes
Other operating expenses
x
>
General & administrative expense
Provision for doubtful accounts
_-.__$20,270,426
256,559
$20,369,986
172,438
y$911,843
x$330,263
$493,824 loss$l 14,792
y Before Federal surtax on undistributed
Federal tax.
2068.
143, p.
Spiegel, May, Stern & Co., Inc.—Sales—
Month of—
January...
February...
1934
$927,917
1,421.846
1933
$320,710
663.633
2,732,512
948,452
1936
$1,457,489
1,945,122
1935
$1,260,469
1,617,261
March..
4,044,554
3,108.329
April
May
3,795,637
3.299,647
2,322.133
861,980
3.729,605
3,350,817
2,193,078
2,791.924
2,470.169
3,169,969
4.584.H79
6,146,747
2,356,850
1,714,051
2,124,644
3,318,165
4,418,880
1,437,008
1,111,870
1,577,692
2,339,911
3,572,421
901.041
782.803
June
July
August
September
....
October.
—V.
Net earnings from operations
Other income
70"666
143,
p.
540.145
667,599
1,374.288
'2,305,958
2862.
Spokane International Ry.—Hearing Dec. 15—
The Interstate Commerce Commission has assigned a hearing
the management plan for reorganizing the road.
for Dec; 15
on
Net earnings
Interest on funded debt
.$20,526,986 $20,542,424
6,736,233
6,733,541
1,123,256
1,123,256
19,485
19,673
045,993
045,993
Amortization of debt discount & expense
Other interest
Interest charged to construction
Earnings for September and
x
The
From Jan.
1
...$12,694,003
$12,711,945
above
figures for twelve months ending Sept. 30, 1936 reflect
year-end adjustments made in 1935 affecting the calendar year 1935,
including adjustment of provision for Federal income tax.
On account
of using as a deduction from taxable income for Federal tax
purposes
unamortized
discount
and
premiums applicable to bonds retired during
the year, no provisions for Federal income tax was set
up on the books of
the
parent
company
for the calendar
1935.
year
In the current
year's
figures, no deduction is made for surtax on undistributed profits imposed
by the Revenue Act of 1936.—V. 143, p. 1091.
1933
1936
$71,572
16,837
7,017
1935
$57,986
11,551
2,159
1934
$46,502
1,860
def2,261
$38,559
3,553
def 1,654
578,707
143,216
65,638
431,816
43,715
def8,857
383,472
9,970
def42,989
332,641
def35,246
def95,880
September—
Gross from railway
Net from railway
Net after rents
Net income..
Year to Date
1—
Gross from railway
Net from railway
Net after rents
—V. 143, p. 2226.
Spokane Portland & Seattle Ry.—Earnings1933
1936
$846,483
273,516
124,017
Net after rents
1935
$742,573
309,163
190,008
1934
$597,219
286,843
914,755
$456,589
225,291
5,971,041
1,954,584
822,251
September—
Gross from railway
Net from railway
5,525,632
1,984,820
1,058,275
4,442,722
1,951,849
1,185,657
3,412,118
1,361,007
590,546
147,652
From Jan. 1—
Southern Indiana Gas & Electric
Co.—Earnings—
Net after rents
[A Subsidiary of Commonwealth & Southern Corp.]
Period End
Gross
Sept. 30—
revenue
Oper. exp. and taxes
Pro v. for retirement res.
Int. & other fixed chgs..
Dividends on pref. stock
1936—Month—1935
$269,324
$245,135
133,825
142,221
30,000
23,141
31,999
26,797
41,824
45,206
Gross from railway
Net from railway
—V.
143,
p.
2226.
1936— 2 Mos.—1935
$3,524,531
1,994,737
291,416
314,240
535,712
$3,035,310
1,708,684
277,700
320,576
542,469
$388,423
(A* E.) Staley Mfg. Co. (& Subs.)—Earnings—
$185,878
Earnings for 12 Months Ended Sept. 30, 1936
Gross earnings
$4,985,826
2,415,907
768,032
263,923
•
Expenses
Depreciation
Federal income taxes—estimated
Balance
$31,674
$7,769
-V. 143, p. 2861.
Net profit
$1,537,962
-
Note—No provision made for excess profits taxes, or for surtax on un¬
distributed net income.
For 12 months ended June
Southern Natural Gas Co.-—Files with SEC—
The company on
Oct. 28 filed with the Securities and Exchange Com¬
registration statement (No. 2-2585, Form A-l) under the Se¬
curities Act of 1933 covering $15,000,000 of first
mortgage
% pipe line
mission,
a
sinking fund bonds, series due 1951.
According to the registration statement, part of the net proceeds from
the sale of the bonds will be deposited with the Central Hanover Bank &
Trust Co., and will be applied to the redemption of
$14,466,000 of the
company's outstanding first mortgage 6% gold bonds to be redeemed at
103% and accrued interest, and $534,000, will be deposited against the
issue of an equal principal amount of the bonds of the series due 1951, which
$534,000 the company intends to withdraw from time to time upon cer¬
tification of permanent improvements constructed since Jan.
1, 1936.
The bonds are redeemable at the option of the
company at any time in
whole or in part after 30 days' notice at the
following prices plus accrued
interest: to and including Oct. 1, 1941, 105%, and thereafter and including
Oct. 1, 1950, at
of 1% less for each full year from Oct. 1, 1940, to the
date of redemption, and thereafter at
100%.
The price to the public, the names of the
underwriters, and the under¬
writing discounts and commissions are to be supplied by amendment to
the registration statement.—V. 143, p. 2861.
Southern Pacific
Co.—Proposes to Transfer Stocks—
The company has applied to the Interstate Commerce Commission for
authority to transfer to El Paso & Southwestern RR. the entire issue and
outstanding capital stock of Alamogordo & Sacramento Mountain Ry.,
El Paso & Northeastern Ry. and El Paso & Rock Island Ry. It is proposed
to dissolve the three last mentioned companies and
transfer the ownership
of their properties to the El Paso & Southwestern, wholly owned by Southern
Pacific.
The transaction, the
application stated,
was
authorized by
the Com¬
mission several years ago in approving unification of a number of Southern
Pacific affiliates, but had not been consummated because it was prohibited
a Texas statute as stocks of certain of the companies in the
unifi¬
under
provision for excess
—V. 143, p. 1092.
profits
con,
1936 net profit
was
and
undistributed
taxes
Standard Gas & Electric
surtax
on
$1,057,863 before
profits.
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Oct. 31,
1936, totaled 107,950,121 kilowatt-hours, an increase of 16.9% compared with the corres¬
ponding week last year.—V. 143, p. 2862.
Standard Oil Co. of Calif.
(Del.)—Extra Dividend—
The directors on Nov. 4 declared an extra dividend of 5 cents per share
in addition to the regular quarterly dividend of 25 cents
per share on the
common
Nov. 16.
stock,
no
par
value, both payable Dec.
Similar payments were made on
last.—V. Y.
15 to holders of record
Sept. 15, June 15 and March 16,
143, p. 1092.
(A.) Stein & Co.—25-Cent Dividend—
The directors have declared
par common
a dividend of 25 cents per share on the no
stock, payable Nov. 13 to holders of record Nov. 2.
Similar
payments were made in each of the six preceding quarters; on Dec.
Feb. 19, 1934, and on Feb. 15, 1932.—V. 142, p. 3871.
17, 1934,
Sterling Products, Inc. (& Subs.)—Earnings—
Per. End. Sept. SO—
Net profit after all
Shs. cap. stock
Earnings
y
1936—3 Mos.—1935'
chgs_y$l ,927,894
outstdg-
1,715,656
$1.13
per share
Before provision for surtax
on
1936—9 Mos.—1935
$1,901,387 y$6,952,803
1,730,598
1,715,656
s
$1.08
$6,628,301
1,730,598
$3.78
$4.05
undistributed profits.
Extra Dividend—
The directors have declared an extra dividend of 30 cents per share in
addition to the regular quarterly dividend of 95 cents per share on the
common
stock,
par
$10, both payable Dec. 1 to holders
or
record Nov. 16.
Y. 143, p. 936.
cation scheme were pledged under mortgage.
The mortgage now has been
satisfied, however, and it is possible to complete the plan.
Formal application for acquisition of the properties, upon dissolution of
the three companies mentioned, will be filed shortly, it was stated.—
V. 143, p. 2861.
(Hugo)
The
capital
Stinnes Corp.—Reinstated to
stock
was
reinstated
to
dealings
on
Dealings—
the
New
Exchange Oct. 27 the transfer books having been reopened.
suspended Aug. 10 last.—V. 143, p. 126.
York Curb
Trading was
Sun Oil
3013
Financial Chronicle
143
Volume
As
result of this change, the company will have only two classes of
outstanding, 30,000 shares of 5yi% participating preference stock
a
Co.—6% Stock Dividend—-
stock
the common
value, payable Dec. 15 to holders of record Nov. 25.
Six
$50 par and, upon completion of the proposed new
shares of common stock.
The directors on Oct. 21 declared a stock dividend of 6% on
stock no par
new shares will be issued for each 100 shares held.
•
'
The directors on Oct. 30 declared the regular quarterly dividend of 25
cents per share on the common stock, payable Dec. 15 to holders of record
Nov. 25.
financing, 359,390
.
The
company has paid on the no par common stock quarterly cash
dividends of 25 cents per share since Sept. 15, 1925.
In addition, the
following stock distributions were made in December of the respective
1935, 7%; 1934, 9%: 1933, 9%; 1932, 3%; 1931, none; 1930,
1929, 9%; 1928, 6%; 1927, 3&? 1926, 6%, 1925,3%.^-V. 143, p. 1093.
years:
9%;
Sun Ray Drug Co.—-Sales—
Period End.
Oct. 31—
$484'638
$390'886
2 that it bad filed with the Securities
Exchange Commission in Washington a registration statement covering
100,000 shares of new common stock to be underwritten by F. Eberstadt
& Co., Inc. of New York.
•
Net proceeds of a public offering of the stock, expected to be made
following the effective date of the registration statement, will be used to
supplement the company's working capital and to provide for an increased
volume of its business.—V. 143, p. 2863.
Sunray Oil Corp.—Five Cent Dividend—
1
The directors have declared
a dividend of five cents per share on the
stock, par $1, payable Dec. 21 to h61ders of record Nov. 16.
An initial dividend of like amount was paid on Sept. 1, last.—-V. 143, p.
,
,
(G.) Tamblyn, LtdNew Stock Listed—
New
on
common
Registration for 100,000 Shares of New Common Stock—
The company announced Nov.
and
1936—10 Mos.
1935
$4,314,739
$3,125,484
1936—Month—1935
ne8i43;-p.-2385:
Files
common and preferred shares of the company were
the Toronto Stock Exchange Oct. 27, 1936.
called for trading
The listing comprises 6,000 5% cumulative redeemable preference shares
with par value of $50 and 112,000 common shares without nominal or par
value all of which are outstanding.
The new shares were Issued in connec¬
tion with recent refinancing whereby the old 7% preference shares were
called for redemption and the common stock split 4 for one.—V. 143, p. 2385.
1894.
Telautograph Corp.—Earnings-
Superheater Co.—Special Dividend—
The directors have declared a special dividend of 25 cents per share on
the common stock, payable Dec. 10 to holders of record Dec. 1. A dividend
of 20 cents per share was paid on Oct. 1,5, last, and prior thereto regular
quarterly dividends of 12 yi
cents per share were
distributed.
Period End. Sept. 30—
Net profit after deprec.
and taxes..
1936—3 Mos.—1935
shs. com. stk.
(par $5)
1935
1936
—
$637,330
511,092
$1,148,422
81,167
202,812
$658,450
69,206
108,767
$480,477
40,228
x$792,046
882,805
...
$300,489
357,961
$864,443
72,397
...
$440,248
876,629
a
Assets—
1936
Plant accounts..$2,374,592
Cash
———
—
Consolidated earnings
Earnings applicable to minority-interests
Net earnings
S bares common stock outstanding
————■,
Earnings
...
Accts. receivable..
143,
profits.—V.
Other Investments
Deferred charges.
Total
p.
share.
2538.
Symington Co.—Modified Plan Consummated—
See Gould Coupler Co., also Symington-Gould Corp.—V. 143, p.
2863.
Symington-Gould Corp ^Successor in Reorganization—
This corporation, a reorganization of Gould Coupler Co.,
and Symington
Co. offlciaUv came into existence Oct. 29.
There will be originally 580,605 new common shares of Symington-Gould
Corp. outstanding with a total of 1,082,407 shares to be bustanding if all
conversion privileges and warrants are exercised.
There will be $1,623,900
first mortgage convertible income bonds outstanding.
Income account of Symington Co. (old company) for eight months ended
Aug. 31,1936, follows: Net snipments $847,549; costs and expenses $761,171;
from operations $86,378; other income $116,781; total income
$203,159; other charges $6,482; depreciation and other reserves $96,398;
profit before Federal income taxes $100,279.
Income account of Gould Coupler
Co.j (old company) for eight months
ended Aug. 31, 1936, follows: Net
shipments $1,993,506; costs and expenses
$1,607,539; income from operations $385,967; other income $94,494; total
income $480,461; other charges $686; depreciation and other reserves
$181,365; profit before Federal income taxes $298,410.
The income account of Gould Coupler Co. does not include
any accrual
of interest on outstanding bonds of that company amounting to $145,576,
nor does it include $8,869 interest income due from Depew Securities Co.,
Inc., a wholly-owned subsidiary, and is exclusive of any provision for further
compensation to the receivers, trustees or the trustee for the bonds or their
counsel.
Pro Forma Consolidated Balance Sheet Aug. 31,
1936
(New company after giving effect as at that date to the provisions of the
modified plan of reorganization adopted Sept. 30, 1935, and to other
adjustments.)
Claim for refund of Fed. inc.
taxes....
Invs. in & adv. to subs
*
Patents
Com. stock (par $1)
$580,606
13,532
1,623,900
Accounts payable
310,813
Accrued royalties, Ac., exps..
49,948
Reserve for reorg. expenses...
150,000
inc. bonds
Miscellaneous
reserves..
Deferred liabilities
...
Capital surplus
Total
..$4,739,443
Total
37,891
82,497
16,000
1,874,256
$4,739,443
—
admitted to the New York Stock Exchange list on Nov. 2,
1936: Symington-Gould Corp., common stock, $1 par, with common stock
purchase warrants attached.
At the same time the old Symington Co.
common stock, no par and class A
stock, no par, were suspended from
dealings
The City Bank Farmers Trust Co. has been appointed registrar for the
common stock.
The Chase National
Bank, New York, has been appointed transfer agent
for
the stock.
The Exchange also admitted to the list on Nov. 2, 1936:
—
..$2,564,075 $2,568,531
in 1935.
Total..
Tennessee Electric Power Co.—Issue
Commission
Approved—
approved the application of the
has
for authority to issue $4,728,500 first and refunding mortgage
gold bonds, due June 1, 1956.
Proceeds will be used by the company to
reimburse the treasury for $3,000,000 spent but unfunded for betterments
and improvements to plant facilities and for $1,728,500 which was used to
retire outstanding bonds.
The Commonwealth & Southern .Corp., the parent company, proposes
to buy the bonds and in turn will /hold the bonds until the market price
improves at which time it will offer the bondspublicly.
The parent company will reimburse the Tennessee Electric Power Co.
all interest up to the time of the sale of the bonds and will stand any loss
which may be caused should it not be able to dispose of the bonds at a
The company now has outstanding $15,530,500 of bonds of the
as the ones to be issued.—Y. 143, p. 2863.
profit.
series
same
Tide Water Associated Oil Co. (&
9 Mos. End. Sept. 30—
a
1935
1936
Subs.)—Earnings—
1933
1934
Total volume of busi¬
ness
Total
to
$89,923,481 $78,016,707 $72,422,228 $60,986,747
dohe...
expense
incident
70,352,542
operation
61,045,280
46,281,358
56,149,463
Operating income. ...$19,570,939 $16,971,427 $16,272,765 $14,705,388
Other income.
822,522
907,698
914,901
356,026
Total
income..—...$20,393,461 $17,879,125 $17,187,665 $15,061,415
Interest, disc. &
prem.
■
funded debt.
622,109
389,840
veloped leases..
Deprec. A depletion..—
625,675
9,141,163
Estimated Federal tax—
d772,275
512,298
9,712,034
345,000
376,009
920,089
9,907,308
307,702
447,245
288,464
572,642
9,526,923
664,651
on
c621,463
c285,319
Otherint. discounts, Ac.
Property retirements...
Amortiz. of inv. A unde-
bonds, due Feb. 1, 1956, with common stock purchase warrants attached.
The Gould Coupler Co. first lien 6% 15-year sinking fund gold bonds, due
Feb. 1, 1940, were stricken from the list at the same time.
The Marine Midland Trust Co. of New York has been appointed as
trustee under the Symington-Gould
Corp. and Gould Coupler Corp. first
mortgage and deed of trust dated as of Feb. 1, 1936 to secure $1,623,900
first mortgage convertible income bonds due Feb. 1,1956.—V. 143, p. 2069.
Syracuse Lighting Co., Inc.—Tenders—
The Chase National Bank of the City of New York is inviting tenders
for the sale to the sinking fund, at prices not exceeding 105% of their prin¬
cipal amount and accrued interest, of 1st A refunding mtge. gold bonds,
5H% series due 1954, in an amount sufficient to exhaust the sum of $31.143.70 now held in the sinking fund. Tenders will be received by the bank
12 o'clock noon, Nov. 13, 1936.
up to
Period Ended Sept. 30 1936—3 Mos.—1935
Operating revenues..— $2,589,871
Oper. rev. deductions... x2,182,411
Operating income
Non- oper. inc., net
Gross income—
Deductions from gross inc
Net income
1936—12 Mos.—1935
$2,383,412 $10,757,078 $10,140,565
yl,932,937
8,607,052
y8,012,668
$407,460
Dr445
$450,474
$2,150,026
440
174
1,215
$407,014
269,800
$450,914
288,170
$2,150,200
1,093,696
$2,129,111
1,157,340
x$137,214
y$162,744
$1,056,504
y$971,771
$2,127,896
appropriations made to retirement reserve during the quarter
include $47,034, representing an additional amount applicable to the
first six months of the year,
y Changed to give effect to major adjustments
made later in the year 1935.
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—Y. 143, p. 936.
The
(James) Talcott, Inc.—To Reclassify Stock—
Stockholders at a special meeting held Oct. 29, approved a plan providing
for reclassification of the outstanding class A and B shares into 259.390
shares of $9 par value common stock.
Simplification of the company's
capital structure is preliminary to a contemplated public offering of 100,000
stock.
shares of new common
Net
profits
for
121,990
•
the
297,305
'
$6,634,631
$5,380,039
$3,438,714
105,843
805,395
797,370
799,474
$5,829,237
$4,582,669
$2,639,240
20,620,669
20,967,674
13,694,604
of
_
earnings_
current
^
$8,610,776
nine months
Min. interests prop,
T/W.A, Oil Co. stock¬
holders' proportion
of net profit
—$8,504,934
Earned surp. at beginningofyear
*
21,336,760
Miscellaneous credits
©3,046,942
«—.—
249,238
$16,333,844
15,730
Total surplus
——$32,888,637 $26,449,906 $25,799,580
Miscellaneous charges..
£297,120
871,636
30,140
Preferred dividends
2,817,995
4,090,437 b4,135,437
Common dividends
Balance..
Earnings
a
per com.
1,705,068
,
—$28,068,455 $21,487,834 $21,634,004 $16,318,114
share
$0.99
$0.53
$0.31
Nil
Exclusive of inter-company
sales and transactions,
b $6.50 per share
faid or declaredper share on dividend of $1.50 due to and including April 1,
934 and $0.50 representing all dividends due up July 1,1934.
c Interest
paid only,
The Symington-
Gould Corp. and Gould Coupler Corp., first mortgage convertible income
x
.....$2,564,075 $2,568,531
The Federal Power
....
Special stock (par 10 cents)
Funded debt
Accrued int. on 1st mtge. conv.
13,536
440,225
2
were
—
Liabilities—
Land, bldgs. A equip, (net)...$2,220,275
Cash
474,474
Accts. rec. after reserve...... 1,036,804
Inventories........
489,516
Prepaid exps. A def. charges._
57,046
Certificate of indebtedness
7,565
There
.
1936
Liabilities—
1935
b Common stock..$1,143,800 $1,143,800
8,629
9,177
116,443 Accounts payable.
8,516
8,887
55,153 Accrued accounts.
7,158
Federal tax.
5,807
3,564
34,998
441 Rentals reo In adv
34,483
941,792
941,792
18,120 Capital surplus...
423,640
Earned surplus—
420,130
company
income
Assets—
$0.49
1935
a After
depreciation of $1,571,584 in 1936 and $1,148,545
b Represented by 228,760 shares, $5 par.—V. 143, p. 1094.
$0.50
No provision made for Federal surtax on undistributed
x
$0.90
per
$0.44
$2,374,810
113,423
45,749
3,675.
1,573
25,063
Inventories
Depreciation
Federal, Dominion and foreign income taxesi
$111,056
$100,549
$0.16
Balance Sheet Sept . 30
(Including its Canadian Affiliate)
Total income
$35,353
$0.15
Earns. per sh. on 228,760
Earnings for 9 Months ElW&ikSept. 30
Profits from operations
Other income
1936—9 Mos.- -1935
$33,790
,
In
the
d No provision for surtax
above accounts,
e
on
undistributed profits is included
Consists of profit on sale of marketable and
longer required of
$181,638, net surplus arising from sale of 176,471 shares of common treas¬
of $1,255,304 and surplus arising from acquisition of the total
outstanding capital stock of Terrabella Investment Co. through issuance of
230,000 shares of no par common stock which are included in the capita)
stock account at a stated value of $10 per share of $1,610,000.
f Consists
of adjustments of prior years' Federal and State tax liabilities of $15,623,
adjustments of prior years' legal fees and oil sales contract (net) of $25,000,
excess of cost over book value of subsidiary companies' stocks at date of
acquisition of $56,495 and provision for reduction in value of investments of
$200,000.
Note—Above statement does not include the amount of $19,676 collected
for the Federal government and State governments in the form of taxes on
gasoline lubricating oils, and other products.—Y. 143, p. 2538.
miscellaneous securities and restoration of reserve no
ury stock
Textile Properties,
Inc.—Reorganization Plan Confirmed
The plan of reorganization which was approved by order of the TJ. S.
District Court for the Southern District of New York, dated June 9, 1936,
has been modified and confirmed by an order of the Court dated Oct. 20,
1936.
In accordance with the order of confirmation, all of the assets or
Textile Properties, Inc., have been transferred and conveyed to a new
corporation organized in New York under the same name, having an
authorized capital stock consisting of:
(a) 34,000 shares (par $50) preferred stock with the same designat ons,
preferences, privileges and voting powers provided for in the plan, and
(b) 76,000 shares (par $1) of common stock.
Certificates for the shares of preferred stock of Textile Properties, Inc.,
are ready for delivery and will be distributed pursuant to the provisions
of the
plan, as follows:
_
(1) Each holder of certificates of deposit issued by Chemical Bank A
either as depositary for the protective committee or as depositary
under the plan, will, upon surrender thereof, receive in exchange for such
certificates of deposit (a) shares of preferred stock of Textile Propetries,
Inc., at the rate of 1 share of such preferred stock for each $500 of loan
certificates, and (b) the loan certificates represented by the aforesaid
certificates of deposit endorsed with the legend provided for in the order
of the Court dated Oct. 20, 1936 and having attached thereto the new
interest warrants provided for in the,plan.and in said order.
(2) Each holder of loan certificates; whether or not said loan certificates
have endorsed thereon the legend accepting $he plan, will, upon delivery
Trust Co.,
Financial
3014
Chronicle
thereof receive shares of preferred stock of Textile Properties, Inc., at the
same rate set forth in paragraph (1) above, and will have said loan certifi¬
cates returned to him endorsed as above stated and having attached thereto
the new interest warrants referred to in paragraph (1) above.
United Gas Improvement Co.
$19,567,773 $18,474,930 $79,890,372 $76,299,571
Gas-4,070,778
4,051,318
17,597,185
17,412.899
Ice & cold storage——
786,882
715,094
1,841,125
1,734,912
Transportation
429,203
373,932
1,794,010
1,647,356
Water401,213
307,515
1,264,263
1,126,926
Steam heat
40,307
33,541
829,606
770,309
Other86,297
83,311
262,589
275,058
Electric--
8,806,541
8,409,903
35,595,846
33,421,735
1,192,653
1,224,243
4,697,026
4,691,954
1,859,005
1,819,849
8,009,413
7,644,048
961,832
890,058
4,468,148
4,036,105
taxes--—-
409,573
Prov. for other taxes--
2,191,714
451,792
1,456,368
1,948,726
6,803,890
1,853,186
5,453,878
Maintenance
Prov. for renewals
taxi-----------
Operating income---- $9,961,135
Non-oper. income
584,538
debt—-^
Amort, of debt disc't &
2,955,000
3,002,323
11,830,953
12,033,465
expense-----------
120,777
143,893
502,693
531,755
188,487
185,736
735,033
740,422
Other deductions
stks. of util. subs— $6,098,801
Less—Min. interests—
582,284
1659.
The National City Bank of New York has been appointed registrar for
210,000 shares of preference stock and 500,000 shares of common stock.
Bal. of earns, of util.
appiic.
4,429.512
-
.
Provision for normal Federal income taxes
.
4,897,364
87,975
147,200
Interest expense
Amortization of discount & expense on fund, debt
214,608
26,437
198,626
715,000
130,604
43,961
209,671
304,000
$4,451,851
$1,996,325
1,228,042
1,226,529
Earnings per share
$2.38
$0.38
x Not including depreciation of studio buildings and
equipment absorbed
in production costs,
y No provision made for surtax on undistributed
profits.
For the 13 weeks ended Sept. 26, 1936, net profit was $1,682,661 equal
to 95 cents a share on common, comparing with $640,543, or 10 cents a
share on the common for the 13 weeks ended Sept. 28,
1935.—V. 143.
p.2539.
—
(& Subs.)—-Earnings—
& Heating Co.
1936—3 Mos.—1935
1936—12 Mos.—1935
a$l94,284profc$56,439
b$254,403profd$244,307
a Before extraordinary credits to
surplus of $133,157, and after surplus
adjustments including setting aside $100,000 as a general reserve, b Before
extraordinary credits to surplus were $51,552, and after surplus adjust¬
ments including setting aside $425,000 as a general reserve,
c After surplus
adjustments profit was $3,064.
d Loss after surplus adjustments was
$113,118.
Note—No deduction made for any possible surtaxes on undistributed
profits.
In the quarter just closed the company's indebtedness was reduced by
$347,500 and during the first nine months of 1936 by $79,750.
The
bank
indebtedness has been paid in full.—V. 143, p. 606.
Investment Co .-—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share on
the common stock, payable Dec. 1 to holders of record Nov. 20.
A quarterly dividend of $1 per share was paid on Oct. 1 last and prior
thereto regular quarterly dividends of 25 cents per share were distributed.
In addition an extra dividend of 50 cents was
paid on Nov. 2, last and one
of 25 cents per share was paid on July 1 last.
At the same time convertible bonds will be changed to
provide that each
$1,000 bond will be convertible into 90 shares of common to March 15,
1937, into 80 shares to Sept. 15,1938, and into 64 shares to March 15,1941.
In excess of $125,000 of the $750,000 principal amount of debentures sold
earlier this year already have been converted.—V. 143, p. 2387.
Union Public Service Co.—Seeks to Issue
Be Placed
4% Bonds—To
Privately—
The company has filed an application with the Federal Power Com¬
mission for authority to issue $1,250,000 of first mortgage bonds, bearing
4% Interest, to mature Dec. 1, 1961. The purpose of the issue is to secure
a temporary loan of $1,250,000 to
permit the calling in at a premium of
outstanding bonds having a par value of $1,225,000, of which $1,183,500
are in the hands of the public and $41,500, repurchased, are in the com¬
pany's treasury. There will be no public offering. The application states
that the entire issue will be purchased by five Minnesota corporations at
private sale.—V. 143, p. 2699.
Union RR.
(Pa.)—Merger Proposed—
The merger of Union RR,, Monongahela Southern and St. Clair Terminal
RR., the latter two of which are now leased by the Union RR., has been
proposed in a joint application by the three carriers filed with the Inter¬
state Commerce Commission.
Under the proposal the Union RR., as the surviving company, would
assume the outstanding obligations, debts and liabilities of the other two
roads. No securities are proposed to be issued except an exchange of stock,
and as a result of which the amount of outstanding capital stock of Union
RR. will be exactly the same as the present stock.
The Union RR. would assume the $3,000,000 first mortgage 5s and
$2,500,000 general mortgage 6s of the Monongahela and the $1,129,000
general mortgage 5s of the St. Clair.—V. 142, p. 2345.
„
264,684
44,552
$5,388,992 $23,985,652 $23,987,541
nAA
10,919
-
125,044
—
Earns, of subs, appiic.
to U.
$5,564,174
G. I. Co——
$5,378,073 $23,985,652 $23,862,497
Def. int. & divs. on cum.
stks.
of subs,
appiic. to U. G. I. Co.,
pref.
33,381
121,154
166,297
1,935,374
7,289,215
8,138,815
20,711
deducted above
Other inc. of U.G.I.Co.:
Divs.—Other than on
~£t.S&mlsc.'mc!-
1,784,235
•
$7,369,120
Total
$7,346,828 $31,396,021 $32,167,609
$395,007
$431,825
$1,777,685
$1,758,867
172,965
29,500
Expenses
116,628
869,528
92,000
484,164
Provision for taxesInt. on notes pay., &c—
to capital
stocks of U. G. I.Co. $6,771,648
——
193
Bal. appiic.
956,520
$6,798,375 $28,656,808 $29,924,385
956,520
3,826,080
3,826,080
$5,815,128
$5,841,855 $24,830,728 $26,098,305
Divs. on $5 div. pf. stk
appiic.
Bal.
to
com.
stk. of U.G.I. Co-Earns, per
share—Com.
ofp'erfod!—?--—
$.2512
$.2501
$1.1224
$1.0679
Note—Previous years' figures restated for comparative purposes.
Non¬
recurring-income not included.
The above figures do not Include any provision for surtaxes on undis¬
tributed profits under the Revenue Act of 1936, effective Jan. 1, 1936, as
such taxes cannot be determined until the close of the fiscal year.
and 12 Months Ended Sept. 30 (Company Only)
1936—9 Mos.—1935
Per. End. Sept. 30—
Divs.—Sub.
4,329,833
services
oper.
of
Works
Gas
6,642,344
5,905,940
subs.,
to
&
for
compen.
Phila.
4,758,254
$2L017,488 $21,462,672 $28,161,758 $29,201,717
Total dividends
Int.
1936—12 Mos.—1935
$16,687,655 $16,704,418 $22,255,818 $22,559,373
cos
Other companies-
miscel., less loss from
oper.
of Northern Lib-
,
erties Gas Co. prop---
for
prov.
1^03^828
„
2,093,594
Net income.
—-
on
Divs.
on common
pref. stock
Balance-
stock-
-
1,685,620
2,243,224
2,739,213
$19,959,722 $20,889,837 $26,805,821 $28,454,964
2,869,560
2,869,560
3,826,080
3,826,080
17,438,816
17,438,813
23,251,755
24,414,337
def$348,654
stock—per
$.7350
Divs. paid—per share
$.75
-
1,496,471
1,383,276
taxes,
interest, &c
Divs.
1,112,785
$22,053,316 $22,575,457 $29,545,034 $30,698,188
Total income
Exps.,
Bal. for
Split Stock—
Special meeting of stockholders has been called for Nov. 16 to vote on a
proposal to increase the authorized no-par common shares to 200,000 from
100,000 and split present 62,800 shares of outstanding stock two for one.
.
48,603
appiic.
Co
Income Account for 9
Period End. Sept. 30—
Net loss
To
_
$5,564,174
to U. G. I.
Sept. 26, '36 Sept. 28, '35
$36,378,432 $30,402,160
121,649
192,958
221,906
746,5 3
619,382
$37,317,893 $31,365,097
8,735,771
7,810,309
18,525.521
15,758,255
$5,340,389 $23,941,100 $23,722,857
47,657
to U. G. I. Co_
Losses of Nashville Gas
Twentieth Century-Fox Film Corp. (& Subs.)—Earns.
Operating expenses
Amortization of production costs
Participation in film rents..
Prop, of loss of contr. subs., not consolidated
$5,516,517
Total
only for one of the types or separate bids for 'any two or all three.
The
type actually to be issued will be determined by the company, afterwards.
This issue is now in registry with the Security and Exchange Commission.
—V. 143, p. 2864.
—
$5,886,580 $26,195,434 $25,942,036
546,191
2,254,334
2,219,179
Earns, of non-util. subs.
The company is inviting tenders for the purchase of $3,000,000 first
mortgage bonds to be payable either Dec. 1, 1956, with a rate of 3%;
Dec. 1, 19Q1. with a rate of 3M%, or Dec. 1, 1966, with a rate of 3H%Bids are to be received Nov. 16.
Any bidder;may submit either one bid
Total income-
4,627,007
4,636,803
-
G.bI* Co—-----
Turners Falls Power & Electric Co.—Tenders Invited—
Prop, of profit of contr. sub., not consolidated
1,165,322
Earns, avail, for com.
—V. 143, p. 1095.
tjnion
1,182,608
prior deductions
_
$7,051,902 $30,832,237 $30,569,043
^
Tung-Sol Lamp Works, Inc.—Registrar—
Ulen & Co.
$7,281,409
Net income
The property (except land and franchise) was sold at sheriffs sale Oct. 9
Dividends
$9,787,428 $41,956,101 $42,166,125
596,426
1,944,815
1,708,560
$10,545,673 $10,383,854 $43,900,916 $43,874,685
Gross income
lDfunded
Tuckerton RR,—Sale<—
Net profit
Shares common stock (no par)
expenses-.$15,421,318 $14,252,213 $61,523,049 $57,100,906
Total oper.
value, both payable Dec. 5 to holders of record Nov. 18.
Regular quarterly dividends of 50 cents per share were paid on Sept. 5,
June 5 and March 5, last, and on Dec. 5, 1935, and dividends of 25 cents
per share wore paid each three months previously.
In addition the following extra dividends were distributed: 25 cents on
Sept. 5, June 5 and March 5, last; $1 on Dec. 5, 1935, and 25 cents on
Sept. 5 and June 5, 1935, and on Dec. 5, 1934.—V. 143, p. 937.
Depreciation of fixed assets
Fed.
other
for
Prov.
par
x
for Fed. income
Prov
'
The directors on Nov. 5 declared an extra dividend of 75 cents per share
in addition to a dividend of 75 cents per share on the common stock, no
Other income
&
replacements
Roller-Bearing Co.—75-Cent Extra DividendLarger Regular Dividend—
39 Weeks Ended—
Income from sales & rents
-$25,382,453 $24,039,641 $103479,150 $99,267,031
Total oper. revs
°Po5diiary—!—^1
Timken
p.
1936—12 Mos.—1935
1936—3 Mos.—1935
Per. End. Sept. 30—
ODer. revs, of util. subs.:
(3) Each holder of certificates of deposit issued by New York Trust Co.,
depositary under the plan, will, upon surrender thereof, receive in exchange
for such certificates of deposit, shares of preferred stock of Textile Properties
Inc., at the rate of five shares of such preferred stock for each $500 principal
amount of such second mortgage bonds represented by the aforesaid certifi¬
cates of deposit.
(4) Each holder of second mortgage bonds not heretofore deposited under
the plan, will, upon surrender thereof, receive in exchange therefor shares
of such preferred stock on the basis set forth in paragraph (3) above.
Loan certificates with interest warrants thereto appertaining maturing
on and after May 1,1935, and second mortgage bonds with coupons thereto
appertaining maturing on and after May 1,1935, and certificates of deposit
issued therefor should be presented promptly by the holders thereof to New
York Trust Co., 100 Broadway, New York, in order that such holders may
receive the securities to which they are entitled.
Attention is called to the fact that, as provided in the plan and in the
order of the Court dated Oct. 20, 1936. no holders of loan certificates shall
be entitled to any payments of interest nor to receive any of the preferred
stock and no holders of second mortgage bonds shall be entitled to receive
any of the preferred stock until such holders shall have surrendered their
loan certificates and (or) second mortgage bonds in the manner provided
above.—V. 142, p. 4355.
The land will probably be sold later.—V. 142,
(& Subs.)—Earnings—
(Excluding The Philadelphia Gas Works Co.)
as
for $10,000.
Nov. 7. 1936
-
$581,464 def$272,014
$214,547
$.9883
$1.00
$1.0592
$1.05
com.
share
$.7750
$.75
—
Note—Previous years' figures restated for comparative purposes.
The above statement snows the income of company alone, and does not
include undistributed earnings of subsidiaries applicable to company,
wnicn, for tne nine months of 1936 amounted to approximately 6c. for each
share of common stock of U. G. I. and to approximately 4c. per share for the
nine months of 1935, the combined earnings for the two periods being 79.4c.
and 81.8c. per share, respectively.
Weekly Output—
Week Ended—
Electric output of system (kwh.)
—•V. 143, P. 2699.
Oct. 31'36.
Oct. 24,*36.
Nov. 2, '35.
91,678,725
89,654,531
80,997,164
United Profit Sharing Corp.—10-Cent Dividend—
Directors have declared
a
dividend of 10 cents per share on the
outstand¬
common stock, payable Dec.
15 to holders of record
The company points out that certain stockholders have failed to
ing no-par-value
Nov. 20.
exchange their old common shares for no-par-value common stock and will
be unable to receive the present dividend until the exchange has been made.
The current payment will be the first made since July 15, 1929, when
60 cents per share was distributed.—V. 142, p. 4197.
United States Electric Power
Corp.—Sale of Collateral—
Holders of notes of the corporation purchased on Nov. 2 at auction, at
a share, all the 882,410 common and 8,657 class B common shares
of the Standard Power & Light Corp.
securing the notes. This was the
$2.80
price at which they offered the shares to Umted States Electric Power
stockholders several weeks ago, 353,878 common and 4,141 class B shares
having been acquired by stockholders under that offer.
The sale was held in the Essex County Court House, Newark, N. J.,
through H. M. Collins of Adrian H. Muller & Sons, .auctioneers. Each
member of the note-holding syndicate bought in his proportional share of
Volume
common
common
Corp.,
441,205
your
J.
Henry
United Public Utilities
Period, End. Sept.
Schroder
Banking
Corp, (& Subs .)—Earnings—
30— 1936—3 Months—1935
$888,934
$803,664
Total oper. revenues
Power purchased
1936—9 Months—1935
$2,835,351
187,011
261,183
996,184
191,163
301,742
$2,564,023
223,160
168.322
221,536
974,596
137.123
304,707
^
67,167
33,870
334,690
deple.
75,307
101,028
36,423
328,814
48,143
102,217
76,068
75,378
228,864
10,301
13,751
53,094
50,391
from oper..
Other income (net)
$190,499
15,544
$139,650
5,161
$616,106
22,425
Total net earnings
Gen. int. & misc. deducts
$206,044
2,716
purchased
Operation
Maintenance.
Prov. for retire. &
local
&
59,284
miscell.
Federal taxes
Federal & State income
taxes
Net
earns,
$144,812
2,360
$638,532
12,502
$503,160
9.092
directors and shall
stock of the Vick Financial Corp.
In the opinion of counsel this reorganization
will not subject the stock¬
holders to tax, and the cost basis of each stockholder for his insurance stock
will be the same as the cost basis of his stock of Vick Financial Corp. ex¬
changed therefor.—V. 142,
p.
3699.
Virginia East Coast Utilities, Inc.—Proposed AcquisiVn
The company, a subsidiary of East Coast Public Service Co., a registered
holding company, has filed an application (46-20) with the Securities and
Exchange Commission under Section 10 (a) (1) of the Public Utility Holding
Company Act of 1935 for aoproval of a proposed acquisition of all the out¬
standing capital stock of Tidewater Electric Service Co.
Tidewater Electric Service Co., only recently formed, has as yet issued
no stock, but will issue 700 shares of $10 par value common, which would be
acquired by the application for $14,000 or $20 per share.
This acquisition, the applicant stated, will enable Tidewater Electric
Service Co. to begin construction of rural extensions in Virginia in the
counties
of
Lancaster,
Northumberland,
Westmoreland,
Gloucester,
Mathews and Patrick, and to borrow money and establish credit for such
construction.
The extensions will be adjacent to and connected with the
applicant's distribution system.
$484,184
18,976
Gas
x
shall be of such par value as may be determined by
be distributed immediately, share for share, for
the insurance company
220,602
Allyn &
follows:
as
Co., Emanuel & Co. and Granbery, Safford & Co., 220,603 common and
2,165 class B shares.
The firms named acquired the United States Electric Power Corp's. out¬
standing $10,873,434 notes from the Chase National Bank and other
banks several months ago on a basis virtually equivalent to $2.80 a share
for the Standard Power & Light shares constituting collateral under the
notes.—V. 143, p. 2699.
State,
3015
Chronicle
and 4,328 class B shares; Bancamerica-Blair Corp.,
and 2,164 class B shares; W. C. Langley & Co., A. C.
collateral,
the
Financial
143
Virginia Electric & Power Co.—Earnings—
Period End. Sept. 30—
1936—Month—1935
Gross earnings
$1,425,513
$1,295,816
earns,
562,758
Maintenance
Balance of net
Operation
108,133
175,281
493,703
83,079
156,588
$579,340
$562,445
Taxes
to
United
Public Utilities Corp.
1936—12 Mos.—1935
$16,073,570 $15,232,223
6.416,305
5,874.813
1,102,478
1,728,785
989,876
1,903,520
$6,826,000
$6,464,013
applic.
$203,327
$142,451
$626,029
$494,068
18,781
19,031
57,752
56,130
10-year int. scrip
102,866
11,730
106,669
12,682
309,014
35,429
321,629
39.078
Net income
$69,949
$4,067
$223,833
$77,229
U. P.
U. Corp. gen. and
admin, exps.
Int.
funded
on
debt
x
143,
p.
$586,006
156,197
Balance for
Corp.—Transfer Agent, &c.—
The City Bank Farmers Trust Co. has been appointed co-registrar for the
310,000 snares of convertible preferred stock.
The Guaranty Trust Co.
of New York has been appointed co-registrar for the 1,000,000 shares of
common stock
($1 par).
A
The Chase National Bank, New York, has been appointed transfer
agent for the convertible preferred stock and the National City Bank,
New York, has been appointed co-transfer agent for the 753,125 shares of
common stock.—V.
143, p. 2866.
Corp.—Simplifying Corporate
"Our purpose is to so revise our corporate structure that the various
operate with a minimum of intercompany relationships," Mr.
din stated.
units
Cow-
As the initial step in this program, Universal Productions, Inc. has been
dissolved while Universal Pictures Corp. and Motion Picture Export Corp.
scheduled
to
be eliminated from the
new
Universal set-up as soon as
the
legal details can be arranged.
When the changes now being made are completed, Universal Pictures
Co.. Inc., control of which is vested in Universal Corp., which was organized
in March, 1936, to acquire the holdings of Carl Laemmle and associates,
will carry on all operations, producing and distributing motion pictures
either directly or through 100% owned subsidiaries.—V. 143, p. 7002.
Utilities Power &
Hanson
are
notes of the
$4,596,885
1,800,000
1,171,632
dividends and surplus—
common
$1,931,658
$1,625,253
2701.
Dividend—
The
directors
Oct.
on
corporation.
The notes are subject to call at par at the option of the company on 30
days' notice, tnough holders nave the right up to the call date to convert the
notes into common stock at the rate of $1.75 per snare.
Tne notes mature
one year from tne date of issue, with the
privilege of a six months' extension.
Tne corporation owns a vacuum compression process producing "vacuum
concrete."
Tnis is a concrete made in tne ordinary manner but treated
by a vacuum compression process wnich extracts a great percentage of tne
excess mixing water not needed for hydration before tne concrete is hardened.
Tne company nas been incorporated for seven montns and has devoted
this time to perfecting equipment, consisting of vacuum pumps, precipita¬
tion tanks, vacuum line motors and mats, and demonstrating its processes.
Tne process may be employed in all cases where concrete may be applied.
An application of "vacuum concrete" has been made by the company on
a section
of the Queensboro Bridge, where its quick-drying feature was
a
stock dividend of 100%
on
making the paid capital $1,000,000 and, on the basis of the Dec. 31,
statement, leaving a net surplus of more than $900,000.—V. 142, p.
the
1935,
1491.
Subs.)—Earnings—
1936—9 Mos.-—1935
Period End. Sept. 30—
before interest &
1936—3 Mos.-—1935
depreciation
$406,186
2,922
3£169,516
688
$861,449
7,023
$459,321
3,420
2,778
3,094
8,567
10,999
Profit
Int.
on notes
Int.
and drafts
-
mDrcgageb onds
of subsidiaries
on
Coupon int. on mortgage
bonds & debs, of Wal¬
83,957
Res.
Fed.
for
inc.
134,457
251,872
402,903
99,959
worth Co
Deprec. taken on plant
and equipment
111,437
296,879
333,834
taxes
(excl. of surtax on un¬
distributed profit)
42,539
42,539
Prov. for Walworth Ala¬
unpaid
preferred dividend
bama Co. accr.
Light Corp.—President Resigns—
Concrete
Corp.—Notes Offered—Hanson &
offering privately an issue of $30,000 6% eonv.
declared
26
capital stock, par $25, payable Nov. 20 to holders of record Nov. 9.
This action will transfer $500,000 from surplus to capital account,
Harley L. Clarke has retired from the Presidency of this company. He
remains a director.
Atlas Corp. recently gained control of the company
from Mr. Clarke.—V. 143, p. 2229.
Vacuum
$4,969,881
1,866,666
1,171,557
Walworth Co. (&
number of others will be absorbed or altered later.
will
are
$411,268
Virginia Fire & Marine Insurance Co.—To Pay 100%
Stock
Structure—
The corporation has adopted a program of simplifying its corporate struc¬
ture, J. Cheever Cowdin, Chairman, announced Nov. 5.
Fifteen sub¬
sidiaries, including three of major importance, are affected by present plans
a
$6,464,013
1,867,128
profits.
-V. 143, p.
while
$6,886,000
1,916,118
Balance
$429,809
Appropriations for retirement reserve
Preferred dividend requirements
1096.
Universal
$562,445
151,177
Balance
United Stockyards
60,000
6,666
Interest & amortization.
bonds...
No provision has been made for Federal surtax on undistributed
—V.
sources-
of
U, P. U. Corp.:
Coll.—trust
Balance
Inc. from other
(net)
3,937
$174,028
Consol. net profit
11,812
loss$84,099
$254,566 loss$303,649
-V. 143, p. 939.
Webster, Eisenlohr, Inc.—New Vice-President—
At
a
meeting of the board of directors on Oct. 27, Emil Judell resigned as
vice-president, and George W. McCoy was elected a director,
a
director and
a
vice-president and assistant to the president.
Expenses, interest,
preciation, &c
de¬
310,177
—V. 143, p.
252,226
906,863
774,402
$19,960
Net loss
West
1936—9 Mos.—1935
$808,892
$674,496
1936—3 Mos.—1935
$290,217
$239,400
Period End. Sept. 30—
Gross profit....
$12,826
$97,971
$99,906
607.
Virginia Water Service Co.—Earnings—
1936
1935
$1,104,192
326,930
12 Months Ended Sept. 30—
Operating revenue
Operation
$1,000,780
49,078
78,604
155,647
147.950
$543,010
22,182
$495,847
17,858
$565,193
256,501
4,586
28,251
$513,705
261,553
10,195
26,381
Maintenance
General
307.904
taxes
found valuable.
Net earnings
Vick Financial
H.
Corp.—To Reorganize—
from operations.
Other income
Smith
Richardson, Chairman of the Board, on Oct. 31 sent stock¬
holders a letter wnich read, in part, as followrs:
A special meeting of stockholders has been called for Dec. 10, 1936, to
vote upon a proposed plan of reorganization of your company.
This plan,
if approved by stockholders, will enable your management to employ your
capital in the business of reinsurance, in the fire and inland marine fields.
Your company has had two sources of steady income—interest on bonds
and dividends on stocks.
Consummation of the proposed reorganization
will provide an additional source of possible income—profits from the em¬
ployment of your capital in the reinsurance business—in other words,
three strings to our bow instead of two as at present.
The reasons for considering this change are summarized as follows:
Your company is now 98.5% invested in stocks, but if history repeats
Itself, there will come a time when conservative policy will dictate a switch
from common stocks into bonds.
However, the decline in money rates has
so reduced the yield from bonds that, if such a
position were taken today,
only a very low yield could be obtained on the capital so invested.
To meet that condition, your directors became interested in finding some
other employment to which your capital could be put which would bring in
additional income, and which—and this is the important
point—would
permit us to continue our present investment policy of "wide diversification
of investments." This policy we consider one of the basic principles of sound
investing.
Nature of the Proposed Business—This proposition contemplates employ¬
ing the capital of your corporation in the field of reinsurance, and the
business will consist primarily of that type of reinsurance for fire insurance
companies which is technically known as "excess of loss."
Reinsurance
means acting as insurers for other insurance companies which have insured
individual or corporate property owners.
The clients of this proposed
company will therefore be American fire insurance companies.
The advantage of this particular type of business is that the investment of
our capital can still follow the principle of "wide diversification of invest¬
ments" as heretofore.
There will be no change in the management of the
investment end of your business, and control of your company will remain
in the same hands as heretofore.
Participation in this plan will be on an
equal basis for all stockholders; there will be no commissions to any one on
account of this reorganization, and no expenses, except those incidental to
the reorganization of the new corporation and for legal and accounting
Gross corporate income
Interest on bonds
Miscellaneous interest
Amort, of debt discount
I
Cr 878
3,308
89,189
51.500
$181,881
69,000
stock
1936
$
$155,166
51,750
Liabilities—
$
&c. 9,480.126
9 ,515.381
121,572
172,485
Cash
157.362
Notes & accts. rec.
9,788
for
for redemp¬
tion of fund, debt
1,000
a27,515
10,000
21,612
143,218
191,393
142,397
832,280
903,956
1,114,000
1,114,000
duction Co
10,000
credits
Reserves
x
1st $6
y
415,408
2d $6
cum.
604,341
cum.
pref.
z
Prem. & int. or 1st
365,000
stock
421,235
Common stock.
_
Capital surplus...
Earned surplus.
bonds
called forredem.
147,715
stk.
154,000
44,845
552,000
1,495,773
490,750
600,803
39,724
~9~3~208
365,000
552,000
1,467,740
154,000
revenue-
110,969
pref.
stock
exp.
in
mtge. 5%
1,000
Def. liab. & unadj.
for
of
process
of
amortization—
415,408
Accrued liabilities-
41,200
1st mortgage 5%
gold bonds
Debt disc, and
redemption.
Demand notes pay.
Notes & accts. pay.
114,378
consolidated
dep.
$
5,600,000
to West Va. Pro¬
Dep.
redemption
1935
5,322,500
Funded debt called
Inv. in sub. co. not
Special
$
Funded debt
52^605
equipment,
1936
1935
property,
Plant,
59,169
Comm.
on cap.
Unbilled
charges
and
6,373
51,901
11,270,361
prepaid accounts
Total
x
_«
1,284
Due from affil. cos.
Def.
be transferred. The insur¬
will issue its shares in number equal to the number of shares
of Vick Financial Corp. outstanding at the time of transfer.
The stock of
2,191
Cr717
Consolidated Balance Sheet Sept. 30
Assets—
Mat'ls & supplies.
ance company
for
Net income-
Dividends on preferred
The Plan of
at the special
which all assets of the Vick Financial Gorp. will
and expense
and interest on bonds called
redemption
Interest cnarged to construction
Provision for Federal income tax
Provision for retirements and replacements
Amort, of premium
services.
Reorganization—The plan of reorganization to be voted upon
meeting of stockholders contemplates the organization of a
new corporation under the Insurance Law of the State of New York to be
known as "The Reinsurance Corporation of America," or a similar name, to
—
10,578,954
Represented by 12,000 shares
only —V. 143, p. 1897.
z
11,270,361 10,578,954
y Represented by 5,000 shares
(no par), a Accounts payable
Total
Represented by 11,500 shares (no par),
(no par),
/
(
Financial
3016
Ward Baking
Corp.—Accumulated Dividend—
7% cum. pref. stock, par $100, payable Dec. 24
10 a like payment was made on Oct. 1, last and
with 75 cents paid on July 1, last and 50 cents paid in each of
the 11 proceeding quarters, while on April 1 and July 1, 1933 distributions
of 25 cents each were made, 50 cents per share paid on Jan. 3, 1933, $1
per share on July 1 and Oct, 1,1932 and $1.75 per share in previous quarters.
Accumulations after the payment of the current dividend will amount to
$20.50 per share.
the
on
Nov. 7,
1936
provision has been made in the above earnings for the Federal surtax
imposed by the Revenue Act of 1936 on any undistributed profits accruing
after Jan. 1, 1936.—V. 143, p. 2542.
No
The directors have declared a dividend of $1.75 per share on account of
accumulations
Chronicle
to holders of record Dec.
compares
PeriodEnded—
1 K
WppJC
Oct. 17,'36
Net profit after deprec.,
interest and taxes
<?
—
OcL 17,'3 6
Oct. 19,'35
$338,391 x$l,335,863
$658,787
$1.32
$2.71
$6.00
$2.57
Before Federal surtax on undistributed profits.
Depreciation charged against earnings for the 42 weeks ended Oct. 17,
was $1,084,240 against $803,759 for the corresponding 42 weeks of
1935.—V. 143, p. 1420.
x
1936
Western Pacific RR.—Earnings—
September-—
From Jan.
...
159,990
1934
$1,313,334
319,261
189,207
1933
$1,190,513
392,207
287,218
concentrate his
to
investment
8,774,648
1,048,654
10,369,893
678,803
def723,862
railway
Net after rents..
8,892,229
1,719,586
850,542
def40,606
the
companis,
the administration
Maryland
shareholders to
than 43,000
combined total of
a
South
LaSalle
St.,
some
York City office of Smith,
The New
New
Hearing Postponed—
$55,000,000.
Period End. Sept. 30—
1936—3 Mos.—1935
1936—9 Mos.—1935
$45,268,298 $30,497,620$134,148,358 $95,482,535
38,764,470
29,723,546 115,992,637
92,019,563
Orders received
Sales billed
Burris & Co., will be located at
Co., will be associated with Mr. Degner.
15 Exchange Pl.t Jersey Cith,
Jersey.
located/at 634 South Spring St. and will
be managed by Gerald Goodman as
Burris
Western Sales Manager.
The Smith,
organization has been actively identified with the distribution of
shares in leading investment funds and trusts since
1927.
—Mitchum, Tully & Co., Pacific Coast underwriting house, today
Kidder, Peabody & Co., had been admitted to the firm
of
Coincident
2,557,452
$1.20
11,123,706
$0.96
8,822,640
$4.18
$3.31
Earnings for 12 Months Ended Sept. 30
1936
Orders received
Sales billed
Net profit after depreciation, Federal taxes, &c.
Earns, per sh. on combined pref. & com. stock.
$162,295,156 $122,849,880
146,561,629
114,932,970
14,284,446
9,375,989
$5.36
$3.52
Tully & Co. announced the formation of
purchased the properties and assets of the International Vegetable Oil
Co., Inc., of Memphis, for $650,000 cash.—V. 143, p. 2868.
Mitchum,
enterprises
Tully
same
on
name.
Peabody & Co. in 1935, Mr. Logan
Co.,
&
with
principal
offices
in
San
banking
Francisco
and
Products, Inc.—Listing Approved—•
The New York Curb Exchange has approved the listing of 137,000 out¬
Food Machinery Corp., Leslie-California Salt Co., Associated
as
Telephone
Ltd.,
Co.,
Creameries
America,
of
Inc.,
Utah-Idaho
and
Sugar Co.
—Tailer &
Robinson, members of the New York Stock Exchange, have
announced the admission of Russell E. Sard
was
as
special partner and Row¬
a
general partner of that firm, effective Nov. 1.
as a
formerly
the old firm of Clarke, Childs & Co.
a partner of
and several years ago retired from the brokerage business,
He is
and
&
member
director
p.
limited
limited partnership to carry
a
had been connected with another nationally prominent investment
Mr. Sard
A. D. Geoghegen, President of the company has announced that Wesson
stock, $1 par.—V. 143,
a
firm for 15 years.
Inc.—Acquisition—
has
common
as
Logan to the firm, Mitchum,
o£ Mr.
the business formerly conducted by the corporation of the
land Hazard
Wesson Oil & Snowdrift Co.,
standing shares of
admission
the
Los Angeles, have been instrumental in the financing of such Pacific Coast
1935
Report states that a reasonable amount has been set aside for payment
of the surtax on undistributed earnings.—V. 143, p. 1578.
Willson
with
Prior to his association with Kidder,
3,185,728
an¬
Department
Mr. Logan is assuming his new duties in San Francisco this week.
partner.
Net profit after deprec.,
taxes, &c
Earns, per sh. on com¬
bined pref. & com. stk.
135
at
Alfred Tyler who has been in charge of sales in the South¬
nounced that John S. Logan, formerly Manager of the Bond
David S. Youngholm was elected a Vice-President at the last meeting
He will make his headquarters in New York.
more
40 Wall St. and will be under the management of Glenn Degner as Eastern
The Los Angeles office will be
of the board of directors.
two
Quarterly
Headquarters will remain
eastern States for Ross Beason &
Westinghouse Electric & Mfg. Co.—New Vice-President
of the
and
Chicago.
A second Eastern office will be opened at
19 from
The delay was
requested by the road's management in order to prepare certain historical
data.
It is anticipated that at the forthcoming hearing the case will be
finally submitted to the Commission.—V. 143, p. 2868.
Inc.,
national distribution of the Maryland Fund, Inc., Smith,
Burris & Co. will replace the present offices of Ross Beason & Co., Inc.,
in New York City and of Ross Beason & Co. of California, Ltd., in Los
1,149,880
350,914
The Interstate Commerce Commission has postponed to Nov.
Fund,
In taking over
7,655,761
Nov. 5 further hearings in the reorganization proceeding.
a
Smith, Burris & Co. will enable
efforts on
Income Shares, Inc., which together represent the invested funds of
Sales Manager.
1—
Gross from railway
Net from
Beason
Angeles, with new offices in both cities.
1935
$1,332,618
302,279
1936
$1,606,932
348,990
155,940
Gross from railway
Net from railway
the distri¬
vFund shares for the entire country, according to
by Ross Beason, President of the companies bearing his
This consolidation of sales activities in-
Mr.
distributors
over
which have heretofore acted as Eastern and far-Western distributiors.
mutual
Earns, per sh. on 256,008
shs. 7% pref. stock.__
Net after rents
of Maryland
bution
name
Oct. 19,'35
x$692,624
NOTICES
1936, Smith, Burris & Co., wholesale
1,
Maryland Fund, Inc., in the Middle West, have taken
of the
statement issued
Earnings for Stated Periods (Including Sub. Companies).
,
CURRENT
—Effective Nov.
of the
executive
of the Hat
committee
of Abercrombie
Fiduciary Corp.
Mr. Hazard
2704, 2072.
a
director
Fitch and
a
Corp. and director and President of the New York
«
was
previously connected with the firm of Lee Higginson &
1927 to develop his own interests in New
Co., from which he retired in
Wodall
Industries,
Mexico.
Inc.—Earnings—
Company reports earnings for the first nine months of 1936 equal to 1.10
outstanding stock.—V. 143, p. 2704.
He is
a
director of the Allied Chemical & Dye Corp. and of the
Interlake Iron Corp.
per share on its
—Link, Gorman & Co., Inc., Chicago,
Period End. Sept. 30—
1936—3 Mos.—1935
1936—9 Mos—1935
x$276,917
$184,457
x$890,506
$245,065
x Before provision for possible Federal surtax on undistributed
income.
—V. 143, p. 939.
was
3 Months
9 Mos.
as
manager until the
Bank,
Lowell, Mich., and previous to that
Co. of Detroit.
Co.—Earnings—
associated with H. T. Holtz & Co.
dissolution of the comjany in 1928, at which time he joined Paul H. Davis
& Co.
Mr. Marsh was formerly president of the Lowell State
During recent
was associated with the
Mr. Hintz is well known
accounting.
First National
he has devoted his attention
years
as
to bank
security statistician and
a
the past several years to security sales promotion work.
Mr.
Huber has covered the central Illinois territory for various
Chicago invest¬
ment houses for more than 12 years.
$271,233
100,330
28.36 compared with 28.58
Mar.
from oper
Interest received
earns,
Other income
—The average price for 20 insurance company stocks as of Oct.
30
Total
Depreciation charges—
x
Net prof, after taxes._
$339,804
101,572
No deduction made for surtax
on
$369,006
102,687
$980,043
304,589
$238,232
$266,319
$675,454
$0.53
$170,903
$0.36
Earns, per sh. on cap. stk
x
$0.56
$1.43
undistributed profits.—-V. 143, p. 779.
to Allen &
Truck
&
Coach
Manufacturing
A-2) under the Securities
Act of 1933 covering 900,000 shares of $1 par value class B stock entitled to
$1.12H a share before any dividends may be paid on the common stock.
According to the registration statement, the net proceeds from the sale
of the stock will be used to provide the
company with additional working
capital made necessary in part by the proposed payment of the entire
amount of estimated net earnings for the
year 1936 in dividends on the
Sreferred stock and inbusiness of the company. working funds due
lcreased volume of
part by the need of added It is proposed to
to the
pay a
portion of the preferred dividends in
arrears to the extent of
$4,500,000,
which is the amount of estimated net
earnings for the year 1936, it is stated.
The statement indicates that the stock
being registered will be offered
to the common and class B stockholders until Dec.
24,,1936. The terms of
the
offering to stockholders
registration statement.
are
be
to
furnished
by
amendment
to
the
General Motors Corp., a parent, has agreed to
purchase at $10 a share
all of the stock being registered which is not
subscribed for by stockholders,
it is stated. This is the only commitment which has
been-made in connection
with the issue.
Approve Plan—
The
stockholders, at a special meeting held Nov. 4, adopted the proposals
submitted to them by the
management, and particularly authorized the
sale of 900,000 shares of additional class B
stock to
and B stockholders.
.
„
Period Ended Sept. 30—
Net sales
the present common
9 Mos. Ended
_
,
1936
1935
12Mos. End
1936
$45,347,607 $26,499,364 $54,705,043
Profit from opers. (incl. the company's
proportion of net profits or losses of
wholly owned & controlled cos. not
consol.) before
23,
a net decrease of
The
average
was
108.24 compared with
price for
18 bank and
111.40
trust
company stocks
week ago,
a
a
week ago.
a
of Oct.
as
prov.
Provision for Federal income taxes...
Net profit......
Co.
the Chicago Stock Exchange and
are
Exchange.
687,744
750,090
1,149,603
681,479
117,910
5,534,002
915,287
677,191
$350,214
$3,941,524
a
membership
,
Howard C. Morton,
—Reynolds & Co., members New York Stock Exchange, announce the
opening of a Philadelphia office at 1500 Walnut St., under the
management
of John A.
Murphy.
Associated with the company in the
new
office will
be S. Howard
Rippey Jr., as Manager of the Bond Department, Donald V.
Booz, William H. Ginn and W. Albert Smith Jr.
—Chas.
their
E.
current
Quincey & Co., 24 Broad St., New York,
interest;
table
for
during the month of November,
note,
and
together with
Federal
Farm
an
interest
United
1936,
table
States
on
on
each
are
Treasury
distributing
issues
different $1,000
accrued
bond
or
Home Owners Loan Corporaion,
Mortgage bonds.
—Gilbert B. Pearsall, formerly
Advertising Manager of the "Wall Street
Journal" and for the last two years Resident
Manager in Philadelphia for
Distributors Group,
Inc., has been elected Vice-President and director
of Russell Maguire & Co., Inc., New York.
—Frank B. A'Hearn, member New York Curb
Exchange,
he will continue the
A'Hearn
&
Sheridan,
general brokerage business
which
was
dissolved
Oct.
announces
that
previously conducted by
31.
Mr.
A'Hearn
will
maintain offices at 120 Greenwich St.
an
of the New York
leading stock and commodity exchanges,
office in
Stock
Exchange
announce the
opening
Columbia, S. C., at 1332 Main St., under the management
of William Otis Cullum.
r
■
—Lockwood, Sims & Co., 90 Broad St., New York, have issued
municipal
$3,788,737
associate
Partners of McMaster Hutchinson &
Robert F. McMaster, Herbert A. Hutchinson
—Abbott, Proctor & Paine, members
5,226,571
an
Co.
The
Chicago, and have
Sampson Rogers Jr. and J. Carney Howell.
of
The quarter ended Sept.
30, 1936 showed a net profit of $1,614,306
including favorable adjustments of $355,831 applicable to 1936 operations
to date.
This compares with a net profit of
$157,871 in the third quarter of
1135.
on
the New York Curb
and other
for deprec. &
Federal income taxes
Provision for depreciation
firm is retaining offices at 105 South La Salle
St.,
membership
on
30
decrease of 3.16, while
book value decreased .01 to 1.33.
—Formation of the stock exchange firm of McMaster Hutchinson &
new
was
.22, according
Average ratio of price to liquidat¬
is announced following the dissolution of Richards
McMaster & Co.
The company on Nov. 3 filed with the Securities and
Exchange Com¬
mission a registration statement (No.
2-2603, Form
Stockholders
of Oct.
ing value for these stocks decreased .01 from the 1.12 reported
Co.—friles
with SEC—
as
Co., 20 Broad St., New York.
average ratio of price to
Yellow
has
devoted
31, *36 June 30, '36 Sept. 30, '36 Sept. 30, '36
$250,461
$316,089
$343,527
$910,077
14,332
17,466
17,460
49,258
6,440
6,249
8,019
20,708
Period—
Net
Schriver,
long experience in the investment business, have joined their organization.
Mr. Schriver
Net profit after deprec.,
interest and taxes
Yale & Towne Mfg.
announce that John T.
William Marsh, Marvin E. Hintz and William F. Huber, all of whom have
Wright Aeronautical Corp.—Earnings—
bonds
a
list of
located
in New York, New Jersey, Texas, Louisiana,
Mississippi, Florida and North Carolina, yielding from 1.40% to 5%.
—"The New Federal Reserve System" is the title of a book
just com¬
pleted by Rudolph L. Weissman, economist for Robinson, Miller &
Co.,
Inc., to be published by Harper & Brothers during the coming week.
Volume
3017
Chronicle
Financial
143
jcpxrris ami
PUBLISHED
A3
ADVERTISEMENTS
THE FAJARDO SUGAR COMPANY OF PORTO RICO
ANNUAL
To the Stockholders
,
REPORT
THE
TO
Board
of
Directors
hereby submits its eighteenth
annual report of The Fajardo Sugar Company of Porto
Rico.
The
grinding commenced January 14, 1936 and ended
May 31, 1936 covering a period of 136 working days.
The
total cane ground amounted to 855,395 tons.
The factory
output was 103,533 tons of sugar.
Included in said figures
is the output of the Loiza Sugar Company.
The following is a comparative statement showing the
individual output of The Fajardo Sugar Company of Porto
Rico and the Loiza Sugar Company:
groundTinto sugar, 563,610 tons.
Factory output, 67,630 tons of sugar, or 436,325 bags of
cane
310 lbs. each.
Loiza
Total
Rico, leaving
a balance of about
14,400 tons of surplus sugars to be held
for future marketing in accordance with Government regula¬
tions.
These surplus sugars are carried at 2.80 cents per
pound c.i.f. New York.
The
during the fiscal year, litigation in
paid in Puerto Rico in
prior years, which refund is expected to be received with
interest at a later date.
A quo warranto proceeding has been
instituted against the Company during the fiscal year, which
however, in the opinion of counsel, will eventually be won
by the Company.
•
Company has
won
connection with the refund of taxes
In accordance with the stockholders' vote at the last annual
Fajardo
Total
1936
in the continental United States and in Puerto
of
The Fajardo Sugar[Company of Porto Rico:
Your
STOCKHOLDERS FOR
ground, 291,785 tons.
Factory output, 35,903 tons of sugar, or 223,133 bags of
310 lbs. each, and 26,354 bags of 100 lbs. each.
The growing crop for 1937 looks very promising.
How¬
ever, we will again be restricted in our sales of sugars pro¬
duced from the 1937 crop in accordance with Government
announcements expected to be made later on.
»* The
Company was allowed to ship and sell in 1936 a
total of 107,904 tons of sugar (basis 96 degree sugars) both
cane
SUGAR
FAJARDO
THE
meeting, Febryary 3,1936, the then outstanding capital stock
was changed from 64,778 shares of $100 par value to 323,890
shares of $20 par value, which new stock was admitted for
listing and trading on the New York Stock Exchange.
At
the same stockholders' meeting, the authorized common
stock was furthermore increased to 700,000 shares of $20
par
value stock.
Attached will be found consolidated Balance
of
Sheet and
(including the Loiza Sugar
Company), duly certified by public accountants.
statement
Profit
and
Loss
For the Directors,
JOHN BASS,
President.
COMPANY OF PORTO RICO
And Associated Organizations
CONSOLIDATED BALANCE SHEET—JULY 31,
1936
LIABILITIES
ASSETS
Capital Stock:
$10,760,700.33
3,514,501.87
Property and Plant
Less—Reserve for Depreciation
Pr6f6rr6(i!
Authorized but not issued—
$7,246,198.46
Work Animals,
Live
for Depreciation)
Stock and Equipment
(Less Reserve
889,772.79
Investments:
Real Estate Mortgages, including interest
due
thereon
(less Reserve)
Chattel Mortgages
Miscellaneous, at cost
*
$293,154.91
15,850.00
—
(No market value
100,000.00
obtainable).
409,004.91
Current Assets and Growing Cane:
Planted and
15,000 shares of $100.00 each.
Common:
Authorized—700,000 shares of $20.00 each
Issued
—323,890 shares of $20.00 each
Including 12,680 shares to be exchanged for old
certificates (of $100.00 par value) when presented—
Capital Stock of Associated Organization in Hands of the
Public (par value)
Mortgages Payable ($50,750.00 Due Within Twelve Months;
Balance, 1938 to 1948)
Planters' Accounts
$83,970.64
Sundry Accounts Payable
370,252.47
454,223.11
Compensation receivable from the Federal
Government under sugar cane production
adjustment contract (based on
certified to by AAA)
Planters' Accounts (less Reserve)
Bills
Reserve for Insurance,
tonnage
Receiv¬
able
and
Accounts
203,401.07
Earned Surplus:
170,867.82
Reserve)
Sugar on Hand, less Reserve for
Shipping, Selling, etc
Molasses on Hand, at net contract sale
price
Balance, August 1, 1935
Add—Profit for the year ended July 31,
74,470.51
(less
Income tax for the year
ended July 31,
1935
paid during the current
year (including minor
adjustment relating to
a prior year)
$175,399.92
Dividends Paid
453,446.00
70,072.85
5,999,591.08
Special Cash Deposits:
collateral secur¬
ity under bond issued for an equal amount
With the Treasurer of Puerto Rico in com¬
pliance with the Provisions of the Work¬
men's Compensation Act
$7,726,387.94
Deduct'
1,104,845.54
$5,420,098.93
2,306,289.01
1936, per annexed account
2,897,739.58
Cash in Banks and on Hand
165,247.55
Contingencies and Replacements
Surplus:
Raw
With casualty company as
1,000.00
247,232.40
Current Liabilities:
$1,162,991.42
315,202.29
Growing Cane
Materials and Supplies
Miscellaneous
$6,477,800.00
$59,886.57
628,845.92
$7,097,542.02
38,000.00
Capital
319,215.93
Surplus
7,416,757.95
97,886.57
Contingent Liability:
Deferred Charges to Profit and Loss:
119,807.20
Prepaid Insurance, Taxes, Rent, &c
As guarantor in fact on a fully secured loan of
made to the owner of lands leased to an
$80,000.00
associated
organization.
$14,762,261.01
$14,762,261.01
THE
FAJARDO
SUGAR
COMPANY
And Associated
OF
PORTO
RICO
Organizations
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR
ENDED JULY 31, 1936
obtained
$7,914,991.04
5i317!690.20
$2,597,300.84
Deduct.
353,715.91
$2,243,984.93
Add—Profit on restricted sugar of prior crops sold during
1936
Net Profit for the year, before providing for
STAGG,
62,704.08
Income Taxes..-$2,306,289.01
MATHER & HOUGH
Public Accountants
141 Broadway
New York City
Telephone
Barclay 7-5580
Cable Address: All Offices
"Lotonkol"
Paris, France
Havana, Cuba
San Juan, P. R.
Newark, N. J.
October 26, 1936.
To the President and Directors
of
Fajardo Sugar Company of Porto Rico:
We have made an examination of the consolidated balance
sheet of The Fajardo Sugar Company of Porto Rico and asso¬
The
records and other supporting evidence and
information and explanations from officers and
review of the accounting
income accounts for the
but we did not make a detailed audit of the transactions.
Sugars on hand available for sale in continental United
States under the 1936 quota have been valued at prices
year,
Puerto
19,736.41
Interest—Net--.
of July 31, 1936 and of the relative
subsequently realized, and those available for local sale in
Rico under the 1936 quota have been valued at
$333,979.50
Provision for Depreciation
as
employees; we also made a general
methods and of the operating and
157,184.89
Less—Expenses of Producing, Manufacturing, Selling, &c--
organizations
tested accounting
Sugar Molasses Produced
$7,554,405.08
Compensation receivable from the Federal Gov¬
ernment under sugar cane production adjust¬
ment contract (based on tonnage certified to
by AAA)
203,401.07
Miscellaneous Income
ciated
consolidated profit and loss account for the year ended on
that date.
In connection therewith we have examined or
approximate market price at the date of this certificate.
Raw sugar on hand, as shown in the balance sheet, includes
approximately 14,400 tons of restricted sugars which are
carried at 2.80 cents per pound, c.i.f. New York. Deprecia¬
tion for the year has been provided for, as usual, at the rate
of 50 cents per bag of sugar produced.
In our opinion, based upon such examination, subject to
the foregoing and to such adjustments as may be made on
final review of the companies' tax matters, the accompanying
consolidated balance sheet and related consolidated profit
and loss account
present, in accordance with accepted
prin¬
ciples of accounting consistently maintained by the com¬
panies during the year under review, their true financial
position at July 31, 1936 and the results of their operations
for the year
ended on that date.
STAGG, MATHER & HOUGH.
Financial
3018
Friday Night, Nov. 6, 1936.
Coffee—On the 31st ulto. futures closed 10 to 11
points
for Santos contracts, with sales of 6,250 bags. New Rio
unchanged to 3 points higher, with sales of
contracts closed
Old Rio contracts closed 24 to 26 points up,
8,500 bags.
Rio de Janeiro futures were 25 to
with sales of 2,000 bags.
higher, and the spot No. 7 price up a further 200
100 reis
the
On the 2d inst. futures closed
2^ francs.
points lower for the Santos contract, with sales of
4
to
New Rio contracts closed 3 points lower to
8,500 bags.
The old
unchanged, with sales estimated at 4,500 bags.
lower, with sales of 500
Rio contract closed 10 to 2 points
bags.
Havre
that country the following day.
due out of
ment
due to
scarce
and^he important announce¬
holiday in Brazil on Monday
futures gained 2 to
1
steady but
Cost and freight offers were
reis.
Cost and freight offers from Brazil were scarce because
Santos Bourbon 2s and 3s were held at
of the holiday.
10.35c., while 4s in one instance were available at 9.65e.
points lower to 3 points
On the 4th inst. futures closed 2
higher for Santos contracts, with sales of 39,000 bags.
new
Rio contract closed 1
with sales of 19,000 bags.
Rio de
Rio contract.
No trading
18.400 milreis per 10
200 reis to
was
done in the old
were
unchanged to
while the spot No. 7 price moved up a further
150 reis lower,
exchange rate
The
point higher to 3 points lower,
Janeiro futures
was
The
kilos.
open
market
20 milreis weaker at 16.880 milreis to the
dollar.
higher to 2 points lower
On the 5th inst. futures closed 1
New Rio
for Santos contracts, with sales of 16,500 bags.
contracts closed
bags.
1
points higher, with sales of 6,000
to 3
Old Rio contracts
were
3 points higher, with sales of
1,500 bags.
Rio de Janeiro futures were 25 reis higher to
unchanged.
Local spot prices and offers in the cost and
freight market
were
unchanged, with Santos 4s at 6.95 to
generally. To-day futures closed 5 to 7 points
up for Santos contracts, with sales of 87 contracts.
Old
Rio contracts closed 5 to 6 points up, with sales of 11 con¬
tracts. New Rio contracts closed unchanged to 5 points up,
9.95 cents
Rio de Janeiro futures
with sales of 36 contracts.
were
150
reis
higher.
Cost and freight offers from Brazil were un¬
changed to 10 points higher. Havre futures were 2 to 2%
francs higher.
Rio coffee
prices closed
as
follows:
6.35
6.38
6.18 July
December.
March--
.—6,20 September
-
6.28
May
Santos coffee
prices closed
as
;_{M3
March
9.43
9.44
May
July
New York
Coffee and
Coffee
Deliveries
9.41
—9.45
September
Sugar Exchange Reports World
October
Through
Below
Similar Period Year Ago
World deliveries of coffee, the nearest the trade can come
to
estimating actual consumption, were 7,663,177 bags
during the first four months of the new crop year, July
through October, against 8,265,328 bags during the similar
1935 period, a decrease of 602,151 bags or 7.3%, the New
York Coffee and Sugar Exchange announced on Nov. 4,
adding:
Coffees of Brazilian origin made up
4,689,684 bags of the total against
5,393,987 during the similar 1935 period,
a
loss of 704,303 bags or 13.1%
while coffees of other than Brazilian growth totaled
2,871,341
a year ago, a
at
a
341
in
were up
1935.
3,668,000,
a
36,152 bags
In
Europe
or
a
Brazilian coffees
loss of 459,303 bags or 15.9% while
2.9%, at 1,295,493, compared with 1,259,-
total
deliveries
decrease of 131,000 bags
sharing to the extent of 1,859,000
or
3,720,177 bags against
decrease of 423,151 bags or 10.2%.
2,424,684 against 2,883,987 showed
all others
2,973,493 bags against
gain of 102,152 bags or 3.6%.
In the United States, deliveries as a whole were
4,143,32S in 1935,
or
versus
were
3.6%,
election.
The London market closed steady.
Considerable
Transactions
hedge selling was encountered in late trading.
totaled 315 lots, or 4,221 tons.
Local closing: Dec., 8.18;
March, 8.20; May, 8.28; July, 8.37; Sept., 8.45.
On the 5th inst. futures closed 15 to 16 points higher.
Heavy buying on the part of a few commission houses in the
late trading was responsible for the sharp advance towards
the close, prices closing at the highs of the day. Transactions
totaled 241 lots, or 3,229 tons. Cables from the Gold Coast
contained a government estimate of 240,000 tons for the
main Accra crop, which is about 10,000 tons under last
year's total. Local closing: Dec. 8.34; Mar. 8.36; May 8.44;
Sept. 8.60. To-day futures closed 8 to 10 points up. Com¬
mission house buying was largely responsible for the advance.
To-day's highs show a recovery of almost two thirds of the
recent break.
Warehouse stocks decreased 788 bags and
total only 695,989 bags. The London market was easy.
Lpcal closing: Dec. 8.43; Jan. 8.43; Mar. 8.44; July 8.62;
Sept. 8.70. Sales were 478 contracts.
now
Sugar—On the 2d inst. futures closed 3 to 7 points up.
Trading was fairly active, with sales totaling 18,650 tons.
New outside buying and covering was noted.
The market
for raws was steady.
No 1936 quota raws were openly
offered or have been since Thursday, when the market was
cleared of offers at 3.35c.
The AAA report on United States
deliveries for nine months at but 1.11% below last year,
against 1.35% loss for eight months, was better than the
trade had expected.
London futures were
to 3^d. lower
in quiet trading.
McCahan purchased 1,000 tons of Philip¬
pines, due about Nov. 16, at 3.40c. On the 4th inst. futures
closed 14 to 19 points higher.
Trading was highly active,
with prices scoring the sharpest advances in many years.
Trading was the heaviest since last Jan. 7, the day following
the Supreme Court decision on the AAA.
The pronounced
activity and advance reflected the reelection of President
Roosevelt and the removal of uncertainties regarding the
continuance of the present quota control system and the
maintenance of the Cuban-U. S. reciprocal treaty.
Sales
for the day totaled 51,150 tons.
In the market for raws
McCahan paid 3.50c. for 2,000 tons Philippines due Nov. 20,
and 3.55c. for 2,000 tons due about Dec. 1.
That company
also paid 3.55c. for 2,000 tons of 1937 quota Philippines—
November-December shipment and Rionda paid similar
price for 7,000 tons. No further 1936 sugars were on offer
while 1937 quota sugars were held at 3.60c. and up.
Sa¬
vannah paid 2.70c. (3.60c. duty paid) for 25,000 bags of
November shipment Cubas, up 20 points.
On the 5th inst. futures closed 5 to 9 points higher, with
sales estimated at 38,200 tons.
In the market for raws spot
was fixed at 3.65 cents, 30 points above Monday's level and
only one cargo each of Cubas and Philippines were known
3,537,000
bags
against
Brazilian grown coffees
2,056.000,
a
of^Puerto
a
high for 1937 sugars.
new
estimated
that little 1936 quota sugars remain unsold.
the refined market, with all refiners going to $4.65 per
eased off later in the session.
In the
raw
market
a
further
advance of 5 points took place on
the sale of 1,900 tons of
Philippines, November shipment, at 3.70 cents. In addition
25,000 bags of Cubas, November shipment, sold at 2.80
cents, equivalent to 3.70 duty paid.
London futures were
unchanged to 3^d higher, while raws were offered at about
0.89 H f-o.b. Cuba.
Prices
were as
follows:
July
2.66
2.68
2.70 January
May
2.72 November
March
__2.6 i
September
a
gain of 66,000
Increase
2.74
points up.
light, with sales for the day totaling 46
lots or 616 tons.
Local closing: Nov., 8.00; Dec., 8.00;
Jan., 80.01; Mar., 8.03; May, 8.11; July, 8.19; Sept., 8.27.
On the 2d inst. futures closed 8 to 10 points higher.
Offer¬
ings from primary markets continued scarce, with a good
demand reported from manufacturers in the spot market.
Total transactions were 99 lots or 1,327 tons in the futures
market.
Local closing: Dec., 8.09; Jan., 8.09; Mar., 8.12;
May, 8.20; July, 8.28; Sept., 8.37.
On the 4th inst. futures
of
4.2% Noted in Sugar Consumption in 13
European Countries During Crop Year Ended
Aug. 31, 1936 as Compared with Previous Year
Cocoa—On the 31st ulto. futures closed 3 to 4
cargo
It is
In
100
pounds Friday, a large business was submitted at $4.50,
which refiners quote for delivery not beyond November 19tli.
Sucrest, the new refiner in the field, was reported booked to
capacity to March. To-day futures closed 1 up to 2 points
down. In the early trading prices were 3 to 5 points higher,
but profit taking checked the rise, with the result that prices
shipment at 3.65 cents,
bags or 4.1%.
was very
a
Ricos and two cargoes of Cubas to local refiners at 3.65 cents
delivered and 2,000 tons of Philippines, 1937 quota, Novem¬
ber-December shipment, and 4,000 tons December-January
loss of 197,000 bags
9.6%, while others were 1,678,000 against 1,612,000,
Trading
Sales included
to be offered at 3.70 cents.
follows:
December
July
1936
closed 8 to 9 points up.
Like most commodity markets,
cocoa reflected the general buying enthusiasm following the
COMMERCIAL EPITOME
up
Nov. 7,
Chronicle
Consumption of
tries
sugar
in the 13 principal European coun¬
ending Aug. 31, 1936, totaled
7,586,745 long tons, raw sugar value, as contrasted with
7,283,410 tons consumed during the similar period last sea¬
during the
crop
year
son, an increase of 303,335
according to Lamborn & Co.
The
13
countries included
Czechoslovakia,
Italy,
Poland,
France,
Sweden
in
the
Germany,
and
the
tons,
or
approximately 4.2%,-
The firm also announced:
survey are
Holland,
United
Austria, Belgium, Bulgaria,
Hungary,
Kingdom.
Irish
Free
State,
Volume
Financial
143
Sugar stocks on hand for these countries
1,726,625
tons
decrease of
F.
0.
tons,
of
season
Licht,
raw
of
1,970,191
European
as
tons
on
the
1, 1936, amounted to
Sept.
on
30Hto34c.
the
principal
13
1936,
1,
sugar
1935, a
Mixed colors, checks to
European
countries
for the
from
is
forecast at 5,989,000 long
7.5%.
October Flour Output
Totaled 5,852,196 Barrels
General Mills, Inc., in
presenting its summary of flourmilling activities for all flour mills in the principal flour-mill¬
ing centers of the United States reported that during the
month of October, 1936, flour output totaled 5,852,195
barrels.
This was a decrease from the 6,402,393 barrels
produced in the corresponding month of 1935. Cumulative
production for the four months ended Oct. 31, 1936,
amounted to 23,606,036 barrels.
This compares with 22,279,381 barrels produced in the like period a year ago. The
corporation's summary further disclosed:
PRODUCTION OF FLOUR
(NUMBER OF BARRELS)
Month of
October
4 Mos. Ended Oct.
31
1936
1935
1,720,308
2,105,096
2,139,247
437,742
5,239,594
8,888,820
7,477,275
2,010,347
5,687,730
7,778,089
7,268,806
1,534,756
5,852,195
Lake, Central and Southern
1935
508,424
Southwest
6,402,393
23,606,036
22,279,381
Pacific Coast
Total for mills reporting
dull, nominally
Quotations: China wood: Tanks, old
crop, 12.7c.; new crop, 12.5c.; drums, spot, 1334 to 13Hc.
Coconut: Manila, tanks, Coast, Jan. for'd, 4 He., Jan. for'd,
6Hc.
Corn, crude, tanks, Chicago, 8H to 9c.
Olive: De¬
natured, nearby, Spanish, $1.20 to $1.25; shipment, $1.15.
Soy bean: Tanks, mills, 8c.; C. L. drums, 9.1c.; L. C. L.,
9.5c.
Edible: 76
degrees, 12Hc.
Lard: Prime, 12Hc.;
extra strained winter, 11 Ho.
Cod: Crude, Japanese, 48c.;
Norwegian yellow, 37He.
Turpentine: 39 to 46c.
Rosins:
Oils—Linseed oil cake market is reported
$7.90 to $8.85.
Cottonseed Oil, sales, including switches, 32 contracts.
Crude, S. E., 8He.
Prices closed as follows:
December
Lard—On the 31st ulto. futures closed with October up
points, and the rest of the list 2 to 5 points higher. This
spectacular advance in the October delivery was attributed
to short covering as the contract expired.
Western hog
receipts were moderately heavy and totaled 17,200 head,
against 10,900 for the same day a year ago.
Prices at
Chicago held steady at Friday's finals.
Lard shipments
from the port of New York were light and totaled 11,200
pounds destined for Southampton.
Liverpool lard futures
were quiet, unchanged to 3d. lower.
On the 2d inst. futures
closed 10 to 12 points higher.
This gain was attributed
largely to short covering, many not caring to be committed
over election day.
Lard stocks for the last half of October
increased 448,331 pounds, but for the month decreased
33
about in line with trade expec¬
62,335,664 pounds, against
13,579,662 pounds at the same time last year. Chicago hog
prices held steady on Monday owing to the lighter market¬
ings than expected. Total receipts for the Western run were
78,100 head, against 48,300 head for the same day last year.
The top price for the day was $9.55.
Lard shipments from
the Port of New York over the week were light and totaled
9,375 pounds destined for Stockholm.
Liverpool lard
futures were 6d. to 9d. higher.
On the 4th inst. futures
closed 20 to 25 points up.
There was general buying influ¬
enced apparently by the strength displayed generally in
other commodity markets following the elections.
Bad
weather throughout the Middle West the past few days has
curtailed the marketings of hogs, and this also played its
part in the upswing of prices.
Final hog prices were 10 to
15c. higher at Chicago, due to the lighter receipts than
expected. Total marketings for the Western run were 69,400
head, against 55,700 head for the same day last year. Export
clearances of lard over the holiday were the heaviest in some
time and totaled 342,900 pounds for Liverpool and London.
Liverpool closed unchanged to 3d. higher.
On the 5th inst. futures closed 5 to 10 points higher. The
continued heavy hog movement and selling by packers
appeared to be well offset by speculative covering of shorts.
The movement of hogs shows an expanding tendency and
marketings were again very large.
Total receipts at the
principal Western markets were 87,900 head, against 52,700
for the same day last year. Hog prices at Chicago declined
10c., the top price for the day being $9.65, with the bulk of
sales reported ranging from $9.25 to $9.60.
Liverpool lard
futures closed Is 6d higher.
Lard clearances from the port
of New York as reported Thursday were light and totaled
9,900 pounds for London and Antwerp.
To-day futures
closed 5 to 8 points up. This rise in lard was looked upon as
a reflection of the sharp rise in corn prices.
The extended
short interest in lard has seemed uneasy and covering has
been much in evidence the past few days.
This
Total stocks
was
are
now
DAILY CLOSING PRICES
Sat.
OF LARD
Mon.
FUTURES IN
Tues.
Wed.
CHICAGO
December
11.52
11.50
H
11.70
Thurs.
11.77
Fri.
11.82
January
May
July
11.62
12.00
12.15
11.45
11.50
11.87
L
L
11.82
11.87
11.92
Pork—Mess, $31.00
per
12.20
12.27
12.32
12.37
12.42
12.50
barrel; family, $33.00 nominal,
per barrel; fat backs, $22.25 to $24 per barrel.
Mess nominal; packer nominal; family, $17.00
Beef: Quiet.
to $18.00
per
India mess nominal.
Cut meats:
hams, picnic, loose, c.a.f.: 4 to 6 lbs., 14He.;
6 to 8 lbs., 14^c.; 8 to 10 lbs., 13Hc.
Skinned, loose,
c.a.f.: 14 to 16 lbs., 21 He.; 18 to 20 lbs., 19c.; 22 to 24 lbs.,
1734c.
Bellies, clear, f.o.b,, New York: 6 to 8 lbs., 18Hc.;
8 to 10 lbs., 1834c.; 10 to 12 lbs., 18He.
Bellies, clear,
dry salted, boxed, N. Y.: 14 to 16 lbs., 16^c.; 18 to 20 lbs.,
16He.; 20 to 25 lbs., 16Hc.; 25 to 30 lbs., 16Hc.
Butter:
Creamery, firsts to higher than extra and premium marks:
nominal;
Pickled
extra
9.95 @10.00
__10.05@10.08
10.15@
10.16@10.19
January
February
March
November
9.95®
10.20@
10.22®
10.25®
April
May
June
Petroleum—The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
Rubber—On the 31st ulto. futures
opened 5 to 8 points
advance and continued very strong during the morning in
active trading.
Transactions totaled 1,450 tons.
Spot
ribbed
smoked
London
barrel
special packs: 24 to 34Ho.
in the article entitled "Petroleum and Its Products."
1936
1,229,155
2,322,610
1,792,006
Northwest
tations.
Eggs:
around $28 per ton.
according to advices received
authority,
compared with 5,570,000 tons in the previous season,
419,000 tons, or
366,000 pounds.
Cheese: State, held, 1935, 22H to 23c.
in
date
same
approximately 12.4%.
or
for
sugar
starting Sept.
the
sugar,
increase
an
against
243,666 tone,
Production
coming
as
3019
Chronicle
sheets
advanced
to
17.07c.
from
16.97c.
and
Singapore closed 1-16d. and 1-16 to 5-32d.
higher, respectively.
Local closing:
Dec., 17.12; Mar^
17.15; May, 17.16; July, 17.19; Sept., i7.27.
On the 2d
inst. futures closed 1 to 6 points higher.
Transactions
totaled 1,250 tons.
Spot sheets advanced to 17.13c. London
and Singapore closed unchanged, to H to 5-32d. higher,
respectively.
Local closing:
Dec., 17.13; Mar. 17.19;
May, 17.22; July 17.25; Sept., 17.30.
On the 4th inst.
futures closed 33 to 36 points higher.
Transactions totaled
2,360 tons.
Spot sheets advanced to 17.44c.
London and
Singapore closed 3-32 to Hd. up respectively. Local closing:
Nov., 1.84; Dec., 1.83; Jan., 1.80; Feb., 1.78H; Mar., 1.77.
On the 5th inst. futures closed 4 points down to 1 point
Trading was again quite active, with transactions
totaling 2,600 tons.
London and Singapore closed quiet
steady respectively, with prices virtually unchanged.
Factory interest in the outside market was small, but outside
prices held unchanged on a spot basis of 17 9-16e. for standard
sheets.
Local closings: Nov. 17.39; Dec. 17.42; Jan. 17.44;
Mar. 17.50; May 17.56; July 17.61.
To-day prices closed
7 to 10 points up.
The market opened 6 to 15 points up
with all deliveries moving into new high ground, quotations
up.
and
being the best since February, 1930. Trading was active,
a
total of 1,550 tons in the early afternoon.
The
London rubber market was firm, with prices l-8d to 3-16d
with
It was estimated that the United Kingdom stocks
Local closing: Dec.
1,800 tons this week.
17.49; Jan. 17.53; Mar. 17.60; May 17.65; July 17.68;
Sept. 17.72.
higher.
had
decreased
Hides—On the 31st ulto. futures closed
unchanged to 3
Transactions were 920,000 pounds. In the
domestic spot market 157,000 branded cows sold at 11He.,
also 2,100 hides of other grades at unchanged prices.
Local
closing: Dec. 11.67; Mar. 12.00; June 12.30; Sept. 12.63. On
the 2d inst. futures closed 2 to 4 points higher.
Sales totaled
1,680,000 pounds.
Stocks of certificated hides in ware¬
houses licensed by the Exchange remain unchanged
at
842,663 hides.
Spot markets were quiet, with no sales
reported.
Local closing: Dec. 11.71; March 12.03; June
12.33; Sept. 12.66.
On the 4th inst. futures closed 17 to 20
points higher. The firmer tone throughout the session was
attributed to the firmness displayed in most commodity
markets, reflecting in large measure the relief from the great
points higher.
the elections.
Transactions
Stocks of certificated hides in
warehouses licensed by the Exchange decreased by 1,365 to
a total of 841,298 hides.
The domestic spot hide markets
were reported quiet, but in the Argentine there were 13,000
frigorifico steers sold at 12 13-16 to 12 15-16c. In Uruguay
there were 2,000 frigorifico steers sold at 13 3-16c.
Local
closing: Dec. 11.88; March 12.23; June 12.50; Sept. 12.84.
On the 5th inst. futures closed 6 to 12 points higher.
Transactions totaled 5,760,000 pounds.
Stocks of cer¬
tificated hides in warehouses licensed by the Exchange
increased by 7,230 hides to a total of 848,528 hides.. In the
domestic markets for spot hides 59,700 hides were sold with
heavy native steers changing hands here in New York at
15Hc. Local closing: Dec. 11.96; Mar. 12.29; June 12.62;
Sept. 12.94.
To-day futures closed 1 to 4 points down.
Transactions totaled 65 contracts.
There was a heavy
turnover in the spot market, with sales totaling 128,100
hides up to noon, with light native cows selling at 12 cents,
up 34 of a cent from the previous transaction. In Argentine
there were 3,000 frigorifico extremes and light steers sold
in the spot market. Local closing: Dec. 11.95; Mar. 12.26;
June 12.58; Sept. 12.92.
uncertainties
connected with
totaled 2,880,000
pounds.
Freights—The market for charters is reported as
inactive, the insurgent strike being responsible tola
extent.
The few items to follow reflect this dulness.
Ocean
very
large
\
3020
Financial
Trip: trip
$2.05.
Sugar: Nov., Cuba, 5.600 tons,
Liverpool, Antwerp, Rotterdam, AmsterNov .-Dec., same rate, 5,500 tons.
Same,
across,
16s. 6d. London,
dam.
Same,
16s., 5,550 tons.
It is said that these sugar rates
reported, iay have been 6d. below the actual contract
prices.
Grain: Prompt, St. Lawrence to Casablanca, 2s. 4d.
Nov.,
,
„
Coal—Underlying market values
for
Nov.
Thus
far
the
weather
are
as
generally unchanged
whole
a
has
not
en-
couraged price marking upward, though top grades of coal
are
strong, and some smokeless shippers have advanced
prepared sizes from 5 to 10c.
Bituminous dumpings at New
York on Monday ran over 500 cars though
temperatures are
slightly higher.
Country dealers in the West are still slow
in ordering coal.
Primary distribution of bituminous coal
in eight months of 1936 stands at 265,391,000
tons, and
11% gain over 1935.
Copper—The outstanding feature of the week was prostrength and activity in the European markets,
The price of export copper reached a new high at the
equivalent of 10.48c. a pound Monday, as against 10.35c. at the
close of the previous week and 9.85 a month ago.
At the
nounced
same
time domestic sales for Oct.were reported to be 178,795
tons, an all-time high, compared with the previous record
of 175,900 tons recorded last July.
The unusual
activity of
foreign and domestic
situations.
The price of export copper has been on the
up¬
grade for several months.
Reports from Europe say that
last month
attributed to both the
was
demand is both for industrial and
war purposes, with the
taking credit for the recent price increases.
However,
the domestic situation has been influenced
primarily by the
healthy situation here, according to trade authorities.
It
is
reported that there has been very little speculative buying
despite the bullish tone of the market, and at present major
producers are reported to be selling only to regular customers,
Some producers, it was rumored, were ready to lift the
price
in the domestic market, but three
prominent producers were
reported as holding to 10c.
The situation is said to be the
latter
most
tense
in
years, and the chief concern of the
is to prevent a runaway market.
many
producers just
now
/
#
Tin—According to latest reports,
Siam agreed to cooperate toward renewing the tin export restriction agreement
at a meeting at Paris last
Thursday. The respective governments involved in the tin
plan will now either sanction or
oppose the arrangements made at Paris recently, according
to cables received here.
It is presumed that Siam has conceded acceptance of a quota "of 15,000 to 17,000 tons
per
year, as against her original demand for 20,000 tons.
As a
result of the more optimistic
feeling over the tin meeting,
the London Metal
Exchange was very buoyant, the price
of standard tin rising £10 5s
per ton, the sharpest change
for a day in several years.
On the curb market at London
Thursday, there were offers at £220 15s per ton, but
shortly thereafter £222 was paid.
However, American
on
traders
Chronicle
Nov.
7.
1936
Steel—Ingot production this week is figured at 74.7% of
capacity by the American Iron & Steel Institute. This is an
increase of four-tenths of
a
point
1
...
with 75.3%
over
the previous week, and
*
,,
month
.
„
,,
This increase for the
week is regarded as significant, especially m view of the preelection uncertainty, and with election now over, many
compares
observers expeet
a
ago.
that the most spectacular purchasing in
,.
/A
,
.
som? time wlU be Messed over the balance of the year, this
coming in large
the railroads.
measure
from the automobile makers and
Automobile assemblies
are
week and railroad purchasing proceeds
per
approaching 75,000
apace. Prospective
demand for locomotives is the best in several months.
It is
reported that the New York Central may buy more than the
50 engines inquired for originally.
The Union Pacific is
expected to buy ten locomotives, the Western Pacific the
same number, and the Burlington 5
engines. It is estimated
that 40 tons of steel plates alone are
required for 1 locomotive, and of course much steel is involved in the machinery
which enters an engine.
The Burlington may also buy over
3,000 freight cars, each car to take approximately 12 tons
0f steel.
Indications
are
stronger than
ever
that steel wages
will be advanced generally.
This of course implies a further
rise in prices of steel.
Within another 2 or 3 weeks
price
policies for first quarter of next year should be defined. The
wage questions will probably be settled by that tim^.
Pig Iron—Now that the election uncertainties are out of
the way, some local pig iron sellers expect a better volume
of business.
It is stated, however, that there is not much
potential demand, since producers will not yet sell for first
quarter of 1937, and since the needs of consumers would
to be about covered over the rest of the
year.
Notwithstanding all this, the volume of sales has been surprising to some agents. The first announcement of expected
increases in pig iron prices came from a New England
maker,
and this is thought by some to be the forerunner of similar
action on the part of other
producers. The head of the
Bethlehem Steel Corporation recently told
newspapermen
that stocks of raw steel at the
producers plants are very
low and that no surpluses have been built-up. It is assumed
that the same holds true for
pig iron stocks,
seem
Wool—There was quite a spurt in activity in the wool
market, with sales estimated at 20,000,000 pounds in the
last few days. Prices were reported as higher on all lines,
Manufacturers are said to be entering the market at an
earlier period than anticipated, and in a most substantial
way,
apparently indicating
some concern
about the supply
of domestic wool to meet mill requirements. It is assumed
that if buying were deferred until the opening of the new
a scramble for raw material supplies at that time
would probably lead to a sharp advance in values.
The
strong position of wools in the overseas market is another
factor to be taken into account, and the presumption is that
New Zealand and South America later in the year will meet
year,
asserted that speculators were in the saddle at
London and that the price is
apt to come down as sharply
as it advanced.
In the domestic market dealers and im-
has encountered for merinos.
porters bought freely in every position, but American consumers were
reported as still wary of the market. It is believed that most American consumers are
supplied on their
bag wools are at the highest prices for months and sharing
the rise are the Texas and fleece wools. The best original
hag territory, Montana and Wyoming type, has sold at 91c.,
needs over the rest of the
year and can afford to await more
settled conditions in the tin market.
The next meeting of
the International Tin Committee will be held at London
December 11th.
*
Lead—Activity and
strength
in
pronounced the past week, with
for December shipment.
The
this
the
metal
was
most
principal purchasing
underlying strength of the
advance
Wednesday,
4.95c. per pound, New York,
lead market is clearly demonstrated
by the general
of $2. per ton in
pig lead which went into effect
establishing prices at 4.90c. to
and at 4.75c., East St.
Louis, new high levels since 1931.
The St. Joseph Lead Co. started the advance and
shortly
thereafter the American
Smelting & Refining Co. gave out
word that its price had been lifted.
Others followed, and
before noon Wednesday the rise had become
general.
A
complete advance of $6. per ton has been achieved by this
series of changes.
It is stated that November needs of
consumers
are
are
some
90 per cent covered.
Only carload lots
therefore being bought for
delivery this month. For
sixteen consecutive
weeks the demand for lead has been
better than average and the demand has been well
diversified,
it is reported.
Some attributed the additional rise in the
American
lead
other metals
on
market
to
the
sharp advance in lead and
the London Metal
.
_
,,
.
,
was
very active
,
last week,
sales of slab zinc
totaling 19,302 tons, consisting of 18,856
tons of prime Western and 446 tons of brass
special. Unfilled orders for brass special at the end of the week stood at
56,818 tons,
up 14,413 tons, with total unfilled orders, when
special is included, 59,313 tons, up 14,608 tons. Shipments of prime Western last week came to
4,443 tons and
total shipments of 4,694 tons are indicated.
All sales were
made at 4,85c., East St. Louis, for
shipments in December,
January and beyond.
The large sales of last week were
quite a surprise to many in the trade, and in view of the
extraordinary demand it was regarded as rather puzzling
that prices were not advanced.
brass
demand for their crossbreds
as
Australia to date
As November opens,
original
scoured basis.
Demand for original bag wool is depleting
very considerably the stocks available and dealers during
the past few days have been able to sell these wools at additional advances of
approximately 2c. per scoured pound,
the choice staple
length now quoted 89c. to 91c., best
original French combing 87c. to 90c., and the average class
3 wools at from 83c. to 86c.
Silk—On the 2d inst. futures closed lc. down to lc. up.
Transactions totaled 1,060 bales. Cables reported an easing
of 6 yen for grade D over the week end, putting it at 790
Yokohama and 795 yen at Kobe. Bourse quotations
2 to 7 yen higher at Yokohama and 3 yen down to 1 yen
up at Kobe.
Cash sales were 950 bales, while futures
transactions totaled 2,975 bales.
Local closing:
Nov.,
1-81^; Dec., 1.783^; Jan., 1.75; Feb., 1.74; Mar., 1.73^;
Apr., 1.72; May, 1.72; June, 1.713^On the 4th inst.
yon at
were
futures closed 23^c. to 5c. higher.
There was considerable
trade and speculative buying in evidence throughout most
of the session, and this in the face of weaker Japanese cables,
Cables reported grade D 10 yen lower in Yokohama and 5
yon lower at Kobe, both centers quota ting 785 yen.
Bourse
prices at Yokohama were 6 to 14 yen lower, and Kobe was
6 to 10 yen lower.
Cash sales for both centers were 1,600
bales, with transactions in futures totaling 5,550 bales. Local
^
Exchange.
*
Zinc—The market for this metal
a3 strong a
closing:
Nov., 1.84; Bee,; 1.83; Jan., 1.80; Mar., 1.77;
May, 1.76.
On the 5th
inst. futures closed lc.
higher to lc. lower,
Transactions totaled 1,580 bales.
Japanese cables reflected
the strength here on
Wednesday. Grade D rose 25 yen to
810 yen at both Yokohama and Kobe.
at Yokohama were 25 to 29
Bourse
quotations
higher,
while at Kobe
quotations were 20 to 24 yen stronger.
Cash sales were
2,425 bales, with transactions in futures
13,500 bales,
Local closing: Nov. 1.84; Dec.
1.82; Jan. 1.793^; Mar.
1.783^; May 1.77. To-day futures closed l^c. to 3c. up.
yen
The
silk market
session.
1,480
Trading
bales.
was
was
Crack
strong throughout almost the entire
unusually active with sales totaling
XX
in
the
New
York
spot
market
Volume
Financial
143
declined % cent to
$1.84'^.
The Yokohama Bourse
closed
lower while the price of grade D in the outside
1 to 5 yen
Nov.
Local closing:
1.85H; Dec. 1.84; Jan. 1.82; Mar. 1.80^; May 1.79;
June
1.79.
market
unchanged at 810
was
Sales
202
were
yen
bale.
a
the local futures
in
contracts
From
Exported to—
Aug. 1, 1936, to
Nov. 6,
Great
1936
Exports from—
Galveston
Beaumont
New Orleans..
4
COTTON
Movement
Jacksonville...
Pensacola, &c
1936.
For the
week ending this evening the total receipts have reached
259,641 bales, against 385,111 bales last week and 378,683
bales the previous week, making the total receipts since
Aug. 1, 1936, 3,486,465 bales, against 3,633,336 bales for
the same period of 1935, showing a decrease since Aug. 1,
is given below.
from the South tonight,
grams
1936 of 146,871 bales.
Charleston
Wilmington
34,499
13,601
1,315
18,132
10,241
Houston
7,425
16,703
1,037
20,880
13,886
6,532
Corpus Christi.
703
_
New Orleans
21,472
2,396
Mobile
141
2,352
664
137
8,769
1,875
6,767
7,086
192
612
Charleston
190
241
1,093
Lake Charles
—
■
—
•
Norfolk
32
43
421
278
2.569
998
1,287
289
Baltimore
53,184
54,813
33,550
46,454
22,165
1,094
48,930 259,641
22,710
500
49,850
6,538
3,674
2,582
3*,519
26,046
655
LI 19
5,213
2,012
2,850
e'ooo
1*505
4*, 747
201
1,312
482
50
133
955
*222
Boston
166
2
225
698
100
"*54
4
Baltimore
58
1*281
Los Angeles...
San Francisco.
2",560
4,528
601
100
49,197
3,212
3,831
487
2,460
1,413
62,676
369
132
Philadelphia
4,669
<53
364,985318,793
273,192
84,074
477,045
5,135 213,000 1736,224
429,311184,021
205,201146,868
Total
213,271125,053
176,927130,294
417,080
560,081
11,785259,1311639,652
42,915243,2181505,104
from Brownsville
In addition to above exports,
our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
'
On
Shipboard Not Cleared for—
Leaving
Nov. 6 at—
Ger¬
Great
'Britain
Galveston
Houston
New
Totals this week.
19,851
52,514
129
21,611
France
1,463
1,035
565
270
_
107
168
181
932
Wilmington
51,902
355
22,683
127
4,546
1,455
1,051
6,575
1,455
-
470
58,823,
495,646
366,420
172,744
7,660
318,866
30,570
70,900
2,317
56,465
68,230
64,976
1,200
7,765
1.314
1.315
1,020
266
—
138
134
'
.
—
127
—
46
—
322
Jacksonville
Savannah
529
559
257
112
9
Pensacola, &c
95,752
72,414
3,997
64,974
7,711
14,991
18,602
6,819
6,735
66,310
15*158
616
♦Includes exports
Halveston
3,710
50
54,981
1,637
Gulfport
Total
Other
209,309
97,140
666
1,791
New York....
Total 1935
Wed.
58,242: 29,493
45,269 25,725
8,628
6,588
Norfolk
Total 1934
Tues.
Japan | China
| Italy
Total
Fri.
Thurs.
Mon.
Sat.
Receipts at—
I
■
many
*489
26,877
34,525
34,281
1,200
Savannah
Crop, as indicated by our tele¬
the
of
.
Mobile
Friday Night, Nov. 6,
The
France
47,969 80,613
76,918 68,996
42,754 37,745
287
6,657
45,540 100,323
6,748 15,518
33,989
8,490
1,223
Houston
Lake Charles.
Ger-
Britain
Corpus Christi*
market.
3021
Chronicle
Orleans..
Savannah
12,800
2,454
3,261
Other
Foreign
wise
4,000
11,300
4,420
15,645
902
6,489
3,000
4,200
27,000
14,624
8,154
*300
2*161
2*075
Mobile
Total
58,100
26,600
33,549
500
500
Charleston
The following table shows the week's total receipts, the
total since Aug. 1,1936 and stocks tonight, compared with
Stock
Coast¬
many
300
4,236
Norfolk
Other ports
784,459
496,233
717,895
158,269
74,897
128,322
29,389
164,417
last year:
Total 1936..
Total 1935.
Stock
1935
1936
...
Total 1934
20,590
30,880
14,374
31,365
36,686
6,967
7,500 123,285 2,553,791
14,027 270.091 2,623,517
89,750 2,998,086
1,000
11,391
52,439
39,138 149,360
60,367
7,042
Receipts to
This
Galveston
Texas
Since Aug
This
Since Aug
Week
Nov. 6
1, 1936
Week
1, 1935
City
72 ,414
3 ,997
Houston
Corpus Christi—
Beaumont
New
64 ',974
Orleans
815,320
27,094
839,084
239,437
31,162
844,058
522,833
76,773
26,193
751,354
803,116
14,998
711,424
85,102
30,043
696,719
18*219
205", 545
132", 558
127*125
3,634
108,941
3,466
242,013
11.196
2,980
158,769
24,666
5,134
217,275
Gulfport
7 ,711
Mobile
Pensacola,
128,851
67,282
3,386
91,941
266
&c
127
Jacksonville
Savannah
Speculation in cotton for future delivery was relatively
1935
1936
83,271
4,090
767",986 121,497
4,278
267,045
8,039
938,571 100*607
95,752 1,015,018
,051
22
9,642
842,559
50
12*769
149*637
,569
115,674
49,920
8,519
15,857
1,195
1,331
1,640
51,833
10,109
20,257
1,287
8,376
1,491
5,380
Wilmington
,455
,463
81,097
Norfolk...
75.197
28,205
14,604
29,389
39,164
18,787
32,471
loo
',575
Lake Charles
"4*854
Newport News—
New York
3,366
Baltimore
248
950
Boston
1,390
Philadelphia
Totals
....
259,641 3,486,465 363,686 3,633,336 2,677,076 2,893,608
In order that
we
comparison
may
be made with other years,
give below the totals at leading ports for six seasons:
95,752
72,414
64,974
7,711
1,051
Houston
New
Orleans.
Mobile
Savannah
Brunswick
,
—
—
-
m
Wilmington
__
12,769
1.463
1,331
1,640
2,669
Norfolk
—
•»
—
«.
7,132
All others....
2,242
3,418
_
—
*6.675
Newport News
87,729
92,876
55.666
8,163
3,538
3,347
3,378
121,497
100,607
18,219
9,642
..
Charleston
1933
41,022
43,755
35,473
83,271
-
—
—
—
1931
1932
1934
1935
1936
Receipts at—
Galveston
107,487
166,227
73,226
21,961
6,485
111,065
153,638
67,531
8,011
2,522
823
435
1,596
4,359
1,712
1,989
2,756
2,956
4,408
18,693
—
4,811
1,137
3,982
26,229
672
.....
-
14,710
12,661
-
-
31,177
377,879
417,118
363,686
275,658
148,501
259,611
1. 3,486,465 3,633,336 2,389,963 3.861,402 3,729,869 4,227,297
Total this wk.
Since Aug.
The exports
57,323
for the week ending this evening reach a total
bales, of which 25,199 were to Great Britain,
of 240,081
France,
to
48,067 to
Germany,
12,562 to Italy,
59,541 to Japan, 1,238 to China, and 36,151 to other destina¬
the
In
tions.
were
corresponding week last
224,739 bales.
have been
same
For the
season
year
total exports
to date aggregate exports
1,736,224 bales, against 1,639,652 bales in the
period of the previous season.
Below
are
the exports
for the week:
Exported to—
Week Ended
Nov. 6,
1936
Exports from—
Britain
France
6,349
Galveston
14,087
12,301
631
Houston.
34,488
2,887
New Orleans
Lake Charles
-
....
—
189
Pensacola, &c—
1,207
8,667
Savannah
Charleston
10,640
11,046
Italy
8,060
4,502
China
Japan
26,445
10,383
1,238
....
....
179
5,375
4,890
368
1,207
9,192
246
9
....
...
21.
22,713
1,050
25,199
5^7,323
48,067
12,562
59,541
Total 1935
60,704
8,476
32,598
18,332
13,852
9,259
16,154
Total 1934
61,991
51,869
Total
100
71,077
246
9
62,655
50
....
607
Los Angeles
10,336
Total
60,382
1,808
1,222
....
680
3,668
7,650
14,875
____
21,083
Other
525
Norfolk
Gulfport
many
50
Beaumont
Mobile
Ger¬
Great
24,580
1,238
36,151 240,081
3,546
35,894 224,739
36,810 147,794
•
17,875
5,173
during
most
sessions
of
Wednesday, following President
market became
ward
the
the
week.
However,
on
Roosevelt's reelection, the
vigorously active, with prices bounding up¬
$1 to $1.50
followed
a
bale.
election
A
news,
wave of heavy general buying
the feeling apparently prevail¬
ing that production control will continue during next year.
The
on
upward movement, however,
apparently not
ers
Brunswick
Charleston
light
the
caring to
was
take
not sustained, trad¬
an
aggressive position
upward side in view of the uncertainty as to what
the coming final
crop
report will show.
On the 31st ulto., prices closed 2 points higher to 6 points
lower.
Trading was more or less restricted on account of the
approaching election.
Near the close there was a little spurt
in the trading, but it had no appreciable effect on prices.
Leading spot houses and cooperatives sold, apparently
hedging.
However, the offerings appeared to be readily
absorbed.
One house was a good seller of October and
December, with sales of the latter totaling about 5,000 bales.
Another spot house bought about 3,000 bales of December.
An item of interest was the Department of Agriculture
prediction that Japan, during 1936-1937, would purchase
more Brazilian cotton than in the preceding season, while
imports of the American lint will be below the year previous.
Average price of middling in the 10 designated spot markets
for the week to Friday, Oct. 30, was 11.93c. against 12.08c.
the preceding week.
On the 2d inst. prices closed 1 point
down to 4 points up.
Trading was light, with the market
sensitive to the slightest demand or presssure.
It was a
typically pre-holiday session.
Business was confined mostly
to local sources and consisted mainly of hedging, trade buying
and evening-up.
There was considerable evening up and
covering towards the close.
Leading spot houses and co¬
operative brokers were credited with selling December,
January, March and May, well distributed.
Around the
noon hour, 5,000 bales of March and May were sold, pre¬
sumably hedges, and credited to cooperative account.
Trade interests and shorts absorbed contracts.
Predictions
of
freezing weather in the western belt were practically
ignored.
Only light scattered liquidation resulted from
publication of a private crop estimate, which was around
the 12,000,000 bale mark.
Average price of middling in
nine designated spot markets was 11.92c.
On the 4th inst.,
prices closed 17 to 28 points higher.
The active buying in
this market was influenced largely by the general belief among
traders that the election, implies crop control as well as a
possibility of inflationary develpoments.
The early spurt
sent prices 23 to 32 points above previous closing finals.
There was considerable profit taking late in the day, but
this failed to have any marked effect on the early gains.
Offerings appeared to be well absorbed up to the close.
Freezing weather over most of the Western belt, which was
believed to have brought to an end crop developments,
as
well
act
as
as
rains in the Eastern half of the belt—seemed to
an
effective check to aggressive selling, despite the
substantial bulge in prices.
Demand for spot cotton was
reported quiet, as the market apparently had not adjusted
itself to the higher price levels,while similar conditions pre¬
vailed in textiles, with both markets showing a firm under-
3022
tone.
Financial
Chronicle
Futures—The
Average price of middling at the 10 designated spot
markets
On
12.09.
was
9 points higher to 6 points
slow, with the price range
Supported by considerable price-fixing by tile
trade and mill interests, December closed at 11.89c., up 9
points, while October closed 6 points off at 11.40c.
Both
domestic and foreign buying was in good volume in the
early session.
Scattered hedge offerings appeared to be
easily absorbed,
this
and
the
market
4
rose
10 points.
to
On
however,
moderate profit-taxing
developed,
prices to ease from the highs.
In the early
afternoon cooperative brokers were credited with
selling
about 15,000 bales of May, which was well taken
by local
caused
professionals and trade.
Currently the trade is antici¬
pating a crop of about 11,850,.000 to 11,900,000 bales, or
slightly lower than had been expected a short while ago.
Monday,
Tuesday,
Wednesday,
Thursday,
Friday,
Nov. 2
Nov. 3
Nov. 4
Nov. 5
Nov. 6
Nov. (1936)
Range—
paid considerable attention to the private predic¬
tions, which showed gains of about 500,000 bales over the
estimates of a month ago.
Average price of middling in
the 10
designated
spot markets
Range.
easier
the
cables from
start,
market
at
abroad.
higher
prices
a
pressure
the
goods
gray
mid-day
Range.
encountered
was
cotton
during the 1935-36
high record,
tained
in
Cotton
the
according to
ninth "Cotton
Exchange.
any
a
new
review
of
the
Year Book"
of
the New
a
Consumption last
largest recorded in
Staple
established
season
previous
trade
Range.
the
by 1,951,000 bales.
season
Differences between grades established
for deliveries on contract to Nov.
of average ot
markets quotin
for deliveries on
13,1936
Nov. 5, 1936
Inch
.62
.35
of
the
ten
designated by the Secretary of
Agriculture.
.62
.35
quotations
average
markets
longer
.35
the
are
loch &
.62
Good Middling
on
.63
do
.53
do
.62
Strict Middling
do
.34
do
.60
Middling
do
Basis
.29
.53
do
Strict Low Middling
do
.24
.41
49 off
Mid
do
1 13
♦Strict Good Ordinary.,
do
1.81
do
do
...2.38
do
.62
.35
,f 2
Strict Middling
do
do
.34
.60
Middling
do
do
.29
.53
Strict Low Middling
do
do
.24
.41
Low
do
.35
I
Extra White
Middling
.53
do
on
34
do
do
do
even
48 off
Closing
.
do
do
l.ii
do
♦Strict Good Ordinary
do
do...
1.79
do
do
do
11.85-11.86 11.85-11.86 11.78-11.79
Range—
11.8477
11.6477
Closing. 11.6377
Aug.—
Range..
11.7077
11.4677
Closing. 11.4577.
Closing.
11.46-11.47 11.40
Range for future prices at New York for week ending
trading began on each option:
Nov. 6, 1936, and since
Range Since Beginning of Option
Range for Week
Option for—
10.42
Oct
1936
Nov
1936
Dec.
1936.. 11.57 Nov.
1937.. 11.53 Nov.
Feb
2 11.90
Nov.
2 11.87
Nov.
Nov.
April 1937
May 1937.. 11.60 Nov.
5 11.58
2 11.92
Nov.
2 11.89
Nov.
5 11.55 NOV.
10.20
1937- 11.14 Oct.
4 11.52
Nov.
31 11.50 Nov.
afloat
.34
Stock at Rotterdam
.56
do
do
Stock at Trieste
1.87
Sat.
do
1 28 off
do
do
do
168
do
1 24
Gray
do
.54 off
do
do
.77
do
1.22
do
Mon.
12.08
Tueg
Wed.
Hoi.
12.25
Thurs.
12.34
Fri.
12.27
Quotations for 32 Years
middling upland at New York on
Nov. 6 for each of the past 32
years have been as follows:
1936
1935
1934
1933
....
-12.27c.
-11.45c.
....
-12.30c.
9.55c.
-
1932
-
1931
-
1930
6.45c.
6.75c.
-10.85c.
-17.30c.
1929
for
1928
1927
1926
19.20c.
21.25c.
12.60c.
21.00c.
23.60c.
33.25c.
1925
1924
1920
20.25c.
39.75c.
1912
1919
1911
9.40c.
1918
31.60c.
1910
14.80c.
1917
28.90c.
1909
14.35c.
19.05c.
1914
11.65c.
*11.00c.
1913
14.90c.
11.90c.
1908
1907
1906
18.90c.
1921
1916
1915
25.50c.
1923
1922
1905
9.30c.
11.00c.
10.30c.
11.60c.
Aug. 17.
Total Continental stocks
Market and Sales at New York
The total sales of cotton on the
spot each day
week at New York are indicated in the
during the
following statement.
For
the
convenience
closed
on
same
of the reader, we also add columns
glance how the market for spot and futures
a
Futures
Closed
SALES
Market
Closed
..
Spot
Conlr'ct
Total
Steady, 2 pts. adv.. Steady
Steady, unchanged. Steady
HOLI DAY.
Quiet, 17 pts adv.. Steady
Steady, 9 pts. adv.. Steady
Quiet, 7 pts. dec
Barely steady..
Total visible supply
351,000
626,000
979,000
7,790,235 7,290,893 7,979,001
Of the above, totals of American
bales.
Manchester stock
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. S. ports stock
U. S. interior stock
U. S. exports today
Total American
East Indian, Brazil, &c.—
Liverpool stock
Manchester stock
Havre stock.
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East
"400
"455
300
week
700
decrease
Since Aug. 1
33,963
66,763
9, 602.041
are as
follows:
India, .fee
218,000
159,000
244,000
399,000
46,000
41,000
33,000
45,000
99,000
101,000
291,000
148,000
56,000
132,000
13,000
60,000
90,000
897,000
421,000
406,000
264.000
621,000
2,677,076 2,843,608 3,087,836 3, 920.754
2,301,784 3,287,554 1,922,254 2, 080,851
58,375
25,731
18,911
57,436
5.982,235 6,029,893 6,083,001 8,021.041
455,000
40,000
66,000
39,000
27,000
66,000
192,000
325,000
598,000
260,000
33,000
61,000
18,000
55,000
62,000
166,000
221,000
385,000
632,000
29,000
69,000
26,000
18,000
55,000
171,000
286,000
610,000
344,000
44,000
82.000
59,000
105,000
385,000
562,000
1,808,000 1,261,000 1,896,000 1,581,000
5,982,235 6,029,893 6,083,001 8,021,041
Continental imports for past week have been 88,000 bales.
The above figures for 1936 show an increase over last
700
32",855
and other descriptions
Total visible supply
7,790,235 7,290,833 7,979,001 9.602,041
6.92d.
Middling uplands, Liverpool
6.47d.
6.81d.
5.3ld.
Middling uplands, New York
12.27c.
11.70c.
12.50c.
10.05c.
Egypt, good Sakel, Liverpool
11.71d.
9.92d.
9.1 Id.
7.70d.
Broach, fine, Liverpool
5.72d.
5.93d.
5.28d.
4.38d.
Peruvian Tanguis, g'd fair, L'pool
8.12d
C.P.Oomra No.l staple, s'fine.Liv
5.73d
300
832.000
48/,000
241,000
27,000
75,000
125,000
18,000
6,000
ArtiBvicdTt
week.
Total
938,000
320,000
158,000
21,000
64,000
49,000
8,000
6,000
European stocks
1,151,000
844,000 1,564,000 1,811,000
India cotton afloat for Europe—
66,000
55,000
62,000
59,000
American cotton afloat for Europe
421,000
406,000
264,000
621,000
Egypt. Brazil,&c.,afl't for Europe
192,000
166,000
171,000
105,000
Stock in Alexandria, Egypt
325,000
221,000
286,000
385,000
Stock in Bombay, India
598,000
385,000
610,000
562,000
Stock in U. S. ports
2,677,076 2,893,608 3,087,836 3,920.754
Stock in U. S. interior towns
2,301,784 2,287,554 1,922.254 2,080,851
U. S. exports today
58,375
18,911
25,731
57,436
Total American
days.
Spot Market
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
162,000
74,000
12,000
26,000
64,000
11,000
2,000
Total
Bremen stock
which show at
493,000
1932
do
New York
quotations
19 1936
743,000
89,000
......
Liverpool stock
The
Oct.
do
2.41
do
12.08
27 1936 11.61
1934
876,000
62,000
Stock at Venice and Mestre
1 17
The official quotation for
middling upland cotton in the
New York market each day for the
past week has been:
Oct. 31 to Nov. 6—
Oct.
1935
419,000
74,000
673.000
86,000
Stock at Barcelona.......
Stock at Genoa
future contract.
Middling upland
4 11.13
759.000
164,000
187,000
13,000
do
do
Middling
10 1936
14 1936
Oct.
392,000
Total Great Britain
do
do
♦Middling
on
do
do
.38 off
do
Good
•Hot deliverable
1 27
1.95
Yellow Stained
Strict Middling
1 1936 12.78 July
2 1936 12.08
14 1936
do
on
do
♦Middling
.33
10 1936
15,000
7,000
6,000
bales.
do
.33
8 1936
Mar. 27 1936 12.78 July
2 1936 12.14 Oct.
Aug. 29 1936 12.55 July 27 9936
4 11.52 Nov.
4 1936 11.52 Nov. 4 1936
1936
Nov. 6—
Stock at Liverpool
Stock at Manchester.
.17
.17
10 1936
this week's returns,
.34
.17
10 1936
Oct.
telegraph, is
are
.17
♦Strict Middling
9 1936 12.78 July
25 1936 12.76 July
27 1936 12.13
of Cotton tonight, as made up by
as follows.
Foreign stocks as well
and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
as
Stock at Havre
♦Strict Low Middling
23 1936
The Visible Supply
cable and
Stock at Bremen
♦Low Middling
Good Middling
8 1936
10 1936
3 1936 12.25 July
11.50
do
.33
Oct.
10.48 June
1937- 11.55 Nov.
3 1935 12.32 July
9 1936 12.78 July
5 11.60 Nov.
1937
do
.17
9.76 Jan.
5
2 11.90 Nov.
1937
July
Aug
53 off
♦Middling
Mar.
9,94 Feb.
do
1
5 10.12
1937
Mar. 1937.. 11.58
June
Sept.
9.80 Jan.
Middling
do
11.34
—
Nominal.
n
07 off
2.37
do
11.4777
11.35-11.50 11.40-11.50 11.31-11.40
Range.. 11.14-11.17 11.14-11.20
11.18-11.19
Closing. 11.14 —
do
Tinged
11.5377
11.52
11.3277
11.2977
Oct.—
Strict Middling
Middling
11.5977
11.52-11.52
Range..
.40
Good Middling
Strict Middling
11.6677
Sept.—
.51
♦Strict Low Middling
11.7577
11.74-11.87 11.76-11.89 11,71-11.80
11.82
11.80
11.71
Range.. 11.58-11.62 11.55-11.65
11.60
Closing. 11.61
.51
♦Low
11.8277
July—
.22
.14
11.7777
June—
.29
...
11.8577
11.80-11.91 11.84-11.92 11.78-11.85
Range.. 11.63-11.66 11.60-11.69
Closing. 11.65-11.66 11.68
.29
*
11.8377
11.6577
11.Q4ti
May—
♦Good Ordinary
Good Middling
Spotted
11.77-11.78
do
.35
Low Middling
11.86
DAY.
Range..
Mid.
.35
♦Good Ordinary
Good Middling
11.82
HOLI¬
Closing. 11.64-11.66 11.63-11.66
Oct.
.73
11.7777
11.77-11.89 11.82-11.90 11.77-11.85
April—
Sept. 1937.. 11.52 Nov.
Middling Pair
White
Strict Good Middling.,
do
11.8377
11.8077
11.6177
11.60-11.66 11.58-11.68
Jan.
Premiums
60%
Biz
15-16
.
con¬
York
exceeded
season
all-
11.7777
.
Closing. 11.6277
in
offerings from spot interests and cooperative
traders.
There was a rather heavy volume
of goods traded
in
Worth
Street yesterday at higher prices.
Estimated
sales of print cloths were placed at
approximately 17,000.000
yards, while other lines also did well.
World consumption
11.71-11.85 11.78-11.87 11.79-11.83
11.77-11.78 11.81
Mar.—
demand.
of
11.80-11.81 11.89-11.90 11.82
Feb.—
fairly active
was
sales in
stimulated
However, later in the session
the form
Trading
reports of large
as
11.8277
11.8977
11.71-11.87 11.83-11.90 11.82-11.88
11.5J3-11.64 11.57-11.64
Range.. 11.58-11.60 11.53-11.62
11.59-11.60
Closing. 11.60
12.09c.
Wednesday.
Today prices closed 4 to 9 points down.
The market
opened rather steady, 2 points higher to 2 points lower, on
.
Closing. 11.63-11.64 11.63-11.64
Jan.(1937)
12.19c. compared with
was
11.8077
11.6377
Closing. 11.6371
Dec.—
Traders
time
at
Oct. 31
bulge,
which
of
closing prices
follows:
as
Saturday,
Trading was relatively
narrow.
the
and
been
lowest
highest,
New York for the past week have
1936
the 5th inst. prices closed
lower.
at
Nov. 7,
of
111,301 bales, a gain of 499,342
of 188,766 bales from
1934, and
1,811,8G6 bales from 1933.
1935, a
decrease of
over
a
Interior
the
At
3023
Financial Chronicle
143
Volume
Towns
the
is,
movement—that
the
for
the
previous year—is set out in
receipts for the week and since Aug. 1, the shipments
the week and the stocks tonight, and the same items for
corresponding period of the
closing quotations
New Orleans Contract Market—The
for
leading contracts in the New Orleans cotton market for
the past week have been as
detail below:
follows:
Saturday,
Movement
Nov.
to
Ship-
Receipts
Week
Ala., Birmlng'm
i
Season
Selma
198
1,545
1,355
Helena
Jonesboro
45,355
14,262
1,323
Little Rock..
959,
Pine Bluff...
1,200
7,792
Walnut Ridge
2,292,
33,857
67
10,416
5,274'
120,386
200'
5,575
2,265
Athens
28,471
58,909
11,997
Augusta
Columbus
Macon
850
La., Shreveport
4.004
11,463
89,002
5,106
Ml8S.Clarksdale
6,219
101,596
4,253
2,156
11,313
30,615
1,686
Rome
1,770
Columbus
Greenwood..
Jackson
52,956
782,
681!
Vlcksburg
Yazoo City..
Mo
St. Louis.
N.C.,Gr'nsboro
,
12,077
29,069
247
74,149
77,008
55,261
16,123
1,318
4,128
6,165
3,819
75,058
79,862
July
96,498
26,957
2,564
2,191
2,692
4,582
1,398
3,682
28,068
23,377
October
17,384
3,851
82,692
10,986
76,599
10,483
1,749
22,815
183
6,840
57,348
128,764
18,415
70,918
12,470'
3,755
1,000
1,077
1,195
4,183
134,860
14,239
44,354
10,211
6,460
88,095
100
61,913
636
1,302, 45,160
592
2,779. 31,237
1,685
149| 1,861
843
399
Brenham
Dallas
Paris
10,610, 89,941
2,38l| 37,239
945
7,184
2,252,
16,388
8,467!
61,569
2,109
23,585123,820
5,595 57,097
82,518665,319
3,123
2,446
4,966
1,397!
327
57,543
2,691
866
9,053
965
5.991
2,637
3,137
15.301
2,770
2,976
28,308
2,569
3,477
13,369
16,348
2,555
12,532
21,281
10,031
157
281
130
San Antonio.
Texarkana
13,136
236
5,850
27,429
62,899
382
767
103
3,523
62
741
2,414
12,942
1,826
4,040
17.850
1,317
63,311
5,072
14,997
14,695
2.527
..
Waco
1,854
Total, 56 towns263,977
1,844
2,375
7,485
3.139,968228,5642301784 255,574 2,571,098221,120 2287554
Includes the combined totals of 15 towns
The
3,742
1,211
4,963
118,781
63,238
804,930
24,231
13,952
63
256
Robstown
*
646
4,189
61,871
2,712
1,760
18,542
7,895
99,992
10,569 111,990
94,111 697,270
11 094
219
Austin
23,874
550
5,459 43,538
9,987 53,094
300' 28,757
33,773
43,970
3,238
533
1,121
17,800
900:
1,481
•7,585
2,709
6,506
98,468
18,993
78,576
31,244
138,469
42,870
7,303
22,554
146
,
3,872
2,110132,516
3,720 157,575
Oklahoma—
15 towns *
105,867
11,553
S.C
78,209
Greenville 11,885
Tenn.,Mem phis 112,4201 ,149,911
28,794
Texas, Abilene.
1,457
above
In Oklahoma.
interior
the
that
show
totals
have
stocks
during the week 3">,413 bales and are tonight
14,230 bales more than at the same period last year.
The
receipts of all the towns have been 8,403 bales more than
increased
the
same
week last year.
Overland Movement for the
Week and Since Aug. 1
-1935-
-1936-
Since
Since
Nov. 6—
Week
Aug. 1
Week
Shipped—
Aug. 1
44,140
22,589
48,340
8,467
4,420
610
5,593
18.406
53.444
102,882
.62,868
356,568
37,591
226,565
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
*
Total gross overland
Deduct Shipments—
Overland to N, Y., Boston, &c_Between interior towns
5,438
1,491
8,376
1,287
4,024
204
2.885
Inland, &c., from South
18,030
113,790
5,963
19,615
126,190
7,658
83,497
11.76
11.78
11.67
bid
114351146a 11.37
Bid. 11.30
bid
11.59-11.60
11.78
11.19
..
Bid.
Steady.
Steady.
Steady.
Steady.
Options
Steady.
Steady.
Steady.
Steady.
Including movement by rail to Canada.
overland movement
has been 43,253 bales, against 29,933 bales for
last year, and that for the season to date the
net overland exhibits an increase over a year ago
the week's net
The foregoing shows
this
year
the
week
aggregate
of
143,068
29,933
230.378
43,253
87,310 bales.
1935
1936-
Sight and Spinners'
Takings
Receipts at ports to Nov. 6_„
Since
Since
Aug. 1
In
Week
Southern consumption to
over
3,486,465
43,253
Nov. 6-135,000
230,378
1,830,000
437,894
35,413
Net overland to Nov. 6
Week
259,641
5,546,843
1,119,017
363,686
29,933
100,000
Aug. 1
3,633,336
143,068
1,307,000
493,619
34,454
*53,707
*108,248
consumption to Oct. 1
528,073
473,307
6,192~913
6,557", 612
North, spinn's* takings to Nov.
*
6
5,083,404
1,163,216
47,402
443,533
for
which
figures
316,439
Decrease.
are
Apart from
available.
Since Aug. 1—
Bales
278,190 1934
-.483.425 1933
551,911 1932
Week—
1934—Nov.
9
1933—Nov. 10
1932—Nov. 11
-
Bales
4,217.330
6,326.039
—5,952,655
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
of the week:
Closing Quotations for
Saturday
Monday
Tuesday
Wed'day Thursday
secured
at
the
United
the
New
York office
States,
of Comtelburo,
Exchange—
of cotton during the 1935-36 season
established a new all-time high record, according to a review
of the trade contained in the ninth Cotton Year Book of
the New York Cotton Exchange, issued Nov. 5.
Con¬
Issued by New York Cotton
Year Book
World
consumption
sumption last season exceeded the largest recorded in any
previous season by 1,951,000 bales.
World production, on
the other hand, it is stated, was 1,708,000 bales less than
largest world crop in any previous season, and was
1,467,000 bales less than consumption during the season.
announcement by the Exchange bearing on the new
the
The
year
book also said:
World consumption
last season was
27,729,000 bales, while production
26,262,000 bales, according to statistics in
of commercial cotton was only
of the large excess of consumption over pro¬
duction, the world cotton carryover was reduced last season from 14,575,000 to 13,073,000 bales.
The carryover at the end of last season was
4,576,000 bales less than that in 1932, when it stood at 17,649,000 bales.
The Cotton Exchange Year Book was prepared under the direction of
Alston H. Garside,
Economist of the Exchange.
It contains compre¬
hensive statistics on world supply and world distribution of American and
foreign growths of cotton, prices of cotton, yarn, and cloth, mill activity,
and other data of interest from a cotton market standpoint.
the book.
In
consequence
Telegraph—Reports to
Weather Returns by
cotton to be
in
by tele¬
picked from now on will be anything but low
grade.
Rain
Thermometer
Rainfall
1 day
Texas—Galyeston
0.06 in.
dry
Austin2 days
0.12 in.
Abilene
1 day
0.01 in.
Brownsville
3 days
0.30 in.
Corpus Cnristi
--2 days 0.26 in.
Dallas
2 days
0.19 in.
Del Rio
1 day
0.01 in.
Houston
2 days
0.31 in.
Palestine
3 days
1.08 in.
Port Arthur
1 day
0.20 in.
San Antonio
2 days
0.02 in.
Oklahoma—Oklanoma City_-1 day
0.04 in.
Arkansas—Fort Smith
—1 day
0.32 in.
Little Rock
—2 days
2.16 in.
Louisiana—New Orleans____2 days
0.05 in.
Shreveport
2 days 0.96 in.
Mississippi—Meridian
2 days 0.40 in.
Vicksburg
1 day
0.24 in.
Alabama—Mobile
2 days 0.48 in.
Birmingham
2 days 0.56 in.
Montgomery
2 days 0.04 in.
Florida—Jacksonville—
1 day
0.18 in.
Miami
5 days
0.76 in.
Pensacola
2 days
0.28 in.
Amarillo
_
.
-
dry
Tampa
3 days
1 day
Atlanta
1
harleston__2
North Carolina—Asheville—_2
Charlotte
1
Raleigh
2
Wilmington.
1
Tennessee—Memphis
3
Chattanooga
2
Nashville
3
-
The following
0.03 in.
0.06 m.
0.12 in.
1 day
Augusta
day
days
days
day
days
day
days
days
days
0.02 in.
0.13 in.
0.30 in.
0.28 in.
1.08 in.
0.02
3.26
1.28
3.30
in.
in.
in.
in.
nigh 81
nigh 68
high 86
high 82
high 84
nigh 84
high 82
high 86
high 84
nigh 84
high 82
high 88
high 80
nigh 80
high 82
high 88
high 86
high 86
high 84
hign 82
high 82
high 82
high 86
high 84
high 80
high 86
high 83
high 80
high 82
hign 82
hign 80
high 72
high 78
high 80
hign 80
nigh 80
high 80
high 78
low 38
low 18
low 30
low 26
low 42
low 38
low 30
low 36
low 32
low 28
low 34
low 32
low 24
low 28
low 30
low 40
low 30
low 30
low 30
low 38
low 34
low 46
low 56
low 72
low 38
low 58
low 48
low 34
low 42
low 42
low 53
low 30
low 38
low 38
low 40
low 31
low 36
low 30
mean
mean
mean
mean
mean
mean
mean
mean
60
43
58
54
63
61
56
61
mean 58
56
58
60
mean 52
mean 54
mean 56
mean 64
mean 58
mean 58
mean 57
mean 63
mean 58
mean 64
mean 71
mean 78
mean
mean
mean
mean
59
mean
58
mean
66
57
mean
mean 62
mean
62
67
mean
51
mean
mean 58
mean
mean
59
60
mean 55
mean 58
mean
54
statement has also been received by tele¬
graph, showing the height
8 a. m. on the dates given:
of rivers at the points named at
Nov. 6, 1936
Friday
New Orleans
Memphis
11.81
11.82
HOL.
11.99
12.08
12.01
Nashville
HOL.
HOL.
12.26
12.32
12.30
11.83
11.83
HOL.
12.00
12.09
12.02
Shreveport
Vicksburg
Savannah
12.29
12.29
HOL.
12.45
12.54
12.47
12.50
12.60
Norfolk
12.35
12.35
HOL.
Montgomery..
11.73
11.73
HOL.
11.90
12.10
12.53
12.02
Augusta
1233
12.33
12.33
12.50
12.59
12.52
Memphis
11.65
11.65
11.90
11.80
11.96
11.86
11.65
HOL.
11.80
Houston
12.06
11.54
11.54
HOL.
12.06
11.71
12.11
Little Rock—
Dallas
11.58
11.58
11.58
HOL.
HOL.
11.79
11.72
11.75
11.84
11.77
11.75
11 84
11.77
Above
Above
Above
Above
Above
zero
of gauge-
zero
of gauge-
zero of gauge.
zero of gauge.
zero of gauge-
Nov. 8, 1935
Feet
12.08
us
both rain and abnormally
low temperatures caused damage to remnants of the cotton
crop still in the fields.
It can hardly be expected that the
graph this evening indicate that
Mobile
11.58
Ltd., at
Price SI.00 per copy.
66 Beaver St.
Galveston
Worth
of
The "handbook" cir¬
South America,
Egypt, or in fact, in every part of the world where cotton
trading is directly or indirectly effected.
The book can be
throughout
New Oroeans..
Fort
mass
industry in all parts of the world.
culates
Middling Cotton on—
Week Ended
Nov. 6
of cotton
also contains most useful information concerning the cotton
South Carolina—t
sight in previous years:
a
world's cotton crops, &c., the book
details relating to the
Macon
Movement into
has
As in the past, the book contains a
wealth of information and statistics for all growths
Georgia—Savannah
28,664
edition
66th
Handbook"—The
Cotton
"Annual
just been published.
-—
Leaving total net overland*
Bid.
Tone—
75,174
Total to be deducted
11.82
11.81
Spot
95
95
298
*
11.81-11.82 11.77
11.79
DAY.
11.65-11.67
June
3,415
5,081
42,580
2,367
4,722
56,855
161,327
82,957
10,540
4,050
196
421
Via St. Louis
Bid. 11.80
16,570
917
2,609
8,467
4,599
11.84
11.81
September
2,549
26.722
43,601
61,894
31,804
Bid.
August
23,154
10,540
40,790
81,612
3,213
10,540'
13,528
May
9,375
2,013
5,118
13,808115,450
2,143 33,151
794
8,628
1,391 20,651
2,950 24,587
193,669
2,965
Natchez
April
12.327
HOLI¬
DAY.
34,827
423
244'
14,845
2,430,
Atlanta
HOLI¬
11.63
3,718
423
19,615
11.87
11.77
_
3,040
7,480
2,323
68,794
Nov. 6
11.81
February
2,148
58,287
25,380
18,061
1,260' 24,862
3,145105,536
6,674139,798
400 33,850
1,275 39.721
Ga., Albany
Friday,
Nov. 5
Jan. (1937) 11.59
1,520
983; 13,400
4,094119,293
133,304
20,403
12,623
Newport
Thursday,
Nov. 4
December. 11.62-11.63
313
78,018
2,551
44,138
3,231
2.417!
Hope
8
1,429
2,731
8,188
13,045112,990
1,829! 16,096
3,935 31,493
2,978 24,732
128,983
22,704
Nov.
43,121
9,718
67,756
6,049
49,065
10,134'
Slocks
ShipWeek
Season
March
7,263
961
Ark., Blythvllle
Forest City_-
Week
|
ments
Week
6
34,496
1.179
Montgomery.
Nov.
57,586
10,583
332,
Eufaula
Receipts
Stocks
44,422
5,750
Wednesday,
Nov. 3
Nov (1936)
ments
Towns
Tuesday,
Nov. 2
8, 1935
Movement to Nov.
1936
6,
Monday,
Oct. 31
Feet
1.9
1.6
7.5
19.0
3.9
9.6
11.9
8.1
5.0
-The
Receipts from the Plantationsindicates the actual movement each week
4.6
following
table
from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
3024
\
Week
Financial
Stocks at Interior Towns
Receipts at Ports
Receipts from Planatlons
Ended 1936
1935
1934
1935
1936
1934
1936
| 1935
1934
Chronicle
31..
39.742
46,866
62,636 1,206,417 1.121,546 1,145.796
Nil
34,849
43,693
1936
Manchester Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
and cloths is firm.
We give
July
Nov. 7,
weeks of
Demand for both yarn and cloth is good.
prices today below and leave those for previous
this and last year for comparison:
Aug.
55,632 1,167, 401
1461,,492 50,645 1,144, 650
2176,336 96,,074 71,884 1.132, 176
28- 141,365 159,,138 122,533 1.140, 781
7-
56,,583
38,915
52,891
1,111, 532 1,128,283
Nil 46, ,569 38,119
1,097, 283 1,117,581 30.140 47, 243 39,943
1,094, 124 1,104,626 63,862 92, 915 68,929
1,119, 686 1,102,173.149,970 184, 700 120,080
1936
32s Cop
Sept.
4..
201,842
11- 271,456
18- 340,815
25- 314,287
188,,943 137,090 1.219, 831
215,,017 191,728 1,339, 682
265,,021 230,070 1,499, 275
336,,897 237,205 1 677, 862
1.178, 879 1,152,815280, 892 248 136187,732
1,274, 081 1,226,568 391, 307 310 219 265,481
1,414, 604 1,339,176 500, 408 405t 544 342,678
1,610, 222
322,464 492, 874 532. 515344,223
Oct.
2..
319,754 326,252 244,448
330,033 387,060 240,603
370,723 372,945 208,963
23- 378,683406,164 232,059
30- 385,111 372,149 201,932
9-
16-
1,832.026 1,784,489 1,547,572 473.918 500, 519 345,826
1.980,336 1,990,723 1,640,092 478,343 593, 294337.159
2,098,733 2,132,345 1,735,609 498,120 514, 566300,444
2.179,563 2,220,751 1,829,198483.163493, 570 325,648
2,266,371 2,253,100 1,882,223 471,919 404, 498,254.957
Nov.
6. .259,641 363,686
148,5012,301,784 2,287,554 1,922,254295,054 398,140188,532
The above statement shows:
(1)
That the total receipts
from the plantations since Aug. 1, 1936, are 4,602,970 bales;
in 1935 were 4,780,538 bales and in 1934 were
3,159,480
bales.
(2) That, although the receipts at the outports the
past week were 259,641 bales, the actual movement from
plantations was 295,054 bales, stock at interior towns
having increased 35,413 bales during the week.
193645
1935
8% Lbs. Shirt¬
Twist
d.
Cotton
ings, Common
to Finest
Middl'g
Upl'ds
s.
d.
s.
d.
8% Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl g
Twist
to Finest
Upl'ds
d.
d.
d.
s.
d.
s.
d.
July—
31
3
@10 5
7.10
10 3
7—. 10% @12
14
10%@ll% 10 3
10% @12
10
10
@11
8
6
@90
6.68
Aug.—
@10 5
@10 5
7.02
7
@91
6.66
10% @11%
10
1
@10 3
6.74
9% @10%
9%@10%
9% @11
8
21
9
2
@94
6.33
28
10%@11%
10
1
@10 3
6.70
9% @11
9
2
@94
6.21
9
6.92
87
@91
6 48
SeDt.
10%@11% 10 1
4
18—
@10 3
10 3
6.70
9% @11
25
2
@94
10% @12
10% @11%
10%@11%
@10 5
6.99
9%@11
9
2
@94
6.17
10 0
@10 2
6.98
9
2
@10 2
6.73
9
3
@94
@95
6.53
10
9% @11
9% @11
10%@11%
11—.
10 0
@10 2
7.02
0
6.11
6.40
Oct.—
2
11
9
@12%
16— 11
23—
@12%
10%@12
30— 10%@12
9 5
9%@11%
@11%
@97
6.59
10 0
@ 10 2
6.86
10
9
5
@97
6.50
10
3
6.99
10
@11%
9
5
6.40
9
6
@97
@10 0
9
10
2
@10 5
@10 4
6.96
10
10
6
@11 0
6.81
10
@11%
@11%
6
@10 0
6.45
10
5
@10 7
6.92
10
@11% 10 0
@10 2
6.47
6.47
Nov.—
11
6
@12
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 240,081 bales.
The shipments in detail, as made
for the last two
up
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
out
gone
of
1936
Week
1935
Season
Week
7,678,934
Season
7,059,751
Visible supply Aug. 1
4,899",258
American in sight to Nov. 61
473,307
15,000
18,000
72,000
11,000
_
Bombay receipts to Nov. 5
Other India ship'ts to Nov. 5_
Alexandria receipts to Nov. 4Other supply to Nov. 4 *b
Total supply-Deduct—
4,295", 259
528~073
6,557,612
169,000
127,000
675,200
124,000
6,192,913
200,000
129,000
589,600
97,000
23,000
9,000
88,000
13,000
8,268,241 12,552,070
7,720,824 11,503,772
7,790,235
7,790,235
7,290,893
7,290,893
478,006
336,006
142,000
Visible supply Nov. 6
4,761,835
3,666,635
1,095,200
429,931
304,931
125,000
4,212,879
2,950,279
1,262,600
Total takings to Nov. 6 a
Of which American
Of which other
Embraces receipts in
Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 1,830,000 bales in 1936 and 1,307,000 bales in 1935—takings
not being available—and the aggregate amount taken
by Northern and
foreign spinners, 2,931,835 bales in 1936 and 2,905,879 bales in 1935, of
1,836,635 bales and 1,643,279 bales American,
b Estimated.
Cotton Movement from All Ports—The
receipts
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1936
1935
1934
Nov. 5
Receipts—
Since
Week
Bales
200
10,570
Antwerp—Oct. 31—Quistconck, 550
550
Hamburg—Nov. 5—Simon Von Ulricht, 70
70
To Ghent—Oct. 31—Quistconck, 375
375
To Havre—Oct. 31—Quistconck, 5,078
5,078
To Dunkirk—Oct. 31—Quistconck, 1,271
1,271
To Rotterdam—Oct. 31—Quistconck, 449
449
To Genoa—Oct. 31—West Chatala, 2,294; Prusa, 88; Maria,
822—Nov. 5—Mongioia, 1,909-.
5,113
To Trieste—Oct. 31—West Chatala, 80; Maria, 2,867
2,947
To Oporto—Oct. 31—Prusa, 1,071
1,071
To Leixoes—Oct. 31—Prusa, 650
650
To Lisbon—Oct. 31—Prusa, 100
100
To Japan—Oct. 31—Ethan Allen, 10,179;
Hoegh Carrier, 6,734
.--Oct. 29—Oliva, 9,532.:
26,445
To China—Oct. 31—Ethan Allen, 1,238
1,238
To Copenhagen—Nov. 2—Rydboholm, 785
785
To Oslo—Nov. 2—Rydboholm, 300
4
300
To Gdynia—Nov. 2—Rydboholm, 2,034
2,034
To Gothenburg—Nov. 2—Rydboholm, 1,136
1,136
HOUSTON—To Copenhagen—Oct. 30—Rydboholm, 667
Nov. 4
—Tennessee, 800—Nov. 5—Trolleholm, 375
1,842
To Antwerp—Nov. 4—Florida, 364
364
To Gdynia—Oct. 30—Rydboholm, 1,121
Nov. 4—Tennesee, 535—Nov. 5—Trolleholm, 888
2,544
To Bremen—Oct. 31—Simon Von
Utrecht, 3,347
No.v 5—
Bordkum, 4,742
8,089
To Hamburg—Oct. 31—Simon Von
Utrecht, 1,778.--Nov. 5—
Bordkum, 1,179
2,957
To Genoa—Nov. 3—Mongioa, 2,018
Nov. 5—Prusa, 12
2,030
To Ghent—Oct. 29—Carlton, 2,069.-.Nov.
4—Florida, 760-2,829
To Dunkirk—Nov. 4—Florida, 1,599
1,599
To Havre—Oct. 29—Carlton, 3,248
Nov. 4—Florida, 7,454- 10,702
To Oporto—Nov. 4—Prusa, 1,064
1,064
To Venice—Oct. 30—Maria, 639
639
To Leixoes—Nov. 4—Prusa, 300
300
To Trieste—Oct. 30—Maria, 1,833
1,833
To Lisbon—Nov. 5—Prusa, 245
245
To Liverpool—Oct.
31—West
Quechee, 4,588
Nov. 5—
Recorder, 4,782
9,370
Since
Since
Week
Aug. 1
Week
Aug. 1
Aug. 1
15,000
169,000
23,000
For the Week
200,000
4,000
229,000
Manchester—Oct.
31—West
Quechee,
787
Nov.
5—
Great
from—
Britain
Conti- iJap'n&
ment
China
Great
Total
Conti-
Britain
ment
I
Nov. 5—Trolleholm, 4
30—Rydboholm, 399
Nov. 5—Trolle¬
NEW
Japan &
To Valparaiso—Nov.
1—Metapan, 200
ToArica—Nov. 1—Metapan, 200
12,000
21,000
7,000
52,000
155,000'
214,000
6,000,
8,000
14,000
5,000
1,000,
15,000
168,000
186,000
245,000
263,000
9,000
16,000
6,000
72,000
71,000
13,000
18,000
2,000
2,000
17,000
19,000
50,000
52,000
29,000
77,000
77,000
115,000
I
I
57,000
57,000
35,000
129,000
155,000
149,000:
186,000
168,000
186,000
„-
Other India:
5,000
7,000
1934
9,000
127,000
129,000
144,000
10,383
-
ORLEANS—To Bremen—Nov.
2—DitmarKoel,
Oct. 31—Cripple Creek, l,904.._Oct.
Total
China
608
540
To Japan—Oct. 31—Tai Yin,
10,383-
Bombay—
1936
4,717
To Oslo—Oct. 30—Rydboholm, 604
To Gothenburg—Oct.
holm, 141.
Since August 1
Exports
To Hull—Oct. 31—Nash
aba,
To Rotterdam—Nov.
13,350-30—Kellerwald, 3,703 18,957
200
200
-
631
631
3—Blomerdiyk, 2,717
2 717
To Antwerp—Oct.
30—Winnipeg, 977; Belgique, 1,302; Cordonia, 1,975—Nov. 3—Blomerdiyk, 6494.903
To Havre—Oct.
30—Winnipeg, 11,746; Belgique, 4,668___
Oct. 31—Cordonia, 12,591
29 005
To Dunkirk—Oct.
30—Winnipeg, 2,558; Belgique, 2,100--.
Oct. 31—Cordonia, 825
5 483
To Oslo—Oct.
31—Trulleholm, 100
100
To Gdynia—Oct.
31—Trulloholm, 1,750; Cripple Creek, 2,3994,149
To Gothenburg—Oct.
31—Trulleholm, 553
553
To Abo—Oct.
31—Trulleholm, 428
428
-
all—
1936
1935
5,000
7,000
1934
2,000
22,000
8,000
18,000
12,000
8,000
15,000
39,000
23,000
35,000
341,000
374,000
407,000
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 an increase
of 16,000 bales during the week, and since
Aug. 1 show
a
decrease of 33,000 bales.
Alexandria
Receipts and Shipments—We now re¬
weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the
corresponding week of the
previous two years:
ceive
Alexandria, Egypt,
1936
1935
360,000
3,376,273
2,976,866
1934
Nov. 4
Receipts (cantars)—
This weekSince
To
Recorder, 3,930
Bombay
Aug. 1__
This
Exports [bales)—
To Liverpool
To
follows;
-
India
Total
are as
To
Visible supply Oct. 30
which
from mail and telegraphic reports,
GALVESTON—To Sydney—Oct. 23—Forth Bank, 200
To Bremen—Nov. 5—Simon Von Utrecht, 10,570
To
Cotton Takings,
Weak and Season
*
from which statistics
amounts
or
Manchester, &c
To Continent & India
To America
Total exports
Week
Since
Aug.
This
1
7,000 41,553
11,000
46,462
15,000 128,514
6,0o2
33,000 222,581
Week
This
Since
Aug.
1
Week
Since
Aug.
1
10,000 54,701
8,000 39,234
29,000 197,938
6,576
29,319
8~666 36,453
3,000 152,019
9,768
47,000 298,449
11,000 227,559
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Nov. 4
360,000 cantars and the foreign shipments 33,000 bales.
1,300
1 300
Bank, 175
Sydney—Oct. 30—Forth Bank, 150
To Hamburg—Oct. 31—Cripple
Creek, 75---Oct. 30—Dellerwald, 2,051
___
MOBILE—To Bremen—Oct. 28—Ditmar Koel,
3,668
To Gdynia—Oct. 28—Ditmar Koel, 200
To Gothenburg—Oct.
24—Trolleholm, 485
To Varburg—Oct.
24—Trolleholm, 537
BEAUMONT—To Ghent—Oct. 29—West
Moreland, 50
To Havre—Oct. 29—West
Moreland, 50
'175
150
2,126
3 668
'200
485
537
50
50
LOS ANGELES—To Liverpool—Oct.
25—Lochkatrine, 607
To Havre—Oct. 27—San Francisco,
1,050
607
I
To Rotterdam—Oct.
1 050
25—Lochkatrine, 210
*210
25—Takai Maru, 2,913-__Oct. 26—Nicaline
Maersk, 11,100; Chickibu Maru, 4,400
Oct. 28—Golden
Tide, 4,100; Amagisan Maru, 200
22,713
NORFOLK—To Hamburg—Nov. 6—City of
Hamburg, 246
246
SAVANNAH—To Liverpool—Oct. 29—Sundance, 180
180
To Manchester—Oct.
29—Sundance, 1,027
1,027
To Japan—Oct.
PENSACOLA, &c.—To Havre—Oct. 30—Yaka, 189
350,000
2,633,844
440,000
To Wasa—Oct. 31—Trulleholm.
To Melbourne—Oct. 30—Forth
To
_
_
To Bremen—Oct. 30—Yaka, 179
I
GULFPORT—To Havre—Oct. 26—Yaka, 9
CHARLESTON—To Liverpool—Oct. 30—Carperby, 400
Oct.31
—Sundance, 5,902To Manchester—Oct.
30—Caperby, 1,121
Oct. 31—Sun¬
dance, 1,244
To
LAKE
Hamburg—Oct. 31—Sundance, 525
CHARLES—To Bremen—Oct. 24—Helgoland, 680Antwerp—Oct. 24—Winnipeg, 200; West Moreland, 50
Havre—Oct. 24—Winnipeg, 431; West Moreland, 2,256-Ghent—Oct. 24—Winnipeg, 369; West Moreland, 889
Dunkirk—Oct. 24—Winnipeg
Rotterdam—Oct. 24—West Moreland, 300
-
To
To
To
To
To
were
Total
.
189
179
9
6 302
1 365
525
680
250
2,687
1,758
200
300
240,081
Financial
143
Volume
Freights—Current rates for cotton from New
furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Cotton
York,
as
Stand¬
Hioh
ard
Density
.30c.
Liverpool
Density
ard
Density
85c.
1.00
Salonlca
.85c.
1.00
Venice
Trieste
.45c.
.50c.
.65c.
Piraeus
.30c.
.45c.
Manchester.30c.
.45c.
Flume
Antwerp
.30c.
.450,
Barcelona
Havre
.27c.
.42c.
Japan
Rotterdam .30c.
.45C.
Shanghai
*
*
Standard
High
Stand¬
High
*
factors favoring the upward side were upturns in securities
and revival of inflation talk.
Estimates were current that
.63b.
.57c.
.45c.
.60c,
Bombay
.65c.
Oslo
.46c.
.61c.
Bremen
.30c.
.450.
.42c.
.57c.
Hamburg
.320.
strength in the Winnipeg wheat market, where prices bulged
2%c., helped give an early upward trend to wheat in Chicago
after
.47c.
*
Rate Is open,
•50c.
z
a
slow start.;
On the
Of which American
Total imports
Of which American.
Amount afloat
42,000
226,000
104,000
Of which American
62,000
686,000
207,000
59,000
21,000
,238,000
121,000
49,000
693,000
214,000
95,000
47,000
216,000
104,000
58,000
669,000
201,000
58,000
Forwarded
Total stocks
Nov. 6
Oct. 30
Oct. 23
Oct. 16
£8,000
673,000
218,000
50,000
28,000
257,000
123,000
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
many
sharp rise in corn, and appeared little affected by the rise
in securities and inflation talk.
One handicap to wheat
price advances came from weakness of the Liverpool wheat
market, where the close was ^4 to %c. lower, although a
gain of 34 to %c. had been looked for.
Furthermore, little
Tuesday
Monday
Saturday
able crop reports
bullish
being sold
against purchases of corn.
Today prices closed 34 to %c. down.
12:15
Moderate
Moderate
P. M.
demand.
demand.
6.84d.
6.84d.
Quiet.
business
More
Quiet.
the
a
able
6.92d.
6.94d.
6.90d.
6.87d.
lower
that
early
wheat crop
notice.
At
Wallace's
Secretary
today.
States
United
only twice before
doing.
demand.
*
Mid.Upl'ds
With the Liverpool
market showing pronounced weakness, Chicago wheat prices
duce
A fair
from Argentina offset to some extent the
There was talk, too, that wheat was
influences.
averaged
Friday
Thursday
Wednesday
the
coming
of 900,000,000 bushels,
time
did
the
Futures.
Steady,
Quiet,
Quiet,
Steady,
Steady,
Steady,
interest in wheat
2 to 4 pts.
pts. 1 to 2 pts. 3 to 4 pts. 5 to 7 pts. 1 to 3 pts.
decline.
advance.
advance.
advance.
advance.
decline.
3 to
opened
was
wheat
market
Quiet but
Steady,
Steady,
Steady,
Very stdy.,
DAILY
CLOSING
OF WHEAT
PRICES
No. 2red.___
2 to stdy., 1 pt. 2 to 6 pts. 3 to 6 pts. 3 to 5 pts. 3 to 5 pts.
decline.
advance.
advance.
advance.
3 pts. dec.
adv. to 2
stdy.,
P. M.
show any
Open
corn.
101,718,000 bushels.
Mon.
Sat.
4
pro¬
a
4
Quiet but
Market,
sugges¬
may
totaled equaled
attracted consider¬
in the last 10 years,
no
season
disposition to follow the upward movement of
Market
Favor¬
export buying of Canadian wheat was heard of.
new
tion
Spot
Market,
34c. lower to %c. higher.
prices closed
bullish influences, wheat at times showed
reactionary trend and failed to follow appreciably the
a
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
inst.
5tli
Despite the
Only small lots.
z
was
.550.
Gothenb'g .42c.
Stockholm
Furthermore, an authoritative trade
issued raising world probable import require¬
of wheat this season 28,000,000 bushels.
Decided
forecast
.57c.
Genoa
2,000,000 bushels of wheat had been bought for
as
.55c.
Copenhag'n.42o.
Naples
.40c.
Leghorn
.40c.
♦
much
as
export from Canada.
ments
.50c.
3025
Chronicle
DAILY
129%
CLOSING
Wed.
Thurs.
HOL 129%
129%
WHEAT
OF
PRICES
NEW YORK
IN
Tues.
FUTURES
130%
IN
Fri.
129%
CHICAGO
'
Sat.
pts. dec.
December
Prices of futures at Liverpool for each
given below:
are
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Nov. 6
May
July
Season's
December
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Oct. 31
day
High and
117%
116%
102%
May
July
New Contract
6.59
6.58
January (1937)..
6.57
6.59
6.58
March
6.55
6.57
6.56
_
May
6.52
6.54
6.52
July
6.48
6.49
6.19
6.20
6.14
January (1938)__
6.14
-
-
-
-
«»
-
6.13
__
d.
d.
d.
d.
6.73
6.68
6.65
6.67
6.71
6.69
6.67
DAILY
«
-
-
—
-
--
—
-
M
_
6.65
6.61
6.62
6.64
6.66
6.68
6.64
6.64
6.56
6.57
6.59
6.62
6.63
6.59
6.59
6.51
6.52
6.54
6.56
.6.57
6.53
6.53
6.22
6.25
6.28
6.29
6.25
6.25
*
6.21
—
6.20
6.25
6.21
6.15
6.13
6.25
-»«»
6.20
Friday Night, Nov. 6, 1936.
though
material price
no
changes have taken place
Demand continues at a low ebb.
There is hope
expressed that buyers will have to enter the market shortly
In
substantial way,
a
their contracts
York
this belief being predicated
extent to which
growing
on
to
upon
Flour exports out of
undertone
trading
of
was
firm
was
relatively light.
evening-up
Argentina and
were
a
The firm showing of
to
the
crop
in parts
good export business in Canadian wheat,
the bullish items that
firmness of wheat
on
on
played
a
prominent part in the
the Chicago Board.
Liverpool appeared
ignore Friday's decline in North American wheat markets,
and
responded to reports of additional purchases of Argentine
wheat
The amount of Argentine wheat bought by
by Italy.
Italy thus far is believed to total 20,000,000 bushels.
private report from
a
rather reliable
source
estimates
A
pro¬
duction of wheat in the Argentine at 240,000,000 bushels.
forecasts
Private
of
the
Australia wheat crop
at
present
generally exceed the recent official estimate of 129,500,000
bushels.
Sales of 750,000 bushels of Manitoba wheat for
reported.
On the 2d inst. prices
unchanged to %c. lower.
The heaviness displayed
Staurday
export
closed
were
during this session was attributed to weakness of foreign
markets
and
traders,
which is characteristic
a
feeling of apathy
prevailing
of
a
among
local
pre-holiday session,
especially before Election Day.
Wheat suffered a loss of
134c. in the early part of the session, this being largely a
response to a break of better than 2c. at Liverpool, where
the pit was disturbed by unconfirmed reports that Argentine
planned to discontinue its price fixing policy on both foreign
exchange rates and grain price guarantees.
The failure of
the Buenos Aires market to reflect such information caused
considerable doubt as to its reliability.
Winnipeg closed
.
134c- lower at the close Tuesday. Canadian exports for
that day were reported as 500,000 bushels.
On the 4th inst.
prices closed 34 to lc. higher.
The market received its
chief stimulus today from the enlarged export demand in
Canada and by crop damage advices from Argentine.
Other
to
Thurs.
114%
113
99%
When
and
85
FUTURES
Fri.
115%
113%
99%
114%
113
99%
Made
May 28, 1936
Sept. 2, 1936
Oct.
2, 1936
105%
96%
Mon.
Tues.
107%
October
108%
105%
—106%
December
May
the
Corn—On
WINNIPEG
IN
Wed.
109%
Fri.
109
107%
108%
108%
H
O
L
105
Thurs.
106%
107%
_
106%
107%
106%
31st ulto.
prices closed %c. to lc. up.
regarded as unfavorable for curing
corn and as also interfering with the movement from the
country.
Fears of a tie-up in the East in connection with
the steamship strike, had a bullish effect on sentiment in
such
event
an
considerations
was
would interfere
with
imports.
These
firmness
the
and
displayed in the wheat
market accounts for the rather pronounced firmness of corn
prices in the contract market.
On the 2d inst. prices closed
34c. higher to 34c. lower.
Trading in this grain was mod¬
erate, but without special feature.
On the 4th inst. prices
closed unchanged to Mc. higher.
Trading was relatively
light, and without special feature.
According to recent
reports, a corn crop of 1,505,000,000 bushels was indicated.
This compares with 1,472,000,000 bushels unofficially fore¬
cast a month ago and with the Government's latest forecast
of 1,509,000,000 bushels.
though
Operations consisted largely
the week-end.
over
higher.
throughout the session,
Liverpool together with adverse reports
of
New
Monday rose to the big total of 17,075 sacks.
Wheat—On the 31st ulto. prices closed 34 to
The
the
they have been drawing against
needs.
cover
OF WHEAT
Sat.
that
Flour—The undertone of the flour market is reported as
recently.
PRICES
November
News of the weather
BREADSTUFFS
firm,
Low
Season's
Made
24, 1936 December
14, 1936 May
28, 1936 July
6.68
6.64
6.15
CLOSING
When
Sept.
Oct.
Sept.
Wed.
6.70
6.20
--
6.17
December
«.
6.47
October
-
d.
d.
d.
d.
d.
d.
d.
December (1936)
Mon. Tues.
114
H
O
112%
98%
L
114%
112%
99%
On
5th
the
inst. prices closed
with spectacular gains of
This grain had the center of the stage, sky¬
rocketing virtually 3c. a bushel late Thursday.
The spec¬
1% to 2%c.
action of
tacular
lative
corn
attributed to broadened
was
inspired by
marine strike may bring to
specu¬
apparent likelihood that the
a halt large imports of Argen¬
trading,
States.
The feeling of apprehen¬
by word that general domestic scarcity
available for immediate use had hoisted No. 1 yellow
tine corn into the United
sion was intensified
of
corn
corn
premium of 19^4c. a bushel over December con¬
Flurried buying ensued, especially
to a
tracts at Kansas City.
by
traders who were short
tracts
Chicago for
of corn to fill December
otiher markets
With
here.
reported
con¬
overbidding
as
shipments, dealings ended at the day's
rural
top prices.
closed
prices
Today
December
corn
134
234c.
to
In
up.
this
contracts rose above $1 a bushel in
This is the highest
session
Chicago.
price December contracts have touched
The fact that the 1936 corn crop in the
United States is approximately a billion bushels less than
since
a
19.
Aug.
normal yield was
cited as a stimulating influence under¬
the market situation.
However, the marine strike
seriously hampering imports from the Argentine is playing
lying
a
role
major
in the strength of
buoyant at about the highs
corn
was
This grain
corn.
of the day.
closed
Open interest in
56,192,000 bushels.
DAILY
CLOSING PRICES
OF
Sat.
124%
No. 2 yellow
DAILY CLOSING PRICES OF
CORN IN NEW YORK
Mon.
Tues.
Wed.
Thurs.
125%
HOL 126%
128
CORN FUTURES IN CHICAGO
iSat.
Mon.
Tues.
Wed.
Thurs.
December
94%
94%
H
95%
97%
May
July
May (new)
July (new)
90%
86%
90
86%
90%
O
L
90%
86%
90%
87%
91%
88%
92%
89%
Season's
December
May
July
May (new)
July (new)
-
-—
-•
-
87
-
High and
102%
99
90%
94%
9i%
Season's
When Made
Aug. 19, 1936 December
Aug.
Nov.
Nov.
Nov.
3,
6,
6,
6,
Fri.
130%
1936 May
1936 July
1936 May (new)
1936 July (new)
Low
and
52%
85%
85
89%
86%
When
Fri.
100
93%
90
93%
91%
Made
June
2, 1936
July 29, 1936
~
~
Oct.
1, 1936
Nov.
Nov.
2, 1936
2, 1936
3026
Financial
Chronicle
Oats—On the 31st ulto. prices closed unchanged to %<$.
higher.
was very little of interest in the trading, the
price gains in wheat and corn having little or
There
firmness and
influence
no
the futures market in oats.
on
On the 2d inst.
prices closed unchanged to lAc. higher. There was nothing
of interest to the trading in this grain.
On the 4th inst.
prices closed %<s. to %c. higher. There was a rather quick¬
ened demand, influenced apparently by the strength and
activity of the other grains and other commodity markets.
On the 5th inst. prices closed %
to y2c. higher.
The
advance in this
grain appeared to be entirely
sympathetic
other grains.
a
the week ended
New York
little of interest in this market.
No. 2 white
DAILY
-
CLOSING PRICES
OF
December
May
July
_
-
Season's
High and
46%
4834
39%
December
May
July
OF
OATS
Mon.
Sat.
56
NEW YORK
Wed. Thurs.
IN
Tues.
55%
Hoi
55%
55%
Sat.
Mon.
42%
4234
Low
and
When
26%
40%
37%
with
to
price
top
new
a
154"666
371666
19,000
464",666
Three Rivers.
296,000!
372,000
7,563,000
264,000
23,000'
6,464,000
4,283,000
124,000
14,113,000
552,000
13,804,000
4,426,000
4,717,000
12,538,000107,621,000
1935..-I
359,000,
3,374,000
52,719,000
46,000
41,000
3,680,000
228,000
3,701,000
*
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
H
O
L
the several seaboard ports for the week
Saturday, Oct. 31, 1936,
shown in the annexed
are
statement:
May 27, 1936
Juiy 29, 1936
1,1936
43%
44%
record
The exports from
ended
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Export to from
for
_
43%
44%
32,405
2,000
301,000
_
1,000
19,000
154,000
Montreal
681000
3,134,000
Halifax
371666
174,000
498,000
4941666
Sorel
44%
44%
the
New York
New Orleans
37,000
224,000
4,000
4641666
Three Rivers
*
Total week 1936..
4,393,000
Same week 1935
106,405
91,460
3,062,000
The destination of these exports
July 1, 1936, is
for the week and since
below:
as
Flour
Wheat
Corn
Exports for Week
season,
and Since
Week
Since
Week
Since
Week
Since
Today prices closed un¬
%c. up.
There was very little action to the
with no disposition evident to follow the pro¬
.July 1 "to
Oct. 31,
July 1,
Oct. 31,
July 1,
1936
1936
1936
Oct. 31,
1936
July 1,
1936
Barrels
Bushels
Bushels
Bushels
Bushels
United
upswing in
Continent
shipping
demand
active.
changed to
trading,
nounced
DAILY
CLOSING
corn.
OF
PRICES
RYE
December
82%
81%
_
May.
July
December
85%
84
76%
DAILY
Nov.
Aug.
Nov.
OF
December
75%
Sat.
June
3, 1936
Aug. 11, 1936
Oct.
3, 1936
71
FUTURES
Mon.
6834
67%
—
__
When Made
55%
May
July
RYE
October
December
L
Season's Low and
6, 1936
4, 1936
6, 1936
CLOSING PRICES
H
O
75
IN
CHICAGO
Wed. Thurs. Fri.
83%
85
85%
81%
83
83
7534
76
76%
Tues.
82%
80%
75
Season's High and When Made
May.
July
FUTURES
Mon.
Sat.
Tues.
IN
WINNIPEG
Wed.
Thurs.
Fri.
H
67%
68%
May
O
L
69%
70
70
7034
Sat.
December
Mon.
79%
Tues.
79%
H
May
July
Wed.
80
DAILY CLOSING
OF
Thurs.
81
Fri.
81%
October
December
Mon,
58%
56%
Closing quotations
were as
Tues.
IN
Wed.
WINNIPEG
Thurs.
Fri.
O
L
58%
57
59%
58
60%
58%
Total 1936
106,405
91,460
Total 1935
The
visible
granary
at
Corn, New York—
all rail.
.130%
55%
79%
Rye, No. 2, f.o.b. bond N. Y.__
Barley, New York—
4734 lbs. malting
100%
Chicago, cash
100-144
Rye flour patents
5.20® 5.45
Seiminola,bbl.,!Nos.l-310.40@10.50
Oats, good
of grain,
comprising
Wheat
Bushels
were as
lake
in
and
follows:
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
2,000
68,000
afloat
stocks
STOCKS
393,000
New York
the
of accumulation at
28,000
......
4,000
19,000
......
5,000
■
904,000
Baltimore
...
New Orleans
26,000
584,000
4,000
37,000
51,000
433,000
2,000
1,000
Galveston
120,000
740,000
Fort Worth
...
24,000
765,000
1,000
1,000
197,000
1,000
9,000
17,000
3,729,000
...
1,308,000
...
4,949,000
26,000
mw
*»
•» ••
*»
......
<mm
'
...
City
St. Louis
...
Indianapolis
...
1,700,000
48,000
209,000
15,000
6,000
15.549,000
79,000
1,789,000
130,000
48,000
4,853,000
153,000
3,952,000
48,000
87,000
607,000
...
Omaha
Sioux
329,000
1,554,000
39,000
478,000
8,000
36,000
4,096,000
134,000
928,000
12,000
119,000
1,868,000
175,000
1,089,000
13,000
Chicago
...
23,000
12,000
9,499,000
290,000
9,829,000
10,000
60,000
2,000
4,817,000
4,000 19,177,000
On Lakes
124,000
785,000
Minneapolis
6,119,000
1,967,000
2,365,000
■
4.-----
1,728,000
6,159,000
6,637,000
898,000
2,093,000
110,000
...
10,000
14,000
15,000
100,000
7,011,000
704,000
1,909,000
243,000
1,638,000
,
R
CnnrcA
Fancypearl~Nos?2,"4~&7
/
Duluth.
OO
7.60@
7.90
...
Detroit
Buffalo
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
ports
for the week ended last
Saturday and since Aug. 1 for each
of the last three years:
"
Rye
Barley
...
afloat
*4,602,000
240,000
On Canal
59,000
Total
Oct. 31,
1936.. 70,459,000
3,398,000 46,515,000
6,089,000 17,489,000
Total
Oct. 24,
1936-. 71,470,000
3,309,000 47,701,000
6,298,000 17,362,000
Total
Nov.
1935— 77,305,000
1,827,000 45,021,000
9,237,000 16,080,000
*
Oats
45,000
Milwaukee.
2.90
3.10
6.35@6.55
Corn
31,953,000
"T1666
175,000
94"l~,666
Saturday, Oct. 31,
Peoria
5.30 @5.50
Wheat
3,062,000
supply
United States—
Kansas City...
No. 2 white-
straights.... 5.10@5.90 Corn flour
winter straights
6.20@6.40 Barley goods—
Flour
1,000
1,286,944
Boston
St. Joseph
Soft winter
Hard winter patents
Hard winter clears
53,040,000
fcRAIN
Hutchinson
FLOUR
Spring oats, high protein.7.20@7.40
Spring patents
6.90@7.15
Clears, first spring
6.00@6.30
4,393,000
19,811,000
11,000
principal points
seaboard ports
Wichita
follows:
Oats, New York—
129%
Manitoba No. 1, f.o.b. N. Y_118%
1,927,335
i",66o
Other countries
32,102,000
.....
GRAIN
Wheat, New York—
No. 2 red. c.i.f., domestic
2,793,000
1,578,000
22,000
Brit. No. Am. Cols.
"
H
56%
55%
902,870
279,157
251,000
433,000
11,000
50,308
11,5^0
21,500
West Indies
_
BARLEY FUTURES
May
Receipts at-
64,135
8,270
Philadelphia
PRICES
Sat.
No. 2 yellow,
Kingdom.
So. & Cent. Amer.
1936
/
Barrels
70%
O
L
"
70
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Hard
"4I660
7,000
Oct.
Rye—On the 31st ulto. prices closed unchanged to \i<$.
higher. Trading was light and without special feature. On
the 2nd inst. prices closed unchanged to Ac. lower.
Trading
light and devoid of any noteworthy feature.
On the 4th
inst. prices closed 3^c. to lc. higher.
This advance was due
to the same influences that prompted the rise in other
grains,
and especially to the revived talk of inflation.
On the 5th inst,'.prices closed % to %c. higher.
This
climbed
ie'ooo
12,000
Made
IN WINNIPEG
Wed. Thurs. Fri.
Tues.
42%
43%
May
grain
Barley
"4", 066
Since Jan. 1, *3510,839,000
55 %
57,000
16,000
6,000
52,000
51,000
1,000
29^666
Bfalifax
Fri.
FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
41
4134
H
41%
42%
42%
4134
41 %
O
4234
42%
42%
38%
38%
L
39%
39%
39%
DAILY CLOSING PRICES OF OATS FUTURES
December
4,000
17,000
ti..
Rye
OATS
When Made
I
Season's
Aug. 19, 1936 December
Aug.
3, 1936 May—
Nov. 6, 19361July
October
3,134,000
494,000
Montreal
Week
very
139,000
129,ooo:
575,000
Galveston
SoreL
Oats
bush. 56 lbs. bush. 32 lbs. bush.56lb$. bushA8lbs.
68~666
Orleans*
New
There
wras
Corn
Wheat
143,000
39,000
17,000
25,000
Philadelphia..
Total week,'36
Since Jan. 1,*36
DAILY CLOSING PRICES
and grain at the seaboard ports for
bbls. 196 lbs bush. 60 lbs
Baltimore
7. 1936
Saturday, Oct. 31, 1936, follow:
Flour
Receipts at—
with the sharp rise in corn and
Today prices closed unchanged to %c. higher.
This grain
appears indifferent to the action of either wheat or corn.
movement
Nov.
Total receipts of flour
2,
Duluth—Includes 139,000 bushels feed wheat.
Note—Bonded grain not included above: Barley—Buffalo,
455,000 bushels;
Duluth, 2,106,000; total, 2,561,000 bushels, against 113,000 bushels in 1935.
Wheat
York, 1,824,000 bushels; N. Y. afloat, 273,000; Philadelphia, 1,000; Buffalo,
9,153,000; Buffalo afloat, 595,000; Duluth, 5,582,000; Erie, 1,726,000; Albany,
3,079,000; Chicago, 80,000; on Lakes, 485,000; Canal, 1,429,000; total, 24,227,000
bushels, against 29,096,000 bushels in 1935.
—New
&&ZS.196H/S. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush. 56Z6s bushA8lbs.
Chicago
231,000
439,000
920,000
413,000
201,000
879,000
244,000
Toledo
99,000
Detroit
42,900
35,000
9,000
286,000
228,000
354,000
151,000
.....
Minneapolis..
Duluth
Milwaukee.
..
17,000
Indianapolis..
St.
Louis
Peoria
Kansas City..
Omaha
St.
47,000
128,000
250,000
38,000
24,000
16,000
week,'36
Same week,"35
Same week,'34
258,000
7,000
2,000
64,000
362,000
6,533,000
8,166,000
4,410,000
2,992,000
3,771,000
2,696,000
43,000
249,000
Sioux City
Buffalo
6,000
438,000
381,000
396,000
50,000
28,000
113~666
2,863,000
Joseph
Wichita
Total
747,000
198,000
143,000
58,000
104,000
14,000
13,000
46",566
23,000
72,000
88,000
8,000
22,000
72,000
74,000
2,000
15,000;
232,000j
26",666
15,000
5,000
31,000
367,000
618,000
53,000
540,000
3,000
23,000
875,000
267,000' 1,905,000
2,637,000
422,000 3,265,000
871,000. 1,351,000
1936
1935
points
Oct. 31,
Oct. 24,
Total
12,000
130,000
water
Total
1,000
5,833,000105,085,000 46,748,000
5,445,000191,879,000 27,657,000
5,245,000100,318,000 92,158,000
35,464,000
73,054,000
22,188,000
6,839,000 44,957,000
9,285,000 35,211,000
5,844,000 27,673,000
Rye
Barley
Bushels
Bushels
128,000
1,170,000
612,000
6,124,000
838,000
29,268,000
2,530,000
Nov.
35,706,000
2,
1936— 72,866,000
1936— 73,386,000
1935—138,087,000
2,881,000
...
...
...
237,000
1,096,000
6,249,000
6,438,000
5,539,000
1,535,000
1,558,000
3,344,000
7,832,000
7,278,000
3,954,000
Summary—
American
70,459,000
72,866,000
Canadian
Total
Total
Oct. 31,
Oct. 24,
Total
942,000
Oats
Bushels
Other Canadian & other
Total
79,000
Corn
Bushels
7,892,000
Ft. William & Pt. Arthur
80"666
Since Aug. 1—
1934
Wheat
Bushels
Canadian—
Montreal
Nov.
2,
1936—143,325,000
1936—144,856,000
1935—215,392,000
The world's shipment
3,398,000 46,515,000
6,249,000
6,089,000 17,489,000
1,535,000
7,832,000
3,398,000 52,764,000
7,624,000 25,321,000
3,309,000 54,139,000
7,856,000 24,640,000
1,827,000 50,560,000 12,581,000 20,034,000
of wheat and corn,
Broomhall to the New York Produce
as
furnished by
Exchange, for the week
Volume
ended Oct.
30, and since July 1, 1936, and July 1,
1935, are
shown in the following::
Corn
Wheat
Since
Since
Week
Since
Since
Oct. 30,
1936
July 1,
July 1,
July 1,
1935
Oct. 30,
1936
July 1,
1936
1936
1935
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
49,915,000
19,802,000
40,692,000
31,132,000
152,000
11,516,000
1,000
1,000
2,621,000
7,289,000
272,000
8,193,000 132,499,000 109,452,000
10,961,000 162,869,000153,209,000
9,177,000147,785,000128,725,000
North Amer_
5,434,000 80,376,000
2,544,000 28,376,000
1,090,000 18,788,000
1,389,000 21,969,000
184,000
3,312,000
320,000 10,048,000
Black Sea..
ArgentinaAustralia
India
Oth. countr's
Total
712,000
16,651,000
7,996,000
Week Ended Nov. 4—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Nov. 4, follows:
Weather
general
In the
and
wheat
in
northwest.
eastern
extensive high pressure area during the
attend<5d by abnormally low temperatures, with
States
was
an
general freeze in the middle Atlantic area and frost southward to southern
Appalachian sections.
After this there was a rapid warming up, with
relatively high temperatures the latter part of the period.
On the morning of Nov. 1 a depression was central over the southern
Great Plains, and cloudy, showery, weather prevailed in the interior
States, followed by general precipitation over the northern half of the
country.
Rainfall was heavy in much of the interior.
At the close of
the week a severe cold wave had overspread the Northwest, with subzero
temperatures prevailing in northern North Dakota, eastern Montana, and
Wyoming, the lowest reported being six degrees below zero at Yellowstone
Park ana Lander, Wyo.
During the week the line of freezing tempera¬
tures extended as far south as western North Carolina, central Kentucky,
southern Missouri, and northwestern Texas.
The week had abnormally cold weather in the Northwest, but mostly
mild temperatures in other sections of the country.
From the upper
Mississippi Valley and central and southern Plains eastward the tem¬
peratures averaged from slightly below to somewhat above normal.
In
the Northwest the weekly means were from 6 to 9 degrees subnormal.
Precipitation was heavy in the Ohio, lower Missouri, and middle and
upper Mississippi valleys; some sections of the Ohio Valley had from
three to four inches.
There was considerable precipitation, in the form
of snow, in the Northwest, the
resulting moiture ranging from about
a quarter of an inch up to an inch, locally.
In the eastern Great Basin,
northern Arizona,
and some Rocky Mountain sections, snowfall was
heavy and there was considerable additional rain in the south Pacific
area; in the Pacific Northwest there was again little or none.
In considerable portions of the interior, especially the western Ohio
and middle Mississippi valleys, additional rains of the week were un¬
favorable in keeping the soil in a saturated condition, which retarded
seasonal field operations.
At the close of the week the line of freezing
had extended a little farther south than previously in most eastern districts,
and also in trans-Mississippi sections, but it was still behind a normal
year in south-central sections of the country.
However, at this writing
the most pronounced cold wave of the season is advancing from the North¬
west, with prospect of a further southward extension of the frost line.
There was very little frost damage during the week, although tender
vegetation was harmed to some extent in the northern portion of the
a
South Atlantic area.
Local droughty conditions
,
continued in some east Gulf sections, with
badly needed in southern Georgia, Florida, and much of Alabama,
and Mississippi.
Also, additional moisture would be helpful locally in the
Middle Atlantic States.
Otherwsie, there is mostly ample moisture east
of the Great Plains.
An outstanding feature of the week's wea-ther was
the moderate to heavy snows in the persistently dry Northwest, the moisture
being especially helpful in the Dakotas and Montana; more is needed.
Also, in Rocky Mountain sections and the eastern Great Basin substantial
snows materially improved the outlook, but decidedly unfavorable droughty
conditions continue in the Pacific Northwest.
Small Grains—The winter wheat crop continues to make satisfactory
rain
Srogress in except in some north-central Plains districts,
fountains, all of the principal producing sections east
In
Kansas
the crop
is
conditions continue favorable.
of the Rocky
particularly in
making splendid growth and is fur¬
nishing much pasturage in the eastern half of
the State.
In the Pacific Northwest
South of Kansas
the winter wheat
is still badly in need of moisture; October brought very little pre¬
cipitation to this area and the outlook is decidedly unfavorable.
Con¬
ditions continue favorable in the more eastern States.
Corn and Cotton—In the eastern belt husking and cribbing corn were
retarded considerably, especially during the last half of the week, by wide¬
spread, heavy rains.
Gathering the crop made favorable progress the
early part of the week and is well advanced in western districts.
In Texas and Oklahoma cotton is mostly gathered, except for some
crop
scrapping.
In Arkansas picking made slow progress because of cloudy,
damp weather.
In the eastern belt the weather was mostly favorable
for field work and harvest advanced satisfactorily, being nearly finished
as far north as southeastern North Carolina.
-
The Weather Bureau furnished
the following resume of
conditions in the different States:
Virginia—Richmond;
Temperatures averaged slightly subnormal; neg¬
ligible rainfall favored seasonal farm operations; killing frost general on
28th, except immediate coast sections.
Practically all crops harvested;
truck looking good in southeast.
Meadows and pastures green.
Planting
winter wheat and oats nearing completion; many fields up.
North Carolina—Raleigh:
Weather favorable for gathering crops and
seeding grain.
Cotton picking made good to excellent advance and is
nearly completed in southeast.
Light to heavy or killing frost Sunday;
slight damage.
South Carolina—Columbia:
Mostly fair; cool, except last few days.
Generally favorable.
Harvesting about completed; satisfactory yields.
Cotton picking and ginning made good progress; picking early cotton near
completion and gathering late crop well advanced.
Fall string beans
mostly shipped on coast, with spring cabbage and spinach being planted.
Minor frost damage to late truck locally on Oct. 31.
Georgia—Atlanta:
Heavy frost general in north section Saturday and
in scattered places to middle; little damage.
Cotton picking made fair
advance in north; considerable late cotton still out in northeast.
Favor¬
able for harvesting peanuts, pecans, and sweet potatoes and sowing grain,
but too dry for truck in south.
Florida—Jacksonville:
Dry, warm weather favored farm work, but
rain needed for crops.
Sweet potatoes good; being dug.
Truck fair to
good; beans, squash, and peppers being shipped; planting continues.
Citrus good, but slow coloring; shipments increasing.
Cane maturing
well.
Setting strawberry plants about completed.
Alabama—Montgomery:
Dry, warm week.
Planting fall crops in prog¬
ress in north and locally elsewhere, but rain needed in all sections.
Pas¬
mostly fair.
Mississippi—Vicksburg:
Generally favorable.
Excellent progress in
picking and ginning cotton remnants and housing corn.
Rain generally
needed for gemination of cover crop seed, gardens, and pastures.
Louisiana—New Orleans:
Cool and cloudy beginning of week, other¬
wise favorable.
Good progress in harvesting rice, corn, and sweet potatoes
and in planting cane, oats, and winter cover and other crops.
Cutting and
grinding cane well under way.
Picking remnants of cotton in extreme
north.
Pastures generally fair to good.
Texas—-Houston:
Temperatures averaged near normal for the week,
but severe cold weather last day, with subfreezing in northwest; mostly
tures
light rains, scattered throughout State.
Cotton picking and ginning about
completed, except scrapping.
Winter wheat sowing nearing completion
in northwest and well advanced elsewhere, although wet soild delayed work
somewhat in most sections; early planted coming up to good stands.
Ranges and
Rock:
Cotton
to
picking
good;
some
lot feeding In
slow
Report for the
first half of the week
Nebraska.
fair
due to cloudy, damp
weather most of week and rains at close.
Corn gathered in most high¬
lands and western and southern lowlands; being gathered rapidly else¬
where.
Late alfalfa and feed crops being harvested rapidly.
Very favor¬
able for growth of fall and winter crops; all in good to excellent condition.
Tennessee—Nashville:
Cotton picking made good progress; about 15%
infields.
Favorable for gathering corn; late completely matured.
Digging
potatoes, plowing, and seeding made good progress with ground favorable.
Winter grains made fine growth; look thrifty.
Stripping tobacco good
progress.
Pastures good.
Moderate frost damage to truck and vege¬
tables, but good in some areas.
Kentucky—Louisville:
Cool weather, first half diminished growth, but
abnormal warmth later caused further improvement of pastures and
grains.
Pastures nearly supporting livestock; milk flow better.
Favor¬
able for corn gathering first half, which is unusually advanced.
Tobacco
stripping commenced.
Early sown rye and wheat inclined to rankness;
size ranges down to just up in south; stands excellent, moisture ample.
THE DRY GOODS TRADE
summary
more
Livestock
Panhandle.
Arkansas—Little
Week
Exports
3027
Financial Chronicle
143
cattle generally good.
Truck mostly good, but rain badly
needed in extreme south.
Oklahoma—Oklahoma City:
Mostly favorable for harvesting fall crops.
Cotton mostly gathered.
Progress and condition of winter wheat fair to
very good, except beeding rain in extreme northwest; crop affording good
grazing in most of State.
Grasshoppers doing some damage to alfaifa
New York, Friday Night, Nov. 6, 1936.
temperatures prevailing during the latter part of
the period under review offset the handicap exerted earlier
in the week by inclement weather, and the volume of retail
sales for the entire week continued to make a good showing.
Ideal
Apparel lines again attracted most attention.
With election
uncertainties out of the way and with large dividend dis¬
bursements expected during the remainder of the year, the
outlook for November continued cheerful, although com¬
parative gains may be somewhat affected by the fact that
the month this year has one less Saturday and one less
business day than a year ago,
and, furthermore, that
November, 1935, registered a very substantial increase in
sales volume.
Some cause for caution is also furnished by
the maritime strike on the Pacific Coast and the sympathetic
walkouts in the East which, if proving to be of longer
duration, may curtail retail volume in some directions.
Trading in the wholesale dry goods markets continued its
satisfactory showing. Most attention centered on holiday
items, and orders and early reorders on such goods were
received in large volume, as a shortage in these lines became
more
and more apparent.
Some initial orders on spring
staples were also placed by retailers.
Wholesalers continued
their search for spot and nearby goods, but the acute
shortage kept the volume restricted.
Prices remained very
strong.
Business in silks was quiet but prices held firm.
Trading in rayon yarns continued active.
Books for
January business were opened this week, and mills were
again obliged to put incoming orders on an allotment basis.
While no changes in list prices were announced, outside of
the automatic rise of 5% due to the elimination of the
quantity discount, rumors were again current, to the effect
that an advance in quotations before the end of the year
was a possibility.
Domestic Cotton Goods—After
early dulness, trading in
the gray
cloth markets broadened sharply, and prices rose
rapidly, following the outcome of the Presidential election
with its ensuing possibilities of continued crop control,
undiminished spending and higher labor costs.
Pear of the
latter prompted some mills to reintroduce a protective clause
to insure them against added costs caused by new Federal
legislation.
Demand concentrated chiefly on first quarter
shipments, although nearby goods were bought whenever
available.
Business in fine goods was limited, but this was
chiefly due to the scarcity of goods, as most mills were sold
up on this year's production, and were unwilling to accept
future business at present spot quotations.
Lawns and
voiles were in good demand.
Closing prices in print cloths
were as follows:
39-inch 80s,
to 9%c.; 39-inch 72-76s,
8%c.; 39-ineh 68-72s, 8 to 8^c.; 38H-inch 64-60s,
7Me.; 3834-inch 60-48s, 5% to 6^c.
Woolen
at
as
7 to
Goods—Trading in men's wear fabrics continued
active pace.
Mills increased their production schedules
orders from clothing manufacturers were received in in¬
an
creasing volume.
Prices continued strong, and another
advance, of 5c. a yard on all worsted suitings, was announced
by the leading producer.
Overcoatings were in better
demand, and indications pointed to an actual shortage in
the
higher-priced lines.
Gabardines and tropical worsteds
duplicate orders on spring
number of manufacturers, reflecting
initial orders by their retail accounts.
Reports from retail
clothing centers gave a good account as more seasonal
moved
goods
in
fair
were
volume,
placed by
while
a
Business in women's
affected by the reluctance of some mills to accept
orders for later delivery.
Several mills began showing their
weather stimulated consumer demand.
wear
was
new
spring
facturers.
dress
lines, and reported good interest by manu¬
Inquiry for flannels improved somewhat, and
goods and fleeces c ontinued in good demand.
Garment
a substantial volume of orders for
manufacturers received
quick delivery, reflecting the excellent consumer
apparel.
demand
for all classes of
continued at a
Holiday items and housekeeping goods
moved in good volume, and handkerchiefs and fancy linens
continued in fair demand.
The call for dress linens for
resort and spring wear improved, as delivery difficulties
appeared likely to develop in this field.
Prices remained
unchanged. ' Business in burlaps was fairly active, and
prices, as a result of the favorable October statistics and
higher Calcutta cables, showed slight advances.
Domestic¬
ally lightweights were quoted at 3.75c., heavies at 5.15c.
Foreign
Dry Goods—Trading in linens
satisfactory pace.
3028
Financial
State and
Chronicle
Nov.
1,800,000 Cairo Bridge Commission, 111., 4% bridge revenue bonds
purchased privately by B. J. Van Ingen &
Co., Inc. of New
York and associates.
Price paid not disclosed.
Due Oct. 1,
1962, callable in whole or in part on any interest date on or
after April 1, 1938, at a varying price scale.
1,500,000 Maryland
Illinois & Missouri
(State of) 2M% emergency certificates of in¬
debtedness awarded to a syndicate headed
by Lazard Freres
& Co. of New York, at a
price of 107.889, a basis of about
2.25%. Due serially from 1939 to 1951 incl.
Bonds
1,300,000 Yonkers,
Y., various
N.
bonds, maturing serially
purposes
from 1937 to
1955 incl., awarded to a
group headed by the
Chase National Bank of New
York, as 2Ms, 3s and 3Ms, at
a price of
100.197, a basis of about 2.69%.
STIFEL, NICOLAUS &. CO., Inc.
314 N.
DIRECT
CHICAGO
1936
City Department
Specialists in
105 w. Adams St.
7,
WIRE
1,100,000 Erie
County, N. Y., emergency relief bonds, due serially
1948 to 1936 incl., awarded to an account headed
by
Lehman Bros, of New York, as
2.20s, at a price of 100.07, a
basis of about 2.19%.
Re-offered at prices to yield from
0.80% to 2.30%, according to maturity.
from
Broadway
ST. LOUIS
The number of bond issues which fail of sale
at the time of
MUNICIPAL
The
SALES
BOND
municipal bond market
month of
October,
new
was
issues of
IN
OCTOBER
rather quiet during the
more
than ordinary
portions being considerably limited in number.
standing transaction during the month
City of New York of
serial bonds
to
J.
offering attracted
P.
a new
issue of $30,000,000 five-year
very
illustrated the high
definitely
The out¬
the sale by the
Morgan & Co. of New York.
series of
a
was
pro¬
This
close bids, all of which
rating accorded
the
offering continues small.
October failures were eight in
number, representing in the aggregate a total of $2,369,025
bonds.
Facie
bond financing was
issue.
October
was
$82,363,067.
$4,551,800 marketed by the
poration in its capacity
bonds
as
Brooklyn Heights, Ohio
Hamtramck, Mich
This
figure
includes
Reconstruction Finance Cor¬
the Public
Tax-exempt financing
Works Adminis¬
in September
aggregated
$158,902,635, the total including issues of $55,000,000 by
the State of New York and $19,952,000
by Detroit, Mich.
Notwithstanding the lack of activity in general market
conditions during October, there were several developments
during the month which attracted a great amount of interest
among
dealers and holders of tax-exempt instruments.
These included the refusal of the United States Supreme
Court to reconsider its decision of last spring, which held
that the Municipal Debt Readjustment Act was uncon¬
stitutional.
Of greater moment, however, was disclosure
of the contention of the Internal Revenue Department at
Washington that the bonds of the Marine Parkway Authority
are
subject to the levy of an issuance tax and transfer tax,
also the Federal stock transfer tax.
This view, however, is
believed to have been effectively disputed by the ruling of the
Board of Tax Appeals on Oct. 28, denying the right of the
Internal Revenue Department to tax the salaries of the
Port of New York Authority's employees or its securities.
Each of these bodies enjoys similar powers as instrumentalities
of the State of New York. Municipal bond attorneys have
repeatedly held that bonds issued by the authorities created
by the various States are equally exempt from Federal
taxation
as
the instruments of the
States
themselves.
In
view of the uncertainty created by the Revenue
as
to the tax-exempt status of bonds issued
Department
by various
"authorities," involving as it does more than $200,000,000
of liens presently outstanding, it is believed that the matter
may be taken before the United States Supreme Court in
order to establish beyond any question of doubt the
position
of authority issues with respect to Federal taxation.
The following is a record of the issues of $1,000,000 or
more, except those included in the RFC sale, which were
placed during the month:
'
$30,000,000 New York, N. Y., notefunding bonds, due $6,000,000 annually
from 1937 to 1941 incl., awarded to J. P. Morgan & Co. of
New York to bear interest rates of from 0.50% to 1.50%, at
a price of 100.1469, tne net interest cost of
1.1176% being
the lowest at which the city has ever disposed of serial
obliga¬
tions.
The banking house is reported to have re-offered the
$6,000,000 1Mb due in 1941 at a price to yield 1.30%.
This
was the only part of the issue made available for re-sale.
5,600,000 Mississippi (State of) highway notes, due serially from 1938
to 1960 incl., awarded to a large banking
group headed by
John Nuveen & Co. of Chicago, as 3s, 3
Ms and 3Ms, at a
price of 100.045, a basis cost of about 3.12%. Tne $4,850,000
series B notes wer6 re-offered by the bankers
priced from 102.25
to 103, and tne $750,000 series S issue was marketed at a
price of 101.50.
4,200,000 South Carolina (State of) highway certificates of indebted¬
ness, due in equal annual installments from 1945 to 1954 incl.,
sold to Halsey, Stuart & Co., Inc. of New York and associates
as 2Ms, at a price of
100.405, a basis of about 2.71%.
Reoffered at prices to yield from 2.30% to 2.70%,
according to
maturity.
3,600,000 Allegheny County, Pa., bridge and park bonds awarded to
Brown Harriman & Co., Inc., of New York and associates
as
2Ms, at a price of 100.638.
Included in the sale were
$3,000,000 bridge and $600,000 park bonds, due serially
from 1937 to 1966 incl.
Re-offered at prices to yield from
0.40% to 2.25%, according to maturity.
2,200,000 Los Angeles, Calif., water works bonds awarded to Lehman
Bros, of New York and associates as 2Ms and 3Ms, at
a
price of 100.004, a cost basis to the city of about 2.92%.
The
3Ms were re-offered at prices to yield from 0.50% to 2.85%,
and the 2%s on a yield basis of from 2.75% to 3.10%, all
according to date of maturity.
not exc.
15,000
x
1,350,000
...notexc. 6%
494,000
not exc. 4%
50,000
not exc. 4M %
270,000
Perquimans County, N. C
Sheridan County, Mont
2726 bTarrant County, Tex
Rate of interest
the bonds
was
as
was
4Ms, at
reoffered and sold
optional with the bidder,
par, plus cost of
on
4%
x
2890
on
$40,000
65,025
85,000
4%
Kenmaie S. D. No. 28, N. Dak
aMobile County, Ala
non-sale:
Amount
x
_
2561
x
municipal bonds sold
fiscal agent for the disposal of
originally acquired by
tration.
serial
achieved by the city in disposing of the
The total amount of State and
during
on
for the
Int. Rate
Barnsdall, Okla
2723
2723
involved, and the nature of the
as a reason
Name
2411
2720
record for low interest cost
the
report, if any, given
2883
new
of
rate and amount of the issue
city's
A
unsuccessfully during the month
herewith,
the tabulation indicating the page
"Chronicle" where a report of the failure
may be found—name of the prospective borrower, interest
number
obligations by both municipal bond specialists and invest¬
ment interests.
The issues offered
listed
are
a
legal opinion,
Report
No bids
No bids
Bids rejected
No bids
Option granted
Bids rejected
No bids
Bids rejected
Bankers took one-week option
b A block of $100,000 bonds
Oct. 26.
Financing by the States and their sub-divisions through
the sale of notes and other evidences of
temporary debt was
negotiated on a rather small scale during October. This was
to be
expected, inasmuch as most units had sufficient funds
on
hand from tax collections to meet
general operating
during the remainder of the calendar year. New
City, for example, always a heavy contributor to the
monthly total of interim municipal financing, was not
obliged to solicit funds on that basis during October,
although
as noted elsewhere in this
summation, the city negotiated
a
sale of $30,000,000
five-year serial funding bonds at a
record low interest cost basis.
Short-term municipal borrow¬
ing amounted to $7,566,041 in October.
Canadian municipal bond
financing was contracted on a
rather heavy scale
during October, issues placed during the
month aggregating
$56,854,900, none of which was placed
expenses
York
in the United States.
The bulk of the total consisted of the
$51,000,000 flotation by the Province of Quebec, which was
made up of four different
maturities, with interest rates of
1, 1
2% and 3%.
Other Provincial issues marketed
during the month comprised that of $3,500,000
by New
Brunswick and $2,103,000
by Nova Scotia. The Dominion
Government disposed of two issues of
Treasury bills totaling
$55,000,000.
No issues were offered
United States Possessions.
The following is a
during the month by
any
of the
comparison of all the various forms of
loans put out in October of the
last five years:
1936
1935
PermTloans (TJ. S.) 82,363.067
♦Temp.loans (U. S.)
7,566,041
Tempi.loans (Canada) 55,000,000
Canada loans (perm.)
Placed In U. S...
Placed In Canada.
1933
42,748,755
65,421,900
1932
55,917,492
46,938,714
43.763.7l9
54,081,387
40,000,000
None
None
23,866 500
None
None
None
4 015 000
408,900 250,210,500 225,281,000
6,'524,'377
'
None
56,854,900
Bds.ofU. S.Poss'ns
and
1934
71,816,034
126,667,500
Territories...
Gen.fd.bds.(N.Y.C.)
None
4,948,000
None
None
None
None
None
None
None
None
TotaJ
201,784,008 243,840,434 358,381,155
328,137,206 132,250.983
J ^ludlng temporary securities Issued by New York City: None In 1936: $50 000,000 In 1935; $60,825,000 in 1934;
$36,785,900 in 1933; $33,000,000 in 1932.
The number of
municipalities in the United States
emitting
long-term bonds and the number of
separate issues made
during October 1936 were 308 and 353,
respectively. This
contrasts with 337 and 413 for
September 1936 and 291 and
377 for October, 1935.
For
comparative
purposes we add the
following table,
showing the aggregate disposals of long-term
obligations by
States and
municipalities in the United States for October
and the 10 months for
Month of
October
1936
$82,363,067
1935
71,816,034
1934
42,748,755
1933
55,917,492
1932
43,763,719
1931.......
16,127,447
1930
155,536,473
1929
118,736,328
1928
99,233,455
1927
118,521,264
1926
102,883,400
1925
79,237,656
1924.
92,079,368
1923
84,988,615
...
a
series of years.
For the 10
Month of
October
Months
$956,120,964
1922
973,869,107
1921
725,660,514 1920
392,580,167 1919
701,938,924 1918
1,156,129,993 1917
1,211,857,702 1916
1,055,135,088 1915
1,094,074,433 1914
1,297,029,358 1913
1,149,105,018 1912
1,174,724,056 1911
1,280,504,969
850,952,400
$71,333,536
114,098,373
80,933,284
62,201,397
7,609,205
24,750,015
34,160,231
28,332,219
15,126,967
39,698,091
...
27,958,999
26,588,621
For the 10
Months
$990,188,429
868,392,996
570,109,507
581,871,151
245.789.038
402.828.039
402,548,332
434,829,036
423,171,790
327,902,805
345,871,920
341,092,191
Owing to the crowded condition of our
columns, we are
obliged to omit this week the customary table
showing the
month's bond sales in detail.
It will be given later.
Volume
Financial
14S
3029
Chronicle
reconstruction;finance corporation
The highest bid submitted for the Nickel Plate railroad
obligations was an offer of 102.043, tendered by Stroud &
Co., Inc., of Philadelphia, and associates. The high bids for
some of the municipal issues were as follows:
$12,000 Birmingham, Ala., drainage bonds, $1,081.00 a $1,000 by
Seasongood & Mayer, Cincinnati, and Farson Son & Co.,
both
New
York.
89,000 City of Seal Beach, Orange County, Calif., breakwater bonds of
1935 and sewage treatment plant bonds of 1935, $1,025.70 per
$1,000 by Schwabacher & Co., New York, and associate.
26,000 Tehachapi Valley Union High School district of Kern County,
Calif., Union High School bonds, $1,074.68 by Dean, Witter &
Co., New York.
32,000 Tehachapi Elementary School District, Kern County, Calif.,
school bonds, $1,075.12 per $1,000 by Dean, Witter & Co., New
York.
22,000 Borough of Garwood, Union County, N. J., trunk sewer bonds of
1935; $1,012.10 per $1,000, by the Southern Ohio Savings Bank &
Trust Co., Cincinnati.
115,000 Board of Education of the Borough of Hohokus, Bergen County,
N. J., school bonds of 1935, $1,012.60 per $1,000, by Schlater,
Noyes & Gardner, Inc., New York.
128,000 Board of Education of the Borough of Leonia, Bergen County,
N. J., school district bonds, $1,070 per $1,000, by H. L. Allen
& Co., New York.
61.000 Board of Education of the Borough of Little Silver, Monmouth
County, N. J., school bonds, $1,022.66 per $1,000, by J. B.
Hanauer & Co., Newark.
184,000 Board of Education of the Borough of Mountain Lake, Morris
County, N. J., school bonds, $1,015.60 per $1,000, by Schlater,
Noyes & Gardner, Inc., New York City.
37,000 Township of Springfield, Union County, N. J., trunk sewer bonds
of 1935, $1,032.50 per $1,000, by the Southern Ohio Savings Bank
& Trust Co., Cincinnati.
52,000 Great Neck, Nassau County, N. Y.t sewer bonds, series A and
series B, $1,121.50 per $1,000, by B. J. Van Ingen & Co., Inc.,
3NT©w ""STork d#nd 3issoci&t0
/
9,000 Central School District No. 2 of the Towns of Guilford and Norwich.
Chenango County, and Butternuts and Unadilla, Otsego County,
N. Y., school building bonds, $1,117.30 per $1,000, by A. C.
Allyn & Co., Inc., New York and associate.
4}
'
106,000 Board of Education of Union Free School District No. 15 of
Hempstead, N. Y., school building bonds, $1,191,999 per $1,000,
by Edward B. Smith & Co., New York.
10,000 Central School District No. 1 of Keene and Jay, Essex County,
N. Y., school building bonds, $1,067.20 per $1,000, by A. C.
Allyn & Co., Inc., New York, and associate.
7,000 West Haverstraw, N. Y., sewer construction bonds, $1,076.50 per
$1,000, by A. O. Allyn & Co., Inc., New York.
126,000 Hickory. N. C., water works and sewerage improvement bonds,
$1,051.30 per $1,000, by Stranahan, Harris & Co., Inc., Toledo.
74,000 Erie County, Ohio, courthouse improvement bonds. A unit bid of
$1,108.00 per $1,000 was submitted by Stranahan, Harris & Co.,
Inc., Toledo, and a dollar bid equivalent to $1,110.10 per $1,000
was submitted by William J. Mericka & Co., Cleveland, Ohio.
BONDS
MUNICIPAL
Report on High Bids Received at Offering—Bids were opened
by the above Corporation immediately after noon on Nov. 5,
for the purchase of 56 issues of municipal bonds aggregating
$3,186,500, and also a $4,624,000 issue of 4% equipment
trust certificates of the New York, Chicago & St. Louis RR.
Co.- All of the issues offered for sale carried 4% coupons.
Dealer Markets
WM. I.
MERICKA & CO.
INCORPORATED
Union Trust Bldg.
One Wall Street
135 S. La Salle St.
CLEVELAND
NEW YORK
CHICAGO
Governor
Governor
Lieutenant
and
Re-elected—Governor
Herbert H. Lehman, running for reelection,
defeated William
Bleakley, his Republican opponent, by an estimated
plurality of approximately 400,000.
Lieutenant Governor
M. William Bray, of Utica, was returned to office by a wide
margin over Colonel Ralph K. Robertson, of Buffalo,
Republican candidate for the position.
The Democratic sweep in the State was reflected in the
vote for members of the Legilsature and to some extent in
the election of New York Representatives in Congress.
The
Republicans had hoped to regain control of the Legislature,
where they now hold the Assembly but not the Senate. They
lost several seats in the Assembly and failed to capture the
three seats necessary to give them control of the State
F.
Senate.
Carolina—Dismissal of Suit on Buzzard's Roost
Project Asked—Holding that provisions of the Na¬
tional Industrial Recovery Act under which loans are made
to municipalities for the construction of competing power
facilities "are a legitimate exercise of the power to appro¬
priate money to promote the general welfare," Attorney
General Homer S. Cummings on Nov. 3 appealed to the
United States Supreme Court to dismiss the suit of the Duke
Power Co. testing the validity of the law and a proposed
loan and grant of $2,852,000 for the construction of a hydro¬
electric plant and distribution system at Buzzard's Roost in
South Carolina, according to a press dispatch from Wash¬
ington on Nov. 3.
In a brief setting forth the Government's basis of argu¬
ments which are to be aired before the high court on Nov. 9,
the Attorney General is said to have urged that considera¬
tion be given to the economic condition of the Nation at the
time the law was passed, a part of which was invalidated
two years ago in the Schecter case, on grounds thiat con¬
struction of the power systems is part of a comprehensive
South
Power
national program
of public works designed to promote the
general welfare of the country.
Bond
lower court decision which held that the first bond issue of
5% Bonds due 1944-1946
Thomas M. Cook & Company
The
Harvey Building
PALM
a
political subdivision of Texas had priority for payment over
subsequent issues, it is reported.
The ruling of the high
court settles a question which had been troubling both the
municipalities and the holders of their bonds.
Price—104 and Interest
WEST
Court Rules Out Priority Dispute on
Payments—The State Supreme Court has reversed a
Texas—Supreme
WE OFFER:
$5,000 FT. PIERCE, FLORIDA, Utility
case
in which the priority bond theory was advanced was that of
against the Breckenridge Independent School
of Civil Appeals at Eastland held that bond
payable in the order in which they were issued.
In effect, the opinion meant that where insufficient funds were available
for payment of interest or principal on all outstanding obligations, funds
would be used to pay off the issues according to the order in which they
Bankers Life Insurance Co.
BEACH, FLORIDA
District in which the Court
issues of the district were
News Items
issued.
were
Booklet
on
Taxation of Municipal
Bonds—The First
Corporation has prepared a booklet on taxation, tax
exemption and the taxable equivalent yields of State and
city bonds. The tables on taxable and tax-exempt security
yields offer a new departure, as the relationship can be
determined easily, even though bonds are selling at premiums
Boston
or
discounts.
Such
a
...
1
practice, it was argued would make the first issues of a com¬
than the later issues and therefore might
munity or district more attractive
prevent additional issuance of bonds by Texas municipalities.
In discussing the lower court decision Texas municipal officials pointed
out that the ruling if upheld by the Supreme Court might prevent them
from selling
further bond issues. Several of the cities took an active interest
New York law firm refused to approve a bond issue
pending a reversal of the opinion by the State Supreme
in the case when one
of Houston, Texas,
Court.
Their argument was based on the contention that the State Legislature
passing the bond statutes did not contemplate any priority, and they
pointed out the adverse effect on the city's borrowing power which might
in
City—Charter, Proportional Representation and
Firemen Three-Platoon System All Approved in Election-—The
new city charter, which will renovate the haphazard structure
of the city government by abolishing the Board of Aldermen,
creating a powerful City Planning Commission and effecting
other reforms in municipal government, was approved on
Election Day by a large majority.
The proposal to elect members of the City Council, the
group that will replace the aldermen, by proportional repre¬
sentation was adopted by an even larger margin of votes.
Adoption of the new charter means that the city has only
one year and a few months under its present form of govern¬
New York
ment.
The covenants of the charter will govern the munici¬
pal election next November and the Board of Aldermen will
formally pass out of existence on Jan. 1, 1938, when the new
council will be seated.
At that time, also, the Mayor to be
elected next November will take office and will be empowered
to
appoint the members of the City Planning Commission,
will take over the zoning duties now lodged in the
which
Board of Estimate
and.become the repository of the city map.
plan to install'the three-platoon system in the Fire
Department ran ahead of both the other city issues in the
popular approval with which it was received.
The
New York
State—Relief Bond Issue Approved by Voters—
general election on Nov. 3, the voters approved the
issuance of the $30,000,000 bond issue for unemployment
At the
relief, which issue is expected to be the last one required to
finance
State unemployment needs.
Constitutional
Convention
Approved—At
The
same
time
Supreme Court decision
the cities and their
definitely settles the question in favor of
bondholders and cannot be appealed.
Becomes Effective—At its recent special
Legislature enacted an omnibus tax bill to
New Tax Program
session the State
provide revenue for old age assistance under the National
Security Act.
The bill was approved by Acting Governor
Walter F. Wooodul on Oct. 31 and went into effect on Nov 1.
Under this bill as amended the prospective pensioners were
reduced to about 30,000.
The debberalizing amendment
eliminates from the pension rolls all those persons who are
not in actual need and will require
only $6,000,000 to
$7,3(30,000 in State revenues to meet pension payments
instead of the $15,000,000 to $18,000,000 estimated under
the
original law.
natural gas and sulphur production industries were not taxed
heavily in the omnibus bill as had been expected.
It is estimated that
addition of approximately $2,500,000 will be paid in taxes on crude oil
Crude oil,
as
an
production, $100,000 on natural gas production,
production, $318,000 on sulphur production and
$114,000 on carbon black
small amounts on various
kinds of ores.
The bill provided
% of lc. up to a
that price.
A levy of
for a 2%c. per barrel tax on crude oil, an increase of
sale price of $1 per barrel, and 2M % on its value above
$1.03 per ton is made on sulphur production, an increase of 28c.
of 1% is made on the market value of natural gas, at the
An increase
well, making a total of 3 %.
A levy of 1-12th of lc. per
is 4c. a
pound is made on carbon black when the price
of its value when it sells for more than 4c. a
pound or less and 2%
P°Andincrease is made from
of 1 % to 7-10ths of 1 % on the gross receipts
operating gas, electric light, electric power and waterworks
of 2,500 or more population up to 10,000, and from 1%
% % in the case of such companies operating in towns of more than
of companies
plants in towns
to
the
approval was given by the electors to the question of calling
a convention to revise the State Constitution.
result
1
10,000.
_
,
.
r
.
Telephone Levies
companies the tax is 1H % of gross receipts from business
outside the incorporated cities and towns and within such towns of less than
On telephone
3030
Financial
2,500 population; in cities and towns of more than 2,500 but less than
10,000, a tax of
% is levied; in cities and towns of more than 10,000 the
tax is 2%.
Tne present rate is 13^%, regardless of the size of the town.
On teiegrapn and wireless companies an increase of from
2 % % to 3%%
on gross receipts.
On life insurance companies not
organized under the laws of the State
a levy of
3%% on gross premiums, now 3%, would be made, but would
be reducible to 3 34% if 30% of Texas reserves were invested in
the State;
to 2.9%, now 2.3%, if 60% of them are so
invested, and to 2.5%, now 2%,
when 75% of Texas reserves are invested in the
State.
A levy on spirituous alconolic
liquors was increased from 86 to 90c. a
gallon.
On still wines of less than 14% alconol by volume the tax is
raised
from 2 to 10c. a gallon, and on the same kinds of wine
of more than 14%
alconol the tax is increased from 5 to 20c.
A levy of 10c. on
been assessed on all
$100
eacn
or
fraction thereof
over
the first $200 has
notes and obligations secured
by chattel mortgages,
trust, mechanics' lien, vendor's lien, conditional sales
contracts
and all instruments of a similar nature filed for
record.
deeds
of
Chronicle
Nov.
7,
1936
Pasadena Corp.
117 East Colorado St.
Pasadena, Calif.
Gentlemen: I am in receipt of your
inquiry with reference to the plan of
the Salt River Valley Water Users' Association
concerning their present
refunding policy.
The Association
has not now, nor has it ever
had, any "forced" plan of
I appreciate that the former plan submitted and
approved by
Reconstruction Finance Corporation was
thought by many to be a
"forced" plan, but that, however, was not the
case, as the plan was purely
voluntary, and was the only plan possible if advantage was to be taken
of the Act of Congress
appropriating money for that purpose, and the
only one possible to obtain from the RFC.
Times have changed radically in the past three
years.
At the time the
former plan was initiated, the prices of farm
products were abnormally
low.
Power sales had dropped
tremendously due to the closing down of
the mines and the general curtailment of
industry.
In that regard, it
might be interesting to you to know that less than three
refunding.
the
years
United
the 33
States—Governors
States
appeared
Elected
in
Various
States—In
which held elections for the
governorship it
on the basis of returns from 27 of the races for a
chief executive up to Nov. 5, that 22 of the
apparent
winners were Democrats, threee were
new
Farmer-Laborite
following is
a
and
one
Republicans,
Progressive candidate.
a
one
a
The
list of those candidates safely leading their
opponents:
Arizona—Rawghlie C. Stanford, Democrat.
Arkansas—(Jarl E. Bailey, Democrat.
Georgia—E. D. Rivers, Democrat.
Idano—Baarzilla Clark, Democrat.
Illinois—Henry Horner, Democrat.
Massachusetts—Cnarles F. Hurley, Democrat.
Micnigan—Frank Murphy, Democrat.
Minnesota—Elmer E. Benson, Farmer-Labor.
Missouri—Lloyd C. Stark, Democrat.
[Nebraska—R. L. Cocnran, Democrat.
New Hampshire—Francis P.
Murpny, Republican.
Decide
to
ments to
Amend
Constitutions—-Ten States
decisions on 21 proposed amend¬
doubt.
Federal social security
program.
In North
Dakota, dry since statehood, an amednment to permit the sale
of liquor piled up an early lead of
5,000 votes.
Oklahoma, however,
appeared to nave retained state prohibition, and Texas voters
piled up a
mountain of ballots against a plan for
turning over all liquor sales to the
State.
Michigan defeated a proposal to exempt foodstuffs from a
and anotner to supplant
property taxes with an income levy.
A Minnesota
measure
to abolish
state
real
estate
3% sales tax,
taxes
was
snowed
under, and in Utan early returns left in doubt the results of a
proposal to
exeiApt from taxation all homesteads valued at less than
$2,000.
Ohio eliminated the sales tax on food
purchased for home consumption.
California voters defeated a
proposal to levy a $500 tax on cnain stores, a
local option liquor measure, and a
plan to repeal the State's personal
income
tax.
In Washington,
rejected.
an amendment
authorizing
a
rate
we
are
graduated income tax
was
(All election results are treated in greater detail in our
Department of Current Events and Discussions, on preceding
pages of this issue.)
over-optimistic in saying that these bonds
The 2% or 3% of delinquent assessments
comprise almost
entirely land being used for industrial sites, town lots and the like.
Whether
difference in the revenue of the Associa¬
tion, for there is always a market for the water, and the water is then
sold
to others for
a price equal
to that of the assessment, which, in
effect,
amounts to double
revenue, for eventually the assessments are
paid.
As
you well know, the City of Phoenix with tax collections for
1935 36 of 78%
of the current levy, was able to sell its bonds
recently at a premium, bearing
an interest rate of from 3
% to 3 3^ %.
There are few organizations sucn as
ours, or in that regard few organiza¬
tions of any kind, wnich can show a record
during the depression of having
met all payments of
principal and interest promptly when due, and at the
same time having reduced the
principal of their debt in a substantial amount,
such as the Salt River
Valley Water Users' Association has done.
Some people have complained of the lack of cash
reserves on the part of
the Association.
In
our
case,
this is not needed.
Can
you
me
point out to
any firm or corporation in the United States which has a reserve of
some
$70,000,000.00 worth of land, which upon 30 days' notice can
levy and
collect an assessment against
it, such as we are able to do, and such as we
have done in the past?
Theoretically, taxes come ahead of our assessments.
In actual practice,
come ahead
of all liens, including taxes.
Assuming for the
sake of argument that a farm in our
valley was sold for taxes.
Off-hand
you would think that that would wipe off the assessments
against the land
given to secure the Association's bonds.
Actually, it does not, for the
stock of the Association
belongs to the land, and the new owner takes
the land subject to the liabilities on the
stock, and, therefore, immediately
steps into the shoes of the former owner, and before he
can receive any
water, has to pay up back assessments,
including those which were against
the stock and the land at the time of
the tax sale.
This may seem an
unique form of organization, but it is one which has stood the test of
time.
assessments
Incidently, 1 may say that the RFC has adopted it as the model form of
in the refinancing of certain
irrigation districts which they
have undertaken throughout the entire West.
There would be no change in the
operation of the present Association by
reason of the formation of the
new municipal district.
The sole purpose
of the new district would be for the
issuance of securities to refund the
present indebtedness of the Association.
organization
Very truly yours,
(Signed) GREIG SCOTT
Legal Adviser
Salt River Valley Water Users'
Association
GS:EC
OFFERINGS
not
of interest
the payment.
Among them were nine amendments
designed to clothe eight States with authority to take part
the
a
such area pays or not, makes little
according to The Asso¬
Press, as the huge task of ballot-counting neared com¬
pletion.
The fate of 61 other constitutional proposals and
many initiative and referendum measures in a score of States
in
bear
not in excess of 4%.
All through the de¬
pression, we have collected 96% and upward of our current
assessments.
That compares with tax collections of
approximately 75%.
Water assess¬
ments are the first things to be
paid, for if you do not pay your assessment,
the water is not forthcoming, and the land cannot
be farmed.
If the
owner fails to pay, then the
person who holds the mortgage promptly meets
ciated
in
believe that
should
their constitutions Nov. 4,
remained
over
district for the taxable bonds of the Association.
new
We
Mexico—Clyde Tingley, Democrat.
New York—Herbert Lenman, Democrat.
North Carolina—Clyde R.
Hoey, Democrat.
Onio—Martin Davey, Democrat, incumbent.
Rhode island—Robert E. Quinn, Democrat.
Soutn Dakota—Leslie Jensen, Republican.
Tennessee—Gordon Browning, Democrat.
Texas—James V. Allred, Democrat.
Utan—Henry H. Blood, Democrat.
Vermont—George D. Aiken, Republican.
Washington—Clarence D. Martin, Democrat.
West Virginia—Homer A.
Holt, Democrat.
Wisconsin—Philip La Follette, Progressive.
States
our
h.p.
over
half of which had not matured.
A part of the original
plan, wnich has not yet been consummated, is the
formation of a district identical in area and
boundary with the present
area of the
Association.
Under the laws of the State of
Arizona, it is
what is known as an Agricultural
improvement District.
Such a district
combines a municipal utility and agricultural
improvement district.
To
form such a district, it is necessary to include in toto
three small districts,
which are more or less part and parcel of the Salt
River Valley Water Users'
Association, and were heretofore organized for the sole purpose of
financing
the Associations building program.
Before the new district can be or¬
ganized, which will include these other districts, it is
necessary to have
the Legislature of the State of Arizona
pass remedial legislation.
It is our
of the
New
Ten
$1,000,000.00,
plan that the coming special session will enact such legislation.
It is then
proposed to have this district issue its bonds, guaranteed by the
Association,
for the purpose of refunding the present Association's
indebtedness.
These
bonds will be tax-exempt.
The Board of Governors of the Association
feel that they ought not to bear an interest rate in excess
of 4%.
The
Association has approximately $3,000,000.00
refunding 6s, which are call¬
able at 103 upon 60 days' notice.
There are also $3,813,000.00
53^ Stewart
Mountain wnich are subject to call after June
1, 1938.
The rest of the
Association's bonds are not callable.
The tentative plan is to call the bonds
which are callable, and to formulate some
plan of exchange for the balance
(voluntary, however) which wdl permit the exchange of the tax-free bonds
Connecticut—vViIdut l. Cross, Democrat.
Delaware—Ricnard C. McMuilin, Democrat.
Florida—Fred P. Cone, Democrat.
apparently had reached
ago,
peak power load was less an 50,000 h.p.
Today, it is over 100,000
During the present year, the Association has reduced its indebtedness
BOND
SALE SEEN LIKELY—It is stated
by the Pasadena Corp. that
they understand a banking group is negotiating for the
purchase of the
new
tax-exempt bonds which are to be used to retire the optional 6s.
WANTED
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL BONDS
Francis, Bro.
ESTABLISHED
&
Co.
ARKANSAS
1877
State & Municipal Bonds
Investment Securities
ST. LOUIS
TULSA
WALTON, SULLIVAN A CO.
Bond
LITTLE ROCK, ARK.
Proposals and Negotiations
ARKANSAS
ALABAMA
GADSDEN, Ala.—BOND SALE—The $29,000 issue of 5%
annual
coupon semi¬
refunding bonds offered for sale on Nov. 3—V. 143, p. 2717—was
awarded to Steiner Bros, of
Birmingham for a premium of $472.70, equal to
101.63, a basis of about 4.83%.
Dated Nov. 1, 1936.
Due from Nov. 1,
X939
ARKANSAS, State of—REPORT PREPARED ON ROAD BONDS—
Peltason, Tenenbaum & Harris, Inc., Boatmen's Bank
Building, St.
Louis, Mo., have prepared a circular on the
above State, with special
reference to its road district
refunding 3 % bonds, series A.
to 1952.
MONTGOMERY, Ala.—BONDS SOLD—It
ssue
ST. LOUIS. MO.
of
TUSCALOOSA,
bonds
is reported that a $518,000
refunding bonds has been purchased by
Orleans, as 5s at par.
& Beane, of New
is
stated
Birmingham.
to
Ala.—BONDS SOLD—An
a group
issue
headed by Fenner
of
$162,000
California Municipals
school
have
been purchased by
Watkins, Morrow & Co. of
A loan of similar amount and description was approved by
the Public Works Administration.
DONNELLAN
111 Sutter St.
ARIZONA
SALT
& CO.
Francisco, Calif.
Telephone Exbrook 7067
RIVER
VALLEY WATER USERS' ASSOCIATION
(P. O.
Arix.—REPORT ON PRESENT FISCAL STATUS—BOND
REFUNDING CONTEMPLATED—'The Arizona
Legislature was called
to convene in special session on Nov.
5, at which time it was expected that
bills would be introduced for the
purpose of converting the above named
Association, a corporate body organized in 1903 to operate the Roosevelt
Dam, into a tax-exempt municipal entity as part, of a
plan to refund about
$13,000,000 of 53^% and 6% bonds into bonds bearing not to exceed
4%
interest.
The Pasadena Corp. of
Pasadena, Calif., requested Greig Scott,
of Sloan, Scott & Green, of
Phoenix, legal adviser to the above Association,
to outline the plan for the
proposed district formation.
In the following
letter, dated Oct. 23, Mr. Scott sets forth the salient features of the
plan:
San
Teletype-S F 396
Phoenix),
CALIFORNIA
ANTIOCH, Calif.—INTEREST RATE—It is stated by the
Deputy
City Clerk that the $6,000 pipe line bonds pin-chased
by Donnellan & Co.
of San Francisco, at a
price of 100.43, as noted here recently—V.
143, p.
2717—-were sold as 3s, giving a basis of about
2.97%.
Due on Jan. 1,1955
and
1956.
,
AT WATER,
Calif.—BOND SALE—An issue of $44,000 water
supply
system bonds has been sold at par plus a premium of
$10, equal to
100.022,
Volume
Financial
143
to Donnellan
& Co. of San Francisco,
who
are now
3031
Chronicle
offering the bonds at
Srices toat 4 H from 3°* to balance of the issue from 1941 to 1954 will 1962
yield % and the
.
Maturities running from 1955 to bear
iterest
will bear
3%%
interest.
CALIFORNIA,
of—COUNTIES'
State
DEBT
TOTAL
PUT
BONDS
FLORIDA
AT
$216,623,522—California counties have a total indebtedness of $216,623,522, State Controller Ray L. Riley announced on Oct. 22. San Fran¬
cisco leads with a county debt of $172,132,279.
Los Angeles, the most populous county of the State, has a debt of $10,094,210. The explanation of the difference between the figures for the two
counties is that San Francisco county includes the City of San Francisco,
whereas Los Angeles County and city have separate governments.
Alameda County has a debt of $7,628,996 and Fresno, $3,510,000.
PIERCE-BIESE CORPORATION
JACKSONVILLE
Miami
Orlando
Tampa
GILROY, Calif.—BONDS VOTED—It is stated by the City Clerk that
at the election held on Oct. 27—V. 143, p. 2717—the voters approved the
issuance of the $31,000 in armory construction bonds by a count of 611 to
52.
It is said that the bonds are to be offered for sale as soon as possible.
COUNTY
(P.
O. Salinas), Calif.—BOND SALE—
District bonds offered on Nov. 2
143, p. 2557—were awarded to the First National Bank of Pacific
Grove as 2%s, at par, plus a premium of $8, equal to 100.10, a basis of
about 2.73%.
The Monterey County Trust & Savings Bank of Salinas
offered a $26 premium for 3s.
Dated Nov. 1, 1936. Due $1,000 on Nov. 1
from 1937 to 1944, inclusive.
MONTEREY
Municmals
Florida
The issue of $8,000 Buena Vista School
—V.
1930-42675
COUNTY
ORANGE
At
an
(P. O.
LEEDY. WHEELER & CO.
Santa Ana) Calif.—BONDS VOTED—
22, the voters are reported to
Bell
Teletype
System
election said to have been held on Oct.
have approved the issuance of $600,000 in Santa Ana School
to refund outstanding elementary and high school bonds.
SAN
FRANCISCO
District bonds,
Orlando
Jacksonville
10
No.
96
and County of), Calif.—BOND OFFER¬
the Board of Supervisors, will receive bids
(City
ING—J. S. Dunnigan, Clerk of
Nov. 9 for the purchase of $1,332,000 4% water distribution
bonds, 1933.
Dated Dec. 1, 1933.
Denom. $1,000.
Due Dec. 1 as
follows: $119,000, 1936; $77,000, 1937: $71,000, 1938 to 1953.
Interest
payable June 1 and Dec. 1.
Certified check for 5% of amount of bid,
but no more than $10,000, payable to the Clerk, required.
Approving
opinion of Thomson, Wood & Hoffman of New York will be furnished to
the purchaser.
Bonds may be registered as to principal and interest.
Prin.
and int. payable at the City Treasurer's office, or at the city's fiscal agency
FLORIDA
until 3 p. m.
in New York.
Controller's Financial Statement
The outstanding bonded debt of
the City and County of San Francisco
Oct. 31, 1936:
Water distribution bonds, 1933 (exempt
as
at
from charter limit)
Hetch Hetchy Dam bonds, 1933 (exempt from charter limit)._
Spring Valley bonds, 1928 (exempt from charter limit)
Water bonds, 1910 (exempt from charter limit)
Hetch Hetchy bonds, 1925 (exempt from charter limit)
Hetch Hetchy bonds, 1928 (exempt from charter limit)..
Hetch Hetchy bonds, 1932 (exempt from charter limit)
Exposition bonds, 1912 (exempt from charter limit)
Other bonds
$7,986,000
3,150,000
34,000,000
28,000,000
8,250,000
24,000,000
6,500,000
600,000
$112,486,000
54,880.800
(not exempt).
$167,366,800
Total
The city has debt created for unemployment relief loan from the State of
California in the amount of $1,757,153.50, and for tax anticipation notes
taxable
$977,075,939
roll
assessment
Property is assessed at approximately
50% of its value.
Uncollected at End
COUNTY
TULARE
of Year of Levy
$544,801
Total Levy
$33,177,550
32,714,463
31,752.725
26,583,269
28,808,182
30,634,662
30.964,430
(P.
O.
718,830
1,706,581
1,316,809
958,096
612,784
Visalia),
MIAMI, Fla.—CERTIFICATES TO BE SOLD—A. E. Fuller,
Director
the $439,000 harbor improvement certificates upheld
by the Circuit Court on Oct. 19, as noted here—V. 143, p. 2884—will be
marketed through the Public Works Administration.
of Finance, states that
ST. AUGUSTINE, Fla .—CERTIFICATES SOLD—Charles E. Kettle,
City Auditor and Clerk, reports that $95,000 4% semi-ann. water revenue
certificates have been taken up by the Public Works Administration.
Denom. $1,000.
Dated Dec. 1, 1935.
Due on Dec. 1 as follows: $3,000,
1937 to 1939; $4,000, 1940 to 1944; $5,000, 1945 to 1950, and $6,000, 1951
to. 1956.
Interest payable at St. Augustine. These certificates are said to
be part of the $113,000 certificates authorized last August, as noted here—
V. 143, P. 1268.
ST. PETERSBURG, Fla.—BONDS
of Finance that $110,000
SOLD— It is stated by the Director
4% semi-annual hospital bonds have
chased at par by tne Public Works
beef! pur¬
Administration.
SARASOTA, Fla— CERTIFICATES SOLD—J.
E. Richards,
states that $65,000 water works revenue certificates have
by the Public Works Administration.
City
been
VALPARAISO,
Fla.—BONDS TO BE &0LD—It is stated by O. F.
semi-ann. water works bonds approved
Lear, City Clerk, that $10,000 4%
Tax Collections Sept. 30, 1936
Fiscal Year—
approximately $1,600,000.
be Nov. 30, 1936.
1928. on both principal and
interest.
It is stated that bond owners wishing to deposit their bonds so
as to participate in this loan are requested to communicate with the district
without delay.
The holders of approximately 80% of the outstanding
indebtedness are said to have pledged their bonds.
purchased
The assessment roll for the fiscal year
Total
The time limit for accepting this loan is said to
The district has been in default since Dec. 1,
Clerk,
(Said notes payable Dec. 21, 1936.)
1936-37 is:
in the amount of $5,500,000.
tiring its outstanding indebtedness amounting to
Uncollected
by the voters at an election held on Oct. 26, will be purchased by the Pubiic
Works Administration. Dated Oct. 1, 1936. Due from 1937 to 1955.
Sept. 30, 1936
$43,165
65,420
364.187
395,125
351,487
514,061
Calif.—BOND OFFERING—
17, by Gladys Stewart,
Sealed bids will be received until 10 a. m. on Nov.
County Clerk, for the purchase of an $84,000 issue of school bonds.
Interest
rate is not to exceed 5%, payable M. & N.
Denom. $1,000.
Due on Nov.
17 as follows: $1,000, 1938; $2,000, 1939 to 1942; $3,000, 1943; $4,000,
1944; $5,000, 1945 to 1948; $6,000, 1949, and $7,000, 1950 to 1955.
Prin¬
cipal and interest payable at the County Treasurer's office.
These bonds
are obligations of the Porterville Elementary School District.
A certified
check for 5% of the bonds, payable to the Chairman of the Board of Super¬
visors, must accompany the bid.
GEORGIA
COLUMBUS,
Ga.—BONDS
DEFEATED—At the election
held on
1118—the voters defeated the proposed issuance of the
$160,000 in bonds, divided as follows:
$55,000 swimming pool; $45,000
school; $30,000 sewer, and $30,000 street bonds.
Oct. 31—V. 143. p.
Ga .—BOND OFFERING—Sealed bids will be received
J. F. Sullivan, Clerk of the Council, for the pur¬
of 3% coupon jail and fire department headquar¬
Denom. $1,000.
Dated Dec. 16, 1936.
These bonds may
SAVANNAH,
until noon on Nov. 16 by
chase of an $85,000 issue
ters
bonds.
be registered as to principal by the City Treasurer.
Prin. and int. (J. & D.)
payable at the City Treasurer's office or at the agency of the city in New
York, at the option of the holder.
The bonds have been validated by the
Superior Court of Chatham County and will be delivered at Savannah or
New York City, at holder's option.
The legality of the bonds has been
approved by Clay, Dillon & Vandewater of New York, a copy of whose
opinion will be furnished the purchaser.
A $3,000 certified check, payable
to the Mayor and Aldermen of the City, must accompany the bid.
ILLINOIS
CHAMPAIGN, 111.—BOND SALE DETAILS—The issue of $25,000 4%
city building bonds purchased by the Harris Trust & Savings Bank of
Chicago, as reported in a previous issue, was sold at par plus a premium of
$2 320. equal to 109.28, a basis of about 3%. Dated July 1, 1936 and due
as follows:
$1,000, 1937 to 1948 incl.; $2,000 from 1949 to 1954 incl. and
$1,000 in 1955.
CHARLESTON, 111.—BOND ELECTION—As a special election which
called for Nov. 24 a proposition to issue $100,000 sewer and water
submitted to the voters.
has been
bonds will be
COLORADO
COLORADO
(State of)— WARRANT OFFERING— On Nov. 17 the
$15,000,000 State highway fund revenue
State will offer for sale an issue of
anticipation warrants, niaturing serially in progressively increasing amounts
from 1939 to 1954.
Bidders are to name the rate of interest.
DELTA
COUNTY
The County Treasurer
(P. O. Delta) Colo.— WARRANTS CALLED—
is said to have called for payment at his office on
fund and general school fund warrants.
Oct. 20. various special school
CHICAGO, III.—CITY REVERTS TO CENTRAL TIME ON NOV. 15—
Council decided on Nov. 5 to restore Central Standard Time in
15, according to an Associated Press dispatch.
The
aldermen are said to have unanimously adopted an ordinance stipulating
that clocks should be turned back one hour at 2 a. m. on Nov. 15.
The
ordinance also is reported to provide for daylight saving time during the
summer months, from the last Sunday in April to the last Sunday in
September.
The City
Chicago as of Nov.
COLUMBIA, 111.—BOND OFFERING—Alvin G. Klein, City Clerk,
sealed bids until 8p.m. on Nov. 9 for the purchase of $28,500
improvement bonds. Dated Nov. 1, 1936. Denom. $500. Due
Nov. 1 as follows: $1,000, 1937 to 1943 incl.; $1,500 from 1944 to 1952 incl.
and $2,000 from 1953 to 1956 incl. Principal and interest (M. & N.) payable
at the First National Ban<t, Columbia. A certified check for $1.000, payable
to the order of the city, must accompany each proposal.
The approving
opinion of Charles & Trauernicht of St. Louis will be furnished the success¬
will receive
Colo.—BOND SALE CORRECTION—{The amount of the
issue of water works refunding bonds sold to Peters, Writer & Christensen
of Denver was $115,000, not $150,000 as reported previously.
Charles J.
Rice & Co. of Denver were associated with Peter, Writer & Christensen.
Dated Nov. 1, 1936.
Due yearly from 1940 to 1961. The bonds will bear
interest at
% until 1940 and 4% thereafter. The last maturing $50,000
bonds are redeemable in inverse numerical order on and after Nov. 1, 1936.
4% sewer
SCHOOL DISTRICT (P. O. Meeker),
Colo.—BOND SALE—Subject to approval at an election to be called in the
near future an issue of $75,000 3)4.%
refunding bonds has been sold to
Peters, Writer & Christensen, Inc., and Charles J. Rice & Co., both of
Denver. Due $3,000 yearly from 1938 to 1962; bonds due in 1952 and there¬
after will be subject to redemption from 1952 on.
HAMMOND, 111.—BOND SALE—N. L. Rogers & Co. of Peoria have
purchased an issue of $5,500 water plant bonds. The sale is subject to
approval of the issue at the Nov. 10 election.
MEEKER,
RIO BLANCO COUNTY HIGH
CONNECTICUT
NEW HAVEN,
Conn .—TAX PAYMENTS APPROACH YEAR'S
ESTIMATE—The total amount of current city taxes collected so far this
is $7,283,974 according to a report from Collector Bernard J. McGrath
to the Board of Finance.
This leaves about $36,839 yet to be collected in
order to reach tne $7,320,814 which the Board of Finance estimated would
be collected this year.
McGrath has started a fresh drive to get in the amount outstanding and
is sending notices to all delinquents to pay.
In back taxes, the city has collected $916,383 and penalties of $11,950
leaving $18,039 to be collected before reaching the estimated $948,378 to
be collected.
year
FLORIDA
MELBOURNE-TILLMAN DRAINAGE DISTRICT (P. O. Melbourne)
ALLOCATED— Lock Davidson, Dis¬
has announced that the Reconstruction Financing Corpora¬
tion recently granted the district a loan of $352,500 for the purpose of reFla.—RFC REFINANCING LOAN
trict Treasurer,
ful bidder.
HENRY COUNTY SCHOOL DISTRICT NO. 51—(P. O. Kewanee),
111.—BOND SALE—An issue of $135,000 3 H % school bonds has been sold
to
the
premium of $850,
Due $13,500 on July 1 from
White-Phillips Co. of Davenport at par plus a
equal to 100.629, a
1946 to 1955 incl.
LA SALLE,
basis of about 3.44%.
111.—BONDS VOTED—At a recent election the voters gave
proposal to issue $25,000 swimming pool bonds.
their approval to a
AUTHORIZED—The City Council recently
the issuance of $44,000 water revenue bonds
THORNTON TOWNSHIP HIGH SCHOOL DISTRICT NO. 205
(P. O. Harvey). 111.—BOND SALE DETAILS—The $300,000 4% coupon
school building bonds sold recently to Seipp, Princell & Co. of Chicago at
a price of 101—V. 143, p. 2885—mature in 1956 and are callable after 1942.
Interest payable A. & O.
Denom. $1,000.
RUSHVILLE, 111.—BONDS
adopted a resolution authorizing
URBANA, III.—BOND SALE—Ballman & Main of Chicago
purchased an issue of $170,000 2H% funding bonds.
are reported
to have
VIRDEN, 111.—BOND SALE—N. L.
chased an issue of $36,000 4% general
1936
Denom.
1939 to
$1,000.
1942, incl. and
Rogers & Co. of Peoria have pur¬
obligation bonds. Dated Oct. 1»
Due Oct. 1 as follows: $1,000, 1938; $2,000 from
$3,000 from 1943 to 1951, incl. Interest payable
3032
A. & O.
Financial
Chronicle
Nov. 7,
An issue of $36,000 sewerage system bonds
will be passed upon
by
an election to be held on
Nov. 25
the voters at
YATES CITY HIGH SCHOOL
DISTRICT, III.—DISPOSAL OF
BONDS ARRANGED—We are informed
tnat
the H, C. Speer & Sons
Co. of Chicago will arrange for
disposition of the issue of $45,000 school
gymnasium bonds which was approved by a vote of
365 to 205 at an election
on Oct.
DIGHTON, Kan.—BOND SALE DETAILS—It is now reported by the
Deputy City Clerk that the $30,000 3% semi-ann. light plant
repair bonds
Purchased by L. C. sold at parCo. of Topeka,
43, p. 2719—were Atkins &
and mature
20.
said to be conditional
on
bonds.
INDIANA
SCHOOL
CITY.
HERINGTON,
Ind
SALE
The
$5,000 4% refunding bonds awarded on Oct._7 to
McNurlin & Huncilman
Indianapolis at a pride of 105.49, bear date of Oct.
15, 1936 and mature
15 as follows:
$3,000 in 1943 and $2,000 in 1944.
Interest payable
J. & J. Legality approved
by Matson, Ross, McCord & Clifford of
Indian¬
apolis.
of
Jan.
BROWN SCHOOL TOWNSHIP
(P. O. Cross Plains), Ind.—BOND
SALE—The issue of $15,000 school
building bonds offered on Oct. 15—
V. 143, p. 2244—was awarded to the
Cross Plains State Bank
and the
Friendship State Bank, jointly, as 3s, at par plus a
premium of $251,
equal to 101.67, a basis of about
2.75%. Dated Oct. 1,1936 and due
$1,200
Jan. 1 and $600 July 1 from 1939 to
1950, inclusive.
CENTERVILLE, Ind.—BOND SALE—The Indianapolis Bond &
Share
Corp.of Indianapolis purchased last June 2 an issue of
$19,000 4 M % coupon
plant acquisition bonds at a price of par and accrued
interest.
Dated
July 1, 1936.
Denoms. $1,000 and $500.
Due serially on Jan. 1
from
1937 to 1947 incl.
Interest payable J. & J.
water
FAIRMOUNT, Ind.—BOND
SALE—An issue of $17,000 water
works
bonds has been sold to the
City Securities Corp. of Indianapolis at a
price of
100.70.
GIBSON
Sylvester
COUNTY
(P. O. Princeton), Ind.—BOND
OFFERING—
Marshall, County Auditor, will receive sealed bids
until
G.
11 a. m. on Nov. 14 for the
purchase of $6,400 6% Toelle Ditch
Drainage
district bonds.
Dated Oct. 7,1936.
Denom. $640.
Due $640 on Nov. 15
from 1937 to 1946 incl.
Principal and interest (M. & N.)
payable at
the County Treasurer's office.
'•
HAMMOND, Ind.—BOND SALE—The $92,000 3M% Hammond
Park
District bonds offered on Oct. 31—V.
143, p. 2718—were awarded to the
City Securities Corp. of Indianapolis at par
plus a premium of
$2,783,
equal to 103.02, a basis of about 2.63%.
Dated Oct. 1, 1936 and due
$4,000 each Jan. 1 from 1939 to 1961 incl.
MICHIGAN CITY, Ind.—BOND SALE—The
$15,000 4M% stadium
and playground bonds offered on Oct.
31—V. 143, p. 2406—were awarded
to Bonniwell, Neil &
Camden, Inc., of Chicago, at par, plus a
premium of
$1,429.75, equal to 109.531, a basis of about 3.13%. Dated
Aug. 15,1936.
Due $1,000 yearly on Aug. 15 from
1937 to 1951, incl.
The City Securities
Corp. of Indianapolis offered a premium of $1,229.
NAPPANEE SCHOOL CITY, Ind.—BOND
OFFERING— Sealed bids
addressed to L. Mutschler,
Secretary of the Board of Trustees, will be
received until 5 p. m. on Dec.
3, for the purchase of an issue of
$46,955
school bonds.
SHAWSWICK SCHOOL TOWNSHIP
(P. O. Bedford), Ind.—BOND
SALE—The $16,700 4% school bonds offered on
Oct. 22—V. 143, p. 2406—1
were sold to the Bedford
National Bank and the Stone
City National
Bank, both of Bedford, jointly, at a price of par.
Dated Oct. 22, 1936
and due semi-annually from
July 1, 1937 to July 1, 1942 incl.
noted here recently—V.
on as
Oct. 15, 1946.
The sale is
refusal of the State School Fund to
purchase the
Kan.—BOND ELECTION—An election is to be held
a proposal to issue
$19,500 park improvement bonds
Nov. 10 at which
will be voted upon.
on
BICKNELL
1936
KANSAS
.
LANE COUNTY (P. O.
Dighton), Kan .—BOND SALE DETAILS—
It is now reported by the
County Clerk that the $42,000 2M% refunding
bonds purchased by L. C. Atkins & Co. of
Topeka, as noted here recently
—V. 143, p. 2719—were sold at par and mature on
Oct. 1 as follows:
$8,000, 1937 and 1938; $9,000, 1939 to 1941, and $10,000, 1942 to 1944.
MANKATO SCHOOL DISTRICT NO. 76
(P. O. Mankato). Kan.—
OFFERING—On Nov. 6 at 8 p. m. the school board will
offer for
BOND
sale
issue of $61,000 high school building bonds.
Interest is tentatively
3%, payable semi-annually.
Due $3,000 yearly from 1938 to
1956,
1945, 1946, 1947 and 1948, $4,000 will come due.
an
set at
except that in the years
PROTECTION, Kan.—BOND
SALE DETAILS—It is now stated by
City Clerk that the $19,000 water works refunding bonds
purchased by
Wichita, as noted here recently—V. 143, p. 2886
—bear interest at 4% and were sold at par.
Due from 1942 to 1957.
the
the Small-Milburn Co. of
RENO COUNTY
(P. O. Hutchinson), Kan .—BOND SALE—An
issue of $30,000 1%% public assistance fund
bonds has been sold to the
Lathrop-Hawk-Herrick Co. of Wichita at a price of 100.268.
SALINA, Kan.—BOND SALE—An issue of $11,305 bonds was sold
recently to the Lathrop-Hawk-Herrick Co. of Wichita at 101.005.
SPEARVILLE SCHOOL DISTRICT (P. O.
Spearville) Kan.—BONDS
NOT SOLD—The $17,000 issue of
3% and 3M% semi-ann. school bonds
offered on Oct. 5—V. 143, p. 2245—was not
sold, according to the Scnool
Director. Due from Jan. 1, 1938 to July
1, 1947.
KENTUCKY
CAMPBELLSVILLE, Ky.—BONDS TO BE SOLD—It is stated by the
City Clerk that Stein Bros. & Boyce, of Baltimore, have contracted to
purchase $15,000 sewer system bonds at par. These bonds are to
be voted
upon at the general election on Nov. 3.
KENTUCKY, State of —WARRANT CALL—'The State Treasurer
is said to be calling for payment State
warrants numbered from E-2016 to
E-9974, aggregating $1,500,085.99, including warrants issued
prior to and
including part of those issued in June, 1932.
MIDDLESBORO, Ky .—CITY TO BE FIRST TVA POWER USERrThe said city will become the first
Kentucky municipality to use Tennessee
Valley Authority power, it was announced at Knoxville, fenn., as a
group
of
30 Kentuckians representing several sections of
the
Norris Dam and discussed the city
ownership of utliities.
It
was
announced by Mayor Neville Miller of
Kentucky League of Municipalities, that
advantage of present State laws to
plants.
own power
every
inspected
vote revenue for bonds and build their
Immediate Firm Bide
TIPPECANOE, Ind.—BOND
State
Louisville, President of the
Kentucky city should take
on
LOUISIANA MUNICIPALS
SALE—The issue of $10,000
coupon
improvement bonds offered on Oct. 29—V. 143
p. 2718—was awarded to
a local bank as
4s, at par plus a premium of $26, equal to
100.26, a basis
of about
3.93%.
Dated Oct. 1, 1936 and due $500,
April 1 and Oct. 1
from 1938 to 1947 incl.
,
Scharff L Jones
INCORPORATED-
Iowa
T. T. TEL. N. O. 180
Municipals
TELEPHONE RAYMOND 1189
New Orleans
Polk-Peterson Corporation
Des Moines
Building
LOUISIANA
DES MOINES
Watecloo
Ottumwa
Cedar Rapids
A.
T.
CATAHOULA PARISH
Davenport
Iowa City
&
T.
Sioux
City
Sioux Falls, S. D.
Teletype: DESM 31
IOWA
BLOOM1NGTON SCHOOL TOWNSHIP
(P. O. Muscatine RR. 4),
Iowa—BOND OFFERING—Harry P.
Reed, Secretary of the Board of
Directors, will receive bids until 2 p. m. Nov.
7, for the purchase of $3,000
school building bonds.
Bidders are to name rate of
interest, not to exceed
4%. Due serially from 1938 to 1940. Printed
bonds and approving
opinion
of Chapman &
Cutler, of Chicago, will be furnished by the district.
BOYDEN, Iowa—BOND SALE—The $7,000
coupon water works bonds
on Nov. 2—V.
143, p. 2885—were awarded to the Farmers
Savings
Bank of Boyden as
2Ms.
The White-Phillips Corp. of
Davenport bid for
Due $500 on Dec. 1 from 1941 to
1954; optional June
offered
3Ms.
1, 1945.
DAVENPORT, Iowa—BOND
ELECTION—At an election scheduled
for Nov. 27 the voters of the
city will vote on the question of
purchasing
the water works now owned
by the Davenport Water Co. at a price not to
exceed
$3,025,000, the purchase price to be realized
by the issuance of
mortgage revenue bonds.
DAWSON CONSOLIDATED SCHOOL
DISTRICT, Iowa—BOND
ELECTION—At an election scheduled for
Nov. 12 a proposal to issue
$18,000 school building bonds will be voted
upon.
JOICE INDEPENDNENT
SCHOOL DISTRICT
(P. O. Joice) Iowa—
BOND SALE—The $5,500 issue
of coupon school
building bonds offered
for sale on Oct. 26—V.
143, p. 2718—was awarded to
Jackley & Co. of
Des Moines, as
3s, paying a premium of
$148.00, equal to 102.69, a basis
of about
2.77%.
Dated Nov. 1, 1936.
Due $500 from Nov.
1, 1945 to
1955 incl.
The second highest bidder
at this auction sale
D. Beh Co. of Des Moines.
LEHIGH,
Iowa—CERTIFICATE
SALE—An
issue
was
the Carleton
of
$60,000 short
term certificates of indebtedness
has been sold to the Carleton
D. Beh Co. of
Des
Moines
on
a
1M % interest basis.
LETTS, Iowa—BOND SALE—The $600
on
Oct. 26
were
fire equipment bonds
offered
awarded to the Carleton D.
Beh Co. of Des Moines.
MACEDONIA
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Macedonia), Iowa—BOND OFFERING—It is stated
by Carl Jones,
District Secretary, that he will
receive bids until 2
p. m. on Nov. 7, for
the purchase of a
$50,000 issue of school bonds.
Due as follows:
$1,000,
1938; $2,000, 1939 and 1940, and
$3,000, 1941 to 1955, inclusive.
OTO INDEPENDENT
SCHOOL
TION—At
school
an
election to be held
building bonds
DISTRICT, Iowa—BOND
on
Nov. 10
a
ELEC¬
proposition to issue $21,000
will be submitted to the
voters.
SIOUX
CITY, Iowa—BOND SALE—An issue of
$65,000 improvement
bonds recently authorized
by the City Council has been sold to the
Security
lMs, at par plus a premium of $425,
National Bank of Sioux
City as
to
equal
100.653.
WAUKON INDEPENDENT
SCHOOL
ELECTION—An election has been ordered
on a
DISTRICT,
to be held
proposal to issue $28,000 school
building bonds.
WEBSTER CITY, Iowa—BOND
on
Iowa—BOND
Nov. 16 to vote
OFFERING—A. K. Westervelt, City
Clerk, will receive bids until 8 p. m. on Nov.
17 for the purchase of a $7,500
2M% coupon fire equipment bonds.
Denom. $750.
Dated Nov.
1, 1936.
Due $750 from Nov. 1,1937 to
1946, incl.
Principal and interest
payable in Webster City.
issue of
SCHOOL DISTRICT NO. 12
(P. O. Jonesville), La.—BOND OFFERING—Sealed bids will be received until 11 a.
m.
on Nov.
13 by H. W. Wright, Superintendent of
the School Board, for
the purchase of a $25,000 issue of school
building bonds.
Interest rate to
be stated by the bidder.
Denom. $500.
Dated Oct. 1, 1936.
Due on
Oct. 1 as follows: $1,000, 1938 to
1947; $1,500, 1948 to 1953, and $2,000,
1954 to 1956, all incl.
Place of payment to be designated
by the bidder.
The legal approving opinion is to be
furnished by Campbell &
Holmes, of
New Orleans.
A certified check for $750, payable to the
President of the
Parish School Board, must
accompany the bid.
Bidders will be required
to pay $500 in addition to the amount of
their bids to care for the
necessary
legal and other expenses incurred by the School Board in the
issuance of
these bonds.
(This report supplements the
offering notice given under
"Enterprise School District"—in these columns recently—V.
143,
p.
2886.)
Financial Statement
Assessed Valuation—District is
composed of territory assessed at more
than $500,000 in 1935.
The 1936 assessment rolls have not been
filed.
Area of District—53,760 acres.
Population of District—Approximately 750.
Bonded Debt of
District—None, other than this issue.
Average Tax Collections—Territory comprising the
larger part of this
district: 1933, 96%; 1934, 90%,
1935, 81% to Oct. 1, 1936.
COTTONPORT, La.—BOND OFFERING—Albin S. Ducote, Town
Clerk, will receive bids until 1 p. m. Nov. 17 for the purchase of
$18,000 4%
impt. bonds. Denom. $500. Dated Aug. 1, 1^36. Interest
payable
semi-annually. Due on Aug. 1 as follows: $500, 1937 to 1941;
$1,000, 1942
to 1955; and $1,500 in 1956.
street
IBERIA PARISH
(P. O. New Iberia) La.—BOND REFUNDING
ALTHORIZED—The Police Jury is said to have
passed an ordinance
providing for the refunding of $70,000 in outstanding indebtedness.
ORLEANS LEVEE DISTRICT (P. O. New
Orleans),
OFFERING— Sealed bids will be received until 10 a. m. on
the
Board of Levee
Commissioners, for the purchase
of
La.—BOND
27, by
Nov.
issue of $1,881,000 refunding bonds, according to Francis C. Morere, Assistant
Sec¬
retary of the Board.
Denom. $1,000.
Dated Jan. 1, 1937.
The bonds
will bear interest at a rate or rates to be
determined at the time of sale in
accordance with the best bid submitted, interest
payable (J&J), and will
be sold at not less than par and accrued
interest.
Proposals will be con¬
sidered for bonds maturing
according to either Schedule A or Schedule B,
hereinafter set forth, and no interest rate or rates shall
be specified for
bonds maturing according to Schedule A in excess
of 4% and none for
Schedule B in excess of 4M % Per annum.
Said bonds will mature on
July 1
in the following years:
Schedule A:
an
$94,000,1940; $17,000, 1941; $34,000,
1942; $45,000, 1943; $69,00
1944; $32,000, 1945; $45,000, 1946;
$55,000,
1947; $36,000, 1948; $53,000, 1949; $70,000, 1950;
$44,000, 1951; $38,000,
1952; $70,000 ,19 3; $90,000,1954; $112,000,1955; $95,000, 1956;
$120,000,
19,7; $109,000, 1958; $134,000, 1959; $120,000, 1960;
$48,000, 1961;
$50,000, 1962; $54,000, 1964; $56,000, 1965; $59,000, 1966;
$61,000, 1967,
and $19,000 in 1968.
Schedule B:
$84,000, 1940; $10,000, 1941; $24,000,
1942; $3^,000, 1943; $58,000, 1944; $21,000, 1945;
$34,000, 1946; $44,000,
1947; $26,000, 1948; $42,000, 1949; $58,000, 1950;
$33,000, 1951; $26,000,
1952; $58,000, 1953; $78,000, 1954; $99,000, 1955;
$82,000, 1956; $107,000,
1957; $97,000,1958; $121,000,1959; $198,000,1960;
$39,000,1961; $42,000,
1962; $43,000, 1963; $45,000, 1964; $47,000, 1965;
$50,000, 1966; $52,000,
1967; $53,000, 1968; $56,000, 1969; $58,000,
1970, and $61,000 in 1971.
,
No bid for less than the entire issue will be
considered.
The lowest total
cost will determine the award of these
bonds.
The bonds may, at
the option of the said board, be redeemed in
whole or in part, in inverse
numerical order, on any interest
payment date, at tne par value
thereof,
plus a premium of 10% thereof and accrued
interest; notices of call for
redemption to be published once a week for five consecutive weeks
in New
Orleans and New York the first notice
being given at least 30 days prior to
redemption date.
A certified check for $28,000,
payable to the above
board, must accompany the bid.
interest
Volume
Financial
143
3033
Chronicle
PARISH SCHOOL DISTRICT NO. 108
(P. O.
La.—BOND OFFERING—Sealed bids will be received until
Nov. 17, by C. O. Pittman, Secretary of the Parish School
Board, for the purchase of an issue of $100,000 school bonds. ^Interest
rate is not to exceed 6%, payable J. & D.
Denom. $1,000. Dated Dec. 1,
1936. Due on Dec. 1 as follows: $5,000,1937; $6,000,1938; $7,000, 1939;
$8,000, 1940 and 1941; $9,000, 1942 to 1945, and $10,000, 1946 to 1948.
Prin. and int. payable at the office of the Parish School Board or at some
bank to be designated.
The bonds will be sold at not less than par and
accrued interest, all as provided for in Act 46 of tne State Legislature,
approved on Nov. 16, 1921.
A certified check for 2of the amount of
TANGIPAHOA
.
Amite),
10
a.
m.
on
Northwestern
Oregon, Washington
WELLS-DICKEY COMPANY
the bid is required.
y
SALE—Arthur Perry & Co. of Boston
Goodwin, Beach & Co. of Hartford, jointly, have purchased an issue
$138,000 school bonds as 3s, at a price of 104.77, a basis of about 2.55%.
Dated Oct. 31, 1936 and due Nov. 1, as follows: $5,000 from 1937 to 1955
incl., and $43,000 in 1956.
Interest payable M. & N.
MINNESOTA
BRUNSWICK, Me.—BOND
and
of
(State
of)—NOTE SALE—The
$2,000,000
anticipation
tax
notes, dated Nov. 6,1936 and payable June 4, 1937, which were offered for
on Nov. 6, were awarded to the Second National Bank of Boston on a
sale
.157% discount basis. The Bankers Trust Co. of New York submitted the
bid, .165% discount.
ANOKA
SCHOOL DISTRICT NO. 60
(P. O. Columbia Heights), Minn.—BOND SALE—The $37,000 Issue of
refunding bonds offered for sale on Oct. 31—V. 143, p. 2720—was
awarded to a group composed of Piper, Jaffray & Hopwood, Justus P.
Lowe & Co., both of Minneapolis, and M. H. Bishop & Co. of St. Paul,
as 4Ms at par.
Dated Dec. 1, 1936.
Due from Dec. 1, 1939 to 1951;
optional after Dec. 1, 1946.
No other bid was received.
MASSACHUSETTS
BRECKENRIDGE, Minn.—CERTIFICATE SALE—The $8,000 4%
Dated Nov. 1, 1936.
par-
•
$6,000, 1947 to 1951, incl.
These bdhds will be prepared under the supervision of and certified as to
their genuineness by The Merchants National Bank of Boston, and their
legality approved by Storey, Thorndike, Palmer & Dodge, of Boston,
whose opinion will be furnished the purchaser.
Delivery will be made at
Legal papers incident to the issue will be filed with
National Bank of Boston where they may be inspected.
The Merchants
noted here
recently—V. 143, p. 2887—were sold as 2s at par, and mature
$1,000 from Oct. 1,1937 to 1948 incl.
Financial Statement
Tax Levy
—
-
—
Assessed valuation 1936
Taxratel936
-
_________
_
-
Uncoil. Nov. 1,1936
$111,292.09
$23.86
115,502.88
1,199.25
120,878.74
12,077.01
134,278.67
41,810.98
$6,188,280
$20.60
2,184.31
None
_
Tax titles Nov. 1, 1936--
-
Borrowed against tax titles
Population, 2,380.
Bonds outstanding as of Nov. 1,1936:
Water bonds-.
Minn.—CERTIFICATE SALE DETAILS— It is now re¬
DULUTH,
ported that the certificates of indebtedness sold to the City Clearing House
banks, at 2M%,
amount of
as noted in these columns—V. 143, p. 2887—were in the
$150,000. They are dated Nov. 1, 1936, and mature $50,000
from Nov. 1, 1938 to 1940,
HOPKINS, Minn.—BONDS SOLD—It is stated by the Village Recorder
bonds have been sold to local banks and investors.
that $2,800 water system
KANABEC COUNTY (P.
Bids will be received until 10 a.
,
'
-
O.
Mora),
.
-
$140,000
100,000
Total
$240,000
Minn.—BOND OFFERING—
m. on Nov. 10, by G. G. Billstrom, County
Auditor, for the purchase of a $30,000 issue of 3% county bonds.
Dated
Nov. 10, 1936.
Due as follows:
$5,000, April 1, 1937; $10,000, Aug. 1,
1937; $10,000, Dec. 1, 1937, and $5,000, April 1, 1938.
Interest payable
on the due date of the bonds.
MINNEAPOLIS, Minn.—BOND OFFERING—It is unofficially reported
that Charles C. Swanson, City Clerk, will receive bids until 10 a. m. on
Nov. 27, for the purchase of $950,000 sewage disposal system bonds.
OLMSTED COUNTY SCHOOL DISTRICT No. 143 (P. O. Rochester)
Minn.—BONDS SOLD—The District Clerk reports that $6,000 school
bonds have been purchased by the State
,
This issue
REDWOOD
of Minnesota, as 3s.
Minn.—CERTIFICATE
FALLS,
equal to 100.238.
$37.50.
The Wells-Dickey Co. of Minneapolis
WHITNEY
A. T. T. Tel. DET347
MISSISSIPPI
314%Bonds due 1943 to 1967
CLAIBORNE COUNTY (P. O. Port Gibson),
3.20%
Miss.—PRICE PAID
reported by the Chancery Clerk that the $40,000 bridge bonds
purchased by Lewis & Thomas, of Jackson, as noted in these columns in
September—V. 143, p. 1914—were sold as 4s, at a price of 102.03.
—It is now
McALISTER, SMITH & PATE, Inc.
NEW YORK
CLARKSDALE,
Miss.—BOND
ELECTION—It is reported that an
the issuance of $25,000 in
Due in from one to 10 years.
election will be held on Dec. 8 in order to vote on
Telephone WHitehall 4-6765
GREENVILLE, S. G.
Raymond 6409
Teletype N. O. 182
CITY OF DETROIT, MICHi
67 BROAD STREET
NATIONAL BANK
NEW ORLEANS, LA.
Bell
to
ft
Bond Department
DETROIT
Yield 2.80
premium
Offerings Wanted:
Cray, McFawn & Company
to
a
LOUISIANA & MISSISSIPPI
MUNICIPALS
MUNICIPALS
Price
offered
Due serially for 10 years.
We Buy for Our Own Account
Telephone CHerry 6828
$21,000
SALE—The
2M % certificates of indebtedness offered on Nov. 2—V. 143, p. 2561—
were awarded to Kalman & Co. of St. Paul at par, plus a premium of $50,
or
MICHIGAN
Due $1,000 on Nov. 1 from 1938 to 1945, incl.
DETROIT LA ES, Minn.—CERTIFICATE SALE DETAILS—It is
stated by the City Clerk that the $12,000 street improvement certificates
of indebtedness purchased by the City Water and Light Department, as
The Merchants National Bank of Boston for Boston funds.
1936-,.
INDEPENDENT
permanent improvement revolving fund certificates of indebtedness offered
on Nov. 2—V. 143, p. 2560—were to the First National Bank and the
Farmers & Merchants State Bank, of Breckenridge, the only bidders, at
HARWICH, Mass.—BOND OFFERING—Jabez W. Crowell, Chairman
of the Board of Selectmen, will receive bids until 3 p. m., Nov. 12 for the
purchase at not less than par of $100,000 coupon junior high school bonds.
Bidders are to name rate or interest, in a multiple of M%
Denom. $1,000.
Dated Nov. 1, 1936.
Prin. and semi-ann. int. payable at the Merchants
National Bank of Boston or at the Cape Cod Trust Co., Harwich, at
holder's option.
Due on Nov. 1 as follows:
$7,000, 1937 to 1946; and
-
COUNTY
coupon
next best
1933
1934.
1935
Teletype—Mpls287
Telephone—Minneapolis Atlantic 4201
MAINE
MAINE
Municipals
Minnesota, North and South Dakota, Montana,
2% school, park and playground bonds.
CHARLESTON, S. C.
CLEVELAND, Miss.-—BOND ELECTION—It is reported that an elec¬
order to vote on the issuance of $125,000 in
bonds, to be used in conjunction with a Public Works Administration
tion will be held on Nov. 24 in
sewer
grant.
MICHIGAN
CHELSEA,
Mich.—BOND SALE—The
$29,000
4%
coupon
sewage
Elant Harris offered of Toledo2—V. 143, p. 2560—-were awardedof $189.24,
bonds & Co. on Nov.
an,
2Ms, at par, plus a premium to Stranaas
equal to 100.652, a basis of about 2.13%. Martin, Smith & Co. of Detroit
bid a premium of $1 for 2M% bonds on the 1938 to 1941 maturities and
2Mb on the balance of the issue.
Dated Nov. 15, 1936.
Due Nov. 15 as
follows:
$3,000, 1938, 1939 and 1940; and $4,000 from 1941 to 1945, incl.
H AMTRAMCK, Mich.—BOND SALE—The issue of $85,000
city hospital
bonds for which all bids
were
rejected
on
Oct. 13—V. 143, p. 2720—was
sold at
a subsequent
offering on Oct. 29 to Stranahan, Harris & Co., Inc.
of Toledo at par plus a premium of $39.52, equal to
100.046, for $52,000
bonds as 3 Ms and $33,000 as 3 Ms.
The issue is due as near as
possible
in equal annual instalments in from 1 to 30 years.
rejected
a
construction of
a
GREENVILLE,
a
recent election the
proposal that the city issue $450,000 bonds to finance the
municipal electric light plant.
Miss.—BONDS
VOTED—COURT
TEST
SEEN-
test to determine whether Mississippi law requires a
majority of qualified voters of a two-thirds majority of those voting at a <
bond election may result from the special election Oct. 26 on a $28,000
park improvement issue. The proposal received 490 votes to 185 against it.
with 1,193 voters qualified in tbe city, adoption under one interpretation
of the law would have required 594.
Protest may be filed by proponents of
the bond issue to obtain a court ruling on the point in question.
LIKELY—Court
MARKS, Miss.—BONDS SOLD—It is stated by the Mayor that $12,000
water well
LUDINGTON, Mich.—BONDS DEFEATED—At
voters
GREENE COUNTY (P. O. Leaksville), Miss.—BOND LEGALITY
APPROVED—A $49,000 issue of 4% refunding road and bridge bonds is
reported to have been approved as to legality by Charles & Trauernicht
of St. Louis.
Dated Oct. 1, 1936.
bonds have been sold.
V
TUPELO, Miss.—BOND SALE—A $30,000 issue of 3% semi-annual
jail and street bonds Is said to have been purchased on Oct. 31 by the First
National Bank of Memphis.
OAKLAND
COUNTY (P. O. Pontiac), Mich.—INTEREST PAY¬
MENT TO DEPOSITING BONDHOLDERS—C. E. Huyette,
Secretary,
1859 National Bank Bldg., Detroit, has supplied us with the following text
of
an announcement issued under date of Nov.
holders' Protective Committee:
1
by the County Bond¬
To the Holders of Certificates of Deposit, Representing Highway
Improvement
Bonds Issued by the Board of County Road
Commissioners,
Oakland County, Michigan
Enclosed herewith is a remittance for interest on bonds
the committee at the depositary issuing toe check.
The Guaranty Trust Co. of New York is successor
BONDS
& Town Issues
deposited with
depositary for bonds
represented by all certificates of deposit issued by toe United Guardian
Trust Co. and certificates of deposit No. 1 through 885,
inclusive, issued
by the Detroit Trust Co.
This payment is at toe rate of 3% per annum for the period
May 1 to
Nov. 1, 1936.
It is equivalent to the amount of the second coupon on the
refunding bonds and will be applied in full payment thereof when the refund¬
ing bonds are issued.
The refunding bonds are now being printed but as yet we are without
definite information as to when they will be delivered to the committee.
The certificates of deposit will be recalled and the bonds released by the
committee at the earliest possible date.
We are hopeful that tuis may occur during the month of December.
Very truly yours,
S. E. Johanigman, Chairman
B. T. Batsch
J. A. Nordman
PINCONNING, Mich.—BONDS NOT SOLD—The issue of $50,000 not
to exceed 6% interest water revenue bonds offered on Nov. 2, was not sold,
all bids being rejected.
MISSOURI
Markets in all State, County
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS, MO.
MISSOURI
Mo.—BONDS SOLD— It is stated by R, W. Meyer,
City Clerk, that $70,000 water works extension and improvement bonds
were purchased by the Boatmen's National Bank of St. Louis, as 2%b, at a
price of 101.77, a basis of about 2.52%.
Denom. $1,000. Dated Oct. 1,
1936.
Due on Oct. 1 as follows:
$3,000, 1937 to 1939; $4,000, 1940 to
1954, and $1,000 in 1955; optional after 10 years.
Legal approval by
Chatles & Trauernicht, of St. Louis.
BOONVILLE,
CLAYTON SCHOOL DISTRICT
(P. O. Clayton), Mo.—BOND
OFFERING—Sealed Dids will be received until 8 p. m. on Nov. 16 by Mrs.
of the Board of Education, for the purchase of
$124,000 school bonds, part of an issue of $275,000 authorized by the voters
on Oct. 28.
It is stated that the remainder of the issue will be sold at a
Victor W. Kern, Secretary
3034
Financial
Chronicle
Nov.
7. 1936
later date, after a decision has been reached
concerning construction grants
for which application has been made.
Denom. $1,000.
Dated Nov. 10,
1936.
Due on Feb. 1 as follows: $7,000, 1938;
$6,000, 1939 and
1941;
$3,000, 1942 and 1943; $4,000, 1948; $5,000, 1949; $10,000, 1950;
$20,000,
1951, and $60,000, 1952. Interest rate to be stated by bidder in
multiples
same rate.
Prin. and int. (F. & A.)
payable at the First National - Bank in St. Louis, Mo. The district will
rurnisn the legal opinion of Charles & Trauernicht of
St. Louis and will pay
for the printing of the bonds and tne registration fee at
the office of the
State Auditor.
Delivery of the bonds will be made on or before Dec. 1.
H. L. Allei
of H of 1%, all of the bonds to bear the
New
COUNTY
PUBLIC
ipal Bonds
'or 2-7333
Telepho:
Bids must be for at least par and accrued interest.
A certified check for
$5,000, payable to tne district, must accompany the bid.
JEFFERSON
& Company
Jersey
A.T.&T.
N. Y. 1-528
100 Broadway
WATER
SUPPLY DISTRICT
NO. 3 (P. O. Hillsboro), Mo.—BONDS VOTED—It is said
that the voters
approved recently the issuance of $62,000 in water works bonds.
New York
PLEASANT HILL, Mo.—BOND
SALE—The city recently sold $57500
Callender, Burke & MacDoaald of Kansas
premium of $249.25, equal to 104.55.
MUNICIPAL BONDS
water works extension bonds to
City, at
plus
par
a
SULLIVAN, Mo.—BONDS VOTED—At
New
election held onTOct. 23Ta
favorable vote was„given to„a
proposal tojssue $21,000 city hall and audi¬
torium bonds.
an
Jersey and General Market Issues
B. J. Van Ingen & Co. Inc.
UNIVERSITY CITY SCHOOL DISTRICT
(P. O. University-City),
Mo.—BONDS VOTED—At the special election held on
Oct. 27—V. 143,
2561—the voters approved the issuance of the
$125,000 in school addition
bonds.
p.
57
WILLIAM
^
T.
A.
A.
STREET, N. Y.
Y
T.: N.
Telephon
1-730
Newark Tel.:
John 4-6864
:
Market 3-3124
MONTANA
JOLIET,
Mont.—BOND OFFERING—Bodley
Hough,
Town
Clerk,
will receive bids until 8 p. m. Nov. 30 for the
purchase at not less than par
of $27,000 water system bonds.
Bidders are to name rate of
interest, not
to excoed 6%.
$57,000 City of Clifton, N. J. Wz% Bonds
.
Due Oct
Amortization bonds will be the first choice and serial
bonds will be the
second choice of the council.
If amortization
bonds
issued the entire issue
may be put into one
single bond or divided into several bonds, as the council may determine
upon at the time of sale, both principal and interest to be
payable in semi¬
annual instalments during a period of 16
years.
If serial bonds are issued
they will be in the amount of $1,000 each.
The sum of $1,000 of said serial
bonds will become due and payable on Nov.
1, 1937, and a like amount on
the same day each year thereafter until and
including Nov. 1, 1941, and
the sum of $2,000 will become due and
payable on Nov. 1, 1942, and a like
amount on tne same day each year thereafter until
and including Nov. 1.
are
1, 1948-54
To yield 4.10%
-
4.20%
Colyer, Robinson $ Company
INCORPORATED
1180
Raymond Blvd., Newark
New York
Wire:
MArket 3-1718
A. T. & T. Teletype
REctor a-S065
1952.
Tne bonds, whether amortization or serial
bonds, will bear date Nov. 1,
Interest will be payable
semi-annually on Nov. 1 and May 1.
The bonds will be redeemable in full at the
option of town on
-
NWRK
NEW
24
JERSEY
1936.
any interest;
payment date from and after 10 years from the date of issue.
All bids, other than by or on behalf of the
State Board of Land Com¬
missioners of the State of
Montana, must be accompanied by a certified
check in the sum of $1,000 payable to the Town
Clerk.
STEVENSVILLE,
Mont.—BOND OFFERING— C. L. Franke, Town
Clerk, will receive bids until Dec. 7, for the purchase of an issue of
$30,000
water works system
bonds.
VALLEY COUNTY SCHOOL DISTRICT
NO. 1 (P. O.
Glasgow),
Mont.—BOND OFFERING—Sealed bids will be
received until 8 p. m.
on Nov. 28, by A. B.
Friedlund, District Clerk, for the purchase of three
issues of bonds aggregating
$140,000, divided as follows:
$100,000 refunding bonds.
Interest rate is not to exceed
4M%, payable
& D.
These bonds are issued for the
purpose of refunding a
balance of a certain issue of the same
amount, which will become
optional and payable on Dec. 31, 1936.
15,000 refunding bonds.
Interest rate is not to exceed
6%, payable
J. & D.
These bonds will refund the same amount
becoming
optional and payable on Jan. 1.
J.
Amortization bonds will be the first choice and serial
bonds will be the
second choice of the School
Board, according to Montana
A cert, check for $31,000, payable to the order of the
city, must accompany
each proposal.
The approving legal opinion of
Reed, Hoyt & Washburn
of N. Y. City will be furnished the successful bidder.
SOMERVILLE, N. J .—BOND OFFERING—Edith
A. Varley, Borough
Clerk, will receive sealed bids until 8:15 p. m. on Nov. 16 for the purchase
$108,000 not to exceed 4% interest coupon or registered
refunding
bonds.
Dated Nov. 1, 1936.
Denom. $1,000.
Due Nov. 1 as follows:
$10,000, 1938 to 1943, incl.; $15,000 from 1944 to 1946, incl. and $3,000
in 1947.
Rate of interest to be expressed in a
multiple of & of 1% and
must be the same for all of the bonds.
Principal and interest (M. & N.)
payable at the Second National Bank, Somerville, or at holder's option
at the Chase National Bank, New York
City.
A certified check for 2%
must accompany each proposal.
Legality to be approved by Hawkins,
Delafield & Longfellow of New York
City.
(This report of the offering supersedes that given in a previous
issue.)
of
STANHOPE, N. J.—BOND SALE—The issue of $20,000 coupon water
on Oct. 30—V.
143, p. 2561—was awarded to the Newton
Trust Co. of Newton as 4}£s, at a price of
100.775, a basis of aboxit 4.16%.
Dated Nov. 15, 1936 and due $1,000 on Nov.
15 from 1937 toj.956, inc.
bonds offered
Hand, Rapp & Co. bid
law.
$25,000 refunding
bonds.
J.
These
&
D.
optional
Interest rate is not to exceed
5%, payable
bonds will refund a similar amount
becoming
31, 1937.
As stated above, amortization bonds
will be the first choice and serial
bonds the second choice of the School
Board, excepting the serial maturities
be different.
Dated Dec. 31, 1936.
The $25,000 isspe will not be
delivered until March 31.
The three blocks shall be
exchanged par for par
for outstanding bonds.
A certified check for
$500, payable to the above
Clerk, must accompany the bid.
(This report supplements the
offering notice given here recently.—V.
143,
p.
2888.)
WHEATLAND COUNTY
(P. O. Harlowton), Mont.—BOND OFFER¬
ING CANCELED—It is stated
by L. D. Glenn, County Attorney, that the
sale of the $46,000 not to exceed
5% semi-annual funding bonds scheduled
for Nov. 4—V. 143,
p. 2720—was canceled because of an error in the sale
notice.
NEBRASKA
MUNICIPALS
OFFERING
WANTED
OMAHA, DOUGLAS COUNTY. LINCOLN
AND
OTHER
NEBRASKA
ISSUES
OF
been passed authorizing the issuance of
$50,000 storm sewer bonds.
ROY SCHOOL DISTRICT NO. 3
(P. O. Mosquero) N. Mex.—BONDS
CALLED—It is reported that 6% school
bonds, numbered 14 to 18, 25 to
30, 35, 40, 47 to 51, 57 and 58, 82, 85 and 86, and 95 to 98, were called for
payment at the First National Bank in Santa Fe, on Oct. 15.
Denom.
$500.
Dated in 1922.
SANTA
FE, N. M.—BOND OFFERING—Sealed bids
NEBRASKA
BR IDGEPORT, Neb.—BOND SALE
DETAILS—It is now reported by
the City Clerk that the
$8,000 3 M % city hall bonds sold recently, as noted
here— V. 143, p. 2888—were
purchased by the Kirkpatrick-Pettis-Loomis
Co. of Omaha, are due in 20
years and are optional in 10 years.
GERING, Neb.—BONDS SOLD—It is reported
by Willard F. McGriff,
City Attorney, that $8,000 6% swimming pool bonds have been
purchased
by the Greenway-Raynor Co. of Omaha.
be received
by Robert L. Ormsbee, Acting City Clerk, for the
$75,000 issue of coupon municipal building bonds.
Interest
rate is not to exceed 4%,
payable M. & S.
Denom. $500.
Dated Jan. 1,
1937. Due on Jan. 1 as follows: $3,500, 1939 and 1940, and
$4,000, 1941 to
1957. Interest rate to be stated in multiples of % of 1
%. Bids shall specify
(a) the lowest rate of interest and premium, if any, above par at which such
bidder will purchase said bonds, or
(b) the lowest rate of interest at which
the bidder will purchase said bonds at
par.
Prin. and int. payable at the
office of the State Treasurer or any
banking house in New York City, to be
purchase of
a
designated by the purchaser. The city will furnish the bonds and the
legal
approval of Pershing, Nye, Bosworth & Dick of
Denver, or Thomson,
Wood & Hoffman of New York, at the option of the
purchaser. A certified
check for 5%, payable to the
city, must accompany the bid.
(These are the bonds that were offered for sale without success on
Aug. 21,
as reported in these columns at that
timp—V. 143, p. 1441.)
NEW
BABYLON UNION FREE
Teletype OMA 81
will
until 2 p. m. on Dec. 5,
OMAHA
A. T. & T.
MEXICO
CRUCES, N. Mex.—BONDS AUTHORIZED—An ordinance has
The National company
Fir.t National Bank
Bldg-
price of 100.339 for 4Ms.
NEW
LAS
on March
will
a
YORK
SCHOOL
DISTRICT NO. 4 (P. O.
Lin-
denhurst), N. Y.—CERTIFICATE SALE DETAILS—The $40,000 3%
certificates of indebtedness sold
recently at par in equal amounts to the
Lindenhurst Bank and the First National Bank of
Lindenhurst—V. 143,
p. 2722—are dated Oct. 1, 1936 and mature Feb. 1, 1937.
HARTFORD, ARGYLE, GRANVILLE. HEBRON AND FORT ANN
CENTRAL SCHOOL DISTRICT NO. 1
(P. O. Hartford), N. Y.—
BOND SALE—The $26,000
coupon or registered school bonds offered on
Nov. 5—V. 143, p. 2889—were awarded to James H.
Causey & Co. of
New York on a bid of 100.339 for
2.60s, a basis of about 2.45%.
Dated
Oct. 1, 1936.
Due Oct. 1 as follows:
$2,000, 1937 to 1947; and $1,000,
1948 to 1951.
MONTOUR FALLS, N. Y.—BOND SALE— The $30,000
coupon or
registered public improvement bonds offered on Nov. 2—V. 143, p. 2722—
were
NEW JERSEY
BAYONNE, N. J.—OBTAINS BANK LOAN—The city has borrowed
$375,000 from a*local bank on 3%
notes, dated Oct. 30, 1936 and due
April 27, 1937.
PALMYRA, N. J.—BOND SALE—The $1,000 4}4% general
refunding
bonds offered on
Oct. 30
delphia at
a
price of
awarded to Hendricks & Eastwood of Phila¬
Dated Sept. 1, 1936 and due
Sept. 1, 1941.
was
par.
f JERSEY CITY, N. J.—BOND
OFFERING—Raymond H. Greer, City
Comptroller, will receive sealed bids until 11 a. m. on Nov.
17 for the
purchase of $1,550,000 not to exceed 4% interest
coupon or registered bonds,
divided
as
follows:
$750,000 emergency relief bonds.
Dated Nov. 1, 1936.
Due Nov. 1 as
follows:
$100,000 from 1937 to 1943 inel. and
$50,000 in 1944.
Interest payable M. & N.
700,000 city hospital bonds.
Dated Oct.
1, 1935.
Due $25,000 on
Oct. 1 from 1938 to 1965 incl.
Interest payable A. & O.
100,000 playground bonds.
Dated Jan. 1, 1936.
Due $5,000 on Jan. 1
from 1937 to 1956 incl.
Int. payable J. & J.
The bonds will be issued in
$1,000 denoms.
Bidders may name a single
interest rate
on
the entire
offering, or specify different rates on the respective
In either case, the rate must
be expressed in a multiple of M of 1 %
and bidders are not required to name
one rate on all of the bonds of
any one
issue.
The price for which the bonds
may be sold cannot exceed $1,551,000,
and cannot be less than
$1,550,000.
Prin. and semi-ann. int. payable at
issues.
the City Treasurer's office.
The Trust Co. of New
Jersey, will supervize
the preparation of the bonds and
certify as to the correctness of each detail.
awarded to J. & W. Seligman & Co. of New York on a bid of
100.20
for 2Hs, a basis of about
2.4%. Geo. B. Gibbons & Co. of New York bid
100.32 for 2.70s.
Dated Oct. 1, 1936.
Due $2,000 yearly on Oct. 1 from
1937 to 1951, incl.
NASSAU
COUNTY (P. O. Mineola), N. Y.—BONDS PUBLICLY
OFFERED—Adams, McEntee & Co., Inc. of New York are offering
$350,000 coupon 2%% bonds.
The bonds are due $50,000 July 15, 1948
and $300,000 July 15, 1949, priced at 101.50 and 101.62
respectively, to
yield 2.60%.
They are legal investment for savings banks and trust funds
in New York State and interest
e^rempt from all Federal and New York
State income taxes.
NIAGARA
FALLS, N. Y.—CERTIFICATE SALE—The
of indebtedness offered on Nov. 2—V. 143,
p. 2889—were
awarded to the Marine Trust Co. of Buffalo on a
.60% interest basis, plus
a premium of $36
Dated Nov. 2, 1936 and due Dec. 2, 1937. Rutter & Co.
of New York, second high bidders, named an interest rate of
$170~000
certificates
.70% and
a
premium of $28.
NEW
offered
at
YORK, N. Y.—NOTE SALE—The
on
Nov. 5 was
issue of $5,000,000 tax notes
awarded to the National City Bank of New York,
0.30% interest, at par plus a premium of $200.
Dated Nov. 5,
5, 1937.
Other bids were as folllows:
and due Nov.
Bidder—
Int. Rate
Chemical Bank & Trust Co
0.36%
Chase National Bank; Brown Harriman & Co., Inc.;
Salomon Bros. & Hutzler, and R. W.
Pressprich
& Co
0.36%
Halsey, Stuart & Co., Inc.; Ladenburg, Thalmann &
Co., and Hemphill, Noyes & Co
0.42%
—
1936
Premium
$36.00
'
17.00
136.00
Financial
Volume 143
The sale established a record low interest cost on funds borrowed on a
basis.
In a statement made public on the day of the sale, City
Comptroller Frank J. Taylor disclosed that collection of real estate taxes
on account of tne second naif of 1936 were $12,262,411.65 in excess of the
receipts last year.
This showing, he added, was made in the face of a
reduction of about $8,000,000 in the amount due in the current period, as
compared with the figure in 1935.
In addition, the further gain in tax
payments in the present year made possible the redemption by Oct. 30 of
$40,000,000 revenue bills which were not payable until Dec. 31, 1936.
Moreover, the Comptroller said, borrowing this year was not undertaken
until two months after the usual time.
"Dining 1934," said Comptroller
Taylor, "the total interest cost, paid on securities issued in anticipation of
the collection of taxes/was $4,137,389.
In 1935 the total interest cost, for
financing the tax anticipation securities, was $2,388,229, or only 57.72%
of the interest cost of the preceding year.
In 1936 the total interest paid,
and to be paid on revenue bills issued in anticipation of the taxes, will
aggregate $1,198,245, or only 28.96% of the 1934 interest cost, being a
reduction of $2,939,144 in money.
"These reductions, during the past two years in interest costs, have been
b ought about by never borrowing a dollar until it was absolutely needed,
and ov paying off borrowings as fast as tax collections would permit."
The amounts collected by boroughs this year, compared with last year,
one year
_
follows:
Percentage
Collections to
of Levy
Nov. 4, 1936
Collected
Manhattan..... $98,543,504.62
87.2%
The Bronx
20,441,877.99
78.7%
Brooklyn
39,066,855.27
72.6%
Queens
21,056,789.04
70%
Richmond
2,432,141.83
60.3 %
p,
Borough—
.
-
Total.
$181,541,168.75
80%
Collections to
Nov. 4,1935
$94,556,909.02
18,080,875.91
35,330,244.45
19,192,011.51
2,118,716.21
$169,278,757.10
Percentage
of Levy
Collected
80%
68.1%
63.9%
62.6%
51.3%
date, in 1936, amount to $384,053,834.44
period, last year, the amount was $367,003,623.32,
increase, in collections, for the year to date, over the same
period, in 1935, of $17,050,211.12.
same
ity, announces the call for redemption on Dec. 1, 1936 of all of the bonds
outstanding of the 4% series B (George Washington Bridge) New
York-New Jersey Interstate Bridge bonds, numbered from 1,001 to 20,000,
both incl.
Dated Dec. 1, 1926 and due serially on Dec. 1 from 1937 to
1950, incl.
The bonds will be redeemed at par on presentation of them,
together with all unmatured interest coupons attached, at a price of par
then
at the National
City Bank, 55 Wall Street, New York.
Registered bonds
be adcompanied by duly executed assignments or transfer powers in
Interest on the bonds will cease after Dec. 1, .1936, the call date,
blank.
POUGHKEEPSIE, N. Y.—CERTIFICATE SALE—The Poughkeepme
Trust Co.
was
awarded
on
by
KINGS MOUNTAIN, N. C.—BOND OFFERING—Sealed bids will be
received until 11
a. m. on Nov. 10, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
of
a $60,000 issue of coupon public
improvement bonds.
Interest rate is
exceed 4%, payable M. & N.
Denom. $1,000.
Dated Nov. 1,
1936.
Due on May 1 as follows: $2,000, 1939 and 1940, and $4,000, 1941
to 1954.
Bids to be stated in multiples of M of 1 %.
Bids may name one
not to
rate for part of the bonds
(having the earliest maturities) and another rate
balance, but no bid may name more than two rates, each bid to
specify the amount of bonds of each rate.
No bid for less than par and
accrued interest will be entertained.
The bonds may be registered as to
principal only.
Principal and interest payable in legal tender in New York
City.
Delivery on or about Nov. 20, at place of purchaser's choice.
The
approving opinion of Masslich & Mitchell of New York, will be furnished the
purchaser.
A certified check for $1,200, payable to the State Treasurer,
must accompany the bid.
for the
COUNTY
that
First
the
(P.
O. Marion),
National Bank
N. C.—NOTES SOLD—It
of Henderson
anticipation notes at.3%, plus
revenue
a
has purchased
premium of $5.11.
TARBORO, N. C.—BOND SALE—The $70,000 issue of coupon electric
light system bonds offered for sale on Nov. 2—V. 143, p. 2890—was
awarded to R. S. Dickson & Co. of Charlotte, paying a premium of $292.20.
equal to 100.417, a net interest cost of about 3.64%, on the bonds divided
as follows: $8,000 as 4s, maturing $2,000 from Nov. 1, 1939 to 1942; $62,000 as 3 Ms, maturing on Nov. 1: $4,000, 1943 to 1945, and $5,000. 1946
to 1955.
SAG
Dated Nov. 15,1936 and
HARBOR, N. Y.—BOND SALE—The Sag Harbor Savings Bank
purchased on Oct. 27 an issue of $10,000 4% registered park bonds at par
plus a premium of $544.42, equal to 105.44, a basis of about 2.93 %. Dated
Nov. 2, 1936.
Denom. $500.
Due $1,000 on Nov. 2 rrom 1937 to 1946
jncl. Principal and interest payable at the Peconic Bank of Sag Harbor.
NORTH
ALBEMARLE,
N.
Commission
CAROLINA
C.—BONDS AUTHORIZED—The
is said
to
have
Local Govern¬
approved the issuance of $154,000 in
public improvement bonds.
ASHEVILLE
AND
NORTH
BUNCOMBE
COUNTY,
N.
C.—REPORT
ON
PROGRESS OF REFUNDING PLAN—The protective committee for hold¬
of the bonds of the City of Asheville and Buncombe County, N. C.,
Wells, Dickey Co. of Minneapolis.
as
follows: $1,500, 1937
LOGAN CENTER TOWNSHIP, Grand Forks County, N. Dak.—
BOND OFFERING—Fred Johnson. Township Clerk, will receive bids until
2 p. m. Nov. 20 at the County Auditor's office in Grand Forks for the
purchase at not less than par of an issue of $1,200 township road and bridge
bonds, to bear interest at no more than 5%.
Denom. $200.
Due $200
yearly on Dec. 1 from 1937 to 1942.
Certified check for 2% of amount
of bid, payable to the Township Treasurer, required.
MINERAL SPRINGS SCHOOL DISTRICT NO. 18 (P. O.
Amidon),
N. Dak.—CERTIFICATE OFFERING—I. H. Jennings, District Clerk,
will receive bids until 2 p. m. Nov. 24, for the purchase of $2,000 6%
certificates of indebtedness.
Certified check for 5%, required.
NORTH
DAKOTA
(State of)—BOND CALL—The State Industrial
Commission has adopted a resolution calling for retirement on July 1,1937
$3,617,000 outstanding real estate bonds, as follows:
$135,000 5% series A bonds, dated July 1, 1921 and due July 1, 1941.
321,000 5M % series A bonds, dated July 1, 1921 and due JTuly 1, 1946.
808,000 5% % series A bonds, dated July 1, 1921 and due July 1, 1948.
440,000 6% series B bonds, dated Jan. 1, 1922 and due Jan. 1, 1942.
490,000 6% series B bonds, dated Jan. 1, 1922 and due Jan. 1, 1947.
700,00f 6% series B bonds, dated Jan. 1, 1922 and due Jan. 1, 1949.
162,000 5M% series C bonds, dated Nov. 1, 1922 and due Jan. 1, 1945.
561,000 5M% series C bonds, dated Nov. 1, 1922 and due Jan. 1, 1948.
The bonds will be redeemed at the State Treasurer's office, at the Empire
Trust Co., in New York, or at the Bank of North Dakota, in Bismarck,
NORTH
DAKOTA, State of—TAX RATE LOWEST IN YEARS—
The 1936 tax levy for State purposes in North Dakota was fixed on Oct. 21
mills, the lowest rate in 18 years, Governor Walter Welford an¬
at 4.33
nounced.
The levy will raise a
total of $2,107,745, he said, a reduction of $192,070
of .36 mills.
bonded indebtedness of the State, lowered cost of
under 1935 and a drop
"Reduction
of the
government, and the shifting of the sources of general fund revenue is the
reason for the lowest levy since 1918, Governor Welford said.
The amount raised in 1918 was $1,766,046,
In 1934 it was $2,173,872,
in 1933, $3,533,594, and in 1932, $3,892,612, Governor Welford said.
The levy for general purposes was fixed by the State Board of Equalization
at 2.50 mills or
.38 of
a
mill less than last year.
PILLSBURY, N. Dak.—BONDS NOT SOLD—The $5,000 issue of not
to exceed 6% semi-ann. light system bonds offered on Oct. 21—V. 143,
p. 2563—was not sold.
Dated Nov. 1, 1936.
Due $500 from Nov. 1,
1937 to 1946; optional on Nov. 1, 1937.
PILLSBURY, N. Dak.—BOND OFFERING—Fred Keyes, Village Clerk,
until 10 a. m. Nov. 14 for the purchase of $3,000 6%
Denom. $300.
Certified check for 2%, required.
will receive bids
lighting system bonds.
ST. JOHN SCHOOL DISTRICT NO. 3, ROLETTE COUNTY, N.
Dak.—CERTIFICATE OFFERING—Maud E. Hesketh, District Clerk,
20 for the purchase at not less than par
of indebtedness, which are to bear interest at no more
$200.
Dated Nov. 20, 1936.
Interest payable an¬
Due Nov. 20, 1938.
Certified check for 2% of amount of bid,
will receive bids until 10 a. m. Nov.
of $6,000 certificates
than 7%.
Denom.
nually.
required.
CHAPEL HILL, N. C.—BOND OFFERING—Sealed bids will be received
until 11 a. m. on Nov. 10, by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of a
$34,000 issue of incinerator, street and sewer bonds. Interest rate is not to
exceed 4%, stated in multiples of M of 1%, Denom. $1,000. Dated Oct. 1.
1936. Due on Oct. i as follows: $2.000,1945 to 1948; $3,000, 1949 to 1954,
and $4,000 in 1955 and 1956 without option of prior payment.
Coupon
bonds registerable as to both principal and interest. Prin. and int.
(A. & O )
payable in lawful money in New York City. Delivery on or about Nov 21
at place of purchaser's choice.
No bid may name more than two rates of
interest for the bonds and each bid must specify the amount of bonds of
each rate.
Due yearly
to 1941; $2,500,1942 to 1946; $4,400,1947 to 1951; and $4,500,1952 to 1955.
ers
including obligations of districts within Buncombe County, announces
that Nov. 16, 1936, has been set as the final date for the deposit of these
securities under the refunding plan. The noteholders' protective committee
has set no time limit as yet for the deposit of the notes under the plan. The
two committees are headed by Frederic W. Ecker, Vice-President of the
Metropolitan Life Insurance Co., and Nolan Harrigan, Vice-President of
Irving Trust Co., respectively.
Assents to the plan, wbicn was adopted and submitted to depositors last
June, have been received from holders of approximately 92% of the out¬
standing bonds and 99% of the outstanding notes of the City of Asheville;
92% of the outstanding honds of Buncombe County and 100% of the out¬
standing notes of the county and of the County Board of Education; and
95% of the outstanding bonds of the Asheville Local Tax School District,
wnich district has no notes outstanding.
The activities of the two committees in connection with the refinancing
of these obligations, of which there are more than $40,000,000 principal
amount outstanding, are expected to be terminated during January, 1937.
by wnich time the new securities will have been distributed. The successful
conclusion of the committees' negotiations in this refunding operation will
mark the clearing up of what is believed to be the largest municipal default
outstanding in this country.
The bondholders committee recently submitted plans for refunding the
obligations of 30 of the 38 taxing districts in Buncombe County, and while
the oime in which depositors may dissent does not expire until Nov. 9,1936,
the committee does not anticipate any objections to the plans.
W. D, Bradford, 115 Broadway, New York, is Secretary of the bond¬
holders' committee, and J. E. W'oodbridge, One Wall St., New York, is
Secretary of the noteholders'committee.
DAKOTA
JAMESTOWN, N. Dak.—BOND SALE—The $60,000 water plant im¬
provement bonds offered on Nov. 2—V. 143, p. 2723—were awarded to the
Oct. 30 an issue of $100,000 tax anticipation
certificates of indebtedness at 0.55% interest.
due Feb. 15. 1937.
ment
HYDE COUNTY (P.O. Swan Quarter), N.C.—NOTES SOLD—A $3,000
revenue anticipation notes is reported to have been purchased
the Farmers & Merchants National Bank of Newton, at 4.90%.
means an
PORT OF NEW YORK AUTHORITY, N. Y.—OFFICIAL CALL
NOTICE—Frank O. Ferguson, Chairman of the Port of New York Author¬
must
bonds.
issue of
McDOWELL
The total taxes collected, to
while for the
GREENSBORO, N. C.—BONDS SOLD—The Public Works Adminis¬
tration is reported to have purchased at par the following 4% semi-annual
bonds aggregating $239,000: $169,000 sewer and $70,000 water and sewer
$4,048
72.13%
3035
York, will be furnished the purchaser.
A certified check for 2% of the
face value of the bonds bid for, payable to the State Treasurer, is required,
is reported
It may be noted from the foregoing that on a percentage basis, collections
this year show a 7.87 % improvement as compared with last year.
which
Chronicle
OHIO
MUNICIPALS
MITCHELL, HERRICK & CO.
700 CUYAHOGA BUILDING, CLEVELAND
The lowest net interest cost to the town will determine the award
No bid of less than par and accrued interest will be enter¬
CANTON
AKRON
CINCINNATI
COLUMBUS
SPRINGFIELD
of the bonds.
tained.
The approving opinion
of Caldwell & Raymond, of New York
City, and J. L. Morehead, Durham, N. C., will be furnished the purchaser.
A certified check for $680, payable to the State Treasurer, must
accompany
the bid.
GREENSBORO, N. C.—BOND OFFERING—Sealed bids will
be
a. m. on Nov. 16, by W. E. Easterling,
Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
of a $6,450,000 issue of coupon refunding bonds.
Interest rate is not to
received until 11
exceed 6%,
payable J. & J.
Denom. $1,000.
Dated Nov. 1, 1936.
The
proceeds of the bonds will be used to pay a like amount of general refunding
bonds of the city, dated July 1, 1933, to be called for redemption on Jan 1,
1937.
Bids may be submitted for bonds described in any one of the follow¬
ing paragraphs:
(1) For the entire issue maturing annually on Jan. 1:
$65,000, 1940 to
1943; $90,000, 1944; $200,000, 1945 to 1947; $300,000, 1948 to 1956;
$400,000, 1957 and 1958, and $500,000, 1959 to 1962, inclusive.
(2) For $3,450,000 of the said bonds maturing on Jan. 1 as follows:
$35,000, 1940 to 1943; $47,000, 1944; $107,000, 1945 to 1947; $160,000,
1948 to 1952; $161,000, 1953 to 1956; $214,000, 1957 and 1958; $267,000
1959 and 1960, and $268,000 in 1961 and 1962.
(3) For $3,450,000 bonds maturing annually on Jan. 1:
$50,000, 1954;
$300,000, 1955 and 1956; $400,000, 1957 and 1958, and $500,000, 1959 to
1962, all inclusive.
The bonds are registerable as to principal only.
Prin. and int. payable
in legal tender in New York City.
Delivery on Nov. 23, at the Irving
Trust Co., New York City.
Bidders must name the rate or rates in multiples
of M of 1%.
Each bid must specify the amount of bonds of each rate and
all bonds of each interest rate must be for consecutive maturities.
The
award will be made to the bidder offering to purchase such bonds at the
lowest interest cost to the city.
No bid for less than par will be entertained.
Bids must be on a form to be furnished with additional information by the
above Secretary.
The approving opinion of Masslich & Mitchell, of New
OHIO
ASHLEY,
Ohio—BOND SALE—The State Teachers' Retirement
System has purchased $3,000 water works system bonds.
Dated July 1,
1936.
Denom. $300.
Due one bond each May 1 from 1938 to 1947, incl.
BEREA, Ohio—BONDS AUTHROIZED—The City Council has adopted
an
ordinance authorizing the issuance of $76,811.20 refunding bonds.
BRYAN, Ohio—BOND SALE—The $6,000 coupon fire department
apparatus bonds offered on Nov. 6—V. 143, p. 2248—were awarded to the
Citizens National Bank of Bryan, as 2s, at par plus a premium of $10, equal
to 100.166, a basis of about 1.95%.
Saunders, Stiver & Co. of Cleveland
offered a premium of $29.40 for 2Ms.
Dated Nov. 2, 1936. Due $750 on
March 1 and Sept. 1 in each of the years from 1938 to 1941, incl.
CORNING, Ohio—BOND SALE—The issue of $25,000 water works
system construction bonds offered on Oct. 31—V.
awarded to the First Cleveland Corp. of Cleveland.
and due $1,000 annually on
143, p. 2563—was
Dated Sept. 1, 1936,
Oct. 1 from 1938 to 1962, incl.
DELAWARE, Ohio—BONDS AUTHORIZED—Authority for the issu¬
of $605,000 water works mortgage recenue bonds is contained In an
passed by the City Council.
ance
ordinance recently
EAST
LIVERPOOL, Ohio—BOND SALE—The Sinking Fund Com¬
purchased an issue of $76,996 refunding bonds.
mission has
ELM WOOD PLACE, Ohio—BOND SALE—The issue of $90,000 street
improvement bonds offered on Oct. 30—V. 143, P. 2564—was awarded to
Field, Richards & Shepard, Inc. of Cleveland as 2Ms, at par plus a premium
of $747, equal to 100.83, a basis of about 2.36%.
Dated Oc 1.1, 1936, and
due as follows: $4,500, Oct. 1, 1938; $4,500 on April 1 and Oct. 1 from
1939 to 1947, incl., and $4,500, April 1, 1948.
3036
Financial
Chronicle
KINSMAN TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Kin»man). Ohio—BOND SALE—The $12,250 sewage disposal system and
school building bonds offered on Nov. 2—V. 143, p. 2564—were awarded
to Saunders, Stiver & Co. of Cleveland as 2 Ms, at par plus a premium of
$37.07, equal to 102.392, a basis of about 2.37%.
Dated Nov. 1, 1936,
and due as follows: $500, April 1 and Oct. 1 from 1938 to
1944, incl.;
$500, April 1 and $750, Oct. 1, 1945; $1,000, April 1 and Oct. 1 in 1946
Nov.
1, 1936
CITY OF PHILADELPHIA
5% Bonds due June 1, 1982/52
124.748 and Interest to Net 3.00%
Price:
and 1947.
LUCAS COUNTY (P. O. Toledo), Ohio—BOND SALE DETAILS—
McDonald, Coolidge & Co. of Cleveland, not McDonald, Moore & Hayes of
Detroit, as reported in a previous issue, were associated with Prudden &
Co. of Toledo and Assel, Goetz & Moerlein, Inc. of Cincinnati in the
purchase on Oct. 30 of $310,000 refunding bonds as 3s, at par plus a premium
of $4,813.13, equal to 101.55, a basis of about
2.87%. Other bids were
Moncure Biddle & Co.
Locust Street
1520
Philadelphia
follows:
as
City of Philadelphia Bonds
MEDINA COUNTY (P. O. Medina), Ohio—BOND SALE—The
$20,000
Sewer District No. 1 refunding bonds offered on Nov. 2—V.
143,
p. 2564—
awarded
were
to
the Old
Phoenix Bank of Medina
Rate
3s, at par plus a
premium of $92, equal to 100.46, a basis of about 2.92%.
Dated Oct. 1,
1936, and due $2,000 annually on Oct. 1 from 1938 to 1947, incl.
as
are
1 Ms at a bid of par, plus a premium of $47,
equal to 100.092.
dated Oct. 1, 1936 and mature Oct. 1, 1937.
PARMA
CITY
SCHOOL
DISTRICT,
July
M%
4%
4%
OTTAWA HILLS, Ohio—NOTE SALE—A block of $51,000 notes
issued in anticipation of the sale of intercepting sewer bonds has been sold to
Braun, Bosworth & Co. and Ryan, Sutherland & Co., both of
as
Maturity
3
4
M%
4 M%
Asked
Bid
1 1986/56
1,1978/48
27, 1981/51
16, 1976'46
1,1980/50
J uly
Feb.
Oct.
J«Iy
106
110M
112M
Ill A
114
106.77
11JM
113
112 M
115
Toledo,
YARNALL & CO.
Notes
A.
Ohio—BOND OFFERING—
T.
T.
&
Teletype—PhUa. 22
1528 Walnut St.
J. H. Wanek, City Clerk-Treasurer, will receive sealed bids until 1
p. m.
Nov. 23, for tne purchase of $94,000 4% bonds, divided as follows:
Philadelphia
on
$56,000 refunding bonds, payable from taxes outside the 10-milllimitation,
t
Due as follows:
$2,000 April 1 and $3,000 Oct. 1 from 1942 to
1945. incl. and $3,000 April 1 and Oct. 1 from 1946 to 1951, incl.
38,000 refunding bonds, payable from taxes within the tax limitation.
Due as follows:
$1,500 April 1 and Oct. 1, 1942; $2,000 April 1
and Oct. 1 from 1943 to 1950, incl.; $2,000
April 1 and $1,000
Oct. 1, 1951.
Each issue is dated Oct. 1, 1936.
Denoms. $1,000 and $500.
Principal
and
interest (A. & O.) payable at the Cleveland Trust
Co., Cleveland.
Bids may be made for tne bonds to bear interest at a rate other
than 4%.
A certified check for 2% of the bonds bid
for, payable to tne order of the
District Treasurer, must accompany each proposal.
The approving opinion
of Squire, Sanders &
Dempsey of Cleveland will be furnished the successful
bidder.
TOLEDO,
Oct.
26
Ohio—BONDS AUTHORIZED—The
City
Council
on
an ordinance providing
authority for the issuance of
approved
$150,000 airport bonds.
WAKEMAN
Wakeman),
TOWNSHIP
RURAL
SCHOOL
issue
DISTRICT
(P. O.
$55,000 coupon school
of
building bonds offered on Oct. 28—V. 143, p. 2564—was awarded to
Joseph & Co., Inc. and Lawrence Cook & Co., both of
Cleveland, jointly,
2Ms, at par plus a premium of $213.40, equal to 100.426, a basis of
about 2.70%.
Dated Dec. 1, 1935 and due as follows:
$1,000 March 1
and Sept. 1 from 1937 to 1941, incl. and
$1,500 March 1 and Sept. 1 from
as
Other bids
noon Nov. 21, for the purchase at not less than par of
registerable as to principal, bonds.
Denom. $1,000.
1934.
Principal and semi-annual interest (Jan. 1 and
July 1) payable at the First National Bank of Albion, in Albion.
Due
$2,000 on Jan. 1 in each of the years from 1951 to 1955, incl., but bonds
$10,000 4%
coupon,
Dated
1,
Jan.
callable on and after Jan. 1, 1937.
Certified check for $200, required.
Legality approved by Bryan & Evans of Erie.
are
EAST
BANGOR, Pa —BOND SALE—An
refunding bonds has been sold at a price of par.
1941, 1946, 1951 and 1956.
of $20,000 3M%
Due $5,000 on Sept. 1 in
issue
HARRIS TOWNSHIP SCHOOL DISTRICT
(P. O. Boalsburg),
Pa.—BOND OFFERING—Charles
M.
Ross,
District
Secretary,
will
receive
Ohio—BOND SALE—The
1942 to 1956 incl.
PENNSYLVANIA
ALBION, Pa .—BOND OFFERING—S. A. Collins, Borough Secretary,
will receive bids until
were as
bids until 5 p. m. Nov. 13, for the purchase of $24,500 coupon,
registerable as to principal, bonds.
Bidders are to name rate of interest,
making choice from 2 M %, 2 M %. 3 %, 3 M %, 3 M % 3 M % and 4 %. Denom.
$500.
Dated Dec. 1, 1936.
Interest payable June 1 and Dec. 1.
Due
annually on Dec. 1 as follows: $1,000, 1938 to 1948; and $1,500, 1949 to
1957.
Certified check for 2% of amount of bonds bid for, payable to the
District Treasurer, required.
HATFIELD, Pa.—BOND SALE—The $16,000
follows:
coupon, registerable as
principal only, electrical equipment bonds offered on Nov. 2—V. 143,
2724—were awarded to Granbery, Safford & Co. of New York as 2Ms,
at par plus a premium of $100, equal to
100.62, a basis of about 2.18%.
Dated Nov. 1, 1936 and due $2,000 on Nov. 1 from 1942 to 1949, incl.
to
WILLIAMSBURG,
Ohio—BOND
construction bonds offered
on
SALE—The $5,000 water works
Nov. 2—V. 143, p. 2564—were awarded to
the
Williamsburg Building & Loan Co. as 3s at a price of par.
Oct. 15,1936 and due $500 on Oct. 15 from 1937 to
1946, inclusive.
Dated
Other bids
until 10
a. m.
$15,000 issue of water bonds.
Bidders are to name the rate of interest.
Due $1,000 from 1939 to 1953, incl.
A certified check for 2% of the bid
a
is required.
(Tnese are tne bonds offered for sale without success
ported in these columns recently—V. 143, p. 2411.)
Okla.—BOND OFFERING—W.
C.
on
Sept. 8,
9, for tne purchase of $28,000 sewage
bonds, which are to bear interest at rate named in the successful bid. Due
$1,650 yearly, beginning three years after date of issue, except that the
last instalment shall amount to
$1,600. Certified check for 2% of amount of
bid, required.
Okla.—BONDS NOT SOLD—The
$50,000 issue
of
works bonds offered on Nov. 2—V.
143, p. 2724—was not sold
bids were rejected.
Due from 1941 to 1956.
STILLWATER, Okla.—PWA
water
all the
APPROVAL NOT RECEIVED— In
nection with the $210,000 water system bonds
approved
July 21,
as
STILLWATER
SCHOOL
DISTRICT
on
noted here—V.
HORSHAM
O.
Stillwater),
Okla.—
July 21,
143, p. 962.
,
TOWNSHIP
issue of $17,000 2M%
& Co. of Philadelphia.
bonds
(P.
was
100.556
101.185
Par
Par
3%
3%
3%
3%
M. M. Freeman & Co., Inc
Cemblu Trust Co
A. B. Leach & Co., Inc
„
Par
O. Horsham), Pa.—BOND SALE—An
sold recently to Wm. H. Newbold's Son
Financial Statement (As Officially Repotted Oct. 20,1936)
[This statement does not include the debt of any other political subdivision
having power to levy taxes on any property within the City of McKeesport, Pa.]
real
valuation
$100,000,000
54,742,025
1,944,000
Assessed valuation (1936)
Total bonded debt, as of Aug. 1, 1936 (incl. above issue)
Less—Water debt (Aug. 1, 1936)
$200,000
Unused budget provisions, 1936
52,000
Sinking funds (other than water bonds)
STRONG CITY, Okla.—BOND SALE—An issue of
$3,000 waterworks
bonds has been sold to the Public Works
Administration.
374,532
122,532
Net bonded debt
$1,569,468
Unfunded debt—Temporary bank loan
Certificates of indebtedness
25,000
x474,000
y265,000
Contingent liability
Oregon Municipals
^
100.65
McKEESPORT, Pa.—BONDS PUBLICLY OFFERED—The group com¬
posed of Bancamerica-Blair Corp., New York, and Glover & MacGregor,
Inc., S. K. Cunningham & Co., and George G. Applegate, all of Pittsburgh,
wnich was awarded recently an issue of $400,000 2M % improvement bonds
—V. 143, p. 2892—is making public reoffering of the loan at prices to yield
from 0.50% to 2.30%, according to maturity.
Principal and interest
(M. & S.) payable at the City Treasurer's office.
The bonds, according to
the bankers, are tax free in Pennsylvania, exempt from Federal income taxes
and legal investment for trust funds in Pennsylvania.
Estimated
(P.
BOND SALE NOT CONTEMPLATED—It is
stated by the Clerk of the
Board of Education that nothing has been done as
yet toward the marketing
of the $92,000 school construction bonds
approved by the voters on
as
2% %
3 M %
con¬
by the voters
noted here—V. 143, p. 802, it is reported
by the Commissioner
of Revenue that approval was
contingent on a Public Works Administration
grant and it has not been forthcoming thus far.
as
Rale Bid
Int. Rate
W. H. Newbold's Son & Co
Hatfield National Bank.
as re¬
Williams, City Clerk,
will receive bids until 7:30
p. m. Nov.
POTEAU,
follows:
Mackey, Dunn & Co
Okla.—BOND OFFERING—Sealed bids will be received
on Nov. 12 by F. M. Scarlett, Town
Clerk, for the purchase of
PAWNEE,
were as
Bidder—
OKLAHOMA
GOLTRY,
p.
x Secured
by street ana sewer assessment liens payable from assessment
liens when collected,
y The City has obligated itself to pay approximately
this amount
on
account of
contemplated improvements in which the U. b.
Government and the County of Allegheny are interested.
City expects to
of this amount from other interested bor¬
receive approximately $75,000
oughs and townships.
Population,
CAMP & CO., INC.
Porter
Building^
Tax Levies and Collections
Portland, Oregon
Total
at
Uncollected
as
OREGON
POINT, Ore.—BONDS OFFERED—Sealed
bids
were
received
Denom.
Dated
Nov. 1, 1936.
Due on Nov. 1 as follows: $500,
1951, and $1,000, 1952 to 1956; optional after
Nov. 1, 1946.
1940 to
HEPPNER, Ore.—BOND OFFERING—Sealed bids will be received until
Z:
P1- on Nov. 6, by E. R. Huston, City Recorder, for the purchase of a
$5,000
issue
of
refunding
water bonds.
Interest rate is not to exceed 6%
payable M &N. Denom. $1,000. Dated Nov.
1, 1936. Due $1,000 from,
Nov. 1,1941 to 1945 incl. The
approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley, of Portland, will be furnished.
LANE COUNTY UNION HIGH
SCHOOL DISTRICT NO. 13 (P. O.
Junction
until Nov
issue
City), Ore.—BOND OFFERING—Sealed
bids will be received
16, by A. Gibson, District Clerk, for the
purchase of
of 3 % semi-ann. school
bonds.
I
a
$40,000
LINN COUNTY SCHOOL
DISTRICT NO. 55 (P. O. Sweet Home)
Ore.— WARRANT
OFFERING—Sealed bids will be received until 8 p. m.
Nov. 2, by the District Clerk, for the
purchase of a $5,000 issue of 5%
semi-ann. interest
bearing warrants. Denom. $500.
Due in from one to
10 years. A certified check for
10% of the bid is required.
on
MERRILL,
for the
Ore.—BOND AWARD HELD OVER—The bids received
$15,000 5% general obligation bonds offered
by the city on Nov. 5
—"V. 143, P. 2724—were taken for
consideration pending final approval of
a Public Works
Administration grant.
The First National Bank of Port¬
land submitted the highest
bid, 100.10 for 4s, while Baker Fordyce Co. of
Portland bid 100.05 for 4s.
OREGON, State of—POWER PROPOSAL LOSES—At
tion
have
on
the general elec¬
Nov. 3 the voters rejected the
"Grange Power Bill," which would
the State in the power
business, according to Portland news
put
advices.
end of fiscal year
of Oct. 1, 1936.--
NORTHUMBERLAND
until 2:30 P. m. on Nov.
4 by W. H. Young, Town
Recorder, for the pur¬
chase ot an $11,000 issue of
5% semi-annual water works bonds.
$500.
1933
levy
Uncollected
EAGLE
1920 Census, 46,781; 1930 Census, 54,632.
Fiscal Year—
ING—George
_
$712,206
243,900
88,764
SCHOOL
1935
1934
$655,768
186,347
110,598
DISTRICT,
1936
$601,244
83,964
61,665
Pa.—BOND
$602,181
91,769
OFFER¬
C.
Seacholtz, District Secretary, will receive sealed bids
until 8 p. m. on Nov. 16 for the purchase of $47,000 22M. 3, 3M.
33M or 4% coupon building bonds.
Dated Dec. 1, 1936.
Denom.
$1,000.
Due L>ec. 1 as follows: $1,000, 1939 and 1940; $2,000, 1941 and
1942; $3,000 from 1943 to 1949 incl. and $4,000 from 1950 to 1954 incl.
The bonds will be registerable as to
principal only and bidder is required
to name one rate of interest on the issue.
Int. payable J. & D.
A cer¬
tified check for 2% of the amount of bonds bid for, payable to the order of
the District Treasurer, must
accompany each proposal.
The bonds will
be issued subject to approving legal opinion of Townsend, Elliottt & Munson
of
Philadelphia.
PHILADELPHIA,
Pa .—DEFICIT MAY REACH $10,000,000—City
Treasurer Will B. Hadley on Nov. 2 said his report for the 1st 10 months
of this year, to be issued
shortly, will show the city with a deficit of nearly
$4,500,000.
This is represented by a decrease of $2,700,000 in tax receipts and an
increase of $1,800,000 in disbursements, the Treasurer said.
Hadley said that the total deficit for the year might exceed $10,000,000.
Receipts, he said, had been about 60% of the estimate made last fall.
ROSE
VALLEY (P. O. Moylan), Pa.—BOND SALE—'The $30,000
bonds offered on Nov. 4—V. 143, p. 2725—were awarded to
Dougherty, Corkran & Co. of Philadelphia, as 2Ms, at par, plus a premium
of $642.42, equal to 102.1414, a basis of about
2.33%. Dated Dec. 1, 1936.
Due $1,000 yearly on Dec. 1 from 1937 to
1966, incl.
Other bidders were:
coupon
Name—
Singer, Deane & Scribner, Pittsburgh
Granberry, Safford & Co., New York
Butcher & Sherrerd, Philadelphia
Wm. H. Newbold's Son & Co.,
Philadelphia
Swarthmore National Bank, Swarthmore
M. M. Freeman & Co.,
Philadelphia
Leach Bros., Inc., Philadelphia
Int. Rate
2M%
2M %
2M%
2M%
2M%
3%
3%
Prem.Offered
$328.06
231.00
200.70
155.88
75.00
None
100.13
Volume
SCHUYLKILL HAVEN SCHOOL DISTRICT, Pa.—BOND OFFER¬
ING—Howard W. Stager, District Secretary, will receive sealed bids until
7 p. m. on Noy. 27 for the purchase of $45,000 3% coupon school bonds.
Dated Dec. 1,
1936.
Denom. $1,000.
Due Dec. 1 as follows:
$5,000 in
1941, 1946, 1951; $10,000 in 1956 and $20,000 in 1966.
Bonds are regisas to principal
only and interest will be payable semi-annually in
J. & D.
A certified check for 2%, payable to the order of the District
Treasurer, must accompany each proposal.
The bonds will be issued
subject to approving legal opinion of Townsend, Elliott & Munson of
terable
Philadelphia.
SOUTH FAYETTE TOWNSHIP (P. O. Treveskyn), Pa.— BOND
SALE—The issue of $25,000 bonds offered on Nov. 5—V. 143, p. 2413—
E. H. Rollins & Sons of Philadelphia, at 3% interest.
The
price was 101.37, a basis of about 2.83%.
Singer, Deane & Scribner of
Pittsburgh bid 101.23 for 3s.
Dated Nov. 1, 1936.
Due on Nov. 1 as
follows:
$1,000, 1937 to 1941; and $2,000, 1942 to 1951.
awarded to
SPRING
3037
Financial Chronicle
143
GROVE
SCHOOL
DISTRICT,
Pa .—BOND
OFFERING—
C. Overmiller, District Secretary, will receive sealed bids until
7:30 p. m. on Nov. 13 for the purchase of $30,000 3% coupon gymnasiumauditorium bonds.
Dated Dec. 1, 1936.
Denom. $1,000.
Due $2,000 on
Dec. 1 from 1942 to 1956 incl.
The bonds are registerable as to principal
James
only and will be issued subject to approval of the Department of Internal
Principal and interest (J. & D.) payable at the District Treasurer s
A certified check for 1% of the bonds bid for, payable to the order of
Affairs.
office.
Refunding bonds will be dated Nov. 1, 1936, optional after one year,
due serially.
Maturities of new bonds will be allocated to the old bonds in
the order of their present maturity.
New bonds, after the first year, will
bear the same interest rates as did the old bonds.
For the first year, interest
will be 2% less than old bonds.
Interest due the first six months of 1936,
in amount of $13,446 will be paid in cash when exchanges are made; that
due the last half will be paid in warrants due May 1, 1937.
SAN JUAN, Tex.—REPORT ON PROGRESS OF BOND REFUNDING
PLAN—Shannon, Newman & Co., Edinburg, Texas, bond dealers, have
reported that 87% of the city of San Juan bonds and warrants outstanding
have been deposited for refunding into $266,500 in 30-year term bonds.
The bonds are to be dated Jan. 1,1936, and to bear graduated interest rates,
beginning at 1 % for the first five years and increasing 1 % each five years
until the maximum rate of 5% is reached for the last ten years of the bonds'
life.
Interest will be payable annually the first five years and then semi¬
annually on January and July 1.
All past-due interest coupons due up to
Jan. 1, 1936, are to be delivered to the city for cancellation without pay¬
ment.
The city has pledged itself to levy not less than $1.25 per $100
valuation for the service of the
new
bonds.
UNIVERSITY OF TEXAS (P. O. Austin) Tex.—NOTE SALE—We
are informed by the Dallas Union Trust Co. of Dallas, that they, in con¬
junction with the Brown-Crummer Co., and Miller, Moore & Brown,
Inc., all of Dallas, recently purchased a $400,000 issue of 4% Library
notes.
Denom. $1,000.
Dated May 1, 1934.
Due serially from May 1,
1943 to 1948.
District Treasurer, must accompany each proposal.
The approving
opinion of Townsend, Elliott & Munson of Philadelphia will be furnished
the
the successful bidder.
OFFERINGS
(This report of the offering supersedes that given in a previous
143, p. 2892.)
WANTED
issue.—V.
UTAH—IDAHO-NEVADA—MONTANA-
No. 4, Riverside, Johnstown), Pa.—BOND OFFERING—D. M. Baker, Township Secretary, will
receive bids until 6 p. m. Nov. 18 for the purchase of $36,000 3
% funding
and refunding bonds.
Certified check for $500 required.
STONE CREEK TOWNSHIP (P. O.. R. D.
WYOMING
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Bell Teletype: SL K-37
Phone Wasatch 3221
UTAH
DAVIS
COUNTY
TEMPLATED—The
O. Farmington), Utah—NOTE SALE CON¬
County Supervisors are said to have voted recently to
(P.
sell $40,000 tax anticipation notes.
$100,000;00
CAROLINA
SOUTH
RICHMOND, Va. 4%% bonds
S. C.—NOTES NOT SOLD—
p. 2892—were not
Treasurer.
LAURENS COUNTY (P. O. Laurens),
Due
The $128,000 road notes offered on Nov. 4—V. 143,
as no bids were received, according to the County
sold
UNION,
C.—CORRECTION—W.
S.
D.
Arthur,
Treasurer, states that the report given in these columns
the effect that the city contemplated issuing $225,000 in
an
F. W. CRAIGIE & COMPANY
City Clerk and
in September, to
bonds to care for
Richmond, Va.
increasing deficit—V. 143, p. 2096—was incorrect.
SOUTH
January, 1958 at 2.50% net
A. T. T. Tel. Rich.
Phone 8-91S7
DAKOTA
VIRGINIA
BONESTEEL, S. Dak.—BOND OFFERING— It is reported that sealed
bids will
be received
until
2
p.
Treasurer, for the purchase of a
FRANKLIN
10, by John Sullivan, City
$7,500 issue of refunding bonds.
m.
on
Nov.
CONSOLIDATED SCHOOL DISTRICT NO.
2
(P. O.
Madison), S. Dak.—BOND SALE—The $65,000 issue of 4j^% semi-ann.
refunding bonds offered for sale on Oct. 30—V. 143, p. 2893—was awarded
to E. J. Prescott & Co. of Minneapolis, paying a premium of $1,000, equal
to 101.538,
a basis of about 4.39%.
Dated Jan. 1, 1937.
Due from
Jan. 1, 1938 to 1952 incl.
WINNER, S. Dak.—BOND SALE—The $58,000 issue of 4% semi-annual
26—V. 143, p. 2565—was purchased at
par by the Public Works Administration.
Dated Sept. 1, 1936.
Due from
1939 to 1955.
No other bid was received, according to the City Treasurer.
water bonds offered for sale on Oct.
TENNESSEE
Va. 83
RICHMOND,
LOAN
\a.—TEMPORARY
AUTHORIZED—In
con¬
that the City Council approved a
$425,000 issue of Negro High School building bonds—V. 143, p. 2253—it'
is stated by the City Clerk that in reality the Council passed a resolution
authorizing a temporary loan of $255,750 for such purpose, only to be
used if a Public Works Administration grant was obtained.
He states that
nection with the report given to the effect
this approval has
been received and the funds will be
having been contemplated.
obtained locally on
short-term notes, no bonds
(P. O. Salem) Va .—BOND OFFERING DE¬
scheduled for 2 p. m. on Nov. 9,
bonds of the Williamson Road Sanitary District
No. 1, noted in these columns recently.—V. 143, p. 2893—it is stated that
the bonds are in the denomination or $1,000 each.
Payable at the office
of the County Treasurer.
The approving opinion of Storey, Thorndike,
Palmer & Dodge, of Boston, will be furnished.
A certified check for 2%
of the par value of the bonds must accompany the bid.
ROANOKE
COUNTY
TAILS—In connection with the offering
of the $150,000 4% sewer
Tenn.—BONDS SOLD— It is stated by the City
$66,000 4% sewer bonds were purchased on March 18 by the
BROWNSVILLE,
Clerk that
Denoms. $500 and $1,000.
Public Works Administration.
NORTHWESTERN MUNICIPALS
Due on Nov. 1
follows:
$500, 1938; $1,000, 1939 to 1942; $1,500, 1943 to 1945; $2,000,
1946; $2,500, 1947 to 1950, and $3,000, 1951 to 1965.
Prin. and int.
(M. & N.) payable at the City Treasurer's office or at the Brownsville
as
Washington
—
Oregon
—
Idaho
—
Montana
Bank in Brownsville.
Ferris & Hardgrove
JACKSON, Tenn.—PWA ALLOTMENT APPROVED—It is stated by
Mayor A. B. Foust that the Public Works Administration has approved a
loan of $364,000 and a grant of
he says that no action has been
$299,500 for power plant construction, but
taken due to pending court action.
SEATTLE
SPOKANE
Teletype—SPO 176
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
MEMPHIS, Tenn.—BONDS AUTHORIZED—It is stated by D. C.
Miller, City Clerk, that an ordinance has been passed authorizing the issu¬
ance of $40,000 in refunding bonds.
It is also said that the city will pur¬
chase these bonds at private sale for the sinking fund.
Due $8,000 from June 1, 1939 to 1943, inclusive.
MEMPHIS, Tenn .—BOND ISSUANCE CONTEMPLATED—It is said
that the city will probably place on the market about Nov. 24, a $40,000
issue of refunding assessment bonds.
The sale of these bonds will complete
the refunding of a $238,000 issue, according to report.
WILSON COUNTY
—The
(P. O. Lebanon) Tenn —BONDS AUTHORIZED
County Court is said to have approved the issuance of $144,000 in
school bonds.
TEXAS
DUBLIN, Texas—BOND CALL—It is stated by W. P. Langston, City
Secretary, that the city is calling for payment as of Dec. 10, at the Republic
National Bank & Trust Co., Dallas, a total of $20,000 5% sewer bonds,
dated Dec. 1, 1909, numbered from 1 to 20; $30,000 5% public water works
bonds, dated June 1, 1911, numbered from 1 to 30, and $25,000 5% city
improvement and extension bonds, dated July 1, 1922, num¬
bered from 1 to 25.
Bonds shall cease to bear interest after Dec. 10,1936.
water works
(The official advertisement of this call appears in the advertising section
HARRIS
COUNTY
PREPARED—Lazard
(P.
Freres
O.
&
Houston)
Inc.,
Co.,
Tex.—FINANCIAL STUDY
15 Nassau Street, New York
City, has prepared a pamphlet which gives a detailed financial study of
the above county, dealing with assessed values, bonded debt, tax rates and
tax collections, receipts and disbursements and other related data, including
general comments and conclusions gathered from an analyis of the material
presented.
KERRVILLE
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Kerr-
with the sale of the $67,000
these columns recently—V.
2725—it is stated that the purchaser was the Brown-Crummer Co.
ville) Texas—PURCHASER—In connection
4M% semi-ann. refunding bonds, noted in
143, p.
of Wichita.
HOQUIAM, Wash.—BOND SALE—-The City Council has sold $50,000
4M% industrial water pipe line bonds to Blyth & Co. of Seattle.
Due
serially in two to twenty years.
SEATTLE, Wash.—BOND SALE POSTPONED—We are informed by
W. Carroll, City Comptroller, that three issues of not to exceed 6%
municipal light and j>ower bonds, aggregating $5,500,000,
originally scheduled for sale on Nov. 5, will be offered on sealed bids on
Nov. 10.
The issues are described as follows:
$615,000 Series LT-6 bonds.
Due on Dec. 15 as follows: $28,000, 1943;
$26,000, 1944; $23,000, 1945; $45,000, 1946 and 1947; $44,000,
1948; $47,000, 1949; $38,000, 1950 and 1951; $32,000. 1952;
$27,000, 1953; $67,000, 1954; $58,000, 1955; $39,000, 1956 and
1957; $19,000, 1958.
1 896 000 Series LU-4 bonds.
Due on Dec. 15 as follows: $86,000, 1943;
$79,000, 1944; $72,000, 1945; $138,000, 1946 and 1947; $134,000,
1948; $145,000, 1949; $117,000,) 1950 and 1951; $100,000, 1952;
$83,000, 1953; $207,000, 1954; $179,000, 1955; $121,000, 1956
and 1957, and $59,000, 1958.
2.989,000 Series LR-1 bonds.
Due on Dec. 15 as follows: $136,000, 1943;
$125,000,
1944; $114,000, 1945; $217,000, 1946 and 1947;
$212,000,
1948; $228,000,
1949; $185,000,
1950 and 1951;
$158,000, 1952; $130,000, 1953; $326,000, 1954; $283,000, 1955;
$190,000, 1956 and 1957, and $93,000, 1958.
Principal and semi-annual interest payable at the fiscal agency of the
State of Washington, in New York, or at the City Treasurer's office.
Certified check for 5%, required.
H.
semi-ann.
SNOHOMISH COUNTY (P. O. Everett), Wash.—DESCRIPTION
OF
$40,000 airport bonds awarded on Oct. 26 to H. P.
Seattle and Richards & Blum of Spokane on a bid of 100.09
BONDS SOLD—The
Pratt & Co. of
bonds in denomination of $1,000 each, are dated Nov.
I, 1936, and will mature serially in from two to fifteen years.
Interest
payable May 1 and Nov. 1.
for 3^s, are coupon
Tex.—REFUNDING PLAN
TACOMA, Wash.—BONDS CALLED—C. V. Fawcett, City Treasurer,
SUBMITTED ON DEFAULTED BONDS—The J. R. Phillips Investment
Co. of Houston has submitted to bondholders a plan for the refunding of
following bonds:
District No. 1457.
4303.
On Oct. 26—Nos. 172 to 190, of Local Imp't District No. 4267; Nos. 71
to 101, of Local Imp't. District No. 5070, and Nos. 82 to 97, of Local
Imp't. District No. 5103.
PANOLA
COUNTY
(P.
O.
Carthage)
WASHINGTON
Dated Dec. 1,1936.
County's defaulted state aid road bonds, with the exception of
$23,423 bonds issued in 1933 for past due interest.
Bonds to be refunded
are series A, B, C, E and F and refunding bonds Series 1 and 2, totaling
$534,000.
They are to be refunded into four issues:
Series 1, $73,000;
series 2, $305,000; series 3, $54,000 and series 4, $102,000.
Old B and C
issues will be combined since they have practically the same percentages
Panola
of state aid.
is said to have called for payment the
On Oct. 24—Nos. 6 to,22, of Local
On Oct.
Imp't
25—Nos. 13 to 15, of Local Imp't. District No.
WASHINGTON, State of—POWER PROPOSAL LOSES—The voters
State on Nov. 3 decisively defeated the Bone-Schwellenbach power
of the
3038
Financial
amendment putting the State into the power business and
issuance of up to $33,000,000 in State bonds to finance
Chronicle
authorizing the
the
its
operations,
according to a United Press dispatch from Seattle on Nov. 4.
WISCONSIN
GREEN
BAY.
Wis.—BOND OFFERING—Sealed
bids will be received
until 11a.m. on Nov. 16 by P. N. Wassenberg, City Clerk, for the purchase
of an issue of $140,000 Woelz School bonds.
Interest rate is not to exceed
4%, payable M. & N. 15.
The bids shall express the coupon rate or rates
or said bonds, which may be in multiples of M or l-10th of
1%, and if more
than one rate is bid, the bidder shall specify the separate bond maturities.
Denom. $1,000.
Dated Nov. 15, 1936.
Due on Nov. 15 as follows:
$10 000, 1938: $5,000, 1939; $25,000, 1940; $28,000, 1941; $33,000, 1942,
and $39,000 in 1943.
Said bonds will be sold for not less than par and
accrued interest.
Bidders shall furnish the bonds and legal opinion at their
own expense.
A certified check for 2% of the par value of the bonds,
payable to the City Treasurer, must accompany the bid.
(These are the bonds that were originally scheduled to be sold on Nov. 2,
as reported in these columns
recently—V. 143, p. 2894.)
IRON
COUNTY
(P.
O.
Hurley),
Wis.—PRICE PAID—It
is
now
reported
by the County Clerk that the $160,000 coupon 3% semi-ann.
State trunk highway paving bonds purchased by Paine, Webber & Co. of
Chicago, as noted in these columns—Y. 143, p. 2894—were awarded for a
premium of $6,107.50, equal to 103,817, a basis of about 2.59%.
Dated
Oct. 1, 1936.
Due $40,000 annually from Oct. 1, 1945 to 1948, incl.
MARINETTE COUNTY (P. O. Marinette), Wi s.—BIDS REJECTED—
3% highway improvement bonds offered on Nov. 2—V. 143,
2726—were not sold, as all bids were rejected.
The $100,000
p.
OUTAGAMIE COUNTY
$100,000 issue of
coupon
for sale
(P. O. Appleton), Wis.—BOND SALE—The
highway improvement, series H-2 bonds offered
on Oct. 36—V. 143, p. 2894—was sold at a price of
bonds, according to the County Clerk.
Dated May 1, 1936.
1, 1941.
PRICE COUNTY (P. O.
f
par on
Due
1.15%
May
on
Phillips), Wis.—BOND SALE—The $35,000
issue of refunding, series B bonds offered for sale on Oct. 29—V. 143, p.
2726—was awarded to Harley, Haydon & Co. of Madison, as 2J£s, paying
premium of $125.00, equal to 100.357, a basis of about 2.17%.
a
Dated
Dec. 1, 1936.
Due from Dec. 1, 1939 to 1941.
The other bids for the bonds were as follows:
1936
7
Nov.
period of 1935, a total of $686,139,875 was reported, and in 1934
a total of $539,064,237.
Of the total for the first 10 months of this year.
$837,176,300 was for refunding and $104,884,965 to provide new capital.
Corporate financing for the first 10 months of this year, totaling $214,453,724, also was the largest volume in that period in any of the preceding
four years, and compares with $33,342,000 in 1935 and $41,136,596 in 1934.
same
DARTMOUTH, N. S —BOND SALE—An
bonds
issue of $8,500 3^% impt.
sold on Nov. 2 to Johnston & Ward of Montreal at a price of
Due in 20 annual instalments.
was
100.19.
EDMONTON,
Alta.—CUTS INTEREST PAYMENTS ON BONDS
HELD BY THE PROVINCE—Terming the action retaliation for the Alberta
Government's step in cutting bond interest rates, the City of Edmonton
on Nov. 3 reduced int. payments
50% on Edmonton bonds held by the
Alberta Government.
Bankers for the city were instructed to reduce
ments to the Province on
city bonds.
by 50% all interest pay¬
This followed instructions from the
Council.
Alberta holds
$1,900,000 in Edmonton bonds and it has been estimated
the 50%
reduction in interest payments will represent $47,500.
the other hand, Edmonton has $800,000 in Alberta bonds on which
interest rates were slashed last June and confirmed by legsilation proOn
cla/iitiQd last wo6k»
so
1
The net position will be that Edmonton saves
it expects to make money on the deal.
$47,500 and loses $23,000,
City Treasurer Frank Barnhouse notified bankers to put the int. cut
into operation, at the same time notifying provincial officials.
The action
is limited to Edmonton bonds held by the Province.
GRANBY, Que.—OTHER BIDS—The issue of $25,000 bonds awarded
on Oct. 26 to L. G. Beaubien & Co. as
3^s, at a price of 98.87, a basis of
about 3.62%—V. 143, p. 2894—was also bid for as follows:
Bids
Bidder—
3H%
4%
Banque Canadienne Nationale
Dominion Securities Corp
Comptoir National de Placement
96.675
95.58
Ernest Savard
-
-
Credit Anglo-Francais
Hanson Bros
101.07
100.53
101.98
99.06
97.81
Societe de Placement
Bruno Jeannotte
Other Bidders—
T. E. Joiner Co
100.125
99.25
99.17
-
97.07
Price Bid
$35,119.75 for 2M%
35,087.50 for 2M%
35,077.00 for 3%
First National Bank, Phillips
A. S. Huyck & Co., Chicago
SHEBOYGAN FALLS, Wis .—BONDS TO BE ISSUED—The city will
$55,000 in sanitary sewer system bonds, according to report.
An
application is said to have been made for a Public Works Administration
grant.
HARRISON, Ont.—TO REDEEM $35,000 BONDS—The municipality
has arranged to pay off the $36,000 bonds of the Royal Sterling Products
Co., Ltd., which it had guaranteed.
The company, it is said, defaulted on
the issue early in September.
MOOSE
issue
WAUPACA, Wis.—BOND OFFERING—Sealed bids will be received
until 10 a. m. on Nov. 13, by F. A. Houseman, City Clerk, for the purchase
of a $25,000 issue of coupon sewage disposal plant bonds.
Interest rate is
JAW,
Sask.—INCREASE
IN
TAX
COLLECTIONS—Tax
collections, current and arrears, were $35,000 higher in the first nine months
of 1936 than in the corresponding period of 1935.
Percentage of current
taxes collected in the nine-month period was 40.4%, compared with 38.4%
last year.
Collections of arrears increased from 15.1% in 1935 to 16.5%
in 1936.
Bank loans have been reduced by $71,345.
to exceed 4%, payable annually.
Denom. $500.
Dated Nov. 15,
1936.
Due on May 1 as follows:
$2,000, 1938 to 19+9, and $1,000 in 1950.
Bids are also requested on $20,000 of the bonds in case the city should
decide that the full $25,000 need not oe sold, in wnich case the bonds not
the Province of Quebec is contained in a bill recently passed by the Legis¬
lature.
In explanation of the bill, Premier M. Duplessis stated that the
issued will be the last maturing bonds.
Bids must be for at least par, plus
accrued interest to date of delivery.
Bidders shall furnish their own legal
Provincial debt.
not
opinion and bonds at their own expense.
The bonds are said to be a direct
city obligation.
A $250 certified check, must accompany the bid.
WYOMING
BASIN, Wyo.—BOND SALE—An issue of $50,000 3 % % bonds recently
authorized by the town authorities has been sold to Geo. W. Vallery &
Co. of Denver.
LANDER, Wyo.—BONDS SOLD—An issue of $83,000 refunding bonds
recently authorized by the Town Council has been sold to Geo. W. Vallery
& Co. of Denver.
PINEDALE
SCHOOL
DISTRICT
NO.
voting
on
1
(P. O. Pinedale), Wyo.—
Nov. 20 for the purpose of
the question of issuing $28,000 school building bonds.
BOND ELECTION—An election will be held
measure
6% water extension bonds were called for payment at the First National
Bank of Powell, or at the office of the Town Treasurer, on Nov. 1.
Wyo.—BOND CALL—It is stated that the total issue
numoered 1 to 50, of the general obligation water extension bonds are
being
called for payment at the American National Bank of
Cheyenne, on Dec. 1,
on which date interest shall cease.
(Province
did
and at the
of)—LEGISLATION
PERMITS
CONVERSION
the Government would
immediatley convert the
He said it gave the Government power to do so if desired
not
same
mean
time enabled it to
secure advantage of lower money rates.
The bill had a threefold purpose, said the Premier.
The legislation,
first authorized the Lieutenant Governor-in-Council to change the form of
any part of the existing public debt of the Province by substituting one class
of securities for another, provided the capital of the debt is not increased.
Provision
made,
was
the
Premier
asserted,
that
could be effected without the consent of the holder
or
such
no
substitution
unless the security is
redeemed
by the Government.
Under the limits of the bill loans are re¬
stricted to a term not exceeding 30 years, and at interest rates not exceed¬
ing 4%.
Mr. Duplessis also said that in future all such investments will
be made by the Treasury Board instead of by the Provincial Treasurer,
and the Board will act under authority of the Lieutenant Governor-inCouncil.
on
POWELL, Wyo.—BONDS CALLED—It is said that the entire issue of
THERMOPOLIS,
QUEBEC
OF OUTSTANDING DEBT—Power to convert part, if not all, the debt of
QUEBEC
(Province
of)—PROPOSED
LAW
GOVERNING
NEW
BOND
ISSUES CAUSES CONCERN IN INVESTMENT CIRCLES—
The following article appeared in the "Financial Post" of Toronto of Oct. 31:
Investment dealers in Quebec and elsewhere, as well as corporations within
the province considering financing through the medium of bonds, are
greatly perturbed over the terms of Bill No. 5 of the current session of the
Quebec Legislature.
One of the briefest pieces of investment legislation on record, the bill is
entitled "An Act of Protect People's Savings and Prevent Over-capitaliza¬
tion."
It reads:
"Notwithstanding any general law or special act to the contrary, every
issue of bonds, debentures or debenture-stock, for industrial or commercial
purposes, must be limited to the amount representing the real value of the
immovable property existing and affected by the hypothec given to guar¬
Canadian Municipals
antee
the
issue."
The explanatory note says that the object of the bill is to restrict the issue
of bonds, debentures or debenture-stock to an amount representing the real
value of the property existing and affected by the
mortgage guaranteeing
Information and Markets
the issue.
The bill does not state how "real value" is to be determined.
BRAWLEY, CATHERS & CO.
KING
25
ST.
WEST, TORONTO
ELGIN
are
No penalties
provided.
This piece of legislation prohibits
financing by bonds secured
other than immovables, that is fixed assets such as real estate,
by assets
plants and
6438
equipment.
It will also create difficulties in the
ALBERTA
and
(Province of)—BOND DEFAULT—Receipt of the refusal
of the Bank of Canada to make a loan to the
province, was followed by
statement of Premier William Aberhart that the
$1,250,000 6% bonds
Nov. 1 would not be paid.
Interest on the debt at the reduced rate of
the
due
3%
continued.
The province sought to borrow $3,500,000 from the
bank in order to meet the Nov. 1
maturity and the issue of $3,200,000 which
was defaulted last April.
The balance of the funds required for both pay¬
ments is reported to be available in the
sinking fund.
Interest on the April
loan is still being paid.
The November maturity is payable in London and
New York City. The Premier had
previously been unsuccessful in his attempt
to obtain a loan from the Federal government. In
announcing the second
default by the Province, Mr. Aberhart declared that the
government would
declare effective, as from June 1, 1936, the
interest-reducing bill passed at
the last session of the Alberta legislature,
authorizing the government to
arbitrarily cut the interest paid on its entire funded debt from an average
4.89% to 2y*%.
will
be
AYLMER, Que.—PAST DUE INTEREST CHARGES PAID—The
division has been authorized by the
Quebec Municipal Commission to
interest coupons of May 1, 1933, Nov.
1,1933 and May 1, 1934.
►
sub¬
pay
BRANTFORD, Ont.—TAXABLE
an
in
BASIS HIGHER—The city reports
taxable assessment for 1936.
Buildings
increase of $285,665 in total
the city are assessed at
$15,819,575,
an increase of $109,700; land at
an increaes of $47,250; business at
$3,052,233, an increase of
$116,950, and income at $169,950, an increase of $12,620.
$7,876,375,
f
CALGARY,
Alta.—STREET
RAILWAY
DEFICIT—For
the
first
nine months of 1936 the street
Revenue in the period totaled
540.
In
$527,455.
the
railway system reports a deficit of $32,200.
$487,340, while expenditures reached $519,1935 period income was $470,996
against expenditures of
ISSUES FEATURE OCTO
I1NANC1NG—Ca,na,dia,n Government, provincial and
municipal financing during the month of October totaled $111,881,900, of
which $92,300,000 was for
refunding purposes and $19,581,900 for new
capital, according to figures compiled by Wood, Gundy & Co., Ltd.
All
financing during the month was placed in the Canadian market. Financing
for the Government's account consisted of two issues
of treasury bills
aggregating $55,000,030, while the bulk of provincial
group financing was
in the form of an issue of
$51,00c,000 for the Province of Quebec.
In
October of last year
financing amounted to $60,586,900 and in October
1934, to $271,898,920.
the
conforms to this bill.
Hitherto the terms "bond," "debentures" and "debenture stock," have
been rather lossely aplied to securities.
On more than one occasion public
financing has been carried out in the province, with the security offered
designated as bond or debenture secured more by a promise to pay than any¬
thing else.
Then again there are many cases where companies have issued
"collateral trust" bonds or debentures, secured by stocks and bonds.
In a
case like this, Bill No. 5 would prohibit
Quebec companies and investment
trusts from Issuing such securities.
Bill No. 5 has been put forward by the Government with a view to pro¬
tecting the investor.
Investment dealers and others, however, feel that the
Government has gone to extremes.
SAINT-GERMAIN
OF
OUTREMONT
(Parish of), Que.—BOND
SALE—The issue of $460,000 coupon, registerable as to principal, bonds
offered on Oct. 28—V. 143, p. 2726—was awarded to Comptoir National de
Placement of Montreal as 3>£s, at a price of 97.81.
The bonds, date of Oct. 1, 1936 and mature serially on Oct. 1 from 1937
Coupon bonds registerable as to principal only, in denoms. of
$1,000, $500 and $100. Principal and interest (A. & O.) payable in lawful
money of Canada in Montreal, Quebec and Toronto at the principal office
of the bank mentioned on the bonds.
Callable as a whole, or in part, on 60
days' notice at 101, after April 1, 1941. The purchasers priced the i951 to
1955 maturities at par and accrued interest and that of 1956 at 99.75. The
bonds, according to the bankers, are legal investment for trustees in the
Province of Quebec and for life insurance companies in Canada. The Parish
is authorized by law to levy taxes on certain property
having an assessed
valuation of $5,000,000 and such taxes rank in priority to any
municipal
to 1956 incl.
or
^CANADA (Dominion of)—REFUNDING
BER MUNICIPAL
For
case of a Quebec company deciding to
or debentures secured
partly by immovables in Quebec
partly by immovables located elsewhere.
It is also possible that the bill may be interpreted to mean that bonds of
companies outside the province cannot be sold in Quebec unless the security
finance with bonds
CANADA
first
10
months of this year, financing totaled
$942,061,265
exceeding the volume in that period in any of the previous four years. Fo*
school assessments.
ST.
MICHAEL DE MISTASSINI, Que.—DEFAULTED INTEREST
PAID—The Quebec Municipal Commission has authorized the payment of
interest coupons dated on or prior to Nov. 1,1934.
STRATFORD,
Ont .—REPORTS
GAIN
IN
TAX
COLLECTIONS—
Total
tax collections to the end of September were
$531,973, compared
with $522,736 for the same period last year.
Collections for the 1934 period
were $468,431.
Collections of current taxes for 1936 total $414,105 and
of arrears $117,867.
WOODSTOCK, Ont.—TAX COLLECTIONS EXCELLENT—Payment
of 1936 taxes
year's levy.
as
of
a
recent date amounted
This is said to be
municipality in Canada.
one
to
$302,138,
or
89.5% of the
of the best records established by any
@FedFRASER