The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
v.-
■
V V<:
OCT 2 6
1936
COPYRIGHTED IN 1936 «Y WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 143.
,MUBdWi;Ke;rCo,,y~
BROOKLYN
ENTERED AS SEC0N0-CLA89 MATTER JUNE 23,
1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDeR THE ACT OF MARCH 3, 1J79.
NEW YORK, OCTOBER 24, 1936.
William
cor,
NO. 3722
Soruco Sts,. N-Y Citv
TRUST
THE
CHASE
COMPANY
NATIONAL
Chartered
1866
Kidder, Peadody
George V. McLaughlin
NEW
!
YORK
& Go
BOSTON
President
PHILADELPHIA
NEW YORK
OF
THE
The
Member Federal Deposit Insurance Corporation
OF
BANK
NEW
YORK
chase is
tra-
ditionally a bankers' bank.
For
BROOKLYN
CITY
many
served
it
years
has
large number
a
of banks and bankers
as
New York
correspondent >>
and
COMMERCIAL BANKERS SINCE 1852
depository.
reserve
Wells Famo Bank
Member Federal
Deposit Insurance Corporation
Public
UnionTrustCo.
SAN
Member Federal
FRANCISCO
United States
Bonds
Deposit Insurance Corporation
Government
RESOURCE^ OVER $200,
Securities
'The
Hallgarten 8i Go.
Established
FIRST BOSTON
Brown Harriman & Co.
CORPORATION
1850
NEW YORK
;■
*
'
rv.
London
Street, New York
BOSTON
Telephone: BOwling Green 9-5000
CHICAGO
PHILADELPHIA
Chicago
Incorporated
63 Wall
NEW YORK
AND OTHER
SAN
FRANCISCO
PRINCIPAL CITIHS
Boston
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
WERTHEIM & Co.
120
Broadway
State and
New York
London
Amsterdam
NewTork Trust
Municipal Bonds
CARL Me LOEB & CO.
61
BROADWAY
Capital Funds
NEW YORK
Amsterdam
Berlin
London
♦
$32,500,000
Barr Brothers & Co.
INC.
New York
Paris
Chicago
ioo broadway
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
SECURITIES
EDWARD B. SMITH & CO.
31 Nassau Street
PHILADELPHIA
Cleveland
New York
•
•
NEW YORK
State
New York
.
Pittsburgh
(sth Ave.)
United States Government
BOSTON
•
Allentown
London
•
-
Municipal
Industrial
European Representative's Office:
Railroad
8 KING WILLIAM STREET
Eaaton
-
Public Utility
BONDS
LONDON, E. C. 4
Correspondent
*
R.W.Pressprich&Co.
Edward B. Smith &
Co., Inc.
Minneapolis
CHICAGO
St. Louis
Member Federal Reserve
N.
Y.
System and
Clearing House Association
Members New York Stock Exchange
New York
Chicago
Philadelphia
San Francisco
24, 1936
BAKER, WEEKS
& Co.
A. G. Becker
Oct.
Chronicle
Financial
n
& HARDEN
Incorporated
Seligman & Co.
J. & W.
Investment Securities
Established 1893
Members
New York Stock Exchange
Investment
Securities
Graybar Building, New York
London
Commercial Trust Bldg., Philadelphia
And Other Cities
YORK
STREET, NEW YORK
52 WALL
Chicago
New York
NEW
Chicago Board of Trade
Commercial Paper
64 Wall Street
No.
New York Curb Exchange
Philadelphia Stock Exchange
Corrtapondenta
Buhl Building, Detroit
6
SELIGMAN BROTHERS
Lothbury, London, E. C. 2
Building, Amsterdam
Bourse
52, Avenue des
Champs-Elysees, Paris
■i
BIRMINGHAM
Foreign
Foreign
MARX & CO.
Australia and New
BIRMINGH AM,. ALABAMA
Zealand
Hong Kong &
BANK OF
MUNICIPAL AND
CORPORATION BONDS
SOUTHERN
WALES
NEW SOUTH
(ESTABLISHED 1817)
Incorporated in the Colony of Hongkong.
liability of members is limited to the extent
(With which are amalgamated the Western Australian
Bank and The Australian Bank of Commerce. Ltd.)
Paid up
Reserve
£§.780,000
Capital
Fund
NEWARK
Reserve Liability
New Jersey
Stocks
747
& CO.
J. S. RIPPEL
Produce Credits
of Proprietors
Liability
(Hong¬
H$20,000,000
kong Currency)
C. HUGHES, Agent
DE
C.
72 WALL
STREET, NEW YORK
arranged.
London Office:
29 Threadneedle
Street, E.C. 2
Head Office:
George Street,
ST.
HJ10,000,000
rency)
AGENCIES in the
AND
£8,500,000
Silver (Hongkong Cur¬
Reserve Fund in
30th Sept., 1935- £115,559,000
BRANCHES
Currency) H$50,000,000
Currency)--H$20,000,000
Australian States, New Zealand, Fiji, Papua,
Mandated Territory of New Guinea, and London.
The Bank transacts every description of Aus¬
tralasian
Banking Business.
Wool and other
Newark, N. J.
18 Clinton St.
Paid-up Capital (Hongkong
Reserve Fund In Sterling
DAVIDSON, General Manager
A. C.
LOUIS
SYDNEY
Agents Standard
Bank of South Africa
New York
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and Uganda
Kenya Colony
26, Bishopsgate,
London, E. C.
Head Office:
Branches in
Colony
India, Burma, Ceylon, Kenya
and Aden and Zanzibar
£4,000,000
£2,000,000
Subscribed Capital
St. Louis
Securities
Paid Up
NATIONAL BANK
Co.
St/x
The
and
1929
Authorized Capital (Hongkong
Reserve
Aggregate Assets
prescribed by Ordinance No. 6 of
of the Colony.
£23,710,000
Municipal Bonds
State &
Newark Bank & Insurance
in manner
6,150,000
8,780,000
of Proprietors—
Shanghai
BANKING CORPORATION
EGYPT
Head Office
BAINT LOUIB
of
.......
.
Capital
£2,200,000
Reserve Fund
The Bank conducts every description
and exchange business
of banking
Trusteeships and Executorships
also
undertaken
Cairo
8O9OUVC ST
Exchange
Members St. Louis Stock
FULLY PAID CAPITAL
RESERVE FUND
.
....
£3,000,000
3,000,000
LONDON AGENCY
6 and
7, KingjWilliam Street,
E. C. 4
Branches in all the
principallTowns in
Missouri and Southwestern
EGYPT and;theISUDAN
Cotton—
Stocks and Bonds
Smith, Moore & Co.
NATIONAL BANK OF NEW ZEALAND, Ltd.
St. Louis
Established 1872
The First Boston
St. Louis Stock
Corp. Wire
Chief Office In New
Exchange
Sir James Grose,
Zealand: Wellington
General Manager
Head Office: 8 Moorgate,
£6,000,000
£2,000,000
Paid up Capital.....
Reserve
Fund
....
..£1,000,000
„
Currency
The
Reserve.....
£500,000
conduct every description
connected with New Zealand.
Bank
business
of hanking
Correspondents throughout the World
London Manager, A. O. Norwood
MUNICIPALS
MICHIGAN
Advertising—
London, E. C. 2, Eng.
Subscribed Capital
DETROIT
Friendship—
A
large
the
of
part
cotton
business is done through per¬
friendship—the
sonal
sort
same
of mutual faith which is
necessary
to
business.
every
and
BUT—did
CORPORATION BONDS
you
ever
stop
think of the large part
WATLING, LERCHEN & HAYES
Monibors
New York Stock Exch.
New York Curb Assoc.
Detroit Stock Exchange
Chicago Stock Exch.
334 BUHL
DETROIT
BLDG.,
Royal Bank of Scotland
Incorporated by Royal Charter 1727
Capital (fully paid)
£3,780,192
Reserve fund
£64,009,174
#■
200
HOLDINGS
ANALYZED
Yeara of Commercial
Banking
CHIEF FOREIGN
3
DEPARTMENT
Bishopgate, London, England
OFFICE—Edinburgh
form
new
Members of Detroit Stock Exchange
DETROIT, MICH-
Total number of offices, 254
Associated Bank. Williams Deacon's Bank, Ltd.
will
in
the
you
friendships
people
"backbone"
among
constituting
of
the
Cotton Industry.
1
General Manager
William Whyte
PENOBSCOT BUILDING,
in
help
advertisement
An
the
HEAD
Charles A. Parcells &, Co.
publicity
duction?
"Chronicle"
Over
INVESTMENT
consistent
developing the initial intro¬
£3,857,143
Deposits
.
by
to
played
the
World's
No. 3722
OCTOBER 24,1936
Vol. 148
CONTENTS
Editorials
page
2568
Financial Situation
The Roosevelt Policies:
Retrospect and Prospect
Approaching Tests of American Foreign Policy
2580
2582
Comment and Review
Gross and Net Earnings of
the Month of August
United States Railroads for
.2585
Book Reviews:
Cost of
Development of the
England, 1800-1867..
Paris
Week
as
a
the
on
2584
Living in the United States, 1914-1936
The
Corporation in
..2589
Business
2589
Financial Centre
2572
2573
2577 & 2619
European Stock Exchanges.
Foreign Political and Economic Situation.
and
Foreign Exchange Rates
Comment
2583
Course of the Bond Market
-2589
.2570
Indications of Business Activity.
Week
on
the New York Stock Exchange.
Week
on
the New York Curb Exchange
2618
News
Current Events and Discussions..
Bank and
_ _ ........ ...
Trust Company Items
General Corporation
....
and Investment News
Dry Goods Trade
...
2714
..2715
...
State and Municipal
Department
...
2600
—2617
2663
;
Stocks and Bonds
2662
Foreign Stock Exchange Quotations
2621
Dividends Declared
—...2662
Auction Sales
2629
Quotations..2628 & 2638
Curb Exchange—Stock Quotations
2644
New York Stock
Exchange—Stock Quotations
New York Stock Exchange—Bond
New York
New York Curb
Other
2647
Exchange—Bond Quotations
2650
Exchanges—Stock and Bond Quotations
...2655
Canadian Markets—Stock and Bond Quotations
Over-the-Counter Securities—Stock & Bond Quotations.2658
Reports
—.—2576
Foreign Bank Statements
Course of Bank Clearings
Federal
Reserve Bank Statements.
General
Corporation and Investment News
—
2619
...2625
2663
Commodities
The Commercial Markets and
the Crops..
2705
Cotton
:
Published
2708
Breadstuff s
2712
—'
:
Every Saturday Morning by the William B. Dana
Herbert D. Seibert, Chairman
Company, 25 Spruce Street, New York City
of the Board and Editor1 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
0613). „ London—Edwards & Smith. 1 Drapers' Gardens. London, E. C.
Copyright, 1936, by /William B Dana
Entered as second class matter June 23. 1879 at the post office at New York. N. Y., under the Act of March 3. 1879___ Subscriptions
In United States and Possessions, 315.00 per year. $9.00 for 6 months: in Dominion of Canada, $16.50 per year
S9./5 for 6 months.
South and Central America. Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 montns: Creat Britain. Continental Europe
Company.
State
and Africa. $20.00 per year; $11.50 for 6 montns.
Contract and card rates on request.
(except spain), Asia, Australia
per agate
line.
Transient display advertising matter. 45 cents
The Financial Situation
I
T IS NOT
lowers and critics alike, although the former
at this stage in national elec-
uncommon
another in
the
much more than they
reasonably be expected to deliver.
Indeed, this
can
promising
everyone
been carried
W.
Davis,
cratic
a
in
early
of
Fostering
in
that
democratic
nor
the
United
of
with
States
of
the government to support
the
citizen, rather than the
duty of the citizen to
occurrence.
port the government."
"Yet,"
Davis,
continued
"who
that
see
under
Mr.
the
of
spendthrift
it
has
is
country
that
in which
way
from
there
and
administered
direct
rea¬
unwise
the
in
useful,
willing, has
to
it is
We
more
long
demanded, despite
government
has
not
and
cannot have any means
which to
provide such
by
sup¬
port except that which the
people themselves furnish.
In the nature of the
case,
it cannot
indefinitely
con¬
tinue to support as
many
as are now
being supported
either in idleness
productive
or
in
not
certain in
best suits
our own
so
our
minds that
needs and gives the best
Yet the trend in recent years
has been in
followed in cer¬
tain European countries, which are not infre¬
quently held up as example^ for us to follow.
In particular, the New Deal, in both national
and local governments, has directly and indi¬
rectly done all that it could to foster these
alien systems, directly by making charity a
public concern wherever possible, and indi¬
rectly by so loading the citizen of means with
the direction of the practices
taxes
that he has been and is unable to
his
tinue
usual
support
con¬
of private institu¬
tions.
It is
already manifest from experience that
is
doing poorly what private
agencies normally do well, and is spending
much more in doing it.
This is a matter of
government
genuine
ceive
public
the
concern
attention
to
and it ought to
which
is to invite national bankruptcy
so
this
much.
it^is
more
and
relief
and
many
practiced
philosophies, but
other phases of
or
is
be
greater
by
any
be
pro¬
by governmental reg-
ulation,
governmental
of
management
or
stretch of
industry
of the other similar
any
lines of action espoused
the National
by
Recovery Ad¬
ministration and other New
Deal
agencies and openly
championed by the Presi¬
dent ^himself.
Governor Landon
the
Republican
Party to
international
an
his
on
to the Coast pledged
way
policy
that would restore the for¬
eign markets to the Ameri¬
farmer,
can
well-known
despite
fact
the
his
that
party is already pledged to
tariff
that
and
other
tent with any
tion.
policies
wholly inconsis¬
are
such restora¬
On various other
oc¬
casions he has out-Heroded
Herod
in
promising bles¬
sings to the farmer which
in the nature
be
cannot
of the
case
delivered,
or
if
delivered will in the long
run
be of doubtful benefit
re¬
entitled.
the
to
agriculturist.
has also had
to
restoring to indus¬
trial workers the
many
present
day
wages
private employment, but
has
never
on
any
occasion
convincingly explained ho w
this admirable feat
be
was
accomplished.
more
information is forth¬
coming
the
to
Until
on
the latter point,
thoughtful
must
man
fearing that
justly criticized the
way
being administered at present, but at the
time
has
appeared to be almost morbid in
continuance
of
relief
payments
on
a
liberal scale.
Social Security Promises
other
preached by New Deal fol-
opportu¬
nity to work at good
in
He
great deal
from time to time
say
about
a
being promised than is likely to be delivered.
promising
besetting sin pervades not only relief
activities
by
imagination
vided
Governor Landon has often
relief is
Besetting Sin
programs
the
be excused for
same
as
our sys¬
non-
being promised
A
policies
certain
half-idleness.
attempt to do
But
that
least
in the
case
results in this country.
and immeasurable suffering for
precisely those that
are now
the
in
temperaments
are
tem
prom--
as
material
have made excellent
progress under systems which finance such
activities with
public
funds and operate
them through public or semi-public servants.'
politician is today
close to
matters
other
a
the obvious fact that the
To
It
evidently on
ising such support
as
the policy
for
only
can never
a
other countries with different traditions and
being most effec¬
very
by
degree.
support?"
tively fostered, and
coming
that it would be unfortunate
or
strong ground. Just such
one
not
remain private undertakings, financed
by voluntary donations from those able to
provide the funds.
Under this system we
have developed as fine a set of such institu¬
tions as the world has ever known.
We think
vested right
a
The speaker is
than
made
in these matters to be altered in any
government
belief is
were
part
or
rebellious
observations
tional and cultural institutions for the most
industrous, incompetent
or
actu¬
historically have delib¬
erately chosen to have our charitable, educa¬
the
idle
man,
have
We in this country
fixed conviction
every
codicils
boldly
can
nature of the
and interest.
cance
relief
Washington,
growing
a
such
politician campaigning against the New Deal,
but by an eminent surgeon in an address to
the
country's most eminent surgeons re¬
cently gathered in Philadelphia.
Naturally,
the speaker's primary interest was in dona¬
tions
to
hospitals.
The subject touched
upon, however, has a much broader signifi¬
New
Deal, and largely by
son
These
fail to
can
More
ally been attached to wills during the past
five years than have been added in the pre¬
vious 50 years."
sup¬
center
productivity, and certainly
will, recently executed (dur¬
ing the present years of the depression),
stated that, 'because of the high estate taxes
imposed by the Federal and State govern¬
ments,' it had become necessary to revoke
the donations, amounting to approximately
$1,000,000.
"This practice has come to be a common
the
idea that it is the duty
Alien System
A codicil to the
the
people
an
18 charitable institutions.
made to
be
tions
American to indoctri¬
nate
only the other day
industrial
an
policy that "planned" steadily mounting
"Recently I noted in a widely-read metro¬
politan
newspaper
that
a
distinguished
American had died leaving an estate between
eight and nine million dollars.
His will,
written a few years ago, directed that dona¬
"surely it is neither hu¬
nor
leading Presidential
was
realized
address
week
the
It
very
the
for
an
the
manitarian
a
of
appear
Consider only a few of
and other benefits for labor which
wages
as
remarked
course
advocated
in
former Demo¬
candidate
Presidency,
the
far
President
the
that
to us that the practice has never
it has been this year.
John
seems
so
statements
recent
candidates themselves.
practice has long been one of the curses of American
politics. Yet it
offenders'.
to be the worst
campaigns for politicians to vie with one
toral
Nowhere, perhaps, has this tendency to promise
more
than
can
be
granted been
more
conspicuous than
Volume
in
connection
with
what is
now
known
as
words, there
"social
ably, is
Indeed, most discussions of the matter
security."
2569
Chronicle
Financial
143
merely beg the question by assuming that certain
The second sets
government functions.
place in
complicated and unworkable mechanisms that have
The first, presum¬
three ideas.
appear
defense of the extension that has taken
a
this
been created actually
dent has
has
on
afford "security." The Presi¬
occasions asserted that what
third
numerous
far been done is but
so
expansion of governmental activities forth as an
extension "of the benefits of democracy," while the
a
to be a claim that a
seems
policy that requires a
"small, but powerful group" to pay the lion's share
of this extension is to be regarded as
beginning, and that
these foundations he and those who follow him
intend to build a structure of real security for the
of the cost
His words carry the
implication of a promise of such security, although of
course it ought to be plain even to a wayfaring man
that complicated bookkeeping, miscalled social in¬
surance, can never provide the general public real
security against old age, unemployment or any of
the President intends to say,
upon
If this in brief is not what
"democracy in taxation."
citizen of small means.
average
unable
then
we
confess
we are
what meaning he is trying to
discover
to
convey.
Faulty Arguments
Let
us
look
a
little
in
the other hazards of life.
more
closely at these arguments.
growth in bureaucracy by saying,
He defends the vast
that government must always do what
be done so well,
effect,
needs to be done and what cannot
Confusion of Thought
promises,
if at all,
alluring but wholly unfulfillable
In addition to the
political campaigns are usually most
our
of
understanding of current problems on
out
over
sort of
unworthy
for
from
fallacies
concealed the
moment
a
better-informed
the
and
bring trouble of
a
a way
It
would be
more
very
need of the countless
was
abandoned,
England
simple task to cite instance
thought—to place
interpretation
the facts-
than half
the New
the past
told.f We confine our illustrations to
week.
At Worcester, Mass., on Wednesday
assumed
the Federal government—
by the several States
and by
obligations unknown
century and a half ago, but
necessary
by
new
a
inventions and by a
made
constantly growing
social conscience.
"The easiest way to
sion of government
use
summarize the reason for this exten¬
functions, local, State and national, is to
'The legitimate object of
the words of Abraham Lincoln:
government is to do for the people
but which they cannot
so
what needs to be done,
by individual effort do at all, or do
well, for themselves.'
"Taxes
are
the price we
all
pay
collectively to get those
"To divide
fairly
among
the people the obligations to pay
for these benefits has been a
major part of our struggle to
democracy in America.
"Ever since 1776 that
On the
one
them.
benefits of democracy should
sense
to
say
more
than ask;
be extended by
To be sure, it would
that the centralization of
in Washington which has been the chief char¬
acteristic of nearly all of the acts of the present Ad¬
power
ministration is other than an abridgement
of democ¬
President would be more consistent,
stronger ground, if he were to say
candidly that it had become necessary to pay for
alleged benefits by the surrender of democracy,
at least in substantial part.
We confess our ina¬
racy.
The
although
on no
he
taxation that lays a heavy
can
refer to
a
system of
penalty upon sound cor¬
poration finance as "democracy in taxation."
its face to need refutation.
The
Confusion Is General
it is possible to be
All this refers to
their fair share to
On the other hand, there has been a small but
certain of the trend of
thought intended to be conveyed by this flow
can
struggle has been between two forces.
powerful group -which has fought the extension of those bene¬
fits because it did not want to pay a fair share of their cost."
as
make
democracy
claim is too absurd on
be extended and who were willing to pay
As far
not
his
of the extension of the benefits of
need hardly do
of democracy.
the destruction
hand there has been the vast majority of our
citizens who believed that the
extend
r
one
bility to understand how
things done.
maintain
As to his notion
democracy,
The
.
how the benefits of
obligations to their citizens have also been
"New
Administration.
England addresses of the President during
the President said:
or
to which the name
same
argument, or where the truth was not
as
"projects" under way all over
completed
popular standing, perhaps, that he has not.
is true of many other undertakings of
distressingly evident, where irrelevancies were
introduced
more
upon
the
half-completed and then
"boondoggle" has
been given?
He has never seriously and logically
assigned himself the task of explaining how the collec¬
tion of enormous sums in taxes to build up a mythical
"fund" in Washington will provide anything in the
nature of "social security," and it is as well for his
the country,
after instance where confusion of
the most charitable
the task of provid¬
production and distribution "needs to be
How would he proceed to demonstrate the
done."
serious sort in the future.
a
his path equally rough
costs of its
that cannot well fail to
The President in New
would find
ing electrical energy to individuals unable to pay
how seriously the rank and file may have been
misled, and misled in
himself
he to try
people as
distribute elec¬
economically than can the gov¬
he to undertake to show that
were
thoughtful in the community, but no one can venture
to say
would find
with grave difficulties were
He
ernment.
palpable
the
President
The
granted.
trical energy more
by far the worst offenders. The
plausible analogies so liberally employed have of
not
As to these
private citizens cannot produce and
certainly been
course
by the government.
calmly and candidly to prove that the
of the New Deal have
and defenders
done
face to face
campaign has seemed to bring
unusual amount of this
an
leadership,
under¬
they can
really need to be done and whether
better
for
vote-catching utterances that are
the land without due regard for the
The present
whole question.
aspects of the matter nothing is said.
The conclu¬
sion to be reached by the argument presented is taken
wiley,
broadcast
truth.
be
of politicians, but it is likewise often the
the part
result
taken
In substantial degree, of course, this is
due to lack of
begs the
precisely whether the tasks that have been
regrettably characterized by the confusion of thought
to which the turbid debates and discussions generally
give rise.
But obviously such a
The issue is
by private citizens.
statement
of
by
one
only
a
short section of one address
of the leading candidates for office. In¬
broadly similar sort
numerable other citations of a
could be made from this same
that have been
made by the
past week or two,
address, from others
same
speaker during the
from those of the numberless de-
Financial
2570
fenders of the whole New Deal program,
for that matter,
would
tion
be
difficult
to
less forthright,
was
penetrating and sensible discussions of the real
sane,
Yet there
questions of the day.
national
our
m
It
the imagina-
conjure from
campaign in which there
a
and also,
from critics of the New Deal.
what
or,
will
There
be
is
real
no
instances
many
obviously
worse,
until the
progress
willing to face these issues, tear the mask
are
ruthlessly from the hypocrisies and
fallacies of the day and
the
plausible
intelligently consider what
ought to be done
^
.
....
.
r
pONTINUED expansion of the credit resources of
y the country remains the most obvious feature
of the current condition statement ot the 12 Federal
,
.
r
•
i
ri
.
,,
Reserve
.
,
.
.
,
,
banks, combined,
home items m the state'
■
have become additionally obscure since the
ment
,„
_
...
,
,
i
,
.
.
■
.
,.
n
.
.
stabilization funds started full operations,
x
to
owing
J
with which the 1 reasury and the Federal
/iii
Reserve banks cloak such matters of general imi*i
ji
the secrecy
i
rn
i
portance and interest.
also
program
degree.
i
-n.
.
*
±j.
i
•
be affecting the situation to
may
are
^
of
.
'
.
,
TTr
ended last
banks
significance compared to the
.
Wednesday.
over
This
the
is
•
A
*
J
States
1
r
S\
excess reserves
/>-/
A
raised 50%
the
for this
reason
on
as
K
way
into member bank
$76,527,000.
were up
According to the credit
,.
,
c
the monetary
gold but also for
for,
some
only for
this
of the metal previously paid
the gold certificate fund of the 12 Reserve
as
banks advanced $27,944,000 to
$8,609,328,000.
A
relatively small increase in cash in vaults added
the rise of total reserves, which moved
up
to
$8,875,346,000.
All
money
$5,000,000, with Federal Reserve
to
$4,091,064,000.
Aggregate
in
to
$29,498,000
circulation
fell
notes off
$2,123,000
deposits
increased
,
T
,
V1
45(j
;d
wag
25c
ghare tQ be
a
.
.
5
as
the
on
now
for
are
the
account
After
Oct. 14.
.Member bank
while
fell to
Oct. 21, from
reserves
reported at $6,693,447,000,
week,
up
Treasury deposits
$88,337,000,
a
deposits
$76,527,000
loss of $46,909,000.
long period of steady advances, foreign bank
deposits dropped to $63,782,000, a recession of $25,which
doubtless
reflects
marking of gold for foreign
however, also
tions
bank
may
account.
part
an
ear-
This item,
reflect stabilization fund
opera-
originating in France,or England. Non-member
deposits were recorded at $163,492,000, up
$3,664,000 for the week.
were
in
$6,170,000,
a
Commerce Comii-,>
,,
.
addition to the
a
share) cash; both
these payments are to
be made
on
outstanding prior to the 4-f0r-l split-up
-n
tO 00 JH8/C12 Oil J-/GC
91
Jmi
•
X
•
The New York Stock Market
Jl /IILD unsettlement developed this week on the
IVi stock markets in New York, and net price
changes reflect the uncertainty by small recessions,
without especial significance, for
was
it modified only
very
copper
shares,
slightly the rather large gains
Some
were
not lacking.
Discounts by the system
drop of $1,989,000 for the period,
such
groups,
as
the oil
able
to
year
were
strength and highs for the
maintain
and the movement
their
But the leading industrial, railroad
and utility stocks drifted slowly downward in most
sessions, owing to profit-taking and
a
natural spirit
of caution engendered by the coming national plebis-
cite.
The election campaign,
now
in its final stage,
to be the most prominent immediate factor
appears
influencing the markets, but the influence is toward
apathy rather than
they
any
decided bullish
or
bearish
Trade and industrial reports remain good, but
are
overshadowed by the possibility of early
Trading
the New
on
York Stock Exchange ranged between 1,500,000 and
and 2,000,000 shares in the full sessions,
general
on
a
122,000,
stock of
in
dlvidend of 80c,
changes in national policies.
on
extra dividend
COTimon
fnterstate
note liabilities moved
up
79.7%
e
preference stock (subject
trend.
on
,
Greyhound Corp.
\
g
common
,
an
1984.
aid Jn
rterl
the shares
V.
,
i
•
1935 and
,
Dec
the
on
A
A special dividend of
and the stockholders),
lar
,
5
Dec
al of the
the
to
Dec
Qn
share
a
-
o.
extra dividen(]
an
$3
Qn
id
wag
,u
,
u
quarterly dividend of 15c.
stock, both payable Dec.
r,.
,
$8,160,000, to $7,009,058,000.
Owing entirely to
the gain in total
reserves, the ratio to deposit and
to 80%
,
addition to the regular
in
c
and
high of $11,008,000,000.
Treasury reimbursed itself not
•
share
a
A-
,
,
the
The
on
,
,
a
u
~A
dividend of 60c.
recorded previously.
a new
aid
was
regular quarterly dividend.
-o
,
A
i,™
^
A ,
A
•
,
Burroughs Adding Machine Co. declared a special
gold stocks of the country advanced $5,000,000 in
weekly period to
ble Dec. 23.
share
,
addition to
m
The movement
-
summary,
special dividend of
a
stock>
common
,
large
a
the funds
general account with the Reserve
quickly found their
deposits, which
gain,
-4
paid June 1, 1936.
was
Aug. 15.
on
Treasury disbursements
the main
taken from
were
the
0I)
dividend
last previous
the
1,
share and
a
^
,
of member
reserves
_
of l2y
Oct. 1 last,
nussion
,
aggregate of $2,130,000,000.
an
reqmrements
were
banks
to
•
United
scale
.
highest figure attained by
it
the
since
Excess
&
in
_
j
Dec.
ial
legal requirements increased $60,000 000
that period
in
^
nse
share
&
A
funds, which continued during the weekly period
.
payable
a
such factors
idle
minor
.
^
Kimberly Clark Corp. declared
The pecuhar silver purchase
For the time being, however
A
ORABLE ac^°n was a ea ^ nearly all cor1
Potions reporting dividends the current week,
the larger organizations which acted were the
following: National Biscrnt Corp. declared a dividend
of 40c. a share on the common stock payable Dec. 15;
llke amounts have been paid on a quarterly basis in
January, April, July and October, thus bringing total
distributions for the year to S2 a share. MidContinental Petroleum Corp. declared a dividend of
75c.,
v
were
Corporate Dividend Declarations
4
amounted to 40c.
Federal Reserve Bank Statement
w
im-
no
t^
Not
was greater.
hominem, but it has in far too
evasive.
of
were
bankers bills dipped $9,000 to $3,089,000
and United States Government security holdings
public questions
simply stupid,
voters
as
unchanged at $2,430,227,000.
„
only has most of the argument been ad captandum
been
$26,427,000, down
were
Open market operations
portance,
time
never was a
Oct. 24, 1936
while industrial advances
$53,000.
history when the need for careful
consideration of
and ad
Chronicle
Dealings last Saturday
in that brief session
mand extended to all
was
a
steady.
was
were
active and the trend
toward higher levels.
groups
When trading
De-
of issues and the closing
was
resumed
further burst of strength carried
Monday,
on
many
stocks to
best levels of the movement, but profit-taking
made its
appearance
unchanged levels.
small declines,
higher.
and the closings
were
soon
at almost
Steel and motor stocks showed
while oil and
copper
issues closed
A modest downward drift developed
on
Tues-
day, but oil and utility stocks escaped the depressing
Volume
Financial
143
Industrial, rail¬
influence of further realization sales.
road and
the
on
commodity shares
were
marked lower, with
The tone
changes fractional in most instances.
Wednesday
small and
were
somewhat firmer, but net changes
was
Motor stocks and farm
unimportant.
2571
Chronicle
tric closed
of last
General Elec¬
Friday of the previous week.
on
yesterday at 48% against 49 on Friday
Y. at
week; Consolidated Edison Co. of N.
Columbia Gas & Elec. at 19%
against 45;
46%
compared with the
when
mixed
somewhat
closed
close
against
equipment issues joined the ofl shares in the advance,
against 19%; Public Service of N. J. at 46%
while various
47; J. I. Case Threshing Machine at 162 against
specialties also
the list.
better.
were
But nu¬
appeared in other paits of
small recessions
merous
Liquidation developed
on a
slightly
aggra¬
Thursday, largely because professional
traders decided to wait out the election results before
vated
scale
Leading stocks dropped 1
increasing commitments.
points, but the rank and file of issues was not
For the market as a whole the result
to 3
much affected.
was
slight softening of quotations.
as
terday
Dealings
yes¬
entirely colorless, with industrial and
were
utility stocks in mild demand, while railroad issues
drifted
any
bit lower.
a
Only
a
handfull of stocks showed
marked trend, and such issues were mostly Arm.
the movements were
market
listed bond
the
In
International
166%;
small and inconclusive
as
Montgomery Ward & Co. at 56% against 56; Woolworth at
60% against 61%, and American Tel. &
little
a
politan banks
in
those in the
were
because
apparently
lower,
metro¬
inclined to lighten their portfolios
preparation for further commercial demands for
rated
Best
accommodation.
In the
closely to former levels.
of
sections
session
bond
the
corporate
yesterday at 92% against 88% on Friday of last
week; Allied Chemical & Dye at 229% against 234;
E. I. du Pont de Nemours at 169 against 169; Na¬
Cash
tional
Register at 27% against 28%; Inter¬
Nickel
national
at
61%
offset by equally
were
small recessions in the
barely changed
commodity markets reflected a
The
for the week.
modest
improvement in
changes
vance
were
one
some
were
of the grains, but all
Copper prices tended to ad¬
small.
which aided the market for related
in Europe,
Foreign exchange dealings were nominal and
shares.
conflned to commercial
stabilization and
requirements, for the huge
equalization funds make speculative
transactions unattractive.
Sterling
was
steady, but
displayed surprising softness in the
the French franc
mid-week sessions until official support
straightened
things out.
On
new
touched
new
Stock
York
Exchange
stocks
189
high levels for the year while 5 stocks
low levels.
On the New York Curb
Exchange 95 stocks touched new high levels and
York
New
at
touched
stocks
Stock
low
levels.
Exchange
Call
loans
remained
on
the
unchanged
1%.
On
the
Stock
Exchange the sales at
half-day session on Saturday last were 1,152,860
Monday they were 1,888,130 shares; on
on
32% against 32%; Texas Gulf Sulphur at 37%
at
Brands at
Mfg.
against 150%;
148%
at
against 175 bid; Standard
17% against 17%; Westinghouse Elec. &
Schenley Distillers at 49% against 51%, and Na¬
tional Distillers at
28% against 29%.
The steel stocks for the most
United
the week.
76% against 78
Steel
115
at
on
Friday of last week; Inland
Bethlehem Steel at 72
against 113;
against 74%; Republic Steel at 23% against 25%,
and
Youngs town Sheet & Tube at 84% against 87.
In tfie motor group,
at
32% against 34
Motors at
Auburn Auto closed yesterday
on
Friday of last week; General
73% against 72%; Chrysler at 127 against
129%, and Hupp Motors at 2% against 2%.
rubber group,
day at 26% against 26% on Friday of last week;
States
United
Rubber
B. F. Goodrich at
at
35%
against 37%,
24% against 24%.
with
a
week
against 44% on Friday of last week; Atchison Topeka & Santa Fe at 80% against 83; New York Cen¬
tral
at
46%
against 48%;
Union Pacific at 142
against 147; Southern Pacific at 44% against 46%;
Southern
Railway at 23% against 24%, and North¬
Pacific at 30%
against 30%.
Among the oil
stocks, Standard Oil of N. J. closed yesterday at
67% against 64%
Union Oil at
on
Friday of last week; Shell
26% against 24%, and Atlantic Refin¬
on
In the copper group, Ana¬
Copper closed yesterday at 46% against 44%
Friday of last week; Kennecott Copper at 56%
against 54%; American Smelting & Refining at
91%
against 92%, and Phelps Dodge at 45% against 44%.
Trade and industrial activities are less affected
465,165 shares, and on Friday, 343,605 shares.
The stock market on Saturday last closed firm
than
and
higher in fairly heavy trading, but on Tuesday
general downward trend developed which was car¬
the
mated
74.2%
A slug¬
and
The railroad
Pennsylvania RR. closed yesterday at 43%
ago.
On the New York Curb Ex¬
change the sales last Saturday were 263,520 shares;
on
Monday, 457,115 shares; on Tuesday, 403,420
succeeding sessions of the week.
In the
Goodyear Tire & Rubber closed yester¬
conda
ried into
part closed lower for
States Steel closed yesterday at
ing at 30% against 28%.
shares; on Wednesday, 401,195 shares; on Thursday,
at 23%
38% against 40%; Canada Dry at 19 against 19%;
shares; on Thursday, 1,974,640 shares, and on Fri¬
a
Lorillard
against 23%; United States Industrial Alcohol at
Tuesday, 1,163,462 shares; on Wednesday, 1,632,310
day, 1,513,860 shares.
National
against 36%; Continental Can at 72% against 73%;
ern
the New York
shares;
62%;
shares reflected declines as compared
New
the
touched
9
against
Dairy Products at 26 against 26; National Biscuit
speculative
small gains in
market,
Foreign dollar obligations
next.
more
bonds held
Western Union closed
Tpl. at 179% against 179%.
United States Government securities
share market.
drifted
as were
at 93 against 94%;
& Co.
Eastman Kodak at 175
quite
against
90%
at
Harvester
Sears, Roebuck
89%;
stock
market
by
the
coming elections.
Steel-making for the week ending today was esti¬
by the American Iron and Steel Institute at
of
capacity against 75.9% last week and
51.8% at this time last year.
Production of electric
for the week ended Oct. 17 was reported by
Edison Electric Institute at 2,170,127,000 kilo¬
gish tone characterized most of these sessions and,
power
in the movement of
the
stances
exceeded
Trading volume,
too,
a
fading off from the substantial amount
on
Saturday last, but increased on Thurs¬
displayed
attained
prices, declines in not a few in¬
advances.
day when liquidation set in.
recovered
some
Yesterday the market
of its former buoyancy and
prices
watt hours
the
in
against 2,168,487,000 kilowatt hours in
preceding week and 1,863,086,000 kilowatt hours
the
corresponding week of last year. Car load¬
freight for the week to Oct. 17
ings of revenue
amounted to 826,155 cars,
according to the Associa-
Financial Chronicle
2572
This is
tion of American Railroads.
gain of 5,960
a
on
the
the
week in 1935.
same
issues led the rise, which also extended to the copand oil shares. Gold mining issues were firm
throughout, while rubber stocks were quiet. Inter-
indicating the course of the commodity mar-
As
kets, the December option for wheat in Chicago
close
per
yesterday at 114%c. as against 11634c. the
closed
Friday of last week.
on
national securities tended to drift lower. The tendency on Wednesday was more uncertain, as profittaking developed on a considerable scale owing to
the uncertain international outlook. British funds
dipped because corporate loans are appearing and
furnishing some competition. A few industrial issues remained in demand, but most of these stocks
reacted, and the commodity shares likewise suffered
to a modest degree. International issues were unsettled. The fortnightly settlement diminished the
trading on Thursday, but the market remained
December corn at
Chicago closed yesterday at 94%c. as against 94c.
the close
Friday of last week.
on
December oats at
Chicago closed yesterday at 40%c. bid as against
40%c. the close on Friday of last week.
The
spot price for cotton here in New York closed
yesterday at 12.18c. as against 12.45c. the close on
Friday of last week.
The spot price for rubber
yesterday was 16.47c. as against 16.44c. the close
Domestic copper closed
Friday of last week.
on
yesterday at 934c., the prevailing quotation on Friwas
early realization selling was absorbed, further gains
unchanged from Friday
appeared in almost all industrial stocks. Oil shares
week, and spot silver in New York closed
were marked lower on profit-taking, but other cornmodity issues reflected demand. Anglo-American
trading favorites were quiet in Shorters Court,
pending a clearer indication of the trend at New
In London the
19
15/16
of
last
price of bar silver yesterday
pence per ounce,
yesterday at 4434c., the close on Friday of last week,
the
of
matter
transfers
the
foreign
London closed
on
exchanges,
cable
yesterday at $4.89
as
against $4.89 5/16 the close on Friday of last week,
transfers
cable
and
British funds improved and, after
fairly steady.
day of previous weeks.
In
4.66c., the close
on
Paris
on
closed
yesterday at
*
York. Gilt-edged issues were unchanged yesterday,
but industrial stocks reflected demand, and some
gains also appeared in the international section.
Friday of last week.
Paris
The
European Stock Markets
Bourse started last
exchanges in the leading European financial
centers, but activity continued on a good scale at
London, Paris and Berlin.
Effects of the recent
monetary developments still
visible in
were
markets, but others remained serene.
market
was
up
some
The London
in the early dealings of the week,
mild unsettlement
with
Monday with
upswing, but liquidation soon developed
pMCE trends were irregular this week on stock * large scale and the trend then
1
The session
favorable reports from New York.
on Tuesday also was cheerful, although British
funds attracted little interest. British industrial
preceding week and of 93,851 cars over
cars over
Oct. 24, 1936
apparent in the mid-week
marked
were
also
sues
was
little
were
reflected
was reversed. Rentes
lower,
suffered heavily.
stocks
tions
a
while
French
bank
Industrial and utility is-
hard hit, but international
steady inquiry.
obliga-
Liquidation again
disposition
the rule, Tuesday, owing to the
traders and investors to realize
occasioned
an
rather
on a
on
of
the higher levels
by devaluation of the franc.
Fears of
dealings owing to the uncertain international posi-
further
tion created
part in the trend, for international stocks remained
factory
Paris
by the Spanish revolt and the unsatis-
of diplomatic developments.
course
Bourse
sharp declines
action from the wild
lowed
re-
speculative advances that fol-
devaluation.
franc
On the
the rule, in
were
The
Berlin
Boerse
was
unsettlement
currency
in demand. Rentes
opening, Wednesday,
fidence
was
nal
exchange situation
The European markets, like our
much concerned regarding the activities
of the various stabilization and
which
uation, but
where
was
of
information
actual
was
monetary sit-
vouchsafed
developments.
any-
Some comfort
gained in London from the slow repatriation
French
sought
But
no
the
on
equalization funds,
control the international
now
the
and
other
Continental
funds
which
haven during the pre-devaluation period,
a
Continental
markets
were
encouraged by
the modest return of funds that did take
place, and
by the easing of the monetary and budgetary positions made
apparently possible by the currency de-
valuations.
markets
The
was
decline
of
emphasized by
money
a
count rate of the Bank of The
to
rates
in
such
reduction in the dis-
Netherlands, Monday,
2%% from 3%. Trade reports from the foremost
industrial
countries
Dealings
were
of
brisk
Europe remain optimistic.
on
the London
Stock
Ex-
change in the initial session of the week, and the
trend
was
favorable.
British funds
tained, while almost all industrial
gains.
Copper shares
were
well main-
stocks reflected
little lower, while
uncertain, but
was
displayed
Rentes closed
developments.
a
the
as
session
progressed,
was
far from clear. French equi-
ties improved quite generally,- and a good part of
the previous losses of the week was regained.
national issues
dull.
were
Inter -
Weakness of the franc
in the foreign exchange market affected the Bourse
Rentes showed sizable
adversely, Thursday.
sions and
almost
French equities
all
reees-
also
dipped
were
sharply, but international obligations
marked
The trend was reversed yesterday,
higher;
as
rentes
and French equities improved, while international
issues receded.
Prices
dealings,
mors
man
a
on
I
the Berlin Boerse were firm in quiet
with
Monday,
currency
devaluation
primary factor in the movement.
market remained uneasy on
despite
assurances
that
formal
devaluation
of
no
this
score
ru-
The Gerall week,
immediate action toward
the
mark
is
contemplated,
Heavy industrial stocks were in best demand, dur-
ing the initial session, but others also gained.
In-
dications that the program for developing the raw
materials
resources
lated resulted in
of
the
Reich
would
Europe. Oil and rubber stocks also did well, while
Anglo-American trading favorites moved upward
other securities also
potash
points
shares
be
stimu-
sharp advances in stocks of
panies that may be benefited, Tuesday.
The
more con-
with small fractional losses, as the
especially in demand,
owing to advances in the price of the red metal in
were
obvious
an
French equities of all descriptions were soft.
strong and weak by turns, largely because of inter-
own, were
marked
were
played
particularly in demand,
were
were
were common,
and
in favor.
a
corn-
Lignite and
but
Gains of 2 to 3
few issues moved
up
6
Volume
7
and
After
on
Fixed-interest issues were steady,
points.
good opening, Wednesday,
a
previous advance was
Much of the
the Boerse.
prices receded
canceled, but a few issues again showed
Little
activity
market and
for
was
strength.
noted Thursday on the Berlin
prices were irregular.
Leading stocks
but inquiry appeared
income issues remained steady,
marked slightly lower,
were
Fixed
others.
yesterday and changes
The German market was dull
small and inconclusive.
were
2573
Financial Chronicle
143
Gold Standard
tinued aid by Germany, Italy and Portugal to the
Spanish rebels. Diplomatic discussions on this
matter doubtless are proceeding at full speed,
Attacks by the Spanish rebels against the loyalists forces defending Madrid were carried on in a
grim and bloody fashion, this week. Several columns converged from the west on the town of Navalcarnero, 18 miles from Madrid, and after an extensive aerial and artillery bombardment of that
key point the town fell into rebel hands on Wednes¬
day. The loyalists were reported to have retreated
ano^er line of defense, only 13 miles from Ma-
THEREoperating goldindicationsstill isweek that drid. rebel half-circle about the capital flankspushed
were slight standard this a reality great Both the northern and southern were of the
the
in
international
finance,
albeit to a very limited
After a long period during
degree.
which Belgian
consistently was under the gold export
currency
$800,000 of metal was engaged over
from Belgium to
the United States. This brought up the question
whether a reverse movement to Belgium would be
point, some
the
week-end for shipment
last
permitted in
but
the event of weakness of the dollar,
the Treasury in Washington renon-commital. Belgium, of course, now is
that point
on
mained
the
only country that maintains
ing
a
ment among
of
anything approach-
real gold standard. The gold exchange agreethe stabilization and equalization funds
United
the
States, Britain and France has re-
placed the gold standard, to a certain extent, so far
as these three countries are concerned.
Operations
of the funds are a matter
but
no
there have been
weeks
cent
of keen general interest,
information whatever is vouchsafed.
In re-
four occasions when
relatively large amounts of gold were earmarked in
New York for foreign account, but it is not known
outside official circles whether such earmarkings
reflected stabilization fund
silver
for
ment
observers
Most
operations
purchases,
or
gold pay-
possibly from China,
assumed the silver purchases were
gold exof the Treasury Henry Morgenthau, Jr., seemed hopeful of early
participation by Holland, Switzerland, Belgium,
responsible for the earmarkings. After the
change agreement was made, Secretary
Scandinavian countries and even some
nations.
can
Latin Ameri-
But there have been no additions to
participating countries, as yet.
the list of
closer to their objective. The southern
pincers advanced 20 miles and was able last Saturday to cut an important railway line between the
capital and the sea. The northern end moved forward even ore rapidly and engaged the loyalist
forces at the city of Guadalajara. The sounds of
battle began to echo in Madrid itself early this week,
stirring its defenders to redoubled efforts,
Premier Largo Caballero took personal charge of
the defense of Madrid, last Saturday, and he
promptly named as his assistant Julio Alvarez del
Vayo, who received the title of "General Commissioner for War." On Thursday the supreme army
command was transferred to General Sebastian
Pozas, former Minister of the Interior, who is considered one of the leading tactical experts in Spain,
In the meantime, the Spanish loyalists started new
endeavors to bolster the defense of the capital,
President Manuel Azana and three of his Cabinet
Ministers journeyed from Madrid to Barcelona,
Monday, to encourage recruiting in the radical
stronghold and facilitate the movement of supplies
to Madrid. The journey led to unconfirmed reports
that President Azana was arranging to transfer the
capital of loyalist Spain to Barcelona. But an official statement said that the visit was merely one
of a series of tours, intended to fortify the morale
of the defenders of the constituted Government. Madrid dispatches indicated that more and more of
the untrained militia were being pressed into service, and something like 100,000 of the raw troops are
defending the capital. They are outnumbered by
the
Spanish Civil War
end of the
rebels,
j)Ut all
who are better trained and equipped,
reports agree that they are fighting
with a
FIGHTING in the Spanish proceedingwhich now gallant disregard to equal. Some efforts were tliemfor Madrid is rebellion, in deadly selves find it hard of death that the rebels made
earnest
been in progress
has
for more than three months,
Monarchists appear to be well supplied with munitions and
supplies, despite the protests made by the Spanish
The
insurgent forces of the Fascists and
Government at Geneva
ment
London.
at
able this week to
about the
and by the Russian Govern-
General
Francisco
Franco was
tighten somewhat the rebel pincers
capital, and in the course of the
military
operations several important defense points fell
But the loyalists are struggling with
into his hands.
great determination to prevent
the fall of the capi-
tal, and the issue is far from
decided. The inter-
aspect of the civil war remains peculiar
uncertain. Russian authorities failed to make
national
and
good
on
national
There
their threat to withdraw from the internon-intervention committee at London.
were
intimations from Moscow that greater
activity in behalf of genuine
be
non-intervention might
expected from the British and French Govern-
ments, owing to the
Russian protests against con-
Rightist hostBritish
Government offered to provide transportation for
such unfortunates, and on Thursday it was reported
this week by neutral Powers to save
ages
held in Madrid by the loyalists. The
that arrangements for
evacuation of women and
be made not
children from Madrid probably would
with France,
I International aspects of the Spanish struggle
; were somewhat less perturbing than they were last
week, after Soviet Russia threatened to withdraw
from the Non-intervention Committee. The German Government sent to the committee on Wednesday a strongly-worded note in which the charges of
Reich aid to the rebels were denied rather emphatically. No aid has been furnished to the rebels by
only with Great Britain but also
since the non-intervenits belated signatures six
Germany, the note declared,
tion agreement received
weeks ago. The German contentions well may be
true, but if so, they illustrate well the extensive
shipments of arms and munitions made before the
2574
Financial
*
Not content with a simple
agreement was signed.
charges, the German authori-
denial of the Russian
Russia, in turn, of having violated its
ties accused
supplying the loyalists with raw
time all reports from Moscow
commitments by
materials.
For
that
indicated
a
steps soon would be taken by
new
The Spanish
Russia, in a most spectacular fashion.
insurgents were said to have declared, Thursday,
they would sink any Russian ships carrying
that
to the
arms
But the tone of Moscow com-
loyalists*
day, obviously as a
munications changed the same
reflection
There
deavors.
French
and
British
of
diplomatic
en-
signs, according to Moscow
were
reports, that the British would take a firmer attitude for strict
compliance with the non-intervention
agreement, and it was reasoned in Russia that more
be
could
accomplished by remaining a member of
Committee than by resigning.
the Non-intervention
Chronicle
Oct. 24, 1936
that the Belgian Parliament will meet in a special
presumably to enact suitable
legislation for strengthening armaments and changing the diplomatic course.
There is talk of construction of vast fortifications by Belgium, to secure
the frontiers, and the French gained what comfort
session next week,
they could from such rumored plans, for Belgian
forts presumably would be a front line against the
feared Reich.
Locarno prospects were not exactly improved by
the Belgian incident, but they were rendered even
worse
by the German and Italian replies to a British
inquiry
It was made plain by the
this subject.
on
Reich, according to London reports, that German
participation would be conditioned upon complete
separation of the Western European peace treaty
from the framework of the League of Nations. The
German view seemed to tend toward a four-Power
pact to include Great Britain, France, Germany and
Socialist Alignments
Fascist and
Italy, with
incidental guarantee of Belgium and
an
EUROPEAN diplomatic toward groupings of time decide for themselves whether act of aggression
The Netherlands. The signatories would be free to
tending alignments for some the
have
Fascist
been
man-Italian
combination
with the Ger-
doing rather better
as
a
It would seem, from the nota-
had been committed.
tions
Belgium
regarding
and
Holland,
that
the
alliance.
Reich knew in advance of the Belgian decision to
developments this week again pointed
terminate its alliance with France, and that circum-
drawing card
Most of the
to the
an
Socialist governments,
and
than
French-Russian
the
growing strength and diplomatic prestige of
The
the Fascists.
Belgian announcement of Oct. 14,
caused additional concern.
stance
Germany also
indicated clearly that the proposed Locarno treaty
relating to the plans of that country for neutrality
would
and withdrawal from the French
Europe, and thus leave Soviet Russia out of the
the
of intensive diplomatic
subject
between Paris and Brussels.
that Belgium not
further
also
alliance,
It
made
was
conversations
appeared, however,
only intends to remain aloof from
diplomatic entanglement with France, but
desires to withdraw from its Locarno engage-
ments and
tions.
even
from its
Meanwhile,
League of Nations obliga-
intimations
some
available in London
made
were
have
be
to
confined
strictly
Western
to
combination.
An Italian reply to the British note
of Sept. 20
delivered last Monday, and it quickly
was
appeared that Rome was following, at least partly,
The British suggestion
in the German footsteps.
for
a
conference
Locarno
was
accepted "in
noted that Rome desires
ciple," but it
was
Power pact.
Although the Italian reply
prin-
four-
a
was some-
pro-
what disappointing to London, much was made of
posed Locarno negotiations delivered to the British
the fact that Italy at last is resuming full participa-
Government
for
regarding the note
by Berlin last week.
on
the
The Reich calls
complete severance of the Locarno and League
tion in the diplomatic affairs of Europe outside the
League.
engagements and also takes the expected attitude
regarding Soviet Russia.
Italo-German
Galeazzo
Emphasis
given the
was
rapprochement, Tuesday, when Count
Ciano, Foreign Minister of Italy and
in-law of Premier
son-
Mussolini, arrived in Berlin for
important discussions.
continues to maintain
a
The
British
discreet
rather
diplomatic
reserve
ceeded to make
were
delineated
pro-
The
instructed to determine the
was
nego-
cal, of
course,
and Austria
since the aims
no
has
to
Saturday, and it
pacify the French
or
was
hardly of
a
nature
their Russian allies.
Ac-
was
appear
to be similar
not
Like the Reich, Italy
meetings,
taken
although
place.
no
The views
European affairs
are
similar, and it
was
de-
Europe, where the influence of the Reich
be
opportunity.
to
mean
aid
In all likelihood, this will be
forthcoming conference. This
that France
can
count
was
taken
Belgian military
on
only until the small country withdraws formally
from
its
commitments.
.Foreign
also is said to have intimated that
will seek to terminate her
t
Minister
Belgium in time
League obligations.
though the Belgians made it plain that
break in
Spaak
no
Al-
abrupt
diplomatic ties is intended, it is significant
the
hoped that
the
done at the
withof
Italian and German leaders with regard to Western
gian Foreign Minister, Paul Spaak, expressed
earliest
longer
formal
collaboration
a
an
This is logi-
cording to French Government spokesmen, the Belsire to terminate the Locarno
engagements at
the
considered
longer holds the two countries at
diplomatic distance.
drawal
made last
of cementing the
assured outcome of the deliberations.
A
to have been
purpose
foreign policies
on
League
appears
for the
Further collaboration between
two countries
attends
answer
stated
plainly in Rome that the journey of the Italian For-
tiations, and toward League of Nations obligations,
complete
Neu-
von
was
bonds of friendship between the two great Fascist
Belgian attitude toward the Locarno pact and
rather
It
eign Minister
pointed inquiries in Brussels.
was
rath and Chancellor Adolf Hitler.
with respect
sharply because the French Government
French Ambassador
length with Foreign Minister Konstantin
dictatorships.
intentions
Tues-
on
Government
to these and similar incidents.
Belgian
Count Galeazzo Ciano arrived in Berlin
day for a three-day visit in which he conferred at
growing
would
steadily.
thought possible that
Communism
result
In
a
pace
some
in
Southeastern
seems
quarters
definite alignment
it
to
was
against
might result from the conversations,
What is expected to be
tive
also
a
thinly disguised consulta-
between the two
countries will be sub-
mitted today to Chancellor Hitler for approval and
probably also to Premier Mussolini. Close political
and economic cooperation is considered assured, but
the details of the agreement
made public.
are
not likely to
be
self-sufficient.
French Politics
INTERNAL political affairs in recent weeks, been
anything but happy during France have but
there
some
now
are
The
Blum said he
"stay-in" strikes which Premier Leon
would not countenance reappeared
early in the month at Lille and other factory cen¬
ters.
The officials of the Socialist and RadicalSocialist
regime labored to prevent such expressions
the extreme Left factions from
of discontent among
announced
plan for a modified "autarchy" at
berg Nazi gathering some weeks ago,
will
signs that the turmoil
Chancellor Adolf Hitler
the Nurem¬
and he has
now appointed General Goering as virtual economic
dictator, with sweeping powers to issue decrees and
general administrative instructions. Berlin observ¬
ers interpret this move as a wise political maneu¬
ver, intended to prevent the economic radicals
among the Nazis from pushing their aims too ener¬
getically. Dr. Hjalmar Schacht, Minister of Eco¬
his
diminish.
2575
Chronicle
Financial
Volume 143
nomics and President of the
spreading, and it may be that the measures found
Reichsbank, undoubt¬
edly will remain the real economic genius of the
possible after franc devaluation will achieve this
end.
Clash after clash occurred in Paris between
Reich
on
protecting Communist and Socialist
buffer between Dr. Schacht and the
cals, and Dr. Schacht thus was
on
the
police went so far as to raid the offices of
Nationalist groups.
These moves obviously were
held
speech at Orleans, last Sunday.
by experienced political observers in Paris that
line, for the
the Radical-Socialists will remain in
time
being in any event.
•
The French Government is
with its
week
factories making
and aviation motors under government
contracts
would
large plants are
taken
be
over,
forthwith.
Four
affected immediately, and it is
likely that others also will come under govern¬
ment control.
Administrative boards
are
to be ap-
pointed and made responsive to the wishes of the
State.
Two-thirds of the capital of the nationalized
plants will be government-owned under the scheme,
present owners will get stock to the extent
of the
remaining third.
Government finances are
showing some improvement, as tax receipts for last
month
are
said to make a favorable showing in com¬
Franc devaluation
placed the government in funds by the dubious de¬
parison with previous months.
of
vice
"For the pres¬
restrict himself
to coordinating the various authorities and backing
up Dr. Schacht," said a Berlin report of Tuesday
marking
up
the value of gold stocks and
appropriating the increment,
business and of tax
badly needed
while! stimulation of
receipts also is looked for.
The
simplification and readjustment of
French finances and taxation was undertaken
for¬
mally last week, when the new Cour des Comptes,
formed for the purpose,
met for the first time.
to
the New York
attempts are made to substitute government
and fiat for the free
GERMAN authorities the minute controlfinding
apparently are of all
somewhat difficult
economic affairs of the Reich.
an
It is probably indica¬
under-surface struggle for the direction of
affairs that General
Hermann Goering last
Monday was appointed the chief
the
In
nomic laws.
a
control
play of competition and eco¬
preponderantly agricultural econ¬
these dificulties may not be insurmountable,
omy
but it is not
ceed in
likely that
a
planned economy can suc¬
highly differentiated industrial country.
a
Japan-China-Russia
FAR EASTERN affairs continue to offer a world,
threat to the
of the direct
and immediate
administrator of
four-year plan to make the country economically
peace
differences between
for the
ment and
the Japanese Govern¬
those of China and Russia are far
king for several weeks between Chinese and
officials regarding a
nese
from
Negotiations have been proceeding in Nan¬
settled.
Japa¬
"set of principles" sug¬
gested by Japan for the guidance of the Nanking
The precise significance
Nationalist Government.
of
Japanese "principles" is not
the
disclosed, but
be presumed from the general tendency to add
five northern Provinces of China proper to the
may
the
puppet-State of Manchukuo as a sphere of Japanese
influence.
General Chiang Kair-shek, leader of the
Chinese Government,
the War Lords
soon
conferred early this week with
who control the provinces, and it
appeared that China would reject the Japanese
proposals.
The reports were confirmed on Wednes¬
day, after a long conference
between General Chiang
Ambassador, Shigeru Kawagoe.
and
the Japanese
The
Japanese representative considered
the situa¬
quite hopeless, and the Chinese made the cau¬
tious admission that the views of the negotiators are
tion
agreement.
that the
into
these
The German "planned
"Times."
perplexing problems that inevitably arise when
the
not in
German Economic Plans
tive of
devaluation.
economy" is meeting enormous difficulties and all
;
airplanes
while
but Dr.
time has not
plans for nationalizing essential war indus¬
by Air Minister Pierre Cot that
held
German mark,
of the
ent, General Goering is expected to
proceeding, meantime,
,An announcement was made late last
tries.
It may be sur¬
of the radical circles desire imme¬
yet arrived for formal
Radical-Socialists, and it was
conservative
more
economic radi¬
Schacht is known to believe that the
Recog¬
nizing the threat of a Radical-Socialist withdrawal
from his coalition, M. Blum reminded the members
of that party that they were participants in the
Popular Front of their own free will. Unless the
unity of the Left Front is maintained, he said, the
country would have to face new elections.
Essen¬
tially, the Premier refused to alienate his Commun¬
ist supporters, in deference to the desires of the
a
some
devaluation
diate
material
permitted to carry
without too much interference.
mised that
made, in part, to prevent dissolution of the Left
Front.
Premier Blum faced the entire problem
calmly in
Goering last April received
the foreign exchange and raw
Actually, General Goering acted as a
questions.
gatherings from interference.
There were many
incidents of this kind in the Provinces, as well. The
French
General
powers over
authorities, apparently because the Mobile Guards
intent
when
in France and the
the restless Nationalist groups
were
Government, for he was superseded only in
name
not
an
Some Nanking dispatches stated
Japanese seemed intent on forcing
anti-Russian alliance.
Which
give point to a renewal of border
tween
Soviet
China
may or may
incidents be¬
Japanese-Manchukuoan forces and troops of
Russia.
Such clashes have been reported
months. Tokio
suggested that Japan and
again after a quiet period of several
reports of last Saturday
Russia might
be able to agree on a method for set-
Financial
2576
difficulties appeared
Wednesday and the matter seems destined to
tling the border strift, but new
on
Oct.
Chronicle
creditor
against
advances
discounted,
bills
commercial
1936
24,
se¬
register de¬
accounts
and
creases,
drag on.
curities
namely 6,000,000 francs, 840,000,000 francs,
current
98,000,000 francs, and 771,000,000 francs, respect¬
Discount Rates of Foreign
Central Banks
THE Bank 20 from 3 to 2J^%. The discount rate
of Netherlands lowered its 3% rate had
Oct.
on
1936, at which time it was
been in effect since July 6,
lowered from
centers
Present rates at the leading
3J^%.
OF
RATES
DISCOUNT
Effect
Dale
Established
Effect
Argentina-
3 H
3*£
OF
BANK
r
FRANCE'S COMPARATIVE
STATEMENT
Rate
Changes
July
20 1936
2j^
Oct.
4
Aug. 28 1935
3
Nov. 29 1935
Ireland
3
June 30 1932
Italy
4M
May
V
Hungary
4H
India
2H
7
10 1935
July
1 1935
May 15 1935
Aug. 15 1935
Batavla
4
Belgium—
2
Bulgaria—
6
Canada
2H
Mar. 11
Chile
4
Jan.
24 1935
4
Colombia..
4
July
18 1933
5
'
discount
vious
Established
Holland
1 1936
Mar.
Austria
Date
Oct. 23
Country
Rate
and 79,580,491,240 francs the previous year.
rate remains unchanged at 2%.
A
year
The
Pre¬
Rate in
vious
Oct. 23
Country
francs, in comparison with 82,405,275,710 francs last
furnished below:
FOREIGN CENTRAL BANKS
Pre¬
Rate in
francs, which brings the total down to 85,372,815,755
comparison of the various items for three years is
shown in the'table which follows:
are
Notes in circulation show a loss of 407,000,000
ively.
..
18 1936
Gold holdings
5
Credit bals. abroad.
a
No change
3.29
Apr.
6 1936
3.65
4H
June
2 1935
3H
5
Feb.
1 1935
6X
Lithuania..
Czechoslo¬
Oct.
—6,000,000
17, 1935
Oct.
19, 1934
Francs
Francs
62,358,742,140 71,962,569,153 82,483.048,672
9,643,487
8,132,116
11,901,908
French commercial
Jugoslavia.
6^
July
1 1936
6
Adv. against secure.
Japan
X
16, 1936
Francs
Francs
Java......
1935
Oct.
for Week
3
4^
3H
SlA
6,767,040,936 7,728,082,377 3,551.346,946
923,605,416
1,476.967,944 1,253,094,472
3,179,576,159
—98,000,000 3,547,758,641 3,160,989,411
—407,000,000 85,372.815,755 82,405,275,710 79,$80,491.240
—771,000,000 11,832,863,474 13,411,553,982 22,568,624,686
—840,000,000
No change
discounted.,
bills
b Bills bought abr'd
3
Jan.
1 1936
Morocco
6H
May 28 1935
4^
Note circulation....
5
Oct.
21 1935
6
Norway
3H
May 23 1933
4
Credit current accts.
Danzig
Denmark
3H
2H
2H
Poland.—
5
Oct.
25 1933
6
2
Aug. 21 1935
June 30 1932
Portugal...
5
Dec.
13 1934
5H
6
Sept. 25 1934
5 X
Rumania
4H
Dec.
7 1934
6
4
Dec.
4 1934
4 Yi
South Africa
3H
May
15 1933
4
France....
2
Oct.
15 1936
2^
Spain
5
July
10 1935
Germany
4
Sept. 30 1932
5
Sweden
2H
Dec.
1 1933
3
Greece
7
Oct.
7H
Switzerland
2
Sept.
9 1936
2H
vakia
England
Estonia
...
Finland
3 X
13 1933
..
d Tem. adv. without
5H
12,302,183,000
No change
interest to State..
Proport'n of gold on
hand to sight llab.
Includes bills purchased
Note—"Treasury bills discounted" appeared in
Bank of
IN bills
LONDON open market discount against 9-16%
Friday
9-16%, as rates for short
Germany Statement
were
Friday of last week, and 9-16% for three months'
THE statement forincrease in gold and of October
slight the second quarter bullion of
against 9-16% on Friday of last week; Money
call in London on Friday was lA%>
At Paris
116,000 marks, bringing the total up to 63,400,000
bills
on
the
as
open
market rate was raised on Oct. 19 from
2l/2 to 3%, but in Switzerland the rate was reduced
on
blank in the statement of Sept. 25,
had matured and have now been transferred to the account
of these bills
all
d Rep¬
"temporary advances without interest to the State."
Foreign Money Rates
on
>0.75%
,
In France, b Includes bills discounted abroad,
resented drafts of Treasury on 10-billlon-franc credit opened at Bank.
a
as
on
75.10%
64.15%
+ 0.77%
Oct. 20 from
1% to 1%%.
Bank of
shows
marks, which compares with 88,072,000 marks last
and 79,838,000 marks the previous year. The
ratio is now 1.6%, compared with 2.39%
year
reserve
a
year
ago
is shown in
England Statement
a
and 2.26% two years ago.
A decrease
reserve in foreign currency of 196,000
marks, in bills of exchange and checks of 131,539,000
THE statement for thebullion ended Oct. 21 shows
week of £55,016, bringing
in gold and
loss
a
the total down to
As the loss in gold
£249,677,252.
attended by a
was
reduction in circulation of £6,-
Public deposits
266,000, reserves rose £6,212,000.
increased £5,981,000,
while other deposits decreased
Of the latter amount £730,624 was
£849,166.
decline from bankers'
The
other assets.
week it
accounts, and £118,542 from
ratio is
reserve
40.80% and
was
a
a year
43.40%, last
now
38.49%.
ago
Notes
marks, and in investments of 52,000 marks.
in circulation also record
loss, namely 71,000,000
a
marks, which brings the total down to 4,398,000,000
Circulation
marks.
a
year
ago
aggregated 3,906,-
245,005 marks and the year before 3,697,477,000
marks.
An increase appears
000 marks and in
of 16,235,000
in advances of 18,430,-
other daily maturing
marks.
Below
we
furnish
a
obligations
comparison
of the various items for three years:
Loans
REICHSBANK'S COMPARATIVE STATEMENT
on
those
of
discounts
£2,808,810,
174,069.
2%.
for
of
other securities
on
consists
decreased
securities
Government
and
and
£425,000 and
£634,741.
securities,
The latter
which fell oT
advances,
£2,-
increased
which
The discount rate remains unchanged at
Below
previous
furnish the figures with comparisons
we
Changes
for Week
Relchsmarks
Assets—
Of which depos. abroad
Reserve in foreign curr.
Bllls of exch. and checks
Silver and other coin
on
other Ger.bks.
Advances
years:
Investments
BANK OF ENGLAND'S COMPARATIVE
Other assets.......
STATEMENT
15,
1936
Relchsmarks
Oct.
15,
1935
Relchsmarks
1&,
Oct.
63,400,000
No change
—196,000
Liabilities—
Notes In circulation
Oct. 21
OU. 23
Oct. 24
Oct. 25
Oct. 26
1936
1935
1934
1933
1932
Other dally matur. oblig.
Other liabilities
—71,000,000 4,398,000,000 3,906,245,000 3,797,477,000
773,112,000
667,272,000
693,773,000
+ 16,235,000
243,280,000
279,533,000
a251,862,000
Propor'n of gold & for'n
Circulation
440,100,000 397,014,342 374,703,076 360,258,310 358,430,512
37,597,000 35,324,700 22,357,765 15,905,007 25,426,187
Other deposits
122,537,511 115,790,179 138,343,527 149,920,989 110,923,817
Bankers' accounts81,425,151
78,705,751 100,742,604 104,146,171
77,335,612
Other accounts
41,112,360 37,084,428 27,600,923 45,774,828 33,588,205
Govt, securities
79,943,337 86,774,999 81,279,164 77,985,905 66,998,094
Other securities
28,295,629 23,864,753
19,149.859 23,001,947 30,030,766
Dtect. & advances6,744,125
11,385,751
8,501,030
8,246,208
11,596,729
Securities-..
21,551.504
12,479,002
10,903,651
14,500,917
18,434.037
Reserve notes & coin
69,577,000 58,166,295 77,955,185 82,528,535
57,010,441
Coin and bullion
249,677,252 195,180,637 192,658,271 191,786,845 140,440,953
Proportion of reserve
to liabilities
43.40%
38.49%
48.50%
49.76%
41.81%
Bank rate
2%
2%
2%
2%
2%
Public deposits
„
curr.
*
Bank of France Statement
amounted
before
now
62,358,742,140 francs.
to
71,962,569,153 francs,
82,483,048,672 francs.
64.15%; last
vious year
Gold
year
80.75%.
it
was
The
expired March 31, 1936.
a year ago
and the
reserve
year
ratio is
75.10%, and the
pre¬
Credit balances abroad, French
a
Figures of Sept. 30
latest available.
New York Money
Market
VARIATIONS in rates were this week, and in the
New York
market quite lacking to all
money
merely continued on its
the market
appearances
There is, however, a perceptible change
in the attitude of the large
THE statementgold the week of Oct. 16 shows no
for holdings, the total of which
change in
2.26%
2.39%
1.6%
to note circul'n.
Validity of notes on other banks
routine way.
remains at
1934
Relchsmarks
88,072,000
79,838,000
20,851,000
21,034,000
22,525,000
5.469,000
3,899,000
5,257,000
—131,539,000 4,608,490,000 3,753,746,000 3,498,951,000
245,033,000
196,903,000
al21,745,000
*
12,178,000
12,236.000
72,298,000
41,629,000
44,266,000
+ 18,430,000
756.850.000
660,208,000
527,613,000
—52,000
667,619,000
715,971,000
a573,514,000
+ 116,000
Gold and bullion
Notes
Oct.
currently
are
reducing to
a
commercial banks, which
degree their portfolios of
United States Government securities
their
commercial loan accounts.
and expanding
This is
procedure and it reflects at least a start
normal conditions.
the
money
So far
as
a
proper
toward
more
the rate structure of
market is concerned, the development
remains without influence.
Bankers' bill and com-
Volume
Financial
143
mercial paper rates were
sold last Monday an issue
Course of Sterling
merely carried over from
last week.
The Treasury
days, to
dis¬
count was 0.124%, computed on an annual bank
discount basis.
This rate probable •would advance
if it were not for the huge holdings of bills by the
Reserve banks, which furnish the market with pro¬
nounced support.
Call loans on the Nev\ York Stock
Exchange held to 1% for all transactions of the week,
of
$50,000,000 discount bills due in 273
replace
comparable maturity, and the average
a
whether renewals
or new
loans, while time loans were
134% for all maturities to six months.
available at
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Exchange
Stock
still
at
a
new
is
money
transactions having been
no
week.
this
reported
1 34%
standstill,
Rates
nominal at
continue
The market for prime com¬
has been moderately active this week.
for all maturities.
mercial paper
good supply and
Paper has been available in fairly
the demand is unabated.
choice
names
1% for
Rates
2€% for extra
are
running from four to six months
and
less known.
names
The steadiness as reflected
week.
Bankers' Acceptances
TRADING in this week. The demand has been
quiet prime bankers' acceptances has been
very
short¬
of prime bills-: Rates show no change. Official
quotations as issued by the Federal Reserve Bank of
New York for bills up to and including 90 days are
age
these transaction
is still
a
safety and investment,
York.
London is also offset at
this time by seasonal commer¬
Bank is 34% for bills
running
%% for 91- to 120-day bills and
The Federal Reserve
banks' holdings of acceptances remain decreased from
$3,098,000 to $3,089,000.
Open market rates for
acceptances are nominal in so far as dealers, are con¬
cerned, as they continue to fix their own rates.
The
1% for 1921- to 180-day bills.
nominal rates for
open
market acceptances are as
follows:
v
150 Days
180 Days
120 Days
Asked
Bid
Prime
Asked
Bid
Asked
Bid
%
5ie
Vs
5ic
s\e
eligible bills
Bid
Prime
Asked
X
FOR
Bid
Asked
Bid
Asked
X
3ie
X
3»e
3ie
eligible bills..
DELIVERY WITHIN
X
30 Days
60 Days
90 Days
change
%% bid
%% bid
Discount Rates of
—
the Federal Reserve Banks
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
is the schedule of rates now in effect
the various classes of paper at the different
Reserve banks:
this
FEDERAL RESERVE BANKS
on
United States, it
for
some
time,
as
by the wide fluctuations
present
irregulari¬
is indicated at
in the Holland
rather sharp decline in the French franc,
noticeable movement of gold from London to
a
New York.
and Oct. 14 the French franc was
Between Oct. 2
held between the
limits of 4(.67% cents
The latter figure was
cents.
22 the franc
On Oct.
the
noon
and 4.65%
rate on Oct. 14.
broke to 4.6034 cents, a new
It should be recalled that
of the monetary law of
Oct. 1, 1936, the franc called for a range of between
4.35 and 4.96 cents.
Evidently the unit is drifting
toward the lower level and away from the mean of
4.67.
This trend is regarded as clear evidence that
low
on
the present move.
according to the provisions
no
repatriation from the London market of
other Continental funds is likely to occur
heavy
French
in the
or
immediate future.
It may
be assumed, when Continental funds show
of either dollars or sterling, that
weakness in terms
funds seek
Un¬
repatriation of French
market since Sept. 26, but
London for safety and investment.
doubtedly there has been some
funds from the
London
this return flow has now
In London
notes
virtually ceased.
it is estimated that
hoarded
on
the Bank of England
the Continent amounted
in mid-
On Oct. 16 it was
that about one-tenth of this total had been
back into their own currencies by the
£30,000,000.
hoarders.
2
May
2
Jan.
14 1935
2X
2
Jan.
19 1935
2
Jan.
31935
2X
2X
various shifts
2
May
81934
2X
IX
Philadelphia
Feb.
2 1934
2
Jan.
17 1935
May
11 1935
IX
Cleveland
Richmond
Atlanta
Chicago
is apparent that exchange
ties will continue
New York
does not in any way represent a flight of funds due
to fear of further devaluation of the pound.
The
Feb.
2
New York
San Francisco
Rale
announced inWash-
Oct. 12 for free exchange of gold by the
stabilization funds of Great Britain, France, and the
ington
Previous
Established
2
'Boston
Dallas
Date
Oct. 23
"gentlemen's agreement"
25-26 and the agreement
of Sept.
with
sight bills, compared
$4.8934 and $4.90 11-16 last
estimated
Effect on
Federal Reserve Bank
end of
The range for sterling
between $4.8824 and $4.8924
a range of
week. The
range for cable transfers has been between $4.88 7-16
and $4.8934j compared with a range of 'between
$4.8934 and $4.9024 a week ago.
between
converted
Rate in
Minneapolis
Kansas City
been
has
week
October to about
DISCOUNT RATES OF
St. Louis
adverse to London from the
are
for bankers'
The following
for
conditions of ex¬
August until mid-January.
THIRTY DAYS
Eligible member banks
Eligible non-member banks
which under normal
factors
cial
and the
New York Reserve
The flow of funds to
from London to New
bid and
from 1 to 90 days,
Department
market, a circumstance
which should give firmness to sterling, but if such
operations are of any magnitude, they are counter¬
acted by the heavy movement of opeif market gold
buying silver in the London
guilder,
months, 5-16%
34% asked; for five and six months, 24%
5-16% asked. The bill-buying rate of the
London for
regular flow of foreign funds to
which sufficies to offset
the repatriation of Continental funds which has taken
place since the beginning of October. It is generally be¬
both
34% bid and 3-16% asked; for four
bid and
to opera¬
equalization funds, although
cannot be clearly traced.
There
of the exchange
tions
Despite the three-power
fairly keen, but there continues to be an acute
in the narrow day-
to-day fluctuations is due in large measure
lieved that the United States Treasury
New York Money Rates
both
Exchange
STERLING exchange is on the whole exceptionally
steady although ruling fractionally easier last
is
ruling quotation all through the week for
loans and renewals.
The market for time
2577
Chronicle
—
9 1935
14 1935
2 X
2
2X
2X.
2
May
10 1935
2X
2
May
8 1935
Feb.
16 1934
2X
the unlocking
2X
2
The movement
to
New York
of gold from England to
in the exchange rates are
permitting
shipment
of hoarded gold in London for
and afford further proof that the recent
Financial
-2578
pervent private
shipments of metal.
The American price for gold
continues at $35 per ounce, plus %% for handling.
At the rates prevalent in London for gold during the
past few weeks, the dollar equivalent for gold in
tripartite gold agreement does not
The 23 cent
between the London open market gold
been
has
London
differential
close
$34.77.
to
United States price is sufficient
to pay all handling and other charges, including the
Ji% charged by the American Treasury in buying
price and the official
As
metal.
$34.77
a
fair profit can be
Port of New York
reported by the Federal Reserve
and
21,
as
Bank of New York, was as
Since New York banks have
large
excess reserves
earning
Exports
$5,680,000 from England
2,§50,000 from India
179,000 from Chile
None
5,000 from El Salvador
$8,714,000 total
Net Change in
regarded
are
interest-earning invest¬
former investment in short-term bills.
authorities
British
The
as
indifferent
are
as
to the
destination of open market
knows the amount of gold in private
ultimate employment or
gold.
No
one
hoards domiciled in Great
Estimates have
Britain.
The
placed the total at more than $1,500,000,000.
ownership, employment, or disposal of this gold is
by the British authorities.
Since the three-power
a
would afford
the
a
free gold market
trade
international
and foreign
ex¬
The advocates of a free gold market believe
change.
that
urged that
or
in either gold or
foreign exchange. It is doubtful if a free gold market
would be considered by the present Administration
from
for it could not be
restoration of
free
transactions
speculative
successfully conducted without the
private ownership of gold.
maintain
one
in London is sufficient for the
gold market
successful
The
of the equalization funds to
relation between gold and the
operation
stable
a
foreign exchanges.
It
has
ceived, from Canada there
metal
rates.
gold bloc that gold is
preservation of steadiness in exchange
But for the agreement
for the free exchange of
gold between the three powers participating in the
.currency
tion
agreement, the British exchange equliza-
fund
have,
would
encountered
insuperable
endeavor to keep
Exchequer Chamber¬
lain indicated that the Ottawa agreements
renewed upon
would be
their expiration in 1937, and that
from
Britain
stood that he also
the
gave
Dominions.
an
It
is
MEAN LONDON CHECK RATE ON PARIS
implied promise to the
Conservative Party Congress that the new monetary
agreement would not be followed by any significant
reduction in British protective measures.
Money in Lombard Street continues easy.
months' bills
four-months'
are
11-16%.
Gold
continues
to
on
be
21-32%,
and
available
six-months'
offer in the London
taken
for
unknown
It is believed that the British
important
Two-
9-16%, three-months' bills 19-32%,
bills
open
bills
market
destinations.
exchange control is
an
On Saturday last there was
£303,000, on Monday £340,000, on Tues¬
buyer.
104.99
_
Thursday,
Oct. 22
105.35
105.02
Oct. 19__
Monday,
Tuesday, Oct. 20
Wednesday, Oct. 21
104.94
Saturday, Oct. 17_...
Friday,
Oct. 23__„r
105.20
___105.10
PRICE
LONDON OPEN MARKET GOLD
Saturday, Oct.
17
142s. 2}4d.
Wednesday, Oct. 21
Monday,
Oct*
19
142s. 4^d.
Thursday,
Oct. 22
142s. l%d.
142s. Id.
Tuesday,
Oct. 20
142s. 3YA.
Friday,
Oct. 23
142s.
2Ad.
BY THE UNITED STATES
PRICE PAID FOR GOLD
(FEDERAL RESERVE BANK)
Wednesday, Oct. 21_
$35.00
Saturday, Oct. 17
$35.00
Monday,
Oct. 19
35.G0
Thursday,
Oct.,22
Tuesday,
Oct. 20
35.00
Friday,
Oct. 23_35.00
35.00
Referring to day-to-day rates sterling exchange
Saturday last
Bankers'
was
sight
fers $4.88
slightly easier in
was
bankers'
for
in
and
On
Bankers'
steady.
The
fers.
On
range was
$4.88 15-16@ 4.89 3-16
Thursday the exchange control kept the
$4.88
an
on
13-16@$4.89%
The
for
bankers'
Friday
were
transfers.
The
bankers'
transfers.
steady.
was
15-16
keel.
even
for
cable
Sterling
London
on
and $4.89@$4.89% for cable trans¬
dollar-sterling rate
$4.88
sight
transfers, $4.89@
exchange
Wednesday
for bankers' sight
$4.88%@
$4.88 7-16@
On Tuesday sterling
trading.
$4.88 15-16@$4.89%; cable
$4.89 5-16.
was
limited
range was
sight
$4.88% for cable transfers.
firmer
on
limited market.
On Monday the pound
The
again displayed softness.
$4.88 13-16
a
$4.88%@$4.89 1-16; cable trans¬
15-16@$4.89%.
and
range
sight
On
was
range
sight
and
Friday
$4.88%@
$4.88
13-16
Closing quotations
an
under¬
market gold price,
open
price paid for gold by the United States:
@$4.89 for cable transfers.
attempt would be made to secure larger benefits for
Great
exchange during the week ranged be-
$4.88%@$4.89% for
On Oct. 2 Chancellor of the
exports of the
no
were
Paris, the London
and the
sterling steady
with reference to the dollar.
Francisco from
following tables show the mean London check
on
was
difficulties in its
ear¬
reported that
premium of 1-64 and 1-32%.
a
The
abundantly clear to the business
world since the failure of the
in gold held
was
change in gold earmarked for foreign account.
or
Canadian
rate
on
On Friday $2,181,000 of gold was re¬
Hongkong.
was
essential to the
It
foreign account.
$233,000 of gold was received at San
was
become
for the week ended
are
exports of the metal or change
marked for
rigid governmental control of foreign exchange
fraught with greater danger than could ever arise
figures
On Thursday there were no imports
Wednesday.
natural and continuous reflection of
a
of
course
is
It
York.
New
is
arrangement there has been
resumption of advocacy of an open gold market in
above
The
ween
held inviolable
.
approximately $1,290,000 of gold was
which $1,057,000 came from Australia and
received at San Francisco, of
$233,000 from Hongkong.
the gold shipments are
in a position to employ funds which would otherwise
remain idle. For the present it would seem that gold
shipments
Gold Earmarked for Foreign Account
Increase: $9,253,000
no
interest, the banks engaging
ments such as a
OCT. 15-OCT. 21, INCLUSIVE
Imports
Note—We have been notified that
Reserve Bank which are
at the Federal
follows:
GOLD MOVEMENT AT NEW YORK,
(
made.
1936
ended Oct.
on
£488,000,
.
•
24,
Wednesday £310,000, on Thurs¬
on Friday £284,000.
At the
the gold movement for the week
day £410,000,
day
the dollar equivalent declines below
soon as
Oct.
Chronicle
on
$4.88% for demand and $4.89 for cable
Commercial sight bills
finished at $4.88%,
sixty-day bills at $4.87%, ninety-day bills at $4.87%,
documents for payment
(60 days) at $4.87%, and
Cotton and grain
seven-day grain bills at $4.88 5-16.
fo" payment
closed at
&4.88%.
Continental and Other Foreign Exchange
THE renewed weakness in review of sterling was
in the the French franc
discussed
change.
above
There
can
be
ex¬
no
doubt that
tion of French funds occurred
became effective
on
repatria¬
following the devalua¬
tion decrees and the monetary law
which
some
Oct.
2.
of Oct. 1, 1936,
The return of
funds, together with the lowering of the French bank
Volume
rate to
143
Financial
2% and other
authorities to
somewhat
taken by the French
measures
the Paris money
ease
helpful but only to
a
been
erratic
restored,
quotations
effect adopted the
limited extent.
present
country is the first since devaluation
of the belga
and is tangible proof that Belgium is
on a
the
Paris Bourse and by
tendency toward weakness in forward francs
London and
New
of its
French national
York.
now
high yield at current quotations, but
evidently the public is hesitant.
country
On Oct. 21 the 3%
Monday
on
increased to 7 points
and
from 5.
was
on
if the dollar should fall to the export point against
would ship gold to Paris rather than to New York,
Wednesday
90-day
discounts
changed since the first days
only % point discount
30-day francs and 2 points
the lack of
shipments
not possible because of
fixed gold point for the French franc,
volume
of foreign funds from
devaluation of the Continental
weakening of the franc is thought to be the
statement for the
considerable
since the
gold currencies at the
15 showed
week ended Oct.
decrease of 56,900,000 belgas.
provided in
a
Belgium
The National Bank of Belgium
end of September.
general belief that ultimate devaluation of
the franc will be fixed at the lower limit
a
However the bank-
having
ing position of Brussels is strong, its total gold stocks
gold content ranging from 43 to 49 milligrams of
stand at 3,709,900,000 belgas, its ratio of gold to
notes is 82.4%, and its ratio of gold to sight liabilities
is 68.92%.
the devaluation law, which authorizes a franc
a
are
which is 16.95) is due to repatriation of
on
this month.
a
a
arbitrage
normal
The relative weakness of the belga (dollar parity of
90-day francs early
on
however,
At present,
from Belgium to France
The extent to which the
by the fact that the present
discounts compare with
Under ordinary circumstances Brussels
the belga.
on
of devaluation is shown
The
any
time when the
Since Belgium has
dollar falls to the export point.
accel-
The discount
outlook for the franc has
result of
any
Belgium is entitled to receive gold from this country
Wednesday's trading.
point
of gold under license to
the gold standard at
support its currency with gold, it would appear that
on
30-day francs increased to 2% points
1
on
shown by the current release of gold that it will
gradually for several days and the decline
from
United States Treasury regulations
quoted at 78.35 and the 4%%
were
rentes at 81.55.
erated in
currency.
permit export
forward francs have been widening
perpetual rentes
Discounts
working
gold standard and is willing to release gold in support
a
renewed
a
The
gold exchange system.
of gold from Belgium to this
no
has by
in both
issues offer
new
movement
is indicated by the low and
as
on
Washington that by this shipment Belgium had in
market, proved
Confidence in the Government program
means
2579
Chronicle
This
gold nine-tenths fine.
to
represents 65.65%
range
74.81% of previous gold values,
at $35 per ounce,
is
It
or a
dollar parity,
of 4.35 cents to 4.96 cents.
generally expected that the Popular Front
will
Government
experience
political
severe
culties when Parliament meets in November.
while
deep
concern
1
...
25,000,000,000 francs,
of the
budgetary difficulties
are
The estimated budget deficit for 1936 is
alarming.
or
more
than half the total
budget.
Though
seem
has undoubtedly been repatriated
that
markets in recent
the immediate
as
and New York, nevertheless
much
days.
outlook
or more
has sought both
The lack of confidence in
was
registered clearly when
the nation refused to back the "New Deal" with its
proved conclusively by the virtual failure
money, as
of the loan offered to the
the so-called
public.
popular loan
or
This apathy toward
baby bond issue
was
the
deciding factor which compelled the Blum Governdevalue
to
ment
ou Dollar
the
franc
despite
its
repeated
New Dollar
Range
4.60^^4*67
^92
France (franc)
Beigiiim (belga)
Italy (lira)
13.90
5.26
16.95
8.91
16.81H to 16.85
to 5.27
5.26K
Switzerland (franc)
19.30
32.67
22.97
.
to 23.00
H'*^C^rityas"More'Evaluation8'""the European currencies
between Sept. 26 and Oct. 5,1936.
The London check rate
money
to France from London
it would
The following table shows the relation of the leading European currencies to the United States dollar:
diffiMean-
is felt that class differences will
become intensified and the
•
on
Paris closed
on
Friday
at 105.14, against 105.01 on Friday of last week.
New York sight bills
on
on
In
the French center finished
Friday at 4.65%, against 4.65%
on
Friday of last
,week; cable transfers at 4.66 against 4.66.
Antwerp
belgas closed at 16.84 for bankers' sight bills and at
16.85 for cable
transfers, against 16.83 and 16.83.
Final quotations for Berlin marks
were
40.21 for
bankers' sight bills and 40.22 for cable transfers, in
comparison with 40.23 and 40.25.
Italian lire closed
at 5.26% for bankers' sight bills and at 5.26% for
cable transfers, against 5.26% and 5.26%.
Austrian
declarations that the intergrity of the currency would
schillings closed at 18.73, against 18.74; exchange
be maintained.
Czechoslovakia at 3.54%, against 3.54%; on Buch-
On
ties
The
was
as
Wednesday and Thursday the French authoriconfronted with heavy offerings of francs,
were
present statement of the Bank of France, as
to be
expected, is altogether misleading in
the items which
French
so
fund
or
the
0.74^
against 0.74;
on
Government's
on
Poland at 18.86,
Finland at 2.16, against 2.16%.
Greek exchange closed at 0.89%, against 0.89%.
far
might reveal the operations of the
equalization
at
arest
against 18.86; and
on
-—•—
QWISS francs are relatively steady, ruling only
O
slightly below the median parity established by
the monetary measures approved by the Swiss Parlia-
dent
deliberately concealed, as the Presiof the Bank of France recently stated they would
be.
Such concealment of the actual status of vital
approved
borrowings
are
financial statistics may
be expected to obscure further
the outlook for the franc.
ment on Sept.
was
30.
The decree which Parliament
published
on
Sept. 27.
The chief
pro-
visions of the decreeare: (l)Notes of the Swiss National
Bank
are
made legal tender.
(2) The Swiss National
has been ruling between
Bank is released from its obligation to redeem its
16.81% to 16.84% for several weeks. The gold point
around 16.83.
Accordingly no sur-
notes in gold or gold exchange, although it is still
bound to maintain the legal percentage of cover
shown when Brussels made a small shipof about $800,000 on Saturday last.
taken for granted in official quarters in
Oct. 7 ratio was 140%.
(3) The Swiss National
Bank is "obligated to maintain the gold parity of
Belgian
The
currency
is estimated at
prise
ment
It
was
of gold
was
(gold in vault equal to 40% of notes in circulation; the
1
Financial
2580
the franc
at
value ranging between 190
a
which corresponds to a
of fine gold,
milligrams
devaluation
Although
30%."
of
average
on
and 215
the
sterling
the
of in close
It
JAPANESE yen are held Is. 2d. relationship to
favors the
the
chase
was
henceforth at
milligram of fine
voted, that it would purchase gold
4,869.8 Swiss francs per
the rate of
of
William
price of 29.58%.
No mention
was
made of
selling
a
During the past two weeks the
ranged between 22.97 and 23.07% cents.
gold.
price for
Swiss franc
guilders have fluctuated rather widely.
thus far held aloof
Holland
The Netherlands authorities have
from the
as
currency
arrangement, giving
agreements do not provide a
degree of international stability.
There¬
resumption of Dutch gold exports to the
sufficient
fore
that the
reason
a
tripartite
new
no
It is believed in
expected.
United States is to be
Amsterdam that Holland can readily operate
of secondary importance to its
Power agreement as
own
weakness of the
The comparative
potition.
granting of credits to China for the pur¬
London
A Reuter's dis¬
the
Monday stated that
on
Kirkpatrick
its representative in China.
as
Kirkpatrick will examine
which may
said that the number of
British manufacturers
in .China
in
but the
or
proposals which the depart¬
suggests that
guarantee
alive to the
are
opportunities"
risks by the rapidly changing
and by the time
China
in
seek orders.
Department
department has been handicapped
assessing credit
conditioas
propositions
for its
received
has
the spot proposals
of the Exports Credits
manager
ment
on
be submitted for the department's guar¬
antee but will not initiate
The
involved in communication.
Closing quotations for
in the
gold market and therefore views the three-
London
Government
Export Credits Guarantee Department has appointed
Mr.
United States.
was
per yen.
goods in Great Britain.
from
patch
gold, representing a depreciation
from the old buying
This corresponds to 23.11 cents
rate
at
stated here last week that the British
amount of
depreciation has not been fully determined,
Swiss National Bank made known after the law
Oct. 24, 1936
Chronicle
28.58, against 28.62
on
yen
and
expense
V
;
checks yesterday
wrere
Friday of last week. Hong¬
kong closed at 30.48@30%, against 30%; Shanghai
29
at
9-16@29%,
against
50%;
against
29%@29%; Manila at
Singapore
57%,
against
guilder is due almost ent:rely to heavy transfers of
50.20,
capital from Amsterdam to London and New York
59
9-16; Bombay at 36.96, against 37.01; and Calcutta
profitable opportunities for employment
at
36.96, against 37.01.
where
more
to be found.
are
at
Gold Bullion in European
Banks
The Netherlands Bank reduced its rediscount rate
2%% from 3%
to
been in effect since
Bankers'
sight
on
The 3% rate had
Oct. 20.
July 7.
Amsterdam finished
on
at
Friday
of last week; cable
53.88, against 53.80 on Friday
at
transfers
on
against 53.83; and commercial
53.95,
53.85, against 53.60.
Swiss francs
22.97% for checks and at. 22.98% for cable
sight bills
closed at
bullion
22.98
and
Copenhagen
22.99.
par
exchange) in the principal European banks
to
us
on
Sweden
1936
1935
1934
£
£
£
Spain
Italy
24.59.
Norway finished
Nat. Belg..
107,680,000
99,177,000
Switzerland.
75,559,000
24,191,000
6.552,000
6,604,000
46,639,000
20,898,000
Spanish
'
,,
pesetas
on
were
not
quoted in
v.'
Sweden
Denmark
a
no new
keep these currencies in
relationship to the sterling-dollar
official
rates
authorities
Brazilian
for
are
milreis
weeks.
several
quoted for
the
76,164,000
72,833,000
77,407,000
61,598,000
14,136,000
73,143,000
75,253,000
67,241,000
15,650,000
7,396,000
46,818,000
6,555,000
6,602,000
7,397,000
6,570,000
6,580,000
140,440,953
661.413,974
36,672,700
90,302,000
62,510,000
86,236,000
74,263,000
89,164,000
11,442,000
7,400,000
7,911,000
1,149,334,939 1,136,856,840 1,258,647,300 1,268,653,449 1,267,755,627
1,150,080,205 1,137,054,833 1,257,258,687 1,270,329,930 1.267,280,843
Amount held
Oct. 29,
1935: latest figures available,
b Gold holdings of the
which Is now
Bank of Germany are exclusive of gold held abroad, the amount of
reported
£1,126,250.
as
The exchange controls of the leading South
weeks.
American countries plan to
are
.
Prev. week.
EXCHANGE on the South from those of recent
—presents
features American countries
Power
_
Norway
Total week.
—♦
close
45,981,000
47.491,000
transfers at 24.57, against 24.58
at 24.56 and cable
New York.
2,916,650
90,389,000
Netherlands
25.22% and 25.23%; while checks
and
575,700,553
£
191,786,845
654,288,554
16,061,050
90,412,000
192,658,261
659,864,389
3,036,650
90,627,000
67,198,000
195,180,637
249,677,252
498,869,937
2,043,750
88,092,000
842,575,000
France
1932
1933
£
Banks of—
Germany b.
closed at 25.20 and cable transfers at 25.21, against
coiresponding dates in the previous
four years:
England
Checks
of
by special cable yesterday (Friday); compaiisons
shown for the
are
checks finished at 21.83 and cable transfers at 21.84,
against 21.83% and 21.84%.
as
respective dates of most recent statements, reported
at
against
transfers,
THE following table indicates the amounts of gold
(converted into pounds sterling at
of
following the
currency
have not
South
The
progress
of the three-
agreement with acute interest and
English-French-American agreement is working
It is believed that in the last analysis if
the international agreement
should
prove
ineffective,
and
Prospect
been
American
disinclined to relax their exchange controls until
smoothly.
The Roosevelt Policies: Retrospect
The
range.
Any
velt's
the
who has followed attentively Mr. Roose¬
one
campaign speeches must have been struck by
markedly personal tone which the President has
indifference
assumed,
liis
which
might naturally
he
answer,
chosen
apparent
the
and
the
as
special
to
have been
grounds
criticisms
expected to
which
he
principal bases of his appeal.
has
One
the South American countries would favor continued
might have listened long to some of his speeches
adherence to
without
sterling, although it is understood that
Argentine
paper
pesos
closed
on
Friday, official
quotations, at 32% for bankers' sight bills, against
32%
on
Friday of last week; cable transfers at 32%,
against 32%.
The unofficial
or
not
milreis
quoted.
was
5.90
free market close
against 5.85@5.95.
Peru is nominal at 24.25,
5.19
against 24.75.
Chilean
supposed to stand; the common reference has
been
to what
have done
ws
Brazilian milreis, official rates,
The unofficial or free market in
change is nominally quoted at
reference to the Democratic
any
he is
the
27.90, against, 28.00.
were
hearing
party whose candidate he is and on whose platform
Brazil is inclined to favor the dollar.
be
or
"I,"
President,
assumed
form he is
or
planned
to
as
be
"we" of the Administration,
or mean
speaking for his party when in
speaking for himself, it is nevertheless
true that few Presidents
ex¬
against 5.19;
their
party
in
have
so
consistently kept
the background and
campaign audiences
in gs.
to do. Conceding that
the head of his party, may often
as
treated their
essentially personal follow-
A number of the most weighty attacks which
Volume
Financial
143
others, with increasing speci-
Governor Landon and
force, have directed at New Deal
fication and
and Administration
cies
poli-
conduct have either been
which sugof much importance. Now that the long campaign is nearing
its end, it seems ^vortli while to appraise Mr. Roosevelt's position in the light of what he has been
saying to the voters and of the silences which have
marked his course, and to point out some of the
things which may be expected if the country, on
Nov. 3, decides to give him a second term.
It is clear, for example, that if Mr. Roosevelt is
ignored,
else have been met in a way
or
gested that they were not regarded as
re-elected and a compliant
house of
each
majority is returned to
Congress, the policy which
aims to
its branches, under virtually complete Federal supervision will be
sedulously pursued. No amount of emphasis upon
soil conservation, drought prevention, the assignbring American agriculture, in all
ment of
associations can succeed in hid-
ing the ultimate purpose.
with the fatuous
a
States, or consulta-
share of control to the
a
tion with farmers'
A program of scarcity,
hope of eventually bringing about
regime of abundance, will continue to
with benefit
be followed,
payments poured out at the expense of
of the farmers' inde-
the detriment
consumers
to
pendence.
The unsound and costly experiment of
insurance is also, apparently, to be tried as a
to the artificial raising of the price
crop
contribution
which is still one of the New
level
Deal's darling
The only change, as far as can be gathfrom Mr. Roosevelt's campaign speeches, will
projects.
ered
develop still farther
be to
the cost.
equally clear that public works as a
It is
for
relieving unemployment
that
standing
problem
be reached in that way. The grant
funds to be expended under State or
without
method
solution of the unemployment
no
merely changes the form of the
authorities
local
altering
be
by the Federal Treasury
undertaken at
character,
which, if they are to
all, should be a State or local
and with all
charge,
essential
its
building or other projects paid
We shall still have
for
device
will continue, notwith-
can ever
Federal
of
the farmer
occupation and upon consumers who must
and his
pay
this phase of a planned
and rivet it more firmly upon
economy,
the prodigal waste that is
when government work on a large
offered as a charity. There is no reason
certain to appear
is
scale
to
expect that the high cost
of administering the
decline, or that
public works program will greatly
schemes will not continue
fantastic
to
trivial
or
receive
their subsidies from the Federal Treasury,
Meantime industry
eensured,
than
once
as
already, for alleged failure to do their
part in increasing
will be
and business may expect to be
they have already been censured more
employment, and private charity
urged to take over the burden of relief not-
withstanding that Federal
to fall
which
taxation is to be made
with increasing weight upon
charitable
contributions
the wealth from
mainly to be
are
drawn.
Mr. Roosevelt has
the industrial and
made much in his speeches of
business recovery that has taken
times to claim for his Adlavish spending and
mounting debt, the principal credit for the greater
activity and better feeling that he has noted. He'
could not, of course, have been expected to admit,
what every careful student of the matter knows,
place, and has seemed at
ministration, with its policy of
2581
Chronicle
that a good deal of the recovery which he welcomes
has come about in spite of Administration policies
and not because of them. His audiences might well
have hoped, however, for some clear and inspiriting
indications that prodigal outlays would soon, if
Mr. Roosevelt were re-elected, give way to substantial and thoroughgoing economies, that a determined effort would be made to balance the budget,
that no further devaluation of the dollar would be
thought of, and that private capital and incomes
from investments would not be jeopardized by increased government competition with private industry and business and multiplied interferences
with business management and conduct,
Such indications will be sought for in vain in
Mr. Roosevelt's speeches. The power conference at
Washington a few weeks ago appears to have been
only a fruitless gesture, and the private power business has been given no reason to hope that Federal
competition, not only through such large projects
as the Tennessee Valley Authority but also through
grants in aid of municipal power plants, will not
press it with increasing severity and either force
it out of the field or compel it to accept complete
Federal control. The Walsh-Healey Act, prescribing
labor conditions for manufacturers or dealers bidding on Federal contracts, is being interpreted by
the Department of Labor with marked rigor, the
Federal Trade Commission is multiplying its inquisitorial and restrictive activities under the Rob-
inson-Patman Act, and preparations are being made
for the full enforcement of the old age and unemployment insurance provisions of the Social Security Act. The Federal housing scheme has not
made much progress, but it has not been dropped:
Nowhere has there been any relaxation of government interference; on the contrary, the field of interference has widened, and if there is to be the
least abandonment of any part of it later, the change
is not foreshadowed in anything that Mr. Roosevelt
has said.
Governor Landon has made three criticisms in
particular of the Roosevelt policies which Mr.
Roosevelt has not yet answered. He has asked
whether Mr. Roosevelt, if he is
re-elected, does not
National Recovery Administration, in so far at least as revival is possible
without disregarding the decision of the Supreme
Court, There is much reason to fear that such a
revival is to be looked for, and that an attempt will
be made to bring industry and business generally
once more under Federal control by means as effective in practice as the code system which the
Supreme Court condemned. Such control is necessary to a planned economy, and a planned economy
is the ultimate goal of the New Deal. Jt is inconceivable that the Administration, having readjusted
its control of agriculture to meet judicial objectiop
to the processing tax, will not exert itself, if it has
a chance, to recover its former control of industry
and trade in a way that will avoid judicial criticism
intend to revive the
of the codes.
Governor Landon has
velt to make clear
further invited Mr. Roosehis attitude toward the Supreme
Court and the Constitution. There is no subject on
which it is more important that the country should
be informed. If the decisions of the Court are to
be accepted, and no effort is to be made to change
the Constitution so as to restrict or constrain the
Court in its interpretations, there is reason for hop-
1
Financial
2582
Chronicle
Oct. 24, 1936
control, will nevertheless have to rec-
be imperiled. American citizens of Spanish origin
have, of course, been deeply concerned over the
possible outcome of the conflict, and some money is
ognize that there are boundaries that it may not
reported to have been raised by subscription in aid
ing that the New Deal, however far it may contrive
in the directions of socialization and central-
to go
ized Federal
and guarantees of the Constitution that can be
pass,
circumvented
neither
other
overridden.
nor
If,
on
the
hand, the Constitution is still regarded as the
outworn instrument that New Deal
spokesmen have
represented it to be, the country is vitally concerned
wherein
Constitution until the
for it in the
State
people freely decide to amend
clined to
etrating. He
in Mr. Roosevelt's
sees
toward
trend
dictatorship.
equally
course a
The discovery
possibility that the de-
in American foreign policy,
see,
larger
a
politics than commonly shows
itself in the foreign policies of European States,
Great
know.
Governor LandonJs third criticism is
allowed it-
the Fascist bloc.
to
mixture of domestic
frank way the country does not
same
or
Students of international relations have been in-
Roosevelt and his advisers stand
Whether Mr.
it.
rebels,
or
self to be disturbed by the
Governor Landon stands for the
to be
are
whole has shown no disposition to take
as a
sides with either loyalists
feat of the loyalists might add another European
and with what purpose changes
sought.
know
to
of the Madrid Government, but American public
opinion
pen-
Britain, in particular, has long been held
example of
as an
clear
icy
is not
a
up
world Power whose foreign pol-
little affected by changes of Ministries
was
the ups and downs of party control.
To
a
or
cor^sid-
novel, for the same trend has been manifest from
erable extent the example is instructive, although
the
there is
in
beginning, but Governor Landon has done well
insisting
discussing it in the campaign and
upon
putting his opponent
Economic
planning and dictatorship
whole
The
rapid
as
are
progress
together,
Federal
toward
far
of administrative
source
well
as
as
Europe
cen-
sta-
At
other points the United States has been neither
some
consistent
so
Ex-
nor
fortunate,
so
The most obvious danger to peace at the moment
is the possibility that the
courts, but two successive
in Spain, which thus
war
far has been, legally and technically,
may
not
result of outside intervention.
to the President's will.
for
sons
than spasmodic resistance
more
If there
are
any
office, they
continues in
been
Neither
form.
Mr. Roosevelt
nor
his
policies give evi-
planning, for increased
as
so-
of industrial and business life,
unfriendly to wealth and large busi-
suspicious
of competition,
and
several
times
intimated,
rather
but
significantly, that what his Administration
very
has been
doing is only
transformation
must
There
should
be
no
happen if he is given
an-
on.
illusions about what will
other term.
beginning, and that the
a
go
The will to power will be further
mag-
convenient
more
than
a
does not greatly alter
season,
The exact terms of the
accord which is said to have been reached
He has
incidentally
more
on
Thurs-
day between Germany and Italy have not been pub-
hostile to
employer influence in labor organization.
inter-
an
Whether Soviet Russia has actually aban-
the underlying situation.
still
supervision
doned its announced intention to give open aid to
the Madrid Government, or has only delayed until
a
is
as a
the form disappear alto-
see
ton of the processes
He
war,
The joint policy of
longer much
no
may
cialization, and for enlarged control from Washing-
nesses,
civil
by dissension, recrimination and
to be
Any day
gether.
having undergone any fundamental change,
He is still for economic
weakened
so
indifference
campaign speeches.
dence of
a
different character
on a
national committee has been set up at London, has
not to be found in Mr. Roosevelt's
are
before long take
non-intervention, for whose
rea-
supposing that the trend will be reversed
its force lessened if Mr. Roosevelt
or
sound
the
a
Congresses have been unable, and apparently have
cared, to offer
As
concerned,
are
bilizing influence in American foreign policy.
authority. The Supreme Court is still free,
the other Federal
relations with
as
principles of the Monroe Doctrine have been
a
with the President the ultimate and
tralization,
controlling
ecutive
go
development of the New Deal shows
and
steady
the defensive regarding it.
on
doubt that the stability and continuity
no
of British foreign policy have been overrated.
lished, but there is small
_
reason
to doubt that Rus-
sian intervention in Spain would be quickly followed
by
open
Italian and German intervention
on
behalf
of the rebels, while the rebels themselves have declared that Russian
resisted.
by
interposition will be forcibly
The first seizure of
Italian cruiser
an
Russian supply ship
a
submarine,
or
or
the first
nified, and individual freedom and constitutional
open
guarantees, in
to aid in the capture of Madrid, might suffice to
any sense
understood
ever
New Deal is
those
in which the country has
terms, will dwindle
as
the
pressed forward to further conquests,
Approaching Tests of American Foreign
.
p0 r
The
civil
to
?
our
in
Spain has developed, while in part due
geographical remoteness and our relatively
small interest of any
kind in Spain, is nevertheless
something at which the country should feel gratiAside from
fied.
cans were
and
be
some
an
few
a
days of strain when Ameri-
being aided in leaving Spanish
anxiety
over
airplane attack
war areas,
what at first appeared to
on
an
American
war
vessel,
the United Stales has been able to stand aside without
fear that
some
civil
a
into
war
Italian bombing planes
a
public war, and
broil Great Britain and France in
a
em-
conflict from
vital
chang® inA the EuroPeaa ^Jftion ™iM
subject the present American neutrality law to
severe
ability of the United States to keep aloof
entanglement in the controversies which the
war
transform
or
which each is anxious to hold aloof.
.
from
dispatch of German
American interest
might
test.
Actually, of
course,
law embodies is not neutrality but commercial
intercourse.
hibits
the
The
not
exportation of
implements of
dent has
law
war
a
the policy which the
only automatically
arms,
non-
pro-
ammunitions and
to any country which the Presi-
proclaimed
as
a
belligerent, but it also
authorizes the President to restrict
or
prohibit the
exportation of whatever he may by proclamation
designate
as
materials of
belligerent to raise
sale of bonds
or
war.
money
It further forbids
a
in this country by the
other securities.
It thus virtually
abandons the rights of neutral trade and freedom of
the
seas
which the United States would enjoy under
_
Volume 143
Financial
international
law, and which it had always claimed
until
war
short-sighted pacifism, ardently denouncing
a
crime, joined forces with political critics
a
as
industry to push through Congress
of the munitions
the present
It is
an
question how long American indus¬
open
try and business could be forced to acquiesce in
restrictions
the law imposes
as
such
in the face of large
opportunities for the sale of American goods or raw
The test of the law in the Italo-
materials abroad.
Ethiopian war was not a serious one, for Italy did
not need the American market and Ethiopia was
practically without funds or credit.
will
supplies are able to buy them on
desire American
find
American
which
terms
producers
its promoters,
of
distributors
embodies
a
high principle
morality in its implied disapproval
of international
of war,
or
Moreover, since the law, in the
satisfactory.
view
The real test
belligerent Powers which need or
when
come
there would seem to be some difficulty in
drawing
broad distinction between trad¬
any very
ing with a foreign State after it has become a bel¬
ligerent and trading with it in aid of its prepara¬
tions for
The large order for airplanes
war.
Great Britain is
which
reported to have placed, or to be
preparing to place, in this country, to supplement
output of its own factories in the program
the
attaining air
parity with Germany, is a case
of
in
The law makes no distinction between an
a defensive war, but restricts or cuts
point.
offensive and
off trade in either case.
What, precisely, one may
Great
and helping it to fight
ask, is the moral difference between helping
Britain to prepare
after
has
war
for war
begun?
Moreover,
what attitude
might an Administration or a Congress be expected
to take toward the completion or delivery of the
order, or any similar foreign order, if com¬
British
pletion
or
delivery had not been accomplished when
broke out?
war
There have been
intimations that the question of
neutrality might figure prominently in the discus¬
of
sions
inter-American conference which is
the
scheduled to meet within
The
Aires.
makes
an
a
neutrality law
few weeks at Buenos
of
the United
a
by
sibility of war among the Latin American States
There are already disquieting rumors
of unstable peace
in the Gran Chaco.
It
seems un¬
Latin America could be induced
accept such a self-denying ordinance as the
that
to
all
United States has
imposed
upon
itself. On the other
hand, a non-intercourse policy on the part of the
United States in a Latin American war in which
Powers were not involved would be use¬
foreign
less
to
as a
peace measure
obtain
supplies abroad, while a policy which
the American
opens
if the belligerents were able
munitions market to Latin
America and closes it to Europe or
Asia raises the
question whether the United States, in such case,
could
The
properly be regarded as a neutral.
breakdown of the Disarmament Conference,
although a foregone
conclusion to most of those
the proceedings, may well
who
watched
have
been, for the United
guise.
tion
prove
to
States, a blessing in dis¬
Any formal agreement regarding the reduc¬
limitation of armaments that conceivably
or
might have , been
reached would have been of no
and influences which
past two years have made
for war. We now
know, moreover, that what could not be done with
land and air armaments cannot be done with the
of
the
With the naval con¬
great Powers.
for¬
Rus¬
sia, Italy and the United States, any agreement
based upon the idea that competitive building can
that are now being pushed
struction programs
ward
energetically by Great Britain, Germany,
)
be avoided has become useless.
practical
question of naval agreement has
The
of the ex¬
piration, on Dec. 31, of the Washington Naval Lim¬
itation Treaty of 1922. It was reported on Oct. 7
that a proposal to renew Article XIX of the treaty,
which prohibits an increase, during the life of the
treaty, in fortifications and naval bases in the
Pacific, had been made by Great Britain to tjie
United States and Japan. The prohibition applies
to a zone extending approximately 2,000 miles from
Japan—a limit which excludes the Hawaiian Is¬
importance at the present time because
lands but includes the
the
Aleutian Islands, Guam and
Secretary Swanson was quoted as
Philippines.
saying that "fortifications must be met with for¬
tifications" and that "one menace must be met with
and the official
been
not
has
opinion of the Department of State
There is no
known.
made
Japan, which has denounced the
that
officially,
menace," but he was not speaking
another
evidence
treaty, de¬
of its island possessions except
which lie close to the Asiatic mainland, and
fortify
sires to
those
any
of pounds
Great
Britain, which has sunk millions
in its
Singapore base only to find that its impor¬
is much less than was expected, is reported
tance
to be averse to
As the
incurring further expense.
United States can do
nothing without further ap¬
until
propriations, the matter will have to rest
time the Washington
treaty will have lapsed, the conference at Buenos
Aires will have met and perhaps adjourned, and
By that
meets.
Congress
undergone more
The time
European situation will have
the
than two months
will then be
of further development.
propitious, if war has not intervened,
question of naval policy
reconsider the whole
to
important issue of neutrality.
and the
The Course of the Bond
a
themselves.
likely
in the
State that
foreign Power, but the danger of
conflict is small in comparison with the pos¬
is attacked
such
States
exception, in the matter of restriction of
exports, in the case of a Latin American
avail in the face of the events
navies
plan of commercial non-intercourse.
2583
Chronicle
declines
moderate
utilities and
but
this week,
and
occurring particularly on Thursday
Lower-grade rails have suffered
Friday.
Market
displayed a reactionary tendency
Bonds have
the greater losses,
industrials have also been lower.
High-
well, the Aaa group closing the week
0.21 since a week ago, while the United States
average of 8 long-term issues declined only
grade bonds held up
at
115.78, up
Government
0.00 point
weeks
crease
Excess reserves of reporting member
Reserve System have continued to
Federal
for five weeks by a
increase
four
110.85.
to
the
in
banks
of this
"other loans" of
in
total of $410,000,000.
the
period
same
During
banks report an in¬
$154,000,000.
High-grade railroad bonds have
although some issues have
continued quite steady,
been off fractionally.
Atchison
% to 114%; Baltimore & Ohio 4s,
1948, were up % at 108%; Union Pacific 4s, 1947, fell % to
114%. Lower-grade rails showed a general reaction, partly
due to the realization that freight surcharges expire on
gen.
4s, 1995, declined
Dec.
31,
to
193G.
Baltimore & Ohio 4%s, 1900,
Erie gen. 4s, 1996, fell 2 to
791/2;
4%s, 2003, at 77 were
down 3%.
Highest-grade utility bonds, typified
3%s,
1966;
New
high ground in the
slightly
Tel. & Tel. 3%s, 1966, advanced to
early part of the week, but receded
in the latter part.
moved within a narrow range
weakness.
by Brooklyn Edison
York & Queens Electric Light & Power
3%s, 1905, and Pacific
new
declined 3%
90% ; Lehigh Valley
Lower-grade issues generally
with a slight tendency toward
National Public Service 5s, 1978, which closed
at
50%,
106%,
at
brought about by struggle for control.
evidently
consisted chiefly of $35,000,000 Pacific Gas &
4%
1966; $9,500,000 Cumberland County Power
Light
Power
of
moderately lower levels.
mount
conversion
stock
with
have
issues
amusement
of
sentative
higher at
were
this
week;
off 1%.
U. 8.
All
Govt.
also registered noticeable advances.
navians
Bonds repre¬
pronounced declines in Peruvian bonds.
and
Bonds
Daily
MOODY'S BOND YIELD
All
Averages
120 Domestic Corporate
120 Domestic
120
by Ratings
Corporate by Groups
Daily
Aa
(REVISED)
1936
120 Domestic
Corporate* by Groups
Aaa
AVERAGES
{Based on Individual Closing Prices)
A
Baa
P.
RR.
U.
Indus.
Averages
30
For-
Domes-
ticCorp.
tic
Corp.*
Also the Nord
Bailway and Paris-Orleans BR. loans declined 4 to 5 points.
(REVISED)
by Ratings
120
Scandi¬
On the down¬
have been fractional losses by Colombians
ward side, there
Inter¬
120 Domestic Corporate *
Domes¬
by the Japanese Government, Polish
by issues guaranteed
(Based on Average Yields)
1936
strong, with gains out¬
The principal advances have been made
bonds and the French Government stamped issues.
Para¬
(stamped), closing % point
MOODY'S BOND PRICES
bonds have been fairly
Foreign
The
purchase privileges.
3s,
(N. J.)
Standard Oil Co.
oils lost ground,
weighing losses.
Non-ferrous metal issues attracted interest,
par.
of the
at
1961, declining % to 99%.
seek
fractions except among
irregular
Agricultural 5s, 1942
national
to
industry have been firm,
fertilizer
the
or
been
1955, at 98
Pictures 6s,
tended
conv.
Most
A firm undertone has beeta noted,
however, declines seldom exceeding
issues
have
bonds
industrial
many
points to close
Tube
3%s, 1966, all for refunding purposes.
Prices
yielding
123%, while Youngstown Sheet &
3%s, 1951, moved down 5% points to 133%.
steels, American Boiling Mill conv. 4%s, 1945,
the
&
3%s, I960, and $56,000,000 Lake Superior District
New financing
Electric 3%s,
A downward trend has been evident among
%.
up
1936
24,
4%s, 1950, reaching a new high to close
Anaconda Copper
strong, a
13%, have been especially active and
up
condition
Oct.
Chronicle
Financial
2584
Baa
Aa
Aim
RR.
P.
Indus.
U.
Oct. 23— 110.85
104.48
115.78
112.05
101.76
91.05
99.31
103.74
110.83
Oct. 23..
3.75
3.18
3.36
3.90
4.55
4.04
3.79
104.48
115.78
111.84
101.76
91.05
99.31
103.56
110.83
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
3.80
5.61
3.42
22— 110.82
eigns
3.42
110.90
104.67
111.84
101.76
91.35
99.48
103.74
111.03
21-
20— 110.97
104.67
115.78
111.84
101.94
91.35
99.83
103.56
110.83
20-
3.74
3.18
3.37
19— 110.97
104.67
115.78
111.84
101.76
91.51
99.83
103.56
110.83
19-
3.74
3.18
3.37
3.90
4.52
4.01
3.80
17— 110.94
104.67
115.78
112.05
101.94
91.51
100.00
103.74
110.83
17-
3.74
3.18
3.36
3.89
4.52
4.00
3.79
3.42
99.83
103.56
110.83
16-
3.74
3.19
3.37
3.89
4.52
4.01
3.80
3.42
21
—
116.00
4.53
3.89
4.01
3.42
110.91
104.67
115.57
111.84
101.94
91.51
15— 110.89
104.48
115.57
111.84
101.94
91.35
99.83
103.56
110.83
15-
3.75
3.19
3.37
3.89
4.53
4.01
3.80
14—
110.85
104.48
115.57
111.64
101.94
91.35
99.83
103.38
110.63
14-
3.75
3.19
3.38
3.89
4.53
4.01
3.81
3.43
13-
110.80
104.67
115.57
111.84
101.94
91.51
99.83
103.56
110.83
13-
3.74
3.19
3.37
3.89
4.52
4.01
3.80
3.42
12- Stock
3 75
10-
3.89
4.52
4.01
3.81
5.64
3.42
3.42
16—
12— Stock
10—
CIoh ed
Exchan ge
1
Excban ge CIo« ed
3.38
3.19
115.57
111(64
101.94
91.51
99.83
103.38
110.83
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
3.42
104.48
110.78
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
3.19
3.40
3.90
4.52
4.01
3.82
3.43
10448
9.. 110.82
8— 110.82
7— 110.80
6— 110.82
104.48
115.57
111.23
101.76
91.51
99.83
103.20
110.63
7-
3.75
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
5— 110.87
104.30
115.57
111.43
101.58
91.20
99.83
103.20
110.43
5-
3.76
3.19
3.39
3.91
4.54
4.01
3.82
3.44
3— 110.86
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
2„
3.77
3.19
3.40
3.92
4.55
4.03
3.82
3.44
1
3.77
3.19
3.41
3.92
4.56
4.04
3.83
5.65
3.45
2— 110.83
104.11
115.57
111.23
101.41
91.05
99.48
103.20
110.43
110.77
104.11
115.57
111.03
101.41
90.90
99.31
103.02
110.24
1
—
—
3.43
5.68
Weekly—
Weekly—
Sept 25— 110.68
103.93
115.78
111.03
101.23
90.59
98.97
103.02
110.24
Sept.25..
3.78
3.18
3.41
3.93
4 58
4.06
3.83
3.45
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
110.43
11..
3.79
3.17
3.41
3.93
4.63
4.10
3.82
3.44
5.67
3.84
3 45
5.70
11
—
4-
111.04
111.03
101.23
98.28
89.84
103.20
5.68
6.68
103.74
103.3*
111.13
110.91
116.00
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
110.43
100.35
88.51
96.94
102.66
109.84
Aug. 28..
3.84
3.20
3.44
3.98
4.72
4.18
3.85
3.47
5.71
5;76
102.84
115.35
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
3.22
3.44
4.00
4.75
4.22
3.85
3.48
5.82
Aug. 28
5.75
7„ 110.42
102.66
114.93
110.43
100.00
88.07
96.28
102.66
109.64
7„
3.85
110.13
July 31
24- 109.92
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
5.75
102.12
114.72
109.84
99.48
87.49
95.29
102.48
109.05
24„
3.88
3.23
3.47
4.03
4.79
4.28
3.86
3.51
5.75
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
5.77
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
5.82
3.49
4.08
4.91
4.36
3.88
3.54
5.80
—
101.23
109.88
114.93
109.44
98.62
85.79
94.01
102.12
108.46
3—
3.93
101.06
3„ 110.04
June 26—
3.22
114.30
109.05
98.45
86.07
94.17
101.58
108.27
June 26..
3.94
3.25
3.51
4.09
4.89
4.35
3.91
3.55
3.94
3.25
3.52
4.08
4.89
4.33
3.91
3.56
5.85
3.77
19— 109.93
101.06
114.30
108.85
98.62
86.07
94.49
101.58
108.08
19..
12- 110.01
101.23
114.72
109.05
98.45
86.36
94.33
108.66
12..
3.93
3.23
3.51
4.09
4.87
4.34
3.91
3.53
5.95
3.95
3.25
3.52
4.10
4.92
4.38
3.93
3.54
6.06
4.37
5- 109.99
100.88
114.30
108.85
98.28
85.65
93.69
101-58
101.23
108.46
5„
May 29.. 110.01
101.06
114.51
109.05
98.45
85.65
93.85
101.58
108.46
May 29..
3.94
3.24
4.09
4.92
3.91
3.54
5.91
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
3.54
5.92
3.52
4.09
4.92
4.38
3.94
3.54
22..
110.20
3.51
5.89
15.. 109.98
100.88
113.68
108.85
98.45
85.65
93.69
101.06
108.46
15..
3.95
3.28
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
5.84
1
4.01
3.31
3.57
4.13
5.02
4.46
3.99
3.59
5.96
3.30
3.58
4.13
4.96
4.43
3.98
3.57
5.86
109.69
99.83
113.07
107.88
97.78
84.28
92.43
100.18
107.49
Apr. 24.. 109.80
100.18
113.27
107.69
97.78
85.10
92.90
100.35
107.88
Apr. 24..
3.99
17.. 109.96
100.53
113.48
107.88
98.11
86.07
93.85
100.53
108.08
17..
3.97
4.37
3.97
3.56
5.83
9- 109.75
100.88
113.68
108.08
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
5.83
98.11
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
4.90
4.36
3.98
3.57
5.85
5.80
1
,
'
—
3— 109.64
100.70
113.89
108.08
—
4.89
4.11
3.57
3.29
5.83
Mar.27— 109.66
100.53
113.48
107.88
98.11
85.93
94.01
100.35
107.88
Mar.27__
3.97
3.29
3.57
4.11
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
3.31
3.55
4111
4.91
4.36
3.99
3.56
5.94
13„ 109.11
100.53
113.07
108.27
98.11
85.79
94.01
100.18
108.08
13-
3.97
6.. 109.46
101.41
113.48
108.66
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
5.87
98.80
3.93
3.31
3.54
4.09
4.78
4.27
3.97
3.58
6.03
113.07
108.46
107.69
Feb. 28..
108.95
101.41
113.07
108.27
88.22
95.95
100.35
108.08
21-
3.92
3.31
3.55
4.09
4.74
4.24
3.98
3.56
5.92
98.45
14.. 108.48
101.06
113.07
108.08
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
6.07
97.95
4.84
4.35
3.98
3.57
6.10
Feb. 28.. 109.03
21
—
101.23
98.45
95.46
87.64
100.53
100.53
112.86
108.08
97.45
86.78
94.17
100.35
7-
3.97
3.32
3.56
4.15
108.03
100.00
112.25" 107.88
85.93
93.06
100.18
107.49
31..
4.00
3.35
-3.57
4.18
4.90
4.42
3.59
6.13
96.94
24.. 107.89
100.00
112.25
107.88
85.93
93.06
100.00
107.88
24„
4.00
3.35
3.57
4.16
4.90
4.42
4.00
3.57
6.11
97.28
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
99.14
107.11-
10-
4.06
—3.38
-3.59
4.23
5.05^
4.54
4.05
J3.61
6.26
7.. 108.21
31
Jan.
_.
10— 108.02
T18.97
111.64
107.49
3.. 107.94
97.95
111.03
Hlgh 1936 111.13
104.67
116.21
1936 107.77
97.61
High 1935 109.20
97.45
Low
Low
1935 105.66
6.17
106.92
95.13
82.40
89.84
98.80
105.98
3-
4.12
3.41
3.62
4.29
5.16
4.63
4.07
3.67
6.23
112.05
101.94
91.51
100.00
103.74
111.03
Low
1936
3.74
3.16
3.36
3.89
4.52
4.00
3.79
3.41
5.61
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
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
5.78
High 1935
4.75
3.80
4.25
4.83
6.40
5.37
5.13
4.35
6.97
4.33
3.51
3.81
4.47
5.51
4.96
4.21
3.80
6.52
4.88
3.87
4.32
4.97
6.36
4.92
5.28
4.44
6.76
103.56
95.78
86.92
68.17
79.70
82.79
94.17
92.90
109.05
103.38
92.28
85.10
77.96
96.44
103.56
86.21
102.30
94.65
84.96
68.57
85.65
80.84
92.75
6.31
*
Yr. Ago
Oct.23 *35
2
Yrs.Ago
Oct.23 '34 104.71
3.99
83.87
1
Oct.25'35 107.53
—
96.11
1 Yr. Ago
2
Jan.
110.83
88.07
91.20
107.88
Yrs.Ago
Oct.23 *34
*
'
These prices are computed from average yields on the basis of one "typical
Don a (%y0 coupon, maiurujg ui ou yemei »uu uuu«i yu.^
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 mo
yield averages, the latter being the truer picture of the bond market.
BOOK
1914 to 1923, the pre-war
100, was changed in 1930 from
REVIEW
price level having become somewhat antiquated as a
Cost of
Living in the United States, 1914-1936
of
ard
lations,
By M. Ada Beney.
trial
99
Neio York: National Indus¬
pages.
Conference Board, Inc.
The first estimate of changes in
by
the National
$2.50.
living costs
wage
gas
rates
of carfare,
In
the
inquiry
November,
was
1918,
covering
a
more
the
period
systematic
since
July,
collection
of
1914.
data
undertaken, and the investigation has "continued to the
time.
present
types
of
involves,
study
Miss
Beney's volume describes the various
and problems which
the methods
used
a
scope
in
Some
cost.
of
the
A
summary
of
was
characterized by
the past three years
of the index
(the
base period,
equaling
and
are
based
seasonal variations in
also
findings points
the
obtaining its
informing discussion and
expenditure,
of
presented
graphically
out
that
"while the
period from the latter part of 1929 to the spring of 1933
in
especially
living,
results
by the Board
particular organization
items
in two charts.
quent
It thus
of
cost
investigation
explanation of methods of measuring the cost of living, the
and
changes
sundry
the purchasing value of the dollar
an
well equipped for the purpose, an
nature
and
such
figures, and the results which the inquiry shows.
offers, in the work of
on
rents of
living by major items,
electricity,
coal,
June,
of
earners' dwellings, retail prices or costs of clothing,
of
as
1918, for the employer members of the National War Labor
Board,
of cost
prepared
was
Industrial Conference Board
for various groups of
14 tables, cover,
in
set out
indexes
cities,
stand¬
The tabu¬
and the tabulated results.
comparison),
reduction
upward trend.
in
below the
18.7%,
so
of
1929
level,
but
that by June, 1936, it
1929 level.
.
the
a conse¬
In April, 1933, the cost of living had fallen
28.4%
terms
rapidly declining prices with
living costs of wage earners, during
the cost of living has been on a definite
.
.
cost
The
of
since
was
then
purchasing value of
living
it
only 15.0%
117.5c.
in
has
risen
below the
the
dollar in
1936,
compared with 139.5c. in April, 1933, and 99.9c. in 1929."
was
June,
as
Volume
Financial
143
Earnings of United States Railroads for
Gross and Net
Progress
substantial scale again can be
on a very
respect to the gross and net earnings
recorded with
of the railroads of the
Our comprehensive
country.
covering the month of August shows that
tabulation
these carriers
are
experiencing belatedly, but effec-
tively, the upturn in general business
has been
now
for
conditions that
proceeding almost without interruption
Results throughout the cur-
nearly two years.
have been satisfactory, and if the present
continues the effects will be highly beneficial
rent year
trend
The railroads now are
in all walks of economic life.
beginning to effect some of the repirs, improvements
and additions to rolling stock that were postponed
during the early years of the depression.
also
roads
There are
signs that the more prosperous of the
two
one or
contemplating changes in capital istruc-
are
tures, along lines indicated by the desperate
tions of recent years.
condi-
These indications are encour-
aging, but it must be remembered that a large part
of the railroad
mileage of the country remains under
the shadow of
reorganization proceedings.
and
continued, it will
sound
and
probably take months
to reestablish the railroads
years
Even if
improvement in earnings is maintained
the current
on
a
genuinely
general basis.
With
and every
each
district and region of the
participating in the improvement,
country
gross
earnings of the railroads during August amounted
to
an
$350,084,172, against $293,578,257 in August, 1935,
increase of
penses
$56,505,915, or 19.25%.
Operating
ex-
necessarily increased, as well, but the capable
managers
of the railroads were able to keep such adIndeed, the ratio of
ditional costs within reason.
operating
in
expenses
to gross earnings fell to 70.22%
August, from 75.25% in the same month of 1935.
earnings before taxes thus increased to $104,-
Net
272,144 from $72,650,775, a gain of $31,621,369, or
These results, which are subjoined in tab-
43.53%.
form, are the more impressive because they in-
ular
dude
beginning of a crop season that was af-
the
fected
deleteriously by the great drought that laid
huge sections of our Western farm area.
waste
order of importance. According to the statistics
| compiled by the Bureau of the Census, there was not
only a large increase in the output of motor vehicles
as compared with August last year, but production
was the largest for the month since August, 1929. The
Bureau reports that no less than 271,291 automobiles
were turned out in August the present year as against
only 237,400 cars in August 1935, and only 234,811
cars
in August 1934. In the five years
Operating expenses
__
Ratio of exps. to earnings...
8350,084,172
245,812,028
$72,6.50,775
Through the
of American Railroads, announcement
on
Oct. 1 that the carriers will endeavor to
hold the increased revenues
cess,
permit continuance of
surcharges after Dec. 31.
Association
tional
43.53%
maintaining freight revenues, despite
the refusal of the I. C. C. to
made
11.26%
+ $31,621,369
75.25%
70.22%
0.48%
19.25%
+24,884,546
—5.03%
pressing problems now facing the rail-
roads is that of
was
+ $56,505,915
$293,578,257
220,927,482
$104,272,144
Net earnings
—1,146%
237,831
236,685
Gross earnings
emergency
(—)
by adjustments of the Na-
This is a costly pro-
freight rate structure.
but it is far preferable to relinquishment of the
Studies now are beview, and it ,is hoped
the approval of the I. C. C. can be obtained.**T)n the
matter of passenger revenues, the roads now feel far
struggle for adequate returns.
ing conducted with this end in
more
a
comfortable than before the general rate of 2c.
mile became effective throughout
increase of
the East,
as an
traveling appears to have offset the re-
duction of the basic fare.
matters, however, is the
Overshadowing all such
general business improve-
ment, to which we now direct
direct influence on rail
attention because of its
earnings.
preceding 1934
vehicles was as follows:
232,855 cars in 1933; 90,325 cars in 1932; 187,497 cars
in 1931; 224,368 cars in 1930, and no less than 498,628 cars in August 1929. Very gratifying improvement was shown likewise in the iron and steel industries, the output in each case having been the largest
recorded for August since 1929. The "Iron Age" reports that production of pig iron in the United States
in August 1936 aggregated 2,711,721 gross tons as
compared with only 1,761,286 gross tons in August
last year; 1,054,382 gross tons in August 1934; 1,833,394 gross tons in August 1933; 530,576 gross tons in
August 1932; 1,280,526 gross tons in August 1931,
and 2,523,921 gross tons in August 1930. Back in
August 1929, however, the output had reached no less
than 3,755,680 gross tons. In the case of steel, aecording to the figures compiled by the American Iron
and Steel Institute, the production of steel ingots in
the United States during August the present year
aggregated 4,195,130 gross tons as compared with
only 2,915,930 gross tons in August 1935 (an increase
of 44%), and only 1,381,350 gross tons in August
1934. Comparisons with preceding years, back to
and including August 1929, are: 2,863,569 gross tons
in August 1933; 846,730 gross tons in August 1932;
1,716,829 gross tons in 1931; $3,060,763 gross tons in
August 1930, and no less than 4,939,086 gross tons
in August 1929.
In the case of another basic industry—the mining
of coal—wcP&id that both the bituminous and an¬
the August output of motor
than in August
Mines re¬
ports that the quantity of bituminous coal mined in
August the present year reached 32,818,000 net tons
as compared with only 26,164,000 net tons in August
a
Mileage of 139 roads..
One of the
Inc. (+) or Dec.
1935
1936
of August
the Month of August
In taking, as is our practice, the leading trade indices as the measure of business activity, one naturally turns to the automobile industry as first in the
thracite
Month
2585
Chronicle
output was very much larger
year ago.
The United States Bureau of
1935 and 27,452,000 net tons in August 1934, but comparing with 33,910,000 net tons in August 1933. Going further back, the comparisons for August are:
22,489,000 net tons in August 1932; 30,534,000 net
tons in August 1931; 35,661,000 net tons in August
1930, and no less than 44,695,000 net tons in August
1929. In th^ case of Pennsylvania anthracite, the
quantity mined in August the current year aggregated 3,235,000 net tons in August 1936 as against
but 2,591,000 net tons in August 1935, but in
1934 the output reached 3,584,000 net tons; in August
1933, 4,396,000 net tons; in August 1932, 3,465,000
net tons; in August 1931, 4,314,000 net tons, and in
August 1930 and 1929, respectively, as much as
6,081,000 and* 5,735,000 net tons,
It happened, also, that the building industry,
to which we now turn, showed very marked improvement as compared with August a year ago
and all other previous years back to and in¬
eluding August 1931.
The F. W. Dodge Corp.
2586
Financial
that
reports
the
37
construction
States
the
during August the present
outlay of $275,281,400
in
August
Rocky
in
Mountains
involved
year
a money
against only $168,557,200
as
$119,591,800
1935;
awarded
contracts
of
east
in
August
Chronicle
1934;
Oct.
In all the
foregoing
hibits in
as a
whole.
In
1932, and $233,106,100 in August 1931, but
of
$488,882,400 in August 1929.
less than
no
This large increase in
the
building trade
ber
industry with which it is
naturally reflected in the lum¬
was
closely allied.
so
Ac¬
our
in either
vents
case
average
of lumber in the four weeks ended
Aug. 29, 1936
compared with only 902,622,000 feet in the
weeks of
1935,
last year,
alike,
as
against 806,622,000 feet,
hand, there
substantial
for
082 increase in
a year
ago,
the month in
which
some
With the
The present
much
very
same
exception of
was
the largest on
was
years.
contributed to the
case
larger
period of 1933
corn
greatly in
and barley,
excess
all the different cereals in greater
or
of last
less degree
shortage, this being particularly
of wheat.
We deal in detail with the
Western grain movement
in
in
separate paragraph
a
reporting
521
earnings and
of the
an
gregated only 103,470,000 bushels
000 bushels in the
against 111,616,-
as
five weeks of
same
1935, but
paring with only 97,703,000 bushels in the
com¬
same
pe¬
period of
same
1933 and
95,868,000 bushels in the same five weeks of
1932.
Going further back, however, comparison is
with receipts of
96,924,000 bushels in the similar five
weeks of 1931 and with
no
less than
171,520,000 and
199,656,000 bushels, respectively, in the correspond¬
ing periods of 1930 and 1929.
is, however, when
ing the loading of
of the
turn to the statistics show¬
we
revenue
freight
all the railroads
on
country that the composite result of all that
has been said above is most
clearly manifested. Dur¬
ing the five weeks of August the present year, accord¬
ing to the figures compiled by the Car Service Divi¬
sion of the American Railroad
ber of
cars
loaded with
Association, the
revenue
freight
roads of the United States
aggregated
(the largest number recorded for
1931)
as
weeks of
of
against only 3,098,001
1935; 3,072,864
1934; 3,204,919
and
cars
in the
cars
cars
same
num¬
the rail¬
3,701,056
the
in the
on
month
in the
same
cars
since
same
five
five weeks
five weeks of 1933
increase of
a
2,624,806
loaded
gain in
in the
cars
with
August 1931
we
revenue
was
same
five weeks
of
find that the number of
1932.
cars
freight in the five weeks
3,747,284
;
in the
same
of
period of
1930, 4,671,829, and in the five weeks of August 1929,
no less than
5,600,706 cars.
gain of $5,-
of $1,522,702, reports
gross
$1,532,261 in
the Baltimore &
net;
Ohio, with $2,434,837, increase in
gross, has $1,249,218 gain in net; the Southern Pacific, report¬
ing $2,891,228 increase in gross, (shows $1,184,001 increase in
has added
In the
subjoined table
for the
excess
net, and the Norfolk & Western, which
$1,629,679 to
gross
we
and $1,008,634 to net.
bring together all changes
separate roads and systems for amounts in
of
$100,000, whether increases
and in both gross
decreases,
or
and net:
PRINCIPAL CHANGES IN GROSS EARNINGS
OF AUGUST 1936
FORITHE MONTH
Increase
Incvccisc
Pennsylvania..
$7,723,190
St.
New
a5.018,036
Chicago Great Western.
Kansas City Southern._
York
Central
Baltimore &
roads)
Ohio..
Union Pacific
Norfolk & Western.
Chic. Milw. St. P. & Pac.
2,891,228
2,434,837
2,238,615
1,957,532
1,662,887
1,629,679
1,522,702
Chicago & North Western
1,463,286
Louisville & Nashville1,461,728
Southern.
1,351,773
Illinois Central
1,322,133
Missouri Pacific
1,312,529
Reading..
1,153,998
Great Northern
1,044,541
Erie (2 roads)
1,039,193
Duluth Missabe & Nor.
1,030,837
...
_____
Northern Pacific
Lehigh -Valley
Chic. Rock Is. & P (2rds)
N. Y. Chic. & St. Louis.
Chicago Burlington
N. Y. N. H.& HartfordBessemer & Lake Erie.Del.
Lack. & Western..
Minn. St. P. & S. S. M.
Denver & Rio Gr West..
St. L. San Fran. (3 roads)
Texas & Pacific
Pittsburgh & Lake Erie.
Seaboard Air Line
Chic. St. P. Minn & Om.
Louis Southwestern.
Atlantic Coast Line
Wabash
Wheeling & Lake Erie..
Elgin Joliet & Eastern._
Cin. N. O. & Tex. Pac._
Long Island
Nash. Chatt. & St. Louis
Delaware & Hudson
Boston & Maine
Yazoo & Mississippi Val.
Missouri-Kansas-Texas
Pere Marquette
.
W;estern Pacific.
Central of New Jersey..
895,213
893,150
Chicago & East Illinois.
Chic. Ind. & Louisville
Penn. Read. Seash. Lines
Alton.
852,034
Virginian
820,316
643,275
621,882
560,660
551,423
536,359
Mobile & Ohio
915,739
......
468,499
463,761
405,433
399,729
389,626
Colo. & South.
(2 roads)
Grand
Trunk Western
Central of Georgia
337,808
332,347
326,873
299,148
296,913
284,448
283,127
281,130
256,290
219,676
208,845
208,495
188,043
187,281
185,345
172.221
148,849
148,798
143,448
131,972
126,972
W?estern
Maryland
Minneapolis & St. Louis.
Gulf Mobile & Northern.
Alabama Great Southern
Clinchfield
__i,
itTotal (69 roads)
$377,067
363,573
356,593
351,391
126,613
126,504
126,488
117,439
111,368
103,784
__$54,199,130
a These
figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis. Michigan Central,
Cincinnati
Northern
and
Evansville
Indianapolis
cluding Pittsburgh & Lake Erie, the result is
an
&
Terre
Haute.
In¬
increase of $5,423,469.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
AUGUST
1936
Increase
Pennsylvania
Increase
$3,583,082
New York Central
a2,055,392
Chesapeake & Ohio
1,618,521
Chic. Mil. St. P. & Pac.
1,532,261
Baltimore & Ohio
1,249,218
Southern Pacific (2roads)
1,184,001
Norfolk & Western
1,008,634
Lehigh Valley
923,145
Chicago & North Western
906,055
Atlantic Coast Line.
Chic. St. P. Minn. & Om.
N. Y. N. H. & HartfordBoston & Maine
St. L. San Fran. (3 roads)
Duluth Missabe & Nor..
Erie (2 roads)
Nash. Cbatt. & St. Louis
W abash
Southern
Missouri Pacific
Louisville & Nashville.
Atch. Toneka & Santa Fe
_
Illinois
Central
Reading
Going further back
a
increase of $2,184,-
net); the Chesapeake & Ohio,
_
1934, 71,648,000 bushels in the
an
gain of $2,238,515 in
say
It
lines; including the
gross, shows $1,618,gain in net; the Chicago Milwaukee St. Paul &
a
Southern Pacific (2
1936, the receipts of the five items, wheat, corn, oats,
barley and rye, at the Western primary markets ag¬
both
only the operations of the
cover
New York Central and its leased
Chesapeake & Ohio
Atchison Topeka & S. Fe
along in this article, and therefore need only
here that for the five weeks ended August 29,
in
shows $2,055,392 increase
gross,
net;'(these figures
further
riod of
list
the
net; the New York Central, with $5,-
018,036 increase in
Pacific, showing
compared with the August
as
the movement of which
true in the
gain
at that—in the grain traffic
one
August 1934 and in the
and 1932.
or a
1,-
falling off—and
was a
year's movement, however, was
than in
were
the corresponding period of 1935.
grain movement
year,
RR., which heads
to
The
respects, reports $7,723,190 gain in gross and $3,583,-
case
over
record
ourselves
few of the most conspicuous.
a
463 in the
7%, while orders received
loss
and net
gross
confine
gross
Western roads
over
shall
423,469 in
On the other
a
we
four weeks of 1936 reached 914,562,-
same
increase of
27%
so
Pittsburgh & Lake Erie, the result is
same
022,260,000 feet,
quite
14% above the lumber production
or
a
Lack of space pre¬
against only 857,018,000 feet in August 1935,
000 feet
of
four
same
single road reporting
period of 1934. Shipments of lumber
during the
an
as
and 56% above the record of comparable
mills in the
or
of
and net earnings in excess
a
above that amount.
Pennsylvania
an
cut of 1,024,507,000 feet
a
ex¬
showing for the roads
showing increases in both
earnings
Lumber Manufacturers
Association,
now
naming separately (with their increases)
our
the roads
mentioning
reported
Turning
compilations giving the increases
in gross
$100,000 there is not
cording to the statistics compiled by the National
559 identical mills
with the
consonance
and decreases
ing with $346,643,000 in August 1930 and
collectively.
separate roads and systems we find the
$105,988,900 in August 1933; $133,988,100 in August
compar¬
have been dealing with the
we
railroads of the country
to the
1936
24,
Del. Lack. & Western
Great Northern
Bessemer & Lake Erie..
N. Y. Chic. & St. Louis.
Minn. St. P. & S. S. M.
Northern Pacific
Union Pacific
Delaware & Hudson
890,770
879,966
842,293
$329,562
304,634
297,967
Seaboard Air Line
Long Island
Chicago Great Western.
Chic. Rock Is. & P.(2rds)
293,737
288,739
270,919
257,641
250,115
Kansas City Southern
Wheeling & Lake Erie—
245,153
221,176
219,457
208,118
196,527
Texas & Pacific.
188,846
__
821,173
806,332
778,673
746,980
711,581
587,564
568,921
531,140
Chic. Burlington & Quin.
Yazoo & Mississippi Val.
513.305
Pittsburgh & Laae Erie.
513,080
Florida East Coast
498,587
446,452
339,824
Ricbm. Fred. & Potomac
Missouri-Kansas-Texas
.
Cin. N. O. & Tex. Pac
Penn. Read. S. S. Lines.
_
St. Louis Southernwest'n
Total
(63
oads).
186,242
183,250
164,184
160,821
157,245
151,170
129,071
123,629
105,835
$29,470,988
a These
figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati
Northern and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $2,184,463.
Volume
When
the roads
1929.
arranged in groups or geo¬
are
ley
graphical divisions, according to their location, as is
sults shown
strikingly brought out,
very
volume of corn and bar¬
much larger
year—18,respectively,
with only 6,994,000 bushels and 7,998,respectively, in August last year—the
bushels,
1199336556
districts-—the Eastern district, the South¬
receipts of the other cereals, especially wheat, were
district and the Western district—as well as all
of wheat
with 62,614,000 bushels; of oats, but 21,343,000 bushels
against 31,151,000 bushels, and of rye, 2,665,000 bush¬
els as compared with 2,859,000.
The details of the
Western grain movement in our usual form, are set
three great
ern
the various
out
a
As
Our
summary
by groups is
previously explained, we
group
the
roads to conform to the classification of the InterState Commerce Commission.
different groups
greatly reduced scale. * The receipts
only 41,827,000 bushels as compared
on
regions comprising these districts, with¬
earnings alike.
below.
a
were
single exception, report increases in both gross
and net
as
000
it is found that all the
as
a
moved during August the present
compared
as
compared with August last year is
as
While
was
648,000 bushels and 18,987,000 bushels,
custom, the gratifying improvement in the re¬
our
2587
Chronicle
Financial
143
1199335665-
out in the table we now
The boundaries of the
and regions are indicated in the foot¬
note to the table:
present:
WESTERN FLOUR AND
GRAIN RECEIPTS
5 Wks. End.
Flour
Wheat
Corn
Oats
Barley
Rye
Aug. 29
Wis.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
.
1,172,000
4,833,000
7,111,000
2,054,000
951,000
6,002,000
6,877,000
6,393,000
.
256,000
785,000
1,211,000
851,000
7,467,000
344,000 12,203,000
8,381,000
5,108,000
986,000
1,028,000
918,000
1,871,000
2,081,000
559,000
258,000
135,000
Chicago—
SUMMARY BY GROUPS
1936
-Gross Earnings
District and
Region
Month of August—
1935
1936
8
8
Eastern District—
Inc.
♦
■*,
■
( + ) or Dec. (
$
%
)
11,738,330
53,370,527
+ 10,182,440
19.08/
59,149,776
+ 13,847,659
23.41
149,442,441
124,258,633
+25,183,808
20.27
40,348,610
22,228,141
33,576,052
18,134,507
+ 6,772,558
20.17
+ 4,093,634
22.57
62,676,751
(10 roads)
Great Lakes region (24 roads)
Central Eastern region (18 roads)
1,924,000
Minneapolis—
9.83
+ 1,153,709
12,892,039
63,552,967
72,997,435
51,710,559
+10,866,192
21.01
New England region
•
8,625,000
8,564,000
Duluth—
Pocahontas region
(4 roads)——
—
161,000
1,000,000
1,358,00
1,414,000
828,000
452,000
137,000
4,841,000
883,000
1,290,000
36,000
17,000
2,564,000
5,797,000
309,000
1,159,000
418,000
39,000
31,000
38,000
16,000
1936
456,000
60,000
236,000
3,000
239,000
164,000
193,000
144,000
183,000
1935—.—
4,807,000
4,312,000
1,757,000
4,660,000
1,000
108,000
123,000
2,708,000
5,578,000
1,768,000
1,194,000
729,000
659,000
290,000
44,000
42,000
37,000
214,000
178,000
610,000
2,106,000
260,000
426,000
940,000
955,000
367,000
245,000
174,000
172,000
1936
89,000
9,175,000
1,413,000
560,000
65,000 17,498,000
672,000
1,378,000
751,000
1,322,000
222,000
95,000
349,000
534,000
2,715,000
Milwaukee—
Southern District—
Southern region (28 roads)
1,896,000
1935
__
Total (52 roads)
19356.-
99,000
74,000
1935—.
£ Toledo—
1936
Total (32 roads)
1935—
Western District—
Northwestern region (15 roads)___
64,580,388
Southwestern region (24 roads)
39,017,545
55,918,236
22,673,284
46,670,158
Central Western region (16 roads).
26,814,434
+ 7,652,613
19.61
+8,662,152
+4,141,150
15.49
18.26
138,064,980
District and
117,609,065
+20,455,915
17.39
350,084,172
Total (55 roads)
Total all districts (139 roads)
293,578,257
+ 56,505,915
19.25
Get
Region
Aug.
Mileage-
-
s
8
1935
1936
Eastern District—
s
(
)
16,656,781
23,324,151
58,552
58,929
43,358,929
29,501,867 + 13,857,062
38,870
Pocahontas region..
6,010
39,197
6,014
10,133,733
10,933,025
5,983,455 +4,150,278
8,114,305 +2,818,720
69.36
44,880
45,211
21,066,758
14,097,760 +6,968,998
1935--.
49.43
57.06
57.32
Kansas City-
43.18
St. Joseph—
1936
Southern District—
Southern
region
Total
„
34.74
Wichita—
2,000"
7,000
20,000
213,000
362,000
223,000
37,000
239,000
32,000
Sioux City—
30,257
46,439
56,897
30,355
15,823,794
16,950,531
7,072,132
10,074,896 +5,748,898
14,283,490 +2,667,041
4,692,762 +2,379,370
......133,253
133,691
39,846,457
29,051,148 + 10,795,309
37.16
237,831 104,272,144
72,650,775 + 31,621,369
1936—.
50.70
43.53
46,146
Central West'nregion 56,850
Southwestern region.
1,843,000
2,668,000
1935
Western District—
Northwestern region.
470,000
1936—
46.97
Total
602,000
Perioa—
%
28.71
25,027
3,377,997
3,956,000
Louis—
1936
1935—
Inc. (+) or Dec.
2,624,427
+753,570
10,587,854 +6,068,927
16,289,586 +7,034,565
7,110
26,792
7,050
Great Lakes region.. 26,623
Central East'n region 24,879
New England region.
9,976,000
1935—
St
Earnings
1935
1936
94,000
Indianapolis & Omaha—
1936
Month of
33,000
Detroit—
18.07
1935
55,000
161,000
320,000
26,000
21,343,000 18,987,000
31,151,000 7,998,000
2,665,000
2,859,000
295,000
Total all—
Total
1936—.
Commerce
1935—
'
Region—Comprises the section on
New England and the
Va., and a line thence to the southwestern corner
River to its mouth.
f
of Maryland and by the Potomac
*
of the Mississippi River and south
and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Region—Comprises the section north of the southern boundary of
Southern Region—Comprises the section east
of the Ohio River to a point near Kenova, W. Va.,
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va..
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its
DISTRICT
section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
Pacific.
Southwestern Region—Comprises the section
south of St. Louis and a line from St. Louis to
and by the Rio
7,915,000 19,522,000 26,287,000
1,756,000 13,949,000 10,298,000
4,510,000
1,540,000
Minneapolis—
32,785,000
23,845,000
1936
Duluth—
7,135,000
6,707,000
2,392,000
50,000
3,122,000
2,173,000
4,564,000
1,226,000
2,438,000
490,000
556,000
3,232,000
2,367,000
4,923,000
3,787,000
801,000
582,000
1,641,000
16,113,000
7,352,000
321,000
51,000
9,385,000
8,595,000
2,445,000
772,000
4,915,000
2.721,000
244,000
115,000
243,000
28,000
1,253,000
746,000
166,000
705,000
976,000
576,000
138,000
526,000
676,000
328,000
22,278,000 30,538,000
34,000 16,284,000 11,344,000
9,790,000
7,431,000
20,000
486,000
3,942,000 14,593,000 15,184,000
7,270,000
4,004,000 10,237,000
6,668,000
3,901,000
1,707,000
777,000
500,000
110,000
2,239,000 14,760,000
837,000
8,788,000
1,989,000
1,384,000
2,509,000
1,987,000
1,493,000
1.413,000
511,000 52.141.000 13 895,000
472,000 31,876,000 12,975,000
2.154,000
2,605,000
1,173,000
1,860,000
1,338,000
12,188,000
142,000
102,000
9,950,000
101,000
85,000
1,098,000
1,663,000
421,000
912,000
455,000
454,000
Milwaukee—
Toledo—
~
t
1936
-
Detroit—
:
1936
—
1935
1936-
Northwestern Region—Comprises the
to the
Rye
(Bush.)
—
—
Indianapolis & Omaha—
mouth.
WESTERN
Barley
(Bush.)
3,812,000
3,184,000
1935—.
DISTRICT
SOUTHERN
Oats
(Bush.)
6,923,000 18,992,000 41,472,000 18,207,000 10,183,000
4,172,000
5,850,000 12,492,000 15,326,000 11,252,000
1936
Region—Comprises the New England States.
the Canadian boundary between
westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W.
Lakes
Corn
(Bush.)
Chicago—
EASTERN DISTRICT
New England
Wheat
(Bush.)
Flour
Wis.)
Aug. 31
and regions:
Great
—
8 Mos. End.
roads conforms to the classification of the Interstate
Commission, and the following indicates the confines of the different
NOTE—Our grouping of the
groups
2,176,000 41,827,000 18,648,000
1,738,000 62,614,000
6,994,000
—
1935—.
Total all districts...236,685
'ying between the Mississippi River
Kansas City and thence to El Paso,
Grande to the Gulf of Mexico.
-.
—
1935
-
St. Louis—
1936—.
..
1935—
-
864,000
Peoria—
1,322,000
1,265,000
1936
Kansas City—
1935
2,586,000
St. Joseph—
The Western
grain movement in August the pres¬
ent year, as we
have already indicated, fell consider¬
1936-
—
1935
-
9136
ably below that of a year ago, the receipts
Western
at the
primary markets of wheat, corn, oats, bar¬
1935—...
of 1935.
the
However, in the same five weeks of 1934
receipts
were
only 97,703,000 bushels; in the same
period of 1933 only 71,648,000 bushels, and in the sim¬
ilar
period of 1932, but 95,868,000 bushels. Going still
further
in the
back, comparison is with 96,924,000 bushels
same
five weeks of 1931; with
els in the similar
171,520,000 bush¬
period of 1930, and with no less than
199,656,000 bushels in the corresponding period of
—
-.
—
2,000
144,000
27,000
377,000
323,000
Total all—
1936
1935
111,616,000 bushels in the corresponding five weeks
2.565,000
Sioux City—
1935-
ley and rye combined having reached only 103,470,000 bushels in the five weeks ended Aug. 29 as against
4,435,000
Wichita—
13,254,000 181754,000 138100,000
12.207.000 127413.000 63,935,000
On the other
70,778,000 62,960,000 14,901,000
49,009,600 26,946,000 7,659,000
hand, Western roads (taking
collectively) had the advantage of a larger
movement than in
them
livestock
August 1935. At Chicago
the re¬
carloads in August the pres¬
ent year as against only 6,618 carloads in August a
year ago; at Omaha they were 2,911 carloads against
2,792 cars, but at Kansas City they reached only 4,ceipts comprised 9,301
312
carloads, against 4,880 cars.
As
though
on a
greatly increased scale so far as the over¬
reflected in diminished traffic and railroad
shrinkage in traffic and in revenues was
naturally of striking proportions in contrast with the year
preceding (1923), which had been marked by an extraordi¬
narily heavy traffic and exceptionally good results.
The
year 1923 was a period of very great trade activity, and
many of the trunk lines in the manufacturing districts of
the country then recorded
the largest traffic and gross
revenues in their entire history.
As a result, the August
(the largest for the month in all recent years)
bales
compared with 29,204 bales in August 1935; 36,624
August 1934; 27,307 bales in August 1933;
bales in
was
course,
The
earnings.
1936 aggregated 37,360
overland in August
cotton
outcome
Gross shipments of
ceipts at the Southern outports.
experienced in the summer of that year pending the
of the
Presidential election, a slump which, of
ness
last year in the case of the re¬
below that of August
as
August 1926.
shipments of the staple are concerned, fell far
land
1936
24,
$23,857,842 gain in gross and $12,989,753 gain in net in
In both gross and net, therefore, the 1926
results were the best on record for the month of August.
The setback in 1924 was due to the great slump in busi¬
South, this,
in the
movement
the cotton
to
Oct.
Chronicle
Financial
2588
13,078 bales in August 1932; 18,099 bales in 1931;
24,146 bales in August 1930, and 22,527 bales in Au¬
outports fell to 380,681 bales in August the pres¬
gains of considerable mag¬
and net alike—the addition to the gross earn¬
ings then having been no less than $90,181,967, or 19.06%,
and the addition to the net $49,897,384, or 57.59%.
The
ern
against 424,424 bales in August 1935, but
magnitude of the improvement then followed in part because
1923 compilations were noted for
nitude in gross
On the other hand, receipts at the South¬
gust 1929.
ent year, as
comparison was with extremely bad results in the year preced¬
comparing with only 320,826 bales in August 1934.
In its general results, August 1922 was one of
ing—1922.
Previous to
1934, the August comparisons are: 520,-
the worst
095 bales in
1933, 436,088 bales in August 1932,195,-
already made considerable headway, but adverse influences
263 bales in
1931, 680,663 bales in 1930 and 449,405
In the table which follows
bales in 1929.
the details of the
we
port movement of cotton for the
1
TO AUG.
Month
31.
1936,
1935 AND
1934
8 Months Ended Aug. 31
of August
Ports
Galveston
Houston, &c
80,888
48,884
71,833
7,034
30,010
30,488
78,44.0
9,722
7,758
19,171
Mobile.
Peasacola.
Savannah
Brunswick
1934
1935
1930
New Orleans
49,797
15,240
8,708
17,444
------
540
187,292
21,494
0,820
900
878
898
428
1,051
134,010
18,027
0,731
1,392
380,081
424,424
Jacksonville
55,087
200,353
14,344
0,783
1,205
Lake Charles
42,048
22,231
38,904
5,215
17,571
948
Beaumont..
392,410
32,937
7,987
20,045
7,878
54
107,788
13,412
261,430
239,372
------
0,907
Wilmington
Corpus Christ!
343,792
425,735
583,035
79,800
30,038
00,374
m
9,350
Norfolk
1935
1930
47,277
07,044
0,305
38,902
------
Charleston
and that of the railroad
2,093
101,032
1,259
2,012
1934
704,954
490,141
673,874
101,243
56,624
05,161
14,483
46,788
8,539
20,784
137,176
14,579
1,225
3,593
Both the coal miners' strike
Shopmen reached a climax in that
The coal strike had
month.
vious April
had
ever
RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
Business revival had then
large size were retarding recovery and in some respects
operated to cause a setback.
give
past three years:
JAN.
of
months of that year.
been in progress since the pre¬
1, and in that long interval
been
no
anthracite what¬
mined, while the soft coal output had been
confined entirely to the non-union mines, this latter,
though
inconsiderable, amounting, indeed, to 3,000,000
to 4,000,000 tons a week, fell far short of current needs.
The
result was a scarcity of fuel supplies to the extent of inter¬
fering seriously with mercantile and manufacturing opera¬
by
no means
tions in many different
parts of the country.
The shopmen's strike on the railroads came in at that
accentuate the
to
trouble, the
the non-union coal could not all be sent to market.
then
to
a
President
that
Congress.
time
being that even
consequence
It was
Harding made his memorable address
Fortunately, when things
turn came for the better.
A truce
were at
their worst
patched up between
the miners and the operators under which work was resumed
on
the
basis
was
of the old wage scale.
The settlement in the
of the anthracite miners did not
case
close of
come
until
after the
August, but the settlement with the soft coal miners
reached about the middle of the month, though even
here full resumption did not occur until about the last week
was
^ Total.
320,820 1,807,307 1,292,485 2,345,164
Results for Earlier
of the month. All this naturally
Years
proved too costly to the roads.
addition, the roads, in the matter of gross revenues, also
suffered by reason of the horizontal reduction of 10% in
In
The substantial
915 (19.25%)
in
net
gains in August the present year—$56,505,-
in gross earnings and of $31,621,369 (43.53%)
($11,281,and $1,108,150 in net) in August 1935.
In Au¬
earnings—followed very modest increases
900 in gross
gust 1934, however, there was a loss of $14,286,954 in the case
of the
gross
these losses,
and
and of $23,488,177 in the
case
of the net, and
in turn, followed $48,737,988 increase in gross
$33,555,892 gain in net in August 1933.
however, came after
very
These increases,
notable cumulative losses in the
three previous years.
Yet in considering these heavy losses
—$112,017,534 in gross and $32,530,008 in net in 1932, follow¬
ing $101,751,861 in gross and $44,043,146 in net in 1931 and
$120,696,915 loss in gross and $52,063,396 in net in 1930—it
must
be
not
supposed
that comparison is with totals
of
-unusual size in August 1929. August 1929 was before the ad-vent of the stock market
tries of the country,
panic in that year, when the indus¬
were still in a state of great
Yet, nothwithstanding this, our compilations then
only relatively slight increases over the totals for
August 1928—no more than $27,8^5,272 in the gross, or 4.99%,
Lowed
and
$16,758,860 increase in the net, or 9.62%. Moreover, this
came after relatively poor or indifferent results in
August of
the previous year, when our tabulations
registered the very
trifling gain of $165,107 in gross, though owing to curtailment
of expenses the
showing
as to
the net
much
better, a gain
$9,835,559 appearing, which, however, was only a partial
of heavy losses sustained in August 1927 as com¬
pared with August 1926, when our tabulations registered no
was
of
recovery
less than
crease
$22,686,735 decrease in
gross
and
$15,697,472 de¬
in net.
The fact must not be
overlooked, however, that the 1927
shrinkage succeeded considerably improved riesults in the
two years preceding.
In August 1926 our tabulations showed
$23,857,842 gain in gross and $12,989,753 gain in net, and in
August 1925, $47,021,764 gain in gross and
$31,821,455 gain
in
net.
Contrariwise, the improvement
followed
a
gross, and to
stituted
a
192o
1924.
and
In
1926
and
1925
that extent the gains in these two
years con¬
recovery merely of what had been
However, in both the
of
in
heavy decrease in August 1924, at least in the
1926
far
previously lost.
and the net the combined gain
exceeded the falling off suffered in
gross
truth, in
the case of the net shrinkage in 1924
small, economies in operations and
savings in
expenses having acted as an offset to the
heavy reduction
was
very
in gross revenues, and this small loss in
net then
was
made
good many times over by the big increase in
1925, entirely
apart from the further increase in the net
earnings in 1996
In brief, gross earnings in 1924 fell
off $55,952,018, but net
earnings only $2,148,281, and
this" was followed by $47021,764 gain in gross and $31,821,455 gain in net in
1925, and
1922.
Altogether, therefore, conditions in
August 1922 for the rail carriers
were highly unfavorable
On the other hand, the fact should
throughout the month.
not be overlooked that in
son was
of
August 1921 (with which compari¬
then being made)
prodigious
earnings then
there
magnitude—so
suffered
a
was a
much
reduction in expenses
that though gross
so
shrinkage of $50,119,218,
due to
business depression, net recorded an improvement of no less
than $248,237,870, expenditures having been reduced in this
single month $298,357,088.
did not, it should be
This improvement in the net then
understood, mean an absolute addition
of that amount to the net, but represented to a very great
extent-the wiping out of very heavy deficits suffered by these
rail carriers in 1920.
therefore,
activity.
i
freight rates made by the Interstate Commerce Commission,
effective July 1,
In
August 1920 the roads had fallen $125,167,103 short of
meeting their bare operating
while in August 1921 there
pensesof $123,070,767.
In
expenses,
were
no
net
small
not including taxes,
earnings above the
measure
ex-
the prodigious
reduction in expenses in 1921 followed from the huge aug¬
mentation in expenses the year before.
In August 1920 ex¬
penditures had
run up in amount of $319,579,099—this on
gain of $83,071,497 in the gross, leaving net diminished,
therefore, in amount of $236,507,602. The truth is, the state¬
a
ment
to
for August
the
1920 was one of the worst on record, due
peculiar circumstances existing at the time.
The
roads had
been returned
to
private control
on
the previous
March 1, but for a period of six months thereafter (or until
the end of August) Congress had provided that the carriers
should receive the
same
amount
of net income
as
they had
been
receiving as rental during the period of Government
control—except in cases where a carrier preferred to take,
instead, its own net earnings, which very few elected to do.
Expenses were running very heavy at the time and were
further increased by the
wage award announced by the Rail¬
road Labor Board the previous
month, and which was made
retroactive back to May 1.
This wage increase was esti¬
mated to add at least
the
$50,000,000 a month to the payroll of
railroads, apart from the retroactive feature.
While
the
retroactive
feature
had
been
in great
part
taken
care
of in the June and July
returns, nevertheless some of it also
was carried forward into the
August returns.
In
the
other
reduction
which
on
1921, on
hand, the railroads got the benefit of the wage
whibh
a
went into effect July 1 of that year, and
normal volume of traffic—the traffic in 1921, of
course was
away below the normal—was estimated to work
reduction in expenses of about $33,333,000 a month.
Even prior to 1920 net results had been
steadily growing
smaller.
For instance, in August 1919
our
a
compilations
Volume
Financial
143
showed
a
former
and
in both gross and net—$32,636,656 in the
$31,315,528 in the latter.
In 1918, while the
showing was not unsatisfactory under the increase in rates
1199204687
then
loss
made
by the Director-General of Railroads as a war
the situation nevertheless was that an
measure,
addition
$135,759,795 in the gross brought with it an addition of
no more than $24,312,758 to the net.
Going back yet a year
further, we find that in 1917 a gain of $39,771,575 in the
of
accompanied by a decrease of $4,668,838 in the net.
In the following we show the comparisons back to 1909:
gross was
11993354786
Gross Earnings
t
Year
......
1915
Inc. (+) or
Per
Year
Year
Preceding
Dec. (—)
Cent
Given
Preceding
......
1919
1920
1922
1923
1924
1925
1926
1927
1928
556,908,120
585,638,740
......
1930
465,700,789
364,010,959
251,761,038
300,520,299
282,277,699
293,606,520
350,084,172
1932
1933
1934
1935..^...
1936
10.30
1.50
4.03
1.93
19.61
11.92
37.45
6.49
17.68
9.03
6.33
19.06
9.93
9.26
4.30
3.92
0.03
+ 165.107
556,743,013
+27,835,272
557,803,468
586,397,704 —120,696,915
4.99
20.58
465.762,820 —101.751,861
363,778,572 —112,017,534
+ 48,737,988
251,782,311
296,564,653 —14.286,954
21.84
+ 11,281,900
+ 56,505,915
4.00
282,324,620
293,578,257
213,683
230,925
227,076
239,230 235,404
219,492 216,709
240,831 237,159
247,809 245,754
245,516 244,765
247,099 246,190
230,743 230,015
233,423 233,203
227,145 226,440
233,815 233,067
235,294 235,090
235,357 235,696
235,172 235,445
236,750 236,546
236,759 236,092
238.672 237,824
240,724 239,205
241,026 241,253
241,546 242,444
243,024 242,632
242,208 242,217
241,166 242,358
239,114 240,658
238,629 238,955
236,685 237,831
216,332
234,805
230,536
7.63
0.80
30.79
19.36
4.82
19.25
followed by a discussion of Paris as an investment market
and the status of its short-term money market.
In addition
to
exhaustive
an
use
(+)
or Dec.
of which are
French,
profited
by extensive personal interviews.
are
not
accomplished specialists in the
field
particularly the excellent analysis and explanation
of the weekly balance sheet of the Bank of France (pages
46-51), the chapter on the Caisse des Depots et Consignations
(freely translated as Fund for Deposits and Moneys in
Litigation), whose function as a depository of savings Dr.
Myers does not find entirely satisfactory, the chapter on
the banks other than the Bank of France, with an analysis
of their financial statements, and the list of foreign govern¬
ment loans floated in Paris from 1919 to 1933.
An appendix
1926-1928, relating to stabilization.
"there is no real reason why Paris
should not be able to develop a short-term money market
if there is sufficient demand for its facilities," the principle
obstacles, apparently, being the scattered locations of the
gives the texts of laws,
The author concludes that
Paris banks, the jealousy among commercial banks, legal
complications affecting loans on securities, and the leadership
exercised by the Bank of France, the Treasury and the
Caisse.
■
The Development
of
August
Given
Preceding
$85,880,447
88,684,738
$72,159,624
89,529,654
86,820,040
87,718,505
92,249,194
87,300,840
89,673,609
+ $13,720,823
+ 10,039,578
11.21
99,464,634
+ 26,373,215
26.51
125,899,564
118,114,360
143,561,208
108,053,371
*125,167,103
123,353,665
86,622,169
136,817,995
134,737,211
166,426,264
179,711,414
164,087,125
174,198.644
191,197,599
139,161,475
95.070,808
—4,668,828
+ 24,312,758
—31,315,528
—224,226,374
+ 248,237,870
21.81
1909
86,224,971
99,143,971
83,143,024
87,772,384
99,713,187
1911
1912..
125,837,849
121,230,736
142,427,118
112,245,680
*116,173,003
123,070,767
86,566,595
136,519,553
134,669,714
166,558,666
179,416,017
164,013,942
173,922,684
190,957,504
139,134,203
95,118,329
62,540,800
96,108,921
71,019,068
72,794,807
104,272,144
1928.
1929....
1930....
1931........
1932........
1935..
1936
'
Amount
—844,916
Per Cent
19.01
V
0.94
+ 595,069
0.69
+ 11,425,466
13.03
—9,106,170
9.87
+ 471,544
0.54
3.71
20.58
207.51
197.62
By Margaret G.
as
a
Myers.
and
$2.50.
later eighteenth
of
century growth of
corporate and
and manu¬
quasi-corporate enterprises in canals, insurance
facturing, it traces in detail through legal
and public
opinion, legislation and business practice, and through the
impediments offered by financial crises, the slow break¬
down of opposition to company organization, the resurrec¬
tion of the Bubble Act and litigation under it, the ebb and
of
promotions, the Acts of 1834,
flow
57.59
1.57
1837 and
1844, the development
23.62
7.86
8.73
5.99
9.62
27.21
31.64
34.21
53.64
24.85
1.55
43.53
New York:
Columbia
$3
Dr. Myers has performed a useful and much needed service
in*describing, mainly for the period since 1928, the financial
institutions and practices of the Paris money market.
The
natural starting point because the successful
time made it possible to
plan the development of a real money market in Paris, and
the book examines the fitness of the financial institutions
to meet conditions which for a time made Paris a world gold
1928 is
Cambridge, Mass.:
substantial contribution to English
economic history as well as to the history of English corpo¬
ration law.
Beginning with a sketch of conditions during
the so-called "bubble period" and the Bubble Act of 1720,
29.82
Financial Centre
192 Pages*
in
Hunt's book is a
—2,148,181
+31,821,455
+ 12,989,753
15,697,472
+ 9,835,559
+ 16,758,860
—52,063,396
—44,043,146
V—32,530,008
+ 33,555,892
+ 23,488.177
+ 1,108,150
+ 31,621,369
'
REVIEWS
University Press.
182 pages.
University Press.
'+49,897,384
Deficit.
Paris
Hunt.
fa—36,787,070
62,553,029
94,507,245
71,686,657
72,650,775
BOOK
Harvard
Dr.
Year
of the Business Corporation
England, 1800-1867
(—)
Year
year
of French sources, most
available in English or readily accessible even in
the author has studied the situation at first hand and
not
By Bishop Carleton
Inc.
Net Earnings
Month
1910w.—«..
*
13.92
S225.488.923 $197,928,775 +$27,560,148
+ 17,839,341
251,505,986 233,666,645
—1,967,695
243,816,594 245,784,289
+25,860,384
251,067,032
276,927,416
+ 4,342,006
259,835.029 255,493,023
269,593,446 280,919,858 —11,326,412
+5,272,843
279,891,224 274,618,381
+ 54,673,436
333,460,457 278,787,021
+39,771,575
373,326,711 333,555,136
498,269.356 362,509,561 + 135,759,795
469,868,678 502,505,334 —32,636,656
460,173,330 ,+81,375,981
541,549,311
504,599,664 554,718,882 —50,119,218
472,242,561 504,154,065 —31,911,054
+ 90,181,967
563,292,105 473,110,138
563,358,029 —55,952,018
507.406,011
+47,021,764
554,559,318 507,537,554
+23,857,842
577,791,746 553,933,904
556,406,662 579,093,397 —22,686,735
1912
1913
Year
Given
......
119923034657
with other similar institutions,
particularly those of London.
There are detailed studies of
the operations of the Bank of France, the Caisse des Depots
et Consignations and the Treasury, as also of the organiza¬
tion and functions of the French banks, these topics being
will value
of
August
1929
center, and compares them
Readers who
Mileage
Month
1909
2589
Chronicle
a
stabilization of the franc at that
company
of joint-stock banking, the slow prog¬
ress
in recognition of limited liability, and the railway
and other fields of company organization.
With the en¬
actment of the
Joint-Stock Companies Registration and*
Regulation Act of 1844, commonly known as the Companies
Act, there followed a period of railway boom and general
speculation which brought collapse in 1845 and a demand
for government audit of railways.
The final struggle for freedom of incorporation involved
such issues as investment for savings, criticism of the con¬
servative policy of the Board of Trade toward company char¬
ters, the position of shareholders and creditors under limited
liability, the protection of investors, and the responsibilities
of the auditor from which was to develop the profession of
accounting.
With the passage of the Companies Act of
1867, freedom of incorporation was at last achieved.
"The
joint-stock
company
and the indispensable incident - of
limited liability,
both at first prohibited except under
special and rare Parliamentary discretion or favor, had
later become a carefully guarded bureaucratic concession.
Henceforth, they were privileges to be recognized as of
common
right."
Appendices contain some extracts from the Companies
Act of 1862, a bibliography from which "The Modern Corpo¬
and
ration
at page
Private
Property," by Berle and Means, cited
135, is inadvertently omitted, and a
table of cases.
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL EPITOME
Friday Night, Oct. 23, 1936.
Business
fifth
activity
continued its broad upswing for the
This week the "Journal of Com¬
consecutive week.
advanced to 101.5, a new recovery high.
The revised figure for the preceding week was 100.6, and
for the corresponding week of last year the index stood at
83.9.
It is pointed out that the latest spurt in business
merce" index figure
immediately after the Labor Day
holiday.
Since then automotive activity, merchandise load¬
ings, electric use and steel production have gained more
than 10 points.
Coal production has advanced moderately,
while petroleum runs to stills and lumber production have
remained unchanged.
Steel ingot production fell off this
week to 74% of capacity, which compared with the recent
peak of 75%%, the drop occurring mostly in the Pittsburgh
and Chicago areas.
The decline at these centers was attrib¬
activity got under way
uted to
the falling
off in demand for structural steel, the
stating that a number of projects, both govern¬
private, have been held up until after the elec¬
The steel wage question is again coming to the fore.
"Iron Age"
mental and
tion.
the trade now are that a wage rise will
granted soon, though it was announced yesterday that
the Carnegie-Illinois Co. had rejected a request of its Home¬
Expectations in
be
stead
pl^nt employees for a $1,12 a day wage increase,
"it will be pleased to enter further negotiations
but
for
Executives of the big steel com¬
panies are on record that no wage increase can be effected
without a compensating boost in steel product prices. There¬
fore, important consumers of steel products will want to
know about plans in this connection as soon as possible, for
their 1937
manufacturing programs and prices will be
affected.
The possibility of price rise may drive many con¬
sumers to buy heavily the next few weeks.
Automobile pro¬
duction is reported to be gaining, but is still considerably
below expectations. However, the industry is expected to be
added
a
compromise agreement."
2590
Financial
hitting its full stride in the production of its
within
the
Oct.
17
weeks' time.
Production of electricity by
light and power industry for the week ended
within 680,000 kilowatt hours of the all-time
was
established
the week showed
last
Revenue
the
ended
week
Sept.
increase of 16.5%
an
19.
Output for
the
over
week
same
year.
entering upon one of the most extensive business
the history of our country.
He estimated an
are
swings
in
increase in
national income from $39,000,000,000 in 1932 to
approximately $60,000,000,000 for the present year.
Rev¬
enue
freight loadings last week again scored a six-year
high.
Car loadings totaled 826,155 cars, a greater-than-
preceding week;
a
year
and
vance
5,960 cars, or 0.7%, compared with the
gain of 93,851 cars,, or 12.8%, compared
a
Retail sales this week
ago.
continue^ to ad¬
doing much to strengthen the conviction of
many that a record-breaking Christmas season
is ahead.
Wholesale buying ranged from 16 to
20% ahead of the
corresponding 1935 period, with the influx of buying by
are
19, 1935.
of
above
Northeastern
Plains
normal
States, the
southward
temperature
to
current
past
practically all sections.
again confined to the
upper Lake
Central
Dakota.
Chicago Milw. St. P.
In
have
the
New
changed
York
little
very
City
been
during
panies outstanding
totaled
as of
$28,382,168
loaned.-
Loans
to
Sept. 30, 1936, Mr. Buckland
said,
compared
During the fiscal
with
$73,691,368
year ended on
originally
Sept. 30, 1936, out¬
standing loans have been reduced
by $21,388,457.
the
foregoing,
an
com¬
announcement issued
by the
In noting
of
the
53
original
represents
notes
borrowing
railroads
have
made
final
Credit Corp.
Of the present loan balance,
of 17
borrowing carriers in receivership or
trusteeship, while the remaining
$5,174,134 represents
notes
earners.
of
15
10,243
10,094
19,214
21,026
9,320
9,246
9,660
8,418
16,898
2,418
12,867
12,980
11,993
2,749
2,559
1,907
1,868
1,981
5,437
5,909
3,430
3,064
1,381
1,422
repayments of loans by various railroads,
Corp.
has
made
totaling $47,801,902,
$23,235,442 has
just
year
ticipating
returned
been
ended,
in
$22,045,929,
in
or
liquidating distributions
65%
in
cash
18,663
18,159
16,255
9,698
44,073
44,019
42,043
43,846
45,019
5,432
5,444
4,900
10,565
4,553
40,471
25,599
25,536
22,419
4,702
72,566
72.570
61,038
46,135
and
$24,566,460 in
ng
further
carriers
the
30%
or
cash
of
and
the
fund.
$10,475,773
44,807
Ry
6,652
6,919
5,668
7,460
5,736
7,270
5,533
6,858
5,675
7,521
32,792
5,892
29,099
5,740
x8,893
x8,821
x7,307
8,842
8,575
8,971
Ry
6,261
Total
on
Oct.
Buckland
were
credits.
In
amount,
the
fiscal
Of
this
credited
on
amount,
$11,570,156 was
obligations to the Corpo¬
^
31.
$734,966,
Of
that
1%, will be
or
amount, $379,605
made
will
to
be
participat-
in
cash
and
Orleans
cars
RR.
Interchanged between S. P. Co.-Pacilic Lines
and Texas & New
Co.
TOTAL LOADINGS AND RECEIPTS
(Number
of
FROM
CONNECTIONS
Cars)
Weeks Ended—
Oct.
17,
Oct.
1936
10,
1936
Oct.
reelected
of
the
Railroad
The present members of the Board
of Direc¬
also
reelected; they
are
as
26,396
24.126
Illinois
38,448
37,289
16,116
33,764
17,274
82,633
79,801
72,481
St.
Central System
Louis-San Francisco Ry_
,....
The
Association of American
week ended Oct. 10
Loading of
This
cars.
revenue
was
the
an
reported
revenue
Railroads in reviewing the
freight for the week ended Oct.
cars
11.7%
or
increase of 183,196
an
a
10 totaled 820,195
compared with the
cars or
decrease of 110,910
28.8% above the
cars or
11.9% below
1930.
freight for the wfeek of Oct.
10
was
Brown, Chairman, St. Louis San Francisco &
Texas Railway Co.
E. G. Buckland,
President, the Railroad Credit Corp.
F. W. Charske, Chairman
Executive Committee, Union Pacific
System.
R. E.
Connolly, Secretary and Treasurer Illinois Central RR.
Co.
A. J.
County, Vice-President the Pennsylvania RR. Co.
P.
J.
E.
M.
Crowley, President Rutland
RR.
an
increase of 1,466
above the preceding week, 45,275 cars above the
corresponding week
in 1935 and 87.028 cars above the
Loading
merchandise
of
cars, an increase of
136
cars
less
corresponding >veek in 1934.
than
carload
lot
freight
totaled
Hood,
W.
R.
President the American Short Line
Railroad
Kenan Jr., Director Jacksonville
Terminal Co.
R.
J.
Marony,
RR.
Vice-President
Chicago
Milwaukee
Co.'
R.
S.
H.
S.
G.
M.
St
Association.
Paul
&
Pacific
Marshall, Vice-President the Chesapeake & Ohio
Railway Co.
Palmer, President
the New York New Haven &
Hartford RR. Co.
Shriver, Senior Vice-President the Baltimore
& Ohio
RR.
Co.
172,768
above the preceding week, 8,156 cars above the
corresponding week in 1935 and 10,473
cars
above the
same
week in 1934.
Coal loading amounted to 155,714 cars, a decrease of
2,743 cars below
the preceding week, but an increase of 8,899 cars above the
corresponding
week in 1935 and 35,202 cars above the same -week in 1934.
Grain
and
grain
products loading
totaled
below the preceding week, 6,956
cars
same
30,058
cars,
a
decrease
of
below the corresponding
cars
week in 1934.
In the Western
districts alone grain and grain products loading for the week ended Oct.
10
totaled 19,670 cars, a decrease of 1,048 cars below the
year
and
a
decrease of 5,697
cars
below the
Live stock loading amounted to 21,911
preceding week this
week in 1935.
same
cars,
an
increase of
in 1935, and 9,597 cars below the same week in 1934.
tricts alone
cars,
an
1,392
decrease of 198
cars
cars
In the Western dis¬
below the
above the preceding week this year but
same
the preceding week, 2,409
above the
same
cars
a
week in 1935.
Forest products loading totaled 34,813 cars, an increase of 32
cars
cars
week
same
loading of live stock for the week ended Oct. 10 totaled 18,281
increase of 1,633
above the
same
week in
above
cars
1935 and
12,891
week in 1934.
Ore loading amounted to 60,752 cars, an increase of 2,887 cars above the
42,814
»
27,018
cars above the
cars
above the
corresponding week in
1935
and
corresponding week in 1934.
Coke loading amounted to 10,333 cars, a decrease of 283 cars below the
cars
an
increase of 2,056 cars above the same week in 1935
above the
same
week in 1934.
All districts reported increases in the number of cars loaded with revenue
freight, compared with the corresponding weeks in 1935 and 1934
revenue
freight in 1936 compared with the two previous
years
follow:
mA
1936
1935
Four weeks in January
Five weeks in February
2,353,111
2,169,146
3.135.118
2,927,453
Four weeks in March
2,418,985
Four weeks in April..
Co.
'increase of
an
0.1% above the preceding week.
cars or
Miscellaneous freight loading totaled 333,846 cars,
cars
14,591
follows:
as
increase of 86,041
corresponding week in
Loading of
Loading of
follows:
E. N.
1935
26,911
and 4,960
President
19,
Chicago Rock Island & Pacific Ry.
preceding week, but
was
5,172
380,377 373,546 341,683 220,330 220,673 200,842
Excludes
x
6,474
9,567
32,701
Pittsburgh & Lake Erie RR
Southern Pacific Lines
preceding week,
distribution of
Credit Corp.
tors
carriers
that
liquidating distributions were made to carriers par¬
Marshalling and Distribution Plan, 1931, aggregating
$355,361 in credits.
Mr.
Of
9,564
40,519
10,971
4,913
Wabash
solvent
the Railroad
participating
13
ration.
A
to
of the net contributions.
1,353
3,171
9,672
above the preceding week, but a decrease of 816 cars below the
^ a result of
Credit
„
15,853
5,947
1,818
Twenty-one
10,197
19,420
week in 1935 and 575 cars below the
Jettlerae"}s with tile Railroad
$23,208,034
17,913
11,931
Pennsylvania RR
Corporation
also said:
11,486
2,405
Pere Marquette
their
railroad
16,724
25,531
2,845
1,069
Oct. 22.
31,295
26,888
22,886
RR
corresponding week in 1935,
the Board of Directors at its
annual
6,524
35,155
18,104
2,219
fixed
on
6,879
18,228
corresponding week in 1934, but
Coloration, told
7,353
23,614
Ry.
More than 60% of the loans
made by the Railroad Credit
Corp. to various railroads to enable them
meeting in New York
1935
22,684
Norfolk & Western Ry
Railroads Have Repaid Over
60% of Loans to Railroad
Credit
Corp.,
President
Buckland
Reports to
meet
10, Oct. 10,
1936
20,605
& Pac.
Total
to
1936
Missouri Pacific RR.
generally fair and mild.
Today it was cloudy and
here, with temperatures ranging from 54 to 64
degrees.
The forecast was for
cloudy, probably rain tonight and
Saturday; somewhat colder tonight.
Overnight at Boston
it was 56 to 74
degrees; Baltimore, 60 to 80;
Pittsburgh,
42 to 66;
Portland, Me., 50 to 68; Chicago, 38 to 46; Cin¬
cinnati, 42 to 58; Cleveland, 44 to 52;
Detroit, 34 to 44;
Charleston, 64 to S2; Milwaukee, 28 to 42;
Dallas, 40 to 48;
Kansas City, 30 to
42; Springfield, Mo., 36 to 40; Oklahoma
City, 38 to 38; Salt Lake City, 28 to
50; Seattle, 44 to 60;
Montreal, 38 to 62, and Winnipeg, 16 to 22.
charges have been repaid, E. G.
Buckland, President
1935
27,315
New York Chicago & St. L. Ry_.
cool
of the
1936
New York Central Lines
has
tion of Mr. Buckland
Weeks Ended—
17, Oct. 10, Oct. 19, Oct. 17, Oct.
International Great Northern RR.
the
Directors—$28,382,168 Outstanding on Sept. 30
Against $73,691,368
Originally Advanced—Reelec¬
Received from Connections
35,313
Gulf Coast Lines
lowest
weather
the
area
CONNECTIONS
Missouri-Kansas-Texas
Sub-
was 18
degrees, at Northfield, Vt.,
Weather and soil
conditions, as affecting
agriculture,
week.
FROM
Cars)
22,342
Chicago & North Western Ry
more
The
RECEIVED
of
24,637
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
region, and the Great
South
AND
1936
Atchison Topeka & Santa Fe Ry.
Baltlmore & Ohio RR
reported
the 14th inst.
on
in
were
LOADED
Oct.
tempera-
temperatures
Week
in
Weeks Ended—
country.
At the close much cooler weather
reported in the northern Great Plains, with
tempera¬
tures
considerably below freezing in some sections.
Fair
weather was the general rule.
The weekly mean
were
0.7%
Loaded on Own Lines
was
turs
FREIGHT
(Number
the
freezing
Loadings Gain
Ending Oct. 17
A comparative table follows:
REVENUE
country merchants being especially marked.
At the begin¬
ning of the week temperatures were subnormal in the
Northeast, with freezing weather in the interior, but there
was a rapid reaction to warmer
weather, and above-normal
temperatures persisted throughout the week in most sec¬
tions
Car
The first 18 major railroads to
report for the week ended
Oct. 17,1936 loaded a total of 380,377 cars of revenue
freight
on their own
lines, compared with 373,546 cars in the pre¬
ceding week and 341,683 cars in the seven days ended Oct.
seasonal increase of
with
Freight
1936
Loadings of revenue freight for the week ended Oct. 17,
1936, totaled 826,155 cars.
This is a gain of 5,960 cars,
or
0.7% over the preceding week, a gain of 93,851 ears, or
12.8% over the total for the like week of 1935, and an in¬
crease of 185,428
cars, or 28.9%, over the total loadings for
the corresponding week of 1934.
For the week ended Oct. 10
loadings were lK7% above those for the like week of 1935,
and 28.8% over those for the
corresponding week of 1934.
Loading for the week ended Oct. 3 showed a gain of 16%
when compared with 1935 and a rise of
29.5% when com¬
parison is made with the same week of 1934.
Secretary of Commerce Daniel C. Roper, in a
speech at the Business Show last Wednesday, declared that
we
Oct. 24,
few
a
electric
record
Chronicle
models
new
2,544,843
3,351,801
2,408,319
2,302,101
Five
weeks in
May„
Four weeks in June
Four weeks in July
2,887,975
2,787,012
2,825,547
3,701,056
3.061.119
2,465,735
2,224,872
3
819,126
705,974
Week of Oct. 10
820,195
734,154
27,817,913
24,552,212
Five weeks in August
Four weeks in September
Week of Oct.
Total..
.
.
3,098,001
2,628,482'
1934
2,183,081
2,920,192
2,461,895
2,340,460
3,026,021
2,504,974
2,351,015
3,072,864
2,501,950
632,406
636,999;
24,631,857
1930
3,470,797
4,380,615
3,550,076
3,653,575
4,586,357
3,575,454
3,683,338
4,608,697
3,840,292
954,782
931,105
37,235,088
Volume
In
the
Financial
143
following table
we
undertake
to
show
also
the
loadings for separate roads and systems for the week ended
Oct. 10, 1936.
increases
During this period
when
total of 99 roads showed
a
compared with the
same
week last
year.
The most important of
were
the Pennsylvania
these roads which showed increases
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.
(NUMBER OF CARS)—WEEK ENDED OCTOBER 10
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Total Revenue
Arbor
Bangor & Aroostook
Boston
&
Railroads
Total Loads Received
from Connections
Group B (Concluded)—
Georgia
Georgia & Florida...
Eastern District—
Ann
Total Revenue
from Connections
Freight Loaded
Total Loads Received
Freight Loaded
Railroads
2591
Chronicle
Gulf Mobile & Northern
Maine
Illinois
Chicago Indianapolis & Louis v.
Central Indiana
Central
System
Louisville & Nashville
....
Central Vermont
Macon Dublin & Savannah
Delaware & Hudson
Mississippi Central
Delaware Lackawanna & West
Mobile & Ohio
Detroit <fc Mackinac
Nashville Chattanooga & St. L
Tennessee Central
;
Detroit Toledo & Ironton......
_
Detroit & Toledo Shore Line..
Erie
Total
...
Grand Trunk Western
Grand total Southern District
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Northwestern
District—
Belt Ry.
b New York Central Lines
of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P. & Pacific.
N. Y. N. H. & Hartford
Chicago St. P.
...
Monongahela
Montour....
...
New York Ontario & Western.
Minn. & Omaha
Duluth Missabe & Northern...
N. Y.
Duluth South Shore & Atlantic
Chicago & St. Louis....
Pittsburgh & Lake Erie
Elgin Joliet & Eastern
Pere Marquette.
Ft.
Dodge Des Moines & South.
Great Northern
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.
Green Bay & Western
Lake Superior & Ishpeming....
Pittsburgh & West Virginia
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Rutland
Wabash
Wheeling & Lake Erie
Total...
Northern
__
Pacific
Spokane International..:
Spokane Portland & Seattle....
.............
Total
Allegheny District—
Akron Canton & Youngstown.
Central Western District—
Baltimore & Ohio
Bessemer & Lake Erie
Atch.
Buffalo Creek & Gauley
Alton
Cambria
Bingham & Garfield
&
Indiana
Cornwall
Pennsylvania..
.
& Illinois Midland
Rock Island & Pacific.
...,
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver
City
Illinois Terminal
Union (Pittsburgh).
West Virginia Northern.
Western
391
19,420
2,187
12,988
3,032
1,189
5,040
1,234
1,144
2,249
1,709
1,144
Burlington & Quincy..
& Eastern Illinois.....
Colorado & Southern
Ligonier Valley
Long Island
Penn-Reading Seashore Lines
Pennsylvania System
Reading Co
„
22,342
Fe System.
3,196
Chicago
Chicago
Chicago
Chicago
Central RR. of New Jersey...
Cumberland &
Top. & Santa
Nevada
Northern
North Western Pacific
Maryland
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western.....
Pocahontas
188
18,579
Included 1
292
Chesapeake & Ohio
18,514
629
542
1,832
Western Pacific
Norfolk & Western
ystem.
297
20,663
Union Pacific System.
Utah
District—
964
323
25,142
Peoria & Pekin Union.
Total
1,588
Norfolk & Portsmouth Belt Line
Total
Virginian
Total
Southwestern
District-
Alton & Southern
Burlington-Rock Island
Southern District—
Group
Atlantic
Fort Smith & Western...
A—
Coast
i
Gulf Coast Lines..
8,247
1,159
Line...
Clinchfield
International-Great Northern.
Charleston & Western Carolina
408
142
Kansas
_
Kansas Oklahoma & Gulf
Durham & Southern
Southern
Piedmont
&
._.
_
_.
Winston-Salem
Midland
375
Richmond Fred. & Potomac
....
Valley
"MissouriAc Arkansas
7,873
20,259
.....
Arkansas
Litchfield & Madison
378
Southern System
&
...
Louisiana Arkansas & Texas...
1,261
Northern
Seaboard Air Line.
Louisiana
49
Gainesville Midland.
Norfolk
City Southern
Missouri-Kansas -Texas
Lines..
Pacific
Missouri
Southbound
Natchez & Southern...
Quanah Acme & Pacific.
Total
St. Louis-San Francisco.
St.
Louis
Southwestern.
Texas & New Orleans
Group B—
Texas & Pacific
Alabama Tennessee & Northern
Atlanta Birmingham & Coast..
Terminal RR. Assn. of St. Louis
Atl. & W. P.—W. RR. of Ala..
Wichita Falls & Southern.
Central
Weatherford M. W. & N. W__
L
of Georgia
Columbus & Greenville-.Total
Florida East Coast
Note—Previous year's figures revised,
and
Michigan
the
Central
*
Previous figures.
a
The "Annalist" added:
Moody's Daily Index of Staple Commodity Prices declined
moderately this week. It closed at 181.7 this Friday, as
compared with 184.1 a week ago.
Over half of the decline was accounted for by hogs. Other
commodities to register net losses for the week were cocoa,
wheat, steel scrap and cotton.
Gains were made by silk,
rubber, corn, wool, coffee and sugar.
The movement of the Index during the week, with com¬
parisons, is as follows:
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
184.1 Two weeks ago, Oct. 9-.
183.1 Month ago, Sept. 23
182.9 Year ago, Oct. 23-.
182.7 1935 High—Oct. 7 and 9
Low—March 18
182.4
-182.2 1936 High—Aug. 18
Low—May 12
181.7
16
17
19
20
21
22
23
184.0
—184.0
172.2
175.3
148.4
188.9
162.7
Lower
Continued Decline Noted in "Annalist" Weekly Index
Wholesale
Week
Ended Oct. 20—Foreign Prices Lower in September
The "Annalist"
Prices
continued
Commodity
Prices
During
Weekly Index of Wholesale Commodity
slow decline last week.
The index
its
dropped 0.6 point to 126.8 on Oct. 20 from 127.4 on Oct. 13.
grains
and flour,
cotton,
hogs and
livestock,
butter, rice and lubricating oil accounted for the loss.
potatoes, eggs and cocoa were
lard and pork,
Beef, textile products,
higher.
THE ANNALIST WEEKLY INDEX OF
WHOLESALE COMMODITY PRICES
(1913=100)
Oct. 20, 1936
Farm
123.9
products
Oct. 13,
1936
Oct.
22, 1935
125.2
123.5
135.8
Food products
125.9
126.3
Textile products
112.6
*112.0
117.0
Fuels
167.6
167.6
167.5
Metals
114.0
114.0
111.1
111.5
111.8
111.8
Chemicals
97.7
97.7
Miscellaneous
88.4
87.9
84.9
126.8
127.4
129.1
74.9
75.2
76.6
.L.
Building materials
All commodities
All commodities on old dollar basis..
*
«of
the C. C, C. & St. Louis RR.
RR.
Moody's Commodity Index Declines
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
b Includes figures for the Boston & Albany RR.,
Not available.
98.0
Revised.
As to
foreign commodity prices
"Annalist" had the following to say:
during
September, the
/
reflecting the devaluation by
The Annalist International Com¬
Foreign prices were hesitant last mpnth,
France and other European
countries.
posite, which had risen during the
and
a
Summer on the North American drought
smaller world wheat crop, declined in September nearly to the level
of last spring.
Too much is not to be made of this particular month's
Financial
2592
decline.
Chronicle
The French index is compiled as of the close of each month; the
period, and on
gold basis
a
may
be subject to
changed.
un¬
J
•
Declining prices of pig tin did not affect the index for the metals and
distortion.
some
24, 1936
Prices of anthracite coal and coke remained
prices rose fractionally.
September figure was accordingly compiled in the tnidst of the disturbed
devaluation
Oct.
Toe decline in the International Composite is largely the result of the lower
metal products group as a whole; it remained at 86.4.
French index and may,
agricultural implements, iron and steel, motor vehicles, and plumbing and
therefore, likewise be subject to some distortion.
However, judging from the experience of the British and American currency
heating fixtures were steady.
The
depreciations, world prices as a whole are likely to be depressed somewhat
the French depreciation, unlike the others, was accompanied
by
lowering
a
Advancing prices for
viewpoint, however, the situation is appreciably different
from that in 1931 and 1933.
declining,
or
had still
year to go
had
as
a
had failed to turn upward.
at least
taken
Then, commodities prices in general
In 1931 the depression
was
the
of
moreover
recent as scarcely to be
was so
most
tentative
At
character.
the
The depressing effects of devaluation at the present time
are
unchanged.
were
oil
coconut
caused
the
Inedible tallow,
niger oil, camphor, and menthol declined.
index
the
for
oil, palm
corn
Fertilizer materials and mixed
fertilizers prices showed little or no change.
A minor advance in
housefurnishing
prices of furniture did not affect the index for the
goods group
prices of furnishings
whole;, it remained at 83.2.
a
as
Average
stationary.
were
Wholesale prices of cattle feed advanced 7.2%.
present time, on the contrary, the trend both in prices and in industry is
upward.
and
copra
chemicals and drugs group to rise 0.2%.
before reaching its bottom, while in 1933 such recovery
place throughout the world
recognized and
were still
<4
due to rising prices for
Paint materials and gravel declined fractionally.
Average prices of cement and structural steel
of tariff barriers.
From the longer
-
building materials group advanced 0.1%
brick and tile and lumber.
This is true, despite the fact that
by the French and associated actions.
Average prices of
Toilet soap increased slightly.
Crude rubber
Cylinder oil averaged lower.
rose
0.3%.
Automobile
therefore likely to be quite restricted, once the initial readjustment has been
tires and tubes and paper
made, especially if the internal French situation should be cleared up.
The index of the Bureau of Labor Statistics includes 784 price series
weighted according to their relative importance in the country's markets
FOREIGN
(In
DOMESTIC
AND
WHOLESALE
PRICE
index on gold basis also shown
depreciated currencies; 1913
100)
of country;
currency
INDICES
for countries
with
and pulp remained unchanged.
and is based on the average for the year
1926
100.
as
The following table shows index numbers for the main
—
of com¬
groups
modities for .the past five weeks and for Oct. 19, 1935, Oct. 20,1934; Oct. 21,
%
Change
*
Sept.
July
Aug.
x
Sept.
1933, and Oct. 22, 1932:
(1926=100.0)
Aug. to
1936
1936
1936
1936
1936
127.8
127.8
125.6
127.6
0
75.8
75.8
74.1
75.8
0
118.6
119.0
116.2
112.9
Oct.
United States oi America
Gold basis
i
.
„..
v
-
-
.
-
—
-
Canada--....
Gold basis
70.1
70,8
68.7
66.6
111.3
106.5
69.5
68.0
64.2
403
391
332
+0.1
+0.4
+4.2
403
391
332
—21.8
104.3
104.6
104.2
102.3
—0.3
151.7
149.2
149.2
138.2
52.9
52.4
51.9
47.7
+ 1.0
74.8
Gold basis
•_
77.8
76.1
72.8
—3.9
Gold basis
Annalist composite in gold
Preliminary.
y
Revised,
x
y
Germany excluded from July
Includes
1934;
also
Belgium
and
the
Italy from November 1935.
Oct.
Sept. Sept.
Oct.
Oct.
Oct.
3.
26,
19,
19,
20,
21,
22,
1936
1936
1936
1935
1934
1933
1932
All commodities
—1.0
113.2
*315
France
z
Oct.
10,
1936
•—0.3
69.8
420
z
Germany..
Japan.
Oct.
17,
1936
114.3
...
United Kingdom
Gold basis
*
Commodity Groups
+ 1.7
81.2
Foods
81.3
81.0
81.4
80.7
76.2
70.4
64.4
84.7
Farm products
81.2
84.1
84.5
83.1
84.8
79.5
70.9
54.2
47.0
60.S
82.5
82.6
83.0
82.5
85.6
74.9
63.7
Hides & leather products..
95.9
96.1
95.7
95.8
95.4
94.4
84.6
88.8
72.8
Textile products
Fuel & lighting materials
70.9
70.9
70.7
70.6
70.5
72.5
70.0
76.2
54.7
77.2
77.3
77.1
77.0
76.9
74.2
74.8
74.0
71.9
83.1
Netherlands;
Metals & metal products
Building materials.
85.9
85.6
82.0
87.2
87.1
86.9
86.9
87.0
86.2
85.0
83.6
70.5
Chemicals and drugs
81.9
81.7
81.7
81.8
81.5
81.1
77.2
72.6
72.7
Housefurnishing goods
83.2
83.2
83.2
83.2
83.1
81.8
82.8
81.3
72.5
67.6
69.7
64.9
63.9
86.4
86.4
86.3
85.9
85.9
80.3
As
of
end of
V.
Miscellaneous
71.3
71.0
71.1
71.1
71.2
Raw materials
82.2
81.8
82.0
81.2
82.1
X
X
X
Semimanufactured articles..
z
month.
76.4
76.3
76.3
76.0
76.2
X
X
X
X
81.8
81.9
82.0
82.0
82.2
X
X
X
X
80.5
80.6
80.6
80.6
80.7
80.9
77.3
73.9
68.2-
79.9
79.9
79.8
79.7
79.6
78.4
77.9
77.0
70.3-
Finished products
Wholesale
All
Commodity Prices Unchanged During Week
According to United States Depart¬
Ended Oct. 17,
ment of Labor
During the week of Oct.
17, a substantial increase was recorded by the
Building materials, chemicals and drugs and miscel¬
fractionally. Minor decreases were registered
laneous commodities advanced
foods, hides and leather products, and fuel and lighting materials. The
products, metals and metal products, and housefurnishing goods
textile
Wholesale prices of raw materials advanced
month
0.5% and
are
0.1% above
a
Prices of semimanufactured commodities rose 0.1% to a
above the corresponding week of September.
The finished
products group declined 0.1% during the week and is 0.5% below the cor¬
responding week of last month.
•
ago.
The index for the large group of all commodities other than
farm products
(non-agricultural) declined 0.1%.
to 80.5,
0.2% below
a
The decrease brought the current index
month ago and 0.5% below
The decrease
1935 is due primarily to the fact that wholesale
prices of processed
The index for industrial commodities, which are
classified as the all commodities other than farm
products and processed
a year ago.
since
foods averaged 3.6% lower.
foods group,
remained at 79.9.
Compared with the corresponding weeks
of a month ago and a year ago, this group has advanced
0.4% and 1.9%,
Ended
A slight decline was recorded by the
weekly commodity
price index compiled by the National Fertilizer Association
during the week ended Oct. 17.
Last week the index stood
at 80.1%l of the 1926-28 average as
compared with 80.2% in
the preceding week.
A month ago it registered 80.5% (the
highest point reached by the index this year and also in the
recovery period), and a year ago at 78.6%.
The Associa¬
tion's announcement, under date of Oct. 19, further stated:'
The
for
most
the
important
drop in
index
other
point
the
week
commodities
lower.
due
to
registered'
fertilizers
and
stel
scrap,
tin,
the
due
was
The
last week which
rise
were
last
important
also
were
decline last
week,
the all-commodity index,
and
the
index
has
higher
farm
been
yet
for
indexes
to
butter,
as
of
prices
by the
largely
of
cheese,
the
the
grains.
of
textiles,
the
weeks;
but
such
and
lard
the
to
recovery
and
six
sugar
rose
highest
period,
Moderate
fertilizer
with
increases-
materials,
miscellaneous
which
metal
had
index
commodities.
Reflecting lower prices for
rising uninterruptedly for several weeks, and
off fractionally.
been
fell
Although
the index declined slightly, 31 price series represented in it—
advaneed-during the v.'eek>"While~only 20 declined; in the preceding week
there were 21 advances and
22
declines; in the second preceding week
there
39
were
advances and 26 declines.
WEEKLY WHOLESALE COMMODITY PRICE
following is from Commissioner Lubin's
last
prices,
rice,
prices
reached in
prices
in
lower.meat
product
cotton
largely responsible
one
in the foods group, with
was
dropping to the lowest point reached
decline
respectively.
The
Commodity Prices Declined Slightly During"
Oct. 17, According to National Fer¬
Week
tilizer Association
the
0.3%
point
Wholesale
group
remained unchanged.
groups
Not computed.
x
Commissioner added:
for
than
than
,
commodity prices of the Bureau of
Labor
Statistics, United States Department of Labor,
remained unchanged at 81.2% of the 1926
average during
the week ending Oct. 17, according to an announcement
made on Oct. 22 by Commissioner Lubin.
"The all-com¬
modity index is 4% above the year's low of May 16, but is
0.4% below the high of A\ig. 22," Mr. Lubin said. "Com¬
pared with the corresponding week of last month the current
level of wholesale prices shows a decrease of
0.2%, but is
0.6% above the corresponding week of last year."
The
products group.
other
other
commodities
farm products and foods..
The index of wholesale
farm
commodities
farm products
All
X
Compiled by the National
announcement
Fertilizer Association.
INDEX
(1926-1928—100)
of Oct. 22:
Market prices of farm products advanced
0.7%
increases
of
2.2%
in grains and
products," including cotton,
1.1%
eggs,
Per Cent
during the week due
in the classification
lemons,
oranges,
hops, fresh
Chicago, clover seed, dried beans, onions, white potatoes in
and
wool.
reported
"other
eastern
Each Group
Bears to the
milk
at
barley,
corn, oats, rye,
live poultry at Chicago.
hogs, lambs,
markets,
Lower prices
25.3
wethers, live poultry at
23.0
This
the
reported in the week ending Oct.
yellow
cornmeal,
Higher prices
pork
bellies,
beans, Santos coffee, salt mackerel, pepper, and
Weakening prices of
hides
and
higher.
steer hides and
leather products
Leather, shoes,
mained steady.
group
belting,
to
were
grape
and
juice,
77.9
67.3
67.8
61.7
100.5
102.5
84.5
80.2
76.2
76.2
75.7
79.8
79.8
75.1
77.9
77.5
71.4
69.6
69.4
69.4
68.6
85.8
83.8
Metals
85.9
84.9
Building materials
Chemicals and drugs
82.6
82.6
82.2
76.9
96.2
96.2
95.1
95.6
.3
Fertilizer materials
67.9
67.8
67.4
.3
Mixed fertilizers
74.6
74.0
74.0
72.7
.3
Farm machinery
92.6
92.6
92.6
92.0
80.1
80.2
80.5
78.6
1.3
100.0
L„_
—....
All groups combined
65.9
cocoa
Chain
Store
According to
Kipskins averaged
luggage prices
re¬
\
70.9% of the 1926
Textile products averaged 2.2% lower than in the
corresponding
Prices of cotton goods, such as
broadcloth, muslin,
percale, and print cloth advanced during the week, as did also
October, 1935.
silk yarns
jute.
Tire fabrics, cotton yarns, raw
silk, and burlap declined.
Clothing, knit goods, and woolen and worsted goods remained
firm.
Lower prices for electricity and gas caused the
index for the fuel and
lighting materials group to drop 0.1%.
Bituminous coal
raw
80.0
reported for
average.
and
79.8
Textiles...
17 than
The index for the textile products
group remained at
week of
76.6
100.9
6.1
coconut oil.
gloves, harness,
82.8
81.0
98.1
78.3
commodities..
Sales
Gain
sheepskins caused the index for the
decrease 0.2%.
83.5
79.4
94.8
7.1
Cereal products
higher.
canned apples,
82.1
19
1935
79.8
Fuels.
Miscellaneous
preceding week for
and fruits and vegetables
averaged
Ago
1936
8.2
butter, cheese, hominy grits, white
cornmeal,
raisins, bananas, bacon, ham, fresh pork, veal, Rio
coffee, peanut butter,
granulated sugar, edible tallow, and most vegetable oils.
flour,
1936
Oct.
67.9
Livestock
corresponding week
were
Sept. 19
102.1
17.3
Wholesale food prices declined
0.1% as a result of lower prices for dairy
products and meats.
This week's food
index—82.5—is 0.7% below the
corresponding week of last month and 3.6% below the
Lower prices
Year
Ago
10
80.2
Grains
but is
Month
Week
Oct.
79.4
Cotton...
a year ago.
Preced'g
95.0
Farm products..
10.8
ago,
in
81.7
Cottonseed oil
reported for calves, cows, light
New York, fresh apples, timothy
hay, flaxseed, timothy seed, and white potatoes at
Portland, Ore.
farm products index—84.7—is
0.1% below a month
of last year.
Foods
Fats and oils
were
17
1936
for which higher prices were
wheat, steers, heavy hogs, ewes, and
week's
6.5% above
Week
Oct.
Group
Total Index
Additional farm products items
were
Latest
to
farm
and
gasoline
26
19.75% in September
compilation made by Merrill, Lynch & Co.,.
store companies, including two mail order com¬
chain
a
panies, reported an increase in sales of 19.75% for Septem¬
ber, 1936, over September, 1935.
Excluding the two mail
order
24 other companies reported an in¬
13.58%.
Sales of these 26 companies showed an increase of 14.19%
crease
companies,
in
the
sales of
for tlie nine months
Excluding
reported
an
the
two
of 1936
mail
over
order
increase of 10.52%.
the nine months of 1935.
companies,
the
24
chains
Volume
Financial
143
of sales and the
shows the amount
The following table
percentage of increase, by groups, for the month
ber and for the nine months ended Sept. 30:
of Septem¬
1935
5-4 10-Oent chains
10
4
Apparel chains...
.......—..—. —
chain.
..........
7.60
54,226,369
15.05
Major Geographic
23,649,128
6,234,651
5,444,661
1,459,000
18.80
Regions
Oct. 17,
Middle Atlantic
15.0
15.5
14.8
14.8
19.2
17.7
18.1
17.8
8.8
11.1
12.6
9.4
22.9
21.5
23.8
Rocky Mountain
18.5
14.5
16.9
16.0
15.6
Pacific Coast.
15.3
11.8
12.0
10.0
16.5
16.1
16.4
16.1
Southern States
$199,594,016
19.75
10
4
5- & 10-Cent chains
Apparel chains
-
2
Drug chains
3 Shoe chains
1
—
chain
Auto Supply
—
V,:
481,313,500
189,771,106
56,390,877
41,910,821
14,026,000
....i-
Mail order companies.....i.
Total 26 companies
8.31
DATA
7.96
2,079,137
2,079,149
2,693,928
2,125,502
2,135,598
2,098,924
2,028,583
2,170,807
2,157,278
2,169,442
2,168,487
2,170,127
14.19
il
<
8..'.
Aug.
Aug. 15...
5
Sept.
Sales of Electricity to Ultimate Consumers
Rise
16.8%—Total Revenues Up 8.7%
August
statistics covering 100% of the electric
light and power industry were released on Oct. 20 by the
following
Sept. 12...
Sept. 19.
Sept. 26...
Oct.
3...
Oct.
10...
Oct.
17...
Oct.
24...
Oct
Edison Electric Institute:
31.
.
.
'V;
%
'
■
■
1935
Change
Jan
March
By fuel
6,412,827,000
—8.0
9,165,561,000
7,972,354,000
+ 15.0
8,025,886
8,375,493
_
8,336,990
8,532,355
8,640,147
9,163,490
May
By water power
4.980,885,000
2,991,469,000
+28.7
2,752,734,000
June
Total kilowatt-hours generated
150,298,000
Total
+41.9
266,299,000
+1.5
262,459,000
41,436,000
40,607,000
+2.0
114,451,000
115,755,000
155,887,000
9,275,973,000
Total
distribution
Energy lost in transmission, distribution, &c.
Kilowatt-hours sold to ultimate consumers..
Sales to Ultimate Consumers
156,362,000
8,078,451,000
1,552,560,000
1,464,192,000
6,614,259,000
7,723,413,000
—0.3
+ 14.8
+6.0
+16.8
Oct
(retail).
Large light and power (wholesale)
Municipal street lighting
Railroads—Street and lnterurban
1,179,829,000
1,360,637,000
4,487,257,000
187,965,000
340,066,000
97,174,000
70,485,000
+9.9
+ 15.6
+20.2
+4.3
+2.3
1,073,292,000
1,177,209,000
3,734,443,000
180,207,000
332,533,000
67,399,000
+44.2
49,176,000
+43.3
7,723,413,000
6,614,259,000
$169,636,200
$156,038,300
+ 16.8
+8.7
Electrified steam
Municipal and miscellaneous
Total sales to ultimate consumers
Dec
from ultimate consumers
12 Months Ended Aug. 31
Percent
1935
1930
1.648
1,692
1,677
1,691
+ 18.0
1,627
1,565
1,634
1,631
1.649
1,659
1,657
1.668
1,677
1.669
1,415
1,432
1,436
1,465
1,424
1,476
1,491
1,499
1,506
1,508
1,528
1,533
1,525
1,636
1,688
1,582
1,630
1,727
1,722
1,714
1,711
1,724
1,729
1,725
1,730
1,733
1,750
1,762
1,675
1,806
1,792
1,778
1,819
1,806
1,799
1,824
1,816
+ 19.8
+ 11.0
+ 17.2
+ 16.1
+ 16.4
+ 16.1
+ 16.5
1,637
1,583
1,663
1,639
1,653
1,646
1,619
1,619
1,622
1,583
1,663
1,660
1.646
1,653
1,656
1.647
1,652
1,628
1,747
1,741
100821884 ,000 88,493,199,000
By water power
Total kilowatt-hours generated
Purchased energy (net)
...
+22.6
+ 13.9
+4.3
3,036,289 000
1,941,396, 000
2,912,353,000
1,971,344,000
101916 777, 000 89,434,208,000
Total energy for distribution
Energy lost In transmission, distribution, &c. 16,651,765, 000 15,416,009,000
Kilowatt-hours sold to ultimate consumers.. 85,265,012, 000 74,018,199,000
$2,011,702, 800 $1,886,683,100
Total revenue from ultimate consumers
Energy used in electric railway & other
depts.
+ 1.1
—1.5
+14.0
+8.0
+ 15.2
+6.6
Important Factors—
40.4%'
generated by water power
Use)—
35.8%
Avge. ann. consumption per customer (kwh.)
705
656
+7.5
4.82c.
5.15c.
—6.4
$2.83
$2.82
Domestic Service (Residential
1
Average revenue per kwh. (cents)
Average monthly bill per domestic customer
of America
23,712,000
8,951,300
499,800
33,590,300
Bank
(552,181)
(215,424)
20,888,431
3,779,426
511,410
commercial, large)
Commercial—Small light and power
Large light and power
3,755,988
508,714
61,659
consumers.
of the Federal Power Commission,
67,241
25,761,884
consumers
25,220,374
with deductions
debits
reported by
50 cities in eight Western States reported total building
$138,597,328 in the first nine months of 1936.
This was a
gain of $58,181,557, or 72.4% over the like period last year and 242.5%
greater than 1934.
Retail sales also mirrored the general business uptrend, 195 stores in the
Twelfth
Federal Reserve District showing dollar value sales increase of
16.3%
that
over
sales
September,
higher
were
Edison
disclosed that
Electric
Institute,
the production
Ended
Oct.
17
Although
http://fraser.stlouisfed.org/
/
Federal Reserve Bank of St. Louis
than
in
the
gain of 16.2%;
month.
San Francisco, 14.2%, and Oak¬
Sales in United States During September
3% Above Year Ago
life insurance sales in the United States for
months of this year are 5% less than for the
of September were
month last year, according to
made by the Life Insurance Sales Re¬
period in 1935, sales for the month
the monthly
The Bureau figures,
having more than 90% of
ordinary insurance in force in this country, give com¬
based
the
survey
in
its
statement,
of electricity by the electric
Hartford, Conn.
reports from companies
on
parative results on a State-by-State
Oct. 21 the Bureau said:
Sales of life insurance
better compared
basis.
Under date of
during the 12-month period ending Sept. 30, 1936,
97% of those for the year
ending Sept. 30, 1935, the report states.
the trend of sales in western sections of the
with the previous year than that in the East.
country
+
California in September at Highest Level
Since 1930, According to Wells Fargo
Bank & Union Trust Co.
Business
weekly
of
Bureau,
search
16.5%
Ago
light and power industry of the United States for the week
ended Oct. 17, 1936, totaled 2,170,127,000 kwh., or 16.5%
above the 1,863,086,000 kwh. produced in the corresponding
of 1935.
it was the ninth consecutive month
1935 corresponding month.
Los
1935, and
the first nine
is
Year
Dis¬
of
Generally speaking,
Week
28 cities in the Twelfth Federal Reserve
out that
points
permits
were
Old series both years.
a
(California) Reports September Far
Highest Level in 62 Months
parison with 1935, and reflect the uptrend in Far Western business.
As further evidence of business improvement, Bank of America's review
for certain
plants not considered electric light and power enterprises
for
,
3% better than for the same
domestic)..
Domestic service
Above
shown above are based on reports covering approxi¬
light and power industry and the weekly figures are
September totaled $2,707,806,000, being an increase of $407,554,000, or 17.7% over a year ago.
Total bank debits for the first nine
months aggregated $24,116,375,000, or a gain of $3,734,349,000 in com¬
same
Production
7,288,025
85,564,124 80,009,501 77,442,112 86,063,979
in
33,163,100
(641,407)
(236,638)
21,409,389
Number of Customers—
courtesy
7,331,380
6,971,644
States in September reached
been attained at any time during
the past 62 months, and marked the ninth consecutive month
in which gains were shown over the corresponding months
in the previous four years, according to the October busi¬
ness review of the Bank of America.
The bank's Septem¬
ber index climbed to 77.9, representing an increase of 7.2,
points, or 10.2% over the same month last year, and was
42.4% above the depression low established in March, 1933,
said an announcement in the matter, which went on to say:
1935
499,400
Total generating capacity in kilowatts y
7,094,412
6,831,573
7,009,164
7,288,576
7,166,086
7,099,421
+
24,079,100
9,011,800
(kw.)—Steam.
Waterpower
Total ultimate
+ 14.8
Angeles reported a net
Internal combustion
Other ultimate
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
+ 17.5
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
highest level that has
Life Insurance
Farms in Western area (Included with
+ 16.7
31
1936
Farms In Eastern area (Included with
7,249,732
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
Business in the Far Western
the
land, 15.3%, for last
Basic Information as of Aug.
capacity
+ 13.1
+ 11.7
1931
1932
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
Western Business at
+0.4
Per cent of energy
+ 12.9
+ 13.9
6,480,897
5,835,263
Note—The monthly figures
mately 92% of the electric
on about 70%.
trict
64,71,4092,000 52,777,912,000
36,107,792,000 35,715,287,000
By fuel
1933
1934
7,131,158
6,608,356
7,198,232
6,978,419
+ 11.6
based
Change
Kilowatt-hours Generated (Net)x:-
week
+ 15.5
1,627
1,650
1,630
+ 14.3
93,420,266
Total.
Bank
(Kwh.)—
Domestic service
Commercial—Small light and power
9,275,973
Sept...
—1.1
departments
depts
Energy used in electric and other
revenue
—16.8
81,728,000
Supply—
Energy used in electric railway
...
Nov
-
Total energy for
180,731,000
116,001,000
Energy purchased from other sources
Net international imports
Deductions from
July
August.
Additions to Supply—
7,762,513
7,048,495
7,500,566
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
8,664,110
April
The
1,678
+ 14.3
1,643
1,629
1,643
1,638
Ch'ge
1935
1936
Feb....
Kilowatt-hours Generated (Net)x:
Electric
1929
1,427
Per Cent
'■
;
■.
1936
y
1930
1,650
P. C.
Month
of—
xBy
1931
1.658
1.659
1,674
+ 14.2
ENERGY AND SALES
Month of August
Generating
1932
TO ULTIMATE CONSUMERS
%
Total
1,821,398
1,819,371
1,832,695
1,839,815
1,809,716
1,752,066
1,827,513
1,851,541
1,857,470
1,863,483
1,867,127
1,863,086
1,895,817
1,897,180
1933
1935
23.28
$1,696,842,224
1934
1936
Aug.
of Kilowatt-hours
Ch'ge
10.52
$1,207,685,865
489,156,359
in Millions
P. C.
Week of-
$1,334,689,002
603,018,119
AND DISPOSAL OF
Weekly Data for Previous Years
(In Thousands of
Kilowatt-hours)
16.28
22.59
Aug. 29...
SOURCE
WEEKS
FOR RECENT
14.25
Aug. 22...
The
.
•
10.72
$1,937,707,121
Total 24 chains
2
$424,273,561
$469,740,228
521,328,386
216,810,846
60,880,170
48,734,372
17,195,000
11.6
12.8
10.3
West Central
S239.021.580
Grocery chains
1936
Sept. 26,
9.8
13.58
33.18
9 Months—
Week Ended
Week Ended
Oct. 3, 1936
1936
New England..
Total United States
4
Oct. 10,
1936
Central Industrial....
55.24
$136,710,461
62,883,555
Total 26 companies....
the
12,
OVER PREVIOUS YEAR
Week Ended
Week Ended
9.91
19.50
$155,276,270
83,745,310
2 Mall order companies
Oct. 10 totaled
during the week ended
PERCENTAGE INCREASE
$45,696,652
6,506,222
2,265,000
3 Shoe chains......................
1 Auto Supply
1936
;
$49,167,506
62,389,204
28,096,044
Grocery chains
output
Electric
2,168,487,000 kwh.
This was a gain of 16.1% over
1,867,127,000 kwh. produced during the week ended Oct.
1935.
The Institute's statement follows:
P. C. Inc.
"
Sales—September
4
2593
Chronicle
for
in
Month
September index of California business reached 97.7%
1923-25 average level, the highest September figure
since 1930, reports the current "Business Outlook," published
by The Wells Fargo Bank & Union Trust Co., of San FranThe
of the
cisco.
Chronicle
Financial
2594
the
Since
business
of
autumn
5% to 7% higher
the level of California
1932,
Sept.
statistically 62% while United States
lower depression point—has increased 65%.
risen
has
business—from
a
Oct.
record
7, the first day the exchanges
Oct.
en
Many industrial
25.
issues
1936
24,
since
open
were
the London Stock Exchange rose to
on
high prices.
♦
The bank further reports:
In each
ures
Increase
(estimated in California to have
by growth of population
as
477,ObO,
been affected by governmental expendit¬
these figures have
case
well
as
been
National Industrial Conference Board Reports Greater
phase of the credit cycle.
recovery of the present
13.5%
State, at the
1929, totaled 191,020 passenger cars and 27,709 com¬
highest levels since
mercial
creased
Automobile sales in the
1935 volume.
comparable
Board.
1935 period and
ahead of the same
September sales were 14.8% above those of September, 1935.
Gain
the
Canadian
in
Trade
Export
During
September Reported by Bank of Montreal
One
in
place in recent months in
have taken
gains
of this year
than
exports
to
sidered significant showed advances in this
in
period.
8%.
Strength
reached
also shown in the market price of high-grade bonds
was
new
high point for the period of observation from the
beginning of the century."
1935 level.
Common stock
prices
were
well above the
Wholesale prices advanced in July and August, partly reflect¬
ing crop shortages attributable to unfavorable weather conditions.
level of employment of
vious
The
1936 has been considerably higher than in the pre¬
having continued
the gain in manufacturing plants
year,
reached in May of 1933.
was
without
A 7 % increase in the index of manufacturing
1 there
was
a
gain of 5.1% over the figure for the same date of 1935, most of the principal
industries
were
shown in the iron and steel, textile and lumber in-
dustries, with gains being recorded also in mining, building construction,
et cetera
which
In this eight-month period, the revival in productive operations
,
began in the first quarter of 1933 and was continued in the two fol¬
lowing
the physical volume of business on the basis of 1926 averaged 108.2 com¬
pared with 100.5 in the first eight months of last
a
retained
This 8% covered
year.
that
reasons
in
in
earners
the
production
39.4
to
the
has
manufacturing
in
August,
Board
risen
number
of
wage
also
to
greater
a
production.
workers
Due
been
has
advanced
has
rise
without
from
resulted
correspond¬
a
earners.
increasing to
larger- working force
production
This
labor
is that during the depression
much
of
industry
1936.
of man-hours of
responsible for production
a
volume
this
to
possible
greater extent
many
years
than
a
manufacturing
actually
was
circumstance,
without
required'
considerable
a
increase
any
the
in
employed.
The number of wage earners on the rolls of
of
Pennsylvania
and the amount
disbursements 11% from the middle of August to
September, according to indexes compiled by
the Federal Reserve Bank of Philadelphia from
reports to
the Anthracite Institute by 33 companies employing some
66,700 workers whose earnings amounted to over $1,421,000
wage
the middle of
week.
a
nounced
The
27
in
month
a
The
Philadelphia
of
work
The
before.
index
and
period.
These
of
gains
an
Bank
in
further
an¬
rose
increased'
3%
with
a
higher,
comparisons
year
while
employee-hours
in
September
of
actually
14%
over
employment, earnings and working time
in activity of the anthracite industry.
expansion
payrolls
by
increase
employment
Compared
Detailed
measured
as
showed
of
that
about
was
done,
companies,
reflect largely seasonal
46.8,
Reserve
:
volume
worked
carried still further, the net result being that the index of
years was
17
anthracite companies increased nearly 16%
their working forces in considerable numbers.
having recalled
Notable increases
Oct.
of
Employment and Payrolls in Pennsylvania Anthracite
Collieries
Increased
from
Mid-August to
MidSeptember
important interruption since the turning point of the employment cycle
employment occurred during the present year and on Sept.
a
as
period averaged 19% below
same
date
the number
factor
number of
Only eight out of 48
The movement stressed in the survey is the marked gain
"a
industries
the
productive operations, the physical volume of business advancing nearly
which
of
group
is that many manufacturing firms, previously
have been increasing the work week to its normal
this trepd is the fact that average hours worked
1935,
employment
the
increase
Most of the factors whose movements are con¬
improvement is found.
wage
in
in
increase
firms
by the Dominion Bureau of Statistics, evidence of considerable
showed declines.
by
August,
increase
an
for
principal
Indicative of
in
Another
economic conditions in Canada in the first eight months
survey of
a
during the
Industrial Conference
employment
fish, fur, cheese and automobiles and parts.
shown in exports of
Under
part time,
on
week
ing
United States and to Japan.
In
than
length.
per
36.6
and nickel all contributed to the aggregate increase, while small
Substantial
level.
the
of
operating
Shipments of wheat, wheat flour, meats, lumber, wood-pulp, newsprint,
are
manufacturing
Employment in the
1929
extent
stating that Canada's export trade has "exerted a
great influence upon Canadian business and has been a
principal contributor to the recovery so far recorded," the
Bank of Montreal said that "further expansion was shown
in September when exports rose from $78,845,842 to $89,582,398 and total external trade
from $123,535,305 to
$142,461,827 as compared with September, 1935."
The
bank also had the following to say in its "Business Sum¬
mary" of Oct. 23:
declines
the
industries in¬
employment
announced:
In
copper
For
level.
<
4,
Continued
than
extent
greater
a
whole, the Conference Board points out, production during
the first eight months of 1936 averaged 15% below the 1929
Department store dollar-volume dur¬
11.2%
ing January-September was
to
past year, according to the National
during January-September as against 146,727 and 21,350 re¬
cars
spectively in the same 1935 period.
Manufacturing Production Than Em¬
Production in the country's manufacturing
Newspaper advertising at four major cities this year has been
over
in
ployment During Past Year
8% since 1932), but still more by the progress toward
or
from
ago
that
40.4%
from
the
of the 1923-25
26.4
to
of
in
in
payments
wage
average
29.3
index
employment
the
to
same
September
9%
was
lower.
follow:
Prepared by the Department of Research and Statistics, Federal Reserve Bank
of Philadelphia.
1923-25 Average=ri00
general betterment in mineral production, manufacturing, construction,
Employment
electric power output, and distribution.
Payrolls
1933
Increase
During
duction
August
Reported
by
Industrial
World
in
Pro¬
Industrial
National
Con¬
Board
ference
February
1935
1936
1933
1934
1935
1936
51.1
January
1934
62.8
61.1
57.9
36.3
59.4
48.1
45.8
57.2
.
..
_
April
May
61.4
62.7
60.1
47.7
53.1
65.7
50.0
51.5
40.9
69.2
32.7
35.9
50.3
March
56.6
51.5
48,9
31.3
43.3
42.0
24.1
55.2
53.9
64.7
42.0
62.0
53.9
25.2
53.7
41.8
June-._
38.5
56.0
55.6
50.3
28.8
44.7
55.5
35.3
according to the monthly statement of the National Indus¬
July
42.7
52.2
48.5
47.5
32.0
35.4
31.6
31.3
trial
August
46.4
48.2
,37.9
40.4
39.0
33.3
23.8
26.4
September
55.2
55.4
46.2
46.8
50.9
39.4
32.2
29.3
October
55.3
56.9
57.7
51.6
40.4
47.1
November
59.4
59.0
45.7
40.1
42.8
23.9
World
industrial
Conference
advanced
production
August,
during
Board.
Output rose in Canada, Great
Britain, Belgium, the Netherlands, Poland, Norway, Sweden,
Denmark, Hungary and Australia.—Little change occurred
in
United
the
and
Brazil.
clined.
In
noting the foregoing, an announcement
by the Conference Board on Oct. 19 also said:
Business
activity
in Great
Britain advanced
Conference Board's analysis indicates.
place
has
in
the
December.—.....
States, Germany, Prance, Japan, Argentina
In Italy and Austria industrial activity de¬
consumers'
developed
goods
result
a
as
industries.
of
to
a
Substantial
the
improvement has
Some scarcity
continued
the
Employment
in
Industrial
output
in Germany continued
is evidence of increasing
difficulty on
taining the present rate of activity.
at
the
heavy
high level, although there
the part of the government in main¬
This
a
is
due, in
part,
the country's credit resources, and in
part to shortages
and skilled labor.
on
of
to the
strain
materials
raw
Industrial
activity in Italy showed more than the usual seasonal reces¬
Operations in the industries engaged in manufacturing war materials
sion.
reduced
were
and
conditions in the textile industry remained' unfavorable.
trade, contrary to the usual seasonal tendency, advanced
during July.
The combined index of trade in 75 countries (in terms of
gold) stood at 36.6% of the 1929 average.
The
Conference
devaluation
the elimination
France,
been
Board,
100
Switzerland
the
two
in its
import
and
Italy.
outstanding
calls
survey,
of the French
of
franc
and
attention to
the
Italian
the
importance
lira, together with
quotas by France and tariff reductions by
Inasmuch as Italy and Germanyy have
of extreme nationalism, the survey
exponents
states, the action taken by the former country is regarded as an
important
step toward the elimination of artificial barriers to world trade.
World
Prices
prices
of
of fofristuffs
wheat,
coffee,
tea
and
and
materials
raw
silk
rose
advanced
during August.
substantially.
Cotton
The
declined
general
commodity prices continued to rise in the major countries in
Preliminary reports for September indicate little change in the
price level in the United States and Canada, and a further
increase
in
France,
of
the
reports
leading exchanges
accordance
with
between
30%
Holland
rose
than
England and
3oard
the
the
and
more
expected
changed
40%;
than
period
currency
Swiss
20%.
increase,
Germany.
with
,
of
values,
securities
Italian
French
rose
stocks
sharply
on
most
devaluation.
securities
nearly
securities
industrial
rose
currency
30%;
showed
In
advanced
prices
somewhat
averaging
46.7
46.7
39.9
in
less
only about
Payrolls
from
of
wage
employed in Pennsylvania
earners
gain of 1%. from the middle of August to the
September, according to indexes compiled by the
Federal Reserve
Bank
of Philadelphia on the basis of
reports received from 2,266 manufacturing establishments
employing about 503,300 wage earners whose weekly pay¬
a
roll
averaged $11,532,000.
stantially
the
These increases
seasonal
usual
change that
represent
sub¬
in
this
occurs
period, thus maintaining employment, payrolls and work¬
ing time currently at the highest levels since the spring of
1930, said an announcement issued Oct. 19 by the Phila¬
delphia Reserve Bank, which continued:
The index
of
employment in September
average, or
11% higher than last
about
above
the
27%
data
census
approximately
a
was
nearly 87% of the 1923-25
and the payroll index
year,
was
82,
or
year ago.
Estimates made from current reports and
show that Pennsylvania factories in September
employed
a
936,000
whose earnings exceeded $21,157,000
earners
wage
week.
those
comprising
textiles
and
clothing,
and
lumber
products,
were
of somewhat" smaller than seasonal proportions.
Pay¬
larger than in August in all of the major groups except trans¬
equipment, and textiles and clothing, but failed to increase
increases
rolls
by
registered gains in employment during September, but in the
groups
of
case
the
were
portation
that security prices
during the
number
showed
All
Wholesale
The Conference
43.9
38.4
middle of
sharply, but recovered in September.
August.
37.2
factories increased 2.4%, and the amount of wage disburse¬
ments as well as the number of employee-hours worked
International
of the
56.3
52.0
in Pennsylvania Factories
Mid-August to Mid-September—
Gains Also Reported in Factories in Delaware
industries.
-
59.8
58.0
and
Increased
taken
skilled labor
of
expansion
53.0
50.4
Average
47.5
issued
high record,
new
52.4
as
large
a
percentage
as
was
to be expected in the
case
of
lumber.
In
the durable goods
industries employment in September increased
nearly 2% and wage payments about 1%.
Relative to the 1923-25 aver¬
ages,
these indexes were 74% and 78%, respectively.. In the case of
consumers'
year
goods,
average,
a
the
gain
index
of
over
of
employment
2%
in
the
rose
month,
to
101%
while
of
wage
the
three-
payments,
Volume
at
92, showed
the
level
of
compared
producing
Although
still is lower
years, the gain in the past year has amounted to 21%
with an increase of a little more than 2% in industries
virtually
change
.no
employment
relative to the
as
Financial
143
in
as
compared with
durable
the
this
Central
region
Gains
consumers' goods.
employment conditions in Delaware factories, the
to
Bank's announcement said:
weekly payroll of nearly $290,000 showed gains of 6% in employ¬
ment
and 5% in
payrolls from August to September.
Working time
increased about 7% in this period.
Seasonal expansion in the canning
contributed
activity
products,
large
a
to these increases, although
equipment, metal and lumber
measure
in
textile products
printing, and
and
paper
than
level
in
plants producing transportation
in
also
at a higher
was
Compared with a year ago, employment and wage
August.
30%, respectively.
payments showed increases of 24% and
North
Lumber
of
Report
than
Ended
Week
Movement,
The lumber industry during tbe
week ended Oct. 10, 1936,
of 1929 shipments.
69%
the
year's
orders
of
peak
exceeded
the
output
production and
Shipments dropped slightly from
two weeks.
Reported new
for the first time in five weeks.
past
Reported national production during the week ended Oct. 10
of 5% fewer
of the
orders
were on
a
was
2% below revised production figures
with that week, according to reports
par
Lumber
National
the
to
mills
preceding week; shipments were 10% below and newT
Association
Manufacturers
ranged
North
East
in
5% below output.
corn,
each
truck
the
from
10
shown
was
and
North
orders
this
period in
same
the
During
of
orders
of
Mills,
Oct.
ended
softwoods
production^
571
10,
combined;
mills
263,422,000
produced
feet
booked
258,010,000
shipped 246,394,000
feet;
for the preceding week were:
Revised figures
feet.
264,661,000
604;
orders,
week
ar.d
hardwoods
The Association further reported:
shipments,
feet;
272,723,000
feet;
Southern" pine,
Coast, Western pine
West
and
v
same
mills.
Shipments
reported for the
as
or
same
235,729,000
week were
or
Shipments as reported for the same week were
8% below production.
10,665,000
feet,
or
Last week's
ago
469
Mill
and 171,776,000
tobacco
there
the
decline
up
7%.
Besides the
receipts
from sweet
down
smaller
smaller
were
from
receipts
cotton
for the first eight months of 1936
Receipts
were
lint,
8%
period of 1935.
same
the
only
State
August compared
of wheat.,
Gains
show
to
ago—due
year
a
from 3%
ranged
smaller
to
in Washington to
was
11,411,000 feet.
Reports
identical softwood mills was 241,931,000
Half
First
1
A 17%
gain
was
of 1936.
Lessened
Brazil
in
Destruction
Coffee
of
During
October
Destruction of coffee in Brazil
dropped to 143,0C0 bags
during the first half of October against 342,000 bags during
the previous fortnight, the New York Coffee & Sugar Ex¬
change announced on Oct. 22 that it had learned by cable¬
gram
that day.
However, since July 1 destruction had
aggregated 2,257,000 bags as compared with 2,480,000 bags
during the preceding 18 months.
Since the start of the
program in June, 1931, Brazil has eliminated 38,845,000
bags of surplus stocks, according to official reports from
that country, the Exchange said.
174,745,000
feet,
orders
and
received,
249,939,000
Decrease Noted in Movement of
feet.
Plantations
Sao
State
in
in
the
(INCLUDING CHASSIS)
United Slates (Factory Sales)
Canada
Total
Total
Year and Month
(Production)
Crop Year
Trucks
(All
Passenger
Trucks,
(All
ger
Cars
&c.
Vehicles)
4,474,000
1 936—
271,291
209,754
61,537
4,660
3,051
1,609
135,130
90,597
44,533
4,655
2,481
during
the first
July through Septem¬
New York Coffee and Sugar
However,
by cablegram on Oct. 20, adding :
addition
in
smaller
the
to
movement
so
far
this
season,
this year's total were earmarked as ^'National Coffee
Department quota'- in accordance with the ruling that 30% of all coffees
from the present crop must be given up to the Department at five milreis
1,352,000
bags
of
Last season there was no sacrifice quota for destruction, although
outright purchase of 4,000,000 bags for elimination by burning was
bag.
per
the
the
last
but not fully completed by June 30, 1936, the
program
crop
end of the
year.
3,336,296
2,717,900
618,396
125,738
100,088
25,650
2,672
237,400
181,130
—
87,540
56,097
56,270
31,443
7,675
5,188
3,402
1,786
Sept.
2,875,304
2,358,998
516,306
137,324
107,177
This
of
234,811
183,500
51,311
9,904
125,040
44,967
5,579
7,325
4,211
2,579
170,007
1,933,835
450,179
108,681
87,027
21,654
1,368
beet
largest in
sugar
six
crop
years,
last year's outturn of 1,668,000 tons, an increase
6.9%, Six years ago Germany's production amounted
with
compares
115,000 tons,
to
1934—
August
Forecast at 1,783,000
in Germany is expected to
according to advices received
by Lainborn & Co., who report that this year's production
is forecast at 1,783,000 long tons.
The firm said:
1936-37
The
30,147
September
Crop
Long Tons—Largest in Six Years
be the
1935—
1936-37 Sugar
Germany's
2,174
5,003
bags
of the new crop year,
months
^
August
August
largest producing area
Brazil,
Paulo,
Cars
September..
Sept.
coffee crop from plantations
new
aggregated
world,
it learned
.
Sao
New Coffee Crop from
Paulo (Brazil) During
against 4,901,000 bags during the similar 1935 period,
Exchange announced that
ber,
the
on
Passen¬
Vehicles)
three
of
State
automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and reported as complete units
or
vehicles) for September, 1936.
Canadian production
figures have been supplied by the Dominion Bureau of
Statistics.
Figures for months prior to those shown below
were reported in the "Chronicle" of Aug. 29,1936, page 1314.
table below of factory sales of
NUMBER OF VEHICLES
of the
The movement
the
or
2,491,000 tons.
Consumption of sugar in Germany during
the crop year ending Aug. 31,
totaled 1,665,527 long tons, raw value, an increase of 83,318 tons,
5.3% over the previous year.
The 1935-36 consumption is the largest
since 1928-29, when 1,679,000 tons were consumed.
1936,
Tot. 9 mos.
end. Sept.
Cains in Farm
2,384,014
or
Cash Income in Four Regions Reported
by Bureau of
Cuban Raw Sugar Exports
Agricultural Economics
Increased cash receipts from the
ucts by
were
were
a decrease this
marketings
7% in Wyoming.
reported for the region for the first eight months
was
in
Tot. 9 mos. end.
were
cattle and! sheep.
wheat,
in
calves.
August
of the Census has issued the figures in the
September
marketings
.
receipts
First Three Months of
Tot. 9 mos. end.
-
,
Cash
marketings,
lint,
factors
Montana
with
Automobile Sales in September
The Bureau
from
it was 210,369,000 feet; shipments were, respectively,
and
feet
231,530,000
feet
production of
year
a
Production
7% below production.
Identical
feet, and
in
shipments above output.
4% below production.
Production was 246,599,000 feet.
Reports from 98 hardwood mills give new business as 10,475,000 feet,
feet,
receipts
Northern hardwoods re¬
Southern pine
All reporting
softwood regions reported orders above the 1935 week.
All except Southern
Cypress reported shipments and all but Southern pine reported produc¬
tion above the corresponding 1935 week.
Lumber orders reported for the week ended Oct. 10, 1936, by 494 soft¬
wood mills totaled 254,186,000 feet, or 3% above the production of the
hardwoods reported
Northern
receipts
Larger
Western States:
Cash receipts were up 17%.
Larger receipts from
barley, truck crops, potatoes, peaches and from nearly all livestock items
more
than
offset
smaller receipts from wheat, pears and citrus fruits.
ported orders above production in the week ended Oct. 10.
and
27%.
doubtless due to a
was
1935.
higher than in the
also
264,485,000 feet.
Cash
States:
increase
States:
Atlantic
and
cattle
32% above
above Shipments and orders of the corre¬
40%
up
dairy products and meat animals more
from wheat, oats and eggs.
Receipts increased
first eight months of 1936 receipts from market¬
barley,
the
Central
Part of
Principal
by reporting softwood mills 15% above
sponding week last year.
of 1935.
receipts
Cash
States:
Receipts declined in West
Virginia, North Carolina and South Carolina, but were larger in other
States.
For the first eight months of 1936 receipts from marketings
were 14% higher than in the same period
in 1935.
South Central States:
Cash receipts from marketings were down 5%.
business dur¬
were
Increased cash
53% in New Jersey.
16%
to
22% higher than in the corresponding period last year.
South
Reported new business of
corresponding week of 1935; shipments
Hampshire
New
apples.
and
wheat
from
in
liquidation of cattle
and hogs compelled by drought, but it was also in large part due to the
higher prices received by farmers for dairy products and nearly all crop
items.
Larger receipts from corn
(last year's crop), barley, livestock
and
dairy products more than offset smaller receipts from wheat, oats
and eggs.
North Dakota was the only State showing smaller receipts fop
the month, due to smaller marketings of wheat.
Gains in other States
in the Region ranged from 14% in Missouri to 56% in Minnesota.
Re¬
ceipts from marketings in first eight months were 30% more than in j
previous week was 0.4% above production; shipments
were
4% above output.
Production in the week ended
the
11%
crops,
For
State.
were
West
the
Oct.
Larger receipts from
26%.
offset smaller receipts
30%.
ing the week ended Oct. 10 was 3% above production; ship¬
were
by regions:
up
dairy products, meat animals and chickens more
receipts
Central
potatoes,- cotton
ments
receipts
than in corresponding period
higher
reduction
new
Cash
crops,
from
regional associations covering the operations of important
Reported
States:
smaller
offset
hardwood
and softwood mills.
due to higher
North
the
in
com
Receipts from marketings during the first eight months of 1936 were
ings
stood at 70% of the 1929 weekly average of
Atlantic
receipts
from
Oct. 10, 1936
of
and
potatoes
crops,
potatoes and truck
than
Weekly
truck
of
marketings
The Bureau reported as follows,
a
industry
receipts in the other four regions were
cash
barley, in addition to higher prices
Central States, andi the larger
receipts from nearly all livestock items in each of the four regions.
; ^
and
factories in Delaware employing some 13,300 workers
Reports from 79
with
cotton
smaller
and
reported.
were
the
in
tobacco,
of
types
the markets for some im¬
marketings in the South
result of the later opening of
a
as
year,
portant
prices
As
marketings of tobacco in the South Atlantic region in August
Smaller
August.
industry
goods
base
2595
Chronicle
farmers in four out of six
regions in August as
compared with August, 1935, were reported on Oct. 20 by
the Bureau of Agricultural Economics, United States De¬
partment of Agriculture.
Gains ranged from 17% in the
Western States to 30% in the West North Central States.
Receipts declined 7% in the South Atlantic States
Central region.
The Bureau added:
in the South
and 5%
During First Nine Months
Above Same Period Year Ago
sale of principal prod¬
of
Exports of raw sugar from Cuba in the first nine months
the current year totaled 2,157,431 long tons compared
corresponding period of 1935,
United States Department of
Commerce from the American Commercial Attache, Habana.
Shipments of
sugar
to the United States .aggregated
1,411,642 tons in the 1936 period against 1,464,315 tons in
with
2,154,063
tons
in
the
according to a report to the
Financial
2596
the
The
to
January-September period of 1935, the report states.
stock of sugar in Cuba on Sept. 30, 1936, amounted
877,018 long tons compared with 1,013,748 tons on the
date of the preceding year, according to statistics
same
Chronicle
24, 1936
stated that the increase
was due to the fact that no with¬
drawals from crude oil stocks during the month was recom¬
mended.
In the Oct. 10 conference between Compact offi¬
cials and Bureau representatives, it was argued that stocks
of
compiled locally, it was stated.
Oct.
crude
dangerously low and production should be
consumptive demands.
"During the last five weeks for which complete data are
available, up to Oct. 10, the production of crude oil was
were
increased to meet
Distribution
Sugar
United
in
States
Dropped
1.9%
During First Nine Months When Compared
with
abput 3,050,000 barrels,
January-September 1935
or
about 20,000 barrels below the-
level of the previous month," the Bureau pointed out. "The
withdrawal from domestic crude stocks over this
Distribution of sugar in the United States during the first
nine months of 1936, January to September, inclusive,
average
totaled 4,509,978 long tons, raw value, as compared with
4,596,683 tons during the corresponding period last year, a
decrease of 86,705 tons, or approximately 1.9% according
of 3,266,000 barrels.
"The Bureau's estimate
Co.
to Lamborn &
Cane
sugar
The firm said:
distribution
(including
foreign
and
insular
white
sugars)
amounted to 3,653,170 tons as compared with 3,634,942 tons in the Janu¬
ary-September period of 1935, an increase of 18,228 tons,
Beet sugar
961,741 tons,
a
distribution totaled 856,808 long tons
decrease of 104,933 tons,
or
or
approximately
as contrasted with
approximately 10.9%.
♦
Increase Noted in
States
Over
Beet
Refined Sugar Deliveries by United
Sugar
Factories
During
September
August
period
about 216,000 barrels, indicating
was
about 2,940,000 barrels,
barrels.
This shortage
Oct. 22.
Deliveries during September
128,589 tons against 82,288 in August and 137,284 in
September, 1935, it was pointed out in an announcement by
Exchange, which added:
were
the
From Jan. 1 to Sept. 30, deliveries totaled 896,845 toas against 1,006,682
tons
during the similar 1935 period,
a
decrease of 109,837 tons
in the
However, during the 12 months ending Sept,
is
taken
as
the
beet
crop
year,
deliveries
30,
were
which
.1,304,669 tons during the comparable 1934-35 season,
tons or
a
tons
against
loss of but 27,030
Nov.,
Oct.,
1936
IN
1935
Texas
1,109,300 1,106,900 1,027,600
Okla
558,500
559,900
492,000
California
549,600
535,300
505,000
Louisiana
198,600
189,300
127,100
Kansas
154,500
155,000
143,300
New Mex.
75,600
74,200
52,200
Pa
46,900
44,400
40,000
Wyoming
40,100
37,300
33,900
Michigan.
29,000
30,000
40,400
__
28,100
.
29,600
1936
Bureau
of the
Census
announced on Oct. 21, that
preliminary figures, 27,962,666 cotton spin¬
were in place in the United States on Sept. 30,
1936. of which 23,514,270 were operated at some time
during the month, compared with 23,433,658 for August;
23,251,764 for July; 23,021,042 for June; 22,833,364 for
May; 23,119,360 for April; and 22,681,776 for September,
1935.
The hours of employment and of productive
machiery
are affected generally by organized short time.
However, in
order that the statistics may be comparable with those for
earlier months and years, the same method of
computing the
percentage of activity has been used.
Computed on this
basis the cotton spindles in the United States were
operated
during September 1936, at 125.8% capacity. This percent¬
age compares with 115.8 for August; 119.8 for July; 111.0 for
June; 105.2 for May; 110.7 for April, and 93.8 for September
1935.
The average number of active
spindle hours per
spindle in place for the month was 289. The total number of
cotton spinning spindles in place, the number
active, the
number of active spindle hours, and the
average hours per
spindle in place, by States, are shown in the following
according to
ning spindles
statement:
j
Oct.,
Nov.,
1936
1936
1935
Montana.
14,300
14,000
12,200
11,600
11,200
Kentucky
New York
Illinois
Ohio
West
Va.
4,400
Indiana.
Totals
.
14,200
4,300
2,400
2,200
_
11,400
10,000
10,900
10,400
10,000
4,000
11,400
10,400
10,300
Colo
29,100
14,200
14,200
11,500
12,000
2,200
2,870,300 2,842,300 2,563,700
The recommendations in this table have been calculated as the
requirements for
the month stated and are not intended to be calculations of
daily average demand
for the current year or for any period other than the months stated.
292,701,000
Activity in the Cotton Spinning Industry for September
was
Nov.,
Stocks of crude oil held in the United States
+.
period
BARRELS
Nov.,
1936
State—
2.07%.
The
this
up
DAILY AVERAGES
Arkansas
in trade circles
1,277,639
for
following recommended breakdown by States.
10.91%.
or
demand
apparent 'shortage' of 326,000
1,750,000 barrels was taken out, a difference in terms of
crude of nearly 150,000 barrels
daily."
Bureau of Mine officials announced that the application of
the usual methods to required production of crude oil resulted
Deliveries of refined sugar by all United States sugar beet
factories increased 46,301 short tons during September over
the previous month but fell 8,695 tons short of the Septem¬
-Association released
an
total demand
a
largely reflects the failure of the
to the gasoline program.
The Bureau
suggested a withdrawal of about 4,000,000 barrels from
gasoline stocks in this five-week period, but only about
industry to live
1
ber, 1935 figure, the New York Coffee & Sugar Exchange
calculated from figures of the United States Beet Sugar
of
barrels
on
Oct. 10 of
off
1,648,000 barrels from the
previous week to a new 15-year low.
Current crude inven¬
tories are equal roughly to slightly more than three months'
demand, against four months' supply a year ago.
Drains
upon crude inventories have brought a total decline of
21,930,000 barrels to date.
Crude stocks averaged in excess
of 300,000,OCX) barrels over the 15-year (1921-1935)
period,
while in 1929 and 1930 they were over 400,000,000 barrels.
Total demand for crude in 1936 is expected to
go above
1,000,000,000 barrels for the first time siape 1930.
The Texas daily quota for November was ordered set at
1,109,260 barrels by the Railroad Commission on Oct. 20,
off 70,688 barrels from the Commission's October allowable
and
40
barrels
were
under
Texas of the United
the November market estimate for
States Bureau of Mines.
The State¬
wide
proration meeting held in Austin on Tuesday disclosed
were satisfied,
only about 4,000 barrels increase
in the proration allowable being asked.
Completion of new wells lifted the daily allowable for the
State as of Oct. 18 to 1,206,044 barrels, an increase of 26,096
that all fields
barrels since the first of the month.
With 496
new
wells
completed during the Oct. 1-18 period, the total for the
first eight months was disclosed at 6,002 wells.
Number
of flowing wells in Texas is 25,986, while pumping and
agitating wells number 38,816.
Reduction of the Texas allowable brought a postponement
Active Spindle Hours
Spinning Spindle*
for September
In Place
Active Dur¬
Sept. 30
ing Sept.
Total
Spindle in Place
United States.
27,962,666
23,514,270
8,088,255,427
289
Cotton growing States
New England States.
18,997,204
7,984,970
980,492
17,318,738
5,469,292
726,240
6,254,973,680
1,645,135,619
188,146,128
329
1,879,856
722,118
3,311,150
780,856
4,319,852
226,236
1.711,264
625,,088,134
158,,540,258
1,108,,124,062
210,,470,655
856,,873,382
62,,495,125
111, ,857,408
86 ,095,420
1,899 ,045,308
280 ,014,348
2,008 ,556,051
234 ,862,165
67 ,666,959
195 ,348,708
183 ,217,444
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
980,280
508,628
New York
North Carolina
602,956
3,007,584
663,680
2,971,424
171,824
365,426
308,226
6,060,120
1,083,352
5,704,152
5,506,156
Virginia.
641,960
253,454
648,816
All other States
841,836
559,814
193,308
568,584
665,134
Rhode Island
„
South Carolina
Tennessee
Texas
Petroleum
Lifted
and
by
792,910
5,425,980
Average per
220
in accord with the recommendations of the Bureau of Mines.
192
335
270
was
some
Feature
of
the
annual
convention
of
the
National
Oil
198
Marketers
Association
276
address
"The Anti-Trust Laws of the United States"
114
169
313
Russell
States
258
352
366
267
301
218
An increase of 28,000 barrels in
daily average crude oil
production in the United States for November recommended
by the United States Bureau of Mines on Oct. 19 was fol¬
lowed by a few days later by a
report showing that the
Nation's crude oil stocks, as of Oct. 10, were the lowest in
15 years.
The suggested allowable is 306,600 barrels above
November, 1935.
2,870,300 barrels daily, and the
in retaliation for the October allowable in Texas
333
206
Its
Products—November
Allowable
Bureau—Crude Stocks Lowest in 15
November market demand for crude oil
was
73,000 barrels above the Bureau's figure., The meet¬
ing was deferred until Oct. 29 and it is understood that the
matter will be dropped.
The Commission is expected to set
November demand at 558,400 barrels daily, off 1,500 barrels,
Quota to Sub-Bureau
Figure—Hardy to Address Oil Marketers' Conven¬
tion—Crude Oil Output For Week Sets New Peak
move
of
Years—Texas Cuts November
the Bureau at
special meeting of the Oklahoma Corporation Com¬
a petition to lift
the Oklahoma allowable 50,000 bairels above the 559,900barrel level recommended by the Bureau of Mines.
The
mission which had been called to consider
State
All other States
of the
estimated by
announcement
on
in
Chicago Oct. 27-29 will be
an
by
United
Hardy, of the anti-trust division of the
Department of Justice. The address will be of
par¬
ticular interest to the members attending the convention in
view of the current marketing practices' cases involving
practically every major oil company in the industry.
Daily average crude oil production set a new all-time
record high in the week ended Oct. 17 at 3,077,300 barrels,
up 52,350 barrels from the previous week, the American
Petroleum Institute reported.
The output compared with
the October market estimate of 2,842,300 barrels of the Bureau
of Mines and actual production in the like 1935 period of
2,782,800 barrels. California was the only major State now
to show higher prpduetoin totals.
There
were
crude oil price changes:
no
Prices of
Typical Crudes
per
'
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
$2.45
-
1.15
1.42
Eldorado, Ark., 40
Rusk, Texas, 40 and over
Darst Creek
$1.10
1.15
.97
Illinois
1.23
Central Field, Mich
1.32
Western Kentucky
1.23
Sunburst, Mont
1.15
Mid-Cont't, Okla., 40 and above.. 1.18
Huntington, Calif., 30 and over
Winkler, Texas.
Kettleman Hills, 39 and over
1.22
1.40
Petroleia, Canada
2.13
Smackover, Ark., 24 and
.85
over...
.75-.80
Financial
Volume 143
REFINED PRODUCTS—DOMESTIC DEMAND FOR MOTOR FUEL
UP
7% FOR NOVEMBER—STANDARD OF JERSEY CUTS GAS
FUEL—GASOLINE
MOTOR
FOR
PHILADELPHIA
LIFTS
REFINING
PRICES—ATLANTIC
PRICES
STOCKS
GAIN-
HIGHER
REFINERY RUNS
The Bureau of Mines estimated domestic gasoline
demand
barrels, 7 % in excess of actual
consumption during the like 1935 month.
Export demand
of 2,400,000 barrels is unchanged from the previous month
but is under November last year when demand from abroad
was accelerated by military activities in Europe.
for November at 38,720,000
2597
Chronicle
in transit and in
pipe lines as of the end of the week, 57,987,000 barrels of finished and
unfinished gasoline and 113,773,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 95.9% of the poten¬
tial charging capacity of all cracking units indicates that the industry
as a
whole, on a Bureau of Mines basis, produced an average of 685,000
barrels daily during the week.
'
had in storage
above the estimated level.
Reductions in tank
car
and tank
wagon
gasoline prices
B. of
J^-cent to 6cents. Tank wagon prices
were cut Hreent in northern New Jersey .
Strengthening of the Phildalphia price structure was
reflected in a 1-cent a gallon increase in service station prices
of gasoline in the metropolitan area there by Atlantic Re¬
fining Co. on Oct. 21. The new price is 17 cents a gallon
at the "pump," taxes included.
Major companies had cut
prices 1
cents a gallon on Oct. 7 to 16 cents a gallon at
service
stations,
taxes
gasoline during the Oct. 17 week, reports compiled
by the American Petroleum Institute disclosed. Total stocks
of 57,987,000 barrels are roughly equivalent to 39 days'
supply, practically unchanged from last year.
Higher refinery operations ruled, an increase of 0.8% lifting
the rate to 79.6% of capacity.
Daily average runs of crude
oil to stills rose 30,000 barrels to 3,060,000 barrels.
An
increase of 326,000 barrels in stocks of gas and fuel oils lifted
the Oct. 17 total to 113,773,000 barrels.
unfinished
Representative price changes follow:
Oct. 20—Standard of Jersey lowered
ern
New Jersey.
Colonial
.07
Gulf
ex.
ports...
-.06%
.06
-.04% i
Brooklyn
.......
Boston
.......
Total Louisiana.
.
_
Colorado.
Ml nneapol is
New Orleans..
Denver.
$.195
.195
.21
Detroit.. ..;
.19
Jacksonville—— .20
Houston
.18
.17
.
... .....
—
...
in Week Ended
.
_
.
.
.
.
$. 201
.23
Philadelphia
17
Pittsburgh..
.195
San Francisco
18
.194
St. Louis
.175
.
•*'•
V;V';-*•
California.
Petroleum
American
Gains 52,350 Barrels
Oct. 17
Institute
estimates
that
the
production for the week ended
Oct. 17, 1936, was 3,077,300 barrels.
This was a gain of
52,350 barrels from the output of the previous week.
The
above the 2,842,3t)0 barrels
calculated by the United States Department of the Interior
week's figure remained
total
of the restrictions imposed by
the various
details, as reported by the Institute, follow:
587,800
589,000
577,550
646,200
3,077,300
3,024,950
3,030,050
2,782,800
and receipts in bond at principal
17 totaled 1,717,000 barrels,
of 245,286 barrels, compared with a daily average of 99,286
10 and 173,179 barrels
ended Oct.
(Figures In thousands of barrels of 42 gallons each)
Stocks of
Crude Runs
Daily Refining
Capacity
to Stills
Finished and
Stocks
Unfinished Gasoline
of
Unfin'd
Daily
At Re¬
ated
fineries
626
612 100.0
612
_
P. C.
Total
Oper¬
age
tial
Rate
and
P. C.
Aver¬
Reporting
Poten¬
Gas
in
Finished
District
85.9
5,052
Terms., Nap'tha
Fuel
Oil
Distil.
<fee.
9,548
844
12,658
154
146
94.8
104
71.2
926
1,028
278
641
462
444
96.1
420
94.6
4,433
3,075
719
6,464
453
486
3,471
1,808
8,652
2,286
84.8
291
75.8
48.5
104
65.0
43
175
710
97.0
662
93.2
3,075
1,161
5,014
2,115
160
732
.
384
330
225
1,845
169
Inland Texas
Texas Gulf..
Rocky Mtn.
270
163
96.4
129
79.1
803
447
80
72
90.0
47
65.3
134
78
41
97
60
61.9
45
75.0
682
88
746
852
789
92.6
490
62.1
8,227
2~224
1,184
73,048
3,640
89.8
2,818
79.6
29,507
2,641
18,783
7
California...
Reported
Est. unrepd.
401
242
375
5,930 110,149
422
704
3,624
3,941
3,941
3,060
Oct. 10 '36
3,941
3,941
3,030
32,148
31,403
19,487
19,716
6,352 113,773
6,329 113,447
y2,746
27,229
17,709
5,554 110,037
U.S.B. of M.
x
17 '35
Reports received from refining companies
that the industry
as a
Gains 3.7% During Week Ended
Production Off 18.3%
of Mines, in its weekly coal
States Bureau
report, stated that the total production of soft coal during
the week ended Oct. 10 is estimated at 9,475,000 net tons.
This is an increase of
340,000 tons, or 3.7% over the output
week. Production during the week ended
Oct. 12, 1935, is estimated at 8,413,000 tons.
Anthracite production in Pennsylvania during the week
in
the preceding
232,000 tons,
This is a
18.3%, from the output in the
or
preceding week, and compares with 1,213,000 tons produced
the corresponding week of 1935.
During the calendar year to Oct. 10, 1936, a total of
in
315,775,000 tons of bituminous coal and 39,465,000 net tons
of Pennsylvania anthracite were produced.
This compares
276,305,000 tons of soft coal and 40,786,000 tons of
coal produced in the same period of 1935.
The
Bureau's statement follows:
with
hard
ESTIMATED UNITED STATES PRODUCTION OF
COKE (IN NET TONS)
10
1936
c
Oct. 3
1936 d
COAL AND BEEHIVE
Calendar Year to Date
Week Ended
Oct.
Total
12
Oct.
1935
1936
1935
e
1929
17.
owning 89.8% of the 3,941,000-
for
period— 9,475,000 9,135,000 8,413,000 d315,775,000 276,305,000 408,418,000
1,318,000
1,154,000
1,697.000
Dally aver. 1,579,000 1,523,000 1,402,000
Pa. anthra.:b
daily lor the four
refining capacity of the United States
whole ran to stills, on a Bureau of Mines
potential
October 1935 dally average.
Estimated Bureau of Mines basis, y
Oct. 10—Anthracite
Total
•
r
for
period— 1,035,000 1,267,000 1,213,000
202,200
211,200
172,500
Daily aver.
Beehive
,
Total
compared with 23,893 barrels daily for the four weeks ended Oct.
UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED OCT. 17, 1936
17.
daily
estimate of any oil which
Bitum. coalra
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Oct. 17 totaled 273,000 barrels, a daily average of 39,000 barrels
indicate
535,300
Note—The figures Indicated above do not include any
ports for the week ended1 Oct.
estimated
56,700
2,842,300
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND
Imports of petroleum for domestic use
barrel
2,452,600
might have been surreptitiously produced,
3,030,050 barrels.
The daily average output for the week
ended
Oct.
19, 1935, totaled 2,782,800 barrels.
Further
Oct.
2,435,950
'
Total United States
oil-producing States during October.
Daily average produc¬
tion for the four weeks ended Oct. 17, 1936, is estimated
ended
4,900
80,800
2,489,500
2,307,000
—
.
at
the week
16,400
4,850
ended Oct. 10 is estimated at 1,035,000 net tons.
daily average gross crude oil
weeks
2,136,600
New Mexico
Total east of California.
15,850
81,350
28,150
113,700
29,750
41,700
15,950
4,900
80,200
37,300
14,200
4,300
74,200
........
The United
Tax Included
Daily Average Crude Oil Output
daily average
30,150
106,750
54,800
39,800
13,800
4,350
...
......
decrease of
barrels for
154,950
Soft Coal Production
Cleveland
175
States
235,550
28,200
112,650
29,200
42,100
1.05
Notllncluding 2% duty city sales tax.
United
234,850
28,150
115.050
30,350
39,750
Montana
$.02%-.02% [
M. G. I
Los Angeles
a
232,900
29,600
106,300
30,000
............
Wyoming..
1Tulsa M. G. I.$.02%-.02%
Cincinnati
.175
be the
31,800
123,150
189,300
..
...
Eastern
.95
$
Refinery or Terminal
—
.17
Buffalo
Chicago
to
156,750
Coastal Louisiana
xOct.
New Orleans C
.167
$.167
New York..
Newark
current
1,020,850
78,250
157,300
Oct. 17 *36
$.03%
-.03%
Refinery or Terminal
Gasoline, Service Station,
The
1,172,100
77,950
156,900
1,106,900
Total Texas.
North Louisiana
Tank Car, F.O.B. Refinery
$1.00-1.25 Phlla., Bunker C
|Chicago,
$.04
z
1,173,750
$6,950
1.651
Gas Oil, F.O.B.
z
1,189,100
...
Southwest Texas
xEst.tot. U.S
$1.15
N. Y. (Bayonne)
/
Ang.,
Tulsa
07
Shell Eastern
I California 24 plus D
Diesel 28-30 D
27 plus
Los
.07%
-.05%
.06%-.06%
.05%
.05%
5.05
Orleans.
New
Beacon__$.07%
Gulf
N. Y. (Bayonne)
K
55,300
59,250
25,550
155,250
44,650
427,100
60,500
193,250
East Texas
No. La.-Ark.
Tank Car Lots, F.O.B. Refinery
[North Texas.$.03%-.03%1 New Orleans.
$.04% (Los Angeles.. .03%-.05
( Tulsa..
.03
C
59,900
61,550
27,350
174,900
68,700
437,650
84,600
257,450
76,150
East Central Texas
Mo
Texas.—....—...
Fuel Oil, F.O.B.
Bunker
149,200
58,450
62,500
27,400
177,150
68,950
437,200
84,350
257,750
Okla.,Kans.,
station prices of gasoline lc.
Chicago
Kerosene, 41-43 Water White,
(Bayonne)...
505,250
160,900
West Texas...
Appalachian
Ind.,111., Ky.
New York—
New York
569,600
'
La. Gulf
U. S. Gasoline (Above 65 Octane),
J.S.06%
Socony-Vacuum.. .07
Tide Water Oil Co .07%
Richfield OIKCal.) .07%
Warner-Quinlan.. .07%
1936
563,700
149,400
West Central Texas
Michigan.
17,
264,350
North Texas.
north¬
gallon to 17c.. taxes included.
Standard Oil N.
Oct. 19,
1935
586,750
165,400
Panhandle Texas
*9
New] York— I
Ended
Oct. 17,
1936
10,
58,050
62,500
27,350
178,200
70,850
440,850
Kansas
.
Oct.
1936
559,900
155,000
Oklahoma.
Arkansas.
Week
Ended
(October)
tank-car prices of gasoline % to %c.
Oct. 21—Atlantic Refining advanced service
a
4 Weeks
Oct.
culations
East Coast.
Tank-wagon prices of gasoline were cut %c. in
gallon at Bayonne.
Average
Week Ended
included.
The seasonal sag in motor fuel consumption was reflected
in an increase of 539,000 barrels in stocks of finished and
a
Actual Production
M.
Dept. of
Int. Cal¬
were
and 62-63 octane
OIL PRODUCTION
(Figures In Barrels)
Coastal Texas
posted Tuesday by Standard Oil Co. of New Jersey.
The
company posted cuts of l/i- to K-cent a gallon in tank-car
.quotations at Bayonne.
The featured brand was slashed
to 7 cents while 65-66 octane was cut 34-cent to 6% cents
bulk terminals,
refineries,
at
DAILY AVERAGE CRUDE
The report recommended that stocks of finished and un¬
finished gasoline
be pared 500,000 barrels during the
approaching month in comparison with 480,0000 barrels a
year ago.
Gasoline stocks on Aug. 31 of 59,496,000 barrels
were off only 2,950,000 barrels, 2,050,000 barrels less than
recommended.
Preliminary indications are that only about
1,750,000 barrels were withdrawn in September, against a
suggested withdrawal of 3,980,000 barrels.
This means
that Oct. 31 stocks probably will be about 5,000,000 barrels
and that all
3,060,000 barrels of crude oil daily during the week,
basis,
companies
a
39,465,000
40,786,000
165,500
171,000
65,867,006
234,206
1,142,100
651,600
5,348,700
4,700
2,681
22,011
•
•
.
p
for
period—
Dally
'
coke:
aver.
45,400
42,300
7,567
7,050
19,200
3,200
and colliery fuel,
b Include*
County, washery and dredge coal, local sales, colliery fuel and coal shipped!
Includes lignite, coal made Into coke, local sales
Sullivan
Financial
2598
by truck from authorized operations,
c Subject to revision,
Justed to make comparable the number of working days in the
WEEKLY
ESTIMATED
d Revised,
three years.
Ad-
e
Oct.
Chronicle
1936
24,
Note—The statistics given above are compiled from reports for September received
by the Bureau of Mines from all manufacturing plants except six, for which esti¬
mates have been included in lieu of actual returns.
COAL, BY STATES
PRODUCTION OF
(In Thousands of Net Tons)
based on railroad carloadings and river shipments and
(The current estimates are
ate
from district and State
subject to revision on receipt of monthly tonnage reports
of final annual returns from the operators.)
World Tin
ber
1936 p
Oct. 6
1936 p
1935
Oct. 5
Acer.
1934
Oct. 5
Sept. 26
1929
1923
s
8
r
2
2
2
2
Alabama-----------
228
r229
18
169
346
Arkansas and Oklahoma
105
82
40
80
135
88
Colorado
170
135
169
150
237
217
1
1
Alaska
Georgia and North
Carolina.
*
1
398
8
s
1,048
1,025
866
1,319
1,558
309
317
301
391
520
58
------
856
338
Illinois
56
57
67
93
116
Indiana-.-.
Iowa—.—
-
161
141
Maryland
137
155
596
1,004
170
332
238
31
28
30
53
35
10
6
8
16
28
61
letin"
—-—
Michigan
82
91
Montana---
81
71
73
New
30
25
26
30
51
41
63
54
s68
836
44CJ
401
444
369
545
817
2,292
1,364
1,704
2,876
80
110
in
October "Bul¬
the
Research
Tin
and
in
published
by
The
Development
Hague
1936.
July to 13,421 tons in August,
also from
of
office
154,261
exceeded
the
consumption
by
consumption
increased
production
World
tons.
by the New York
Development Council:
periods ending
12-month
world
respectively,
to
Research and
the
Considering
The following is
announcement issued Oct. 20
an
in
the
in
approximately
8,000
from
ended
year
and
1935
August,
18.6%
by
1936,
130,085
tons
1936,
August,
tons.
3,149
20
International
Statistical Office, the
world apparent consumption of tin decreased from 14,035
tons in July, 1936, to 13,163 tons in August, but increased
appreciably over the figure of 11,212 tons for August, 1935.
World production also shows a decrease from 14,654 tons
58
46
contained
statistics
to
the
of
Council,
764
156
6
► We. tern
110
683
149
31
—
791
170
Kentucky—Eastern
128
808
Kansas and Missouri
According
Octo¬
Week Ended—
State
Oct. 3
Consumption During August Below July—
Dropped in Month
Production Also
sources, or
Mexico
North and South Dakota.
Ohio-.-—
2,298
bituminous
Pennsylvania
Texas
113
14
20
134
144
184
262
39
b
Wyoming
35
31
31
55
68
1,928
1,603
1,455
2,102
1,488
560
4.24
380
744
805
118
168
105
184
135
130
1
1
1
87
s4
9,135
r8,723
7,028
7,127
11,314
11,310
—
*
Other Western States c
consumption
—-
1,267
979
1,049
809
-
9,702
8,077
7,936
a
13,176
Panhandle
and
District
C. & O.; Virginian; K. & M.; B. C. & G., and
Mason and Clay counties,
b Jtest of State, including
Grant, Mineral and Tucker counties,
c Includes
California, Idaho, Nevada and Oregon,
r Revised,
p Preliminary.
North Carolina and South Dakota included in "Other Western
* Less than 1,000 tons.
Arizona,
•
13,27%
Includes mines on the N. & W.;
the B. & O. in Kanawha,
on
Alaska, Georgia,
States."
United Sthtes
72,100
21,722
France--
Germany
8,974
♦7,750
U. 8. S. R
—
Cement
Mines
that
reported
Ago
Year
a
6,000
September,
1936, produced
12,292,000
barrels, shipped
12,564,000 barrels from the mills, and had in stock at the
end of the month 18,648,000 barrels.
Production and ship¬
ments of Portland cement in September, 1936, showed in¬
creases
61.1%, respectively, as compared with
Portland cement stocks at mills were
of 71.4% and
September, 1935.
14.4% lower than
The total
Figures
Stocks"
amounts
Manufacture"
in
and
be
may
"Changes
taken
Consumers'
in
indicating the gen¬
as
Russia
14.7%
United
22.3%,
by
43.9%
by
8,974
to
actual
increased
10.6%
in
tin
of
the
to
31,200
solder
August,
the
in
1936,
United
States
with
compared
as
tinplate manufacture increased
bearing metals from
in
9,890
United States
in
used
tons;
from
'
manufacture
in
ended
year
The quantity
tons
tons;
from
uses
in
year.
28,210
3,490
consumption
by
previous
from
by
the
in
Consumption
the
Con¬
1936.
in France by 24.8% ;
;
22.5%.
Consumption in Poland
1,170 tons, in Czechoslovakia by 34.6% to 1,505
Japan
in
Canada by 15.7% to 1,186 tons.
tons, and in
The
ended August,
year
States increased by 33.1%
and
to
for Germany, but most
tons is recorded
increases in the
important
tons
11,200
to
tons,
2,750
and
tons to
in
other
17,790 tons to 18,965 tons.
Outputs of Consuming Industries
79,397,000
to
of
show
sumption in the
in
Used
approximate, but
only
decrease
A
production for the nine months ending Sept. 30,
barrels, compared with 56,066,000 barrels in the same period of 1935, and the total
shipments for the nine months ending Sept. 30, 1936,
amounts to 83,700,000 barrels compared with 55,650,000 bar¬
rels in the same period of 1935.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
September, 1936, and of 162 plants at the close of Septem¬
1936,
"Tin
for
are
+ 18.6
+9.7
—5.400
trend.
eral
year ago.
a
+22.3
+ 11.9
+ 12.4
135,500
+5,600
—
Changes in consumers' stocks
industry in
Portland cement
the
—14.7
130,085
154,261
148,700
consumption
apparent
Tin used in manufacture
increased
report of the United States Bureau
The monthly cement
of
Than
Higher
Continue
Portland
of
Shipments
and
Production
+3.3
+24.8
7,939
10,517
6,337
5,362
24,745
27,808
Other countries
+33.1
54,160
,
or
Decrease
21,025
9,907
countries
September
1935
United Kingdom
Total
the
Percentage
Increase
1936
1,968
1,862
10,402
Grand total----------
.
tabulated
are
Year Ended August
Italy
coal
Pennsylvania anthracite
Total bituminous
countries
the principal
for
2,240 pounds:
231
526
Virginia—Southern a...
tin
of
121
1,960
Washington
of
tons
26
82
247
261
Virginia
Northern
16
90
•
81
-
in
118
15
85
15
------
Utah.:
West
1
117
Tennessee
Statistics
below
World
in
the
of
ended
year
tinplate
August,
vehicles to
4,421,000
at
visible
world
from
in
tons
3,100,000
the
year
stocks
Stocks
tin
of
and
tin
in
tons
ended
Prices
the
at
end
of
September,
1936,
15,972 tons against 16,772 tons at the end of August, and
at the end of
in
11%
3,435,000
to
5,633,000 vehicles.
Tin
The
by
increased
1935,
1936, while the output of the motor industry increased by 27%%
August,
from
production
September of last
September,
the previous
1936,
was
The
year.
average
stood
13,423
tons
cash price of standard
sterling 194.l7.7d. against sterling 183.l7.8d.
month and sterling 224.3.3d.
in September,
1935.
ber, 1935:
RATIO
OF
PRODUCTION
TO
Tin
CAPACITY
During September Under International
Agreement Above August
Exports
Tin
June 1936
Sept. 1935
Sept. 1936
Aug. 1936
July 1936
The month
32.6
57.1
56.2
5L3
52.3
The 12 months ended.
27.3
38.1
36.1
34.0
32.7
PRODUCTION,
SHIPMENTS
CEMENT
BY
AND
DISTRICTS
(In
STOCKS
IN
OF
FINISHED
SEPTEMBER
Thousands
of
1935
PORTLAND
AND
tons
exported during the preceding month, It is
11,904 tons,
the 11.447
shown in
1936
Barrels)
an
during September by the five countries
International Tin Agreement totaled
increase of 457 tons when compared with
of
Exports
participating
tional
a
District
Production
1935
Eastern Pa., N. J. and Md
New York and Maine
1935
of Month
1936
1935
2,137
1,302
592
820
476
801
903
1,305
795
536
Ohio, Western Pa. and W. Va
Michigan..
1J)30
617
2,263
797
1,043
1,011
639
971
724
Mo., Neb., Kan., Ok!a.& Ark.
1,465
1,308
1,238
1,418
667
Wis,, III., Ind. and Ky
Va., Tenn., Ala., Ga., Fla. & LaEast. Mo., Iowa, Minn. & S.Dak.
W.
1936
1,138
Shipments
1,215
928
1,298
400
1936
3,805
1,828
3,154
the
communique issued on Oct. 21 by the Interna¬
Tin Committee
International
Stocks at End
tin
in
York office of the
Council.
The
communique said that the Tin Committee had been unable
to arrive at an agreement with Siam for renewal of till
centrol
The following is the communique:
plan.
3,449
INTERNATIONAL
1,564
2,631
1,994
1,824
1,619
the New
through
Tin Research and Development
TIN
COMMITTEE
Communique
1,017
1,673
1.
The International Tin
1,677
2.
The
2,742
1,797
Committee met at The Hague on Oct. 21,
monthly statistics
as
1936.
to exports are as follows:
2,110
851
593
836
Texas
259
595
257
450
642
732
Colo., Mont., Utah, Wyo. & Ida.
181
290
305
315
489
339
California
729
1,098
663
1,183
1,420
1,324
Oregon and Washington
247
475
181
483
469
588
•
1,544
Tons
August
Total
7,173
12,292
7,799
12,564
21,783
18,648
-
Malaya
Stocks at end
Month
Production
1935
January
February
March
April
May
—4
June
July
August
September
October
November
December
Total-—
a
Revised.
3,202
3,053
4,299
6,136
8,222
8,725
8,021
7,235
7,173
7,510
7,093
5,803
76,472
1936
3,630
3,454
,
5,263
8,519
10,985
11,273
11,446
12,535
12,292
Shipments
1935
2,846
2,951
4,878
6,198
7,428
7,632
7,813
8,105
7,799
8,794
5,976
4,514
74,994
1936
3,889
3,156
7,138
9,089
11,121
12,417
11,766
12,560
12,564
_
.
The committee
renewal
of
the
was
control
of Month
1935
21,785
21,899
21,289
21,219
21,991
23,083
23,287
22,415
21,783
20,501
21,613
22,908
-----
657
2,490
5,125
1,117
-
Slam
3.
2,515
767
1,917
4,721
1,107
Nigeria
Boliva
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1935 AND 1936 (IN THOUS. OF BARRELS)
September
2,935
Netherlands East Indies
unable to arrive at
plan.
an
agreement with Siam for
A full statement will be issued later.
1936
22,686
22,971
21,126
20,571
20,431
19,281
18,975
al8,920
18,648
-----
Active
Demand
for
Lead
Copper,
and
Fine—Prices
Strong Here and Abroad
"Metal
and
Mineral
Markets"
the last week was
in
its
issue
of
Oct.
22
lively one in non-ferrous
metals.
The upward trend of prices in London, coupled
with favorable statistics on both copper and lead, brought
in a good volume of business.
Important 'consumers of
copper came into the market for additional supplies and
many in the industry believed that the price will soon ad¬
vance.
Lead sales were large, with the price situation
strengthening.
Zinc also shared in the expanding call for
stated that
a
Financial
Volume 143
major metals.
unsettled.
Tin,
The
the other hand,
on
inactive and
was
prospect, though there may be some delay owing to the extension of
current
publication further reported:
rail
Upward of
A
-
A V. y'--
Copper
-y.:•:
the standpoint of both
in stocks.
"apparent consumption" and the reduction
However, mine output in this country
pointing to
Assuming that consumption of cop¬
October.
has expended to the extent indicated by the statistics, the industry is
per
solid ground, trade authorities believe, and a higher rate of
on
is necessary to maintain an orderly
production
Apparent con¬
market for the metal.
sumption—invoicings—in the United States during September was 75,892
During September, consumers used a
eight months of 1936.
fair tonnage of copper taken from their own
and
September, in short tons, follow:
U. S. mine
43,200
8,761
70,308
8,540
8,138
63,457
7,433
•.;>v
..
industry
steel
hit its full stride on new models for another week or two.
may not
unable to make quick deliveries.
deliveries
91,236
Foreign
Reflecting the slightly easier situation at Pittsburgh,
4,239
3,780
United States.
205,736
199,898
point has declined 25c.
a
ton for the second consecutive
The steel labor situation may
a
been informed that
a
development,
$5
a
$16.58.
day and a 10% increase for all now
It is expected that a wage increase will be granted,
wage
Users of steel have generally
advance would necessitate an increase in steel
1.
In anticipation of this
come
In the past week the
379,727
405,634
Totals
into the market on a
domestic
price remained unchanged at 92ic.,
ended Oct.
20 amounted to
month this
Lake Erie docks by Nov. 1 and a total for the season of
American
European
reached
announced, will reveal
Final results
Most producers con¬
Finished Steel
One week ago
booked
York
basis
at
was
lead and $1 per ton additional on so-called premium
loom
not
Louis
of the
American
Refining
&
Smelting
figures
Oct.
4
Jan.
13
1.945c.
2.273c.
Jan.
7
2.018c.
2.317c.
Apr.
2
2.273c.
2.217c.
2.212c.
July 17
Nov. 1
refined lead
on
$18.73
a
One month ago
held at
Gross Ton
$18.73
18.73
.33,542
46,388
218,233
Jan.
27
J an,
3
14.81
Jan.
13.56
Dec.
6
Jan.
14.79
Dec. 15
18.21
Jan.
15.90
Dec. 16
AA AAA A AA. .AA
...
.
1929
.
1928....
.
.
Oct. 20,
The higher prices
mestic consumers, and some
Sales for the week will
holding
Deliveries to consumers are
St. Louis.
well, totaling about 4,800 tons in the week that just
up
was
The meeting of the
Hague
This action
been
has
developed
was
Tin
made
in
the
v
y
pAA- '
A-A
The meeting will be held in Paris.
with
The market
Siarn.
yesterday
easier undertone, after holding steady to firm nearly all
on
spot was available at 44.125c., which compares
ago.
Av!-:
Chinese
tin,
99%,
16, 43.950c.; Oct.
was
:AA-' 'A'
-V"•
nominally
17, 43.875c.; Oct.
follows*.
as
Oct.
week.
Straits
Buying of tin by domestic consumers was on a restricted scale.
tin
a
taken to indicate that little or no progress
negotiations
with 44.75c. a week
A ' ■;
.
Ar
'
V
15, 43.950c.; Oct.
19, 44.500c.; Oct. 20, 44.050c.; Oct.
21, 43.625c.
72%
or four
while the Chicago average is down one
and
a
points lower than last week,
half points to 74^%.
Whether the decline is a temporary one is not
sheets and bars, the most commonly
Sheet mills are
and
any
are
clearly discernible.
used products, demand is mounting.
barely able to supply the needs of their regular customers
turning away
business from the occasional buyer for delivery at
time during this quarter.
ing in building work might find
tonnage before many
into actual steel orders for
railroad
programs are
converted
the heavier products within the year future.
At the moment the requirements of the
immediate source of new steel buying.
been
and bars, a winter slacken¬
mills rolling other products in need of
weeks unless pending
railroads appear to be the largest
Nearly 100,000 tons of rails have
purchased within the past week, including 55,162 tons by the
Pacific and 23,000 tons by the
Southern
Southern Railway, and further buying is in
melting
steel
Low
$12.67
10.33
11.25
Dec.
9
14.08
Dec.
3
13.08
-
July
2
......
15.25
18
29
31
11
13.08
Nov. 22
1933
-
1932
-
—-
1930..
-
-
-
1927...
-
-
-
Feb.
Jan.
Dec.
Jan.
Jvme
9.50
Apr. 23
Sept. 25
6.75
Jan.
3
6.43
July
5
8.50
Dec. 29
Institute on Oct. 19 an¬
which it had received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 74.2% of capacity
for the week beginning Oct. 19, compared with 75.9% one
week ago, 74.4% one month ago, and 51.8% one year ago.
This represents a decrease of 1.7 points, or 2.24%, from the
estimate for the week of Oct. 12.
Weekly indicated rates of
steel operations since Oct. 7, 1935, follow:
The
American Iron and Steel
nounced that telegraph reports
7
14
Oct.
21
Oct.
28
Nov.
5
Nov. 11
Nov. 18
Nov. 25
Dec.
2
Dec.
9
Dec.
16
Dec. 23
Dec.
30
1936—
Jan.
6
56.4%
55.7%
54.6%
49.5%
71.2%
70.1%
May 11
69.1%
May 18.....69.4%
May 25
67.9%
Apr. 27
May
4
June
1
June
8
June
15
9
55.8%
June 22
Mar. 16
June 30
Mar. 23
60.0%
53.7%
July
6
Mar. 30_.
62.0%
July
13
64.5%
67.9%
70.4%
July
20
July
27
Mar.
6
13
49.2% Apr. 20
46.7% Apr.
Apr.
markets
on
1936—
1936—
1936—
49.4%
49.7% Jan. 13
50.4% Jan. 20. ....49.9%
49.4%
51.8% Jan. 27
3
50.0%
51.9% Feb.
52.0%
50.9% Feb. 10
51.7%
52.6% Feb. 17
52.9%
53.7% Feb. 24
Mar.
2.....53.5%
.55.4%
Aug.
3
68.2%
69.5%
70.0%
70.2%
74.0%
67.2%
69.0%
70.9%
71.5%
71.4%
Aug. 10
Aug. 17
Aug. 24
Aug. 31
70.0%
72.2%
72.5%
71.5%
Sept. 28
68.2%
72.5%
74.4%
75.4%
Oct.
5
75.3%
Oct.
12
75.9%
Oct.
19
74.2%
Sept. 7
Sept. 14
Sept. 21
of the iron a,nd steel
Oct. 19, stated:
capacity; rail awards heavy; automobile
another increase; the heavy flow of orders showing a
districts—these are the
highlights of the iron and steel market.
A slight decline in new specifications is not unexpected in view of the
extensive buying recently, and producers point out that bakclogs are more
than ample to cushion
the drop.
One company's unfilled orders are
more than 100,000 tons greater than they were on Sept. 15.
Last week's automobile production, 48,195 units, represented an in¬
crease of 8,250 from the preceding week.
The industry is emerging from
its usual period of delays and interruptions attendant to the initial proOperations holding at 75% of
production making
tendency towards
Although present backlogs are ample in sheets
heavy
Sept. 22
"Steel" of Cleveland, in its summary
In
1
Dec. 10
Mar. 13
Aug. 8
Jan. 12
Jan.
6
1934..
Oct.
The "Iron Age" in its issue of Oct. 22 stated that steel ingot
production, which rose to a peak of 753^% in the first week
of October has declined to 74%.
This week's drop has
occurred mainly in the Pittsburgh and Chicago areas and is
attributed primarily to a falling off in structural steel, a
good many construction projects, both private and Govern¬
ment-financed, having been held up until after election.
The "Age" further States:
No.
High
-
Oct.
for Country Drops to 74%
on
quotations at Pittsburgh, Philadelphia
and Chicago.
13.42
13.00
12.25
8.50
11.33
15.00
17.58
16.50
1935
1935—
The Pittsburgh district rate is
1
....$16.75
1936....——
♦
Steel Ingot Production
24
Nov.
ago.12.58
1928..
International Tin Committee scheduled for yesterday
was
17
July
17.54
$16.67
16.75
1929
•
:
postponed to Nov. 5.
by the Committee
an
attributed chiefly to
j
I
'
■
One year
1931
£15 per ton was
the upward trend in other metals.
y-:A'v A
closed.
strong.
The advance in London to above
Dec.
17.04
4
doubt influenced do¬
probably exceed 5,000 tons, all of which was booked
The undertone at the close
at The
no
substantial buying by galvanizers was noted.
the unchanged basis of 4.85c.,
on
abroad
18.21
Jan.
Based
1936, $16.58 a Gross Ton
One week ago
One month ago
week, with inquiry very much in evi¬
Demand for zinc improved last
dence toward the close.
May 14
Nov. 27
19.71
Steel Scrap
Zinc
,
18.71
18.59
200,517
........
■
May 14
16.90
13.56
.15.90
....
32,982
50,685
......A—..—L.
,
17.83
Nov.
May
1927
—
Low
$18.73. Aug. 11
Jan
18.84
and
■
Dec.
.
1931......
29,788
3,194
31,117
2,425
Secondary and foreign..
:
17.90
.
1930.
Domestic ore.
Totals..
Birmingham.
16.90
.
1932..._....___..A._,
218,233
iron at Valley
Chicago,
Valley
Buffalo,
High
.
1933. A—
,
Domestic shipments
Stock at end.
.A----
Philadelphia,
.$18.84
i
1935
1934...
231,081
29
Oct.
furnace and foundry irons at
17.84
1936
•
Stock at beginning
Production:
Based on average of basic
September, according to
September
4
Jan.
Pig Iron
the American Bureau of Metal Statistics, in short tons, follow:
August
3
Dec. 11
2.402c.
-One year ago
August and
for
Oct.
...2.286c.
1927
Oct. 20, 1936,
One week ago.
4.60c., New York, throughout the week.
The
1.977c.
2.037c.
Jan.
2
Apr. 18
Feb.
2
Dec. 29
Dec.
9
1928
closed
4.50c. did
Co.
8
Jan.
2.008c.
1.867c.
1.926c.
1929.
evenly divided between 4.45c. and 4.50c.
basis
2.124c.
1930
Labor difficulties in Utah caused some sellers to restrict offerings.
The settling
1
Apr. 24
2.199c.
...2.015c,
Over the remainder of the week, however, sales in St.
large.
were
Oct.
1931
In St. Louis
somewhat different, for sales of consequence were
was
Sept.29
2.130c.
1932
non-premium
brands.
2.197c.
1933
Joseph
St.
4.60c.
Low
2.084c.
Mar. 10
High
1936.
1934
Oct. 15 by one important seller at 4.45c., and transactions at
on
85% ol the United States output.
■
1935
The bulk
14,000 tons.
Lead obtained 4.65c., New York, on a moderate tonnage of
the situation
2.130c.
::
Sep¬
Shipments for
hand down to 200,517 tons.
the New
on
bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
One year ago
Sales for the last week again were large—about
of the business
Based on steel
2.197c.
2.159c.
,
during
tons
50,685 tons, the largest since September, 1930.
were
September.
COMPOSITE PRICES
Oct. 20, 1936, 2.197c. a Lb.
One month ago
Lead
on
inability of
British steel production
Oct. 21 transactions,
on
heavy buying.
some
Domestic stocks of refined lead were reduced 17,716
September
"IRON AGE"
THE
fully 45,000,000 tons.
to gain because of the
make early shipments.
to
all-time record of 1,027,000 tons in
Sales for the week
tinue to restrict sales and the price is strong.
tember, bringing the total
of steel continue
exports
producers
an
be the heaviest for
indicating total receipts of about 41,000,000 tons at
year,
18,880 tons, compared with 7,783 tons last
week and 4,920 tons two weeks ago.
when
Buying here
Valley.
during the closing days of the week became active.
end is a fixed policy with many companies.
Lake Superior ore shipments this month promise to
domestic market witnessed another period of tense¬
during which the foreign price went to higher levels and passed 10c.
ness,
The
132,7651
128,630
to
large scale for delivery before the end of the year even though inventory
any
Totals
buyers might be expected
reduction at the year
Stocks, refined:
that
week, bringing a
reach a climax this week with the demand
minimum wage of
through official confirmation is unobtainable.
188,719
191,008
U. S. exports, domes¬
tic copper only
62,655
70,110
55,410
73,220
Foreign
158,675
Totals.....
137,318
130,809
(refined):
United States....
155,376
Foreign
Totals
both as to steel
production and supplies of scrap, the price of heavy melting steel at
prices to become effective not later than Jan.
Production
the larger companies
Excepting sheets and bars, however,
showing some improvement.
are
being paid upward of $5.
75,892
82,783
64,140
States
Motor Co. placed
A considerable volume of sheet business has
orders for 100,000 cars.
flowed to makers operating hand mills because some of
are
The
expectations.
Coincident with the starting of its assembly lines, Ford
of workers for
sumption):
United
Car repair programs
likely to be awarded shortly.
increasing and include 1,000 all-steel cars to be rebuilt by the Baltimore
Automobile production is gaining, but is still below
September
August
Shipments, refined
(apparent con¬
58,290
U. S. scrap, &c
delivery through
for
decline in the "Iron Age" scrap composite to
*
September
August
Production (blister):
Foreign, mine
Foreign, scrap, &c.
Figures for August
stocks..
1
& Ohio.
57,673 tons
against 64,140 tons in August and a monthly average of
tons,
for the first
are
larger than expected,
was
The trade is prepared for
general increase in production.
a
another gain in output in
viewed
,
the
March of next year.
110 locomotives and several hundred cars, for which inquiries
Dec.
price to
have been issued, are
The September statistics of the Copper Institute were excellent
from
2599
Chronicle
slackening temporarily in some
day as
week.
Sheet deliveries to the automotive industry are being retarded at present
because of these delays in assembling the new models, but the mills have
large backlogs assuring satisfactory rolling for four to six weeks.
possible, was passing the 500-per-day mark last
The rail awards totaled 86,237 tons,
Nashville Chatta¬
Louis, and 2,000 tons for the Missouri Pacific.
Southern
and St.
Pacific also will spend an estimated
In view of possible
Inquiries for 60 new locomotives appeared last week, in addition to
the 50
by-product
In
Gijilf Oil
steel line pipe were awarded by
Corp., Pittsburgh, requiring approximately 287 miles of 10-inch seamless
will require
Three car floats for the Pennsylvania RR.
1,000 tons of plates and an auto ferry and ice breaker for the
Royal Dutch pig iron prices have been advanced $1 a ton.
Pending awards
Shape awards totaled 10,435 tons, a decrease of 10,000.
York, 2,650 tons for
a
Sixth Ave. subway in New
Cincinnati viaduct and several 1,000-ton projects.
$34.60 and the finished index holds at $53.90.
at
with
Week
Federal
the
Youngstown
Cleveland,
48and
234
7934.
to
September, production of ingots and castings totaled
In
demand.
meet
21
of
total
"Steel's"
London
decreases of $65,000,000 in
serve
the
week.
This
decrease
corresponds
sold out for the rest of this year.
a
000 in monetary gold stock, and $2,000,000 in Treasury currency, offset in
part by an increase of $76,000,000 in member bank reserve balances.
is estimated that member bank reserve balances
excess of
on
Oct. 21
S
Liabilities—
23
Oct.
1935
1936
S
$
$
$
$
Oct. 14
1936
1935
1936
6,334
6,217
5,657
1,590
1,583
1,417
Time deposits
611
613
651
435
434
411
United States Govt, deposits...
164
193
195
95
101
62
2,446
2,463
2,106
630
648
530
425
443
341
5
6
4
Demand deposits—adjusted—.
.
Inter-bank
deposits:
Domestic banks
.
Foreign banks
Borrowings
m
—
-*
355
Capital account
345
278
21
21
29
1,433
.
1,430
1,451
236
235
224
legal requirements.
were reported in the
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
System's holdings of bills
govern¬
ment securities.
above, the statements of the New York and
As explained
It
approxi¬
were
discounted, purchased bills, industrial advances, and United States
simul¬
Chicago member banks are given out on Thursday,
taneously with the figures for the Reserve banks themselves
the
and covering the same week, instead of being held until
following Monday, before which time the statistics covering
The statement in full for the week ended Oct. 21, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 2626 and 2627.
Changes in the amount of Reserve bank credit outstanding
and in related items
Oct. 21, 1936, were
during the week and the
as follows:
Increase
(+)
ended
year
(—)
Decrease
Since
U. 8. Government securities
(not
entire
$
returns
of
Federal
close
26,000,000
—3,000,000
—20,000,000
—7,000,000
—1,000,000
2,463,000,000
11,008,000,000
2,514,000,000
—22,000,000
+ 5,000,000
+ 2,000,000
—9,000,000
+1,379,000,000
+117,000,000
Other Reserve bank credit
cities
101
banks in
member
reporting
loans
domestic
of reporting member banks of
System for the week ended with the
Reserve
condition
leading cities
total
Federal Reserve System respecting the
entire body
business
of
Oct. 14:
statement
investments,
of
'
weekly
and
of
$63,000,000
credited
deposits
banks,
banks, and $131,000,000 in
banks
in
101
for the week of $39,000,000 in
increases
in
foreign
member
reporting
decrease
a
$130,000,000
deposits
in
of
Oct. 14 shows
on
and
$14,000,000
$23,000,000co mmitm'ts—Oct. 21)
the
deposits-adjusted,
-
Including
of
of Governors of the
The
—1,000,000
—2,000,000
—2,000,000
body
be
compiled.
In the following will be found the comments of the Board
Oct. 23, 1935
$
6,000,000
3,000,000
2,430,000,000
Bills bought
advances
Oct. 14. 1936
8
Bills discounted
the
cannot
the
or
Oct. 21, 1936
Industrial
Chicago
Oct. 21
Oct. 23
Oct. 14
1936
Treasury cash and deposits with Federal Re¬
accounts, and $5,000,000 in money in circulation, and increases of $5,000,-
Relatively small changes
Imports from the Continent are heavy
with
banks, $19,000,000 in non-member deposits and other Federal Reserve
mately $2,130,000,000 In
pig
correspondent cables that demand is very strong,
being rationed to consumers, and billet mills are completely
iron supplies are
New York City
Reserve bank credit amounted to $2,463,000,000,
$22,000,000 for
interest,
records but still are unable to
for steel makers there are setting all-time
Other liabilities
Oct.
Last
unchanged.
were
The industry is watching Great Britain's activity with increasing
Oct. 21
daily average volume of Federal Reserve bank credit
outstanding during the week ended Oct. 21, as reported by
the Federal Reserve banks, was $2,487,000,000, unchanged
from the preceding week, and an increase of $2,000,000
compared with the corresponding week in 1935. After noting
these facts, the Board of Governors of the Federal Reserve
System proceeds as follows:
On
The others
in the same week the national rate was 51%; two years ago it was 26^.
year
The
decrease
5H to 753^, and Cincinnati, 6
down 2 points to 78; eastern Pennsylvania, H to
was
Banks
Reserve
point to 76%; Wheeling
Operations in the Chicago district were up 1
3 to 95; Detroit, 5 to 100; New England,
in an effort to relieve the situation.
Reinforcing bar awards totaled 3,002 tons, compared to 6,722.
The
"Steel's"
index remains at $16.54, the iron and steel composite is unchanged
scrap
1,027,000 tons, exceeding the million-ton mark for the first time in history.
Michigan State Highway Department will require about 2,500 tons.
include 4,300 tons for another section of the
It Is
and producers are light.
consumers
likely additional blast furnaces will be blown in during the next 60 days.
Fifteen hundred tons will be required for a 48-inch steel pipeline
tubing.
for Everett and Chelsea, Mass.
deomestic
batteries at its Lorain, Ohio, works.
oven
pig Iron, stocks of both
to 96.
pending for the New York Central.
Contracts for 30,000 tons of
unusually high rate
an
Scrap prices are steady ahd the market is comparatively quiet.
Balti¬
under way.
been operating at
have
National Tube Co., Pittsburgh, is preparing to operate the last of its four
than 1,000 box cars and 100 locomotives.
Ohio is repairing more
&
who
Nearly all of the midwest by-product ovens are operating and
demand.
$1,500,000 for track accessories.
shortages of certain types of freight cars during the
winter months, extensive car repair programs now are
more
producers,
24, 1936
for the last two months, now are beginning to encounter increasing
including 23,000 tons for Southern
Ky., 55,162 tons for Southern Pacific, 6,075 tons for the
nooga
Coke
Ford, aiming at assembling 5,000 units a
duction of new models.
soon as
Oct.
Financial Chronicle
2600
in
demand
domestic
to
$87,000,000
in
banks,
balances with Federal
reserve
with
balances
Reserve
banks.
Total Reserve bank credit
Monetary gold stock.
Treasury currency
__
Money In circulation
Member bank
reserve
6,311,000,000
6,693,000,000
+ 627,000,000
+ 76,000,000
+1,118,000,000
2,491,000,000
balances
—5,000,000
—65,000,000
—203,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
Loans
loans
on
Holdings
the
eral Reserve accounts
491,000,000
—19,000,000
♦
—55,000,000
|
of
New York
.
and
City and
also
for
City member
Chicago member banks, for the
the
in
trict,
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS
and
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
Chicago
Oct. 14
Oct. 23
Oct. 21
Oct. 14
1936
1936
1935
1936
1936
Oct.
23
1935
$$$$$$
8.687
7,658
2,062
2,075
1,790
8,692
924
891
773
district;
000,000 each
all
at
the
Loans
on
80
59
36
paper
705
715
141
141
153
121
141
13
13
131
123
15
15
16
24
23
44
4
4
6
1,424
1,412
1,158
380
377
233
York
St.
Louis
member
New
A
at? all
Deposits
York
credited
district
summary
and
to
declined $21,-
the Boston
in
district,
Holdings of obligations
at
all
the
and
Chicago
Minneapolis
Time
banks.
member
reporting
$3,000,000.
$42,000,000
the
in
dis¬
York
$17,000,000
district,
City district,
districts,
deposits
New
$63,000,000
and
$8,000,000
increased
in
$13,-
member
foreign
banks
banks.
in
Deposits
increased
in the
$10,000,000
banks.
of the principal assets and liabilities
of the
reporting member banks, together with changes for the week
the year ended
Oct. 14, 1936, follows:
(+)
or
Decrease
(—)
Since
Oct. 14, 1936
$
Assets—
Oct. 7, 1936
Oct. 16. 1935
22,568,000,000
$
$
In New York City
on
to
1,114
972
92
92
96
1,084
1,094
1,083
271
282
270
Reserve with F. R. Bank
2,495
2,429
2,416
653
652
578
U. S. Govt, direct obligations
53
68
55
34
36
36
on
paper bought.
real estate
76
73
82
195
197
194
457
468
68
68
79
fully
—29,000,000
+ 623,000,000
—36,000,000
+1,205,000,000
1,258,000,000
3,292,000,000
+ 8,000,00
—3,000,000
+139,000,000
+ 204,000,000
54,000,000
guaranteed
United States Government
Other securities
—2,000,000
+ 43,000,000
2,019.000,000
315,000.000
1,142,000,000
Other loans
Obligations
—60,000 000
—14,000,000
—6,000,000
9,323,000,000
Loans to banks
Loans
—22,000,000
218,000,000
others
Other securities.
(except banks)
Accepts, and com'l
+142,000,000
+64,000,000
4,018,000,000
securities
—24,000,000
—3,000,000
929,000,000
Outside New York City
1,109
452
—39,000,000 + 2,268,000,000
Loans to brokers and dealers:
381
in the
$26,000,000
$14,000,000 at all reporting member
3,181
Balances with domestic banks..
in
reporting
462
Other assets—net
$2,000,000
jiistpct and declined $10,000,000 in the Chicago district
$5,000,000
3,768
Cash in vault
declined
banks.
459
...
$14,000,000
$8,000,000
declined
$24,000,000
3,742
Obligations fully guaranteed by
United States Government
loans
estate
credited to
domestic banks increased $30,000,000 in the Chicago district, $20,000,000
in
the
New
York
district, and $130,000,000 at all reporting member
Loans
U. S. Govt, direct obligations..
the
banks.
19
131
Loans to banks
Other loans
real
"~25
125
bought
in
member
declined
increased
Increase
~~37
702
real estate
loans"
of
banks
district, $16,000,000 in the Kansas
in the
reporting
New
and
securities"
Loans and Investments—total
Accepts, and com'l
"other
and
paper
loans to
1
77
(except banks)
week;
and
$3,000,000,
$14,000,000
reporting
reporting member banks.
deposits-adjusted
Francisco
San
and
Loans to brokers and dealers:
In New York City
and
York
district
increased
and
banks.
New York City
Oct. 21
Outside New York City
Loans on securities
to
others
commercial
the
declined
declined
all
at
$24,000,000,
City declined
York
$43,000,000 at all reporting member banks.
all
at
of. "other
Demand
the
Assets—-
$22,000,000
and
for
and
New
the
Richmond
Holdings
week, issued in advance of full statements of the
member banks, which latter will not be available until the
coming Monday:
current
Loans and investments—total..
and
district,
$36,000,000
tiie
and
banks)
fully guaranteed by the United States Government increased $5,000,000 in
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
banks
(except
Holdings of United States Government direct obligations
000,000
Returns of Member Banks in
others
to
district
York
New
change
York
New
in
outside
acceptances
New
New York
dealers
dealers
district
net
no
and
and
securities
Francisco
showed
in
Non-member deposits and other Fed¬
brokers
to
San
brokers
to
loans
by
i
Volume
Financial
143
Increase
(+)
-
5,248,000,000
410,000,000
+ 131,000,000
+ 20,000,000
+769,000,000
+ 78,000,000
-
2,433,000,000
+87,000,000
+ 125,000,000
Reserve with Fed. Reserve banks
Elimination
Recognition
of
bilateral
trade
Liabilities—
Demand deposits—adjusted
Time deposits
♦+63,000,000 +1,784,000,000
*—5,000,000
+147,000,000
—1,000,000
+219,000,000
.15,052,000,000
5,068,000,000
-
_
United States Govt, deposits
848,000,000
6,162,000,000
+130,000,000
+ 14,000,000
+ 1,000,000
Borrowings
Britain
Nations on
aided Spanish
study possible League reforms, and to propose a special
session of the League Assembly, if such action is considered
advisable.
On
the
the Assembly
(Oct. 10)
following day
ratified the Commission's decisions, and then
adjourned.
The
proposal to remove international trade barriers was
sponsored by Great Britain and France.
The resolution
called
League members to "relax and as soon as pos¬
present systems of quotas and exchange con¬
trols."
Further details of the resolution were given in the
following United Press Geneva dispatch of Oct. 9:
on
sible abolish
the
20
Italy
Germany,
urged
and
It was revealed that Lord Plymouth,
rebels.
Non-intervention
Committee,,
had
con¬
ing the charges that were recently made by Soviet Russia
and by the
to
conclusion
representatives of the three countries regard¬
with
ferred
had
Commission
favored
Committee
Oct.
on
the
of
Chairman
barriers
as
Council
instrument for demobilization
Portugal to make early replies to charges that they have
Oct. 9 adopted a report
urging all nations to abandon trade
a move to insure peace
and prosperity.
The
also decided to establish a committee of 28
the
an
as
clause.
Non-intervention
Commission of the League of
Economic
The
"consciously used
Britain
Great
Nations Adopts Report Urging Lifting of
Trade Barriers—Praises Monetary Accord Between
United States, Britain and France—Committee of
28 to Study League Reform
permanent
Make
♦-Oct. 7 figures revised (Dallas District).
League of
more
Urges Germany, Italy and Portugal to
Speedy Reply to Charges of Aiding Spanish
Rebels—Reported Worried That Russia May Leave
+112,000,000
—1,000,000
.....
treaties
most-favored-nation
+810,000,000
484,000,000
2,000,000
Foreign banks--
currencies.
a
barriers," and the deliberate inclusion in all such treaties of
Great
Inter-bank deposits:
Domestic banks--
of
value
transition to
the situation,
development of
Pending
of
the
in
desirability of
the
undue delay.
regime without
of
variations
seasonal
of
4.
Oct. 16, 1935
Oct. 7, 1936
Cash In vault
Balances with domestic banks...
3.
(—
or Decrease
Since
Oct. 14, 1936
$
Assets—
2601
Chronicle
On Oct. 14 Lord Plymouth
Spanish Government.
immediate action to stop
refused Russia's demand for
He based his refusal
received from Portu¬
gal and on the contention that the Soviet had failed to
produce additional evidence that the neutrality pact was
Spanish rebels.
aid to the
foreign
the fact that no reply had yet been
on
being violated by the Fascist powers.
President Manuel Azana of Spain and three of his Cabinet
Ministers on Oct. 19 went to Barcelona from Madrid.
Rebel
troops have recently drawn nearer to the Spanish capital,
and it was rumored that the seat of the government would
be established in
Barcelona, although President Azana said
that he had made the trip only to
by 52 nations, warmly indorses the Anglo-FrenchAmerican monetary agreement of Sept. 26 as promoting the "adoption
by others of an equally generous contribution of monetary appeasement
and
inspect
some
of the battle
fronts.
Oct. 20:
The
drafted
report,
prosperity to the world."
the
since
the
depression has the situation been
so
clear,
so
rich in
and in immediate possibilities," the report said.
The Commission urged the prompt participation of all nations to pro¬
hopes for the future
mote recovery
abolition
universal
to
It admitted there were certain difficulties
trade.
of world
of
control,
exchange
hoped
but
they
be
would
freer
to
access
"The influx
necessity
the
urged
of
practices
freer monetary
and
materials.
raw
of foreign
cheaper money,
capital and
return of hoarded capital will lead
a
lower
Labor
action
with
Soviet
Russia, both charging
"deliberately violated," led
be
must
forthcoming
some
the
in
observ¬
immediate
"3
v^^1 '
future.
mounted
Fear
that
here
Russia
might make good her threat to quit
the non-intervention agreement and go to the aid of beleaguered Madrid.
meets
Laborite
the
to
insisting
pressure
on
an
heightening tension in the
situation, government leaders were represented as feeling the
would
problem
yield
Despite
Parliament.
session of
international
of
however, deprecated the suggestion the Cabinet, which
Avould
tomorrow,
extraordinary
production costs, increased business revenue and
volume, and countries which have just aligned their currencies will find
it easier to resume their places in international trade," the Commission
to
concrete
believe
to
ers
Informed sources,
Commlission
British
alliance of
the non-intervention pact has been
overcome.
The
Non-intervention Committee were
follows in London Associated Press advices of
as
The virtual
Future Bright
Sees
"Never
The discussions by the
described
be aggravated by
only
advancing
the scheduled
opening
Parliament.
The
government, informed sources said, is expected to agree only to the
parliamentary debate on the Spanish crisis "at an early date"—
said.
staging of
"Nevertheless, this trade cannot revive so long as measures of quantita¬
tive restriction continue to limit imports.
Such measures were justified
presumably not even immediately after the convocation on Oct.
at
internal
when
time
a
insufficient
to
prices
were
high
so
that
customs
tariffs were
industries against foreign competition."
protect
Protection
;
a
by
Charges
of
the House
fear
"We
delay,
a
non-intervention
would
extent that they would continue to depress
which it had been desired to insure, reduce
the purchasing power of social classes whose income remains relatively
fixed, and disturb public peace which is essential to economic recovery.
"Your committee, therefore, asks the governments not to confine them¬
selves to
first measures,
whereby they would be accompanied by new
of
the earliest moment with a
notably to abandon all
measures which
allow particular interests to develop under the shelter of
exaggerated protection to the detriment of real interests for the masses
who are waiting for improvement of the living standard from science. . . .
country's
be
prices,
dangerous
destroy
would
have
the
to
but to enter
negotiations at
overhauling the whole commercial policy,
to
Thus
out
as
a
be
in
free
restored
capital and
circulation of
corollary the free movement of
necessary
goods which will
humans."
in
elected
government
aid
the policy
of
those who are
in Spain,"
Mr. Attlee
to Mr. Baldwin.
were
openly irritated at the slowness
committee's
the
Russian
declared that
signs of life so far."
spokesman
has
shown
The
British
it
the
in order to
abused
representatives in London
working.
Soviet
A
still further
against
letter
a
wholly
not
be
to
rebellion
open
declared1
balance
the
laws,
monetary
view
pointed
coincided with Russian
Committee was a "farce."
unavoidable, will enable
Neutrality
the
that by restoring price equilibrium the
monetary alignment makes imported goods more expensive and thus pro¬
vides an effective, automatic protection for home producers.
"Besides
being useless," the Commission said, "such restriction also
Commission
The
has been deliberately violated,"
non-intervention
of
allegations
Automatic
29.
fiery leader in the Laborite forces in
Commons, that "there is strong ground for belief the policy
Attlee,
Clement R.
no
Government,
meanwhile,
"the committee
was
pleased" at the speech of Premier Antonio
In
an
address
at Lisbon
the "strong
is dead—at least,
reported unofficially as "most
de Oliveira Salazar of Portugal.
man" of Portugal stated his
fighting forces would be rearmed and strengthened in the near
an "unchangeable foreign
policy based on the British alli¬
with
future,
ance."
3 A
a
Portugal,
strong
it
pointed out, would mean a slackening of
Mediterranean—particularly in view of reports
was
apprehensions in the
British
Spain would result in the transfer of strategic Medi¬
to Italy.
victory in
Fascist
ports
terranean
4.
International Chamber of Commerce Urges
of
Abolition
Recommends
lution
Trade Pacts
Quotas
and
British
The
Council of the International
Chamber of Commerce,
to
British Proposals for
Conference-—Indicate Preference for Con¬
clusion of Four-Power Treaty
Locarno
Exchange Control System
The
Reply
Germany
and
Italy
Clause—Reso¬
Most-Favored-Nation
Containing
k
for
agenda
proposed Locarno conference
a
accepted in principle by Italy in a note on Oct. 9, while
the same time it was revealed that Italy would prefer a
were
meeting
at
concerted
four-Power
then
Britain, France and Germany
mier Mussolini in July, 1933.
in Paris on Oct. 18, adopted a resolution urging
action by nations to conclude first bilateral and
multilateral commercial agreements containing the
of
creation
the
mended
a
resolution
The
clause.
most-favored-nation
also recom¬
bureau to
central international
comparative reports of the protective trade meas¬
countries.
It advocated abolition of
import quota at the earliest possible date, as well as
cessation of clearing and exchange control systems.
prepare
ures
the
the
taken by various
were
Further details of the resolution
"Failure
"will
said,
create
intensification
reduction
among
Delegates
was
a
new
warfare,
economic
from
devoted
In
its
toward
series
declaration
to maintenance of world peace."
in the session of the Council,
Avoidance
1.
2.
the
created
Council
recommended as
one
of the
of currency
covering the following points:
depreciation as an instrument of international
Preservation
necessities
of
between
and
extension of
if once adjusted to
particular country.
stability of rates,
the situation of each
a
Eric
Sir
"Times":
jet been
preparatory work on the Locarno confer-
any
reply to Great Britain paves the way for active
negotia¬
in an hour's conversation
British Ambassador, and Count Ciano.
start was made this afternoon
the
Drummond,
proceed more rapidly after Count Ciano's meet¬
Berlin with Chancellor Adolf Hitler, at which Locarno will cer¬
Negotiations probably will
ing
in
tainly be a topic of discussion.
Count Ciano left thiB evening for
and
Herr
more
Hitler
No
and
other
a
decisive
It is
tion
of
the present cordial Italo-German relations.
for his visit have been made with minute care on both
has been spared to give it publicity and importance.
effort
assumption, therefore,
The
He will have conversations
statesmen looking toward a firmer
Berlin.
German
permanent basis for
Preparations
sides.
at
competition.
not
Indeed,
tions.
with
first steps
has
The Italian
ence.
political and economic relations among nations a
of
joint statement by the leading world powers
trade
of currency depreciations and
the franc and other gold currencies.
the
There
declaration
examination of the new monetary situation
to
improvement
the
thus constituting a grave menace not
rations participated
30
the devaluation of
by
barriers,"
exchange aimed at by the recent
France, Great Britain and the United States,
risk of
serious
of
trade
of
only to continued' business recovery, but
which
New York "Herald
the stability of
undermine
monetary agreement
and will
given in the follow¬
the
the New York
such
effect
to
18, to
Oct
dated
ing dispatch,
Tribune":
Italy, Great
under the sponsorship of Pre¬
Italian spokesmen said that
achieving of such a pact had been facilitated by Belgium's
withdrawal from a Locarno conference.
Germany last week
delivered a note to Great Britain discussing the proposed
conference and demanding that the entire project of a new
Western European treaty be taken from the framework of
the League of Nations.
The outlook for a Locarno treaty
was discussed as follows in a Rome dispatch of Oct. 19 to
pact similar to that concluded by
turning
seems
justified that Italo-German relations are
point.
again stated emphatically in
concluding
or
even
Rome that Count Ciano has no inten¬
any written treaty or agreement
discussing
Financial
2602
•with
The feeling is that both countries will be in
Germany.
if,
position
Chronicle
a stronger
they preserve mutual
their collaboration,
continuing
though
"It
is
Oct.
1936
24,
that light
necessary
by the nation."
independence, at least in appearance.
What
will
Ciano
Count
achieve,
in Italian opinion, doubtless
Italian and German foreign
to achieve and,
hopes
of
coordination
complete
is
policy and clarification of points still obscure in Italo-German relations.
It is expected here a complete verbal understanding will be reached in
Berlin that will result in a common Italo-German front on all principal
European questions.
closeness
The
attested
is
present
at
relations
Italo-German
of
by the
the other.
For instance,
Aviation, left this morning
for Turin after several days in Rome.
Kurt Daluege, head of the German
State Police, is still in Rome with a large delegation, and Heinrich Himmler, chief of the political police, arrived today.
The impression is that
Erhard
both
down
get
Mussolini
Premier
for
has
something permanent
out
Hitler
build
and
feel
time
Chancellor
visits
these
to
country
one
and
business
real
to
that
of
Under-Secretary
German
Milch,
cordiality
notables
of
visits
recent
the
come
of
to
this
evidence.
tration
"issue decrees
and
general administrative instructions"
including the highest Reich administration, all offices of the
party and its subordinate organizations or associated insti¬
The decree virtually makes General
dictator
vides
for
of
State
Germany, since
of
control
the four-year
German
all
Goering
was commented upon as follows in
patch of Oct. 19 to the New York 'Times":
his
public
"Realization
demands
gress
the
the appointment,
of
announcement
of
four-year
unified control
plan
of
that I
all
the
immediate
Of
political
and
gold
regarded in financial circles
was
This repre¬
to the United
shipment
States since
tangible proof
as
willing to release gold to support her currency.
The belga
been near the gold shipping level for many weeks, but
has
only nominal.
"Wall
the
of
the
the
ap¬
Hitler
the
country
German
con¬
gold,
she
fall
to
A
the export
been
have
to
been
exports
is
the
fact that
due
from
whether
to
this
hesitant
license
dollar
release
about
if
country
to any
falls
to
gold,
of
the
which
the
should
dollar
for
released
to
Belgium
time,
and this reluctance is
over
what
was
The
Belgium
uncertainty
border-line
called
Saturday, although the belga
days.
some
declaring
was
be
some
released gold until
there
as
the
would
gold
uncertainty
point
export
long
as
release
by
under
the
the belga.
Treasury circles for
had not
the
at
shown
gold
when
time
Saturday, that she will support her currency
almost automatically to be entitled under
gold
declare
in
of
export
any
has
point against
been
Belgium
cases.
had
have
to
significance
appear
receive
to
been evident
known
York
would
to
reluctance
has
Belgium
New
the
on
follows:
permit
now
standard
the gold
dispatch of Oct. 18 to
commented
as
standard at
Since
regulations
Treasury
eligible
whether
over
believed
is
receive
to
gold
would
Belgium
gold.
An
official
and
the
declaring
that
eligible to receive
gold
pronouncement
therefore
three-cornered
between
agreement
will have to be issued before the situation
Belgian
adherence
time.
some
Switzerland
economic significance
gold
point.
the
nation."
of Dr. Schacht
the
announced in
with
Journal"
regulations
on
export
was
in
said:
party
Street
A Washington
$800,000 shipment
standard
Herr
of
The
that Belgium's adherence to
reports
was
for
Position
It
first
that Belgium is actually on a working gold standard and is
Berlin dis¬
a
announced at
forces
eco¬
plan pro¬
business.
pointment
In
1934.
as
regulations for "all administrative organs,
to issue
the
Treasury
19 appointed Gen¬
eral Herman Wilhelm Goering as a commissar with dicta¬
torial powers for execution of the four-year plan of eco¬
nomic development announced at the Nuremberg Nazi party
congress last month.
General Goering was empowered to
nomic
sented
,
Chancellor Hitler of Germany on Oct.
tutions."
gaged in Belgium for shipment to this country.
in
Goering Appointed by Chancellor Hitler as
Dictator of Germany's Four-Year Economic PlanGiven Full Control of Reich's Business Adminis¬
as
Active participation by Belgium in the new gold exchange
system established by the United States, Great Britain and
France was seen on Oct. 18 when $800,000 of gold was en¬
the failure of gold to move out of the country had resulted
♦
General
well
Belgium Believed Cooperating in
Tripartite
Gold
Exchange System—$800,000 in Gold is Engaged for
Shipment to United States
the
to
Reports
may
come
America,
is made
have
indicated!
is
gold
the
on
otherwise to participate
England
and
France
legally certain.
gold exchange system
also
into
Belgium
or
has been
that
The
rumored here
Netherlands
and
the agreement.
the
arrangement implies outwardly the subordination of Dr.
Iljalmar
Schacht, Reicfisbank President and Economics Minister, to General Goering,
new
which
indicated
was
Raw
Materials,
accorded
now
The
last
April
created
General
Schacht
and
27,
with
the
that
at
Goering
Nazi
Another
to
"Schacht
abroad
tion has
crisis"
and
German
guarantee
time,
who
almost
sweeping as
as
the
however,
holding
created
previous
economic
does
the
to be
seem
not
have
to
appear
balance
as
between
determined
as
Dr.
ever
to
the
by
situation
of
announcement
independence.
Once
resulting
the
from
four-year
again
the
plan
solu¬
same
General
Goering, representing the party's
authority and the prestige of the National Socialist regime, has been thrust
into
the
of
Payment to Be Made on Coupons a Maturing
1, 1935 to April 1, 1937 on State Mortgage
Bank of Yugoslavia Secured 7% Gold^Bonds, due
April 1, 1957
Oct.
those
"Schachtism."
as
is
evidently been applied.
man
Partial
appointed' Commissar for
was
powers
still-
is
radicals,
have done with what is known
devaluation
Goering
him.
situation
changed.
when "General
breach.
The
National
party radicals
Socialism'"
and
not
will
have
with
Dr.
to
deal
Schacht
with
"the
iron
directly.
The State Mortgage Bank of Yugoslavia, through Radoye
Yankovitch, Consul General of Yugoslavia in New York, is
notifying holders of its seeured 7% sinking fund gold bonds,
due April 1, 1937, that it has made arrangements to make
payment of the four coupons on these bonds, maturing
Oct.
of
Rome
Opening
Several
Branches
in
it
is
prepared
to
(Italy) has formally announced that
offer
its
clients
banking
facilities
in
Ethiopia, according to a report from Consul H. F. Withey,
Naples, made public on Oct. 10 by the United States Com¬
Department.
mence
The
main
Ababa
Ethiopian
the
at
branch
of
beginning of lash
the
month,
bank
and
branches
is
The
establishment
statement
bank
The
bank
will
be
opened
at
is
In
planned:
to
addition to
the Ethiopian
the seaport of Eritrea,
Assab,
statement
threshold
of
by the Bank of Rome of these
declared,
form
will
carry
into
banking
a
chain
to
emphasizes
communication
The
to
short
a
facilities
the
the
by
home-land
effect
sea
and
and
effect
serve
that
air
assure
the
the
will
a
African
the
linking
bring
confided
colonial
new
regular
branches,
mission
of
the
and
African
meet
all
same
branches of the Bank of Rome are,
rapid
Empire
prompt
the
exigencies and
measure
that
as
requirements of
it is asserted,
normal
the
to
Empire.
Italian
to
banking service in
What is described
reforms
of
as
one
the
of the most
important adminis¬
Blum
Government in France got
under way on Oct. 16 when the Cour des
Comptes (Court
of Accountancy) met for the fall term.
Advices from Paris
to the New York "Times"
reporting this, added that to
the structure established under
Napoleon has now been
added
keep
a
superior committee of financial
control which will
in
touch with the day-to-day expenditures of all
governmental departments.
In part the advices also said:
In
a
long welcoming address Vincent Auriol, Minister of Finance, showed
which was limited to verifications of past
how the old role of the court,
accounts, will now be changed by close contacts and the
rights of investi¬
gation and control which the
new
law grants.
will have with the representatives of the
administration you will know better their difficulties
and, jealously pre¬
you
serving the independence which is your strength, you will exercise
vibrant,
more
supple and
more
humane control.
,
Oct.
1,
1956, of
of the
coupons,
in
the
a
interest running
ease
which will bear
Surrender
fractional
certificates therefor,
principal amount equal to 55% of the face amount
of bonds
on
these bonds at 5%
issued for
interest from
or
the coupon
from Oct.
maturing April
1, 1936,
1,
1937,
that date.
of the
coupons for such partial payment and
funding bonds will constitute payment in full to the holder
of
such coupons,
under the terms of the offer, said
issued
in
the
matter
on
Oct.
19.
The
an
an¬
coupons
will be exchangeable on these terms,
upon presentation on
or
after their respective maturity dates at the offices of
J. & W. Seligman & Co., New York.
The State
Mortgage
Bank will apply an amount equal to
30% of the face amount
of these coupons (which have not been nationalized under
the laws of Yugoslavia) in 21
equal annual instalments com¬
mencing
of the
as
of Oct. 1, 1936, to the purchase and retirement
7% bonds.
♦
$1,000,000
of
3%
Bonds
Called for
of
r
Virginia
-
Carolina
Joint
Offered—$1,019,060 of 5% Bonds
Redemption Nov. 1.
principal amount of 5% coupon and registered bonds due
May 1, 1942, May 1, 1953, Nov. 1, 1953, and May 1, 1956.
The bonds are redeemable at par upon
presentation at the
Chase National Bank of the City of New York, on or after
the redemption date, Nov. 1, 1936.
Simultaneously with this announcement, Webster, Ken¬
nedy & Co., Inc. and O. M.-P. Murphy & Co. offered
$1,000,000 of 3% bonds of the institution, due Nov. 1,
1941, optional 1938, at 100.
The bonds
are
totally tax
exempt.
This refinancing, together with that in August,
results in a net saving to the bank of $32,750 per annum in
interest charges, it is announced.
Protective Committees for Columbian Bonds Planning
Court Action for Collection of Matured Unpaid
Coupons
"We wanted to make the Cour des Comptes a
great organ of financial
such as a majority of foreign nations
possess," said Mr. Auriol.
control
"By permanent contacts
modified
The Virginia-Carolina Joint Stock Land Bank of Norfolk,
Va., announced on Oct. 17 the calling of a total of $1,019,060
obtaining in Italy.
Committee of Financial Control Named in
France—Revised
Cour
des
Comptes Has First
Session Under Auspices of Blum Government
trative
the following
on
.
Stock Land Bank
equipped
Superior
F
due
and
the
banking
service.
the
Addis
at
within
pointed out.
bank
the
branch
a
inaugurated
was
it
1937,
5% funding bonds, second series,
nouncement
The Department said:
time to open branches at Harrar and Dessie.
it
5%;
(b)
except
Ethiopia
The Bank of Rome
1,
(a) A partial payment in cash to the extent of 15% of the face amount
each coupon, except the coupon which matured Oct. 1,
1935, on which
has already been paid and upon which the partial payment will
be
of
April
to
10%
Italian Banking Facilities Being Extended in Africa—
Bank
1935,
1,
basis:
a
more
Lawrence
Bondholders
nounced
on
E.
de
S.
Hoover,
Committees
for
Executive Secretary of >the
Republic of Columbia, an¬
Oct. 22 that the Committees have received the
opinion of competent Colombian counsel to the effect that
legal proceedings may be successfully instituted in the Col-
Volume
ombian
Financial
143
for
courts
the
of
collection
the
matured
unpaid
detached from the external bonds of the
various departments and municipalities, when properly sup¬
ported by duly legalized copies of the respective loan agree
ments.
The proceeds of such coupons may be collected in
Colombian pesos, to be held by a Depositary in that country
arrears
coupons
for account of the bondholders and
subsequently converted
permit can be
from the Foreign Exchange Control Board, Mr.
into dollars and remitted to New York when
secured
Hoover's announcement said, adding:
As
initial step in the collection of
an
pons of
$1,000 bond.
a
at least to the market at all times.
After receiving the required initial
trade may use
his
own
Commercial
of
Paper Outstanding
by
Manhattan
cooperation with the Committees, and the Bond¬
3rd series in
holders Committees have advised the fiscal agents of the
proposed action
above outlined.
also to initiate similar action for the collection of the ma¬
It is planned
defaulted issues of Colom¬
tured unpaid coupons with respect to the other
bian external dollar bonds represented
by the Committees.
.
Reserve Bank
The Federal
of
commercial paper
received
Reports
total
of New York issued the fol¬
6% Bonds to Expire
on
(Germany) to
Oct. 31
depositary, announces
(Germany) has de¬
clared that Oct. 31, 1936, would be the final day on which
holders of its five-year 6% notes could avail themselves of
their offer for extension or payment in "blocked" marks.
Empire Trust Co., of New York,
showing the total value
outstanding on Sept. 30, 1936:
by
this Bank from commercial
paper
as
Provincial Bank of Westfalia
31 of
since
Oct. 31, 1931.
With the exception of Aug. 31 the figure
for Sept. 30 was also the highest since Oct. 31, 1931.
Below
Sept. 30 total is $7,900,000 below that of Aug.
The
$205,200,000,
we
furnish
which figure was the largest reported
a
record
the figures since
of
they were first
1933
1934
Sept. 30.->..$197,300,000
205,200,000
187,600,000
June 30
168,700,000
May 31
184,300,000
Aug. 31
July 31
Dec.
$166,200,000
177,900,000
31
Nov. 30
$64,000,000
71,900,000
84,200,000
31--—
84,600,000
Apr. 30
Mar. 31
28..—
31
187,700,000
Feb.
Sept. 30
Aug. 31
July 31
192,000,000
188,100,000
168,400,000
Jan.
June 30
151,300,000
Nov. 30
Oct.
1932—
Dec.
31
Mar. 31
173,700,000
180,200,000
Feb.
29.....
175,600,000
May 31
141,500,000
Oct.
Jan.
31
177,721,250
Apr.
139,400,000
132,800,000
30
30
31
our
issue of July
171,500,000
Feb.
28
117,300,000
Nov. 30
178,400,000
Jan.
31
108,400,000
June 30
31
180,400,000
1935—
Dec.
31
—
—
Exchange
Stock
to
Issues—No
Debenture
and
Opposition
Recorded
The Securities and Exchange
Commission on Oct. 20 con¬
hearing on the application of the Pittsburgh Stock
Exchange for unlisted trading privileges in 23 issues of stocks
and debentures which are fully registered and listed on other
exchanges, most of them on either the New York Stock or
New York Curb Exchanges.
The hearing was ended after
Pittsburgh Exchange officials had given information on local
interest in the trading of the stocks which the Exchange
Neither the New York Stock Ex¬
change nor the New York Curb Exchange opposed the
application of the Pittsburgh organization. The final hear¬
ing was outlined as follows in a Washington dispatch of
Oct. 20 to the New York "Times":
An interesting
debenture
issues
Electric Corp.
much
was
debentures
A great
of
Exchange, in discussing four
Cork Co.
the Armstrong
and the Columbia Gas
&
covered by the applications, stated that the bond market
which really was
factor in the business
of a
of the Pittsburgh Exchange,
just asking for the privilege of making quotations on these
the board.
on
deal of trading in these debentures took place in the over-the-
market in the vicinity of the
Pittsburgh Exchange, he said, and
the investor if quotations were made
he felt it would be in the interest of
the floor of the Exchange.
Asks About
Quotation Bureau
Exchange
quotation bureau so far as these debentures were concerned.
as a
executed, but he did not believe that there would be many transactions on
Exchange.
was
of quotations
over
Pittsburgh
the counter, Mr. Barbour felt, however, that posting
would tend to narrow the over-the-counter price spread and
keep the public more fully informed.
Goldstone asked
whether
Mr.
Barbour's conclusion was that the
Mr. Barbour withheld definite
impossible to make a hard and fast
rule covering all situations.
Sept. 30
173,000,000
Aug. 31
122,900,000
107,400,000
173,000,000
181,900,000
July
28
176,700,000
Jan.
31
170,900,000
Apr.
30---—
1931—
117,714,784
173,684,384
210.000,000
31
31
96,900,000
Dec.
June 30
72,700,000
Nov. 30
May 31
60,100,000
Oct.
are
Pittsburgh
their request would
Pittsburgh Exchange, except the four
stocks, and in connection with
securities involved there was shown
tribution.
Tom
31
Smith
K.
virtually all of the
considerable trading activity and dis¬
Stock Exchange officials appeared confident that
be granted, particularly as neither the New York Stock
New York Curb Exchange or any other Exchange
contested
the application,
which
was
affected
thus indicating that they would be
satisfied by such ruling as the SEC might
make in regard to the question
public interest involved.
on
Re¬
Grain Futures Transactions
Chicago Board of Trade
On Oct. 20 the directors of the
a 25% reduction in
the marginal requirements on
speculative transactions in grain futures.
Rescinding their
regulation of Aug. 19, which advanced margins to 200% of
clearing house requirements, the officials have now ordered
margins of 150% clearing house requirements, it was stated
in the Chicago "Journal of Commerce" of Oct. 21, which
voted
•/'
added:
Until further notice, the official notice states,
gins which a member must secure from
tions are 6c per
outsiders
the initial minimum mar¬
on grain futures transac¬
bushel on wheat, corn, rye, barley and soy beans, and 3c
Urgent
Problems to
Met in
Be
Commercial Loans is Most Significant Factor
Bankers in the United States are
today faced with several
urgent-problems whose solution will determine the entire
future course of banking in this country, Tom K. Smith,
President of the American Bankers Association, told the
Robert Morris Associates, meeting at Hot Springs, Va.,
Mr. Smith who is President of the
there are
several important discrepancies between banking theory and
actual fact.
In illustrating this point, he said that com¬
mercial loans now comprise a relatively small proportion of
the total resources of the banking system while, even more
significant, "the trend is downward, and this declining trend
is not recent in origin, but has continued since the War."
Bankers must recognize these facts, Mr. Smith said, before
an intelligent solution of future problems can be obtained.
yesterday (Oct. 23).
He continued,
in part:
by banks seems to reflect a
self-liquidating
fundamental change in the nature
itself.
There is not sufficient time to discuss the causes
the trend in any detail,
but it seems likely that technological changes
of American business
of
during the past few decades have
porations
for
reduced to some extent the need of cor¬
working capital.
Manufacturing processes which
weeks have been reduced to minutes. The
machinery has reduced labor costs.
These changes have
increased need for long-term capital, but have reduced the
current
formerly took hours or even
of
resulted in an
need for short-term
mercial bank.
financing, which is the classical function of
There has been a trend, moreover, from
the com¬
the smaller business
and many of these big organizations have
enough surpluses to reduce or eliminate their need for
large corporate enterprises,
accumulated large
banking aid.
...
The tendencies we have so far been discussing have
time.
The depression has brought forth new
been in existence for a long
and banking which complicate matters
considerably.
First of all, there is
the serious matter of government competition
with
During the emergency, numerous Federal
credit agencies came into being.
You are all familiar with them, and there
is no necessity for me to discuss their operations in any detail.
We all
concede that these agencies performed an essential function during the
emergency, but it is important, now that the crisis is past, to see that du¬
plication of service by these government agencies and chartered banks be
avoided.
The officials responsible for the policy of these Federal credit
private banking organizations.
curtail their operations
banks of the country are ready
and willing to take over the load which the Government has heretofore
been carrying.
I am confident that they are sincere in these expressions,
despite the fact that bureaucracy has a well known tendency to perpetuate
itself.
It is essential that banks ascertain through study just what functions
now performed by the Government they can take over.
I am not prepared
to say that the private credit machinery of the country is now able to cope
with all of the agricultural financing or the other work which has been han¬
dled by various government organizations, but I think you will all agree
agencies
Chicago Board of Trade Reduces By 25% Margin
quirements
Sees
Determining Future of Banking—Head of Ameri¬
can
Bankers Association Says Declining Trend in
developments in the field of money
All of the 23 applications by the
debenture issues,
of
159,300,000
May 31
to
best market for bonds was over the counter.
opinion, stating that he felt it to be
actively
129,700,000
June 30
installation
Agreeing that most of the dealing in bonds in the vicinity of the
Exchange
nor
31
assets held
Goldstone, counsel for the unlisted trading section of the SEC,
Mr. Barbour said that of course when opportunity offered orders would be
Mr.
108,700,000
133,400,000
Oct.
This downward trend in the proportion of short-term,
asked whether Mr. Barbour meant that the purpose was merely to use the
the
31
Nov. 30
Boatmen's National Bank of St. Louis, said that
angle was developed when Marshall K. Barbour, Chairman
of the Securities Committee of the Pittsburgh
Abner
Dec.
163,600,000
Aug. 31
31--—
a
seeks to add to its list.
on
183,100,000
176,800,000
July
Feb.
Stock
100,400,000
103,300,000
111,100,000
Apr. 30
107,800,000
Mar. 31
105,606,000
Feb. 29---.. 102,818,000
Jan. 31
107,902,000
May 31
1923—
Mar. 31
Application by Pittsburgh
Grant Unlisted Status to 23
SEC Concludes Hearing on
113,200,000
110,100,000
108,100,000
Aug. 31
July 31
Sept. 30
made in
was
25, page 508.
81,100,000
109,500,000
Sept. 30
Mar. 31
Apr.
Oct.
Reference to the bank's offer
dealers show a
30, 1936.
$197,300,000 o* open market paper outstanding on Sept.
of
1936
Provincial Bank of Westphalia
Holders of
counter
Reported
of
reported by the New York Reserve Bank on Oct. 31, 1931:
♦
never
as
lowing announcement on Oct. 16
Trust Co., fiscal agent of the Department of An¬
Co., fiscal agent for the Department of Antioquia 7% bonds of 1957, 1st,
cluded
until the
exhaustion.
by New York Federal Reserve Bank—Total
$197,300,000 Sept. 30 Below Aug. 31
amount to $280.
tioquia 7% bonds of 1945 series A, B, C & D, or by the Bank of
that the
margin a member of the board of
discretion in calling for additional margin
approaches the point of complete margin
Value
the first, 2nd and 3rd series $315 on each
proceedings which may be taken under the fiscal agency agreements
Offer of
and soy beans
|
hedging transaction, or on spreading transactions
.
the City Bank Farmers
and
Clearing house requirements for
unchanged at 4c on wheat, corn, rye, barley
are
on oats.
between different
grains, initial margins are 4c per bushel on wheat, corn, rye, barley and
soy beans and 2c on oats.
On a spreading transaction in the same grain
no initial margin is required,
but customers must keep such transactions
On
The matured unpaid cou¬
Antioquia.
This action will be taken by the Committees without prejudice to any
2nd
and 2c
beans, and 4c on oats.
soy
represented by the Committees, it
the Depatment of Antioquia series A, B, C & D,
each $1,000 bond, and those of
on
members
Previous requirements were 8c on wheat, corn, rye,
oats.
on
barley and
account
proceed and take the necessary action first with respect
the bonds of the Department of
to
bushel
per
the matured unpaid coupons of the
several issues of defaulted dollar bonds
has been decided to
2603
Chronicle
just
have indicated that they are willing to
as soon as
it is clear that the chartered
that we must soon
determine just what portion of this work, if not all of
handled by chartered banks.
We,must be aggressive in seeing
that business which we can and should handle does not go to Federal
it, can be
to it
agency.
The fiscal
major
This mone-
policy of the Federal government has likewise been of
importance in the
field of banking during the past few years.
Financial
2604
influenced the banki^ .business
tary policy has
The recent increase in
Study of these matters by the
directly.
which affect us very
fiscal policy,
essential. Quite obviously, if the present volume of
deposits and the prevailing rates of interest are going to be at all permanent,
the banking system must make some important adjustments, and the sooner
we know where We stand and what we shall have to do, the better.
banking fraternity is
♦
Says Comptroller
Firmest in History
Banks
Nation's
O'Connor—Expresses Belief RFC Will
Any Loss from Advances to Banks
of Currency
Not Suffer
Nation is on a more firm
its history," was the con¬
clusion drawn by J. F. T. O'Connor, Comptroller of the
Currency, in an address before the business men's testi¬
monial dinner to President Roosevelt in Cleveland, Ohio,
last night (Oct. 23). In referring to Reconstruction Finance
Corporation's purchases of preferred stock, notes and de¬
bentures in National and State banks in the sum of $1,071,576,103, of which there has been repaid $369,424,887, the
Comptroller said that "in my opinion, not a dollar of this
money will be lost.
The difference between the rate of in¬
terest charged by the government and the rate paid by the
government for its money will more than offset any pos¬
sible losses," Mr. O'Connor explained. The Comptroller also
structure of the
"The banking
than ever before in
basis today
took
refer
to
occasion
Permit
to
me
say
banks
in National
total deposits
I
C5
March
On
when
surpassed
$26,200,453,000.
number
the
Let
us
period
in
deficit
a
1
The
1931.
on
operation
in
amount
CO
I
x*
©
o
•
N
tc
J
©_
I
©
,
!
t—
| © CO
last
months
six
For
1936,
o
O
«0
i
$71,372,000.
"ttb !
for
over
the
the
the
of
banks.
banks
of
fiscal
CO
H
W
©
the
l
OS
l
CO
CO
OS
tO
O
I
H
<N
w
HO
N
l
I
OS
,
H
,
N
CO
r-T
<N
;
30,
released
call.
1936,
the
on
Earnings
of
increase
an
O
x*
»h
OS
N
00
xf
banks
have
failed,
of which five
five National banks
were
were
insured
effective,
National
and the
banks.
The
doubt
no
receive
to
the
to
paid in full.
which
is
considerably
whicli
have
bond
closed'
has
its
has
been
operating
excess
since Federal
The
closed
a
the
at
a
the
of
and
one
the
it
69
of
tills!
{J*.**
realized
return
from
the
every
dollar
of
&
S
©
©
rH
x*t
00
<N
©
H
CO rH
00 N
CO
©_ to
N
01
tO
tO
IN
to
00
©
©
(N
N
CO_
©" N* CO* CO*
co"
to" o"
©
CO
_
©
©
©
©
©
©
rH
N
N
to
__
to
N
O
to
OS
©
©
OH
rH
<N
x*t
IN
©
rH
xft
©
N
©
(N
t-
H
©
xjt
©
©
©
CO
C—
CO
00
©
CO
rH
rH
«
©
■*
N x*
00
C—
rH
CO
-T t>r to*
h
co
eo
co
CO
ut
©
CO
H
H
CO ©
N H
00
I
•
OS
©
CO
fH
fl
N
j <-T o* co" to* £
!
I
o*
oo
© rH
! £ d
x*
N
co
©
eo
rH
N
©
©
©
X^ N Xf <N
r-* ©* rH* CO* ©* ©*
eo
co
l
©
CO
©. x*. H.
CO* ©* ©* t-* x»T
rH
00
©
O
©
©
©
IN
60
00
O)
H
CO
co
H
N
©
<n
©_
©
rH
o* eo* ©" ©* ©*
co
© ©
rH^ r-^ CO CO
©
©
CO
©
©
00
CO
oo* to*
00
CO
N
N
xjl
N
N
©
H
OO
00
H
rH
©
©
eo"
oo
©
©
CO
i
i
i
rH
©
©
CO
rH
00
©*
©
T-l
,i
©
00
CO
*
©
<N
©
©
©
CO
O
'
1
1
i
CO
.
,
1
i
!
;
j
i
;
1
1
1
lH
1
1
1
1
CO
1
l£>
II
i
t
.A
I
!
»
•
*
1
III
^
I
i
I
I
i
i
III
io
'
I
iii
©* 00*
i
it
i
1
©
i
-41
interest
»
1
assessment
rH
N
rH
©
©
o_ © ©
©
00
V)
I
I
till
I
t
I
I
co
t
I
©
eo
©
©
n
©
s
©
©
©
© os
©_ © ©
©" ©* d n* © ©*
©
©
I
II
I
®
s
I
I
I
I
I
I
i
i
t
a
t
i
I
to
S
I
I
I
I
I
I
©©©©©©
I
III
©
©
00
©
xf
rH
r-
N
b"
©
©
©
00
N
CO
©
00
Ttt"
H" ©" xi<* rH* 00* c-l"
eo
3?|S|
XH
CO
©
©
,
rH
©
I
©^ CO -O rH ©
©" 00 rH* r>T rH*
00
C-.rH
I
I
©
CO
I
«o
I
they
I
I
©
I>
c-
©
00
©
©
to
IN
co
rH
<C
I
to
©
eo
©
oo
co
eo
©
©
X»<
IN
1—1
t~»
rH
C-.
©
rH
©
CO
rH
©
CO
rH
rH
rH
O
N
W
CO
00
Th
r-<
o* oo* to* V* eo*
<N
CO* XH* o*
©
©
©
©
x?
CO
The
eo
rH
©
co
Zr00
banks
on
<N
eoeooiNQO
x^ ©
com¬
that
©
©
1,1
pleasure
insured
©
©_ tH
x#l" rH* ©*
lit
iii
©
o
O
SI
^
00
xj<
©
tl<
©
©
©
H
rt
H
CO
its
Mi
©
W
©
©
©
©_ oo_ o_
CO*
to
<M
tji" in" eo* to*
eo* x>i" £ d to* in"
rH
CO
©
which
©
M
to
(N
XT
©
CO
©
X?4
rH
M
X^ OS
00
<N
rH* O* <N*
2 ?o*
(N
rH*
paid by the banks.
CO
CO
eo
00
fs
5?
to
o
Association, in Asbury Park, N. J., on
Oct. 22, and at a luncheon given in
Philadelphia on Oct. 13
by the Democratic Women's Campaign Club.
go
J*
to*05-
ss
©-*.
-1
«
n
N
os
xt<
®
O
■£ 10*
<N
H
t-
©
©
N
CO
N* ©"
rH
M
rH
CO to
H
rt
v-.
Morgenthau
who said that
Jr.,
$50,060,000
of
the
bids
received
were
As to the accepted bids to the
offering, Secretary Mor¬
genthau, in his announcement of Oct. 19, stated:
The accepted bids ranged
0.120%
per
annum,
on
in price from 99.909, equivalent to a rate of
to 99.902, equivalent to a rate of about
0.129% per
annum,
a
bank
discount
latter price was
is
99.906,
discount
basis.
accepted.
and
the
Only part of the
The
average
average
rate
amount
bid
for
at
price of Treasury bills to be
0.124% per annum on a
is about
basis.
issues of
0.124%
compares with rates on previ¬
273-day bills of 0.141% (bills dated Oct. 14)
(bills dated Oct. 7), 0.186% (bills dated Sept. 30),
0.156% (bills dated Sept. 23), 0.146% (bills dated Sept. 16),
and 0.130% (bills dated
Sept. 9).
0.162%
©
O0
to
<N
00
CO
x*
©
00
tq, CO tO 00 ©
N
H
©_ 00 rH
CO* ©" ©" t»" ©"
rtl
r»l
CO
rH
CO
xf
CO
<N
©
xC*
IC—
© © CO N N
HSCNfflS©
CO
CO
^5
x*
x^ eo c- o_
N." l£ 00* © CO* rH*
to
rH
rH
to
I
w
©
I
I
•
t
I
I
I
I
t
I
|
© © O f- xjt
H
CO
©
« N
© os
H
H
os
©
N
oo
rH
rH
rH
1—t
rH
CO
o
>
§1
<o
th
~
X3
i)
CO
"P
C®
rH
rH
O
CO
CO
CO
h
i
HH
©
ro
»
rH
e3
OQ
"g £ CH g
Swfi
73
©
*
rH
OS
......
a
.
8 2
_
S
rH
©
o.
»
•
Revised figures.
a
Does not include gold other than that held by the Treasury.
b These amounts
are not Included In the total, since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 Is included
under gold, standard silver dollars, and silver bullion, respectively.
c
This total includes credits with the Treasurer of the United States payable in
gold
certificates in (l) the Gold Certificate Fund-Board of Governors,
Reserve SyBtem, In the amount of $5,569,178,913, and (2) the redemption
Federal Reserve notes in the amount of $12,386,981.
c
e
Federal
fund for
Includes $1,800,000,000 Exchange Stabilization Fund
Includes $60,800,000 lawful money deposited as a reserve for Postal Savings
deposits.
f The amount of gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held In the Treasury
to arrive at the total amount of money in
g Includes
The average rate of
©
In
^
O0
CO
S9.
X
Secretary of the Treas-
accepted.
The offering was previously referred to in onr
issue of Oct. 17. page 2451.
The tenders had been received
at the Federal Reserve banks and the branches
thereof up
to 2 p. m., Eastern Standard
Time, Oct. 19.
f—
<N
00
•g
Tenders to the offering of $50,000,000. or
thereabouts, of
273-day Treasury bills, dated Oct. 21, 1936, and maturing
July 21, 1937, totaled $172,935,000, it was announced on
Oct. 19 by Henry
xj<
«
N* 00* tO*
rjt
ts.
eo
00* O* ©* £
N
y-4
rH
rH
©
©
<N
CO to
CO ©
H CO
O
$172,935,000 Bid to Offering of $50,000,000 of 273-Day
Treasury Bills Dated Oct. 21—$50,060,000 Accepted
at Average Rate of About
0.124%
ous
1-1
N
to
N
!
W
^
New Jersey Bankers
bank
to
©
OS
CO
eo* n*
©
issued
t-
«
©
I
co
Comptroller O'Connor also addressed similar remarks to
eighth mid-year trust and banking conference of the
the
(N* ©* ©*
<N
^
CD
I
•a
the
ury,
e*
<N
all. of its liabilities to date,
pay
©
x*
rH
32
II-
125
deposit insurance became operative.
profit
CO
©
CO
©
H
CO
i
; CO
©*
fiscal
are
my
bank there
the
xji
N
oo
ii
deposits of all
was
h
rH
©
o
V*
-
«
239%,
1934,
banks
r-i
N
S
n
ic
3 r»"
1
bank totaled $19,813,660,
deposits of
Corporation could
expenses,
Calif.,
National
The deposits in that
in
operated
investment.
and
Last week, in Oakland,
depositors of
would be
Corporation
when
rH
•O
deposits of 64 of the State banks
dividend
x^t
t>
©
H
The total deposit liability in these insured closed banks
only $17,476,000.
announce
additional
an
H
©
iH
<N
insured.
In, these insured banks, 75,950 depositors were paid in full
only 367 depositors had amounts in excess of $5,000.
While these 367
depositors were paid up to $5,000, which is the maximum insurance, they
will
H
©* CO*
r-f
and
was
N
©
O
o
! N-*
'
8
I
O
©
were
pletely liquidated.
N
H
to
O
eo
cs"
year
or
1,
-01
CO
OS
H
©
eo
X*
He said:
Jan.
on
IN
©
O
'
CO
x»(
.
»r
protection became
CO
N
IN CO
CO x*
rH
as
...
Deposit Insurance Corporation.
insurance
xjt
x»(
N
<N
CO
00
I^I
this
M CO
N ©
tH
CO
CO
Tf* to"
eo
<N
co" OS*
Comptroller also alluded to the protection given to
depositors in State and National banks through the medium
Since
©
uo
eo
OS
The
of the Federal
CO
x«t
©
<N
00
OS
showed
earnings
for
$170,599,000,
xj!
to* co* x^T io* xjt* ©*
00* »H* CD* <N*
CO
rH
eo
ended June 30,
year
CO
<N
00
X*
©
IN
oo
June 30,
ended
year
© H
xfN
N
I V o" eo" cs" co" d
jjoco*
The first
ever
calendar
M
C
OS
©
CO
00
©* ©*
S H
«HMO
to
I
! « a
1
before.
year
been
just
have
June
$241,971,000,
amounted to
00
M
«
O to
N
,
1*8'
A still larger deficit of $303,546,000 was shown
By June 30, 1935, there was a profit
figures
The
banks
National
OS
IO?)ON'
W
H
rH* CO*
! 03* CO*
5,374,
was
C-
©
CO* to" to* xtT
I
ended June 30, 1934.
year
H
©
I
©
$139,780,000, and for the fiscal
was
OS
I
1
of
!
to*
NH
;g
co
I
<
1930, this record
30,
-4
©
FN
«
«o«niflioo
N N M N O If O
x* IO CO x»<
x* O
to
© t© CO
00 V)
I
1925.
National
of
returns
the
for
$62,299,000.
was
June
figures for the earnings
some
was
$218,384,000.
was
the year
for
operation
earnings
1032, the deficit
1933, it
banks in
there were in
the consolidated
which
M
|N
particularly
is
consider
also
June 30,
on
©
xjt
f-
00
xn
iNouoHrtcon)
©
I
I
deposits of our National banks reached
significant when we consider that
total
the
National
of
in
higher record, and
This
less than
2,698
or
cs
CO
On Dec. 31, 1935, the total deposits
$24,847,733,000.
This was the highest figure for
etill
a
©
CO
x»<
OO
O
l
reached in the history of the National banking system.
1936, the deposits in National banks reached a total of
4,
rH
•
ever
$24,859,455,000,
was
©
r-
<
the country.
were
o
©* f-"
©
to
National
the
of
©
© o
CO
Cd
■551!:
condition
tO
S
-t
OO
O'Connor said:
word about the present
a
O
©
IN*
referring to the condition today of the Nation's bank¬
banking structure of
©
©
§
during the fiscal year ended June 30, 1936, which, he said,
239% over the year before.
ing structure, Comptroller
the Country
Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount of circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for Sept. 30,
1936, and show that the money in circu¬
lation at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$6,266,539,446, as against $6,226,735,827 on Aug. 31, 1936,
and $5,683,128,967 on Sept. 30, 1935, and comparing with
$5,698,214,612 on Oct. 31, 1920. Just before the outbreak
of the World War, that is, on June 30, 1914, the total was
only $3,459,434,174. The following is the full statement:
increased
In
1936
24,
The Treasury Department at
National banks
of
the earnings
to
Stock of Money in
immeasurably, and we are
implications of that policy.
the volume of bank deposits andthe
conditions, due in large PaI*t to the government s
Obliged to study carefully the
of interest rates are two
Oct.
Chronicle
money
the United States.
held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
h The
money in circulation
Includes
any
paper currency
held outside the
con¬
tinental limits of the United States.
Note—There is maintained in the Treasury—(1) as a reserve for United States
notes and Treasury notes of 1890—$156,039,431 In gold bullion: (11) as security for
Treasury notes of 1890—an equal dollar amount in standard silver dollars (those
notes
are
being canceled and retired
on
receipt); (111)
as
security lor outstanding
Volume
Financial
143
Bllver certificates—silver in bullion and standard silver dollars of a monetary
value
equal to the face amount of such silver certificates; and (iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the Issuing Federal Reserve Bank. Federal Reserve
notes
are
secured by the deposit with Federal Reserve agents
of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as
eligible under the terms of the Federal Reserve Act, or, until March 3, 1937,
Is
of
direct obligations of the United States If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain
of at least 40%, Including the redemption fund
the Treasurer of the United States, against Federal
in gold certificates
a reserve
which must be deposited with
includes
Federal
circulation.
"Gold certificates" as herein used
credits with the Treasurer of the United States payable In gold certificates.
Reserve
actual
in
notes
Reserve bank notes and National bank notes are In process
of retirement.
2605
Chronicle
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 776,Fine Ounces During Week Ended Oct. 16
of
Receipts
from
Offices
491.87
During the week ended Oct. 16 a total of 776,491.87 fine
ounces of silver were turned over by the Treasury Depart¬
various mints and
to the
ment
from
silver
assay
19
Oct.
issued
statement
a
by
offices, it is learned
the Treasury.
The
purchased by the Treasury in accordance with
proclamation of Dec. 21, 1933, which author¬
was
the President's
ized the Department to
of
silver
newly-mined
absorb at least 24,421,410 fine ounces
annually.
Since Dec. 31, 1933, a
106,625,407.62 fine ounces of metal have been turned
offices. Reference to the procla¬
mation was made in the "Chronicle" of Dec. 31, 1933, page
4441.
The Treasury's statement of Oct. 19 follows:
total of
New Offering of
$50,000,000,
or
Thereabouts, of 273-Day
Treasury Bills—To Be Dated Oct. 28, 1936
Announcement of
a new
offering of $50,000,000, or there¬
to the mints and assay
over
abouts, of 273-day Treasury bills, to be sold on a discount
highest bidders, was made on Oct. 22 by Secre¬
tary of the Treasury Henry Morgenthau Jr. The Treasury
bills which will be dated Oct. 28,1936, will mature on July 28,
1937,
and
be
issue of similar
the maturity date the face amount will
on
payable without interest. On Oct. 28 an
securities in amount of $50,074,000 will mature.
The tenders to the new offering of bills will be received
at the Federal Reserve banks, or the branches thereof, up
Eastern Standard Time, Monday, Oct. 26. Bids,
however, will not be received at the Treasury Department,
Washington. The following is also from Secretary Morgento 2 p. m.,
(Under Executive Proclamation of Dec. 21,
Week Ended Oct.
They (the bills) will be issued in bearer form only, and in
of SI,000,
$10,000, $100,000, $500,000, and
(maturity value).
$1,0 0,000
No
tender
for
amount
an
tender must be in multiples of
the basis of 100,
on
Tenders will be
The price offered must be expressed
$1,000.
99.125.
*
accepted without cash deposit from
and trust companies and from
of
Each
will be considered.
with not more than three decimal places, e. g.,
Fractions must not be used.
ment
$1,000
than
less
incorporated banks
responsible and recognized dealers in invest¬
accompanied by a deposit
Tenders from others must be
securities.
applied for, unless the tenders
guaranty of payment by an incorporated
10% of the face amount of Treasury bills
are
accompanied by an express
bank
or
tenders on Oct. 26,
1936, all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve banks in cash or other immediately available
Immediately after
funds
on
the closing hour for receipt of
and any
the sale or other disposition thereof will also be exempt, from all
except estate and inheritance taxes.
(Attention is invited to
gain from
taxation,
Treasury bills are not exempt from
No loss from the sale or other disposition of
the gift tax).
bills shall be allowed as a deduction, or
tion Order During
to 406 Fine Ounces
SSU6,
Bat,
fa
fc,
;•
w.
lV
"VV
.
Under Nationaliza¬
Week Ended Oct. 16 Amounted
--vv
:;-c;
^■.1 -
Department on
silver to the
United States during the week ended Oct. 16 under the
Executive Order of Aug. 9, 1934, nationalizing the metal.
The Treasury said that 112,981,160.27 fine ounces of the
metal have been transferred since the issuance of the Order
of
of the transfer of 406 fine ounces of
19
558.
Treasury's announcement of Oct. 19 the follow¬
From the
v;7..:
1934,
which was given in our issue of Aug. 11,
Aug. 9,
page
is taken:
-
v
■.
-i
Silver Transferred to
'■ X
■
'
■.
;
.•
United States
(Under Executive Proclamation of Aug. 9, 1934)
Week Ended Oct.
Fine Ounces
,
102.00
304.00
16,1936—
Philadelphia
....
New York
San Francisco
...v..i.—...
Denver
'
New Orleans
ii,*
Seattle.-.
1936
receipts through Oct. 16, 1936...
Total for week ended Oct. 16,
made
-
17, page 2451, reference was
the
during
transferred
silver
the
to
9.
Oct.
406.00
112,981,160.27
:
"Chronicle" of Oct.
the
In
week
ended
•:
^—No Change in Silver Buying
Morgenthau
418, as amended, and this notice
bills and govern the conditions of their
*
•
For the first time in the
country's history the gold stocks
$11,000,000,000 mark,
of the currency sta¬
bilization pact between the United States, Great Britain
and France, $11,001,612,764.
On Oct. 21 a still higher total
was
reported by the Treasury Department, viz., $11,008,000,000.
The Oct. 13 figures, which were announced by the
Treasury Department, were, it was noted, about $15,000,000
above those of the previous day.
At a press conference on
Oct. 15 (said the Associated Press) Secretary Morgenthau
stated, however, that the increase had no relation to the
monetary pact,
because the bullion shipments were in
transit before the understanding was arranged.
From these
of
*'
$11,008,000,000 Highest on Record
Policy Says Secretary
U. S. Gold Reserve at
United States or any of
Circular No.
Treasury Department
2452.
Announcement was made by the Treasury
Oct.
its possessions.
prescribe the terms of the Treasury
newly-mined silver during the week ended
reported in these columns Oct. 17, page
were
the Treasury
otherwise recognized, for the pur¬
hereafter imposed by the
poses of any tax now or
106,625,407.62
....
Silver Transferred to United States
will be exempt, as to principal and interest,
Treasury Decision 4550, ruling that
Oct. 16, 1936
The receipts of
Oct. 9
776,491.87
16, 1936
Total for week ended Oct.
Total receipts through
Total
Oct. 28, 1936.
The Treasury bills
534,320.96
.
ing
trust company.
Fine Ounces
Francisco-229,150.41
Denver
13,020.50
San
amounts cr
•
1933) as amended
16, 1936—
Philadelphia
thau's announcement of Oct. 22:
denominations
and Assay Offices
Receipts of Silver by the Mints
basis to the
States
United
the
the
passed
reaching, on Oct. 13, the effective date
Government
of
$47,438,650
Securities
Purchased by
Treasury During September
Net market purchases
of government securities for Treas¬
calendar month of Septem¬
Henry Morgenthau Jr.,
Secretary of the Treasury, announced Oct. 16.
This com¬
pares with purchases of $3,794,850 of the securities during
August.
Reference to the August transaction was made in
our issue of Sept. 19, page 1795.
The following tabulation shows the Treasury's transac¬
tions in government securities by months since the begin¬
ury
ber,
investment accounts for the
1936, amounted to $47,438,650,
ning of 1935:
-'V;;-
purchased December...
1936—
purchased
purchased January
February
sold
purchased March
8,765,500 purchased April
..33,426,000 purchased May
35,439,100 purchased June
60,085,000 purchased July.....
17,385,000 purchased August
September
18,419,000 sold
$5,420,800
1,300,000
41,049,000
......21,990,000
23,326,525
January
_
February
March.
April
May
June
$5,275,200 purchased
August
September
October...
November..
Receipts
by
18,546,850
4,500,600
..32,702,150
—19,025,000
15,794,000
purchased
purchased
purchased
purchased
purchased
30,465,400 purchased
15,466,700 purchased
3,794,850 purchased
47,438,650 purchased
Mints and Assay Offices During
16—Imports Totaled $27,748,888
Week Ended Oct.
A total
of $31,109,744.81 of
week ended Oct.
the
of
$3,091,721.97
and
made known,
and
amount
this
assay
gold was received during the
16 by the various mints and assay offices,
Treasury announced on
888.18
new
was
was
It said that $27,748,$269,134.66 secondary
Oct. 19.
imports,
domestic.
The gold, the Treasury
received as follows by the various mints
offices during the week ended Oct. 16:
RECEIPTS OF GOLD BY THE MINTS
AND ASSAY
Imports
Philadelphia..
$5,862.96
-
Secondary
$105,312.48
New Domestic
offset
each
Mr.
237,800.00
32,402.48
17,394.60
1,343,030.16
746,135.67
17,373.77
7,257.79
Denver
95,400.00
26,396.02
.
$269,134.66
$3,091,721.97
.
I
they might
be
the daily Treasury
revealed by
changes in the Nation's
and would not reflect sales and purchases
other.
which
,
said,
Morgenthau
in
response
questioning,
to
that
he
$200,000,000 in gold originally set aside from the $2,000,000,000
as ample for all operations under the pact.
regarded
stabiliza¬
dispatch from Washington, Oct. 15, to the New
Tribune" it was stated:
Through devaluation of the dollar and a flow of gold to this country,
the gold holdings of this country have been almost tripled over a twoand-a-half-year period.
As of Jan. 31, 1934, gold holdings were valued at
$4,034,867,780.
The next day they had jumped to $7,018,263,925 as a
result of devaluation.
Approximately $4,000,000,000 of gold has been
In
the
"Herald
'
added since.
said that the public would obtain some idea of the
working of the gold transfer agreement from the daily statement showing
the Treasury's financial position.
He said there would be no disclosure
of
the operation of the $2,000,000,000 stabilization
fund in regard to
Mr.
Morgenthau
gold, but he indicated that the net gold inflow or outflow would be shown
in tiie changes in the total gold stocks of this country published: daily.
This
would
be only the "net" position and would not give accurate
information
on
actual gold shipments
the
Discussing
understanding
the
buying policy.
gold
transfer
included
any
and earmarkings.
agreement,
Mr.
commitments on
Morgenthau denied that
the United States silver
"Everything in the agreement has been made public," he
said.
There
in
Total for week ended Oct. 16, 1936 $27,748,888.18
said,
stabilization fund, opera¬
tion fund
764,421.93
New Orleans
he
however,
stocks,
gold
States under terms of
United
These published reports show only net
statement.
$534.21
643,022.74
San Francisco
Seattle
OFFICES
27,067,600.00
New York......
the
sold transactions of
agreement would be regarded as part of the
tions, and therefore would .be kept secret.
York
Gold
that
Eventually,
....
—_.
July
also quote:
we
added
He
the
1935—
1935—
advices
the
has
been
world
Export-Import
no
change in
market,
Bank
for
he
said.
the United States policy of buying silver
"We
the account
of
have
been
Cuba,"
buying
he said.
through
the
The Treasury
Financial
2606
acted
Chronicle
which desired the white metal for coinage
purposes.
The United States is still buying silver from China, Mexico and
Canada, Mr. Morgenthau said.
The
Secretary said he had no direct knowledge of reports that the
British planned to supply money to China to stimulate their trade.
He
as
fiscal agent for Cuba,
a
said
that
the
had
that the United tates
those
from
arrangements for silver purchases
announced
Mr.
negotiations in
no
after
Chinese
visit of
a
with China and
progress
China
the
were
representatives
same
Morgenthau would not discuss the price for gold being set daily by
and France, under the agreement.
These countries, it was
explained,
the prices at which they offer to sell
The United tates has established a $35-an-ounce
not making public
are
gold to the United tates.
price.
'
including
year,
A
Washington
"Times"
in Washington as to
great deal of speculative discussion
a
what the future will produce, the
corre¬
spondent there of the New York "Journal of Commerce"
The
the
form of
poration
increase
tatistics,
E.
Goldenweiser,
A.
Federal
Reserve
balance
in
enough gold in the
Bureau
that
of
some
will
the
recent
since
Basis
to
they
adjustment.
the
approxi¬
are
There
/
is
that
in
greatly
a
practice the gold
surrendered,
never
division
a
of
under
Reference
the
to
States with
between
the several
sought.
purposes
standard
in
full
operation
be the same;
different countries
agreement
concluded
by
in
accord¬
the
United
Great
issue,
2447.
$9,319,632.
Invalidation of AAA Taxes
Federal tax collections for the fiscal year ended June
30,
1936, totaled $3,520,208,381, a gain of $220,772,808 over the
preceding 12 months, Guy T. Helvering, Commissioner of
Internal Revenue, announced on Oct. 0.
Mr.
Helvering
attributed the increase to improved business and
to the
1934 Revenue Act which advanced tax
rates, and he pointed
out that income tax collections rose
28.5%,
21.5% to
and miscellaneous taxes increased
$2,035,032,870.
He added
that
or
$313,707,921,
an
invalidation of the Agricul¬
tax
collections to $71,637,206 for the fiscal
$454,585,151 from the previous year. A Wash¬
year, a loss of
ington dispatch of Oct. 9 to the New York "Herald Tribune"
analyzed the statistics as follows:
208,381
fiscal
picture
showed
this year,
total
increase
an
internal
of
collections
revenue
$220,772,808,
or
6.7%
of
from
$3,520,the
1935
year.
additional
assessments
resulting from Internal Revenue Bureau
audits and field
investigations, the government collected $454,216,071 in
the 1936
year
compared with $332,105,910 in 1935.
Of
this amount,
$351,703,039 came from income taxes,
$91,806,335 from miscellaneous
internal
revenue,
and
$10,706,696 from agricultural adjustment taxes.
classifications
of
collections
resulting
from
re-checks
of
taxpayers'
were
higher than the year before.
During the 1936 year the Internal Revenue Bureau
refunded: $38,701,820
including $22,974,319 of taxes illegally collected in 1935
returns
and
It
cost
the
laws
enue
with
Federal
and
the
Government
Agricultural
$47,571,012 in 1935.
compared with
For
the
each
the year
revenue
striking increase in internal
It
decreased
cost
the
the Cotton
from
of
The
This
State tax
the 1936 than the
value
of
revision of
cost
the government
in
in the 1935
collections, the
1935
to
$1.39
in
cost
of
all
the
30
$127,340,542
increase
an
$88,766,951,
domestic
of
import
of
$28,563,082.
of
production,
tax
the
in
Liquor taxes for
gain
a
excise
of
increase of
to
move
Sept.
on
increase
an
was
The
$14,264,520;
of
$6,402,467,
gain
in
in
taxes
a
liquor
on
August.
steadily ahead, with $147,353,122 for
compared with $127,111,207 last
These
taxes
$20,062,391.
of
drop
$49,094,918
30,
$20,241,914.
a
$14,221,645,
was
collected
$51,909,397
against
ended
increase
an
Treasury
continued
taxes
months
$127,726,387,
tax
was
spirits
Sept.
on
gain of $39,403,156.
a
spirits
distilled
descriptions,
three
with
liquors
distilled
September
Tobacco
New
led
were
The
by
cigarettes,
manufactured
tobacco
of
$171,264; cigar taxes, $3,463,196,
$292,766, and snuff, $1,650,923, an increase of $154,523.
a
Envoys
from
Canada,
Credentials
President
Roosevelt
an
Italy
President
to
and
Spain
Present
Roosevelt
in
Washington on Oct. 20 greeted
Washington from Italy, Spain
Canada.
The diplomats—Fulvio Suvich, the Italian
Ambassador; Don Fernando de los Rios, the Spanish Am¬
bassador, and Sir Herbert Marler, the Canadian Minister—
newly appointed
were
envoys to
received
the
at
White
House in separate ceremonies,
to the
The remarks of the President and also those of the three
reported as follows in Associated Press advices
Washington, Oct. 20, to the New York "Herald
envoys were
from
Tribune" of Oct. 21:
P
Senor de los Rios,
new
Ambassador of the Spanish Popular Front Gov¬
ernment, appointed after his predecessor had resigned because of lack of
sympathy with the Madrid regime, departed from the usual diplomatic
formula to speak of "the invasion of a foreign force which has
broken the
regime of law in my country."
He used this phrase in conveying, on behalf of the President of the
Span¬
ish Republic, a hope for the preservation in this
country of the "principles
of liberty and democracy, which at the present hour are menaced on
this
earth."
In reply, President Roosevelt said in part:
I trust that you will assure His Excellency, the President of the
Spanish
Republic, that the people of the United States sincerely desire to preserve
the friendly, relations now existing between them and the
people of Spain
and warmly reciprocate the wishes for a propitious future which
you have
expressed in his name and in the name of your country.
Both the President and Mr. Suvich avoided in their
exchange of ameni¬
ties any mention of the
envoy's status
"the King of Italy" and
as a representative of His
Emperor of Ethiopia.
Majesty,
Clinging to its policy of
non-recognition of territory acquired by force, this Government had stipu¬
from
of
a
$100
$25.45 in the
1935
Mr.
Suvich is expected soon to
sumption of negotiations for
now
stalemated
of
the
for these
*
Sir Herbert Marler,
his Government's
of
benefits
a
Ethiopia.
begin discussions looking toward
a
re¬
Italo-American reciprocal trade agreement,
year.
who arrived in "Washington only yesterday, voiced
"earnest" desire that
"the cordial and harmonious rela¬
tions which have prevailed for so long a period between the Governments
and people of the United States and Canada shall
strengthened."
He
stressed
"particular
be maintained and
ever
gratification"
over
commercial
relations brought about by the conclusion last year of the American-Cana¬
dian trade agreement.
Permit
Roosevelt replied:
to
me
say
at
once
that the
Government of the
United
States
heartily reciprocates the desire of His Majesty's Government in Canada
that
the cordial
our
In like
activity under
than
more
an
Canada Trade Pacts Stressed
between
its
payment
compares with
constitute American recognition of Italian sovereignty over
during
1936.
a $100 of collections for
the Tobacco Act of 1934 and
our
as
a
relations,
which
two countries, shall
manner
we
share
have
be regarded as axiomatic
ever be maintained and strengthened.
in the
come
to
gratification of
your
Government that
commercial
relations have been placed on a new and improved basis
result of the trade agreement concluded between us last autumn.
year
and gift taxes $88,000,000
more
in
periods, Mr. Helvering said,
"reflecting an increase
and a larger volume of
gifts as well as the
the
distilled
Revenue Act
spirits
$60,879,706.
and
Receipts
amounted
from
to
fermented
amounted
year,
or
liquors
to
Rhode
Island,
Massachusetts
a
ancing of Budget
President
only
decline
Roosevelt on Oct. 20 left Washington for a
trip through New England, during which he delivered
campaign speeches in Rhode Island, Massachu¬
setts and Connecticut.
The principal address of the tour
was given on Oct. 21 at Worcester, Mass., when he discussed
motor
a
Sept.
$1,000,000,000 for the first time in this period
since 1028, the Treasury reported on Oct. 20.
These collec¬
tions totaled $1,009,004.(523, an increase of
$164,523,370
over
corresponding period last year. Ip the preceding
quar¬
receipts were $1,079,000. That quarter is
normally the
largest of the year, since in it the first collection of
income
in
Connecticut—In Major Address at Worcester,
Discusses Tax Program and Promises Early Bal¬
$256,337,600,
malt'
30 exceeded
ter
Speeches
and
Internal Revenue Receipts for First
Quarter of Fiscal
Year Highest Since
1928—Collections Total $1 009,994,623, or $164,523,370 Above Same 1935 Period
Internal revenue collections for the
quarter ended
the
paign
of 1934."
wines
to
86.4%.
President Roosevelt Tours New England—Makes Cam¬
upward
$249,126,436, an increase of $33,562,557.
Agricultural adjustment taxes during the 1936 vear
$71,637,206, compared with $526,222,358 in the 1935
of
$31,126,897.
$3,266,980.
President
$1.47
Because
year.
1935
estates
increase
an
amounted
$134,889,253
brought $78,000,000
rates under
Receipts
$1.54
1934,
$48,065 039
before.
collected it
revenue
cost
revenue
/Bureau $26.84
Act
under the laws.
in
$51,783,385 to administer internal rev¬
Act during 1936,
compared
Collections of internal
$42,719,338
$100 of
years'
prior
Adjustment
1936^ year, compared with $1.44
taxes
an
/ This included
lated in advance that the reception of Italy's new Ambassador would not
Through
Most
of
In
aggregate of
Adjustment Act reduced Agricultural Adjustment Ad¬
ministration
The
$284,421,412,
year.
President.
28.5% Above
Preceding 12 Months—Total Federal Taxes $3,520,208,381, Gain of $220,772,808 Over 1935, Despite
net
of
ended
$161,022,725,
were
malt
The
gain
period
collected,
was
months
on
Income Tax Collections in 1936 Fiscal Year
The
last
cor¬
and in¬
$34,488,801.
to
gain of $23,067,625, and
increase
an
class
$42,344,139,
of
30
Sept.
on
this
marking the formal presentation of their credentials
+
tural
a
In
and
Britain and France for the sale of
gold
the central banks was made in our Oct. 17
through
page
months
fermented
interna¬
country would be prevented.
one
taxes,
taxes,
increase
amounted
month
same
of
gain
a
an
September
the
over
months
$76,832,940.
York
follows:
countries
would be encouraged and extraor¬
resources
depressions in any
or
gold
a
the world should
labor
the character of their
dinary booms
standard which
accomplished the
he explained,
prices of commodities throughout
trade and
three
on
year,
other economic institu¬
the post-war readjustment,
modified and (more realistic form.
war,
three
$51,702,712
not
Emerge
as so many
the ordeal of the
in
the
capital stock taxes
the
the
depression
Theoretically,
with
as
and never can be, to enable any country con¬
to foreigners in goods and debt services than it
more
from
emerge
declared
time
abroad."
Gold
ance
the
of
probable
when
only
temporary
He had stated that the gold standard,
tional
is
tax
payments
only slight
world,
out
pay
receives from
have
it
three
of
$198,931,476,
in
in corporation
income
the
$155,263,764,
taxes
$54,194,523
individual
in
increase
an
to
taxes
income
$149,532,159
New
the
Big Jump in Stock Taxes
of the adhering countries have been rectified.
exchange
need
and
even
tinuously to
tions,
Director
Board,
possible, however," he warned', "until such
trade positions
then
can
mately
He
of
to
ended
income taxes
amounted
income
of
20
as
$354,195,241,
taxes
Oct.
of
on
gold standard: will be reestablished.
fundamental
Gold
Dr.
opinion if
and
"This will not be
and
to
dividual
For
In
Research
and
tobacco
of
collections
amounted
dispatch
15 added:
Oct.
liquor,
details of revenue collections
gave
collection
Stating that there is
income, capital-stock,
manufacturers' excise taxes.
as
Britain
Great
1936
24,
taxes for the preceding calendar year are received by the
Treasury. During the quarter ended Sept. 30 practically
all important sources revealed substantial gains from last
months ago.
some
Oct.
number of
in detail his tax
program,
which he compared to a weapon
this Nation's democracy in taxation while paying
off debts created by emergencies. He assured his audience
that no new taxes will be required to balance the Federal
budget and reduce the national debt, and he indicated that
to preserve
he
will favor
needed modifications of the tax gn un¬
The President spoke before
large crowds throughout his New England trip. Addressing
a
gathering of 30,000 at Providence, R. I., on the afternoon
of Oct. 21, Mr. Roosevelt declared that "we will not again
any
distributed corporate surpluses.
Volume
Financial
143
allow
people to be regimented by selfish minorities into
bankruptcies and breadlines." Later, the same afternoon,
speaking before 125,000 persons on Boston Common, the
President asserted that New Deal policies had given New
England industries greater protection and opportunity than
they had ever enjoyed under Republican leadership. In his
Boston speech the President said in part:
In the most immediate sense,
and
South
are
Their
problems.
your
The sale of New England's shoes depends in part on the price of
wheat
I
and
Georgia
depends in part
on
Prosperity
cotton.
California fruit
the
for
Kansas
grower
the prosperity of the New England textile mill.
New
here in
am
ators in
and
stockyards and farms.
I have thought much of this as I have
ern
country.
travelled through the great West¬
My old friend, Tom
today at this
had
We all know that
New England
We all know that
has had its troubles.
New England is coming out of its troubles.
If you need figures to prove that, there they are for the State of
chusetts; Payrolls for the first half of 1936
1933.
is up
Retail sales
Building construction in 62 Massachusetts cities is up 100%.
37H %•
Does that look to you like the end of private
Every realistic business
of New England knows: First—that New
man
England had established standards of
of its industries at
enterprise?
and of living which put some
wages
competitive disadvantage with sections of the country
a
'
which had not reached those standards.
Second—That
those
standards
lower
'
•
.
:
landlordism which exported from New England too much of
capital that
absentee
an
its capital—
used elsewhere to compete with industries at home.
was
Third—Concentrated wealth and economic power gobbled up or
out
moved
or
away
hundreds of small independent
nesses—the kind of businesses with
which at
busi¬
England had
What has this Administration done?
being brought
No matter
That
Most of us are in favor of
being destroyed.
that.
We have begun the first real offensive in our history against that con¬
centrated wealth and monopolistic power which almost
and diversified industries of New
are
are
destroyed the small
Most of us are in
England.
have begun to reopen foreign mar¬
we
products and New England shipping.
Most of us
in favor of that.
take, unless
And that is why the problem of floods
There
two
are
involves more than one State.
The first is by the method
approaches to that problem.
States—the interstate compact method—and I am
of cooperation between
glad to
work will be in vain.
that the States of New England are working together, planning
say
for the control of floods.
But,
You cannot ask
friends, that method is insufficient in itself.
my
State of
Vermont, for example, to pay the entire cost of controlling
the flood waters that flow through
The chief benefit is going to
Vermont.
be not to Vermont but to Massachusetts and Connecticut.
when
you
come
problem you have the duty of
the waters of navigable rivers and your
to the final
the Federal Government to control
Federal Government stands ready to do its
share toward flood prevention
dispatch to the New York
campaign tour through New
England, President Roosevelt passed through city after city
where enthusiasm rose to such a pitch that the police were
unable to control the crowds and where the official pro¬
noted in
was
"Times"
Stamford
a
that in his two-day
cession of
repeatedly
cars
broken into wandering units.
was
The account from Stamford Oct. 22 also said:
and
at
were
loss
a
find
to
a
reason
the lack of control over
for
today and
encountered
the crowds
among
on
yesterday in Rhode
Massachusetts, for nothing like the experiences of these two
Island and
days had been encountered in the President's campaign trips elsewhere.
We have increased
out on the farms
of the river, your
sources
how
no matter
dikes you build, no matter how many precautions you
Observers
By reciprocal trade agreements,
the State of Connecticut,
do in
you
many
controlled at the
the
had their origin in some other State.
floods
favor of that.
kets for New England
what
A large part of the flood,
Connecticut.
flood waters that visited you recently,
Washington must help.
States—Vermont, New Hamp¬
flows through four
shire, Massachusetts and
It
towards the standards of New England.
up
kind of unfair competition is
businesses
of yours
.
We have raised wages and living standards in other sections of the country.
are
This river
and the
to keep in close touch
cities of the nation and why,
under certain circumstances, the government at
And then
wiped
England
New
time New
one
I think that we can get a
flood.
government in Washington has
your
in the future.
conquered the markets of the world.
They
why
with the governments of the States and of the
the
by
exploited
were
around
little parable out of that flood, a parable relating to government
Massa¬
32% over the first half of
Farm income, excluding benefit payments,
20%.
are up
are up
I am standing
my hips if I
Spellacy, has told me that where
moment the water would have been up
been here at the time of the great
■
...
and your Sen¬
And I am here also, I am told,
regard to the problem of floods.
candidate for high public office.
reason
England savings have prospered in developing Western mines and railroads
I am here as President to talk with
twofold capacity.
a
Governor and your State officials, your Congressmen
your
and prosperity
welfare
and prosperity.
your welfare
are
Following the conclusion of his New England tour at
Stamford, Conn, on Oct. 22, the President returned to
Washington late that night. While he addressed gatherings
at various points throughout the State, the President's prin¬
cipal remarks were made at Hartford, where he said:
as a
West
the
the problems of the great population of
2607
Chronicle
the purchasing
power
of New England's customers
and in the cities of the Nation.
Nor could any recall similar scenes in his
campaign of four years ago.
And most of us are in
favor of that.
In his
Oct. 21 ^ Mr. Roose¬
is here and that the
budget will soon be balanced. He charged that his opponents
sought power in order to lower taxes on wealth, which "did
not want to pay a fair share of their cost."
The President
during the course of his remarks declared that he had "in¬
herited from the previous administration a tax structure
which not only imposed an unfair tax burden on the lowincome groups of this country—but also imposed an unfair
burden upon the average American by a long list of taxes
on purchases and consumption—hidden taxes."
The Presi¬
major address at Worcester
on
dent added:
In 1933 when we came into office,
revenue
hidden taxes.
from
came
—for liquor was illegal in
58 cents out of
dollar of Federal
every
Leaving out of account the liquor tax
1933—We have reduced these indirect taxes to
38 cents out of every dollar.
The President
Campaign Tour—Reiterates Friendship for
democracy in taxation.
1776 the
fight was for
1936 that is still the fight."
In
Taxes, after all, are the dues
Speeches
President Roosevelt
of
As
becomes
society
we
also quote:
pay for
we
the privileges of membership
civilized,
more
government—national,
and
state
afraid
we
have many who still do not recognize
visited Buffalo, Rochester, Albany and other
It
It was
substitute
the
smaller, of
to be done
of
but which
government
is
do
to
the
for
second
Taxes
people
are
the price
a
all
we
major part of
pay
the way
the obligation to pay for these bene¬
Ever since 1776 that struggle has been
between two forces.
hand, there has been the vast majority of
the benefits of democracy should be
share
fair
to
extend
All
our
the
one
citizens who believed that
extended and who
On
them.
On the
other
were
was
the line-up in
confident that
am
1776.
once
been
That is
this campaign.
more—in 1936—democracy in taxation will
ability to
pay.
That is the only American principle.
Before this great war against the depression we fought the World War;
and it cost us 25 billion dollars in three years to win it.
as
now,
a
Democratic
We borrowed to
Administration
provided
sufficient taxes to pay off the entire war debt within 10 or 15 years.
But,
as
revenues
in the World War,
adequate to
pay
we
have again created
.
a tax structure to
.
.
yield
the cost of this war against depression in this
generation and not in the next.
New
or
increased taxes
Budget and to begin
Recovery is with
are
us.
decreasing.
are not
very
soon
Federal
the
a
us to
balance the Federal
rapid reduction in the national debt.
revenues are
increasing;
emergency expendi¬
A balanced budget is on the way.
and spends more money.
Does that sound
Because the taxpayer
Though he pays
more
he has more money left for himself and for his family.
the
to
American
a
sanitation,
or
initiated
were
program
serve
government service—all
or
the recommendation of the local
on
"
that the government placed
earns
money in
stagnant for
the
in
into these structures has
erection
so
The
building
money
and
many years.
this
of
on
all
which the
the
other
major factor in
of the worker, the shopkeeper,
United States undoubtedly was a
power
and
the
the hands
in
farmer.
the President had the following
Rochester,
part, at
to say:
we
the
nomically
not
Rochester
in
were
the
convention
midst
of
and financially.
1928 much
of
the
great
We
were
even
has
happened.
era—socially,
jazz
then
a
That
year
politically,
eco¬
sick Nation though
we
yet begun to feel the pain—the headaches and the heartaches.
living in.
The wealth of the
Nation was being concentrated quickly and steadily into the hands of a
few individuals who were not only running the major part of our com¬
merce and industry, but were actually running the processes of the
National
It
was
a
Government
their
in
the
lop-sided
itself.
own
economy
It
is
were
unfortunate
an
instead
welfare
we
of
in
the
The
It
process
of
gobbling
up
more
fact
welfare
people who were engaged, in business,
merger,
needed to enable
Why this increase in government revenues ?
taxes,
transportation,
money
manufacturer
In
and
that
of
they
perhaps
were
the great
interested
majority
of
industry and agriculture.
more
independent businesses by
by purchase or by reorganization was going on apace.
not long after I became Governor that the skies fell,
was
and it is
noting that when that happened your State Government
many policies which were ultimately the basis of the national
worth
undertook
legislation of the past three and a half years.
like bakruptcy to you ?
money
or
received
Since
the line-up in
Here is my principle: Taxes shall be levied according to
Then,
work
give
was to provide useful
need in every community.
will find a series of projects devoted
this
would
themselves.
restoring purchasing
had
war.
to
that primary objective.
course there were others.
with
part of
was
which
of
they had been
a
win.
fight that
each
incidentally,
the
workers
because it did not want to pay a fair share of their cost.
That
foremost
primary objective—of
the
which
projects throughout the
willing to pay
hand, there has
small, but powerful group which has fought the extension of those benefits,
And I
of
but all designed
only
from coast to coast you
communities
where
thingsTdone.
collectively to get those
struggle to maintain democracy in America.
our
and
first
what we Americans had decided was an
already started the wheels of trade and commerce turning again in sections
To divide fairly among the people
more
was
purpose
works,
public
they cannot by individual effort do at
all, or do so well, for themselves."
fits has been
Nation," he
dole.
course,
that
But
A
which,
what needs
tures
for
functions, local, state and national, is to use the words of Abraham
legitimate object
that
through the Nation there have been'projects like these, most of them
recreation,
"The
designed
program
of
Lincoln;
their
a
was
to
easiest way to
on
added, in part:
summarize the reason for this extension of govern¬
The
cities
At Buffalo he participated in the dedication of the
Federal Building, and in referring to the building as "a
day.
All
their advantages and want to avoid paying their dues.
ment
Hyde
home in
on
campaign speech at Worcester, Mass.
Before returning to Hyde Park, on Oct. 17, the President
All
am
his
returned to
he
He went to Washington
Y.
unemployed.
The privileges of membership in a civilized society have vastly increased
But I
Oct. 17 concluded a 5,000-mile tour
on
when
Oct. 19 and left
on the evening of
Oct. 20 for a two-day tour of New Eng¬
land, where he made several addresses, including a major
local government—is called on to assume more obligations to its citizens.
in modern times.
Mid-West
the
Park, N.
organized society.
an
Social
of
Busi¬
Speech—Tells Cincinnati Crowd
Security Plans—Buffalo and Rochester
in Cleveland
ness
part of a very great program throughout the
observed that "in
From his Worcester address
in
5,000-Mile Mid-Western
President Roosevelt Concludes
velt reiterated that economic recovery
The
President's
Mid-Western
2454.
His
/
final
trip
Oct. 17,
campaign
sively described in the "Chronicle" of
major addresses
on
this
tour
was
exten¬
pages
2452-
were
made
Financial
2608
10
Oct.
on
defended
Cincinnati
at
Street
At Cleveland he charged that Wall
earner."
wage
business, and
business man is bound to the interest
"the interest of every
of every
where he again
declared that
Cleveland,
and
toward
attitude
his
using the money of corporation stockholders to
was
Security hold¬
propaganda against his reelection.
finance
he said, are occasionally "flooded with literature warn¬
ing them against returning this Administration to office."
He said that stockholders' money is being used to finance
ers,
A Cleveland dispatch of Oct. 16 to the New
this literature.
York "Times" reported the speech as
financial
power." '
The
few
whose
interests
welfare
business
of
concern
welfare of the
the
not
was
in America, but
Nation, not
solely the extension of their
own
added,
served
best
were
learn that the
interests of the many
interests of
"coming to
is
the
when
Gains
opening his speech
best
were
safe¬
in
for
business
that
business
"the
bottom
he went
that is
Administration
the
their
markets for
goods
own
stockholders
their
persuade
ought
when
era,
a
little foggy in their
to
of the Nation.
A Cin¬
Brooklyn "Eagle" quoted
he
thought
work
to
provide
the
for
question
recommended
"And
you
aided
this
three
he
much
very
in
he believed
said
labors
"And
"has
who
the
as
the
a
and
roar
national
it could
of
their
the
Projects that
time
local
have
a
as
communities,
three
they
and
"that
crowd,
the
we've
and
and
projects
recreational
valuable,
and
value
Mr.
President's
The
New
had
in
the
half
a
was
years
one
no
ago.
improvements,-'
enable
Roosevelt
England
law,
of
process
the
of
that
the
he
said,
-
because
said,
people
to
have
buildings
as
a
and
trip
is
referred
in
to
in
Wilkes-Barre, Harrisburg, Camden, Wilmington,
Del., and New York City
JWBesides his scheduled address in New York City at Madi¬
son Square Garden on Oct. 31, President Roosevelt has de¬
cided to include in his campaign drive, during the coming
week, speeches in Wilkes-Barre and Harrisburg, Pa., Cam¬
den, N. J., and Wilmington, Del.
These points will be
visited by the President following his visit on Oct. 28 to
York where he will participate in ceremonies at the
Statute of Liberty.
He is to return to New York City on
New
Oct. 30,
and will speak that night at the Academy of Music
Brooklyn. On Election eve, Nov. 2, he will deliver a
radio address from his Hyde Park, N. Y., home.
A radio
speech by the President, from Washington last night (Oct.
23) featured the dinner of the Good Neighbor League at
the Waldorf-Astoria Hotel in New York City.
in
Suit to
Test
New
York
State
Mortgage
Supreme
Court—Action Taken by Agreement of Attorneys
•
■
of
United
dismissal
the New
drawal
both
from
United
States
for Both Sides
The
the
Law
of
litigation
York
resulted
sides to
State
from
dismiss
involving
joint
the suit
porto against the Druiss Co.
Court
on
Oct. 19 announced
the
constitutionality
mortgage moratorium
the
agreement
of
and
sustained
was
by
and
denied:
took property
contracts,
protection of
equal
the law,
all
•
of
Consideration
New
York
Unemployment
of
law.
With¬
attorneys
on
Joseph and Angelina Lo-
New York
State
courts
had
or
of their
their
dependency upon the Federal Social
The Associated Press added:
or
The
afternoon.
rejected the Vermont request
had
Justices
apparently
discussed
the
"involves
validity of the New York
the
only
filed with the tribunal, said that the State
State unemployment
consideration
a
the
of
Federal
social
security
act
as
do
other
dependent upon the Federal act for their operation
are
oral statement to the
Supreme Court on Oct. 19
validity of the Federal
law was involved in the New York case, to be argued soon.
Chief Justice Hughes replied that attorneys in the New York
litigation said the Federal law was not affected. Mr. Mc¬
Clennen, said the Associated Press, also contended in a brief
-filed with the court that the Social Security Act is beyond
the powers of Congress and that "the acts of the States
passed within the scheme thereof are beyond the powers of
the respective Legislatures" under both the Federal and State
constitutions. A reference to the proposed arguments on the
New York State Unemployment Law before the Fall Term
of the Supreme Court appeared in these columns June 6,
page 3780.
an
♦
United States Supreme Court
stitutionality
Plea
jects
of
by
Refuses Ruling on Con
"Truth in Securities" Act—Re¬
J.
Edward Jones—Other Court
Decisions
The
York,
of
ruling
a
upholding
Southern
Edward
New
the
District
Federal
of Appeals
Court
restrain J.
to
York securities dealer, from violating
in
Securities" Act.
The law stipulates
"Truth
ties and
issues be registered with the Securi¬
Exchange Commission in advance of sale in order
the
information before pur¬
Supreme Court, by a 6-to-3 de¬
SEC could not compel Mr. Jones to
public might obtain full
chasing.
cision,
on
Court
temporary
a
York
that proposed security
that
Oct. 19 declined to
of New
injunction granted by the
Court
Second
Jones, New
1933
the
States Supreme
United
review
Last
April
the
held that the
proposed issue which was withdrawn
effective.
Associated
Press
Washington advices of Oct 19 summarized the court's rul¬
testify
concerning a
registration
ing
that date
on
In
that
States Supreme
court
impaired
Constitution.
Federal
before
»
of
lower
law
the
President Roosevelt Plans Speeches the Coming Week
Moratorium
the
Mr. McClennen contended that the
past
item.
Dismissal
principal of
Legislature
law, but the State Supreme Court refused.
reversed
insisted
yesterday
In
from
up
truthfully be said that there
work
and
the
and effectiveness."
bridges.
another
due
emergency
Division
started
Appeals.
Loportos
violation
case
he said.
went
only permanent contribution to the- Nation,
just
are
of
action
foreclosure
Insurance act under the Constitution of the United States and in no manner
they also have tended to give greater security."
good
of
under the
State statutes which
recovery
not better off than
beauty
been
not
was
In
involves
cities
to
up
said
second
the Druiss Co. having
interest
assessments,
in
first
a
a
gave
to $12,200.
cut
was
Henry Street
assumed
and
passed
September the Druiss Co. paid taxes and interest, but was
principal of a mortgage.
It moved to have the foreclosure
after
Mr. Bennett, in a statement
Security
projects to the government,
know,"
taxes,
0
cash,
in
to $16,300,
request during luncheon recess.
years."
He
who
put
was
the
$18,000
reduced
Without explaining its action, the Court
needy.
Give Greater
The
bouse at
tenement
a
paid
was
of $14,700, which
of
payment
days
Appellate
late
the audience understood why
the government had
helped with work projects, such as expansion of the university stadium.
Three years ago, he said, the unemployment situation was so serious that
something had to be done, and the question arose of finding the best kind
of
sold
which
which
1933, the Loportos tried to foreclose,
Security Act."
he added, is why the Administration is trying to make a rounded
said
the State
the constitutionality of
sustaining
of the variations found in other State statutes
picture and work out something that will affect every kind of business.
He
in
Co.,
mortgage
money
association with
occupations and business."
That,
in
real
in
invested
money
A request by the State of Vermont that the United States
Supreme Court pass upon the validity of the Federal Social
Security Act when considering the New York Unemployment
Law, was denied by the Supreme Court on Oct. 19. Permis¬
sion to file a brief was asked by Edward F. McClennen
attorney representing Vermont.
According to Associated
Press accounts from Washington on Oct. 20, AttorneyGeneral Bennett of New York urged that consideration of
New York's law "be free from discussion or possible argument
"ought to apply not only to individuals, but also
he said,
interest
owners,
$17,100
With
Speaking at the University of Cincinnati Stadium, on
16, Mr. Roosevelt said his Administration is already
"Security,"
of
amount
Act
Oct.
for the future security
the
United States Supreme Court Denies Plea'of Vermont
For Ruling on Validity of Social Security Act Along
of fear—"fear
of those who would seek to spread the gospel
is antagonistic to business."
planning
as
Druiss
of
Court
to
cinnati dispatch of Oct. 16 to the
from this speech as follows:
vital
a
the
law.
without
Administration
this
of
view
mortgages.
They profit best when labor is
propaganda
that
good
no
of
to
depress the condition of labor in any
justly served."
He repeated the statement, first made in Chicago, that the business men
of America, the investors in business enterprises, are going to show on
Nov.
3 that they have not been frightened or fooled by the expensive
them
does
it
tries,
industry.
sus¬
mortgages.
creditors and debtors
for relief of mortgage
program
have
August,
The
families hold stock in many diversified indus¬
many
estate
the number of people affected, the people of
as
Loportos,
to
The
thinking processes.
this
and
"serious emergency,"
a
in the motion filed by Mr. McGoey and Mr.
"one of the most important parts"
Bennett,
point
York
default
in
of
defaults of the principal of real
on
broaden home and foreign
to
trying
to put it mildly,
are,
they
that
Washing¬
a
statute," said the Bennett brief.
the
become poor customers of every other industry and of every mer¬
And the corporation directors and lawyers who use the money of
stockholders
in
special legislative session.
a
well
dismissed
on,
chant.
"In
New
in
follows
as
that the legislation was
the
as
The
the
their
chastise
estate,
two
the old "trickle down"
today shows the soundness of that program."
"If the workers in a particular industry are poorly paid,"
to
at
"From
In
the President said that "what is happening
practiced by his predecessors,
"they
enacted
Fifteen
economic pyramid" instead of
the
summarized
1933, in view
August/,
in
comprehensive
a
purchase
required the increasing of incomes and earnings at
recovery
of
against
Loportos
the
Loporto suit had been regarded as a strong test of the moratorium
passed
Attorney General
of
Ohio."
in
group
every
by
was
case
pending foreclosure
defaulted
cro^d that his Administration had operated on the theory
Telling the
I
The
law
Roosevelt made an outright appeal for
by the voters on the basis of economic gains in .Ohio during his
Administration.
He cited statistics to prove that there had been "an
in
The
1929
Cited
Business
here Mr.
action
dispatch of Oct. 19 to the New York "Times":
mortgage
support
increase
ton
the
guarded."
In
law.
the
he
constitutional and had dismissed a
was
the company.
before the Supreme
Court that the Jaw impaired contracts, took property with¬
out due process of law, and denied equal protection of the
of
;
country,
24, me
Attorneys for the Loportos contended
the Nation
of
business
the law
held that
foreclosure
Hefner, said
"which in the old days used to dictate not only to the
but to government itself—that small minority of
power," he said,
the
follows:
fight only against that kind of concentrated wealth and economic
"We
Oct.
Chronicle
the
new
the
dispute
as
became
follows:
the
case
Securities
of
constitutionality
the
revolved around whether
consent,"
should be
and
Act
to
Commission
enjoin"
instruments
defraud
or
Mr.
of
to
Commission
involved.
not
It
contended
Baid
the
the injunction, "entered with petitioner's
vacated.
Opposing a Supreme Court review,
the
Exchange
was
bill
"filed
a
Jones
and
interstate
obtain
of
the SEC said that
complaint
certain
of
his
commerce
or
the
money
by
means
in
the
mails
Feb. 4,
on
1935,
District
Court
seeking
from
using
certain
employees
"to
further
of untrue statements
a
or
scheme to
omissions
Volume
state material
to
or
added that
The SEC
the
the
told
"inquisitional
the
investigate
to
powers
that
and
office
his
from
records
Act
confers
upon
suspected
will
at
Hopkins Must Appear in Court Oct. 26 in^Suit
Compel Publication of WPA Records—Petition
Charges Extravagance in Administration of Relief
The Federal District Court in Washington, on Oct. 20,
issued a show cause order directing Harry L. Hopkins,
to
seized
the Commission
infractions
of
''-
law."
the
Progress Administrator, to appear on Oct. 26 for a
Works
the court were outlined as follows in
advices of Oct. 19:
The Texas Utility Co. and the Alabama Power Co. lost in their efforts
to
obtain a
Supreme Court decision, before the Court of Appeals had
acted, on the validity of government loans and grants for municipallyowned electric systems in Texas and Alabama.
'
A review of the action of the Federal District Court of the District of
Columbia, dismissing petitions seeking an injunction against government
ruling of
Other
hearing
Associated Press Washington
agencies,
Nov. 3.
ated
direct appeal here is
The
be
from
Circuit Court
the
skip
Duke
and
their controversy
so
that
they
projected loans
are
might
be argued with the
and grants from PWA or relief funds to
systems to Plainview, Tex., and
Decatur,
Hatrselle, Guntersville and
Ala.
Russellville,
Secretary
of War, who has been
the Texas, Alabama and Duke companies,
attorney by
retained as
Act authorizes "gifts or so-called loans of public moneys
United States for the construction, at the sole expense and risk of
United
The
The
of
the
tax as applied in a case
sales
involving construction work on
imposes a 2%
tax on the purchase price of
Colorado
in
not
tangible personal
that
and
stand.
to
deprived
this
them
of
to the suit included F. W.
Other parties
property
V :
1936,"
President
electors to elect the
Vice-President
and
of
and certain members of the
members of the Congress,
vital issue before the people relates to the admin¬
the question of whether the said
WPA and particularly to
has
been
funds
partisan
economical or wasteful,
in accord with the
non-partisan,
or
diverted
been
have
from purposes
allege that the
voters generally and1 in the State of New
intelligent under¬
privileges with an
of
Labor Department Ruling Endangers Double Shift
Cotton Textile Industry—Girls Between 16 and
Forbidden
explana¬
without
States
Supreme
Court
Ends
due process
Arguments
cotton textile industry
the
terms of the Walsh-
Charles O. Gregory ruled that under the
dealers
and
holding
of
contracts
government
than
more
Gregory rejected the suggestion that a waiver be
hour limitations in respect to shipping crews and em¬
in certain continuous process work, while holding also
that employees in the custodial service of the mills would not be con¬
sidered as being covered by the Walsh-Healey law.
Secretary
Acting
engaged
Action
accounts from Wash¬
tion
collecting any dividends
going instead to the Fulton Mortgage Loan Co.,
also enjoined from transferring their stock for a
This
Perkins.
and
crews
employees
plea
denied
was
with
work,
continuous
on
respect
but
made
to
the
shipping
applicable
with
respect to the female labor in
The
promulgated.
industry Bad sought a
Labor
of
90-Day Stay
on
90-day "breathing spell" from the applica¬
of certain restrictive provisions of the regulations issued by Secretary
The
stockholders
constitutionality of the plan rather than of the State law
They were
in
Healey Act, governing working conditions of manufacturers
ployees
Evans Hughes commented that the
their stock, the money
subsidiary.
system
granted from the
enjoined stockholders from receiving or
The plan
shift
the New York "Journal of Commerce":
Court on Oct. 20 terminated
by three stockholders of the Lorain
Street Savings & Trust Co. of Cleveland, Ohio, challenging
constitutionality of the statute under which the bank was
reorganized with a SI,000,000 loan from the Reconstruction
Finance Corp.
Such action usually indicates the court will
under which it was
double
endangered on Oct. 16 when Acting Secretary of Labor
was
cussed
The United States Supreme
attacking
18
Federal
able
argument in the action
Chief Justice Charles
on
requested by the Cotton Textile Institute is made of applicregulations of the department.
The decision -was dis¬
as follows in a
Washington dispatch of Oct. 3.6 to
In
Street Savings &
Trust Co. of Cleveland, Questioning Statute Under
Which Bank Was Reorganized
appeal said^ United Press
Oct. 20, which likewise said:
Night Work
in
$10,000, girls between the ages of 16 and 18 could not be
employed in night work.
The ruling is effective for 90
days, together with authority for continued employment of
these girls on daytime operations, while a study which was
Act?on of Stockholders of Lorain
dismiss the
Engage
to
in
Awards
The
Woolworth Co. and J. J. New¬
enforcing the Act.
United
a
of
purposes
a
exercise their franchise
these questions."
may
standing
They sought to enjoin State officials from
on
States,
whether
they
Federal
The lower court dismissed the litigation
berry Co.
were
legitimate
the
national campaign is iii progress which will
the petitioners say, "when, under the terms
of the United States, the qualified) voters therein will
3,
for
votes
"Petitioners
law.
ington
for
Jersey, including petitioners, have a legitimate interest in and are entitled
to have made available to them the public records of the WPA so that
H.% Kress & Co. and others.
contended by the litigants that under the Colorado law they
continue to operate lunch counters in their drug and variety
was
stores,
of
available
Objectives Admitted
public interest to purposes not so in accord.
brought by S.
It
as
June
drug store and other lunch counters figured;
The justices gave no
tion
of their action,
which allows a ruling by a three-judge
could
relief
of the United States.
administration
the cost of its transportation to the place of use.
During
of 1935 the companies purchased machinery and other
equipment costing $899,390 outside the State for use at the> dam project.
The transportation cost was $21,798.
The Supreme Court refused to review an attack on the constitutionality
of Colorado's 1935 law regulating the operation of restaurants in which
Court
Nov.
on
United
and
property, plus
and
of
purpose
effort to hide the fact that the suit itself has a
no
"In this campaign a
basin.
May
the
for
the
amounts
present time
istration of the
will either agree or disagree with
by a three-judge Federal Court of Washington State, which
held that the law was void and unenforceable against the Silas Mason
Co., Inc., the Walsh Construction Co., and others engaged in construction
work at the Federal Government's power project in the Columbia River
law
solely
background.
the
Senate
decision
The
and the funds
that said administration
;,-'X
their
cast
the
arguments are heard, the court
After
the
of the Constitution
the Grand Coulee Dam.
a
by
Congress
petitioners made
terminate
public purpose."
State Tax Commission was granted a Supreme Court
in its effort to sustain the constitutionality of a State law impos¬
ing a 2%
the
reducing
"At
Washington
review
1935,
public
"a system of administration has been
used
being
Acts."
political
plants which can serve no
local election utility
purely
of
States,
national
New Jersey;
not
are
contended' the ques¬
propriation
the
by
it
avers,
Political
National
the
of
there have been made charges of gross waste
the administration of said funds over the United States
of
State
to
said
presented by the petition of the two former concerns was whether
Industrial Recovery Act or the 1935 Emergency Relief Ap¬
tion
the
in
thereby
'
.
Baker, former
D.
Newton
Act
Appropriation
petitioners
expenditure thereof; is in part influ¬
enced' by political considerations that, in particular, in addition to pro¬
viding relief for those entitled thereto, there has been set up a vast
administrative machinery of personnel whose experiments were
dictated
by political consideration and to whom excessive salaries are paid of such
amounts as to constitute gross extravagance and waste of public funds,
Tuscumbia,
Sheffield,
the suit relates to the constitu¬
Relief
which
against
intended
be permitted to
furnishing the city-owned electric
in
Florence,
raised in
Emergency
result," the petition
a
available
case.
Involved
aid
asked
companies
Alabama
and
Texas
the
and extravagance in
-;;r'
'
The
"As
established
upholding a $2,852,000 Public Works Administration
Greenwood County, S. C., for a power plant at Buzzard
C.,
and grant to
loan
Roost.
Federal
contend, has the right to expend
funds, and such expenditures must be for specific purposes.
similar case which
the week of Nov. 9.
It was an appeal by the
a
decision by the Circuit Court of Appeals at
during
Co.
N.
Charlotte,
the
of
which, it is contended, illegally delegates legislative power to the President.
granted in a dispute considered of public
Supreme Court has agreed to pass on a
argued
Power
Duke
legal question
principal
tionality
Congress alone,
Already the
they were appropri¬
A Washington dispatch of Oct. 20 to the
by Congress.
New York "Times" discussed the suit, in part, as follows:
importance.
will
said to allege extravagance in the
The petition is
expended for the purposes for which
customary for the Court of Appeals to review a District Court
decision before the
case
is carried to the Supreme Court.
Sometimes,
however, a
,
administration of WPA and that relief funds are not being
denied.
was
former Ambassador Walter
suit brought by
a
on
Edge and three other New Jersey Republicans to force
access
to Works Progress Administration
records before
E.
&
It
raising the interstate question under
said to be the first case
was
Wagner Act.
H. L.
Jones
have the
sought to
He
Feb. 8
on
injunction
an
the
to sell securities not
pending final hearing."
Later Mr.
injunction terminated.
Supreme Court that Commission employees illegally
of
entry
This
the mails
registered."
Mr. Jones "consented in open court to
the sale of securities, and from using
in
facts
interstate commerce
of
means
2609
Chronicle
Financial
143
of
study
held
question.
90-day period would give opportunity, it
by
explained,
was
for a real
the contentions of the cotton textile industry, with the belief
manufacturers that such an investigation would show' that the
made today were worthy of permanent Adoption.
f-
suggestions
T
•
•
■
'
.
_
'
•
period of seven years.
♦
<
Trade
Federal
Suit
on
Act was
and
operating in interstate commerce. A Washington dis¬
patch of Oct.. 17 to the New York 'Times" added the fol¬
lowing details of the case:
The coach
company
objects to an order of the District Court in Virginia
direction of the National Labor Relations Board to stop
discouraging
employees from joining the Amalgamated Association of
Street
Electric Railway and Motor Coach
Employees, from interfering
with collective bargaining, and to reinstate
18 discharged workers with
back
a
pay.
Under
Alleging violation of Section 2 (a) of the Robinson-Patman
cerns
upholding
Complaint
constitutionality of the Warner Labor
made on Oct. 17 when the Washington,
Maryland Coach Co. filed a brief asking the
United States Supreme Court to reverse a lower court ver¬
dict and to construe the application of the law only to con¬
Virginia
Files
Robinson-Patman Price Discrimination Act Against
A new suit on the
Relations
Commission
with United
Wagner Labor Relations Act Filed
States Supreme Court
Ohio Tile Company
Act
prohibiting price
discrimination,
the Federal
Trade
Commission announces on Oct. 20 the issuance of a com¬
plaint against the United States
Canton, O.
This is the fourth
Commission under the recently
amendment to Section 2 of the
mission's announcement said:
The
Quarry Tile Company, of
complaint issued by that
enacted Robinson-Patman
Clayton Act.
The Com¬
Commission's complaint charges that the United States Quarry Tile
Company,
which
maintains factories In "West Virginia and Ohio, has
of the Robinson-Patman Act by discriminating in
violated Section 2 (a)
price between customers
one
located in other states who are in competition with
The United States Quarry Tile
another in the sale of tile to consumers.
Company is
alleged to have granted a 15% discount to certain so-called
2610
Financial
Chronicle
to
of
Oct. 24, me
the
wholesalers, regardless of the quantity sold, which discount has not been
as
made available to tile contractors, thus tending to
and acts embraced within
its terms it is con¬
stitutionally indefensible."
injure, destroy
or prevent
competition by tile contractors with the so-called wholesalers who are, in
in
fact,
instances
many
acting
by selling
retailers
as
the
to
some
The New York "Herald Tribune"
ultimate
the SEC brief
consumer.
Section 2
The SEO
(a) of the Robinson-Patman Act, under which the complaint
has been issued, says "that it shall
commerce
be unlawful for
to discriminate in price
...
of commodities of like grade or quality
.
engaged in
any person
between different purchasers
.
.
.
The
The Tennessee
Filed by 19 Utilities—
Valley Authority
battle in its efforts to sustain the Federal power
in which
suit
a
with
and
"The
in
ruled
the government
registration
provisions
of
is
by the
in
the
in
impair
not
of the Act
Act
their
of
it
its
to
jurisdic¬
Commission
The
has
expressly
the
and the defendants
provision
Congress
violation
will
demand.
and
right
recog¬
contest
to
time.
any
separable,
any
such
no
register,
registration
clearly
to contest
bluntly assert that the 'Commis¬
under the yoke and submit
the Act at
of
Act
court,
vided
that
defendants
had made
defendants
major
a
comply
pass
Commission
only that
provision
enforced
Oct. 16 lost
on
reply in
"the
that
defendants
the
But
demanded
any
Loses Major Move in Suit
stated
brief
demands
tion.*
nized
Federal Judge Rules Suit Can Be Brought Outside
Alabama
a
to
as
utilities
the Act.
has
complaint.
filed
was
the
of Oct. 11 quoted from
follows:
as
brief
force
to
sion
."
.
The respondent is allowed 20 days in which to file answer to the charges
set out in the
seeks
where the effect of such
.
discrimination may be substantially to lessen competition
TVA
persons
in
before
itself,
constitutional
will
have
orderly
an
their
provision
any
day
manner
pro¬
may
be
rights."
program
when Federal
Judge John J. Gore of Nashville, Tenn., de¬
nied a TVA motion asking dismissal of a suit brought by
19 electrical power companies contesting the constitution¬
ality of the law creating the TVA.
Judge Gore did not
rule
the constitutionality
on
Examination
by SEC of Investment Trusts and Invest¬
Companies—Minimum Regulation Advocated
by J. H. Rattray of Vick Financial Corp.—R. E.
McConnell
of
Mayflower Associates and Hugh
ment
of the Act, but held that ap¬
did not
apply in this
because of charges of unlawful
case
acts made in the brief filed by the utilities.
The companies
Only
tion
Vick
the
Vick
it
subject to
was
legal action
outside Alabama.
Associated
Press
Nashville
"I
think
character
the
and
said,
"and
court
of
if proven,
averments,
constitute
when
such
them
conditions
Oct.
citizens
where
subject
are
they
are
TVA attorneys
ahead
the
Following
word
sent
decision
throughout
the
authoritative
an
exception
an
said
source
the ruling and
to
a
go
winter, with
York
lines
carrying
debts
Valley,
stand
tnay
urban
and
fall
to
by that
or
rural
centers
final
ruling
take
not
constitutional
up
questions
his
in
be
not
the
think
the
jurisdiction
Tennessee
"It
of
this
regardless
court,
of
the
hardly
defendants
Northern
acts
of
immune
from
District of Alabama
whatever
suit
for
in
this bill
brings
proposed
constitutionality
Congress
intended
jurisdiction
any
the
of
make
to
in
except
Utilities'
Contention
They Would Be
by Registering as Provided
in Utility Holding Company Act—Electric Bond
& Share and Affiliated Companies Also File Brief
Placed
of
Restriction
of
uniform
The Securities and Exchange Commission, in a brief filed
Oct. 10 with the United States District Court for the
Southern District of New York, denied a contention
the
21
and
they would be placed "under
first
by registering under
the Public Utility Holding
Company Act.
Counsel for the
and
company
for
other
defendants under
compel registration had filed
that the
brief
a
the
SEC
Oct. 9,
on
registration provisions of the law,
suit
contending
with the
accom¬
panying prohibitions and penalties,
are not
a
system
of
defendants
of
regulation.
summarized
"In the
at
case
provisions
not
of
provisions
the
have been
regulation
invalid
are
We
Act.
satisfied
and
brief
the
separate valid
also
with
ultimate
and
first
which
although
sponsored by
contend
the statute
elimination
that
unless
of
certainly
included
holding
invalid
the
would
system
of
which
it
companies
"That
the
penalties,
registration
may
entirely clear.
terms
or
to
all
not.
be
not
with
their
when
even
attendant
viewed
The prohibitions and penalties
holding
The
provisions,
sustained
as
definitions
the
In
1932,
and
alone
is
apply in general
whether engaged in interstate commerce
of persons and of acts includes those within
.
.
classification
and without the constitutional jurisdiction of
"These
main
brief.
Upon
as
defects
the
they
inhere in
They
equally
question
are
contention
the
implicit
whole,
pervade
(the
those
question
the
in
of
entire
defendants
that the statute may
others,
those
of
k
as
separability,
of
the
upon
Act
the
investors
The
holding
and
4(a),
every
have
be enforced
are
They further
of" plaintiff
to some,
as
companies
and
.
are
the
cross-
not
as
within
to
its
Section
prohibited
business
sidiary
cases)
purpose,
is
by
investigated
conditions
they
could
concern.
This
substantial
a
imposed
become
of
amount
the
upon
directors
make
to
was
their
they
he
sure,
own
money
where
we
that
extent
It
in for
were
by the
investors
permit
they desired.
that
and
the
to
long siege of
a
to
managers
change the
liquidate,their shares
indicated how
not
was
he
ease
and
many
Vick
it
has
great
a
Financial
been
problems
many
of
Corp.,
"we
accomplished
of
back
are
without
gny
the government."
not
firms
of
and
1929,
was
member
depression cured
in the
in
were
that
decided
was
supervision by
or
said
it
to
opposed
of
New
the
regulation of trusts
to
York
Stock
Exchange
the
to
are
6ame
regulated
by the Governing Committee,
not
but care must be taken that regulation does judgment.— ——————:
■
,■
————-—
supersede sound
An
in
item
the
ing
bearing
the Commission's bearings appeared
on
Oct. 10 issue, page 2295.
our
Commission's
next
Following the Oct. 9 hear¬
public
session
held
was
on
Oct. 13, when Robert E. McConnell, President of Mayflower
Associates,
Inc., was heard.
As to this hearing, we quote
following, Oct. 13, from the Washington advices to the
the
"Journal
of
the
Commerce":
of
Although
Mayflower
companies
of
management
investment
Associates,
Inc.,
for* investigation in
investment
trust
Mr.
trusts,
selected
was
its
by
the
McConnell
said
his
SEC
as
one
operations
inquiry into the
and
is
not
concern
the
in
generally accepted understanding of that term.
merely to purchase and hold securities for
income," he pointed out, "but rather to undertake hazardous ventures, to
avowed
pioneer
in
is
purpose
not
enterprises,
new
and
to
develop
new
sources
and
minerals
of
materials.
"It
has
of
supply of capital
a
natural
promotion
of
careful
tion
risks,
and
in
these
selection
productive,
now
labor-saving
diversification
of
available for exploration,
not
resources
new
and
fields,
of
high
and
for
capital-saving
for
devices.
The
as
example
an
trust
put
up
of
discoveries of F.
the type
$300,000
of
of
Julius Fohs,
7,800
of
barrels
has
a
oil
day,
a
market
Emphasizing that he
and the investment of
value
was
of
can
by the
producing
the trust, the witness
now
$2,500,000.
speaking solely for his
government regulation is neither necessary nor
"Northing
geologist
activity engaged in
to enable the geologist to conduct his
He found the English bayou oil pool, which is
now
and
Because
painstaking analysis, wide distribu¬
potentialities of profits, it, is not a
fund."
McConnell pointed, to the oil
physicist,
said,
develop¬
the
examination
be gained and much can
own
trust, he said that
desirable.
be lost by government regula¬
tion," he warned.
"Under
is
the
before
the
in
.
of
of
if
even
which
."
be
to
concern
name.
that
explorations.
controlling,
dispose
of
for
advantage of this opportunity.
said
our
terms.
'
took
investment trusts,
to
trust.
argued in
sections)
considerations
argument
subsidiary
we
registration
validity.
trust
trust if
witness
regulation
and
as
an
classification
general
not organized
of
one
that
had
testified,
the
the
speculative
Congress.
Separable
that
was
directors
he
of
out of
Mr.
Provisions Not
the
into
was
industrial
an
$100,000
.
companies,
falls
it
when it became apparent that "we
depression,"
ment
standing
of
trustees
stake.
at
raw
prescribed.
trust
invest
to
that
explained
the
of
had
"Its
Congress
it
other
funded
...
Rattray
said,
an
inseparable from
have
Requirement of Directors
was
follows in the New York "Times" of Oct. 10:
bar," it says, "we contend that by their inherent nature
as
the registration
The
to
which
trusts
of trustees to those allowed
powers
Corp.,
companies
trust
directors
affiliated utilities that
yoke"
a
investment
system of accounting.
Commission.
by the
Share Co.
regula¬
tendency
a
Outlined
Is
borrowings of
the
Financial
investment
He
on
Bond &
has
Requirement ihat the type of trust be indicated in the
Vick
in Federal Court
Electric
drastic
"too much regulation
because
4.
"Under Yoke"
—
inquiry of the estab¬
A
get
Denies
trust
Mr. Rattray said that
outstanding.
structure
SEC
investment
firm,
3.
the
damages resulting by their unauthorized
character."'
trusts
judgment of the managers."
19-page
it within
investment
following:
Mr.
by the averments in
Valley Authority Act," he said.
reasonable to suppose that
is
these
made
case
his
of
opinion.
"I
of
estate.
court
the
did
examination
Commission's
activities
Limitations
1.
by the Supreme Court next fall.
which already has resulted in a network
electricity
were
Exchange Commission, at
legislation is recommended at all, he indicated, it should be restricted
the
decision
a
the Tennessee
Gore
If
to
2.
today's development, public utility executives in New
they 'believed there was a chance for a district
high court.
Judge
should
the
in
and
limit the
to
that
to
prepare
here that
this
Testifying
suit.
transmission
of
on
recommendations
investment
lishment
Such
decided
was
and
Legislation
but
comment,
no
The whole TVA power program,
of
sought
program.
during its
organized in 1929 by
was
Rattray's
Securities
the
Court.
made
probably will note
with
before
which
Mr.
Co.
companies.
Regarding the testimony of
Mr. Rattray a Washington account, Oct. 9, to the New York
"Journal of Commerce" said, in part:
any
illegal
by Congress for regula¬
operations of investment trusts was
9 by J. H. Rattray, Vice-President of
Financial Corp.,
Washington,
tion
intended to be in effect until the suit
finally by the Supreme
counsel
in
said
would be
power
the Court
suit
to
committing
be served."
temporary injunction to halt the TVA
a
injunction would be
an
reported
that regard,"
in
they
exist,
Counsel for the utilities said that immediate action
request for
16
and
where process can
and
acts,
of
strip the defendants of their official
private
jurisdiction
competent
and unconstitutional
advices
follows:
as
of legislation
and
Oct.
on
Chemical
made
Judge Gore's ruling
activities
of
Tennessee and
States
minimum
a
recommended
argued that since the TVA had extended its operations to
other
Heard
Bullock
parent statutory limitations against suing the TVA except
in its legal domicile, the Northern District of Alabama,
in
under heavy penalties
interstate
which
no
commerce
engages
the statute
therefore,
holding
must
escape
in
be
such
valid
and
(Section
from
business.
as
to
from the conclusion
company
29)
not
securities
the
in
decisions
in
any
any
sub¬
(in
other
altogether void.
There is,
that it is altogether void, because
or
Opposes United States Regulation
registered
from engaging
owning
Under
all,
which has
"It would
direction
ments
are
honestly,
Mr.
of
seem
incumbent upon the officials
governmental
placed
in
competently
McConnell
agencies to
the way
and
credited
of
with
see
similar
sound
that
who
no
are
entrusted with the
obstacles
developments,
if
or
they
embarrass¬
are
done
judgment."
Mayflower's success to the following factors:
Volume
and
Directors
1.
Financial
143
have
manager
is
which
venture.
2.
It
the
at stake in
investment
heavy
a
has
Manager
other
no
in
interest
business
active
financial
other
2611
Chronicle
the
these portions of the Revenue Act, largely
the claimant must show that he bore
against
that
requires
did not pass
and
tax
The brief
filed
of
ment
the
based solely
is
manager
realized net better¬
upon
trust
of
has
Company
only
full
carries
this
and
stock,
of
class
one
pre¬
emptive rights and equal voting rights.
5.
Company has
alliances
no
financial
other
or
house.
i.5
14,
Oct.
and 16—the hearings
Hugh
of Calvin Bullock, and John Hincks, also of
the Commission; the latter,
asked if' he had any recommendations to offer as to the
son
Calvin Bullock, were heard by
regulatory legislation should take if the SEC recom¬
by Congress, was reported in the Wash¬
form
mends such action
15,
Oct.
dispatch,
ington
the
to
York "Times"
New
saying:
as
,
considerations combined is publicity.
Bright
best protection.
Respecting new issues of
companies' securities, the public already has that protection
other
all
Outweighing
branches of
under
Securities Act.
the
Regarding
to
detailed
require
These
quarterly.
subsequent operation, it would be in
to be mailed to security holders at
companies'
such
reports
should
reports
be
form.
standardized
in
We
order
least
would
emphasize standardized accounting methods.
far
So
in
shareholders
as
their
..iv-:'
investment
officer
or
sale
or
of
should
the
of
size
be that no officer
be, or
of his
For to
Then we stop.
company.
maximum protection
We
formulating
in
you
urge
remark that
a
who stood
panies'
dean
the
the top of
at
assets
reputed
are
your
to
recommendations
for Congress to
the man
investment company managers,
of
his profession
total
throughout the world, whose com¬
the equivalent
$500,000,000, the
He said, in
of
substance:
them."
Hugh Bullock concluded bis
16
Oct.
On
Restrictions that you think
will rise up some day to plague you—
with too many restrictions.
tie yourself
"Don't
today are for the best Interests of investors
and will not protect
three-day testi¬
of the
statement bearing on the operations
concern's investment trusts, in which he said:
with
mony
As
the
to
we
a
the
record,
thousand
A
investors.
trusts
of
majority
trusts show profit to original
invested in every one of the 11
our
dollars originally
formed—namely,
ever
original total investment of $11,000—
an
$11,750.
Meanwhile, investors have received
total gain, appreciation plus income, of
We have 40,000 shareholders today whose investments in our
today would be worth over
$3,000
over
about
35%.
No
under our management has ever passed a quarterly cash
in 1929 our companies have paid out
company
And' even since the crash
Except in the case of one debenture issue, our
trusts don't owe a dollar.
They don't buy on margin or sell short.
They don't buy or sell securities
from or to each
other.
Except during the two offers of exchange and
the
brief
period of Nation-Wide's preferential bid, none
of our trusts ever
bought each other's shares.
They are run
distinct from each other—except as to common
as
if they were in different offices. And.!
policy to deal as principals with our companies in
agement philosophy—as
been
our
man¬
it has not
securities
because
this business
we
think
investment
for
Crop Insurance, headed by
announced on Oct. 20
that it plans early conferences with insurance company
officials, representatives of the warehouse industry, and
leaders of farm organizations.
President Roosevelt had
asked the committee for a complete report on the feasibility
of the project not later than December,
The meeting with
insurance officials will be held Nov. 5, while the committee
will hear representatives of warehousing on the following
day, and farm organization leaders on Nov. 7.
The com¬
mittee has already discussed crop insurance problems with
a number of farm group officials.
Formation of the com¬
mittee by President Roosevelt on Sept. 20 was referred to
a
of
as
run
we
need
is the best medium
it meets a genuine economic
well-managed investment company
any
already difficult insurance problem.
Among
that any system of crop insurance
meet, the Conference Board lists the following:
complicate
must
(1)
is
be
In
its
that
no
Revenue
law
also
jurisdiction,
no
for
suit
until
18
be filed against the Collector of Internal
months have passed after the filing of a claim.
The
recovery
1936
can
and July 1, 1937.
Revenue
Act
claims filed' for recovery c!'
any
contended that the United States District
as the 1936 Revenue Act provides
inasmuch
provides that claims be filed between June 22, 1936, the effective
date of the Act,
The
the government
motion
had
Court
decision
of
the board
of Appeals.
also provides
that
a
board
be set
up
to
hear
invalidated AAA taxes and that suits appealing
shall
be taken directly to
the Circuit Court
rate.
it
avoided,
the
to
that
is,
the
practical impossibility of insuring
anything approaching a reason¬
from his crops at
If the disastrous experience of the private companies
would seem imperative that the government should
the price hazard or to guarantee any fixed
indeed, the Federal Government intends
unless,
farmer-
the operations of each
to control
(farmer indefinitely.
statistical experience, even in wheat
crops,
is still so limited as to make the danger of failure practically
unpredictable.
There is as yet no sound actuarial basis for insurance of
crops,
and it is unlikely that such a basis can be developed for many
problem.
The actuarial
(2)
The
^'-v:■■
impossibility of obtaining really accurate data covering farm
management and
crop
yields, especially in areas where farmers move
years.
.
(3) The
all
farm
year
According to the Census of 1930, more than one-fourth of
in the United States had been on their farms for one
operators
less.
tendency
or
The
from
refrain
the
in
marginal
moral
(6) The
insure and
risks to
a
three
areas
Many farms,
especially in
subnormal crops in as
obviously impossible to give to
as great protection as to farmers operating
stable yield.
that
hazard;
insured will not continue
risks
definitely
experience
years.
more
for the better
insurance plan.
uninsurable acreage.
of
of
out
having
sections
in
poorer
section,
Plains
two
as
for
insuring under the crop
question
Western
much
farmers
Federal Revenue Act
was
challenged on Oct. 16 in a suit filed in the Federal
Court at Chicago by Sears, Roebuck & Co.
The suit con¬
tended that the Act violated the due process clause of the
Constitution, circumvented trial by jury, and delegated au¬
thority improperly. The suit was primarily concerned with
the method of procedure provided for regaining taxes invali¬
dated by the United States Supreme Court in outlawing the
Agricultural Adjustment Act, rather than with the new
taxes created under the 1936 Act.
This action was the first
taken by a large corporation under the new Revenue Act,
and was in reply to the government's motion to dismiss
a
suit filed by the company on
Oct. 30, 1935, seeking
recovery of $549,458 in floor stock and compensating taxes
paid under the Agricultural Adjustment Act, together with
6% interest.
The company's contentions were summarized as follows
in a Chicago dispatch of Oct. 16 to the New York "Times":
return
attempt to insure against
to
Are Invalid
hazard;
cash
premium
to
not
problems
The price
farmer's
the
an
serious
the
the 1936
of
Board, in a special
Industrial Conference
20, said that the establishment of a
public crop insurance program is faced with many serious
difficulties, both from an actuarial and from an adminis¬
trative standpoint.
All-risk crop insurance, which has been
endorsed by both political parties, has been written from
time to time by private insurance companies, the Confer¬
ence Board's report points out,
but has invariably proved
unsuccessful.
As the coverage rises to a point that farm¬
ers
consider worth while, the premium rate increases so
rapidly that they cannot afford, or do not desire, to insure.
Adoption of proposals to pay premiums and indemnities in
kind and to store surpluses until times of crop failure,
known as the "ever-normal granary plan," would further
(5) The
constitutionality
Sept. 26, page 1972.
National
(4)
Sears, Roebuck & Go. Files Suit Against 1936 Revenue
Act—Contends
Provisions
for
Regaining
AAA
Taxes, Already Paid,
Agriculture Wallace,
of
in our issue of
vehicle yet devised.
♦
The
of
Committee
special
Secretary
frequently.
transactions.
We believe
pending before Federal Judge
System
Tlie
amount
$22,000,000 in cash dividends to shareholders.
over
court on
a
is
case
Crop Insurance Committee to Confer with Insurance
and
Warehouse
Officials
and Farm Leaders—
Meanwhile National Industrial Conference Board
Lists 12 Serious Problems to Solve Before Adopting
able
securities show them a profit.
dividend.
of trial by jury in violation of the
and of opportunity for independent
is deprived
the facts of the question of confiscation of prop¬
Fifth Amendment of the Constitution.
Philip L. Sullivan.
No date
has been set for hearing.
Carl Perkins, Assistant District Attorney, ex¬
pressed the hope today that all cases of this nature could be tried together.
The
dividends—or a
in
the Constitution.
of
Act 1
cf
taxpayer
report published on Oct.
Fleming of London, made many years ago to us.
Robert
;-'.'
delegate authority to
to
erty in violation of the
The
Warning Cited
Londoner's
.
late
director of an
to
as
the
judgment of
public—we feel is beyond the genius of anyone.
the
note
or
what the capital structure of a company
how far its portfolio should be diversified, or what are the
rules
right management and administrative policies to give
to
respective
their
vT'":
firm or company of which he was a member
deal as principal in connection with purchase
portfolio securities
rigid
down
lay
no
or
director should
to
feel they should have a voice
y.v
provision might
company
or
we
comparable
;:i/y-V'
x",:'•;
desirable
final
A
affairs
company's
:t interests.
concerned,
are
attempts
violation
in
That
3.
sunlight is always the public's
investment
...
administrative or judicial
government without sufficient standards to guide such delega¬
it
Seventh Amendment to the Constitution,
devoted to the Calvin Bullock fixed trust group.
Bullock,
V.'"
,
That
tion,
exchange
entanglements with any stock
'
•
J
or
in the week—on
Later
were
of property without due process
Sears
deprive
law.
■
2.
4.
would
law
the
That
1.
of
Compensation
in Section 7,
the burden of
that Sears levels its attack.
on,
today charges:
institutions.
3.
it
It
is
is, the
possibility that the farmer once
to cultivate his crop in
a
husband-like manner.
avoiding increased planting on increased acreage
merely for the sake of deriving possible insurance benefit.
(8) The justification I for allocating loading or administrative expenses
to the taxpayers as a whole.
One of the leading private companies in the
crop
insurance field estimates its average cost on business done in the
past at approximately 30%.
Even in case the volume of coverage could
be
increased materially it is doubtful,
in the opinion of officials con¬
nected with the company, that the cost of administration could be reduced
to less than 20%
of the pure premium rate.
At the present time the
problem of
(7) The
officials are not including costs of administer¬
Department of Agriculture
plan in their calculations of premiums.
difficulty of selling insurance to the farmer at a price that
all costs or even pure premium costs.
Premium rates worked
ing the proposed
(9) The
will
cover
in
out
of
the
bushel
(10)
wheat
Saskatchewan
the
average
yield
providing
and
per
for
insurance system
are
approximately 20%
of 60c. per
acre, assuming an average price
only 60% insurance coverage.
encouraging public competition with private
and frost insurance.
The difficulty of sustaining the interest of farmers in periods of
The
advisability
of
companies now writing hail
(11)
normal
or
above-normal crops.
(12) The accumulation, or appropriation, of a
basis of insuring up to 75% of the average
large reserve fund.
On
normal crop, a plan
officials, it has
been estimated by private insurance officials that the government might
become liable for as much as $2,000,000,000 in a single year.
If during
the
now
the
under
early
sufficiently
consideration
years
Department
by
of the crop
insurance
of
or
Agriculture
experiment, premiums have been
a reserve of
If such a
high to have made possible the establishment of
$2,000,000,000,
this would
not perhaps be a serious matter.
had
loss
status
which presumably would have to be borne by the government,
amount in one year to considerably more than all rental and benefit
payments,
would
cludes
The dangers that the
under political control and be used
in a general scheme of government control of all individual
farm operations are very great, the Board said.
Others to Follow
participating in the 1936 Agricultural
Payments to farmers
Conservation
Program
5. A
con¬
activities.
Commerce
of
before.
Retail sales in 1933 amounted to $25,037,225,000.
Results of the summary were listed as follows in
a Washington dispatch of Oct. 14 to the New York "Times":
6aid that while the
The Bureau
third
in
1929,
There
The
Merchants Permitted to Add Own
sales
that,
CEA
gains
in
to
it."
spend
opinion,
my
we
1933
ment
in
same
indicated there is a distinction in law
(a) commingling customers' moneys with the funds
time
to
commission mer¬
newly-appointed United States Maritime Commission
officers, agents,
attorneys and employees of shipbuilders and ship operators
with
vides
with
business
Commission
the
The
Commission.
the
pro¬
of shipbuilders.
The
operative
behalf
on
order
so-called "lobbyists" before
stringent regulations for
governmental agency
any
of
functions of the Maritime Commission will become
Oct. 26.
The
regulations issued on Oct. 18 were summar¬
ized, in part, as follows in a Washington dispatch of that
date to the New
Since
all
subsidy
for
replaced
it
is
ship
by
operators,
preliminary
that
terminated
subsidies
companies
announced
requirements
required
be
must
shipping
certificates
cover
by June 30,
awarded
will hasten
form of
the present
are
the
by
1937, to be
Commission,
with
comply
to
the
today.
the
of the subject matter of any retainer or employment, its
character, and the amount of compensation paid to any person
retained
employed by
A
statement
or
associate
holding
or
affecting
before
it,
members of
This
and
associates
shipbuilder
the
to
Commission,
of
statement
or
include
must
holding
the
relationship
companies,
The
10
or
the
agent,
days after
sation
The
agency.
retainer,
and
the
similar statements
Under
with
the
details
1.
in
the
State
of
or
as
with
status
and
must
compensation
employee
close of each
as
nature
the
opposed,
its
affiliates,
item,
before
and duration of
also
month,
the Commission
cause
any
or
govern¬
must
file
as
with
employment
the
or
statement showing
a
shall
The
Commission,
his
principal
compen¬
must make
a
which
the
require them.
permanent
companies might place
exhibit,
to
avoid!
on
record
repeating
the
each subsequent application:
and
of
type
identity,
of
origin.
setting
business
unit
the
in
which
name,
address,
organized,
nature
including
of
the
them."
in
future."
1933
choice in
no
of
political
a
address
His
New
the
that
Asserting
whether huge
to
as
"Times"
York
without
campaign
was
of
Oct.
expenditures
government
year
could
in part,
reported,
as
16:
the
results
sales
of
different than
of the Ad¬
ministration's spending program, namely, to halt the human deterioration
of the depression years, to make recovery possible by preventing business
they
corporation
today,
do
or
in
cited
and
failures
again
by
an
would look
home
vastly
three-fold
as
the aims
foreclosures,
and
to
provide
some
spiral would be turned and the
downward
method at which the
started
States
the United
Secretary Roper
bank
bankruptcies,
widespread
increase of
purchasing
consumer
power."
Although the Secretary characterized some business gains as phonomenal,
pointed
out
forestall
that
"necessary
the dangers
of
any
preventive
safeguards" have
sudden boom,
or
been
set up
inflationary movement"
following the depression.
Business Show in New York
at the National
Speaking
City,
Oct. 21, Mr. Roper estimated that national income
on
would approximate $60,000,000,000 as compared
$39,000,000,000 in 1932, and declared that the country
is entering upon one of the most extensive business upturns
in its history.
He said that many leading business execu¬
tives have not given President Roosevelt the credit that is
due him for this recovery.
He devoted much of his address
to transportation, but added:
this
year
with
However, the
a
reflection
the
best
1932 and
forth
the national budget would he
Mr. Roper said that the
revenue
near
psychology
deter
follows
"Permissible Certificates," the Commission listed
information
Commission
"waiting
not
business,
of
subsidiaries,
describe
or
during the elapsed month.
heading of
Certificate
business,
of
any
to argue the principal's cause must be stated.
person
attorney
expenses
the following
name,
address,
name,
subject which is to be presented, advocated
mental
matter
any
or
represented only "a small
expenditures should be made, and added that they have
'created a recovery so sound and constructive that even the
"to
oppose
"the
in
Administration had
he
or
Congress
rising
and
balanced
advocate
before
or
Secretary
He predicted that as a result of falling Federal ex-
City.
penses
.ship operator, subsidy, affiliate,
or
present,
committees.
certificate
full
a
any
company
-
"wheels
nature and
by
price for the significant recovery that has taken place,"
Secretary of Commerce Roper said on Oct. 15 in an address
before the National Executives Conference in New York
point
following information:
Defended
Expenditures
Department of Commerce Trade Figures
every
which
contracts,
differential
operating
expected
The
York "Times":
existing ocean-mail
from $2,910,445,000
payroll jumped. 23%,
Government expenditures have
First
Oct. 18 issued its first regulations, covering the manner
3,433,652
Roper as Necessary to Recovery—Predicts Balanced
Budget in "Near Future"—Replies to Criticism of
Regulations—Pro¬
vides Stringent Rules for "Lobbyists" on Behalf
of Shipbuilders
have
from
increased
had
combined retail
the
Federal
Large
I
♦
who
stores
for the same period employ¬
to 3,899,927.
At the
showed that
the report
1935,
$3,568,390,000.
the addition of such capital as a precau¬
commingling as forbidden by the Act
Issues
Commission
registration
to
retail
+
funds segregated as belonging to customers.
|fc In the opinion of the Solicitor,
of
substantially increased retail
Besides
from
United States Department of Agri¬
Commodity Exchange Act, and (b) the addition of a
The
of
throughout the country will show a substantial gain over last year."
an
8% increase in number of reporting retail establishments
sales
tionary measure would not constitute
on
forecast
of
Division
Department's
merchant, which is prohibited by section 4d (2) of
of a futures commission
chant's capital to
Retailing Rise
Marketing Research, meanwhile,
volume this year, com¬
pared with 1935.
Noting increases of 9% and 11%, respectively, in metro¬
politan and rural sales during the first nine months, the Division said:
"Sales data for the first three quarters of the year indicate that retail
the
a
came
culture, in passing on the question,
Maritime
"tends to bear out my recent statements
the threshold of an extended period of
on
are
Forecasts
difference between
it was "most encour¬
prosperity."
From
Commodity Exchange Administration announced on
Oct. 21 that futures commission merchants who—as a matter
of convenience and to allow for possible errors—desire to
add to customers' segregated moneys from their own funds,
may do so without violating the provisions of the Commodity
Exchange Act against the commingling of funds.
The
Administration's announcement continued:
the
1935 retail total was done by 1,649,081
two years before from but 1,526,119
Secretary Roper said
summary," he added,
national
The
a
to
In support of this conten¬
trade was considered an excellent business barometer.
indicated that "people have more money and have the
Ruling
and
attributable
reports
were
Commenting on the report,
followed under previous adjustment programs.
White, Solicitor of the
still about a
was
was
aging" in that retail
"This
Mastin G.
difference
•
inclination
-
this
the two periods.
it was pointed out that the
tion,
dollar volume of sales
of
most
stores.
under the present program
Under
in
price levels in
establishments.
November, December, and early January.
Accounts,
than
lower
difference
took part in the 1936 Agricultural Con¬
servation Program will be made as rapidly as possible, but in all proba¬
bility not more
than 1% of the total payments due will be made
during the current month. The bulk of the payments probably will go out
Customers'
$49,114,653,000 peak reached six
almost two-thirds of the
or
years
Acting Administrator of the AAA, said:
to
in 1933,
the
Mr.
Roper said that from 1929 to 1933 retail business declined
50%, but that in 1935 it reached a total of $32,790,267,000,
Payments to all farmers who
Capital
Year
This
preliminary survey by the Census Bureau.
basis of a
servation Program.
Futures Commission
Sub-
Further
Bureau—Sees
Census
by
Gains
Secretary of Commerce Roper announced on Oct. 14 on
three days.
Other payments under the 1936 Agricultural Conservation Program prob¬
ably will be made within the next week or 10 days in Illinois, Iowa, Kansas,
North Dakota, Mississippi, Louisiana, Tennessee, and Delaware.
Of the 102 checks that have actually been mailed to farmers, 33, totaling
$1,098 went to Maine, and 69, totaling $7,738 went to Pennsylvania.
The total, represented by the 466 applications that have been approved
for payment and forwarded to the Disbursing Office, is $38,613.66.
The Congress appropirated $470,000,000 for the 1936 Agricultural Con¬
is similar to that
Reports—Secretary
Total retail sales in 1935 were 31% greater than
where the checks will be written and be mailed,
procedure followed in making payments
Department
Roper Analyzes
Retail Sales in 1936 Were 31% Above 1933,
probably within the next two or
The
its
of
name
Survey
in late
date,
to
designated representative, and whether there
any change in his compensation.
6. Registration
of person employed, to be filed by the individual,
showing name of his employer, nature of employment, duties assigned,
probable duration, and basis of compensation.
Individuals filing this
basic statement may thereafter use it by reference in declaring consequent
the
tantial
Jesse W. Tapp,
up
Wen
New York,
Treasury Department,
must keep
company
each
sideration,
had
Connecticut, Pennsylvania,
the
which the
retained to present, advocate or oppose matters before
their salary, supplemental pay, expense, allow¬
with
Under this plan, a shipbuilder or ship operator could, on
and Maine have been approved by AAA and
General Accounting Office, and sent to the Disbursing Office of the
applications for payment to farmers in
364
employees, officem,
regular correspondence with
particular
merely certify to the Commission the subject matter under
&c.
Agricultural Adjustment Administration also stated:
addition,
the
to whom will be assigned
persons
Commission,
ances,
checks, totaling $8,836, were sent to farmers in Pennsylvania
and Maine; in announcing these payments on Oct. 22, the
In
employees, agents, attorneys and officers, giving
designating
register,
continuing
showing all
the
started this week when 102
were
com¬
the Commission.
occasion,
Made by AAA Under 1936 Agricultural
Conservation
Program—Checks Totaling $8,836
Sent to
Farmers in Pennsylvania and Maine —
such
positions, duties and length of appointment.
certificates,
agents or attorneys
may come
First Payments
holding
associates or
affiliates,
subsidiaries,
its
addresses,
names,
Routine
4.
by no means assured.
is
insurance
entire plan
of
list
a
Certificate of regular
3.
their
problems, the Conference Board con¬
that the feasibility of a public plan of all-risk crop
these
of
view
In
or
1936
relationship status, outlining either the absence of
of
panies.
been made to date.
payments that have
Certificate
2.
the resulting
operation,
first year of
the
during
taken
be
to
Oct. 24,
Chronicle
Financial
2612
minous
that
coal
production
of the
on
improved situation, as shown in transportation,
the whole.
business
When
barometers
in
we
the
land,
is
S\i
times
greater
factory employment is up 32%, factory payrolls
production
32%, and
41%,
industrial
construction
general upward movement.
is merely
one of
than in
consider that steel production,
production
contracts
92%,
57%,
we
61%, bitu¬
electric power
get a fair picture
Volume
143
Financial
and
not
were
Commerce
of
figures
the
on
favorable trade position,
a
tration, he declared, has weakened the safeguards that pro¬
of
silver
Oct.
and added that
In
is
the
Department
merchandise.
as
his
statement
Mr.
Roper,
Garvan
the balance of
on
tained in
Mr.
stopped considering
in his statement on
charges
the
Department
to
deceive
the American
favorable
a
payments for the first half of
the New York "Herald
in
appears
attempting
balance
in
Mr.
of
when
Garvan
the
cisms
the
Garvan
Americans
than
in
is
to
relations."
more
the
principal criti¬
figures
misinformed.
or
bulletin
receipts
while
half
balance
for
1936
Mr.
from
of
on
in
fixed
than
:
investments
they
in
1929
in
were
The
release)
shown
were
than
at
greater
during
receipts
our
in
000,000.
The
the
direct
investments
Department's
corresponding
bulletin,
1930
recent
figure
January-June,
1936,
waif approximately
release,
for
36)
during
statement.
1930
reported
was
(in
as
$185,-
the
De¬
at
approximately $398,000,000.
3. Mr. Garvan criticizes the Department for not publishing estimates
immediately after close of period to which they refer.
page
publication
such
mated
items,
Since
which
able
if
is
gold data require
less
short
the
three
months
the
after
other government makes
No
a
two-
The
Department
period required
table which
summary
page
In
have
on
has been
bulletin.
annual
has
of
the
in
data
collected
of
beeft
1922.
published
(In
the
during
annual
estimates
The summary
during recent
1935
issue
years
they
the
on
in¬
results,
appear
in
the
in
De¬
shown
are
a
on
special
made
by
studies. relating to
the
Department
international
during
the past
investments
year,
it
which
believed
is
that the reported estimates reflect the true long-term creditor-debtor position
of
the
United
States
at
the
time.
present
Publishers Warned of Danger of Government Control
of Press—Elisha Hanson Tells Inland Press Associ¬
ation New Deal Seeks to
Robinson-Patman
and
Control Freedom—NLRA
Act Criticized
r~
There is still peril in this'country of a Government press
dictatorship under the mask of suspposedly beneficial legis¬
lation, two speakers told the Inland Daily Press Association,
meeting in Chicago on Oct. 13. Elisha Hanson, General
Counsel for the American Newspaper Publishers Association,
said that the National Recovery Act gave President Roose¬
velt greater power over the press than exercised by Hitler,
Mussolini
and
He
Stalin.
said
that
the
Relations Act and the Robinson-Patman
National
Act
Item," asserted that New Deal activities "were designed to
United States to submit to a program
force the press of the
of regimentation."
Mr. Hanson's
speech
was
reported
as
follows in the Chicago
"In 1933 and 1934," he ]Mr.
of
rights.
Hansonl said, "the publishers and the
It
The
National
Industrial Recovery Act
contained
contained
full
power
for
suppression
of
the
press.
Neither
Hitler, Mussolini nor Stalin has seized greater power than that which
a
sought to delegate to the President of the United 8tates
in this law."
The NRA Is "out the window" now, but the National Labor
Act also contains
a
threat to press freedom, Mr. Hanson warned.
Relations
.
.
Act, Mr. Hanson said.
of
interference
of
"If
said
Ogden
in
a
in
and
to
"Democratic
would, if continued, inevitably lead
that in Russia, Italy and Ger¬
Mills, former Secretary of the Treasury,
L.
radio
address
on
Oct. 21.
Referring to
Mills's
necessary
all
one,
of
such
of
press,
the last
in
stating
am
what
decade—more
has
often
Deal
New
he
which
upon
headed
was
Dictatorship
list:
matters reserved to the States,
over
whether he will try them again
say
be
after
institutions
set
at
are
of
alter
the
the
alter
fixing
of
farmer.
allowed
that
govern¬
to
power
tariffs;
the
and
up
demands
Executive;
steadily cumulative
including
to
power
control
again
are
curbed;
affairs,
the
of
the
to
powers
economic
wages;
powers
Landon
to
he
stand,"
said,
end."
an
Seeks to
Makes
Campaign Trip to Pacific
Angeles Gathering New Deal
Change American Form of Government—f
Congressional Investigations—Criticizes
Los
Coast—Tells
Reciprocal Trade Pacts
Governor Alfred M. Landon of Kansas, Republican presi¬
dential candidate, in accordance with plans referred to in
Oct.
our
17
issue, page 2460, this
Fascist
week
made
campaign
a
trip to the Pacific Coast, where he delivered a major ad¬
dress at Los Angeles on Oct. 20, with other speeches when
his
train
stopped at various places
In
route.
en
his
Los
Angeles address before more than 50,000 persons, the Gov¬
ernor urged President Roosevelt's defeat as a means of
pre¬
serving the Constitution and the American form of
The present
ment.
Administration, he said, has
govern¬
unsuccess¬
fully sought to bring the Supreme Court into disrepute.
He
warned that reelection of the President would be regarded
as
endorsement of his program
an
of planned economy and
of the free American
abandonment
Governor Lan¬
system.
don, in his address, declared against partisan congressional
investigations, and1 indicated that he was referring specifi¬
cally to the Black Senate inquiry and to the congressional
investigation" of the Townsend plan, whose "purpose appar¬
ently was to discredit a political movement which the con¬
trolling party wished to crush."
Yesterday (Oct. 23) Gov¬
ernor Landon spoke at Oklahoma City, and that address is
referred
further
to
Los
A
Angeles
below.
dispatch
Oct.
of
20
"Times" quoted from his address in
Mr.
Landon
His
criticism
whom
the
were
wished
to
Landon
Pacific
the
usual
tell
must
be
into
American
defeated,
his speech
with
said,
qualities
of the Pacific under
shores
and
For
personal
a
delivery.
form
of
was
of
a
the
government,
brought enthusiastic cheering.
a
reference
settled
by
self-reliance,
pendence, and a new economic empire could
cal
his
York
follows:
as
his
to
sudden
had come to the Pacific Coast, as he had
the people of the seriousness of the issues.
he
Coast,
pioneer
the
preserve
began
and said.! he
England, to
The
than
New
the
of
Administration
Maine,
sessed
spirit
more
to
that city
congressional investigations pleased the audience, among
presumably many Townsendites, and his declaration that, if
people
Roosevelt
to
put
and
men
courage
who
women
and
trip
gone
love
pos¬
of
only have been created
government that guaranteed economic,
to
inde¬
on
the
politi¬
freedom.
half this freedom had been protected by the Con¬
people were now asked to change this system,
century and a
stitution,
and the American
Landon,
Mr.
for
a
foreign
method
which
had
robbed
peoples
of
the
rights of personal liberty and property enjoyed under the American system.
Recalls
"I
do
not
believe
that
Unusual
a
Powers
temporary
Granted
depression
is
adequate
reason
for
changing our whole form of government," he said.
powers
was
into
came
were
over
control
granted
at
the Kansas Governor said that the Administra¬
time of great national crisis and that unusual
a
to the
the Administration
obsessed
American
continued.
they
a
to tell
President.
He
not only refused
added
that
when
the
crisis
to give up its extraordinary
for more.
the idea
with
business,
"Recall
"They tried
much
record,
power
but also masked
"It seemed
policies
dictatorship similar to
many,
Trend
branch
usurpation
labor
such
powers
eral Power
Deal
by
religion,
"I
of -the
acts
of legislative
the judicial
value;
money
tion
Ogden L. Mills Says New Deal Policies Lead Toward
Dictatorship—Sees Increasing Assumption of Fed¬
New
nation
of
found!
is
one
destroyed."
concluded.
after
it
then,
unconstitutional; State and local governments
$13,000,000,000 of Federal funds devoted to local pur¬
by
Reviewing the
»
to
he
refusing to
.
The Robinson-Patman Act also is a threat to press freedom because the
Federal Trade Commission has ruled that advertising rates of newspapers
within the provisions of the
economic
declared
said
servile congress
come
mental
citizens
authority for the restraint of the press which it is difficult to look upon
today.
been
power
New
of this country were confronted by the greatest crisis since the ratification
bill
freedom
the
of Mr.
summary
Governor
"Tribune" of Oct. 14:
the
nation
itemized
delegation
poses;
Labor
"direct
were
efforts of the Government to control the publishers' business."
E. H. Harris, publisher of the Richmond, Ind., "Palladium-
of
liberty,
systematically
are
theory,"
in
then
President
undermined
are
making reliable estimates.
interest and dividend receipts,
of
popular vote."
a
have
to
83.)
view
science,
public welfare,
And
personal
talking
Governor
period
service items
on
functions
that
democracy
delegating vast powers to the
his wishes; and finally fading
criticism.
giving Washington jurisdiction
the
detailed balance avail¬
a
of
Esti¬
time.
more
even
close
on
published
since
payments
cluding the annual estimates
based
estimates
Commerce
of
international
partment's
of
Attacks
careful
are
three-month
or
know that
greater
made
soon
charge that under that Administration the country
rule and loss of liberty.
with
period.
They
guesses.
balance of
first
is
machinery
turn
kind
the
assumes
dictator
they
months
three
should
time for compilation.
Contrary to Mr. Garvan's statement, the estimates
not
than
Garvan
Mr.
claim
multitudinous
the
and
Itemizes
the
The
people
something of
executive,
the
is
Department has made annual and semi-annual estimates
approximately
so
within
some
carefully compiled, obviously require
they apply.
in
complete estimates
virtually impossible.
and
the
1933
available
of
period
merchandise
even
life.
Here
hours
Comment:
after
his
steps
the New Deal.
"the
said,
seen
the
cumbersome
of
name
as
six months
the first
is offensive to the intelligence of every
published figures which warrant this
never
so-called
on
indicated
The
values
Mills
toward
country."
Department
partment's
the
all opposition
by
the
altogether.
in
not
not
Mr.
listed
taken by
the
and
by which
progress
then
he
have
means
parliaments
see
and
am
We
that
economic
over
been
Oct. 22:
of
Fading
satisfied merely to record
scene
suppress
based
that
guess
had
and
problems,"
salvation.
and
performing
we
actually happened
first
the
-
were
1930,
for
said
Laws
in the
man
return
the
"I
Comment:
The
of
So
education
annual
$979,000,000,
and
he
difficult
parliaments
then
the estimated
were
$521,000,000,
Department's
\
foreign
at
Department's
for 1935,
payments
abroad
the
the
of
83
page
"that for Secretary Roper to
rays
authority
fundamental
Garvan is either misquoted
point Mr.
estimated
were
reported
Garvan
1936
business
this
of international
$280,000,000.
2.
on
investments
1935
(as
greater
from
investments
and
Government,
"Next, still
indicated
American
on
those
of
As
the
on
that
assumed
destroyed
were
which
governments for
incapable
to
be
must
"Herald Tribune"
"startlingly rapid and easy"
democracy
new
executive;
Comment:
It
with
The
are
that
showing
their foreign
on
York
the
destruction
representative
"ridiculous."
are
their
and
misrepresentation
His
of
direction.
that
saying
such
here.
follows:
as
as
receiving $45,000,000
were
1929
"intentionally
a
Government assum¬
Federal
Sees Parliaments
convince them that there
United States.
of the
upon
reported
bulwarks
"Faced
6, Mr. Francis
with
Commerce
international
position
be commented
may
of
people—to
outlined
1936,
Oct.
of
especially emphasizes what he considers
creditor-debtor
Mr.
1.
their
Tribune"
with the
New
the
Mills
toward
8 said:
which
P.
1933,
liberty,
increasing authority over matters formerly adminis¬
tered by the States.
Extracts from Mr. Mills' address are given below, as con¬
export and import statistics have been misleading since the
end
human
tect
ing
Mr. Garvan had said that the figures
"guesses."
not
progressed so far as they have, but we are
traveling in the same direction."
The Roosevelt Adminis¬
the first half-year were defended
tended to show
have
Mr. Mills said that
Communist movements in Europe,
"we
foreign trade
on Oct. 8 by
Mr. Roper, who replied to charges by Francis P. Garvan,
President of the Chemical Foundation, Inc., that the statis¬
tics were "deceptive" and "garbled."
Mr. Roper said that
the estimates made by the Department were accurate and
Department
,
balance for
2613
Chronicle
American
few of
our
the
that it
farmers how
could not plant.
had
agriculture
things
a
mandate
and
to
American
direct
life,"
and
he
they tried to do.
much they could plant and
how
Financial
2614
"They
and
tried
under
tell
to
business men how much they could
should run their business.
our
conditions
what
En route to Oklahoma
produce
they
took
"They tried to tell labor who could and who could not represent tbem
in
said
the
proof
of liberties,
undermining
an
was
the
whip
Administration
the
of
"Spokesmen
the
condemning
they
court.
made stump speeches and
They ridiculed the justices.
progress."
obstructing
were
issued
He
of
tration
that
freedom?"
our
the
developed
classes
have
two
"I
think
of
he asked.
Administration
this
They
Abuse
have
the
of
is
the
Federal
relief have played
managers
of relief,
We
so.
all
58c. ;
pre¬
and
plished
trying
under
In
non-conformer into
the
to force
what
indirectly
accomplish
to
the
line
could
of
also
demanded
rear-platform
in
be
his
one
but
we
and
without
wants
do
to
H.
Roosevelt
advices of
Press
Governor
dollar
a
relief
want
and
declare
Oct.
19
Landon
of
said,
been
has
Republican party
in
without
his
In
to
money
farmer
the
in
domestic
partisanship."
and
market
.
.
the
formal
statement
and
fossils,
on
but
the
President's
that
young
p.
out
to
Col.,
on
and
operating stop made
an
Landon
the
and operate
in
last
speech
a
Governor
made
was
public
route to
en
week
said:
President
by
"This
still
government
our
Standard
Governor
as
Landon
Albuquerque for
Time),
the first in
Demands
his
President,"
the
to
views
understand
Governor
his
are
confession
that
that
Landon
views.
the
his
said,
Otherwise
by
much
that
father
"the
strenuous
a
maintain
whether
or
of
have
I
watched
not
am
But
(at
3 :30
weeks
two
them
in
do
of the
their
of
New
plan
wish
to
of
part,
have
an
deny
plant
in
hours
the
they
could
to
the
:
in
NRA
Or
to
system
for
is
of gov¬
another and
choice
is
ordir
present
than
farmers
control
stay
equal
all
their
could
intentions
out
the
the
American
This will deter¬
and
of
the
Ad¬
present
down
of
curb
of
which
his
we
being
are
liberties
underlie
laws
tasks.
shall
to
or
that
whose
laws
means
Certain
their
be
order
the
sense
recent
freedom
must
what
how
in
us
Under
regulations
have
fully
a
to
to
women
it
cease
and
wearing
rebelled
past.
then
would
against
.
.
have
silk
and
some
hours at half
no
of
more
the
is
recourse
mandatory
.
grade
'be
of
that
the
maintained
our
you believe that I
The people have the right by the
the
amend
Constitution
underlying
if
American
we
form
are
of
by the
New
York.
have
met
taken
does
not
certificate
as
principles
to
the
cent,
per
the
school
and
in
continue
their
of
in
a
June of
following
mitted to
rule,
three
they
of
continue
government.
to
see
that
go
semi¬
by
Chamber.
the
These
on
level
a
in
one
with
their
sub¬
more
or
in
year,
They
and May,
January
work of high school and of college
fulfilled
credential
commercial
a
accomplishment
of
is
All
failure
and
the
given
to
secure
who
be
not
grade
periods.
later
at
grade.
those
need
passing
a
examination
same
all
to
Under certain
fully authenticated school
college
or
credit in place of examination.
there
year,
the
candidates
grade
without
limited
a
are
for
year
cellegiate
who
financial
number
enrolled
would
assistance.
scholarships
of
in
find
approved
an
difficult
it
the
for
plans
second
coming
the
to
Scholarships
and are paid in two instalments,
current year,
after
the
be
will
Chamber's
is
the State of
examinations
the established
is
subjects
and
of two grades, junior
are
are
the first
February of
half in
been
semester have
sub¬
approved by the Director of Commercial Examinations.
preference
of
a
the
are
period,
Fund
each
of
year,
and
as
studies
September
in
twice
better
or
academic
business
awarded
the
positions
requirement.
taking
certain
Hepburn
each
of
of
full
the
grades will be allowed
available
obtaining
requirements
preclude
From
conducted
the
Chamber's examinations
given
are
than
circumstances
the
test their potential abilities and the value of their
examination
one
of
of
presented
Chamber with the consent of the Regents of
A
less
at
the
covering, respectively,
all the
If
President
time
continue
to
text
has
endowment
given
are
education.
given
candidates
those
to
examinations.
commercial
who
take
Further
As
least
at
information
be had from R. C. McCrea, 65 Liberty Street, New York City.
Peace
Negotiations Between A. F. of L. and C. I. O.
fit.
charter
forward
Halted—Dispute
May
Settled
Be
Before Federation's Annual Convention Nov.
Peace
Labor and the
suspended
C.
I.
this week
the
John
as
Lewus, Chairman
L.
O., left Washington for a political tour.
at Washington
ciling the differences within
Green,
President
of
the
of the
On Oct. 21
the Executive Council of the Federation concluded
liam
16
American Federation of
Committee for Industrial Organization were
negotiations between
weeks' session
I would not have
above change.
them
Commerce
an
period of about two weeks.
a
senior,
be
ones.
men
enable
of
under
one
in
and
can
examinations
over
awarded
farming entirely
cease
examinations
many
limited
will
York
designed to aid business workers and students in apprais¬
By taking
Temporarily
established,
man
New
of
they
me repeat what I said when I accepted the nomina¬
however,
the protection
farmers
workers
to work twice their present
for the presidency.
Constitution
believe,
to
told
State
tbe
The
which
examinations
knowledge
and
...
tell
working
they have prescribed to
do
our
the
good
of
men
told
have
measures
of
Chamber
York
New
Hepburn, at
are
half
threatening character
its intentions.
out
road
produce.
authority to
And
pav.
my party
think the
under
at
it
seen
Other
working
In conclusion, let
of
Barton
Seventy-five
between
They have allowed nothing to deter
our
political, social and economic
over
have
fields.
digging ditches,
their
crop
the
1919
A.
The
'
■■
he added:
a
carry
hose and to begin wearing cotton
rayon
Granted
approved
experience
willy-
the campaign
opposite system.
the
to
plans.
of regulation
power
start
with
by the late A. Barton Hepburn, former
scholarships
in
commercial
extend
us
will
individual
make
we
their
industry in how much
there
to shoulder
government and our country.
regarding commercial examinations
Chamber.
the
persons
may
could
argued
endowment
granted
late
will
gave
Commerce
of
announcement
examinations
that
he
...
this
of
form
in January and May, and some of the candidates
ing
father
the
when
perpetuate
American
point
uses
as
Deal's
to
During this time
If
will fight shoulder
know,
American
of
annual
of
remain a free people, capable
by an all-powerful central authority.
thing happen in (other nations in recent years.
question
no
one
I
foot¬
dominated
very
Administration
be
can
I
Regimentation
tion
be
or
every
and
In
this country
this
led.
life.
the
specifically
silence
issue"
questioning the humanitarian
the
means
There
I
our
business schools.
The
Chamber's announcement is given below:
device
one
Oct. 21, Governor Landon
on
they and their children
ministration.
the
"must
to
our
they have always known and
whether
self-government,
We
save
scholarships, conducted under its supervision, and un¬
studies
the continent.
across
shall surrender it
we
system."
Today the people of
mine
hold the
Democrats
it will be their courage,
Examinations—Scholarships
education.
the
intended
fundamental
shall
we
different
very
system
to
an
an
are
is
to
crossed
for the President
spoke
son
Speaking at Phoenix, Ariz.,
ernment
real
each year
James
intend
to
short speech
a
;
"whether
the
President
Statement
nilly."
declared
States,
other
many
duty,
jects, such
son's
be
Democratic Admin¬
a
allegiance from those who
In this year of great decision
Chamber
issued
the Amer¬
protect
pledges itself to administer relief
Roosevelt understands
Rockies
Mountain
"The
of
regularity,
cial
Since
statement
m.,
claims
principles of that great party.
Democrats,
The
campaigning that will take him twice the distance
of
real
der
son,
principles live
the
in Washington is not
of
battle
another."
of
(Oct. 23), Gov¬
throat at El Paso,
sore
a
New York Chamber of Commerce Semi-Annual Commer¬
has
to work
necessary
platform
Trinidad,
at
commenting
NRA
The
of
honor
And
.
spoke briefly
clear,
_
sense
party
NRA
its
in
proposes
make
hills
family extracted by the
per
did not prevent his speaking yester¬
forfeited all
and in
of power.
this
just at breakfast time, before crossing the Raton Pass into New Mexico.
or
in 1933,
Hepburn Fund
Governor
Roosevelt,
of the
32c.
40c.;
their willingness to place loyalty to country above
that will determine whether their States share in
saving American institutions.
The present Administration has endangered these institutions.
It has
deserted the principles for which the Democratic party has always stood.
half years," Gover¬
a
spendi
the basic information
Roosevelt
a
taxes
extravagance
waste,
1932,
in( that city we quote:
has
It
Oklahoma,
mere
the
that
without
all.
at
their
as
Albu¬
views
in
$35.01, while in 1936 they had increased to $63."
was
Admiii'istriition
present
balance
unemployed,
three and
power
found
and hasn't
facts
no
lias
"and
"The
In
2,232,000,000
1930,
From the concluding paragraphs of Governor
believe in the
still
lie
the truly
taxation;
the hidden
1933
that in
Murray.
plan.
The
1,922,000,000
a
istration
whether
from
reiterated
expense
the
at
administered
sound
ican
TnrP<t
$1,089,000,000
partisanship."
Landon
without
Indirect
Taxes
$781,000,000
1934... 1,063,000,000
1935... 1,410,000,000
Republican rally at Oklahoma City, where he
introduced by a former Democratic Governor, William
The
New Mexico, on
the reciprocal trade
These addresses were summarized
talks
save
"The Administration
gathered
Direct
Year-
Landon had been treated for
at
was
pro¬
accom¬
"perpetuate the National Recovery Adminis¬
rear-platform
"no
President's
the Treasury giving
of
1933...
indirect
from
came
That, however,
day
in
talks
President
Associated
dollar
means
Tex.
N. M.:
querque,
In
to
that
willy-nilly."
follows
a
who
with its
not
Governor Landon attacked
agreements as tending to increase cattle imports,
he intends
14 laws levy¬
the
1930 to 1933, as follows:
Governor Landon commented, "in
London's speech
19,
tration
Secretary
Before reaching Oklahoma City yesterday
Constitution.
series
a
disputing
In
in 1934, 64c.; in 1935, 61c.; in 1936, 51c.
ernor
savings.
Oct.
nor
govern¬
direct threat to all
inflation and a
step toward
punitive taxation
thus
the
Taxes
Federal Government
charged that the Administration had used the threat of destructive
gram,
of
$1,151,000,000
898,000,000
781,000,000
words,"
tax
"This
and
common
abuse of the
to spend led to
right
government's
first
accumulated
He
Congress had passed
said.
Indirect
Taxes
other
"In
borrow, the Governor asserted, and abuse of the right to
right to
borrow
Landon
from reports
Direct
ferred."
ment's
of
.
under
favorites.
taken office
Governor
taxes,
1930...52,475,000,000
1931... 1,908,000,000
1932... 1,104,000,000
the Adminis¬
rolls to vote to return
the relief
on
undermine
this
"Does
know
those
force
into office 58c.
came
from hidden taxes and that
came
out
every dollar, the Governor
Roosevelt would have the people believe lie had reduced
the contrary was the case.
he quoted
Year-
to power.
38c.
the amounts of direct and indirect taxes from
the
democracy,"
attempt to
about
to
taxes
Roosevelt had
Mr.
hidden
ing
assertion
President with tampering with the "basic principles
and declared that relief funds had been used in an
charged
these
when
taxes
Since
They
discretion.
the President's
at
dollar of Federal revenues
reduced
charged that Mr.
hidden
...
caustic
particularly
was
the President's assertion that when he
up
every
had
he
the Roosevelt spending,
which, he said, had amounted to $25,000,000,000, with billions of it spent
Landon
Mr.
of
out
actually attempted to bring the Supreme Court into disrepute.
statements
said
Picking
on
Court declared its methods unconstitutional, the Admin¬
the Supreme
istration
following, which was contained in the dispatch to the
from its correspondent
(James A. Hagerty) on
board Governor Landon's train:
these1 individuals who refused to be led like
sheep," he continued.
"It resented any criticism which recalled what
American initiative and free enterprise had done for the country.
And
the
cracked
when
Regarding Governor Landon's comments, we take
"Times"
cooperation.
"It
Oct. 22, Governor Landon
on
disputing the latter's statements as to
address,
taxation.
and
the rebellion of so many Americans and the fact that
was
forced to abandon the subterfuge of voluntary
was
Administration
the
this
that
asserted
Governor
City,
1936
24.
exception to utterances by President Roosevelt in bis
Worcester
their employers."
with
negotiations
The
Oct.
Chronicle
a
three-
without succeeding in recon¬
its
ranks.
According to Wil¬
Federation,
the
question
of
adjusting the issue will be discussed at the next meeting
the Council on Nov. 14 "only if something develops in
of
the interim."
in
Pittsburgh
Mr. Lewis has called
on
Nov.
9.
The
A.
a
meeting of the C. I. O.
F.
of
L.
will
hold
its
Volume
Financial
143
Fla., on Nov. 16 and it is
proposal may be made at that
meeting.
Meanwhile, on Oct. 16, William L. Hutcheson,
head of the carpenters' union and opponent of Mr.( Lewis,
resigned from the Federation's Executive Council.
Mr.
Green denied that Mr. Hutcheson had resigned because
convention
annual
that
believed
record of
the labor
approved a report praising
Roosevelt.
President
America, member of
Automobile Workers of
The United
the C.
peace
had
Federation
the
Tampa,
at
some
Oct. 17 that an agreement had
with the. Chrysler Motor Corp. which averted a
strike at the Dodge plant.
The dispute involved
I. 0., announced on
been made
threatened
question of seniority at the plant, where seven of the
A. unions had voted to strike.
The agree¬
the
11 local U. A. W.
the rein¬
organiza¬
provided that the company would consider
statement of employees allegedly discharged for
ment
tion activity.
Federation
was
/ Confident that the Council will not bow to
leaders have decided not to appoint a committee
named
until
the 1936
after
be called
Council
to
special session here soon after Nov. 3 to
into
they will
The
Press
attending the
adopt toward
United
pension
to meet with three peace¬
explore possibilities of reconciliation
presidential election, if then.
C. I. 0. chieftains will
the
by
their demand, C. I. 0.
action
informed that
was
decide the attitude
convention.
the Council revokes its sus¬
unless
indicates its desire to recommend seating of the "out¬
is extremely unlikely the C. I. 0. would
to meet with the Federation's committee at its Novem¬
or
law"
unions at the convention, it
name
a
committee
ber session.
Decision
enable
I. 0.
of C.
unionists to stay away from the
I.
C.
0.
which
order in a "face-saving" compromise
recommend postponement of expulsion action pending further
would
efforts
Council's suspension
one-third
floor fight.
disband unless and
until the Federation lists a group of mass production industries which it
will aid in organizing on "vertical" lines.
He will not even discuss the
number or character of these industries until the suspension order is lifted.
The Executive Council thus far has refused to accede to either demand.
Annual
unless
they
won
converts
during
of
Convention
United
States
Building and
td Growth
1
Organization
Between
1,700 and 1,800 men and women
in
tlie savings,
building and loan business attended the forty-fourth annual
convention of the United States Building and Loan League,
held
at
on
Waldorf-Astoria
the
the
New York City,
Residential Apprais¬
convention were open to the
Hotel
in
Meetings of the Society of
Oct. 14-16.
ers
second
day of the
delegates to the League convention.
Governor
Lehman of New
York
deputized
the
State
S. Tremaine, to welcome the conven¬
tion.
Mr. Tremaine is known in the State as a particular
friend of the savings and loan institutions.
He assured
the audience that financial institutions as a whole in this
country are in a better
the
history
of
the
position than they have ever been
Nation.
Vice-President Harold T.
responded to the welcome.
President LeGrand W. Pellett, in
Donaldson
a
brief address, spoke7
organization since
ago, saying that
the meeting in 1905 was about as large in numbers as one
of the committee meetings at the current convention.
He
said there had been practically a 1,000% growth in the
business during that time, although the number of associa¬
of the
it
last
tions
felt
magnitude of the growth of the
met
York-City 31
in New
had not increased so
years
conspicuously. He said that he
had reached the ultimate in
the national organization
efficiency along the lines of leadership,
studying the problems of the industry
on
the Executive Council.
Under the title of "Time
with some 300 men
in committees and
Marches On in Thrift and Home
Bodfish, Executive Vice-President of
the League, presented his annual address.
Taking up the
year just past he said that it has seen many encouraging
trends in business, and that further general business re¬
Financing,"
covery
Morton
is inevitable.
In a section of the address devoted
Housing Administration he summarized the
to the Federal
weighed in deter¬
mortgages.
He discussed
briefly the work and progress of other private trustee in¬
stitutions such as insurance companies and mutual savings
banks.
"Supervision," he said, "should cover three things:
"First, make certain thht the institution is operated in
accordance with the statutes under which it is created,
which statutes should be comprehensive and exclusive.
"Second, that an adequate system of accounts which accu¬
rately records the assets, earnings and transactions of the
things
mining
which
the
should
policy
be considered and
on
insured
business is in use, and
institution is solvent."
President of the Bowery Sayings Bank of
York, was also a speaker, and discussed mutual sav¬
ings banks and their relation to the savings and loan
program.
Mr. Bruere pointed out that all institutions
lending on mortgages should unite in letting the public
"Third,
.
...
/
of its emergency
operations, the Home Owners' Loan Corporation, the Farm
Credit
Administration,
and the Reconstruction Finance
^
already liquidated
Corporation, the last-mentioned having
nearly 70% of its loans.
He said:
In
today resurvey the
should
authorities and the institutions them¬
the regulatory
State
every
selves
for so
structure that it cannot
situation and support a program
strengthening the mortgage lending a nidi savings
be shaken, seriously under any conditions.
been
that
and to ignore
fail
to
more
normal
times,
fear has
when
there is a
forget the difficulties we confronted but a few years ^
the conditions which created themi.
The result is that
as much as we should from our experience.
Let us
and business
we
to
returned
have
we
dispelled
strong tendency to
profit
is
expanding in every direction,
for the government to save
in this country if the institutions
organized! properly to meet the emergency as it
developed.
Plainly the moral is that our task today is to head off the
development of another such depression as that through which we have
passed.
or.:.-/V;
:.V,' "v
that
realize
it would
and
commercial
had
themselves
have been necessary
not
banking
mortgage
been
in another item, the letter addressed to
President Roosevelt, we likewise refer
elsewhere to the figures of financial condition of the^ co¬
Besides giving,
by
convention
the
operative banks and savings, building and loan associations
presented by H. F. Cellarius, Secretary and Treasurer of
the League.
;::, Jv.^^v;■■^
President
that the
Henry Bruere,
New
Roosevelt Sees Loans of
Private Construction
Private Funds for
and Modernization of
Build¬
ings Aiding Rejuvenation of Building Industry—
Letter Read Before Convention of United States
Building and Loan League
League,
ownership for our families more
safe and more desirable," was praised by President Roose¬
velt in a letter to the annual convention in New York of the
League. The letter, dated Oct. 7, was addressed to LeGrand
W. Pellett, President of the League, and was read, in part,
by Mr. Pellett before the convention on Oct. 14.
Mr. Pellett
explained that the letter was curtailed due to the pressure
of business, but added that it would be entered in full in
the records of the meeting.
The President also referred
to the loans of private funds for private construction and
modernization, stating that the loans "are helping to reju¬
venate the building industries and those related and sup¬
porting industries which, in the employment of labor and
United States Building and Loan
The work of the
"in
helping to make home
materials, are dependent upon private construction."
The following is the President's letter:
The White House, Washington, Oct. 7, 1936.
My dear Mr. Pellett:
Morris
Comptroller,
in
.
from business in many phases
is retiring
a
plain that C. I. 0. will not
Loan^League—-President Pellett Points
of
\
of the Federal Home Loan Bank Board,
addressed the gathering, pointing out that the government
dispute.
has made it
Lewis
Mr.
trust."
our
John H. Fahey,
his colleagues
and
resolution
sion
of
speak for only 1,200,000 workers—about
of the Federation's membership—and could not block an expul¬
Lewis
Mr.
the
mediate
to
labor's ranks by expelling
not propose
group.
Indorse the
2.
convention would
to:
Complete and make permanent the split in
1.
the
it
do
dustry and the mortgage
ago
of Oct. 18 to the United Press:
makers
to utilize the building in¬
business primarily for the purpose
of resumption of trade, but that we will use them for the
provision of good physical equipment to grace the com¬
munity and to make good investments for the beneficiaries
"we
that
know
Now
dispute between the C. I. O. and the
discussed as follows in Washington advices
of the
The status
2615
Chronicle
I
May
and to the members and' guests of
League on the occasion of this your
personal recognition and appreciation
to you
express
the United
forty-fourth
of the im¬
portant part you are playing in helping to make home ownership for our
families more safe and
more
desirable.
I note with gratification the
growing volume of hi me loans on new properties.
Loans of private funds
for private construction and modernization are helping to rejuvenate the
building industries and those related and supporting industries which, in
the employment of labor and materials,
are dependent upon private con¬
States Building
annual
and Loan
convention,
my
struction.
_X.; With- the
those
in
of the
mortgage
rates
in
and
cooperation
Federal
practices.
of
other
Government,
thrift and lending agencies, including
have influenced important reforms
you
You have participated in the lowering of interest
or elimination
of commissions, bonuses and
lowering
the
of long-term amortized
interest anidl principal,
and you have sought to improve both the physical value and the orderly
care and
maintenance of property used as security on home loans.
It is
a
source
of great satisfaction to me that accompanying these
reforms, and as an integral part of them, we have witnessed during the
last year a rapid extension of the advantages of the Federal system of
mutual insurance of thrift as a protection to investors whose private sav¬
ings make mortgage lending possible.
The influence of Federal insurance
public confidence and the reemployment of private thrift in home
finance are
clear evidence of the importance of sound insurance.
The
8,000,000 workers and investors of modest means, whose regular savings
make up the bulk of the fupds which your institutions have at their dis¬
posal, deserve the fullest possible protection of their savings against risks
of loss.
Security of home ownership must always be accompanied by appro¬
priate security for the saver if we are to achieve that quality of con¬
fidence and stability which we seek to foster as American ideals.
I am happy to commend you for your achievements of the past and to
express my best wishes for the success of your efforts in the future.
special fees; you have favored the increased use
loans reduced by convenient monthly payments of
•
on
Yerv
sincerely yours,
FRANKLIN D.
LeGrand
W.
President United
States Building and Loan
Waldorf-Astoria Hotel,
Home
ROOSEVELT.
Pellett,
Lending
League,
New York, N. Y.
of Cooperative Banks and
and Loan Associations Increased
Business
Savings, Building
34.3% During 1935—10% of Resources
tions Reported Invested in New Loans
of Institu¬
Reporting the financial condition of the cooperative banks
savings, building and loan business in the United
and the
States, H. F.
Cellarius of Cincinnati told
the convention of
2616
Financial
the United
City,
States Building and Loan League, in New York
Oct.
on
tliat the home lending
14,
business of
these
Chronicle
settled
34.3% in 1935 over the previous year.
reported at $641,540,000, and total
of Dec. 31, 1935, were $5,888,710,326.
"About
1935 loans
resources
10%
of
vested
as
the
in
said
Mr.
they
Cellarius,
He added:
that
estimate
who
is
real
estate
quently
Secretary-Treasurer
only $3,000,000,000 of
high.
Of
quoted at
paratively
thus
were
course,
made
loans
new
lowest
the
when
rather
made
than
which
loans
real
estate
since
highest
the
have
we
values
of
today
were
have
1931
prices,
and
are
on
conse¬
he
was
10,534 savings, building and loan associations
7,049,567 investing and borrow¬
ing members.
Accounts in 1,425 of the associations are
insured with the Federal Savings and Loan Insurance Cor¬
are
and cooperative banks with
poration
Massachusetts
insured with the
accounts
State.
215
and
cooperative
banks
have
Cooperative Central Bank of the
Increases in assets
in District of Columbia,
cut,
New Hampshire, Florida, Connecti¬
Mississippi, Rhode Island and South Caro¬
Georgia,
lina.
The greatest gain
of $10,240,000 was in the District
The decrease for the Nation was 8.7%.
The
of Columbia.
wage of
Mr.
Cellarius further
On
of
direct
it
write-down
undertake
with
own
is
artificial
the
of
the
the
this
bank
decrease
amount of
rather
the mortgage.
slowly,
still,
transferring
in
as
a
While most
they
loans going
to
must
order
on
age of
Y.
3K
salary of $1,800
Henry Ford
He organized the Ford Motor
Mr. Ford took the
company.
In
order
to
amount, and together they owned 51%.
same
his interests,
protect
up to the Ford factory to look after
The future
permanent.
out
cheap,
the
Senator
Mr.
Malcolmson sent
in
the
Couzens
became
soon
business
and
So he decided to invest
time
of
discouragement,
Mr. Couzens stuck
when
other
to the Ford Motor Co.
became General Manager of the company.
had
Mr.
things and the connection
became interested
Its later
stockholders
and his stock.
success,
sold
He
in which he
important part, is well known.
an
He had drawn millions in dividends and
year when in
1915, after 12
Henry Ford, and got out.
years
on
was
salary of $150,000 a
a
with the concern, he had his break with
It is said that Mr. Ford paid him $30,000,000
for his share in the business when he quit.
Meanwhile
he
had
become
interested
business connections he
many
in
other
ventures.
Highland Park State Bank and the Rogers Shoe Co.,
United
States
a
director of the
Chamber of Commerce and of the Detroit Trust Co., and
active in other financial and business
concerns.
Twice Elected
Mayor
as
Meantime, he had been active in public life.
was
Among his
President of the Bank of Detroit, the
was
He
In 1919 he
was
ran
Police Commis¬
for Mayor.
elected.
Before the completion of his last term
as
Mayor he
was
appointed by
Governor Groesbeck to fill the unexpired term in the United States Senate
which had refused to seat Senator
Newberry.
His appointment
was
made
Nov. 29, 1922.
on
corre¬
Funeral
hold
to
widely
as
a
struggling in Detroit to get his
all
converts
nearly 20%,
by nearly 20%
resources
of
will
assets
face
transfer
process
cooperative
or
later, at the
years
was
deflation.
sinking fund share accumulation plan
its total
A few
sioner and Street Railway Commissioner.
association
an
loans from
spondingly increase their total
their
termed
stated:
reduction plan,
the
them
when
average,
mortgage
result of
of
is
month.
Co. and persuaded Mr. Malcolmson to guarantee the bills of the company
up to $7,000, and in return gave Mr. Malcolmson $25,000 in stock of the
He
the
its
the
undergoing what
are
a
Joins the Ford Forces
In the same year, 1903,
report points out, however, that the assets of these institu¬
tions
$60
charge of Mr. Malcolmson's yards at
automobile manufacturing business started.
shown by the associations
were
checker in the freight yards of the-
car
per annum.
Through
There
a
in general
acquired faith in it.
favorable risks.
more
Malcolmson at
com¬
been
a
Railroad.
in¬
the end of 1935, showing the rapid
are improving their loan portfolios,"
pre-depreesion commitments
are
institutions
became
24, 1936
Next he went into the coal yard of a Detroit coal dealer named A.
loans by
at which
I
of these
resources
new
pace
league.
were
Detroit and
in
Michigan Central
institutions increased
Total
Oct.
as
services
for
Senator
Couzens
be
will
held
on
Monday next at his home in Bloomfield Hills, Detroit.
today.
New
for
requests
would have been
The
built
reserve
up
years,
as
withdrawal
undivided
factor
a
of
in
funds
much
are
less
than
what
the years before the depression.
profit
funds
which
the
institutions
.
.
.
These
so
that
or
10.45%,
the
at
close
J.
S.
of
1935
to total assets,
they
amounted
to
rather remarkable
a
total
a
of
$615,607,709,
achievement.
Walden
Federal
have
of
safety, notably during the last five difficult
comforting evidence of their improved financial condition as a
safety funds have been substantially augmented since 1931
are
class.
the
considered normal
and
Jr.
Appointed
Reserve
Elected
Bank
dent
Roosevelt
Couzens, of Michigan—Presi¬
and
Secretary
of
Treasury
Mor-
genthau Pay Tribute
James
Richmond,
Director of Boston
Senior United States Senator from
Michigan, died on Oct. 22 in Harper Hospital, in Detroit,
following an operation for a kidney ailment.
He was 64
years old. Senator Couzens entered the
hospital on Sept. 26,
but later returned home.
He reentered the
hospital about
two weeks ago, but
again left on Oct. 15 to join President
Roosevelt when the latter spoke in Detroit on
that date; he
went back to the
hospital after the President delivered his
address.
It is reported in
press accounts that President
Roosevelt tried to dissuade the Senator from
leaving his
bed, sending word that he would make a call at the
sick
hospital.
Reserve
S.
of
Reed
Bank
made
Oct,
16 by Frederic A.
Delano,
appointed by the
Bank's directors for the term expiring Feb. 28, 1941. The
appointment has received the approval of the Board of
Governors of the Federal Reserve System, it was stated in
the Richmond "Dispatch" of Oct. 17, which said:
Mr.
Couzens,
Vice-President
Richmond—L.
Announcement of the appointment of John S. Walden Jr.
as
First Vice-President of the Federal Reserve Bank of
was
on
Chairman of the Board.
Death of Senator James
First
of
Mr. Walden
was
Walden has been with the institution since 1918, having served as
Auditor, Assistant to the Governor, Comptroller,
Vice-President.
He
came
to this
Deputy Governor and
city in 1906 from Lynchburg and pursued
his profession as a certified public accountant.
The Federal Reserve Bank of Boston
the election of Lewis R. Reed
as a
recently announced
director to fill the vacancy
caused by the
death of Frederick S. Chamberlain, of New
Britain, who had been a member of the board since the
formation of the Reserve Bank. Mr. Reed, who is President
of the Citizens & Manufacturers National Bank, of Water-
bury, Conn., will
serve
until Dec. 31, 1937.
;
Annual Convention of American Institute of Account¬
When advised of Senator Couzens'
issued the following statement
death, President Roose¬
velt
on
ants—John
Oct. 22 aboard his
G.
Winant
Legislation—Victor H.
special train in Stamford, Conn.:
7
Speaks on Social Security
Stempf Discusses Consoli-
dated Financial Statements
In the
death of
$enator Couzens the Senate of the United States and the
people of Michigan and the Nation have lost a
leader whose convictions
were
a
match
part of the best that America
aspires for and whose courage was a
for his idealism.
Senator Couzens did not enter
public life because he sought either fame
but rather because of a service he
believed he could render to the
cause of
progressive thought and
or power,
political uprightness.
member, but his prior obligation
was to
he served.
He was a party
the well-being of the people whom
He never hesitated in that
service.
The death of Senator Couzens
to me is a great loss.
But, more than that,
it is a great loss to the multitudes
of Americans whose needs and
problems
were
always in the forefront of his
thought and action.
FRANKLIN D.
Among those also paying tribute
ROOSEVELT.
to the late Senator
was
Secretary of the Treasury Henry Morgenthau
Jr., who said:
The passing of Senator Couzens
shock.
He possessed
an
came
to
independence and
me
a
him outstanding in the
public life of his day.
his country, but his work and
as
a
tremendous personal
breadth of vision that made
His death will be
a
loss to
influence will long remain.
Senator
Couzens, who
was
a
Republican, had been
ness,
Couzens,
always
noted
for
his
independence
and
a
outspoken¬
virtually renounced his chances in the last
Republican primary in
for President Roosevelt and
the New Deal.
Michigan when he declared
.
.
.
He
defeated in the primary
by former Governor Wilber M.
Senator Couzens was
seriously ill at that time and was not able
Brucker.
to make
a
was
spirited fight.
Senator Couzens
son
of James J.
Clift Couzens.
was
.
.
Ontario,
on
Aug. 26, 1872, the
a soap manufacturer
He received
a
born in England, and Emma
public school education in Chatham and when
the border and got his first
job, selling papers,
magazines and candy on the trains of the old Erie &
Huron
same
line with
came over
Railroad, the
which
Thomas A.
attended the annual meeting of.,
.
H.
Montgomery of New York, President.
Representatives
of the Dominion Association of Chartered Accountants and
the Institute of Certified Public Accountants of Mexico were
in
attendance.
Interest
centered
on
consideration
of
the
question of consolidation of the Institute and the American
Society of Certified Public Accountants^ Social security
legislation formed one of the principal topics of discussion,
with an address by John G. Winant, former Chairman of
the Social Security Board, who analyzed such legislation
from the accountant's viewpoint. Henry H. Heimann, Ex¬
ecutive Manager of the National Association of Credit Men,
spoke on general business conditions. Victor H. Stempf of
New York
Oct. 20 addressed the convention
on
on
the ad¬
ments.
Mr.
Stempf reviewed the history of consolidated
statements, both in this country and abroad, and discussed
their present use, particularly in view of recent rulings by
the Securities and Exchange Commission regarding registra¬
tion reports. With reference thereto he said:
It is noteworthy that while the regulations, rulings, and decisions of the
Commission create precedent concerning fair disclosure of material facts,
these findings do not wholly allay the misgivings arising from the require¬
ments
of the law
that aU material facts
the liabilities imposed
be disclosed.
Many affected by
by the Acts, continue to demand amendment of the
law
enumerating specific disclosures, be they 10 or 1,000
the
Commission,
on the other
hand,
seems
The attitude of
to be that requirements in the
underlying law calling for specific disclosures would create inflexible stand¬
born in Chatham,
Couzens,
about 15 years old
.
persons
the American Institute of Accountants, held in Dallas, Tex.,
from Oct. 19 to 22.
I
The meeting was officially opened on Oct. 20 by Robert
vantages and disadvantages of consolidated financial state¬
member of the Senate since 1922.
He was defeated for
renomination at the primaries last month
by former Governor
Wilbur N. Brucker, of
Michigan. Mr. Couzens had sought
renomination on a platform
supporting President Roose¬
velt and the New Deal.
In
summarizing the career of the
late Senator, the New York "Times" of
Oct. 23 said in part:
Senator
i_ More than 600
Edison had been connected.
Then he
ards
inapplicable in
manifestly material
merit in both
It may
many cases
although
and, per contra, would excluse disclosures
peculiar to other cases.
There is obvious
viewpoints.
be said, sincerely, that the suggestions emanating from the Com¬
mission and its technical staff, incident to the review of registration state¬
ments, have sought to
protect registrants,
underwriters, and exports from
•I
inadvertent
of data
The
accountants concerning sound prin¬
there lies a warning that, in the
the Commission will determine
the
While
exacting, and may be
the presentation of
material facts as
Commodity Exchange Administration,
"Regulations of Commodity Exchange
Under the Commodity Exchange Act."
In addition, at the
initial meeting of the new Board, the following members
were appointed
Committee Chairmen for the 1936-37 sea¬
son:
Wm. J. Jung, of Anderson, Clayton & Fleming, Ar¬
rangements; C. T. Revere, of Munds, Winslow & Potter,
Program; George Gorden Paton, New York Coffee and
Sugar Exchange, Publicity; W. S. R. Beane, of Fenner &
Beane, Attendance, and A. W. Kerfut, of Post' & Flagg,
principles are in¬
by American Bankers Association
Proceedings of Clearinghouse Round
Conference
at
Recent
Convention of
Issued
Bank
the American
form the pro¬
Seventh Annual Clearing House Round
Management Commission of
has issued in bulletin
Bankers
Association
ceedings
of
the
Auditing
I'.C.V-.
convention of the Associa¬
tion in San Francisco.
This conference has become one of
the established features of the convention, presenting an
opportunity for bankers from all sections to discuss com¬
mercial bank management problems.
The topics presented
of Board Amer¬
Policies," J. Harvie
Wilkinson
Trust Co., Richmond,
Va.; "Loan Policies and Personal Income Loans," E. A. Mattison, VicePresident Bank of America N. T. & S. A., San Francisco, Calif.; "Account
Analysis and Rates for Banking Services," J. M. Sorensen, Vice-President
Stephens National Bank, Fremont, Neb.; "Interest Expense Control," E. V.
Krick, Vice-President American Trust Co., San Francisco, Calif.; "Modern
Mechanical Equipment as a Factor in Operating Efficiency and Economy,"
Darrel
G.
Ensign, Assistant Cashier Utah State National Bank, Salt
Lake City, Utah, and "Economies in Buying Supplies," William C. Tomp¬
ican
Bank
Operation," P. D. Houston, Chairman
Bank,
National Bank, St. Louis, Mo.
The bulletin has been
sent to each member
of the Associa¬
Frank W. Simmonds, Deputy Manager,
and further copies can be obtained from the commission
office, American Bankers Association headquarters, New
tion, it is stated by
York
City, at 25c. each,
Award
to
Be Made
American
<
Annually to Woman Graduate of
of Banking Best Fitted to
Banking
As a result of action taken at the annual convention of the
Association of Bank Women, announcement has been made
of the establishment of an award to commemorate the services
rendered to women in banking by Jean Arnot Reid, until
recently an officer of the Bankers Trust Co. of New York.
The announcement, issued by the Association of Bank
Women, said:
This award., to be
Reid Award" is to be given
the American Institute of Banking, selected
the integrity of her character and the efficiency of
known as the "Jean Arnot
annually to a woman graduate of
best fitted "through
work" to represent women
the
Association.
This division comprises the States of New York, New Jersey,
Pennsylvania, Delaware, Maryland, Virginia, West Virginia and the
of
.
in
the spring of 1921 to
found the Association of Bank Women.
She was its first Treasurer, from
19^1-23; Vice-President from 1924-26 and President from 1926-28, and was
General Convention Chairman of the 1st, 2d and 3d annual conventions.
.
V:
the five women who met in
BANKS,
ABOUT
TRUST
&c.
COMPANIES,
r
♦
elected Chairman of the Board
Brooklyn, N. Y., last year
after serving as President of the institution for 19 years, was
again elected to the Presidency on Oct. 13 to succeed Parker
D. Sloan, who died on Oct. 3.
Mr. Sloan had been chosen
President of the bank last year following Mr. Frasers' election
as
Chairman of the Board.
John W. Fraser, who was
of the Roosevelt Savings Bank,
♦
The election
of Andrew J.
Schmitz to the Board
of Di¬
Lafayette National Bank, of Brooklyn, N. Y.,
was announced on Oct. 18 by George P. Kennedy, President
of the institution. Mr. Schmitz is a member of the insur¬
ance firm of McCooey & Schmitz, Inc.
rectors of the
.
Incident
to
the
merger
♦
with
the Union Trust Co.
the State Street Trust Co.
department quarters so that it now
Boston, Mass.,
trust
space
of
has expanded its
occupies enlarged
in its main office at State and Congress
completion of the details of the merger,
Streets.
Charles
Francis Adams, former president of the Union Trust Co.
and now Chairman of the Board of Directors of the State
Street Trust Co., has moved his office to the latter com¬
pany's office. The former Union Trust Co. office, 24 Fed¬
eral Street, according to Allan Forbes, President of the
State Street Trust Co., will be maintained as a branch of¬
With the
Trust Co.
the consolidation of these banks
Trust Co. with the State Street Trust Co., appeared
issues of June 20 and June 27, pages 4117 and 4277,
of the State Street
Items
Union
in our
with reference to
respectively.
f
the Boston "Transcript" of Oct. 19, Fred¬
erick S. Deitrick, receiver for the Boston-Continental Na¬
tional Bank, Boston, Mass., announced that checks were
According to
ready for
ITEMS
Mr.
.•
Columbia.
Miss Reid was one of
Oct. 10, a Vice-President
Stanley
1917,
Stanley & Co.
fice
in banking.
be made in the Mid-Atlantic Division of
The award in 1936-37 will
District
Morgan
Institute
Represent Women in
'v
:/
Emerson became, on
& Co., Inc.
A graduate from Dart¬
Emerson joined the Guaranty Co. of
New York in 1922, and was later in charge successively of
the Guaranty Co.'s offices in Montreal and in Philadelphia,
until May, 1934.
He then became Vice-President of Fire
Association of Philadelphia and its affiliated companies,
where
he
remained
until his appointment
to Morgan
of
mouth
Nashville, Tenn.; "Security
Jr., Vice-President State-Planters Bank &
National
kins, Auditor First
as
Sumner B.
year's meeting were:
"Practical
♦
;
the recent
Table Conference at
at this
the
who will discuss the
Association
The
from
speakers
for judgment and flexibility in
they may appear in individual cases.
Covering
Table
Commodity Club of
announced that at a meeting of the Board of
Governors, the first dinner meeting of the new season was
set tentatively for Nov. 5, at which it is hoped to have
disputably sound, and provide adequately
Bulletin
York
New York,
Commission concerning consolidated
thought by some to exceed reasonable
required, the underlying
volume of data
the
in
of the
requirements
statements are
President of the
Hilding Anderson,
disagreement among accountants,
principles for them.
limits
Oct. 15
Acceptance Corp., New
branch office in Chattanooga, Tenn.
•
City, to open a
Behind this attitude, however,
event of
Banking Department on
authorized the General Motors
apparent consensus of opinion among
ciples.
State
York
New
The
considered material by the
occasionally the arguments may have seemed
Commission appears willing to accept what to them is an
although
Commission,
strained.
omission
deliberate
or
2617
Chronicle
Financial
143
Volume
distribution representing a payment of 5% re¬
the Comptroller of the Currency. ;
cently authorized by
*
of
Arrangements were made Oct. 21 for the transfer
Exchange membership at $135,000.
previous transaction was at $132,000, on
a
The
New York Stock
Oct. 16, 1936.
Arrangements were completed Oct. 16 for the sale of a
membership in The Chicago Stock Exchange at $3,750,
down $250 from the last previous sale.
President of the First National Bank of
Jersey City, Jersey City, N. J., has announced that the
directors of the institution have voted to take advantage
of the National banking law which permits the discontinu¬
ance of stockholders' double liability on the bank's capital
stock.
The double liability of shareholders terminates
Kelley Graham,
July 1, 1937, as
provided by the Banking Act of
1935.
»
membership on the Chicago Board of Trade
$4,500, or $300 higher than the previous sale.
A
At the annual
sold for
meeting of the Board of Governors of the
Inc., held Oct. 19, Harvey D.
Bankers
Club of America,
Gibson,
President of the Manufacturers Trust
Co., New
York City, was elected President for the year ending October,
1937.
Other officers also elected were LeRoy W. Baldwin,
F. W. La Frentz and
William H. Hodgen, Assistant
Mr. Peed, Secretary; J. Courtney
Assistant Secretary, and Percy H. Johnston,
the Executive Committee.
Treasurer;
Punderford,
Chairman of
York & Trust Co., New York
City,
appointment of Gregory W. Spurr
as Assistant Treasurer at the main office and the appoint¬
ment of J. Howard Reynolds as Assistant Secretary of the
announced this week the
Madison Avenue office.
—4
J
Vice-President of the First National Bank
of the City of New York, has been elected a trustee of Co¬
lumbia University.
Mr. Fraser will represent the alumni
and serve for six years, succeeding Milton L. Cornell.
Leon
Fraser,
learned from "Money and
Commerce" of Oct. 17 that
National Bank of Uniontown, Pa., a member of
the Mellbank Corp., has absorbed the First National Bank
of New Salem, Pa., with deposits of about $700,000.
The
enlarged institution will provide New Salem with banking
facilities by continuing a branch in the First National
banking rooms with C. A. Delo, former Cashier, as Manager.
Garland Powell Peed, Vice-Presidents;
Herbert P. Howell, Treasurer;
The Bank of New
It is
the Second
Assistant Cashier in charge
First National Bank
of Scranton, Pa., has been promoted to the office of Cashier
of the institution, to succeed the late George C. Nye.
In
noting this, Scranton advices, appearing in "Money and
Commerce" of Oct. 17, continued:
John A. Weinschenk, who has been assistant to Mr. Heebner, will take
charge of the bookkeeping department.
The new Cashier is actively iden¬
tified with the American Institute of Banking and! is Associate Councilman
of the Eastern Pennsylvania District of the Association.
He entered the
employ of the First National Bank as a clerk in 1910.
MacDonald Heebner, formerly
of the
The
bookkeeping department of the
Philadelphia "Record" of Oct.
9 is authority for the
during October the
Banking Department will distribute
totaling $588,411 to 47,970 depositors
statement
that
Pennsylvania State
liquidating dividends
in seven of the eight
Financial
2618
We quote the paper,
closed banks in Lackawanna County.
in
Luther
Dr.
A.
said
8)
liability.
The
each
in
will
case
5%
represent
Archbald,
Bank,
Oct.
28;
State,
&
Deposit
the
loan
still
Corporation
of
loan
Mervin B. Francis, for several years
ment of
elected
Trust Co.
Union
the
One-third
$910,320.
of
owed.
is
Pa., has been
is learned from "Money and Commerce" of
it
Oct. 17, which went on to say:
Mr.
Francis
for
in
represented the Union Trust
Co.
in Cleveland,
went with the savings bank as Assistant Vice-President
investment
the
time
a
and three years ago
department.
We learn from the Cleveland "Plain Dealer" of Oct. 20,
a final dividend of 4.9% was paid that day to depositors
that
defunct Iron City Savings Bank of Ironton, Ohio,
making 34.9% realized in liquidation of the concern, which
of the
failed in 1931.
The payment of dividends aggregating $180,363 to approx¬
imately 12,500 depositors in four closed Chicago and Cook
County Banks was announced on Oct. 20 by Edward J.
Barrett, State Auditor of Illinois, it is learned from the
Chicago "News" of that date.
The banks and their pay¬
indicated in the paper, were:
Reliance Bank & Trust Co.,
Chicago—$116,273, equal to 5% of claims.
Brings total repayments to 25%.
In addition, $1,355,505 has been paid
bills payable and $279,797 to preferred creditors.
on
The
First
total paid to
to
Bank
State
5%.
or
Brings
preferred creditors.
Citizens
State Bank of Glencoe—$6,800
9%.
or
Brings total to 46%.
Preferred claims of $5,757 and bills payable of $6,050 also paid.
Northbrook State Bank, Northbrook—$14,551 or 11%.
Brings total to
46%.
Preferred claims of $1,410 and bills payable of $43,368 also paid.
In
indicating that the defunct National Bank of Wood-
lawn, Chicago, 111.,
about to
was
pay
6% dividend to its
a
depositors, the Chicago "News" of Oct. 14 said:
The
National
Bank
Woodlawn
of
depositors, to be paid in the
Highman, receiver.
bank
The
$1,300,000
at
is
preparing
future, it
near
was
6%
of
payment
a
for
announced by Eugene E.
This will bring the total paid to
481/&%.
time
one
and
had
before closing
deposits
doors
its
of
in
$4,250,000
June,
paid
down
to
1932.
in
Division of Banks and
by the late Bayless W.
The
Bankers
formerly held
French.
Lansing
National Bank, Lansing, Mich., has pur¬
People's State Savings Bank of that city, the
acquisition bringing the resources of the former to $9,436,637 and its deposits to $8,936,000.
The transaction ends
chased
the
14 years of service by the
People's Bank. We quote further
"Michigan Investor" of Oct. 17:
in part from the
The
a
purchase culminated
year
between
Ray
Potter,
ment
the
month
a
chase
R.
late
E.
of
week.
banks
new
that
was
the
under
Board
National.
of
of
out
grew
Lansing
been
the
People's
chartered
was
had
of
directors
The
Lansing National
that
Chairman
the
and the
ago
last
plans
Olds,
President
the
moratorium
A
statement
chase.
The
of
The
he
25
reached
banks
26,
and
and
association
that
none
Although
the
ber,
and
From
sists
In
Mr.
to
with
The
was
the
who
was
of
the
one
the
bank
caused
bank
advanced
dates
steadily
"run."
a
back
been
bank
the
Other
commercial
reduced
the
on
to
deposits
it
H.
had)
less
will
D.
Potter
increased
$4,500,000
26,
and
Chairman
Grant,
no
banking
National
in
head
Los
Bank of Commerce of Seattle.
THE
1935,
lative attention and there has also been
some
buying in the
and mining and metal shares, and new tops for the
year were reached by several of these stocks.
Active trading and advancing prices were the outstanding
features of the two hour session on Saturday.
Specialties
were in demand throughout the session and a number of the
more active of the speculative favorites moved into new
high
ground for the year. Royal Typewriter again moved ahead
1% points and raised its peak to 98%, Blumenthal reached
a new top at 35% at its high for the
day, and Godchaux
Sugar B broke into new high ground at 32%.
Numerous
other gains ranging from 2 to 3 or more points were in evi¬
dence including Aluminum Co. of America 3 points to 136;
American Meter 2% points to 40%; Newmont Mining 2
points to 100; Standard Power & Light pref. 3 points to 62
and Thew Shovel 2% points to 39.
price movements due to profit taking were
during the dealings on Monday.
There were
several new tops registered during the session, but the gains,
in many instances, were comparatively small.
American
Meter was again active and raised its recent high 2 % points
to 43 at its top for the day.
Mining stocks were represented
on the side of the advance by Newmont
Mining which moved
up 1% points to 101%.
The preferred stocks among the
public utilities were active and substantial advances were
registered by several' of the leaders of this group.
Smaller
gains were recorded by some of the less active stocks including
Bell Telephone of Pa. pref. 2% points to 124%; Duke Power
2% points to 84%; Standard Oil of Ohio 2% points to 39
and Western Auto Supply A 3% points to 62%.
Profit taking was again apparent on Tuesday, and while
apparent
few
active
stocks
and
to
when
weather the
the
deposits
Mr.
of
Shaw
the
Bank
in
Lansing
with
preferred
retired
$50,000
the
9,000
Board;
and
Eugene
Cashier,
stock
$200,000
March
on
official
the
family
M.
and
19,
con¬
Wanger,
John
B.
purchase crystallized
his desire
business.
From the San Francisco "Chronicle" of Oct. 18 it is learned
that the American Trust Co. of San Francisco would
open
a branch in Redwood
City the next
another link of its chain of offices
made
further
progress,
there
were
a
number of the
trading favorites that slipped down to lower
levels.
Public utilities were in demand and prices in this
group slowly worked upward.
Oil stocks shared the improve¬
ment of the public utilities to some extent and moved briskly
forward under the guidance of Standard Oil of Ohio which
moved up a point to 40.
Other gains included Western
Auto Supply A 1% points to 64; Texas Power & Light pref.
2% points to 112%; H. C. Bohack 1st pref. 2 points to 54%;
Alabama Power pref. 1 % points to 75 % and Florida Power
& Light pref. 1% points to 57%.
Specialties were again in demand on Wednesday, and
while the buying was selective to some extent, there were a
number of new tops registered in this group as the session
came
to an end.
Youngstown Steel Door surged forward
into new high ground at 55% with a gain of 3% points.
American Meter moved up another point to 43% and Babcock & Wilcox climbed 2 points to 99.
Other important
gains were Aluminum Co. of America 1% points to 132%;
American Manufacturing Co. 3% points to 40; Brill Corp.
pref. 3% points to 49; Montgomery Ward A 2% points to
150%; New Jersey Zinc 2% points to 80 and Penn Salt
2% points to 153%.
Further
substantial advances
day, thereby completing
throughout Northern Cali-
on
were
apparent
among
the
was a
many
speculative favorites held their gains to the close of
Babcock & Wilcox moved forward 2 points
and closed at 100, Pittsburgh Plate Glass reached 131% at
its top for the day and closed at 130 with a net gain of 2%
points, Derby Oil & Refining pref. advanced 3% points to
81, Dow Chemical moved up 3% points to 123, North Penn
R. R. climbed up 7% points to 104 and Sherwin Williams
improved 1 % points to 133.
The transfers for the day were
466,395 shares against 402,165 on Wednesday.
Stocks showed further improvement on Friday but the
gains were small with the exception of a few of the high
class specialties which continued to attract considerable
speculative attention.
Babcock & Wilcox was in heavy
the
market.
demand and surged forward 8 points to 108, American Hard
Rubber advanced 2
as
EXCHANGE
of the
citv
$1,500,000 in Decem¬
in
and
Vice-President
office,
CURB
Trading on the New York Curb Exchange has been fairly
active during most of the present week, and while there have
been occasional periods of irregularity due to profit taking,
the trend of the market, on the whole, has been toward
higher levels. Specialties have attracted considerable specu¬
when
the
r"
branches
when
in
Cashier.
assume
the
Association,
1931
until
banks
banks
than
Lansing National
February
Mr.
Scott,
Miles
Assistant
from
the
common,
on
operate
1928
to
:-
to
Savings
to
Thursday, and while there
moderate downward reaction during the late trading,
halted.
had
stock
Richard
Olds
retire
Bank,
February 27, 1934, with $350,000
on
addition
Vice-President,
Nelligan.
Olds
was
the
&
Calif.,
The First National Bank of Wapato, Wapato, Wash., was
placed in voluntary liquidation on Oct. 2.
The institution,
which was capitalized at $25,000, was absorbed by the
high priced specialties
the only one of
then
in
preferred
of
People's
pur¬
with
same,
Shaw,
close, but Mr. Olds assured the depositors that he would
lost any money if they would cease to make de¬
over
opening
$250,000
its
1936.
the
following the
the
Mr.
...
Since
of
Vice-President.
the
rebuilding of the
10,
remain
and;
them
run
assets
took
accounts.
Oct.
on
National
as
of
depression
was
its
1933.
National
of
the
it
Mr.
interest.
an
of
and
depression,
Shaw
Cashier
of
had been forced to
mands,
Lansing
pur¬
of
one
(
effects
see
T.
published
was
the
agree¬
the
1922,
July,
1934,
the
an
ratified
in
for
People's, and
stockholders.
purchased
the
of
William
Vice-President
original
condition
officers
of
consideration
the
Both
two
organized
February
on
of
banking structure in the capital city.
addition
Francisco,
Angeles County—Hawthorne, El Monte and Pasadena.
a
According to the "Commercial West" of Oct. 17, Charles
B. Weaver was recently elected Second Vice-President of
the Northern Trust Co. of Chicago, 111. He will occupy the
position
Currency has authorized the Bank
Trust
Irregular
Heights—$42,738
Chicago
of
Also, $261,698 distributed on bills payable and $8,374
20%.
branch,
Manager.
Oil group
4
ments as
San
National
with the bond depart¬
of Pittsburgh,
Vice-President of the Society for Savings of Cleve¬
a
land, Ohio,
1936
Anthracite Trust, Scranton,
Finance
Reconstruction
a
&
Miners
America
office
Discount
Taylor
the
and
Carbondale
27;
Oct.
Taylor,
Simpson
The Comptroller of the
of
Merchants Savings, and
Oct. 29; Mid-Valley
Trust, and Miners Savings Bank & Trust, both of Olyphant, Oct. 30.
The Bosak State Bank, Scranton, is the only one in the county which
will not pay at this time.
It has repaid 50%, of which 25% represented
Bank,
H. Steven Chase will be Manager of the new
forma.
deposit
of
...
Archbald
24,
Secretary, in making that announcement yestesday
Harr,
payments
depo6its will be made as follows:
The
Oct.
while E. L. Hook will be Assistant
part:
(Oct.
Chronicle
points to 28, Blumenthal closed at 38%
gain of 2% points and Associated Gas & Electric
pref. moved forward 4% points to 27.
As compared with
Friday of last week the range of prices, for the market as a
whole, was slightly lower, Aluminum Co. of America closing
last night at 131% against 133 on Friday a week ago, Ameri¬
can Light & Traction at
23% against 24, Carrier Corp. at
16 against 16%, Commonwealth Edison at
110% against
with
a
net
Volume
TRANSACTIONS
DAILY
AT
THE
NEW
cate
Town of New Salem,
Oct. 10—The
Bank of Portland, Ore.
Southwest corner of 6th and G Sts., in the
States
United
Location of branch:
National
Josephine County,
of Grants Pass,
1a7UA»'
Certifi¬
Fayette County, Pa.
1269A.
No.
City
Location
Bank of Uniontown, Pa.
National
Second
of branch:
EXCHANGE
CURB
YORK
Oct. 6—The
Bay
Zinc
5%,
1143^, Glen Alden Coal at 15 % against 16, Hudson
Alining & Smelting at 29against 29New Jersey
at 78Y± against 803^, Pennroad Corp. at 4% against
and Teck Hughes at 534 against 5%.
2619
Chronicle
Financial
143
•
.
Certificate No.
Ore.
v-
f.\.
,
.
.
Savings Association,
Oct. 10—Bank of America National Trust &
Francsico, Calif. Location of branch: 300 North Hawthorne
Blvd., in the City of Hawthorne, Los Angeles County, Calif.
Certificate No. 1271A.
•/ f. ■
San
Bonds (Par Value)
Stocks
(Number
Week Ended
Foreign
of
Shares)
Oct. 23, 1936
Foreign
Governm't
Domestic
Corporate
$26,000
49,000
62,000
58,000
97,000
56,000
343,605
2,650,000
36,000
12,000
2,334,020 $15,865,000
$356,000
263,520
Monday
457,115
403,42C
Wednesday
Thursday,.
...
...
Friday
San
51,000
37,000
Location of branch:
Francisco, Calif.
Los Angeles County, Calif.
$1,504,000
2,430,000
3,312,000
3,133,000
3,356,000
2,698,000
$7,000
77,000
401,195
465,165
$1,471,000
2,304,000
3,194,000
3,024,000
3,222,000
Saturday
Tuesday
Savings Association,
City of El Monte,
Certificate No. 1272A.
Oct. 13—Bank of America National Trust & Savings Association,
San Francisco, Calif.
Location of branch:
1767 East Colorado
St., in the City of Pasadena, Los Angeles County, Calif. Certifi¬
Oct. 13—Bank of America National Trust &
Total
cate No. 1273A.
Amount
VOLUNTARY LIQUIDATION
Wapato, Wash
$25,000
2, 1936.
Liquidating Agent:
Lon Boyle, c-o
Guaranty Trust Co., Yakima, Wash.
Absorbed by:
"The
National Bank of Commerce of Seattle,"
Seattle, Wash.,
Oct. 14—The First Nat. Bank of Wapato,
Total.....
$212,000 $16,433,000
23
Jan 1 to Oct.
Week Ended Oct. 23
Sales at
Effective
Oct.
Charter No. 4375.
New York Curb
Stocks—No. of shares.
CHANGES IN CAPITAL STOCK AS REPORTED
Outstanding
$15,865,000
government..
356,000
Foreign corporate.....
212,000
Foreign
$25,551,000
261,000
408,000
Inc. in Com.
Pref. Stock
No. of Shs.
by Dividend
Shs.
x
Pref. Stk.
Par Value
Date of
$943,361,000
13,298,000
10,621,000
$667,162,000
15,157,000
10,282,000
Change
Name and Location—•
The City Nat. Bank & Trust Co. of
$16,433,000
Total
$26,220,000
Cap. After
Retirement
Par. Value
x
Com. Stk.
Bonds
Domestic..
BY NATIONAL BANKS
53,064,717
104,504,407
2,657,0.65
2,334,020
1935
1936
1935
1936
Exchange
$967,280,000
$692,601,000
No. of
Changes
x$94,740
z200,000
X23.000
z50,000
263 shs.
10- 6-36
$5,260
Salem, N. J.
Pa.
8-12-36
320 shs.
Bank, Streator,
7-31-36
500 shs.
The First Nat. Bank of Exeter,
$2,000
The Streator Nat.
$30,000
111.
interested in trade abroad will find it advanta¬
First
HEAD OFFICE: 55 BROAD STREET,
$15,000 "A"
z200,000
of
Bank
Nat.
Corona,
Calif.
Torrance,
8-26-36
100 shs.
51,000
Bank of Spring¬
9-11-36
400 shs.
Bank,
Calif.
$20,000
15,000 shs.
$300,000
20,000 shs.
$400,000
field. 111.
NEW YORK
Lincoln Nat. Bank & Trust Co. of
Fort
9- 3-36
Wayne, Fort Wayne, Ind.
9- 9-36
Association
Member New York Clearing House
None
zlOO.OOO
X49.000
z51,000
x80,000
zl50,000
x400,000
100 shs.
$1,000
Nat.
The Illinois Nat.
Member Federal Reserve System
x
1873^ shs.
9-30-36
$15,000
Torrance
TRUST COMPANY
x235,000A
250.000B
150 shs.
9- 8-36
Haute, Ind.
The
world-wide banking facilities.
MANUFACTURERS
z90,000
$30,000
The Merchants Nat. Bank of Terre
geous to use our
x60,000
500 shs.
7-28-36
others
Bankers, manufacturers, merchants and
Z800.000
x None
20,000 shs.
$400,000 zl200,000
200 shs.
x40,000
Bank of
9- 3-36
250 shs.
$10,000
$10,000
z60,000
The Landmands National Bank of
Member Federal Deposit
8-31-36
200 shs.
$5,000
200 shs.
$15,000
100 shs.
$10,000
100 shs.
x20,000
$5,000
z30,000
The
Insurance Corporation
Merchants
National
Michigan City, Ind.
KImballton, Iowa
Peoples Nat. Bank
RATES
FOREIGN EXCHANGE
The
& Trust
10-
1-36
Co. of Washington, Ind.
Pursuant to the
The Empire Nat. Bank & Trust
requirements of Section 522 of the Tariff
certifying
the Secretary of the Treasury the buying rate for
1922, the Federal Reserve Bank is now
Act of
daily to
cable transfers in the different countries
give below
We
RATES
BANKS TO TREASURY
OCT.
17,
CERTIFIED
RESERVE
The
National
Seaboard
Los Angeles,
UNDER TARIFF ACT OF 1930
1936, TO OCT. 23,
City, N. J.
Co. of Oklahoma City,
FEDERAL
BY
Co., Camden, N. J.
The Ventor City National Bank,
Ventnor
Okla.
Bank
1936, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
9-30-36
$
$
Europe—
9-30-36
.187228*
Belgium, belga
.168246
Bulgaria, lev
.012875*
Czechosl-kia, koruna. .035395
Denmark, krone
.218283
England, pound sterl'g 4.890083
Austria, schilling
.021530
.046575
.402321
.008946*
.538685
.197750*
.052600
.245620
.188300*
.0444.50*
.007333
Finland, markka..
France, franc
relchsmark
Greece, drachma..
Holland,
guilder
Hungary, pengo
Italy, lira
Norway,
krone.
Poland, zloty
Portugal, escudo
Rumania, leu..
Spain, peseta
...
.187000*
.186971*
.186942*
.186971*
.168192
.168336
.168338
.168319
.168346
.012750*
.012875*
.012750*
.012750*
.012875*
.035396
.035393
.035389
.035385
9-30-36
.218368
.218350
x
625 shs.
zlOO.OOO
X267.810
$10,050
National
Mohawk
Bank
of
z200,000
$6,250
of
None
zlOO.OOO
xl03,000
150 shs.
8-31-36
150 shs.
X97.000
Z103.000
$3,000
$3,000
125 shs.
125 shs.
x
$10,000
$10,000
z50,000
.035387
.217995
x94,250
z100,000
20,000 shs. x1100,000
$200,000 z3900,000
$10,000
Schenectady, N. Y.
National Bank of Commerce
.187157*
z750,000
402 shs.
The
9
5
$
z250,000
xl,466,170
„
100 shs.
Vancouver, Wash.
Oct. 23
x45,000
zl05,000
x240,000
3,000 shs. x240,000
$60,000 zl260,000
of
Co. of Kearny, N. J.
Oct. 22
Oct. 21
Oct. 20
Oct. 19
Oct. 17
■
$15,000
1-36
The First National Bank & Trust
New York
300 shs.
3,000 shs.
$60,000
9-25-36
10-
Unit
Germany,
of
9-26-362,255 1-3 shs.
$33,830
10- 9-36
46 shs.
$5,750
9-30-36
20,000 shs.
$200,000
Calif.
The Washington National Bank
Country and Monetary
9-21-36
Minn.
First Camden Nat. Bank <fe Trust
The First National Bank & Trust
record for the week just passed:
a
EXCHANGE
FOREIGN
of the world.
of St. Paul,
Co.
.218354
.891541
.890500
.890041
.021554
.021550
.021537
.021540
.046538
.046553
.046515
.046420
.046486
.402207
.402164
.401992
.402015
.402042
.008935*
.008935*
.008943 *i .008943*
.536492
.535692
.438892
.197750*
9-19-36
Pleasant, Tenn.
=.888041
.021535
Mount
None
.218154
.884333
Gastonia, N. C.
The First National Bank of
.008954*
.538528
'
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, Oct. 24)
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 16.5% above
those for the corresponding week last year .-Our preliminary
total stands at $6,478,245,296, against $5,562,962,228 for
the same week in 1935.
At this center there is a gain for the
week ended Friday of 13.5%.
Our comparative summary
Bank clearings this
.539300
.197750*
.197750*
.197750*
.197740*
.052600
.052605
.052603
.052601
.052603
.245409
.245695
.245675
.245695
.245562
.188266*
.188300*
.188316*
.188300*
.188300*
.044400*
.044450*
.044450*
.044450*
.044397*
.007333*
.007300*
.007350*
.007316*
.007333*
'
a
a
a
a
Sweden, krona
.252050
.251779
.252120
.252168
.252131
.252027
Switzerland, franc
Yugoslavia, dinar
.229807
.022980*
.229610
.229767
.229832
.229715
.229728
.022980*
.022960*
.022940*
.022940*
.022940*
.293458
.293458
.293558
.293458
.293458
.293558
.293458
.293458
.293558
.293458
.293458
.293458
.293458
.293558
.293458
.293458
year ago.
.293458
.293250
a
.293458
.293458
with
Asia—
for the week follows:
China—
Chefoo (yuan) dol'r
.293250
.293250
.293250
.293250
.303041
.369303
.285840
.573575
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong,
dollar..
India, rupee
Japan, yen
Singapore (8. S.) dol'r
.302525
.303108
.303283
.303633
.369484
.369525
.369425
.369237
New York
.285325
.285690
.285691
.285675
.285601
Chicago
.572650
.573100
.573625
.573575
.573162
Philadelphia..
3.896875*:3.895833* 3.894166*
3.898928*3.892186*3.897500*L
,
pound. 3.926607* 3.922410* 3.926250* 3.925535* 3.924285* 3.922678*
South Africa, pound.. 4.836562* 4.828854* 4.835520* 4.835208* 4.835178*4.837321*
North America—
Canada, dollar
1.000096 1.000060 1.000168 1.000156 1.000144 1.000096
Mexico,
.
peso
Newfoundland,
South
dollar
.999333
.277500
.997500
.999333
,999333
.999333
.999200
.999333
.277500
.277500
.277500
.277.500
.277.500
.997519
.997656
.997633
.997633
City..
St. Louis
Chile, peso
Colombia, peso
Uruguay, peso
*
Nominal rates:
a
.326100*
.087140*
058512
.051733*
.569000*
.800000*
.325620*
.326166*
.326133*
.326183*
.325940*
.086780*
.086802 *|
.086902*
.058687
.058625
.051733*
.051733*
.051733*
1
.058312
.051733*
.051733*
.569000*
.569000*;
.569000*
.569000*
.797916*
.797916*
.797916*
.797916*
firm rates not available,
ana
86,054 306
Detroit-
NATIONAL BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
PREFERRED
Bank of Centerville, Centerville,
S. Dak
BRANCHES AUTHORIZED
3—Bank of America National
Calif.
72, 534,130
Trust & Savings Association,
Location of branch:
Town of Westwood,
Certificate No. 1268A.
+ 18.9
+ 16.3
+ 18.6
55, 721,112
+37.1
48, 669,302
+ 17.9
37, 992,000
+20.7
$4,^12,389,347
786,148,400
Baltimore
New Orleans..
Other cities, five
days.
days
Total all cities, five
All cities, one
+ 16.4
+22.1
+20.0
76,387, 308
57,401 224
45,866 000
Cleveland.
days.
day
Total all cities for
week....
$3,996,433,320
648,088,740
+ 15.4
+21.3
$5,398,537,747
1,079,707.549
$4,644,522,060
918,440,168
+ 16.2
+ 17.6
$5,562,962,228
+ 16.5
$6,478,245,296
(Saturday)
until
noon
by the
cannot
today
and the Saturday figures will not be available
today.
Accordingly, in the above the last day
of the week in
all cases has to be
$37,500
estimated.
detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Oct. 17.
For that week there was a decrease of 13.9%, the aggregate
of clearings for the whole country having amounted to
$5,743,103,949, against $6,673,990,719 in the same week
In the elaborate
STOCK DECREASED
(From $75,000 to $37,500)
Francisco, Calif.
^
+ 19.5
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
The
Lassen County,
+20.4
.569000*
.797916*
No rates available.
Oct. 14—The First Nat.
68, 100,000
108, 211,000
94, 463,891
.086782*
.058555
.086802*
| .058662
+ 13.5
109,833
Pittsburgh—
Twelve cities, five
(Free) milreis
San
205,175, 000
86,770 837
82,000 000
128,690 00
Cent
$2,768, 195,336
221, 253,344
281, 000,000
168, 000,000
72, 293,205
.997578
America—
Argentina, peso
Brazil (official) milreis
Oct.
Kansas
131
264,477, 527
327,000, 000
San Francisco.
Africa—
Cuba, peso
J,142,734
Boston
Australia, pound
1935
1936
.3032.50
.368964
Australasia—
New Zealand,
Per
Clearings—Returns by Telegraph
Week Ending Oct. 24
2620
Financial
in 1935.
Outside of this city there
Chronicle
decrease of 1.8%,
the bank clearings at this center having recorded a loss of
22.2%.
We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District (including
this
city) the totals suffer
a
Oct.
Week
Clearings
Ended
1936
loss of 22.0%, in the Boston
1935
Dec.
473,000
110,659,602
2,963,235
1,344,378
Detroit-Grand
Rapids
Lanslng
Ind.—Ft.
South
6,382,742
2,168,355
1,221,059
1,135,460
17,317,000
1,003,142
5,278,322
19,458,388
994,383
8,550,952
3,579,687
947,316
7,554,859
3,215.534
1,250,146
17,759,000
1,438,109
..
Bend..
Terre Haute..
Wis.—Milwaukee
Iowa—Ced. Rap
lies Moines
Sioux
400,696
95,353,880
22,540,019
-
Wayne
Indianapolis.
City
Woterloo
b
111.—Bloom'ton.
the San Francisco Reserve District by
1.9%.
In the following we furnish a
summary by Federal Reserve
Peoria
4,506,500
Rockford
1,526,085
1,126,457
523,421,261
Springfield
Total (18 cities)
Federal
Reserve Dists.
1st
Boston
12 cities
S
I
839,096
4,091,872
17,334,364
786,901
6,891,183
2,774,948
b
543,723
256,769,400
—7.2
657,217
+14.7
+55.4
+5.2
2,948,026
623,144
1,071,108
+9.6
380,568,159
1933
S
%
746,475
14,439,000
+3.8
+7.3
Inc.or
1934
790,200
+ 10.1
+2.6
+43.4
+ 2.0
+15.8
+5.0
+13.2
+11.3
477,392,173
766,197
421,482
67,265,524
1,574,496
b
362,485
315,169,855
825,251
3,927,575
982,330
1,070,666
338,184,531
Decatur
SUMMARY OF BANK CLEARINGS
+ 18.0
+ 16.1
+36.7
+ 10.1
b
376,238
Chicago
districts:
Dec.
1934
Seventh Feder al Reserve D istrlct—C h i
cago—
Mich.—Ann Arb.
and in the Atlanta Reserve District of
0.6%. The Chicago Reserve District has to its credit an
improvement of 9.6%, the St. Louis Reserve District of
15.4%, and the Minneapolis Reserve District of 0.9%.
In the Kansas City Reserve District the totals are smaller
by 11.4%, in the Dallas Reserve District by 0.9%, and in
1935
17
or
%
District of 0.4%,
1936
Oct.
al—
Inc.
Reserve District of 15.9%, and in the
Philadelphia Reserve
District of 9.5%.
In the Cleveland Reserve District the
totals record a gain of 4.2%, in the Richmond Reserve
Week Ended Oct. 17, 1936
24, 1936
was a
t
Eighth Federa 1 Reserve Dis triet—St. Lo uis—
97,800,000
84,700,000
+15.5
35,376,106
—2.4
36,243,636
Mo.—St. Louis__
257,058,375
305,696,934
—15.9
255,591,003
257,464,223
3,227,948,960
3,715,591,428
Tenn.—Memphis
111.—Jacksonville
2nd
New York. 12
"
3,199,480,097
4,102,248,053
—22.0
3rd
Philadelphia 9
"
376,759,75i
416,304,756
—9.5
4th
335,479,962
Cleveland.
5
"
312,052,222
297,766,915
5th
"
150,392,706
123,978,081
"
96,056,295
10
164,716,847
+4.2
+0.4
+0.6
196,073,211
6
Atlanta
285,733,213
149.858.181
163,665,871
221,361,188
Richmond.
6th
7th
136,583,498
Chicago
107,934,243
18
"
523,421,261
477,392,173
+9.6
8th
St. Louis
380,568,169
4
"
311,122,280
172,330,596
132,637,103
114,053,031
78,300,000
28,285,142
25,578,961
Ky.—Louisville
9th
b
539,000
+10.2
473,000
172,330,596
Total (4 cities).
115,141,346
96,780,637
89,397,893
Ninth Federal
136,259,478
153,794,682
—11.4
124,345,439
149,341,330
+15.4
132,637,103
102,735,078
Minn.—Duluth..
"
78,358,709
79,038,817
—0.9
59,915,228
"
12th San Fran..11
55,771,412
271,417,867
276,773,527
—1.9
214,311,835
180,069,239
Total
109 cities
Outside N. Y. City
Reserve Dis trict—M i
32 cities
St.
Paul
6,673,990,719
—13.9
5,309,501,093
5,538,320,553
N. D.—Fargo...
S. D.—Aberdeen
—1.8
2,199,591,447
1,914,380,401
Mont.—Billings
361,050,548
+ 1.2
356,937,126
377,817,846
add
now
our
Week
Ended
Inc.
1935
$
Mass.—Boston
Fall
..
River
Lowell
New Bedford..
Springfield
Worcester
Conn.—Hartford.
New Haven
Reserve Dlst rlct-
cities)
Oct.
515,417
+3.5
2,726,268
114,143,182
+0.9
96,780,637
Reserve Dis trlct—Kans
Neb.—Fremont-
623,621
-Boston
597,282
+27.9
+24.3
469,927
1,649,828
—0.3
849 053
657,724
+29.1
461,958
603 390
1,215,052
—50.3
—17.7
225,000,000
827,407
—24.7
415,765
902,994
—17.4
668,473
288,041
763,127
540,699
136,259,478
153,794,682
-11.4
124,345,439
3,196,518
1,783,859
11,453,450
4,560,705
11,436,000
+7.0
+13.7
11,769,300
679,094
—17.7
—8.6
449,667
+2.8
+51.0
cities)
305,696,934
-15.9
Second
Fcder al Reserve D istrlct—New
2,614,206
1,361,989
8,713,586
3,597,152
10,007,000
457,674
2,463,763
2,789,516
100,310,005
3,073 ,320
90,975 ,725
3,020 ,756
Pueblo
470,507
1,258,349
229,195,462
91,128
3,029.023
.
Colo.—Col. Spgs.
1,697,094
268,376,193
—9.5
100,926
—8.3
Mo.—Kan. City.
St. Joseph...
_%
764,089
343,446
817,478
3,420,680
2,028,021
9,428,733
+1.8
—2.9
2,196,274
33,786,928
1,872,972
2,721,495
79,415,256
3,157,803
Wichita
1933
City
123,852
123,217
3,196,767
39,885,763
2,930 ,736
32,750 ,668
1,810 066
....
Kan.—'Topeka
1934
as
126 ,116
119 ,648
Lincoln
17
or
Dec.
Total (12
Total (10 cities)
—17.9
—26.5
+ 10.2
—9.3
741,453
317,795
763,260
2,654,543
Eleventh Fede ral
Texas—Austin
9,289,200
372,857
Ft.
Reserve
District—Da lias—
1,535,385
62,129,921
6,577,233
4,352,000
al,059,969
3,764,170
..
Dallas...
1,353,425
7,650,902
3,396,470
Worth
Galveston
Wichita Falls..
La.—Shreveport-
1,355,910
63,114,349
6,985,834
+13.2
1,090,006
47,932,819
5,364,909
—1.6
—5.8
4,144,000
al,051,756
+5.0
+0.8
3,052,000
3,438,724
+9.5
2,475.494
79,038,817
—0.9
59.915,228
b
York-
N. Y.—Albany..
255,591,003
257,464,223
15.6
17,081,407
986,107
5.2
31,016,784
7,746.808
861,536
26,662,016
664,575
5.?
550,110
Spokane
722,802
676,020
3,086,750,112 3,968,412,713
7,566,103
8,895,350
3,978,265
4,567,565
a2,999,324
a3,156,793
2,837,221
3,321,556
*400,000
350,000
20,651,641
22,214,580
31,189,112
35,245,639
607,047
Jamestown
+6.9
457,470
Yakima
York
Rochester
Syracuse
WestchesterCo.
Conn.—Stamford
J.—Montclalr
Newark
...
Northern N. J.
—11.5
Total (12 cities)
3,199,480,097 4,102,248.053
-22.0
Third Federal
Pa.—Altoona
5,459,111
1,126,329
10,365,118
—47.3
1,334,937
36,200,000
699,401
Elmira
New
257,058,375
38,100,000
Blnghamton...
Buffalo
N.
+3.9
—2.9
115,141,346
.
Tenth Federal
years:
2,109,476
220,914,798
623,268
4,170,003
R. I.—Providence
N. H.—Manch'r.
—6.1
724,173
836,462
3,272,231
Omaha
1936
Portland
2,316,789
63,799,043
24,632,367
2,167,132
—3.4
+15.4
341,754,169
at—
Maine—Bangor—
—11.2
26,188,008
2,807,904
812,290
.
Hastings
F1 rat Federal
eapolis
detailed statement showing last week's
figures for each city separately for the four
Clearings
n n
77,021,017
3,385,183
Total (7
We
b
3,293,387
2,924,251
74,411,375
30,218,828
2,637,034
752,385
Minneapolis
Helena
Canada
b
'
2,705,5/8,006
5,743,103,949
2,656,353,837
+38.4
594,000
+ 15.4
+0.9
114.143.182
149,341,330
27,858,694
b
Quincy
"
"
Minneapolis 7
10th KansasCitylO
11th Dallas
5
38,560,490
Lancaster
a406,613
415,921
Chester
358,755
1,529,014
364,000,000
1,556,524
2,568,299
Philadelphia
Reading
403,024
1,315,977
399,000,000
N. J.—Trenton
1,516,551
3,732,000
1,388,848
3,323,672
1,257,047
1,731,433
7,526,000
Total (9 cities).
376,759,752
416,304,756
Scranton
Wllkes-Barre..
York
Fourth
—12.9
—5.0
—14.6
+ 14.3
—7.0
3,109,909,646 3,623,940,152
6,639,474
3,487,663
al,995,657
3,926,639
422,815
18,728,681
34,656,149
5,282,869
3,554,553
al ,427,266
2,586,522
532,415
965,201
b
59,051,011
91,848,637
12,321,800
1,550,696
Cleveland
Columbus
*
Mansfield
Youngstown..
b
61,000,881
86.678,477
15,799,700
1,330,505
b
Pa.—Pittsburgh
.
132,994,771
b
120,923,650
Calif—Long Bch
Pasadena
271,417,867
San
Grand
—50.4
1,166,763
2,804,202
1,074,128
1,244,986
3,670,000
—9.5
335,479,962
331,368
275,143
b
cities).
297,766,915
285,733,213
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
D. C.—Wash'ton
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jack'nvllle
Ala.—Blrm'ham
.
Mobile.
Miss.—Jackson.
Vicksburg
La.—New Orl'ns.
Total (10 cities)
Francisco.
San Jose
total
244,965
818,602
303,000,000
1,140,658
1,843,541
1,379,228
49,094,527
67,213,611
10,727,400
1,047,332
312,052,222
3,637,953
—11.5
2,634,307
1,523,889
+6.9
+24.6
1,141,745
1,973,438
276,773,527
—1.9
214,311,835
Week
b
+ 16.5
b
b
+ 10.0
93,278,318
+4.2
221,361,188
Winnipeg
—8.4
—8.6
185,067
2,170,000
43,784,353
1,574,194
1,448,329
8.7
1934
I
102,875,764
88,916,081
66.407,690
New Westminster
563,577
231,926
Quebec
1,208,787
Halifax
1,060,104
74,877,591
73,556,663
25,237,450
21,712,086
+ 16.2
61,685,958
15,092,599
1,793,000
31,725,962
1,068,437
47,545,447
13,787,162
150,392,706
149,858,181
+0.4
123,978,081
96,056,295
3,011,265
13,536,011
48,200,000
4,111,363
11,151,850
41,300,000
ti
1.8
Hamilton
Calgary
John
Victoria
2,163,275
3,767,750
4,153,256
316,358
489,520
1,767,010
Regina
Lethbridge
Saskatoon
Moose Jaw
741,507
Brantford
800,232
Fort
556,913
William
Hat...
+3.6
—6.9
—10.6
—0.1
—41.6
—1.8
+ 1.6
—14.9
5,353,336
7,462,455
2,074,818
1,667,029
—6.5
3,718,239
4,170,441
—42.9
5,649,687
—1.9
362,302
$
114,982,414
101,296,670
64,402,528
14,404,201
4,202,341
3,968,937
2,127,447
3,779,127
6,046,443
1,704,148
1,707,353
2,555,605
3,715,641
4,982,962
379,840
1.6
543,403
431,478
—20.3
1,819,760
1,567,462
—11.7
650,993
675,445
—6.0
858,391
—7.8
834,996
601,550
+5.1
472,609
435,834
747,840
381,692
—39.2
296,903
247,603
564,324
654,037
—13.7
640,136
605,486
507,824
556,038
—8.7
518,575
596,589
837,422
2,099,713
1,075,845
—22.2
1,038,213
2,177,403
—3.6
2,125,693
988,974
1,691,496
399,252
721,458
—7.4
379,892
303,628
626,216
—13.2
777,002
519,976
544,686
—4.5
567,336
549,905
428,816
380,968
+ 12.6
415.086
451,506
412,323
—18.9
436,454
360,109
+9.6
+ 19.8
—9.9
1,087,539
1,040,528
1,282,348
12,332,000
22,863,772
—21.4
913,405
11,855,000
664,041
Moncton
10.372.000
Kingston
14,452,314
Chatham
—4.1
—3.4
—4.4
—6.0
b
20,833,409
1,421,613
b
1,140,843
b
269,631
200,742
+34.3
123,436
39,449,931
+4.9
35,601,820
23,521,839
Kitchener
Windsor
Prince Albert
369,746
...
.
Sarnla
334,584
'
Sudbury
'
*
+0.6
136,583,498
Total (32 cities)
673,836
868,705
850,522
+2.1
792,007
569,771
361,050,548
356,937,126
+1.2
377.817,846
341,754,169
179,465
41,375,329
—1.7
—55.6
133,785,024
106,790,024
64,196,933
17,301,103
5,358,980
4,301,716
2.458.310
Sherbrooke
3,707,274
16,520,818
63,900,000
1,761,415
163,665,871
—4.3
+46.4
1933
Peterborough
Reserve Dist rlct—Atlant
164,716,847
15
%
Brandon
6,902,100
136,287
Oct.
or
Dec.
14,859,244
33,065,969
4,005,650
2,227,548
3,875,711
9,707,624
1,625,028
1,498,605
2,543,314
4,030,096
7,276,862
322,544
597,334
2,217,135
839,530
851,345
603,792
536,036
London
+54.5
Ended
5
98,493,930
Edmonton
214,895
5,309,501,093 5,538,320,553
1935
130,214,990
65,259,699
15,392,205
14,697,786
3,730,059
1,990,960
3,872,756
5,668,230
1,497,996
1,523,287
Ottawa
196,073,211
-13.9
S
Vancouver
b
1,501,525
1936
Canada-
63,894,780
81,450,784
805,639
26,036,641
—1.8 2,199,591,447 1,914,380,401
Inc.
42,616,760
#
b
—3.5
13,312,180
2,821,002
2,607,145
124,393,268
Medicine
—22.0
2,808,000
50,118,208
b
+5.4
+2.7
+23.4
+5.3
29,416,383
9,642,000
—6 6
at—
1,020,085
2,330,000
Rlchm ond
1,647,571
+52.3
5,743,103,949 6,673,990,719
Montreal
2,573,000
45,798,414
4,062,094
19,795,464
61,300,000
1,586,364
1,008,475
11,907,000
21,863,287
1,549,203
1,056,485
35,137,552
16,927,598
3,442,929
3,567,205
154,782,486
Outside New York 2,656,353,837
2,705,578,006
Clearings
SCO
—0.3
(109
cities)
Toronto
b
+6.0
Francl
38,846,992
12,877,000
b
St.
Fifth Federal Reserve Dist rlctW. Va.—Hunt'n.
332,057
..
L. City
Total (12 cities)
324,000,000
—3.2
12,027,000
1,609,395
37,033,085
17,376,692
4,247,963
3,227,948,960 3,715,591,426
—8.8
b
Ore —Portland
Utah—S.
38,717,606
Stockton
+ 12.1
—12.4
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
Santa Barbara.
265,751
922,764
—23.2
78,358,709
15,797,572
27,662,466
+ 18.2
+3.3
+ 15.9
+ 16.2
—22.7
cities).
3,755,761
149,344,772
3,218,097
1,629,099
2,458,397
Feder al Reserve D istrlct—Clev eland—
Ohio—Canton
Cincinnati
Total (5
—14.9
Reserve Dist rlct—Phllad
elphia
476,242
a*420,000
Bethlehem
—22.2
543,485
Total (5
107,934,243
«Not included in totals,
b No
clearings available.
* Estimated.
THE
weekly circular of
Co. of London, written under date of
Samuel Montagu &
reported by cable, have been as
as
Sat.,
Mon.,
Tues.,
Wed.,
Oct. 17
'
GOLD
amounted to £248,compared with £247,600,837 on the previous
against notes
Bank of England gold reserve
649,668,
Sept. 30,
on
as
"Wednesday.
bar
of
Purchases
gold
announced
as
:
£10,650.
amounted to
Oct. 19
Oct. 20
the week
by the Bank during
Silver, per
Gold,
p.
oz..
War Loan...
British 4%
Bar N.
shipment to New York.
with the appreciation of the dollar,
now released from its tie to the franc; the past week saw an advance from
140s. 2d. quoted on Sept. 30 to 142s. today, the latter being the highest
U.
for the price to rise
The
States
S.
108%
108
107%
Holiday
117H
117H
117%
announced on
decided to
countries which have revalued their
Oct. 5 that the Italian Government had
principal currencies of the world, by
The new fine gold content
■of the lira is fixed at 4.677 grammes per 100 lire, as compared with"the
7.919 grammes established by the law of Dec. 21, 1927.
The gold reserves of the Bank of Italy will be revalued and the surplus
placed at the disposal of the Treasury, but no Exchange Equalization Fund
bring the lira into line with the other
approximately 41 %.
is to be established.
Quotations during the week:
Y.(for.)
44 %
50.01
44%
44%
44%
44%
44%
50.01
50.01
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
77.57
Treasury
(newly mined)
2
Oct.
3
Oct.
5
Oct.
6
Oct.
7
-
Average
The following
and exports of gold
Sept. 28 to midday on Oct. 5.
registered from midday on
Exports
Imports
West Africa
136,656
—
s.————.
Finland
22,642
Switzerland
2,500
British India
225
Other countries
244,097
Netherlands
103,782
—
42,500
1,004,538
—
10,682
Yugoslavia
10,182
British Guiana
-
Switzerland
19,828
545,938
..
668,245
France
New Zealand
•China
America£5,751,537
Netherlands-
528,373
„
British India.
France
United States of
..£1,753,669
British South Africa
British
1.16d.
0.60d.
0.60d.
0.56d.
O.Old.
11,58d.
12s. 0.42d.
12s.
12s.
12s.
12s.
12s.
lis.
the United Kingdom imports
were
26,479
Other countries
consigned to London.
68,830 fine ounces, as
amounted to
<
for thel month of August 1936
compared with 66,652 fine ounces for
gold output
Rhodesian
The Southern
Oct. 3 carries gold to
which sailed from Bombay on
the value of about £190,000
July 1936 and 61,399 fine ounces
the
announced, but which
dividends previously
yet been paid.
The dividends announced this week are:
Share
of Company
Dec.
Special
American News New
American
American
American
for August 1935.
15 Dec.
1
Dec.
1 Nov. 14a
6
Nov. 16 Nov.
1 Oct. 21
Nov.
Corp
York Corp. vbi-mo.)
Paper Goods Co. (quar.)
Re-Insurance (quar.)
Investment Co. of Illinois $2 pref—
Sumatra Tobacco Co. (quar.)
American Home Products
American
24 Oct. 20
1
15 Dec.
Oct.
(quar.)
American Chicle Co.
Payable of Record
Dec.
(quar.)
American Book Co.
Holders
When
Per
Name
Nov. 16 Oct.
2 Oct.
Nov.
30
20
1
15 Dec.
Dec.
1
Dec. 15 Dec.
5
Nov. 16 Nov.
1 Oct. 15
Nov.
Extra
Apex Electric Mfg. Co. prior preferred—
Atlantic Bankshares, Ltd
Badger Paper Mills, Inc. (resumed)
Bankers & Shippers Insurance ^quar.)
Beacon Mfg. Co. 6% pref. (quar.)
Borland Shoe Stores 7% preferred
7% preferred (quar.).
Blackstone Valley Gas & Electric Co.—
"
6% preferred ^semi-ann.)
Bourjois, Inc., $2M pref. (quar.)
Brewer (C.) & Co., Ltd. (monthly)
23 Oct.
Oct.
15
2
Nov.
Nov. 15 Oct.
2 Oct.
Nov.
31
2 Oct.
25
Nov.
:
i
25
.
1 Nov. 16
Dec.
2
Nov. 16 Nov.
Oct. 25 Oct. 20
Oct. 25 Oct. 20
Extra
Nov. 25 Nov. 20
Monthly
Monthly..
Dec.
Burroughs Adding Machine
Special— —
Dec.
(quar.)
Dec.
1
1 Nov. 10
1 Nov. 10
30
Dec.
5 Oct.
5 Oct.
30
Nov.
1 Oct.
17
Dec.
Co. (quar.)
preferred
6% pref. (quar.)
Campbell, Wyant & Cannon Foundry—
Canada & Dominion Sugar Co. (quar.)
Calaveras Cement Co.
California Water Service
Nov. 14 Oct. 31
7
Nov. 20 Nov.
...
Dec.
Dec.
............
Capital City Products
Castle (A. M.) & Co. (quar.)..
31
2 Dec.
Jan.;
...
Extra...,...——————
24 Dec. 20
Oct.
7% 1st pref. (semi-ann.)_
Extra—
£6,602,113
£4,672,798
The SS. Strathmore
show
have not
Brooklyn Union Gas Co. (quar.)
Bunker Hill & Sullivan Mining Co.
25,206
Venezuela.
bring together all the dividends announced the
week.
Then we follow with a second table in which
we
current
we
In the
tables.
grouped in two separate
are
British Celanese, Ltd..
377,832
..
first
Equivalent Value
of £ Sterling
7
140s. 5Md.
141s.
141s.
141s. Hd.
141s. 7d.
142s.
141s. 2.17d.
1
Oct.
Dividends
,
.
Per Fine
Ounce
Oct.
United
(in cents) in the
price of silver per ounce
the same days has been:
on
currencies.
was
117%
117%
DIVIDENDS
Italy has now joined the
It
85%
107%
Holiday
•quotation since Oct. 7, 1935.
•devaluing to the extent of
142s.2 Hd.
107 %
U. S. Treasury.
The tendency is
19%d.
■
followed the important events of
last week continued.
There were large liquidations of holdings, about
£5,600,000 of bar gold being disposed of at the daily fixing at prices ruling
at or slightly below dollar parity, which enabled gold to be taken for
Oct. 23
19 15-16d.
142s.lHd. 142s. Id.
85%
85 5-16
British 3H%
1960-90—...
..
85%
85%
Consols, 2H%- Holiday
>
19 ll-16d. 19 13-16d.
19 13-16d. 19%d.
fineoz.142s.2Hd. 142s.4Hd. 142s.3Hd.
Fri.,
Thurs.,
Oct. 22
Oct. 21
■
market, the activity which
In the open
securities, &c., at London,
follows the past week:
daily closing quotations for
The
,
Oct. 7 1936:
The
MARKET—PER CABLE
ENGLISH FINANCIAL
SILVER MARKETS
ENGLISH GOLD AND
reprint the following from the
We
2621
Financial Chronicle
143
Volume
Oct.
.
1
1
31 Oct.
27
Nov. 10 Nov.
Nov. 10 Nov.
Nov. 25 Nov.
Prices advanced on a
revival of demand influenced by
the firmness of
the dollar.
there has
been some
support.
At the higher rates China was more willing to sell and further supplies were
made available by profit-taking sales, but offerings were well absorbed, tlTe
Bazaars has been more in evidence and
speculative buying whilst America has also given
Buying by the Indian
market showing more
The demand
moved to
activity during the past week.
being mainly for
premium yesterday,
a
The undertone is
forward, the quotation for that delivery
months*
when the respective cash and two
20 3-16d.
quotations were 20 >4d. and
steady, but prices may
The following were
continue to respond to fluctua¬
the United Kingdom
'egistered from midday on Sept.
imports and exports of silver
28 to midday on Oct. 5:
1 Exports
Imports
£423,080
Hongkong
Fiji
xl6,645
4,400
—-
Egypt
—
27,532
3,860
France
Other countries—
United States of America..£146,195
140,690
9,975
Canada
Germany
9,870
France
5,220
2,050
...
Egypt
£324,032
IN NEW YORK
LONDON
(Per Ounce .999 Fine)
Oz. Std.
2 Mos.
45 cents
Sept. 30
1
19 15-16d.
19 15-16d.
Oct.
1
45 cents
Oct.
2
19 15-16d.
19 15-16d.
Oct.
2
.......45 cents
Oct.
3
20 l-16d.
3
45 cents
5.
20 1-16d.
20 l-16d.
20 1-16d.
Oct.
Oct.
Oct.
5
..45 cents
Oct.
6
45 cents
Oct.
6
20Hd.
Oct.
7
20Hd.
20 3-16d.
20%d.
20.042d.
20.052d.
of exchange on New York recorded during
to Oct. 7 was $4.95% and the lowest $4.8814.
for the month of September:
Statistics
—Bar Silver per
Cash
Highest price
Lowest price
Average.
-
20 1-16d.
19 7-16d.
19.5793d.
Oz. Std.—
2 Mos.
20 l-16d.
19 7-16d.
19.5769d.
the period
Bar Gold
per
Oz. Fine
140s. 9d.
137s. 2%d.
137s. 11.94d.
2 Oct.
Nov. 15 Nov.
15
15
(quar.)
Extra
—
Colgate-Palmoli ve-Peet (quar.)
—
$2 conv pref
Commercial Acceptance 7% pref. -(quar.)
Commercial Discount Co. (Los Angeles)
Connecticut Light & Power Co. 634% pref.—
Columbus Auto Parts
534% preferred (quar,).
>lid
Consolidated Amusement
m
m
^
5
w wwi ■ w w ■»
Inc
Preferred (quar.)
2
Nov. 21
2
Oct.
24
2
Oct.
24
1
Mov.
1234c
h5 Oc
Dec.
6
43?4c
Nov.
4ept. 30
2 Oct. 24
50c
Nov.
2 Oct.
Dec.
1
Dec.
1 Nov. 14
$1%
Oct.
15
24
Nov.
Oct.
20
30c
Nov.
1 Oct.
20
Nov.
2 Sept. 15
20
1 Sep
Oct.
1
28 Oct.
20
Nov. 16 Oct.
31
2 Oct.
27
1
Oct.
Nov.
15 Dec.
Occ.
21 Oct.
M
Co. of Calif, class A
preferred (quar.)
Dec.
$534
Oct.
Nov.
1734c
Co. 7% pref. (quar.) —
Dominguez Oil Fields (monthly)
Dominion Bridge Co. (quar.)
HM
30c
60c
$134
therefor
Oct.
2 Oct.
12
17
15 Sept. 30
15 Sept. 30
Nov. 15 Oct.
31
Oct. 31 Oct.
Nov. 14 Oct.
24
Nov. 16 N olr.
Nov. 16 Nov.
31
2
2
10c
Sulphur Co. (initial)
Eastern Shore Pub. Serv. Co. $634 pref.
$6 preferred (quar.)
Electric Boat Co.
Emerson Drug Co. class A & B (quar.)
Preferred (quar.)
Ex-Cell-0 Aircraft & Tool
—
(qu.) —
pref. (initial)
A (quar.) —
Col (quar.).
Co. (monthly)
Preferred (monthly)
General Box Corp. (initial) .... ..
-.
Genesee Brewing common A & B (quar.).
Gilmore Oil Co.—
Gimbel Bros., Inc. 7% cum. pref..
Greyhound Corp. (quar.)
Gas Securities
(quar.)
Co. 6% preferred
15 Dec.
1
Dec.
15 Dec.
1
50c
Works"(quar.).I."
Freeport Texas Co. (quar.).
Preferred (quar.)
Dec.
234c
Duval Texas
Hamilton Watch
Nov.
2
31
28
Nov.
$1%
7% preferred
Hale Bros. Stores
Oct.
Nov.
30c
*
Gas
Federated Department Stores
Florida Power Corp. 7% pref.
1 Nov.
7
25c
6Mo
Diem & Wing Paper
FalFft/ver
Dec.
Nov. 1C Oct.
Nov.
»—-
Ltd. (quar.)
Cuneo Press,
2
Nov. 16 Nov.
2 Oct. 26
Nov.
30c
*' » f ww nr # »
Consolidated Edlson $5 pref. (quar.)
Consumers Public Service Co. 7% pref
Continental American Life Ins. Co
Corporate Investors,
31
C$134
h8734c
Co. (quar.)
w
Nov. 16 Oct.
10c
10c
_•
>—
— — .
7% preferred (quar.).
Fort Worth Stockyards
The highest rate
Nov.
h$l
Duro-Test Corp. common
Oct.
from Oct. 1
Chile Copper.
Chemical Co
Preferred or deposit receipts
week:
9
3
50c
Dow
value.
Bar Silver per
Average
3734c
$134
(quar.) —
_
Chartered Investors, Inc., $5 pref. (quar.)
Chase (A. W.) Co., Ltd., pref. (quar.)
Chicago Electric Mfg. Co. $2 pref. A——.
Charis Corp.
Cypress Petroleum
2,577
£475,517
Cash
Chain Belt Co
Dallas Power & Light $6
De Vilbiss Co. common
4,285
l
i,-
•
Other countries
IN
$6 preferred
1,480
—-
9
Nov. 16 Oct.
Nov.
2 Oct.
Central Cold Storage
1,690
Hungary
Quotations during the
Power Co. $7 pref.(qu.)
(quar.)
Co. (quar.)
Central Massachusetts Light & Power Co.—
$134
6% preferred (quar.)
[62 %c
Central Arizona Light &
r
Switzerland
Coin at face
Rapids Mfg. & Power (quar.)
'
British India
2
Nov. 25 Nov.
'
Sweden
x
Cedar
Cincinnati Street Ry.
dollar-sterling ^exchange.
tions in the
(quar.)
Caterpillar Tractor Co.
SILVER
2
$1*4
$134
Nov. 15 Oct. 23
1 Nov. 10
Dec.
Dec.
1 Nov. 10
60c
5 Nov. 20a
Nov.
2 Oct.
23
50c
—
Dec.
40c
Jan.
2 Dec.
15
15c
Dec.
1 Nov. 16
45c
Dec.
1 Nov. 16
40c
Nov.
355-12C Oct.
tlX
8734c
3734c
2 Oct.
31 Oct.
27
21
Dec.
1 Nov. 14
Doc.
1 Nov. 14
Nov.
1 Oct.
24
25c
Dec.
1 Nov. 18
$134
134%
Feb.
Nov.
1 Jan.
2 Oct.
50c
Nov.
2 Oct.
5c
1234c
Nov. 16 Nov.
Nov.
1 Oct.
15
15
15
2
24
50c
Oct.
20 Oct.
9
h$5%
Oct.
25 Oct.
Dec.
21 Dec.
15
10
80c
15c
Dec.
1 Nov. 16
$334
Dec.
llNov.
7
'
2622
Financial
When
Per
Name of Company
Share
Hammond Lumbei Co., preferred
Haverty Furniture Cos., Inc
Hawaiian Commercial & Sugar
Hawaii Consol. liy. Ltd., pref. A (quar.)_
h% IA
Oct.
20c
Preferred A
MOc
Hibbard, Spencer, Bartlett & Co, special.
Hoover Ball & Bearing Co. (extra)
Home (Joseph) preferred (quar.)
Houston Lighting & Power $6 pref. (quar.)
7% preferred (quar.)
Income Foundation Fund (quarterly)....
30c
30c
__
Oct.
1
Oct.
Oct.
Nov.
Dec.
Dec.
Dec.
5
Nov. 17
Nov.
Nov.
Nov.
Oct.
15
Dec.
Nov. 14
Nov.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
2
87 Ac
Nov.
Nov.
2
25c
Dec.
40c
Dec.
Jan.
Dec.
3
Nov. 10
Dec. 21
Feb.
Jan.
20
Feb.
Jan.
20
$14
Dec.
Nov. 14
SIX
MA
MA
62 Ac
Dec.
Nov. 14
Dec.
Dec.
15C
Nov.
$1
Dec.
Oct. 21
Nov. 16
Dec.
Dec.
Nov.
2
15
15c
Nov.
2 Oct.
Extra........
Alaska Packers Assoc. (quar.)
Allegheny & western Ry
gtd. (semi-ann )_
Allied Chemical & Dye Corp.. com. (quar.)__—
Allied Kid, $6A preferred (quarterly)
Aloe (A. Sj Co. (quarterly)
Alpha Portland Cement (quarterly)
Alpha Shares, Inc., partic. stock (semi-arm.)
Aluminum Manufacturing, Inc
(quarterly)
7% preferred (quarterly)
]5c
Nov.
2
°>ct.
10
$2
Nov.
2 Oct.
31
83
Jan.
19
Amalgamated Sugar, 5% pref. (initial)
Amerada Corp., common (quar.)
American Baaeries Corp., 7% pref.
Sept. 30
Oct
Nov. 17
30
American Factors Ltd. (monthly)
American Gas & Electric Co., pref.
(quar.)
Home »Toducts
20
Oct.
28
Oct.
American Mfg. Co. preferred (quar.)_
Paper Goods. 7% oref (quar.)
American Reserve Insurance Co.
(extra)
Oct.
26
American
American
Oct.
20
Nov.
Nov.
2
50c
Nov.
Nov.
2
2
31
Nov.
Oct.
22
Nov.
Oct.
16
Nov.
$3 A
$1.10
Oct.
15
Nov. 18
Preferred (annual)
Refining Co
Appleton Co., $7 preferred (quarterly)
7% preferred
Archer-iianieis-Midland Co., pref. (quar.)
Nov.
Nov.
Atlantic Coast Line RR
Nov.
Oct.
Oct.
14
Oct.
Nov.
Oct.
20
26
Nov.
Oct.
24
Nov. 25
Atlas Plywood Corp..
Atlas Powder Co., preferred
Feb.
Jan.
Atlas Tack Co
a%
Dec.
Nov.
Dec.
h$ 2
SIA
Oct.
Oct.
16 Oct.
$2
8% preferred (quar.)
Pennsylvania Sugar Co
Peoples Telephone Co. (Butler, Pa.)—
6% preferred (quar.)
Phillips Packing Co., Inc
31
16| Oct. 31
Nov.
Oct.
50c
"
2
Nov.
50c
Oswego Fals Corp. 8% 1st pref. (quar.)
Nov.
3
24
Oct.
4
10c
Nov.
Oct.
24
50c
Oct.
Oct.
24
.
25c
Pioneer Mill Co., Ltd. (extra)
Plymouth County Electric Co
20c
$1
Plymouth Fund, Inc., class A
lc
50c
75c
(quar.)
Progress Laundry Co. (quar.)
15c
Extra
Public Service Corp. of N. J.
6% pref. (monthly)
_
Rochester Gas & Electric Corp.—
6% preferred C & D (.quar.)
5% preferred E (.initial, quar.)
Rose's 5, 10 & 25 Cent Stores
(quar.)
/
Russell Motor Car Co., Ltd.
7% pref
1
St. Paul Fire & Marine Insurance Co.
(quar.)
St. Louis Screw & Bolt Co.
7% pref
Schmidt Brewing Co.
(initial)
Seaboard Surety Co
Seattle Brewing & Malting Co
15c
50c
-
50c
MX
MA
$2
25c
Dec.
Sovereign Investors, Inc. (increased)
Sterling, Inc., $1^ cum. conv. pref. (quar.)
Superior Portland Cement class A
Light Co. 7% pref. (quar.)
Thompson Joanne Gold Mines. Ltd
Thompson (John R.) (quar.)
Tobacco & Allied Stocks, Inc
Tobacco Products Export
Corp. capital stock
(qu.)__
:
United Investors Realty Corp. A
United States Playing Card Co.
(.quar.)
Extra.
Wehle Brewing Co.
(quar.)
Class B (quar.)
Westchester Fire Insurance (quar.)
Extra
Western Dairies, Inc., $3
pref
West Virginia Pulp &
Paper Co. pref. (quar.)
Weymouth Light & Power Co
Whitaker Paper Co.
(resumed)
Preferred (quar.)
White (S. S.) Dental
Mfg. Co
Winchendon Electric Light & Power Co
Zellers, Ltd., 6% pref. (interim)
Zion's Co-operative Mercantile
Institution.
0
20
Nov,
25c
15c
Oct.
Nov,
$1.12
Oct.
MA
Dec.
MA
Dec.
50c
Nov.
hS2X
MA
h$lA
Nov.
$1
50c
80c
37Ac
27 Ac
12 Ac
$1
15c
MA
20c
10c
7 Ac
25c
25c
25c
Oct.
2 Oct.
2 Oct.
15
Nov.
1 Oct.
20
35c
Feb
1 Jan.
20'
Nov
1
J 5
Nov.
2 Oct.
2
Nov. 10 Oct;
2 Oct.
23
2 Oct.
31 Ac
$1 A
21
let.
Oct.
Nov.
Nov.
20
2
vfov.
2 Oct.
Nov.
2
25c
Oct.
?
25c
Nov.
Nov.
2
let.
10
20c
2 Oct.
10
SI A
Nov.
1
15
Oct.
Oct.
30 Sept. 25
30 Oct.
15
25c
Oct.
30 Oct.
15
87 Ac
(quarterly)
25c
37 Ac
15
Oct.
Oct.
30 Oct.
25c
Nov.
16
Nov.
25c
Vov
IP
Nov.
(quarterly)
25c
25c
(quarterly)
75c
15c
_
Tobacco (quar.)__
37 Ac
6% preferred (quar.)
...
Blue Ridge Corp., opt. $3 conv. pref.
(quar.)
Bon Ami. class \ (quarterly).
Bond & Share Trading Corp., class A
$1 v*
75c
*]
_
25c
6% preferred (quarterly)
37 Ac
$2
$2
75c
Boston Woven Hose & Rubber Co
Special
Bower Roller Bearing Co. (increased)
Nov.
2 Oct.
15
Nov.
2
Oct.
15
Nov.
2 Oct..
Nov. 15 Oct.
Nov. 15 Oct.
31
Oct.
30
>ct.
Dec.
1 Nov.
Oct.
19
Dec.
1 Nov, 21
Nov.
5 Oct.
26
Nov.
5 Oct.
24
let.
25
■
)ct.
Brooklyn Teleg * Messenger Co. (quar.)
Buckeye Steel Casting.
6% preferred (quarterly)
6A% preferred (quarterly)
Buffalo Ankerite Gold Mines, Ltd
Niagara Ar Eastern Pow., 1st
pref
Nov.
17
Oct.
31
Oct.
17
2 Oct.
17
1
2 Oct.
SIA
SIX
Nov.
2 Oct.
20
Nov.
2 Oct.
20
roc
(qu.)
$1 A
Nov. If
Nov.
A
&
R
(qu
2
1 Oct.
Nov.
50c
(quarterly)
Calgary Power Co., pref. (quar.)
California Packing Co. (quarterly)
Camden Fire Insurance Co. (semi-ann.)
Canada Iron Foundries, 6% non-cum. pref
Canada Northern Power Corp
Ltd. (quar.)
Canadian Bronze Co., Ltd., com
Preferred (quar.)
vov
Nov.
SIX
Bullock's, Inc., 5% pref. (quar.)
Burco, Inc. (initial)
C-tlamba 4\igar Estates
com
1
Nov.
25c
I rd
2
Nov. 90
Nov.
40c
'on
SI A
37 Ac
Nov.
50c
Nov.
r$l A
toe
Dec.
let.
six
)
Nov.
Nov.
r$l
>-t
Canadian Investment Fund, ord. shares (quar.)_
Special shares (quarterly)
Canadian Investors Corp. (quarterly)
10c
4c
25
1
15
15
Oct.
15
2 Oct.
15
2
15
1
>ee.
2 Oct.
15
15 Nov. 30
2 Oct.
15
Nov. 15
r25c
ict.
2P
let.
31
■ipnt. 30
2 Oct.
20
2 Oct.
20
3'
-ippt. 30
Nov.
Nov.
6a
Capital Management Corp
35c
Carman & Co., Inc., A
2
50c
Dec.
Carnation Co
7% nreferred (nuar.)
Carolina Power & Light Co., $7 preferred
26
26
7
13
16
Oct.
Sept. 26
21
21
30 Oct. 20
Nov. 16 Nov.
2
Oct.
31 Oct. 15
2 Dec. 21
2 Dec. 21
Nov.
2 Oct. 21
Oct. 31 Oct. 15
Nov. 16
Jan.
Jan.
15 Oct.
Oct.
50c
Bullock Fund, Ltd
Canadian Industries
31
50c
(quar.)
Oct.
2 Oct.
2 Oct.
Nov. 20 Oct.
Nov.
2 Oct.
16
1 Sept. 26
10c
1
50c
Extra
15
15
19
21
75c
Celotex Corp., 5% preferred
Central Hudson Gas & Electric
(quar.)
h$5
Nov. 10 Nov.
20c
Nov.
2
Voting trust certificates tquar.)
Central Illinois Securities, $1 A preferred
Central Mississippi Valley Electric
Property—
6% preferred (quarterly)
■Jept. 30
20c
Nov.
2
3ept.30
15c
Nov.
2 Oct.
Dec.
1
Nqv. 14
1
Oct.
$1 A
87c
$6 preferred
MA
Central Ohio Steel Products
Extra
35c
25c
Central Power & Light, 6% preferred
7% nreferred
Centrifugal Pipe Corp. (quar.)
$1,125
$
.......
Century Ribbon Mills, pref. (quar.)
Cerro de Pasco Copper Corp
Cherry-Burrel) Corp. (quar.)
5% preferred, initial (quar.)
7% nreferred
Preferred (quar.)
...
5
4c
15 Nov. 14
Ton.
2 Oec. 20
Nov.
2 Oct.
10
Nov.
2 Oct.
10
.
75c
5
15
'~>ec.
2 Oct.
Nov.
1 Oct.
Nov. 14 Nov.
Oct. 20 Oct.
Jan.
1 Dec.
Jan.
1 Dec.
9tf
2 Oct.
$1 A
Nov.
31
30 Oct;
Nov.
Ian.
Nov. 16 Nov.
Nov. 16 Nov.
15
Nov.15 Nov. 11
Dec
31 Dec. 24
Apr.
Dec. 15 Dec.
7
Nov. 20 Oct. 31
Nov. 13 Nov.
2
Nov.
2 Oct. 24
Nov.
2 Oct. 23
Nov.
2 Oct. 17
Nov.
2 Oct. 14
Nov. 16 Nov.
5
5
25
26c
$1 A
5
Nov. 16 Oct.
15
23
Nov. 16 Oct. 29
Nov. 25 Nov.
9
Nov. 25 Nov.
9
"i
15 Dec.
15
16
2
Dec.
Apr.
30
17
20
Nov. 16 Nov.
Nov. 30
Nov.
2 Oct.
1 Oct.
2
50c
Extra
Rtiffalo
22
Nov
$1 A
162-3c
•Ian
31
5
let.
Nov.
$1 A
12
24
25
Nov. 16
SIX
21
15
>ct.
30 Dec.? 20
2 Oct. 25
*1 A
Nov.
Oct.
Vov., 2
Dec.
Brooklyn Manhattan Transit, preferred
Preferred (quar.)
2 Oct.
17 Oct.
5
Nov.
2 Oct. 15
Nov. 30 Nov.
6
Oct. 31 Oct.
9
9
Oet. 31 Oct.
Nov.
1 Oct. 20
Broadway Dept. Stores, 7% 1st pref. (quar.)__
1
50c
Oct.
26
1 Nov. 12
1 Nov. 12
1 Oct. 20
2 Oct.
2 Oct.
MA
MA
15
2
30 Oct.
Oet.
30c
15
Nov.
15
Nov.
50c
15
25c
Preferred (quarterly)
Blauner's, Inc. (quarterly).
_.
17
Dec.
16 Oec.
Nov.
2 Oct.
62 Ac
„
2 Oct.
31
Tec.
Nov.
1
Bros
D~\
2 Oct.
25c
$1
MX
Nov.
Briggs Manufacturing Co. (quarterly)
25c
MA
17
23
7
2 Oct.
Nov. 10 Oct.
Nov. 16 Oct.
Oct. 26 Oct.
Oct.
15
2 Oct.
15 Oct.
Nov.
Nov.
2 Oct.
Nov.
$1
S3 A
(quar.)
Extra
Bloch
15
Nov.
35c
K
Best & Co
Blaw-Knox Co.
19 Nov. 20
Dec. 19 Nov. 20
Nov. 16 Oct. 27
14a
>et.
2 Oct.
Nov.
Berghoff Brewing Corp. (quarterly)
20
22
12
$1
Beatty Bros.. Ltd., 6% preferred (.quar.)
Belding lleminway Co. (quar.)
Beneficial Industrial Loan Corp., com.
(quar.).
Common (extra)
Preferred
8
1 Dec.
2
$1 A
j
Birtman Electric Co.
Oct.
Nov.
Nov.
25c
87 Ac
50c
Bangor Hydro-Elect ric Co
Barnsdall Oil Co. (quar.)
20
Dec.
MA
25c
Texas Power &
Nov.
2 Oct.
2 Oct.
Nov. 30 Nov.
Dec. 19 Nov.
Dec. 19 Nov.
Nov.
2
lAc
Stein & Co. A
15; Dec. 15
1
Oct. 15, Oct.
'Nov. 21 Oct.
0
Nov
15c
_
1 Nov. 15
Dec.
I
h75c
50c
50c
35c
50c
Extra opt. stk. div. of l-200th sh. of
6% pf,,or
Southern Natural Gas Co. class A
31
31
Sept. 30 Sept. 27
lAc
Extra
Prentice (G. E.) Mfg. Co.
(quar.)__
Princeton Water Co. (N. J.)
1 Nov. 20
Nov. 12, Oct.
Nov.
2 Oct.
2
Jan.
S2A
Badger Paint & Hardware Stores, Inc., pref
Baker (J. T.) Chemical (resumed)
Preferred series A
Dec.
MA
6% preferred (monthly)
$5 preferred (quar.)
7% preferred (quar.)
8% preferred (quar.)__
Quebec Power Co. (quar.)
Quincy Market & Cold Storage W'house Co.—
5% preferred
Railway & Light Securities pref. A (quar.)
Ray-O-Vac
Republic Investors Finance class A & B pref
Roan Antelope Copper Mines
American shares..
preferred (s.-a.)
Atlantic Macaroni Co., Inc. (quar.)
Atlantic Refining Co.. 4% pref. (quar.)
Atlantic Steel Co., preferred
(semi-ann.)
Dec.
26
Nov.
15
h$ 3 A
IX %
Asbestos Mfg
25c
2
30'
SIX
$1
Irregular dividend
Ontario & Quebec Ry. deb. stock
(semi-ann.)
Ontario Steel Products, preferred
Preferred (quarterly)
Oriental Consol. Mines (quar.)
10 Oct.
six
American Thermos Bottle (quar.)
Anglo-t lanadian Telepnone. 7% pref. (quar.)__
Anheuser Bush
Tnc (quarterly)
50c
_
15
Nov
50c
.__
20c
North American Oil Consolidated
Ohio Finance Co. (special)
Old Dominion Co., irregular dividend
26 Oct.
$7
Smelting &
1st preferred (quarterly)
2nd preferred (quarter!v)
$2
2
26 Oct.
Oct.
25c
40c
50c
1 Nov. 25
Oct.
50c
Nov. 13
Nov. 13
MA.
Dec.
1
10
2.5c
Ship Building Co. (quar.)
Nov.
Dec.
MA
%\Vi
SI A
American
preferred (quar.)
Preferred (quar.)
Associated Telep. Co.. Ltd., $1 A pref. (quar.)__
Atlantic City Electric Co., pref. (quar.)
Dec.
26
25c
5
20
Oct.
26a
>ct.
30 Oct.
2 oc
Oct.
Dec.
Oct.
30c
37 Ac
Preferred (quar.)
American Macnine & Foundry Co
Extra
Oct.
Nov.
1 Nov. 15
1 Nov. 15
16
NOV.
25c
Oct.
Nov.
Nov.
Dec.
20c
Oct.
$2
75c
7 Nov. 26
7 Nov. 26
Dec. 15 Dec.
p$15-62 Nov. 2
75c
Nov.
2 Oct.
Corp
Nov.
Nov.
50c
17
Dec.
SI A
American Hardware Corp. (quar.)
Nov.
75c
15
15c
75c
24
15
Dec.
1
10c
25c
15
31
31 Oct.
Jan.j
SI
$1.04
25c
Oct.
31 Dec.
1 Oct.
Oct.
S3 A
Extra
1
Oct.
15
15
Nov.
$1
20
Oct.
Dec.
MA
12Ac
American Can Co-...common (quar.)___
American Chain Co. (resumed)
Dec.
Nov.
1
31
Dec.
Dec.
Nov.
24 Oct.
Dec.
American
Nov.
Oct.
Nov. 10 Oct.
Dec. 31 Dec.
50c
lc
American Light & Traction (quar.)
37 Ac
hMVi
9
>ct.
25c
2c
Sept. 25
$3
75c
21
5c
Dec.
75c
26
1
American Business Shares, Inc
Extra
Nov.
6
1 Oct.
Nov.
20c
Jan.
50c
Nov.
Nov.
20c
(semi ann.)
American Cities Power & Light, opt. cl. A, pref_
American Envelope Co .7% pref. A
(quar.)
American Equitaole Assurance (quar.)
10
2 Dec.
2 Oct.
50c
5% preferred (initial).
Oct.
2 he
American Box Board (quarterly)
Extra
Oct.
$1X
2
MA
SIX
—
Dec.
50c
(quarterly)
Neptune Meter Co., 8% pref. (quar.)
New England Grain Products Co.
(Me.)
New York Transportation
10
Dec.
Preferred
Twin Coach Co. extra
Nov.
Alaska Juneau Gold Mining (quar.)
Preferred
Nov.
40c
Tradesmens National Bank & Trust Co.
Troxel Mfg. Co. ^.initial)
31
MA.
(quar.)
Security Insurance Co. (quar.)
Selby Shoe Co. (quar.)
Shawinigan Water & Power (quar.)
Soundview Pulp Co
24
SIX
SIX
(extra)
Parker (S. C.) & Co., Inc
21
Nov. 14
Nov. 16
37 Ac
h37 Ac
Preferred
Moore Drop Forging Co., class A__
Morris Plan of R. I. (quarterly)
Nashua & Lowell RR. Corp., com.
(s.-a.)
National Bearing Metals Corp.
National Biscuit Co
Nov.
Dec.
Nov.
21
Oct.
Oct.
Mid-Continent Petroleum
Montreal Light, Heat & Power (quar.)
Moody's Investors Service, pref.
23
23
Alabama Power Co., $5 preferred (quar.)
Nov.
25c
87 Ac
15
2 Oct.
15
15
h$ 1
6% prefeerred (quar.)
Leath & Co., preferred
(quarterly)
Lehigh Coal & Nav. Co. .semi-ann.)
Liggett & Myers Tobacco, com. & com. B (qu.)
Lincoln Service Corp. (Wash., D.C.)
7% preferred (.quar.)
Lord Taylor, 1st preferred
(quar.)
Lycoming Mfg. Co. 8% pref.\qua'r.).
Macy, K. H. & Co. (quarterly)
Manlschewitz (B) & Co. (resumed)
7% preferred (quarterly)
Martel Mills Corp., prer.
(initial quar.)
Marine Bancorporation, fully partic.
(.quar.)
Initial stock (quarterly)
Massachusetts Bonding & Insurance Co.
McVickers (W. B.) Co
Meadville Telep. Co., pref. B (s.-a.)
Common (quarterly)
Merchants Refrigerating Co. 7% pref
Metropolitan Storage & Warehouse (quar.)
let.
2 Oct.
Nov.
24
50c
Preferred
Nov.
Nov.
Oct.
Oct.
15
MA
Lake Superior District Power Co.
7% pf. (qu.)_
1 5c
50c
(quarterly)
Oct.
Oct.
Holders
Payable of Record
SIX
MA
Preferred
Nov.
37 Ao
Kayser (Julias) & Co
Keith (Geo. E.) Co., 7% preferred
Ken-Rad Tube & Lamp, class A
Kentucky Utilities, jr. pref
Junior preferred (quarterly)
Kimberly-Clark Corp. (special)
Kroger Grocery & Baking (quar.)..
6% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)..,:
Lake of the Woods Milling, preferred..
D.) Mfg. Go. (quarterly)
Adams-Millis Corp
Nov.
Nov.
When
Share
23
$1X
hSIX
7% preferred (quar.)
Per
Name of Company
Adams {.?
Oct.
Iron wood & Bessemer Ry. & Light Co.—
Jackson & Curtis Securities, $6 pref
$6 preferred (quarterly)
Jar vis (W. B.) Co. «quarterly)....
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
5
SI A
MA
six
I Ac
2Mc
Extra
we
1936
and not yet paid.
This
nounced this week, these
3
Dec.
Below
Oct. 24,
20
Nov.
15c
SIX
—
Holders
Payable of Record
Chronicle
1.31 A
10c
SIX
...
$1
62 Ac
$1 X
M A
S1A
Nov.
2
20
15
Oct. 15
Oct. 15
Nov.
2 Oct.
15
Nov. 16 Nov.
5
Nov.
1
Nov.
2
Dec.
1
Nov.
2 Oct.
19
Nov.
1
15
15
Oct.
31
Oct.
Nov. 20
Oct.
Oct.
26
Nov.
1
Oct!' 15"
Volume
Financial
143
Payable of Record
Nov. 14 Oct.
25c
Champion Paper & Fibre Co. (quar.)___
6% preferred (quarterly)
Chesapeake <v Oh«» i{v
6H% pref (semi-ann.)
31
General
Chicago Yellow Cab Co. (quarterly)
2 Dec.
Jan.
$3
50c
12 '•<><'
Cincinnati Advertising »>ro<iucts. extra..
Cincinnati Sandusky & Cleveland BR. Co., pref.
Cincinnati Union Terminal Co.—
31
i
1 Nov. 20
Dec.
1
NOV.
)
»ct
i
2 Oct.
Nov.
Dec.
>ct.
26
$1H
Nov.
2 Oct.
20
Dec.
six
Oct.
tec
15 Sept. 30
8
31 Oct.
I Nov. 10
17
16
(quar.).
25c
21
27c
Nov.
2 Oct.
15
50c
$1
Oct.
30 Oct.
10
Oct.
30 Oct.
10
3 t»c
Nov.
)ct.
15
Columbia Gas & Electric Corp. com. (quar.).—
20c
Nov. 15 Oct.
20
6% cum. pref. series A (quar.)
5% cum. pref. (quar.)
5% conv. cum. pref. (quar.)
Columbia Pictures Corp., $29* pref. (quar.) —
Columous Ky. How. <v ot. Co.. 6X% pref. (qu.)
Commercial National Bank & Trust (quar.)
Commodity Corp. (initial)
91X
*1'
Nov. 15 Oct.
20
Nov. 15 Oct.
20
Nov. 15 Oct.
20
.....
—.—
_
2
50c
Nov.
Oct.
Commonwealth Edison Co
$1
Nov.
Oct.
4
c
Nov.
Dec.
25c
Nov.
Oct.
$1
Nov.
(quar.)..
7i87Kc
<1
$2
SI H
37 He
Congress Cigar Co
(quar.)
Connecticut River Power. 6% pref
Consolidated Chemical Industries A & B
Consolidated Cigar, prior preferred
Preferred (quar.)
Consolidated Oil Corp. (quarterly)
Extra
__
six
%\%
(quar.)
15c
25c
__ ___________
(quarterly)
Consolidaied Royalty oil Co
(quar )_
i
Consumers Power Co., $5 preferred (quar.)
6% preferred (quar.)
6.6% preferred (quar.)
7% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly).
—
6-6% preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
—_
$1J*
$5 preferred
14
1
Nov.
Nov.
1 Oct.
2 Oct.
Dec.
1 Nov. 14
15
Nov. 16 Oct.
1
Nov.
2 Oct.
$2
Nov.
2 Oct.
hbi
$1 Va.
25c
Nov.
2 Oct.
13
Nov.
2 Oct.
13
10c
Nov.
2 Oct.
24
5c
Nov.
2 Oct.
24
15
Co
15
Jan.
Dec.
15
Jan.
Dec.
15
Jan.
Dec.
15
50c
Nov.
Oct.
15
50c
Dec.
Nov. 14
50c
55c
Jan.
Dec.
Extra
_
_
_
_
__
______
________
J
_____
15
Nov. 14 Oct.
24a
oct.
31 Oct.
5
Oct.
Oct.
31 Oct.
31 Oct.
5
10
Oct.
31
Oct.
Nov.
2 Oct.
Nov.
2 Oct.
Dec.
10 Dec.
Dec.
10 Dec.
Match
Nov.
15
2c
$6 preferred.....
Eureka Pipe Line Co
Ever Ready Trust Co
2
1
guaranteed (quar.)_
Nov. 25 Nov. 14
NOV.
i
Oct.
10
Nov.
2 Oct.
10
$1.14
$1
Nov.
Oct.
Nov.
Dec.
25c
Oct.
hS 6
Nov.
AS6 60
Nov.
87 He
8<k
Nov.
Dec.
I )ec
Ltd., ord. stk. (interim)
Nov.
it
Nov.
50c
Dec.
$19*
Nov.
2
)ct.
10
26 Oct.
10
2 Oct. 20
1 Nov. 20
31
Oct.
17
2 Oct.
2 Oct.
15
2 Oct.
15
15
10 Nov. 30
1
Nov
30
2 Oct.
15a
17
17
1 Nov. 16
2 Oct. 20
31 Dec
16
2 Oct.
2 Oct.
First National
Bank
First National
Bank (Toms River, N.
(N. Y.)
_
10
20
10c
Nov.
2 Oct.
15
$1^
Nov.
2 Oct.
15
91 X
Nov,
$1H
91X
Nov.
(quarterly)
J.) (qu.)_
-
guaranteed (quarterly)
'
Department Stores (quar.)
Keith (G. E.) Co.. 7% pieferred..
Kellogg Switchboard & Supply Co. (quar.)
Preferred
.steel
v
v\ jre
ts.)
23
New
31
Nov.
17
17
5
Nov.
Oct.
3
Nov.
Oct.
3
Nov.
Oct.
15
Nov.
Oct-
15
Oct.
Nov.
Oct.
20
Nov.
Oct.
20
Nov.
Dec.
Oct.
31
5
Oct.
16
Nov.
Oct.
11
Nov.
Oct.
15
Dec.
Nov. 25
Dec. 31 Dec. 21
Nov.
Oct.
20
Nov.
Oct.
20
Nov.
Oct.
20
Oct.
Oct.
10
Nov.
Oct.
25
Oct.
Oct.
12
Oct.
Oct.
12
$1 X
Oct
Oct.
12
Nov.
Nov.
Dec.
Nov. 10a
5
NOV
Oct.
15
Nov.
Oct.
26
Dec.
14
Oct.
20
Feb.
Jan.
20
Oct.
15
Oct.
15
pref. (quar.)__
Nov.
Oct.
20
25c
Nov.
Oct.
20
25c
Nov.
Oct.
20
Nov.
Oct.
20
Dec.
Dec. 23
Nov.
Oct.
91X
$19*
37 He
15
20
Jan.
20
Lawbeck Corp., 6% pref. A
2 Oct.
20
Lenigh
62 He
$1 X
Nov.
2 Oct.
15
Nov.
2 Oct.
15
SIX
Nov.
2 Oct
15
Lerner Stores
30c
Nov.
1
Oct.
15
Leslie-Calif. Salt Co., extra
$1 9*
7fir
Nov.
2 Oct.
16
Lexington Utilities.
Nov.
$19*
19*%
Dec.
Dec.
Nov.
Oct.
15
25c
Nov.
Nov
10
$1H
Nov.
Oct.
20
25c
Nov.
Oct.
14
50c
Nov.
Oct.
14
Nov.
(quar.)
Extra
preferred (quar.)
20
6H% preferred
(quarterly)
5
5
Nov.
Oct.
Oct.
75c
Oct.
Oct.
16
h$ 4
Nov.
Oct.
31
SIX
Nov.
Oct
31
_______
,
Nov.
-
Portland Cement Co
Leonard (C. T.) Co
25c
10c
26
2 Oct.
Corp
Dec.
Nov.
Oct.
preferred (quar.)
29 Oct.
preferred
Nov.
Nov.
Oct.
Preferred (quarterly)
6H%
20
Nov.
Oct.
A preferred (quar.)__
Kroger Grocery & Baking Co.. 7% pref. (quar.)
Landers, Frary & Clark (quarterly)
Landis Machine Co iquar.)
Lane Bryant, Inc., 7%
Lansing Co. (quarterly)
20
Dec.
Oct.
Kroehler Mfg. Co.. class
26
Oct
Oct.
20c
H.), new (quarterly)
(extra)
29 Oct.
1
23
Oct.
Nov.
12Hc
91X
Preferred (quarterly)
Nov.
Oct.
Nov.
12Hc
Kress (S.
23
Nov.
......
Nov.
(quar.)_
.
Nov. 16 Oct.
Nov. 16 Oct.
Nov.
_
23
15c
Rubber Co
5c
Rayon Corp., $2H pref. (quar.)__
stk. (s.-a.)
Freeport Texas Co.
preferred (quar.)
Froedtert Grain & Malt Co.. pref (quar.)_
Frost Steel & Wire, 7% iRt pref. (quar.)
Gardner-Denver Go
pref (quar ).
11
Dec. 31
25c
Extra
25c
Franklin Teleg. Co., 2H% gtd.
Oct.
15
$19*
$19*
Preferred (quar.)
Preferred (quar.)
12Hc
Franklin
15
Oct.
$20
Kings County Trust (quar.)__
Klein (D. Emil) Co. (quar.)
Franklin Fire Insurance Co. (quar.)
Extra
1 Oct.
Nov.
,-»! »i
Co
Kokomo Water Works Co., 6%
1 Nov. 16
15
Nov.
,
40c
—
15
Dec.
2 Oct.
1 Oct.
,
25c
pref. (quar.)
partic. pref. (quar.)
1 Oct.
Oct.
Oct.
.
SIX
SIX
(quar.)
Nov.
25c
.
h$ 1
10c
Extra
Klemert (1
25c
.
,
$1H
Kaufmann
Knickerbocker Insurance Co. (N. Y.)
15
31
,
25c
16
23
20
,
Nov.
Louis & Chicago RR., 6% pref
19
Tec
Oct.
.
50c
'
Extra
Kansas City St.
20
I
Oct.
Nov.
.
1 Oct.
Nov. 16
1
1
Nov. 16 Oct.
_
Nov.
;an.
20
26
20
31 Oct.
Jan.
Co. ,'pref, (quar.) _____ ~$1M
*1*4International JNjekei Co.r pref. (quar.)
8%c
International Nickel of Canada 7% pref. (qu.)_.
50c
International Printing Ink (quar.)
*1 H
Preferred (qu »r )
.
h91X
International Utilities Corp., $7 pref
A87Hc
$3H preferred
U6A
Interstate Department Stores, pref. (quar.)_._
50c
Interstate Hosiery Mills. Inc. (quar.)
25c
Iron Fireman Mfg. (quar.)
/i20c
ironrite Ironer Co., 8% preferred
$1 H
Jamaica Water Supnlv Co 7 H % P^ef
25c
Jantzen Knitting Mills (quar.)
5% preferred (initial quarterly)
Kalamazoo Vegetable Parchment Co. (quar.)—
Joe
Kalamazoo Stove Co. (quar.)
»ct.
Dec.
26 Oct.
,
20c
International" Harvester
30 Oct.
15c
.
Oct.
20c
Extra
Florshcim Shoe Co., class A (extra)
Class B (extra)
___
-
Nov
24
20
15
Oct.
2 Dec.
Dec. 31 Oec.
Jan.
2 Dec
Oct.
Oct.
Oct.
Jan.
26
1
Apr.
$1 H
$1
$25
87 v^c
Oct.
Nov.
$1
50c
First National Bank of Chicago (quar.)
First National Bank of Jersey City, quarterly.
15
15
2 Oct.
Nov.
17 He
75c
Extra
15
2 Oct.
$2
(quarterly).
25c
Fire Association (Phila.) (semi-ann.).
15
2 Oct.
13
Kevstoue
26
2 Oct.
1 Oct.
Kendall Co. cum.
30 Oct.
15
2
Nov.
Nov.
60c
Fidelity & Deposit Co. (quar.)
Fidelity Fund (quarterly)
Fiduciary Trust Co. (N. Y.) (initial)
Oct.
Nov.
25c
1
15
10
19
19
31
2
15
3 Oct.
Nov.
Oct.
Apr.
1
10
16 Oct.,
3 Oct.
$1
Kelvinator of Canada, 7%
1 Oct.
29 Oct.
16 Oct.
Nov
Nov.
Nov.
Y ) (quar.)
2
Nov.
Nov
1%
1%
KP
75c
F. E. D. Corp. (liquidating).
Fibreboard Prodtirt*
6% pref. (quarterly)
12 He
1
.
50 c
Fishman (M. H.) Co. (quarterly
Extra
12 He
Nov.
Hardurt Co. (in
Dec.
$1.60 Oct.
15
1 Nov. 14
50c
ol
Jan.
Jan.
62 He
m
2 Oct.
Dec.
2 Oct.
50c
...
17
Nov.
Nov.
$2H
Federal Knitting Mills (quarterly)
Federal Mogul Corp
Dec.
24
4Uc
SIX
...
.
Oec.
Nov. 16 Oct.
$2H
Quarterly
23
Nov.20
50c
Oct.
Oct.
23
30 Oct.
Nov. 27
50c
20
6
2-
30 Oct.
Oct.
UX
pref. (quar.)
$7 junior preferred (quarterly)
Imperial Chemical Industries—
American deposit rets for ordinary regis______
Imperial Life Assurance of Canada (quar.)
Indiana Pipe Line Co
Dec
Oct
Oct.
10c
Illinois Northern Utilities, 6%
19
Nov. 14
Nov.
,
10c
loc
6% pref. ,quar.)
Sept. 15
$2
Deferred shares (interim)
Faber, Coe & Gregg, Inc. (quar.)
7% preferred (quar.)
FansteeJ Metallurgical Corp. $5 pref
(quar.)..
Farmers & Traders Life Insurance (quar.)
Extra
Nov. 20
5
24
30c
Hutchinson Sugar Plantation Co. (monthly)
Idaho Power Co., 7% pref. (quar.)_
Nov. 15
Dec
24
Nov. 16 Oct.
$1^
Preferred 'final*
Dec
SIX
Si H
Guaranteed bHiterment (quar.)
___
11
Nov. 16 Nov.
'2
Nov. 16 Oct.
$1
(quar.)___
Hussmann-Ligonier Co. (quarterly)
20
24 Oct._ 10
Dec. ~1 Nov. 14
Nov.
2 Get. 16
31
Nov.
Nov
Horn
Oct.
Oct.
Nov. 14
75c
Humberstone Shoe Co., Ltd.
Dec
31
Nov. 14
25c
20
Jan
Nov. 14 Oct.
25c
Hormel (Geo. A.) Co. (quar.)
Class A preferred (quar.)
22
5*7 20
:
Erie & Pittsburgh RR., 7%
25e
30c
25
Nov.
21
Herders, inc. (quar.)
Extra..
Oct.
Dec.
Oct.
30
Nov.
Jan.
31
Oct.
Nov.
Dec.
Oct.
Nov. 10 Oct.
17
Oct.
21
$1 Va
____
_ _
31 Oct.
25c
__
Oct.
15c
Oct.
Oct.
Nov
25c
RR. (semi-ann.)
Empire & Bay State Teleg. 4% gtd. (quar.)
Employers Group Assoc. (quar .).
___
Engineers Public Service Co., $5 preferred
$5H preferred
16
16
25c
—_____________
Nov.
Oct.
$1.40
Utilities
2 Oct.
b()c
_
20
2.->c
$5 preferred (quarterly)
Electric Household
Nov.
10c
_
Oct.
50c
Elmira & Williamsport
2 Oct.
Honolulu Plantation (monthly)
Honolulu Sugar Co. (monthly)
Nov.
15
extra
Nov.
2%
15
Oct.
Si
Stores,
15
h$i H
Co. (monthly)
20
Nov
$2
Edison Electric illuminating Co. of Boston, (qu.)
Electric Bond & Share Co., $6 pref. (quar.)
15
2 Oct.
Homes cake Mining
Extra.
Dec
Duquesne Brewing Co. (extra)
____
2 Oct.
N. Y. (quar.)
23
Dec
Nov. 15
1
Oec.
Nov
Nov.
Nov.
Oct.
Nov.
1 Nov. 14
Dec.
75c
Oct.
Nov.
Eastern steel Products, Ltd
Corp_____
20
4
hxHc
68 3Ac
(quar.)
International Cigar Machinery Co__
(resumed)._______
31 Oct.
i
2 Oct.
$1H
East Mahoning Ri<
Co. (semi-annual)
Eaton Mfg Co. (quar.)
Oct.
_____________
Nov.
15C
'
14
25c
$1M
h$6yi
__
Nov.
25c
Debenture stock (quar.)
30 Oct.
Extra.
31
!.)&Co.—
Economy Grocery Stores
_
Nov.
50c
__
Oct.
_______—.—
Preferred (quar )_
Home Insurance Co.,
31
25c
Driver-Harris Co.
Extra.
>ot.
Nov. 16 Oct.
36c
.....
pref. (quar.)__
Dow Drug Co
Du Pont de Nemours (E
Bros.
>
Nov. 16 Oct.
$2
Jan.
2 Dec.
20c
$2
62 He
3%
...
24
xw5%
Extra
10a
31
25c
(quarterly)
24
31 Oct.
(A.) & Son. (quarterly)
Extra
1
IS
Diamond
__
— _____
Fxtra
15
20c
Doctor Pepper Co. (quar
Domestic Finance Corp., $2 cum.
31 Oct.
Oct.
'
1
10c
Hillsdale & South Western RR
Oct.
Holly Sugar Corp. (quar.)
Nov.
3H%
7% preferred (semi-annual)
SI H
Cumberland County Power & Lt. Co., pref. (qu.)
SIX
Davenport Water Co. 6% pref
55c
De Mets, Inc., preferred
Dennison Manufacturing Co., deb. stock
Dentist's Supply Co of New York (quar )__...
7% preferred (quar.)
Denver Union Stockyards. 5H% pref. <quar.)_. $1.37 H
e2H%
Deposited Bank Shares of N. Y. (semi-ann.)
s2 H %
Deposited Insurance Shares, ser A& B
Detroit
15
Hollinger Consolidated Gold Mines
5
69c
Cudahy Packing Co., com. (quar.)
6% preferred (semi-annual)
Hollander
23
25c
Crow's Nest Pass Coal Co., Ltd
_
15
30c
Corp., cl. A (quar.)_
15
Oct.
Monthly.
Hinde & Dauch Paper Co., 6% pref. (quar.)
Hires (Chas. E.) Co., com. class A (quar.)
10
Nov. 30 Nov
75c
__—____—__'—
Oct.
1
Monthly
20c
Crown Cork & Seal Co. (quar.)
_
Extra___—______
24a
15c
Gold Mining & Milling (qu.)
——
15
Nov. 14 Oct.
$19*
—
Extra
Jan.
25c
Extra
Crown Cork International
Dec.
55e
25c
Cresson Consul
l
Nov.
10c
55c
—
Nov.
Hershey Chocolate Corp. (quarterly)
Preferred (quarterly)
Hibbard, Spencer, Bartlett & Co.. (mo.)
Nov. 14
3
Nov. 14 Nov.
Hercules Powder Co., pref. (quar )
15
10
20
80c
Light Co. (quarterly)
Brewing (quarterly)
■
20
Nov. 14 Nov.
20c
___
Heileman (G.)
Extra
20
Dec.
Hoc
6H% Pref. (quar.)
Hawaiian Pineapple Co. (quarterly)
•
Oct.
$1 H
(quar.)
I,.) Co. (quar.)
Hartford Times, Inc., 5X% Pfef.
Hat U.-rp of America
6H% Pref
1 Nov. 16
Dec.
(H.
Hart-i arter. pref
Hartford Electric
15
Nov, 16 Oct.
Jan.
-
1
Jan.
75c
7% preferred (quarterly)
Copper weld Steel (quar.)
Corn Exchange Bank Trust quar.)
Corcoran-Brown Lamp Co., preferred-Crandall. McKenzie <& Henderson, Inc
Creamery Package Mfg Co
31
15C
Preferred (.quar.)
Handley Page. Ltd.—
Amer. dep. rec. partic. pref. (interim)
Hanna (M. A.) Co
Preferred (quar.)
15
5c
Extra
15 Dec.
Nov.
6uc
,
Dust Corp
25c
Coon (W. B.) Co
Edison
25
Nov. 16
Dec.
SIX
$m
$1 65
$13*
Extra
Jan.
15
15
Continental Oil Co., Delaware
15
*4 H
Preferred (quar.)
Halle Bros. Co
Oct.
Oct.
20
Green
2 Dec.
1
30 Oct.
30 Oct.
Great Western Electro-Chemical
Nov.
Nov.
$2H
$1 kO
Hosiery Co., Inc., 7% pref
7% preferred (quarterly)
Great Lakes Dredge & Dock (quar.)
Great Lakes Engineering Works (quar.)
Oct.
Continental Can Co., Inc. (quar.)
$1 H
Gotham Silk
Oct.
_
15
Oct.
31
Dec.
Oct.
12Hc
12Hc
20
Dec.
1
Oct.
20
31 Oct.
2
Nov.
Oct.
Oct.
31
5
Nov, 15 Nov.
2
Nov. 15 Oct.
Dec
10
2 Oct.
/i$3
Extra
Oct.
2 Oct.
Nov.
2."
14
Community Public Service
Special
—______——
Concord Gas Co., 7% preferred
Confederation Life Association (quar.)
31
Nov.
Oct
Goodall Worsted
15
Commonwealth Investment Co. (Del.)
Nov. 15 Oct.
Globe Wernecke Co., pref. (quar.)
23
9
Tec.
Nov. 30 Nov. 16
7oc
$1H
Extra
sin
Tan
45c
2F
Gold
15
<Jct.
2
19
Feb.
1
1 May 22
•^ept. 25
Nov. 16 Oct. 26
>et.
50c
Stockyards
Preferred (quarterly)
Georgia RR. & Banking Co. (quar.)
Gillette safety Razor
»5 pref. iquar.)
Gimbel Bros. SB preferred (new).
Globe & Republic Insurance Co. (quar.)
Nov.
Mar.
$1H
General
4
Nov. 16 Nov.
1 Nov. 22
June
37 He
General Mills, Inc. (quarterly)
General Motors Co., $5 preferred (quar.)
General Outdoor Advertising, Inc., pref
2 Oct.
Extra
.
Oct.
(quarterlv)
±
General Foods Corp. (quarterly)
General Investment Corp., $3 pref. ser. A (s.-a.)
General Metals Corp. (quar.)
19
Nov.
Jan.
44
2
2 Oct.
v
Preferred
$1 Va
S1H
Nov.
Nov.
Dec.
24
Nov.
IncA
17
2 Oct.
Nov.
$1
91X
91K
$1H
Extra
General Cigar Co., Inc. (quar.).
J referred
(quar.)
Preferred (quar.).
87 H'
25c
Trust.
15c
Baking (quarterly)
10c
15
Dec.
'an.
$1H
5% preferred (quar.)
City Biking. preferred (quarterly)
'______
City Water of Chattanooga 6% pref. (quar.)
Clark Controller Co. (special)
Cleveland Cincinnati Chicago & St. L. By., pref.
Cleveland * Pittsburgh Hv reg. gtd. (quar.)__
Cluett. Peabody & Co.. Inc
Coast Breweries. Ltd. (quar.)
Coca-Cola Bottling Co. (St. Louis, Mo.) (quar.)
ve
Payable of Record
General Electric Co.
91X
.
Collect!
Share
Name of Company
Holders
When
Per
Holders
When
Per
Share
Name of Company
2623
Chronicle
91 H
15
Financial
2624
Per
| Share
Name of Company
30c
Lincoln National Life Insurance (quar.)
87 He
Lincoln Printing Co
peferred (quar.)..
—
Lincoln Telep. & Teleg. Co.. 6% pref. (quar.)..
Link Belt Co. (quar.)
.
Extra
$iy
30c
15c
——
%IH
Preferred (quar.)
Nov.
Oct.
27
Nov.
Oct.
19
Nov. 10 Oct. 31
Dec.
Nov. 16
Dec.
Nov. 16
Jan.
Dec.
15
Oct.
10
16a
Jan.
1
Dec.
18a
Philadelphia Co. (quarterly)
Nov.
2 Oct.
Lock Joint Pipe
Locke Steel Chain Co., common (quar.)
$1
20c
Oct.
31
Lock-Joint Pipe Co. 8% preferred (quar.).....
Loew's Boston Theatres Co. (quar.)
15c
41^
$1.62
50c
common
41 H
5% preferred (quar.)
$2
Lord & Taylor. 2d preferred (quar.).—.Los Angeles Gas & Electric Corp 6% pref
Louisiana Power & Light, $6 pref. (quar.)
41 ^
41y
3c
Lucky Tiger Combination Gold Mining Co
25c
Ludlum Steel Co.
$1H
Lumber mans Insurance (semi-ann.)
Lunkenheimer Co..
referred (quar.)
91H
5c
Macassa Mines, Ltd..
«1H
Magnin (I.) & Co., $6 preferred (quar.)
Manoning Coal RK. (quar.)
Marconi
international
$6.25
1
2 Dec.
2 Oct.
31
Nov. 14 Oct.
28
Nov.
Oct
Nov.
(interim)
x
v2Y%
$1.17
75c
Mayfair Investment Co., Los Angeles (quar.)..
41
41 Yi
Extra
Maytag Co., 1st preferred (quar.)
Cumulative preference (quar.)
McCall Corp., common (quar.)
McClatchy Newspapers, 7% pref (quar.)
McCrory Stores Corp., 6% pref. (quar.)
75c
50c
17
NOV. IK (>rt.
Nov.
2 Oct.
Oct. 31 Oct.
31
16
20
Nov. 16 Nov.
Nov. 16 Oct.
Jan.
2 Dec.
2
22
21
2 Oct. 15
Nov. 16
Nov. 1
Nov. 2 Oct. 15
Nov.
26 Oct.
Oct.
Oot.
1
15
2 Oct.
15
2
50c
25c
Nov.
41 Y
i
Extra
50c
Dec.
20c
Nov.
1
Oct.
10
41 Y
5c
41 Y\
Nov.
1
Oct.
10
30 Oct.
20
Nov.
1
Oct.
17
41.125
Nov.
1
Oct.
17
7 He
Nov.
1
Oct.
17
Dec.
28
Mclntyre Porcupine Mines (quarterly)
(initial)
McLeilan Stores Co.
Preferred (quarterly)
Gold Mines..
Melville Shoe Corp., common (quar.)
Convertible preferred (quarterly)...
2nd preferred (quarterly)...
Mercantile Trust & Saving Bank (Chic.) quar.
Merchants & Mfg. Fire Insurance (quar.)
Oct.
.
30'Oct.
Nov. 16 Oct.
20
30
41
25c
Nov.
2 Oct.
20
Nov.
Oct.
21
Nov.
Oct.
15
Oct.
15
Extra
15
31
.20 Nov.
.
.
50c
Mohawk Hudson Power, 47 preferred
Monmouth Consol. Water, $7 pref. (quar.),
.
Montgomery (H. A.) Co. (quar.)
Quarterly
Quarterly
Montgomery & Erie Ry. (semi-annual)
Montreal Lt., Heat & Power Consol. (quar.)
Moore (Tom) Distillery Co. (quar.)
.
25c
25c
.
17 He
r37c
.
123^c
Extra
.
5c
.
91Y
90c
Mortgage Corp. of Nova Scotia (quar.)
Mountain Fuel Supply
Muskogee Co., 6% cumul. pref. (quar.)
Mutual Chemical Co of Am. 6% pref. (quar.)—
Nash Motors (quarterly)
.
42
41
41 H
25c
.
—_
.
.
,
.
,
,
17
2 Oct.
20
1 Oct.
10
14 Oct.
31
2 Oct.
15
2 Oct,
16
26
31 Oct.- 24
2 Oct. 16
15
2 Sept. 30
1 Nov. 16
Preferred (quarterly)
,
Oct.
16
Oct.
16
20
2 Oct.
Co., preferred
New York Air Brake.
New York Auctions Co. (resumed)
New York Fire Insurance Co.
(quar.)
Extra
1
10 Oct.
New River
22
2 Oct.
2 Oct.
22
15
1 Nov. 12
29 Oct.
30 Oct.
Co._III
22
20
30 Oct.
New York & Honduras Rosario
Mining
Extra
20
30 Oct.
20
30 Oct.
___________
Nineteen Hundred Corp.. class A
(quar.)
Norfolk & Western,
preferred (quar.)
North American Edison Co.. pref
«quar.)
North Oklahoma Gas Co., 6% pref.
1 Oct.
31
III
,
,
III
6% preferred (monthly)
5% preferred (monthly)
Ohio Steel Products, increased
,
,
.
__
.
Extra
.
Olympic Forest Products Co., $8 preferred
Ontario
.
.
.
Oct.
10
12
2 Oct.
14 Nov.
14 Nov.
24
6
6
24 Sept. 30
2 Oct. 15
2 Oct.
2 Oct.
1 Oct.
1
Oct.
15
15
15
15
1 Nov. 20
30 Nov. 20
2 Oct. 21
2 Oct. 21
2 Oct.
21
.
2 Oct.
21
.
*
15 Oct.
30
.
•.
(quarterly)
Paauhau Sugar Plantation Co. (monthly)
Pacific American Fisheries, Inc., 6% pref.
(qu.).
Pacific Gas & Electric, 6% pref. (quar.)
31
1 Nov, 21
2 Oct. 15
Extra
Ohio Brass Co. (quar.)
Ohio Public Service Co., 7% pref.
(monthly)
31
10 Nov. 27
Norcnern RR. Co. of N. J., 4% gtd.
(quar.)..__
Northwest Engineering Co
Oahu Sugar
20
1 Nov. ] 6
1 Nov. 15
(quar.)
North River Insurance (quar.)
i
Northern New York Utilities, 7% 1st
pref. (qu.)
Northern RR. of N. H. (quarterly)
Noyes (Chas. F.) Co., Inc., pref. (quar.)
20
14 Oct.
19 Oct.
ZZZZZ
20
2 Oct.
2 Oct.
New Vopk Merchandise
(quarterly)
Extra.
.
15 Nov. 30
5 Oct. 15
1 Oct.
15
.16 Oct.
31
.
.16 Oct.
31
16 Oct.
20
16 Oct.
20
1 Oct.
17
17
.
Extra
.
24
1
,
.
New Process Co. (quarterly)
6% preferred
2 Oct.
2 Oct.
Newberry (J. J.) Co., 6% pref. A (quar.)
Newberry (J. J.) Realty, 5Y% pret. A (quar.)
6% preferred B (quar.)
New Jersey Zinc Co. (quar.)
Pacific Power & Light, 7% preferred
15
r 2 Sent. 29
37 Yc
13'Ac
(quarterly)
5Y% preferred (quarterly)
Pacific Lighting Corp., com. (quar.)
10
2 Oct.
2
1 Oct.
.
Nevada-California Electric 7% pref. (quar.)
Manufacturing (extra)
Outlet Co., common (quarterly)
Common (extra)
First preferred (quarterly)
Second preferred (quarterly)
Owens Illinois Glass Co
2 Jan,
3 Oct.
28 Dec.
25c
37 Hie
*1 Y
...
31 Sept. 30
2 Oct. 20
2 Oct. 20
1 Nov. 16
91Y
91Y
50c
National Tea Co., preferred (quar.)
30 June 15
10 Oct. 31
1 Nov. 14
41 ^
15c
National Power & Light Co. (quar.;.—
46 preferred (quar.;
National Steel Corp. (quarterly)
24 Dec. 14
Mar. 15
31
1 Nov. 26
.
41 Y
...
21
.
25c
Moore (Wm. R.) Dry Goods (quar.)
Morrell (John) & Co
Morris & Essex Extension RR. (semi-ann.)
Morris Plan Insurance Society (quar.)
16
2 Oct. 15
2
.16 Nov.
2 Oct. 12
41M
41M
41 y*
Montana Power. 46 pref. (quar.)
4
4
.20 Nov.
2 Oct. 20
1 Oct. 15
31 Oct.
2 Oct.
.
liOct.
55c
Oct.
Nov.
5
5
20
55c
Dec.
Nov. 20
Nov.
Oct.
Oct.
16
Nov.
Oct.
Oct.
1
91Y
45c
Nov.
Oct.
$1^
Nov.
Oct.
10
10
Nov.
1
Oct.
20
Jan.
15c
41H
41H
Dec.
31
Nov.
Oct.
22
Jan.
Dec.
10
Jan.
Dec.
10
Dec.
1
Nov. 20
Nov.
20c
Richmond Fredericksburg & Potomac RR—
7% guaranteed (semi-ann.)
6% guaranteed (semi-ann.).
Richmond Insurance Co. of N. Y. (quar.)
25c
Nov. 20
37 Yc
§3 cumulative preferred
2 Oct.
Nov.
2 Oct.
20
Nov. 14 Oct.
Nov. 2 Oct.
23
Jan.
2 Dec.
21
Oct.
Oct.
Oct.
15
20
24
Nov.
Nov.
Nov.
Oct.
15
15
Oct.
1
Nov.
Oct.
15
Nov.
Oct.
15
Nov.
Oct.
15
Nov.
Oct.
Nov.
Nov.
24
Nov.
2
Oct. 15
Dec.
Nov.
Nov. 20
Oct. 24
Dec.
1
Dec.
Nov.
Oct.
20
Nov.
Nov.
Nov.
Oct.
20
Oct.
20
Oct.
20
Nov.
Oct.
15
Nov.
Oct.
22
Nov.
Oct.
22
NoVi
Nov.
Oct.
Oct.
15
41
Nov.
i
10c
50c
Extra
Class A (quarterly)
Minnesota Valley Can Co., 7% preferred—
Mississippi Power & Light, $6 pref
Missouri Portland Cement (increased)—.
Modine Mfg. Co
Nov.
Nov.
Dec.
91Y
37 Yc
R. I. Public Service Co., pref. (quar.)
Oct.
31
Nov.
Nov.
*
20
Nov.
12c
.
30 Oct.
y
$ 1.16 2-3
37 Yc
12Yc
h$lH
41H
23
6Kc
_
31
41
21
Oct.
,
Dec.
41H
41y
6
Nov.
Oct.
Dec.
91Y
58 l-3c
7% preferred (monthly)
50c
6% preferred (monthly)
412-3c
5% preferred (monthly)
Public Service Corp. of N. J., 6% pref. (mo.)..
50c
Public Service Corp. of N. 111. (quar.)
50c
6% preferred (quarterly)
91Y
7% preferred (quarterly)
41H
37 Yc
Pullman, Inc. (quarterly)
Quaker Oats Co. 6% preferred (quar.)
91 Y
3c
Quarterly Income Shares, Inc. (quar.)
Rainer Pulp & Paper Co., $2 cl. A & B. (quar.).
50c
Randall Co. class A (quar.)
50c
Rapid Electrotype (quarterly)
60c
Rath Packing Co
50c
Raymond Concrete Pile (resumed)...
25c
h$ 3H
3 cumul. preferred (quarterly)
75c
50c
Reading Co. (quarterly)
Reliance Mfg. Co. (111.) quarterly
15c
Oct.
Oct.
41
Extra
National Automotive Fibres class A
National Casket Co. (semi ann.)
National Distillers Corp. (quar.).
National Lead Co., Class B pref. (quar.)
6% preferred (quar.)
10c
10c
50c
Mergenthaler Linotype Co
Metal & Tnermit (quarterly)
Metropolitan Industrial, certificates (quar.)
Michigan Public Service 7 % pref
6% preferred
Milwaukee Electric Ry. & Light Co.—
6% preferred (quarterly)
Minneapolis Gas Light, (Del.), 7% pref-Minneapolis-Honeywell-Regulator (quar.)..
Neisner Bros., preferred
2 Oct. 16
1 Nov.
2
.
25c
..
Public Service Co. of Colorado—
Oct.
Nov.
Nov.
Feb.
15c
15
20
Nov.
Nov.
Nov.
41 Y
6% preferred (semi-ann.)
Philadelphia Electric Co. (quar.)
$5 preferred (quarterly)
Phillips-Jones Corp., preferred
Phoenix Finance Corp., preferred
(quarterly)
Pioneer Mills Co., Ltd. (monthly)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
7% preferred (quarterly)
Pittsburgh Youngstown & Ashtabula Ry. Go.
7% preferred (quarterly)
Potomac Edison Co., 7% pref. (quar.)
20
Nov. 20 Oct.
Nov. 20 Oct.
Nov.
2 Oct.
15
50c
Procter & Gamble Co. (quarterly)
Public Electric Light Co. (quar.)
Public National Bank & Trust Co. (quar.)
31
Nov. 30 Nov. 30
Nov.
1 Oct. 20
Nov.
16
2 Oct.
43 He
McGraw Electric Co. (quar.)
Ozark Corp.
15
24
Marine—
Amer. dep. rec. ord. register
Maconite Corp., 7% preferred
McWatters
Oct.
Nov.
Jan
Oct.
Nov.
75c
Holders
Oct. 19
Oct. 19
Oct. 20
Dec. 15
Nov.
5
Feb.
5
Jan.
$1.75
$1.75
Perfect Circle Co.. extra
10 Nov. 25
2 Oct. 17
Loose-Wiles Biscuit Co.
Peninsular Telephone (quarterly)
Oct.
10 Nov. 25
Nov.
Nov.
Nov.
Nov.
25c
Pan American Airways Corp
1
Dec.
Dec.
Loew's, Inc., 46Y cumul. pref. (quar.;
Lone Star Gas Corp., $6Y pref. (quar.)
50c
50c
25c
Extra.
1936
Payable of Record
32 Yc
Pacific Public Service Co. (Calif.), 1st pref
Pacific Tin Co. .quarterly)
31
50c
S2
Share
Name of Company
7% preferred (quarterly)
7% preferred (quarterly)
Penmans. Ltd. (quar.)
Preferred (quar.)
Pennroad Corp
Penna. Hluminating Corp., class A pref. (quar.)
Class A preferred (extra)..,
Pennsylvania Power Co., 46 pref. (quar.)
46.60 preferred (monthly)
46.60 preferred (monthly)
40c
guaranteed (quarterly)
Original capital
Liquid Carbonic Corp. (quar.)
When
Per
Holders
When
Payable of Record
$1.10
Little Miami RR., special
Oct. 24,
Chronicle
2 Oct.
31
2 Oct.
31
Nov.
15
Nov.
2 Oct.
I.........
Nov.
2 Oct.
10
Rich's Inc. (quar.)
Rio Tinto Ltd., 5% pref. (interim)
Riverside Cement Co., 46 pref. (quar.)
Rochester Gas & Elec. Corp. 7% pref. B
(qu.)_
Rockland Light & Power Co. (quar.)
Nov.
2 Oct.
2
20
Extra.
Extra
Stock trust certificates
Nov.
oVtl'is"
Nov.
Dec.
2
Nov.
2
1
Oct! "I5i
Nov.
2 Oct.
Nov.
(extra)
Rolland Paper Co. 6% pref. (quar.)
Rolls Royce (interim)
10
2 Oct.
15
15
1 Nov. 14
Dec.
Nov. 17 Oct.
Nov.
2 Oct.
16
15
Nov.
1 Oct.
19
Dec.
1 Nov. 20
Oct. 25 Sept. 30
Roos Bros., Inc., 46Y pref. (quar.)
Root Petroleum Co. (quarterly)
Roxborough Knitting Mills, pref. (quar.)
Royalty Income Shares A
Ruud Manufacturing Co. (quarterly)
Saguenay Power Co.. $Y% pref. (quar.)
St. Lawrence Flour Mills, Ltd. (quar.)
Preferred (quarterly)
St. Louis Bridge Co., 6% 1st pref.
^semi-ann.)..
3% 2nd preferred (semi-annual)
St. Louis Rocky Mt. & Pacific, preferred
San Francisco Remedial Loan Assoc.
(quar.)
Savannah Sugar Refining Corp
Preferred (quarterly)
Dec.
15 Dec.
5
Nov.
]
Oct.
15
Nov.
2 Oct.
20
Nov.
2 Oct.
20
Jan.
1
Dec.
15
Jan.
Dec.
Dec.
Oct.
Oct.
1
Dec.
15
31
31
Dec"."i5"
31 Oct.
15
31 Oct.
15
Nov. 16 Oct. 15
Nov.
2 Oct. 20
Nov. 14 Nov.
6
Oct. 26 Oct. 17
Schott Brewing Co., class A & B
Schwitzer-Cummins Co. (quar.)
Scotten-Dillon
Seattle Brewing & Malting (quar.)
Second Twin Bell Syndicate
(monthly)
_——.
_
_
Nov. 15 Oct.
30
Securities Corp. General 6% pref. (quar.)
Nov.
2 Oct.
7% preferred (quar.)
Security Trust Co. of Rochester, N. Y. (quar.)..
Nov.
2 Oct.
16
Nov.
2 Oct.
29
Nov.
2 Oct.
29
Extra
Seeman Bros., Inc., common
(quar.)
Selfridge Provincial Stores
Servel, Inc., 7% cum. preferred (quar.)
Sharp & Dohme. Inc., preferred ^quar.)
Shenandoah Corp.. option, pref
Shenango Valley Water Co., 6% pref. (quar.)—
Sierra Pacific Electric Co., pref.
(quar.)
Simpson Co., Ltd., 6Y% preferred
Simpson (Robert) Co., 6% pref. (s.-a.)
Sioux City Gas & Electric Co. 7% pref
8kelly Oil Co., 6% preferred.
Sloss-Sheffield Steel & Iron, preferred
Smith Agricultural Chemical Co. (quar.)
6% preferred (quar.)
Smith (S. Morgan) Co. (quar.)
Solvay American Investment, preferred (quar.).
Southern Calif. Edison (quar.)
Southern Canada Power Co., com.
Oct.
31 Oct.
Nov. 30
Jan.
2 Dec.
Nov.
2 Oct.
Oct. 24 Oct.
Dec.
1 Nov.
16
15
19
16
19
20
20
Nov.
2 Oct.
Nov.
2 Oct.
2 Oct.
22
Nov. 10 Oct.
Nov.
2 Oct.
31
1
Nov.
15
Nov.
5 Oct.
Nov.
Nov.
Nov.
2 Oct.
21
2 Oct.
21
1
Nov.
28
1
(quar.)
Spencer Chain Stores, Inc., common
Spiegel May Stern Co. (quarterly)
46 Y preferred
(quarterly)
Preferred (quar.)
Squibb lE. R.) & Sons, 1st pref. (quar.)
Standard Cap & Seal (quar.)
Standard Silver Lead Mining
Stanley Works, 5% preferred (quar.)
Steel Co. of Canada (quar.)
Preferred (quar.)
Stewart-Warner Corp., common (semi-ann.)
Nov. 16 Oct.
15
Nov. 15 Oct.
20
Nov. 1 60ct. 31
Oct.
31 Oct.
15
Nov.
2 Oct.
Nov.
2 Oct.
15
Feb.
1 Jan.
2 Oct.
15
Nov.
15
15
Nov.
2 Oct.
3
Oct. 26 Sept. 30
Nov. 16
OctI~~7~
Nov.
2
Nov.
2 Oct.
Dec.
1
Nov.
Dec.
1
Nov.
Stix, Baer & Fuller Co
Stouffer Corp., class A (quar.)
Nov.
2 Oct.
17
Nov.
1 Oct.
22
superior Oil of California preferred
Oct. 26 Oct.
Nov.
2 Oct.
Nov. 15 Oct.
20
Common ''extra)
Syracuse Binghamton & N. Y. RR. (quar.)
Syracuse Lighting Co., Inc., 6% pref. (qu.)
6Y% preferred (quarterly)
8% preferred (quarterly)
Tacony Palmyra Bridge., 5% preferred (quar.).
Tampa Gas Co., 8% pref. (quar.)
7% preferred (quarterly)
Tamblyn (£r.) Ltd. (initial, quarterly)
Quarterly
Quarterly
Quarterly
Telautograph Corp. (quarterly)
Telephone investment Corp. (monthly)
Thatcher Manufacturing Co., conv. pref. (quar.)
The Fair preferred
(quar.)
Tide Water Assoc. On
Nov. 15 Oct.
Nov. 15 Oct.
Nov.
Dec.
1
-7
2
2
10
15
20
20
Sept. 17
Dec.
1 Nov. 20
1 Nov. 20
Jan.
2
Apr.
1
July
1
Oct.
1
Nov.
Nov.
2 Oct.
15
1 Oct.
20
Nov. 15 Oct.
Nov.
2 Oct.
31
Dec.
20
1 Nov. 10
Volume
Financial
143
Third Twin Bell Syndicate
(monthly)
Oct.
15c
...
Toburn Gold Mines, Ltd. (quar.)
...
5% preferred (monthly).
.
19
Oct.
21
2 Oct.
Oct.
Oct.
Nov.
Nov.
412-3c
(monthly)
30 Oct.
Nov. 21
581-ic
60c
Toledo Edison Co., 7% pref.
6% preferred (monthly)
Nov.
15
15
15
Tri-btate Telep. & Tel eg., 6% pref. (quar.),..,
15c
Dec.
Nov. 16
Tung-Sol Lamp Works, preferred (quar.)...
208 S. La Salle Street Bldg. Corp. (Chicago)
Quarterly
20c
Nov.
Oct.
19
50c
Jan.
Dec.
50c
United Light & Railways, 7% pref. (mo.)
Oct.
Nov.
S1H
$1H
(snecial)
Union Oil Co. of California (quar.)
United Biscuit Co. of Arner., preferred (quar.).
United Dyewood Corp., preferred (quar.)
Nov.
25c
Union Investment Co
19
20
Nov.
Oct.
Oct.
17
15
Jan.
Dec.
11
Nov.
Oct.
15
Dec.
Nov. 16
58 1-3c
58 l-3c
7% pref. (monthly)..
58 l-3c
7% pref. (monthly)..
54c
6.36% pref. (monthly)
54c
6.36% pref. (monthly)
54c
6.36% pref. (monthly)
50c
6% pref. (monthly)
50c
6% pref. (monthly)
50c
6% orpf. (monthly^.
United New Jersey RR. & Canal Co. (quar.)...
$2H
50c
United Profit Sharing Corp.. 10% pf. (s.-a.)
Jan.
Nov. 16
Dec.
15
Nov.
Oct.
15
Dec.
Nov. 16
Tan.
Dec.
15
Jan.
....
,
15
Dec.
21
Jan,
—
______
—
15
Oct.
Dec.
— ...
Dec.
Nov.
...
Oct.
45c
United States Fire Insurance Co
United States & For. Securities 1st
$1X
United States Hoffman Machinery Corp.—
Preferred (initial quarterly
United States & Internal. Secur. 1st pref
United States National Corp. (liquidating)
Nov.
68%c
pref. (quar.).
Sept. 30
21
common
Oct.
Jan.
26
Dec. 23
Quarterly
Quarterly
Nov. 18
Dec.
Nov. 14
Mar
Feb.
25c
__
Universal Leaf Tobacco (quar.)
Upper Michigan Power & Light Co.—
6% preferred (quar.)
.
6% preferred (quar.)
Utica Chenango & Susq. Valley RR. (s.-a.).—
Utica Gas & Electric Co., 7% pref. (quar.)
Van Norman Machine Tool Co. (initial;
June
May
15
a
Nov.
Oct.
19
r
Nov.
2 Dec.
15
31
Nov.
Nov.
1
2
Oct7~20
Nov. 16 Oct.
Nov. 16 Oct.
Nov. 2 Oct.
Nov.
2 Oct.
22
22
Nov.
1
Oct.
10
Nov.
1 Oct.
26
Nov.
1 Oct.
26
6
5
Nov. 15 Nov.
Nov.
1
2
1
37iTc
1 Nov. 14
Nov.
....
2 Oct.
15
Oct.
30 Oct. 20
Oct. 26 Oct. 15
Dec.
1 Nov. 10
Nov.
Feb.
20
1 Nov. 20
2 Dec. 19
1 Tan. 20
Mar.
1 Feb.
Apr.
1 Mar. 20
Dec.
■;
Jan.
2 Oct.
20
15
75c
.....
...
Dec.
Dec.
5
Dec. 21
Dec.
(quarterly)
Monthly
Monthly
Monthly
Monthly
Monthly
Nov. 30
25c
25c
37 V!c
....
1
NoVi
Nov. 15 Oct.
Jan.
Wool worth (F. W.) (quarterly)
Wrigley (Wm.) Jr. Co. (monthly)
Oct.
Nov.
Nov.
Sept.30
4-30-37 3-31-37
7-30-37 6-30-37
10-30-37 9-30-37
1-30-38 12-31-37
Nov.
21
Nov.
5c
(qu.)
Jan.
Extra.
Wilson & Co. (quarterly)
Preferred
Holders
Payable of Record
Nov. 20
Nov. 16
2
Oct. 30
5% preferred (initial)
Westinghouse Air Brake (quar.)
Quarterly
QuarterlyQuarterly
Quarterly
West Jersey & Seashore. 6% spec. gtd. (s.-a )_.
Westland Oil Royalty Co., Inc.. class A (mo.).
Westminster Paper Co., Ltd. (semi-ann.)
Weston (George). Ltd., 5% pref.,(.quar.)
West Penn Electric Co., 7% cumul. pref. (qu.)
6% cumul. preferred (quarterly)
West Penn Power Co., 7% preferred (quar.).
6% preferred (quar.)
Wcstvaco Chlorine Products 5% preferred-±.
Wheeling & Lake Erie, 4% prior pref-514 % preferred (initial)
Will & Baumer Candle Co., Inc., common
Winstead Hosiery Co. (quarterly)
26
$1
Universal Insurance (Newark, N.J.) (quar.)..
Western Cartridge Co., 6% pref. (quar.)
Western Tablet & Stationery Corp. (quar.)--,,
WJR the Goodwill Station (Detroit).
Wolverine Tube Co. (initial)
25c
United States Pipe & Foundry Co
United Verde Extension Mines Co
Share
Oct.
Oct.
Nov.
When
Per
Name of Company
Payable of Record
Share
Company
2625
Holders
When
Per
Name of
Chronicle
Transfer books not closed for this dividend.
The following corrections
Consol.
have been made:
Edison Co. of N. Y. $5 pref., payable
$3
Nov.
Oct.
Jan.
Oct.
81X
Nov,
Oct.
40c
Nov.
Oct.
31
25
: i
20c
Nov.
Oct.
25
Vapor Oar Heating Co., preferred (quar.)
tlH
Dec.
Dec.
Virginian Ry.6% pref. (quar.)
— __
81H
Nov.
Oct.
1
15
...
50c
Nov.
Oct.
15
h75c
Nov.
Oct.
21
$2
Nov.
Nov.
Oct.
15
Oct.
15
Nov.
Oct.
15
Oct.
6
re¬
dating value of shares.
Nov.
Nov. 2, previously
in trust shares.
S1H
Feb.
—
Extra
1
—
...
Walgreen Co. (quarterly)
Walker Mfg. Co., S3 con v. preferred
Walton (Chas.) &
......
Co., 8% pref. (quar.)
25c
Warren Foundry & Pipe (quarterly)..
Extra
—
$1
...
90c
Washington Gas Light Co. (quar.)
Washington Ry. & Elec. Co.. 5% pref. (quar.)..
Wayne Screw Products Co. (quar.)
Wentwortb Mfg. Co. (quarterly)
26
Dec.
Nov. 16
26 Oct.
20
Oct.
weekly statement issued by the
Clearing House is given in full below:
OF MEMBERS
common
dividends,
stock,
i Payable
Undivided
New York
American Chain Co. pref. stock, called for redemption with above
p
Payable in Canadian funds, and in the case of non-residents of Canada,
reduction of a tax of 5% of the amount of such dividend will be made.
r
a
Deposited Insurance Shares, series A & B stock div. of 214% payable
Holders have option of dividend in cash based on liqui¬
s
I
Caterpillar Tractor, extra div. of 50c.
Payable in U. S. funds,
u
x
Less tax.
y
w
or
1-200 sh. of 5% pref. stock.
Less depositary expenses.
A deduction has been made for expenses.
z
Per 100 shares.
York
New
The
City
following shows the condition of the Federal Reserve
Bank of New York at the close of business Oct. 21
in
1936,
comparison with the previous week and the corresponding
'*■
"
-
Time
Demand
Deposits,
Average
Deposits,
Average
Profits
Members
h On account of accum¬
accumulated dividend.
date last year:
Net
Surplus and
Capital
Payable in scrip,
preferred stock.
Condition of the Federal Reserve Bank of
OF THE NEW YORK
*
♦
Clearing House
g
in
15
Nov.
CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, OCT. 17, 1936
STATEMENT
Oct. 1.
/ Payable in
ulated
Weekly Return of the New York City
Clearing House
The
as
Payable in stock.
e
Nov. 16
Oct.
30c
ported
18
Dec.
nx
%2H
12Xc
5% preferred (semi-ann.)
26
Oct.
21, 1936
Oct.
14, 1936 Oct. 23,1935
$
12,148,000
33,862,000
166,381,000
9,656,000
35,705,000
96,379,000
47,659,000
22,640,000
3,500,000
355,000
2,441,000
68,691,000
Public N. B. & Tr. Co-
50,000,000
4,000,000
103,964,300
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7.000,000
5,775,000
10,955,200
136,645,000
933,473,000
25,431,700
/53,577,400 ol,451,739,000
476,050,000
52,685,400
177,649,400 61,486,610,000
034,011,900
488,230,000
701,381,000
63,661,200
258,780,000
16,662,900
500,942,000
90,750,600
59,102,000
516,649,000
3,871,500
56,647,000
122,927,400 cl ,998,395,000
46,695,000
3,440,500
69,091,300
d798,424,000
17,710,000
2,724,200
8,385,100 r
84,502,000
22,744,400
331,618,000
79,393,000
7,873,900
8,595,100
85,280,000
Totals————
526,174,300
834,141,100
609,605,000
6,000,000
20,000,000
/77,500,000
20,000,000
90,000,000
042,935,000
21,000,000
Bank of N. Y.&Tr. Co.
Bank of Manhattan Co-
National City Bank
Chemical Bk. & Tr. Co-
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. <fc Tr.
Corn Exch. Bank Tr. Co.
15,000,000
10,000,000
First National Bank-
Irving Trust Co
Continental Bk. & Tr.Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Trust CoMarine Midland Tr. Co-
New York Trust Co—
..
Com'l Nat. Bk. & Tr.Co
Assets-"""
Gold certificates on hand and due from
3,321,244,000 3,256,134,000 2,983,697,000
Total reserves.
Bills discounted:
Secured
S. Govt, obligations,
(or) fully guaranteed—
by U.
direct and
official reports:
National, June 30, 1936; State, June 30, 1936; trust
/As of Aug. 1, 1936,
g As of July 21, 1936.
deposits in foreign branches as follows:
a {243,025,000; b $89,140,000;
C$98,253,000; d $32,606,000.
As
per
are
"Times" publishes regularly each week
York
New
number of banks and trust companies which
not members of the New York Clearing House.
The
of
following
bills
Total U. S. Government securities.
-
Total bills and securities
a
are
INSTITUTIONS
IN
CLEARING HOUSE
NATIONAL
AND
STATE
Loans,
Other Cash,
Disc, and
Including
Notes
Res.
N.
Dep. Other
Banks and
Gross
Trust Cos.
Deposits
%
%
Liabilities—
%
5.732,261
76,200
578,000
243,246
6,002,100
8,145,000
1,923,577
2,384,100
2,462,000
93,754
28,954,100
29,142,000
6,052,577
4,116.000
111,000
716,000
924,000
5,385,000
Grace National
24,215,600
Sterling National—
Trade Bank of N. Y.
20,953,000
premises
—
All other assets
79,866,000
483,198,000
181,253,000
645,243,000
645,243,000
744,317,000
658,697,000
758,182,000
83,000
5,718,000
162,466,000
10,856,000
81,000
6,030,000
201,185,000
30,518,000
258,000
6,600,000
128,693,000
12,077,000
27,973,000
10,856,000
4,186,881.000 4,163,501,000 3,917,480,000
Total assets.
FIGURES
Dep.,
%
$
OF
100,381,000
383,224,000
161,638,000
1,796,000
•
Y. and
Elsewhere
Federal Reserve notes of other banks—
Bank
CLOSING
FRIDAY, OCT. 16, 1936
BANKS—AVERAGE
Investments Bank
Manhattan—
THE
WITH
Due from foreign banks——
Uncollected items
the figures for the week ended Oct. 16:
NOT
BUSINESS FOR THE WEEK ENDED
7,£82,000
657,784,000
notes
Treasury
Includes
The
4,487,000
1,103,000
6,329,000
28,730,000
Treasury
companies, June 30, 1936.
returns
6,022,000
United States government securities:
Bonds
*
9,915,163,000
2,272,000
2,215,000
100,381,000
383,224,000
161,638,000
Total bills discounted.
Bills bought in open market———.
Industrial advances————————
2,385,000
3,637,000
1,099,000
6,315,000
—
2,658,000
2,469,000
5,127,000
Other bills discounted
37~,019"666
597,000
3,060,000
22,023,000
1,481,000
45,308,000
3,261,204,000 3,193,365,000 2,930,387,000
1,011,000
1,765,000
1,614,000
52,299,000
61,004,000
58,426,000
United States Treasury x
Redemption fund—F. R. notes-Other cash t
.
753,015,000
848,073,000
844,821,000
F. R. notes in actual circulation
Deposits—Member bank reserve acc't— 2,919,753,000 2,848,889,000 2,709,302,000
44,270,000
26,339,000
U. 8. Treasurer—General account
23,216,000
8,072,000
31,844,000
22,626,000
Foreign bank
149,292,000
89,709,000
93,346,000
Other deposits—
—
—
Total
3,058,941,000 2,996,781,000 2,910,936,000
deposits.
Brooklyn—
Peoples' National—
TRUST COMPANIES—AVERAGE
Res.
and
Cash'
Invest.
Dep.,
Dep. Other
N. Y. and
Banks and
Gross
Elsewhere
Loans,
Disc,
Deferred availability Items
Capital paid in
Surplus (Section 7)—-—
Surplus (Section 13b)
Reserve for contingencies
FIGURES
Trust Cos.
$
All other liabilities
——
Empire
——
Federation
Fiduciary
Fulton
Lawyers.
__—-——
United States-.
58,583,800
8,970,504
11,590,578
20,272,800
28,500,900
69,653,205
%
*5,649,200]
185,912
*1,051,867
*4,828,900
*8,572,200
22,317,204
11,019,700
1,326,985
862,553
2,676,200
2,429,323
1,194,100
395.000
4,006,400
10,940,792
$
68,654,800
10,982,303
11,095,623
22,114,400
39,062,000
79,768,814
deposit and
F. R- note liabilities combined—....
Commitments to make Industrial ad¬
Ratio of total reserves to
vances-
Brooklyn
84,612,000
34,327,770
*
2,850,000
2,625,958
343,000 121,712,000
42,601,215
follows; Empire, $4,137,600; Fidu¬
$4,607,700; Lawyers, $7,701,600.
Includes amount with Federal Reserve as
ciary, $709,898; Fulton,
42,286,000
10,741,116
-----
t "Other
Reserve
Brooklyn—
Kings County
7,744,000
8,849,000
7,191,000
128,778,000
50,989,000
49,964,000
7,250,000
7,500,000
9,048,000
4.186,881.000 4,163.501,000 3,917,480,000
Total liabilities
$
Manhattan—
193,790,000
50,248,000
50,825,000
Deposits
$
—
158,279,000
50,249,000
50,825,000
7,744,000
8,849,000
7,173,000
—
—
85.1%
84.7%
81.4%
9.313,000
9,361,000
9,721,000
cash" does not Include Federal Reserve notes or a bank's own Federal
bank notes.
certificates given by the United States Treasury for the gold taken
when the dollar was on Jan. 31,1934, devalued from
59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
z
These are
over
from the Reserve banks
100 cents to
Financial
2626
Chronicle
Oct. 24,
1936
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the twelve Reserve banks at the close of business
for the System as a
week last year.
Reserve Agents
resources and liabilities separately for each of the twelve banks.
The Federal
following) gives details regarding transactions in Federal Reserve notes between the
and the Federal Reserve banks.
appear
in
The comments of the Board of Governors of the Federal Reserve System
Oct.
Three ciphers (000) omitted
Oct. 14,
1936
21,
1936
ASSETS
$
hand and due from U. 8. Treas.x
the
upon
department of "Current Events and Discussions."
our
COMBINED RESOURCES AND LIABILITIES OF THE
on
Thursday afternoon, Oct. 22,
on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
for the latest week
Gold ctfs.
Wednesday.
The second table shows the
Reserve note statement (third table
returns
on
FEDERAL RESERVE BANKS
Oct. 7,
1936
$
AT THE CLOSE OF BUSINESS OCT.
Sept. 30,
Sept. 23,
Sept. 16,
Sept. 9,
1936
1936
1936
1936
S
$
$
S
8,609,328
8,581,384
8,527,881
12,471
253,547
13,136
12,248
251,328
8,875,346
8,845,848
3,103
3,067
3,963
3,426
2,893
4,196
4,113
6,170
8,159
3,089
26,427
3,098
26,480
27,142
378,077
1,443,363
378,077
1,443,363
608,787
1,443,363
608,787
2,430,227
2,430,227
Sept. 2,
1936
$
Other cash *
Total reserves..
8,384,679
8,386,071
12,850
12,102
252,246
267,059
8,792,375
8,658,556
Oct.
Aug. 26,
1936
S
$
$
23,
1935
8,334,034
12,625
268,885
8,274,032
6,979,122
263,529
8.372,031
12,145
248,066
14,070
282,936
232,392
8,664,588
8,661,702
8,632,242
8,615,544
8,571,038
7,230,201
3,226
3,805
3,952
4,059
3,681
4,352
4,561
4,041
3,638
3,600
3,407
6,558
7,539
9,451
7,031
8,011
8,033
8,602
7,238
6,742
3,098
3,098
28,145
3,098
3,096
28,521
3,095
28,628
3,095
28,522
3,095
4,676
28,550
28,554
32,640
378,077
1,443,363
608,787
378,077
1,443,363
608,787
378,077
1,443,363
608,787
324,721
1,496,719
608,787
324,721
1,496,719
608,787
324,721
1,496,719
608,787
608,787
1,630,682
560,567
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2.430,227
2,430,227
2,430,219
181
Redemption fund (Federal Reserve notes)
8,384,683
12,428
261,445
21, 1936
181
181
2,470,627
2,469,295
18,687
Bills discounted:
Secured
by U.
S.
Government obligations,
direct and(or) fully guaranteed
Other bills discounted...
Total bills discounted..
...
.
Bills bought in open market.
Industrial advances
United States Government securities—Bonds—
Treasury notes....
Treasury bills
Total U. 8. Government securities.
-
1
378,077
Other securities
Foreign loans
Tota
3,335
238,970
gold
on
bills and securities.....
2,465,913
2,467,964
2,468,006
2,470,921
2,468,906
2,469,855
2,469,983
■
2,474,458
Gold held abroad
""218
Total assets
""217
""217
""219
"""2I9
""220
""219
641
22,640
622,578
48,060
39,232
27,293
26,320
780,969
544,120
48,056
25,093
528,322
48,055
544,379
48,058
26,775
554,757
48,055
25,346
578,531
48,059
40,657
21,297
592,617
48,060
39,247
38,420
37,888
45,139
44,581
43,586
40,667
12,106,944
All other assets.
217
24',791
841,169
48,062
38,307
Bank premises
""216
24,797
654,301
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
12,268,707
11,961,819
11,862,204
11,826,014
12,025,011
11.777.170
11,748,494
11,685,608
10,362,622
48,062
22,107
50,169
LIABILITIES
Federa IReserve notes In actual circulation
4,091,064
4,093,187
4,077,724
4,049,143
4,033,849
4,045.458
4,055,971
4,020,920
3,993,664
3,504,866
Deposits—Member banks'
6,693,447
88,337
63,782
163,492
6,616,920
6,478,948
6,205,735
417,924
6,440,622
107,235
88,904
159,828
64,862
56,762
59,235
50,267
6.331,502
143,424
98,174
5,575,016
195,786
74,395
197,022
6,224,640
388,351
6,471,333
135,246
6,356,952
252,737
51,950
181,873
190,268
193,937
211,572
229,285
238,258
269,918
7,009,058
7,000,898
6,946,151
6,843,512
6,868,121
6,874,358
6,796.823
6,827.410
6,811,358
5,965,701
657,033
130.243
145,501
27,088
34,236
12,721
824,207
130,243
588,543
130,178
620,360
130,162
574,758
543.220
552,398
130,163
532,971
130,170
547,197
145,501
145,501
145,501
145,501
145,501
144,893
27.088
27,088
27,088
34,242
13,341
34,242
34,240
12,167
34,236
44,159
10,778
27,088
34,235
10,621
30,698
12,392
27,088
34,241
12,197
145,501
27,088
34,236
145,501
27,088
130,163
145,501
27,088
34,241
12,293
756,014
130,185
12,106,944
12,268,707
11,961,819
11,862,204
11,826,014
12,025,011
11,777,170
11,748,494
11,685,608
10,362,622
reserve account—
United States Treasurer—General account-
Foreign banks
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
.
_
.
Reserve for contingencies
All other liabilities
Total liabilities
Ratio of total reserves to
deposits and Federal
Reserve note liabilities
ombined
54,683
130,172
"<
98,919
21,848
130,395
23,457
15,415
80.0%
79.7%
79.8%
79.5%
79.5%
79.3%
79.5%
79.4%
79.3%
76.3%
22,774
23,086
22,906
23,307
23,397
23,543
23,721
23,699
t23,355
26,914
4,337
6,579
5,834
6,324
4,369
'
1
••
Commitments to make Industrial advances
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.
Over 90 days bills discounted.
7,628
5,264
6,718
7,108
73
5,320
62
51
114
158
91
157
379
803
85
1,077
527
576
601
76
163
233
234
381
1,329
431
.
874
845
865
1,100
1,094
587
642
141
308
252
1-15 days bills bought In
open market
16-30 days bills bought In
open market
31-60 days bills bought in
open market
61-90 days bills bought In
open market
Over 90 days bills
bought In open market
117
233
6,170
.
Total bills discounted
8,159
7,539
5
2,275
243
_
433
339
9,451
7,031
8,011
338
-
239
593
651
8,033
8 602
7,238
6,742
bought in
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
.
978
695
427
1,616
1,598
227
726
68
477
495
941
2,739
497
1,758
1,703
602
274
1,002
880
24
2,813
3,098
3,098
3,098
3,098
3,096
3,095
3,095
3,095
4,676
894
1,561
1,615
1,590
1,592
1,524
1,539
1,493
1,804
469
448
312
397
398
459
352
297
214
507
522
551
567
612
682
709
750
930
1,039
762
737
696
767
711
898
23,571
1,019
23,592
812
23,496
24,855
25,234
25,182
25,267
25,155
25,303
29,109
26,427
26,480
27,142
28,145
28,550
28.521
28,628
28,522
28,554
32,640
40,187
34,319
35,561
38,559
40,187
84,287
168,653
42,093
34,793
41,439
39,009
85,786
81,016
48,443
71,006
65,816
200,919
143,660
2.092.995
2,083,044
2,140.256
2,153,581
37,930
85,786
79,282
72,006
2,155,223
2,175,554
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,219
""181
Total U. S. Government
securities...
122
473
784
588
Tota Hndustrlal advances..
1,598
67
198
332
1-15 days U. S.
Government securities.
16-30 days U. S. Government
securities
31-60 days U. S. Government
securities..
61-90 days U. S. Government
securities.
Over 90 days U. S. Government
securities....
1,623
716
1,081
Over 90 days industrial
advances
1,645
717
282
3,089
open market
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
481
31
295
""181
181
181
Total bills
341
67
278
181
181
2,133,860
37,521
86,948
156,053
2,114,144
2,098,541
39,009
31,795
76,383
184,628
2,098,412
2,430,227
2,430,227
2,430,227
2,430,227
189,340
32,521
189,340
44,489
71,480
70,804
88,216
76,383
615
28,925
22,760
59,320
.
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
Collateral Held
as
4,378,990
4,346,600
4,349,616
285,803
4,368,693
290,969
4,346,943
308,579
312,751
304,158
4,342,679
286,708
4,299,473
278,553
4,302,908
309,244
3,813,252
297,800
4,093,187
4,077,724
4,049,143
4,033.849
4,045,458
4,055,971
4,020,920
3,993.664
3,504,566
4,360,838
4,445
98,000
4,362,838
4,348,838
5,882
93,000
4,337,838
4,327,838
4,325,838
4,306,338
3,698,018
5,444
6,411
6,922
5,777
5,240
88,000
88,000
83,000
4,328,838
6,130
73,000
4,306,338
5,306
88,000
73,000
73,000
147,000
4,463,283
by Agent
4,399,643
4,091,064
In actual circulation
4,457,428
4,447,720
4,431,144
4,421,282
4,415.249
4,407,968
4.386,260
4,385,115
3,850,258
308,386
Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. S. Treas
By eligible paper
United States Government securities
Total collateral
*
x
"Other cash"
These
are
oents on Jan.
does
not Include
Federal
6,590
Reserve notes,
t Revised figure.
certificates given by the United States Treasury for the
gold taken over from the Reserve banks when
31, 1934, these certificates being worth less to the
the pro visions _of the Gold Reserve Act of 1934.
extent of the
the dollar
was
devalued from 100 cents to 59.06
difference, the difference Itself having been appropriated
as
profits by the Treasury under
Volume
Financial
143
Chronicle
2627
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES
Three Ciphers
AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
Federal Reserve Bant of—
Total
Boston
New York
Phtla.
RESOURCES
Gold
$
$
$
$
certificates
BUSINESS
OCT. 21, 1936
(000) Omitted
hand
on
and
$
Atlanta
Chicago
S
$
%
$
$
$
$
$
San Fran.
Dallas
Louis Mlnneap. Kan. City
St.
due
from United States Treasury
Redemption fund—Fed. Res.
Cleveland Richmond
8,609,328
notes..
Other cash ♦
12,471
253,547
Total reserves...
8,875,346
546,971 3,261,204
1,614
1,698
58,426
28,325
503,103
484
932
447
2,589
464
687
31,527
23,737
16,324
10,484
28,514
12,078
576,994 3,321,244
535,114
656,742
304,422
249,072 1,750,157
273,390
,
632,073
287,651
235,999 1,721,179
260,625
238,003
161,741
723
799
7,281 Y
605,272
1,756
155,507
278
7,164
15,603
252,886
169,745
14,084
162,949
622,631
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed..
3,1C3
92
2,658
Other bills discounted...
3,067
37
2,469
6,170
129
5,127
Total bills discounted
Bills bought In open market
50
.
75
137
47
46
63
*"""17
""""58
97
.
121
200
17
58
^
1
40
50
45
~~~"l2
103
46
Y'Yv:
12
~""l35 .yry,
153
35
75
135
3,089
225
1,099
317
294
121
108
386
86
61
87
87
218
26,427
Industrial advances
2,818
6,315
5,051
1,387
2,964
533
1,620
515
1,144
850
1,475
1,755
38,235
19,581
74,747
31,527
15,656
79,771
25,210
127,334
53,707
U. S. Government securities:
Bonds.
378,077
Treasury bills.
Total U. 8. Govt, securities
27,100
100.381
1,443,363
608,787
a.
_
Treasury notes...
103,454
43,636
383,224
32,513
124,124
52,353
145,967
19,526
74,543
15,431
58,910
44,172
168,634
18,016
68,782
161,638
61,567
31,441
24,847
71,127
29,011
14,111
53,873
22,723
33,355
2,430,227
174,190
645,243
208,990
245,769
125,510
99,188
283,933
115,809
90,707
125,855
100,637
214,396
2,465,913
Total bills and securities
177,362
657,784
214,455
247,571
128,795
99,846
285,997
116,456
91,924
126,945
102,334
216,444
218
16
83
21
20
10
8
26
4
3
6
6
15
5,718
162,466
10,856
28,730
759
1,801
3,095
1,683
55,760
25,677
1,966
28,105
27,478
6,525
2,919
2,453
3,361
1,526
3,472
40,770
3,579
1,643
1,072
2,284
1,388
18,375
1,535
1,653
36,824
556
61,269
2,276
81,224
4,833
1,497
50,780
5,079
3,181
496
185
292
313
271
341
823,774 4,186,881
809,389
975,571
496,073
379,958 2,125,009
422,559
283,370
421,988
295,120
887,252
Due from foreign banks
Fed. Res. notes of other banks......
...
....
24,797
321
654,301
65,573
48,062
3,113
38,307
Uncollected items
Bank premises
395
....
All other resources
Total resources.....
12,106,944
LIABILITIES
F. R. notes in actual circulation
4,091,064
359,805
844,821
296,193
393,716
201,645
187,375
920,501
179,460
131,013
154,637
92,305
329,593
6,693,447
88,337
420,358
2,073
6,027
1,641
446,256
11,870
208,041
2,654
115,302
3,312
1,556
4,212
154,091
24,577
184,743
7,785
1,944
8,196
1,970
2,852
143,599 1,058,937
4,246
10,203
2,268
7,518
3,346
1,000
216,775
5,963
163,492
362,848 2,919,753
23,216
1,245
22,626
4,796
93,346
5,027
463
2,917
1,880
1,644
462,744
8,625
4,472
17,386
7,009,058
373,916 3.058,941
430,099
488,666
224,422
153,459 1,077,658
202,668
124,382
221,088
160,532
493,227
158,279
50,249
49,708
12,207
13,406
4,231
3,000
61,745
12,555
55,174
30,238
18,723
36,528
31,260
3,955
5,186
3,757
4,655
2,944
14,371
1,007
3,111
3,149
3,613
40,651
10,184
9,645
546
1,003
1,142
895
1,428
840
545
400
1,391
7,573
1,357
3,823
3,783
1,252
1,328
340
728
185
837
407
809,389
975,571
496,073
379,958 2,125,009
422,559
283,370
421,988
295,120
887,252
275
1,400
2,341
49
1,294
73
352
495
4,362
Deposits:
Member bank
account
reserve
U. 8. Treasurer—General account-
Foreign bank.:
63,782
Other deposits
Total deposits
Deferred availability items
.......
Surplus (Section 13-B)_.
Reserve for contingencies
66,032
9,402
9,902
2,874
12,721
Capital paid in
Surplus (Section 7)
657,033
130,243
145,501
27,088
34,236
330
All other liabilities.
Total liabilities
Commitments
to
12,106,944
7,744
8,849
7,173
1,513
823,774 4,186,881
25,717
4,247
5,616
4,719
3,448
2,563
192
21,350
754
1,287
82,978
12,201
227
1,880
1,696
1,849
industrial
make
advances.
22,774
♦"Other cash"
50,825
10,875
does not
2,516
9,313
304
include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
Phlla.
S
%
5-
S
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
4,399,643
Held by Federal Reserve Bank
Y 308,579
Atlanta
Louis Mlnneap. Kan. City
St.
Chicago
*
$
S
S
■
S
$
$
$
San Fran.
Dallas
8
5
:
378,830
19,025
947,333
312,108
15,915
422,337
28,621
215,429
13,784
207,051
19,676
948,956
28,455
189,317
9,857
135,300
102,512
4,287
165,895
11,258
100,830
8,525
376,257
46,664
4,091,064
359,805
844,821
296,193
393,716
201,645
187,375
920,501
179.460
131,013
154,637
92,305
329,593
4,360,838
396,000
423,000
216,000
166,000
966,000
161,632
92
955,706
3,749
314,000
4,445
In actual circulation
Collateral held
Cleveland Richmond
51
75
178
by Agent as security
for notes issued to banks:
Gold certificates
on
hand
and
due
from United States Treasury
Eligible
paper
U. S. Government securities......
Total collateral...
4,463,283
396,092
959,455
314,051
423,075
216,178
117,000
165,000
101,500
379,000
138
121
40
30,000
20*666
3,000
191,633
137,000
168,138
101,621
379,040
1
45*666
98,000
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 upon the figures for the latest week appears in our department of " Current Events and Discussions, *
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
....
The statement beginning with Nov. 6, 1935, covers reporting banks In 101 leading cities, as It did prior to the banking holiday In 1933, Instead of 91 cities, and has
also been revised further so as to show additional Items.
The amount of "Loans to banks" was Included heretofore partly in "Loans on securities—to others" and partly
in "Other loans." The Item "Demand deposits—adjusted" represents the total amount of demand deposits standing to the credit of individuals, partnerships, corporations,
associations, States, counties, municipalities, &c., minus the amount of cash items reported as on hand or in process of collection.
The method of computing the item "Net
demand deposits," furthermore, has been changed in two respects in accordance with provisions of the Banking Act of 1935:
First, it includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23,1935.
The item "Time deposits" differs in that it formerly included a relatively small amount of time deposits of other banks,
which are now included In "Inter-bank deposits."
The item "Due to banks" shown heretofore Included only demand balances of domestic banks.
The Item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net," and "Other liabilities."
By "Other assets—net" is meant the aggregate of ail 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. 14 1936 (In
Atlanta
St.
Chicago
%
Millions of Dollars)
Louis Mlnneap. Kan. CUy
San Fran.
Dallas
$
Federal Reserve District—
Total
Boston
New York
PhUa.
ASSETS
$
%
$
$
$
1,227
9,586
1,184
1,828
660
579
3,041
3
2
3
5
42
3
13
Loans and investments—total
,
22,568
Cleveland Richmond
$
$
413
670
692
500
2,188
Loans to brokers and dealers:
9
82
21
12
3
150
840
148
213
67
51
199
71
30
47
315
46
129
24
4
6
6
31
8
10
26
1
24
82
243
62
182
26
24
70
43
6
18
23
363
54
3
23
2
4
1
1
8
8
4,018
banks)
on
900
318
1,565
186
213
110
159
523
138
125
142
*154
385
229
178
265
190
717
(except
Acceptances and com'l paper bought.
Loans
12
27
1,142
...
to others
929
218
2,019
In New York City
Outside New York City
Loans on securities
real estate.
IiOans to banks
Other loans
42
161
1
3
872
306
211
Obligations fully guar, by U. S. Govt.
1,258
18
502
100
61
66
40
148
59
15
50
39
160
Other securities
3,292
163
1,288
310
267
75
82
406
109
47
136
48
361
5,248
266
2,536
283
329
138
87
870
130
69
151
100
289
U.S. Government direct obligations..
Reserve with Federal Reserve Bank.
9,323
408
4,014
322
1,011
410
74
16
36
19
11
66
12
6
13
11
21
131
172
168
272
153
144
435
127
85
286
184
276
76
529
89
108
41
40
101
24
17
24
28
222
15,052
1,016
6,747
805
1,056
407
311
2,293
400
274
498
368
877
5,068
286
1,017
280
709
199
178
809
179
122
147
120
1,002
848
13
233
76
79
44
53
151
12
3
24
43
117
6,162
Other assets—net
125
2,433
1,299
Cash in vault
Balance with domestic banks
242
2,534
328
378
239
225
874
277
130
406
209
320
11
-
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks.
Other liabllit les..
1
7
13
1
445
4
1
2
1
829
23
357
22
13
33
7
27
'"I
2
3.513
233
1.564
225
337
89
86
351
56
89
484
Foreign banks
Borrowings
—
Capita) account
—
.
.
______
1
326
77
32
2628
Oct.
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND
24,
1936
Exchange
YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—-Cash
and deferred
delivery sales are disregarded in the day's range, unless they
computing the range for the year.
account is taken of such sales in
United States Government Securities
York Stock
on
the New
Transactions
Exchange
one
or
more
Oct. 20
Oct. 21
Oct. 22
Number
Oct. 23
119.3
119.6
119
119
1,632,310
1,974,640
1,513,860
9,831,262
$58,469,000
1,888,130
1,669,462
119.3
119.2
119
118.31
119.2
119
118.31
118.31
Total sales in
14
13
108.16
108.12
119.2
$1,000 units...
2
12
(High
( Low.
(Close
108.18
108.19
108.18
108.17
108.18
108.17
108.16
108.17
108.12
108.19
108.18
108.17
108.12
108.12
22
29
7
16
120
Sales at
108.12
108.18
Total sales in $1,000 units...
1
3^8, 1943-45
1
New
114.16
114.13
114.11
114.14
114.10
114.10
114.14
114.11
3
28
12
112.24
'mmmm
Low.
112.20
112.18
112.22
112.17
112.17
112.17
112.17
20
4
47
109.6
109.8
mmmm
109.2
Low-
109.6
109.6
109.3
mmmm
109.8
109.3
mm mm
1
55
105.3
105
105.2
105
104.30
104.30
104.30
106.6
106.9
106.6
106.6
18
$6,947,000
7,358,000
$12,886,000
58,469,000
52,912,000
$244,238,000
265,869,000
2,348,060,000
1,739,382,000
$72,774,00(3
$72,824,000
$2,858,167,000
$2,679,772,000
108.2
108.1
108
108.1
108.1
108
108.1
3
•
i
2
1
1
I
1
1
1
•
«
»
1
(Close
I
1
1
1
It II
1
I
1
1
107.6
109.3
107.4
107.4
107.7
107.5
12
109.3
Low.
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
(Close
mmmm
(Close
t
1
Bonds
Oct.
64.74
107.31
112.26
93.96
106.71
107.48
112.16
94.25
106.65
107.38
112.24
94.68
106.74
105.26
107".l"
107
Oct.
20.
176.78
58.89
35.31
65.05
107.30
112.33
95.19
106.74
105.39
106.31
106.30
Oct.
19.
177.42
59.65
35.04
65.33
107.36
112.31
95.61
106.73
105.50
106.30
Oct.
17.
177.63
59.85
35.09
65.44
107.31
112.50
95.69
106.76
105.57
107
13
106.22
106.20
106.20
106.19
106.22
106.20
106.18
106.18
106.22
106.20
106.18
106.18
2
5
174
United States
13
109
108.30
108.30
109.1
108.30
108.30
108.30
109.3
18
2
3
176
■mmmm
108.14
108.14
108.11
mmmm
108.12
108.11
108.9
108.9
108.14
108.14
108.9
108.9
Treasury Bills—Friday, Oct. 23
Rates quoted are for discount at purchase.
'
108.9
1
102.18
102.25
102.25
102.23
102.21
102.17
102.20
28
43
29
52
214
8
104.17
104.14
mmmm
104.18
104.17
104.13
104.13
Low.
104.15
104.15
104.14
104.12
104.9
104.10
(Close
104.17
104.18
104.16
104.14
104.9
104.13
Total sales in $1,000 units...
13
24
9
8
453
37
(High
102.24
102.26
102.22
102.20
102.20
102.24
102.25
102.24
102.21
102.17
102.20
(Close
102.24
102.25
102.24
102.21
102.17
102.20
Total sales in $1,000 units...
1
26
18
80
168
2
fHI&h
101.26
101.27
101.26
101.23
101.20
101.21
Low.
101.26
101.25
101.24
101.20
101.17
101.18
101.26
101.25
101.24
101.21
101.20
101.19
131
106
91
202
452
101.7
101.8
101.5
Low.
101.8
101.6
101.7
101.4
101.2
101.3
(Close
101.8
101.7
101.7
101.5
101.2
28 1936
Nov.
2
102.20
'
Bid
Oct.
52
4 1936
Nov. 10 1936
Nov. 18 1936
Nov. 25 1936
Dec.
2 1936
Dec.
9 1936
Dec.
16 1936
Dec. 23 1936...
Dec.
30 1936
Jan.
6 1937
Jan.
13 1937.
Jan.
20 1937
Jan.
27 1937...
Feb.
3 1937
Feb.
10 1937
Feb.
17 1937
Feb.
24 1937
Mar.
Asked
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.12%
0.12%
0.12%
0.12%
0.13%
0.13%
0.13%
0.13%
0.14%
0.14%
...
3 1937
Bid
Mar. 17 1937...
July
14 1937
July
21 1937.
Total sales in $1,000 units...
16
101.5
—
(Close
---
-•v..
31
31
23
1,696
104.25
(High
(Low.
Total sales in $1,000 units...
104.25
104.25
104.19
0.16%
Mar. 24 1937
Mar. 31 1937
Apr.
Apr.
7 1937...
14 1937
Apr. 21 1937
Apr. 28 1937
May
5 1937.
May 12 1937....
May
19 1937
May 26 1937
June
2 1937
June
9 1937
June
16 1937
....
June 23 1937
June 30 1937
July
7 1937
104.25
104.25
104.19
104.18
104.25
104.25
104.25
104.19
104.18
14
10
10
1
Mar. 10 1937
103.24
103.23
103.21
103.18
103.27
103.25
103.24
103.22
103.19
103.15
103.27
103.25
103.24
103.23
103.19
103.15
29
145
Total sales in $1,000 units...
1
(High
104.7
Low.
104.7
Close
Total sales in $1,000 units...
104.7
...
10
39
14
104.8
104.7
104.4
104.3
104.7
104.6
104.4
104.3
104.8
104.7
104.4
104.3
a
one
or
more
Int.
104.3
Maturity
4
102.28
102.28
102.27
102.28
102.28
102.26
102.23
102.28
102.28
102.26
102.24
17
5
60
37
Mar. 15 1939...
Int.
Rate
102.24
mmmm
mmmm
1
1
Dec.
15 1939...
June
15 1941...
(High
103.16
103.16
103.17
103.15
103 TO
103.11
Mar. 15 1941...
103.15
103.15
103.14
103.11
103.8
103.9
June
15 1940...
103.15
103.16
103.14
103.11
103.8
103.10
Dec.
15 1940...
Total sales in $1,000 units...
Home Owners'Loan
(High
20
25
11
37
30
40
101.28
101.29
101.29
101.26
101.22
101.25
Bid
1SA%
IX %
IX %
IX %
IX %
1X%
IX %
2 x%
Asked
Maturity
101.5
101.7
Sept. 15 1938...
Rate
Bid
101.28
101.27
101.26
101.22
101.20
101.28
101.28
101.26
101.24
101.22
3
18
97
71
71
103.24
103.3
101.4
101.6
J04.4
104.6
100.22
100.24
Feb.
101.16
101.18
Dec.
15 1936...
2 X%
101.5
101.7
June
15 1938...
2/4 %
101.9
101.11
Feb.
15 1937...
3%
101.8
101.7
101.9
Apr.
15 1937...
101.22
101.24
101.23
101.25
Mar. 15 1938...
3%
3%
103.22
103.24
103.5
103.7
Sept. 15 1937—
3X%
102 29
102.31
1
1938...
101.28
101.25
101.23
101.28
101.23
101.21
101.22
101.27
101.28
101.23
101.23
101.24
2
5
137
57
26
includes
only
sales
..(Low.
(Close
Total sales in $1,000 units
3
15
2
15 1939
101.24
101.26
June
19
101.27
Mar. 15 1940...
above
table
....
....
....
Transactions in registered bonds
Treasury 4^s, 1947-1952
Treasury 4s, 1944-1954
Treasury 3^8, 1946-1956
Treasury 35^8, 1940-1943
Treasury 2^8, 1955-1960
101.22
FOOTNOTES
*
FOR
NEW
YORK
Bid and asked prices; no sales on this
X Companies reported in receivership,
of
coupon
a
Deferred delivery.
were:
n
..119
New stock,
r
Cash sale.
x
Ex-dividend.
y
Ex-rights.
to 119
114.10 to
114.10
112.20 to 112.20
...107.30 to
108
102.23 to 102.23
4
Asked
103.22
103.1
2H%
101.21
1939-49..(Low.
(Close
Total sales in $1,000 units...
(High
32ds of
104.3
4
(Low.
(Close
2
1
104.3
21
mmmm
(Close
1
»
point.
'mmmrn
Low.
Total sales in $1,000 units...
Home Owners' Loan
Note—The
1
Indebtedness, &c.—Friday, Oct. 23
Figures after decimal point represent
1
(High
2 %8, 1942-47
bonds.
1
Quotations for United Statest Treasury Certificates of
50
103.25
Low
2^8, 1942-44
1
65
(Close
2Kb. series B,
<1• 1 1
1I*I1
——-
104.19
104.25
103.27
(High
3s, 1944-49
Home Owners'Loan
Asked
0.14%
0.14%
0.14%
0.13%
0.13%
0.13%
0.13%
0.14%
0.14%
0.14%
0.14%
0.15%
0.15%
0.15%
0.15%
0.16%
0.16%
0.16%
101.3
2^8, 1956-1959
3s, series A, 1944-52
105.14
106.31
108.30
101.9
105.06
1
107.4
107.4
109
102.26
Total
65.13
102.17
Mortgage
ties
64.56
102.21
Federal Farm
Rails
35.51
10
.....
Rails
35.28
102.20
3s, 1942-47.
trials
35.37
102.25
Mortgage
Stocks
59.27
5
Federal Farm
40
ties
58.51
102.23
Mortgage
Utili¬
roads
58.54
102.27
Federal Farm
10
Grade
176.70
102.25
Mortgage
33^8, 1944-64
Second
Grade
175.60
1
102.28
Federal Farm
First
Indus¬
174.90
I
1
13
(High
10
70
22.
1
102.25
2
Total
23.
II
102.26
101.9
20
Utili¬
21.
II
Low.
Close
Total sales in $1,000 units..
20
Rail¬
Oct.
27
(High
Total sales in $1,000 units..
10
30
Oct.
108.30
108.30
3
109.3
mmmm
Bonds
1
108.30
108.13
Exchange
trials
Total sales in $1,000 units...
2^8, 1951-54
of representative
Indus¬
3
108.31
107.4
Date
....
108.30
108.13
..Low.
averages
the New York Stock
Stocks
109.1
108.16
on
1
109.1
mmmm
(High
( Low.
(High
daily closing
22
mmmm
Total sales in $1,000 units...
the
are
compiled by Dow, Jones & Co.:
as
-III
108.31
109.3
107.3
mmmm
Low.
Below
stocks and bonds listed
10
108.31
107.6
9
mmmm
(High
2
109
107.6
(High
2^8. 1948-51
$629,673,000
310,717,000
-
108.1
1
107.7
Total sales in $1,000 units...
108
22
mmmm
Total sales in $1,000 units..
...
7,026,000
106.3
108.2
| Low.
2 Ms, 1945-47
1935
Bonds
106.3
183
108.3
I
25
106.2
108.3
Total sales in $1,000 units...
2Hb, 1955-60.
1936
106.3
106.2
5
108.3
(High
3Ms. 1944-46
106.5
106.5
4
160
106.4
108.2
Total sales in $1,000 units...
(Close
6
106.5
106.7
17
108.3
105
10
106.7
106.6
106.9
Low.
•
Jan. 1 to Oct. 23
1935
105.1
19
mm mm
106.9
(Close
3Ms, 1941
$72,774,000
269,622,140
105.1"
105.3
(High
3Ks. 1949-52
$6,947,000
387,920,150
30
105.3
105.6
Low
(High
( Low.
1
105.3
Close
3Ks, 1946-49
$7,358,000
Stock and Bond Averages
105.3
mmmm
$1,000 units...
3Ms. 1941-43
16,482,000
10,652,000
....
mmmm
(Close
3^8, 1940-43
109.3
mmmm
■
$1,000 units..
■
932,000
„
(High
Total sales in
4,044,000
1,305,000
14,083,851
109.1
Low.
3s, 1946-48..
12,487,000
12,282,000
9,831,262
109.1
109.6
(High
Total sales in
13,506,000
653,000
10
mmmm
Total sales in $1,000 units...
3s, 1951-55
673,000
472,000
1,431,000
1,303,000
112.18
83
1936
Total
112.18
112.22
Close
(High
1,275,000
1,495,000
Week Ended Oct. 23
Government
112.18
112.22
mmmm
Total sales in $1,000 units...
112.22
114.13
112.23
mmmm
Close
J
$7,365,000
Railroad and industrial
114.10
80
mm mm
(High
3Ms, 1943-47
Sales
$173,000
State and foreign
114.9
114.17
Total sales in $1,000 units..
3^8, 1946-56
$549,000
Stock
Stocks—No. of shares.
114.10
114.13
mmmm
Low.
Close
York
Ex chan oe
1
114.17
mmmm
(High
4s, 1944-54
Bond
Bonds
118.30
119.6
Total
States
For'n Bonds
$6,643,000
11,558,000
10,520,000
10,198,000
11,135,000
8,415,000
118.31
119.2
(Low
(Close
Exchange,
United
State,
Mis cell. Municipal &
Bonds
Friday
32ds
119.2
fHigh
4^0. 1947-52
and
1,152,860
Total
Treasury
of
Shares
23, 1936
Saturday
Monday.
Tuesday
Wednesday
Thursday
1
Oct. 19
Railroad
Stocks,
Week Ended
Oct.
the current week.
Oct. 17
the New York Stock
at
No
Daily, Weekly and Yearly
Below we furnish a daily record of the transactions in
Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during
Quotations after decimal point represent
of a point.
the only transactions of the day.
are
day.
STOCK
PAGES
101.10
Abbott,
Proctor
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
Stocks, Bonds, Commodities for institutions and individuals
NEWYORK
Volume
LOW
AND
.
CHICAGO
BUFFALO
•
•
MONTREAL
TORONTO
•
New York Stock
143
HIGH
SALE PRICES—PER
SHARE,
NOT PER CENT
CLEVELAND
•
Oct.
Monday
17
Oct.
$ per share
Sales
61
61
Wednesday
Thursday
Friday
the
Oct. 20
Oct. 21
Oct. 22
Oct. 23
$ per share
$ per share
$ per share
*66
*60
65
69
*60
67%
68
15%
15%
15
15%
14%
15%
29
29%
29
35%
29%
351?
28%
*35
28%
*35%
2%
1434
28%
35
35%
34
2%
2%
2%
7434
4%
102
2%
75%
74%
4%
4%
*103
102
15%
15%
1534
*180
68
75%
4%
108
4%
4%
2%
74%
4%
4%
*103
69%
2%
7334
16%
108
16
«•*«•«»
73%
4%
*103
16%
*180
*180
4%
69%
65
*57%
4%
4%
5334
1534
69%
69%
14%
£28%
64
*57%
14%
29%
35%
2%
3334
2%
73%
74%
5
434
108
*103
16%
15%
*180
4%
4%
53%
54
*53
5334
*53
5334
*51
*52
54
*50
53
53
*51%
5434
45%
45%
4534
37%
3634
*10934
4534
37%
45%
3634
»mm
*108%
37%
*10934
237
37
*10934
235
237
....
235
235
30%
14%
30%
3034
14
14%
85
85
86
1334
*84%
66%
28%
438
66%
6534
66%
28%
29
30%
4%
4%
*32
*31
3434
*98% 100
100
232
30
29%
14
85
-
235
29%
4534
37%
44%
36%
14%
1334
85%
84%
29%
14%
84%
64%
6534
6434
65%
29%
28%
29
30
4%
4%
*32%
29%
*4%
35
230
35
4%
*32%
99% 101%
101%
101
*67
68%
67
67%
67
67%
44
44%
44%
44
45
*66
69%
6034
45%
69%
69
69
67%
44%
*6734
61
*66
27
27
99
4%
4%
*13%
1334
*165
*160
7
300
*156
Adams
25
2,700
Adams Millie
33%
33%
1,800
Address Multigr Corp
2%
2%
2,200
2%
75
5%
108
75%
4%
*103
15%
15%
7734
5
6,100
37,800
No par
10
Advance Rumely
No par
Alfillated Products Inc.No par
Air Reduction Inc new.No
par
Air Way El Appliance. .No
Albany & Susque RR Co.. 100
{Allegheny Corp
No par
4%
26,100
5,100
54
"206
1,100
3634
36%
*108%
37%
5,700
229% 2291?
"i",8o6
Pref A with $30
Pref A with $40
warr
100
warr
100
Pref A without warr
100
2 M % prior conv
pref.No
par
Allegheny Steel Co
No par
Alleg & West Ry 6% gtd__100
Allied Chemical & Dye .No
par
Allied Mills Co Inc....No
2834
14%
28%
14%
46,700
*83%
85%
900
6534
63%
65
22,000
3034
29%
31
5,000
Alpha Portland Cem...No
3,900
33
Amalgam Leath Cos Inc
6% com preferred..
4%
4%
34
99%
7,300
100
68%
44%
68
71
70%
431a-
44
69%
*6734
44%
69%
99%
75%
4434
*6734
69%
no
61
60%
*28
61
141% *13434 138
400
1,800
5,900
2,400
40
125%
166%
10,200
51
52%
6,600
8634
86
86
64%
£62
52
100
900
62%
10,800
12534 *125% 12534
200
*108% 119% *113
39%
11%
9,300
34
126% £125
16638 *165
34
*28
115
200
par
Allied Stores Corp
No par
5% preferred
Allis-Chalmers Mfg
100
No par
"2",700
Preferred
50
Am Brake Shoe &
Fdy.No par
5H%
7,500
Am
3,600
200
4%
4%
1,900
*12%
12%
12%
300
10
Co.mm'1 Alcohol Corp. .20
10
6% 1st pref
100
Amer Encaustic Tiling new_.l
Amer European Sees
No par
Amer Express Co
Amer & For'n Power
100
7%
7%
7%
7%
7%
7%
46%
47%
50%
48%
5034
18
17%
17%
17%
18%
18%
1834
1834
19%
37%
37%
3834
39%
41%
42%
41%
4234
18%
*18%
18%
1,200
5%
*35%
47%
2%
18%
5%
5%
5%
5%
4,800
3534
*18%
5%
3534
19%
534
3934
18%
5%
3534
35%
35%
35%
700
47%
47
47
46%
234
35%
47%
47
4734
2,800
Amer Home Products
234
4,100
American
6% non-cum pref
...100
Amer Internat Corp
No par
American Locomotive. .No par
1734
37%
1734
17
37%
36%
*18%
5%
35%
3534
18%
18%
534
5%
*35%
36
13%
13%
13%
47%
2%
19%
1334
38
38%
38
38%
*47%
*2%
19
48
47%
2%
2%
19
18%
*102
104% 105
23
23%
11
11%
45%
*130
4634
132
*61
2234
11%
-
68%
47
131
*61
5%
2%
19%
1334
38
13%
3634
102
104
18%
13%
37
102
*100%
23
22%
1134
1134
23%
22%
11%
1134
4Q
131
131
*61
66
11%
12%
12
12%
80%
81%
81%
81%
6934
68%
69%
69%
23
23%
22%
23%
23%
159
31% 32%
3834 3834
2334
23%
40
3934
93%
92%
144% 144%
*106
107%
*63
64
*140
144
44%
45%
*12734 128
27%
27%
55
5434
158
38
23% 23%
179% 180%
99%
99%
102% 102%
*140
144
14%
26%
106
14%
26%
106
8%
57%
1%
*6%
4%
8%
58
1%
7
4%
4534
20
2,200
13
13%
9,000
36%
7,700
20
47 46%
133%
133% *132
*61
66
78%
68
68%
23%
23
23%
55
56
142
24%
24%
24%
179
179%
99
99
*2334
179
98%
24%
180%
99%
8
58
1%
634
4%
22%
3,600
11%
11%
7,700
46%
4634
20,900
133% 133%
300
66
79
11%
78%
*67%
68%
68
69
22%
23%
23
23%
55%
141
12%
79
24
2634
27%
26%
105
105
8%
8
8%
58
7%
56%
1% .X 1%
5834
56%
1%
1%
7%
7
634
4%
26%
*102
4%
438
634
4%
26%
105
24%
179% 180%
9934
99%
.8%
57%
1%
7
4%
26%
*103
10
28,800
700
10
11,500
160
101
101%
141
141
2,200
7,600
200
14%
8,900
27
26%
27%
10434 *103
10434
50,200
14%
8
8
56
1%
6%
4%
1%
634
4%
8%
57
1%
400
4,300
6,300
2,000
6%
4,100
434
10,300
62
*51
63
*62
63
*53
63
*53
65
*28%
30
*28%
30
*27%
30
*28
30
""166
4634
45%
46%
45%
46%
*30%
45%
34
45
28%
46%
46%
91,400
*83
86%
85
8534
85%
86
86
86
84
85
20
20
20%
20
2034
19%
20%
19%
104% 104%
104
19%
104
104
46%
4734
4534
105
103
103
40
40
120
*119
120
12%
12%
12%
12%
5%
3%
*3%
*3%
39%
39%
3934
39%
*117% 120
*117% 120
*107% 108
108
108
*108
*12%
*3%
40
1234
334
40%
*119
5%
80%
12%
*3%
12%
334
534
5%
5%
80%
79%
79%
110
5%
*79
5%
80
*108
5%
79
109
5%
79
101
12%
3%
39%
20%
101%
13%
3%
40
For footnotes see page
2628.
83
83
1934
20%
101
13%
3%
3934
102
1334
3%
3934
119
119
*119
108
108
*107% 109
5%
5%
*78%
79%
5%
5%
78%
79%
♦110
113
113
*110
114
115% *110
115% ♦110
55
55
55%
56
5534
56%
56
56%
55%
55%
14
13%
14
13%
13%
14%
14%
14%
14%
14%
*110
1
No par
No par
111
54%
1334
120
111
55%
1334
100
par
par
par
American Rolling Mill
25
Preferred...
Oct 23
14
Mar
2234 Nov
4%
July 17
37
July
7
75% Oct 23
55% Apr 15
48% Jan
41%June
13% Jan
80
49
65
Jan
3
72
43
Jan
70
40
May
Apr 30
57% Apr 27
30
31
Jan
3
11434 Jan 14
136
87%May 11
July 3
7% July 10
20% July
110
29
16% Jan
Apr
3% Apr 30
934 Jan
89
_
Oct
175
5% July
7
32% July 11
37
Jan 2
2% Sept 24
16% Sept 24
4
Feb 20
43
36% Feb 20
1834 Apr 30
157
Jan 7
2334 July
Aug
Apr
18
5634
Jan
136% Jan
100
8
Jan
38
Jan
66
Feb
3
30
Mar
Jan
1334 Feb 13
32% Mar
5
May 2
14% Feb 17
Oct
104
20% Apr
10734 Jan
100
Preferred
No par
Stores
100
Preferred
100
Am Sumatra Tobacco..No par
Amer Telep & Teleg
100
25
Tobacco
Common class B
25
Preferred
100
Am Type Founders Inc
Preferred
10
100
Am Water Wks & Elec.No par
No par
129
Jan
20% Mar 21
88% Mar 13
Jan 2
136
878June 30
20
May 13
19% Apr 28
9234
Jan
7% Sept
100
5234 Sept
_.l
34May
No par
Amer Zinc Lead & Smelt
1
6
149% Apr 30
87
Mar 13
No par
Preferred
{Am Writing Paper
Preferred
2434 Sept
48% Apr
4% Apr
3% July
Preferred
25
44
$5 prior pref
25
24
Jan
24
87% Sept
74% Sept
100
3,600
1,800
$6 conv pref
Preferred
5
No par
100
3734
9
Mar
2734 Nov
3
32
Mar
75% Dec
33% Nov
Armstrong Cork Co...No par
Arnold Constable Corp
__6
14%
14
1812 Mar
4% Apr
13
19
13% Mar
16
72
2
£24
28
2
3
4
165% Aug
4
Feb 19
3934 Oct 21
28% Aug 11
Jan
Jan
-
1%
10%
8%
10%
134%
1584
Mar
Mar
Mar
Mar
Mar
Mar
4% Mar
Dec
Dec
49% Aug
41% Aug
25%
159
21%
Oct 13
20
Mar
26%
Oct 19
31% Apr
64%
73% Jan 22
Sept 26
144
4534 Oct 13
130
Aug 24
Jan 29
63% Aug 29
145
Sept 23
26% Jan 28
I8O84 Oct 14
102% Feb 6
104
150
Feb
6
Mar 17
15% Oct
Dec
Sept
32% Nov
144
Dec
Jan
Dec
May
117% Aug
63
Jan
76
125
Feb
143
12
Mar
88
Feb
113
32% Dec
50% Dec
43
Jan
70%
Feb
124
Dec
18% Jan
98% Mar
72% Apr
7434 Mar
129% Jan
June
July
25% Nov
Dec
14012 May
27% Nov
160% Nov
104% Nov
107
Nov
141
Nov
9
35
Jan 11
27%
Oct
9
10934 Sept
2
9
Mar
38%
Dec
7% Mar
2234
Dec
784 Mar
2
3
Mar
73% Mar
2
31
Mar
49
Aug
Apr
2
8
Dec
8
3
4%June 10
11% Feb
7034 Feb
2
10
31
Feb
Mar
94% Nov
1
4% Mar
1
35% Mar
5
% Mar
1034 Sopt
6884 Nov
2% Dec
Jan 10
4784
Oct 19
86% Oct 16
2634 Mar 5
5% Jan 27
48
2% Mar
30
37
96% Oct
3% Mar
1% June
109
7
36
Jan
117
,4ug
110% Jan 20
7% Jan 25
97
Jan
Apr
3% Apr
84
Jan 28
55% May
Aug 18
125
Jan 28
85
47% Feb 24
9
62% Mar 23
15
Mar
4
5%
Mar
Jan 13
50
122
II84
16% Apr
10% Sept
2
7% Jan
12%
32%
130% Nov
36% Nov
9% Nov
9384
Feb
Feb
11% Nov
45
36
Nov
38% Nov
4% Jan
2
Apr 30
May 11
66% Jan
104
/29% Apr
1% Oct
3
25
25
19
30
3
May 18
105% Jan
8% Apr
Oct
4% Mar
1
Armour of Illinois new
Aug
Aug
10
27% Jan
34
Mar
16
July
800
12
Jan 14
Feb 17
200
17
40
15
30,100
42
Oct
5% Jan 14
9
3
Mar
Oct
June
37
9% Aug
Mar
3% Mar
3
2
Jan 30
118
Dec
Deo
Oct
111
7% preferred
100
ArmourACo(Del)pf .7 % gtdlOO
Dec
4834
Jan 20
Archer Daniels Mldl'd.No par
19%
92*4
3%
28
Jan
10
June
6
15% Jan 2
97 May 13
200
96
34% Aug
9% Dec
Jan 27
8% Mar
28
1,500
Nov
46
35
9
Dec
33% Dec
2
21% July 20
Anaconda W & Cable.-No par
2,900
Dec
115
14
Oct 23
Anaconda Copper Mining..50
240
65
Oct
May
38% Aug
15% Oct
6% Nov
4234
1,300
No par
$6.50 conv preferred.No par
Andes Copper Mining
20
A P W Paper Co
No par
33%
2
11,400
Cap
42% Dec
9% Dec
101% Dec
Amer Steel Foundries..No par
Feb
Nov
3534 Nov
108%May 28
6
7
30
4
1
30
Dec
234 Apr
Aug 29
Sept 12
121
9
Anchor
5734
47% Nov
22% Mar
6% Feb
72
Aug
84 May
6
32
101
15234 Mar 11
Jan
Woolen
2% Mar
7
28
30
2
7
3
57% Mar
Snuff
preferred
25% Mar
Sept 12
Oct 21
___
133% Jan
American
Feb
14
Oct
9% Apr 30
39% Oct
23% Apr 28
66
Oct
Apr 28 105
21
May 9
29% Jan
10
15
Feb
Apr 28
Oct
27
Apr 30 "*49
124
Apr 2 134 July
z35% Jan 3 /64% Oct
14% July
—7% Feb 20
25
1st
34
175
..100
preferred 6% cum
American
4% Oct-? 5
Oct 15
125% Mar 29
124
Oct
Oct
36
6
100
Preferred
Nov
31
Jan 20
1
par
Am Rad & Stand San'y.No par
Preferred
100
300
2,300
9
1934May 31
13
10
6% conv preferred
Amer News N Y Corp..No
Amer Power & Light...No
$6 preferred.
...No
$5 preferred.....!..No
141
17,200
22% Dec
3% Mar
/49
June
75%
37%
25
Amer Metal Co Ltd
2d
Oct
Oct 19
19% Oct 26
Preferred
100
Amer Mach & Fdy Co..No par
Amer Mach & Metals..No par
American
1434
86
Apr 30
Apr 30
50
Dec
Sept
24% Dec
Mar
25% Jan
300
32
173
12
36
500
Jan
Mar
66% Oct 17
Amer Safety Razor new. 18.50
17,900
8
3034 Oct 19
35% Jan 21
American Seating Co..No par
Amer Shipbuilding Co,No par
Amer Smelting & Refg.No par
1,260
7
Jan 31
21
125
5
12
Amer Sugar Refining
99
Aug 14
6% Jan
5,700
*52
28%
Ice
American
24%
243«
179./ 180
23
69
Dec
14% Dec
33% Dec
Oct 13
Aug
934 Mar 23
51% Oct 23
.
1,000
.98%
245
11,400
63
*53
6% conv pref
2,800
57
6%
3,600
38,100
111
7
6% Apr 30
2934 Jan 2
.No par
Amer Hawaiian 8S Co
Amer Hide & Leather
56
734
4%
2,500
4038 Oct
8
Jan
No par
*55
55%
1
3l", 700
184 Mar
6% Apr
No par
141
56%
141
„
106
1,000
22%
*61
12% -H% -12%
102
101
101
101
10134
101%
100% 101%
*140
143
143
143
*140
143% 143% *140
15
1434
14%
14%
14%
14%
14%
14%
26%
100
No par
....
-
80%
139% 139% *140
143
179% 180%
9934
99%
*105
100
.
preferred
35%
1134
79%
5434
$6
1334
70%
54
9,500
..
preferred
36%
102% 102%
22%
22%
11%
11%
11%
66
7,000
13%
19%
Preferred...
2d
36
63
63
63
63
63%
63%
64
6334
144
144
*140
*140
144
13934 13934 *140
45
44%
45%
43%
45%
44%
42%
43%
128
128
*12734 129
12734 128
12734 12734
27
27
27
27
27
27%
27
27
144
12734 12734
27%
27%
55%
5434
24
20
2%
160
16212 *155
162% *158
*158% 160
32
31%
31%
31%
30%
3034
30%
38
39
39%
38%
3934
38%
38%
38%
25
2334
25%
25%
23%
23%
25%
26%
41
4034
40%
39%
3934
40%
40%
40%
91
90
90
92%
91%
89%
8934
92%
144% 145% *14534 150
146% 146%
*14534 150
107
*106
107
107%
*106% 107
106% 106%
38
45
2%
19
31%
23%
23%
39% 40%
9334
91%
145% 145%
10634 10634
6334
6334
*140
*61
r
1834
*155
32%
142% *136
*136
158
31%
*0*4
*132
63%
12%
81
2%
20%
13%
37%
102%
22%
AT
4834
1±1
131
11%
80%
68%
*158
2%
19
11,800
9
Feb
Dec
14%
Mar
56
98
Apr
2
49% Oct 13
157
3%
14% Dec
12% Jan
Oct
187
34 Mar
2% Mar
Oct 13
27
2
Apr 28
2678 July 7
2% Dec
Sept
Jan
74
£20%
168
45%
27,500
Apr
186
434 Oct 13
5634
Oct
Jan
7%
7%
13%
Mar
45%
51%
Oct 17
17% Sept 24
195
Mar 25
10
American Crystal Sugar
97%
300
Dec
8% Feb
173
Nov
15184
No par
27
7%
4934
Dec
203g
54% Oct 13
90
Sept 24
64% Oct 21
Co)..25
29%
*156
24%
37% Nov
162i4May 29
Amer Colortype Co
96%
300
Jan
149%
100
27
*156
102
June
8
Jan
100
98
300
8IS4 July 22
6% Apr 1
Dec
4% Mar
6% Sept
1043s Mar
84 Apr
74
Sept
Mar
No par
preferred
American Chicle
2734
*170
2
11%
21
7%
97%
300
Mar
Oct
7484 Nov
28
Oct 13
8
52% Nov
116
110
45%
7%
9
4% Mar
Oct 15
Feb 14
21% Jan
Apr
137% July 17
169% Sept 5
46%
7%
46
June
64% Sept 11
138% Sept 14
Preferred
American Chain
27%
13
Jan
51
Apr 28
2
No par
28%
*12%
110
.100
Preferred
Ameiican Car & Fdy
27%
98%
43s
32
1
11534 Feb 24
100
Can
2934
4%
Oct 10
Feb 10
Feb
25
conv pref
American
7434
15%
3584
37%
9
Jan
new 1
63
118
5638 Oct
Oct 22
Oct 22
97%
4%
4%
13%
_
75
27%
11
2
July 17
178
Aug 5
212 Apr 28
12% Jan 2
1214 Jan 2
33
Am Coal of N J (Alleg
34
Jan
Mar 25
13
50
29
10%
28%
par
9
Amerada Corp
No par
Am Agric Chem
(Del)..No par
American Bank Note
10
11%
2834
1034
17% June
2218 Jan 21
£l% Jan 14
738 Jan 2
58
Apr 28
2
5234
5334
3
Apr 28
95s Apr 30
91
44
4%
Mar 31
Highest
$ per share $ per share
$ per share
59
par
44
99% 101
42
110% Aug
Ala & Vicksburg RR Co.. 100
Alaska Juneau Gold Min
10
10
*50
"
Year 1935
Lowest
Highest
per share
7,400
45%
232
No par
$
16%
108
*180
4%
52%
Express
13%
13%
300
100
4%
4%
13%
No par
Preferred
Acme Steel Co..
99
*98%
27
99
12,100
Abraham & Straus
33
5
35
101
11%
~
27%
27
*98%
4%
27%
*98%
4%
*12%
*28
m
85%
60%
60%
60%
60%
60%
*13434 138
134% 136
*13434 138
*13434
125
126%
124% 125
124% 127%
12534
*156
16634 *156
166%
16634 *157
166% 166% *163
54
54
53%
5234
52%
53%
5334
5234
51%
88
*86
88
88
88
8734
86% 86%
86%
63
64%
63%
64%
6334
6234
6234
64%
6234
125% 125% *125% 12534 *125% 12534 *125%
125% 128%
110
-
29%
14%
*134% 136
126% 126%
110
106% 106% *10634 119% *107
*28
*28
*28
39%
39%
39%
12
11%
11%
11%
11%
11%
2934
30%
29%
2934
30% 30%
-
1,500
2834
13%
84%
63%
30%
4%
60
*59
30
m -
34
*108%
233%
dm
^
69%
Par
28%
54
55
64
«.
Lowest
1434
28%
*50
*54
54
'm
Range for Previous
EXCHANGE
14%
28%
4%
55
5434
~
53%
5334
*54
47%
37%
-
69%
4%
54
47
'm
51%
56
*53%
1434
*180
4%
55
5534
69%
2629
Range Since Jan. 1
Shares
*111% 11134 *111% 11134 *111% 11134 *111% 11184 *111% 11134
RICHMOND,VA. »NORFOLK, VA.
On Basis of 100-Share Lots
Week
$ per share
•
2
STOCKS
NEW YORK STOCK
Tuesday
19
$ per share
62
62
INDIANAPOLIS
Record—Continued—Page
j"1
Saturday
•
Jan
25% July
4
Mar
17%
Dec
Dec
Dec
Jan
Apr
12% Dec
4
Dec
52
Aug
122% July
109
6%
70%
110
Dec
Jan
Jan
Jan
6084
Dec
9%
Dec
New York Stock
2630
LOW
AND
HIGH
SALE PRICES—PER
Record—Continued—Page 3
SHARE, NOT PER CENT
Sales
Oct.
17
$ per share
17
17
*93
1047ft
20%
*106
207ft
110
Tuesday
Monday
Oct.
19
Oct.
$ per share
$ per share
17%
16%
♦93
163ft
*93
1047ft
21%
20%
*106
2078
*107
110
1173ft *116
117% 117% *115
42
42
42
83
83%
83%
84%
♦106
10684
4334
*41
43
29%
46%
2734
*111
08%
*127
29%
4078
30
31
293ft
11234
52%
11234 1127ft
70
707ft
69%
129
♦125% 129
1778
18
347ft
7
7
41
31%
Wednesday
Oct.
$ per share
16%
*93
20%
♦107
16%
16%
203ft
20%
*107% 109%
109
119
117% 11734
45
4334
81%
82%
30
31%
52%
53
313ft
19%
1934
18%
19%
33%
078
34%
67ft
3334
34%
6%
0%
*38%
*38%
41
44%
82
80%
1057g 106
10534 106
42%
4134
41
23
1584
*93
20%
42%
110
Art loom Corp
111
115
2
73
Feb 18
3,100
10
4,300
7,200
800
4% conv pref ser A
100
Atlas Powder
No par
100
Preferred
Atlas Tack Corp
No par
Auburn Automobile—No par
5%
7,800
Aviat Corp of Del(The)new_3
5%
5%
43ft
4%
4%
*69%
69%
4%
4%
4%
4%
56,500
15,400
1,500
3,200
36,100
4,100
Baldwin Loco Works..Ac par
Assented
*45
46%
*111% 113
2334
*116
24
1217ft
40%
112
112
2378
24%
19
17%
177ft
187ft
177ft
18%
173ft
•111% 11184 *111% 115
22%
22%
23
2234
08
68
68
68%
23%
3634
24%
3734
2334
46
46
45
45
23%
36%
45%
112
112
120
120
120
18%
70
18%
120
19%
24%
120
18%
177ft
111% 111% *111%
24
23% 24%
24%
120
120
18%
177ft
*111% 115
*111% 115
23
23%
*2234 23
17%
121
11934
19
18%
18%
18%
111% 111%
23
223ft
19%
18%
18%
111%
2234
37
45%
113
241ft
11934
187ft
1924
111%
23%
600
250
5,700
220
18,700
22,900
20
1,300
Preferred...
*42%
947ft
45
*83%
31%
84%
313ft
23%
63%
75%
7578
19"
19
*124
125
95
95
14%
14%
14%
*833ft
307ft
84%
*83%
84%
31%
307ft
23%
2234
31%
23%
02%
23%
627ft
23
62%
23%
62%
23
95
14%
313ft
14%
83%
31%
*62
44
*94%
83%
947ft
14%
*4234
947g
14%
0234
63%
6234
75%
187ft
73%
74%
183ft
19
7134
187ft
45
*42%
9478
14
*101% 102
*4234 43%
10134 102
427ft
76
747ft
19
18%
124% 125
74%
,183ft
125
427ft
125
48%
48%
47
47
45%
47%
18%
*30%
1834
18%
187ft
18
18%
96
124% 124%
48%
46%
18%
18%
assented
Pref
106
27%
80%
*87ft
Bangor A Aroostook
."...100
Preferred
Barker Brothers
No par
6 H % conv preferred
100
Barnsdall Oil Co
5
Bayuk Cigars Inc
1st preferred
Beatrice
Creamery
*2
4034
46
96
277ft
43%
27%
803ft
80%
9%
2%
*834
9
43%
27%
80%
80
9%
*2
*93%
*2
*52
453ft
7%
♦393ft
50%
53%
*50
16%
43
28
27%
2778
81%
8034
81%
8%
27%
80»4
*8%
*2
2%
53%
46
7%
7%
407ft
40%
40%
40
56%
56
56%
56
103% 103%
54% 56%
104
104
55
57
55
51
16%
50
50
7%
40
56%
*4812
49%
10
1634
163ft
13
13%
*93% 100
12%
12%
*93%
127ft
97
97
12%
98
30%
5%
140
107% July
14i2 July 8
18%May 8
10934 Jan 24
77% July 11
1078 Apr 30
41
Aug 20
100
-..5
45%
46
97
150
43%
43%
160
277ft
27%
27%
14,100
81
80%
81
4,600
9
*8%
9
300
Boston A Maine
600
tBotany Cons Mills class A.50
Bridgeport Brass Co...No par
par
No par
Class B
Borden Co (The)
Borg-Warner
15
1434
60
6034
16,900
11,900
53%
53%
46
53%
4434
7%
38%
56%
54%
45%
53%
4434
7%
*38%
56%
53%
4434
7%
2,300
1,300
397ft
503ft
5,300
Bklyn Manh Transit..No par
500
$0 preferred series A .No par
39%
56%
56%
104
7%
38%
567ft
104
5434
56
54
*48%
16%
50
*48%
15%
17%
12%
93%
600
104% 10434
54
547ft
50
*48%
16%
10%
17%
17%
5434
50
16%
18%
110% 110%
112
15,372
100
7,100
14,400
112
30
Manufacturlng.No
Briggs A 8tratton
Bristol-Myers Co
-.5
Brooklyn A Queens Tr.No par
Preferred
No par
5
87s Jan
.100
107% Sept
Bucyrus-Erie Co....
7% pref. new
7% preferred
Budd (E G) Mfg
100
No par
100
100
85
12%
117ft
12%
92
88
90
10%
10%
49%
33%
Budd Wheel
No p>>
49
10,700
Bulova
Watch
11,000
Bullard
Co
No par
No par
33
14,000
Burroughs Add Mach..No par
JBush Term
No par
700
7%
preferred
107ft
10%
1034
103ft
10%
10%
10%
10%
46%
46%
46%
4678
47
50
49
10%
497ft
32%
33
32%
33%
46%
32%
32%
32%
32%
32%
33
31%
32
32
327ft
5%
16%
32%
33%
32%
33
32
323ft
5%
5%
16%
18%
16
*5%
16
*17%
5%
16
177«
43ft
5%
16
16
17%
17%
177ft
4%
434
2434
43ft
23%
4%
24%
25
24
5
*17%
5%
5%
16
5%
17
*1434
17
18
3234
32%
5%
16
18
18%
4%
80
8034
77%
32
79%
31%
807ft
3184
32%
31%
31%
417ft
1%
42ift
41%
42%
40'4
1%
1%
1%
40%
1%
1%
1%
1%
1%
1%
1%
11%
11%
11
11%
11%
11%
11%
39
3734
11%
39%
11%
39%
187ft
11%
3834
1834
113ft
38%
-
43ft
233ft
7934
377g
37
37%
*36
19%
1834
19
37%
187ft
19%
1834
193ft
19
1834
*57
61
*57
*57
61
13%
137ft
13%
13%
54
54
64%
54%
17%
*17%
177g
*51%
52
*100%
17%
8%
16734 168%
8%
*132% 134
17
84%
84%
29
29
45%
453ft
*834
61
*57
*57
60
13%
127ft
54
*16%
17
*52
53
1634
1634
*52
*99
16%
*52
53
*99
..
M
*•
1%
12
9%
83ft
139
*68"
70
*133
138
677ft
10434 105
24%
237ft
104
*56
61%
*56
96
96%
76%
76%
2%
*2
*
68
104
10
140
~68~
104
135
68
67
104%
24%
96%
757ft
25%
24
60
24%
8
169
162
166
10%
97%
55%
96%
76%
757ft
963ft
76%
2%
2%
56
135
*
135
.
67%
104% 105
25%
2434
57
61%
97
96%
76
76%
*1%
2%
*67"
104
67
104
12
11%
11
11%
*734
10
31%
17ft
3134
*734
31%
313ft
11%
2%
2
2
4%
434
4%
434
4%
4
4%
4%
4%
4
117ft
12%
11
2
4%
4%
11%
10
17ft
2
4%
4%
4%
4
*11%
113ft
107ft
31%
♦30%
17ft
3%
11
10
53ft
5%
187ft
183ft
19%
5934
2%
57ft
534
57ft
534
53ft
5%
59%
2%
5%
5%
60%
2%
57ft
29
29%
29%
100
100
Ind A Louisv pref.. 100
2%
534
18
30
Preferred
JChlo
103ft
1834
59%
2%
5%
59%
2628
100
100
Great Western
11%
2%
29
7,600
"
5
No par
25
preferred
9,000
18
page
11%
Cab
JChic A East 111 Ry Co
13,000
597ft
31
200
37ft
2%
see
13,500
4%
18
30%
No par
Chesapeake Corp
Chesapeake A Ohio
3%
59%
2934
Common
Checker
5,300
4%
2%
For footnotes
100
2,100
37ft
18%
293ft
Mills.No par
*28
11
3,600
7
Jan
Jan 21
101
19
2214
Jan
Jan
51
Jan
32
Chicago A North
Western. 100
Preferred
100
19%
.13,300
2,400
2%
5%
1,900
JChic
1,500
7%
preferred
100
800
6%
preferred
100
Chicago
par
12iz Apr
No par
4034May
Rock Isl A Pacific.. 100
li2 Apr
Conv
1,400 Chicago
Pneumat Tool-No
634May
preferred
Yellow Cab
No
var
3i2 Apr
314 Apr
1984
Jan
2
Sept
1484 Nov
117% Mar
24% Oct
2234 Dec
Jan
5
Oct
17
Nov
237ft Aug
114
Dec
90
Dec
22%
5978
100
Dec
Jan
July
47«4 July
27«4 Nov
Dec
Dec
284
Dec
8% Apr
24% Feb
23% Jan
303s May
13g Apr
14
May
36% Mar
Jan
17% Nov
553s
Oct
55
Oct
42
Dec
5%
38
Dec
Deo
463ft Aug
100
Aug
71% Aug
6384 Aug
3% July
11%
Deo
4% Mar
878
Dec
6234 Mar
3% Mar
23
Mar
100
Deo
984 Nov
Dec
97%
2%
334
8%
13%
10
Mar
1434 Nov
Mar
24% Nov
Mar
28
Apr
Apr
3% Jan
10% Jan
22% Jan
3% Nov
20% Jan
Mar
1% Mar
11% Mar
32
Mar
30% Aug
% Juiy
2% Mar
7% Mar
8% Sept
50
Sept 26
66
Nov
Dec
"42% "Feb
1%
684
Jan
Oct
33% Nov
17%
Dec
Apr
8%
30
66%
Oct
Oct
1384
40%
Jan
Oct
June
14
Nov
4% Mar
32% Feb
82% Feb
88
Aug
85
Mar
95
July
7
Dec
55
Nov
22%
34
Feb 21
14% Nov
May
Feb
Mar
48
Nov
8% Dec
111% Nov
126% Nov
60
Nov
35% Jan
21% Nov
623ft Nov
29
May
62% Aug
96% Mar
38% Jan
109%
Jan
65%
Dec
23
71
Oct 13
Oct
12
•
3% Mar
Mar
Jan
15%
Dec
88%
Dec
21
Dec
7
Oct 10
26% Oct 22
69% Apr 17
97% Oct 19
76% Oct 19
3% Jan 13
634 Oct 13
2% Feb 5
12% Oct 16
2
1
30
4
23
24
28
33% Sept
95
12%
May 12
U2 Apr 30
278 Apr 27
2% Apr 29
20% Nov
108% June
10% Oct 21
108% Oct 2
60% Oct 19
19% Mar 24
253sMay 13
Milw St P A Pac.No par
Preferred
100
Dec
May
6% July
l%May 19
Jan 4
U4 Apr 28
Jan
Nov
% June
67
27s
4
1484
70%
878
35% Mar 13
2
6
Mar
83% Apr
36% Jan
19% Apr
16% Nov
7
6
86
15% Nov
88
384 Mar
4584 Mar
2
Aug
21
28%
July 15
3
2
59
Dec
June 22
35
4784
8
84% Oct
32% Jan
6
Apr 28
0% Apr 29
97%May 2
38
143
2134May 22
19
Apr 30
54
May
1
2538
Jan
186
Jan 16
5
Mail Order Co
59%
5%
29%
Jan
105
4%
597ft
53ft
29%
10,500
2%
10
on
JChic
18-
6
034May 22
92% Jan 6
Oct
3
984 Feb 19
Mar 13
4,900
58%
2%
*534
190
2
2%
6
1
100
5434
2
103% Oct
136
17ft
18
*57ft
4
4
Chicago
58%
6
Jan
4
8
3~2O6
2%
57ft
*734
91
8%June
313ft
173ft
6
11
10%
*734
4 zlOO
5712 Sept
Chicago
577ft
*578
104
307ft
17ft
4%
Feb 19
80i 2 Feb
6%
2
16
Apr 13
54% Oct 19
1S% Fob 24
52% Apr 18
100
1,700
2%
6%
2
CO
0
100
preferred
2,500
6
2
0
1078 Jan
6% prior pref..
100
Champ Pap A Fib Co 6% pf 100
7%
2
6
10
130
6
6
2
31%
20
68
17ft
6
2
Jan
6
Aug 20
Cerro de Pasco Copper.No par
Certain-Teed Products.No par
*534
6
2
*734
7,200
135
*63"
20% Oct
..No par
Preferred...
3~1~600
6% Mar 20
0
Aguirre Assoc .No par
Century Ribb
2478 Mar 23
1038 Apr
116
90
1
5
100
100
preferred
76%
2
30
1,600
5%
Central
7
14
Central RR of New Jersey. 100
757ft
*1%
6%
10
600
76%
2%
30
440
3,800
fCelotex Co
Oct
40% Apr
No par
103% Jan
28% Mar
6% Mar
39% JuJy
5%
Jan
Dec
27% Sept
Mar 24
87
Dec
Aug
110
1434 Mar
9% Mar
10% June
Mar 23
25% Sept 19
84
Sept 18
3334 Oct 22
4334 Aug 10
17ft Feb 10
Apr 30
1234May 8
4534 Jan S
Sept
57% Nov
9
37
18
25%
49 %
Jan
19
6
Celanese Corp of Am..No par
97
6
*8%
19,300
1,900
Preferred certificates
95%
76
*1%
♦
34%
100
Caterpillar Tractor
96
26%
2%
*2934
*
440
3,500
5
33% Oct 23
2
Dec
6
Oct 21
6
1
Carriers A General Corp.
Case (J I) Co
62
2534
607ft
95%
2
12
5,800
14,900
Mar
Jan
..10
Stamped
July 22
30
54
15% Mar
34
Mar
par
25
Preferred A
Jan
Oct
Jan
Mar
Jan
No par
Capital Adminls cl A
10434
25%
26%
60
61%
6%
117ft
70
102% 102%
9%
2%
2
40
Canadian Pacliic
Cannon Mills
5r
14
100%
53
6
Carolina Clinch A Ohio Ry.100
8
6%
11%
1,200
53
8
2%
11%
117ft
900
,
10
Campbell W A C Fdy..No
Canada Dry Ginger Ale
Canada Southern
38", 800
*99
<~
9%
9%
9%
*105
108% *105
108% *105
108% *105
108% *105
108% ♦105
108%
58
59
58%
60%
59
59%
597ft
58%
59%
60
57%
59%
13%
13%
13%
13%
12%
13%
1234
13%
12%
1234
12%
123ft
*
26,700
13%
54%
16%
103
164
168
Calumet A Hecla Cons Cop..5
60
8
8%
Callahan Zinc-Lead.........1
Jan
_40"
1078*4 "jan 115"
43
17% Sept 30
18% Oct 15
115
Sept 25
30U Apr 30
7,200
37%
19%
103
*1027ft 104
No par
No par
100
Oct
1% Aug
Byron Jackson Co
5
No par
Feb
June
57s Mar
Oct 20
67
14
California Packing
690
10,000
pf ctfs.100
Mar
65% Jan 15
50
6,800
41%
Bush Term Bldg gu
Butte Copper A Zinc
By era Co (A M)
Preferred....
32
Mar
Mar
Mar
90
10
28
27
2
2
29
2
22,700
33
82
2934
84%
46%
9%
3234
40%
79%
*132
135
135
*132
135
132% *132
83 '
82%
82%
83%
83%
82%
82%
26%
26%
26%
27%
257ft 26%
2534
26%
28
28
29
2934
2934
287ft
29%
28%
84
84
84%
84%
84% *83% 84%
84%
29
29
2834
29%
2834
287ft
28%
2834
44
45
*44
*443ft
45%
45%
*44%
45%
27%
29
3334
403ft
132
83%
29%
78%
32
7,800
.100
7%
9%
36%
100%
3%
6
30
5,600
290
40
783ft
5
58% Sept 22
*2 Oct
Debenture
Jan 15
157sMay 5
115%Sept 16
Jan
8% Apr
1U2 Jan
20»4 Apr
25
Apr
6
51% Mar
106
123
Jan
Oct 16
32% Aug 10
83% Mar 4
11% Jan 30
3% Feb 14
187a Feb 13
6478 Mar 6
69
Apr 4
50% July 24
12% Mar 6
2% Jan
8% Jan
His Apr
25s Jan
16% Apr 29
54isJune 16
22
Apr 30
4,200
4178
54
164
1,100
1,000
1834
32
1234
1667ft
5%
16
4%
24%
78%
24
54
164
*132% 134
29%
43g
24
13
8
26%
29%
"
54%
8%
27
4%
23%
7834
127ft
168%
105
4%
24
54%
8
83
*8%
17
*57
8%
8%
83%
*45
13%
54%
-
83%
26%
84%
*28%
61
52
52
52
*51%
*100%
*100%
*
1027ft 10278
1027g 104
•
*102% 104
127ft
*52
4%
23%
7834
31%
40%
9,300
2
Mar
9's
Second paid rights
10%
46%
45
4
7
2
SisMay 19
12
34,200
4% Jan
33% Jan
40% Jan
No par
Brooklyn Union Gas ...No par
Dec
1
Oct 23
Jan 17
Bruns-Balke-Collender.No par
Brown Shoe Co
5%
6%
Oct 19
31% Aug 6
63% Mar 7
100% Apr 13
2
9734 Feb 4
44%May 11
46
Sept 21
8984
12%
93%
41
7
113
Apr 27
15
6
Jan
Jan 21
6
603ft
500
2558 Jan
64
7% Apr
Feb
113
June 30
100
143ft
4434
39
...10
Corp
00
Briggs
80%June 12
Feb
Nov
31
47%June 30
No par
No par
1%
11% Mar
79
Sept
117ft Mar
125% Oct 15
48% Oct 6
20% Feb 19
yl2%July 2
43% Apr 30
2
Bon Ami class A
Jan
72
4
25% Oct 6
63r>g Oct 22
1% July 16
*95
5
15%
39
8
3
14,800
4,100
617g
*103% 104%
Jan
29%
147ft
7%
23
2834
Bohn Aluminum A Br
63
33
19% Sept
Boeing Airplane Co
Jan
35% May
2«4 July
16% Mar
89%May
32% Oct
76
Blumenthal A Co pref
Oct
14
4278 Oct 20
9834 Oct 23
7
Blaw-Knox Co
8
Mar 11
10is Apr 28
100
Dec
45%
5% May
July 30
45*4 Apr 30
61
7%
26
215s Jan 20
7% preferred
Blgelow-Sanf Carp Inc.No par
2
1115gMay 29
105
20
100
Preferred
Mar
1934 Oct 23
114% Jan 15
(Del) .No par
No par
15
Oct 15
Apr
new
Bloomlngdale Brothers.No par
113
June
July
preferred
Beth Steel
2%
15%
16%
177g
1778
18%
18%
17%
17%
177ft
17%
*110
114
♦110% 115
*110% 114
*110% 11334
10%
Ill
1,300
2,100
11,500
18
""ilo
111
43
4534
♦10234 103%
17%
*29%
43%
54
7%
48
43
40
15%
61
44,100
3,000
19
1834
124% 125
4734
48%
5
15
24
18
25% Oct 14
123
6
72%
43%
40
157ft
0134
83
71
19
•19%
Jan
May
Oct 20
x20
Feb 28
85
Jan
96
*53
15%
61%
35
Belgian Nat Rys part pref
6
Mar
Oct 17
118
2
No par
4
73
8
Aviation
Sept
10634
26% Oct 7
41% Oct 7
49% Feb 28
Jan 18
96
54%
153ft
6134
8
Aug 18
Feb
Bendix
Nov
115
18
14
74
2
Jan
100
48
96
46%
7%
15%
61%
Jan
18
107
8
20
96
2%
May
Best A Co..
46%
*2
110
Beneficial Indus Loan..No par
29%
46%
2%
15%
61%
53%
2%
29i2 Apr 30
33*4 July 8
1578 Apr 30
21
Apr 30
41?8 Jan 3
110% Sept 3
13>4 Jan 6
8214 Jan 10
14% Jan 6
1034June 26
5,600
21,100
"48%
5% Oct 15
2,300
300
28
Apr
678 Feb 24
13% Jan
20
Oct
32%
8
Belding Hemlnway Co .No par
Beech-Nut Packing Co
Mar
9
23
28%
45%
8%
...
35 pref w w
...No par
Beech Creek RR Co
50
Mar
2%July
6234
22%
110
40
No par
100
25
100
3
6
23g July
£62
17%
18%
*29% 30%
111% 111%
28%
30
4,600
1,200
100
100
^..50
Preferred
Dec
20%
126% Apr
30% Feb
54% Mar
10% Jan
46% Jan
784 Mar
6
737ft
48
107
28
43%
277ft
9
107
2834
96
9534
107
28
9534
43%
46%
43%
*103
2834
403ft
457ft
*93
107
106
28%
46%
283ft
600
Jan 17
26%June
2984
35% Apr 10
June 20
84%
31%
23%
63%
124% 12434
32
28%
14%
23
*29%
*29%
30%
*29%
3134
3034
11134 1113ft *111% 1113ft *111% 11134 *111% 11134
106
96%
14%
*83%
20%
101% 101%
*4234
43%
96%
9834
*14%
14%
8334
8334
30%
2034
100
Baltimore A Ohio
Preferred
101% 102
*101% 102% *101% 102
Oct
Nov
I884 Nov
3U2 Oct 19
5312 Oct 20
29%June 30
3
Apr 9
5%
24%
373ft
112
14
a
No par
5%
37%
Jan
44% Oct
5%June 30
5
24
48
No par
Austin Nichols
Prior A
69
978
90
June 12
700
25
5
73
37% Jan
17% Dec
197ft Dec
II
Apr
13i2 Apr
26%June
109
Sept
100
Preferred
Atlantic Refining
5%
24%
3834
*40
46%
11178 112
2378
24%
19% Apr
At G <fc W I S3 Lines ..No par
8,400
7,000
50,700
5%
71%
3
21% Apr
5
24%
Dec
Atlantic Coast Line RR—100
5
38
92%
107
5%
727ft
66% Mar
2
24
22
24
4
17
5%
4%
25%
39%
Deo
Oct 14
00®4 Jan
....
5
72
60
2
5%
39%
3584 Mar
Jan
5%
25%
Dec
44
69
512
25
100
Feb
Atch Topeka A Santa Fe._100
Preferred
100
5
70
Mar
119
5
39
Sept
48
111
Feb 21
May 21
5%
69
109
Aug 18
511ft Feb 10
88i2 Aug 8
June 19
10,500
417ft
30%
68
334 Mar
Apr
7% Mar
8078 Apr
30
Oil
6%
68
70
22
98
15,900
29
30%
29%
52
52
52
53%
31
313ft
30%
30%
113% 113% *112% 113%
*70
73
71%
71%
*12578 120
♦1257ft 129
18%
18%
18%
18%
34
327ft
3234
337ft
7
6%
67g
*6%
41
*38% 41
♦38%
71%
May 13
Sept 8
Oct 23
108
193
6% 1st preferred
7 % 2d preferred
Associated
5
73
22ht Feb 27
Jan 20
25
380
5%
4%
71%
3
8*8 Jan
100
100
300
500
5%
74
% per share
900
i
6%
7184
7134
2434
38%
40%
% per share
125s Apr 30
1
5
74
Highest
S per share
95
100
Associated Dry Goods
0
72
Lowest
No par
Preferred
120
41
Highest
I per share
Par
3,000
44%
44%
81
80%
10534 1053ft
Year 1935
lAtwesl
Shares
10,900
1936
Range for Precious
On Basis of lOO-share Lots
STOCK
YORK
24,
EXCHANGE
Week
10%
1047ft
2034
*116
119
44%
the
$ per share
16%
1047ft
♦93
21
31%
Oct.
$ per share
1047ft
1127ft H27ft *112
113%
703ft
*70%
71%
71%
126
126
♦1257s 129
41
Friday
Oct. 22
40
*38%
Tgursday
21,
7
34%
*078
*38
31
19%
35%
1734
34
110
11734
42%
83%
1003s 10634
42
427g
30%
31%
53%
51%
31%
28%
107ft
1047ft
21%
42%
81%
1007ft 1067ft
42
43%
47
20
.
Range Since Jan. 1
STOCKS
NEW
for
Saturday
Oct.
Jan 31
3134 Oct 20
278 Feb i 1
578 Feb 11
4% Mar
36
Mar
37% Mar
J
Apr
7g June
% Feb
1% Feb
1
61% Nov
53% Dec
2%
3%
2%
5%
Jan
Dec
Jan
Dec
Mar
9
Dec
19% June
*35
Nov
% Mar
3
Jan
'4 Mar
43ft
Jan
47S Feb 21
1% June
5%
Jan
12% Oct 19
3% July
10%
20%
Jan
20% Jan
2
4% Mar
20
Dec
Mar
543ft
2%
Jan
Jan 11
'4 July
1% Mar
4%
Dec
July 15
1% July
4
Jan
9% July
193ft
Dec
60% Oct 22
3
Feb
8
8
32% Oct
8
7
Dec
Volume
New York Stock
143
LOW AND
HIGH
Saturday
Monday
SALE PRICES—PER
Record—Continued—Page 4
Sales
NOT PER CENT
SHARE,
17
Oct.
oa.
$ per share
20%
9%
9%
38%
Oct. 20
oa. 23
$ per share
$ per share
$ per share
5 per share
Shares
19%
9%
*83
1034
19%
9%
11
36
10%
*97
35
*98
10%
35%
9%
35
*196
*196
mmmm
112
*109
46
*109
46%
*88%
*4934
"mm
65
112
46%
*88%
*4934
65%
mm
*109% 112
46%
44
*109% 112
45
44%
*109% 111
44%
*4934
«
6l"
*50
—
44
44%
*109% 111
*43
44%
*85
*8834
~
51
63
63
62
6234
111% 111%
6134
111% 111%
*110% 111% *110% 111%
24%
2434
*24%
28
8%
834
8%
834
34
33»4
34%
34%
37%
37%
37%
37%
27%
2634
27% 27%
111% 111%
*110% 11138
*24%
28
834
834
62%
34
3434
37%
38
*27%
28
*3234
34
33
*30
32
*30
*12534 128
40
40%
33
33%
6134
33
33
32
32
*30
33%
32
*30
32
123
123
32
125% 126%
125
126
40%
39
39%
*46
46%
46
20%
19%
3934
47
47
*46
47
19%
19%
zl9%
20
19%
107% 107% *105% 105%
*9784101
101% 101%
71
71%
71%
71%
*117% 118% *117% 118%
105% 105%
*9734 100%
71
70%
117% 117%
m
122% 123
38%
3834
_
m
27%
Deo
200
Feb 10
97
80
89
Aug
8
111% Aug 13
47% Oct 10
4
May
Dec
27% July
48%
80
Mar
87
Oct
48
June
48
June
48
Apr 28
20
July
52%
110
Aug
120
May
72iz Nov
93
Deo
58%
Deo
21
Dec
100
124
Jan 15
84
Jan 31
12534 Oct 22
55% Jan 16
13 June 30
preferred
100
No par
100
011__.No par
100
1,400
2,400
*44%
46%
500
20
19%
20%
75,400
800
110
5%
69
11,900
69%
70% -70%
7038
68%
117
600
115
115
117%
115% 115%
82
8134
80%
81%
4,400
81%
81%
8134
8134
81%
81%
81%
81%
*120% 125
*121% 125
*121% 125
*120% 125
*121% 124% *120% 124% 'mm*
16
16
24",400
16%
16%
16%
16%
16%
16%
1634
16%
1634
16%
4
4
4
4
120,700
3%
4
3%
3%
3%
3%
4
3%
74
73
72
73
72
4,800
72%
73%
72%
7234
74%
73%
74
-
9% Feb 19
Jan 11
2
2
2
36
No par
94
Jan
7
130% Aug 11
31
May 20
42%May 20
z45% Jan 22
51% Jan 23
Jan
2
23'* July 28
90% Jan
8034 Jan
2
6
44
9
preferred
100
Commercial Credit
10
100
4M % conv pref
Jan
100% July
50
Dec
109
Deo
"16% "Feb
4
6% Mar
7
Jan
21
36%
3634
20
20
*16
10%
36%
3634
20
934
10%
20
10%
*16
10%
36
3634
*18
9%
3534
36
31
5
Aug 24
11%
Oct
90%
Dee
Mar
83
Deo
39%
Jan
58
Oct
56%
Feb
72
Aug
126% Oct
Jan 10
7
97% July
105
14%June 26
2% Apr 30
5% Feb 17
$0 preferred series...No par
69% Apr 28
10%
24% Feb 21
No par
82
Oct
«4 Mar
36%
Oct 23
Jan
71
Oct
5% Mar
Feb 17
11
Deo
29%
77
77
80
87
87
87
76
76
77
76
77
85
85
*85%
87
85%
85%
*86
*84% 110
4%
5
*84% 110
5
434
*84% 110
5
4%
18
18
18
18%
18
4434
45
4434
45%
45%
47
8
8
133s
108
108
107% 108
7%
734
734
13%
13%
1334
*105% 106
*105% 106
7
7
*7
7%
%
34
%
34
338
338
*18%
19
107% 107%
734
*105
7
14
106
*105
634
6%
%
%
2%
2%
10134 102
102
" 104%
75%
40%
234
34
3334
32
32
0834
3134
68%
71%
71%
161
*159
5%
*33%
33%
33
8134
82%
53 %
37%
33%
85%
53%
46%
82%
53%
*46
*105
11%
1134
5434
65
125
11%
54
1234
1234
10
10
37%
37%
22
22%
110
63«
6%
18%
18%
1%
*69%
73
*4634
50%
12%
"9%
36%
18%
19
73
7,100
12,700
52%
52%
*119
122
1%
*1%
12%
12%
9%
105
10%
106
37
37
21%
2134
109% 110
122
50%
52%
50%
51
123
1%
800
12%
11%
240
9%
10%
106
*37%
21%
110
37%
21%
110
96%
99%
30
30
30%
*29%
30
30
30
24%
24
24%
23%
23%
24
24%
2,800
52
50%
51%
49%
51%
49%
50%
12,500
21
20%
7%
21%
20%
20%
20
20%
14,700
Delaware Lack &
7
7
6%
147%
1,900
6%
6%
6%
6%
634
75,400
19%
19%
19%
33,000
73
73
69
69
19%
*68%
73
53
*48
50%
50%
50%
70%
*48
50%
7
149
*65
7%
149
m
mmm
148
7%
148
9
*19%
21
8%
21
*10%
*52%
32%
20
32%
*32%
*38
54
5334
39%
39%
39
39
39
23%
38%
2234
39
22%
22%
23%
2234
23
39%
23%
*12
52%
22%
70
70
1,000
16%
16%
1,200
97
99%
25,500
*6%
147% *145
*65
8
20
900
11%
*10%
200
.
■m
9
+
mmmm
970
80
20
52%
53%
400
33
*32%
32%
1,300
39
*38
52%
23
39
22%
22%
700
18,200
1934
*18%
19%
19%
20%
*19
19%
400
52%
53%
53
53%
52%
52%
52%
54%
5,800
11
11
10%
11%
11
11%
*10%
11
2,500
75
73%
74%
73%
75%
73%
74%
53,900
47%
*46%
47%
47
47
*46%
47%
200
23%
*23%
*%
23%
23%
*%
24
23%
1
%
23%
%
600
1
2%
*1%
2'4
*1'%
2%
*1%
2%
8%
8
8%
8
8%
8
8%
*18%
*5238
52%
52%
10%
11%
11
52%
11%
72
72%
72%
74
73%
47%
*23%
*%
*1%
47
*46%
47
*23%
24%
23%
23%
1
1
1
-2%
8
8%
115
115
169%
167
13034 13084 *13084 130%
115
8%
1
15
15
115
*113
115
168
*113
168%
15%
169%
*15%
*113
15%
115
167% 169%
130% 130%
13034 13034 *130% 130'8
*114% 115
114
114
*114% 115
8
7%
7%
734
8%
8%
175
175%
175
175%
175% 175%
*15%
*113
131
2628.
400
5,200
100
1534
20
115
168% 169%
,
12,100
500
131
30
114% 114%
7%
175
;7%
175
175% 176
17534 175%
♦158% 163%
*158% 163% *158% 163% *158% 163% *158% 163% *158% 163%
39
38%
38%
38%
39%
3834
39%
3834
39%
39%
3934
39%
14
13%
14
13%
14%
1334
14%
13%
14
13%
14%
14%
45%
44%
45%
45%
44%
46
453s
45
46
45%
4684
46%
112
112
111% 111%
112% 112%
112% 112%
*112
112% 112%
112%
14
13%
13%
13%
14%
1334
14%
14%
15
14%
14%
1434
For footnotes see page
Curtiss-Wrlght
Class
A
Denv & Rio Gr
3,400
1,700
---
-f-5,400
22,900
21,500
120
47,700
Western..50
West pref .100
7%May 4
Apr 30
6%
Jan
63% Jan
16%June
4
Dec
Dec
4
14% Mar 9
7
Oct 10
7 111
5
Jan
4
Jan 15
6
59
Sept 9
36% May 17
6
7% Apr 27
43% Jan
52
Jan
7
27
Jffn
2
5% July
40%
37
Dec
15
Mar
Oct 22
9% Mar 11
21% Mar 9
89% Mar
44% Jan 14
110%
30% Oct
Jan
18% Apr 30
Oct ^7
40
Aug 10
No par
41% Jan 2
No par
734 Apr 28
Ltd..No par
50% Jan 6
Douglas Aircr Co Inc..No par
29
Jan
6
Dresser (SR)Mfg conv A No par
5% Jan 10
Convertible class B..No par
%May 20
Duluth 8 S & Atlantic
100
1% Jan 6
Preferred
-100
4% July 10
Dunhlll International
1
13% Aug 27
Duplan Silk
No par
Feb
8
Preferred
100 114
133
Apr 30
Du P de Nemours(E I)&Co.20
129
Feb 7
0% non-voting deb
100
x!ll%June 12
Duquesne Light 1st pref—100
5% July
I
Eastern Rolling Mills
---5
150
Apr 28
Eastman Kodak (N J) .No par
0% cum preferred
100 152 July 24
28% Jan 6
Eaton Mfg Co
4
5% Apr 28
Eltlngon Schlld
No par
.10% Apr 27
EJec Auto-Lite (The)
5
Preferred
100 110% Jan 23
10
Apr 30
Electric Boat
3
8084 May
Jan
47%
2434 Nov
105% J
Mar
4%
12%
uu
Deo
Deo
Jan 21
73
Mar
r95
Nov
61
June
75
Nov
16
Mar
47
Deo
18% Sept 10
101
Oct 22
6
June
10%
Dec
>
Jan 24
Deo
8% May
70% Jan 27
71
Oct 21
90
54%
4
May 12
14
6% Mar
2
26% Sept
4% Jan
Jan
24i4 Apr 13
i
1-9% Apr 28
38
Ltd
Feb
3034 Jan 20
14% Apr 30
preferred.-.25
Dominion Stores
2%
18% Feb
7
Jan 10
Dome Mines
56% Oct 5
124% Sept 21
Feb
42
No par
Dec
4
preferred.. 100
Dixie-Vortex Co
9%
Dec
10% Jan
19
Deo
100
2%
Raynolds A..No par
Diamond Match
No par
Ltd No par
48% Nov
Jan
Apr 29
Participating
Dec
Deo
1
June 12
Distil Corp-Seagr's
193a
105%
4
5% non-cum
3% Mar
75s
39% Mar
Apr
13
Devoe &
74% Mar
July 22
13% Oct 21
May
47%
60
Det & Mackinac
23% Mar
Deo
783S July
165
38
100
Det Hillsdale &
Oct
4% Mar
35% Jan
1184 Sept
Deo
Mar
SWRR ColOO
Ry Co... 100
Detroit Edison
109
Oct
Dec
Dea
234 Nov
14
128
Class A
167% 168
*1434
1534
115
8%
8
10
110
1934 **18%
19%
8%
*145
*65
*65
32%
8%
17%
17%
97% 101
11
32%
115
*70
884
10%
*52%
"
109% 109%
Preferred
18%
5234
*113%
Cudahy
Curtis Pub Co
1,600
21%
24%
7%
*1834
Packing
1,200
4,600
36%
21%
110%
6%
52%
*1434
1,680
36%
2134
37
21
110
*35%
5,800
1
18%
*68%
32%' 32%
1534
105
6%
54%
169
934
9%
105
19%
33
*15
99% Mar 13
1%
11%
33
*113
35%May 26
1%
11%
5034
.147
8
50
(The).—No par
No par
1%
105
Jan 27
95% Apr 20
l%Sept 28
9
Sept 26
11%
10%
46% Oct 21
102
I.-.100
Cuba Co (The)
No par
Cuba RR 6% pref
100
Cuban-American Sugar
10
Preferred
100
Preferred
60
148%
19
1
87% Oct 22
54% Sept 21
40% Oct 9
43% Jan 7
46% July 22
Jan
34
35% Sept
500
122
6
3 7% June
28
1%
106
1
Mar 27
Crucible Steel of America.. 100
12%
10
July
15% Mar 16
5,200
_
.
1%
105
No par
Pref x-war's
Cr W'mette Pap 1st pf.No par
Aug 20
Crown Zellerbach v t c.No par
30
97%
X
8%
m
95%
2034
8%
*119
m
17%
2134
*1%
*120
123
m
$2.25 con.v pref w w.No par
9
Yi'doo
12%
53%
m
m
4
35
71
21%
2%
m
12%
No par
Crosley Radio Corp...No par
Crown Cork & Seal
-No par
6
03% Aug 22
158
No par
17%
95%
22
*2
46%
125
13%
Coty lnc
Cream of Wheat ctfs
70
*68
-30%
*46
*46
*108
12-%
25
100
Preferred
1734
21%
*%
111
13%
Corn Products Refining
70
24%
*53
*46
*108
9,900
100
Continental Oil of Del
1734
*48
4 53%
21
1
5
1
.--1
Cushman's Sons 7% pref.. 100
8% preferred
No par
Cutler-Hammer Inc—No par
Davega Stores Corp
5
Deere & Co
No par
Preferred
20
Delsel-Wemmer-Gilb Corp. 10
Delaware & Hudson......100
6%
1834
*68%
52
21
5,700
86%
54%
24
20
15,600
33%
30
9%
5%
37%
54
533s
147
5%
37%
85%
24%
*65
5%
37%
31%
2934
-
5%
87%
52%
~9~~
300
54%
46%
24
-
10,400
6834
33%
2934
"
630
71%
160%
68%
72%
54
9534
149
6834
71
160% *157
32%
85%
96
8%
69*4
37%
46%
Dec
35
41% Mar
54
953s
-
15% Mar
69% Oct 19
82%June 18
108% Apr 15
7% Mar 6
33%
85%
17%
7
38% Feb 11
40
Apr 8
53
69
50%
Mar 20
5%
125
44%
4
37%
1234
*.52%
20%
Continental Motors
534
46%
99% Nov
Jan
7,800
37%
*108
Jan
7
28% Mar
2%
8334
12%
6284
2%
32%
46%
Jan 13
87%
Dec
Dec
Deo
2%
55% Apr 30
125
69
Feb 11
28%June
27
July
12%
Jan
46
53%
*46
46%
24% Mar
84
*105
106% Oct 23
17%June 30
Corn Exch Bank Trust Co.20
6
1%
35% Apr 30
2% Apr 30
Continental Steel Corp.No par
37%
Apr
2.50
2,600
71%
2318
11%
%
Oct 22
Continental Insurance
27,600
£68
Dec
4% Mar
Oct 23
3
Continental Diamond Fibre. .6
31%
160% *157
22
28
5,900
34%
72
20% Apr 17
26% Mar 9
Deo
Deo
13a Nov
5,300
30%
69%
38 Aug
Deo
22%
33
17%
*65
7
Jan
Deo
40%
34%
71%
5
1% Jan 16
438 Apr 18
03s
12%
101%
8%
39%
31
69%
2%
11% Feb
Dec
21%
34%
100
100%
106%June 30
105% Nov
72%
3234
68
*146
67%May
6% Mar
Jan
Feb
7%
3484 Nov
22%
83%
52%
21%
*70%
7
20
Continental Can Inc
5
6
22%
75%
31
534
37%
'37%
22%
109% 10934
6%
6%
15,300
Oct
Feb
Mar
40%
33%
73
13
10
106
73
Preferred
July 14
8%
82
80
14% May
15% Feb
72% Feb
1% Mar
Oct 21
15% Mar
June 18
31%
160
50%
68% -68%
17% '17%
6%
3
Class B
2
35
72
1%
*104
*102% 106
110
122
3,000
109
1534May 14
31
69
6834
12%
55%
*118
106%
6
31%
160
0
36%
2%
72%
21%
39%
2%
106
Jan
35
31
35
32%
69%
73
22%
107
101
234
34%
2%
234
34%
2%
3334
73%
2%
05
3
67% Jan
73,200
3
Jan
3% Apr 28
11% Apr 30
100
3
2%
170
19
102
473g
Jan
74
Nov
72% Oct
3% May
7% Feb 13
20% Feb 13
Apr 30
Apr 30
No par
2%
2io
*3%
*18%
Feb 13
Sept 28
6
2
Continental Bak CI A..No par
3%
18%
Mar
69
Mar 25
10% Jan
1% Jan
6,700
70,700
3%
18%
62
Oct 23
85
12%June 18
28
2134
39%
1%
1,000
21%
74%
1%
3%
20%
21%
122
5,500
Oct 23
87
80'
5% Sept 23
%May 5
25%
40%
*120
%
27
Jan 27
pref.-.100
tConsolldated Textile..No par
Consol Coal Co (Del) v t c.25
Consol RR of Cuba
26%
74%
-
%
No par
21%
40
-
700
Preferred
24%
21%
-
6%
No par
6
.No par
20%
74%
21%
47%
6%
Consol Oil Corp
21%
40%
».
100
106
106
$5 preferred
Consol Laundries Corp
25%
7234
*45
3,900
56,300
Consol Ed Co of N Y..No par
22
40
*105
7%
13%
-100
No par
21%
21%
63%
7%
13%
-
1
Preferred
21%
41
5%
85,500
1,500
45%
47%
107% 107%
Consol Film Indus
22%
7334
36
2,800
21%
2134
5%
3,000
18
15%
24
72%
73%
4%
15%
27%
2234
2%
234
101% 102
7284
36
m
6% preferred v t c
100
Container Corp of America.20
3%
19
4034
*158
Prior pref ex-warrants
m
6 534 June
100
Prior preferred
m
*3%
*18%
2134
161
6%
%
m
m
4%
4%
17%
100
790
m
3%
22%
71%
21% Nov
58% Sept
11% Nov
18%
21
6834
Mar
15
3
3%
18%
21%
22%
2%
14
106
634
7
7
June
3%
19
21%
3%
21%
234
4%
18
107% 107%
7'%
7%
13%
8
%
*18%
234
101%
13%
No par
Consolidated Cigar
Preferred
34
21%
2%
107% 107%
7%
7%
Nov
%
2134
101
47
4%
17%
45%
Feb
24
Connecticut Ry & Ltg
330
*84% 110
47%
*105
106
6%
13%
*84% 110
46%
13%
.
13%
*16
*84% 110
4%
4%
18
1734
18
9
3
Oct 23
28,400
13%
76
4
33% Jan
15%
13
76
4584 Nov
25% Mar
13%
1334
84%
Mar
2
30
13%
75
8
Jan
Aug 28
700
16%
16
84
44% Jan
10
5,000
20%
19
16
13%
*75%
7
No par
pf.,100
25%
*18
1634
13%
30% Aug
Congress Cigar
34%
20
*16
13
11%
Congoleum-Nalrn Inc..No par
Conde Nast Pub Inc...No par
*18
Nov
12%
24,500
16
Jan
3
3
1234
1934
Oct
23%
July
11%
16
16%
14
1634
Deo
15%
6
84%
97
Deo
50
Oct
84% Sept 30
119% Oct 6
7
$4.25conv pf ser of '3 5No par
18%
11
35%
10%
Deo
49%
'
938
Deo
17%
101% Nov
40% Dec
48% Dec
3% Mar
35% Mar
9
Jan
Solvents_.No par
22% Deo
Feb
7
Jan
Deo
103
65
Commonw'lth <fe Sou
5%
29
Mar
108% Oct
Comm'l Invest Trust. .No par
Commercial
9% Nov
Jan
% Mar
Jan
14
Dec
Mar
5
16
Columbia Gas & Eleo..A7o par
Preferred series A
100
107%
634
No par
v t o
Jan
0934 Mar
49
Mar
Deo
9
63% Oct 13
112% Sept 14
110% Sept 24
2834 July 20
39% Apr 30
107% Jan 3
110% Sept 24
8% Jan 6
3% Mar 16
23% Sept 2
28% Sept 17
Dec
101
No par
Col Plct Corp v t o
12.76 conv pref
45
15% June
6
106% Feb 28
20% Jan
Aug 14
Apr
53%
5
21% Jan
19% Jan
100
Columbian Carbon
100
57%June
39% Oct 3
36% Feb 20
37% Mar 11
100
100
19%
7
No par
4% 1st preferred
4% 2d preferred
45
July
No par
Colorado & Southern
20
33
70% Feb 7
129
July 28
Colo Fuel & Iron Corp.No par
70
mm
90
Oct 13
120
99
6% Nov
46% Mar 24
Oct 10
12% May
9
Oct 16
270
99
Apr
3%
Deo
May
51
Preferred
970
6,000
38%
100
93%
24% May
100
88
tColorado Fuel & Iron.No par
2,600
37%
*99
Oct
Mar 30
Colonial Beacon
39
101
72% Jan 2
4% Jan 7
2334 Jan 21
48
Preferred called
46%
99
Mar
12
69'4 Sept
Dec
Nov
AO
Preferred
70
104
31
Deo
9
Feb 26
Collins & Alkman
20
104
130% Oct 17
19% Feb 14
8684 Aug 19
1L% Oct 14
85% Jan 21
15% Jan 2
31%
20
82
6%
360
121% 121%
Feb
Sept
3% Mar
7%gtd 50
Colgate-Palmollve-Peet No par
9,900
30"
30
104% 105%
No par
Class A
38%
105% 105%
g
Equipment
Coca-Cola Co (The)
-
600
.
__
M
—
36,000
62%
61%
61%
100
Preferred
30
3,700
m
62%
111% 111%
111% 111% *111% 112
110% 110% *110% 111% *110% 111%
24
28
24%
*24%
28
*24%
834
8%
34
3434
37%
38%
"36% 37% ~36% 37"
2634
26%
26%
2634
26%
26%
*30
32
62%
5
No par
Special
5,000
mmrnm
9
8
Cluett Peabody «fc Co..No par
30
51
25
3
107% Jan
3,300
x67
67
67
66
67
65
69
66%
67%
*127
*127
127
127
*126%
126% 126% *127
120
120
125
121% 121%
119% 123
124% 124%
125%
120%
120%
57
57
57
57
*56%
*56%
57
*56%
57
*56%
*56%
*56%
17%
1734
17%
17%
1734
17%
17%
17%
17%
18%
17%
17%
104
' *104
104
104%
*104% 104% *104% 104%' 104% 104%
104% 104%
65%
Jan
Jan
Corp.,
Clev & Pitts RR Co
51
30% Jan 6
11% Jan 24
50
Oct 23
17% Sept 19
156% Jan
*85
*49%
$ per share
Clev El Ilium Co pref. .No par
Clev Graph Bronze Co (The). 1
*98
*88%
% per share
C C C & St Louis Ry Co..100
Preferred
100
*196
*98
Clark
$ per share
7
City Stores
1,600
Hiohest
$ per share
25
Preferred
8,500
35
Lowest
26
City Ice & Fuel
85%
10%
10
Highest
No par
Co
Chrysler
770
'
*97
Cotton Oil
Chile Copper
14,900
9%
35
Chi Ida Co
66,400
*98
mm.rn.rn
Chlck&sha
560
18%
85%
10
18%
85
85%
1,800
126% 128%
34%
853s
Par
2,500
50
18%
18%
Lowest
9%
9
47
126% 129%
18%
85%
10%
35%
*196
9
47
EXCHANGE
19%
19%
9
12938
18%
19%
19%
45
9%
49
128
1034
35%
*196
19%
*46
47%
127
12834
17%
18%
84%
85%
85
35%
35%
....
20%
934
Year 1935
Lou
On Basis of 100-share
STOCK
YORK
Week
128% 130%
1734
1734
11
10%
35%
Oct. 22
46
1734
*196
Oct. 21
46
85%
17%
the
934
42
129% 130%
*84
Friday
20%
9%
41
Thursday
19
$ per share
2034
*20%
Wednesday
Range for Previous
Range Since Jan. 1
STOCKS
NEW
Tuesday
2631
31
Jan
19
7
Dec
Dec
24%
23% Mar
43%
Mar
19%
Jan
Feb
5
Dec
Mar
130
Dec
45
Apr
18%
Oct 13
23% Feb 20
9% Feb
2234 Mar
5834 Nov
28
Sept
11
1%
Jan
153
Feb 17
05
65
May 12
45
Apr
11% Oct 23
21% Jan 31
58% July 27
2
Aug
0
Jan
Oct
19
Dec
40% Jan 25
43
Aug
34%
21
Jan
6
2
5%
35% Aug
26% Jan
50%
41
Jan
Nov
34%
Jan
41% May
33
Dec
38%
Dec
?4%
Jan
44%
D
634 May
17% Mar
58%
June 19
40% July 18
61%June
11%
4
Jan 23
6
47% Oct 8
25% Aug 7
134 Jan 15
82%
3
Oct
Oct 13
18% Jan 17
115% July 28
169% Oct 23
133% Apr 1
115% Feb 14
978 Feb 11
185
Aug 8
166
13% Mar
6% Mar
32
% June
% June
1
Jan 15
8%
Mar 13
3934 Oct 16
2
June
114
Feb
6
Feb
4
17%
8%
Deo
Deo
Deo
Deo
Aug
Mar
116
Nov
103
86% Mar
Feb
104
Feb
126%
334 Mar
146% Nov
132
Oct
115
Aug
8
Jan
110%
Jan
172% Nov
141
Jan
164
16%
Jan
3% Mar
7
1%
19
19% June
Oct
17%
Ja
De
Nov
12% May
15% Oct 13
47
12%
107
H7«
Jan
M*r
30%
Juiy
Oct
8% Nov
38»4
Oct
113% Sept
143i
Dec
New York Stock Record—Continued—Page 5
2632
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER CENT
Sales
NEW
JUI
Monday
Oct. 17
Oci.
$ per share
$
6
6
14*4
14%
78*4
69*4
40*4
78
68%
46%
*34
2%
♦55
♦114
♦12
1
Friday
Oct. 21
Oct. 22
$ per share
3 per share
$ per share
19
578
534
1434
7834
69%
4634
*34
2%
55%
Thursday
Oct. 20
share
per
Wednesday
Tuesday
5%
1434
15%
78*4
534
70
6934
46*4
h
47
1
5%
534
1434
70%
78%
2%
2%
2%
55%
55%
*55% 58
115% *112
115% *114
114*4 *112
12
12% *12%
12%
*12%
12%
5*4
5%
14,900
33,200
4,500
70%
46%
%
4,100
2,900
$6 preferred
No par
Elec Storage Battery..No par
800
2%
55%
500
t Elk Horn Coal Corp .No par
6% part preferred
60
Endlcott-Johnaon Corp
60
6% Pref
100
71
69
46%
45*4
2%
55%
*2%
*55%
2%
*34
*2%
58
55*8
112
115
12%
12%
12%
70
100
$5 conv preferred
*68
74
74
74
*70
75%
*71
70
*71
75
80
80
80
80
*75
79
77
*75%
79
86
♦80
*80
85
*80
85
*74*4
*81%
83
*81%
85
8%
17%
♦33%
2034
1434
8%
17%
33%
2734
15%
32*4
32%
5*4
*97%
*97
♦3*4
5%
*38%
32
31%
31%
25
25
15
32%
14%
31%
5%
25%
14*4
3134
14%
31%
31*4
5%
*5%
534
534
534
3%
14%
3%
1434
68
68%
97%
3
8%
4%
5%
39
43
*102
110
*100
9*4
378
9%
9*4
4
4
5%
5
6%
38*4
42*4
38*4
38*4
42%
44
38
*37
110
9%
9%
*334
5
38%
42%
*37
105
9%
*334
434
4%
5
39
*100
110%
110% 110%
35%
35%
35% 36
112% 112%
42% 42%
*87
25%
♦110
26
110
110
38
120
*110
69
*66
40
6
6
6
6
6
6
1734
177g
1778
17%
17%
*17
105
♦100
*100
*110
120
*110
67
66
66
*66
40%
40
40%
105
93s
9%
334
5
5
38
38
43
*37
*100
*
♦115
53
3
a65%
♦71%
78
21%
120
50
120
52%, 52*4
150
4834
40%
8%
2078
48%
53
♦147
148
"8%
8%
21%
48%
120%
148
49 %
41
3%
65%
84
4878
40%
3
148
49%
41%
3%
*
6%
*16%
17
s
19%
46
150
150
48%
40%
2%
65
66
*71%
85
78
78
*78
85
120
48
61
*48%
9%
61
61
120
49%
9%
61%
120
*58
37
*35
37%
36
]
36
30
55
5
5
6%
14%
24%
78%
20%
6%
684
1434
2434
78%
27%
104% 105
10% 1034
♦88% 94
234
278
3%
3%
*4%
4*8
21% 21%
14%
2434
78%
2034
104%
10%
*88%
32
1034
91%
2%
3%
4%
21
47
2134122%
21
31%
46%
21%
32
46 1
2*4
3%
4%
6%
14%
2534
78%
26%
106
22
31%
46%
*
45*4
46%
3534
3534
146121146%
65
65
33%
*2
33%
7934
60%
2%
32
32
15
15
78
5934
*58
59
*55
58
*126%r127
4534
3534
147
*60
33
8078
5934
46%7
36
147
70
33%
84
60%
2
2
30%
14%
57%
30%
1434
57%
*55
127
*33
~ 34%
*34
37
*36
11
11
21% 21%
*118% 119
44%
5
4%
6*4
117
62%
117
73
*59
45%
44
*115%
2%
37%
52%
30
36
1534
78%
15%
15%
78
78
18%
84
19%
84%
78%
18%
4334
44%
54
54
4%
6*4
14%
25%
77%
26*4
6%
14%
25%
14%
25*4
78
7838
26% 27%
104% 105%
10%
10%
*88% 90
234
2%
3%
3%
4%
4%
20% 20%
19%
84%
44%
54%
5
7
14%
2534
78%
27%
105
105*4
10%
10%
91
*88%
234
2%
3%
3%
4%
4%
20
52
57
20%
32
32
32
46%
21%
47
47%
21%
*21
58
128%
34%
37
11%
21%
45
4534
44%
36
36%
147% 147% *147%
36
'
*60
70
33
34
83%
58%
*1%
85%
5934
30
30%
14%
15
2
56
57%
57
*55%
128
128
*60
45%1
36%
70
57%
27
3634
15%
15%
78%
•
102
9,100
3,700
13%
2434
14%
25%
78%
26%
19,200
55,100
4,400
26,400
10%
*88%
2 34
105
1034
92
—10
6
No par
No par
No par
7% preferred
General Electric.
100
.No par
....
General Foods
....No par
Gen'l Gas A Elec A
No par
Conv pref series A...No par
57 pref class A
..No par
58 pref class A......No par
General Mills.........No par
Preferred...
100
General Motors Corp
10
56 preferred
—No par
Gen Outdoor Adv A ...No par
Common
50 preferred
No par
No par
50 preferred
No par
General Refractories.—No par
Gen Steel Castings pf._No
par
Gen Theatres
EqulpCrpNo par
Gen Time Instru Corp No
par
Gillette Safety Razor..No par
Conv preferred
No par
Glmbel Brothers......No par
56 preferred
Glldden Co (The)..
.No par
No par
4H% conv preferred
Gobel (Adolf)
Goebel Brewing Co
Gold Dust Corp v t c
No par
Goodrich Co (B F)
55 preferred
No par
No par
Goodyear Tire
60
__1
.1
A Rubb.No par
No par
No par
Grant
39% Oct
105% July 17
5234 Oct 19
37*4 Aug 31
47% Mar
.
13% Oct 19
104% Apr 21
42% Apr 30
21
July 2
63% Oct 19
34*4 Feb 6
Jan
1034 Apr 28
141
Jan 23
7
Oct 23
Oct
2
2
70% Jan
2
21% Oct 19
50% Oct 13
121
Oct 13
52
5
59i2June 20
17
2
Jan
Oct
140
Jan 21
34% Apr 30
33«s Feb 18
150
Aug 21
49% Oct 17
43% June 22
% Jan
71
Jan
71% Oct 21
81
19% Jan
58
July 29
116
Jan 27
18% Jan
534
Jan
122*4 July
63% Sept 21
10% Sept 21
38
Feb 17
62
105
Jan 17
110
3% Apr 28
32% Apr 28
50
100
Jan 10
2
Apr 28
20%May 25
33% Apr 30
32% Apr 30
17
July 6
June 20
6% Feb
Feb
118% Mar 14
3% Jan 21
43
Feb 21
5434 Oct
03% Oct
30% July 7
13%June 25
37% Oct 17
19% Oct 2
70
90
Aug 21
6*4 Jan
84
6
Oct 15
3934 June 11
62% Sept 18
37s Jan 2
684 Sept 30
12% Aug 17
13% Jan 21
74
Sept 11
21%July 8
Jan
2
8fa Apr 28
Jan
6
June 30
l%July
0
Jan 24
20% Oct
9
Oct 13
89
55% Jan 14
55
64
24,900
2
2
2
2
700
34
34
*30
34
60
1334
*55%
*53%
14
1,600
56*4
1,000
56%
128%
34%
300
14%
56%
55%
128%
34%
63%
128
*33%
1,170
100
37
37
37
11%
1034
20*4
11%
11
"ll%
10,500
21
21
21%
1,800
*36
10
20
40
2,300
_
....
"4~, 600
100
Jan
6
9
Greene Cananea Copper
05
Greyhound Corp (The)
5
Guantanamo Sugar
No par
Prefeired
100
Gulf Mobile A Northern... 100
Preferred
100
Gulf States Steel
No par
Preferred
Hackensack Water
100
48®4May 11
l%July 7
July 7
24
105
25
30
7% preferred class A
25
Hall Printing
10
Hamilton Watch Co
No par
33
Preferred
Hanna (M A) Co 55 pf.No
Harbison-Walk Refrac.No
Preferred
Hat Corp of America cl A
6H% preferred
100
par
par
6
14
1% Aug
15% Aug
Aug
18
Jan
Apr
Feb
72% Oot
Jan *120% Deo
Mar
116
26% Mar
18
59% NOV
Jan
120
Nov
10
Mar
21
Deo
3
Aug
Feb
*107%
6%
93% Jan
1% Mar
15% Mar
109
80
109
Jan
*4 Apr
14*4 Mar
16*4 Jan
14
Apr
Deo
42% Nov
Oct
4% Nov
41% Deo
Oct
3%
39%
33%
61
Deo
Deo
Deo
Nov
12
Mar
70% Jan
2% Mar
*23%
Feb
19% Aug
Aug
93
49% Deo
1% Apr
4*4
14%
26%
70
92
Oct 19
12% Mar 11
96
July
3
4% Feb 19
11% Mar 20
6% Jan 15
Jan 15
Apr
2
Oct 21
Oct 17
Mar
9
149% Aug 14
65
Oct 17
Apr
2% Apr
20
Apr
1% June
6% Mar
2% Mar
14% May
18% Mar
26
Mar
9% Mar
9% Mar
26% Jan
119
Jan
22
Jan
Nov
Deo
Jan
Jan
10%
Deo
85
Deo
4%
Oot
3% Nov
5
Jan
29*4
Jan
35% Nov
38% Sept
16
Deo
35%
Deo
347g May
140
Ajuy
34% Oct 10
21
Apr
25% Nov
28%
nec
95
34
95
Deo
Jan 23
80% Jan 27
3% Feb 7
39
Mar 19
Feb
50
Dtc
6% July
74% Nov
1
Feb
19
Feb
2*4 May
43% May
4
11%
Deo
0
Apr
34%
Deo
8
9
12
Mar
33% Nov
48
Mar
4
Jan
9
2
June 22
3
Aug
129%Sept
34% Oct 10
37
Aug
4
11% Aug 20
22% Oct 3
119
Feb
8
105% Mar 18
4934 Oct 13
3
128
Jan 20
17
Oct
6
104% Feb 17
115
Jan
9
12
Feb
Oct
11
8
100
1
Oot
407g Nov
37% July
19*4 Mar
Jan
Jan
145%
63
June 10
30% Jan
Jan
Jan
Sept
62% Oct
May 19
120
30
Nov
2
Jan 24
Jan
127%
20%
18% Nov
70
6i% July
2
7
109
100
100
Apr 28
May 21
9% Jan
30% Jan
28% Jan
Mar
7% Mar
39
22
Mar
Aug
10% Nov
6% Nov
15% Mar
46% Oct^4
50% Mar
146
2534 Oct 19
79% Sept 21
31% Apr 15
7
130
22% Nov
xl3% Oot
14% May
6
Green Bay A West RR Co. 100
Green (H L) Co Inc
...1
107g Deo
100% Sept
48% Deo
6
101
Jan
2
Jan
4
19
Deo
10% Feb 17
21%
Jan
28% Jan 16
13%
Mar
46% Nov
Deo
5% Nov
July 27
32% Jan
No par
47%
6% Mar
2
7% Feb 28
31
par
3% Apr 30
16
Apr 29
24% Aug 4
100
Deo
30% Nov
2834 Oct 17
16
180
Nov
55
Deo
Nov
17%
Oct
Great Northern pref
100
Great Western Sugar..No
par
Preferred
100
86
125
Jan
15*4
59%
Aug 24
74% Oct 22
5378 Jan
118
Oct
70% Jan
123
Oct
28,100
5,200
*81
Mar
June
7% Mar
115
8
4434
50
70
5% Mar
84*4 Jan
32% Mar
11*4 Mar
Oct
Gt Nor Iron Ore Prop.No
par
40
Apr
Mar
%
Jan
19
87
7
4% Feb
14
17,200
8,500
Deo
36% Nov
7g May
11*4 Jan 11
5*4 Jan
21%
....
30
Jan
111
4*4 Mar
1634 Oct 23
152
21
.
Deo
105% Aug 27
3
97
23%
35%
47%
22%
-
Deo
9*4
Mar
47
-
30%
6*8
Mar
Mar
15
4
32
36
114
9% Mar
Feb 20
1
Aug
Deo
Sept
July
25% Deo
102% Deo
587s Aug
Feb
Apr 14
9734 Oct
35% Feb
20%
44%
3534
*147%
19
25
45%
25
2% Mar
20% Jan
60%
19*4
30%
17%
112%
43% Sept 18
3134
45%
36%
44% Nov
111% Apr 21
38*4 Feb 17
3
Feb
16% Mar
28% Mar
16
Apr
106% Mar
13% May
84% Apr
6
Feb 17
8% Deo
4% Jan
3% Aug
July
7«
32% July 31
11*4 Mar 2
20
(W T)
2
Oct 15
49% Feb 14
40% Sept 11
113% Apr 22
127
95
3'4 Mar
6% Mar
6
105% Aug 27
8%May 20
2
1,800
Apr
May
53% Feb 29
7% Aug 5
18% Jan 27
77
3,400
64
31% Apr 30
3*4 Jan 0
ll%May 11
1
A P 2d stpd 100
Oct 19
75
100
Motors
Grand Union Co tr ctfs
1
Conv pref series
No par
Granite City Steel
No
Aug
72
473s Jan 17
No par
General Printing Ink..No par
z85
23% July 15
118%June 3 xl35
6
7% cum preferred....—100
General Cigar Inc.—.No par
July
Nov
Jan
Apr
Apr
47
*102
General Asphalt
General Baking
Gr'by Con M S
62%
21%
Gen Amer Investors...No par
Preferred
No par
Gen Amer Trans Corp
5
Gotham Silk Hose
Preferred
2
*33
Gabriel Co (The) cl A ..No par
(The)—.No par
GannettCoInc conv$6pfNopar
03
Game well Co
4,000
34
*36
Preferred
100
Fuller (G A) prior pref.No par
$6 2d pref
No par
Graham-Paige
65
128
Aug 21
24% Apr 30
95*4 July 1
30%June 6
10
"21%
48
12% Mar
June 20
100
..No par
w
1
1,600
1,600
84
128
Foster-Wheeler
3,200
84
14
100
12,700
84
55%
55%
conv pref-.—
Deo
40
105
378 Aug 29
32
Deo
39% Deo
125
;
Mar
33% Feb 11
40
Apr 30
30% Sept 25
15
Jan
6% Mar
Nov
99% Aug 11
z2478 Jan
100% Feb 20
6
3% Deo
Mar
Dec
Jan
92
25% Mar 21
1st preferred
.
Jan
Florshelm Shoe class A .No par
t Follansbee Bros
No par
Food Machinery Corp new-.10
4%
84
14%
100
110
First National Stores.-No par
Fllntkote Co (The)... No par
5,600
....
2% Jan
20% Jan
38
Apr 30
20% Jan 27
4
17
115
55% Oct 21
27% Sept 21
3
Aug 10
09% Mar 30
7% Jan
3
Apr 28
60
lllene'B (Wm) Sons Co.No par
6H% preferred
...100
Firestone Tire A Rubber
10
27g
3%
3434
56 34
Fidel Phen Fire Ins N Y
Jan
Apr
% Mar
~
Dec
14
19% Deo
13% Deo
147g Aug
40% Dec
May
Oct 13
7034 Oct
205
37
4
65
55%
100
3%
34
21
21
21%
*113
118% 118% *118% 119
9,300
2,600
4,400
678
119
119
*118% 119
119
10434 *102
103% *102
104
10434 *102
*102
104
*
49
487g 49%
49%
48*4 49%
48% 48%
48% 48%
48%
48%
♦127%
*127%
*127%
*127%
*127%
*127%
16%
16*4
16%
16%
16%
16%
16%
16%
16%
16%
16% ~i~6%
*103% 107% *103% 10534 *103% 10534 104% 104% 10534 10534
105% 105%
lit For footnotes see page 2628.
102
900
/5%
65
11%
1,000
15,000
6*4
34%
63%
370
9,700
900
68
60%
*1%
*31%
*14%
55%
55%
20
10,700
3,200
3,800
54%
7734
26%
84
Gen Railway Signal—No
par
Preferred
100
Gen Realty A Utilities
1
43%
54%
104
2
5*4 Mar 25
18% Mar 25
Gen Public Service
85
44
15
2% June
8% Apr 29
34*4 Jan
122% Jan
31% Feb 24
18*4 Apr 30
1,500
84
3334
128%
*33%
34%
1134
19
34%
37
11%
54%
57
27
33%
34%
34%
*36
*60
234
8
8% Mar 19
Jan
Nov
7%
10% Mar
40%
1,200
....
38
15% Aug 10
2
3
Jan
21
21
44%
3534
*147%
40
7
4% Jan
47
31%
46*4
21
44%
300
12
4%
20%
31%
20
32
1,100
1,200
2,900
5
6%
14%
2534
78%
27%
105
105%
10%
01%
*88%
90%
234
2%
338
3%
4
580
61
36
5
4%
684
13%
2434
77%
26%
46%
20*4
9%
*107% 108
4%
4%
*4%
m
1,400
73% 177,600
9
36
1
53
.
62%
117
119% 120%
48
*47%
'
♦36
1078
*54
62%
*78
2634
-
54
55
65,400
17,200
85
40%
2%
57%
27%
53
55
45
48%
40%
150
48
Oct
23% July
Federal Motor Truck..No par
Federal Screw Works..No par
Preferred series A
65
65% Nov
Mar
5
15
General Cable.
Class A
1,000
2,300
3
Nov
Aug
par
100
5,000
5234
7
No par
Preferred
17,000
5,800
120
29
100
20%
46
11*4 Jan
6% conv preferred
100
Fajardo Sug Co of
o Rlco_20
8%
52%
57%
27%
19%
8534
4434
5
50
100
Fairbanks Morse & Co. No par
Federal Mln A Smelt Co
50
Mar
6*4 Mar
25
58 preferred
General Bronze
8
19*4
45%
2%
38%
53%
5734
27%
15%
78%
19%
84%
44%
55
4,800
37,800
85
4%
45%
*115%
234
2%
38
38%
234
36
45*8
6,100
*78
46
38
16%
14%
300
60
117
78
*54
6,300
200
4%
*4%
45%
36
*84
......
15,100
61
16
85%
105
12%
12%
102% 102%
61%
62%
25% 25%
15
16*4
148% 152
108
78
19%
320
3
108
16%
19%
84%
45%
1,700
71%
*58
79;*
19%
6%
1734
65
62
16
19%
♦84%
45%
30
4 60
71%
108
16%
7878
19%
84%
....
66
39
65
3
48%
9%
79
16
79
3834
6%
*16%
10,000
75
6234
117%
72%
74%
119% 119%
48% 48%
9%
9%
117
-
120
5
Deo
8% Nov
Feb
34% Oct
Apr 29
Sept
134
Mar
10
Fourth Nat Invest w
F'kln Simon A Co Ino 7%pfl00
Free port Texas Co.—
10
30
26*4
66%
*60
62
90
26%
14%
15%
4%
7%
8%
June 30
8% Oct 19
18% Sept 8
6
Federal Light & Trac
Preferred
7g Jan
I7g Aug
66
Mar
100
Second preferred
Eureka Vacuum Cleaner
4%
14
100
Flrt preferred
68*4 Nov
Apr
6I4 Apr 7
11
Apr 30
par
Erie
Preferred
1,700
84
9%
*107% 108%
108% 108% *108
108%
4%
4%
4%
4%
4%
4%
46
46% 46%
46
40%
46%
*115% 117
117
*115% 117
117
2*4 ~ 2%
2*4
2%
2%
2*4
38% 39%
3834 3834
38% 38%
54% 543g
54%
54%
5334
53%
59
59% 59%
58%
57%
57%
28% 28*4
2778 28%
26% 27*4
90
*70
3
48%
9%
5,400
*150
48%
4134
108
49
210
71%
*78
120
48%
9%
1,700
1,200
67
11934 120
120
49%
9%
35,900
40%
2%
*65%
120
120
150
800
5,800
5
41
120
52%
148
62%
62%
116% 116%
73
74%
9%
121
52
49%
41%
*61S4 62%
62% 62*4
62% 62*4
117% 117% *117% 117% *117% 117%
72% 73
7278
73%
72% 73
49%
8%
20*8
46%
12,200
300
*434
*40
*100
150
8%
19%
4434
150
48%
40%
2%
65%
71%
66
84
8%
20%
47%
*148
48%
41%
3%
65
*145
117% 118
52%
52*4
119%
52%
5234
105
...
Equlpable Office Bldg.No
Federal Water Serv A..No par
Federated Dept Stores. No par
4,900
31
66
6%
*100
148
8%
21%
♦116
105
£31
67
12%1 1234
12%
12%
103% 103% *102% 107
62 j
63%
6234 63*8
25*4
26%
25% 26
15%
14%
1434
15%
4834
20%
48%
*71%
78
17%
500
80
30%
30%
104-% 105
50*4
51%
30%
3734
*110
40
*
148
"8"
120
*06
39%
*100
13
13%
13%
13%
12*4
103% ♦103
103% *103
103%
63
63%
6234
63%
61%
62%
27
27
26% 27
20% 26%
14% 15%
14%
15%
14%
1434
148
*110
67
40%
0%
10,900
....
*88
26*4
16%
13%
8%
20%
48%
26
1,100
m'mm
109% 109%
33%
34%
112% 112%
41
41%
6
105
39
89
*88
30
700
43%
*37
112
41%
1,700
6,600
41%
112
29,100
38
4234
39
....
200
334
110%
34% 3434
120
40
♦103
♦
3,300
105
5
110
110%
34%
35%
40
115
Preferred
9%
*37
109
♦64
3934
280
4
42%
38%
43
3434 35%
113
*112
113
113% 113% *112
41% 42%
4234 42*4
42%
42%
*88
89%
89% 90
89%
*88%
25% 20%
25% 25*4
25%
25%
90
Fairbanks Co
*98
110% 110% *110% 110% *110% 110% *110% 110% *110% 110%
29% 29%
29%
30
29%
29%
30*4
30*4
30%
30*4
104% 104% *104% 10434 104% 10434 104% 104%
104% 104%
49
51
51
51*4
51%
52*4
50*4
51%
51%
51%
35% 30
35%
36%
35%
35%
35%
37%
36% 37%
*31
*30% 31%
*31
3178
31%
31%
31%
31%
31%
5
5
5%
5%
5%
5
5%
4%
5%
4%
42
42
41
40% 42
40
*39% 41%
41%
41%
♦110
800
..
45i2 Jan 14
Mar
5234 Jan
125*4 Jan
1% Mar
July 22
15% Apr 17
3
97
3%
15%
64%
*14
7
0
*3%
66
67%
65%
04% 65
64%
200
*190
200
205% *191
*190
200
54%
53%
55%
53% 55%
52% 53%
25
25
25
25
25
*24% 25
25%
97
*93% 97% *93%
*93% /97%
*93% 97%
53%
53%
52%
52%
*51% '5334 *61
63%
105
*37
14
Feb
4
Evans Products Co..
50%
4%
38*4
42*4
38
3%
14%
69
116
Jan
Exchange Buffet Corp.No
3.400
%
Jan
5,100
1,600
% Mar
6
48
3,600
4,800
5
55
5%
4,800
2% Mar
39
7
No par
5%
24
July 27
Feb
7% Aug
34% Dee
31*4 Doc
Mar
1% Feb
378 Feb
.No par
S5H preferred
$0 preferred
14%
31%
15%
29%
78
9
8434 Oct 13
89%June 30
10,400
66
8%
378
43
*37
15
3%
1,100
.......
3
8%
5% Sept
1% Mar
July
55% Jan
Aug 18
712 Jan
No par
8%
15%
30%
24%
14%
31*4
*195
55
105
15
3%
15%
8
8%
16%
31%
25%
14%
31%
5%
30%
24%
14%
31%
5%
1434
3
3%
;
15
97%
55
105
8%
31*4
25
32
99
53%
50
1634
33%
205% *198
205%
51%
50%
51%
25
24% 2434
50%
24%
8
8%
17
27%
3%
1434
68%
68
♦198
8
8%
17
32%
27%
1434
0
♦3%
14%
8%
16*4
17*4 July 14
112 Jan 4
5312 July 25
-.1
Highest
share ( per share
per
85
291J Jan 2
42'% July 13
i2 Jan 2
110
Lowest
$
,7*4 Feb 21
5% Sept 22
6% Jan 2
32^4 Jan 2
No par
Engineers Public Serv
74
8%
17*4
preferred
700
80
85%
57
12%
♦75
•
600
114
80
8%
$ per share
Elec A Mufl Ind Am shares..Electric Power & Light-No par
57{
m
79
69
*112
Highest
$ per share
Par
15
♦70
17
Lowest
Shares
78%
46%
34
1936
Range for Previous
Year 1935
On Basis of 100-share Lois
15%
34
12%
STOCK
79
69%
115
YORK
24,
EXCHANGE
Week
$ per share
47
68%
46%
%
2%
55»8
40*4
h
2%
5%
14%
77%
15
77
15%
78*4
77
the
Oct. 23
Range Since Jan. 1
STOCKS
f(YT
.
Saturday
Oct.
Sept 24
4
Mar
108
Deo
21%
Jan
30*4
Deo
30
Jan
35
Deo
4
Mar
6% Apr
63
Jan
100% Sept
16
Mar
8
Oot
14% Nov
112
Deo
105
Nov
30%
Deo
99*4
J&n|
121
Deo
5%
Feb
14%
113%
De0
81
Feb
De
Volume
New York Stock Record—Continued—Page 6
143
LOW AND
HIGH
Saturday
Monday
SALE PRICES—PER
SHARE,
Sales
NOT PER CENT
Oct.
Oct.
17
6%
634
103
19
Oct
$ per share
$ per share
658
103
103
Wednesday
6-%
6i2
103
Lowest
Oct. 21
Oct. 22
Oct. 23
$ per share
Shares
6i2
103
6%
103
103
4,000
Hayes Body Corp
1,400
638
638
1025s 103
6%
638
103
Hazel-Atlas Glass Co
*12534 131
*12534 131
*12534 130
*12534 130% *12534 130
*155
*155
162
162
*155
162
*150% 162
*150% 162
*150% 162
37
39
37
393s
40i8
38% 3934
37%
38%
375s
38%
38'4
125
130
130
130
*72
73
112% H2l2
40
11034
29
29*2
34
72
113% 11312
3978
40
40
110
11034 11134
29%
34%
30%
33%
*111
425
2934
53%
10
3,900
2912
34%
115
*111
115
*111
115
*111
425
*413
425
*410
425
*416
42%
42
42%
42%
42l2
42
42
293s
29l2
28%
29%
28l2
2878
76
75%
75%
69
69
75U
6734
75U
6734
10
934
10%
53%
*6734
103s
10
103s
934
53
54%
53
53%
4%
53%
12%
5234
4%
12%
21
20
21
*6734
52%
2
2
2
29%
28%
28%
2734
28%
27%
2%
28%
2
29
27%
27%
53
52
52
51%
51%
50%
51%
50
51
27%
49%
27%
52%
*71%
73
*70
73
7234
19%
7234
7 2!
72%
*71%
72*4
19%
1834
19%
19
19%
12
12
12%
12%
12%
38%
38%
38%
38
38%
19%
19%
12
12
37%
37%
37%
12%
38%
*4
4%
12%
21
2
20
19%
12
4
12%
20%
*11%
2034
2
2%
4
4%
12%
*11%
20%
38%
126% 126%
38%
m
33
3334
33%
32% 33
173
*168
170
*170
174% *170
90
89%
90%
88%
90% 90%
*32%
3234
167*4 168
89
164
164
90
110
10%
2%
600
Internat Harvester
62
35,900
Int Nickel of Canada..No par
5%
534
6%
14,600
Class B
.....No par
3
3
3%
33,600
Class C
.....No par
68*4
71,900
2,600
6434
61%
3834
65%
39
39
110
110
*109
39%
10%
934
10%
934
60%
29%
29%
2934
29%
30
48
47*4
29
29%
28
*27
2734
28%
79%
76%
77
27%
77%
28
*77
78
78
79
78
12%
12%
1234
13
12*4
13
12%
29%
28
28%
28
28
27
27%
1234
26*4
28%
107
*102
105
20
20
20
29%
28
29
*86
8~7%
121
121%
8734
87%
12234 124
123% 123%
117% 11734
z45%
45%
*123
123%
117% 118
*45
*12134
46
*117
*117
122
43
26*4
25%
*99
mmrnm
22%
43%
2634
26
106
43
45%
*117
21%
*12134
*12134
88
88
125
88"
88
123
88
122
124
123% 123% *123% 126
116
116
114% 115
46
46
46%
45%
118
45%
mm mm
mmmm
*117
21%
2034
''mmmm
*117
21
mmm m
20%
41%
43
41*4 43
27%
27%
27%
27%
26
27%
26%
26% 2634
*102
110
*102%
*100% 101
2334
2334
23%
2434
24%
23%
21
21%
2034
.20%
21%
2034
22
21
22%
23%
22%
22%
*4234
27%
*100
■
24
2138
22
21%
22
22%
2134
102
101% 102
*12134
.......
102% 105
102%
*102
104
104
*41%
*27%
26
100
No par
Stores-No par
100
No par
....1
mmmm
♦102%
104
22%
22%
28%
534
5%
50
47%
46% 47
28
28
2734
2734
10134 10134 *101% 10134
27%
5%
27%
2734
5%
47%
2734
2734
2734
27*4
5%
49%
*5
46%
27%
27%
*103
56%
49
50%
27%
27%
101% 101%
*6%
27%
27
27
*45
46%
45
45%
18
18%
12%
16%
40%
18%
18%
27%
♦11
16%
39%
*11%
1634
38%
154
*155% 158
21%
3%
16%
112
18%
21%
21%
12%
1734
40
15%
38%
156
156
22
20%
3
3%
3
3%
16*4
112%
27%
45%
18%
11%
16%
112% 112%
19
18*4
18%
60
60%
69%
70%
69%
70%
9%
934
9%
*58%
26
25%
26%
103
105
*103
69%
10
934
26%
26%
103
*164
*43
164
152
20%
21%
3
3%
17%
15%
112
112%
1834
18%
3
58%
70
69
10%
9%
26%
26%
*103
103
156
3
17%
112
112%
19%
18%
26%
103*4
*160
105
165
20%
47%
46
4634
48*4
42%
57%
45%
50
48*4
49
48*4
43
41%
42%
42%
48%
41%
49
42%
56%
55%
57%
56*4
5634
58%
57%
57%
58%
107% *10634 107%
*106*4 107% *10634 107% *106*4 107% *107
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
59
57%
59%
59%
58%
59%
58%
58%
58%
58%
23%
*
4%
3934
4%
39%
23%
23%
145
".37%
38%
*29
30
*100% 104
30
30%
33
33
*
46
47%
39%
110% 110%
23% 23%
23%
145
*
*
145
23%
*
"23%
39*4
44%
45
6,700
23%
23%
39
~38~
39%
29
29
29%
100%
100
101
102%
29
31%
30%
31
29%
3334
3334
3334
3334
34
*33*4
,
100% 100%
30
34%
6
2
19% Jan
2
48% Aug
8
Jan 27
Jan
7
4
1434 Jan
2
Feb 28
30
7
4
7
11
28
28
9
4<% Apr 29'
27% Oct 19
33% Feb 25
Oct 13
102
28% Jan
247g Jan
20% Apr 27
32
June 10
157b July 29
7% Jan 2
12
July 16
15% Apr 30
94i2 Apr 30
8i2 Jan 2
2
2
25% Mar 20
105
Oct 20
67% Oct 20
24% Oct 3
29% Apr 24
7% Jan 8
19»4 Mar
110% Feb 10
103% Apr
2
May
1
42
Jan
110
Oct
Jan
8
337b Jan 31
50% July 13
6
13%Sept 5
17% Oct 3
8% Mar
10% Mar
160
22
Oct 19
11278 Oct 19
2034 Oct 23
67% Mar
10% Oct
12
May 19
May
7
Mar 16
Oct
1
Sept 24
6
11% Jan
31%
115
Apr 29
Apr 21
104i2 Feb 28
2
Apr 23
par
35i2 Jan
2
3*8 Jan
2
*3834 Oct 15
107
May 19
2Hb Apr 28
21
Mar
Jan 16
94%
93»4
Apr
151%
Jan
116% Jan 15
169
Aug 19
23% Feb
6
Jan
7
6
627g Sept 11
1087g July 17
3% Feb 11
59% Oct 20
8% Mar 24
45
113
Jan 17
Sept
1
26% Jan 27
151
Jan 30
Jan
3
61%May 25
May
4
30%
mmrnmmm
_
Ludlum Steel
100
—-——-1
10
MacAndrews A Forbes
6% preferred
Mack Trucks Ino
100
..No par
47
48%
16,600
54%
55%
54%
55%
28,300
13
1234
13%
13
13%
8,900
Macy (R H) Co Ino.—No par
Madison Sq Gar v t C—No par
49%
4934
49
49%
48%
48%
2,600
Magma Copper
—10
57% Jan
22UJuly
33
2
8
Oct 16
Oct
7
102% Oct 19
35
Feb 19
42
Jan 21
12712 Jan 9
27 % Jan 30
130% Mar 16
40is Apr 30
48%
21% Mar
6% Sept
Jan 29
44% Apr
Louisville A Nashville
Mar
1% Mar
3
10
6
5% May
No par
—100
May
1
47% Oct 20
507b Feb 19
5% preferred
5
Oct 16
3
par
Mar
4034 Oct 16
2
par
12
19% Mar
21% Oct
July
par
22% May
26»4 Feb
13
900
Mar
878 Sept 28
20
1,000
Oct
6
7% preferred
100
t Louisiana Oil pref—.—100
12,900
Mar
28% Aug
36
Lorillard (P) Co
'
2%
23
6
Long Bell Lumber A—No par
Loose-Wiles Biscuit........25
5,700
"15"
Oct
43
60
Mar
13»4 Mar
19
32i2June
1,800
84
958 Apr 29
89
May 11
No
Preferred
No
Loft Inc
No
Lone Star Cement Corp No
3,400
Jan
3% Mar
10% Aug
5078 Oct 20
257j Jan
Loew's Ino
14,600
Mar
6
Feb
Link Belt Co
1,400
34
4
July
Liquid Carbonic...—.No par
21,300
115% Mar
334 Mar
6% Mar
7% Feb
1534 Jan
6
2
1,200
mmrnrnmrn
38% Mar
117% Mar
60
Apr
6
Apr
Apr
91
48%
4634 Oct
Lily Tulip Cud Corp...No par
Lima Locomot Works..No par
54%
page-2628.
Oct 10
26
97
47
For footnotes see
121
9734 Mar 13
25
100 xl60%June 9
56%
50*4
Feb 21
126% Feb 24
2
17
Oct
129
Jan
24i2Sept 28
24%
Jan
116%June 29
13
70% June
6% Mar
Mar
11978
Tobacco—.25
48%
12
7
Dec
5% Mar
87g May
49
71
54%
12%
50%
May
56%
Deo
July
110
Louisville Gas A El A—No par
3334
Oct
1
Sept
1,100
30
4% Mar
21% Jan
98% Jan
Aug 28
2
47*4
12
88
2,600
mmrnmmm
1% Mar
% July
*8 May
88
126
12134 Feb 6
75%May 27
39i2 July 15
7
47%
51
Apr 29
68% Jan 18
25
54%
11%
113
47% Jan
47
50%
3
5
47%
11
2
30% Oct
62
56%
50%
2234 Apr
107
4
46%
11
2
2,010
100%
29%
3334
*131
*131
♦132
♦132
100
2
Jan
29
29
30%
Jan
15
24'% Aug 14
40%
~38~
*28%
Oct 16
82
142
143
"37%
9
29% Oct 17
2
Preferred
800
*
8
Jan
Liggett A Myers
Series B
200
8,600
21
49%
41% 42%
56%
55%
*106*4 107%
2%
2%
58*4
57%
4%
4%
40
*3934
109
109%
June
11% Sept 21
108g Apr 30
Libby McNeill A Llbby No par
300
49
Oct
38%May
6
Life Savers Corp
2,200
*20*4
23%
143
145
3,100
163
38%
102% 102%
__
*160
29
29
29%
3334
4%
110
"37"
50%
55%
~23%
39%
39%
110
3834
29%
55%
12%
5334
39%
♦
4%
4%
29%
~38~
*132
*131
39%
3934
*110% 111
*4%
4%
26%
106
104% 105%
46
46
4%
39%
*104
20%
46%
*110% 111
*26%
26%
105
10334 105%
60
Jan
Llbbey Owens Ford Gl.No par
14,200
105
3
No par
Lehn A Fink Prod Corp
Lerner Stores Corp
19,800
21
45
Lehman Corp (The)—No par
3,600
934
60
Preferred
12,000
69*4
9%
50
Lehigh Valley Coal—.No par
,8600
69
10
100
Lehigh Valley RR
2,700
69%
9%
No par
5
4% conv preferred
560
69
No par
Lane Bryant
21,400
61
21
4434
Lambert Co (The)
400
60
100
5% preferred
170
60
20%
4%
310
59
59%
69%
10%
26%
165
44
155
20%
20%
3%
3%
16%
16%
111% 112%
2034
19%
3%
16
*160
20%
4%
154
21%
Oct 2 3
Mar 26
Sept
28
38%
38%
39%
44
19%June 30
Lee Rubber A Tire
20%
42%
9,900
Lehigh Portland Cement...25
20%
6834
112
6
22% Jan
1237s July
4634Sept 18
9,700
15434 156
21%
6
747a Feb 26
7,700
39%
157
678 Oct
378 Oct
35«4 Aug 31
16%
17%
6
.....100
Kress (S H) A
400
39
1234
6
Co new. .No par
Kroger Groc A Bak
No par
Lacelde Gas Lt Co St Louis 100
mmmmmm
6,700
20%
*49
Stores...No par
19%
1034
21
43
Kresge Dept
Preferred
46
21
50
100
18%
10*4
1634
165
42%
110
46
165
*49%
2,710
5,500
18%
39%
Oct
Sept 23
Oct
Apr 27
3»i Jan 7
18% Jan
3%May
Apr
20*1 Apr
Kresge (S S) Co..........10
7% preferred
.....
100 xlui Sept
Kinney Co...........No par
Preferred
.....No par
46
17
1% June
May 22
No par
Kimberly-Clark..
28%
*10*4
Jan
1% Mar
15
28i4 Jan
17«4June
18%
17%
135
8
63
87
No par
46
11
164
No par
28%
17
June
149% Jan
34% Mar
3
132
May 20
1834
11
2% July
26
Feb 21
6
June
28%
38%
Mar
1% May
8
3»4 Apr 30
2% Jan 6
1% Jan 9
20i2 Apr 30
4
160
43%May
18
47%
17
10234 103%
165
23
Mar 23
185% April
92
Oct 22|
125% Feb
20
Keystone Steel & W Co No par
900
2734
578 Mar 11
Apr
5% Jan
Jan
4% Mar
1534 Mar
41
2
8
Kennecott Copper
1,100
734
7*4
*99% 110
*43% 45
22%
22%
30%
28%
8
4% Jan
Kendall Co pt pf ser A .No par
170
9,200
4934
46%
27%
148i2 Jan 23
234 Apr 30
80
18%
1134
*102% 104
103% 104
104% 105%
27
45*4
18*4
15%
15*4
112% 112%
19
18%
59%
58%
16%
60
27%
5
Kelvinator Corp
41,500
101% 101%
47*4
2734
22%
mm
5%
*5
*99% 110
45%
45%
_
.
57
21%
28%
21%
*27%
5%
101*4 101%
101% 101%
*7
734
8%
8%
*6%
734
*7%
*6%
*100
*100
110
*101
108
110
*99% 110
46
46
z46
46
46
46
*45% 46%
23
22%
22% 2234
22%
22% 23
22%
..
56%
22»4 July 10
160
Apr 28
56% Jan 8
Kelsey Hayes Wheel conv ol A1
Class B__
1
4,600
6,000
22
5%
23%
8®4 Mar
Keith-Albee-Orpheum pf._100
83,500
56
2734
Kayser (J) & Co
20%
21
534
Kaufmann Dept Stores $12.60
23%
56%
22%
28%
100
1,100
22%
22%
534
pf ser B No par
100
3,600
20
55%
28%
..10
Stove Co
Preferred
........
2334
22
22%
100
Kan City P & L
■
21
57%
57
No par
....No par
Kansas City Southern
2,100
27%
23
24
22%
56%
22%
5634
...........1
'
56
55
Kalamazoo
900
26%
187g Jan 11
5% Feb 14
6%June 10
lli2 Apr 30
2i2 Jan 2
9% July 1
2% July 10
109
16
Jones & Laugh Steel pref.. 100
3,500
4134
26%
27%
2% Feb
6
42% Mar
Preferred
mmmmmm
20%
46% Mar
1334 Apr 13
778 Jan 18
6*8 Jan
25
Preferred
330
46%
Sept 21
3134 Oct 13
84% Oct 13
19% Feb 17
Preferred....
130
----
Feb 14
Sept 29
117
63% Feb 21
Jewel Tea Ino
20
147
135
Aug 24
88*8 July 7
Oct 22
8
Johns-Manvllle
*45*4
Mar
Mar
May
Mar
38 7g
Apr 29
600
*117
Mar
4%
2%
23%
60%
1312 Apr 17
15
Island Creek Coal
.......
116
40
Oct 19
20
47
600
115
4
73% Oct
34 Apr
9% Mar
Apr
100
Intertype Corp
700
mm
15
No par
8734
*85%
41%
27
■mm
6% Mar
1»4 Oct
9% May
122% 123%
*123% 126
21%
27
24%
24
117
43%
27
m mm
122% 122%
123% 123%
22
21%
26
*85%
m
6
6% Mar
2
■
*12134
*12134
Jan
May 12
Feb
234
6
Oct 19
3% Feb 19
29% Oct 17
64% Sept 2
21%
10% Oct 20
Inter Telep & Teleg
1,800
2734
5
Jan 23
57*
Jan
11% Oct 20
Interstate Dept
100
20
Nov
43
60% Oct 23
30
Oct 23
7% preferred
330
105
Nov
7
9
100
International Sliver
6,900
19%
105
73
International Shoe
1,600
27
105
*104
*102% 106
*102% 105
20
20
1934
1934 20
19%
27
2734
2734
27% *27% 28%
Jan
•5778 Feb 19
173$ Feb
31% Deo
1% Mar
49
19% Jan 9
23
Apr 28
No par
Preferred
36,200
28
July
125
37
Certificates
700
78
13%
Deo
42
International Salt.....No par
5,060
4734
28%
2
June
107
Internat Rys of Cent Am.. 100
3,000
48%
*28%
*4734
29%
48
47%
28%
Jan
495
6% Mar
418 Jan 2
255sMay 21
106
May 12
100
Preferred
1,220
28%
47%
100
Preferred
880
60
1
Feb
30% Mar
4
Mar
338
76*8 Aug 27
7018 July 25
12U Jan 15
7
4884 Jan 21
3i8June 10
8% Apr 27
13% May 4
Int Printing Ink Corp..No par
330
110
10
29%
100
Inter Pap & Pow cl A. .No par
234
10*4
28%
25
Preferred
300
60
12%
...100
Preferred
Int Mercantile Marine. No par
10%
*8*4
13%
No par
Int Hydro-El Sys cl A
5934
29%
193s
Int Business Machines.No par
400
11%
10%
80
100
1,200
60%
12%
No par
6,900
10
80
...No par
Prior preferred
6
1034
29%
No par
4%
60
28
1
Inc
152%
11%
10%
48%
100
Internat Agricul
47,400
638 Jan
11
5%
110
33
58
No par
Deo
44% Feb 20
100
..No par
Interlake Iron
2,000
15
8
...100
No par
30%
6
18% Apr 30
X Interboro Rap Tr vt O..100
15,400
14
1
Oct
Feb
30
10
118
Jan
July
19% Deo
3734 Aug
544
..100
Intercont'I Rubber
1,900
60%
27
10
81 >4
6% Mar
9
115
..100
Insuranshares Ctfs
15,700
59
48%
No par
Inspiration Cons Copper...20
600
10%
58%
58%
____100
6% pref
3,100
10%
48
Manhattan....100
Inland Steel
10,500
11%
27
5
Motor Car
Oct
2
65t4 Jan 14
5434June 4
50
Jan
534 Mar
3
6
22% July
t c new 25>
Ingersoll Rand
500
4%
13%
son
104
5
36% Deo
Aug 15
3258
2
Feb 17
July
39% June
No par
v
Leased lines
800
91
June 13
Jan
Feb
73% Apr
44% Feb 19
19% Jan 13
No par
RR Sec ctfs series A
3,000
166
*5%
61%
6234
9
Indian Refining.....
Industrial Rayon
mmrnrnrnm
130% 130% *130% 132
12
108
6% pref series A
70
10%
60%
48
*29
110
152
5%
5%
61%
119
116
Illinois Central
1,700
32%
90*4
687gSept 24
Sept 16
30t8 Jan 2
102
Hupp Motor Car Corp
19,400
9%
*26%
*104
110
152% 152%
4*4
4%
166
Deo
108
Hu
9,800
.
50
10%
10%
10
9
58
*109
110
110
31%
92
90*4
151
151
*151% 153%
*149% 151
*149% 151
4%
4%
434
434
4%
434
438
4%
6
534
6%
6%
534
5%
534
*5%
62
6234
61%
62%
61%
62%
62%
62%
*130% 132
130% 130% *130% 132
*130% 132
12
11%
12%
11%
12%
1234
11%
12%
5%
534
534
5%
534
5%
5%
534
3
3
3
2%
2%
2%
234
2%
60
59%
60%
61%
62%
60%
59% 61
39
*40
40%
40%
38% 39
*3734 38%
*109
33
32%
131
414
Preferred
300
.
33
Feb
100
Hudson &
900
4
1234
mmmm
mmmm
........
m
m
122
Jan 13
Howe Sound Co
20% 105,600
128
*125
129
128
128
129
130
129
12934 *120
*136
*136
*136
*136
*135% immm
*135%
115
113
114
113
113% 113%
113% 114
*11234 114%
113% 113%
11
11%
11%
11%
11%
11%
10%
11%
11%
11%
11%
10%
5%
5%
*5%
5%
5%
5%
5%
*5%
5%
5%
*5%
5%
13
12%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
3%
334
3%
3%
3%
*3%
3%
*3%
*3%
3%
3%
*3%
13
12%
12%
1334
13%
13%
13%
13%
13%
12%
13%
13%
334
3%
3%
*3%
3%
3%
3%
334
334
3%
334
3%
mm
Oct
Apr 17
80
Class A
10,200
2%
4%
11%
20%
142%
135
No par
Houston Oil of Tex
3,600
4
12%
20%
2%
1
Aug 13
Household Fin partlo pf
1,050
12%
7234
1934
12%
3834
72%
19%
12
4
*11%
19%
June
Aug
7
_
Class B
5,600
53
54%
4%
11%
21%
2%
162
164
90
-.100
Houdallle-Hershey ol A No par
900
Jan
8
Jan
No par
Holly Sugar Corp
24,000
69i4
10
*74l2
June
Mar
No par
$5 conv pref
1,400
141
11
Hollander & Sons (A)
12,400
Jan
No par
Conv preferred
300
69
76
29%
*7412
der
Holland Furnace
'
42%
127
71
7% pref
29
Deo
Jan 27
Oct 14
Homestake Mining
29%
75i4
69
10%
42
120
Oct 17
126
3,000
Jan
1% Mar
41
100
425
85
130
No par
520
6
Jan 23
No par
cum
Oct
5
Mar
25i2 Apr 30
preferre 1
$7
share
6%
Mar
141
150% July
per
9
No par
Hershey Chocolate
115
*410
100
Hercules Po
12,700
33%
3434
117
$ per share $
133
Aug 10
May 14
84
300
40%
111
28%
29%
33%
34%
6734
112
42'4
5334
75%
70
33%
34
3334
28*4
29%
102
25
Hercules Motors
20
300
293s
75%
*6778
9%
42%
29*8
*7412
*68%
978
29
3012
700
130
129
*111
...
425
*397
*42
293s
33i2
*111
*404
130
126i2 12612 al28% 128i2 *126% 130
129
1 2934
13012 130% *129
13012 *129
*67
71
*6534
70%
70% *665s 71
114
*112
114
113t2 *109
11334 *109
3978
3934
40
39%
3978
39% 40
111
1113s *110%
11078 11134
11034 11034
130%
71
...25
Preferred
15,800
Lowest
$ per share
4% Apr 30
2
._
Helme (G W)
*12534 132
*130% 13012 *129
Par
Highest
% per share
Week
$ per share
634
103
Range for Previous
Year 1935
On Basis of 100-share Lots
STOCK
EXCHANGE
$ per share
20
$ per share
103
the
Friday
Thursday
Range Since Jan. 1
STOCKS
NEW YORK
for
Tuesday
2633
Oct 21
85s Jan
2
66% Oct 21
14% Apr 18
34t2 Jan
6
51
Oct 19
Apr
16% Oct
13% Mar
17% Mar
24% Mar
31% Feb
102
Feb
1
Mar
22% Mar
1% Mar
33
Apr
107*4 Nov
28*4 Nov
27% Nov
43
Oct
37%
Deo
55% Nov
108*4 Oct
2%
Oct
36% Nov
4% Deo
41% July
112
Deo
26% Nov
18% Mar
124
Apr *149% Deo
4% June
10% Mar
34
Mar
12*4 Mar
37% Nov
113
Feb
18% June
30%
Apr
6%
18%
Jan
Jan
15
Deo
New York Stock
2634
LOW
AND
HIGH
SALE
PRICES—PER
Record—Continued—Page 7
SHARE, NOT PER CENT
Salts
STOCKS
NEW
J VI
Saturday
Oct.
Monday
17
Oct.
$ per share
*27g
15
*234
14i2
135g
15
14i2
3784
15
2184
37g
ll'g
ll'g
I4i2
15l2
22
Oct.
*2%
15
*14%
15
120
13
*13
13%
400
*32%
3734
15
15%
21%
4%
11%
2%
117g
31%
21%
*21%
4
4%
11%
2%
11
27g
2%
11
11
11
1034
31
30%
31
31
*2%
46
46
3%
46%
46
8<4
347g
8»4
35ig
*160
19ig
8'4
34l4
46
193g
1834
19%
83g
34?g
8*4
343g
8%
*160
64
167g
47i2
17
17
64l2
17lg
4712
47l2
48
*
♦
46
*10834 110
3512 3534
18
183g
*100
101
23i2
393g
237g
3912
99
100
10
10
435g 437g
1434
153g
*100i4 105
17ig
17i2
*109i2 115
*88l2 90
llig
113g
93
94>2
*41l2
62 ig
6134
10
10 ig
26l2
27
46i2 46i2
*120
12114
*10312 106
95l2
*10834 1097g
8i2
85g
*71
7134
*34
7«
■18»
314
16»
314
103l2
95
8i2
7H2
1'2
9412
5712
6812
1
5%
22>2
87«
32%
3%
7'4
25%
9434
5734
943S
57ig
4412
68i2
1
40i2
235g
2784
43'4
2384
28i2
9414
9412
31
31
73i2
7312
59
187g
4D4
19'g
1714
*1214
12l2
165
5
23
8%
31%
3%
7
24%
3%
8%
30%
3%
634
24%
25
67g
24
67g
94%
94
94%
56
57
45
5634
44%
68%
67%
44%
687g
1%
93%
68%
1%
42%
237g
27
95
31%
717g
31%
73%
♦106
-
213g
207g
*58%
18%
60'2
19U
1834
4134
3%
5
94
73%
mm*
2Hg
1%
*3%
227g
8%
31%
3%
30 7g
41
43
42
17
173g
1214
12%
1634
12%
*163
165
*163
14112 14U2 *14D2 150
117g
*138
*5g
1214
1J2
34
7434
70'2
7414
69l2
123
123
12
•
1
41%
42%
2384
23%
26%
27
94
94%
*30
31
*71
12
1»2
%
74l2
121
*1%
%
74
7484
707g
69
'mmmm
2034
59%
1834
58%
18%
21%
58%
19%
427g
17%
42
45
1634
12%
12%
167g
12%
11
11
52
585g
59
9%
108
108
*29
35
157g
68
68
69
4812
487g
48'g
48
48
48i2
49
90
90
90
1412
4i2
12%
1%
12
%
75
12%
*1%
1%
%
*%
74
3%
67g
59%
109
34%
16
59%
*108
52
59%
—
«>
-
1%
3%
5
22%
8%
3034
3%
6%
*24
94%
24%
94%
57%
56%
*43%
*68%
44%
69%
1
1
44%
68%
69%
1
1%
42
40%
23%
2634
2334
2634
2,300
12,300
100
2,800
15,400
3,100
44,700
4.200
36,700
"4366
10
800
70
1,800
15,500
35,200
4,100
140
80
2,200
20
8,100
1,400
900
100
330
8,200
4,400
14,000
1,300
4,000
3,900
3,100
64,400
800
260
2 684
93%
93%
307g
30%
*70
70
72%
*106
107% *103%
20%
21%
20%
*58
59%
59%
18%
19%
18%
45
457g
47%
17
1634
1634
12%
12%
*12%
5,600
18,600
9,300
4,400
93%
30%
300
71
440
700
59%
1834
46%
17%
12%
26~I66
300
30,600
2,920
4,400
1,900
109
109
108
109
1634
29
28%
17%
287g
30
30
2934
%
800
9,100
10,100
2,000
8,500
6,600
73%
73%
6734
68%
120% 121
19 %
ll%
934
51
50
11%
52%
5934
60
-
*108
160
20
67%
46%
67%
477g
41,700
1,900
47
47%
46
46
88%
4%
13%
90%
4%
88%
*4%
13%
89%
434
13%
68
4634
4434
63,000
86%
434
1,500
1,800
180
14
590
140
*131
140
*131
140
10
*135
160
*135
160
35g
35g
57g
11'4
57g
35g
11%
107g
6
384
13%
584
334
1234
11
534
37«
127g
♦1234
13
13
*82
83
*82
83
82%
82%
99
99
99
99
104
104
104
2
*15g
293
295
10912 109l2
32ig 32U
56ig
75g
56ig
734
*103i2 104
*101
--
30>4
*5034
23g
*2012
1314
473g
-
307g
52'2
2l2
24i2
133g
48i2
__
31
*101
31%
51
51%
97
97
*97
100
50
4
4
4
4
3,900
1034
*5%
334
12%
For footnotes
234
24%
284
*2034
13%
14
14
49%
48
49
47%
page
2318.
100
104
*103% 104
I84
1%
1%
296
115
33%
56%
7%
105
*101
1334
see
12%
81
100
51
2%
13
82
51%
*2084
37g
10%
5%
3%
12%
82%
5%
37g
100
51
23g
6
10%
82
3034
24%
1034
*99
31%
23g
"lJOO
4
30%
*20l2
1314
48i2
1%
100
103
*103% 104
*134
17g
1®4
1%
1»4
293
296
29314 29434 293
*109l2 110'2 109% 109% *109%
32i4
3278
32% 33%
32%
56
55i2
*55%
56%
*5534
7i2
734
7%
734
7%
104
104
*104
105
*104%
*101
1%
4
104
9984 lOOlg
1%
*97
4%
297
298
10%
5%
37g
12
79
10%
5%
4%
12%
30%
*5034
234
*2034
1334
48%
_
3184
51%
234
24%
14%
50%
3,200
1,900
3,200
2,600
79
90
997g 100
110
104
*1%
298
104
134
300
*109% 115
*109% 115
3234
34
3384
33%
56%
56%
56%
56%
7%
77g
7%
7%
104% 104% *104% 10434
*101
31%
51%
234
24%
14%
4934
131
85i2 Mar
115% Dec
1484 Dec
6% conv pref
100
973g Jan
7
108
.No par
1234 Jan
97% Jan
55U Jan
678May
30 May
3H2 Jan
40% Jan
584 Jan
xl7% Apr
21% Jan
2
19
Mar 24
Oct 16
No par
..No par
Mengel Co (The)
7% preferred..
1
100
Merch <fe Mln Trans Co. No par
Meet a Machine Co
5
Miami Copper
5
....
Mld-Contlnent Petrol..
10
Midland Steel Prod
No par
8 %cum 1st pref
100
110
Mllw El Ry & Lt 6% pref. 100
88
Minn-Honeywell Regu.No
6% pref series A
No
par
par
Preferred
..No par
7% preferred
100
Mo-Kan-Texas RR....No
Preferred series A
100
11
40
10
114
91
9
41
Jan
113g Oct 17
3
Mar
13
95% Oct 19
9
45
6
64% Sept
12% Apr 13
3
30
9
Feb 21
Mar
9
Oct 19
29% Oct 23
48% sept 10
131% Mar 30
109
6
67U Jan 17
% Jan 7
76% Mar 24
13g Feb 10
6% Jan
138 July 14
2i2 Aug 6
2s4 Jan 2
l^Jnue 10
5i2 Jan
6
14i2 Jan 2
2
Sept 15
9% Feb 21
333g Oct 16
4
Apr
8U Mar
60% Mar
85
Nov
85
Nov
58
Jan
150
Dec
105
Jan
xlll% June
3?g Mar
7% Nov
31
Mar
Feb
68
Nov
% Mar
34 Nov
Apr
2% Dec
a4
5% Feb 10
6i2 Feb
Dec
6514 Nov
83g Nov
6034 Oct
33% Dec
42% Dec
684 Oct
20% Dec
247g Sept
116% Oct
24% Jan
2% Mar
0% Mar
234 Feb
26% Apr 14
Jan
97%
2084 Mar
22
Dec
153g
Dec
31
Apr 8
106%June 19
par
100
X Missouri Pacific
16% Oct 19
Apr 23
22
x65
Paul & SS Marie. 100
4% leased llnectfs
100
Mission Corp
.....No par
Feb 17
Sept 16
9914 Oct 23
HOig Oct 14
123g Mar 23
Minn Mollne Pow Impl No par
Minn 8t
46
Nov
10'4 Dec
9712 Dec
Oct
Mead Corp
$6 pref series A..
1
Mar
4
1U
103g
2i2
57g
Mar
4i2
1734
6%
16U
1
7
Apr
July
May
July
3
July
Deo
Dec
Nov
Deo
Jan
Conv preferred
100
Mohawk Carpet Mills
20
Monsanto Chem Co
10
Mont Ward & Co Inc. No par
Morrel (J) & Co
No par
5734 Oct 19
2134 Mar
407g
Deo
44
Jan
4
417g
Deo
66
Feb
Morris & Essex
5934 Feb
50
60% Jan
6
71
60
Dec
Mother Lode Coalition. No par
84 Jan
2
17g Feb 10
283g Apr 30
15>g Jan 2
11
Apr 30
43% Oct 19
65i2 May
1% May
33% Deo
153g Deo
Motor Products
Motor Wheel
Corp..No
par
..5
Mulllns Mfg Co class B
1
Preferred
37g Jan
79
May 19
3584 Jan 7
No par
70
May
21
Jan
No par
100
Murray Corp of Amer
3
197g Aug 24
No par
Munslngwear Inc
Murphy Co (G C)
10
447gMay
102%July
14
Apr 30
Myers F & E Bros..
No par
43
Nash Motors Co
No par
15
Nashv Chatt & St Louis... 100
National Acme
Nat Aviation Corp
No par
National
7%
Biscuit
10
cum pref
100
2834 Oct
153
21
21
100
X Nat Depart Stores...No par
Nat Distil Prod.
No par
Nat Enam & Stamplng.No par
2
12i2 Apr 30
9% Apr 30
Ji* July 15
No par
100
Jan
Aug 12
20%May
No par
6
Jan
103
Mar
6
7
Feb 25
24
Oct 13
29% Oct
96i2Sept 18
3234Sept 8
79% Aug 1
105% Sept 1
%
23
3184 Dec
7% Mar
9% Aug
1584 isov
62
Sept
13U Mar
8134 Nov
26% Dec
434 Mar
2l3g Nov
47% Oct
19% Jan
27% Jan
14% Deo
14% Deo
6
1
30
Jan
11
Apr
14
Mar
Oct
47i2 Oct 22
183g Oct
7
4% Mar
15% Mar
9
634
Feb
Apr
7
22%
14H2
13%
I27g
2
108
Sept
June
4
xl06
Sept
Oct
9
33 % Mar
6
»32 July 28
3834 Jan 9
Feb 11
28% July
11234 Mar
112
1812
377g Apr 14
31%May 26
Nov
943g Nov
Apr
2234 Mar
July 31
5
4i2 Deo
Feb
217g Feb 19
30
Oct
55
61
164
25%June 11
1% Mar
1034 Mar
3
9
10734 Oct 19
107% Jan 6
—10
Apr 28
28
784 Feb 11
x28% Apr 8
Apr 30
Apr 30
National Pow & Lt
No par
Nat Rys of Mex 1st 4% pf. 100
2d preferred
100
National Steel Corp
25
National Supply of Del
25
Preferred
tNew
307g
51%
*2034
Mar
Mar
Mar
-1% Mar
23% May
14
49
No par
Bros
Orl Tex
&
Mex... 100
1
N Y Air Brake
New York Central
No par
No par
9%May 11
7g Jan 8
147g Feb 17
Feb 11
% July
% Jan 10
H2 Feb 11
14 Mar
403g Mar
57% Apr
197g Jan
74ig Jan
778July
10%June
3234 Apr
41
Apr
10412 Apr
10U Feb
9
29
2
6
10
117g
Jan 17
13%
Jan 24
53% Oct
60
Oct 22
7
109
4
43
Sept 30
Apr 14
Apr 30
32% Jan
2734 Jan
2
2
8
100
1784 Jan
100
New
100
36% Jan 2
3% July 7
10%May 16
Preferred
100
N Y & Harlem
10%
119
Jan
6
150
Jan 20
138
1
363g
158%
23i2
22%
11314
Nov
Dec
Deo
Deo
Nov
108
Aug
4% Jan
34% Nov
—
2% Jan 7
9% Apr 27
May 21
No par
100
Norfolk & Western.
9312 Apr 23
1 % Aug 27
100
210
Adjust 4% pref
100
105
700
Preferred
47366
340
4,100
Central
Northern
Pacific
12,600
1
50
100
Northwestern Telegraph
50
Norwalk Tire <fc Rub
No par
Preferred
49700
50
North Amer Aviation
No Amer Edison pref--No
par
No German Lloyd Amer shs..
Ohio Oil
Oliver
Co
Farm
50
......No par
Ea new..No par
Mar
4
Mar
112
Mar
114% Mar
5% Oct
2% Mar
$7 1st prererred
400
19
39
2
7
t Norfolk Southern.
17,500
Mar
97g Mar
14% Feb
150
No par
6
Mar 17
Jan
Oct
ig Mar
6% Mar
Sept 16
51
Oct
100% Oct 17
109% Aug 12
27s Jan 14
69
June
79
May
84 Aug
Deo
June
IHI4 Mar
1U Deo
99
8f2
May
Jan
16»8 Aug
6i2 Nov
334
Deo
16is
Jan
87
Jan
92i2 July
102'8 Dec
212 Dec
302
Oct
9
158
Mar
218
Deo
115
Oct
2
99
Jan
108
June
35% July 27
9
Mar
28
Nov
Jan
2
4U Jan 17
2
Nov
1678
139
Dec
Dec
Deo
2
97i2 Apr
237gJuly
60
15% Mar 13
99
% May
96
6U
May 12
23% Apr 30
5234 Feb 6
6% Jan 6
98
5
7% Feb 24
53g Feb 24
Jan
Deo
Oct
Deo
lli2 Deo
107g Deo
2%
9
Nov
Aug
Aug
36i2 Nov
2984 Deo
5
July
84 Nov
3% July
43g Mar
6
4
li2 Nov
8334
2078
773g
l!5g
13'g
4134
61U
18% Mar
12U Mar
5% Feb
300
American Co
x8% Mar
7% Jan
21% June
43% Jan
2>4 Feb
83
North
Mar
99% Sept
3
partstk._l
5
36
2
90
100
N Y Ontario & Western
100
N Y Railways pref.....No
par
N Y Shipbldg Corp
Oct
Sept 14
Mar
Jan 10
100
1NYNH4 Hartford
100
5
9
Apr 24
78g Apr 28
N Y Lacka & Western..
Conv preferred
Oct
Sept 29
6% Mar 4
17% Feb 17
125
No par
2,200
130
49% Oct 13
53%
50
Jan
Oct 19
95
50
IN Y Investors Inc
7
17% Oct 23
6934
No par
non-cum pref
57
84,100
75% Oct 7
7078 Oct 19
126>g Aug 26
18
N Y Chic & Sfc Louis Co
Preferred series A
York Dock
3
29
15
100
24%
3
100
Newport Industries
North
30%
*50-%
234
10
7% preferred
N Y Steam 16 pref..
*101
1334
48%
National Lead
No par
160
4
1934 Dec
45ig Sept
90% Jan
57g May
38% Dec
8% Apr
No par
Newberry Co (J J)
No par
5% preferred series A...100
17%
48%
*97
8% Apr 30
37»4 Jan 3
lli2 Apr 29
Aug
pref
McLellan Stores
Nelsner
*131
4%
McKesson & Robblns
118% Jan 3
11% Feb 14
1,000
*13o
100
6
3,800
140
4
85
7% Mar
3334 Nov
493$ Jan 24
Aro par
160
*97
7
National Tea Co
Natomas Co
*131
4'8
3818 Oct
143s Aug
%
*135
113g
~
Oct
Jan 31
Mclntyre Porcupine Mines..6
McKeesport Tin Plate-No par
Jan
135
100
Sept 19
35%June
47g Mar
160
4l8
III4
534
19
101
Mar
121%
135
*97
9
June 19
2%May
28
Aug 28
60
1%
June
Oct 13
144
29%
1%
103
36
13734 Jan 21
200
16%
67%
46%
4434
86%
*4%
13%
1%
Oct
Jan
24
Feb 24
100
18,300
89
1%
55
32i2 July
*135
1%
Jan
162i2 May
140i2 July
160
1'4
Oct
32%
84%
50% Apr 8
110i4June 15
5734 Nov
Jan
143
1'4
Nov
54
May
*135
1U
20
Jan
5%
Feb 28
21
*135
H4
Jan
33
June 16
1
Nov
150
29%
14
156
357g Mar
_
16
conv
Dec
337g Nov
Jan
55
92
6
11
June
Mar 17
16
68
4
2334 Mar
136
168
34%
477g
6«4 Mar
64% Oct
21% Feb 28
JMcCrory Stores Corp new-.l
6% conv preferred
100
McGraw-Hill Pub Co ..No par
1
Dec
45U Dec
1414 Nov
263gJune 30
158 June 2
15%
68
2
Jan
Deo
37g
Mar
5
Aug 12
2334
Mar
100
1534
47%
103
Mar
Deo
Preferred B
12%
1%
-
12
1
20
37% Aug 13
43%May 4
13% Apr 30
Sept 3
Feb 13
Oct 23
Dec
Dec
10
Preferred A
15,500
117g
*1%
120%
9%
10%
11%
11%
.
4i2Mar 18
5034 Mar 5
19% Oct 17
161
97g
I7g
8g June
2i2 Oct
384 Mar
60
74%
*29
5% Apr
May
100
287g
70
*108
35
Sept
3
163
27%
163
%
59%
1234 Aug 7
3ig Mar 19
1234 Oct 23
29
7% pref class A
7% pref class B
12%
1%
*1%
*%
73%
6834
19t2 Nov
Feb
No par
200
600
Mar
1
45
Nat Cash Register
Nat Dairy Prod
20,200
30
10
ex-warrs-.No par
Prior preferred
No par
9,800
19,400
"s'ooo
13U Mar
46
13
May
12% Dec
66% Oct
*142% 150
28
165
*142% 150
12
100
*10634 108
_i7%
*163
26,900
23
10
Mar 17
No par
Rights
33%
32%
3234
157% *1557g 157%
28%
27% 28%
257g
253g 26
29
2% May
Jan
Apr
Apr
684 Mar 17
612 Apr 28
27i2 Apr 27
1537g Jan 17
Department Stores—10
Maytag Co.
No par
McCall Corp
Feb
3
57% Jan 10
2314 Feb 3
41
May
6% preferred
2034
34%
68%
No par
7|
4
.
2% July 7
May 5
IDs Jan 22
100
Mathleeon Alkali Wks..No par
Preferred
100
37g Feb
17is Feb
I35g Oct 19
6i2 July 27
1834 Jan 10
No par
No par
Martin-Parry Corp
Highest
I per share S per share
8% Apr 30
Us Jan 7
100
Marshall Field & Co
Lowest
3
2% Jan
100
Melville Shoe
11,200
1,720
15%
48
Preferred
2
2
June 30
32i2May 27
14% Apr 30
17%May 4
Maracalbo Oil Explor
1
Marine Midland Corp (Del).6
Market Street Ry
100
Preferred
80
41%
23%
27%
4034
23%
93%
57%
7
Preferred
*29%
67
47g
1334
1%
*3%
*4%
22%
8%
30%
3%
6%
24%
95%
*50
52
47%
47%
88%
47g
13%
47g
1434
14
165
8%
31
*43
*50
107
487g
*89
*163
*141% 150
5
120
*29%
15%
16%
6934
47g
1434
500
1% Jan
7'4 Jan
t Manhattan Ry 7% guar. 100
Mod 5% guar
100
Manhattan Shirt
26
Prior preferred
4,000
2,400
% per share
100
2d preferred
Marlln-Rockwell
60
$ per share
No par
540
1,400
27,900
1,100
7,600
46
10234 103
23
8
74%
697g
70%
120
120%
9%
97g
11%
11%
59%
108
34
*45g
*
1%
3%
30%
3%
6%
24%
94%
557g
*50
52%
59%
157g
16%
Year 1935
Highest
.100
Preferred
} Minneapolis & St Louis.. 100
*1%
*3%
*4%
22%
70%
120
12034
9%
9%
11%
11%
11
52
5812
914
165
69
121
52
9l2
*2912
15i2
48
*30
7234
*106
-
21%
*141% 150
12%
1'2
9i2
*107g
108
16%
*47%
48
46
3234 33
32
32i2 33%
32%
32%
327g
32%
*155l2 157l2 *156
157
157
157% *156
*155
157%
283g
28l2
28ig
28%
28%
28%
28%
28%
2734
26
25l2 26
2558
2534
26%
25%
2584
25%
109
109
108
10734 109
109
108
109
108%
*10634 110
*10634 110
*10634 109% *10634 109% *10634
175g
18
177g
17i2
17%
1734
17%
17%
1634
2934 30
29% 30
29%
2934
287g
29%
283g
313g 313g
313g
313g
31
30% 30%
*2934
2934
27lg 2734
27ig 2734
27%
277g
27%
27%
27%
*163
62
167g
16%
*46
62
*103% 104
*13g
5
23
23%
267g
9434
31i4
*2914
*717g
103% 104
1%
3%
1
28
*59
4214
17»4
35%
161%
62%
96
96
95%
96%
9634
99%
*10834 110
*107% 110
*107% 110
8%
8%
8%
8%
8%
8%
8%
72
72
72%
71%
71%
71
71
68%
24
*106
21'4
161% *160
95
1%
*3%
*47g
2134
8%
l's
43i2
93
59
8%
35%
t Manatl Sugar.
Mandei Bros
2,010
37g
4534
19%
8%
no
8%
68%
4212
23&g
27'g
21
19
♦
45
45
1
*106
103
71%
1»2
33g
*3
33g
45
*68
884
72
7'g
24l2
56l2
3
45%
187g
*8%
34%
870
110
*92
95
3'2
45
103
10 884 10834 *10834
7'g
257S
94
31%
37g
45%
62
46
750
27g
'
5
33g
*7
25
♦
4%
1234
35
12
1
21U
8I4
3H2
33
32i2
*
*160
4,700
4,000
6,600
11
32
*3
62%
1634
47%
21%
37g
11%
27g
12
4
45%
18%
8%
3434
"2366
15
10834 10834
116' 110 *116" 110% ♦I16" 110%
36
3534
36
35%
35%
3534
35%
35%
35%
3534
18
18'g
18
18i2
18
18
177g
18
18%
18%
*98i2 101
98%
98% ♦93% 101
*93%
99%
*93% 99%
23
237g
23%
237«
*22
23%
23%
23% 23%
23%
39
39
40
39%
40
3934
39% 40%
39% 41%
98
98'2 100
98%
9834
100
99% 100
97
98
10 %
97g
984
10%
10%
1034
10%
11
11%
1034
4384 437g
43% 4334
4334
4434
44% 45
4434
447g
16
153g
16%
15%
157g
15%
15%
1534
15%
15%
*100'4 105
*100% 105
*100% 105
*100% 106
*100% 106
17
17
I684
1714
1634
17%
1634
17%
17
16%
♦IO884 115
*10834 115
*10834 113% 113% 113% *10834 113%
90
89
90
89
89%
89%
88% 88%
88% 8934
11
113s
10%
10
10%
10%
10%
10%
10%
10%
93
94
935g 95'2
947g
94
9434
93%
94%
94%
*40
44i2 45
*42%
4434
4484
*39% 44%
*39% 44%
62
62
61
62%
60
6184
61%
6034
59%
597g
10
97g
10-'%
10
934
10
934
934
10
97g
28
28
267g
27% 287g
2834
27% 28%
2834 29%
46
46
45%
457g
45%
42
457g
4234 45
43%
121
120
120
*121
122
I2D4
121
121
121
121%
6
85g
1634
47%
iio"
21ig
834
6i2
2034
17
48
*20%
334
100
3734
1434
11%
2%
2%
8%
357g
62%
*32%
21%
11%
31%
161
63
3734
15%
11
19
181
62%
1634
*47%
46
103
*92
160
*32%
1434
2034
3%
3%
46%
18%
*8%
35%
35%
160
64
6234
3%
3%
Range for Previous
On Basis o/ 100-share Lou
Par
13
15
37g
312
Shares
*2%
*14%
11
37g
$ per share
3
*2%
Range Since Jan. 1
STOCK
Lowest
14
30'2
*234
1912
$ per share
3%
YORK
Week
15
11
46
Oct. 23
15
3034
*3
Oct. 22
1936
EXCHANGE
*13
11
19
the
21
$ per share
30k
*45
Friday
14%
11
27g
Thursday
13%
3734
21
37g
ID4
37g
ll'g
27g
27g
20
14%
13%
*32%
1434
135g
3734
15U
2134
Wednesday
$ per share
3
3
3'g
*32i2
15
20i2
*3i2
Oct.
19
$ per share
3'g
*135g
*3212
Tuesday
Oct. 24,
7
7
Aug 18
Jan
6
59
June
9
2
Mar
57
Jan
102
86i2 Mar
13ig Mar
357g Jan
1^8 July
Aug 5
3684 Feb 20
57
Mar 24
4% Mar
6
19
30
24ig Jan
17% Jan 15
54%May 5
Aug 28
12ig Aug 25
6
35i2 Mar
IO84 Mar 19
106% July 21
12i2 Feb 21
Jan 22
3*4 Nov
*20
Mar
914 Mar
16U Oct
55
73g
102
Dec
Deo
Nov
10ig Nov
Aug
99
25U
52i2
2U
32>2
1414
2714
Deo
Deo
Jan
Jan
Dec
Dec
Volume
New York Stock
143
and high
low
sale
prices—per
Record—Continued—Page 8
not per cent
share,
Sales
Oct.
Oct.
17
18*2
13
30
*120
Tuesday
19
Wednesday
Oct. 20
Oct. 21
Oct. 22
$ per share
$ per share
the
Friday
Thursday
$ per share
$ per share
$ per share
*107
Monday
-
S per share
20
19
19
19
19%
18%
18%
19%
19%
19%
18%
110*4 *109% 110*4 *107
109*2
109*2 *107
110% *107
109% *107
14%
13%
13%
13%
13%
13%
13%
1334
13%
13%
13%
31%
3178
3078
30%
32%
31*4 32%
32%
31%
3134
32%
133
133
*120
133
*120
133
133
*120
133
*120
*120
18
1734
17%
115*2 116*2
59
1734
17%
17%
116*4 116% *113% 116
60
60
*115
60
x60
*115
15134 152
17
1678
10
10%
152
*60
«
115
62
60
*113%
*113%
151% 151% *150
153%
11-5
152
152
m
16%
16%
17%
16%
17%
114% 114%
60
*113*4
17
*111% 114%
66
*58
*113%
-
152
17%
1634
10
10*4
24*2
10
10%
10
10
10
2334
2334
23%
23%
22
23
18*4
1834
16*2
18
16%
16%
17
17
16
38*4
38%
54%
27%
3 734
38*4
37%
5278
38%
36%
37%
1484
36%
37%
52
52%
17
17%
*139
142
53
5334
5234
253%
53*2
27%
27*4
26% 26%
26*2 26%
*142
145
*140
145
141% 143
*150
152
150
5334
27*4
15*2
151
151
16
16*4
127«
13
13
12%
13%
13%
2%
2%
17
26*4
145
151% 151*2 *150
17
17%
18%
1534
15%
127g
150
18%
9*2
Otis Steel
Preferred
Owens-Illinois
2
2
7
7
July
Co...25
Glass
128
Jan
13
July
3% Jan
870
7,500
Pacific Gas & Electric
2,300
Pacific
2,200
Pacific Mills
5
Pacific Coast
10
1st
preferred
2d preferred
Jan
July 22
30
24
19
24
June 12
136
20»4 Mar
2
H6I2 Oct 17
62
Oct 22
114
July22
2812 Oct
2
3
146
Oct 22
Jan
8
152
July 16
Pac Western Oil Corp. .No par
Packard Motor Car
92
38
Mar
114i2 Mar
Mar
Jan
11«4 Apr 30
18ia Oct 21
Nov
115s Nov
206a Dec
125
Aug
14%May 15
share
2084 Deo
107
Jan
1
22i2 Oct 13
41
July 20
6884 July 22
Highest
per
4*4 Mar
2284 Jan
106
14
140
67,700
Apr
185s Oct 23
118
12,700
484 Apr
11*8
1212 Oct 13
2812 Oct 13
100
12%
Jan
8
47^8 Apr 30
17%
3i2 July
75
2
10412 Mar
100
6% preferred
share
Mar
par
No par
Mar
Feb
Oct
Feb
per
80
26
Ltg Corp......No
25i8
115%
143s
32%
\
4
2
8U July 8
4% Jan 3
30% Jan 11
No par
No par
Pacific Telep & Teleg
140
Jan
1212 July
70
123
47
Pacific Amer Fisheries Ino
150
430
2
114
680
145
Jan
100
14,200
152
8
24% Apr 27
No par
26%
143
2
100
51%
151% *150
17%
17%
7
Jan
100
Preferred
1,000
July
No par
Prior preferred
Outlet Co
377g
51%
26*2
26%
146
13,700
130
17
107
No par
.
15%
15%
367g
17%
Otis Elevator
1,600
par
Oppenheim Coll <fc Co__No par
25,200
% per share
100
Corp (The) vtoJVo
18%
22%
17%
Omnibus
Preferred A
5,500
Lowest
Highest
$ per share
Par
■
978
22%
9%
24
11,000
152%
18
17
24%
*23
LoU
Lowest
Shares
____
152
On Basis of 100-share
STOCK
EXCHANGE
Weel
23
Oct.
YORK
Range for Previous
Year 1936
Range Since Jan. 1
STOCKS
NEW
Saturday
2635
3*2 Apr
1
Mar
July
17% Sept
Deo
55
Deo
115*2 Mar
129
Nov
1784 Nov
378
Dec
10
Deo
5%
Deo
13*8 Mar
315s Deo
19
Mar
56
Nov
12
June
21
Jan
70
Jan
123
Deo
111*2
Jan
142*2 Deo
684 July
14
Deo
"
13*2
*55
*12%
13*2
2%
*12%
*2*4
12%
*1234
2%
56*2
2%
2%
60
*79
81
56*2
56
7934
79*2
*80
82
104
104
56*8
12*2
12%
12%
13%
2%
14
12%
12%
14
57
58
82
82
81
79%
Pan-Amer
600
57%
*79%
190
600
8%
conv
Trans...6
&
preferred
100
Parafflne Co Ino
No par
'
*104
«...
15*4
*105%
157g
111
15%
113
112
1434
15%
14%
26*2
27*4
3*8
27
3
42*2
6*2
6%
8*2
8%
14%
'|6
't 6
62*4
9434
4*4
16"
15%
1534
110% 113
1434
14%
28
27%
3
3%
43
4234
11334
15%
27%
3*4
42*2
14%
13%
2*4
2%
'
7%
8*4
53
'mm
30%
2*8
*16
6234
9438
4*4
2*4
*61*2
94%
4%
734
-
14
30%
14%
2*4
—
3*8
42%
2934
6*2
8%
4278
29
«•'
54
6634
29%
6%
6%
8
8%
116
*8
63%
*62
94*2
4%
9434
4*2
8%
7*2
52
55
30
634
*104
*104%
15
109% 111
13%
14%
28%
27%
3
3%
110
15*8 142,100
17,000
109% 111%
38,600
14*8
1378
1478
1
45
45
45%
2,800
30
31%
16,600
11*8
52
102
5*2
5*2
6%
6,400
Parmelee Transporta'n.No par
8*8
11,800
13%
8,700
-Pathe Film Corp
...No par
Patlno Mines & Enterpr No par
2*8
2%
2*8
22,900
%
*16
*62%
94%
4%
62
62%
900
94%
%
63*4
94%
4*2
7%
2%
%
94*4
94%
3,400
4%
1,000
7%
7%
17,700
55
527g
55%
6,900
2%
*16
63
4*2
7%
7
54
52*2
r',6
*4
11*4
11
11*4
11
11%
11
11%
11
11
44
44*2
43%
44%
44%
40%
45%
45%
52
52
52
52
52
♦10%
1034
2*8
2*8
84*2
84%
1134
12
1134
*81
85
*79%
45
44%
'
51%
44%
5134
*98% 102*2
102*2 102*2
6*4
6*4
11
1034
2
2%
82% 83*2
*5%
6*4
10%
10%
2
2
80
84
81%
13
1278
13
*79%
45%
45%
83*4
46*4
12*2
*79%
45%
52
52
*100
10178
*99*2 102
6%
*5*2
5*2
5*2
10%
10%
10%
*10%
2
2*8
2%
2%
84
83
83% 85*4
*99*2 102%
6%
*5*2
10
10*2
2
2%
82
2.50
8
6%
51*2
52
102
Co
13%
6%
7%
13
4534
'
No par
Proof
8
8%
13%
11*8
44%
11*4
45
Parke Davis & Co
Parker Rust
13%
6*2
6%
8
7%
83
12
*12%
13
*79%
83%
*79%
46%
46%
45*2
1,900
35,300
900
46
3
10,900
900
8
8
75
11
*7%
*69%
2*4
30%
11*4
*10%
8*4
8*4
*69*4
7434
1134
*11%
117g
2*4
2%
2*4
2%
2*4
2%
2%
2*8
3034
30%
30%
29%
30%
12%
29%
2*8
29%
11,000
30%
12
11*4
49
50
190
*10%
50
*186
12%
12%
81
2034
106
82%
3
*2*2
20%
7
7*2
109*2
38%
39%
*2
1234
87%
3
20%
7%
109% 111
38
39*4
2*2
16%
*16*4
53*2
*180
*178
16%
2%
16%
2418
24%
2334
2334
22
22*2
22
22%
7
.
7
7
7
2%
10*4
10*4
10%
1034
4*4
4*2
4*4
4%
*2%
2*4
2*2
12%
84%
*2%
*20%
12
11
53%
190
12%
86%
12
11*4
54%
♦186
12%
85%
12%
12
11%
*186
3
*2%
3
20*2
20%
7
7%
7
7
110
111%
108
109
38
2*4
16%
*22%
2I84
67a
O
U
2*4
10%
4*4
39
37%
81
8484 Sept
6*2 Aug
Preferred series A
Penn G1 Sand
Corp
v
Pennsylvania..
100
t o No par
...60
Peoples Drug Stores..Noo par
.....100
People's G L & C (Chic)...100
*2
17
23%
21*4
23*2
22%
2234
22%
22%
*22*4
23%
23*8
22%
23
16%
7
2%
6%
O
v
22%
*6%
7
2%
2%
10*2
*2%
10%
10%
4%
4%
4%
50
5034
50*4
50%
51%
50*2
10*2
4%
51%
51*4
51%
51
z49%
119% *119
119*2 *119
46
47%
107% *107
107*2
'
6334
17%
18%
107
107*8
106
107
*95*4
96%
95*2
9534
1734
16%
1778
17*4
17%
16%
16*2
11%
11*8
*96
110
1078
*95
74*2
8*4
*3478
73%
35
74%
778
34%
8
16*2
11*4
110
74*2
8*4
46%
*92
72%
7%
46
6%
2%
11%
4%
53
50%
120
139
*137
139
*137
139
158
*154*2 158
18%
106
96%
96%
*96%
17%
17*2
18%
16%
11%
17%
11
110
73%
8%
35
34
34
49
16*2
10%
-
734
500
13,300
2,900
2%
2%
6,900
nl7%
1978
56,400
rc57%
60*2
52%
14,700
47
122
122
No par
Phila & Read C <fc I
Phillip Morris & Co Ltd
10
Phillips Jones Corp
No par
100
No par
7% preferred
Phillips Petroleum
6,000
50,700
1,800
1,000
49*2
4734
48
48
48%
48%
*48
49*8
49
49
*48
49%
900
45*2
*45
45%
45*2
45*2
*45
45%
*45
45%
*45
45%
200
12
12%
13%
3,200
12
12
*1178
*66
70
*67
70
2%
2*4
2%
-
1978
21%
*11%
70
70
70
70
2%
2%
70%
2%
72
21
21
22
21
22*8
2034
21*2
21%
22%
21%
21%
21%
23*4
91*2
90
90
90%
90*8
*89
90
22%
23
23
*22%
2278
18
18*2
2178
22%
2278
23%
2234
90
91
90
2378
2%
*21
*22
22%
22%
*107
5*2
27%
26"8
26%
58
26
26
26%
111*4 111*4 *111%
30*2
32%
31%
58
57%
5734
66
*60
27%
*111%
*111*8
32%
32%
57%
57*4
32*2
57%
67
*7%
*60
12
*62
*9
27%
*26%
26
32%
11%
26
For footnotes see page
■
xzrzrz •?:
*9
*2584
262 S.
66
11*2
27%
*60
*9
*2584
26
58
67
73
2%
21
77*2
3
22
26
21
21%
22%
21%
90*4
22
111
5%
25
117
100%
23
56*2
30*2
57%
*60
*22%
*107
26*2
2578
58
66
2,100
t Pressed Steel Car...No par
100
Preferred
No par
Gamble
&
Procter
6% pf (ser of Feb 1
Pub Ser Corp of
No par
——100
7% preferred—....—100
8% preferred
100
Pub Ser El & Gas pf
22%
1,400
$5-No par
—No par
2534
25%
*2534
May 29
5% July
6
3
176
Jan
3
2
7
2
Jan
1% Apr 24
U78 Jan 6
2U Apr 29
18
Apr 30
40%May 12
117
Sept 23
39
Apr 29
103i2 Feb 21
113i8 Apr 3
128
Apr 4
140
Apr 14
112
Jan
7
3078 Jan
2
Aug 21
May 1
No par
83i2 Jan 2
68i2 Apr 28
Preferred
Reis (Robt) &
1st
No par
Co
100
preferred
RR Co 100
5
Motor Car
Reo
49,300
Republic Steel
1,300
1,300
6,100
2,300
130*2
140
26*4
4,200
100
Corp...No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper <fe Brass—..5
10
100
Reynolds Metals Co.-.No par
5H% conv pref
-.-100
Class A
Preferred
Reynolds Spring new
Reynolds (R J) Tob class
10
& Pow.
Dental Mfg....No par
Class A
06
Rhine
200
Rltter
1
B.10
.
....
Westphalia ~E1
...
Jan 15
8
38
2
6
31
% July
Apr
7
Mar
185i2Sept25
13
Oct
7
9414 Oct 23
Jan 17
Jan
8
9i2 April
11U2 Oct 20
41% Apr 4
3«4 Feb
6
26*4 June
1»4
Nov
Deo
Nov
1278 Aug
4484 Aug
Feb
180
Aug
6*2 Mar
22*8 Mar
10
Deo
65
Oct
172
1
Mar
2% Nov
10*4
Apr
10*2 Deo
3*2 Sept
II4 Mar
24*2 Apr
678 June
1
Mar
0*2 Mar
62
Nov
25
Nov
23g Aug
13
Oct 22
6*2 May
20*2
Deo
"1284
53s Jan 16
Mar
1% Mar
14 Feb
4% June
s8 May
984 Mar 4
33s Jan 11
12% Feb
53
6
5212 Oct 23
122*2 Feb 26
49% July 22
"8%
42%
115
14412July 14
104
July 14
114
Apr 1
100
99
19
Sept 24
17i2Sept 21
14U Jan 17
108*2June 18
80
July 15
287a Jan
6
9*4 Feb 19
38*4 Apr 14
35i2 Jan
3
5034 Oct
39
Jan
7
37
Jan
4
3
49*8 Aug 11
45*2 Oct 16
97g Jan
2
I684 Jan 30
88
Feb 17
Ja**
D 0
Dec
6384 July
121
Nov
4684 Nov
73
2478 Mar 20
13334 Apr 17
117*2 Mar 27
4*4
104*2 Deo
62%
July 14
8
Jan
2*8 Nov
105$
Feb
July 16
6538 Oct
Jan
Nov
678 Nov
203s Mar
113
130
2
65i8 Oct 13
17f Apr 28
10*4
78i2 Nov
Oct
Jan
5
Mar
July
2®4 July
12% Sept 22
67i2 Oct 21
3
Deo
3
50
3714 Jan
2
Ref Corp.lO
Amer...No par
10
'100
978 Jan 10
Feb 21
2
Radio Corp of
Hosiery
5
2
Deo
3
Jan
634May 21
16i8 Oct 2
984May 12
Silk
Oct
114 Jan
4i8
91%May 4
95sMay =9
Real
Deo
1
23788ept21
100
100
$3.50 conv 1st pref-No par
Radio-Keith-Orph..-No par
Raybestos Manhattan.No par
Reading
60
1st preferred
5u
2d preferred
50
Deo
40
Mar
493s Apr
2
No par
1
85
88
Jan
16
Quaker State Oil
Jan
Deo
May 18
12
Nov
6*2 Mar
53*2 Apr
1334 Mar
17% Oct 21
26i2Mar 3
20
10
7
15i2 Feb
21
'Jan
85*4 Nov
43g Nov
10134 July 24
4
58i8 Jan
Deo
438
June 20
21
Deo
19*4
28*8 Deo
45*8 July
*6858
1484
3
li4May
14
2
14
184 Mar
17
3
38*2 Mar
Deo
193a May
35*4 Mar
84
Feb
Nov
34*2 Nov
Deo
35s Jan 13
2
Jan
712 Apr 30
49
12
July 13
1% Jan 2
29i4 Oct 6
718June 8
35i2 Apr 28
103
8% conv preferred
6% preferred
Purity Bakeries
11,000
10,300
27
68
38i8 Jan
No par
Rensselaer & Sar'ga
111
11%
26*2
Mar 13
7»4 Apr 29
Deo
Mar
117
85*8 Mar
132
Mar
148
Deo
Jan
113
July
Deo
29*2 Oct
67a Mar
627|
Jan
17
Deo
49% Mar
1197#
Deo
65
103
Deo
June
1784
Oct
133a
Dec
35*4 Mar
92
Deo
1U Mar
0
Oct
884
—1.
4
Feb
....
Mar
36
Apr
30*4 Dec
43*8 Jan
43*a Nov
33
Apr
38
Deo
3*a Apr
20*a Apr
11
Aug
16*2 Mar
2978 Mar
72
Nov
384 Jan 14
1
Mar
3
Oct
8
Mar
18
Nov
7
June
69
Aug
1078 Apr 30
2258 Oct 20
22*4 Oct 17
2384 Jan 15
9984 Apr 15
2434 Jan 23
114
Apr 15
8*4 Mar 25
26«4 Feb 19
77
12%May
77
577g
*9
66
Remington-Rand----------1
$6 preferred
25
Prior preferred
25
57%
*60
is8 July
3*2 July
Reliable Stores Corp..-No par
2,700
11*2
•
Mar 13
9,600
30*4
*9
*29)-100
N J...No par
preferred
6% preferred
$5
Feb
23
1078 Mar 13
38,400
30
11%
100
Oct
102i2 Oct 19
16
2,700
*111%
31%
720
5,100
90*4
5%
5%
23%
24%
11534 116%
*97*2
997s
23
22%
57%
*56%
130% *125
*111%
31%
12%
21%
21%
23%
23%
*107
110
*107
♦107
108
110
108*2 ♦107
5%
5%
5*2
5%
5%
5%
584
5*2
24
26
24%
24%
25*2
24%
25*2
25'8
25%
116
118
118
118
118
*117
*115% 117% *116
101
101
99*2
101
100% 101
101
101%
101
23
24
23%
23*4
24
24%
23%
23*2
23*4
57
58
56*2
56%
59*2
58*2
59*4
58*2
57%
131*2 *125
131*4 *128
*131*2 13278
131% 131% 130
22*4
2%
2%
22%
278
No par
Class B...
1 Postal Tel & Cable 7% pf
11
1284 Mar
2
7
Preferred B
3,400
11% 137,400
50%
12
Porto-Ric-Am Tob cl A.No par
210
45*2
12
Pitts Steel 7% cum
500
106
*100
106
*101
*101*4 110
74
73
74%
74*2
73*4
74%
7%
778
7*2
7%
7%
7%
*33
34%
33%
33*2
33%
33%
49
49%
49*2
49*2
49%
49%
12
pref...100
Bolt.-No par
Screw &
24,700
50%
4734
12
.100
Preferred-
4
7
3
8
25
100
19% Mar
46*4 Oct 22
64% Aug 19
Mar
Oct
7&8 Mar
13*2
8i8 Jan
i%Juiy
70
par
Mills
Pittsburgh Coal of Pa
Flour
5
3
100
No
Petroleum
Pillsbury
300
49
49*2
5
Feb
45% Jan
100
Preferred
Pierce Oil Corp pref...
18%
1678
54
26% Oct 20
8U8 Jan
314 Jan
9,6 Sept 19
Phoenix Hosiery
Pierce
7
4
13
89
18
Dec
Apr
43*2 Aug
Oct 10
6
Jan 13
2
32*2
395a
11684 Mar
6484
Jan
123sJune
Oct
1784 Mar
Oct 10
10
6
Jan
5*2 Aug
30®4 Nov
2*8 Feb
9*4 Mar
10i2 Mar
56
200
2,400
Oct 23
100
Petroleum Corp. of Am
10
13,400
5784
..No par
Preferred
Pet Milk...
106*2 *105** 106%
97
97%
*96%
16*2
1078
Apr 27
110
Inc
16%
4
5
3
(The)
11%
38
Mar
July
2734 July 17
45
64i2 Jan
preferred
Pure Oil
16%
leb
110
Feb 19
100
Prior
Pullman
10%
Mar
30
June 30
7i2 Feb 19
12,400
18%
~17%
1083a
30
40l2 Aug 10
65,600
18%
Oct 19
50i2 Oct 17
ll0%Juue 9
17
28I4 Apr 29
2
*137*4 139%
18%
Mar
25i8 Apr 28
18%
19%
Mar
100
15,500
51
119*2
3
18
100
1,200
11*8
*154*2 157
*154% 157
*112
1127g *112
11278
61"*
61%
z61% 62%
96*8
16%
7
200
17,600
10%
119% *119
46
47%
120
108*4 108*4
__
2%
17%
107% 107*2 *107% 107%
*119*4 120
105% 106*2
16%
1034
.
—
120
112% *111% 113
62*2 63
63%
62%
18
19%
18%
18%
*9534
17*4
590
2*8
5134
63
740
17%
10i2Mar 24
6684 Oct 17
Pere Marquette
pref.-.100
Pitts Term Coal Corp..
1
6% preferred
..100
Pittsburgh United—
25
Preferred
100
Pittsburgh & West Va
100
Pittston Co (The)
No par
Plymouth Oil Co..—......5
Pond Creek Pocahon
No par
Poor & Co class B
.No par
37%
37%
2
2
4i2 Jan
28»4 Jan
Peoria & Eastern...
6,610
4,700
134 Nov
6
3
Feb
Plttsb
7
Deo
May
Apr
Petts Ft W & Chic
107*2
107
Deo
8*4
2*4 Mar
1,000
190
438
15
57*4
9,100
21
2%
50%
1778
7
3,300
2%
*2*2
*20*4
678
16%
22%
50*2
64
3
20%
2%
50*8
17%
91
17%
*2
50*2
63*2
12*8
94%
16%
2*4
49%
119*2
119*2 119% *119%
47
47%
47%
4634
46%
*106*4 107*2 *106*2 107% *107
*118%
*118*2 120
*11878 120
*137
*136% 138
*136% 138
*154%
*154*2 158
*154% 158
*112% 113
11234 11234 *111%
5634
3,600
190
12%
93
6%
1178
11%
*52
*186
12%
107% 109
38
37%
38
4834
*119
190
11%
89%
*2*2
*20%
12*2
89%
20%
56*2
*52%
57*2
190
12%
Apr
"641*2
30
30*4
190
*2%
20*2
7*4
8*2
73%
11*2
49
7734
300
8%
74
*69%
*11%
Oct
Feb
84 July
2
3s Oct
Apr
078 Jan 28
7% preferred—........50
73*2
8%
*8%
8*2
74
8*4
3i8June 23
390
2%
30*8
*10%
*186
12%
*7*2
*69*8
84
478
17U Jan 24
6
Oct 13
120
1,300
11
2*4
30%
9
75
3l84 Oct 23
10
Apr 1
1178 Apr 2
Feb 21
10i8June 30
34,900
2*4 Mar
95
255s Jan
900
14*4 Sept
215g Nov
May
73
Pfelffer Brewing Co...No par
5,300
IOH4 Sept
11
Sept
Aug 17
Phelps-Dodge Corp.
26
Philadelphia Co 6% pref...60
56 preferred
No par
t Phila Rapid Tran Co
60
3,000
Nov
67
Oct 21
Oct
Deo
9*4 Aug
11334 Oct 19
I5i« Oct 17
5U Jan 23
47U Mar 10
Nov
"12"
8
29
20
8078
Aug
Oct 19
16
Deo
Mar 13
4,400
200
6*2 Mar
71*8 Dec
Oct
Deo
l7g
60
24,000
1,800
*2 June
7l|
21
69
500
1,000
3
Jan
...No par
800
11,700
,
June
818 Aug 19
1712 Jan 13
234 July 7
4034May 4
23
Apr 28
4i8 Jan 2
6%June 20
lOigMay 20
li8 Jan 2
3*2 Mar
IO84
Penney (J C)
No par
Penn Coal & Coke Corp
10
Penn-Dixle Cement...No par
Penick & Ford
Preferred
------
July 30
414 Apr 6
74i2 Apr 4
9712 Feb 13
109
Aug 31
t,6 Oct 13
Rights
60,800
83%
45%
12
12%
83*4
Peerless Corp
Rights
*69%
69
100
Park Utah CM
9
7% Aug 22
...10
6,900
30%
51
First preferred
3
3
44
4%
1
Second preferred...
7
103
1
29%
62%
94l8
Paramount Pictures Ino
Park-Tilford Ino
44
2%
..100
conv pref
4,000
30
6%
4%
28%
28
21
21
21
22
22
22
22
21%
21*4
22*4 *21*4 22
45
43%
42%
43%
44*2
4434
43?g
44%
44*4
44%
4334
44*4
49
49
50
49%
49%
50%
*48%
50*2
49% *49
50*2
49*2
*112% 116
*112% 116
*112% 116
*112% 116
*112% 116
*112*2 116
54
54
54
55
55
57%
55%
56*2
54*2
55*2
54%
54%
*4
6
*4
6
6
6
6
6
*5*2
*5*2
*5*2
*5*2
42
42
*42
43
46
46
41%
41%
4534
46*4
41%
4534
110
111
110
110 1 ♦107
114
*107
112
*106
109% 109% *108
90
88
88
86*2
*87
86%
86*2
86*2
86%
90%
86%
*87*2
26
26
26
26
26
26
26%
26%
*25%
26%
26*8
26i8
1578
157g
1584
15%
1434
15%
15%
1478
1478
14*2
15*2
14%
4438
100
43
13
7%
*104
2934
8%
52%
15%
14%
15%
11078 111%
14*2
14*8
29
27%
3
3%
14%
2*4
%
63*4
94%
4%
110
133s Oct
20&8 Jan
678 Jan
Panhandle Prod & Ref.No par
Petr
2
12% Aug 4
1% Jan 7
18% Jan 3
67
Apr 28
No par
500
81%
57
58
57%
2%
2%
2%
*2%
14
*13
7
Aug 21
17% Aug 21
Oct
2
1912 Oct
1
2
8
99% Sept
4% July
1
3
Apr 29
5878 Sept 16
IO84 Jan 3
50
191? Feb
2
Dec
Nov
Deo
104*4 Oct
July
97
32
4
25
Mar
17*2 Apr
78i4May
9
5*8
2034 Nov
6
6
Apr 28
22%May 25
105
Apr 27
110
Nov
Oct
90
Mar
Deo
Nov
25*4 Nov
115
121
24%June
9
88
24*4 Oct 20
5912 Oct 19
138
Oct 1
4
Apr 20
2*4 Mar
20«4
285$ Mar
78*2 Oct
5*2 Apr
13
Apr
75
Apr
May
10
Oct
98*2 June
21*8
34
Feb
95*2 Nov
10
37*8
Deo
Deo
June
113*4
Dec
"431*8
Mar
~58%
Nov
65% Feb 10
55*4
Apr
67
Nov
135g Jan 9
MarlO
lli2
Dec
117
Jan 13
3478 Oct 14
685s Feb 28
35
101
5*4 Mar
13*2 Mar
20*2
Deo
New York Stock
2636
LOW
HIGH
AND
SALE PRICES—PER
SHARE,
Record—Continued—Page 9
NOT PER CENT
Sales
STOCKS
NEW YORK
for
Monday
Oct.
Tuesday
Wednesday
Thursday
Oct. 19
Oct. 20
Oct. 21
Oct. 22
$ per share
Saturday
$ per share
S per share
$ per share
17
$ per share
*53
54
*53
5434
55
*80%
*7i4
84%
*80%
*7%
29%
2%
30*4
2%
5%
84%
7%
3034
5
8
55
2%
2%
82%
*7%
3034
2%
5
5%
5
*13
30
*12%
14
1334
1334
35
35
35
35
*53%
*53%
84
7%
30%
2%
434
7%
31%
2%
5%
2%
5
2%
13%
5%
14
36
35
36
*30
37%
38
109% 110
*110
37% 38%
109% 109%
111% 111%
13%
36
400
31%
2%
4%
par
31%
12,000
*13
3,000
434
14
90
150
31,900
190
14%
1434
49%
50
4,100
28,600
99
1,800
2%
18%
62%
1%
3%
34
1%
3434
3%
62%
34%
2%
17%
6234
18%
1%
2%
260
21,600
2%
1734
18
18
7,400
6234
63%
64
550
1%
1%
*3%
3%
111
3%
33
1%
1%
3%
*3
34%
33%
10,800
700
34
12,000
79%
28%
18%
25%
*94%
94%
80%
*4
80%
80%
80
29
2834
29
28%
18%
25%
18%
18%
2434
95%
95
57%
38%
24%
*37%
24%
123% 124%
*10
10%
46%
47%
4%
4%
33%
32%
*118% 11934
5%
5%
5%
534
6
93%
94
18%
94%
4%
80%
2834
18%
27%
27%
29%
95%
96%
6%
97%
95
4
7
7
57
5%
5%
95%
4%
*5%
93
4
4%
7
6%
*56
57
*56%
37%
*37%
2534
2434
12334 12434
10%
10%
473g
*4%
47
48%
4%
66
65%
*97%
52%
23%
16%
99
97%
52%
6134
52%
23%
16%
16%
6%
534
94
92
4
23%
16%
154
"31%
46%
32
467g
*____
*31%
46
154
32%
46%
45%
1,000
Preferred
100
Safeway Stores
No par
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Scbenley Distillers Corp
5
5J4% preferred
100
Scbulte Retail Stores
Preferred
Seaboard Oil Co of Del-No par
26%
27%
39,100
Sharon Steel Corp
$5 conv pref
No par
600
37
*36%
36%
25%
26%
12484 125%
10
9%
^
.
36%
2534
26%
124% 125
154
*
48%
31%
45%
45%
44%
23%
"3l"
50,800
5,900
3,800
25,500
2,400
24,200
120
120
700
75
75
850
102
102%
184,100
112
300
31%
44%
20
56
^*53%
56
100
*10
1034
*10%
1034
10%
*10
10%
9%
10
*9*4
78%
10
300
80
80
*108
110
7%
8
80
81
80
80
*78
*107% 110
*108
110
108
734
8
7%
*23%
*86%
32%
24%
24
25
90
90
90
32%
21%
32%
21
30
30%
32%
20%
30%
24%
*85
32%
10%
20%
784
25
92%
32%
7%
25%
*86%
7934
108
7%
7%
24
*90
21
20%
92%
32%
20*4
32
110
7%
25%
20%
<
79
*78%
*108
23%
24%
4634
_
24
16,000
44*4
45%
18,100
*108
79%
290
110
7%
10
7%
24
*23%
24
92%
*90
92%
31%
31%
*31%
11,300
32
700
50
1,500
20%
21%
20%
21%
25,800
30%
30%
30%
31%
30%
31%
30*4
31
10,800
51
51
*50
51
50%
61
51
51
51
51%
51
51
330
87%
88
88
89
8734
88%
30
*105% 107% *105% 107% ♦105% 107%
37% 37%
3734
38%
37% 37%
18
18
17%
17%
17%
1734
*125
126
125
125
125
87%
88%
87%
87%
9134
87*4
5,500
106*4 106*4 *105
108
100
106*4 *105
37
37%
37%
37%
38%
37%
4,100
17%
17%
17%
17%
17% 17% 107,000
126
10%
77g
10%
73g
1034
734
7%
237g
53%
225g
23%
22%
52
51
51
51%
60
61%
58%
6034
234
2%
*124% 126
*124% 126
*124% 126
10%
*10%
10%
10%
10%
11%
10%
7%
7%
7%
7%
7%
7%
734
23%
22%
2334
22%
23%
22% 23%
54
53%
51%
52
52
51%
52%
61%
64
61%
6234
60%
61%
607g
2»4
*2%
2%
2%
2%
2%
*2%
39%
39%
40
40%
38*4
39%
3834
40
39%
39%
39%
397g
3934
39%
10
778
23%
10
120
4,500
38%
38%
39
39%
39%
39%
*28
3034
30
30
30
30
30
30
30
30
64%
36%
65%
65%
3634
67
67%
68%
67%
68% 107,800
36%
77%
671.1
36%
76%
68%
3634
36
36
36
36
76
64%
38
76%
77
7534
77.
*75%
75%
2,100
3%
12%
3%
12%
3%
12%
3%
12%
3%
12%
3%
3%
3%
3%
3,800
12%
12%
12%
1234
13%
5,700
497g
20*4
50
64%
*3734
*49%
21%
18%
15%
80
50
50
21%
*49%
21%
18%
183g
19
1534
15% "15%
80
*121% 123
40%
76%
37%
7634
3%
12%
4038
2134
77
3
12%
*49% 50
2034 21%
19
18%
15% "1584
80
80%
7934
7934
12234 12234 *121
38%
40%
4%
4%
4%
2434
24%
377g
37%
*49%
18%
15%
82%
19
20*4
18%
15%
14%
*121
39%
43g
37
25
37
37
4%
4%
4
4*8
23%
24%
22%
37%
13%
23%
31%
37%
234
13
13
13
13
2234
32%
223g
23
22%
22%
32
3134
32
27g
217g
3
32%
3%
22%
3
234
22
42%
43
42%
44%
2134
7%
*7%
43%
36%
36
36%
36%
36%
36
127g
367g
13%
13%
1334
13
10
9%
10%
10
13%
10%
13
10
7%
7%
*925
7%
7%
7%
7%
7%
7%
1100 *925
45%
46
*41%
42
*62
1100 *925
43%
44%
41%
42%
22%
2134
7%
7%
22
45
44%
45
36%
1334
7%
7%
10
1100 *925
44
44
41%
42%
44%
89
8934
9%
6%
3334
11%
*87%
8934
89
9
9%
9
634
634
*63g
34
34
11%
11%
32
534
*30
1834
103
32%
6
31%
23%
67%
147g
18%
17%
10%
*7%
31%
534
*3034
32%
5%
32
19
19
19%
103% al04% 104%
23%
*109
3334
*10%
v
Sterling Products Inc
Sterling Securities cl A .No
Convertible preferred
Sun
No par
Oil
Sweets Co of Amer (The)...50
Swift A Co
Class
25
A
89*4
70
8%
4,200
8
3,500
Ry
Mfg
pref
Fair
31
31%
30%
5%
30%
31%
104
6
1934
104%
31
5%
3034
3034
19%
19%
10434 10434
8,900
584
5*4
4,100
30*4
30%
5%
30%
30%
5%
*29%
30%
300
19
19%
19%
19%
45,300
105
105
*104
105
1,200
23%
67%
2234
15
1434
18%
67
23%
6734
22%
15
14%
67
23%
67*4
1478
22%
22%
6734
7,400
1434
37,000
10%
15,900
109% 10934
900
18%
18%
18%
16%
16%
16%
10%
10
9%
10
10%
109% *10984110% *10934 110
1584
16%
10
10%
40
18%
7%
7%
7%
10%
10%
32
32%
4084
32
10%
32%
40%
4034
15
15
14%
15%
14%
1484
*95
96
9334
95
9334
94
4
4
3%
82%
3%
83
49
49%
For footnotes see page 2628.
31%
3934
14%
*93
334
82%
4834
110
110
734
10%
7%
7%
10%
10%
32
31%
32
40%
39%
14%
39*4
1434
1434
94
93
93
*7%
10%
31%
18%
16
10,100
2,500
3,600
7*4
1,000
10%
1,900
25% Oct 16
3
37% Oct 15
6% Jan
4
Apr 28
Apr 28
Jan
Jan
3
2
13% Sept 29
25
Jan
6
35% Jan 30
3% Oct 7
23% Oct
7
9% Jan
8
Jan
July 15 1375
Feb 18
49
July 21
Jan
2
62%
8»4June 16
1
100
1
R)
25
cum
pref
Tidewater Assoc Oil
No par
No par
Preferred
100
No par
Timken Detroit Axle
Tim ken Roller
10
Bearing.No
par
Transamerica Corp
No par
Transcont A West'n Air Inc. .6
Transue <fc Williams St'l No par
Tri-Contlnental Corp
No par
preferred
Preferred called
Truax Traer Coal
Truscon Steel
No par
10
10,900
39%
14%
39%
2,300
14%
2,700
Twin City Rap Trans..No
par
93
93
Preferred
85
Mar 25
Oct
9
8%May 23
3% Jan 2
..100
3%
3%
2,200
Ulen A Co
82%
37g
82%
3*4
82%
82
82%
2,500
49
48*4
49
48*4
48%
7,900
Under Elliott Fisher Co No par
Union Bag A Pap Corp.No par
No par
Oct 13
14% Mar
110
5
Feb 28
5
12% Mar 6
9% Feb 18
34
Sept 23
8%
Jan
3
12% Feb 14
24%
Jan
2
4% Jan 21
Apr 30
2334June
26
14*4 Jan
100% Jan
48
Oct
6
3
7
Dec
9% Aug
11% Aug
Dec
Deo
2% Nov
407g
33%
Dec
Deo
Feb
52%
Deo
12% Mar
58*4 Jan
1% Mar
32% Nov
68
Nov
4
Deo
3% Mar
10
Deo
60
Dec
18%
Dec
36
Mar
6% Mar
Apr
60% Mar
115%
zll
1%
5
Jan
Apr
Jan
Mar
17% Oct
3% Mar
15
Sept
32%
Dec
Apr
1% Apr
%
6% Sept
4
Mar
16% Mar
28*4 Apr
3% Jan
8% Jan
1050
14
-15% Deo
10*4 Nov
77
Nov
121
Mar
30%
3%
Apr
25
Dec
9
Sept
22*4
Deo
33% Dec
1% Nov
6% Deo
9% Jan
8*4 Dec
30%
36%
9%
13% May
28%
44%
61
Apr
61% Jan
2% Mar
Deo
Feb
Oct
12% May
50
5%
Dec
12*4 Aug
Dec 1075
May
Dec
12%
100
10%
Dec
Dec
Deo
Nov
Oct
Oct
Dec
2
June
5
Jan
16
Mar
29
Nov
5%
Jan
8% Nov
32*4 July 31
13% Mar
26*4 Nov
8% Mar 23
39*4 Feb 25
19*4 Oct 20
17
106% Mar
60
3
Mar 11
1% Mar
Apr
5
Dec
28
Dec
7% Mar
157g
84
Jan
26*4 Mar
Deo
104% Nov
48
Dec
12% Jan 6
Apr 27
11
Apr 30
24%
7
4% Mar
72% Feb 18
15% Oct 17
28% Mar
4% Mar
72% Nov
14%
7% Mar
15% Nov
56
Jan
7% Jan
93
Jan
47g Jan
Oct
27% Apr 4
17% Oct 16
5% Mar
3
12
Feb
4
1% Mar
6
110
Oct
8
2
10%May 19
109% Sept 15
No par
31%
3%
8
Jan
45*4 Oct 22
20th Cen Fox Film CorpNo par
Preferred
No par
180
6*4 Mar 12
15% Feb 29
14% Mar 6
Thompson Prods Inc
No par
Thornpson-Starrett Co.No par
6%
40% Mar 18
2
Jan
69
Third Avenue
$3.50
Mar 12
7% Jan 6
9%June 30
100
Thompson (J
31
91
Jan
Apr
35*4 Mar
2%
124»4May 15
19%
130
32
15% Oct 13
33% Apr 27
Co
Mar
2% Mar
Jan 11
9% July
28
6
21*4 July 27
No par
No par
Third Nat Investors
6
13% Oct 23
63% Jan 28
24% Apr 16
39% Aug 25
Co. 100
Preferred
300
*3034
19%
Oct 20
9
No par
conv
Thermold
Mar 19
6
Thatcher
87«
26%
28%
8
Oct 21
3*4 Jan 17
33
25
1,900
8934
4*4 Mar
64
10% Mar 11
45% Oct 23
8,500
8%
66% Sept
5% Apr 27
287g Jan 6
4584
The
12%
684May 14
447g
Pacific
2% Mar
1% Mar
1*4 Mar
Jan 28
6
105% Nov
13*4 Mar 17
9% Feb 17
24% Sept 8
4%
9% Jan
Oct
122% June
77%
16% Apr 30
14% Jan 2
Oct
Nov
Feb 24
7
May 18
15%
48
84
129
40*4 Oct
20%
28%
1%
5%
101*4 July
Oct
8
Oct
36% May
18% Dec
12% Sept
9
23
7% Mar
8% Mar
33% Feb
43% Mar
Mar
Jan
Deo
9
2434May
3
Nov
20
8%May
Deo
8%
8%
Feb 24
70
48
31
23
2%May 21
70% Nov
107
18
5
43%
A
39% Oct
6
100 1000
$3.60
36*4 Jan 25
24% Aug 4
3l5g Oct 121
63*4 Mar 20
91*4 Oct 23
109
Aug 27
51% Jan
65
Dec
Oct 19
.5
Old
67%
14%
18%
157g
4
10
90
5
5
2
100
Oct
9
2
Paper Co
27
59% Apr
3% Mar
3% June
8
Jan
Superior Steel
6
30*4 Oct
Jan
Sutherland
9*4 Mar
47% Feb
40% Feb
27
Texas
*83%
6% July
2
Aug 21
72
9,600
1,100
Nov
Mar 27
118
45
10%
Deo
27
% July
27*4 Mar
100
1100
10%
*83%
87g
734
Feb 26
..No par
Preferred...
400
8
1
2
Superheater Co (The)..No par
Superior Oil
1
Tide Water Oil
82%
49%
60
5
11%
9
10
par
No par
Preferred
19,200
10%
120% Jan 10
3234 Jan
13%
10
12
25
Standard Oil of New Jersey.25
Starrett Co (The) L S__No par
Texas Gulf Sulphur
No par
Texas Pacific Coal <fe Oil
10
Texas Pacific Land Trust
1
»
Mar
21«4 Apr 27
14% Apr 19
35
15,900
-
99
10
37%
M
13
25
64,700
64
Mar
Standard Oil of Indiana
Standard Oil of Kansas
33%
7%
3%
No par
No par
Telautograph Corp
*62
63
9% July 29
Tennessee Corp
Texas Corp (The)
65
22
5% Apr 30
9% Jan
2434 Apr 28
2634 Apr 30
1,400
4534
Jan
1
4,700
10
44
No par
No par
prior pref
prior pref
33%
1034
82
cum
*10%
7%
49
cum
$7
77g
6%
10%
83%
$6
2934May
1
15% Apr 30
13% Jan
2
Stand Investing Corp..No par
Standard OH of Calif
.No par
10%
18%
16%
49%
Tobacco
34%
66%
1434
83l2
Comm
Preferred
734
18%
17%
49%
No par
10%
15%
4034
Preferred
*33%
6734
3234
41
100
No par
No par
11%
18%
32%
4034
preferred
34%
14%
7%
10%
5H%
Square D Co
Standard Brands
*3334
834>
1
par
No par
Spiegel-May-Stern Co..No par
*10%
9
par
Conv preferred A
6%
15%
10%
Spencer Kellogg A Sons No
Sperry Corp (The) v t c
Spicer Mfg Co
No
1134
187g
16%
No par
34%
67%
10
$5.50 preferred
..1
4,600
*925
Feb
Apr
7%
45%
10
132
25% Deo
16% Jan
Oct 15
7%
43%
Oct
28% May
152
Aug 13
21*4
1100
112
10% Mar
82
No par
No par
9%
Jan
12*4 Mar
Mar 26
112
Symington Co
43%
20
32% July 28
63%June 12
3,300
1100 *925
Jan
Dec
Nov
15*4 May
47% Oct 13
25% Oct 13
48% Oct 13
101% Mar 18
6«4 Apr 30
6% Jan
4
73%June 10
3
13%
160
100
No par
2%
36*4
12%
934
107%
30
42
1st preferred
Sparks Withlngton
Spear A Co
2%
44
1
Apr
15%
10% Aug
Dec
70% Nov
68%
7% Feb 29
35% Aug 28
Spang Chalfant A Co Inc pflOO
No par
4478
37*4
23% Jan
2^
1234 Apr 27
July
Mar
21%
Swift Internat Ltd
43%
36%
1234
114
24
46% Nov
Dec
Dec
33*4 Deo
8*4 Nov
400
7
Apr 27
Mar
July
2,500
7%
4
3% July 29
6
Jan
13
Mar
17,300
7%
Mar
28% Jan
60
Dec
Jan
July
13%
7*4
Jan
Jan
7
23*4
22
Oct 22
6%
19% Apr
20%
18*4
20%
116%
65%
5
31*4
7%
78
Oct
6
31*4
*234
21%
*7%
Mar
Sept 29
Mar
4*4
Nov
11*4 Feb
par
23%
21%
6
Deo
16% Deo
111
8
11%
22%
109
2,100
Jan 25
5% Mar
63% Mar
8% Feb
634July
Spalding (A G) A Bros.No
*33%
23%
17%
10%
18,500
37%
Oct 22
Oct 21
15
884
*6%
23%
67%
110
25%
37
26%
125%
14%
48%
5*4 NOV
July
7
*12%
10%
8934
10%
89
237g
34%
Dec
Oct
t Studebaker Corp (The)
237g
37%
60
29%
59
60,900
10,400
3% Mar
40% Nov
Sept 25
3
15
4*8
July 12
21
Stone A Webster
4%
Dee
12% Dec
25*4 NOV
Jan
26,800
20
Nov
17
Jan
19%
1,800
Mar
70
19
Stewart-Warner
5,500
9
697a Nov
4% Nov
34
10,600
37%
Jan
Oct
Mar
1% May
40
Apr
..100
20%
81
37
4%
2%
3
35% Oct 23
132
April
7
13%
45
1034
200
Dec
31
Oct 19
6*4 Jan 15
20
23%
*62%
10%
900
834 July
1934 Jan
x3%June
19% Jan
Jan
32%
44%
10%
500
Dec
Dec
36%
20*4 Mar
60
1434 Apr 30
110% Jan 2
110
Nov
1%
3
7% Mar
7% Mar
Mar
91
41
Feb
31%
63%
65
*10%
*87%
81
7%
10%
23,900
122% 122%
7%
44%
37,300
Jan
% June
Oct 23
97% Oct 20
8% July 15
25
23
42
*62
1034
65
*12%
*62
65
1034
*62
82%
123
39%
13
3
82
*121
.
300
30%
19% _187g
15%
1434
38
2234
13
83
123
21%
39%
37%
*12%
22%
31%
32%
27g
2034
50
*49%
21%
24%
25%
37%
50
21
37%
4%
4%
24%
3734
123
*3
*28
12,800
July
434 Jan
150
Preferred
46
% Aug
32
25
t Stand Gas A El Co
59%
*2%
38%
39%
29%
5
Jan
18% Oct 17
43% J&n
30% Apr
65%
55
Jan 17
4% Feb
Oct
Mobile A Ohio stk tr ctfs 100
Stand
2%
3834
81% Sept 21
7
100
9,900
*2%
38%
13
26
Preferred
7,200
14,500
95% Oct 14
No par
Southern Pacific Co.......100
Southern Railway
100
45%
*53%
23%
Sugar
Southern Calif Edison
24%
46%
5834
89
7
24
21
25
17% Oct 22
10,600
*53
3% July
59% Jan
234May
61%May
15% Jan
11% Jan
2034 Jan
12%May 20
24,700
57
Apr 23
30% Aug 22
So cony Vacuum Oil Co Inc__15
32
4534
2
Jan 31
4478
453g
7
Mar 31
Aug 14
100
South Am Gold A Platinum..1
23% Nov
4% Nov
20% Jan
109
7
72
Solvay Am Invt Tr pref
Dec
56% Nov
4% Feb
105
So Porto Rico
Mar
1*4 Apr
8
Apr
18gMay 26
2
8,900
12
31%
104*4 Mar
Jan
40%June 30
21
Sept 1
2,900
4%
4*4
29%
29%
153% 154
Jan
Mar
1114% Mar 11
No pa
No par
100
14
6
54
preferred
6
22
June
112
(A O) Corp
Snider Packing Corp
Nov
16% Jan 13
.....100
17
24
45%
Preferred
7%
57
2434
25
Smith
4734
46%
10
Jan
3
52% Oct 16
101*4 Mar 7
Sloss-Sheff Steel A Iron... 100
840
58
24%
Petroleum
Skelly Oil Co
2,100
*57
47%
Simms
2,.500
5834
25%
No par
Conv preferred
100
Silver King Coalition Mines.6
Simmons Co
No par
22
112
317g
1
No par
Conv preferred ser A.No par
Sheaffer (W A) Pen Co.No par
Shell Union Oil
...No par
1634
46
..1
Deo
2
Apr
Apr
8
II
Sharpe A Dohme
49%
*56
24%
Preferred
Servel Inc
49%
2134
154
~31%
110
26%
26%
124% 124%
10
9%
47%
46%
4
3%
3434
35%
10
9%
46%
48%
700
46%
24%
47%
1
97
4,000
*
Second Natl Investors
2734
7
47%
No par
Sears. Roebuck A Co..No par
97
36%
48%
Beagrave Corp
25*4
*4 June
1
377s July 15
97% Feb 1
110% Sept 22
1*4 Feb 7
4% Feb 7
43% Mar 12
...100
10% Mar
113% June
114% June
13% Dec
2
No par
Preferred
26%
96%
Jan 20
76
No par
57
36% Oct 23
40% Oct 23
,113
20% Feb
Shattuck (F G)._
7
5
6
5,000
*56
Aug
4
14,500
7%
Jan 24
July 29
21%
Oct 13
7%June
293g
17%
56%
Dec
53% Jan
7g Jan
17%
6%
I>eo
10
100
*78%
28%
56%
Dee
102
Apr
No par
Scott Paper Co
1 Seaboard Air Line
18%
57
18
27
108
...1
80
*96
33
Nov
3
15
28%
290
Feb
82
2
2
Highest
$ per share $ per share
117% Feb 19
7% Jan
80
80
3
Jan
$ St Louis Southwestern...100
28%
1734
18%
28%
97%
7%
32
74*4 Apr 28
5%June 1
22
July 7
S per share
65
Oct 20
2
1st preferred
80
57
6%
32
14,300
4%
97%
6%
57
154
"31%
1,300
93
I per share
1% Jan
2% Jan
Joseph Lead
10
t St Louis-San Francisco.. 100
2834
111% 111% *110% 112
*110% 112
*111
*110% 112
112
47g
434
4%
4%
4%
434
4%
4%
4%
4%
29
30
30
29%
29%
29%
29% 29%
30
29%
♦
584
*4
4
*4%
4%
4
*4%
4%
4%
35
33% 34%
34%
35
33%
120% 120% *11934 120% *119% 120%
76
65%
71
78
78
72%
102
98% 100% *99
101% 102%
52
51% 51%
51%
4834
50%
23
23%
22%
22%
22%
22%
16%
16%
16%
16%
16%
17%
65%
97%
2334
6
92%
4
7934
28%
18%
27%
36% 37%
25%
26%
124% 125%
9%
10
33% 35
11934 120
*65
4
Year 1935
Lowest
100
St
»
94%
Highest
10% Feb 19
31% Oct 23
3% Mar 4
6% Mar 4
5,100
36
99
Antelope Copper Mines
100
*98%
2%
98%
Roan
Ruber'dCo(The)cap stkNo
Rutland RR 7% pre!
111
99%
2%
Par
200
36%
3734
37% 40%
110% *110
110%
37
Lowest
800
2%
Range for Previous
EXCHANGE
734
99%
63
3%
33%
5
54
85
*7
112
111% *111
14%
15
14%
14%
50%
51
49%
50%
15%
513«
1%
2%
111
99%
234
19
62
13
Shares
*51%
84%
84
734
31%
31
31%
15%
50%
99%
2%
17%
55
84
14
32%
37%
39
38%
39%
108% 109% *109% 111
111
111
111
111%
15%
15%
15%
15%
61
51%
50%
51%
99%
9934
99% 100
2
2%
2%
234
18% 20
16%
19
62%
62%
62%
62%
1%
1%
1%
1%
3%
3%
3%
3%
32% 32%
33% 34
54%
Oct. 23
Range Since Jan. 1
24, 1936
On Basis of lOQ-share Lots
STOCK
Week
$ per share
*7%
734
the
I
83
82%
•
Friday
/
Oct.
6
7% Apr 30
22%June 1
31% Apr 27
8*4May 20
65% Jan 22
27gJune 30
lll%Sept 3
8% Sept 1
10% Feb 18
33% Oct 14
41% Oct 16
16% Oct 2
98% Sept 18
8% Jan 20
74%June 29
99
38%May 21
62% Feb 19
Jan 13
69
13%
14
16
Dec
Deo
Deo
8% Nov
Apr
97% Nov
"3% "Oct
6% May
8% Nov
24% Dec
3% Mar
Aug
13
24%
Oct
2% June
18
Mar
33% Dec
12% Nov
73
Deo
1% June
63*4 Mar
5% Nov
87% Dec
29
50%
May
Jan
Volume
LOW
AND
New York Stock
143
HIGH
SALE PRICES—PER
SHARE, NOT PER
Record—Concluded—Page 10
Sales
CENT
STOCKS
NEW YORK
Saturday
va.
17
oa.
$ per share
100i2 101
22i2
2234
14534 147
98i4
98%
29i2
2434
14%
25%
1%
1%
*2834
Monday
30
1478
32
Tuesday
$ per share
9934 100%
22%
22%
145% 14534
98%
29%
24%
14%
1%
*2834
28
28
2778
*111
115
♦1113s
Thursday
Friday
the
oa. 20
19
Wednesday
oa. 21
oa. 22
oa. 23
$ per share
$ per share
$ per share
Shares
100
2234
10034
2334
142
144%
9734
98%
92
92
92
93
92%
93
31%
32
32
31
31%
73s
7%
7%
46%
14%
1434
45%
14%
7%
1434
80
80
79%
16
16
1534
1534
IIU4 IIU4 *111% 11234
113s
11%
1134
1134
18
18%
1814
18%
*98
98%
99
99
7%
14%
46%
14%
23
23%
102% 102%
6
*5%
49%
49%
17%
18
98%
3%
20%
31
31%
31
31
29%
30
102
102
10234 10234
103
10234
*166%
*166%
*166%
18
167*
17%
17%
18%
17%
57
5378
54%
53%
*55% 56%
3978
4078
39%
40%
39%
38%
5
434
5%
5%
4%
5%
lll2
12%
11%
12%
11%
1134
95
*94is
95%
95%
94%
94%
*»'»
9334
1
94%
85
85
72
783S
79%
144%
138
138
*162
164
6%
89%
634
89%
10%
37%
92%
93%
84
85%
164
164
164
7
6%
*89%
103
103
103
83%
378
4%
2%
2
44%
45%
24%
2334
46
46%
46
*90
90%
83%
*83%
*634
17%
*35%
114%
8
43%
*1878
48
2
*6%
42%
23%
2334
45
94
*88%
*90%
-
6
--
28
128
31%
128
42
8%
3234
42%
46%
74
43
433s
45%
*45
46%
91
*88
94
*90
6
43
114%
9
33%
74
534
14%
14%
62%
934
30%
2834
31%
28%
7%
7%
7%
1%
9%
1%
10
31
2834
29
29%
2978
*27%
1%
40
*80
29
7%
.
_
1%
40%
81
*102% 10434 *102% 105
100
115
109
99
98
36
116
116
*115
*80
*1%
39%
80%
*1% 1%
40%
103
96
97%
6%
91%
37
26%
3434
*3334
25%
3434
37
25%
34%
*3534
2434
3434
27%
37
3534
24%
2434
34%
3434
*2
2
44ig>
2834
31%
*27%
28%
7%
28
9,300
«•<*»
1%
40
81
103
99
*80
"l% ""360
40%
*80%
82
103
50
108
340
98
99
240
6%
92
34%
*27
35%
24%
34%
120
*106
120
*106
120
*120
120
15%
15%
15%
15%
478
4%
4%
32%
30%
31%
3%
3%
3%
3%
8%
8%
8%
8%
478
31
15%
15%
31%
22%
15
31%
103%
23%
15
434
4%
4%
30%
30%
30%
3%
3%
*3%
3%
8%
8%
8%
8%
80%
434
30
*79
*79
80%
61%
62%
61%
63
61
62%
61%
62%
32
33
32
3234
31%
32%
33
35%
79%
80%
79
80%
78
71%
71%
70
71%
*68
70
123% 129%
128
128
*79
80%
122% 122%
80
*69
68%
683s
44%
44%
43%
19%
19
19%
*147
50
153
503s
150
50
80
69
43%
19%
150
50%
87
87
873s
86%
117
116% 116% *115
38%
8%
39
83d
38
8%
39%
8%
68%
43%
18%
9
75%
69%
70%
433s
19%
19
193s
50
85%
82
129
43%
150
37%
70%
69%
50
117
80
127
43%
149
For footnotes see page 2628
78%
86%
117
150
49%
85%
117
150
49%
86%
117
38%
37%
38%
9%
884
9%
31
30
30
31%
104% 104% *100
104%
22% 24%
23%
24%
15%
15%
15%
16%
4%
4%
*4%
434
29% 30%
28% 29%
3%
3%
3%
3%
8%
8%
8%
8%
79
79%
78% 78%
60% 61%
60%
60%
34%
36%
34% 36%
80% 82%
80% 85%
75%
77%
76% 80%
126% 134% 125% 127%
69% 70%
70% 71
43% 44
44% 45
19%
18%
18%
18%
.
150
49%
83%
*116
39
8%
150
49%
85%
117
40%
9
10,800
60
3,800
30
24%
34%
*106
*100
2,200
27%
35%
120
22%
100
No par
No par
Co
-No par
Class
B
Preferred
No par
...No par
100
Warner Bros Pictures
5
No par
$3.85 conv pref
t Warner Qulnlan
No par
Warren Bros
_
No par
Convertible
pref....No par
Warren Fdy <fe Pipe
No par
6
Waukesha Motor Co..
No par
Webster Elsenlohr
100
Wells Fargo & Co...
1
Wesson Oil A Snowdrift No par
No par
Conv preferred
West Penn El class A..No par
100
Preferred
lOOf
6% preferred
West Penn Power pref
100
preferred
100
6%
Western
2d
100
Maryland
100
preferred
Western
100
Pacific
......100
Westlngh'se Air Brake.No
Westlnghouse El & Mfg
1st preferred
Weston Elec Instrum't.No
Class A
No
Westvaco Chlor Prod..No
*106
31%
100
12,700
120
104
400
154
*106
22%
Detlnning
44
43%
154
35%
24%
34%
4,000
148% 149%
157
100
31%
2
83s Mar 16
14
May
36i4
4
5
Jan
4418
2
16
37
1,600
1,700
_
_
"36
2,400
700
67,500
4,700
1,000
3,100
1,500
12,700
400
27,000
25,700
Feb
734 Nov
33
86
Feb 19
137i2June 10
4i2 Feb
103s Mar
734 Mar
2
4%June 29
9ia Jan 7
Apr 30
11418 Oct 15
512 Jan 3
5
3
83
6
18
Sept
1
4% Mar
26% June
118
Jan 16
10
Feb 28
2% Apr 29
473s Jan 2
914 Apr 30
44
Apr 29
%June 18
4% Jan 2
1678 Jan 7
21
Apr 30
19l2 Apr 28
7ig Oct 10
100 >8 Sept ^4
145s Feb 19
6318 Sept 22
278 Feb 29
114
U4
3314
120
Jan
6isJune
19
Feb 25
50
Oct 10
10% Mar 31
3112 Oct 17
32% Sept 30
30i2 Oct 23
11% Feb 6
9
8%
84%
117
400
7
Jan
2
87
Feb 20
II6I2 Jan
III84 Jan
6
Mar
11
Deo
U4
28i2
Feb
3
Deo
Jan
47
Dec
1038
2
5
..100
10
100
26
Yellow Truck A Coach cl B.10
100
Young Spring A Wire.-No par
preferred
No par
100
Radio Corp
No par
Youngstown 8 A T
5H%
31,300
Zenith
8%
22,600
Zonlte Products Corp
12% Feb 21
23i4Seplrll
Feb
7
9% Feb
7
4
Apr 25
5% Aug 26
95
72i2May
4
3484 Jan 13
Feb 13
48i* Mar
3
Sept
30% Deo
784 Nov
Mar
Apr"
90
Feb
3
Nov
1
Jan
30i2
Jan
55i2 Nov
72
Jan
84t4
34
Mar
36
104l2
95
92
Mar
Nov
Jan
1203s
Dec
Jan
11434
10i8
1934
33s
Dec
Deo
512 Mar
7i2 Mar
lis July
23* Feb
2058 Mar
18
Oct
9U4 Deo
99U Nov
3978 Mar
7%
325s Mar
Oct 16
90
Feb
3384 Jan 25
10
Mar
39
29
Deo
Jan
Jan
77U Nov
3584 Dec
Mar
153i2 Oct 17
160
Jan
6
Wilson A Co Inc......No par
41%
Mar 23
Jan
Aug
32
20% Aug
25i8 Dec
Dec
6%
17
2i2 Mar
778 Mar
85
Deo
15a
% Mar
4
Deo
52
2U Mar
14i2 Mar
9834 Nov
6
ctf._No par
Mach...No par
preferred
...No par
Preferred.
116
90
White Sewing
Preferred B
102
Sept 10
124i2Septl8
6
35U Oct
White Rk Mln Spr
preferred
6
8>8 Apr 27
15
Apr 30
84
$6
Feb 25
96
34
par
Wrlgley (Wm) Jr (Del)-No par
12,200
78
9I84 Jan
Jun 23
3512 Oct 22
I984June 29
32*8 Sept 17
Yale A Towne Mfg Co
400
234 Jan 13
46i2 Jan 2
8312 Aug U
107
Sept 9
110
Apr 21
85
par
2,500
2,000
Aug 21
22%June
2,100
28,200
May 26
1
par
Wright Aeronautical..-No par
49
83
33%June 30
Wheeling Steel Corp.—No par
Preferred...
100
White Motor
...60
Woolworth (F W) Co
Deo
Apr
638 Nov
Feb
4378 Oct 21
99
Wilcox OH A Gas
Dec
314 Nov
684 Deo
43s Deo
978 Nov
May
3
26i8 Apr 17
1778 Apr 17
1078 Jan 4
100
Conv
May
11734
63i2 Mar
109U Feb
1
Apr
1«4 Mar
37i8 Oct 13
30
94i2 Jan
123i2 Jan
5% pref
30
Wheeling A L Erie Ry Co.. 100
5K% conv preferred
Nov
13112 Aug 26
50
60
5,660
149
40
par
8,700
1,190
49
83%
Union Telegraph. 100
Worthlngton P A M......100
Preferred A
........100
149
*115
Preferred
Deo
112I2 Deo
June
Oct 22
Deo
47S Deo
2i2 Mar
17i2 June
72% Jan
8
93g Feb
100 *11412 Jan 16
70
Aug 8
....100
120
100
Aug 31
100
2U Aug 21
Western
27%
24%
2434
100
3,400
35%
3434
preferred
69,500
27
27%
3534
100
.
6%
150%
*154
preferred
94%
*86
103
7
5%
100
23
4is Jan
2884 Aug
No par
Chem
92%
*86
31%
Aug
6%
100
22%
Deo
70
94%
44_,,
.
15D2
161
*121% 122
*113% 116
9%
9%
9%
20% *18
20%
2
2
2%
*86
31%
200
103
100
104% 104%
2,600
107
*86
23%
63
Dec
Preferred
*1%
40
100
3134
Dec
Sept
'
*86
2234
500
17,100
8%
100
31%
500
.
30%
*86
103% 103%
May
Preferred
63,000
50
149
34
68
Ward Baking class A
600
60
6%
27%
100
115
115
87%
29%
800
12134 12184 *121% 122
*113% 115
6%
28%
9%
Nov
Nov
63
6M% preferred
100
J Walworth Co
No par
Walk(H) Good & W Ltd No par
2,000
4,800
6%
*27
Jan
33
114
48% July 21
Aug 20
5%
21,100
19
45%
31%
107% 107%
88%
28%
*98
43%
12,700
9%
*25
40
*154
Feb
80
6%
10,000
9%
9%
31%
6%
45%
91
84
Va-Carolina
120
7%
300
*80
164
8
2
Preferred B.
4,400
87%
45
2
Nov
56i2 Nov
2184
6
Walgreen
1%
1%
28
151% 152%
7%
43%
18%
45%
6%
2
Sept
Waldorf System
13%
2%
634
89%
*154
Aug
Nov
414 Aug
May
1,400
60%
*2
4534
48i2 Oct
116
73
Aug
Mar
i2 Mar
1914 Apr
11% Apr
IU4 Feb
27U Feb 23
Oct
Feb *159% Deo
72
2,200
13%
*19%
163
Jan 19
133U
Jan
84
Preferred A
*59%
*1%
21
153
60
7i2
Mar
100
4,100
14
20%
45
9
16U Apr 30
6
2884 Jan 16
100 zll0% Feb 17
5
40
Apr 30
Preferred
61
1%
9%
20
152
June
Vlck Chemical Co
5,300
13%
*19%
*154
30
7% 1st pref
2,700
61
1%
29%
7%
2
100
5% non-cum pref
14
20%
457R
100
7%
2%
1
9
14034 May
165
Aug
Vlcks Shr & Pac Ry Co comlOO
62
20%
451*
6%
100
20%
151% 153%
19
47
6%
9%
*153% 165
43%
*18%
46%
10
*2
7%
,
43
19
9%
6%
29
2
July
Van Raalte Co Inc..
1,100
116
7%
10
2%
Apr 24
6i2 Mar 18
2% Jan 18
7
1
Preferred
—
36
27%
296
115
Jan
3is Jan
Vanadium Corp of Am-No par
50
43
36
28%
99
90
5%
36
7%
115
7
t Wabash..
81
*80%
*80% 81
103
102% 102%
103%
2107
107
108% 109
115
Aug
Vulcan
29%
12134 12134
165
100
28
1%
Mar 23
800
29
40%
73i2 Nov
Virginia Ry Co pref
36
9%
88%
26%
*138
40
78
400
36%
2734
*80
50
7334 July
6058 Nov
11914 Nov
61
No par
Vadsco Sales
Deo
9
260
34%
29
7%
153
Jan
48
124i2 Apr
Oct
36%
9%
29
7%
100
Deo
17U
9i8 Mar
24i2 Mar
9184 Dec
6278 Jan
86
July 30
168
67%May 1
57% Apr 29
Universal Pictures 1st pref.100
Utilities Pow & Light A
1
7,100
8,800
76
9%
Preferred
270
128
*28
No par
Sept
lli2 Deo
3i2 Apr
46
Apr
144
3
*126% 128% *126% 128%
77
*72%
72%
72-%
130
*120% 129% *120% 130
3
3
3
*2%
*2%
8
8
8%
8%
8%
7
7
7
*6%
*6%
17%
17%
17%
17%
17%
8%
10%
6%
3434
9%
30
Universal Leaf Tob
2258
Mar
July 10
Oct
Apr 30
Apr 27
128
1%
5
4
*73
*60
160
73
Jan
3
75s Mar 26
93
Aug 28
131
100
9
53
Nov
9i2 Sept
16% Sept
27i2 Mar
73% Mar
119i8 Jan
14934 Feb
115i2 Jan 7
Apr 27
No par
600
*112% 113%
8
10
89%
*33%
99
115
28%
*28%
7%
1%
7518 Apr
Virginia Iron Coal & Coke. 100
112% 113
10%
89
27%
109
*12134 122
115
1%
9%
*28%
31
*80
13%
*60
7934 Oct 19
1465a Oct 23
1,680
98%
1334
61
43%
463s Jan 21
9%
98%
14%
62%
1%
6%
41%
5%
41%
*
60
Preferred
7,500
5,800
Oct 13
4884 Mar 19
99
14%
5%
m m
2
114i2May 15
99
63%
*2
5%
6%
99%
*98
-
Jan
96% Jan 24
100
U S Tobacco
10
92
97
United Stores class A ..No par
Preferred class A
No par
92%
84%
6%
47
4
72U July 30
68% Jan 3
50
Dec
~50%
1484 Mar
Jan
....100
U S Steel Corp
Preferred
140
Oct 17
13
387a Oct 13
300
164
84%
6%
100
58
8
21% Jan 6
7% Apr 30
168s Jan 2
6
6%
100
1st preferred
U S Smelting Ref & Mln
Preferred
Jan
Nov
10i8 Nov
3518 Mar
3i8 Mar
7i2 Mar
Mar 24
6%
6%
4334
*160
84
43%
1%
*20
4234
164
*88
46%
*121% 122
9,800
Apr 2
978 Jan 27
183s Jan 28
104
Sept 21
109
4534
81
No par
59
3
87
165
4i2 Mar
Oct 19
Va El & Pow $6 pref..-No par
43%
*18%
108
U S Rubber
20
Feb
57
Aug 17
312 Oct
203s Oct
3938 Deo
Jan
5
Nov
IU4 Deo
Mar
11
143
300
19
108
26,800
14,500
42
42%
113% 114
8
8%
33% 3334
46
1%
No par
6%
534
19
3934
U S Pipe & Foundry
U S Realty A Impt
---
46
14%
*62%
10%
mm
19
99
115
48%
■'
46%
6%
*98
*80
42%
2334
46%
*11434
127% 127%
74
42%
23%
19
*1%
17,700
159
158% 158% *157
102
102
101% 102
4
3%
3%
3%
2
1%
1%
1%
42
42%
*42% 44%
22% 23%
22% 23%
47
47% 48%
47%
*114%
*114%
45
44%
4434 4434
94
94
*88%
*88%
*90%
*90%
2
71
14,300
10%
*8834
8434
4
100
Prior preferred v t o
56%
6%
84%
46%
6%
3934
500
2
49
Aug 18
3114 Aug 28
110
July
2
393g Jan
6
8% Jan
4l2 Oct
5
18% Oct 19
8
10
Mar
110i2 Feb 15
169% Feb 18
4
No par
v t c
10%
35%
400
19
*80
Class A
54%
71%
48
10%
97
50
conv pref
U S Industrial Alcohol-No par
U S Leather v t c
No par
7,200
71%
74%
*12034 130
*12034 130
*12034
*3
3
3
3
3%
8
8%
8%
8%
8%
8%
7
7
7
*634
*634
*634
17%
16%
17%
17%
17%
17%
36
36
36
36
36%
36%
36%
114%
114% 114%
114% 114% 114% 115
8
8
8
8%
7%
734
734
6%
6J4 %
6,100
98
3%
1%
3%
43%
6,900
85%
102
4
2
*12034 130
8%
11%
U S Hoffman Maoh Corp___5
2,500
10,700
84
102
3%
114
3
13,500
89
160
44
43
43%
43%
*113% 114
*113% 114
*
7
7
6%
8%
28
No par
20
*71
*158
6
127% 127%
74
*72%
U S Freight
U S Gypsum
91%
160
6%
*27
Oct 20
84%
164
NOV
20
17%
54%
38%
4%
9284 May
18i2 Nov
Nov
Apr 29
May
Jan
96
10
80%May
Deo
65U Mar
58 June
100
24%June
7i2
6
Jan 23
6is Apr 30
Apr 30
160
96
15
5
100
Mar
3U July
4i2 Mar
99
preferred
65
Feb 17
9
7%
4584 Nov
13% Dec
20i2 Deo
4i2 Mar
13
4
40
24% Deo
784 Nov
60i2 Oct
914 Mar
87% Mar
2% Jan
Jan
168
17l| Oct
U2 Feb
20% Mar
884 June
9
Oct 23
8
Jan
84
634
8
26%
20
7
2
88%
164
6%
85 % Aug
193s Jan
113U July
2
148J Apr 30
91
85
89
83%
46
•
*160
*89%
46
46%
47%
11434 115
*11434
*88
164
2
..100
10%
7134
June
73$ Apr 1
50% Oct 16
No par
36%
90%
71%
Nov
U S Distrib Corp
Preferred
1,100
2,850
1,500
5,400
55
37
78
13
54%
10%
35%
101% 102
2%
4434
24%
*42%
24
6%
*93
Jan
Aug
Jan
No par
200
2%
Nov
46
United
100
20
118
U S & Foreign Secur
Preferred
Paperboard
Mar
20% May
Dec
Dec
Oct
105
661* Jan
Jan
4% Mar
7
Deo
Jan
July
July
111
16t2 Feb 4
29i2 Aug 10
9
32%June 18
109
6
7,100
93
71%
634
*159
4
334
2
*6
71%
97
*93
4%
11%
No par
....No par
Oct 10
4,600
37%
92%
84%
6%
92%
83%
103
94
*70%
5
Preferred
24
90i2
26i2
303s
1384
Jan 11
914 Feb 17
48% Aug 4
July 10
No par
United Gas Improve
78%
7934
7834
77%
7734
78%
7534
77%
75%
77% 110,700
143% 146
144% 145% 144% 145
14434 146
145% 146%
6,600
100
*136% 142
*136% 140
*136% 140
*136% 140
*137% 140
160
46%
11%
95
*158
----
39
11%
55%
71%
38
38%
434
10%
36%
United Fruit
7584 Nov
111%
94i2 Oct 21
3384 Sept 6
Jan 15
4
1
June 10
281* Jan
22% Jan 6
58s Apr 30
40% Apr 29
IO84 Apr 27
93
No par
Jan
79i2 Mar
20U Oct
978 Mar
117
9
Jan 21
Jan
44
Highest
share $ per share
1484 Feb
82ij Mar
32
16% Apr 27
24i4 Mar 18
15
9
315s Feb 7
32% Feb 18
25i2 Sept 26
1% Oct 6
Oct 13
Oct
per
100
2
100
United Eng & Fdy
8,800
Jan
Oct
Lowest
28i2 Feb 7
14984 Aug 12
7
Jan 2
Jan 2
Apr 30
Jan
10
United Electric Coal
30%
104%
17%
54%
5
95
1,900
2,700
30
12%
5434
6%
47%
19%
17%
55%
5
United Dyewood Corp
Preferred
500
13
68
No par
1013s
716s Jan 3
20% Aug 26
108%
90is
22%
20%
..No par
United Drug Inc
32,300
$ per share
111
Preferred
1,200
$ per share
100
102%
*97%
2%
103
No par
No par
Unlted-Carr Fast Corp .No par
United Corp
.......No par
24,900
18
*166
17%
*54%
39%
4%
11%
11
*159
46
38%
1,000
98
168
5
.
70
18
Year 1935
Highest
1
United Carbon
8,500
24
19
30
30
56
5534
84
*90
55%
20
*166
17%
10%
36%
160
*88%
17%
3%
__5
Corp
United Biscuit
61,600
81%
16
15%
111% 111%
13
11%
102% 103
168
55
84
*11434
168
99
*234
30%
10234 103
87%
71
144
-
16
19
95
37%
93%
85%
*71
-
81%
1534
*98
56%
11%
3734
10%
79%
Rights
United Amer Bosch
"3",300
80
20%
30%
19%
18
*5%
47%
98%
3%
3%
19%
6
48%
111% 111%
11%
1134
18
18%
18
98%
3%
18%
55%
6
No par
United Aircraft Corp
2,200
31%
7%
46%
15%
48%
6%
49%
18
*98%
19%
3734
6
31%
7%
45%
14%
*22
Union Tank Car
Preferred
46%
14%
*102
100
Un Air Lines Tranap
400
28%
94%
24
Preferred
114
94
103
Union Carbide A Carb.No par
Union Oil California
25
Union Pacific
100
31,400
35,300
72,500
1%
30%
94
103
78%
79%
79%
16
1534
1534
16%
111% 111% *111% 111%
*11%
1134
11%
11%
3%
37
22%
48%
24%
14%
7%
4534
14%
*22%
103
Par
1,200
2,300
29%
33
7%
Lowest
2,000
98%
Range for Previous
On Basis of 100-*/»are Lots
EXCHANGE
15,900
8,700
23%
142
*30%
31%
734
46%
14%
80
3%
11%
98% 100
23%
142
94
94%
22
103
3%
58
99%
23%
144%
23
141
31%
7%
46%
14%
7%
*234
19%
56%
10%
98%
2334
145%
94
4534
46
23
24
24
23%
*102% 104i2 *102% 104
6
6
6
534
50
50
49%
49%
79%
99% 100
23%
145
98%
98%
98%
983s 98%
98%
29%
29%
29%
29%
29% 2934
2934
29%
25%
24%
24%
24%
24%
24%
24% 25%
15%
15%
15%
15%
15%
15%
14%
14%
1%
1%
1%
1%
1%
1%
1%
1%
30
30%
2834 2834 *27
29%
30% *25
28
28
28%
28%
28%
28%
28%
28%
*112
114
*113
114
114
*113
*113
114%
3U4
4584
Range Since Jan. 1
STOCK
Week
$ per share
2637
1
6
7
8
32
Jan 14
July 21 *120
21i2 July
8
3
17
7
July 29
Oct
Mar
6
11
Jan 14
87
June 20
Dec
I684 Mar
33is Deo
38% Dec
25lf Nov
18
35i2 Sept
Jan
Oct 23
55, Jan 13
3314 Oct 13
514 Mar 30
3U Apr 28
Apr 28
284 Jan 7
6% June 19
16
70
3
371 s Jan 10
109U Feb 19
28I4 Mar 4
1
July
188s Feb
1384 July
Jan
126
Jan 15
63i8
36i4
85i4
80%
Oct 13
Oct 22
Oct 23
3214
1414 Mar
6
20 >s
Jan
1
No*
102i2 Nov
19i2 Dec
2412 Jan
434 Dec
46% Jan
678 Mar
125s Oct
U4 Mar
Mar
31*
Dec
Deo
914 Nov
37# Apr
68
Apr
79
Nov
'
4484 Apr 23
23ig Apr 30
66
Apr 30
47
Jan
4
62% Jan 6
63
Aug 21
33%
884
83i2
42i4
4184
105
Apr 28
Jan
3
6
1
6
Jan
6
Jan
Jan
July
IDs Jan 28
584 July
7
Oct 23
I4084 8eptl6
61
Jan
,
6514 June
II84 Mar
25U Nov
25l2 Mar
20
Apr
61
68
Deo
82«4
Apr
79
Feb 10
45
Jan 23
2284
Oct
8
35i2 Mar
7334 Mar
17«4 Apr
2% June
15512 Oct
9
Nov
515s Nov
35U Nov
914 Deo
3D2 May
96
6
18
Mar
8734 Oct 10
Aug
7
13
Mar
631# Deo
467| Deo
55
Apr
122
413s Oct 23
938
Jan
4
38% Apr
114 May
25* June
105
Nov
Dec
14*4 Nov
784
Deo
Brokerage Service
Bond
Complete
WHITNEY &, CO.
RICHARD
Members
15
New
York
Stock
Members
New
York
Curb
BROAD
Exchange
Exchange
NEW YORK
STREET,
A. T. & T. Teletype
Telephone BOwllng-Green 9-4600
New York Stock Exchange—Bond Record, Friday,
2638
TWX.
N.
Y. 1-1793
Weekly and Yearly
On Jan. 1, 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except
0ct.24.m6
fen income and defaulted bonds
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling
egular weekly range are shown In a footnote In the week In which they occur.
No account Is taken of such sales In computing the range for the year.
Friday
Friday
Y.
STOCK
Week Ended Oct. 23
Friday's
Price
Bid
15 1947-1952 A
3%s—Oct
15 1943-1945 A
4s
Dec. 15 1944-1954 J
4 %s—Oct
J
Hioh
195
105.24 108.29
D
114.10 104.9
114.17
127
111
114.17
164
109
112.24
D
87
106.17 109.12
220
102.20105.16
106 9
228
102.29 106.10
108.3
109.3
31
107.7
164
J
D
106.18 106.18
106.22
194
A
108.30 108.30
109.3
200
O
108.9
108.16
82
107 19109
108
109.13
103.24 107.8
103.19106.22
108.5
109.12
105.12 108.21
102.20 102.17
102.78
374
100
103.16
Czechoslovakia (Rep of) 8s.--_ 1951
104.18
544
100.31 104.20
102.26
295
101.7
1952
1942
External gold 5 %81955
External g 4 %s
Apr 15 1962
Deutsche Bk Am part ctf 6s.
1932
{♦Stamped extd to Sept 1 1935...
Dominican Rep Cust Ad 5%S--1942
1st ser 5 %s of 1926
1940
2d series sink fund 5 Ms
1940
♦Dresden (City) external 78—-1945
8
101.2
101.27
101
9
984
1862
100 23 102.5
100.30 101.10
104.18 104.18
103.15 103.15
104.3
J
104.3
8
102.24 102.23
104.25
85
103.27
238
104.8
102.28
32
119
102.20105.14
100.26104.5
101.20104.15
100.15103.7
103.10 103.8
103.17
163
101.22 101.20
101.29
279
99.16 102.5
♦El Salvador 8s ctfa of dep
101.24 101.21
101.28
227
99.17 102.7
Estonia (Republic of) 7s
Finland (Republic) ext 6s
A
F A
A O
Akershus (Dept) ext 5s
1963 M N
♦Antloqula (Dept) coll 7s A
1945 J
♦External 8 f 7s series B
J
1945 J
J
♦External
s
f 7s series C
1945 J
J
♦External
s
f 7s series D
1945 J
♦External
s
f 7s 1st series
1957 A
J
O
21M
21
21%
21 M
99
21M
21%
6
98
99%
9%
9%
9%
25
9M
9%
9%
9%
8M
8%
8%
♦External sec
s
f 7s 2d series. 1957 A
O
♦External sec
s
f 7s 3d series. 1957 A
O
1958 J
Argentine Govt Pub Wks 68—-I960 A
*>
98
O
102
Antwerp (City) external 6s
1959 J
External
s
O
f 6s of Oct 1925. .1959 A O
External
s
f 6s series A
Argentine 6s of June 1925
1957 M
External 6s series B
S
1958 J
f 68 of May 1926
1960'M
M
Extl 6s Sanitary Works
1961 F
Extl 6s pub wks May 1927-.1961 M
Public Works extl. 6%s
1962 F
6s (State Ry)__. 1960
N
S
A
N
A
—
External g 4Mb of 1928
101M
101M
101M
101%
101M
101%
101M
102
-.1957 M
1956 M N
9
9
7%
7%
7%
96%
101%
101%
101%
101%
101%
101%
101%
101%
101%
100%
110
109%
101%
101%
Austrian (Govt) s f 7s
1957 J
J
1946 F
A
24%
Belgium 26-yr extl 6%s
1949 M S
107 %
1955 J
1955 J
105M
114%
s f
6s
External 30-year s f 7a
Stabilization loan 7s
Bergen (Norway) ext
s
J
D
1960 M
♦Berlin (Germany) s f 6%s
1950 A
♦External sinking fund 6s„.1958
36 %
30 %
—
♦External
s f
30 %
29 %
6%b of 1927—1957
♦7s (Central Ry)
Brisbane (City)
1952
5s
102%
103M
105%
—.1957
Sinking fund gold 6s
20-year s f 6s
1958
s f
25%
24 %
♦Brazil (U S of) external 88—1941
♦External s f 6%a of 1926
1957
1950
Budapest (City of)—
♦6s July 1 1935 coupon on
1962
Buenos Aires (City) 6 Ms B-2..1955
24%
107%
105%
113%
105
S
O
18
15
0
8%
8%
8%
29%
102%
103%
105
29M
100%
28%
100%
s
f 6s ser C-2
I960
External
s
f 6b ser C-3
1960
99
♦Buenos Aires (Prov) extl 6s_. .1961
17%
21%
96% 100%
7%
11%
8
11%
98
8%
7%
11%
11%
66
7 M
10
22
7%
7%
10
37
*98%
94
57
97% 102%
73
97% 102%
102
53
97% 102
102
66
1961
102%
102%
102%
102%
25
97% 102%
16
70
97% 102%
97% 102%
34
97% 102%
102
38
101%
110%
110%
103%
41
97% 102
94% 101%
168
45
98
5
24%
7
108
106%
114%
99%
25%
24%
36%
30%
30%
30%
103%
103%
105%
8
90% 100
32
22%
105
18
101%
109„ 118%
29%
100%
101%
5
30
19
22
21%
30%
23
15
11
9,
95
103%
95
103%
101% 105%
10
11
25
38%
95
100%
93
100%
92% 100
6
83%
55
74
59%
71
61%
J
53%
52%
8
39%
♦Sink fund 7s July coup off._1967 J
J
♦Sink fund 7 Ms May coup off 1968 M N
18%
18
18%
19%
109%
114%
100%
102%
8
1984 J
1
121
1960 A
J
1961
19
O
1952 M N
Aug 15 1945 F A
100%
102%
1954
J
1950
8
"40"
♦Farm Loan s f 6s. .July
15 1960
J
♦Farm Loan
15 1960
O
15 1938
o
♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 6s
1960 A O
♦Extl sinking fund 6s
Feb 1961 F A
Jan 1961 J
♦Extl sinking fund 6s.-Sept 1961 M
♦External sinking fund 6s
1962 M
1963
J
S
8
M N
19
109
"114%
♦Carlsbad (City) s f 8s
♦Cent Agric Bank (Ger) 7s
114
100%
102%
42
92 % 100
38
88%
97
87%
89
37
70%
89%
23
34%
97
27%
27%
29
101%
101%
101%
99%
96%
103%
5
£9%
96%
103%
57%
103%
56
58
96%
96%
99% 104%
99% 101
1
50
92
96%
28
100
103%
148
9
37%
60%
38
90
105%
89
105%
104% 106%
31
100% 102%
98%
95
1
95
105
105%
21%
22
21%
105%
101%
99%
115
47%
47%
1
75
73%
76
15
66%
48%
78%
74
72
75%
14
61%
78
4
61%
78
30%
100%
"99%
99
93% 100
74
72%
74
*23%
37
30
21%
D
f
ser
Italian Cred Consortium 7s A-.1937
22%
29%
20
29
31%
29%
39%
26%
26%
25
34
35
35
IVI N
F
A
66
D
98%
6
24
24%
2
93%
19%
*15
19%
99%
26%
24%
J
A
55%
74%
68
70
57%
72%
72%
74%
53%
♦4s of 1904-
1954 J
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
/♦Assenting 4s of 1910 small
1954 J
Milan (City, Italy) extl
16%
~83~~
'
*96%
7
103(
26
38
.]
2
30
32%
25%
51%
112% 115
87%
60%
83% 100
80
"80%
—6
68
68%
24
51%
98%
99%
32
91% 100%
83%
84
12
78
89%
31
31
25
35
25%
34%
25%
31
25%
68%,
98%
53
83
77
5
J
99
9%
9%
5
98
5
29
O
7%
4
9
*8%
7%
*5%
5%
12%
12%
.h
7%
5
5%
6
5%
70
7%
6%
6%
67%
148
4%
7%
19
6%
7%
.
15
5%
70
7U
10%
7%
,
4%
4%
4%
'68%
10%
7%
8%
5
31%
101
10%
4
J
A
22%
36
60
7%
7%
9%
9
77
Mlnas Geraes (State)—
♦Sec extl
s
f 6 %s
1958 IVI S
1959 M S
....
(City) 7s
-
17,
17
17%
15
14%
19%
1952 J
f 6 Mb
8
♦Montevideo
63
63
63%
14
47
63%
D
1959 MN
♦6s series A
17
16%
17%
5
58%
58%
58%
1
104%
2
104%
15%
43
19%
57%
/
30
101
105
Norway 20-year extl 6s
1943
106
106%
10
104%
107%
10
20-year external 6s
1944
105%
105%
106
22
104% 108
60
100
7
51
49
21
9
13%
12%
14%
13%
11
13%
12%
13%
8
13%
28
13%
47
11%
12%
27
50
50
22%
8MB—1952
J
J
New So Wales (State) extl 5a. .1957
External
8
f 5b
Apr 1958
31
21%
"23"
49%
114%
5
♦{Small..
14%
14%
21%
23
48%
84
110
18%
17%
2
—
114%
82%
5%
♦{Treas 6s of '13 assent (large) '33
15
22%
104
17
48%
23
D
74
26
22%
D
30
21%
22
4
23
*22%
J
14%
14%
14^
21%
16%
105%
22%
D
1945 Q
14%
Colombia (Republic of)
104%
104%
S
S
♦Assenting 5s of 1899...
♦Assenting 5s large
♦Assenting 5s small
38
*24%
28%
98%
J
14%
8
21%
29%
A
33
28
D
♦Cologne (City) Germany 6 Ms.1950 M
26
25
29%
26%
45%
34%
37%
31%
*25
♦Medellln (Colombia) 6 Mb
1954 J D
♦Mexican Irrig assenting 4%s.l943 M N
14%
12%
"32%
27%
28%
25%
104%
104%
105%
D
S
123% 190
125% 182 M
25%
26%
on—1950 J
♦7 Ms June 1 1935 coup
37%
D
7
24%
1965 IVI N
Extl sinking fund 5 Ms
14%
1960 M
140
25%
1951 J
14%
1951 J
135
138
172%
24%
30%
Italy (Kingdom of) extl 7s
38
♦Chilean Cons Munic 7s
118
25%
1960 MN
External
♦Chinese (Hukuang Ry) 5a
122% 183
37
.24%
^31%
Irish Free State extl s f 5s
External sink fund
-
27
71
119%
*30
1968 F
♦Sinking fund 7 Ms ser B
1961
♦Hungary (Kingdom of) 7 Ma.-1944
34
12%
18
138
118
J
♦7s unmatured coupon on...1946
♦Hungarian Land M Inst 7%s.l961 MN
11
14%
1
24%
70%
97%
109
O
A—1952 A O
♦Hamburg (State) 6s
--.1946 A O
♦Heidelberg (German) extl. 7%s'50 J
J
Helslngfors (City) ext 6 Ms
1960 A O
Hungarian Cons Municipal Loan—
J
♦7%s unmatured coup on.-.1945 J
33%
14%
24%
93
105
133
Haiti (Republic) s f 6s ser
35%
14%
41%
6
16
D
1968
40
13
•
♦6s part paid.....
32
14
1
96%
107%
138
1964
35%
14%
68
96
1958 J D
78.-1964 M N
♦7s part paid
♦Sink fund secured 6s
32
13%
2643
♦Greek Government
35%
13%
page
♦(Cons Agric Loan) 6Ms
46
14%
14%
14%
14%
14%
68
105%
German Prov <fe Communal Bks
22
41
1957 J
1961 J
1935 coup on.Oct 1961
July 1 1935 coup on. Jan 1961
♦5Ms unstamped.---.
1965
Rep extl 7s stamped. 1949 A
♦7s unstamped
—1949
45
O
♦68 Apr 1
1965 J
♦5 Ms of 1930 stamped
40
1962 M N
f 6s..-.
see
46
1961 A
♦Sink fund 6%s of 1926
♦Guar s f 6s
For footnotes
17%
*123
♦German
♦Sec extl
Bulgaria (Kingdom of)—
♦External sinking fund 6s
♦Chile Mtge Bank 6 Ms
J
♦7s with all unmat coup
1957 A O
♦Leipzig (Germany) s f 7a
1947 F A
Lower Austria (Province of)—
105
37%
31%
31%
27
♦6s
7
94%
21%
98%
95%
Jugoslavia State Mtge Bank—
27%
22%
74%
53%
f 6s
J
J
S
N
D
28%
27%
100
70%
s
21
98%
95%
88%
17%
17
Govt International—
German
19
69
♦Guar
High
7
16
119%
30
74%
s
J
M
M
J
Japanese Govt 30-yr s f 6MS--1954 F
72%
1975
f 6s__Oct
109%
70
"74"
72%
1976
♦Farm Loan 6s ser A Apr
1967
1945
♦Frankfort (City of) s f 6 Ms—1953
French Republic 7%s stamped.1941
7 Ms unstamped
1941
External 7s stamped
1949
7s unstamped
1949
97% 102%
39
70
1976
25-year 3%s
1948 J
13
72%
72%
♦Ry ref extl
S
S
O
O
N
External sec s f 7b ser B
1947 66
Italian Public Utility extl 7s.„ 1952 J
105
70
s
M
M
A
A
M
109%
5
74%
Canada (Dom of) 30-yr 4s
5s
110
13
74%
1977
-
101%
104% 110%
104% 110%
98% 103%
67
f
10-year 2 Ms
O
O
O
J
A
O
Low
21%
21%
97% 102
100
72
1961
4M-4MB
Refunding s f 4 %-4 Ms
Extl re-ad J 4M-4Ms
Extl s f 4%-4%s
3% external s f J bonds
s
10
86
*80
Extl
J
A
A
J
F
A
♦Mexico (US) extl 5b of 1899 £.1945 Q
External
♦6s stamped
♦6 Ms stamped
21%
102%
102%
105
97%
24%
24%
35%
29%
29%
17%
8
97
1956 M N
f 5s
17
15
8%
110
♦Bavaria (Free State) 6%s
_
9
110
1955 J
Australia 30-year 6s
External 6s of 1927..-
External
No
21
21
21%
100.17103.29
♦Sink fund 6s Feb coupon on. 1947
♦Sink fund 68 Apr coup on—.1948
8 f
Hioh
Jan. 1
-.
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
s
Sinking fund 8s ser B
Denmark 20-year extl 6s
1 1939-1949 F
1942-1944
2%s series B._Aug
2 ^s series G
Extl
June 30 1945
♦Public wks 5 %s
Since
03^
27%
1944 M S
1949 F A
External loan 4%s
1949 F A
Sinking fund 5%s.-_Jan 15 1953 i
J
102.20 102.17
101.19 101.17
N
A
D
N
J
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
104.13 104.9
103
O
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on...1951
1 1944-1952 M N
May
1946
S
May 15 1944-1949 M N
External
♦Sinking fund 7s of 1926
♦Sinking fund 7b of 1927
1947
Copenhagen (City) 5s
1952
25-year gold 4%s
1953
Cordoba (Prov) Argentina 78--1942
A
M
F
J
IVI
J
Range
I
Asked
&
Low
Foreign Govt. &Mun. (Concl.)
♦Colombia Mtge Bank 6%8—1947
8
Jan
—
32
Bid
Price
Week Ended Oct. 23
8
3s
2%s
.Mar
1 1942-1947 M
Home Owners' Mtge Corp—
119.11
105.6
108.30
108.9
115.3
109.8
108
3s
3s series A
112.24
45
106.30 106.30
15 1942-1947 J
High
108.19
8
15 1944-1964 M
Mar
Low
119.6
108.12 108.12
Treasury 2%s...Sept 15 1956-1959 MS 101.3
Federal Farm Mortgage Corp—
3%s
No
118.31 118.30
D
F
Friday's
Jan. 1
J
Treasury 334s..-April 15 1944-1946 A
Treasury 2%s
Mar 15 1955-1960 M
Treasury 2%s...Sept 15 1945-1947 M
Treasury 2%s_..Sept 15 1948-1951 M
Treasury 2%s
1951-1954
Range or
Sale
O
3%s___Mar 15 1946-1956 M 8 112.18 112.17
109.1
Treasury 3%S—June 15 1943-1947 J D
Sept 15 1951-1955 M 8 105". l" 104.30
J D 106.3
106.2
Treasury 3s..—June 15 1946-1948
M
Last
N. Y. STOCK EXCHANGE
O
Treasury 3s
Treasury 3%8—June 15 1940-1943
Treasury 3%S—Mar 15 1941-1943
Treasury 3%8—June 15 1946-1949
Treasury 3%S—Dec 15 1949-1952
Treasury 334s
Aug 16 1941
BONDS
Since
Is
Asked
A
Low
U. S. Government
Treasury
Treasury
Treasury
Treasury
Week's
Range
Range or
Sale
EXCHANGE
Week's
Last
BONDS
N.
outside of the
5
..1963 IVI
External sink fund 5s
b
S
101%
100%
102
IVI
s
101%
100
101%
.81
97
98%
297
"24%
"~5
4%s
1956
1965 A O
1970 J D
f 4%b
Municipal Bank extl s f 5s
♦Nuremburg (City) extl 6s
Oriental Devel guar 6s
1952 F A
1953 IVI s
1958 M N
81%
83
24
76%
76%
76%
6
99i516
98%
99i5I6
100',6
98%
32
D
106
105%
*73%
106%
66%
65%
66%
"~83
16%
15%
16%
1963 IVI N
ser A
♦Stamped
Pernambuco (State of)—
♦7b Sept coupon off
—1947 M 8
1959 M S
♦Peru (Rep of) external 7s
♦Nat Loan extl 8 f 6s 1st ser.
♦Nat Loan extl
24%
1953 J
Panama (Rep) extl 5%s._
f 5a
*102%
O
1955 IVI N
♦Sinking fund 4Ms
s
98
1955 A
Extl deb 5%s.
Oslo (City) 30-year s f 6s
♦Extl
105
s
f 6s 2d
.
ser.
98
4
6
80
100%
102% 104
18%
27
78%
86%
72%
82%
9915,6104
96%
98%
104
106%
67
90%
58
81
10
12%
17%
13%
19
16%
16%
15
15%
25
D
12%)
12%
13%
205
10
O
12%
12%
13%
34
10
A
O
1947 A
O
PolaDd (Rep of) gold 6s
Stabilization loaD s f 7s
1940
External sink fund g 8s
1950
J
J
104%
99% 102%
96%
98%
A
1960 J
1961
105%
61%
59%
61%
70
37
80%
70
72
33
44
111%
"61%
60%
62%/ 137
40
96
Volume
New York Bond Record—Continued-Page 2
143
BONDS
Last
N. Y. STOCK EXCHANGE
Salt
Week Ended Oct. 23
Foreign Govt. &Munic. (Concl.)
Porto Alegre (City of)—
♦8a June coupon off
D
1966
J
N. Y. STOCK EXCHANGE
©
Jan. 1
CQSQ
Low
No
High
20%
36
15
19%
1952 M N
*90
93%
93
101%
24
24%
18
29%
O
Queensland (State) extl s f 7a__1941 A
25-year external 6s
1947 F
112
8
10
18
28%
9
109
113
%
3
109
113%
113%
24%
6
28%
28%
♦6%s Aug coupon off
1953
Rio Grande do Sul (State of)—
♦8s April coupon off.
1946
♦6s June coupon off
1968
♦7s May coupon off
1966 M N
15
21
16%
40
14
19%
27%
15%
15
15%
28
13
16
18
14%
21%
15
20%
17%
17%
17%
20
20
21%
18
D
20%
20%
20%
9
1952 A O
1964 M N
(City) extl 6a
72 34
71%
1952
54%
110
J
1948 J
J
61%
55%
1959 J
J
85
gu g
5s assented
1940
Bait A Ohio 1st g 4s
July 1948 A
Refund A gen 5s series A
1995 J
1st gold 5s-.
July 1948 A
217
18
22%
31%
22%
17
16%
1946 F
4%s
21
15%
21%
5
14
50%
!
1297
"
35
32%
23
22%
29%
29
33
131%
A
95%
100% 105%
91
*89%
105 %
1960 A
129%
87%
86%
88
81%
81%
83%
2
27%
24%
29%
90
—
27%
29%
60
100%
Brooklyn City RR 1st 5s
1st 5s stamped
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
102
102%
97
3
53
*112%
109
111
*107%
103% 107%
1952 A
O
74
D
D
1943 J
102%
74
103%
f deb 3%s
s
Bruns A West 1st gu g 4s._
83
*93
5s
121%
121%
121%
131%
131%
106
*103%
108%
103%
1946
1944 F
A
101%
100%
101%
146
87% 101%
By-Prod Coke 1st 5%s A
96%
96%
98%
194
78
♦Camaguey Sugar 7s ctfs
Canada Sou cons gu 5s A
1942
1962
2
90
90
1998 AO
-.1942 M 8
101%
111
111%
100
100%
189%
90
19
181%
183
36%
10
101%
100%
48%
121
66%
1950
98%
93%
70%
113
61
102%
101%
2030 M
1953 J
8
54
99
100
8
.
J
Am Internat Corp conv 6%s__ 1949 J
M N
Am Rolling Mill conv deb 4
105%
D
1051332
%a. 1946
Telep A Teleg coll tr 68-.-1946 J
35-year a f deb 5s
1960 J
Am
123%
J
U02732
20-year sinking fund 5%a—1943 MN
112%
Convertible debenture 4 %8—1939 J
Debenture 5s
1965 F
J
A
Canadian Nat guar 4%s
Guaranteed gold 5s
i
Canadian Pac Ry 4% deb stk perpet
J
♦
Certificates of deposit
Anaconda Cop Mln s f deb 4 Ha 1950 AO
106%
58%
110%
57%
111%
198
110% 114%
149%
102
107% 156
57
106%
5
110%
61%
61%
97
402
120
107%
1967 J
1995
1964
Armour A Co (111) l8t 4%8
1939
1st M s f 4s ser B (Del),
1955
Armstrong Cork deb 4a
1950
Atch Top & 8 Fe—Gen g 4s.--1995
Adjustment gold 4s
1995
Stamped 4s
1995
Conv gold 4s of 1909—
1955
,-1955
I960
1948
.1965
Trana-Con Short L 1st 4s—1958
1962
J
Q
98
61%
32%
61%
99% 107%
D
104%
F
A
99%
139
J
J
A
106%
106%
106%
O
114%
114
115
**■ 2
110%
6
110%
110%
15
110%
110%
""3
106%
100%
1
111
110%
111%
27
*104%
113%
113%
111%
113%
"l2
111%
13
96%
102%
106%
111%
7
108% 111%
Carriers A Gen Corp deb 6s w w 1950
*
106%
107
6
Cart A Ad 1st gu g 4s
1981
>
102% 108%
73
94%
106%
106%
)
Cent 111 Elec A Gas 1st 5s
27
42
62
77
34
51
23
36%
)
18
19%
17
11%
)
18
19%
48
12
20%
20%
28%
21
29
26%
20
24
21%
15
23
26
20
28
*
)
*
1
\
{♦Cent New Engl 1st gu 4s
1961
J
—
109
*10
108
101%
56
58%
94%
94%
96
84%
85%
J
114
107%
110% 114
110% 113%
2643.
BROKERS
BOND
Railroad, Public Utility and Industrial
Bonds
Vilas & Hickey
Hew
York Stock Exchange
49 WALL
STREET
Telephone
HAnover
Private
—
Members
-
2-7900
—
—
A.
New York Curb Exchange
-
-
T.
&
T.
Wires to Chicago, Indianapolis
-
NEW YORK
Teletype NY 1-911
and St. Louis
105% 108
99% 105%
104%
104%
J
1987
1987
4s
7
32%
Central N J gen g 5s
General
1
3
105
102% 107%
6
13
3 %s. 1965
1951
Cent Hud G A E 1st A ref
105% 108%
100% 105%
60
49%
106% 108%
61
92
*107%
—
r-40
38%
77
4
1st g 5s—-
60
76%
25
4s
104%
113% 116%
92
J
♦Cent Branch U P 1st g
108
7
38%
92
38%
1946
110%
97%
87%
102% 106
8
111
59
♦Mid Ga A Atl Dlv pur m 5s. 1947
113%
104% 113%
303
}
107%
104%
♦Mobile Dlv
vX04%
97
103%
116%
117%
6s ser A.-Dec 15 1952
cons g
116
116%
105%
107
122% 129
107
103%
105%
94% 100
104%
\110%
22
{♦Car Cent 1st guar g 4s._..—1949
-.1938
1
106% 110%
*109%
D
96
103%
47tf h
181'
110
Nov
M N
J
55
99%
110% 117%
128%
)
31
84%
104%
24
127%
-
67
103%
20
4
27%
104%
99%
115
-
37
120
113%
4
22
112%
110%
114%
)
77
122
115% 121%
113%
1948
30
103%
8
J
10
{♦Central of Ga 1st g 5s—Nov 1945
♦Consol gold 5a——.—,..1945
♦Ref A gen 5%a series B—1959
♦Ref A gen 5s series C—.--1959
♦Chatt Dlv pur money g 4s—1951
♦Mae A Nor Dlv 1st g 5s
1946
75
M
116%
111%
32%
29
29
J
115
119%
116%
108%
1
Caro Clinch A O 1st 5s
♦Anglo-Chilean Nitrate—
{♦Ann Arbor lBt g 4s
Ark A Mem Bridge A Ter 5a
116%
113% 119%
8
5
4 %s
trust
5s equip trust
1st A
58%
16
40
1946
ctffl—..
1944
Coll trust gold 5a...-Dec 1 1954
Collateral trust 4%a
1960
Coll
Amer Water Works A Electric—
Deb g 6s series A
1975 M N
J
{♦Am Writing Paper 1st g 6s. .1947 J
46
119%
104%
1946
109% 119%
144
j
5
86
111
)
1
203
114
113%
117%
119
June 15 1955
gold 4%s
1966
105|3i6110%
110% 114
112% 115
227
103% 105%
22
9%
111% 118%
13
119
116%
114%
U3%
127%
96%
102%
H6%
107%
Guaranteed gold 4%s..Sept 1951
Canadian Northern deb 6%s
67
92% 101%
104% 107%
9
134
1970
Guaranteed
101% 106%
108% 134%
70%
50
22
U9
)
Guar, gold 4%s
42
90
48%
29
112%
117%
83%
277
113%
1969
30
117
20
1957
1969
85
255
112%
gold 5s
30%
17
116%
21
417
>
66
110%
112%
July
Oct
Guaranteed gold 5s
110% 117%
110 %_
111
104
1940
66%
171
19
80%
2
104%
)
105%
123 %
129%
105»3Z 105'73Z
105%
113
J
debl950 J
112%
111%
545
32
85
84
85
112
78%
76%
78
D
1949 IVI N
111
102% 104%
65% 95
7
104%
104%
98%
90%
103%
108%
"69
69%
52
118% 189%
4
97
97
110
106%
27
65
Guaranteed
1955 M
108
95
53
------
95%
105
5
25
68
5s
85
115
119% 122
124% 131%
104
105%
222
24
*85%
108% 112%
99
75
5
1955
♦Consol
104%
69
109
21
23
23
1937
O
Cal G A E Corp unf A ref 5s
Cal Pack conv deb 5s—
101
110
♦Bush Term Bldgs 5s gu tax ex. 1960
76
55
67%
104
103%
100% 104%
103%
103%
92%
101
103
3
24
24
1945
D
79%
*64%
*103%
90%
90%
—.1952
O
1948
88
34
106
31%
102
9
109%
89%
30%
29%
17%
4
104%
109%
94
17%
13
104%
29
20
"27
104%
I {♦Burl C R A Nor 1st A coll 5a 1934
♦Certificates of deposit
{♦Bush Terminal 1st 4s
4
.109%
1937
1957
A
*76
94%
114
1981
Buff Roch A Pitts gen g
84
113
1938
O
Allied Stores Corp deb 4%s__ .1950 A O
Allla-Chalmers Mfg conv deb 4s 1945 MN
145
1950
1950 A
For footnotes see page
145
101%
114
1957
1949 J
Rocky Mtn Div 1st 4s
103%
103%
1950
A
♦Albany Perfor Wrap Pap 6s. -1948
Cal-Arlz 1st & ref 4%a A
101
103
104
83
73
68
13
100%
103%
1945
Consol 4%s
80
53
-
1947
80
D
-
1941
Buffalo Gen Elec 4 %s ser B
104
6
1947 J
1943 J
97
12
103
70%
40%
120
69%
66%
101%
•
1950
Brown Shoe
68
•
1941
Debenture gold 5s
1st Hen A ref 5s series B
♦§{Abitibl Pow A Paper 1st 6a. 1953 J D
Adams Express coll tr g 4a
1948 M 8
27%
§ {♦Botany Cons Mills 6%s—1934 A
♦Certificates of deposit
146
33
30
102% 106%
109% 111%
93%
71%
96
23%
F
Bklyn Edison cons mtge 3%a._ 1966
Bklyn Manhat Transit 4%s—.1966
BklyD Qu Co A Sub con gtd 5s. 1941
83%
219
86%
86%
58
89
150
86%
59%
78
81%
105
32%
23
A
37%
97
71%
23%
22%
20%
1967 M
4%s ser J J
—.1961
{♦Boston A N Y Air Line 1st 4s 1955
37%
33%
130%
26%
1955 M
Boston A Maine 1st 5s A C
10
89%
122
125
112%
193
52
119
mi* mm
*110%
73%
92%
■mm
------
99% 102%
39%
58%
50
26%
------
1944 J
Big Sandy 1st 4s
10
92%
51%
129
*107%
98% 100%
105%
23
74
109% 118
77%
68%
28
1st g
53%
9
3
121%
129%
*25%
104%
1st M 5s series II
90
121%
♦Berlin Elec El A Underg 6%s.l956 A
Beth Steel cons M 4%s ser D..1960 J
76%
82%
55%
55%
84%
95%
113% 116%
103% 109%
29
83
55
55%
121%
95
74
1
■>
100
74%
61%
27
73%
54%
88
78
*25%
68%
54%
115
*26
7
55 %
109%
1955 A
10
23
-
1959 F
20
"55"
-
1948 J
♦Deb sinking fund 6%s
♦Debentures 6s
100%
77%
100
«.
99% 106%
*103%
Belvldere Delaware cons 3%s__ 1943 J
♦Berlin City Elec Co deb 6 %S—1951 J
73%
77%
73%
-
115
*75
-
100% 105%
24
116
109
1951 J
;
105%
77%
105
77
77 %
4s
Bell Telep of Pa 5s series B
1st A ref 58 series C
75
51%
123% 166
ref
1
4s stamped-.
—.1951
Battle Creek A Stur 1st gu 3s—1989 j"
Beech Creek ext 1st g 3%a
1951 A
33
39%
128"
20%
90%
Con
116
1943 J
Bangor A Aroostook 1st 5s
23%
19
21%
18%
COMPANIES
1910-
84% 105
93%
INDUSTRIAL
4 %a
53
1950 J
1st Hen A ref 6s series A
deb
105%
90
61
♦6s Nov coupon on
...1952 M N
Warsaw (City) external 7s
1958 F A
Yokohama (City) extl 6s__.
D
1961 J
Conv
105
90%
30
1964 IVI N
Conv g 4s Issue of
21
105%
53
1996 M
52%
1960 M N
1905.
105%
17
156
f 6s
Conv 4s of
104%
361
26%
f 6s
8 f Income deb
93
105%
83%
27
s
conv
103%
79%
25%
s
t*Am Type Founders
115%
100
79%
Venetian Prov Mtge Bank 7a—1952 A
Vienna (City of)—
_
115%
100%
1960 F
26
♦External
f deb 6s
90%
115%
Conv
25%
♦External
a
90%
1
19%
26 %
External Bf SHb guar
1961 A O
Trondhjem (City) 1st 5%s
1957 M N
♦Uruguay (Republic) extl 8a. .1946 F A
Foreign Pow deb 5s
261
I
94
107%
103% 105
102% 109%
75
95%
108% 115%
14%
M N
..
1936 M N
Amer I G Chem conv 5%a
103
38
108%
1
Ml N
Sydney (City) s f 5%s
1955 F
Taiwan Elec Pow a f 5%s._—1971 J
Tokyo City 5s loan of 1912
1952 M S
American Ice
108
113
100% 105%
106%
165
Styria (Province of)—
Am A
108%
1
3
105%
93
19
♦Alplne-Montan Steel 7a
106%
*108%
1940 IVI N
70
98%
25%
stamped
Allegh A West 1st gu 4s
Allegh Val gen guar g 4s
J
1941 J
5a
Baldwin Loco Works 1st 5a
81%
122%
25%
♦5s
8
90
1
♦Coll A conv 5s...
88
98
4
5s
87%
105%
90%
33%
conv
88
102% 106%
98
27
Coll A
5
2000 M
30
52
87
61
103
Ref A gen 5s series D
21%
Silesia (Prov of) extl 7s
1958 J D
♦Slleslan Landowners Assn 6a--1947 F A
58
33%
28
102%
23
27
1945
1946
Serbs Croats A Slovenes (Kingdom)
♦88 Nov 1 1935 coupon on. .1962
♦7s Nov 1 1935 coupon on.,1962
Susq 1st guar 3%s—
{Alleghany Corp coll tr 5a
7
87
103
Atlantic Refining deb 5s
1937 J
Auburn Auto conv deb 4%s_—1939 J
Ref A gen M 5s ser F
6%8
assented
51
56%
17%
17
♦8axon State Mtge Inst 7a
warr
40
64%
1
81%
♦6s with
85
104
19%
61
Alb &
103%
61%
54%
1945 M N
----1948 J
Southwest Dlv 1st 3%-5s
17
B
189
30
89%
ser
97%
28%
16%
1st cons 4s
95%
25
88%
32%
Adriatic Elec Co. ext 7a
Ala Gt Sou 1st cons A 5a.
193
95%
22%
17
Coll trust 4s of 1907
95%
1
30
,1940
AND
U8
94%
21
88 %
RAILROAD
_
104
94%
High
118
118%
103% 110
105% 112
95% 104%
76
96%
81% 97%
95% 104%
65
40%
25%
♦Secured
....
103
Low
~26
25%
19
♦7s Feb coupon off
No
-
Ref A gen 6s series C
1995 J
P L E A W Va Sys ref 4s...1941 M
♦External 7a Sept coupon offl956
♦Exter al 6s July coupon off. 1968
Solssona (City of) extl 6s
-
*112
103
t
Tol A Cln Dlv 1st ref 4s A.—1959 J
§♦88 July coupon off
1936
♦External 8s July coupon off-1950
g
-
19%
jfr
IV!
♦Extl 6%s May coupon off--1957 IVI N
8an Paulo (State of)—
7s
—.
110
24%
25%
1953
Sao Paulo (City of Brazil)—
♦8s May coupon off
28
73
118
Roumanla (Kingdom of Monopolies)
♦7s August coupon off
1959
♦Saarbruecken (City) 6s
—
Jan. 1
28
14
37
1967 J
♦7a June coupon off__
Rome (City) extl 6%s
♦Sinking fund
May 1
4s
Austin A N W la
.
a f
10-yr coll tr 5s
Atl A Dan 1st g 48
2d
19%
109%
Since
53
Asked
High
*118%
D
J
J
1st 30-year 5s series B
...1944 J
Atl Coast Line 1st cons 4s July 1952 M 8
General unified 4 %s A
1964 J D
L & N coll gold 48--.. —-Oct 1952 M N
38
19
1946
<fe
Range
fa
Friday's
Bid
Price
Low
1946 J
1944 J
Atl Gulf A W I 88 col tr 5s
Rio de Janeiro (City of)—
♦8s April coupon off
Rotterdam
24%
113%
24
113
113
A
1950 M
♦Rhlne-Maln-Danube 7s A
17 34
17%
js
sft,
Atl Knox & Nor 1st g 5s
Atl & Charl ALlst4%sA
22
♦Prussia (Free State) extl 6%s.l951 M S
♦External b f 6s
1952 A O
♦7%s July coupon off
Prague (Greater City) 7He
Range or
Sale
a
Week Ended Oct. 23
Hioh
16
3
18%
20 %
BONDS
Since
2
©
Asked
Low
1961
a
Friday's
&
Last
Range
Range or
Bid
Price
a.
2639
Week's
Friday
Week's
Friday
43%
-
77%
86% 103%
81
93%
New York Bond
2640
Oct. 24,
Record-Continued-Page 3
bonds
N.
Y.
Bennett 'Bros. & Johnson
1
*rn*
{Members
Last
EXCHANGE
Coal River Ry 1st gu 4s
♦Colo Fuel A Ir Co gen a f 5S..1943 f
5s Income mtge..
1970 a
TWA C*»rb 6xchsng«
Conn A Passum Rlv 1st 4a
Conn Ry A L 1st A ref 4 %a
%_endolpk 77It
*i. r. 1-741 «f moll System Teletype 4- Cgo. 343
Stamped
a
o
J
A
O
F
a
M n
107%
Week's
Friday
bonds
Last
Range
Sale
Friday's
Week Ended Oct. 23
no.
Bid
Price
A
Low
Cent Pac 1st ref gu g 4s
1949 F
a
Through Short L 1st gu 4a. 1954 A
o
Guaranteed g 6s
-1960
Cent RR A Bkg of Ga coll 5s.. 1937
Central Steel 1st g s f 8s
1941
Certaln-teed Prod 5 Ha A
1948
F
111%
*108
a
IVI N
102
"89 %
89%
m n
M
S
Champion Pap A Fibre deb 4%al950 m s
Chesap Corp conv 5s
1947 M N
1944 J
10-year conv coll 5s
Ches A Ohio 1st con g 6a
General gold 4 Ha
112
d
125
"92
92
105%
172%
151%
109%
*173%
152
-.1939 IVI N
*110%
107%
106%
106%
106%
4a
con g
O
J
Illinois Division 4s
1949 J
S
1st A ref 4 He ser B
1st A ref 58 ser A
1977 f
1971 f
A
{{♦Chicago A East 111 1st 0s..1934 A
{♦C A E 111 Ry (new Co) gen 6s.l961 ivi
N
100%
75
108% 111
110
Cuba Nor Ry lat 5%s
1942 J
112% 118%
108% 113%
*110%
110
Cuba RR lat 5s g
1st ref 7 %s series A
1st lien A ref 6s ser B
50%
108%
56%
108%
112%
114%
114%
113%
41
18
7
99
99
6
82
28%
31
508
14
30
44
"43%
43%
125
103%
46%
*23
J
40
40
32
1966 M N
Chic L S A East 1st 4Hs
1969 J
22%
J
D
♦Chic M A St P gen 4s ser A..1989
♦Gen g 3Ha ser B._May 1 1989
J
♦Gen 4Hs series C._May 1 1989
♦Gen 4 Ha series E—May 1 1989
♦Gen 4% series F.-.May 1 1989
23%
23
103%
*110%
J
J
J
64%
55%
14
469
♦4 Ha 8tamped
29
28%
23%
23%
32
10
48%
40%
15%
16%
"~5
29
28
92%
110% 111%
"26%
64%
81
56%
66%
71
43
65%
68%
95
47%
08
67
46
66
85
67%
29% 1987
9% 1595
47%
49%
69%
26%
8%
8%
43%
29%
8
35%
54%
36
64%
37
56
38%
5
51
47
34
49%
40%
66
O
"2l""
♦Assented (subj to plan)
♦Ref A lmpt 5s ser
B...Apr 1978 AO
{♦Dea M A Ft Dodge 4s ctfs_._1935
J
{♦Des Plalnes Val 1st gu 4%s..l947
Detroit Edison Co—
Gen A ref 4%s series D
1961
Gen A ref 5s series E
1952
Gen A ref M 4s ser F
1965
IVI
111
D
*45
D
*30
Dul A Iron Range 1st 5s
Dul Sou 8hore A Atl
g 5s
IVI N
O
J
83
81
108
108
4sIIl948
A
29
16
29
Elgin Jollet A East 1st g 5a
18%
10%
18%
213
32
46%
31
43%
19
19
I960 M N
10%
d
d
10%
2
98
17
87
23
90%
O
1955 J
J
"83%
74
61
98
98
88%
100% 105
370
30
33
30
77
13%
20%
182
13
20%
183
23
32
3%
38%
9%
71
113
117
108
110%
108% 112%
50
50%
45
35
104
33
51
40
260
35
15%
116%
83
38
06
46
108%
110
108%
35
112% 117
103% 107
52%
85%
107
108%
12%
32
16%
31%
104% 108
114%
107%
113% 114%
106% 108
128% 138%
110
113%
101% 111%
114%
110%
110
100%
110
105% 107
99% 105%
1975 A
11%
111%
96
102%
107%
105% 107%
105
Ref A
7
105
98
110
78%
98
105
*138
105
89%
1953 A
11%
97
86
113%
107%
75%
70%
1C0% 104%
104% 1,07%
*107
Gen conv 4s series D
Ref A lmpt 5s of 1927
14%
15
225
61%
*107
20%
65
40%
J
ser
Conv 4s series A
80
49%
49%
*106%
107%
103% 106%
102
103%
63% 65%
48
3
102
99% 100%
100%
1940 J
Erie RR 1st cons
g 4s 4s prior.. 1996 J
1st consol gen lien
g 4s
1996 J
Penn coll trust
gold 4s
1951 F
3%s
20%
22%
110
80
90
105
103%
172
40
31%
*113%
bIIIi940
1
"45"
27%
*108%
23
22%
20%
98
86%
Erie A Pitta g
gu
Series C 3%s
1
66
lld»
32
1905
El Paso A S W 1st 6s
5s stamped
11
116%
108%
28%
1941 WIN
1906 A O
15
13%
15%
*112%
*92%
cons g
100% 103%
1
66
32
O
29
Y) 1st
7
44
7%
30
♦Ctfs of deposit
East Ry Minn Nor Dlv 1st
10
21'
*
116%
*103%
Duquesne Light 1st M 3%s.._1965 J
J
♦{ East Cuba Sug 15-yr a f 7 %s. 1937 M S
161
41%
39%
116%
108%
*32
1937 A
1937 J
103
*45
29
21
D
116%
108%
O
107%
1
105
32
O
110
106%
30
A
104
2
30%
F
107
103% 106%
108
19%
...1995
4%s..l961
104
105% 108%
18%
A
30%
31%
02
42%
99% 103
1
19
*43
31
107%
35%
36%
7%
32
19%
43
20
A
1995 J
91
20
20%
101%
106%
101%
19
8
♦2d 4s assented
Detroit Term A Tunnel
33%
67%
100%
107%
34%
J
J
46
D
33%
"19%
J
202
S
J
108
J
A
1995 J
19%
1951 J
101%
*105%
107%
J
1939 J
22%
1960 J
J
f 5s...1951 IVI N
Stamped as to Penna tax....1951 IVI N
a
1956 M N
18%
Dec 1 1960 M
♦
5s
39%
88%
J
16
40
106%
J
4s
80
70
101%
Ed Elec (N
70
61%
106%
88%
101%
East T Va A Ga Dlv
1st 5s
Ed El 111 Bklyn 1st cons
12
59
61%
62%
O
M N
01%
79
57%
A
IVI N
29%
78
56
100%
17
66
105
"166%
42
636
106%
J
26%
"l0%
14
1969 J
1969 J
♦Second gold 4s
1
15
J
106
21
1951 J
65%
"l
18%
1951 J
60%
54
.
♦Certificates of deposit
♦Conv g 4 Ha
Ch St L A New Orleans 5s
Gold 3Hs
....June 15
Memphis Dlv 1st g 4s
Chic T H A So East 1st 5s
J
D
D
29%
1952 ms
A
1952 J
1936 J
1936 J
26%
27
♦Certificates of deposit..
1934 a
56%
54
*35
j
D
♦Detroit A Mac 1st Men
g 4a._.1995 J
*lst 4s assented
1995
10
99%
99%
30
109%
99% 100%
20
107
101%
ol00%
100%
106
106%
103%
103%
102%
102%
106%
|*Den A R G 1st cons g 4a.—1930 J
(♦Consol gold 4%8
1936 J
{♦Den A R G West gen 6s_Aug 1956 F
2
110
101%
1950 M n
Willamette Paper 0s... 1951 J
J
Crown Zellerbach deb 5s w W..1940 ivi S
1st A ref 4%s
1st mortgage 4 %s
Den Gas A El 1st A ref
51
26
....
D al00% al00%
f 4a
Cumb T A T 1st A gen 5s
1937
Dayton Pow A Lt 1st A ref 3 %s 1900
Del A Hudson 1st A ref 4a
1943
Gold 6%s
1937
Del Power A Light lat
4%s
1971
22%
105%
105
99%
s
3
79
209
106%
"106%
D
28
28%
A
1988 J
1951 f
3%s
67%
49
49
*37
0
3
49
49
17%
'
68
9%
48%
44%
49%
48%
49
40%
33%
48%
_
{{♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
28%
49
65%
"65%
1987 M n
5♦Secured g 6 Ha
1936 M N
♦1st ref g 5s
May 1 2037 J
♦let A ref 4Hs stpd.May 1 2037 J
♦1st A ref 4Hs ser
C.May 1 2037 J
♦Conv 4%s series A
1949 M n
5
55%
1987 M n
1987 M n
30
124
65%
♦Stpd 4s non-p Fed Inc tax 1987 M n
♦Gen 4%a stpd Fed lnc tax.. 1987 M n
♦Gen 6s stpd Fed lnc tax
31%
103% 105%
26%
46%
62
104
99
63
J
{♦Chic Mllw St P A Pac 6s A—1975
A
♦Conv adj 6s
Jan 1 2000
O
{♦Chic A No West gen g 3H8..1987 M n
45
60
116
....
43
1947 J
43,
110%
108% 113
107% 115%
100% 114
112
117%
115%
27
111%
104 % 109
5
15
'iii%
1
J
5s
47
"28%
J
1956 J
gu
59%
108%
112%
114%
113%
110%
1947 J
_
J
100%
f deb
23%
26%
25%
34%
26%
105%
110
112%
110% 112%
107% 107%
104% 104%
105% 110%
105% 108
104% 106%
103% 106%
107%
100%
106%
A
s
107%
109
Crown
1947 J
_
1943 J
warr
Copenhagen Telep 6s Feb 15.. 1954
Crown Cork A Seal
103%
I960 J
99%
110
..1940 M n
99% 100%
100% 100%
O
♦1st A gen 0s series B.May
Chic Ind A Sou 60-year 4a
50
1970 ivi N
3% s
118% 120%
*122%
(♦Refunding gold 4s
mtge
155
27%
4s
1st
Container Corp 1st 6a
15-year deb 5s with
126
1982 M N
IDC
712
100
102% 100%
115% 174
110% 153
100%
Ch G L A Coke 1st gu g 5s_—1937 J
J
{♦Chicago Great West 1st 4s.. 1959 M s
(♦Secured 4Hs series
472
153
Consumers Gas A Chic gu 5s.. 1936 J
Consumers Power 3%
a.May 1 1965 J
1st mtge 3%a
May 1 1965 ivi N
91
100%
A
♦Certificates of deposit.
89%
5
105%
173%
102%
121% 127
Crane Co
J
1958 M
gen
67
7
f 5s
a
*115%
S
General 4a
{♦Chic R I A P Ry
4
22
1960 J
*112
Chic A Alton RR ref g 3a
1949 A
Chic Burl A Q—III Dlv 3 HS—1949 J
♦General 4s..-.
89
♦Consolidation Coal
109% 112%
100%
1989
♦1st A gen 5s series A
"173
145
1
1956 a
109
*110
1941 ivi
{♦Chic Ind A Loulsv ref 6s
♦Refunding g 5s ser B
♦Refunding 4s series C
102
105
99% 105%
98% 105%
46
1955 J
1955 I
12
100 %
—1989
♦Certificates of deposit
Chicago A Erie 1st gold 6s
90
125%
93%
non-conv
♦Debenture 4s
♦Debenture 4s
17
30
23%
105%
99%
25%
25%
*25%
26%
59%
99
105
107%
23%
81
59
106%
100
{♦Consol Ry
141
100%
107
1951 J
1951 J
deb 4a__1954 J
3%s
23
May 1940
2d consol gold 4a
103% 112
110
102%
High
104
106%
Consol Oil conv deb
109%
Potta Creek Branch 1st 4s..-1946
R A A Dlv 1st
Low
37
85
80%
High
110% 112
98% 107%
105
*105
Consol Gas (N Y) deb 4%s
125
S
Ref A lmpt mtge3 %s ser D._ 1996 IVI N
Ref A Imp M 3%s ser E
1996 F a
Warm Spring V 1st g 5s
Since
Jan. 1
♦Debenture 4s
High
112
Range
fa
S3
1
35
107%
3%s debentures
1956 a
♦Consolidated Hydro-Elec Works
of Upper
Wuertemberg 7s...1956 J
*110%
1992 IVI
Craig Valley 1st 6s
or
Asked
•77%
104%
o
1951 J
Consol Edison (N Y) deb
3%s.l940 a
N. Y. STOCK EXCHANGE
Low
112
107%
83%
76%
104%
104%
104%
104%
104%
*112%
*113%
1943 a
Jan. 1
High
112
107
1951 J
4%s___
guar
Since
Asked
A
J
Debenture 5s
Apr 15 1952
Debenture 5s
Jan 15 1961
Col A H V 1st ext g 48
1948
Col A Tol 1st ext 4s
1955
Columbus Ry Pow A Lt 4s
1965
TtWmS.I I.
Connections
A
D
o
Colo A South 4 %s ser A
1980 ivi N
Columbia G A E deb 5e...May 1952 ivi N
Jitw York, Ti. r.
<Dlgby 4-520Q
1945 J
Range
Friday's
Bid
Low
( lir* Tmrh Stock €xch*nge
■
Range or
Sale
Price
j
%AlLROAD 'BONDS
On* Will Str.M
STOCK
Week Ended Oct. 23
1936
Week's
Friday
*105
.1953 A
Series B
92%
"91%
..1953 A
1967 IVI N
lmpt 5s of 1930
Erie A Jersey 1st s f 0s
"88%
88%
3d mtge
4%s
1938 IVI
8
1954 F
A
105'316109
Fairbanks Morse deb 4s
D
105% 108%
108% 112%
1956 J
Federal Light A Tr 1st 5s
1942 IVI
93
88~
93%
93%
90%
87%
90
118%
*117%
*112%
*103%
Genessee River 1st s f 6s
J
1957 J
N Y A Erie RR ext 1st
48—.1947 IVI N
Ernesto Breda 7s
91%
105%
106%
93%
118%
65
292
"35
"40
77%
94
105%
100%
74%
95%
95%
75
74
'221
312
2
118%
94
70
92
69%
91%
116%
119
116% 119%
111
112%
103
104%
Chicago Union StationGuaranteed g 5s
Guaranteed 4s
1944 J
1944 J
J
106
J
J
112%
1963 J
J
109
4s.._1952 J
J
105
1st mtge 4s Berles D
1st mtg 3Ha aer E
Chic A West Indiana
1st A ref M
con
1—1903
4%s._
Chllds Co deb 5s
Chile Copper Co deb 5s
{♦Choc Okla A Gulf
cons
d
..1962 m s
I~~1943
II1947
5s_I_1952
CIn H A D 2d gold
4%s
1937
Cln Leb A Nor 1st con
gu 4a
1942
Cln Union Term 1st gu 5s ser
C.1957
1st mtge guar 3 Hs series D..1971
Clearfield A Mah 1st gu 4s
lmpt 08
ser C
Ref A lmpt 5s ser D
Ref A lmpt 4Hs ser E
Cairo Dlv let gold 4s
a
o
86%
85%
J
101%
101%
ivi N
J
ivi N
ivi N
J
104%
103%
96%
1977 J
J
105%
M n
J
J
A
1942 A
O
1942 J
"Il6%
O
J
Series B 3 Hs guar
Series A 4Hs guar
Series C 3Hs guar
1st s f 4Hb series C
95
99% 105%
184
102% 104%
86%
102
56
30
73
86%
100% 103%
110
107
35
109
47
f
53
14
105
17
119
....
105%
103%
19
96%
98%
106
218
105%
107%
110%
103
108%
109% 113
100
107%
104
101%
103
105%
107%
110%
105
90% 105
111% 119
103% 105%
89
103%
78%
98%
105
100%
93% 102
90
104
104%
104
100% 105%
101% 107%
108% 111%
111% 112%
111% 113
110% 110%
*105
i06"
160""
♦110
113
113
112%
5s International
series
1942 IVI
s f 5s
stamped
...1942 IVI
1st lien 68
stamped
1942 IVI
30-year deb 6s series B_.;
1954 J
Flat deb s f g 7s
1946
{♦Fla Cent A Penln 5s
1943
1st lien
♦1st A ref 5s series A
♦Certificates
111%
107%
111
112%
111%
107%
109
1977
104%
104%
104%
105% 112%
105% 112
100% 109%
95
105
of
1974 M
(Amended) 1st
cons
J
102"
103%
103%
*102%
D
103%
81%
*7.5
65
2-4s
S
1941
Gas A El of Berg Co cons
g 5s__1949 J
Gen Amer Investors deb 5a
A..1952 F
Gen Cable 1st a f
5%s A
1947 J
♦Gen Elec
(Germany) 7a Jan 15 1945 J
♦Sinking fund deb 0%s
1940 J
f deb 6a
1949
{♦Ga A Ala Ry 1st cons 6s
1945
(**Ga Caro A Nor lat ext 0S..1934
65
80
80
5
80
"15%
15%
16%
50%
7%
14%
16
396
88
17
7
16%
9%
5
*4%
*106%
*104%
107%
8
11
5
4
5
3%
6%
6%
105
107
106%
105
106%
110%
82
107%
83%
106
83%
35%
86
82
83%
79
83%
75%
97
O
A
J
102
105%
40%
J
102
104%
101% 104%
101
100%
105%
40
29
40
40
30
40%
30%
37%
4C%
39
103
"92%
103
102
104
91%
28%
93%
70
98
29%
12
29%
*31%
29
J
__
*121%
101%
*37%
D
J
100
38%
J
J
107%
*97%
D
♦Good Hope Steel A Ir see
O
7s.. 1945
Goodrich (B F) Co lat
J
0%a_.. 1947
Conv deb 6s
D
1945
Goodyear Tire A Rub lat 5a_.11957 M N
Gotham Silk Hosiery deb 5a w
IVI
8
34%
20
32
*32
36%
108
108
108%
21
107% 108%
105
105
28
104
106%
103%
102%
103%
105%
104%
30
36
37
103
106
102%
103
47
98
103
1940 F
A
158
165
32
56
1942 J
D
*100
..1941 J
J
111
wl940
4%s
87%
52%
D
1948 IVI N
Gen Pub Serv deb
5%a..
1939 J
Gen Steel Cast
5%a with warr.
g
104
1
82
Galv Houa A Hend 1st
5%a A..1938 A
f 6a
95
60%
65
i~~3
1961 J
deposit
a
101%
97% 103%
101% 104%
65
D
Framerican Ind Dev
j
20-yr 7 %a 1942 j
{♦Francisco Sug 1st s f 7%s...1942 IVI N
a
103%
1982
5%s
of
74
104
98
1952
Fort St U D Co 1st
g 4 %a
Ft W A Den C
lstg
♦Certificates
101%
99
102
103%
({♦Proof of claim filed by owner M N
♦Certificates of deposit..
Gouv A Oawegatchle 1st 5s
Gr R A1 ext 1st
gu
104
*101%
8
J
42%
102
({♦Proof of claim filed by owner. M N
{{♦Gould Coupler lat
For footnotes see page 2643.
8
8
103%
102
8
deposit
Fonda% Johns A Glov
4%s
104
64%
15%
{♦Florida East Coast 1st 4 %8—1959 J
*20-year
1973
1972
107
106
*112%
*104%
*112%
*107%
*106%
1948 M n
Cleve Union Term gu 5Hs
lat s f 6s series B guar
87
105%
104%
105%
103%
*105%
*101%
102%
*105%
1940 M s
Series D 3 Ha guar
1950 A
Gen 4Hs ser A
1977
Gen A ref mtg 4 Hs ser B
1981
Cleve Short Line 1st gu 4%s—1961
104%
*108
1953 J
J
6
109
100
*108%
109%
109%
106%
*105%
1941 J
W W Val Dlv 1st g 4s
1940
Cleve-Cllffa Iron 1st mtge
4%s.l950
Cleve Elec Ilium 1st M
3%s_._1965
Cleve A Pgh gen gu 4Hs Ber B.1942
78
J
m n
1943 J
5
42
1939 J
Cln Wabash A M Dlv lat 4s.1991 J
St L Dlv 1st coll tr g 4a
1990 M n
Spr A Col Dlv 1st g 4a
108%
104%
103%
J
Cleve Cln Chi A St L gen 4a...1993 J
General 5s serial B
1993 J
Ref A
103%
105^32 105%
106
106%
112
112%
*60
165
100
in"
104%
108
111
Volume
New York Bond Record—Continued—Page 4
143
Friday
Last
BONDS
Week Ended Oct. 23
Rid
&
Asked
D
95
90
J
J
iiiji
114%
2
94%
A
70
114%
30
FOR BANKS AND DEALERS
99
88%
81%
94%
107% 115
94
93
IN BONDS
BROKERS
High
Low
95%
1944
1950
95 %
Jan. 1
97
*95
Great Northern 4%s series A..1961
General 5%s series B
1952
1st A gen s f 6 %s
$3
High
Low
1947
Since
Friday's
Price
Grays Point Term 1st gu 5s
Gt Cons El Pow (Japan) 7s
Range
Range or
Sale
N. Y. STOCK EXCHANGE
2641
Week's
J
116
115%
116
52
107% 116
1973
J
112
25
1976
J
106
111%
105%
112%
General 4 %s series D
106%
27
103% 112%
96% 106%
General 4 %s series E
Gen mtge 4s ser G
1977
J
104 %
104%
105
70
96% 105%
1946
J
121H
121
124%
243
Gen mtge 4s ser H
1946
J
108
107%
108%
231
109% 124%
99% 108%
75%
75%
1
11%
12%
12
General 6s series C
Feb
♦Green Bay & West deb ctfs A
"12 H
Feb
♦Debentures ctfs B
O
Gulf & S I 1st ref A ter 5s Feb 1952
11
90
102
50
102%
36
101%
*84
Hackensack Water 1st 4s
1952
♦Harpen Mining 6s
1949
J
Hocking Val 1st cons g 4 %s
♦Hoe (R) A Co 1st mtge..
{♦Housatonlc Ry consg5s
H A T C 1st g 5s lnt guar
J
1999
1944 A O
M N
1937
J
1937 J
Houston Belt A Term 1st 6s
1937 J
107%
122 %
84
Range or
Sale
Friday's
Hudson Coal 1st s f 6s ser A—.1962
122%
116
31%
74%
86
102%
2
89
102%
102%
17
60%
2C7
103%
100%
38%
61%
119% 124
57 %
123 H
123%
A
81H
81%
83
123
72%
89%
35
34%
36
115
26%
39%
55
123%
7
cons g
cons
4%s._
General
cons
108%
O
101%
*104%
102% 102%
Collateral trust gold 4s
1952 A
Refunding 4s
1955 M N
95
94
94
95%
87
88%
104%
1955 M N
Aug 1 1966 F
93%
89%
A
104%
83
83%
*106
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s—1951
Loulsv Dlv A Term g 3 Ha
1953
*97
102%
105
87%
69
164
89%
79%
81%
*90%
93%
O
J
1952 J
1953 M N
89%
47
69%
90%
104%
173
68%
85%
109
96
15
90
89%
90%
105%
86
64%
108
5s
98
91% 102%
102%
87
72%
87
91%
75
91%
96%
82
96%
100% 101
*101
1951
1951
99%
166'
87
100
111 Cent and Chic StLANO-
Jolnt 1st ref 5s series A
1st A ref 4 Ha series C
87
..1963
{♦Ind A Louisville 1st
4s
104
104
89%
48
105
105%
t Interboro Rap Tran 1st 5s...1966
97%
96%
98
95%
94
O
7% notes
1932
♦Certificates of deposit...
conv
S
1942...
deb 4s. .1945 M N
J
{♦Int-Grt Nor 1st 6s ser A
1952 J
conv
p m
deb 5s
1951 f
Louisville A Nashville 5s
Unified gold 4s
1st A ref 4 %s series C
1st A ref 4s ser D
3%s ser E
Paducah A Mem Dlv 4s
St Louis Dlv 2d gold 3s
McCrory Stores Corp
s
McKesson A Robblnsdeb 5%s.l950 M
Maine Central RR 4s ser A
1945 J
Gen mtge 4%s ser A
1960 J
{{♦Manatl Sugar 1st
7 %s
s f
40
96% 102%
162%
168%
250
37%
115% 168%
34
47%
9
14%
32% 46%
IVI
N
1941
101%
"77%
99%
76%
F
J
J
A
82
3%
{♦Iowa Central Ry 1st A ref 4s. 1951 M
45
294
36%
73%
29
65%
79%
48
90% 102
10
101%
Jones A Laughlln Steel
4%s A. .1961 M
1990 A
{♦K C Ft S A M Ry ref g 48—1936 A
♦Certificates of deposit
A
Kan City Sou 1st gold 3s
1950 A
Ref A lmpt 5s
Apr 1950 J
Kansas QJty Term 1st 4s
1960
Kan A M 1st gu g 4s
D
8
75%
98%
80
96%
88% 101%
o
warr
1954 J
1954 J
First and ref 6%s_.
Kinney (G R) A Co 7 % % notes 1936 J
Kresge Foundation coll tr 4s. .1945 J
_•
D
2013 j
1953 ivi
s f
6s
Mfrs Tr Co ctfs of partic In
A I Namm A Son 1st 6s
1943
Marion Steam Shovel
1947
1
O
f 6s
98%
4%
99%
65
103%
105
90
107
3
4%
84%
99%
102% 105
102
61
62%
92
59
26
37%
107
Metrop Ed 1st 4%s ser D
.1968 ivi
Metrop Wat Sew A D 5%s
1950 a o
{{♦Met West Side El (Chic) 4s. 1938 F a
Coll tr 6s series B
Lake Sh A Mich So g 3%s
1937 J
1941 J
1997 J
♦Lautaro Nitrate Co Ltd 6s
5s
Michigan Central Detroit A Bay
City Air Line 4s
1940 j
3%s
Ref A lmpt 4%s series C
107
102% 106%
109%
35%
35%
35
39
32%
32%
32
96%
1979
1940 a
j
1954
1954
Lehigh A New Eng RR 4s A... 1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st Arefsf fie 1944
%s ser C
15
1st A ref 8 f 58
•
1954 F
1st A ref s f 5s
1964 F
1st A ref s f 5s
....1974 F
Secured 6% gold notes
Leh Val Harbor Term gu 5e
1938 J
1954 F
footnotes
see
page
2643.
106%
93
38%
93%
104%
104
104%
104%
104%
{{♦MilwANorlst ext4%s(l»80)1934 j
D
1st mtge fis
.......1971
1st ext 4 Ha
*80
91
1939
*83%
40
*59
12
13%
3
29%
1%
23
2%
142
32%
8
29
38
52
10
23%
39
1949 ivi
31
31%
5
93%
94
3
18%
81%
94
83
83
"54
36
262
70
50%
96%
118
22
59%
49%
79
41
62%
83
226
30%
27%
74%
26%
43#
89
102
1st Chicago Term s f 4s
1941 M n
105%
98
105%
{♦Mo-Ill RR 1st 5s series A
107%
102
107%
Mo Kan A Tex 1st gold 4s
1990 j
Mo-K-T RR pr lien 5s ser A...1962 j
94%
89%
40-year 4s series B._
1962 j
Prior lien 4 %s series D
1978 j
103% 108%
112% 116%
119
118
112
52
122
99% 104
104% 113%
♦Cum adjust 5s ser A
46%
48
235
101%
102
82
73%
74%
72
1959
46
♦General 4s
1905
73%
74
61
*72
*69
100%
14
71
77
105%
"23
30
31%
190
21
30
4
31
104%
35%
32%
43%
74%
45%
43%
43%
45%
44
44
13
14%
43%
45%
132
...1978 M
M N
"l3"
o
43%
1981
♦1st A ref 5s series I
"43"
{♦Mobile A Ohio gen gold 4s... 1938
26%
27%
95%
61
85%
90%
110%
13
105% 111
106% 108
107% 108%
103% 105%
102% 1^4%
106% 108%
97% 104%
104% 105%
Monongahela Ry 1st M 4s ser A'00
81
74%
37
53%
73
99
103
99
103%
2
42
98
74%
100
82% 104
110%
Monongahela West Penn Pub Serv
1st mtge 4%s
6s debentures
Mont Cent 1st gu 6s
1st guar
gold 5s
Montana Power 1st fis A
Deb 6s series A
43%
95
105%
74%
46
100
38"
105%
101%
82
9%
105%
54%
27
9
95%
60
27
7
43%
"14%
1938
97
45%
16
Mohawk A Malone 1st gu g 4s. 1991
13
14%
27%
20%
45%
15
104%
74%
44
7%
17
105
81
26%
25%
25%
98
100
3
38
98
73%
114
247
36%
23%
23%
23
80
43%
23%
38
*98%
17%
46
20%
27%
1977
♦Montgomery Dlv 1st g fis.. 1947
104%
95
45%
97
105
57
91%
27
23
"45% '287
43
31%
10%
99%
103%
1
"43"'
42%
♦Certificates of deposit...
♦Mo Pac 3d 7s ext at 4% July..1938
104%
23
355
43
104%
103%
95
45%
41%
23%
93
'354
41%
♦Certificates of deposit
♦Sec 5% notes
43%
17%
43%
♦Certificates of deposit
♦Ref A lmpt 4%s
165
1977 M
♦1st A ref 5s series F
1980 a
100% 104%
99% 105%
71
43%
16%
43%
♦1st A ref g 5s series H
100% 104
83
"l"6%
1949
67%
75
100%
*104%
81%
...1975 M
♦1st A ref 5s series G
87
96%
91%
78%
94%
*
♦Conv gold 5%s
64%
89%
77%
82
f
66
65
74
"49
77%
Jan 1967 a
{♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit
*94
j
42% 48%
98% 102%
80%
80%
5
70
102%
116
7%
34
1978 J
107%
39
13%
33%
1st ref 5%s series B
163
79
5
44
115
155
49%
33%
1946
103% 103%
"25
88
32
70
67
13%
95
60%
30
37
"43"
1938
1st A ref 6s series A
103% 106%
71%
27
32
1st cons 58 gu as to lnt
163
42%
41%
32
103%
91
85
46%
42%
M St P A S3 M con g 48 lnt gu.1938
1st cons 5s
1938
104%
103%
101% 100
90
3%
38
94
67%
97%
101% 105%
-
4%
5
♦Ref A ext 50-yr 5s ser A....1902 Q
97
102
90
104%
107
111%
*103%
2
3
J
114%
111%
74
14%
o
1960
.1965
.'.1937
1937
1943
1962 J j
Montecatlnl Min A Agrlc deb 7s
For
104%
104%
J
A
A
100% 105
11
18%
3%
1%
3
103%
24
93%
3
23%
25-year 5%s
103%
J
J
A O
M
F A
110%
105
D
.1961
92
30
Lehigh C ANavsf 4%sA
108
j
Mid of N J 1st ext 58
22
97
102%
"30%
5
43
102%
♦Certificates of deposit
Cons sink fund 4
j
r
{♦Minn A St Louis 5s ctfs.....1934 M n
♦1st A refunding gold 4s
1949 ivi
*118
D
106%
108%
14%
j
99%
116
100%
103
102
108%
*1%
67
11
D
1954 J
gold
100
23
♦4s (Sept 1914 coupon)
1977 M
♦Mlag Mill Mach 1st s f 7s.... 1956 j D
74%
40
*159%
107%
107%
1942 F
2d
3
105%
1977 M
♦Mex Internal 1st 4s asstd
6
98
102%
104%
108%
Con ext 4%s
...1939
{♦Mil Spar A N W 1st gu 4s...1947 ivi
{♦Mllw A State Line 1st 3%s..l941 j
35
*104%
47%
97
37
95% 100
98%
78%
102%
105%
114%
*101%
"74%
4
97
1945 ivi N
63
59
91%
40%
45
*40
103%
98
89%
34%
11
90%
61
37
97%
j
s
74
81
D
Market St Ry 7s ser A...April 1940 q
Mead Corp 1st 6s with warr
2
96
36%
37
50%
100
91
*71%
1959 ivi N
68
34%
1%
103%
1960 F
1942 F
Lake Erie A West 1st g 5s
96
37
*94
71%
103%
..
Coll tr 6s series A
Coll A ref 5%s series D
*31
1939 ivi N
♦2d 4s
♦Certificates of deposit
1959
53%
62
3_%_
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
22
56
.
104% 109%
98% 107
108%
Laclede Gas Light ref A ext 5s_1939 A
Coll A ref 6 %s series C
1953 F
58%
106%
94%
J
A
J
J
135
106%
105%
Kings Co Lighting lBt 5s
61%
95
107%
Kings County Elev 1st g 4s...1949 F
59%
55%
180
67
J
66%
71%
59%
82
98%
108%
103%
O
O
O
62%
102% 104%
J
1961 J
.1937 A
67
22
60
108%
*35%
..1997 A
86
23
60%
57
104%
J
Purchase money 6s
76
99
60
108%
1961 J
4%s unguaranteed
99% 103%
62%
60%
*99
96%
108%
J
102% 104%
53
124
86
1952 ivi n
96%
103%
47
104%
102%
84%
1951 M
J
Kings Countjr El L A P 5s
102
85%
1st gold
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4%s_..1961 J
Stamped
1961 J
Plain
104
102
103% 105
Jack Lans A Sug 3%s
J
32%
104%
*>
105
99%
219
"97
99
88
41
91%
90%
1946 IVI 8
...1948 M S
108% 114%
97
68
81% 100%
89%
(par $925).. 1943
94%
100%
86
79%
"96"
stmp (par $925).. 1943
Keith (B F) Corp 1st 6s
Kendall Co 5%s
66
100%
114%
169
57%
"35%
81
111% 114
365
o
♦Karetadt (Rudolph) 1st 6s
1943 M N
♦Ctfs w w stmp (par $645).. 1943
w
"ei"
o
109%
105
"94%
79%
100
106%
104
O
101% 104%
96% 97%
90%
D
Kansas Gas A Electric 4%s__.1980
w
99%
113%
N
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 4s. 1990 a
♦Certificates of deposit-
Mllw El Ry A Lt 1st 5s B
James Frank A Clear 1st 4S-..1959 J
63
80%
90
1955 F
Debenture 5s
33
127
107% 111%
103% 110%
87%
A
J
1947
4%s..l952
96%
101%
1939 J
1st lien A ref 6%s
96
96
N
6% g notes
101%
94%
96
1955
97%
100
104%
D
1942 a O
100%
1947
lnt Rys Cent Amer 1st 5s B...1972 IVI
107% 109%
39
113%
{♦Man G B A N W 1st 3%s...l941 j
Internat Paper 5s ser A A B
Ref s f 6s series A
"l5
ToT%
98%
73
108
102%
f deb 6sl951 M N
86%
72%
100%
109%
100
J
133%
102% 105%
"27
*90%
39
72%
100%
107% HI %
A
98
1941
3
104
*113%
1955 IVI N
97%
99%
lnt Merc Marine sf6s
113
111%
97
S
♦Lower Austria Hydro El 6%s.l944 F
Manila RR (South Lines) 4s
1st ext 4s
69%
110
*109%
94%
1980 IVI
Mob A Montg 1st g 4 %s
1945 M
South RjP Joint Monon 4s... 1952 J
90%
68%
3
102
97
87%
46
110
*110%
107%
1946 F
9
38
100
109
109
...2003 A
93
37
123
84
111
102
Atl Knoxv A Cln Dlv 4s
118
122
*102%
2003 A
1st A ref
123
122%
2003 A
Manila Elec RR A Lt
37
105%
131
110
J
1940 J
2003 A
1st A ref 5s series B
97
60
102%
99%
5
99%
1937 M N
60%
174
98
12
.
90
258
103% 105%
101
105%
100
123
Louisiana A Ark 1st 5s ser A—.1969 J
Louisville Gas A El (Ky) 5s... 1952 M n
Louis A Jeff Bdge Co gu 5 4s.
1945 M S
45%
68%
♦Ctfs with
132%
85
1944
♦Ctfs
132%
22
14%
17
132%
95
38
5
O
a
J
50%
39%
1
101%
1944 A
Lorillard (P) Co deb 7s
6s
94
13%
"I
104"
105%
101%
105%
111
96
105%
105
137
45%
104% 106
104
101%
89
108
10
67
105
65%
37
40
103% 1G9
125%
~41
"99%
99
8
48
13%
121% 127
1949 M
Guar ref gold 4s
72
Internat Hydro El deb 6s.
lnt Telep A Teleg deb g
Conv deb 4%s._
20-year
54
37
131
37
*105%
95%
37%
21
125%
99~"
S
1937 M N
87%
.....1956
♦1st g 5s series C
1st coll trust
103% 107
1956
A..July 1952
ser
♦1st 5s series B
135%
125
1949 M
51%
165
134%
*108%
O
D
1938 J
34
M N
115
1950 a
Long Dock Co 3%s ext to
Long Island gen gold 4s
Unified gold 4s
95%
95
5
65%
91%
M
125%
d
98
O
28
A
89%
1951 IVI N
Interlake Iron 1st 5s B
♦Adjustment 6s
49%
108%
104
21%
26
100
1946 F
1952 J
214
♦Certificates of deposit
Internet Cement
105%
89
109
125%
A
98
85%
134%
a
1962 M n
Hioh
81% 103
33%
75%
34
81%
378
108%
125%
86%
Liggett A Myers Tobacco 7s...1944 A
5s
..1951 F
ser
Low
37
75%
81%
76
77
109
Little Miami gen 4s series A
Loews Inc s f deb 3%s
High
103
71
O
O
48%
1932 A
§♦10-year 6s
lnt Agrlc Corp 5s stamped
105
102%
105%
♦Certificates of deposit
Since
Jan. 1
105
99% 104%
*104
B__ 1986
1961
{♦10-year
90%
106% 108%
104%
49%
105%
95%
71%
67%
107%
46%
1965
Ref A Imp mtge 3%s ser
Inland 8teel 3%s series D
86
105%
1956
Ind Union Ry 5s series B
95%
*104%
1950
gu
87
107%
Illinois Steel deb 4 Ha
1940
Ind Bloom A West 1st ext 4S..1940
Ind 111 A Iowa 1st g 4s
92
92%
1963
Range
Asked
102%
72
A
a
.
103% 106%
87
94%
89%
95%
Bt Louis Dlv A Term g 3s...1951
Gold 3%s
1951
dk
95
87
1951
Springfield Dlv 1st g 3%s
Western Lines 1st g 4s..
108%
104
105% 112
1951 A O
1951 M
Omaha Dlv 1st gold 3s
42
*103
Extended 1st gold 3%s
1st gold 3s sterling
Refunding 6s
40-year 4^8
108%
*110
J
1951 J
Purchased lines 3 %s
108%
J
1st gold 3 Ha
4s
Leh Val Term Ry 1st gug 5s...1941
Lex A East 1st 50-yr 5s gu
.1965
Lombard Elec 7s
Illinois Bell Telep 3 Ha ser B...1970 A
Illinois Central 1st gold 4s
1951 J
Id
102%
1940 J
J
2003 M N
...2003 M N
2003 M N
lstgug4%s
General
D
♦Adjustment income 5s-Feb 1957 A O
Price
Low
Leh Val N Y
Lehigh Val (Pa)
102% 105
102% 105%
102%
102 H
37%
124%
44%
64%
84
80%
*72%
*102%
1949 M N
1957 F
Collateral trust gold 4s
~
107% 110%
121%
J
IVI N
A
Week's
Last
82%
104%
107%
*30
A-.1940
ser
69
102%
J
Hud A Manhat 1st 5s
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 23
'
102 %
D
1942
Hudson Co Gas 1st g 5s
A. T. A T. Tele. N. Y. 1-1598
105%
101
*84
J
Stamped
Houston Oil sink fund 5%s
NEW YORK
St.
Telephone Whitehall 4-2900
81% 102
77%
75%
J
Gulf States Steel deb 5Ha
Wall
106% 109
105%
101%
O
1950
1st mtge 5s series C
14%
7%
104%
1950
Gulf Mob A Nor 1st 5%s B
109
109
..1940 M N
Greenbrier Ry lBt gu 4s
Members New York Stock Exchange
63
75%
60
5
D. H. SlLBERBERG & Co.
'37'J
107%
107%
107%
05
108
108
108%
103%
35
103%
102%
102%
"102%
9
5
106%
106%
107
24
103%
103
103%
95%
29
95%
31
60%
97
New York Bond Record—Continued—Page 5
2642
Friday
'
N.
BONDS
Last
EXCHANGE
8TOCK
Y
Friday
Range or
Sale
Week Ended Oct. 23
Range
Friday's
Bid
Price
dc
Montreal Tram 1st A ref 6s...-1941 J
2
Asked
Low
Hioh
103%
s
♦86%
No
86%
s
f 5s series A
1966 A
f 6s series B—.1955 A
ref s f 4 %s series C..1955 A
IjOw
Morris A To 1st
1939 J
t 4%s
n
J
2000
Morris A Essex 1st gu 3%s
---1956 M N
C'onetr M 6s series A
Coristr M 4%9 series
M N
1955
5s.„1947
5%--1941
(A I) A Son—See Mfrs Tr—
B
Mutual Fuel Gas lsr gu g
M N
Mut Un Tel gtd C ext at
M N
Narnm
1978
Nash Flo A 8 1st gu g 5s
F
F
Nat Acme 1st s f 6s
Nat Dairy Prod deb 3%s w
J
J
D
IVI N
w.,1951
Nat Distillers Prod deb 4 %s...1945 M N
Nat Ry of Mex pr lien 4%s
1957
♦4%s Ja« 1914 coup on.----1967
♦4%s July 1914 coup on
1957
♦4%s July 1914 coup off
1957
♦Assent
-■r
116%
111%
97
*102%
-
67
67
♦Assert
♦4s
warr
A rets No. 4 on.1926 J
*2%
♦2%
*3%
J
Nat Steel let coll
8
1965 J
f 4s
Newark ( onsol Gas
4s
g
D
IVI N
1954
6s.... 1948 J
cons
106%
D
J
D
58-..1946
guar
~28
10
118
33
N J Junction RR guar 1st 4s_.. 1986
F
A
N J Pow A Light 1st 4 MB
I960
New Or! Great Nor 6s A__i.__.1983
First A ref 5s series B
n-c
1955
107%
67%
*121%
67%
43%
1954
♦Certfleates of deposit
1956 F
♦
1st
♦
i«t
6s series C
5%h "eries A
O
A
51%
106%
92%
106%
81%
99%
99%
83%
100
99%
N Y Cent RR conv 6s
1944 MN
1998 F
A
1946
O
2013
Ref A lmpt 6s series C
2013
N Y Cent A Hud River M 3Ha. 1997
O
Cunsol 48 series A
A
O
J
1942
J
Ref A lmpt 4Mb ser A
2013
o
Lake Shore coll gold 3%s
1998
A
Mich ( ent coll gold 3%s_.__1998
117%
101%
102%
93%
99%
102%
107%
A
...
93%
96%
"4%
O
1974
o
104
Ref
1978 M
S
93
4Mb series C
3-year 6s
Oct 1 1938 A
N Y Connect 1st gu 4 Mb A.—1953
lstguai 6s series B
N Y Dock 1st gold 4s
O
100%
44
53%
55
*54%
51%
63
56%
67%
77
1
63
117
123
101%
102
102
102%
94%
93%
99%
102%
107%
101
102%
107%
93%
96
96%
95%
97
96
102%
103%
93%
105%
100
100%
107%
106
63%
1938
notes
59%
N Y Edison 3 %8Ber D
-----1966
N Y A Erie—See Erie RR.
103
N Y Gas El Lt H A Pow g 6s_.1948 J
Purchase money gold 4s
1949 F
95%
D
A
126%
116%
59%
103
125%
116%
61%
126%
116%
1946 IVI N
100
14
105% 108%
1973 IVI N
N Y L E A W Coal A RR 5%s.1942 IVI N
N Y L E A W Dock A Impt 68.1943 J
102%
102%
107%
*103%
25
75
94%
52
84
49
88% 100
S
{♦N Y A N Eng (Bost Term) 4b 1939
{♦N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3%s._1947
♦Non-conv debenture 3%&..1954
A
89
80%
16
24%
99%
44%
32%
55
18
"34%
s
33
o
33
J
1956 J
1948 J
1940 A
O
♦1st A ref 4 Mb ser of 1927..1967 J
J
D
♦Harlem R A Pt Ches 1st 4a.1954 IVI N
June 1992 M S
1955 J
D
{♦N Y Providence A Boston 4s. 1942
A
O
N Y A Putnam 1st
A
gu
4s...1993
N Y Queens El Lt A Pow 3%s.l965 M N
{♦N Y Rys Corp lnc 6s
Jan 1965 Apr
Prior lien 6s series A
1965 J
A Rlchm Gas 1st 6s
N Y Steam 6s series A
5s
5s
1956 MN
1937 J
J
1937 F
1940 F
114
89
102%
97% 102%
74%
299
80% 102%
181
53
98
107%
74%
96%
65
90
98
26
86%
27
119
315
86
13
30
92
49%
44%
3
59
Niagara Share (Mo) deb 5%s..l950 M N
Nord Ry ext sink fund6%s
1950 A O
{{♦Norfolk South 1st A ref 5S..1961 F A
♦Certificates of deposit
{{♦Norfolk A South 1st g 5s.._ 1941 MN
N A W Ry 1st cons g 4s
1996 O A
Pocah C A C joint 4s
D
1941 J
Deb 5 Mb series B
Deb 5s series C
1961
ser A
F
1957 IVI
Aug 15 1963 F
A
S
North Cent gen A ref 58.--—.1974 IVI
Gen A ref 4Mb series A
1974 IVI
b
S
70%
88
105%
42
39
106% 108%
A
O
1941
A
O
1st A ref 6s
ser
B
Ref mtge 4%s ser B
Ref mtge 5s
107%
52%
Ohio Public Service 7%s A..
1st A ref 7s series B
94% 102%
103
25%
24
37
38%
9
114
"31
47
90%
19
46
130
61
103%
1
94%
24
107%
107%
52%
106%
231
*107%
108
107%
107%
88
107%
6
3
108
108%
107%
107%
88
90
*50
108
23%
26%
35%
15%
37%
37%
37%
41
51%
26%
28
40%
84% 101
36
32%
103
82%
56%
49%
103%
95
104% 107%
31%
53%
99% 107
105% 108%
8
108
7
105% 107%
7
83
36
106
111
107%
54
92%
45
87
70%
73
"20
46
73
103%
109%
104
11
100
104
109%
109%
65
89%
15
107%
90
90%
91%
15
107%
*107
103%
108%
17%
16%
5
80
80
96
17%
175
107%
43
103%
107
112
"56
118
1st A ref 4s series G
3%s series B
page 2643.
112%
119%
121%
107%
99%
73
100%
109%
102%
102%
*101%
106%
D
A
J
J
100%
O
104%
25
11
100%
104%
35%
54
....
108%
26
98
103%
"75%
4
101%
38
71
*122
108
1944 J
111%
113%
121
119
123%
23
105
108%
9
6
73
1
96%
*103%
105%
*108%
105%
*111%
*114%
114%
101%
121%
111%
119%
105%
103%
108%
*121%
114%
J
A
...1981
Pennsylvania P A L 1st 4%s.-1981
Pennsylvania RR cons g 4s
1943
Consol gold 48
-1948
J
O
106%
IVI N
IVI N
4s sterl stpd dollar
May 1.1948 IVI
N| 114%
Gen mtge 3%sserC
Consol sinking fund 4%s
1960
aL
1965
Di
1968
D all9az
1970 A
4%s series A...
O
101%
112
O.
.1970
105%
1981
Gen mtge
108%
1984
109
4%s series E
Peop Gas L A C 1st cons 6s... 1943
Refunding gold 5s
1947 M S
4s... 1940 A
April
1990
Peoria A Pekln Un 1st
6%s_.. 1974
Pere Marquette 1st ser A
5s.—1956
1st 4s series B._
-.—-1956
1st g 4%s series C
1980
Phila Bait A Wash 1st
g 4s
1943
General 6s series B
1974
J
J
J
J
IVI
S
M N
93
105% 107
5
102%
....
100%
104%
16
55
—
201
47
38
2
77
116
122%
....
90
4
108
....
Pitts C C A St L 4 %s A
Series B 4%s guar..—
S
J
27%
24%
1949 F
1953 J
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
F
A
123
1963
F
1964 IVI N
1970 J D
1975 A O
4%s
General M 5s series A
General mtge 5s series B
General 4%s series C
Pitts Va A Char 1st 4s guar
Pitts A W Va 1st 4%s ser A
1958 J
D
1958 A
4%s series B_„
1st M 4%s series C
A
1st 4s ser A
105% 107%
107
102% 107%
101% 105%
90%
99
105%
103% 107%
108%
108%
105% 107%
111 % 115%
100% 102%
118% 123
43
109
27
115% 121%
106
140
114
99% 106
109%
88
109%
105% 111%
28
105% 111 %
115% 121 %
115%
97%
43
17%
31
25
106% 115%
76
9
98%
19%
106%
102
89
100
102%
28
112%
89
112%
5
111
103%
113%
29
100
74
130
106%
103%
47
49
27%
28%
23%
27%
107%
106%
80
111%
—
-
•
120
128%
113
10
108
4
68
118
110
115%
103% 107
105
109
103% 108%
37
55
77
15%
32%
96
23%
34
103
6
105% 109
5
70
7
111
112%
111
114
111
113%
114%
114%
108% 112%
98% 106%
114
85
110
112%
105% 106%
111
114%
1
*114
111
109
114%
108% 108%
122%
122%
122%
1
115
121%
17
115
120%
107%
122
15
116
122
108
8
107
110
*111
1
_
"95%
115% 122%
118
122%
122
109% HO
22
73
96
95
95
1
75
96
93%
95%
1948
95
29
74
95%
110
111%
95%
*111%
1962
82
102%
104% 106%
122%
O
5s series B
77
122%
O
1960
49%
119% 122%
115
J
...1977 J
1943 M N
1st M
42
37
*111
A
32%
120%
*114
114%
99%
102% 151%
111% 115%
1
252
*112%
104%
D
1957 M N
1960
83
59%
U2%
111%
*112%
A
65%
111%
105%
99%
80
O
55
110% 113%
114%
101%
106%
107%
103%
1942 A O
1942 M N
1945 M N
guar
104
115%
115"
47%
61%
105
10
....
106%
1940 A
Series D 4s guar
Series E 3%s guar gold
Series F 4s guar gold
69
106%
115
Plllsbury Flour Mills 20-yr 6s._1943 A O
Pirelli Co (Italy) conv 7s
1952 IVI N
Pitta Y A Ash
99
105%
J
103%
108%
36%
34%
104
78
105
D
J
102
101
108
J
Phila A Reading C A I ref
5S..1973 J
Conv deb 6s
1949 IVI
Philippine Ry 1st s f 4s
1937 J
102%
60
-
106%
99%
93
100% 104%
102% 104%
105
29
*177
1981
74
100% 104%
106% 110%
*127
5s series A
cons guar
99%
55
46
62
A
F
D
1967 J
Phila Elec Co 1st A ref 4
%S—. 1967 M N
1st A ref 4s
1971 F A
Series J
105%
102
16
100% 104
110%
106%
102%
1977 J
General g 4%s series C
General 4 %8 series D
4%s
96%
O
Apr'""l~6%
F A
98% 103%
101
165"
99
115
109
118
108%
Penn-Dlxle Cement 1st 6s A.-.1941 M S
Penn Glass Sand 1st M
4%s
1960 J D
Pa Ohio A Det 1st A ref 4
%s A. 1977 A O
113%
101% 103%
111% 115%
1
*107%
*107%
*106%
-
1952 M N
113%
111
11
7
104%
Series C
24
39%
109% 109%
104% 106%
15
65%
99%
106%
105
sec
"99% 103"
121%
107%
100%
102%
135
A
Phlla Co
104% 107%
107% 109
120
*102%
F
1963 F
114%
114%
112%
39
*80
8
1942 J
28-year 4s
....
38%
_
1937 M S
1941
4
102
38
98
1944 A
cons
108
106
il2~
112
—
"39"
65
1942 M
Guar 3%s coll trust ser B
Guar 3%s trust ctfs C
Guar 3 %s trust ctfs D
Guar 4s ser E trust ctfs
Peoria A Eastern 1st
♦Income 4s
99% 109%
103
104% 107
37%
5s.-1949 M
4%s series B
104% 112%
74%
85%
108
J
D
1968 M
♦Paulista Ry 1st ref s f 7s
Penn Co gu 3%s coll tr A
1974
1977
107
80
12%
12%
155
22%
21%
63%
120
Port Arthur Can A Dk 6s A...1953
1st mtge 6s series B
1953
Port Gen Elec 1st 4%s ser C..1960 M
1st 58
1 935 extended to
10
51
76
115
105%
14
105
105%
103%
81
103%
105% 107%
103% 107%
102% 105%
103%
104
11
{♦Providence Sec
122
Porto Riean Am Tob
conv
101%
107
{♦Providence Term 1st 4s
1956 IVI
105
"
78%
"81%
15
40%
122%
312
16
104% 101%
92%
127%
Pure OH Co s f 4%s w w
1950 J
J
4%s without
Purity Bakeries
1950 J
J
1948 J
J
J
D
*83
'115%
115
"98%
104%
98%
D
1941 J
*104%
73%
108%
*12%
s
120
f deb 5s
"77%
92%
10
s
"~23
37%
121%
104%
guar deb 4s—1957 IVI N
warrants
105
119% 120
"104%
1953
73
112% 115
5
79% 104%
66%
80%
104% 108
64%
82%
27%
419*
"74"
J
6S..1942
{♦Postal Teleg A Cable roll 5s
120
38%
S
Potomac Elec Pow 1st M 3%s 1966
{{♦Pressed Steel Car conv g 5s. 1933
Pressed Steel Car deb 5s
1951
103% 106
ToIK
120
*103%
104%
"79"
J
1950
62%
121%
105%
{♦Debenture gold 6s
see
106%
*105%
1955
1st M s f g 3s loan ctfs
1st 4%s series D
35
♦118%
165"
26
100%
109%
J
s f g 4%s.-.1955 J
I {♦Pan-Am Pet Co (Cal) conv 6s '40 J
♦Certificates of deposit
Paramount Broadway Corp—
1st gen 5s series C
19%
105%
127%
109%
162"
34%
102%
D
Paducab A 111 1st
1st gen
18%
104%
99%
D
.1966 A
105% 108
96% 104
17%
127%
121%
107%
8
1st A ref mtge 3%s ser H.__1961 J
Pac RR of Mo 1st ext
g 4s
1938 F
♦2d extended gold 5s
1938 J
Pacific Tel A Tel 1st 5s
1937 J
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk
(65% pd)
For footnotes
J
1964 J
62%
105"
112%
100
2
I
S
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas A El gen A ref 5s A. 1942 J
cons
103%
107
7
71
45
*112%
111%
*101%
114%
J
-1946
Ore-Wash RR A Nav 4s
-1961
Oslo Gas A El Wks extl 5s... -1963 IVI
Otis Steel 1st mtge 6s ser A.. -1941 IVI
Ref mtge
93
99
*109
-1947
12% 22%
105% 107%
16%
14
73
42
85
103%
100
-1946
120%
105%
105%
103%
65
87%
109%
82%
102%
112%
109%
103%
103%
102"
93
10
108
102%
109% 111%
76
■
.
Guar stpd cons 5s
General 5s series B
Debenture g 4%s
107
84
69
*106%
Ohio River RR gen g 5s
-1937
Ontario Power N F 1st g
-1943
Ontario Transmission 1st 6s.. -1945 IVI N
Oregon RR A Nav com g 4s.. -1946 J D
Ore Short Line 1st cons g 5s.. -1946 J
J
General
122% 126%
113% 117
High
64
87%
108
106%
108%
106%
75
13
38
48%
1961 A O
--1964 M N
Ohio Edison 1st mtge 4s..._. -1965 MN
Ohio Indiana A West 5s..Apr 1 1938
77%
101% 103%
Low
10
105%
106%
34%
52
39
89%
106%
*105
Northwestern Teleg 4%s ext-_1944 J
J
Norweg Hydro-El Nit 5%s.--1957 M N
59
100% 100%
36%
44
100%
109
25
23
51%
96
100% 103%
104% 105%
105% 107%
107%
21
49%
107
92% 100%
93%
A
Nov 15 1969 M N
82
102
103%
A
{♦N Y Westch A B 1st ser 14%sl946 j"j
Niagara Falls Power 3%s
1966 M S
Nlag Lock A O Pow lst5s A...1955 A O
96%
101% 104%
37%
1946
No Am Edison deb 6s
O
1941
General 4%s series D
102%
33
84
102%
100
107%
"34%
96
21
247
25
1943 IVI N
North Amer Co deb 6s
J
1938 A
Pat A Passaic G A E
16
A
N Y Telep 1st A gen 8 f 4%s.__1939 M N
N Y Trap Rock 1st 6s
D
1946 J
stamped
2047 J
Nor Ry of Calif guar g 5s
Nor States Pow 5s ser A
Parmelee Trans deb 6s
35%
33%
39%
49%
1951 IVI N
mortgage
5s
J
57%
34%
33%
37%
1947 IVI N
mortgage
Terminal 1st gold 6s
J
53
33%
J
1st
2d gold 4%s
J
.2047 J
32%
42
A..1951 IVI N
1st
N Y Susq A West 1st ref 5s
2047 J
2047 J
lmpt 5s series C
Ref A lmpt 5s series D
Ref A
50%
34%
36%
89%
81%
1953 J
33
*47%
109%
F
1955 J
24%
24%
"21"
*82%
103%
81%
101%
112%
112%
103%
108%
*107%
104%
J
2047 Q
Gen lien ry & Id g 3s Jan
Ref A lmpt 4 %s series A
Ref A lmpt 6s series B
{♦Park-Lexington 6%s ctfs
6
O
con
April 1 1935 lncl coupons.. 1946
North Pacific prior lien 4s_.
1997 Q
Paramount Pictures deb 6s
Parts-Orleans RR ext 5%s
33%
J
1957 IVI N
N Y O A W ref g 4s
General 4s
107%
s
1955 J
-
♦Oct 1935 and sub coupons. .1945
as to sale of April 1 "33 to
53
222
No.
Since
Jan. 1
♦Stpd
54%
124
High
83%
*82%
49%
109
Bonds Sold
IjOW
55
656
Asked
Friday's
guar 5s—
♦April 1 1934 & sub coupons. 1945
33%
110
Range
Bid
{Northern Ohio Ry 1st
30
109
1936
Range or
Sale
Price
47%
*27
O
debenture 48--..1956 IVI N
♦Debenture 4s
100
51
79
*106
J
N Y A Long Branch gen 4s_...1941 M
♦Collateral trust 6s
102
45
106
♦Conv debenture 3%s
♦Conv debenture 6s
83%
77%
122
"~6
100
*103
♦Non-conv debenture 4s
103% 107%
61%
77%
120% 123%
126%
119% 123%
"65% "l6
103%
N Y A Harlem gold 3%s
2000 IVI N
N Y Lack A West 4s ser A. —1973 IVI N
4Mb series B
6%
45%
13
115
*108%
1953
1951
5s
"4%
2%
42
82
99
43
102%
1937
Refunding 5 %s series A
N Y Chic A 8t L 1st g 4 s
gu g
6%
24,
Week's
Last
EXCHANGE
4
1945
N Y Greenwood I
2%
"6%
100
94
4%
6%
2%
2%
58
123 %
*111%
J
N A C Bdge gen guar 4%s
Debenture 4s
106
3%
72
61%
126%
123%
*103%
51
■f-Certificates of deposit
10-year 3%s sec s I
Ref A Impt 4 %s series
126%
"54"
A
1956 F
1954 A
1st 4 Mb series D
♦
gold
103
26
123%
97
98
lnc 6s.. 1935
♦1st 6s series B
123 M
"99%
New Orleans Term 1st gu 4s..-1953
{{♦N O Tex A Mex
126%
106%
93%
NOANE 1st refA Impt4%s A.1952
New OrlPub Berv 1st 6s ser A. 1952
General
101% 104%
101% 108%
'2%
106%
*
J
1961 IVI N
1st g 4 Me series B
N. Y
104%
57%
73%
4
3%
*-....
J
onsol guar 4s
1945 J
New England Tel A Tel 5s A---1952 J
{♦New England RR
97%
103
"5%
3%
A rcta No 4 on *61
{♦Naugatuck RR 1st
♦Non-conv
86
3%
O
warr
96%
2%
3%
3%
*2%
*2%
O
1914 coupon off...1961 A
Serial h%
2
prior lien 4%s—
April 1914 coupon on —1951 A
♦Assent
101%
84
96
STOCK
Week Ended Oct. 23
Og A L Cham 1st gu g 4s
J
..1948 J
Ohio Connecting Ry 1st 4s... -1943 M S
3
O
♦4s April
90
109% 116%
108% 111%
*2%
O
RR of Mex
5
*2%
1914 coupon on.-.1977 A
Nat
107%
95%
*3
♦4s April 1914 coupon off..-1977 A
♦Assent warr A rets No 6 on '77
♦4s April
102%
105%
90
88
97%
104%
68%
86%
103ii16105%
83
96
102%
105 M
10
137
116%
111%
106%
105%
"106%
A rets No 4 on '67
warr
83
103%
95
97M
88
84
95%
101%
95
118%
A
1942 J
Nassau Elee gu g 4s stpd
85%
80
94%
101
A
1937
1951
Nash Chatt A St L 4s ser A
100% 104%
83%
87
88
103'"'te
1032'32
95%
101M
Y.
High
83
*
A
1956
BONDS
N.
Jan. 1
*86%
Gen A
6s
Since
§"8
103%
Gen A ref
Gen & ref
Gen A ref s f 6s series D
Oct.
Week's
"75%
104%
92%
160
8
18
90
122%
92%
9
21M
86
79
92%
117%
104%
219
110% 131%
10
102% 105%
99%
50
100%
"92%
80
92%
rl8
91% 103
158
93%
5
63
•
158
93%
Volume
New York Bond Record—Concluded—Page 6
143
2643
Friday
Friday
Week's
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Sale
Friday's
Bid
A
Asked
Price
Week Ended Oct. 23
GeD A ref 4%s series A
Gen & ref 4 %s series B
1997
Gen mtge 4%s series B
107%
153
107%
107%
3
107%
107%
108%
N. Y. STOCK EXCHANGE
Low
36
106 M
107 %
1997
Remington Rand deb 4 %s w w.1956
Rensselaer & Saratoga 6s gu._.i941
Republic Steel ( orp 4 %s aer A.1950
Wo.
102%
108 %
137
101%
BONDS
Since
g
Jan. 1
Week Ended Oct. 23
"U7H
Jan. 1
A
Asked
High
No.
102%
J
D
1st 6s dollar series
1953
D
Tol A Ohio Cent ret & Imp 3%s 1960
Tol St L A W 1st 4s
1950 A O
Tol W V & Ohio 4s ser C
1942 M S
126
106
229
Since
Friday's
Bid
Price
102%
2
100% 103%
31
77%
86%
99% 107%
Low
High
Tokyo Elec Light Co. Ltd—
110
106
Range
Range or
Sale
Low
1937 J
Third Ave RR 1st g 5s
102%
105% 108%
105% 108
183
117 %
99
Last
fe
High
96%
*111
1961
'
jars
Range
Is
High
Lore
102%
Reading Co Jersey Cent coll 4s. 1951
Week's
81
106%
102%
*110%
D
Toronto Ham & Buff 1st g 4s.. 1946 J
Trenton G & El 1st g 5s
1949 rvi s
J
Trl-Cont Corp 5s conv deb A.. 1953 j
95% 100%
80
81
102%
105%
105%
105%
24
106
Revere Cop & Br 1st mtge 4%s.l956
♦Rhelnelbe Union s f 7s
1946
33
♦Rhine-Ruhr Water series 6s.—1953
8
102% 105%
34
27%
28%
21%
♦Rhlne-Westphalla El Pr 7s_—1950
1
24
34
10
23
23
33%
UlJIgawa Elec Power
1945 IVI
8
23%
33%
49
Union Elec Lt A Pr (Mo) 5s... 1957 A
UnE LA P (111) 1st g 5%s A.. 1954 J
O
37
47%
{{♦Union Elev Ry (Chic) 6s... 1945
A
O
._
96% 102%
..
i6l% 106"
33%
5
j.
._
Purch money
1st M
♦Direct mtge 6s
108 H
5 %s '54
codv
2
——1952
.
♦Cons mtge 6s of 1928
1953
♦Cons M 6s of 1930 with warr '55
{{♦Richfield OH of Calif 6s
"84
43 %
1944
123
43 %
♦Certificates of deposit.
Rlchm Term Ry 1st gu 5s
1952
♦Rlma Steel 1st s f 7s.
103
1955
*45
1939
♦Rio Grande West 1st gold 4s__1939
♦1st eon A coll trust 4s A
1949
83 H
83 %
'50 %
{♦Rio Grande June 1st gu 5s
83
49%
35%
102
103%
84%
52
40
76%
37%
"20
United
O
Biscuit of Am deb 5s.. 1950 A
23%
34
13
25%
27
27
10
24%
35
United Drug Co (Del) 5s
U N J RR A Can gen 4s
34%
35%
13
24
43
{{♦United Rys St L 1st
36%
36%
38
81
24%
42%
Saguenay Power Ltd Istm4%sl966
103%
St Jos Ry Lt Ht A Pr 1st 6s...1937
8t Lawr & Adir 1st g 5s
103%
15
102% 104%
107%
103%
"16
103
♦Un Steel Works
110%
100%
1996
♦Sec
105%
8
43
Ba¬ 1948
gu
15
84%
♦Certificates of deposit.
{♦St L Peor 4NW 1st
1955
83%
103
31%
216
29%
31%
30
1950 J
J
—11-
♦Certificates of deposit
♦Con M 4 Ms series A
1978
ivi's
30%
29
♦Ctfs of deposit stamped..
1989 M N
{♦St L SW 1st 4s bond ctfs
♦2d g 4s inc bond ctfs...Nov 1989 J
Guaranteed 5s
con g
27
17%
13
15
31
14%
13%
30%
29%
97%
50
75
39%
68%
55%
~~5
55
84
28%
*26
22%
112
.1966 IVI
1939 M N
1939 F A
14
Omaha Dlv 1st g 3%s
1941
1941
A
10
122
122%
13
101%
102
27
89
111%
111%
17
108
103% 107%
101% 104%
104% 107%
117% 124%
gen 5 %s
♦Certificates of deposit
112
34
Santa Fe Pres & Phen 1st 5s. .1942
{♦Schulco Co
guar
16
♦Stamped
♦Guar
s
-.1946
6%s
„
..1946 A
f 6 %b series B
O
1
......
45
♦Stamped
Scioto V & N E 1st gu 4s
1989
{{♦Seaboard Air Line 1st g 4s.. 1950
{♦Gold 4s stamped
1950
♦Adjustment 5s
Oct 1949
{♦Refunding 4s
cons
8
120%
22
22%
13
25%
13
4%
7%
6%
13%
3%
11
8haron Steel
1951 M
1951 NI
1952
deb 4%s
conv
Shell Union Oil deb 3%s
108%
99
Shlnyetsu El Pow 1st 6%s
♦{Siemens A Halske s f 7s.—.1935
♦Debenture
s f
6%s
J
Southern Colo Power 6s A
J
69
101%
105%
9
90
3%b
94
93%
93%
75
76%
96
93%
93%
95%
172
77
95%
181
76%
95%
95%
98%
98%
99%
152
97%
A O
108%
108%
109%
13
106%
1950
104%
cons g
5s
106%
106%
Devel A gen 6s
109
1956
1956
81%
—
B
109
68% 101%
100
"99"
1951
1938
99
103%
"89"
1938
89
103%
91
1
43
78
100
57%
108%
37
104%
104%
12
103%
36
1961
99%
1943
31%
106
34
91%
104% 108%
105
106%
4
14%
35%
104% 106
100%
161
128"
"93
107
106%
107
1947
104%
102%
104%
8
70
105
27
39%
5
25
38%
36
96
26
35
38%
24%
39%
35
26
107%
39%
25
34%
9
46
36
109%
140
78
81%
90%
75
70
84
90
7
71
93
96
97%
122
80
NI
8
41%
40%
44%
110
28
46%
S
71%
71
73
32
41%
73%
71%
10
41%
73
77
83
100%
*109%
125%
8
123%
11
122
J
J
109
109
109
107%
108%
104"
104
105
108
107%
108
100%
100%
111
111
S
2361
Wheeling A L E Ry 4s ser D..1966
4
110%
125
122%
O
Registered
94% 101%
110%
8
J
111
9
14
134
24
—8
2
36%
♦Ctfs for col A ref conv 7s
A.1935
1st mtge 8 f 4s ser
110
106
109
100% 104%
106
111%
32%
54
32%
104%
7
108%
18
103
107%
17
103% 107%
108%
68
104
26%
1
106%
108%
108
J
26%
J
M
93
J
S
92%
J
93%
33%
85
97
168
81
93%
107%
112" ...j
101%
102
*103%
105
29%
D
J
31
26
29%
31
131
65%
*105%
103%
103
*110%
J
107% 112%
68%
107
3
103%
"26
99
102
90
75
30
n
109
22%
112
J
109%
74
*105%
101%
J
J
"28%
"21
102%
18%
18%
45
99% 104
112%
107
31%
"68
15%
29%
22
20%
23
15%
*9
31%
31%
68%
105% 107%
115
28%
20%
42%
104% 107%
104
97
J
term 1st 4s '36 MN
deposit
1st 4%s..l943
Tube—
—1951
C
1961
44
35
38%
8
♦Certificates of deposit
Conv deb 3%s
123%
107%
107% 108%
96% 105
27%
{♦Wis Cent 50-yr 1st gen 4s...1949
{♦Sup A Dul dlv A
{♦Certificates of
{♦Wor A Conn East
Youngstown Sheet A
119
38%
D
J
1942
Will A S F 1st gold 5s
1938 J
Wilson A Co 1st M 4s series A. 1955 J
Winston-Salem S B 1st 4s
1960 J
1st gu g 5s
112
121% 125%
36%
104%
107%
106%
1940 M N
{♦Wickwlre Spencer St't 1st 78.1936
»Ctf dep Chase Nat Bank
109%
36%
RR 1st consol 4s
1949 MS
Wheeling Steel 4%s series A—-1966 F A
White Sew Mach deb 6s
98%
105% 109%
109% 110%
NI
NI
1951
83
101%
*111
1946
25-year gold 5s
70%
*77
110%
30-year 5s
1960 NI
♦Westphalia Un El Power 6s.. 1953 J
West Shore 1st 4s guar
2361 J
Wllk A East
103% 109%
96
107%
33%
30%
9
24
9
21
21
25
57
J
J
F
A
133%
133%
139%
202
105% 140
NI N
102%
102%
103%
86
98% 104
*22%
Cash sales transacted during the current
120
125%
t>
103
105"
105
No sales.
"99%
101%
96
109%
109%
2
"22
*119
94
102%
109% 111%
118
118%
110%
107%
44
87% 107%
103%
104
138
101% 104%
Tex & N O con gold 5s
1943
106
107
6
Texas A Pac 1st gold 5s
2000
125
126
106%
5
105% 111%
99% 107
98
106%
1977
Gen A ref 5s series C
1979
105%
106
16
97
106
Gen & ref 5s series D
1980
105%
106
13
97
106
Mo Pac Ter 5%s A_. 1964
108%
109
72
♦Adj luc 5s tax-cx N Y._Jan 1960 A
1
38
72%
40%
7
35
162
r
week,
a Deferred de ivery sale only
Under-the rule sale only transaction during
maturity,
t Accrued Interest payable
Cash sale only transaction during current
transaction
during current week,
current week.
at exchange
n
{ Negotiability Impaired by
rate of $4.8484.
{ Companies
reported as being In bankruptcy, receivership, or reorganized under
Act, or securities assumed by such companies.
Section 77 of the Bankruptcy
117% 126%
20
105
1960
week and not Included in the yearly
ange;
106%
36
"49
90
104%
1944
1st 6s ser A... 1947
1st ref 4s
36
107%
110%
Ave Ry
26
74% 104%
Texarkana & Ft S gu 5%s A.. 1950
Texas Corp deb 3 %s
1951
Pac
41
81% 128
99%
1953
Third
"108%
Funding A real est g 4%s..-1950 NI N
98% 100%
122'
1950
Term Assn of St L 1st g 4 %s.. 1939
1st cons gold 5a.
1944
Tex
99
26%
>104.%
"122%
*104%
Gen & ref 5s series B
39%
77
89
"40
40
36%
36%
1938 Y~j
103%
108%
31%
105%
97%
104%
106
84
71% 104%
85
108%
1946
85
82%
78%
1946
—
Western Union coll trust 5s...
"92% nT%
150
*123%
Gen refund sfg4s
99% 107%
146
27
Tenn Cop & Chem deb 6s B._. 1944
Tenn Elec Pow
101%
101%
14
60
99%
104% 106%
104%
105%
Tenn Coal Iron & RR gen 5s.. 1951
Tennessee Corp deb 6s ser C
118
53
102.%
2
71%
40
36%
O
A
1937 J
1943 A
-
♦5s assented
J
283
84
104%
♦Studebaker Corp conv deb 6s. 1945
or
110%
99%
{♦Spokane Jnternat 1st g 5s... 1955
3%8
108%
72
67%
100% 102%
s
-
102%
S'western Bell Tel 3%sser B__. 1964
S* western Gas & Elec 4s ser D.. 1960
3%8
102
81%
99%
1996
Island Ry 1st 4 %s
107
98
87% 100%
105%
1994
Devel & gen 6%s
Mem Dlv 1st g 5s
Staley (A E) Mfg 1st M 4s
1
80%
101%
1955
1956
St Louis Dlv 1st g 4s
East Tenn reor lien g 5s
Mobile & Ohio coll tr 4s
104%
73
1937
Devel & gen 4s series A
Tenn Cent 1st 6s A
114%
106% 108%
102% 106%
193
1955
Swift A Co 1st M
Gen gold 4s
95%
98
2
O
1961
..1966
1952
1977
{♦Western Pac 1st 5s ser A
100%
99%
1st A ref 5 %s series A
96% 102
103% 106%
94
stamped
Standard Oil N J deb
18
40
36%
AO
1939
West N Y A Pa 1st g 6s
127
107%
38%
gtd.._1950
1st mtge 3%s series I
Western Maryland 1st 4s
72%
31%
66
97
do Pac of Cal 1st con gu g 5s.. 1937
Staten
89%
23%
106%
71%
*97
70%
1st mtge 4s ser H
99%
97%
99%
So Pac Coast 1st. gu g 4s
do Fac RR 1st ref guar 4s
1st
94%
81%
42%
107%
105%
80
O
West Penn Power 1st 5s ser E.1963
105% 109
107%
106
38
1941 NI
Wash Water Power s f 5s
3%
2
23
71%
3%s._2000 F A
Washington Cent 1st gold 4S..1948 Q NI
Wash Term 1st gu 3%S—
1945
1st 40-year guar 4s
1946
2
84
80
Warren RR 1st ref gu g
14%
13%
29%
10
105%
80
♦Deposit receipts.
10
69%
102
98% 104%
96%
84%
96
A
1955
♦Warner Bros Co deb 6s
23%
105%
100%
1939 IVI
{♦Warner-Quinland Co deb 68.1939
8%
69—
100%
72
110%
81
1955 A
6s debentures
J
J
1947
San Fran Term 1st 4s
Ry
v
58
103% 106%
*32
Warner Bros Plct deb 6s
J D
M S
1968 M 8
1969 NI N
1981 M N
-..1946 *
J
Gold 4 %s
Gold 4 %s
Southern
"68
106% 109%
104
*85%
*102%
4%sl945
Walworth Co 1st M 4s
23
59% 103%
*128%
So Pac coll 4s (Cent Pac coll). 1949
1st 4 %s (Oregon Lines) A...1977
1st 4s
212
86%
0%
22"
55
♦Certificates of deposit
23%
F A
1951 '
J
1950 A O
South A North Ala RR gu 5s..1963
South Bell Tel A Tel 1st s f 58.1941
Gold 4 %s
10 year secured
99%
68
.1951
Socony-Vacuum Oil 3%s
108%
98%
*102%
♦Silesia Elec Corp 6%s
1946
Sllesian-Am Corp coll tr 7s.—-1941
Skelly Oil deb 4s
108%
*81%
N
S
18
42
"l V
81
35
1980
Walker (Hiram) GAW deb
Westchester Ltg 5s stpd
47
72
115
36
1978
♦Ref A gen 6s series D
11%
106
108%
248
103%
♦Certificates of deposit
23%
48
-.1935
2%
3%
22
106%
*32
♦Ref A gen 4 %b series C
114% 120%
127
♦Certificates of deposit—.
107% 107%
66
3%
6%
419
M S
{♦Atl A BIrm 1st g 4s
1933
{♦Seaboard All Fla 6s A ctfs..1935
♦Series B certificates
66
11%
25
1945
66
28
6
120
deposit
6s series A
25%
168
-.1959
♦C ertificates of
♦1st A
M N
AO
AO
62%
106% 108
..
103
♦Certificates of deposit--
102%
111%
114%
96%
—
106%
—.1976 FA
♦Ref A gen 5s series B
S A & Ar Pass 1st gu g 4s
1943
San Antonio Pub Serv 1st 6s. .1952
A.1975
{♦Wabash Ry ref A
75
85%
95%
103
194] J
Toledo A Chic Dlv g 4s
78
60
"47
S
6
106%
64
79
100%
s
IVI
102%
33
33%
99%
O
IVI
105%
27%
27
....
"29%
16
65
100
J
106%
103% 107%
27
33%
6
72
108%
J
1939
102%
137%
56
30
106%
O
.1958 A
1954
108
69%
*110%
Des Moines Dlv 1st g 4s
107
76
104%
19%
72
27
105
122"
108%
31
105
1972
1955 MN
Virginian Ry 3%s series A
113%
35%
137%
107%
104%
3%
21%
{Wabash RR 1st gold 5s
♦2d gold 5s..
25
*3
D
2003IJ
5s
103%
111
4
95% 104%
97% 105%
94
J
1942 J
16%
102%
1940
cons
98
2
33%
*110%
17%
30
1937
8t Paul Ud Dep 5s guar
1st
197
113%
103
67
4%s_. .1934 J
Va A Southwest 1st gu 4s
105
100%
106% 109%
*110%
1st lien g term 4s
Det A Chic Ext 1st 5s
1943
MIdd A Man 5s
Mont ext 1st gold 4s
tPacific ext gu 4s (large)
gu
off
coupon
99
68%
94
Va Iron Coal A Coke 1st g 5s.. 1949 IVI
102%
100% 102%
105
25
{♦July
100%
>100%
>105%
{♦St Paul 4KCShLgu 4 Ms. 1941
{♦Vera Cruz A P 1st
118
100932
38
65
.1959
6
103%
102%
68%
1947
Virginia El A Pow 4s ser A
76%
43
102
4s_. 1968
.1944
♦Vertlentes Sugar 7s ctfs
55%
52%
{♦St Paul E Gr Trk 1st 4 Ms... 1947
St Paul
46
71%
1937
8t Paul & Duluth 1st
86
31%
30%
32%
317
29%
Vanadium Corp of Am conv 5s. .1941 A
Vandalla cons g 4s series A
.1955 F
Cons s f 4s series B
.1957 M N
15%
14%
96
1937
51%
75
68%
♦1st terminal & unifying 5s.. 1952
♦Gen & ref g 5s ser A
1990
St Paul City Cable cons 5s
86
72
*29%
103%
34%
2
1950
__
.1951
Utll Power A Light 5%s——
Debenture 5s
50
29%
♦Sink fund deb 6 %s ser A... .1947
87%
100%
107
123
109
110
100
Corp 6 %s A.. .1951
f 6 %s series C..
102
100932
130%
Utah Lt A Trac 1st A ref 5s... .1944
71
50
stpd
♦Prior lien 5s series B
J
92
67%
{♦St L-San Fran pr lien 4s A
♦Certificates of deposit
st L Rocky Mt & P 5s
s
F
78
100%
85%
1st g 48—1933 IVI N
111% 116
107% 111%
107
s
J
101
fron Mt A Southern—
♦|Riv & G Dlv
52
132
1953 IVI
1944 M
4s... 1934
g
85
102%
111
115%
2
107%
Utah Power & Light 1st 5s
-.1996
2d gold 6s
St I.ouls
103%
21
23
*107%
102%
102%
113%
"33%
33%
U S Pipe & Fdy conv deb 3%s.. .1946 IVI N
J
U 8 Rubber 1st & ref 5s ser A.. 1947 J
*111%
103%
*97%
14
118
99%
23
1947
121%
104% 107%
23
17%
119
122%
109
ioo»32
1968 J
5
110
D
1971 M N
a__.
34 H
8t Joe & Grand Island 1st 4s
104% 107%
1
98%
98
114%
F
June 2008 NI
1st Hen & ref 5s
Gold 4s
27
f 6s
99%
8
106
108%
1949
1941
s
RutrCanadlan 1st gu g 4s
Rutland RR 1st con 4Ms.
89%
106
23
1948
♦Ruhr Chemical
93%
121%
117%
114%
35-year 3%s debenture
109
79
106
J
112% 113%
107
99%
92
98%
105%
105%
J
s
54
107%
90%
84%
*86%
121%
90
138
130
115
122%
99%
97
-
A
Union Pac RR 1st & id gr4s... .1947 J
1st lien A ref 4s
June 2008 IVI
94%
121%
t 7s
s
122%
99%
IVI N
1952 F
f 7s
sec s
120% 122
*121%
M N
conv
Union Oil of Calif 6s series A.. 1942 F A
1947 IVI N
12-year 4s conv deb
61
107%
1977
1962
{{♦R I Ark & Louis 1st 4 MS—1934
6%s_..1943
♦Tyrol Hydro-EIec Pow 7%s__1955
107%
35
5
*120 M
Roch G & E 4 Ms series D
Gen mtge 5s series E
Truax-Traer Coal
♦Guar
90
57
84
109%
105% 109%
73
57%
22%
43
*
Friday's bid and asked price.
No sales transacted during current week.
♦ Bonds
selling flat.
z
Deferred delivery sales transacted during
in the yearly range:
No sales.
the current week and not included
2644
New York Curb Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week,
regular weekly range are shown in a footnote in the week in which they occur.
No account is aken of such sales in computing the
In the following extensive list we furnish a complete record of the transactions
4
week
beginning
from the
daily reports of the Curb Exchange itself, and is intended to include
Last
Par
pf 100
Supply Mfg cl A
*
*
of Prices
Low
High
Price
Acme Wire v t c com...20
Adams Millls 7% 1st
Week's
Sale
Range
49
48
49
111
111
113
21
"Ik"
Shares
74 %
*
2%
40
May
90
99
June
15
Jan
1,700
Warrants—
27%
>16
2%
»8A
"l6
81
2%
28%
Conv preferred
60
81
300
1,500
300
2,400
2%
25
Allen Industries com
1
Alliance Invest
conv
Oct
Mar
25
Oct
35
Feb
Oct
Jan
81
British Col Pow cl A
Brown Co 6% pref
100
Brown Fence & Wire cl B
1%
Feb
84%
58
Feb
76
27
28
800
19
Apr
3%
3%
Allied Products cl A
Aluminum Co
131%
common..
6% preference
..100
Aluminum Goods Mfg...*
Aluminum Ind
Aluminum Ltd
23%
131
120
120
17 A
400
2%
Mar
Oct
Oct
Buckeye Pipe Line
50
Buff Nlag A East Pr pref25
Jan
4%
Feb
21%
Oct
25%
Feb
Jan
2,700
87
Jan
162
1,050
109
Jan
121 j
ISA
500
15
Feb
9%
57 A
200
Class A
Common class B
Sept
Mar
Apr
18]
13%
Sept
75
Mar
Mar
45
Jan
87
Jan
107%
Oct
Sept
4%
Jan
Aug
77%
2%
68
100
10c
com
25
44%
....^-..1-
Clas A with
e%
warr
Class B.
Amer
Class B
10
n-v
¥h
91%
Feb
Amer Foreign Pow warr
Amer Fork 4 Hoe Co com*
Amer Gas 4 Eleo com....*
Jan
Canadian Marconi
2
44%
Oct
6%
May
Jan
16",700
31%
29%
Preferred
23 A
41%
..*
3%
25%
40%
41%
no a 111%
10 A
10%
35
37
1
36 %
12.60 preferred
1
40
Amer Hard Rubber com.50
Amer Invest (111) com
*
28
20
"24k
Amer Lt 4 Tr com
25
23%
6% preferred...
Amer Mfg Co com
38%
40
15,625
14,200
350
4,700
700
*
Amer Potash 4 Chemical.*
Preferred
42
Arcturus Radio Tube
Arkansas Nat Gas com
Common class A
50
Elec
5
9%
£1
Celanese
Sept
Mar
$7 dlv preferred
1st preferred
Jan
38%
2%
45
9,300
1,050
96%
47%
2%
50%
25,300
1,200
3,800
2%
800
2%
98%
Feb
14
Jan
30%
42%
Jan
1%
Feb
18
Jan
44%
Oct
21%
Apr
Apr
45
82
Jan
100
32
May
63%
Feb
Jan
2%
Aug
2
1%
4%
Oct
13 preference A
12%
.III*
51%
3
19%
l
Automatic Products
Automatic-Voting
5
"9%
Mach.*
Axton-Fisher Tobacco—
Class A common
Babcock 4 Wilcox Co.
Baldwin Locomotive
10
.
44
..*
108
Barium Stainless
Steel.,
i '"3%
Baumann (L) 4 Co com..*
7% 1st pref
....loo
com
Bell Tel of Canada
Bell Tel of Pa 6
%
"so"
l
100
% pf.ioo
6% pref without
Feb
7% preferred
Oct
Conv pref
*
Berkey 4 Gay Furniture. 1
Purchase warrants
Blckfords Inc com
HI*
.III*
$2.60 conv pref
Black 4 Decker
Mfg Coll*
Bliss (E W) 4 Co com
_.*
Blue Ridge Corp com
1
$3 opt conv pref
»
Blumenthal (S) 4 Co...I*
Bohack (H C) Co com
*
21
29%
1%
2d preferred
...100
Brazilian Tr Lt 4 Pow ..»
Preferred
Corp class B__
5%
7% preferred
100
Brlllo Mfg Co
com......*
Class A
»
48
For footnotes see
page 2497
Aug
"2% ""2%
25~406
1%
Aug
100
4%
33
99%
20
80
Jan
90
50
75
Apr
24
92%
16%
24%
58
16
1,200
5,700
1,100
10
100
40
Apr
8
Sept
102% 105%
1,200
7%
Mar
7%
10%
Mar
June
96%
Oct
Jan
15%
Oct
Jan
13%
Aug
Preferred BB
2%
Feb
Cities Serv PAL
$6 preferred
3%
64,000
7,600
1
Jan
3%
Feb
3%
58
8,900
1,600
700
6%
Jan
'32
Jan
3i6 Sept
>1® May
1%
26%
Jan
Jan
Aug
8% June
13%
15
25,700
1%
15%
52%
3%
21%
1%
4,100
1
9%
9%
3,100
8%
9
2,400
6%
51%
3
18
44
4,000
60
2,400
5.700
13,400
Oct
%
Feb
A
Feb
%
Feb
3%
59%
Sept
Oct
92
Oct
2%
900
1%
1%
2
22
City Auto Stamping
*
City A Suburban Homes. 10
Claude Neon Lights Inc..l
Cleve Elec Ilium com
Cleveland Tractor com_.
*
Cllnchfield Coal Corp.. 100
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
Cohn A
Oct
Colon
11% May
10%
Feb
61
55
6% conv pref
Colorado Fuel A Iron warr,.
Colt's Patent Fire
Arms.25
Columbia Gas A Elec—
Jan
Jan
4%
Feb
7% May
60
21%
1%
Oct
Sept
Apr
11
Mar
Oct
12%
July
40
70
July
Jan
65%
110
Jan
Jan
Oct
Oct
3%
Oct
~83_"
50
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv__l
700
2
Aug
160
142
Jan
153
50
121
Jan
124% May
"IB" ""loo
11
3%
3%
152%
122% 124%
2
4%
Feb
15
July
3%
15
12,700
%
1%
July
2%
5,300
%
Oct
%
19%
14%
500
28%
21%
39%
4,900
4,900
3,100
1,100
9,100
9%
100
5
54%
10
34
3%
48%
13
Oct
Oct
35%
18% July
Jan
13%
2%
Apr
43% June
14% July
July
May
5%
700
29%
3%
2,700
4,500
1,000
3,590
15%
17%
2,500
18
18%
4,000
1%
16
3
1%
4%
45%
9%
5%
49
9%
28
28%
100
2%
Apr
Jan
Aug
20% May
%
Oct
Aug
Sept
9%
13%
Jan
40
34%
27
4%
53
39%
12
Jan
Oct
com
8% preferred.
.100
87%
114
65%
8%
*
Cooper Bessemer
$3 preferred A
Oct
Oct
Aug
Crane Co
21
Aug
Aug
Jan
4%
Feb
3
Jan
8%
Feb
700
29
100
7%
20%
65
Sept
Apr
11%
Sept
Mar
29%
Mar
64
50
42
58%
100
43
May
15%
5%
2,900
1,500
4,300
11
Jan
200
41
4%
916
10
%
50
50
.9%
3%
1%
9%
9%
10
_
1,500
~
425
3%
9ie
Jan
Jan
Oct
May
8%
Aug
2%
Sept
100
1%
May
100
6%
6%
2%
3%
10%
Sept
42
May
9%
100
3%
3%
3,100
1,300
1,400
900
3,175
16,700
110
111%
16
600
93
Aug
Sept
Oct
Oct
Jan
%
Jan
16,100
Mar
97
Jan
Apr
%
1% June
1%
700
54%
450
13
30%
1%
31
150
28
15%
21%
4%
1%
200
15%
1,600
22%
7,500
7,700
5
87% 89%
113% 114
68
65%
9%
7%
102
111%
Jan
Sept
Jan
1%
Jan
11%
14% July
3% June
2,500
84
Jan
50
112
Oct
475
6,700
99% 100%
1%
1%
15%
16%
53% June
3% May
500
90
Jan
May
""225
88
Jan
100
2,300
50
11
16%
19%
60
6,300
10
23%
23%
25%
4,300
52
52
55
1,700
8%
"4%
1
8%
600
4
4%
5,600
7
3%
3%
...100
25%
25
43%
7%
2,200
3%
27%
32,100
17,500
5,400
% May
11% Sept
Jan
6%
Oct
16%
60
9%
34
6%
3%
20
43
44%
133
5
*27%
Crocker Wheeler Elec....*
Croft Brewing Co
...1
11%
%
27%
11%
u
50
133
28%
11%
%
16
10,700
1,400
5,700
1%
2
""400
Jan
Aug
Jan
1%
Jan
6%
Jan
24
Apr
120%
19%
Jan
9
Apr
%
6
Crowley, Milner A Co
Oct
Jan
Jan
,4% July
65
100
»
Crown Cent Petroleum...!
June
%
1%
3%
100% 102%
3%
4%
7%
com
40
9%
*
Preferred..
Jan
41%
Jan
3% May
50
1
Creole Petroleum
3
58%
14%
*
*
com
Preferred
100
4%
60
5
$6 preferred A
Cosden Oil
56
61,500
4,900
*
com
Corroon A Reynolds—
Common
37
1%
54%
11
"18%
*
Copper Range Co
Cord Corp
108
1,300
2,200
Jan
4%
Jan
2
111
5
com
preferred
Jan
Jan
*
Cook Paint A Vara
Mar
Aug
30%
Continental Secur Corp
Oct
Jan
34%
1%
Oct
Sept
%
500
53
Jan
Oct
24
300
36
4%
Feb
1%
4%
"10"
Feb
800
,S16
64
11%
Cont Roll A Steel Fdry. _.*
Feb
Jan
49
Feb
1%
Oct
May
3%
10%
look
6%
58
38
46
22%
$4
May
105
10%
Consol Royalty OH
10
Cont G A E 7% prior
pf 100
Continental Oil of Mex_._3
Feb
Jan
17
150
47
"15%
Consol G E L P Bait
Oct
20
z4% May
12
Sept
150
3
1
18
3%
17%
3%
"9%
1
56%
16
50
6
Copper Mines
Aug
Sept
31
""'16
Consol
5% pref 1
100
Consol Min A Smelt Ltd..5
Consol Retail Stores
I
Mar
15
Compo Shoe Machinery
Consolidated Aircraft
Oct
June
Jan
Jan
Jan
64
Distribll
Oct
Aug
Aug
Feb
8,450
%
3%
Oct
50
Apr
Apr
56%
30%
54%
29%
Warrants
Commonwealths
7,200
Aug
37,100
Aug
Sept
14%
42%
1%
50
10%
3%
6
Sept
69%
4
Commonwealth Edison 100
Commonwealth A Southern
3%
88
9
29%
119%
,S16
101%
Feb
Aug
15%
62
Conv 5% preferred.. 100
Columbia Oil A Gas
1
Columbia Pictures
*
2%
July
30%
Rosenberger.....*
Apr
3%
5%
"62%
Development...!"sh
%
51
55%
9%
Jan
2% May
99% May
107%
Feb
118
*
6,800
5%
28%
%
400
2%
I*
1%
80"
83%
"2%
$7"prefI*
16%
June
75
400
4%
45%
28
1,875
44%
96% 110
27
39%
17%
.IIII.
Jan
532
700
17%
81%
54%
1
,
275
14
4%
100
Preferred
7,600
10%
111
66
Childs Co pref
Cities Service com
2%
600
Aug
700
Jan
13
Apr
5,500
8%
17
Jan
9%
Jan
82
16
Jan
Oct
7%
225
3%
3%
7%
7% June
18%
8,200
2,600
1,100
Oct
30
6
14,800
6,200
83
Mar
16%
Jan
2% May
22
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...*
Chief Consol
Mining
1
97
..HI*
July
27
Feb
35
1%
1%
500
21
4
loo
___•
100
9,100
7
37%
6
Jan
45
9
18%
6
2%
12%
*
%
20
Jan
Oct
1%
27
Conv preferred
100
Conv pref op ser '29.. 100
Centrifugal Pipe
13,100
Col*
*
July
July
May
14%
6%
5%
31%
10
*1%
17%
10%
100
110
25
12%
%
Bearing. Ills
300
275
Chesebrough Mfg
12%
26%
20%
3%
47%
33%
9%
64%
Bowman-Blltmore com...*
7% 1st preferred
100
10%
23%
450
Charis Corporation
Cherry-Burrell Corp
43%
28%
7% 1st preferred
100
Borne Scrymser Co
25
Botany Consol Mills com.*
Bourjols Inc
»
Bridgeport Gas Light
Bridgeport Machine
3%
57%
1%
%
13%
38%
%
24%
49
Oct
27
1%
»16
14%
"48%
500
""160
21%
Aug
9%
1%
3%
""Is"" "15"
21%
%
48%
44
Jan
Jan
May
21
112
13
%
1
200
100
5%
5%
5%
9%
12%
warr
Jan
151
"122%
1,200
100
Oct
4%
Mar
*
com
Jan
1%
18%
1
warr
103
100
Cent A South West UtU..l
Cent States Elec com
1
104%
1,800
2,600
7%
"l5~"
7%
17%
0...
190
5%
44
110%
1%
88
Warrants
Atlas Plywood
CorpII""*
Austin Silver Mines
Cent Hud G A E v t
Cent P A L 7 % pref
5%
5
%
Atlantic Coast Line Co..60
5,700
*
Preferred B
~W
5&
13%
"29%
8%
*
July
warrants
Corp common_._._*
7% 1st partlc pref...100
7% prior preferred
100
Celluloid Corp com
15
25%
14%
27
Jan
Mar
Corp of America
27%
14%
3%
Atlanta Birm Cst RR pflOO
Atlantic Coast Fisheries..*
Class A
Jan
30%
39%
43%
Jan
44%
Jan
%
2%
58
*92%
1
Jan
39
Jan
Jan
99%
32%
110
19%
17%
14%
13
*
_
1,200
93
2%
Associated Rayon com...*
Associates Investment Co ♦
Brill
Jan
Mar
_
Corp of Amer
3,700
Assoc Laundries of Amer.*
V t c common
*
Bower Roller
C'atajln
24 A
93
..Hi
...I*
$5 preferred
Hedges
Feb
Oct
93
j
Class A
Benson 4
24
Products
Castle (A M) A Co
12
Jan
550
Jan
51%
1%
33%
1%
4%
Casco
Jan
4,000
103
14%
"2%
Aug
July
7%
30%
46
,516
Oct
Aug
Jan
Apr
100
7
16
*
28%
41%
Sept
6%
39%
23%
6
*
com
Oct
1
5%
Class B
Oct
%
Oct
Jan
7% May
%
1A
Carrier Corporation.....*
47%
Mar
100
%
1
23
Oct
114%
28
5
25%
Jan
28%
29%
10%
%
Feb
Apr
Jan
'
Carnation Co
33%
150
425
3
1
Carolina P A L $7
pref...*
$6 preferred
*
Jan
400
81
*
26
40
6%
78
1
Sept
Industries
Common
Bellanca Aircraft
Sept
Convertible class A
27%
110
*
Amer deposit rets
Assoc Gas 4 Eleo—
Atlas
Feb
25c
100
40%
*
25 A
26%
106% 107
12%
Feb
19
300
46
*
Carlb Syndicate
28
50
Jan
Carman A Co—
27 A
25 A
.....
1
Preferred
I Ho
Arkansas P 4 L $7 pref...*
Art Metal Works com
5
Option
96%
...*
Angostura Wupperman._l
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
Associated
2%
*
Anchor Post Fence
5
*
3
1
28
38
1S16
41%
Am
Superpower Corp com *
1st preferred..........*
Sept
108
"25%
"79%
1,100
9%
45
»
Capital City Products
Feb
Mar
25%
100
1
7
3%
2%
Sept
non-voting
27A
24 A
23%
25
Amer Maracalbo Co
Amer Meter Co
133
Jan
1,100
A
22 A
10%
$2 preferred
130
Jan
1,500
2
Feb
110
American General Corp 10c
Laundry Mach
Jan
9
30%
40%
116
3%
28
18
Canadian Indus Alcohol A*
48%
47%
700
4%
1
9
Cables A Wireless Ltd—
Am dep rets A ord sh.£l
Oct
41
1,300
conv preferred...100
9
Canadian Car & Fdy pfd 25
67A
"35k ~36%
25
%
Feb
45%
•
com
Amer Equities Co com
Amer
150
Cyanamld class A. 10
Amer Dlst Tel N J
7%
41%
Jan
4,950
Warrants
B
41A
44%
0%
35
27
Burma Corp Am dep rets
Butler Brothers
10
Cable Elec Prod v tc
*
Mar
80%
41%
35
22
$3 convertible pref
36%
Jan
Jan
Jan
Feb
Am Cities Pow A Lt—
25
500
35
Am dep rets B ord shs.£l
Amer dep rets pref shs £1
Claamba Sugar Estate..20
Canada Cement Co com..*
9
Jan
27
Class A
32%
26
...*
Bunker Hill & Sullivan..10
Burco Ino com
Jan
4%
*i«
300
A
10c
S3 preferred
$6.60 prior pref
1,600
161
21J
24%
Oct
21
57
32%
Class A pref
29%
June
com
com
500
2Yi
Brown Forman Distillery. 1
700
6% preferred
100
American Beverage com..l
American Book Co
100
American Capital—
23%
32%
32%
Am dep rets ord reg._£l
British Celanese Ltd—
Feb
23 %
136 %
121%
17 A
23
dep rets ord bearer £1
$5 1st preferred
25
com
Low
Shares
Amer dep rights reg._
Oct
15
com
Am
4%
19
140
pref
High
Amer Tobacco—
77%
Allied Internat Investment
$3
Low
Registered.
9%
Aug
44% May
2% June
130
25
Mar
Price
British Amer Oil Coupon. ♦
British
Range Since Jan. 1
Week
4%
75 %
*
27
for
of Prices
Apr
83 %
%
Mar
Aug
9is
37%
67%
82
pref
16 preferred
Week's Range
Sale
Par
Oct
49
113%
74
9I6
Alabama Gt Southern
Ala Power $7
75
Last
High
325
3%
3%
10
Air Investors com
Low
200
21%
Sales
Friday
STOCKS
(Continued)
Range Since Jan. 1 1936
for
Week
Agfa Ansco Corp com..,
Corp
It is compiled entirely
security, whether stock or bond, in
every
Sates
Friday
Ainswortb Mfg
the New York Curb Exchange for the
on
occurred during the week covered:
STOCKS
Class 13
and when selling outside of ths
for the year.
Saturday last (Oct. 17, 1936) and ending the present Friday (Oct. 23, 1936).
on
which any dealings
Aero
range
1%
Jan
Sept
May
Jan
We
Volume
New York Curb Exchange—Continued—Page 2
143
Week's Range
for
Sale
of Prices
Week
Par
Price
Crown Drug Co com
Cuneo Press com
6%%
4%
12,200
4%
preferred
Jan
11%
1,600
Oct
3%
9%
48%
9
9%
600
48
48 X
400
1
•
13 %
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
"l7 %
11%
Feb
Oct
Grocery Sts Prod
Apr
15%
Sept
1%
Apr
14%
7,000
X9
Mar
14%
Oct
14X
400
12
Jan
16%
Apr
18
600
18%
32%
Oct
72
Oct
31
31%\
400
70
72
120
50
Feb
1%
Jan
79
81
125
25%
Mar
17
17X
700
16%
Aug
18%
19%
20
300
19
Aug
14X
153*
500
6%
20
Detroit Gray Iron Fdy___5
Detroit Paper Prod
1
"14%
Detroit Steel Products
"49 X
5X
6X
9X
9X
1,100
6,400
21X
50X
30%
24%
11
11
27
33%
27%
35%
6,300
7%
10%
8%
3,700
10%
100
47
30
Diamond Shoe Corp com.*
"24 %
2
Oct
81
17
*
Oct
6%
7,500
80 X
*
Detroit Gasket A Mfg coml
Dictograph Products
Distilled Liquors Corp
109
Sept
5
100
2,500
Amer deposit rets
Casting
34
400
25
*
Dominion Bridge Co Ltd.*
Dominion Steel A Coal B 25
8%
Dominion Tar & Chem com *
Douglas (W L) Shoe Co—
7% preferred
100
27
30
Dow Chemical
Driver Harris Co
10
12%
Jan
4% %
15%
Aug
Oct
30
100
39
Jan
111
Sept
Mar
6
85
Aug
1%
July
10%
Jan
Jan
15%
Mar
6
7%
67
69%
475
54%
1,200
Oct
"~2% "T
"MOO
50
50%
200
13%
17%
$6 preferred series B___*
14%
1,300
17%
100
Edison Bros Stores com.
El8ler Electric
3%
23%
Corp
$6
preferred
72%
*
84
*
1
com
Class A
""9%
i
Elec P & L 2d pref A
*
Option warrants
Electric
1,000
Jan
40
%
450
4%
5
55
Jan
Feb
35
Oct
17 %
July
Jan
Mar
11%
12%
22 %
Aug
Jan
29%
Apr
39%
July
Jan
6% June
105
67
111%
Aug
Jan
30%
76%
Oct
Mar
Sept
2%
40%
%
9% Aug
13% June
Jan
47
100
54%
57
2,650
2%
32
"57"
25
Jan
Jan
60
Jan
69%
62%
Feb
67
Jan
10%
3%
Jan
55
Oct
23
Jan
54
Oct
Jan
24%
400
20%
Jan
24%
Feb
13%
2,000
13%
Apr
14%
Mar
40%
9%
36%
42%
300
42%
Aug
9%
46
600
9%
Oct
39%
360
10
Feb
46
38
48
120
14
June
48
Oct
99%
99%
200
92%
Jan
100
Aug
Sept
6%
Jan
Aug
6%
Jan
Jan
3%
Jan
May
21%
Sept
11,400
20
15% June
15%
23%
69
6%
Jan
Jan
2%
15%
84
11%
9%
11%
9%
300
2,300
62
325
18%
6
100
Apr
Feb
Sept
Mar
Mar
37
5%
Jan
Oct
4%
Mar
Non-voting class A
*
3%
3%
2%
*
3%
3%
200
Class B
200
3
1
1%
1%
100
1%
Vtc common
17
Julv
79
Mar
88%
Julv
International Cigar Mach *
9%
Apr
12
Mar
Internal
6%
Apr
Jan
9%
75%
July
Julv
Internal Hydro-Elec—
Pref $3.50 series
Jan
8%
Mar
Intl Metal Indus A
74%
2
5
May
9%
88
Feb
Oct
70%
"2%
Holding A Inv..*
17
73
2,250
28
100
2%
2%
17
16%
17%
12
12
13
11%
11%
3%
36%
11%
3%
36%
International Petroleum..*
28
1,800
50
Warrant"
68%
200
...*
1
9
75
68%
28
7% preferred
100
Insurance Co of N Amer. 10
27
Apr
Jan
2,400
1%
10,700
98%
Jan
29%
Feb
Jan
19%
Apr
International Products
*
4%
Elgin Nat Watch Co
40%
100
30%
Jan
44
Oct
42
Jan
63%
6% preferred
...100
Internatl Safety Razor B.*
Internat'l Utility-
%
%
10%
1%
10%
100
1%
32%
200
1,700
Julv
Empire Gas <fc Fuel Co—
Equity
Corp com
10c
Eureka Pipe Line
50
European Electric Corp—
Option warrants
/__.
Evans Wallower Lead....
preferred
Ex-cell-O Air A Tool
3
19%
2%
Falstaff Brewing
1
15
Fedders Mfg Co com
20
*
.
Fire Association
First National
.
.
72
July
30%
150
21
Jan
31
Sept
19%
20%
2
2%
46%
13
*16
15
1,600
11,200
20%
7%
9%
10
5
14%
4%
4%
13%
33
400
38
39%
1,100
Vs
....
"l6
79
46%
Oct
%
Feb
Irving Air Chute
Apr
Sept
21
Fisk Rubber Corp
$6 preferred.
36%
Sept
40%
Mar
Jones A Laughlin Steel. 100
23%
Sept
Am dep rets ord
1%
Feb
Oct
17
Jan
Common vtc
1,025
8%
8%
8%
6,200
Ford Motor of Can cl A..*
Class B
24%
23%
24%
1,800
*
Feb
Keith
76%
Oct
64%
Oct
Ken-Rad Tube A Lamp A*
Kingsbury Breweries
1
9%
Feb
2%
2%
2%
100
2%
Sept
KIrby Petroleum
28%
Feb
32
Feb
Klein (D Emil)
Kleinert Rubber
4%
Feb
Conv preferred
Am dep rets ord
15
*
$6
2%
19%
1
1%
Gen Rayon Co A stock..
General Telephone com.20
$3 convertible pref
*
General Tire A Rubber.. .5
6% preferred A
100
Georgia Power $6 pref
*
$5 preferred
Gilbert (A C) com
100
1,800
66%
1%
15
68
%
96%
94%
88%
1%
22%
22
49%
14%
100
87%
-
49%
14
13,200
100
S32
96%
89
V 1%
23%
49%
14%
99% 100
87%
100
89
3,000
Knott Corp common
19
Mar
4%
Feb
6%
Mar
Feb
%
17
Feb
Aug
93%
Aug
86%
90
1.20C
70%
92%
90%
•
-
---
95
99
5%
Jan
190
76
Jan
500
93%
102
86
May
1,200
5%
1%
Jan
75
79
100
__1
23
Sept
Lake Shore Mines Ltd_..l
21
Oct
Lakey Foundry & Mach.. 1
13
Jan
70
175
40
300
3,900
100
6,800
40
150
Apr
7.'"
42
43
30
Oct
2%
76
Feb
Sept
Jan
%
Feb
June
100%
Sept
Lefcourt Realty com
"46""
%
4%
Lerner Stores 6 % %
17%
17%
2%
500
5%
4%
5%
4%
10,800
%
21%
%
3,1C0
4%
Oct
Oct
Jan
Jan
3,600
300
22
10
July
18%
Oct
Jan
3%
Mar
July
5%
Oct
Jan
6%
Jan
716 May
Jan
18%
•
%
1%
4
2%
Jan
""ioo
3%
Mar
75
96%
Apr
Oil
*
"30%
47
Jan
Aug
Apr
79%
68%
Apr
Apr
Apr
40
52%
Mar
16%
Sept
3%
Gray Telep Pay Station.
For footnotes see page 2649
55%
3,600
51
5%
1,700
99
2%
"17%
2%
500
18%
500
11%
34,400
Lone Star Gas Corp
90 %
Feb
Aug
Feb
11%
July
%
Jan
Jan
Feb
6%
3~800
5%
6%
1,000
21%
21%
25
7%
Jan
8%
...»
preferred
6% pref class B
100
100
July
Apr
47 %
Sept
18%
Feb
Jan
Oct
Louisiana Land A Explor.l
29
32%
9,200
8
Jan
43%
32%
Oct
10
104
104
316
1,400
7%
600
Oct
%
Jan
34
100
2%
18% June
25
1,400
11,500
Jan
104
Oct
»,«
Feb
7%
Oct
34
Oct
16% May
2% July
25%
4%
11%
12
400
10
Jan
16
Apr
21
23
500
17
July
32%
Jan
3%
3%
Oct
Sept
Loudon Packing
$6
6%% pref..
12%
Feb
Mar
x25
June
60
May
8%
100
4%
25
11%
Mar
Oct
Jan
Jan
Oct
2
Feb
111
Apr
16%
Sept
7%
Oct
Jan
22%
Sept
Apr
Aug
Mar
8%
9%
4,000
6% May
12%
12%
13%
4,300
9%
Jan
14%
6%
*
Sept
5%
90%
8,600
3%
Apr
91%
50
72 %
Jan
96
July
79%
80%
200
64
Jan
84
July
6
6%
900
6
"13%
13
13%
20,100
9%
Sept
Jan
38%
9%
39
9%
200
34%
3,500
92%
98
94
5
•
100
7
Jan
"80
preferred
Lynch Corp common
Mangel Stores Corp
Sept
Mar
3
Louisiana PAL Co—
13%
9%
107
18%
10%
5%
Common
7%
Apr
18%
Long Island Ltg—
74%
Mar
107%
"
"13% "l4%
Sept
1% June
2,700
1
Jan
5%
70
Oct
Mar
11%
9%
Lockheed Aircraft....
Jan
102
24
22
*
54%
99
Jan
24
Oct
17%
600
34
Grand National Films Inc 1
55%
5%
Class B
3,700
%
S3 preferred
14
5%
16%
7
Gorham Mfg Co—
Vtc agreement extended
1,400
Loblaw Groceterias cl A..*
43%
104
*
23
14%
Lion
Lit Brothers com
Oct
15%
Goldfield Consol Mines.10
Gorbam Inccl A
21
*
Refining..
Oct
Jan
41%
15%
10% May
21
10
Mar
Aug
46
"8% ""§%
99
Mar
Oc
104% 104%
5%
1%
6%
114
46
8
%
2%
13%
Sept
29
Mar
200
2%
"16
23%
85
Aug
Aug
5%
Oct
%
10
2%
11%
Jan
89
97%
105
80
1%
1,100
46
»
25
preflOO
Leonard Oil Develop
Jan
Jan
1
Feb
Jan
200
%
4%
46
17%
10%
*
Preferred
Lehigh Coal A Nav
1
12%
67
Mar
30
4,000
111%
4%
-.100
preferred
Kress (S H) & Co pref..
Jan
,J16 May
Oct
1%
89%
1
^an
40
Apr
31%
26%
15
Apr
10
18%
12%
5
Preferred
Glen Alden Coal
Sept
22%
%
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
Grand Rapids Varnish
Jan
2
20%
68
preferred
preferred
1
Lane Bryant 7% pref. .100
Warrants
$7
16
2,700
19%
66
*
Godchaux Sugars class A
Class B
450
2%
22%
reg__£l
com
18%
17%
2%
Feb
Jan
23% May
300
5%
Products...
Kreuger Brewing
Gen Fireproofing com... j*
Gen Gas A Electric—
$6 preferred
Gen Investment
18%
%
9%
% May
Sept
Koppers Gas A Coke Co—
Froedtert Grain A Malt—
General Alloys Co
Gen Electric Co Ltd—
34'
Aug
Kirkld Lake G M Co Ltd. 1
9
Ford Motor of France—
American dep rets 100 fes
Sept
Feb
May
%
,'_.*
*
pref.100
(G E) 7% 1st pf-100
Kingston
7% May
19
July
22% June
90
28%
Kansas G A E 7%
»
2%
Jan
Sept
Jan
Kansas City Pub Service-
Jan
reg..£l
Feb
Feb
Sept
May
%
Julian & Kokenge com
4%
Apr
46
May
40% May
Jan
14%
14%
101%
19%
117
500
JaD
2%
700
1
Apr
12,800
64
Jersey Central Pow A Lt
Feb
59%
200
1
7%
Oct
July
7,500
Oct
89
76%
Apr
Fet
Jan
%
Jan
Jan
52%
39%
38%
16%
Jan
July
72%
Aug
X
10
%
58%
Feb
15%
23%
10%
74%
74
6%
%
16%
28%
Jan
May
Feb
33%
%
20
2,100
1
Jan
May
23% June
Jan
12
112
__1
..100
27%
19%
19
Vtc preferred A
Florida P A L $7 pref
Ford Motor Co Ltd—
5
27%
1,200
27%
Jacobs (FL) Co
T.900
100
%
*
Italian Superpower A
Warrants
Feb
400
716
1
Feb
1%
Stores—
7% 1st preferred
1,160
Investors Royalty.
..1
Iron Fireman Mfg v t C..10
50
81
27
25%
5%% preferred
100
6% preferred
100
7% preferred
100
Jonas A Naumburg__.2.50
19
(Phila)_10
25
*
Aug
tc
1,000
Interstate Power $7 pref.*
Jan
8,600
2,200
32
38%
%
18,900
400
5%
34
Feb
Jan
600
5%
33%
Apr
#i6
13%
5%
3%
38%
19%
1
21%
100
12%
"32
1%
Oct
14%
Jan
»j6
International Vitamin
Feb
13%
Jan
%
87
*
33%
100
19%
$7 prior preferred,
Jan
15
2,800
1%
Class B
Interstate Hos Mills
July
July
150
64
New warrants
Jan
6
"19%
Corp com..*
Fiat Amer dep rets
Fi dello Brewery.
.1
July
July
Feb
47
14%
18%
*
Ferro Enamel
66%
50
5
1
Fanny Farmer Candy
Fansteel Metallrrglcal
66
Jan
67%
46
7
Falrehild Aviation
65
Jan
30
13,
100
Jan
43%
43
67%
Empire Power Part Stk..*
7%
125
"""500
Jan
3%
19%
Aug
3% May
600
34
Feb
33%
*
Class A
44
100
Emsco Derrick A Equip..5
Registered
Feb
July
3
May
84
Apr
5%
10
1,200
Oct
Sept
Sept
Aug
7
350
1,400
15
58
Oct
industrial Finance—
10
57%
Feb
Indian Ter Ilium Oil—
64%
"62" "64%
Oct
Sept
23
200
62%
Sept
23%
200
100
Sept
13%
7% preferred
100
lnd'po-is P A L 6%%pfl00
1,700
3,400
100
;
22%
17%
41
100
Oct
36%
22%
98%
6% preferred
6)4% preferred
7% preferred
8% preferred..
Jan
47
13%
17%
15
Oct
7%
Jan
May
22%
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service 6% pref 100
Oct
73
Empire District El 6%. 100
Feb
Apr
9%
22%
Imperial Oil (Can) coup.
Registered
*
Imperial Tob of Canada. .5
98%
pref w w
Feb
30
9%
Feb
Shareholding-
conv
Sept
June
22%
1,900
47
Electrographle Corp com.l
$6
Feb
Sept
1,100
17%
"57"
42%
23% 127,300
Elec Shovel Coal $4 pref..
Oct
Jan
3
13%
Chem Industries
Amer deposits rcts...£l
Mar
Jan
71%
82%
6
18%
17%
July
38%
July
11% May
22
6
Jan
July
Oct
Imperial
Internal Mining Corp
Common
7,700
56
83
Jan
41%
6
preferred
Elec Power Assoc
3%
21,900
67%
4%
85
59%
59
Elec Bond A Share com..5
$5
3%
Mar
Imperial Tobacco of Great
11%
36
Easy Washing Mach "B'
Economy Grocery Stores.*
90
30%
65
47
Mar
Jan
4
23%
*
Jan
6%
6
24%
Eastern States Corp
$7 preferred series A..
109
28%
Illuminating Shares cl A..*
Jan
Feb
%
9,000
53
400
37%
65%
Hydro Electric Securities.*
Hygrade Food Prod
5
July
%
4,000
Malleable Iron.25
2%
Oct
1,200
29%
Hygrade Sylvania Corp.,
Illinois P A L $6 pref
*
6% preferred
100
66
100
3,700
100
2,500
15%
June
25
1,100
53 X
prior preferred-100
preferred.
Eastern
7%
108
108
7% pref stamped
100
7% pref unstamped.. 100
700
6%
13%
11%
Common
31%
6%
67 X
43
13%
%
Oct
East Gas A Fuel Assoo—
Common
1%
36%
Oct
Oct
12%
Apr
Huylers of Delaware Inc—
July
Mar
13
1
2%
9%
Sept
8
86%
"x7
25%
72%
14% May
46%
8%
10%
Sept
4% June
124%
*
Apr
"
7% preferred
100
Hud Bay Min A Smelt...*
Humble Oil A Ref
Jan
10
18%
11%
*
(Henry) & Co cl A.
Hormel (Geo A) A Co...
Horn A Hardart
Oct
Apr
225
68
21%
Oct
65%
4%
84%
%
7%
13%
8%
Oct
10%
400
15
43
13%
5
27%
*94%
%
6%
Aug
1,300
3,600
1,100
1%
36
Mar
90
82%
5%
Sept
Oct
ApJ
Sept
Holt
125,000
2,000
4
4
82 X
Durham Hosiery class B__*
Feb
104%
13%
2,400
17%
13%
1%
27% May
105%
preferred
100
Dubiller Condenser Corp.l
Duke Power Co
100
Eagle Picher Lead
13%
10
Oct
86%
118% 124%
7%
Duval Texas Suplhur
18%
Chemical
Oct
June
30
*
1 %
Jan
1%
3
1%
.25
Holllnger Consol G M
Holophane Co com
84%
124 X
*
Draper Corp
30
Jan
Sept
""loo
2%
*
......
50%
30%
1%
2%
Feb
Mar
%
72
800
900
Oct
10%
3%
9%
800
13%
6
23%
*
Hecla Mining Co
Helena Rubenstein,
July
1% June
"76"
1
Harvard Brewing Co
Hazeltine Corp
Aug
23%
6,700
13
"70"
70
46
£1
%
101%
99
Hires (C E) Co cl A
Distillers Co Ltd—
Doehler Die
3,500
5
Heyden
Mar
11
1,800
3%
5%
..*
10%
Jan
400
8%
"16
100%
13%
Jan
37
6%
8
1
Jan
128
Apr
24%
130%
Feb
250
37
2%
8
Hartford Electric Light.25
Hart man Tobacco Co
*
19%
May
5%
33%
25c
Hall Lamp Co
Haloid Co new
Mar
110%
124
Corp of Penna.25
Gypsum Lime A Alabast.*
21% June
Aug
Apr
High
Low
350
116% 118
37
25
*
Gulf Oil
Aug
7%
34%
Range Since Jan. 1 1936
Week
100
com
Jan
8%
15
Oct
July
118
*
Guardian Investors
Mar
Sept
72
Derby Oil A Ref Corp com*
stock
48%
17
12 H
com
Jan
916
8,300
Non-vot
Feb
4%
37%
31
ww
Feb
7% 1st preferred
35
6% pref
5%
25
Price
Great Atl & Pac Tea—
Gt Northern Paper
Greenfield Tap & Die
Dennlson Mfg 7% pref.100
Preferred
July
Oct
Aug
10% June
22
May
Class A
16%
14X
Darby Petroleum com...5
Sftares
Par
14%
5
X
for
of Prices
Low
High
Feb
%
106
100
Mining._60c
Week's Range
Sale
2%
22% June
~~2X ~~2X "Moo
...»
Curtis Mfg Co (Mo)
Cusl Mexican
14 X
.25
Crystal Oil Ref com..
*
Cuban Tobacco com vtc._*
Last
High
Low
Shares
High
14
4%
25c
Preferred...
Low
14
Crown Cork Internat A..*
6,%
STOCKS
(Continued)
Range Since Jan. 1 1936
Last
Sales
Friday
Sales
Friday
STOCKS
(Continued)
2645
95
250
4
42%
May
8%
Feb
16%
May
102
Sept
Jan
65%
Feb
Apr
10
Oct
Apr
98
Oct
=r
New York Curb
2646
Sales
Friday
Last
STOCKS
Week's Range
Hale
(Continued)
Par
Price
of Prices
High
Low
for
100
12
13H
1,300
5
48%
45%
48%
2,200
44
3
"iVt
100
6
3
1
6,100
14%
14%
700
60
42
11%
__
14 %
56J4
800
56
11
11%
1,500
8%
42%
2,900
38%
Jan
22%
Mar
Sept
0
4
30
100
105
50
89%
5 Y%
cl A—1
Participating preferred
50
6%% A preferred.—100
52
50
Mesabi Iron Co
1,500
M
40
17,900
Apr
May
1%
Michigan Steel Tube..2.60
Michigan Sugar Co
*
Preferred
-—10
"ie%
2%
2%
3%
2%
15,100
le %
16 %
200
1%
15%
100
%
2%
1
1
2%
400
v
Class B
35%
5%
100
5%
4%
%
42%
4%
1M
4,200
2%
Oct
9%
9%
100
4%
18
23 %
Mid-West Abrasive com50c
3,700
Aug
Feb
000
19
150
5%
2%
39
Oct
14,200
39%
3%
300
Jan
July
Sept
1% May
375
22
Jan
140
115
115
Mock, Jud., Voehrlnger Co
New common
2.50
Moh & Hud Pow 1st pre!.*
24%
73%
4
2%
39%
pref-. 100
109
Jan
Philadelphia Co com
*
2%
Feb
Phlla Elec Co $5
Jan
13
Feb
2d preferred
Molybdenum Corp.—. —1
1,600
600
81
050
41%
85
86
87
8%
4%
7%
7%
4
14%
*148"
Sept
Jan
Jan
4,900
6%
July
300
3%
14%
July
Aug
Utll—10
28%
Apr
74
Oct
5%
Oct
2%
39%
Oct
115
Oct
July
151"
15%
103%
94%
13%
Sept
Oct
Aug
Feb
*5
May
20
June
""120
142
Jan
155%
July
Montreal Lt Ht A Pow...*
34%
34%
100
30
May
45
46
35%
Oct
Moody Investors pref----*
Moore Corp Ltd com--.
200
34
Aug
49
Oct
42
42
Montgomery Ward A
150
25
28
Moore (Tom) Distillery-
Mtge Bk of Col Am shs.
7%
7%
Jan
42
149
100
Preferred A
June
150
"l'ioo,
7%
5%
5%
5%
Jan
5
Jan
Feb
23%
Apr
11%'* Jan
32
Aug
Oct
2,500
41%
41%
44%
4,200
Nacbman-Springfilled
*
t c_..*
National Baking Co com.l
Nat Bellas Hess com
.1
35%
8
51%
51%
22%
300
19%
19%
54%
50%
$5.60 preferred
-.1
Warrants..
2%
...
87%
%
*
common
4
"28%
National P A L $0 pref.,.*
National Refining Co
Nat Rubber Mach
%
.
1%
"28*
89%
...*
5%
"I"
National Sugar Refining-.*
26
25%
11%
1
Nebi Corp common
*
Nelsner Bros 7% pref.. 100
"20%
1
1%
July
29
900
May
92
Jan
Jan
May
Jan
7% Aug
9% June
*16
July
Jan
Jan
Oct
12%
'"500
~
1%
78%
1
*98%
82
"~6%
5%
242
7% pref—100
400
7%
32%
11,100
21%
Oct
10
Feb
-
1
*
0%% pref.. 100
New York Transit Co
6
Serv6% preflOO
Niagara Hudson Power—
Common..
..15
9%
«.
M
*
«.
118%
5%
56
15%
Class A opt warr
Class B opt warr
9%
9%
18%
18%
•118
119%
5%
5%
56
55%
14%
Jan
92%
Mar
Jan
6%
Feb
74%
Jan
Aug
101%
26%
7%
July
6
common
13%
12%
113
105%
47
45%
1
4%
3%
4%
7,800
59%
1,100
400
Common
preferred
*
No Am Utility Securities.*
Nor Cent Texas Oil
59
57
4%
Nor European Oil coin
1
Nor Ind Pub Ser 6% pf. 100
preferred
%
—
Nor NY Utll 7% 1st pf 100
Northern Pipe Line
10
-
-
108%
8%
Nor Sts Pow com cl A..100
North Penna RR Co
50
35
Northwest
Jan
2%
3%
Apr
July
29%
Ohio Edison $6 pref
Ohio Oil 6% pref
34%
39%
*
87
88
8%
8%
210
25
400
33
35
2.600
104
100
27%
34
37
111%
10%
29%
2,400
34%
39%
1,300
107%
2649
800
34
9%
"60
"eo"
"00"
16%
18
95
8%
7%
42
75
13
7,600
94
96
550
131%
1,300
1%
Jan
90
Oct
Jan
140
Apr
500
17%
10%
Apr
36%
Jan
7%
66% May
98%
42
14%
June
900
16%
3%
Oct
3%
July
Feb
Jan
20% June
6%
Jan
9% Sept
t
8,100
9%
3,600
Jan
19
Sept
102
Oct
32%
2%
30%
32%
1,100
29%
Oct
37
Jan
2%
3%
2,900
1%
Jan
37%
19%
%
May
41
700
Jan
38
Aug
8
11%
38
3ie
%
1,000
%
%
400
Jan
Aug
100
15%
15%
16%
3,900
%
8%
11
11
11%
2,900
9%
8%
3%
Aug
Apr
Apr
»,6
1%
16%
11%
Oct
Sept
July
Oct
Feb
Feb
Oct
Sept
May
12
Oct
Sept
100
103
July
Jan
103%
69
71%
36
45
Mar
105%
111
1,260
2,220
Oct
Oct
Jan
71%
Oct
Oct
70%
50
92
Jan
101
20
98
Jan
110
1% June
Oct
Oct
Sept
81%
81
83
500
44
40
44
2.175
Aug
"9%
T,300
20
6%
141
T9%
23%
"20%
1
19%
1
23%
June
Jan
-""725
*
Reed Roller Bit Co
(Daniel)
-—10
1
*
1
com.
325
31%
7%
Jan
2,500
34
Jan
3
21
June
8%
900
6%
July
%
300
si«
Jan
5%
2%
10%
5%
2,200
4%
2%
3,800
1%
10%
11%
400
%
1%
2,500
"4%
6%
4%
4%
1,000
3%
104% 105%
"160
104%
106
5
Root Petroleum Co
1
Royal
2%
15
2
1,500
3
16%
10,300
*
Creek
Producers
85
July
Sanford Mills
90%
Sept
Savoy Oil Co
Schiff Co
-—5
Schulte Real Estate
Scovllle
Manufacturing
Scranton-Spring Brook—
Water Serv S6 pref
Feb
Securities Corp general...*
26%
101%
May
39%
Oct
Seeman
325
Jan
109%
Sept
Segal Lock A Hardware..*
200
104%
Jan
110%
July
110
48
Sept
Bros luc
110
Feb
114%
July
Selby Shoe Co
50
101%
Jan
109%
3
3%
98% 100
325
500
13%
Jan
16%
Sept
Feb
1,600
10%
Sept
14%
Aug
Jan
7%
4%
19%
70
Jan
Jan
Apr
23
Oct
Feb
Sept
Sept
Feb
Apr
Apr
27
Mar
Oct
Aug
9%
4%
100
Oct
Apr
Aug
6%
103
7%
105
Jan
7u
Feb
Aug
2H
Aug
3%
18,900
Jan
55
485
105
Oct
Sept
10
Feb
Sept
60
2%
Oct
May
71
Oct
48
2%
3
400
38%
41
2,100
%
44%
1
1,500
43
850
30
Apr
48
Oct
25
42
Jan
85
Sept
5%
46%
1%
26
Jan
May
s
16
Aug
75%
3%
75%
3%
2%
2%
3%
9,000
2%
2%
200
3,300
550
81
5.50
70
Un
*
4
600
6%
41
1%
Apr
Ocl
Feb
2%
Jan
41%
Apr
1%
Jan
Mar
2
Jan
Feb
x30%
Jan
*
Feb
Jan
Selected Industries Inc—
300
Sept
113
98%
5%
Selberling Rubber com...*
30%
105%
Oct
Ji*
*
Jan
106%
Apr
Mar
2%
.*
25
Mar
Mar
3%
1%
*
common
Jan
«%
Jan
8
10
com
2%
Jan
19,900
Apr
Aug
38%
400
9%
Mar
Julv
500
98%
24%
Oct
Sept
3%
1%
8%
Mar
11%
Jan
24%
103
7%
7
Oct
June
Jan
5t»
St Anthony Gold Mines..1
Rait
8%
1%
300
%
96
34
Jan
%
8%
3%
Jan
7%
15%
4%
14%
20
pref
Rossla International
$1 20 conv
preferred..-..-.100
Oct
Feb
Apr
May
Sept
6%
2%
16
Jan
Feb
Feb
Oct
113
Jan
Mar
Oct
Jan
Jan
2%
*
Roosevelt Field Inc
*
9%
Sept
23%
2,%
25
400
100
Rochester G & E 7% pf
Ryan Consol Petrol
38
22%
Jan
%
%
5%
2%
6% pref class D
100
RochesterTel6% % lstpf 100
♦
104
Jan
17
1,900
4%
12
25
pref
Rad
31%
com....*
*
Reynolds Investing
Rice Stlx Dry Goods
46
4
*
Jan
Oct
14%
325
300
19
11
;—*
Jan
Apr
46
16%
240%
*
Typewriter
Oct
Jan
149
Feb
17
$3 conv preferred.
*
Raytheon Mfg v t 0—50c
Red Bank Oil Co
Rustless Iron & Steel
110
Sept
Sept
9%
137%
19%
Russeks Fifth Ave
63
Jan
115
Sept
20
Feb
Oct
5%
9%
122
87%
47%
5%
Jan
Oct
8%
Jan
Jan
Feb
July
450
*
Common
3%
11%
Aug
Jan
22
14
*
50
15%
50%
Sept
7%
Aug
Richmond
July
97%
103
Sept
Jan
125
97%
103
7i»
Oct
Jan
Oct
9
8%
4% June
Sept
Jan
Oct
4%
Jan
3%
% May
21%
98%
19%
6%
12%
Apr
2,700
7%
11%
16%
7
Jan
Jan
7%
2%
4%
9%
St Regis Paper com—-...5
Apr
Oct
60
7
St Lawrence Corp Ltd...*
77%
Feb
Jan
9,000
1%
Jan
103
17%
Sept
Oct
300
7%
126
Feb
Sept
Apr
40
92
2,000
4%
7
42
"12%
6%
71
Jan
50
"""25
4
Jan
Apr
Sept
June
119
15%
33%
775
100
17%
Apr
111%
10%
11%
29%
50
30
3%
36%
36%
111
106% 106%
15
14%
com_15|
page
2,200
108% 109
Ohio Power 6% pref... 100
Ohio P S 7% 1st pref-. 10
Ollstocks Ltd com
5
see
%
83%
106%
100
preferred
%
108% 108%
Jan
Feb
Feb
Mat
85
Safety Car Heat A Lt-.lOO
104
Engineering..*
Novadel-Agene Corp
*
Ohio Brass Co cl B com
*
For footnotes
5
7%
28%
2,000
82%
100
Oklahoma Nat Gas
4%
May
2,400
5
36%
15%
%
Jan
Aug
May
5,100
1,900
*16%
%
11%
17%
%
3%
300
9%
Apr
77
Rogers-Males tic A
2%
7%
800
20%
Feb
Apr
9%
Jan
300
Richfield OH
Feb
Sept
Nor Amer Lt A Pow—
July
6%
%
2%
Electric
Oct
75%
7%
1
*
Nlplsslng Mines..
Oct
Aug
7,200
-.6
Niles-Bement-Pond—
4%
122
Reybarn Co Inc
Jan
Jan
37,100
.
2,500
6
%
Oct
13%
47%
2%
10%
Oct
6%
116%
*16
105
1
15%
Apr
%
Reeves
78
Niagara Share—
36
June
50
316
Reiter-Foster Oil
2%
16
112%
33%
9%
June
"3",900
*
Jan I
48
115
-.-———-*
Feb
6% May
14%
Apr
110%
Jan
4% Aug
Oct
"15%
B
52
130
Jan
A
38
775
Jan
18
Class
Jan
500
41
Apr
Class
Aug
100
Apr
12
Raymond Concrete Pile-
36
100
May
31%
1,700
45
Ry & Light Secur com
23
15%
5,
2%
Feb
Sept
Oct
Shipbuilding Corp—
Founders shares
N Y Steam Corp com
4%
Oct
11%
20
55
100
16%
"14"
Ry & Utll Invest cl A
1
Rainbow Luminous Prod—
140
113
102%
180
38
Jan
6% preferred
---100
Quebec Power Co.i—-—*
July
100
111%
114%
15%
Oct
Aug
115
Quaker Oats com
May
Feb
Oct
111
Apr
Oct
Apr
2%
153%
99%
114%
Jan
Apr
Apr
20%
115
6%
69%
1 %
23
111
Jan
Oct
Apr
Sept
87
114%
100
6 % preferred...
Pub Service of Ok la—
250
242
102
*
1,100
5,500
226
31
*
2,100
3%
98% 101%
226
N Y A Honduras Rnsario 10
preferred
77%
3%
Jan
Feb
Sept
150
48
5
Pyrene Manufacturing..10
132
N Y Merchandise Co
7%
Jan
Jan
Apr
*
$6
Feb
95
25
Jan
44%
22%
111%
48
$5 preferred
$6 preferred
Pyle-National Co
2
3%
Mar
2%
Aug
77
Jan
400
40
Feb
15%
74
123
103
90
Jan
Oct
Mar
Puget Sound P & L—
25
000
July
8%
5%
60
Common
Jan
9
Feb
2,300
340
July
June
24%
112
95%
38
*16%
6% prior lien pref
100
7% prior Hen pref—100
July
3%
Jan
42%
16%
106%
Pub Utll Secur $7 pt pf--*
4%
11%
Feb
5%
3%
Pub Serv of Nor 111 com.
Oct
24%
3%
Mar
June
Oct
153%
69
Feb
Jan
10%
6
4
600
—.100
Aug
Aug
3%
Jan
Indiana—
26/
11
*
Noma
Feb
1st preferred
25%
30%
50
com
Class B
Feb
19%
com
N Y Water
Oct
Mar
95
Mirdng Corp.10
N Y Telcp
Oct
8%
8%
19%
N Y Auction Co
$3
3% June
'V500
2
•*
*
$7 prior pref
$6 preferred
5%
""300
"ie"~
37
1st preferred.--.100
6%
7%
Sept
4%
107%
Aug
98
Jan
1,000
Feb
26%
600
preferred
Public Service of
95
*
$fi
Jan
91%
20%
60
Pub Serv Co of Colo—
Apr
100
New Process Co
$0
Feb
100
New Jersey 2ilnc
New Mex A Ariz Land
N Y
89
May
Feb
Jan
9
New Bradford Oil..
5
New England T A T Co 100
N Y Pr A Lt
Apr
4%
~
Nestle-Le Mur Co cl A-..*
Newmont
57
Aug
800
111
37%
Prudential Investors
3,900
Feb
95
1
Providence Gas
Jan
23
110
8
Propper McCallum Hos'y *
Prosperity Co class B
*
%
2,300
111%
-
Royalty
Producers
23
"28%
12
-
-
Erle.oO
l
Pittsburgh & Lake Erie.50
Pittsburgh Plate Glass -25
Pleasant Valley Wine Co. IPlough Inc
*
Pofrero Sugar com
5
Powdrell & Alexander
5
Power Corp of Can com. .*
6% 1st pref
100
Pratt & Lambert Co
*
Premier Gold Mining
1
39% May
12%
35
2153
"95
17%
Meter
1%
100
110% 111%
"*7%
Pittsburgh Forgings
2
25%
26%
Mar
20
Pltney-Bowes Postage
,600
MOO
111%
Pitts Bessemer & L
1,700
"iya
May
31,200
*
60
190
6%
7%
20%
5%
new—.1
Ltd—1
17% May
45% June
1% Sept
%
20
Pines Wlnterfront
Pioneer Gold Mines
Sept
Apr
Neptune Meter class A-—*
New Haven (dock Co
Ry—-100
Piedmont & Nor
Feb
2,200
1,300
1%
"l5"
Nelson (Herman) Corp.—5
preferred
100
preferred
7%
Aug
19%
54%
2%
87%
%
1%
2,500
6
June
Jan
4%
6
conv
pref ser A—---10
Pie Bakeries Inc com
*
52%
Jan
Jan
Feb
68%
-——
31
21
Jan
Nat Union Radio Corp... 1
Nebel (Oscar) Co com
*
Nev Calif Elec com
Common
May
300
47
51%
89
66%
Apr
Prentice-Hall Inc
300
*11
24%
National Tea 5% % pref.10
National Transit
12.60
7%
Oct
June
May
4%
Pressed Metals of Amer.
Jan
1
Conv part preferred. — *
National Steel Car Ltd...*
Aug
July
Aug
Phoenix Securities—
Mar
Feb
1%
42%
25
common
26
May
25%
Jan
300
*
Sept
1%
29,100
*
—
National Oil Products
1%
2%
86
10%
6%
Aug
8%
4
5%
pref—*
pref—.25
Phlla El Pow 8%
8%
2%
100
2%
52%
23%
*
National Fuel Gas
National Gypsum cl A—6
National Investors com—1
Nat Service
36%
8
2
National Container com..*
$2 conv preferred
35%
33
.....
Nat Bond & Share Corp--*
Nat Mfg A Stores com.
Apr
July
3%
10
Nat Leather
Sept
7%
-
Mueller Brass Co com.—.1
Mountain Producers
Pepperell Mfg Co——100
Sept
92%
May
20
5%
*
Jan
Pierce Governor com
15%
99% 103%
15%
103%
Monroe Loan Society A.
v
*
Oct
July
100
5%
50
Pa Water & Power Co
29%
108
Apr
110
110
preferred
Penn Salt Mfg Co
0
Jan
8
2%
39%
23%
71%
4%
♦
Mining Corp of Can
Minnesota Mining & Mfg
Nat Auto Fibre A
$0
Mar
1%
6%
Phillips Packing Co
$2 non-cum div she
*
Midvale Co.
—v...*
Montana-Dakota
*
Jan
200
17,800
*
Pa Pr & Lt $7 pref-
Oct
Oct
Feb
45%
3%
17%
$2.80 preferred
Pa Gas & Elec class A--,
Mar
July
1%
Pow
5%
1
Pennroad Corp vtc
1
Penn Cent L & P $5 pref—*
Feb
Jan
Jan
May
6%
32%
Apr
32%
100
Penn Mex Fuel Co
Feb
Midland Steel Products—
Miss River
B
Perfect Circle Co
4%
pref
conv
Class
Peninsular Telep com
Preferred
Apr
102
Jan
5%
*
t c
5%
6
26%
5%
30
'
Oct
26%
5%
"26%
A —"
Sept
Jan
v t c
Midland Oil
10
9
Apr
85
Pender (D) Grocery
Middle States Petrol—
Class A
800
Sept
Aug
Aug
Michigan Bumper Corp—1
Michigan Gas & Oil
*
100
58
45
Aug
Oct
36
57
45
62
Sept
36
57%
5%
9
May
5%
20
Patchogue-Pl y mouth Mills *
Apr
i'4
29%
26%
104%
350
36
High
July
June
300
77
July
Jan
H
42%
250
36
Mar
100%
15,900
1,500
105
8%
Metrop Edison $6 pref..
5%
32%
5%
1st
Parker Pen Co
Apr
Low
5%
3,700
Paramount Motors Corp.l
Sept
31%
10%
Metal Textile Corp pref.
Mexico-Ohio Oil
Sept
I
""7% "7% """360
*
preferred
*
Pacific Tin spec stock
"
Page-Hersey Tubes Ltd—
Pan Amer Airways
10
Pantepec Oil of Venez
1
$1 30
Apr
Jan
3%
550
Vi
Feb
13%
43%
106%
8%
Jan
27
5%
5%
Aug
Apr
20%
30
16%
Sept
Oct
Feb
105
Pacific Public Service
Range Since Jan. 1 1930
for
Week
Shares
6%
8%
6
24,
1
29%
29%
105% 107
*
pref. 100
Jan
50
32%
1st preferredT—25
5%%
Pacific Ltg $6 pref
Pacific P & L 7%
Feb
Aug
Jan
30
Pacific G & E
Range
8%
32%
1
6% 1st pf.25
Oct
June
Jan
—*
6%
8%
5%
Pacific Eastern Corp
Feb
04
of Prices
Low
High
Price
---1
7%
Oct
5%
105
Oldetyme Distillers
4
Aug
37%
79%
100
5%
48%
Jan
200
6%
Mercantile Stores com...*
Scott *
15
1,000
105
105
0
Memphis Nat Gas com..5
Merchants & Mfg
9%
Oct
50
Mead Johnson & Co_-.,
Merrltt Chapman A
July
Apr
1%
4%
14%
May Hosiery Mills pref.
McCord Had & Mfg B—*
McWUliams Dredging
*
preferred-
Feb
June
12
Massey-Harrls commonMaster Electric Co—---1
7%
27%
Week's
Sale
Par
High
Aug
7%
12
•
Masonlte Corp new com—
Mayflower Associates
Last
(Continue d)
Low
Overseas Securities
9
Mass Utll Assoc v t c
STOCKS
Range Since Jan. 1 1936
Week
Shares
2v
Amer dep rights
Oct.
Sales
Friday
Mapes Consol Mfg
Marconi Internatl Marine
Margay Oil Corp
Marlon Steam Shovel
Exchange—Continued—Page 3
i
30
650
Tunc
Ausr
Common
$5.50 prior stock.
AlDfncit
*
1
25
3%
3
98%
97%
3%
98%
98%
98
98%
p
2%
40
Mar
Jan
4%
Feb
Jan
98%
Oct
Oct
<s
Last
{Continued)
Sale
Par
Week's
Week
of Prices
TjOw
High
Price
STOCKS
Par
Sentry 8afety Control
*
Seton Leather com
12 %
11%
4
Seversky Aircraft Corp—1
Shattuck Denn Mining
6
3%
8%
25%
2%
56%
56%
131% 133%
$3 conv pref
2%
Sherwin-Williams com..25
133
5% cum pref ser AAA 100
Sherwin-Williams of Can. *
United Shipyards com
Apr
Sept
Sept
%
H
%
Jan
Aug
8n
25%
4%
2,600
1,800
900
Oct
Class B.
Jan
U 8 Finishing
Preferred
Apr
U S Foil Co class B
Apr
%
Aug
Oct
July
Oct
Oct
40
Sept
3% Sept
Aug
Oct
6%
16%
3%
150
Feb
28%
27%
400
Mar
600
Jan
May
3% June
Co—
25
8%
2
8
8X
40%
39%
1
300
2
Southern Union Gas—
So'west Pa Pipe
Oct
100
10
Southern Pipe Line
South Penn Oil
"75"
"75"
May
'"""16
6%
32%
1,700
1,000
Am dep rets
28%
6%
76%
155%
7V
July
July
July
Aug
Feb
Feb
2
11%
40%
Mar
Sept
60
May
Feb
ord reg—£1
16
*'
9%
*
*
Stahl-Meyer Inc com
Jan
Apr
29% July
16
9%
9%
34%
32%
3
3
a
100
2,200
Standard Cap & Seal com.6
33
50
"39X39
x
2%
X
Standard Brewing Co.—*
%
Feb
Sept
Jan
Oct
10%
July
34%
4%
1%
Jan
29
100
Feb
Jan
9
800
%
41%
Apr
Oct
Jan
Feb
Feb
Common
3%
*
Conv
*
preferred
Common class B
62
20%
21
900
20%
Aug
23%
Sept
5,500
X
Jau
%
Jan
18%
108%
9%
Apr
7
59
400
18
"*» %
9%
9
41
66
29
13
150
6
3%
*
2%
"3%
18%
Corp....15
3%
15%
Sept
8%
Feb
Jan
4%
Apr
15%
2%
Feb
24%
Aug
Jan
5
Apr
47
Oct
x49
Sept
2,400
1,500
10,200
200
19%
8%
m
July
100
5
Mar
1,100
14,800
62
Jan
10,200
100
Swiss Oil Corp
1
Syracuse Ltg 6% pref-.100
"95
Taggart Corp common—»
"10% "16% "II" "4", loo
pf-50
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor Distilling Co
1
Talcott (J) Inc 5%%
93%
95
53
39
"in
1%
112
5%
-1,400
6,725
1,900
68
68
25
4
2,200
5,6
*
4%
100%
—
6X
Sept
Apr
Apr
2%
1%
7%
112%
Sept -9%
16%
Aug
11%
July
41%
13%
% June
10
Jan
69
65
Oct
Oct
Feb
Feb
Oct
Feb
Oct.
Oct
48%
48
350
'116% 116%
,316
"30
4
21%
5%
Feb
50%
Aug
32?4
Jan
Jan
Jan
106
Apr
Mar
107
113
Apr
"666
%
1%
2%
2%
900
35%
100
Jan
Mar
i!8
Mar
2,400
7%
Sept
500
11%
Sept
16%
13,500
11%
Apr
17%
Feb
Feb
Oct
1,500
5%
Oct
10
Oct
8
Oct
1,000
1,700
Tung-Sol Lamp Works
1
80c dlv pref
...*
7%
8%
*
"16%
12
17%
6%
"2% "2%
14%
14
14%
Oct
""§66
2%
July
4%
Feb
1,800
8%
94%
4%
Jan
14%
July
Aug
94%
Aug
Mar
100
50
Aug
United Aircraft Transport
Warrants
15
1%
1%
1,500
7%
119%
United Lt <fc Pow com A..*
Common class B
7%
57%
*
$3 preferred
Molasses Co—
Apr
7%
35%
1%
Apr
3,300
1,500
"6% "7"
14",300
57%
7%
59%
200
21%
4
Feb
Apr
July
Jan
7%
' 22
10%
52 %
Mar
July
Oct
2%. Jan
13%
Oct
9% Mar
120
7%
3,300
75
*
81%
X
86%
3%
5%
29%
6%
Jan
Jan
21%
Oct
43
6%
»
1st pref
45,210
1%
6%
1%
*
United Milk Products
7%
117% 119%
21
1
non-voting .»
12
8
*
...
conv
300
*
Option warrants
United G & E 7% pref. 100
$6
15
*
United Corp warrants.....
1st $7 pref
Sept
Sept
4%
2
10
United Gas Corp com
Feb
11%
48%
14%
11%
48%
5%
13
May
Jan
10%
47
15%
Sept
6
Oct
Mar
23%
11%
Corp
36%
11%
8
*
Jan
56%
Sept
Jan
2%
94%
8%
9%
Jan
68
Jan
Jan
Jau
Sept
Mar
Aug
July
July
July
United
Am dep rets ord reg
For footnotes see page
2649
5%
Jan
255%
200
£1
United N J RR & Canal 100
Sept
Apr'
40
Jan
200
1,500
2X June
7%
Oct
10% May
3,000
7%
35%
37%
700
30
3
Oct
97
15%
1%
37%
4%
97
10
80
Feb
13%
1%
4%
8%
39
38%
7%
55
7%
50%
2%
200
1,700
200
5%
9
1,900
39
7%
55%
2%
700
1
6%
3%
8,900
800
Jan
Jan
900
18,300
Apr
Aug
July
29
Jan
7X
Oct
36% Sept
IX June
BONDS—
5s...2028
Am Pow & Lt deb 6s..2016
Amer Radiator 4%s_. 1947
Amer G
6%
257
Jan
June
104
106%
Apr
102%
96%
Feb
Co—
1st & ref 58—......
& El deb
102%
102%
"92"
107
"21
%
34
107%
100%
Appalachian El Pr 58-1956
Appalachian Power 58.1941
Debenture 6s
.2024
Arkansas Pr & Lt 5s.. 1956
Associated Elec 4%s_. 1953
Associated Gas & El Co—
107
103%
67%
106% 524,000
19,000
102% 103%
18,000
102% 103%
99
35,000
98%
93
166,000
91%
10.000
106% 107%
106
106
12,000
Feb
84
Mar
79% May
105% May
103% Feb
3%
Jan
15,000
22%
21%
34
22,000
13%
Jan
27%
106
Jan
107% 108_ 46,000
Jan
100% 100% 105,000 "92%
1,000
102% Aug
103% 103%
103
June
50,000
103% 103%
2,000
22,000
3,000
2,000
118% 118%
104
103
65,000
69
212,000
105% 105%
106% 107
107% 107%
102
Apr
107%
Feb
113%
Feb
98
77%
80
59
57%
61
34,000
56%
61
255,000
35%
28%
27%
5%s A '55
Atlanta Gas Lt 4%s__1955
Atlas Plywood 5%s—1943
Baldwin Locom Works—
"86%
Assoc T & T deb
6s
with warrants...
6s
61%
66
187,000
30
Jan
61%
Mar
66%
65% 221,000
70
32,000
29
69%
33
Mar
75
Jan
78
Jan
6s stamped x w
Canada—
—1955
1st M 5s series B
1957
5s series C
I960
Bethlehem Steel 6s—1998
86
98
19,000
87
28,000
105
97%
9,000
104%
104% 105%
17,000
131%
7,000
128
1938
1938
1938
31,000
133%
123% 128% 116,000
514,000
122% 128
127
122%
Bell Telep of
1939
Gen & ref 5s
1956
Canada Northern Pr 6s '53
Canadian Pac Ry 6s..1942
Carolina Pr & Lt 5s—1956
M & P 58.'53
Cent Ariz Lt & Pr 5s. 1960
77%
Apr
79
Apr
73%
Apr
75
Apr
114%
Oct
121% 121%
116
Jan
123% 123%
121%
1,000
116%
143%
3,000
134
Jan
105% 105%
98%
97%
4,000
31,000
105%
89%
Feb
Jan
142
97%
89
89
115%
90
97%
97%
tl06%- 107%
Buffalo Gen Elec 6s...
Cedar Rapids
100% May
96%
Jan
27,000
8,000
115
1st M 5s series A
Blnghamton L H & P 5s *46
Birmingham Elec 4%s 1968
Birmingham Gas 5s—1959
Broad River Pow 5s.. 1954
Jan
Mar
Mar
63%
stamped w w._1938
6s without warrants
Feb
55% May
58%
75,000
May
104%
79%
63%
Jan
96
5%s—..1938
C-.-1948
4%s
1949
Conv deb 5s
1950
Debenture 5s
1968
Conv deb 5%s
1977
Assoc Rayon 5s
1950
Conv deb
Conv deb
Jan
35%
Ulen & Co 7% % pref...25
26%
4%
7%
14%
1%
7%
3%
7%
Conv deD 4%s
Oct
3%
Jan
Mar
3%
6s stp_—1946
Mar
Oct
Jan
May
5
Amer Seating
A"*
3,300
pref. 10
& part pref
Youngstown Steel
Yukon Gold Co
Oct
5%
*i« June
47%
cum
Ltd..*
Door—*
Wright-Hargreaves
July
Mar
103
7%
11%
4,700
May
deb 58—1948
2%
4
1
$3
Cement-10
Woodley Petroleum
1
Woolworth (F W) Ltd—
Amer deposit rets
5s
102
26%
Winnipeg Electlc Co
*
Wise Pr & Lt 7% pref—100
Am Roll Mill
19%
3%
1
United Elastic
102
102
81
13%
3%
65
Jan
6% June
Western Tab & Sta
Wolverine Portl
Mar
Oct
1% June
100
May
41%
2%
om
Jan
7%
58%
66
75
13
Triplex Safety Glass Co—
Am dep rets for ord reg..
United Chemical"
37%
7%
63
6% May
32% Mar
6% July
90
Trl-Contlnental warrants..
Co
7%
19%
4%
Sept
500
31%
22%
Mar
112%
%
Traction
19
3,300
31%
23%
July
900
3%
Union
7,900
8
1%
35%
1%
3%
17%
4%
23,500
%
*
300
400
%
3%
Union Stock Yards
100
1%
33
24
3,000
6%
1
Union Gas of Canada
9%
1%
2%
Trans Lux Pict Screen—
5% preferred
9%
106
5%
36%
Tonopab Mining of Nev..l
Unexcelled Mfg Co
9%
J104
13%
7% preferred A
100
Tonopah Belmont Devel.l
Twin Coach Co
*
Westmoreland Coal Co—*
Westmoreland Co
*
West Texas Util $6 pref..*
West Va Coal & Coke
*
Williams (R C) & Co
*
Williams Oil-O-Mat Ht._»
Wil-low Cafeterias Inc_..l
Conv preferred...
*
Wilson-Jones Co
*
May
5% June
4% May
7%
6% pf.100
preferred....100
Apr
18
1,100
6%
1
1
Jan
6%
*
Supply A..*
Jan
Sept
81
1946
1st & ref 5s
1951
1st & ref 5s
...1956
1st & ref 5s
1968
1st & ref 4%s
1967
Aluminum Co s f deb 5s '52
Aluminium Ltd deb 5s 1948
Amer Com'ity Pow 5%s'53
Am El Pow Corp deb 6s *57
38
Shipyards Corp
*
Toledo Edison 6% pref. 100
Class A
1%
1942
5%
112
Todd
Tubize Chatlllon Corp
1%
Oct
ord reg...£l
Am dep rets def reg
£1
Trunz Pork Stores
1%
Aug
40
Am dep rets
Tri-State T & T 6%
July
1%
IX
IX
Oct
Tobacco Securities Trust
Common
2%
Alabama Power
716
Tobacco and Allied Stocks ♦
Tobacco Prod Exports...*
900
2,900
5
Abbott's Dairy 6s
77
77
6%
.
Tlshman
10,800
Oct
Jan
Jan
May
26%
5%
Oct
1,100
1
Realty & Const.*
18
%
25%
Mar
33,700
13,400
Tilo Roofing Inc
3
54%
5%
pref... 100
Texon Oil & Land Co
...2
Thew Shovel Coal Co.—*
1,700
2,500
Aug
4%
3% May
73% May
1%
51
25%
May
3%
125
5
Jan
93
1%
Mar
4
4
Jan
3%
6
Aug
Apr
%
46
600
11
Jan
22%
200
102
53
53
Jan
5% June
3,100
Jan
4%
Jan
Feb
%
Apr
22
Texas P & L 7%
Jan
Aug
96
Jan
18
5%
Mar
5%
Corp com.*
*
June
Jan
1-
3%
88%
Co..-.20
Maryland Ry—
1st
%
3
1%
Wayne Pump common...1
Wentworth Mfg Co
5
7%
Jan
Aug
%
5
86
6
5%
24 %
Texas Gulf Producing
24%
10%
20
101
100
39%
5%
1
7% 1st pf.100
Tenn Products
30
1,400
1,600
225
71
102
5%
Technicolor Inc common.*
Teck-Hughes Mines
Jan
18
300
47
Oct
Oct
41% June
Oct
Oct
50
3%
3
47
Oct
Sept
5,500
23%
22
70
7%
4%
25%
11,700
2%
Oct
13%
4%
25
23
Feb
June
4%
Jau
Sept
19
18
"2%
Oct
JaD
May
7%
7
4
18
1
50
Jan
12%
....
*
"2",400
Mar
13%
108%
3%
40
41
Swiss Am Elec pref
Tenn El Pow
'.
Sept
5
150
May
3%
*
Walker Mining Co
Western
4,200
7is
1%
900
Western Grocery
62
17%
31
69
"*50
common..*
July
60
4%
69%
Waitt & Bond class A..—*
West. Cartridge
4%
1,400
3,500
8,400
pref—100
*
Vogt Manufacturing
Waco Aircraft Co
Oct
Sunshine Mining Co... 10c
Swan Finch OH
Venezuelan Petrol
1,900
3%
9%
1%
6
10
1
Venezuela Mex Oil Co
40
105
40
9
1
100
Western Auto
107%
1
h
1
Western Air Express
716
*
pref
...
Class B
Jan
150
19
Aug
V[
Feb
35%
"23% "23%
..8
Conv preferred
14%
17%
com....*
Stroock (S) & Co..
♦
conv
Oct
20%
Stetson (J B) Co
5%%
Apr
Apr
61
50
....20
Sterling Brewers Inc
1
Sterling Inc
1
Sunray Oil
.
Util Pow & Lt common
23%
100
Sullivan Machinery
6%
18%
55
Sept
2%
7%
*;
100
"1%
1st preferred
2d preferred
Stutz Motor Car
.
Priority stock
4,800
Jan
26
900
10
Utility & Ind Corp com..' >
13
105
common..*
6%% pref
1
3%
4%
pf 100
Utility Equities Corp.
*'
Wahl (The) Co
Jan
IX
2% May
20%
"39
*
Standard Products Co—1
Standard Silver Lead
1
8teel Co of Can Ltd
*
Sterchl Bros Stores
%
3%
Utlca Gas & Elec 7%
Va Pub Serv 7%
Jan
May
70
2,200
5
Utah Radio Prod
13
Preferred
Stein (A) & Co
Mar
July
46%
29
20 %
1
*
Standard P&L
12%
35%
150
500
600
4%
Utah Apex Mining Co
Utah Pow & Lt $7 pref—
17
53%
20%
16%
300
4%
33
Aug
1%
X May
Universal Products
51%
100
5% preferred..
Universal Insurance.
51%
pf-*
Standard Oil (Ky)
10
Standard Oil (Neb)
26
Standard Oil (Ohio) com 25
Stand Investing $5.50
33%
4%
33%
4%
U ni versal Consol Oil
Class B
Standard Dredging Co-
300
3%
7% preferred
Spanish & Gen Corp—
Am dep rets ord bear__£l
Spencer Chain Stores
Square D class A pref
Jan
July
48
50
Line
Jan
41%
2%
*
Unlversal Pictures com
39
200
2%
*
Oct
28%
92%
92
50c
United Verde Exten
38
July
14
3
United Wall Paper
28%
Jan
Sept
2%
*
United Stores vtc
Fob
600
pref
Mar
Oct
38
-.100
Southern N E Telep
conv 1st
July
Jan
11,700
2%
4%
7%
1%
17%
43%
34%
3",800
500
2%
4%
Jan
Southern Calif Edison—
27%
2%
"44"
Jan
3%
4,600
5%
16
16
.100
19
100
29%
Jan
%
U S Rubber Reclaiming..*
7% preferred
Sept
X
*
*
10
U S Stores Corp com.
16%
6%
27%
Smith (L C) & Corona
6% original preferred_25
6% preferred B
25
6% % pref series C—25
Southern Colo Pow cl A.25
Apr
5%
1
1st pref with warr
U S Lines pref
U S Playing Card
$7
"2%
Sept
U S Radiator Corp com..*
8lnger Mfg Co
"2"
37%
1
U 8 and Int'l Securities..*
35
2
160
100
Sept
83%
Corp
40
Jan
»
4
59%
328
28 ys
83
1%
common...*
116
*
Typewriter v t c com— *
Smith (Howd) Paper Mills*
950
25
Preferred
145%
Simpsons Ltd 6% % pfd 100
....100
Singer Mfg Co Ltd—
Amer dep rec ord reg._£l
94%
94%
100
X
"600
94
B..1
1,000
200
700
U S Dairy Prod class A...*
7%
3%
Preferred..
X June
1%
39%
United Shoe Mach com. .25
15
22%
Shreveport El Dorado Pipe
Line stamped
25
Slmmons-Boardman Pub—
Conv pref
Feb
50
112
112
Low
Shares
8
Mar
IX
1,600
24%
1
25
Week
"1% "1%
2%
5,600
8%
8
24 %
Shawlnigan Wat & Pow._*
Shenandoah Corp com
%
12 %
4%
%
Range Since Jan. 1 1936
for
Range
1%
*
10
....
Oct
%
500
Price
Apr
2
£1
1
Amer dep rec
Southland Royalty
of Prices
Low
High
United Profit Sharing
Selfridge Frov Stores—
7% preferred
Week's
Sale
High
Low
Shares
Last
{Concluded.)
1936
Range Since Jan. 1
for
Range
Sales
Friday
Hales
Friday
STOCKS
Sonotone
2647
New York Curb Exchange—Continued—Page 4
143
Volume
f 105% 109
104
104%
111%
103%
111% 112
103% 104%
*113%
166%
35,000
2,000
Jan
Jan
Apr
104
15,000
36,000
115
106% 106%
76
89%
105%
44,000
13I660
Jan
102%
109%
98%
111%
105%
Apr
Mar
Apr
Jan
Jan
Jan
New York Curb
2648
Sales
Friday
BONDS
Week's Range
Week
Sale
Low
Price
High
Range Since Jan. 1 1936
1st A ref
10334
10134
10334
1966
434a
ser
F.1967
6s series O
1968
4Ks series H
1981
Cent Maine Pr 434» E-1967
Cent Oblo Lt & Pr 68.1950
Cent Power 6a ser D..1967
Cent Pow A Lt 1st 68.1956
Cent States Elec 6s
Low
7134
534s ex-warrants...1964
Cent States PAL 634a '63
Cblc Dlst Elec Gen 434s '70
10534
6s series B
1961
Chic Jet Ry A Union Stock
Yards
6s
6s series B
1956
7734
7734
1960
Line 6s
10234
1943
10334
Cities Serv PAL 634s.1952
7634
6348
1953
1st M 6s series B
.1954
1st
1st
434» series C...1950
434s series D
1967
11234
10734*
1st M 4s series F
1981
354s series H
1965
10634
Com'wealth Subsld 634s '48
Community Pr A Lt 6s '57
Community P S 5s
1960
Connecticut Light A Power
10334
7s series A
8334
99
1962
53
1,000
1,000
106
{11034 11034
123
12334
1939
Gen mtge
434s
1954
Consol Gas El Lt A P (Bait)
lstref
s
t 4s.
1958
1940
Cuban Telephone
734s 1941
Cuban Tobacco 5s
1944
10454
105
3,000
34
11034
11034
11054
Mar
4,000
40,000
110
July
10534
49,000
8,000
10354
10254
6334
5,000
39,000
11,000
7,000
Apr
"7634
108
May
Oct
6s series A
105
Feb
Without
Detroit Internat Bridge—
634a
Aug 1 1952
Certificates of deposit.
128
Oct
109
Jan
109
Jan
Isotta Fraschlnl 7s
1942
Italian Superpower 68.1963
120
Jan
11254 May
12434 July
Oct
110
Jan
Sept
48
Jan
Jan
95
Aug
104
Apr
854
854
9
9
.....
254
10334
Eastern Gas A Fuel 4s 1956
Elec Power A Light
5s.2030
9254
9234
8934
89
3
103
10934
{10434
10334
8734
8734
10334
108
105
10534
10834
aSoOO
10334
22,000
2,000
107
9,000
106
28,000
1234 39,000
1134
10,000
454 20,000
434
35,000
10334
8,000
9234 147,000
8954 175,000
10934
2,000
10434
10354 i(U)66
8834 46,000
Ercole Marelli Elec
Mfg—
634s series A
1953
Erie Lighting 5s
107
Farmers Nat Mtge 7s. 1963
Federal Sugar Ref 6s__1933
"354
3 54
4 54
35^066
9534
9434
9734
68,000
General Bronze 6s
1940
General Pub Serv 5S..1953
Gen Pub Utll
634s A. 1956
General Rayon 6s A..1948
Vending O .rp 6s. 1937
61
of
Geefurel 6s
103
9634
9954
10034
9934
9834
94
Aug
Jan
81
6s series A
1977
Hall Print 6s stpd
1947
Hamburg Elec 7s
1935
Hamburg El Underground
A St Ry
534s
1938
Hood Rubber 7s
Houston Gulf Gas
1953
434s series D
434s series E
For footnotes
1978
1981
see
page
6s series B
10154
9234
Oct
74
Jan
9434
10534
2649
1948
I
Kimberly-Clark
5e
*11134
Mar
Lexington Utilities 58.1952
10434
July
Llbby McN A Llbby 5s '42
Lone Star Gas 5s
1942
Oct
734
Oct
9334
Aug
Sept
9234 June
Jan
92
Jan
69
June
Jan
July
108
June
134
7534
Apr
6
9934
102
Feb
July
10254
July
110
Sept
Aug
July
2834 June
9734
Jan
Jan
10534
1978
1955
1955
1957
9834
Mississippi Riv Fuel 6s '44
Miss River Pow 1st 5s. 1951
Missouri Pow A Lt 634 s '65
Missouri Pub Serv 5s_1947
Montana Dakota Utilities
534a
..1944
Oct
Munson SS 634s ctfs.. 1937
Nassau <fe Suffolk Ltg 5s '45
100
Sept
Jan
10254
Sept
44,000
20,000
Nat Pow A Lt 6s A...2026
Deb 5s series B
2030
Jan
10034
Sept
82
Jan
100
Sept
96
July
10254
Mar
"4:660
98
May
9954
103
Oct
33,000
79
Jan
96
July
1,000
30
Jan
70
Aug
Apr
Aug
N E Gas A El Assn 5s. 1947
Conv deb 5s
1948
Conv deb 5s
1950
Sept
New Eng Pow Assn 5s. 1948
Feb
Debenture 534a
1954
New Orleans Pub Serv—
June
27
May
95
9554
Mar
1,000
29
May
9034 167,000
8034 8434
15,000
10354 104
11,000
{10634 10734
82
"15:606
58
12,000
23,000
8,000
85
Apr
79
Aug
90
Jan
10434
93
3834
9034
Mar
Jan
103
Mar
10434
Sept
108
64
Sept
July
8254
Mar
44
Jan
60
Mar
10534
6s series A
2022
Nelsner Bros Realty 6s *48
Nevada-Calif Elec 5s. 1956
New Amsterdam Gas 6s '48
July
20
35
Nat Pub Serv 5s ctfs. 1978
Nebraska Power 434a. 1981
2734
86
Feb
5,000
49,000
5s stamped
81
100
934
84
Oct
9654
10634
Jan
Oct
Jan
17
Feb
Jan
83
54
Feb
July
July
Feb
Jan
9834
69J4
8534
8534
10934
July
Feb
103
Feb
88
Feb
59
Aug
Aug
Aug
7934
Jan
8134
Apr
92
Feb
78
Apr
87J4
Jan
100
Mar
10234
Apr
99
Apr
10454 July
10434 May
10454
Apr
Jan
10134
101
Feb
10654
106
Jan
10634
106
July
Feb
Sept
44
Jan
75
65
May
90
Feb
Jan
71
June
4734 May
10534 Aug
61
Jan
108
Jan
Apr
106
Mar
Jan
10654
11934
10334
Mar
10034
10834
Sept
3934
90
8,000
112
105
7,000
10434
10634
106
11,000
June
9434
5034
10834
'l"d8«
10134
"79"
11234 June
1023
105
Jan
Apr
10354
"16:666
10534
7534
Jan
Oct
3,000
6,000
98
12,000
82
934
89
Oct
June
27
Aug
June
1045
July
10354
Feb
1075
May
10334
Jan
Sept
9134
Jan
78
Jan
10254 May
98
Jan
1025
Mar
10634
2,000
15,000
8334 May
8934 Mar
105
10634
106
"17:606
11,000
33,000
5,000
5734
Jan
Oct
June
Jan
43,000
97
42,000
8534
7834
77
7934 190,000
7934
57,000
7934 201,000
6434
7634
9534
9634 101,000
85
99
9934
66,000
8834
Jan
90
6451 May
6454
May
Apr
9034
25,000
84
85
24,000
69
Jan
105
105
2,000
97
May
7434
Jan
5,000
Oct
Jan
Oct
Jan
9934
10234
11234
9834
4334
82 34
Jan
102
Jan
10754 May
10934 June
10834 May
10734 June
11734
Jan
10534 May
8634
Jan
10934
Jan
7834
9534
Niagara Falls Pow5sA1959
Nippon El Pow 634s
1953
May
Oct
Oct
Sept
Apr
18
51
2623000
3534
108 34 10834 114,000
12334 12334
3,000
10834 10834
3,600
10134 102
107,000
11834 11834
1,000
2,000
72
Aug
Sept
Apr
9534
106
Jan
9534
100
Oct
9334
Jan
534 July
10234 May
10434
106
July
96
13,000
47,000
Mar
103
Feb
9434
21,000
10334
10354
11034
62
Jan
101
10754
10334
63,000
100__ 10034
Jan
58
50
103
10634
10754
Sept
Aug
105
9,000
50,000
106
Jan
10634 June
106
1st 534a
1962
N Y A Westch'r Ltg 4s 2004
Jan
10454
Apr
10454 June
10334 Jan
10254
Apr
10354 May
10834
Feb
10434
Oct
10734 Mar
10634 May
10754 Feb
10934 10934
10634 10734
10334 10334
10834
10534
Julv
Aug
Sept
Jan
N Y P&L Corp 1st
434s *67
N Y State E A G 434s. 1980
Aug
9954
Feb
24,000
77
103
10354
"2:666
9434
Feb
Feb
Apr
Apr
10234
9934
9
Apr
Aug
4,000
9534 9534
10634 10634
102
10234
106 34 10634
9234
9934
104
Feb
24
10234 10334
80
9534
Jan
6,000
10534
89
10334
10334
11534
10054
101
18,000
45,000
10534 10534
104
1942
5654
10334
10234
9154
8634
105
2,000
11034
41,000
10754
Sept
July
Oct
Mar
Oct
No Amer Lt & Pow—
Jan
Oct
76 34
10654
Oct
Feb
Mar
16,000
11,000
{10554 107
10334 10334
105
10534
108
Mar
5,000
103
Mar
32,000
10734
104
Mar
107
Mar
Aug
6,000
1,000
Oct
50
2,000
10434
10634 10634
10634 107
{107
10734
Income 6s series A.. 1949
N Y Centra! Elec
634s *60
New York Penn A Ohio—
Ext 434a stamped..1950
25
"10:666
Feb
Jan
Sept
28:666
10234
9934
95
10634
Miss Pow A Lt 5s
Jan
Mar
63
90
{10734 10834
Oct
Feb
Oct
11134
8454
69
Jan
Feb
108
Jan
10454
434
52,000
10234
10434
1U34
10434
{—-
93
Feb
91
434a
6s
"2:660
10334
103
10234
Metropolitan Ed 4s E.1971
Minn P & L
14,000
55,000
{2534
McCallum Hosiery 634s '41
McCord Rad A Mfg 6s *43
Middle States Pet 634s '45
Midland Valley 5s
1943
Mllw Gas Light 4348—1967
10634 10634
{10134 10234
99
9834
88
Mansfield Mln A 8melt—
7s without warrants. 1941
Memphis P & L 5s A..1948
98
10434 10434
Mississippi Pow 58
Aug
100
Long Island Ltg 6s...1945
Louisiana Pow A Lt 5s '57
Louisville G A E 4348 C *61
Manitoba Power 6349-1951
QQ
10434
10634
10534
106
10534
{105
Oct
102
10554
10634
9534
Apr
'10234
10734
10634
Oct
10434 10434
103 34
Sink fund deb 534a. 1950
Lehigh Pow Secur 6s..2026
Jan
79
'"9834"
1943
Jan
20,000
9834
Koppere G A C deb 5s. 1947
Oct
4,000
10234 10234
Apr
8
10,000
106
10634
{11934 122
106
Feb
4034
10534
2234 June
10434
Aug
16
53
107
5234
109
15
70
56
17,000
6,000
1,000
10,000
107
10334
104
6,000
75
May
Jan
125,000
104
108
10534
86
10254
11034
10534
9834
2934
1969
1st mtge 5s ser H..1961
Apr
25
9434
1947
434s series C
1961
Kansas Gas A Elec 6s. 2022
Kansas Power 5s
1947
Kentucky Utilities Co—
9054
88,000
70
1955
10554
10534 10534
62
7234
54
53
5e series
Jan
85
80
Stamped
634a series D
534a series F
Mar
Jan
10534
Jamaica Wat Sup 534 s '55
Jersey Central Pow A Lt—
Jan
104
Sept
Sept
Apr
Jacksonville Gas 5s...1942
110
9934
10254
9854
8034
103
10234
1957
8,000
5,000
9,000
{106
434s..1958
Iowa Pub Serv 5s
10234 June
8354 Apr
10734 June
Jan
Jan
Mar
18,000
8634 110,000
10534
10534
{105
1961
8854
9234
8334
28,000
9834
103
69
9354
54
10034
2734 2734
10034 10034
10534 10554
10234 10334
1936
6S..1943
1st 58 series A
1st
1
24
5734
"73*
7234
10334
{10254
11034
10534
9634
9634
{2734
634s with warrants. 1943
Houston Light A Power—
1st
9354
434
Jan
434 May
34
Jan
35
85
Grocery Store Prod 6s_ 1946
Guantanamo A West 6s *68
Hackensack Water 5s_1938
9934 100
10034 10134
9934
9934
9754
{21
9334
10234
8334
1961
94
69
"~8954
series B
10334
9,000
5,000
15,000
1,000
10354 10434 45,000
-9634 9834 144,000
103
10234 May
10754 May
9934
Jan
10534
Jan
10234
Jan
28
{21
1965
4348
103
{98
103"
434s
1941
Grand Trunk West
4s_1950
Gt Nor Pow 5s
stpd__1950
Guardian Investors 5s. 1948
Gulf States Utll
6s...1956
10654 107
94
104"
.1953
Glen Alden Coal 4s
Gobel (Adolf)
2,000
3,000
10134 10154
10234 103
deposit
Gen Wat Wks A El
6s_1943
Georgia Power ref 5s__1967
Georgia Pow A Lt 5s. .1978
61
{28
Gen
Certificates
Feb
8434
105
Isarco Hydro Elec 7s. 1952
Oct
88
Certificates of deposit.
Dixie Gulf Gas 634s__1937
Deb gold 6s. June 15
1941
Deb 6s series B
1941
warrants
Mar
Sept
92
10034 10034
10034 10034
Iowa-Neb LAP 6s... 1957
May
Jan
5s
Oct
10634
10534
Sept
Apr
Sept
ex-warr stamped. 1944
Gatlneau Power 1st 5s. 1956
8634
65
107
29,000
10034
76
7734 152,000
6834
7034 63,000
91
8634
1947
w w
101
8534
10134
8834
9754
10834
10134
Invest Co of Amer—
Oct
28
{10634
105" 10454
10834
10234
10654
10534
10554
100
7034
10654
Sept
105 34
Jan
10434 May
10954 May
19,000
100
1952
Interstate Public Service—
Jan
Jan
Jan
8654
28,000
22,000
7634
Jan
77
7634
10734 10734
Oct
5334
7,000
10734
1957
Apr
70
Fla
Interstate Power 5s
Debenture 6s
195
Jan
70
7134
7134
1962
1956
106
Power Corp
534s. 1979
Florida Power A Lt 5s_i954
Gary Electric A Gas—
June
68
1957
7s series F
5s series D
105
Federal Water Serv
534b '54
Finland Residential Mtge
Banks 6s-5s stpd._.1961
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s '67
Aug
7s series E
International Salt 5s.. 1951
International Sec 5s..1947
434a series F
4,000
1H67
113
July
July
Mar
3,000
Empire Dlst El 5s
1952
Empire Oil A Ref 534s. 1942
May
8034
8054
5334
Mar
11,000
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s A
1950
105
13
1955
113
105
Aug 1 1952
July
97
16,000
3,000
8234
106"
Aug
Oct
Sept
Jan
"8234
Oct
104
91
1,000
82
8434 131,000
84
39,000
8134
85
8534
8,000
106
10634 21,000
13
1234
23,000
100
Feb
Sept
Jan
"i:5o6
11334
11334
Jan
17,000
107
31
10234 10254
9734 9734
7634 7634
10234 10334
111
31
10234
9934
111
10534
3,000
10,COO
9434 145,000
10554
10354
Jan
107
5s series B
93 34
Jan
Jan
l"07"
97
97
"9334
99
95
86
1957
99
11034
5,COO
26,000
105
Indiana A Mich Elec 5s '55
124
5,000
105
10334 10334 120,000
98
9734
21,000
Intercontinents Pow 6s '48
International Power Sec—
Feb
8,000
105
Aug
8534 June
Jan
June
Jan
May
Indianapolis Gas 5s A. 1952
Ind'polls P L 5s ser A. 1957
Jan
Feb
106
8234
100
10034
Oct
8634 June
10354
Mar
6534
109
Jan
10334
1963
6634
Jan
10154
107
1950
102
106
6,000
1st lien A ref 5s
Jan
3,000
31,000
53,000
2,000
Indiana Service 5s
Jan
8134
10954
10434 10434
Oct
Jan
Jan
Mar
9534 9634
10734 10734
9634
{9534
Jan
Jan
58
107
9534
5s
Feb
1,000
3,000
34,000
10734
80
93
High
82
Jan
1951
9954
6934
6954
9754
8034
109
5634
9934
9934
10734 10734
10534 106
1953
5s series C
Low
26,000
Indiana Gen Serv 5s..1948
Indiana Hydro-Elec 5s '58
Jan
Jan
108
Deb 7s
634a series B
Range Since Jan. 1, 1936
S
June
106
67
67,000
3,000
9934
1947
8634
105
1950
Feb
6s series A
June
108
A. 1947
Jan
11154
105
ser
Feb
8034
534a—May 1957
Indiana Electric Corp—
104
108
5s 1st series B
7554
7834
8034
10634
81
109
8f deb
Jan
Dallas Pow A Lt 6s A. 1949
6s series C
...1952
Delaware El Pow 634s. 1969
Det City Gas 6s
1st A ref 534a aer B.1954
1st A ret 5s ser C...1956
Feb
Sept
Week
High
79
A '53
ser
Apr
Apr
Cumberl'd Co PAL 434« '56
Denver Gas A Elec 5s. 1949
Derby Gas A Elec 5s.. 1946
95
Sept
10934
10134
sept
97
Apr
Apr
45,000
Consol Gas Utll Co.—
1st A coll 68 ser A..1943
Conv deb 634a w w.1943
111 Pow A L 1st 6s
Sept
for
of Prices
1949
634a series C
{10534 10534
1981
Cont'l Gas A El 5s
Crucible Steel 5s
Apr
Apr
65
45,000
Consol Gas (Bait City)—
5s
Aug
6254 May
1,000
11034 111
11034 HI
11234 11234
11054 11134
10734 10734
10634 10634
10334 10334
8234 85
99
10034
102
10454
10434
Jan
Jan
Apr
May
Week's Range
Low
79
Idaho Power 5s
1947
Illinois Central RR 68.1937
111 Northern Utll 58...1957
6s series B
Iowa Pow A Lt
..1956
6s series D
7754
{12734 12934
10754 10754
10534 106
1951
434s series C
10334 104
7634
7634
53
Commerz A Prlvat 634s '37
Commonwealth Edison—
1st M 6s series A
61
17,000
9954
10034 10034
1,000
7734
78
19,000
7734 7834 313,000
10234 103
35,000
7634
1949
Sept
8834 June
8234
Jan
98,000
7934
10254
10434
16,000
1C9.000
71
103
Mar
96
95
77
10534
"7", 000
9834
Cities Service 6s—.._.1966
Cities Service Gas 634s '42
Cities
Service
Gas
Pipe
9934
9354
10254
1,000
Jan
24., 1936
Sales
Sale
Price
Jan
94
47,000
7254 113,000
7734
67,000
105
10534
11,000
10534 10534
5,000
79
634s A *62
Conv deb 5s
10054
51,000
94
103
634s. 1942
1927
14,000
7034
7134
11054 H054
1940
Chic Pneu Tools
Chic Rys 6s ctfs
Cincinnati St Ry
10334
10134 10234
10234 10334
10034 10034
{10254 103
10334 10434
90
9034
76
77
Last
High
Hygrade Food 6s A...1949
193
9434
7034
1948
BONDS
(Continued)
$
Central III Public Service—
fie series E
Oct.
5
Friday
for
of Prices
Last
(Continued)
Exchange—Continued—Page
2154 June
10034
Oct
10334 May
9734
Jan
10434
Mar
3234
Jan
10454
10734
10334
Jan
July
July
Debenture 5s
534a series A
Nor Cont'l Utll 534s.
1112
1954
1956
_
1948
No Indiana G & E 6s. 1952
35,000
104
{10534 107
8634
9534
95
66
34
Mar
Jan
Feb
109
8734
9554
33,000
6834
13,000
7,000
9034
53
10634
Jan
Jan
90
11,000
10734 108
July
10834
10554
11234
Feb
97
Mar
Apr
72
Oct
Mar
108
Jan
Volume
Last
Week's Range
for
Sale
of Prices
High Dollars
Low
105
105
105
Be series D
1969
105#
4#s series E
1970
1940
104
5#s
104
.1945
1960
Ohio Edison 1st 6s
106"
2,000
27,000
68,000
103# 104#
5,000
6,000
78
104
104#
108# 109
10534 106
4,000
31,000
33,000
23,000
Standard Telep 5#s..l943
Stlnnes (Hugo) Corp—
Aug
Mar
106
7-4% stamped
Jan
78
51
98#
103#
Jan
105#
Mar
Jan
107
Apr
Tletz
93#
Jan
Toledo Edison 5s
105#
Apr
120#
120# 120#
23,000
4,000
98#
100# 100#
116
Pow 5s..1942
Pacific Pow A Ltg 5s
1955
Palmer Corp 6s
1938
"9034
Penn Cent LAP
*104#
116
1,000
106#
101#
91#
90,000
101# 101#
10434
3,000
90#
104# 104#
106# 106#
101# 101#
106
Texas Gas Utll 6s
Apr
5#s._1972
Phlla Rapid Transit 6s 1902
Phil Sub Co G A E 4# '57
0#s '60
Piedmont A Nor 5s... 1954
Pittsburgh Coal 6s...1949
1948
Pittsburgh Steel 6s
112#
110
105
Portland Gas A Coke 5s '40
'l"07#
Potrero Sug 7s stpd-.1947
"98#
1949
53,000
1,000
27,000
Jan
Apr
102
116#
10,000
19,000
80
Mar
5s series A
41#
Jan
99#
Jan
5,000
25,000
5,000
97#
25#
112
110
105
94#
98#
25#
1957
104
104#
103# 104#
103# 104
F.1981
.1960
July
40
Jan
Jan
106#
111#
Oct
Mar
100
90
65,000
98#
June
34
Mar
106#
70#
Apr
108
Mar
Jan
91#
Oct
37#
July
84#
Jan
32
42
24
31,000
Jan
Oct
103#
100
Mar
102#
Aug
105#
Aug
110
Feb
105
Mar
107# May
107# Sept
117#
Oct
104#
97#
Apr
United Elec N J 4s... 1949
102
United El Serv 7s
ex-w
101#
98#
Mar
Mar
106# June
105#
July
Jan
8,000
111#
Sept
104#
Oct
107
July
Aug
114#
Jan
108# June
1st
5,000
15,000
62
9,000
62
1956
100
Mar
Oct
27#
113#
112#
34,000
Mar
July
15,000
98#
21,000
108#
75
15,000
Sept
Jan
June
106#
63*000
Mar
108
2,000
Mar
105
27#
2,000
Apr
Mar
;.1945
27#
29
ii'ooo
86#
87#
Jan
United Lt A Pow 6s... 1975
6# 8
6# 8
Un Lt A Rys (Del)
..1974
1959
6#s '52
86#
91#
91
92#
32,000
20,000
105
105#
94#
47,000
Jan
96#
115
104#
75#
90#
92#
Jan
115#
Oct
Jan
90#
103#
July
July
115#
25,000
87
87#
102
102#
4,000
5,000
102
102
8,000
1944
4#S
115#
"162"
Valvoline Oil 7s
.1946
6s
1954
78 with warrants
95
95
95#
28#
30
2,000
Mar
West Penn Elec 5s
100#
Sept
July
West Texas Utll 5s A. 1957
1,000
32
Feb
6,000
101#
Jan
105
3,000
102
Jan
105#
Sept
52.0C0
102
Jan
104#
106# May
107# June
Jan
100#
100# May
95#
Jan
Aug
104
Apr
103
Aug
31,000
91#
Jan
101#
Sept
24,000
83#
Jan
97#
Sept
30#
Sept
Ry A Elec 4s.. 1951
2030
'44
West United G A E 5#s '55
Wheeling Elec Co 5s..1941
West Newspaper Un 6s
1906
Wise Pow A Lt 4s
141,000
2,000
107
3,000
107#
106#
106# 106#
1,000
107
106
106#
5,000
107#
Feb
105
105#
23,000
105#
Sept
"i6b"
Jan
Oct
Mar
111#
Aug
96#
58~666
97#
75#
46,000
77#
Sept
Sept
106#
13,000
*109# 109#
96~
72
71#
106
106
106# Mar
107# June
*107#
107"
107
107" ~9~666
107#
101#
100# 101# 106,000
101#
107
107
109
Oct
Oct
July
106
Oct
102
Apr
102# 102#
107# 107#
West Penn Traction 5s '60
101
Oct
Mar
"l07#
1937
10,000
Sept
41,000
29#
Wash Water Power 5s. I960
107#
1,000
5,000
101# 102
100
100#
101#
100#
Jan
Waldorf-Astoria Corp—
Aug
112#
100
102# 102#
5#s '57
Va Public 8erv 5#s A. 1946
1st ref 6s series B ..I960
105#
96#
100
1937
Vamma Water Pow
105
*105# 106
1952
6s series E
Mar
Jan
Sept
June
*105# 106#
Utlca Gas A Elec 5s D. 1956
Wash
Feb
July
100# May
Jan
81#
1973
Wash Gas Light 6s... 1958
104
97
Jan
100#
1952
Ward Baking 6s
108#'
June
10,000
6s series A
Jan
1,000
Jan
Jan
92
95#
105#
Utah Pow A Lt 6s A..2022
Jan
145# May
May
United Lt A Rye (Me)—
83#
107#
108#
91#
Jan
June
32#
33#
25# June
106
132#
72
Jan
6#s 1941
56,000
5,000
Jan
25#
35
59,000
28,000
Apr
*27#
f 6s
s
3,000
107
116# 117
117
Jan
105
107
107
104#
15,000
Jan
15,000
41
1967
4#s
16,000
107# 108#
86#
86#
Apr
Sept
96#
105
6s series B
27# 518,000
5,000
23#
23#
103# 104#
83
81#
Mar
104
74# June
*106#
104
112#
105
29
104#
Feb
90
105#
*101# 102
1954
105#
107#
66,000
110#
77# May
Jan
Feb
98
3l"666
106# 107
91# 275,000
90#
91#
Jan
2,000
107
111# 111#
106# 106#
1978
1980
set
9,000
26,000
71,000
Jan
102# 103#
41
Wlsc-Mlnn Lt A Pow 5s '44
1956
4#s
4#s series I
62#
*25
Oct
108# July
141# 142
..1966
1st A ref
84#
96
*106#
100
108#
25#
6% perpetual certificates
4#s series D
4#s series E
89
60#
103
101#
Public Service of N J—
1st A ref 5s
66,000
Jan
Feb
Union Elec Lt A Power—
Jan
106#
97
104# 105#
36
35#
106# 106#
111# 111#
"96#
Union Amer Inv 5s A. 1948
Jan
Pub Serv of Nor Illinois—
6s series C
96
*I06#
1944
98
Feb
100# 100#
Electric 6s..1954
Prussian
Oct
Oct
83#
5#s '62
114
119#
106#
106# 107
Potomac Edison 6s E.1956
Power Securities 6s
106#
105
1962
6s 3d stamped
105
96# 96#
107# 107#
58#
59#
59#
105# 106#
*106# 106#
81#
1901
Apr
(Leonard) 7#s.l946
Twin City Rap Tr
Ulen Co—
7,000
*107#
103#
Corp(Can)4#s B '69
105#
106# 106#
3,000
6,000
6s series A
97#
27#
1939
4#s series F
105#
103#
111# 111
Elec 6s..1953
Poor A Co 08
107# 107#
106#
100#
110#
109#
1945
121
4,000
*106
4#s series B
1968
Peoples Gas L A Coke—
1981
104
Apr
Apr
Jan
3,000
...2022
6s_
107# 108
106
Penn Water A Pow 5e. 1940
Peoples Lt A Pr 5s
1979
Phlla Electric Co 5S..1966
Aug
104
105#
'*62#
Texas Power A Lt 5s.. 1966
103# June
101#
Oct
98#
Oct
106# 107
'108
1954
4s series B
104
103
1959
5s series D
Mar
48#
106#
96#
Ternl Hydro-El 6#g_.1953
Texas Elec Service 68.1960
Penn Ohio Edison—
5#s series B
60#
Sept
107#
Tennessee Elec Pow 5s 1950
United Industrial
Pennsylvania Power 6s '66
Aug
Aug
42
105
1957
6s series B
86
93
102#
Pacific Ltg &
Penn Pub Serv 6s C..1947
53
43
105#
Super Power of 111 4#s *6S
1st 4#s
1970
Syracuse Ltg 5#s
1954
104#
109#
3,000
98#
Pacific Invest 6s ser A. 1948
1950
44
4,000
17,000
1946
78 stmp ctfs dep. 1946
Pacific Gas A El Co—
6s series A x-w
5,000
20,000
47
46#
47#
50#
47
45#
105# 105#
7s stamp ctfs dep. 1936
7,000
9334
Pacific Coast Power 5s '40
Power
Apr
101# 101#
*105# 107
2100
Pomeranian
65
101#
100#
Pledm't Hydro-El
Feb
Oct
1946
Phlla Elec Pow
49
1930
100
102#
98?4
Deb
5,000
7-4% stamped
51,000
4#s...l951
1971
54
104#
104#
100#
93#
10434 104#
102
1979
53
Jan
Thermold Co 6s stpd. 1937
Tide Water Power 5s..1979
10634
4#s_ 1977
Oct
53
Jan
98
Tenn Public Service 5b 1970
104#
5s
90#
July
July
1961
Penn Electric 4s F
Jan
108#
104#
6#s series E
1941
46#
6,000
3,000
3,000
16,000
11,000
46,000
Okla Gas A Elec 5s... 1950
1st 6s series B
18,000
107
105# 106
10634 106#
1941
90#
107#
10934 109#
Oswego Falls 6s
89#
Apr
1954
Okla Power <fc Water 6s *48
90#
106 #
Apr
...1953
debs
87#
103#
6sserie8 D
1940
May
106
102#
102#
100#
62#
104
6s series C
conv
Oct
87# 218,000
Jan
102#
Ohio Public Service Co—
6s series A
High
Low
84#
ii'ooo
4#b ser D.1956
Okla Nat Gas
for
Range
Week
of Prices
High Lollars
Low
86
104# 104#
*106 34 107#
Ohio Power 1st 6s B..1952
1st & ref
105#
103# 104#
78
N'western Power 6s A. 1960
N'western Pub Serv 6s 1967
105
105# 105#
10434
N'western filec 6s stmpl94o
Ogden Gas 6s
Range Since Jan. 1 1936
Week's
Sale
Price
Standard Pow A Lt 6s. 1957
I960
6a series C
Last
(Concluded)
High
Low
Northern Indiana P 8—
5s
BONDS
Range Since Jan. 1,1936
Week
Price
Sales
Friday
Sales
Friday
BONDS
(Continued)
No States Pow
2649
New York Curb Exchange—Concluded—Page 6
143
July
14,000
Aug
14,000
103#
Apr
105#
Sept
106#
80#
Jan
91
92#
12,000
83#
Jan
86#
104# 104#
35,000
78#
3,000
103
Jan
Apr
96#
93#
89#
Feb
Jan
Feb
Mar
106# 106#
8,000
103
Jan
103# 103#
1937
York Rys Co 5s
Registered
6,000
32,000
104#
Jan
4
103#
Oct
Sept
93#
20,000
94# 170,000
Sept
107#
103# 103#
Yadkin Rlv Pow 5s... 1941
104# 105
Pub Serv of Oklahoma—
105# 105#
1966
4s series A
Puget Sound PAL 6#s '49
1st A ref 58 series C. 1950
1st A ref
4#s
ser
Quebec Power 5s
85#
D. 1950
-.1968
106#
Queens Boro Gas A Elec—
1952
5#s series A
100
100#
86#
88
Reliance Manag't 5s..1954
Rochester Cent Pow 6s *63
Ruhr Gas Corp 6#s..l953
*27#
Ruhr Housing 0#b
4,000
Safe Harbor Water
4#s '79
St Louis Gas A Coke 6s '47
San Antonio P S 5s B
San Joaquin L A
.
.
1958
P 6s B '52
1955
Sauda
Falls 5s
Saxon
18#
105#
131#
Pub Wks 6s_ —1937
Schulte
.....
5,000
*108#
Jan
lolooo
7s stamped
105#
12
Cauca Valley 7s
101#
68 series A
Danish
Sept
July
30#
5,000
18
50,000
16
July
4,000
22,000
11.000
Shawlnlgan WAP 4#s '67
103# 103#
19,000
4#s series B
1968
1st 4#s series D... 1970
103# 103#
103# 103#
5,000
1948
External 0#s
Feb
55#
Jan
73
57#
Jan
78
Oct
7# May
11
Feb
Oct
83#
24# May
25
1.000
95#
89#
00
34
Jan
Jan
102
July
Jan
100
Aug
Aug
1,000
8,000
98#
Mar
May
28
98#
9,000
98
6#s._1949
6#s.1958
Apr
Hanover (Prov)
Oct
Lima (City) Peru
100#
100#
100#
Jan
Maranhao 7s
Jan
Medellin 7s series E..1951
Jan
97
Apr
101
Feb
107# 107#
12,000
103#
'60
1960
4#s_ 1961
4# s. 1908
43,000
101
Jan
22,000
100#
106#
105#
Jan
107#
*104#
82
1951
84
102
102#
103# 103#
8'western Assoc Tel 58.1901
8'western Lt A Pr 5s-.1957
99
So'west Pow A Lt 6S..2022
3,000
24,000
103
105
103# 103#
Southern Nat Gas 08..1944
100
20,000
51,000
Mar
Apr
Feb
107#
104#
Jan
86
Jan
104
92#
56#
101
Jan
103
99
Jan
104#
5,000
91
Jan
101#
10,000
5,000
106
6,000
100
May
69
Jan
89
67# May
90#
90#
88#
Stand Gas A Elec 6s..1935
90
1935
90
69
May
24
12#
12#
86#
89
6#s..l959
6#S
1919
6#s certificates
6#s
5#s certificates
1919
1921
1921
"e'ooo
6,000
1,000
33,000
4,000
87
23,000
*13#
19# May
9
13
May
18
Jan
Jan
Sept
Oct
13#
9#
71#
Feb
100
Oct
63
Feb
88
j"'v
Jan
20#
July
18
Jan
14#
Jan
22
Aug
Anr
21#
5,000
62,000
12
12#
92#
Sept
14#
12#
Jan
99#
Oct
10#
Jan
23#
Apr
12#
Jan
May
17#
2#
Jan
13#
98
99#
"4,000
20#
20#
20#
15#
15#
15#
1#
1#
1#
1#
1#
1,000
21,000
17,000
21,000
1#
1#
7,000
1#
1#
May
13#
13
13
12#
21
100
99
1931
Rio de Janeiro
Russian Govt
18
18
"12#
*21#
21#
Mtge Bk of Denmark 5s '72
Parana (State) 7s
1958
stamped
Feb
Feb
26
1#
17#
69,000
Mar
Jan
1
Jan
Sept
Jan
# May
2#
Jan
June
2#
Jan
Sept
2#
1
#
Jan
71
71
1,000
58
Feb
71
Mar
56
58#
6,000
49
June
00
Apr
1949
12#
12#
23,000
Jan
12#
Oct
1961
Santa Fe 7s
*12#
Jan
12#
Oct
1945
71
stamped.......1945
7s
Santiago 7s_.
11#
11#
90
90#
88#
104,000
Certificates of deposit.
"89#
May
1951
87#
86#
90# 165,000
88# 117,000
66
Debenture 6s
64
May
Debenture 6sDec 1
1906
87#
86
88
33,000
63# May
Standard Invest* 5#s.l939
101#
26,000
97
111
91,000
90# 114,000
105# 105#
89
90#
S'west Pub Serv 6s...1945
Certificates of deposit.
107#
107# 107#
110
110#
106# 106#
107
3#s_May 1 1960
28#
32#
26#
11#
-.1958
Mtge Bk of Chile 6s... 1931
6s
28#
18# May
24
Issue of Oct 1927—
3#s_._.1945
Apr
18# May
2,000
11#
Issue of May 1927
107#
107#
Mar
73
11,000
25
24
Mendoza 7#s
Jan
4,000
25#
*24#
1951
4s stamped
1961
Mtge Bk of Bogota 7s. 1947
58
63#
25#
25
25#
1939
105#
Sou Calif Edison Ltd—
Ref M 3#s B.July 1
.'Js *47,
1947
Hanover (City) 7s
78,000
68#
63#
1952
Secured 6s
Apr
99# 100#
105# 106#
5s. 1957
Southeast PAL 68...2025
Convertible 6s
Jan
Jan
26#
99# 100
28
99#
1953
German Cons Munic
101# May
1,000
12,000
68#
Sheridan Wyo Coal 6s. 1947
Sou Indiana Ry 4s
1955
5#8..
61
73
99# 100
105# 106
Int'l Sec 5s... 1948
Sou Counties Gas
21#
21#
Jan
Danzig Port A Waterways
*70
Sou Calif Gas Co
8#
4,000
5,000
1,000
*28
1952
5s.
June
29#
103#
1st A ref mtge 4s
78
8#
1951
Prov Banks 6s B
Jan
Jan
28#
103
Ref M
Jan
May
18#
Cent Bk of German State A
124
107#
24#
72#
77
78
1948
Aug
29#
Debenture
1947
July
1935
Carolina Pow
10,000
72#
1952
7#s stamped..
Estate—
Servel Inc 6s
10,000
21#
25
17
20
21#
Buenos Aires (Province)—
May
warrants... 1935
Scripp (E W) Co 5#s_1943
Sou
74
22# June
16#
19# 153,000
105# 105#
17,000
9,000
131# 131#
Seattle Lighting 5s... 1949
Second
*24#
Baden 7s
26#
68 ex warrants
20#
21#
1961
98# May
26#
Real
6s with
28
26#
107# 107#
Agricultural Mtge Bk (Col)
20-year 7s
1946
20-year 7s
1947
25
15,000
*25#
1958
foreign government
and municipalities—
100# 101#
Jan
7s
88
102#
♦
value
a Deferred delivery sales not nomded n year'- range,
n
not Included In year's range,
r Cash sales not Included In
Ex-dlvldend.
No par
the rule sales
range,
r
t Friday'8 bid
e
and asked price.
Cash sales transacted
No sales were transacted during curren
during the current week and not Included In
Under
year's
week.
weekly or
yearly range:
No sales
y
Under-the-rule sales transacted during the current week
and not Included In
weekly or yearly range:
No sales.
f
Deferred delivery sales
transacted during the curren
week and not
ncluded
weekly or yearly rangeOkla.
Nat. Gas 5s 1946, Oct. 17 at
Used Above—"cod," cert flcatee of deposF; "cons. ' consolidated,
cumulative; "conv." convertible "m," mortgage; "n-v," non-voting stock,
"w
when issued "w v " with warrants
Abbreviations
cum,'
c," voting trust certificates:
••x-w." withou warrants
"v
t
99#.
Financial
2650
Chronicle
Oct.
24, 1936
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Last
Stocks (Concluded)
Closing bid and asked quotations, Friday, Oct. 23
Unlisted Bonds
Unlisted Stocks
Ask
Bid
Par
Oliver Cromwell ctfs
/
8%
/ 30%
5%s—1950 / 53
Pennsylvania Bldg ctfs
61 Bway Bldg
10~"
City & Suburban Homes..
Lincoln Bldg Corp v t c.__
Ask
4%
33%
39 Bway Inc units.
7
f 32
1
United Shoe Macb Corp.25
4%
5%
25
Utah-Apex Mining
Established 1853
*
4
94
94%
976
83
40%
1%
235
37%
98c
2,285
92c
95c
132
16%
95c
%
298
32
17%
10%
1,095
85
J1.00C
70
Aug
Feb
1.00
135
Jan
21
Feb
1%
Jan
Apr
124
Oct
Feb
2%
Jan
30c
10
64
Mar
94%
42
Aug
6
37%
9%
9%
37%
Jan
100
133
9%
Jan
39%
1%
95c
..
High
Low
104
7%
94%
~~94c
_
Range Since Jan. 1, 1936
Shares
40
.
Jan
May
18%
Sept
Jan
10%
Apr
Mar
9%
4%
37%
Oct
Bonds—
Eastern Mass St Ry—
Series A 4 %s
1948
STEIN BROS. &> BOYCE
Series B 5s
39 Broadway
84
84
88
100
70
Jan
90%
94%
1948
84
88
.1948
Series D 6s
94%
200
80
Feb
99
Oct
85
Jan
Aue
Oct
NEW YORJC
lALTIMOr.E, MD.
York
New
York, Pa.
Louisville, Ky.
Hogorstown, Md,
Member*
6%
1
Utah Metal & Tunnel
Warren (S D) Co
6. S. Calvert St.
Price
Venezuela Holding Corp. *
Vermont & Mass Ry ColOO
Baltimore Stock Exchange
on
Week
5
Waldorf System Inc
*
Warren Bros Co-———*
Orders Executed
for
of Prices
Low
High
United Gas Corp
Bid
Preferred..
Dorset ctfs of deposit
Week's Range
Sale
Exchange
and
Baltimore
Stock
Exchangee
CHICAGO
Chicago Board of Trade and Commodity Exchange, Inc.
SECURITIES
Listed and Unlisted
Baltimore Stock
Oct. 17 to Oct. 23, both inclusive,
Exchange
Last
42
(Conn)..50
Low
*
19
42
Shares
.
16%
26%
140
822
1,553
29
26%
Low
1,512
7%
7
29
Range Since Jan. 1, 1936
3%
3
7%
*
High
18%
41%
3
t c._*
v
1st pref vtc
Black & Decker com
19%
July
May
25
27%
27%
27%
Consol Gas E L & Power.*
88%
88
89
292
84
Jan
113% 114
63
111
July
6%
114
100
preferred
Eastern Sugar Assoc com. 1
Preferred
1
27%
41
132%
57
88
Jan
139
Oct
45%
163
39%
Apr
60
Jan
12%
18%
598
11%
12
414
1%
2
102
3
3%
11%
25
25
"
1
3
253
50
100
New Amsterdam Cas
mm*---
16%
*,
-
Owings Mills Distillery.. 1
Penna Water & Pow
~
1%
com. *
U S Fidelity & Guar
26
Oct
Feb
61
Aug
20%
Jan
12
Oct
2
Jan
7% May
K May
400
257
12%
50
14%
Feb
1%
248
Apr
Mar
3%
Aug
July
262
2
45
395
31
Jan
45
Oct
27%
27%
475
Aug
5%
31
23% Feb
1% June
28
5%
27%
6
Northern Central Ry.._50
9% June
25
42
Transp..*
MononW Penn P S 7%pf25
com. 100
Mt Ver-Wdb Mills
Preferred
46
Sept
Sept
13
40
73
75
15%
16%
101% 101%
1%
1%
5%
Oct
Oct
Oct
Aug
33
95
Jan
75%
17%
101%
2,100
1
Oct
2
1,750
96
96
96
25%
29
5,803
40%
9%
10
28%
Apr
41% $10,100
Apr
Oct
87
Jan
98
July
13%
Apr
29
Oct
15%
Jan
A
Last
Par
Stocks-
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
High
Abbott Laboratories—
53%
Advance Alum Castings. .5
53%
54%
18%
Common (new)
Adams (J D) Mfg com..
18
19
9%
9
9%
65C
50%
430
15
2,450
5%
Oct
June
57%
21
Jan
9%
Aug
Sept
Sept
Allied Products Corp—
Common
10
Class A
25
Altorfer Bros conv pref.—*
Amer Pub Serv Co pref. 100
21%
20%
56
21%
700
21%
Oct
23%
"47%
24
600
21
Jan
25 %
Feb
47%
47%
30
40
Jan
47%
53%
56
80
20
May
Armour & Co common...5
5%
com—1
Associates Invest Co com.*
3%
57%
56
Automatic Products com .5
9%
9
Asbestos Mfg Co
Backstay Welt Co com—*
Bastlan-Bleshlng Co com.
16
5%
5%
3
3%
58%
9%
1,450
1,950
69
4% June
7%
Oct
Sept
Jan
2%
27%
July
5%
750
Jan
59%
2,050
7%
Feb
11
Feb
Feb
18
Jan
16
15%
11% June
90
14
Jan
Oct
16%
16%
17
3,900
6%
Jan
17
*
30%
30%
31%
800
32%
Oct
12%
12
12%
2,300
21%
7%
Jan
Berghoff Brewing Co
1
Blnks Mfg Co A conv pref *
Jan
July
10
1,990
14%
10%
Bliss & Laugblln Inc cap.5
"29%
30
2,900
Bendlx Aviation com
9%
29%
3
22%
Jan
Apr
Oct
July
Transit 4s flat--1975
6s flat
41%
^ct
1976
47
48
11,250
17
Jan
48
Oct
1975
B 5s.
101
101
500
84
Jan
101
Oct
31%
Sept
Borg Warner Corp com. 10
80%
81%
550
64
Jan
83%
Mar
Brach & Sons (E J) com..*
Bonds—
Bait
Sales
Friday
Feb
Jan
57
Merch & Miners
116
Jan
12
both inclusive, compiled from official sales lists
Feb
17
17%
Chicago Stock Exchange
Oct. 17 to Oct. 23,
Aug
11
57
Mercantile Trust Co
36
94%
110
*
Mar Tex Oil
Feb
225
44%
100
preferred
30
24%
Houston Oil pref
Mfrs Finance—
1st preferred
Feb
39
Guilford Realty pref.—-.*
2d
Feb
38
130
Fidelity & Deposit.....20
Fidel & Guar Fire Corp. 10
Finance Co of Am cl A
6
7%
23%
38%
St., CHICAGO
Oct
45%
Jan
27
1,009
10 So. La Salle
Jan
22%
% June
2%
Chicago Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
High
Apr
July
454
Preferred-
New York Stock Exchange
Week
18%
*
Bait Transit com
for
of Prices
Price
Par
Atl Coast Line
Week's Range
Sale
Stocks—
Members;
Sales
Friday
Arundel Corp
Pa a I H.Davis & Go.
compiled from official sales lists
22
22
100
16%
Jan
23
25
25
50
25
Oct
30%
*
Class A..
Class B
19
19%
250
15%
17%
2,150
33
33
"12%
12%
13%
11,150
7%
Castle&Co (A M) com..10
58%
57%
58%
550
38%
20
13%
13%
13%
150
13
70%
70
*
Bruce Co (,E L) com
Boston Stock
Oct. 17 to Oct. 23, both
Bucyrus Monlgban cl A..*
Butler Brothers.
10
Exchange
inclusive, compiled from official sales lists
Central Cold Storage cm
Sales
Friday
last
Stocks—
Par
Week's Range
of Prices
Week
Price
Low
High
17%
100
18%
Sept
34%
U%
July
18%
32
July
33
Jan
14%
Jan
58%
Sept
17
Mar
Mar
Mar
May
Oct
Oct
Feb
Central 111 Sec—
for
Sale
Aug
Brown Fence & Wire—
Range Since Jan. 1, 1936
Low
High
1
Common
Conv
Shares
1%
preferred
50
72
1
Jan
250
12
July
1,280
1%
15% zl6
Cent 111 Pub Serv pref—*
57
Jan
73%
Oct
Apr
3%
Feb
2%
18
Feb
Jan
Central S W—
Amer Pneumatic Service—
6%
IK
pref
non-cum
5
50
IK
IK
4%
5
Amer Tel & Tel
100
179%
178% 180%
Boston & Albany
100
157
153% 157
Boston Elevated
100
Boston Herald Traveler._*
Boston & Maine—
—
Common
100
1%
July
2%
Apr
2
July
5%
Apr
149%
117%
Apr
180%
Oct
645
2,641
161
66%
68
545
65
May
28
29%
968
28
Oct
9%
9%
10
5%
Apr
17%
July
4%
July
36
35
37
787
12%
12
13%
14%
13%
819
20
14%
4%
70
14%
13%
Class D 1st pref stpd. 100
Boston Personal Prop Tr. *
17%
14%
Brown-Durrell Co com...*
14
4
Calumet & llecla
25
"l2"
Copper Range..
25
8%
11
12
8%
8%
8
*
6%
67
100
6% cum pref
100
Eastern Mass St Ry—
Common
100
Preferred
100
158
22
*
*
Feb
Jan
Feb
8% June
21
Sept
100
12%
May
450
2%
July
15%
7
Linotype..*
27
"16%
"~3%
54
131%
(The) 100
3%
*
26c
Butte.j
Northern RR (N H)___100
Old Colony RR
100
25
Pennsylvania BR
Preferred
*
—
-*
Chain Belt Co com
Preferred
r
Chicago Elec Mfg A
*
Chicago Flex Shaft com..6
Chic & No W Ry com..100
Chic Towel Co conv pref.*
Cities Service Co
*
com
80
57%
1,650
33%
Jan
57%
Oct
4%
4%
50
2%
Aug
4%
Feb
Jan
106%
Aug
106
60
1%
Jan
155%
10
Oct
4%
475
21
20
Apr
36% May
25
Corp cap stock
1?5*
Apr
July
Cudahy Packing Co pref 100
Curtis Lighting Inc com..*
Mar
Dayton Rubber Mfg com.*
169
27%
43%
Feb
Oct
100
Preferred
Cum class A pref
Feb
117%
Jan
3,450
97%
3%
Aug
4%
Aug
8
44%
1,400
24
Apr
Apr
Oct
134
20
103% 105
140
5%
5%
100
17%
17%
1,150
31
"8"
Feb
7%
31
7
8
120
Jan
44%
138%
103%
3%
Oct
110
Jan
Jan
9
Mar
Sept
Jan
18%
50
10%
19%
Jan
323%
Oct
440
4%
Jan
9%
Mar
Oct
77
78
16
17%
700
9%
Jan
18
Aug
*
19
19%
700
18%
July
21
June
May
58
com
Jan
11%
Sept
Econ Cunnghm Drug com *
Jan
25% 27
1%
1%
16%
16%
2%
75
16%
Jan
27
Oct
Elec Household Utll cap.5
75
Jan
2%
16%
Apr
Elgin Nat Watch Co
-.15
330
Oct
100
K
9%
7%
Jan
1 %
38%
117%
Mar
2%
Apr
77
Eddy Paper .Corp (The)..*
3%
1,717
55%
437
130% 131%
327
4%
155
35c
4,805
25
25c
110
Jan
Jan
Jan
Oct
Jan
18
3%
55%
132
5%
58c
112
Oct
Mar
Class A
*
39
50
16%
17
1,550
26%
20
*12%
26%
12%
42%
13%
42%
Fitz Sim & Con D&D com *
17%
17%
Gardner-Denver Co
53
53
62
17%
.S3 cumul
Oct
General Candy Corp A—5
Feb
Jan
Feb
Oct
70%
Mar
Jan
1.75
Apr
Gen
conv
20
pref
62
Common
*
(new)
11%
Godcbaux Sugars Inc—
Class A
...»
Class B
Sept
30c
600
75
,
60
July
62%
250
62
Oct
64%
17%
150
11%
Jan
18
Sept
10%
12%
15,250
14%
Aug
43
1,150
Oct
7%
Aug
22%
Jan
44
Oct
July
33%
Apr
Jan
11%
Aug
Jan
17
Apr
13%
Apr
Helleman Brew Co G cap.l
8%
Jan
9%
8%
Oct
104
39
6
11
Jan
10
Jan
26
30
Hamlschfeger Corp com .10
Jan
Apr
2,300
Great Lakes D&D com..*
Hall Printing Co
90%
23
4,050
Oct
Feb
185
Jan
46
Sept
5%
100%
16%
32%
1%
2%
July
Oct
300
Jan
45%
July
43%
Jan
Oct
15%
21%
Jan
8%
Oct
Jan
27%
22%
Apr
Feb
50
1,000
1%
15%
14%
1%
18%
32%
35c
11
Jan
Oct
41%. 42
28%
30%
11%
10%
28%
150
Mar
12%
30%
958
723
20
30
4,750
41%
3,031
520
Jan
Apr
30%
8,055
19%
41% June
16%
23
—*
—
2%
14%
Oct
Goldblatt Bros Inc com..*
1.00
25
38% May
78
400
45%
Jan
Jan
Household Utll—
6Cc
60
39
50
40%
com. *
Feb
Sept
30
16%
39
43%
27
300
Feb
12%
5
100
Preferred
May
26%
43%
101
1%
Jan
Jan
% June
5%
2%
Dlxle-Vortex Co
56c
26%
Aug
Dexter Co (The) com
18%
2654
11%
Oct
Oct
1%
30c
Aug
Jan
5%
99
Ocl
72%
Feb
3,733
*
116%
1%
1.25
5%
4%
Jan
12%
19%
90c
19%
Mar
Sept
Jan
1%
*
Jan
Feb
26%
25
25
Feb
July
1
42
24%
14%
18%
6%
52
Mar
5%
13%
150
2
5%
870
276
700
110
4
134
105""
35
Decker (Alf) & Cobn comlO
100
101
43%
Crane Co common
42C
5%
%
25
Apr
Apr
6,100
8%
5%
4%
3%
62%
%
8
5
9%
26c
110
5
6 % prior pref A
100
7% cumul pref---—100
Continental Steel pref.. 100
2%
3%
100
1,950
Mar
Jan
3%
4
June
10%
83
1,192
54
20
106
18
10
Jan
13
20
43%
10%
41%
58
20
54%
3,050
Apr
Apr
2%
382
Jan
.
20
"56%
51
4
41
Jan
22%
50%
22,000
96%
Apr
Oct
50%
6%
1,000
Mar
Oct
4%
1,350
11%
Feb
"5%
8,950
85
43%
1%
12%
16%
69
42%
Jan
21%
22%
62
Jan
4%
112%
60
160
Jan
Jan
41%
54%
156
8
35
40%
42
Jan
454
Sub Elec Sec Co com.—.*
430
430
110
3%
20%
Reece Buttonhole Mach.10
Shawmut Assn tr ctfs
*
«»*•-
18%
62
69
67
Commonwealth Edison. 100
254
18%
50
Union Copper Lead & M 25
Union Twist Drill Co....5
17
59
Consumers Co—
"18%
25
Torrlngton Co
17%
62
Jan
Apr
Jan
110
Qulncy Min-Assess unpd 25
Stone & Webster
Sept
14%
9%
Feb
9%
2%
Intl Button Hole Macb__l 0
Isle Royal Copper Co
25
New England Tel & Tel 100
Sept
68
12%
*
Mergenthaler
97
Jan
3
57
*
*
Jan
Jan
8%
57
Hathaway Bakeries pref..*
t c
49
20% May
6%
33
15%
v
160
37C
6%
100
11%
Mass Utilities
86
54
309
865
*
Loews Theatres (Boston)25
Maine Central com
100
85
52%
1,120
255
*
Class B
86
Jan
162
2
1%
54
Compressed Ind Gases cap*
Consolidated Biscuit com.l
5%
13
G Ichrlst Co
font'iit*,—
Feb
14%
17
15
48
Gillette Safety Razor
Fnr
41
June
4%
11%
43%
1%
11%
15%
Georgian lnc(Tbe)A pf__20
Assessment paid
Jan
5
35
48
Edison Elec Ilium.....100
Class A
3,850
*
Cherry Burrell Corp com.*
Cord
13
Old Dominion Co
10%
69%
2
*
Employers Group
General Capital Corp
7
67
53
100
com
2%
*
preferred
Preferred
Common
Common
North
Oct
Feb
Sept
6% May
East Gas & Fuel Assn—
N Y N H & H RR
70
31%
2%
Central States Pr & Lt—
Chicago Corp common...»
9%
Class B 1st pref stpd
Class C 1st pref stpd.100
Adjustment
157
Prior lien
2%
-
Prior preferred
100
Class A 1st prefstpd.100
Eastern SS Lines
Jan
67
29%
100
4%% prior pref
1
Common
Common
com...10
Heller (W E) pref
With warrants
16
"Ii%
16%
60
3,050
11%
11%
26
28
Jan
Oct
Sept
25
28
500
25
July
29
Jan
Hibb Spen & Bart com..2
Horders Inc com.
*
36%
36%
60
30
May
38
Jan
Mar
16%
16%
50
11
Apr
17
Sept
19%
19%
150
16%
May
22
28%
29%
650
22%
May
32%
15c
Jan
35c
Sept
Hormel & Co (Geo) com A*
21 %
June
28%
Mar
Houdallle-Hershey
nl B
.*
28%
Jan
Mar
Volume
Financial
143
Sales
Friday
Range Since Jan. 1 1936
Last
Par
Week's Ranee
for
Sale
Stocks (Concluded)
of Prices
Week
Price
2651
Chronicle
Low
High
Members
Shares
Low
Cincinnati Stock Exchange
High
Active
Illinois Brick
Co
11
11
11%
150
8
May
12%
108%
100
100
Feb
109%
Jan
100
60
*
"64""
63%
65
July
68
Interstate Pow $6 pref
*
21%
21
22
120
14
Sept
24%
Iron Fireman
*
27
27
27%
400
24
May
31
4,500
Indep Pneu Tool
t c
v
Mfg
v t c
Jarvls (W B) Co cap
Jefferson Elec Co com
1
23%
23%
24%
*
44
42%
44
350
Kalamazoo Stove com..
*
42
48%
3,400
11%
"47
Drug Co com
«...
Kellogg Switchboard comlO
12
12%
1,150
La Salle Ext Unlv com
*
Apr
4%
Feb
24%
Aug
70
Mar
48%
13%
UNION
42%
43%
Feb
83%
83%
80
May
90%
Aug
2%
2%
2,300
1%
Jan
3%
Mar
1%
1%
120
1%
Sept
3%
Jan
~~2
%
"796
no
10
Apr
34%
76
7%
8
1,180
Jan
8%
80
21
Apr
Jan
10%
5,000
7
May
35%
11%
11*6
12%
1,350
45
45%
60
Last
Week's Range
Sale
Stocks (Concluded)
Price
Par
of Prices
High
Low
Range Since Jan. I, 1936
for
Week
Sahres
Low
9%
3%
Jan
Jan
13%
July
Jan
50
July
Apr
7
35%
450
4
10
200
9%
Oct
14%
750
7%
Jan
Cin Telephone
50
Cin Union Stock Yards...*
Cohen
Printing Co—
(Dan)..
Drug
Eagle-Picher Lead
Jan
95
Oct
23
15
20
Mar
25
June
14
15
11*6
8%
9
320
12%
13
512
14
20
Preferred
85
105
100
95
23
...»
*
Dow
376
91
91
io
9%
9%
Refining Co com.*
14 J*
13%
Loudon Packing com
*
Lynch Corp.com
5
McCord Rad & Mfg A___»
6%
950
6
Oct
38 %
88%
39%
200
34
Jan
54%
Feb
*
48
48
47
46%
48
240
33
Apr
48
Oct
Julian & Kokenge
*
28%
28%
McGraw
39%
39%
40
1,200
27
Jan
40%
Oct
Kroger
*
23
23
54%
1%
55%
190
50
June
Lunkenhelmer..
*
32
32
11,870
1
July
3%
Jan
21%
21%
10
20
Aug
18%
46%
10,400
27%
19%
48%
Mar
19%
com
Mapes Cons Mfg
2
*
cap
Marshall Field common..*
MasoniteCorp
19
48
new..*
com
6
Mer & Mfrs Sec cl A com.l
Prior preferred
6%
48%
1,000
7
3,300
32
50
6%
31
32
*
2
11% 'k Jan
62
Feb
Sept
Feb
Aug
Oct
15
105
Oct
25
Jan
3%
Middle West Corp cap
f>
Stock purchase warrants
43
18
July
31%
262
28
Jan
8%
673
7
Jan
16
40
Feb
50
11
23
Jan
950
3%
3%
..*
...
.
Magnavox
8%
8%
23
"3%
35
July
56,950
12 %
12%
5%
5%
%
%
10%
2,100
1,350
7%
7
%
9%
7%
6%
7%
4%
4%
4
4
12%
3,450
6
Jan
7
Apr
3%
July
4% June
2
Jan
19
7
Jan
6
Jan
*
13
7%
Sept
Feb
7
52
724
26%
Common
*
Con v preferred A
*
9%
Midland Util 7% prllenlOO
6% prior lien
100
7%
100
1
Mar
%
15%
320
1
Mar
12
500
1%
Jan
4%
60
Jan
6
4
10
%
%
Feb
25
Aug
48%
Jan
26%
Sept
35%
Feb
182
3%
Feb
13%
Sept
Sept
8%
146
28%
Feb
9%
10%
31%
31%
Card.......10
33%
7%
190
45%
46%
350
3%
38%
51
53
200
49
9
500
10%
16
4%
50
33
512
6
5%
21%
Oct
Oct
10*6
9%
5%
Oct
52
26%
32%
*
Oct
July
Jan
31%
50
8
22%
2,754
Oct
Oct
6%
7%
"46 %
Jan
4%
June
65
*
Preferred
%
Feb
3%
40% June
135
Rapid
US Printing
Feb
17%
26
25
Aug
17
10
49%
49%
Oct
Jan
33
574
3%
7
*
Aug
27%
17%
*
U S Playing
Jan
15
3%
*
Randall A
July
18
Oct
8%
17%
*
,_.__*
25% May
19 %
33% June
15
2.50
Manischewitz
Meteor..
Procter & Gamble
2%
Mar
30
Goldsmith.
Hobart A
Oct
Midland United Co—
7% preferred A
100
Miller & Hart conv pref..*
Modlne Mfg com
*
21%
31%
B
1
6% preferred A
21
Jan
Mlckelberry's Food Prod—
Common
*
*
Art
8
Oct
Feb
11%
Jan
Gibson
Apr
5%
July
Aug
Formica Insulation
National Pumps
45
14%
8
54
54 %
Electric
6
Jan
June
7
100
5
McQuay-Norris Mfg com. *
Manhatt-Dearborn com..*
Preferred
Lion Oil
4
4
10
Feb
101%
8
104% 104%
6%
10%
15%
8%
com.
High
Oct
31
Sales
Friday
Aug
30%
Common
291
Oct
Oct
18%
43%
4,300
CO.
&
CINCINNATI
BLDG.
TRUST
Phone Cherry 6711—First Boston Wire—Bell Sys. Tel. Cin.
Oct
18%
Cumulative preferred..*
Libby McNeil & Libby__10
$3% preferred
LindsayLt & Chem
BALLINGER
Oct
44
16%
5
Leath & Co com
Feb
32
Feb
42 %
Ky Util Jr
cum pref..
50
6% cumul pref.-.^T.lOO
Kingsbury Brew cap
1
Feb
18%
31% June
39
Sept
Cincinnati and Ohio Listed and Unlisted Securities
Mar
i m
Ken-Rad T & Lamp com A*
Lincoln
46%
730
x 45%
Katz
Trading Markets In
Jan
106
25
111 North Utilities pref.100
Sept
Sept
Sept
Sept
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
Oct
Jan
11%
Jan
Jan
55
Feb
Monroe Chemical Co—
Preferred
*
Common
53
July
Jan
10%
26%
11
Jan
25
Oct
28
Apr
33
May
Jau
65
Fel)
8%
aI*
25%
25%
200
17
22
23%
100
29%
29%
30
51%
54
1%
17%
1*6
700
17%
50
Nachman Sprlngfilied cornNational Battery Co pref.*
22
Natl Gypsum cl A com..5
National Leather com
10
"54"
1%
Natl Pressure Cooker Co.2
Nat Rep Inv Tr conv pfd_*
National Standard
*
com
17%
*48
National Union Radio coml
Nobiltt-Sparks Ind
North Amer Car
300
48
1%
4,250
"1 o%
10%
10%
3,650
29%
300
38%
200
6
Jan
1%
13
Jan
10
Sept
Jan
1%
37%
July
Jan
7% June
both inclusive, compiled from official sales lists
17 to Oct. 23,
Oct.
7% June
14
30%
7% preferred
100
38
34%
38
290
7% prior lien pref
100
64
64
64
160
Sept
7% ' Jap
Apr
25
49
176%
Sept
1%
"38
Perfect Circle (The) Co
*
Pictorial Pap Package com5
Clark Controller
Jan
3%
Feb
City Ice & Fuel..
22%
Apr
Cleve-Cliffs Iron pref
41
Jan
Cleve Elec 111 $4.50 pref..*
1%
350
100
17
Mar
150
32
Apr
..100
65
1,200
6%
Oct
4,506
2%
Mar
5%
3%
3C0
Jan
5%
Sept
Apr
Cliffs Corp v t c
31%
1%
3%
1%
1,500
2%
1%
6
Mar
Commercial Bookbinding.*
20
*
124
4%
350
1% May
Oct
7
Oct
4%
78% 78%
116% 116%
100
103
117
60
49
10C
112%
May
Oct
82%
Preferred
117%
100
850
60
4%
950
1%
123%
122% 123%
143% 144%
3%
*
50c
v t c
6% preferred vtc
1%
28%
5,250
Schwitzer-Cummlns cap.. 1
Signode Steel Strap com.. *
22%
14
4
July
Federal Knitting Mills...*
48
48
15
41
Feb
57
65
25
25
525
Kelley Isl Lim «fc Tras
*
Lamson & Sessions......*
26%
6%
27%
9%
18
18
33
34%
34%
141%
July
2%
Jan
20
10
Sept
35
Jan
67%
July
22%
13%
22%
1,150
14%
1,740
33
27C
18%
2%
July
23%
Sept
Apr
14%
Mar
Aug
33
Oct
*
__.*
Murray Ohio Mfg
National Tile..
St Louis Utd Stockyds cap
85%
85
85%
60
79%
Jan
91
Mar
National Tool
conv
Swift International
15
Swift & Co
7
*31%
23)4
25
22%
3%
Utll& Ind Corp
Convertible pref
22%
*
common
6,75f
5%
Apr
Ohio Brass B
Apr
Jan
6% cum preferred
Packer Corp.
Jan
Patterson-Sargent
Rlchman
*
Apr
20%
Apr
25
0% June
Oct
SM A Corp
*
1
Union Metal Mfg
Seiberling Rubber
24%
8%
Jari
12%
Feb
2%
Mar
4%
Sept
%
800
%
May
2
Jan
Upson Walton
May
5%
Jan
Vlchek Tool
5%
3%
550
20
20
5%
650
2%
Jan
15%
4
Apr
Wieboldt Stores Inc com.*
W illlams Oll-O-Mutlc com*
13%
Wisconsin Bankshares com*
7
40%
com.. *
*
Weinberger Drug Inc
Jan
6%
West Res Inv 6% pr
500
30
Apr
36%
150%
120
142
Jan
156%
19%
200
16
Apr
22%
14%
950
10
Mar
*
36
6%
37%
36
7
41%
2,700
13,750
16
Sale
Par
Industries
*
Mach...20
Amer Products common..*
preferred
Price
8%
Jan
Jan
11
41%
Oct
Burger Brewing
100
25%
25
26
297
Cm Ball Crank
pref
Cin Gas <fc Elec pref
Cm Street Ry
01
f«>.
4%
4*6
83
9
9
50
3%
24
I
>f>f
13%
10
*
100
50
3%
8%
2654
35
652
85
13%
Dtw
3%
26
104 % 105%
*
Churngold
377
20
800
July
Sept
Jan
112
4%
%
July
12
6
Aug
Aug
1%
Oct
27
Apr
104%
9%
17%
Jan
Jan
Jan
Feb
4%
20
4%
39%
106%
21%
Feb
Feb
Oct
Sept
Oct
July
27
Jari
509
54
Aug
68
Feb
2
Jan
4%
Feb
139
14
356
May
19%
Feb
5%
Jan
10%
Jan
10
1,750
9
Oct
10
15%
17
220
9
May
17
Oct
17%
18
130
17
Jan
19
June
88
88
25
70
Jan
88
Oct
16
10
10%
9
16%
18
195
Oct
Members
New York Curb Associate
Chicago Stock Exchange
Exchange
Detroit Stock Exchange
Low
9%
105
270
Mar
Sept
9
Buhl
DETROIT
Building
4
107% 108%
8%
8%
Randolph 5530
Telephone
Week
Shares
25
100
1st preferred
of Prices
High
Low
10
*
Champ Coated
965
15
32
Jan
Watling, Lerchen & Hayes
Range Since Jan. 1, 1936
for
10
4%
Oct
Apr
9
18%
Sales
Week's Range
10
*
Oct
Jan
July
Jan
5%
inclusive, compiled from official sales lists
Friday
Stocks—
67
150
15%
15%
pf. 100
New York Stock
Last
Apr
62
55
20
3
3
Feb
July
13%
"56%
Oct
7
5
845
Oct
36
Oct
148
'20%
"9%
Feb
24
Cincinnati Stock Exchange
Oct. 17 to Oct. 23, both
Oct
Mar
265
9
.
1*6
1%
38%
39%
106% 106%
20
21%
25
26%
56% 57%
39%
*
Aug
750
800
18
Oct
18
4% May
11
1
*
Jan
28%
*
100
.*
200
4,905
105
9
Nestle LeMur cum cl A..
Feb
7
18%
10%
35%
19
36
150%
50
9%
30%
7%
6%
1%
5%
5%
1%
100
18%
Mar
1,000
20
*
(Mont) & Co cl A..*
23%
105
.100
Sept
3%
16%
3%
3%
*
Walgreen Co
750
.
12% June
23%
11%
11
*
com
1,600
...
preferred
3%
22%
...*
Wahl Co com.
8%
32%
I
31%
cum
%
Sundstrand Mach ToolCo*
Thompson (J R) com...25
Utah Radio Products com.*
Zenith Radio Corp
Preferred
7%
*
pref.25
com
9
29%
7%
30%
National Refining.. .—25
Apr
500
June
162
Aug
650
Oct
9%
67
93
2,000
—
Mar
65
28%
5
Oct
Cum 7 % preferred... 100
Miller Wholesale Drug..
Jan
18%
28
Metropolitan Pav Brick. .*
Feb
17*6
Oct
June
35
61
18
Oct
58
25
15
140
4%
16%
24%
20% May
no
18
Jan
120
90%
*
Oct
55
257
25
Convertible preferred..*
Oct
Jan
427
90
Standard Dredge—
Common
Oct
35%
7
34%
Medusa Portland Cement *
750
May
8
July
36
McKee (A G) class B
Oct
Jan
14
Jan
1%
11
-
73
32%
6
P'eb
64%
350
46
July
Jan
19%
3%
3,957
Oct
Sept
75
Jan
10
90
91
112%
7% June
61
24
.
Mar
19%
34%
225
24%
56%
Oct
Oct
Feb
124
25
23
Oct
20
100
*
42%
13%
24%
19%
Feb
31
......
5
150
Jan
July
6%
31
.*
Interlake Steamship.
Oct
Jan
17
100
Halle Bros..
Jan
Mar
Feb
24
t
194
6,130
Aug
140
Jan
107%
61%
59%
100
90
Part
40
280
Mar
''June
115
54
868
100
Sivyer Steel Cstgs com...*
S'western Lt & Pow pref..*
30
Amer Laundry
Jan
124
26%
15%
Preferred
Aluminum
15%
1,162
123
30
*64)4
Ward
Oct
120
13%
27%
*
Sangamo Electric Co
Viking Pump Co
Sept
Jan
3%
28%
17%
5
Reliance Mfg Co com...10
Rollins Hos conv pref
*
Storkiine Fur
12
21
Jan
s
Raytheon Mfg—
(A)
1,013
Leland Electric.
100
Common
Stein & Co
91
Mar
Jaeger Machine....-....*
;
High
11%
266
124
Dow Chemical
Faultless Rubber..:
50
18%
111% 111%
67
68%
65
66%
29%
32%
20
18%
67
Certificates of dep.-.100
Cleveland Ry
7
23
87
18%
90
42%
13%
17%
HI*
4%
4%
*
6% preferred
7% preferred...
Quaker Oats Co-
Common
*
*
3%
Sept
Low
Shares
360
12%
...
4%
Public Service of Nor Ill-
Common
;
6%
"T%
com
Akron Brass
4%
*
com
Corp
Oct
Jau
2
41
6%
5
com
Potter Co (The) com
14%
27%
17
Price
21
Jan
Apr
38%
1%
Week
13%
9
19
38
for
of Prices
Low
High
.*
50
17
Peabody Coal Co B com..*
Penn Gas & Elec A com..*
Week's Range
Sept
650
14%
14%
26
10
com
Pines v\ Interfront
Par
Stocks-
Apex Electric Mfg
Common
Process
Range Since Jan. 1, 1936
Last
Sale
Jan
15%
Oshkosh Overall Co—
Prima Go
Sales
Friday
Jan
Northwest Utii—
Parker Pen Co
AT. GLEV. 565 & 566
Cleveland Stock Exchange
Feb
Apr
3%
A. T
Feb
49
Telephone GHerry 5050
Oct
Jan
%
Union Trust Building, Cleveland
Jan
2%
Jan
26
GILLIS
Aug
18
July
5%
32%
200
37%
27%
*
Northwest Bancorp com.. *
Northwest Eng Co com..*
130
35%
5%
1
36%
com..*
com
47%
650
8
7%
1
Oct
May
6%
*
Muskegon Motor Spec
High
Oct
13%
Mar
Jari
1%
Mar
6
3%
19%
Detroit Stock
Mar
27
19%
June
Jan
Aug
4%
11
6%
26
Oct. 17 to Oct. 23,
Oct
Last
Apr
Sale
Oct
June
105 %
Oct
12% May
17%
Par
Stocks—
Price
Week's Range
of Prices
High
Low
Feb
102
com—!..l
1%
Jan
4%
Feb
Allen Industries
228
100%
5%
Jan
108%
Oct
Baldwin Rubber com
Jan
9
Sept
—
..
Bohn Alum & Brass com. .5
11%
1%
12%
46
46
1%
"ll%
sales lists
Sales
Friday
Jan
167
215
Exchange
both inclusive, compiled from official
for
Range Since Jan. 1, 1936
Week
Shares
550
6,420
110
Low
1%
9%
46
High
Oct
July
Oct
3%
14
57%
Feb
Apr
Jan
2652
Financial
Last
Week's Range
for
Sale
of Prices
IjOw
High
60#
31#
14#
21#
Briggs Mfgcom
--*
Burroughs Add Mach... *
Chamberlin Met Wea Strp5
-
Consolidated Paper com. 10
Continental Motors com.
10
Det & Clev Nav com
Det Cripple Creek
Det Paper
Prod com
1
Det Steel Prod com
Dolphin Paint A
Dolphin Paint B
19#
-.6
2#
#
2#
7#
Jan
Aug
Jan
Aug
7#
10#
Federal Mogul com
33#
15
Oct
19
24
Sept
3,360
525
1,790
Geramer Mfg A...
General Motors com
Mar
5
May
760
19#
14#
20#
21#
9#
335
10
*17#
goudallle-Hershey Bcom.*
*
udson Motor Car
20#
Hoover Ball & Bear
com.
Kingston Prods
1
Kresge (S S) Co. com... 10
Lakey Fdy & Mach com. 1
5#
.
McClanahan Oil
4
July
1
McLanahan Ref
1
Mich Sugar com
Mich Sugar pref
Motor Wheel com....
5
Murray Corp com
10
Mlcromatlc Hone
23#
20#
1
Parker Wolv
20#
4
*
*
Parker Rust-Proof com2.50
17#
17#
12#
45#
31#
Packard Motor Car
com
*
.
.
com
Pfeiffer Brewing com
*
Prudential Inv
1
11
..6
com
2
com
River Raisin Paper com..*
Std Tube B com
1
Tivoll Brewing com..
Union Inv..
5#
7#
1
United Shirt
6
*
23
1#
^16
Oct
Jan
Jan
3
Aug
32
Feb
15#
285
11,881
15
Jan
Apr
500
3
July
1,362
15
Sept
4#
18
3,660
6#
1,320
1,724
1,655
41#
265
'
895
'3,3.50
6
5#
7#
2,795
2,350
*
24
Unlv Cooler B
.*
Unlv Products
9#
7#
7#
5#
5
9#
7#
5#
Jan
May
*
30
*
30
*150
com
1#
Wayne Screw Prod com..4
Wolverine Brew
com
com
13
1
Wolverine Tube
6#
*
lS?
12#
16
#
12#
13
210
1,075
Oct
28#
27#
32
25#
Jan
28#
400
27#
Mar
27#
500
26
1,400
100
44#
*
Southern Pacific Co
27#
44#
38#
38#
40
1,600
29
28
29
400
22
22
Standard Oil of Calif
Superior Oil of California.
_
Taylor Milling Corp
Transamerica Corp
*
*
22
July
Oct
Aug
Feb
Oct
28
47
29
Oct
300
14# May
Apr
15
Oct
120
Jan
150
Feb
23#
13#
2,800
1,000
23
13
35
35
100
9
9
9
120
Mar
Wellington Oil Co
1
7#
7#
1,800
Western Air Express Corpl
7#
7#
7#
7#
Oct
'
50
Feb
3#
18#
6#
Oct
July
Mar
Sept
oys
Mar
7#
Feb
7
Jan
Oct
5#
11#
Apr
24
Sept
12#
31
20#
Apr
28#
Mar
July
Jan
28
Feb
35
Feb
10#
Mar
Jan
9#
10#
Apr
100
5#
4#
5#
1,600
22c
Jan
63c
3c June
7#c
Jan
1.45
Aug
7#
12
Jan
Oct
Feb
Mining—
Blk Mammoth Cons M.lOc
40c
40c
Calument Gold Mines _10c
Cardinal Gold Mining Co.l
2#c
2#c
97 #c
Imperial Develop Co
40c
l#c
Tom Reed Gold Mines Co 1
1,000
5,000
95c
Oct
l#c
1,000
lc
Jan
46c
514
31c
July
48c
Sept
5c
9,600
4c
Oct
15c
Jan
l#c
45c
45c
1
5c
4c
Sanitary...
Zenda Gold Mining Co
Feb
2#c
$1.00
95c
25c
.
4c June
Unlisted—
Amer Rad & St
23#
179#
179
180#
251
May
180#
Oct
Cities Service Co
4#
4
4#
400
3#
Jan
7#
Feb
Commonwealth & Southern
4
4
4
500
2#
Apr
4#
Apr
7#
Aug
Sept
15#
July
Jan
57#
Oct
Aug
5#
Oct
Jan
13#
Oct
9# May
5# July
14#
8#
Jan
Amer Tel & Tel Co
100
Curtiss-Wright Corp
100
23#
23#
1
6#
13#
20# May
150
100
13#
6#
13#
6#
Internatl Tel & Tel Corp..
100
Montgomery Ward & Co..
56#
51#
56#
300
5#
12#
36#
Pacific Eastern Corp
5#
12#
5#
12#
5#
100
4#
Packard Motor Car Co
12#
600
7
Radio
11#
10#
11#
2,200
Standard Brands Inc
Standard Oil Co (N J)...25
7#
17#
7#
17#
8#
17#
300
15
66
66
66
200
53#
1
Corp of America
Radio-Keith-Orpheum
United
Corp (Del)
7#
United States Steel
Corp..
Mar
10
Oct
11
28
35
31# Mar
Oct
21#
5# June
28#
Oct
8# Mar
1# July
3# July
1# Feb
Feb
6#
Oct
'5#
40# July
Oct
23#
22# Mar
4# Sept
18# July
13# Sept
22
11,600
Van de Kamps Bakeries..*
"
Jan
35#
July
July
28#
46#
15
14#
144# 144#
14#
144#
Weber Showcse & Fix pref *
18
*
32#
29
Jan
24
600
45#
Universal Consol Oil Co. 10
July
5#
3,2.50
.
1#
6#
31#
25
25
Jan
Jan
Jan
Jan
,si6
400
30
1
1,695
30
Walker & Co units
Warner Aircraft com
Aug
Jan
July
7#
6#
2#
23#
23#
1,050
3,595
Sept
6% preferred
5#% preferred
Feb
'
Dlst^com
Univ Cooler A
31#
28#
Soutbern Calif-Edison..25
July
18
100
Oct
3#
8#
100
j
35#
22#
12#
31#
659
Jan
Mar
23# June
2# Sept
10# Sept
6# Aug
4# July
4#
Oct
4# July
3# July
Jan
5#
.
6#
5#
4#
11#
Oct
450
11
6#
5#
4#
5#
5#
7#
Oct
4,320
1,050
43#
23#
21#
12#
13
43
45#
29# 31#
2#
2#
Penin Metal Prod com.._l
"|6
Oct
5
'
600
35#
52#
4#
.
Apr
'* 346
5
41#
20#
k5#
100
1S16
4
*
,
4.50
5#
5#
Mid-West Abrasive com50c
com
2
35#
Oct
10#
Oct
Aug
17,285
16
%
*
10
Motor Products
13,
Vl6
1#
1%.
34
Feb
Jan
755
Signal OH & Gas A com..*
'
$}
May
Apr
200
Sept
Oct
11
i
Oct
3c
74
14
7
25#
Jan
23
,.1,900
60
Apr
19#
Sept
Oct
Apr
54#
Jan
Union Bank & Trust Co_50
Union Oil of California..25
177
July
Jan
Oct
687
17# 18
28# 28#
18# 21#
5# I
5#
27#
27#
5#
44
Mar
39#
8.401
6
153
July
2c
Jan
,
5#
47
Feb
122
15#
24
5#
Oct
50#
12
July
111
47
47
10
July
750
Jan
2
3#
14#
200
Jan
2
Jan
Oct
112
5,000
Apr
645
..
1#
14#
112
112
3c
9#
^
2#
2#
2#
2#
,2 #
*
.
7
tk°A
1
1
75c
25#
7#
54#
6#
High
Feb
3c
15#
#
23#
2,144
2,635
1,710
1,100
155
100
50c
51#
25#
39
74
2#
14#
2#
14#
Low
7
3c
Oct
Feb
Jan
72#
60c
52#
Mar
185
2#
14#
San Gabriel Riv Imp Co...
S J L & P 7% pr pref...100
Secur Co units of ben int*
Mar
39
1
com
Grand Valley Brew
Hall Lamp com
10
ann
60c
25#
4
,
60c
*
Range Since Jan. 1, 1936
Shares
*
12
920
Price
25c
Feb
700
1,501
Week
Security-First Natl Bk._20
16
305
for
of Prices
Low
High
Shell Union Oil Corp
Sierra Trading Corp
#
18#
28#
12#
1.400
6% preferred
Week's Range
Oct
50
200
1
39
10
Mar
Feb
Apr
Par
Samson Corp B com
Oct
4
23
50
9
*
Goebel Brewing com
Apr
271
14#
19#
20#
19#
20#
*
Mar
350
39
Fed Motor Truck com...*
Rickel, H. W.
200
3#
4#
63
905
18#
6
com
Ex-Cell-O Aircraft com...3
Reo Motor
Jan
June
Stocks (Concluded)
25# May
13# Sept
39
Eaton Mfgcom
Eureka Vacuum
Parke-Davis
2#
1
Det Steel Corp com
Graham-Paige
2#
2#
1#
7#
9#
530
46
5#
48#
5#
...
High
310
..
--*
Low
Shares
1,676
•7*
Sales
Last
Sale
33
15
23#
15
1
Range Since Jan. 1, 1936
60#
2#
2#
2#
1
Det-Mlch Stove com
Friday
Week
Price
Par
Oct. 24, 1936
Sales
Friday
Stocks (Concluded)
Chronicle
Warner Bros Pict Inc
5
7#
13#
5C0
79#
400
14#
7#
76#
13#
76#
500
1,300
New
Aug
6
Oct
23#
Oct
Oct
Oct
17#
Jau
Oct
66
May
8#
July
58# May
79#
Oct
14#
Feb
9#
Apr
Oct
Oct
5#
Feb
Jan
Jan
30#
Sept
July
Oct
11#
1#
Mar
Mar
Dean Witter & Co.
13
Sept
Municipal and Corporation Bondt
Apr
3
Members
Mar
Chicago
Exchange
Board
of
Trade
Chicago
Los Angeles
Oakland
Beverly Hills
Portland
Honolulu
Stockton
Sacramento
Stock
Exchange
York Curb Ex.
New
LEASED WIRES
San Francisco
Wm.Cavaijer&Co.
Stock
New
PRIVATE
New York
York
San Francisco StockExchange
San Francisco Curb Exchange
York
(Asso.)
Cotton
Exchange
New York
Coffee <fe Sugar Ex,
Commodity Exchange, Inc
Seattle
Tacoma
Honolulu
Fresno
Stock
Exchange
MEMBERS
New York Stock
Los
Exchange
Angeles Stock Exch.
523 W. 6th St.
Los
San
Chicago Board of Trade
Angeles
Francisco Stock
Exchange
Oct. 17 to Oct. 23, both inclusive, compiled from official sales lists
San Francisco Stock Exch.
Friday
Teletype L.A. 290
Sales
Last
Stocks—
Los
Angeles Stock Exchange
Oct. 17 to Oct. 23, both
Sales
Last
Stocks—
Par
Bandinl Petroleum Co
1
Barker Bros pref
100
Barnhart-Morrow Consol.l
Berkey & Gay Co
Week's Range
for
Sale
of Prices
Week
Price
120
13c
1#
Warrants
60c
Bolsa-Chlca Oil A.
.....
10
Broadway Dept St pref. 100
Byron Jackson Co
.._.*
Central Investment....100
Chrysler Corp
5
Citizens Natl T & S Bk__20
Claude Neon Elec Prod ..*
Low
8#
102#
32#
High
3
3#
120
Range Since Jan. 1, 1936
3,500
121
120
5c
Jan
13c
800
1#
Sept
2#
7#
300
8#
1,600
102# 102#
32
32#
12
300
24#
5#
Bishop Oil Co.
5
Jan
90c
10
104#
32#
Jan
Oct
Sept
Aug
22
Calif Cotton Mills .com 100
Calif Ink Co A com
28#
California Packing Corp
Aug
July
Clorox
Oct
Chemical Co
10
Cst Cos G&E 6% 1st pf 100
Cons Aircraft Corp
Sept
28
Apr
Cons Chem Indus A
128
128
128
100
95
May
128
Oct
Creameries of Amer Inc
Jan
Crown Willamette pref....
Crown Zellerbach, V T C.
29
19#
700
3#
3#
3#
1,400
19
650
26# June
1,106
11
10# Sept
11# June
Jan
3#
14# May
18#
19#
600
5#
5#
5#
1,100
2
2
2
19#
55c
440
73#
19#
154
32#
16#
15#
5#
19#
Oct
6#
Oct
Oct
2
Oct
Apr
July
700
14#
Feb
55c 57 #C
440
440
600
200
Feb
20 #
87 #o
Feb
440
72#
73#
300
14#
14
14#
200
Gladding McBean & Co..*
18#
18#
19#
500
Globe Grain & Mill Co..25
9#
9#
400
9
Goodyear Tire & Rubber.*
27
27
27#
24#
1
430
54#
8#
11#
Jan
72#
Jan
Oct
Apr
14#
Jan
20#
Oct
Aug
13#
Feb
Oct
95c
«
Di
Giorgio Fruit
Eldorado Oil Works
24
23
Emporium Capwell
24#
19#
24#
19#
60
60
Emsco Derrick & Equip..5
Ewa Plantation
20
Fireman-s Fund Indem__10
Fireman's Fund Ins
25
30#
Feb
Jan
27#
Oct
Galland Merc Laundry
95c
29#
200
26
400
14# May
21#
Oct
10c,
8c
10c
7c
Oct
16c
Feb
Kinner Airpl & Motor
1
Lincoln Petroleum Corp__l
9.300
4Cc
37c
41c
7,100
37c
July
35c
35c
47c
22,900
35c
Lockheed Aircraft Corp__l
9#
8#
9#
106# 107
700
Los
Los
Los
10c
Ang G & E 6 % pref 100
Ang Industries Inc
2
Ang Investment Co.10
Mascot Oil Co
6
4#
5#
1
60c
57 #c
3#
3#
35
4#
6,900
6
10
2#
Oceanic Oil Co
Corp.
I
Apr
57 #c
July
50 c
Jan
8
Jan
6,900
13#
13#
13#
29
27#
52#
52#
106# 106#
100
*
*
*
*
Republic Petroleum Co__l
Rice Ranch Oil Co
footnoted
1
52#
106#
7
17#
7
7
400
1.0CC
100
35
100
5
'
Jan
18#
Jan
13#
i
18# Mar
May
48#
Jan
105#
Jan
5#
12# June
17#
5#
16#
5#
6#
900
2#
29c
29c
33c
3,770
10c
700
7
Mar
25
Jan
45
Feb
470
350
1
>60
133
165
85c
14
Feb
Oct
15
Feb
29
Oct
com
Jan
Oct
Apr
112
7#
91#
Jan
235
Apr
13#
108#
Oct
190
91
Apr
108
Oct
15,420
Aug
Oct
'
23#
Aug
75
Aug
30#
26#
19#
60
3,285
14
Mar
26#
Oct
21
Apr
63#
Aug
665
17
17
37#
73#
36#
14#
19#
9#
37# T37#
72#
74
36# 36#
13#
14#
18#
19#
9# ^9#
17
14#
Feb
25
57#
30#
June
"
'
31
43
43
28# 29#
20# 20#
3#
3#
6#
6#
17#. 17#
12#
3#
13
3#
51
58
Langendorf Utd Bak A
B
Letourneau, R. G., Inc._.l
July
Llbby McN & Libby
Sept
Lockheed Aircraft
8
July
Los Angeles G&E pref. 100
58#
6#
Jan
29#
20#
3#
6#
17#
20
100
Oct
Feb
Sept
Jan
43
108
Feb
Jan
13#
July
Jan
40c
Apr
4-
Island Pine Co Ltd
34
Jan
39#
10
July
July
5#
Feb
Sept
106#
23#
3#
32#
13
com
Preferred
16
43
Oct
June
P 29
265
86
,
176
i
230
32#
3#
fe » 5
40
}
690
290
2,873
1,195
911
June
36
Oct
,
112
20
July
Mar
Sept
17
Oct
37#
54#
36#
Oct
48#
Jan
74
July
10
July
Apr
(8#
36#
14#
20#
11#
July
Jan
14#
19# May
23#
300
26
39#
115
42#
21#
Sept
565
325
16
June
1,075
1,220
4
,
"
1,151
840
2,187
27#
Jan
«
1#
5#
6#
Feb
Feb
47#
4#
June
14#
Feb
Oct
Jan
Oct
Oct
Oct
Oct
Jan
Oct
Oct
Oct
54
Feb
32
-
Jan
July
20#
4#
7#
17#
July
July
June
Oct
Aug
July
Oct
Mar
34#
17#
2654
Hunt Bros A
Oct
Feb
Aug
June
22
92# * 94#
41# ^41#
4
4#
i
43#
105
Jan
"775
31
25
52
June
Oct
24
94#
41#
4#
22
June
29
562
775
31
.
44
30#
99#
10#
41#
100#
14#
445
5,778
10
28c
Jan
2,200
22#
63#
10
July
14
Jan
Jan
H1
718#
22#
27#
39#
...
12c
34#
_
5
Hancock Oil Co
25c
14
.
Hawaiian Pineapple
.
33#
Oct
110
_
22#
27#
39#
Honolulu Oil Corp Ltd
Hudson Motor Car Co
32#
.
Sept
Home F & M Ins Co
14
Preferred
Jan
4#
Jan
32#
Pacific Public Service
Pacific Western Oil
116#
Jan
2#
Hale Bros Stores Inc
Apr
600
29
Jan
<
Oct
July
Jan
Sept
11#
Mar
14c
10
Feb
67 #c
6#
10
Pacific Indemnity Co
Golden State Co Ltd.
95c
Oct
6# June
105
July
6#
..10
Preferred A
& Co..
1.40
30c
70c
Gladding, McBean
Jan
12c
70c
10
com
Common
Jan
30c
70 c
General Motors
General Paint Corp pref
July
14c
*
Apr
Mar
55c
39c
1
1.50
31
2#
1,600
3,700
1
Pacific Clay Products
Pacific Finance Corp
May
25
300
600
60c
4
5
Occidental Petroleum
For
4#
.1
Menasco Mfg Co
Nordon Corp
Pacific Lighting
106#
Jan
46c
17
14#
55#
..100
July
21#
Jade Oil Co
10
61#
com...
S3 preferred
18#
85c
108
Oct
Aug
1,102
•
108
Oct
Oct
Sept
208
108
22#
28#
19#
29
109
Apr
102
'
108
Jan
3#
925
_
51
PreferredB
Food Mach Corp com
Foster & Kleiser com
8
20#
*
Hudson Motors
51
40
41#
103# 104
10#
10#
41# 42 «
104
104#
21# 21#
31# 31#
5# # 5#
17#
25#
6#
17
4,953
150
6#
28#
17
High
July
5#
15#
21#
—4#
710
12
13#
107# 108#
A preferred..
Holly Development Co
Honolulu Oil Corp
2.1#
31#
5#
108#
12#
22
—6#
28#
Low
13#
1,589
6,760
4.310
6
108
_
100
27#
*
com
42
104
33#
Preferred A.
6,700
2,100
27
Hancock Oil A
103#
10#
5#
31#
Feb
5#
2
20#
10
Feb
Mar
Apr
1
51
40
Calif Water Service pref 100
Claude Neon Elec Prods
Apr
6#
25#
6#
24#
22
<
Range Since Jan. 1, 1936
Shares
210
21
6
33
19
13#
Farmers & Mer Natl BklOO
General Motors Corp...10
General Paint com
24#
6#
23#
Assoc Ins. Fund, Inc... 10
Atlas Imp Diesel Eng_A._5
25
29#
Emsco Der & Equip Co..5
Exeter Oil Co A
.1
Anglo Calif Nat Bk of SF20
20
10#
13#
*
Jan
16#
High
16
20
28#
1
Oct
60c
5# May
98
Low
16
20
13#
c__
123
1,000
*
Creameries of Amer v t
Crystalite Prod Corp
Jan
83
5
13c
13c
1#
Price
Calamba Sugar,7% pref 20
Calaveras Cement com
High
Aug
1#
60c 62 #c
.
*
Consolidated Oil Corp
Consolidated Steel com
Preferred..
Low
2#
Week
16
Byron Jackson Co
Shares
3#
for
of Prices
Alaska Juneau Gold Mln 10
inclusive, compiled from official sales lists
Friday
Par
Week's Range
Sale
com..
1
Lyons-Magnus Inc B
Magnavox Co Ltd
Magnin (I) & Co
com
2#
:_*
3#
57#
9#
9#
106#
1#
3#
25
9#
9#
8#
9#
106# 107#
1#
1#
3#
3#
25
25#
897
700
2,448
450
5.311
95
312
11
Apr
June
6# June
6# May
105# Aug
1#
Jan
1,597
2
July
735
16
Jan
f
Jan
Jan
Oct
11
2# May
25
16#
5#
58
Jan
11#
116#
4#
4#
25#
Jan
Jan
Feb
Oct
Oct
Volume
Financial
143
Sales
Friday
Range Since Jan. 1, 1936
Last
Marchant Cal Mach
5
Natomas Company
No Amer Inv
High
25%
26%
1.20
1.45
36
31
37
37
11
11%
21
92
90
14%
28%
22%
6%
14%
23%
7%
17
17%
17
18
Occidental Insur Co
10
Oliver United Filters A...*
B
23
7
*
Paauhau Sugar
Pacific Amer Fisheries
.15
173*
5
18
Pacific Can Co
Pacific G & E com
19H
37%
32%
25
6% 1st pref
53*% pref
25
25
Lighting
51%
106%
*
com
*
6% pref
*
Pac Pub Ser(non-vot) com*
.
Pacific Tel & Tel
7
25%
1443*
com..
100
150
*
100
Preferred
Pig'n Whistle pref
*
Ry Equip & Rlty com
50
*
106
Oct
28
Jan
19
Aug
5%
123*
133*
18
31
Jan
190
987
612
30
2,336
1,195
155
15
329
190
3%
5%
350
4>*
183*
92
92
92
15
45
45
108
343*
38
37%
5%
30%
37%
38
480
29
Republic Petroleum
Roos Bros
5%
30%
1
com
.1
Safeway Stores
*
40
S J L& P 7% pr pref... 100
110
2,310
40
1,140
112
110
6%
30%
85
300
160
100
13
13
..*
263*
243*
1%
13%
26%
..*
35
34
35
2,603
1,665
5
84
78
84
Southern Pacific Co.... 100
46
46
46%
4%
1 Ye
Schlesinger AS(BF) com *
Preferred
Shell Union Oil
com
Signal Oil & Gas A
Soundvlew Pulp Co
1%
4%
4%
*
2
Spring Valley Water Co..*
Standard Oil Co of Calif..*
39
B
*
:
Super Mold Corp
§1 Calif
12%
10
48%
3%
19%
*
*
Telephone Inv Corp
Thomas-Allec Corp A
Tide Water Assd Oil com.*
104
100
6% pref
11%
48%
3%
18%
,1
$
40
123*
483*
3%
19%
*
Union Oil Co of Calif.-_.25
Union Sugar Co com
25
...25
7% pref
5
United Air Lines Trans
Rights (cash)
203*
1.15
13
310
59%
1.30
680
59%
35
58
37%
62%
56
Series two
37%
60
Yellow Checker Cab A..50
55
310
56
263*
372
233*
53
Jan
143*
Mar
Apr
23*
643*
73*
103*
13J*
Mar
Sept
Feb
Sept.
Oct
*
1%
105
104
123*
5
133*
113*
13*
100
33*
41
*
1
150
645
25
71
17
53*
8,735
*
Sale
Price
275
17
Aug
475
223* May
13*
Oct
47
13*
20
125
46
Range Since Jan
for
.
American Stores
Week
Low
Shares
American Tel & Tel....100
High
150
31%
1,210
29
Sept
Bell Tel Co of Pa
pref..50
pref..100
75
45
Sept
Budd (E G) Mfg
Co
27
273*
53*
165
21
Aug
Budd Wheel Co
*
*
43*
*
72
72
5
1,330
43*
93*
35
Jan
Chrysler Corp
_*
common
%
193*
193*
153*
9
Huttig S & D common.
Jan
Curtis Pub Co com
*
Johnson S S Shoe com
473*
133*
60
303*
25
97
9
455
43*
Electric Storage Battery 100
Feb
Knapp Monarch pref new *
Jan
*
Common.
16
Aug
193*
163*
720
63*
Jan
93*
399
4
Jan
153*
173*
Apr
20
173*
93*
193*
Sept
Oct
Oct
60c
Jan
1.25
Sept
343*
Jan
197
97
Jan
473*
1523*
Mar
Oct
53*
396
Jan
53*
Oct
48
14
258
165
323*
323*
15
15
15
Mo Portland Cem't com.25
11
com.*
*
100
12%
Rlce-Stlx D G common...*
1st preferred
preferred
St Louis Car common
Preferred
65
50
13
15
11
123*
100
75
880
5
243*
233
113*
315
*
Horn & Hard (N Y) com..*
Lehigh Coal & Nav
*
Lehigh Valley
50
473*
113*
83*
323*
8
Oct
Jan
Jan
Oct
Apr
533*
173*
145*
323*
15
Mar
463*
"73
113*
203*
25
Preferred..
Feb
Nat'l Power & Light
*
Feb
Pennroad Corp vtc
*
60
Oct
Pennsylvania RR
Oct
Pen i)a Salt Mfg
4
100
10
50
93*
8
48
1243*
35
10
245
85
103*
123*
48
1243*
13
"403*
403*
370
55
85
10%
45
1,916
48
15
125
170
133*
413*
123*
63*
Jan
223* July
93* June
303*
173*
25
50
93*
100
133*
Jan
July
Feb
Oct
Oct
Feb
15
May
Oct
102
25
Oct
41
800
43*
43
Phila Rapid Transit
;
Phil & Rd Coal & Iron
*
25
50
1133*
50
.
"ioi*
_
343*
of Prices
High
Low
263* 273*
1793* 1803*
5
63*
403* 413*
1213* 1233*
113*
13
103* 103*
1303*
213*
463*
263*
743*
135
1353*
363* 363*
103*
113*
203* 213*
213*
453*
253*
723*
23*
23*
113*
43*
23*
33*
123*
53*
43
453*
1533* 1543*
1133* 115
343* 343*
53*
63*
103*
103*
for
Week
Shares
Low
High
139
243*
1493*
23*
213*
678
1193*
Jan
2,788
93*
83*
Apr
736
898
533
375
588
20
1,025
45
3,175
45
50
3,620
365
Sept
Apr
July
Jan
Jan
133*
133*
June
54
1183*
30
63*
8%
Jan
Apr
Apr
Jan
JaD
697
5,445
353* Sept
123* Mar
283* May
33*
Jan
193* May
1,269
45
74
421
43* July
163* May
73*
303*
178
57
Jan
75
Mar
101
713*
293*
Jan
Jan
903*
383*
Mar
143
1,600
'is
Jan
1
%
289
%
Jan
13*
397
73*
46
1,234
163*
6,972
33*
53*
403*
143*
1113* 112
133*
133*
418
10
5,099
Jan
Sun OH Co
Tacony-Palmyra Bridge..*
323*
793*
323*
823*
Jan
Oct
Tonopah-Belmont Devel.l
'l6
'l6
Feb
July
55
Oct
33* May
12
53*
Oct
33*
25
52
13*
383*
123
93*
283*
Tonopah Mining
Feb
85
Oct
Union Traction
Mar
Feb
12J*
Oct
United Corp com
48
Oct
Jan
Mar
Apr
1273*
133*
413*
Mar
Oct
Oct
United Gas Imp com
Preferred
Westmoreland Inc
5%
50
*
46
Preferred
*
..*
*
33
%
1
153*
1113*
Feb
Feb
Oct
Oct
53*
8
Mar
Oct
May
64
102
Mar
160
233*
Oct
Oct
Apr
Jan
Mar
Oct
Oct
July
Oct
117
62
100
1303*
243*
553*
343*
743*
1353*
383*
113*
213*
143
20
Scott'Pa per
Oct
308
64
Reo Motor Car Co
Jan
Feb
413*
Oct
1273* Aug
153* May
143* Mar
143*
53*
453*
1,105
10,374
223*
113*
1173*
1803*
63*
8
Jan
17
8
1
*
Oct
73* June
1113* Aug
36
83*
86
423* July
213* July
65
*
Philadelphia Traction—50
lists
Range Since Jan. 1, 1936
July
Jan
Phila Elec Pow pref
7% preferred
12
50
Salt Dome Oil Corp
114
73*
Stlx Baer & Fuller com.. 10
Wagner Electric com
113*
570
100
100
Securities Inv common... *
50
50
480
114
10
S western Bell Tel pfd.-lOO
25
173*
243*
11
..100
100
..*
17
100
Scruggs-V-B D G com..25
1st preferred..
100
Scullin Steel pref
11
243*
50
243*
173*
National Oats common... *
2d
-.10
Phila Elec of Pa $5 pref.
*
Prod common
Laclede Steel common..20
33*
Sales
Week's Range
Aug
Laclede-Christy Clay
preferred..
10
General Asphalt
General Motors
July
285
123*
323*
123*
Key Co common...
Oct
Sept
300
127
*
Mitten Bank Sec Corp..25
48
Internat'l Shoe com
.
173*
Hyde Park Brew com.. -10
2d
12
103*
Horn & Hard (Phila) com
Hussman-Ligonler com.
Nat Candy common
122
5
3
Griesedieck-Western
Nat Bearing Metals
"413*
Oct
10
185
100
823*
100
Ely & Walker DG 2d pf 100
Falstaff Brew common. .1
53*
923*
Bankers Securities
Jan
273*
1793*
*
273*
13%
Price
1, 1936
50
Dr Pepper common
Brew
Sale
Par
Stocks—
50
53*
923*
Jan
Feb
443
53*
..
Last
30
Columbia Brew com... ..5
23*
1
13*
443* 46
1493* 1523*
Friday
30
Central Brew common. ..5
Century Electric Co... 100
Oct
50
31
Jan
27
50
both inclusive, compiled from official sales
50
(new) III
53*
Jan
27
Philadelphia Stock Exchange
*
27%
Oct
Sept
80 Broad Street
.25
Conv preferred
Brown Shoe common..
17
NEW YORK
Baldwin Locomotive
American Inv common
Burkart Mfg com
of Prices
High
Apr
123*
Mo.
Sales
Low
33*
140
1513 Walnut Street
both inclusive, compiled from official sales lists
Par
Jan
983*
Jan
73* May
123*
Jan
PHILADELPHIA
(Associate)
of
Trade
St. Louis Stock Exchange
Stocks—
1
Feb
Mar
New York Stock Exchange
Oct. 17 to Oct. 23,
Week's Range
Sept
143*
1%
Philadelphia Stock Exchange
Telephone Central 3350
Last
57
Jan
Members
all
New York Curb
Chicago
Board
Friday
Oct
Oct
73*
Established 1874
316 North Fourth St., St. Louis,
Oct. 17 to Oct. 23,
Oct
DeHaven & Townsend
MEMBERS
Exchange
Exohange
113*
50
Feb
Unlisted—
Mid-Weatern and Southern Securitiea
Louis Stock
Oct
483*
13*
453*
Business Established 1874
St.
113*
123*
13*
685
Oct
363*
200
425
4
Aug
25
Westinghouse Air Brake..*
Westinghse Elec & Mfg. 50
I. M. SIMON &CO.
New York Stock
Jan
Aug
945
25
123*
July
Jan
3,357
Jan
1073* Sept
Jan
45*
13*
Oct
13*
493*
July
1
104
4,015
1,300
ST. LOUIS MARKETS
on
3
444
130
43*
*
73*
153*
513*
123*
163*
*
Victor Brewing Co
5
10
130
5
Vanadium Alloy Steel
113*
50
com
Standard Steel Spring
625*
63*
63*
133*
33*
363*
113*
63*
133*
33*
17
200
2
35
Shamrock Oil & Gas
Oct
13*
63*
100
Pennroad Corp vtc
Enquiries Invited
Mar
10
123*
United Engine & Fdry
United States Glass Co..25
Jan
<
July
2,024
*
Plymouth Oil Co
Jan
305
57
103*
40
Jan
Preferred
Apr
1,636
23
Jan
Jan
Pittsburgh Forging Co.-.l
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt.*
73*
Jan
503* June
290
Jan
Apr
1
Pittsburgh Coal
Oct
13%
13
59%
300
37%
Western'Pipe & Steel Co. 10
1,767
Sept
97
Preferred
Oct
1.05
Oct
26
31
Pittsburgh Brewing Co...*
Jan
143*
11
Jan
190
Preferred
5
Jan
537
Jan
23*
245
105
Mountain Fuel Supply Co.
Natl Fire proofing com...*
Aug
10
23
Oct
Oct
July
1,775
"28%
Mesta Machine Co
Jan
233*
283*
413*
153*
63*
233*
Jan
49J*
100
Pittsburgh Brewing. 1
McKlnney Mfg Co
1%
Apr
22%
23%
36%
14
500
14
263*
Jan
11
1,066
440
Lone Star Gas Co
23* June
14J*
Jan
101
14%
10
Walalua Agricultural
40
20
3,617
Koppere G & Coke pref. 100
121
Oct
29
14%
23%
27%
41%
15%
Co.20
U Tr. 100
Universal Consol Oil
5
100
2,825
22
July
33* June
93*
Fort
Aug
113*
9
610
303*
13*
Harb-Walker Refrac com.*
40
13* May
63*
Jan
44,656
3,798
11,245
2,270
15
15
133*
303*
May
35
350
10,190
Oct
Apr
Feb
Jan
23
22%
*
Follansbee Bros pref
473*
1,822
4,096
3,025
2
July
July
93*
273*
13*
483*
*
Electric Products
84
104
104
1.15
Transamerica Corp
Wells Fargo Bk &
8%
9%
133*
22
Duquesne Brewing com..5
35
401
358
30
38
Jan
183*
2%
213*
53*
Sept
10
623*
203*
43*
65
93
233*
473*
10
45
436
20
10
High
93*
Jan
Jan
July
25
Jan
Jan
563*
90
10
May
2
53*
193*
224
33*
73*
5%
25
Duff-Norton Mfg Co
42
2,440
20
Low
Shares
Ccandall Nick & Hend.._*
73*
243*
844
2
So Pac Golden Gate A
2%
Clark (D L) Candy Co
*
Columbia Gas & Elec...;*
%
Jan
23* May
153*
Apr
233* Apr
150
1
18
Range Since Jan. 1,1936
for
Week
High
53*
93*
553*
*
Carnegie Metals Co
Jan
July
Jan
5%
Oct
233*
Apr
303* June
1083* Sept
Low
Central Ohio Steel Prod..*
Jan
45
B
915
23
Blaw-Knox Co
July
2
Price
Armstrong Cork Co
Jan
Apr
68
1013*
Par
of Prices
Arkansas Nat Gas Corp. _*
Preferred
..100
Jan
100
6%
22%
Stocks-
Week's Range
Sale
Jan
1393*
Sales
Last
Jan
119
both inclusive, compiled from official sales lists
Friday
Jan
20
5%
23
5%
Pittsburgh Stock Exchange
Oct. 17 to Oct. 23,
Mar
50
1043*
Rainier Pulp & Paper com *
'
Jan
Jan
43*
163*
803*
,■
Jan
Feb
293*
263*
BROADWAY, NEW YORK
Oct
1,022
1,126
A. T. & T. Tel. Pitb-391
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Feb
Jan
July
1,450
333*
323*
143*
Aug
1,152
120
193* Mar
June
PITTSBURGH, PA.
BLDG.,
Court-6800
Oct
92
Tei
Jan
Jan
65%
UNION BANK
Mar
13
150
81%
3%
473*
21
1,120
1,350
106%
81%
Oct
36
I Pittsburgh Stock Exchange
j New York Curb Exchange (Associate)
Mnmhara
Members
Oct
Jan
9
14
151
150
81X
106%
3%
100
6% pref
Paraffine Co's com
1.45
323* Aug
10% June
237
145
142
Jan
H. S. EDWARDS & CO.
27% |Aug
Oct
195
"
*
(Non-voting) pref
1.20
20
4,142
29
183* 193*
36%
32% 32%
29% 29%
51% 53%
106% 106%
7
7%
25% 25%
Aug
100
92
143*
283*
19%
440
21
100
53*% pref
3,893
23,751
37
113*
21
*
High
Low
Shares
36
100
com
North Amer Oil Cons...10
'
Low
1.30
Market St Ry pr pref..100
Nat'l Automotive Fibres.*
Pacific
Week
26
Rights
_
for
of Prices
Price
Par
com
Week's Range
Sale
Stocks (Concluded)
2653
Chronicle
73*
453*
153*
6
Apr
Apr
Mar
Jan
Feb
Apr
48
1083*
93*
83* -Apr
93*
Feb
483* July
193*
Feb
133* June
Apr
15
Feb
$1,000
93*
Oct
20
Mar
221
Feb
Apr
Apr
Apr
Bonds—
Bonds—
Scullin Steel 6s
75
1941
For footnotes see page
2654
77
$5,000
22
Jan
77
Oct '
Elec & Peoples tr ctfs 4s *45
123*
123*
Financial
2654
Chronicle
OCi.. 24,
CURRENT
STRASSBURGER & CO.
MONTGOMERY
133
—Kidder, Pea body & Co.
Mr.
Curb
Moore joined the
which
Exchange—Chicago
York Curb Exchange (Associate)
Board of Trade—New
he
Exchange
Manager of thejHartford office of the
was
Mr. Flint
Oct. 17 to Oct. 23, both inclusive, compiled from official sales lists
Last
Stocks—
Par
Arner Tel & Tel
Week's Range
of Prices
Low
Price
High
180
Range Since
Shares
196
82c
12,065
23%
123
14
15
15
76c
82c
22
Anglo Natl Corp.
Argonaut Mining—
.5
Atlas Corp
Aviation Corp
5
3
Baltimore & Ohio
BancaAmerlca-Blair
J an
82c
Oct
Chandler Hovey, G.
16%
10%
Jan
4
Oct
14%
15
160
1
Jan
10
July
92%
91%
5
75
May
22
63
Jan
95c
96c
3,050
95c
Oct
1.45
Aug
200
32c
Oct
75c
Aug
he
28c
28c
27
4%
4
4%
65c
..1
65c
69c
1,554
1,650
1%
98
1
6%
Dominguez Oil Fields
Dumbarton Bridge
General Electric
Gt West Elec-Chem
20
20
"22"
1
Preferred
Apr
1.55
Apr
6%
July
Feb
James E. Scott & Co. to conduct
22c
Jan
75c
Feb
with offices at 40
1.60
Jan
4.15
Sept
37c
July
95c
Feb
15c
Jan
58c
Feb
13c
Jan
35c
Mar
10%
Jan
6.50
35
36%
Jan
50
Sept
8.00
9.75
10,425
4.10
Jan
9.75
Oct
32%
7%
32%
7M
30
"m
28%
7%
Apr
45
Jan
28%
10%
Mar
39%
40%
65
42%
Pacific Coast Aggregates.
Pacific Portland Cem._100
27%
Jan
700
21c
Jan
245
6%
Jan
3,445
2.50
Aug
3.90
Oct
10
Aug
14%
6%
Oct
Feb
3.25
3.60
13%
5%
14
100
300
5%
5
5
2,389
3%
36
3.10
48%
48%
33
33
100
19%
17%
12%
34%
11%
310
13
11%
15%
12%
34%
10%
Packard Motors
Pioneer Mill
20
Radio Corp (Del)
Radlo-Kelth-Orpheura
8
Richfield Oil pref
Riverside Cement A
17
520
Superior Port CemA
Texas Consol Oil
Jan
Apr
14%
United Corp
7%
United States Petroleum
United States Steel
9%
2%
15%
5%
Feb
500
40c
17
20
11
43%
7%
16%
..5
Warner Bros Pictures
West Coast Life Ins...
5
cCash sale.
included
Jan
4
60
31
July
May
470
24%
25%
27%
—15%
12
Feb
100
37
74
for
range
x
Toronto Stock
or
Aug
Aug
Oct
Feb
44%
Sept
Oct
2-. 10
June
Apr
8%
July
Jan
55c
Feb
Jan
79
Mr.
Scott and Mr.
20
Jan
the historical side of the
on
A
of
copy
receiving the
—Nelson, Browning & Co.
of
of Cincinnati have opened an office in
Chicago
La Salle St. under the management of Russell B. Dickson, ViceThe trading department is under the management
George McKay with_Joseph
JV1 eagher
associated with him.
*'<
—Clinton Gilbert & Co., 120 Broadway, this
city, have compiled a com¬
parative table of 25 New York City banks and trust companies covering
the four years from
September, 1932 to September,
detailed financial information
concerning each.
—Blyth & Co., Inc.,
has
been
associated
that since Oct.
announce
with
They also
them
in
their
as
Manager
that
announce,
—Lockwood, Sims & Co.
with Demorest & Co.
them
their
of
O.
and
1936,
giving
1, Charles C.
Simmons
Louis office in the
St.
Landreth
Oct.
on
15,
Richard L.
^
-
Taylor Jr.,
&&
ia
announce that William M.
and W.
Unbekant, formerly
Gay & Co., has become associated with
Short
Municipal Bond Department.
Term
Municipal
^
—
Note
and
—1~~
~
Southern
~~*
-
—Robinson, Miller & Co., 52 William St., New York City, have issued
an
analysis on Third Avenue Railway Co. adjustment mortgage 5% in¬
come
Oct
Oct
interesting booklet entitled
an
bonds, due Jan. 1, I960.
Oct
7%
16%
14%
Jan
dividend
year,
July
June
paid Aug.
Ex-dividend,
15
v
t In default.
t Company in bankruptcy, receivership
distributing
became associated with this branch.
15
127
are
Oct
15
3.10 June
425
of
formation
same.
Apr
Sept
10% May
9% May
8,017
4,097
16
stock
32%
28%
28%
17%
Feb
the
announce
Glorified" which dwells
spot
Building.
25c
338
a
Jan
5%
850
on
.
Sept
48%
450
7%
16%
14%
Feb
Mar
Sept
85c
250
33c
6%
14%
14%
15%
45
July
5
214
79
-
«60%
In
9
100
7%
7%
79
Victor Equipment.
580
1
33c
__
—The Bank of Montreal
Jan
Apr
Aug
5%
1%
15%
5%
43%
31%
27%
28%
1
Oct
Feb
10
43%
Standard Brands
Sunset McKeeB
Sept
27
100
11
25
May
1,971
8
Welch
general business in investment securities
Exchange Place, New York City.
President of the firm.
18
Jan
H.
a
formerly partners in the firm of W. C. Simmons & Co., which
were
at 135 So.
52%
33%
Frank
Bank of Montreal and the site which its Head
office occupies.
this booklet will be sent by the bank to
any one interested in
Aug
13%
35%
17
5%% preferred
6% preferred-.......25
Feb
Feb
commission
has been dissolved.
July
5
May
6%
and
Sept
100
1%
14%
5%
42%
31%
27%
28%
Schumacher Wall Board
Shasta Water.
Southern Callf-Edlson. .25
41
Scott
54c
Apr
,
E.
18%
Apr
33
Pacific Western
Apr
30c
3.30
a
Feb
18%
"1%
Pacific Clay Products
Pacific Eastern Corp
Welch
Mar
57%
—James
Mar
2.65
portfolio
seven years,
Associated with him in this department will
2.95
10%
29c
Atlanta, Ga. Previously, for
Exchange, and will be in charge of their Investment
Service Deparment.
Jan
65
18
Preferred...
Feb
300
~29c
Dowling will
Cleveland, has joined Alexander Eisemann & Co., members,
Stock
Sept
1,650
20
Preferred
Pacific Finance
50c
York
90c
9.50
Occidental Petroleum
Mr.
accounts of the firm.
the investment
York and Atlanta, and specialized in bank and
During the latter part of his service, he was Assistant
3.15
9%
O'Connor-Moffatt
of
be John B. Neumuller, formerly a
partner of J. Arthur Warner & Co.
Apr
57%
Oahu Sugar
to
21
30c
North American Aviation.
Oct. 17
June
3.85
North American Co
Listed,
69
Apr
Oct
Dealers
60
9%
Montgomery Ward
Mountain City Copper
value.
New
3.85
McKesson & Robblns
Menasco Mfg Co.
z
sale—Not
Aug
200
New
in
in Chicago and
45%
26%
73%
22%
23c
Manager
—P. H. MacGregor, formerly Manager of the Standard Statistics Office
Sept
Jan
41c
28c
Mar
42
Apr
3.80
1
28c
9%
Jan
17
38c
45c
Gregory, President.
was
He is a graduate of West Point and formerly held
Corps of Engineers of the United States Army.
38
20c
41c
1
Jan
Oct
Oct
3.60
6%
1.10
Preferred
98
1.15
1
5%
1.05
Kinner Air & Motor
in the
Jan
Jan
10
6
1.05
N.
organization.
Mar
155
96c
1
Klelber Motors
M J&M&MOil
z
22
85c
July
June
investment
Manager in charge of the southeastern division of the Atlanta office of this
2.50
15%
80c
5,625
4,050
1,000
3,110
2,100
3,360
1
Cinema.. 1
Italo Petroleum
par
22
Corp.
institutional accounts.
Oct
4%
20
96c
Holly Development
Idaho-Maryland
z
Cash
48%
24%
72%
23%
Forbes
Feb
Jan
31
1,042
72%
23%
Feb
72
367
48%
zGeneral Metals
Aug
Oct
known
associated with Harris, Forbes & Co. and its successor, Chase, Harris,
was
65c
220
1.15
75c
7%
1%
1%
by R.
Dowling until recently
1.10
300
41
1.15
Mr.
11% May
30
6%
40
41
.10
Oct
Jan
nationally
personally handle bank and institutional investment
| Oct
33c
100
98
92
announced today
were
Mar
15% iOct
93% |Dct
60c
100
Crown Will 2d pref
85
3
30
2.15
13%
1%
Curtiss-Wright Corp
Dowling,
of the Fulton National Bank of
32c
96c
2.15
No
Oct
52
13 %
r
R.
90
Coen Go's A..
z
9%
Albert
of
39
Consolidated Oil
z
Jan
—Appointment
J.
Orus
executive, as head of the Bond Department of R. N. Gregory & Co., mem¬
bers of the Los Angeles Stock
Exchange, and his association with the firm,
Oct
15%
92%
91%
Columbia River Packers
z
24
81
Preferred
Cities Service..
Claude Neon Lights
z
Oct
Mar
4
7%
Oct
6%
5,366
16
Jan
32c
Cardinal Gold.—
Central Eureka
z
z
Oct
4%
Hermann Kinnicutt, Albert H. Gordon and
"91%
6% preferred 1927— 100
z
Mar
24
10
9%
Edwin S. Webster Jr;,
are
Jan
140
Peabody & Co.
Matthews.
25
15
Calll-Ore Pow 6% pref 100
International
The other partners of Kidder,
Oct
39c
$1
10
California Assoc Inc
was
Peabody & Co.
180%
"l5
Bunker Hill-Sullivan
z
High
Apr
24
.9%
remained
470
5%
24
150
Inc.,
until 1931, when he became Sales Manager of the Boston office of Kidder,
Low
180%
13%
Amer Toll Bridge
1923, and in that year entered
When Stone & Webster and Blodget,
formed in 1927, Mr. Flint joined that organization with which he
Week
100
graduated from Harvard in
was
and from
Guaranty Co.,
Inc., the investment banking subsidiary of Stone & Webster,
for
Hale
Peabody & Co. in
Manager of the Guaranty Co.'s Boston office.
was
the employ of Stone & Webster, Inc.
Sales
Friday
York office of Kidder,
New
organization he had held the position of Vice-President from 1927
1925 to 1927
Francisco Curb
of
until 1934.
Mr. Moore entered the employ of the Guaranty Trust Co. in
July, 1919, later being transferred to its Boston office. From 1923 to 1925
Direct Private Wire
San
general partners
as
March, 1934 upon the dissolution of the Guaranty Co. of New York, with
Exchange—San Francisco Stock
Francisoo
Exchange—San
the admission
announce
the past five years Sales Manager of the Boston office.
GSince 1880)
Members: New York Stock
NOTICES
Frederick L. Moore, of the firm's New York office, and John G. Flint, for
STREET
FRANCISCO
SAN
1936
Oct
—Nicholas C.
reorganization
Exchange—Mining Curb Section
associated with
now
and with
H.
C.
Lord, Abbett & Co., Inc., in
—Sherwood & Merrifield, 40 Wall St., New
York, have issued a list of
1936
Ex rights
Alforth, formerly with Pynchon & Co.
Wainwright & Co., is
its trading department.
bonds of municipalities located in the
State of New York, yielding from
1.25% to 3.40%.|
—Hoit, Rose & Troster, 74 Trinity Place, New York City, have pre¬
pared analyses of Texas Electric Railway Co. and Chicago <fc Northwestern
Railway Co.
Oct. 23, both
inclusive, compiled from official sales lists
—B.
Friday
Last
Sale.
Stocks—
Par
Price
W.
Pizzini
Sales
Week's Range
of Prices
Low
or
Range Since Jan. 1, 1936
Week
High
Shares
descriptive circular
stock.
Low
&
Co.,
^
Broadway, N. Y.
52
Nashville,
on
Chattanooga
City, are distributing
&
St.
Louis Ry.
a
capital
LiS
High
tft"—r. W.Pressprich & Co.
Brett Trethewey
Central Manitoba
]
11c
10c
11 %c
31,500
2c
Jan
1
19c
14%c
17c
July
23c
Churchill Mining
3%c
Coast Copper
5
3.60
4.40
that Charles J.
announce
Lyon has become
July
4c
ll%c
3%c
57c
4c
73,850
2,750
Jan
]
2,815
8,000
23,500
Jan
2.25 May
9%C May
4.50
Feb
Jan
4c
Mar
38c June
78c
1
*
72c
*
8%c
Foothills Oil
*
43c
45c
Grozelle-Kirkland
1,000
30c
1
Sept
5%c
5%c
2,000
4c
Apr
1.00
1.08
8,781
12,646
72 %c
Apr
1.44
Feb
Jan
30 %C
Oct
7,200
22%o
14%c
Jan
31c May
12c 199,800
4c
34,100
3c
Jan
21c June
l%c
Feb
Home Oil
*
Lake Maron
1.04
*
Hudson Bay
Kirkland Townsite
29 %c
1
2c
2%c
62c
74c
8c
9c
29c 30 %c
18c 19 %c
*
'"~I6c
10c
Malrobic Mines
1
3%c
3%c
Mandy Mines
Night Hawk
*
]
__
4,800
l%o
6%c May
29c
2%c
—Blyth
&
Co.,
Inc.,
14
Wall St., N.
Y.
City,
are
Conn.
>
distributing their
Feb
Cobalt Contact
Dalhousle Oil
East Crest Oil
2c
associated with them, with headquarters at 36 Pearl St., Hartford,
31c
7,900
12c
Jan
2%c
3%c
12,500
f%c
Jan
13%c
Feb
—Hammons
Feb
70% c
quarter analysis of 24 New York City bank and trust company stocks.
reprints of
-
an
&
Co.,
Inc.,
article entitled
—
1
■"
120
Broadway,
"Bonds
vs.
7c
Jan
42c July
6%c May
Nordon Corp
5
12%c
15c
Oil Selections..
Osisko Lake
16,000
10c
*
4%c
4c
7c
Jan
15c
16c
Parkhill
7c
Jan
1
18c
25%c
1
4c
80c
88c
Porcupine Crown
1
9%c
9c
10c
Ritchie Gold
1
5c
5c
6c
Robb
1
7%c
6c
Y.
City,
has
available
Stocks."
—
»
-
—Swart, Brent & Co., Inc., 40 Exchange Place, N. Y. City,
pared a current report on the New Rochelle Water Co.
—Burr & Co., Inc., 57 William St.. N. Y. City, has prepared an
of the preferred stock of the
Empire
-•
has'pre-
analysis'
Districc_Klectric Co.
July
31c
Pa wnee-Kir kland
Pend Oreille
23%c
3%c
3,000
8,000
61,100
11,50(
3,600
30,600
Aug
July
26c
4c
1
N.
Common
———-—-
9c May
Montbray
Sudbury Mines
1
4c
59,500
7%c 121,800
18c May
48c
Apr
Sept
2%c
Jan
c
May
70c
July
1.20
Feb
4c
Jan
15c
Jan
13 %c
Mar
4c
Sept
Murphy, formerly with Moore,
Leonard &
Lynch, is
now
Hernon at 120 Broadway.
—Mackenzie & Co., Inc.,
115 Broadway,
N.J,Y.
City, has prepared
an
Mar
lc
—Philip J.
associated with William S.
10%
II
Apr
2%c
9%C
2%c
3c
11,500
Temiskamlng
7%C
12,350
2c
Jan
27o
11c
17 %c
11c
19c
1
Sept
26,000
4c
Jan
12c
Oct
of Struthers-Wells-Titusville Corp.
—Gerhart
P.
htil
_
Japha has joined the German
jiivision"of
the retail sales
Mar
17 %c
2%c
Oct
]
Wood-Klrkland
analysis
*
No par value.
12c
department of Swart, Brent &
—Bristol
&
Willett,
115
their current offering list of
Co.,
Inc.
Broadway,
baby bonds.
New York City,
are
distributing
5X96s
66 X
60X
Prov of British Columbia—
5s
Oct
Province
June
58-.
Dec
5s
5a—
90X
4X8
99
95 X
97 X
Mar
Canadian Pacific Ry
1961
111X 113
Canadian Wallpaper A
Canadian WallpaperB
1
of Saskatchewan—
5X8110X 111X
116X 117 X
84
86
87
89
1951
82
83 X
Carnation Co pref
Cocksnutt
*
W ood,
Sept
15 %
24
Sept
29X
29X
Oct
24X
334
960
3X
Feu
103X
Oct
250
2
Sept
Sept
60
3
Feb
Jan
iox
5,539
101
June
Oct
4,215
5X
Aug
10
Oct
22
2,099
15X
Apr
22
Oct
65
64 X
68
4,249
51
May
68
205
163
189
Jan
206
Gas
294
204 X
100
25 X
25X
26X
100
46 X
45 X
46 X
*
22 X
22 X
23X
6,685
19X
18X
19X
595
JaD
30
80
25
17 X
141
Apr
18X
Apr
May
14
Oct
Oct
27 X
56
June
34 X
Jan
Sept
Oct
20
7X
8X
28,125
4X
May
8X
Oct
*
11
iox
nx
3,755
8
May
11X
Feb
Eastern Steel Products
*
16
15
16
120
10
Mar
18
Oct
Dominion Steel & Coal B 25
8X
*
4X
18X
58
18 X
20
24X
7,680
3,618
5X
6X
930
18 H
Oct
20
Sept
June
3
28 X
6H
&
Co.,
Private xwires to Toronto and
*
84
84
85
150
64 X
Jan
90
Sept
50
57
55 X
57
135
53 X
1
Mar
59
Mar
Preferred
Bid
Montreal
116
1 1944
Ju'y
Ask
Ry—
Imperial Oil Ltd
Imperial Tobacco
Sept
1 1946
102 % 103 X
6s
Dec
1 1954
4X8
101 x 102 X
15 1944
Pacific
July
1 1960
107 X 107%
J04X 104 X
116X
6
Preferred
"20 x
Intl Milling pref
Bid
National
Ask
Canadian
Ry—
1
4X8--- ...Sept
1
1956
11946
July
127% 128
...»
com
r..
4X8—
1
1957
5s— ...July
1
1969
5s
1
1969
6s..— ...Feb
1
1970
119
4s
Jan
1 1962
107
109
3s
117X 117X
119 X
119
*
—Jan
1 1962
99
100
100
*
Hecord——
A
_*
Maple Leaf Gardens pref 10
Maple Leaf Milling
Maple Leaf Milling pf.100
...»
com
100
Members Toronto
New York Curb
19
Oct
6
20
Oct
22
20X
Jan
24X
Apr
13 X
23 X
14
17,355
13X
825
13 X
May
14X
Apr
7X
7X
103 X 104
350
7
Feb
7X
Feb
51
101
June
105 X
63
Feb
61X
July
43 X May
61X
36 X
62X
37 X
13,630
iox
110
1.35
1.45
3,000
1,643
6 X
Jan
70
102X
Aug
21X
"l4
23 X
106
36 X
39 X
Oct
3X
Jan
14X
Feb
40o
Jan
2 25
Feb
220
11
Jan
23X
37 X
14X
675
13X
Oct
14%
70
181
65
Jan
70
22
21X
22
2,140
22
20X
2X
20X
2X
890
9X
5X
34
14X
102 X
*
100
4
8
10
4X
39X
6X
36
14 X
15X
Jan
Mar
2X
Oct
4
2,174
1,389
9,687
2,888
6,226
1.00
Jan
4
Apr
Aug
10
Oct
7 X
40
Jan
245
41
*
Preferred
7X
"20 X
Jan
Jan
10
Jan
42
Jan
180
Jan
250
30
98
146
12
175
39
Jan
7X
3,319
o
June
7
40
130
June
140
Sept
July
20X
Oct
5X
Aug
6X
Aug
15
5
302
79
10X
100
*
5X
5X
*
23X
23 X
24
85
95
95
—20
5X
Jan
Jan
100
Jan
Oct
6X
3X
21X
June
Oct. 23, both
inclusive, compiled from official sales lists
Last
Sale
Par
Stocks—
Price
High
.1
Riverside Silk A..
Low
Shares
21%
23
100
Cyanamid B..10
Alberta Grain pref
Jan
m
6%
J an
24 X
2%
3
10
5
14X
14 X
5X
100
Blue Ribbon pref
50
Brantford Cordage pref-25
Bell Telephone
Brazilian..
151 %
3%
Brewing Corp of Canada..
380
34
141
65
34
27
7
27
27
15%
17X
July
97
Jan
80c
2,690
Building Products A
Biscuit new
""2%
2X
2
1,020
IX
Aug
X
Feb
Mar
Oct
27 X
35X
5X
5LX
9X
49
5X
10
51X
5X
5%
1,130
3X
33
8
9
70
71
43X
6X
6X
100 %
107
Jan
X
OX
5X
44
5.226
6,073
2,316
26X
Apr
44
Oct
17 X
Mar
19
Feb
3,011
4X
Apr
May
19
\
Western Can Flour
*
11
pf__106
71
63
72
19 X
19X
19X
100
preferred
106 X
11X
473
3,886
""3%
13X
Apr
Oct
6
Oct
11X
72
Oct
19X
Oct
98
Mav
108
Oct
19X
IX
2X
Oct
21
Oct
Sept
51X
Jan
20X
60
3X
3X
560
4
19X
100
B
36
OQt
July
85
106X 108
4
pref
2X May
14 X
50
Oct
4X
Oct
4
Oct
Banks—
50
57
58
..100
161
Canada
58 X
V'
81
58 X
Sept
160
162
80
149
Jan
170
Feb
Dominion
100
207
207
47
190
Jan
Imperial
100
202
204
22
197 X
July
222 X
221
Feb
Commerce
Feb
43X
7
100 X 100 x
44
44
""iix
9
11%
Sept
Montreal...
100
204
205
17
182 X
Apr
213
Feb
Sept
Nova Scotia
100
287
287
288
100
271
Jan
300
Feb
Mar
Royal
100
182
182
185
40
164
Jan
185
Oct
100
226
229
91
220
July
235
Mar
3,070
4X
Apr
Oct
Sept
120
125
10
90
Jan
Canada Permanent
100
27
30
May
46X
Oct
Huron
100
6
Jan
11%
Oct
20%
96 %
91
98
574
68
25
26
525
23X
90
90 X
85
2X
5C
80
1.25
Jan
98
Oct
Mar
27
Aug
M ay
20X
*
.*
15
6X
3 X
53 X
7%
7%
3X
61
"lO"
10x
156
120
Oct
160
Feb
74X
83
70
July
90
Mar
9X
16
14X
Jan
105
105
7
100
Oct
119
July
79
79
28
75
Sept
95
Feb
Oct
3.25
Feb
15
Feb
Aug
Toronto Stock
Exchange—Curb Section
105
2
Sept
4
Feb
Friday
290
40
July
6[
Oct
Last
4
May
7X
Oct
Jan
104X
Oct
45 X
Oct
.50
Ontario Loan
Oct
88 X
8X
Toronto General Trusts 100
Oct
23 X
185
9
22
2,345
X
72X
44
27
44
125
Jan
1,843
179
Erie
Feb
7X
22 X
&
9
104 X
10
9X
10 X
10
6X
104
90X
June
'
6%
Loan and Trust—
19,849
25
2X
Aug
June
7X
101
150
Oct
Jan
9
75
1,1.35
*
Preferred
25
Canadian Dredge
*
Cndn General Electric. .50
Jan
Oct
11
102
1,025
47 X
6X
50
44
Car.
18
Oct
Sepi
25
6,457
Jan
45
22
*
July
Apr
Feb
4X
42 X
Oct
Oct
Sept
37 X
180
42
pref. 100
*
pref.
5X
19
70X
61X
14X
11
106X 107
43
Sept
365
21
Canadian Canners 1st
"11%
iox
Toronto
8
70
43 %
Canada Wire & Cable A..*
Canadian
4
Jan
11X
6X
-
7X
Winnipeg Electric A
May
*
B
9
'14
Preferred
Winnipeg Elec
16 X
*
Canadian Bakeries
10X
*
(Hiram) com
Oct
28 X
Canada Steamships pf-100
Gas
Jan
145
*
2nd preferred
Sept
5,349
Canada Packers
Jan
*
1.4U
12X
Canada Steamships
Jan
49 X
100
Preferred
17%
35 X
Canada North Power
Canadian CanDers
28
23 X
*
57
282
Western Can Flour
34 X
100
Preferred
70X
61X
744
61X
Westons (Geo) common..*
23 X
*
Canada Cement
69X
61X
Oct
35 X
100
50
preferred
preferred
95
Oct
23
25
Canada Bread—
Aug
34
*
50
Burt (FN)
70
*
18X
50c
Preferred
800
~
51%
Burry
Sept
94
*
831
*
Jan
15
91X
United Steel com
12
B
15
73 X
153
Oct
101X Sept
70
Tip Top Tailors
New
Oct
Oct
June
Walker
Oct
100
Oct
Oct
33
4
Oct
Jan
Aug
Oct
23X
25
Preferred
Union
June
60
Oct
*
—
Jan
125
100X
38
Jan
19X
28 X
65
Jan
75c
100
125
19
10
X
4X
33
424
1.225
13X
5X
11
Preferred
British American Oil
Brit Col Power A
Canadian Bakeries
Jan
Feb
15
31
"33"
1,348
Mar
Sept
10
Steel of Canada
40 X
16
23 X
—
5X
18X
100
Simpsons Ltd pref
Oct
39
13X
38
21X
-
4% Sept
11X Jan
13X
Oct
Jan
6
36
*
Apr
25X June
9X* Jan
33,368
75c
""l7"
Oct
Sept
Aug
9X June
IX June
441
34
*
Brewers <fc Distillers
3X
152
Jan
3X
25
151
Sept
Sept
12
25
'
3X
Beauharnois
1,715
5X
X
19
10
15
11
11
*
Beatty Brothers.
2
95
35
29 X
5
30
23
35
B
B
1.25
1,859
21X
5
*
Bathurst Power A.
A
26,555
21X
.... -—* .—.
-
4X
24X
2%
Alberta Grain
Barcelona
3%
3%
6% preferred--.-...100
37
Simpsons A
High
B.
Abltlbt
17
100
Saguenay Power
Week
Prices
0
Low
Range Since Jan. 1, 1936
for
Week's Range
*
Metals
100
5X
18
17 X
Power Corp.
Pressed
5X
5
Remington-Rand
Sales
Friday
—100
pref..
Potrero Sugar
Apr
27
82
2,695
Oct
12
-
Porto Rico
Aug
16 X
1
Photo Engravers—
X
40
Pan tepee
Toronto Stock Exchange
Oct
July
415
6
Page-Hersey
OH
Apr
Feb
Sept
Sept
Oct
45
25c
Mar
Jan
X
1.25
5
25
20X
•
Oct
105
27 X
Oct
Feb
17X
12 X
97
135
19X
6
*
Sept
70c
6X
135
.100
National Sewer Pipe A
*
Ontario Eq Life & Assur..*
28
41 %
70c
National Grocers
3X
198
245
*
2
20 X
500
170
..100
Oct
18X
17 X
42 X
165
Oct
Oct
July
10
102 X 103X
41X
168
B
3
Oct
Feb
107
13X
""3%
Oct
Aug
33
6,956
68
69 X
Muirheads.
WA. 3401-8
X
106
106
42
Ontario Steel Products
King Street West, Toronto.
"i"40
*
National Breweries
(Associate)
Oct
4X June
155
A
Stock Exchange
Exchange, Inc.
22X
266
100
Preferred
Moore Corp common
Canadian Commodity
12X May
20 X
*
Laura
McColl-Fronteriac
STOCK BROKERS
2,635
34
Preferred
Duncanson, White & Co.
22
19
Lake of the Woods
Massey-IIarris
119X
20
20
23
Preferred
B
Grand Trunk Pacific Ry—
Oct
Sept
13X
37
Kel vlna tor
Loblaw Groc
117
114X 114X
113X 113 X
6
31
10X
Internatl Nickel
John Lang Co
Northern Ry—
6Xs
113X 114
1951
15 1955 116X
4Xs—-
4Xs
Ask
Bid
Oct
Jan
Jan
2X
27
120
30 X
13 X
100
Interuatl Utilities B
Bonds
Feb
Feb
14X
19
_-£i
Intl Petroleum
Government Guaranteed
5
3
30
5X May
30 X
Intl Utilities A
Dominion
4X
Oct
Jan
13
24,266
1,435
22 X
*
B
4X8
14X
,
20
Hunts A
Bid
Canadian
51
22
12 %
4%
300
2
22
13
Harding Carpets
Ask
Ry—
96 X
96 X
perpetual debentures.
6s—......Sept 15 1942 /111X 111X
4s
2
Great West Saddlery
*
Gt West Saddlery pref. 100
Gypsum
Railway Bonds
American
Oct
Goodyear Tire
Inc.
*
Hamilton Cottons pref..30
Hlnde & Dauch.
*
to
Feb
General Steel Wares
New York
Oct. 17
Oct
Oct
19
,Jan
July
13X
23X
6X
5X
30
Aug
7X
24
—
Apr
May
20
5
20
Farmer..
A
Ford
IX
1,069
30
..50
English Electric B
Fanny
5X
4X
30
18 X
Economic Invest
Gundy
15
140
Dominion Stores-
14 Wall St.
Canadian
Jan
19 X
Distillers-Seagrams
Dominion Coal pref
Bonds
2X
10
Easy Washing
6s
Jan
123
Smelters..25
Consolidated
Canadian
Dec
18
22
Crow's Nest
4^8
11
*
Cosmos
Pacific
29X
102 X 103X
8
10
103 X
100
Consolidated Bakeries
Consumers
Canadian
29 X
July
" Sept
'
15 1943
1
13X
28
3
Jan
5
12
40
13X
28
"28 X
Feb
12X
50
12 X
13
*
Canadian Wineries...
4X8-
High
Sept
280
136
134
134
25
15 1946
June
5s...
109X liox
Low
6%
2,840
6
13
*
108X 110
May
Range Since Jan. 1, 1936
for
Week
Shares
7X
6
_
Canadian Oil
1 1958
Feb
Prov
B
6%
6X
Canadian Oil pref...—100
4X8-
15 1952
1 1960
Sept
5s
Cndn Industrial Alcohol A*
112X 113X
1950
2
of Prices
High
Low
Price
Par
nix 112 X
Mar
4s...
99
97
111X 112 X
Sale
120
106 X 108
15 1965
Jan
4X8-
Province of Nova Scotia—
4^8
1 1962
Province of Quebeo—
97
15 1960
15 1961
Apr
Apr
4^8—
119
1959
1
Sales
Week's Range
Last
Stocks (Concluded)
117X 119
Exchange
Friday
101X 101X
112
112 X
1942
15 1943
4s
Brunswick—
Prov of New
May
95
4X8-
1 1941
15 1954
2 1959
Aug
4X8
Sept
89
1 1953
Manitoba—
of
Oct
1
93 X
12 1949
July
4Xs
3 1937
6s
1 1956
Oct.
4Mb
f64%
/64
1 1948
Jan
5s
Ask
Bid
of Ontario—
Province
Ask
bid
Alberta—
of
Toronto Stock
Municipal Issues
Provincial and
Province
Oct.
17 to Oct. 23,
both inclusive, compiled
Sale
Far
Stocks-
10
Apr
Oct
Blltmore Hats
475
13X May
23X
Oct
Bruck
300
37 X
Jan
50
June
Jan
185
Oct
of Prices
High
Low
Range Since Jan. 1, 1936
for
Week
Shares
Low
High
Oct
11 X
Price
from official sales lists
Sales
Week's Range
3,535
55
5
5%
150
June
*
No
Silk.
—
par value.
49
-
*
/ Flat price.
8X
51
8X
60
85
7X
30
Sept
16 X
Mar
Feb
52X
Oct
2656
Financial
Chronicle
Oct.
24, 1936
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange—Curb Section
Friday\
Last
\ Week's Range
Stocks (Continued)
Price
Par
Week
Canada Bud
Canada
35
Malting
20%
Canadian Wire Box A—.
Dominion
Jan
Homestead Oil
460
2%
"12%
100
101%
Hamilton Bridge
*
Hamilton Bridge pref. .100
Oct
90
Jan
2%
5
July
81c
35,325
55 %c
Mar
1.00
May
July
29c
Jan
30c
Jan
80 %o
1.75
Aug
July
66%
72
47c
46c
51c
1.02
1.00
1.10
26,150
5,144
57c
55C
65c
95,750
1
16 %c
16%c
18c
85c
83c
88c
81c
80c
81c
2
Jan
21
Oct
Lake Shore Mines
20
40
Jan
70
Oct
Lamaque-Contact
49%
34%
Apr
50
Oct
Lava Cap Gold
Lebel Oro
Lee Gold Mines
—.1
63
20c
20c
5%c
5%c
6c
Little Long Lac
Macassa Mines
*
6.60
6.20
6.75
]
4.80
4.65
5.10
71,800
9,700
31,853
9,900
15,536
69,878
4.35
4.10
4.50
14c
13c
16 %c
10%
25
12%
101%
100
7%
610
9%
37
4
Jan
85
56
Jan
2,210
7
Mar
15%
Oct
28
Aug
35
Feb
4
Jan
13%
Oct
Mclntyre Porcupine
84
271
30
Jan
84
Oct
McKenzie Red Lake
15
35
June
60
Oct,
9
Jan
15
82
Jan
15
15
135
34%
35
690
National Steel Car
26 %
25
26%
3%
100
2,438
4
155
76
6
3%
76
"~2%
MacLeod-Cockshutt
Oct
20
30
20C
1.20
13%
57
»
9%
May
2,295
320
83
5
Oct
Sept
Manitoba <fc Eastern
Maple Leaf Mines
May Spiers Gold Mines.
61
32
100
4
Oct
12%
101%
60
50
1.20
*
63
Mar
3,855
55c
—
2%
2%
120% 121
3
25
61
30% June
13
Oct
•Oct
28
May
3.15
Oct
Oct
Jan
1.25
4.50
Oct
Oct
90
Feb
Aug
75
3
Oct
22c
Mar
47c
July
70c
Aug
1.38 May
Jan
29%c
Mar
15c
Aug
Aug
7.75
Feb
3.12
Jan
5.10
Oct
30,959
3.50 June
6.05
5%c
Jan
5%c
37c
Aug
20c
23c
46c
50c
39%c
41c
3.255
1.71
1.66
1.86
53,315
6c
__1
Sept
60c
Jan
Mar
7%c
McVittle-Graham
88
Jan
5c
12c
41c
21c
94c May
2%c
5.70
41c
1
5
June
51%c
78,250
10,800
40,650
—
McMillan Gold.
f
55c 55 %c
31c
Sept
41c May
55
Aug
7,800
3,438
380
34 %
Robt Simpson pref
17%
Jan
14
12%
100
Star pref
Oct
11c
j
Kirkland-Lake
Laguna Gold Mines
Jan
2%
Aug
13%
50c
55
Montreal Lt Ht & Pow cons
Ontario Silknit pref
Prarle Cities Oil
1%
6,341
81,900
41c
70
„
Feb
39
Apr
32
pref..100
100
North
2%
Sept
77
12%
*
Mercury Mills pref
Oct
32
*
Int Metal Indust
1.25
10
70
12c
43c
J M Consolidated
Kirk Hudson Bay
High
900
13%c 13%c
13%c
Howey Gold
June
39
9
61
Humberstone
Int Metal Indust
202
Jan
LOW
12c
62
Dom Tar & Chemical...
Langleys pref
Holllnger Consolidated
27%
26%
Shares
High
48%
*
Honey Dew pref..
Oct
25
2%
9%
"48%
Bridge
Preferred
35
19% May
Range Since Jan. 1, 1936
for
Week
53
-.100
Dom Foundry & Steel
30% May
85
21
Low
12c
639
85
"n%
Price
Par
Range
of Prices
Highwood Sarcee
June
81
85
*
Preferred
10%
Mar
39
100
Corrugated Box pref.—100
Crown Dom Oil.———*
DeHaviland
6%
Stocks (Concluded)
High
21
2%
Consol Hand pref
Low
775
24%
1
Canadian Marconi
Week's
Sale
Shares
.35%
34%
20%
24%
—
Sales
Last
Range Since Jan. 1, 1936
9
8%
Canada Vinegars
Friday
for
of Prices
Low
High
I
Hale
Toronto Stock Exchange—Mining Section
Sales
33
19%c 20%c
Oct
1.22
9c 157,400
Jan
Mar
May
30c Aug
30c Aug
60c Sept
49%
Jin
2.24 Ju'y
15c
2%c May
*
F»b
*
July
1.30
17,325
1.15
Sept
12%
500
12c
Sept
2.15
2.30
9,670
1.11
Sep
19,100
7%c
Apr
Jan
2.75
27c
1.00
Mar
1.75 778,820
6%c
Jan
1.75
"TI§
Merland OH
Mining Corp
19c
1.14
12%
McWatters Gold
2.25
Mlnto Gold
21c
20c
1.72
Moneta-Porcupine
1.35
M orris-Klrkland
22,100
*
42c
Jan
1.78 June
24c
Fib
8%
Rogers Majestic Corp Ltd.
Shawinigan
.1
*
Standard Paving
Preferred
24%
3%
*
*
Tarnblyn pref
Thayers com
100
*
Thayers pref
Toronto Elevators
Walkervllle Brew
26%
Oct
18%
July
1.15
Jan
100
11
Jan
2%
10
2
Feb
39%
110% 110%
2
1%
239
30
Jan
41
Aug
6
38
38
117
36
♦
Sept
114
Mar
1
Aug
5
Feb
18
Aug
37
Feb
25
34
208
110
350
20
2%
50
2
Oct
2%
110
37%
2%
1%
Aug
July
10
38
114
Oct
4%
27
130
27
37
*
Waterloo Mfg
8%
815
116
__»
Toronto Elevators pref. 100
United Fuel pref
100
June
920
27
*
4
3%
22
2%
38
2,534
Oct
25%
*
SuDer Petroleum ord
8%
3
20
100
Supersilk
8%
24%
122
Jan
Oct
275
85c
82,450
54c June
85c
Oct
5c
Newbec Mines
New Golden Rose
79,800
24,000
%c
Jan
8%c
4c
3%c
3%c
2c
Jan
5%c
Sept
July
1
Nipissing
6
Noranda
4%c
1.03
1.12
1.00
July
1.40
Aug
2.37
2.45
3,270
2.30
July
3.05
Jan
67%c 69%c
10,779
44 %c
Jan
69% C
~2"40
68 %c
Northern Canada Mining
Northern Gold
14,900
43c
51c
7.40C
28%c
Jan
63c May
11c
9c
14%c
9c
Oct
18c
Jan
7.45
Oct
15c
May
7.20
6.70
7.45
Olga Oil & Gas New
Omega Gold
*
7 %c
7%c
7%c
1
52c
52c
56c
72,900
81,785
16,700
22,622
3.30
3.60
13,750
O'Brien Gold
Oct
43c
_
34c
Sept
6c
Aug
40c
Mar
85c June
Oct
5.20 June
39
Feb
Pamour-Porcuplne
*
3.55
Feb
Paymaster Consolidated.. 1
1.17
1.02
1.19 225,464
50c
Jan
38
Apr
Oct
Perron Gold
1.55
1.53
1.65
9,950
1.12
Jan
1.96
Peterson-Cobalt
2%c
2c
2%c
July
4%c
6.50
6.15
6.50
4,000
11,070
2c
Pickle Crow
3.95
Mar
7.60
7.25
15,075
6.95
Sept
Sept
95c
75C
4c
119
July
M.¬
1%
75c
Murphy Mines
111%
3%
Feb
2%
Mar
Pioneer Gold
..1
Powell-Rouyn Gold
M
7.15
7.00
3.11
Oct
1.25 May
Sept
Feb
July
12
Jan
1
1.52
1.25
1.60 161,200
95c
Oct
1.60
Oct
Premier Gold
l
2.94
2.82
3.10
1.80
Jan
3.56
Preston (new)
12,030
*
1.31
1.28
1.40
55,110
21c
Mar
2.25
Sept
July
1.80
650
1.75
Oct
660
66c
Sept
1.40
Mar
3.55
3.70
2,300
8,050
65c
3.60
1.44
Jan
4 35
July
Prospectors Airways
Quebec Gold
*
Read-Authier
i
Red Lake-Gold Shore
*
1.75
l
Roche-Long Lac
1.71
1.65
1.83
1.28
1.26
1.34
25 %c
Reno Gold
25c
Royalite Oil..
39% c
Feb
1.96
23,444
1.60
Aug
3.45
Jan
80c
76c
82c
59,625
75o
Apr
1.15 June
89c
89c
92c
3,200
92,148
17,890
56c
tJan
1.00
Jan
1.92
2.87
Jan
5.10
3%c
l
1.91
1.78
1.94
l
4.30
4.25
4.40
..1
1.02
Btadacona-Rouyn...
Friday
Par
Acme Gas & Oil
Afton Gold
of Prices
Low
High
1
10%c
7%c
6%c
7%c
1
41c
41c
42c
97c
3%c
7%c
95c
105c
3%C
3%c
7c
7 %c
6.55
6.00
1.06
1.35
Aldermac Mines Ltd
_
Alexandria Gold
1
Algoma Mining
Anglo Huronian
Argosy Gold Mines
*
*
*
"l"25
Arntfield
1
80c
Ashley Gold
1
10 d 11 %c
Shares
sales lists
86c
Range Since Jan. 1, 1936
Low
High
9%o June
31,850
4,300
55,927
40c June
88c
Oct
10,500
12,700
l%c
3%c
Jan
2,830
26,138
5,200
8,700
19,000
4.10
Jan
1.00
Apr
4o
18 %o
May
88c May
70c
Jan
650
Apr
6%o May
Feb
1.07 Sept
10c
Aug
12 %c May
7.50
Aug
1.75
1.20
31c
Aug
July
7 %c
11 %c
27c
9c
5c
6c
9c
8%c
__1
5c
5c
5%c
39,300
*
26c
33c
39,570
1.25
1.35
7,050
1.20 June
1.84
Sylvanlte Gold
1.44
17,605
5,371
31,920
1.30
Oct
2.00
July
49c
Oct
76c
Jan
13c
Apr
36 %c
8.75
1,055
11c ll%c
Beattle Gold Mines
*
26 %c
1.30
Bidgooe Kirk
Big Missouri
Bobjo Mines.
1
1.39
1
51c
1
24 %c
Bralorne Mines
50c 50%c
24c*
27c.
5%e
3%o
Jan
Mar
14c June
42c
5.55
Jan
9.00
9c
Jan
25%c
11.50
Jan
Buffalo Canadian
10,420
3.80
*
11%
4%c
4%c
36,500
2c
Jan
Bunker Hill
13o
*
4%c
13%c
Oct
May
13c 13%c
7,770
6o
Jan
24c
Oct
1.40
1.40
1.45
5,210
73c
Jan
1.60
June
16%o
24c
23,005
5c
Jan
24c
Oct
*
"l~38
1.33
1.47 112,327
Cariboo Gold
95%c
Mar
1.50
1
1.82
1.80
1.85
1,650
1.15
Jan
Castle
2.10
1
1.25
Aug
1.25
1.31
35,800
1.24
Jan
1.69
Jan
1
3.73
3.65
3.87
27,250
42c 328,680
2.41
Mar
4.95
July
Central-Patricia
Central Porcupine
Chemical Research
Oct
_*
35c
30c
Oct
59o
*
July
1.05
90c
1.11
21,531
75c
Sept
1.60
Feb
*
1.56
1.50
1.73
Oct
2.46
6%c
10 %c
6c
7o
251,911
18,250
1.50
*
Chromium Mining
Ciericy Consolidated
3o
Jan
6%c
12c
4%
Jan
12
Oct
1.75
1.71
1.80
1.70
Oct
2.75
Apr
Commonweath Petroleum *
Conlaurum
*
30c
21,500
6,420
July
14c May
Cons Chlbougamau
Darkwater Mines Ltd
1
1.70
May
1.34
1.65
11,625
44,590
1.22
1.52
1.10
Sept
1.65
Dome Mines
Oct
*
53%
52%
53%
985
42
Jan
61%
June
1.11
58,395
49,445
11,756
15,400
54,630
53c
July
1.17
Oct
82o
Aug
1.47
Sept
6.90
Jan
11%
Oct
3C
Jan
10c
Feb
85c
Oct
2.22
Aug
Eastern Malartio Gold M.l
1.01
1.60
1.00
1.70
Eldorado
1
1.27
1.18
1.38
Falconbridge
*
11%
10%
11%
Federal-Kirkland.
1
5%c
5%c
6%c
Francoeur Gold Mines Ltd.
94c
85c
1.00
Glenora Gold
1
22c
22c
24c
2.18
May
33,600
22o
Oct
40o
July
God's Lake
•
75c
75c
78c
52,486
75c
Mar
1.45
Jan
Goldale
J
30c
30c
32c
4%c
Jan
49c
June
Granada Gold
15c
16c
23,950
6,500
15c
Oct
54c May
1
Gold Belt
16c
14 %c
16c
14,050
3%c
Jan
24c
1
30c
30C
32c
10,418
17o
May1
7%c
8c
3,000
5%o
Jan
50c
Graham-Bousquet
:
Grandoro...
*
Greene Stabell
1
Grull Wlhksne
1
Gunnar Gold
1
Halcro w-S wayze
..1
42c
12
95C
49c 112,300
12
1.05
3%c
3%o
3 %c
1
2.65
2.44
2.80
..i
20c
Hard Rock
Harker Gold
49c
"~97c
9,225
3.00
5.75
Oct
26%
5.65
Jan
30c
50,590
6c
Jan
1.83
2.04
32,152
83c
Mar
2.96
2.25
Mar
C
34c
3.06
12,790
20c
23c
32,000
20o
4.90
5.80
77,946
4.30
Mar
2.15
2.00
2.25
33,155
1.45
Sept
2.50
3.35
3.25
3.55
5,745
1.20
Jan
4.45
Oct
79c
85c
14,150
20c
Jan
1.18
Aug
2.47
2.60
32,041
1.60
Jan
2.70
Oct
1
*
"2256
Oct
2.50
Apr
—2*
1.80
1.73
1.85
11,999
1.00
Jan
1.85
Consolidated 2 50c
White Eagle
_»
Sept
8%c
8%c
3%c
9%c
8%o
Oct
20%c
Feb
3 %c
3c
Jan
6c
Wlltsey-Coghlan
Wright-Hargreaves
Sept
l
6%c
60
6%C
43,820
13,100
10,500
3c
Jan
*
7.65
7.50
7.70
25,595
7.50
Oct
9.00
Feb
40c
43c
3,950
38c
Mar
71c
Jan
Waite-Amulet
Wayside
Ymir Yankee Girl
3%c
♦
Toronto Stock
_
10c June
Exchange—Mining Curb Section
See
Page 2654
Montreal Stock Exchange
Oct. 17 to Oct. 23, both
inclusive, compiled from official sales lists
Friday
Aug
40c June
15c
July
21o
Mar
86c
Aug
3,200
8o
Feb
16c
Sept
10,600
75c
Jan
1.20
May
10%c June
3,000
2c
Jan
73,395
17c 21 %c 208,500
37o
Jan
3.63
7c
Jan
26c
July
Sept
Sales
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Acme Glove Works Ltd._*
6% % preferred
Agnew-Surpass Shoe
_
Canadlan-M alartlc
Trethewey
38 %c
20c
Mar
9.75
1
Sept
5.15
Oct
2,600
11.00
*
15c
5.35
2.99
Aug
8.65
11%C
Calmont Oils
26,100
Feb
Sept
*
Calgary & Edmonton
20c
Aug
Feb
10c June
1
8.50
75c
*
Oct
50c
B R X Gold Mines
Buffalo Ankerite
Oct
Jan
1
...l
Goldfields
Teck-Hughes Gold
Texas-Canadian....
Feb
1.35
Base Metals
10c 132,050
Jan
21c
18%o
Sept
Sept
3.50 July
68o May
6.70 July
Feb
8%C
"""5c
2 %o
Jan
37,800
43c June
Sept
1
Bagamac Rouyn
8%c
8c
64c
17o
Towagamac Exploration. 1
Feb
Mar
1,300
58c
1.93
Ventures
3,600
32,225
46,800
21c
•
5.65
...1
Toburn Gold
.1
Astoria-Rouyn
Barry-Hollinger
17c
Tashota
_
80c
1
Sullivan Consolidated.... 1
Week
Price
*
Ajax Oil & Gas
for
Sale
Stocks—
Week's Range
1.12
4%c
21c
"~58c
Sudbury Basin
Sudbury Contact
Sales
Last
*
Oct
Sept
1.30 Sept
99C
-
St. Anthony Gold
Oct
97c
3%c
4c
Southwest Petroleum...
both inclusive, compiled from official
Aug
26%c Sept
1.71
South Tiblemont
Exchange—Mining Section
Sept
76c
50c
Slscoe Gold
Sladen Malartic
Oct. 23,
Sept
1.46
1.91
Sherrl tt-Gor don
to
2.55
Mar
»
Shawkey Gold
Sheep Creek.
Toronto Stock
Jan
Mar
l
San Antonio
Oct. 17
50o
1.00
5%c
40,950
9,725
30c 107,450
30c 30 %c
895
Jan
3.25
_
19%
20
Range Since Jan. 1, 1936
Shares
150
Low
8%
8%
To
High
21
Aug
Sept
100
June
July
10
14% June
94
8%
7%
Jan
110
Amal. Electric Corp
Ang-Cndn T pf 7 % C reg 50
Associated Breweries
*
Bathurst Pow & Paper A_*
Bawlf (N) Grain
Bawlf N Grain pref
B____._____________
Mills
*
Building Products A
♦
5
110
Jan
110
4
165
2
Jan
4
55
12
110
4
55
35
51%
Jan
55
July
10
12
610
July
15
Jan
15
6,230
9%
10%
17%
Feb
1.00
14%
14%
23
23
*
100
Bell Telephone
100
Brazilian Tr, Lt <fc Pr
British Col Power Corp A. *
Silk
High
100
Preferred
Bruck
Low
2
151%
151
2%
15
Mar
Oct
-
Oct
Sept
4.50
Jan
10
20
Sept
38
Jan
152%
258
141
Mar
21,040
1,572
28
23
Jan
152%
17%
Oct
Jan
37%
Feb
17
15%
17%
35
35
5%
8%
34%
5%
8%
8%
780
7
July
52%
49%
52%
33
Jan
6
5%
185
9%
3% May
5%
Oct
Oct
16
Jan
52%
Oct
12
1,637
33,247
May
12
100
96
92
99
1,262
58
Jan
99
Can Forgings class A
Oct
*
11
11
12
150
3
June
13
Can North Power
Corp
Oct
*
25
25
25%
832
22%
2
2%
160
1.25
7
7%
1,640
Canada Cement
11%
Preferred
Canadian
Steamship
*
Canada Steamship pref. 100
Canadian Bronze
»
Preferred
Cndn Can Ltd
......
44
100
conv
pref
43%
107
*
Canadian Car <fc Foundry
8%
9%
44
235
107
5
9%
165
Oct
Jan
27%
July
Apr
6% June
3.25
Feb
15%
31
Jan
102% May
5% June
44
108%
9%
11%
Feb
Oct
July
Oct
10%
10
10%
3,820
23
22%
23%
2,075
13
*
27%
27%
29
2,370
25% May
100
126%
100
18
Canadian Converters —100
Canadian Cottons pref. 100
Can Fairbanks pref
100
126% 128%
21%
21%
53
53
10
22
Aug
30
102
102
102
60
97
May
105
100
100
100
19
Cndn Foreign Investment *
Apr
101
Oct
30
29
30
346
98%
23%
Jan
34
Mar
Preferred
Canadian Celanese..
Preferred 7%
_
*
25
Rights.
♦
No par value.
465
5%
112
Apr
May
Mav
Feb
Oct
23
Oct
31%
Feb
130%
21%
Oct
July
Jan
Jan
Volume
Financial
143
Chronicle
2657
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Friday
Last
Par
Week's Range
of Prices
Week
Price
Low
High
Candn Hydro-Elec pref 100
Cando Industrial Alcohol.*
51
7
6%
*
6
5%
3%
Class B
Canadian Locomotive
49%
*
"isli
m
65 %
25
Cockshutt Plow..
Crown Cork & Seal Co
*
*
48%
100
Dominion Coal pre!
Dominion Glass
850
2,290
19%
102
7
72
8%
74%
52
34%
Jan
32
Jan
50
Oct
Dominion Eng Works....*
Dominion Stores Ltd
*
14%
Apr
20
Oct
106
Jan
115
Feb
136%
Jan
155
June
Dom Tar & Chemical Ltd *
Dom Tar&Chem cm pf 100
East Kootenay P cum pf 100
Apr
102
Oct
Foreign Power Sec Ltd...*
*
"Id"
Foundation Co of Can
*
24
General Steel Wares
*
6%
Feb
4% May
1% July
19%
Jan
10%
Jan
12
Oct
1,500
13,783
1,075
2,763
7
Sept
10%
Feb
20%
Aug
24%
2%
33%
Apr
Oct
Aug
39%
Apr
Feb
75
130
130
75
130
5
25
95
July
5% June
4
May
9% June
Apr
88
13%
61%
62%
8,884
4%
4%
245
3
International Power pf.100
......
5
94%
143
Mar
Apr
57
14
100
Preferred
170
4,700
Jan
14%
650
50c
Jan
2.50 May
10%
10%
11%
945
9
460
2%
Aug
Mar
14
12
4%
14%
13%
5%
2,105
5
Apr
14%
July
Jan
100
98%
75
79
60
97%
1
v
Sept
145
4
Sept
Oct
8
8
125
4
June
11
13
6
June
Jan
%
12%
9%
103%
Oct
Mar
14%
7%
Feb
3
"""80c
Oct
6
Feb
95
Sept
Oct
14%
Oct
123
Jan
170
Oct
45
2
May
8
5
40
Jan
70
10,430
4
Aug
Jan
Oct
Jan
Jan
104
Oct
12
2
Mar
8
Oct
80c
65
80c
1,550
25
43
18%
7c
""19%
Oct
38
2%
*
9%
3.00
1.00
Sept
50o
Apr
63
20
1.75
44
190
19%
550
26%
17%
700
5c
July
94%o
1.05
95c
Sept
5c
5%c
Mar
July
Feb
44
Oct
19%
Oct
Mines—
Afton Mines Ltd.
"
Aldermac
95C
81c
Apr
1.06 Sept
36
36
36
104
26
Jan
37
Oct
13c
11c
15c
35
34
35
13,033
30
May
36
Oct
27%
27%
28%
730
27%
Sept
57%
57%
55%
Apr
60
Jan
41c
35c
41c
34c
Oct
48c
89
90
157
85
Apr
103
Jan
21c
20C
24c
2c
Jan
31c
40%
41%
42%
26%
4,038
39
Jan
45
June
18% c
Jan
Mar
44
July
1.10
Apr
24
6,085
13
May
26%
Oct
35%
345
29
July
38
Oct
69%
7,875
5%
*
*
100
Montreal Cottons
Montreal L H & Pr Cons
40
Telegraph
Montreal Tram ways.. .100
"90
...»
National Breweries
41%
25
Preferred
Nat l Steel Car Corp
*
Noranda Mines Ltd
*
"68%
Ogilvie Flour Mills.
*
231
....
Ontario Steel Products.
Ottawa Lt, Ht & Pr
67%
100
100
Ottawa Traction
8.246
7
30
231
238;
115
160
41
"12*
.
6%
5%
160
100
New preferred
70
4%
14%
42%
"26%
Niagara Wire new
Preferred
10
102"
102
12
20
100
39%
5%c
Jan
Beaufor Gold
17%
Feb
Big Missouri Mines Corp.
50c
Bousquet Cad.
60c
50c
1.02
1.12
12,650
52o
Oct
11%
10%
11%
240
Mar
95c
86C
1.05
152
Jan
165
June
48c
42c
48c
46c
46c
51c
Jan
12%
Oct
Feb
101%
Aug
Oct
103%
Oct
35
15
June
21
Jan
Lebel Oro Mines Ltd.
19%C
135
48
Mar
58
Oct
Lee Gold Mines Ltd.
5%c
2,069
Jan
19
Oct
Montague.
*
20
19
21%
7%
18%
7
100
103%
*
50
4%
18%
Holland Paper pref
St Lawrence Corp
A preferred..
St Lawrence Flour Mills 100
St Lawrence Paper pref. 100
56
"53%
24%
Shawinigan W & Power.
Sherwin Williams of Can
Preferred
21%
100
Simon (H) & Sons
124
140
38
14,212
6,820
56
51
54%
24%
25
22%
21%
120
5
4,700
10,860
97
Jan
1.50 May
8
Jan
40
Jan
20%
18%
620
16
Jan
July
May
32
114
June
60
9
Oct
124
10
*
100
645
14%
Jan
4% May
12%
Feb
10%
17c
40c
37
Jan
Sept
58c July
2.30 May
June
Jan
61
1.16
Jan
11%
Oct
10c
July
2.24
Aug
230
Jan
930
Aug
28 %c
Jan
55%c Sept
638
81c
Jan
46 %c
29o
11,400
6c
19% 22 %c
6c
5%c
60C
Oct
Aug
60c May
July
13c
Jan
13,300
3o
Apr
14c
Aug
90c
90c
90c
400
90c
Oct
2.05
Sept
Oct
40%
39%
40%
95
Oct
46%
Jan
Oct
7.15
6.75
7.45
47,905
35o
Jan
7.45
Oct
3.60
3.60
825
3.17
Oct
5.00 June
July
~""26c
26o
39
30c
36,200
Oct
1.57
1,63
1.60
2,660
1.12
Jan
1.95
19
Oct
6.45
6.25
6.45
705
3.95
Mar
7.55
60
Sept
7.20
104
Jan
Aug
July
20c
17c
18
11%
55c 55 %c
55%c
►
10c June
6.90
13,050
6
88
102
58
17%
43
3,910
25,485
20,430
Jan
21
...25
Jan
"l"02
East Malartic.
17
Preferred
Sept
75c
1.76
57
Regent Knitting..
59c
53%
Jan
38
216
Mar
49 %c
Oct
10c July
1.65
20%
20%
6%
7%
17%
18
103
103%
4%
5
17%
19
Apr
30o
63%
18% c 18% c
1.69
""
17
Quebec Power
4%c
35,725
100,600
1,000
10,765
2,350
"58"
*
41c 43 %c
41 %c
44%
199%
100
.
99% 100
103
12%
Oct
7%
Power Corp of Canada...*
Penmans
Feb
95e
Sept
Apr
July
7c
Oct
28%
3%
Apr
31C
2%
10,475
1,500
27,800
4,200
5,000
70
100
McColl-Frontenac Oil
Oct
1.50
98
1.00
24%
2%
_
Walkerville Brewery Ltd
13
Sept
Oct
Oct
115
3
1.00
Oct
62%
155
4%
8%
Feb
Feb
Oct
Oct
345
3%
9%
103% 104
Mar
130
99%
104
Mar
4%
Jan
8
99%
104
June
4%
14
290
98%
102
50
Oct
%
1
119
4
Oct
14%
%
60%
16%
170
7%
4
1.45
1
35
Preferred
Massey-Harris
Montreal
750
37%
170
*
Lindsay (C W)
14%
33
Oct
43% May
7
Apr
Oct
Mar
8%
Aug
7
Oct
1.30
Sept
54%
2,135
23%
Apr
1~40
Oct
61%
94
Inter Util Corp class B
Mar
International Power.— *
35%
Oct
6
2.75
37%
10%
June
40
Intercolonial Coal pref. 100
*
100
Oct
25%
9
22%
6%
37
90c
36%
10%
3
7
Lake of the Woods
19
Int Petroleum Co Ltd...
Inter Utils Corp cl A
Mar
500
John A Lang & Sons Ltd
Oct
June
7
Int Nickel of Canada
Feb
4
7
-.£1
Feb
13
14
Preferred
"23"
3%
32%
65
Ocl
13%
9
28%
4,620
2,625
13%
13%
Mar
1.46
4,785
18,840
2,678
2,750
Imperial Tobacco of Can.5
Oct
Oct
16
Jan
13%
18%
100
101
Jan
70c
Jan
16
Jan
5
1.10
25%
13%
50
43
1.00
25
98
312
1.00
60%
17%
Jan
12%
Oct
55
13 %
14
Oct
12
July
Feb
150
17,565
1,800
100
101
12
13%
50
July
14%
9%
*
96
101
Feb
Jan
143
95
5
12%
26%
7%
4%
4
25
12%
7%
100
10
Feb
Feb
Jan
25%
95
Hollinger Gold Mines
10%
12%
May
Jan
13
Howard Smith Paper
Preferred
220
12,585
10%
47%
11%
1.35
Jan
95
60 %
160
47
2
3.00
65c June
100
9%
50
2%
15
8
Lime & Alabast.*
Preferred
Hamilton Bridge.
*
Hamilton Bridge pref. .100
2%
*
Oct
8%
4% May
Goodyr T pref inc 1927.100
Gurd, Charles
*
Gypeum
55c June
9
81
7%
11%
Aug
1.00 Sept
1,850
987
56
5
50
1.00
305
95
56
7%
1.15
90c
6,863
8,775
2,235
6%
5%
12%
1.00
1.00
24%
19
55
65
12%
------
Oct
23%
2%
25%
2% June
Oct
Feb
Oct
70c
23%
19
172
3%
9%
21%
,30
23%
9
53
23%
2,404
2%
21%
Jan
July
2
80c
11
30
11%
50
23%
23%
*
"22%
503
3
Jan
2
*
53
10%
79
149
'.1*
High
Apr
July
10
B
Apr
Low
•
1.60
60
149
1
Mar
Feb
15%
;
10,756
10%
821
26,512
100
Electrolux Corp
9
David & Frere Ltee A
49
102
2%
Oct
48%
18%
'"£%
36%
2%
Commerical Alcohols Ltd *
18%
31
53
Oct
785
178
100
Oct
23%
152
5%
10
Aug
May
22
112
4
10
*
Range Since Jan. 1, 1936
for
Week
of Prices
Low
High S ahres
*
67%
21%
Jan
5%
15
1,993
1,550
Oct
54
Catelli Food Products B__*
Catelli Food Prod pref A.30
City Gas & Elec Corp Ltd*
365
112
English Electric A
Jan
10%
152
Eastern Dairies
Canadian Wineries Ltd
51
112
Dryden Paper
Jan
20%
74%
Preferred
Feb
11%
8,683
152
Dominion Textile
12%
6%
5,296
4,955
100
Dominion Rubber pref. 100
Dominion Steel & Coal B 25
July
5% June
100
Aug
Apr
13%
10
100
Preferred
Week's Range
Price
Par
Canadian Vlckers Ltd
Cum pref..
26
67%
19%
Stocks (Concluded)
Hihg
Low
Shares
20
~22~~
Diet Corp Seagrams
Dominion Bridge.
Market
Sales
Last
Sale
3%
8%
64%
Canadian Pacific Ry
Range Since Jan. 1, 1936
610
15
6%
12%
*
Con Min & Smelt new...25
52
7%
Curb
Friday
for
Sale
Stocks (Concluded)
Montreal
Sales
Mar
4%
18c June
46 %c
Mar
Sept
Sept
July
7.20
7.20
500
6.95
Oct
1.160
Jan
65%
Oct
2.90
2.90
100
1.83
Feb
3.31
Sept
25%
Oct
61c
65c
61c
Oct
1.40 May
3.55
3.75
Jan
4.40
127%
23
80c
85
85
*
13
12%
11
June
*
70
69%
13%
70%
683
Steel Co of Canada
1,372
57
Jan
61%
60
61%
1,462
49%
1.95
100
1
25
10
Oct
10
Oct
20
May
32
Jan
Aug
Apr
2
Oct
7
82c
77c
Oct
4.25
4.50
9,185
2.88
Mar
Shawkey.
Jan
Southern Can Power
78c
4.25
3.55
Oct
Jan
12
2,800
8,730
16,150
1.43
.
July
1.16
July
Sept
1.30 Sept
2.47 Sept
6.65 July
5.00
Sept
Preferred
25
Preferred.
Vlau Biscuit............
_1.75
10
Wabasso Cotton
*
...
25
25
2
*
10
25
New
Windsor Hotel
_
5
2
316
85
_
7
7
16
*
3
4
1,049
2
3
4
388
19%
19%
20%
77
Winnipeg Elec new pref 100
Woods Mfg pref
100
74
77
150
51
2%
17%
50
Jan
1.00
1.11
19,500
Mar
1.93
1.88
2.05
22,742
42 %c
83o
Mar
14
Oct
5.10
5.00
5.80
3,980
4.30
Mar
Oct
92c
92c
1.101
80c
80c
80c
2.55
2.45
2.58
JaD
Aug
3%
Feb
4
3%
100
;
B
98
70%
61%
75c
3
Preferred
Winnipeg Electric A
Oct
Sept
Aug
Oct
May
4
Sladen Mai.
1.01
Towagmac Explor Ltd.
»r
*
No par
value.
Canadlenne
58
58
Oct
21
77
100
140
Commerce
100
160
Imperial
100
Montreal
100
Nova Scotia
100
..100
Royal
140
57
51%
Jan
58% June
141% Aug
141
57
160
163
154
148
Apr
170
Feb
205
22
204
Aug
208
Mar
204
207%
251
184
May
214
Feb
288
285
288
35
271
Jan
300
Feb
184
183% 185
153
164
Jan
185
Oct
'207%
Jan
1.50
1.15
1
Aug
Aug
Oct
Oct
205
133
Jan
SECURITIES
CANADIAN
Oct
Municipal
•
Private wire connection between New
68%
1.00
/Flat price.
Government
50
2,000
2.60
24c May
1
•
Oct
4%
Banks—
Canada
Mar
37 %c May
01,603
•
Corporation
York, Montreal and Toronto
Royal Securities Corporation
30 Broad Street
•
New York
•
HAnover 2-6363
Bell System Tele. NY 1-208
tyy*»ytnn>»nm nnyyywtiyyttyyytyyyutty^
Industrial and Public
HANSON BROS
Bid
Canadian Government
Sparks St., Ottawa
96
99
/49%
Bell Tel Co of Can 5s. 1955
Public Utility and
1813
255 St. James St., Montreal
56
5%s..l960
Mar 1 1960
5s
Industrial Bonds
Burns & Co
5%s-3%s.l948
Calgary Power Co 5s.. 1960
Stocks—
Par
for
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1936
Shares
75
Beauharnois Power Corp.*
"~T%
5
Brit Amer Oil Co Ltd
*
23%
Brit Col Packers (new)
*
13
Can Nor Pow Ltd pref. 100
Can Dredge & Dock Ltd
*
110
Cndn Gen Invest Trust 100
Can Int Invest Trust Ltd. *
Cumulative preferred 100
Cndn Pow & P Invest Ltd*
70%
3%
23%
12%
77%
5%
3,731
3%
23%
13%
1,549
3,031
431
Low
High
578
110
110
71
45
46
90
9%
2%
61%
1.75
9%
40
3
74
65
32
1.75
120
74
97%
97
113
/66%
Dominion Coal 5s
100%
3
Jan
75%
Mar
May
6%
4%
27%
13%
Feb
112%
1.95 June
16%
8
107%
37
Jan
Oct
Oct
10
Oct
Feb
4.00
Mar
Feb
65
Mar
1.75
1950
Gt Lakes Pap Co 1st 6s '50
Int Pr & Pap of Nfld 5s '68
7% May
1.10 June
Jan 1
Aug
July
1.00
1949
Fraser Co 6a
49
35
East Kootenay Pow 7s 1942
Eastern Dairies 6s
Oct
Apr
Oct
Jan
Oct
Gatlneau Power 5s. ..1956
General Steelwares 6s. 1952
Lake St John Pr & Pap
6%s
6%s._
91%
81%
1956
Feb
Feb
81
91
107
Montreal L H & P (850
104% 104%
s
90%
/51%
62%
105% 106%
96%
Canadian Vlckers Co 6s '47
Donnaconna
80%
104
72
103
1940
6%s.l945
Paper Co—
Massey-Harrls Co 58—1947
McColI Frontenac Oil 6s '49
Minn & Ont Paper 6s. 1945
Montreal Island Pr 5%s '67
97
Dom Gas & Elec
17%
50
110
3
Asbestos Corp voting tr__*
Bathurst Pr & Paper cl B. *
88%
Maple Leaf Milling—
2%s to *38—5%s to '49
...
115%
105% 106%
104% 105%
Cedar Rapids M & P 5s '53
Consol Pap Corp 5%s_ 1961
Sales
Week's Range
Sale
89
87%
Can North Power 5S..1953
inclusive, compiled from official sales lists
Last
88%
Manitoba Power 5%8.1951
Canadian Inter Pap 6s '49
Canadian Lt & Pow 581949
Montreal Curb Market
Ask
MacLaren-Que Pr 6%s '61
98
1941
Canada Bread 6s
Friday
Bid
68%
115
Brit Col Power
330 Bay St., Tarnti
Oct. 17 to Oct. 23, both
/6S%
Alberta Pac Grain 6s..1946
BeauhornolsLH&P 5%s '73
Beauharnois Pr Corp 5s '73
INCORPORATED
ESTABLISHED
Abitlbl P & Pap ctfs 5s '53
Utility Bonds
Ask
98
76%
102
97%
99
113%
50%
f50
102% 103%
91
Northwestern Pow 6s. i960
76
77
Certificates of deposit...
Nova Scotia L & P 5s. 1958
Ottawa Lt Ht & Pr 53.1957
76
77
93
105%
105
106
Ottawa Traction 5%s.l955
Ottawa Valley Pow 6%s '70
101
102%
92%
82
Power Corp of Can
5s
Dec
98%
102%
99
Provincial Pap Ltd
67%
-
-
-
77%
103
100% 101
103% 104%
/70
103%
.
4%s'59
1 1957
5%s '47
Quebec Power 5s.....1968
Saguenay Power 4%s.l966
Shawinigan W <fe P 4%* '67
Simpsons Ltd 6s
1949
Smith H Pa Mills
5%s '53
78
103
---
99
104
104% 104%
103%
104
103% 104
104
105
104
105
117%
Southern Can Pow 5s. 1955
103% 104%
Steel of Canada Ltd 6s '40
Co
11942 /117
11947 /98
par value) 3s
1939
Montreal Tramway 5s 1941
New Brunswick Pr 5s_1937
112
-
--
United Grain Grow 5e. 1948
96
1 98
United Secure Ltd 5%s *52
83
84
Winnlpge Elec 6s.Oct 2 *54
89
89%
2658
Financial
Quotations
Bid
Ask
Banca Comm
Italians. 100
105
115
Empire
117%
Bk of New York & Tr—100
488
493
Fulton
118
1 1980
114
a4%B Sept 1 1960.
ai%a Mar 1 1962.
04^8 Mar 1 1964.
117
11734
117
11734
11734
o6s
Nov. 1 1958
048
May 1195r
May
a4s
Oct
June 1 1974
a4%8 Feb 15 1976
118
o4
114 34
117
118 H
38 1974
6 2.40
1
6 2.50
Can & Imp High
6234
6434
84
90
New York..
July 1 1967
Dec 15 1971
120J4
Colonial Trust
25
17
19
122 34
12334
Title Guarantee & Tr. -20
11
Continental Bank & Tr. 10
18
1934
Underwriters
80
Corn Exch Bk & Tr
67
68
United States
1 1979
Dec
.
Jan 251937
ser
106
10634
Gen & ref 3d
ser
Par
Ask
Bonus—
Bid
51
52
54
141
12
90
100 2065
Ask
American National Bank &
Trust
Improvement—
-.100
Par
First National
2115
mrnm
Bid
Ask
100
293
298
Harris Trust & Savings. 100
420
440
Northern Trust Co
230
Continental Illinois Bank &
1937-1941
830
865
100
As*
60.25%
BOUGHT
110
Members New
ser E
1937-1941
M&S 60.50
M&S 11334
CENTRAL
6
to 1.90
1942-1960
11334"
SOLD
—
QUOTED
—
PUTNAM & CO.
to2.50%
M&S 109
434s
167
107
M&S 60.80
1942-1960
163
Hartford Insurance Stocks
Bid
Holland Tunnel
...33 1-3
Trust
Authority Bonds
Bayonne Bridge 4s series C
1939-53..
J&J 3 106
Inland Terminal 434s ser D
10434 105
George Washington Bridge
11234
49
138
Chicago Bank Stocks
Bonds
War
20
Preferred
117
Gen & ref 2d
4348 serB 1940-53.M&N
20
Manufacturers
10D|6
Ask
1937-50..J&D
57
11534
108
B
1750
54
..50
Barge C T 434s Jan 1 1945
10734
ser
131
Lawyers
Central Hanover
Barge C T 4s Jan '42 to '46
Gen & ref 4s Mar 1 1975.
4s
128
1654
1534
100 1700
Clinton Trust....
12834
12834
Port of New York—
334s '65
334s '76
126
344
10
.
Chemical Bank & Trust. 10
48 Mar & Sept 1958 to '67
Canal Imp 4s J&J*60 to '67
Port of New York
Bid
Irving
Kings County
120
mm
133
121
20
Brooklyn.
339
Guaranty
954
12034
4%b April 1940 to 1949. 61.90
mm
13534
12
834
27%
270
12034
mm
13534
71
10
7
100
2634
255
May 1 & Nov 1 1957
Mar 1 1963
Highway
Highway Imp 4>4s Sept '63
Canal Imp 4%b Jan 1964..
69
20
Bronx County.
A"k
Bid
-10
June 1 1965
World
—
Canal & Highway—
5s Jan & Mar 1946 to '71 6 2.80
4%a 1965
118 34
Bid
mm
10
Bank of Slcilly
11934
Ask
i
3s 1981
Bankers
Jan
1 1977
Nov 15 1978
Mar 11981
New York State
Bid
Par
117%
11977
«4s
o4a
Companies
Ask
a4%8 Apr 1 1966
a4%8 Apr 15 1972
34s
a4%8
a4%8
a4%a
a4%8
a4%s
a4%a
a4V28
a4%a
May 11957
Bid
Par
o43^s
10534
10834 10834
10834 109
10834 103 34
107
10734
10834 10934
11334 11434
11334 11434
11334 11434
11334 114
a4s
New York Trust
City Bonds
Ask
105
a3^sJuly 11975
a3%a May 11954
a3%a Nov 1 1954.
o334sMar 11960
a3'AB Jan 15 1976
a334s July 11975
Oct. 24, 1936
Over-the-Counter Securities—Friday Oct. 23
on
New York
Chronicle
11434
Tel.
York Stock Exchange
ROW
5-0151
HARTFORD
A. T. T. Teletype
Hartford 35
—
United States Insular Bonds
Bid
Phllllpplne Government—
4s 1946
100
434s Oct
434s July
5s
April
Feb
108
107
....
Bid
Honolulu 5s
1952
534s Aug
1941
434s Oct 1956
6
Hawaii
Ask
63.50
U 8 Panama 3s June 1 1961
113 34 115
2.75
3.00
434s July 1958
6
3.75
3.50
5s
6
3.25
3.00
July 1948
U S conversion 3s 1946
113
11334
11334 114
Conversion 3s 1947
Ask
Bid
J&J
10134 1015,6
J&J
M&N
334s 1955 opt 1945..M&N
101',6 10134
1 957 opt 1937
48 1958 opt 1938
4s 1946 opt
J&J
1011,6 10134
102",6 10234
110% 11034
434s 1957 opt 1937...J&J
434s 1957 opt. 1937..M&N
434s 1958 opt 1938..M&N
48
Aetna Casualty & Surety 10
.10
Aetna Fire
n
American Alliance
American
103%
M&N
104% 10534
10134 10134
10234 10234
—
—
Baltimore Amer
23 34
25
Ins Co of North Amer._ 10
69
71
■35%
3854
Knickerbocker
5
14
Lincoln Fire
5
1534
434
18
12
St., Chicago
Joint Stock
Bid
Atlanta 5a
State 0540
Land
Atlantic 5s
100
Burlington 5a.
California 5s.
100
Chicago 5s...
mm
Denver 6a___.
First Carollnas 5s...
First of Fort Wayne
88
-
92
1934
1334
2134
67
10034 10434
National Liberty
621
National Union Fire
629
2634
2634
3534
3034
New Amsterdam Cas
2
2754
New Brunswick Fire
New Hampshire lire
New Jersey
10
33
35
10
4134
20
43
4334
45 34
2
2034
2334
.12.50
9334
2634
37 34
3254
4
5
47
4134
934
1034
13234 138
1534
1634
2134
28
45
125
2
20
754
4734
131
New York Fire
Northern
North River
2.50
Northwestern
9734
2734
National. 25
121
125
Pacific Fire
25
123
127
Phoenix
10
85
89
5
22
24
Preferred Accident
12
Providence-Washington. 10
3634
3834
9234
9434
Republic (Dallas)
10
2534
2734
29
3034
Rochester American
10
31
20
2134
Rossia
5
12
24
26
St Paul Fire & Marine..25
207
40%
18%
42 54
Seaboard Fire & Marine..5
Seaboard Surety
10
1
Georgia Home..
.
5
—5
33
35
6034
63
Security New Haven... 10
3534
3634
87
Southern Fire
24
26
...5
26
2734
Great Amer Indemnity ...1
8
11
Springfield Fire & Mar..25
Stuyvesant
5
2d preferred
Great American
9834
9934
65
Pacific Coast of Portland 5s
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s..
100
101
100 34
100
86
93
95
Pac Coast of San Fran 5s..
97
98
Pennsylvania 5s
100
Phoenix 5s
103
10034 102
Potomac 5s
.77
St Louis 5s
2434
Sun Life Assurance
100
545
575
2734
Travelers...
100
518
528
-10
3434
36 34
24%
2634
U S Fidelity & Guar Co—2
US Fire...
4
28
10
53 34
2934
5534
-10
7334
7534
U S Guarantee
5934
6334
76
79
Westchester Fire
33
35
199
Fletcher 334s
8
23
20
101
100
7
10
Hanover Fire
100
First Texas of Houston 5s.
First Trust of Chicago 5s..
12934 132 34
..10
Halifax Fire
Hamilton Fire..
Harmon la
434s..
10
m
-
99
First of Montgomery 5s.
First of New Orleans 5s...
1334
1234
8234
Globe & Rutgers Fire. -15
100
2054
934
33
212
<*
~
60
-
1134
65
82 34
Globe & Republic
100
Ohio-Pennsylvania 5s
Oregon-Washington 5s
90
Merch & Mfrs Fire New'k5
National Casualty
10
National Fire
10
734
7934
1034
Glens Falls Fire.
95
100
Maryland-Virginia 5s
Mlsslssippl-Teunessee 5s.
Ask
99 34
89
61
General Alliance
Bonds
North Carolina 5s
-
...10
—
—
98
-
.5
Fidelity & Dep of Md. -20
New York 5s.
88
86
57
Fire Assn of PhiladelphlalO
Firemen's of Newark—
5
'-mm
100
3134
634
Federal
834
/734
Dallas 5a
m
'
-w
2934
Fireman's Fd of 9an Fran25
Franklin Fire
—5
Louisville 5a...
98
—
Excess.
Teletype CGO. 437
Lincoln 5s
66
85*
-234
Employers Re-Insurance 10
Bid
9934 10034
7
63
1934
Continental Casualty.
Ask
1
6334
Eagle Fire
Bank
Maryland Casualty
Mass Bonding & Ins.. 1234
Merch Fire Assur com.234
35 34
10
534
14
7%
-10
834
80
6134
.100
534
2134
1234
33 34
Shippers.. —25
2034
77
10
Connecticut Gen Life- -10
^cni/iamuj Pfnc,
3734
5
10
25
Carolina
MUNICIPAL BOND DEALERS
135 So. La Salle
Ask
3534
434
10
Camden Fire
PRw&indcm TP
Bid
6
4934
-234
Automobile
City of New York
Bought—Sold—Quoted
5
Importers & Exporters...5
-10
Boston
MUNICIPAL BONDS'
Par
Home
8734
-234
American Surety
107
JOINT STOCK LAND BANK BONDS & STOCKS
108
3054
—
American Reserve
Bankers &
104
Home Fire Security
10
Homestead Fire.......10
Re-Insurance. 10
M&N
10734
Companies
Ask
25
Agricultural
American of Newark..
As*
104
Bid
4734
2934
8534
Aetna Life
American Home
3s 1955 opt 1945
3s 1956 opt 1946
3s 1956 opt 1946
1944
Par
American Equitable..
Federal Land Bank Bonds
Bid
Insurance
3.00
11934 12034
Govt of Puerto Rico—
10134 103 34
10934 111
1955
5s
Ask
.
10134
10634 10734
1959
1952
_.
Fremont 5s
....
Greenbrier 5s
-
-
-
79
100
Greensboro 5s
100
Illinois Midwest 5s
7634
Illinois of Monticello
434s.
434s...
Kentucky of Lexington...
La Fayette 5s
79
94
Joint Stock
m
m
m
Land
Bank
Rid
100
22
30
35
40
63
66
5
65
70
5
8
2
4
100
Denver
m
Bid
24
34
9934
99 34
»
-
-
.1953
80
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s *53
Associated Mtge Cos Inc—
80
...
1953
Debenture 2-6s
I
First Carollnas
100
52
F I C
134a—Nov
FIC 134s—Dec
F I C l34s...Jan
FIC 134a—Feb
Ask
4
Empire Properties Corp...
—
100
22
25
Pennsylvania
13
18
35
40
46
50
2534
50 94
45
55
San Antonio
6
Virginia-Carolina
1936
1937
Bank
1945
46
Interstate Deb Corp 2-53*55
42
Bid
Par
Bank of Manhattan Co. 10
1953
Bank of Yorktown. .66 2 3
Bensonhurst
National—50
Chase
City (National)
.13.55
-1234
32 34
5S
50
4734
4134
Ask
m
64
*
Merchants Bank
National Bronx Bank
«.
-
4934
4334
199
National Safety Bank.
45
ture Corp 2-6s
76
Realty
Par
Am Dlst
Teleg (N J) com. *
100
Bid
95
46
50
,
1
Emp & Bay State Tel—100
12 34
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
Int Ocean Telegraph... 100
115
55 34
Lincoln Tel & Telegraph.*
Mtn States Tel & Tel.. 100
New England Tel & TellOO
130 34 13234
64
1015
Sterling Nat Bank & Tr.25
5334
3934
4134
Trade Bank
28
63
34
100
60
105
1234
147
...
—
For
Footnote
see
page
---
44
10134 10334
35
100
45
/'
2661
Par
Bid
Peninsular Telephone com*
92
17
2140
—
■
47 34
43
124
122
30
995
.
'
48
4534
Mortgage
153
150
Cincln & Sub Bell Telep.50
Cuban Telep 7% pret—100
15
First National of N Y..100 2100
—
&
70 34
46
Ask
25
25
Fifth Avenue
Klngsboro National
47
113
50
193
Flatbush National..
47
45
New York Mutual Tel. 100
1234
Ask
Commercial National.. 100
...100
47
N'west Bell Tel pf 634 % 100
Pac & Atl Telegraph
25
100
25
1953
1953
Ask
128 34 13134
12834 13134
95
Public National
Bond
deb 2-6s_
.
Bid
11
45
45
Atlantic
Unified Deben Corp 5s '55
100
10
Realty
Debenture Corp 2-6s '53
47
Bell Telep of Pa pref-.lOO
50
1953
Potomac
Bell Telep of Canada.. 100
Peoples National
77
Telephone and Telegraph Stocks
6.55%
Penn Exchange
2-6s
36
Par
3434
—
Potomac Deb Corp 2-6s *53
Potomac Franklin Deb Co
80
part ctfs
(Central Funding series)
Nat Cons Bd Corp 2-5s *53
Inc 2-5s
Ask
York Bank Stocks
Bid
80
(all
1953
Potomac Maryland Deben¬
Nat Bondholders
1937 6 .45%
1937 6.55%
1937
1954
Corp
55
45
Mortgage Bond Co of Md
1937 6 .40%
1937 6 .45%
FIC 134a...July 15
F I C i 34s—.Sept 15
FIC 134s
Oct 15
1954
Potomac Cons Deb Corp—
2-6s
1953
49
2-3s
Preferred..
New
...
...
Debentures
FIC 134a—.Mar 15
FIC 134a—Apr 15
1937 6.35%
6
..
Ask
.25%
.25%
15
15
15
...100
Virginia
1936 6.25%
16
54
7734
46
2
Bond
As*
Corp—
Series B 2-53
Potomac
Issues) 2-5s
Contl InvDeb Corp 2-6s'53
Potomac
Federal Intermediate Credit
Bid
...
Cont'llnvBd Corp2-5s'53
Bid
Bid
Nat Union Mtge
Series A 2-6s
...
55
All series 2-5s
Nat Deben Corp 2-63.1953
Des Moines
Fremont
As*
Allied Mtge Cos Inc—
mrnm
Stocks
.
2.50
Surety Guaranteed Mortgage Bonds and Debentures
74
9834
North Carolina
2
Dallas
98
Lincoln
Atlantic
M
39
100
Ask
10
100
Par
Par
Atlanta
Hartford Steam Boiler ..10
100
5s
——
mm
m
/22
Union of Detroit 5s
Virginia-Carolina
Virginian 5s
96
100
72 34
Southern Minnesota 5s
Tennessee 5s
100
97
mm
Hartford Fire
100
...
Southwest 5s
loo
Iowa of Sioux City
m
/36
San Antonio 5s..
-
100
108
Preferred A
19
21
25
26
11034 11234
Roch Telep $6.50 1st pf 100
So & Atl Telegraph
25
Sou New Engl Telep... 100
112
153
15434
S'western Bell Tel pref.100
Tr 1 States Tel & Tel—
124
125 34
22
10
11
Wisconsin Telep 7% pf.100
114
Preferred
149 34
100
11534
1134
117
Volume
Financial
143
Quotations
2659
Chronicle
Over-the-Counter Securities—Friday Oct. 23—Continued
on
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Vanted
3o$epb Walkers Sons
Members l^ru> Jerk Sleek
DUNNE&CO.
Exchange
Members New York Security Dealers Ass'-.
Dealers in
120 Broadway
Tel. REctor
| GUARANTEED
NEW YORK
20 Pine Street, New York
Since1855J
Bought —Sold
John
Dividend
Par in Dollars
Ashed
Bid
100
100
100
...50
Boston Ac Albany (New York Central)
100
Boston Ac Providence (New Haven)
100
Canada Southern (New York Central)
100
Carolina Cllnchfield Ac Ohio (L Ac N-A C L) 4%
100
Common 5% stamped
100
Chicago Cleve Ctnn «fc St Louis pref (N Y Central) 100
Cleveland Ac Pittsburgh (Pennsylvania)..
50
(Illinois Central)
45))488-. 45)8s
106
0.00
103
10.50
180
190
6.00
108
41 Broad St., New York
8.75
155
152
3.00
4.00
5.00
100)4
102
Akron Canton Ac Youngstown 5)4s,
5.00
98
102
3.50
88
90
2.00
50
52
2.00
48
50
5.50
93
97
10.00
192
196
3.875
68
71
100
50
5.00
97
100
4.00
101
103
60
50
4.50
69
73
1.50
41
41
950
1100
82
80
7.00
171
176
7.00
185
188
6.90
107
111
6.00
150
154
100
(Pennsylvania)
100
Utica Chenango Ac Susquehanna (D L & W)
...100
Valley (Delaware Lackawanna <fc Western)
100
Vicksburg Shreveport Ac Pacific (Illinois Central).-.100
Preferred......
.100
Warren RR of N J (Del Lack & Western)
50
West Jersey & Sea Shore (Pennsylvania)
50
76
78
3.00
150
154
256
259
6.00
93
97
5.00
100
5.00
88
6.00
90
3.50
53
3.00
68
3.00
...
"58
70
Railroad
61.75
1.00
62.65
62.66
Boston &, Maine 4)48
Line 4)43.
90
88 m
101m
105m
104 m
41
/34
4s, 1939
105m
105
79 %
78 m
93m
55
53
96
103m
103 m
78m
80 m
81m
80m
96m
97 m
96
95
95
—
'
•
90
nt'm'
71
73
'
94
92 m
111
ioom
99 m
99m
99m
70m
72
NEW ENGLAND PUBLIC SERVICE CO.
PRIOR LIEN (PREFERRED' STOCKS
Philadelphia! Pa.
BmteU Brothers
EST.
Bid
Ash
members
and
64.00
n. y.
n.y.
Tel. DIgby 4-2800
1908
stock
curb
ONE WALL ST., N.Y.
exchange
Teletype N. Y. 1-1146
exchange
3.00
63.00
Missouri Pacific 4)4s.
2.00
Coast
75
101
Union Pacific 3Ms. 1970
Ask
Baltimore Ac Ohio 4Ms—
6s
Atlantic
100
73
.....
Portland RR 1st 3 Ms, 1951
Equipment Bonds
Bid
68
102
101m
99m
Washington County Ry 1st 3 Ms, 1954
New York
1
92
/65
1965
Maryland & Pennsylvania 1st 4s, 1951. Meridian Terminal 1st 4s, 1955
Minneapolis St Paul & Sault Ste Marie 2d 4s, 1949
Montgomery & Erie 1st 5s, 1956
x
New York Chicago & St Louis 4s, 1946
New York & Hoboken Ferry general 5s, 1946
Stroud & Company Inc.
Private Wires to
;
95
89
Shreveport Bridge & Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955
Southern Illinois Ac Missouri Bridge 1st 4s, 1951
Toledo Terminal RR 4Ms, 1957
Toronto Hamilton & Buffalo 4 Ms. I960
Quotations-Appraisals Upon Request
89
10iX
103
-
Consolidated 5s, 1945
Rock Island Frisco Terminal 4Mb, 1957.St Clair Madison & St Louis 1st 4s, 1951
EQUIPMENT TRUST CERTIFICATES
■'
m
87
-
Little Rock Ac Hot Springs Western 1st
Macon Terminal 1st 5s, 1965
"92
'■
mm
107 m
69 m
67 m
85
—
Georgia Southern & Florida 1st 5s, 1945
Goshen & Deckertown 1st 5)4s, 1978...
Hoboken Ferry 1st 5s, 1946
Kanawha & West Virginia 1st 5s, 1955
Kansas Oklahoma & Gulf 1st 5s, 1978
10.00
—....100
Second preferred
Tunnel RR St Louis (Terminal RR)
United New Jersey RR & Canal
'
1q6m
Cleveland Terminal Ac Valley 1st 4s, 1995
3.00
99
101
_—
Choctaw & Memphis 1st 5s, 1952
Cincinnati Indianapolis Ac Western 1st 5s,
..50
84
98 m
Chateaugay Ore Ac Iron 1st ref 4s, 1942
—.—.......100
Rensselaer & Saratoga (Delaware Ac Hudson)
100
St. Louis Bridge 1st pref (Terminal RR)
...100
82 m
81
86
Convertible 5s, 1940-45
Buffalo Creek 1st ref 5s, 1961
Pittsburgh Fort Wayne Ac Chicago (Pennsylvania).. 100
Preferred
Asked
80m
1945
Prior lien 4a, 1942.
Prior lien 4 Ms, 1944
80
76)4
4.00
...
Bonds
6s, 1945
Augusta Union Station 1st 4a, 1953
Birmingham Terminal 1st 4s, 1957
Boston Ac Albany 1st 4)48, April 1,1943
Boston & Maine 3s, 1950
50.00
.......
Bell System Teletype NY 1-624
•
Bid
104
100
Preferred
HAnover 2-2455
60
100
50
(Pennsylvania)
& Co.
157
57
Michigan Central (New York Central)
Morris Ac Essex (Del Lack & Western)
New York Lackawanna & Western (D L & W)
Central
Request
Yor){ Security Dealers Association
Railroad
160
8.50
Lackawanna RR of N J (Del Lack Ac Western)
Oswego Ac Syracuse (Del Lack & Western)
Pittsburgh Bessemer Ac Lake Erie (U S Steel)..
•
45
25
100
100
Central)
Georgia RR Ac Banking (L & N-A C L)
on
112
42 m
2.00
50
Betterman stock
Delaware (Pennsylvania)
Fort Wayne Ac Jackson pref (N Y
Quoted
Sloane
E.
Members ?{ew
Albany & Susquehana (Delaware Ac Hudson)
Allegheny Ac Western (Buff Roch & Pitts)
Beech Creek (New York Central)
—
Earnings and Special Studies
(Guarantor in Parenthesis)
Northern
BONDS
RAILROAD
Guaranteed Railroad Stocks
Alabama Ac Vicksburg
JOhn 4-1360
2-6600
STOCKS
2.00
2.00
5)48::::::::::::::::::
63.25
2.25
63.50
2.60
New on Tex Ac Mex 4 Ms—
64.00
3.00
5s
63.50
2.60
New York Central
62.60
2.00
3)4s Dec. 1 1936-1944..
63.25
2.25
62.60
2.00
62.75
2.00
62.75
2.00
64.00
64.00
3.00
1.00
4Mb—
5s
N Y Chic Ac St. L 4)48
National 4)48..
5s
62.80
2.00
62.80
Canadian
2.00
5s—
..........
N YNH«fcHartf4)4s
3 00
Pacific 4)48
62.70
2.00
Cent RR New Jer 4 )4s
61.75
1.25
Northern Pacific 4 )4s
61.75
Chesapeake & Ohio 6)4s_.
6)48
61.50
1.00
Pennsylvania RR 4)48
61.75
1.00
61.00
0.50
5s
61.50
1.00
62.60
2.00
4s series E due
Canadian
5s
62.00
5s
Chic Milw Ac St Paul 4 )4s_.
1.00
Jan Ac July 1936-49
62.75
2.00
64.10
3.00
64.10
5s
Chicago Ac Nor West 4 )4s_.
3.00
2 Ms series G
non call Dec. 1 1936-60
62 30
2.00
65.50
4.50
62 75
2.00
62.66
2.00
65.50
5s
5s
4.50
81
84
81
Chicago R I & Pac 4)4s...
84
6s
64.50
3.50
64.50
Denver Ac R G West 4)4s_.
3.50
Pere
Marquette 4 Ms
Reading Co 4)48
62 00
58
1.50
/95
/95
/95
5s
St. Louis-San Fran 4s
98
98
98
3.25
3.25
62.60
1 60
62.00
.
64.25
64.25
St Louis Southwestern 5s.
1.60
64.50
3 50
62.50
1 57
62.00
1.00
62.75
2.0u
62.70
2.00
62.75
2.00
5s
62.70
2.00
61.60
1.00
5)48
62.00
1.25
61.60
1.00
62.50
1.50
61.75
1.00
62.60
2.00
62.25
1.50
62.00
1.00
Internat Great Nor 4)4s..
64.10
3.00
Long Island 4 )4s
62.60
1.75
62.50
1.75
61.50
1.00
5)4s
Erie RR 5)48
6S
5s
Great Northern 4 )4s
5s
Hocking Valley 5s
Illinois Central 4)48
58
5s
Southern Pacific 4)4a
58
Southern Ry 4)48
Texas Pacific 4s
1.50
62.50
4)48.
62.50
0.75
61.50
1.00
61.50
5s
0.75
61.50
Virginian Ry 4)4s.
1.50
61.50
Union Pacific 4)4s.
1.00
99
Wabash Ry 4Ms..
101
4)48
102)4
100
102
2.50
3.00
64.00
Minn St P & SS M 4s
100)4
68
64.00
5)48
5)48
2.50
63.25
Maine Central 5s
102
1.00
63.25
4)48
58
100
61.50
Loulsv Ac Nash
3.00
Western
Maryland 4)4s...
62.50
2.00
62.50
3.50
64.50
5Ms
2.00
64.50
5s
Western Pacific 5s
3.60
Par
Bid
Ash
Lawyers Mortgage
See Industrial Stocks
For footnotes see page
2661.
Par
7%
100
preferred
pref 100
Derby Gas Ac El $7 pref..*
Essex-Hudson Gas
100
Federal Water Serv Corp—
$6 cum preferred
Dallas Pr Ac Lt 7%
preferred
$7 cum preferred
Foreign Lt Ac Pow units..
$0.60 cum
Gas <fc Elec of Bergen.. 100
Hamilton Gas Co v t o
Gas...100
Idaho Power $6 pref
*
7% preferred..
100
Illinois Pr Ac Lt 1st pref..*
Interstate Natural Gas—*
Hudson County
Interstate Power $7
pref. - *
Par
20
Bid
pf—100
pref. 100
Kings Co Ltg7% pref..100
Long Island Ltg 6% pf.100
7% preferred.
100
Los Ang G Ac E 8% pf—100
Memphis Pr Ac Lt $7 pref.*
Jer Cent P & L 7%
Kan Gas Ac El 7%
Ark
91M
85 M
75
$7
13
0% pref.100
pref...100
Mountain States Pr com..*
114
26M
98
100
92
93
57
60
33
35
91
82
84
122
New
.*
69m
193
56
59 m
63 m
95
m
79
80
51X
52 X
105 M
62
mmm
63 M
100
100
pref—100
Ohio Edison $0 pref.—...*
107
$7 preferred...
107 m
—
Ohio Power 6% pref... 100
Ohio Pub Serv 6% pf-100
101
7% preferred
100
71M Okla G Ac E 7% pref...100
Pacific Pow & Lt 7 % pf 100
Penn Pow Ac Lt $7 pref—*
57 m Philadelphia Co $5 pref.
61M Pub Serv of Colo 7 % pf 100
66 m Queens Borough G Ac E—
6% preferred
100
111 M 113
7% cum preferred...
N Y <fe Queens E L P pf
63
99
m.
m
102 M 104
Nor States Pr $7
106
113
„
«.
53 M
pf.*
N Y Pow & Lt $6 cum
105 m 107
106 m
_
52 M
Eng Pub Serv Co—
$7 prior .lien pref
New Jersey Pr & Lt $0 pf
110m 112
106
9
112
100
New Orl Pub Serv $7 pf..*
60
-
7M
100
Nassau Ac Suff Ltg pref.100
Nebraska Pow 7 % pref.100
New Eng G & E5M% P*-*
N E Pow Assn 6% pref.100
80"
88
105
20
preferred
Newark Consol Gas
84"
"78"
116M
18
7%
128
25m
115
Mo Pub Serv $7
-25m
82
87 M
78 M
85 M
81
preferred
Miss Riv Pow
112
Ash
Bid
Mississippi Power $0 pref—
25
$6.50
Par
Mississippi P Ac L $6 pf—*
84
82
preferred
*
$7 preferred
*
Atlantic City El $6 pref--*
Bangor Hydro-El 7 % pf 100
Birmingham Elec $7 pref.*
Buff Niag Ac E pr pref.-.25
Carolina Pr Ac Lt $7 pref--*
6% preferred
*
Cent Ark Pub Ser pref. 100
Cent Maine Pow 6% pf 100
$7 preferred
—100
Cent Pr Ac Lt 7% pref..100
Columbus Ry Pr & Lt—
1st $0 preferred A... 100
$0.50 preferred B....100
Consol Traction (N J).100
Consumers Pow $5 pref--*
6% preferred
100
6.60% preferred
100
Continental Gas Ac El—
Utility Stocks
Ash
Bid
pref..*
Arkansas Pr Ac Lt $7 pref.*
Assoc Gas Ac Elec orig pref *
Alabama Power $7
Jamaica Water Sup pref.50
Realty, Surety and Mortgage Companies
Empire Title & Guar.. 100
Public
109
94
-
m
m
97
106 M 108
114
112
lllMill2M
100
101M
106
1107 M
113
116
86
88
110M 111M
94
96 M
110
91
...
92 M
Rochester Gas & Elec—
122
100
pf-100
pref B.25
South Jersey Gas Ac El.100
110
56
Tenn Elec Pow 6% pref 100
55
27 m
26
7% preferred
100
24 m
25 m Texas Pow At Lt 7% pf.100
Toledo Edison 7% pf A 100
54
United G Ac E(Conn)7% pf
103
101
113
114m United G & E (N J) pf.100
Utah Pow Ac Lt $7 pref—
98
96
Utica Gas Ac El 7 % pf—100
79m 81
92 m Virginia Ry
90 m
100
m
X
6% preferred C
105
106
193
Sioux City G Ac E $7
98 M 100 M
109
Sou Calif Edison
28 M
106
81m
83 m
29
'
193
-
-
70 M
71M
76 M
78
111
113
110
112
93 M
95 M
75
68
70
100
101M
137
141
2660
Financial
Quotations
of the
Specialists in —
Associated Gas & Electric
S. A. O'ltKIE.V
Members Nete York Curb
ISO
Oct. 24, 1936
Over-the-Counter Securities—Friday Oct. 23-Continued
on
Securities
Chronicle
BROADWAY, NEW YORK
Water Works Securities
System
Complete Statistical Information—Inquiries Invited
& CO.
Exchange
Swart.Brent&Co.
75 FEDERAL ST., BOSTON
*
COrtlandt 7-1868
HANcock 8920
Direct Private Telephone between New
Bell System Teletype—N.Y.
Public
INCORPORATED
EXCHANGE
40
York and Boston
1-1074
Tel.
PLACE, NEW YORK
Teletype: New York 1-1073
HAnover 2-0510
Utility Bonds
OFFERINGS
Bid
93 M
Ash
95 M
102
102%
101M 102 M
91M
96
100 M
Superior
Power
3%s
ser
%b '65
A.. 1966
90
44
...
%
45%
46 %
47
50 %
51
Consumers Water Co.
101% 102%
Los Angeles G & E 4s 1970
Metrop Edison 4s ser G '65
Mtn States Pow 1st 6s 1938
108% 109%
98% 101%
104% 105
Narragansett Elec 3 Ms '66
Newport N & Ham 5s. 1944
New Eng G & E 5s
1962
New York Cent Elec 5s '52
88
Northern N Y Utll 58.1955
•
100
-
75
—
-
m.
77
-
-
Alabama Water Serv 5s '57
3%s
series
1966
1
102%
105
104
Cent Ark Pub Serv 6s 1948
97 M
99 M
Central G & E 5 %s.__ 1946
1st Hen coll tr 6s
1946
81
83
84
84
86
3%s series F
Conn River Pr
1966
3%s A.1961
Consol E & G 6s A...1962
Detroit Edison 3 %s G 1966
Edison El III (Boat) 3 %s *66
Federal Pub Serv 1st 6 s '47
Federated Utll 5%s—.1957
94 M
61
63
89
96 M
107 M
91
125%
58 series C
1957
1954
101
103
X
96%
105%
105% 105%
106 M
106%
107 H 107%
1st mtge 48
1961
103""
Gulf States Utll 4s C.1966
Iowa Sou Utll 6 %R.. I960
105% 105%
/53M
103
Chester Wat Serv 4 Ms '58
Citizens Water Co (Wash)
103% 105
102%
1951
103%
•»
M.
-
102%
~
~
«
1941
City W (Chat) 5s B..1954
1st 5s series C
Commonwealth Wat (N J)
6s series G
...1957
103
Community Water Service
5 Ms series B
6s series A
1946
53%
35%
1
/40
8
/72%
74%
5
3
65%
74%
76%
3
96
—
0
1
7
2
.
6
/50M
/33 1
n
85
S5
52
IS
9
35"
8%
87
1
/35
Nov IS
7
Film Center Bldg 1st 6s
40 Wall St Corp 6s
IS
3
8
73%
42 Bway 1st 6s
IS
1400 Broadway Bldg—
1st 6Ms stamped...IS
9
6s
1948
6s
1947
8
75""
107
97%
90%
101%
98
105
94%
1950
Roch & L Ont Wat 5s.1938
St Joseph Wat 4s ser 19A'66
Scranton Gas & Water Co
...
1942
102% 104%
1942
102% 104%
...1960
-
-
-
«
-
-
109"
99%
108
104%
1952
»
102
1952
4 %s
103
102
105%
^
92%
105
...
1958
103
105
Scranton Spring Brook
Water Serv 5s.. .1961
103
105
102
104
1st & ref 5s A
1967
103% 105
103
85
5s series A
108
"
Sou Pittsburgh Wat 5s '55
104
«
-
-
-
-
-
93%
1960
5s series B
1960
105
Terre Haute Water 5s B '56
102
87
6s series A
103
1949
.
-
31
96
«
-
104
102%
1954
102% 104%
Texarkana Wat 1st 5s.1958
103%
1962
104
Union Water Serv 5%s '51
Water Serv Cos Inc 5s '42
102
W Va Water Serv 48—1961
100% 102
102
104
5s
96
■
103%
100
Western N Y Water Co—
1958
101
98
Interstate Water 6s A. 1940
5s series B
1950
1st mtge 5s
1st mtge 5%s
102% 102%
1951
98% 100%
98% 100%
100
104%
106"
104
104%
"
101
103
Westmoreland Water 5s '52
103
104
Wichita Water Co 5s B '56
103
106
Lexington Wat Co 5 Ms *40
Ask
«
*
,,
Sedalia Water Co 5%s *47
South Bay Cons Wat 5s '50
—
101%
Jamaica Water Sup 5 Ms '55
Joplin W W Co 5s
1957
Kokomo W W Co 5s..1958
96
102
1950
103
5s series C
1960
6s series A
'
...1949
W'msport Water 5s...1952
1
~
*
-
-
104
103%
103
•
105
---
1
Fuller Bldg deb 6s
IS
4
IS
9
IS
6
/46
74%
1
70%
1945
77
Munson Bldg 1st 6MS-1939
N Y Athletic Club—
/33
35
1st mtge 2s stmp & r^,
1st & gen 6s
1946
N Y Eve Journal 6
Ms.1937
/34
/34%
36
N Y Title & Mtge Co—
5 Ms series BK
5 Ms series C-2
68%
2nd mtge 6s
1951
103 E 57th St 1st 6s...1941
165 Bway Bldg 1st 5 Ms '51
11%
70%
48
73%
88.
i
fo9%
61%
9
51%
53%
90
1943
6%s,1940
Savoy Plaza Corp—
Realty ext 1st 5 Ms. 1945
6s
1945
1st
5%s___May 15 1948
60 Park PI
(Newark) 6s '37
--
Lefcourt Manhattan Bldg
/49%
—
66
/52%
54%
/29%
41%
/8
95%
/48%
97%
51
Ludwlg Bauman—
66%
/58
61%
10
Par
60
"
—
51
72%
6%
14
14%
37
8
Flshman (M H) Stores
Preferred
J27
29
Green (H L) 7% pref.. 100
106
9%
Bid
Ask
100
11%
12%
108% 110%
100
132
Melville Shoe—
4%% preferred
Miller (I) Sons com
100
Katz Drug preferred
Kobacker Stores
Par
Kress (S H) 6% pref
Lerner Stores pref
20
35%
26
..100
Diamond Shoe pref.
48
©CO
Textile Bldg 1st 6s
Trinity Blflgs Corp—
1958
10
1939
97%
1st fee & leasehold 4s '48
5%
*
7% preferred
Asfc
*
136
15%
17%
50
54
6%% preferred
100
Murphy (G C) $5 pref. 100
Nelsner Bros pref
100
112
Reeves
105
26
t~.
1938
com
$2.50 conv pref
*
Bohack (H C) common._*
/24%
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
19
18
100
12 4%
/25
Oct
B/G Foods Inc
Bid
*
100
50%
100
100
*
104% 106%
20
21%
104%
-
-
-
-
-
-
(Daniel)
pref-.100
Rose 5-10-25c Stores
5
Schlff Co preferred100
*
15
18
•85
91
Bid
United Cigar Sts
6% pf.100
103
117
105
107%
23%
26%
23
6% pref ctfs
U S Stores preferred... 100
26
8
10
55"
Sugar Stocks
99%
Eastern
—
Sugar Assoc..
1
Ask
Par
23
24%
Savannah Sugar Ref
37
Preferred
Haytian Corp Amer
/73%
58
100
7% preferred
63
Ss 00
*
52
Par
59""
Westlnghouse Bldg—
72%
Berland Shoe Stores
/49
157
Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
Store Securities
Chain Store Stocks
Bickfords Inc
/50
61 Bway Bldg 1st 5 Ms 1950
1st 6 Ms
Chain
70%
1st 5 Ms
2 Park Ave
—
69%
Boston
51%
/65%
616 Madison Av 1st 6%s'38
73%
-
57 William St.
Roxy Theatre—
1st fee & 1'hold
NEW YORK
-
58
Sherry Netherland Hotel—
Keith-Albee Bldg (New
65%
Chicago
101%
/57
7% preferred
5 Ms double stpd
1961
Realty Assoc Sec Corp—
2
1S_.3
BURR & COMPANY INC.
36
/50%
5s income
110
78%
Prudence Co
/40%
Fox Theatre & Off Bldglst 6Ms
Oct 1 IS
8 f deb 5s.
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
1 Park Avenue—
79
Bid
f'29
38~~
/50M
1st 4-5s extended to 194
Lewis Morris Apt Bldg—
103
102
99% 101%
105
92%
Illinois Water Serv 5s A *52
Mortgage Certificates '
5 Ms series F-l
5 Ms series Q
19th & Walnut Sts (Phlla)
1st 6s
July 7 1939
/30
Rochelle) 1st 6s
..1948
100
5s
86%
53%
45
502 Park Ave 1st 6s
IS
62d & Madison Off Bldg-
Graybar Bldg 5s
100
6s
Bell System Tel.
N Y 1-588
—
500 Fifth Avenue—
5 Ms unstamped
1948
Metropol Playhouses Inc—
1
6s
1948
Metropolitan Corp (Can)
Broadway Motors Bldg-
6 Ms unstamped
1950
Pittsburgh Sub Wat 5s '58
1958
1966
Indianapolis W W Secure—
/50M
/33%
Co—
Richmond W W Co 5s. 1957
1958
1st mtge 3 Ms
1
Works
Plain field Union Wat 5s '61
Indianapolis Water—
1st leasehold 6%s._11
Water
1st & ref 5s
90
Hackensack Wat Co 5s '77
5Ms series B._
1977
&, CO.
Majestic Apts 1st 6s..
Metropolitan Chain Pi
-
100
85
Huntington Water 5s B *54
Ask
-
101% 103
86%
5s series B
real estate issues.
Broadway, N.Y.
-
-
-
Penna Water Co 5s...1940
82
100
5s series A
INCORPORATED
B'way & 41st Street—
-
96%
Roanoke W W 5s
1946
5s series D
our compre¬
BArclay 7
Bid
95
99% 101%
Pinellas Water Co 5%s '59
Greenwich Water & Gas—
/44 %
108
93
Ore-Wash Wat Serv 6s 1957
Prior lien 5s
105
1947
5 Ms series A
6s series B
Real Estate Securities
Real Estate Bonds and Title Co.
99
'
100
Phlla Suburb Wat 4s.. 1965
106%
101% 102%
150
95
97%
1st consol 5s
101%
5s series A
2360
92%
93
1st consol 4s
105%
1st mtge 5s
AMOTT, BAKER
104""
90%
Newport Water Co 5s 1953
Ohio Cities Water 5%s '53
Peoria
101
1957
Clinton W Wks Co 58.1939
4MB
on
102
1951
-
-
Penna State Water 5 %s '52
Consol Water of Utlca—
102 M 103%
104M 104 M
inquiries for copies of
New Jersey Water 5s.1950
New Rochells Wat 5s B '51
—
-
Ohio Water Service 53.1958
E St L & Interurb Water
We invite
104%
Ohio Valley Water 58.1954
104%
1951
Connellsvllle Water 5s.1939
86
hensive statistical reports
103
103
M uncle Water Works 5s '65
New York Wat Serv 5s '51
Calif Water Service 4s 1961
-'«»
-
98% 100%
Monongabela Valley Water
5%s
1950
5%s
105
City of New Castle Water
95
105
...
5s
100
101%
105% 105%
107 M 107 M
65
67
104
5 Ms series A
107
104 M 105
108 M 108M
107
Morgantown Water 5s 1965
Birmingham Water Works
5s
106%
...
—
Davenport Water Co 5s *61
Green Mountain Pow 5s '48
Ask
104 %
Middlesex Wat Co 5%s *57
Monmoutb Consol W 5s *56
...
102M 103%
84
104
58 series B
86
110% 110%
101% 101%
106% 107%
107 M 107%
103%
5 Ms series A
1954
Butler Water Co 5s.—1957
106
106% 107
110% 111
107
Bid
Long Island Wat 5%s.l955
103
Atlantic County Wat 5s '58
106% 107%
/91M
93%
104
105
1956
Ashtabula Wat Wks 5s *58
102
106
69
101
Alton Water Co 5s
103
99
105
103
Ask
Bid
Pacific Gas & Elec Co
103
Columbus Ry P & L 4s '65
•
~
-
Tel. 2-3761
Water Bonds
75
59
Conn Lt & Power 3 %s 1956
«
101%
102%
64
Clnn Gas & Elec 3%s.l966
Colorado Power 6s...1953
Est. 1854
106%
.
106
Cent 111 Light 3 %s
1966
Cent Ind Pow 1st 6s A 1947
Cent Maine Pr 4s ser G '60
H. M. PAYSON & CO.
PORTLAND, MAINE
'
52
Inc.
(Maine)
106% 106%
103 M 103%
53 M
92
Bonds of Subsidiaries
American Water Works & Electric Co.,
100 M 102
74 M
57
Conv deb 4s__.
First Mortgag
55%
109% 109%
5%s.l955
District
°
WANTED
Ask
/53
Louisville Gas & El 3 %s '66
101%
87
73 M
Assoc Gas & Elec Corp—
Income deb 3%s
197
Keystone Telep
Lake
93
94 M
Bid
Kan City Pub Serv 38.1951
Kan Pow & Lt 1st 4
38%
West Indies Sugar Corp_.l
*
%
*
Bid
141
3%
Ask
146
3%
1
"
—
...
For
footnotes
see
page
2661.
'
Volume
Financial
143
Quotations
2661
Chronicle
Qver-the-Counter Securities - Friday Oct. 23—Continued
on
SYLVANIA INDUSTRIAL CORP.
Specialists in all
Bought, Sold & Quoted
Investment
Company Securities
QUAW & FOLEY
BROAD
30
YORK
NEW
STREET
DISTRIBUTORS
Members New York Curb Exchange
63 Wall
Telephone HAnover 2-9030
GROUP.
Kneeland 8C Co.—JVestern Trading
Louisiana Oil Refining Corp.
Mangel Stores New Pfd,
Electrol, Inc.
Incorporated
BOwling Green 9-1420
Street, New York
Correspondent
Investing Companies
Inquiries Invited
Par
Established
Ask
Bid
ST.,
N.
20.19
Investors Fund of Amer
11.66
Invest Co of Amer com. 10
51
53
31%
32 K
*
51
53
13 J*
1.13
433
5
6 %
Bankers Nat Invest Corp *
Basic Industry Shares
*
British Type Invest A...1
433
5.22
116.82 119.18
Investment Tr of N Y
1.25
*
33*
7%
com..
10.23
11.19
4K
Mass
Trust. _1
'
•
29.22
31.00
1
17.11
18.70
Nation Wide Securities..1
4.78
Investors
Mutual Invest Fund
.27
"".47
37.60
1
20%
22X
N Y Bank Trust Shares—
4.45
4.85
No Amer Bond Trust ctfs
Bullock Fund Ltd
26.85
24.51
Major Shares Corp
Maryland Fund Inc
Canadian Inv Fund Ltd.l
Sylvania Industrial Corp.
7
*
Keystone Cust Fd Inc B-3.
35.16
Broad St Invest Co Inc
1.09
.95
Investors Fund O
14
Amer General Equities Inc
Am Insurance Stock Corp»*
Molybdenum Co.
7% preferred
135
123
Amer & Continental Corp.
Y.
Teletype N Y 1-1397
Climax
Ask
18.98
10.68
Assoc Stand Oil Shares. .2
BROAD
25
2-8780
1
Bid
*
new..
Amerex Holding Corp
*
Amer Business Shares___l
1919
Members of the New York Security Dealers Assn.
Tel. HAnover
Par
Administered Fund
Affiliated Fund Inc
M. S. \Vein & Co.
4.88
2.32
2.16
Voting trust certificates
3%
■
~
68
53%
'
C.
UNTERBERG
E.
[commodity
42
4J3
6%
Series 1955
3.76
Century Trust Shares...*
CO.
26.54
28.54
Series 1956
3.71
Consol. Funds Corp cl A.
Continental Shares pref
Exchange, Inc.
No Amer Tr Shares 1953..
11
17
Corporate Trust Shares
York Security Dealers Association
,,
Members
&
46
2.83
Central Nat Corp cl A...*
Class B.
_*
3.02
933
Northern
-
«.
-
-»
_
3.73
Series 1958
18
:
78
Securities... 100
84
1-1666
pref.*
40
43
2.92
Class A
*
16
173*
2.92
Blass B
*
Series
?2Kpe n'T.
Broadway, New York
Series AA
Accumulative series
61
AA
10
com
8% preferred....... 100
in the
Common B shares
Over-the-Counter Market
100
1.13
1.80
1.98
14.95
Established
116 Broadway, N.
Par
Bid
Par
Amer Air Lines Inc v t c._
10%
American Arch
Macfadden Publica'n com *
40%
*
American Book
100
U%
"
8% cum preferred
American Hardware
Mfg
37
23%
25%
1
preferred
100
100
Preferred
.100
8%
*
Nat Paper & Type com... *
4%
Northwestern
100
92%
45
47
1st
preferred
14%
100
Canadian Celanese com..*
27%
100
127
Climax Molybdenum....*
38
Preferred
16%
Ohio
Pharmacal
*
39%
13
15
preferred.......
23%
25%
Columbia Broadcasting A *
Class B
*
55%
57%
$7 1st preferred
Remington Arms com
55%
54%
108%
56%
Scovlll Mfg
1
Publication Corp com
Columbia Baking com....
$1
cum
Crowell Pub Co
*
com
$7 preferred
100
99
56%
.
.100
44%
.
390
6333
Stromberg-CarlsonTel Mfg "13%
Sylvania Indus Corp
36%
*
63%
Steel
50
Preferred
Draper Corp
_.*
Flour Mills of America...*
Foundation Co. For shs..*
shares..
*
Gair (Robert) Co com
*
31
Trico Products Corp
88
Tubize Chatillon cum pf.10
1%
3%
4%
7
8
9
22%
Gen Flreproofing $7 pf_100
105
$3
4033
Golden Cycle Corp
Graton &
10
....
48%
8
86
43
45
34
36%
$3
1st 6%
preferred
preferred
100
100
1.25
1.67
1.81
1.51
1.67
2.06
2.23
1.66
1.86
1.08
1.18
1.36
1.48
shares
1.27
B
1.79
Wellington Fund
1.94
%
1K
.
21%
.
...100
104
■■
■'
933
4833
633
Schoelkopf, Hutton &
.55
.70
26.60
28.60
1938
Haytlan Corp 8s
100
fl8%
203*
Home Owners' Loan Corp
1%8
Aug 15
1937
101.6 101.10
2s
Aug
15
1938
13*8
June
102.14 102.18
101.4 101.7
104
103
Journal of Comm 6%b 1937
10033 1013*
Kelsey Hayes Wheel Co—
9833
33*s
1951
983*
3%8
1 1939
1948
Conv deb 6s
1043* 10433
1951
Martin
conv
Cont'l Roll & Steel Fdy
(Glenn
L)
..1939
6s
-
Merchants Refrig 6s..1937
1940
9933 10033
Cudahy Pack conv 4s. 1950
1033* 10333
Nat Radiator 5s
1955
1937
10233 10233
N Y Shipbuilding
1st conv s f 6s
83
80
1093* 115
155
150
99 33
-
WJR The Goodwill Station
35%
100
55
115
93
96
1023* 10233
Witherbee Sherman 6s '44
/29
31
f8l
83
Deep Rock Oil 7s
85
/83
Federal Farm Mtge Corp—
l%a
98
903*
92
106
108
/21
22
60
Young (J S) Co com...100
7% preferred
100
10233 1023*
3%b
37%
Worcester Salt
Sept 1 1939
101.3 101.6
Woodward Iron 5s—1952
20%
4%
1946
5s..1946
Reynolds Investing 5s 1948
Scovlll Mfg 5%a
1945
Std Tex Prod 1st 6%a as'42
Struth Wells Titus 6%a '43
1st
6%
3833
20%
W-
45
/43
Gen Mtrs Accept 3s..1946
35%
preferred
Ask
Bid
Ask
111
Comm Credit
105%
120
■
$7 1st preferred
~
126
-
•»
Debenture
_
3%a
1951
fSoviet Government Bonds
'
*
No par
d Coupon,
sellinc
INC.
on
value,
Union of Soviet Soc Repub
Repub
1943
a
86.57
Interchangeable,
/Flat price,
b Basis price,
w. i
N.Y.
Teletype
t
N.Y. 1-905
Quotations
per 100
—Bonner &
$3 Cumulative Preferred
NORVIN
—W.
at
GREENE
ex-dividend,
y Now
J.
STREET
Bell Tele. N.Y. 1-1786
of pure gold.
NOTICES
N. Y. City, has prepared an
Manufacturing Co.
Gillespie is now
connected with
Security Adjustment Corp.
16 Court St., Brooklyn.
—J.
Roy Prosser & Co., 52
letter on King
Incorporated
BROAD
x
gold rouble bond equivalent to 77.4234 grams
Bonner, Inc., 120 Broadway,
analysis of Pollak
30, 1936 earned over twice
.30 per share on Common
Bought—Sold—Quoted
&
Registered coupon (serial).
When Issued,
New York Curb Exchange.
CURRENT
ROBERT GAIR
preferred requirement
c
86.57
t Now lifted on New York Stock Exchange.
52 William Street,
in quarter ended Sept.
10% gold rouble..,1942
91.17
Ex-rlghts.
e
Bid
Ask.
Bid
Union of Soviet Soc
7% gold rouble
ROBINSON, MILLER & CO.
■
533
25
Commercial Invest Trust—
23%
Units
HAnover 2-0077
22.09
933
47
First Boston Corp
1953
Debenture
35%
110
30
433
2%
20.15
1.38
22
River Bridge 7s
35
120
LANCASTER
1.35
33*
1%
UnNYTr Shs ser F..
1.60
1.47
1.27
snares
21
3.29
1.62
1.71
-
3.1!)
1.73
1.85
-
~
"«•
1.93
1.70
1.59
shares
-t-
20%
U S El Lt & Pr Shares A..
1.49
Bought—Sold—Quoted
Telephone
shares
33* s E
1966
Chicago Stock Yds 58.1961
46
PENNSYLVANIA INDUSTRIES, INC.
HAnover 2-1282
shares
-
6.74
B.
Beth Steel
103% 1053-3
32
33%
2d 8%
42
*
Wilcox-Glbbs common..50
%
260
11
1%
Lawyers Mortgage Co__20
Lawrence PortI Cement 100
100
1.13
rus
Bear Mountain-Hudson
17%
12%
15%
White (8 S) Dental Mfg.20
White Rock Mln Spring—
2%
Lord & Taylor com
7.51
2.55
Am Wire Fabrics 7s.. 1942
3
100
1%
Corp
*
3.15
D.
Bid
44%
100
1
Klldun Mining
cum
-
—
16.11
14.82
2.36
American Tobacco 4s. 1951
12%
West Dairies Inc com v t c.
6
83
-
Miscellaneous Bonds
22%
2%
Pulp & Pap com.*
Preferred
52%
*
Great Northern Paper..25
preferred
Welch Grape Juice pref. 100
West Va
100
Knight com
Preferred
Great Lakes S3 Co com..
conv
-
7.95
14%
Warren Northam—
8
21
-
7.31
37%
106% 109%
Unexcelled Mfg Co
..10
United Merch & Mfg com *
Un Piece Dye Wks pref. 100
38%
,*
Preferred
^
«
40
43
*
1%
Gen Fire Extinguisher—*
^
3.21
6.01
Incorporated Investors..*
11%
*
com
85
a
21
*
28
Douglas Shoe preferred. 100
American
Taylor Milling Corp
Taylor Wharton Iron &
-
^
400
37%
60%
60%
D
Supervised Shares
-
„
"
7.91
7.25
164
Dictaphone Corp........*
Doehler Die Casting pref. *
5K
26.86
Preferred
100
5
Standard Screw
Dixon (Jos) Crucible... 100
5%
Huron Holding Corp
48
59~"
120
7.91
Tobacco shares
4%
3%
56
100
C
6.57
Guardian Inv Trust com.*
47%
100
Singer Manufacturing.
Standard Cap & Seal
BB
11.21
*
25.25
Steel
2%
47
...25
Dentists' Supply Co of N Y
Preferred
13.44
2.82
RR Equipment shares..
108
*
4.13
_
Petroleum
103
1%
*
B..
Mining Shares
13 K
12%
Pathe Film 7% pref
Petroleum Conversion
32.79
Merchandise
23
21
*
Leather
Ohio Match Co
30
130
30.43
Investing shares
90
5
2.82
Food shares
95%
Norwich
AA
1.21
Chemical
25%
100
100
22%
New Haven Clock pf
53%
Hotels
42%
•
5%
23%
7%
Bowman-BIItmore
39%
B
24
*6
Yeast
4.03
W 1*
Agricultural shares
-
52
preferred
36.59
Group Securities-
L
Indust Serv el A_
5%
34.05
1.12
Building shares
'
Beneficial Indus Loan pf_*
Bankers
4.55
121.20
General Investors Trust..
110
50%
22%
*
Art Metal Construction. 10
Standard Utilities Inc..
2.04
Fundamental Investors Inc
47
*
Preferred
8%
49
Andlan National Corp
8.45
1,
Automobile
102%
22%
National Casket
85
82
American Republics com.*
23.06
4.30
Standard Am Trust Sha
Foundation Trust Shares A
29%
2533
22.37
Spencer Trask Fund
Fundamental Tr Shares A.
2%
113% 115%
Muskegon Piston Ring
100
Preferred
75
2%
27%
Mock Judson & Voehringer
35%
Amer Maize Products.
American
6%
101 % 106
25
13
72
Maytag warrants
Merck & Co Inc com.
American Hard Rubber—
12
*
Preferred
73
70
■'
5.58
5.45
5.10
*..250
B
3*
2433
Selected Industries conv
7.65
Shares
Fixed Trust Shares A
Ask
10.67
Selected Income Shares...
3.90
1133
D
Bid
Selected Cumulative Shs..
2.79
3.51
ser
Equit Inv Corp (Mass)__5
Equity Corp conv pref__.l
Fidelity Fund Inc
*
Ask
4.16
3.61
B__
Dividend
Industrial Stocks
19.83
Selected American Shares.
2.50
A
ser
Diversified Trustee Shs B.
C
Teletype NY 1-1493
5.30
new...
33
18.20
Selected Amer Shs
Deposited Bank Shs
Tel. BArclay 7-0700
Y.
Bell System
5.00
6.50
Deposited Insur Sh
1920
14.45
Republic Investors Fund.
Royalties Management
110
Deposited Insur Shs A
Members New York Security Dealers Association
Representative Trust Shs
36%
34%
Cumulative Trust Shares. *
Bristol & Willett
30%
28%
115
10
7% preferred
43*
1.02
3.71
Crum & Forster Ins
SERVICE
COMPREHENSIVE
3%
3.71
mod
Series ACC mod
A
Pacific Southern Inv
—William
Noel &
Co.,
William St., this city, have issued a
special
Oil Co.
H.
Inc.
Smith has joined the sales department of
<
Van Alstyne,
2662
Financial
Quotations
Chronicle
Oct. 24,
1936
Bonds—
Over-the-Counter SecuritiesFriday Oct. 23 —Concluded
on
Per Cent
$1,000 Market Street Elevated Pass.
May 1, 1955
Ry.
Co.
1st
mtge.
gold
bond,
due
..103M
By R. L. Day & Co., Boston:
Shares
Slocks—
$ per Share
Boston, par $12>*
303*
Naumkeag Steam Cotton Co., par $100...—- 543*
100 Nashua «fc Lowell RR., par $100
1333*
25 Lynn Gas & Electric Co., par $25
_i,
..100J*
3 Saco Lowell Shops preferred, par $100
80
7 Boston Chamber of Commerce Realty Trust prior pref., par $100...
2
50 Northam Warren Corp. preferred
433*
25 Lynn Gas & Electric Co., par $25
100J*
8 Municipal Service Co. preferred, par $100....
7
10 Copley Square Trust preferred, par $100
73*
10 National Shawmut Bank,
Foreign Unlisted Dollar Bonds
Bid
6
7
8
8
Palatinate
8s.
5
(ollv
7
7s.
8
7a.
9
6s.
0
-
(Germany) 7b " 5
1940
163*
83*
73*
73*
83*
24
19( 2
263*
Jugoslavia 5s
1956
Coupons
Koholyt 6j^8
...
1943
37 3*
/553*
3 /113
1143*
3
/103*
105*
7
/123*
133*
/93*
3
/10
/3
/133*
143*
/133*
143*
7
Chile, Gov. 68 assented...
7s assented
Chilean Nitrate 6s...
68
-
-
26
36
many)
7s..
m
118
.1946
126
8s
72
.......1948
26
8s ctfs of dep
anta
.1948
Catharina
6Hs.
coupons
714
7s.
9
78 unstamped
173*
1946
Couponf
12-1-34
stamped.
/II
/13J*
115*
14
.1951
102
Prov
104
7a.
.1950
1045*
.1945
1,075
414
428
425
295
287
284
288
286
24,200
24,200
24,500
25,000
24,600
Canadian Pacific
Canal de Suez cap
Cle Dlstr. d'EIectrlcItie
855
820
843
1,270
1,270
1,240
22
21
390
12
Comptoir Natlonale d'Escompte
Coty S A
758
740
758
735
no
120
no
/67
71
Courrleres
204
198
200
204
483
470
477
475
78
120
...
Credit Commercial de France..
/203*
22
65
II"
Credit Lyonnalse
1,540
1,250
1,500
1,500
1,260
320
325
326
Energie Electrique du Littoral..
620
611
605
548
Kuhlmann
625
610
618
620
1,110
1,143
Eaux Lyonnalse cap
.
163*
273*
265*
L'Alr Llqulde
1,152
1,150
1,120
1,134
1,130
29
Nord Ry
776
790
783
Orleans Ry
381
384
392
243*
953*
103*
983*
983*
103
...
Holl-
Lyon (P L M)
day
6%
Pathe Capital
253*
253*
AUCTION SALES
14
13
14
on
1,500
1,510
79.30
77.10
77.30
78.80
77.40
78.00
78.30
77.80
76.70
82.20
81.50
79.25
80.90
82.30
81.00
80.40
79.50
79.90
100.20
98.00
98.00
96.30
4,540
1,530
4,600
1,512
4,700
1,515
4,810
1,492
981
988
1,000
1,006
47
Royal Dutch
78.30
79.60
83.40
Saint Gobain C & C._
Schneider & Cie
78.10
81.25
80.30
Societe Generale Fonclere.
Soclete Lyonnalse...
49
49
44
139
138
139
1,232
1,265
560
Stocks—
$ per Share
1,437 Colonial Trust Co. of New
York, par $25..
50 Diplomat
Products, Inc. (N. J.), second preferred
50 American Gaaaccumulator
Co. (N. J.) 8% class A pref
(Me.) 6%
non-cum.
6%
gold
bonds
stamped
lot
lot
due
Development
April
30,
Corp.
1932.
April
lot
lot
(Fla.) 2d mtge. & coll. trust
30, 1932 coupons attached,
<.
$17 i0t
Co.,
par
$ PeT Shared
133
$100
100 Fort Dodge Des Moines & Southern
RR. Co. preferred, par
10 Sagamore Manufacturing
Co.,
$I66I-.AA
par $100
25
Co., par $50
Mills, par $100
Manufacturing Co
...
_I
25 Saco
Mortgage & Title Guaranty Co., par $50
Shops 2d preferred, par $100
Shops first preferred, par $100
Stocks—
5
Philadelphia Traction Co., par $50
Bank, Bridgeton, N. J., common, par $100
593 Millville National Bank,
Millville, N. J., common, par $10_.
2,000 Delaware County National Bank, Chester,
Pa., par $10..
7 National Bank of Olney,
common, par $10
10
on
par $100
Lives & Granting
Co., par $50
Philadelphia <fc Gray's Ferry Pass. Ry.,
Dessauer Gas
——
par $10
EXCHANGE
as
Oct.
19
received by cable
Oct.
Oct.
Oct.
20
21
22
Oct.
23
u.
40
128
128
126
127
166
167
167
168
168
103
(7%)....
128
165
l
41
127
Llcht (8%)
40
103
103
104
105
105
41
41
41
114
112
113
112
112
105
106
106
107
107
146
149
148
150
148
112
Deutsche Relchsbahn (German Rys) pf
7% 125
104
125
126
126
126
126
105
106
106
106
107
Farbenindustrie I G (7%)
Gesfuerel (6%)
177
178
179
180
181
146
147
147
147
146
146
Hamburg Elektrizitaetswerke
Hapag.
146
147
148
147
148
146
16
16
17
17
17
17
115
116
119
119
120
119
16
16
17
17
17
Dresdner Bank
Norddeutscher Lloyd
Relchsbank (8%)
180
16
191
193
197
195
196
195
233
(8%)
241
244
243
242
237
Salzdetfurth (73*%)
192
196
200
81 em ens & Halske
203
206
208
(7%)
CURRENT
—Hiltz & Co.,
Co.
$ per Shar
125*
65
-
18
203
210
199
211
210
W.
Inc.,
NOTICES
announce the election as
Executive Vice-President of
Townsend, recently Sales Manager for Brown Bros. Harriman &
and previously for Blair & Co.,
Inc.
Mr.
Townsend is the author of
"Bond Salesmanship," written at the
request of the Investment Bankers
Association of America, and for five years conducted an extension course
at Columbia
University on "Bond Values."
—Hornblower
brief financial
either
the
&
Weeks
have
data regarding
New York
issued
a
four-page circular setting forth
96 dividend-paying
common
stocks traded
63*
on
7
statistical information includes dividends paid this year to date; earnings
387
Annuities,
56
Deutsche Bank und Dlsconto-Geeellschaft.104
Deutsche Erdoel (4%)
144
W.
36
3 Cumberland National
Philadelphia,
Berliner Kraft
77
By Barnes & Lofland, Philadelphia:
10 Pennsylvania Co. for Ins.
10 Real Estate Trust
57
STOCK
Allgemeine Elektrlzltaets-Gesellschaft
Berliner Handels-Gesellschaft
(6%)
373*
50 Boston Woven Hose & Rubber common
9 First National Bank of
57
.......
——^
-Per Cent of Par
19
$9 lot
Lowell
4 Saco Lowell
Shares
44
26c.
165*
63J*
Newmarket
30 Jersey
m
„
64
18 Farr Alpaca
20 Warnsutta
■
367
17
Rheinlsche Braunkohle
Stocks—
2 Nashua & Lowell RR.
4,730
Mannesmann Roebren
lot
lot
lot
By Crockett & Co., Boston:
Shares
112
392
Oct.
Commerz'und Privat-Bank A. G
PerCent
Beach
BERLIN
$16 lot
$5,100 lot
pref., par $100, together
Bonds—
Montauk
-111
Closing prices of representative stocks
each day of the past week:
20
scrip dividend certificates
$17
255 New York Title &
Mortgage Corp. (Del.), par $1
$31
250 Fairbanks Realty
Corp. (N. Y.), par $100; 114 2-7 Fisher Bros. Dry
Goods Co. (Pa.) class
A, no par; 12 Sullivan Smythfleld (Pa.) common,
no par; 25 Sullivan
Smythfleld (Pa.) pref., par $100
$36
84 Nassau-Suffolk Bond &
Mortgage Guarantee Co. (N. Y.), par $100.
$21
$1,500 membership loan certificate of the
Fenlmore Country Club, Inc., of
Scarsdale, N. Y., and 5 Jewish Telegraphic Agency, Inc.
(N. Y.) pref
$40
2 Dleges & Clust (N.
Y.) preferred, stamped, par $100
$67
55 Jay-Pierce Holding
Corp. (N. Y.) common, no par
;
$16
$5,000
560
114
392
68
r1—
115
400
Silk, pref.....———
97.00
■
1,228
560
77.20
141
1,202
565
THE
60 Northern Texas Electric Co.
with $540 stock
383
1,511
Rentes, Pepetual 3%
Rentes 4%, 1917.
Rentes 4%, 1918
Rentes 43*8, 1932 A
Rentes 43*%, 1932 B
Rentes 5%, 1920
1,140
Wednesday
By Adrian H. Muller & Son, New York:
Shares
+
15
1,540
Wagon-Lit8_.
sold at auction
1,140
Pechiney
Soclete Francalse Ford
/23
/24
----
V
385
335"
/9J*
/97
/97
1,510
1,250
790
423*
/233*
/643*
/603*
~
120
1,230
325
21
-
1,500
1,230
Energle Electrique du Nord
Union d'EIectrlcItie
were
w
1,280
388
Soclete Marseillaise
following securities
-
21
380
Tubize Artificial
The
-
-
805
1,290
24
page 2661.
of the current week:
8,600
1,123
360
/253*
/41
see
425
Cle Generale Transatlantique—
100
1143* 1153*
For footnotes
1,100
Citroen B
94
June 1 '35 to June 1 '36.
Francs
8,600
39"
/153*
.1945
/253*
.1951
/245*
/2 6
413*
Z4657
/315
.1940
/99
German
Apr 15'35 to Oct 15'36.
German
Young
Oct. 23
Francs
8,700
1,100
323*
.1943
Z83*
/16M
Oct. 22
Francs
8,500
mx
f 103*
/....
r
/10
....
/283*
/27
Dawes
Coupom
1934 stamped
Ocf. 21
Francs
Cle Generale d'EIectrlcItie
/64
/75
1947
/42
/30
Dec
130
/23
(Brazil)
8%
/253*
/24
nvs
/
2050
Oct. 20
Francs
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parlsienne..
....
/58
Oct. 19
8,700
16
253*
243*
received by cable
as
Francs
40
123
int.
Oct. 17
mx
/233*
/223*
7s ctfs of dep......1957
flat
Rat
day of the past week:
/35
'36
4s scrip
int.
BOURSE
Quotations of representative stocks
each
243*
/223*
PARIS
Bank of France
Scrip.
July to Oct 1936..
German scrip
163*
35
/2 3
Jan to June 1935..
62
26
/6 6
Jan to June 1936..
243*.
/23
/283*
July to Dec 1935.
THE
mn
/25
25
$220 lot
......$23 lot
City of Boston 4s, May 1969, reg., tax-exempt
1143* &
Boston Metropolitan BIdg. 1st 5s, 1942, ctfs. of deposit
485*
Lords Court-Exchange Place 53*s, 1942, ctfs. of deposit
203*
Brewer Realty Co. 53*s, Nov. 1945.-....-.
-----—50 &
11
aarbruecken M Bk 6s '47
alvador 7%
1957
33*
133*
63*
1083*
53
(Ger¬
26
25
----
Per Cent
25
135
July to Dec 1934..
62
m
24
Jan to June 1934..
$1,000
$2,000
$1,000
$1,000
/15H
Church
__
/97
533*
rotestant
....
Bonds—
/29
.1945
243*
243*
July to Dec 1933..
10 Old Colony Trust Associates...
10 Old Colony Investment Trust...
/85
1947
to.
/22
Building & Land6>* %
$95 lot
5 Railway & Light Securities pref. A, par $100
220 K. A. Hughes Co. preferred, par $10
/29
46
■
/245*
/2 45*
SS~6s
1948-1949
Savings Bk of
7>*8
1962
National Hungarian & Ind
Mtge 7%
1948
North German Lloyd 6s '47
100 Isaban Coal Co., par $1; $2,500 Broadwater Consol.
1932
232 K. A. Hughes Co. common, par $10
/86
Hungary
-
/223*
■
6>*s '38
6>*%
1946-1947
Mines, par $1;
Mines 7s,
/23
-
/23
/30
/103*
/23
/225*
P22H
6>*s.
243*
Bank Panama
(A & B)
(C & D)
500 Copley
20 units Boston Madison Square Garden (20 common and 20
pref. stamp)
10 Odd Fellows Hall Assn., Boston, par $20
54
/523*
42
25
/23 J*
/24
76
/5 2
/60
5b.
/23J*
/23M
Nassau Landbank
common;
Holding Co.; 10 Missouri-Kansas Farms Co. "A"; 5 National Horse Show
Assn. of Amer. "B"; 1 News Week Inc. common, par $1; 1 News Week Inc.
pref., par $10; 15 Sequoia Mills Inc. class A; 3 Slequoia Mills Inc.
class B; 10 Surf Hotel Corp., Miami Beach; 2,500 Broadwater Consol.
26
66"
64
Municipal Gas & Elec Corp
Recklinghausen 78..1947
$1; 40 Colloidal Equipment Corp.
par
Producing Co., par $10; 10 Dallrs Mortgage Securities Co., par
$10:
29 Duval Mortgage Co. of Florida; 140 Farmers Fund Illinois
Trust; 1 certifi¬
cate of membership Indian Creek Club, Miami
Beach; 10 Indian Creek
/24
4s
/30
/74
Costa Rica funding 5%
/23
Nat Central
70
vestors w. w.,
43
cum.
1948
103*
6
15
/26
Mannheim & Palat 7s. 1941
Meridionale Elec 78..1957
Natl
58
183*
/35
/26
Leipzig Trade Fair 7s 1953
Luneberg Power Light &
10
$100
par
30 New England Public Service Cos. $7 preferred
32 First Title & Guaranty <fe Abstract Co., par $100; 2 Fourth National In¬
36"
/23
1945
Munlc Bk Hessen 7s to '45
/27
preferred,
3 Waltham Watch & Clock common B
...1948
Water 7%
....
i
bank
.
2 Waltham Watch & Clock 6%
/2040
/29
/26**
413*
/«« 57
Hungarian Ital Bk 7>*s *32
llseder Steel 6s
24
/32
191 3
Buenos Aires scrip
German
/30
Leipzig Oiand Pr 6^* a *46
Brown Coal Ind Corp—
French Nat Mail
/22K
/29
Munich 7s to..!
.
6>*S-
.
Land M Bk Warsaw 8s '41
-
..
97 ^
change Bank 7S....1936
Hungarian defaulted coups
71
---
Bank
7^s
/44
25
Hungarian Cent Mut 7s '37
213*
173*
/22?*
703*
/273*
/255*
m
1
6s
Ask
/22
—
Housing & Real Imp 7s '46
253*
n
3
funding scrip
British Hungarian
213*
1957
Haiti 6%
1953
Hansa 88 6s stamped. 1939
213*
22
/19
/163*
/153*
/73*
/65*
/63*
7
Bremen
6%
33
s'
5
Brazil
Bid
Hanover Harz Water Wks
243*
Hungarian Discount <k Ex¬
5
Bavarian
Ask
/225*
/30
/20
/20
/19
/24
6
Antioqula 8%.
_.
2
36
figures for
1934,
Stock
Exchange
1935, and where
or
the New
available, for
York Curb.
The
the first six months of
80
par
$50
1936; approximate current market prices and the price range thus far in
20
1936.
Volume
Financial
143
General
OF
Securities
and Exchange Commission on Oct. 22
filing of 11 additional registration statements
(Nos. 2544-2554, inclusive) under the Securities Act.
The
total involved is $17,986,414.30, of which $13,986,514.30
represents new issues.
announced the
No. of Issues
9
1
Voting trust certificates
Certificates of deposit
1
Total
Type
Commercial and industrial
The issues included in the total
_
;
Loonskin
UNDER
ACT
SECURITIES
The
UTILITY—INDUSTRIAL—MISCELLANEOUS
STATEMENTS
REGISTRATION
follows:
as
corporation.
named
In
In
Electrol, Inc. (Morgan J. Hammers, voting trustee) (2-2545, Form F-l)
City, has filed a registration statement covering voting trust
of common stock of Electrol, Inc.
Filed
Abbott Laboratories (2-2546, Form A-2) of North Chicago, HI., ha*
filed a registration statement covering 60,000 shares of no par value common
stock of which 20,000 shares are presently outstanding.
The net proceeds
to be received by the company are to be used for working capital.
S. DeWitt
Clough, of Glencoe, 111., is President.
Filed Oct. 10, 1936.
The Murray Ohio Manufacturing Co. (2-2547, Form A-2) of Cleve¬
land, Ohio, has filed a registration statement covering 9,765.8 shares of
no par value common stock and warrants to purchase the common stock.
The warrants are to be issued to stockholders of record Nov. 19, 1936, and
will entitle them to purchase one share of new stock for each 10 shares held.
The warrants will expire Dec. 10, 1936, and all shares not taken by the
stockholders will be offered publicly.
The net proceeds are to be used to
discharge outstanding bank loans, for additional working capital and for
feneral corporate purposes. 1936. W. Hannon, of Shaker Heights, Ohio, is
C.
'resident.
Filed Oct. 12,
No.
Offering
address.
in
Leigh Cnandler & Co., 100 Broadway, New York, N. Y.,
underwriters.
as
making available the above list, the Commission said:
does the act of
no case
approval
has filed a registration statement covering 14,000 shares
of New York
3-3-818),
•
or
Henry Fischer Packing Co.
certificates for 260,000 shares
Oct. 10, 1936.
'
(File
Standard Plastics Corp. (File 3-3-811). 106 Broadway, Jersey City,
Offering 22,300 shares of capital stock of $1 par value at a price of
$1.50 per share.
Such offering price is subject to increase or decrease based
upon the over-the-counter market price as it exists from day to day in the
City of New York. S. P. Duhrenheimer, above address, is President of the
rhe issue
(2-2544, Form A-2) of Louisville, Ky.,
of $25 par value
6% cumulative preferred stock and 35,000 shares of $10 par value common
stock.
The preferred stock and 3,500 shares of common being registered
are to be exchanged for outstanding $100 par common and then offered by
stockholders in units consisting of four shares of preferred and one share of
common.
All the proceeds will be received by the stockholders.
Bankers
Bond Co. of Louisville, is the underwriter.
Henry Fischer, of Louisville,
is President.
Filed Oct. 9, 1936.
Ltd.
Mines,
N. J.
.$13,986,514.30
260,000.00
3,739,900.00
'
Lake
64,500 shares of common stock of no par value at 72c. per share.
Thomas
J. Owen, Akron, Ohio, is President of the corporation.
No underwriter is
named.
■'
'•/> .7V'-'v
as
are
2663
Corporation and Investment News
RAILROAD—PUBLIC
FILING
Chronicle
filing with the Commission give to
any
security
of
or indicate that the Commission has passed on the merits
that the registration statement itself is correct.
The last previous list of registration statements was
our issue of Oct.
17, p. 2511.
Abbott Laboratories, Inc.—Registers with
given
SEC-
See list given on first page of this department.
Earnings for 6 Months Ended June 30, 1936
Net profit before financial inc., deprec. & Federal income tax..
Interest, dividends and other income
$816,392
22,838
Total income
$839,231
43,465
Depreciation
Federal income tax-4-less prior year adjustment_x
Net income
118,195
i
$677,570
Surplus Jan. 1, 1936
1,207,428
Profit realized
on securities sold
Increase in market value of securities
19,550
3,518
:
hand
on
Total
.
Dividends paid
$1,908,069
339,883
Surplus—June 30, 1936
Earnings per share on 600,000 shares capital stock
$1,568,185
$1.13
_
x This
being an interim statement, no provision has been made for
possible Federal surtax on undistributed net income which may be payable
for the calendar year
1936.
.
Consolidated Balance Sheet
Detroit-Michigan Stove Co. (2-2548, Form A-2) of Detroit, Mich., has
filed
registration statement covering 499,992 shares of $1 par value
capital stock of which 439,992 shares are presently outstanding.
According to the registration statement, John A. Fry and Florence C. Fry.
of Detroit, have made a firm commitment to purchase 60,000 shares from
the company and 20,000 shares from stockholders, and will offer these
shares publicly.
The company states that it does not know whether the
remaining 419,992 shares of outstanding stock will presently be offered.
The proceeds to be received by the company are to be used for additional
working capital. John A. Fry, of Detroit, is President. Filed Oct. 12,1936.
a
common
Washington National Cemetery Corp. (2-2549, Form A-l) of Wash¬
ington, D. G., has filed a registration statement covering $225,000 of 5%
mortgage bonds due Oct. 1, 1946, and 450 shares of no par value common
stock.
One share of common stock is to be given with each $500 bond
purchased, it is stated.
The net proceeds are to be applied to the payment
of an outstanding first mortgage, the discharge of existing indebtedness, for
the benefit of former stockholders, and for working capital.
William C.
Lancaster, of New York City, is President.
Filed Oct. 12, 1936.
Omaha and Council Bluffs Street Railway Co.,
bondholders' com¬
mittee of first mortgage gold bonds (2-2550, Form D-l) of Omaha, Neb.,
has filed a registration statement covering certificates of deposit for $5665,000 of 5% first consolidated mortgage gold bonds dated Dec. 1, 1902,
extended to Jan. 1, 1937, of the Omaha & Council Bluffs Street Railway.
Filed Oct. 14, 1936.
Faulkenham Lake Gold Mines, Ltd. (2-2551, Form A-l) of Toronto,
a registration statement covering 900,000 shares of $1 par
Can., has filed
value
common stock.
The proceeds are to be used for the development of
and the purchase of equipment.
Lawrence L. Hoffman, of
Buffalo, is the underwriter.
Colin A. Campbell, of Red Lake, Ontario,
Canada, is President. Filed Oct. 14, 1936.
property
Silver
has
filed
Summit
a
(2-2552, Form A-l) of Wallace, Idaho,
registration statement covering 1,650,000 shares of $1 par
Mining
Co.
1,500,000
shares are outstanding.
The
150,000 shares to be issued by the company are to be offered to stockholders
at $1 a share, and the proceeds are to be used for patent claims, equipment
and the development of property.
Henry B. Van Sinderen, of New York
City, has options to purchase 635,000 shares*from stockholders.
No
statement concerning the disposition of the remainder of the stock being
value
common
stock
of
which
registered is contained in the registration statement.
of Wallace, Idaho, is President.
Filed Oct. 16, 1936.
Harry P. Pearson,
Mountain State Water Co.
(2-2553, Form A-2) of Philadelphia, Paf,
has filed a registration statement covering $250,000 of first mortgage
sinking fund bonds, series B, 5% closed issue, due Nov. 1, 1961.
The
proceeds are to be used for refunding.
Bond & Goodwin, of New York
City, is the principal underwriter.
John H. Ware Jr., of Philadelphia, is
President of the company.
Filed Oct. 16, 1936.
Turners Falls Power & Electric Co.
(2-2554, Form A-2) of Turners
Falls, Mass., has filed a registration statement covering $3,000,000 of first
mortgage bonds series A.
The company states that the interest rate on
the bonds will be either 3% or 3 M %, and that they will be due not earlier
than Dec. 1, 1956, and not later than Dec. 1, 1966.
The proceeds are to
be used for refunding.
George W. Lawrence, of Greenfield, Mass., Is
President.
Filed Oct. 16, 1936.
Assets—
30,*36 Dec. 31,'35
$446,490
$429,460
Marketable secure.
781,038
627,474
Customers'accts.- 1,256,345
1,131,305
Inventories
2,142,772
2,178,611
Sundry rec. & in v.
115,161
85,032
Notes & accts.
50,504 Surplus
Capital stock.'
4,260
1,787,899
Trade
marks, for¬
mulae, &c
Supp. def. research
prepd. exps.,<fcc.
1
1
165,689
179,820
1
1
Goodwill
of $827,904 in 1936 and $812,823 in 1935. b Repre200,000 (including 274 shares reserved for redemption of scrip
certificates outstanding) shares no par in 1935. c Authorization increased
to 1,000,000 shares by resolution of the stockholders on July 14, 1936.
Number of shares issued increased to 600,000 by three for one split-up on
a-After depreciation
sented by
July 21, 1936.—V. 143, p. 1384.
Acme Steel Co.
& Fed. taxes,
$538,847
$384,479
$1,444,474
$1,319,817
328,108
$1.64
—
328,018
$1.17
328,108
$4.40
Earnings per share.
..
328,018
$4.02
deduction for surtax on undistributed
provided for in the Revenue Act of 1936.—V. 143, p. 1549.
Note—The above figures reflect no
profits as
^
r
Adams-Millis Corp.—Correction—&
as
declared last week, payable on the
of record Oct. 23, not Oct. 22
"Chronicle."—V. 143, p. 2511.
The dividend of 50 cents per share,
common
stock on Nov. 2, will go to holders
stated in last week's
Aeolian
Co.—Earnings—
Accts. receivable..
Bills
$182,755
435,127
6,317
receivable...
-
117,370
Deferred
1,217,815
50,800
2,035,330
110,001
94,001
i
credits..
80,889
19,197
404,500
14,940
639,700
67,800
68,800
1,169,950
72,150
1,091,695
1,169,450
72,150
1,392,715
$ 100 per share).
Class A
x
i
(6%
pref.
cum.when earn.)
Common stock..
...$4,098,375 $4,207,820
Total
Represented by 14,430 shares of $5 each.—V. 141, p. 2266.
Period End. Sept. 30—
Va.—Earnings—
1936—9 Mos.'
1936—3 Mos.—1935
-1935
ciation, taxes, int., &
$15,890
per
share
67,099 shares
V. 141, p. 3682.
$24,019
$34,559
$63,248
$0.24
other charges
Earns,
$0.36
$0.52
$0.94
on
share class B
Allied Mills, Inc.
at $5 per unit.
Camptonville,
Calif.
100,000 shares of common stock of $1 par value at par.
Dr. Clyde Wayland,
140 No. 3d St., San Jose, Calif , is President of the corporation.
No
underwriter is named.
Capital Estates, Inc. (File 3-3-817), 420 Stock Exchange Bldg., Van¬
B. C.
Offering to its shareholders 20,000 shares of common stock
of $1 par value at $5 per share.
Robert Fiddes, 1989 Hosmer, Vancouver,
B. C., is President of the corporation.
No underwriter is named.
(& Subs.)
•Earnings—
Sept. 30 '36 June 30 *36
Period—12 Months Ended—
interest and normal
x$2,784,266
886,888 shares capital stock
Net prdfit after depreciation,
Federal income taxes
Earnings per share on
x
p.
After
2512.
$2,539,702
$3.13
(no par)
couver,
915,500
...
Net income after depre¬
underwriter is named.
No underwriter is named.
Turner Mines, Inc. (File 3-3-816),
43,389
913,500
Reserves
$4,098,375 $4,207,820
Alberene Stone Corp. of
Electric-El-Sani-Fume
$31,293
53,324
(non-
Surplus
x
54,289
7% cum. pref. (par
63,300
1,973,506
prop's
Total
named.
Bradley
pay.
1935
$30,960
current)
11,576
8,182
Co.,Ltd..London 1,217,815
Mtges. rec. on real
estate sold
1936
Liabilities—
1935
$119,308 Accounts payable534J.73 Accrued liabilities.
6,141 Wages pay. (curr.)
122,673 6% secured notes.
Mtges.
insur,,
prepd. taxes, &c
Due from Aeolian
No underwriter is
one
$15,131
Balance Sheet June 30
1936
Assets—
Cash
held for sale
of class A and
1934
1935
$31,851
1936
$3,480
Years Ended June 30—
Net income after all charges..
Ansonia Packing Corp. (File 3-3-812), 916 Carroll St., Brooklyn, N. Y.
Offering to dealers and brokers 80,000 shares of class A 7% cum. pref.
stock of $1 par value in units of four shares
1936—9 Mos.- -1935
1936—3 Mos.—1935
—„
outstand.
Shs. cap. stk.
(par $25)
&c
^
(& Subs.)—Earnings—
Period End. Sept. 30—
Net profit after int., dep.
Manufact.
20th Century Couch Manufacturing Co. (File 3-3-815), 900 Market
St., Wilmington, Del. Offering to brokers and security dealers 80,000 shares
of class A, 6% cum. pref. stock of $1 par value and 20,000 shares of class B
$6,890,171 $6,522,166
Total
..$6,890,171 $6,522,166
Total
stock of $1 par value and 20,000 shares of class B stock of $1 par value in
units of four shares class A and one share class B at $5 per unit.
Gustave
par.
34,660
63,691
186,000
212,735
2,698
2,924
c4,440,000 b4,440,000
1,207,429
1,568,185
6,737
1,841,658
equipment
Invest'ts at cost..
Corp. (File 3-3-813), 721 W. Ninth St., Los
Offering 14,400 shares of common stock of $5 par value at
A. M. Coker, above address, is President of the corporation.
No
Deferred income..
Land, building &
made any
Angeles, Calif.
-
rec.
Inventory
Weill, above address, is President of the corporation.
Fed'l Income tax..
70,080
rec.
481,597
149,782
452,635
.....
em¬
ployees fund
"Unexpired
A brief description of these
accrued expenses
Divs. payable
Due trustee of
18,952
26,369
from officers...
a
$150,000
Accts. payable and
39,526
27,150
from employees.
Notes & accts.
Prospectuses were filed for seven issues under Rule 202
which exempts from registration certain classes of offerings
not exceeding $100,000.
The act of filing does not indicate
that the exemption is available or that the Commission has
finding to that effect.
filings is given below:
Notes payable
Notes rec. for stock
sold to employs.
Dep. in closed bk.
31/35
$20,000
June 30,'36 Dec.
Liabilities—
June
Cash
estimated
provision
for
undistributed
profits
tax.- -V.
$2.86
143,
Financial
2664
Oct.
Chronicle
24, 1936
Billings in the September quarter this year were $16,750,007, an increase
or 51%
over billings of $11,098,568 in the corresponding
last year.
Orders booked in the three months ended Sept. 30,
1936, amounted to $17,121,315, an increase of 48% over the $11,534,807
bookings in the corresponding quarter of 1935.
As of the date of tnis report, there have been converted $9,114,500 of
the 4% bonds out of a total issue of $15,000,000, leaving outstanding
$5,885,500.—V. 143, p. 1549 742.
of $5,651,439
quarter
Specialists in
-
All
Rights and Scrip
.
#
Amalgamated Leather Cos., Inc.—Listing—
w
Stock Exchange has authorized the listing of 49,600
pref. stock (6% cumulative, convertible) par $50, in partial
49,600 shares of $7 preferred stock, par
$50, now outstanding; 248,000 shares of new common stock, par $1, in
partial substitution for certificates for 49,600 shares of $7 preferred stock,
par $50, now outstanding: 70,000 shares of new common stock in substitu¬
tion for certificates for 175,000 shares of old common stock, par $1, now
McDonnell & Co
The
York
New
shares of
new
substitution
/New York Stock Exchange
york Curb Exchange
.
Member«|New
120
BROADWAY,
NEW YORK
RECTOR
TEL.
Alabama Dry Dock &
outstanding; 297,600 shares of new common stock to be issued from time
to time on conversion of shares of preferred stock ($6% cumulative, con¬
vertible), making the total amounts applied for to date 49,600 shares of
new preferred stock, and 615,600 shares of new common stock.
2-7815
Shipbuilding Co.—Earnings-
Years Ended June 30—
$1,480,644
1,230,765
able
$435,445
28,129
Other income.
Consolidated Statement
1935
1936
Unvail-
Cost of sales.
for certificates for
$249,879
27,614
6 Mos. End.
Period—
Net earnings
Interest charges.
Depreciation
Federal taxes—
$463,574
4,585
92,222
Bond interest and discount
Depreciation accruals
Reserve for contingencies
Payroll taxes
„
$277,493
11,546
91,046
3,500
4,506
2,500
68,251
Reserve for Federal and State income taxes.
28,003
Previous surplus
782,167
83
.
494
Adjusting income taxes.
Total
$1,072,759
113,642
$895,334
113,167
$959,117
si
1933
$183,966
11,347
25,265
30,000
$304,752
2,651
25,014
30,400
$160,755
Trade accts. & notes
683,399
rec
Inventories
Notes payable to
banks——
payable
Acceptances
.—
16,667
Accts. payable, trade
Accrued liabilities
33,775
Sundry debtors
Investments
$200,000
278,493
61,838
Other current liabilities-——
2,371,288
1,323,162
$782,167
86,150
30,602
2,480,000
6% preferred stock
32,204
Common stock
318,000
235,191
Earned surplus
564,619
Deferred charges
Slow moving inventory
Capital surplus
Surplus, June 30
27,895
26,152
57,000
Liabilities,
Cash
Fixed assets (less deprec.)
Dividends.
1934
$157,275
Pro Forma Consolidated Balance Sheet, Dec. 31, 1935
Assets—
$144,396
750,443
-Years Ended Dec. 31
1935
[After giving effect to proposed reclassification of capital stock and adjust
ment relative to treasury stock]
a
$290,509
of Net Earnings
-
June30, *36
$98,095
3,984
12,600
20,000
836,854
Drll4
——-
Com. stock in treasury
Balance Sheet June 30
Assets—
Notes receivable..
Total
1935
1936
.
Plant & equlpm't. $1,568,927 $1,578,553
Cash
367,862
296,991
Liabilities—
7%
$597,800
89,745
782,167
928",144
18 894
and
payable..
46,764
Dividends payable
56,821
29,093
56,821
9,539
393,446
160,470
35,024
260,321
140,632
Earned surplus
1st mtge. 7% bds.
Stocks and bonds.
55,646
61,999
Ins. fund—pay'les.
28,005
39,641
Inventory
Wk. In process un¬
der contract
Notes,
(at
accts.
wages
cost)
115,000
Reserves
W'kmen's compen.
ins. fund—cash,
bonds <fcreceiv._
109,730
13,979
Def'd chgs. to oper
Total
—V.
90,678
11,595
Total
$2,707,606 $2,515,439
141,
p.
$2,707,606 $2,515,439
2578.
profits
12 Mos. End. Sept. 30—
1936
Net sales
$6,487,991
Operating expenses
Depreciation
4,712,296
1,146,862
-Earnings—
1935
1934
1933
$4,583,014
3,562,458
1,431,476
$3,960,870
3,592,176
1,415,088
Operating loss
prof$628,833
xll0,547
$424,414
xl52,316
$410,920
139,180
3 Months Ended—
prof$739,380
97,139
Cr3,405
$272,098
$271,740
$980,940
Cr2~917
Cr'l"l'964
Cr9*,455
profy$645,646
$269,181
58,334
644,600
$259,776
140,000
$971,485
140,000
Minority interest
Net loss
Preferred dividends
Common dividends
644,600
shs.
com.
Isur $1,04 6
on
644,600
stk. (no par)
$972,115
$399,776
$1.00
market at close of
1934.1
y
Excludes $93,561 loss
on
sale of investments
charged to surplus account^
)mNole—Above statement includes operations of Alpha Sand Co., a former
subsidiary of Alpha Portland Cement Co., to March 31, 1936, as the com¬
pany disposed of its
interests therein on Arpil 24, 1936.
Consolidated Balance Sheet Sept. 30
1936
Assets—
Cash
1,735,666
Marketable
Work
securs.
3*686,803
t&t
funds, adv.,
&c
1936
$
15,615,213
1,478,331
2,647,452
157,159
147,454
Accts. & notes rec.,
► less reserve
Liabilities—
y
Common
$
stock.
580,754
1,111,304
Misc. inv., at cost
59,634
Deferred items...
20,411
516,055
1935
$
16,759,600 16,759,600
Accounts payable.
Accrued taxes
339,531
238,707
161,150
DIvs. payable
Reserves
293,034
58,983
161,150
; 643,485
648,190
3,516*269
Surplus
Brake
Shoe
Divs.
x
rec.
not
from
143,
p.
y
Surplus
Shs
(net)
Total income..
Debenture int. and amort, of discount and
exp...
Miscellaneous charges
Provision for normal Federal income taxes
share
$2,710,183
$2,026,024
224,787
62,786
725,901
309,132
671,820
187,693
$392,823 z$l,675,150
425,913
165.559
672,870
152,923
$1,166,511
$576,367
$211,066
611,692
$1.09
S
Property acct...
-
$74,341
611,692
$0.37
611.712
$2.04
496,676
458,769
Sept. 30*36 Dec. 31 '35
Pat'ts & goodwillCash
U. S. Govt.
sees..
Marketable
secure.
Investments
$1,728,599
311,951
176,554
$4,988,943
459,132
$2,217,105
574,186
128 997
Total
x
$
9,740,339
1,391,597
3,093,3.50
bU.%
1,064,522
Accounts payable-
2,548,639
3,843,749
2,124,576
3,412,257
110,922
126,283
154,725
7,132,822
196,557
cum.
pref. stk.
cum.
conv.
9,395,500
7,647,150
621,161
Accrued accounts.
792,021
Res. special contin
466,814
pref. stock
Res. gen. conting.
7,069*636
140,778
7,646,150
453,212
677,676
359,860
932,546
727,425
179,336
199,832
5,093,962
4,309,715
Mln. int. in consol.
subsidiaries
29,985,594 28,928,332
After depreciation,
7%
$
9,460,500
yCommon stock—
780,355
rec.
Due from subsids.
Liabilities—
Liabilities—
9,775,862
1,518,410
3,487,489
597,491
603,567
25,740,384
$4,343,998
449,786
195,158
Capital surplus
Earned surplus.
Total
—
5,078,609
4,872,457
29,985,594 28.928,332
Represented by 611,712 (611.682 in 1935) no-par
shares, excluding 1,224 shares held in treasury.—V. 143, p. 1862.
y
American Chain Co.,
Inc.-
-To Resume Common Dividend
Payments—
820,000
268,566
a dividend'of $1 per share on the common
stock, payable Oct. 30 to holders of record Oct. 26. This will be the first
x$3,580,813
1,558,090
$1,374,919
1,335,326
$2.30
$1.03
distribution to be made on the common stock since April 20, 1931, when a
dividend of 50 cents per share was paid.
The directors also declared an initial dividend of $1.04166 per share on
the new 5% preferred stock, par $100, payable Dec. 15 to holders of record
x Before
provision for Federal surtaxes on undivided profits.
The net current and working assets on Sept. 30,
1936, were $29,588,866
(including cash and marketable securities of $3,326,078), compared with
$24,922,310 on Sept. 30, 1935, representing an increase in net working
capital of $4,666,555.
Billings for the nine months of 1936 were $44,149,060, compared with
$27,468,984 in the corresponding period of last year, an increase of $16,680,075 or 61%.
Orders booked in the nine months of the current year
amounted to $47,786,152, an increase of $19,225,238 or
67% over the
$28,560,913 bookings in the same period of 1935.
Unfilled orders on
Sept. 30, 1936, totaled $11,147,684, compared with $9,105,788 on Sept. 30,
1935, an increase of $2,041,896 or 22%.
Net income for the quarter ended Sept. 30,
1936, was $1,492,212 or 96
cents a share on the full number of shares
outstanding as mentioned above,
compared with $819,964 or 61 cents a share in the third quarter of 1935.
67,867
$680,396
x Dividends received from
subsidiary companies not consolidated were
than the company's proportion of their combined earnings in 1936
by $52,007 and exceeded the company's proportion of thei combined earnings
in 1935 by $41,779.
y Without gains of $96,365 in 1936 and $4,004 in
1935 transferred to reserve for general contingencies, being the sum of or
difference between the gain from revaluation to quoted market value at
end of the period of United States Government and marketable securities
and the profit or loss for the period on sales of securities,
z Before pro¬
vision for surtax on undistributed profits.
Deferred charges..
39,805,061
Operating income
per
1935
expenses
except Federal income taxes..
Earnings
108,776
$236,161
611,712
$0.78
-
per share
Other assets
$44,149,060 $27,468,984
depreciation and all
Net income
Common shares outstanding
21,687
z$604,162
123,316
244,685
^
stock (no par)
com.
Earnings
$1,958,157
$2,601,407
$971,783
255,489
112,132
dividends
Inventories
1936
.
Interest and discounts
Miscellaneous (net)
1936—9 Mos.—1935
$658,709
45,194
Net income
after reserves...
Other income:
(& Subs.)-
$926,589
Common dividends
Notes & accts.
417
Allis-Chalmers Mfg. Co
.-—Earnings—
Nine Months Ended Sept. 30—
Net sales billed.
^
Co.
Foundry
Consolidated Balance Sheet
"
incl.
&
surtax
subs,
consolidated
Preferred
x
been transferred to the
property accounts.—V.
Nil
Nil
Nil
1936—3 Mos —1935
Period End. Sept. 30—
Operating profit
Assets—
21,658,742 21,647,485
Total.........21,658,742 21,647,485
Represented by 644,600 no par shares,
z At Sept. 30, 1935, machinery
parts aggregating $395,178 heretofore included as
inventory have
of sales,
.
—..
Sept. 30'36 Dec. 31 *35
64,396
53,668
spare
Cost
$231,909
53,878
Total
y
$102,4o6
Earnings—
zl,124;916
L.
r
$109,600
Note—No deduction necessary for normal Federal income taxes or
undistributed profits.—V. 143, p. 1385.
3,672,652
Min. int. In subs..
Inventories
18,255
less
1935
$
Property account. 14,307,011
26,526
134,126
27,557
...
x Includes
$29,915 in 1936 ($23,521 in 1935) net profit on sale of se¬
curities, and $35,743 adjustment of marketable securities to lower of cost
or
22,980
129,801
charged to
earned surp. acct__prof.$23,158
Earns, per sh. on 210,934
shs. cap. stk.(no par)$0.11
Fed. & for'n inc. taxes—
j
23,012
162,561
11,954
loss
Depreciation
$1,111,485
j
$275,744
187,818
24,372
Total income
Deficit.
Earns. per sh.
Sept. 27 '34 Sept. 27 '33
$161,465
$258,526
205,166
189,946
Oct. 3 1935
156,278
7,543
of mines
American
Total loss
1 1936
$386,542
175,191
Oct
sales on ship'ts made
during period
Deprec. of pl'ts & deple.
$1,046,394
65,454
Federal income tax
143, p.2512.
Agricultural Chemical Co. (Del.) (& Subs.)
Gross profit from oper—
Gen. oper. & adm. exps.
Prov. for losses on time
on
Other income (net)
$4,856,442
—Earnings—
Net
$4,840,051
3,813.497
1,450,968
--
estimated returns amounting to $54,904.—V.
on
American
Reserve for self-insur'ce.
Alpha Portland Cement Co.
Total
a Including accounts receivable in foreign countries, collection of which
is expected to be realized as heretofore in accordance with existing regula¬
tions after deducting reserves for losses, discounts, commissions and gross
825,918
29,213
Accts. receivable..
$4,856,442
1935
1936
pref. stk.
$597,800
89,745
959,117
cum.
Common stock
■
I
The directors have declared
Dec.
Y.
1.
This dividend is for the period Oct. 1, 1936, to Dec. 15, 1936.—
143, p. 2356.
American Chicle
Co.—Special Dividend—
The directors have declared a special dividend of $1.50 per share in addi¬
tion to the regular quarterly dividend of $1 per share on the common stock,
no
par value, both payable Dec. 15 to holders of record Dec. 1.
Dividends of $1 per share were paid on Sept. 12 and on July 1, last; 75
cents per
share was distributed each three months from April 1, 1934. to
April 1, 1936, inclusive, and dividends of 50 cents per share were paid each
quarter from Jan. 1, 1929 to and including Jan. 2, 1934.
Extra dividends were paid as follows: 25 cents on April 1 and Jan. 2, last;
50 cents on July 1 and Jan. 2, 1935, and 25 cents per share paid each three
months from Jan. 1, 1930, to and including Jan. 2, 1934.—V. 143, p. 2512.
Volume
Financial
143
American Gas & Electric Co. (&
Chronicle
September Output—
Subs.)—Earnings-
Subsidiary Companies Consolidated (Inter-Company Items Eliminated)
Period End. Aug. 31—
Operating
Operating
revenue
_____
expenses
Operating income...
1936—Month—1935
1936—12 Mos.—1935
S5.838.086
$5,291,444 $68,039,550 $63,437,192
3,801,016
3,485,818
43,406,618
40,182,504
75,519
Other income
Total income
...
Deductions
...
Balance
.
$1,805,625 $24,632,931 $23,254,688
61,187
768,756
720,665
$2,112,589
1,339,571
$1,866,812 $25,401,688 $23,975,353
1,344,619
16,175,114
16,171,379
$2,037,070
...
$773,018
$7,803,973
$9,226,574
$522,193
American Gas & Electric Co.
Total income
—
Expense
Deductions
...
Balance..
$1,232,336
$964,136 $14,697,220 $13,157,783
43,269
583,459
440,090
391,378
4,696,539
4,696,539
67,431
391,378
$773,526
$9,417,221
$529,488
_
$8,021,153
—V. 143, p. 2037.
American Home Products Corp. (& Subs.)—Earnings—
Period Ended Sept. 30, 1936—
Net income after deprec., int. & Federal income
taxes, but before pro v. for surtax on undistrib.
$2,157,981
$818,832
Earns, per sh. on 741,060 shs. capital stock
$1.11
$2.91
Note—Includes proportionate net earnings from the
properties and assets
of Affiliated Products, Inc., from date of
acquisition.—V. 143, p. 574.
American Investment Co. of 111.
Period End. Sept. 30—
Net inc. after ah charges
Shares
stock...
common
Earnings
per
share
The power output of the electric subsidiaries of American Water Works
Electric Co. for the month of September totaled 209,666,885 kilowatt
hours, against 166,575,154 kilowatt hours for the corresponding month of
1935, an increase of 26%.
For the nine months ended Sept. 30, 1936 power output totaled 1,772,736,074 kilowatt hours, against 1,498,425,083 kilowatt hours for the same
period last year, an increase of 18%.
Weekly Power Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Oct. 17, 1936, totaled 50,073,000
kwh., an increase of 19% over the output of 42,109,000 kwh. for the corre¬
sponding period of 1935.
Comparative table of weekly output of electric energy for the last five
years follows;
'
Week Ended—
1936
(& Subs.)—Earnings—
1936—3 Mos.—1935
$96,644
$60,687
120,000
65,000
$0.57
$0.64
$281,681
Subs.)—Earnings—
[American Window Glass Co., American Photo Glass & Export Co. and
Western Pennsylvania Natural Gas Co.]
Years Ended—
Net
profit
Aug. 28 '36 Aug. 30 '35 Aug. 31 '34 Aug. 25 '33
from
oper.
before prov. for depreci
Other income, interest,
$357,093
$820,035
$534,132
$583,826
20,728
16,501
25,863
3,965
$840,764
166,704
$550,633
152,040
$609,689
207,863
$361,058
213,593
royalties, &c
120,000
$1.65
65,000
$1.73
Prov. for depreciation._
Adminis., sell., develop.
& shut-down, strike &
!
have
declared a dividend of 50 cents per share on the
stock, payable Nov. 16 to holders of record Nov. 6. A like payment
on Sept. 15, last and
compares with dividends of 40 cents paid
on July 16, last; 30 cents
paid on May 16 and on March 16, last, and
dividends of 25 cents per share distributed each two months
previously.—
V. 143, p. 1386.
common
made
x648,288
x619.962
588,349
591,359
.prof $25,772
1,485,665
flood expenses
was
'
American Window Glass Co. (&
$169,881
American News N. Y. Corp.—50-Cent Dividend—
directors
1932
27,156,000
27,406,000
27,827,000
28,011,000
1936—9 Mos—1935
—V. 143, p. 2513.
The
1933
37,100,000 33,077,000
41,187,000 32,904,000
41,682,000 33,001,000
42,109,000 33,625,000
49,010,000
Oct.
3
49,573,000
Oct. 10
49,473,000
Oct. 17
50,073,000
—V. 143, p. 2514.
32,196,000
31,221,000
32,184,000
32,869,000
1934
1935
Sept.26
Consolidated Income Account
profits
„
&
9 Months
3 Months
2665
$221,370
1,707,035
$186,523
1,893,558
$443,895
def696,378
...
Loss for year
Previous surplus
.
Res. for Fed. inc. & prof.
2,715,116
taxes transf. to surp._
Net refund of Federal in¬
357,185
come tax
Net cr.'s applic. to prior
American
Seal-Kap Corp. of Del.—Listing—
13,300
year's operations
The New York Curb
Exchange has approved the listing of 138,130 out¬
common stock, $2 par, and will list 827 additional shares
stock, $2 par, upon notice of issuance.—V. 143, p. 1386.
Total...
standing shares of
of
common
American
Operating
revenues
Operating expenses
Operating taxes
25,014
6,018,906
841,792
$1,524,737
sale
of
Surp. at end of
1936—Month—1935
$8,723,736
oper. rev
on
aban-
$1,838,024
1936—8 Mos—1935
$7,851,701 $70,712,628 $61,752,938
39,336
246,773
356,709
5,855,256
49,334,099
47,746,685
•
530,137
6,789,301
3,931,223
$1,426,972 $14,342,455
$9,718,321
x
1946, have been called for redemption
on
interest.
trust gold bonds due Dec. 1,
Dec. 1, next, at 105 and accrued
$1,893,558
1936 and $76,786 in 1935.
Liabilities—
24,543
Accounts
for
State taxes
7%
7%
Total..
x
1, 1937, the official
Retirement of this issue will require about
2, J will b^made about Dec. 1.
qplO^x »000>900#
Details as to the amount,
maturity and interest'rate on the issue have not
been decided, although these matters have been
under consideration by
the company and investment bankers for some
time, it is stated.
In view
of the success of the distribution of the
$150,000,000 debenture 3Ms, it is
assumed that the coming issue will
carry a similar coupon.
The amount
to be offered publicly will
depend largely upon the extent to which the
company uses its surplus funds to pay the premium on the called bonds.
—V. 143, p. 2513.
...18,849,807 18,821,620
x
American Sumatra Tobacco
Corp.—Extra
the class A capital stock from Oct.
on
Dividend—
common
stock,
share
on
Net profit on
1.
no
par
1934
1935
$465,178
84,935
$647,016
81,639
38,382
44,771
12,589
64",831
64,560
3,128
$617,987
$616,879
484,183
107,950
foreign exchange
Interest, &c., earned less paid
Sundry earnings
Total revenue
Mine operating expense, incl,
416,339
develop.
Insurance-
1,935
$834,726
"21,092
4,898
— —
Municipal taxes
General and administration expense..
71,269
o,668
1,421
$123,289
-511,042
Profit
Dividends paid
2,115
90,463
1,700
10,560
71,561
1,995
$58,208
501,042
Reserved for depreciation
the
value, both payable Dec. 15 to holders of record
were paid on Dec. 16 and on Sept.
16,
*935.
extra dividend of 25 cqhts per share was paid on Sept. 15, 1934.
—V. 143, p. 1709.
Dec.
1, 1927.—V. 141, p. 2727.
1936
$452,675
Years Ended July 31—
Metal recoveries, incl. premium
Dividends
The directors have declared an extra dividend of 50 cents
per share in
to the regular
quarterly dividend of 25 cents
per
6,991,500
5,995,615
1,485,666
18,849,807 18,821,620
Total.
Examination and claims written off..
addition
6,991,500
5,995,615
1,524,737
Common stock..
Earned surplus...
Anglo-Huronian, Ltd.—Earnings—
on
debenture 5s are callable upon
As the next int. payment date is Feb.
class A
Represented by 129,905 no par shares.
and
Feb. 1, 1965.
60 days' notice on any int. date at
110 and int.
pf. stock 3,995,000
cum.
Note—Dividends have accumulated on the pref. stock from Sept. 1, 1929,
coming operation, it is said, will involve refunding or the company's out-
st^inf fl49.899.000 35-year 5% debentures due
cum.
stock
17,188,046 17,122,750
39,425
39,036
...
21,525
3,995,000
Prov. for Fed'l and
g'dwill, less res.
obsolescence-
157,314
36,935
1,408,582
23,953
45,308
Deferred charges..
>-z—
172,163
and accrued ltab.
900,834
Inventories
202,756
Plants, real est. &
Refund $149,899,000 Bonds Next Month—
A second major step in the
refunding program of the company will be
taken late next month,
according to those well informed.
It will follow the
public distribution last week of $150,000,000 of 3H% debentures.
The
133,855
payable
543,930
doubtful accts..
175,000
1-
Loans payable
rec.
reserve
Aug. 28 '36 Aug. 30 '35
$
$
Notes payable....
for deprec'n and
Payment of both of the above issues will be made at the company's office
195 Broadway, N. Y. City, and in the case of the latter
issue, also at
the Old Colony Trust Co.. Boston,
Mass,
To
$1,707,035
$
132,262
Other assets
9? thenutstanding 30-year 5% collateral
$1,485,666
Aug. 28 '36 Aug. 30 *35
Cash
less
accrued interest.
$1,932,028
Comparative Consolidated Balance Sheet
of the
outstanding 35-year sinking fund 5% gold debentures due
Jan. 1, I960, have been called for
redemption on Jan. 1, 1937, at 110 and
$1,524,737
Includes taxes of $88,389 in
Notes & accts.
Bonds Called—
All
$1,707,035
38,471
year..
Assets—
Net oper. income
$1,485,666
■:
doned property.
Telephone & Telegraph Co.—Earnings—
Period End. Aug. 31—
Uncollectible
Loss
931
$203,896
Similar extra dividends
$387,753
Deficit-
$442,834 sur$203,896
-
American Type Founders, Inc.—Stock
Balance Sheet July 31
approval of the
Stockholders also approved contracts providing for purchase
of 35,000 shares by Thomas R. Jones,
President, and 7,500 shares by
Edward G. Williams, Vice-President, as part of the 58,500 shares.
stockholders.
Cash
—-
~
Loans
Special
Operating profit.
_
129,449
38,930
Prepaid & def. chgs
Exploration expen¬
ditures on other
$363,401
102,348
Total income,
$465,749
165,115
81,262
33,000
taxes
profit
x$186,372
$0.55
Earns, per sh. on 338,636 shs. capital stock (par $10).....
x Befbre provision for Federal surtax on
undistributed profits.
14,851
4,463
a
5,286
447.251
properties
447,239
5,706
6,961
Mine, mill, camp
and office bldgs.,
plant, mach. and
equipment
$6,428,872 $5,496,202
Total
a
After
depreciation,
have declared
the full interest of 214%
on
the Jan.
15,
American Water Works & Electric
Co., Inc.—Earnings
9 Mos. End. Sept.
N et sales
30—
Mfg. cost of sales, admin.
& general expenses-..
Period End. Aug. 31—
1936—Month—1935
1936—12 Mos.—1935
$4,404,594
$3,996,955 $50,502,394 $46,795,924
Oper. exps., maint. & tax
2,384,737
2,033,726
26,359,891
24,410,166
Gross earnings
Gross income
$2,019,857
$1,963,228 $24,142,503 $22,385,758
Int., amort, of discount, &c., of subsidiaries
8,906,507
8,821,351
5,713,517
5,713,666
Int., amort, of discount, &c., of A. W. W. & E.
Co., Inc
1,190,619
1,508,638
Reserved for renewals, retirements and depletion.
3,835,321
3,412,724
Preferred dividends
1,200,000
1,200,000
Preferred dividends of subsidiaries
...
Other income
Interest
Depreciation
Other deductions
Net loss
per
share
$3,296,537
$1.61
$1,729,376
$0.99
k
by
1,302,605
no
par
shares
in
in 1935.—V. 142, p. 3332.
Inc.- -Earning s-
1935
1934
1933
1936'
■
$4,550,169
$4,107,527
$3,435,675
$3,323,381
4,349,129
3,899,688
3,384,100
3,053,920
$201,040
17,079
$207,838
£1,504
$51,575
16,774
$269,461
23.789
$218,119
231,907
115,069
82,269
$229,342
231,908
118,662
99,787
$68,349
231,907
123,292
103,004
$293,250
$211,126
$221,014
$389,854
$181,270
231,922
127,697
114,901
ended Sept. 30, 1936, net loss was $88,641 comparing
$94,999 in the September quarter of 1935.
The balance sheet as of Sept. 30, 1936 shows total assets of $8,941,096
comparing with $9,111,565 on Sept. 30, 1935. Capital surplus was $1,396,For the quarter
with
Balance for common stock and surplus
...
$6,428,872 $5,496,202
Total
b Represented
American Writing Paper Co.,
directors
1937, coupon.—V. 143, p. 2197.
Earnings
15,851
1936 and 1,252,605 no par shares
Interest—
The
97,880
4,055,97c
1,262,334
Advs, to & shs. in
__
Other charges
Interest
Net
$61,122
18,886
Mining and milling
other min'g cos.
income
$164,785
Unclaimed divs...
22,294
Res. for taxes
57,452
bCapital stock..
4,305,979
Surplus
1,878,362
charges
50.113
17,891
10,074
_
31,068
101,248
Accts., Int. & dlv,
receivable
1935
B1936
Accts. pay.&accr.
""
In
Invest,
supplies
Other income—
Federal
—
shares at cost...
Bullion..
$3,678,375
3,314,974
-
Costs and expenses
Liabilities—
1935
$1,880,339 $1,054,602
2,959,793
3,486,491
780,987
436,477
(secured)..
Investment
Earnings for 6 Months Ended Sept. 30, 1936
Sales
1936 "*
Assets—
Options Voted—
Stockholders at special meeting held Oct. 16 approved action of directors
setting aside 58,500 shares of common stock for allotment prior to
June 1, 1941, to executives of the company for optional purchase within
five years from date of such allotment at not less than $10 a share.
No
allotment shall be made to any director except by express
In
a
net loss of
Financial
2666
960 against a similar amount on Sept. 30, 1935, and operating deficit was
$1,528,820 against deficit of $1,011,938.
Current assets on Sept. 30, 1936, including $253,182 cash, amounted to
$2,007,143 and current liabilities were $370,322 comparing with cash of
$206,623, current assets of $1,946,906 and current liabilities of $1,144,141 on
Sept. 30, 1935. Inventories were $1,081,503 against $1,117,797.—V, 143,
P. 2357.
Ansonia Packing
Oct. 24, 1936
Option No. 2 would give the holder of 100 common shares 10 new shares
and warrants to purchase 20 additional shares at $11 on or before Dec. 15,
1937.
Under the reorganization plan direct the warrants would be exer¬
cisable at $15 a share up to Sept. 1, 1945.
Warrants in all instances would
be payable in cash or fn new refunding mortgage bonds, at face value.
Under Option No. 1, it is understood not more than 125,000 shares of
Baldwin
common
will be taken in and under Option No. 2, not more than
50,000 shares.
Co.—Registers with SEC—
See list given on first page
Chronicle
Income Statement for 12 Months
of this department.
Ended Sept. 30
[Including Midvale Co., 61% Owned]
Apex Electrical Mfg. Co.—EarningsPeriod End. Sept. 30—
Net inc. after all charges,
Sales
1936—9 Mos.—1935
1936—3 Mos.—1935
$7,728,372
$81,930
x$432,534
$0.76
$4.41
$1.50
19,875,918
1,853,278
13,003,812
1,854,646
9,329,552
1,847,433
$1,130,188
$2,555,861
$3,448,613
606,617
353,467
584,907
769,808
$218,554
1,637,500
Dr407,828
242,230
$776,721
1,332.615
Drl60,927
9,633
$1,970,954
1,547,896
Dr60,652
$2,678,805
1,367,400
Cr41,382
$2,506,111
$2,279,898
$3,777,093
$178,201
$1.88
1933
$825,171
Depreciation.
x$180,416
1935
18,190,373
1,847,667
Costs and expenses..
incl. prov. for Federal
income taxes
Operating loss
Earns, per share on com.
stock
1934
$19,212,869 $20,599,008 $12,302,597
1936
outstanding
Other income
-
Before provision for surtax on undistributed profits.
x
Lass..
Preferred Back Diivdends toBe Paid Up—
The directors have declared
dividend
of $3
Interest, &c
share on account of
accumulations on the 7% cumulative prior preferred stock, par $100, pay¬
able Nov. 16 to holders of record Nov. 5.
This payment will clear up all
arrears on the stock as of Oct. 1, last.
For detailed record of dividend pay¬
ment see V. 143, p. 1709. a
per
Midvale Co. minor, int.
Prov. for Fed. inc. tax..
Net
loss...
Light Corp.
Subsidiary]
1936—Month—1935
$797,988
$706,169
441,392
369,202
Operating revenues
Oper. exps. and taxes—
Net revs, from oper_„
Rent from leased prop¬
taxable net income, but does not include pro¬
vision for the Federal surtax on undistributed profits of such companies
from Jan. 1, 1936, the amount of such tax, if any, not being determinable
Light Co.—Earnings—
[Electric Power &
Period End. Aug. 31—
Gross corp. income
Int. & other deductions.
$336,967
$3,344,028
$3,394,680
602
102,885
12,416
sidiaries, including the Midvale Co., amounted on Sept. 30, 1936 to $13,781,459 as compared with $5,647,847 on Sept. 30,1935 and with $13,117,083
on June 30, 1936, without inter-company eliminations.—V. 143, p. 2516.
12,489
14,439
$367,759
157,967
a
Consolidated unfilled orders of the Baldwin Locomotive Works and sub¬
9,550
1,613
1,064
companies having
at this time.
1936—12 Mos.—1935
$7,622,144
$7,235,441
4,278,116
3,840.761
$356,596
erty (net),.
Other income (net)
$338,633
156,841
$3,459,329
1,882,265
y$209,792
y$181,792
Property retirement reserve appropriations
z Dividends applicable to
preferred stocks for the
period, whether paid or unpaid..
$1,577,064
592,200
Baldwin Rubber
Co.—Earnings-
Period Ended Sept. 30, 1936—
—3 Mos.
Net profit after charges and Federal income taxes,
but before provision for Federal surtax on un¬
distributed profits
$3,421,608
1,889,085
$1,532,523
600,600
$56,643
$0.20
Earns, per sh. on 278,604 shs. cap. stock (par $1)_.
Balance
—V. 143, p. 1712.
949,265
949,269
$35,599
def$17,346
The
Before property retirement reserve appropriations and dividends,
Dividends accumulated and unpaid to Aug. 31, 1936 amounted to
Latest dividends, amounting to $1.75 a share on $7 pref.
stock and $1.50 a share on $6 pref. stock, were paid on July 1, 1936.
Divi-'
dends on these stocks are cumulative.—V. 143, p. 1710.
$301,706
$1.08
:
RR.—Trucking Agency Replaced—
announced on Oct. 15 that the Universal Car Loading
withdrawing from its lines between New York and Baltimore
and was being replaced by the General Car Loading Co.
and other agencies.—V. 143, p. 2199.
company
Co.
was
and
y
9 Mos.—
V-.' 'V
Baltimore & Ohio
Balance
$4,004,823
Note—The above statement for 1936 includes provision for normal income
taxes of
Arkansas Power &
197,591
elsewhere
z
$1,344,792.
Associated Gas & Electric
Baltimore Transit
Period End. Sept. 30—
Operating revenues
Operating expenses
Co.—Weekly Output—
For the week ended Oct.
10 Associated Gas & Electric System reports
electric,'output of 86,167,577 units (kwh.), an increase of 15.0% over
Because of rate cuts and higher expenses and
mounting taxes, operating income has not kept pace with the higher output,
being approximately 6% above a year ago.—V. 143, p. 2515.
Taxes
net
the same week of last year.
$67,420
1,861
$15,091
3,166
$491,134
15,722
$312,256
$69,281
9,962
$18,258
11,769
$506,856
91,839
$330,428
87,052
$59,319
,
$6,489
$415,017
$243,375
—V. 143, p.
$1,625,500 x$6,161,200 $1,880,503
2.664,904
2,664,000
2,664,904
$0.61
$2.20
$0.71
Period End. Sept. 30—
Net profit after deprec.,
federal taxes, &c..._
Shares common stock no
Bangor & Aroostook RR.—Earnings—
Period End. Sept. 30—
1936- -3 Mos.—1935
248,967
$1.15
249,967
$0.93
248,967
$3.28
$52,700
13,038
def$41,005
33,028
$843,370
25,798
$1,178,800
39,967
Gross income...
Deductions
$65,738
60,513
def$7,977
61,196
$869,168
548.659
$1,218,767
578,619
$5,225
def$69,173
$320,509
$640,148
Operating income
$819,858
249,967
$1.86
share.
$291,015
311,048
20,972
Tax accruals
1936—9 Mos.—1935
$1,113,737
x No provision has been made for Federal
surtax on undistributed profits,
Including $60,317 profit from sale of securities.
Net profit for 12 months ended Sept. 30,
1936, was $1,455,049 after
charges and Federal income taxes, equal to $4.24 a common share, comParing with $1,018,965 or $2.16 a common share in 12 months ended Sept.
30, 1935.—V. 143, p. 2358.
Net income
y
Atlas Plywood Corp.—To
—V.
interest
by means of funds to be derived from sale of a new cumulative
convertible preferred stock entitled to dividends of
$1.25 annually.
Special
meeting of stockholders to ratify proposal has been called for Nov. 9 to
(W.
act
upon resolution by which the common stock is to be increased from
177,240 shares to 250,000 shares and 70,000 shares of new $20
par value
cumulative preferred stock are to be authorized.
President MacPhie states that the
contemplated action will free the
Chicago Stock Exchange has added to the list 199,920 shares of
stock, $1 par, of which 172,120 shares will be admitted to trading.
The stock will be admitted to trading on notice of registration under the
Securities Exchange Act of 1934.—V. 143, p. 1221, 1551.
corporation from funded .indebtedness and adds:
"The uncertainty with
to what ibusiness^and financial conditions
may be in 1943 when
the debentures
„mature, will not have to be further considered.
The
capital structure will consist only of common and preferred stocks with
the possibility of conversion in time of all the
preferred into common."
common
share for share.
quarterly of 15%
$27 per share.
of net
I
would
profits after
Barber
The
taxes
for
retirement,
New
Co., Inc.—Listing—Change of Name—"
York
Stock
Exchange has authorized the listing of 413,333
shares of capital stock (par $10) bearing the name "The Barber Co., Inc.,
on official notice of issuance in substitution for an equal number of shares
a share and will be exchangeable
have a sinking fund, calculated
Federal
H.) Barber Co .—Added to List—
The
common
respect
into
Insurance Co. of N. Y.—Larger
The directors have declared a dividend of $1.25 per share on the capital
stock, par $1, payable Nov. 7 to holders of record Nov. 2.
This compares
with regular quarterly dividends of $1 per share previously distributed.
In addition extra dividends of 25 cents per share were paid on Aug. 7, last,
Nov. 8, Aug. 8 and May 9, 1935—V. 143, p. 576.
Recapitalize—
preferred will be callable at $27
2516.
p.
Bankers & Shippers
$1,584,000 5 lA % debentures
company's treasury) at 105 and accrued
new
143,
Dividend—
The company proposes to call its
outstanding
due May 1, 1943 ($179,000 in the
1 he
1936—9 Mos.—1935
$4,312,096
$4,617,042
3,039,013
3,045,423
>
429,713
392,819
$391,572
296,286
42,586
Operating expenses
y$340.076
1936—Month—1935
Other income
-Earnings—
x$377,982
par.outstanding
per
2039.
Gross operating revenues
(& Subs.)-
18,l7l
1936—9 Mos.—1935
Before Federalsurtax on undistributed profits.—V. 143, p. 1388.
Earnings
1936—9 Mos—1935
$8,714,932
$8,235,898
7,376.710
7,197,560
847,088
726,081
Net income
Atlas Powder Co.
i
1936—Month—1935
$929,033
$861,650
779,276
766,990
82,337
79,568
Fixed charges
(& Subs.)—Earnings—
1936—3 Mos.—1935
deprec., deple'n, &c..x$3,023,809
2,664.000
Earnings per share..$1.08
x
Operating income
Non-operating income..
Gross income
Atlantic Refining Co.
Period End. Sept. 30—
Net profit after interest,
Shs.cQ.n.stk. (par $25).
Co.—Earnings—
[Baltimore Coach Co.—Inter-Company Items Eliminated]
of
capital stock of like par value listed and outstanding bearing the
name
"General Asphalt Co."
at
^ The directors by resolution
adopted Sept. 15, declared advisable and
recommended certain proposals affecting the outstanding capital stock of
,
The new issue of preferred has been underwritten by Van Alstyne
Noel & Co. under which the
company will receive not less than $22.50 per
share.—V. 143, p. 1220.
_
Auburn Automobile Co. (&
^.Period End. Aug. 31—
loss
Net
1936—3
after deprec.,
minority int.,
taxes,
&c
,
Subs.)—Earnings—Mos—1935
1936—9 Mok—1935
$100,028
.
$933,923
$949,316
$1,796,410
of Au«* 31« 1936- deluding $842,053 cash,
amounted
$1,006,456.
This compares with
cash of $449,841, current assets of
$4,390,894 and current liabilities $759,745
on Aug.
31, 1935.—V. 143, p. 576.
*
to
$3,921,590 and
current liabilities were
Automobile Finance
Period End. Sept. 30—
Net profit after expenses
and other
Shs.
charges
1936—9 Mos.—1935
$38,719
137,310
$26,964
106,980
$103,010
137,310
$0.17
stk. outst'g..
com.
Earnings
—V. 143,
$0.16
$0.41
share
p. 1864.
per
(1) Considering and voting upon a plan of liquidation of three of the
corporation's wholly-owned subsidiaries, viz.: Barber Asphalt Co., Bertrin
Petroleum Co. and Gilson Asphaltum Co., by which the assets of the com¬
panies will be transferred to the corporation subject to the assumption
by it of all liabilities of the said companies.
(2) Considering and /voting upon amendments to the certificate of in¬
corporation to change its name to "The Barber Co., Inc.," to remove
certain restrictions with respect to the sale of assets and issuance of secured
bonds as now contained in Article VII thereof and to authorize the directors
to
authorize, issue and dispose of bonds, debentures
or unsecured.—V. 143, p. 2039.
$70,364
106,980
$0.38
Baton Rouge
Gross
The company paid a dividend of 50 cents
per share on the common stock,
no par value, on Oct. 23 to holders of record Oct.
15.
This was the first
payment made since Dec. 15, 1935, when a similar dividend was paid.—
p.
1429.
Baldwin
mon
Locomotive Works—New Offer Made to Com¬
Holders—
Welz
&
Electric Co.—Earnings—
additional to those which would be received from the company under the
The offers cover a limited amount of stock,
reorganization plan.
i
Under Option No.
1,
14
warrant
shares
and
a
This contrasts with
at
$15
a
earnings
1936—Month—1935
$133,132
$115,927
Operation
65,844
Maintenance
5,331
Taxes
20,637
Int. & amortization13,547
Balance
$27,771
Appropriations for retirement reserve
Preferred dividend requirements
1935—12 Mos.—1935
$1,683,019
$1,512,641
62,914
887,580
6,493
16,569
14,186
68,101
195,923
164,810
$15,763
$366,603
140,000
37,254
$273,569
$189,349
$104,648
802,404
83,713
186,843
166,110
131,666
37,254
Zerweck, 25 Broad
St., New York, with B. H. Roth & Co.,
members !of the New York Stock Exchange, as brokers and
managers,
have made two offers to holders of the common stock, giving them values
new
other obligations
The Chicago Stock Exchange has added to the list 95,000 shares of
$1.20 cumulative convertible class A common stock, $5 par, to be admitted
to trading on notice of registration under the Securities
Exchange Act of
1934.—V. 143, p. 2199.
Period End. Aug. 31—
Badger Paper Mills, Inc.—Dividends Resumed—
V. 141,
or
secured
Barlow & Seelig Mfg. Co.—Added to the List—
Co.—Earnings—
1936—3 Mos.—1935
the corporation and that the proposals be submitted at a special meeting
of the stockholders to be held on Oct. 26, 1936, to vote thereon, viz.:
>r
share
reorganization
a
holder of 100 shares of
to
common
would receive
purchase 20
new shares at $15 a share.
10 new shares and warrants to purchase 20 new shares
which
the
plan.
stockholders
would
receive
dirctly under
the
Balance for
common
dividends and surplus
—V. 143, P. 1712.
Beech Aircraft
Walter
H.
Beech,
Corp.—Sales and Earnings—
President, announces that sales and earnings of the
Beech Aircraft Co. for the period ended Sept.
the full year 1935.
16, 1936 exceeded those for
,,
Sales this year up to Sept. 16, at which time the Beech Aircraft Corp.
succeeded the Beech Aircraft Co., totaled $444,194, compared with $424,278
Volume
Financial
143
Gross profit amounted to $64,998 for the period
16, against $62,709 for all of last year, and net income, after
provision for Federal and State taxes, amounted to
$11,096 compared with $7,958.
The initial balance sheet of Beech Aircraft Corp. as of Sept. 16, certified
for the entire year 1935.
ended Sept.
all charges, including
by independent auditors, shows current assets of
$132,515 against current
liabilities of $52,012
The corporation recently
the sale of
announced plans to raise new capital through
150,000 shares of common stock, doubling its present capitaliza¬
tion.—V.
143.
2358-
p.
Bayuk Cigars, Inc.—Earnings—
Period End.
Preferred dividends
Common dividends
com.
After
$1,027,678
152,005
321,051
388,662
$296,098
$706,627
$690,218
42,008
49,083
113,739
221,095
127,855
98,147
$371,793
$464,216
393,060
98,262
$1.50
>
$5.73
deducting charges for maintenance and repairs of plants and
out.
$205,007
98,262
$2.59
$210,732
393,060
$0.72
(no par)..
Earns, per sh. on com._
x
$448,103
$322,231
37,800
73,699
Net income
Surplus
$1,078,880
$427,440
105,209
Total income
Reserves
Shs.
1936—9 Mos.—1935
$921,997
$976,468
105,681
102,412
1936—3 Mos.—1935
$391,886
$411,868
35,554
36,235
Sept. 30—
xHNet earnings
Other income
estimated Federal taxes, &c.
Note—No deduction has been made for surtax on
—V. 143, p. 576.
'
■
Beacon
undistributed earnings.
Sept. 30—
coll.
value
$2,100
282,459
6,699
50,000
6,890
1,236
pref. stock
B
partic.
653,182
706,564
pref. stock
Market
1935
$7,050
128,571
6,697
157,531
6,891
3,158
499,000
1,000
772,492
499,000
1,000
963,399
8690,588
$592,550
$899
Reserve for taxes..
588,651
$11,279
679,285
Securities at cost
a
1936
Liabilities—
1935
1936
Reserve for losses.
Res. for litiga. exp.
of
i Notes payable..
held in so-
Suspense account.
Accounts payable,
25
b Class
c
A
partic.
d Common
$690,588
stock.
Total
$592,550
a Market value. $902,399 in
1936 and $408,422 in 1935.
b Represented
by 34,378 shares outstanding after deducting 65,622 shares held in treasury
at $1,246,818 in 1936 and $1,193,435 in 1935.
c Represented by 25,000
shares,
d Represented by 25,000 shares.—V. 143, p. 2039.
Beech-Nut Packing Co.
1934
1933
$1,199,486
7,942,523
$1,244,528
7,853,265
67
18,254
.$10,224,255
1,640,951
Total surplus
(cash)
$9,676,035
1,640,951
$9,142,076
1,094,046
$9,116,047
.
Profit & loss surplus..
Shs.com.outst. (par $20)
Earnings
x
per
share
$8,583,304
437,524
$4.14
After Federal taxes.—V.
$8,035,085
446,250
$3.10
Berghoff Brewing Corp.—Earnings1930—3 Mos—1&35
taxes & other
charges.
Earnings per share on
270,000 shares
V
$8,048,030
437,524
$2.74
$8,111,748
446,250
$2.79
at such
Hall
counsel
$207,842
$0.76
$0.55
$1.65
$0.76
undistributed profits.—V. 143,
Corp.)—Plan
plan of reorganization has been proposed by Berkhall Realty Corp.
debtor) under Section 77-B of the Bankruptcy Act.
Berkhall Realty Corp. is a New York corporation and is now owner of
premises known as Berkshire Hall, situated at 42-22 Ketchem St., Jackson
Heights, N. Y.
The real estate is subject to a 1st mtge. now reduced to $397,500 and to a
2d mtge. now reduced to $66,000.
The President and directors of the Man¬
hattan Co., as depoitary entered into an agreement with Prudence-Bonds
Corp. dated April 2, 1929 and is the present holder of the 1st mtge.
Cer¬
tificates of participation in the 1st mtge. with interst at 5H %pe r annum were
previously sold to the public by Prudence-Bonds Corp.
One-half of 1%
Interest per annum was to be paid by the debtor to the Prudence-1jonds
Corp. for service charges, thereby making the total interest to be paid by the
"-debtor 6% per annum.
The certificates of participation purport to assign
undivided shares in the mtge equal to each respective certificate.
Payment
principal and interest of the certificates of participation were guaranteed
by Prudence Co., Inc.
The 2d mtge. of $66,000 held by Thomas Daly, calls for payment of 6%
interest and amortization of $5,000 each six months, but no amortization
of
1932 and no interest has been paid since 1932.
I
On Jan. 1,1934, the owner defaulted in payment of interest and amortiza¬
tion under 1st mtge.
Bank of the Manhattan Co. thereupon entered into
an agreement with the debtor in Dec. 1933, whereby the debtor obligated
itself to deposit with the bank all surplus rents after the payment of operating
expenses, except interest on the mortgages and taxes.
Under the agreement
the debtor was allowed to remain in possession and manage the property.
has been paid since
managed by the debtor and the net recepits
the Bank of the Manhattan Co., as
the real estate taxes with respect to the
therefrom have been turned over to
depositary, which has paid all
^
l^he
indicates that from Jan. 1, 1934 to July 31, 1936
the gross collections from the property were $156,495.
The total operating
expenses for that period exclusive of taxes and interest on the mortgages
were $78,322. leaving a balance of $78,173 which was turned over by the
debtor to the Bank of the Manhattan Co.
Out of that sum, the bank, in
addition to paying the real estate taxes made two payments of interest at
the rate of 4% per annum, amounting to $31,800 to the certificateholders.
At the rate or 4% per annum the balance of the accrued interest amounts
to approximately $10,000.
The total accrued interest at the rate of 6%
per annum would amount to about $78,000 instead of about $42,000 at the
rate of 4% of which $31,800 has already been distributed.
The bank has on
hand approximately $18,000 which is sufficient to pay to the certificateholders the baiance of the accrued interest at the rate of 4% per annum.
^ The debtor is unable to pay out of its income the 6% rate of interest and
the amortization called for by the present 1st mtge., as well as the Federal
tax thereon.
The debtor, is
however, able to pay 4% interest per annum
and 1% amortization, payment of the latter item to commence Oct. 1,1937.
The debtor will arrange with the present holder of the 2d mtge. to extend
same for a period of five years at the annual rate of interest of 2% without
amortization and without paying the accrued interest thereon.
The debtor proposes to pay interest and amortization semi-annually.
f
Upon the consummation of the proposed plan of reorganization, the
trustee of certificate holders will receive the following:
4% interest from
Jan. 1, 1934 up to Sept. 30, 1936. less such sums covering interest for such
period as may have already been paid by the Bank of Manhattan Co. the
to any of the certificateholders; 4% interest per annum from Sept. 30, 1936
to Sept. 30, 1941; 1% per annum amortization from Oct. 1, 1937; the last
two items to be paid to the Bank of the Manhattan Co. as trustee, semi¬
annually, the trustee is to pay interest to the certificateholders semi-annually.
preferred stock.—See also V. 143,
Net
revs,
$129,295
9
$129,325
$102,138
50,209
$1,541,749
$102,129
30
from oper..
Securities, Obligations and Claims to
(1) The present principal amount
Be Dealt With Under the Law
of the 1st mtge. and certificates of
participation of $397,500 will not be reduced by this plan except by amortiza¬
tion payments to be made in reduction of the mortgage (as provided).
The
$1,302,664
104
1,308
$1,5*1,853
50,139
599,212
$1,303,972
y$51,999
Property retirement reserve appropriations
z Dividends applicable to preferred stocks for the
period, whether paid or unpaid
-
$942,641
$700,100
480,000
480,000
429,197
429,244
Other income
y$79,116
Balance
Balance
y
z
'•
603,872
$33,444 def$209,144
—
...
Before property retirement reserve appropriations
Dividends accumulated and unpaid to Aug. 31,
and dividends,
1936 amounted to
Latest dividends, amounting to $1.75 a share on $7
and $1.50 a share on $6 pref. stock, were paid on July 1, 1936.
on these stocks are cumulative.—V. 143, p. 1866.
$286,116.
pref. stock
Dividends
.
Corp.—Earnings—
Mos.—1935
1936—9 Mos.—1935
Net profit after taxes
1936—3
and
charges
Earns, persh. on 352,418
shs.cap.stk. (par $5).
Before
„„„
$148,744 x$l,001,535
x$307,693
$1,101,563
_
$0.42
$2.84
$3.12
undistributed profits.—V. 143»
$0.87
provision for Federal surtax on
420.
Bon Ami Co.
(& Subs.)—Earnings—
Depreciation
1936
Federal taxes
1933L„
1934
1935
$1,729,592
935,466
50,442
z$897,728
Profit before deprec
$1,894,121
1,110,325
60,438
152,159
9 Mos. End. Sept. 30—
Gross profit on sales
$1,825,584
1,005,604
53,8o6
117,793
127,924
$1,814,139
1,050,620
,54,121
z$767,231
z$823,824
$848,693
147,744
Proportion applicable to
minority interest
Net
profit....
62
Class A shs. outst'g—
y
Class B shs. outst'g
x
87,000
100,000
88,870
Earnings per sh. under
participating features.
87,000
200,000
x
199,800
199,800
200,000
$3.75
$4.08
$3.87
«
;,
$4.44
.
Earnings per sh. under
„„ „„
participating features$2.51
$2.20
$2.34
z
Dividends on company's own reacquired capital stock heretofore in¬
cluded in income account have been omitted from income for the nine months
ended Sept. 30, 1934, 1935 and 1936.
,
_
Note—The class A stock Is entitled to $4 per annum, then after class B
stock has received $2.50 per annum, both issues participate equally as a
class in further distributions.
No mention is made of Federal surtax on undistributed profits.
y
$2.31
_
_,
30, 1936, net profit was $309,975 after
income taxes, equal to $1.54 a share on
88,870 class A shares and 86 cents a share on 20Q,000 class B shares.
This compares with net profit in Sept. quarter of 1935 of $272,457 or
$1.35 a share on class A stock and 77 cents a share on class B stock,—
quarter ended Sept.
charges and Federal and foreign
For
—Y.
the
143, p. 577.
Elevated Ry.—Earnings—
Boston
S2,001?968
report of the owner
,
r
the arrearages on the
911.
Birmingham Electric Co.—Earnings—
[National Power & Light Co. Subsidiary] ./s'
Period End. Aug. 31—
1936—Month—1935 1936—12 Mos.—1935
Operating revenues
$566,105
$493,522 $6,474,709 $6,047,989
Oper. exps. & taxes
436,810
391,393
4,932,960
4,745,325
of
A
has since been
fees.
the other clears up
x
Reorganization—
The property
anything done in that regard
1st mtge.
Berland Shoe Stores Co .—Clears Up Preferred Arrearages
The directors have declared two dividends of $1.75 per share each on
the 7% cumulative preferred stock, par $100, both payable Nov. 1 to
holders of record Oct. 25.
One dividend is for the current quarter and
Period End. Sept. 30—
x$446,943
Realty
it may be able to arrange but
Bohn Aluminum & Brass
$147,255
(Berkhall
as
Capital—In order to consummate and carry out the terms of this plan
of reorganization, it is estimated that the sum of $15,000 in cash will be
required to cover any arrears of interest, all expenses for title insurance,
administration
and
legal expenses in connection therewith, including
p.
Berkshire
price
shall not in any way affect the
1936—9 Mos—1935
x$204,533
* After setting aside $5,000 for surtax on
p.2358.
.
mortgage.
(f) The debtor is to remain in possession of and is to manage the affairs
of its property under the supervision of the Court, excepting that payments
are to be made by it to the trustee.
(2) Second mtge. subordinate to the certificate of participation.
This mortgage shall be extended for principal amount ($66,000) for a fur¬
ther period of five years to bear interest at rate of 2% per annum, payable
semi-annually without amortization and without payment of the accrued
interest.
The debtor shall have the right to purchase this mortgage
1,004,299
143, p. 1221.
Period End. Sept. 30—
Net income after deprec.,
and mtge.
(b) Interest shall be payable at the rate of 4% per annum for the period
of five years.
Interest and taxes shall be payable to the trustee semi¬
annually.
The trustee shall pay the interest to the certificateholders semi¬
annually.
(c) Amortization payments in the sum of $3,975 per annum (being 1%
of the principal amount of the mortgage) shall be paid in equal semi-annual
instalments beginning Oct. 1, 1937 to the trustee.
(d) The extension and modification agreement and the indenture shall
provide that at the end of the period of extension the 1st mtge. shall not be
foreclosed for the non-payment of principal, except upon the written request
given to the trustee by the holders of not less than 55% in principal amount
of the certificates of participation then outstanding.
(e) The extension and modification agreement shall contain a provision
to the fonowing effect: that the guaranty of the Prudence Co., Inc. shall in
no wise be released or discharged by the acceptance, confirmation and con¬
summation of this plan, or by the making of the agreement extending the
Gross corp. income
Int. & other deductions.
1935
$1,384,193
8,291,842
Adjustments
Dividend
(& Subs.)- -Earnings-
1936
$1,813,407
8,385,917
24,931
9 Mos. End. Sept. 30—
Net profits
Previous surplus
x
participation, however, 6hall be extended and
by an extension and modification agreement as follows:
(a) The time for the payment of the principal of the bond
shall be extended for the term of five years from Oct. 1, 1936.
modified
p.
Class
Deficit
Total
..
'
3,000
called Joint acct.
Furniture & equip.
1st mtge. and certificates of
New
-Balance Sheet
Participations, Inc.
Assets—
Cash
2667
Chronicle
Operating expenses.
Federal, State and municipal tax accruals
Rent for leased roads
Subway, tunnel and rapid transit line rentals
Interest on bonds and notes
Miscellaneous items
Excess of cost of
—V. 143, P.
1.521,550
1,449,045
-
103,258
•
Jno'Io*
103,537
234,877
234,461
319,740
$324,503
$370,939
326,188
6,505
—
service over receipts
2200.
Boston Woven
Hose & Rubber
Co.—To Pay $2 Special
'
Dividend—
special dividend of $2 per share on the
common stock, no par value, payable Nov. 5 to holders of record Oct. 26.
This will be the first dividend paid since Nov. 1, 1934, when a special dis¬
tribution of 75 cents per share was made. A dividend of 50 cents was paid
on March 15, 1932, and on Dec. 15,1931; $1 per share was paid on Sept. 15,
1931, and dividends of $1.50 per share were distributed previously each
three months.—V. 141, p. 2729.
The directors on
Oct. 15 declared a
Bradley Turner Mines, Inc.—Registers
first page of this department.
with SEC—
See list given on
(C.) Brewer & Co.,
The directors have
Ltd.—$2 Extra Dividend—
declared an extra
dividend of $2 per share and three
each
the
stock,
holders of record Oct. 20.
25 and Dec. 25,
A similar
share
paid on
25, Sept. 25,
regular monthly dividends of $1 per share
on
common
par $100. The extra dividend is payable Oct. 25 to
The regular monthly dividends will be paid on Oct. 25, Nov.
to holders of record Oct. 20, Nov. 20 and Dec. 20, respectively.
$2 extra was paid on July 25. last, an extra of $3 .per
was
Dec. 24,1935; extra dividends of $1 per share were paid on Nov.
2668
Financial
and
July 25, 1935; extraA of $4 per share were paid on Dec. 24, 1934, and on
Dec. 23, 1933, and extras of $1
per share were distributed on Oct. 25 and
July 25. 1933.—V. 143, p. 2041.
Brandon
1936
$564,677
Depreciation...
Netprofit
Adj. prior years'deprec.
retire, of stock.
Total surplus
Dividends paid
Adjust, prior years
$1,073,326
42,243
—
.
1934
$754,143
302.663
83.729
$508,386
176,627
11",043
$899,574
100,002
15,291
Income tax prior years._
1933
$917,229
298,048
110,795
$367,751
555,667
$288,113 loss$216,012
784,527
747,421
366,605
686
1,559
Previous surplus
15,044
Surplus end of year... $1,015,792
x
1936
$934,462
187,041
Plant
$685,013
118,888
10,457
$747,421
Accts. receivable..
352.228
255,922
1,561,526
56,860
2,055,707
56,860
18,185
73,049
Inventories
Taxes
Unavailable
cash,
on
deposit
Deferred charges..
1936
stock...$1,405,900 $1,410,600
3,342,900
3,342,900
Notes payable
20,596
520,596
Accounts payable.
158,659
114,122
Accruals
253,548
297,688
Surplus
1,015,792
784,527
Bridgeport Machine Co., Wichita, Kan.—Earnings—
1936—3 Mos.—1935
$116,567
1936—9 Mos.—1935
$46,061
$349,581
$131,131
Current assets as of Sept. 30, 1936, amounted to
$2,896,796 and
liabilities were $264,977
current
with
$1,740,121 and $591,831, re¬
spectively, on Sept. 30, 1935.
Cash amounted to $316,069 and
inventories,
less reserve, were
$1,481,180 as compared with cash of $157,017 and in¬
ventories of $1,092,738 on
Sept. 30, 1935.—V. 143, p. 911.
Broad Street
Includes all
whether
498
514
757
2,285
2,008
1,530
7,331
2,722
2,118
3,313
2,626
2,100
7,318
550
526
705
457
"T,551
'""786
$51,845
81,621
$133,466
M
Ui
earnings
1,002
2,232
464
626
16
660
1,514
1,206
$54,520
58,623
$57,092
lossl,340
$57,566
loss25,162
$113,143
48,830
$55,752
53,290
$32,404
icucivauic
or
to
nuui
vuo
67,680
suui ura
Bpucuiuu,
otherwise,
Statement of Surplus Sept. 30, 1936
Capital Surplus—
Balance, Dec. 31, 1935.
Deduct—-Accumulated deficit
Dec.
31, 1935
directors.....
$1,054,953
of income distribution
transferred
as
authorized
by
acct.
at
board
the
Adjustment with respect to
provision for prior year
the
$1,028,904
normal Federal income tax
349
ordinary distribution account), less
SKS?
$1,029,253
cost
-
-
supple¬
Manhattan Transit Corp., it has received as additional collateral to be
held
by it under said trust indenture and supplemental indenture $69,000 face
York Rapid Tran it Corp. demand note No. R. T. D. N.
5,
5% dated Oct. 14, 1936, payable to its own order on demand at Brooklyn
Trust Co., making a total of demand notes held
by it of $2,387,000.
The
Brooklyn Trust Co. further advised that in order to accomplish this it was
necessary for the trustee to release $69,000 cash from the deposited cash
leaving a balance on hand of $474,250.—V. 143, p. 2200.
account,
on
revenues
expenses
oper. prop
Operating income
Gross income
Income deductions
Curr. inc.
_
—
1936—Month—1935
$1,672,954
$1,649,278
1,340,359
1,311,867
167,498
144,918
1936—3 Mos.—1935
$5,008,200
4,060,568
482,986
$4,851,458
4,961,947
416,480
$473,031
47,277
$165,097
14,651
$192,493
15,353
$464,646
$179,748
124,126
$207,846
124,867
$509,657
374,724
$520,308
369,701
$55,622
$82,979
$134,933
$150,607
carr. to sur.
-V. 143, p.
45,011
1714, 2042.
Inc.—Listing—
The New York Stock Exchange has authorized the
listing of not exceeding
50,000 shares of common stock (no par), as follows: Upon official notice of
issuance in exchange for such like number of shares of $3.50 convertible
preferred stock (no par), as may be deposited under the plan of exchange
dated Aug. 24, 1936; making a total amount
applied for of 325,000 shares.
The directors at a meeting held Aug.
24, 1936, approved and adopted a
Elan of exchange, dated Aug. 24, 1936, pursuant to the
terms of which the
olders of the $3.50 convertible
preferred stock (no par), outstanding in
the amount of 50,000 shares, were given the
right to deposit their shares of
such stock, such deposit to be evidenced
surrender and cancellation of the deposit
by deposit receipts, and, upon
receipts, to receive in exchange
for each share of such deposited
stock, one share of the common stock of
the company, $22.50 in cash and cash
equal to accrued divs. to Dec. 1,
1936 ($17.50 per share).
At a meeting of the directors held on Sept. 28,
1936, the board extended to Oct. 14, 1936, the period in which deposits
would be received, elected to consummate the
plan, and pursuant thereto,
authorized Guaranty Trust Co. of New
York, as depositary under jdan of
exchange, to acceptsuch deposit receipts and, in accordance with the terms
thereof, to cause to be issued on and after Oct. 15, 1936, certificates for
common
stock.
Consolidated Balance Sheet, June 30, 1936
Assets—
Liabilities—
Cash
Securities
Gold bullion held abroad
Notes & accts. recelv. (net),
Others
(Incl.
due
from
officers & employees)
Estimated inventories..
Notes rec. net current
on
cost of capital stock
repurchased over par
value thereof (after
giving effect to allocations
sur.
value of ins.
__
$837,643
7,279
1,193,698
2,970,221
Notes
payable to
domestic
bank
Loans payable to foreign bk.
Accounts payable
Due to salesmen
58,509
1,853,929
27,236
pol.
life of officer
88,213
Acc. salaries, wages, taxes..
Real estate mtges payable
Conv. pref. stock
Common stock
Earned surplus
Ltd
to
r_
Total
9,785
118,437
328,369
61,289
2,750,000
900,000
294,911
302,179
50,342
Plant property (net)
Deferred charges
195,412
$250,000
160,072
232,908
2,883,085
Due from Bulova Watch Co.
the
ordinary distribution account)
Expenses in connection with
registration of 431,617
shares of capital stock
under Securities Act of
as amended
Operating
Operating
Cash
.236.332
Excess of
1933,
undistributed profits.
on
amount New
shares of
Excess of proceeds of
capital stock sold over par
value thereof (after
giving effect to allocations
—to
bl52,500
b50,834
'
indenture, bo^h dated May 1. 1936, securing the issuance of $45,000,000 principal amount
Ijtapid Transit collateral trust serial bonds, due
serially to May 1, 1951 and $65,000,000 principal amount Rapid Transit
collateral trust bonds, 4lA% series, due
May 1, 1966 of the
Brooklyn
of
26.049
Add
159,000
53,000
'
Bulova Watch Co.,
2,192
462
cash
payable from
1,840
6,891
except amounts expressly
be
liquidating distributions.
In an economic sense,
therefore,
the amount shown is
not in whole to be considered true
income.
stated
$734,250
The New York Stock
Exchange has received notice from the Brooklyn
Co. that as custodian trustee under trust indenture
and
Period End. Sept. 30—
19„3
5,247
5,703
2,135
12,107
50,297
$1,027,165
mental
Net non-oper. income.
sold
$314,836
Trust
$81,429
1,167
712
2,110
on securs.
69,451
Note—The above is without provision for tax
$76,186
1,153
and other
Net profit for period..
Divs. on cap. stock
$803,701
62,223
contract No. 4
585
Net income
$1,089,388
38,265
b 1935 figures revised for
comparative purposes
-
906
Interest
$353,101
25,650
res.
for amortiz.
leasehold invest, under
x$71,255
Miscellaneous expenses.
$3,107,666
2,303,965
Incl.
545
disbursing divs.I
Net profit
a
x$83,323
statements
$3,051,456
1,962,068
T
Taxes
Salaries
Cost of
B.-M.
$70,519
10,910
exps
$1,125,331
772,230
$353,190
to
$74,033
2,153
Service fee
$1,036,053
657,213
to surplus
$69,829
1,426
Stockholders' meetings &
$2,925,289
182.377
Current income carried
$83,323
taxes
$2,803,833
247,623
Accruing to minority
int. ofB.&Q.T. Corp
1934
transfer
Legal & auditing
Directors'fees
55,469
$378,840
Gross income
Income deductions.a...
1935
agent services
$1,069,862
80,775
1936
Total income
Custodian fees
Registrar
and
Capital stock
$955,278
Net non-oper. income
Brooklyn & Queens Transit System—Earnings—
Investing Co., Inc.—Earnings—
9 Mos. End. Sept. 30—
Cash dividends on stock.
Interest
oper.
Change in Collateral—
$6,197,396 $6,470,433
.Total
$6,197,396 $6,47(5,433
x After
depreciation reserve of $4,514,313 in 1936
($4,297,097 in 1935).
y Represented by 33,429 shares.—V. 143, p. 2359.
comparing
on
1936—Month—1935
1936—3 Mo.?.—1935
$4,133,038
$4,162,813 $12,536,399 $12,393,042
2,715,080
2,692,626
8,3.53.624
8.318,954
properties
462,680
400,325
1,378,942
1,148,799
expenses
1935
Preferred
Common A stock.
Total
Period End. Sept. 30—
Net inc., after exp., depr.
and other charges
1934.—
revenues
Operating income
$555,667
21,754
79,584
Investments
1936
24,
Dec. 5,
[Including Brooklyn & Queens Transit System]
Operating
Operating
Balance
Liabilities—
$3,897,829 $3,802,121
237,716
198,486
Cash
on
Period End. Sept. 30—
*
$784,527
1935
of 25 cents per share was distributed
V. 143, p. 1715.
Balance Sheet Aug. 31
Assets—
dividend
Oct.
Brooklyn-Manhattan Transit System—Earnings—
1935
$11,176
227,188
217,216
59,347
Income taxes
on
extra
Corp.—Earnings—
Years Ended Aug. 31—
Operating profits
Profit
Chronicle
$7,684,162
Total
$7,684,162
V. 143, p. 2359.
$205,197
Ordinary distribution
Net
Net
income as per
amount
account from Jan.
$2,060,388
1, 1936:
statement
allocated
to
1,031,134
$51,844
int. and other
ordinary distribution
account in respect of
sales
capital stock
and repurchases
on
capital stock
I.
50,296
Investment profit and loss and
special distribution account
from Jan
.
$2,061,794
1, 1936:
sale of securities
^« T?loreoi i1^?? Dec. 31, 1935
31
193o
on Dec.
81,621
$2,143,415
Sept. 30, 1936 was $414.after adjusting the unrealized appreciation
by the provision for
on
taxes made at that date.
Balance Sheet Sept. 30
Assets—
Invest's
at
1936
Dividends
1935
134,087
12,575
Reserve for
15,869
taxes, &c
Common stock.__
21,690
rec
25,263
15,716
Surplus
Special deposits for
dividends
$11,257
$12,516
$121,928
$93,068
*,>:
Counsel for the company have filed a petition in the U.
S.Supreme
Court for writs of certiorari to review the action of the U. S. Circuit
Court
of Appeals for the second circuit, which reversed the orders
of the U. 8.
District Court for the eastern District of New York
dismissing the reor¬
ganization and receivership proceedings of the company.
Period End. Sept. 30—
Prof, after exps., deprec.,
int. and other
1936—Month—1935
1936—9 Mos.—1935
charges,
but before Fed'l taxes.
—V. 143, p. 2200, 2042.
$14,320
$11,991
$120,396
$85,367
Calaveras Cement Co.—Accumulated Dividend—
Liabilities—
1936
cost...$2,561,980 $1,579,339 Dividends payable
Cash in banks
1936—9 Mos.—1935
Bush Terminal Co.—Seeks Review—
on
unrealized appreciation of investments
1930—Month—1935
charges,
—Y. 143, P. 2516.
1,405
Net profit
Buildings Co.—Earnings—
but before Fed. taxes.
of
142
Ordinary dividends
Bush Terminal
Period End. Sept. 30—
Loss after exps., deprec.,
1935
$21,690
$15,716
,
The directors
have declared
a dividend of $1
per share on account of
the 7% cum. pref. stock, par $100, payable Nov. 1 to
A similar payment was made on Sept. 1,
July 1,
May 1, March 2 and Jan. 16, last, Nov. 15 and Aug. 12, 1935, this latter
accumulations
on
holders of record Oct. 17.
exps.,
18,822
y546,405
2,143,416
21,445
z215,799
1,383,228
being the first distribution made on this issue since Jan. 15, 1934, when
regular quarterly payment of $1.75 per share was made.—V. 143, p. 1868.
a
Total
$2,730,332 $1,636,187
Total
Note—Investments based on market quotations
$2,730,332 $1,636,187
as Sept. 30, 1936 were
deduction having been made for
liability,
if any, with
respect to Federal excess profits tax on the unrealized
apprecia¬
in excess
of cost
by $967,158,
no
tion of investments.
y
Represented by 109,281 shares par $5.
y Represented by 77,995 no
deducting 11,005 shares at cost of $229,202.—V. 143, p. 420.
par shares after
Burroughs Adding Machine Co.—To Pay Special Div.—
The directors
on
Oct. 19 declared
special dividend of 60 cents per share
In addition to the
regular quarterly dividend of 15 cents per share on the
common stock, no
par Value, both payable Dec. 5 to holders of
record
Oct. 30. A special dividend of 45 cents
was paid on Dec.
5, 1935. and an
a
California Water Service
Co.—Listing—
The San Francisco Stock Exchange has approved the application of the
company to list $10,000,000 1st mtge. 4% bonds, series B, due 1961.
—V. 143, p. 2359.
Cambria & Indiana RR.—Note Issue Authorized—
The Interstate Commerce Commission
on
Oct.
14 authorized the
com¬
pany to issue
$400,000 of serial notes, issue of 1936, to be sold at not less
than par and int., and the proceeds applied to the purchase of new
equip¬
ment.
The report of the Commission says in part:
The applicant has arranged to purchase 300 new 50-ton all-steel selfclearing hopper cars, 150 of which are to be acquired at a unit cost of
Volumi
Financial
143
$2,121.86 and the remainder at $2,137.92 each, or a total cost of $638,967.
When the equipment is delivered, approximately 62.4% of the cost
thereof, or $400,000, will be paid out of the proceeds from the sale of the
notes, and $238,967 will be provided from the applicant's current funds.
The notes, designated as serial notes, issue of 1936, are to be issued in
four series, each consisting of one note for $100,000.
They will be in sub¬
stantially the form submitted with the application, will be dated approxi¬
mately Oct. 15, 1936, and will mature consecutively on Oct. 15 in each of
the years 1937 to 1940, inclusive. The several series will bear different rates
of interest, namely ^ofl%,l^%,l^% and 2^% per annum, respec¬
tively, for the one, two, three and four-year notes, representing an average
rate of 1.86% per annum.
The notes have been sold, subject to our approval, to Drexel & Co. of
Philadelphia at par and accrued interest from the date thereof.—V. 143,
p. 2200.
Campbell, Wyant & Cannon Foundry Co. (& Subs.)—
1936—9 Mos.—1935
Period End. Sept. 30—
Net profit after deprec..
1936—3 Mos.—1935
Federal taxes, &c
Shares capital stock out¬
$165,566
$121,472
$700,480
$392,792
348,000
$0.48
348,000
$0.34
348,000
$2.01
348,000
$1.12
standing (no par)
Earnings per share
Sept. 30, 1936, net profit was $961,690 after
charges and taxes, equal to $2.76 a share on the capital stock.
Current assets, as of Sept. 30,1936, including $1,225,479, cash, amounted
to $2,552,921 and current liabilities were $610,150.
On June 30, 1936,
current assets, including $1,583,869 cash, amounted to $2,590,505 and
current liabilities were $516,691.—V. 143, p. 1391.
For the 12 months ended
Ltd.—Extra Dividend—
Canada & Dominion Sugar Co.,
The directors have declared
an
extra dividend of $1 per
2669
Chronicle
share in addition
regular quarterly dividend of 37 H cents per share on the common
stocks no par value. The extra div. was paid on Oct. 20 to holders of record
Oct. 15. The regular quarterly dividend of 37 ti cents will be paid on Dec. 1.
An extra dividend of $1 was paid on June 1, last, and extras of 50 cents per
share were paid on Dec. 2, 1935, May 15, 1935, and on July 16, 1934.—
V. 142, p. 3667.
"
_■
•
Balance Sheet Sept. 30
Dep. in for'n
Rec.for
_
rec
Spec. dep. for divs.
For'n exch. contr.
Unamortiz.
disct.
48,538
debentures..
on
$3,417,000
5% debentures—
Acer. int. on debs.
For'n
434" oo5
7,763
434,000
143,405
^ 2,400
3,021,346
d Class A stock
c
Class B stock
Surplus
$5,650,474 $6,854,312
33,726
2,725,728
exch. contr.
Preferred stock
Total
90,290
&div. payable.. a$135,611
7,018
23,292
16,445 Due for sec. purch.
45,539 Res. for expenses,
25,420
taxes, &c
33,340
loan
due
7,763 Bank
Sept. 30, 1938.. 1,865,000
31,510
5,091
51,247
135,611
curr.
sold.
sec.
Int. & divs.
1935
1936
Liabilities—
1935
1936
Assets—
Invest, at cost__b$5 ,162,658e$5,977,385
Cash
264,356
718,283
143,405
2,400
$5,650,474 $6,854,312
Total
Dividends payable only,
b Investments, based on market quotations
Sept. 30, 1936, were in excess of cost by $2,065,937 after deducting
the normal Federal income tax on the unrealized appreciation of investments.
No deduction has been made for liabilities, if any, with respect to Federal
a
at
as
excess
profits tax
surtax
or
undistributed profits,
on
c
Represented by
240,000 no par shares,
d Represented by shares of $1 par value,
e In¬
vestments, based on market quotations as at Sept. 30, 1935 were in excess
of cost by $678,090, after deducting estimated tax liabilities.—V. 141,
p. 913.
Capital City Products Co.—lb-Cent Dividend—
dividend of 15 cents per share on the com¬
to holders of record Oct. 27.
July 22 and March 30, last, and on Dec. 27,
1935, prior to which the last previous disbursement was the 10-cent divi¬
dend paid on Nov. 6. 1933.—V. 143, p. 1869.
The directors have declared
stock,
mon
no
par
a
value, payable Oct. 31
Similar payments were made on
to the
Steamship Lines, Ltd.—Capital Reorganization
Canada
Accord has been reached between
the bondholders' committee
and direc
plan for the capital reorganization of this company.
It is planned to redeem the $2,186,719 existing 5% debentures on Aug. 15,
1937.
The present $17,500,000 first mortgage 6% bonds would be replaced
by $10,500,000 new 5% bonds.
The present 150,000 shares $100 par 6%
preferred stock would be replaced by 229,250 shares $50 par 5% preferred
stock.
Present 120,000 no par common shares would be replaced by
300,000 no par common shares.
Each holder of $1,000 principal amount present first mortgage bonds
would receive $600, principal amount of new 5% bonds plus 13 1-30 new
preferred shares and three common shares.
Thus bondholders would get
52,500 shares of the new common.
Holders of the present 150,000 preferred
shares would get 185,625 shares of the new common and holders of present
120,000 shares common would get 61,875 shares of the new cojmmon.
The debentures would be redeemed from company's cash resources, without
additional financing.
Effect of the plan would be that present fixed charges of $1,159,000 would
be reduced (after retirement of debentures) to $525,000 a year until such
time as sinking fund features of new bonds and cumulative features of new
preferred shares become operative, in 1943.
In addition, revaluation of
company's assets would result in substantially lower charges for deprecia¬
tion being required in the futures.—V. 142, p. 3666.
tors on
a
Canadian National Ry.—Earnings—
Canadian Pacific
Decrease
$182,591
Ry.—Earnings—
Earnings of System for Week Ending Oct. 14
Cash dividends
Total income
$378,803
$5,089,639
1,501
32,181
$423,628
196,585
$380,304
196,856
$5,121,820
2,356,704
$4,832,157
2,364,019
Balance
y$227,043
y$183,448
Property retirement reserve appropriations
z Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$2,765,116
960,000
$2,468,138
1,255,237
1,255,237
$549,879
$252,901
Gross corp. income
Int. & other deductions.
Balance
Int. on 5% gold bonds. _
of discount and
Before property retirement reserve appropriations and dividends,
Dividends accumulated and unpaid to Aug. 31, 1936 amounted to
$365,559, after giving effect to dividends of $1.75 a share on $7 pref. stock
and $1.50 a share on $6 pref. stock, declared for payment on Sept. 1, 1936.
Dividends on these stocks are cumulative.—V. 143, p. 2517.
z
(A. M.) Castle & Co.—Extra Dividend—
dividend of 50 cents per share in
quarterly dividend of 75 cents per share on the
$10, both payable Nov. 10 to holders of record Nov. 2.
A dividend of 75 cents per share was paid on Aug. 10, last, and prior thereto
regular quarterly payments of 50 cents per share were made.
A special stock dividend of 5% was paid on May 10, 1935.
The company issued the following statement: "Directors also declared
their intention to review earnings before the end of the year due to the new
Federal surtax on undistributed corporate earnings."—V. 143, p. 2517.
common
$102,906
154,372
$116,094
125,284
y$234,865
57,105
$269,773
128,137
$257,278
128,138
$941,378
128,137
1,273
5,863
3,638
5,864
3,026
5,863
2,797
2,334
11,695
3,086
2,681
3,150
9,431
6,526
debentures
2,394
7,115
auditing exps._
I
9 049
2,822
2,718
Trustee's fees
848
Directors'fees
Miscellaneous expense._
discounts
debs,
27,740
2,200
2,185
23",658
1,900
1,416
2,220
1,128
38,480
$79,351
97,650
$18,299
sold—
$54,641
$76,587
130,200
$17,308
$53,613
465,433
183,451
45,613
97,650
>
$43,009
xl45,024
Includes all cash received or receivable from the sources
specified, whether payable from earnings or otherwise,
except amounts
expressly stated to be liquidating distributions.
In an economic sense,
therefore, the amount shown is not in whole to be considered true income.
Loss,
y
Statement of
Surplus Sept. 30, 1936
Capital Surplus—
Balance, Dec. 31,1935
Prem. on red. of $2,916,000, prin. amt. of 5% debs, series A__
$3,189,733
145,800
$3,043,933
Net profit on
sale of secur., less prov. for normal
Fed. inc. tax__
465!433
$3,509,366
Income Distribution Account—
Balance,
Dec. 31,
Misc.
$367,299
79,351
1935 (deficit)
Net income, as per statement
$287,948
$97,650
71,702
30,720
Preferred dividends.
Class A dividend
Class B dividend—
200,072
x
$3,021,345
Provision for Reserve as
Required by Chapeter—
Balance, Dec.31,1935_._
Res. for nine months ended Sept. 30,
$216,231
1936
31,243
247,475
$2,773,870
investments on Sept. 30, 1936 after deduc¬
normal Federal income; tax thereon, laws $796,160 more than
31. 1935.
The unrealized appreciation of
tion of the
on
Dec.
15,935,301
265,396
46,320
45,880,409 40,279,509
Total
After deducting reserve for
1935
$
$
Liabilities—
Capital stock
9,411,200
Accts. payable, &c 1,331,470
y
9,411,200
892,190
Provision for Fed*
eral Income tax.
Capital surplus
Earned surplus
Total
depreciation,
y
1,663,220
936,694
13,733,577 13,733,577
19,740,942 15,305,848
---45,880,409 40,279,509
Represented by 1,882,240
value.
The earnings for the 12 months ended Sept. 30 were
2517.
par
_
„
published in V. 143,
of America—Preferred Stock Sold—•
of $5,000,000 was carried out Oct. 21 with
the offering of 50,000 shares of 7% cumulative series prior
'preferred stock by Fuller, Rodney & Co. and Hedden &
Co., Inc.
The shares priced at $110 have been sold.
This offering is an additional issue of 7 % cumulative series prior preferred
stock and is part of 250,000 authorized shares of prior preferred stock, of
which 164,818 shares have been classified and 114,818 shares are outstand¬
ing as 7% cumulative series.
Entitled to cumulative dividends jpayable
Q.-J. Preferred as to assets and dividends over the 7% cumulative first
participating preferred stock and the common stock. Red. as a whole or in
part on any div. date, upon 30 'days' notice at $120 per share, plus div.
In liquidation, whether voluntary or involuntary, entitled to $120 per share
Celanese
Corp.
New financing
unpaid dividends.
__
„
.
of the company, 180 Madison Ave., New York;
of America, London, Eng., and Celanese Con), of America,
Montreal, Canada.
Registrars: Bankers Trust Co., New York; Bankers
Trust Co., London, Eng., and Canadian Trust Co., Montreal, Canada.
Listing—Company has agreed to make application for listing of the 7%
cumulative series prior preferred stock on the New York Stock Exchange.
Corporation—Incorp. in Delaware on Jan. 15, 1918, under the name of
American Cellulose & Chemical Manufacturing Co., Ltd. Corporate name
changed to Celanese Corp. of America April 28, 1927. The principal busi¬
ness is the manufacture and sale at wholesale in the United States of cellu¬
lose acetate yarn and fabrics containing this yarn.
Company s synthetic
and accrued
,
Transfer agents: Office
Celanese Corp.
of cellulose now
and other
trade mark
"Celanese," is used by the company and its customers in the production of a
great variety of fabrics made by weaving and by knitting.
Woven and
knitted fabrics are made of Celanese yarn and by mixtures of this yarn
with orie or more other yarns such as silk, cotton, wool or rayon (regenerated
cellulose).
The woven fabrics are produced in a great variety of weaves
and constructions, including weaves and constructions of taffeta, crepe,
ninon and satin, and are sold for dress, drapery and other purposes.
The
knit goods are produced by various methods of knitting, of which some
produce fabric and others produce finished articles of apparel, such sa
hosiery. In some cases the company purchases from non-affiliated mills
is a chemical compound of cellulose produced by use
derived by the company from cotton linters, acetic acid, acetone
chemicals.
This yarn, sold under the company's registered
yarn
def488,020
202,553
45,464
Investments
Deferred charges.,
p.
$80,342
97,650
$
2,531,171
4,056,719
12,269,310_ 9,903,631
13,011,231 10,072,141
1
1
Notes & accts. rec.
1936
1935
$
Plant, equip.,&c.17,820,679
called
Balance,deficit
x
x
shares of no
pref. stcck
on securs.
23",888
2,345
36,926
2,140
1,341
788
&
Net inc. carried to sur
Profit
739
748
for redemption.
on
1936
Assets—
pEt^nts
and dividends
Divs.
3,036
1,170
paying coupons
on
The directors on Oct. 20 declared an extra dividend of 50 cents per share,
payable in cash or 1-200 of a share of 5% cum. pref. stock, and the regular
quarterly dividend of 50 cents per share on the common stock, no par value,
both payable Nov. 25 to holders of record Nov. 9.
The current dividend is in confirmation of plan outlined in V. 143, p.
2201.
For detailed dividend record see June 12, 1936, issue of "Industrial
Number" of "Railway & Industrial Compendium."—V. 143, p. 2517.
Inventories^^,
1,177
1,169
statements
SEC registration—
Service fee
stockholders as a stock dividend.
Extra Dividend—
Cash
Stockholders' meetings &
exps.
Caterpillar Tractor Co.—New Stock Voted—
at a special meeting held Oct. 19 approved the creation
a $25,000,000 issue of 5%
$100 par preferred stock, to be issued from
Consolidated Balance Sheet Sept. 30
2,508
Q 77R
Unamort.
par
transfer
T'AYfk!
of
the regular
stock,
time to time to common
1953
$88,948
180,825
Custodian fee
Cost
960,000
y
1933
1934
1936
$30,244
204,622
Amort,
'&
$4,796,446
35,711
$422,497
1,131
Balance
Other income (net)
$195,000
$3,397,000
Capital Administration Co., Ltd.—Earnings—
9 Mos. End. Sept. 30—
Legal
^
Stockholders
Income—interest
Registrar
and
agent service
1936—Month—1935
1936—12 Mos—1935
$887,941
$804,336 $10,399,496 $9,872,675
448,367
408,455
5,104,201
4,875.727
17,077
17,078
205,656
200,502
Period End. Aug. 31—
Operating revenues
Oper. exps. & taxes
Rent for leased prop.(net)
of
expense on
Light Co.—Earnings—
Subsidiary]
[National Power & Light Co.
Decrease
1935
1936
$3,202,000
Gross earnings
—V. 143, p. 2517.
SEC—
with
this department.
The directors have declared an extra
$4,129,006
$3,946,415
Inc.—Registers
Estates,
Carolina Power &
addition to
Earnings of System for Week Ending Oct. 14
1936
1935
Gross earnings
V. 143, p. 2517,
Capital
See list given on first page of
Financial
2670
unfinished fabrics
or
woven
knitted in constructions of Celanese yarn
Chronicle
filed
or
mixtures of Celanese and other yarns, which fabrics it dyes and finishes or
causes
to
account.
mark "Celanese" and other trade marks.
Cellone Co., Inc.
t '
New London Fabrics Corp. operates a weaving plant at
Conn.
Williamsport Textile Corp. operates its principal
and has directed and
approved the change in the certificate of organization.
of the new securities, by resolutions
duly adopted, authorized the issuance and delivery in accordance with the
terms and provisions of the plan, of bonds, stock and scrip required for
distribution under the plan.
The court has authorized and empowered the
directors and officers to execute, issue and deliver such new securities.
(For
full details of plan see V. 143, p. 938.)
The directors prior to the issuance
Pro Forma Consolidated Statement of Income Six Months Ended June 30, 1936
_
Net sales
New London,
weaving plant
at Wi liamsport, Pa., and a small weaving plant at Philadelphia, Pa.,
mainly for experimentation and for some minor commercial production.
Both the New London Fabrics Corp. and the Williamsport Textile Corp.
use yarn produced
by the company to manufacture greige (unfinished)
goods which are dyed and finished by the company and others and are sold
by the company or by Celanese Co., Inc.
Celluloid Corp. manufactures principally plastic products which can be
or are shaped while in a plastic condition.
as
Authorized
Prior preferred stock (par $100)
1st particip. pref. stock (par $100)Common stock (no par)
cum.
j
*
$15,968)
Selling and administrative
for dividends
reserve
a
Total income
Other deductions
will
be
Net profit
notice.
Mortgage to Subsidiary—On Sept. 5, 1934, the company purchased from
subsidiary Celluloid Corp. certain property, land, buildings, appurte¬
nances and equipment located at
Amcelle, hear Cumberland, Md., for a
purchase price of $1,790,382, and gave in part payment a purchase money
mortgage for $1,671,023, payable in 14 equal annual instalments com¬
mencing Jan. 1, 1936, with interest on the unpaid balance of principal at
the rate of 4% per annum.
The amount outstanding on June 30, 1936,
was $1,551,665.
Consolidated Earnings Statement
Years Ended Dec. 31
1934
1935
Net
$4,784,378
$2,203,725
3,732,458
503,000
4,659,009
601,783
2,184,836
x304,234
"
6,303,902
850,000
Prov. for Fed. inc. taxes
6 Mop. End.
June 30,'36
$3,768,233
income
$5,453,902
$3,229,458
$4,057,226
$1,880,601
x No
provision has been made for Federal income tax on undistributed
profits.
Purpose—Proceeds from the sale of the 7% prior preferred stock will
amount to approximately $5,172,640.
It is estimated that approximately
$3,000,000 of such proceeds will be used by the company to increase and
Improve its plant facilities or those of its wholly owned subsidiaries and to
construct or acquire additional facilities for the manufacture of
products of
-
_
the company or of its subsidiaries and for the
manufacture, refinement or
Of the balance of such proceeds it is
contemplated that approximately $1,113,000 will be used for reimburse¬
recovery of raw and other materials.
ment of
working capital on account of expenditures for plant improvements
and betterments made in the six months'
period ended June 30,
1936, and
remainder, approximately $1,059,640, will be used for working capital
anticipation of increased volume of production and business.
Underwriters—The name of each principal underwriter and the
respective
the
In
amount
underwritten
are
as
[After giving effect to consummation of Plan of Reorganization]
Assets—
-
Special
Assets—
$3,669,342
2,678,317
66,177
7,914,539
Inventories
of
affll.
com¬
pany—not consolidated...
Prepaid
9,771
161,056
999,991
436,816
expenses
Securities of affiliated co
Other security inv.—at cost.
Fixed assets (net).
27,818^62
Deferred charges
Patents and trade-marks
Total
225.
■tock
908,458
1
$44,662,6291
Dividend
payable...
Purch. money mtge. (current)
Other current liabilities
Notes pay. to banks (current)
Deferred liability
Notes payable to banks.....
Indebtedness to affiliated
co.
1,432,306
509,667
7% cum. series prior pref. stk. 11,481,800
7% cum. 1st partic. pref. stk. 14,817,900
Com. (1,000,000 shs., no par)
1,000,000
Surplus
x9,160,938
Reserves
Total
$44,662,629
°? surplus, $2,392,337, after reduction of capital and
of $592,017, arising from sale during 1934 of reacquired capital
of the
corporation.—V. 143, p. 2201.
Central Foundry
Co.—Listing of Securities—
The New York Stock Exchange has authorized
the listing of $1,000,000
mortgage 6% convertible bonds, due Seot. 1, 1941; $653 200
mortgage bonds, due Sept. 1,1941 and 455,281 shares of common
o-year first
stock ($1 par), with authority to add to the
list; 349,340 shares of common
stock upon official notice of issuance in conversion of
5-year first mortgage
6% convertible bonds, due S0Pt- 1. 1941, general mort.
bonds, due Sept 1
1941, and preferred stock and 12,603 shares of common stock
upon official
notice of issuance in payment of dividends on
preferred stock, and 308
shares of common stock
upon official notice of exchange for old scrip of the
corporation, making1 the total amount of common stock applied for 817 532
shares.
as
part of the plan of reorganization of Universal Pipe & Radiator Co
On March 24, 1936 Universal and Central filed in
said proceedings a plan
of reorganization dated March
20,1936. Said plan, as changed and modified
July 9, 1936, was finally confirmed by order of
Robert P. Patterson, District Judge, on
July 29, 1936.
Pursuant to the
plan and order of final confirmation, the corporation on
by amendment dated
Minority interests
x
5%
stk.(par $100)
cum. pref.
Common stock (par $1)
220,594
451,735
Capital surplus
Total
$5,352,7231
Total
1,852,188
$5,352,723
.,
Stated at the amount accruing thereto on the basis of values of assets
in this balance sheet: In Iron Products Corp., $6,640; in Essex
Foundry, $8,750—V. 143, p. 2201.
x
used
as
Central
ment
Hudson
Gas
Electric
&
with
SEC—Original Refunding
Stockholders by Order of SEC—
It
was
Corp.—Files Amend¬
Plan Resubmitted to
announced Oct. 21 by Ernest R. Acker, President, that a modifica¬
tion of the proposed plan for refunding the outstanding 6% preferred stock
of the company
to
with new 4M % cum. pref. stock, was being made in order
comply with a ruling of counsel to the Securities and Exchange Com¬
mission
in
Federal
Securities Act.
connection
with
the
registration
of
the
new
issue
under
the
The change affects only the method of carrying
plan, which, in all other respects, will remain the same as that
previously announced to stockholders on Sept. 30, 1936.
Under the re¬
funding plan announced Sept. 30, over 90% of the outstanding 6% pref.
stock has been deposited with the company for exchange on the proposed
basis, namely, one share of new 4]^ % stock plus $2.50 in cash for each share
of 6% stock exchanged, with dividend adjustment to the date of exchange.
The company is now advised by counsel for the SEC that no such offer of
exchange can properly be made by the company and accepted by its stock¬
holders until after the effective date of its registration statement, which
became effective Oct. 21, 1936.
The offer of Sept. 30, 1936, and all ac¬
ceptances thereof must, therefore, be disregarded.
In compliance with this interpretation of the Federal Securities Act, but
without acquescence in the correctness of the ruling, the company on Oct.
20 filed with the SEC an amendment to its registration statement stating
that an entirely new offer of exchange will be made to its preferred stock¬
holders immediately after the effective date of such statement (which was
Oct. 21).
The basis of exchange stated in the new offer will be the same
as that contained in the announcement of
Sept. 30, which is previously set
forth.
The new offer will expire at the close of business on OctT 28, 1936,
and must be accepted in writing by all stockholders desiring to make the
exchange, whether they have already deposited their stock with the com¬
pany or not.
This is the latest date that can be allowed by the company
for the acceptance of the new offer for the reason that the company expects
to issue the call on Nov. 2, 1936, as originally planned, for the balance of the
stock not exchanged.
After the effective date of registration under the
Federal Securities Act a letter, accompanied by a prospectus covering the
new issue, was mailed to all preferred stockholders
explaining the new offer
in detail and indicating the further action necessary by those stockholders
who have already deposited their stock with the company.
Mr. Acker stated that the new offer of exchange to be made by the com¬
pany has been approved by the Public Service Commission of the State of
New York by order dated Oct. 19, 1936, and that he was confident that the
delay occasioned by the necessity of making a new exchange offer to stock¬
holders and of obtaining new acceptances of the offer from stockholders who
had already deposited their stock with the company would not materially
interfere with the successful consummation of the plan.—V. 143, p. 2360,
out
the
Central Maine Power Co.
(& Subs.)—Earnings-
Period End. Sept. 30—
1936—Month—1935
Operat. revenues
$588,679
$532,586
Operating expenses295,788
251,280
1936—12 Mos.—1935
$6,375,798
$5,967,853
3,198,470
2,984,488
Netoper. ncome
Non-oper. income—net.
Net income
Pref. dividend require...
$281,306
3,382
$3,177,328
45,487
$2,983,365
62,886
$297,238
146,796
Deductions
$292,891
4,347
$284,688
142,579
$3,222,815
1,787,619
$3,046,251
1,774,116
$142,109
108,099
$1,435,196
1,297,182
$1,272,135
1,297,182
/
$150,442
108,099
Preferred dividends have been paid at
of the full rate, since Oct. 1,1934.
Offering Price—
The company In an
amendment filed with the Securities and Exchange
offer $14,000,000 of 3H% first & general
mortgage bonds, series H, due 1966, at 101%%.
The First Boston Corp., and Coffin & Burr, Inc., will be the principal
underwriter, underwriting $3,000,000 and $2,000,000, respectively. Other
Commission states that it will
underwriters of the issue and the amounts to be underwritten are Brown
Harriman & Co.; Blyth & Co., Inc.; Harris, Hall & Co., Inc., $900,000
each; Halsey, Stuart & Co., Inc.; Stone & Webster and Blodget, Inc.;
White, Weld & Co., $575,000 each; Field, Glore & Co., Kidder, Peabody
& Co.; W. C. Langley & Co.; Lee Higginson & Corp.; F. S. Mosley & Co.,
and Whiting, Weeks & Knowles, Inc., $430,000 each; R.L.Day & Co.,
Easterbrook & Co., Jackson & Curtiss, Paine, Webber & Co., Spencer
Trask & Co., Starkweather & Co., Inc., Tucker Anthony & Co., H. M.
Payson & Co., $235,000 each, and Maine Securities Co., $115,000.—V.
.
Bonds Called—
A total of $9,000,000 (the entire issue) first and general mortgage
gold
bonds, series E, 4H%, due 1957 have been called for redemption on Dec. 1
at 102 Yi and interest.
Payment will be made at the Old Colony Trust Co.,
Boston, Mass.
The company has also called for redemption at 104^ on the same date
$3,944,000, the entire outstanding amount of first mortgage sinking fund
4>i% bonds, due 1955, of the Androscoggin Electric Corp., former sub¬
sidiary, which has been consolidated with the parent company.—Y. 143,
'
The Central Foundry Co. on Aug. 28, 1935
pursuant to action by its
directors, filed its petition under Section 77B of the Bankruptcy Act
stating that it desired to effect a plan of reorganization in connection with
or
1
49,488
-
Gross income.
$572,772
1,198,628
200,931
119,359
102,328
500,000
66,000
3,500,000
Matured int. unpaid
Funded debt.
1,740
2,640,371
Investments & advances
June 30, 1936
Trade accounts payable.
Accrued liabilities
$429,558
57,766
17,047
34,600
1,740
1,653,200
15,390
839,500
Other accrued liabilities
matured
-
Patents & goodwill
Liabilities—
Cash
Trade debtors (net)
Other accts. & advances
Indebtedness
as at
for
992,773
Deferred charges
7% cumulative series
Consolidated Balance Sheet
deposit
int. unpaid
Accounts payable
Accrued salaries & wages
Accrued taxes
$755,272
692,484
Fixed assets
The underwriters have
jointly and severally agreed to purchase or find
purchasers for the full amount of 50,000 shares of
prior preferred stock.
hand
on
Accounts & notes receiv. (net)
Inventories (net)
*50,000 shs.
*50,000 shs.
*
Liabilities—
Cash in banks &
follows:
Fuller, Rodney & Co., New York
Hedden & Co., Inc., New York
$73,569
Pro Forma Consolidated Balance Sheet at June 30, 1936
credited to
Us
for Fed. income taxes-
$190,210
116,640
1,200,000 shs. 1,000,000 shs.
and the remainder
1933
Net operating profit
$6,307,493
Net income before prov.
'*
290,014
$185,128
5,082
Outstanding
♦114,818 shs.
148,179 shs.
250,000 shs.
150,000 shs.
surplus by an appropriate resolution of the board of directors.
Loans from Banks—On June 30, 1936, the company had bank loans out¬
standing in the total sum of $4,000,000, represented by four promissory
notes. Two of these notes, one in the principal sum of $1,800,000 and one
in the principal sum of $20),000, dated Nov. 1, 1935, mature one
year
after date with interest at the rate of 3.6% per annum, pyaable semi¬
annually.
Company has the option to renew these notes annually to a
final maturity date not later than Nov. 1, 1940, upon payment of interest
and upon repayment on or before Nov. 1, 1938, of $450,000 on the note for
$1,800,000 and repayment of $50,000 on the note for $200,000, and upon
additional repayments by Nov. 1, 1939, of $675,000 and $75,000 respec¬
tively. Company has the option of paying either of these notes or any re¬
newal note in whole or in part at any time without notice.
The remaining two of the above mentioned four promissory notes are
dated Feb. 3,1936, and are payable in the sums of $1,200,000 and $800,000,
respectively, one year after date. Both notes bear interest at the rate of
3% per annum, payable semi-annually. Company has the option to renew
these notes annually to a final maturity date not later than Feb. 1,
1940,
upon payment of interest and upon repayment of $300,000 annually on the
note for $1,200,000 and $200,000
annually on the note for $800,000. Com¬
pany has the right of paying said notes in whole or in part at any time
without
1,726,590
expenses
Net profit from operations
Other income
Represents prior preferred stock classified as 7 % cumulative series
prior preferred stock.
Upon the issuance of the securities, the outstanding prior preferred stock
of 7% cumulative series prior preferred stock will be increased by 50,000
shares
Of the net proceeds to the company of this issue, $5,000,000 will
be credited to 7% cumulative series prior preferred stock capital account,
and of the balance, consisting of $312,500, after the payment of expeises
of the issue, a part equal to the dividend accrual from Oct. 1, 1936, to the
date of issue on the shares to be issued at the rate of 7% per annum will be
credited to
$2,201,732
Cost of sales (including expenditures on maintenance and repairs
and after deducting profit from non-manufacturing operations
of June 30, 1936
■
7%
providing for
The court has authorized the steps necessary to consummate the plan,
Company also manufactures and sells cellulose acetate other than in the
of yarns or fabrics, such sales being at present practically all to its
subsidiary Celluloid Corp.
The company's principal subsidiaries and sub-subsidiaries are:
Celanese Co., Inc.. principally engaged in selling in several States of the
United States finished fabrics manufactured by the company and by others.
Pabin Corp., a holding company, is the owner of the capital stock of
New London Fabrics Corp., of Williamsport Textile Corp., and of American
*orms
Capitalization
certificate of change to its certificate of organization
a
1936
the issuance of the capital stock required by the plan.
The bonds and common stock of the corporation are issued pursuant to
the provisions of the plan.
dyed and finished, and sells as finished fabrics for its own
Many of the company's fabric products are sold under the regis¬
be
tered trade
Oct. 24,
Aug. 31,
1936
Central Manitoba Mines,
3 Months Ended—
Net income after all charges
—V. 141, p. 2731.
Ltd.»
Central Ohio Steel Products
-Earnings—
Sept. 30 *36 June 30 '36
$2,449
loss$3,273
Co.—Listing Approved—
The New York Curb Exchange has approved the
standing shares of
common
stock, $1 par.—V. 143,
listing
p.
of 132,000 out¬
2045.
Volume
Financial
143
Central Paper
Co., Inc.—Earnings—
Years Ended June 30—
Net sales
"
1936
$1,959,202
1935
depreciation)
1,427,845
$1,446,505
1,029,456
Selling, general and administrative
$531,356
204,571
4,462
$417,049
166,817
6,280
$322,323
$243,952
13,801
.
Cost of sales (excl. of
^
Gross profit
expenses
Canadian timber expense..
Operating profit...—
Other
20.210
income
$342,533
Total income
Non-oper. deduc'ns other than int. & bond disc't—
Interest on bank loans, notes and miscellaneous...
Interest
on
$257,753
33,564
5,510
32,250
3,416
Chronicle
Ry., Inc., of control of the Central Vermont Terminal, Inc.—V. 143, p.2045.
Chain Belt Co.—Dividend—
The directors have declared
stock, no par value, payable Nov. 16 to holders of record Nov. 2.
A similar payment was made on Aug. 15 last and
compares with 50 cents
paid on May 1 last; 30 cents paid on Feb. 15 last; regular quarterly dividends
of 15 cents per share paid from Feb. 15, 1935, to Nov. 15,
1935, inclusive;
10 cents per share from Feb. 15, 1933, to Nov. 15, 1934, inclusive; 15
cents on Nov. 15 and Aug. 15, 1932; 20 cents on May 15, 1932; 25 cents
on Feb. 15, 1932; 40 cents on Nov.
16, 1931, and 62 K cents per share paid
each quarter previously.
In addition, a special dividend of 70 cents was
paid on Dec. 31, 193o, and an extra dividend of 60 cents per share was
paid on Dec. 22, 1934.—V. 143, p. 578.
Balance
Discount on treasury bonds
.....
6,204
37,050
3,124
$230,526
42,644
$183,012
—
——
$273,170
107,734
24,133
$183,012
107,129
3.411
Custodian fee
$72,471
Miscellaneous
...
purchased
dividend of 62H cents per share on the
a
common
$141,303
funded debt
Amortization of bond discount and expense
2671
the Central Vermont Transportation Co.'s leasehold interest in Pier 29,
East River, New York, N. Y., and the acquisition by the Central Vermont
Chain Store Investors
Trust—Earnings—
Earnings for the 3 Months Ended Sept. 30, 1936
Dividends
Interest.
$1,358
73
...
Net profit before depreciation and taxes
Provision for depreciation
Provision for Federal income &
...
excess
profits taxes
Total
......
$1,431
———
....—.
i
—
50
Trustees' fees (estimated accrued)
Net profit.
Balance Sheet June 30
Assets—
1936
Cash
Receivables (cust.)
Miscell. receivables
Inventories
Other assets...
Inv. in & ad vs. to
|S sub. companies,
a
46,255
1,509,104
55,931
Fixed assets....
Deferred charges.
.
Liabilities—
1935
1936
$196,040 Notes & accts.pay.
116,455 Accr"d liabilities..
2,525 Res. for bond exp.
liab. (est.)
312,914
2,198 Res. for dock rep're
Long-term liabil..
46,170 3%-6% non-con v.
cum. pref. stock
1,538,514
(par $10)
60,938
3%-6% conv. cum.
$212,153
218,219
2,150
311,059
4,249
pref. stock
1935
$125,072
$89,539
100.491
49.506
840,029
45,000
2,947
967,534
321,300
321,300
After
for depreciation of
reserve
119
40
$1,352
Dividend pay. Oct. 15, 1936
859
Balance of earned surplus, Sept. 30,
1936--——
$493
Liabilities—
Assets—
394,425
115,359
b462,446
...
395,425
100,764
303,740
Investments
value
Dividend payable
Res. for acc. exps.
Capital (rep. by 3,738shares).
$187
Accounts receivable
1,562
cost
at
(market
$101,246)
Accrued int.
on
Earned surplus
83.205
——
$859
195
84,479
a
498
119
bond invest..
951
Def. exps.—regis, exp
a
$1,192
—
Balance Sheet Sept. 1936
(par
Surplus
Net income
Balance of earned surplus, July 1, 1936
Tax reserve cancelled
Cash..
Com. stk. (par $1)
$2,359,123 $2,275,756
59
Total..
$10)..
Total
128
expense.—.—..
$2,359,123 $2,275,756
Total
Total
$2,135,905 in 1936 and $2,047,383
in 1935.
b Comprised as follows: Capital surplus arising from reorganiza¬
tion, $247,672; capital surplus arising from treasury stock acquired at no
cost, $1,000; earned surplus appropriated for sinking fund reserve, $73,508;
earned surplus available for dividends, $140,265.
Notes—(1) Under the plan of reorganization which was made retroactive
to July 1, 1934, ownership of Canadian timber licenses and freehold lands
was turned over to a trustee.
The trustee issued in exchange to the holders
of an issue of $321,300 of first & general mtge. 7% sinking fund gold bonds
of the predecessor company. Central Paper Co., an equal amount of cer¬
tificates of beneficial interest known as timber license certificates, and the
old issue of 7% bonds were canceled by the new company.
All of the
authorized issue of 3%-6% non-convertible cumulative preferred stock,
having a par value of $321,300, was issued by the new company to the
trustee.
Holders of timber license certificates issued by the trustee have
the option of converting them into an equal amount of par value of 3%-6%
non-conv. pref. stock.
The company is liable for retirement of the timber
license certificates through sinking fund requirements, out of net profits
for the year ended June 30, 1936 and future years, provided that net
profits are sufficient to meet other requirements which have precedence,
and is liable for $25,000 payable in five equal annual instalments to the
trustee if timber licenses are terminated before the timber license certifi¬
cates are retired.
In the event that timber license certificates are retired,
either through conversion for preferred stock owned by the trustee or by
payments to holders of certificates by the trustee out of moneys received by
him from any source, including earnings or sale of timber lands, dividends
on preferred stock owned by him or any other
payments received by him
from the company; ownership of remaining Canadian timber licenses and
freeholds and remaining non-convertible cumulative preferred stock reverts
Total
$86,027
—
$86,027
—V. 141, p. 4162.
Chartered Investor?,
Inc.
Earnings1936
9 Months Ended Sept. 30—
Dividends! received
Interest earned on bonds
1935
1934
$230,791
19,675
Gross income
Expenses and taxes
$229,486
42,517
1
J
Prov. for Federal income tax
$203,771
25,715
$250,467
-—
$196,096
519,155
$767,608
Total income—
176,123
$188,580
500,812
1,363
$715,251 "
182,141
658,558
1,100
Divs. declared & accrued on pref. stk-
$221,329
31,499
1,250
I
$207,950
Net income-
"
33,390/
_____
Balance, Dec. 31
Adjust, of prov. made for cap. stk.tax
$191,489
29,840
$690,755
183,123
Unapprop. div. & int. inc. as at
$533,109
Sept. 30,1934
— —
$591,485
$507,632
Capital surplus, as at Sept. 30, 1936—Balance, Dec. 31, 1935, $5,008,079; add, unrealized loss provided for—difference between cost & market
value of securities owned a
Dec. 31, 1935, $1,402,187; balance, Dec. 31,
1935 before prov. for unrealized loss on securs. owned as at that date,
$6,410,266; add: net profit on sales of securs. in 1936, less Federal normal
income tax applic. thereto, $22,470; total, $6,432,736.
Deduct: excess of
cost over the stated value of.$25 per share of pref. stock reacquired in 1936.
$214,707; balance, $6,218,029. Deduct: unrealized loss provided for—dif¬
ference between cost and market value of securs. owned at Sept. 30, 1936,
$524,767; balance, Sept. 30, 1936, $5,693,262.
to the company.
Comparative Balance Sheet Sept. 30
(2) The company is contingently liable for cumulative preferred stock
141, p. 2731.
Central Vermont Public Service
Period End. Sept. 30—
Operating revenues.....
Operating expenses
...
Liabilities—
1935
$47,339
$327,941
Cash
*.
1936— 12 Mos.—1935
$1,940,333
$1,826,901
1,290,902
1,132,249
(Market).—— 7,265,028
Accrued
int.
$68,903
$58,101
29
$649,431
6,203
Gross income....—
Deductions
$68,898
27,505
$58,130
26,049
$655,634
347,483
$32,081
18,930
$308,151
$387,567
227,160
7,093
8,270
328
payable on
preferred stock,
18,665
1,275,000
170,000
Capital surplus
5,693,262
Surplus (earned)
591,485
Treasury stock... Dr 155,100
Common stock-.
-
$7,600,062 $6,379,898
Total-
$1,420
5,250
b $5 pref. stock.—
$694,980
307,413
$41,393
18.930
1935
$1,500
Fed'l
Divs.
re¬
ceivable----—
$694,652
5
for
Income tax
6,324,289
a
Net operating income.
Non-oper. income—net-
1936
Cap. stock tax—
Reserve
Investments—
Corp.—Earnings—
1936—Month—1935
$182,049
$165,492
113,146
107,391
1936
Assets—
dividends of $50,100.—V.
Total
-
20,236
1,275,000
170,000
4,440,983
533,109
Dr60,850
—$7,600,062 $6,379,898
Represented by 170,000 no par shares,
b Represented by 51,000 no
shares,
c Represented by 6.204 shares of $5 cum. pref. stock in 1936
and 2,434 shares in 1935.—V. 143, p. 748.
a
Net income..
Dividend requirements.
—V. 143, p.
_
227,160
2045.
Cheney Brothers—Plan of Reorganization—
Century Ribbon Mills, Inc.—Earnings—
[Including Century Factors, Inc.]
9 Mos. End.
Sept. 30—
Net after depreciation &
Federal taxes
...
Preferred
dividends
1934
1933
$69,357
$133,807
34,995
39,370
$125,697
48,899
1935
1936
x$109,251
32,302
.
par
A plan of reorganization dated Oct. 1, 1936 proposed by the company
pursuant to Section 77-B of the Bankruptcy Act has been submitted to the
U. S. District Court, District of Connecticut.
A hearing on the plan will
be held Nov. 19 before A. S. Albrecht, special master.
Present
Capitalization Outstanding
5% 5-year bonds, due Nov. 1,
Of April 26, 1935
$2,659,000
as
1937 (unsecured).
aggregating $330,879 was accrued and unpaid on these bonds as
April 26, 1935.
Int.
$76,950
Balance, surplus..
Earns, per sh. on 100,000
shs. of no-par common
stock outstanding.—.
x
$34,363
$94,437
$76,798
$0.77
$0.34
$0.94
$0.77
the
x
....
ended Sept. 30, 1936, net profit was $51,273 after
equal to 41 cents a share on common, comparing with
29 cents a share on the common in the September quarter of
quarter
taxes and cnarges,
$40,444
1935.
or
be
Consolidated Balance Sheet Sept. 30
Assets—
1936
Liabilities—
1936
1936
Plant, eq't, Ac—$1,524,944 $1,571,910 Preferred stock... $630,400
Cash
516,263
404,199 x Common stock.. 2,000,000
Notes rec—cust'er
24,750
39,120 Notes payable
1,375,000
y
—
Accts. receivable..
2,349,910
Accounts payable.
Inventories
letters of credit.
1,300,280
59,600
29,369
Deferred assets
Prepaid
expenses.
1935
$749,900
2,000,000
1,250,000
2,657,562 Acceptance against
5,940
Cash surrender val.
life insurance
1,277,651 Surplus...
44,100
28,727
31,507
781,975
1,017,454
—
2,800
22,480
as
105,371
..
be
Represented by 100,000 shares of
$1,202,658 reserve for depreciation in
V. 143, p. 423.
x
Central Vermont
Period End. Sept. 30—
Ry.
oper. revenues—
Net
rev.
from ry oper_.
Net ry. oper. income. . .
Inc. avail, for fix chgs—
Fixed charges
.....
Total
..$5,836,336 $6,028,541
par value,
y After deducting
1936 and $1,119,891 in 1935.—
no
Ry., Inc.—Earnings—
1936—Aforifh—1935
$442,804
$477,148
52.069
5,909
31,938
def83.329
33,577
81,370
109,884
106,628
1936^—9 Mos.—1935
$4,303,939
$4,012,915
110,636
432,372
def232,982
268,786
def212,935
352,359
972,980
984,469
$187,998
$76,307. $1,185,915
$632,110
Acquisition, &c.—
The Interstate Commerce Commission on Oct. 9 authorized the Central
Vermont Terminal, Inc., to issue $5,000 of capital stock, and at the same
time approved the purchase by the Central Vermont Terminal, Inc., of
_
.
_
,
Corporation or other first mortgagee.———————
—
$1,000,000
15-year 5% income debentures due Jan. 1, 1952, $530,000 to
be authorized subject to decrease to an amount not less than
the amount which has been underwritten) in
the event that less
than $530,000 princinal amount is sub¬
to offers herein provided for—
scribed for pursuant
530,000
5% preferred stock (par $10 per), not exceeding 105,000 shares
to be authorized:
Certain banks and insurance companies holding in the aggre¬
gate over 70% of bonds and preferred stock of the debtor
have stated to the debtor that they will take the cash alter¬
native hereinafter set forth.
Maximum number of shares to be reserved for issuance to
holders of remaining old bonds (other than said banks and
insurance companies), and other creditors subject to decrease
to the extent that additional holders of old bonds or other
creditors elect to take cash alternative
93,600 shs.
Maximum number of shares to be reserved for issuance to
holders of old preferred stock (other than said banks and
insurance companies), subject to decrease to the extent addi¬
tional holders of old preferred stock elect to take cash
alternative.
Common
.
,
—————-
7,977 shs.
stock (par $10), not exceeding 50,000 shares to be
T<f be^ued" with
$530,000 of 5% income debentures (sub¬
less than 30,000 shares in
$530,000 of debentures are issued) —31,800 shs.
Reserved for issuance to holders of old preferred stock (ex¬
cluding banks and insurance companies) subject to decrease
to the extent that additional holders of old preferred stock
elect to take the cash alternative
3,989 shs.
To be issued to holder of old common stock..
13,781 shs.
ject to pro rata decrease to not
Balance, deficit......
,
follows:
5% bonds or notes due Jan. 31, 1945, proposed to
authorized and issued to the Reconstruction Finance
-
$5,836,336 $6,028,5411
Total
.
1st mtge.
$500,000 (being
1,009,928
1,018,713
Serial notes matur¬
ing 1938
Treasury stock...
Participating preferred stock (26,590 shs. no par), stated value
531,800
Common stock (68,905 shs no par), stated value
689,050
x Represented by voting trust certificates with the exception of shares
held by directors.
New Company—New company will be organized in Connecticut or Dela¬
ware with the name Cheney Brothers,
Inc.
It will acquire the assets of
Cheney Brothers free of all claims except as provided in this plan.
Capitalization—The funded debt and capital of the new company will
x
No deductions made for Surtax on undistributed profits.
For
of
the event that less than
Financial
2672
Treatment of
at a
1936
24,
See
holders of record Oct. 24.
2823 for detailed dividend record.—V. 143, p. 2518.
stock, par $50, both payable Nov. 2 to
Existing Securities and Obligations
therewith—In satisprincipal and interest, the holders of the Present y
outstanding 5% 5-year bonds and the holders of general claims allowed in
the reorganization proceedings which are classified by the court with such
bondholders (such general claims being estimated at not more than $35,000)
shall receive for each $1,000 of bonds or claims, as the case may be either:
(a) $1,125 par value of preferred stock of the new wmpany, and the
right to subscribe for three units, each consisting of $50 of 15-year 5%
income debentures and three shares of common stock of the new company,
(1) 5% 5-1tear bonds
foction of alf claim for
Oct.
Chronicle
and general creditors classified
price of $50 per unit; or
In lieu of such preferred
V.
142,
(The) Cincinnati Union Terminal Co.—General Balance
Sheet Aug. 31—
1936
uu.j
*
$
1,097.508
606,727
——
Special deposits...
rec.
from
152
792,620
191,751
agents & cond__
Misc. accts. rec
Material & supplies
127
3,641
assets.
50
96,829
50
5,584
Rents & insurance
2,669
221,405
108,466
prem.pd.in adv.
on
fd. debt._
Other unadj. debits
Total
4,840
944,768
405
396,250
60,000
debt mat.
Funded
558,000
1,183
193,058
—unpaid
Oth. def. liabU...
Tax liability
Acer, deprec.—eq.
2,576
37,910
Otb. unadj. credits
Total
44,151,901 43,965,087
119
60,000
447,333
41,850
liabll..
curr.
9,023
117
Unmat. int. accr..
Oth.
724
Working Id. adv..
210
30,529
6,877
Unmat. divs. decl.
Other def. assets..
Disc,
Misc. accts. pay..
691,067 Int. mat. unpaid..
179,990 Divs. mat. unpaid
2,080
not due)...
curr.
$
3,500,000
3,500,000
Preferred stock
3,000,000
3,000,000
1,695,894 Mortgage bonds..36,000,000 36,000,000
625,000
766,136 Non-negot. debt..
9,141 Audited accts. &
228.446
wages payable-_
272,464
Rents rec. (accrued
Other
1935
$
Liabilities—
equip.41,030,918 39,663,445 Common stock
Dep.ln lieu of mort¬
gaged prop, sold
Net bal.
1936
1935
$
Assets—
Inv. in rd.&
Cash
,
stock and right to subscribe,each holder
to receive for each such $1,000. the sum
election to take such cash is made within
30 days of the publication of notice of the confirmation of the plan.
(2) Preferred Stock—The holders of the presently outstanding preferred
stock shall receive for each 10 shares held, either:
(a) $100 preferred stock and five shares of common stock of the new
company and the right to subscribe for one unit consisting of $50 15-year
5% income debentures and three shares of common stock of the new com¬
pany, at a price of $50 per unit; or
(b) In lieu of such stock and right to subscribe, each holders of the
outstanding preferred stock may elect to receive for each 10 shares held
the sum of $30 in cash, provided that the election to take such cash is
made within 30 days of publication of notice of confirmation of the plan.
(3) Common Stock—The holders of the presently outstanding common
stock shall receive for each share held:
(b)
of such bonds or claims may elect
of *270 in cash, provided that the
p.
9,067
131,697
1,165
4,109
44,151,901 43,965,087
I
*.
—V. 142, p. 4017.
ho
City Ice & Fuel Co.—Earnings—
Tominon
stock held by him the right to subscribe for one unit consisting
15-year 5% income debentures and three shares of common stock
at a price of $50 per unit.
Current Liabilities and Priority Claims—Liabilities incurred on and after
April 26, 1935, the start of the reorganization proceedings, and claims
allowed as entitled to priority of payment under the provisions of the
Bankruptcy Act or by special order of the court, to the extent not paid by
the debtor prior to the confirmation of the plan, shall be paid in cash in
full or assumed by the new company.
Contracts and Leases—All contracts of the debtor which are executory
in whole or in part, including unexpired leases, which shall not have been
rejected by the debtor prior to the date of confirmation of the plan, and
also all executory contracts and leases, including leases of real estate, made
by the debtor during the continuance of the proceeding shall be assumed
by the new company.
Trade Creditors—Holders of claims allowed and classified by the court
as current trade claims against the debtor outstanding on April 26, 1935,
will be paid in cash in full but without interest by the new company.
The
aggregate of such payments will not exceed $110,000.
Reorganization Expenses—All expenses of reorganization and all cost
of administration and other allowances made by the court shall be paid
of
of $50 of
of the new company,
,
in cash by the new company or out of the estate.
Other Liabilities to Be Dealt With—All general claims, other than trade
claims shall receive the same rights as specified for bondholders and claims
classified therewith.
Any claim not finally adjudicated at the date of
confirmation of the plan, shall, to the extent it is allowed, receive the
aforesaid rights except that the holders of such claim shall not be entitled
to subscribe to units of new securities.
New Money—The plan contemplates that a loan of $1,000,000 will be
made to the new company by the RFC, said loan to be secured by a first
mortgage on the real estate, plant
pany.
and fixed qeuipment of the
new com¬
Arrangements for the making of this loan have not been
com¬
pleted, although negotiations therefor are under way.
The plan will not
be carried out unless and until a commitment for the loan from the RFC
or another lender shall have been obtained.
The plan also contemplates that at least $500,000 of new money will
be raised by the sale by the new company of units consisting of $50 of 5%
income debentures and three shares of common stock.
A group of holders of the common stock of the debtor has agreed with
the debtor to purchase such number of units as, with those subscribed for
by bondholders, creditors and stockholders, will aggregate
an aggregate of $500,000 thus being underwritten.
Period End. Sept. 3
Revenue-.
10,000 units,
Costs, exp. & ord. taxes.
Depreciation.
Gross profit from sales
Sell., gen. & adininis. expenses,
Total income-—..—-
Interest
Federal income taxes—_
Balance
prof$21,007 loss$277,375 loss$150,212
13,496
Z)r9,302
Dr20,700
;
Net profit for period.
Other deductions (net)
$3,590
1,378,210
$435,466
494,652
$883,559
494,652
$1,374,620
Previous deficit
$3,330,768
120,409
$3,492,287
60,726
513,710
$2,758,200
117,300
350,758
$4,532,160
174,685
642,678
$3,451,177
344,758
440,071
$2,290,142
1,714,797
$2,666,348
x
Net income.
Before subsidiary preferred
—
580; V. 142, p. 2493.
Columbia Broadcasting
.
„—
$930,118
$1,378,211
condensed Balance Sheet Aug. 29, 1936
Assets—
The company
announced plans to erect elaborate Pacific Coast head¬
quarters to serve its nationwide and regional networks.
The project includes a new radio center to be erected in Hollywood at
an approximate cost of $1,000,000, according to Donald W. Thorn burgh,
in charge of Pacific Coast operations.
Plans also are
under way to extend Columbia facilities in San Francisco.
The new CBS radio center in Hollywood, hesaid, will include auditoriums,
studios and offices of Columbia's newly acquired 50,000-watt radio Station
Vice-President
KNX,
as
well
as
the same for servicing the network.
It will front on
block between Gower and El Centro Sts.
Sunset Boulevard, occupying the
—V.
142, p. 4171.
Columbus Auto Parts Co.—Accumulated Dividend—
The company paid a dividend of 50 cents per share on account of accumu¬
lations on the $2 cum. conv. pref. stock, no par value, on Oct. 15 to holders
of record Sept. 30.
Dividends of 25 cents per share were paid on Sept. 1,
June 1,
and March 2 last.
A dividend of 10 cents was paid on Dec. 2,
1935, this latter being the first payment made on the issue since Dec. 1,
1933, when a regular quarterly dividend of 50 cents per share was dis¬
tributed.—V. 143,p. 1870.
Compania Cubana—Earnings—
$9,487,219
Total
—..$9,487,219
JJnder Section 77-B of the Federal Bankruptcy Act as amended.—V.
142
Chesapeake Corp.—Collateral Withdrawn—
The New York Stock Exchange has received notice from the
Guaranty
Trust Co. of New York as Trustee for the
Chesapeake Corp. 20-year con¬
vertible collateral trust 5% gold "bonds, due
May 15, 1947, that during the
period from Sept. 1, 1936 to Sept. 30, 1936, both Inclusive, bonds of said
issue aggregating $1,093,000 principal amount were
converted, cancelled
and retired in accordance with the terms of the indenture
dated May 15
1927, and that as a result thereof 24,857 shares of the Chesapeake & Ohio
Ry. Co. stock were withdrawn from the collateral pledged with it as trustee
under said indenture.—V. 143. p. 2201.
Chesapeake & Ohio Ry.—Earnings—
Netafterrents
From Jan. 1—
Gross from railway
Net from railway......
Netafterrents
1936
1935
1933
$9,689,294
4,422,404
3,510,356
$9,389,642 $10,284,732
4,408,334
5,346,123
3,377,968
4,228,398
98,065,084
45,677,203
36,219,032
82,135,097
82,396,949
36,389,233
27.462,708
46,365
$54,897 loss$124,112
60,769
64,861
$64,150
480,483
loss$5,871 Ioss$188,973
495,743
525,793
$416,333
133,476
$501,614
35,195
$714,766
182,481
$179,384
Cr7,595
653,733
$282,857
4,053
940,643
$466,419
107,885
1,514,948
$532,285
336,938
2,384.171
$481,944
$653,733
$940,643
$1,514,948
$309,976
130.592
Net deficit for year
Surplus charges (net)..
Previous surpl us
-
Surplus June 30—
x After depreciation of $384,193 in 1936; $391,167 in 1935; $392,231 in
1934, and $387,210 in 1933.
Balance Sheet June 30
1936
35,075,845
27,034,366
Liabilities—
1935
$
inv.ll ,447,022 11,831,367 Com. stock (320,000
Mtges. receivable,
shares,
no
Incl. accr. int—
par value)
597,751
557,886
5,977,602
Cash
77,594 Notes & loans pay. 7,522,685
86,461
Due fr. affil. co
192,347 Accrued interest on
2,474
same
Accts. rec., &c
52,028
26,121
371,342
Sugar inventories.
1,578,470 Accounts & wages
,163,402
Molasses inventory
payable
48,850
5,649
30,756
Net prop'ty
Accounts
Rep. of Cuba sugar
Adv. to colonos
428.463
Instalm'ts
106,902
26,985
299,957
rec'le—
Breed cattle..
Mat'ls & supplies.
Cuba
Co.—spec.
Total
After
69,356
6.591
Taxes payable
Reserve
for
doubtful
3,631
21,384
13,045
500,737
2,425
481,944
512,194
7,011
653,733
accts.
of
col¬
lection
337,465 Deferred credits..
Surplus
188,497
Prepd. ins. prems.
Deferred charges—
in
32,060
486,462
107,220
27,558
374,619
payable
to affiliated cos.
stabilization, sk.
fund 5Ks
5,977,602
8,237,332
8,252
506,442
17,207
523,094
14,897,716 15,866,2771
Total..^
deducting depreciation of $7,267,756 in
141, p. 1929.
14,897,716 15,866.277
1936 and $6,906,177
1935 —V.
Commonwealth & Southern
Corp.—September Output—
Electric Output—Electric output of the Commonwealth & Southern Corp.
Chicago Electric Mfg. Co.—Accumulated Dividend—
May 1 and Feb. 1,
1935 and compares with 50 cents per share paid on Sept.
10, March 5
and Jan. 12, 1934, this latter payment being the first made on this issue
since Jan. 3, 1928, when a regular quarterly dividend of 50 cents
per share
disbursed.
Accumulations after the payment of the Nov. 7 dividend will amount to
$12 per share.-—Y. 142, p. 1282.
Cincinnati Street Ry.—To Pay
$
1936
1935
S
Assets—
a
79,528,728
35,548,527
27,073,693
The directors have declared a dividend of $1 per share on the
$2 cumula¬
tive class A stock, no par value, payable Nov. 7 to holders of record Oct. 28.
A similar distribution was made on Feb. 1, last, and
Extra Dividend—
The directors have declared an extra dividend of 10 cents
per share in
addition to the regular quarterly dividend of like amount on the
Income charges
account
1934
$11,630,398
5,779,911
4,772,453
—V. 143, p. 2360.
was
1933
$110,515
$146,098
456,074
Admins. & gen. exps
a
p. 133.
September—
1934
$193,117
47,019
operations.
Gross deficit:
.
Gross from railway
Net from railway
-
1935
1936
Years End. June 30—
Prof, from
.......
Balance with John P. Maguire
& Co
a
1936—9 Mos.- -1935
$504,867 x$l,667,400
$1,604,522
Shs. com. outst. (no par)
2,636,253
2,636,878
2,636,253
Earnings per share$0.19
$0.63
$0.60
x Before deduction for Federal surtax on undistributed profits.—V.
143,
p. 581.
x$583,452
2,636,878
$0,22
Income credits.
$14,994 Notes payable.
$497,000
Acceptances payable..
110,500
63,970 Accounts payable
337,447
Accounts receivable—(net).
95,656 Accrued liabilities
147,553
Notes and loans receiv. (net).
322 Reserves..
9,909
Materials and merchandise... 2,600,449 a Liabilities deferred
221,474
Investments—not readily re¬
5% bonds, 1937
2,659,000
alizable & deferred charges.
81,874 Reserve for deferred interest.
265,900
Fixed assets (net)...
6,629,954 Participating preferred stock..
531,800
Common stock
689,050
Capital surplus
5,392,207
Operating deficit
Dr1,374,620
-Earnings—
1936—3 Mos.- -1935
Period End. Sept. 30—
Net profit after deprec.,
Federal taxes, &c
—
Liabilities—
Cash...,
Total
System—To Build Pacific Coast
Center—
Net prof, from oper..
Total deficit
dividends.
Note—No mention was made of surtax on undistributed profits.—V. 143,
p.
x
Operating income
$4,425,866
106,294
x
$34,502 loss$286,677 loss $170912
30,912
148,790
712,647
_
$2,689,489
68,711
Commercial Solvents Corp.-
Jan. 1. '36 to Jan. 1, '35 to
Calendar
Aug. 29, '36 Aug. 31, '35
Year 1935
$609,987
$384,775
$851,785
588,980
662,150
1,001,998
Other income (net)
.
$3,442,866
49,421
$2,917,851
Operating profit
Other income.
Condensed Statement of Earnings
Perid—
1396—9 Mos.—1935
1936—3 Mos.—1935
$9,928,746 $24,349,227 $21,075,313
18,070,908
15,775,560
7,290,309
6,239,890
1,852,453
1,968,985
926,278
999,367
$11,659,453
^
capital
system for the month of September was 676,836,355 kilowatt hours, as
compared with 531,762,119 kilowatt hours for September 1935, an increase
of 27.28%.
For the nine months ended Sept. 30, 1936 the output was
5,658,372,104 kilowatt hours, as compared with 4,662,268,716 kilowatt
corresponding period in 1935, an increase of 21.37%.
Total
output for the year ended Sept. 30, 1936 was 7,412,159,495 kilowatt hours,
as compared with 6,138,955,763 kilowatt hours for the year ended Sept. 30,
1935, an increase or 20.74%.
Gas Output—Gas output of the Commonwealth 8c Southern Corp. system
for the .Month of September was 900,721,200 cubic feet, as compared with
878,508,300 cubic feet for September 1935, an increase of 2.53%.
For the
nine months ended Sept. 30, 1936 the output was 9,382,403,400 cubic feet
as compared with 7,999,676,200 cubic feet for the corresponding period in
1935, an increase or 17.28%.
Total output for the year ended Sept. 30,
1936 was 12,609,538,700 cubic feet, as compared with 10,641,671,000 cubic
hours for the
Volume
143
Financial
Chronicle
feet for the year ended Sept. 30,
1935, an increase of 18.49%.- -V. 143,
p. 2046.
Consolidated Amusement Inc.—Extra Dividend—
The directors have
declared an extra dividend of 30 cents per share in
addition to the regular
quarterly dividend of like amount on the common
stock, par $10, both payable Nov. 1 to holders of record Oct. 20.—V.
122,
p. 2335.
i '."Vx.
Consolidated Cement
Corp.—Earnings—
Continental Can Co.—Earnings—
$1,360,276
794,247
Cost of goods sold
Selling and administrative expenses
Interest on 15-year 1st mtge. 6% cumul. income
bonds
Interest on 15-year 6% cumul. income notes
Bond discount and expense
Loss on retirement of fixed
assets, operation of
Net profit
Note—Charges included in
,
_
$566,029
327,761
108,339
11,327
11,527
7,254
cement
the
above
inventory, for the
depreciation and depletion
were
12
profit
months
Toss
and
ended
$149,996.—V. 143,
account
Sept. 30,
and
circumstances," the
Commission's
statement
said, "it
has appeared to the Commission
that, pursuant to Section 21 (a) of the
SEA of 1934, it is appropriate for the
Commission, in the public interest
and in the interest of all stockholders of the
company, to publish information
which is available to the Commission
bearing upon the adequacy of certain
statements contained in the president's letter
of Sept. 4
1936 "
The Commission summed up its
position as follows:
"The plan proposed by the
company is in essence that by amendment
of the company s charter, the
outstanding 400,000 shares of $2 cumulative
participating preferred stock be reclassified as
500,000 shares of $1 cumu¬
lative participating preferred stock and
100,000 shares of new common
stock; and that the outstanding 524,973 shares of
common stock be re¬
classified as 349,982 shares of new common
stock.
fourth paragraph of the President's
letter states; 'The plan
the fixed annual cumulative
dividend on the preferred stock now
outstanding from $2 to $1 and provides for tho elimination
of the accumulated dividends thereon (in excess of
the $1 a share which the board of
directors proposes to declare and
pay if the plan becomes effective) and in
lieu thereof gives the present preferred
holder an additional
one-quarter
share of new preference stock and an
additional one-quarter share of
common, besides a full half of all dividends
declared in excess of $1.
"However, none of the company's
soliciting material indicates that,
although the redemption price and
liquidating value
greater
share of his old
preferred, even without taking into
account the amount of accumulated
dividends on the old preferred stock.
"2. The fourth paragraph of the
President's letter also states: 'Holders
of old common
give up one-third of their
present holding of
common
stock.
As to this
statement, it should be pointed out that,
although under the plan, holders of common stock will
receive two shares
of the common stock for each three shares
of common stock now
held, it
is also true that under the
plan, holders of the common stock will hold
practically seven-ninths of the new common
stock, with the result that
the holders of common stock in fact
give up only about two-ninths of
their common stock interest.
"3. The fifth paragraph of the President's
letter states: 'The corporation
has not been able to pay the full
quarterly dividend on the presently out¬
standing preferred stock since April 1, 1932, although
payments on account
have been made from time to time.'
Despite this statement, it appears
from such information as is available to the
Commission, that the net
earnings of the company from Jan. 1, 1932 to Dec.
31, 1935 have in each
year been in excess of the annual dividend
requirements of the preferred
stock, and that on Dec. 31, 1935, the earned
surplus of the company
amounted to $2,932,639, and the earned
surplus of the company and its
subsidiaries, on a consolidated basis, amounted to
$4,044,455. The com.
ave
use
reasons
for the
company's current operations, and that for that reason full dividends have
been paid on the preferred stock.
It appears to the Commission that
if such is the case, the statement quoted above
may inadequately set forth
the situation."—V. 143, p. 1871.
not
Consolidated Mining &
—Production—
Smelting Co. of Canada, Ltd.
The
company reports production for third
third quarter of 1935, as follows:
quarter
Lead (tons)
Silver (ounces)...
Continental
&c
1935
40,074
31,191
18,217
1,835,247
Baking Corp. (& Subs.)—Earnings—
Operating profit
Other income
Total income
Depreciation
Federal income taxes
39 Weeks
Sept. 26 '36 Sept. 28 '35 Sept. 26 '36 Sept. 28 *35
$1,774,882
$1,033,591
$4,344,062
$2,624,199
2,134
10,159
100,397
177,457
Interest & amortization.
$1,777,016
2,081
552,099
202,600
$1,043,750
17,232
442,643
80,750
disposed of
interest..
profit
x$l ,020,236
sh. on 400,900
pref. stock—
$2.54
Earns. per
shs. 8%
x
1934
Gross profit on sales..
Gross income from oper¬
ation of radio station.
$5,222,701
3.141,162
1933
$3,480,790
2,104,244
$2,081,539 $1,692,560
$1,278,425
$4,118,442
2,425,882
$1,376,545
60,371
Selling, adm. &
139,579
89,498
$1,338,797
Total
134,005
52,215,544
1,704,603
$1,832,139
1,480,337
$1,466,044
1,209,167
994,476
gen. exp.
Prov. for doubtful notes
& accounts
19,924
41,025
51,634
44,856
Net operating income.
Other income
$324,396
8,583
$469,915
46,948
$300,167
13,953
$212,020
9,018
Total income
Other charges
$332,979
8,761
$516,863
55,478
$314,121
42,390
$221,038
59; 141
Prov.
for
Fed.
inc. and
&
excess
•
State
profits
taxes
47,500
Net profit
Total dividends
67,500-
$276,718
123,414
38,862
9,268
$232,868
$393,885
185,510
$152,629
264,716
Consolidated Balance Sheet—June 30, 1936
Assets—-
Liabilities—
Cash
Notes payable
$142,561
Accounts receivable (net)
Inventories
Other assets
Property, plant & equip, (net)
Trade-marks, formulae, &c__
Deferred charges
__
$460,000
298,579
57,418
11,167
Accounts payable
Accrued liabilities
765,806
1,297,947
212,216
1,890,925
120,000
117,901
Customer credit balances
Res. for Fed. & State Income
excess
profits taxes (est.)
81,958
1,970,925
160,910
858,128
648,270
Preferred stock
Class A stock
_
w
-
-——
Common stock
.
Surplus
Total
Total...
$4,547,355
$4,547,355
—V. 143, p. 2519.
Copper Corp. of Utah (N. J.)—-New CompanySee Utah Copper Co., below.
Corn Products
Refining Co.—Earnings—
9 Mos. End. Sept. 30—
1936
1935
1934
1933
$9,784,676 y$3,794,362 y$5,808,553 y$7,637,558
2,270,597
3,063,708
2,938,574
2,101,844
Profit from operation
Other income
Total income
....$12,055,273
$6,858,070
$8,747,127
$9,739,402
Federal income and State
taxes
2,366,081
1,350,000
1,485,000
zl,529,233
zl,640,996
x$8,339,192
1,290,124
5,692,500
$5,373,070
1,288,374
5,692,500
$7,217,893
1,279,630
5.689,329
$8,098,406
1,312,500
5,692,500
$l,356,568df$l,607,804
22,268,051
25.228,560
$248,934
24,820,615
$1,093,406
24,007,308
Depreciation..
Net profit..
Preferred
dividends
Common dividends
Surplus
Surplus Dec. 31
-See
y
Total surplus
$23,624,619 $23,620,756 $25,069,549 $25,100,714
Special div. Allied Mills,
Inc., stock
2,745,050
Shrplus Sept. 30
Earns, per sh. on
$20,879,569 $23,620,756
$25,069,549 $25,103,714
2,530,-
000 shs. common stock
(par $25)
x
p.
$2.78
—
Exclusive
estimated
of
surtaxes
Federal
on
income
$1.61
undistributed
taxes,
z
$2.35
profits,
Includes
$2.68
After
deducting
charges.—V. 143,
y
interest
582.
Cream of Wheat
Period End. Sept. 30—
Net profit after charges
and Federal taxes
Corp. (& Subs.)—Earnings—
1936—3 Mos.—1935
1936—9 Mos.—1935
x$294,362
x$871,365
$749,330
$1.45
$1.25
$269,414
Earns, persh. on 600,000
shs. cap.
x
stk. (no par).
No provision made for
$0.49
$0.45
s
Federal surtaxes
on
undistributed profits.
Net profit for 12 months ended Sept. 30, 1936 was $1,204,801 after above
deductions equal to $2.01 a share, comparing with $1,104,783, or $1.84
a
share, in 12 months ended Sept. 30,1935.—V. 143, p. 427.
Crow's Nest Pass Coal Co., Ltd.Period End. Sept. 30—
-Earnings—
1936—3 Mos.—1935
1936—9 Mos.- -1935
Net income after deprec.,
and depletion, but be¬
$84,204
fore income tax
—V.
$46,641
$263,714
$138,823
143, p. 426.
Cuba RR.—Seeks Extension of Bonds—
proposal for a 10-year extension of the Series A 7 K % and Series B
6% first lien & refunding mortgage bonds of the company, which mature
on Dec.
1, 1936, and the continuation of interest at the present rate on
bonds which agree to the extension, was announced Oct. 20 by Horatio D.
Rubens, President.
There are now outstanding in the hands of the public
$3 285,000 Series
in
a
A bonds and $1,012,000 bonds of Series B.
letter to bondholders, Mr. Rubens states that the company will not
cash to pay off the Series A and Series B bonds at their
have sufficient
13 Weeks
p.
-Calendar Years-
$3,076,640
1,798,214
Cost of goods sold
A
1,880,697
Period—
m
1936, compared
43,847
32,703
13,600
—V. 143, p. 268.
Net
of
1936
Zinc (tons)
Gold (ounces)
on eq.
Subs.)—Earnings—
1935
June 30,'36
,
to
.
Eany has stated to the
necessitated representatives of the Commission that business
of earnings to provide
working capital
Minority
$6,221,177
1,733,345
$3.59
x$5.67
one
.
Loss
.
The
(in a voluntary liqui¬
dation) of the new preference stock is $28 per share,
plus accrued dividends,
the corresponding redemption price and
liquidating value of the old pre¬
ferred stock was $35 a share, plus
accrued dividends, with the result
that,
although the holder of each share of old preferred stock
receives 1 W shares
of new preference stock, the
aggregate redemption price and aggregate
liquidating value of the 1 ^ shares of his new preference
stock is no
with
$4.23
6 Mos. End.
reduces
that of the
$3.76
Cook Paint & Varnish Co.
(&
lowing particulars:
than
*
Giving effect to 50% stock dividend earnings per share amounted
y After tax on undistributed earnings.—V.
143, p. 2518.
x
"As a result of the investigation which
has been made, it
appears to
the Commission that the President's letter
may be misleading in the fol¬
"1.
share.....
Gross sales less discounts
inquiry by
staff.
The meeting first called for Oct. 9 was
postponed until Oct. 23 while
negotiations were undertaken concerning the
willingness of the company
to
recircularize its
stockholders with
supplemental information.
The
Commission said it was advised by the
company that it did not wish to
appear before the Commission and was
unwilling to send any additional
communication to stockholders,
taking the position that Mr. Yates' letter
contained a "full, frank and detailed
explanation of what is proposed and
why, and precisely how it is to be accomplished and the result of
it to each
holder of preferred or common shares."
1933
$9,698,926
3,477,749
4,509,941
$3.78.
an
these
per
,
the adequacy
placed before its stockholders in
calling and soliciting
proxies for a meeting scheduled for Oct. 23 to consider a
proposed plan
for recapitalization, the Securities and
Exchange Commission on Oct. 22
made a detailed statement
explaining its criticisms.
The position taken by the SEC was
that after an investigation it ap¬
peared to the Commission that a letter by Herbert J.
Yates, President,
"setting forth certain facts and stating certain reasons"
why stockholders
should vote for the plan "may be
misleading''' in certain particulars.
The Commission's action came after
the filing with it of
material, in¬
cluding the letter by Mr. Yates, required by Section 14 of the Securities
Exchange Act of 1934 at the time of soliciting of
proxies.
A complaint
was made to it by a
stockholder, the Commission said, and this was folby
its
"Under
1934
4.966,165
Net
in
as to
information
1935
4,760,853
1936, for
947.
p.
Taking issue with the management of the
company
owed
1936
charges_$15.445,933 $16,231,650 $14,586,877
income
y$10,685.080 $11,265,485 $10,076,936
Shs.com.stk. (par $20).
2,842.870
2,665,191
1.776,494
Earnings
$99,820
Consolidated Film
Industries, Inc.—SEC Gives Details
of Row on Proxies—Takes Issue with Company on the Data
Placed Before Stockholders—
of
Net profit after
,
dwellings, &C..II
_
finished
12 Mos. End. Sept. 30—
^
Deprec'n & Federal tax.
Gross profit on sales
|
The company paid a dividend of
$1 per share on its common stock, par
value $100,
on Sept. 30, last.
A similar payment was made on June 30,
last, and compares with dividends of 50 cents
per share paid each three
months from March
30, 1935 to and including March 31, 1936; 75 cents
per share paid on Dec. 31 and on Oct.
1, 1934; $1 on July 2, 1934, and 50
cents per share on Jan.
2,1934.
No dividends were paid during 1933, while
$1.50 per share was paid on Dec.
31, Sept. 30, June 30 and March 31,1932.
—V. 142, p. 3671.
Earnings for 12 Months Ended Sept. 30, 1936
Net sales
2673
Consolidated Water Power & Paper
Co.—Pays $1 Div.
"T.Ud
$4,444,459
10,664
1,553,892
473,600
18,612
63,476
1 ,309,804
188,310
$1,238,572
$5.95
Before provision for Federal surtax on undistributed
profits.-
1872.
,
Tiii hens
.
,
|
that in Cuba, where the company's properties are
moratorium law is now in effect, extending to June 30, 1942.
Cuban counsel for the company advises that, in the event the company
His letter points out
"
1,494
$501,985 x$2,387,691
$1.25
$2 ,801,656
maturity and that, In the opinion of the board of directors, financing to
provide the necessary cash cannot successfully be undertaken at this time
in view of existing unfavorable market conditions.
If the extension plan
is accepted, the company believes that the maturity date of the bonds will
be extended sufficiently to allow a reasonable interval in which to arrange
a
refunding operation, the company meanwhile reserving the right to
redeem the bonds at any time at par.
.,
"The plan will become effective provided that, in the opinion of the
board of directors, sufficient Series A and Series B bonds have been deposited
«under the agreement to warrant declaring the plan operative," says Mr.
$3.09
V. 143
located
a
should fail to pay the principal of the bonds due on Dec. 1, 1936, this law
would preclude action being taken in Cuba against the company or its
properties for the enforcement of the mortgage securing the bonds, pro¬
vided certain minimum payments on the bonds are made by the company.
The earliest of such payments would not be due before Dec. 1, 1939.
I
Financial
2674
not deposited," says Mr. Rubens, "and the plan
all Series A and Series B bonds will continue to
Cuban Moratorium Law and no pavments will be made
on any Series A or Series B bonds before Dec. 1, 1939."
...
.
Bondholders accepting the extension are requested to deposit their bonds,
not later than Dec. 1, 1936, with the City Bank Farmers Trust Co., 22
William St., New York, as agent for the company, for stamping and for
the attachment of new coupon sheets running to Dec. 1, 1946.
Certificates
of deposit will be issued which it is planned to list immediately on the
New York Stock Exchange.. The stamped bonds also will be listed.—V.
143. P. 2205.
"If sufficient bonds are
is not declared operative,
be subject to the
Cuba Co.—Annual Report,—
k
Consolidated Income
Account—Year Ended June 30 (Incl. Subsidiary and
Affiliated Companies)
1933
$5,887,027
1936
1935
$7,308,347
$7,387,436
1934
$6,637,979
2,284,184
2,260,539
1,763,207
1,297,638
$9,592,532
$9,647,975
$8,401,187
$7,184,665
4,630,241
1,429,325
115,650
Gross Revenues—
operations
Railroad
-
operations...
Sugar xnill
Expenses—
5,200,687
2,091.067
5.152,186
2,150,023
4,706,541
1,708,310
Admin. & gen. expenses.
92,333
95.062
105,524
Net rev. from oper—
$2,208,444
$2,250,703
$1,880,811
27,663
19,610
20,068
45,740
14,888
Railroad operations.
...
operations—
Sugar mill
Interest
18,202
Rentals from lands
Net profit from sugar
molasses
of crops
&
*
of
105,444
106,027
129,790
108,882
26,100
80,677
174,565
$2,465,780
$2,529,055
$2,048,216
$1,336,834
2,395,134
2,401,088
17,481
580,537
136,227
140,692
18,372
2.404.296
578,843
135,410
149.330
52,273
2,421.547
549,975
136,226
34,701
34,625
34,731
34,976
$765,212
$782,486
$1,306,667
$2,002,857
8 528
4 202
1,273
5,336
7,844
52,540
40,596
45.102
44,332
7,078
4,053
120,579
276,914
prior years
Miscellaneous (net)
Gross income
Income Charges—
debt.
indebt-
Interest on funded
Interest on other
Amort, ot dt. disc. & exp
97,474
Miscell. tax accruals
Miscellaneous
Depreciation
property
on
from sales & retire¬
equipment.—
ment of
Add'I taxes prior years—
Refdg. of excess charges
uncollectible accounts
written off
&c
Allocation to reserve for
doubtful accounts
Extraordinary exp. and
loss incurred on acct.
v
.
•'.
22,053
cyclone
Adjust, of empl. com¬
pensation ins. prern..
10,992
12", 998
26.047
21,418
2,759
$825,329
$848,841
$1,511,790
$2,393,463
7,555
Other P. 3c L. charges—
Total deficit
130,458
96,108
57,426
864.446
$694,871
Profit and loss credits—
$752,734
$1,454,364
$1,529,016
$1,454,364
$1,679,001
preferred stock
149,985
of Cuba RR. Co
$752,734
$694,871
Consolidated deficit—
Cuba Co.'s
surplus at
9,423,556
beginning of period—
11,630,653
10,176,290
9.493,155
Par value of pref. shs. of
Consol. RRs. of Cuba
receiv.
div (net)
as
3,926,500
—
$8,728,685
$9,423,556 $10,176,290 $11,740,654
"$8,728,685
Total
$9,423,556 $10,176,290 $11,630,653
Reserves for expenses on
account of cyclone—
Surplus June 30
110,000
Consolidated Balance Sheet June 30 {Incl. Subsidiary
Assets—
x
and Affiliated Companies)
1936
1935
$104,620,945 $105,604,353
Property investment
3,220.857
Cash.....
136,076
Deposits in escrow
Marketable securities
Remittances in transit
Traffic balances receivable
Notes and accounts receivable,
—
Investment at cost..
Advances to colonos
Instalment
rec.
on
town lots
sales
Materials and supplies
Due from Cuban Govt, for subsidies & services—
46,593
14,483
247,573
442.084
121,573
428,463
216,344
1,199,802
4,780.314
1,212,252
Sugar and molasses inventory
Republic of Cuba sugar stabilization bonds
26.985
Breed cattle
Mortgage receivable
557,866
Unamortized discounts
606,602
Operating expenses—sugar crop
Exp. on acct. of damages due to revolution
11,778
611.910
Other deferred assets
701,911
Other assets
392,149
2.828.541
311,839
13.689
206.766
627,456
117,600
486,462
215,816
1,127,681
4.682.139
1,584,119
32,060
27,558
597,751
763,640
10.472
611,910
728,948
444,448
$119,598,584 $120,923,253
Total
Liabilities—
$2,500,000
Capital stock—Cuba Co. preferred
Cuba Co. common stock (640,000
shs.
no
par)
Cuba RR. preferred
Minority interest in subsidiaries
Notes and loans payable
Audited vouchers, wages and accounts payable..
Equipment trust certificates due August, 1936-,Interest due and accrued
1.
Accrued United States and Cuban taxes, &c__
Excess of par value over cost of
Consolidated RRs. of Cuba
Res.forextraordin.,retire.,obsoles.
$2,500,000
9,142,400
9.999,000
30.307.562
9.142,400
9,999,000
30.307,562
7,522,685
8,237,332
325,627
564,078
40,000
969,624
24,575
985,806
33,016
Allyn & Co., Inc.; Harris, Hall & Co., Inc.; Halsey, Stu&rt
& Co., Inc.; Coffin & Burr, Inc.; H. M. Payson & Co.;
The
underwriting group for the preferred stock is headed by
H. M. Payson & Co., and includes Charles H. Gilman
& Co.; Maine Securities Co.; The First Boston Corp., and
A. C. Allyn & Co., Inc.
Maine Securities Co., and Charles H. Gilman & Co.
Description of Bonds—Dated Oct. 1, 1936; due Oct. 1, 1966.
conting., &c
Funded and other long-term debt
Deposit for construction, transportation
Republic of Cuba
Operating reserves
payable at office or agency of company in New York. Bonds
or in part at option of company at any time prior to maturity
least 30 days' notice at their principal amount plus accrued int.
to date of redemption and plus the following premium: 8% through Oct. 1,
1937; thereafter and on or before Oct. 1, 1942, 8% reduced by H of 1%
each year through Oct. 1, the premium for the year through Oct. 1, 1942,
being 5)4%; thereafter and on or before Oct. 1, 1963, 5)4% reduced by
X or 1% each through Oct. 1, the premium for the year through Oct. 1,
1963, being fi of 1%; thereafter without premium.
The company covenants to reimburse the bearer or registered holder of
the 3 )4 % series bonds for taxes imposed upon and paid by such bearer or
registered holder under any present or future applicable law, as follows:
(a) any income tax of the United States of America on the interest from the
bonds to an amount not exceeding 2% of such interest; and (b) any income
tax of Massachusetts on the interest therefrom to an amount not exceeding
Interest also
as a
whole
upon at
6% of such interest, any Massachusetts corporation tax in respect of de¬
posits in savings banks and savings departments of trust companies to an
amount not exceeding 2.1 mills per annum on each dollar of the principal
amount of the bonds in which such deposits are invested, or any personal
property tax of Pennsylvania to an amount not exceeding 4 mills per annum
on each dollar of the principal amount of the bonds owned; provided in each
case that reimbursement will be made only upon written demand therefor
the company within 60 days after the date of final payment of the
of any such taxes.
$1,000, registerable as to principal only, and interchangeable
with fully registered bonds of the denom. of $1,000 or authorized multiples
upon
instalment
Denom.
thereof.
Description of Preferred Stock—The preferred stock, 5)4% cumulative.
5)4 % per annum and no
before any dividends shall be set apart for common stock, and is
subject to redemption at option of company, on 30 days' notice by mail,
at 110 and accrued divs. to date of redemption.
Dividends payable Q.-F.
The preferred stock, 6% cumulative, now outstanding, 39,994 shares
(exclusive of 242 shares held in treasury), par $100 each, is entitled to
cumulative dividends, payable at rate of 6% per annum and no more
before any dividends shall be set apart for common stock; and is subject to
redemption at the option of company at 120 and divs. to date of redemption.
Except as above indicated the shares of preferred stock now offered will
be identical with the preferred stock now outstanding.
The shares of the preferred stock outstanding, the preferred stock now
Is to be entitled to cumulative dividends at rate of
offered
and the
are
issued
fully paid and non-assessable;
rights, share for share; and, except where the
otherwise provide, vote as one class; there are no
subscription or conversion rights attached thereto (except for preemptive
rights described above and except as to one share of $50 par value common
stock which is exchangeable for one share of common stock of non par value).
The holders of preferred stock, 5)4% cumulative, will be entitled to the
preemptive right to subscribe proportionately with the holders of preferred
stock, 6% cumulative, and common stock, on a share for share basis, to
issues of full voting stock of the company which are limited to a fixed divi¬
dend and to a fixed amount in liquidation and are otherwise non-partici¬
pating, and the holders of common stock of the company are entitled to
the preemptive right to subscribe, proportionately with other stockholders
entitled to subscribe, to stock of any class of the company.
The indenture under which the bonds now offered are to be issued pro¬
vides that no cash dividends are to be paid on the stock of the company
subsequent to the execution of the indenture which will reduce the
and surplus of the company to less than $6,000,000.
capital
Capitalization
*
Adjusted to reflect the sale of the securities now offered and redemption
of bonds in connection therewith
Authorized
Outstanding
x$l,553,000
$1,553,000
x9,500,000
9,500,000
Preferred
4,230,000
3,999,400
Preferred
yl,000.000
1,000,000
Common
a57,200 shs. 47,199 shs.
Common
$50
$50
x Amount authorized by indenture is unlimited in expressed amount but
may not exceed any limit imposed by law.
y Authorized Sept. 23, 1936,
by the stockholders,
z Exclusive of 242 shares (with a total par value of
$24,200) held in the treasury,
a This figure includes 10,000 shares au¬
thorized by the stockholders of the company Sept. 23, 1936. None of such
bonds, 4% series due 1960
bonds, 3)4% series due 1966
stock, 6% cumulative (par $100)
stock, 5)4% cumulative (par $100)
stock (no par)
stock (par $50)
First mortgage
First mortgage
shares has been issued or is
Statement
offered hereby.
of Earnings of Company and Sub.
{Cumberland Securities Corp.)
-Calendar Years
12Mos.End.
June 30 '36
1934
112,608
1935
$4,109,246
$4,150,431
$4,132,872
500.737
618,536
12,044
512,194
418,536
12,371
2,758,296
2,913,907
2,822,889
y46.568,515
46,377,682
2,954.533
operating revenue $1,350,950
$1,309,983
$1,258,822
57,507
$1,236,524
59,364
81,452
1,484,702
10,403
649,426
8,728,685
66,440
1,555,643
10,435
664,588
9,423,556
55,080
57,033
$1,408,458
$1,295,888
$1,365,063
$1,315,856
95,000
122,126
107" 931
88*492
9l"816
Total operating revenues
Total oper. exp.,
allocated to construc'n
Net
$4,213,355
less exp.
Non-oper. income (net),
Total.
Prov. for loss of cash in
restricted
banks
Prov. for Fed. inc. taxes
After
stock
common
have at all times equal voting
laws of the State of Maine
$119,598,584 $120,923,253
Total
x
Int. payable
A. & O. and principal and int. payable in legal tender of the United States
of America at principal office of Old Colony Trust Co., Boston, trustee.
1933
112,608
Preferred dividends unclaimed
Deferred credits
issue was underwritten by a banking group
by The First Boston Corp., and including A. C.
bond
The
headed
preferred stock
Reserve for doubtful accounts
Surplus
County Power & Light Co.—Bonds and
Cumberland
more
proportion of
consolidated
1936
Preferred Stock Offered—Two issues of bonds and preferred
stock aggregating $10,500,000 were offered Oct. 19 to provide
funds for redeeming an issue of higher cpupon bonds.
Simul¬
taneously with a public offering of $9,500,000 1st mtge.
bonds, 33^% series due 1966, at 10334 and accrued interest,
a
preemptive offering of 10,000 shares of the company's
preferred stock, 53^% cumulative, was made to preferred
and common stockholders at $103 per share on the basis
of one share for every 8.7194 shares held on Oct. 17.
Rights
expire Nov. 2.
Any unsubscribed portion of the preferred
stock will be offered to the public at the same price.
last
Deficit
on
623,709
79,459
138,854
41,145
'!
of
Divs.
74.594
24,
obligations thus subjected to the plan is payable prior to Jan. 1, 1939,
only out of net earnings of Cuba Co.
No provision has been made for possible losses on advances to colonos
not covered by reserve, or on mortgages receivable and accrued interest
thereon amounting to $95,260, or on instalments receivable on town lot
sales.—V. 143, p. 2205.
red.
Cuban
owned
Net loss...
Loss
$1,009,449
62,015
16,211
Oct.
Chronicle
reserve
for depreciation of $33,594,692 in 1936 and $32,656,174
in
1935.
y Bonds and debentures outstanding $43,478,000; the Govern¬
ment of Cuba purchase of Jucaro to San Fernando RR., due Otc. 15, 1939,
$381,733; notes payable, $1,351,573 and accrued interest on notes payable
and on debentures, including those not subject to readjustment plan,
$1,357,208.
Under the plan of readjustment dated as of Dec. 15, 1932 and declared
operative Sept. 1, 1933, the holders of the debentures and demand obliga¬
tions of Cuba Co. who have assented to the plan agreed thereunder not to
take any action except in certain contingencies to enforce payment thereof
until Jan. 1, 1939, the maturity of such debentures being advanced to
the later date from the original due date, Jan. 1, 1955.
The holders of
demand obligations, however, reserved their right to proceed against their
collateral at any time.
Cumulative interest on the debentures and demand
Net
earns,
avail,
for
int. on funded debt,
amortiz.
and
other
$1,191,331
$1,187,957
$1,276,571
$1,224,039
preferred stock to be outstanding
$294,964
charges on funded debt to be outstanding upon
completion of the proposed financing
$394,620
Number of times such annual interest requirement on funded
debt earned, on the basis of income for the 12 months
ended June 30, 1936, as above:
Before provision for depreciation and the provision in connec¬
tion with depreciation of leased property
Over 4.26 times
After provision for depreciation and the provision in connec¬
tion with depreciation of leased property
.-Over 3.10 times
deductions & divs..
Annual dividends on
Annual interest
Volume
Financial
143
the basis of income for the 12 months ended June 30, 1936,
as above, after deduction of amortization charges of $115,372.68 and other
deductions for the period, were equivalent to $13.85 per share of the pre¬
ferred stock after provision for interest on the funded debt to be outstanding.
Purpose of Issues—The company on Oct. 1, 1936, published notice of
call for payment and redemption on Dec. 1, 1936, of the $10,418,000 first
mortgage gold bonds, 4)£% series due 1956, now outstanding, at 104M.
Net proceeds of securities offered estimated at $10,577,647 after deducting
estimated expenses of $64,852, will be applied toward the redemption and
payment of said bonds or to pay temporary bank loans which may be made
for that purpose, under a bank credit which has been arranged. The bank
credit arranged by the company entitles it to borrow through notes to ma¬
ture Dec. 31, 1936, up to $10,000,000, to be used solely for the purpose of
the redemption and payment of said bonds.
Of the consideration to be received for the preferred stock, 5H % cumu¬
lative, $100 per share will be credited to capital stock and $2 per share
(remaining after deduction of $1 per share underwriting commission) to
premium on capital stock. None of the consideration ($103 per share less
a discount of $3 per share) to be received by the company from the sale of
such of the preferred stock, 5)£ % cumulative, as is sold to the principal
underwriters thereof will be credited to an account other than capital stock.
Security—The issue of 3)4% series bonds, together and equally with
$1,553,000 first mortgage bonds, 4% series due 1960, and (until redeemed
on Dec. 1,1936) with $10,418,000 of first mortgage gold bonds, 4H%. series
due 1956, will be secured by the lien of the" 1926 indenture and the inden¬
tures supplemental thereto.
In the opinion of counsel for company, the
indentures will constitute a first lien, subject to defects of minor importance,
upon all the properties, rights and franchises now owned, and an equitable
lien upon all properties, rights and franchises hereafter acquired by the
company in Maine and a lien upon all real estate, fixtures and machinery
hereafter acquired by the company in the State of New Hampshire, subject,
however, to certain easements and rights of way, &c.
Sinking Funds—First mortgage bonds, 3)4 % series due 1966, require the
payment to the trustee as or toward a sinking fund for said series, on Oct. 1,
1937, and on Oct. 1 in each year thereafter to and incl. Oct. 1, 1965, so
long as any of the bonds are outstanding, a sum of money on and prior to
Oct. 1, 1946, equal to H of 1% of the principal amount of the bonds out¬
standing on the respective payment dates; thereafter and on and prior to
Oct. 1, 1956, equal to 1 % of the principal amount of the bonds outstanding
on the respective payment dates; and thereafter and on and prior to Oct. 1,
1965, equal to 1)4% of the principl amount of the bonds outstanding on
the respective payment dates.
Company agrees that it will from time to
time, as it is notified of purchases of such bonds from sinking fund moneys,
or as bonds are to be redeemed from sinking fund moneys, pay to the trustee
as an additional payment to the sinking fund, cash equal to the accrued
interest on the bonds so purchased or to be purchased or so to be redeemed.
In lieu of money, the company may deliver to the trustee bonds previously
outstanding and owned by others than the company, at not exceeding
their principal amount or cost to the company, whichever is less. All bonds
acquired by or delivered to the trustee for sinking fund purposes are to be
canceled and no bonds shall be issued in lieu thereof or on account of such
purchase, redemption or retirement.
History and Business—The company, incorp. on March 4, 1909, in
Maine, is an operating public utility and is engaged in the electric and gas
businesses and, as lessee of Portland BR., in the street railway business.
Company is a subsidiary of New England Public Service Co. Its business
is predominantly that of generating, selling and distributing electric energy
throughout the greater part of the counties of York and Cumberland.
The company generates, purchases and transmits electric energy for light,
heat, power and other purposes and distributes and sells it in the cities of
Portland, South Portland, Biddeford, Saco and Westbrook, in the town of
Sanford and in 39 other communities, all in Maine, included in which are
summer resorts on the Maine coast from York Harbor to Cumberland
Earnings
payable Nov. 1 to holders of record Oct. 25.
Similar distributions have
been made in each of the 12 preceding quarters.—V. 143, p. 427.I.
Dennison
Mfg. Co.—$2 Preferred Dividend—
The directors have declared a dividend of $2 per share on account of
on the 8% cum. debenture stock, par $100, payable Nov. 2
to holders of record Oct. 20.
Similar distributions were made on Aug. 1,
accumulations
,
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.—V. 143, p. 1556.
*
Detroit Edison Co.—Listing—
The New York- Stock Exchange has authorized the listing of $20,000,000
general and refunding mortgage bonds, series G, 3)4%, due Sept. 1, 1966.
12 Months Ended Sept. 30—
1936
1935
Gross earnings from operations:
$51,457,381 $45,263,240
Steam
Gas
1,935,750
366,441
82,715
_
Miscellaneous
——
Total
Operating and non-operating
1,734,969
366,954
145,227
—$53,842,287 $47,510,391
36,436,261
33,356,818
expenses..........
Balance, income from operations
Other miscellaneous income...
.
$17,406,026 $14,153,572
130,391
172,531
...
........
Gross corporate income
Interest on funded and unfunded debt
Interest charged to construction
Amortization of debt discount and expense.
$17,536,417 $14,326,104
6,160,380
6,496,428
Crl 1,100
Cr44,370
277,719
200,158
•
Extraordinary
approps.
to retirement
additional to current appropriations.
-
reserves,
1,400,000
Net income
—$11,109,417
$6,273,887
Balance Sheet June 30, 1936
Detroit
Company &
Edison Co.
Subsidiaries
S
Assess—
$
Detroit
Company <fc
Edison Co.
Subsidiaries
$
Liabilities—
$
Total fixed eap'l
Cash....
Notes
297,075,016 299,387,182 Capital stock...127,226,000 127,226,000
7,494,405
7,574,585 Premium on cap¬
accts.
ital stock....
758,038
758,038
&
Total
ree'le, trade:
Billed
5,452,269
1,777,600
...
Unbilled
5,456,176
1,777,600
Other notes and
351,225
6,451,302
5,285,890
6,191,270
Debt disct.& exp
Misc. undistrib¬
158,412
189,440
Mlscell. assets..
351,393
6,457,099
3,396,553
6,191,270
158,412
Inventories
uted
189,440
taxes
&
134,320,000 134,320,000
1,704,390
1,703,425
Fed.
income tax
3,758,440
3,761,694
2,111,935
37,500
2,544,520
639,137
2,111,935
37,928
2,544,520
639,137
ployees
49,897
Mlscell. items..
25,840
Retirement res. 32,608,383
49,897
27,638
33,117,217
1.174,278
50,134
23,416,899
Int.
on
funded
debt, &c.
Mlscell. accruals
charges-
Cap. stk. reacq.
for sale to
long-term
debt
Accts. payable..
Prop. & general
accts. rec'ble.
Dlv.
declared..
Consumers' deps
a
em¬
ployees......
Deps. by
em¬
Other reserves..
UnadJ. credits..
Earned surplus.
...330,426,829 330,939,710
.
company's electric system is interconnected with the lines of Central
(a subsidiary of New England Public Service Co.) at
Yarmouth, Pownal, Baldwin and Standish; the lines of Berwick & Salmon
Falls Electric Co. (an affiliate of the company) at South Berwick; the lines
of York Utilities Co. at Sanford, and with the lines of S. D. Warren Co., a
t
Electricity
Total
Foreside.
2675
Chronicle
on
The
a
On
account
Total
of options to purchase
Maine Power Co.
...330,426,829 330,939,710
capital stock reacquired by the
company.
private business corporation, at North Gorhatn and Westbrook, all in Maine.
The company manufactures, distributes and sells water gas for domestic,
commercial and industrial purposes to approximately 1,800 customers in
the cities of Biddeford and Saco, Me.
The company operates, under a lease for a term of 99 years from Feb. 1,
1912, the street railway properties of Portland BR., furnishing street rail¬
way service in and between the adjoining cities of Portland, South Portland
and Westbrook and the town of Cape Elizabeth, all in Maine. On Jan. 1,
1931. company furnished urban and interurban street railway service over
97.74 miles of track.
Since Jan. 1, 1931, /the company has discontinued
interurban street railway service to Gorham. Windham, Saco, Old Orchard
and Yarmouth, and has abandoned 32.85 miles of interurban track. It has
also discontinued street railway service over, and has abandoned, 3.92
miles of track in the City of Portland.
To provide for further growth, the company has acquired certain hydro¬
electric power sites and storage basins on the Saco River and its principal
tributaries. The major properties acquired for future development are at
Steep Falls in the towns of Standish and Limington; at East Limington in
the towns of Standish and Limington; at Salmon Falls in the towns of
Buxton and Hollis; at Union Falls in the towns of Buxton and Dayton
(developed, but not to full capacity) and at Cataract Falls in the cities of
Biddeford and Saco (developed, but not to full capacity), all in the State of
Maine. These acquisitions, together with existing hydro-electric develop¬
ments, give it substantial control of the Saco River and its principal tribu¬
taries. These power sites when developed would justify, in the opinion of
the company, an aggregate installed generating capacity of approximately
50,000 kw.
;
Underivriting—The names of the principal underwriters of the 3)4%
series bonds and the principal amounts thereof which each of them has
severally agreed to purchase, are set forth below:
1,155,981
39,397
23,448,334
rates of this company
Boston
$3,000,000
Co., Inc., New York
3,000,000
Harris, Hall & Co. (Inc.), Chicago
1,100,000
Halsey, Stuart & Co., Inc., Chicago
....
950,000
Coffin & Burr, Inc., Boston
—.
500,000
H. M. Payson & Co., Portland—
425,000
Maine Securities Co., Portland
—
275,000
Charles H. Oilman & Co., Portland
250,000
The names and addresses of the principal underwriters of the preferred
The First Boston Corp.,
...
A. C. Allyn &
—
stock, 5)4% cumulative, are set forth below:
H. M. Payson & Co., Portland, Me
*
Charles H. Gilman & Co., Portland, Me...
Maine Securities Co., Portland, Me
First Boston Corp., Boston
A. C. Allyn & Co., Inc., New York
—V. 143, P. 2519.
Cuneo Press,
The
directors
—_
—
2,000 shs.
2,000
1,000
2,500
2,500
shs.
shs.
shs.
shs
Inc.—50-Cent Dividend—
have declared
a
dividend
of 50 cents per share on the
stock, no par value, payable Nov. 2 to holders of record Oct. 27.
A similar payment was made on Aug. 1, last, and compares with 30 emits
common
share paid each three months from Feb. 1,1933, to and including May 1,
1936, and 62)4 cents per share each quarter from May 1, 1930, to Nov. 1,
1932, inclusive.
In addition an extra dividend of 30 cents was paid on
Jan. 15, last.—V. 143, p. 1873.
per
Derby Oil & Refining Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
Operating profit.
Non- prod. div. depr. &
depletion
1000—Month—1035
$76,700
$46,517
1936—9 Mos.—1935
$565,188
$377,765
w
33,373
333,128
323,174
$27,120
Net profit..
49,580
$13,144
$232,060
$54,591
Cash in bank..
Due banks.
Current assets
.....
Current liabilities—
—
—
—
—.
Working capital
—V. 143, p.
De
$361,250
—..
1,159,342
—-*—-—-
795,988
—
363,353
$411,879
1,203,779
375,482
828,296
dividend of 55 cents per share
the $2.20 cumulative preferred stock, no
"Out of the order comes asimplificationof thecommercial
that
was
much needed," Mr. Dow said.—V. 143, p. 2206.
Detroit-Michigan Stove Co.—Registers with SEC—
See list given on first page of
this department.—Y. 143,
p.
2364.
Distillers Corp.-Seagrams, Ltd.—Preferred Stock Offered
—An underwriting group headed by Brown Harriman &
Co., Inc., on Oct. 22 offered at $97 a share to yield about
5.15%, a new issue of 150,000 shares of cumulative preferred
stock, 5% series ($100 par), with common stock purchase
warrants.
Other underwriters are:
Blyth & Co., Inc.;
Goldman, Sachs & Co.; Stone & Webster and Blodget, Inc.;
Hayden, Stone & Co.; Kidder, Peabody & Co.; Cassatt &
Co., Inc., and Alex. Brown & Sons.
Each certificate of preferred stock will have attached a common stock
purchase warrant for an equal number of shares of common, exercisable
at the following prices: On or before April 30, 1938, $28; thereafter and on
or before Oct. 31, 1939, $30; thereafter and on or before Oct. 31, 1941, $32.
The warrant will not be exercisable separate from the preferred stock cer¬
tificate prior to May 1, 1938 and will expire on Oct. 31, 1941.
Dividends on the preferred stock will be cumulative from Nov. 1, 1936
so that the first quarterly dividend payment on the stock will be on Feb. 1,
1937.
Samuel Bronftnan, President of the company, has stated that, with the
of plant construction and the laying down of adequate stocks of
maturing whiskey nearing completion, it is hoped that the continued prog¬
ress of the business during the intervening period will make it possible for
the directors at that time to consider the declaration of dividends on the
common stock in the light of conditions then existing.
The corporation has no funded debt.
Under a credit argeement with
the Bankers Trust Go., Manufacturers Trust Co. and certain other banks,
program
permitting the company and subsidiaries to borrow up to $20,000,000,
the company had outstanding $18,000,000 in bank loans as of Oct. 13 last.
Upon payment in fuU of aU indebtedness under this agreement, Bankers
Trust Co. and Manufacturers Trust Go. have agreed to lend the company or
subsidiaries $5,000,000, evidenced by a five-year promissory note bearing
interest at the rate of 3)4%, with provision for prepayment in whole or in
part at the election of the company.
Proceeds of the issue of preferred
stock are to be applied, together with the funds available under the new
bank credit arrangement, to the ret rement of existing bank loans.
The cumulative preferred stock 5% series will be redeemable In whole
or in part on any dividend payment date, upon 30 days' notice, at $105
per share, together with accrued dividends.
A sinking fund is provided
to commence not later than Feb. 1, 1940, to retire annually, on or before
each Feb. 1, cumulative preferred stock 5% series of a par value equal to
3% of the largest aggregate par value of such stock Issued at any time prior
to the close of the fiscal year preceding such retirement, or if consolidated
net income after provision for full dividend requirements on the preferred
for such year
shall be less than an amount equal to such 3 %, then to retire
a par value equal to such balance of consolidated net income.
The pre¬
ferred stock is entitled to $100 a share plus accumulated dividends in the
event of involuntary liquidation and to $105 and dividends in the event of
voluntary liquidation.
derives about 95% of its net sales from business in the
American subsidiaries, it distills, blends and
markets American type rye, bourbon and blended whiskies, and gins, and
markets Canadian and American type whiskies produced, aged and bottled
in Canada by its own subsidiaries.
Net sales during the fiscal year ended
July 31, 1936 amounted to $60,585,917 as compared with $55,204,439 in
preceding 12 months' period.
Net profits transferred to earned surplus
the
ended July 31 last amounted to $4,208,674, after deducting
special charge of $1,724,987 for price allowances made to customers in
for the year
respect of stocks in their hands Jan. 2, 1936, and adjustment of duty paid
on inventories in hands of the companies following the reduction in United
Met's, Inc.—Accumulated Dividends—
The directors have declared a
Dow, President, stated the Commission's ruling would be accepted
—Y. 143, p. 2206.
a
2364.
of accumulations on
Alex
rate structure
United States, where, through
1935
130,000
...
$140,000.
without contest.
The corporation
Current Assets and Current Liabilities Sept. 30
1936
Accepts Rate Cut Order—
The Michigan Public Utilities Commission has issued an order reducing
by $1,711,000 a year: residential rates were ordered
cut by $937,000; commercial rates by $628,000 and street lighting rates by
on
account
par
value,
States
import duties under the trade agreement between the United States
and Canada.
.
2676
As of
Financial
Aug. 31, 1936 the
company
reported inventories of
over
Chronicle
50,000,000
the
gallonsUnited States and 12,500,000 gallons in 37,800,000 Of the latter,stored
of whiskey, of which approximately Canada. gallons are
i
more
than
7,500,000 gallons consist of whiskies aged four years or more.
The
inventory is carried at an average price of about 46 cents a gallon,
a figure which
places the company in strong competitive position in rela¬
tion to other large units in the industry.
The company, through its American subsidiaries, owns the following
properties in the United States: A distillery, rectifying and bottling plants
and warehouses at Lawrenceburg and Greendale, Ind.; a distillery with
bottling plants and warehouses at Relay, Md.; and a plant now partially
operating and expected to be placed in full operation in the near future,
with distillery units and warehouses, just south of Louisville, Ky.
Underwriters—The names of the principal underwriters and the amount
of preferred stock to be purchased by each (with common stock purchase
warrants attached) are as follows:
Brown Harriman & Co., Inc., New York
42,500 shs.
Blyth & Co., Inc., New York..
30,000 shs.
Goldman, Sachs & Co., New York
15,000 shs.
Stone & Webster and Blodget, Inc., New York
15,000 shs.
Hayden, Stone & Co., New York
12,500 shs.
Kidder, Pea body & Co., jNew York
10,000 shs.
Cassatt & Co., Inc., New York
10,000 shs.
Alex. Brown & Sons, Baltimore
7,500 shs.
Brown Harriman & Co., Ltd., London, England
7,500 shs.
preferred stock, 3 shares of
entire
-
Oct.
24, 1936
Holders of the preferred and preference stock were
simultaneously offered
the privilege to exchange their shares of preferred or preference stock
for
shares of common stock upon the following basis: For each two shares of
common
stock plus $17 in cash; for each share
of preference stock, 3 shares of common stock plus $10 in
cash; together
each case with a cash payment equivalent to dividends accrued and
in
unpaid upon the preferred and preference stock surrendered to the date
upon which the additional common stock is issued.
History—Corporation was incorporated in New York on Sept. 17, 1908.
Corporation produces die castings from tin, lead, zinc, aluminum, brass
by a patented process from brass and bronze
alloys.
The products range in size and character from small simple pieces
to large castings in the most intricate form.
The principal outlet for its
product is in many varying industries including the automobile, electrical
appliance, office appliance, clock, radio, washing machine, oil, hardware,
vacuum cleaner and other industries requiring parts for mechanical devices.
and copper alloys and also
The properties of the corporation presently used for its
manufacturing
purposes, consist of a main plant located in Toledo, Ohio; a plant in
Batavia,
The land and buildings located thereon
are owned in fee
by the corporation.
Corporation also owns in fee property
located in Brooklyn, N. Y., which was formerly operated as a
plant, but
which has been transformed into a loft building and is now leased to
tenants,
and a second plant at Batavia, N. Y., which is vacant.
N.
-
—
Y.; and
in Pottstown, Pa.
one
-
Capitalization
Options Granted To Officers—
The company has notified the New York Stock Exchange that options
given hereafter, in the discretion of the board of directors, to directors,
officers, employees or agents of the company and its subsidiaries: that all
options will be exercisable at a price of $22 (Canadian currency) per
share or more, on or before July 31, 1945.
of said
The
Distilled Liquors Corp.
a
director.- -V. 143, p. 2519.
(& Subs.)—Earnings—
$1,172,317
1,171,538
$800,862
710,358
$779
.
.
$90,503
83,965
Net profit from sales
General expenses and other charges (net)
Idle plant expenses
for Federal income &
Prov.
80,605
47,733
__
excess
~
profits taxes._
■
—
2,000
Net loss for the year
$127,559
Consolidated Balance Sheet
Assets—
1936
Accounts receiv.
1935
553,538
98,933
Cash
$51,834
89,915
8,040
1936
payable
Capital stock
Capital surplus...
444
coll
Inventory
636,102
631,302
785,016
furn. & fixtures.
Paid-in surplus
35,054
5,611
743,750
177,000
770,051
195,659
Total
Deficit
49
y
177,000
770,051
78,072
49
Total
$1,585,806 $1,556,073
for losses and allowances of $5,751 in 1936 and
$7,570 in
reserve for depreciation of $77,718 in 1936 and $89,089 in
reserve
After
Represented by shares of $5 par.—V. 141, p. 3688.
Dividend Shares, Inc.—Dividend Payment—
The effect of the Revenue Act of 1936
on dividend payments of
companies
Act as "mutual investment companies" is
Inc., which on Oct. 21 mailed shareholders
the largest quarterly dividend in its
history.— This amount, at the rate of
5 cents per share, is the final payment for the
company's 1936 fiscal year
and will bring the total dividend payment for 1936 to an amount
approxi¬
mately equal to its 1936 net income, including
security profits.
In its quarterly letter to stockholders
accompanying the dividend, the
company states:
"The Federal Revenue Act of 1936 requires that an investment
company,
in order to receive the special tax treatment accorded to those
meeting the
definition of 'mutual investment companies,' must distribute in
taxable
dividends during its income tax year at least
Inventories
Other assets
Fixed assets (net)
Deferred charges
For the same reason the date of payment of the current
dividend has been
advanced from Nov. 1 to Oct. 20.
"It should not be anticipated that dividends will
continue quarterly at
the current rate.
Future payments will fluctuate in accordance with the
amount of the company's net income in
any fiscal year.
It is particularly
important in view of the Revenue Act of 1936 to estimate return on the
basis of the aggregate of all dividends
fiscal
year rather than upon
of each quarterly payment.
The return for the fiscal year
ended Oct. 31, 1936, based upon
offering price per share on Oct. 15, 1936,
is approximately 6%.
"As of Oct. 15, 1936, and after
deducting the present dividend, the com¬
pany had an earned surplus, arising from profits realized on
portfolio
securities, of more than $900,000.
Unrealized appreciation
exceeded
$12,500,000 on that date."
Dividend Shares had total assets
with securities at market of
$32,253,648
Sept 30, 1936, an increase of more than $3,000,000 since June
30, 1936.
During that period two stocks were eliminated from the portfolio and 10
more added.
Portfolio on Sept. 30, 1936 contained securities of 68
cor¬
on
porations diversified in percentage of total
7.69%;
construction,
1.04%;
chemicals,
assets
,
durable
as
follows:
Automotive,
containers,
2.67%;
5.14%; foods,
5.53%; rubber, 2.70%;
amounted to 8.59% of
15.39%;
goods industries, 14.69%; electrical
equipment,
4.31%; metals, 8.11%; oils, 11.15%; retail trade,
utilities,
8.63%;
miscellaneous,
4.36%.
Cash
assets.
Accounts payable, trade..
Accrued liabilities
$359,160
201,050
639,954
458,545
55,811
54,963
Other current liabilities
1st mtge. payable Feb. 1, 1937
Other 1st mtge. payable
Reserve for taxes and contlng.
7% preferred stock
$7 preference stock
2,944,026
106,208
Patents
Common (208,956 shs.)
Earned surplus
1
Treas.
at
Total
Asset value per share rose 6.26% from June
30,
com.
340,164
stock
(2,761 shs.
cost)
Dr27,600
..$4,819,718
Simplification of the company's capital structure so that it will have only
class of stock outstanding, is assured by the subscription
by its stock¬
holders, announced on Oct. 19 by F. J. Koegler, President of the company,
of the 74,231 shares of common stock (without par
value) recently regis¬
tered with the Securities & Exchange Commission.
The proceeds of this issue, on which a price was set of $31 a
share, will
be applied to the redemption of the company's
outstanding 7 % cumulative
one
preferred stock and $7 cumulative preference stock and to the reimburse¬
ment of the company, in part, for the cost of alteration of its
plant at
Pottstown, Pa., estimated at $300,000. Upon completion of these redemp¬
tions the capitalization of the company will consist of
283,187 shares of
common stock out of a total of 300,000 shares authorized.
The offering of stock was underwritten by a group headed by
Hemphill,
Noyes & Co. and including Parrish & Co., Hayden, Stone & Co., Riter
& Co. and H. M. Byllesby & Co., Inc.—V. 143, p. 2364.
Dome Mines,
Ltd.:—Earnings—
9 Mos. End. Sept. 30—
Total recovery
1935
$5,154,641
$5,498,773
$3,457,108
1,668,728
425,231
13,312
1,597,111
717,953
11,544
1,534,561
19,933
$2,816,006
279,82 1
$3,047,370
291,976
$3,172,165
304,539
$1,499,639
1,145,059
$3,095,827
._
Development,
1936
$3,339,347
$3,476,704
$2,644,698
$5,240,352
and
oper.
general costs
Dominion inc. tax (est.).
1,832,874
571,538
Outside explora'n exp
Net income
Miscellaneous
earnings.
x
Total income
x
Before
1934
ir
of tons milled for the nine months ended
415,100 (1935, 411,400)—V. 143,
p.
Sept. 30,1936
The directors
have declared
a dividend
of 60 cents per share on the
value, payable Nov. 16 to holders of record Nov. 2.
made on Aug. 15 last and prior thereto regular
quarterly dividends of 50 cents per share were distributed.
In addition
a stock dividend of
50% was paid on July 2, 1934.—V. 143, p. 1556.
common
A
stock,
no par
similar payment
was
Duluth & Iron Range
Calendar Years—
RR.—Earnings—
1934
1935
1933
Inc. from lease of road..x$l,233,511
Miscell. non-oper. phys.
Release
of
$1,216,887
$1,215,011
$1,212,213
13
398
659
167,583
177,452
208,715
394,388
214,066
360,147
4,069
214,066
334,215
4,007
4,007
4,007
4,007
$1,582,567
$1,824,396
$1,793,890
$1,768,629
174,284
3,303
173.357
3,192
22,502
3,364
Cr21,010
3,359
407,550
407,550
407,550
property
Inc. from funded secur..
Inc. from accts. & depos.
premium
on
funded debt
M iscellaneous income
Gross income
59
Deducts, from Gross Inc.—
common
Bal. of net inc. for yr_
Dividends paid
announced that the entire issue of
74,231 shares of
stock (no par) had been subscribed for
stockholders.
by the company's
The 74,231 shares of common stock were
offered to the holders of the
common stock at $31 per share in the ratio of
36-100 of one share of common
stock for each share held.
Rights expired Oct. 17.
1932
Non-Oper. Income—•
standing
Die
was
2519.
Dow Chemical Co.—60-Cent Dividend—
Int. on unfunded debt..
Miscell. inc. charges
Maintenance of invest,
Doehler
402,173
20,734
depreciation and depletion.
The numb
Casting Co.—Preferred Stock Sold—Hemp¬
hill, Noyes & Co.; Parrish & Co.; Hay den, Stone & Co.;
Riter & Co., and H. M.
Byllesby & Co., Inc., on Oct. 21
p« 25X9*
1933
/
Railway tax accruals
Miscell. tax accruals
Int. on funded debt out¬
1936,
80,000
295,000
32,853
1,000,000
798,000
Preferred Stock—
1936 to Sept. 30, 1936.
was 7.74%.—V. 143,
Th2r?£in' includin« dividend paid Aug. 1,
$373,204
264,997
13,751
696,520
952,827
Total
$4,819,718
To Redeem
90% of the net income (includ¬
ing security profits) realized by it during the same period.
In order to
facilitate complying with this requirement,
your company has changed its
income tax year from the calendar year to the fiscal
year ending Oct. 31.
any
1936—9 Mos.—lo35
Liabilities—
~
hand
Other current assets
to qualify under the
revealed by Dividend Shares,
paid in
on
Notes and accts. receivable—
seeking
the amounts
1936—3 Mos.—1935
U. 8. Treasury bonds
37,09$
11,124
$1,585,806 $1,556,0731
z
10,000 shs.
6,231 shs.
Balance Sheet June 30, 1936
Assets
Cash
625"666
763,364
'
12,167
Deferred charges..
1935.
1935.
15,000 shs.
15,000 shs.
10,000 shs.
deprec.& est.Fed. taxes x$219,595
$138,639
x$710,552
$499,345
Earns, persh. on 206,195
shs. com. stk. (no par)
).51
$0.91
$2.99
$1.95
x No provision
was made for Federal surtax on undistributed profits.
1935
Ld., bldgs., mal.chin'y, eqpt. &
Trade mark
Period End. Sept. 30—■
Net profit after reserves,
$25,000
y
After
18,000 shs.
&
Miscell. reserves..
z
on
automobiles held
x
reimburse the corporation,
Pottstown, Pa., estimated
or
Capital surplus
$50,000
Note pay., bank..
Accts
accrued exp
ployees
i
(b) to defray
$300,000.
Aug. 31
Liabllllies-
Notes receiv., em¬
•
required for this purpose (exclusive of accrued
Hemphill, Noyes & Co., New York
Parrish & Co., New York
Hay den, Stone & Co., New York
Schroder Rockefeller & Co., Inc., New York
Riter & Co., New York
H. M. Byllesby & Co., Inc., New York—
prof$4,538
Operations of Bluebell Importing Corp. are for the period from date of
acquisition. Aprii 1, 1935 to Aug. 31, 1935.
y The amount of $47,733
represents total idle plant expenses for the period from Feb. 1, to Aug. 31,
1936.
Prior to this period idle plant expenses were charged to inventory.
Cost of sales during the year includes a pro rata portion of charges for
idle plant expenses prior to Feb. 1, 1936.
1 ~ ~
fr Note—Since March 1, 1936 the cost of sales of brandy has been based
upon an average of the actual cost at both plants rather than on separate
costs at each plant, as was the previous practice.
x
as
amount
is $1,921,940 and
Earnings for 3 and 9 Months Ended Sept. 30
Net sales
Cost of sales, aevertising and selling expense
mtges.
Outstanding
Underwriters—The principal underwriters are:
[Including Bluebell .Importing Corp. & Walter H. Hildick Co., Inc.]
Years Ended Aug. 31—
"
1936
xl935
Sales
$1,253,492
$829,451
Returns and allowances
81,175
28,589
Chattel
maximum
dividend)
at
Arthur W. Bretton has been elected
„
20,000 shs.
20,000 shs.
10,000 shs.
7,980 shs.
Common stock (no par)
x210,000 shs. y208,956 shs.
x On
Sept. 23, 1936, the common stockholders authorized an increase
in the number of authorized shares of common stock to
300,000.
y Inclu¬
sive of 2,761 shares of common stock held in the treasury.
Purpose—Net proceeds to be received by the corporation from the sale
of the common stock will be used for the following purposes:
(a) To redeem the outstanding shares of preferred and preference stock.
in part, for the cost of alteration of its plant at
New Director—
x
of June 30, 1936
Authorized
have been granted to officers of American subsidiaries of the company for
the purchase at $22 (Canadian currency) per share of an aggregate of 30,000
shares of common stock of the company during various periods ending
July 31, 1940. Notice has also been received that the company has reserved
an additional 20,000 shares of common stock, for which options
may be
y
as
7% cum. pref. stock ($50 par)
$7 cum. preference stock (no par)
Crlb~5~654
10,097
10,215
$987,332
4,550,000
$1,230,081
10,400,000
organization
xln
addition
to
the
measuring depreciation
407,550
1
J»
amount
on
of
rental,
equipment
the
10,457
10,367
$1,350,017
650,000
further
sum
and docks of this
$1,473,418
650,000
of
$286,254,
company,
was
collected from the D., M. & N. Ry.
)t. in the year and carried directly to
depreciation reserve in accordance with Interstate Commerce Commission
accounting regulations.
Volume
Financial
143
Balance Sheet
1935
phys. prop.. 2,337,027
Other Investments
5,068,011
Cash
15,550
Funded debt
Audited accts. pay
595
574
pay'le
7
2,150
101,887
193,748
101,887
M.
&
Int. matured unpd
5,342,207
111
Unmat. int. accr'd
40,016
Accrued tax liab..
Prem.
Ry.
N.
200,411
8,014
12,022
7,066,445
fund reserve
273,504
Oth. unadj. credits
Cap. amort, res— 9,949,074
Approp. surplus in¬
vested In prop— 4,125,674
7,014,221
347,637
9,949,074
2,142,905 Equip. & rd. depr.
896
3,998
Unadjusted debits
2,350
funded
on
debt
149,096
153,595
2,209,926
Co. rental unpd_
Deferred assets
Operating revenues
Operating expenses
Depreciation
Uncollectible revenue.—
Taxes accrued
12
Misc. accts.
Int. & divs. rec...
2,071,382
8,151,000
2,350
2,023,884
3,478
34,527
deposits
6,500,000
of
construction
Demand loans and
Misc. accts. rec
6,500,000
2,071,382
8,151,000
Capital stock
Grants
In aid
Net oper. income
$1,205,507
$1,250,242
$7,711,923
$8J9l,<M2
Gross income
^
$1,258,166
$1,289,314
$7,969,061
$8,410,341
18,369
549,220
23,383
788,894
82,243
2,759,855
86,337
3,117,357
$690,577
$477,037
$5,126,963
$5,206,647
Non-oper. income
Income balance
296,226
1,021,449
income
365,171
3,683,430
Edmonton Street
revenues-
Total
39,761,157 43,224,846
Total
-—V. 143, p. 2519.
(E. I.) du Pont de Nemours & Co. (&
Period End.
expenses
Subs.)—Earnings
and obsolescence
Inc. from operations..$13,534,892
from
marketable
$10,373,821 $38,167,630
$29,156,192
180,609
254,477
76,082
61,004
Inc. from investment in
589,148
203,490
382,648
51,000
718,009
securities (net)
1,304
1,164,640
24,436
1,653,256
2,328,018
84,989 lossll8,875
.$14,697,857 $11,689,979
$40,675,632 $31,823,302
wholly owned
on
Total income
Interest
.
bonds of subs.
on
14,187
14,187
Prov. for Fed. inc. tax..
1,469,695
42,562
42,562
2,900,000
7,400,000
company
Net inc., excl. of inc.
from invest, in Gen-
4,122,881
<*-i
$33,233,070 $27,657,859
Corp..$11,783,670 $10,216,097
eral Motors
$16,585
with SEC—
Electric Smelters
Inc., Central City, Colo.—Stock
Offered—Public offering by means of a prospectus of 268,995
shares of common stock (par SI) was made Oct. 19 by
George Murfitt, 67 Wall St., N. Y. City.
The stock is
priced at $1.30 per share.
not
Inc. from misc. invests..
Profit
40,000
$5,002
def$l,789
def$l,967
Electric-El-Sani-Fume Corp.—Registers
this department.
§49,521,933 $39,874,466
11,354,303 10,718,274
$17,322,927 $14,072,344
3,788,035
3,698,523
securities
cos.
51,000
4,000
See list given on first page of
Inc.
controlled
5,776
charges
Total surplus.
—V. 143, p. 2049.
Income from operations
before pro v. fordeprec.
Prov. for deprec. & obsol
1936—9 Mos.—1935
$496,959
$480,178
388,969
372,996
51,988
50,596
$41,339
37,592
"
5,536
$45,780
37,971
Renewals
1936—9 Mos.—1935
1936—3 Mos.—1935
Sept. 30—
Ry.—Earnings—
1936—Month—1935
Sept. SO—
Total
Fixed
39,761,157 43,224,846
215,399
—V. 143, P. 2520.
Period End.
Profit and loss
257,138
39.072
52,659
Miscellaneous rents
Interest and discount—
4,825,674
Swamp land grant
Total
Co/of Boston—Earninas
1936—3 Mos.—1935 *
1936—12 Mos.—1935 I
$6,884,288 $6,621,606 $30,728,872 $29,867,146
3.457,681
3.299,164
13,619,575 12,556.587
865,000
865,000
3,460,000
3,325,000
36,000
51,000
126,801
231,000
1,320,100
1,156,200
5,810,573
5,559,617
Period End. Sept. 30—
S
«
8,754
2,150
Special deposits
S
Liabilities—
2,534,026
4,861,886
Misc.
1934
1935]
S
Property invest,t_27,909,008 28,142,597
D.
Edison Electric Illuminating
Dec 31
1934
$
Assets—
2677
Chronicle
financing is to provide the company
The purpose of this
and
working capital
to manufacture,
necessary
with resources
build, erect, operate, sell
automatically controlled electric slag
resistance smelting furnace developed by Raymond S. Wile, President of
the company.
Mr. Wile, it is said, has devoted a period of 30 years to the
development of this type of furnace.
The authorized capitalization of the company consists of 50,000 shares of
6% cumulative preferred stock ($20 par), none of which is outstanding,
and 1,500,000 shares ($1 par) common stock, of which 269,000 shares will
be outstanding upon completion of this financing.
The company was incorporated Aug. 12, 1933 in Delaware.
No business
has been done to date.
The company owns no property and is qualified
or
to
electric
Wile
rent
smelters,
an
do business in Delaware.
Inc. reed, from invest, in
29,333,949
12,496,808
$23,875,048 $17,704,182 $62,567,019
1,639,396
1,639,396> 4,918,189
$40,154,667
4,918,189
12,091,378
General Motors Corp.
Total net income
Divs.
on
deb. stock
7,498,085
$57,648,830 $35,236,478
Bal.applic.tocom.stk.$22,235,652 $16,064,786
Incl.
I.
E.
du
Pont
de
.
undivided
cos. not
Period End. Aug.
36,130
$58,661,815 $35,534,717
$22,554,444 $16,314,708
'
com.
stk. outstdg. dur¬
$47,494
$54,997
$650,480
$672,878
Appropriations for retirement reserve
Preferred div. requirements of subsid. company..
Pref. div. requirements of El Paso Elec. Co. (Del.)
335,000
46,710
182,972
11,048,128
325,000
46,710
188,587
$85,798
$112,580
Balance for common
Indicates loss.
Surplus Account Sept. 30
Dividends on deb.
Divs.
on com.
stk.
5,000,000
14,000,003
$272,879,247 $223,884,064
stock ($1.50 quar.—$4.50)
4,918,189
4,918,189
(1936—$4.10; 1935—$2.55)-.
45,314,585
28,182,818
—
Surplus at Sept. 30
$222,646,473 $190,783,057
(a) In accordance with past custom, the value of du Pont company's
investment in General Motors Corp. common stock was adjusted on the
books of the company in March, 1935, to $162,000,000 ($16.20 a share)
and in March, 1936, to $176,000,000 ($17.60 a share), which closely cor¬
responded to its net asset value as shown
Motors Corp. at Dec. 31, 1934, and Dec.
p. 2048.
by the balance sheets of General
31, 1935, respectively.—V. 143,
Corp.—Extra Dividend—
Duro-Test
1226.
-
-
p.
p.
1719.
Emerson-Brantingham Corp.—Receivers' Statement—
Balance Sheet Dec. 10, 1931 and 1935 and June 10, 1936
Corporat'n
Receivers'
Balance at Receivers,
a
Book Values
share on
23.—V.
receivable
receivable.
Accts. rec. (farm mach.)
Old notes receivable.-'—
Notes rec. & int. on farm
$47,792
11,071
Total operating revenues
Operation
purchased
8,802
2,363
5,119
5,042
Maintenance
Prov. for retirement
x
Taxes
*36
$282,854
123,325
95,427
95,402
71,433
45,285
8,075
4,259
288,401
$38,838
10,015
6,870
1,778
5,264
3,610
203,609
19,321
153,638
959
326.288
78,000
16,020
67,000
959
250,000
73,142
48,986
8,341
6,713
285,401
4,128
24,578
3,238
5,174
1,136
1,022
811
1,022
$1,947,805
$1,118,607
$809,862
$801,670
22,943
16,100
7,573
22,943
16,100
7,573
prop'ty
Inventories
Cash
chges.—Insurance.
Othercharges
$107,079
$126,305
31,895
22,125
5,360
15,592
12,672
31,569
17,506
5,437
15,615
9,816
Total
—-
-
Net operating
$15,393
$11,298
$38,660
$27,134
121
income-
52
306
Liabilities—>
& interest
accounts payable—
Old notes pay.
Old
19,977
250,000
70,921
68,534
100,000
5,041
1,169
1,901,187
711,990
711,990
711,990
$1,947,805
Reserves: For
$1,118,607
%
contingent
10,000
of vals.
liquidation
liquidation
For shrinkage
in
For cost of
4,144
$27,364
13,011
11
25
interest
Amort, of debt disc.& expi
General
$11,351
8
Funded debt interest
166
1,034
1,270
3,272
$12,508
1,487
$6,161
1,473
$28,212
4,462
$11,052
4,476
$11,021
$4,688
$23,750
$6,575
b Net equity
pref. stock_
Balance
x No
provision has been
profits.—V. 143, p. 754.
made for Federal surtax on
undistributed
of stkhldrs.
Total
a
Net inc. before pf. divs
Engineers Public
Period End. Aug.
31—
Gross earnings-.
Operation
Inc.—Weekly Input—
For the week ended Oct.
operating companies which
compared with the
15, 1936 the kilowatt-hour system input
are subsidiaries of American Power &
of the
Light
& Light Corp. and
Increase
51
Operating Subsidiaries of—
1936
American Power & Light Co
111,158,000
Electric Power & Light Corp-.-- 52,318,000
National Power & Light Co,—. 79,227.000
—V. 143, p. 2520.
1935
Amount
99,238,000 11,920,000
42,350,000 9,968,000
65,216,000 14,011,000
%
12.0
23.5
21.5
"""Electric Boat Co.—To Pay Common Dividend—
Oct. 20 declared a dividend of 60 cents per share on
stock, par $3, payable Dec. 5 to holders of record Nov. 20.
dividend to be declared since the company was reorganized
in May, 1925.
The predecessor company had paid no dividends since
1918.—V. 142, p. 3673.
The directors on
the common
This is the first
---
Taxes
National Power & Light Qo., as
corresponding week during 1935, was as follows;
Co., Electric Power
$809,862
$801,670
132,325 shares of
inventory adjustments,
b Representing
stock outstanding.—V. 142, p. 3167.
Before
class A
Maintenance.
Ebasco Services,
„
and distribution
27
$15,514
2,831
Gross income
Divs. on 7%
------
21,909
Accrued taxes
229
$38,966
9,458
1,928
49
692
1,460
7,455
1,750
686
claims, &c
Other income (net)
2,708
49
692
598.
—
1936—9 Mos.—1935
1936—3 Mos.—1935
Power
$285,647
12,312
11,934
686
Old accounts
Def.
Period End. Sept. 30—
$565,000
216,933
plantsMisc. real estate & other
properties-.
Manufacturing
Investments
Co.—Earnings—
Est. Values
Estimated Values
Dec. 10, '31 Dec. 10, *35 June 10,
$973,418
Dec. 10, '31
Assets—
Rec. from sale of
3848.
East Missouri Power
Co.—Listing—
has authorized the listing of $7,500,000
due June 1,1951; $3,745,000 4 % % conv.debs.,
due June 1,1946; 308,859 shares of common stoctc (par $3), which are issued
and outstanding, with authority to add to the list 64,350 shares of common
stock, upon official notice of issue upon exercise of outstanding stock
purchase warrants, and 224,700 shares of common stock upon official
notice of issuance upon exercise of conversion of 4
% conv. debs.—V. 143,
machinery
Dividend—
Duval Texas Sulphur Co.—Initial
The directors have declared an initial dividend of 50 cents per
the common stock, payable Nov. 15 to holders of record Oct.
142,
El Paso Natural Gas
The New York Stock Exchange
New accounts
have declared an extra dividend of 2)4 cents per share
in addition to a regular quarterly dividend of 10 cents per share on the
common stock, both payable Dec. 15 to holders of record Dec. 1, 1936.—
The directors
Y. 143, p.
dividends and surplus
1718.
lstmtge. bonds, ser. A4^%,
of in¬
Adjustment resulting from revaluation
vestment in General Motors Corp
Total
—V. 143, p.
1935
1936
>,312,228 $178,729,397
62,567,019
43,154,667
Surplus at beginning of year
Net income nine months
a
Balance.
$3.22
$1.48
Amount earned a share._
*
11,051,343
$5.31
11,050,703
$2.04
ing the period
11,050,973
:
and amortization..
Int.
Aver, number of shares of
13,487
27,560
1936—12 Mos.—1935
$2,902,229 $2,787,586
1,324,529
1,205,793
167,188
159,596
326,283
315,430
433,747
433,887
15,745
28,883
36,158
Taxes
r
wholly owned,
department.—V. 143, p. 2520.
(Del.) (& Subs.)—1Earnings—
1936—Month—1935
$239,246
$234,273
110,965
102,097
31—
Gross earnings
amount earned on com.
stockis
first page of this
El Paso Electric Co.
Maintenance.
profits
losses of controlled
or
See list given on
Operation
Nenours & Co.'s equity
in
Incorporated—Registers with SEC—
Eleotrol
Balance
Inc. from
other sources.
Balance
—
Service Co. (&
Subs.)—Earnings—
1936—Month—1935
1936—12 Mos.—1935
$4,235,228 $3,858,041 $47,264,139 $44,532,531
1,685,969
1,547,330 19,363,902 18,352,960
244,188
213,673
2,734,118
2,601,949
493.056
456,884
5.116,686
5,413,427
$1,812,014
41,400
$1,640,152 $20,049,431 $18,164,193
52,211
645,495
626,728
$1,853,414
664,024
$1,692,364 $20,694,927 $18,790,921
8,200.048
8,321,493
$1,189,390 $1,006,136 $12,494 878
Appropriations for retirement reserve
5,219,165
Divs. on pref. stocks, declared2,525,800
Cum. pref. divs. earned, but not declared
1,400,566
Amount applicable to minority interests
13,371
$10,469,427
Int. &
amortization
686,228
Balance
E. P. 8. Co., before allowing for
pref. divs. of certain sub. cos—
of certain sub. cos., not earned.2049.
Bal. applic. to
unearned cum.
Cum. pref. divs.
—V. 143, p.
$3,335,975
484,248
5.003,574
2,228,299
796,789
7,513
$2,433,250
1,391,680
•
2678
Erie
Financial
RR.—Earnings—
common
1936
$7,343,770
2.361,886
Net after rents
1936
$6,627,363
2.028,450
1,392.755
1.466,448
From Jan. 1—
Gross from railway
Net from railway
61,764.507
18.196.282
Net after rents
11,527.551
1934
1933
$6,201,088
$6,827,873
2,235.071
1.489.660
•
1.584,433
892.441
of common stock.—
Initial Preferred Div.—
The directors have declared an initial dividend of 35 5-12 cents
per share
the new 434% convertible preferred stock,
par $100, payable Oct. 31
to holders of record Oct. 21.—V. 143,
p. 1227.
57,176.520
15,996,720
9,977,774
53.973,679
15,627,827
9,417,115
(Henry) Fischer Packing Co.—Registers with SEC—
—V. 143, p. 2049.
See list
The directors have declared
Corp.—Special Dividend—
special dividend of 45
a
Period End. Sept. 30—
1936—3 Mos.—1935
Net profit after taxes &
charges
x$151,387
/ $10,646
8hs. cap. stock out.(par $3)
381,003
378,728
x
per
share..$0.40
Before any provision
$0.03
for Federal surtax
&
Investment
Fairchild Aviation
$0.58
The plan of
as follows:
new
as
as sent to
Florence Stove
Stockholders at
number of shares of its
shares of
stockholders,
Fairchild Engine & Airplane Corp., is
stock
as
"It is proposed that the
outstanding common stock shall be split up on
new stock for each share of
present common,
making the total outstanding stock 264,888 shares; that the issue of 79,467
additional shares of new common stock shall be
authorized; that of the
newly authorized stock one share shall be offered to each stockholder for
every four shares of the newly split up stock held by him, at $30
per share;
that the stockholders shall have the
right to pay for the new stock from
Dec. 14 to Dec. 31, 1936; and that the
balance of the
newly authorized
to officers and employees.
If all the stock offered stockholders is
taken, the company will receive
$1,986,660.
The proceeds will be used to reduce the
outstanding in¬
debtedness of the company, incurred
principally in connection with the
acquisition of the Kankakee plant and of its interests in the Florencestock, consisting of 13,245 shares, shall be offered
Wehrle Stove Co. and the Marshall Stove
Co., and for working capital
The sale of stock to stockholders will not
be underwritten.
It is expected
that Messrs. Jackson & Curtis and
Spencer Trask & Co. will be prepared
to deal in rights to subscribe.
As stated in thd annual report dated
Feb. 12, 1936, the net earnings of
your company for the calendar year 1935 amounted to
$883,484.85.
For
the first nine months of the calendar
year 1936 the earnings have exceeded
the
earnings in the similar period for 1935.
In view of the 1936 Federal
Tax Law, it is expected
that, before the rights to subscribe expire, a further
substantial dividend will be paid.—V.
143, p. 2207.
Fonda, Johnstown & Gloversville RR.—Earnings—
Period End. Sept. 30—
Operating revenues
Operating expenses
Corp. issued and outstanding
exchange.
Sherman M. Fairchild, President of Fairchild Aviation
Tax
Corp., who
Operating income
Other income
(namely, Fairchild Aviation Corp.'s holdings of stock of Fairchild
Aerial Camera Corp.) to Fairchild Aviation
Corp. on the following basis:
(a) $374,940 of notes in exchange for the 3,749 4-10 shares of
pref. stock
of the new corporation, and (b) the
remaining $445,060 of notes in exchange
same
stock of Fairchild Aviation
Corp. at the
156,750
$14,641
$16,239
$181,743
$196,761
9
219
118
$8,944
466,829
67,637
$16,239
$181,962
5,000
802
60,000
11,915
$196,880
60,000
12,443
$10,437
$110,047
$124,437
Ltd.—Registers with SEC
Corp.—Liquidating Dividend—
The directors have declared
i
the no-par capital
Federated Department
Stores, Inc.—Listing—
The New York Stock
Exchange has authorized the listing of 125,000
shares of 4K% convertible preferred stock
(non-voting) par $100, aU of
which are now issued and
outstanding, and 312,500 additional shares of
$107,575
Co.—Deposits Under Plan—
depreciation, &c
1936—3 Mos.—1935
$78,046
1930—9 Mos.—1935
loss$48,115
Note—No provision has been made for surtax
—V.143,p.428.
$86,310loss$156,061
on
undistributed profits.
Fanny Farmer Candy Shops, Inc.—Sales—
Period End. Sept. 30—
Sales.
1936—Month—1935
$423,865
$363,463
1936—9 Mos.—1935
$3,662,257
$3,171,419
At the end of Sept., 1936
company had 191 stores in operation as com¬
pared with 184 on Sept. 30, 1935—V. 143. p. 1878. *
The company announced that $2,179,500 of its 7
% preferred stock will be
Common shareholders will be offered one share of common
stock
for each five shares held, at $25. and
proceeds of sale will be used to retire
the pref. stock.
Rights to purchase must be exercised before Nov. 15 and
new stock will be issued to shareholders of record as
of Oct. 15.
Stock to
be sold is part of 90,000 shares of common stock held in
retired.
'
company's treasury.
—Y. 142, p. 4176.
(Foreign)—Liquidation—
C. W. Gillispie, Treas., says:
progress has
been made during the current year toward the
collection of the company's outstanding accounts and lor) claims, but these
matters have not advanced to the stage where
any definite date can be
fixed for final liquidation.—V. 143, p. 2366.
"Some
Fyr-Fyter Co.—Earnings—
9 Months Ended Sept. 30—
Net sales
a
liquidating dividend of 60 cents per share
stock, payable Oct. 30 to holders of record
Oct. 26.
Previous liquidating dividends were
paid as follows:
$3 on Dec. 20, 1935;
fno4??
} Js
April 16,1934, and $14 per share paid on Dec. 12,
1932.—V. 141, p. o226.
on
$106,031
(Geo. A.) Fuller Co, (& Subs.)—Earnings—
Period End. Sept. 30—
Net profit after interest,
Foundation Co.
See list given on first page of this
department.
F. E. D.
$14,971
Federal Compress & Warehouse Co.—To Retire
Preferred
$881,193
461,436
61,324
161,670
Faulkenham Lake Gold
Mines,
$11,060
Stock—
$872,960
^NeUncome..^.
$20,462
128,037
-
$70,894
36,374
5,130
13,159
5,000
735
$21,591
127,623
Leandro J. Rionda, President, in letter to
bondholders, urges the deposit
of the bonds at once, so that
sufficient assents will be received by Oct.
31,
1936, to warrant an application to the court to
permit the plan to be de¬
clared effective.—V. 143,
p. 2367.
1936—12 Mos—1935
$69,192
33.411
8,597
12,541
^MgO
13,984
The Bankers Trust Co., which is the
depositary-agent of the company,
business Oct. 19 it had received for deposit
under the plan $2,273,000 of
bonds, which is 78.92% of the total principal
amount of $2,880,000
outstanding.
Co.—Earnings—
38
def$987
announces that at the close of
Ogsbury.
Balance
Retirement res. accruals
Interest charges
$2,895
13,956
p. 1720.
Francisco Sugar
Commenting on this plan, Mr. Fairchild states: "The
separation of the
company's activities will permit the logical
expansion of the aircraft and
engine manufacturing facilities without
affecting the present shareholders'
percentage ownership in the aerial camera,
instrument, and survey ac¬
tivities."—V. 143, p. 755,
Net oper. revenues...
Non oper. income—net.
$18,920
1,541
(Peter) Fox Brewing Co.—Listing—
Sherman M. Fairchild, who has been
President of the company since he
founded it 15 years ago, will remain
President and Chairman of the Board
and will occupy the same positions in the new
company.
The Vice-Presi¬
dency of the Fairchild Aviation Corp. will continue to
be filled by James S.
Taxes
$8,607
12,984
The New York Curb Exchange has
approved the listing of 100,000 out¬
common stock, $5
par, and will list 25,000 additional
shares of common stock, $5
par, upon notice of issuance.—V. 143,
templated by the plan, Fairchild Aviation Corp. will have no
funded debt
and will hold, free of lien, the common
stock of Fairchild Aerial Camera
Corp. now pledged as collateral for the notes.
Operating re venues
Operation
Maintenance..
def$711
def275
390,198
22,519
standing shares of
directors has been advised that the
proposed distribution which is to be
charged against capital surplus, will not be taxable to stockholders
under
the Federal Revenue Act of 1936.
In order to provide for the issue of the
52,360 shares of common stock
which will be required to effect the conversion of said
$445,060 of notes into
common stock, it will be
necessary to amend the certificate of
incorporation
of Fairchild Aviation Corp. to increase its
authorized capital stock.
After
giving effect to such conversion and the surrender of the balance of the out¬
standing notes in exchange for pref. stock of the new
corporatior as con¬
1936—Month—1935
$431,638
def$l,844
4,740
Net deficit
—V. 143, p. 2050.
by Fairchild Aviation Corp. and by Ranger En¬
gineering Corp. to Mr. Fairchild at par for cash advances made
by him
from time to time during the last several
years.
Fairchild Aviation Corp. is to declare and
pay to its stockholders a divi¬
dend in partial liquidation consisting of one share of the
common stock of the
new corporation for each share of its own
common stock held.
The board of
Fall River Gas Works
-
1936—9 Mos—1935
$421,421
388,486
24,328
Deductions
rate of $8.50
issued
Period End. Sept. 30—
1936—Month—1935
$41,575
$43,678
40,387
*
41,888
3,032
2,501
Gross income
per share of such stock.
At the same time Mr. Fairchild will also transfer to
the new corporation
the $73,800 of 6% notes of Ranger
Engineering Corp. in exchange for 738
additional shares of pref. stock of the new
corporationm making Mr. Fairchild's total holdings of pref. stock of the new
corporation 4,487.4 shares.
were
accruals
owns
$820,000 principal amount of its 6% notes now outstanding, will, as
part
of the plan, surrender such notes, together with the
collateral securing the
These notes
plan to change
into 264,888
an
the basis of four shares of
will be equal to the number of the
stock of Fairchild Aviation
at the time of such
common
a
stock
common
stated:
Corp. and Ranger Engineer¬
now
held by Fairchild
Ltd., and, in exchange therefor, is to
common
for shares of
par
increase in capital
by 79,467 shares of the new no par issue and authorized cancellation
and retirement of the
remaining 1,452 shares of preferred stock.
President Fowler in a letter sent to stockholders
announcing the meeting
Corp. 3,749 4-10 shares of its pref. stock and such
common
no
split); authorized
stock interest
Corp. in Fairchild Aircraft,
issue to Fairchild Aviation
Co.—Recapitalization Voted—
special meeting held Oct. 20 approved
stock
vestments in and advances to Fairchild Aircraft
Aviation
a
the present 66,222 authorized shares
shares of no par stock (four-for-one
to be formed under the laws of the State of Maryland, with an
authorized
capital stock consisting of 5,000 shares of pref. stock par $100, and 1,000,000
shares of com. stock, par $ 1. The pref. stock of the new
corporation is to bear
cumul. dividends from Jan. 1, 1938 at the rate of
5% per annum payable
Quarterly, is to be entitled to receive $100 per share plus accrued dividends in
the event of liquidation (voluntary or involuntary), is to be
redeemable at
any time at $110 a share plus accrued dividends, and is to be convertible into
common stock of the new corporation at any time
prior to Jan. 1, 1947. at
$4 per share of common stock if converted on or before Jan. 1,
1942, and if
converted thereafter, at $4 per share of common stock plus $1 for each
full
year elapsed after Jan. 1, 1942.
Holders of pref. stock are to be entitled to
elect a majority of the board of directors if the new
corporation shhll be in
default in the payment in full of an aggregate of four
quarterly dividends
thereon, whether consecutive or not, and such voting rights shall continue
until such defaulted dividends shall be paid in full.
Holders of pref. stock
shall be entitled, in lieu of cash, to tender their shares at
par and accrued
dividends in payment of the subscription price for
any shares of common
stock offered to its stockholders by the new corporation.
The charter of
the new corporation will contain the usual restrictive
provisions with respect
to the issuance by the new corporation of securities
ranldng senior to or on a
parity with the pref. stock.
The new corporation is to acquire all of Fairchild Aviation
Corp.'s in¬
ing Corp., together with the 50%
Issue
Baker,
Treasurer of the Travelers Insurance Co.
Holders of 93.4% of the certifi¬
have signed agreements as to indemnification and
payment of ex¬
penses of the committee.—Y. 143, p. 2207.
Corp.—To Split Business—
recapitalization, dated Oct. 15, 1936
of Equipment
-
cates
approve
corporation, to be known
Ry.—Holders
too low to accept.
The Bankers Trust Co. thereupon bid in the remainder of
the equipment
for $328,000, reselling it later to different small
railroads.
The total
proceeds, it is estimated, will not exceed $450,000.
The committee for the certificates is headed
by Gladden W.
Corp.—Removed
a special
meeting on Nov. 2, at which
the segregation of the company's activities into
two separate companies, the share of one of which will be
distributed to
present shareholders on a share-for-share basis.
A
.
cars and some othei equipment rather than to con¬
tinue paying interest and principal instalments on the securities.
After a
lapse of two years, the Bankers Trust Co., trustee, for the issue,
brought
together some bidders for the equipment, but, excepting three
passenger
cars bought by the
Chicago & Eastern Illinois Ry., all bids were considered
Stockholders have been advised of
is
Coast
locomotives, 300 freight
$217,927
378,728
The New York Curb Exchange has removed from unlisted
trading priv¬
ileges the 1st lien real estate sinking fund gold bonds series C, 7%, due
Sept. 15. 1967.—V. 143, p. 1227.
they wili be asked to
East
Half—
Holders of $1,000,000 of defaulted series D 5%
equipment trust certifi¬
cates are to distribute between $350,000 and
$450,000 realized from the
sale of the rolling stock that had secured the certificates.
The receiver elected to allow holders of the certificates to reclaim
25
undistributed profits.—
on
V. 143, p. 1557.
European Mortgage
from Unlisted Trading—
Loose
1936—9 Mos.—1935
x$285,264
381,003
$0.75.
—
given on first page of this department.
Florida
cents per
share In
addition to a dividend of L5 cents per share on the common
stock, both
payable Dec. 1 to holdenrV record Nov. 16.
A dividend of 15 cents
per share was paid on Mg. 15 last, this latter being the first payment
made since July 1, 1930, when 20 cents per share was disbursed.
Earnings
24, 1936
on
54,932,794
13,914,036
8,593,228
Ex-Cell-O Aircraft & Tool
Oct.
stock
(voting) no par, upon notice of issuance upon conversion
of
4M_% convertible preferred stock, making the total amount applied
for 125,000 shares of 4}£
% convertible preferred stock, and 1,486,817 shares
[Including Chicago & Erie RR.]
September—
Gross from railway
Net from railway
Chronicle
1936
$429,306
239,292
122,112
Cost of sales
Selling and administrative expenses._
Net profit on sales
Other income
Net profit on sales
Miscellaneous deductions
Federal income tax
Total profit for period
/
-
1935
$355,503
21\014
105,099
$67,902
3,947
$40,388
4,199
$2,419
6,179
$71,848
10,135
15,036
$44,587
4,911
5,502
$8,598
2,993
$46,678
$34,175
$5,605
1934
$286,379
166,428
117,531
»
Volume
143
Financial
&
Bldgs., machinery,
$368,807
$372,886
11,088
Goodwill
1
1
6,481
165,592
132,223
Securities
32,685
116,315
135,111
rec.
Inventories
15,347
Surplus
Accounts payable.
14,207
10,434
$815,396
$749,302
9,162
$749,302
Represented by 20,000 shares class A stock and 40,000 shares class
stock, all of no par value.—V. 143, p. 2367,
x
B
Div.
Profit for
1935
$331,394
1936
$662,058
213,781
26.285
9,750
pref. stock of subsidiary company
on
161,635
5.550
9,750
$412,241
$154,459
98,000
period...
53,000
Prov. for interest on income notes and income taxes
(approximately)
—V. 143, p. 756.
1936—3 Mos.—1935
$680,933
$586,328
12,481
5,651
30—
Operating revenue
Other income
on
unfunded debt--
Retirement
$2,717,021
39.886
14,335
expense
$591,980
382,216
97,262
1,176
69,000
$2,756,908
1,823,176
364,273
10,471
276,000
$2,303,428
1,565,720
392,473
$42,324
$282,986
$66,297
Net inc. for dividends.
2,937
276,000
—V. 143. p. 756.
Gemmer
Stockholders at a special meeting held Oct. 20 voted not to appeal a
plan of capital stock readjustment approved by majority vote earlier in
the year.
The plan had been contested in the courts by two stockholders.
As a result of stockholders' action, the stock readjustment plan has been
dropped in favor of existing capitalization.
The Circuit Court of Wayne County, Mich., recently held that the
proposed capital stock readjustment was beyond the lawful powers of
stockholders since approval by both classes of stockholders meeting to
determine whether the company should appeal their case to the Michigan
Supreme Court or drop the plan and continue with present capitalization.
V. 143, p. 2521.
General Baking Co.-
-Earnings—
-$§
-13 Weeks-
Weeks-
Sept. 26, *36 Sept. 28,*35 Sept. 26,'36 Sept. 28/35
Net profit after int., deprec.. Fed. taxes, &c.
$785,987
$512,870 $1,837,011 $1,383,910
Earns, per share on 1,J
588,697 shs. com. stk.
$0.38
$0.21
$0.82
$0.54
—V. 143, p. 1878.
Period Ended—
capital stock, par $1, payable
new
dividend of five cents per share on
Nov. 16 to holders of record Nov. 2.
taxes or surtaxes on
1935
1936
9 Mos. End Sept. 30—
Consolidated net profit before prov. for Fed.
inc.
$186,117 loss $21,379
undistributed earnings
—V. 143, p. 1076.
General Cable Corp.
(& Subs.)—Earnings—
12 Mos.
3 Months
Period Ended Sept. 30—
1936
c
1936
1935
$1,077,203
402,282
276,252
42,923
$4,610,854
1.493,295
1,106,444
27.062
$773,346
$355,746
$2,064,053
14,945
loss77,259
126.370
$788,291
161,250
86,555
$278,487
$2,190,423
643.784
363,926
232,915
$1,461,884
398,435
279,153
10,950
Gross
profit on sales
Selling admin, and gen. expenses
Depreciation
Otheroperatingcharges.net
Operating profit.
Metal profit
Total profit
alnterestcharges.net
b Other charges
Net income
166.804
92,933
135,121
Provision for taxes and conting. res_.
a
and dividends received and other non-operat¬
General Mills, Inc.—Vacation
Plan—
1936
$10,791
$0.33
Gilchrist Co.—Earnings—
6 Months Ended July 31—
Gross sales
Net profit after
per
1936
charges, inc Federal taxes
share on 115,691 shares no par stock..
.
1935
$3,569,262
$3,208,764
6,041
loss84,084
$0.05Nil
Federal tax deduction for the 6 months' period of 1936 was $35,000.
Current assets July 31, 1936 amounted to $2,092,069, including cash of
$170,412.
Current liabilities were $697,543, indicating net working capital
of
$1,394,526 against $1,363,574
on
Jan. 31. 1936.—V. 139, p. 1869.
Gillette Safety Razor Co.
(& Subs.)
Depreciation
adjust,
restricted
foreign earnings
■Earnings—
1CCM
1Q3K
9 Mos. End. Sept. 30—
1936
Net inc. before charges
$4,894,440
Interest
$4,425,720 x$4,376,681 y$3,843.180
zl74,361
zl80,458
176,657
379,562
318,355
433,262
329,222
271,848
Income taxes
871,192
$3,293,892
657,871
547,157
$3,158,790
$1.00
$2,686,104
$0.76
639,110
$3,422,177
$1.13
:
Net profit.
Earns, per sh. on com..
x
Including
$73,188
realized
on
$1.06
sales
of
securities
(1933,
$81,434).
After price adjustment reserve of $1,050,000.
z Includes premium on
debentures purchased.
Profit for the first nine months of 1936 was after deduction of a reserve
of $100,000 for special advertising during the fourth quarter of 1936, and
y
after charges for depreciation and obsolescence and foreign and domestic
income taxes and United States capital stock tax.
No provision has been
years.—V. 143, p. 2522.
General Motors Acceptance Corp.—Listing—
The New York Stock Exchange has authorized the listing of $50,000,000
10-year 3% debs., series due Aug. 1, 1946 and $50,000,000 15-year 3
debs., series due Aug. 1, 1951.—V. 143, p. 1558.
General Railway
30—
1936—9 Mos.—1935
1936—3 Mos.—1935
_
„
$231,535
$282,035
$50,316
$511,178
321,030
$0.61
Earnings per share
143, p. 1078.
New
At
Director Elected—
meeting of the board of directors of Gillette Safety Razor Co. held
Oct. 22, George A. Graham, Vice-President of the company, was elected
a director.—V. 143, p. 429.
a
320,700
$0.77
321,030
Nil
320,700
$1.27
—V.
retire a limited amount of its second preferred
$250,000 from surplus to the purchase of
Holders of the second preferred stock are
being advised by letter that they may submit sealed tenders for their
holdings and that, on or before Nov. 5, the company will accept the lowest
tenders at prices not exceeding $100 a share.
The letter stated that if a
sufficient sum is not available to accept all tenders at a particular price,
appropriate allocation will be made among the makers of such tenders.
Tenders must be received by the company's agent, J. & W. Seligman
& Co., 54 Wall St., New York, not later than 4 p. m. Eastern Standard
Time, Nov. 4, at which time all tenders will be opened.—V. 142, p. 1290.
such
retirement.
for
shares
Goebel Brewing
1936—3 Mos—1935
Co.—Earnings—
Sept. 30 '36 June 30 *36
$1,032,680
$1,119,925
$0.78
$0.84
The balance sheet as of Sept. 30, 1936, shows current assets of $1,017,697,
including $677,653 cash and marketable securities, while current liabilities
were $377,052.
This compares with cash of $603,684, current assets of
$895,651 and current liabilities of $584,012 on Sept. 30, 1935.—V. 143,
p. 1400.
12 Months Ended—
Net profit after deprec. and Federal income taxes.Earns, per sh. on 1,323.84 shs. com. stock (par $1)
Earnings for Year Ended July 31, 1936
$1,103,517
Earnings
261,859
Reserve for Federal taxes
$841,657
72,647
Balance
Dividends paid.
Consolidated Balance Sheet July 31
1936
1935
$695,723 $1,188,585
20,817
Invest'ts at cost-4,250
718,368
Accts. & notes rec.
747,198
2,001,877
Inventories-..— 2,836,547
Cash
Plant, &c., less de¬
preciation.-.-—
3,253,983
2,958,855
97,110
$7,634,812 $7,001,464
1936—9 Mos.—1935
1936
1935
ex¬
Surplus
$971,229 $1,430,419
323,528
3,750,000
3,750,000
2,590,055
1,821,045
Total
$7,634,812 $7,001,464
penses,
&c
Res. for conting..
------
2522.
Great Lakes Power
Period End. Sept. 30—
Total oper. re venues
Operation
-
Maintenance
-
Taxes-.-.
Net income after deprec.,
able, acrued
112,962
Other assets.Total
Liabilities—
Accts. <fc notes pay¬
Capital stock
Prov. for retirement
General Refractories Co.—Earnings—
Period End. Sept. 30—
Fire Insurance Co.—To Retire Stock—
The company has decided to
and proposes to apply
stock
—V. 143, p.
Signal Co.—Earnings—
Net profit after deprec.,
(no par),
on undistributed profits.
Indicated earnings of the company for the third quarter, as arrived at
by comparison of reports for nine months and six months, were equal to
40 cents a share on the common stock, which would compare with indicate
earnings of 36 cents a share in the third quarter of 1935.
For the 12 months ended Sept. 30, 1936, the company reports con¬
solidated net income of $4,697,089, equivalent to $15.15 a share on the
preference stock, and $1.57 per share or common stock.
In the 12 months
ended Sept. 30, 1935, earnings were equal to $1.41 per share of common.
During the 12 months ended Sept. 30, 1936, the comapny had made avail¬
able to it and therefore included in earnings $106,683 from funds subject
to serious monetary restrictions.
After paying the Sept. 30 dividend on the common stock, the company
and its subsidiaries had a total of $4,069,987 of United States and foreign
cash and United States Government obligations at market value (exclusive
of certain small foreign balances and funds not at present convertible into
dollars.)
Assets—
announced a vacation plan for
roll employees, wnicb provides for one-week vacation for workers of
to ten years' service and two weeks for employees of more than ten
D. D. Davis, President of the company,
Period End. Sept.
on
$949,798
ing income,
b Includes depreciation on excess land and buildings held for
sale, depreciation on machinery and equipment not needed in production
and subject to liquidation, &c.
c Reclassified for comparative purposes.
Note—No provision made for Federal surtax on undistributed profits.
—V. 143, p. 587.
taxes, &c
Shs. com. stk.
Earnings per share
—V. 143, p. 2522.
charges
32,548 shares 7% preferred stock
Goodall Worsted Co. (& Subs.)—Earnings—
$18,750
$405,365
—
After deducting interest
wage
three
$880,825
-Earnings—
Earnings for 6 Months Ended June 30,
,
Net income after depreciation and other
Globe & Rutgers
Corp.—Initial Dividend—
The directors have declared an initial
the
1935
$925,053
made for the surtax
Mfg. Co.—Will Not Appeal Stock Plan—
General Box
$20,050
$2,289,092
$88,395
Bond interest
Int.
1936—12 Mos.—1935
$693,415
441,715
91,787
2,517
69,000
Total income
Oper. exps.,maint.& tax.
1935
14
Oct.
Net
Gary Electric & Gas Co. (& Subs.)- —Earnings—
Period End. Sept.
„
Earnings
(Robert) Gair Co., Inc. (& Subs.)—Earnings—
Provision for depreciation
Interest on bonds of subsidiary company
to
1936
1936
$22,150
Giant Portland Cement Co.17,923
20,953
11,827
3 Months Ended Sept. 30—
Profit for period
1
—V. 143, p. 2368.
ful accounts
$815,396
Period—
Gross earnings
-Jan.
October-
of
$860,775
$902,903
$21,000
Week
Second
7
1935
Oct.
1936
1935
$23,100
to
5,768
Reserve for doubt¬
Total
earnings
—V. 143, p. 2368.
106,041
17,609
1936
Gross
150,610
elation
12,973 Divs. on class A
108,859
stock
37,280 Commission
due
103,559
when accts. are
100,305
paid
Accruals, &c
2,946
127,393
Cash
$443,500
Reserve for depre-
11,037
16,971
Treasury stock.._
Deferred charges..
Notes <fc accts.
$443,500
xCapltal stock....
equipment, <fcc__
Patents
Period—^ ~
1935
1936
Liabilities—
1935
1936
1
Jan.
First Week of October
Comparative Balance Sheet Sept. 30
Assets—
2679
Chronicle
Co., Ltd.—Earnings
1936—3 Mos.—xl935
$206,037
$210,485
22,711
26,253
6,083
7,853
27,029
30,041
20,858
19,587
1936—9 Mos.- -xl935
$595,936
$629,523
75,992
67,644
19,289
81,067
65,409
18,253
89,888
54,785
$129,354
27,733
$126,749
7,772
$396,112
34,431
$357,015
8,300
$157,088
42,690
49,374
$134,521
21,352
72.282
$430,544
84,030
194,128
$365,316
debt-
disc.& exp
898
divs
$64,124
13,125
Net operating
income.
Other income
depl., int., amort, and
Fed.
income
taxes
Earns, per sh. on
shs. cap.
_
x$508,941
$200,835 x$l,052,308
$426,035
$2.32
$0.94
454,281
stk. (no par)
$1.12
$0.04
No provision made for Federal surtax on undistributed profits.
Net income for the 12 months ended Sept. 30, 1936, was $1,281,131
x
■equal to $2.82 a share, comparing with $540,595 or
12 months ended Sept. 30, 1935.—V. 143, p. 1399.
$1.19 a share for the
Railway oper. revenuesNet
rev.
from ry. oper__
Net ry. oper.
income—
Non-operating income—
Gross income.
Deductions
Surplus appl. to int.--
1936—Month—1935
$173,565
$155,104
65,690
58,418
52,757
52,309
1,355
1,526
$54,113
$53,836
983
886
$53,130
$52,949
Amort, of bd.
Net inc.before pf.
Pref. stock dividends—
Georgia & Florida RR.—Earnings—
Period End. Aug. 31-
Gross income
Interest on funded
General interest
$50,999
Balance-
1936—8 Mos.—1935
$787,428
64,078
def2,449
10.525
$755,052
78,055
28,690
10,220
$8,076
7,710
$38,910
8,167
$365
$30,743
x
An adjustment mew© sudsgqugiiv
these periods has
66,647
219,404
898
$40,886
13,125
$27,761
to ueyp. ou»
been given effect to in the 1935
$151,486
39,375
$79,264
39,375
$112,111
$39,889
ivoot
uuu »ypucauiu 10
columns.—V. 143, p. 1721.
Greenfield Tap & Die Corp.—Earnings—
30—
charges and Federal income taxes.
Earnings per share on 132,861 shares common
stock (no par), after allowing for pref. divs
9 Months Ended Sept.
Net profit after
x
Exclusive of undistributed profits
x$166,710
$0.22
taxes.—V. 143, p. 2051
1935
$85,604
Nil
r
'&
Financial
2680
Gulf States Utilities
$630,582
234,528
Operation
Maintenance
$563,611
223,489
19,611
50,973
89,798
21,007
.
Taxes
Int. and amortization__
Oct.
Income Statement for
Co.—Earnings-
1936—Month—1935
Period End. Aug. 31—
Gross earnings
Chronicle
48,219
89,844
$235,671
Appropriations for retirement reserve.
Preferred dividend requirements
$181,049
Balance
1936—12 Mos.—1935
$5,967,257
$5,690,861
2,485,841
2,416,242
226,781
235,143
547,244
543,626
1,077,830
1,081,461
$1,629,560
$312,376
—V. 143, p. 2371.
Gulf States Steel Co.—Securities
gen.
$6,799,248
5.893,707
449,510
$474,353
59,774
$208,042
35,933
$410,007
39,610
$456,030
32,809
$534,127
278,746
33,536
$243,976
268,275
6,032
$449,617
259,201
$488,839
145,528
28,804
27,707
26,625
14,906
loss$58,039
$163,790
22,521
$327,898
x48,024
$193,040
& admin, exps.
$8,801,795
7,689,927
701,860
loss$58,039
$141,268
$279,873
Operating profit.
Other income
Total income
Int.
Offered—The
entered the investment market Oct. 23 with
funded debt-
on
—
Other interest
company
a new
expense
$7,000,000 1st (closed) mtge. sinking fund klA% bonds to
Oct. 15, 1961.
Public
Net
inc.
before
Fed.
be dated Oct. 15, 1936, and to be due
Prov, for Fed. inc. tax.:.
Net income
x
Before provision for surtax on undistributed profits.
Loeb & Co.
Balance Sheet
A group
headed by Hallgarten & Co. and Lazard Freres
Co., Inc., and including the above houses as well as
Colgate Hoyt & Co., is underwriting 98,569 shares of no-par
common stock, which are being offered to common stock¬
holders of record Nov. 2, 1936.
Rights expire on Nov. 25,
1936, and entitle the stockholders to subscribe to the addi¬
&
tional
common
stock in the ratio of
shares held, at $30 per
one
share for each two
To
of the net proceeds of the sale of the bonds to
1936, its 15-year 5lA% sinking
fund gold debentures, due June 1, 1942, outstanding in the
hands of the public in the principal amount of $4,512,500, at
10213% of such principal amount (it bring intended that
accrued interest to the redemption date will be paid out of the
general funds of the company and charged against income),
or approximately
_._L
$4,625,313
(2) To deposit $1,500,000 of the net proceeds of the sale of the
bonds with the trustee of the first (closed) mortgage:
(a) To
on
or
before Dec. 5,
be withdrawn from time to time upon application prior to
Nov. 1,1939 to provide for the cost of "fixed additions" at the
plant owned by the company at Alabama City (now
steel
Gadsden), Ala.,
or
(b) to be used for the purchase
or
1,500,000
To
use the net proceeds
the extent necessary for
of the sale of the common stock, to
the purpose, to redeem on Jan. 2,
1937, the 20,000 shares of its first preferred stock outstand¬
ing in the hands of the public, at $110 per sharefit being antic¬
ipated that all accn»ed unpaid dividends to the redemption
date will have beerinpaid on said date or prior thereto and
charged against income and (or) earned surplus), or approx__
(4) To use the balance of the net proceeds of the bonds and of
the common stock to provide for the cost of additions, exten¬
sions, betterments and improvements and (or) to provide
additional working capital (estimated)
Total (estimated)
History and Business—Company
„
was
Notes & accts.
Deps. with mutual ins.
incorp.
1,153,615
$9,478,927
_•
in Delaware
on
Nov.
1,
The company is engaged and intends to engage primarily in the business
manufacturing and selling (for the most part, as to finished products,
name "Guifsteel") open hearth steel
ingots, billets and blooms;
rods; merchant and concrete reinforcing steel bars, flat, round and
square, plain and deformed; small-sized angles, channels and shapes; plain,
galvanized and processed wire, staples, bale ties, wire nails, barbed and
woven
wire fencing; sulphate of iron (copperas); plates; black,
coated,
wire
annealed and galvanized steel sheets and other iron and steel
products.
The company has in the past also
engaged in the manufacture and sale
of pig iron and of coke and its
by-products, benzol, toluol, sulphate of
ammonia, naphthalene and coal tar, and in the mining of coal and iron ore
principally for use in such manufacture; but these operations have in recent
years been suspended.
Company is, however, euqipped for such opera¬
tions, including the handling and stocking of raw materials, and con¬
templates their resumption if and when conditions warrant.
The company has under advisement,
among other additions and improve¬
ments, the extension of its operations to include the manufacture and sale
of tin
plate, and, to equip itself for that purpose, may use part of the
proceeds of sale of the securities offered.
59,692
Prop., plant & equip, (net).. 22,595,797
Sinking fund.
29,303
Def. chgs. & prepaid exps.-.
161,895
Authorized
(closed)
mtge. sinking fund 413%
15, 1961
1st pref. stock, 7% cum. ($100 par)
Common stock (no par)
Oct.
Outstanding
bonds,
Total
outstanding first pref. stock,
Exclusive of 363 shares held in the company's treasury.
name of each principal underwriter with
respect to
Underwriters—The
the bonds and the amount thereof underwritten
by each are as follows:
The
439,690
2,000,000
16,850,000
1,294,586
1,972,140
Com. (197,500 shs, no par)..
$27,999,167
Total
$27,999,167
Stockholders
on
Oct. 19 adopted certain charter amendments
as
outlined
in V.
143, p. 2210, and approved the creation of $7,000,000 of 1st closed
mtge. bonds and their sale to underwriters, and the offering of 98,569
shares of common stock to holders of common stock, and their
underwriting.
—V. 143, p. 2370.
Greyhound Corp.—To Pay Stock Dividend—
to
The directors have declared an extra dividend of $3 per share in addition
the regular quarterly dividend of 80 cents per share on the common
stock,
extra
par
$5, both payable Dec. 21 to holders of record Dec. 10.
The
be paid in new 513% preference stock, par
$10, and
upon the approval of the Interstate Commerce Com¬
dividend will
payment will depend
mission and stockholders of this company.
The company announced that since "prior to the dividend
payment date
(Dec. 21) a four-for-one split-up of the common shares will have become
effective,
the dividends on the new no par common stock would be 75
preference stock and 20 cents per common share in cash."
Regular quarterly dividends of 80 cents per share had been distributed on
the present $5 par common shares on Oct. 1, and
July 1, last, this latter
being the initial distribution on the common stock.
cents per share in
Stockholders will hold a special meeting on Nov. 12 to authorize
the
issuance of 195,303 shares of new 513% preference stock,
par $10, for the
of the current dividend.
The new stock is to be redeemable at
$11 per share and each share will be convertible at the option of the holder
payment
into 13-share of new no-par common stock.
Company officials in commenting on the above dividend action said that
the Federal Revenue Act of 1936, levies a graduated surtax on
undistributed
profits, and
a cash distribution to stockholders of a
large portion of un¬
income to meet the requirements of the Revenue Act would
impair cash reserves used for debt liquidation and improvements.
The plan of issuing stock in lieu of cash for dividends would have
the
effect of transferring $1,953,030 from the earned
surplus account to the
capital stock account.
Greyhound officials asserted the corporation would be liable for a tax
payment of between $280,000 and $320,000 on undistributed net income
based on estimated net earnings for 1936 if the plan to issue stock in lieu
of cash were not approved.
distributed
Proposes Preferred Issue as Stock Dividend—Asks Authority
of Pacific Greyhound—
to Continue Control
If the proposed extra dividend is not paid before the end of
this year,
the corporation estimates it would be
subject to a surtax of
$280,000 to
on its undistributed net income based upon estimated net
earnings
for 1936 and cash dividends paid and to be paid.
The payment of the proposed stock dividend, it is
stated, will not affect
the corporation's asset position nor change its net worth.
It simply would
have the effect of transferring $1,953,030 from earned
surplus account to
capital stock account.
The proposed action, it is further stated, would
permit the corporation without subjecting itself to a heavy tax
penalty to
cash earnings in the business
thereby protecting working capital,
preserving its credit and providing funds for its improvement and debt
retain
retirement.
The payment
of the proposed dividend, it is stated, complies with the
purpose of the Revenue Act of 1936 in that it is expected to result in the
distribution of
than 90% of the corporation's net earnings for 1936.
time, the corporation in a separate application asked author¬
application asked authority to continue in control of
Pacific Greyhound Corp.
In order to continue in control of Pacific the
approval of the ICC is
sought for the purchase from Automotive Investments, Inc., of 56,000
At the
ity in
more
same
separate
a
shares of
Greyhound preferred in consideration for 11,200 shares of $3.50
convertible preferred of Pacific Greyhound, subject to a
repur¬
chase agreement and 11,200 shares of Greyhound Corp. common.
This transaction, carried out last
year,
gave the Greyhound Corp.
51.04% control of Pacific Greyhound preferred and 60.95% control of the
dividend
company's common stock.
The agreement by Greyhound Corp. to re¬
purchase the 11,200 shares of $3.50 preferred was fulfilled by delivery of
an
additional
10,000 shares of its common.—Y.
Hackensack Water
143, p. 2370.
Co.—Obituary—
Nicholas Snowden Hill Jr., President of the company, died of
coronary
None
dividend of $7 a share was declared
payable Oct. 15, 1936 to holders of
record Sept. 28, 1936.
Company proposes, following receipt by it of pay¬
ment from the several underwriters for the bonds to call
for redemption
and on Jan. 2, 1937 to redeem all of its
Kuhn, Loeb & Co., New York
4,531,500
Reserves
7% 1st pref. stock
on
Oct. 18.—V. 143, p. 923.
$7,000,000
300,000 shs. y295,706 shs
July 31, 1936, dividends on the first pref. stock were in arrears in an
amount of $536,666, equivalent to $26.83 a share.
On Aug. 20, 1936 a
dividend of $3.50 a share on the first pref. stock was declared
payable
Oct. 1, 1936 to holders of record Sept.
15, 1936, and on Sept. 17, 1936 a
Hallgarten & Co., New York
Funded debt
Financing Voted—
thombosis
$7,000,000
x30,000 shs.
On
Lazard Freres & Co., Inc., New York
Lehman Brothers, New York
380,481
276,094
71,448
Res. for Federal income taxes
Capital surplus
Funded Debt and Capitalization After
Completion of Present Financing
y
47,075
cos
Investments
$183,226
Accrued liabilities
$320,000
under the
x
(net)
Commission.
2,200,000
of
due
rec.
Notes payable (trade)
Accts. payable (trade)
The corporation has applied to the Interstate Commerce
Commission
for authority to issue 195,303 shares ($10 par)
513% preference stock as
a stock dividend of 75 cents a share on the
company's 2,604,040 shares
(no par) common stock, which will be outstanding after giving effect to
stock split up recently approved by the Interstate Commerce
1913.
1st
31, 1936
Liabilities—
Inventories.-.
h>
redemp¬
tion of bonds
(3)
at July
§475,280
1,597,952
3,032,172
Earned surplus
use part
redeem
as
Assets—
Demand deposits & cash—-.
share.
The first (closed) mortgage sinking fund 4A% bonds are dated Oct. 15,
1936; due Oct. 15, 1961.
Principal and int. (A. & O.) payable at0office of
City Bank Farmers Trust Co., trustee, in New York, in any coin or cur¬
rency of the United States of America which at the time of payment is
legal tender for the payment of public and private debts.
Company
agrees, upon the conditions specified in the mortgage, to reimburse to owners
resident in Penn. any Penn. tax (other than estate, succession or inheritance
taxes) not exceeding in any year five mills on each dollar of taxable value
of the bonds.
Coupon bonds in denom. of $1,000 and $5,000, registerable
as to principal only.
Sinking fund equivalent to 2H% of the principal amount of the bonds,
i.e., $175,000 per annum, payable in semi-annual instalments beginning
April 15, 1937.
Redeemable by lot for the sinking fund on at least 30 days'
published notice, at 102% of the principal amount thereof on or before
Oct. 15, 1941; at 101% thereafter and on or before Oct. 15, 1946; at
101% thereafter and on or before Oct. 15, 1951; at 100J^% thereafter and
on or before Oct. 15, 1956; and at 100% thereafter and before the date of
maturity; in every case with interest accrued thereon to the date of redemp¬
tion.
Also redeemable at the option of the company other than for the
sinking fund, as a whole at any time or in part (by lot) from time to time,
on like notice, at 104% of the principal amount thereof on or before Oct.
15,
1941; at 103% thereafter and on or before Oct. 15, 1946; at 102% there¬
after and on or before Oct. 15, 1951; at 101% thereafter and on or before
Oct. 15, 1956; and at 100% thereafter and before the date of maturity; in
every case with interest accrued thereon to the date of redemption.
Application of Proceeds—Net proceeds to be derived from the sale of the
Bonds and the common stock, after deducting the estimated expenses of
the company in connection with the sale thereof and underwriting discounts
and commissions, will approximate $9,478,927.
Company proposes:
(1)
506
Amortiz. of deb. disc't &
issue of
offering of these bonds, which are priced at 99, to yield
over 4.56% to maturity, is being made by Hallgarten & Co.;
Lazard Freres & Co., Inc.; Lehman Brothers, and Kuhn,
July 31 '39
$6,709,037
5,878,602
622,391
$193,040
Sell.,
$135,369
Balance for common dividends and surplus..—
711,833
7 Mos. End.
1935
$7,570,438
6,526,222
569,862
_567,183
__
-—
Years
1934
dis-
less
sales,
Cost of sales
$1,414,386
750,000
567,183
Calendar
1933
Gross
24, 1936
Stated Periods
$2,450,000
2,450,000
1,050,000
1,050,000
of each
(M. A.) Hanna Co.—25-Cent Dividend—
The
directors
common
have declared
a dividend
of 25 cents per share on the
value, payable Oct. 31 to holders of record Oct. 20.
made on May 20 last, Nov. 1 and March 11,
Sept. 10, 1934.—V. 143, p. 2523.
stock,
no par
Similar distributions
1935, and
on
were
kw
HarHs-Seybold-Potter Co.—Debentures Offered—Offer¬
ing was made Oct. 23 by means of a prospectus of a new
issue of $1,250,000 15-year 5% convertible debentures
by
a
banking group composed of Mitchell, Herrick & Co.;
Riter & Co., and Otis & Co. (Inc.).
The debentures were
priced at 101 and accrued interest.
Proceeds from the sale of this issue will be used to retire $1,051,500 of
7% secured bonds of the
The debentures will
be
company
and for general corporate purposes.
convertible
into
common
stock
at
$30
a
share '
principal underwriter with respect to the common
stock and the percentage thereof underwritten by each is as follows:
until Oct.
Hallgarten & Co., New York
Lazard Freres & Co., Inc., New York
Lehman Brothers, New York
Colgate Hoyt & Co., New York
Kuhn, Loeb & Co., New York
15%
21%
in the printing supply business.
Net profits, after all charges and provision for Federal income taxes for
the year ended June 30,1936, amounted to $525,8$&r>compared to $370,404
15%
in the preceding year.
name
2413 %
2413 %
1, 1939, $35 a share thereafter until Oct. 1, 1942, and at $40 a
share thereafter to Oct. 1, 1951.
Company
was
incorporated in 1926
as a
unification of three companies
Volume
Financial
143
The company has reserved sufficient
conversion
V.
143,
privileges
2523,
p«
of
common
debentures
the
Chronicle
2681
shares to satisfy maximum
and
prior
Balance Sheet Sept. 30
stock.—
preference
Assets—
Capital
Invest
Harrisburg Rys. Co.—New Company—Personnel—
1936
assets
and adv.
Marketable
Tins company was merged as of May 31, 1985, witn its various under¬
lying companies and these underlying companies have passed out of exist¬
Liabilities—
4,432
1,560
48,363
11,947
Taxes accrued
4,583
3,663
secur.
4,924
107,291
8,053
2,144
105,233
193,049
317
526
Invetory
Cash
Operating
Operation
revenues
Maintenance
Taxes
Net
$561,666
354.374
23,125
86,200
$568,660
362.484
23,089
86,332
$13,147
$97,965
$96,754
2
5
73
$13,152
$98,039
35,000
115
2.840
2,934
$60,198
$58,895
$7,236
$10,120
35,000
—V. 143, P. 2053.
Hawaii Consolidated Ry.,
$1,804,942 $1,913,423
1931.—V. 143,
1936
1935
Haytian Amer.Sugar Co. $1,047,211
Railroad company
158,404
1933
1934
$635,684
Total earnings
$1,500,001$1,396,179
Expenses
Haytian Amer.Sugar Co.
1,099,503
1,101,102
$1,225,612
$929,121
203,132
70,510
20,744
111,586
116,569
118,276
company
company
Houston
Haytian Corp. of Amer
x
Haiti West Indies Co..
Oper.
profit
$21,839
(excl.
Gross corp. income
$445,853
115,715
$448,251
115,545
$4,915,149
1,392,982
$4,567,538
1,389,579
y$330,138
y$332,706
$3,522,167
1,158,507
$3,177,959
855,638
_•
reserve appropriations
Dividends applicable to preferred stocks for the
period, whether paid or unpaid--
company
70 950
Before property retirement
reserve appropriations and dividends,
on 7% and $6 preferred stocks were
paid on Aug. 1,
payment of these dividends there were no accumulated
unpaid dividends at that date.—V. 143, p. 589.
After the
Howe Sound
25,508
19
6
Hasco Trading Corp..
24
Sarthe-St. Croix Co..
For income note interest:
186
Haytian Corp. of Am.
240.000
240,000
239,723
results
7.898
7,898
7,898
$355,670
$398,618
$275,585
$549,495
proportion
of
Def. chgd. to surplus.
xNet figures.
Metals Sold—
Cash
1936
Cash
Liabilities—
467,239
Notes payable
restricted
Value of life insur.
130
7,484
8,700
Accts. receivable..
66,559
45,788
Cost of
»
cane
fields
215,763
81,020
expenses.
221,848
80,746
Invested
assets
7,020,389
assets
59,914
x
$7,906,762 $8,045,289
1936—9 Mos.—1935
$9,116,469
$8,175,525
7,723,005
6,871,973
$514,133
200,147
_.
$567,804
182,755
$1,393,464
560,915
J $1,303,553
$1,954,379
237,715
:$1,791,585
$1,716,664
; $1,595,729
$3.62
$3.36
488,032
Depreciation.
89,039
$625,241
$684,138
$1.32
$1.44
195,856
on
payable..
20
Income notes
2,964,225
2,964,225
1,516,531
Earns, per sh. 011473,791
1,755,500
3,085,639
3,441,309
—V. 143, P. 1722.
shares (no
Capital stock &
surplus
par)
Note—No provision has been made for surtax
Hudson & Manhattan
Total...
$7,906,762 $8,045,289
Represented by 90,940 shares.—V. 143, p.
Hearn
Pounds
$750,558
66,421
67,211
Total.
Pounds
6,031,507 31,390,860 26,956,913
30,288,286 27,172,617
4,549,841
$714,280
7,097,207
Deferred
ended
Earnings for 3 and 9 Months Ended Sept. 30
Reserves
x
& pasture lands.
Prepaid
notes
quarter
Zinc
Net income
41,015
Accrued interest
banks
1,109,480
1,074,948
the
Lead
Pounds
Ounces
3,114
3,064
for
Copper
1936—3 Mos.—1935
Value of metals produced $3,191,169
$2,913,715
Operating costs
2,677,037
2,345,912
Operating income.
$75,310
47,915
Silver
1935
$60,363
Accounts payable.
7,016
In
$49,066
on
Other income
1936
$35,106
420,863
....
Inventories
>
1935
of the properties
metals sold, follows:
operation
Ounces
3d quarter, 1936
2d quarter, 1936
Condensed Consolidated Balance Sheet June 30
Assets—
Co.—Quarterly Report—
the
based
Gold
dis¬
bonds
count on
of
1936.
239.722
7,898
For
315,078
$2,007,243
Regular dividends
1936.
70.205
25,447
315,078
$2,048,582
Balance
Sept. 30,
104,262
19,501
...
Property retirement
$68,438 loss$206,161
110,536
18,865
1936—12 Mos.—1935
$9,313,778
$8,564,512
4,413,131
4.013.405
$4,551,107
16,431
Tne
Haytian Am. Sug. Co_
1936—Month—1935
$868,002
$802,582
424,072
355,346
revenues
$4,900,647
14,502
of
deprec. and res.)
Reserves—
For depreciation:
Wharf
loss$26,938
36,884
6,289
6.656
$2.06
undistributed profits.—V. 143, p. 1401.
$447,236
1,015
y
10.778
$1,942,765
$2.09
$443,930
1,923
z
17,145
Cr2,539
on
$0.08
Net rev. from oper.-.
Other income
907,612
91,165
93,332
95,264
26,874
1936—9 Mos.—1935
Lighting & Power Co.—Earnings—
Int. & other deductions.
101,657
91,202
14,646
Cr3.670
•
July 1,1935.
[National Power & Light Co. Subsidiary]
173,838
21.252
x
on
$169,139 x$l,966,573
$0.31
119,599
915,945
95.927
x$352,742
Period End. Aug. 31—
z
120,281
1936—3 Mos.—1935
No provision made for surtax
x
Balance
Hasco Trading Corp
Sarthe-St. Croix Co
paid
distributed since April 1.
were
Houdaille-Hershey Corp.—Earnings—
Oper. exps. and taxes—
$880,281
115,383
206,359
23,589
Railroad
dividends
1231.
p.
Period End. Sept. 30—
net profit after
taxes, depr., prov. for
doubt, accts.,int., &c.
Earns, per sh. on 784,956
shs. cl. B stk. (no
par)
Operating
$993,547
155,107
198,997
48,528
__
Wharf
Total
Consol.
was distributed on
Haytian Corp. of America (& Subs.)—Earnings-
Hasco Trading Corp
Sarthe-St. Croix Co
$1,913,423
9,000
ax
an extra dividend of 30 cents
per share on the
stock, par $10, payable Nov. 2 to holders of record
Oct. 23.
Extra dividends of 15 cents were
paid on Sept. 1 and on June 1 last.
Quarterly dividends of 15 cents per share were distributed on Oct. 1
and on July 1 last and
compare with 20 cents paid on April 1 last, 15 cents
on Dec. 23 and on Oct.
1, 1935, and 10 cents per share
A dividend of 20 cents was
£aid 31, March 31, 142, p. 2829. of 15 cents per share
>ec. on 1930—V. 1934, and one
company.
104,377
80,109
138,856
Federal
common
Ltd.—Accumulated Dividend
payable Dec. 15 to holders of record Dec.5.
Wharf
780,234
$1,804,942
for
-V. 143, p. 589.
The directors have declared a dividend of 60 cents per share on account
of accumulations on the 7% cumulative preferred class A stock,
par $20
Years End. June 30—
782,550
for dividend.
Earned surplus
Total
$96,830
2,916
180
income
&
depletion
Res.
75
$10,333
2,916
Balance
for deprec.
9,000
The directors have declared
1936—12 Mos.—1935
$10,331
Non-oper. income—net-
Retirement res've accr'ls
Interest charges
Res.
income
Prior to this latter payment no
Net oper. revenues
for dividend-
Hoover Ball & Bearing Co.—Extra Dividend—
Co.—Earnings—
1936—Month—1935
$47,436
$49,354
27,418
26,430
2,536
1,860
7,150
7,916
Res.
Res.
C. C. Cumbler, E. C.
Haverhill Gas Light
$900,000
Accts. payable
Prepaid insurance.
M.
1935
$900,000
281,650
Accts. receivable..
The officers of the company are: Henderson Gilbert, President; George
R. Baily, Vice-President, and John O'Connell.
Secretary and Treasurer.
The directors are Edward Baily. George R. Baily, William S. Baily,
J. Wm. Bowman, J. M. Cameron, John O'Connell,
Period End. Sept. 30—
1936
Capital stock
276,750
ence.
George W. Reily 3d.
Ensminger, E. C. Felton, George A. Gorgas. Henry
Gross, R. M. Rutherford, E. Z. Wallower, Henderson Gilbert, E. S.
Herman, H. A. Kelker Jr., A. G. Knisely Jr., Lesley McCreath, and
George W. Reily.—V. 141, p. 2436.
1935
$1,357,408 $1,320,709
Operating income
Non-operating income.
Department Stores, Inc.—Earnings—
^
1936
RR.—Earnings—
$229,989
17,975
$234,200
23,685
$2,175,746
203,753
$2,206,340
213,810
r-
-
1935
$7,688,576 $7,107,175
undistributed earnings
1936—Month—1935
1936—9 Mos.—1935
x$618,881
$GQS,895 x$5,757.633
$5,711,701
388,892
374,695
3,581,887
3,505,360
Oper. expenses & taxes..
1881.
6 Mos. End. July 31—
Net sales
Period End. Sept. 30—
Gross oper. revenue
on
Gross income..
$55,665Dr$100,433
$247,964
$257,885
$2,379,499
Inc. charges—inc. i nt. on
$2,420,151
profit and loss statement of the company for the 11 months from
Sept. 1, 1935 to July 1, 1936 based on figures filed with SEC, showed net
profit of $554,482. No mention is made of Federal surtax on undistributed
profits.—V. 143, p. 2523.
adj. inc. bonds at 5%_
298,401
314,579
2,783,922
2,833,978
Deficit.
$50,436
$56,694
$404,422
$413,827
..
Net income after charges but before Federal taxes..
I
The
Hercules Powder Co.,
x
Subject to adjustment when effect of reduced fares from joint service
Pennsylvania RR. between New York and Newark is determined.
with
Inc.—Earnings—
Net earnings for the first nine months of 1936 amounted to $2,931,449,
representing, after payment of $459,312 preferred dividends, $4.23 a share
on the 583,870 shares outstanding of the company's no-par common stock,
according to the third quarterly statement. Corresponding figures for the
first nine months of 1935 were $2,248,490, equivalent, after preferred
dividends, to $2.90 a common share.
Third quarter earnings of $1.72 a common share compare with 89 cents
in the third quarter of 1935.
Earnings for the third quarter of 1936, after
payment of the preferred dividend, amounted to $1,006,301, against
$520,123 for the third quarter of 1935.
After payment of the regular preferred and common dividends for the
first nine months of 1936, the surplus stands at $10,752,687 as compared
with the Jan. 1, 1936, figure of $10,178,157, a gain of $574,530 for the
—V. 143, p. 2054.
Idaho Power
Co.—Earnings—
[Electric Power & Light Corp. Subsidiary]
Period End. Aug. 31—
Operating revenues
Oper. exps. and taxes—
Net
rev.
from oper
1936—Month—1935
$439,696
$395,334
215,064
179,830
$224,632
$215,504
Dr205
$2,327,299
Dr480
$24,152
59,778
$215,299
58,783
$2,328,015
710,429
$2,088,208
714,310
Balance
y$164,374
y$156,516
Property retirement reserve appropriations
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,617,586
$1,373,898
420,000
Other income (net)
Gross corp. income—
Int. & other deductions.
fLrst nine months.
of
$17,447,447 compare with current liabilities of
$2,063,904, which represent a ratio of about nine to one. Cash and govern¬
ment securities amount to $6,708,465, with other marketable securities
being $210,102.—V. 143, p. 924.
Total
current
assets
Hibbard, Spencer, Bartlett & Co.—Special Dividend—
The
on
directors
the
Nov.
common
17.
have
declared
stock,
par
a
$25,
The regular monthly
special dividend of 30 cents per share
payable Nov. 27 to holders of record
dividend of 10
cents per share which had
been
previously declared likewise carries the above dates.
An extra dividend of 30 cents will also be paid on Oct. 30 next.
Previous
extra distributions were as follows:
30 cents on Sept. 25 and July 31 last;
25 cents on Dec. 20 and Oct. 25, 1935; 30 cents on July 26, 1935, and 15
cents per share on Dec. 28, 1934.—V. 143, p. 2053.
Holly Development Co.—Earnings—
1
9 Mos. End.
Septet}— >4936
27,000
Balance, surplus
Earned surplus Dec. 31Additional provision for
Federal income tax
Total
earned
1935
$13,679
90,698
'
1934
1933
$37,218
27,000
$40,663
36,000
$56,042
27,000
$10,218
128,638
$40,679
Net earnings
Dividends paid
$4,663
119,913
'
$29,042
123,250
Dr35,000
—
428,000
$2,090,349
Dr2,141
414,342
y
z
414,342
$775,244
Balance
$539,556
Before property retirement reserve appropriations and dividends,
Regular dividends on 7% and $6 preferred stocks were paid on Aug. 1,
After the payment of these dividends there
unpaid dividends at that date.—V. 143, p. 1402.
1936.
were
no
accumulated
Independent (Subway) System of N. Y. City—Earnings
Period End. June 30—
re venues
expenses
Income from oper
Non-operating income.
1936—Month—1935
1936—12 Mos.—1935
$1,096,872
$861,596 $12,186,590 $10,469,999
809,117
605,204
8,529,903
6,977,731
$287,755
_
Net income
$256,392
964
568
$3,656,687
8,393
$3,492,268
7,758
$288,719
$256,960
$3,665,079
$3,500,026
-V. 143, p. 1231.
Indiana Consumers Gas & By-Products Co.—Successor
The company was reorganized during 1935 and was succeeded by Indiana
& Chemical Corp.
(See latter company's statement in V. 142, p.
surplus
Sept. 30---
716
z
Operating
Operating
.
1936—12 Mos.—1935
$4,605,587
$4,202,852
2,278,288
2,112,503
Gas
$104,377
$138,856
$124,576
$117,293
3856.)—V. 138, p. 2927.
Financial
2682
1936—3 Mos.—1935
$582,278
$522,282
150,416
139,542
Power purchased
50,404
47,436
Gas purchased-.-.--.-.
24,636
23,748
Maintenance
—26,474
33,831
Period End. Sept. 30—
Total operating revs—-
Earnings for 9 Months Ended Sept. 30, 1936
$285,000
Total operating revenue
General & miscellaneous expenses—
Taxes, general
Federal taxes (other than
Operation..
6,410
3,055
—
76,184
97,051
69,159
241,141
214,491
$195,871
788
$157,053
775
$539,880
1,930
$488,802
4,649
$157,829
83,375
1,100
12,101
$541,811
206,250
3,658
30,401
$493,452
243,375
Amort, of bd.disc.& exp_
$196,659
68,750
1,186
10,133
Net inc. before pf. divs
--—
$116,589
$61,252
$301,502
Pref. stock dividends—.
44,682
44,682
134,046
$210,026
134,046
$16,569
$167,455
$75,979
Prov. for retirement
484
Net oper. income.....
Other income (net)—...
$92,848
54,876
Net income.
Dividends
$37,972
Surplus.
-
Common stock
187,516
1,560
-
$2,100,500
3,500,000
3,000,000
Funded debt
Accounts payable mlscell
68,271
38,455
189,398
Accrued taxes
Retirement reserve
213,700
Reacquired securities
620
Accrued interest
100
193,592
---------
4
Accts. pay. associated cos
443,409
expense
Misc. deferred charges
Cash---------
Preferred stock
18,115,385
Gross income
Funded debt interest...
General interest
'.
1936
Liabilities—
Assets—
Pit., prop, rights, fran., &c—
Cap. stock, disc. & expense..
Sinking funds & spec, dep.-Unamort
debt
discount &
Taxes....--.---.----
x
14.734
16,000
Amortization of debt discount & expense-Provision for Federal income tax - - -
Balance Sheet Sept. 30,
Casualty & insurance reserve
4,051
Miscellaneous reserve
Surplus
20,565
243,398
Total
$9,155,261
Balance
No
$71,907
been
profits.—V. 143, p. 760.
x
provision
Kansas Power Co.
Period End. Sept. 30—
Total oper. re venues
Operation
Maintenance
$9,155,261
Taxes
-V. 143, P. 1560.
Net oper.
Interlake Iron Corp. (&
30—
3 Months Ended Sept.
Net sales
lH6Coo
$4,703,588
3,985,998
Cost of sales—-
1935
1934
$3,154,962
2,842,796
$1,947,968
1,750,094
for
Federal surtax
on
4,078
35,971
undistributed
(& Subs.)—Earnings—
1936—3 Mos.—1935
$460,579
$416,689
168,926
155,767
28,524
26,150
38,906
32,337
x49,126
42,795
1936—9 Mos—1953
$1,162,803
$1,083,679
450,874
437,628
70,069
115,119
xl27,821
70,542
95,579
120,633
$398,919
3,116
$359,295.
4,021
$158,294
65,295
2,127
$395,803
197,175
4,939
$355,274
65,691
7,427
7,432
22,288
22,389
1,250
1,250
3,750
$98,298
29,885
$82,188
29,885
$167,649
89,655
$124,059
89,655
$68,413
Gross income
$159,639
1,345
1,553
—
$175,097
876
$174,220
income...
Other income (net)-Dr..
Subs.)—Earning
made
has
Provision for retirementTotal
1936—9 Mos—1935 1
$1,714,255 $1,596,853
424,439
392.889
143,152
131,120
134,800
118,184
50,974
83,498
45,000
104,888
Provision for retirement—
— - *
-
2.582
income) & others.
Interest on funded debt -----General interest
24. 1936
Kansas Electric Power Co.—Earnings—
Hydro-Electric Power Co.—Earnings—
Indiana
Oct.
Chronicle
$52,303
$77,994
$34,404
Funded debt interest—
General interest
199,017
6,058
Amortiz. of debt disct. &
$717,590
82,020
$312,167
116,510
$197,873
101,935
$635,570
102,849
$195,656
63,185
$95,937
19,789
$738,418
xl64,720
y452,859
profit from sales
Admin, sell., gen. & bad debt exp...
Gross
$258,841
xl73,477
$115,727
179,799
280,648
expense
of
Amortiz.
pref.
stock
discount & expense—
Profit from
operations
Other income.,
y344,858
Net income before pref
dividends....
Pref. stock dividends
Balance
21,529
Estimated taxes.
No provision has been made for Federal surtax on undistributed
x
—Y.
$99,311 loss$259,494 loss$344,720
2,293.470
2,266,952
sur333,200
Discount on purchase of company's
bonds for sinking fund purposes.
260
3,215
$2,188,715
$2,526,185
$8,305
with a net loss of $674,266 in the first nine months
year.—V. 143, p. 591.
Co .—To Increase Stock—
stock dividend and a,h Increase in the amount of
planned by the company, according to a notice sent
19.
A special meeting will be held Oct. 28 to
approve the proposals.
common
stockholders
are
on
Oct.
In addition to the two-for-one stock dividend to be made to holders of
record
Nov. 20, the common stockholders will be asked to authorize an
amendment to increase the present $1 par stock from 250,000 to 1,000,000
shares.
The present authorized and unissued stock is insufficient for the
stock dividend.
capital stock, comparing
of preceding
200%
authorized stock
to
Earnings per share on 2,000,000 shares
Nil
Nil
$0.05
capital stock (no par)
x Includes discount on bonds,
y Includes special charges.
For the nine months ended Sept. 30, 1936, net profit was $67,634 after
taxes and charges, equal to three cents a share on 2,000,000 (no par) shares
profits.
143, p. 760.
Katz Drug
A
5,444
3,750
•
on
Other matters to be brought up at the meeting include approval of listing
the Chicago Stock Exchange of such stock that may be issued and the
dividend rate for the proposed new stock.—V. 143, p. 926.
International Cement Corp.—Name Changed—
(Julius) Kayser & Co. (& Affiliated Cos.)—Earnings—
See Lone Star Cement Corp. below
President Charles L. Hogan, commenting on the reasons for the change
in name, stated that the products of the corporation's domestic subsidiaries
nave for many years been marketed under the trade name "Lone Star",
and it is
considered advisable that the name be accordingly changed to
Corp.
He further added that because of the recent
Star Cement
Lone
changes
deemed
which have been made in the Federal income laws it has been
advisable to liquidate the various domestic subsidiaries and to
transfer their assets to the parent organization.—Y. 143, p. 2055.
Jackson & Curtis Securities
Corp.—$3.25 Dividend—
The directors have declared a dividend of $3.25 per share on account of
accumulations' on the $6 cum. pref. stock, no par value, payable Nov. 2
Dividends of $1,50 per share were paid on
Aug. 1 and on May 1 last and compare with $2.50 paid on Feb. 1 last;
$1 paid in each of the five preceding quarters; 75 cents per share dis¬
tributed each quarter from Aug. 1, 1933, up to and incl. Aug. 1, 1934;
50 cents per share paid each quarter from Aug. 1, 1932, up to and incl.
May 1, 1933, and with regular quarterly distributions of $1.50 per share
made previously.—V. 143, p. 431.
to holders
3 Mos.End. Sept. 30—
Net profit
Employees pref. divs
Surplus
Jamaica Public
Service, Ltd. (& Subs.)-
Period End. Aug. 31—
Gross earnings
1936—Month—1935
$72,484
$69,626
1936-
Earnings—
•12 Mos.—1935
$876,199
41,196
526,699
$846,683
500,751
$28,429
$349,500
$345,931
$28,273
8,607
$28,429
8,586
$349,514
103,967
$19,666
Oper. expenses & taxes ._
$19,842
1933
$180,192
*
685
74,841
10,534
$202,076
$216,981
$94,132
$104,517
8,254
$216,981
$94,132
$96,263
401,900
402,020
$0.21
412,120
$0.23
413
78,051
19,095
out¬
$0.54
Do not include earnings of Julius
$0.52
Kayser (Australia) Pty., Ltd.
50-Cent Dividend—
The directors have declared
a dividend of 50 cents per share on the com¬
stock, par $5, payable Nov. 30 to holders of record Nov. 16.
A like
was made on Sept. 1 last and compares with
37H cents per
share paid on May 15 and Feb. 15 last; 25 cents paid on Nov.
30, 1935;
65 cents on Sept. 10, 1935 and 25 cents per share paid on Feb. 15, 1935;
Sept. 15, 1934, and on Feb. 15, 1934, this latter payment being the first
dividend paid on the $5 par stock—V. 143, p. 1234.
mon
distribution
$245,547
44,225
stock
com.
standing ($5 par)
Earnings per share
x
xl934
401,900
Depreciation
Reserve for taxes
of record Oct. 21.
xl935
$308,672
1,439
73,407
16,845
$225,596
Interest
Shares
xl936
$306,681
1,544
64,091
15,450
$225,596
Income from operating..
Kelvinator
Corp.—Shipments Continue to Increase—
Total
Net oper. revenues—
Inc. from other sources.
Balance
Int. & amortization
$28,259—
14
14
$345,931
104,144
shipments of Kelvinator refrigeration products for the fiscal
ended Sept. 30, 1936, were 316,629 units, as compared with 240,340
units for the corresponding period last year, or an increase of
31.7%,
according to an announcement made by H. W. Burritt, Vice-President
in Charge of Sales.
year
Nash
Balance
Kennecott Copper Corp.—To
(W. B.) Jarvis Co .—Dividend Increased—
The directors have declared a dividend of 37
See Utah
H cents per share
on
the
capital stock, par $1, payable Dec. 1 to holders of record Nov. 14.
This
compares with dividends of 25 cents per share previously distributed each
three months.—V. 143, p. 1234.
Jewel Tea Co,
Four
,
Inc.—Sales-
25.
Feb.
22
...
—
---
---
June 13
—
July 11
Aug.
8
Sept. 5
—
1933
$1,214,762
1,276,473
1,335,685
1,276,651
1,265,773
1,265.347
$1,095,551
1,061,842
1,052,312
1,073,939
1,034,522
1.071,758
1,311,074
1,275,079
1,294,003
1,363,333
1,015,899
1,021,186
1,065,898
1,149,105
1,497,019
1,499,772
1,502,338
1,579.602
—
...
—V. 143, p.
Kansas
1,543,505
...
3--
1,506,248
—
1,501,327
1,436,962
1,422,600
1,417,014
1,407,424
1.429,522
1,353,787
1,424,741
revenues
expenses
Taxes
Operating income
Non-operating income.Gross income
Deductions
Net deficit
1936—Month—1935
$535,187
$507,197
426,264
411,277
28,220
30,953
1936—12 Mos.—1935
$6,184,579
4,922,019
355,833
$80,703
1,292
$64,968
$1,232,758
23,506
$906,727
385
$81,996
107,795
$65,353
109,396
$1,256,265
1.328,907
$910,754
1,341,464
$44,043
$72,643
on
the
common
distributed.—V.
stock since Jan. 30, 1930, when a similar dividend was
143, p. 2057.
Kentucky Utilities Co.—Preferred Dividend—
The directors on Oct. 19 declared a dividend of $1.25 per share on account
of accumulations on the 7% cum. junior preferred stock, par $50,
payable
Nov. 20 to holders of record Nov. 2.
A similar payment was made on
Aug. 20, May 20 and Feb. 27, last, and compares with 87>4 cents paid on
Nov. 20 and on Aug. 20, 1935, and with 50 cents paid on May 29, 1935,
and 25 cents on May 29, 1934.—V. 143, p. 1235.
Key West Electric Co.—Earnings—
—V. 143, p. 2056.
Kansas City Southern
1936—Month—1935
$12,276
$13,332
4,687
5,547
Maintenance
565
1,481
1,303
1,965
19,363
16,804
24,060
$3,035
$32,942
20,000
24,374
$24,155
20,000
24,500
dividends and surplus-..-.
$11,431
$20,344
Interest & amortization.
1,583
2,175
Balance
~
$3,264
Appropriations for retirement reserve
Preferred dividend requirements
Deficit for
143,
p.
common
9,817
17,679
26,096
Taxes
—V.
1936—12 Mos—1935
$146,609
$153,696
60,073
69,312
1722.
(B. B. & R.) Knight Corp.—Reorganization Plan—
Stockholders
Ry.—Earnings—
Period End. Sept. 30—
1936—Month—1935
1936—9 Mod.—1935
Railway oper. revenues- $1,188,064
$885,566 $10,049,153
$7,216,470
rev. from ry. oper-403,910
298,303
3,753,960
1,861,804
Net ry. oper. income
223,297
178,775
2.337,899
913,667
—V. 143, p. 2056.
Net
Operation
$430,710
$25,799
4.027
Lamp Corp.—373fz-Cent Dividend—
a dividend of 37 ^
cents per share on the
stock, payable Nov. 10 to holders of record Oct. 31. A like
payment was made on Oct. 10, last, this latter being the first payment
Gross earnings
$6,613,817
5,087,538
293,522
Merge with Utah—
2056.
common
Period End. Aug. 31—
City Public Service Co.—Earnings—•
p.
The directors have declared
class A
2056.
Period End. Sept. 30—
Operating
Operating
1934
$1,395,225
1,450,684
1,439,369
1,522,355
1,534,026
Mar. 21
April 18
May 16
Oct.
1935
$1,470,582
Copper Co., below—V, 143,
Ken-Rad Tube &
made
1936
Weeks Ended-
Jan.
Merger Considered—
See Nash Motors Co. below.—V. 143, p. 2056.
-V. 143, P. 1883.
and holders of voting trust certificates have received a
a special stockholders' meeting to be held on Nov. 5 to act upon
plan for reorganization of the c unpaiiy.
In a letter transmitting a copy of the plan, President Smart states as
notice of
a
follows:
At present the company
has a book capital deficit of nearly $6,000,000.
exists, the earnings of the company cannot be
dividends on any of the capital stock even when earned.
While this capital deficit
legally paid out
as
Volume
Financial
143
Furthermore, under the Federal Revenue Act of 1936, as
Interpreted by the
Treasury Department, the earnings of the company are subject to the
heavy surtax imposed by that Act on undistributed profits even though
the company has a capital deficit and cannot legally pay any dividends
on its capital stock.
The proposed plan will eliminate the capital deficit, thus enabling the
company to pay dividends out of earnings; and the reorganized company
will have a simple capital structure consisting of only 153,401 shares of
common stock of the par value of $10 each.
Under the plan, present preferred shareholders will receive two shares
for each preferred share now held; present class A and B shareholders will
receive two shares for each 5H shares held, and present class C shareholders
will receive two shares for each seven shares now held.
Thus, about
90% of the new stock will be distributed to present preferred shareholders
and the remaining 10% will be distributed to present holders of the class
ciiici. C sh3>r6s
IS
in
Preferred stockholders with prior rights to unpaid Cumulative dividends
excess of the present total assets of the company cannot liquidate the
reduce its capital so that it may legally pay dividends without
the consent of one or more classes of junior stock.
To secure this consent,
company or
the plan provides, as stated above, for the distribution of
the new company's common stock to the holders of A, B,
The directors believe that the plan is fair and will operate to
about 10% of
and C stock.
the advantage
of all classes of stock.
In carrying out the reorganization plan it is proposed to form a new
corporation under Rhode Island laws to be called "Fruit of the Loom, Inc.."
or some other similar name.
Its authorized capital stock is to be limited
to one class consisting of 153,401 shares of $10 par common.
The present
company will reduce its capital stock to $1,543,010 to permit the payment
of, and will presently pay, a dividend of $2 per share on its 69,130 shares
of pr®fGrr6(l stock
Directors state:
"The forthcoming plan of reorganization, if adopted,
will, we
adopted
stock
from current earnings and
saving in Federal taxes.
It can be
permit the payment of dividends
will
believe, effect a substantial
only in case at least two-thirds of each class of the four classes of
of the old company affirmatively vote for the same."
A consolidated income account accompanying the plan shows
profit of $43,072 for the period Dec. 29,
profit is after depreciation, taxes and other
a net
1935, to July 25, 1936. This
charges.—V. 143, p. 1884.
Kimberly-Clark Corp.—Earnings—
Period, End. Sept
$5,330,992
4,303,852
540,971
Cost of sales
General and sell, exp
1936—9 Mos.—1935
1936—3 Mos.—1935
30—
Net sales.
$4,916,387 $16,726,680 $14,899,841
4,075,564
13,557,912
12,335,983
477,656
1,593,149
1,396,260
$1,167,597
$486,169
42,994
$363,167
$1,575,618
37,945
120,579
109,717
$529,163
$401,113
$1,696,197
$1,277,315
69,000
120,000
92,474
55,000
249,550
397,500
278,960
23,348
x63,000
y23,348
$190,638
$1,025,799
Federal income tax (est.)
Bonifas
y
Net after taxes
a
188,000
149,445
149,445
448,335
Dividend arrearage
Lake Superior
District Power Co.—Bonds Offered—
Offering was made Oct. 20 of $5,600,000 1st mtge. bonds,
series A,
33^%, by a group headed by Halsey, Stuart & Co.,
Inc., and including Field, Glore & Co.; A. G. Becker
Co., Inc.; Harris, Gall & Co., Inc.; Bonbright & Co., Inc.,
and Brown Harriman & Co., Inc.
The offering price of the
new issue was 101 % and accrued interest.
Dated Oct. 1, 1936; due Oct. 1, 1966
Both principal and int. (A. & O.)
payable in any coin or currency of the United States which at the time of
payment is legal tender for public and private debts, in Chicago or in New
York.
Redeemable at company's option in whole or in part at any time
and from time to time on 30 days' notice at par and int. to date of redemp¬
tion, plus a premium equal to a percentage
$41,193
$577,464
Shs. com. stk. (no par)
487,173
487,173
Outstanding
487,173
® 487,173
$0.63
$1.18
$0.08
$0.34
Earnings per share. _ —
x William
Bonifas Lumber Co. estimated loss covers operations from
Jan. 1 to Sept. 30, 1935 and does not include an adjustment of $92,000 in
surplus,
year
made as of June 30, 1934 and is applicable to
Represents subsidiary's loss for fiscal year ended
y
1930
■Note—Provision has been made for
distributed profits.
Property—Company owns and operates a steam electric generating plant
capacity of 15,000 kilowatts and 5 principal
hydro-electric generating plants (3 in Wisconsin and 2 in Michigan),
having a total rated capacity of 12,750 kilowatts.
Additional generating
units owned have a total rated capacity of 4,124.5 kilowatts, including a
steam electric generating plant of 1,250 kilowatts rated capacity not now
in operating condition.
The electric transmission and distribution system
consists of 68 substations with an aggregate installed capacity of 74,997
kva.. 636.46 pole miles of transmission lines and about 225 pole miles of
distribution lines.
The gas system consists of a water gas-plant having a
daily manufacturing capacity of 250,000 cubic feet, 2 gas holders having an
aggregate capacity of 200,000 cubic feet and 23.24 miles of gas transmission
mains.
In addition to the foregoing, the company owns its general office
building at Ashland, Wis., 5 local office buildings and necessary warehouses,
shops, service buildings and garages.
Proceedings are now pending before
the P. S. Commission of Wisconsin for the acquisition by the City of Medford, Wis. (population according to 1930 census, 1,918) of the company's
electric property in that city.
prior
June
Federal taxes including tax on un¬
Ended Sept. 30, 1936
Earnings for 12 Months
$21,968,163
of interplant sales)
2,149,368
General & selling expenses
$1,896,471
178,791
Profit from operations
Other income
Total income
Bond interest
---—------
—
—
Provision for Federal taxes
Bonifas Lumber Co
Net loss of William
Provision for dividends on
preferred stock
Net profit on common stock
Earns, per share on 487,173 shs. com.
x Exclusive of any profits or losses
Note—Provision has been made for
$2,075,263
341,011
402,000
xl2,522
Present Financing
bonds, series A, 3H %, due Oct. 1,1966
7% cumulative preferred stock ($100 par)
6% cumulative preferred stock ($100 par)—
Common stock ($100 par)
x
$721,949
$1.48
stock (no par)
—Special-Dividend*—
—
have declared a special dividend of 25 cents per
common stock, no par value, payable Dec.
3.
A similar special dividend in addition
dividend of 12M cents per share was paid on Oct.
the
Dec.
31—
Profits
Interest
1936
y$930,418
165,534
185,000
Depreciation
88,000
Prov. for inc. taxes
60,014
CV15.797
Other expenses
Other income
(&Subs.)
the resulting capital surplus, together with the entire earned surplus of the
company at Aug. 31, 1936, has been transferred to a reserve ror contin——- —gencies which will be available to absorb charges for certain adjustments of
property, plant and equipment accounts.
,
share on
of record
Earnings for Stated Periods
y$777,478
x$803,262
196,383
215,890
185,000
185,000
58,745
55,640
zCr40,615
$402,372
905,586
$1,630,282
$1,307,958
$905,587
$1,630,282
$1,307,958
$905,587
147,689
$2.32
147,689
147,689
$1.47
$2.01
147,689
$1.33
105,000
outstand¬
ing (no par)
Earnings per share
x
all expenses of operation and providing for doubtful
y Before providing for income taxes,
z In¬
credit adjustment arising from other years.
Consolidated Balance Sheet Aug. 31
After deducting
accounts
and income taxes,
cluding $20,000
1936
Assets—
x
Property
Inv. in contr. cos.
24,242
609,166
55,257
other companies
Sundry
7,704
investm'ts
Gdwill,
trademks,
250,000
&c
98,867
Accts. receivable.657,574
Investment..---15,000
Inventories
3,084,939
Cash.
Total
x
21,604
679,270
In & loans to
Inv.
-
250,000
51,447
574,164
1936
1935
Common stock.$2,953,780 $2,953,780
stock. 1,500,000
1,500,000
Bank loans secured 2,587,000
2,859,000
Accounts payable.
418,312
270,415
Prov. for Federal,
provincial & mu¬
96,742
nicipal taxes
136,217
Reserves
169,662
170,273
y
z
Preferred
Earned surplus
1,972,949
1,630,282
2,722",898
$9,737,921 $9,480,492
After reserve for
Liabilities—
1935
account$4,990,428 $5,125,851
Der chgs. to rev..
Total
$9,737,921 $9,480,492
$2,071,975 in
depreciation of $2,179,955 in 1936 and
J935. y Represented by 147,689 shares
y shares of $100 par.
of no par value, z Represented
Accumulated Dividend—
The directors have declared a dividend of $15.75 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable Dec. I to
holders of record Nov. 14.
Dividends of $1.75 per share were paid on
x
597,524
21,643
645,880
25,122
686,600
32,882
Total net earnings-.
$560,558
$619,168
$671,003
$718,482
After deducting provisions for retirement reserve as determined by the
$182,214;
$300,699
604,888
$1,972,949
Shs. com. stk.
y
545,892
14.665
company
as follows; 1933, $132,071;
1934, $164,501; 1935,
12 mos. ended June 30, 1936, $182,530; and after deducting amortization
follows; 1933, $20,137, and 1934, $20,137
y Before interest charges and other deductions.
Annual interest requirements on $5,6U0,000 series A bonds to be out¬
standing upon completion of the present financing will be $196,000.
Maintenance ana Renewal b'una—Unuer tne indenture tne company wil
covenant and agree that, during each calendar year (the 15 months Oct. 1,
1936-Dec. 31, 1937, being deemed the first calendar year), so long as any
bonds are outstanding under the indenture, amounts aggregating not less
than 12>3% of the gross operating revenues derived during such calendar
year from tne operation of the physical properties upon which the indenture
is then a lien shall be expended (a) for maintenance and repairs, or (b) for
bondable property not theretofore used as the basis for the issuance of
bonds or the withdrawal of cash, or (c) for the redemption or purchase and
cancellation of bonds issued under the indenture; and that it will deposit
annually, with the trustee, cash to the extent that such amount is not so
expended, less any credits for excess expenditures in prior years, as provided
in the indenture.
The above mentioned percentage will be subject, at the
option of the company, to periodical redetermination by an independent
engineer, but not prior to Jan. 1, 1940, and thereafter at intervals of not
less than three years.
The indenture will also provide that the amount
required to be so expended during any year shall not exceed 2 H % of the
average book value during such year of the fixed tangible property of the
company.
The expenditures for bondable property certified in compli¬
ance with the maintenance provisions will not be available as a basis for the
authentication of bonds, the withdrawal of cash or the release of property,
and no bonds redeemed or retired under this provision may be used as the
basis for authenticating other bonds, withdrawing cash or releasing prop¬
erty under any provisions of the indenture.
Debt Retirement Provisions—Indenture will contain debt retirement pro¬
visions whereby the company will agree for each calendar year so long as any
series A bonds are outstanding under the indenture, to redeem or to pur¬
chase and cancel not less than $70,000 of series A bonds, except that during
the first calendar year it will retire not less than 1
% of the greatest
principal amount of such bonds outstanding prior to Jan. 1, 1938, but not
less than $87,500 in principal amount.
In lieu of retiring bonds, the com¬
pany will be entitled to certify to the trustee unbonded net expenditures
for the acquisition of bondable property at the rate of $1,666.67 of such
expenditures for each $1,000 of series A bonds otherwise required to be
retired pursuant to said debt retirement provisions.
Company will be
obligated to pay to the trustee in cash the amount of any deficiency.
Ex¬
cess retirements of series A bonds or excess net expenditures for bondable
of abandoned property as
$322,325
1,307.957
stock
Met earns, from oper--
Other income
x$636,439
210,740
125,000
$447,667
1,630,282
profit
Div. on cum. pref.
x
1933
$2,077,949
Net
Previous surplus
Dec. 31 *33 Dec. 31 '34 Dec. 31, '35 June 30, *36
operating revenues $1,367,051
$1,505,492 $1,574,906 $1,645,255
12 Months Ended—
Total
—Earns.
1934
1935
filed in the Department of State of Wisconsin,
Sept. 14, 1936, to the articles of organization, the number of shares of
stock authorized has been increased to 56,467 and the par value
of the common stock has been reduced from $100 per share to $75 per share;
23 to holders
to the regular quarterly
1, last.—V. 143, p. 1235.
Lake-of-the-Woods Milling Co., Ltd.
2,522,300
1,002,600
x2,294,925
common
"
Years End. Aug.
Pursuant to amendment
(this issue)- $5,600,000
on
since June 30, 1936.
Federal taxes including tax on un¬
distributed profits.
The directors
Capitalization Outstanding with Public Upon Completion of
First mtge.
$1,319,729
597,780
Net income
follows;
in Wisconsin having a rated
20
Net sales (exclusive
Cost of sales
as
by the company of street lighting and electric service for the city.
In
1934 the City of Ironwood voted against extending the company's present
franchise, which expires in 1941, and polled a majority advisory vote for
municipal ownership.
The city has taken no steps toward acquiring a
municipal plant and in 1935 extended to 1945 its contract with the company
providing for the furnishing of electricity for street lighting and water
pumping.
•
-
$309,020
lumber inventory values
of principal amount
7M% if red. on or before Sept. 30, 1941; 5% if red. thereafter and on or
before Sept. 30, 1946; 3% if red. thereafter and on or before Sept. 30, 1951;
2% if red. thereafter and on or before Sept. 30, 1956; 1% if red. thereafter
and on or before Sept. 30, 1961; and no premium if red. after Sept. 30,1961.
Bonds in definitive coupon form of $1,000 denomination, registerable as
to principal only, will be ready for delivery on or about Oct. 27, 1936.
Issuance—Authorized by the P. S. Commission of Wisconsin and the
Michigan P. U. Commission.
i
^
M
Legal for Savings Banks—In the opinion of counsel these bonds, when
issued, will meet the legal requirements for savings bank investments in
New York, Mass., Conn., Rhode lsla,nd, Maine, New Hamp., Vermont
and Pennsylvania.
1
Business—Company incorp. in 1917 in Wisconsin, is a public utility
engaged principally in the production and transmission of electric energy
and its distribution and sale in territory having a population, as estimated
by the company, of about 61,000, and comprising about 5,000 square miles,
located in 11 counties in north central Wisconsin and two counties in the
upper peninsula of
Michigan.
The mining and shipping of iron ore con¬
stitute the principal business activity in the territory served, 27.3% of the
company's gross electric revenues for the year 1935 having been derived
from sales to companies engaged in this industry.
At June 30, 1936 the
company served retail electric service through 19,968 meters to customers
in 55 cities, villages and communities, and in rural areas, including the cities
of Ironwood and Bessemer, Mich., and Ashland, Ladysmith and Hurley,
Wis.
At the same date the company supplied manufactured gas at retail
to 1,461 customers in Ashland, Wis.
In 1932 the City of Bessemer, Mich., in an election deemed invalid by
the Attorney General of Michigan and by counsel for the company, voted
in favor of issuing bonds to finance the construction of an electric generating
plant and the purchase of the company's existing distribution system in the
city.
In 1935 the City made a contract expiring in 1940 for the furnishing
448,335
$167,371
Preferred dividends
being
when
paid.
after the current payment will total $14 per share.
regular quarterly dividend of $1.75 was
—V. 143, p. 591.
$757,355
Bond interest
Net loss of Wm.
Sept. 1, June 1 and March 2 last and on Dec. 16, 1935, this latter
on the preferred stock since Sept. 1, 1931,
the first distribution made
x53,000
$316,816
Profit from operationOther income
2683
Chronicle
,
2684
Financial
Chronicle
property made in any year may be used to comply with the requirements
of a subsequent year.
The indenture will also provide that the debt re¬
tirement provisions will be suspended and remain inoperative whenever
and
Oct.
24,
1936
Lone Star Cement Corp.—Listing—New Name—
The New York Stock Exchange has authorized the
listing of 804,537
shares of common stock (no par;, under its proposed new name Lone Star
Cement Corp., in exchange share for share for certificates of common stock
long as the principal amount of outstanding bonds secured by lien
the property of the company shall not exceed .50% of its fixed tangible
property, plant and equipment, determined as provided in the indenture,
after deducting the amount of all retirement or depreciation reserves.
The expenditures for bondable property certified in compliance with the
debt retirement provisions will not be available as a basis for the authenti¬
cation of bonds, the withdrawl of cash or the release of property, and no
bonds redeemed or retired under these provisions may be used as the basis
for authenticating other bonds, withdrawing cash or releasing
property
under any provisions of the indenture.
as
upon
now issued and outstanding
bearing the name International Cement Corp.,
with authority to add 17.5,299 shares of such common
stock, on official
notice of issuance upon conversion of outstanding 10-year
4% convertible
debentures of the corporation due Nov. 1, 1945.
At a meeting of the directors held on Sept. 16, 1936, a resolution was
adopted authorizing the change of name of the corporation from Inter¬
national Cement Corp. to Lone Star Cement Corp., and the amendment
of the certificate of organization of the corporation
required to effect such
change.
At a special meeting of the stockholders held Oct. 15, 1936, the
proposed change of name of .the corporation was approved.
Purpose—Net proceeds to be received by the company in the estimated
of $5,520,400 (exclusive of
accrued interest and after deducting
following purposes:
amount
estimated expenses of $51,600) will be applied to the
Earnings for 3 and 9 Months Ended Sept. 30
(1) Redemption on or before Dec. 31, 1936, at 103 and int., of
$3,534,000 1st mtge. & ref. gold bonds, series B, 5%, due
Dec. 1, 1956, requiring, exclusive of interest
$3,640,020
(2) Redemption on or before Feb. 1, 1937, at 105 and int., of
$1,150,000 1st mtge. &..ref. bonds, series C, AlA%, due
Aug. 1,1955, requiring, exclusive of interest
1,207,500
(3) Redemption on or before Jan. 1, 1937, at 104 and int., of
$609,000 Ashland Light, Power & Street Ry. 1st mtge.
5% gold coupon bonds, due Jan. 1, 1939, requiring,
exclusive of interest
633,360
(4) Reimbursement of treasury of company for, or the making
of, expenditures for property, plant and equipment
39,520
Underwriters—The
name
Period—
Net sales
ministrative expenses.
and
19267
...—- -
-
*
14,333
329,437
22,170
Current
& notes receivable-—
372.940
Other reserves........
Accts
-
2,063
Due from affiliated company
debt
Customers'
(2)
Earned
$13,840,072
Total
deposits
61
surplus
per
shs. cap.
Co.—-Earnings—
$493,133
$1,023,035
$1,313,548
746,371
stk. (no par).
&
$0.66
on
debentures
A.) Lang & Sons, Ltd.,
Offered—Greenshields & Co.,
(John
$
June
Liabilities—
.114,427,600 114,130,376
In vestment in se¬
40,089
„
undistributed
Deferred debits.
4,872,061
x
x
100,000 shs.
Registrar, Montreal Trust Co., Montreal and Toronto.
Company—Incorp. under the laws of the Dominion of Canada.
Is
engaged in the manufacture of leather for gloves and other leather garments
used principally in industry, mining and
farming.
The business was
organized in 1924.
Company's plant and offices are stiuated on Albert
St. South, Kitchener, Ont.
The company established in the latter part of 1935 a wholly-owned sub¬
sidiary in Buffalo, N. Y., the Frontier Tanners Inc.
The operations are
being conducted in leased premises on which the company has an option.
It is not the intention to make any substantial investment in this
company
until operations will have established themselves on a sufficiently profitable
basis, prospects for which, in my opinion, are favorable.
Earnings—Net operating profits after all expenses, depreciation and
income taxes, at the rate prevailing and paid in each year, of John A.
Lang & Sons, Ltd., and its predecessor company for the last 10 years
have been
as
40,000.000
Current liabil's.
Consum. depos.
3,652,240
462,814
4,398,606
5,325,860
4928
-
1930 (8 mos. end. Aug. 30)
.....
.
1935
$47,464
34,786
29,972 62,854
120,061
The average of the above amounts to $92,108, or 92c. per share per an¬
num on
the outstanding capital stock.
Earnings for 1935 amounted to
$1.20 per share.
The balance sheet shows net current assets of $452,404 and net tangible
assets of $601,209.
Period End. Sept. 30—
Net profit after deprec.,
prov.
Corp. (& Subs.)—Earnings—
1936—3 Afos.—1935
Operating revenues—..
Oper. exps. & taxes
Rent for leased prop.(net)
Balance
$109,559
x$453,343
$0.27
$1.13
$0.51
After provision for Fed. taxes on undistributed profits.
Lion Oil Refining Co.
Period End. Sept. 30—
Net profit after deprec.,
3 Months
1936
757
Gross corp. income
Int. & other deductions.
$230,788
77,511
$201,076
75,919
$2,613,454
923,753
$2,100,284
925,774
Balance
y$153,277
y$125,157
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for the
$1,689,701
517,500
$1,174,510
420,000
period, whether paid
unpaid
$267,794
$491,939 loss$147,257
$0.71
$1.31
y
Before property retirement reserve appropriations and dividends,
Regular dividend on $6 preferred stock was paid on Aug. 1, 1936.
After
no accumulated unpaid dividends
he payment of this dividend there were
at that date.—V. 143, p. 1405.
Mac Andrews & Forbes
Period End. Sept. 30—
x
Profit
Preferred
dividends
Common dividends
Months
12
$3,755
$2,388
9 Mos.
$6,717
206
3 Months
before
$1,085
Afar. 31,'36
9 Mos.
Interest
Gain for period
$678,810
$513,517
$1,766,005
260.041
50,324
308,517
211,363
54,348
202,121
51,542
818,037
617,423
156,214
$69,937
$104,580
loss$189
$174,328
203,939
Note—No provision has been made for surtax
—V. 143, p. 592.
I
$72,595
$108,642
$0.61
$1.74
$1.86
Mackay Radio & Telegraph Co.—Wins Suit—
U. S. District Judge Marcus B. Campbell of the Eastern District
New York on Oct. 14 handed down a decision in favor of this
of
company
in the patent suit
brought by the Radio Corp. of America against Mackay
Radio and tried in January, 1936.
The plaintiff alleged that the directive
antennae employed by Mackay Radio
infringed on five R. C. A. antenna
Judge Campbell's decision not only held that Mackay Radio antennae
not infringe on any of the claims of the five R. C. A.
patents, but
Mackay Radio antennae were in fact more efficient that any that
could be constructed under the R. C. A. patents in suit.—V.
141, p. 925.
that
on
Simplify Corporate Structure—
President Wm. B. Warner on Oct. 18 announced that the
management
proposed to simplify the company's corporate structure by dissolving or
merging operating subsidiaries.
The
McCall
or
p.
Co., publishers of "McCall's" and "Redbook" magazines
quality of the magazines and patterns which
1236.
are
published.—V.
The company paid a dividend of $3.50 per share on account of
143,
on
its
7% cumulative first preferred stock, par $100,
indistributed profits.
on
accumu¬
Sept. 30,
Previous dividends paid were as follows: $1.75 per share on June 30
and March 31. 1936;
1935, and $1
Dec. 26, 1933.
$573,678
249,479
$33,580
$0.61
$10)
x After
expenses. Federal income taxes, &c.
Note—Before Federal surtax on undistributed profits.—V. 143,
p. 433.
last.
depletion, depreciation
and interest
89.568
455,841
$34,137
sh8.com.stk.(par
lations
for
Depletion
Depreciation
$654,051
89.568
455,841
McCaskey Register Co.—Accumulated Dividend—
$7,228
Total
■
Sept. 30/36 June 30,'36
deducs.
$618,004
511
Earnings of the Long Bell Lumber Co.
Period-
1936—9 Afos.—1935
and manufacturer and distributor of McCall patterns, is to be
dissolved,
and-its operations carried on directly by McCall Corp., the parent
company.
This change, which is to be made effective on and after Nov.
1, 1936, does
not involve any modification of business policy or change in the character
Total
Sept. 30,"36 June 30, '36 Afar. 31,'36
$3,462
$879
$2,376
293
Loss for period.
Co.—Earnings—
1936—3 Mos.— 1935
$215,940
$215,383
29,856
29,856
151,947
151,947
Earns, per sh. on 303,894
McCall Corp.—To
Long Bell Lumber Corp.—Earnings—
Interest
356,535
$397,975
Nil
Co.—Listing Approved—
3
356,532
$815,669
or
Balance
did
Exchange has approved the listing of 110,000 out¬
$5 par.—V. 143, p. 2214.
Period—
Cr446
Other income (net)
common stock,
Loss before deduc. for int
$2,081,749
18,535
patents.
-9 Months1936
1935
depl., int.,
Locke Steel Chain
The New York Curb
143,p.432.
-Earnings—
&c., but before taxes
Earnings per share on 375,947 shares
stock outstanding._j
—V. 143, p. 2214.
standing shares of
V.
$5,666,655
3,585,352
$2,580,078
33,376
'$204,055
$0.42
1936—12 Afos.—1935
$6,751,073
4,171,104
CY109
$200,319
1936—9 Afos.—1935
x$166,727
Co.—Earnings—
$227,611
3,177
for Fed! income
taxes, & other charges
Earns, per sh. on 400.000
shs. cap. stk. ($5 par).
1,818,927
124,191,924 123,894,931
1936—Month—1935
$638,300
$528,290
410,943
327.579
Cr254
392
Surplus
Lehn & Fink Products
Total
Electric Power & Light Corp. Subsidiary]
z
1931 (16 mos. end. Dec. 31)
1932
1933
1934...
5,328,650
451,632
35,717.270
1,060.150
37,360,437
Capital surplus.
1,061,871
Earned surplus.
2,136,261
Represented by 200,000 shares, $100 each.—V. 143, p. 2214.
Period End. Aug. 31—
follows:
$66,206
106,921
177,045
177,747
98,024
$
19,518,300
20,000,000
40,000,000
Reserves
Louisiana Power & Light
Issued
Transfer agent, Chartered Trust & Executor Co., Montreal and Toronto.
S
19,518,300
Common stock 20,000,000
Bonded debt...
40,089
Current assets..
Kitchener, Ont.—
Montreal, recently
30, '36 Dec. 31, *35
Preferred stock.
$1.76
Authorized
100,000 shs.
1936, the total conversions
then outstanding $5,362,000.
Ltd.—Registers with SEC—
$
Due from Pacific
offered 59,500 shares of capital stock at $12 per share.
Capitalization—
Capital stock (no par)
leaving outstanding at
20.
leaving
Total.......124,191,924 123,894,931
Stock
year,
Since that date additional con¬
Oct.
June 30, '36 Dec. 31, '35
"*"1
374,656
4,477,517
$1.37
that at
equip¬
LightingCorp.
$0.61
so
Angeles Gas & Electric Corp.—Balance Sheet—
curities
$456,536
made
and after Jan. 1, 1941.
on
ment
1936—9 Mos.—1935
current
$6,274,000 debentures.
$6,638,000
^
Plants
Note—No provision has been made for Federal surtax
profits.—V. 143, p. 591.
Gain
share
Los
Earns, per sh. on
x
1936,
Assets—
and taxes
$1.21
No deduction has been made for the Federal corporate surtax
See list given on first page of this department.
$13,840,072
1936—3 Mos.—1935
$754,727
626,278
$2.60
Loonskin Lake Mines,
813
366.632
Total
30,
f
Period End. Sept. 30—
Net profit after charges
$2,051,334
789,755
$0.48
The results of the Argentine, Uruguay and Brazilian companies in¬
aggregated
61.185
492,562
980,079
reserves
-V. 143,p. 2213.
Lambert
$299,707
626,278
$1.06
These debentures are convertible into stock of the corporation at the rate
of $35 per share up to but not including Jan.
1, 1937, at $40 per share on
Jan. 1, 1937, and up to but not incl. Jan.
1, 1941, and at the price of $45
246,784
Msterials and supplies
$&36,049
789,755
outstanding..
share
versions have been
5 293.000
liabilities
Retirement
397,194
are figured at average free market
exchange rates.
The increase of 163.477 shares outstanding represents issuances due to
the conversion of $5,726,000 10-year 4% convertible debentures converted
1 ,002,600
3 ,059,900
stock.........
Special dep. for bond int., &c.
-
661,379
749,956
undistributed profits.
Sept.
Funded
Prepaid accts. & det'd charges
274,593
127,578
cluded above
$2 ,522,300
stock..
470,746
Gash._.».«..-i-'
219,761
during the first nine months of the
7% preferred stock....
Common
71,017
320,909
per
Notes—(1)
on
-
Liabilities—
Bond discount & expense
2,055,074
$1,813,301
Net profit
Com. shs.
Balance Sheet June 30,1936
pref
2,389,909
$3,075,884
contingencies
Earnings
—
6%
728,866
$647,048
Reserves for income taxes
of each underwriter and the respective amounts
A. ssctS'-"*'
859,285
Int., amortizat'n of deb.
discount, &c
Halsey, Stuart & Co., Inc., Chicago
$1,025,000
Field, Glore & Co., Chicago
1,025,000
A. G. Becker & Co., Chicago
1,025,000
Harris, Hall & Co., Inc., Chicago.
1,025.000
Bonbright & Co., Inc., New York.—750,000
Brown Harriman & Co., Inc., New York
750,000
Property, plant & equlpm't_.$ll,954,908
Pref. stock comm'ns & exps..
162,465
Investments--:1264,225
1936—9 Mos.—1935
$3,922,619 $13,527,348 $10,572,347
2,546,704
8,061,554
6.703,971
$1,227,975
Operating profit
of series A bonds severally underwritten, are as follows:
—
1936—3 Mos.—1935
$5,120,642
3,033,380
Mfg. cost, incl. deprec'n
Shipping, selling and ad¬
$2.50 on Dec. 31, 1935: $1.75 on Sept. 30 and June 30,
share paid on Feb. 15, 1935, March 31, 1934, and on
Regular dividends of $7 per share were paid each year from
per
1903 through 1931.
Accumulations as
134,
p.
of
Oct.
1,
1936, amount
to
$17.25
per
share.—Y.
2922.
McGraw-Hill Publishing Co. (&
Period End. Sept.
30-
Subs.)—Earnings—
1936—3 Mos.—1935
1936—9 Mos.—1935
Net profit after all int..
taxes and
depr.
—V. 143, p. 1887.
$343,343
-
$251,324
$745,268
$525,296
Volume
2685
Financial Chronicle
143
McGraw Electric
Marconi International Marine
Co.—Listing—
1936
Net sales—after deducting discounts, returns
> allowances
Cost of goods sold, general,
1935
$4,181,801
3,390,039
The directors have declared an interim
the American
to
holders of record
was
$3,432,159
2,863,187
:
dividend of 8 3-10 cents per share
Depositary Receipts for ordinary shares payable Oct. 26
Oct. 1.
An interim dividend of 8H cents per share
Oct. 25, 1935.—V. 142, p. 2834.
on
and
admin. & selling exps
Communications Co.,
Ltd.—Interim Dividend—
the listing of 250,000 shares
of common stock (par $5), which are issued and outstanding, including
13,604 shares reacquired and held in treasury.
Income Account 12 Months Ended June 30
The New York Stock Exchange has authorized
paid
on
Marion Steam Shovel Co.-
-Earnings3 Months
interest, depreciation
obsolescence, but before Federal income taxes
9 Months
$74,376
Period Ended Sept. 30, 1936—
.
$110,155
Profit after ordinary taxes,
$568,972
29,024
$791,763
30,806
Other income
and accruals set
Adjustments of reserves
:
prior years—
in
up
22,200
—V.
143, p.
593.
Maritime Electric
40,848
$844,768
143,058
and
Co., Ltd.—Sold—
$638,845
Electric Associates below.—V. 139, p.
See New England Gas &
Net profits before
provision for income taxes
Provision for income taxes
Martel Mills,
102,052
The company paid an
Netprofits
Note—No provision has been made for
r/s\'/vV;:
June
Balance Sheet
tax on
$701,710
$536,792
undistributed earnings.
$863,960
Cash on hand and In hanks
Masonite
■
payable--.-
—
$79,250
109,773
—
340,423 Accrued liabilities
697,434 Reserve for Fed. taxes prior
Receivables (net)
Inventories
Accounts
___
31,879
62,088
Prepaid insurance, supplies, &c
Investments, &c
67,278
years
Development work
1
Pats., trade-marks & goodwill.
55,000
Reserve lor contingencies
450,648 Capital stock (par $5)—
52,706 Paid-in surplus.----——-—-
Plant accounts
Earned surplus—————.
1,250,000
266,759
733,098
$2,499,139
Total
—
.
$2,499,139
called a special meeting of stockholders
for Nov. 24 to ratify a merger with the National Can Co.
The surviving
corporation will continue business with aggregate capital and surplus in
of this company have
of $18,000,000.
consolidated organization will, keep
McKeesport
Tin Plate Co., but also will retain the trade name of National Can.
Officers
and employees of the two organizations will continue in present positions.
"Where positions are duplicated officers and employees of National Can
shall for the present be assistants of corresponding members of the McKees¬
The
port Tin Plate
Directors
interest,
organization.
Can,
of National
in which
the name of the
McKeesport holds a 65% stock
recently called a meeting of their
stockholders for Nov. 17 to
ratify the merger.
Under the plan outstanding certificates of McKeesport Tin Plate stock
will continue to evidence like interest in the merged company, and new
Tin Plate certificates will be issued to existing stockholders of National
Co.
Can
on
a
share-for-share basis.
This will leave more than 200,000
issue at discretion of directors out of a total authorized
shares available for
capitalization of 600,000 no-par shares.
Many operating and marketing economies are
—V. 143, p. 2058.
expected from the merger.
Ltd.—Earnings-
1936—3 Mos.—1935
$2,224,491 $2,158,014
and development1,007,378
966,154
Period End. Sept. 30—
Gross revenue
Costs
—-
—
Depreciation.
Net
1936—6 Mos.—1935
$4,260,424 $4,192,909
1,977,409
1,906,076
$1,191,860
$2,283,015
188,973
84,424
347,543
146,053
!,286,833
378,108
168,149
$979,403
$918,463
$1,789,419
L.740,576
$1.23
1.15
$2.24
$2.18
profit.
Earns, per sh. on 798,000
shs. cap'l stk. (par $5)
—V. 143, p. 1083.
—
151,953
$1,186,484
110,312
74,649
Total profits and income
Other deductions
$1,762,412
$1,261,134
on common
1936
Total net income
1935
21,318,479
7.93c.
6.16c.
9.124c
6.120c
$662,270
92; 854
$755,124
-
$375,140
41,880
$417,020
Note—Production cost is credited with the value of gold and silver pro¬
includes all operating costs, depreciation and Federal normal
income tax but no allowance for Federal undistributed profits tax or mine
duced and
depletion.
months ended Sept. 30, 1936, the total net income determined
basis as above amounts to $1,026,521.
The summer close-down extended from June 27 to Aug. 3, during which
For the 12
on same
period there was no
bullion production.—V. 143, p. 433.
Mangel Stores Corp.—To Vote on
Recapitalization Plan—
special meeting of preferred and common stockholders will be held
on Nov.
12 to consider and act upon a plan of recapitalization already
approved by the directors.
Under the proposed plan, the company will retire back dividends on the
preferred stock, wipe out sinking fund arrears, eliminate the capital deficit
and place the company in a position to pay dividends.
It is expected that the new preferred will be put on a dividend basis after
the consummation of the plan.
It is proposed to offer in exchange for each share of the present ($100 par)
6Yi% preferred stock, one share of new $5 cumulative (no par) preferred
stock convertible into 6 shares of common stock, and in addition three
shares of new common stock and $5 in cash.
It is contemplated to pay the
latter as a cash dividend on the present preferred stock prior to the con¬
summation of the plan but not later than Dec. 25, 1936.
In addition to having been unanimously approved by the directors,
President Sol Mangel states that holders of large blocks of common and
preferred stocks have agreed to accept the plan.
In analyzing the advantages of the proposed plan, Mr. Mangel stated
in his letter to stockholders;
"The plan removes a legal barrier which presently precludes the common
stockholders from any hope of receiving dividends on their holdings for a
considerable time to come.
dividends
With the elimination of the past
p(eferred stock, the elimination of the sinking fund requirements
and the resulting surplus from the recapitalization, the pos¬
sibility of dividends on the common stock is made possible and the prospect
tive date thereof in all likelihood advanced."—V. 142, p. 3859.
on
the
thereunder
(B.) Manischewitz &
Co.—To Resume Common Dividend
dividend of 50 cents per share on the
common stock, payable Dec. 15 to holders of record Dec. 1.
This will be
the first distribution to be made on the common stock since Sept. 1, 1932,
when a dividend of 25 cents per share was paid.—V. 143, p. 1888.
The directors
have declared
a
Maple Leaf Milling Co.,
Ltd.—New President—
President of the company, it was an¬
company's annual meeting.
He now is General
Manager.
As President, he will succeed Everett Bristol, who became
President
when Charles Dunning relinquished that post to enter the
Dominion Cabinet as Finance Minister.
Mr. Bristol will remain on the
directorate and Mr. MacLachlan will retain the General Managership.—
V. 143, p. 2377.
D.
C.
MacLachlan will become
nounced on Oct. 15 at the
Marchant Calculating
Period Ended Sept.
30,1936—
Net income after expenses,
come
Machine Co.—Earnings—
—3 Mos.
9 Mos.—
and normal Federal in¬
taxes
Earnings per share on
(par $5)
$478,788
$150,985
196,269 shares common stock
$0.75
-
2s0te—No provision is
—V. 143, p. 2377.
made for Federal surtax on
.
$2.31
undistributed profits.
377,356
$5.01
stock
$3.41
1935
1936
Liabilities—
1935
$1,627,095 7% pref. stock.$1 347,700 $1,347,700
627,785
627,785
551,760 x Common stock—
31,060
48,262
947,366
682,412 Accounts payable763,843
603,491 Acer. wages, taxes,
188,749
187,411
interest, &c
61,385
55,711
y Plant & equip._$1 ,723,185
Cash..———1 ,110,678
Receivables
Inventories
Prepaid Ins., &c_.
Stock purch. agree¬
32,573
ments, &c—..
Invests., ad vs., &c
Pats., patent appli¬
cation
Refinancing exps..
Prov. for Fed. and
40,000
State income tax
286,000
313,858
1,732
10,712
Dividends:
expenses,
205,000
47,170
1,286,167
178,857
192,386
trade-marks, &c.
$4,809,556 $3,733,630
Total
1 ,958,538
Earned surplus.__
$4,809,556 $3,733,630
Total.
Represented by 266,689 no par shares,
of $1,042,027 in 1936 and $924,946 in 1935.
x
y
After depreciation reserve
Since End of Fiscal Year—•
the fiscal year, the plan of
the board of directors and
financing recommended by
authorized by the stockholders at special meeting
July 22, 1936 and Aug. 10, 1936 has been completed.
This plan
of financing provided, among other things, for an increase in the authorized
common stock from 600,000 shares
(no par) to 700,000 shares (no par)
held
on
the 266,689 shares of outstanding common stock on a two
of all the issued and outstanding 7% cum.
the split-up of
for
one
basis; the redemption
pref. stock;
the authorization of 50,000 shares
(par $100), issuable in series; and the issuance of
of new preferred stock
an initial series of such
preferred stock to the extent of 21,335 shares (see offering in V. 143, p. 2377)
designated as 5% cum. pref. stock (series A convertible until Sept. 1, 1941),
said shares of series A preferred stock to be convertible until Sept. 1, 1938,
stock and thereafter and until Sept. 1,
1941,
shares of new common stock, with appropriate provisions in each
against dilution of such conversion privilege.
Mr. Alexander explained that at this time the capitalization
of the
corporation consists of 21,335 shares, 5% cum. pref. stock, issued and
outstanding against 50,000 authorized.
This stock, which is series A
convertible until Sept. 1, 1941, represents a value of $2,133,500.
Of the
700,000 shares common stock, 42,670 shares are being reserved for con¬
version of series A preferred stock,
"This change in the financial structure of the corporation, which involves
an increase in preferred stock dividend requirements of only $12,326 per
annum, resulted in the company's receiving additional cash of approximately
$800,000," Mr. Alexander said.
"The net proceeds of the refinancing will
be used for general plant improvements, experimental plant machinery
and equipment for developing and testing new products and improvements
1 yx
to protect
carrying increased inventories
capital."
of processes,
tional working
and receivables, and for addi¬
_____
—•During the past year the regular semi-annual dividends
stock of $3.50 per share have been declared and paid;
dividends aggregating $2.25 per
paid or provided for.
thereto,
A
$1,004,271
Condensed Balance Sheet Aug. 31.
1936
Assets—
case
22,046,175
53.522
203,340
$1,429,649
94,339
600,050
on
Dividends
44,899
287,863
-
income taxes._
preferred stock
stock
Earnings per share on 266,689 shs. of common
Dividends
into
9 Months Ended Sept. 30—
Copper produced, pounds
Average selling price, per pound—
Average production cost, per pound
Income from mining operations
Other income (including railroad)
1,259,502
$1,652,099
into two shares of new common
Co.—Earnings—
Magma Copper
1,620,023
Net profit from operations
Other income
Since the close of
$1,217,113
164,261
73,449
Balance.
Taxes
$2,597,940
162,324
New Financing
Mclntyre Porcupine Mines,
1935
$3,434,447
Net profit.
Merger—
McKeesport Tin Plate Co.— To Vote on
excess
1936
profit on sales, before deducting depreciation
and amortization of patents.
r
Shopping, selling, administrative and General ex¬
penses (exclusive of depreciation)
I
Prov. for depreciation & amortization pf patents--
Prov. for Fed'l & Mississippi State
-V. 143, p. 2525.
Directors
Corp.—Earnings—
Years Ended Aug. 31—
Gross
Z>r62,020
Stock in treasury
Total
initial quarterly dividend of 75 cents per share on
stock, par $50, on Oct. 7 to holders of record
the 6% cumulative preferred
Oct. 5.—V. 139, p. 282.
30, 1936
Liabilities—
Assets—
3645.
Inc.—Initial Preferred Dividend—
were
on
the preferred
and in addition
share on the old common stock
Transfer Agent—
Co. of New York has been appointed co-transfer
company's new common stock.—V. 143, p. 2377.
The Guaranty Trust
agent for the
Massachusetts
Bonding
&
Insurance
Co.—Dividend
Again Increased—
The
directors
have declared a
dividend of 75 cents per share on the
capital stock, payable Nov. 5 to holders of record Oct. 28. This compares
with 62^ cents paid on Aug. 5, last, and 50 cents per share paid on May 5
and Feb. 5, last, this latter being the first dividend paid since April 15,1932,
when a dividend of 50 cents per share was also distributed.—V. 143, p. 761.
Mathieson Alkali
Works (Inc.)—Earnings—-
$1,028,387
425,318
Prov. for depr. & depl—
$790,957
377,362
$2,765,406
1,258,659
$2,231,257
1,051,304
$603,068
9,107
$413,595
7,115
$1,506,746
$1,179,953
26,081
23,403
$612,176
33,196
$420,710
29,729
$1,532,827
95,746
$1,203,356
80,421
94,489
59,941
234,708
144,042
JLXJSJ at
l
JJUJ •
A4.VJUA
Net earns,
VfVi ,m m
from oper-
Income credits
Total income
Income charges
Fed. income &
capital stock taxes—
Prov. for
Net income
transferred
$978,892
$1,202,372
$331,039
$484,489
830,673
830,428
830,673
830,428
of com. stk—
$1.03
$1.30
$0.35
$0.54
Earn, per sh. on com. stk.
E. M. Allen, President, says;
"The upward trend of our business continues with attendant increase in
earnings, due to greater demand for our basic products on the part of our
regular customers, coupled with the increased earnings from manufacture
and sale of new products.
"Advancing costs, due to the continual and alarming increase of Federal,
State and local taxes, as well as many new experimental laws, make manage¬
ment problems more and more complex, the causes of which should be
No. of shs.
seriously
considered by all
stockholders."—V. 143, p. 594.
Mavis Bottling Co. of America—Removed from Listing—
The New York Curb Exchange has removed from listing the class A
common stock, $1 par.—V. 143, p. 2526.
Merchants Refrigerating
Co.—Accumulated Dividend—
declared a dividend of $1.75 per share on account of
cumulative preferred stock, no par value, payable
Nov. 2 to holders of record Oct. 24.
Dividends of $1 per share were paid
on Aug. 1, May 1 and Feb. 1, last, Nov. 1 and Aug. 1, 1935, prior to which
regular quarterly dividends of $1.75 per share were distributed.
The directors have
accumulations on the $7
2686
Financial
Chronicle
Accruals after the payment of the current dividend will amount to $3.75
per
share.—V. 143, p. 117.
Maytag Co.—Earnings—
Common
$782,086
28,947
40,155
$2,543,199
$2,179,630
53,120
150,153
9,815
10,218
24,383
83,319
144,130
21,126
20,000
10,000
20,000
$881,407
16,464
62,498
$2,780,855
59,909
200.771
$2,448,205
Deduction in reserve for
$1,074,920
19,874
66,923
Sundry deductions—net
Depreciation
Fed.
State inc.
&
est. prov. curr.
Profits
tax—
period
149,000
110,500
sold__
Dr310
Cr3.888
386,500
Cr50.425
$695,832
$2,184,099
$1,928,001
$0.35
$0.24
$0.84
Net profit
pref. stock)-
on
receivership proceedings.
_
has been made for the liability, if any, for
profits tax or surtax on undistributed net income.—V. 143, p. 761.
Sept. 5, '36
$11,739,001
8,768.998
882,927
Selling & administration expenses
Operating profit
$1,664,615
136,774
$2,223,002
-
Sept. 8, '35
$9,579,750
7,091.554
823,581
$2,087,076
135,926
Cost of sales
$1,801,389
872,853
T
Other income
Gross income
Depreciation
on
906,396
325,330
214,699
*133,015
43,347
funded debt
Other deductions
Federal & state income taxes
Minority interest
x
Earnings
x
per
198,390
78,805
26,002
$0.79
new
on
purchaser should pay and
aggregate principal amount of $44,of mortgage indebtedness
adjudged to be due by said final
decree, there has accrued interest on said mortgage indebtedness of approxi¬
mately $31,668,000. In addition thereto, a section of the railroad is subject
286.000.00
undistributed
from oper—
$216,015
341
$182,978
$2,719,466
Other income (net)
340
26,888
10,012
Gross corp. income—
Int. & other deductions.
$216,356
65,438
$183,318
64,607
$2,746,354
777,024
$2,464,394
791,429
y$ 150,918
y$ 118,711
Property retirement reserve appropriations
z
Dividends applicable to preferred stocks for
period, whether paid or unpaid
$1,969,330
682,914
$1,672,965
394,876
394,876
Balance
$2,454,382
to the lien of the Minneapolis & St. Louis
Ry. 1st mortgage in the prin¬
cipal amount of $950 000
with interest at 6% from June 1
1932
which
mortgage is not in foreclosure.
The decree of foreclosure and sale
670.674
Balance
$891,540
$607,415
y Before
property retirement reserve appropriations and dividends,
Regular dividends on $7 and $6 preferred stocks were paid on
July 1.
1936.
After the payment of these dividends there were no
accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on Oct. 1, 1936.—V. 143,
p. 1406.
Metal Textile
Corp.—Listing Approved—
The New York Curb
standing shares of
Exchange has approved the listing of 165,000 out-'
common
no
orders that the purchaser In addition to the
purchase price shall pay and
satisfy certain preferred claims aggregating, as of this date, an unpaid prin¬
cipal amount of approximately $1,750,000, and shall pay receivers' cer¬
tificates aggregating as of this date the
principal amount of $1,008,000, so
that the total indebtedness against said railroad
company and its properties
amounts to approximately $79,900,000.
If a sale is eventually consum¬
mated under said final decree, all of this indebtedness must be
paid before
the stockholders will realize anything.
Tne railroad of the company was valued
by the Interstate Commerce
1917, at $46,413,833 but the market value of
substantially less than said amount.
The unmortgaged
relatively small value, and probably do not equal in value the
sum of $500,000.
When the indebtedness of the
company is satisfied
nothing will be left for the stockholders.
If the properties are reorganized under the
Bankruptcy Act, it is possible
that holders of common stock may be
given the right to subscribe for new
securities; but said right, if given, will be of exceedingly small value.
Commission
par.—V. 143, p. 1083.
[Canadian Currency]
1936—Month—1935
$682,157
$660,506
473,865
469,191
& deprec—
earnings
$208,292
$191,315
-V. 143, p.1724.
railroad
No dividends have been paid on said
$5,122,320
3,668,141
$1,461,016
Period End. Aug. 31—
Operating revenues
Oper. exps., incl. taxes—
Net
$118,201
$1,782,303
$1,501,257
842
742
249
418
217
2,389
6.776
13,549
$125,587
$119,160
74.288
$1,784,941
887,669
$1,521,582
886.130
Balance
y $51.339
y$44,872
Property retirement reserve appropriations
z Dividends
applicable to preferred stock for
period, whether paid or unpaid
$897,272
390,000
$635,452
355.000
403,608
403,608
Corp.—Larger Dividend—
Int. & Other deductions-
z
depr.,
depl., leaseholds aban¬
doned
and
surren¬
any
of surtax
$2.26
undistributed
$1,450,892
$0.78
.
profits.—V.
143,
...
u
Operating profit
deductions
....
taxes...
Res. for profit sharing..
Net profit
x
$445,988
20,764
101,147
46,269
15,620
x$262,188
$204,648
10,967
1936—9 Mos.—1935
$2,374,732
$1,477,472
323.563
290.747
$2,051,169
$1,186,725
70.367
302.073
54.193
270,722
118,499
89.552
14,318
*
227,986
151,086
$89,811
x$l,299.657
$743,311
Before provision for tax on undistributed
earnings.—V. 143, p. 1724.
Minneapolis & St. Louis RR.—Stock Suspended from
Dealings on Exchange List—Held to Be Worthless—
The Committee on Stock List of the New York Stock
the opening of the Exchange Oct. 19, suspended from
Exchange, before
dealings the capital
stock, ($100 par) of the company.
The Committee on Stock List has sus¬
pended the issue from dealings, pending determination before the
Securities
and Exchange Commission of this
delisting application.
A copy of an application from the
company and its co-receivers to the
Registration Division of the Securities and Exchange Commission to with¬
and
a:
dividends.
1936—3 Mos.—1935
$57,733
9,322
1936—9 Mos.—1935
$53,097
8,916
11,278
4,390
1,791
5,089
5,166
$160,111
27,910
30,380
20,707
5,782
6,016
14,589
14,161
26.721
28,086
15,008
3.499
15,163
12,426
$16,753
$16,464
$46,345
$43,979
1
Maintenance
10
15
47
$16,754
8,937
$16,475
$44,027
26.812
2,470
4,867
Taxes
Net
Co.—Earning,
12,278
5,821
2,909
Co.—Earnings—
1936—3 Mos.—1935
$549,274
$300,692
103.286
96,044
■■
Other
revenues—
Prov. for retirement
Period End. Sept. 30—
Manufacturing profitExpenses
Depreciation
Federal income
oper.
Operation...
Power purchased
Gas purchased
x
Midland Steel Products
1
$0.51
on
appropriations
reserve
/
Period End. Sept. 30—
Total
deduction
retirement
Missouri Edison
r"
1084.
p.
was
property
accumulated and unpaid to Aug. 31,
1936, amounted to
Latest dividend, amounting to $1.50 a share on $6 preferred
paid on Aug. 1, 1936.
Dividends on this stock are cumulative.
—V. 143, P. 2526.
State inc. taxes,
Before
$103,664 def$123.156
y Before
Dividends
$655,863.
1936—9 Mos.—1935
$945,552 x$4,198,678
74.248
Balance
stock,
$0.96
prop¬
$0 10
(Earnings for the 3 and 9 Months Ended Sept. 30)
Earn.persh.oncap.stk.
leased
Gross corp. income
$55,159
dividend of 75 cents
per share on the com¬
stock, no par value, payable Dec. 1 to holders or record Nov.
2. This
paid on Dec. 2, 193515 and May 15. 1934.
This latter payment was the first made since Feb.
16, 1931, when 50 cents
per share was paid; this same rate had been maintained each
auarter since
and including Feb. 15, 1929.
x$l,784,410
from oper..
1936—12 Mos.—1935
$4,933,354
3,696,472
3.432,097
$5:478,775
$124,327
compares with 40 cents paid on June 1, last, 25 cents
15 cents on June 1, 1935, and 25 cents paid on Nov.
x
revs,
1936—Month—1935
$431,739
$377,006
307.412
258,805
erty (net)
Other income (net)
mon
dered, &c
1916.
the company from listing on the New York Stock
Exchange and from
registration under the Securities and Exchange Act as above set forth.—
V. 143, p.2216.
$1,454,179
a
1936—3 Mos .-^193 5
stock since
[Electric Power & Light Corp. Subsidiary]
1936—8 Mos.—1935
$5,171,526
3,710,510
Earnings for 6 Months Ended July 31,1936
Net profit after depreciation, amortization. Federal
inc. taxes, &c
Earnings per share on 534,390 shares capital stock, $1 par
—V. 143, p. 1564.
Period End. Sept. 30—
Net profit after Fed. &
common
Mississippi Power & Light Co.—Earnings—
Michigan Bumper Corp.—Earnings
Mid-Continent Petroleum
of June 30,
is
The company and its co-receivers have concluded that for all
practical
purposes the common stock must be considered as of no value, and in view
of this conclusion they are unwilling to countenance the
continued trading
in the common stock on the New York Stock
Exchange.
For these reasons application is made to withdraw the common stock of
Rent from
The directors have declared
as
assets are of
Light & Power Co., Ltd.—Earnings—
Period End. Aug. 31—
Gross earns, from oper..
Net
stock,
said
said
z
exps.
the
The railroad of said company has been offered
for sale under said final decree 13
times, but there have been no bidders.
As of Oct. 1, 1936, in addition to the
$0.24
federal surtax
[National Power & Light Co. Subsidiary]
Period End. Aug. 31—
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$576,443
$510,061
$7,550,130
$6,705,863
Oper. exps.,incl. taxes..
360,428
327,083
4.830,664
4,251,481
Oper.
into
On Dec. 4, 1930, a final decree of foreclosure and sale was
entered and filed, adjudging the amounts due as
principal and interest on
mortgages in foreclosure, and ordering that a sale be held to
satisfy
said judgments.
By said decree said sale was ordered to be held subject to
the lien of the Minneapolis & St. Louis
Ry. first mortgage; and in addition
to the purchase price it was decreed that the
Memphis Power & Light Co.—Earnings—
Mexican
were con¬
proceedings.
$281,757
587,495
share..
Does not include an estimate of the
rev.
The creditor's suit and foreclosure suit
appropriate ancillary proceedings
by
the
profits.—V. 143, P. 2526.
Net
extended
Minneapolis & St. Louis Ry. Co. 1st mtge.
Minneapolis & St. Louis RR. 1st consol. mtge.|
Minneapolis & St. Louis RR. 1st & ref. mtge.
Des Moines & Fort Dodge RR. 1st
mtge.
Iowa Central Ry. 1st mtge.
Iowa Central Ry. 1st & ref. mtge.
All of the mortgages above named,
except the Minneapolis & St. Louis
Ry. 1st mtge., filed their several bills of foreclosure in said receivership
343,582
$600,215
586,210
-
stock outstanding
com.
and
satisfy certain other items.
Net income
Shs.
I
Seventh Circuit, so that all of the railroad of the
company was brought into
the receiversnip proceedings.
The receivership is still in effect.
The railroad of the company, in addition to the lien of the ref. A ext.
mtge., which covers the entire system, is subject to the lien of the
following
divisional mortgages:
exce
(& Subs.)—Earnings—
36 Weeks Ended—
Net sales
Interest & taxes
solidated
$0.6
Note—No provision
Mead Corp.
V
Tne reasons for this application are as follows:
The company owns a line of steam railroad of about
1,525 miles, extending
into the States of South Dakota;
Minnesota, Iowa and Illinois.
On July 26, 1923, at the instance of a
creditor, the Minneapolis Steel &
Machinery Co., a receiver was appointed by the U. S. District Court,
District of Minnesota, Fourth Division, of all of the franchises,
property and
assets of the company.
On Aug. 20, 1923, the Guaranty Trust Co., as
trustee of the Minneapolis & St. Louis Ref. <!fc ext.
mtge., which mortgage
covers all of the railroad of the
company, filed its bill of foreclosure in the
307,500
Cr28,646
Earns, per sh. on 1,617,922 com. shs.
(after
divs.
It is not desired to withdraw the bonds from
registration under the
Securities and Exchange Act, or from
listing on the New York Stock
Exchange.
53,855
187,494
$838,813
on securs.
shares, the corporation has outstanding bonds
Minneapolis & St. Louis RR. (of Iowa and Minnesota) Ref. &
ext. 5% bonds of 1962
$4,005,000
Minneapolis & St. Louis RR. (of Iowa and Minnesota) first &
Ref. Mtge4% bonds of 194913,244,000
Iowa Central Ry. 1st & Ref.
4% bonds of 1951---7,156,000
credit losses due to im¬
provement in receivs..
during current year—
252,735 shares.
common
secured by mortgages and registered with
your Commission as follows:
$991,956
17,298
55,850
Operating profit
capital stock
In addition to the
10,385,317
Discts., royalties, &c—
Sundry income
1936
24,
Sprague and John Junell, as co-receivers and hereby make application to
withdraw the following securities from listing on the New York Stock
Exchange, and from registration under the Securities and Exchange Act:
[Exclusing Wholly owned Canadian Subsidiary]
Period End. Sept. 30— 1936—3 Mos.—1935
1936—9 Mos.—1935
Net sales...
$4,741,824
$4,377,346 $12,684,923 $12,564,947
Cost of sales & expenses.
3,749,868
3,595,260
10,141,724
Int. & divs. received
Oct.
draw the capital stock from listing on the New York Stock
Exchange and
from registration under the Securities
Exchange Act follows:
Come now the Minneapolis & St. Louis RR. Co., as issuer, and Lucien C.
operating income-
Other income
Gross income
Funded debt interest
General interest
.
$144,883
795
8,937
824
$46,361
26,812
2,434
854
854
2.564
2,564
$6,166
$5,858
$14,550
$12,180
Amortization of bond dis¬
count and expense
—
Net income before pre¬
ferred dividends
x
No
provision has been made for Federal
surtax on undistributed
—V. 143, p. 1406.
profits.
Moody's Investors Service—Preferred Dividend—
The
ar
directors
$3
E
lov.
have declared a dividend of $1.25 per share on the no
partic. preference stock, payable Nov. 16 to holders of record
Dividends of 75 cents per share were paid in each preceding
cum.
2.
quarter since Nov. 15, 1932. this latter being the first payment made on
this issue since Aug. 15, 1931, when a regular
quarterly dividend of 75 cents
per
share
was
disbursed.
Accumulations after the payment
to $2.50 per share.—V. 143, p. 434.
of the Nov. 16 dividend will amount
Volume
Moore
Financial
143
National Automotive Fibres,
Drop Forging Co.—$1.50 Class A Dividend—
a dividend of $1.50 per share on the class A
value, payable Nov. 2 to holders of record Oct. 22.
A like
payment "was made on Aug. 1, last, and compares with $3 paid on July 10,
last; $4 on Nov. 1, 1935; $1.50 per share on Nov. 1, 1934, and a regular
quarterly dividend of $1.50 per share on Feb. 2,1931.—V. 143, p. 595.
The
The directors have declared
stock,
no par
directors have declared
extra dividends of
12% cents per share paid in each of the five
quarters.—V. 143, p. 1238.
National Baking Co. (&
1935
$893,648
1934
y$776,704
Earns, per share on common stock
x No
provision was made for Federal
$3.27
$2.15
$1.87
surtax on undistributed profits,
Earnings for the 1934 period included an item of non-recurring income of
$192,487, equal to approximately 46 cents a share.—V. 143, p. 1238.
Inc.—Dividend Raised—
dividend of 37 % cents per share on the
a
stock, payable Nov. 1 to holders of record Oct. 10.
This compares with regular quarterly dividends of 25 cents per share and
no-par class A common
(Philip) Morris & Co., Ltd.—Earnings—
Six Months Ended Sept. 30—
1936
Net profits after chgs. & Fed. taxes._x$l,700,507
2687
Chronicle
Years Ended June 30—
Subs.)—Earnings—
"
,
Gross profits on sales before
preceding
1935
1936
$2,641,181
depreciation
$2,060,453
1,759,558
171,918
Operating and general expenses
Provision for depreciation
2,245,785
197,971
Net profits from operations.
$197,425
85,694
$128,976
$283,118
35,055
$172,130
38,102
15,056
30,937
y
Other income
Motor Products
Corp.—Earnings—
3 Mos. End. Sept. 30—
Gross from operations..
Prof, sale of cap. assets.
1933
$295,846
756
3,772
,
969
$329,270
103,537
54,387
19,000
Federal tax
Net profit
common
$197,497
73,493
71.224
7,000
$299,618
81,815
74,384
23,000
$25,589
$45,780
195,627
195,627
195,627
$0.13
$0.23
$0.64
Other
sale of capital assets, $5,942; total income, $1,677,084; selling, adminis¬
trative and general expenses, $324,679; depreciation, $163,161; Federal
on
and Canadian income taxes and
provision for Federal surtax on undistrib¬
uted profits, $231,000; net profit,
Prov. for Federal income taxes
Net profits, carried to surplus account.........
Mountain States Water Co.—Registers
Mos.—1935
1936—3
-
Expenses.
receivable
on
53,527
f Perm. assets
54,779
176,952
63,744
52,500
501,500
573,000
guar¬
19,614
449,003
44,449
1,761,615
92,812
83,191
Other
61,875
93,107
Funded
debt
Res. for Fed. taxes,
&c
Res.
Insurance
27,949
reserves
$1,108,022
591,712
$884,208
45S,084
Preferred
stock.
$426,124
b Common
stock.
$536,182
11,167
59,382
X56.329
$438,629
18,058
58,638
37,391
Investment adjust.,
$409,304
$324,542
$173,386
1,722
&c_
Deposits & amortization
xl8,754
Net profit
14,493
19,914
6,565
,
$136,276
Earns, per share on com¬
bined A & B com. stks.
x
$112,215
16,634
Federal income tax
36,931
17,916
Pref. stock of sub¬
$516,310
19,872
18,000
115,263
13,861
407,426
830,413
1,399,900
159,291
406,215
679,288
Drl74,255
Dr 152,169
Paid-in surplus...
12,505
$71,243
c
Treas.
stock
at
cost
Total
$4,318,107 $3,702,084
108,650
95,950
1,399,900
159,291
sidiary company
Earned surplus...
Total income
51,500
e438,218
Def'd equip, notes
& accts. pay
Mos..—1935
50,921
Federal
for
Income taxes...
$106,961
5,254
$164,578
8,808
Other income.
143,390
68,699
payable..
anty deposits
curr. liabils.
47,101
2,503
355,615
38,100
2,263,762
dep. with
securs.
$122,910
Accrued liabilities.
Salesmen's
life insurance...
Cash
accts.
228,893
489,751
230,623
439,321
value of
surr.
1935
$174,256
Equipment notes &
a
Operating profit
$62,270
1936
Accounts payable.
$485,654
notes
Inventories
Cash
Liabilities—
1935 "r
1936
&
Goodwill........
Deferred charges.
1936—9
18,000
$151,125
$244,186
137,225
$401,603
237,025
.
Accts.
Other assets
with SEC—
Mulling Mfg. Corp.—Earnings—
pr<
c
$779,673
...
Marketable
See list given on first page of this department.
"7",763:
Consolidated Balance Sheet June 30
Cash
trustee
$958,243.—V. 143, p. 1238.
30,937
12,401
7,103
23,550
..
Assets—
Income account for the nine months ended Sept. 30, 1936, follows:
Gross income from operations, $1,570,210; other income, $100,932; profit
43,154
22,947
interest, bond discount and expense, &c
Amortization of goodwill
Loss on disposal of fixed assets
Divs. on pref. stock of sub. in hands of public
stock
outstanding (no par).
Earnings per share
Gross
Bond interest
$120,419
391,254
$0.39
Expenses, &c.-_
Depreciation
$172,638
86,638
55,411
5,000
$152,345
Total income
Shares
1934
$196,741
1935
$146,201
26,437
1936
$296,204
32,097
Other income
Net profits before int. & other deducts. & prov.
for Federal income taxes
„
$4,318,107 $3,762,084
Total
a Represented by shares of $100
par.
b Represented by shares of $1 par.
Represented by 2,896 shares of pref. stock at $113,596 in 1936 (2,527 shs.
$91,510 in 1935), and 11,497 shs. of com. stock at $60,659 in 1936),
(11,122 shs. at $60,659 in 1935). d After reserve for bad debts of $46,062
in 1936 and $34,968 in 1935. e In respect to accrued wheat processing taxes
which were not paid by reason of the invalidation of the Agricultural
Adjustment Act.
f After reserve for depreciation of $1,532,596 in 1936 and
$1,484,235 in 1935.
Note—By amendment to the certificate of incorporation on July 1, 1936,
a new
class of 6% cumulative preferred stock was created consisting or
30,000 shares authorized of a par value of $100 each, and each share of the
7% preferred stock then issued and outstanding was reclassified and
changed into one and one-fourth shares of the 6% preferred stock, one-half
share of common stock and $4.75 payable in cash for each share.
This
exchange and cash distribution results in charges against earned surplus of
$335,865 as of that date as follows:
c
at
$0.53
See below.
$1.07
$1.59
$0.13
.
Earnings for 12 Months Ended Sept. 30
1936
Expenses
1935
$1,411,687
Gross
$1,044,416
584,036
739,950
25,809
$460,380
13,849
$697,546
49,188
77,288
x66,701
Operating profit
$474,229
19,582
78,001
35,289
$504,369
$1.87
$341,357
$0.86
$671,737
Other income
Total income.
...
Investment adjustment, &c
Depreciation and amortization
Federal income tax
Transfer to capital acct. of issuance
of 2,775% shs. of add'l pref.
$277,575
stock, par value $100 each
Earns, per sh. on combined class A & B com. stks.
—V. 143, p. 2217.
x
Transfer to capital acct. for issuance
par
5,551
value $1 each
Cash distribution...
No provision was made for Federal surtax on undistributed profits.—
V. 143, p. 2217.
■
Narragansett Racing Association, Inc.—Earnings—
.$335,865
2059.
National Bearings
this department.—V. 143, p. 2527.
52,739
—
Total
-V. 143, p.
Murray Ohio Mfg. Co.—Registers with SEC—
See list given on first page of
of 5,551% shares of com. stock,
Metals Corp.—Extra Dividend—
The directors have declared an extra dividend of $1.10 per
share in addi¬
of 25 cents per share oh the common
stock, both payable Dec. 1 to holders of record Nov. 18.—V. 143, p. 436.
tion to the regular quarterly dividend
Earnings for 5 Months Ended Sept. 30, 1936
Gross income from operations
Net income after chagres including taxes
Earnings
The
per
share
balance
on
sheet
350,000 shares of stock outstanding
$2,324,698
683,099
$1.95
of
Sept. 30, 1936, shows total current assets of
$895,211, of which $880,715 was cash.
Current liabilities were $367,528,
leaving net working capital of $527,683.—V. 143, p. 2379.
Nash Motors
as
Co.—Kelvinator, Nash Consider Merger—
C. "W. Nash, chairman of the board according to Chicago dispatches
Oct. 22 admitted that he and George W. Mason, President of the Kelvinator
Corp., had discussed possibilities of
that
no
a merger
National Biscuit Co.—40-Cent Dividend—
The directors have declared a dividend
mon
Earnings for 3 and 9 Months Ended Sept. 30
1936—9 Mos.—1935
$7,208,275
6,289,448
6,289,448
6,289,448
Earnings per share
$0.40
$1.33
$0.94
x No provision made for Federal surtax on undistributed profits.
Net profit for the 12months ended Sept. 30, 1936 was $12,442,252 after
charges and taxes, equal to $1.70 a share on common.—V. 143, p. 1085.
1936—3 Mos.—1935
Period End. Sept. 30—
Nash, the dispatches added, said that numerous proposals for a
merger basis had been discussed with Mr. Mason but that nothing definite
had been agreed upon.
George W* Mason, President of Kelvinator issued the following statement:
of mutual interest have taken place between officials of
"Discussions
Consistent with its usual ^policy, Kelvinator
keep stockholders and the public informed through the public press of
developments of interest to them as they occur."
'
C. W. Nash, in a telegram to Nash Motors Co. of N. Y., stated:
"If
Nash Motors Co. takes over or consolidates with any other company, the
name Nash will be continued and will dominate.
The company will con¬
tinue to produce Nash automobiles."
Kelvinator and Nash Motors.
Similar
months from July 15, 1935, to and including
Oct. 15, last, and compare with 50 cents paid in each of the four quarters
preceding July 15, 1935, and 70 cents per share distributed each three
months from April 15, 1930, to April 14, 1934, inclusive.
In addition an
extra dividend of 50 cents per share was paid on Nov. 15, 1930.
The current payment will be the fifth dividend of 40 cents per share (or a
total of $2 per share) distributed during the year 1936.
of the companies but added
deal has been made.
Mr.
of 40 cents per share on the com¬
stock, par $10, payable Dec. 15 to holders of record Nov. 13.
payments were made each three
Net inc. after taxes, &c.x$3,659,770
Shs.
com.
stk. (par $10)-
$2,974,396 x$9,664,512
6,289,448
$0.51
will
any
National Bond & Investment Co.- -Earnings—
charges,
incl.
income tax
Prices Reduced—
1936 prices on comparable models
series are included in the
company's price schedule for its 1937 Nash and Nash La Fayette cars
were made public on Oct. 20.
Base F. O. B. prices start at $595 for the
in spite of increased size and power in the new
Nash La Fayette, $755 for
Nash Ambassador Six and $855 for Nasn Am¬
bassador Eight.
The greatest reduction
is effective on the 4-door sedan with trunk in the
Nash La Fayette "400" series.
At $700 F. O. B., this will sell for $90
less than the current "400" which it will virtually replace in the Nash line
having increased wheel base and the monitor sealed motor, formerly exclus¬
ive to the "400" with a completely new design and added luxury and re¬
finement, which characterize all three of the Nash series for 1937.
In the
Ambassador Six line, the four-door sedan will sell for $40 less than the
current model and in the Ambassador Eight series, for $50 less.
The detailed price schedule follows:
Nash La Fayette, "400", business coupe, $595; rumble seat coupe, $650;
Victoria with trunk, $655; 4-door sedan with trunk, $700; cabriolet, $740.
Ambassador Six, business coupe, $755; rumble seat coupe, $795; Victoria
with trunk, $795; 4-door sedan with trunk, $845; cabriolet, $860.
Ambassador Eight, business coupe, $855; rumble seat coupe," $895;
Victoria with trunk, $895; 4-door sedan with trunk, $945; cabriolet, $960.
Federal
x$816.855
-----
$359,107 x$2,193,854
$942,842
Before provision
The
gJiar6
,
Public offering was made
recently of the 60,000 shares of preferred stock
200,000 shares of common stock.
The preferred carries warrants,
exercisable from Jan., 1937 to Oct., 1939, for the purchase of common
and
stock at
graduated prices.—V. 143, p.
2218.
National Cash Register Co. (& Subs.)—EarningsPeriod End. Sept. 30—
Net sales
—V. 143, p. 2217.
1936—9 Mos.- -1935
for surtax on undistributed income.
reported earnings for the first three quarters of 1936 are equal to
$36.56 per share on the 60,000 shares of 5% preferred stock ($100 par)
outstanding.
After deduction of the preferred dividend for the full ninemonth period, the earnings were equivalent to $3.22 per share on 612,200
shares of common stock.
The preferred stock has been outstanding only
since
Sept. 28; deducting preferred dividend requirements for the period
from Sept. 28 to Sept. 30 only the balance would have been equivalent to
to $3.58 per common share.
Earnings for the third quarter of 1936 were equivalent to $13.61 per
preferred share and, after deduction of preferred dividend requirements
for the full three-month period, to $1.22 per common share.
Allowing
for preferred dividends only for the period in which the stock was actually
outstanding, the balance would have been equivalent to $1.33 per common
x
Reductions ranging as high as $90 from
1936—3 Mos.—1935
Period End. Sept. 30—
income
after
all
Net
1936—3 Mos.—-1935
1936—9 Mos.——1935
$8,393,637 $30,273,944 $24,452,966
$10,779,272
deprec'n,
Fed'1 and foreign taxes
Earns, persh. on 1,628,000 shs. capital stockNet profit after
Nashawena Mills—To
Reopen—Capital Reduced—
vote of 54,781 in favor, nine opposed, stockholders of the company
at a meeting held Oct. 14 authorized the directors to reopen the mill at
such time and under such circumstances as in their judgment would be for
the best interest of the corporation.
Opening is expected soon.
By
a
By approximately the same vote, the stockholders approved a reduction
of capitalization to a basis of $600,000, as recommended by the President.
The votes
represented more than 75% of outstanding stock.—V. 143, p.
2217.
x
No
x613,516
295,841
xl,722,528
993,754
_
$0.37
$0.18
$1.09
$0.61
mention is made of any provision for Federal surtax on undis¬
tributed profits.
profit for 12 months ended Sept. 30, 1936, was $2,299,183.
$1.41 a share, against $879,634, or 54 cents a share, for 12 months
Net
to
Sept. 30,1935.
$31,829,345.
For 12 months' period net sales totaled
equal
ended
$40,940,106, against
Financial
2688
Chronicle
Oct.
24, 1936
National Fire'Proofing Co. of Canada, Ltd., in which the corporation
has a 60% stock interest, manufactures and sells a line of hollow structural
't/iJiO
ID
The corporation owns 21 plants, located in 15 different districts in six
States East of the Mississippi River. These plants have a total estimated
Corporation also
capacity of 1,170,000 tons of clay products per year.
6,688 acres of plant and clay deposit sites.
NATIONAL
owns
as reorganized, and the approxi¬
mate amounts thereof which it is estimated will be issued under the plan,
Capitalization—The authorized capital,
follows:
are as
FIREPROOFING
To Be Issued
Under the Plan
Authorized
New (.1st mtge.) bonds, due 1946 -_-—b$l ,000,000
New debentures (5% cum. conv. income)
2,836,400
CORPORATION
New
common
stock (par $5)
$800,000
2,698,600
a
490.683 shs.
c750,000 shs.
b To be issued
convertible 5M% bonds, series A.
under and secured by the new mortgage, which will provide for the initial
issuance of $800,000 of first mortgage convertible 5H% bonds, series A,
First
a
mortgage
.
and for the issuance of not exceeding $200,000 additional principal amount
of bonds of this or any other series created by the board of directors, at
such times, in such amounts and with such terms as the board of directors
NEW COMMON STOCK
determine, without requiring the pledge of additional property under
may
the mortgage,
c Of this amount, an estimated maximum of 226,930 shares
will be initially reserved for issuance upon conversion of the first mortgage
(When Issued)
convertible
5J4% bonds, series A, and 16-year 5% cumulative convertible
income debentures issued under the plan.
Management—The board of directors comprises the following
J. U. Anderson (Sec. & Treas.), Horace F. Baker, Albert B.
membership:
Craig, J..8.
Craig, J. H. Fullerton, B. E. Hepler, Chester H. Lehman, Frank Wilbur
Main, Greer Mcllvain (Pres.), George Siefert Jr., P. H. Thomson.
The following are the officers of the corporation: Greer McHvain, Pres.;
L. M. Christie, V.-Pres. in
charge of sales; Roy A. Shipley, V.-Pres. in
charge of operations; J. U. Anderson, Sec. & Treas.
Bought—Sold—Quoted
Distribution of Securities Upon Consummation of Plan
The plan contemplates the issue, distribution or reservation of securities
approximately as follows, subject to such changes as may result from recon¬
ciliation of variances, filing of additional claims, recalculations of interest,
payment of cash, possible objections to and final allowance or disallowance
of claims, and other cash
payments, if any: x
-Will Receive-
Campagnoli & Company
„
Incorporated
41 Broad Street
New York
$1,978,700
Holders of the old
Underwriter
common
$800,000
$800,000
for
of Sept. 30, 1936, amounted to $22,580,653 and
current
liabilities
were $5,658,880, against
$20,035,247 and $2,922,258, respectively,
Sept. 30, 1935.
Charles P. Kettering, Vice-President of General Motors
Corp., has been
a director to fill a
vacancy caused by the death of John C. Haswell.
elected
—V. 143, p. 2380.
for
89,891 shs.
12,000 shs.
-
$2,698,600
490,683 shs.
new
92,000 shs.
-
conversion
of
new
debentures (initially)
Balance authorized but unissued
134,930 shs.
200,000
137,800
32.387 shs.
--$1,000,000
$2,836,400
750.000 shs.
_____
x
Aside from the payment of certain prior claims and secured claims in
full, in cash,
specified and provided for in the plan, payment in cash is
general claims of less than $100, except to holders of scrip
1, 1933, and March 1, 1934, interest coupons of the old
2(Pyear 5H% sinking fund gold debentures in amounts less than $100.
y The plan provides that no fractional shares of new common stock will be
issued in exchange of the old preferred stock.
as
to be made of
issued for Sept.
National Distillers Products
9 Mos. End. Sept. 30—
Profit after depreciation-
1936
$5,414,721
570,820
Int. and amortization._
Corp.—Earnings—
1935
1934
$5,302,075 $10,315,325
^324,376
Provision for conting—_
1933
$2,275,636
xl81,329
762,507
734,806
$4,081,394
$4,242,893
290", 666
1,321,999
$8,311,995
$1,954,273
2,036,-
common
Profit and Loss Statements
x31,363
500,000
Federal taxes, &c._
Jan.24:'S5to June 8'36 fo
Period—
June 8 '36
Sept. 30 '36
$821,189
4,049
12,023
3,575
Gross sales:
Manufactured product
Purchased product-
$2,037,816
4,229
Miscellaneous
stock
(no par)
x
of
Total amount of authorized
New Director Elected—
on
conversion
(initially)
Reserved
896 shs.
11,518 shs.
y346,045 shs.
stock
System Teletype NY 1-1489
bonds
Net profit
Earns, per sh.
31.229 shs.
719,900
and other unsecured claims
Holders of the old preferred stock--
Total
as
New
Common Stock.
Holders of unsecured notes with int.
Reserved
Current assets
New
Debentures
Holders of the old debentures with
scrip and interest
Telephone: HAnover 2-8290
Bell
New
Bonds
,
Existing Securities—
$2.00
Interest
only,
y No
undistributed profits.
provision
Total
$2.08
was
made
$4.08
for
Federal
$0.95
surtaxes
oh
For the quarter ended Sept. 30, 1936, net profit was
$1,320,946 after
depreciation, Federal income taxes, interest, &c., equal to 65 cents a share,
comparing with $1,360,187 or 67 cents a share in the September quarter of
1935.
$2,054,069
68,170
15,471
on
Net sales
-
Cost of sales
$789,063
545,800
$412,408
8,935
sales
$828,813
27,959
11,790
$1,970,427
1,558,019
-
Discounts
Allowances, freight adjustments, &c
$243,264
Gross profit on sales before depreciation charges-
Vice-President
Director
Profit
Resigns—
Otho H. Wathen has resigned as Vice-President and director of National
Distillers Products Corp.
He is retiring from active business affairs.
—V. 143. p. 1889.
National
Fireproofing Corp.—Bonds Being Placed Pri¬
vately—Pursuant to the plan of reorganization confirmed by
order of the U. S. District Court for the Western District
of
Pennsylvania, entered Oct. 10, 1936, the corporation has
sold to F. J. Young & Co., Inc., $800,000 1st
mtge. conv.
bonds, series A, to be dated Nov. 1, 1936 and due
Nov. 1,1946, and 12,000 shares of its common stock
(par $5).
The bonds are being placed
privately by the underwriters.
The following information is being furnished in behalf of the
corporation
use in connection with the
offering and sale of the securitias:
loss
contracts
on
construction contracts—net
completed and closed at June 8, 1936-
Selling, general and administrative
$420,844
430,703
260,884
expense
Idle plant expense, exclusive of depreciation
Loss
Net loss
Net
$217,519prof$114,294
--------------
Adjustment of book inventories. ——
Reorganization expense
$243,264
87,601
40,731
$270,744prof$114,931
53,224
Dr636
—
Other income, less other charges
36,698—
I
2,821
loss^before depreciation charges
$254,217prof$lll,472
~ Pro Forma Balance Sheet Sept. 307*1936
"""
m
_
After giving effect to the consummation of plan of reorganization.
Assess—
Liabilities—
-
Cash
$299,446
Notes and accounts receivable
Inventory
293,677
574,758
-
balance of $161,249 used
Constr. contracts in process..
Other assets-
3,483
112,599
Jan.
Investment in affiliated
180,000
exchange of capital stock all of its assets subject to its
outstanding liabilities.
The National Fire Proofing Co. was
organized Aug. 21, 1889, as Pittsburgh
Terra Cotta Lumber Co., the
corporate title being changed on Dec. 27,1899.
A long period of expansion was featured
by "the development of new
Properties, plants & equip.- 15,037,523
Patents and goodwill
1,829
Deferred assets
147,834
as additional
working capital.
Company—lncorp. Dec. 12, 1929, in Pennsylvania. Corporation, as of
1, 1930, succeeded National Fire
Proofing Co., acquiring through an
Dr500
Gross profit before depreciation charges
for
Purpose—Net proceeds to be received by the corporation from the sale
of $800,000 series A bonds and 12,000 shares of new
common stock are
to be applied, to the extent of
$590,750, to the payment of certain delin¬
quent and accrued real estate taxes and certain accounts
payable, and the
or
Provision for est. additional charges on construction
co_^
Accts. payable
1st mtge.
&
accr. accts.
5^s, series A
5% cum. conv. income debs.
Reserves
-
—
Capital stock (par $5)
Surplus—Book balance Sept.
30, 1936
a
Net increase in surplus
$219,009
800,000
2,698,600
77,077
2,453,415
4,245,807
6,157,243
products
and the extension of plant: facilities
through acquisitions from time to time.
At the advent of the economic
depression the corporation commenced to
encounter
financial difficulties,
District Court for the Western
and
on
Jan.
24,
1935, filed in the U. S.
District of Pennsylvania a petition to re¬
organize under Section 77-B of the Federal
Bankruptcy Act. Trustees were
appointed to continue the business.
On Feb. 3, 1936, the
corporation filed a plan of reorganization which, as
amended on May 7, 1936, was
approved by protective committees repre¬
senting more than two-thirds of the creditors affected
by the plan and more
than a majority of each class of stock.
By order dated June 8, 1936, the
court confirmed the plan of
reorganization, as so amended, and ordered the
trustees to return the assets to the
corporation, for which a new board of
directors assumed office on the same date.
Certain subsequent modifica¬
tions of the plan, assented to by the
by the court and
so
respective committees,
an
order entered Oct.
modified.
were approved
10, 1936, confirming the plan as
The directors and shareholders of the corporation, at
meetings duly
vened, have authorized and adopted amendments to the
►
charter
and
by-laws
con¬
corporation's
as
required by the plan.
Total
a
$16,651,150
Total
Arising through giving effect to transactions
$16,651,150
-
as
provided in the plan
of reorganization and in the agreement for the proposed sale of first mort¬
5H% convertible bonds and certain shares of
2528.
gage
143,
common
stock.—V.
p.
National
Electric
In
a
Public
Service
Corp.—Associated
Urges Acceptances of Plan—
Gas
&
letter dated Oct. 21, to the holders of secured debentures, 5% series
due 1978, F. 3. Burroughs, V.-Pres.
Gener&iUtility Investors Corp., says:
On July 8, 1932, National Public Service Corp. was adjudicated bankrupt
by order of the U. S. District Court for the Southern District of New York;
on July 11, 1932, a receiver was
appointed, and on July 25, 1932, a trustee
in bankruptcy was appointed. Since that time, the bankrupt estate has been
subjected to the expense of numerous court proceedings and the hazards,
uncertainty and confusion which usually follow an adjudication of bank¬
ruptcy.
No interest has been paid on your 5% debentures of 1978 since
Feb. 1
1932.
The corporation is the largest manufacturer of
structural clay tile in the
United States. Its line of products, which is
diversified, includes hollow tile
fireproofing, plain and ornamental building tile, floor tile, roofing tile,
bin and silo tile, underground clay conduit, face
brick, and insulating and
The asset which determines the value of your 5s of 1978 is approximately
two-thirds of the common stock of Jersey Central Power & Light Co. which
is pledged under the National Public Service Corp. indenture, all of the
other
collateral
brick.
corporation is one of the leaders in the manufacture and sale of
underground clay conduit, being a principal source of supply for the Bell
Telephone system. The corporation also supplies conduit to the
Graybar
Electric Co. and to numerous public utilities,
railroads, municipalities and
since
been
light-weight refractory
The
industrial
concerns.
The manufacture of insulating brick and
light-weight
has been a development of the past three years.
These
refractory brick
products
meeting
with
a
favorable reception in
and glass industries, where
control
.
are
now
the steel, automotive, oil, power
they are used to aid in fuel-saving and heat-
formerly pledged as security for your debentures having
disposed of for nominal considerations.
Nearly three-fourths
Corp. 5s of 1978 have been deposited with a
debenture-holders' protective committee which was formed shortly before
the corporation came under the jurisdiction of the courts.
On July 31,
1936, this committee informed the holders of its certificates of deposit that
the trustee had been directed to sell this collateral at public auction on
Sept. 10, 1936, which date has since been adjourned until Oct. 30, 1936.
In the latter part of 1935 certain interests identified with the Associated
Gas & Electric System acquired the approximately 32% of the Jersey Cen¬
tral common stock which was not pledged under the National Public Ser¬
vice Corp. indenture. After announcement by the committee that it would
of the National Public Service
Volume
Financial
143
direct a sale of the pledged collateral on
For
^ch SI .000 principal amount of National Public Service 5s
deposit held by the general public, the new cor¬
poration would issue $500 of its own debentures carrying interest at the
rate of 5% per annum.
The effect of this proposal would be that for each
$1,000 of 5s of 1978 or certificate of deposit therefor the holders would re¬
ceive in exchange (without charge for
any expense) a new $500 unsecured
a new corporation whose asset upon organization would be
cpOS? of the Jersey Central common stock and whose sole liability would
be $7,000,000 of new debentures. The
plan also contemplated that no inter¬
of 1978 and certificates of
i
would
est
be
paid on the new debentures for the first five years unless
earned, but if unpaid would be cumulative and payable on or before ma¬
turity; with the privilege, good for 90 days, of each holder of a new $500
debenture to exchange it for 35 shares of
Jersey Central common stock,
which is approximately equivalent to the amount of such stock now pledged
for each $1,000 of National Public Service 5s of 1978.
'•■■4
v\ hen this plan was submitted to the debenture-holders' protective com¬
mittee for consideration, the committee
objected to certain parts of it.
Thereafter, as a result of discussion, Associated modified the plan so that—
(1) The new debentures will be secured by a direct pledge of 100% of
the^common stock of Jersey Central (except directors' qualifying shares)
without
right to substitute collateral, but with appropriate provisions cover¬
ing
consolidations,
mergers and
In
Sept. 10, 1936, General Utility In¬
Corp., a subsidiary company in the Associated Gas & Electric
System, and other interests filed a petition under Section 77-B of the Fed¬
eral Bankruptcy Act for a reorganization of National Public Service Corp.
in accordance with a plan which accompanied the petition.
The plan provided for a new
corporation which would acquire 100% of
the common stock of Jersey Central Power &
Light Co. Associated interests
would exchange approximately $6,000,000 of National Public Service deben¬
tures which they now own and the 32% of the
Jersey Central common of
which they are also the owners for all of the common stock of the new cor-
vestors
sales.
only out of
1% during the first
year; 2% during the second year; 3% during the third year; 4% during
the fourth year; and 5% thereafter.
The balance of the mil 5% from the
date of issue will be payable if earned and before any^ dividends may be paid
on any class of stock of the new
company (or of any successor corporation
(?) Instead of interest being payable for the first five
years
National
in no event
earlier than March 1, 1937.
The amended plan will give you a choice between (1) new secured deben¬
tures as above prescribed on the basis of 50
% of the principal amount of
the debentures
National Tea Co.—Sales—
_
Four Weeks Ended—
1933
1934
1935
1936
Feb. 1__
Feb. 29
$5,135,421
$4,387,876
$4,344,298
$4,928,125
4,662,014
4,929,167
4,735,402
4,650,848
Mar. 28
4,733,906
4,898,378
4,747.235
5,062,463
April 25
4,582,700
4,816,420
4,608,491
5,022,922
May 23
4,349,416
4,885,980
4,659,679
4,843,454
June 20
4,628,100
5,037,572
4,796,725
4.743,075
July 18
4,504,609
4,588,974
4,626,518
4,881,542Aug. 15
4,812,646
4,297,939
4,404,117
4,230,998
Sept. 12
4,667,805
4,287,207
4,706,260
4,474,519
Oct. 10
4,922,132
4,666,327
4,809,117
4,923,028
The number of stores in operation declined from 1,225 on Oct. 5, 1935 to
1,209 on Oct. 10, 1936—Y. 143, p. 2060.
...
New
England Telephone & Telegraph Co.—Earnings—
'!
9 Mos. End. Sept. 30—
1936
1935
1934
1933
Operating revenue
$53,130,011 $50,404,854 $49,897,806 $48,732,608
Operating expenses
37,776,905
36,635,814
35,840,260
35,115,683
Rent from lease of oper¬
4,028,487
Crl50
3,865,234
Total oper. income. _.$10,204.251
Net non-oper. revenue..
55,658
$9,695,485 $10,029,058
109,822
132,246
$9,751,840
192,079
Total gross income...$10,259,908
on funded debt
2,662,500
$9,805,307 $10,161,304
2,662,500
2,662,500
1,224,335
1,377,225
124,738
124,729
$9,943,919
2,662,500
1,654,792
124,729
$5,996,849
6,000,561
$5,501,897
6,000,561
ating property
Taxes.
5,148,855
Int.
Other interest
Debt disct.& expense...
1,038,093
424,729
now hold or (2) stock of Jersey Central at the rate of
$1,000 old debenture you now hold.
Furthermore, ar¬
rangements have been made whereby holders of certificates of deposit for
National Public Service 5s of 1978 have been
given the opportunity to
dispose of their certificates at a price of 35 ($350 per $1,000 debenture).
As a sale of this collateral at the
original upset price of $5,000,000, before
any deduction for expenses of or compensation for the committee, would
have yielded only $250 per
$1,000 debenture or certificate of deposit therefor,
we believe that the material
improvement, from your standpoint as a secu¬
rity holder, of the present arrangement over the original proposed sale
cannot be quastioned.
When Associated first became interested in the National Public Service
situation, its debentures and the certificates of deposit were selling at less
than 4 (less than $40 for each
$1,000 debenture). When Associated acquired
one-third
Central common
the market price of these debentures had risen to 17 ($170 for each
$1,000 debenture), and since Associated interests filed their petition for a
reorganizaiion of National Public Service Corp. in accordance with their
proposed plan, the. market quotations for the debentures and certificates
of deposit have risen to as
high as 40 ($400 for each $1,000 debenture).
t t
on our study of the trend of earnings of Jersey Central Power &
Light Co., we are convinced that the Associated plan merits your careful
consideration. The Jersey Central earnings, despite substantial rate reduc¬
tions and the burden of
public utility taxation, have for the past three years
shown encouraging
improvements, reflecting beyond doubt the adherence
to sound
Netincome
x$6,434,586
Dividend appropriation
6,000,561
4,073,555
(approximately)
ownership
of the
Balance, deficit—._..sur$434,025
standing (par $100)..
Earnings per share
policies by those in charge of the operations of the company.
For
for dividends
x
$7,000,000 new debentures which would be issued under our proposed
Ph*nIn this connection we wish to warn you against certain statements
which
have recently been given publication, designed to create doubt and
suspicion as to the future earning power of Jersey Central.
Such statements
could not have been based on
any serious, competent analysis of the Jersey
Central situation.
:
A consummation of the Associated's
plan is
tive available.—V. 143.
p. 2059.
$3,712
$498,664
1,333,458
1,333,458
1,333.457
$4.83
$4.34
$4.49
$4.13
No provision made for Federal surtax on
New
undistributed profits.—Y. 143,
Jersey & New York RR.—Earnings—
def8,279
def28,922
1935
$60,318
defl3,414
def29,879
1934
$61,638
defl8,714
def37,841
1933
$77,296
def2,007
def24,298
585,366
def55,304
def243,741
579,607
def!48,809
def321,153
630,713
defl37,750
def319,578
715,766
def32,575
def241,448
September—
Gross from railway
Net from railway
Net after rents
From Jan. 1
1936
$60,368
—
—
Gross from railway
Net from railway
Net after rents
—V. 143, p. 2061.
New State Ice
Co.—Earnings—
1935
Ordinary
1934
1933
$377,008
Years Ended Dec. 31—
Total operating revenues......
$430,371
299,714
19,218
23,952
4,058
$324,529
233,190
12,548
17,849
263,559
21,9*5
21,007
1,852
Maintenance
Pro v. for renewals and replacements.
Provision for Federal income taxes.
592
560
544
9,369
10,258
12,098
$58,632
5,949
$72,609
8,198
$64,581
34,583
$52,546
42,876
4,354
$80,808
38,795
29
4,836
$25,618
$37,147
$4,080
Provision for other Federal taxes
Provision for other taxes
Operating income
Non-operating income
stock have substantially exceeded the interest requirements on
?P
the
$206,827
1,333,458
P. 2528.
Jersey
past two months the earnings of the company available
$5,793,734
6,000,661
Shares capital stock out¬
you
35 shares for each
the
Supply Co. of Del.—Special Meeting—
Stockholders will hold a special meeting on Nov. 6 to consider the re¬
capitalization plan outlined in V. 143, p. 2528.
of
earnings from assets received from the new company), and any
unpaid interest will cumulate as in the original proposal. The indenture
contain other suitable covenants
protecting the issue.
(3) 1 he privilege of conversion into Jersey Central stock will be extended
to the expiration of three months from the date of the new debentures, but
its
addition, stockholders'will be asked to approve a change in the common
value.—V. 143, p. 2218.
stock from $25 par to no par
available net earnings, fixed interest will be payable at
out
2689
Chronicle
Gross income
Interest
on
funded debt
Miscellaneous
25
interest
Amortization of debt disct. & expense
Netincome
J.
$48,299
4,247
37
5,551
—V. 141, p. 1938.
the most favorable alterna¬
New
Consolidated, Income Account for Year Ended June 30,
1936
Operating loss
$61,566
4,847
Interest earned
Amount received from lessee for cancellation of lease expiring
Dec. 31,1940
Net operating loss
Provisions for depreciation and amortization
Interest charges on income debentures
Amortization of bond discount and expense
25,000
$31,718
110,896
323,612
*
England
Gas
&
Electric
Association— Sells
Canadian Unit—
National Hotel of Cuba Corp. (& Subs .)—Earnings—
14,029
In a move to integrate its operations more closely, the company has sold
the last of its Canadian properties, the Maritime Electric Co., Ltd.
Pur¬
chaser was the Royal Securities Co., Ltd. of Montreal.—V. 143, p. 1408.
New England Power Co.—Files with SEC—Would Issue
$10,067,000 3 M % Bonds—
The company on Oct. 21 filed with the Securities and Exchange Commis¬
sion a registration statement (No. 2-2564, Form A-2) under the Securities
JiCt of 1933, covering $10,067,000 of first mortgage bonds, series A, 3 U%,
due Nov. 15, 1961
t
According to the prospectus the net proceeds from the sale of the bonds,
together with other funds of the company, will be applied to the redemption
on Jan. 1, 1937, at 105%, of $10,067,000 of outstanding first mortgage 5%
sinking fund goid bonds due July 1, 1951.
The bonds are redeemable at the option of the company as a whole at any
time or in part on any int. date after 30 days' notice, at the following prices
plus accrued interest: If red. on or before Nov. 15, 1941, 107H%! there¬
after and incl. Nov. 15, 1951, 105%; thereafter and incl. Nov. 15, 1957,
102lA%\ and thereafter at par.
The price to the public, the names of the underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.
The company also filed an application with the SEC under the Utility
Act, asking exemption from the necessity of filing a declaration in connec¬
tion with the issue and sale of the $10,067,000 bonds.—V. 143, p. 2219.
,
.
Loss for year
—
—
$480,256
-
Consolidated Balance,Sheet June 30, 1936
Assets—
Liabilities—
Cash..
$382,728
State of N. Y. bonds
50,000
.
City of N. Y. bonds
Accounts
150,000
receivable
12,228
Acrued interest receivable...
Inventories of supplies
Prepaid accounts
39,977
Other assets
a
3,547
18,864
8,536
Accounts
.
payable
d Reserve for
I
$17,874
2,910
81,677
Accrued liabilities
repairs, &c
Accrued int. from Sept. 1,1931
to June
30, 1936
30-year 6% income debs
e Capital stock
1,563,854
5,392,600
1,450,000
Deficit
2,028,147
Financing expenses
426,401
furnishings & equip..
390,953
Building, &c_
4,997,534
b Hotel
c
Total
$6,480,7691
Total
,
„
New Orleans Public Service
$6,480,769
Principal amount of debentures plus liquidation value of preferred stock,
less consideration received on issue of all outstanding securities, and bond
expenses, less amortization of bond discount and expense,
b Less reserve
of $192,173.
c Less reserve of $513,266.
d In connection with damages to
hotel,
e Represented by 14,500 shares of $6 no par value preferred stock,
entitled to $100 per share on liquidation (cumulative dividends unpaid
since Jan. 1, 1931, amount of $478,500), and 147,000 shares, including
541 shares held in treasury, of no par value common stock, all authorized
and issued, stated at liquidation value of preferred stock.—V. 139, p. 1715.
Railway
Railway
oper. revenues.
oper. expenses.
10,811,719
8,430,233
10,580,532
7,592,362
72,912,321
59,078,595
67,110,462
$5,303,027
26,181
$5,531,198
32,443
$385,998
224,132
$366,616
241,294
$5,329,208
2,802,610
$5,383,641
2,892,875
y$161,866
y$125,322
$2,526,598
$2,490,766
2,124,000
2,124,000
Property retirement reserve appropriations
x Dividends
applicable to preferred stock
period, whether paid or unpaid
278
149,976
654,917
Net oper. income
544,586
544,586
$141,988
Deficit
190,297
371,435
30,263
975,235
3,316,052
649,161
2,176,001
1,876,543
2,806,754
11,462,645
14,827,072
revenues
Deductions
for
$177,820
50,756,155
Tax accruals & uncollect.
Other income
1936—12 Mos.—1935
$16,445,079 $15,164,706
11,142,052
9,813,508
$360,576
6,040
Gross corp. income—
Balance
1936—7 Mos.—1935
I1I
$385,808
190
Net revs, from oper...
Other income (net)
Int. & other deduct'ns-
[Mexican Currency]
TT
Inc.—Earnings—
Period End. Aug. 31—
1936—Month—1935
Operating revenues
$1,327,891
$1,190,182
Oper. exps., and taxes..
942,083
829,606
National Rys. of Mexico—Earnings1936—Month—1935
,
lElectric Power & Light Corp. Subsidiary]
a
Period End. July 31—
,
,
395
property retirement reserve appropriations and dividends.
1936, amounted to $1,Latest dividend, amounting to 87H cents a share on $7 preferred
stock was paid April 1, 1933.
Dividends on this stock are cumulative.
—V. 143, p. 1409.
y
x
Before
Dividends accumulated and unpaid to Aug. 31,
928,742.
—V. 143, p. 2060.
National
Refining Co .—Dividend, Plan—To Change Par
Date of special stockholders meeting to vote on a plan to clear arrearages
for Nov. 10.
offering to present preferred holders 11-3 shares of
$6 no par cumulative prior preferred stock, % share of common and
$6 cash in exchange for each share of the present $8 preferred.
The $6
would represent an initial dividend on the new preferred for the quarter
on
the preferred stock has been set
The plan involves
new
beginning July 1, 1936, and thereafter dividends would accrue at the rate
of $6 a year.
New York Central
RR.—Meeting Adjourned—
meeting of stockholders scheduled for Oct. 15 was adjourned
insufficient number of proxies on hand
to constitute a quorum.
Responsibility for this was laid by inference to
the Securities ana Exchange Commission by Willard F. Place, Yice-President
who presided at the meeting.
Mr. Place charged that "certain Federal and State legislation
had
caused the company to run into obstacles in its attempt to muster a twothirds vote of the outstanding stock necessary to conduct a routine meeting.
The meeting had been called to authorize certain mergers of small midThe special
until Oct. 29 because there was an
Financial
2690
Oct.
Chronicle
Balance Sheet Sept.
$81,736,707
1,568,268
<fcc
Cap. stk. discount & exp...
Northern Indiana Public Service Co.
Miscellaneous
6% Preferred and 7% Preferred
TRADING
DEPARTMENT
Notes and accounts rec
Accts.
x
Commerce
Oct.
on
15
modified
previous
permit the release by the Reconstruction
Finance Corporation of $2,280,000 capital stock of the Indiana Harbor^
Belt RR., $685,000 of Lake Erie & Pittsburgh first mortgage 4H % series A
bonds due July 1, 1965, and $71,000 of Lake Erie & Pittsburgh first mort¬
gage 5% series B bonds due July 1, 1965, deposited by the company as part
security for its loans from the Finance Corporation, the
unpaid balance of such loans being $9,478,737.—V. 143, p. 2528.
New
Haven
Hartford
&
RR.—Date
for
Hearings Set—
The
Commerce Commission has postponed from Oct.
Interstate
28 to
Nov. 30 the public hearing at New York City in the company's investigation,
at which time the hearing will proceed at the Hotel Pennsylvania under
the direction of Chairman Mahaffie and Examiner Mohundro.—V. 143,
p.2529.
New York
Susquehanna & Western
September—
1936
$271,033
82,.549
29,063
Gross from railway
Net from railway
Net after rents
R R.—Earnings—
1935
1934
1933
$265,444
66,218
21,239
$268,632
52,064
14,639
$294,559
61,367
16,110
.2,694,083
738,400
268,419
2,757,192
692,892
315,819
2,538,801
603,901
199,341
From Jan. 1—
Gross from railway
2,582,756
742,338
Net from railway
Net after rents.
270,385
Co.—50-Cent Dividend—
p.
707,145
2,379,585
172,210
Accrued taxes
Dlvs. pay. on pref.
Miscellaneous
stock
15,824
liab.
current
3,056,515
Reserves
Surplus...
735,242
—
$102,037,571
Total
Represented by 2,096,870 no par shares.
Co.—Earnings—
1936—9 Mos.—1935
$2,072,157
$1,865,339
1,461,715
1,321,812
^
$610,441
5,094
$543,527
632
6,234
2.606
6,420
$615,536
301.973
5,698
18,895
$544,159
313,734
8.269
19,558
$101,045
Net operating income.
$75,710
$288,969
$207,553
722
$187,160
$208,275
$187,482
102,745
99,663
1,333
Funded debt interest
General interest
(pet)
and expense
Net
before
inc.
322
pref.
dividends
Note—No provision has been made for Federal surtax on
$202,598
undistributed
profits.
,
Dividend requirement at full cumulative rates for a
,
.
three-months period
preferred stock outstanding Sept. 30, 1936, amounted to $70,463.
Dividends on $1.75 per share and $1.50 per share on the 7% and 6% pre¬
ferred stocks, respectively, were paid Sept. 1, 1936.
After the payment of
these dividends, total cumulative preferre d stock dividends in arrears at
Sept. 30, 1936, aggregated $393,419 which represented accumulations of
approximately $9.77 per share on the 7% and $8.37 on the 6% preferred
stock.—V. 143, p. 932.
on
Nu-Enamel
Corp.—Acquisition—
has acquired the Chi-Namel Paint & Varnish Co. plant in
1.
The
newly acquired plant occupies a two-acre site and has a total of 85,000
square feet of floor space.
An initial force of 100 will be employed and
potential employment capacity is 700.
A payroll of between $1,250,000
and $1,500,000 is assured, according to C. L. Lloyd, President.—V. 143,
p. 2062.
The company
Cleveland and will establish national headquarters there on Nov.
Ogilvie Flour Mills Co., Ltd .—Earnings—
1936
1933
1934
1935
Profit od operations after
The company paid a dividend of 50 cents per share on the common stock,
on Oct. 23 to holders of record Oct. 20.
A similar payment was made on
last.—V. 142,
Accts. pay. associated cos..
Accrued interest
Other income (net)
Years End.' Aug. 31—
New York Transportation
766,320
89,530
Accts. payable miscellaneous
1936—3 Mos.—1935
$701,468
$631,649
493,914
444,489
Operating revenues
Operating exp. & taxes.
—V. 143, p. 2061.
June 29,
y
Deferred liabilities
Northwestern Public Service
Period End. Sept. 30—
of the collateral
York
$ 102,037,571
After reserve of $162,687
y20,968,700
50,045,500
884,399
-
Funded debt
Gross income
Commission
reports and certificates so as to
New
5H% preferred stock..
—V. 143. P. 2220.
of Collateral—
Interstate
cos...
Total
of the Hudson River
.
Release
associated
rec.
Materials and supplies
Connecting RR. Corp. (Castleton cut-off) and to authorize extension of
two leases which will expire at the end of this year.
Mr. Place asserted c-nac oecause of legislation the company had only
a limited period
in which it could botain the necessary proxies.
Much
of the outstanding stock, he said, was held by banks, trust companies and
brokerage houses, none of which is permitted to sign over the proxies without
the consent of the individuals in wno.se name tne stock was issued.
He had received willing cooperation, he said, from many sucn concerns
but "new rules and regulations regarding tne obtaining of proxies" had
made it difficult to reacn stockholders individually within the allotted time.
The
revenue
Reacquired securities
Y. 1-752
Western lines; to anprove an amendment to a lease
4,637,423
3,082,085
3.529,413
8,955
xl,524,966
492,749
83,446
1,101,786
504,800
—
Cash working funds
Unbilled
360,246
deposits.
prepaid
Other assets
New York
A. T. & T. Teletype N.
&
49,171
Cash.
YORK STOCK EXCHANGE
Broad Street
15
chgs.
accounts
Eastman, Dillon 8 Co.
MEMBERS NEW
investments.
Sin. fund dt special
Deferred
r
3,357,555
companies
•„
$6,990,000
12,626,600
2,600,000
7% preferred stock
6% preferred stock
Common stock
Invest, in & advs. to assoc.
'
30, 1936
Liabilities—
Assets—
Plant, prop., rights, franch.,
Inquiries Solicited in
24, 1936
deducting selling
general expenses.
and
$821,£88
„
Investment income
2510.
181.190
$914,584
188,779
Divs. from wholly owned
New York Westchester & Boston Ry.—Bondholders*
Meeting to Discuss Status and Future Actions—
In a letter to the holders of the 1st mtge. gold bonds, due July 1, 1946,
Guaranty Trust Co., as trustee says:
■
'
"The company filed on Nov. 30, 1935, its petition for reorganization
under Section 77B of the Bankruptcy Act, as amended, in the U. S. District
Court for the District of Connecticut.
Guaranty Trust Co. as trustee
under the indenture securing the above bonds, intervened as a party to these
proceedings and has given consideration from time to time to the various
applications submitted to the Court.
•
The bonds are outstanding in the principal amount of $22,351,000, of
which $19,200,000 are outstanding in the hands of the public and have
endorsed thereon a guaranty of principal and interest by New York, New
Haven & Hartford RR. running direct to the holder.
The remaining
$3,151,000, we understand are owned by New York, New Haven & Hart¬
ford RR. and pledged by it with Reconstruction Finance Corporation, and
do not bear such endorsement.
A petition for reorganization under Section
77 of the Bankruptcy Act was filed by the New Haven in the U.S. District
Court for the District of Connecticut on Oct. 23, 1935, and said proceedings
are still pending.
A substantial part of the lines operated by the New York,
Westchester & Boston (12.09 out of the total of 30,19 miles), are owned by
the New Haven and are used by the Westchester under leases and operating
agreements, and nearly the entire capital stock of the Westchester is, we
are informed, owned by the New Haven.
According to its published financial statements the Westchester has at no
time during its corporate existence earned a sufficient amount itself to pay
its fixed charges, and in 1934 and 1935, it did not earn its operating expenses.
Various attempts to increase revenue through raising fares and oterhwise
and to decrease taxes and other expenses have been made by the trustee in
bankruptcy, but these efforts have not been wholly sucessful.
Pursuant
Profit
invests, sold..
on
realization
on
Westchester and the fair and reasonable value of the power chargeable to
the Westchester by the New Haven.
A copy of Coverdale & Colpitt's
report dated Sept. 18, 1936, which considers that a fair and reasonable
future rental for the leased property would be approximately 50% of the
existing rentals and that the fair and reasonable value of the power charge¬
able to the Westchester by the New Haven would be somewhat in excess of
the rates heretofore paid by the Westchester to the New
Haven, is on file
at the office of Guaranty Trust Co. of New York as trustee and
open
to
inspection at all reasonable times by any bondholder.
Whether the ad¬
justments proposed would be accepted by the trustees in bankruptcy of the
New Haven and whether if made they would be sufficient to enable a re¬
organization of the Westchester to take place is doubtful.
f
*4' 1?36, the Bankruptcy Court granted an extension to Nov.
15. 1936, of the final date for the filing of a plan or plans of reorganization
but stated that this extension should be regarded by all
parties as the final
time limit.
If a plan of reorganization is not filed by such date is is
,
probable
that
entirely
and the
the
bankruptcy proceedings will be dismissed,
Westchester in all probablity ultimately
liquidated.
"In view of the foregoing circumstances,
Guaranty Trust Co., as trustee,
has deemed is advisable to call a meeting of the holders of the bonds in order
that an opportunity might be afforded to the bondholders as a whole to
discuss and consider what steps should be taken with respect to the affairs
of the Westchester and in particular with respect to the above-mentioned
Proceedings under Section 77Ba of the Bankruptcy /Act.committee, of the
ondholders
Certain which
represented by
bondholders' protective
are
is in accord with the
undersigned
as to the
desirabliity of
a
meeting of all the
bondholders at this time.
"Accordingly, a meeting of the bondholders was to be held at the office of
the trustee at 35 Nassau St., New York on Oct. 23.—V. 143, p. 1725.
Northern Indiana Public Service
Period. Ended Sept. 30 1936—
Total
revenues
Total operating expenses
Interest on funded debt
General interest
Co.—Earnings—Month
!
—9 Mos.—
$1,299,492 $10,839,001
924,419
7,681,726
207.853
1,870,905
4,656
Amortization of debt discount and expense
Interest on idle investment
12,888
Provision for Federal income tax
19,000
CY954
44,691
116,056
Cr2,697
141,000
20,468
$131,631
$987,320
516,631
$131,631
$470,689
8,518
$1,447,471
$1,264,881
,
179,112
238,865
3,139
Not
Total income
Provision for deprecia'n.
Provision for taxes
172,500
246,293
2,448
Legal expenses
Salaries & directors' fees
paid to exec, officers
the company
of
•
81,384
77,273
18,133
18,882
$930,824
2,189,803
$743,498
2,186,305
$746,749
2,179,556
$747,772
3,177,235
$3,050,627
$2,929,803
$2,926,305
$3,925,007
140,000
600,000
140",000
140",665
140,000
600,000
600,000
600,000
$2,310,627
$2,189,804
$27186,305
$2,179,556
75,000
$10.54
75,000
75,000
$8.04
$8.09
75,000
$8.10
tors
Net profit for year
Previous surplus
Adj. of exec, salaries ap¬
plicable to prior yrs...
Dr70,000
Amt. written off invest¬
1,005,450
ments in affil. cos
Preferred dividend (7%)
Common dividend ($8).
~
S urplus, Aug. 31
.com .stk .out. (no par)
S hs
Earned per share
Balance Sheet Aug. 31
1936
Assets—
Liabilities—
Wat. pow., mill
plants, &c
2,878,841
G'dwill, t'demarks,
pat't rights, &c.
1
Oth. invest. & mtg
Shs.
in
and
1,012,155
2,945,098
891,887
2,000,000
x Common stock.. 2,500,000
Bank loans
2,300,000
Accts. payable
498,580
Reserve lor taxes.
128,152
Amount
amts.
owing
owing by partly
partly
owned subs. cos.
subs,
603,890
1,046,084
z Accts. receivable 1,322,726
Stocks on hand
3,060,313
(non-current)
737,827
Cash
Shs.
in
and
46,659
1,132,736
2,000,000
2,500,000
1,668,960
761,842
104,156
to
owned
10,349
co
Provision for divs.
Rest account
Earned surplus
3,579,950
%
$
Preferred stock
y
1935
1936
1935
$
185,000
185,000
5,000,000
5,000,000
2,310,627
2,189,803
'
:
amts.
■
•' 'i
.
owing by wholly
owned subs. cos.
1,814,748
(current)
Inves'ts (current).
Total...
3,183,601
1,941,875
3,144,076
14,922,360 14,420,110
Total
14,922,360 14,420,110
x Represented by 75,000 (no par value) shares,
y After reserve for de¬
preciation of $3,364,922 in 1936 and $3,248,943 in 1935.
z Less reserve.
—V. 141, p. 3700.
Ohio Finance
Co.—Special Dividend—
The directors have declared
common
a special dividend of $1
per share on the
stock, payable Nov. 10 to holders of record Oct. 24.—V. 143, p.
1889.
Old
The
Dominion Co.—Dividend
Payments—
directors
have declared a dividend of 50 cents per share on the
payable Dec. 10 to holders of record Nov. 25 and a dividend
of 25 cents per share payable Feb. 10, 1937 to holders of record Jan. 26,
1937. Previous dividend distributions were as follows: 35 cents on Aug. 17,
last; 30 cents on June 15, last, and 25 cents per share paid on Dec. 14,1935.
This latter was the first dividend paid since Dec. 31, 1918 when a regular
quarterly dividend of $1 per share was distributed.—Y. 143, p. 282.
m J
common
stock
Omaha & Council Bluffs Street Ry. Co.—Registers
with
SEC—
given on first page of this department.—V. 141, p. 4174.
Ontario Steel Products Co.,
The directors have declared
Surplus
reported
Fees paid to other direc¬
See list
Preferred dividends.
153,000
of
fixed assets
to an order of the
Bankruptcy Court an investigation was made by the en¬
gineering firm of Coverdafe & Colpitts with respect to the fair and reason¬
able rental chargeable by the New Haven for its
property now used by the
292,000
132,324
subsidiary companies.
Profit
accumulations
on
the 7%
Ltd.—Accumulated Div.—
a dividend of $3.75 per share on account of
cumulative preferred stock, par $100, payable
Financial
143
Volume
18 to holders of record Oct. 31.
Dec.
A dividend of $1.75 per
share was
paid on Aug. 15, last, and one of $1 per share was paid 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 was
distributed.—V. 143, p. 1890.
Orange & Rockland Electric Co.—Earnings—
1936—12 Mos.—1935
$727,888
$723,765
433,048
413,458
103,799
81,190
Period End. Aug. 31—
1936—Month—1935
Operating revenues
$66,519
$64,144
Oper. exps.,incl. taxes40,539
34,711
Depreciation
12,334
6,798
$13,646
2,783
$22,635
3,062
$191,041
34,962
$229,117
40,540
$16,429
3,950
$25,697
3,950
$226,003
47,400
$269,657
62,149
.
Operating income
Other income
Gross income
Interest on funded debt_
Other interest
Divs.accr.
on
6,694
8,813
88,301
$85,384
——
23,303
31,000
in operating expenses-
interest.
sale of the series I bonds (exclusive of
$2,678,940. Accrued interest on the
the date of redemption will be charged to income
bonds
so
to be redeemed to
the books of the company.
on
'
Funded debt—
in the hands of
;
Pacific Gas & Electric Co.:
v
Senior lien bonds
—-
-
First & refunding mortgage
$8,624,100
—
-—
—
268,229,000
bonds
Subsidiary companies
11,118,500
:
Bonds of subsidiaries
$287,971,600
debt
Total consolidated funded
Minority interest—
In capital stock and surplus of
Preferred stock
subsidiary companies
$3,510,800
71,100
-
1--
Common stock
Co.—To Postpone Interest Payments
first-mortgage bonds approved on Oct. 19 a pJan to
until April 1, 1938, the semi-annual interest coupons due on
Oct. 1, last, and on April 1, 1937, and to cancel the sinking-fund instal¬
redemption in addition
funds required for such
Summary of Funded Debt and Capitalization Outstanding
the public as of July 31, 1936 (as adjusted).
.--
Ottawa Valley Power
such net proceeds,
The amount of treasury
$94,531
Fed. inc. taxes included
—V. 143, p. 1725.
$920,500
103,237
$12,387
2,417
-
$35,061,560,
be
use
to tne net proceeds derived from the
accrued interest) is estimated to be
4,443
.
$5,654
pref. stock
Balance-
3,862
547
53
will
Jan. 1, 1937, $36,820,000 gen.
Jan. 1, 1942, bearing interest at
on
4,466
------
Other deductions
exclusive of accrued interest.
Company
together with treasury funds, to redeem
& ref. mtge. gold bonds, series A, due
5%, at principal amount thereof and
accrued interest to Jan. 1, 1937.
The total amount necessary to redeem
said bonds is $37,740,500, which consists of $36,82^,000 principal, and
bonds,
intends to
831
2,055
78
___
Amortization deductions
2691
Chronicle
Surplus
-
66,656
Total
—
$3,648,556
Holders of 5%%
postpone
ments of
of
1% due on Oct. 1, 1936 and
Pacific Gas
&
Electric
1937.—V. 135, p. 986.
Co.—$35,000,000 Bonds Sold—
Completes $250,000,000 Refunding Program—Completing a
refunding program which has aggregated $250,000,000 since
March, 1935, an offering of $35,000,000 1st & ref._ mtge.
bonds, series I, 3 lA%, was made Thursday through a
nation-wide underwriting group headed by Blyth & Co., Inc.
The bonds were priced at 102%% and accrued interest.
Other members of the group are:
Brown Harriman & Co.,
Inc.; Edward B. Smith & Co.; The First Boston Corp.;^
Lazard Freres & Co., Inc.; Dean Witter & Co.; Bonbright
& Co., Inc.; H. M. Byllesby & Co., Inc., and E. H. Rollins
& Sons, Inc.
The issue has been oversubscribed.
The present offering, which marks the sixth and final step
in the program, is made at the lowest interest rate obtained
by the company since its refunding was commenced.
Earlier
this year two issues of 3%% bonds aggregating $120,000,000
were
marketed, and last year three issues of 4% bonds
totaling $95,000,000 were sold, all for the purpose of retiring
higher-interest-bearing obligations.
Dated June 1, 1936; due June 1, 1966.
Interest payable (J. & D.) 1 in
New York, Chicago or San Francisco, and principal payable in New York
or San Francisco.
Coupon bonds in the denom. of $1,000, registerable as
principal only.
Registered bonds in the denoms. of $1,000, $5,00- and
multiples of $5,000.
Coupon bonds and registered bonds interchangeable
at expense of holder.
Bonds are subject to redemption, at option of com¬
pany, as a whole or in lots of not less than $10,00 \000 on the first day of
any calendar month, or (for sinking fund purposes or otherwise) in lesser
amounts on any June 1 or Dec. 1, in each case upon 60 days' prior published
notice, at the principal amount thereof and accrued interest, plus a premium
of 7H% if redeemed on or before June 1, 1945; 5% thereafter and on or
before June 1, 1953; 2lA% thereafter and on or before June 1, 1961; and
thereafter without any premium.
Listing—Company has agreed, at request of principal underwriters to
apply for listing the bonds on the New York Stock Exchange and for
registration of the bonds under the Securities Exchange Act of 1934, as
to
amended.
Business—Company was organized in California on Oct. 10, 1905.
Company and certain of its subsidiaries are engaged principally in the
production (incl. purchase), transmission, distribution and sale of electric
energy, and the purchase, transmission, distribution and sale of natural
gas throughout a large part of Northern and Central California, including
the principal cities therein.
Approximately 69.86% of the consolidated
gross operating revenues of the company and its subsidiaries, in the year
1935, was derived from the sale of electric energy, and 28.78% was derived
i
from the sale of gas.
Summary of Consolidated Income Statement
Calendar Years
Gross operating
7 Mos. End
July 31, '36
1935
1934
1933
revenue$84,596,084 $87,555,480 $92,084,934 $54,816,966
Oper. expenses
$36,901,690
Prov. for depreciation— 12,057,695
$37,946,930 $39,998,280 $23,445,183
12,447,101
12,281,573
7,582,734
minority interest
Capital stock—
Pacific Gas & Electric Co.:
First pref. stock, cum., par value $25.00 per
Issued and outstanding 6% and 5H%
Common stock, par value $25.00 per share
$130,865,625
156,533,925
$287,399,550
Dissolutions of Certain Former Subsidiaries and Transfers of Assets to the
Company—During 1936, the fixed properties of certain former direct and
indirect subsidiaries, which were transferred to the company in connection
Total
capital stock
Net oper.
revenue——$35,636,698 $37,161,447 $39,805,080
income—
387,989
339,544
313,760
$23,789,048
210,734
with their dissolutions, became,
the company.
Such former direct and
$36,024,687 $37,500,992 $40,118,841 $23,999,783
on
$15,137,854 $14,832,349 $14,133,374
funded debt
$8,445,614
indirect subsidiaries, the liabilities and obligations,
which were assumed or paid by the company,
follows;
Great Western Power Co. of
781,731
781,047
873.485
547,065
73,476
_-
44,663
50,547
18,623
$15,658,059 $15,057,407
^
$9,01-1,303
City Electric Co.
(which includes an amount, estimated by the company to be
$2,975,709, allocable to properties of certain other former subsidiaries
previously transferred to the company but not theretofore carried in the
plants and properties account), of which amount $15,217,681 was entered
in an intangible property account, entitled "cost of acquisition of properties
in excess of historical cost of properties acquired/'
The depreciation
reserves applicable to such properties, at their respective dates of transfer,
amounted to $10,571,032.
,,
,
,
_
^
Also, during the year 1936, in connection with its dissolution, IV t.
Shasta Power Corp., the properties of which were already subject to the
direct lien of the first and refunding mortgage, transferred its properties to
the company, which assumed or paid all of its liabilities and obligations.
The investment of the company in the stock of Mt. Shasta Power Corp.,
which stock was formerly subject to the lien of the first and refunding
682,700
mortgage, and the advances
books of the company.
to said corporation, were
\
eliminated on the
.
,
,
,
subsidiaries which were
former
Five
are as
_
.
Consolidated Balance Sheet
^HRR'RRR
4,300,000
4,300,000
4,300,000
3,150,000
3.150,000
2,100,000
HRR'RRR
2,100,000
300,000
300,000
300,000
300,000
300,000
300,000
July 31, 1936
Liabilities-
Asscts
---$668,191,252
properties
Investments—at cost.
5,211,920
381,519
-—-
Sinking funds & spec.
stk.
dep..
1,414,831
17,653,841
9,562,550
4,407,995
2,156
26,286,917
Notes & Accts
receivable—
Materials & supplies.
investments
Deferred charges.—--.
1st Pref.
$130,865,625
156,533,925
stock
Common stock..
Minority int. in cap. stocks
& surplus
3,648,556
of sub
Funded debt
Bonds called but not red—
Accounts
$8,925,701
Consumers' meter line dep.
-
inc.
263,395
1,393,811
1,963,893
Dividends payable
427,147
2,304,949
11,439,418
Acc. bond int.—not due
Reserve for—
Deprec. & amortiz
Fed.
-$20,139,008 $21,938,248 $25,176,679 $15,074,082
Prov. for Fed. inc. tax—
1,957,301
2,315.025
1,654,744
1,428,360
Net
289,760,600
1,008,715
2,223,216
payable.
Drafts outstanding..
Bond interest due
85,602
$15,885,679 $15,562,743 $14,942,161
.
follows:
Name and Address
Blyth & Co., Inc., New York- ——— —
Brown Harriman & Co., Inc., New York- — ———-—----Edward B. Smith & Co., New York---.--The First Boston Corp., New York
.
Lazard Freres & Co., Inc., New York
Dean Witter & Co., San Francisco
—
Bonbright & Co., Inc., New York
—II. M. Byllesby & Co., Inc., Chicago
E. H. Rollins & Sons, Inc., New York.Bankamerica Co., San Francisco------- — —Mitchum, Tully & Co., San Francisco-—
Elworthy & Co., San Francisco—--Wm. Cavalier & Co., San Francisco
Brush, Slocumb & Co., San Francisco
Schwabacher & Co., San Francisco
Accrued taxes
Net deductions
.
inactive and owned no .physical
properties were also dissolved in 1936.
^
Underwriters—The names of the several principal underwriters and the
amounts of Series I bonds which they have severally agreed to purchase,
.
115,245
95,315
a
a
Accrued int. on
Total
-$15,993,062
Less int. charged to con-'
struction———
107,382
Calif,
a Great Western Power Co.
Co.
Sierra & San Francisco Power Co.
Napa Valley Electric Co.
Modesto Gas Co.
a Feather River Power Co.
a Former indirect subsidiaries of the company.
:
The book value of the properties so transferred to the company, as
entered in the plants and properties account of the company, pursuant to
orders of the Railroad Commission of the State of California, was $138,-
California Electric Generating
a
Cash & cash items..------
expense,
Miscellaneous interest
the company
were as
Discount & exp. on cap.
Int.
Amort, of bond dis. and
in the opinion of counsel for
including preferred stocks, of
Plants &
Gross income
—
subject to the direct lien of the first & refunding mortgage, subject, however,
to existing liens thereon and to a senior lien attaching thereto.
The in¬
vestment of the company in stocks of such direct subsidiaries, which stocks
had formerly constituted security under the first and refunding mortgage,
and the advances to such subsidiaries, were eliminated on the books of
•
Miscellaneous
share:
before
Ins., casualty & other---Amort, of in v. in Standard
income tax_—
86,367,117
3,952,386
796,205
Pacific Gas Line
Amts.charged gas consum¬
Net income transferred
....
surplus
$18,181,706
transferred
surplus as shown—
a ;Includes gas rev. in
dispute in a rat6 pro¬
ceeding, provision for
the computed amounts
thereof being charged
to earned surplus
$786,000
(b) Is before deducting
minority ints. in earns
to
N
v
ers
$19,623,223 $23,521,935 $13,645,721
in excess of rates—
906,396
33,254,623
Capital surplus
Earned surplus.
'.income
5,983,000
to
of sub.
cos.
Total.—
$2,258,000
$1,008,000
3 Mos.
Companies,
of the
period.
.
^
J
,
the consolidated funded debt outstanding
of July 31, 1936, adjusted as stated therein
The annual interest charges on
in the hands of the public as
to
give effect to certain transactions to be completed after
$11,742,250, of which $10,654,995 represents the
amount to
charges on first and
July 31, 1936,
annual interest
refunding mortgage bonds, $437,645 represents the
annual interest charges on
annual interest charges on
senior lien bonds, and
bonds of subsidiaries.
$649,610 represents the
Purpose—Estimated net proceeds to be received by the company from
the sale of the series I bonds after deducting estimated expenses (other than
expenses in connection with the redemption of the gen. and ref. mtge. gold
I
1934
1935
*3715.208
$601,060
476.062
476,009
company
Earnings per share
provision
V. 143. P. 2381.
x
No
$1.45
$1.26
made for Federal surtax on
Penick & Ford,
Pg End.Sept. 30-
Expanses
-TII3I
DSStion:..
Federal taxes, &c
Net
profit--.
Ltd. (& Subs.)
$19^34MoS.-193|62
581,246
144,453
58,116
x$289,431
,
_
599.
-
1933
$370,663
$581,954
476,007
$0.78
476,031
$1.22
undistributed profits
Earnings—
471,811
147,910
37,407
$189,324
Earns.persh.on370,000
shs. cap. stk. (no par)$0.78
$0.51
x No
provision has been made for surtax on
V. 143, p.
—$733,092,980
—
Inc.—Earnings-
1936
End. Sept. 30—
N®e°tm&pSr&M:
which the
charges
to
earned surplus
409,101
428,950
412,306
164,896
Note—Net operating revenues for the seven months ended July 31, 1936,
as shown above, were in excess of those for the corresponding period in 1935,
due to a general increase in gross revenues more than sufficient to offset
rate reductions and increased operating costs.
However, the operating
results for an entire fiscal period cannot be deduced from those of a part
Total
2381.
Paraffine
$1,931,000
$733,092,980
-
—Y. 143, P.
1936—9 Mos.—1935
$3,218,504
$2,535,895
1,303,840
1,600,168
431,327
436,116
132,952
199,734
HIH
x$982,486
(.ri
$667,776
$1.80
$2.66
undistributed profits.-
2692
Financial
Chronicle
Oct.
24, 1936
Plymouth Fund, Inc.—One-Cent Extra Dividend—
We will purchase
Penna. & N. Y. Canal & RR. Cons. 4s,
4^« and 5s
Lehigh Valley Annuity 4^s and 6s
Buffalo, Roch. & Pitts. Ry. Cons. Reg'd 43^8, 1957
Buffalo & Susquehanna RR. 1st 4s, 1963
The directors have declared an extra dividend of one cent per share in
addition to the regular quarterly dividend of 1H cents per share on the
The regular quarterly dividend is payable Dec. 1 to holders
of record Nov. 15, while the extra dividend will be
paid on Dec. 15 to holders
of record Dec. 5.
A similar extra dividend was paid on Oct. 1, July 1,
and April 1 last,
^or detailed dividend record see V.
class A stock.
141,
Ponce Electric
Consolidated Gas Utilities Stamped 6s, 1943
Co.—Earnings—
Period End. Aug. 31—
Gross earnings
YARNALL & CO.
A. T. & T. Teletype
1528
Phila.
Walnut St.
Operation.
...J...
Maintenance
22
Taxes...
-
;„„v
1936—Month—1935
$26,076
$24,925
12,880
15,434
1,454
2,153
2,960
2,613
Interest charges..
Philadelphia
Balance
Subs.)—Earnings—
12 Months Ended Sept. 30—
1936
Net sales, royalties and other
operating revenues.§72,404,477
Cost of sales, royalties paid,
patent development
and other operating expenses
x
55,503,466
1935
47,5,86
$9,513,606
_
Other income
$8,628,348
814,697
574,738
Total income
$10,328,304
Cash proceeds rec. from sale of
pat. rights & licenses
1,361,250
$9,203,087
_
Total
income before providing for Federal
taxes.$11,689,554
Provision for Federal taxes
2,047,558
Net income for period
Number of shares
$9,641,995
1,329,593
$7.25
outstanding at end of period
Earnings
x
share....
per
$9,203,087
1,309,111
$6.58
Including depreciation of manufacturing plants and amortization of
equipment. $2,198,672 in 1936 and $1,974,031 in 1935.—V.
143,
p. 2530.
r
Valley Power & Light Co.—Earnings—
Period Ended Sept. 30—
Electric operating revenues
3 Months
purchased
Maintenance
State, local, &c., taxes..
9 Months
$273,773
31.898
80,686
4,316
9,710
1 728
,
3,777
Net operating revenues
Interest on 1st mtge.
6H % gold
$49,213
24,369
bonds, series A
$147,160
:
73,119
Balance before prov. for
retire., amort. & trust
indenture requirements as
briefly outlined
$24,843
$74,040
Portland Electric Power
1936
15,000
12
Mos.End.Sept.30—
Operating profit
Cement Co. (& Subs.)
1936
Deprec. & depletion
Interest
x Federal
inc. tax
1935
$1,793,485
1,371,249
517,242
$1,083,930
1,369,795
-Earnings-
1934
544,377
1933
$315,935
1,379.578
578,584
$978,425
1,360,848
568,477
168,771
Net loss
$263,777
$830,242
•
$950,900
$1,642,227
Federal income tax,
notwithstanding above statement
profit, results from requirement by Internal Revenue
.Bureau that
depreciation for income tax purposes be calculated on
original
property values, whereas on books of
company it is calculated on sound
property values determined by appraisal and set
up on the books at
Provision for
not
show
a
inception of the corporation.—V.
Pennsylvania
the
143, p. 599.
$82,382,940 $81,731,101
5,837,314
5,891,255
Investments in & receivables
10,166
379,912
Miscellaneous assets
2,357,641
4,000,894
Account receiv. from Consolidated Securities Co
58,398
Invest, in pref. Stock of Central Public Utility
Corp
18,075
Other notes & accounts receiv.—deferred matur
23,874
97,191
Sindry investments in stocks and bonds
41,234
37,439
Sinking fund & other special deposits
7,516
520,509
Prepaid accounts & deferred charges.
361,313
315,865
Unamortized debt discount & expense
4,604,796
4,558,792
Cash
1,552,597
786,633
44,169
Accounts receivable—miscellaneous
Reserve for uncoil, notes & accounts receivable
[Lehigh Power Securities Corp. Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
$2,940,168 $2,766,258 $35,880,270 $34,508,700
RSnf>^.Pi8'anftaxes— 1.758,821
1,524,790
19,912,567
18,235,229
Kent for leased
Aug' 31~
£&t}^revenues
property
1,711
$1,179,636
Other income V"^
(net)
int. & other
16,798
$1.1?6,434
deductions.
519,369
Balance
y$677,065
reserve
Dividends
applicable
to
period, whether paid
or
1,642
23,902
22,768
254,210
385,729
$1,263,728 $16,199,153 $16,636,432
522,402
y$741,326
w,
appropriations.^!™
preferred
22,760
$1,239,826 $15,944,943 $16,250,703
stocks
for
unpaid
6,251,530
6,278,040
$9,947,623 $10,358,392
^
x
^
T,884,000 ^l'.S^H'.OOO
3,846,545
3,846.535
$4,217,078
$4,636,857
,u-,.vPer^y retirement
i^ends on aI1 classes
A^
at that
there were
no
date.—V. 143, p. 1411.
Capital surplus
Funded debt..
Deferred liabilities
Loan, real estate & equip, purchase obligations
Notes payable
Accounts payable
Accrued interest
Deferred credits
...
.$99,103,043$100,158.326
iFff®k?rs bave declared
n£
value>
a
New Common
dividend of 25
1
par
Payable Nov.
lhis will be the first
payment on the new
_
on
cents per share on the
12 to holders of record Oct. 31.
stock.—V. 143, p. 1412.
Pioneer Mill Co., Ltd.—20-Cent
Extra Dividend—
directors have declared an extra dividend of 20 cents
per
addition to the regular
Oct. 9 authorized the company
Pressed Steel Car Co., Inc.—Listing—
%
The New York Stock Exchange has authorized the listing of $4,343,600
15-year 5% debentures, due Jan. 1, 1951; 430,000 shares of 5% cumulative
convertible 1st pref. stock (par $5); 81,602 shares of 5% convertible 2d
pref. stock (par $50) and 943,513 shares of common stock (par value $1)
upon official notice of issuance thereof pursuant to the plan of reorganiza¬
tion of Pressed Steel Car Co., dated Dec. 23,
1935, as amended and modi¬
fied, as confirmed by the order dated July 27, 1936, entered by the U. S.
District Court for the Western District of Pennsylvania.
The corporation was organized in Pennsylvania on July 24, 1936, as the
new company under the
plan.
On July 29, 1936, pursuant to the con¬
firmation order, the corporation acquired all of the business and properties
of the estate of the old
company in the hands of its trustees, and has operated
the business since that date.—V.
143, p. 2532.
Procter & Gamble Co.
(& Subs.)—Earnings
1936
prec., Fed. taxes, &c_y$6,629,564
Shs. com. stk. outstand¬
1934
1935
1933
$4,085,461
$4,383,840
6,325,087
6,325,087
$1.01
___
x$3,604,505
6,325,087
ing (no par)
per share
Earnings
$0.53
$.061
6,410,000
$0.64
After setting aside $700,000 for materials and products price equaliza¬
tion.
y Before provision for Federal surtax on undistributed earnings.—
Y. 143, p. 934.
x
Progress Laundry Co.—Extra Dividend—
The directors have declared an extra dividend of 15 cents per share in
addition to the regular
quarterly dividend of like amount on the common
stock, no par value, both payable Nov. 2 to holders of record Oct. 20.
An extra dividend of five cents
per share was paid on Aug. 1 last, at which
latter time the regular
quarterly dividend was raised from 10 cents to 15
cents per share.
For complete dividend record see V. 143, p. 768.
Public Service Co. of New
Period End. Sept. 30—
Operating
Operating
revenues
expenses
Hampshire—Earnings—
1936—Month—1935
1936—12 Mos.—1935
$489,954
$427,785
$5,288,587
$4,961,076
333,438
276,147
3,526,594
3,077,732
Deductions
Net income
Pref. uiv. requirements.
ti.
div. rc(|uirenienns_
4,139
$1,761,993
36,647
$1,883,344
$1,798,640
$1,924,751
873,608
BP^.lOU
47,384
41,407
877.806
fi7.^
555,756
ouo.iov
45,360
*»,ovv
^
544,402
xx x x,
Hampshire Power Co.
Puget Sound Power & Light Co. (& Subs.)—Earnings
Period End. Aug. 31—
Gross earnings
Maintenance
share in
$151,638
$155,777
63,597
This statement includes operating results of New
from March 31, 1936.—V. 143, p. 2533.
Operation
monthly dividend of 15 cents per share on the com¬
stock, both payable Nov.,,2 to holders of
record Oct. 21.
A similar
extra dividend was
paid on Oct. 1, last, and on Dec. 2,
1935, while an extra
or 5 cents was
paid on Dec. 1,1934, and extra dividends of
30 cents per share
were distributed on Oct.
2, Nov. 1 and Dec. 1, ly33.—V.
143, p. 2531.
$156,516
3,055
$159,571
72,448
'
Div.
on
to extend from Oct. 1, 1936 to Oct.
1, 1939 the maturity of $75,000 of first
mortgage 6% gold bonds, interest during the extended period to be at the
rate of 5% per annum.—V.
139, p. 3005.
i-
Stock—
..$18,017,969 $19,098,521
176,800
176,800
259,800
defl0,449
2,717,792
4,084,403
68,978,000
69,468,000
667,828
473,049
65,878
92,678
4,164
26,764
338,155
405,906
2,826,933
1,882,689
690,679
706,904
264,474
239,857
4,094,567
3,513,200
accumulated
have declared a dividend of
50 cents per share on the
Payable Oct. 31 to holders of record Oct.
24.
A similar
made on May 1 last.—V.
143, p. 1568.
Packing Co., Inc.—Initial
644,090
Prescott & Northwestern RR.—Bonds—
^rectors
c
95,965
Liabilities—
Pennsylvania Sugar Co.—50-Cent Dividend—
was
•
119,869
Cr312,795
[Including Manchester St. Ry. & New Hampshire Power Co.]
reserve appropriations and dividends.
of preferred stock were paid on July 1,
After the payment of
these dividends
864,588
275,618
.....$99,103,0431100,158,326
Preferred stock
Common stock (par $1)
Earned surplus
Balance
unpaid dividends
74,922
831,380
388,131
104,876
126,273
Cr351,629
780,448
Accounts receivable—consumers
Accounts receivable—merchandise & jobbing
Accounts receivable—employees
3 Mos.End.Sept. 30—
Net profit after int., de-
Power & Light Co.—Earnings-—
1935
Plant, property, rights, &c
Non-operating property
The Interstate Commerce Commission
5,000
ndenture under which they were issued.—V.
143, p. 411.
Pennsylvania-Dixie
payment
(& Subs.)- -Balance Sheet
y°L $sGts~~~~~
24,680
Non-cumulative income debentures ($727,500
outstanding Sept. 30, 1936
1n^terest on these debentures is payable annually on May 1, beginning
J Pur§uant to the restrictions as to earnings and other provisions as
stated in the
$1,925
June 30—
Total
other corporate
purposes
$60,635
33,333
25,377
$49,422
-V. 142, p. 3866.
8,281
_
?QQA
Co.
1
v
z
25,123
dividends and surplus
Reserves
% gold bonds requires:
(a) 33 1-3% of the balance after 1st
mtge. bond
int. charges is required to be
paid into a sinkmg fund for retire, of 1st mtge.
% bonds.
(b) Provision of $20,000 is required to be made an¬
nually for extraordinary maintenance or for
x
common
$313,814
199,444
25,902
26,060
1,771
$104,545
30,000
—
...
Accrued taxes.
below
The trust indenture
securing the first mortgage
|
32,710
$4,634
Total
$95,727
12,590
28,418
Operation...
Power
x
16.543
Merchandise, materials and supplies
Pecos
aoes
180,556
N otes receivable
$7,893,976
1,200,000
leased
,
Balance for
$334,356
—V. 143, p. 1727.
42,506,737
Manufacturing profit and net operating revenue$16,901,010 $13,918,288
Selling, general and administrative expenses
6,075,069
4,375,7<*2
Provision for management bonus
348,910
223,000
Discounts on sales and provisions for bad debts
784,141
643,611
Sundry expenses and losses
179,283
Profit
$8,781
reserve—
Preferred dividend requirements
$56,425,025
1936—12 Mos.—1935
88
Appropriations for retirement
Owens-Illinois Glass Co. (&
932.—
p.
V. 143, p. 440.
Taxes
1936—Month—1935
1936—12 Mos —1935
$1,150,052 $14,648,800 $13,594,722
$1,290,727
478,581
435,422
5,529,920
5.311,166
80,822
66,128
841,460
806,530
172,028
165,387
1,786,696
1,892,297
mon
Pittsfield Electric
t,
lafour-to-one decision.
Co.—Company Permitted to Issue Stock
Chairman Murray dissenting, the Massachusetts
Public Utilities Commission has
amended its order of
July 6, 1936, in this
company's stock application case and now approves an
issue of 4,160 shares
of additional capital stock
$100 par value, at $125 a share.
The original
order approved an issue of 3,000 shares of
$125.
Proceeds are to be applied
to payment and cancellation of
$520,000 promissory notes outstanding
to March 31. 1936—V.
140, p. 1841.
Balance
Inc. from other
sources.
Balance
Interest & amortization.
Balance
$559,295
34,733
$483,113
34,733
$.6490,422
416,800
$5,584,729
416,800
$594,028
$517,846
322,848
$6,907,222
317,033
$6,001,529
3,880.153
$276,995
$194,998
$3,084,567
Appropriations for
3,822,654
1,423,498
550,000
1.583,970
retirement reserve..
Prior preference dividend
requirements.
Preferred dividend requirements
Deficit for common dividends and surplus.
—V. 143, p. 2065.
G
$472,901
$2,121,375
1,358,741
550.000
1,583,970
$1,371,336
Financial
143
Volume
Public Service Corp. of N. J.
2693
Chronicle
months ending Dec. 31,
The profit included in the above for the three
(& Subs.)—Earnings—
Period End. Sept. 30—
1936—Month—1935
1936—12 Mos.—1935
——$10,110,439
$9,701,284 $120815,623 $119708,399
Oper. exps. maint. taxes
and depreciation
7,008,200
6,749,664
82.982,217
81,114,697
Gross earnings
1935, is after deducting a proportionate amount of bad debt losses
repossessions for 1935, as shown in the annual accounts, and for the
and
nine
months ended Sept. 30, 1936, the profit is after making an estimate of the
bad debt losses and repossessions.
All figures quoted herein for 1936 are
subject to audit and adjustment at the end of the fiscal
year.—V. 143, p.
935.
Net inc. from oper
—Y.
$2,951.620 $37,833.406
1,840,957
24,430,272
$3,102,238
2,037,681
Bal. for divs. & surplus.
$38,593.702
24,330,801
143, p. 2065.
Pullman
Co.—Earnings
r
—
[Revenues and Expenses of Car and Auxiliary Operations]
Period End. Auq.ZIi
„
1936—8 Mos.—1935
1936—Month—1935
't-'y-^
vvV,.
$5,210,924
$4,373,819 $37,377,611
4,322,695
4,158,895
33,487,706
Sleeping Car Operations—
Total
revenues
Total expenses
Net
$32,076 386
33,304,071
.
$1,072,439
1,012,332
979,099
mission
$93,340
ties Act of 1933, covering $25,000,000 of general mortgage bonds, series C,
due Nov. 1, 1956.
The interest rate is to be furnished by amendment to
the registration statement.
$260,248
$913,918
367,694
$224,671
105,699
$4,150,153def$1134,344
2,013,552
1,010,223
$546,223
$118,972
$2,136,600def$2,144568
Quebec Power Co.-
Earnings—
9 Mos. End. Sept. 30—
1936
$2,866,102
Oper., taxes & other exps
1,613,912
Exchange on bond int...
3,585
Fixed charges
456,399
revenue
.....
deprec.
1933
1934
1935
$2,848,578
1,630.794
$2,856,745
1,734,736
863
$2,722,220
1,621.095
3,864
456,399
25,689
440,086
456,399
&
inc. tax
$792,206
$760,522
$640,862
$656,233
-V. 143, p. 1244.
Market
Cold
Warehouse
&
Storage
Co.—
lb-Cent Preferred Dividend—
The directors have declared a dividend of 75 cents per share on account
of accumulations on the
5% cum. pref. stock, par $100, payable Nov. 2 to
holders of record Oct. 15.
Similar distributions were made in each of the
11 preceding quarters.
In addition, a special dividend of $1.25 per share
on May 1, 1934.
A distribution of 25 cents per share was made
1, 1933 and 50 cents per share was disbursed in the three preceding
prior to which regular quarterly dividends of $1.25 per share
were paid.
~
. •.
Effective with the current payment, accruals will amount to $11.75
per share.—V. 143, p. 1569.
paid
was
on
Feb.
quarters,
Railway Equipment & Realty Co., Ltd.—Earnings—
Period End. June 30—
Gross (incl. non-op inc.)
1936—12 Mos—1935
$5,407,452
$5,841,281
4,317.551
4,731,836
248,731
141,000
301,454
318,271
166,334
138,759
1936—3 Mos.—1935
$1,490,966
Operating expenses
1,203,993
Taxes, lie. & percentages
58,037
Depreciation
83,531
Int. & miscel. deductions
30,901
$1,388,382
1,128,667
68,987
73,579
40,873
$114,501
4,905
Net profit
$76,274
7,309
$511,412
54,676
$373,380
Crl7,660
$109,595
Net income
Profit & loss charges
$68,964
$456,736
$391,041
-V. 143, p. 2534.
Operating expenses
Express taxes
7,487,695
386,592
132,742
1,042
Int. & disct. on fd. debtOther deductions
7,078,296
129,984
145,786
1,920
Republic Steel Corp.—Plans $25,000,000 Bond Issue—
1936—7 Mos.—1935
$87,329,539 $78,951,592
52,008,055
48,486,042
2,321,151
907,078
940,386
1,019,428
14,359
15,203
been
made
to
that
consideration expenditures in the excess of $30,000,000, which in¬
clude the construction of additional coke ovens, the enlargement of exist¬
under
ing blast furnaces and the construction of additional finishing facilities,
of which it is anticipated the construction of a wide continuous strip sheet
mill will be the major item.
\
The bonds are redeemable at the option of the company at any time after
Oct. 31, 1941, as a whole or in part on any int. payment date after six
week's notice, at the following prices plus accrued interest: If red. on or
before Nov. 1, 1944, x04%; thereafter and incl. Nov. 1, 1948, 103%;
thereafter and incl. Nov. 1, 1952, 102%; thereafter and incl. Nov. 1, 1953,
101 Yi%\
thereafter
and
incl. Nov.
1,
1954, 101%; thereafter and
Nov. 1, 1955, 100>£%; and thereafter at par.
No firm commitment to take the issue has yet
pected that Kuhn, Loeb & Co. and Field, Glore
Earnings for 9 Months Ended Sept. 30
Net income after int., deprec.,
Shares common stock
1933
bonds & notes—
Cash dividends
$162,719
216,795
$180,542
150,027
$190,703
151,853
$170,747
185,947
Total int. & cash divs.
$379,514
54,887
$330,569
43,815
$342,557
41,937
$356,694
51,235
151,831
& Co., both of New
York
{Including^Subsidiaries)
$3,264,295
x$6,333,649
depletion, &c
2,047,803
$1.10
$0.28
x After
preferred dividends of Trumbull-Cliffs Furnace Co., and pro¬
vision for Federal income taxes, including estimated surtax on undis¬
Earnings
per
4,112,758
share
tributed profits.
The corporation
.
.
,
points out in connection with its nine months earning
on undistributed profits for the period at
$603,000.
It states that the estimate has been based on profits for the
period assuming that the subsidiaries will pay dividends for the year equal
to approximately the same percentage of their earnings as dividends paid
by the corporation out of its earnings.—V. 143, p. 2066.
that
it
estimated
the surtax
Antelope Copper Mines,
directors
have declared
a
Ltd.—$1.12 Dividend—
American share
A dividend of 76 cents per
dividend of $1.12 per
payable Oct. 30 to holders of record Oct.
share was paid on Nov. 30, 1935.
26.
1936
£505,500
1934.
£489,126
249,500
354,355
£234,000
£159,000
£134,771
22,000
Oper., exp., incl. London &
charges. 1
£408,500
271,500
3 Months Ended Sept. 30—
22,500
37,500
22,926
37,500
£99,000
£74,345
1935
^
Gross revenues
mineadm.
work, expenditure.
or.
ocr
Peov. for deb. stock int. & prem. on
redemptibn
37,500
Reserve for depreciation
Railway & Light Securities Co.—Earnings—
9 Mos. End. Sept. 30—
1936
' 1935
1934
incl.
been made, but it Is ex¬
City, will be included in the underwriters, it is stated.
The price to the public, the names of other underwriters and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.
Est. surpl. over
$2,748,942 $32,045,588 $28,523,841
company.
The company states that the capital expenditures will for the most part
be made subsequent to Jan. 1, 1937, for additions and improvements and,
while the exact nature of these improvements has not been decided, it has
ments to rail & other
carriers—expr. priv.) $3,546,434
—V. 143, p. 2065.
the Securi¬
registration statement (No. 2-2563, Form A-2) under
According to the registration statement, $23,300,000 of the net proceeds
the general mortgage and
the company for capital
expenditures made after Sept. 1, 1935, and $1,700,000 of the proceeds will
be issued against delivery to the corporate trustee of an equal principal
amount of debentures of Truscon Steel Co., which the company will have
acquired for the purpose of providing Truscon Steel Co. with $625,000 for
additional working capital and funding advances of $1,075,000 which have
Rail transp. rev. (pay¬
„
a
will be deposited with the corporate trustee under
will be paid out from time to time to reimburse
The
*
Securities and Exchange Com¬
The corporation on Oct. 21 filed with the
Roan
Railway Express Agency, Inc.—Earnings—
Period End. July 31—
1936—Month—1935
Revenues and income.-.$11,554,505 $10,104,928
Int.
9,905,521
$1,272,580
$9,747
Operating income
1727-
Quincy
36,606.871
12,283,660
9,755,526
125,859
$25,690
revenue
bef.
40,269,160
12,434,958
8,555,372
$135,607
.
-V. 143, p.
Surp.
37,937,378
10,935,081
$3,889,904def$1227,685
revenue..
Taxes accrued
Gross
Net after rents
—V. 143, p. 2065.
1933
$4,436,235
1,626,230
1,455,866
129,049
revenues...
Total net
Gross from railway
Net from railway
1934
$3,930,120
1,110,113
862,295
43,164,410
13,418,932
10,033.331
Net after rents—
From Jan. 1—
1935
$4,021,451
1,318,091
1,066,079
$214,923
$888,228
Total expenses
Net
1936
$4,745,063
1,531,423
1,125,027
$154,739
revenue
Auxiliary Operations—
Total
Reading Co .—Earnings—
September—
Gross from railway
Net after railway-
£174,500
Profit, subject to taxation
143, p. 2383.
—V.
-
,
.
..
156,382
on
—
Expenses and taxes
Int. & other charges on
funded debt-
-
132,000
—
"Net income——i.. Note—The
above
1507803
$192,627
$135,950
statement
Rolland Paper
$148,787 J $149,077
income
does not include realized and
Based on book amounts at time
securities for nine months ended
(after related Federal tax) in 1936 and
of
unrealized profit and loss on securities.
of sale, realized net profit on sales of
Sept. 30 amounted to $466,371
Rochester Gas & Electric Co.—Initial Preferred Dividend
directors have declared an initial quarterly dividend of $1.25 per
on the 5%
class E preferred stock, par $100, payable Dec. 1 to
holders of record Nov. 12.—V. 143, p. 2384.
The
share
$5b533 (excluding $101,000 loss charged against investment reserve) in
Comparative Balance Sheet Sept. 30
Assets—
1936
1935
Preferred
stocks..
1,044,209
Common stocks
Accept, notes rec.
_
Cash
Accts. receivable..
Pref.
15,229
Accrued int. rec._
52,654
63" 109
2,359
Suspense
Unamortized bond
disc. & expense_
Reacquired
114,000
204,092
stock
cum ser.
2,113,600
2,146,447
60,000
The company
478,452
...
(since
Jan.1,1932)...
51,307
325,232
of
1935/an increase of almost
Resell
$87769,2011
Total
sented
by
163,140
no
profits
Repre¬
paid on Aug. 1 and May
and $1 per share paid each
1, 1935; $1.25 on Feb. 1, 1935
Rocky Mountain &
Period End. Sept. 30—
Gross earnings
on
Federal income tax
(other than surtax on undistributed profits) if
were realized.—V. 143, p. 1727.
Cost, expenses & taxes..
ch3,rK6S«
—
—
Deprec. and depletion.-
153,S16
18^,429
25,941
106,837
105,954
„
26,138
Corp.—Earnings—
Federal income taxes
per
St. Louis
loss$10,828
$82,984
$25,612
& Pacific Co. only.—V. 143, p. 601.
Rocky Mountain
Francisco Ry.—Hearing Dec. 1—
'
^
has assigned a hearing for Dec.1
proceedings of the company. At
to a plan of reorganization filed
by the reorganization managers in 1933 will be received and evidence
concerning any other plans which may be filed before or at that time.—
St. Louis-San
Period Ended Sept. 30, 1936—
Net profit after deducting int., deprec.
Earnings
x
Pacific Co.—Earnings—
1936—12[Mos.—x 1935
$1,418,279 $1,214,957
L074.643
?c9 4oq
$42,898
Net profit
the in¬
dicated appreciation
Reliable Stores
and Nov. 1, 1934,
1936—3 Mos.—1935
$363,967
$276,176
258,906
215,587
36,025
45,475
greater than their book amount
by $1,134,385
account of
quarter from May 1,1933 to and including Aug. 1,
the company paid regular dividends of $1.75 per share.
Accumulations after the payment of the Nov. 2 dividend will amount to
$1 per share.—V. 143, p. 1570.
Tntpfftsfc
shares.
of securities owned
par
priced at market quotations
by $2,163,569 on Sept. 30, 1936 and
Sept. 30, 1935, after allowance at both dates for possible
Note—The aggregate
was
Ltd.—Accumulated Dividend—
declared a dividend of $2.75 per share on
the 7% cum. pref. stock, par $100, payable Nov. 2 to
holders of record Oct. 21A similar payment was made on Aug. 1, May 1
and Feb. 1 last, and on Nov. 1, 1935, and compares with $1.50 per share
$9,204,516 $8,769,201
No provision has been made for Federal surtax on undistributed
as'such tax, if any, cannot be determined until the end of 1936.
y
x
»
months' period ended Sept. 30,
the corresponding period
28%.—V. 143, p. 2067.
Motor Car Co.,
St. Louis
$9,204,516
Inc.—Sales—
against sales of $1,809,539 for
303,122
Earned surpl.
Total
reports sales for the nine
1936, of $2,315,505,
1934. prior to which
from cap. trans¬
actions)
changes
accumulations'on
par)
2,113,600
y Common stock.. 2,146,447
Investment reserve
60,000
11,955
some
The directors have
6%
A ($100
Spec, surpl. (profit
bonds
($13,000 face
amount)
made
Roxborough Knitting Mills,
1935
1936
Liabilities—
$3,955,782 Coll. trust bonds--$4,000,000 $3,963,000
20,362
42,655
719,371 Accts. payable
77,838
3,084,039 Coupon int. accr—
4,023,321
x~6~478
1,889
199,936 Tax liability
31,633
31,650
557,395
528,552 Res. for dividends.
Bonds and notes..$3,397,704
Co. Ltd.—New Directors—
the setting up of a voting trust control, the company
in its board of directors.
Francis St. Pierre,
I. W. Killam, H.J. Symington, K.C., and A. G. Mackinnon, all of Montreal
and Donald Fraser of Plaster Rock, N. B., have resigned.
They are
replaced on the board by Jean Paul Rolland, J. Weldon, Hugh McKay,
A. S. Torey, and Alderic Raymond, all of Montreal, and J. Y. Murdoch
of Toronto.—V. 143, p. 2535.
As the result of
has
share on common stock
The Interstate
3 Mos.
& normal
12 Mos.
$253,861
$816,949
$0.66
$2.07
,Note—The net profit for the three months includes nominal, non-oper¬
ating companies, the operations of which are conducted wholly for the
account of Reliable Stores Corp. and of Levy Realty Corp. (100% owned),
but exclusive of the estimated proportionate amounts of profits of Castelberg Jewelry Corp. and Frank Corp., amounting to $7,577.
On a similar basis, for the 12 months ending Sept. 30, the net profit is
exclusive of the estimated proportionate amount of profits of Castel berg
Jewelry Corp. and Frank Corp. amounting to $50,746.
Commerce Commission
connection with the reorganization
that time further evidence pertaining
in
V. 143, p.
2536.
Dividend—
St. Louis Screw & Bolt Co.—•Accumulated
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable Nov. 1 to
holders of record Oct. 24.
A like payment was made on Aug. 1, May 22
and Feb. 29, last, and on Nov. 30, 1935.
Accumulations after the current
payment will amount to
$24.50 per share.:—V. 143, p.
601.
Financial
2694
San Diego
Securities Acceptance
Consolidated Gas & Electric Co.—Earnings
Period End. Aug. 31—
Operating revenues
—
Islet oper. revenue
Other income.
-
_
o
1936—Month—1935
$615,353
$592,696
257,096
285,350
329
225
$3,226,836
1,250,000
Gross income
$2,194,827
Corp.—Earnings—
9 Months Ended Sept. 30—
1936
.1935
_
$384,237
142,885
121,972
$157,571
•
8,268
21,061
..........
$483,772
145,237
180,963
$119,379
$128,241
Gross income
Direct income charges
General and operating
$100,768
$14.25
$15.00
p; 1.15
1.05
.......
,
$3,399,827
$1,976,836
—-
1936
24,
Comparative Income and Expense
1936—12 Mos.—1935
$7,778,244
$7,283,476
3,225,279
3,388,457
1,557
11,369
$285,576
Balance
$257,425
Appropriation for retirement reserve
Oct.
Chronicle
1.205,000
Operating profit
Fixed charges on 5% debentures
Provision for Federal taxes
--
18,611
—V. 143. p. 2225.
Savannah Electric & Power
Period End. Aug, 31-—
Gross earnings...
Operation
Co.—Earnings—
1936—12 Mos.—1935
$1,909,726
$1,815,314
722,383
693,969
114,354
105,855
205,328
207,935
399,771
396,326
1936—Month—1935
$151,934
$163,886
60,404
63,025
Maintenance
9,847
16,233
33,034
8,293
16,363
31,451
Taxes
Interest & amortization.
Net
profits
Earned per share preferred stock ($25 par)
Earned per share common stock
Balance Sheet Sept. 30, 1936
Liabilities—
Assets—
$431,970 Collateral trust notes & bonds_$l,581,000
3,192,239 Coll. trust bonds-long term...
290,000
4,510 Accts. payable and accrued
101,516
7,140 Contingent reserves
72,338
Cash
Notes receivable...
Repossessions.
Balance......
$44,752
Appropriations for retirement reserve.
Debenture dividend requirements....
Preferred dividend requirements
$32,415
$467,889
183,333
149,114
60,000
$411,229
150,000
149,114
60,000
$75,441
Other notes receivable
$52,114
172
Accounts receivable
Cash value life insurance.
11,260
91,172
Deferred charges
Furniture and fixtures—
Balance for
-V. 143, p.
dividends and surplus
common
Reserves for losses
57,494
212,494
Deferred income
5%
conv.
debs., due June 1,
1946
8,927
Common stock
1728.
'
500,000
300,000
Preferred stock
Surplus
(K. G.) Schmidt Brewing Co.,
Total
The directors have declared an initial dividend of five cents per share on
the common stock, payable Nov. 10 to holders of record Oct. 31.—V.
137,
Total
.$3,747,393
$3,747,393
-V. 143, P. 2067.
328.
p.
Seeman
Schenley Distillers Corp. (& Subs.)—Earnings—
Period End.
Sept. 30—
Net profit after interest,
1936—3 Mos.—1935
tal stock
Scott Paper
$3.96
Sept. 29 '35
Sept. 30 '34
$7,590,813
4,204,263
421.673
2,358,356
183,246
2,069.869
128,038
$6,728,055
3,604,836
376,844
1,926,097
119,942
125,712
Selected
Oct. 1 '33
$5,926,618
3,238,262
348,935
1,574,006
105,455
Pennsylvania income and
capital stock taxes
Net
$700,336
106,838
198,420
$659,958
112,927
181.507
Net
$371,962
$395,078
168,874
168,864
$3.52
$3.51
$3.23
$840,562
2,374,862
$1,128,680
2.295,390
$3,215,424
815.781
Total current assets
Total current liabilities
$3,424,070
692,573
1247.
1936
1935
1934
$14,762,614 $13,657,572 $11,976,118
9,632,168
9,006,574
7,932,474
Cost of sales
$5,130,446
4,465,271
50,887
$4,650,998
4,251,057
77,691
$4,043,645
3,904,700
66,408
Net profit from operations
Interest and other miscell. inc. rec
$614,288
54,619
$322,249
36,930
$72,536
56,284
Total profit from operations
Int. charges on serial and collateral
$668,907
$359,179
$128,820
137,771
20,687
69,228
153,671
18,117
28,711
182,793
14,908
$441,219
$158,680
gold notes and current indebtedness /
Miscellaneous charges........
Provision for income tax
......
Net income.
Balance Sheet
on
1,710,605
Cust. notes recelv.
Bal. in closed bank
notes
360,658
2,200,059
3,904
18,751
365.889
Vandervoort
of
136,000
51,041
Prov. for Inc. tax.
to be
43,884
42,916
95,846
82,677
g.
150,055
1,319,500
3,538,494
39,836
48,443
127,437
137,059
4
4
Min.
premises..
Goodwill
Int.
In
298,500
for bad debts of
426,500
80,100
99,800
1st
com.
231
242
1st preferred stock
2d pref. stock
1,2,45,500
1,245,500
1,016,725
Common stock.. 4,099,875
1,019,225
4,100,000
1,251,368
—$8,506,824 $8,362,7991
b After
19,900
cos.
c
853,976
Total
$8,506,824 $8,362,799
$108,427 in 1936 and $84,097 in 1935.
depreciation reserves,
c Represented
by 163,783 shares of $25
each ia 1936 (163.284 shares at $25 each in
1935) and 53 shares of $100
each in 1936 (179 shares at $100 each in
1935).—V. 141, p. 2903.
Seagrave Corp.—Earnings—
«
[Including Seagrave Fire Engines,
„
9 Mos. End. Sept. 30—
Net sales
Cost
of sales,
selling
administrative
1936
1935
(as
1
128
$20,635,249 $22,530,741 $24,527,320 $28,521,747
on
sale of
prof.3,192,226
443,006
xl,538,128
2,191,579
$23,827,475 $22,087,735 $22,989,193 $26,330,167
1,032,354
above)
Bal.,
surp.,
1,027,860
974.641
975,905
.$24,859,829 $23,115,595 $23,963,833 $27,306,073
$5.50 div. prior stock.
$1.50 cum. conv. stk.
1,055,714
2,042,335
1,658,967
1,658,959
209,606
Sept. 30-S22,607,888 $22,059,880 $22,304,866 $25,647,114
x After
deducting profit on syndicate participations amounting to $37,502.
Note—In arriving at net income and net profit on sale of securities for
the period, which are included in the balance of surplus at Sept. 30, 1936,
no provision has been made for liability, if any, with respect to surtax on
undistributed profits.
'
Assets—
1935
Deps.
in
1936
Liabilities—
$
5
Cash in banks, on
hand and at call 1,964,061
c
d $1.50
61,075
a35 ,941,668
19,940
f33,082,477
259,894 Reserves for
12,728
798,491
117,804
357,682
exchange
2,121,585
2,121,585
2,093,334
2,120,902
—Dr2,271,964 Dr 1316,445
exp.,
&c
taxes,
ties sold
$
9,475,000 10,761,975
cum. conv.
258,927
r eceivable, Ac—
Reserve for securi¬
1935
Common stock..
b Stk. in treas.
and dividends
Foreign
...
stock
e
$
$5.50 cum. prior
stock....
2,454,237
foreign
currencies
contracts
339,282
3,884,440
Bank loan
For'n exch.
contr.
Dividends payable
Due fro sec. purch.
—
134,691
17,408
17,408
Ltd.]
19^4
1933
$653,665
$614,740
$464,787
357,682
51,764
.22,607,888 22,059,880
635,728
514,728
Investments
or
owned
market at
on
Total
March 31,
that date.
1571.
$446,254
668,255
39,036,950 36.309,443
g716,098
71,286
39,036,950 36,309,443
1931 are carried at the lower of
Subsequent purchases are carried at cost.
Investments, based on market quotations as at Sept. 30, 1936, or, in the
absence thereof on their then fair value in the opinion of the corporation,
were in excess of the amount shown by $14,052,974, after
deducting the
normal Federal income tax on the unrealized appreciation of investments.
No deduction has been made for liabilities, if any, with respect to Federal
excess profits tax or surtax on undistributed profits.
Investments having
a fair value in the opinion of the corporation of $2,832,830 are
pledged as
collateral for bank loan due Dec. 2,
1938.
b Represented by 15,744
(14,900 in 1935) units allotment certificates carried at cost of $1,420,090
($620,460 in 1935) and 9,606 (13,411 in 1935) shares $5.50 cum. prior stock
at cost of $851,874 ($695,986 in 1935).
c Par value $25.
d Par value $5.
e Par value $1.
In addition there are reserved unissued shares of common
stock as follows:
1,272,951 for conversion of convertible stock, 307,644
for exercise of purchase warrants and 200,000 for options at $15 per share,
total 1,780,595.
i Investments owned on March 31, 1931 are carried at the
lower of cost or market at that date.
Subsequent purchases are carried at
cost.
Investments, based on market quotations as at Sept. 30, 1935, or,
in the absence thereof, on their then fair value in the opinion of the corpora¬
tion, were $4,198,615 in excess of the amount shown above, after giving
consideration to tax liabilities,
g Includes interest accrued.—V. 143, p.
cost
503,213
Seversky Aircraft Corp.—Acquisition—
&
exps._
66
27,568
Total surplus
Dividends declared—
a
14,800
Deficit
reserve
1,242
......
Surplus
cos
stk. of sub.
1933
stocks
stock
Total
exchanged
subsld'y
1934
conv.
1,369,500
mtg. 6% g. notes
Preferred stock of
3,447,252
Sept. 30
1935
Net income for 9 months
46,715
notes
Serial real est.
bldg.,
gold notes
After
of Surplus
$20,607,681 $22,529,499 $24,527,254 $28,521,619
Balance
46,887
156,193
for coll. g. notes
Improve, to leased
a
120,000
103,993
notes
of parent co
equip't
Total
$975,905
stock
Spec'l deposits, Ac
sal., taxes,
Interest, &c
Unamort. discount
on
common
Total
Int.
6%
44,231
7% serial
& turn. A llxt's.
32",916
$974,641
7% coll. gold
expenses,
delivery
common
Deduct—Loss
769,842
Accr'd
&
—stks., bds., Ac
b Real est.,
convertible
into
Investments
notes
Investments
Prepaid
mtge.
7,845
23.444
Barney Bank
Other
$200,000
$845~15l
gold notes
Accr'd Int. on gold
2,015,266
and
52,048
1935
Notes payable
1st
acc'ts receivable
Invest, in Scruggs,
income
Balance Sheet Sept. 30
1936
Accounts payableSerial
real
estate
hand and
Inventories
Sundry
$339,114
1,835,048
accts.
In transit
2l",736
$1,027,860
expenses.
1936
July 31
Liabilities—
$282,092
Mdse.
as at
19361935
&
26", 558
$1,032,354
"6", 955
$1,207,694
78,167
120,705
Arising from retirement
def$68,881
Bad debts.
Notes
$1,195,773
69,577
129,818
....
securities
Years Ended July 31—
Net sales
receivable
$1,259,285
72,323
132,544
1936
Scruggs-Vandervoort-Barney Dry Goods Co. (& Subs.l
Cash
$1,380,135
84,187
172,514
51,762
39,319
Statement
Sept. 27'36 Sept. 29'35
other
Assets—
28", 750
$235,519
950,261
14,958
income..
Balance, Dec. 31
Add—Arising from
of
143, p.
"3", 171
underwrite
$365,523
168,847
$2.49
1933
$265,368
901,656
Taxes
223.755
1934
$238,457
1,017,657
Total income
$700,511
104,794
Current assets—Cash
—V.
on
Miscellaneous
General
1935
1936
$129,940
1,250,195
Service fee
Condensed Statement Comparing Current Assets and Current
Liabilities*
All
108,700
$1.02
synd. partic..
on
Comrn'ns
284,978
share
per
Profit
$325,064
Balance
Shs.com.stk.out. (no par)
108,000
$1.14
Industries, Inc.- -Earnings-
dividends
$756,442
46,703
384,674
Preferred dividends
Common dividends
Earnings
Cash
Interest
Income
108,000
$1.01
$4.53
66,459
Federal taxes
$111,162
108,000
$1.01
Interest income..
443,454
Mfg. & maint. expenses.
Depreciation
Selling & gen. expenses.
$122,797
stk. outstand¬
com.
9 Mos. End. Sept. 30—
Sept. °>7 '36
$8,651,268
4,784,057
-
sales
$109,512
ing (no par)
per share
—V. 143, P. 1247.
undistributed profits.—V. 143, p. 2067.
Co.—Earnings-
9 Months Ended—
Net
on
$1.64
1933
1934
$109,300
Earnings
$1.44
Before Federal surtax
x
$4,755,565
1935
1936
Net profit after charges
and Federal taxes
Shs.
$1,724,913 *$4,782,795
Inc.- -Earnings—
Brothers,
Quar. End. Sept. 30—
1936—9 Mos.—1935
deprec., conting., Fed.
taxes, &c
x$1,716,847
Earns, per sh. on 1,050,000 shs. (par $5) capi¬
a
530,804
101,745
*_
Inc.—Initial Dividend—
Three factories, a flying field and hangar and a seaplane assembly base
at
Operating loss.
Other income
Total loss
Charges & Fed. taxes
Less Seagrave Fire En¬
gines, Ltd
$14,590
9,075
$5,515
17,373
$20,988
12,660
$49,941
14,834
$8,328
$35,107
7,887
.
19,266
$56,959
16,243
'
$40,716
2,477
x
Net loss
x
Operations suspended Feb. 28,
Income—Dividends
$27,594
1936.
y
y$42,994
$43,193
After including unabsorbed
burden for the period amounting to $13,487.—V.
143, p. 602.
Shareholders Corp.—Earnings—
Statement of Income for the
4,300
$27,188
Farmingdale and Amity ville L.I. have been purchased by this company,
giving it facilities to expand its output, it was announced on Oct. 16 by
Major Alexander P. de Seversky, President.—V. 143, p. 1571.
Expenses—
Income less expenses
Dividends
3 Months Ended Sept. 30, 1936
:
$8,465
2,015
$6,449
9,367
Volume
Financial
143
Statement of Surplus for the 3
Chronicle
Months Ended Sept. 30, 1936
Paid-in surplus, balance, July 1, 1936-Profit on sales of securities
(L. C.) Smith & Corona Typewriters, Inc.—Earnings—
x$183,547
23,967
Over-provision for Federal income tax for year ended June
Proceeds from sale of 100 shares of treasury stock.
125
815
30 '36
Total
Years End. June 30—
Net income after int., deprec., &c...
Earnings per share
—V. 143, p 2068.
$208,454
Cost of 1,240 treasury shares acquired
901
375
$10,114
9,367
Dividend payable Oct. 15,1936
Earned surplus, Sept. 30, 1936
$747
197,083
Total surplus, Sept. 30, 1936
x Consisting of
surplus arising from reduction of capital and portion of
proceeds from sale of capital stock, less revaluation of securities, net loss on
securities sold, Federal income taxes applicable to profits on sales
ties, cost of treasury shares acquired and dividends paid.
of securi¬
:£;
^
*
Sept. 30,1936
Assess—
Liabilities—
Investments
5322,923 Management fee payable
14,934 Dividend payable Oct. 15,1936
3,655 Accrued taxes
Common stock (par $1)
Cash in banks.
Dividends
receivable..
Deferred charge—Federal capi¬
tal stock tax
Net income after taxes and charges..
—V. 143, p. 2068.
Southern
$196,336
3,665
6,449
Dividend income less expense
Balance Sheet
9 Months Ended Sept. 30—
,
1,125 Treasury
stock
Portion of legal
....
$1,445
9,367
7,741
127,000
Dr33,329
capital under
laws of Del. in excess of par
value of outstanding stock..
Paid-in
surplus
Earned
33,329
196,336
surplus
Indiana
141, p.
1947.
(& Subs.)—Earnings—
[Formerly Sharon
3 Months Ended—
Gross sales
In
Steel
Hoop
Manufacturing costs
Securities Act of 1933, its registration statement with respect to 85,895
shares of 4.8% preferred stock and it contemplates issuing and selling this
stock under authority of the order of the P. S. Commission of Indiana
issued Oct. 20, 1936.
It is anticipated that public offering of the stock
will
be
made
by underwriters
or
on
1936, and that the
about Oct. 27,
company will call all of its outstanding 6%, 6.6% and 7% preferred stock
for redemption on Jan. 1, 1937, at $105 per share plus divs.
Preferred stockholders wishing to continue all or any part of the present
investment in the company may do so through the purchase of the new
4.8%
preferred stock through their own investment dealers.
Company
to
make arrangements whereby the redemption money due
preferred stockholders will be made available at any time after the issuance
or redemption notices and in accordance therewith and
prior to Dec. 26,
1936, less a discount, as follows;
proposes
Par value of
6% Quar.
$100.00
share..
6% SemiAnnually
_
Premium
5.00
1.50
$100.00
5.00
3.00
$106.50
6.6% Quar.
$100.00
7% Quar.
$100.00
5.00
1.65
5.00
$106.65
$106.75
$108.00
one
share
per
$947,925
265,625
212,184
14,737
21,125
$676,724
251,054
214,228
14,049
21,125
$321,645
20,669
$176,268
y!19,389
$455,264
24,446
88,400
$342,314
46,208
27,770
$295,657
80,312
2,729
$342,418
$268,336
$0.79
Provision for doubtful accts., &c
$829,223
263,997
208,666
13,790
21,125
$434,254
21,010
expenses..
$0.59
1.75
due
less
a discount of 1 1-3 cents
per share for each day intervening between the
date of payment and Jan. 1, 1937, being a discount equivalent to 4.8% per
annum on the par value of
$l60. Payment for stock so to be called for
redemption
Balance
Selling, general & admin,
Depreciation
Ordinary taxes.__
to
amount of its 5^ % bonds due 1957 at 105%.
The company, having thus completed the refunding of its bonds, is taking
proceedings to refund its outstanding preferred stock.
To that end on
Oct. 7,1936 it filed with the Securities and Exchange Commission, under the
Jan. 1,1937
Co.]
Co.—Notice
notice to holders of preferred stock the company states:
a
Amount
Sept. 30 *36 June 30 '36 Mar. 30 '36
$5,495,895
$4,971,373
$4,502,237
4,547,970
4,142,150
3,825,513
1934
$4,893,391
The company on Aug. 31, 1936, issued and sold to two institutions for
their investment portfolios $5,560,000 first mortgage bonds, 3.35% series
of 1936, due 1961, at 100% and on Oct. 1, 1936 redeemed a like principal
747
$342,637
Total
Co.-—Earnings
1935
$5,640,863
Electric
Acer. div. to Jan. 1,'37.
S342.637
Sharon Steel Corp.
x
1936
$6,687,996
&
$234,790
$0.50
$428,645
,$1.70
Preferred Stockholders Regarding Redemption of Same—
_
'-Total.............
-V.
Gas
1934
'1935
1936
$709,279
$3.25
on common
Southern Bell Telephone & Telegraph
10,842
Under-provision for Federal capital stock tax for year ended
June 30,1936
Provision for Federal capital stock tax
Paid-in surplus Sept. 30, 1936
Earned surplus, balance, July 1, 1936
2695
as above is to be made by the comapny upon
certificates in-negotiable form.—V. 143, p. 2385.
presentation of
Southern Natural Gas Co.—Initial Dividend—Interest
Payment—
An initial
Balance....
Other income
on
dividend at the rate of 80 cents per share has been declared
the Class A stock payable Dec. 15, 1936 to holders of record Dec. 7.
Directors of the company also declared interest payable at the rate of
6% per
Profit
Interest, amortization, &c_.
Prov. for Federal & State income taxes
Net profit
Earns,
mon
sh.
368,359 shs.
stock (no par)
per
on
'
interest due
z$212,616
$0.56
Less discounts, returns and allowances,
y Includes $101,387 profit
sale of marketable securities,
z Of the net profit of $212,616 reported
for the March quarter, company states that $84,424 was carried to earned
x
surplus of the corporation subsequent to Feb. 29, 1936, as of which date the
stated capital was reduced and the operating deficit then existing eliminated;
earnings prior to March 1,1936, therefore, are not available for dividends.
Note—No provision made for Federal surtax on undistributed profits.
For the nine months ended Sept. 30, 1936, net profit was $823,370,
equal after preferred dividend requirements to $1.94 a share on common.—
Y. 143, p. 602.
1935
1933
1934
$9,433,406
2,004,724
1,179,771
292.069
542,349
1,326,307
310,036
606,510
Taxes and insurance
U.S. exch. on fixed chgs.
Reserve for exchange
75,000
Fixed charges
d3,031,714
75,000
3,020,206
$8,962,678 a$8,634,300
1,744,575
1,610,016
1,145,992
cl,243,956
274,480
248,929
491,106
508,461
62,322
333,388
3,09~9~402
b2,634",694
Sur. for the period before
deprec. & inc. taxes._ $2,658,370
$2,319,285? $2,144,800
$2,054,856
a After deduction of
$450,000 representing charge on capital cost of work
under construction, as explained in annual report,
b After deducting $450,-
000
above noted,
as
Includes U. S. exchange of $115,484.71.
d Includes
$101,846 amortization of land discount and premium.—V. 143, p. 1247.
c
Shell Union Oil Corp. (&
Interest
Deprec., depletion, &c__
Minority interest
Federal taxes
Subs.)—Earnings—
48,889,772
598,554
8,675,182
17,742
768,487
44,359,495 130,062,445 124,582,453
646,356
2.068,355
1,939,069
8,222,854
25,829,431
24,662,883
13,974
45,862
39,500
197,189
1,541,592
681,995
Profit from sale of invest¬
ment affiliated co
..
-
Net profit
x$7,210,230
Earns, per share om 13,-
070,625
mon
shares
$0.25
$0.51
___
$4,411,649
$0.21
expenditures, which amounted to $2,324,554 in the third quarter of 1936,
compared with $2,388,259 in the corresponding quarter of 1935.—V. 143,
P. 1416.
Sierra Pacific Electric Co.
Taxes
Net oper. revenues...
Non-oper.
(<& Subs.)—Earnings—
1936—Month—1935
$158,295
$150,461
43,246
69,185
6,999
3,582
24,409
18,360
$83,640
$59,332
1936—12 Mos.—1935
$1,698,556
$1,586,711
624,562
677,140
75,892
86,246
238,425
196,528
$759,676
3,508
$626,795
5,003
12
def233
$83,653
8,333
10,672
159,099
8.333
10,721
$763,185
100,000
126,493
$631,798
100,000
126,686
$64,647
$40,044
$36,692
$405,112
income—Net
Balance
Retirement accruals
Int. & amortiz., &c
Net income
—V. 143, p. 2226.
Silver Summit Mining Co.—Registers
list, given on first page of this department.
with SEC—
See
(Franklin) Simon & Co., Inc.—New President, dec.—
Leroy C. Palmer
At the
p.
same
was
elected President and a director on Oct. 19.
Weinberg was elected a director.—V. 143,
time Sidney J.
2225.
(A. O.) Smith Corp.—Correction—
The earnings statement appearing in our
ended
issue of Oct. 10 covers the years
July 31, and not calendar years, as stated.—V. 143, p. 2385.
Southern New England
Telephone Co.—Earnings—
9 Months Ended Sept. 30—
Total earnings
Total expenses, taxes.
Net
!
earnings
$2,503,373
$2,866,000
667,000
Balance....
Dividends
x
1935
xl936
$12,451,000 $11,642,956
9,585,000
9,139,583
754,848
,$2,199,000
1,800,000
$1,748,525
1,800,000
$399,000
$5.50
def$51,475
$4.37
Interest..
J
""
September results estimated.—V. 142, p. 4354.
Southern Pacific
Lines—Earnings—
Period End. Sept. 30—
1936—Month—1935
1936—9 Mos.—1935
Railway oper. revenues_$18,231,571 $14,249,520 $143052,858 $118319,588
Railway oper. expenses. 12,843,674
10,578,949 107,478,527
91,577,212
Railway tax accruals...
a902,516
1,127,326
a9,673,580
9,507,931
Equipment rents
823,864
698,742
6,667,038
5,435,462
Joint facility rents
~ 52,051
8,643
514,242
168,103
_.
Net ry. oper. income:
After depreciation..
Before depreciation.
a
.
$3,609,464
4,245,075
$1,835,858 $18,719,470 $11,630,881
2,482,473
24,589,862
17,374,275
Includes credit of $116,380 for month and $465,522 for period due to
reversing in months June to December, 1936, $814,664 accrued^tcrMay 31,
1936, under Railroad Retirement taxing Act, declared unconstitutional.
Southern Ry
-
--r*':
■
.
/ '
—Earnings—
—Second
Week of Oct.
1936
Period—
Gross earnings (est.)
—Y. 143, p. 2537.
$2,647,059
1935
—Jan. 1 to Oct. 14—•
1936
1935
$2,311,912 $97,942,148 $83,423,130
Knox in the United States District Court for the
Southern District of New York has filed his opinion relative to the distribu¬
tion of the proceeds of sale of the properties of the Spreckles Sugar Corp.,
assets which consisted principally of a refinery at Yonkers.
The assets were
sold at
$1.14
Exclusive of any surtax that may accrue on undistributed profits.
Note—The 1936 results include write-off in full of intangible
development
Maintenance
April 1, less bank discount at the rate of 3% per annuui
1247.
Federal Judge John C.
x
Period End. Sept. 30—
Operating revenues
*
Operation
This
Spreckels Sugar Corp.—Distribution of Proceeds—
Cr2,909,807
$3,882^15 x$16512,053
com¬
stock (no par)
on
—V. 143, p. 2226.
Period End. Sept. 30—
1936—3 Mos.—1935
1936—9 Mos.—1935
Gross oper. earnings
$66,159,966 $57,322,783 $173149,931 $156317,549
Expenses...
1960.
from the date of surrender to April 1.—V. 143, p.
Surplus
Earnings per share..
Shawinigan Water & Power Co.—Earnings
9 Mos. End. Sept. 30—
1936
Gross revenue
$10,225,470
Gen. oper. & inaint. exp.
2,217,533
"Water rentals
the adjustment mortgage bonds due Jan. 1,
com¬
on
Power purchased.
annum on
interest payment covers the six-month period ending Jan. 1, 1937.
The
interest is payable April 1,1937, but holders, at their option, may surrender
their coupons at any time prior to April 1 and receiving the amount of
a
receivers sale last year for $227,000.
granted the following allowances:
To
Co., ancf B. Holton Jr., $42,500; to receivers'
counsel, $50,000; to receivers' special counsel, $5,000; to special master,
Harold R. Medina, $10,000; to appraisers, $10,000; to counsel for the
complainant, Rudolph Spreckels, $1,500; to the Delaware receivers' counsel,
$2,350; to others $1,100, receivers' counsel, $2,989.50; to New York State
for 1932, 1933 and 1934 franchise taxes, $31,584; additional New York tax
claims of over $50,000.
Out of this amount Judge Knox
'the receivers, Irving Trust
These
allowances
apparently exhausted the fund
so
that the general
1286.
creditors' claims would appear to get nothing.—V. 141, p.
Standard Brands Inc.—-New Vice-President—
Artnur Bitter has been
elected a Vice-President.—V. 143, p. 773.
Standard'Gas & Electric Co.—Earnings-\—
Bernard W. Lynch,
President, says in part:
Thq consolidated operating revenues of the subsidiary public utility
companies increased $6,488,205. or 7.38%, during the 12 months ended
Aug 31, 1936, as compared with the 12 months ended Aug. 31,1935, while
consolidated net operating revenue (before appropriation for retirement
-and depletion reserves) Increased $3,223,557, or 7.61%.
The consolidated
net income of Standard Gas & Electric Co. and subsidiaries, not including
Deep Rock Oil Corp. (debtor under Section 77-B of the Federal Bankruptcy
Act as amended) and Beaver Valley Traction Co. (subsidiary of Phila¬
delphia Co.) in receivership and the subsidiaries of such companies, for the
12 months ended Aug. 31, 1936 amounted to $3,818,987.
This compares
with consolidated net income for the 12 months ended Aug. 31, 1935 of
Si 435 312
f
• ■
buring
the 12 months ended Aug. 31, 1936, the net income of Standard
Electric Co. decreased $323,995, as compared with the previous
12 months' period, despite the fact that the consolidated net Income for the
same period increased $2,383,675.
This is chiefly due to the fact that while
the earnings of the subsidiaries showed a marked improvement in the
Gas &
current
were
period, dividend disbursements of such subsidiaries in most instances
increased, the surplus earnings being retained in
not correspondingly
Financial
2696
the surplus accounts of the respective
in the income statement of
Chronicle
The rapid growth of load practically throughout the entire
& Electric Co. system has made it necessary for most of
—
months
few
the next
It
San Diego, and it is expected
an
increase of 10.52% over
1935.
General
of all classes was
Standard Gas &
increase of 32,038 customers, or 1.90% over the
Electric Co. system, an
Dec. 31, 1935.
on
Sale of gas and electric appliances by public utility companies in the
system totaled $5,733,511 for the year ended Aug. 31, 1936, an increase of
8.64%
over
Consolidated Income (Company and Subsidiaries)
[Exclusive of Deep Rock Oil Corp. and Beaver Valley Traction Co. in
receivership and subsidiaries of such companies]
Period End. Aug.
$6,906,373 $94,342,658 $87,854,453
$7,581,936
a
1936—12 Mos.—1935
1936—Month—1935
31—
L
Oper. exp., rnaint. and
3,584,780
4,251,727
48,810,600
45,545,952
$3,330,209
11,508
$3,321,593 $45,532,058 $42,308,501
35,998
238,287
278,040
Net oper. revenue and
other income
$3,341,717
$3,357,591 $45,770,345 $42,586,541
Other income, net
Approp. for retir. and
depletion reser ves
Amort,
945,661
927,456
11,961,728
11,687,003
3,083
37,000
37,000
contractual
of
capital expenditures.
3,
_
83
$2,392,973
102,268
1,039,834
Rents for lease of prop..
Int. on funded debt
$2,427,052 $33,771,617 $30,862,538
102,475
1,229,780
1,227,571
1,099,002
12,870,049
13,836,016
Amort, of debt disc, and
102,172
10.192
expense
Other interest
Divs. on pref. cap. stock
guar,
by sub. compan;y
Approp. for special
93,246
8,884
1,133,646
1,035,899
123,965
336,946
5,766
5,766
41,667
69,192
500,000
69,192
333,333
33,850
375,291
31,489
41,667
res._
Federal and State tax on
int. on funded debt-Other income deductions
35,629
3,987
194
389,848
5,632
Total
$1,341,515
Less interest charged to
construction
6,847
$1,385,084 $16,333,412 $17,234,437
$1,334,668
$1,380,539 $16,280,859 $17,186,980
$1,058,305
$1,046,513 $17,490,758 $13,675,558
Divs. on capital stocks
held by public.-
Minority interests in
4,545
52,553
47,457
741,006
709,497
8,696,422
8,633,317
Cr60,938
CV4.570
703,085
121,316
$378,237
$341,586
$8,091,251
$4,920,925
53,538
93,081
788,833
25,355
35,687
302,144
428,439
un,
Balance of inc. of sub.
pub. util.
cos.
applic.
to Stand. Gas & El .Co. s
Income
of
non-utility,
subs, applic. to Stand.
Gas & Elec. Co
Other income of Stand.
Gas & Elec. Co.:
Divs. fr. non-affil. cos.
Int. onindebt. of affil.
Other interest
.
i
I
25,355
35,692
110
•
301,538
416,545
1,823
$439,284
$456,166
$8,915,025
17,615
16,121
282i127
234,856
$421,669
$440,045
$8,632,898
$6,194,808
368,247
10,906
368,247
10,481
4,418,970
126,262
4,418,970
131,724
5,878
5,508
60,528
57,640
17,796
12,597
208,151
151,162
$18,842
1,212
$3,818,987
$1,435,312
$6,429,664.
Less
exp. and taxes of
Stand. Gas & El. Co.
McRoberts
arrearages on preferred stock dividends.
and former Ambassador James W. Gerard,
in
after considerable negotiation which reflects credit upon all who participated
It brings together the representation of the largest public investor
interest in the company.
"The principles upon which we are
developing the comprehensive plan of
reorganization in addition to our joint finding that the five year extension
plan proposed by the company can no longer be considered as a practical
solution of the company's problems are:
'That there be extension of time for payment of funded debt sufficient
to afford proper scope for the company's development and to save for the
company insofar as possible any unnecessarily heavy expense of underwritings or new flotations of securities.
'That arrearages on the various classes of preferred stock of the com¬
pany be eliminated by suitable compensating provisions in the reorganiza¬
tion plan, and that the company's capital structure be made consistent with
present day conditions and reasonable expectations for the future.
'To obtain for the holders of the funded debt and prior preference stock
such additional safeguards as to justify them in consenting to the plan,
and in this connection to consider investor participation in the management
of the company with particular reference to representation on the board
of directors to an extent justified by the circumstances.' "
The letters simultaneously sent out to security holders by the two pro¬
tective committees also refer to the fact that certain holders of the prior
preference stock had commenced proceedings in an effort to institute suit
against officers and directors of the company as well as against partners of
Ladenburg-Thalmann & Co. and other parties to recover for transactions
in which, it is claimed, the company suffered losses of over $80,000,000.
In May 1936, the U. S. District Court for the District of Delaware denied
the application of the stockholders for leave to sue but appointed special
counsel to investigate the merits of the contentious made.
On appeal taken by the stockholders, the Circuit Court of Appeals in
Philadelphia determined to withhold its decision awaiting the report of
such special counsel.
Simon H. Rifkind, of the law firm of Wagner,
Quillinan & Rifkind, of New York, which is also counsel to the prior prefer¬
ence stock protective committee, appeared for the prior preference stock¬
"
"
sales for the year ended Dec. 31, 1935.
Statement of
$10,000,000,
Samuel
in it.
amounted to 43,183,the gas output for the 12
As of Aug. 31, 1936, a total of 1,716,129 customers
served by tne public utility companies comprising the
number served
committees
chairmen of the two committees in a joint statement issued Oct. 21, said:
"The cooperation of the note and debenture holders protective committee
and the prior preference stock protective committee has been obtained only
4,909,307,152 kilowatt-hours, an increase of 379,611,921, or 8.38% over
months ended Dec. 31,
understood that the announcement of the protective
approximately
that other companies will also authorize
the output for the 12 months ended Dec. 31, 1935.
Gas output for the 12 months ended Aug. 31, 1936
416,000 cubic feet,
is
way for consideration of a comprehensive plan which
will extend the maturity on the funded debt and give consideration to the
definitely clears the
additional generating facilities.
"
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the 12 months ended Aug. 31,1936, amounted
to
The announcement also stated that the eommittees no -longer-regarded
five year extension of its 6% gold notes and 6%
convertible gold notes which were due Oct. 1, 1935, to be a "practicable
solution" of the company's problems.
Gas & Electric Co. and San Diego Consolidated Gas & Electric Co,falready
authorized installation of increased generating capacities of 25,000
kilowatts in Louisville, and 35,000 kilowatts in
1936
the company's plan for a
have
during
24,
a comprehensive plan of reorganization for presentation to all interested
parties in the near future.
The preference stock committee is headed by former Ambassador James
W. Gerard, and has as its additional members J. M. Budinger, J. Cheever
Cowdin, Garettson Dulin, William Rosenblatt and Charles J. Williams.
subsidiaries and not being reflected
Standard Gas & Electric Co.
Standard Gas
the operating
utility companies to give serious attention to the increasing of generating
capacities.
Active studies looking toward installation of added capacities
are now being undertaken
by the operating staffs of the subsidiary and
affiliated companies working in conjunction with the engineering and design
section of Byllesby Engineering and Management Corp.
As a result of
these studies, the boards of directors of two companies, namely, Louisville
Oct.
"
holders who wished to
sue.
—
On
the subject
of this
suit
the letter
of the
preference
prior
stoc
Committee states:
"One of the judges, speaking from the bench, further indicated that in
his view no plan or reorganization could be proposed or consummated until
allegations of the petition were investigated and the Issues disposed of.
we believe that the formulation of, a plan should go forward
a view to ultimate adoption by the interested parties."
The note and debenture holders protective committee takes the position
on such suit that, "work on a comprehensive plan of reorganization should
go forward and that such plan should contain suitable provisions for this
litigation.
We are hopeful that we can find a way agreeable to the courts
and the parties to achieve this result."
The committees have also invited security holders to send their suggestions
or comments on the above principles to the committees.
Standard Gas & Electric Co. has been paying interest on its funded debt
throughout reorganization under a plan which, it is understood, was
developed by Jacob K. Javits, of Javits & Javits, New York, counsel to
the protective committee for note and debenture holders
early in the
reorganization proceedings.
In anticipation of the note maturity the company in June 1935, registered
with the Securities and Exchange Commission a plan for a five year extension
of the notes to Oct. 1, 1941, and called for deposit of the notes.
Although
deposits were large they were not large enough to put the plan through, and
as a result the company filed under Section 77-B of the Bankruptcy Act
in the U. S. District Court of Delaware shortly before Oct. 1, 1935, the
maturity date.
Since that time it is understood that the company and
various protective committees for the outstanding securities of the company
have had under consideration the prospects of reorganization.
Standard Gas & Electric Co. has $72,649,500 of funded debt consisting
of 6% notes and debentures outstanding in the hands of the public, as
well as 368,348 shares of $7 cumulative prior preference stock, 100,000
shares of $6 cumulative prior preference stock, 757,442 shares of $4 cumula¬
tive preferred stock and 2,162,607 shares of common stock.
Total book
capitalization of the company is in excess of $160,000,00Q.
Dividends on
the various classes of preferred stock have been in arrears since 1934.
the
In the meantime
with
Weekly Output—
;
Electric output of the public utility operating companies in the Standard
Inc. charges of Standard
Gas & Elec. Corp.:
on funded debt
Other interestFederal and State tax on
Int.
int.
funded debt.b Amort, of debt disc,
on
and expense
Consol
.
net income
week last year.—V. 143, p. 2537.
a
Including $16,666 for the month of August 1935: $66,672 for the 12
months ended Aug. 31,1936 and $133,328 for the 12 months ended
Aug. 31,
1935 for amortization of extraordinary
operating expenses deferred in 1931.
b
sion
Including amortization of expenses in connection with proposed exten¬
of notes due Oct. 1, 1935.
Statement of Income (Company Only)
Period End. Aug. 31—
Inc. fr. divs. & int.,&c.:
Divs. from affiliates
19364-Monf/i—1935
$544,217
25,355
Divs. from others
Int. on funded debt
1936—12 Mos—1935
$603,521
25,355
$6,197,758
302,144
i.427,239
301,538
13,750
—155,165
429,745
—165,000
439,756
1,823
of
affiliate..
Int. on indebt. of affil.Interest on bank balances
t
—
Profit
10,885
35,692
-
37,198
110
on
secur.
redemption of
by an affiliate.
28,125
_
Expenses and taxes-I If
$616,149
17,615
$679,824
16,121
$7,113,047
282,127
$7,335,356
234,856
Gross income
Int. on funded debt
$598,534
$663,703
368,247
10,481
$6,830,920
4,418,970
126,262
$7,100,500
4,418,970
131,724
Other interest.,
Fed. and State tax
on
a
368,247
10,906
on
int.
funded debt
Amort,
of debt
5,878
5,508
60,528
57,640
17,796
12,597
208,151
$195,707
$266,870
$2,017,009
Standard Plastics Corp.—Registers with SEC—
department.—V. 143, p. 2385.
See list given on first page of this
Standard Steel Spring
Co.— To Increase Stock—
Directors have voted to increase the company's authorized common stock
from 100,000 shares to 300,000 shares.
stockholders' meeting Dec. 23.
This action is to be voted
Including
a
State Street Investment
Corp.—Net Worth—
Statement of Surplus—(On the basis of pricing securities at market quota¬
tions) For the nine months ended Sept. 30, 1936, follows: Surplus of assets
priced at market quotations over liabilities and capital stock as 6hown
by the balance sheet at the beginning of the period, $18,300,229: add:
net income for period as per accompanying income statement, $898,316;
net gain from sales of securities, $6,282,066; increased during the period in
unrealized appreciation of securities, $3,650,706; provision for estimated
taxes on unrealized appreciation as at the beginning of the period restored
to surplus, $1,726,725; adjustments of prior period tax provisions, $8,941;
total, $30,866,984; deduct: cash divs. declared on stock of this corporation,
$811,779; net charge during the period resulting from purchases of treasury
stock, $1,587,805; surplus of assets priced at market quotations over
liabilities and capital stock as shown by the balance sheet at the end of the
period, $28,467,398.
Comparative Balance Sheet Sept. 30
1936
1936
1935
S
Assets—
-S
Liabilities—
—
1935
$
3,229,987 Accounts payablea Securities
fee
..46,679,221 34,571,260 Management
payable
Accts. receivable..
806,853
469,003
Cash.,
S
295,185
4,173,908
S64.372
46,071
150,260
111,110
337,447
190,713
Res. for Federal &
amortization of expenses
extension of notes due Oct. 1, 1935.
a
by
expansion program, which on Oct. 15 added the Gary Structural Steel Co.
plant at Gary, Ind., to Standard Steel Spring.—V. 140, p. 327.
State taxes
Divs.
Net income.-..
F
on
The additional stock is being made available for use in the company's
151,162
disc,
and expense
^Gas & Electric Co. system for the week ended Oct. 17, 1936, totaled
107,180,546 kwh., an increase of 19.7% compared with the corresponding
in
connection
with
declared
on
stk. of this corp.
$2,341,004 *
Other accts. pay. &
proposed
accrued expenses
6,754
4,672
Prov.for add'l Fed.
& State taxes
New^ Plan in View for Company—McRoberts
Committees Act
and Girard
Jointly■—Reject Company's Counsel—
F The protective committee for holders of notes and
debentures composed
of General Samuel McRoberts, Chairman, and
George N.
Armsby, Harold
b
51,659,982 38,270,250
995,018
Capital stock.-.22,633,750 23,975,018
Earned surplus
Total
.
Total
28,467,399 12,652,462
51,659,982 38,270,250
O. Richard and Hamilton Pell, which represents the senior
securities of the
which has been in reorganization under Section 77-B of the
Bankrputcy Act in the U. S. District Court of Delaware since September
in 1935.
1935, announced Oct. 21 that it had obtained the cooperation of the pro¬
tective committee for $7 and $6 prior preference stock in the
preparation of
The earnings for the nine months ended Sept. 30 were
143.p. 2537.
company
a
Cost of securities,
by 449,930
no par
b Represented
after deducting treasury shares
$31,888,354 ($27,588,677 in 1935).
shares (476,784 in 1935),
published in V.
-
Volume
Financial
143
Sterling, Inc.—Acquisition—
announced.
In tmrdeal, which involved
approximately $1,000,000 of assets, Sterling,
Inc., obtained the J. W. Greene business and its store building, which is
located at 316 Grove St., Jersey City, and which contains 156,000 square
feet of floor space.—V. 143, p. 2385.
Period End. Sept. 30—
Sales
p.
1936—9 Mos.—1935
$3,743,894
$3,129,360
1936—Month—1935
$452,233
$401,968
__
143,
1893.
Stix Baer &| Fuller Co.—25-Cent Dividend—
The directors have declared
23%
over
the third quarter of 1935.
Both earnings and volume
of business for the quarter and for the first nine months of the current
year
were the largest for any similar periods in the company's history.—V. 143,
P.
2538.
Teck-Hughes Gold Mines, Ltd.—Earnings—
12 Months Ended Aug. 31—
Gross value of bullion-
xl936
$4,777,382
127,043
Gross earningsDevelopment, mining and milling
$4,904,426
1,726,415
xl935
$4,750,956
131,670
outside properties and exploration work
478,995
229,162
46,491
$4,882,626
1,872,414
408,572
210,657
35,286
Balance to surplus account (estimated)
per share on 4,807,144 shs. cap. stock___
$2,423,361
$0.50
$2,355,696
$0.49
Insurance and taxes.
General expense
Expense
dividend of 25 cents per share on the com¬
payable Nov. 2 to holders of record Oct. 17.
on
expenses______
_________
_________
a
stock, no par value,
Similar dividends were paid on
mon
May 16, last, Dec. 16, 1935 and on June 30,
1935, this latter being the first payment made since March 1, 1932 when
12 Yi cents per share was paid.
During 1931 quarterly dividends of 25 cents
per share were paid and previous to then dividends of 37 J4 cents per share
were
increase of
Income from investments
Sterchi Brothers Stores, Inc.—Sales—
—V.
2697
Total volume of business for the quarter just ended was $21,802,472, an
The company has purchased the household furnishing business of J. W.
Greene, Inc., of Jersey City, one of the oldest and largest stores of its kind
in this part of the country, Edward A. Thomson, President and General
Manager,
Chronicle
Earnings
Estimated figures.—V. 143, p. 287.
x
Tennessee Public Service
distributed each three months.—V. 142, p. 3190.
Co.—Earnings—
[National Power & Light Co. Subsidiary]
Superior Portland Cement, Inc.—Accumulated Div.—
The directors have declared a dividend of 27 H cents per share on account
of accumulations on the $3.50 cumulative class A participating stock,
no
par value, payable Nov. 2 to holders of record Oct. 23.
made on Oct. 1, Sept. 1, Aug. 1 and
Period End. Aug. 31-
Operating
1936—Month—1935
$247,544
187,379
$3,215,987
2,344,441
$2,819,031
2,026,995
Net rev. from oper___
Rent from leased prop..
Other income (net)
$82,663
8,208
$60,165
8,158
$871,546
969
758
7,477
$792,036
93,140
7,959
Gross corp. income._.
$91,840
32,771
$69,081
$977,748
392,872
$893,135
392,141
$584,876
356,576
$500,994
336,442
A like payment
was
July 1, last. Dividends of 55 cents
share were paid on May 1, March 2 and Jan. 1, last, and on Nov. 1,
1935; 27y cents was paid on Sept. 3, July 1 and May 1,1935, and dividends
of 55 cents on March 1 and Jan. 2,
1935, Nov. 1, Sept. 1, July 1 and May 1,
1934, and on Dec. 1, 1933.—V. 143, p. 1895.
per
_____
Int. & other deductions.
Supervised Shares, Inc.—Earnings—
3 Months Ended Sept. 30—
Income—cash dividends
Balance.
1935
1936
$102,477
18.597
$94,425
12,648
$83,880
6,689
_
■■-Net income.........
Previous earned surplus,
1 _~1
July
z
y$59,069
y$36,407
reserve appropriations.
applicable to preferred stock for
period, whether paid or unpaid
comparable
amounts received on
$83,205
$90,569
_
'
Deficit-.
Crl ,083
1,099
78,337
$4,344
subscriptions)
$3,769
Before
-
-
•■■■•
Net profit from sales of securities.
Transfer. from paid-in surplus of
$352,704
_____
securities
net
profits
sales
from
of
during six months ended June30,1936
Total..
287,626
■
$640,330
248,494
Special distribution.
Undistributed net profits, Sept. 30, 1936
$391,835
Statement of Paid-in Surplus 3 Months Ended
Sept. 30, 1936
Balance, July 1,1936.
$5,875,963
Net profit from sales of securities
during six months ended
June 30,1936.
287,626
-_
_________
Remainder.________
$5,588,337
Excess of consideration received for
capital stock sold over par
value thereof (less a comparable excess of cost of
capital stock
reacquired) after including $1,083, thereof in distribution as
described above.
96,655
_____
Balance, Sept. 30, 1936___
____________
Assets—
1936
1935
paid
Divs. receivable
36,613
.
Due from broker-
~1~470
Deferred charges.
1936
1935
$11,062
accrued taxes
$17,350
Due to Mass. Dis-
59,587
'
5,918
19,415
18,390
335,804
78,337
Capital stock
671,608
602,592
Paid-in surplus--. 8,750,319 *6,747,994
Earned surplus.__
4,344
y3,769
tributors, Inc___
Due to broker----
1,405
Distribution pay._
TotaI
$9,792,'552 $7,474,350
Total-.
$9,792,552.$7,474,350
—
x
Including $164,938 in 1936 ($66,643 in 1935) set aside for treasury
stock in accordance with the laws of the State of Delaware,
y Excluding
realized or unrealized profits or losses on securities.—V.
143, p. 2538.
Sutherland Paper Co.—Earnings—
Period End. Sept. 30—
Net profit after charges
& normal Fed. inc. tax
Earns. per sh. on 287,000
shs. cap. stk. ($10 par)
*
'
1936—3 Mos.—1935
1936—9 Mos.—1935
$227,604
$182,281
$621,807
$472,441
$0.79
$0.63
$2.17
$1.64
N»eA?Zotillor the 12 months ended Sept. 30. 1936,
a
to $2.68
share, against $579,106,
ended Sept. 30, 1935.
No provision was made
profits—V. 143,
p.
or
$2.02
a
totaled $767,736 equal
1936
Federal
share for the 12 months
surtaxes
on
Sept. 30—
1936
l ,314,194
Tolls
$477,417
34,334
49,500
46,717
25,787
131,231
Operation & maintenance
Depreciation
Administration & general expenses.
Taxes.
_____________
Interest
__L
Federal & other income tax accrued.
Reserve for contingencies
1935
Profit before other income
on sale of
company's bonds retired
$163,239
Texas Gulf Producing Co .—Listing—
New York Stock Exchange has authorized the listing of 889,606
(no par), of which 888,085 shares are issued and
outstanding in the hands of the public; and 1,521 additional shares are
represented by dividend credits now outstanding, of an authorized issue
of 2,000,000 shares (no par).—V. 143, p. 1094.
The
shares of common stock
Sulphur Co., Inc.—Earnings—1
Texas Gulf
30—
amort., Fed. taxes, &c
Dividends
Surplus
Net profit.
2,889
$163,239
125,074
$130,933
106,887
$288,313
Shs. of cap. stk. outst
Earned per share..
__I
for contingencies
retire. 140 shs. iy2 % cum. pfd. stockreserve
Total
$237,820
4,500
__
$288,313
25,406
2,600
$316,320
13,120
23,756
30,000
24,000
iy2% cum. pfd. stock divs
5% cum. conv. pfd. stock divs
Class A stock divs
Common stock divs
30—
_
—
$233,320
21,713
30,000
24,000
^
___
$225,444
5,760,000
$1,963,391 def$494,791
3,840,000
3,840,000
$1.37
$2.01
(& Subs.)—Earnings—
1936—3 Mos.—1935
$715,539
$835,512
1936
1935
9 Mos.
$2,451,999
1,632,256
$2,106,036
541,441
$423,110
1,682,926
$174,097
$819,742
5,748
10,494
19,341
20,314
$291,211
19,209
$184,591
38,122
$839,083
64,828
$443,424
103,731
124,384
307,702
362,921
$168,271
$22,085
$466,553
def$44,032
1936—3 Mos.—1935
1936—9 Mos.—1935
depletion, &c
—
Surplus.
Note—The net surplus shown
paid Aug. 1, 1936, amounting to $221,722, or provision for Federal income
and undistributed profits taxes, estimates indicating that the income as
will be offset by percentage depletion claimed in computing
143, p. 605.
Thatcher Mfg.
Co. (& Subs.)—Earnings—
Period End. Sept. 30—
Net sales.
$494,630
$378,012
1936—3 Mos.—*1935
$1,484,824
$1,821,581
1,072,186
1,287,763
al936—9 Mos.
1935
$3,256,042
2,417,979
51,089
for
losses,
Federal
$1,160,000
56,246
$689,991
52,790
$393,112
$1,216,246
$742,781
60,450
Total income
$362,064
31,048
$503,120
Operating profit
50,574
$482,729
20,391
and" expenses
$4,749,700
3,437,409
152,291
15,296
121,441
30,477
123,723
83,005
287,433
149,005
$318,947
110,199
36,706
$294,811
110,199
36,705
$807,372
330,598
110.118
$563,299
330,596
110,116
$172,042
Costs
$147,907
$366,656
$122,587
$1.42
$1.25
$3.24
$1.58
sundry
&c
income
taxes,
surtax, &c
Net profit—
Convertible pref. divs__
dividends
sh. on 146,832
com. stk. (no par)
Earns, per
shs.
—
-
148,072
the profit of $1,042 of a small wholly owned sub¬
sidiary engaged in a different line of business.—V. 143, p. 1094.
a
Does not include
Thermoid Co .—Removed from Listing and Registration—
Curb Exchange has removed from listing and registration
7% cumulative convertible preferred stock, $100 par.—V. 143, p.
The New York
$147,028
does not include application of dividend
reDorted
the
$194,073
124,535
Reserves for deprecia'n,
$157,607
(James) Talcott, Inc.—Earnings—
5,760,000
$285,463
Operating profit—- _
income and non¬
Provision
Net
earn,
after taxes,
but
before
year-end
reserves
1,920,000
Other
$233,320
Note—Net profit for the first nine months of 1936—$163,239 less preferred
dividends of $36,876 leaves $126,363 for the common
stock, which is
equal to $2.34 per share on the combined issues of the Class "A" & common
stock.—V. 143, p. 1249.
adjust,
$5,265,209
1,920,000
550,049
—
Expenses.
Common
Period End. Sept. 30—
$7,723,391
Texas Pacific Coal & Oil Co.
Period End. Sept.
Gross earnings
Other income—
Balance
Surplusi, Sept. 30___—
1936—9 Mos —1935
$1,810,038
With this net earning added, earned surplus at Sept. 30, 1936, was
$33,102,605 after having paid a dividend of $1,920,000 on Sept. 15, 1936.
For the 12 months ended Sept. 30, 1936, net earnings amounted to
$9 926 198.
As at Sept. 30, 1936, current assets (including cash and U. S. Treasury
notes, $11,398,291) amounted to $14,397,306.
This does not include
inventories of sulphur above ground or materials and supplies, current
liabilities (including provision for current taxes, $1,905,360) amounted to
$2,399,038.
Reserve for contingencies amounted to $1,378,769.
As it is expected that no surtax on this company's undistributed profits
will be due under the Revenue Act of 1936, no deductions therefor are
reflected in the above.—Y. 143, p. 446.
Depreciation
Total
Reserve for contingencies
on
1936—3 Mos.—1935
$2,912,383
x$992,383 def$109,962
3,840,000
3,840,000
$0.76
$0.47
— -
Federal taxes.—V.
$128,043
______
Surplus Jan. 1
Profit
—
(Australasia), Ltd.
The Texas Co. (China), Ltd.
The Texas Co. (India), Ltd.
The Texas Co. (Philippine Islands), Inc.
The Texas Co. (South Africa), Ltd.
On July 10, 1936 the Bahrein Petroleum Co., Ltd., which was then and
is now the owner of over 99% of tne outstanding shares of California Texas
Oil Co., Ltd., a Bahama corporation, transferred to the latter the shares
and stock options which it had acquired from the Texas Corp.—V. 143.
P. 936.
Deductions—
1.197,223
$435,666
30,630
38,500
47,386
25,805
142,039
23,260
26,607
Profit
Transfer of
entitling
The Texas Co.
Gross income—
undistributed
1249.
Number of vehicles
_
pany, all of its shareholdings, together with option agreements,
it to purchase the remaining shares of the following companies:
recurring income
for
Tacony-Palmyra Bridge Co .—Earnings—
9 Months Ended
Corp.—Assets Transferred—
Net income after deprec.,
Accts. payable and
39,921
property
on
Period End. Sept.
Liabilities—
Securities at cost- .$9,477,138
$7,282,572
Cash
277,332
90,865
296,718
$133,066
The company has notified the New York Stock Exchange that on July 2,
1936 it transferred to the Bahrein Petroleum Co., Ltd., a Canadian com¬
$5,684,992
Comparative Balance Sheet Sept. 30
297,618
$69,318
——_____
No dividends have been paid since Aug. 1, 1934, when
Texas
Earned surplus, Sept. 30.
Statement of Net Profit from Sales
of Securities Subsequent to Dec. 31, 1935
■"
'
'
3 Months Ended Sept. 30, 1936
_____
retirement reserve appropriations and dividends,
75 cents a share
the $6 preferred stock.
Dividends accumulated and unpaid
on this stock to Aug. 31, 1936, amounted to $731,644.
Dividends on the
$6 preferred stock are cumulative.—V. 143, p. 1418.
z
was
;
\\"
___
98,725
Dividends
y
Total surplus
;
Accrued distributable funds included in considerslr
tion
paid for capital stock reacquired
(lesS
32,674
Property retirement
$81,777
1,428
Expenses
1936—12 Mos.—1935
$287,020
204,357
revenues
Oper. exps. and taxes
2538.
Financial
2698
Chronicle
Tri-Continental Corp.-
Ry.—Earnings—
Texas & Pacific
Oct.
1936—Month—1935
1936—9 Mo?.—1935
Period End. Sept. 30—
$2,016,959 $20,143,138 $16,978,625
Operating re venues
$2,372,786
1,299.506
13,955,650
11,818,289
Operating expenses
1,655,346
9 Mos. End. Sept. 30—
;—0
Net ry. oper.
Profit
1,069,368
65,730
858,171
59,847
Miscellaneous income
$535,485
33,961
$470,732
income.
70,958
Other income
$3,746,138
379,639
$3,352,318
$569,446
$541,690
5,216
Total income
Misceii. deductions
Fixed charges
4,123
337,795
331,659
Net income
$227,528
$204,815
354,995
$4,125,777
46,194
3,035,392
$3,707,313
$1,044,191
.
3657251
Total income
expenses
—
under-accrued
[Railway and Bus Operations]
1936—Month—1935
1936—2 Mas.—1935
$1 069,891
$1,024,667
$2,189,311
$2,090,584
808,940
794,231
1,643,648
1,612,094
107,112
101,748
218,281
205,896
x
284,509
39,336
276,184
$1,012,134
1,173,564
$884,449
1,173,564
$799,025
1,173,564
Includes
all cash received or receivable from the sources specified,
payable from earnings or otherwise, except amounts expressly
be liquidating distributions.
In an economic sense, therefore,
whether
stated
to
the amount shown is not in whole to be considered true income.
_l
Statement of Surplus Sept. 30
,
1936
$128,688
37,212
$327,382
77,534
$272,593
77,557
$165,899
228,818
$404,916
458,438
$350,150
457,381
Previous undistrib.
Net income
$37,952
$62,919
$53,522
$107,231
1935
Transf. to res.for con ting
Excess of cost over stated
Surplus Dec. 31
Surpl. arising from
Profit
To Cut Bus Fares—
A trial reduction of all bus fares within the city limits of Mount Vernon,
N. Y., from 10 cents to 5 cents was announced on Oct. 15 by the company
after months of negotiations by city officials for the lower rate.
60-day trial will start Nov. 15, and if there is a sufficient increase
according to 8. W. Huff, President of the company.
"A healthy rise"
of traffic in off-peak hours is sought by the company.
One of the arguments used by Mayor Denton Pearsall and other municipal
officials in seeking the reduction was that the traffic of railroad.had been
materially increased through reduction of fares.—V. 143, p. 2386.
Period End. Sept. 30—
Gross sales
after
1936—3 Mo.?.—1935
$3,965,851
$2,735,717
sale of
on
loss
46.533
912,235
650,896
192,281
1,012,134i
884,449
799,025
983,131 l's2,701,105 l's2,331,699
35,431
1,037,354
1,223,101
2,797,183
secur
Total...
Pref. dividends declared.
Common dividends.....
$27,755,872 $34,708,922 $33,728,436 $37,512,629
1,135,626
1,173,564
1,173,564
1,173,564
607,330
Surplus Sept. 30. —.$26,012,917 $33,535,359 $32,554,872 $36,339,065
The unrealized appreciation on investments on Sept. 30, 1936, after de¬
of the normal Federal income tax thereon was $6,921,347 more
than
on
Dec. 31, 1935.
1936—9 Mo?.—1935
$8,779,679
$8,332,800
Balance Sheet Sept. 30
taxes,
1936
deprec., int., amortiz.
Assets—
and other charges
69,096
loss80,999
18,750
Earns, per sh. on 298,464
shs. cap. stk. (par $25)
Nil
$0.06
lossl41,535
$0.23
Nil
—V. 143, P. 605.
The directors
on Oct.
19 declared a dividend of $1 per share on the
stock, payable Nov. 16 to holders of record Nov. 6.
A like pay¬
made on Aug. 3, last, and compares with $4 paid on Dec. 31,
1935; $1.50 on July 10, 1935; $2 on Dec. 31, 1934; $1 on Nov. 1 and July 16,
1934, and 50 cents per share paid on March 1, 1934 and on July 15, 1933.
Res.
Int.
57,231
22,727
42,942,526 46,131,451
for
curities sold
72,141
438,699
317,726
int. & dividends
1,100,564
—V. 143, p. 287.
474,754
Foreign
Due for sec.
96,223
receivable, &c_.
Special deposit for
capital stock, payable Nov.
pares with
March
25,
dividend
dividend
of
15
cents
10 cents paid
was
Tri-County Telephone Co.—Bonds Offered—A
issue
43^%,
new
of $1,500,000 1st mtge. sinking fund bonds, series B,
due
April 1, 1956, was offered Oct. 21 at 102 and interest
by a banking group headed by Brown Harriman & Co.,
Inc., and including Blyth & Co., Inc., and First of Michigan
Corp.
Net proceeds are to be applied to the retirement of $1,177,500 1st mtge.
sinking fund gold bonds, series A, 5J^%, of the company, which are to be
called for redemption on Dec. 1, 1936, at 105; and to the retirement of its
outstanding notes payable to Michigan Bell Telephone Co. in the amount
of $135,000 and to American Telephone & Telegraph Co. in the amount
of $14,000, all bearing interest at 6%.
The balance of net proceeds is to
be added to working capital.
Company, organized in 1927 in Michigan, furnishes local exchange tele¬
phone service over its own lines and equipment to subscribers, without com¬
petition, in 34 cities, villages and communities in that State, and long¬
distance service to other points in and outside Michigan over its own lines
and by connection with 28 other companies,
including Michigan Bell
Telephone Co. and American Telephone & Telegraph Co.
Total operating
revenues have shown a progressive increase over the last three calendar
yetrs, amounting to $467,492 in 1933, $471,653 in 1934 and $483,989 in 1935.
During the
$296,931.
seven
months
ended
July
31,
1936,
they
were
reported
series B bonds.
are to be redeemable in whole or in
part for sinking
60 days' notice at 102)4 on or before April 1, 1946;
102 thereafter and on or before April 1, 1951;
101)4 thereafter on or before
April 1, 1954; and 100 thereafter.
For other than sinking fund purposes,
the
48,686,698 52,426,0181
purposes upon
redemption prices
are as follows: 105 on or before
April 1, 1946; 104
before April 1, 1951; 103 thereafter and on or before
April 1, 1954, and 100 thereafter.
Under the sinking fund provision, the
company covenants to pay to the trustee on Nov. 1, 1937 and on Nov. 1
each year thereafter to and incl. Nov.
1, 1954 an amount equal to 1%
of the aggregate principal amount of bonds theretofore
issued, such pay¬
ments to be applied to the purchase of bonds
at the best price (not exceeding
the redemption price) then obtainable.
Underwriters—The underwriters and the amounts
they have severally
agreed to purchase are as follows:
on or
Brown Harriman & Co.,
Inc., Chicago.
$900,000
Blyth & Co., Inc., Chicago
Corp., Detroit
450 000
First of Michigan
—V. 143, p. 2538.
"
"
150*000
Twin Coach Co.—Extra Dividend—
The directors have declared
the
mtge. 20-year 5)4% sinking
fund gold loan certificates, due June 1,
1939, to an amount sufficient to
exhaust $25,051 at prices not exceeding 101 and
interest.—V. 143, p. 606.
Mfg. Co.—Initial Common Dividend—
The directors have declared an initial dividend of
20 cents per share
the common stock,
par $1, payable Nov. 1 to holders of record Oct. 26
This will be the first dividend paid on the $1
par common stock.
The old
$10 par common shares were exchanged for new $1 par shares on the basis
of 15 new shares for one old share.—V.
on
143,
Turners Falls Power & Electric
p.
2539.
Co.—Registers with SEC
See list given on first page of this departmetn.—V.
143, p. 2539.
Co.—Registers with SEC—
See list given on first page of this department.
an
extra dividend of 10
cents per share on
stock, no par value, payable Nov. 14 to holders of record
The regular quarterly dividend of 10 cents per share was paid on
common
Nov. 7.
Oct. 15, last.
3 Months
Period—
6 Months
9 Months
Sept. 30 '36 June 30 '36 Sept. 30 *36
Net profit, incl. provision for est. Fed.
i ncome t ax but before u ndistributed
profits tax
Earnings per share
$246,090
$0.52
$278,641
$0.58
$524,731
$1.05
—V. 143, p. 2069.
Twin State Gas & Electric
Co.—Earnings—
[Including Berwick & Salmon Falls Electric Co.]
Period End. Sent. 30—
Operating
Operating
1936—Month—1935
1936—12 Mo?.—1935
$205,911
162,624
$2,290,267
1,618,452
$47,330
123
20
$538,275
3,757
$671,815
2,859
$47,350
24,738
$542,032
295,402
$674,674
303,522
$19,640
20,790
Net operating income.
Non-oper. income (net).
$2,372,606
1,834,331
$43,410
23,770
expenses.
$198,141
150,811
$43,287
revenues
$22,612
20,790
$246,630
$371,152
249,475
-
Gross income
Deductions
Pref. div. requirements.
—V. 143, p. 2386.
249,475
Tyrol Hydro-Electric Power Co.—Interest—
The New York Stock Exchange has received notice that the interest due
Nov.
1, 1936 on the guaranteed 7)^% 30-year closed first mortgage sink¬
ing fund gold bonds, due 1955, will be paid on that date.—V. 143, p. 774.
Underwood Elliott Fisher Co. (&
Period End. Sept. 30—
Net after expenses
Subs.)—Earnings—
1936—3 Mo?.—1935
$826,172
$718,076
12,653
15,924
Other income.
Total income
$842,096
123,148
60,051
Depreciation
Federal income taxes
NetprofitThe Guaranty Trust Co., 140
Broadway, N. Y. City, will, until 4 p. m
Nov. 30, receive bids for the sale to it of 1st
20th Century Couch Mgf.
48,686,698 52,426,018
$730,729
120,322
84,388
1936—9 Mos.—1935
$2,719,445
$2,589,872
40,677
80,783
$2,760,122
362,392
252,208
$2,670,655
$526,019 x$2,145,522
$1,995,919
731,296
$2.76
666,448
$2.78
360,348
314,388
aou.uuu
Trinity Buildings Corp.—Tenders—
Troxel
Total
Represented by 153,500 no-par shares,
b Represented by 2,429,318
shares,
c Represented
by 260,792 no-par shares after deducting
35,062 no-par shares held in treasury at a cost of $1,826,183.
d Invest¬
ments, based on market quotations as at Sept. 30, 1935, or, in the absence
thereof, on their then fair value in the opinion of the corporation, were
in excess of cost by $9,895,861, after deducting the normal Federal income
tax on the unrealized
appreciation of investments.
No deduction has
been made for liabilities, if any, with respect to Federal excess profits tax
or surtax on undistributed profits.—V. 143, p. 1576.
a
Net income
The series B bonds
thereafter and
Total......
no-par
as
Net earnings before interest and other deductions amounted in 1933 to
$117,853, in 1934 to $133,991, in 1935 to $155,476 and in the seven months
ended July 31, last, to $102,420.
Annual interest requirements on the
$1,500,000 series B bonds, which, upon completion of this financing, will
constitute the only funded debt of the company, will amount to $67,500.
The bonds will be secured by a first lien upon
substantially all the fixed
property now owned by the company and extending to all property which the
company may hereafter acquire for its business, subject to prior liens
which may exist at the time of acquisition.
The issuance of additional
bonds is subject to limitations designed to
safeguard the security of the
fund
24,937
per
on Nov. 15, 1935; Nov. 15, 1934; Nov. 1, 1933;
1932, and on March 6, 1931.
On Jan. 2, 1920, a 5% stock
paid.—V. 142, p. 4356.
13,340
24,936
30, 1938
10,000,000
5% conv. deben.. 2,460,000
2,460"000
Invest. Equity Co.
Inc. 5% debs
5,126,900
6% cum. pref. stk.a3,837,500 c5,570,167
b Common stock.. 2,429,318
2,429,318
Surplus
26,012,917 33,535,358
share on the
16 to holders of record Nov. 2.
This com¬
a
552,759
2,212,900
Bk. loan due Sept.
exchange
Export Corp.—Larger Dividend—
declared
1,043,814
2,250,100
purch.
23,292
For. exch. contr
contracts
have
500,338
and div.
payable
Int. and dividends
directors
accr.
629,757
against cash
ment was
$
$
expenses
Due for secs.loan'd
se¬
common
Tobacco Products
tor
and taxes..
5,358,198
Deposits in foreign
Receivable
1935
1936
Liabilities—
Cash in banks, on
hand & at call.. 4,075,537
currencies
Inc.—$1 Dividend—
1935
$
Invest, at cost
Tobacco & Allied Stocks,
The
1933
duction
(John R.) Thompson Co.—-Earnings—
profit
c
139,191,051
val. of pf. stk. retired. Drl,417,766
Excess of redemp. price
over stated val. of pref
stock redeemed
Dr7,649,959
In traffic to justify its continuance, the lower fare will be made permanent,
Net
1934
$33,840,667 $33,661,323 $36,195,988
com.
,
Net deficit
w
51,360
264,738
284",509
fitAflf iflfillArl
~
42,960
262,559
$1,223,101
1,135,626
607,330
$191,781
229,733
Gross income
Deductions
The
$1,430,645
$1,474,477
132.759
$154,289
37,492
..
7148,028^
.12,389
Other charges
Int. on 5% gold debens.
Common dividend
System—Earnings—
Operating income.
Non-operating income-
768,008
24,140
1387968"
1,583
$582,908
Period End. Aug. 31-—
Taxes-.;.
$497,945
expenses,
Netprofit
revenues
206TI19
3,171
x$l,841,269 x$l,651,934
50,212
88,526
396,883
292,691
Preferred dividend
Operating
Operating
1933
1934
$456,415
830,726
39,308
_
Taxes
Expenses
Prior
year's
45,053
3,079,352
synd. partic.
on
Managem't & service fees
-V. 143, p. 2069.
Third Ave. Ry.
1935
$410,047
1.032,596
1,319,701
Dividends received
74,074
6,894
95,275
7,549
Equipment rents (net)-.
Jt. facility rents (netj..
Earnings—
1936
$156,316
Interest earned
24, 1936
x$658,897
Shs. common stk outstdg.
731.296
$0.85
(no par)
Earnings
x
per
share
Before Federal surtax
Above
earnings
on
exclude
666.448
$0.72
undistributed profits.
net
operating
results
of wholly
owned
non-
consolidated subsidiary companies.
The 7%
preferred stock was redeemed Sept. 5, 1936.—V. 143, p. 446.
Union Pacific
RR.—Earnings—
15
1936—Month—1935
1936—9 Mos.—1935
Railway oper. revenues_$15,331,491 $13,480,563 $109204,608 $94,003,605
Railway oper. expenses.
9,882,997
8,690,638
80,783,074
70,301,413
Railway tax accruals
1,154,459
775,794
9,769,167
7,991,734
Equipment rents
908,632
871,167
5,250,530
4,857,363
Joint facility rents
49,357
68,758
422,858
357,355
Period End. Sept. 30—
Net
income
-V. 143,
p.2540.
$3,336,046
$3,074,206 $12,978,979 $10,495,740
,
Volume
Financial
143
Union Carbide & Carbon
Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
1936—3 Mos.—1935
1936—9 Mos.—1935
Earnings after provision
for income, &c.,taxes_$10,480,009
$8,307,867 $30,520,477 $23,454,546
Chronicle
_
on
preferred
208,192
cos
Deprec. & other charges.
Balance
,
Snares
252,368
1,900,774
2,159,920
x$8,111,897
stock
com,
839,890
5,833,774
627,067
6,342,460
^
1936—9 Mos.—1935
1936—3 Mos.—1935
charges
and Federal taxes.—x$l,947,627
$1,261,458 x$4,189,401
$2,888,935
Earnings
per share on
1,192,103 shares (par
$2Q)_common stock.,,
x After
provision
V. 143, p. 1097.
—$4r52
Federal
for
—$0t94
surtaxes
9 Mos. End. Sept. 30—
Cash divs. received
$2.08
$3t17
undistributed
on
United States & Foreign Securities Corp.-
$6,154,725x$23,550,950 $16,780,882
out¬
Period End. Sept. 30—
Net income after
Int. on funded debt and
stock of subsid.
2699
profits.—
-Earnings—
Earnings
per
9,000,743
share
9,000,743
9,000,743
9,000,743
$0.90
$0.68
$2.61
$1.86
„
x No mention made of Federal surtax on
undistributed profits.
Net profit for the 12 months ended Sept. 30, 1936 (including certain
estimates) was $34,024,317, equal to $3.78 a share, comparing with $23,588,724, or $2.62 a share for the 12 months ended Sept. 30, 1935.—V.
143, p. 1419.
■
■
Union Public Service Co.12 Months Ended March 31—
Total operating revenues.
Total operating expenses
Maintenance.
_
_
$433,970
177,882
expense
Federal income tax
All other Federal and State taxes
Uncollectible bills
47,100
2,145
...
Operating income
$112,741
Non-operating income..
...
Gro^s corporate income
Interest on funded debt
Amortiz. bond discount and expense.
Other deductions
Net income..
Preferred dividends
7,293
35,740
4,152
$110,085
61,190
7,221
6,980
792
$115,122
61,250
805
$115,170
60,215
3,052
$47,183
1936
•
Property, plant
equipment
$40,868
43,976
$43,599
44,010
'
148,828
Com.
150,312
58,001
35,394
x45,975
30,417
6,000
6,764
receiv...
Inventories.
Prepd. insur, and
I
miscel. accounts
Cash
$644,896
$646,232
1,184,000
33,567
242,400
1,220,500
32,942
10,946
10,969
($100
Long-term debt
Accounts payable.
Divs.
pay.,
pref.
stock
Accrued int., taxes
cers' life lnsur..
1,874
and
1,760
rec.
129
4,256
3,343
Miseell. invests.—
insurance..
42,346
40,115
Contracts payable
Consumers' depos.
832
Employees' receiv.
550
bonds (at cost).
700
154,695
Reserves
$909,137
$901,010
$806,729
$908,726
on
Cr730,980
58,019
729,244
1,475,305
in¬
Cr6,000
...
Net profit
$1,812,513
Capital stk. & other taxess
31,682
Prov. for Fed. inc. taxes
119,648
88,477
$83,485 loss$566,579
3,155
$842,991
31,316
34,200
87,880i
98',798
70,906
Profit for the period..
$1,572,705
$689,595
$9,424 loss$665,377
Notes—Approximate unrealized appreciation in indicated value of in¬
vestments:
As at Sept. 30, 1936.
As at Dec. 31, 1935
$8,907,370
4,122,187
-
Improvement in this item
.
$4,785,183
.
If the appreciation had been realized, it is estimated that taxes resulting
therefrom at 1936 rates (without including estimates for Federal excess
profits tax and surtax on undistributed profits) would have amounted at
Dec. 31, 1935 to $461,000, and at Sept. 30, 1936 to $1,208,000.
The foregoing calculations exclude the investment in United
had
States &
Securities Corp., which is carried at $1.
This investment
indicated value, based on underlying assets as set forth in that
an
company's reports, of $1,780,000 at Dec. 31, 1935 and of $7,877,000 at
Sept. 30, 1936.
No provision has been made for possible surtax on undistributed profits.
Comparative Balance Sheet Sept. 30
Liabilities—
Cash
Sec.
419,262
but
sold
250,051
not
delivered
......
14,159
411,019
11,594
520,730
59,325
116,839
113*865
1935
1936
1935
1936
Assets-
1,043,926
$
$
1st pref. stock..21,000,000
b 2d pref. stock
50,000
a
c
General
reserve.
Divs. receiv'le, int.
Revaluation surp.
Earned surplus...
167,273
$806,729
:
410
cipation.
577
and accrued Int.
Unamort. debt dis.
and expense
1935
242,400
stock
par)....
value—Offi¬
MIscell. accts.
1936
Preferred stock...
$2,287,633 $2,493,160
$901,010
International
Liabilities—
&
Cash & bank bals.
Accounts
1935
$683,087
226,050
vestments
Profit on syndicate parti¬
7,221
Balance Sheet March 31
Assets—
$726,462
80,267
....
70,443
$114,007
1,114
43,809
14,544
...
Common dividends.
16.747
$778,743
98,713
23,553
Interest paid
153,244
$108,407
1,677
2.429
...
$401,630
$413,754
164,335
16,823
69,316
7,511
45,880
1,478
17,434
68,826
7,840
_:
Deprec. and retirement
1934
1935
1933
$958,772
116,853
5,906
,
Total
Net realized loss
-Earnings—
1936
....
1934
$1,081,532
Int. received & accrued.
Other income..
1935
$1,081,532
standing (no par)
1936
d Common
173,862
33,226
Securs. (at cost)_e32,258,813 31,673,469
Sec. purchased
not received
flnv.
4,950,000
100,000
21,000,000
50,000
4,950,000
100,000
Res. for taxes and
accrued, &c.
in
S.
U.
Int. Sees.
&
Corp.,,
1
stock.
but
Capital surplus
Electric ranges in¬
stalled consumers'
1,098,728
.....
accrued expenses
1
Operating surplus.
154,256
954,329
5,643,454
45,828
954,329
4,801,789
premiums—trial
rental plan.....
938
....32,852,039 33,000,674
Total
Total....... ..32,852,039 33,000,674
1,687
210,000 shares (no par) $6 cumulative dividend,
b 50,000 shares (no
par) $6 cumulative dividend,
c General reserve set up out of $5,000,000
paid-in cash by subscribers to 2d pref. stock,
d 1,000,000 shares no par
a
Total
...$2,697,750 $2,902,2271
Total
.....$2,697,750 $2,902,227
x After reserve for uncollectible bills of
$11,505 in 1936 and $10,873 in
1935.—V. 141, p. 1951.
United Gas
Improvement Co,—Weekly Output—
Week Ended—
Oct. 17,*36
Electric output of system (kwh)
143, p. 2540.
Oct. 10,'36
90,276,198
Oct. 19,'35
89,742,208
79,261,395
—V.
United
Investors
Realty Corp.-
-Dividends
Guaranteed
•Mr. Bulova Purchases Class B StockIn
value.
e Securities, at cost, include 15,000 shares common stock of the corpora¬
President until March 1, 1939 at $25 per share.
Calculating marketable securities on the basis of current quotations of
Sept. 30, 1936 and calculating the company's own common stock and
securities without regularly quoted market at the nominal value of $1,
the securities owned had an indicated value (which should not be construed
either as the amount for which the securities could be sold or the same
securities repurchased) of approximately $41,166,183, which is greater
than the above book value by approximately $8,907,370.
If this appre¬
tion under option to the
letter to the class A stockholders dated Oct. 19, 1936,
Woolsey A.
Shepard, Vice-President said in part:
It is the pleasure of your officers and directors to announce that important
a
arrangements have just been concluded which should greatly benefit com-
Sany.fund of $50,000, by which,provide,event of all,earnings in any quarter
These new arrangements in the first that for a guaranty, secured
y a
are not sufficient to
pay the regular quarterly dividend of 7He. on the class
A stock, a sufficeint amount will be paid
by the guarantor to enable the
the full dividend.
This guaranty is to run for a two-year
period unless the $50,000 is sooner exhausted, and all or any remaining
portion of the guaranty fund is to be used at the end of the period for the
purchase of class A shares at $5 per share.
The current dividend was par¬
tially provided by this guaranty.
Thus company avoided selling certain
of its holdings in which there appear to be further profit
possibilities.
This guaranty and fund have been provided by Arde
Bulova, chairman
ciation had been realized, it is estimated that taxes resulting therefrom
at 1936 rates (without including estimates for Federal excess profits tax
and surtax on undistributed profits) would have amounted to approxi¬
mately $1,208,000.
f 94,100 shares of 2d pref. stock in 1936 (and93,900
in 1935) and 1,987,658 shares of common stock in 1935 and 1936.
Note—Cumulative dividends are in arrears on the 2d preferred stock to
the amount of $29.50 per
of the board of the Bulova Watch Co. Mr. Bulova has been elected Chair¬
of the board of directors of the corporation.
years, with himself
1250.
p.
Royalties Co.- -Earnings-
1935
1934
1933
1932
$40,034
$56,678
7,697
5,287
$60,223
5,616
6,688
$45,155
32,016
4,002
1,424
37,651
$52,757
21,329
12,870
$69,662
18,102
20,295
$73,950
18,777
27,415
$118,824
22,321
28,564
$18,559
10,779
$31,265
12,604
$27,758
28,988
$67,938
18,643
3,730
4,676
78,948
"""406
Calendar Years—
106,092
1,656
1,820
def$80,577
def$60,273
Oil earnings, less royalty
payments
Oil royalties received...
5,735
Miscellaneous income—
6,988
Profit
on
sale of lands &
royalties
man
N. K. Winston, Pres. of N. K. Winston & Co., a successful real estate
organization/has been elected a director and President of the corporation.
Mr. Bulova, under these arrangements, has purchased all of the class B
shares and has placed them in a voting trust for two
share.—V. 143,
United States Oil &
company to pay
Total income...
Oper. & field expense. _.
Gen. & adm. exp. & taxest
and
Woolsey A. Shepard as voting trustees.
Woolsey A. Shepard, who has been a director, will continue on the board,
and has been elected a vice-president. Gardner Pattison, who has also been
a director will
continue on the board.
Ralph C. Baker, who has been a
director since JuJy, 1936, will continue on the board.
Two remaining
vacancies resulting from retirement of directors will be filled at an early
date.
Net oper. income
Deple'n & deprecia'n...
Properties written off &
adjustments
Loss on sale of equip
Prov. for bad accounts..
The corporation announces the removal of its offices from 30 Broad St.
New York.
The present officers are: Arde Bulova,
$4,049
Balance, surplus
to 22 West 48th St.,
Chairman; N. K. Winston, President; Woolsey A. Shepard, Vice-President;
C. Elliott Smith, Treasurer; L. V. Hoffman, Secretary.
Balance
Assets—
Consolidated Balance Sheet, Sept. 30,1936
Assets—
Cash
on
hand &
on
deposit..
$117,399
219,080
_
a Investments (at
cost)
Accounts receivable
b
c
a
Liabilities—
225
Land, bldg.<fe equip...
Furniture & fixtures
"
....
Deferred charges...
381,138
429
4,877
Accounts payable
$2,909
Prepaid rents & security de¬
posits
d First mtge payable.
Reserves
QQ7
346,000
4,149
79,636
5,000
...
Class A stock ($1 par)
e Class B stock
Capital surplus...
Earned surplus
Total
$723,149
283,726
Total
Total
179
Due from affll. cos.
18,728
5,786
2,674
4,598
7,397
1,308
9,565
$406,423
$400,342
Inventory of oil in
storage
Other assets
Total
a
States
Electric
Power
Corp.—Removed from
The New York Curb Exchange has removed from unlisted trading privi¬
leges the common stock, $1 par, and the common stock purchase warrants.
143, p. 1096.
United States
to
par
$100,
on
Sept. 15 to holders of record Sept. 1.—V. 142, p. 3532.
United States
as
Graphite Co.—Extra Dividend—
The company paid an extra dividend of 25 cents per share in addition
the regular quarterly dividend of like amount on the common stock,
Gypsum Co.—New Vice-President—
$830,385
1934
$830,385
capital
paid In
.......
Accounts payable.
Royalties payable.
Payroll payable...
Prop, purch. oblig.
Total
78,215
509,568
2,994
2,097
1,287
1,012
$406,423
78,215
513,618
1,364
t:
1,642
1,002
1,349
$400,342
b Represented by shares
par.—V. 142, p. 3697.
United States Playing Card Co.—Extra Dividend—
The directors have
declared
an
extra dividend of 25 cents per share in
quarterly dividend of like amount on the common
payable Jan. 1, 1937, to holders of record Dec. 16. A
similar extra was paid on Oct
1, July 1, April 1 and Jan.
last, Oct. 1,
July 1 and April 1, 1935, and compares with an extra dividend of 50 cents
paid on Jan. 2, 1935, and an extra of 25 cents paid on Oct. 1, 1934.—V.
addition to the regular
stock, par $10, both
143,
p.
1097.
United States Realty & Improvement Co. (& Subs.)—
Period End. Sept. 30—*
Net loss after all charges
1936—3 Mos.—1935
$129,500
$111,648
1936—9 Mos.—1935
$397,831
$315,364
Note—The figures for both years are exclusive of those of George A.
Fuller Co. and subsidiaries and of Plaza Operating Co. and subsidiary.
The 1935 figures also exclude those of G. A. F. Realty Corp. (now in process
reorganization).
The 1935 figures do, however, include accruals for in¬
payable on the outstanding 15-year 6% debentures of G. A. F. Realty
guaranteed by the parent company.
The consolidated net loss of Plaza Operating Co. and subsidiary for the
nine months ended Sept. 30, 1936, amounted to $239,666 as compared
with a consolidated net loss of $422,001 for the corresponding period of 1935.
of
terest
Corp., which are
The company on Oct. 19 announced the appointment of W. L. Keady
Vice-President in charge of sales, succeeding the late Charles F. Henning.
1935
b Capital stock...
After reserve for depletion and depreciation,
of $0.25
Unlisted Trading—
—V.
31
Additional
Deficit
sales—.......
b After
United
450
Dec.
Liabilities—
1934
$198,725
175,000
7,282
Due for current oil
$723,149
a The investment securities had a
liquidating value of $222,887 at Sept. 30
1936, based upon market quotations supplied by Amott, Baker & Co., Inc.
reserve for depreciation of $2,500.
c Depreciated value,
d Amor¬
tization payments of $1,750 begin April 30, 1938, and are payable semi¬
annually thereafter through Oct. 30, 1940; the balance of $335,500 is due
April 30, 1941.
Interest at 3% for 1st year, 3H% for 2d year, and 4%
for balance of term,
e Represented
by 1,000 snares of no par value.—
V. 141, p. 2293.
1935
$180,070
195,000
Cash
791
.
Prop. & equip—
Inv. in affll. co...
x$13,985
Sheet
Financial
2700
subject to audit and year-end adjustments.
made for Federal surtax on undistributed profits.
George A. Fuller Co. see a preceding page.—V. 143,
All of the above figures are
No provision has been
For the earnings for
447.
P.
Calendar Years—
Net sales
Cost of sales and operating expensesLoss from
Less
;''
^
1935
1934
1933
$12,891,078 $13,343,367 $13,105,873
12,943,645
13,413,018
13,256,442
$52,567
$69,651
81,777
89,323
102,274
$29,210
62,551
$19,671
51,672
loss$48,294
57,896
$33,341
113,673
$32,000
119,606
$106,191
99,712
$147,014
$151,607
$205,903
operation
received and miscel¬
$150,569
discounts
laneous income.
_
Net operating profit
Interest paid and miscel. charges
before
loss
Net
depreciation
on
capital assets
Provision for deprec. of fixed assets,
Net
transferred
loss
_
operating
to
deficit account
Consolidated Balance Sheet Dec. 31
$168,541
$198,312
91,002
240,990
1,320,089
and retail stores
30,939
10,289
2,942
1,758,553
52,210
8,933
Cash in closed bks.
Cash with trustees
b Fixed assets
Goodwill &
10,875
10,905
3,072
1,654,676
1st
265,000
15-year
mtge.
435,00b
6s 1939.
Pref. stock
1,448,110
1,448,110
Reserve
for
2,911
2,911
16,260
3,475,240
438,408
15,449
3,475,240
443,782
501,161
Capital stock.
Capital surplus
c
deficit since
Jan.1, 1929
Utah Metal & Tunnel
$4,843,5701
$4,746,634
Total....
$4,746,634 $4,843,570
For sinking fund and preferred stock conversion fund,
b After reserve
for depreciation,
c Represented by 20,187 shares of 1st pref. stock of no
par value; preference stock, 1,126 shares of no par value; common stock,
180,828 shares of no par value (80,748 shares reserved for conversion of
1st preferred stock).
Note—Dividends on 1st pref. stock of $27.25 per share and divs. on
preference stock of a maximum amount of $66.78 per share were unpaid at
Dec. 31, 1935 —V. 141, p. 1609.
a
United Stockyards Corp.—
In
Smelter
Lessee
syndicate
Offering of these issues is expected to be made on or about Oct. 26, 1936,
at a price of $12 per share for the preferred stock and $8
per share for the
stock.
23,937
31,225
3,o20
9,238
expenses
expenses--
Liabilities—
1934
1935
Assets—
Cash in banks and
hand.
on
Prepaid
x
$22,421
5,000
3,435
$5,503
5,000
-
20
1,871
1,138,835
expenses.
Fixed assets
1,146,910
49,870
49,870
Development adv.
trust 4%% bonds, series A, due
1951, are expected to be offered on the same date by a syndicate headed by
Jackson & Curtiss and John De Witt.
The bonds carry stock purchase
warrants and will be offered at 98 and interest.
1936
x
March
2,095,366
2.175,272
2,403,732
1,900,424
April
May
-
June
July—
August
September
y
.
y
Co.—Output—
1935
x
■
743,612
1934
1,790.046
1,701,020
2,021,016
432,760
2,182,090
2,222,200
2,289,138
835,942
206,724
2,690,000
2,826,578
2,803,708
2,755,874
1,206,538
2,441.058
2,574,468
2,640,900
,v„w
2,499,782
1933
3,014,232
2,710,020
3,013,188
2,977,420
3,006,300
2.673,788
2,745.556
2,610,580
2,682,440
March production was the first in
1936, the smelter being closed down
during January and February,
y No production.—V. 143, p. 2541.
x
Universal Corp.— To Write
The
write
condition to start its new fiscal
year next
month, and put it in a position
capitalize fully on the striking general gains in the motion
picture
business,
Mr. Cowdin stated.
"Current operations are on a very satis¬
factory basis, with "My Man Godfrey"
to
giving every indication of doing
ou0or the largest businesses of
the year, possibly topping even the gross
of "Show Boat," an earlier Universal
hit."
Directors at the meeting approved new
budgets for the next production
year which call for an increase in the
output of pictures.
Production
already has been substantially stepped up since the new
management took
While in the 12 months from April 2, 1935,
to April 2,
a
o i}
?a ",r!e Pmtures were turned out, production in the year starting
April z last will total 36 features, an increase of
nearly one picture a month
over a year ago.
From April 2, 1936, to date 17 features have been com¬
pleted, compared with 14 in the same period of
1935; two more are being
,
—
.
In the face of
an
of players, which has been
running at
large figure fpr the company in recent
years.—V. 143, p. 1732.
Utah
a
Period End. Aug. 31—
Operating revenues
Oper. exps. and taxes.—
Copper Co.—To Merge with Kennecott—
1,750
1,190,750
1,535,437
1,508,043
profit-shar¬
notes
Due to officers and
employees
$1,201,080 $1,227,659
Total
y
Represented by shares
(& Subs.)—Earnings—1
1936—Month—1935
1936—12 Mos.—1935
$978,228
$856,607 $11,271,649 $10,173,965
559,534
475,885
6,639,180
6,073,086
445
$380,722
4,295
$4,632,469
17,165
$4,100,879
42,198
$419,139
236,246
$385,017
240,507
$4,649,634
2,854,340
$4,143,077
2,897,897
Balance
y$182,893
y$144,510
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$1,795,294
747,298
$1,245,180
747,107
Net
rev.
$418,694
from oper—
Other income (net)
Gross corp. income—
Int. & other deductions.
1,704,761
1,704,761
$656,765
Deficit.
$1,206,688
y Before
property retirement reserve appropriations and dividends,
z Dividends
accumulated and unpaid to Aug. 31, 1936, amounted to
$5,256,346, after giving effect to dividends of 58 1-3 cents a share on
$7 preferred stock and 50 cents a share on $6 preferred stock, declared for
payment on Oct. 1, 1936.
Dividends on these stocks are cumulative.
—V. 143, p. 2070.
Victor Brewing
Co., Jeannette, Pa.—Earnings—
Years—
Manufacturing
1935
excise taxes
expenses
All other expenses
1934
$1,232,428
727,930
440,402
$1,526,058
513,390
x739,042
$64,095
Gross income, less
$273,624
64,000
Net income
Dividends paid
Surplus.
Previous surplus
$64,095
273,909
y73,851
...
Prior years' adjustments
v Surplus, Dec.
31-^
Earnings per share on capital stock
Including income taxes,
y
Federal income taxes of $3,158.
x
1935
Dec. 31
Liabilities—
1935
94,061
Accrued Items....
1934
$159,643
30,275
yll,468
19,365
1,291,728
1,418,604
$142,398
53,756
Fed. income taxes.
-
Fixed assets
$1,564,548 $1,668,960
Total
$273,909
$0.35
1935 State and
Accounts payable.
Instal. notes pay..
prepay¬
ments, &c
x
Sheet
1934
$106,656
23,461
Inventories
Deposits,
$209,624
64,285
$0.08
$42,378
58,646
148,335
Accts. receivable.-
;
$264,153
Including provision for
Balance
Assets—
Cash
Dep. for packages.
Capital stock
Capital sruplus
Earned surplus
Total
44,203
83,147
79,491
800,000
800,000
192,379
264,153
328,959
273,909
$1,564,548 $1,668,960
reserve for depreciation of $276,583 in 1935 and $121,917 in
Includes State and Federal income and capital stock taxes of
$9.229.—Y. 140, p. 1324.
x
After
1934.
President D. C. Jackling on Oct. 19 sent a letter to
stockholders advising
special meeting called for Nov. 9 to vote on a
proposal to merge
2,625
4,361
Capital stock tax.
6,970
y Capital stock.1,190,750
Capital surplus
1,535,437
Deficit
1,549,511
ing
[EJectric Power & Light Corp. Subsidiary]
on four others will start next week.
increase in the company's stock talent from 15 to 72
$150,000 has been effected already in the
saving of more than
allowance fen* the unused time
a
S5~ 141
2,425
Conv.
.$1,201,080 $1,227,659
shot, while production
artists,
810,000
648
After reserves for depletion and depreciation,
$1, par.—V. 143, p. 1097.
Utah Power & Light Co.
1934
1935
Note payable
Accounts payable.
x
Calendar
personnel
considered unwise in a thorough revamping of its financial and
operating
methods, J. Cheever Cowdin, Chairman, announced on Oct. 16 after a
meeting of the board of directors.
This write-off, which follows an intensive
survey of all the company's
domestic and foreign units
by the new management during the six months
that
.it has been in control, will be reflected in the company's report for
the fiscal year ending Nov. 1.
"These sweeping changes will
place the corporation in a perfectly healthy
?nQ«r0oraffc fpriL
Total
of
Off Dubious Assets—
company and its motion picture operating subsidiaries will
off in excess of $500,000 of
questionable assets and contracts with
$51,744
Balance Sheet Dec. 31
The $4,500,000 of 15-year collateral
Total net income of the eight stockyards companies, whose stock will be
acquired by this corporation, for the nine months ended Sept. 30, was
$749,832, compared with $488,852 for the same period of 1935, the corpo¬
ration reported today.
Equity in the net income of the underlying companies applicable to
those shares to be acquired by corporation for the nine months ended
Sept. 30 was $401,173, compared with $265,933 for the same period of 1935.
The United Stockyards will, through the presently contemplated financ¬
ing involving the sale of $4,500,000 of collateral trust 44£ % bonds of 1951,
with warrants, 310,000 shares of conv. pref. stock (no
par) and 224,000
shares of common stock ($1 par), acquire from Swift &
Co., and other
holders, shares of the capital stocks of eight stockyards companies located
in St. Paul, Minn.; Sioux
City, la.; Milwaukee, Wis.; Fort Worth, Tex.;
Portland, Ore.; San Francisco, Calif.; Brighton, Mass., and Toronto,
Canada.—V. 143, p. 2387.
4,051
10,675
$41,468
Net loss.
Accounts receivable
as
1934
$54,081
22,860
27,849
40,389
Capital stock tax
Depletion and depreciation.
Note receivable—
Copper (Pounds)—
January
February
.
$44,505
18,052
—
City, and Bond & Goodwin, Inc., of Illinois, who will act
managers.
United Verde Extension Mining
,
1935
charges
Operating
Exchange Commission,
the corporation disclosed Oct. 19 that the underwriters of the 310,000 shares
,
,
Co.—Earnings-
sales
ore
(no par) convertible preferred stock and 224,000 shares ($1 par) common
stock will be John De Witt of Chicago, Bond & Goodwin, Inc., New York
common
,
,
Calendar Years—
Gross
Underwriters of Stock Issues—
amendment filed with the Securities and
an
"(1) Unification will bring into one corporation aU the mining, milling
smelting operations of the enterprise conducted in the continental
States and thereby promote increased efficiency and economy in
administration and operation.
"(2) The Utah shareholders by eventually becoming shareholders in the
corporation controlling the whole undertaking will enjoy the advantages and
benefits of participation in the ownership of diversified branches of the
business, among others, the fabrication of copper and brass products into
finished products.
With intensified competition in the foreign and domestic
markets arising from increased foreign production of raw copper, these
fabricating units have become increasingly important and valuable.
"(3) The United States Government has indicated by recent legislation
that it favors a policy of simplication of corporate structures and to that end
has imposed a tax on inter-corporate dividends.
This tax will needlessly
burden Kennecott so long as the relationship of Kennecott and Utah
remains that of parent and subsidiary.
By their unification, this un¬
necessary tax burden will be eliminated and a step taken in line with such
policy of simplification.
*
■•
"The first step toward this integration, now recommended by directors,
is the merger of Utah into the Copper Corp. of Utah, a New Jersey corpora¬
tion created to facilitate the accomplishment of this purpose.
The terms of
the merger are specifically set forth in a merger agreement which has been
approved by the boards of directors of these two corporations.
Pursuant
thereto each share of Utah stock will be exchangeable for three shares of
stock of the Copper Corp. of Utah.
After such merger Utah stockholders
will still own the same pro rata interest in the Copper Corp of Utah as they
now own in Utah Copper Co.; and the Copper Corp. of Utah will 9wn all of
the properties and assets of Utah, subject to its existing liabilities.
The
Copper Corp. of Utah has no liabilities and no assets other than $43,819.
"It is the present intention, after this merger has been consummated, to
take, as soon as practicable and without further prior notice, the appro¬
priate steps required to complete the unification with Kennecott upon such
a basis that the holder of each share of the Copper Corp. of Utah will be
entitled to receive therefor one share of the voting capital stock of the
unified corporation.
Upon the accomplishment thereof on such basis, the
unified corporation will have outstanding 10,823,073 shares of its voting
capital stock.
It will not have outstanding any other stock or securities.
Of these shares, 10,774,731 will be owned by the holders of the 10,774,731
shares of Kennecott stock now outstanding; and the remaining 48,342 shares
will be owned by the holders of the 16,ll4 shares of Utah stock held by
others than Kennecott.
The above figures represent the position as of
Sept. 30, 1936 and will be subject to minor adjustment."—V. 143, p. 1896.
United
341,256
self-
insurance
Oper.
464,000
conver-
versionfund
marks
10,943
(non-
pay.
current)
trade¬
Total
11,600
on
funded debt
Notes
exps.
prepaid
a
1934
$39,186
721,713
Other accrued liab.
Unexpired Ins., tax
other
1935
$50,000
543,195
Accounts payable.
Accrued interest
Mdse. at warehouse
and
Liabilities—
Notes payable.
1,153,431
receivable.
Accts.
1934
1935
Assets—
Cash..,.
1936
24.
and
,
(jSTSubs,)-^drnings—
United States Stores Corp.
Oct.
Chronicle
y
them a
.?ACOmpa?y Y1?*1 the Kennecott Copper Corp.
Approximately 99%
Furthermore,
a
of
aa, certain other members
sidiaries
°
j
are
the
stock
of
Utah
majority of the directors of Utah
engaged in
an
The letter reads in part;
owned by Kennecott.
is
are
directors of Kennecott
are officers of Utah.
Kennecott and its sub¬
enterprise, domestically and abroad, consisting
5,n^' milling, smelting and marketing of
copper
and
copper
products,
and, domestically, of their fabrication. Utah is
engaged only in the mining
and milling phases of
copper production, and while enjoying the benefits of
such fabricating and
marketing facilities, does not share in them
through
directly
ownership.
The ultimate unification of these two corporations
would be beneficial to their business
operations and to their stockholders.
"The reasons which cause directors to believe that
unification will be
advantageous and beneficial to all concerned are as follows:
Virginia Iron, Coal & Coke Co.—Earnings—
Period End. Sept. 30—
1936—3 Mos.—1935
$19,430
15,200
$80,590
96,241
$15,004
49,377
$27,910
35,940
loss$4,230
32,053
$15,651
105,636
$34,373
91,262
$8,030
$36,283
$89,986
$56,889
310,770
261,677
Other income
$28,841
56,751
Total profit
Int., deprec. and taxes._
Expenses
-
Operating loss
Net loss
143,
-1935
$994,699
1,009,703
$242,247
-Y.
1936—9 Mos.
$877,933
958,524
$281,929
Gross
p.
776.
Volume
Financial
143
Viau Biscuit
Jan.
31. *36
$448,690
313,414
Gross profit
Expenses
Balance
$135,276
interest, &c
Depreciation
Bad debts
6,454
$25,104
$22,712
*
Accts. & bills rec.
.
Inventories
Dec.31,'34
$80,000
55,417
/arc.31,'36
Liabilities—
Dec. 31,'34
/arc.31,'36
867,086
216,803
148,935
816,238
Bank loans
285,331
155,302
Accrued Interest--
Amounts
Montreal Tr. Co
848,999
1,724
payable-
Coupons due
To", 562
~
25,000
Sales tax——.
*3*217
1,216,516
12,670
1,517,880 Deferred liability.
12,670 Bonds.
10,250 1st pref. stock
320,052 2d pref. stock
6,861
318,400
reJollette
Fixed assets
-
Organization exp.
Deferred charges
Good will
9,709
320,052
.
Paving taxes
908,375
1
1
8,493
8,727
__
9,043
6,861
7,800
10,000
14,206
10,000
28,614
1,725
16,049
Deferred liability.
e
30*696
Reserve
6%
c
cum.
conv.
500,000
1,000,000
307,454
500,000
pref. stock
Common stock._
1,000,000
282,352
Earned surplus...
144,811
c
Total
946,000
470,000
125,000
$2,467,670 $2,525,607
99,272
$2,467,670 $2,525,607
Total
a After reserve for doubtful accounts of $8,829 in 1935 and $9,730 in 1934.
b After reserves for depreciation of $2,123 321 in 1935 and $2,079,811 in
1934.
Represented by shares of $25 par.
d Portion of compensation
as
payable with
12 months,
e For compensation
141, p. 1952.
c
liability
estimated
award and agreement.—V.
7,376
9,043
325,000
946,000
470,000
125,000
301,133
197,701
Common stock.-
x
45,224
14,850
14,716
_
Other cur. liabil—
and trade-marks
items.
payable.
Acer, royalties pay.
d Compensation liab.
Patents, pat. rights
Deferred
and
salaries
wages
Plant, property
and equip
loss$21,509
50,680
loss$34,959
Balance Sheet
Assets—
b
150,287
Taxes
Acer,
Capital surplus
1st pref. dividend:
Cash
878,163
Investments
1,176
-
Net income
1,004,235
89,115
Inventories
$231,444
91,764
179,207
$176,720
136,079
Notes payable
Accounts payable-
$130,300
20,799
429,217
939,070
89,115
v
1934
1935
Liabilities—
1934
§34,393
17,903
435,366
Notes & accept, rec
a Accts. receivable
20,005
18,350
1,777
reserve
Pensions & group insur-
$56,762
28,272
30,000
14,246
Prov. for stands & racks-
$53,074
3,688
$52,868
28,081
30,000
15,500
$106,458
26,199
38,021
$135,276
28,100
73,840
309,087
$50,481
2,387
$106,458
1935
Cash.
$362,161
$315,701
265,220
$391,344
284,886
31
1932
1933
1934
Sundry revenues
Net earnings
Assets—
Years Ended Dec.
-13 Mos. End.
Bond
Consolidated Balance Sheet, Dec. 31
Corp., Ltd.—Earnings-—
Period—
2701
Chronicle
(John Warren) Watson Co.-
-Earnings1934
1935
Calendar Years—
Net sales
Cost of sales
$35,628
$79,407
120,206
__
-----
Gross loss
196.248
Deficit
Total
x
$2,023,633 $2,326,765
Total
-—'—$2,023,633 $2,326,765
365,725
67,357
$160,620
Represented by 25,000 no par shares.—V. 143, p. 1420.
$40,800
10,328
30,991
*
Administrative and general expense
Depreciation res_-
Net operating loss.
Other deductions
$82,119
30,186
$231,446
70,938
$112,306
$302,385
Selling
Virginia Electric & Power Co.—Earnings—J
1936—Month—1935
1936—12 Mos.—1935
$1,279,610 $15,943,873 $15,222,536
491,988
6,347,250
5,874,453
76,997
1,077,424
978,875
153,789
1,710,092
1,906.691
Period End. Aug. 31—
Gross earnings
$1,399,568
559,542
95,166
172,760
I
Operation
Maintenance
Taxes
Balance
$556,834
$572,099
.
$6,462,516
$6,809,105
53,333
6,666
-
JSTet loss for the year...
Balance
$578,766
147,688
$556,834
150,766
Inventories
Balance.-..-—
$431,078
Appropriations for retirement reserve
Preferred dividend requirements
$406,057
$6,462,516
1,874,773
$4,951,340
1,850,000
1,171,558
$4,587,743
1,800,000
1,171,632
$1,929,782
$1,616,111
Plant & equipment
—V. 143, p.
common
dividends and surplus
1733.
(Hiram) Walker-Gooderham & Worts, Ltd. (& Subs.)
-Earnings—
1935
1936
3 Months Ended Aug. 31—
49,738
income
Depreciation.
Interest----.
Income taxes.
184,179
68,878
$585,126
115,204
1
Walkerville Brewery,
Income Account
Profit from operations before
Miscellaneous income
$3,012,963
Int. accrued on tax liens,
of sales,
adminis.
bond
Accrued
$2,167,133
Sundry accts.
63,963
134,046
135,906
$3,076,926
$3,157,682
$2,303,040
2,722,184
115,168
2,753,036
164,431
2,086,980
84,024
Advances
construction and gen.
&c., of oper. units
1,858
2,594
157,490
160,253
500
500
986,485
1,005,352
—
Land, bldgs, machy., equip., fix¬
17,045
19,262
$223,168
140,701
$112,772
273,150
Goodwill,
$442,855
$363,870
$385,923
Prepaid expenses
202,196
310,002
22,313
>
1.133
196,495
18,159
7,592
310,871
22,313
62,623
233,733
17,701
7,645
343,423
22,528
4,221
965
22,226
41,693
1,794
5,103
2,181
$145,901
$298,640
$259,647
trade
tr. mks.,
names,
1
1
7,893
3,573
formulae, etc—
19,978
6,685
Proportionate share
13,254
prof 111,567
89,284
29,503
$34,334
Surplus, Jan. 1
Discount on 5 y2%
$387,924
853,522
$289,151
1,538,848
or
— —
189,565
Weber Showcase & Fixture
$155,231
$465,597
Gross
profit
for depreciation.
Selling, administrative and general expenses.
Operating profit
;
Other income
Gross
—
$664,316
583,313
$747,183
557,776
$81,004
$189,407
3,288
966
$84,292
32,888
income..
Other deductions.
Net income before Federal and State income taxes
Provision for taxes
1934
$824,626
77,443
'
$190,373
41,323
$51,404
7,568
$149,050
Operating profit..---.(net)
—
$43,836
$0.35
$127,278
$2.43
21,772
Earnings per share on 40,000 shares common stock.
1,520
$243,006
233,152
---
56,610
37,463
$28,456
Net loss
■
$46,756
Balance Sheet Dec. 31
x
Liabilities—
1935
1934
$57,265
$51,132
521,441
287,464
12,880
7,570
614,914
538,476
Deferred Income.-
229,670
equip
410,489
363,427
33,259
Other assets
Real estate.
y
Bldgs., mach'y &
equipment.
250,017
Common
1935
$125,000
88,031
7,214
1,680
4,100
1934
$175,000
95,591
10,125
1,148
Improvm't
bonds
5,552
payable.^
13,689
699,760
156,600
749,118
882,370
21,339
699,760
Capital surplus..1
1
6,108
-
Deficit
534,292
505,835
$2
cum.
cum
1st pf. stk.
2d pf. stk.
stock—
156,600
749,118
882,370
6,870
$2,193,271 $2,290,768
Total
Res. for contlng..
$2
Patents, process &
patterns-Deferred charges.
Accruals..
Munlc.
Inv. In and adv. to
subsidiary—...
payable.
Cust'ts deps., Ac-
7,343
547,231
538,476
& accts. rec
Inventory
Inv. In leased
Notes payable
Accounts
Notes, contracts
Total
$2,193,271 $2,290,768
for doubtful accounts of $105,027 in 1935 and $108,346
After allowance for depreciation of $347,400 in 1935 and $321.321 in 1934.—V. 141, p. 1952.,,
.
x
Net income
6,831
$247,933
238,926
Other deductions
Cash
1935
$241,486
—
profit:
Selling, administrative and general expense
Total gross
$1,297,055
$741,570
77,253
897,417
$241,101
—
Assets—
Calendar Years-
1934
SM38.904
1,039,858
Rentals earned, net
—V. 143,p. 129.
Provision
1935
$1,280,959
Cost of sales
47,358
Surplus, Aug. 31
Co., Inc.—Earnings-—
Sal^et-I-
gold notes retired
held for retirement-
for depreciation of $195,276
Calendar Years—
of net losses of
Net loss
$1,321,056 $1,359,530
Total
in 1935 and $174,400 in
b Represented by 375,000 no par shares.—V. 141, p. 2449.
After reserve
1934.
•
y
capital assets (net)
Provision for foreign income taxes—
a
-
.—$1,321,056 $1,359,530
Total
—
(other than income taxes)
Depreciation of fixed assets
Interest charges, all companies
Amort, of discount & exps. on debs__
Provision for joint venture operations
Adjust, of net foreign assets to cur¬
rently quoted rates of exchange—
Realized loss on securities and sale of
sur.14,358
622
tures, etc---—-
Taxes
16,875
1,272,500
48,919
Brewer's
in
$208,134
234,721
Total
4,620
1,272,500
43,512
4,487
Operating deficit
share¬
Ltd..
Gen. & adminis. exps., &e. of parent
and non-oper. cos.
(except as de¬
ducted below)..
4,249
14,019
—
31,441
-
and muni¬
prov.
cipal taxes----stock
Capital surplus—.
b Capital
Warehousing Co.
a
Profit
Other credits
$6,878
$4,911
Reserve for Dom.,
rec.
Inventories
Depreciation of fixed assets
Taxes (other than income taxes) ex¬
cept taxes paid by non-operating
companies
9,741
399
holders. *■-i------
Inv.
1934
accd.
expenses, etc—
&
Advances to em pi.
exps.,
(except as deducted below)
pay.
$173,267
offi¬
to
&
cers
Cost
Accts.
Dom. of Can. bds.
$3,023,635
29,475
1935
Liabilities—
1934
$67,352
84,435
banks...
1934
$10,629
...
...
Cash on hand & in
1935
$3,136
7,493
before providing for depreciation
1935
(less reserve)
Total income
145,752
charging depreciation
Balance Sheet Dec. 31
&c., held by
operating companies
& govt. & munic. taxes_$148,888
year-.-.—$18,846
bank int. rec—
&c
Ltd.—Earnings—
Provision for depreciation
Gross income from sales and road con¬
struction,
.$1,592,414 $1,494,799
Dominion, Provincial and municipal taxes
Registers with
(& Subs.)—Earnings
1936
..
for the Year Ended Dec.31, 1935
Profit from opers. before charging deprec.
Assets-
>
Capital stock.
Total
$1,592,414 $1,494,799
Net loss for the
given on first page of this department.
Warren Brothers Co.
e
1
SEC—
8 Months Ended Aug. 31—
2,726
894,331
390,000
debt
Funded
1935 and $39,123 in 1934.
policies after deducting policy loans,
c Machinery and
equipment not used in present operations as depreciated cost as of Jan. 1,
1935 (sale value not presently determinable),
d After deducting original
declared value of no-par value stock of $26,350.
e The 200,000 no-par
common shares and 450,000 no-par deferred common shares are not given
any value in the above balance sheet.—V. 141, p. 454.
Note—Figures subject to audit.—V. 143, p. 2072.
See list
2,860
913,004
390,000
Deferred liabilities
4,839
1,307,172
Net profit for the year
$469,822
$1,019,040
Washington National Cemetery Corp.
Accrued accounts-
,
71,444
$1,134,244
115,204
Preference dividends.
$84,173
123,568
value of
$909,627
$1,675,100
144,261
122,461
274,134
1934
191,060
After allowance for doubtful of $1,909 in
b Cash
$839,834
69,793
$1,625,362
Other
$412
4,659
1,419,478
_
Total
a
Balance for
6,420
13,679
1,696
1,230
159,348
Goodwill & pat'tsDeferred charges.
d Deficit
1935
$95,489
Accounts payable-
1934
$1,980
1,282
10,644
3,949
c78,388
72,032
Accts. receivable
b Life insurance..
$6,862,438
1,911,097
49,171
Notes payable
Liabilities-
1935
Assets—
Cash-.—.
Other assets
Interest & amortization.
21,655
Balance Sheet Dec. 31
a
Inc. from other sources.
expense
After allowance
in 1934.
y
Financial
2702
Wehle Brewing
Oct. 24, 1936
Consolidated Balance Sheet Sept. 30, 1936
Co.—Earnings—
1935
-
—
—.
$1,095,098
631,386
Net gross profit
$529,764
341,773
25,558
Net profit
x$138,395
-
6% 1st mtge.
6^%
conv. s.
f. bonds
$1,508,800
f. deb. bonds.- 1,011,000
Inv. in bonds and securities.—
Pur.
money
1st
Cash
22,681
—
Liabilities—
Plant and equipment, less re¬
serve for depreciation
$4,462,305
$463,712
277,679
27,187
24,037
shipping and general and admin, expenses
Miscellaneous deductions (net)
Federal income taxes-.
Assets—
1934
$1,216,953
687,189
Calendar Years—•
Gross profit
..
Federal revenue stamps—
Selling
Chronicle
2,545
hand and in banks.—
on
90,501
xl04,375
Accounts & notes receivable—
Inventories
Acer. int.
378,777
Cash
x
$135,718
127,959
79,710
Accts. and notes
receivable
Federal
on
rev.
accr. exps.
Accounts
Notes
hand
1,893
85,162
-
—
..
18,815
816,602
_
27,178
exp.
Organization
10,017
payable..----Accrued items
18,734
658,869
14,239
10,017
Fixed assets
c
Reserve
d Common stock
d Class B stock
e
Stock dividend..
Surplus
Total..'.
$1,223,346
$981,637
66,079
66,057
4,703
prior Sept. 5 1935
---
Total-
Total
5,634
4,349
a90,495
405,318
for
reserve
doubtful
shares,
no-par
$5,172,191
Total
of
accounts
$33,222.
Represented by
a Repre¬
y
Represented by 11,770 no-par shares,
143, p. 2542.
z
sented by 90,495 no-par shares.—V.
60,773
Westchester Fire Insurance Co.—Extra Dividend—
500,000
25,000
$5,172,191
After
x
10,330
7,156
5,860
74,964
500,000
52,340
13,808
292,594
zl, 177,000
-
Surplus (deficit)
22~681
24,038
23,977
yl,033,000
Cum. $7 preferred stock
Common stock
10~623
liabilities.
capital stock tax
320
ing, &c
Deferred charges.
$2,315
126,554
13,117
State beverage and
Cash ad vs.—travel¬
Other Investments
y
$75,305
166,656
Fed. inc. taxes pay.
1,533
74,219
349,567
payable
payable
and operating expenses
Partic. $7 prior pref. stock
1934
Dividends payable
Sundry
stamps
Inventories..
1935
Notes payable
Accounts payable-
$123,993
69,140
bonds, debentures
on
Accr. payroll, insurance, taxes
Liabilities—
1934
177,689
Accts. pay., taxes, ins. & other
$136,164
Balance Sheet Dec. 31
1935
on
and mortgages in arrears—
x Subject to
possible State tax of approximately $3,500 under revised
Connecticut statutes, now under review.
•
•
Assets—
mtges.
props, acqu. subseq. to org.
Notes payable on purchase of
own bonds due in 1936-—--
89,794
43,891
Prepd. taxes, ins. & other items
Goodwill & organization exp—
s.
The directors have declared
an extra dividend of 10 cents per share In
to the regular quarterly dividend of 25 cents
per share on the
stock, par $10, both payable Nov. 2 to holders of record Oct. 21.
Similar payments were made in each of the 11
preceding quarters.—V. 143,
p. 607.
addition
221,212
$1,223,346
$981,637
common
After
reserve for doubtful accounts of $10,254 in 1935 and $5,000 in
b After depreciation,
c For customers'
deposits on bottles and
cases,
d Represented by shares of $10 par.
e Payable Jan. 2, 1936 in
class B stock.—V. 142, p. 4041.
a
Western
1934.
Canada
Flour
Mills
Co.,
Welsbach Co. (&
Provision for depreciation & doubtful accounts
Subs.)—Earning*
Years Ended Dec. 31—
1934
1935
$480,046
383.375
Cost of sales
1933
$386,357
288,160
$360,167
308,054
1932
$502,056
426,915
Net profit
Dividends
x
Gross profit
Sell., adm. &
gen. exp.
_
$96,671
126,622
-
$52,113
$98,196
114,296
115.443
preference shares,
Net loss from sales
$29,951
5,152
$63,330
2,307
$7.5.142
Consolidated Balance Sheet July 31
183,599
$16,100
13,894
$108,458
31,910
1936
before
ings, &c
Patents,
fixed
charges
Fixed charges
$24,799
62,965
$61,022
58,257
$2,206
53,740
$87,764
$119,279
$55,946
$127,001
x
tr-marks
1
Accts. <fc bills rec—
398,556
1,707,899
Inventory
Net defjeit for year
Liabilities—
Cash
1
Reserves
1,491,800
816,216
1,558,104
& L. account
294,616
34,534
55,778
51,919
-
Common stock-.
506,009 P.
1,404,414
39,528
Deferred charges.
1935
1936
6H % pref. stock$2,413,000 $2,413,000
2,205.700
2,205,700
Bank loan
609,000
833,000
Accts. & bills pay.
647,481
693,483
y
$5,042,331 $4,876,249
757,667
1,306,212
and goodwill
$76,548
50,453
1935
Real estate, build¬
Investments
Deferred
loss$52,355
36,195
Including income taxes.
Assets—
Other income (net)
$38,400
-
on
11 Mos.End
July 31 '36 July 31 '35
$177,862
loss$l ,378
xl39,461
50,977
Operating profit
Net sales
(& Subs.)—
Ltd.
Year Ended
Period—
Consolidated Balance Sheet Dec. 31
Assets—
1935
Cash
1934
Liabilities—
1935
$7,682
36,874
$4,996
Notes pay., banks,
y Accts. receivable
36,412
x
Notes receivable.-
95
227
Inventories
161,811
582
Investments
Accts.
Accts. payable
Taxes due and
127,324
Ad vs. to salesmen-
Other accr. llab's..
current
36,178
3,305,225
Property and plant 3,305,299
Deferred charges
3,012
Goodwill <& pat'ts.
3,600,569
Reserves
7% pref. stock
Common stock
2,409
3,600,569
$300,000
104,894
255,619
4,702
77,807
206,963
2,072,269
1,225,000
3,500,000
1,175,486
Acer. int. U. G. I.
non-
Total
1934
$270,000
843,000
51,522
2,097,024
1,225,000
3,500,000
1,124,912
766,500
62,385
Deficit
3,153
Western
x
...$7,151,521 $7,113,9221
Total
$7,151,521 $7,113,922
Capital stock of Camden County Land Co., a subsidiary which owns
and buildings at a ledger value of
$918,897 pledged as collateral,
land
y
Less reserve of $3,118 in 1935 and $13,774 in 1934.—V. 141.
West Coast Oil Co.-
p. 1953.
-Earnings—
1935
1934
$153,069
6,785
$149,215
80,935
5,570
$62,042
11,052
$73,094
13,403
4,021
$73,318
8,419
4,233
$55,669
72,856
$60,665
84,242
The directors have declared
Western Grain
Years End.
Total income
Provision for depreciation and depletion.
Provision for Federal income tax
Net income.
Dividends
41,632
1935
1934
xOil lands & leases,
& personal prop.
$199,499
Stocks owned
$207,677
546
Accts. receivable.
Oil products inven.
-
Prepaid tax. & ins.
Prop, taxes for ap¬
542,747
13,372
916
Divs.
$744,853
Paid in surplus
Earned surplus
$767,8321
1936
and expense
Deferred charges
Cash
Working
_
1,980
33,755
68,530
30,246
112,186
1,297
61,793
21,000
21,248
-
funds
Accts. receivable.
Unbilled
86,687
4,056
discount & exp.
Prepayments
181,540
82,184
Special deposits
Unamortized debt
92,508
_
revenues.
Mat'l & supplies..
x49~ 527
Cash
in
hands
1935
$44,891
paying agents._
Balances
due
V
•
re8i0ooe
14o» J).
$13,510,
24,429
19,516
cured
In storage
9,467
36,900
2,802,670
20,969
$767,832
x
4,420
Liabilities—
7 % preferred stock
y
Common stock-.
Funded debt
$719,600
1,716,381
1,353,000
43,465
Cust's deposits
Misc. def. liabil
$719,600
1,716,381
1,353,000
42,211
123
Notes pay. affll.cos
Accounts payable.
$7,670,679 $8,151,612
200,000
no par
70,559
29,561
70,559
45,382
Bond Interest due.
Accrued liabilities.
267,313
Reserves
614,035
117,000
69,033
482,630
Contrib. for exten.
Deficit
257,439
surl5,271
-
963
Western Light &
p.
$7,670,679 $8,151,612
$645,508 in 1935.
2132.
12 Months Ended—
Revenues
141,
p.
no-par
shares.
$324,918
Western Grocers,
Calendar Years—
Ltd.—Earnings—
1935
1934
1933
1932
$219,411
20,868
$188,094
20,483
$141,136
39,731
10.938
16,563
Equipment deposits
"4". 000
Directors' fees paid
Legal fees
3,750
626
47,187
32,147
25,000
Net income
$19,759
13,011
Net profit from operations
Non-operating revenue
$15,421
1,412
$6,748
1,349
$16,833
$8,098
13,000
1,116
Preferred
dividend
$167,785
83,601
Common
dividend
33,886
83,601
8,471
Balance, surplus
Total indirect operating expenses.
$28,357
12,935
$300,176
$296,707
29,138
47,970
Income tax adjustment.
1935
j
3706.
Depreciation.
$4,572,296 $4,616,335
Repre-
May 31 '36 Dec. 31 '35
$2,190,442
$2,191,498
1,566,239
1,589,468
301,853
299.284
Net income avail, for income taxes, int. & divs.
—V.
y
Telephone Co.—Earnings—
Expenses
Depreciation.
Profits..
Total
Total
sb .res.—V. 141,
1935
$114,100
66,791
85,057
140,575
4,669,694
Less depreciation of $784,796 in 1936 and
sented by
1936
1936
Earnings before fixed charges.
Common stock.
Surplus
y
4.831
141,942
4,548,761
Fixed assets
x
"III"
II"IIIII"
.
1,900,000
775,229
agree¬
Total
Aug. 31—
revenue
operating expenses
225,426
2,720,000
2,961,372
18,606
-
Prepaid expenses.
Sundry loans,
159,449
2,720,000
1,900,000
775,229
50,563
$1,387,279 in 1935 and
Corp.—Earnings—
Net income from operations
margin
Preferred stock
and "coal
&
liabilities
cust.
Bonds
r
Inventory of grain
mtges.
83,123
16,776
77,387
18,050
(est.)
accounts
6,010
$117,282
6L812
27,113
Direct
&
235,478
grain
$744,853
of September—
Total sales
&c
Accts. payable, ac-
64,224
7,036
1935
1936
(sec.).$1,970,000 $2,346,000
Accr'd taxes
Adv. freight, accr.
on
y Represented by 78,600
Cost of goods sold
25,148
14,117
by
Income tax
Westchester Service
Month
Liabilities—
Bank loans
Cash ticket orders,
Notes & accts. rec.
charges
19,000
25,852
$4,572,296 $4,616,335
$165,684
of
Executive salaries
Total
$136,782
1936
4,948
101,862
2,937
Total
1935
92,509
89,661
$85,057
depreciation.
$34,281
oth
4179.
Pl't, prop., rights,
franchises, <fec.-$4,056,115 $4,056,951
Cap. stock dlsct.
$161,195
263,372
63,506
Cr7,278
Memberships & in¬
West Ohio Gas Co.—Balance Sheet
Assets—
$24,639
165,684
18,858
23,100
188.428
174,928
[Including Mutual Grain Co., Ltd.]
divs.
After reserves for depreciation and
depletion of
p.
$60,806
136,782
9,080
$50,563
Assets—
Cash
vestments
$1,396,427 in 1934.—V. 141,
"1,250
Consolidated Balance Sheet July 31
&
2,572
Total
1,200
Crl ,450
$34,493
85,057
After providing for
storage
10,408
101,862
'20,124
$202,161
$138,474
169,161
1,075
Crl 0,400
Balance forward
$624,480
declared
1933
1934
*$103,340
164,396
Surplus from red. of bds.
Adj. of accrued taxes
$624,480
8,538
Federal inc. tax.
Unmatured
1934
account'of
"
investments
on
1935
*$122,448
166,266
Directors* fees
ments of sale
pointment
x
Accounts payableAccrued taxes, incl.
546
523,528
13,959
4,038
3,282
Cash
dividend of 75 cents per share on
1936
aft. oper. exp.
R 11 f Comm'n.
1935
Preferred stock
improve., devel.
a
Saskatchewan
Liabilities—
*
Co., Ltd. (& Subs.)—Earnings—
July 31-
Depreciation
Balance Sheet Dec. 31
Assets—
earns,
Bond interest
x
Net operating incomeInterest earned
Represented by
y
on the $3 cumulative
preferred stock, no par value, payable
Oct. 30 to holders of record Oct. 20.
A like payment was made on June 1
last and on Dec. 20,1935.—V. 143, p. 1098.
$62,710
10,608
Cost of sales and other operating expensesTaxes—other than income
value,
par
Dairies, Inc.—Accumulated Dividend—
Net loss..
Previous surplus
Calendar Years—
$7,997,903 $8,183,197
Total
no
accumulations
Net
Total
$7,997,903 $8,183,1971
x 135,000
shares common stock of
shares of $100 par.—V. 141, p. 3241.
un¬
paid
36,178
rec.,
Notes pay .U.G.I.
$151,709
$50,298
$59,637
$124,932
83,601
$88,404
83,601
>
27,549
$41,331
$4,803
100,000
319,043
277,713
372,909
$429,216
$378,680
$319,042
$277,712
$4.97
$4.02
$2.49
$0.28
Transf. to conting. res__
Previous surplus
Previous year's adjust--
Profit & loss surplus.
_
Earns, per sh. on 16,943
shs. com. stk. (no par)
—
378,680
238
Volume
Financial
143
Assets—
1935
1934
Cash...
$86,935
Merchandise
1,044,163
Accts. receivable-_
768,974
Customs deposits4,465
Advances
on
$437,382
53,500
20,900
8,471
100,000
$345,461
1,058
11,211 7% cum. pf. shares 1,194,300
1,022,863
464,035 x Common shares
429,216
878,034 Surplus
778
payable
Prov. for inc. tax.
Divs. on pref. shs.
mdse.
Div. on
&5sundry debtors
yAdv. to trustees-
41,009
Prepaid insurance,
interest, &c
Investments—:
com.
stock
Res. for conting—
43,992
7,744
33,000
20,900
8,471
100,000
11,789
459,767
850,588
1,194,300
1,022,863
378,680
-
$3,267,692 $3,104,453
Total-
x Represented by
16,943 no-par shares,
stock purchase scheme.—V. 142, p. 2525.
To trustees under employees'
y
—Second
Week of Oct.
Jan. 1 to Oct. 14
1936
Western
1935
$340,300
$288,318
Maryland
$0.37
Before Federal surtaxes
x
to $1.11 a share.—V.
on
Calendar Years—
1935
1934
$7,160,848
6,006,997
264,811
$7,151,074
6,028,587
392,025
215,379
$478,156
102,795
$515,083
68,286
$580,951
19,071
-
Other income
Total income
Interest paid-.
38,564
75,300
80,000
$481,879
2,979,260
$469,505
2,751,268
$3,461,140
241,512
$3,220,772
$3,219,628
$2,979,260
241,512
Balance Sheet
1935
Cash
Marketable
$356,793
226,023
279,109
68,593
67,810
secur,
Accts. receivable-
Inventories
Misc. supplies
Current acct.
rec.
Dec.
officers, legal advisors
tured within
98",979
38,504
72,320
35,612
$478,283
63,000
$464,309
62,946
one year.
Net profit for the year
Preferred dividends
W. Paterson Ltd., pref.
dividends
Geo. Weston
Common dividends
sund.
Products Corp—
45,287
91,927
46,042
246,945
Prop., plant and
equipment
3,183,807
Prepaid taxes, ins.,
206.640
Including income from investments of
Assets—
1935
Cash
Inventories
Investments.
—
17,492
2,863,337
16,036
2,863,085
interest, &c_.__
60,378
60,378
80,000
Res. for conting's.
51.468
y Preferred stock
1,093,444
z Common stock
2,098,350
Surplus..—
3,219,628
75,300
54,975
1,093,444
2,098,350
2,979,260
stock
Res.
x
Good-will—
397,708
for
Federal
Income tax.
a
53,013
2,812,670
Fixed assets
_
-
Total
$7,200,180 $7,296,526
x
After deducting reserve for depreciation of $1,902,423 in 1935 and
$1,758,049 in 1934.
y Represented by 40,252 no par shares,
z Represented
by 75,000 no par shares.—V. 141, p. 1787.
Western Massachusetts
Cos.—Earnings—
—
$2,206,609
Operating profit
Other income.
61,317
..
Total earnings
.
Interest deductions
Bal.
avail,
res.,
$2,267,926
426,813
$2,361,483
118,576
$2,480,059
421,423
$2,058,637
Western Public Service Co.
$3,085,520
$3,302,653
164,903
70,910
$3,467,556
563,991
$3,156,431
569,452
$2,903,564
$2,586,978
Maintenance
28,714
directors
$49,277
Appropriations for retirement reserve
Preferred dividend requirements
a
dividend
of 30
cents per
share
the
on
holders of record Oct. 21, This
three months
May 1, 1934,
Feb* 1,1934, Nov. 1,1933 and Aug. 1,
share distributed on
1933.
New
Director—Employees Bonus—
appointed R. B. Savin, a director to succeed the late E. A.
Directors
Joline.
Joline as a member of the Executive Committee.
bonus of 4% of annual earnings to be paid
employees early in December.—V. 143, p. 1252
The board also authorized a
to all salaried
$2,159,093
1,112,730
115,280
188,642
346,101
$2,003,522
1,050,539
111,365
186,250
$396,337
223,333
$302,623
209,000
119,451
$51,764
..
Earn, per
dividends and surplus.
—
$53,551
def$25,827
Income Account
$92,867
273,909
804,632
—
67,042
$64,000
164,655
9,642
&c
178,230
18,472
Kes.forFed.&
Can. taxes
725,257
43,558
735,705
Capital surplus.
33,919
77,500
599,342
925,664
32,358
Oper. surplus---
147,297
21,725
87,500
599,342
925,664
def34,487
$2,009,019
$1,860,448
$2,009,019
$1,860,448
Other assets
130
lstmtg. 16-yr.6s
d Com. stock
"
Total
a
exp.,
1935
851,000
Taxes pay. & ac.
b Cash in hands
2,854,191
1934
Notes payable-Accts pay., accr.
386
1,166
67,042
—
$73,618
225,799
725,406
585
—
-
Receivables
Inventory
Coal sales (less allowances & discounts)
.$3,121,812
Cost of coal sold: Labor, supplies and expenses, $2,432,448; taxes,
—
Liabilities—
1934
1935
Assets—
a
Goodwill
$136,965; royalty, $189,600; depreciation, $95,177--
$10.76
.
Consolidated Balance Sheet Dec. 31
cBldgs, mach'y
& equip't
#
Deferred chgs._^
Year Ended Dec. 31, 1935
1933
loss$86,956
$45,890
$0.19
$181,784
—
share on common stock
Land
Westmoreland Coal Co.—Earnings—
1934
1935
,
Federal
& Canadian income taxes
352,744
—V. 143, p. 1734.
Inc.—Earnings
'
profit & deprec. &
Operat.
trustee
1
declared
have
stock, par $20, payable Nov. 2 to
and 10 cents per
Cash
Balance
common
$5,480,122 $5,268,115
Total
compares with 25 cents paid on Aug. 1, last; 20 cents paid each
from Aug. 1, 1934, to and incl. May 1, last; 15 cents paid on
Whitman & Barnes,
119,452
16,369
28,845
Balance for
Surplus accts
Co.—To Resume Common Dividends—
Calendar Years—
1936—12 Mos.—1935
$192,615
89,100
8,034
14,999
10,537
Taxes
Interest & amortization.
c
2,613
900,000
2,146,297
874,408
S.) White Dejital Mfg. Co.—Dividend Again Increased
The
common
(& Subs.)—Ecrnings-
1936—Month-—1935
$202,978
97,947
Operation
1
$5,268,115'
$5,480,122
-.
He also succeeds Mr.
divs. & surplus $1,841,114
Gross earnings—
b Common stock
436,567
1
;
Whitaker Paper
(S.
1936—12 Mos.—1935
$8,545,323
$8,036,240
5,459,803
4,733,588
Note—Figures for 1936 subject to audit.—V. 143, p. 1252.
Period End. Aug. 31—
2,552
900,000
2,146,472
1,065,957
shs. of subs
com.
7% cum. pref. stk.
436,648
The directors have declare a dividend of $1 per share on the common
stock, payable Jan. 2, 1937, to holders of record Dec. 21.
Previously
regular quarterly dividends of $1 per share were paid from July 1, 1935,
to April 1, 1936; on Jan. 2,
1935, and on Aug. 10, 1934.
This latter
payment was the first made since April 1, 1931, when a regular quarterly
dividend of $1 per share was distributed.
Directors stated that losses of the March flood in the Pittsburgh area
had been written off from subsequent earnings and that increased business
in the third quarter warranted resumption of payment of common dividends.
—V. 143, p. 1734.
retire.
for
86,321
555,000
155,600
a After reserve for depreciation of $864,259 in 1935 and $757,042 in 1934.
b Represented by 375,882 no par shares in 1935 and 187,927 no par shares
in 1934.
c After deducting provision for interest in surplus accounts of
subs, of common shares, of stibs. herein consolidated in hands of public of
[Including Constituent Companies]
Period End. Sept. 30—
1936—9 Mos.—1935
Operating revenues
$6,336,045
$5,969,776
Total oper. exps. & taxes
4,129,435
3,608,293
46,981
Prov. for equity of
herein consol.
Total
1934
$419,998
80,895
.
price of ac¬
quired shs.of cos.
Goodwill
1935
$435 in 1935 and $453 in 1934.—V. 142, p. 3875.
„
..
Total.-..- —.$7,200,180 $7,296,5261
Including all divi-
y
Liabilities—
1934
19,891
624,197
—
Life insurance pre¬
miums paid
37,111
446,912
accr
,781.
$523,330 Accts. payable and
accrued items$470,994
717,804
91,720
409,391 Taxes
Div., Geo. Weston
56,382
Ltd., payable..
35,990
344,365 Purch. of prop, and
equip. & sales¬
men's guar.deps.
28,442
46,005
580,000
2,754,659 Funded liabilities.
Pref. shares of subs
137,600
$382,620
826,066
425,014
Prepaid & deferred
are
$500,000
W.OOn
;a>jLy,y74
$^u6,y
arrears.
whose bal. sheets
$150,000
65". 906
180,69.5
*>iyb,o/6
Consolidated Balance Sheet, Dec. 31
1934
Divs. pay. on pref.
3,185,828
Investments
y20,076
$iy«,»y9
_
Balance, surplus
dends in
$137,321
67,347
S
4,016
5,436
$342,175
67,347
&
sue
1935
$360,215 Demand note pay.
to
Nat'i ©airy
175,086
Products Corp.
247,313
78,368 Sec.ser.notes pay.,
due 1935
77,610
Accts. pay., incl.
from Nat'l Dairy
73,270]
4,308
Bread
Cakes, Ltd., pref divs.
x
Unavailable
64,266
112.499
Reserve for inc. taxes
31
Liabilities
1934
1932
1933
$ 672,871
700
Excess cost overis¬
Assets—
■Earnings—
1934
1935
x$765,773
Reserve for deprec'n
Int. on funded or other
indebtedness not ma¬
items
Total surplus
$3,458,020, equal
Remuneration of execut.
Accts. receivable-
Dividends paid on preferred stock
undistributed profits.
(George) Weston, Ltd. (& Subs.)-
$583,369
410,884
Repairs and maintenance
Depreciation
loss$32,181
3,172,110
Nil
$0.80
$0.02
143, p. 608.
Calendar Years
Net operating profit——
Directors' fees
1935
1936
$12,547,965 $11,522,597
Corp.—Earnings-
Dairy
share
per
and directors.
Western Maryland Ry.—Earnings—
Period—
Earnings
1936—9 Mos.—1935
x$2,503,764
3,106,818
Net profit for the 12 months ended Sept. 30,1936, was
.
$3,267,692 $3,104,453
Gross earnings (est.)_—»
—Y. 143, p. 2542.
Westinghouse Air Brake Co. (& Subs.)—Earnings—
Period End. Sept. 30—
1936—3 Mos.—1935
Net profit after deprec.
and taxes—
_.x$l,153,091
$63,191
Shs. cap. stock (no par)3,106,818
3,172,110
Div8..prev. decl. &
still unclaimed--
Fixed assets
Total
1934
1935
Liabilities—
Bills and accounts
$68,962
839,069
791,406
2703
Chronicle
Comparative Balance Sheet Dec. 31
After reserve for
Total
bad debts of $12,309 in 1935 and $14,266 in 1934.
sinking fund bonds, c After reserve for deprecia¬
b For redemption of 6%
Profit
on
coal sold
$267,621
Other
operating revenue,
transportation facilities, tenement
rentals, &c., $273,037; less wages, repairs and other costs,
$178,397; taxes, $11>404; depreciation, $74,495
— -
tion of
$860,612 in 1935 and $838,399 in
par.—V. 141, p. 2450.
d Represented by shares
1934.
of $2.50
Willards Chocolates, Ltd.—Earnings-—
8,741
1935
—
Selling, administrative and general
expenses
.
...
$276,362
317.335
Net earnings——Reserve for
depreciation
Provision for income taxes-
Loss
$40,973
69,930
Other income
Profit
Other deductions
$28,957
5,409
.-
!
Cash
$1,169,979
1,873,498
Notes & accts. rec.
382,296
Inventories
159,647
Other curr. assets.
82,250
x Fixed assets
1,981,325
Marketable
secur.
1934
Assets—
$902
$23,548
$999,009
1,847,329
607,157
189,018
15,599
2,122,329
Accounts payable
$892
Accrued taxes
Workmena comp'n
claims detenn'd
Accts. rec. employ
120,212
201,738
$57,887
82,807
35,142
accounts
Reserves
y
1934
$30,519
96,483
43,029
41,530
22,185
Other curr. liabll.
Deferred
Prepaid
accounts
and other assets
.
Commerce ad vs.
$64,508
$109,079
53,724
32,319
2,251
1,084
8,262
1,084
Prov. for Inc. tax—
450
secured
Accounts
Capital stock.
Surplus
z Treasury stock.
-
6L780
5,000,000
639,310
Drl65,628
48,255
129,446
5,000,000
628,644
Dupont
—
payable
& accrd. accts._
15,162
Accrd.
Interest on
mortgage
Agreement re sale
of
1934
Canadian Bank of
153,412
151,612
&C-—
Accr. mine payrolls
$14,945
Unclaimed divs—
Inventory of mdse
1935
1935
Liabilities—
1934
159,580
201,217
1,064
Cash
$0.13
Liabilities—
$13/
—
—
1935
Advertising supps..
1935
61,000
450
Balance Sheet Dec. 31
Comparative Balance Sheet Dec. 31
Assets—
$46,054
—
Loss for year
Accounts recelv—
Net profit transferred to surplus
;
Earnings per share on 180,529 shs, cap. stock (no par)
.
1934
$70,313
70,000
Calendar Years—
Profit
St.
257,493
property
Land, bidgs. and
equipment, &o-_
Farm property—
Note recelv., share¬
x
673,899
46,614
Mtge. payable..—
727,730 634% cum. pref.
stock
46,614
—
y
14,114
holder
101
Investment
Common stock-
Surplus..
—
98,011
355^504
474,000
375,025
14,325
474,000
375,025
14,462
101
Mtge. discount, or¬
ganization
penses, &c
ex¬
2,604
Good-will
Total
y
$5,769,210 $5,982,181
Total
$5,769,210 $5,982,181
x After reserve for depreciation of $2,830,643 in 1935 ($2,585,990 in 1934).
Represented by 200,000 shares of no par value, z Represented by 19,471
141, p. 612.
shares at cost.—V.
Total
x
y
$1,083,379 $1,369,738
After reserve for
Total..-
$1,083,379 $1,369,738
depreciation of $514,807 in 1935 and $450,096 in
Represented by 15.001 no par shares.—V.
141, p. 1954.
1934.
Financial
2704
Whittall Can
Years Ended—I
$325,749
sale of invest..
7,529
14,614
3,537
4,937
81
Total income...—--
$440,517
operations.
Dividends received...—
Interest on Govt, bonds.
Profit
on
Prov. for depreciation.
Legal
3,099
expenses
46,565
22,548
$239,199
339,625
$214,239
123,500
$192,459
92,625
.
Net income
Preferred dividends
Assets—
Feb.
Cash
Vai. of life policies
Accts. receivable..
Inventories......
Inv. (Can. bonds)
Inv. In affll. cos..
Deferred charges..
Property, plant,
mach. & equip..
$119,046
Liabilities—
Feb. 29, '36 Feb. 28, *35
29/36 Feb. 28, '35
1
$144,001
$68,221
$168,553 Accounts payable57,874
50,000
48,600 Prov. for taxes...
123,734 Loan account..... 2,185,490
12,724
18,286
335,010 Reserves
1,900,000
194,281 ay2% pref.stock.,
130,000
160,000
920,699 y Common stock..
*1/540
370,000
2,202 Capital surplus...
2,308
Earned surplus...
182,078
,
$104,371
52,500
120,708
509,872
;
925,504
898,696
patents
1
and trade-marks
Deficit
869,992
Total
...$2,560,090 $2,718,586
Total
$2,560,090 $2,718,586
x After deducting depreciation
of $898,330 in 1936 (1935, $829,191).
Represented by shares of $1 par.
z Deficit account: Loss on liquidation
of investment in subsidiary companies, $757,521; payment of guarantee
of bank loan of Associated Quality Canners, Ltd., $o85j396; total, $1,342,917.
Less: capital surplus balance, Feb. 29, 1936, $405,000, and earned
surplus balance, Feb. 29, 1936, $67,925; total, $472.925.—V. 142, p. 140.
Willson
Products,
Business Development—The general development of the company's busi¬
for the past several years is shown by the fol owing sales and net
ness
x
1929
capital of $3,500,000 for the
provide new working
Gross Sales
1931.
1932.
1934.
1935.
company were completed Oct. 19, when E. H. Rollins & Sons, Inc., New
York, representing underwriters of the securities of the company, made
final payment to George W. Ritter, Secretary and Attorney for the com¬
1936 (to June 30)
pany.
The
Cash Divs.
Net Income
$125,231
32,543
def.12,693
def.62,392
97,769
172,371
164,219
104,729
y
$1,180,761
879,587
593,109
380,955
650,413
965,220
1933.
Motors,
this country
income:
Inc.—$3,500,000
Working
Capital Provided■—Current Production Schedule 60,000 Cars—
to
Registrar,
Inc.
1930.
Arrangements
York.
New
other similar
products, and in addition to being one of the largest is at the forefront in
the development of new products of this type.
There has been a steady
expansion in the sales of its products, which are now sold in every State of
the Union, and in practically every foreign country.
In 1935 shipments
were made to more than 80 foreign countries and political
divisions, among
the especially large foreign shipments being those made to Denmark,
Sweden/Australia, South Africa and Mexico.
These products include the famous Willson sun glasses, industrial goggles
for protection against shipping, welding, .babbiting, grinding and chemical
splashes and other dangers relative thereto.
These devices are of about
100 different types, many of which are protected by patents and each being
particularly adapted to its special operation.
The company sells its products to most of the large steel, railroad, indus¬
trial and chemical companies.
In conjunction with its sales to these large
industrial concerns, the company provides material for the promotion of
safety to the workers and also conducts instructive schools for the workers
of these and other companies engaged in similar lines of business.
The company's manufacturing plant and office building is located at
Reading, Pa.
The plant contains approximately 65,300 square feet of
floor space and contains complete facilities and equipment for the manufac¬
ture of the company's products.
y
Willys-Overland
Co.,
Trust
The company is today one of the largest manufacturers in
of protective devices for the head, eyes, nose and throat, and
Balance Sheet
Comparative
Manufacturers
agent,
1936
24,
Listing—Company is making application for listing its common stock,
Including the amount offered on the New York Curb Exchange.
History and Business—Company is a Pennsylvania corporation which
has succeeded to a business founded in 1870 as a partnership by Gile J.
Willson and Thomas A. Willson.
Up to the present time the business has
been solely owned by the Willson family.
Company was incorp. in Penn¬
sylvania Sept. 7, 1909 under the name of T. A. Willson & Co., Inc., which
name was on Jan. 8, 1920 changed to Willson Goggles, Inc.
To indicate
the increasing scope of the business, the name was on Oct. 9, 1928 changed
to
400
775
55,000
Directors' fees
a
$191,204
72,158
61,050
Prov. for income tax—
Goodwill,
._
$287,558
72,551
$334,305
73,080
81,393
•
_
Executive salaries
Oct.
Continental Bank & Trust Co. of New York.
28, '34 Feb. 28, *33
$287,558
$191,204
Feb. 29, *36 Feb. 28, '35 Feb.
$418,373
Profits from
x
Transfer
Co., Ltd.—Homings—
V
Chronicle
$137,310
120,765
27,645
19,335
48.338
79.345
52,897
ances.
x
capital structure of the company, is to consist of 350,000 shares
($10 par) preferred and 1,959,050 shares ($1 par) common stock.
The
amount of preferred stock is subject to reduction of not more than 40,950
shares and the amount of common stock subject to increase by not more
than 122,850 shares depending upon the extent to which bondholders of the
predecessor company exercise their option under the plan of reorganization
to take common stock instead of preferred stock.
City Bank Farmers Trust Co. has been appointed co-registrar for 350,000
shares of preferred stock and 2,700,000 shares of common stock of WillysOverland Motors, Inc.
The new company starts business with total assets in excess of $14,000,000, free from debt, except current taxes and workmen's compensation,
and without bank loans.
Commenting
the
on
field of low-priced motor
in
the
years
been a prominent
2,000,000 motor cars have been
in which Willys-Overland has
automobile industry,
over
Of these, over 700,000 are
manufactured and sold under its trade names.
now
On this basis the next dividend would be payable in December,
Dividends declared and paid during the current year were $1.30
share.
*
Capitalization—Company had the following capitalization as at June 30,
1936:
quarterly.
1936.
per
Authorized
Common stock (no
in
use.
par)
.
,
"Willys-Overland Motors, Inc., will continue the engineering develop¬
Willys-Overland interests during the
past four years, building a roomy automobile of standard specifications
and advanced body design engineered to meet the financial requirements of
90% of the working population of the United States whose average income
ment which has been carried out by
is in the vicinity of $150 a month.
"This field, calling for a car priced at a scale which will permit a delivered
price between $50 and $100 below current lowest prices for a new car, and a
monthly instalment sufficiently below the present lowest monthly payment
to make it possible for a man of low income to buy a new car, has been
vacated for the past nine years except for the development activities of the
Willys-Overland Co. during the past two years.
"Willys-Overland Motors, Inc., is entering it now, on
volume basis
with past established representation in 67 different countries.
"Current plans and distributor organizations, in addition to those for
the United States, assure volume exports to South American countries, and
to South Africa and Australia where retail sales organizations are fully
established, and large contracts for 1937 already placed.
"David R. Wilson, pioneer motor manufacturer and long associated with
Willys-Overland interests, is President of Willys-Overland Motors, Inc.
and the executive and sales personnel is composed of men of wide experience
in the merchandizing of motor cars in the low price brackets.
"The first showing of the new Willys will be made at the National Auto¬
mobile Show which opens in New York City, Nov. 11, 1936, and at all
following shows throughout the country."—V. 143, p. 2388.
.
z
Common stock (par
$1>
i
,
,
,
held in treasury.
y Of this amount, 40,000 shares, now authorized but unissued, constitute
the offering under this prospectus.
Of the remaining 97,000 shares, 88,162
shares are in the hands of present stockholders and 8,838 are now held in
z
The
certificate
of
incorporation
1936
1935
$4,402,165
$3,817,013
3,809,588
3,403,415
Net profit from operations
$592,577
Net income before Federal taxes
Prov. for Fed. inc. tax (incl. prov. for previous
$413,598
Cr73.177
114,067
$520,428
$372,708
68,570
$328,267
defl8,485
$451,858
139,607
2,371
272,540
Earned surplus
Shares of common stock outstanding, no par
share
...
--
170,175
$139,607
136,140
$321,296
136,400
$3.31
$2.41
Note—In arriving at net income no charge has been made against net
Income for depreciation on idle plant.
Balance Sheet Aug. 31
Assets—
1935
1936
Cash
$842,995
642,714
1,050,741
15,001
$581,280
581,040
1,060,963
22,003
—officers & emp
39,992
a Plant & equlp't.
1,208,557
b Idle paint
256,107
46,299
1,212,166
257,729
40,775
8,972
rec.
Inventories.
Investments
Notes & accts.
Deferred charges..
Total
After
Prov.
42,681
8,103
$4,106,893 $3,811,228
reserve
for depreciation
$227,063
for
Fed.
Capital stock
Capital surplus
c
Earned surplus
$158,101
67,971
tax
40,953
12,278
3,000,000
478,285
321,296
2,994,281
478,285
139,607
sales,
counts, &c
Total
Wilson
$4,106,893 $3,811,228
of $1,591,606 in 1936 and
$1,516,594
130.
made
Products,
Oct.
7,
by
June 30 '36
Cost of sales & expenses.
$650,413
539,188
$965,220
773,797
$925,770
730,420
$659,022
515,753
Other
$111,225
4,620
$191,422
11,269
$195,349
6,404
$143,268
4,308
$115,846
7,907
10,170
$202,691
1,548
28,770
$201,753
37,520
$147,577
4,847
38,000
$97,769
$172,371
$164,219
$104,729
income.
Income deductions
Prov. for income taxes,.
Net profit.
Receivables
13
v
1936
Liabilities—
$137,207
168,160
(net)
Inventories
-
;
263,066
-
Other assets
Accounts
Accrued
57,574
...
Earned
$50,404
22,098
52,276
300,000
$946,792
549,347
surplus
12,255 Capitalstk. in
253,502
Prepaid exps. & def'd charges.
Prop., plant and equipment..
Total
payable
items
Prov.for Fed. & State inc.taxes
55,027 Capital stock (97,000 shares).
Value of life insurance policies.
treas. (8,838 shs.)
Total
27,334
$946,792
Co.—Listing—
The New York Curb Exchange has approved the listing of 404,103 out¬
standing shares of common stock, $2 par, and will list 10,000 additional
common stock, $2 par, upon notice of issuance.—V. 143, p. 2542.
shares of
Woodall Industries,
The
Inc.—Added to the List—
Chicago Stock Exchange has added to the list 300,000 shares of
stock, $2 par, to be admitted to trading on notice of registration
common
under the Securities Exchange Act of
Worcester Street
Period End. Sept. 30—
Rev. passengers carried.
Average fare
Net profit.
—V. 143, p. 449.
1934.—V. 143,
p.
2072.
Ry.—Earnings—
1936—3 Mos.—1935
4,723,645
4,380,338
9.9c.
10.03c.
$16,704
$34,989
1936—9 Mos.—1935
16,496,701
15,609,415
9.87c.
9.86c.
$242,737
$277,035
Period End. Sept. 30— 1936—3 Mos.—1935
1936—9 Mos—1935
Operating profit
$5,918,676
$5,253,582 $16,046,980 $15,305,568
Expenses
2,742,533
2,694,190
8,496,826
7,933,704
Depreciation
147,056
162,892
456,727
326,066
Net profit
x$2,572,360
440,276
1,108,803
505,726
998,251
$2,070,434 x$6,001,075
$5,867,887
Shares capital stock out¬
standing (no par)
Earnings per share
x
Inc.—Stock Offered—Public offering
means of a prospectus, of 40,000
shares of common stock ($1 par) by C. B. Ewart & Co.,
ujc., and Brown Young & Co., Inc., at $15 per share.
was
6 Mos. End.
1935
dis¬
less
Federal taxes
1935.
b After reserves,
c Represented by
136,400 no par shares in
1936 and 136,140 shares in 1935 after deducting 260 shares in treasury at
P.
1934
1933
Gross
(William) Wrigley Jr. Co. (& Subs.)—Earnings—
in
$5,718.—V. 143,
,
.
■Years Ended Dec. 31-
&
N. Y. State pay¬
roll taxes
rec.
Patents..
a
come
1935
1936
Liabilities—
Accts. pay. & accr.
Prov. for Fed. in¬
changing the
The net proceeds are proposed to be used as follows:
(a) For expansion of plant facilities and purchase of manufacturing ma¬
chinery and equipment, $125,000.
(b) The balance, approximately $341,000, is proposed to be used for
working capital.
''1
Income Account for Stated Periods
Wolverine Tube
Dividends paid
by
Purpose—The net proceeds expected to be received by the company from
amount to $480,000 be¬
44,442
yrs)
Net income for the year
Previous earned surplus
Profit on sale of treasury stock
1936
capital stock authorized.
Cash
CY34.383
106,532
_
1,
Sept.
the sale of the 40,000 shares of common stock wil
fore deduction of estimated expenses of $14,000.
Assets—
Years Ended Aug. 31—
Net sales...
Cost of salts and expenses...
Other income
Other deductions
on
authorized common stock from no par value to $1 par value per share.
This change will result in a reduction of the capital stock liability from
$300,000 to $97,000, and the creation of a paid-in surplus account in
the amount of $203,000.
There was no change in the number of shares of
Balance Sheet June 30,
Wilson-Jones Co.—Earnings—
Accts. & notes
To Be OutsVg
175,000 shs. y137,000 shs,
—
Includes 8,838 shares
...
per
the following capitalization upon completion of
treasury.
-
"The reorganized company enters business with 1,000 dealers and dis¬
tributors and with advance orders for 50,000 cars already on hand.
"Initial employment schedules call for 5,000 men for the current pro¬
duction schedule of 60,000 cars.
Earnings
Outstanding
x97,000 shs.
175,000 shs.
-
The company will have
the present offering:
Authorized
reentry of Willys-Overland into the production
cars, Ward M. Canaday, Chairman of the Board,
said:
"During the 28
Figures for 1933 and following are after discounts, returns and allow¬
y After all
taxes, or allowances therefor.
Dividends—It is the expectation of the directors to pay regular dividends
on the common stock on the basis of at least $1 per share per annum payable
x
name
925,770
659,022
143,
1,959,467
$1.31
No provision was made
p.
1,952,041
$1.06
for Federal surtax
on
1,959,467
$3.06
1,952,041
$3.00
undivided profits.—V.
2073.
Yellow & Checker Cab
Co.—Listing—
Stock Exchange has authorized the listing of 6,000
outstanding shares of the company's class A series 2 common capital stock
of $50 par value.'—V. 143, p. 1579.
The San Francisco
Volume
Financial
143
2705
Chronicle
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
=r
COMMERCIAL EPITOME
Friday Night Oct. 23, 1936
prices closed 8 to 14 points
sales of 6,000 bags.
The
new Rio contract closed with losses of 10 to 15 points, sales
of this contract totaling 9,000 bags.
The old Rio contract
closed 5 to 6 points off, with sales of 1,250 bags.
In the cost
and freight market Santos 4s were generally unchanged,
although in one instance they were offered at 9.40, 10 points
lower.
At the close Saturday the Havre market was un¬
changed to 1 franc lower, with sales of 8,000 bags. Rio de
Janeiro futures were from 325 to 350 mills lower.
The milreis
exchange rate also suffered a decline, being quoted at 16.880
milreis to the dollar, off 30.
On the 19th inst. futures closed
5 to 3 points down for the Santos contract, with sales of only
45 lots.
New Rio contracts closed 2 to 4 points higher * with
sales of 43 lots.
The old Rio contract closed 1 point down,
with sales of only five lots.
Rio futures opened 25 to 125
reis up and closed 200 to 125 reis net higher.
The Rio spot
Coffee—On the 17th inst.
lower for Santos contracts, with
quotation was unchanged at 16.200 milreis, and the open
market dollar rate continued steady at 16.880 milreis to the
734 to 434d. stronger, with sales of the latter 2,310 tons.
Local closing: Oct., 8.63; Dec., 8.63; Jan., 8.62; Mar., 8.65;
May, 8.70; July, 8.76.
On the 20th inst. futures closed with
a
heavy decline of 23 to 26 points.
At one time during the
session the maximum losses were 31 to 32 points.
This was
looked upon as merely an overdue adjustment of the mar¬
ket's technical position.
There was nothing in the news
or
underlying situation to warrant this sharp break, the
weakness being attributed to a top-heavy market, or an over¬
extension of the long interest.
Heavy profit-taking caught
stop-loss orders, which accelerated the decline.
Transactions
totaled 539 lots, or 7,223 tons.
Local closing: Dec., 8.39;
Jan., 8.39; Mar., 8.39; May, 8.46; July, 8.53; Sept., 8.60.
On the 21st inst. futures closed 1 point down to 1 point up.
Trading was comparatively quiet and without special fea¬
ture.
Transactions totaled 510 lots, or 6,834 tons.
The
London market closed strong, with prices up 15 to 20 points.
Local closing; Dec., 8.38; Jan., 8.39; Mar., 8.40; May,
8.46; July, 8.52; Sept., 8.60.
On the 22d inst. futures closed unchanged to 3 points
lower.
Prices broke in the
stantial
taking,
profit
2J25 to 1.50 francs off. On the
6 points lower for Santos
contracts, with sales of 33,750 bags.
Old Rio contracts
closed with losses of 7 to 6 points, with sales of 4,000 bags.
New Rio contracts were 6 to 8 points lower, with sales of
losses
7,250 bags. At one time prices recovered 9 to 11 points of
the early losses, but the market subsequently turned weak.
early trading as a result of
but
a
sub¬
considerable portion of the
the session ended.
The spot
totaled 490
special feature.
dollar.
20th
Havre futures
were
inst. futures closed 4 to
Liquidation of December Santos and profit taking were
the
outstanding features of the trading. Rio de Janeiro futures
were unchanged to 25 reis lower.
Cost and freight offers
from Brazil were generally about 5 points lower, with Santos
Bourbon 4s at from 9.35 5o 9.55c. Havre futures were % to
higher, with trading on a moderate scale. On the
21 points higher for Santos
contracts, with sales of 29,250 bags.
New Rio contracts
closed 7 to 11 points up, with sales of 14,500 bags, while old
Rio contracts closed unchanged to 1 point higher, with sales
of 13,250 bags.
Rio de Janeiro futures were 325 to 375 reis
higher, and the No. 7 spot price touched 16.500 reis per 10
kilos, up 300 reis, and a new high.
Cost and freight offers
from Brazil were fully steady, with Santos 4s generally at
9.40c. and up.
Havre futures were unchanged to 34 franc
lower, with trading quiet.
On the 22d inst. futures closed 5 to 7 points higher for
Santos contracts with sales of 41,750 bags.
Old Rio con¬
tracts closed 2 to 4 points higher, with sales of 2,000 bags.
New Rio contracts closed 6 to 10 points higher, with trans¬
actions at 13,250 bags.
Rio de Janeiro futures closed 625
2 francs
21st inst. futures closed 18 to
higher, the highest milreis levels since 1929. The Spot
7 price was up 300 rei3, and the spot No. 4 price in
Santos gained a similar amount, while the new "C" contract
in that city was 100 to 300 reis higher.
Cost and freight
offers from Brazil were 10 to 20 points higher, with Santos
reis
No.
4s
up
generally at 9.40 to 9.65 cents. Colombian coffees were
34 1° A cent per pound, with Manizales held at 1134
Havre futures were 634 to 934 francs higher, new
cents.
To-day futures closed 1 to 7 points up
sales of 113 contracts. Old Rio
contracts closed 7 points up, with sales of 8 contracts. New
Rio contracts closed 9 to 11 points up, with sales of 23 con¬
tracts.
Rio de Janeiro futures were 50 to 75 reis higher,
while the spot price for No. 7 was 200 reis higher at 17 milreis
per 10 kilos.
Cost and freight offers from Brazil were un¬
changed to 5 points lower, with Santos 4s generally at 9.40 to
9.65 cents.
Havre futures were 234 to 334 francs per 50
highs for the year.
for Santos contracts, with
kilos lower.
Rio coffee
prices closed
March
l
follows:
6.18
6.24
6.10
May_._
Santos coffee prices
as
5.96 July—u
6.05 September
December
as follows:
9.311 December
9.33 IS ept ember
closed
March
May
July
9.30
9.34
9.251
closed 12 to 5 points up.
profit taking, which caused prices
to ease somewhat, but later fresh buying developed and
the market rallied quickly, closing at the highs of the day.
London continued strong, outside prices rising 3 to 6d.,
with futures 134 to 6d. higher.
Futures transactions there
totaled 340 tons.
Sales of futures on the local Exchange
totaled 205 lots, or 2,747 tons.
Local closing: Oct., 8.49;
Dec., 8.49; Jan., 8.50; Mar., 8.52; May, 8.58; July, 8.66;
Sept., 8.75. On the 19th inst. futures closed 14 to 8 points
higher, with sales of 582 lots, or 7,799 tons.
Influenced
Cocoa—On the 17th inst. futures
There was further heavy
by strong cables from London and advices of
on the African Gold Coast, the cocoa
unfavorable
market here
showed further marked strength and activity.
London
reported outside prices Is. to 734d. higher, and futures,
weather
were
recovered
before
market remained firm.
lots,
or
6,566 tons.
Transactions in futures
Local closing: Dec. 8.38; Jan. 8.38;
8.50; Sept.8.58. To-day futures
Mar. 8.39; May 8.44; July
closed 9 to 11 points down.
Trading
was
quiet and without
On moderate selling prices receded rather
easily. Sales totaled 165 contracts. Warehouse stocks in¬
creased 3,100 bags.
They now total 700,655 bags. Local
closing: Dec. 8.28; Mar. 8.29; May 8.35; July 8.41;
Sept. 8.47.
(
.
closed 2 to 5 points net
Sugar—On the 19th inst. futures
Volume of business transacted totaled 465 lots, or
23,250 tons, which was heavy compared with recent sessions.
Trade observers look for further marked activity between
now and the election.
The heaviest demand came from the
trade and commission house sources.
Some of it was direct
higher.
buying for investment account in the belief that President
Roosevelt will be returned to office.
At thp highs of this
18 to 21 points above the lows for the
August.
The market
for raws, influenced by the stronger tone of futures, were
better by 5 points.
Offerings at the 3.40c. basis were
cleared on purchases of 37,000 bags of Puerto Ricos for firsthalf November shipment at 3.40c., to an operator and 1,500
tons of Philippines due Nov. 6, at the same basis to Revere
of Boston.
Only limited offerings on the close at 3.45c. were
reported. The London market was also firm. Parcels there
sold at 4s.834<l., equal to .8334c., f. o. b. Cuba.
On the
20th inst. futures closed unchanged to 2 points lower.
Sales
were 4,150 tons.
In the market for raws, following the close
of the futures market, it was learned that the only two lots
of 1936 sugars openly offered at 3.45c., had been taken by
an operator at that price, up 5 points; 1,500 tons of Philip¬
pines and 15,000 bags of Puerto Ricos, both November
arrival.
January shipment Cubas were offered at 2.60c.,
but might be obtained at 2.55c.
Next Monday is first notice
day for November, and developments are looked forward to
with much interest.
Refined buying continues on a day to
session
prices
month
and at the best levels since
were
London futures were 34 to zAd. higher, while
offered at 4s. 9%d. 0r about 86c., f. o. b. Cuba.
On the 21st inst. futures closed 3 to 6 points down.
There
was considerable profit taking, the bulge of 20 points from
the lows of the month, being an inducement to many to
day basis.
raws
were
It was said that the narrowing of the election
influence in the selling also.
Sales were
14,950 tons. In the market for raws one or two lots of prompt
sugars were offered at 3.45c.
January shipment Cubas were
offered at 2.60c. and possibly available at 2.55c.
Arbuckle
bought 37,000 bags of Puerto Ricos, first half November
shipment at 3.39c. It was noted by the trade that the AAA
had invited cane and beet producers to a conference in Wash¬
ington on Friday. London futures were 34 to 134d. lower,
with raws offered at 4s. 9d. per cwt., or about 8434c. f. o. b.
take
profits.
odds
had
some
Cuba.
,.
On the 22d inst.
lower.
Sales were
,
.
.
futures closed 1 point higher to 2 points
4,100 tons.
In the market for raws a
of Puerto Rico, November shipment and 2,800 tons of
Philippines afloat were offered at 3.45c., 6 points above the
ruling spot price. Refiners were standing back in most cases.
January shipment Cubas had been reduced to 2.55c.
Godchaus was reported to have contracted for 5,000 bags of
Louisiana, October delivery, at 3.35c., with further sugars
understood to be offered at that level. London futures were
unchanged to Id lower, while raws were unchanged. Today
futures closed 1 point up.
Trading was very quiet, with ,
traders apparently sitting back and waiting for election day
or some change in political sentiment.
Quiet conditions also
cargo
prevailed in the market for raws.
A cargo of Puerto Ricos
2706
Financial
offered at 3.45c., and about 6,800 tons of
was
to arrive
early in November,
Philippines due
offered at 3.40c.
were
Refiners
New business in the refined sugar market
held aloof.
was
Chronicle
29c.
Prices
were as
follows:
2.50 January.
2.48 May.
2.51 November.
July
March.
September
2.47
2.49
2.44
Lard—On the 17th inst. futures closed 5 points down to
5
points
up.
The volume of trade
tuations confined to
at
a narrow
was very
small, with fluc¬
Hog prices
range.
were
steady
the end of the week in spite of the larger receipts than
expected.
Saturday the total receipts for the Western run
17,400, against 13,200 for the same day last year.
Lard shipments from the Port of New York as reported on
Saturday were light and totaled 8,400 pounds to Hamburg.
Liverpool lard futures on Saturday were quiet and prices at
the end were unchanged from the previous close.
On the
were
19th
futures closed
inst.
10
to
looking for about 16,000 hogs, and the total receipts at
this point were 20,000 head.
The top price on the day was
$10.20, and the major portion of sales reported ranged from
$9.10 to $10.10.
Export clearances of lard from the Port of
New York were very light and totaled
only 1,400 pounds for
Bristol.
Liverpool lard futures closed with prices generally
6d. higher.
On the 20th inst. futures closed 5 to 10 points
down.
The close was practically at the lows of the
day.
Trading was relatively light, and without special feature.
Clo ing hog prices were 10c. to 25c.
lower, the top price at
Chicago registering $10 and most of the sales ranging from
$9 to $9.90.
Total receipts for the Western run were
90,200
head, against 58,800 for the same day last year.
Export
was
clearances of lard from the Port of New York
were
rather
light, totaling 28,000 pounds destined for Liverpool.
Liver¬
pool lard futures were easier and at the close prices were 6d.
to 9d. lower.
down.
There
The
was
On the 21st inst. futures closed 5 to 2
trade
little
or
ment of
points
conspicuous on the selling side.
speculative demand, the large move¬
was
no
hogs still an overshadowing influence.
Receipts of
again liberal at the principal packing centers, and
totaled 78,400 head, against 59,000 head for the
same day
hogs
were
last year. Marketings at 11 markets
including Chicago
week were 356,992 head, against
229,206 this week last
last
year.
Hog weights, however, declined severely last week at Chica¬
averaging only 231 pounds, or 20 pounds under last year,
meaning a lower yield of lard per hog.
Prices at Chicago
on Wednesday were 10c. to 15c. lower
than Tuesday's aver¬
age, and in spots were 25c. lower.
The top price was $9.90
and the major portion of sales
ranged from $8.90 to $9.75.
Export shipments of lard totaled 18,200 pounds for South¬
ampton and Glasgow.
Liverpool lard futures closed Od. to
go,
9d. lower.
On the 22d inst.
futures closed 5 to 12
points higher. Hog
receipts although heavy, failed to depress prices
during this
session, the market for lard at one time
showing gains of 7 to
15 points on the active deliveries.
Hog marketings continue
to run large and the total arrivals at
the principal Western
markets were 78,900 head,
against 58,700 head on the same
day a year ago. The top price for hogs at Chicago was
$9.85,
with most of the sales
ranging from $8.90 to $9.70.
Lard
clearances from the Port of New York were
light, and totaled
11,250 pounds to Antwerp.
Liverpool lard
prices were un¬
points down.
The
spot month was the only^exception, this
delivery closing 5
points up. While trading was fairly active, it was at the
expense of values.
Heavy marketings of hogs still appear the
chief influence against
any
appreciable reaction to the
upward side.
changed.
Today futures closed 10
to 2
DAILY CLOSING PRICES OP
LARD FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
October...
.......11.52
11.45
11.37
11.32
11.40
11.45
December
11.62
11.50
11.45
11.40
11.55
11.47
January
11.72
11.62
11.52
11.50
11.65
11.601
May
12.15
12.00
11.92
11.92
12.05
11.95
_
Cottonseed Oil, sales,
Crude, S. E., 83^c.
December...
January
February
March
including switches, 63
Prices closed
10.00©
10.02©
10.01©
10.12©
as
May
...10.10©
10.05©
10.1O@
_
"""
10.17@
Pickled
Hams,
picnics, loose, c.a.f.: 4 to 6 lbs., 15c., 6 to 8
lbs., 14>£c.,
10 lbs., 13J^c.
Skinned, Loose, c.a.f.: 14 to 16 lbs.,
22c., 18 to 20 lbs., 1934c., 22 to 24 lbs.,
1734c. Bellies:
Clear, f.o.b. New York: 6 to 8 lbs.,
1934c., 8 to 10 lbs.,
1934c-» 10 to 12 lbs., 1934c.
Bellies, clear, dry salted,
boxed, N. Y.: 14 to 16 lbs., 16^c., 18 to 20
lbs., 1634c.,
20 to 25 lbs.,
1634c., 25 to 30 lbs., 1634c. BUTTER:
Creamery, Firsts to Higher than extra and premium marks:
to
oil
8.8c
in
posted prices
tanks.
were reduced by some
However, some were adhering
9c.
Quotations:
China Wood-
strictly to the price of
Tanks, old crop, 13 to 13.3c.; New crop 12.8c. to 13c.;
Drms., spot, 1324c. Coconut: Manila, tanks, Coast, O.D.,
634c., Jan. forward, 624c- Corn: Crude, tanks, Chicago,
934c. Olive: Denatured, Nearby, Spanish, $1.20 to $1.30;
Shiinnent, $1.05. Soy Bean: Tanks, mills, 8c.; C.L. drms.,
L.C.L., 9.5c.
Edible: 76 degrees, 1334c.
Lard: Prime,
12 %e.; Extra strained
winter, 11 %c. Cod: Crude, Japanese,
50c.
Norwegian Yellow, filtered, 3834c. Turpentine: 39c.
to 46c.
Rosins: $7.35 to $8.35.
Petroleum—The summary and tables of prices
formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business
Indications,"
in the article entitled "Petroleum and Its Products."
Rubber—On the 17th inst. futures closed 1 to 3
points
Transactions totaled 140 tons.
Spot sheets ad¬
higher.
vanced to 16.47c. from 16.44c.
London and Singapore closed
quiet, with prices in the latter l-32d. lower.
Local closing:
Dec., 16.49; Mar., 16.56.
On the 19th inst. futures.closed
1
to 4 points
higher.
Transactions totaled 1,070 tons.
Spot ribbed smoked sheets advanced to 16.50c. from 16.47c.
London and Singapore closed
slightly higher.
Local closing:
Oct., 16.47; Dec., 16.51; Mar., 16.58; May, 16.65;
Se^t.,
16.77.
On the 20th inst. futures closed 1 to 3
points lower.
Transactions totaled only 340 tons.
Ten tons were tendered
for
delivery, against October contracts.
Trading was very
dull, with activity in both futures and the outside market
at
the lowest levels in
time.
London and Singapore
showing little change.
Local
closing: Oct., 16.45; Dec., 16.50; Jan., 16.52; Mar., 16.56;
May, 16.62; July, 16.69.
On the 21st inst. futures closed
closed
quiet,
with
7 to 11 points lower.
ribbed
smoked
some
prices
sheets
Transactions totaled 670 tons.
Spot
declined to 16.38c.
London and
Singapore closed dull and easier respectively, prices un¬
changed to l-16d. lower.
Local closing: Dec., 16.42; Mar.,
16.45; May, 16.55; July, 16.65.
On the
down.
22d inst.
futures closed 2 points
up to 2 points
a total of 80 tons of
Only 8
contracts of rubber, or
sold during this session
rubber, were
on
the Commodity
Exchange.
This established a new low for
speculative ac¬
tivity in the rubber market, which has been in the doldrums
for several months
past.
All trades were in the December
The outside market was also
dull, with quotations
unchanged at 16 7-16e. for standard sheets.
London and
contract.
Singapore markets
also dull with prices
virtually un¬
changed.
Local closing: Oct., 16.38;
Nov., 16.41; Dec.,
16.43; Jan., 16.44; Feb., 16.45; Mar., 16.46;
Apr., 16.50;
May, 16.55. Today futures closed 9 to 12 points
up.
The
market was
unusually active today, with prices much firmer.
Transactions totaled 70 contracts.
London and Singapore
closed steady and
dull, with prices l-16d. higher and un¬
changed to l-32d. lower, respectively. It was estimated that
United Kingdom stocks decreased
800 tons this week.
Local
closing: Dec., 16.52; Mar., 16.58; July, 16.67.
were
Hides—On the 17th inst. futures closed 8
to
down, i Transactions
totaled
10 points
pounds.
Stocks of
warehouses licensed by the
Exchange
remained unchanged at
842,663 hides.
There was very little
feature to the
trading, a heavy undertone prevailing during
most of the session.
Local closing: Dec., 11.48;
Mar., 11.80;
June, 12.10; Sept., 12.40.
On the 19th inst. futures closed
1 to 3 points down.;
Transactions totaled 360,000 pounds.
Stocks of certificated hides in
warehouses licensed by the
Exchange, remained unchanged at 842,663 hides.
Local
closing: Dec., 11.45; Mar., 11.77; June,
12.09; Sept., 12.39.
80,000
certificated
hides
in
On the 20th inst. futures
closed 5 to 8 points
up.
Trans¬
totaled 1,800,000
pounds.
Stocks of certificated
hides in warehouses licensed
by the Exchange remained un¬
changed at 842,663 hides.
No new sales were
reported in
the domestic spot hide
market.
Local closing: Dec.,
actions
11.50;
Mar., 11.85; June, 12.15; Sept., 12.46.
On the 21st inst.
futures closed 5 points
higher.
Transactions totaled 640,000 pounds.
Certificated stocks of hidfes in warehouses
unchanged at 842,663 hides.
Argentine spot market sales
totaled
20,000 hides,
with frigorifieo steers selling at
ll-16c., a decline of 5-16c.
Local closing: Dec.,
11.55;
Mar., 11.85; June, 12.15; Sept., 12.49.
On the 22d. inst. futures closed
3 to 9 points up.
At one
during the session prices had declined 7 to 10
points,
but gradually
improved as the session progressed. Transac¬
tions totaled
840,000 pounds.
Stocks ©f certificated hides
in warehouses licensed
time
Pork—Mess, $31.00 per barrel (per 200
pounds); family,
$33.00 nominal, per barrel; fat
backs, $22.25 to $24. per
barrel.
Beef:
quiet.
Mess, nominal; packer nominal;
family, $17,00 to $18,00 per barrel (200
lbs.), nominal;
extra
India ihess nominal.
Cut Meats:
8 to
1936
12
contracts.
follows:
October
November
April....
—.
Oils—Linseed
crushers
15
points lower.
Liberal
selling by trade interests and speculative liquidation appeared
to be the direct result of extra heavy
hog receipts at the prin¬
cipal Western markets.
Hog prices at Chicago finished
5c. lower, except pigs, which were 25c. to 50c. lower at the
close.
Marketing exceeded expectations at the large packing
centers, and the total for the Western run was 96,200, against
60,500 for the same day a year ago.
At Chicago the trade
Oct. 24,
32Mc.
CHEESE: State, Held, 1935, 22c. to 23c.
EGGS: Mixed colors, Cheeks to Special Packs:
2434c. to
3134c.
said to be only
fair in volume, with competition stiff. London
prices continued in a downward trend, with futures off %
to l^d. and raws reported selling at 0.83 of a cent f. o. b.
to
by the Exchange remained unchanged
at 842,663 hides.
No sales were reported in the
domestic
hide market.
In the Argentine there were
20,000 frigorifieo
steer hides sold at
12j|c. a pound. Local closing: Dec.,
11-58; Mar., 11.93; June, 12.24;
Sept., 12.57.
Today futures
to 7 points down.
Transactions were very light,
totaling 9 contracts.
In the domestic
spot market about
69,800 light native cows "were
reported sold at 11
un¬
changed.
Reports from the Argentine spot market stated
that 7,250
frigorifieo light steers were sold at 11 7-16. Local
closing: Dec., 11.55; Mar., 11.86.
closed 3
Ocean
Freights—The market for charters
active, though without any spectacular features.
was
fairly
Volume
Financial
143
included: Sugar: Prompt
Cuba to United Kingdom, 17s.
seems to have included chiefly 40 loads out of stocks here
Marseilles, 14c., loading Nov., Dec. and Jan.
Another item included
55 additional loads Saturday, Marseilles, 14c., Dec., Jan. and Feb., 10
French Atlantic, Oct., 11c.; 3Antwerp, Oct., 10%c.; 20 prompt Sweden,
Copenhagen basis, 12c.
Trips: 4 to 5 months, $1.70.
W. Indies prompt,
round, $1.25.
Prompt 5 to 7 weeks, W. Indies, $1.25.
Charters
Grain booked: This
to
Coal—As
a
decline
was
of the
result
anthracite trade
was
warmer
weather
the domestic
reduced to much lower volume.
The
chiefly in the small household and walk-up
apartment trade, which source in the cold weather takes a
great deal of coal when the usual substitutes are inadequate
Atlantic seaboard markets which
unusually quiet.
Producers
generally are held to prompt shipments on run-of-mine,
small nut, screenings and slack, but the general let-up in the
movement of domestic sizes is not offset by improved local
demand here and there in more seasonal October weather.
'Bituminous dumpings at New York on Tuesday approxi¬
for
heating requirements.
sell
domestic
bituminous
mated 480
are
cars.
Copper—The market in this metal has been very active,
Tuesday's sales registering the largest tonnage for a day in
many weeks, the figures being 7,926 tons.
Total sales in the
home market so far this month now amount to 30,833 tons.
pointed out that one of the most significant develop¬
ments has been the increase in purchasing on the part of the
It is
independent consumers, or companies not affiliated with
* It is said that this indicates that they
refining companies.
either need the copper
definitely
believe that prices here
or
advanced, or perhaps both considerations are prompt¬
ing this sudden substantial demand.
It is claimed that
domestic purchasing is now of sufficient volume to constitute
a purchasing movement,
and if it is sustained for a fair
period of time, a rise in the local price, it is thought, may
will be
It is felt that domestic purchasing at
inevitable.
prove
present would be greater but for the fact that election is so
near.
The foreign markets continue to show strength. Some
believe that
speculative buying abroad has much to do with
rising prices, and for that reason a sharp reaction could
happen at almost any time. Certain producers are still ap¬
parently favoring holding to 9%c., and regard the pronounced
strength of the foreign markets as due largely to speculation.
focused on the meeting
Committee at The Hague on
Tin-—Attention of the trade
of
the
International
Tin
was
Wednesday.
The early pessimism concerning the outcome
of the meeting was not altogether unwarranted.
The meet¬
ing again failed to bring about an agreement on the tin
quota with the Siamese Government, and as usual when
agreement failed, there was further postponement of negotia¬
tions.
The meeting adjourned until ' Nov. 5 at Paris.
Domestic demand continued quiet, with the market some¬
what unsettled, this being due in no small measure to the
2707
Chronicle
75^£%, the drop occuring mostly in the Pittsburgh and
Chicago areas.
This drop of over Y^% is ascribed to the
falling off in demand for structural steel, a number of projects,
both government and private, having been held up until after
the election according to the "Iron Age."
The Pittsburgh
rate is 72%, or four points lower than last week.
General
expectations in the steel industry are that a wage inc ease
will be granted to workers, with an announcement looked for
before the end of the month, according to the "Iron Age." It
is emphasized at the same time that any action in raising
wages is likely to be followed promptly by a general steel
product price increase to take effect not later than Jan. 1,
and that the latter action would be likely to drive in a large
volume of orders before the end of the year.
It is reported
that
automobile
while
demand
for
steel has
reached
not
levels
expected, the deficiency has been more than made up
by larger orders from the railroads. Nearly 100,000 tons of
rails were placed last week.
The $40 price on rails, com¬
pared with the present quotation of I36.37K a ton, takes
effect Jan. 1.
At the moment railroad requirements appear
to be the largest source of new steel buying.
Pig Iron—Business in this metal is reported not as good
it might be, though the usual feeling of
optimism prevails,
being based on the activity of steel and many other
that directly and indirectly are sources
of demand.
The prevailing uncertainty';regarding the election is un¬
doubtedly playing its part in the attitude of many con¬
sumers.
Some of the local sellers speak again of the possi¬
bility of imports of foreign iron falling off because it is
needed closer to home. The two advances in Dutch pig iron
probably show greater indifference toward making sales in
the United States.
In the Middle West it is reported that
certain producers are grooming idle stacks to place them in
blast as more iron will be sorely needed soon.
If some
furnaces in the East go out of blast in order that they may
sell coke, which action was reported recently—it is claimed
that an iron shortage in this country may be a reality. It is
stated that consumers are beginning to realize the advisa¬
bility of keeping a sufficient supply on hand and on contract.
as
this
lines
Wool—A very slow
market is reported for this commodity,
until the
with buyers generally indisposed to take any action
election is out of the way.
Notwithstanding the
dullness,
holding firm, and where concessions are made,
some adjustment as to estimate of shrinkage is said to be the
explanation. The foreign markets retain their strong and
high position, while Western wool owners are asking ap¬
proximately foreign parity on the limited supply yet unsold.
Raw wools are drifting slowly to consumers at prices that
prices
are
been
have
in
force
for
several
weeks.
Woolen
mills
are
and
uncertainty abroad both as concerned the
definite signs of anticipating their requirements
the general slowing up seems likely to continue until
late
November.
Committee and
firm
by
action of the Tin
general political conditions.
In the domestic
markets the election
uncertainties
are
undoubtedly playing
there part in causing a waiting attitude on the part of many
in the metal trade.
Despite the apparent bargain prices,
seemed to be leaving the tin market
Tin afloat in the United States is 6,652 tons.
Tin arrivals so far this month have been: Atlantic ports,
3,621 tons; Pacific ports, 40 tons.
Warehouse stocks are
unchanged at 255 tons.
the American consumers
str
ctly alone.
Lead—Demand
well
diversified.
for the metal continues brisk, and is
There is a growing evidence of scarcity
particularly those put out by the producers
lead and zinc ore
miners in Utah.
It was reported the cable markers have
been good buyers recently.
Shipments of pig lead in Sept.
were the largest since Sept.,
1930, and stocks at the end
of Sept. were the lowrest since Nov,. 1934, it was deduced
from statistics released Wednesday by the American Bureau
of Metal Statistics.
Stocks of refined lead came down
17,716 tons to 200,517 tons during the month.
Moreover
the lead producers predict that the Oct. statistics will reveal
another substantial decrease in stocks of lead.
It is con¬
tended that statistics plainly justify the $1 per ton advance
of certain brands,
in
the
district affected by the strike of
by the St. Joseph Lead Co. a week ago.
In view of the
apparently strong statistical position and steady brisk de¬
mand, it is puzzl'ng to many in the trade why lead prices
have not been advanced generally.
The last price change
made by the American Smelting & Refining Co.* was in
Feb., an advance of $1 per ton.
Zinc—Recently the purchasing of zinc has been the best
in several weeks.
The London market was also reported as
showing
a
pronounced strength recently, with indications
price of zinc will soon be advanced from the present
quotation of 4.85c. per pound, East St. Louis. A total of
3,659 tons of the more common forms of slab zinc were sold
last week, according to the American Zinc Institute, which
that the
figures prime Western sales as 3,569 tons and brass special
90 tons.
Unfilled orders of prime Western declined 1,299
tons to
41,065 tons, while with brass
special included unfilled
1,400 tons to 43,240 tons. Indicated ship¬
Western were 4,868 tons and with brass
special included were 5,083 tons. All business was done at
the recognized market price of 4.8.5c. per pound, East St.
Louis, and two-thirds of the sales were for shipment over
October and November, and the rest in December.
tonnage dropped
ments of prime
for the current week de¬
capacity, compared with the recent peak of
Steel—Steel ingot production
clined to 74% of
giving
no
Prices
on
shorn
scoured
wools
are
very
of the strong position of wools in the grease.
The slow market now prevailing is accountable for an
easing off in pulled wool prices. Auctions covering about
3,000,000 pounds of Colorado, Utah, Wyoming and New
Mexico wools are being held at Ogden this week.
Wool
auctions taking place at home and abroad are holding the
reason
attention of the trade.
Silk—On the 19th inst.
Transactions
were
prices closed 3 to 5 points higher.
the largest since June of this year, totaling
Spot advanced 3^c. to $1.7634 The unusual
strength and activity in the futures market were ascribed
to the firmness of markets in Japan and reports of a good
4,310 bales.
demand
for
actual
silk from
consumers.
While
no
new
striking developments have taken place, it is pointed out
that the silk situation has been growing stronger over the
past several weeks.
Uptown trade channels advise there
steady demand for the actual commodity from
both the hosiery and weaving trade.
Statistically, the raw
silk picture is impressive.
Japanese cables came in strong,
grade D rising 15 to Y7lA yen to go to 7673^ and 770 yen
respectively at Yokohama and Kobe. Bourse quotations at
Yokohama closed 13 to 19 yen up, and at Kobe quotations
were 13 to 20 yen stronger.
Cash sales for both Bourses were
2,375 bales, and transactions in futures totaled 9,100 bales.
Local closing: Oct., 1.75; Dec., 1.7034 Jan., 1.70; Feb.,
1.6934 Mar., 1.69; May, 1.6734 On the 20th inst. futures
closed unchanged to 2c. lower.
Transactions totaled 1,440
bales.
Spot advanced lc. to $1.7734 Local closing: Oct.,
1.75; Nov., 1.71; Dec., 1.6934 Jan., 1.68; Feb., 1.68; Mar.,
1.6734 Apr., 1.6634 May, 1.6634
On the 21st inst.
futures closed 13^ to 434?- higher.
Transactions totaled
2,590 bales. Crack XX in the N. Y. spot market remained
unchanged at SI.773^- Grade D at Yokohama lost 73^2 yen,
dropping to 111 A yen, and at Kobe it lost 5 yen, the price
at this level being 775 yen.
Yokohama Bourse prices I were
1 to 5 yen higher, while at Kobe they were 2 to 6 yen higher.
Sales of 1,150 bales were recorded on the actual markets,
while the Bourse sales in these markets totaled 4,875 bales.
has been
a
Oct., 1.7634 Nov. 1.74; Dec., 1.7234 Jan.,
1.7134 Feb., 1.72; Mar., 1.71; Apr., 1.6834 May, 16834
On the 22d inst. futures closed lc. higher to 1A cents
lower.
Transactions totaled 2,060 bales. Cables indicated
Local closing:
steadier
prices in Japan.
Grade D
rose
10
yen
in both
grade 787 A yen at Yokohama
and 785 yen at Kobe. Bourse quotations showed gains of
9 to 10 yen at Yokohama and 4 to 10 yen up at Kobe. Sales
of actual silk for both centers totaled 1,700 bales, while
Yokohama and Kobe, with the
2708
Financial
transactions in futures
to
Mar. 1.70H; Apr.
2 He.
He.
to
of
most
1.68H; May 1.69. To-day futures closed
The silk market held firm throughout
up.
session.
the
Transactions
197
totaled
contracts.
Crack double extra in the New York spot markbtj^s 1 cent
lower at
Chronicle
Oct. 24,
S1.78H.
The Yokohama Bourse closed 1 to 7 yen
lower, while the price of grade D in the outside market
declined 5 yen to 782 H yen a bale.
Local closing: Oct.
1.79H; Nov. 1.74H; Dec. 1.73; Jan. 1.72; Feb. 1.71; Mar.
1.71 Hi Apr. 1.69H; May 1.69H.
From
Exported to—
Aug. 1,1936, to
Oct. 23, 1936
| Great
Exports from—j Britain
Galveston
Ger¬
France
41,005
Houston
j
Corpus Christ! *
Beaumont
New Orleans
Lake Charles
Mobile
Jackson ville...
21,433
Friday Night, Oct. 23, 1936.
The Movement of the Crop, as indicated
by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 378,683
bales, against 370,723 bales last week and 330,033 bales
the previous week, making the total receipts since
Aug. 1J
1936, 2,841,713 bales, against 2,881,547 bales for the same
period of 1935, showing a decrease since Aug. 1, 1936 of
53,620
24,686
19,255
36,399
8,628
5,282
56,823
237
33,898
11,195
42*370
957
129
33,318
Receipts at—
Sat.
Mon.
Houston...
•Corpus Christi..
New Orleans
Mobile-
485
12,954
2,040
Tues.
37,890
15,340
1,349
15,028
1,400
20,436
10,623
14,324
Wed.
Thurs.
18,522
10,700
19,714
990
316
32,676
2,320
9,379
1,149
706
800
.
—
.
—
.
—
.
.
.
-
-
-
.
.
.
!
•» —
-
457
720
Charleston
Lake Charles
881
....
1,048
1,029
325
•
-
-
706
....
•
119
-
3,474
7,177
1,562
1,014
2,498
449
215
394
524
4,185
1,562
338
759
100
......
83
51
127
263
625
Norfolk
330
147
351
152
286
65,916
41,112
Baltimore
....
Totals this week.
48,423
72,594
69,822
100
80,816 378,683
following table shows the week's total receipts, the
Aug. 1, 1935 and stocks tonight, compared with
total since
1936
1935
Galveston
1,1936
Week
1, 1935
127,443
789,187 102,994
5,950
5*8*6",810 130,890
258,864
5,953
Texas City
Houston
107", 283
Corpus Christi—-
5,218
Beaumont..
632,086
19,470
593,984
229,559
30,638
699,598
6,511
112*953
New Orleans
Gulfport
760,536
111,534
66,462
9,136
Mobile
706
90,593
119
3,209
86,752
171",077
19,250
9,358
3,474
106
Pensacola, &c
1936
19,162
Jacksonville
Brunswick
Charleston
7",177
Wilmington
Norfolk
730,580
48,676
6,242
16,170
1*2*8",237
22,327
5,174
229,981
*6*9*,976
*7*9*, 117
31,656
13,230
28,423
Newport News
36,107
15,445
30,355
""loo
.New York—_—
Boston
100
166
955
6,989
563
572
3,357
Philadelphia
1,350
378,683 2,841,713 405,164 2,881,547 2,465,934
2,607,035
In order that comparison
may be made with other years,
we give below the totals at
leading ports for six seasons:
1936
Receipts at—
Galveston
Houston
New
Orleans
.
Mobile
Savannah
Brunswick
Charleston
Wilmington
1935
127,4/3
107.283
112,953
9,136
3,474
1934
102,994
130,890
90,539
19,250
19,162
CO CO c
50,758
61,626
71.144
8,327
4,454
1932
118,390
119,367
66,265
8,541
4,532
'
1931
128,082
149,322
52,859
9,647
6,683
237
"7*,i77
.
*1*4",074
"4*707
1,970
1,014
2,498
"6*292
2,098
2,629
1,330
5,048
506
2,078
Newport News
All others
Total this wk_
130,210
163,510
63,416
21,101
13,717
4,251
2,044
2,331
.
Norfolk
5,608
4,149
5,085
"Y.705
23,528
24,665
*2*6",578
3*0*,247
42,185
378,683
405,164
232,059
348,464
387,507
453,232
Since Aug. 1_. 2,841,713 2,881,547
2,039,530 3,272,633 2,947,547 3,406,515
The exports for the week
of 226,656
ending this evening reach
a
total
bales, of which 41,917 were to Great
Britain,
198,892 to France, 43,910 to
Germany, 10,775 to Italy,
93,289 to Japan, 800 to China, and 16,073 to other
destina¬
tions.
In the
corresponding week last year total exports
171,973 bales.
For the season to date
aggregate ex¬
ports have been 1,342,950 bales, against
1,181,639 bales in
the same period of the
previous season.
Below are
were
the
exports for the week:
Weet Ended
Exported
to—
Oct. 23. 1936
Exports from—
Great
Britain
Galveston
Houston
Ger¬
France
15,473
4,753
6,093
4,466
many
4,094
....
Corpus Christi-.
4,940
Beaumont
New Orleans
4,586
4,592
9,827
2,636
4,731
Japan
China
....
791
.
11,432
5,124 100,366
1,726 29,184
587
10,256
5,930
35,778
325
13,367
800
.
550
....
1,803
1,722
Los Angeles
1.412
.....
....
105
9,194
11,567
2,763
....
....
1,350
900
5,200
300
100
41,917
4,940
550
.
...
4,564
Total
....
....
—
Savannah
Charleston
San Francisco
.
Total
65,401
....
.....
Jacksonville
Pensacola, &c
....
Other
4,721
5,467
5,675
Mobile
1,000
....
100
791
1,908
16,121
13,289
8,862
1,500
19,892
43,910
10,775
93,289
800
16,073 226,656
29,640
8,691
15,481
35,158
46,953
2,550
21,247 171,973
22,334 111,819
Total 1935
50,385
17,511
Total 1934
4,814
10.838
•6
Italy
15,014
3,175
225
2
1,020
58
132
1*281
1*510
1,500
307,305235,300
204,721
Francisco.
1,315
698
100
"54
601
18,784
3,212
487
1,413
950
26,163
4,669
100
369
64,275
376,201
2,285152,863.1342,950
295,139
428,049
7,478189,9591181,639
35,529190.1201179,725
Total
1935
280,209'l32,185
184,507
91,532
Total
1934....
160,476111,566
158,102
95,883
Includes exports from Brownsville,
In addition to above
exports, our
give
telegrams tonight also
on shipboard, not
the following amounts of cotton
cleared, at the ports named:
us
On
Oct. 23 at—
Shipboard Not Cleared for—
Great
Galveston
Leaving
Ger¬
Britain
Other
Coast¬
many
France
Foreign
wise
.
23,420
1Mb
Houston
New Orleans.
3,800
5,949
2,372
2,365
3",010
13,561
41,769
27,017
10,822
14,736
39,181
20,531 114,425
8,380
79,484
12,100
3,884
2,000
4,303
8,433
Savannah
Charleston.
Mobile
Stock
Total
16,000
10,061
10,110
3,500
327
37,400
24,524
44,335
*300
...
Norfolk
*300
6,815
Other ports
Total
1936.1935
24,830
1934
13,633
in
cotton
for
future
693,180
431,300
684,474
158,114
69,676
121,768
28,423
165,625
4,127 113,374 2,352,560
1,987 188,790 2,418,245
1,150 113,469 2,973,572
delivery
was
moder¬
ately active, with the price trend generally lower.
Hedge
selling continues the chief factor operating against values.
This almost constant
ing the
as
an
improved
pressure and
condition
effective check
ward side of
to
of
the
bearish advices
concern¬
remaining crop served
aggressive operations
the market.
on
the
up¬
On the 17th inst. prices closed 3
points down to 1 point up.
Trading was quite active, with a rather substantial demand in
evidence.
For a time this
buying gave quite a little firm¬
ness to
the market, but the usual
counteracting influence
met in the form of
hedge selling.
A heavy business was
transacted within less- than a
10-point range.
Wall Street,
and .oreign
was
interests, particularly Liverpool, the Continent
ombay, were conspicuous on the buying side.
After
reaching gains of 5 points, the market turned easier under
increased hedging.
Ring gossip had it that about 50,000
bales of hedges were sold
by cooperatives and leading spot
houses during the
day.
These transactions were
principally
in December, March and
May.
Liverpool cables were 7 to 12
points better than due.
Sentiment abroad is still
and
*5*,592
4,440
875
Baltimore
Totals
688,505
12,329
587,347
92,703
30,413
641,481
50
1*2*4",554
1,598
2,098
2,629
100,961
46,850
6,362
10,686
1,562
1,014
2,498
Lake Charles
84,064
3,440
218,632
14",074
Savannah
1935
455.824
72,788
26,853
728,809
128,583
12,830
2,803
158,114
1,200
50
3,319
Speculation
Since Auq
Week
5,242
1,305
473
4
Total
Stock
This
55,784
*142
"222
__
Philadelphia,..
Los Angeles
Receipts to
Since Aug
67,023
2,012
4~133
Total
This
5,213
6*000
655
22,158
766
Total
last year:
Oct. 23
1*119
5,472
212,766
24,049
58,649
2,317
54,020
31,284
133
Yorl^
Boston
119
374
262,640
169,767
5,218
11,273 112,953
1,427
9,136
•
Wilmington
The
.
.
■
988
35,709
19,526
616
Baltimore
Total
21,548 127,443
38,302 107,283
1,090
31,643
'
Pensacola, &c—
Jacksonville
Savannah
Fri.
14,723
12,604
358
355
201
Gulf pork.,
*
388,078
4,730
2,452
3*519
26,046
1,791
47,210
2,582
1,094
20,030
1,223
25,614
1,200
39,834 bales.
Total
1,472
2,850
18,497
"366
San
Other
566
56,346
12,631
8,490
56,322
42,754
4,669
37,673
5,602
26,628
26,202
New
China
173,472
72,690
Charleston;...
Wilmington
NorroHe.,-,,-,
COTTON
Japan
40,936
&c.
Pensacola,
Italy
many
62,550
Savannah
Galveston
1936
8,450 bales.
Local closing:
Oct. 1.77; Nov. 1.73; Dec. 1.71H; Jan. 1.70H; Feb.
1.70;
rose
reported as
decidedly bullish, due to the strong statistical position em¬
phasized by continued reports of American textile
and spot
activity.
Average price of middling in the 10 designated
spot markets
Saturday,
was
12.18 cents.
prices closed 7 points down to 1 point
the
up.
On the 19th inst.
The market got
seemingly usual start of several points over the previous
on better
cables, from abroad and active trade
and foreign
buying.
But all was subsequently lost under the
usual pressure of
hedge sales.
Large ginnings and continued
heavy into-sight figures last week were construed as
pointing
to either a
larger crop than had been expected or showed that
the crop is
moving with unusual rapidity.
The fact that
close, based
cotton continued to
buying and seemed
come
to
out in liberal volume
influence
discouraged
considerable liquidation.
Demand for spot cotton was
active, especially for the better
grades, and the basis was firmly maintained.
The average
price of middling at the 10 designated spot markets was
12.12
cents.
On the 20th inst.
prices closed 3 to 8 points down.
was
quite
Trading
active, with hedge selling and liquidation the
and crop news was
bearish, with the
continued absence of frost
leading to the belief that the crop
must have
considerably improved. Although selling pres¬
sure was
heavy at times, trade buying was sufficient to hold
the
market within
comparatively narrow limits.
Mills
bought steadily, especially on small declines, and toward the
close there was
covering and what appeared to be foreign
trade buying.
Some very close observers believe that if
killing frost holds off for a week or two more, there is
features.
reason to
Weather
every
believe that more cotton will be
produced than had
been indicated.
Spot merchants reported continued demand,
and one leading Southern
authority expressed the belief that
already 5,000,000 to 5,500,000 bales of the cotton
ginned has
been sold.
The average price of
middling at the 10 desig¬
nated spot markets was 12.11
cents.
On the 21st inst.
prices closed 4 to 11 points down.
Hedge selling is still the
chief factor
operating
against prices. Added to this pressure
was liquidation on the
part of tired longs, influ¬
apparently by the improved crop prospects, many
however,
enced
Volume
Financial
143
contending that the crop outlook has improved very sub¬
stantially as a result of the prolonged favorable weather.
An estimate by a leading cooperative association indicated a
yield of around 12,100,000 bales, compared with its last
estimate of 11,900,000 and the last Government figures of
11,609,000 bales.
Private reports show that the crop has
improved in a number of leading sections, and unless injured
by frost, may produce more than anticipated.
The heavi¬
ness of the market in spite of the active demand for textiles,
which resulted in heavy consumption by domestic mills and
active demand for spots in the South—played no little part
in influencing the liquidation above referred to.
At the de¬
cline in today's session,; prices were down 18 to 31 points
from the highs of the recent upward movement made on
Wednesday of last week.
Reports from the South indicated
no letup in active demand for spot cotton, and the basis was
firmly maintained. Average price of middling at the 10
designated spot markets was 12.05 cents.
On the 22nd inst. prices closed unchanged to 5 points
lower.
Weather reports were bearish, a cold wave in the
Western cotton belt and forecast for freezing temperatures
overnight in Oklahoma and Arkansas, attracting consider¬
able attention.
These bearish reports appeared to offset
the effect of lower Liverpool cables and further talk of an
enlarged yield.
During the early trading the market de¬
clined 3 to 8 points under active hedge selling and liquida¬
tion as well as foreign selling of distant months. There was
a slight rally later on covering and trade buying.
Leading
spot merchants reported that demand for spots in the South
continued active and the basis firm.
In the dry goods trade
the current sagging tendency in the market was said to have
checked business, but fair demand was in evidence and
prices were firmly maintained.
There were two private
reports issued on the amount of cotton ginned from the
present crop, one making the total 7,936,000 bales and the
other 8,387,632
bales, whereas last year ginnings were
6,590,402 bales during the same period.
The average price
of middling at the 10 designated spot markets was 12.02c.
The market opened
steady, 1 to 4 points higher, on improved cables from Liv¬
erpool and colder weather in the Western belt.
Hedge sell¬
ing was again the feature of the trading.
There was also
considerable liquidation and offerings by spot
interests.
The latter, together with cooperatives, did a heavy amount
of hedging in December and May.
However, these were
offset somewhat by price-fixing and buying by Liverpool
Today prices closed 6 to 1 point down.
Wall
and
One
houses.
Street
of the
early
features
was
3,000 bales of December by spot
cooperatives liquidated more than 5,000
sale of approximately
the
while
interests,
bales
of
May.
*
quotation for middling upland cotton in the
New York market each day for the past week has been:
Wed. Thure.
Sat.
Futures—The
Tues.
12.42
Middling upland.
Mon.
12.35
12-32
lowest and
week have been
12.22
12.18
at
closing prices
follows:
highest,
New York for the past
12.25
Fri.
by
up
Foreign stocks as well
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.
,
Oct. 23—
Stock at
.
77,000
81,000
442,000
936,000
139,000
172,000
.
Stock at Havre.
859,000
55,000
782,000
Stock at Bremen
387,000
89,000
Total Great Britain
166,000
70,000
13,000
28,000
53,000
9,000
354,000
147,000
839,000
488,000
218,000
26,000
61,000
99,000
Rotterdam.10,000
Stock at Barcelona
35,000
Stock at Genoa
20,000
Stock at Venice and Mestre
7,000
Stock at Trieste.
6,000
Stock at
8,000
145,000
45,000
382,000
American cotton afloat for Europe
168,000
Egypt. Brazil,&c.,afl't for Europe
275,000
648,000
2,465,934
Stock in Alexandria, Egypt..
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns
2,179,563
32,384
U. S. exports today
...7,366,881 6,802,659 7,899,352 9, 153,551
Total visible supply
totals of American and other
'
t"1
.f" "l-- -i ■
\ "
...
Havre stock....
U. S. ports stock
U. S. interior stock
today
234,000
East Indian, Brazil, &c.—
Liverpool stock....
29,000
112,000
49,000
50,000
35,000
291,000
121,000
87,000
230,000
818,000
479,000
266,000
26,000
73,000
21,000
37,000
53,000
42,000
63,000
26,000
57,000
54,000
168,000
173,000
183,000
Bremen stock.
Havre stock
-
Other Continental stock
Europe
Egypt, Brazil, &c., afloat
275,000
India
417,000
Total visible supply
74,000'
70,000
83,000
341,000
587,000
1,256,000 1,968,000 1,542,000
5,546,659 5,931,352 7,611,551
Total East India, &c.__. .....1,820,000
5.546,881
Total American
Middling uplands, Liverpool
Middling uplands, New York
258,000660,000
190,000
648,000
Alexandria, Egypt
Stock in Bombay,
345,000
42,000
625,000
44,000
65,000
39,000
57,000
45,000
Manchester stock
7,366,881 6,802,659 7,899,352 9,153,551
5.54d.
6.92d.
6.47d.
6.96d.
9.85c.
12.50c.
11.30c.
12.18c.
8.77d.
7.66d.
5.25d.
9.46d.
5.84d.
11.38d.
5.66d.
Egypt, good Sakel, Liverpool—.
Broach, fine, Liverpool
.....
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple, s'fine.Liv
4.55d.
8.06d.
5.67d.
week have been 122,000 bales .
Continental imports for past
week
•/
5,546,881 5,546,659 5,931,352 7,611,551
Total American
in
v
413,000
39,000
467,000
382,000
342,000
2,465,934 2,607,035 3,087,041 3 ,927,568...2,179,563 2,220,751 1,829,198 1 ,881,910'
65,073
32,384
15,873
17,113
American afloat for Europe
Stock
follows;
;
1,7 .
121,000
Other Continental stock
Indian afloat for
:X' -
45,000
95,000
133,000
Manchester stock
U. S. exports
descriptions are as
214,000
bales.
Liverpool stock
Bremen stock
892,000
784,000 1,581,000 1,731,000
70,000
54,000
53,000
467,000
230,000
342,000
83,000
183,000
173,000
341,000
258,000
190,000
587,000
660,000
417,000
2,607,035 3,087,041 3,927,568
2,220,751 1,829,198 1,881,910
65,703
15,873
17,113
1,171,000
Total European stocks
India cotton afloat for Europe
49,000
8,000
342,000
389,000
Total Continental stocks......
25,000
54,000
3,000
.........
Of the above,
758,000
693,000
bales.
Stock at Manchester
AXflttiCO/fi—'
1933
1934
1935
1936
:
Liverpool
figures for 1936 show an increase over last
298,123 bales, a gain of 564,222 over 1935, a
of 532,471 bales from 1934, and a decrease of
above
of
decrease
1,786,670 bales from 1933.
At
movement—that is,
the
Towns
Interior
the
the
receipts for the week and since Aug. 1, the shipments for
the week and the stock tonight, and the same items for the
as
Saturday,
Monday,
Tuesday,
Wednesday,
Thursday,
Friday,
Oct. 17
Not).
made
Supply of Cotton tonight, as
The Visible
cable and telegraph, is as follows.
as afloat are this week's returns, and
The
The official
Oct. 17 to Oct. 23—
2709
Chronicle
Oct. 19
Oct. 20
Oct. 21
Oct. 22
Oct. 23
corresponding period of the previous year—is set out
in
detail below:
(1936)
Movement to Oct.
Movement to Oct. 23, 1936
25, 1935
Range..
Closing
11.85n
11.92n
.
11.82n
11.7471
11.75tt
116871
Range.. 11.96-12.05 11.90-12.01 11.85-11.92 11.80-11.92 11.75-11.81 11.71-11.81
11.97-11.98 11.90-11.91 11.87-11.88 11.80-11.81 11.77-11.78 11.73-11.74
Closing
Week
Season,
23
Week
Season
Stocks
ments
Oct.
Week
Ship¬
Receipts
Stocks
ments
Dec.—
Ship¬
Receipts
Towns
Oct.
Week
25
.
Jan. (1937)
Range__ 11.96-12.03 11.90-12.03 11.84-11.93. 11.81-11.90 11.75-11.82 11.72-11.81
11.78-11.92 11.72
11.83 —
11.87
11.96-11.97 11.92
Closing
.
Range..
Closing
1.1.96n
12.01»
.
11.91ra
11.8271
11.86t»
11.7771
Range.. 12.05-12.12
12.06 —
Closing
.
.2.00-12.11 11.93-12.01 11.89-11.98 11.84-11.91 11.80-11.91
11.87 —
11.82
2.01-12.03 11.96-11.97 11.90 —
11.98n
12 Mn
12.07n
11.8971
11.9171
11.84N
May-—
11.93-12.01 11.87-11.94 11.85-11.95
Range__ 12.07-12.16 12.04-12.13 11.97-12.05
12.08-12.09 12.07-12.08 12.01-12.02 11.93-11.94 11.91-11.92 11.87
Closing
.
June—
Closing
.
11.9971
12.06n
12.06n
11.9271
11.9071
11.86n
Hope
854
Newport
Pine Bluff—
Walnut Ridge
14,321
2,126
8,007
4,256
324
Ga., Athens—
1,230
Athens
Augusta
—
9,724
8,485
200
Columbus..
July—
12.03-12.09 12.02-12.11 11.95-12.02 11.90-11.99 11.85-11.91 11.80-11.92
11.90 —
11.89 —
11.85
Closing. 12.03-12.04 12.04-12.06 11.96 -
Range
1,957
2,450
Macon
Rome
.
11.8271
11.88n
Closing. 11.88«
11.7471
11.7371
11.7071
La., Shreveport
11,251
Mlss.Clarksdale
Aug.
10,373
Columbus—
1,200
18,685
3,288
1,723
3,265
Greenwood.
Sept.—
Jackson
Range..
11.68n
11.72»
Closing. 11.73»
11.58n
11.5671
11.55n
Natchez
—
Vicksburg..
Oct.—
11.49-11.52 11.42-11.51 11.38-11.42 11.40-11.43
Range.. 11.49-11.60 11.56-11.61
11.41 —
11.40
11.4171
11.57-11.58 11.57-11.58 11.5271
Closing
n
Helena
Atlanta
Range..
Range
Ark., Blythville
Forest City.
Little Rock.
Range..
.
6,436
31,241
2,194
2,475
14,070
2,567
5,400
4,126
Jonesboro—
April—
Closing
30,521
Eulaula
Selma
March—
6,927
346
Ala.,Birming'm
Montgomery.
Feb.—
Yazoo City..
827
Mo„ St. Louis.
N.C.,Gr'nsboro
10,207
1,668
16,254
6,396
Tenn. .Memphis 165,910
4,996
Texas, Abilene.
15 towns *...
Range for future prices at New York for week ending
Oct. 23, 1936, and since trading began on each option:
S.C., Greenville
1.661
Austin
Range for Week
Option for-
Range Since Beginning of Option
452
Brenham
5,332
Dallas
3 1935 12.32
July
8 1936
9 1936 12.78
Robstown...
3 1936 12.25
July
July
10 1936
Mar.
23 1936
San Antonio.
9.76
Jan.
9 1936 12.78
July
10 1936
Texarkana
9.94
Feb.
25 1936 12.76
July
10 1936
Waco
17 11.80 Oct.
10 1936 12.13
9.80
Dec.
1936
11.71
Oct.
12.05
Oct.
10.12
Jan.
1937
11.72
Oct.
12.03 Oct.
1937
11.80
Oct.
May 1937
June 1937
11.85
1937
11.80
23 12.12 Oct.
Oct.
Mar. 1937
Apr.
July
5,148
Sept.
Jan.
10.42
1936
Nov. 1936
Feb.
37,789
38,557
11,485
109,173
16,565
52,435
25,995
9,779
9,265
38,052
106,455
4,775
24,822
7,693
79,318
89,109
25,459
164,463
50,863
9,605
23,003
35,638
61,230
4,183
620
2,486
1,969
12,420
1,679
2,633
3,630
2,463
10,213
2,044
5,278
3,458
51,981
10,434
66,541
26,606
8,511
81,151
116,138
1,900
18,194
2,566
32,735
1,125
23,778
990
12,328
108,679 11,918
2,088
16,729
5,979
64,628
1,925
23,269
924
298 17,847
7,250
675 22,467
2,091 90,471 13,305
9,044
7,830 140,024
1,000
400 33,750
1,672
2,089 38,656
600 24,302
1,775
6,183
10,164 46,245
6,374
5,421 58,196
1,000 31,849 18,913
8,723 108,885 10,764
4,007
2,312 36,049
608
712
7,105
2,464
872 17,532
2,699
3,390 25,115
758
7,747
10,282
104
741
2,439
10.20
1937
12.16
Oct.
17 11.81
10.48
42,970
13,455
22,980
11,829
2,933
63,767
Sept. 1937
Oct. 1937.. 11.38 Oct.
July
10 1936
Oct.
7 1936 12.08
Oct.
14 1936
Aug. 29 1936 12.55 July
27 1936
22 1936 11.61
19 1936
19 11.38 Oct.
Oct.
Oct.
Total, 56 towns
*
1936 12.78
11.61
11.50
22
14 1936
1
19 11.70
Aug. 1937
10 1936
Oct.
..
7.551
67,006
6.552
20,346
44,883
104,109
125,604
7,112
87,904
5,294
2,151
262
12,793
166
5,143
22,135
2,648
9,559
58,095
1,044
2,665
12,539
41,990
7,291
52,063
75,989
31,144
119,500
36,400
5,821
18,309
29,164
29,569
883
76,622
48,295
620,770
16,689
11,233
697
7.879
3,154
3,035
23,426
234
140
731
85
2,131
9,317
12,118
11,737
22,437
2,445
7,543
15,666
9,633
3,351
14,21
56,301
9,101
90,214
18,821
74,735
1,429 15,454
144 16,351
900 60,669
863 112,048
5,975 155,361
1,100 17,400
1,112 45,305
700-j 22,254
5,241 43,194
9,045 70,039
8,455 28,957
11,854 91,883
2,902 34,409
930
7,448
1,923 15,721
1,780 30,907
63
7,747
185
1,904
3,197
4,114
1,130
3,699
22,318 128,286
2,844 49,784
66,245 640,178
2,863
5,026
4,702
1,934
731
6,192
3,946 13,353
1,100 16,675
438
2,784
148
642
2,093
7,597
14,578
19,473
8 im
July
June
12.Tl Oct"
Oct?
Oct.
12.78
10 1936 12.14
Mar. 27 1936
Oct.
Paris
6,889103,852
75,519
967
423
1,782
4,673
6,668
71,059
24,895
3.5831- 51,249
58,412
890,749 119,008637,954
5,633
24,5181
5,586
2,677
1,544
9,849
512
2,767
3,494
4,456 17,588
55,345
5,142 13,317
51,088
1,475
1,262
2,763
12,727
69,862
1,030
3,809
5,236
10,804
Oklahoma—
Nominal.
Oct.
46,803
105,596
18,838
3,085
24,845
12,339
73,489
82,506
98,475
26,056
28,865
Includes the
373,3102,541,286268,8302179563 297,263 2,078,980208,857
combined totals of 15 towns
In Oklahoma.
222075f,
?
interior stocks have
increased during the week 104,480 bales and are tonight
41,188 bales less than at the same period last year.
Tho
The
above
totals
show
that
the
2710
Financial
receipts of all the towns have been 76,047 bales
the
New York
The
than
more
week last year.
same
Quotations for 32 Years
middling upland at New York
Oct. 23 for each of the past 32 years have been as follows:
1928
1934
1933
1932
1931
.12.50c.
20.00c.
1920
21.50c.
1927
1926
.12.18c.
.11.40c.
20.05c.
12.60c.
1919
36.35c.
1918
9.50c.
21.80c.
1923
1922
23.95c.
30.85c.
1916
1915
23.75c.
1914
18.60c.
31.45c.
1917
1924
6.95c.
.
1925
6.25c.
.
.
1913
1930-—. -10.80c.
,18.15c.
1929
1921
29.50c.
—
Activity in the Cotton Spinning Industry for Septem¬
dications of Business Aotivity.
1912
1911
10.95c.
9.45c.
1910
14.45c.
1909 —.14.20c.
19.10c.
1908
9.40c.
1907
1906
11.30c.
11.15c.
1905
10.50c.
.11.00c.
14.50c.
Weather Returns by Telegraph—Reports to us by tele¬
graph this evening indicate that wet and cold weather in the
Northwestern part of the cotton belt spells the end of the
crop in that section.
The Panhandle of Texas and Okla¬
homa experienced freezing weather on top of rains.
Rain
Rainfall
dry
day
0.22 in.
1 day
0.10 in.
Abilene
2 days
1.94 in.
Brenham
-1 day
0.01 in.
Brownsville..
dry
Corpus Christi
dry
Dallas..
1 day
0.72 in.
Del Rio
1 day
0.32 in.
El Paso
1 day
0.04 in.
Henrietta
2 days
1.80 in.
Kerrville
1 day
1.78 in.
Lampasas
1 day
1.58 in.
Long view
1 day
0.08 in.
Luling
dry
Nacogdoches
1 day
0.04 in.
Palestine
1 day
0.06 in.
Paris
2 days
2.18 in.
San Antonio
dry
Taylor
1 day
0.06 in.
Weatherford
2 days
1.68 in.
Oklahoma—Oklahoma City_.l day
0.32 in.
Arkansas—Eldorado
1 day
0.17 in.
Fort Smith
2 days
1.46 in.
Little Rock
2 days
1.72 in.
Pine Bluff
1 day
0.92 in.
Louisiana—Alexandria
dry
Amite—
dry
New Orleans-2 days
0.72 in.
Shreveport
dry
Mississippi—Meridian
dry
Vicksburg
dry
Alabama—Mobile
dry
Birmingham..
2 days
0.76 in.
Montgomery
dry
Florida—Jacksonville.
2 days
0.48 in.
Miami
-—2 days
0.14 in.
Pensacola
1 day
0.01 in.
Tampa
1 day
0.02 in.
Georgia—Savannah—
_1 day
0.10 in.,
Atlanta
2 days
0.13 in.
Augusta
1 day
0.08 in.
Macon..
1 day
0.04 in.
South Carolina—Charleston.l
day
0.54 in.
Greenwood
1 day
0.14 in.
Columbia
1 day
0.01 in.
Conway
1 day
1.8? in.
North Carolina—Asheville
2 days
0.84 in.
Charlotte—
1 day
0.80 in.
Newborn
-.1 day
5.53 in.
Raleigh
1 day
0.96 in.
Weldon
1 day
1.09 in.
Market and Sales at New York
,
Futures
SALES
Closed
high 87
high 88
high 88
high 90
high 88
high 88
high 86
high 88
high 94
high 86
high 92
high 88
high 92
high 90
high 88
high 84
high 88
high 86
high 90
high 88
high 90
high 88
high 88
high 86
high 84
high 90
high 85
high 86
high 84
high 87
high 88
high 84
high 86
high 84
high 84
high 86
high 88
high 84
high 86
low 44
low 44
low 49
low 42
low 64
low 54
low 46
low 52
low 54
low 52
low 52
low 54
low 72
low 62
low 62
high 86
low 53
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
1
Austin
Market
Closed
Contr'ct
Spot
Total
—
Saturday
Monday
Tuesday
Quiet, 3
Quiet, 7
Quiet, 3
Wednesday- Quiet, 7
Thursday
Steady,
Friday
Steady,
-.
pts. dec
Steady
Steady
pts. dec
Steady
pts. dec
Steady
3 pts. dec— Steady
4 pts. dec— Steady
l.ioo
pts. dec
Tioo
500
500
500
500
600
"400
1,000
300
—
Total week.
Since Aug. 1
300
700
2,700
32,800
21,613
3,400
54,413
,
Overland Movement for the Week and Since
Aug. 1—We give below a statement showing the overland movement
for the week and since
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
—1936
Oct. 23—
1935
Since
Shipped—
Week
Via St. Louis
10.282
7.250
Via Mounds, &c.______
Via Rock Island
Via Louisviilo
261
Via Virginia points
Week
62.350
38,315
1,571
3,796
47,886
94,814
100
4,4.50
Via other routes, &c.
Since
Aug. 1
21,362
Aug. 1
7,747
29,739
17,736
4,250
-
250
2,320
42,906
71,771
4,701
14,275
43,705
Deduct
248,732
31,223
164,472
100
563
243
3,415
2,483
4,480
6,989
3,528
88,618
8,097
63.456
4,755
99,135
8,903
69,354
38,950
149,597
22,320
Shipments—
Overland to N. Y., Boston, &c__.
Between interior towns
175
.
.
Leaving total net overland *
95,118^
♦Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 38,950 bales, against
22,320, bales for
the week last year, and that for the season to date the
aggregate net overland exhibits
of
an
increase
over
a
year ago
Wilmington—
Week
Since
Week
Aug. 1
Aug. 1
378,683
38,950
Southern consumption to Oct. 23-135,000
2,841,713
405,164
2,881,547
149,597
95,118
1,560,000
22,320
100,000
.552,633
104,480
4,551,310
996,796
527,484
88,406
.....
consumption to Oct. 1
1,107,000
4.083,665
1,096,413
657,113
*53,707
615,890
5,439,858
North, spinn's' takings to Oct. 23-
45,920
.
339,416
45,217
265,223
Movement into sight in previous years:
Bales
411,862
Since Aug. 11934
543,435
631,247
1934—Oct. 26
1933—Oct. 27
1932—Oct. 28
1932
Bales
3,589,112
5,279,731
4,774,330
1933
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for
middling cotton at
Southern and other principal cotton markets for each
day
of the week:
i
New Orleans
12.02
12.37
12.12
12.05
12.30
12.02
Savannah..
12.38
Norfolk
12.60
12.07
12.57
11.85
12.10
11.83
12.31
12.55
12.00
12.55
11.97
Montgomery
Augusta...
Memphis
Houston
Little Rock
Dallas
11.92
Port Worth
11.92
Friuay
11.95
12.25
11.95
12.31
12.45
12.38
12.47
12.40
11.85
11.80
12.03
12.03
12.00
11.75
11.73
11.82
11.71
11.85
11.75
11.75
11.82
New Orleans Contract
Market—The
for leading contracts in the New Orleans
the past week have been
as
11.88
11.92
11.93
12.15
12.27
12.23
12.45
12.40
11.87
11.83
12.43
11.75
12.37
11.75
12.00
12.50
11.85
11.92
12.22
11.90
11.80
mean
59
66
62
72
75
72
56
mean
62
58
mean
mean
64
67
65
mean 64
mean 63
mean 65
mean 68
mean 67
mean 66
mean 68
mean
mean
mean
65
67
66
63
63
68
64
mean
mean
mean
mean
mean
mean
mean
mean
64
mean
67
67
64
74
mean
mean
mean
71
67
68
73
68
68
65
80
73
74
70
65
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
low 48
mean
50
48
56
47
54
48
42
46
49
50
44
54
48
50
48
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
67
65
69
66
69
66
59
64
67
66
63
69
65
65
mean 64
mean
mean
mean
zero
Oct. 25, 1935
Feet
of gauge.
of gauge.
2 6
8.1
1.5
3.3
9.0
8.3
5.9
8.0
5.8
zero
zero
of gauge-
1.6
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.
Week
Receipts at Ports
11.67
11.72
11.72
Stocks at Interior Towns
Receipts from Planations
Ended
1936
1935
1934
1936
1935
1934
1936
I
1935
1934
July
16,973
20.715
28,419
37,205
39,742
46,866
38,915
56,583
14..
52,891
61,492
76,336
96,074
51,435 1,301,7651,145,008 1,179,660
50,608 1,255,364 1,133,563 1,164,839
62,636 1,206,417 1,121,5461,145,796
Nil
4,302
Nil
25,760
Nil
34,849
43,693
38,119
30,140
46,569
47,243
63,862
55,632 1,167,401 1,111,5321,128,283
50,645 1,144,650 1,097,2831,117,581
71,884 1,132,176 1,094,1241.104,626
92.915
58,929
Nil
27.222
35,787
39,943
28_. 141,365159,138 122,533
1.140,781 1,119,6861,102,173 149,970 184,700 120,080
Sept.
4_.
201,842188.943 137,090 1,219,831
11.. 271,456 215,017 191,728 1,339,682
18.. 340,815265,021 230,070
1,499,275
25.. 314,287 336,897 237,205
1.677,862
Oct.
1,178,8791,152,815 280,892 248,136 187,732
1,274,081 1,226,568 391,307 310,219 265,481
1,414,6041,339,176 500,408 405,544 342,678
1,610,222i 322,464 492,874 532,515 344,223
2.. 319,754 326,252 244,448
1,832,026 1,784,4891,547,572 473,918 500,519 345,826
9- 330,033
11.95
11.63
16..
11.68
23..
387,060240,603 1,980,336 1,990,7231,640,092 478,343 593,294 337,159
370,723372,945 208,963 2;098J33 2,132,345 1,735,609 498,120 514,566 300,444
378,683405,164l232;0592.179,563I2;220J51 i;829498483.163493,570325,648
.
11.68
closing quotations
cotton market for
follows:
The above statement shows:
(1) That the total receipts
from the plantations since
Aug. 1, 1936, are 3,835,997 bales;
in 1935 were 3,977,900 bales and in 1934 were
2,715,991
(2) That, although the receipts at the outports the
past week were 378,683 bales, the actual movement from
bales.
Saturday,
Monday,
Oct. 17
Nor.
82
84
82
82
85
84
84
76
82
84
82
81
84
81
80
80
Aug.
on—
Tuesday
12.05
34
Receipts from the Plantations—The following table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
7..
12.12
zero
Above
Shreveport
Vicksburg
21..
Closing Quotations for Middling Cotton
12.40
mean
of gauge.
Above zero of gauge.
31..
Galveston
74
mean
low 40
low 40
low 44
low 36
low 38
low 38
low 46
low 46
low 48
low 48
low 44
low 44
low 44
low 36
low 38
low 48
low 42
Oct. 23,1936
Feet
Above
Above
Above
Memphis—--—-
24..
New Orleans.
Mobile
mean
The
17..
Saturday Monday
60
30
44
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. of the dates
given:
Below
Week Ended
low
low
low
low
low
low
low
5,126,371
Decrease.
Week—
-
Nashville
*108,248
Total in sight Oct. 23
Oct. 2i
1.66 in.
dry
-1935-
Since
Takings
Recelpts at ports to Oct. 23
Net overland to Oct. 23
*
1.76 in.
0.04 in.
3 dgys
Chattanooga
Nashville
1936
In Sight and Spinners'
over
-.1 day
2 days
Tennessee—Memphis
54,479 bales.
Thermometer
■
Texas—Galveston
Amarillo
Spot Market
1936
24,
on
12.45c.
-
Oct.
ber 193 -This report issued on Oct. 21 by the
jBureau of
the Census will be found in the Department headed "In¬
quotations for
1936
1935
Chronicle
Tuesday,
Oct. 19
Wednesday,
Oct. 20
Thursday,
Oct. 21
Friday,
Oct. 22
Oct. 23
plantations
was
483,163
bales,
stock
at
interior
towns
having increased 104,480 bales during the week.
(1936)
'
December.
Jan.
11.96
(1937) 11.93
February
11.91-11.92 11.86
11.89
11.79-11.80 11.76-11.77 11.70
Bid. 11.85
11.79
11.75
11.70
.
March
12.02-12.03 11.98
11.93-11.94 11.88
April—
12.05-12.06 12.01
May
11.85-11.86 11.79
11.97-11.98 11.91
11.88
11.81-11.82
11.95
11.86
12.01
12.02
11.56
11.55
Bid.
113861139a 11.37
11.35
11.87
August
'
Ports—The receipts
of Indian 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
September
__
11.49
Bid.
Tone—
Spot J.
Options
•
11.79
June
July
October
I
India Cotton Movement from All
_
Strong.
Steady.
Barely stdy Barely stdy
Steady.
Steady.
1935
1934
,
Oct. 22
Receipts at—
Since
Week
Steady.
Barely stdy
Steady.
Steady.
Steady
Steady
Bombay
11,000
Aug. 1
137,000
Since
Week
21,000
Aug. 1
156,000
Since
Week
9,000
Aug. 1
213,000
Volume
119933564
Financial
143
Chronicle
2711
Bales
For the Week
1935
Since August 1
•
GALVESTON—To Bremen—Oct. 19—Helgoland, 3,994
3,994
Hamburg—Oct. 19—Helgoland, 100
100
To Liverpool—Oct. 16—Boxhill, 12,565
Oct. 22—Edgehill,
1,688
14,253
To Manchester—Oct. 22—Edgehill, 1,220
1,220
To Trieste—Oct. 16—Alberta, 2,377
*■:
2,377
To Venice—Oct. 16—Alberta, 880
880
To Japan—Oct.
16—Japanese
Prince,
14,491—Oct.
16—
Montreal Maru, 5,661—Oct. 17—Fernbrook, 15,681
Oct. 20—Endicott, 7,723—Oct. 21—Dallas City, 14,331
—Oct. 21—Kiyosumi Maru, ,8214
66,101
To Buena Ventura—Oct. 14—Margaret Lykes, 4040
To Antwerp—Oct. 15—Youngstown, 550
550
To
Exports
Great
from—
|
Conti- Jap'ndk
Britain
Great
China
ment
Contt-
Japan A
Britain
Total
ment
China
Total
—
—
Bombay—
1936
12,OOo'
7,000
19,000
6,000
6,000
15,000
21,000
5,000
1,000
12,000
11,000
24,000
6,000
60,000
3,000
2,000!
5,000
44,000
3,000
7,000,
10,000
45,000
7,000
4,000.
11,000
27,000
179,000
211,000
226,000
134,000
39,000
63,000
52,000
68,000
97,000
—
1934—
143,000
160,000
-
Other Indla1935
96,000
-
113,000
124,000
-
To Ghent—Oct.
1
1936—
3,000
I
I
7,000
15,000
24,000
3,000
14,000
13,000
8,000
16,000
11,000
35,000
1934
15—Youngstown, 346
Copenhagen—Oct. 15—-Udderholm, 503
To
'
Total all—
31,000
50,000
'
134,000
143,000
33,000
To Havre—Oct.
275,000
160,000
91,000
131,000
157,000
50,000
350,000
324,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's reteipts of
10,000 bales.
Exports from all India ports record a decrease
of 7,000 bales
during the week, and since Aug., 1 show a
decrease of 49,000 bales.
346
503
3,707
1,046
369
2,335
981
1,464
-
16—Youngstown, 3,707
,
To Dunkirk—Oct. 15—Youngstown, 1,046
To Rotterdam—Oct. 15—Youngstown, 369
To Gdynia—Oct. 15—Udder holm, 2,335
To Gothenburg—Oct. 15—Udderholm, 981
To Genoa—Oct. 21—Montello, 1,464
To China—Oct. 20—Endicott, 100
MOBILE—To Manchester—Oct. 15—West Madaket, 2,636
100
—
2,636
187
To
Antwerp—Oct. 15—West Kyska, 87; Veerhaven, 10015—Veerhaven, 24
13—Vermont, 3,831To Bordeaux—Oct. 13—Vermont, 400To Dunkirk—Oct. 13—Vermont, 500
To Bremen—Oct. 15—West Kyska, 1,392; Veerhaven, 4.24CLTo Hamburg—Oct. 15—West Kyska, 43
To Rotterdam—Oct. 15—Veerhaven, 114
NEW ORLEANS—To Gdynia—Oct. 19—Tana, 1,281
To Gothenburg—Oct. 19—Tana, 413-----To Ghent—Oct.
To Havre—Oct.
24
3,831
400
500
-
World's
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
obtainable;
are
from all
also the
sources
takings
or
from which statistics
amounts
To Abo—Oct.
19—Tana, 100ToWasa—Oct. 19—Tana, 100
To Japan—Oct.
Takings,
1935
1936
43
114
1,281
_
413
100
-
9,712—Oct.
15—Oliva,
-
100
-----
544----
cott,
5,632
-
-
out of
gone
sight for the like period:
Cotton
„
10
(add'l)—Endi¬
10,256
To Antwerp—Oct. 15—Vermont, 650; Burgerdijk, 100-----750
To Ghent—Oct. 15—Burgerdijk, 459
459
To Havre—Oct. 15—Vermont, 3,192
3,192
To Dunkirk—Oct. 15—Vermont, 1,400
1,400
To Bremen—Oct. 15—Chimitz, 8,145
8,145
To Hamburg—Oct.
15—Chimitz,
225—Oct.
20—Wasjenwald, 1.457
1,682
To Rotterdam—Oct.
15—Burgerdijk,
1,731—Oct.
20—•
Wasjenwald, 1,096
2,827
To Genoa—Oct. 15—West Chetala, 587
587
To Liverpool—Oct.
17—Elms port, 1,558
1,558
To Manchester—Oct. 17—Elmsport, 3,028
3,028
CORPUS CHRISTI—To Liverpool—Oct. 17—Wayfarer, 3,374—
3,374
To Manchester—Oct. 17—Wayfarer, 1,566
1,566
JACKSONVILLE—To Manchester—Oct. 17—Schoharie, 791
791
CHARLESTON—To Bremen—Oct. 19—Bessa, 11,452
11,452
To Hamburg—Oct. 19—Bessa, 115
115
To Liverpool—Oct. 13—Sydland, 1,722
1,722
PENSACOLA, &c.—To Ghenfr—Oct. 17—Veerhaven, 105
105
To Bremen—Oct.
17—Veerhaven,
1,706—Oct.
15—Topa
Topa, 97
1,803
SAN FRANCISCO—To Great Britain, 100
—100
To Germany, 300
4
300
To Japan, 1,000
1,000
To India, 100--------100
BEAUMONT—To Bremen—Oct. 17—Wasgenwald ,550
550
LOS ANGELES—To Liverpool—Oct. 15—Bradglen, 1,412
1,412
To France—Oct. 15—Wisconsin, 1,350
1,350
To Bremen—Oct. 9—Stasefurt, 400—Oct. 13—Weser, 500
900
To Japan—Oct.
9—President
Lincoln,
1,200—Oct.
11—
Kwanssai Maru, 4,000
5,200
SAVANNAH—To Liverpool—Oct. 14—Sydlavd, 100---Oct. 21—
Schoharie, 988
1,088
To Manchester—Oct.
14—Sydlavd, 1,750—Oct.
21—Scho¬
harie, 1,326-.-3,076
To Gdynia—Oct. 21—Uddeholm, 1,897
1
1,897
To Bremen—Oct. 20—Bessa, 8,354__
8,354
■>.
To Hamburg—Oct. 20—Bessa, 840
840
To Rotterdam—Oct. 21—Schoharie, 866—
866
-----
-
Week and Season
Week
Season
Week
Season
------
-
Visible supply Oct*
16-.—
1
Oct. 23—
Bombay receipts to Oct. 22—
Other India ship'ts to Oct. 22_
Alexandria receipts to Oct. 21
Other supply to Oct. 21 *b—
6,462,651
7,068,758
4,295" 259
4,899",258
Visible supply Aug.
American in sight to
657413
11,000
5,000
90,000
7,000
Total supply
Deduct—
5,126,371
156,000
113,000
403,600
72,000
615,890
21,000
10,000
110,000
5,000
5,439,858
137,000
96,000
519,200
103,000
7,224,541 10,166,230
7,838,871 11,194,316
7,366,881
7,366,881
6,802,659
6,802,659
471,990
364,990
107,000
Visible supply Oct. 23
3,827,435
421,882
2,984,235
843,200
282,882
139,000
3,363,571
2,366,971
-
-
—
Total takings to Oct.
Of which American
23.a—
Of which other—
*
a
996.600
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,560,000 bales in 1936 and l,i07,000 bales in 1935—
takings pot being available—and the aggregate amount taken by Northern
and foreign spinners, 2,267.435 bales in 1936 and 2,256,571 bales in 1935,
of which 1,424,235 bales and 1,259,971 bales American,
b Estimated.
—
—
—
-
-
—
—
Alexandria Receipts and Shipments
1936
Alexandria, Egypt,
Oct. 21
1935
1934
-
—
Receipts (cantars)—
-
——
-
450,000
This week
550,000
2,017,571
2,593,478
Since Aug. 1
This
Week
Exports (bales)—
This
Since
Week
1
Aug.
380,000
1,959,640
This
Since
Week
1
Aug.
...
Since
Total
1
Aug.
—-..-.--..226,656
—
—
Cotton
To Liverpool
--
9,000
27,797
16,000
26,964
20",oo5
100,473
4,391
9,000 31,728
32,000 134,110
1.000
5,219
8,000 24,180
5,000 28,214
17,000 130,727
1,000
7,833
29,000 159,625
58,000 207.272
31,000 '190,954
-- --
To Manchester, &c_
-
-
—
To Continent and India.
-
To America
Total exports
36,215
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Stand¬
High
High
ard
Density
Stand¬
Density
ard
.45c.
Trieste
.50c.
.65c.
Piraeus
.85c.
1.00
Manchester,30c.
.45c.
Flume
.30c.
.450.
Salonlca
.85c.
1.00
Antwerp
Havre
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Oct. 21
♦
Market—Our report received by cable to¬
night from Manchester states that the market in both y&rns
and cloths is steady. Demand for both yarn and cloth is good.
We give prices today below and leave those for previous
weeks of this and last year for comparison:
.650.
.50c.
.45c.
Barcelona
.42c.
Japan
•
*
.45c.
Shanghai
•
*
Genoa
.45c.
.60c.
Bombay z
.50c.
.650.
Naples
Leghorn
Oslo
.46c.
.61C.
Bremen
.30c.
,45c.
Stockholm
.42c.
.57c.
Hamburg
.32c.
.47c.
•
Rate Is open,
z Only small
*
Venice
.30c.
,27c.
Rotterdam .30c.
were
450,000 cantars and the foreign shipments 29,000 bales.
Manchester
Stand-
High
ard
Density
,30c.
Liverpool
.1:
.570.
Copenhag'n.42c.
.40c.
.650.
.40c.
.550.
Gothenb'g .42c.
.57c.
lots.
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Cotton
ings, Common
Middl'g
to Finest
Upl'ds
83* Lbs. Shirt¬
ings, Common
Middl'g
to Finest
32s Cop
Twist
Upl'ds
Cotton
Total imports.
Of which American.
Of which American-.-.
d.
s.
d.
s.
d,
d.
d.
d.
s.
s.
d,
24...
31...
10
7.47
ll%@12%
11
@12 Yt
10$* @12
9
7
@10 1
7.33
10
3
@10
5
7.10
10% @12
10 3
@10
@10
@10
@10
5
7.02
8 6
@10
@90
7.02
8 6
@90
@90
6.80
8 7
9% @10%
7
@91
6.48
8
6
95,000
693.000
214,000
37,000
13,000
209,000
112,000
58,000
42,000
226,000
104,000
95,000
47.000
216,000
104,000
—
d.
Liverpool market for spots and futures
The tone of the
1
@1134
1QH&11H
10
@11
9
58,000
669,000
201,000
34.000
179.000
91,000
-
Amount afloat
July—
17...
56,000
667,000
187,000
81,000
-
-
Of which American
834 Lbs. Shirt¬
32s Cop
Twist
—
Oct. 9
61,000
682,000
200,000
------
Total stocks
Oct. 16
Oct. 23
Oct. 2
Forwarded.
1935
1936
6.68
day of the past week and the daily closing prices of
each
spot cotton have
been
as
follows:
Aug.—
7...
14...
10% @11% 10 3
21...
10% @11% 10 1
28...
10%@11%
1
10
6.92
9%@10%
8 7
@91
6.74
9%@11
9
2
@94
934 @11
9 2
@94
6.21
9 2
@94
6.11
2
@94
18...
25...
10%@11%
10
2...
\0%@11%
11
0
9
2
@94
6.53
9 3
@95
6.40
6.70
6.99
6.98
934 @11
934@11
934 @11
@10 2
10 0
9...
11...
6.73
934@H
@10 2
16...
11
1014 @12
10
6.86
@10 5
@10 4
2
7.02
@10 2
@12% 10 0
@1234 10 3
Good
Moderate
Good
doing.
inquiry.
demand.
Inquiry
9 5
@97
6.59
9
5
@97
6.50
6.99
9%@U%
@113*
10
@113*
9
5
@97
10
9
6
@10 0
6.47
@1134
Steady,
Steady,
(
( 2 to 4 pts. 1
Market
6.40
6.96
10
advance.
opened [
Market,
4
P. M.
6.96d.
7.00d.
7.03d.
Mid.Upl'ds
Futures.
Oct.—
23—
Quieter.
12:15
@10 3
@10 5
@10 2
10%@11% 10 1
10 3
1014 @12
10% @11% 10 0
4...
to
2
pts. stdy.,
decline.
5 pts.
advance.
Prices of futures at
20—Edge hill, 2,072
2,072
Japan—Oct. 19—Kiyosumi Maru, 2,586—Oct. 17—Endic
City, 5,789
11,432
To Antwerp—-Oct. 17—Youngstown, 200
200
To Ghent—Oct.
17—Youngstown, 870—Oct. 22—Belgique,
4 pts.
Quiet but
3 to steady, 2 to
dec. 3 pts. adv.
Steady,
Quiet but
Very stdy., Steady, un¬ Barely stdy Quiet but
3 to 5 pts. changed to 7 to 10 pts. steady, un¬ stdy., 4 to 3 to 7 pts.
advance
decline.
3 pts. dec.
changed to 6 pts. dec.
advance.
l
Bales
* 4,021
Quiet but
3 to 2 to 5 pts. stdy.,
dec.
6.96d.
6.Old.
7.00d.
Steady,
Quiet but
Shipping News—Shipments in detail:
HOUSTON—To Liverpool—Oct. 20—Edhehill, 4,021
Friday
business
6.17
Sept.
Thursday
doing.
P. M.
9
6.56
Wednesday
A fair
business
Market,
Tuesday
A fair
6.33
6.70
Monday
Saturday
Spot
5
3
3
pt. adv.
Liverpool for each day are given below:
To Manchester—Oct.
To
cott, 3,057; Dallas
55----
-
-
925
-
17—Youngstown, 2,219—Oct. 22—Belgique,
616
—-
To Dunkirk—Oct.
17—Youngstown,
gique, 550
-
—-
1,081—Oct.
22—Bel¬
To Rotterdam—Oct. 17—Youngstown,
To Genoa—Oct.
17—Meanticut,
1,041—Oct. 22—Montello, 3,022
17—Endicott, 12
Naples—Oct. 19—Montello, 100
—
589
19—Montello,
-
To
5,367
12
To Manila—Oct.
-
Tues.
Wed.
Fri.
Thurs.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Oct. 23
d
New Contract
October (1936)
-
6.78
d.
6.75
d.
6.78
d.
6.71
d.
6.71
d.
6.75
d.
6.72
d.
6.66
d.
6.68
d.
6.71
d.
6.75
6.67
6.63
6.69
6.68
6.77
6.77
December
100
6.77
'6.74
6.77
6.67
6.71
6.68
6.63
6.63
6.65
March—
6.76
6.74
6.76
6.68
6.67
6.70
6.67
6.62
6.61
6.64
6.65
May
1,631
—
589
1,304—Oct.
2,835
Mon.
to
-
To Havre—Oct.
Sat.
Oct. 17
—
6.73
6.70
6.72
6.65
6.63
6.65
6.63
6.57
6.57
6.60
6.61
July
October
6.68
6.65
6.67
6.60
6.57
6.59
6.57
6.52
6.52
6.55
6.55
January (1937)
December
-
6.69
6.66
6.40
6.37
6.27
6.27
6.22
6.25
6.35
6.32
6.22
6.22
6.18
6.21
Financial
2712
CLOSING
DAILY
BREADSTUFFS
Oct.
Chronicle
WHEAT
OF
PRICES
Friday Night, Oct. 23, 1936
Flour—The
is
There
only
a
generally
is
situation
flour
unchanged.
trade for
limited hand-to-mouth
prompt
And this in spite of the fact that grains have
shipment.
recently been showing firmness.
It is now becoming appar¬
will probably be the dullest month of the
ent that October
unless business takes a sudden turn over the next 10
year
days.
May
July
114%
99 %
December
Australia and slower demand for Canadian wheat also had
those inclined to the upward side.
reported in Argentina towards the
Reports of sales for export of Canadian
wheat were said not to exceed 250,(XX) bushels, which had
a bearish influence on sentiment in the
Winnipeg market.
On the 19th inst. prices closed 34 to 134c. down.
The
sharp decline at Winnipeg of 2c. a bushel, together with re¬
ports of better crop prospects in Argentina and Australia,
had a very unsettling effect on prices in the domestic market.
From a top of $1.16%, December wheat contracts on the
Chicago Board suffered a fall to $1.14%.
The pronounced
weakness at Winnipeg was attributed to selling by EuropeanContinental houses and a smaller export demand.
Late
advices were that heavy rains had been received in Argen¬
tina.
Further, there was a tendency shown to increase
estimates of wheat yields in Australia.
Cables were re¬
ceived asserting that if rains came soon, an Australian wheat
harvest of 130,000,000 bushels could still be realized.
It
was not until after the Chicago market closed that current
estimates of Canadian export business in wheat
Monday
were raised to 750,000 bushels from 500,000 bushels.
On the
other hand dispatches were received telling of continued good
weather for seeding of domestic winter wheat in the South¬
west and forecasts of a 20% increase in acreage in Kansas.
On the 20th inst. prices closed 34 c lower to %c. higher.
There was a slightly better milling demand reported, and
this seemed to help prices slightly.
However, trading was
comparatively light with traders generally showing a dis¬
position to keep to the side lines.
Prices fluctuated within
a narrow range.
It was estimated that export takings of
Canadian wheat amounted to but 500,000 bushels.
It
was thought by some that importing countries had
appar¬
ently acquired sufficient wheat to cover needs until it is
more definitely known
what will be the Southern Hemi¬
sphere 's probable crop outcome.
Traders generally consider
Argentine crop conditions to be quite good, although not
indicating any bumper yield.
In various quarters, too,
Australian wheat prospects were looked upon as rather re¬
assuring, as temperatures are not unduly high and showers
have fallen in some sections.
On the 21st inst. prices closed
%c down to %c. up.
The political news from abroad was
anything but reassuring, and this fact together with adverse
Argentine crop reports, should have resulted in an upward
trend to wheat prices, but nothing worth while developed in
the trading or the movement of prices.
The fact that only
hand-to-mouth buying of wheat has been in evidence on
the part of importing countries—has served to check any
tendency to aggressiveness on the part of speculative buyers.
With toal new export business in Canadian wheat estimated
at but 600,000 bushels, late reactions more than wiped out
early price gains, and the market showed little rallying
power during the rest of the session.
Another apparent
drag on the market is the poor flour demand, amounting
at Minneapolis to only 33% of capacity, compared with
98% a year ago.
dampening effect
Beneficial rainfalls
on
were
end of the week.
22nd
the
inst.
prices closed % to lc. higher.
The
sharp rise of about 2c. late yesterday in the Chicago wheat
pit was attributed to a flurry of buying, influenced presum¬
ably by political developments abroad, though some observ¬
credited the sudden burst of speculative demand to
operators wishing to take advantage of the spread between
ers
the domestic market and
Winnipeg; buying here and selling
there, and also selling at Liverpool. Need for moisture for
the winter wheat crop in Nebraska received considerable
attention, and July wheat contracts, representing the do¬
mestic
winter
shipments
500,000
crop,
from
bushels.
wheat from
showed independent strength.
Canada,
There
Canada
intermittent,
Wednesday,
depending
talk
was
the
were
that
remainder
of
export
the
Southern
upon
Export
estimated at
business in
would
year
Hemisphere
be
crop
prospects.
Today
prices
closed
34
to
wheat
prices today failed to
clines
of
more
than
a
%c.
down.
overcome
cent
a
Late
rallies
of
entirely earlier de¬
bushel.
In
contrast
with
yesterday,
Chicago
however, none of today's buying of wheat in
was attributed to
spreading operations between
Chicago,
Winnipeg and Liverpool.
who
were
side
a
on
the
buying side
were
Some
of the
identified
interests
the
selling
The heaviness of the Liverpool mar¬
largely to the influence of larger ship¬
ments of wheat from Argentina.
Open interest in wheat
was 100,292,000 bushels.
ket
102%
July
PRICES
CLOSING
DAILY
few days
was
on
ago.
attributed
OF WHEAT
CLOSING PRICES
OF
Sat.
No. 2 red
WHEAT
Mon.
131% 130
IN
Tues.
130
NEW YORK
Wed.
Thurs.
130
130%
129%
115
113%
98%
113% 113%
99%
99
11
FUTURES
Tues.
IN
Wed.
WINNIPEG
Thurs.
Fri.
112%
109%
112
109%
111%
109
111
108%
109%
110%
-112
Corn—On the 17th inst.
110%
109%
109%
108%
107%
prices closed %c. down to %c.
up.
The spot corn market continued weak, and while this
appeared to have a depressing effect on nearby December,
the other options closed with fractional gains.
There was
considerable selling of December and buying of May corn.
Spot prices were 1 to 3c. lower.
There was little of impor¬
tance in the news.
On the 19th inst. prices %c to 1 %e.
down.
Exceptionally good weather for husking depressed
corn prices from the outset.
Besides there was some increase
of receipts.
The marked depression in the wheat markets
also had its influence in depressing corn prices.
On the 20th
inst. prices closed unchanged to 34®* higher.
Although
trading was dull, the market held pretty firm throughout
most of the session.
Offerings, particularly in the December
contract, were well taken.
Importations of corn continue
to dampen bullish enthusiasm, and many anticipate further
price reductions in Argentina. It is reported that Danubian
surplus producing countries are beginning to compete with
the Buenos Aires market for the European demand at least.
On the 21st inst. prices closed 34 to 24c. higher.
Rain, snow
and sleet throughout sections of the corn belt tended to lift
corn prices.
Demand from feeders of livestock increased.
On the 22nd inst.
largely
prices closed 34 to %c. higher.
reflection of the strength
a
weather was
This was
in wheat, though wet
reported in the greater part of the corn belt.
Today prices closed
34
34c.
to
There was nothing
down.
special in the news concerning this grain, the decline being
largely a sympathetic movement with wheat.
CLOSING PRICES
DAILY
OF
Sat.
No. 2 yellow
127%
DAILY CLOSING
CORN
Mon.
NEW YORK
IN
Tues.
125%
Wed.
124%
Thurs.
124%
125%
Fri.
125
CORN FUTURES IN CHICAGO
PRICES OF
ViSat.
December
May
July
Mon.
94%
90%
86%
Wed.
Tues.
93%
89
85%
93%
89%
86
Thurs.
93%
89%
86%
Fri.
94%
89
86
94%
90
86%
-
Season's High and
December
May
July
When Made
Aug. 19, 1936
Aug.
3, 1936
Oct.
9. 1936
102%
99
87%
—
Season's Low and
December
When Made
52%
85%
85
May
July
June
2, 1936
July 29, 1936
Oct.
1. 1936
Oats—On the 17th inst.
prices closed unchanged to 34c.
This market was dull.
However, a better shipping
demand was reported, though it had no effect from a market
standpoint.
On the 19th inst. prices closed 34c. to 34c.
up.
The heaviness in wheat and
lower.
corn
markets
was
re¬
flected also in this
grain. On the 20th inst. prices closed 34c•
lower to %c. higher.
It was reported that tired holders of
futures were letting go of contracts, but on the declines con¬
siderable demand was in evidence, which held prices fairly
steady. On the 21st inst. prices closed 34®. off to 34®. up.
Oats offerings were reported scarce, but this had very little
effect on prices, trading being dull.
On the 22nd inst. prices closed with advances of 34 to %c.
There
ness
was
nothing striking in the news or trading, the firm¬
other grains.
quiet
and
corn
of this
sympathy
in
with the rise
Today prices closed % to 34c. down.
wheat and
was
being
apparently
in
the
Trading
without special feature, the declines in
apparently being reflected in the movement
grain.
DAILY
CLOSING PRICES
OF
Sat.
No. 2white___
DAILY
CLOSING
OF
PRICES
December
55%
Season's High and
December
46%
48%
39%
55%
55%
OATS FUTURES
Mon.
40%
41%
38%
May
July
May
July
OATS IN NEW YORK
Mon. Tues.
Wed.
Thurs.
55%
Sat.
40%
40%
38%
Tues.
Fri.
55%
CHICAGO
IN
Wed.
40%
40%
38%
56%
Thurs.
40%
40%
38%
41%
41%
38%
Fri.
40%
41
38%
Season's Low and When Made
When Made
Aug. 19, 1936 December
26%
May 27, 1936
Aug.
3, 1936 May
40%
July 29, 1936
Oct.
5, 1936 July
37%
Oct.
1, 1936
DAILY CLOSING PRICES
OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
October
44%
44%
December
43%
43%
43%
43%
43%
43%
44
44
43%
43%
Rye—On the 17th inst. prices closed 24c. to He. down.
was due largely to an indifferent trade demand
On the 19th inst. prices closed
34c. lower to 34c. higher. Trading in this grain was without
any special feature, prices being influenced more or less by
the decline in the other grains.
On the 20th inst. prices
closed unchanged to 34c. higher.
There was very little of
interest to the trading in this grain, though a steady tone
prevailed throughout the session.
On the 21st inst. prices
closed unchanged to 24c. higher.
Offerings of rye were also
scarce, and buyers had to bid prices up to meet their require¬
ments.
A good steady tone prevailed.
On the 22nd inst. prices closed % to l%c. up.
This firm¬
ness was ascribed largely to the firmness displayed in all
the other grains.
Today prices closed unchanged to 3£c.
The heaviness
both in futures and spots.
down.
1 Trading was relatively quiet and without feature.
DAILY
December
Fri
Fri.
Thurs.
114%
113%
98 %
Mon.
Sat.
114
118%
October
December
CLOSING
PRICES
OF
RYE
Sat.
DAILY
CHICAGO
IN
Wed.
114%
Made
J
Season's Low and When Made
24, 1936[December
85
May 28, 1936
14, 19361May
.105%
Sept. 2, 1936
28, 19361 July
90%
Oct.
2,1936
May
closed 34 to %c. lower.
Trading was quiet and without special feature.
The news
generally was not conducive to bullish sentiment.
A further
decline at Liverpool was reported.
Prospects of rains in
On
117%
110%
May
Wheat—On the 17th inst. prices
a
-
When
Sept.
Oct.
Sept.
Tues.
114%
113%
98 %
115%
Season's High and
FUTURES
Mon.
Sat.
December
24, 1936
May
July
81%
80
73
FUTURES
Mon.
82
80%
72%
Tues.
82
80%
72%
CHICAGO
IN
Wed.
82%
80%
72%
/
Thurs.
83
81%
74
Fri.
82%
81%
74
Volume
Financial
143
Season's High and When Made
December
85%
May
July
84
75%
DAILY CLOSING PRICES OF
December
Mon.
71%
69%
...
June
3,1936
Aug. 11, 1936
Oct.
3,1936
55%
....
75%
71
FIXTURES
RYE
Sat.
October.
When Made
Season's Low and
i
Aug. 19, 19361 December
Aug.
4, 19361 May
Oct. 10. 19361 July
Tues.
68%
The
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
at
granary
seaboard ports
Saturday, Oct. 17,
IN WINNIPEG
Wed.
69%
69%
70%
70
Tues. Wedi Thurs.Fri.
77%
78%
78%
78%
Sal* Mon,
_
,
December
80
May..........................
/July..
79
.....
.....
..........
—...
....
..........
OF BARLEY
....
Closing quotations
Fri.
58%
Sat. Mon. Tues. Wed. Thurs.
61%
59%
58%
58%
59%
59%
58
57%
87%
59%
^
October
December.
IN WINNIPEG
FUTURES
58%
Corn, New York—
No. 2 yellow, all rail.
Baltimore...
New Orleans
Galveston..
Fort Worth
Hutchinson
St. Joseph
Kansas City
Omaha.
Sioux
City
Qjj
Minneapolis
Duluth
Detroit
On
Rye flour patents.
5.20® 5.45
Seiminola,bbl., Nos. 1-310.45®10.60
Oats, good
3.00
_
...
.
.
52,000
79,000
408,000
50,000
115,000
—
-
5,000
568,000
483,000
64,000
24,000
23,000
31,000
—
3,000
1,000
-
627,000
240,000
26,000
2,000
11,000
47,000
113,000
285,000
17,000
121,000
53,000
12,000
13,000
5,000
45,000
86,000
42,000
117,000
320,000
133,000
1,885,000
4,317,000
484,000
1,216,000
1,100,000
12,000
10,076,000
24*666
6*1*666
37,000
110,000
210,000
2,000
2,197,000
2,339,000
414 000
Lfitkcs
MUwaukee"————
Buffalo
FLOUR
Spring oats, high proteln.7.30@7.55
Spring patents
7.0J@7.25
Clears, first spring
6.00@6 .30
Soft winter straights—__ 5.20@6.00
Hard winter straights
5.35@6.55
Hard winter patents
6.50® 6.70
Hard winter clears
5.30@5.50
Barley
Bushels
v.
Chicago
55%
Rye, No. 2, f.o.b. bond N.Y.— 79
Barley, New York—
47% lbs. malting
100
.126%
Chicago, cash
-.112-146
No. 2 white
Rye
Bushels
937,000
1,636,000
2,000
703,000
3,804,000
1,348,000
5,136,000
1,803,000
16,612,000
5,123,000
632,000
4,308,000
1,933,000
13,000
9,840,000
Peoria
Oats, New York—
V;
Oats
Bushels
102,000'ft
Philadelphia
Indianapolis
GRAIN
Wheat, New York—
No. 2 red. c.i.f., domestic—129£6
Manitoba No. 1, f.o.b. N. Y_119%
;';j'
Corn
Bushels
Boston
St. Louis
follows:
were as
.
,
Wheat
Wichita
DAILY CLOSING PRICES
follows:
Bushels
United States—
New York
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
were as
GRAIN STOCKS
Fri.
Thurs.
69%
68%
69%
68h.
70%
2713
Chronicle
582,000
6,013,000
*4,982,000
120,000
x6,859,000
4,68*9*666
7,000 20,031,000
4,000
6,915,000
8,000
9,000
638,000
45,000
Canal
1,727,000
845,000
12,000
234,000
1,674,000
86,000
6,002,000
2,300,000
115,000
1,497,000
_
3.25
Cornflour
Barley goods—
Total Oct.
*
5.00
Coarse
Fancy pearl,Nos.2,4&7 7.60® 7.90
17, 1936... 72,902,000
1936— 74,033,000
1935... 76,408,000
Total Oct. 10,
Total Oct. 19,
x
3,181,000 48,407,000
3,407,000 48,621,000
6,289,000 17,252,000
6,355,000 16,752,000
1,861,000 42,974,000
8,857,000 14,720,000
Duluth—Includes 142,000 bushels feed wheat,
Buffalo—Also has 168,000 bushels Argentine corn afloat.
Note—Bonded
All the statements below
grain not included above: Barley—Buffalo, 276,000: Duluth,
Lakes, 120,000; total, 2,028,000 bushels, against 152,000 bushels in
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
8,032,000; Buffalo afloat, 644,000; Duluth, 5,722,000; Erie, 1,726,000; Albany,
3,079,000; Chicago, 80,000; on Lakes, 647,000; Canal, 1,405,000; total, 23,024,000
bushels, against 27,269,000 bushels in 1935.
of the last three years:
Montreal
1,632,000:
1935.
on
Wheat—New York, 1,400,000 bushels; New York afloat, 289,000; Buffalo,
:i
Ft. William &
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—•
Bushels
Bushels
Bushels
Bushels
129,000
1,184,000
501,000
5,190,000
8,408,000
Pt. Arthur 35,549,000
——
912,000
2,884,000
Other Canadian & other
Flour
Receipts at—
Wheat
bbls.mibsJbush.
Chicago
202,000
183,000,
316,000
119,000
15,000
Toledo
Detroit
Indianapolis..
Louis....
127,000
30,000
Peoria...
Kansas City..
20,000
Omaha......
St.
Joseph...
Wiphita
Barley
Rye
60 lbs. bush. 56 lbs. bush. 32 lbs. bushMlbs bush.48lbs.
236,000
100,000
67,000
46,000
33,000!
176,000
5,000
712,000
224,000
58,000
228,000
9,000
_
Milwaukee...
St.
Oats
1,397,000!
Minneapolis..
Duluth.
Corn
260,000
163,000
2,000
9,000
61,000
28,000
74,000
112,000
64,000
42,000
9,000
134,000
194,000
257,000
233,000
222,000
12.000
24.0001
64,000
20,000
44,000
138,000
99,000
38,000
4,000
171,000
763,000
180,000
906,000
2o",666
103,000
1,000
67*666
18*000
2,494,000
1,105,000
186,000
1,000
10,000
22,000
268,000
Total week '36
5,968,000
12,581,000
5,507,000
394,000
514,000
386,000
Same week *35
2,790,000,
2,440,000.
1,033,000;
3,609.000,
390,000
968,000
Same week *34
17, 1936— 74,391,000
Total Oct. 10, 1936— 74,889,000
Total Oct. 19, 1935—139,182,000
5,327,000'
911,000
429,000
American
72,902,000
74,391,000
Canadian.
Total Oct.
17, 1936... 147,293,000
Total Oct.
10, 1936—148,922,000
1935—215,590,000
Total Oct. 19,
—
shown in the
91,856,000
4,649,000 174,373,000
4,480,000 90,702,000
1935
1934
40,209,000
21,503,000
85,441,000
Corn
Oats
Rye
Barley
bbls. 196 'bs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushMlbs. bush.48lbs.
New
York-
129,000
25,000
15,000
15,000,
.
Baltimore
New Orleans *
328,000
5,000
2,000
4,000
30,000
191,000
4,000
2,000
6,000
*5*5*666
Philadelphia
1,206,000
6,000
39,000
To~666
Galveston
Montreal
Sorel
2,000
170,000
16,000
3,000
124,000
20*606
Fort William.
Black Sea...
Argentina...
Australia
Oth. countr's
■
Total—
At the
49*666
16,000,
Halifax
furnished by
Corn
Since
Since
Week
Since
Since
July 1
Oct. 16
July 1
1936
1935
1936
1936
1935
Bushels
Bushels
Bushels
Bushels
Bushels
July
1
3,590,000 70,893,000
2,024,000 22,880,000
1,588,000 15,719,000
1,526,000 19,518,000
2,320,000
424,000
9,272,000
416,000
July
1
42,823,000
16,642,000
37,398,000
1,000
570,000
6,702,000
7,815,000 116,565,000
1,000
2,561,000
98,252,000
26,311,000,
80,000
9,988,000,
9,568,000 140,602,000 133,242,000
6,680*666 12,675*666
272,000
8,657,000 129,948,000 113,489,00
weather for the week ended Oct. 21 follows:
"eVooo
340,000
corn, as
Weather Report for the Week Ended Oct. 21—The
general summary of the weather bulletin issued by. the
Department of Agriculture, indicating the influence of the
751,000
Boston
3,181,000 54,767,000
7,874,000 24,003,000
3,407,000 55,082,000
8,017,000 21,806,000
1,861,000 49,209,000 12,056,000 18,594,000
Bushels
India
Wheat
Flour
6,289,000 17,252,000
1,585,000
6,751,000
3,181,000 48,407,000
6,360,000
1936
North Amer.
Receipts at—
6,751,000
5,054,000
3,874,000
Wheal
33,326,000 6,333,000 40,742,000
66,988,000 8,180,000 29,335,000
19,993,000 4,413,000 24,732,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oct. 17, 1936, follow:
1,060,000
1,585,000
1,662,000
3,199,000
following:
Oct. 16
4,983,000
272,000
6*360,000
6,461,000
6,235,000
shipment of wheat and
Week
Exports
--
......
2,564,000
Broomhall to the New York Produce Exchange, for the week
ended Oct. 16, and since July 1, 1936, and July 1, 1935, are
Since Aug. 1—
1936-.
...—
Summary—
2,520,000
2,336,000
1,804,000
O
-
Total Oct.
The world's
1,000
50,000
Sioux City...
Buffalo..
30,434,000
39,000
58,000
6,000
16,000
water points
beginning of the week temperatures were subnormal in tne North¬
east, with freezing weather in the interior, but there was a rapid reaction
8,000
weather, and above-normal temperatures persisted throughout
At the close much cooler weather
reported in the northern Great Plains, with temperatures considerably
below freezing i n some sections.
Fair weather was the general rule, although
during Oct. 16-18 a depression moved rapidly northward from the eastern
Gulf of Mexico to the lower St. Lawrence Valley, attended by widespread
precipation, with some heavy rainfall in the more eastern portions of the
country.
Also, at the close of the week light rains were reported from the
to warmer
the week in most sections of the country.
Total week *36
283,000
Week 1935—.'
354,000
2,378.000
Since Jan.1'3611,920,000100,003,000
Since
♦
on
1,984,000
47,200,000
Jan.1*3510,185,000
584,000
144,000
6,683,000,
251,000
13,431,000
188,000
was
5,758,000 4,180,000 3,624,000
272,000
12,383,000
35,000
4,318,0001
280,000
3,180,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
far Northwest.
The
The exports from the several seaboard ports for the week
ended Saturday, Oct. 17, 1936, are shown iD the annexed
weekly
sections.
mean
temperatures were above normal in practically all
In the extreme Northeast, the extreme upper Lake region, and
Pacific
area it was slightly cooler than normal, but
elsewhere the average temperature ranged generally from about 3 degrees
locally in the south
above normal in tne South and East to as much as 10 degrees in the north¬
statement:
Plains.
The freezing line did not extend farther south than
preceding weeks. Subfreezing temperatures were again confined to'the
northeastern States, the upper Lake region, and the Great Plains
southward to central South Dakota.
In the Central Valleys, minimum
western Great
for
Wheal
New
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
York
118,000
Un-ltimnrfi
Npw
Orleans
Montreal
18 degrees at
*49*,000
Total week
Same week
2,124,000
1,835,000
1936..
1935
125,865
122,138
124*666
from the Appalachian Mountains eastward, the heaviest falls, many ranging
124,000
up to around 3 inches, occurring in the south Atlantic area.
Light to
moderate rains fell in the Ohio Valley and Lake regions, but from the
Mississippi Valley westward to the Rocky Mountains the week was rain¬
less, except for light showers in the north.
Some good falls occurred west
of the Plains, especially in southern California, northern Arizona, Utah,
western Wyoming, and southeastern Idaho.
Weather and soil conditions, as affecting current agriculture, have
8,000
16.000
......
William
2*5*5,666
178,000
The destination of these exports for the week and since
July 1, 1936, is
below:
as
Northfield, Vt., on Oct. 14.
Substantial to fairly neavy rains again occurred in practically all sections
55*066
1,206,000
Halifax
temperatures ranged from around 40 degrees to 45 degrees, and in the
Cotton Belt from about 50 degrees in the north to around 65 degrees in the
The lowest temperature reported from a first-order station was
south.
751*000
Sorel
Fort
43,865
2,000
1,000
------
more
changed very little during the past week.
In the more eastern States
additional rains were helpful to fall-seeded grains and, in central and
for pastures and fall crops. The top soil is now generally
in good condition throughout the Atlantic States, except that it is too wet
for digging potatoes in the heavy producing sections of Maine, and additional
copious rains have caused saturated soil and the flooding of lowlands in
parts of the Carolinas.
In the Ohio Valley and Lake region the general outlook at this time is
decidedly favorable.
There have been no widespread, damaging frosts;
temperatures have been relatively high, and the soil has sufficient moisture
for fall-sown grains, while pastures show a decided improvement.
Farm
work made generally good progress in this area, with winter seeding well
southern districts,
Flour
Wheat
Corn
Exports for Week
July 1 to—
Week
Since
Oct. 17
July 1
1936
and Since
1936
1936
Barrels
Bushels
Barrels
Oct.
17
Since
Week
Since
July 1
Oct. 17
July 1
1936
1936
1936
Bushels
Bushels
Bushels
792,673
247,817
228,000
865,000
986,000
27,981,000
17,209,000
So. & Cent. Amer.
31.795
11,500
1,000
143.000
West Indies
21,500
393,000
3,000
11,000
United
Kingdom.
Continent
52,715
Week
Brit. No. Am. Col.
Other countriesTotal 1936
Total 1935
8*355
48,308
269*666
2,124,000
46,122,000
27,129,000
1,835,000
Between the
.
.
.
1,000
45,000
Mississippi River and Rocky Mountains conditions remain
being generally favorable in the southern half and mostly un¬
in the north.
From Missouri, Kansas, and eastern Colorado
southward the recovery from the drought has been decidedly marked,
with late crops doing well, pastures improved, and fall-seeded grains In
splended shape.
In most of the northern half, the drought is very largely
unrelieved.
This includes extreme western Iowa, most of Nebraska, the
variable,
favorable
7*78*666
1,720,798
1,149,732
_
along
1,000
11,000
125,865
122,138
,
Financial
2714
Dakotas, and eastern Montana, where only light showers occurred during
In these States the range is generally poor, and much stock
the week.
feeding required; plowing and other field work largely at a standstill because
of dryness.
From tne Rocky Mountains westward there have been some favorable
.
„
.
changes during the week.
Beneficial precipitation occurred in southern
California northern New Mexico, most of Utah,'much of Colorado, Wyo¬
ming
and southeastern
In the Pacific Northwest, however, in¬
situation is still generally un¬
needed, especially in most of the winter wheat
Idaho.
cluding northern/ California, the drought
relieved, with rain badly
Oct.
Chronicle
ished
low
water supply.
growing crops
progressing.
benefited.
24,
1936
marked improvement and late
Tobacco curing satisfactorily and stripping
Pastures show
•
,
.
Light to.moderate rains in west; heavy in east
Faborable for crop groAvth; late potatoes
continued improvement; growth complete in best fields.
Tomatoes and
late vegetables producing well.
Pastures much better. Fall grains growing
vigorously; seeding pushed and nearly finished in south.
Some rye pasture
available.
Corn well dried; considerable gathering.
Kentucky—Louisville:
where most needed; mostly warm.
sections.
Small Grains—Present
conditions, as affecting winter grains, are de¬
cidedly favorable, except in
and the Pacific Northw st.
localities.
'
Ohio and upper Mississippi valleys corn has
the influence of warm, sunny weather,
and husking is getting well started.
In the eastern Ohio Valley and At¬
lantic area there was some delay by wet weather.
In the upper Mississippi
Valley, especially Iowa, corn is much drier than it was at this time last year.
Cotton—In the Cotton Belt warm and generally fair weather was the
rule, except that widespread, unneeded rain again occurred in eastern
districts; in the central and western portions of the belt very little or no
Corn—In
dried
out
the
western
better recently undor
rain fell.
•
the East, the weather was generally favorable for picking
and ginning; this work is now completed in many places and well along
generally.
In Texas cotton is practically all out, except in the northwest
where considerable remains in the field.
In Oklahoma the harvest is
nearing completion; much is being snapped, with the quality poor.
In
the Mississippi Valley, especially in the central and eastern lowlands of
Arkansas, there is still much cotton in the field, while rain caused some
interruption to picking in Tennessee. In the eastern belt additional moisture
was unfavorable,
causing delay in picking and retarding opening; there
was more or less damage by heavy rain locally to open staple.
The last
few days have been more favorable, but sustained sunshine is badly needed
in the northeastern Cotton Belt.
Except in
*
Miscellaneous—Harvesting late potatoes made generally good progress
Western States, but rainy weather and wet ground
in most Northern and
hampered this work in Utah and New England.
The sugar-beet harvest
made excellent progress in Montana and continues in Idaho and the northern
Mississippi and Ohio valleys, with fair to good yields reported in Wis¬
consin.
The week generally favored minor crops; gardens and truck made
?;ood growth South Carolina. Southeast, is needed wetAlabama, was unavorable in
in most of the More rain although in weather while in
Mississippi progress was mostly poor.
Drying winds did some damage in
northern California, but the week was ideal for harvesting late tree fruits
in Oregon.
Rain is still
^
badly needed in several North-Central States where pastures
is necessary.
and ranges are failing and considerable yard feeding of Jivastock
In some other Central States pastures are green, but growth is
sIoav. Some
Soy-bean haying is about completed in
in the southern part of this State.
Except in the far Northwest, where many rages are very dry, the week
was generally favorable from the Rocky Mountains westAvard, and live¬
stock aro doing well.
The fall roundup is under way in western Coloradoalfalfa is being cut in
Wisconsin.
Illinois; there is still but little pasturage
The Weather Bureau furnished
the following
resume
of
conditions in the different States:
Virginia—Richmond:
Temperatures slightly above normal; rainfall
Excellent for crops and farm work; surface and subsoil
now
ample.
Most winter wheat seeded; some up.
Digging
potatoes, sweet potatoes, and peanuts advancing.
Southeastern spinach
excellent.
Marketing snap beans; crop poor to excellent.
Meadows and
pastures short, but green.
North Carolina—Raleigh;
Weather favored crops and farm work first
part of week, but heavy to excessive rains Thursday night and Friday
caused considerable damage by flooding streams in west and locally in
east; crop loss mainly some bottom-land corn and hay.
Progress of cotton
moderate to heavy.
moisture
fairly good; some damage to staple; picking making slow progress.
truck and pastures good.
South Carolina—Columbia;
Fall
Heavy to excessive rain on Oct. 15-16 fur¬
ther delayed general harvesting; little farm work accomplished.
Continued
wet weather and high streams damaged unhoused crops and delayed grain
sowing.
Fair
and
Cotton opening and picking again retarded with local
rather cool last three days, but extended dry period
boll rot.
urgently
needed for complete harvesting and housing of all crops and to promote
late cotton opening.
Georgia—Atlanta:
areas
in
middle
and
Cotton picking nearly finished, except in limited
north
where
maturing late;
some
damage
likely if
Oats being planted in south.
Preparing ground for wheat
and oats throughout State.
Week generally favorable, with sufficient rain
for pastures and vegetables.
Fair to good progress in threshing peanuts
and curing hay.
Pecan harvest started.
early
frost.
Florida—Jacksonville:
Warm, heavy rains in northeast.
Cotton season
practically over.
Potatoes good.
Sweet potatoes good; being dug. Truck
fair, except local damage by rain.
Egg plants, beans, cucumbers, and
squash being shipped; plantings continue.
Citrus good, except some split¬
ting; shipments continue.
Strawberry plants being set out.
Alabama—Montgomery:- Light rains.
Cotton picking is practically
finished; ginning well advanced.
Rain needed over most of State for
planting grain and legumes, to promote growth of vegetables, and to main¬
tain pastures, but soil condition favorable in middle-eastern area.
Mississippi—Vicksburg: Mostly warm, with little rain.
Cotton pick¬
ing made generally good advance and is approaching completion, except
in delta counties; ginning made good advance.
Account general maturity
of cotton, little damage will now result if frost occurs.
Rather poor to
fair progress in housing corn.
Gardens and pastures mostly poor progress.
Louisiana—New Orleans:
Light scattered rains in east early part of
week; otherwise dry, with abundant sunshine and subnormal tempera¬
tures.
Cotton picking and ginning made excellent advance and com¬
pleted, except in feAV areas.
Good progress in harvesting corn, rice, and
sweet potatoes.
Cane improved by cool weather; cutting and grinding
begun in some areas.
Good progress in planting fall and winter cover and
other
crops.
Texas—Houston:
Generally fair and warmer than normal
over
State.
Practically all cotton picked and ginned, except in northwest where con¬
siderable remains in fields; some plants still groAving elsewhere in north,
with
some
prospects of additional
top crop; average condition continues
Planting winter wheat, oats, barley, and truck
some coming up to nice stands.
Ranges and
good.
Weather favored maturing of citrus.
City: Warm, with no rain.
Very favorable for
poor to only fairly good.
made good advance, and
cattle continue generally
Oklahoma—Oklahoma
growth and farm work.
Cotton picking made good advan«|e and
nearing completion; much being snapped; quality poor.
Rapid progress
in winter wheat sowing; planting completed in most sections with con¬
dition and progress of early sown very good.
Pastures, gardens, and alfalfa
making good growth; some alfalfa ready to cut.
Livestock gbod condigton;
stock water plentiful.
Arkansas—Little Rock:
Cotton picking made excellent progress, due to
warm weather and only light rains; about finished in hills, but much still
in fields in central and eastern lowlands.
Very favorable for harvesting
crop
work nearly completed in hills.
Favorable for harvesting
rice and gathering fall truck and feed crops.
Favorable
and winter truck, and for sowing and growth of
wheat, oats, and grass.
Tennessee—Nashville:
Cotton picking good advance, except only fair
where too wet.
Seeding winter grains, digging potatoes, gathering
corn
and saying lespedeza and other hay made fair progress.
Good rains in
most sections put ground in excellent condition for plowing and replen¬
corn, and this
and threshing
for meadows,
THE DRY GOODS TRADE
the northwestern portion of the wheat belt
In the more eastern States additional rains
he outlook, while in the Ohio and middle Missis¬
sippi valleys and the ower Great Plains conditions are excellent.
"With
a
continuation of favorable warmth and generally ample soil moisture,
wheat is germinating well throughout the area, and the early crop is making
excellent growth.
In Kansas seeding in the northern half and southcentral counties is practically completed and is well along in other sections;
stands are good and fields are affording pasturage in the eastern two-thirds
of the State.
South of Kansas the outlook is generally favorable.
In the Northwest conditions are as unsatisfactory as they are favorable
in other sections.
In southeastern Nebraska wheat is doing well, but in
other portions of that State, in Minnesota, the Dakotas, eastern Montana,
and the Pacific Northwest extremely dry conditions persist and the out¬
look for fall-sown grains is poor.
Showers were helpful locally, but good
general precipitation is needed.
Grain sorghums in Kansas have made a
remarkable comeback; they aro producing grain in some of the favorable
New
improved
have further
pastures,
The
recurrence
1936.
proved
York, Friday Night, Oct. 23,
of unseasonably mild temperatures
handicap to retail trade during the past week, as consumers
again postponed their purchases of needed fall merchandise,
particularly in the apparel lines.
Home furnishings, on
the/ other hand, continued to meet with active demand.
Compared with the same period of last year the sales volume
a
still registered a gain, and other
weather conditions were more
favorable, continued to make excellent showings.
For the
first half of October department store sales in the metro¬
politan area, according to the usual report of the Federal
Reserve Bank, showed an increase of 8.4%.
Stores in
New York and Brooklyn gained 7.3%, but those in northern
New Jersey averaged increases of 14.4%.
The outlook for
the remainder of the month as well as for the holiday period
in
the
metropolitan
area
districts of the country, where
continued
very
cheerful, and retailers were confident that
with the advent of fall temperatures
and
a
resulting increase
purchases of fall goods sales for the month will
largest gain so far this year.
Some anxiety was
shown over the possibility of a shortage in certain classes of
goods, due to the extremely tight delivery situation in the
primary markets.
Trading in the wholesale dry goods markets continued at
an active pace.
Reorders on fall merchandise, despite the
handicap to the flow of such goods in distributive channels
exerted by the mild weather, were placed in substantial
volume, and orders on holiday items showed a large increase.
Wholesalers, on their part, searched the market for nearby
merchandise, and, with the delivery difficulties, notably in
the cotton goods field, growing quite serious, bought freely
in
consumer
show the
whenever
such
merchandise
was
obtainable.
Prices
con¬
tinued very strong.
Business in silk goods turned somewhat
spotty, but prices held steady.
Trading in rayon yarns
maintained its brisk pace.
Orders received by viscose
producers continued to exceed their output by a large mar¬
gin, and, with practically no reserve stocks at hand, sellers
were again obliged to ration their December production to
Jiuyers.
Acetate yarns, following their recent price reduc¬
' tion, met with better demand, and substantial inroads in
reserve stocks were reported.
Domestic
tinued at
an
Cotton
gray cloths con¬
volume of sales re¬
Goods—Trading in
active pace, although the
mained comparatively small,
of spot and nearby goods.
Some
later
due to the very limited supply
Prices continued to advance.
resistance to the higher quotations was met in the
deliveries, but buyers, nevertheless, placed a consid¬
erable number of smaller orders for first quarter shipment,
and reports indicated that a substantial part of the first
quarter production has already been disposed of.
in
the
Activity
fine
goods market continued unabated.
Buyers,
although somewhat reluctant to pay the higher prices,
nevertheless bought freely, as the tight delivery situation
grew more acute.
Mills, on the other hand, saw no reason
for pressing their goods on the market, being convinced that
prices would advance still further.
Some mills again with¬
drew from the market, having taken all the business they
can handle.
Closing prices in print cloths were as follows:
39-inch 80's, 9 to 9^c.; 39-inch 72-76's, 8%c.; 39-inch
68-72's, 7y8 to 8Kc.; 38^-inch 64-60's, 6% to 7c.; SSji-mah
60-48's, 5M to 6c.
Goods—Trading in men's wear fabrics continued
Following price advances of 2lA to 5 cents a yard
by leading mills on staple and fancy suitings, clothing manu¬
facturers covered freely, in fear of further advances before
Woolen
active.
the end of the year.
Several mills
were
reported to operate
double-shift schedule.
Gabardines and tropical
worsteds moved in good volume and the sale of topcoatings
and overcoatings increased considerably.
Reports from re¬
tail clothing centers indicated that sales were running ahead
of last year.
Business in women's wear centered on the new
spring lines and materials for use in the winter resort trade.
Garment manufacturers again reported a good call for fall
again
on
a
merchandise by their retail accounts, although the- flow of
goods in retail channels slackened somewhat, owing to the
mild temperatures prevailing in several parts of the country.
Foreign Dry Goods—Trading in linens continued at a
satisfactory pace.
Following a period of weakness caused by
the recent currency devaluation in various European manu¬
facturing countries, the market regained its steady position
and prices were firm, in sympathy with the advancing trend
in the foreign primary centers.
The call for resort wear and
holiday items continued heavy, as fears were expressed of
impending delivery difficulties in these goods.
Business in
burlaps expanded moderately.
Stimulated by slightly
higher Calcutta cables, bag manufacturers covered more
freely against their requirements, and interest in shipment
goods increased.
Domestically lightweights were quoted
at 3.75c.; heavies at 5.10c.
Volume
143
State and
City Department
MUNICIPAL
Specialists in
Dealer
Illinois & Missouri
Bonds
BONDS
Markets
-,v
WM. J. MERICKA &
CO.
INCORPORATED
Union Trust Bids.
One Wall Street
135 S. La Salle St.
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS &, CO., Inc.
105 W. Adams St.
DIRECT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
RECONSTRUCTION
CORPORATION
FINANCE
Awards of Municipal Bonds—The following is
by the above
Corporation regarding the award on Oct. 15 of the various
issues of municipal bonds offered for sale on that date, the
high bids on which were reported in these columns at that
time—V. 143, p. 2556:
Reports
the
text
on
of
the official statement released
4
Sixty-three issues of bonds offered by Reconstruction Finance Corpo¬
ration at public sale on Oct. 15, 1936 have been awarded to the highest
bidders.
The face amount of the bonds sold was $4,551,800 and the sale
price $4,694,632.74, a net premium of $142,832.74, representing an average
price of 103.14.
The bonds, successful bidders and the prices paid were:
$1,206,500 Board of Education 4% warrants of various counties and cities
in the State of Alabama, Ward, Sterne & Co., Birmingham,
Ala., $987.60 per $1,000.
29,000 The City of Prescott, County of Yavapai, Ariz., 4% sewer and
sewage disposal bonds, Seasongood & Mayer, Cincinnati, Ohio,
$1,020.70 per $1,000.
177,000 Modesto Irrigation District, Stanislaus County, Calif., 4%
electric revenue bonds of 1934, Elworthy & Co., San Francisco,
Calif., $1,065.03 per $1000.
161,000 Stockton Port District, San Joaquin County, Calif., 4% cotton
warehouse addition bonds, warehouse bonds and transit shed
and wharf bonds, Heller, Bruce & Co., San Francisco, Calif.,
$1,103.54 per $1,000.
14,100 Village of Shoshone, Lincoln County, Idaho, 4% street im¬
provement bonds, series of 1935, Dahlstrom-Fenton Co., Inc.,
Boise, Idaho, $980 per $1,000.
69,000 City of Batavia, County of Kane, 111., 4% sewerage revenue
bonds, C. W. McNear & Co., Chicago, 111., $1,043 per $1,000.
18,000 City of Dighton, Lane County, Kan., 4% outfall sewer and
disposal plant bonds, Estes, Payne & Co., Topeka, Kan.,
$1,026.60 per $1,000.
5,000 City of Alma, Mich., 4% sewage disposal system revenue bonds,
Cray, McFawn & Co., Detroit, Mich., $1,052.10 per $1,000.
80,000 City of Monroe, Mich., 4% serial sewage disposal bonds, C. W.
McNear & Co.,Chicago, 111., and Associate. $1,013.30 per $1,000.
7,000 Village of Ellendale, County of Steele, Minn., 4% waterworks
improvement bonds, Allison-Williams Co., Minneapolis, Minn.,
$1,042.80 per $1,000.
5,500 Village of Hoffman, Grant County, Minn., 4% water works
bonds, Allison-Williams Co., Minneapolis, Minn., $1,032.60
per $1,000.
6,000 Village of North St. Paul, County of Ramsey, Minn., 4% water
works improvement bonds, First State Bank of North St. Paul,
North St. Paul, Minn., $1,000 per $1,000.
74,000 Board of Education of the Township of Passaic, N. J., 4%
school district bonds, H. L. Allen & Co., New York, N. Y.
$1,011.90 per $1,000.
85,000 City of Rahway, Union County, N. J., 4% trunk sewer bonds
of 1935, Dougherty, Corkran & Co., Philadelphia, Pa. and
associate, $1,061.45 per $1,000.
17,000 Borough of Roselle Park, County of Union* N. J., 4% trunk
sewer bonds of 1935, Colyer,
Robinson & Co., Inc., Newark,
N. J., $1,011.35 per $1,000.
5,000 The Board of Education of the Town of Westfield, in the County
of Union, N. J., 4% school bonds, Cutwater & Wells, Jersey
City, N. J., $1,160 per $1,000.
92,000 Board of Education of Union Free School District No. 3, Town
of Greeneburgh, N. Y., 4% high school building bonds, 1934,
Schwabacher & Co., New York, N- Y., $1,112.14 per $1,000.
44,000 Town of Hempstead, County of Nassau, N. Y., 4% West Long
Beach Sewer District bonds,
Sherwood & Merrifield, Inc.,
New York, N. Y., and associate, $1,029.20 per $1,000.
49,000 Village of Sloan, Erie County, N. Y., 4% Little Buffalo Creek
improvement bonds, Geo. B. Gibbons & Co., Inc., New York,
N* Y„ & associate, $1,013.80 per $1,000.
79,000 Union Free School District No. 29 of the Town of Wawarsing,
Ulster County, N. Y., 4% school building bonds, Rutter &
Co., New York, N. Y., $1,078.94 per $1,000.
44,000 County of Hoke, N. C., 4% school building bonds, Interstate
Securities Corp., Charlotte, N. C., $1,016.60 per $1,000.
77,000 County of Iredell, N. C., 4% school building bonds, Frank J,
McGuire, Norfolk,, Va., $1,000 per $1,000.
215,000 City of Winston-Salem, N. C., 4% sewer bonds, First of Michi¬
gan Corp., Detroit, Mich., and associate, $1,092 92 per $1,000.
500,000 City of Akron, Summut County, Ohio, 4K% grade elimination
bonds (first series), Seasongood & Mayer, Cincinnati, Ohio and
associates, $1,028.30 per $1,000.
130,000 City of Dover, County of Tuscarawas. Ohio, 4% 1st mtge.
electric plant revenue bonds, Johnson, Kase & Co., Cleveland,
Ohio, $1,060.92 per $1,000.
139,000 Board of County Commissioners of Lawrence County, Ohio,
4% County Hospital bonds, Braun, Bosworth & Co., Toledo,
Ohio, $1,115.87 per $1,000.
31,000 City of Grants Pass, Ore., 4% sewage disposal bonds, Tripp &
$1,077 per $1,000.
12,000 City of Warwick, Rhode Island, 4% serial school bonds, series
•f 1934, C. F. Childs & Co., Boston, Mass., $1,132.15 per
$1,000.
19,500 Fairforest School District No. 2 of Spartanburg County, S. C.,
4% school building bonds, A.. M. Law & Co., Spartanburg, S. C.,
$1,018.10 per $1,000.
35,000 Greenville County, State of South Carolina, 4% highway bonds,
Johnsen, Lane, Space & Co., Inc., Augusta, Ga., $1,025.80
per $1,000.
11,900 City of Alcester, Union County, S. Dak., 4% water works
bonds, State Bank of Alcester, Aleester, S. Dak., $1,017.00 per
_
SI 000.
22,500 City of Chamberlain, Brule County, S. Dak., 4% water filtration
plant bonds, series A and series B, Allison-Williams Co., Minne¬
apolis, Minn., $1,005.90 per $1,000.
13,500 The City of Mobridge, Walworth County, S. Dak., 4% storm
sewer
system, Storm Sewer District No. 1 bonds, AllisonWilliams Co., Minneapolis, Minn., 0,012.80 per $1,000.
109,000 City of Brownsville, Texas, 4% water works and electric light
systems revenue bonds, series 1934, Mahan, Dittmar & Co.,
San Antonio, Texas., $1,003.80 per $1,000.
24,000 City of Cameron, Texas (Milam County), 4% sewer revenue
bonds, series 1934, Donald O'Neill & Co., Dallas, Texas, and
associates, $1,016.70 per $1,000.
32,000 City of Farmersville, Texas, 4% water system revenue bonds,
series 1934, Garrett & Co., Inc., Dallas, Texas, and associate,
$1,002.70 per $1,000.
19,000 City of Goose Creek, Texas, 4% water works and sewer systems
revenue bonds, Mahan, Dittmar & Co.,
San Antonio, Texas,
$1,025.30 per $1,000.
16,000 City of Hearne, Robertson County, Texas, 4% water, electric
and sewer revenue bonds, Bowman, Roche & Co., Austin, Texas.
$1,036.00 per $1,000.
103,000 City of Sweetwater, Texas, 4% water system revenue bonds,
series 1934, the Brown-Cruminer Co., Dallas, Texas, $1,020.37
per $1,000.
400,000 Board of Regents of the University of Texas, 4% library notes,
Dallas Union Trust Co., Dallas, Tex., and associates, $1,057,195
per $1,000.
•
39,000 Town of Middleburg, County of Loudon, Va., 4% water works
bonds, D. T. More & Co., New York, N. Y., $1,108.30 per
$1,000.
302,000 The rector and visitors of the University of Virginia, Charlottes¬
ville, Va., 4% engineering department bonds, Scott, Horner &
Mason, Inc., Lynchburg, Va., and associate, $1,007.92 per
$1,000.
23,000 Town of Morton, County of Lewis, Wash., 4% 1936 water
revenue fund bonds, W. A. Heath, Auburn, Wash., $1,000.10
per $1,000.
Bids Invited
on Municipal Bonds and Railroad Certificates
Corporation has called for bids to be opened
at noon on Nov. 5, in Washington, D. C., for the purchase
of 56 issues of municipal bonds purchased from Public
Works Administration holdings, aggregating $3,186,500, and
also a $4,624,000 issue of 4% equipment trust certificates
of the New York, Chicago and St. Louis Railroad Co.
All
of the issues offered bear a 4% coupon.
The following is a
summary of the official listing of the securities offered:
—The above
$12,000 Birmingham, Ala., drainage bonds, maturing
5,000 Juneau, .Ala.,
1955.
1934 bonds, maturing 1953-54.
436,000 Board of Directors of St. Francis Levee District, West Memphis,
Ark., levee bonds, maturing 1954-61.
89,000 Seal Beach, Orange County, Calif, bonds.
These bonds are in
two issues, one Did to cover both.
One issue of breakwater bonds
of 1935, aggregating $55,000, matures 1937-54.
Another issue
of sewage treatment plant bonds of 1935, aggregating $34,000,
matures
1936-1952.
.
26,000 Techachapi Valley Union High School District of Kern County,
Calif., maturing 1937-1954.
32,000 Tehachapi Elomentary School District, Kern County, Calif.,
maturing 1937-1954.
80,000 Murray, Calloway County, Ky., sewer revenue bonds, maturing
1937-1959.
'
4,000 Madawaska, Me., school system bonds, maturing 1954-1955.
77,000 Charlevoix,
Mich., sewage disposal system revenue bonds,
maturing 1937-1959.
18,500 School district No, 5 fractional, Loroy Township, Oscelola
County, Mich., general obligation bonds, maturing 1937-1963.
281,000 State Board of Examiners of the State of Montana, insane asylum
revenue bonds, maturing 1937-1962.
Redemption: Redeemable,
in the inverse order of maturity, at par plus accrued interest and
plus a premium of % of 1% for each year or fraction of a year
from the date of redemption to the date of maturity, but not
exceeding 5%: "not less than $3,000 of the surplus rents and
income received by the State Board of Examiners of the State of
Montana in each year for and from the operation of said State
insane asylum over and above the payments required to be made
into the insane asylum revenue bond interest and sinking fund
will be used by the State Board of Examiners of the State of
Montana in such year for the purchase or redemption of bonds, as
Provided above."
rittleton, N. 11., general obligation bonds, maturing 1950-1954.
61000 Whitefield town school district, N. H„ School building bonds,
maturing 1953-1954.
6,000 Woodstock, N. H., sewer bonds, maturing 1937-1942.
22,000 Garwood, Union County, N. J., trunk sewer bonds
matwring 1937-1955.
of 1935,
115,000 Board of Education, Borough of Ho-Ho-Kus, Bergen County,
N. J., school bonds of 1935, maturing 1939-1965.
N. J., school bonds, maturing 1937-1963.
184,000 Board of Education, Borough of Mountain
N. J., school bonds, maturing 1937-1963.
Lakes, Morris County,
37,000 Springfield, Union County, N. J., trunk sewer bonds of 1935,
maturing 1937-1955.
52,000 Great Neck, Nassau County, N. Y., sewer bonds.
These bonds
are in two issues
(one bid to cover both issues) one issue of
series A, aggregating $7,000, matures 1950-1953.
Another issue
of series B, aggregating $45,000, matures 1954-1955.
9,000 Central School District No. 2 towns of Guilford and Norwich,
Chenango County, and Butternuts and Unadilla, Otsego Co.,
N. Y., school building bonds, maturing 1962-1964,
106,000 Board of Education of Union Free School District No. 15,
Hempstead, N. Y;, school building bonds, maturing 1955-1960.
139,000 Island Park, Nassau County, N. Y., street improvement bonds,
maturing 1937-1954.
10,000 Central School Distriet No. 1, towns of Keene and Jay, Essex
County, N. Y., school building bonds, maturing 1963-1964.
7,000 Rensselaer, Rensselaer County, N. Y., sewer bonds maturing
1937-1943.
7,000 Yatervliet, N. Y., water supply bonds, maturing 1961-1962.
7,000 West Haverstraw, N. Y., sewer construction bonds, maturing
1961.
126.000 North
N
Carolina, waterworks and sewage improvement
.
,
J
bonds,
maturing 1941-1960.
93,000 Lexington, Davidson County, N. C., bonds.
These bonds are
in two issues (one bid to cover both issues).
One issue of water¬
works bonds, aggregating $72,000, matures 1937-59.
Another
issue of second series waterworks bonds, aggregating $21,000,
matures
1937-1957.
36,000 Pasquotank County, N. C., school bonds, maturing 1937-1954.
31,000 Wilson County, N. C., school building bonds, maturing 1937-60.
74.000 Erie County, Ohio, courthouse improvement bonds, maturing
1937-1961.
Financial
2716
Chronicle
5,000 Board of Education Glendale Village School District, Glendale,
Hamilton County, Ohio, fireproof school building bonds, matur¬
ing 1958-1959.
5.000 Board of Education Hillsboro Exempted Village School District,
Hillsboro, Ohio, fireproof school building bonds, maturing 1957.
74,500 Board of Education Massillon City School District, Stark
County, Ohio, school library bonds, maturing 1937-1956.
6,000 Springfield, Clark County, Ohio, sewer bonds, maturing 1959.
4,500 School District No. 57, Polk County, Ore., school building bonds,
maturing 1937-1945.
8,000 Sylvan Water District, Multnomah County, Ore., waterworks
improvement bonds, maturing 1937-1944.
12,000 Umatilla, Umatilla County, Ore., water bonds, series B, matur¬
ing 1940-1955.
20,000 Pawtucket, R. I., City Hall bonds, 1934 series maturing 1942-52.
155,000 Augusta road water and sewer sub-district, Greenville County,
S. C., water and sewer bonds, maturing 1937-1964.
20,000 Central School District No. 9, Pickens County, S. C., school
building bonds, maturing 1937-1955.
45,000 Davison County, S. D., court house and jail bonds, maturing
Edgemont'
Pennsylvania—Municipal Credit Outlook for 1936 Surveyed
—Pennsylvania municipalities have, on the whole, come
through the economic crisis of the last few years with their
basic financial stability unimpaired, the municipal service
department of Dun & Bradstreet concludes in a survey of
166 local governmental units in that State, which has just
been issued.
Very few defaults, none of which has had any lastingly serious effect on
the municipal credit structure of the State, and few budgets so dangerously
unbalanced as to threaten chronic financial weakness are among the out¬
Fall River County, S. Dak., water bonds of 1935,
maturing 1937-1954.
10,000 Memphis, Snelby County, Tenn., improvement bonds.
These
bonds are in two issues (one bid to cover both issues).
One issue
dated Feb. 1,
1934, aggregating $9,000, matures 1953-1954.
Another issue dated Jan. 1, 1934, aggregating $1,000, matures
.
standing features of the Pennsylvania situation, the survey declares.
The
recent progress of most Pennsylvania municipalities toward normal stabiUty,
is emphasized, has been gratifying, rapid and sound.
Only a small
minority of communities now face the necessity of avoiding new borrowings
until they have further liquidated their present indebtedness.
The favor¬
able record disclosed is attributed, in part, to a background of conservatism
in the incurring of debt which placed most municipalities in a good position
to withstand the inroads of the depression.
The per capita debt of the average Pennsylvania community, the survey
finds, is but three-fourths that of the average for cities of more than 50,000
population in the United States, and less than one-half the average for
cities of more than 10,000 in the neighboring State of New Jersey.
The
figures show 67 Pennsylvania cities having an average per capita direct and
overlapping debt of only $83.02, as compared with an average of $109.33 for
it
1959.
50,000 Anderson County, Texas, road improvement warrants, maturing
1937-1945.
of Regents State Teachers' Colleges, Texas, Austin,
Sul Ross teachers' college dormitory revenue bonds,
maturing 1937-1954.
26,000 Cass County, Texas, court house warrants, maturing 1937-1949.
65.000 Graham Independent School District, Young County, Texas,
schoolhouse bonds, series of 1934, maturing 1937-1964.
17,500
36,000 Board
Texas,
T>ler^Smith County, Texas, public library bonds, maturing
5,000 Lynchburg, Va., water supply conduit bonds, maturing 1960.
16,000 Port Orchard, Kitsap County, Wash., waterworks revenue bonds,
maturing 1937.1952.
11,000 Ridgefield, Clark County, Wash., waterworks revenue bonds,
maturing 1937-1951.
244,000 St. Albans, Kanawha County, W. Va., bridge revenue bonds,
s
maturing 1937-1957.
4,624,000 New York Chicago & St. Louis RR. Co., equipment trust
certificates, maturing $185,000 semi-annually March 1 and
Sept. 1, 1937-1948, incl., $184,000 March 1. 1949.
1936
24,
(2) An extension of three hours in voting time on election
day this year.
(3) An appropriation of $13,861.50 for the
expenses of the session.
The Legislature is reported to have adjourned after having
been in session only three hours and five minutes, the Senate
passing both measures without debate.
1949-1953.
29,000
Oct.
190 United States cities.
Rhode
Island—Proposition Up for Approval at General
following proposition is to be voted upon at
Election— The
the election to be held Nov. 3, 1936.
Mount
:
Shall
Hope Bridge Loan
the
bonds not
general assembly provide for the issuance of
in excess of two million eight hundred thoi'^and
dollars to defer the cost of
acquiring the Mount Hope Bridge
approaches and make the same a part of the state
highway system in accordance with the provisions of the
Mount Hope bridge act of 1936 ?
and its
BONDS =
LORIDA
—all issues-
Bought—Sold—Traded
homas M. Cook &
West
Company
Years Experience
20
SOUTHERN
MUNICIPALS
Palm Beach,
Fla.
Handling
Telephones 8188-8189
Bell
Teletype W.P.B. 82
News Items
tolls and
Bureau
rAlabama—Supreme Court Upholds Franchise Levy—The
State Supreme Court on Oct. 15 upheld the constitutionality
of the Alabama franchise tax, a levy on all corporations doing
business in the State, by refusing a rehearing in the case of
the Southern Natural Gas Corporation, according to a
United Press dispatch from Montgomery on the 16th. The
Supreme Court, by its decision, reversed the Montgomery
Circuit Court in which the
case
was
States—Internal Revenue Department Questions
Exemption of Authority Bonds—An issue of $6,000,000
bonds was floated last December by the Marine Parkway
Authority, a public benefit corporation created by Chapter
162 of the Laws of 1934, of the State of New York, for the
construction of a toll bridge across Rockaway Inlet from the
Borough of Brooklyn, said bonds to be payable from the
United
Tax
tax
a proclamation issued on Oct.
14, for the convening of a
special session of the General Assembly.
The following is
the text of the proclamation issued by the Governor:
"A two-fold emergency confronts the State of Connecticut.
"In the first place, Section 650 of the General
Statutes, Revision
longer conforms with the Federal legislation,
of the
Twentieth
Amendment
to
the
as
a
1930,
result of the ratifi¬
Constitution
of
the
United
States.
"In order that there may be no doubt whatsoever as to the
validity of
the electoral vote of
Connecticut, it seems advisable to amend the statute
which relates to the time for the meeting of Presidential electors.
"In the second place, the Federal Social Security
Act, in providing for
unemployment compensation levies
a
payroll tax against certain employers
unemployment
with the provision that, if a State establishes an approved
compensation plan the employers in that State
may deduct, within certain
limitations the contributions which they are required to pay to the State
unemployment
benefit fund from payroll taxes due the Federal treasury.
Since this deduction can apply to the tax on 1936 payrolls only if State
legislation is enacted before Jan. 1, 1937, this is obviously a matter which
M
deserves careful and immediate attention in the interest of both
and employees.
employers
Illinois—Special Session Meets and Recesses Until Nov.
—With
work laid
17
before
it, the second special session
of the General Assembly, which has met
periodically for
months to consider relief legislation, recessed on Oct. 13 until
Nov. 17, according to a news dispatch from
Springfield on
no
the 13 th.
New
York
City—Board of Estimate Adopts Budget of
$554,998,917—At a special meeting held on Oct. 20 the
Board of Estimate is stated to have
formally adopted the
proposed city budget for 1937 totaling $554,998,917.
This amounted to nearly an increase of
$1,000,000 over Mayor LaGuardia's executive budget previously announced
totaling $554,071 935
budget as now approved is around $3,000,000 more than the budget of
1936. In spite of that, the tax rate is expected to be lower than this
The
year
reason
of increases in assessments
Increases
added
on
Oct.
20
on
to
by
real estate.
the
executive
budget included about
$500,000 for personnel in the tax department; $200,000 as the city's share
for maintenance of charitable institutions for dependents; $150,000
overtime
work
in
the
Sanitation
Department, and
$140,000 for
being abolished
He protested against restoration of these items.
The allowances
for Sheriffs, Registers and Commissioners of Records.
From now on the budget cannot be increased but may
There were public hearings on it Oct. 22 and 23.
New York
an
was
issuance tax and
a
transfer
held recently by D. S. Bliss,
letter to Park Commissioner Robert
Moses, Attorney-General John
one way to settle the question when he said:
(for the Marine Parkway Authority) will proceed to test the
issue of the taxability of these bonds, using Chief Justice Hughes' opinion
(as a lawyer) in the Port Authority bond issue as a base, we will be glad
to join in and lend a hand to reestablish the independence of State and
municipal functions from Federal taxation."
The Internal Revenue Bureau disputes the contention that operation of
the Parkway project, is an essential governmental function.
Deputy Com¬
J.
a
Bennett Jr., suggested
"If Counsel
missioner of Internal Revenue D. S. Bliss has announced that "the Bureau
takes the position that
until such time as a final determination is made by
of a toll bridge is to be regarded as not an essential
governmental function in the affairs of State."
In a letter to Messrs. Hawkins, Delafield & Longfellow, who approved
the Marine Parkway issue, Mr. Bliss said:
"Therefore, the rulings outlined in office letters of April 14 and June 8,
1936, are sustained to the effect that bonds issued by the Marine Parkway
Authority are not obligations of the State of New York, nor of any agency
of the State of New York which is engaged in the performance of an essential
governmental function, and are, therefore, subject to the stamp tax imposed
by Section 271 of the Revenue Act of 1932.
"Concerning your reference to the bridges and tunnels under control of
the New York Port Authority and like authorities in different parts of
the country," Commissioner Bliss said, "you are advised that the final
decision in the case referred to has not been rendered and until the case
has been finally decided, this office holds that the operation of a toll bridge
is not an essential governmental function."
Park Commissioner Moses, commenting on the Internal Revenue Bu¬
reau's stand, remarked that "under this contention of the Washington
people there will be no market for bonds of municipal authorities, at least of
municipal authorities exercising what some minor Federal official may
from time to time arbitrarily designate as proprietary' functions."
'
the courts, the operation
the investment house
Co., Inc., Toledo and New York,
In connection with the above case
of Stranahan, Harris &
has gotten out a booklet
containing the opinion received by
& Hoffman,
York, as to
the power of the United States to levy taxes upon bonds
issued by the States or their agencies, payable solely out of
tolls or revenues produced by bridges, waterworks, or other
revenue producing enterprises.
The booklet, entitled 4'Are
Revenue Bonds Issued by States, Municipalities or agencies
thereof Exempt from Federal Taxation," should prove well
worth reading to dealers and investors in municipal securities.
them upon their request from Thomson, Wood
well known municipal bond attorneys of New
are
OFFERINGS
MUNICIPAL BONDS
be decreased.
State—Legislature Votes Additional Poll Time—
on Oct. 20 signed three bills passed
by the
special session of the Legislature.
They provide:
(1) a
referendum on an eight-hour day for New York City firemen.
WANTED
Arkansas—Illinois—Missouri—Oklahoma
Francis, Bro. & Co.
ESTABLISHED
Governor Lehman
It
Sunday
pay of
certain county officials in New York and Bronx counties which the
Mayor
had eliminated in his budget in anticipation of the jobs
later.
these bonds.
on
Deputy Commissioner of Internal Revenue at Washington,
that the said bonds are subject to such taxation and by so
doing has raised a question which may involve thd securities
of all such authorities, including nearly $200,000,000 of the
Port of New York Authority, although the bonds of in¬
strumentalities created by States had been considered non¬
In
cation
collected therefrom. The Internal Revenue
seeks to collect
taxable.
first tested.
Connecticut—Special Legislative Session Called for Nov. 5
—The date of Nov. 5 was designated by Governor Cross in
no
revenues
now
Investment
ST. LOUIS
1877
Securities
TULSA
Volume
Financial
143
2717
Chronicle
DINUBA, Calif.—BOND ELECTION—The City Council has adopted
Bond Proposals and Negotiations
ALABAMA
ALABAMA,
connection
the
that
approved
State
of— WARRANT
SCHEDULED—In
NOT
SALE
with the report given in these columns recently, to the effect
and members of the State Highway Commission had
plan providing for the issuance of $2,000,000 in State gasoline
Works Administration funds
tax warrants to match a like amount of Public
—V. 143, p. 2557—we are now informed that plans have not as
yet been
perfected for the sale of these warrants.
GADSDEN, Ala.—BOND OFFERING—It is stated by H. C. Thomas,
City Clerk, that he will receive sealed bids until 11 a. m. on Nov. 3, for the
purchase of a $29,000 issue of 5% coupon refunding bonds. Denom. $1,000.
Dated Nov. 1, 1936.
Due on Nov. 1 as follows: $2,000, 1939 to 19ol, and
$3,000 in 1952.
Prin. and int. (M. & N.) payable at some bank in New
York City.
The bonds may not be sold for less than 95 cents on the dollar
and accrued interest.
be secured
Bonds and interest coupons
attached are stated to
The Board of Com¬
opinion of Storey, Thorncheck for $1,000, payable
by the full faith and credit of the city.
missioners will furnish the purchasers with the
dike, Palmer & Dodge, of Boston.
A certified
to the City Clerk, must accompany the bid.
Ala.—BOND OFFERING—Mayor W. R
Dean will
purchase of $11,000 6% sanitary
Denom. $1,000. Dated Nov. 1,1936. Interest payable
May 1 and Nov. 1. Due $1,000 yearly on Nov. 1 from 1939 to 1949, incl.
GOOD WATER,
receive bids until 2 p. m. Oct. 27 for the
sewer
system bonds.
Certified check for $250, required.
GUNTERSVILLE,
Ala.—BOND
issue
SALE—An
$120,000 5%
of
electric distribution system revenue bonds has been purchased by Edward
Jones & Co. of New Orleans, who are now offering the bonds at a price
of 98 for the entire issue
Denom. $1,000.
Dated Aug. 1,1936.
Baterest
payable semi-annually in New York.
Due on Aug. 1 as follows: $3,000,
1939; $4,000, 1940 and 1941; $5,000, 1942, 1943 and 1944; $6,000, 1945,
1946 and 1947; $7,000, 1948 and 1949; $8,000, 1950, 1951 and 1952; $9,000,
1953 and 1954; and $10,000, 1955 and 1956.
MARION,
Council has
CONTRACTED—The
REFUNDING
Ala.—BOND
contracted
with the Alabama Refunding
City
Co. of Birmingham
the refinancing of $74,000 outstanding water works and general obli¬
gation bonds.
Tne operation will reduce the interest charge on the in¬
for
debtedness from 6% to 4%.
(P. O. Wedowee), Ala.—BOND SALE DE¬
house and jail
Nashville, as 3s, at a price
of 100.30, as noted here recently—V. 143, p. 2557—it is stated that the
bonds are dated Oct. 1, 1936, and mature on Oct. 1 as follows: $2,000,
1937 to 1946, and $1,000, 1947 to 1956, giving a basis of about 2.96%.
COUNTY
RANDOLPH
TAILS—In connection
with the sale of the $30,000 court
Securities Corp. of
bonds to the Cumberland
ESCONDIDO UNION HIGH SCHOOL DISTRICT, Calif.—BONDS
a vote of 586 "for" to 156 "against" the residents of the
on
Sept. 30 gave their approval to a proposal to issue $65,000
auditorium and gymnasium construction bonds.
VOTED—By
Governor
a
resolution to call an election Nov. 17, for the purpose of voting on the
question of issuing $107,000 paving refunding bonds.
a
SHEFFIELD, Ala.—BOND SALE—Edward Jones & Co. of New Orleans
offering at a price of 98 an issue of $280,000
5% electric distribution system revenue bonds.
Denom. $1,000. Dated
Aug. 1, 1936.
Interest payable semi-annually in New York.
Due on
Aug. 1 as follows: $8,000, 1939 and 1940; $9,000, 1941 and 1942; $10,000,
1943,1944 and 1945; $11,000,1946, 1947 and 1948; $12,000, 1949 and 1950;
$13,000, 1951, 1952 and 1953; $14,000, 1954, 1955 and 1956; $15,000, 1957
and 1957, and $16,000, 1959, 1960 and 1961.
have purchased and are now
TUSCUMB1A, Ala.—BOND SALE—An issue of $140,000 5% electric
distribution system bonds has been sold to Edward Jones & Co. of New
Orleans, who are now offering the bonds at a price of 98 for the entire issue.
Denom. $1,000.
Dated June 1, 1934.
Interest payable semi-annually in
New York.
Due on June 1 as follows: $3,000, 1939 and 1940; $4,000,
1941 to 1944; $5,000, 1945, 1946 and 1947; $6,000, 1948 to 1952; $7,000,
1955; $8,000, 1956, 1957 and 1958; $9,000, 1959 and 1950, and $10,000,
1961.
district
FRESNO
COUNTY
(P. O. Fresno),
Calif.—NOTE OFFERING—E.
Dusenberry, County Clerk, will receive bids until 10 a. m. Oct. 27 for the
purchase of $600,000 5% notes, payable Dec. 31, 1936. Bidders may name
a lower rate of interest than the specified 5%.
Denom. $1,000.
BONDS VOTED—At an election on Oct. 9 the voters are said to have
approved the issuance of $97,000 in school constructino bonds, to be issued
by the Selina Grammar School District.
*
,
GILROY, Calif.—BOND ELECTION—A proposed $31,000 bond issue
for construction of
will be submitted to the voters at
an armory
an
election
to be held on Oct. 27.
:
;
,
LOS ANGELES, Calif.—BOND SALE—The $2,200,000 water works
bonds offered on Oct. 20—V. 143, p. 2557—were awarded to a syndicate
headed by Lehman Bros, of New York and including Estabrook & Co.,
Phelps, Fenn & Co., Eastman, Dillon & Co., Hemphill, Noyes & Co., ana
E. H. Rollins & Sons, all of New York, Cassatt & Co., Philadelphia, A. C.
Allyn & Co., Chicago, Morse Bros. & Co., New York, the Wells-Dickey
Co., Minneapolis, The Milwaukee Co., Milwaukee, Revel Miller & Co.,
Los Angeles, and Stone & Youngberg, San Francisco.
The bid was par,
plus a prem. of $100, equal to 100.004, on $1,045,000 bonds running from
1937 to 1955 to bear interest at 3 44% and $1,155,000 maturing from 1956
to 1976 at 234%, the net interest cost to the city being 2.923% annually.
The bankers are reoffering the issue to investors, the 344 % bonds to yield
from .50% to 2.85% and the 234s from 2.75% to 3.10%,all according to
maturity.
Dated Noy. 1, 1936.
Due $55,000 annually on Nov. 1 from
1937 to 1976, incl.
OTHER BIDS RECEIVED—Second high bid for the bonds was 100.27 for
3s,
an interest cost basis of 2.98%.
This was submitted by a syndicate
composed of R. H. Moulton & Co.; Security First National Bank of Los
Angeles; Blyth & Co.; First Boston Corp.; Dean, Witter & Co.; Griffith,
Wagenseller & Durst, and Kean, Taylor & Co.
Other bids for the bonds included those of syndicates headed by the
following houses: Edward B. Smith & Co., 100.027 for the first three
maturities as 2s and the remainder as 3s; Brown Harriman & Co., 100.049
for 3s; Chase National Bank, 100.039 for $660,000 3Ms; $440,000 234s
and $1,100,000 3s; Halsey, Stuart & Co., 100.035 for $1,265,000 3s and
$935,000 3.10s, and Lazard, Freres & Co., 100.089 for $990,000 34£s and
the remainder
3s.
as
COUNTY
MENDOCINO
O.
(P.
Ukiah), Calif.—BOND ELECTION
—The
to place on the Nov. 3
County Supervisors have voted
proposal to issue $60,000 jail bonds.
PACHECHO
—BONDS
PASS
DISTRICT
(P.
O.
ballot a
HolIisUr),
Calif
VOTED—The issuance of $180,000 irrigation bonds was approved
by the voters at
election held on Sept. 25.
an
ELEMENTARY
PORTERVILLE
BONDS
WATER
SCHOOL
DISTRICT,
Calif.—
VOTED—On Oct. 6 the residents of the district voted 765 to 115
in favor of the issuance of $84,000 school building bonds.
REDDING, Calif.—BONDS DEFEATED— On Sept. 30 the voters of
that $140,000 bonds be issued for construction
the city rejected a proposal
of a civic auditorium.
REDWOOD CITY, Calif.—SUPREME COURT REFUSES REHEAR¬
ON VOIDED BONDS—The State Supreme Court is said to have
ING
to reconsider its opiori that ruled void a $425,000 issue of 4%
refunding bonds, approved by the voters at an election held on Sept. 24,
1935.
This makes it necessary to again submit the proposal to the voters.
refused
COUNTY (P. O. San Bernardino), Calif.—
by R. G. Mitchell, Superintendent of
Fontana Elementary School District
bonds offered on Oct. 13—V. 143, p. 2404—were awarded to Schwabacher
& Co. of Los Angeles, as 4s, for a premium of $1,915, equal to 106.383, a
basis of about 3.10%.
Denom. $1,000.
Dated Nov. 1, 1936. Due$2,000
from Nov. 1, 1937 to 1951, inclusive.
(This report corrects the sale notice
given here previously—V. 143, p. 2557.)
SAN
BERNARDINO
BOND SALE-*-It is now reported
Schools,
ARKANSAS
State & Municipal Bonds
that the
SELMA
—At
WALTON, SULLIVAN & CO.
LITTLE
ST. LOUIS, MO.
ROCK, ARK.
BENTON, Ark.—BOND ELECTION—An election is said to be scheduled
10 in order to vote
the issuance of $26,000 in water system
on
GRAMMAR SCHOOL DISTRICT, Calif.—BONDS VOTED
on Oct. 9 a proposed bond issue of $97,000 for school
election held
construction was approved by the voters.
STANISLAUS
COUNTY
Modesto), Calif.—BOND SALE—
District bonds offered for sale on
to the county, as 4s at par, accord¬
Dated Oct. 1, 1936. Due $500 from Oct. 1,
(P.
O.
The $5,000 issue of La Grange School
Oct. 13—V. 143, p. 2405—was awarded
ing to the County Clerk.
1938 to 1947, inclusive.
ARKANSAS
for Nov.
an
$30,000 coupon
STANISLAUS COUNTY (P. O. Modesto), Calif.—BOND ELECTION
issue $150,000 courthouse and
—At the Nov. 3 elections a propostion to
hall of records construction and repair bonds
will be voted upon.
improvement bonds.
DISTRICT NO. 4 (P. O. Lonoke),
Ark.—BOND SALE DETAILS—It is now reported by the Attorney for
KEOIENGLAND
DRAINAGE
$23,500 refunding bonds sold to the Reconstruction
Corporation, as noted here recently—V. 143, p. 1910—bear in¬
4% and mature from 1939 to 1969.
*
the District that the
Finance
terest at
MAMMOTH
SPRINGS,
Ark.—PWA
ALLOTMENT APPROVED—It
is stated by S. T. Hays, City Recorder, that funds have been allotted by
the Public Works Administration on a loan of $20,000 and a grant of $16,364,
for
a
water works system.
not been worked out as
He reports that the details on the bonds have
yet.
Calif.—BONDS DEFEATED—'The City of Tulare at a
recent election voted practically two to one in favor of the purchase of the
local power system of the Southern California Edison Co., but a $229,000
bond issue was defeated because the vote in favor was 13 less than the
required two-thirds majority.
TULARE,
Calif.—BOND SALE—The $85,000
High School District bonds offered for sale on
TULARE COUNTY (P. O. Visalia)
issue of Dinuba Joint Union
143, p. 2405—was awarded to Blyth & Co. of San Francisco,
as 334s, paying a premium of $265.00, equal to 100.31, a basis of about
3.22%.
Due from Oct. 1, 1937 to 1961.
Oct. 20—V.
WATSONVILLE
ELEMENTARY SCHOOL DISTRICT, Calif.—
VOTED—At a recent election proposals to issue $100,000 schoo
BONDS
building and $70,000
gymnasium bonds were approved by the voters.
California Municipals
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MON'I ANA
DONNELLAN
& CO.
NEW MEXICO
San Francisco, Calif.
111 Sutter St.
Teletype-S F 396
Telephone Exbrook 7067
—
WYOMING
DONALD F. BROWN & COMPANY
DENVER
Telephone: Keystone 2395
■—
Teletype: Dnvr 51
CALIFORNIA
ALAMEDA COUNTY (P. O. Oakland), Calif.— WARRANT OFFER¬
ING—On Oct. 27 the Board of County Supervisors will offer for sale
$250,000 tax anticipation warrants of the Berkeley Unified School District.
Maturity—It is now stated by the County Clerk that the $220,000 tax
anticipation warrants purchased by the Bankamerica Co. of San Francisco,
at .30%, as noted in these columns recently—V. 143, p. 2404—mature on
Dec. 21, 1936.
ANDERSON
ELECTION—At
SCHOOL DISTRICT, Calif.—BOND
scheduled for Oct. 30 a proposal to issue
ELEMENTARY
an
election
$60,000 school building bonds will be voted upon.
ANTIOCH, Calif.—BOND SALE—The $6,000 water pipe line bonds
on Oct. 13—V. 143, p. 2404—were awarded to Donnellan & Co. of
Francisco at par, plus a premium of $26, equal to 100.433.
Due
$5,000 Jan. 1, 1955; and $1,000 Jan. 1, 1956.
offered
San
BANNING
UNION
HIGH
SCHOOL
DISTRICT,
Calif.—BONDS
VOTED—The residents of the district on Sept. 22 voted favorably on the
question of issuing $110,000 school building bonds.
State
Witter & Co. of San Francisco, at public auction,
for
a
premium of $127,350,
equal to 118.192, a basis of about 2.72%, to optional date.
Dated July 2,
1915.
Due on July 2,1989, subject to redemption by lot after the year 1954.
The second highest bid was an offer of 118.17, submitted by a syndicate
headed by the Bankamerica Co. of San Francisco, and Blyth & Co., Inc.
COLORADO,
State of—BOARD OF EQUALIZATION REJECTS
REDUCTION IN RAILROAD TAXES—The petition of Colo¬
for a $200,000 tax reduction was turned down by the State
Board of Equalization in Denver on Oct. 16, over the protesting vote of
State Treasurer Charles
M. Armstrong, according to Denver advices.
Voting four to one, the Board is said to have eliminated most of a $5,015,210 slash in the railroads' assessed valuation recommended by the
State Tax Commission and restored the value of the roads almost to the
1935 figure.
The tax levy for State purposes was fixed by the Board at
three mills, the same as the 1935 levy, and the State's assessed valuation
was set at $1,103,560,605.
PLEA FOR
rado railroads
LOUISVILLE, Colo.—BONDS SOLD—It is stated by the Town Clerk
$10,000 5% semi-ann. water works bonds were purchased by local
that
of—BOND SALE— The
700,000 issue of 4%
semi-ann. San Francisco harbor improvement bonds offered for sale on
Oct. 22—V. 143, P. 2243—was awarded to a syndicate composed of R. H.
Moulton & Co. of Los Angeles; the First Boston Corporation; and Dean
CALIFORNIA,
COLORADO
COLORADO, State of—BOND CALL—The State Treasurer is said to
be calling for payment at his office on Nov. 9, numbers 44050 to 44075, of
Capitol Building warrants.
investors.
COUNTIES JOINT CONSOLIDATED
CALL—
1, 1951,
and optional on April 1, 1936, are being called for payment on Oct. 20.
They are 6% bonds, numbered 1 to 15, for $1,000 each, Nos. 16 to 23, for
$500 each, and Nos. 24 to 33, for $100 each.
Payable at the Colorado
National Bank in Denver.
Interest shall cease on date called.
SAGUACHE AND ALAMOSA
SCHOOL DISTRICT NO. 23 (P. O. Alamosa), Colo.—BOND
It is stated that school bonds, dated April 1, 1921, due on April
Financial
2718
DENVER, Colo.—BIDS RECEIVED—The following is a complete list
$250,000 public works bonds which
awarded on that date to R. W. Pressprich & Co. of New York:
of the bids received on Oct. 15 for the
were
Rate
Name of Bidder—
Interest
& Co
101.63
Brown, Harriman & Co.; Amos C. Sudler & Co
101.20
Harris Tr. & Savs. Bank; J. K. Mullen Inv. Co
100.917
First Boston Corp.; International Trust Co.; Bosworth,
Chanute, Loughridge & Co
100.650
First National Bank of Chicago
100.645
Lazard Freres & Co.; Gray B. Gray; Garrett-Bromfield
2M %
2M%
2M %
100.629
2M%
100.589
100.566
100.410
100.265
100.190
234%
234%
234%
R. W. Pressprich
& Co
-
—
-
Lehman Bros.; Morse Bros.
& Co
& Co., Inc.; Chas. J. Rice
-
Nat. City Bank ofN.Y.; Sullivan & Co., Denver
First of Mich. Corp.; Illinois Co. of Chicago
Halsey, Stuart <fc Co., Inc
Boettcher & Co.; F. S. Moseley & Co
—.—-
100.150
100.148
100.041
10.30
bids until
a.
m.
on
234%
234%
234%
234%
234%
follows: $1,000 in 1937
111.—DEFEAT MUNICIPAL POWER PLANT PRO¬
POSAL—At a special election held on Oct. 20 the voters overwhelmingly
rejected the proposal for acquisition by the city-owned Water, Light and
Power Department, at a cost of $7,200,000, of the electric light plant and
distribution system of the Central Hlinois Light Co.
Voters balloted 21,519
to 6,776 against the plan.
An offering by the city on Aug. 17 of $8,000,000
3, 334 and 334 % bonds to finance the cost of the acquisition was postponed
to permit the voters to pass on the matter at a regular election.—V. 143,
SPRINGFIELD,
Harvey),
bonds.
URBANA, 111.—BOND SALE—Subject to approval by the voters at a
coming election the City Council has awarded an issue of $170,000 2M%
funding bonds to Ballman & Main of Chicago at par plus a premium of
$1,827.50, equal to 101.75.
,
CENTER SCHOOL TOWNSHIP
Shaw, First Electman,
Oct, 29 for the purchase of
2% of principal amount.
O.
HIGH SCHOOL DISTRICT NO. 205
111.—BOND SALE—The H. C. Speer & Sons Co. of
TOWNSHIP
THORNTON
P.
ghicago purchased an issue of $300,000 school
INDIANA
$250,000 tax anticipation notes.
Dated Nov. 5, 1936.
Due May 15, 1937.
Satisfactory legal opinion will be furnished.
Bids on a discount basis must
be accompanied by a certified check for
PIPER CITY COMMUNITY HIGH SCHOOL DISTRICT NO. 236,
111.—BOND SALE—Ballman & Main. Inc., of Chicago purchased an issue
of $38,000 bonds as 334s. at a price of par. Due as
and 1938 and $2,000 from 1939 to 1956 incl.
234 %
^
CONNECTICUT
DARIEN, Conn.—NOTE OFFERING—Andrew
24, 1936
p. 1119.
100.166
Phelps, Fenn & Co.; Sidlo, Simons, Day & Co
Jas. H. Causey & Co., Inc.; Granbery, Safford & Co
C. D. Barney & Co.jStranahan, Harris & Co
Blyth & Co.; Peters, Writer & Christensen, Inc
will receive sealed
2M%
234%
Oct.
Chronicle
Payable
in New York City.
(P. O. Stringtown), Ind —BOND
bids until 2 p.m.
OFFERING—John Fridy, Township Trustee, will receive
less than par of $16,000 4% school addition
construction
bonds/.
Denom.
$1,000, except one for $2,e00.
Dated
Jan. 1, 1937.
Interest payable annually on Jan. 1.
Due $1,000, yearly
on Jan. 1 from 1938 to 1951; and $2,000, Jan. 1, 1952.
Oct. 23 for the purchase at not
(P. O. Hagerstown), \nd.—WAR¬
Township Trustee, will receive bids
Oct. 23 for the purchase of $850 4% anticipatory tax
warrant.
Dated Oct. 30, 1936.
Principal and interest payable at the
Union Trust Co., Hagerstown.
Due Aug. 1, 1936.
DALTON SCHOOL TOWNSHIP
RANT OFFERING—John H. LaMar,
until 7.30
BONDS
FLORIDA
m.,
P.
HAMMOND, Ind.—BOND OFFERING—G. B. Smith, City Controller,
will receive sealed bids until 11 a. m. (Eastern Standard Time) on Oct. 31
purchase of $92,000 334% Hammond Park District bonds. Dated
Denom. $1,000.
Due $4,000 annually on Jan. 1 from 1939
Principal and interest (J. & J.) payable at the City Con¬
troller's office.
The bonds shall not in any respect be an indebtedness of
the city being an obligation solely of the park district, a special taxing unit.
All of the district's taxable property will be subject to the levy of special
taxes to provide for payment of both principal and interest on the issue.
Proposals must be accompanied by a
certified check for 234% of the
bonds bid for, payable to the order of the City Controller.
for the
Oct. 1; 1936.
1961 incl.
PIERCE-BIESE CORPORATION
to
JACKSONVILLE
Orlando
Tampa
Miami
COUNTY
(P. O. Indianapolis). Ind.—BOND SALE—
welfare bonds, first issue of 1936, offered on Oct. 23
& Share Corp.
1936, and due
as follows:
$8,000 June 30 and Dec. 31 in 1938 and 1939; $8,000 June 30
and $9,000 Dec. 31,1940; $9,000 June 30 and Dec. 31 from 1941 to 1947 incl.
MARION
The $175,000 county
Florida
—V. 143, p. 2406—were awarded to the Indianapolis Bond
of Indianapolis as 2s at a price of 101.03.
Dated Oct. 30,
Municioals
TIPPECANOE,
LEEDY. WHEELER & CO
DflEflTWWairil
Bell
Jacksonville, Fla.
System
OFFERING—N.
Ind.—BOND
Miller.
R.
Village
Clerk, will receive bids until noon Oct. 29 for the purchase at not less than
of $10,000 5% coupon improvement bonds.
Denom. $500.
Dated
Oct. 1, 1936.
Interest payable April 1 and Oct. 1.
Due $500 on April 1
and Oct. 1 in each of the years from 1938 to 1947, incl. Certified check for
par
Teletype
5% of amount of bid, payable to the village, required.
Orlando
10
Jacksonville
96
No
WINDFALL
to
FLORIDA
ALACHUA COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
(P.
O.
Gainesville),
Fla.—BOND
OFFERING—The
tendent of Public Instruction will receive bids until 10
Due
on
Jan. 2
as
4%
County
m.
a.
construction bonds offered
the
10
Superin¬
Nov. 13 for the
Iowa
purchase of $11,000 6% general obligation bonds of the district.
Denom.
$500. Dated Jan. 2. 1930. Principal and semi-annual interest (Jan. 2 and
July 2) payable at the office of the Board of Public Instruction, in Gaines¬
ville.
Ind.—BOND SALE— The issue of $11,000
CITY,
on Oct. 19—V. 143, p. 2244—was awarded
City Securities Corp. of Indianapolis at par plus a premium of
$125, equal to 101.13, a basis of about 3.81%. Dated Oct. 1, 1936 and due
$1,000 annually on Oct. 1 from 1938 to 1948 incl.
sewer
Municipals
Polk-Peterson Corporation
follows: $1,500,1938, to 1942; $2,000 in 1943; and
$1,500 in 1944.
Des Moines Building
CRESCENT CITY, Fla.—BOND OFFERING— It is stated
by~e
Deputy City Clerk that he will receive sealed bids until Dec. 6, for the
purchase of two issues of 6% semi-ann. bonds, aggregating $11,500, divided
as follows:
$8,000 sewer system, and $3,500 fire apparatus bonds.
Dated
Jan. 1, 1937.
Due on Jan. 1, 1951.
DE
that
ance
143,
p.
overseas
highway bonds, upheld by the Circuit Court on Sept. 29, as noted
Revenue from tolls is to
TRENTON, Fla.—BONDS VOTED—-At the election
143,
held
on
Sept. 22—
1911—the voters approved the issuance of $19,500 in 4% water
Due on Sept. 1 as follows: $500,1937
to 1951, and $1,000, 1952 to 1963.
p.
revenue
to
be scheduled for Oct. 26 in order to vote on the issuance of
$10,000 in water
works bonds.
(A loan of $8,000 is reported to have been approved by the
PWA on this project.)
IOWA
DONAHUE,
is stated by A.D.
City Clerk and Treasurer, that the $85,000 of bonds to be
16, as noted here recently—
V. 143, p. 2405—are divided as follows: $47,000 school;
$25,000, water and
sewerage; $10,000 crematory, and $3,000 abattoir bonds.
at the election scheduled for Dec.
INDEPENDENT
SCHOOL
DISTIRCT
Idaho Falls), Idaho—BOND SALE—The $100,000
coupon
refunding bonds offered on Oct. 12—V., 143, p. 2244—were awarded to a
syndicate headed by Murphey, Favre & Co. of Spokane as 234s and 234s.
fi^LPct;,Jj,1936* Due
$16,000 in 1951.
on Oct. 1 as follows:
KOOTENAI COUNTY (P. O. Coeur d'Alene), Idaho—BOND ELEC¬
TION—At the general election In November a proposed $125,000 bond
a
hospital will be submitted to the
voters of the
county.
Denom. $500.
Due yearly on April 1
1941 to 1945, incl..
FORT
DODGE, Iowa—BOND ELECTION CONTEMPLATED—It is
GLENWOOD
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Glen-
BOND OFFERING—It is stated by the Secretary of the
Iowa
opinion
are to
GREENE
be furnished by the purchaser.
COUNTY
(P. O. Jefferson),
Iowa—BOND ELECTION—
At the Nov. 3 election the voters will pass on the
question of issuing $80,000
hospital bonds.
HUMBOLDT
COUNTY
(P.
O.
Dakota City),
Iowa—BOND ELEC¬
TION—At the general election on Nov. 3 the voters will pass on the pro¬
posed issuance of $95,000 in court house bonds, according to report.
JOICE INDEPENDENT SCHOOL DISTRICT (P. O. Joice), Iowa—
BOND OFFERING— Kermit S. Paulson, Secretary of the Board of Directors,
will receive bids until 8 p. m. Oct. 26 for the purchase at not less than par of
$5,500 school building bonds. Interest rate is to be named by the bidders.
Dated Nov. 1, 1936. Interest payable May 1 and Nov. 1. Due $500 yearly
Nov. 1 from 1945 to 1955, incl.
Purchaser is to bear cost of bonds and
legal opinion.
on
ILLINOIS
CHICAGO,
111.—WARRANT SUIT HEARING ON NOV.
,
Michael Feinberg of Cook County Circuit Court has set Nov. 9
as the date
which to begin the hearing on the suit of the Chicago City Bank & Trust
payment on outstanding
COMPROMISE
municipal officials to force
1929 school tax anticipation warrants.
TOWNSHIP
(P. O. Gifford), 111.—BOND SALE—
334% road bonds has been sold to Vieth, Duncan,
Worley & Wood of Davenport.
of $70,000
JOLIET,
bonds sold
111.—BOND
on
Oct.
13—V.
SALE DETAILS—The $90,000 water revenue
143, p. 2558—to Lawrence Stern of Chicago,
bear 4% interest and were purchased by the bankers at par plus a premium
of $7,560, equal to 108.40.
It was at first reported that the H. C. Speer
& Sons Co. of Chicago participated in the purchase of the issue.
DISTRICT (P. O. Leon), Iowa—
school bonds offered for sale on Oct. 20
—V. 143, p. 2558—was awarded to the Carleton D. Beh Co. of Des Moines,
as 2Ms, paying a premium of $130, equal to 100.92, a basis of about 2.62%.
Dated Oct. 1. 1936.
Due $1,000 frpm Oct. 1, 1937 to 1950 incl.
LEON INDEPENDENT SCHOOL
9—Judge
Co. against the City Board of Education and
issue
>
said that the City Council proposes to call an election in the near future to
have the voters pass on the issuance of $231,000 in sewerage system plant
bonds.
$6,000, 1937 to 1950; and
CLARK COUNTY HIGHWAY DISTRICT (P. O. Dubois), Idaho—
BOND SALE—An issue of $90,000 4% general obligation bonds,
maturing
in from two to 10 years, has been sold to Murphey, Favre & Co. of
Spokane.
issue for construction of
Town
Board of District Directors that he will receive bids until 2 p. m. on Oct. 29,
for the purchase of a $65,000 issue of school bonds. The bonds and attorney's
IDAHO
,
Paustian,
DUBUQUE, Iowa—BOND OFFERING—City Treasurer Otto F. Puis
will receive bids until 10 a. m., Oct. 27 for the purchase of $6,500 5%
wood)
P*
E.
p. m.,
the town.
AMERICUS, Ga.—BOND ELECTION DETAILS— It
COUNTY
OFFERING—Walter
Oct. 30 for the purchase of $2,000 5%
Due Nov. 1, 1946.
Printed bonds and
approving opinion of Newport & Steffen of Davenport will be furnished by
from
Gatewood,
BONNEVILLE
Iowa—BOND
Clerk, will receive bids until 8
fire department equipment bonds.
Bluff Street improvement bonds.
GEORGIA
on
31
MOINES, la.—BOND SALE—The $354,000 project improvement
bonds, consisting of $117,000 outfall sewer fund bonds, $97,000 bridge fund
bonds, $71,000 improvement fund bonds, $35,000 grading fund bonds, and
$34,000 main sewer fund bonds, which were offered on Oct. 22—V. 143,
p.
558—were awarded to Shaw, McDermott & Sparks and the Carleton D.
Beh Co., both of Des Moines, as 2Ms, at par, plus a premium of $280,
equal to 100.079, a basis of about 2.24%.
The Polk-Peterson Corp. of
Des Moines, second high bidders, offered a premium of $265 for 2 Ms.
Dated Nov. 1, 1936.
Due on May 1 as follows: $27,000, 1938; $57,000,
1939; $65,000. 1940 to 1942; $45,000, 1943; and $30,000 in 1944.
bonds by a count of 27 to 12.
VALPARAISO, Fla.—BOND ELECTION—A special election is said
voted
Sioux Falls, S. D.
Teletype: DE8M
T.
DES
2405.
in these columns at that time—V. 143, p. 2244.
be used for the payment of these bonds.
An
&
LAND, Fla .—BOND ELECTION—It is stated by the City Auditor
MONROE
COUNTY-OVERSEAS
ROAD
AND
TOLL
BRIDGE
COMMISSION (P. O. Key West), Fla .—COURT ROLES BONDS VALID
on
T.
special election will be held on Nov. 17 in order to vote on the issu¬
of $398,000 in 4% electric light plant revenue bonds,
confirming the
—The State Supreme Court is said to have declared valid the $3,600,000
V.
A.
Sioux City
Davenport
Iowa City
Cedar Rapids
a
report given in these columns recently—V.
MOINES
DES
Ottumwa
Waterloo
BOND SALE—The $14,000 issue of
LINN COUNTY (P. O. Cedar Rapid*). Iowa—MATURITY—It is
by the County Treasurer that the $25,000 secondary road fund
anticipation certificates purchased by the Merchants National Bank of
Cedar Rapids, at 2%, as noted here recently—V. 143, p. 2558—are due
on Dec. 1, 1937.
The second highest bid was an offer of $60 premium on 2Ms. tendered
by Jackley & Co. of Des Moines.
stated
LOUISA
(P. O. Wapello), Iowa—BOND SALE—An issue
jail building bonds recently approved by the voters has
COUNTY
of $13,750 2M%
Financial
143
Volume
Louisa County National Bank, the Columbus Junction
the State Bank of Wapello, and the Morning Sun State Bank,
been sold to the
State Bank,
all local institutions.
2719
Chronicle
WILLIAMSTOWN, Ky.—BOND
in November the city will vote on a
ELECTION—At the general election
proposal to issue $72,000 electric light
plant bonds.
Oskaloosa), Iowa—BOND OFFERING—
will receive bids until 1:30 p. m. Oct. 27
refunding bonds. Dated Nov. 1, 1936. Due on
1944 and 1945; $4,000, 1946. Legal opimon will
MAHASKA COUNTY (P. O.
Fred Williams, County Treasurer,
for the purchase of $10,000
Nov. 1 as follows: $3,000,
SCHOOL DISTRICT,
Iowa—
BOND SALE—The $8,000 coupon auditorium-gymnasium bonds offered
on Oct.
19—V. 143, p. 2406—were awarded to the Melbourne Savings
Bank, Melbourne, as 2&s, at par, plus a premium of $31, equal to 100.3875,
a basis of about 2.18%.
The Carleton D. Beh Co. of Des Moines offered a
premium of $30 for 2^s.
Dated Nov. 1, 1936.
Due $1,000 yearly on
CONSOLIDATED
MELBOURNE
Scharff LJones
INCORPORATED
(P. O. Newton)
Secretary of the
Board of Directors, that she will offer for sale at 4:30 p. m. on Oct. 26, a
$12,000 issue of refunding bonds.
Dated Nov. 1, 1936. Bonds and legal
approving opinion will be furnished by the district.
INDEPENDENT
TELEPHONE RAYMOND
A. T. T. TEL. N. O. 180
incl.
1 from 1938 to 1945,
NEWTON
on
LOUISIANA MUNICIPALS
be furnished by the county.
Nov.
Immediate Firm Bide
>
1189
New Orleans
SCHOOL DISTRICT
Iowa—BOND OFFERING—It is stated by Lela Bishop,
ROCK
RAPIDS,
Iowa—BOND OFFERING—Rena A. Lelchliter,
City Clerk, will receive bids until 3 p. m., Oct. 27 for the purchase of
$100,000 municipal electric light and power system bonds. Dated Nov. 1,
1936. Due on Nov. 1 as folllows: $5,000,1938 to 1946; $6,000,1947 to 1951;
and $5,000, 1952 to 1956; redeemable on and after Nov. 1, 1946.
Certified
check for $2,500, required. Legal opinion will be furnished by the city.
SIOUX
Iowa—BONDS DEFEATED—It is stated
CITY,
by C. A.
held on Oct. 13—V. 143, p.
majority to the proposal
Carlson, City Treasurer, that at the election
2089—the voters failed to give the required 60%
to issue $1,250,000 in civic center bonds.
WAPELLO COUNTY (P. O.
ELECTION—The
Ottumwa), Iowa—DETAILS ON BOND
Treasurer confirms the report given
County
in these
bonds
LOUISIANA
PARISH
CADDO
Shreveport),
O.
(P.
of $1,485, equal to
104.50.
CAMERON PARISH (P. O. Cameron)
In connection with the sale of the $66,000
1932—$67,4.8
NATCHITOCHES SCHOOL
BOND
DISTRICT (P. O. Natchitoches), La.
have been called for Nov. 16
ELECTION—An election is said to
proposed issuance of $350,000
in order to vote on the
that the county has
La .—PRICE PAID—We are now
WARREN
COUNTY
(P.
—At the Nov. 3 election
will be submitted to
a
a
O.
Indianola),
will be
KANSAS
Topeka.
(P. O. Oskaloosa), Kan.—BOND SALE—
public works relief bonds offered on Oct. 23—V. 143,
COUNTY
2559—were awarded to the Lathrop-Hawk-Herrick Co. of Wichita at
101.063, a basis of about 2.06%.
The Columbian Title & Trust Co.,
Topeka, bid 101.
Dated Oct. 1, 1936.
Due on Jan. 1 as follows:
$500,
1938 to 1941. and $1,000, 1942 to 1947.
p.
.
LANE COUNTY (P. O.
TBi*
»
Dighton), Kan.—BOND SALE—L. C. Atkins
offering to investors an issue
bonds.
Dated Oct. 1, 1936.
Due on Oct. 1
& Co., Topeka, have purchased and are now
of $42,000 2}^% refunding
from 1939 to 1944.
P
LEAVENWORTH, Kan.—BOND SALE—It is stated by E. A. Schaaf,
City Clerk, that the Dunne-Israel Investment Co. of Wichita, has pur¬
chased at par the following 2% semi-annual bonds aggregating $30,000:
$2,500 relief bonds.
Dated Oct^JL , 1936.
Denom. $250.
25,000 fire department apparatus bonds.
Denom.
$5007" Dated~Oct. 15"!
1936.
Dated Nov. 2, 1936.
2,500 relief bonds.
Due in from
one
to
ten
sale notice given in these
Denom. $250.
years after "date.
(This report-supersedes*the
columns recently—V. 143, p. 2406.)
,
McPHERSON, Kan.—BONDS AUTHORIZED—An ordinance has been
which provides authority for the issuance of $95,000 refunding
bonds.
J|
passed
electric plant revenue
MANKATO
recent
SCHOOL
DISTRICT,
election the voters gave their
Kan.—BONDS VOTED—At a
approval to the proposed issuance of
.{
$61,700 high school building bonds.
recently
MOLINE, Kan.—BONDS AUTHORIZED—The City Council
passed an ordinance authorizing the issuance of $42,500 sanitary
sewer
construction bonds.
Kan.—BONDS AUTHORIZED—The city authorities
ordinance authorizing the issuance of $50,000 waterworks
PITTSBURG,
have passed an
revenue
bonds.
RUSSELL COUNTY SCHOOL DISTRICT NO. 5 (P. O. Russell),
Kan.—BOND SALE—The $138,203 2H% coupon school building bonds
on Oct.
21—V. 143, p. 2559—were awarded to the State School
Fund Commission of Kansas, the only bidder, at par.
Dated Oct. 1, 1936.
Due as follows:
$5,203 Feb. 1,1938; $5,000 Aug. 1, 1938; $6,000 on Feb. 1
offered
and Aug. 1 from 1939 to
1946 to 1949, inclusive.
1945; $6,000
on
Feb. 1 and $5,000 on Aug. 1 from
13 by L. E. French & Co. of
Kan a.—BOND SALE— The
$19,193.70
issue of special
bonds offered for sale on Oct. 20—V. 143, p. 2407—was
awarded to the Small-Milburn Co. of Wichita, paying a premium of $4.20,
improvement
equal to 100.02, a net interest cost of about 1.84%, on the bonds divided
follows: $11,193.70 as 2s, maturing on Nov. 1; $1,193.70 in 1937, and
$2,000, 1938 to 1942; the remaining $8,000 as 1Kb, maturing $2,000 from
Nov. 1, 1943 to 1946 incl.
SCHOOL DISTRICT (P. O. Alexandria), La.
bids will be received until 1:30 p. m. on
RAPIDES PARISH
Parish School Board,
refunding bonds.
6%, payable M. & N.
Rate to be stated in a
multiple of
of 1%, and must be the same for all of the bonds. Denom$1,000.
Dated May 1, 1936.
Due on May 1 as follows: $29,000, 1937;
$31,000, 1938; $33,000, 1939; $35,000, 1940; $37,000, 1941, and $39,000 in
1942.
Prin. and int. payable in lawful money at the office of the Treasurer
of the Parish School Board, at such place agreed upon with the purchaser.
The opinion of Le Doux R. Provosty, of Alexandria, will be furnished.
The
bonds are being issued to provide funds for the retirement of certificates of
indebtedness issued as of May 1
1936.
No accrued interest should be
calculated to Nov. 1, 1936, and the coupons of that date will be clipped
before delivery of the bonds.
A certified check for $4,100, payable to the
school board, must accompany the bid.
Interest rate is not to exceed
MAINE
AUBURN, Me.—BOND OFFERING—F. W. Ford Jr., City Manager,
will receive bids unti 7p.m. Oct. 26 for the purchase at not less than par
of $14,000 coupon South Bridge bonds.
Bidders are to name rate of inter¬
est, in a multiple of ^ %.
Denom. $1,000. Dated Nov. 1, 1936. Principal
ana semi-annual interestjpayable at the Merchants National Bank of Boston,
in Boston.
Due $2,000 yearly on Nov. 1 from 1937 to 1943, incl.
These bonds will be prepared under the supervision of and certified as
to their genuineness by The Merchants National Bank of Boston, and their
legality approved by Ropes, Gray, Boyden & Perkins, of Boston, whose
opinion will be furnished the purchaser.
Delivery will be made at The
Merchants National Bank of Boston for Boston funds.
Legal papers incident to the issue will be filed with The Merchants
National Bank of Boston, where they may be inspected.
Financial Statement
n
Uncollected Oct. 6, 1936
Tax Levy
1933— 651,581.40
—
-
1934— 666,305.28
None
-730.72
-
4.935— 654,038.56
9,246.59
-
1936— 654,897.94 (Due on Nov. 1, 1936).
Tax Titles Oct. 6, 1936, $49,542.45.
1935 Assessed Valuation, $17,688,889.
Tax Rate, 1936, $37.50.
Population, 18,571.
Bonds Outstanding As Of Oct. 6,
1936
$23,400
Consolidated bonds
Denison & Crystal Spring bonds
Fire equipment bonds
Highway and bridge bonds
Machinery and equipment notes
New Auburn Park bonds
Public improvement bonds
School bonds and notes
State Aid construction notes
17,000
l^.ooo
£9,000
^b.UOO
^b.ooo
.£0,000
496,000
—
l£ ,ooo
14,000
This issue
Total
SEDGWICK COUNTY
(P. O. Wichita), Kan.—BOND SALE—A
$40,000 issue of 2% semi-ann. public work relief bonds is reported to have
been purchased on Oct. 15 by Estes, Payne & Co. of Topeka, at a price of
101.39.
Dated Sept. 15, 1936.
Due serially in from one to 10 years.
Legality approved by Bowersock, Fizzell & Rhodes, of Kansas City.
WINFIELD,
of
the $22,000 coupon paving bonds purchased on Oct.
Alexandria, as 4^s, as reported in these col¬
umns—V. 143, p. 2559—were sold for a premium of $25.00, equal to 100.113.
Due serially on April 1 from 1937 to 1956 incl.
the Police Jury, that
Iowa—BOND ELECTION
DIGHTON, Kan.—BOND SALE—An issue of $30,000 3% light plant
repair and improvement bonds has been sold to L. C. Atkins & Co. of
1
in school bonds.
(P. O. Alexandria)
informed by the Secretary-Treasurer
Nov. 12, by H. M. Wells, Secretary-Treasurer of the
for the purchase of a $204,000 issue of coupon debt
proposition to issue $47,460 fair ground site purchase bonds
placed on the ballot at the Nov. 3 election.
JEFFERSON
ROAD DISTRICT NO. 36
PARISH
—BOND OFFERING—Sealed
—A
The $8,000 2%%
RAPIDES
Iowa—BOND ELECTION
bonds
proposition to issue $80,000 courthouse
vote.
WEBSTER COUNTY (P. O. Fort Dodge),
La .—BOND SALE DETAILS—
court house and jail bonds to a
syndicate headed by Lachlan M. "Vass & Co. of New Orleans, reported in
these columns recently—V. 143, p. 2559—it is stated that the bonds were
sold for a premium of $138.00, equal to 100.20, divided as follows: $21,000
as
3s, maturing Nov. 1, 1937 to 1942, the remaining $45,000 as 3J£s,
maturing from Nov. 1, 1943 to 1951.
columns recently, to the effect that a $60,000 issue of county home
will be submitted to the voters at the November election, and he
states
$50,000 on hand toward the cost of the building and
expects a Public Works Administration grant on the project.
He says that
if the county does not receive the PWA funds the County Supervisors
want the consent of the voters on the question, so they can issue the bonds
in question if necessary.
La.—BONDS SOLD—A
$33,000 issue of 4% semi-ann. excess revenue highway bonds is reported to
have been purchased by Scharff & Jones, of New Orleans, paying a premium
$710,400
—
-
of Auburn
of 100.935.
PORTLAND, Me.—BOND SALE—The $50,000 coupon refunding bonds
offered on Oct. 21—V. 143, p. 2559—were awarded to Barr Bros. & Co of
New York on a bid of 101.796 for 2s, a basis of about 1.91%. E. H. Rollins
& Sons of Boston bid 100.83 for 2s. Dated Nov. 1,1936. Due Nov. 1,1946.
LEWISTOWN, Me.—BOND SALE—Philip H. Morton Co.
purchased an issue of $26,000 2% bridge bonds at a price
has
MASSACHUSETTS
as
KENTUCKY
COUNTY
(P.
O. Owingsville)
Ky.—ADDITIONAL IN¬
FORMATION—In connection with the sale of the $110,000 4% semi-ann.
BATH
school building bonds to a
syndicate headed by the Bankers Bond Co. of
2559—it is stated
very incomplete
grant, which has
sale is completed
Louisville, as noted in these columns recently—V. 143, p.
by the Superintendent of Schools that the sale is in a
state, due to the fact that it is contingent upon a Federal
not been received as yet.
He states that in the event the
AMESBURY, Mass.—NOTE SALE— Jackson & Curtis of Boston ob¬
tained award of a new issue of $100,000 revenue notes at 0.545% discount.
Due Oct. 26, 1937.
Mass.—BOND SALE— The $90,000 coupon municipal
Oct. 22—V. 143, p. 2560—were awarded to Newton,
1 %s, at a price of 100.83, a basis of about 1.61%.
Dated Nov. 1, 1936 and due Nov. 1 as follows: $10,000 from 1937 to 1941
incl. and $9,000 from 1942 to 1946 incl.
Other bids were as follows:
CHICOPEE,
relief bonds offered on
Abbe & Co. of Boston as
Int. Rate
Bidder
First National
Co
EASTHAMPTON,
the bonds will be sold at par.
-
Rate Bid
inn'toa
l%%
Bank of Boston
Tyler, Buttrick &
100.599
13A%
Mass .—NOTE SALE— The issue of $75,000 notes
awarded to the Merchants National Bank of Boston
Due April 15, 1937.
Other bids were as follows:
offered on Oct. 20 was
CARLISLE, Ky.—BOND OFFERING—It is reported that sealed bids
be received until Oct. 31. by the City Clerk, for the purchase of a
will
$15,000 issue of water works bonds.
Ky .—BOND ELECTION—
A bond issue of $55,000 for construction of a courthouse will be submitted
to the voters for approval at the Nov. 3 election.
GRANT COUNTY (P. O. Williamstown),
GRAYSON,
Ky.—BONDS OFFERED TO INVESTORS—'The $44,000
coupon water revenue bonds
Bond Co. of Louisville are now being
4H%
purchased recently by the Bankers
offered to investors at prices to yield
4.50%, according to maturity.
Denom. $1,000.
Dated
Oct. 1, 1936.
Prin. and semi-annual interest A. & O. 1 payable at the
Commercial Bank, Grayson.
Due on Oct. 1 as follows:
$1,000, 1938 to
from 3.70%
to
1943; $2,000, 1944 to 1959; and $3,000,
1960 and 1961.
Ky.—BOND SALE—A $19,971.50 issue of 4% semi¬
annual street improvement, series M bonds was offered for sale on Oct. 20
and was purchased at par by the Public Works Administration.
Due on
Sept. 14 as follows: $2,200 from 1937 to 1944, and $2,271.50 in 1945.
Bonds may be called in whole or in part on any interest payment date on
or after Sept. 14,
1940.
LOUISVILLE,
at
0 24% discount.
Discount
Bidder—
Whiting, Weeks
Second National
& Knowles
Bank of Boston
0.26%
-
oao/°
-d4%
of ^
n'iZTcr
-
Co
National Bank of Boston
Faxon, Gade &
First
X
Leavitt & Co
Jackson &
Curtis
Corp..
First Boston
-
A60/o
-
PLYMOUTH COUNTY (P. O. Plymouth), Mass .—NOTE SALE—
An issue of $20,000 tuberculosis hospital notes was awarded on Oct. 20 to
the National Bank of Wareham at 0.21% discount. Due March 24,1937.
DEDHAM, Mass.—NOTE
SALE—'The $100,000 notes,
payable May 21,
National
$6. The
Oct. 21, were awarded to the Second
.205% discount basis, plus a premium of
Norfolk County Trust Co. of Dedham bid .197% discount.
1937
which were offered on
Bank of Boston on a
SALE—The $300,000 coupon, registerable as to
municipal relief bonds of 1936, which were offered.
LYNN, Mass.—BOND
principal and interest,
2720
Financial Chronicle
Oct. 21—V. 143, p. 2560—wore awarded to Tyler, Buttrick & Co. of
Boston on a bid of 100.079 for 1st, a basis of about .98%. The First
National
Bank of Boston bid. 100 for Is. Dated Oct. 1, 1936. Due
$60,000 on Oct. 1
from 1937 to 1941.
on
TEMPLETON,
Mass.—NOTE SALE—The Merchants National Bank
0.53% discount.
Bidder—
Discount
0.58%
0.609%
0.64%
——
Jackson & Curtis
We
RAMSEY COUNTY (P. O. St. Paul), Minn.—BOND SALE—The
$200,000 public welfare, series H, bonds, which were offered on Oct. 19—
V. 143, p. 2246—were awarded to the Harris Trust &
Savings Bank of
Chicago, and Bigelow, Webb & Co. of Minneapolis on a bid of 100.918 for
2s, a basis of about 1.82%. Brown Harriman & Co. of
Chicago, and Kalman
& Co. of St. Paul were second
high, bidding 100.44 for 2s. Dated Nov. 1,
1936.
Due on Nov. 1 as follows:
$18,000, 1937; $19,000, 1938, 1939 and
1940; $20,000, 1941 and 1942; $21,000. 1943, 1944 and 1945, and
$22,000
Buy for Our Own Account
MICHIGAN
MUNICIPALS
Cray, McFawn fit Company
in 1946.
The following bids were also received for the above bonds:
Names of Other Bidders—
Int. Rate
Lazard Freres & Co., Inc., and Allison Williams Co
DETROIT
Telephone CHerry 6828
1936
Minn.—WslRRANT OFFERING—Sealed bids will be
received until 8 p. m. on Nov. 2, by R. G. Price,
City Clerk, for the pur¬
chase of a $35,000 issue of 3M % semi-ann. improvement warrants.
Denom.
$500.
Dated Nov. 1, 1936.
Due on Nov. 1 as follows:
$2,000, 1938;
$3,000, 1939; $2,500, 1940; $3,000, 1941; $2,500, 1942; $3,000, 1943;
$2,500, 1944; $3,000, 194 5; $2,500, 1946; $3,000,
1947; $2,500, 1948;
$3,000, 1949; $1,500, 1950, and $1,000 in 1951.
Prin. and int. payable at
the City Treasurer's office or at the First National Bank in
Moorhead.
A certified check for $500, payable to the
city, must accompany the bid.
BOND OFFERING—It is stated that the above
City Clerk will also
receive sealed bids and auctioh bids on Oct.
29, for the purchase of a
$37,000 issue of 3M % semi-ann. paving bonds.
of Boston obtained the award of an issue of $25,000 notes at
Due Oct. 28, 1937.
Other bids were as follows:
Second National Bank of Boston—
First Boston Corp
Oct. 24,
MOORHEAD,
A. T. T. Tel. DET347
-
Blyth & Co., Inc
First Boston Corp.; Justus F. Lowe & Co., and Harold E.
Wood & Co
MICHIGAN
—
Phelps, Fenn & Co—
F. S. Moseley & Co
Halsey, Stuart & Co., Inc; Bancamerica-Blair Corp., and
-—
ALGONAC, Mich.—BOND SALE—The $33,000 coupon water works
improvement and filtration plant bonds offered on Oct. 19—V.
143, p.
2560—were awarded as 3s to Crouse & Co. of Detroit, who are
paying par,
plus a premium of $45.77, equal to 100.138.
Stranahan, Harris & Co. of
Toledo offered a premium of $28.50 for 3s.
Dated Nov. 1, 1935.
Due
Premium
2%
A. G. Becker & Co
.
—
E. C. Williams Co
$766.00
2%
2%
540.00
2%
2%
2%
480.00
260.00
195.00
534.00
2M %
1,700.00
from 1938 to 1955.
Offerings
BENTON HARBOR. Mich.—BOND SALE—*The
$30,000 general obliga¬
tion bonds offered on Oct. 19—V.
143, p. 2560—were awarded to E. W.
Cress & Co. of Benton Harbor as 2s, at a premium of
$242, equal to
Stranahan, Harris & Co, of Toledo offered
Dec. 1, 1936.
BRECKENRIDGE, Mich.—BOND
works
bonds
offered
Oct.
on
15—V.
McDonald, Moore & Hayes of Detroit
LOUISIANA
MISSISSIPPI
MUNICIPALS
100.806.
a
$38 premium for 2J£s.
Dated
Bond
SALE—The $31,000 3M% water
143, p. 2408—were awarded to
at par plus a premium of
WHITNEY
$251.10,
equal to 100.81, a basis of about 3.42%.
Dated Aug. 1, 1936, and due
Aug. 1 as follows: $1,000, 1938 to 1943, incl.; $1,500 from 1944 to 1949,
incl., and $2,000 from 1950 to 1957, incl.
that it
cost $3,000,000 covered
by a bond issue, to develop the
He also figured that the plant would
operate at a loss the first
years and held that future deficits would
depend on the type of
comx^etition that developed.
HAMTRAMCK, Mich.—BONDS NOT SOLD—The city rejected the
bids submitted for the issue of
$85,000 not to exceed 4% interest public
city hospital bonds offered on Oct. 13—V. 143, p. 2408.
Due as near as
possible in equal installments in from 1 to 30
years.
HARBOR BEACH, Mich.—BOND SALE—The
Huron County Bank of
Harbor Beach has purchased an issue of
$25,000 3% water works bonds.
Dated Oct. 1, 1936.
Denom. $1,000.
Due as follows: $2,000 in 1938 and
1939 and $3,000 from 1940 to 1946 incl.
Principal and interest (A. & O.)
payable at the Harbor Beach bank.
Legality approved by L. D. Thomp¬
son, City Solicitor.
HIGHLAND PARK SCHOOL
DISTRICT, Mich.—BOND TENDERS
WANTED—George Doll Jr., Secretary of the Board of
Education, will
receive until 8 p. m. (Eastern Standard
Time) on Nov. 10 sealed tenders
for the sale to the district of
up to $80,000 of its presently
outstanding.
Tenders must fully describe
bonds
offered, including serial numbers;
state price and accrued interest to
date of delivery for which
they will be
sold; also dollar value and yield.
Each offer must be accompanied
by a
certified check for 2% of the bonds
tendered, payable to the order of the
District Treasurer.
Bonds purchased must be delivered to
the Treatsurer
at the Manufacturers National
Bank of Detroit, within 10
days after
tender has been accepted.
called for redemption,
indicated, at a price of par, the following described bonds:
on Dec.
15, 1936:
Special assessment refunding bonds of 1932,
Nos. 1 to 49, incl.
Special assessment refunding bonds of
1933,,,
Nos. 1 to 51, incl.
Special assessment refunding bodns of
1934,'
1 to Nos. 78, incl.
Special assessment refunding bonds of
1934,
Nos. 1 to 45, incl. Special assessment
refunding bonds of 1934,
Nos. 1 to 58,
the dates
Called
series
series
E,
K,
series L,
series M,
series N,
Called
on
Jan.
series Q, Nos. 1 to
1,
incl.
1937:
32, incl.
22, incl.
Called
Special
assessment
refunding bonds of 1935,
Refunding bonds of 1933, series H, Nos. 1
..
O. 182
Raymond 5409
ACKERMAN,
Miss.—BONDS NOT SOLD—The $12,500 issue of 4%
refunding bonds offered on Oct. 6—V. 143, p. 2247—
was
not sold, according to the Town Clerk.
Due $500 annually after
Dec. 1, 1936.
semi-ann.
school
COLUMBIA, Miss.—BONDS VOTED—The voters are said to have
approved recently the issuance of $80,000 in school construction bonds.
MISSISSIPPI, State of—NOTE SALE DETAILS—It is now reported
by the Assistant Attorney-General that the $100,000 notes purchased on
Oct. 10 by the First National Bank of West Point, at
.74%, as noted here—
Y. 143, p. 2561—are dated Oct. 10,1936, and mature on Oct.
1, 1937.
OKTIBBEHA COUNTY (P. O. Starkville), Miss.—BONDS
OFFERED
INVESTMENT—The $100,000 issue of 3K%
refunding bonds that
purchased at par by Wiggins & Walton, of Jackson, as noted in these
columns—V. 143, p. 2408—is being offered for general
subscription priced
to yield from 1.25% on the earliest
maturity, up to a price of 103.75 on
the 1943 to 1956 maturities.
Denom. $1,000.
Dated Nov. 1, 1936.
Due
$5,000 from Nov. 1, 1937 to 1956, incl.
Prin. and int. (M. & N.) payable
at the Chase National Bank in New York.
Legality to,be approved by
Charles & Trauernicht, of St. Louis, Mo.
FOR
was
Financial Statement
(Officially Reported Aug. 22, 1936)
Total
*
assessed valuation 1935-1936
Total bonded debt (this issue only)
$4,195,310
100,000
Percentage of debt 2.38%,
Population (1930 census), 19,190; 1936 (est.), 21,000.
*
MONROE, Mich.—BOND CALL—The city has
on
n
BANK
ORLEANS, LA.
MISSISSIPPI
would
three
Department
NATIONAL
NEW
Bell Teletype N.
DEARBORN. Mich.—MUNICIPAL PLANT WOULD COST
$3,000,000
—Frederick li. Storrer, City Engineer, in
submitting his cost-survey to the
City Council of a proposed municipal light and power
plant, estimated
project.
Wanted:
&.
The above bonded debt does not
include that
of other political sub¬
divisions having power to levy taxes upon property within the
county.
Tax Collection Record as of June 30, 1936
Amount
,
Year
Year Levied—
1933
1934-—
1935
*
to
Amount
Collected
Collected
Levied
(Inc. Redemp.)
$45,727.00
53,120.00
36,522.00
1934
1935
1936
$38,360.36
44,195.83
41,953.10
Percentage
Collected
119^
124%
*89%
As of June 30, 1936 in process of collection.
^
.
,
March 1, 1937:
Special assessment refunding bonds of
1933,
series F, Nos. 1 to
14, incl. Special assessment
refunding bonds of 1935,
series P, Nos. 1 to
28, inclusive.
The bonds should be
presented for payment at the office of
the City
Treasurer, Monroe, Mich., on the above-mentioned dates.
on
All bonds not so
presented for payment on the above dates will
bear interest from and after
said dates.
cease to
PONTIAC, Mich.—SEEKS
TENDERS OF BONDS—E. H.
Tinsman,
Director of Finance, will receive
sealed proposals up to 5 p. m. on
Nov. 9,
to be acted upon at 10 a.
m. on the
following day, for the sale to the city
of not more than
$110,000 series A and $90,000 of series B bonds now
outstanding.
Tenders should fully describe the bonds
offered, details to
include serial numbers and
price for which they will be sold.
Holders of
the bonds to be taken
by the city will be aavised of place of
delivery.
The city will pay interest on the
bonds for a period of at least seven
days
following mailing of acceptance notice to tenderer.
MISSOURI
GALLATIN SCHOOL DISTRICT (P. O.
Gallatin) Mo .—MATURITY
Northwestern Municipals
Minnesota, North
and
—It is stated by the Superintendent of Schools that
the $33,000 3% semiann. school bonds purchased
by the Commerce Trust Co. of Kansas City,
as noted here recently—V.
143, p. 2408—are due in 30
i.
years.
ST. CHARLES, Mo.—MATURITY—It is reported
by the City Clerk
that the $25,000 2M% semi-ann. park
improvement bonds purchased by
the St. Charles Savings Bank, at a price of
101.47, as noted here recently
—V. 143, p. 2408—are due as follows:
$1,000, 1938 to 1944, and $1,500,
1945 to 1956, giving a basis of about 2.35%.
South
Dakota, Montana,
Oregon, Washington
WELLS-DICKEY COMPANY
Telephone—Minneapolis
Atlantic 4201
MEAGHER COUNTY (P. O. White Sulphur
OFFERING—Hannah M. Brady, Clerk of the
MINNESOTA
ANOKA COUNTY INDEPENDENT
SCHOOL DISTRICT NO
65
(P. p. Columbia Heights) Minn.—BOND
OFFERING—Both sealed and
auction bids will be received at
8 p. m. on Oct. 31,
by A. H. Ittner, District
Clerk, for the purchase of a $37,000 issue of
refunding bonds. Interest rate
is not to exceed
4M%. payable J. & D. Denom. $1,000.
Dated Dec
1
1936.
Due on Dec. 1 as follows:
$2,000, 1939 and 1940; $3,000, 1941 to
1951.
Optional on any interest date after Dec.
1, 1946.
Prin. and int
payable at any suitable bank or trust
company designated by the purchaser
The district will furnish the
executed bonds and the
legal opinion of Junell
Driscoll, Dorsey & Barker, of Minneapolis.
A certified check for $500*
payable to the District, must
accompany the bid.
HIBBING
INDEPENDENT SCHOOL DISTRICT
(P. O. Hibbing)
Minn.—BOND ELECTION SCHEDULED—An election
is said
to
be
scheduled around Nov. 19 in order to have
the voters pass on
$600,000 in
school construction
bonds, to be used on a Public Works Administration
project estimated to cost
1,000,000.
MINNEAPOLIS,
Minn.—BOND
OFFERING—It
George M. Link, Secretary of the Board of Estimate
receive bids until Nov. 24
relief bonds.
for
the purchase of
MONTANA
Teletype—Mpls287
an
is
reported
and
issue of
that
Taxation, will
$850,000 public
Springs), Mont.—BOND
Board
missioners, will receive bids until 10 a. m. Nov. 9
$150,000 refunding bonds, which are to bear interest
for
of
County Com¬
the
purchase
at no more than
of
3%.
Denom. 140 for $1,000 and 20 for $500. Interest payable Jan.
1 and July 1.
Due $7,500 yearly on Jan. 1, redeemable after five
years.
Certified check
for $1,000, payable to the Clerk, required.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 29
(P. O. Outlook)
Mont.—BOND SALE—The $12,000 issue of registered
gymnasium and
bonds offered for sale on Oct. 14—-V. 143, p. 2091—was
purchased
State Investment Commission, as 4Ms at par,
according to the
District Clerk. No other bids were received.
water
by the
SILVER
BOW
COUNTY
(P.
O.
Butte),
Mont.—WARRANTS
CALLED—The following warrants are said to have been called for payment
Oct. 7 and 8, at the County Treasurer's office; Nos.
54,577 to 54,888,
general fund; Nos. 37,529 to 37,822 mother's pension, and Nos. 488 to 1,047,
of old-age pension warrants!
on
STEVENSVILLE, Mont.—BOND OFFERING—C. L. Franks, Town
Clerk, will receive bids until Nov. 9 for the purchase of $30,000 water works
system bonds.
WHEATLAND COUNTY (P. O. Harlowton), Mont.—BOND OFFER¬
ING—T. W. Hicks, Countv Clerk, will receive bids until 2
p. m. Nov. 4
purchase of $46,000 refunding bonds, which are to bear interest
for the
Volume
at
no
more
Financial
143
than 5%.
Inc. and Hemphill, Noyes & Co.
The 1938-47 maturities are priced^to
yield from 1.25 to 2.50%, and the 1952-1974 maturities, from 2.65 to 3.00%.
The bonds, exempt from all present Federal Income Taxes and tax free in
New Jersey, are, in the opinion of the bankers, legal investment for savings
banks and trust funds in New York and New Jersey.
June 4 and
Clerk, required.
Interest payable
Dated Nov. 4, 1936.
Certified check for $1,000, payable to the County
Dec. 4.
MUNICIPALS
NEBRASKA
The
LINCOLN
A. T. &
Tj*. Teletype OMA 81
Neb.—BOND ELECTION—It is stated by Myrtle R.
Grantham, City Clerk, that an election will be held about Nov. 5 in order
to vote on the issuance of $60,000 in water works bonds.
We had previously
reported that the election would be held on Nov. 1.—V. 143, p. 2248.
CHADRON,
FALLS
Neb.—BOND REFUNDING
AUTHORIZED—The City
CITY, Neb.—BONDS VOTED—It is
approved recently this issuance of $60,000
amounting to $63,000.
reported that the voters
in lake construction bonds.
O. Greeley), Neb.—BOND ELECTION—A
proposal that the county issue $52,000 warrant funding bonds is to be
submitted to the voters at the general election in November.
GREELEY COUNTY (P.
COUNTY
OTOE
DISTRICT
SCHOOL
NO. 44 (P. O.
Nebraska
♦
telgpe N. Y. 1-528
830
822
837,759.70
837,540.00
3J£%
836
837,538.33
3%
826
837,151.00
832
837,432.22
RESULT OF COURT DE¬
INCREASE IN REALTY
Tribune" of Oct. 18 carried the
following report on the recent increases shown in the
towns in the northern part of the State:
Statistics showing the per capita realty valuation
Issues
of growth of a score
have been compiled
realty valuations of
and the percentage
of municipalities in the northern part of New Jersey
by "The Mill burn-short Hills Item," published at
Realty valuations were furnished by the clerks of the various
municipalities. The following tables show an average per capita valuation
Millburn.
& Co. Inc.
of $1,766
and
a
growth of 3.51%:
Capita Really Valuation of
Per
Telephon : John 4-6864
STREET, N. Y.
3%
3^%
State of—TOWNS SHOW
VALUATIONS—The New York "Herald
87 WILLIAM
837,472.35
Successful group.
NEW JERSEY,
.
B. J. Van Ingen
832
of 4.307%.
The extent to which the program has improved the financial
condition of the city has been reflected in recent reports concerning the
large increase in tax collections and the substantial reduction made in the
municipality's gross debt.
New York
Jersey and General Market
3%
were affected by tne ruling.
Mr. Brunner declared "there will be no re¬
organization of the city government so far as 1 can see."
It was in his
capacity as Director of the Department of Revenue and Finance that the
new Mayor formulated a program for funding into permanent form all of
the city's temporary debt outstanding as of Jan. 1, 1937, for the purpose of
putting the city's annual operations on a cash basis. In pursuance of the
program, public award was made in June 1936 of $5,010,000 bonds to
Lehman Bros, of New York and associates at a net interest cost to the city
MUNICIPAL BONDS
New
837,577.33
837,777.77
ruled Oct. 20 that
of Mayor for more than a year,
was named to the position
illegally by the City Commission, the effect of
the ruling being the displacement of Mr. Von Neida as Chief Executive by
George E. Brunner, who will also retain his present post of Director of the
Department of Revenue and Finance.
The situation resulted from a dis¬
crepancy in the returns from the commission election in the spring of
1935. Following the court's action, Mr. Brunner said he expected to take
the oath of office as Mayor within the next 10 days.
Several other offices
in the municipal administration, including that of Deputy City Court, also
Municipal Bonds
^
827
829
CAMDEN, N. J.—HAS NEW MAYOR AS
Telephon^R^iplfor 2-7333
A. T. & T.
837,100.00
3^%
3M %
Frederick Von Neida, who held the position
H. L. All Ac Company
o
826
CISION—The Court of Errors and Appeals at Trenton
SCOTTSBLUFF, Neb.—BOND REFUNDING CONTRACTED—The
city has made a contract with the Kirkpatrick-Pettis-Loomis Co. of Omaha
for the refunding of $35,000 water department bonds.
The new bonds will
bear interest at 3%, compared with 4M% on the old bonds.
100 Broadway
837,172.10
3%
1
& Go
City), Neb.—BOND SALE—It is stated by the Secretary of the Board of
building bonds were purchased on Oct. 13
by the Farmers State Bank of Douglas, as 3s, at a price of 101.33, a basis
of about 2.70%.
Due in 20 years, optional after five years.
(This report supersedes the notice of sale given recently in these columns,
under the caption of "Douglas School District, Neb."—V. 143, p. 2561.)
Education that $15,000 school
New Jersey
$837,221.00
827
3M%
Phelps, Fenn & Co.; Darby & Co., Inc.; Adams
& Mueller, and Colyer, Robinson & Co., inc.
R. W. Pressprich & Co.; Dougherty, Corkran
& Co.; Minsch, Monell & Co., inc
M. M. Freeman & Co., Inc
Halsey, Stuart & Co., Inc.; B. J Van lngen &
Co., Inc.; Schlater, Noyes & Gardner, inc.E. H. Rollins & Sons, Inc.; Morse Bros. & Co.,
Inc.; A. C. Allyn <& Co., Inc.; Suplee, Yeatman & Co., Inc., and Lobdell & Co
National City Bank of New York
Lehman Bros.; Kean. Taylor & Co.; J. S. Rippel
& Co., and Hannahs, Baliin & Lee
♦Bancamerica-Blair Corp.; Stone & Webster and
Blodget, Inc.; Geo. B. Gibbons & Co., Inc.,
and Hemphill, Noyes & Co
Edward B. Smith & Co.; A. G. Becker & Co.;
Campbell, Phelps & Co., and John B. Carroll
r
HARVARD,
830
-
NEBRASKA
Council is said to have voted to refund indebtedness
Bid
& Co.;
Kelley Richardson & Co.; MacBride, Miller
& Co.; Van Deventer, Spear & Co., and C. C.
Collings & Co
3%
Blyth & Co., Inc.; Graham, Parsons & Co., and
H. L. Allen & Co
3%
OMAHA
OF
Bid for
Rate
Chase National Bank; Brown, Harriman
The national company
Fir«t National Bank Bldg-
official list of the bids submitted for the issue, which
Oct. 13:
No. of
Int.
Bonds
Amount
Bidder—
ISSUES
NEBRASKA
OTHER
an
WANTED
OMAHA, DOUGLAS COUNTY,
AND
following is
offered in amount of $837,000 on
was
OFFERING
2721
Chronicle
North Jersey Municipalities
Per
Population
T.
A.
Sc.
T.: N.
Y
1936
1930
Assessed
Valuation
Newark Tel.: Market 3-3124
1-730
Census
8,602
South Orange
$100,000 Boro of Vineland, N. j., El. Lt. pi. 2J^s
Due Oct X, 1937-51
to yield .50%- 2.40%
Exempt from
Glen
NWRK
REctor 8-8055
-
Summit
"W estfield
"West Orange.,
Livingston!...
A. T. & T. Teletype
New York Wire:
.
Ridgewood
MArket 3-1718
Raymond Blvd., Newark
Englewood
24
-
-
-
-
•» -
-
-
JERSEY
Newark..!...
Park
to
Plainfield.
Teaneck
on
Chatham
Union
however, that the city disburse $700,000 additional to security
holders to pay all interest owing up to a definite date.
Members said the
$310,000 payment would only pay 2^% df the interest up to December,
mended,
In
The
out-of-State group
their objections to the proceeding.
asked for leave to take more testimony
Itoselle
units.
Aside from favorable
administration
of Mayor
ORANGE, N. J.—BONDS PUBLICLY OFFERED—LIST OF
BIDS—A new issue of $826,000 3% school bonds, maturing serially Oct. 1,
1938 to 1947 and 1952 to 1974, incl., is being offered by Bancamerica-Blair
Corporation, Stone & Webster and Blodget, Inc., Geo. B. Gibbons & Co.,
EAST
1,323
1,311
25,933,433
1,261
117,998,295
9,462,068
17,823,116
15,109.394
Jersey Municipalities, Jan.
$24,641,010
24,955,879
5,308,880
22,269,989
Millburn
Chatham...
Union
1,265
1., 1935,.
Bldg. Permits
Jan., 1935 to
July, 1936
-
Percent
$3,038,920
2,037,305
414,000
1,618,343
12.33
8.16
7.80
7.27
Growth
Ridgewood
25,*94,810
1,217,929
29,095,800
1,223,989
4.78
Summit
6,600,000
269,775
4.09
Livingston
33,750,300
31,026.070
South Orange.
Westfield.
Average
Madison
1,275,043
1,155,553
9,462,068
Maplewood
Tenafly
West Orange
*
Glen Ridge
Englewood
...
329,333
44,802,54.4
12,126,794
46,404,909
17,405,975
32,799,988
1,283,185
*15,458
1,137,437
422,392
776,294
3oO,877
15,109,394
47.985,537
17,823,116
Roselle
in progress, while prior to
banks.
75,059,166
46,414,253
ation 1936
of Finance,
that year only three sales were held
during an eight-year period.
In addition, as a result of the sale on Oct. 27
of $120,000 bonds, previously announced in these columns—V. 143, p. 2561
—all of the town's indebtedness will have been funded, in contrast with the
situation in 1930, when only 25% of the indebtedness was in funded shape.
Temporary debt of $1,098,000 was funded in 1931 On a 434% basis and in
July 1935, through J. A. Rippel of J. S. Rippel & Co., Newark, a further
$2,500,000 was refinanced, $1,455,000 on a 3M% basis and $1,045,000 at
4%. The town was one of the first to adopt the provisions of Chapter 60,
Laws of New Jersey of 1934 known as the "Cash Basis Act." Of $439,700
of debt due in 1936, a total of $410,700 was paid prior to Sept. 30, and
balances for all school, town and water maturities are available in local
now
1,637
1,625
1,579
1,492
1,372
1,352
Realty Valu-
aggressive action has resulted in the collection of $1,000,000 in delinquent
taxes since 1930. The 11th tax sale since 1930, when Mr. Williams assumed
office, is
1,762
1,735
724,119,522
61,892,589
54,368,787
24,641,010
5,308,880
22,269,989
July 1.1936
Teaneck
physical advantages, the present
Williams, who is also Director
1.831
1 »7 Uv5
12,617,400
7,161
68,020
442,337
38,077
34,422
16,513
3,869
16,472
Assessed
strong financial management in the town is offered as another factor in
favor of its ideal location.
In this connection, it is pointed out that under
the
-
to
PROGRAM TO ATTRACT NEW
INu US TRIES—In a move to encourage the establishment of new industries
and to expand its residential proportions the town, under the direction of
Mayor William H. Williams, has initiated an eight-weeks' advertising
program in newspapers published in New York City and Newark. The town
has a population of about 30,000, is within 10 miles of New York City and
within a radius of 20 miles live 12,000,000 persons.
As a result of the
program, two new plants were established in the town during the present
month and progress is reported in negotiations under way with several other
9,417,229
1,999
1,964
realty valuation was
realty valuation by the 1930 population.
Percentage of Growth of North
BELLEVILLE, N. 3.—EMBARKS ON
industrial
1,912
1,899
1,842
2,091
1,173
1.160
28,202,700
1,046
determined by dividing the 1936
The per capita
assessed
46,404,909
6,600,000
32,799,988
15,197
13.021
26,974
-
Belleville
before
29,095,800
31,026,070
20,572
Morristown
Judge Phillip Forman concerning the $310,000 payment.
Decision was
deferred pending a conference at the court next Friday, when city officials,
creditors and the Finance Commission will be represented.
Refinancing plans to clear up the city's $11,500,000 debt have been
advanced by both groups of bondholders who rejected the city's plan.
2,139
2,101
7,481
Nutley
Supreme Court order was issued upon the
Court, where out-of-State holders
Federal
that his clients withdrew
....
Madison
application of the city.
of defailted bonds are
seeking enforcement of their $1,600,000 judgment against the city.
New
Jersey bondholders, who have opposed the action, reversed their stand.
James D. Carpenter Jr., counsel for the New Jersey group, announced
The
-
Irvington
Orange
1934.
12,126,794
44,802,544
25,495,810
56,733
35,399
-
Bioomfield
PARK, N.
MUNICIPAL FINANCE COMMISSION
INTEREST PAYMENT—The
State Municipal Finance
Oct. 16 accepted a Supreme Court order directing Asbury
distribute $310,000 to its creditors.
The Commission recom¬
ASBURY
Commission
-
East Orange
APPROVES
5,669
21,321
12,188
mmmmm
--- -
Verona
NEW
2,348
2,263
5,144
Caldwell
AVGr&K©..
2,476
2,363
98,670,400
47,985,597
24,327
3,476
17,805
Tenafly
Maplewood
IKCORPO RATED
$2,b01
14,556
15,801
Linden
all Federal Income Taxes
33,750,300
17,405,975
42,017
21,206
Montclair.
Colyer, Robinson $ Company
1180
.
Ridge!
$24,955,879
13,630
7,365
Millburn
Capita
Valuation
Linden
Morristown
769,004
273,395
1
Caldwell
Orange
377,762
1 *46
1.22
96,878
1.03
405,993
117,998,295
688,503
The per cent of growth was determined by dividing the total
permits by the 1936 assessed realty valuation.
MILLBURN
$65,000
20—V.
.88
.58
of building
(P. O. Millburn), N. J .—BOND SALE—
registered municipal building bonds offered on
TOWNSHIP
coupon
143,
or
2092—were awarded to Vandeventer, Spear & Co.,
as 23^8, at par, plus a premium of $669.50, equal to
p.
of Newark,
101.03, a basis of about 2.09%.
Inc.,
2.37
2.32
1.60
1.53
8.822,570
East Orange
Oct.
2.86
2.81
2.4o
2.43
46,414,253
Newark
The
3.78
3.72
3.51
3.48
724,119,522
28.202,700
9,417,229
95,933,433
Nutley
Belleville
'
4.21
John B. Carroll & Co. of
New York, were
2722
.
Financial
Chronicle
second high, offering $65,244.72 for $65,00b 2>^s.
Dated Oct. 15, 1936.
Due on Oct. 15 as follows:
$5,000 from 1937 to 1943; and $6,000, 1944
to
Oct. 24,
1936
city's share of the cost of Works Progress Administration projects during
the last three months of 1936.
1948, incl.
Other bidders
Name—
HEMPSTEAD UNION FREE
Garden City), N. Y.—BOND
were:
„
Int. Rate
Cranberry & Co
J. 8. Rippel & Co
-
J. B. Hanauer & Co
McBride, Miller & Co
Adams & Mueller
M. M. Freeman & Co
H. L. Allen & Co
-
C.A.Preim&Co
-
First National Bank, Mill burn.
—
Price Did
2)4%
2Yx %
2lA%
2V*%
2XA%
3%
2^ %
2)4%
3%
$65,111.74
65,104.39
65,374.48
65,207.35
65,136.50
65,444.44
6.5,708.50
65,578.78
65,000.00
SOUTH RIVER, N. J.—BOND SALE— The issue of
$110,000 coupon or
sewer bonds offered on Oct. 19—V. 143, p. 2409—was awarded
to H. L. Allen & Co. of New York, on a bid of 101.14 for
$109,000 bonds as
4As, a. basis of about 4.39%. Dated Oct. 1, 1936 and due Oct. 1 as follows:
$5,000 from 1938 to 1958 incl. and $4,000 in 1959.
registered
1^ Other bidders
Name—
Amt. Bonds
Int. Rate
4^%
110,000
110,000
4K%
4H%
110,187.00
110,066.66
110,000
414%
110,560.89
South liiver Trust
Co., South River;
Campbell & Co., New York, and
Lock wood, Sims & Co., New York
VINELAND,
N. J.—BOND SALE—The issue of $100,000
coupon
Other bids
were as
Under the decision the people of the
county will be permitted to vote at the
general election on Nov. 3 on a proposition of
adopting a new charter, under
the provisions of the Herman bill
which was passed by the State Legis¬
lature at the ending of the 1936 session.
It had been contended in the mandamus suit that
the said Act was un¬
constitutional in that it failed to provide two or more forms of
government
and that it violated the Home Rule
amendment relating to the property,
affairs and government of cities.
No. Bonds
Bid For
Allen & Co
2A%
2 %%
2%%
E. P. Frazee & Co
E. II. Rollins & Sons
99
101.803
101.34
100.437
100
100.381
MEXICO
ALAMAGORDO, N. Mex.—BOND
water system
100.549
100.14
100
2%%
NEW
100
99
Dougherty, Corkran & Co., and C. C.
Collings & Co
2%%
J. S. Rippel & Co.; Van Deventer,
Spear
&
Co., and First National Co. of
Trenton
Rate Bid
100
\
Suplee, Yeatman & Co., Inc. and H. L.
CALL—It
193645
NIAGARA FALLS, N. Y.—CERTIFICATE
OFFERING—William D.
Robbins, City Manager, will receive sealed bids until 11 a. m. on Oct. 31
the purchase of $170,000 not to exceed
5% interest certificates of in¬
for
debtedness.
Dated Nov. 2, 1936, and due Dec.
2, 1937. Bidder to name
one rate of
interest, expressed in a multiple of M or l-10th of 1%. Prin¬
cipal and interest payable at the Power City Trust
Co., Niagara Falls. A
certified check for $5,000, payable to the order of the
city, must accompany
each proposal.
Approving legal opinion of Clay, Dillon & Vandewater of
New York will be furnished tne successful bidder.
NEW ROCHELLE, N. Y.—BOND SALE—The
$755,000 coupon or
on Oct. 20—V.
143, p. 2562—were awarded to the
National City Bank and L. F. Rothschild &
Co., both of New York, jointly,
as 2s, at a price of
100.24, a basis of about 1.955%.
Public
registered bonds offered
is
reported
that
bonds, dated
5^%
May 1, 1916, are being called for payment at
the First National Bank of Denver, on Nov.
1, on which date interest shall
cease.
Optional on May 1, 1936.
This call is said to be subject to the
approval of the issuance of bonds by the State Supreme Court and the
State
Tax Commission.
CLOVIS—N. M.—BONDS TO BE PURCHASED—It is
stated by the
City Manager that $53,000 4% semi-annual sewage
disposal plant bonds
will be purchased by the Public Works
Administration.
LAS VEGAS SCHOOL DISTRICT
)P. O. Las Vegas) N. Mex.—BOND
CALL—It is reported that school bonds numbered
5 to 117, 135 to 160,
170 to 175, and 180 to 200, are
being called for payment on Nov. 1, at the
office of the Clerk of the Board of Education.
Dated Nov. 1, 1921.
reoffering is
at prices to yield 0.50% for the 1937 maturities
price of 99 for the bonds due in 1946. The sale consisted of:
$450,000 home relief and (or) veterans' relief bonds. Due Oct. 1 as follows:
$57,000 from 1939 to 1945, incl. and $51,000 in 1946.
196,000 Federal projects, the improvements to be financed jointly by
the city and the Federal Government.
Due Oct. 1 as follows:
$22,000 from 1938 to 1945, incl. and $20,000 in 1946.
75,000 municipal improvement bonds.
Due Oct. 1 as follows:
$8,000
from 1937 to 1945, incl. and
$3,000 in 1946.
34,000 equipment bonds.
Due Oct. 1 as follows:
$8,000 from 1937 to
1940, incl. and $2,000 in 1941.
being made by the bankers
to
a
All of the bonds will be dated Oct.
1, 1936. A bid of 100.09 for 2s
submitted by Salomon Bros. P
Hutzler, of New York.
Financial Statement
Assessed
Offerings
—
Wanted
WALL ST.,
1
'
*
NEW
*
Whitehall 4-5770
YORK
AflD5?' J)E!-H! ANR bovina
2
central school district
O. Andes). N. Y,.—BOND SALE—The
$110,000 coupon or
registered series of 1936 bonds, which were
offered on Oct. 22—V. 143,
(P.
p.
2562—were awarded to Geo. B Gibbons &
Co. of New York on a bid of
100,679 for 2.90s, a basis of about
2.85%.
Dated Nov. 1, 1936.
Due on
Nov. 1 as follows:
$3,000, 1937 to 1946; and $4,000, 1947 to
1966, incl.
Other bidders for the bonds
were:
'
-Name—
Price Bid
100.42
Manufacturers & Traders Trust
Co., Buffalo
Halsey, Stuart & Co., New York
Adams, McEntee & Co., New York
Roosevelt & Weingold, New York
Int> Rate
2.90%
100.405
100.78
2.90%
~~~
3.00%
100.70
100.54
"
Bancamerica-Blair Corp., New York
It. W. Pressprich &
Co., New York
3 00%
100 30
3 00%
100.30
Rutter & Co., New York
J. & Seligman & Co., New
York
A. C. Allyn & Co., New York
3.10^
3.00%
100.60
3.20%
100.68
3.50^
BABYLON UNION FREE SCHOOL
DISTRICT NO. 4 (P. O. Lindenhurst), N.
Yj—CERTIFICATE'
SALE—Certificates
of
__$201,095,740.00
20,109,574.00
$7,253,700.00
5,759,676.00
777,000.00
School bonds
Welfare bonds
Less:
No.
$195,028,695.00
6,067,045.00
±
City bonds
YORK STOCK EXCHANGE
N. Y.
Valuation:
Total as base for debt limit
Debt limit (10% of $201.09(5,740)
Amount of Debt applicable to Debt Limit:
Dittrict
indebtedness
in
$40,000 and bearing 3% interest have been sold in
equal amounts
of $20,000 each to the
Lindenhurst Bank and the First National
Bank of
Lindenhurst.
x
was
of Sept. 30,1936
Real property
Gordon Graves & Co.
MEMBERS NEW
as
Franchise
New York State Municipals
County—City—Town—School
$13,790,376.00
70,701.93
Reserve for redemption of bonds.
$13,719,674.07
$6,389,899.93
Margin for further indebtedness
Floating Indebtedness:
Construction certificates
Assessment improvements
Equipment purchases
-
Improvements—Sewer System, disposal and incinerator
plants
l____
Permanent real property assessment data
Welfare certificates
Police and fire pension funds
...
Acquisition of water system.
—Deposit—Westchester County Park Commission
Total.
$220,344.16
9,997.81
56,107.88
7,804.07
24,500.00
350,000X0
12,198.00
2,500.00
1,000.00
$684,451.92
Tax Collections
as
of Sept. 30, 1936
Uncollected
Tax Levy
$4,910,470.82
6,384,863.78
6,028,557.03
-
Sept. 30, 1936
$131,143.69
276,069.02
742,218.68
1,988,069.44
5,670,906.88
%
2.67
4.32
12.31
35.06
*
Does not include this issue.
The following outstanding certificates will be retired
by the proceeds
of this bond issue:
x
Clerk, will
X!7TB°ND 4
OFFERING—George
bids until
receive
limited
p.
$10,000
fi PaF
«
tax,
water
coupon,
system
m.
Oct.
R. Thompson, Village
28 for the purchase at not less
general obligations, un¬
Bidders are to name rate of
fully registerable,
bonds.
repair
TWoJPrw? °io-M ofN10.% •. Out not to exceed 5%.
Dated Oct. 1, 193b. Principal and semi-annual interest
D
snnnn
Ji,000.
Denom.
(April 1
Payable at the State Bank of
Churchville, in Churchville.
Due
$1,000 yearly on Oct. 1 from 1938 to
1947, incl.
Certified check for $200,
payable to the village, required.
Approving opinion of Clay, Dillon &
Vandewater of New York will be
furnished by the village.
Financial Statement
*i.Til®„assesse(1.yaluation of
<rnL *aPI?ears
The total
$662,270.
H^ is $22,000.
,pno nne
debt
3* J?
the property subject to the taxing power of
1,a?t Precediu? village assessment roll, is
contract
'
™
debt
said
village,
including the above
water debt, the net
(1930 Census) was 724.
not include the debt of any other sub-
division having power to
levy taxes upon any or all of the
property subject
to the taxing power of the
village.
The fiscal year commences
March 1.
The amount or taxes levied for the
fiscal years
commencing March 1,
M^rC*i\,n^3lflandm^Iarch X» 1935'
1933,
was respectively $9,616.19, $10,322.34
and $10,900.66.
The amount of such taxes
uncollected at the end of
each of said fiscal years was
respectively $1,666.95, $2,448.36 and $2,640.38.
The amount of such taxes
remaining uncollected as of the date of this notice
is respectively
$537.45, $937.46 and $2,412.22.
The taxes of the fiscal
year commencing March 1, 1936, amount to
has
been
July 2,
collected.
Said
1936.
taxes
for
the
$12,718.57 of which $9,253.48
current
fiscal
became delinauent
BRIGHTON COMMON SCHOOL DISTRICT NO. 4 (P. O. Saranac
Lake), N. Y.—PRICE PAID—The Manufacturers & Traders Trust
.
Buffalo
award
bid
of
BUFFALO,
cently approved
N.
an
Y.—BONDS AUTHORIZED—Common Council re¬
issue of $500,000 bonds for the
purpose of financing the
$215,644.96
Permanent real property, assessment data
Welfare certificates
32,345.95
7,804.07
24,500.00
350,000.00
The bonded debt
as
stated above does not include the debt of any other
subdivision having power to levy taxes upon
any or all of the property
subject to the taxing power of the city.
The Charter of the city is Chapter 559 of the Laws of New York of
1910,
as amended and
supplemented by general and local law.
Pertinent Facts About the City of New Rochelle
Continuing the trend operative since Dec. 31, 1932 the city's bonded
be lower at Dec. 31, 1936 than it was at
debt—including this issue—will
Dec. 31
1935.
Between Dec.
31, 1932 and Dec. 31,1935 the city's capital bonded debt
reduced by $1,827,500.
As of Dec. 31,1935 the
city had a current book sin-plus of $2,430,548.47.
Of this amount
$2,414,241.84 was the result of reserves contained in the
1934 and 1935 budgets and unencumbered balances of expense
appropria¬
tions remaining from the current
operations of the years 1933,1934 and 1935.
Over $1,500,000 of this
surplus has been converted into cash permitting
the complete
was
self-financing of tax delinquency, and the equalizing and
reducing tax
Current
turn was
rates.
tax collections are
ahead of 1934,
running over 3% ahead of last year, which In
and the city is operating well within it's 1936
budget.
Co. of
100.269 for 3.30s, a basis of about
3.22%, in securing the
$22,000 school building addition construction bonds on
143, p. 2562.
the
Oct. 16—V.
Construction certificates
Equipment certificates
Improved sewer systems, &c
Total
.$630,294.98
Population of the city according to the 1930 Federal Census was 54,055.
village
d.6bt above stated does
«
of
S44'501°v. deducting $22,500
population of the
The
O.
NASSAU COUNTY (P. O.
Mineola) N. Y.—APPEALS COURT UP¬
HOLDS VOTE ON CHARTER—The Court of
Appeals on Oct. 20 unan¬
imously, and without any opinion, upheld the constitutionality of the
Nassau County Cnarter Referendum
Act, according to an Albany dispatch.
or
follows:
Int. Rate
Hendricks & Eastwood, Inc.; Wilmerding
v
& Co., and A. C.Wood Jr. & Co
2^%
(P.
Principal and interest
(A. & O.) payable at the Montour National Bank, Montour Falls.
The
bonds are payable from unlimited ad valorem taxes
on
all the village's
taxable property.
A certified check for $600, payable to the order of the
village, must accompany each proposal.
The approving opinion of Reed,
Hoyt & Washburn of New York will be furnished the successful bidder.
registered electric light pJant bonds offered on Oct. 20—V. 143,
p. 2409—
was awarded to Lobdell &
Co., New York; and Colyer, Robinson & Co.,
Inc., Newark, jointly, as 2As, at a price of 100.63, a basisof about
2.41%,
Dated Oct. 1,1936 and due Oct. 1 as follows:
$6,000 from 1937 to 1941 incl.
and $7,000 from 1942 to 1951 incl. An offer of
100.549 for 23^s was made by
Hendricks & Eastwood, Inc., of
Philadelphia^
Bidder—
18.
MONTOUR
$110,242.60
Leach Bros., New York
NO
FALLS, N. Y.—BOND OFFERING— M. W. Denson,
Village Clerk, will recei ve sealed bids until 1 p. m. on Nov. 2 for the purchase
of $30,000 not to exceed
6% interest coupon or registered public improve¬
ment bonds.
Dated Oct. 1, 1936.
Denom. $1,000.
Due $2,000 on Oct. 1
from 1937 to 1951 incl.
Bidder to name one rate of interest on all of the
bonds, expressed in a multiple of )4 or 1-10 of
1%.
Price Bid
$109,000
H.L. Allen & Co., New York
DISTRICT
will be furnished the successful bidder.
were:
First Nat. Bank of South liiver, and
J. B. Hanauer & Co., Newark
SCHOOL
OFFERING—Eugene R. Courtney, District
Clerk, will receive sealed bids until 3.45 p. m. on Oct. 29 for the
purchase
of $450,000 not to exceed
6% interest coupon or registered school bonds.
Dated Nov. 1, 1936.
Denom. $1,000. Due Nov. 1 as follows: $20,000 from
1937 to 1946 incl. and $25,000 from 1947 to 1956 incl.
Bidder to name a
single interest rate on all of the bonds, expressed in a multiple of
)4 or l-10th
of 1%.
Principal and interest (M. <Sr N.) payable at the Garden City Bank
& Trust Co., Garden
City, or at the Irving Trust Co., New York City.
The bonds are general obligations of the
district, payable from unlimited
taxes.
A certified check for 2% of the amount of bonds bid
for, payable
to the order of the District
Treasurer, must accompany each proposal.
The approving opinion of Thomson, Wood &
Hoffman of New York City
„
to
New Rochelle is,
predominantly, a City of Homes.
It's nearest approach
industry consists of the building-trades.
Building permits issued up to
in 1936 amount to
now
This trend should be
$1,270,000
a
as
against $168,000 in the year 1935.
city's relief load.
real factor in the reduction of the
NEW YORK, N. Y.—COMPTROLLER PUTS CITY'S DEBT MARGIN
AT $337,585,736—The
city's margin for the creation of further debt
Volume
Financial
143
provisions amounted to $337,585,736 as of Sept. 1,
Comptroller Frank J. Taylor reported on Oct. 22.
His statement reveals
funded debt of the city as of that date was $2,335,866,581
and that the city held as investments in its own sinking funds bonds and
cash totaling $455,059,660.
Of the gross funded debt, aggregating $2,335,866,581, there is said to be
$714,767,787 of corporate stock and notes exempt by constitutional pro¬
visions and legal enactments from inclusion within the city's debt limit.
These exemptions include: $376,580,408 of water securities; $268,423,523
Of rapid transit obligations; $69,164,856 in corporate stock issued for lands
and construction of docks, and $600,000 in Kings County bonds.
2723
Chronicle
within the constitutional
that the gross
■
(P. O. Southampton), N. Y.—
fire house bonds offered on
awarded to the First National Bank and the
Southampton Bank, jointly, as 4s.
Dated Oct. 15, 1936 and due $250
NORTH
FIRE
SEA
BOND SALE—The
DISTRICT
not sold.
GRAFTON, N. Dak.—BOND SALE—The $25,000 improvement bonds
on Oct. 19—V. 143, p. 2563—were awarded to the Northwestern
3M8- at par plus a premium
of $200, equal to 100.80, a basis of about 3.66%. The First National Bank
of Minneapolis was second high, bidding a premium of $175 for 3 Ms.
Due
on Jan. 1 as follows:
$1,000,1938 to 1948; and $2,000, 1949 to 1955.
offered
National Bank & Trust Co. of Minneapolis, as
of $2,500 coupon
issue
Oct. 16—V. 143, p. 2563—was
March 1 from 1937 to 1946, inclusive.
on
DAKOTA
NORTH
TOWNSHIP (P. O. Fargo) N. Dak.—BONDS NOT
SOLD—It is stated by the Township Clerk that the $2,500 not to exceed
5% semi-ann. township bonds offered on Oct. 17—V. 143, p. 2411—were
CASSELTON
NORTHUMBERLAND COMMON
GRAIL SCHOOL DISTRICT NO. 1, McKenzie County, N. Dak.—
of $10,000 certificates of indebtedness
CERTIFICATE SALE—The issue
offered
SCHOOL DISTRICT NO. 6 (P. O.
N. Y.—BOND OFFERING—Sealed bids will be received
at the home of Cyrus Washburn, Chairman of the School Board, until
10 a. m. on Oct. 27 for the purchase of $12,000 not to exceed 6% interest
coupon school bonds.
Dated Oct. 1, 1936.
Denoms. $500, $600, $700,
$800 and $900. Due May 1 as follows: $2,000, 1937; $3,000, 1938; $2,800,
1939; $2,400 in 1940 and $1,800 in 1941. Principal and interest (annually
on Oct. 1) payable at the National Bank & Trust Co., Glens Falls.
Rate
of interest to be expressed in a multiple of A or 1-10th of 1%.
Gansevoort),
ROCHESTER,
N.
Y.—HIGHER TAX RATE EXPECTED—The
budget for 1937 calling for city .and school board expenditures totaling
$28,134,931, indicates an increase'of $1.56 in the tax rate, the figure to be
$27.44 for $1,000 of assessed, valuation.
City Council will vote on the
budget on Nov. 14. A drop of $9,899,510 in property valuations is advanced
as one of the principal factors in the higher tax rate.
SYRACUSE, N. Y.—NOTE SALE—The issue of $350,000 notes offered
Oct. 19 was awarded to the National City Bank of New York as 0.30s,
plus a premium of $13.
Dated Oct. 21, 1936 and due on April 21,
1937.
Other bids were as follows:
"
'
on
at par
on
Oct. 13—Y. 143, p. 2250—was awarded to Mary
Due
1936.
Oct.
0.33%
Lincoln National Bank
0.35%
0.36%
0.38%
Par
$13.83
Par
Par
0.45%
A. Tellefson, a
Dated Oct. 15,
/
JAMESTOWN, N. Dak.—BOND OFFERING—A. R. Thompson, City
Auditor, will receive bids until 7:30 p. m. Nov. 2, for the purchase of
$60,000 water plant improvement bonds, which are to bear interest at no
more than 4%.
Interest payable semi-annually.
Due yearly as follows:
$1,500, 1937 to 1941; $2,500, 1942 to 1946; $4,400, 1947 to 1951; and
$4,500, 1952 to 1955.
N. Dak.
KENMARE SCHOOL DISTRICT NO. 28 (P. O. Kenmare),
—CERTIFICATES
NOT
SOLD—The $15,000 issue of certificates of in¬
14—V. 143, p. 2250—was not sold as
debtedness offered for sale on Oct.
no
bids
were
received, according to the Clerk of the Board of
Education.
COUNTY (P. O. Towner), N. Dak.—CERTIFICATE
OFFERING—County Auditor E. W. Olson will receive bids until 10 a. m.
McHENRY
Nov. 6 for the
purchase of $40,000 certificates of indebtedness.
WILLIAMSPORT SPECIAL SCHOOL DISTRICT NO. 6, N. Dak.—
CERTIFICATE OFFERING— Gertrude E. Wescott, District Clerk, will
.
Premium
Int. Rate
Bidder—
R. W. Pressprich & Co
for 6s.
There were no other bidders.
15, 1938.
local investor, at par
Linton
bear interest at
Dated Nov. 14,
payable semi-annually. Due Nov. 14, 1937. Certified check
receive bids until 2 p. m.
Nov. 5 at the county auditor's office in
for the purchase of $5,000 certificates of indebtedness, to
no more than 7%.
Denominations to suit the purchaser.
18.00
First Boston Corp
Salomon Bros. & Hutzler
Halsey, Stuart & Co., Inc
Lazard Freres & Co., Inc
^
1936.
Interest
for 5% of amount
10.00
WELLSVILLE, N. Y —BOND OFFERING—Otto P. Engelder, Village
Clerk, will receive bids until 1p.m. Oct. 29 for the purchase at not less than
par of the following coupon,
fully registerable, general obligation, un¬
of bid, required.
0.58%
MUNICIPALS
OHIO
limited tax, bonds:
Due on Nov. 1 as follows: $10,000 1941 to 1946;
J
$11,000 1947 to 1950; $12,000 1951 to 1954; and $14,000 1955 to
^
1961, incl.
'
25,000 water system repair bonds.
Due on Nov. 1 as follows: $2,000
1937 to 1941; and $3,000 1942 to 1946, incl.
»
Bidders are to name rate of interest, in a multiple of M% or 1-10%, but
not to exceed 5% on either issue.
Denom. $1,000
Dated Nov. 1, 1936.
Principal and semi-annual interest (May 1 and Nov. 1) payable at the
First Trust Co
of Wellsville, in Wellsvilie, with New York exchange.
Cert, check for $5,500, payable to the village, required.
Approving opinion
of Clay, Dillon & Vandewater of New York will be furnished to the purchaser.
$250,000 sewer bonds.
MITCHELL, HERRICK & CO.
700
BUILDING, CLEVELAND
CUYAHOGA
AKRON
CANTON
CINCINNATI
COLUMBUS
SPRINGFIELD
OHIO
Ohio—PRICE PAID—The $5,000 sewage disposal
plant impt. bonds recently awarded to Fox, Einhorn & Co. of Cincinnati—
V. 143, p. 2411—were sold as 3Ms, at par plus a premium of $13.13, equal
to 100.26, a basis of about 3.66%.
Dated Nov. 15, 1935 and due Nov. 15
as follows:
$800 from 1936 to 1939 incl. and $900 in 1940 and 1941. Other
BARNESVILLE,
NORTH
CAROLINA
CANTON, N. C.—BOND OFFERING—W. E. Easterling, Secretary of
Local Government Commission at Raleigh will receive bids until 11
a.
m. Oct. 27 for the purchase at not less than par of $35,000 coupon,
registerable as to principal, general obligation, unlimited tax, water and
sewer bonds.
Bidders are to name rate of interest, in multiples of M %,
not exceeding 6%, provided that each bid may specify no more than two
rates, one on the earlier maturities and the other on the later maturities.
Denom. $1,000.
Dated Oct. 1, 1936. Principal and semi-annual interest
(April 1 and Oct. 1) payable in New York. Due on Oct. 1 as follows: $1,000,
1939 to 1943; and $2,000, 1944 to 1958. Certified check for $700, payable
to the State Treasurer, required. Approving opinion of Storey, Thorndike,
Palmer & Dodge of Boston will be furnished to the purchaser.
the
C.—MATURITY—In connection with the sale of
& Trust Co. of Smithfield,
143, p. 2410—it Is stated by
the Town Manager that they mature on Jan. 8, 1937.
CHOWAN COUNTY (P. O. Edenton) N. C.—BOND REFINANCING
CHAPEL HILL, N.
the $20,000 notes to the First Citizens Bank
at 2 % %, noted in these columns recently—V.
CONTEMPLATED—It is reported that no opposition was
voiced against a
proposed $53,000 bond issue to refinance county bonds, at a hearing on
Oct. 19, so the County Commission intends to apply to the Local Govern¬
ment Commission for approval of the plan.
bids
were as
follows:
»
Int. Rate
Premium
4%
5A %
Bidder—
Saunders, Stiver & Co..
Bliss, Bowman & Co
$19.00
8.50
—
HEIGHTS, Ohio—BONDS NOT SOLD—The issue of
$65,025 4% refunding bonds offered on Oct. 5—V. 143, p. 1918—was not
sold.
The bonds are being exchanged for obligations now outstanding.
The new bonds mature Oct. 1 as follows: $5,025 in 1940 and $6,000 from
1941 to 1950 incl.
BROOKLYN
CLYDE EXEMPTED VILLAGE SCHOOL DISTRICT (P. O. Clyde),
Ohio—BOND OFFERING—Albert A. Watt, Clerk of the Board of Educa¬
tion, will receive bids until noon Nov./6 for the purchase at-not less than par
of $110,000 6% school building bonds.
Denom. $1,000.
Dated Dec. 1,
1936.
Interest payable semi-annually. Due $5,COO yearly on Sept. 1 from
1938 to 1959, incl.
Certified chock for $2,000, payable to the Board of
Education, required.
Ohio—BOND SALE—The issue of $15,000 refunding
Oct. 19—V. 143, p. 2095—was awarded to William J.
Dated Oct. 1, 1936 and due $3,000 on
1 from 1940 to 1944 incl.
DEFIANCE,
bonds offered on
SANFORD, N. C.—COUPON PAYMENT REPORT—It was stated on
Oct. 19 by Harvey Kennedy, Town Clerk, that any coupons detached
from town bonds that matured prior to July 1, 1936, will be paid if sent to
Mericka & Co., Inc. of Cleveland.
the National Bank of Sanford.
will receive sealed bids until 1 p. m. on
SPRUCE PINE, N. C —BOND OFFERING—Sealed bids will be re¬
ceived 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
6%
a $60,000 issue of coupon water supply system bonds.
Denom. $1,000.
1, 1936.
Due on Oct. 1 as follows: $2,000, 1939 to 1962, and
$3,000, 1963 to 1966.
Interest rate is not to exceed 6%, payable A. & O.
Rate to be stated in multiples of M of 1 %.
Each bid may name one rate
of
Dated Oct.
for part of the bonds (having the earliest maturities)
more than two rates, specifying the amount of bonds
but no bid may name
No bid
of each rate.
of less than par and accrued interest will be entertained.
The bonds are
registerable as to principal only.
Prin. and interest payable in lawful
money at the Chemical Bank & Trust Co., New York City.
Delivery on
or about Nov. 20, at place of purchaser's choice.
The approving opinion
of Storey,
Thorndike, Palmer & Dodge, of Boston, will be furnished.
Treasurer, is required.
A
certified check for $1,200, payable to the State
C.—BOND OFFERING—Sealed bids will be received
until 11 a. m. on Nov. 2, by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of a
Denom. $1,000.
$70,000 issue of coupon electric light system bonds.
Dated Nov. 1, 1936.
Due on Nov. 1 as follows: $2,000, 1939 to 1942;
$4,000, 1943 to 1945 and $5,000, 1946 to 1955.
Interest rate is not to
exceed 6%, payable M. & N.
Rate to be stated in multiples of M of
1%.
No more than two bids on interest rates may be named by the
bidder and each bid must specify the amount of bonds of each rate.
No
bid of less than par and accrued interest will be entertained.
The bonds
are
registerable as to principal only.
Prin. and int. payable in lawful
money
in New York.
Delivery at place of purchaser's choice.
The
approving opinion of Reed, Hoyt & Washburn of New York, will be
furnished.
A certified check for $1,400, payable to the State Treasurer,
must accompany the bid.
TARBORO, N.
WASHINGTON, N. C.—BOND SALE—The $90,000 issue of coupon
registered electric light system bonds offered for sale on Oct. 20—V. 143,
2411was awarded jointly to the Branch Banking & Trust Co. of Wilson,
and Lewis & Ball, of Greensboro, paying a premium of $11.50, equal to
100.012, a net interest cost of about 2.62%, on the bonds divided as follows:
$30,000 as 3s, maturing $15,000 on Nov. 1, 1939 and 1940; the remaining
$60,000 as 2Ks, maturing on Nov. 1 as follows: $10,000, 1940 and $25,000
in 1941 and 1942.
The following is an official list of the bids received:
Oct.
MANSFIELD, Ohio—BOND OFFERING—P. L. Kelley, City Auditor,
Nov. 13 for the purchase of $13,150
street and sewer assessment bonds.
Dated Oct. 1, 1936.
Due as
follows: $1,700 April 1 and Oct. 1 from 1937 to 1939, incl.; $800 April 1
and Oct. 1, 1940; $800, April 1 and $550, Oct. 1, 1941.
Int. payable
A. & O.
A certified check for $150 must accompany each proposal.
NEWTON
FALLS,
Ohio—BOND
OFFERING—Charles
Finnical,
Village Clerk, will receive bids until noon Nov. 14 for the purchase at not
than par of $180,000 6% electric light and power system mortgage
revenue bonds.
Denom. $1,000. Dated Sept. 1, 1936. Principal and semi¬
annual interest (March 1 and Sept. 1) payable at the Village Treasurer's
office.
Due to Sept. 1, 1952; redeemable on and after March 1, 1938.
Certified check for 5% of amount of bonds bid for, payable to the Village
Treasurer, required.
less
NORWOOD,
Ohio—BOND
OFFERING—A.
M.
Schoenberger,
City
Auditor, will receive sealed bids until noon on Nov. 9 for the purchase of
$25,000 4% street and sidewalk bonds.
Dated Oct. 1, 1936.
Denoms.
$1,000 and $500.
Due $2,500 on Oct. 1 from 1938 to 1947, incl.
Prin.
and int. (A. & O.) payable at the First National Bank, Norwood.
A
certified check for $500, payable to the order of the City Treasurer, must
accompany
each prposal.
BOND SALE—The Sinking Fund Trustees purchased an issue
of $2,500
4% fire dept. equipment bonds.
Dated Oct. 1, 1936.
One bond for $500
others $1,000 each.
Due Oct. 1 as follows: $500 in 1938 and $1,000 in 1939
and 1940.
Prin. and int. (A. & O.) payable at the First National Bank,
Norwood.
SOUTH AMHERST SCHOOL DISTRICT, Ohio—BOND OFFERING
W. Gleason, District Clerk, will receive sealed bids until noon on
—R.
purchase of $36,000 4% school bonds.
Dated Nov. 1, 1936.
Denom. $900.
Due $900 April 1 and Oct. 1 from 1937 to 1956, incl. Int.
payable A. & O.
A certified check for $500, payable to the order of the
Board of Education, must accompany each proposal.
Nov. 9 for the
or
p.
Pale
3A%
Bidder—
Bank of Washington
First Citizens Bank & Trust
o%|
Co.—For the 1st $30,000
90,000.00
3M%\
3%/
90,007.60
2%%
3%}
90,003.51
2>A%)
—
90,009.00
Wm. B. Greene Co
Guaranty Bank & Trust Co., Greenville
Interstate Securities Corp.—For the 1st
For the remainder
$65,000
Equitable Securities Corp.;
For the 1st
£HZ°)
$65,000
For the remainder
R. S. Dickson & Co
Branch Banking & Trust
For the remainder
-
Co.—For the 1st $30,000
CITY
SCHOOL
DISTRICT,
The following official
-—2K%1
2M %
™
™
90,199.00
3%l
2M%J
90,011.50
Ohio—OFFICIAL
CALL
notice of the call has been sent to us
by May P.
Foster, Clerk-Treasurer of the Board of Education:
"Notice is hereby given that at a meeting of the
Board of Education
of the Toledo City School District held on the 17th day of August, 1936,
said Board of Education exercised the option to call for redemption on
Nov. 1, 1936, all unmatured bonds of an issue of $1,000,000 of bonds dated
Nov. 1, 1920, bearing interest at 6%, issued
2H.%\
For the 1st $15.000
For the remainder
Price
$90,000.00
Co., Smithfield, N. C-:
For the remainder
Wachovia Bank & Trust
,
TOLEDO
NOTICE—As already noted in these columns, the district has issued a
call for redemption of all unmatured bonds of an original issue of $1,000,000.
for the purpose of purchasing
sites, erecting new school houses, enlarging, repairing and furnishihg school
houses and purchasing real estate
or playgrounds for children in and for
said district, which bonds mature on Nov. 1 from 1937 to 1963, incl., and
were issued subject to call at the option of the Board of Education on Nov. 1,
1935, or at any interest paying period thereafter.
....
"Said bonds will be paid by the Board of Education at the office of the
Chemical Bank & Trust Co., New York City, being the successor of the
United States Mortgage & Trust Co., of New York City, at whose office
said bonds as originally issued are payable."
PORTSMOUTH, Ohio—FINANCIAL
STATEMENT—The following
refunding bonds
is given in connection with the recent award of $125,150
to Grau & Co., Fox, Einhorn & Co. and Nelson, Browning
Cincinnati, reported in V. 143, p. 2411:
& Co., all of
2724
Financial
Indebtedness as of
Chronicle
Oct.
1936
24,
Sept. 2, 1936
Water works extension bonds
Water works reservoir bonds
$759,000.00
648.000.00
General bonds
2,508,570.00
603,457.52
65,401.12
80.000.00
Special assessment bonds.
Anticipatory notes (scrip)
Delinquent tax bonds Sept. 2, 1936—
Oregon Municipals
$4,664,428.64
*Sinking Fund Statement as of Sept. 2, 1936
Cash
General
Investments
$4,000.00
$37,649.08
6,999.76
173,331.44
$213,980.28
Waterworks
*
CAMP & CO., INC.
Total
$37,649.08
6,999.76
169,331.44
$4,000.00
$217,980.28
——--
Special assessments..
....
Porter
OREGON
Proceeds from sale of refunding bonds to provide for balance of 1936
of general and special assessment bonds are included in above
MALIN,
maturities
of
General bonds
a $16,000 issue of sanitary sewer bonds.
Interest rate is not to exceed
5%, payable M. & S.
Denom. $100.
Dated Sept. 1. 1936.
Due $1,000
Sept. 1, 1941 to 1956 incl.
Principal and interest payable at the
City Treasurer's office.
The approving opinion of Teal, Windree, McCulloch, Shuler & Kelley, of Portland, will be furnished.
A certified check
for 3% of the bid is required.
$71,200.00
70,000.00
Special assessment
from
$141,200.00
Corporate Tax Rate
OperaTotal
Assessed
Valuation
lion
1933-34 real est. & pub. utility.a$46,315,700
1933-34 personal tangible
b3.201,200
Total
Debt
4.43
Total
4.53
a46,359.260
b3,074,145
4.47
Total
During the current
Rale
>
6.75
10.00
9.57
5.04
14.50,
2.82
MERRILL,
Ore.—BOND
Recorder,
24.50*
ONTARIO,
Ore.—BOND OFFERING—F.
P.
Ryan,
City
Recorder,
Lateral
bearing
Dated Oct. 15, 1936.
$49,433,405
a46,159,490
b3,577,435
4.47
*3.22
3.22
6.34
10.00
2.12
10.00
will receive bids until 7.30 p. m., Oct. 26 for the purchase of $2,115
Sewer District No. 13 general obligations improvement bonds,
interest at 5%.
Denom. $300, except one for $315.
Certified check for $50, required.
3.99
.03
3.29
8.46
20.00
3.25
3.29
11.50
3.32
6.54
21.50
10.00
Commonwealth of
year
Pennsylvania
5% Bonds due July 1, 1951
tax
In.
City
Dillard,
1.87
1936 the city will receive 73.51% of the total
receipts due the county.
The amount the city will receive is
estimated at $109,000.00 to be used for operations.
a
OFFERING—Uel
will receive bids until 7.30 p. m. Nov. 5 for the purchase of $15,000 5%
general obligation bonds.
Denom. $500.
Dated Nov. 1, 1936.
Certified
check for $750, required.
2.12
$49,736,930
1936-36 real est. & pub. utility.
1935-36 personal tangible
Total
2.32
2.72
.10
$49,516,900
1934-35 real est. & pub. utility.
1934-35 personal tangible
*
Ore.-—BOND OFFERING—Sealed bids will be received until
8 p. m. on Oct. 27, by C. R. Beardsley, City Recorder, for the purchase
statements as follows:
sales
Portland, Oregon
Building,
Offerings Wanted
b Out.
Tax Record
Total Collection
Including Prior
Delinquencies
Current Levy
$463,044
$367,532
80%
316,399
133.055
42%
$779,443
1931-32 general
1931-32 special assessment
Per Cent
Current
$500,587
308,144
87,740
64%
70%
33%
$395,884
56%
94%
66%
1932-33 general
1932-33 special assessment
440,276
267,300
'
$707,576
443,236
1933-34 general
1933-34 special assessment
418,911
233.215
...
153,942
$676,451
302.200
244,184
$572,853
344,595
132,607
$636,384
$477,202
1934-35 general
1934-1935 special assessment
85%
88%
54%
,
General fund
General sinking fund
Pension funds
Net pro¬
$68,165.36
87,236.71
6,296.01
sinking fund
Sales tax—January through
July—credited to general fund
„
,
Fund Balances
General
$265,269.90
as
of Aug. 31. 1936
O. D
$39,138.34
59,911.86
Waterworks
Library
Cemetery
8,699.29
9.200.54
Gasoline tax and
inter-county highway
Auto license tax
Police Pension—O. D
_
242.11
5.324 17
_
I
Firemen pension—O. D
Various improvements...
1,991.22
2,674.26
128,839 26
213,980.28
31
Sinking fund
$382,393.69
*
yet been executed against last half 1935 tax
as
BluEJACKET
EUFAULA, Okla.—BOND OFFERING—-Eloise G. Smock,
City Clerk,
rpC«1iV.eru!n8 untlA 7.30 p. m. Oct. 30 for the purchase at not less than
of
$14,000
water
*ipon„ a
time
after date of issue.
Oct.
19
works
bonds, which
are
bear int.
to
at
rate
deter-
?a.IeDue $2,000 yearly beginning three years
Certified check for 2% of amount of
bid, required.
*3i^$7,000
143, p. 2564—were
V.
water works bonds
awarded to the City Treasurer
^rsaf?eredat™£2e°
r bidders*
Due S1»000
beginning three
»~J^c^kESTER, Okla.—BOND SALE—An issue of $75,000 water works
w^ick had
recently to the Brown Crummer been held by the city since 1929, was sold
Investment Co. of Wichita
at 103.62.
POTEAU, Okla.— BOND OFFERING—Perry C.
Bolger, Citv Clerk
cOr «tfrwinne
unH
rfl"
^or
purchase at not less than par
n'tfF w1orks b°nciSo'
are to bear interest at rate determined
issue pxrlrt thx Ah* if'
yearly beginning five years after date of
Sow
installment shall amount to $5,000. Cert, check
for
*
2% of amount of bid, required.
Okla.—BOND
$15 000
issue
nf
water
werlrQ
CHELTENHAM
to
par'
100.111. the first $5,000 bonds to bear interest
thlsam4 intlS"atVni)ueI'f.OOOye®^
a
Premium
V, % and the balance
at 4
fromoS9^947. ^°' ,1'2S at
«C7
6 /o
™
.
will be received until
Graven, City Auditor, for the purchase of
$1,000.
Interest rate is
Dated
Nov
?Rnm71914aSfof0l0iRS! iS>000.- I037 t0 I030: *7.000,
to 1946.
The city reserves the
$8,000, 1944
1
not to exceed
1936
Due
1940 to 1943, and
right to take up and cancel
bonds maturing in 1938 to
1946, or any thereof, upon
payment of
face value with accrued interest to date of
payment, at any interest paying
date on or after one year from date of
issue.
Principal and interest payable
ia *awful money at the
City Treasurer's office.
A certified check
5%
of the amount bid is required.
/0
such
foJ
previously—14
bPpe^564S)th<3 offering Qotice given in these
SCHOOL
DISTRICT
(P.
O.
Elkins
school
coupon
Nov. 1,1936.
as to the disposition of the bonds has been received.
Due $20,000 on Nov. 1 from 1937 to 1941.
CHELTENHAM
TOWNSHIP
(P.
O.
Elkins
Park),
Dated
Pa.—BOND
SALE—The $100,000 coupon bridge and improvement bonds offered on
Oct. 15—V. 143, p. 192(1—were awarded to Moncure Biddle & Co. of
Philadelphia as 2s, at a price of 100.777, a basis of about 1.94%.
Dated
Nov. 1, 1936 and due $10,000 on Nov. 1 from 1946 to 1955, incl.
Public
re-offering is being made by the bankers at prices to yield from 1.70% to
about 2%, according to maturity.
Award is expected to be made on Oct. 27.
CUMRU TOWNSHIP SCHOOL DISTRICT
(P. O. Reading), Pa.—
BOND SALE—The $15,000 coupon school bonds offered
143,
Oct.
on
10—V.
2251—were awarded to Leach Bros, of Philadelphia as 3)4s. Dated
Nov. 1,1936. Due $1,500 yearly on Nov. 1 from 1937 to 1946, incl. Optional
on and after Nov. 1, 1938.
p.
(P.
O.
Johnstown),
Pa.—BOND SALE—Leach
Bros.,
Inc. of Philadelphia obtained the award of a hew issue of $7,000 5% Mans¬
Act operating expense bonds at a price of 100.65, a basis of about
field
Due $1,000 annually.
HILL SCHOOL DISTRICT
SALE—The
$110,000
coupon
school
(P. O. Bethlehem), Pa.—
building bonds offered on
Oct. 22—V. 143, p. 2412—were awarded to Edward Lowber Stokes & Co. of
Philadelphia,
premium of $2,530, equal to 102.30, a
high bid was submitted to Dougherty
who offered a premium of $1,942.60 for
3% bonds.
Due as follows:
$5,000, 1946, 1948, 1949, 1951, 1954, 1956,
1957 and 1958; and $10,000 in 1959, 1960, 1961, 1962, 1964, 1965 and 1966.
basis
as
about
of
Corkran
3s, at par, plus
2.86%.
Second
a
Co. of Philadelphia,
&
HATFIELD,
Pa.—BOND OFFERING—Philip
D.
Fox,
Borough
Secretary, will receive sealed bids until 8 p. m. on Nov. 2, for the purchase of
$16,000 2,2M.2^,2M,3,3M or 3 )4 % coupon electrical equipment bonds,
registerable as to principal only.
Dated Nov. 1, 1936.
Denom. $1,000.
Due $2,000 on Nov. 1 from 1942 to 1949, incl.
Bidder to name a single
rate of interest on all of the bonds.
Interest payable M. & N.
A certified
check for 2% of the bonds bid for, payable to the order of the Borough
Treasurer, must accompany each proposal.
The bonds will be issued subject
to approving legal opinion of Townsend, Elliott & Munson of Philadelphia.
INDIANA SCHOOL DISTRICT, Pa .—BOND OF FERING—Marion W.
Bath, District Secretary, will receive sealed bids until noon on Nov. 9. for
purchase of $60,000 not to exceed 4% interest coupon funding and
refunding bonds.
Dated Oct. 15, 1936.
Denom. $1,000.
Due $20,000
on Oct. 15 from 1954 to 1956, incl.
Bidder to name one rate of interest on
all of the bonds, expressed in a multiple of
of 1%.
Interest payable
A. & O.
A certified check for $1,200, payable to the order of the District
Treasurer, must accompany each proposal.
The issue will be sold subject
to approval of the Pennsylvania Department of Internal Affairs.
the
SCHOOL
DISTRICT,
Pa .—BOND SALE
DETAILS—
Lazard Freres & Co., Inc. of New York and Janney & Co. of Philadelphia
associated with Moncure Biddle & Co. of Philadelphia in the purchase
on Oct. 15 of an issue of $700,000 school building bonds as 2)4s, at a
price
were
of 101.549, a basis of about
2.14%.
Dated Nov. 1, 1936 and due Nov. 1
$15,000, 1937 to 1946, incl.; $25,0Q0 from 1947 to 1956, incl.
The bankers made public re-offering
0.40% to about 2.20%, according to
maturity.
These are the first bonds to be sold by the district since 1924
and, according to the president of the district, present indications suggest
that there will not be any necessity for future borrowing for quite a number
follows:
and $30,000 from 1957 to 1966, incl.
of the issue at prices to yield from
of years.
Pa.—BOND
OFFERING—,Sealed bids
MSU^-r0 & N. r€£unding bonds.
^axrr
M.
Denom.
payable
TOWNSHIP
on
No information
Oct
^
A certified
LEWIS TOWNSHIP SCHOOL DISTRICT (P. O. Turbotville, R. D.)
SALE—The $30,000 3% school building bonds offered on
OREGON
7
the entire issue.
Oct. 20 two bids at par for 1% bonds were received, one from
Drexel & Co. of Philadelphia and the other from the district's Sinking Fund.
as
offer**'-oSocnl^P. f«L?7?412i-^?e\^drJTototh7tB^S
plus
on
Park), Pa.—BIDS RECEIVED—At the offering of $100,000
LEBANON
SALE^—1The
tfS°wb0?d,M°?eml E°: sale
°ct- 19—v. 143, p. 2564—was awarded
oa
Du^i.OOO ftoml939 t°of 1A953 1°S: ^ " 'S Stated by the T°™ °lerk'
of interest
name one rate
2% of the 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, Elliott & Munson of
Philadelpnia.
BOND
SCHOOL
?££klah0,m®iCn&.
on
Bidder to
check for
FOUNTAIN
DISTRICT NO. 20 (P. O.
Bluejacket)
Okla.
BOND SALE-—The $10,000 issue of
school building bonds offered
*r^,a, L°n
A'.—V. 143, p. 2411—was awarded to R. J. Edwards, Inc.,
.acc^£ing t0 the District Clerk. Due $600 from 1941 to
1955, and $1,000 in 1956.
offered
in 1956.
4.89%.
OKLAHOMA
par
will receive sealed bids until 5:30 p. m. on Nov. 16 for the purchase or
$28,000 2)4, 2%, 3, 3)4 or 3H% coupon, registerable as to principal only,
funding and improvement bonds.
Dated Nov. 1, 1936.
Denom. $1,000.
Due Nov. 1 as follows: $5,000 in 1941 and 1946: $8,000 in 1951 and $10,000
FERNDALE
Net balance
No advance draw has
collection.
TOWNSHIP
SCHOOL DISTRICT (P. O. Forest
Grove), Pa.—BOND OFFERING—William B. Carver, District Secretary,
40,591.00
62,980.82
,
„
Philadelphia
PENNSYLVANIA
BUCKINGHAM
bonds
assessment
Locust Street
1520
74%
Tax settlement for first half 1935 has
just been completed.
ceeds from this collection have been distributed as
follows:
Special
Moncure Biddle & Co.
Collection
columns
12—V. 143, p. 2096—were awarded to E. H. Rollins & Sons of Phila¬
delphia at 100.26, a basis of about 2.98%.
on
Oct.
1
as
redeemable
follows:
on
Dated Oct. 1, 1936. Due yearly
$1,000, 1938 to 1964; and $1,500, 1965 and 1966;
and after Oct. 1, 1947.
In reoffering the bonds the bankers priced the maturities from 1937 to
1945 incl. to yield from 0.40% to 2%
and those from 1946 to 1966 incl.,
variously at from par to 101.75. Other bids were as follows:
Bidder—
Bancamerica-Blair Corp
Dougherty, Corkran & Co
Citizens National Bank, Lewistown
Suplee, Yeatman & Co
Yarnall & Co
Leach Bros., Inc
Int. Rate
214%
2)4 %
2)4%
2)4%
2)4%
3%
Rate Bid 1
100.778
100.169
100.839
100.639
100.277
101.35
Financial
143
Volume
DISTRICT (P. O. ArdMcCabe, District Secretary,
the purchase of $125,000
2, 2H. 22% or 3% coupon school bonds.
Dated Nov. 15, 1936.
Denom. $1,000.
Due $5,000 on Nov. 15 from 1937 to 1961, incl.Registerable as to prin. only.
Bidder to name one rate of int. on all of the
bonds.
Int. payable M. & N.
Offers may be made for all or any part of
the issue.
A certified check for 2% of the bonds bid for, payable to the
order of the District, must accompany
each proposal.
Approving legal
opinion of Morgan, Lewis & Bockius of Philadelphia will be furnished
MERION
LOWER
more),
TOWNSHIP SCHOOL
OFFERING—Frances
Pa»—BOND
will receive sealed bids until 8 p. m. on Nov. 16 for
at the time of issuance of the
bonds.
Pa —DECLINE
PHILADELPHIA,
TAX
IN
collections for September showed a drop from last
COLLECTIONS—Tax
year's figures, statistics
Frank J. Willard showed.
Current city tax collections for the month came to $752,949, compared
to $1,142,674 in September, 1935.
Delinquent tax collections also dropped
the total for last month being $409,919, as against $592,810 in September a
released Oct. 7 by Receiver of Taxes
a
year ago.
under those for 1935.
Current
a $20,000 issue of 4K% semi-annual refunding bonds.
Denom.
$1,000.
Dated Nov. 1, 1936.
Due on Nov. 1 as follows: $1,000, 1938
1945, and $2,000, 1946 to 1951.
The Board of Education reserves the
right to reject any and all bids and to make delivery of said bonds in part
chase of
to
from time to time, when and as the bonds being refunded are surrendered
for payment,
xhe approving opinion of Junell, Driscoll, Fletcher, . Jorsey
&
Barker, of Minneapolis, will be furnished.
FRANKLIN CONSOLIDATED SCHOOL DISTRICT NO. 2 (P. O.
m
S. Dak.—BOND OFFERING—W. H. McAllister, District
Clerk, will receive bids until 8 p. m. Oct. 30 for the purchase of $65,000
4K% refunding bonds. Denom. $1,000. Certified check for 2% required.
Madison),
NORTHVILLE
INDEPENDENT
SCHOOL
DISTRICT
NO.
31
(P. O. Northville), S. Dak.—BONDS NOT SOLD—The $5,000 issue of
semi-ann. school bonds offered on Sept. 11—V. 143, p. 1602—was
not sold as no bids were received, according to the District Clerk.
Dated
Dec. 1, 1935.
Due $1,000 from Dec. 1, 1945 to 1949, incl.
4%
QUINN INDEPENDENT SCHOOL DISTRICT NO. 3 (P. O. Quinn),
^
current city tax collections were $35,176,353, or $1,465,116 less than for the same period last year.
Delinquent
collections for the nine months were $8,164,293, more than $1,000,000
For the nine months of the year
school
tax
and delinquent were
collections
for the nine months were
$19,529,194,
$4,537,947.
PHILADELPHIA, Pa .—BORROWS $1,000,000 FROM LOCAL BANK—
Hadley borrowed $1,000,000 at 1% interest on Oct. 20
the city's fiscal agent, for the purpose
City Treasurer
fromtne Philadelphia National Bank,
of meeting payrolls for the last half of
WHITEWOOD, S. D.—BONDS NOT SOLD—The $15,000 issue of 4%
Moylan), Pa .—BOND OFFERING—Charles J.
Seltzer, Borough Secretary, will receive sealed bids until 8:30 p. m. on
Nov. 4, for the purchase of $30,000 coupon bonds, dated Dec. 1, 1936, in
$1,000 denoms. and due $1,000 on Dec. 1 from 1937 to 1966, incl.
Bids are
asked on 2K % or 2%% bonds, free of Pennsylvania State taxes, except
gift, succession or inheritance taxes, and on 3% bonds, subject to said
taxes.
Interest payable J. & D.
All of the bonds must bear the same rate
of interest.
For the purpose of determining the best offer for the bonds,
3% taxable bonds will be treated as the equivalent of 2.60% tax free bonds.
Principal and semi-annual interest payable at the principal office of the
Pennsylvania Company for Insurances on Lives and Granting Annuities,
Philadelphia.
A certified check for $600, payable to the order of the
borough, must accompany each proposal.
The bonds will be issued subject
to approval of the Pennsylvania Department of Internal Affairs and the
approving legal opinion of Saul, Ewing, Remick & Saul of Philadelphia.
The opinion will be furnished the successful bidder.
DISTRICT (P. O. Shamo-
have granted
the purchase
DISTRICT,
Pa.—BOND SALE— The
Tower City National Bank purchased an issue of $22,000 3M% refunding
bonds at a price of par.
Due Oct. 1, 1951^
CITY
TOWER
SCHOOL
DISTRICT, Pa .—BOND SALE—The
$9,500 3% school building bonds offered on Oct. 12—V. 143, p. 2096—were
awarded to Leach Bros, of Philadelphia on a bid of 100.03, a basis of about
2.99%. Due $500 yearly on Oct. 1 from 1938 to 1956, incl.
TURBOTVILLE
Dec.
1, 1939 to 1950 inclusive.
$250,000
CHATTANOOGA, TENN. Refunding 4i/4s
SCHOOL
Due
Richmond, Va.
1945
15, 1936 and due $2,000 on Oct.
A. T. T. Tel. Rich.
Phone 8-9137
Va. 88
TENNESSEE
COOKEVILLE, Tenn.—BOND ELECTION—The City Commission is
said to have called an election for Nov. 9 in order to have the voters pass
on the proposed issuance of $84,000 in street
bonds, to be used as the
city's share in a Public Works Administration program estimated to cost
$150,000.
LOUDON COUNTY (P. O. Loudon), Tenn.—BONDS
is said that the County Court recently authorized
—It
$454,000 in not to exceed 4>£% refunding
SULLIVAN COUNTY (P. O.
November
in
AUTHORIZED
the issuance of
bonds.
Blountville), Tenn .—BOND ELECTION
the general election
bonds will be sub¬
Clerk of the County Court that at
$60,830 issue of school construction
—It is stated by the
a
mitted to the voters.
WEST HAZELTON, Pa.—BOND SALE—The issue of $18,000 4j^%
operating expense bonds offered on Oct. 20—V. 143, p. 2565—was awarded
Sons of Philadelphia at a price of 103.42, a basis of about
Dated Oct.
May 1950 @ 3.50% basis & int.
F. W. CRAIGIE & COMPANY
TEXAS BONDS
to E. H. Rollins &
3.74%.
of
semi-annual pipe line bonds offered on Oct. 15—V. 143, p. 2252—was not
sold as no bids were received, according to the Town Clerk.
Due from
ROSE VALLEY (P. O.
SHAMOKIN-COAL TOWNSHIP POOR
OFFERING—J. H. Chamberlain, Clerk of the Board
S. Dak.—BOND
Education, will receive bids until 7 p. m. Oct. 30, for the purchase at not
less than par of the following 5% coupon, fully registerable, bonds:
$15,000 funding bonds. Denom.$500. Dueasfollows: $500,1938 to 1945;
and $1,000, 1946 to 1956.
Interest payable semi-annually.
2,000 school building bonds.
Denom. $50.
Due as follows: $50 1938
to 1945; $100 1946 to 1951; and $200 1952 to 1956.
Interest
payable annually:
Dated Dec. 1, 1936.
Principal and interest payable at the office of the
District Treasurer.
The district will furnish the executed bonds.
October and other bills.
Pa.—NEW MAYOR OFFICIALLY INSTALLED—
Cornelius D. Scully formally became Mayor of the city on Oct. 19, succeed¬
ing William N. McNair.
The City Council unanimously elected Mr.
Scully to fill the office he has occupied since Oct. 6, when Mr. McNair
resigned.
The latter, however, recently withdrew his resignation and his
claim to the office may be taken to the courts for adjudication. Mr. Scully
will complete McNair's term, which expires Jan. 1, 1938.
PITTSBURGH,
kin), Pa,—OPTION GRANTED—The Directors of the Poor
a 60-day option to Leavens & Leader, Inc., of Shamokin, for
of an issue of $300,000 note funding bonds.
2725
Chronicle
15 from 1937 to
%■
Bought
—
Both
Quoted
—
incl.
TOWNSHIP (P. O. Ceroenton), Pa .—BOND ISSUE
DETAILS—The issue of $30,000 debt funding bonds sold recently to
Edward B. Smith & Co. of Philadelphia at a price of 101.25—V. 143, p.
WHITEHALL
2413—bear 3% interest and mature
to
Oct. 1 as follows:
1946, incl. and $2,000 from 1947 to 1956,
RHODE
Incorporated
Houston, Texas
Sterling Building
ISLAND
PROVIDENCE, R. I —RESEARCH BUREAU COMPLETES FINAN¬
STUDY—Tbe
Providence Governmental Research Bureau has
recently completed a study of financial operations of the city during the
last seven years.
Commenting on the facts developed in the investigation,
the bureau finds that although tne city is in an advantageous position, hav¬
ing weathered the depression successfully, difficulties may ensue because of
continuing annual deficits and mounting debt service costs.
In referring to
the debt situation, the bureau disclosed the following facts:
The net indebtedness of the city has risen from $23,269,194 on Sept. 30,
TEXAS
1929, to $35,674,692 on Sept. 30, 1935.
The per capita indebtedness, which in 1929 was $109.69, as compared
with only $88.25, the average of 16 comparable cities, has advanced to
$141.02 for 1935 as compared with $94.35 average in the 16 cities.
Debt service charges take 27 cents of each dollar in Providence, leaving
only 73 cents per dollar to be expended for general purposes.
In this
connection, the bureau states that responsible authorities in municipal
service charges require more than 25% of the
dollar difficulties in municipal finance may be expected.
finance hold that when debt
Texas—BOND ELECTION CONTEMPLATED—
following report is taken from the Chicago "Journal of Commerce" of
CORPUS CHRISTI,
CIAL
tax
COMPANY
H. C. BURT &
$1,000 from 1937
inclusive.
The
Oct.
15:
called in the near future by Corpus Christi, Tex.,
of $1,200,000 in bonds to finance construction
"An election will be
for
of
vote on the issuance
a
a
water
supply line from Calallen.
It is reported that holders of the
present $2,626,000 water bonds have agreed to subordinate
a second loan, to reduce interest rates from 6% to 4% for the
their lien to
first 10 years
for the remaining years of the life of the bonds, and to cancel
scrip outstanding, if the present defaulted interest is paid.
The new issue
would also care for the payment of a $505,000 Reconstruction Finance
Corporation loan and a $90,000 reservoir loan.
It is reported that A. S.
Huyck Co., Chicago, will handle the new issue, if voted."
and to 4^%
1
Dallas), Tex.—BONDS SOLD—It is
Crosthwait, County Auditor, t|iat $120,000 refunding
DALLAS COUNTY (P. O.
J.
by
L.
stated
bonds
have been sold.
INDEPENDENT SCHOOL DISTRICT (P. O.
Texas—MATURITY—In connection with the sale of the
EDCOUCH-ELSA
Edinburg),
$40,000 4%
par,
that
semi-annual school bonds to the State Board of Education, at
as noted here last June, it is stated by the Superintendent of Schools
the bonds mature from 1939 to 1954.
FALLS COUNTY (P. O.
Marlin), Tex.—BOND ELECTION—An elec¬
in order to vote on the issuance of
not to exceed 30 years.
held on Oct. 31, it is said,
$100,000 in 4% bridge bonds.
Due in
tion will be
(P. O. Houston), Tex.—BOND ELECTION—A
bonds will be submitted to the voters at the Nov. 3
HARRIS COUNTY
$200,000 issue of road
election, it is
reported.
Texas—BOND SALE DETAILS
$55,000 4% semi-ann. road and
of San Antonio, as
dated April 10, 1936,
and mature on April 10 as follows:
$2,000, 1937 to 1943; $4,000, 1944 to
1948; $5,000, 1949 to 1951, and $6,000 in 1952.
JOHNSON COUNTY (P. O. Cleburne), Tex.—BOND ELECTION—
The voters will pass on the proposed issuance of $45,000 in jail construc¬
tion bonds, to match a Public Works Administration grant for the project,
HAYS COUNTY
—It is stated by
(P. O. San Marcos)
the County Judge that the
bridge bonds purchased by Mahan, Dittmar & Co.
noted in these columns recently—V. 143, p. 2565—are
at
the
general election on Nov.
3.
DISTRICT (P. O. Kermit), Tex.—PRICE PAID
It is now reported by the Secretary of the Board of Education that the
$100 000 school building bonds purchased by the State School Board, as
noted here in July—V. 143, p. 635—were sold as 3^s at par.
KERMIT SCHOOL
KERRVILLE
INDEPENDENT SCHOOL DISTRICT (P.
O. Kerr-
Texas—BONDS SOLD—A $67,000 issue of 4X % semi-ann. refunding
reported to have been sold. Denom. $1,000. Dated Dec. 1, 1936.
from Dec. 1, 1949 to 1965.
ville)
SOUTH
CAROLINA
LATTA, S. C.—BOND CALL—It is stated by A. B. Allen, Mayor, that
passed a resolution calling for payment as of Nov. 1
a
total of $15,000 of its bonds that were scheduled to mature in 1956.
Funds will be on hand at the Hanover National Bank, New York
or the
Latta Depository, Latta, S. C., for the payment of principal and interest.
(The official advertisement of this call appears in the advertising section
the Town Council has
of this issue.)
bonds is
Due
Olney),
OLNEY INDEPENDENT
SCHOOL DISTRICT (P. O.
Texas—BONDS VOTED—It is stated by the Superintendent of Schools
that at an election held on Oct. 8 the voters approved the issuance
a
total of $159,000 in 5% and 5^% refunding bonds by a margin of
three to one.
No date of sale has been fixed as yet.
of
almost
ROXTON, Texas—BONDS VOTED—At a recent election
said to have approved the issuance of $50,000 in water
plant bonds by a wide margin, to be issued in
the voters
works^ and
connection with a
are
SOUTH
S.
until 8 p. m.
DAKOTA
INDEPENDENT SCHOOL DISTRICT NO. 3 (P. O.
Dak.—BOND OFFERING—Sealed bids will be received
on Oct. 26, by R. W. Olmsted, District Olerk, for the pur¬
ARGONNE
Argonne),
sewage
Public Works
BOND
Administration grant.
COUNTY ROAD DISTRICT
ELECTION REJECTED—The
RUSK
NO. 1 (P. O. Henderson), Tex.—
County Commissioners are said to
2726
have
Financial
turned
down
proposition calling for an election to vote
issuance of $1,500,000 in road bonds.
a
on
Chronicle
the
ann.
1936.
BOND ELECTION—It was reported later that an election will be held
on Nov. 18 in order to vote on the issuance of $2,000,000 in road bonds.
SAN
and
on
bonds.
Denom.
$1,000.
24, 1936
Dated
June
1,
MERRILL,
Nov. 3
Wis.—BOND ELECTION—At the general election on
proposition to issue $75,000 funding bonds will be submitted to
a
the voters,
city funds which will be made available if the bond issue is
approved.
TARRANT
COUNTY
(P.
O.
Fort
Worth)
Texas—BONDS
NOT
SOLD—It is stated that the $270,000 issue of 4K% semi-ann. road bonds
offered on Oct. 19—V. 143, p. 2505—was not sold as all the bids received
were
Due
improvement
June 1, 1939.
MARSHFIELD, Wis.—NOTE ISSUANCE AUTHORIZED—'The City
Council is said to have passed a resolution providing for the issuance of
$50,000 in current and ordinary expense notes.
ANTONIO, Texas—BOND ELECTION—The City Commission
is said to have adopted an ordinance calling a special election on Nov. 12
in order to vote on the issuance of $450,000 in bonds.
It is reported that
various civic improvements are contemplated with the $2,500,000 of
Federal
highway
Oct.
rejected.
Dated Oct. 10, 1930.
Due
Oct. 10
on
as
follows:
$10,000,
1938 to 1956, and $20,000, 1957 to 1960, all incl.
OSHKOSH, Wis.—BOND SALE—The $100,000 general obligation in¬
tercepting sewer and sewage disposal plant bonds offered on Oct. 21—V.
143, p. 2566—were awarded to the First National Bank of Chicago as
2Mb, at par, plus a premium of $777, equal to 100.777, a basis of about
2.18%. Halsey, Stuart & Co. of Chicago offered a $325 premium for 2j^s.
Dated Oct. 15,1936.
to 1955.
Due
Oct. 15
on
as
$7,000, 1946
follows: $6,0(fc0,1941 to 1945; and
BOND OFFERING—It is stated
by W. E. Yancy, County Auditor, that
he will receive sealed bids until 10 a. m. on Oct. 26, for the purchase of a
$270,000 issue of 4H% road bonds.
Denom. $1,000.
Dated Oct. 10,
1930.
Due on Oct. 10 as follows: $10,000, 1938, 1941, 1944, 1947, 1950,
1953 and 1957 to 1950.
Prin. and int. (A. & O.) payable at the Chemical
Dank & Trust Co., New York City, or at the County Treasurer's office.
The bonds have been prepared, printed and will be ready for delivery
after the proper legal opinions have been made.
The approving opinion of
Chapman & Cutler, of Chicago, will be furnished.
A certified check for
$2,000, payable to Emmett Moore, County Judge, mast accompany the
bid.
OFFERINGS
WANTED
UTAH—IDAHO-NEVADA—MONTANA—WYOMING
OUTAGAMIE COUNTY (P. O. Appleton), Wis.—BOND OFFERING
—It is reported that sealed bids will be received until 2
p. m. on Oct. 30,
by the County Clerk, for the purchase of an issue of $100,000 highway
improvement bonds.
WEST ALLIS.
adopted
Bell Teletype:
1941.
Oct.
on
Wis—BONDS AUTHORIZED—'The City Councifhas
providing for the issuance of $90,000 sewer bonds.
WYOMING
SL K-37
Cheyenne, paying
WEBER COUNTY SCHOOL DISTRICT (P. O.
Ogden) Utah—
BOND SALE—We are informed by George Cragun, Clerk of the Board of
Education, that an issue of $150,000 2%% coupon refunding bonds was
purchased by Edward L. Burton & Co. of Salt Lake City, at a price of
99.00. Denom. $1,000.
Dated Dec. 1, 1935. Due from 1936 to 1942 incl.
Interest payable J, & D.
Oregon
Idaho
—
a
premium of $270.00, equal to 100.84.
LARAMIE COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Cheyenne).
Wyo.—BOND SALE—The $170,000 coupon school bonds offered on Oct. 19
—V.
143, p. 2096—were awarded to the American National Bank of
Cheyenne at 100.79 for 2Hs, a basis of about 2.43%. Dated Nov. 1, 1936.
Due $17,000 yearly on Nov. 1 from 1946 to 1955, Inc,
Canadian Municipals
NORTHWESTERN MUNICIPALS
Information and Markets
—
Montana
BRAWLEY, CATHERS & CO.
Ferris & Hardgrove
SEATTLE
Teletype—8PO 170
m.
BIG HORN COUNTY SCHOOL DISTRICT NO. 17 (P. O.
Basin)
Wyo.—BONDS SOLD—A $32,000 issue of 2%% semi-ann. refunding bonds
is reported to have been purchased
by the Stockgrowers National Bank of
UTAH
SPOKANE
a.
LAKE CITY
Phone Wasatch 3221
—
May 1,
Phillips)
a resolution
FIRST SECURITY TRUST CO.
Washington
on
Wis.—BOND OFFERING—-Sealed
29, by Joshua Jones, County
$35,000 issue of refunding, series B bonds.
5%, payable J. & D. The basis of determin¬
ation of the best bid will be the lowest interest cost to the
county. Denom.
$1,000.
Dated Dec. 1, 1936.
Due on Dec. 1 as follows:
$10,000. 1939;
$15,000, 1940, and $10,000 in 1941. Prin. and int. payable at the County
Treasurer's office. The purchaser will be required to furnish the blank bonds.
The bonds are to be issued subject to the
approving opinion of Chapman &
Cutler of Chicago, which will be furnished the
purchaser.
A certified
check for 2%, payable to the County
Treasurer, must accompany the bid.
MUNICIPALS
SALT
Due
PRICE COUNTY (P. O.
bids will be received until 11
Clerk, for the purchase of a
Interest rate is not to exceed
KING
$8
ST.
WEST, TORONTO
ELGIN
6438
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 100
CANADA
ALBERTA
(Province of)—PREMIER FEARS FOR SUCCESS OF
PLANS—Speaking in Coronation on Oct. 15 Premier Eberhart told his
WASHINGTON
ABERDEEN
SCHOOL DISTRICT,
Wash.—BOND ELECTION—
Proposals to issue $56,563 debt funding bonds and $16,000 school
building
Improvement bonds will be voted upon at the November elections.
ISSAQUAH, Wash.—BONDS VOTED—It
that at the election held
the issuance of the
on
is stated by the Town Clerk
Oct. 10—V. 143, p. 2253—the voters approved
to exceed 5% water system bonds.
Due
$42,500 in not
in 1955.
..KING COUNTY SCHOOL DISTRICT NO. 130 (P. O. Seattle)
Wash.—BOND OFFERING—Sealed bids will be received until 11 a. m. on
Nov. 7, by B. C. Yancey, County Treasurer, for the
purchase of a $15,000
issue of school
bonds.
Interest rate is not to exceed 6%, payable semi¬
annually. Said bonds shall run for a period of 23 years, said period of time
being (as nearly as practicable), equivalent to the life of the improvements
to be acquired by the use of the said bonds:
Provided, that the district
reserves the right to
pay or redeem said bonds, or any of them, at any time
after 20 years from the date thereof.
of the County Treasurer. A certified
Treasurer, must accompany the bid.
Prin. and int.
payable at the office
check for 5%, payable to the County
audience that
unless
citizens
cooperated
with
the
Social Credit
Govern¬
ment he may have to throw up his hands and
say, "I can do nothing for
you."
The Premier said issuance of prosperity certificates had been only
partially successful, because "some alleged social creditors would not take
them back in change from storekeepers." He declared "If the
people do not
cooperate any better than that with the dividend principle and use their
Alberta credit, it is possible that in six
months, or maybe three-montns, I
will have to throw up my hands and
say I can do nothing for you.
You
must use your own
credit."
CARLETON COUNTY (P. O. Ottawa), Ont.—BOND OFFERING—
Henry R. Washington, County Clerk and Treasurer, will receive sealed
bids until 2 p. m. on Oct. 28, for the purchase of
$31,000 4% bonds, dated
Sept. 1, 1936 and due in 10 instalments.
EDMONTON,
Alta.—BONDHOLDERS REQUEST
DEBT
STUDV^-
J. A. Fortin, investment dealer of
Toronto, speaking on behalf of a bond¬
holders' group, informed Mayor Joseph A. Clarke that holders of the
city's debentures are willing to consider a reduction in interest rate, but
must first obtain a complete
knowledge of the economic and financial
situation of
LYNDEN, Wash.—BONDS SOLD—It
of water bonds has been sold
is reported that a $26,000 issue
4s.
as
PIERCE COUNTY CONSOLIDATED SCHOOL
DISTRICT NO. 342
(P. O. Tacoma), Wash.—BONDS
SOLD—It is stated by O. E. Dahlgren,
County Treasurer, that $13,500 school bonds have been purchased by the
State of Washington.
PIERCE
-
COUNTY
SCHOOL
DISTRICT NO. 80 (P. O. Tacoma)
Wash.—BOND SALE POSTPONED—The $4,850 issue of not to exceed
5% semi-ann. school bonds, previously scheduled for sale on Oct. 17—V.
143, p. 2097'—was not offered at that time as the sale was
postponed in¬
definitely, according to the County Treasurer.
Of
BELLINGHAM
(P. O.
ELECTION—At the general election in
voters will be asked to
pass on
bonds.
Bellingham),
Wash.—BOND
November it is said that the
the issuance of $75,000 in port development
Edmonton before any action looking toward a reduction in
bond interest can be undertaken.
The Mayor, it is said, declared that
the request for an investigation was made
only for "the purpose of
At the same time, A. E. Phipps, General
delay."
Manager of the Toronto branch
of the Imperial Bank of Canada, informed
Mayor Clarke that the city's
overdraft of $1,300,000 with thd bank must not be increased
during
1937^
GLACE BAY, N. S.—BOND SALE—W. L. McKinnon & Co. of Toronto
have purchased an issue of $75,000 5%
bonds, dated Aug. 15, 1936 and due
serially in 15
years.
m
GRANBY, Que.—BOND OFFERING—J. Lemieux, Secretary-Treasurer
of the Roman Catholic School
Commission,
4 p. m. on Oct. 26 for the purchase of
and due in 25 years.
Alternative bids
will receive sealed bids until
$25,000 bonds, dated Sept. 1, 1936
are asked for 3H and 4% bonds.
MIMICO, Ont.—REFUNDING PLAN
OPPOSED BY NEW TORONTO
—The
neighboring town of New Toronto will not cooperate in making
Mimico's refunding plan, mentioned in our issue of Oct.
20,
unless there is a revision of some features of the
proposal, Reeve W. E.
effective
SEATTLE,
Wash.—BOND
CALL—H.
said to
be calling for payment from Oct.
provement district bonds.
L. Collier, City Treasurer, is
15 to Oct. 28, various local im¬
SKAMANIA COUNTY SCHOOL DISTRICT
NO. 9 (P. O. Steven¬
son), Wash.—BOND OFFERING—John C.
Wachter, County Treasurer,
will receive bids until
10 a. m. Nov. 7, for the purchase of $2,400
coupon
bonds, which are to bear interest at no more than
4%, payable annually.
Principal and interest payable at the
County Treasurer's office, or at the
State Treasurer's office in
Olympia.
Certified check for 5% of amount of
bid, required.
WEST
VIRGINIA
CABELL COUNTY (P. O.
Huntington), W. Va.—BOND ELECTION
general election in November the $600,000 in school
—At the
construction
bonds, mentioned in these columns
recently—V. 143, p. 2566—will be
submitted to the voters, it is said.
Interest rate is not to exceed
3%.
It
is stated that these bonds will be
issued only if a Public Works Administra¬
tion is made on the project.
vit!^le' held
REQUIREMENTS—It was W-Y*'—COURT RULES ON DEBT SERVICE
by the State Supreme Court in a ruling
given on Oct.
13, that debt service for
municipal bonds must be provided
from property taxes and the
high court affirmed a Circuit Court decision
denying the city the right to issue $64,000 electric
light and power system
bonds.
It was pointed out by the court that
the city had stated that the
bonds could be retired from direct levies
and supplemented, if necessary,
by other current revenues.
This, the Court, stated was contrary to con¬
stitutional provisions.
WISCONSIN
BARRON JOINT SCHOOL DISTRICT
NO. 1 (P. O. Barron) Wis.—
5^*1 N^JTjE!£9UNT Y (P* °* Marinette),
bids will be
received
until
10
a.
Costello, County Clerk, for the purchase of
m.
an
a
recent statement.
He took issue
Mr. MacDonald stated in part as follows:
"In connection with joint sewage enterprises, Mimico borrowed the
money
debentures, and New Toronto was to pay Mimico each year 50% of
annual payments and interest on debentures.
To make the bonds
more attractive New Toronto was also asked to guarantee
them, and this
on
the
was
done.
Our position all along has been that we were liable to Mimico
for 50% of the money borrowed, and then as guarantors we are liable to
..^debenture holders for all the money, or any part which Mimico does not pay"
ST. JEAN, Que.—BOND SALE—The issue of $46,900 impt. bonds
offered on Oct. 20—V. 143, p. 2566—was awarded, 3^s and
4s, to the
Banque Canadienne Nationale at a price of 100.22.
Dated Nov. 1, 1936
and due serially on Nov. 1 from 1937 to 1981 incl.
The successful bidders took the bonds due from 1937 to 1950,
incl.,as
3Hs, and those maturing from 1951 to 1961, incl., as 4s.
Other bids were
as
follows:
Credit-Anglo
99.325 for
Paul
Francais, Ltd., and Ernest Savard, Ltd., jointly:
1937-1950 bonds as 3^s; 1951 to 1961 as 4s.
& Co.: bid 99.22 for all of the bonds as 4s.
bid
Gonthier
Comptoir
Nationale de Placement: bid 99.07 for
L. G. Beubien & Co.; bid 100.03 for issue as 4s.
entire
issue
as
4s.
Banque Canadienne Nationale: In addition to their bid which was ac¬
cepted, submitted following alternative offers: 96.08, for 1937-1947 bonds
as 3s; 1948-1961 as 3j^s; 97.07 for all of the bonds as
3j^s; 101.02 for entire
issue
as
4s.
SAINT-GERMAIN OF OUTREMONT (P. O.
Parish), Que.—BOND
OFFERING—J. A. Trudea, President of the Board of
Trustees, will receive
BOND ELECTION—It is reported that a
$50,000 issue of school bonds will
come up for approval at the November
election.
—Sealed
MacDonald of New Toronto declared in
principally with that part of the program providing for adjustment of some
$303,000 bonds which were issued jointly by the two municipalities.
Wis .—BOND OFFERING
on
Nov.
2,
by George E.
issue of $100,000 3% semi-
sealed bids at 36 Notre Dame St. W.f
Montreal, until noon on Oct. 28 for
the purchase of an issue of $460,000 bonds.
WESTMOUNT, Que.—TO ISSUE $160,000 BONDS—The City Council
has applied to the Lieutenant Governor-in-Council for
permission to issue
$160,000 bonds of the total of $952,000 authorized six years
ago.
The bonds would be issued at 3H % interest and mature in from
the balance of
to 40 years.
20
@FedFRASER