The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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Vol. 143
V.
No. 3719
.OCTOBER 3,1936
>
CONTENTS
?
Editorials
Financial Situation
_
.
page
_
_
_
Recent Statutes That Business Needs to WatchDark Clouds in the Far East
,_2118
..
-
2100
2116
Comment and Review
Week
the
on
___2106
European Stock Exchanges.
Foreign Political and Economic Situation
Foreign Exchange Rates
2107
_
Comment. _____2112 & 2154
and
Course of the Bond Market
Indications
of Business
2119.
.2120
Activity.
v
Week
on
the New
Week
on
the New York
York Stock
Curb
2104
Exchange
__2153
Exchange...
News
2133
Current Events and Discussions
Bank and
General
Trust
Company Items
Corporation and Investment News______
2196
2241
Dry Goods Trade
State and
s.
2151
...
Municipal Department
...2242
Stocks and Bonds
2156 & 2195
Foreign Stock Exchange Quotations
Dividends Declared.
f
2156
2195
Auction Sales.
New York Stock Exchange—Stock
Quotations
.-2163
New York Stock Exchange—Bond Quotations. .2162 & 2172
\
New York Curb Exchange—Stock
New York Curb
Quotations.
2178
Exchange—Bond Quotations
Other
Exchanges?—Stock and Bond Quotations.
Canadian Markets—Stock and Bond Quotations
2181
-
2184
2188
Over-the-Counter Securities—Stock & Bond Quotations.2191
Reports
.2111
Foreign Bank Statements.
Course of Bank Clearings
...
...
.2154
Federal Reserve Bank Statements..
.2159
General
r
.2196
Corporation and Investment News.
Commodities
The Commercial Markets and the
Cotton
Bread stuffs
Published Every Saturday
...
;
Crops.
.2232
.2234
.2238
Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Selbertf* Chairman of the Board and Editor* William Dana Seibert, President and Treasurer; William D. Biggs,
Busines
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Strpet (Telephone
State 0613).
Londdn—Edwards & Smith. 1 Drapers' Gardens. London, E. C.
Copyright, 1936, by William B Dana Company.
Entered as second class matter June 23. 1879 at the* post office at New York, N. Y.. under the Act of March 3, 1879.
Subscriptions
in United States and Possessions. $15.00 per year $9.00 "for 6 months: in Dominion of Canada, $16.50 per year $9 75 for 6 months
South and Central America, Spain, Mexico and Cuba, $18.50 per year. $10 75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia Australia and Africa. $20.00 per year; $11.50 for 6 months.
Transient display advertising matter. 45 cents
per agate line.
Contract and card rates on request.
■
V
.
/
The Financial Situation
THE inevitableinternational become a reality in
has at length
realm of
relationships.
the
currency
That is to say, a
drastic readjustment to disequilib-
ria set up by New
Deal monetary tinkering has at
From the day in January,
length been undertaken.
1934, when the gold content of the dollar was reduced
and the Treasury announced
all
itself in readiness to buy
gold offered at the price of $35
readjustments, international in
inevitable
ber
of
gold
forms
that
all theoretically
vaunted
re¬
scarcity
panied
and
costs
followed
prices
currency
about
of
accom¬
action.
monetary
were
reason
high
and
preceded,
may
not
government."
the
Gold
abroad
If the
equally stub¬
But such
a
statement
is to be taken at
un¬
see
can
even
to
price changes that have
the
devaluation
of
the
ships
nancially
awry
Deal.
that
the
still finds in the type of in¬
be
flation,,
threat,
tion
or
indications whatever
any
of
an
form"
intention of restoring
the old dollar
steps ip that
or
of
It
of
world
taking
possibility,
of course, was a reduction
in the gold
It is
like
parity of other
the record claimed.
appear
to
later and
more
persistently avoided,
was
no
long
longer, the less
ago
became
inevitable^
con¬
sooner
or.
recently have been badly frightened
by conditions in Europe.
These persons, in removing
their funds to this country, furnished the occasion,
but not the
now
underlying
being taken
cause,
by the
of the action that is
governments
of France,
Holland and Switzerland.
It is of
course
the worldrin
the
the
us
in particular, rather than
history of the movement
must
not
be
now
brought to
a
climax
pre¬
obvj-
obvious, indeed,
unable at this time
But the
past
developments of
week
are
dismissed
with generalities.
now
They
In
con¬
sidering them concretely, clarity of thought will be
served
if
temporary and
possible) effects
former by
are
permanent
probable
separately studied.
(or
Among the
far the most important center around the
question of capital movements, particularly shortterm capital movements.
As every one knows, large
volumes of funds have been flowing into this country
from abroad for
a
very
Much the larger part
practical situation which faces
general, and
too
practical realities.
of fluid funds
devaluation
were
is
point with pride to this
the
human resistance could hold out
owners
it
Practical Problems
get issues squarely before the voters.
old trick of the trade, but a bad one,
and deserves condemnation whenever used.
while this step was long and
since
policy to
part of the New Deal.
(where the gold
standard still existed), and
vinced /that
that
vous—so
currencies
so
solu¬
that Democratic politicians
to
an
cur¬
a
produce the benefits in this
is
ficult
in
problems.
The failure of the
just this playing with words, this
warping and twisting of phrases to make them
serve particular purposes in hand at the mo¬
ment, that engender so much confusion in
our political
campaigns and renders it so dif¬
general direc¬
tion. The other
to
inflationary
involved
devaluation
rency
general sort, and accordingly little trust can
be placed in his assurance that "my future
and the future of my Administration will con¬
given
never
be
Adirrinistration
country
has
New
the
hardly
can
dicted for
matters,
with the in¬
of
It
Act, and
a
cur¬
relation¬
that existed before
auguration
approxi¬
of
a^
the United States went fi¬
poorly advised
measures
an
international
and price
rency
the President must of necessity be rejected,
as attest the
NRA, the AAA, the Guffey Coal
other
ef¬
now
^proximate reestablishment
convinced that it had been
numerous
oc¬
early 1934 and
fected abroad than
mately its face value, then the statement .of
on currency
for in the
hope
curred since
ordinarily accepted understanding of
government
it%/iifficult for the
more
the letter and spirit of the American form of
later
reputedly
or
finally been forced by
prejudiced observer to
but
statement
a
accepted as in accord with the facts only if
the speaker is permitted to assign his own
meaning, to such phrases as "the letter and
spirit of the American form of government."
born. The Administration,
although
Such
to be expected
American currency action,
charge that the President not only commands
support of groups that (whatever they
may
call themselves) would "change our
American democracy," but has himself repeat¬
edly championed and actually had enacted
into law programs which would have very seri¬
ously impaired our system of democracy, had
it not been for the Supreme Court.
Of this fact the President seems to be fully
aware, for he adds that in the record of his
public career "you will find a simple, clear
and consistent adherence not only to the let¬
ter but to the spirit of the American form of
movement
which
have
the
cur¬
policies
our
The trouble is that it does nothing, and can
do nothing, to meet the much more serious
President, although a mod¬
economic
adjustments that
foul, change
mentions.
of the early
followed, largely by
greai ad¬
that
from the
or
effectively dispose of any
charge alleging that the President seeks, de¬
sires or is willing to accept^1 support from
groups or individuals who openly wear the
red label of communism, or other "alien ism"
characterized by the attributes the President
monetary advisers of the
upward
believe
to
American
may
an¬
commodity prices
during the
are
issue" of "communism."
^
or
belatedly
Administra¬
past week have appeared
these words, uttered early in the
Syracuse, the President undertook to
"bury that red herring and destroy that false
were
_
Administration-when it
If so, President Roosevelt has
inflation.
With
possible at
reason
rency panacea
of
Washington
monetary tinkering that the other gold
standard countries follow its lead in devaluation and
week at
sponded - but feebly, if at
erate
the
vantages
by fair means
democracy."
Resistance
all, to the
of
the support of any advocate of commun¬
ism or of any other alien 'ism' which would,
price in¬
The Line of Least
other
wish
began its
ate
another.
one
According to genbral understanding, it was the urgent
"I have not sought, I do not seek, I repudi¬
in
countries,
devaluing the dollar
For
practical problems presented be fully grasped.
of the
tion spokesmen
in this country, and
or
high relief can the true character
Words and Politics
declines
price
time
Of
tides.
the
thrown into
had his wish.
retracing of steps taken in
one
of
origin of the conditions
quate understanding of the
now
; com¬
somewhat marked
a
flow
whether it is the final chap¬
they
Severe
currency
creases
and
have been as
no one can say
were a num¬
might take.
modity
ebb
the
as
there
course,
drastic
an ounce,
scope,
(though
ter), that is of immediate interest, but only by ade¬
in
considerable period of time.
of the upwards of $3,500 ,000,000
gold imports since early in 1934
this
cause.
have found
A very large
are
to be traced to
proportion of these funds
employment here in investments of
one
Volume
\
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Chronicle
Financial
143
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stock market, in the
repatriation of foreign securities
and the like.
there
But
*,
'
..
foreigners being held in this country.
r?
■
?6
6,
to what'extent
:
question
,
is
-
funds,
\hls, Ie,avf the tU?a® ca
securities
likely
are
.
....
J
c
u
^
*
no
explicit analysis of the facts
more
No
that
so
far
they
as
during the past three
for that.
It is,
or
four
years
reason
cite
however, possib
^
e to
been
removed
events,
the
ear
likely to be
or are
underlying
so
removed
future. .In the first place, of
y
worki
have
causes
or
modified
in
of the
dollar.
It
stantial amount be
which have little
rather
are
or
nothing to do with
drastically altered
or
abroad,
,
A
,
substantial
.
,.
,,
depends
not now rea-
foreigners doubtless
owe
prefer
were
to be obtained
their arrival
v
_
'
•
in
this
of these investors
without
their
credit, and
some
since
time
securities markets.
Many
of
such
as
of those
some
and other
consequences
which
France
on
directl
kets
is
as
one
of poll-
t
o
e
abroad.
programs
funds that have been
seem
are again
abroad.
These
foreign securities have
chased at very
There is
of
as
a
as
yet.
rule been pur-
substantial discounts with the defi-
returning them to their native lands,
at present
have them return
probably
no
here, and
uncertain
are' other
particular desire
even
Much
ar6j
or
if g^ch desire
surrounding
to the facts
as
or
out of which
pauses
There
ht it
were
to ^
indirectl
the
or
doubtlesa
their
the ulti.
but who
the
grew
accumllla.foreigners
(la
mon
in the form of
for safekeeping,
^
l
to,th/B
old)
distrusted
the
se-
geemg- to
D0W
felt for
certain.
York
exigting h
Tbe
their
and of
fuT)(lfi
banks
at
owners
of
of abnormal work-
ownerg
those
d
d
compared
as
tbe
courge
home.
0ne
tMn
ig
particularly the larger New
city bankg; which hold praetically all of these
deposits, would be well advised to hold themselves
jn readiness to give
up
these deposits.
tainly will be withdrawn at
when withdrawal
begins it
some
may
time
or
They
cer-
other, aud
be precipitate,
-
the American peo-
certainly has not arrived
The facte
with
JBank Assets
ready to make extensive investments
That time
nite idea
to
as
90
imperfectly known that
^
judgment of conditions at home
to be definitely and permanently lodged
here, at least nntil such time
pie
securities,
are
need
..
employed in the
repurchase and repatriation of foreign
they
of them
owner8
their
would suppose
_
s
or
It is at least conceivable that dol-
ing balances win do
now
present, at any rate, little
likely to develop, considering the nature of re-
ports of conditions and
future—30, 60
who bought them and what
for them
guch fund8 and
that for the immediate
was
from
arose
posite unused at the banks.- What the
Very little foreign selling in our maryet in evidence, and
are
or
country
adopting, apparently under the influence of the New
Deal here.
plainly
curity marketg here and hence haye left ^ dfr
serious
is
markets
who tho
doing better there than here with their invest-
cies
be
part,
That is to say, foreign
to deliver these dollars?
upon
tion of fundg here
home, the possibility
political disturbances and the
would
some
outgrowth of anxiety about
of the future
transactions
There
But foreign owners of our securities
war
that it
transfer of funds to tMs count
American securities markets
ments, the possibility also of
and
ma^ reguits
are,
tain, might ordinarily be expected to "cash m»
these profits.
part,
some
would ^ foU
to
t prediction. Even the
bankers who executed fte orderg in the exchan
past been hesitant and uncer-
have to consider conditions at
In
result of the belief that
it
question now have substantial profit? to
have for
a
market in order to obtain the foreign currencies
these
but which others
speculators whichever they
or
an
comes
course
^ wMch to
coun-
to_ describe with different adjectives,;
m our
to take them to
owner8
lar balances will have to be offered in the exchange
.
try to a conviction that profits, which we should
may
of
their necessities.
.
be inclined to consider specu ative
of
Here the question is: What will happen
the degires
the funds owned by
portion of
probably
wben the time
Foreign-Owned Funds
,
was
days hence.
souably to be expected in the early future.
,
t of
the
donaiis to be delivered in the
currency ratios,
m ways
unqnestion.
exchange speculators bought spot dollars and sold
again sent to Europe, certainly
not unless and until basic conditions here
rt
accumulation
permitted to increase because of
{oreign exchange operations.
sub-
now in any
In
unusual
an
tion of thege balances
A
highly improbable
seems
$1,000,-
and how -g devaluation
inevitable
alg0 -t ig
balancee
than
more
conditions, political and international, in Europe.
profits to be derived from the then-expected deval-
uation
it
probably
partly for safe keying and partly to take advantage
that these American-owned funds wdl
,abn01?mal
profitable to await such action, but in
American-owgeci funds previously sent abroad,
of
it would
$300 (MK) 0oo. What is
devaluation
try during this period represented the lepatriation
than
hardly more
not
are
^b;g rejuetance is
stantial portion of the funds coming into this coun-
of
•
Europe under exieting conditions.
sub-
course, a
on
|1)30o,-
as
Theref
affect them?
balanceg
reluctance
substantially modified by recent
or
i
or
exceg8
represent
question and to arrive at some general conclusions as
to the extenrto which such
that
tQ
high
as
t
of ^ d
or
abroad Hk
,
Normal working balances to
and ^ ^ than
the leading causes of the capital movements in
or
at
carried here
b
0()
for
this
•
'oba^le
geem'
now
millions of dollars have been sent to
many
this country
so
..
,,
,
reports are we have
' account certainly are
^ ^ and
be legg_
f
position to say
one is in a
i
0f knowing.
way
else, light will be thrown upon the situation by a some-
definitely known.
,
^ estimates them
.
what
1
C ® Dy
,
how accurate such
While Prediction is here as hazardous as anywhere
are
,
There are reports to the effect
say.
he
what would be the effect of such withdrawals ?
o,u
' t>
•
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™
impossible to
to be taken away, and
now
•
Just how large these are it is
bank balances.
as
,,
whether
the form of bank deposits or invested
m
••
.
,
carried here bv foreigners
The
-
,,
,
these
•
Bank Balances
iu
,•a
,
,
merely held
in
,
,.
; '
sold here without loss.
is unquestionably a very
substantial volume of idle bank deposits to the accounts of
'
,
existed it is safe to assume that they could not be
another, in the general bond market, in the
or
;
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1
This of
definitely raises the question
as
to the nature of the investments of the banks.
It
it
a
course
fact of
common
knowledge, of course, that the
banks, several of them located in New York City,
have of late months been
buying longer term govern^nents in large amounts. Excess reserves in New
York City
are
usually estimated at around
000,000. It
ening of the
of
market here
money
There is
securities in
government
*money market
somewhat straitened
a
the Keserve banks.
commonly heard reassurance that the Treas¬
The
would not permit the government bond market
suffer likewise offers little real assurance to the
ury
to
thoughtful banker,
there
if necessary
would
we
should suppose,
although
the
Treasury
much-doubt that
be
cannot
make
it
deed
be
where^the
arose
and
probably do without hesitation.
would
which at most
Our
action by
day by shielding the
of their
quences
own
a
It would
of preventing
lack of foresight.
sorely needs an
so
astringent.
The Longer View
longer term view of the developments
ratios that
appear
to have been ten¬
tatively set, and upon other policies to be given ef¬
in
countries
whose
currencies
Are these such that
valued.
once
normal accumulation of fuilds is
bility of
of
or
one
found
can
be expected
we
Only time and experience
answer
in
to this
the
have
arrived
at the
any
can pro-"
question. Unless the
answer
affirmative, experience will
not
end of the currency
will
the return of ab-
necessity of drastic price readjustments
direction?
that
de¬
large, long-continued gold shipments in
vide the
is
been
have
accomplished, sta¬
relationships
currency
without the
Of
of public
which the budget has
Washington during the past four
handled in
been
years.
indications.
in
firm of investment bankers in New
there
this
numerous
are
Probably sensing the extent of public interest
the
subject,
York
a
City not long ago prepared a summary com¬
of the outstanding debts of
parison
and France.
past week, much depends upon the wisdom
of the currency
fect
finances and to the way in
the central
States, Great Britain
figures were published as an ad¬
governments of the United
As to the
of the
ing the attention of the people to the state
banks from the conse¬
market which
money
succeeding in a considerable measure in direct¬
-
export of gold from having an astringent ef¬
fect in
Pu^ic Debt
be
is
the Treasury,
likewise have the unfortunate effect
the continued
upon
ONE good thing the political all appearances to
accomplishing. From campaign seems it
bonds,
many
coul^ only succeed in delaying the
,
the
In¬
experienced bankers know the
in such
involved
hazards
evil
banks needed to sell
disestablished, the better.
concern
some
obliged to do so if a situation
But all
to continue.
with
look
growth of these ^fnnds."
necessity for raising large new funds is
the
everywhere enormous "stabilization
We
profit to support the market for its obligations.
That it would
ought not to be lost to sight.
made and all such funds
of the so-called gold
use
aspect of this general matter
This is the fact
funds" are
being established^t may be necessary to have such
funds for a period of adjustment to a new basis of
currency alignments, but there are very serious
hazards in having innumerable funds of this magni¬
tude employed in foreign exchange markets. They
can
all too easily degenerate into purely market
"rigging" funds. The sooner adjustments can be
to discount substantially with
or
other
one
that
either to sell
they were obliged
where
of the nation
that
they would welcome finding themselves in a
situation'
best pre¬
balancing the budget and
order.
in
think is the probable. Nor should we suppose
that
could
generally setting the financial house
supposejthat the larger banks here would feel
with preparation merely for what they
of some
time to prevent speculative
make further devaluation
ventative would be that of
satisfied
may
a
ultimately inevitable, but the
of the franc
probability is
question. In, the circumstances we should
for
that
movements
Whether or not it is a real
sibility.
another
not
as
sort is necessary
gold is a distinct pos¬
substantial outflow of
a
3, 1936
be that precautionary action
It may
them.
tight¬
the result
therefore easily be seen that a
can
Oct,
Chronicle
Financial
2102
prove
beginning of the
chaos of the past few
years, nor
great progress be made, as suggested in
some
The
data appear
to have been widely reproduced in the
throughout the country, and from them vari¬
press
conclusions
ous
These
in New York City newspapers.
vertisement
record
the
of
The
President
and
busy with the
regarding
Administration
present
matters.
these
Critics
drawn.
been
have
defenders of the New Deal have been
in
himself
recent
campaign addresses felt it necessary to present an
In
has
of this
defense
elaborate
tion's
discussions
these
seemed
serious
but. often
asked
facts and
an
for
have
there
appeared,
so
it
not only widely varying views,
to us,
misapprehensions of the nature
A number of correspondents
of the issues involved.
have
management of the na¬
finances.
a
dispassionate statement of the
unbiased
interpretation of them. These
quarters, in freeing international trade of the exist¬
appeals have apparently come for the most part
ing excessive restrictions unless these questions
from
dealt with
this
wisely.
About all that
can
assured
on
the
particularly well
point, since it insists
steps to prevent drastic increases in
result of the devaluation of the franc.
as
planned would
now
stantial increase in
new
on
aspect of the matter is that apparently the
French Government does not feel
tion
are
be said
as
such
prices, it would
upon
taking
prices
cause a
seem
make
existing conditions but in such
necessary
by legislation
or
further adjustments.
administrative action
a
If devalua¬
sub¬
that the
value of the franc has been fixed not to
it to
as
adjust
a way
as
to
To prevent
any
price
re¬
adjustments in .France indicated by the changed
value of the franc would of
advantage from
and
invite
an
course
unduly
be to seek
depreciated
retaliatory action
export
currency
elsewhere—that
merely to prolong. currency difficulties, not
is,
cure
serious-minded
citizens
of knowing the truth
desirous
facilities for
who
were
sincerely
but who lacked the
readily obtaining the information de¬
sired, and ih some instances at least were inclined
to distrust their
own
the
state
analysis of the facts
as cur¬
It accordingly seems well to
rently presented.
essential facts
re¬
and comment upon their
significance.
Differences of
to
seem
opinion and confusion of thought
have arisen
rather
widely concerning the
following:
(1)
The magnitude of the public debt of this
country at present, and the course of its growth
during tha.past few years.
(2)
now
The significance of this indebtedness
as
it
stands, considered particularly in the light of
the
probability
and
possibly of
of
an
an
early halt in
its
growth
early start in its reduction.
143
Volume
Financial Chronicle
'
■
day evening in his Pittsburgh
no idea.
Now as to the course of public
of this country asnations, and the
meaning (if any) of such comparisons.
(3) The relative indebtedness
compared with the larger European
•
First
which
the
public debt of this country at
of
Britain
Great
France
$35,000,000,000 and that of,?
at
being exclusive of the war
loans owed to the govThese figures ob-
United States.
the
of
ernment
In the first place, some
viously need adjustmente.
$4,750,000,000, or thereabouts, of contingent liabilities on wholly guaranteed obligations of governagencies are wholly ignored.
ment
of course.we
000
Add these, as
greater.
must, and we have about $38,750,000,-
into
account.
Unfortunately,
self-evident:
seem
adjustments must be effected to take State and loindebtedness
conclusions
From the facts thus far cited, these
But to make accurate com-
government at present.
parisons with the debts of Great Britain and France
«
(1) As a result of the staggering expenditures of
government, public debt in this country
the Federal
no
recent figures of such indebtedness in this
very
has increased during the past six years immensely
obtainable, but on the basis of the
faster than at any time in our history with the
country
are
latest data available it would
probably not be seri-
exception of two years' during which we were en-
ously inaccurate to assume that this debt amounts
$18,000,000,000 at present.
to
the indebtedness of the Federal
the
obtain
the total
gaged in the World War.
Adding this amount
to
as
^
Obvious Conclusions
the total indebtedness of the United States
as
cal
m/
of $6 800,000,000; for W35, about
$6,800,000,000; for 1936, about $7,000,000,000, l
the cost of the Bonus Act of this year is eliminated and if income from the sale fix retirement
of capital assets is classified,^ as it must bef. no
as a deduction from expenditures but as a receipt. Apparently outlays for the current year
on a basis comparable to those of 1936 will not be
less than $7,000,000,000, and may be considerab y
$34,000,000,000, that ' 1934, upwards
$21,700,000,000, the latter two figures
at-
or
$3,780,000,000; for 1932
000,000; for 1931, about
and 1933, about
already been made gives the
has
. ,
.
expenditures.
debt
reported at slightly under $3,500,-
retirement) were
The compilation to
facte.
pertinent
reference
address, we have
1930 total expenditures (less
the fiscal year
The Facts
2103
.
This has been true for
if full credit is
the past two years or more, even
government, we
given for assets acquired as reported by the Treas-
figure of approximately $56,750,000,000
ury,
public debt of this country today. Oorre-
clined rather than increased,
sponding adjustments of the debts of the public debt
since during that time these latter have de-
reduction in Federal expendi-
(2) Appreciable
figures of Great Britain and France are also nec-
tures remains in the realm of vague half-promises,
But the resulting increase would be smaller
countries than .with the United States,
Nothing in official statements of income and outgo
essary.
with both
of
and
the
course
dollars) will
Now
now
debt in this country
the
of
course
'
to be obtained from budgetary estimates for
encouragement.
any
assur-
the current year.
approaching
(3) Anything
On June
years.
definite
any
ance
growth of public
during recent
Nor is
gives
(stated in
have to be radically reduced.
the
to
as
figures for France
balanced
a
budget
within the calculably near future, therefore, seems
was
less than
debt of the Federal government
$16,200,000,000. Three years later it
revenues.
liad
exceeded
$22,500,000,000.
ing the fiscal -year 1936, and are now estimated at
30, 1930, the
about
at
Today it stands at
rapidly."
It
was
officially report-
$17,500,000,000 in 1932, and today is
haps around $18,000,000,000.
often made that the
been offset
dition,
As to the claim
now
assets not
upon
now
statements as receipts,
verj^Mbstantially
en-
tained—at all events, apart from the capital trans-
are
those published by the
action involved in the disposal of assets
The first
to
the
such
situation
It shows the
government
as
it
ous
existed
appreciably
July 31,
proprietary interest of the Fed-
in these
undertakings
indebtedness
The
at
the
$27,000,000,000,
$11,000,000,000.
less than
on
Federal
000,000,
of
at
the
of
1930
would still leave
about
per
-
interest
of
the
or
this
'
leaves
as we
be given.
more
President
today
is
contingent
than
it
was
arrives
at
about $34,000,-
liabilities,
in
1934.
the
Administration,
as
he did
on
per
capita and
with these other
query as
our
still
to whether
even an
an
or
appreciably lower rate.
emphatically negative
courses
un-
we can
public debt indefifor
To
answer must
The fact that participation in
is obviously
of
Thurs-
per
a
costly
have increased public
debts abroad to the point where they are unbearable
Just
$8,000,000,000 as\the "net increase in the public
debt" under his
case
central question
the
World War and other
or
figure
of
have been doing of late years,
that matter at
government
of
comparisons
with less debt
afford tQ continue to enlarge
nitely
about $100,000,000
us
T^at is the
this question
exclusive
already indicated, would
countries.
answered.
in these assets is today sbme-
$4,000,000,000,
as
current
dollar of income than is the
All
more
increase of approximately
proprietary
modify
capita indebtedness in these several countries, but
Federal
to
countries involved,
July 31, 1934, but the indebtedness of
$7,000,000,000
the
middle
an
The
Federal government
what less than
(4) Adjustments in the public debts of the vari-
statement published
on
collec-
or
tion of loans.
corporations and agencies of the Federal
$16,200,000,000
how
is
Obviously,- receipts must be
growth in the public debt has
government had by that time^risen from less than
the
In ad-
year.
receipts
larged if any real budgetary balance is to be at-
$4,100,000,000.
than
of
gov-
government.
eral
volume
separately listed in Treasury
so
Secretary of the Treasury showing the assets of
1934.
substantial
about the only statistics of importance
ernment,
relates
a
being obtained by realization
per-
by the acquisition of assets by the
relating to the subject
various
These latter reached $4,116,000,000 dur-
State and local indebtedness \ $5,643,000,000 for the current fiscal
$38,750,000,000.
lias increased less
ed
to rest upon the assumption of steadily mounting
gross
lessly permit
'
no
good
ours
reason
why
-we
should reck-
to assume similar proportions,
The question is not how much debt
we can
bear, but
Financial Chronicle
2104
how little
we can
from
It is large enough
with.
manage
all conscience.
in
now
Treasury general aecount balance to $252,737,000; •
reauction of $12,912,000 in foreign bank deposits
#
t
Corporate Dividend Declarations
I
gain of #132,312,000 in member bank deposits
of $135,614,000 in the
a
to $6,356,952,000; a reduction
;;
-
.
Oct. 3, 1936
a
DIVIDEND actions taken the currentfavorable, member bank deposits drop$181,873,000. Although
week by to $51,950,000, and a" to of $8,395,000 in noncorporations
again generally
were
Twentieth
initial dividend of $1 a
able Oct. 23.
of
$3
share
a
share
Shenandoah
declared an
Corp.
Film
Century-Fox
on
the
vanced, these changes were offset by the drop in
Corp. declared
deposit liabilities, and the reserve ratio remained
dividend
a
account of accumulations on the
on
fell slightly and circulation liabilities ad-
reserves
common, pay-
unchanged at 79.5%.
Discounts by the System in-
optional preference stock, series of 1929, payable
creased $2,420,000 io $9,451,000, but industrial ad-
Oct. 24; this will be the
vances
stock since
first distribution
the
on
Aug. 1,1931, when 75c. a share was paid,
fell $405,000 to $28,145,000.
holdings
entirely unchanged
were
"Bankers' bill
at $3,098,000, and
Holly Sugar Corp. declared an extra dividend of
United States Government security holdings like-
75c.
a
wise
50c.
a
share in addition to the
share
the
on
the
on
a
.
T^OREIGN trade of the United States in August
in other recent months was on a greater
as
*
scale than in the corresponding month of 1935, par-
quarters.
K
.
.
ForeignjTraae in August
share in the three preceding
a
motionless at $2,430,227,000.
share
stock, payable Oct. 30, which com-
common
with only 10c.
pares
dividend of 15c.
a
were
stock, payable Nov. 2.
common
Blaw-Knox Co. declared
regular quarterly of
r.
>>
*
j
ticularly in the case of imports, and the result was
_
Federal Reserve Bank Statement
adverse
another
balance, of even larger size than
EUROPEAN financial unsettlement continuesthe last month. Only two months of and year to date
banking statistics, for to
have had favorable trade balances the consequently
be reflected in
our
current condition statement of
banks, combined, shows
serve
iean monetary
to
en
there is
increase in Amer-
which compares
Further large gold shipments
route and the evidence of the last few
continue to augment American
days
the devaluations
land
tion, if only in the
sense
stocks
that slower increases of
eight months of $40,607,000
an
export balance in the same
\
$172,128,000 in August, 1935, but
what lower than the
776,000.
some-
shipments in July last of $179,-
of $195,016,000, however, were
Imports
greatly
above the
$169,030,000 of last
and
year
slightly above the $194,180,000 of the month pre-
our
be expected hereafter,
can
the
than
But
change in the situa-
a
the side
Exports in July were $178,249,000, 3j6% higher
by France, Holland and Switzer-
necessarily will involve
monetary gold
stocks.
with
on
period of 1935, of $29,341,000,
suggests that some of the gold hoarded in London
may
accumulated balance
an
now
0f imports for the first
gold stocks of $59,000,000 in the week
Wednesday night.
are
the 12 Federal Re-
an
The
vious.
excess
of imports in August was $16,-
It is possible also that a material repatriation of
767,000 which compares with $14,404,000 in July
French funds will
and
would be
panied
a
by
develop
time
as
goes
by, and it
good thing if the outflow could be
gold
movements
Europe.
to
an
The
accom-
Suitable
export excess of $3,098,000 in August, 1935.
import gain
over
last year
was
shared by
nearly all the commodity groups; fish, fur skins,
changes in Treasury regulations doubtless could be
crude
devised to make that
pulp, newsprint and precious and imitation stones
tion Fund
possible,
or
else the Stabiliza-
might make the gold available.
simple fact is that
a
For the
rubber, inedible vegetable oils, raw silk, wood
accounted for
partial redistribution of the
Increased
more
expolts
half the increase,
than
due
were
largely to
bigger
overwhelmingly large American gold stocks is ad-
shipments of edible vegetable products and
visable, both for the health of
metallic minerals; smaller exports of automobiles
for that of all the rest of the world.
gold stocks
than
The
reported at Washington
now
and
our own economy
monetary
resulted in
less
are no
or
to the
two
$11,000,000,000 mark.
on
its general account
with the Federal Reserve banks
to
meet
its
vast
requirements, and the funds trickled rapidly into
member bank balances.
items of lesser
crease
ber
of
This
banks
factor, together with
importance, occasioned another in-
$100,000,000 in the
over
excess reserves of mem-
legal requirements, the
total
on
.
certificate
Gold
of
the
$4,000 to $8,384,863,000.
12
banks
increased
Increasing
quirements
were
reflected in
vaults and
total
reserves
a
only
currency
re^
recession df-cash in
fell
10% larger than
252,14$ bales shipped last Au-
exports in August were only $32,000 while
imports aggregated $67,524,000.
date
For the
to
year
gold imports have amounted to $620,291,000
and exports $27,149,000; in the same period of 1935
imports totaled $867,761,000 and exports $1,386,000.
Silver
imports in August were $16,637,000 and
ports only $143,000.
total
ex-
Imports for the eight months
$140,805,000 and exports less than $2,000,000.
*
" The New York Stock Market
t
ENERALLY firm conditions prevailed this week
heavy gold acquisitions, and the gold
fund
are
gust which were valued at $16,555,000.
Sept. 30 being estimated officially at $1,840,000,000.
The Treasury refrained again from
reimbursing
"itself for the
$12,360,008
but much under the
exception of the gold import results, the
banking report remains little more than routine.
Treasury drew heavily
at
the 175,593 bales worth $10,788,290 shipped in July
With the
The
valued
bales
probably will lift the aggregate close
decline in the machinery and vehicles"
Unmanufactured cotton exports of 193,149
group.
$10,845,000,000, while the arrivals of the next
week
a
non-„
vJ»
were
on
the New York stock market.
small as
a
rule and for
appeared merely to be
some
Movements
days the market
marking time, pending
a
^or
$6,032,000 to $8,658,556,Q00 in the week to Sept. 30.
Federal Reserve
clearer view of the European monetary picture,
notes in actual circulation increased
liquidation greeted the assurance that the French
$4,049,143,000.
$15,294,000 to
Total deposits of the 12 banks fell
$24,609,000 t<x$6,843,512,000, this change resulting
were
opinions
Parliament
on
would
such matters undivided,
support
Premier Leon
devaluing~the franc, whereas actual
as
mild
§[lum in
passage
of the0
measures
money
here.
followed by
was
held that effects of the European
satisfactory,
prove
they
as
devaluations would
the
open
New York
at 1%.
to genuine
way
furnished the market
/The
trade.
international
increased
stimulus
,
Stock Exchange the sales at
the half-day session on Saturday last were
900,760
Under
shares; on Monday they were 1,450,460 shares; on
buying of stocks, small gains
Tuesday, 1,381,000 scares; on Wednesday, 1,352,625
good trend of American trade and industry.
resultant
Stock Exchange remained unchanged
On the New York
thus
augmented by the continued
was
On the New York Curb Ex-
change 84 stocks touched new high levels and 24
stocks touched new low levels.
Call loans on the
stabilization and also are likely to result in
currency
the
touched new low levels.
sharp upswing
a
general, however, the financial community
In
2105
Chronicle
Financial
Volume 143
quiet
of issues, with the
shares; on Thursday, 1,099,470 shares, and on Frimovement yesterday the most pronounced of the * day, 1,928,690 shares.
On the New York Curb Exweek.
Trading on the New York Stock Exchange
change the sales last Saturday were 184,100 shares;
appeared in nearly all groups
1,000,000 shares in each of the full sessions,
was over
but did not attain the
2,000,000 share mark.
on
by the United
Uncertainty as to the effects of the devaluation of
the franc by the French Government was the occasion this wreek for much caution in trading. This
of
Stock
for
collaboration
financial
the
uncertainty, last
But
Monday the tendency
on
await actual passage
spirit prevailed throughout the better part of the
week's sessions, and prices were restricted to a very
the fears of
confidence
units, which revived to
a
modest
buying of equities occasioned
than losses here.
quickly
Movements
regained
was
and
small gains
more
Tuesday again
on
Friday of last week; Consolidated Edison Co. of
N. Y. at 43% against 41%^ Columbia Gas & Elec.
at 20% against 19%; Public Service of N. J. at 46%
against 44%; J. I. Case Threshing Machine at 158
against 155; International Harvester at 86 against
81; Sears, Roebuck & Co. at 89 against 86%; Montgomery Ward & Co. at 49% against 49; Woolworth
at 53% against 53%, and. American Tel. & Tel. at
were
with net changes not particularly important.
Gains again outnumbered the
as
whole
a
losses, however, and
approached closely to the
previous levels recorded this
dation.
dealings, obviously
Industrial,
There
was a
quickly
was
best
good
metal
shocks
yesterday
overcome
affected.
the industrial
were
175% against 173%. Western Union closed yesterday at 88% against 86% on Friday of last week;
Allied Chemical & Dye at 227% against 221; E. I.
du Pont Ue Nemours at 163 against 159%; National
of these issues fell 1 to 2
Thursday,
on
and small net gains
were
Railroad equipment and
The
Gash Register at 26% against 24%; International
decidedly upward, with almost
Nickel at 61% against 59%; National Dairy Prodlic^s at 2a against 25%; National Biscuit at 30.
against; 30%; Texas Gulf Sulphur at 36% against
35; Continental Can at 70% against 70%; Eastman
Kodak at 169% bid against 168; Standard Brands
at 15% against 153%; Westinghouse Elec. & Mfg.
at 144 against 139%; Lorillard at 23 against 22%;
United States Industrial Alcohol at 35 against 33%;
Ganada Dry at 18% against "16%; Schenley Distillers at .511% against 483,4, and National Distillers
a^ ^ against 29%.
The steel stocks j°ined in the forward movement
and established substantial gains for the week,
United S*ates Steel cloeed yesterday at 73 against
showed best results
was
professional liqui-
on
little uncertainty
that session.
trend
all groups
a
oil and rail stocks
copper,
softer than others and many
general in
After
year.
Wednesday, prices broke rather shaiply
on
in the late
Gains
were
for the day.
most pronounced in
issues, but advances also appeared in
utility and carrier shares.'
The listed bond market reflected
in
Polish
French and
issues
fell
uncertainty
some
obligations, but ot he is
steady to firm at all times.
other
were
French Governmentand
sharply last
Saturday,
owing to
apparently ill-founded fears that service in the old
gold equivalent will be discontinued.
reacted
because
French aid
of
the
Polish bonds
uncertainty regrading the
recently rumored
as
about to be extended.
United States Government securities fluctuated in
narrow
arc,
with net changes for the
week of
a
no
an Friday of last week; Inland Steel at 114%
against 115; Bethlehem Steel at 71% against 67%;
Republic Steel at 24% against 23%, and Youngst°wn Sheet & Tube at 81% against 78%. In the
motor group> Aubura Auto closed yesterday at 35
against 323% on Friday of last week; General Motors
at ™% ^against 683%; Chrysler at 1253% against
11S%> and Hlipp Motor* at 2% aSainst 2%. In the
rubber 2roup> Goodyear Tire & Rubber closed yesterda^
against 23% on Friday of last week;
United States Rubber at 35% against 31%, and
importance, and high grade corporate bonds likewise
were
steady. Corporate securities with
a
speculative
tinge showed good results in nearly all sessions. Commodity markets
generally dull, despite the im-
were
pression
that
stimulate
prices to
the
newest
some
dealings the tendency
and transact in
the
devaluation
degree.
was
to await the
meantime
cycle
may
In foreign exchange
only
a
new
parities
minimum of
business. French francs finally were quoted
freely-yesterday, half-way between the upper and4
necessary
lower devaluation limits.
francs
rapidly
.were
national valuations.
a
Dutch guilders and Swiss
adjusted to the lower interSterling fell sharply, owing to
considerable movement of funds to New York.
On
the
touched
showed a
closed with important gains and were higher than
at the close on,Friday of the previous week. General Electric closed yesterday at 46% against 44%
depreciation
currency
But
points.
Trading volume also
to reflect a decided change for the better on Friday
with the return of confidence. Prices on that day
mild degree
opening
range.
gradual reduction as the week got under way, pnly
currency
race.
stocks
narrow
week-end, Holland and Switzerland joined
Over the
narrow,
was
of the French devaluation
further
the
the countries with devalued
but it
,
developments,
and
measures
a
Saturday.
prices advanced broadly and impressively in
the brief session.
to
Wednesday, 335,750 shares; on Thurs-.
British and French Governments dispelled
arrangements
States,
some
on
day, 294,080 shares, and on Friday, 501,745 shares,
Overnight announcement of the French.plans and
the
Monday, 307,240 shares; on Tuesday, 325,265
j^ares,;
.
New
new
York
Stock
Exchange 146 stocks
high levels for the
year
while 18 stocks
B- F- Goodrich at 23 against 22.
The railroad
shares benefited by the upward movement of the
.
market and closed higher for the week.
vania RR. closed yesterday at
Pennsyl-
39% against 38%
on
Friday of last week; Atchison Topeka & Santa Fe
2106
Financial
Chronicle
at
81% against 78%; New York Central at 46%
against 44%; Union Pacific at 138 against 135%;
Southern Pacific at 45%
against 42%; Southern
Railway at 23% against 22%, and Northern Pacific
at 28% against
26%. Among the oil stocks, Stand¬
ard Oil of N. J. closed
remain
'
Oct. 3,
suspended until next' Tuesday, after Pre-
mier Mussolini will have made the Italian reaction
to
the termination
sion
of the gold
27%.
all Continental
equities and gold mining stocks,
any currency moves,
closed
American
Smelting & Refining at 83% against 79%,
Phelps Dodge at 39% against 39%.
and
Trade and industrial
reports remain
and
encouraging,
buying of stocks plainly was due to
of the
some
that circumstance.
week
ending today
Steel
was
ingot production for the
at 75.4% of capacity, accord¬
ing to the American Iron and Steel Institute.
rate
last, week
The
74.4%, while one year ago it
50.8%.. Production of electric "energy for the
was
was
week ended
The
little
was a
regarding
to
807,070
the Association of American Rail¬
cars,
roads reports.
This is
gain of 17,560
a
preceding week
and 177,135
sponding period of last year.
As
indicating the
course
cars
cars over the
over
the
corre¬
closed
yesterday at
on
94%c.
as
-
against
Friday of last week.
95%c.
^pot price for cotton here in New
yesteyday at 12.53c.
Friday of last
yesterday
on
as
week.
at
against
as
York closed
against 12.27c. the close
on
The spot price for rubber
16.40c.
was
the
December oats
Chicago closed yesterday at 41%c. bid
42%c. tl^e close on Friday of last week.
The
as
against 16.44c. the
Friday of last week.
Domestic
yesterday at 9%C., the prevailing quotation
close
closed
copper
on
Fri¬
day of previous weeks.
In London the
19
15/16
ounce
price of bar silver yesterday
against 19% pence
pence per ounce as
was
per
on
the
transfers
as
matter
of
the
foreign exchanges,
London closed
on
against $5.01% the close
and
cable
4.66%c.
as
transfers
on
yesterday at $4.93 3/16
Friday of last week,
closed
against 6.58%c, the close
last week.
cable
on
Paris
yesterday at
on
Friday of
*
TRADING on financial
stock exchanges in
European
centers
In Berlin the fear
dominated,
week, by the successive relinquishments of the
gold standard by France, Switzerland and Holland.
Only the London and Berlin markets were
open at
all
times, for the governmental procedure toward
-devaluation'of currencies made formal
closing of
exchanges necessary for varying lengths of time in
Paris, Berne, Amsterdam and Milan. The Bourse
ih'Pajas did not resume operations until
yesterday,
reopenings occurred
;
prevailed for
devaluation
would
a
while that
from
result
the
moves
elsewhere, but such apprehensions lasted only
little while.
Suspension of formal trading'in
a
Paris
followed
was
^Black Bourse"
by
the
establishment
which values
on
the equities and
Stock
lifted
were
of
sharply,
international
divi¬
exchanges in Switzerland reopened
Wednesday,
and
"tremendous
a
a
buying
on
boom"
promptly lifted quotations in compensation for the
week-end
equities
Swiss
dam
devaluation
and
of
the
Swiss
franc.
fixed-income securities
Both
reflected
the
flight from the currency.
resumed
was
Trading in Amster¬
Tuesday, with quotations
on
securities.
Much excitement prevailed on the London Stock
Exchange
last
of
in the Swiss and
The Italian markets
are
dealings for the week
as
Monday, following the week-end
"readjustments" by France, Holland
currency
and
Switzerland.
since
resumed
were
announcements
much
of
British
the
funds
dipped sharply,
fugitive French capital found
refuge in such securities, pending devaluation at
Paris.
But equities of all
descriptions were in keen
demand
and
sizable
mining stocks
gains
were
recorded.
favorites, and
were
a
Gold
good deal of
interest
also was
displayed in British industrial
Anglo-American favorites. Conditions in Lon¬
and
don
were
more
nearly normal
improved
on
on Tuesday.
British
buying at the lower levels, while
profit-taking appeared
various
were
on
gold
mining
on
a
considerable scale
issues.
Industrial
in
equities
uncertain, and Anglo-American stocks
reacted
reports of the calmness in New York.
Further
buying of British funds was reported
Wednesday,
owing to the realization that French holders were
not
intent
stocks
were
immediate
on
liquidation.
Industrial
irregular and international issues dull,
while sizable recessions
ing securities.
appeared in the gold min¬
Increasing caution in
manifested
Thursday, at London.
all
respects
Gilt-edged
obligations remained firm, but industrial issues and
international securities remained unsettled.
Trad¬
the principal
was
this
Dutch centers.
There
possible extensive repatriation of the
German mark
was
European Stock Markets
while earlier
com¬
as
regained its customary
poise.
funds
Friday of last week, and spot silver in
New York closed
yesterday at 44%c., the close on
Friday of last week.
In
calm
was
sharply higher in all departments of the market for
of the commodity mar¬
kets, the December option for wheat in Chicago
closed yesterday at
114%c. against 115%c. the close
on
Friday of last week. December corn at Chicago
close
European countries.
funds sent there from France in the last two
years,
but the British market soon
sions.
hours, while in the corresponding week of last year
it was
1,857,470,000 kilowatt hours. Car loadings
of revenue freight for the week to
Sept. 26 amounted
un¬
monetary units feared in
uncertainty in London early in the week
a
The
2,170,807,000 kilowatt
of
pared to the Continental European markets.
especially in
was
hedge^against
as a
and especially against the
Londop Stock Exchange
Sept. 26 totaled 2,157,278,000 kilowatt
hours, according to the Edison Electric Institute.
production last week
Confu¬
vThe underlying tendency was toward purchase of
limited devaluations
last
bloc plain.
prevailed everywhere in these circumstances.
yesterday at 61% against 61
on
Friday of last week; Shell Union Oil at 24%
against 23, and Atlantic Refining at 28 against
In the copper group, Anaconda Copper
yesterday at 39% against 39 on Friday of
week; Kennecott Copper at 50% against 48;
1936
ordered to
ing
on
the Londoq market
was
dull
yesterday, with
pit-edged issues in fair demand/while better
also
appeared for most industrial securities.
national issues
were
levels
Inter¬
soft.
Closing of the Paris Bourse5 by official order
not
prevent
investors
of
a
did
rather
their
rapid disclosure by French
opinions regarding the devalua¬
tion of the
franc, which often had been predicted but
always denied by the successive French Cabinets.
Trading developed early in the week
"Black
on
a
Bourse," which is the equivalent of
trading in New York;
so-called
counter
Sharp gains in equities of
Volume
all kinds
of anxiety, tempered with relief. It is a feeling akin
bedside, when
reported, with international securiTransac-
were
2107
Chronicle
Financial
143
ties in better demand than French issues.
to that experienced by the watcher at a
tions
the patient at long last enters the inevitable
the
resumed
were
recovered at
limited
the ground lost
bound all
a
Advances in equities were
through recent months.
by official rule td 20%, but that did not
the result
satisfy the holders, and
be>stablishe\d
quotations will
almost
was an
It is expected that
complete absence of business.
next Monday. Interto compensate for
national securities shot up word
the-dr op
of the currency.
Dealings
on
He
Berlin Boerse resulted on Mon-
"devaluation boom," which lifted the levels
German speculative equities by 2 to 6 points,
day in
of
a
prp-
losses and a disproportionate distribution of the
Most inter-
yellow metal that will take years to correct. Finally
obligations and the so-called German colo-
they gave way, and it is a satisfaction to note that
the step was taken with a view to future stabiliza-
Fixed-income issues
liquidated in order to
were
vide funds for the purchase
national
It
that the Gerjnan
Tuesday
on
contribute to
would not
of equities.
keen demand.
reflected
nial issues
plain
the
made
was
Government
uncertainty
currency
,
by devaluing the mark in any formal manner, and
prices of securities at Berlin reflected such intimations.
Recessions
cancel
entirely the gains of the previous session,
general, but they did not
wTere
The German market resumed its
upward
course on
Wednesday, in the apparent expectation that trade
increases would follow the
Gains
crisis
of a serious illness. We doubt- if a single economist
of note sincerely believes that deep-seated economic
maladies can be cured by currency tampering, but
the worst symptoms of such diseases can be ameliorated thereby. That France, Switzerland and Hoiland would have to devalue has been considered in¬
escapable ever since Great Britain devalued, for reasons of her own, and the United States followed by
reason of the capricious and unprincipled decision
of the Roosevelt Administration. The three countries clung tenaciously to their currencies, despite
a capital flight that eclipsed anything previously
known in history, and that resulted in terrific gold
the depreciation of
advanced 10 to 12 points, and
the franc.' Rentes
thus
yesterday on the Bourse, and
reflected^ fully
levels
new
of
1
to
4
gold bloc devaluations,
points were noted in speculative
favorites, while other issues also were firm.
Dr.
Hjalmar Schacht, Economics Minister of the Reich,
*
tion of currencies by all countries'of importance,
Hurried international negotiations by officials
of the French, British and United States Governments preceded the French! decision to "readjust"
the franc. The sense of all three governments, a
expressed in statements at Paris, London and Wasliington,° is that competition in currency devaluation :
would be most deplorable. It is necessary to note
and to emphasize that none of the three governments committed itself to maintenance of the currency ratios now current. ^Liberty of action was
reserved in every case, but it also is obvious that
formal devaluation of the mark is
the three countries now look forward to that even-
to be
expected, but despite this declaration, further
gains
were
tual definite stabilization of currencies which is
indispensable for general economic welfare. The
French statement indicated that the gold content of
the franc would be reduced from 65.5 milligrams of
nine-tenths fineness to a figure within the range
of 49 and 43 milligrams, or by 25.2% to 34:.3%.
Finance Minister Vincent Auriol disclosed that extensive three-Power negotiations had preceded the
indicated that
man
no
recorded
equities
were
Ger-
the Boerse, Thursday.
on
in active demand, and good in-
quiry also developed for fixed-interest obligations,
Higher levels prevailed
day, and the session
trial shares
were
the fixed-interest
on
was
the Berlin Boerse yestergenerally active.
in excellent
Indus-
demand, and
some
of
obligations also improved.
step, and he declared that the moves "constitute
Monetary Developments
gtart
in
monetary
an<i economic
a
both of
peace,
CURRENCY in
must be surprising to humanitarian peace." He. made the
regarded tampering by governments evil and. which lead statement, not everywhere credited, that
circumstances
as an
any
disreputable
measure
'
of
action,
but
is
there
a
considerable
justification for the decisions reached
/these last few days by France and the other remaining members of the gold bloc.
sion
of
nouncement that the
followed
the
on
The French
suspen-
gold payments last Saturday, and the
almost
franc
will be
immediately by
devalued,
equivalent
an-
were
steps
part of Switzerland and Holland, while some
further but minor
adjustments have been proclaimed
elsewhere.
For all three countries this
feat in the
long and desperate struggle to maintain
signifies de-
tlie
integrity of the respective currencies. It is a
defeat, however, that was made all but inevitable
by the terrible pressure resulting from
thre/ months
decision.
of negotiations preceded the French
The earnest hope was expressed
by M.
Auriol that
a revival of national and international
economic activity would follow,
The
British
American
and
statements
were
couched in general but hopeful terms, and for the
most part they were identical.
They affirmed
a
"common desire to foster those conditions which
safeguard
peace
and
^ill best contribute
the
to
restoration of order in international economic rela-
tions, and to
pursue a
policy which will tend to
mote prosperity in the world and to
standard of living."
pro-
improve the
In all instances >the govern-^
complex
ments expressed the need to take into account the
the British and American
requirements of international prosperity and of in-
devaluations, international and internal economic
ternal prosperity, but they also indicated that due
of
circumstances, such
inequalities,
lo°sses and
as
budgetary
troubles,
political factors.
a
extensive
gold
consideration would be given the aim of maintain-
Heavy and continuous
ing the greatest possible equilibrium il the system
gold losses seemingly tipped the scales at the end
in
favor, of
the various
devaluation, but
causes
that
a
true weighting of
finally led to the action is
something that economists probably will wrangle
over
In
for years to come,
a
accepted
was
every where
with
a
feeling
The French decision to
welcomed by the British and American
Governments in the hope that it will establish
more
solid foundations for the stability of international
economic relations.
practical sense, the capitulation of the gold
bloc countries is
of international exchange.
revalue
All three statements declared
that the respective governments would
priate available
resources so
as
use
to avoid
"appro-
as
far
as
Financial
2108
possible
exchange
(French)
further
from
is linked
trade,
attached
to
with the
of the policy
success
development of inter¬
and the greatest importance was
action
being taken without'delay to
progressively the present system of quotas and
exchange controls, with
Other countries
to attain
view to their abolition.
a
invited to cooperate,
were
hope was/expressed that
unreasonable economic
an
advantage and
made
this statesmanlike
by
quickly
permitted
was
utterance, but
it
as
was
should be
nomic
In
from
to
order
to
of
his
on
own
responsi¬
Mr.
forgiven
ignorance,
Morgenthau,
who
the ground of invincible
on
made
the
bombastic
eco¬
statement
last
Saturday that the American stabilization fund
had
come
of France.
foreign currencies
indicated
that
it
the
at
ordered
to
of
rescue
Soviet
legislation
sterling exchange by buy¬
of
its
on
own
without
ures-
State Bank.
The
Secretary
trying to hammer down sterling,
was
ment
have
nothing to gain and much to lose by such
The Soviet State
Bank, after waiting
retraction
on
about
the
out foundation and
Monday that the
of
the
State
Bank
nonsensical invention."
a
explained
transaction, which
an
brief
a
sterling is absolutely with¬
officials
event, related to
on
desire
to decrease the value of
meas¬
the part of Mr. Morgen¬
thau, declared quite properly
The
carefully
that
unimportant in
was
any
obligation that had to be met
Stockholm, and that
was
liquidated
as a matter
through their surplus of sterling holdings.
"
-
.
*
•
-
•
»
delay,
ernments reached their
to
units in terms of gold, it is evident
British procedure in 1931 and the
ican method of 1933-34 served
worthy, in particular, that
evolved
even
bills
as
models.
some
Amer¬
It is note¬
refinements
were
the American arrangements.
over
In
The Chamber
though riders
even
some
wages
of the riders
amendments that halted the progress of the
The
when
of
the
of its control
some
legislative
completed.
claimed
problem ^thus
presented
government made separate
aims,- and
Thursday
on
No fixed point for the franc
when
markets
yesterday, but the Bank of France held it half-way
between the upper and lbwer limits.
The Bank rate
reduced to
was
3% from 5%.
Soon after the French airhs
were
proclaimed, last
Saturday, Switzerland followed suit, but with a less
sweeping
meet
on
measure
215
Parliament
program.
the
ordered
was
milligrams of gold,
National Bank
or
was
by 26% to 34c.
instructed to
measures
finally
was
NApproval of
obtained early
on
in
the
meantime.
The
Netherlands
Government,
always sharply opposed to devaluation, took
equiva¬
lent actions
beginning last Saturday.
Premier
Hendryk Colijn provided his fellow citizens with a
brief outline of the Dutch
liament
being,
as
the
uncertainty regarding
tion which
possible upward
prevailed in the United States for
The British
was
a
invention
of
a
These
raids
currency
methods
probably
obviously
anxiety regarding
a
time.
stabilization fund also
employed, and to good effect, for the
against
a
reac¬
are
a
assurance
prevented
reflection
them.
of
the
possible complete devaluation
the
it
seems more suitable to
"seek its
to
guilder will be fixed
own
cally nothing has changed."
rushed
through Parliament
the establishment of
stabilization
a
minimum
disturbance
of
general
confi¬
dence.
They indicate also that the technique of
currency devaluation has been perfected, although
; not
much comfort is to
be derived from
j
cumstance.
that
cir-
a
exchanges.
The
The government bills,
Monday, provide for
300,000,000 guilder exchange
on
fund, to be raised through the sale of
Treasury obligations.
Switzerland
involve
time
urged the public to take the situation calmly
and made the
surprising statement that "practi¬
phe
Germany in 1923, and therefore
definite"
the
permit that unit
level" in international
devaluation will be
overtook
for
address
He
necessarily introduced by any currency tampering.
They appear to preclude such a currency catastro¬
as
Wednes¬
day, all Swiss financial markets remaining closed
for
narrow
The
maintain
value
reduction within relatively
limits, and thus disposed immediately of
to
Monday, and it then wa^ presented with a
for devaluing to a scale between 190 and
no
a
pro¬
permitted to reopen
were
an
people
was
was
procedure in
and
was
meas¬
relating to devaluation
program
Monday, in which he proclaimed that
a
at¬
govern¬
and^ prices.
The
objectionable, and
sweeping reduction by anything.tip to
50%, the French Government proposed to its Par¬
place of
meas¬
were
providing for sweeping
the Swiss franc between such limits.
WHEN the French, Netherlands and Swiss Gov¬
decisions
devalue
their curremsy
such
suitable
When
obligations.
to regulate
powers
Swiss
Devaluation Procedures
that the
were
of
the enactment
the contractual gold equiva¬
external
tached to the bills
the
course
devaluation.
the
Deputies voted all the French Government
ures
of
pending
continue payments in
lents
although it is obvious that Soviet Russia would
in
before
presented to the hastily-assembled Parliament,
solved
their
was
requisition
government would
by Parliament.
Government
bank
in gold
It also
proclaimed.
was
existing
close
legislation.
Russian
all payments
on
exchanges and other financial markets
permitted the impression to prevail that the Soviet
"declaration
the
rates
made
a
stabilization
a
gold in the hands of French nationals and pay for
be<st" by the
period for
nine-tenths
milligrams.
of the fund to rest with the Bank
A moratorium
Senate found
ures.
to
dealings
exchange
ing £1,000,000 offered in the New York market "at
v
49
10,000,000,000 francs was proposed, with
the management
or
of
43
milligrams
between
keep the franc within these limits in
international
fund
65.5
level
a
already indicated,
Monday, it appeared also that France desired to
occurrence.
to the
reduced
fineness
as
gold content of the franc would
obviously
Jr.,
the
to
Government,
1936
were
bility, not too much importance should be attrib¬
uted
French
3,
Secretary of the Treasury, Henry
our own
Morgenthau
be
Oct.
■
announced that the
Stock
One unfortunate incident
mar
stable
more
relations.
economic
to
and the
country will attempt
no
thereby hamper the effort to restore
1
proposed
the
The three governments
agreed that the
national
relax
resulting
readjustment."
were
set forth
The
disturbance of the basis of interna¬
any
tional
Chronicle
measures
It is believed that the Dutch
on a
relatively small scale.
thus taken in
France, Hqlland and
naturally introduced the question as to
possible complementary action by Germany,
Italy
and other countries.
But definite answers to such
queries have not yet been supplied.
Dr. Ifjalmar
Schaeht, German Minister of Economics
dent of the
Reichsbank, made it plain
and Presi¬
on
Wednes-
i
Volume
nificant issue that received some
day that the Reich will not engage^ for the time
being in
airing before the
Tf the information
League of Nations Assembly.
formal devaluation of the mark, but
any
rather will
2109
Chronicle
Financial
143
supplied by the Spanish Government itself is credit¬
intensify the present system of exchange
the time for
able, it would appear that the Fascist countries of
genuine freedom of international trade and pay¬
Europe took an active stand in favor of the rebels
and
trade controls. * When
foreign
ments
German markets
permitted to
were
rebels
the
by
through Portugal is proving of major importance
In Italy the devaluations by the mem¬
bers of the
received
aid
the
that
evident
is
re¬
main open.
It also
during the earlier stages of the conflict.
arrives, the Reich may take suitable steps,
he hinted.
gold bloc caused obvious perturbation,
in the
The blockade of the so-called neutral
war.
closed
governments of Europe appears to be effective only
pending the determination of the official attitude.
against the duly constituted government at Madrid,
The Italian Cabinet is to meet next
and it is
and
the
is
markets
all
of Premier
decision
now
rumor
ordered
were
of
a
remain
to
Benito
Monday to hear
Mussolini.
at odds
further devaluation of the Czech
Latvia devalued heavily on
crown.
obvious that
Francisco
their
slightly by joining the sterling
last
nounced
downward
currency
very
Belgium
group.
Saturday its adherence to the
mone-
i
'
1
which is entirely
y
The
,
,
this week, but there is
way
no
they made in the advance
disputing
Madrid.
on
city of Toledo, where 1,800 rebels held out from
the
beginning of the
of
notN had matters entirely
Franco, have
own
the progress
an¬
tary declaration of the British, French and United
States Governments.
practical doctrine of
Spanish rebels, under the leadership of General
Monday by peg-'
ing its currency to sterling, while the Greek Gov¬
its
new
Ayith those prevailing heretofore.
ernment
readjusted
a
neutrality has been formulated
There
Alcazar,
in the old Moorish castle
war
taken by rebel armies last Sun¬
was
day, and the long siege of the rebels by loyalist
League of Nations
only 80 of the Alcazar defenders were killed and 500
NOTHING League of Nations Assembly sessions.
significant occurred in this second
wounded in the
week of
Indeed, it
seems
Geneva association
the defections of
absence
rent
ever
of
will
Japan and Germany, and the
Quite in
Italy.
effort by its Sec¬
from
tion.
the
frenzied and
more
Germany,
Italy and Portugal.
This information
of Bilbao
made
public independently.
The League again
showed its colors when Sean
"kicked
but
Lester, its High Com¬
missioner
in
Danzig,
was
upstairs"
they
I
British delegates
proposed before the Assembly
"re¬
Event
form"
League statutes calculated to bring
Germany back to the fold, but the appropriate¬
of reform
question
debated in
of
questionable.
the League is still
to
gated to Geneva.
as
to the
power
up
600 rebel troops in
progress
resem¬
just ended at Toledo.
one
more
fort, and
there which somewhat
intenstly absorbing than
developments
Spain
in
are
any
of the
charges
by
that extensive German and Italian assistance
neva
rendered the
was
be
made
were
mem¬
v
widely
Bombing of the town
Spanish delegates to the League Assembly at Ge¬
The entire
full, and it is indicative that the
ber States differ
another
seems
by rebel contingents,
by wholesole executions of rebel hos-
long
military
of such tactics
At the northern seaport
made
a
late last week
ness
were
not successful.
were
siege is in
bles the
Nazi
highest
in flight
At Huesca,
Nazi
a
were
loyalists bottled
a
the
Rumors
the
tages, as threatened by the loyalists.
on
eral, in order to relieve the situation created by
of
capital.
that
fighting becomes steadily
bloody.
attacks
followed
was
Wednesday to the post of Deputy Secretary Gen¬
opposition to Mr. Lester.
times
capital, but such reports lack confirma¬
On other fronts the
ing the aid received by the rebels in Spain from
was
the
officials of the Madrid Government
prevent Spanish delegates from detail¬
was an
reported to have ad¬
are
various
at
current
were
with
consonance
they
vanced to within 20 miles of
cur¬
With the contest for
long struggle.
ended, the rebels next turned their attention
to Madrid itself and
produce anything of
defeats of recent years,
many
previous League practices
retariat to
Toledo
questionable if the thoroughly cowed
importance after the
The rebels claimed that
troops thus was ended.
to be dele¬
Maxim Litvinoff did the League
closure of
insurgent forces in Spain. Efforts
by League officials to prevent the dissuch
information, but the Spanish dele¬
gates ignored the importunings and published
Wednesday
disservice, Monday, by dragging into its
a
series of
Spanish protests to
on
Ger¬
forum the
dispute between Russia and the Reich.
many,
Making
typically Communist speech before the
"enjoy constant aid, consisting of arms, munitions
a
international
"deadly
enemy
of all working
people and of civilization itself."
met
and men,
organization, Mr. Litvinoff declared
that Fascism is the
Thursday to hear
an
The
,
Assembly/
appeal for disarmament
Italy and Portugal, charging that the rebels
of
sent from Germany and Jtaly."
instances
ous
were
cited of the
Numer¬
receipt by the rebels
military airplanes from the two leading Fascist
countries.
It
was
asserted also in
a
note to Portu¬
by representatives of the International Peace Cani-/
gal that the armed assistance received by the rebels
paign, and
from that country has
from
no comment need be added to the
Geneva
that
report
only 104 of the 240 Assembly
is not
a
member of the
multiplied daily.
Germany
League, while Italian dele¬
delegates gathered to hear the urgent statements
gates have abstained from participation in the
in behalf of
peace.
rent
the
RAPID progressthe Spanishthis week byand the
the inXsurgents in was made civil
war,
both sides prepared for
will involve the
savage
i\ the
capital itself.
extreme, but
a
struggle that
The fighting remains
no
attempts
now
by other countries to mitigate the
dreadful
aspects of the struggle.
other countries remains
a
Assembly meetings.
cur¬
The Portu¬
representative, speaking on Wednesday before
independent publication of the Spanish notes,
guese
Spanish Conflict
forcesXon
Council and
are
more
Intervention by
highly material and sig¬
declared that his
country has been keeping its word
on
non-intervention since it
In
a
gatesj
Thursday, it
was
could have been crushed
not
was
given
on
Aug. 21.
general statement made by the Spanish dele-
benefited
armed
aid
nificant
in
an
asserted
ever-increasing fashion froir
by Germany and Italy.
that
the
that the revolt
rapidly if the rebels had
Portuguese
It is also sig¬
Government finally
v*
Financial
2110
V
sent
representative to participate in the London
a
Chronicle
of their
Oct. 3, 1936
to
own
Tokio, and the list reputedly in¬
of
meetings of neutral nations, which were resumed
cludes withdrawal
last
suppression of smuggling through the areas now
Monday, under the acting chairmanship of the
Earl of
London reports state that the
Plymouth.
acting Chairman adopted "hush tactics" to prevent
discussion^
of
Portugal's
Spanish rebels with
supplying
in
part
arms.
•
in
of
control
tarized
the
of the demili¬
Japan, and abolition
Great Wall.
the
near
zones
Japanese troops, aid in the
German
Funding Bonds
■
NNOUNCEMENT
A1
Sino-Japanese Dispute
Securities and
the
by
Ex¬
Washington,
on
in
Commission
change
Sept. 25, that the German Conversion Office had
MOKE suavity than to prevail customary in the
has been just
in re¬
applied .that day for registration of ,3%
relations
bonds
cent years seems
between
now
Japan
and
despite
China,
series of unfortunate incidents that
the
aggravated the
diplomatic discussions of the two countries.
Exag¬
reached
the
in
however, and it would be idle to draw conclusions
has
from the current
years,
dered
t^iese bonds
authorities
Government
for the time being at Tokio, which makes
of cash to meet the claims of holders of bonds issued
After
hope.
in
German
for1 the
of
impatiently for more than two
agreed in May, 1934, to make them available in lieu
prolongation of the diplomatic conversations
sonable
exception of the two Keich
Registration
to believe that counsels of moderation
reason
hold sway
There is
bowings and scrapings.
awaited
been
been
long road of German defaults on
issues.
Government
funding
has
milestone
another
all dollar bonds with the
gerated politeness is customary in the Far East,
some
that
indicates
Japanese sailor
a
a rea¬
was
mur¬
by German States, municipalities and corporations
German
during the period beginning July 1, 1934.
Shanghai and several others severely in¬
debtors, in general, are meeting their coupon obli¬
jured, the Japanese military forces occupied much
gations punctually, but under the German mora¬
of the
torium and
Chinese
city, last week.
the number of their
But they reduced
guards and patrols last Satur¬
day, and thus restored the situation to what has
insisted, however, that
men
be
be considered normal.
to
come
made, and they called
Japanese
spokes¬
adjustments must
some
General Chiang Kai-
on
shek, the leader of' the Nanking Nationalist Gov¬
ernment, to meet the issue without evasion.
deposited in marks with the Conversion Office.
In
recognition of the claims for interest
German.dollar
elated
ment
Jan.
agreed
is
It
attitude somewhat clearer in
coupon
issued
public warning to China.
a
was
urged to make
the alternative of
on
become
the
having its relations with Japan
"'very much worse."
obvious
The latter
with its invaders,
peace
alternatives of
Peace -er^ar
the
were
Japanese declara¬
tion.
The terms of the peace
diplomatic
of great
offered by Japan to China
be in that shadowy middle ground
to
of
and persuasion which admits
pressure
flexibility and rapid changes of front.
It
reported from
Shanghai, Monday, that Japa¬
diplomatic officials had presented the Nan¬
nese
king Government with
a
set of "mild general prin¬
ciples," intended to guide Nanking in its~ relations
with
Nippon.
Some of the items,
reported in
as
a
at
$892,633,POO
\that
of Americans is
German
to
was
reported
Communistic armies
was" asked to gree,
Chinese
on
it
was
territory.
China
further stated, to accept
Japanese advisers in all branches of government^
including the defense force.
of
an
The Japanese
said
are
an
area
in northern
merely
a
no
stretch of
"autonomy"
first step to alignment with the
Japanese puppet-State of Manckukuo./
These
of verbal
authorities
demands
on
China.
But
are
long
Chinese
apparently have little ° intention of
are
than
more
a
Hjalmar Schacht, for Germany, and Thomas
American
bondholders.
Discount Rates of
Foreign Central Banks
THE BankfromFrance3%. Theits discount rate on
of 5
lowered 5% rate had been
Oct.
2
to
in effect since
raised from
are
Sept. 24, 1936, at which time it
3%.
was
Present rates at the leading centers
shown in the table which follows:
RATES
DISCOUNT
Rate in
OF
FOREIGN
Date
vious
Established
Mar.
1 1936
Argentina..
3V
3V
July
10 1935
Batavia
4
July
1 1935
Belgium
2
15 1935
6
Aug.
15 1935
7\
Canada
2V
Mar. 11
4
Jan.
24 1935
1935
July
18 1933
3
Jan.
1 1936
5
Oct.
3V
Aug. 21 1935
2
June 30 1932
«
\
4V
vakia
Danzig
Denmark
England
..
—
1935
vious
Rate
July
6 1936
3V,
Aug. 28 1935
4 V
Nov. 29 1935
3V
June 30 1932
4M
Ireland
3
4
3
..
May 18 1936
3V,
5
3.29v Apr.
Java
6 1936
3.65
4V
Japan
June
2 1935
3V
5
6V
5
Jugoslavia
Feb.
1
5V
July
1 1936
3H
Morocco
6V
May 28 1935
4Vt
6
Norway
3V
May 23 1933
4
2V
2V,
Poland
5 ■
Oct.
25 1933
6
Portugal
5
Dec.
13 1934
5V
Lithuania.
21
Date
Established
3
___
India
Italy
May
Bulgaria—
Pre¬
Effect
Oct. 2
Hungary
4H
2V,
Colombia-i -4
Country
Holland
4~
BANKS
Rate in
Rate
Austria.
—
CENTRAL
Pre¬
Effect
Oct.2
Czechoslo¬
a
6%, and requirements of
in conversations between Economics Min¬
Chile
realize that such
reported to be merely the principal points in
series
to
Lamont, of J. P. Morgan & Co., acting in behalf
China embrac¬
Shantung, and it requires
imagination to
would be
close
to be met by the 3% refunding obli¬
understanding reached somewhat
Country
Shansi and
The
obviously correspond with these
The two German Government loans
year ago
proposed, additionally, the establishment
autonomous
and
possession
being serviced in dollars at reduced rates, due to
ing the five Provinces of Hopei, Chahar, Suiyuan,
the
still to be in the
permit the brigading of Japanese
troops with Chinese forces in the struggle against
have
is
years are
gations.
have
to
estimated
commonplace
$500,000,000 to $600,000,000.
estimates
bonds
dollar
2%
of
urged
a
figures, fpr the average interest ratelhi the German
make the
to
value, but it is
par
The^ German
are
large part of the total has been repatriated
a
W.
been
manner
by German nationals during the depression,
strip China of all pretensions to,, sovereignty and
Government, for instance,
cover
and interest claims arising for the perid
July 1, 1934, to Dec. 31, 1936.
ister
The Chinese
due
German issue wj
that the
bonds to be serviced in this
Shanghai dispatch to the New York "Times," would
country a vassal of Japan.
funding bonds,
approximately to $65,000,000, to
the amount estimated
appear
was
from
indicated
now
amount
country
3%
1, 194G, exempt ^from all exchange restrictions
eign Minister Hachiro Arita made the Japanese
he
supply
to
the r&
on
bonds, the German Govern-
and moratoria.
For¬
Tokio, Monday, when
exchange control all such funds must
be
-
_
1935
6
'
the
demands.
They
were
reported
ac¬
on
Estonia
5
4V
Dec.
7 1934
6
4
Dec. -
4 1934
5V
4V
Rumania
Finland
ceding to
South Africa
3V
May 15 1933
4
France
3
Oct.
2 1936
5
Spain
5
July
10 1935
5V
Germany
Thursday to have presented
a
set of requirements
Greece
__
Sept. 25 1934
_.
4
Sept. 30 1932
5
Sweden
2 V
Dec.
1 1933
3
7
Oct.
7 V
Switzerland
2
Sept/ 9 1936
2
13 1933
H
d
Volume
Financial
143
2111
Chronicle
Bank of France Statement
Foreign Money Rates
showi
IN bills
LONDON open market 9-16@^%, as for short THE statement for the week ended Sept. 25current
discount rates against
further decline in gold holdings, the
Friday
on
"9-16@^8%
for
three
on
from
Aug.
Gold
now
Money
Bank of
call in London
on
Oct. 2 from 5 to
on
land the rate .remained at
3J^%, but in Switzer¬
England Statement
last year
a
However,
culation
much
dropped
$45,109,040.
proportion is
a
latter consists
ac¬
reserve
was
40.40%
36.09%.
Government
£2,154,236.
Loans
off
£3,340,000
on
and 80.02% the previous
2% discount rate.
in
and
advances
francs.
and
loans
No change
Below
comparisons for previous
are
on
made in
was
years:
Oct.
Sept. 30,
1936
Oct.
2,
Oct.
3,
Oct.
4,
1933
1934
1935
5,
1932
parison of the various items for three years is furnish¬
ed below:
./
•;
.
Other ccounts
secure.
_
Other securities!
Disct. & advances-
/
47.46%
2%
45.44%
36.09%
2%
39.80%
2%
Bank rate
Sept. 28,1934
Francs
Francs
Francs
—2,580,478,207 50,111,283.678 71,951,997,688 82,280,961,642
10,197,077
7,913,412
11,695,581
—142,000,000
Gold holdings
Credit bals. abroad,
a
French commercial
bills discounted.
7,450.865,066
1,233,627,281
+ 686.000,000
_
—3,000,000
abr'd
4,146.236,231
951,888,151
3,552,152,435 3.097,824,212 3,133,588,848
Note circulation
—15,000,000 83,750,412,435 82,398,688,805 81,479,068.645
Credit current accts.
+ 332,000,000 8,339,942,355 13,898,900,734 21,346,688,881
d Tem. adv. to State + 1,320,000,000 15,903,423,000
—16,000.000
—3.00%
80.02%
74.72%
54.42%
discounted abroad, c Pre¬
viously Included in French commercial bills discounted,
d Representing drafts of
b Includes bills
Includes bills purchased in France,
Treasury on 10-billlon-franc credit opened at Bank.
eAsof Sept. 18, latest
,
O VARIATIONS
noted
/
available.
New York
11,675,618
17,387,194
2%
40.05%
in
the
Money Market
changes of any kind were,
or
York
New
money
market this
Funds remained available in vast
week.
2%
$
Bank of
Germany Statement
make
last week and maintained.
1,901,000 marks, bringing the
Monday
069,000 marks.
Gold
772,000 marks end the
The Bank's
reserve
a
total down to $63,-
year
aggregated 94,-
before/75,010,000 marks.
year
ratio is
ago
now
1.5%, the lowest
ever
recorded; last year it was 2.42%.
An increase
appears in bills of exchangeXnd checks of 626,418,000
marks, in advances of 18,828,000 marks, in invest¬
ments of 30,000 marks and in other daily maturing
obligations of 11,220,000 marks. Notes in circulation
show an expansion of 479,000,000 marks, bringing
the total up to 4,656,000,000 marks, as compared
with 4,143,362,000 marks last year.
The item of
reserve
in foreign currency fell off 102,000 marks.
Below we furnish a comparison of the different items
for three years:
REICHSBANK'S
COMPARATIVE STATEMENT
for Week
Assets—
Reichsmarks
•
Gold and bullion
Reichsmarks
63,069,000
22,529,000
5,583,000
Of which depos. abroad
Reserve in foreign curr.
Silver and other coin.
No change
VY
/
—102,000
all9,090.000
*
other Ger. bks.
*
+ 18,828,000
+30,000
Investments
Other assets.
94,772,000
29,376,000
5,511,000
+626,418,000 3,928,841,000 4,183,471,000
__
Advances
Reichsmarks
58,683,000
527,868,000
a563,242,000
i
days, with the average rate on awards
Call loans
on
were
available
was
ties up to
121,360,000
4,026,000
73,090,000
669,838.000
644,580,000
+479,000,000 4,656,000,000 4,143,362,000 3,918,808,000
847,599,000
773,929,000
743,512,000
+ 11,220,000
228,375,000
258,173,000
8230,324,000
Other daily matur. oblig
Other liabilities
Propor. of gold and for'n
Validity of notes
test available.
on
T 1.5%
—0.2%
curr?+o note clrcul'n.
other banks expired March 31, 1936.
-
^change, wrhile time
.
/
2.42%
a
Ne*v York Money Rates
DEALINQ in detailfrom day toloan rates was the
Stopk Exchange with call day, 1% on the
ruling quotation all through the
a
standstill,
commercial paper
time^
new
money
is
transactions having been
no
week.
this
week for both
The market for
loans and renewals.
Rates
continue
The
has been very
nominal at
demand for juime
brisk this week, the
supply has shown good improvement and the market
been
has
choice
*
are
%% for extra
running from four to six months and
names
less known.
v
*
Rate&
active.
very
names
1% for
:
-i.
.
.■
»
Bankers' Acceptances
'HE market for
been very
2.01%
Figures of Sept. 7
money
throughput at 1% % for all maturi¬
six montl
Liabilities—
Notes in circulation
1% for all transactions of the week
the New York Stock
Reichsmarks
75,010,000
?0,851,000
3,895,000
3,829,312,000
192,414,000
4,062,000
147,730,000
755,231,000
609,925,000
Treasury sold last
0.186%, computed on an annual bank discount basis.
^ported
Sept. 30, 1936 Sept. 30, 1935 Sept. 29, 195
—1,901,000
Bills of exch. and checks
due in 273
1M% f°r all maturities.
Changes
The
.
further issue pf $50,000J}uQ discount bills
a
stijFat
'
Bankers' bill
rates were carried over from
THE statement for the lastinquarterand September
of bullion of
further decrease
gold
shows a.
amqunts,
the commercial demand
hardly a dent in the supply.
and commercial paper
*
8,060,416,025
1,224,570,698
c750,000,000
Adv.on Treas. bills
and the small increases in
on
;
Sept. 27. 1935
reserve
to liabilities
Notes
.
Sept. 25, 1936
-
Francs
11,860,306
10,060,198
71,744,290 78,064,457 52,879,566
249,754,699 194,434,427 192,560,473 191,776.288 140,400,838
Securities
Reserve notes & coin
Proportion of
11,056,379
12,673,920
17,251,788
11,596,732
52,401,088
8,588,427
20,402,067
60,358,000
Coin and bullion
/
Changes
for Week
a
■Government
in note cir¬
of
15,000,000 francs, bringing the total
83,750,412,435 francs.
Circulation a year
ago aggregated 82,398,688,805 francs.\ French com¬
mercial bills discounted, creditor current accounts
and temporary advances to State register increases,
namely 686,000,000 francs, 332,000,000 francs, and
1,320,000,000 francs, respectively.
The discount
rate was lowered on Oct. 2 from 5% to 3%.
A com¬
Proport'n of gold on
hand to sight liab.
STATEMENT
16,000,000
of
shown
also
culation
Adv. against secure.
449,395.000 403,033,339 380,816,183 373,711,831 362.521,272
9,520.421
11,688,989
13,703,066
49,714,000 25,452,723
101,667,479 120,009,408 144.172,988 154,934,937 120,321,291
60,718,519 80,874,574 107,040,458 108,627,073 85,689,527
40,948,960 39,134,834 37,132,530 46,307,864 34,632,764
80,323,337 82,519,999 81,684,164 81,127,088 67,708,094
28,990,494 28,848,520 22,734,118 22,916,685 29,062,812
Other deposits
Bankers' accounts.
is
other
The figures with
A decrease
down to
c
BANK OF ENGLAND'S COMPARATIVE
Public deposits.
securities
against
contraction
A
b Bills bought
■Circulation
year.
balances abroad of 142,000,000
francs, in bills bought abroad of 3,000,000 francs
Of the latter amount,
£772,071.
ago
year
a
in credit
appears
addition to discounts and advances
was an
4,736,591,536 francs.
25
50,111,283,678 francs,* which
at
.
and £64,613, to securities.
the
of bankers'
£47,263,276 and other ac¬
The
securities increased
£707,458
deposits
decreased
38.80%, last week it
ago,
fell
securities
a year
gain in gold,
Public
deposits
other
increased
now
year
the
£3,243,000.
while
The
which
counts
and
off
which decreased
counts
offset
than
more
£39,273,000
rose
high of £249,-
expansion of £4,291,000 in cir¬
as
reserves
new
with £194,434,427
compares
for the seven weeks
71,951,997,688 francs
with
compares
Sept.
to
stands
reserve
82,280,961,642" francs two years ago.
The
reserve
ratio is now 54.42%, as against 74.72%
THE statement offurther gain for£1,048,480in gold
the Bank of the week ended
Sept. 30 shows
754,699, which
14
gold
and
V/i%.
which raises the total to another
ago.
-/
CJ
loss of the Bank's
9-16@^g%
against
as
making the total
^
/
being 2,580,478,207 francs,
s" • /
i
'
At Paris the open market rate
was
lowered
was
loss
on
months' .bills
Friday of last week.
Friday
a
were
Friday of last week, and 9-16@%%
on
was
a
prime bankers' acceptances has
quiet during most of the week.
There
slight improvement in the supply of high class
Financial
2112
bills the latter
be
to
only
Official
quotations
show
Rates
change-.
no
issued by the Federal Reserve
for bills up to and including 90
as
34% bid and 3-16% asked; for four months,
are
5-16%'bid and^J^% asked for five and six months,
high
they continue to fix their
rates for open
been,
%
16
S,6
$5.07 3-16 last week.
Prime eligible bills
X
X
^
DAYS
Eligible member banks
Eligible non-member banks
The
London
The
.yC.
V
%% bid
the
in effect
the schedule of rates
now
classes
various
the "different
cf
paper
at
Reservjeroanks:
closed
Saturday
on
as
in exchange
a
by
Wednesday
settlement
of
official
French
were
week.
this
of
Friday
until
Markets in Holland and Switzerland
also closed
were
pending final
order
plans respecting devaluation
of the
gold standard.
Almost immediately following the French action
:
and
inspired, it would
in
cooperation
Dutch
Unite^nStates have agreed to
with
governments
entirely by the fact that
seem,
Great Britain and the
as
soon
the
Swiss
and
gold
the
France,
likewise
and
off
went
decided to devalue their currencies
correspondingly
the French level becomes established
as
of international trading.
course
Belgium
by
was
prompt to join the tripartite currency agreement, so
that
Holland; Belgium, France,
Switzerland,
now
States, and Great Britain
are
all actively
cooperating to steady exchange rates.
Rate in
Date
Previous
Established
Rate
Effect on
Oct. 2
Boston
for cable transfers
range
and trading
suspended
the United
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Bourse
% % bid
....
THERE have/beenofno changes this week banks.
rediscount/rates
the Federal Reseive in the
for
Paris
officially
act
following is
is
market
and abandonment
Discount Rates oFthe Federal Reserve Banks
The
The
for
$5.0134®
matter of custom.
Ji6
J.
,
-
$4.95 15-16
with
.
of between $5.0134 and $5.0734 a week ago.
range
Asked
X
3ie
DELIVERY WITPmT THIRTY
FOR
Bid
Asked
Bid
X
16
as
lis been between $4.91 and $4.98, compared with a
—30 Days
50 Days
90 DaysBid
Asked
Asked
Bid
Asked
Bio
sight
sold
The range for sterling this week has
$4.90 15-16 and
bills, compared
between
banker^
until
—120 Days—
jays
Asked
Prime eliglDle bills
follows:
are as
—180 Days—
Bid
Tne nominal
rates.
own
market acceptances
$5.6734.
as
1936
Recalled that during the week ended
Friday, Sept^/25, sterling cable transfers
%% bid and 5-16% asked.
The bill-buying rate of
the New York Reserve Bank is 34% for bills running
from 1 to 90 days, %% for 91- to 120-day bills an<
1% for 121- to 180-day bills.
The Federal Reserve
banks' holdings of Acceptances remain
unchanged at
$3,098,000.
Open market rates for acceptances are
nominal in so far as the dealers are conptoied, as
Oct. 3,
It should be
payfc of the week but this is expected
temporary.
Bank of New York
days
Chronicle
Feb.
2
8 1934
France has set up an
2
New York.
IX
Feb.
2 1934
Philadelphia.
2
Jan.
17 1935
Cleveland
IX
May 11 1935
2
May
9 1935
2X
Atlanta
2
Jan.
14 1935
2X
Chicago
2
Jan.
19 1935
3 1935
2X
2X
2X.
St. Louis
2
Jan.
Minneapolis
Kansas City
2
2
May
2
May
8 1935
San Francisco
2
Feb.
francs, and
Holland
a
fund of
fund of
a
2
May 14 1935
Dallas
Swiss
650,000,000
2X
Richmond
equalization fund of approxi¬
mately 10,000,000,000 francs, Switzerland
2X
16 1934
10 1935
300,000,000 Dutch guilders.
In
the authorities of
making the agreement
United States and Great Britain reserved the
2X
2X
2X
to abandon the
is
the
right
agreement if thpir internal economy
adversely affected.
The other cooperating nations
are
do
Course of Sterling Exchange
STERLING andthrown entire of foreign exchange
the
market
alignment when
out
were
abandoned the
France
of
News
the
a
new
lishing
the United
gold standard
tripartite
currency-
Sept. 26.
estab¬
agreement
basis of cooperation between France,
States, and Great Britain
New York around 8 o'clock in the
Sept. 25, that is, at 1
a. m.,
was
flashed to
evening,
Friday,
on
Saturday, Sept. 26, in
^
Paris and London.
In
on
;
values
the
franc
new
franc
from between 4.34 to 4.96 cents.
new
franc, the
quotation for sterling declined sharply from
high levels which had prevailed for months pre¬
range
Despite
the
apparent
for sterling this
week ended
week
as
discrepancy in
the
Friday, Sept. 25, the pound must
never¬
position
all other currencies remains
unchanged from the general trend manifest not only
throughout 1936 but for several years before.
It is felt now in London aind in foreign exchange
circles
generally,
that sterling
that the
as
has been the
case
for
some
time,
is overvalued in terms of the dollar and
dollar is
other currencies.
and
opinions
voiced
undervalued with reference to all
It is
generally believed that the
tripartite agreement will cprrect this discrepancy
that
sooner
or
later
sterling will
It is
their
York
best
In
both
statements
and
interests.
official
authorities
by competent
will
prove
express
successful.
generally believed that foreign exchange/rates
of the
some
leading currencies must continue tentative for
time, but that they will eventuallvymove into
grooves
displaying
^very
little change /From day to
The debate in the French Chamber of
the devaluation bill showed
dollar and
with
of
Deputies
on
airing other things the
move
with
Poincare
franc/6f 65.5 milligrams.
debate
showed
further
that
there
was
no
criticism of thp/Treasury situation, but that the gold
drain
compelled devaluation at
month-lopg
were
/
,
a
time when the
Anglo-Franco-American
conversations
fortunately reaching their goal.
It/was also shown that the Government admitted
that its attempt to restore
prosperity by
iflation without devaluation
the
Spanish
civil
war
was
and
means
of
finally doomed by
Germany's
two-year
military service, with the consequent necessity for
huge extra^litary outlay.
One of the immediate effects of the French devalua¬
tion and the
equalization funds of both countries will maintain
was
a
sterling rates corresponding ^to a franc
gold content vaiwing from 43 to 49 milligrams
The
the
steadier ratio than has prevailed for a long time.
a
gold, compared with the former fixed content of
the
respect to the dollar closer to $4.86, and that the
to
New
conviction that the agreement
compared with the
theless .be considered firm and the essential
of the unit with respect to
out
and
intention to manage the franc7 bet weeh limits in the
valuation of the
nominal
vious.
work
day.
,
26%-34%, giving
by
Coincident with the
new
not
London
going off the gold standard France planned to
devalue
the
similarly free to change their policy if the plans
stores,
of which
was a
open
also evidence that gold was
hoarded
/
tripartite agreement
price of gold in the London
most
sharp rise in
market J| There
being offered from
was
intended
for
Volume
143
Financial
'
reshipment to New York.
week
than
more
Chronicle
In the first few days of the
$37,000,000
was
"heavily oversubscribed"/applications
Money
It is generally believed that hereafter the British
Exchange
Though neither confirmed
control will establish
heavy balances
y2%.
gold at New York.
Such
bills
19-32%,
six-months'
and
less spectacular scale than
thought, prevent gold from rising too high in the
that
displayed from March 6 until
London market.
'At
price for gold in the
ties suggest,
could
considerably higher
the British Exchange Equalization Fund
the
correct
overvaluation
of
the
with
sterling
respect to the dollar, but the alternative and better
is thought,
it
course,
would
"-arrange the earmarking of
the United States.
It is
St^s
an
There is considerable
new
repatriation
to
of
speculation
doubt
on
on
some
no
repatriation of short-term funds would
be effected/from both
no
be
political and social conditions abroad
There
markets, but in the long
or
regarded by their
are
investments,
solely
owners
was
£272,114
from this
outweighs
source
large
of
investment
On Monday
market £1,200,000,
open
on
Wednesday £1,150,000,
on
Friday £1,058,000. On
in
bars,
gold
Wednesday
on
The Bank's
Thursday £441,000.
of gold since
Jan.
1
now
open
total
Sept. 30,
Bank of New
MOVEMENT AT
as
for
reported by the Federal
York,
follows:
was as
NEW YORK,
24-SEPT. 30, INCL.
SEPT.
Exports
863,386,000 from France
2,603,000 from Canada
2,356,000 from India
has
Continental
the
Imports
immediate
gain to be realized from the devaluation of currencies.
It should bo recalled that there
on
the week ended
profits to be
any
is thought
Port of New York the gold movement
At the
as
Reserve
derived
some
£48,782,750.
GOLD
ultimate
offer in
purchases
in both Great Britain and the United States will tend
the
on
Tuesday £1,410,300)
to
as
taken for unknown des¬
was
Thursday £814,000, and
market
Further, the marked business upturn
keep funds here,
London
shipped to New York for profit to be
because of the discrepancy in per ounce
£426,646,
the greater part of these funds is in long-term securi¬
ties which
offer in the
been
account
run
By far
New York.
possible basis for credit
on
Monday the Bank of England bought for its owii
heavy outward flow of foreign funds is to be
expected from either London
Gold
price of gold in London and New York.
there
pur¬
instigation of the British exchange control for
realized
or
gold
large
resume
Much of it is believed to have been taken
to have
funds from London and New York
Continental countries.
that should
improve,
to whether
as
home.
market this week
at the
as soon
provide for future contingencies
shipment to the United States, and
agree¬
agreement will result in- the
currency
at
tination.
ment, it is believed, would be easy to accomplish.
not the
England will
order to
conditions
dollar-
on a new
The actual conclusion of
of
Bank
open
ago.
market is
gold
disturbed, but it is believed that
and to establish the firmest
to
agreement between
an
Great Britain and the United
sterling parity.
the/ fund
for
correctly pointed out that
such step would imply
any
be
few weeks
a
London
the
foreign exchanges function smoothly again,
chases in
large amount of gold in
a
the
as
on a
present time
somewhat
market, London authori¬
open
the
bills
England continues to buy gold in the
market, though
a
are
'
open
By bidding
9-16%,
three-months'
Two- and
The Bank of
will, it is
a course
Lombard
in
n-i6%>
this side and
on
ex¬
against bills is in supply at
money
four-months*/bills
nor
denied, the belief is held that the British exchange
earmark
Call
unchanged
continue
rates
Street.
Equalization Fund will operate actively
through New York.
having
ceeded £100,000,000.
taken from London
for New York account.
V
2113
/
always been
funds,
a
None
2,001,000 from England
28,000 from Nicaragua
especially
6,000 from Guatemala
Swiss, Dutch, and French, in the London and New
York security markets.
the
$70,380,000
During the continuance of
depression these funds
Net Change in Gold Earmarked for Foreign Account
withheld from both
were
Increase: $18,886,000
markets, but with the revival of business here and
in
Note—We have been notified that
Britain, the
return and
will
Continental funds
began to
The
probably continue to be invested in
a
domiciled
very
considerable
this side
on
to
part of the
move
back to
gold
now
sources
Lardly
any
effect
the
on
ease
In
and credit conditions.
London
amounts
of
also
foreign
foreign
money
long been regarded
return
of such funds
likewise be regarded
authorities
and
credit conditions
and
There
to, their
not
there.
were
On
no
the
large
money,
countries
own
affect
The
and the
foreign
Friday there
were
would
metal
the
money
and
removal
of
fully anticipated by the financial
authorities of both countries.
in
However
importance is expected.
and
occur a
no
immediate
Before such
radical improvement in
social conditions
on
The
the
or
$5,700.
exports of the
on
the
Continent
1-16% and
Paris, the London
ranged
open
premium of 1*4%.
mean
London check
market gold price, and
price paid for gold by the United States:
CHECK RATE ON PARIS*
Tuesday,
No quotation
"
Sept. 29.a_ "
"
*
"
>
Saturday, Sept. 26
No quotation
Monday, Sept. 28
Tuesday, Sept. 29
_._140s. 9d.
PRICE PAID
_140s. 7d.
FOR GOLD
Wednesday, Sept. 30_No quotation
Thursday,
Oct.
1. "
"
Friday,
Oct.
2
.$104.85
MARKET GOLD PRICE
an
take
foreign
week
the
a
following tables show the
political
must
for
earmarked
during
exchange
discount of
a
Saturday, Sept. 26
Monday, Sept. 28
Wednesday, Sept. 30
Thursday,
Oct.
1
Friday,
Oct.
2
BY THE UNITED
STATES
140s. 2d.
140s. 5>$d.
141s.
(FEDERAL
RESERVE BANK)
place.
The abundance of funds in the Loiidoh market
illustrated last week when the
offered
imports
gold
LONDON OPEN
outflow of
was
/•*
Canadian
between
rate
eventual
change
or
MEAN LONDON
exodus could
increased
account
no
account.
by the British
large volumes of foreign funds from both London and
New York has been
golS
exports of the mettil, but gold held
for
earmarked
of
in the market have for
withfsatisfaction
would
week ended oh
for the
are
,
deposits
"nuisance"
as
figures
On Thursday, $12,158,000 of
$605,000 from India and $5,700 from Guatemala.
of
<
money
/
received, of which $11,547,300 came from France,
origin, the trend would be welcome to the authorities
here and would have
above
Wednesday.
these markets for many years.
Were
approximately $137,000 of gold was
received at San Francisco from China.
Great
by
the
London
was
loan of £10,000,000
County
Council
was
Saturday, Sept. 26._.._.i._$35.00
Monday, Sept. 28......... 35.00
Tuesday, Sept. 29
35.00
*
Note—On Wednesday, Sept. 30,
Wednesday, Sept. 30
Thursday,
Friday,
Oct.
Oct.
$35.00
1
35.00
2...
35.00
French francs were sold in Switzer¬
At the same time they were
land at the rate of 100 to the pound sterling.
2114
'
*
,
offered
Financial Chronicle
1
.
.
•
■
.
-ft*
i
1
,
>
.
Fund) at 96
On Thursday,
Oct. 1, the range
and in New York at 5.16% cents.
Bankers'
official decree devaluating the franc and
$4.90 15-16@$4.95 15-16; cable
was
T
^
On Oct. 2 the French Government published an
foreign exchange trading was hesitant.
sight
[
The VOte
content of the franc a law.
largely nominal as London was
was
j
u,r
Referring to day-to-day rates sterling exchange on
closed and all
'
vote of 354 to 217.
a
meant that only promulgation by liesident he Brun
was necessary to make the reduction in the gold
in New York was 4.75-4.92 cents.
Saturday last
'
,
•
fixing decrees by
officially in London (through the British Exchange
francs to the pound,
J
$
.
reopening
On Monday exchange rates
The range for sterling was
the Bourse. The decree did not peg the franc at any
$4.9334@$4.94J4 for bankers' sight and $4.9324®
fund at between 101 and 103 francs to the. pound
and between 20.50 and 20.75 francs to the dollar,
On Oct. 2 also the Bank of France reduced its
transfers
$4.91@$4.98.
continued
nominal.
On Tuesday
$4.95 for cable transfers.
firmer in
sight
sterling \^as
Bankers''
limited and nominal market.
a
definite point. It will be held
On Wednesday, the Paris financial bill
@$4.9524.
to 3%.
Throughout the week the
having been referred back from the Senate to the
limited,
Sterling was $4.9424@$4.9524 for bankers' sight and
$4.9424@$4.9534 f°r cable transfers.
On Thursday sterling and all other " currencies continued
hesitant in limited trading.
The range was $4.93@
@$4.9434 for bankers' sight and $4.93J4@$4.9424*
Chamber,
currencies
all
in
trading
24)
rediscount rate from 5% (established on Sept.
$4.9434® $4.9524J cable transfers $4.9424
was
by an equalization
"Black Bourses," or
unofficial street-markets, in the various European
was
cities dealt actively in the currencies and securities
of France, Switzerland, and Holland.
There was' a serious squeeze7 in francs in London
and New York early in the
week and fears were
was
entertained in New York that a local moratorium
on
maturing month-encf* franc payments might
$4.93@$4.93 5-16 for bankers' sight and $4.93J4@
become necessary because of the scarcity of francs
for
transfers.
cable
On
Friday .the
$4.9324 for cable transfers.
Friday
were
-Closing quotations
on
$4.9334 for demand and $4,93 3-16 for
Commercial sight bills
transfers.
cable
range
finished at
-
.
supplies
$4.91%> documents for payment (60 days) at $4.9234,/ in
Cotton and
seven-day grain bills at $4.9224-
a mora-
obviated early Wednesday when ample
were; provided by official sources.
Late
was
$4.93, sixty-day bills at $4.9234, ninety-day bills at--Thursday afternoon as
and
Such
while the Paris market was closed.
torium
high
as
5.80 cents was bid
frantic effort to obtain francs for delivery to
a
requirements.
month-end
meet
On
Wednesday
morning, Sept. 30, the Bank of England provided
grain for payment closed at $4.93.
f
Continental and Other Foreign
all the francs which w&rc required at the rate of
gg francs
p0im(L At the same time supplies
*.
•
Exchange
THE departure of France fromthe current foreign were made available in that ample supplies of francs
the gold standard, When it became known New York at 5.1624 cents,
outstanding feature of
the
exchange market, forms the chief subject of discussion
in
the
foregoing
However, it
resume
of sterling exchange,
special features of the French situation
Exchange
France
on
was
was
closed until
taken with respect to
legislative action could be.
the Government's devaluation
generally expected that the Govern-
plan.
It
ment's
measure
Bourse
opened
was
would be legally
on
sanctioned and the
Sept; 30, but the
houses of the French Parliament
agreement until late
On
on
upper
and lower
failed to reach
Thursday, Oct. 1.
eight.
The
20 members for and
voting.
The
Deputies by
followed strict
vote
12
against,
majority of
party lines, with
seven
Right
and
Center
a
com-
members not
members
measure
On
passed the Chamber of Deputies by
majority.
Sept. 30 the Senate approved the
The Senate,
be
status
of workers.
returned
the
the
to
Hence
a
sub-
by
had to
Deputies for acceptance before
The Chamber
promptly rejected the Senate's
amendments and returned to that
body its original
bill... This action delayed the opening of the Bourse
scheduled for Wednesday,
A
compromise
was
French Chamber of
Sept. 30.
reached
Deputies
on
gave
in the day to devaluation of the
measure
with
•
th*3
compromise
Oct.
ately to fix the exact rate of the devalued franc, but
would watch other currencies and allow the franc to
seek its
It
and
the
final approval late
franc, adopting the
clauses
on
level between the maximum and mini-
own
provided in the devaluation bill.
rates
believed in official quarters in Washington
was
that further official interpretations of the currency
arrangements
There
was
quarters
a
on
mighi be forthcoming in
hint
from
United
Wednesday that while
a
few days,
States
Treasury
fixed pound-
no
within which the pound will fluctuate.
range
ence
on
Monday last said that the
price-
Secre-
confer-^
currency agree-
ment contains no fixed ratio.
Paris and world traders generally expect
in
security trading in Paris, .wjuc-hrfor
least may result in much
there
was a
reopened.
confusion
on
a
a
boom
few days at
the Bourse
as
flood of buying orders before that market
Such orders
received from
home
and
abroad by Thursday far exceeded the capacity of the
Bourse to, handle in
There
1
newspaper
tary of the Treasuiy Morgenthau at a press
Government Could issue the decree revaluing the
franc.
Minister Auriol told
last Thursday that he did not intend immedi-
dollar ratio has been agreed upon with Great Britain
measure
measure
accom-
and France, there may be an understanding as to a
however, altered"
the
Finance
c French
tmen
certain social riders to the bill, such as those affecting
the
the various exchange equaliza-
The
v
vote of 137 to 127.
as
functioning smoothly, rates will
are
voted
against the bill and the Communists abstained.
stantial
soon
as
modate themselves to steadier levels,
mum
approved by the finance
were
mittee of the Chamber of
a
an~
but that
tion funds
Sept. 27 the French Government's proposals
for devaluation
of 4.80 cents.
generally expected that all exchange rates
It is
will fluctuate considerably for some days to come,
demoralized
largely
throughout the week owing to the fact that the Paris
Bourse
moved quickly to a low
pertinent here to discuss further
seems
available, tension eased rapidly and the franc
.were
was
more
a
single day.
than
a
suspicion in
financial circles that with the reopening
following legal devaluation
Bourse
sweep
a
the stock exchanges of Europe.
of such
a
boom will be
an
increase of
European
o^ the Paris
boom ^would
The result
pressure
on
Volume
the Paris money
'<
evidenced throughout
the week in the impossible rates demanded for over¬
night francs. There are many factors which portend
such a boom in Paris: First, devaluation; second, the
market,
2115
Chronicle
Financial
143
Ru-
that
announced
authorities
Bucharest
The
as was
depression; third, the exceedingly low yield of money
follow^
francs.
A Reuter's dispatch from Istanbul pu !Sept. 30 stated
that the
Turkish government had!) modified its
currency to the basis of 6.20 to 6.23 Turkish pounds
to the pound sterling, the rate to fluctuate accord¬
outside
ing to the price of gold.
mania would make
ing the devaluation of the French and Swiss
extremely low level of prices to which stocks have
declined
Rowing to five years of material and moral
French
hoards, the release of only a small percentage of
which will produce a great effect upon prices.
of
the
fourth,
France;
enormous
The current statement of the Bank
of France
as
ing^currencies still
computed in
Parity
six
previous weeks by
940,489 francs.
Present
moratorium
holdings
gold
with
compared
earlier,
francs
Dec.
on
francs
when
54.42%,
Poincare
Neither
give
unit
against 74.72%
as
legal requirement
as
year
the
nor
currencies
into
immediate
for cable transfers,
authorities
alignment with the
to
new
tion of
Italy
Should
by
I
;
;
0
a
exports
already
are
different
classes
from 20 to
subsidized
of
would be suitable to meet
Y„
-
Italy ihight benefit
would also
any
or
extent
from any
sideration
A
agreement.
no.
was
possible
a
dispatch" from
thought that
of
welcomed
that
Germany
the American
equilibria
was
the
the
Reichsbank,
tion
is
gold standard by Holland was due only to
"force
majeure" and that the convictions of
hadjmUhg/n altered. Never¬
said, joins heartily
three-power declaration regarding monetary
the" three-power assurance
unfortunately
can
not
and
abandonment
of
trade
barriers.
most acutely disturbed."«■
\
slight ^ and therefore for the present it will
The Swiss
of
remain
are
not establish
decreed
-
a
a
guilder parity.
reduction of
Swiss franc.
' gold
fixed
Federal Council
As
National Bank
devaluations, the. world's economic Y 000,000
of the Dutch export industry.
However, the Government expectations in this direc¬
-
blind to "the fact that, through the English as, well
as
power
stabilization
policy and aims of the "greatest possible equilibrium,"
but
their actions by the move¬
capital, adaptation of Dutch price levels to
theless the Dutch Government, he
in
reported to have observe (Fironically that Germany
naturally
E
the Government itself
devaluation, since three fourths of .the tourists at
President
'
Sept. 28 declared
Colijn stressed the fact that the abandonment
of the
be introduced to neutralize French
Schacht,
Dr.
outside
On the other hand, it is
-
on
Government and the Bank of The Nether-
competitive
•
increased export bounty and cheaper
Dr.
broadcast
foreign prices, repatriation of Dutch capital, and the
on
that Italy would not devalue,
from France.
Treasury loan.
a
ment of
currency
Rome
an
come
a
Colijn in
lands would be guided in
con¬
tourist lire may
present
partly by
that the
It
decision had been officially
rate for the present.
partly from gold profit derived from
Premier
regarding the future of they lira, but that
prevalent opinion
at any
a
quarter for joining
Reuter's
Sept. 30 stated that
announced
by prospects of
to
stabilization fund of 300,000,000 guilders,
lands and
from devaluation, but
more
amounted
revaluing the gold stock of the Bank of The Nether¬
Germany's
probably hesitate to lift restrictions.
some
a
Guilder depreciation im¬
announcement
the
The Dutch Government also plans to
to be obtained
likely that both dictator countries will be influ¬
enced to
15% to 20%.
establish
Y
.
the British system of managed cur¬
after
about 24%.
10
varying in value
other of
Tljer Amsterdam authorities have de¬
ciate from
*
tied to the
guilder is
whose
Indies,
mediately
benefit
0.93% and
,
It is planned to allow the guilder to depre¬
rency.
pound, each of which
one
Bucharest
decreed an embargo onapplied on
gold to
The embargo also
cided to adopt
cur¬
are
on
26.
Netherlands
-
and there
reichsmarks
Sept.
Dutch unit.
probably 98% of German
as
60 marks to the
obligations.
HOLLAND
or
[1
restrictions, it is doubtful whether
YY;
renewed
without removing
Germany devalue
would result inasmuch
is
followed
be
probably
flight of capital.
rency
con¬
capital, but such action by either Germany
would
on
0.94%.
,
restrictions, leads to repatria¬
exchange and trade
4.14J4;
on
0.9034 f°r cable transfers, against
at
removal of
a
^.74;
exchange closed at 0.90 for bankers' sight bills and
Germany and Italy from devaluation are
devaluation, accompanied by
against 7.84 and 7.8634- Austrian
Poland at 18.86, against^
Finland at 2.18, against 2.22. Greek
0.74, against
18.88; and
problematic. Tn the democratic countries most
cerned
Italian
sight bills and at 7.70
Czechoslovakia at 4.11, against
at
According to London opinion gains which might
accrue
for Berlin marks were
sight bills and 40.18 for cable
bankers'
for
schillings closed at 18.80, against 18.88; exchange on
arrangements.
currency
transfers, against 16.86
16.83 for cable
Final quotations
lire closed at 7.69 for bankers'
earlier, and with
Italian
Friday
on
transfers, in comparison with 40.16and 40.17.
clear indication that they will bring their
any
Pars closed
on
105.69, against 76.46 on Friday of last
40.17
Sept. 25 stood at
a year
(guilder).40.20
to 66.93
and 16.87.
established in
was
on
to 32.40
53.21
bills and at
established in June 1928 of 35%.
German
the
a
83,350,000,000
with 28,935,000,000
1932, and
2,
the
francs
high of
The Bank's ratio
June 1928.
50,
at
Bank stand
71,951,997,688
all-time
with the
gold shipments.
on
of the
7.86
-23.01
68.06
week. InNew York sight bills on the French center finished
on Friday
at 4.65%, against, 6.5834 on Friday of
last week; cable transfers at 4.66%, against 6.58%.
Antwerp belgas closed at 16.8234 f°r bankers' sight
at
(the lowest since Oct. 10, 1930)
111,283,678 francs
as
an
to
$2/67
The London check rate
.
now*a
is
There
Holland
was
5.75
to 16.93
19.30
Switzerland (franc)
preceded during the
aggregate loss of 2,297,-
This loss
gold holdings.
„
7.74
8.91
5.26
Italy (lira)
2^580,478,207 francs in
4.66M to
1695./- -^-83
13.90
_
This Week
Parity
6.63
3.92
(franc)
Belgium (belga)
Range
New Dollar
Old Dollar
Poincjp francs. It shows
extraordinary decrease of
an
gold to the United States dollar;
on
of
France
vY
<
following table shoWs the relation of the lead-
The
Sept. 5 will probably be the last statement of the
Bank to be
change in its currency
no
Swiss
reserves,
a
on
Sunday, Sept. 27,
30% in the gold price of the
result of the devaluation the Swiss
will
realize
francs from
which will
a
profit? of about 650,-
the
accrue
revaluation
•
of
its
to the Swiss "Treasury.
Financial
2116
It
understood
is
create
a
this
that
profit will be used to
stabilization fund for the
protection of the
Chronicle
Oct. 3,
stated that the, situation arising from the devalua-
t'ion of the fraric
and guilder was discussed by the
decided that
ministry of finance and that it
Swiss franc.
*
1936
no
literally forced
alteration would be made in Japan's currency policy
According to dispatches from Geneva on
Sept. 28 French officials arrived at Berne oyrThurs-
the purchase price of gold. Despite the Government's decision, the market price of gold reached a
record level at 13 yen 60 sen per ounce, up 20 sen.
Closing quotations for yen checks yesterday were
28.22, against 29.26 on Friday of last week. Hong¬
kong closed at 30%@30 13-16, against 31%@31 7-16;
Both Holland and Switzerland
were
off gold.
day, the day before announcement of thfe
French
devaluation^ and invited the Swiss authorities to
join in the devaluation
resisted and
ment
France
the
that
statement
land.
However,
gold
a
aga^st 30.00@30%;
violent
against 59%; Bombay at 37.30, against 37".87; and
a
Calcutta at 37.30, against 37.87.
%
francs
loss of 30,000,000
Gold Bullion in European
.Officials in London and Paris,
reserves.
29 9-16@29%,
at
Manila at 50.20, against 50.25; Singapore at 57.95,
morning
Saturday
on
Shanghai
apply to Switzer-
developed against the Swiss franc which cost
the Swiss National Bank
it is
obliged
circumstances
to devalue its franc did not
attack
in
The Swiss Govern¬
move.
Saturday noo^MMfdcast a
on
or
asserted, te lephoned the Swiss authorities urging
Banks
The deci¬
THIp following; table indicates the amounts of gold
bullion (converted into pounds sterling at par
sion to follow the advise of London and Paris was
mane at 2 p. m., Saturday, Sept. 26.
On Sunday
respective dates of most recent statements, reported
chfef of the finance department argued
to us by special cable yesterday (Friday); comparisons
a
reversal of the official Swiss attitude.
M. Meyer,
in
broadcast
radio
a
world
Public opinion in
^stabilization and trade.
Switzerland however is
would help
devaluation
that
adverse
to
of
exchs^nge) in the principal European banks as of
shown for the corresponding dates in the previous
are
four
Batiks
.
some
^
sight
53.20, against 67.40
transfers
Friday
England..,
Friday of last week; cable
on
Germany b.
Spain
on
53.20, against 67.40; and commercial
at
sight bills at 52%, against 67.00.
at 23.00 for checks and at 23.01
Swiss francs closed
for cable transfers,
Copenhagen, checks fin¬
against 32.56 and 32.57.
ished at 22.01 and cable transfers at 22.02, against
22?46 and 22.47.
Checks
1935
1934
1933
£
£
£
£
Amsterdam finished
on
'
1936
of—
opposition is expected.
Bankers'
at
years:
the action and
Sweden closed at 25.42
on
France
.
'
Italy..
Netherlands
59,047,000
Nat. Belg..
Switzerland
106,196,000
55,147,000
Sweden
24,157,000
Denmark..
Norway
191(776f2S8 ✓140,400,838
656,761,712
661,450,711
2,707,950
90,617,000
68,608,000
72,011,000
76,157,000
66,351,000
16,535,000
7,397,000
6,579,000
20,153,000
6,555,000
6,602,000
6,552,000
6,604,000
_
15,414,000
90,404,000
76,061,000
70,096,000
77,311,000
61,583,000
14,044,000
7,397,000
6,569,000
36,649,300
Tot. week 1,041,041,968 1,134,798.008 1,256,771,116
Prev. week. 1,058,949,214 1,135,793,199 1,254,738,667
a
Amount held Oct.
29,
£
192,560,473
658,247,693
194,434,427
575,615,981
3,257,600
90,774,000
49^350,000
43,912,000
97,530,000
46,614,000
249,754,699
400,890,269
2,027,000
88,092,000
a42,575,000
1932
.
<5L'
90,281,000
62,190.000
86,225,000
73,742,000
89,164,000
11,443,000
7,400,000
7,911.000
1,267,417,000 1,266,856,849
1,263,153,065 1,266,035,038
1035; latest figures available,
b Gold hoidingB. of the
abroad, the/amount of which the present
Bank of Germany are exclusive of gold held
and cable transfers at
while checks
25.^3, against 25.87 and 25.88;
year
Is
£11226,850.
Norway finished at 24.78 and cable
on
transfers at 24.79, against 25.21 and 25.22.
pesetas are not quoted in
Recent Statutes
Spanish
South
affected
American
by the shock to the
Argentine Government
with
\
were
seems
respect
tohave
un¬
the
press
come
its
changing
to
not
general foreign
At the time of going to
exchange market.
decision
currencies
that
Business
Needs to Watch
NJew York.
have"
There
'HE
■
to no
currency
eral
recently
whose
statutes
gone
irlfo effect two Fed¬
and
enforcement
operation
American industry and business will do
wat$i.
The Commodities Exchange Act,
transactions
,0f the
well to
regulating
o/ the various commodity exchanges
country, went into"-effect on Sept. 13.
The
For a long time the Argentine peso has
ypolicies.
Walsh-Healev Act, prescribing conditions for the
been allied to sterling.
Rio de Janeiro dispatches^
purchase of supplies and the making of contracts
on
Thursday stated that it is considered probable
by the United States, became operative last Monthat
there
adopt the
in the
future the
Banco
do
Brazil will
foliar as the unit to which the. milrie is to
clay. For business and industry generally the latter
Act
is
the
be pegged for international transactions, in place of
stitutional
its former peg to
and
Argentine
sterling.
paper
closed
pesos
on
Friday, official
quotations, at 32.90 for bankers' sight bills, against
33.72 on Friday of last week; cable transfers at 32.90,
The unofficial
against 33.75.
was
or
free market close
28.10, against 28.30@28.40.
official rates,
not
were
free market close
was
quoted.
Brazilian milreis,
The unofficial
or
5.85@5.90, agakast 5.95@6.00.
Chilean exchange is nominally quoted.at 5.19, against
Peru is nominal at 25.19,
5.19.
against 25.19.
are
more
Important, but both involve con¬
questions of fundamental
importance,
likely, if their constitutionality is sustained,
to widen
greatly the range of Federal interference
with business.
.
*v
^
TKfT^ommodities Exchange Act, in addition to
strengthening various provisions
tures Act
clude
ter.
of 1922,
the Grain Fu¬
widens their application to in¬
rice, millfeeds, cotton, potatoes, eggs and but¬
Not only exchanges dealing in futures in these
commodities,
but
floor
brokers
and
commission
houses, are required to register with the
of
Secreta!^
Agriculture and to be licensed before they
do business.
The
may
Commodities Exchange Commis¬
DISPATCHES from Simla on Thursday stated
the Government of India
accordance
sion, of which the Secretary of Agriculture is
with the
member, may issue "cease and desist" orders against
that
not to
tion.
'This
to
t
in
tripartite
lend itself to
Sir
James
means
agreement has decided
competitive
Grigg,
currency
finance
deprecia¬
minister,
said:
definitelyythat, the Government intends
maintain the
other
currency
decision
international
present
would
sterling-rupee parity.
be
interests."
contrary
to
Dispatches
Any
Indian and
from
Tokio
any
exchange, or any of its officers
violation
of
the
Act.
Regulations
or
a
agents, for
regarding the
registration of floor brokers and commission dealliave been issued, but regulations covering the'
examination of books and records which the law
ers
provides for will, it is understood, have to be held
Volume
back
Financial
143
until
funds
are
"seriously impair the conduct of government busi¬
available, the necessary ap¬
propriation for this purpose not having been made
ness"
by the last Congress.
regarding
The
constitutionality of the Act has already been
several times
a
^
challenged in the Federal courts.
In
complaint filed in the Federal District Court at
Chicago,
the
August 15,
on
behalf of members of
on
2117
Chronicle
work
or
injustice
minimum
hardship, the provisions
or
and maximum
wages
riod is
lengthened, any overtime rate of
be fixed
by the Secretary at not less than
times
The Act
basic
the
does not
ing in commodity futures does not directly affect
in the open
interstate
cluding dairy, livestock and
local
because such
commerce
and
trading is wholly
intrastate, support for this contention
to farm
supplies "as
market,"
being found in the decisions of the Supreme Court
inal
carriers with
Schechter
Counsel
for
the claim
Act
not
the
that
case
and
the
Guffey coal
government, in reply, emphasized
the
complaint
having yet
into effect, and pointed
gone
out that the Act gave a
premature, the
was
right of appeal directly to
the United States Circuit Court of
order of the
an
On
Appeals against
Commodity Exchange Commission.
August 25 the application for
rstrain enforcement of the law
trict
case.
an
was
injunction to
denied
by Dis¬
Judge John P. Barnes, who expressed the opin¬
trading in futures on commodity exchanges
ion that
a direct effect upon interstate
commerce, and
might, therefore, be regulated by Congress. On Au¬
had
gust 28
a
similar suit
filed in the Federal Dis¬
was
trict Court at Kansas City, and a third suit at Chi¬
cago
Sept. 5, the latter suit being brought by
on
certain members of the Board of Trade
Board
and
against the
Federal
authorities.
On Sept. 11 the
application of the Kansas City Board of Trade for
injunction
an
was
denied, but with the significant
producers,
are
Boajd
der the
and
exemption
in
regulations."
promulgation of such
The second Chicago application
was
exception made for
an
Sept. 15, however, give the
on
limits.
narrow
very
chases in
of
excess
According to the
wise to
$10,000 except "where the
authorized/by
tracting officer is
that
statute
con¬
other¬
or
purchase in the open market without ad¬
vertising for proposals." It
at once pointed out
was
advertising for bids is the general rule where
government purchases exceed $500, and lhat open
market
accordingly,
purchases,
would
under
the
regulation be comparatively few. Proposals for bids
be
to
issued
master
Thursday by the Army
on
Quarter¬
Depot at Philadelphia apparently contem¬
plate the application of the restrictive interpreta¬
The
of ^hhe
advance
common
apply. Regulations issued by thev
the Act
excess
of
$500 for the
^
factory
ises
in
the Civilian Conservation
for
regulations further define
"a person
as
bids
to
of $100
Corps.
then be time to complain,
by
rates.
regulations, the restrictions are to apply to pur¬
may seem to& onerous
law, "and it
not
¥10,000, and
Secretary of Labor
would have protection un¬
applied^which
transportation
to
or
the Act would not
Army and
to be lawful" the
or
customary open market purchases, there appeared
to be a considerable range of transactions jtO%hich
Court,
measures
products,
nursery
published tariff
excesk of
tion of
constitutional, "if and when regulatory
to^perishable products, in¬
or
Wjlh^the Act limited in its terms to purchases
in
ruling that while the Act, in the opinion of the
was
'
usually be bought
may
products processed for first sale by the orig¬
in
the
4
apply to the purchase of such
complainants urged, among other things, tha*t trad¬
materials
or
and
one
hourly rate.
pe¬
shall
pay
one-half
Chicago Mercantile Exchange, the brief of the
hours
be modified, but if the maximum working
may
who
owns,
manufacturer
a
operates or maintains
establishment that produces
or
materials, supplies, articles
or
the
on
a"
prem-
equipment
<
re¬
also
denied by Judge James H.
Wilkerson, but on
Sept. 12 Judge Barnes, sitting in Judge Wilkerson's
quired under the conitract and of the general char¬
absence, granted x)ermission to appeal, and it was
reported that the appellants intended to carry the
dealer is defined
to the
case
Supreme Court.
constitutionality of the Walsh-Healey Act
not yet, apparently, been
challenged in the
courts, although it
of
interstate
raised.
possible that the question
intrastate
versus
The Act
department
any
seems
or
agency
ment for the manufacture
or
may
any contracts
or
the materials
or a
by
latter
sumably,
but
bidders
As
distinction
be¬
dealers,
both,
wholesalers
government
on
an&tjids from jobbers, who
are
the
sold1 to
of business."
no
retail
included,
usually active
course
makes
under
and
are
pre¬
not
contracts,
neither manufac¬
furnished, that not less
turers nor dealers under the terms of the defini¬
for similar work in the
tions, are apparently not to be recognized.
determined by the Secretary of Labor,
be paid, that the work period shall not exceed
as
eight hours
day
per
neither child labor
or
nor
forty hours
per
week, that
convict labor shall
be
em¬
seem,
moreover, if the purpose
achieved,
have to
whose
that dealers who
assure
labor
tions
shall
tive of the
other
penalties
prevail.
In addition to monetary and
for violation
of the provisions
of
Act, the Comptroller General is directed to dis¬
tribute to all Federal
persons
or
agencies
a
list of the offend¬
firms, and unless the Secretary of
Labor otherwise
recommends,
awarded
offending party until after three
years.
to
the
no
contract shall'be
If the Secretary of Labor finds that
com¬
pliance with the requirements pf the contract would
furnish
^
legislation is
a
labor demand, and the
conformed
for
a
dealer is allowed
goods whose producers have not them¬
It will be
bid
The prime incen¬
provisions of the statute.
furnish
selves
supplies will
themselves that the manufacturers
demand will not be satisfied if
to
It would
of the Act is to be
proditets they handle have complied with the
ployed, and that safe and sanitary working condi¬
ing
and
stock
to be
locality,
the
required
and
usual
definition
are
articles
described
character
the minimum wages
than
will
the general
the
other estab¬
or
materials, supplies,
bought, kept in
in
A regular
who owns, operates
warehouse
store,
wholesale
tween
"a person
which the
are
public
regular deal¬
a
as
specifications
the
contract
the
supplies, the contract shall stipulate that the
fn
by
the
purchase of materials
by the specifications."
equipment of
or
be
of the Federal govern¬
contractor is the manufacturer of
er
authority
provides that in
maintains
or
lishment in
.
The
has
described
acter
the
to
a new
requirements of the Act.
thing if dealers who desire to
government business must assume respon¬
sibility for the scrupulous performance of legal ob¬
ligations by manufacturers:
A good
many
manu¬
facturers, also, will find the labor requirements of
i
•
Financial Chronicle
2118
the
burdensome, if not indeed impracticable.
Aqt
While
eight hour day and
an
a
forty hour week are
called
break
of
/
Oct. 3> 1936
attending the great out¬
circumstances
the
1932, but with the difference, important
that the affair
International Settlement
where Japanese police and marines were in control.
establishments. It will be difficult, and it may be
On Sept. 25 it \^as reported that Chang Kai-shek,
virtually impossible, where higher schedules prevail,
commander in chf^J: of the forces of the Nanking
to readjust the schedules so as to insure that the
Government, was being urged by both Chinese and
provisions of a government contract will not/ be
Japanese authorities to return to Nanking from
violated.
Unless the Secretary of Labor can be
Canton and take personal charge of negotiations
counted upon to make liberal exceptions, it is pos¬
with Japan over the Shanghai affair,
This, how¬
sible that large numbers of both manufacturers and
Although
dealers will refrain from bidding for government' ever, he gave no indication of* doing.
Japanese war vessels were reported to have arrived
business, and the more because, even if exceptions
off Shanghai, the forces in the city were somewhat
are made in favor M longer hours or a longer week,
reduced. On Sunday, Sept. 27, the usually well in¬
the overtime will l\ave to be paid for at one and oneformed Tokio correspondent of the New York
half times the basic wage rate.
"Times" reported that the tension was "slightly less
It is difficult to believe that the underlying in¬
tent of the Walsh-Healey Act is not to fasten
widely^ acute," and that official assurances were to the
effect that Japan intended "to obtain her objectives
upon industry and business a Federal control of
by diplomatic pressure rather than by dramatic use
hours and wages. The Supreme Court has^hade it
widely prevalent, they do^not obtain in all
from the
tries
occurred in
and
by no means
are
indus¬
general in mercantile
impossible to establish such control generally and
directly through such
device
a
Recovery Act, but there is Ob¬
National
Industrial
viously
hope of driving
a
accepted' principle
in
It
contracts.
government
a new
that
its
not
own
has been
government,
materials, could set
or
standards, and that State rights were
thereby interfered with since
for the
generally
a
the Federal
contracting for services
up
wedge by means of
need work
np one
government or supply it with materials un¬
less he wished to do
is
ernment
Now that the Federal gov¬
so.
spending billions annually in making
work, government contracts take
on a new
impor¬
tance, and the entering wedge of labor prescriptions
may
become
a
powerful device for coercing industry
and business to the New Deal
pattern. The further
steps that may be taken in enforcing the new policy
cannot be too
The
diplomatic
pressure
took unexpected form
the next
day, when the Japanese Foreign Minister,
Hachiro
Arita,
summoned the foreign correspon¬
dents and handed them a formal statement
had
violence
Chinese
without
"outrages of unspeakable
Chinese agitators," and
of
hands
the
at
Jap¬
dozen instances in which
a
suffered
had
Japanese
that
than
not less
seen
of
Recalling that the past ten months
policy.
anese
of protection "have
assurances
been
avail," the Foreign Minister declared that
unfortunate incidents may rightly be said
"all these
to be the
logical consequences of the anti-Japanese
education, anti-Japanese agitation and other forms
of
anti-Japanese policy practiced for many years,
which
for
thf* National Government and the KuoChinese Nationalist Party] cannot
mintangi [the
evade their
\
closely watched.
part of the
a
of the mailed fist."
the codes of the
as
point of view of diplomacy,
responsibility."
It
was
the duty of
China, he said, to "carry out an effective control of
the
Dark Clouds in the Far East
With the
at
of
anti-Japanese disturbances
Shanghai and elsewhere, and the reported sub¬
mission
by the Japanese ^Government of terms with
which the
the
to
renewal
have
approached another crisis.
background is not
that which other
seems
The immediate
different in character from
very
crises have
dissension in China and
complicate the situation
shown, and political
political rivalries in Japan
as
before, but the' tone and
be made
should
relations between
"more
constructive
drastically to improve the
Japan and China," and measures
menace"
"meet the Communist
to
should if
neces¬
be considered.
sary
Nanking Government is asked to comply,
long struggle between Japan and China
agitation,"
anti-Japanese
efforts
The
Japanese Government, Mr. Arita continued,
of
desirous
sincerely
was
reaching
through diplomatic negotiations,
ion in
Japan and
the
reminded
among
If
settlement
the Japanese in China, he
correspondents, Avas coming to the
conclusion that further
less.
a
bqt public opin¬
negotiations would be
use¬
negotiations failed, "the lives and property
implications of the Japanese pronouncements
are
of
different, and the difference bears hard
the
not, of course, be left exposed to any further dan¬
position of China.
On
Sept.
21
it
upon
ger.
^.
reported
was
Japanese naval forces in China
from
were
Toklo
the
that
being strength¬
can
.
.
subjects in Hankow and Shanghai.
be
A naval
com¬
the Pakhoi
affair, three weeks before, in which
Japanese merchant
was
killed by
that while the
navy
clared
a
had hitherto remained
permitted
ro
was
left
China,
as
roads"
If
chose
Two
Japanese-Chinese
much better
existing situation
drift in
an
or
the^
ambiguous state
it
would be
was
very
will not
as
in the
.general, but in fact
From the Japanese
ominous.
cross
dealing with anti-Japanese outbursts."
only.
very
In terms the statement
it
calm, "the existing conditions do not permit Japan
ties in
either
In the
worse.
to
place implicit confidence in the Chinese authori¬
of two ways
be
past."
a
mob, and de¬
one
relations will
much
China could
The outcome of the present negotiations
.
be in
ened, with the special object of protecting Japanese
munique referred to the continuance of attacks since
large Japanese population in
standpoint it
Mr. Arita said in closing, "at the
and
compelled to choose its
course.
friendship with Japan its friendship
welcomed, but it would be Japan and not
days later, three Japanese sailors in uniform, mem¬
China that would
bers of
happen if friendship were declined was not clearly
a
landing party,
Chinese gunmen,
case
of
one
shot at Shanghai by
and part of the city was at
occupied by Japanese
in the
were
forces.
once
The shooting, which
of the sailors resulted
fatally!
re-
indicated, but
in
a
have
list of
been
a
prescribe the terms.
What would
suggestion is, perhaps to be found
"general principles" which
submitted
to
the
are
said to
Nanking Government
Volume
Financial
143
2119
Chronicle
•i
by the Japanese Ambassador. According to the cor¬
demonstrations would be
respondent of the New York "Times" at Shanghai,
as
through whom
been made
with
ed
of
are
the
utmost
such
authorities
do
by the Japanese and
secrecy
reveal
to
dare
not
Demands" made
Until
has
sweeping nature that the Nanking
a
believed to go
are
"principles"
forecast of the
a
available, the .demands are being guard¬
them, but they
beyond the famous "Twenty-one
of their provisions must,
forecasts
of
be taken with all due reserve. "Three major
course,
items," however, as summarized by the authority
mentioned,
first,
are,
requirement that Japanese
a
be brigaded with Chinese troops, in
troops shall
equal numbers, wherever Chinese Communist forces
faced, with
are
Russia
of
tiers
similar arrangement
a
and
Outer
the fron¬
on
Mongolia;
second,
an
agreement by China to accept Japanese advisers in
all civil
Japan was regarded
as
Japanese feeling in ^general would not be allayed.
If
China refuses
as
those which have been
pan can
to
negotiate, and demands such
reported
Recent
war.
it
unbiased
not
to
be
should
reports from Tokio,
said, have indicated a
indisposition to think of
long
diplomacy has
as
spite of devious policies and
tion with
ful
with China
war
an
uncertain rela¬
Nanking, has shown himself
stantial additions to his
ularly in airplanes.
resource¬
a
general, and is believed to have made
some
sub¬
fighting equipment, partic¬
The experience of the Japanese
navy
at Shanghai, in 1932, is a reminder that Chi¬
nese
resistance
land may
on
grove a formidable
matter.
remains
There
diplomacy,
field in which the
a
and, third, the immediate erection of five northern
Oriental mind excels.
provinces into
Foreign Minister Arita, it will be noticed,
autonomous North China govern¬
as
and continued
any resources
multiply concessions. Chang Kai-shek,
pressure can
in
rejected, Ja¬
are
increase its naval and military pressure or
resort
even
government departments and in the army;
an
and
anti-
as an aggressor
marked
by Japan in 1915.
#e text of the reported demands has been
published,
long
than temporary,
more
The statement
given out by
dealt
ment, entirely divorced from control by the Nan¬
only in generalities regarding the steps which Ja¬
king Government although using the Chinese flag.
pan
Submission to these
demands,
would obviously
ones,
bring the government anL
administration of China
trol
to make
as
than
tie
more
of
Chinese
purposes,
are
Chinese
theory
domestic
far under
Japanese
con¬
political independence lit-j
or a
form.
policy
The whole course
would, for
under Japanese
pass
molded with
The
a
so
practical
direction
and
be
primary regard to Japanese interests.
demands, if they have been accurately forecast,
so
far out of
might take.
proportion to the attacks of which
it is
tions will not
be
will
the
excuse
for
nation which
pressing hard the
of its
It
accomplish
territory.
seems
a
'
r ""
unthinkable that China should
its
menace
ment could
prevent
attacks
Japanese subjects
willingly
territorial integ¬
so.
intense and
if
Anti-Japanese feeling in
widespread
as
rence
to defy re¬
can
be pun¬
the perpetrators can
sympathy makes detection
of outbreaks is
creased claims
be detected, popular
difficult and a recur¬
always to be looked for.
by Japan of
a
In¬
right .to interfere in
China's affairs will
that
country, or
als in
certainly not allay hostility to
make the Jives of Japanese nation¬
China any more safe.
that tjtie
to undertake such
ment is
a
or
/
move¬
or worse
i\
will have to be
of the influences which is shaping
thought and determining Chinese policy.
Several
naval
The Communist
already strong and apparently is becoming
accepted
as one
courses
are
open to
Japan.
demonstrations at Chinese ports,
hai, in such strength
authorities into
criminality.
which
on
as
It
can
as
at Shang¬
make
to frighten the local Chinese
making vigorous attempts to check
It is doubtful if the
.success
of
such
in
bond
friendship is held out,
Lower grades
Baa
group
declined in
above
tionally
instances, but the railroad
some
to a new high,; although only frac¬
up
last
week's
high.
United
virtually unchanged.
international
visible effect
somewhat mixed this
issues have not been greatly changed.
pushed
ments have been
the
prices have been
High-grade |
currency
on
our
States
developments had produced no
bond market.
at
120%,
favorable
Coast
on
% to 109; Norfolk & Western 4s, 1996,
good
Lower-grade railroad bonds acted
traffic and
1964,
4%s, 2013,
up
%.
up
Line 4%s,
Central
90%,
Baltimore
4s, 194S, advanced % to 108%; Louisville & Nash¬
ville 4s, 1940, rose
closed
earnings reports.
advanced
rose
3%
to
96%;
Atlantic
New
York
1 to 95%; Erie 5s, 1967, closed at
1%.
Utility bonds have recorded moderate gains.
lative
Govern¬
In short, by Friday
High-grade railroad bonds have been steady/
& Ohio
and
speculative
Interstate Power 5s,
issues
have
1957, at 78%
been
the
were up
Semi-specu¬
most
active.
3; Laclede Gas
Light 5%s, 1953, advanced 4% to 73%; American & Foreign
Power 5s, 2030, rase 5 to 76%; International
Hydro-Electric
6s, 1944,
sup¬
that it will feel disposed
crusade.
stronger, and for better
Chinese
It is equally unlikely
Nanking Government could succeed in
pressing Communism,
Trends
if it made all
even
pression, and while individual outrages
ished
satisfactory ring when the heavily
a
terms
The Course of the Bond Market
week.
continuance of the, sporadic
a
possible effort to do
so
professions of Ja¬
remembered.
are
China's internal
of
rity and its political independence. On the other
hand, it is very doubtful that the Nanking Govern¬
China is
have
not
The
desire for friendly relations with China
a
one-sided
further dismemberment
\
accept demands that
on
of
Japan has been systematically devel¬
oping, and taking advantage
dissension to
of domi¬
program
China, and is deepened by the political
over
cial and economic situation.
do
the attacks themselves undoubtedly are,
as
likely to obscure the underlying aims of
instability of the country and its precarious-finan¬
serious
suggest that those incidents have been made
pro¬
The shadow of Japanese domination hangs
Japan.
heavy
bargaining points and that negotia¬
only be undertaken but will be
No dragging out of discussions, however,
longed.
pan
to
spe¬
Japan is alleged to have made,
probable that diplomatic ingenuity will be able
to find in them
Japanese Subjects in China have been the victims,
as
Whatever the nature of the
cific demands which
to any simi
or
were
up
8% at 65%.
Issues of companies operat¬
ing in the Tennessee Valley Authority
ther in price
a
power
but
area
improved fur¬
following the President's initial conference
pooling
program.
There
were no new issues
on
offered
registrations have been heavy, indicating considerable
financing in coming weeks.
Industrial
bonds
of
investment
grade
have
registered
little
change, prices holding steady, close to the year's highs.
Interest in speculative issues seems to have waned
this
week, although
food processors
a
few sharp rallies occurred.
and packing
all^, while fertilizer
tions
been
of
liquor,
issues tended to recede.
paper
and
Securities of
companies advanced fraction-
The obliga¬
merchandising companies have
quiet.
Steels have been mixed, higher prices obtain¬
ing for most of the ^convertible issues; at 120% American
2120
Financial
Rolling Mills
among
1940, which
exhibited
%
4%s,
con v.
1945,
were- up
the equipments * was led
rose
15 to 149.
4.
Chronicle
Improvement
by the Gould
Among the outstanding losses
tci
Coupler 6s,
No pronounced trend has been
to 105,
while other high grades
6s,
1939, closed 6%
amusements
generally advanced,
slightly.
rose
points
bonds
and
The
1941, moving
up to a new high at 88, a gain of 7% points.
Foreign bon&s have for the most part registered declines.
'
'
.
V.
Averages
.
s.
somewhat
lower,
120 Domestic Corporate*
12
been
the
on
points
Japanese
Central
other
Corporate* by Groups
,
*+
Corp.*
on
Individual Closing Prices)
Aa
A .1
Baa
RR.
P.
All
128.47
124.19
114.04
102.64
112.50
114.04
116.42
128.24
123.75
113.85
102.30 * 112.31
113.85
120 Domestic
120
by Ratings
Corporate by Groups
Domes-
Averages
U.. Indus.
116.62
120 Domestic Corporate
1936
Daily
Aaa
123.75
2—
3.83
1
Oct.
123.97
3.84
3.31
3.86
Aa
3.29
3.85'
3.31
—
3.28
3.47
3.49
A
Baa
RR.
P» u.
Indus.
3.96
4.59
4.04
3.96
3.48,
4.61
4.05
3.97
3.49
X
3.97
4.62
4.07
3.98
3.51
X
.
3.98
4.63
4.08
3.98
3.51
*
1
113.85
102.14
til.92
113.65
123.32
127.78
123.53
113.65
101.97
111.73
1.13.65
123.32
28..
110.68
116.01
127.78
113.65
101.97
113.46
123.32
28..
3.86
26..
110.76
116.01
127.78
123.53
113.65
101.97
111.92
113.46
123.53
26—
3.86
3.31
3.50
3.98
25.. 110.68
116.01
127.56
123.53
113.65
101.64
111.73
113.26
123.32
25-
3.86
3.32
3.50
3.98
116.01
111.92
29—
-
'
3.31
3.50
3.98
4.63
4.07
3.99
3.51
4.63
•
4.07
3.99
4.08
4.00
3.51
4.00
127.78
123.53
113.65
101.97
112.11
113.26
123.32
24-
3.86
3.31
3.50
3.98
4.63
116.01
4.06
127.56
123.32
113.65
101.81
111.73
113.07
123.32
23„
3.86
3.32
3.51
3.98
4.64
22..
110.90
115.81
4.08
127.56
123.32
113.46
4.01
111.73
113.07
123.32
22..
3.87
3.32
3.51
3.99
4.65
21.. 110.91
115.61
127.33
4.08
122.89
113.26
3.51
101.31
4.01
111.35
112.88
123.10
21..
3.88
3.33
3.52
4.00
4.67
4.10
3.51
1
X
5.68
3.51
101.64
;
X
3.50
4.65
23.. 110.82
,
5.68
3.97
3.50
123.53
116.01
.
eigne
3.50
116.22' 127.78
Sept. 30—
tt
30
For-
Aaa
tic
,
110.70
123.53
hand,"
5%s.
given in the following tables:
120 Domestic
by Ratings
24.. 110.76
to
Moody's computed bond prices and bond yield averages
are
tic
1
29..
have
as
Italian bonds,
3
the 6s.
coupon on
did the Cuban
as
(Based
120
Sept. 30.. 110.76
been
from
receded
MOODY'S BOND YIELD AVERAGESf
Domes
110.77
bonds
Americans.
•
2.. 110.83
—
have
South
PRICESf
Average Yields)
on
Govt:
Daily
Oct.
(Based
•
■
Bonds
1936
-
"
decline of 15 points
a
...
MOODY'S BOND
-r
Polish
registered gains,
Radio-Keith-Orpheum 6s,
are
1936
3,
16% pbints to 140 for the French 7s and 7%s,
following default of the Oct. 1
Warner-
higher at 37%.
148 and
respectively.
by the oils, Socony-Vacuum 3%s, 1950, declining
Quinlan
Oct.
t
•
X
X
110.87
115.41
127.33
122.89
4.02
"3.52
113.07
101.14
111.16
112.88
122.89
3.33
3.52
4.01
4.68
4.11
18.. 110.86
115.41
127.33
4.02
3.53
123.10
113.07
100.81
111.16
112.69
18„
3.89
tv.
X
122.67
4.0J
4.70
4.11
115.41
127.33
4.03
3.54
123.10
113.07
5.68
110.81
110.98
112.69
122.89
17-
3.89
3.33
\3.33
3.52
17.. 110.82
3.52
4.01
4.70
4.12
16.. 110.88
"'V 15.. 110.96
115.21
126.88
112.88
4.03
3.53
123.10
100.65
110.98
122.67
16—
x
112.50
3.90
3.35
3.52
4.02
4.71
4.12
1150.2
126.65
112.69
\ 4.04
3.54
123.10
100.65
110.79
112.50
122.46
15-
3.91
3.36
3.52
4.03
4.71
14.. 110.96
4.13
115.02
126.65
4.04
3.55
t
X
x
19..
19—
<
3.89
\
122.89
112.69
100.49
110.79
112.31
14..
3.91
3.36
3.53
4.03
4.72
4.13
12..
110.01
115.02
126.65
4.05
122.89
122.69
100.65
110 79
112.50
122.24
12—
3.91
3.36
3.53
4.03
4.71
4.13
11
111.04
114.82
4.04
126.65
122.67
112.69
3.56
100.33
110.79
112.31
122.03
11
3.92
3.36
3.54
4.03
4.73
4.13
111.05
4.05
3.57
122.46
121.81
10—
3.92
3.38
3.55
—
10-
122.46
—
3.65
-
114.82
126.19
100.33
110.79
9- 111.10
114.63
126.19
122.46
112.31
100.17
110.61
111.92
121.81
9„ !■
3.93
3.38
3.55
4.05
4.74
4.14
8-
114.63 * 126.42
4.07
3.58
122.67
112.31
100.17
110.61
111.92
8—
3.93
x
122.03
3.37
3.54
4.05
4.74
4.14
4.07
4.57
X
111.05
112.69
112.11
Clos ed
7— Stock
Exchan ge
5- 111.10
114.43
125.97
122.46
112.31
99.68
110.61
111.54
Aug. 28— 110.91
113.65
125.52
121.81
111.54
98.73
109.31
21- 110.71
110.98> 121.17
110.79
120.54
:
«
7— Stock
Weekly—
5..
121.60
V'
Weekly—
Aug. 28..
3.94
..K
4.03
Exchan ge Clos ed
3.39
3.55
4.05
.
4.73
4.13
4.06
3.58
4.77
4-14
4.09
3.59
4.83
4.21
4.12
3.61
3.64
;
3.98
3.41
3.58
4.09
t
5.7f
113.26
124.86
121.60
111.16
3.44
3.59.
4.11
4.87
4.25
4.13
110.59
113.07
124.64
121.38
110.98
98.25
118.75
110.79
120.11
14—
4.01
3.45
3.60
4.12
4.86
4.24
7- 110.42
112.88
4.13
124.19
119.98
3.66
121.38
5.75
98.09
108.57
110.61
120.11
7-
4.02
3.47
3.60
4.12
4.87
4.25
4.14
3.66
5.82
5.75
14.
July 31
98.09
108.57
21
4.00
—
5.76
110.13
112.50
123.97
120.96
110.61
97.62
108.03
110.42
119.69
4.04
3.48
3.62
4.14
4.90
4.28
4.15
24- 109.92
112.11
123.53
3.68
120.54
110.05
97.31
107.67
110.23
119.07
24..
4.06
3.50
3.64
4.17
4.92
4.30
111.73
4.16
17- 109.76
123.53
120.33
109.68
3.71
96.70
107.14
110.05
118.45
17—
4.08
3.50
3.65
4.19
4.96
4.33
4.17
10- 110.05
111.54
123.32
120.33
109.31
3.74
96.08
5.77
106.60
110.05
118.45
10—
4.09
3.51
3.65
4.21
5.00
4.36
4.17
110.04
110.98
123.10
119.99
118.94
3.74
6.82
95.48
106.07
109.49
118.04
3—
4.12
3.52
3.67
4.23
5.04
4.39
June 26— 109.88
4.20
110.79
122.46
3.76
119.48
108.75
5.80
95.63
106.25
108.94
117.84
June 26—
4.13
3.55
3.69
4.24
5.03
4.23
3.77
—
•
3-
109.93
110.79
122.46
119.27
108.94
95.63
106.60
108.75
110.98
122.67
119.07
108.94
95.93
106.42
109.75
118.04
110.42
122.46
118.66
108.75
95.18
105.72
108.39
117.84
108.94
95.18
117.63
July 31
117.63
12- 110.01
19..
5..
109.99
May 29—
110.01
122.24
110.61
118.86
—
4.38
5.75
5.77
19—
4.13
3.55
3.70
4.23
5.03
4.36
4.24
3.78
5.85
12„
4.12
3.54
3.71
4.23
5QI
4.37
4.24
3.76
5.95
5„
*
4.15
3.55
3.73
4.24
5.06
4.41
4.26
3.77
6.06
105.89
108.57
4.14
3.56
4.25
22- 110.20
3.78
110.23
122.03
118.66
108.75
5.91
94.88
105.54
108.57
117.43
22-
4.16
3.57
3.73
4.24
5.08
4.42
4.25
110.42
121.81
3.79
15.. 109.98
118.45
108.04
5.92
95.18
105.72
108.57
117.22
15—
4.15
3.58
3.74
4.23
5.06
4.41
4.25
121.60
3.80
5.89
94.73
105.20
8.. 109.70
.
118.04
108.38
109.69
109.31
121.38
117.22
108.03
93.09
104.51
108.03
116.01
109.68
121.38
117.22
108.21
94.88
104.85
108.21
116.42
Apr. 24—
17- 109.96
110.05
121.38
117.43
108.57
95.78
105.89
108.21
116.62
9— 109.75
110.42
106.42
108.39
3„ 109.64
110.23
121.60
117.73
108.57
95.93
106.25
108.21
116.62
Mar.27— 109.66
110.05
121.17
117.43
108.75
95.63
106.07
108.03
116.42
106.07
108.39
116.62
1
—
109.86
May 29.
Apr. 24.. 109.80
,
121.60
117.63
108.57
96.23
20- 109.51
110.23
121.38
117.84
108.94
95.48
13- 109.11
110.05
120.75
117.63
108.75
95.63
108.39
3.72
4.23
5.06
4.40
8—
4.26
3.82
3.60
3.80
4.28
5.14
4.48
4.28
3.86
5.96
4.19
3.60
3.80
4.27
5.08
4.46
4.27
3.84
5.86
4.17
3.60
3.79
4.25
5.02
4.40
4.27
3.83
5.83
9—
116.62
4.44
4,21
17—
:
4.18
1
116.82
4.15
—
3.76
3.59
4.26
5.09
5.84
20—
4.25
3.59
3.78
4.25
5.01
4.38
4.27
3.83
5.83
3.61.
3.79
4.24
5.03
4.39
4.28
3.84
5.85
4.16
.
3.78
4.16
4.17
3—
Mar. 27.
3.59
3.60
3.77
4.23
5.04
4.39
4.26
3.83
5.80
3.63
4.99
4.37
4.26
3.83
5.83
106.07
108.03
3.78
4.24
109.46
110.98
121.17
118.04
109.49
97.62
108.57
108.39
116.22
6—
4.12
3.61
3.76
4.20
4.90
4.25
4.26
Feb. 29.. 108.98
3.85
110.61
120.54
117.84
108.94
5.87
97.16
107.67
108.39
115.81
Feb. 29..
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
21- 108.95
110.79
120.96
117.43
109.12
6.00
98.09
108.57
108.57"
115.81
21
3.79
4.22
4.87
4.25
4.25
108.52
110.61
120.96
^.13
3.62
15..
117.43
108,94
97.62
107.85
108.75
115:81
15—
444
3.62
3.79
4.23
4.90
4-29
4.24
3.87
8..
108.22
110.23
120.96
117.02
108.39
6.05
96.70
106.60
108.57
115.61
8—
4.16
3.62
3.81
4.26
4.96
4.36
4.25
1
107.96 ' 109.68
3.88
6.10
6..
4.17
—
5.03
4.39
*
4.28
3.85
3.87
5.94
5.92
116.82
108.03
95.78
105.54
108.57
115.41
4.19
3.63
3.82
4.28
5.02
4.42
4.25
3.89
31.. 108.03
109.68
120.75
116.82
108.03
6.15
95.63
105.37
108.57
115.41
Jan. 31..
4.19
4.63
3.82
4.28
5.03
4.43
4.25
3.89
109.68
120.54
116.62
108.21
6.13
95.78
105.37
108.57
115.41
.24..
4.19
3.64
3.83
4.27
5.02
4.43
4.25
3.89
109.31
120.11
116.62
107.85
6.11
95.18
104.68
108.39
115.02
4.21
3.66
3.83
—
17-
108.34
120.75
13—
116.22
24.. 107.89
an.
1
—
4.29
5.06
4.47
4.26
3.91
108.39
119.90
115.41
6.17
107.14
93.99
103.48
108.21
114.04
10—
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
107.94
107.31
119.27
114.63
6.26
106.07
92.53
101.97
107.85
112.69
3..
4.32
3.70
3.93
4.39
5.24
4.63
4.29
High 1936 111.13
128.47
4.03
116.62
124.19
114.04
102.64
112.50
114.04
123.97
Low 1936
3.83
3.28
3.47
3.96
4.59
4.04
3.96
Low
3.48
107.77
107.14
119.07
114.43
106.07
5.67
91.96
101.64
107.85
112.31
High 1936
4.33
3.71
3.94
4.39
5.28
4.65
4.29
High 1935 109.20
106.96
119.69
114.43
4 05
105.72
6.31
91.67
4.34
3.68
3.94
4.41
5.30
4.67
4.30
4.06
99.20
116.82
108.57
5.78
98.73
77.88
4.80
3.82
4.25
4.83
6.40
.37
5.13
4.35
6.97
4.54
3.80
4.11
4.57
5.66
4.96
4.43
4.22
6.92
5.00
3.96
4.42
5.10
6.51
5.11
5.37
4.51
6.96
10- 108.02
3..
Low
1
1936
.
1935 105.66
•
101.31
107.67
112.11
Low
90.69
94.14
106.78
High 1935
1 Yr. Ago
Oct. 2 '35
Yr. Ago
Oct. 2 '35 106.47
103.48
117.22
111.16
102.98
86.77
96.70
105.37
109.12
96.08
114.04
105.54
94.58
76.67
94.43
90.69
103.99
2 Yrs.Ago
1935
•
'
6.23
2 Yrs.Ago
Oct. 2 '34 102.74
Oct. 2 '34
*
♦These prices are computed from average yields on the basis of one "ideal" bond
(4H% coupon, maturing in 31 years) and do not purport to show either the average
or the average movement of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
For Moody's index of bond prices by months back to 1928, see the Issue of Feb.
level
**
Actual average
6, 1932, page 907.
price of 8 long-term Treasury Issues, -f The latest complete list of bonds used in computing these indexes was published in the issue of
May 18, 1935,
foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds,
X Daily averages discontinued except Friday
page 3291.
ft Average of 30
of each week.
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Oct. 2nd, 1936.
Business and
The
industry generally continue to
heavy industries
considerable
were
unsettlement
especially active.
in
the
go
forward.
There
was
markets of the
world the past week as a result of the proposed franc de¬
valuation.
Tension in the foreign exchange market relaxed
as
money
the Bank of France released sufficient funds to end the
franc
•
X
6.67
"squeeze" resulting from closure of European markets
and limited
month-end
supply of devaluation currencies occurring at
settlement
time.
The
same
was
true
of
the
The franc was down 21 points and the guilder lost
75 points, with the probability that both are not far from
guilder.
the ultimate stablization levels under devaluation.
There
were no drastic changes in commodity markets on this
side,
though the foreign situation is being carefully watched. Steel
was especially good.
The "Iron Age" reported that
automotive buying is getting under way and this
industry is
expected shortly to be again a leading buyer of steel. Pro¬
ducers report September steel orders 25 to 50% higher than
for August.
Pressure for deliveries of many steel products
continues. On some grades deliveries now quoted extend into
December, and automobile companies have made some
news
reservations for January rolling, with price in effect at that
time to govern.
It is reported that steel mills
not
only enjoying
an
generally are
active domestic business, but a con¬
siderable spurt has taken place in export demand. Production
of electricity by the electric light and power
industry for the
slightly lower than the record output
established the week before, but was 16.1
% above a year ago.
As a result of the excellent September business in
retail
lines in many parts of the country, predictions are
being made
for a far greater business in October.
Store volumes in New
York City and in the drought regions were
disappointing for
the month of September, dropping behind the 1935
level.
However, retail sales have soared in other regions,
notably
in the South and in
tfye Far West, and gains in these regions
have more than offset'the poorer showing in the former areas.
Car loadings totaled 807,070 cars.
This was an increase
week ended
Sept. 26
of
17,560
an
was
increase of
2.2% compared with the preceding week;
177,135, or 28.1%, compared with a year ago.
production turned upward this week,
according to Cram's Reports, Inc., output being estimated
at 22,800, against 15,764 last week and
24,770 for the cor¬
responding week last year.
Volume of
The
cars, or
car
and truck
gaijyn retail sales for the country, according
Bradstreet,
was
10 to
to Dun &
18% higher than the corresponding
Volume
143
Financial
week last year.
Chronicle
Wholesale volume
corresponding week last
was 20 to 25% over the
Outstanding features of the
year.
Texas, four people were drowned, and at Waco,
Texas, 2,500 were made homeless. Property damage was
autumnal
$19,-
607,340 for the seven months of 1936 under the requirements of an Act approved^
Aug. 29, 1935 levying an excise tax upon carriers and an Income tax upon their
employees, and for other purposes.
(Publio No. 400, 74th Congress),
The net
income for July, 1935, Includes credits of $932,436 and for the seven months of
1935 credits of $6,458,128, on account of reversal of charges previously made for
liability under the Railroad Retirement Act of 1934.
b Includes payments which
week's weather were the floods in Texas and the
heavy snow
storms in the west.
As a result of the heavy floods in central
and west
estimated at several millions.
2121
levied under the Social Security Act of 1935; also $3,846,268 for July, 1936 and
will become due on account of principal of long-term debt within six months after
close of month of report,
c Includes obligations which mature not more than two
All resulting from torrential
years after date of issue,
d Deficit
other reverse items.
or
rains
overflowing many riversi
The week was
characterized by wide variations in temperature, both areally
and from
day to day in the same Section. In the northern
Great Plains abnormally warm weather prevailed at the be¬
ginning of the period, but there was a reaction to decidedly
subnormal temperatures, with freezing weather, the latter
part.
Temperatures were persistently low in the Southwest
and high in the Southeast.
Freezing weather overspread the
interior of the northeastern area, parts of the western upper
Lake region, and the extreme northern Great
Plains, ex¬
tending locally as far south as eastern South Dakota.
In
the western mountain sections a
large area experienced subfreezing temperatures. The lowest reported for the week
was 22
degrees at Yellowstone Park, Wyo., on the 26th.
Compared with an average year, frost is somewhat later
Revenue
Freight
Car
Loadings
Gain
2.2%
Week
in
Ended Sept.
r
Loadings of revenue freight for'the week ended Sept. 26,
1936, totaled 807,070 cars.
This is a gain of 17,560 cars,
or
2.2%, over the preceding week, a gain of 177,135 cars, or
28.1%, over the total for the like week of 1935, and an
increase of 160,986 cars, or 24.9%, over the total loadings
for the corresponding week of 1934.
For the week ended
'Sept. 19 loadings were 11.7% above those for the like week
of 1935, and 22.5% over those for the
corresponding week of
1934.
Loading for the Week ended Sept. 12 showed a gain
of 0.01% when compared with 1935 and a rise of
8.1%
this
when comparison is made with the same week of 1934.
The first 18 major railroads to report for the week ended
cool.
Today it was fair and cool h§re with temperatures
ranging from 53 to 70 degrees.
The^orecast was for fair
tonight and Saturday.
Overnight at Boston it was 50 to
56 degrees; Baltimore, 52 to 74;
Pittsburgh, 46 to 56; Port¬
land, Me., 46 to 52; Chicago, 42 to 56; Cincinnati, 48 to 64;
Cleveland, 52 to 60; Detroit, 38 to 64; Charleston, 70 to 88;
Milwaukee, 40 to 56; Dallas, 54 to 72; Kansas City, 42 to 62;
Springfield, Mo., 52 to 68; Oklahoma City, 50 to 72; Salt
Lake City, 48 to 80; Seattle, 52 to 56; Montreal, 44 to 50;
and Winnipeg, 28 to 50.
Sept. 26, 1936 loaded a total of 371,710 cars of
revenue^
freight on their own lines, compared with 365,275 cars in
the preceding week and 269,623 cars in the seven
days
season in most central-northern sections of the
country.
In the New York
City area it has been generally cloudy and
\v
,
Selected
.
;■
and
Steam
The
Bureau
of
Sept. 28, 1935.
A comparative table follows:
(Number
Balance
Sheet
Items of
Class
Commission has issued
of
the
statement
a
Interstate
I
Atohison Topeka & Santa Fe Ry.
Baltimore & Ohio RR_i.
2,214
2,704
5,520
18,929
42,574
5,518
24,982
18,457
22,602
18,195
Internat'l Great Northern RR...
railways in the United States for the-month of July.
These figures are subject to revision and were
compiled
from 138 reports
representing 144 steam railways.
The
present statement excludes returns for Class I switching and
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR-.._Pere Marquette Ry
follows:
TOTALS FOR THE UNITED STATES (ALL
REGIONS)
72,773
5,723
Pittsburgh & Lake Erie RR
7,829
34,219
Southern Pacific Lines
For the Month of July
For the 7 Months of
21,978
35,424
25,123
17,549
22,482
16,923
2,040
2,852
5,624
18,658
41,490
5,357
24,780
72,603
5,553
7,893
32,726
6,220
26,451
Gulf Coast Lines
Commerce
steam
as
21,821
35,260
Chesapeake & Ohio Ry
Chicago Burl. & Qulncy RR
Chicago Mllw. St. P. & Pac. Ry__
Chicago & North Western Ry
showing the aggregate
The report in full is
Own Lines
on
Received from Connections
Weeks Ended—
Sept. 26 Sept. 19 Sept. 28 Sept. 26 Sept. 19 Sept. 28
1936
1936
1935
1936
1936
1935
totals of selected income an$ balance sheet items of Class I
terminal companies.
Cars)
Weeks Ended—
.
Railways for July
Statistics
of
Loaded
♦
■
Income
ended
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Wabash Ry
5,939
20,296
23,031
6,948
15,112
20,038
14,826
1,870
2,590
5,172
15,170
37,278
4,320
y6,560
53,222
5,936
4,403
27,338
5,513
6,304
17,893
11,543
9,074
8,691
11,894
1,554
1,964
3,352
9,745
43,121
10,356
""4,814
44,438
4,971
6,586
X8.648
8,133
6,037
5,713
14,900
17,704
11,715
7,967
8,661
8,300
8,298
7,772
10,434
1,221
1,857
2,845
10,938
1,471
2,012
3,319
9,387
44,090
10,771
4,666
8,376
32,788
8,068
3,894
33,677
4,792
3,498
45,254
5,138
6,986
x7,961
8,653
X6.421
7,848
"
1
1
1936
Income Items—
1935
$
$
Net railway operating income
Other income-
1936
$
1935
Total income.
Income avail, for fixed charges.
x
$
61,773,323
12,550,950
Miscell. deductions from income-
Total
74,324.273
1,542,346
cars
interchanged between S. P. Co.-Pacific Lines and Texas & New
No coal loaded on N. & W. Sept. 20 to 30,1935—mines closed.
37,829,486 372,915,722 302,194,948
TOTAL
LOADINGS
AND
...
Other deductions
Total fixed charges
...
Income after fixed charges
11,208,014
41,061,074
229,703
999,831
a..
19,283,305
dl5
961,541
999,832
Federal income taxes
38,214
16,700
80,658
77,675
Total
d4,472,828 d77510,262
—
2,313,329
929,160
40,535,924
14,192,971
This
1936
48,998,66$
9,056,062
bonds,
&c.,
Loading of
1935
deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and
conductors
Miscellaneous accounts receivable
......
Materials and supplies
;
....
Rents receivable
Other current assets
Total current assets.
$424,529,056
6,842,362
32,451,437
131,938,836
2,505,757
61,509,109
50,206,439
140,399,949
295,516,877
26,500,323
2,149,784
6,233,985
$1,180,783,914
n
six months b......
$740,014,651
cars, an
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared.
Unmatured interest accued
Unmatured rents accrued
Other current liabilities
Total current liabilities.
an increase of
ended
Sept.
19
totaled
84,616
cars
...
Government taxes
Grain
of merchandise
and
grain
the same week in
products
less
cars
products
1934.
a
same
decrease of 13,510 cars
districts alone,
15,403
increase of
was an
34,081
than
carload
lot
freight
totaled
170,423
cars above
loading totaled 33,075
It
was
a
cars,
week
however,
ended
an
decrease of 9,474
Sept.
increase of
cars
increase" of 110
an
19
totaled
below the
cars
above
grain and grain
21,098 cars,
an
week in 1935.
cars,
Forest
an
below the
18,738
cars,
an
above'^ie
same
same
Ore
1934.
an
increase of 3,573
same
week in
cars
1935, and
cars above the same week in 1934.
loading amounted to 59,232
preceding week, 21,868
35,006
cars
cars
cars, an increase of
7,453
Coke loading amounted to 9,856 cars, an increase of 849
same
above the
1935, and
cars
above the
same
cars
above the
week in 1935, and 4,565 cars
week in 1934.
All districts reported increases in the number of
^freight,
cars
above the corresponding week in
above the corresponding week in 1934.
preceding week, 3,416
.
In the Western
week in 1935.
products loading totaled 35,452 cars,
above the preceding week, 2,376 cars above the
12,337
increase of 1,034 cars
same week in 1935, but
week in
loading of live stock for the week ended Sept. 19 totaled
increase of 1,167 cars above the preceding week this
year
and 696 cars above the
$1,514,903,512
reported includes charges of $1,510,745 for July, 1936 and
$10 ,124,808 for the seven months 011936 on account of accruals for excise taxes
19
above the preceding week, 5,316
Live stock loading amounted to
103,757,508
26,128,931
15,452,784
145,522,003
Sept.
In the Western districts alone,
loading for the
9,479 cars below the
$32,457,926
corres¬
22.5% above the
increase of 3,365 cars above the preceding week this
year, but a decrease of
$344,448,695
70,367,432
214,673,533
58,019,311
357,147,952
8,795,345
308,262,104
7,849,917
$64,172,691
146,152,026
cars or
corresponding week
above the corresponding week in 1934.
5,357 cars above the preceding week, but
,$187,269,436
478,310,702
6,494,225
444,257,661
9,345,821
104,770,157
26,962,947
25,040,824
compared with the
145,012
1
corresponding week in 1935.
$1,013,564,723"
$177,720,045
$1,723,553,790
United States Government taxes
week
revenue freight for the week of
increase of 21,513
above the
as
the
for
same week in 1934.
Coal loading amounted to 136,986 cars, an increase of
15,791 cars above
the preceding week, 3,907 cars above the
corresponding week in 1935, and
15,547 cars above the same week in 1934.
Tax liability:
The net Income
freight
the corresponding week in 1935, and 6,341 carsabove the
$347,677,031
13,028,088
29.579,556
51,764,784
4,094,553
54,235,968
42,868,613
133,892,011
298,645,963
31,423,597
2,078,196
4,276,363
$226,783,627
81,777,308
227,278,219
92,532,299
Loans and bills payable c
Other than United States
revenue
increase of 82,690 cars of 11.7%
above the preceding week, and 204 cars
Traffic and car-service balances payable
Audited accounts and wages, payable
H
Loading
$688,489,789
Time drafts and deposits
Selected Liability Items—
Funded debt maturing wit:
68,940
reviewing the
Miscellaneous freight loading totaled 325,748 cars, an increase of
cars above the preceding week, 55,077 cars above the
other than
Cash
Interest and dividends receivable
22,693
32,028
14,219
89,651 cars or 12.8% above the preceding week.
in 1935, and
those of affiliated companies..
Demand loans and
an
corresponding week in 1934.
Selected Asset Items—
stocks,
of
was
ponding week in 1935, and
Balance at End of July
In
„
The Association of American Railroads in
week ended Sept. 19 reported as follows:
16,406,385 112,944,530 113,935,471
1,446,637 14,316,060
9,392,815
3,039,329
990,060
On preferred stock
Sept. 28, 1935
16,249
25,694
789,510 cars.
16,164,994
2,809,278
Dividend appropriations:
On common stock
W,1936
St. Louis-San Francisco Ry
2,558,694 d70 493,740
7,031,522
7,016,522
961,373
Sept.
24,943
36,483
Loading
Depreciation (way and structures
and equipment)
<
Chicago Rock Island & Pacific Ry.
Illinois Central System
52,791,027 370,357,028 372,688,686
dl4
CONNECTIONS
Weeks Ended—
11,144,855 78,260,640 77,738,977
41,427,651 290,547,798 293,425,302
218,521
1,548,590
1,524,407
52,498,791
20,283,136
Contingent charges
I
FROM
/
Sept. 26, 1936
Rent for leased roads
Interest deductions
Investments
RECEIPTS
(Number of Cars)
Fixed charges:
Net Income
365,275 269,623 213,081 213,061 170,371
y
39,255,726 384,082,405 312,457,824
1,426,240 11,166,683 10,262,878
72,781,927
Excludes
Orleans RR. Co.
26,919,344 300,017,259 221,695,798
12,336,382 84,065,146 90,762,026
371,71^
-I——
cars
loaded with
revenue
compared with the corresponding week in 1935 and 1934.
Loading of revenue freight in 1936 compared with the two previous year
follow:
Financial
2122
In
Five weeks In February
Four weeks In March..
Four weeks In A orII—
Five weeks in May
Four weeks In June—
Four weeks In July
Five weeks in August
Week of Sept.
5
Week of Sept. 12
Week of Sept. 19
2,183,081
2,920,192
2,461,895
.
,
706,820
these roads, which showed
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:
increases,
the Pennsylvania
618
595
1,166
1,385
1,042
7,116
1,354
246
248
Loulsv
»
10,182
9,566
2,183
85^
1,938
2,463
48
20
51
94
1,072
6,136
9,093
1,051
5,558
9,573
998
2,001
5,118
7,351
i 6,125
6,695
323
405
152
119
2,154
2,357
1,736
1,252
1,208
282
Central Vermont
Delaware & Hudson
Delaware Lackawanna A West
281
164
2,593
15,904
Detroit A Mackinac
Detroit A Toledo Shore Line.
,
.
9,984
;
5,852
Total...
177
1,628
1,623
7,600
2,950
3,701
2,254
39,457
1,345
7,560
2,925
3,479
1,905
56
42
35,593
10,658
9,477
1,765
5,357
7,891
5.553
1,836
4,866
5,362
6,098
2,001
5,018
44,093.
11,373
1.825
10,771
38,200
10.542
4,340
6,988
5,876
Elgin Joliet A Eastern
4,656
5,138
5,204
288
271
347
40
Ft. Dodge Des Moines A
Great Northern
9,313
3,060
4,268
Maine Central
...
Montour
b New York Central Lines
& Hartford
New York Ontario & Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North.
2,170
1,927
286
181
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
11,202
1,960
9.007
26
766
568
32,955
27,758
110,522
101,854
88,516
65,554
55,864
Duluth South Shore A Atlantic.
....
748
1,874
1,852
18,535
2,441
20,986
17,769
3,094
20,381
4,147
10,938
10.470
3,119
8.472
3,756
347
302
138
151
23,830
24,027
16,140
3,489
3,004
586
Dulutb Missabe & Northern...
656
20,402
2,659
22,482
4,061
17,552
1,086
7,689
459
Chicago Milw. St. P. & Pacific.
Chicago 8t. P. Minn. A Omaha
630
701
471
461
2,866
1,745
2,522
South.
...
Green Bay A Western...
378
326
243
1,262
<1,129
1,600
707
668
953
1,130
1,014
5,648
4,096
5,275
3,079
8,653
8,385
Minn. St. Paul & S. S. M_.—
3,576
3,182
Northern Pacific
-
198
155,514
145,740
133,758
164,809
150,845
504
488
388
872
Lake Superior &
Ishpemlng....
35,424
31,517
3,709
26,392
17,704
3,096
3,130
2,024
346
245
307
8
7
1,369
6,396
1,429
6,594
1,058
21
16
6,056
10,907
--V 41
10,363
Akron Canton & Youngstown
Lake Erie
Buffalo Creek & Gauley
Cambria A Indiana
Jersey.^.
956
Llgonler Valley
743
1,193
61,451
12,606
7,502
12,202
6,487
6,715
11,180
2,546
11,728
246
3,705
293
3,021
273
1,815
1,719
1,612
1,164
112,829
99,509
48,662
45,556
21,978
3,340
21,021
3,291
22,132
2,975
6,037
2,515
5,424
2,272
351
System.
275
247
76
43
17,549
1,684
12,704
3,029
1,096
16,229
1,129
12,041
16,838
8,661
1,655
892
8,783
1.163
12,553
8,296
6,996
2,765
2,655
1,034
4.047
3,439
1,221
3,799,
2,377
1,547
3,673
2,233
1,250
3,117
Alton
Bingham A Garfield.
27
Chicago A Eastern Illinois
2,205
1,075
5,236
42
71
59
3,118
6,451
132,283
115,620
111,972
<
57
Colorado & Southern
Denver A Rio Grande Western.
912
763
32
25
1,093
1,087
1,097
2,099
1,232
2,318
1,430
1,066
1,268
966
Denver A Salt Lake
15,156
3,147
Fort Worth A Denver City
Illinois Terminal
Nevada
5_,764
North
94,393
St. Joseph & Grand
Chesapeake & Ohio
23,678
Norfolk A Western
24,780
20,695
11,715
21,245
17,781
4,666
1,099
9,677
4,440
1,209
985
972
873
4,506
3,911
3,549
890
49,256
43,448
18,370
19,200
5,162
3,936
§,558
P
System
1.164
279
14,510
14,544
1,302
10,024
614
599
437
13
13
1,989
1,765
1,898
2,947
2,261
116,491
Western Pacific
105,979
105,465
56,729
51,013
4,853
4,246
—
16,139
Norfolk A Portsmouth Belt Line
Virginian
Total.
Southwestern District—
292
Southern District—
Fort Smith & Western
Group A—
794
97
444
425
Kansas
390
189
Cllnchfield
174
Charleston A Western Carolina.
Durham A Southern.....
44
142
39
87
99
1,089
1,210
1,321
1,168
1,134
Gainesville Midland....
Southern
.....
333
984
777
385
372
355
8,818
6,468
22,220
7,189
21,113
18.448
2,938
3,894
15,091
2,237
3,454
13,222
190
156
151
899
738
394
406
Piedmont A Northern
Richmond Fred. A Potomac...
SeaboardftAlr Line
Southern System
Southbound...
Winston-Salem
329
28,106
44,730
41,273
36,636
32,599
Alabama Tennessee A Northern
262
214
181
182
129
Coast..
734
749
605
831
568
I
Total.._
Total.
L
International-Great
City Southern.
Louisiana & Arkansas
tett
898
836
Central of Georgia
4,771
1,499
2,894
548
4,515
3,483
RR. of Ala..
Atl. A W. P.—W
1,263
3,037
Columbte & Greenville
508
399
278
401
Florida East Coast...
495
485
552
1,138
2,687
3,606
161
151
1,799
1,367
1,582
1,425
303
1,471
2,012
1,036
1,987
1,000
s
1,698
832
1,552
755
160
164
426
325
340
271
320
974
902
Midland Valley
846
803
207
161
Missouri
A
Arkansas
787
,
171
286
245
226
3,319
9,387
89
^
2,916
16,802
5,040
15,594
51
29
61
31
QO
118
84
122
112
9,174
4,435
2,683
9,008
2,467
2,099
4,374
1,696
Orleans—4-V—
10,263
3,288
7,754
7,203
6,886
Texas A Pacific
jJsL..
Termlnal RR. Ass'n of St. Louis
5,145
2,434
4,911
2,139
5,285
2,815
2,799
3,771
18,275
16,357
220
231
136
70
131
29
31
28
31
34
64,912
58,879
58,182
59,110
52,102
Missouri-Kansas-Texas Lines..
Missouri Pacific.
5,624
18,658
....
Quanah Acme A Pacific—.....
St. Louis-San Francisco
Southwestern._i
Wichita Falls & Southern
Weatherford M. W. & N. W—
353
5,493
8,499
26
2,255
3,378
308
531
2,034
334
St. Louis
Atlanta Birmingham &
176
2,063
Litchfield & Madison
Texas A New
Group B—
213
Louisiana Arkansas <& Texas...
Natchez A Southern
W
268
232
179
Northern.
Kansas Oklahoma A Gulf
8,039
1,056
216
160
2,221
1,647
3,804
1,422
8,954
1,179
448
Atlantic Coast Line...
Gulf Coast Lines
4,432
1,639
1,023
9,600
1,341
172
216
2,040
2,822
Burlington-Rock Island
217
200
.220
Alton A Southern
Norfolk
in U.
267
Utah
813
55,394
37
15,660
Union Pacific System
25,123
336
55
a
279
Toledo Peoria A Western
Pocahontas District—
380
•118
20,712
24.972
Included
Island
68
955
261
112
Southern Pacific (Pacific)..—
78
988
1,336
1,7411,034
Northern
Western Pacific
Peoria A Pekin Union
Total
222
*12,253
38,568
1
3,637
159,458
.........
1,935
Central Western District—
Atch. Top. A Santa Fe
40
3,731
Northern
Western Maryland
Total
1,932
127,219
2,111
1,542
45,254
17,669
6,200
1,346
54,290
12,895
14,321
Union (Pittsburgh)
86
103
1,662
2,271
2,255
29
d
909
1,769
72,603
Reading Co
-
306
32
106
774
Pennsylvania System
493
4,761
11,834
Chicago Burlington A Qulncy..
Chicago A Illinois Midland....
Chicago Rock Island & Pacific.
330
148
'
34
346
102
Cumberland A Pennsylvania.
604
324
Cornwall
Long Island
...
Penn-Readlng Seashore Lines
409
3,772.
6,177
179
231
5,383
864
2,410
Spokane Portland A Seattle
15,160
6,595
3,941
7,798
918
1,919
6,281
Minneapolis & St. Louis
Total...
Baltimore A Ohio
4,094
9,480
3,299
8,298
784
Allegheny District—
West Virginia
366
51,880
Spokane International
Total
Central RR. of New
419
60,581
870
6,220
4,380
—
1,993
v
692
Wheeling A Lake Erie
282
1,966
2,901
1,549
Northern District—
410
Rutland
Wabash
Grand total Southern District
6,546
1,323
Pittsburgh A West Virginia—
358
1,893
2,525
448
13,121
2,774
Lehigh Valley
163
1,866
2,843
65,792
Tennessee Central
14,112
7,235
1,793
1,275
399
454
159
242
216
2,199
3,055
Mobile A Ohio
180
6,820
1,948
1,350
7,397
927
241
Nashyllle Chattanooga & St. L
13,237
3,132
Lehigh A New England
17,831
253
183
—
Lehigh A Hudson River......
20,525
20,706
10,405
4,264
Mississippi Central
2,478
41,500
Grand Trunk Western.
369
1,219
12,007
5,317
Macon Dublin & Savannah—
3,174
14,069
Erie
418
1,356
22,908
Nashville:
330
2,306
25,293
Illinois Central System.......
530
2,046
23,037
3,071
424
Detroit Toledo A Ironton
586
Georgia & Florida. _;
Gulf Mobile & Northern
Louisville A
1,344
1,639
861
1,054
1,055
Georgia
1935
1936
1934
1935
1936
1,039
8,145
1,559
Central Indiana
Bessemer A
from Connections
Freight Loaded
Railroads
1935
1936
1934
1935
Total Loads Received
Total Revenue
from Connections
653
Maine
N.Y.N.H
were
Total Loads Received
1,485
8,427
1,766
—
Chicago Indianapolis &
Monongahela
The most important of
year.
Group B (Concluded)—
Eastern District—
Ann Arbor
Bangor A Aroostook
Boston A
During this period a total of 109 roads
compared with the same week last
Sept. 1% 1936.
Total Revenue
1936
for the week ended
showed increases when
2,340,460
3,026,021
2,504,974
2,351,015
3,072.864
563,883
647,485
/ 644,498
/jiT.
MM
it ,
Freight Loaded
Railroad
to show also the
following table" we undertake
loadings for separate roads and systems
2,169,146
2,927,453
2,408,319
2,302,101
2,887,975
2,465,735
2,224,872
3,098,001
591,941
699,786
2,353,111
3,135,118
2,418,985
2,544,843
3,351,801
2,787,012
2,825,547
3,701.056
764,680
699,859
789,510
Four weeks In January.—«.
the
1934
1935
1936
^ct' 3> 1936
Chronicle
v
Note—Previous year's figures revised,
and the Michigan Central RR.
Two
Liquidating
Made
*
Previous figures.
« a
Not available.
Distributions Totaling $1,470,828
Credit Corporation During
September
"
The Railroad
Credit Corporation made during the month
September two liquidating distributions of
of
payable on Sept. 30, 1936,
nounced Oct. 2.
The two
1% each, both
E. G. Buckland, President, an¬
distributions returned to partici¬
$1,470,828, of which $759,856 was
paid in cash and $710,972 credited on carriers' indebtedness
pating carriers a total of
the
to
This
Corporation, Mr. Buckland said, adding:
$47,801,902,
the
the
brings
carriers.
$24,566,460
or
total
amount
distributed since
liquidation began
to
65% of the emergency revenue originally contributed by
Of
this
in credits.
total,
-
b Includes figures for the Boston
A Albany RR., the C. C. C. & St. Louis RR.
-
Railroad
by
Total
$23,235,442
has been
returned in cash and
Moody's Daily Commodity Index Declines Moderately
Moody's Daily Index of Staple Commodity Prices declined
moderately this week, closing at 183.7 this Friday, as com¬
pared with 184.5 a week ago.
The principal individual changes were declines in wheat
and corn, and advances in hogs and cotton.
There were
also gains for cocoa and wool, while prices of silk, hides,
rubber and coffee were lower.
There were no net changes
for silver, steel, copper, lead and sugar.
The movement of the Index during the
week, with
com¬
parisons is as follows:
Fri.,
Sept. 25—
Sat.,
Sept. 26—
Mon., Sept. 28—
Tues., Sept. 29—
Wed., Sept. 30—
Thurs., Oct. 1—
Fri.,
Oct. 2—
—-184.5
-----
—,.--183.2
183.9
183.8
183.9
—183.7
-
2 Weeks Ago, Sept. 18
Month Ago, Sept.
Year Ago. Oct 2
1935 High—Oct
2
7 & 9
Low—Mar. 18
1936 High—Aug. 18
Low—May 12
185.7
183.8
-.173.6
175.3
148.4
188.9
162.7
Volume
Financial
143
"Annalist"
Weekly
Prices
Advanced
Index of Wholesale Commodity
Slightly During Week Ended
thol declined
A
Sept. 29—September Average Unchanged
veal, lard, eggs, cocoa, cotton
On the debit side were wheat, rye, oats,
Cattle, hogs and lambs were higher, as we^e
flour,
goods, steel and tin.
butter,
pork,
hams,
potatoes,
coffee,
a
OF WHOLESALE COMMODITY PRICES
silk and a smaller/increase
Silk yarns, tire fabrics, and manila hemp averaged lower.
Rising prices of anthracite coal and natural gasoline resulted in the index
and lighting materials group advancing to 77.0.
for the fuel
coal was slightly
goods group advanced to 83.2, the highest level reached in the past two
years.
/
;•
.
\ -
/
Oct.
Sept. 22,1936
metal products group as a whole.
1, 1935
o£ cattie feed declined 2.6%.
0.6% and paper and pulp rose 0.1%.
122.5
128.0
,136.1
Textile products
112.9
weighted according to their relative importance
Fuels--—-
167.4
167.8
167.5
and is based
114.1
112.8
110.7
111.8
111.8
111.5
97.3
97.3
98.0
modities for
Sept. 30, 1933, and Oct. 1, 1932:
—
Building materials.
•
88.4
75.8
the average for
price series
in the country's markets
thp average for the year 1926 as 100.
the
index numbers for the main groups of com¬
past five weeks and for Sept. 28,
76.3
"
1935, Sept. 29, 1934,
.///$/'
(1926=100.0)'^/
I;;-'.:
v"'.
weekly index in the past two months,
■■■•"
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Oct.
Sept.
26
19
12
5
29
28
29
30
1
1936
1936
1936
1936
1936
1935
1934
1933
1932
Commodity Groups
Reflecting the narrow range of the
Statistics includes 784
of Labor
The following table shows
prices, during September the "Annalist" reported:
to
on
128.7
75.5
of the Bureau
index
The
83.5
127.6
—
old dollar basis
All commodities on
As
87.9
127.8
1—
Miscellaneous
All commodities
Crude rubber advanced
firm.
were
124.7
xlll.7
Metals
It remained at 85.9%
Prices of automobile tires and tubes
112.0
Chemicals
..
"Wholesale prices of agricultural implements, iron and
of the 1926 average.
126.7
125.7
v
—
•
sharp advance in the price of quicksilver did not affect the index for
Wholesale prices
Food products.
Bituminous
lower and coke reamined steady.
Due to advancing prices for mattresses, the index for the housefurnishing
steel, motor vehicles, and. plumbing and heating fixtures were steady.
Sept. 29, 1936
Farm products
Men¬
/
Clothing, knit goods, and Woolen and worsted goods remained unchanged.
A
(1913=100)
~
.
stable.
were
caused the index for the textile products group to register
the metals and
THE ANNALIST WEEKLY INDEX
of/raw
pronounced increase in the price
minor advance.
rubber and crude
cheese,
petroleum.
and oils and mixed fertilizers.
Fertilizer material prices
sharply.
in cotton goods
Higher livestock prices about offset decreased quotations
for most of the grains and flour, and only a slight change
was therefore
reported for the "Annalist" Weekly Index of
Wholesale Commodity Prices, the index rising to 127.8 on
Sept. 29 from 127.6 on Sept. 22. The "Annalist" added:
and cotton
the result of higher prices for fats
was
■
'-
2123
Chronicle
r
September was, unchanged from the-month previous at 127.8.
(1913=100)
,
81.5
80.9
81.2
81.0
77.2
71.1
65.4
84.8
84.6
82.1
83.3
80.9
|72.8
58.0
49.5
Foods
82.5
83.1
\83.5
82.2
82.5
86.6
76.0
64.9
62.0
95.8
95.4
95.0
94.5
94.3
91.8
84.9
91.9
73.3
Textile products
\
•
81.4
83.1
70.6
70.5
70.2
70.1
70.3
71.6
70.7
76.3
55.3
COMMODITY
PRICES
■
81.0
Farm products
WHOLESALE
OF
INDEX
All commodities
Hides & leather prod-
MONTHLY
ANNALIST
THE
Sept., 1935
Sept., 1936
Aug., 1936
76.9
77.0
76.9
76.9
74.5
75.5
72.6
71.7
125.1
125.2
121.5
Metals & metal prod-
85.9
85.9
85.9
86.4
86.4
86.2
85.7
82.0
80.0
128.0
128.3
136.4
Building materials
86.9
87.0
86.8
87.0
86.9
86.1
85.3
83.2
70.6
Textile products
111.2
111.2
111.0
Fuels
167.2
167.0
162.8
Metals
113.1
112.8
110.1
111.8
111.8
111.5
97.3
97.3
98.4
Farm products
-
Food products
;
Building materials ... Chemicals.
-
_
------ —
j
_ -——-——
87.7
87.0
All commodities..--
All commodities
127.8
127.8
75.8
x
81.8
81.5
81.5
80.5
80.3
79.3
77.0
72.2
73.0
83.2
83.1
82.8
82.6
82.6
81.7
83.1
79.4
74.6
Miscellaneous
71.1
71.2
71.3
71.4
71.6
67.2
70.3
65.1
64.5
81.2
82.1
81.8
80.2
81.0
*
*
*
76.0
76.2
76.1
75.7
75.7
*
*
*
*
82.0
82.2
82.4
82.3
.82.4
*
*
*
*
80.6
80.7
80.8
80.7
80.7
81.0
78.1
73.9
68.8
79.7
79.6
79.6
79.6
79.7
78.2
78.4
76.6
70.5
Raw materials
Semi-mfd.
articles.
75.8
than farm products
All commodities other
tham farm products
and foods.
Prices
Commodity
Ended
States
Due to
*
Dropped During Week
Sept. 26, According to Index of United
Department of Labor
Wholesale
Wholesale Commodity Prices Showed Moderate Decline
During Week Ended Sept. 26 According to National
Fertilizer Association
by the weekly' wholesale
commodity price index compiled by the National Fertilizer
Association An the week ended Sept. 26.
Last week the
index stood at 80.0% of the 1926-1928 average, as against
80.5% in the preceding week.
A month ago it registered
79.7% and a year ago 77.8%.
The announcement by the
Association, under date of Sept. 28, continued:
;l
81.0% of the 1926 average," Mr. Lubin said, "the same
as for the corresponding week of a year ago.
Compared
corresponding week of a month ago, the current
index shows a decrease of 0.2%."
Commissioner Lubin
to
level
with the
The decline in the index last week was due
Continued:
for
miscellaneous
products group, foods, building materials, and
commodities
corded by the hides
also
declined.
Fractional
increases
above
a
1.1%.
Metals
were
the
The average for commodities
product
and is 0.4%
b^fche large
The index for the industrial
modities other than farm
equal the Aug.
commodity
lower
group, "all
group,
raw
cotton,
cotton yarns,
woolen
and hemp brought about a moderate drop in the textile
quotations for
coke and crude
petroleum.
A continuation
of the
for many weeks,
more
than offset a slight drop in tin and took the metal
index
"all com¬
high
point
to
new
a
for the recovery period.
hides and rubber were responsible for the
Compared with the corresponding week of
prices are up 1.9%.
Declines
index
Higher
were
registered last week by 29 price series included in the
and advances by 23; in the preceding week there were
and 40 advances; in the second preceding week there were 16
In
reporting Mr. Lubin's remarks, an announcement by
the United States Department of Labor also had the following
prices for
rise in the index of miscellaneous
——'
commodities.
September, 1935, industrial commodity
44 advances.
18 declines
declines and
,
_
WEEKLY WHOLESALE COMMODITY PRICE INDEX
to say:
(1926-1928=100)
Compiled by the National Fertilizer Association.
Livestock and poultry
in prices of calves, cows, and hogs.
"Other farm products," including cotton, lemons, oranges, timothy hay,
hops, flaxseed, and white potatoes, decreased 1.6%. Grains on the other
hand, advanced 0.1% although prices of corn were lower. Higher prices
were reported for oats, rye, wheat, steers, ewes, lambs, live poultry, eggs,
apples at Chicago, alfalfa hay. and sweet potatoes. The current farm prod¬
ucts index—83.1—is 0.2% below the corresponding week of August.
Com¬
pared with the corresponding week of September, 1935, it is 2.7% higher,
i
The foods group decreased 0.7% as a result of lower prices for fruits,
and vegetables, meats, and dairy products.
Cereal products, on the other
hand, advanced.
Lower prices were reported for butter, cheese, hominy
grits, white corn meal, canned tomatoes, mutton, bacon, ham, fresh pork,
dressed poultry, coffee, lard, oleo oil, raw sugar, edible tallow, olive oil,
and peanut oil.
Higher prices were reported for powdered milk, flour,
macaroni, bananas, fresh beef in the Nevir York market, canned salmon,
coconut oil, and cottonseed oil.
This week's food index—82.5—is at the
same level as for the corresponding week of August.
It is 4.7% below the
Wholesale
fell
than offset by declines
more
small decline in the index of farm
steady upward trend of the price of steel scrap, which has been in progress
products and foods," rose 0.f% during the week
29 level.
a
were
week of August.
commodities^ other than farm products," declined 0.k% during the week
and are 0.1% below a month ago.
Compared with a/Jyear ago they are
to
one
price index; the only items in this group to advance in price last week
wool and raw silk.
A slight drop in the fuel price index resulted from
Prices of finished manufactured commodities declined
Non-agricultural commodity prices represented
advance, was
resulting in
Declining prices for
prices.
burlap
goods,
0.2% and are 0.5% below the level for the last
lower by 0.5%.
the
An upward trend in grain prices, marking
registered by eight series.
third consecutive weekly
in cotton and livestock,
is 0.2% higher than for the corresponding
semimanufactured commodities fell 0.3%
month ago.
and
by the food group; the prices of 12 commodities represented in this group,
materials declined
for
decline,
including six meat items, declined during the week, while small advances
housefurnishing goods groups.
week of August.
index
largely to lower quotations
substantial
most
re¬
within the raw materials group
The
The
meats.
largely responsible for the drop in the all-commodity index, was registered
products remained unchanged.
of raw
and
livestock
and leather products, textile products, fuel and lighting
'materials, chemicals and drugs, and
were
nl
A moderate decline was recorded
prices declined 0.5% during the week ending Sept. 26, ac¬
cording to an announcement made on Oct. 1 by Commis¬
sioner Lubin. "The decline brought the all-commodity index
In addition to the farm
...
Not computed.
sharp declines in market prices of farm products,
principally livestock, fruits and vegetables, the Bureau of
Labor Statistics composite index of wholesale commodity
Prices
*
All commodities other
Revised.
and metal
_
Finished products
127.6
75.8
---—rr--—
old dollar basis
on
Chemicals and drugs.
Housefurnish'g goods
82.9
Miscellaneous
77.0
Fuel & lighting mat'ls
3.8%)
prices of farm products declined 2%.
due to sharp decreases
Per Cent
Latest
"
Group
1936
Foods
1936
83.5
80.9
80.2
Year
1935
81.9
Farm products
79.8
74.2
-98.1
96.7
97.9
79.7
Cottonseed oil
81.0
98.0
Fats and oils
23.0
1936
82.3
Total Index
25.3
Month
Week
Week
Ago
Ago
Sept. 26, Sept. 19, Aug. 29, Sept. 28,
Each Group
Bears to the
Preced'g
80.0
79.0
••
■
77.8
66.9
Livestock
65.1
59.5
102.5
101.3
<«84.6
75.0
Grains...'
67.8
104.0
Cotton
75.7
75.0
80.6
79.8
79.7
Miscellaneous commodities..
77.7
77.5
78.0
70.5
8.2
Textiles
69.1
69.4
68.7
66.8
7.1
Metals
85.0
84.9
84.6
83.1
82.2
17.3
10.8
Fuels
79.6
&
73.5
6.1
Building materials
82.2
81.8
77.4
1.3
Chemicals and drugs
95.1
95.1
95.1
95.4
Fertilizer materials
67.4
67:4
67.1
64.7
.3
.3
Mixed fertilizers
74*0
74.0
73.7
72.7
.3
Farm machinery
92.6
92.6
92.6
92.0
80.0
80.5
79.7
77.8
corresponding week of September, 1935.
-
A minor decrease was
sand.
Average prices of lath and cedar siding were higher.
Brick and tile,
Chain Store Sales During August in New York Federal
steady.
Reserve District
index for the
No changes were reported
Advancing prices for hides, skins, and leather caused the
in
prices
of shoes
and other
and harness.
reached
since
rise 0.4%.
leather products, such
as
Total sales
belting, luggage,
Second
,■
The index for the chemicals
March,
1931,
and drugs group rose to the highest level
81.8%
combined
chinawood oil, linseed oil, rosin, and
cement, and structural steel prices remained
hides and leather products group to
All groups
100.0
registered in the building materials group due to
lower prices for yellow pine flooring,
of the
1926 average.
The advance
/
higher
April,
5.7% Higher Than Last Year
of the reporting chain store systems in the
(New York) District
than last year, "the
^
even
during August
were
5.7%
smallest increase since last
after allowing for one less shopping day in
recorded
York)Federal;Reserve Bank
/
sales of the reporting wholesale firms in the
Second (New York) District averaged 10.6% higher than
last year, a smaller increase than in July," according to the
Federal Reserve Bank of New York.
"Although most of
the individual lines reported smaller increases in sales in
August than in the previous month," the Bank said, "the
gains over a year ago in several types of wholesale trade
continued to be substantial."
The Bank, in its Oct. 1
"Monthly Review," further reported:
7
Drug firms showed a slightly larger increase in sales than in July, and
shoe concerns recorded a smaller decline.
Sales of silk goods, reported on
a yardage basis by the National Federation of Textiles, were considerably
lower than last year, following four months in which increases occurred.
[■
The drug, hardware, and jewelry firms continued to report larger amounts
"August
than last.
The grocery chains
slight decline In sales from last year, following moderate increases
shopping
a
August this year
in
day
10-cent and variety chains were the
chain store sales
registered in sales of the
months, and the Increases
in the two preceding
Candy
smallest in four or five months.
and shoe sales
considerably lower than last year,
were
December.
There was a slight decrease in the total number qfjcjiain stores in opera¬
tion between August 1935 and August 1936, so that the percentage increase
In sales per store of all chains combined was somewhat larger than for
were
ahead of last year by*the
total sales.
smallest percentage since last
»
Percentage'Change
August, 1936,
Compared with August, 1935
Type of Store
Number
Total
Sales per
of Stores
Sales
10.6% During August in Wholesale Trade
Compared with Years Ago Reported by New
as
adding:
April, even after allowing for one
This is the smallest increase since last
less
Store
.
of merchandise
Grocery
Ten-cent
+ 1.1
—0.8
—1.9
+0.7
'
"
+7'9%
+7.8
+6.2
—1.7
+6.o
+0.6
+9.7
—15.1
+5.7
Candy
Total
Z7
+6.1
»■
Variety—
August this year,, than last.
somewhat lower in
—22.6
—0.4
Shoe
+6.9 +
August
Federal Reserve Bank of New
Metropolitan
in
of
Area
Men's clothing
Cotton goods
York
New
94.6
62.4
Diamonds
+4.9
+2.5
+24.4
64.4
Jewelry-
+24.7
38.3
27.8
46.3
—2.2
44.6
+ 112.0
Stationery
Paper
August, total sales of the reporting department stores in
this District were 2.6% higher than last year, which even
after making allowance for one less shopping day this year
is the smallest increase since December."
Continuing, the
42.9
25.3
+22.5
+9.6
Drugs
reporting on department store sales in the Second
(New York) District in its "Monthly Review" of Oct. 1,
the Federal Reserve Bank of New York said that
"in
46.4
33.9
+ 15.2
+ 12.9
Hardware—
In
90.3
55.1
43.9
—3.0
..
1936
1935
-1.8
*—14.4
Rayon and silk goods.
Shoes
First Half of September
Declined During
of Accounts
July 31
/
Collected in August
of Month
+9.4
+14.9
+8.2
Groceries
^
"7**"
Stock End
Sales
August Sales of Department Stores 2.6% Above
'■/.
.
Outstanding
August, 1935
Net
York—Sales
Per Cent
August, 1936
Compared with
Commodity
,v
.
Percentage Change
.
1935, According to
and diamond
Collections averaged
hand this year than last, while th,ja grocery
on
again recorded slight reductions in stocks.
concerns
■jS. +7.2
■
3, 1936
Increase of
Federal
August this year than last," said the New York
Reserve Bank in its "Monthly Review" of Oct. 1,
Oct.
Chronicle
Financial
2124
58.8
22.6
22.3
59.2
57.3
Federation of Textiles, Inc. not
figures reported by. the National
Quantity
58.8
43.9
+ 10.6
Weighted average.
*
55.9
trade.
included in weighted average for total wholesale
Bank also stated:
Northern New Jersey stores showed increases
Sales of New York City and
which
were
in most
other
favorable
Production of Electricity
in July, but average daily sales
Placed at
much less than those reported
parts
of the Second Federal Reserve District made more
Daily average sales of the
comparisons.
the
Rochester,
Bridgeport,
report disclosed that the production of electricity for public
use in the United States during the month of August totaled
but that was-the smallest
higher than last year,
Inp^ since October 1935.
Department store stocks of merchandise on hand were 9.8%
higher than
increase to be shown in over two years.
most substantial
last year, the
9,738,584,000 kwh.
This is a gain of 14% when compared
with the 8,573,457,000 kwh. produced in August, 1935.
For
the month of July, 1936, output totaled 9,627,981,000 kwh.
Of the August, 1936, output a total of 3,064,238,000 kwh.
was produced by water power and 6,674,346,000 kwh. by
fuels.
The Survey's statement follows:
and Northern New York State department
Sales of the/
largest year to year gains in over two years.
leading apparel stores in this district were 7.3%
Department store collections in August were at the same rate as last year,
while apparel store collections were slightly
PRODUCTION
lower.
Per Cent
Percentage Change from
a
Percentage
on
Northern New York State.
+0.2
+14.1
+ 13.4
+2.4
+6.1
+ 10.1
+4.8
+9.4
Southern New York State.
—2.1
Central New York State...
Hand
1935
Month
August
Buffalo
...
Rochester
1936
+11.0
+14.7
42.7
41.1
45.6
46.4
—1.4
+8.9
+ 12.8
+9.3
42.1
Syracuse
.
Northern New Jersey
Bridgeport
46.6
Elsewhere
+6.7
+2.3
33.4
—4.0
+ 9.6
+7.7
36.4
39.3
40.8
29.6
30.4
The average
b 12%
+14,%
382,165,000
1,259,182,000 1,386,774,000 1,405,403.000
b20%
u14%
+ 12%
+ 15%
+14%
Niagara Falls
daily production of electricity for public use in the United
+7.3
States
+8.8
daily production in July and the largest daily average production for any
+9.0
August
in
was
The
39.9
314,148,000 kwh.,
+7.3
34.9
+7.6
+15.6
34.6
is 13% above
Percentage Change
August, 1936
Compared with
August,
ready-to-wear
....
Home furnishings
JJnens and handkerchiefs
Toilet articles and drugs
Men's and boys' wear
/■
9,124,052,000
9,627,981,000
9,738,584,000
July
37%
34%
42%
45%
43%
39%
16%
9%
6%
4%
5%
4%
5%
15%
14%
10%
33%
46%
46%
44%
43%
T1 %
31%
September
.
39%
.
November..
December...
44%
36%
37%
32%
37%
36%
13%
•
9.2%
40%
quantities given in the tables are based on the operation of plants
engaged in generating electricity for public use,
+4.6
+9.9
+5.4
+5.7
+4.3
•
40%
14%
13%
14%
99,393,073,000
Total
The
15%
11%
14%
13%
8,573,457,000
8,208,267,000
8,844,416,000
8,692,799,000
9,138,638,000
October
+4.7
+5.7
+21.7
+ 14.3
+9.2
—5.2
9,085,474,000
August
+6.2
+ 13.9
*"+3.7
+4.8
—18.5
8,904,143,000
8,891,574,000
June
+4.2
+26.7
—5.2
—
May..
+24.2
—6.0
Woolen goods.......
Miscellaneous.".
February
April
March
+2.1
—2.3
...
Silks and velvets
"1935
I
+ 17.6
—2.0
l_.
1936
11%
8,349,152,000
7.494,160.000
8,011,213,000
7,817,284,000
8,020,897,000
7,872,548,000
8,370,262,000
9,245,639,000
8,599,026,000
January
Aug. 31, 1935
—2.0
...
Women's ready-to-wear accessories
Silverware and jewelry
1934
Kilowatt Hrs.
Kilowatt Hrs.
Compared with
—1.1
Cotton goods..
Over
1935
Aug. 31, 1936
—0.2
Hosiery
Water Power
1935
Over
Percentage Change
+ 10.3
+9.4
+6.0
+5.6
+4.4
+4.4
+3.2
+ 1.5
Books and stationery
Musical instruments and radio
Produced by
Inc rease
1936
1935
Hand
+ 10.7
_
Luggage and other leather goods
Men's furnishings
on
+17.8
....
_
Toys and sporting goods..
1935
OF ELECTRICITY FOR PUBLIC USE
Increase
Stock
+2.5%.,
the first eight months of 1935.
1936
Net Sales
than the average
The output for the first eight months:of this year
TOTAL MONTHLY PRODUCTION
compared with
more
production of electricity by the use of water power in August Was
only 31% of the total.
Apparel stores
1.4%
The normal change from July to August is
month of record.
39.9
+9.8
August sales and shocks in the principal departments are
those of a year previous in the following table:
Shoes
+11%
+9~4
department stores...
and misses'
-
+2.6
Westchester,and Stamford.
Women's
+7%
+ 19%
+30%
+6.6
Capital District.
Furniture
+9%
f-24%
1f-19%
9,124,052,000 9,627,981,000 9,738,584,000
.....
Total for U. S
+ 1.5
+ 11%
+ 13%
+ 13%
b 17%
399,534,000
375,750,000
Mountain
Pacific...:
August
h 12 %
hll%
_
35.3
34.8
-
+7.9
+0.3
+ 13.3
Hudson River Valley Diet.
All
+0.8
+8.6
+12.1
,•+7.3
July
August
624,027,000
Middle Atlantic
2,299,706,000 2,391,720,000 2,434,700,000
East North Central. 2,070,408,000 2,178,428,000 2,194,199,000
597,160,000
618,559,000
589,310,000
West North Central.
South Atlantic
1,062,975,000 1,104,898,000 1,127,233,000
439,712,000
434,673,000
389,379,000
East South Central
533,985,000
507,800,000
West South Central493,481,000
605,595,000
583,861,000
New England
+5.9
New York
Change in Output
from Previous Year
and Fuels
July
June
August
End of
Feb. to
Total by Water Power
Division
Collected in
Stock
Net Sales
August
ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS)
of
standing July 21
Locality
OF
Accounts Out¬
Year Ago
its monthly electrical
The Federal Power Commission in
Buffalo, Syracuse,
Capital District, Central New York State, Niagara Falls, and "Westchester
and Stamford stores showed the largest increases since May, and sales of
stores showed the
for Public Use During August
9,738,584,000 Kwh.
both publicly
including central stations*
and privately owned, electric railway plants, plants operated
by steam railroads generating
electricity for traction, Bureau of Reclamation
plants, miscellaneous Federal
and State projects, and that part of the
is sold. Accurate data are received
output of manufacturing plants which
As to sales in the
the first half of
,
Metropolitan area of New York during
September the Bank noted:
,
Metropolitan area of New York were 1.1% lower than in the
corresponding period
a year ago,
in sales appears to have
and less than the usual seasonal expansion
occurred from August to September.
a
year
ago,
but
a
more
Manhattan and Brooklyn stores.
than
offsetting
°
decline
representing approximately 98%
the remaining 2% of the output
rapidly
as
actual figures are available.
current month
corrected
from the
in
are
of the total output shown;
is estimated and corrections are made
preliminary while those for the preceding months
accordance
with
actual
as
Thus the figures shown for the
reports
received and
vary
are
slightly
preliminary data.
The report-,
ing stores In the Northern New Jersey District had an increase in sales
over
month
^
For the first half of September total sales of the reporting department
stores in the
each
occurred
in
the
,
••
Coal Stocks and Consumption
The total stocks of coal held at the
1936, amounted to 6,844,612 net tons.
electric
power
utilities
on
Sept. 1,
This was an increase of 0.5% when
Volume
Financial
143
compared with the amount of coal in
less than the stocks
was
an
Sept. 1, 1935.
on
bituminous
tons were
Aug. 1, 1936; but
reserve on
pared with the corresponding stocks on Aug. 1, 1936.
Electric
consumed
utility plants
power
in
This
July,
was
1936.
573,691
net tons in
The
of anthracite
in
use
August, 1936,
In terms of
consumed 3,844,409
increase of 2.7%
an
r
over
Estimated
New residential
net
tons
of coal in
+ 8.3
+ 9.3
Total.
-8.0
from 3,-
rose
2.5%.
or
in July 1 to 182,065 net tons
Cost
—20.9
Additions, alterations and repairs.
the 3,744,894 net tons
July to 3,662,344 net tons in August, 1936,
from 171,203 net tons
Change from July to August 1936
/; /<
\
Type of Building
New non-residential
Consumption of bituminous coal
rose
2125
Of this total stock, 5,743,782 net
and 1,100,830 net tons were anthracite, which
coal
increase of 4.9% and a decrease of 17.6%, respectively, when com¬
August, 1936.
Chronicle
12%
was
The percentage change as compared with August 1935 is shown in the
table below for 770 indentical cities
having a population of 10,000 or over:
6.3%.
or
day's
supply, which is calculated at the current rate of
con¬
Change from Aug., '35 to Aug., '36
•
sumption, there
utility plants
enough bituminous coal on hand at the electric power
was
on
Sept.
1, 1936 to last 49 days and enough anthracite for
[The Coal Division, Bureau of Mines, cooperates in the preparation of
these reports.]
/'
>
Electric
+ 5.5
Additions, alterations and repairs
+ 14.7
Institute
in
its
was
an
increase of 104%
in these 770 identical cities comparing
August
corresponding month of the preceding year.
the first eight months
of
1936
during the week ended Sept. 19 totaled
2,170,807,000 kwh.
This was a gain of 17.2% over the
1,851,541,000 kwh. produced during the week ended Sept. 21
INCREASE
Week Ended
Sept. 26,
New England
to First 8 Months in 1936
14.8
Central Industrial
-
Week Ended
Sept. 12, 1936
Aug. 29, 1936
16.1
14.0
12.8
16.7
18.5
21.5
19.5
9.4
13.0
13.7
23.8
23.3
23.4
Rocky Mountain
Pacific Coast.
15.6
16.7
14.0
13.8
10.0
8.9
9.7
11.4
16.1
17.2
15.3
18.0
DATA
(In Thousands of
1935
1934
1933
1932
5...
Sept. 12...
1,945,018
1,989,798
2,005,243
2,029,639
1,956,230
2,029,704
2,099,712
2,088,284
2,079,137
2,079,149
2,093,928
2,125,502
2,135.598
2.098,924
2,028,583
•11.0
1,634
Sept. 19...
Sept. 26...
1,827,513
2.170.807 1,851,541
■17.2
1,631
1,637
1,583
1.663
1,639
2,157.278 1,857,470
-16.1
1.649
1.653
June 13...
June 20...
June 27...
July
4...
July
11...
July
July
25...
18...
1...
8...
Aug. 15...
Aug.
Aug. 22...
Aug. 29...
Sept.
DATA
FOR
1,724,491
12.8
1,742,506
14.2
1,774,654
1,772,138
1,656,420
1.766,010
1,807,037
1,823,521
1,821,398
1,819,371
1,832,695
1,839,815
1,809,716
13.0
•18.0
1,664
1,684
1.658
1.659
1,674
1.648
1,627
1,752,066
■19.8
1,565
14.5
18.2
14.9
1,655
1,665
1,542
1,675
1,688
1,556
1,648
1,598
16.2
14.6
14.2
14.3
14.3
15.5
RECENT MONTHS
1,578
1,656
1,639
1,648
1,654
1.662
1,650
1,627
1,650
1,630
1.435
1,442
1,441
1,457
1.342
1,416
1,434
1,440
1,427
1,415
1,432
1.436
1,465
1,424
which
cities
contracts
covered
awarded
were
by the report.
were
issued
Philadelphia, Pa., for a factory building to cost over $300,000; in
Detroit, Mich., for factory buildings to cost nearly $500,000 and for an
building to cost over $800,000; in Dayton, Ohio, for factory buildings
to cost nearly $500,000; in
Minneapolis, Minn., for store and mercantile
1931
1929
1930
1,621
1,607
1,604
1.645
1,651
1,644
1,643
1,629
1,643
1,638
nearly
1,690
1,712
1,727
1,723
1,725
1,730
following housing projects:
1,733
in
1.699
1,703
1,723
1,592
1,691
1,688
1,630
1,727
1,722
1,714
1,636
1,582
1,663
1.499
cost
$375,000; in Washington, D. O., for apartment houses to
$1,000,000 and for a theater building to cost $250,000; in
Greensboro, N. C., for school buildings to cost over $225,000; in Denver,
Colo., for a sewage disposal plant to cost over $1,000,000; in
Ogden, Utah,
for school buildings to cost
nearly $1,000,000; in Los Angeles, Calif., for
school buildings to cost nearly
$1,000,000 and for apartment houses to
cost
1,626
1,667
1,686
1,678
1,692
1,677
1,6,35
1,476
1,491
buildings to
1,657
1,707
1,698
1,704
1,594
1,610
1.646
1,660
1,750
1,762
1,675
1,806
1,792
1,778
cost
$460,000; in Sacramento, Calif., for school buildings to cost
nearly
$750,000; and in Everett, Wash., for a factory building to cost
$250,000.
Contracts
were
awarded
Ch'oe
1933
1932
Public
Works
Administration
for
the
$2,500,000; in Broolkyn, N. Y., to cost
nearly $8,000,000; in Philadelphia, Pa., to cost over $1,600,000; in Charles¬
ton, S. C., to cost over $1,100,000; and in Memphis, Tenn., two
projects
to
cost
over
$5,000,000.
Division of the Treasury
cost
Contracts
were
Department for
nearly $350,000, and for
a
awarded
a
by
the Procurement
post office in Gary,
Ind., to
post office In Cincinnati, Ohio, to cost
over
/■
THE NUMBER OF
1934
the
In Stamford, Conn., to cost nearly $725,000;
over
BUILDING
FAMILIES
IN
CONSTRUCTION, TOGETHER WITH
DWELLINGS,
PROVIDED FOR IN NEW
1,533 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED, JULY AND
1931
AUGUST. 1936
Jan
Feb
March
.
April...
May...
June...
July
1935
by
Camden, N. J., to cost
$3,000,000.
(THOUSANDS OF KWH.)
P. C.
1936
of—
in
office
ESTIMATED COST OF
Month
of buildings for
by Federal and State governments in the
For August 1936 the value of these public
in
WEEKS
Ch'ge
1936
+ 73.6
+33.4
houses to cost nearly $1,000,000 and for
factory buildings to cost over
$1,100,000; In the Borough of the Bronx for apartment houses to cost nearly
$1,000,000; in Lancaster, Pa., for school buildings to cost over $1,000,000;
Weekly Data for Previous Years
in Millions of KUoioatt-hours
P. C.
Kilowatt-hours)
of-
+ 52.8
+20.8
Additions, alterations and repairs
projects:
'
FOR RECENT
.+24.3
+8.4
New non-residential
Permits
23.3
Total United States.
Cost
+ 131.2
August for the following important building
In Norwalk, Conn., for a high-school building to cost
nearly
$500,000; In New York City in the Borough of Manhattan for
apartment
18.5
Southern States
6
Estimated
+93.1
buildings amounted to $31,206,000; for July 1936, to $28,306,000; and for
August 1935, to $22,154,000.
13.7
16.4
17.8
West Central
Aug.
New residential
The information collected by the Bureau of Labor
Statistics includes, in
addition to private construction, the number and value
2 Weeks Ended
19, 1936
the
Change from First 8 Months in 1935
Type of Building
Total
PREVIOUS YEAR
Week Ended
1936 Sept.
11.6
Middle Atlantic
OVER
with
first eight months of 1935 is given below:
The Institute's statement follows:
PERCENTAGE
June
1936
compared with the
as
Number
Electric output
Week
+ 50.7
in the number of family-dwelling units
provided
The increase for
'
+33.4
,
+ 24.4
There
week of 1935.
Major Geographic
Regions
Cost
+ 123.6
+33.6
Total
weekly statement
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended Sept. 26, 1936, totaled 2,157,278,000 kwh., or
16.1%
above the 1,857,470,000 kwh. produced in the
corresponding
1935.
Estimated
+61.9
■:
,
Electric Production During Week Ended Sept. 26, 1936,
16.1% Above Corresponding Period of 1935
Edison
Number
New residential
New non-residential.
187 days' requirements.
The
Type of Building
/
...
8,664,110
8,025.886
8,375,493
8,336,990
8,532,355
8,640,147
9.163,490
August.
Sept.-.
Oct
Nov
Dec....
Total.
7,762,513
7,048,495
7,131,158
6,608,356
7,198,232
6,978,419
7,500,566
7,382,224
7,644,845
7,404,174
7,796,665
8,078,451
7.795,422
8,388,495
8,197,215
8,521,201
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7.058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310.667
6,317,733
6,633,865
6,507,804
6,638,424
7.435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7.166,086
7,099,421
7,331,380
6,971,644
7,288,025
New Residential Buildings
Geographic Division
No.
of
85,564,124 80,009,501 77,442,112 86,063,979
mately 92% of the electric light and
on about 70%
,
based on reports covering approxi¬
industry and the weekly figures are
are
power
based
-
131
July 1936
143
$4,530,028
23,729,524
10,618,356
3,001,122
8,382,170
6,013,941
3,420,468
1,486,807
9,496,877
1,533
Middle Atlantic..
East North Central.
$70,679,293
Families Provided for in
New Dwellings
Aug. 1936
$8,946,472
28,192,104
17,682,622
3,493,103
9,680,696
5,276,331
5,768,015
1,255,209
9,106,489
$89,401,041
"
395
328
_
West North Central.
133
177
East South Central..
65
West South Central.
99
_
Mountain
62
Pacific
.
Cost
Aug. 1936
New England
South Atlantic
93,420.266
Note—The monthly figures shown above
Estimated
Cities
July 1936
858
1,724
6,918
3,757
4,781
2,076
913
911
2,331
1,483
1,298
2,337
1,230
1,717
414
410
2,542
2,380
$16,696
$21,384
+
Total
Building
Activity in United States During August
Seasonally from July, but 61% Above August
Ago
Percentage change..
20.9
.
—21 9
Down
Year
While
building construction activity, measured by the
value of building permits issued, showed a seasonal decrease
of 8% in August, it was
51% higher than in August 1935,
Secretary of Labor Frances Perkins reported on Sept. 26.
"The decline Afas due to a
falling off in the value of new
residential building," she said.
"The value of new non¬
residential building, however, increased more than
8% and
the value of additions,
alterations, and repairs more than
9%." Miss Perkins added:
a
Although indicated expenditures for residential building in August showed
decrease compared with July, they were
higher than for the corresponding
month of any year since 1930.
-
>
Compared with August 1935, building activity for the month shows
pronounced improvement.
Residential building,
as measured
foregoing is from, an announcement issued by the
United States Department of Labor, which also said:
buildings for which permits
July to August in $he number and cost of
were
issued for each of the different types of
1,533 identical cities having
is indicated in the foUowing tabulation:
a
131
Middle Atlantic
395
East North Central.
328
.
West North Central.
133
South Atlantic
177
East South Central..
»
99
143
2,442,817
2,630,665
6,712,211
1,533
$40,872,042
Mountain
62
Total
$2,257,187
7,972,457
7,527,818
1,809,450
6,113,210
1,135,575
2,941,187
1,533,029
6,465,461
—1,822,607
West South Central..
and
Repairs),
Estimated Cost
July, 1936
$1,839,669
8,782,358
10,613,444
1,574,880
4,453,391
65
Pacific
(Including Alterations
Cost
Aug. 1936
population of 2,500
Total
by
The
construction in
Cities
New England
Total Building Construction
Estimated
Aug. 1936
$8,971,231
42,987,761
28,101,265
6,788,854
16,739,160
8,837,196
7,401,088
4,761,744
20,871,340
-
July, 1936
$14,245,854
46,074,658
31,638,583
7,433,789
»19,274,329
7,118,895
9,945,213
3,375,101
19,063,784
$37,755,374 $145,459,639 $158,170,206
+8.3
—8.0
by the value
the year approximated 51%.
The percentage change from
of
Percentage change...
building
over
Buildings,
No.
a
of permits issued, shows an increase of
124%.
The value of new non¬
residential building increased 6%, and the value of
additions, alterations,
and repairs shows an increase of 33%.
The gain in the value of all
construction
New Non-Residential
Geographic Division
or over,
Value
of
Grand
Exports and
Divisions
and
Imports of
Principal
Merchandise
Countries
in
July
The
Department of Commerce on Sept. 12, 1936, issued its
showing the merchandise imports and exports by
grand divisions and principal countries for the month of
July and seven months ended with July for the years 1935
and 1936.
The following are the tables
complete:
report
Financial
2126
TOTAL
VALUES
OF
EXPORTS,
INCLUDING
PORTS OF MERCHANDISE BY GRAND
RE-EXPORTS,
AND IM¬
Oct.
Chronicle
1936
3,
MERCHANDISE AND IM¬
PORTS FOR CONSUMPTION BY GRAND DIVISIONS AND PRINCIPAL
VALUE
DIVISIONS AND PRINCIPAL
OF
EXPORTS
OF
STATES
UNITED
*
COUNTRIES
COUNTRIES
Month of
Imports for
Consumption
Exports of United States
Merchandise
7 Months Ended July
July
Exports to—
1936
1936
1935
$
1935
$
7 Mos. End.
7 Mos. End.
July
69,408,000
30,243,000
17,648,000
15,064,000
24,577,000
7,071,000
9,220,000
Europe....
Northern N. America
Southern N.
America
South America
-
-—
-
Asia
Oceania
Africa
64,462,000
32,016,000
17,819,000
19.24&000
488
674,000
191 ,458,000
115
634,000
100 ,423,000
29,013,000 206 ,953,000
6,712,000 41 604,000
10,562,000 52 595,000
549,538,000
218,125,000
123,585,000
114,196,000
214,997,000
49,243,000
64,291,000
173,230,000 179,828,000 1197,341,000 1,333,974,000
4,022,000
5,287,000
3,851,000
3,733,000
2,490,000
373,000
Belgium
Brazil
British India
British Malaya.
Canada
—
Ceylon
Chile
China
Colombia
Cuba
Czechoslovakia.
Denmark
Dominican
Ecuador
Egypt
Finland.
France
Germany
Gold coast
767,000
299,000
457,000
589,000
281,000
333,000
5,167,000
286,000
11,864,000
6,004,000
963,000
1,425,000
3,462,000
437,000
1,673,000
882,000
1,856,000
1,066,000
3,975,000
1,728,000
1,019,000
2,626,000
2,792,000
498,000
444, OOP
5,805,000
Greece
Haiti, Republic of
-
Hong Kong
Iran
(Persia)
Irish Free State
Italy
Jamaica
Japan
Mexico
Netherland India
Netherland West Indies
Netherlands
,
Newfoundland &
Labrador
New Zealand
Norway
Panama-—
Peru
Philippine Islands
Poland and Danzig
Portugal
Spain
Sweden
Switzerland-
Turkey (Asia & Europe)
Union of South Africa.
S.
U.
S.
(Russia,
R.
835,000
265,000
345,000
252,000
1,032,000
400,000
7,345,000
6,597,000
254,000
Republic
Honduras
31,296,000
128,000
1,540,000
4,845,000
2,966,000
4,801,000
804,000
Australia
5,957,000
9,771,000
94,000
1,432,000
2,2 51,, 000
1,581,000
5,339,000
423,000
Argentina
4,880,000
3,705,000
3,560,000
2,385,000
350,000
266,000
28,290,000
32,537.000
30,670,000
25,599,000
18,126,000
2,445,000
188,208,000
672,000
8,594,000
24,913,000
12,340,000
33,880,000
1,836,000
6,648,000
2,736,000
1,556,000
5,062,000
374,000
580,000
3,060,000
472,000
6,448,000 56,513,000
7,041,000 40,646,000
1,730,000
590,000
3,309,000
597,000
1,831,000
333,000
3,178,000
405,000
5,434,000
570,000
2,798,000
305,000
3,275,000
528,000
2,873,000 38,481,000
2,270,000
272,000
11,975,000 104*191,000
6,830,000 38,707,000
6,363,000
1,179,000
8,560,000
1,181,000
3,443,000 27,499,000
3,102,000
707,000
8,472,000
1,715,000
6,989,000
1,077,000
1,599,000 11,017,000
6,482,000
1,244,000
5,241,000 29,733,000
922,000 12,096,000
5,955,000
655,000
1,014,000 22,120,000
2,749,000 20,075,000
4,667,000
664,000
2,432,000
487,000
6,717,000 30,261,000
30,995,000
37,458,000
30,995,000
27,769,000
15,285,000
3,019,000
214,053,000
667,000
9,481,000
25,919,000
15,144,000
37,939,000
2,280,000
6,830,000
2,590,000
2,063,000
5,764,000
3,652,000
61,799,000
54,247,000
2,062,000
3,902,000
2,159,000
2,839,000
5,331,000
2,415,000
3,309,000
36,579,000
1,943,000
105,293,000
42,121,000
7,289,000
6,538,000
29,153,000
3,934,000
10,977,000
8,303,000
12,791,000
8,095,000
34,511,000
10,912,000
4,928,000
20,559,000
22,098,000
4,507,000
3,706,000
38,699,000
Europe
and Asia)..
United Kingdom
-
Southern
America
N.
Uruguay
—
536,000
1,449,000
Venezuela
/•
South America
Asia
15,058,000
2,848,000
27,381,000 184,182,000
3,168,000
950,000
2,105,000 11,757,000
23,670,000
215,253,000
4,740,000
12,708,000
5,946,000
4,857,000
3,618,000
3,544,000
2,383,000
349,000
Australia
Belgium
_
British India
British Malaya
29,961,000
128,000
Canada.
Ceylon
Chile..
1/529,000
China
4,839,000
2,849,000
4,752,000
257,000
832,000
261,000
373,000
580,000
467,000
6,302,000
6,947,000
415,000
559,000
328,000
401,000
569,000
305,000
437,000
2,528,000
270,000
Colombia
Cuba
Czechoslovakia
Denmark
Dominican
Republic
Ecuador
Egypt-
—
.—
Finland
France.
Germany
Gold
MERCHANDISE INTO THE UNITED
539,086,000
208,938,000
122,048,000
113,416,000
214,418,000
49,079,000
64,054,000
56,637,000
31,114,000
19,299,000
19,721,000
63,214,000
3,687,000
2,845,000
377,760,000
192,967,000
163,474,000
159,871,000
405,349,000
19,692,000
29,420,000
176,397,000 1,311,039,000 196,516,000 1,348.533,000
Total
Argentina
Coa#
Greece
Haiti, Republic of..
Honduras
Hong Kong
Iran (Persia)
Irish Free State————..
Italy
Jamaica.----
30,881,000
37,334,000
30,681,000
27,673,000
15,214,000
3,005,000
204,912,000
666,000
9,422,000
25,886,000
14.849.000
37.545.001
2,224,000
6,799,000
2,554,000
2,050,000
5,756,000
3,627,000
<59,718,000
53,533,000
1,887,000
3,837,000
2,115,000
2,818,000
5,314,000
2,415,000
3,192,000
34,090,000
3,490,000
1,968,000
4,370,000
6,739,000
6,656,000
15,629,000
30,078,000
936,000
1,735,000
6,437,000
3,657,000
10,267,000
1,744,000
339,000
492,000
254,000
663,000
1,210,000
4,829,000
7,439,000
296,000
741,000
206,000
340,00 l
28,000
454,000
3,274,000
21,311,000
1,923,000
142,000
930,000
12,306,000
3,759,000
91,213,000
29,826,000
36,098,000
8,291,000
11,936,000
105,000,000
6,691,000
1,177,000
1,177,000
3,336,000
698,000
,710,000
1,067,000
1,583,000
1,229,090
5,222,000
916,000
653,000
1,013,000
2,748,000
622,000
487,000
6,711,000
41,360,000
7,282,000
6,513,000
2,817,000
27,045,000
950,000
23,623,000
211,842,000
4,732,000
2,339,000
14,317,000
2,093,000
12,609,000
2,150,000
Netherland West Indies
Netherlands
Newfoundland
& Labrador.
_
New Zealand
Norway..
Peru...
Philippine Islands
—
Poland and Danzig..
Portugal
—
Spain.
Sweden
------
Switzerland
Union of South Africa
U. S. S.
R.
28,591,000
3,891,000
10,938,000
8,269,000
12,727,000
A
-
Panama.,—
(Russia,
986,000
3,416,000
5,297,000
2,237,000
738,000
Mexico
Netherland India
30,601,000
12,562,000
30,406,000
56,059,000
42,467,000
90,427,000
190,547,000
7,823,000
17,611,000
49,641,000
24,805,000
95,324,000
11,531,000
1,550,000
3,176,000
1,681,000
5,829,000
8,472,000
33,508,000
43,278,000
6,204,000
4,698,000
629,000
Japan.
8,015,000
34,442,000
10,860,000
4,890,000
20,501,000
21,986,000
4,296,000
3,664,000
38,681,000
4,594,000
1,493,000
3,831,000
201,000
1,502,000
1,546,000
335,000
534,000
14,091,000
798,000
443,000
1,516,000
4,462,000
1,609,000
661,000
536,000
24,336,000
2,103,000
6,572,000
.12,256,000
2,676,000
4,703,000
66,737,000
5,805,000
3,172,000
11,663,000
25,143,000
10,229,000
4,907.000
3,749,000
Europe
and Asia)
United Kingdom
Uruguay
VALUE OF GENERAL IMPORTS OF
1936
6,684,000
10,372,000
------.y.
Africa
Turkey (Asia & Europe)
5,520,000
24,281,000
July
1936
30,673,000
17,567,000
19,058,000
28,939,000
Northern N. America..—.
Brazil
July
1936
63,104,000
Europe
Oceania
Total
July
1936
Venezuela
871,000
13,433,000
107,075,000
8,202,000
14,052,000
STATES, BY GRAND DIVISIONS AND PRINCIPAL COUNTRIES
£3L
;
Month of
July
7 Months Ended July
Imports from—
1935
1936
August Newsprint Production in Canada Below Record
Month
1936
1935
July—United States Output Increased
of
Slightly
Europe
Northern N, America
Southern N.
America
South America
— -—
-
Asia
Oceania
Africa.---
44,001,000
24,321,000
23,807,000
26,016,000
52,711,000
2,897,000
2,879,000
55,049,000 316,817,000
30,990,000 157,090,000
19,149,000 138,997,000
20,024,000 165,383,000
62,990,000 351,835,000
3,109,000
2,803,000
14,486,000
26,490,000
377,978,000
191,263,000
164,299,000
163,073,000
408,167,000
21,917,000
30,570,000
176,631,000 194,114,000 1171,098,000 1,357,266,000
Total-.--.-—-
Canadian
production during August totaled
newsprint
270,053 tons,
decrease of 4,574 tons from the all-time high
a
which is the highest for any
mately 14.9% above
—
Australia
Belgium
Brazil
—...■
British India
British Malaya
...
Canada.-
Ceylon
Chile
China
i'
Colombia-——-
- -
Cuba
Czechoslovakia
—
Denmark..
Dominican Republic
Ecuador.,—
Egypt
Finland...
France
—
Germany
Gold Coast
Greece
Haiti, Republic of
Honduras
—
-
Hong Kong
Iran (Persia)..-
—
Irish Free State
Italy
-
-
Jamaica
Japan..
3,559,000
3,476,000
897,000
2,999,000
Mexico
Netherland India
Netherland West Indies
Netherlands
7,635,000
1,734,000
3,368,000
8,620,000
7,319,000
11,535,000
23,658,000
919,000
1,058,000
6,262,000
4,670,000
15,695,000
1,550,000
199,000
563,000
333, 00
423,000
810,000
3,694,000
5,326,000
138,000
239,000
95,000
720,000
426,000
594,000
34,000
2,052,000
149,000
11,310,000
-
Portugal
662,000
1,074,000
1,323,000
324,000
782,000
9,784,000
/630.000
,r'
227,000
Spain
,1,410,000
Newfoundland&Labrador
New Zealand
1
Norway
—
Panama
.1—
Peru
Philippine Islands
Poland and Danzig
R.
(Russia,
United Kingdom
Uruguay..
6,775,000
16,322,000
36,603,000
30,118,000
75,863,000
11,222,000
1,666,000
3,909,000
1,819,000
5,496,000
6,456,000
31,004,000
42,139,000
5,154,000
6,691,000
604,000
4,339,000
4,311,000
2,362,000
233,000
18,567,000
1,288,000
18,706,00
25,559,000
29,537,000
7,936,000
21,519,000
3,018,000
"
20,619,000
877,000
502^000
2,225/600
9,498,000
Canadian shipments in
States
14,305,000
651,000
2,163,000
81,444,000
3,906,000
12,307,000
454,000
1,164,000
4,478,000
1,467,000
164,000
3,912,000
60,581,000
6,482,000
2,064,000
__
...
902,000
1,771,000
mills
72,116
For the first
043
1935, when this country
Sept. 16, from which the
August totaled 278,219 tons, those from United
tons.
eight months of the year Canadian production at 2,034,-
exceeded the like period of a year ago
tons
1935 having been
by 15.8%, the figure in
United States output was practically
1,756,112 tons.
Newfoundland's output was down about
unchanged on the eight months.
4.6%, and a slight drop was also shown in production in Mexico.
Canadian stocks at Aug.
at United States mills, a
and 93,564 tons at the
31 Were reported at 65,794 tons, 21,464 tons
total of 87,258 tons, against 93,867 tons on July 31
end of August a year ago.
following table, contained in the "Gazette," shows
The
the
for
production of newsprint in Canada and the United States
each montb since August, 1934:
Canada
U.
July
234,266
July...
73,673
73,361
June
June
270,051
79,830
75,719
May...
232,020
242,693
73,108
77,339
84,323
March
January
Canada
-
U.
S.
May
267,067
April
258,721
March
243,900
76,470
76,507
221,569
227,955
72,252
79,-361
February
January.
.
December
November.
October
...
-
244,732
—262,854
4
266,515
.
September
August--
1935—
April
-
223,892
235,573
75,869
78,929
S.
180,305
74,891
73,528
70,805
201,959
80,666
239,544
240,869
235,021
196,172
216,164
79,777
74,933
80,572
222,224
v
205,682
February
—
—
1934—
December
1935—
November
October
79,746
September.
71,416
75,187
August
74,117
80,903
Country's Foreign Trade in August—Imports and
Exports
The Bureau of Statistics of the
9,3^9,000
14,048,000
-Tons-
-Tons-
270,053
274,627
1936—
August
12,541,000
105,918,000
333,000
695,000
14,090,000
822,000
approxi¬
.
In the Montreal "Gazette" of
25,168,000
9,978,000
6,640,000
3,740,000
8,662,000
3,104,000
was
foregoing is learned, it was also stated:
463,000
19,470,000
8,125,000
4,522,000
2,110,000
6,314,000
1,666,000
record,
954,000
3,441,000
5,541,000
2,053,000
10,676,000
1,205,000
on
United States output in
slightly above that of July of
tons, but below August,
73,361
produced 75,187 tons.
Europe
and Asia)
Venezuela..
56,597,000
36,812,000
31,809,000
14,571,000
30,455,000
56,177,000
42,939,000
90,462,000
188,774,000
7,827,000
17,540,000
50,635,000
24,883,000
94,974,000
11,994,000
1,571,000
3,204,000
1,659,000
6,423,000
8,474,000
33,599,000
43,418,000
6,590,000
6,802,000
91,063,000
30,868,000
36,134,000
8,242,000
24,866,000
2,226,000
6,786,000
12,078,000
2,687,000
5,287,000
66,673,000
5,695,000
3,183,000
11,626,000
12,787,000
Turkey (Asia & Europe)
Union of South Africa
S.
938,000
1,433,000
6,672,000
3,667,000
9,901,000
1,624,000
321,000
489,000
275,000
579,000
1,190,000,
4,657,000
7,570,000
351,000
118,000
142,000
738,000
682,000
379,000
39,000
2,861,000
129,000
12,187,000
4,044,000
4,604,000
1,290,000
3,866,000
201,000
2^074,000
Switzerland
S.
7,241,000
6,749,000
38,928,000
7,347,000
20,951,000
15,643,000 80,271,000
30,594,000 154,058,000
3,038,000
1,117,000
138,000
463,000
Sweden-
U.
3,597,000
1,688,000
4,342,000
August
a year ago.
August at 73,673 tons was
Argentina
The August production,
274,627 tons produced in July.
of
at
Washington
on
,
'--l
-
•
Department of Commerce
S$bt. 30 issued its statement
on
the
-
Volume
Financial
143
Exports of United States Merchandise and Imports for Consumption
foreign trade of the United States for August and the eight
months ended with August, with comparison by months
back to 1931.
The report is as follows:
V
with July exports were fractionally
Exports,
including
1936
Compared
Exports (U. S. mdse.)..
Imports for consumption
July 1936.
Month
General imports
in
the
States)
United
amounted to $195,016,000 compared with
$194,180,000 in July and with $169,030,000 in August, 1935
Exports—U.
and
amounted
to
withdrawals from bonded
ware¬
$199,852,000 compared with $196,583,000 in July
The.increase in value of exports, compared with August of last year,
-shared by seven of the 11
commodity groups.
vehicles,
and
chemicals
and
was
and
related
products,
declined
The decline in the machinery group was due to a falling off in the exports
,
automobiles.
However,
during
1934
1933
1932
1931
1,000
1,000
1,000
1,000
Dollars
Merchandise—
Dollars
Dollars
Dollars
Dollars
Dollars
195,686
179,381
192,392
189,564
196,645
March
April
May
the
first
eight
months
this
of
year
Exports of electrical machinery and
machinery, printing and book binding machinery
all
agricultural machinery, including implements, declined moderately
September
continuation in the drop in the exports of unmanufactured
began in the last few months of the crop year ending with
Although the exports in the first month of the current crop year
July.
less than in
were
August, 1935, the exports of cotton
on a
poundage basis
have been slightly larger for the first eight months of the current calendar
compared with the corresponding period of last year.
year,
159,128
267.258
220,931
8 mos. ending August
1,486,086
12 mos.end. December
Imports for
Consumption
well
as
as
199,796
188,529
193,612
196,583
199,852
manufactures
November
"...
December
179,760
;
8
mos.
and
was
79,934
152,714
93.375
147,599
102,933
149,288
125,269
104,662
168,735
174,740
171,589
105,295
95,898
152,802
149,516
127,170
170,747
174,559
GOLD AND SILVER BY MONTHS
*
8 Mos. Ending August
August
Increase
Exports and Imports
(+)
Decrease{—)
1935
1936
1935
1936
1,000
Exports of both dried and canned
ex¬
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Gold—
102
46,085
27,149
620,291
867,761
67~493
Imports
+25,764
—247,471
1,386
67,524
45*983
593441
86~6~375
Exports
due to larger shipments of petroleum
was
112,611
141,018
Exports, Imports and Net Balance
sharply, while practically the whole of the increase in
of non-metallic minerals
123,176
112,509
s.
petroleum products, Coal, and crude sulphur.
the increase
130,584
883,686
916,304 1,439,808
2,038,905 1,636,003 1,433,013 1,325,093 2,088,455
The largest absolute increase in value of exports, compared with August
ports
183,284
177,483
205,690
182,867
176.443
134,311
129,804
ending August 1,548,441 1,337,828 1,072,472
the decline in the chemical group was due to smaller
.
190,339
180,801
109,141
123.931
124,010
117,262
149,893
137,975
149,470
126,193
168,683
189,806
162,828
October..
tobacco exports and to smaller shipments of auto¬
minerals and metals and manufactures.
177,382
201.390
were
of last year, occurred in exports of edible vegetable products, non-metallic
fruits increased
166,756
155.313
September
in the first eight months of the current year,
shipments of coal-tar products and fertilizer
128,975
92,718
84,164
91,893
88,107
141,247
147,467
135,067
180,381
...
The decline in the exports of inedible vegetable products was due mainly
mobile tires, while
189,808
125,047
153,396
173,096
July
compared with the corresponding periods of last year.
to the lower value of leaf
136,402
128,976
168,482
152,246
175,485
166,070
May
12 mos.end. December
larger in August,
151,035
1,340,6^8 17347,143 927,790 1,030,202 1,628,070
2,243,081 2,100,135 1,647,220 1,576,151 2,377,982
186,392
189,586
194,091
.....
August
106,270
129,538
181,291
199.225
182.797
•
January
February
March.
177,025
161,494
167,490
188,860
203,536
192,156
168,442
November
104,276
190,842
169,851
196,040
218,184
210.061
151,048
In terms of
value, exports of unmanufactured cotton have been slightly smaller
Exports of cotton semi-manufactures and finished
169,683
...
132,268
128,553
109,478
141,573
129,315
167.902
167,865
245,727
220,660
231,081
151,403
103,265
111,845
117,517
157,161
October
June
cotton, which
159,791
167,278
April
The decline in exports of textile fibers and manufactures was due almost
a
160.511
187,418
176,490
146,906
106.293
159,617
181,667
118,559
99,423
169,577
160,312
June
appa¬
were
larger in value than in August, 1935, while exports of office appliances and
entirely to
173,560
180,530
176,397
175,491
January
automobile exports have been substantially larger than during the corre¬
sponding period of last year.
ratus, industrial
+210,613
1935
December
Inedible vegetable products,
slightly, while textile fibers and manufactures declined considerably.
of
Dollars
+ 145,418
1,000
July*.
August
1935.
with $180,381,000 in August,
machinery
Dollars
1,340,668
1,337,828
1936
S.
February
Imports for consumption (goods entering merchandising or consumption
channels immediately upon arrival, plus
houses)
Dollars
1,486,086
1,548,441
1,000
Period
or
Dollars
169,683
180,381
(goods entered for storage in bonded warehouses, plus
goods entering merchandising or consumption channels immediately upon
arrival
1,000
1,000
1,000
1,000
Dollars
amounted in August to $178,249,000,
1935 and with $179,776,000 in
re-exports,
1,000
Decreasei—-)
1935
1936
1935
175,491
199,852
smaller and imports slightly larger.
$172,128,000 in August
compared with
1
Increased)
Exports and Imports
August United States exports and imports of merchandise were both
larger than in the corresponding month of any year since 1930.
8 Mos. Ending August
August
,
In
2127
Chronicle
Excess of exports
In the metals group,
Excess of Imports
due to larger iron and steel exports.
Silver—
The increase in the value of imports, compared with
was
August of last
year,
Exports
143
shared by all commodity groups, except vegetable products, which de¬
Imports
16,637
2,009
30,820
1,847
140,805
15,788
152,276
16,494
28~8n
138*,959
136",488
clined sharply due to a large decrease in the imports of sugar.
other
items in
this
group
increased considerably,
—13,941
—11,471
Imports of
Excess of exports
particularly imports of
Excess of imports
wheat, feeds, edible vegetable oils and whiskey, but in the aggregate the
increase
was
smaller in value than the decline in sugar.
Commodities in the other 10 groups, each of which increased in value by
at least
oils,
silk,
raw
wood
pulp,
or
Period
General
imports
of merchandise
exceeded
more
than $13,000,000.
of
exports
and $102,000 in August, 1935,
Silver exports amounted to $143,000, compared with $138,000 in July and
1935.
Silver imports
amounted
to
$16,637,000,
compared with $6,574,000 in July and $30,820,000 in August, 1935.
MERCHANDISE
Including
1,000
1,000
1,000
1.000
|
1935
1933
1934
1936
1935
Re-exports,
TRADE
General
BY MONTHS
Imports,
and
of
Balance
Exports and Imports
Trade
1,000
1935
1936
1,000
1935
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
4,715
14
253
1,248
859
1,551
46
51
21,521
141
734
209
540
44
237
665
269
51
62
37
635
1.593
1,425
193
5
49
28,123
16,741
22,925
1,661
3,128
203
2,885
77
166
4.380
197
1,717
1,638
2,404
343
March
June
—
1,780
6,586
85,375
138
1,547
1,789
2,572
143
2,009
1,741
1,472
1,424
260
1,162
7,015
3,321
2,281
310
,473
58,282
34,046
2,957
512
1,698
464
140
10,815
769
1,014
590
11,254
16,551
12,386
19,041
3.593
1,763
1,693
695
59
32
102
14,556
86
76
22,255
2,173
November
242
170
July..
August
September
October
27,882 260,552
52,759 366,652
1,847
15,788
18,801
45.981 149,755
1,947 128,479
7,002 122,817 452,622 30,397
13,543 237 380
14,948
7,795
58,483
17,536
8,115
19,085
16,351
20.842
4,490
11,002
2,128
1,823
1,955
13.501
4,435
1,386
27,149
12 mos.end.Dec
1,960
235
Imports—
Increase
1936
Dollars
363
2,315
February
8 mos.end .Aug
8 Months End. August
August
Dollars
338
23,637
January...:
December
Imports of gold amounted to $67,524,000,
compared with $16,074,000 in July and with $46,085,000 in August, 1935.
Exports,
1,000
May
Exports of gold amounted to $32,000, compared with $605,000 in July
.
1,000.
April
ports of $29,341,000 in the corresponding period of 1935.
August,
1933
1,000
Dollars
Exports
by
merchandise
In the first eight months of the year imports have exceeded
exports by $40,607,000, compared with a net balance of merchandise ex¬
$2,009,000 in
1934
1,000
1936
newsprint and precious and imitation stones.
Collectively, these eight imports increased slightly
$16,767,000.
Silver
Cold
Month
$1,000,000, included fish, fur skins, crude rubber, inedible vegetable
(+)
Decreasei—)
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Exports.
178,249
1,511,730
195,016
1,369,468
1,340,127
+ 142,262
Imports.
172,128
169,030
January
—
February..
March
855
1,520
5.275
54,785
35,362
6.769
May
28.106 148,670
169.957 140.065
1,785
4,989
June
277,851 230,538
70.291
1.136
23,981
10.444
6,574
16,637
30,230
2,458
5,386
30.820
21,926
11,602
3,494
4,106
4,083
April
Month
or
3,098
16",767
1,497
15.472
5.431
Period
1936
1933
1932
16,287
52,460
46,085
51.781
156,805
315.424
3,585
13,010
1,545
1,696
45,689
48.898
20,831
October
29,341
19341
16,074
67,524
210,810 121.199
2,174
1,687
60.065
15,011
190,180
47.603
8,711
4,977
620,291 867,761 956,628 186,095 140,805 152,276 43,748
354.531 102,725
1740979 1186671 193,197
43,565
September
40,607
1935
July
November
+212,210
August
December
Excess of exports
Excess of Imports
1,552,337
1,000
February
April...
May
October
1,000
1,000
1,000
1.000
Dollars
Dollars
Dollars
Dollars
176,223
*472,220
162,752
150,022
12 mos.end Dec
60,225
249,598
1
101,515
153,972
190,938
163,007
185,026
164,151
120.589
108,015
154.876
224,346
235,899
179,427
105,217
114,203
135,095
215.077
203,970
160.197
November.
December...
170.519
119.790
173,230
161,672
144,109
106,830
180,772
172.128
171,984
131,473
108.599
198,803
...
...
170.244
131,899
114,148
191,313
160,119
132,037
164,808
180.228
206,413
193.069
153,090
204,905
269,838
223,469
...
14,425
Dollars
198,560
182,024
195,100
192,786
200,398
184,837
179,776
178,249
221,296
June.
July
August
September.
1,000
Dollars
March
92,249
1,085
1931
8 mos.end. Aug
Exports, Including
Re-exports—
January..
1
194.712
184.256
138,834
193.540
170,654
192,638
131,614
184,070
165,459
Conditions
St.
in
Federal
Louis
District-
Reserve
Improvement in Industry and Commerce Continued
During August and First Half of September
187,077
District industry and commerce dur¬
half of September carried still
further the improvement which has been in progress with
"Eighth
(St. Louis)
ing August
practically
the first
and
no
interruption since last fall," according to the
Federal Reserve Bank of St. Louis, which said that "a num¬
8 mos. ending August
944,911 1,055,441 1,661,547
1,511,730 1,369,468 1,369,709
12 mos.end. December
2,282,874 2,132,800 1,674,994 1,611,016 2,424,289
January
February
March
April
May
June
July
August
y
September...
....
.
166,832
October
183.148
174,946
Which
131,189
210,202
In its
88,412
126,522
185,706
106,869
112,276
122.197
110.280
179,694
173,455
174,460
166.679
170.384
127,229
169.030
119,513
154,918
91,102
131,658
146.643
98,411
105,499
104,468
97,087
November
189.357
169,385
150,919
128,541
186,968
132,258
133,518
150,867
168,708
149,480
153,773
917,309 1,448.290
1,552,337 1,340,127 1,110,585
889.990
2,047,485 1,655,055 1,449,559 1,322,774 2,090,635
detri¬
thb
130.999
December
8 mos. ending August
12 mos.end. December
offset
135,520
79,421°
120.635
to
94,860
142,980
170,500
170,533
156,754
combined
influences
96,006
176,631
152,491
177.356
favorable
of
83,748
135,706
132,753
158,105
146,523
154,647
136,109
161,647
187,482
192,770
198,496
202,799
191,217
190,377
194,180
195,016
ber
mental effects upon general business and sentiment of the
disastrous drought and prolongedVpell of high temperatures
General Imports—
prevailed during the late spfing and entire summer."
"Monthly Review" of Sept. 30 the Bank also noted:
Among
usual
these
summer
beneficial
factors
slump in industrial
almost
was
production,
purchasing of commodities by merchants and
prices
of
many
railroads,
chinery,
at
manufacturers
a
high
mines and
In
tarded
important raw
certain
rate, of
sustained
lines,
of
materials,
automobiles
operations
activities
distribution
in
of
at
the
fall
complete
more
absence
of
the
confident and heavier
ultimate
consumers,
rising
betterment in business of the
and other descriptions of ma¬
textile mills, increased production
building industry.
and
winter
merchandise
was
re¬
by the hot spell, which in most sections of the district continued
2128
through
gdods,
the
was
shoes,
by
exception
mobiles
of
this
whole
a
supplies,
Bank
increases
over
decreased
as
However,
the
of
clearance
summer
electricalsupplies, 1 (Vacation and tourist equip¬
thorough in recent years.\AVith the exception of boots
electrical
all
wholesaling
increased
from
year
were
a
seasonally
approximately 3%
ment
September.
apparel,
most
and
vestigated
were
first half
notably
ment
and
Financial
the
ago
in
July
August "from
the
jobbing lines
and
in¬
and
without
sales
of auto¬
August,
to
Retail
recorded.
preceding
month,
but
larger than in August, 1935.
Employ¬
slightly greater than the usual seasonal increase.
.
showed
.
.
Under influence of the persistent hot weather and
practically unbroken
drought, crop prospects sustained further deterioration during August and
early September.
Of the principal productions, those showing heaviest
contraction
forage
cotton,
were
tobacco,
corn,
certain
crops.
fruits
and vegetables,
and
.
Chronicle
September.
System for August
dustrial production, factory employment, &c.:
increased
further
production
There
(Index numbers of Board
of
Governors,
and
of
Aug.
1935
in
Aug.
July
1936
sharp
1935
107
108
88
pl05
pl06
104
pl08
105
101
87
81
pl03
101
is
85
Total
p65
59
Residential
p48
All other
p78
with
smaller
87
p98
—
p68
65
40
ever,
24
p48
45
24
seasonal.
50
p84
82
54
~
r81.8
—
88 .7
86 .8
r82 .0
81 .0
«
77 .8
r69.1
70
73
60
76
75
91
77
p 68
63
declined
121
119
81
118
111
115
104
pi 12
106
91
92
96
123
77
82
128
113
105
P126
111
116
76
87
90
74
77
74
44
99
91
147
154
130
158
167
139
p76
80
58
p74
72
from
and
July
the
commodity
Prices
third
of
There
advanced
in
was
price
36
p47
53
133
pl51
147
136
54
177
164
109
104
81
93
97
75
imports, Treasury expenditures,
59
85
59
loans
60
68
57
--
36
Demand
Indexes of production, car loadings and department store sales based on daily
a Based on three-month moving averages of F. W. Dodge data centered
at second month,
b Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics.
Index of factory employment
adjusted for seasonal variation complied by Federal Reserve Board of Governors,
r Revised.
loans
of
Treasury
Payrolls
Without
Without
Seasonal Adjustment Seasonal Adjustment
Aug.
Aug.
July
Aug.
Aug.
July
1936
1935
1936
1936
1935
1936
1936
87.7
r81.8
88.7
86.8
r82.0
81.0
77.8
r69.1
85.6
85.1
73.4
85.4
83.8
73.2
"79.8
75.8
100.7 rlOl.l
the
inflow
87.1
101.1
rl00.5
87.3
88.6
r87.6
71.2
92.2
101.0
r83.6
83.5
93.3
r65.4
94.9
96.6
109.6
95.1
85.2
99.5
r 72.2
59.9
58.6
52.7
60.0
58.9
52.8
59.5
58.0
49.0
94.3
90.9
83.7
92.5
88.7
82.0
79.0
73.6
64.7
Lumber & prod'ts.
58.7
58.2
54,6
59.4
58.1
55.3
52.6
48.5
44.4
in
Stone, clay & glass
Textiles & prod'ts.
60.4
60.5
54.8
61.9
61.1
55.9
51.6
48.8
40.9
101.7
98.2
96.1
98.2
93.4
92.9
85.8
78.9
92.0
89.9
showed
In
the
in
in
to
These
Loans to security
of the
issue
new
Treasury issue
new
was
their. balances
upon
to the
Treasury,
there
monetary gold
week
ending
$200,000,000 in the
reducing
was
reserves
excess
the
in
its
has
been
stock
with
deposits
renewed
a
increased
has
by
Federal Reserve District
issued
Sept. 26, the Federal Reserve
"industrial
that
states
District
The
94.8
84.3
r78.4
76.5
that most
98.4
101.8
92.5
96.0
83.7
67.4
78.8
86.4
87.0
89.7
86.9
90.1
allowance for seasonal
82.7
76.5
Bank
81.7
103.9 rl00.3
115.8
107.7 rlll.8
110.1
105.0
Value
103.6 rl00.9
measures
of
59.4
r57.2
57.9
51.5
49.2
46.6
95.9
90.7
87.7
83.0
declined.
115.4
414.2
111.4
112.2 rll0.6
107.9
105.8 rl03.5
97.0
less
Chem. group,
except pet'm
refining
Petrol, ref'g.
116.3
Rubber products..
87.0
114.8
111.8
111.8 rl09.8
106.9
105.2 rl02.2
110.1
113.8 rll4.1
112.2
107.5
rl07.8
102.5
79.1
80.3
77.0
64.3
80.4
85.6
84.5
95.4
in
important
In
fruit
vegetable
industries
glass
tire,
wooden
was
better maintained than
container,
box
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve
System—
Seasonal Increase Noted in Industrial
Activity in
August—Factory Employment and Payrolls Also
Higher
loadings,
and
and
seasonally in
August,
and,
there
was a substantial increase in
factory employment and
payrolls, states the Board of Governor^ of the Federal Re¬
conditions in
summary
the
States, based upon
August and the first three weeks of Septem¬
ber.
Commodity prices, which had advanced for three
months, showed little change after the middle of August,
according to the Board, which issued its summary,
lows, on Sept. 25: *
•
*
Production
index
of
industrial
movements,
average.'
and
in
awarded
month
expand
California
increased
electric
power
in August
by
expanded
pack
conformed
which
more
correspondingly.
industry
sugar
for
month,
to
data
about
statistics,
to
seasonal
available,
are
the
changes
expec¬
such
crude
industries,
oil,
output
refining,
advanced
as
automo¬
or
as
of most recent years.
department
store sales,
registrations
railway
freight
lower
slightly
were
The adjusted index of retail furniture store sales,
slightly from the high July level, ^hd interincreased^
August
than
in July.
the
other
hand, advanced
on
coastal
cargo
conditions
Growing
trict
this
shipments
in
season,
will
this
season
is
been
sections
produce
than
have
favorable
contrast with
agricultural
District
which makes allowance
Cost
of
larger
a
throughout
widespread
the
country.
percentage
the
drought/in
of
As
.,a
total
Twelfth
some
result,
United
Dis¬
other
the
im¬
Twelfth
States
crops
usual.
of Living in
United States Increased 1.7% from
15, According to Secretary of
to July
Labor Perkins
April
15
average
covered
by, the Bureau of Labor Statistics, United
States Department of Labor, increased
for
remained unchanged in August at 107% of
Output of steel, increased by more than the seasonal
\
cost of living for families of wage earners
and lower-salaried workers in 32 large cities of the United
The
States
fol¬
Employment
production,
of
of general business
United
statistics for
-
for
automobile
new
portant
System, in" its monthly
payrolls
canneries
furniture,
Seasonally adjusted measures
increased
from
»
car
activity
to
lumber
and
steel,
July, after
In Oregon, employment advanced
failed
other
most
and
more
however,
but contracts
widely
judging from preliminary
bile
Underlying figures are
August 1936 figures are pre¬
Revised.
the
the
seasonal variation compiled by F. R. Board of Governors.
for payroll period ending nearest middle of month.
r
payrolls
and,
noted,
continued:
It
further,
fluctuate
in August.
but
in
activity at
tations.
*
expanded
which
employment
customary
amount
customary
Indexes of factory employment and payrolls without seasonal
adjustment com¬
piled by Bureau of Labor Statistics.
Index of factory employment adjusted for
liminary, subject to revision.
is
seasonally,
Operations
111.7 rill.6
83.6
construction,
Industrial
than
than
influences."
building permits
engineering
97.9
production
increased
of trade "were lower than in
93.3
99.3
99.4
1923-25
loans
month.
August."
95.9
97.1
the
the
gold
Growth
purposes.
1933.
$280,000,000
(San"Francisco)
86.7
58.1
Board's
of
August
Francisco
104.6
98.9
seasonal
of
in
country's
Francisco
seasonally
r57.8
The
cities increased
include
industrial
increase of nearly
an
early
in the past
Twelfth
the
59.6
usual
part
when the Treasury
Since
and
San
of
100.6
serve
official
reflecting
16,
which
loans,
and
of payments
announcement
an
Bank
Paper and printing
Chem'ls & petrol.
products
and financial
Sept.
principally by drawing
decrease
a
98.5
Industrial
banks in leading
ending
"other"
A
15.
consequence
banks.
gold,
Tobacco products.
2.
non-
Cotton,
the
increase in bank loans.
an
is usual, prior to flotation
as
This decline followed
of
than
T76.2
Food products
of
—Larger Than Seasonal Gain Noted in Industrial
Production During August
r83.7
products.
and
prices.
time
the month.
of
commercial
Sept.
Conditions in San
98.2
Wear, appar'l
hides
of
hog
Credit
highest level since early in
on
$100,000,000
106.4
Fabrics
so-called
increase,
banks
Reserve
96.4
2.
a
as
16.
92.2
Leather
to
banks.
the Reserve
r59.4
>
1.
in
the
at
of
continued1
drugs
prices
decline
months
1935
88.6
Automobiles
and
middle
the
three
Aug.
1936
RR. repair shops..
Nonferrous metals
the
an
bonds
member
about
Traasporta'n equip
in
preceding three weeks,
July
between
following
the
month,
weeks
and
by reporting banks,
Largely
of
four
agricultural,
at
showed
purchased
Sept.
Machinery
for
now
are
dealers
the
in
principally
was
with
FACTORY EMPLOYMENT AND PAYROLLS—INDEXES BY GROUPS
AND INDUSTRIES* (1923-1925=100)
Iron and steel
further
customers
*
Aug.
in
of reporting .member
deposits
somewhat
averages,
Employment
change
chemicals
this
Bank
71
Total
was
usual amount,
86% of the 1923-25 average
little
the middle
65
Lead
1.
after
81
Variation
how¬
less than
1
101
Seasonal
the
about
of grain,
loadings
total
was
seasonal
a
144
Adjusted for
1934,
year
showed
Shipments
September,
and
early
87
Silver
Preliminary.
in
increases
p47
—
Zinc
p
declined
report,
crop
of
scrap
pl4S
crude
shipments
commodities
August.
showed
also
were
100
Iron ore
is
drought
with the
v
of
to
increase
week
steel
there
metals.
which
prices
57
Petroleum,
classes
most
seasonally adjusted index
August and the
ferrous
57
Tobacco manufactures
Minerals—Bituminous coal
Anthracite
of
Distribution_
of
sharply,
advance, and
69
pll3
Cement
wheat,
winter
comparison
leading
considerably
output
Department store sales increased by less than the
advance.
*99
Food products
and
cotton
in
and potatoes.
corn
for a
earlier, except
Prospective
cotton.
1 conditions,
Sept.
on
month
a
Commodity Prices
79
pi 19
Leather and shoes
made
compared with 91% in July and 87% in June.
as
of
Automobiles
of
but,
year,
increase
the Board's
and
Wholesale
Textiles
exception
last
61
Production Indexes by Groups
and Industries—
Manufactures—Iron and steel
half, showed little change
a
64
p86
Department store sales, value
the
except for
seasonal
38
87.7
for
-
71
—
and
year
figures
the
to
estimates, based
crop
prospects
Freight-car loadings
44
88 .6
in
than
larger,
usual
Factory employment (6)
Factory payrolls (6)
Freight-car loadings
according
estimates
the
as
same
87
Construction contracts, value:(a)
■
the
decline
crops,
Aug.
1936
pl07
Minerals
increased sharply
had
which
contracts,
August,
building during the past
about
were
General Indexes—
Manufactures
at establishments pro¬
working forces
August.
it
Industrial production, total
in
in July,
of the F. W.
Dodge Corp.
The value of non-residential projects was smaller than in
July but larger than in other recent months.
Residential building in¬
creased considerably, reflecting a marked increase in contracts for apart¬
ments,
several of which
were
publicly-financed projects.
Awards for
single-family r houses, which have accounted for most 'of the increase in
construction
somewhat
Department of Agriculture
Without
July
larger
amount
increases
Agriculture
Seasonal Adjustment
1936
between the middle of July and the
than is usual at this season.
further
rose
an
substantial
1923-1925=100)*
Adjusted for
1936
and at anthracite mines
ducing textiles and wearing apparel, and smaller increases in most other
lines, partly offset in. the total by a decline in employment in the auto¬
mobile industry.
Factory payrolls increased.
residential
Seasonal Variation
Aug.
factories.
shoe
is usual at this season,
Output of petroleum showed an increase.
employment
August by
of
were
chiefly continued expansion in
At bituminous coal mines
reflecting
August,
plants
less than
declined.
Factory
middle
in
textile
output increased
in
BUSINESS INDEXES
for
activity at
Value
The Board of Governors of the Federal Reserve
System
issued as follows, on Sept. 26, its monthly indexes of in¬
of
was
inventory-taking and for mechanical changes in connection
with the introduction of new models.
Output of non-durable manufactures
declined
Monthly Index of Board of Governors of Federal Reserve
maintained in the first three weeks of
automobiles was
sharply reduced as plants
level
Production
closed
were
Oct. 3, 1936
and the higher
amount,
1.7% in the
quarter
ending July 15, 1936, Secretary of Labor Frances Perkins
announced Sept. 15.
"The July 15 index of the cost of all
goods purchased >by wage earners and lower-salaried work-
Volume
Financial
143
82.0, based on an average
1923-25 as 100," Secretary Perkins
"In other words, living costs as of July 15 of this
were 189^ lower than average costs in the base period."
TABLE 24-INDEXES OF THE COST OF GOODS
in tlie 32 cities combined was
ers
of
in
costs
said.
year
the
OF THE UNITED STATES BY
There
been
has
in
costs
of 10.1%
index
the
in
rise
a
17.2% lower than
from
than costs
the threeSlight increases in rental costs
from April 15 to July 15.
of house-furnishing goods were
period
in the
index
more
*
,V
■
Buffalo
index
The
of
food
the
32.
cities
of
each
advance in food
in
costs
between
rose
by
the
of
10%
over
reported.
was
85.2
84.8
102.9
98.5
80.4
84.3
80.5
76.0
86.0
76.9
67.0
April
15 and
of
July 15,
Labor
1936,
Statistics.
The smallest
occurred
rise
in
Los
87.1
74.0
96.1
80.8
76.4
96.5
; 76.5
62.0
99.0
75.0
96.0
80.6
79.9
73.0
77.5
83.9
98.4
84.7
72.3
51.5
89.0
69.8
83.9
78.1
82.1
85.9
73.9
80.7
82.1
83.2
•
/
77.6
98.4
87.2
90.1
77.0
74.1
93.6
84.8
97.7
83.4
84.8
80.8
59.4'
99.6
75.1
102.0
78.9
,
85.2
78.4
57.8
82.1
78.1
91.7
92.7
81.4
86.1
74.6
58.8
84.6
82.3
Kansas City
81.9
87.5
76.6
58.1
79.8
74.1
Minneapolis..
83.9
91.9
76.7
64.4
89.4
79.4
95.0
St. Louis
82.8
89.0
77.7
55.4
84.5
85.3
100.3
Indianapolis
Central Area
West No.
caused primarily by increases
was
98.4
75.2
65.6
83.8
Cincinnati
in
The
1
u.
Scranton
96.9
South Atlantic Area—
Atlanta
80.6
81.2
81.0
59.4
69.8
86.1
93.6
^Baltimore
86.0
87.0
79.1
71.3
83.0
77.2
104.6
80.2
82.3
78.7
56.3
87.9
79.2
90.2
Norfolk
84.8
82.5
85.1
62.3
80.5
81.4
103.8
Richmond!
84.3
79.2
94.6
68.7
80.6
88.2
99.5
Savannah
80.7
84.4
80.7
58.7
82.5
83.1
91.3
Washington
87.0
85.6
78.2
86.3
83.0
81.5
97.3
Birmingham
76.0
76.8
82.8
48.0
79.5
75.3
90.7
Memphis
80.5
81.7
83.5
55.1
85.4
85.6
94.4
Mobile..
82.7
80.9
86.8
62.8
68.2
83.4
95.8
Houston
80.9
80.7
73.5
67.3
72.5
83.6
94.9
New Orleans
82.2
84.8
75.8
70.5
75.0
83.0
90.6
83.0
90.7
76.1
59.0
74.8
83.%
97.1
Los Angeles
75.6
74.5
81.5
46.5
96.7
76.0
90.7
Portland, Ore.
82.0
84.4
78.1
55.9
90.9
78.3
98.6
San Francisco
84.5
83.3
86.6
69.9
78.6
79.9
97.4
Seattle
84.1
83.0
83.9
63.2
90.6
84.8
96.7
104.5
159.9
162.3
192.2
food costs increased only 2.8%.
Angeles, where
97.9
'
Detroit
other fresh vegetables and fruits, and of butter and
cities, Indianapolis, Kansas City and Birmingham, an
three
In
increase
76.2
New York
prices of potatoes,
eggs.
84.0
84.0
East No. Central Area—
'
•
!
Bureau
during the quarter
costs
96.4
75.6
81.4'
Philadelphia.
Pittsburgh
it was stated:
covered
77.4
84.1
—-.
Cleveland
(office of the Secretary)
86.4
86.5
Portland, Me./
announcement issued by the Department of Labor
an
64.2
84.2
Chicago
In
78.4
/a84.0
Middle Atlantic Area—
seasonal drop in the cost of fuel
light, and slight declines in the cost of clothing and miscellaneous
:
82.0
Boston
rise, counterbalanced to some extent by a
and
furnish¬ Miscel¬
ing Goods laneous
and
Light
i,
Average: 32 large cities
of the United States._
factors in the general
also
cost
items.
Rent
Clothing
New England Area—
other group of items, rose 5.8%, on the average, during
month
House-
Fuel
Food
All
Items
point in
the low
15, 1936.
Compared
costs this summer as
ago.
years
seven
show
figures
new
which influence the movement of the
Food costs,
•for any
and
the
1929,
June,
GROUPS OF ITEMS, JULY 15, 1936
(Average 1923-25=100)
Area and City
June, 1933, and of 2% from July 15, 1935, to July
BY WAGE
LARGE CITIES
PURCHASED
EARNERS AND LOWER-SALARIED WORKERS IN 32
years
Miss Perkins added:
with
2129
Chronicle
Jacksonville
~~
dropped 0.3 of 1%, on the average, in the 32 cities.
largest decline was shown in Philadelphia, where a fall of 1.2%
was
reported.
Twenty-five of the 32 cities reported declines in clothing
costs, and seven cities reported small increases.
The upward movement of rents was general.
Advances in rental costs
Clothing costs
The
reported
were
0.8
of
1%
Denver
for
the
for
32
country
resulting
cities,
as
whole.
a
imsan
The
largest
Buffalo and Pittsburgh.
Detroit,
Ore.,
increase of
average
but increases of between 2% and 2.2%
(2.7%),
Portland,
of the
26
in
occurred
rise
in
or
»
cities.
in six
but
two
reported declines of
over
all
in
decreases
in
following increases
Ore.,
land,
6%
San
were
the 32
of
6%, due
coal
in each
to
case
during the
costs
Atlanta and
covered.
cities
and
The
cities
two
and
a
drop
St.
coal costs,
in
In Port¬
preceding quarter.
The
cost
of
1%
0.2
and
the
where
increase
In
of
co6t
cities
telephone
32
services,
cities
four
in
changes
15
Table
and
2
in
the
in
an
due
average
of
rise
on
a
from
the
on
Covers 51 cities.
a
miscellaneous
for
laundry
medical,
and
and toilet
drop of 0.1 of 1% for
medicines
Mobile, Birmingham, Los Algeles and
between
of
lowered
in
telephone rates
of the
cost
the
in
purchased by wage earners
large cities of the United States, between
32
of
goods
shown in Table 1.
f
July 15, 1936, by groups of items,
are
,
'
bases
of
Labor
Bureau
143.0
was
other
for
on
July 15.
cities
,
individual
may
be
secured
directly
Statistics.
TABLE 1—PERCENTAGE CHANGES FROM APRIL 15, 1936, TO JTJLY 15.
1936. IN THE COST OF GOODS PURCHASED BY WAGE EARNERS
LOWER-SALARIED WORKERS IN 32 LARGE CITIES OF THE
AND
UNITED STATES BY GROUPS OF ITEMS
•
Fuel
All
Area and City
Food
Clothing
Rent
and
Light
Items
laneous
the
over
»
large
cities
of the United States..
and
orders
a+5.8
—0.3
+ 0.8
—2.2
+0.2
—0.1
New England Area—
shipments were 12% above, and new orders 13%
above that week, according to reports to the National Lumber
week;
Buffalo.
...
6% "below
also
orders
the
hardwoods
orders
of
581;
—0 3
Mills,
—0.5
—0.1
orders,
+9.2
+ 3.2
—0.1
+ 2.1
—1.2
+ 0.8
b
—0.3
—0.1
—1.3
—0.5
+ 0.2
above production
+ 4.6
—1.2
+ 0.5
—3.9
—0.7
—0.4
California
c
+2.0
—0.4
—0.4
—0.2
c
+ 2.2
c
—0.2
East No. Central Area-
Chicago
+ 1.8
+ 5.9
—0.3
+ 1.5
—3.2
—0.3
—0.2
of
+ 3.4
+ 9.8
—0.2
+ 0.8
—0.2
+ 1.3
+ 0.3
+ 2.1
+ 7.4
—0.2
+ f .3
—0.8
+ 1.1
+ 0.2
Detroit
+ 2.4
+ 7.2
+0.3
+ 2.1
—2.1
+ 1.1
+ 0.1
+ 2.7
+ 10.5
—0.4
+ 0.5
—0.3
No.
Central
—5.3
Kansas City
+ 2.9
+ 10.2
—0.5
+ 0.2
—2.3
Minneapolis
+ 2.5
+ 9.2
—0.5
+ 0.9
St. Louis
+ 1.8
+ 6.8
—0.8
+ 0.2
+ 2.0
+ 8.3
+ 0.2
+ 1.2
+ 4.4
+ 2.1
+ 8.1
—0.5
—0.2
—2.6
+ 0.1
Atlanta
Baltimore
...
Jacksonville
but
all
—0.1
—6.9
—0.7
—0.2
+0.1
+ 0.2
—4.3
+ 0.2
—0.2
—0.2
+ 0.5
—1.5
+0.2
b
mills.
+ 0.4
+0.5
mills
same
+ 1.3
—2.4
+ 0.8
Richmond
+ 1.8
+ 6.6
—O.l
—1.6
—0.2
—0.2
Savannah
+ 1.6
+6.2
—0.7
+ 0.1
—0.1
+ 1.4
+ 0.1
Washington
+ 1.8
+ 5.3
+ 0.2
+ 0.6
—2.8
+0.1
c
+ 5.2
+ 0.4
c
c
5
c
16%
Birmingham
Memphis
+2.9
+ 10.1
+ 0.2
+ 0.7
+ 2.7
+0.4
—1.4
+ 1.5
+ 0.5
—3.6
+0.3
week's
a
—0.1
—O.l
—2.1
+ 1.1
feet;
hardwood
were:
feet;
/
or
above
ended
week
1%
or
production of
it
was
Shipments
462
shipments
was
hem¬
week
below
Mill
the
week
feet,
orders
of
feet.
the
same
week
Production
was
'
softwood mills
and
498
246,352,000
12,713,000 feet,
as
for
production.
identical
\
by
production
were
250,661,000
Reports
week.
1936,
19,
230,303,000 feet; shipments
214,928,000
year's week,
last
below
reported
as
above
Northern
Sept.
same
orders
West Coast,
corresponding
pine,
the
shipments above
Production
8%
reported
production above the 1935
the
Identical
and
reported
hut Western
reported for the
as
regions
Southern pine,
19.
feet
booked
week
228,441,000
shipments,
hardwood mills give new business
feet,
year ago
feet
261,583,000
256,404,000
was
43,126,000
are,
respectively,
received,
240,293,000
—0.3
+ 2.1
+6.8
+8.9
—0.2
Mobile
101
i
and
for
production.
/
Last
reported
below production.
10,052,000
10,922,000 feet.
produced
hardwoods
248,011,000 feet,
Shipments
above
239,105,000
East So. Central Area-
reported
were/
fept,
the
orders
reported
pine reported
totaled
Reports from
or
Norfolk
2%
or
pine
Western
orders
softwood
—0.4
—6.2
South Atlantlo Area—
and
Northern
all softwood regions
1935;
Lumber
feet,
Coast
and
Northern
the
+ 1.3
Area
feet;
in the week ended Sept.
redwood
and
and
Cleveland.
243,806,000
mills
shipped
figures for the previous
feet.
West
pine,
Revised
All reporting softwood regions
output.
lock
Cincinnati.
Indianapolis
230,046,000
Southern
—0.2
ended
further disclosed:
579
19,
combined;
feet.
production,
+ 0.2
—3.2
+ 5.8
ended Sept.
softwoods
260,724,000
—1.6
+ 5.3
West
week
and
+0.1
+ 1.7
week
12% above shipments and orders of last year's
The Association report
week.
—0.6
+ 2.0
the
in
was
—0.1
+ 1.0
Production
output.
shown by reporting softwood mills 6% above
the corresponding week of 1935; shipments were 11% above
Sept. 19
—0.2
Pittsburgh
Scranton
cov¬
hardwood
mills.
Reported new business during the week ended
Sept. 19 was Q.3% below production; shipments were 2%
below output.
Reported new business of the previous week,
ended Sept. 12, was 6% below production ; shipments were
+ 6.0
Philadelphia
.
associations
regional
of important softwood and
ering the operations
+7.6
+ 0.9
Association from
Manufacturers
Middle Atlantic Area—
New York
production
national
Reported
production figures of the preceding holiday
revised
above
+2.1
Me
a
trouble.
during the week ended Sept. 19 of two fewer mills was 7%
+ 2.9
Portland,
as
labor
marine
+ 1.9
Boston
indicate
shipments
build up stocks
to
of
+ 1.7
On the West Coast some of the
advance buying by dealers
protective measure against threat¬
holiday during that week.
During
Average: 32
19,
Sept.
ended
week
the
Ended
nearly equaled output ; their appreciable increase
week before was largely due to the Labor Day
business
and
House
furnish¬ Miscel¬
ing Goods
industry ^during
lumber
The
Week
Lumber Movement,
Sept. 19, 1936
of
Report
1936, stood at 72% of the 1929 weekly average of produc¬
tion
and
72% of 1929 shipments.
Shipments and new
ened
miscellaneous-group of items.
cost
1936,
1% and 1.5%.
In
were chiefly responsible
of
0.6
Weekly
general
declines
presents indexes for
the 1913 base
Indexes
140.7
al33.1
143.0
of the United States._
in Houston,
to
based
on average
costs in the years 1923-25 as 100.
The indexes, with costs in
1913 taken as 100, for the 32 large cities of the United States combined,
are
also presented in Table 2.
As compared with 140.6 on April 15, the
index
Average: 32 large cities
slight
this group.
in
indexes
fares,
A
occurred
2%,
rose
tobacco,
movies,
change.
cities showing
Four cities,
workers
July 15,
20
change
goods
street car
resulted
cities
the
lower-salaried
April
of
cost
little
with
items included
the
newspapers,
reported
of these
of
declines occurred
the
combined.
Percentage
(1913= 100)
coal prices following a sub¬
showed
average,
substantial
most
most
decreases
the decline
and
of
slight
These
goods
the
on
The
house-furnishing
include
Francisco,
each
reported
the
which
articles.
the
house-furnishing
declines.
cost
in
22
items,
San
of
was
12
rise in
a
Pacific Area—
the previous quarter.
stantial decline in
rises
because of
case
Denver
Louis
Fftoncisco and Indianapolis decreases of between 5% and
Portland because of a drop in wood prices and in San
Indianapolis because of declines in coal and gas prices.
reporting increases were Birmingham and Scranton, 2.7%
2.2%, in teach
Mountain Area—
was
occurred—iq
Francisco
for
decline
In five the
West So. Central Area—
also reported
were
Rent decreases
insignificant, 0.1 of 1%
less, and only Portland, Me., showed a drop of as much as 0.6 of 1%.
The average decline of 2.2% in fuel and light costs reflected seasonal
reported
East So. Central Area—
—1.5
West So. Central Area—
Houston
+ 1.8
+ 5.8
—0.6
+ 0.9
—1.0
+ 2.0
—0.4
New Orleans
+ 1.7
+4.8
+0.1
+0.2
—1.5
+0.4
+0.2
Mountain Area—
Denver
+2.3
+ 7.2
—0.2
+2.7
—4.6
—0.2
c
Los Angeles
+ 0.6
+ 2.8
—0.3
+ 1.0
—0.2
b
—0.6
Portland, Ore
+ 1.5
+ 5.6
—0.5
+ 2.2
—5.8
—0.5
+0.2
San Francisco...
+ 0.6
+3.3
+ 4.2
—0.3
+ 0.4
—5.8
+ 0.1
—0.6
—0.3
+ 1.3
—2.2
+ 0.1
c
Paolflc Area—
Seattle
a
Covere 51 cities,
+ 1.1
b Increase less than 0.05%.
c
Decrease less than 0.05%.
feet
and
214,054,000
feet.
>
Monthly Statement of Sugar Statistics of AAA for
January-August Period—Deliveries During Eight
Months Totaled 4,406,646 Short Tons Compared
with 4,467,104 Short Tons Year Ago
-I
The monthly sugar statistical statement covering t£e first
eight months of 1936, consolidating reports obtained from
cane refiners, beet sugar processors, importers, and
others, '
was issued by the Sugar Section of the Agricultural Adjust
■I
Financial
2130
The
1936
deliveries
period
of sugar,
in
form
Thompson was adamant in refusing to re-consider
high allowable figure for Texas until E. H. Moore, a
leading operator in the Fitts field, announced that he had
filed a petition with the Oklahoma .Corporation Commission
asking that the Oklahoma allowable be lifted from the cur¬
barrels—which conforms with the
609,000 barrels.
Faced with this, Mr.
Thompson agreed to move toward lowering the Texas figure.
Mr. Moore had asked the Corporation Commission to set
Oct. 16 as a hearing date to consider the higher rate for
Oklahoma, so if Texas lowers their allowable*at the Oct. 14
meeting of the Commission, the matter presumably will be
allowed to drop.
Once the controversy over the October allowables was
over, the representatives were free to turn their attention
toward the question of extending the life of the compact
and of inducing non-member#oil producing States to align
themselves with the group for voluntary industry-control of
mills, 67,821 short tons (table 4).
sugar
Stocks of sugar on hand Aug.
finers,
These deliveries, converted
value, total 4,406,646 short tons, as shown above.
to raw
31 were
as
follows: raw sugar held by re¬
held by refiners, 485,658 short
and direct
(in terms of refined sugar) 161,242
stocks, converted to raw value, equal 1,363,055 short
tons; refined
458,514 short
sugar
tons; refined sugar held by beet factories, 204,123 short tons;
consumption sugar held by importers
These
short tons.
tons
Such stocks do imt
compared with 1,475,270 short tons last year.
as
include
raws
for processing
held by importers.
the calendar year, were
Act and Public
The data, which cover the first eight months of
obtained
administration
the
in
Jones-Costigan
the
of
Resolution No.
of
to
Agriculture
determine
The October
establish
and
requirements
consumption
1—RAW
AND
SUGAR:
DELIVERIES
AUGUST,
1936
REFINERS'
DIRECT
FOR
MELTINGS,
RECEIPTS,
STOCKS,
Commission;
JANUARY-
FOR
CONSUMPTION
a
on
Jan.
1,
1936
Cuba..
wells to
Receipts
Meltings
Lost by
for Direct
Consumption
Virgin Islands
Other countries
19,583
33,889
39,773
36
1,470
1,504
.w*.
Philippines
Continental, b
Aug.
2,339
ings, &c)
33
766
-
-
'
•»
-
mmmmm
--
-
-
-
-
~
13,699
m.
2
—
A
33
8,144
458,514
a Compiled in the AAA Sugar Section, from reports submitted on Form SS-15A
by 17 companies representing 22 refineries... The companies are:
American Sugar Refining Co., Arbuckle Brothers, J. Aron & Co., Inc., California
Molasses Co., National Sugar Refining Co. of N. J., Ohio Sugar
Co., Pennsylvania
Sugar Co., Revere Sugar Refinery, Savannah Sugar Refining Corp., Sterling Sugars,
Inc., Sucrest Corp., and Western Sugar Refinery.
Producers Central Committee has fixed the October allowable
544,000 barrels, the same as in the two previous-months.
Standard, Union and Texas were the only operators which
refined sugar.
held
II—STOCKS, PRODUCTION, AND DISTRIBUTION OF CANE AND
BY UNITED STATES REFINERS AND PROCESSORS,
JANUARY-AUGUST, 1936
figure, production since its discovery totaling 1,003,297,765
barrels on Sept. 19, figures disclosed by the Railroad Commis¬
sion on Sept. 27 reported.
The number of producing wells
in the field in mid-September was 21,405, more than double
the estimate made two years ago by petroleum engineers of
the recoverable oil in that area.
Current production, under
proration rulings, is approximately 435,185 barrels daily.
The validity of the Oklahoma City ordinances governing
oil-well spacing, which limit one well to a block, was upheld
by Judge Ben Arnold in the Oklahoma County District Court
Judge Arnold denied an appeal of the British-American Oil
Producing Co. from a Board of Adjustment ruling refusing
a permit to drill a second well on the East Piersol lease.
**
Initial stocks of refined, Jan.
1, 1936
Production
__
Deliveries
__
Final stocks of refined Aug. 31, 1936.
Compiled by the AAA,
beet sugar factories.
a
Refiners and
Factories Beet
Factories
859,783
110.122
1,109,963
3,221,182
b765,782
250,180
3,111,060
a2,875,582
485,658
3,641,364
689,781
204.123
Sugar Section, from reports submitted by refiners and
•
,
Deliveries include sugar delivered
.
against sales for export.
The Department
of Commerce reports that expoits of refined sugar amounted to 37,327 tons during
January-August, 1936, based on preliminary figures for the month of August.
b Larger than actual deliveries by a small amount representing losses in transit,
through reprocessing, &c.
TABLE
III—STOCKS, RECEIPTS, AND DELIVERIES OF DIRECT-CON¬
SUGAR FROM SPECIFIED AREAS, JANUARY-AUGUST,
SUMPTION
1936
Total number of oil wells drilled in the United States to
(In Terms of Short Tons of Refined Sugar)
Stocks
Source of Supply
Cuba
Deliveries
on
Jan. 1,1936
Receipts
330,084
105,905
84,060
43,261
975
1,473
101
101
4,838
6,043
China and Hongkong.
a2~239
..
The total includes oil and gas wells and =
dry holes.
The rising in drilling activity is well scattered
throughout the major oil-producing States.
Daily average crude oil production continued above the
3,000,000-barrel mark in the week ended Sept. 26, according
Journal" disclose."
9,630
509
-
23*753
46,074
*
Other foreign areas:
date this year of 17,841 compares with a total of 16,250 in the
like 1935 period, statistics compiled by the "Oil and Gas
on
Aug. 31, '36
1,908
6,817
Philippines
al26,814
14,546
11
to
a1,034
506,589
134,221
Compiled in the AAA
Forms
SS-15B
and
Sugar Section,
SS-3
from
reports
479,568
161,242
American
Petroleum
Institute.
Output,
despite
a
barrels, against, the Bureau of Mines' September estimate of
2,864,000 barrels and actual production in the same week
last year of 2,763,000 barrels. All of the five major producing States were far above their
and information submitted
by Importers and distributors of direct consumption
''
sugar.
-
Includes sugar In bond and in customs custody .and control.
TABLE
the
reduction of 6,950 barrels from the previous, total 3,030,050
Total
a
.
334,150
14,546
Hawaii
Puerto Rico
on
Stocks
Usage
al22,748
....
England
or.
agreements to hold production down to the
levels, it was reported.
The new California
quota is above the Bureau of Mines figure for that State.
The East Texas field has passed the 1,000,000.000-barrel
(In Terms of Short Tons Refined Sugar as Produced)
Domestic
their
to
established
BEET SUGAR,
Beet
The Commission's orders gave
small percentage
at
their own sugar mills
TABLE
Refiners
a
Despite the fact that several large operators violated the
September production rules, the1 California Petroleum
Sugar Refining Corp., Ltd., Colonial Sugar Co., Godchaux Sugars,
Inc., William Henderson, Imperial Sugar Co., W. J. McCahan Sugar Refining &
and not chargeable to Continental quota until marketed as
1,125,674
of new
was
servation officer of the Commission.
Hawaiian
b Includes sugars received at refineries in Louisiana from
Sept. 1
on
lifted by the completion
was
increase in the Wilcox zone in Oklahoma
City.
The pool allowable, however, remains unchanged at;
117,084 barrels daily.
Under the October quota, wildcat
pools are increased a total of 1,150 barrels daily, and unprorated areas cut by 4,250 barrels daily,
The total for
other classifications remaining the same as last month.
The
allowable change was in accordance with recommendations
of Oklahoma oil operators and W. J. Armstrong, chief con¬
a
99,170
123.724
1.520
'
--
611
-
255,933 3,518,170 3,307.412
&
daily allowable
tion of the Bureau of Mines.
169,790
50.609
--
47
Miscellaneous (sweep¬
V
The
daily total of 1,173,613 on Sept. 28.
Corporation Commission set the allowable
for that State at 559,900 barrels -during October, off 3,100
barrels from September, in keeping with the recommenda¬
Fire, &c. 31,1936
4,381
91,039 1,272,497 1,189,365
713,404
28,900
689,356
45,873
626,314
572,970
674,553
795,882
3,194
138,761
73,584
67,308
1,130
1,130
Hawaii.
on
allowable for Texas was set at
The Oklahoma
Stocks
Deliveries
Stocks
Puerto Rico
average
barrels but the allowable
(In Short Tons, Raw Sugar Value)
Source of Supply
daily
1,179,948 barrels, 73,048 barrels above the Bureau of Mines'
estimate, in orders issued Sept. 29 by the Texas Railroad
quotas for various sugar producing areas.
TABLE
559,000
jroduction.
require the Secretary
109, approved June 19, 1936, which
of
Bureau's figure—to
(table 2); by importers, 479,568 short tons (table 3); and by continental
cane
total
rent
(deliveries
765,782 short tons
shown in table 2, less exports): by beet sugar factories,
1936
the
for the eight
for consumption,
follows: by refiners, 2,838,255 short tons
were as
Oct, 3,
Mr.
on Sept. 26.
Totai deliveries of sugar
during the first eight months of 1936 amounted to 4,406,646
short tons raw value, as compared with 4,467,104 short tons,
raw
value, during the same period last year, the Sugar
Section said, adding:
ment Administration
months
I
Chronicle
IV—DELIVERIES
OF
DIRECT-CCNSUMPTION
LOUISIANA
SUGAR
Deliveries of direct-consumption sugar
tons in terms of refined sugar,
SUGAR
recommended
FROM
MILLS
forecast
by Louisiana mills amounted to
totals
in
set
the
^uring the period January-August, 1936.
recommended level.
Petroleum
and
Its
Products—Interstate!
Oil
homa
Allowable
Daily
Average
Again
Barrels
First
Brings
Crude
Cut
in
Output
Texas
Above
were
of
Mine's
market
no
*
r
.
crude oil price changes:
Prices of Typical Crudes per Barrel at Wells
.
*
(All gravities where A. P. I. degrees are not shown)
Figure—
Bradford, Pa__
3,000,00(
Lima (Ohio Oil
problem on the hands of the Interstate Oil Compkci
representatives meeting in Oklahoma City on October 2 was
to settle the controversy aroused by the action of the Texas
Railroad Commission in setting the October allowable for
the Lone Star State substantially above the estimate of the
Bureau of Mines.
The matter was settled amicably without
officially coming before the Interstate Compact CommissionWhile contending that the Bureau of Mines had been un¬
fair in allowing increases to New Mexico and Louisana while
paring Texas' share of the oil market for October by 17,000
barrels, F. O. Thompson, chairman of the Commission,
announced that he had wired to Austin setting October 14*
as a meeting date at which the Railroad Commission would
act to revise the October figure in conformance with the
level set by the Bureau of Mines.
There
Compact
Group Meets—Texas Lowers October Quota After
Exceeding U. S. Estimate—Threat to Raise Okla¬
Bureau
for
September.
Texas was 32,300 barrels above,
Oklahoma, 17,550 barrels, California, 34,100 barrels, Kan¬
sas, 10,900 barrels and Louisiana, 52,450 barrels above the
67,821
$2.45
.
1.15
1.42
Co.)
Corning, Pa
Eldorado, Ark., 40
Rusk, Texas, 40 and
$1.10
1.15
over
Darst Creek
__
.97
Central Field, Mich
I.32
1.23
Mid-Cont't, Okla., 40 and above.- 1.18
Winkler, Texas..
.85
Sunburst, Mont
Huntington, Calif., 30 and over
Kettlemen Hills, 39 and over
1.15
1.22
1.43
Smackover. Ark., 24 and over...
Petrolia. Canada
2.10
Illinois.
...
Western Kentucky
REFINED
1.23
....
.75-.80
PRODUCTS—BUNKER
STANDARD
OF
PENNSYLVANIA
INDIANA
NEUTRAL
FUEL
LIFTS
OILS
OIL
PRICES
HEATING
LIFTED—
OIL
PRICES-
HIGHER—STANDARD
OF
LOUISIANA CUTS GASOLINE PRICES—MOTOR FUEL STOCKS*
DECLINE—REFINERY
FUEL OIL STOCKS
OPERATIONS
CONTINUE
HIGH-
DIP
Fall
eum
readjustments in the price structure of refined petrol¬
products held the center of the stage in the refined
branch of the oil industry this week.
Fuel oil prices were
advanced while gasoline prices weakened ip some areas, both
moves
in keeping with the normal seasonal trend at this time
of the year.
Volume
Financial
143
Standard Oil Co. of New Jersey posted an increase of five
a barrel for bunker fuel oil, effective Oct. 1.
The new
cents
price at New'York, Boston, Baltimore and,Norfolk will be
$1.15 a barrel, at Charleston, $1.10, and at Baton Rouge
and New Orleans, 95 cents.
Other companies followed.
Standard of Indiana raised tank wagon prices of all grades
of fuel and furnace oils 34-cent a gallon in the metropolitan
Chicago area, effective Oct. 5.
Indiana points in the
Chicago area will be 1-10 above the process ruling in the
2131
Chronicle
indicate that the industry as a whole ran to stills, on a
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines
as
the
price.
The company's announcement stated that New
Orleans, Bristol and Knoxville are not affected by the changes.
Motor fu$I stocks, including finished and unfinished gaso¬
line, were pared 814,000 barrels during the week ended
Sept. 26, the 56,472,000-barrel total being the lowest in six
months, statistics released by the American Petroleum In¬
stitute revealed.
Current motor fuel holdings, on the basis
of current estimated demand set by the Bureau of Mines,
are
equivalent to 39^ days' supply, against 40% days'
supply, on the then ruling basis, last year.
;
First reduction in stocks of gas and fuel oils this year
reduced inventories 614,000 barrels in tfre period covered in
the report.
The approach of cold weather with the accom¬
panying rise in consumption in fuel and heating oils was
responsible for the decline which lowered stocks to 112,504,000 barrels.
With refiners still building up their stocks of gas and
fuel
oils, refinery operations continued to hold at an abnormally
high level for this time of the year.
Refineries operated at
78.4% of capacity, with daily average run of crude to stills
dipping 20,000 barrels to 2,990,000 barrels.
Output of
cracked gasoline rose 25,000 barrels to a daily average of
112,504,000 barrels of gas and fuel oil.
Cracked gasoline production
whole,
on a
Bureau of Mines basis, produced an average of 690,000 barrels
daily during the week.
DAILY
AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
B. of
28—Standard
service station prices of
Tennessee.
New
Louisiana
of
lowered
and
Bristol
the increase.
at New
ton
car,
tank
Knoxville
were
not
The
new
price at Charles¬
$1.10 and at Baton Rouge and New Orleans 95c. a barrel.
were
cylinder stocks cut
1935
492,150
147,550
62,200
60,250
27,250
167,100
60,750
61,400
61,100
26,900
172,300
252,250
435,200
84,250
250,400
60,800
434,850
85,950
253,550
55,550
59,000
25, 00
155,050
47,200
444,800
60,600
194,000
1,156,300
1,147,400
1,156,850
1,041,800
80,850
157,800
81,450
154,400
81,600
154,750
27,800
121,350
186,200
238,650
235,850
236,350
149,150
30,500
28,050
114,450
29,350
40,650
18,300
4,850
79,700
28,100
30,250
114,050
30,250
41,600
104,750
4,500
71,600
28,000
112,600
29,800
43,600
15,900
4,900
79,55
2,328,800
2,460,750
(535.200
569,300
2,864,000
3,030,050
Panhandle Texas
60,150
27,300
171,850
64,100
435,900
82,850
North Texas
West Central Texas
West Texas
East Central Texas
...
East Texas
Southwest Texas
Coastal Texas
Total Texas
1,123,900
—__
North Louisiana
■
Coastal Louisiana.„
,,
Total Louisiana—
Arkansas
Fastfirn
107,100
.....
31,300
Michigan
Wyoming
37.200
*
13,500
.....
Colorado.
New Mexico
Total East of California.
California.......
..
Total United States
78,900
52,500
37,750
13,050
4,900
56,250
2,454,300
2,446,550
2,130,100
582,700
577,550
633,100
3,037,000
3,024,100
2,763,200
17,850
4,950
,
Note—The figures indicated above do not include any estimate of any oU which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCK OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL WEEK ENDED SEPT. 26,1936
(Figures in thousands of barrels of 42 gallons each)
Stocks of
Crude Runs
Daily Refining
Capacity
Finished and
Unfinished Gasoline
to Stills
Stocks
UnfWd
tial
Rate
P.
Total
P.
Oper¬
At Re¬
age
Reporting
ated
fineries
C.
612
Appalachian.
Ind., Ill.,Ky.
Okla., Kan.,
154
146
94.8
107
OU
Distil.
&c.
Oct. 5.
612 100.0
534
87.3
444
96.1
419
94.4
453
281
73.2
9,634
913
825
965
285
638
4,668
2,904
693
6,444
442
3,550
1,700
8,488
2,285.
73.3
462
5,210
384
84.8
330
160
48.5
119
74.4
Texas Gulf..
732
710
9
0
618
87.0
2,958
1,031
4,310
2,069
Inland Texas
La.
169
,915
381
MO
gallon, with bright
a
Fuel
Terms., Nap'tha
Gulf
95
%c. a gallon.
1,990
163
96.4
131
80.4
No. La.-Ark.
80
72
90.0
44
61.1
146
97
60
61.9
46
76.7
85 2
789
92.6
475
60.2
8,110
2~134
89.8
2,774
78.4
20S
677
California
12,436
170
314
Rocky Mtn.
lifted He.
and
C.
Daily
Aver¬
Poten¬
Gas
in
Finished
East Coast.
of New Jersey lifted bunker fuel oil 5c. a barrel to $1.15
1—Pennsylvania neutral oils
1936
573,800
163.850
61,900
Kansas
1936
590,450
165,250
by
affected
of fuel oil He. a gallon in the Metropolitan Chicago area, effective
Oct.
1936
563,000
160,000
and
wagon
1—Standard of Indiana advanced tank wagon prices of all grades
stock and steam
Ended
Sept. 28,
580,550
170,900
(Sept.)
Oklahoma
Montana
Week
Ended
Sept. 26,
Sept. 19,
Sept. 26,
of
tank
York, Boston, Baltimore and Norfolk.
was
Oct.
4 Weeks
District
■"'■v-
% Oct. 1—Standard
Average
Week Ended
culations
gasoline He. a. gallon in Louisiana, Arkansas and
Orleans,
Actual Production
M.
Dept. of
int. Cal¬
set in the week ended
Sept.
by companies owning 95.9% of the potential
charging capacity of all cracking units indicates that the industry as a
690,000 barrels, only 10,000 barrels under the record high
Sept. 12.
Representative price changes follow:
56,472,000 barrels of finished and
of the end of the week,
unfinished gasoline and
*
metropolitan area.
Pennsylvania neutral oils, used in blending light lubricating
stocks, were raised %-cent a gallon during the week.
Re¬
ductions of J4-cent a gallon were posted by principal factors
for brightstocks, used in blending heavy lubricants, while
steam cylinder stocks were also cut %-cent a gallon.
Tank car, tank wagon and service station gasoline prices
through Louisiana, Arkansas and Tennessee were reduced
3^-cent a^allon by Standard Oil Co. of Louisiana, Standard
of Jersey subsidiary, on Sept. 28.
The service station
change is effective only at units where the company posts
Bureau of Mines
basis, 2,990,000 barrels of crude oil daily during the week, and that all
R1
RS
.
367
90
802
1,120
73,484
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New
Colonial Beacon. .$.07 %
07 X
York—
Standard Oil N. J..$.07
.07
Gulf
07
Tide Water Oil Co..
.07%
Shell East
07
Richfield OH (Calif.)
Chicago
Texas.
Socony-Vacuum
.07 H
.07 H
Warner-Quinlan Co.
New
Los
Gulf
-.05%
Reported---
3,540
Estd. unrepd.
401
216
28,850
2,061
18,577
.06%-.06%
.05)4
639
5,967 110,194
378
2,310
.05%
-.06%
xEst.tot.U.S
3,941
3,941
2,990
3,010
30,911
31,311
19,216
19,505
6,345 112,504
6,470 113,118
z27,166 Z18.458
z5,710 zl 10141
$.05
Orleans.
Ang.,
ex_
ports...
Tulsa
...
.06
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
(Bayonne)
$.04%
U.S.B. of M.
$.03%
-.03%
(North Texas.$.03%-.03% (New Orleans.
Los Angeles.. .03%-.05
ITulsa....... .03
|
.
Bureau of Mines basis currently estimated, r
Y. (Bayonne)
i
$1.15
D...
New Orleans C
California 24 plus D
$1.00-1.25
.95
$
Phila., Bunker C-—
1.05
Soft
Coal
1.651
Output
Up
Gas Oil, F.O.B. Refinery or Terminal
N. Y.
(Bayonne)
27 plus.
| Chicago,
_$.04-.04%
I
|
M.G.I.—$.02%-.02% |
TulsaM. G. I.$.02%-.02%
.
Gasoline, Service Station, Tar Included
zNew York
$.167
$.195
.195
Cincinnati
^Brooklyn
.167
Cleveland
Newark.
.17
Denver...
.21
Boston
.17
Detroit
.19
Buffalo
175
Chicago
.175
$ .201
Minneapolis
New Orleans
.23
Philadelphia......
Pittsburgh
.175
.195
.18
Jacksonville
.20
San
Houston
.18
St. Louis..
1 jl.08
z
Francisco
...
.194
.175
Angeles
Not Including 2% duty city sales tax.
Daily Average Crude Oil Production Declines in Week
Ended Sept. 26
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended Sept. 26
1936, was 3,030,050 barrels.
This was a decline of 6,950
barrels from the output of the previous week.
The current
week's figure remained above the 2,864,000 barrels calculated
by the United States Department of the Interior to be the
total of the restrictions imposed by the various oil-producing
States during September. Daily average production for the
four weeks ended Sept. 26, 1936, is estimated at 3,024,100
barrels.
The daily average output for the week ended
Sept. 28, 1935, totaled 2,763,200 barrels. Further details,
as
reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Sept. 26 totaled 1,024,000
a
barrels,
daily average of 146,286 barrels, compared with a' daily average of 98,286
barrels for the week ended Sept.
weeks ended
19 and 156,000 barrels daily for the four
Sept. 26.
Receipts of California'oil at Atlantic and Gulf Coast ports for the week
ended Sept. 26 totaled 208,000 barrels, daily average of 29,714
pared with
a
daily
average
barrels, com¬
of 16,714 barrels for the week ended Sept. 19,
and 25,143 barrels daily for the four
weeks ended Sept. 26.
Reports received from refining companies owning 89.8% of the 3,941,000
barrel
estimated
As of Sept. 30,1935a
Fuel Oil, F.O.B. Refinery or Terminal
Bunker C
Diesel 28-30
2,778
Sept., 1935
x
—:
3,941
3,941
Sept. 26'36
Sept. 19'36
daily potential refining capacity of the United States,
The United
698,000 Tons
Sept. 19
in
Week
States Bureau of Mines, in its
Ended
weekly coal
report, stated that the total production of soft coal during
the week ended Sept. 19 is estimated at 8,513,000 net tons.
This is
an increase of 698,000 tons over the output in the
holiday week preceding, and carries forward the gradual
upturn in trend which has been apparent since the first of
July.
Production in the week of 1935 corresponding with
that of Sept. 19 is estimated at 7,726,000 tons.
Anthracite production in Pennsylvahia during the week
ended Sept. 19 is estimated at 838,000 net tons.
This
is in comparison with 1,000,000 tons in the corresponding
week of 1935.
During the calendar year to Sept. 19, 1936, a total of
288,142,000 tons of bituminous coal and 36,184,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 259,169,000 tons of soft coal and 36,951,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
statement follows:
„
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE
(IN NET TONS)
Calendar Year to Date
Week Ended—
Sept. 19,
Sept. 21,
1936 c
Bitum. coal:
Sept.12,
1936 d
1935
1936
1935
e
1929
a
Tot. for per'd
8,513,000 7,815,000 7,726,000 288,142,000 259,169.060 373,655.000
1,301,000
1,170,000
1,678,000
1,663,000 1,288,000
Daily aver^. 1,419,000
Pa. anthra.: b
Tot. for per'd
Dally aver..
Beehive coke:
for per'd
Dally aver..
Tot
838,000
139,700
39,500
6,583
143,600
166,700
36,184,000
164,100
36,951,000
167,600
50.141,000
227,400
34.700
5,783
13,700
2,283
1,015,000
4,572
612,700
2,723
4,986,700
718.000 1,000,000
-
22,163
and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local saies, colliery fuel, and coal shipped
by truck from authorized operations,
c Subject to revision,
d Revised,
e Ad¬
justed to make comparable the number of working days In the three years.
a
Includes lignite, coal made into coke, local sales,
Financial
2132
WEEKLY' PRODUCTION
/.ESTIMATED
OF
STATES
BY
COAL,
(IN THOUSANDS OF NET TONS)
September will be above those of August.
(The current weekly estimates are based on railroad carloadlngs and river ship¬
ments and are subject td revision on receipt of monthly tonnage reports from
sources or
of final annual returns from the
Oct.
Producers generally believe that deliveries
,
'
district and State
Chronicle
50,000, according to
some
ment now in force for
Alaska
2
Alabama
2
2
3
209
...
215
199
155
Arkansas and Oklahoma
age,
1929
1934
1935
■
87
90
71
123
96
127
155
134
226
214
1
1
1
Illinois..
722
828
863
833
1,143
Indiana
279
289
311
343
45
65
90
108
110
139
108
140
of
117
168
Iowa
Kansas and Missouri
Kentucky—Eastern
751
11
6
632
965
155
287
52
27
74
68
Montana
65
65
66
25
27
28
25
North and South Dakota
19
38
-
:
56
New Mexico
41
^
Ohio.!.....
16
^
48
410
500
386
522
1,990
1,680
2,916
93
/ 105
90
77
111
Good
119
Texas
15
14
15
16
23
71
60
57
57
110
234
228
242
171
265
34
36
26
26
47
1,828
1,865
1,460
2,230
a
498
525
430
774
857
166
165
Northern, b
Wyoming
/
100
Other Western States.c
r
d
,7.815
d
8,214
....
111
120
102
y.
d
Total bituminous coal
d
7,008
8,388
6,200 tons, which
feature, and the industry reports
The price abroad has been strong,
decline in sterling.
reported at
States during September were
in
with 5,385 tons in August and 7,120 tons
compares
'
'
July.
44.550c.;
25th, 44.675c.; 26th 44.050c.; 28th, 44.625c.; 29th, 44.775c.; 30th, 45.375c.
Chinese
s4
tin, 99%, was quoted nominally as follows: Sept. 24th,
12,528
718
728
794
953
8,942
9,182
7,961
12,496
714
for
Output
Ingot
Grand total
was a
of capacity.
the United
in
Substantial
reported in the tin market last week.
was
'
11.814
11,062
1,434
.......
245
s6
8,533
Pennsylvania anthracite.
Tin deliveries
1,474
512
West Virginia—Southern,
.•>
■
■
but the advance in London was offset in part by the
58
1,803
Washington
business
:->v.'
••
.
that is operating at 95%
103
Virginia
Galvanizing operations continue at
Tin
buying by tin-plate manufacturers
26
Utah..
September were probably
of Prime Western zinc during
*
3,585
Belgian
currency.
negotiations. Do¬
the status of the Cartel
on
good rate.
861
2,165
_*
news
the devaluation of French
over
nervousness
definite
higher than in the preceding month,
a
explained that this
chiefly from the settlement of a strike at the
some
no
sales
Some operators were a
the decline in London, but it was
over
deliveries
mestic
s27
398
Tennessee
was
quiet last week,
was
The business was placed on the basis
56
847
1,982
Pennsylvania bituminous
There
40
16
13
disturbed
market
domestic
the
The undertone was firm.
Louis.
St.
plants and
248
32
'
.
in
zinc
weakness resulted
713
165
29
little
1,587
783
149
30
4.85c.,
8
'
/ 37
/ 16
772
129
Western
Maryland
Michigan
s
for
amounting to less than 2,000 tons.
550
49
/ 275
/
61
d
"
Zinc
Demand
406
64
Georgia and North Carolina
A strike at
arrange¬
Lead in London
active demand and small
the San Luis Potosi smelter in Mexico will curtail
s
338
109
Colorado
exchanging statistical information.
production at the rate of about 1,000 tons per month.
1923
VB
/'
reach about
may
£18 during the last week on a fairly
offerings.
Aver¬
5 Sept. 14 Sept. 15 Sept. 14
1936 p
Shipments
Production is expected to increase.
authorities.
sold above
{Sept.
State
1936 p
of lead to consumers during
Foreign lead producers met in London recently to discuss the
operators.)
We el Endei I—
Sept. 12 Sept.
1936
3,
Highest
75%,
Country Rises to
Spring of 1930
Since
Includes operations on the N. & W., C. & O., Virginian, K. & M., B. C. &
G.,
and on the B. AO. In Kanawha, Mason, and Clay counties,
b Rest of State,
Including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
a
The "Iron Age" in its issue of Oct. 1 said that steel
companies booked from 25 to 50% more tonnage in Sep¬
tember than in August, establishing the past month as
possibly the best of the year.
Production schedules have
been stepped up in nearly all districts, the average for the
country being estimated at 75%, highest since the spring
of 1930.
Sharp gains in output have occurred in the
Cleveland-Lorain district and at Pittsburgh and Youngstown.
The "Age" further stated:
cludes Arizona, California, Idaho, Nevada, and Oregon.** d Less
p
Preliminary,
Alaska, Georgia,
s
than 1,000 tons.,
and Souths Dakota Included
North Carolina,
with "Other Western States."
July
Revenues of
Utilities
Manufactured
4.4% Above
The American Gas Association
manufactured
and
natural
a
and
Natural
reported that
revenues
utilities amounted
gas
Gas
Year Ago
to
of
$51,-
593,000 in July, 1936, as compared with $49,407,800 for the^
corresponding month of 1935, an increase of 4.4%.
Rev¬
enues
from industrial and commercial users
222,600
rose
from
$15,-
year
1.9%.
of
The
the
Association
manufactured!
month,
from
14.4%.
further
industry
gas
increase
an
Revenues
year.
ago
The
of
1.3%
industrial
gas
gained
the
the
over
and
month
same
The
natural
month,
natural
or
gas
domestic
for
utilities
gas
8.6%
more
from
commercial
domestic
sales
reported
than
for
uses
of
revenues
July,
were
1935.
$28,688,900
of
also
light
on
been
in
the
of
In addition
preceding
from
Revenues
for
Some of the buying of these products has
of
from
countries.
European
America—but also in increasing
American
Sheets are being sold in somo foreign
ruling early in the year.
With
,
Active
customers
"
Katanga's refinery on Sept. 25. The move to devalue the franc to about
4.66c. is expected to put a stop to extensive purchases of
copper as a hedge.
Sales in the domestic market in the last week totaled 7,289
tons, indi¬
cating that consumers still have, great confidence in the
price structure.
All of the business was placed on the basis of
95£c.,
a
week, should climb much higher.
a
Valley.
September.
Some
observers
are
concerned
about
the
are
Consumption
expected for
increase
in
mine
output in this country, but it is known that scrap intake for
September
5,000 tons. Mine output in September is expected to increase
will total only
as
has been the
Foreign demand
copper,
was
not so active
reduced to refinery
Quotation.
Stockholders
voted
on
basis,
,
of Granby
Sept. 29. at
a
as
is
in the
now
a
preceding week.
shade
under
the
Export
largely with the automobile industry and the railroads.
they
the
to
delivery
inquiries
for
Eastern
situation.
and
cars
which, expire
Oct.
Illinois
Western roads
in
have pretty well covered on sheets owing
Railroads
locomotives,
31, is
is
expected
on
of a?ain
a
halt liquidation of
was on a
above
the
nails
and
other
Sales
amounted
to
represented in the week's transactions.
firm. Prices held at 4.60c., New
York, the contract
settling basis of the American Smelting & Refining Co., and at 4.45c., St.
Louis.
St. Joseph Lead reported sales at a
premium on its own brands
for
was
delivery in the East.
and several other
new
price is $40,
the advances
products estab¬
wire rods and plain wire and $3 a ton on
wire
The
products.
changed from Nos*. 4 and 5 to No. 5
are
go
merchant
base sizes
to 15-32
of wire
recently announced on certain other products, all of which
1, the "Iron Age" composite price for finished steel is
into effect Oct.
the low of this year
Steel scrap has
cents a
pound,
a
gain of $2 26 a ton over
and the highest average level since April, 1934,
been coming out more freely at recent high prices, and
prices have declined 50 cents a ton at Cleveland and Youngstown,
situation
easier
rods
in., inclusive, and the
With these changes on wire products and
Pittsburgh.
advanced in this issue to 2.197
an
of
prices,
requirements of 300 to 2,000 cars each.
lishes advances of $2 a ton on
in
evidence
in
other
markets.
However,
the
with
"Iron
Age" compsite price, based on Pittsburgh, Chicago and Philadelphia quo¬
tations,
is
unchanged
at
$16.75.
been advanced 50 cents
a
which
composite price,
advanced 25 cents
Lake
Superior
charcoal
pig iron
has
ton, but this grade does not enter into the "Iron
is
unchanged.
Beehive foundry coke
has
ton to $4.25.
a
Finished Steel
'
Based on steel bars, beams, tank plates
Sept. 29, 1936, 2.197c. a Lb.
One week ago
2.159c.
wire, rails, black pipe, sheets and ho
rolled strips.
One month ago
2.159c.
These products represen
..
2.130o.
reduced scale, though the
average.
about 5,900 tons, against 10,400 tons in the previous week and
18,500 tons
two weeks ago.
Most of the important consuming outlets for lead were
The undertone
cars,
issuance
The Chicago &
increase shortly.
500 freight
to
present
THE "IRON AGE" COMPOSITE PRICES
Lead
was
closer
buying "•at
rail
Belated announcement of fourth quarter prices on wire
.
One year ago..
disposed
coming
are
and
to
market for
the
working
are
Smelting & Power Co.
special meeting, to bring to
Buying of lead during the last week
Motor car manu¬
reach the peak of their buying of some products
by mid-October, though
domestic
the company and to resume operations at its
Allenby properties in Canada.
tonnage
weeks
obtain within reason¬
facturers are expected to
-
Consolidated Mining,
»
•
in recent years.
case
Age"
from 8,000 to 11,000 tons.
possibly
complicated
Prospects for further gains in steel business for the new quarter rest
,
of copper here continues to expand, and large
shipments
excepting
further
widespread realization among users of the sold-up condition of
more
able time
according to producers, for those who purchased the metal
undoubtedly afford to act slowly. Demand for lead
here has moderated. Zinc was
quiet. Tin business increased
in volume and the price advanced.
Antimony and quick¬
silver were higher.
Platinum was reduced $6 per ounce, to
$64, on .increased offerings by outsiders. The publication
further reported:
■
be
would
situation
the mills and the fact that steel will not be so easy to
can
Copper
other charges.
sources,
continued difficulties in satisfying
A factor that has strongly influenced steel buying in the past few
is
copper,
Though the industry is almost unanimous in regarding the
copper situ¬
ation as very firm, talk of a
higher price has been thrown into the back¬
ground by the developments abroad. The scarcity in spot
copper on the
other side has been relieved because of the settlement of
the strike at
The
deliveries.
on
all
nearly
by freight car shortages, which are likely if carloadings, now approaching
800,000
Belgium
brought about a moderately lower market for copper in
Europe. Undoing of hedges abroad against currency de¬
on
business from
increasing
the construction field, steel mills expect
"Metal and Mineral Markets" in its issue of Oct. 1 stated
that devaluation of the franc, announced on
Sept. 26, and
settlement of a strike at the refinery of
Katanga in
valuation is not expected to exert much
pressure
bars,
for
shapes and plates have been increased and are now $4 a ton above quo¬
tations
Freer Offerings—Tin
and Higher—Platinum Lower
prices
export
.<
from sales
on
.
German mills to make deliveries short of three'
and
export trade—South America and Central
amounts
1, but a good deal
Business has come not only from our usual sources of
months or more.
markets at full domestic prices, plus freight and
Copper Eases Abroad
Oct
active domestic business, mills are enjoying a spurt
which has been brought about largely because of the
inability of British
the
sales
the fourth
Hot-rolled bars have
been taken at the new quotations.
an
in export demand,
manufactured
$22,904,100
to
for January
Some mills are out
hot-rolled annealed sheets for
gauge
large demand.
of tonnage has also
for
2% less than for
Revenues
for industrial purposes increased 26.6%.
purposes, however, declined 2.5%.
and automobile companies have made reservations
market
quarter and are turning down proffered business.
corresponding period of 1935.
Revenues
the
of
been to escape the $2 a ton price advance in effect
of
revenues
On some grades deliveries now quoted extend into De¬
rolling, with price in effect at that time to govern.
reported:
reported
have placed sheet mills in virtually a sold-up condition for the
quarter.
cember,
to $18,059,000 in July, 1936, a gain of
18.6%.
Revenues from domestic uses, such as cooking,
water heating, refrigeration, &c., were $33,534,000 for July,
1936, as compared with $34,185,200 a year ago, a decline
a
leading
Large bookings of sheets, with the automobile industry again a
buyer,
fourth
1936
1935...
-
1932
'.
Low
2.084c.
Mar. 10
2.124c.
Jan.
Apr. 24
2.008c.
Jan.
2
2.015c.
Oct.
3
1.867c.
Apr.
18
1.977c.
Oct.
4
1.926c.
Feb.
2
....2.199c.
1934
1933
85% of the United States output.
High
2.197c.
Sept: 29
2.130c.
Oct.
1
'8
-...2.037c.
Jan.
13
1930
2.273c.
Jan.
7
2 018c.
Dec.
1929
2.317c.
Apr.
2
2.273c.,
Oct.
29
1928
2.286c.
Dec. 11
2.217c.
July
17
1927.
2.402c.
Jan.
2.212c.
Nov.
1931...
1.945c.
4
%
Dec. 29
9
1
Volume
Financial
143
i'
Pig Iron
Sept. 29, 1936,118.73 a Gross Ton
One week ago
One month ago
1936
i
Birmingham.
Low
High
$18.84
Jan.
$18.73
Aug. 11
1936
18.84
NOV.
17.83
May 14
1934.....
17.90
May
16 90
Jan.
16.90
Dee.
13.66
Jan.
3
Other developments
1 I
'
*
in iron and steel included the steadying of scrap
prices at their high levels and an increase of 3*-point in the steelworks
operating rate which put the national figure at 73 %, a new high for the
'year.
.,,
.
Poke production is unabated at its unusually high rate. Pig Iron ship¬
hold promise of showing a marked increase over third quarter
ments
deliveries.
27
1933
I
i
K
of baste Iron at Valley
foundry Irons at Chicago.
Philadelphia,
Buffalo,
Valley
and
18.73
17.84
.
/
rJ
..
on average
furnace and
$18.73
One year ago
.)•
Based
2133
Chronicle
*
of many integrated steel producers in the Pittsburgh district
The i nabili ty
to build up
their own stocks of semifinished material is still prevalent.
1932
14.81
Jan.
13 56
Dec.
1931.....
1930...
15.90
Jan.
14.79
Dec.
16
18.21
Jan.
15.90
Dec.
16
at $16.54.
1929
18.71
May 14
18.21
Deo.
17
the fact that the higher quotations have been bringing out larger
1928
18.59
Nov. 27
17.04
July
24
1927
19.71
Jan.
4
17.54
Nov.
6
1
After 12 consecutive weekly gains, "Steel's" scrap index held
of material.
..$16 75^
16 00
12.83
$16.75
specifications
was
1934
-
1932........
-
1931
—
-
-
-
1930
-
-
10.33
Apr. 23
considerable
Mar. 13
9.60
Sept. 25
Aug.
6.75
Jan.
6.43
July
Jan.
6
8.50
Deo. 29
Feb.
18
11.25
29
14.08
Dec.
8
Jan.
12
17.58
Jan,
16.50
Dec. 31
15.25
Jan.
1929.
1928...
1927
-
9
June
3
5
Dec.
3
July
2
Nov. 22
iqis
1935—
2.... .45.8%
9.... .49.7%
Sept. 16
.48.3%
.48.9%
.50 8%
Sept. 30
Oct.
7
.49.7%
Oct.
14
.50.4%
Oct. 21
.51.8%
Oct. 28
.61.9%
Nov.
5
.50.9%
Nov. 11.... .52.6%
Nov. 18
.53.7%
Nor. 25
.55.4%
Dec.
2
.56.4%
Dec.
9
.56.7%
Sept. 23
Dec.
on
1936—
..53.7% July
..62.0% July
6... -64.5% July
13... -67.9% July
20... -70.4% Aug.
27... -71.2% Aug.
4... -70.1% Aug.
11... -69.1% Aug.
18... -69 4% Aug.
25... .67.9% Sept.
1... -68.2% Sept.
8... -69.5% Sept.
15... -70.0% Sept.
Mar.
9...,.55.8% June 22... -70.2%
Mar. 16.....60.0%
Jpe 30... .74.0%
49.5% Mar.
Dec
30
46.7% Apr.
1935—
Apr.
Jan.
6
49.2% Apr.
Jan. 13
49.4% Apr.
Jan. 20
49.9% May
Jan. 27
49.4% May
Feb.
3
50.0% May
Feb. 10. ....52.0% May
Feb. 17.....51.7% June
Feb. 24
52.9% June
Mar.
2.....53.5% June
30...
6.
67.2%
13—69.0%
20
.70 9%
27._j—-71.5%
3
.71.4%
10—70.0%
17
72.2%
24
72.5%
31
71.5%
7
68.2%
14
72.5%
21
74.4%
28
.75.4%
enter the final quarter,
producers of
as
some
required for
a
State which recently was
V
\
The lack of large awards
forced structural shape lettings for the week
down 24.000 tons to 12,906.
One large project on which bids are scheduled
to
be opened this week is the Federal
building at Los Angeles, involving
Concrete awards increased about 3,000 tons to 11,353.
20,000 tons.
Operations in the Pittsburgh district were up 2 points to 74%; Chicago,
J* to 73; eastern Pennsylvania, % to 48J*; Wheeling, 3 to 95: Buffalo,
5 to 81; New
down 13*
England, 18 to 88 and Cincinnati, 8 to 84.
Cleveland was
points to 803* and the other districts were unchanged.
In the same week last year
was
tho,national operating r&te was 51% and in
only 25%.
4
"Steel's" composite of iron and steel prices is down 3 cents to $34.19.
The finished index is unchanged at $53.
+
Steel
ingot production for the week ended Sept. 28 is
placed at 74^% of capacity, according to the "Wall Street
Journal"
of Sept. 30.
This compares with 73^% in the
previous week and 71% two weeks ago.
The "Journal"
further
reported:
U. S. Steel is estimated at 70^%. against 70% in the week before and
68% two weeks ago.
Leading independents
are
credited with 77 h %. com¬
with the nearest corresponding
*4
<
the percentage of production
week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
U. S. Steel
Industry
Independents
light finished materials, expecially
1936
1932
28
a
view to allocating shipments.
difficulty in giving desired deliveries, and
One large producer needs 10 weeks on hot-rolled annealed
by
some
plants which will
j
making 1937 models.
1935
...
1934
1933
...
+1
70J*
X
+1)4
40
+
61
22
77H
''
+1
—2
37
—1
31
—1
+U*
+13*
26
Yi
+
+2
39
—3
17K
263*
56K
17^
H
—1
+2
1930
60
65
—1
1929
85
+3
893*
+4
81
1928
85J*
+1
85
65
+ 33»
+1
86
1927
Automobile assemblies declined 17,935 units to 15,680 last week,
but production this week should be bolstered
1'
likely
production of spring tools on the increase.
the steel industry prepares to
prepare estimates of their require¬
with
as
92-mile project from Pennsylvania to New York
approved.
1931
Sheet mills have been having
regarded
manufacturers look for an active fourth quarter, with
become easier.
ments for the remainder of the year,
are
Bookings for pipelines have fallen off, although approximately 12,000
tons will be
with automotive requirements expanding, the situation is not
expected to
consumers to
There Is
buying, but inquiries
ship contracts over the remainder of the year.
743*
51M
24 j*
37H
17J*
asking large
car
The following tables gives a comparison of
Sept. 28, stated:
on
freight
The recent appointment of three of five members of the
pared with 76% in the preceding week, and 733*% two weeks ago.
"Steel" of Cleveland in its summary of the iron and steel
Indicative of expanding requirements
to facilitate
1934 it
1936—
16. ....54.6% Mar. 23...
Dec. 23
additional
about
talk
Farm implement
Sept. 28 an¬
nounced that telegraph reports which it had received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 75.4% of capacity
for the week beginning Sept. 28, compared with 74.4%
one week ago, 71.5% one month ago, and
50.8% one year
ago.
This represents an increase of 1.0 point, or 1.3%
from the estimate for the week of Sept. 21. Weekly indicated
rates of steel operations since Sept. 2, 1935, follow:
start
Especially in
this true, requirements the last week or two having
■marine commission to administer the Ship Subsidy Act is
9
Dec.
3.08
\l08
11
Iron and Steel Institute
The American
material.
added to producers' books.
Thursday,
/
still to be issued.
15.00
1933
$12.67
10
12.25
-
are
was
effective
'Both railroad and shipbuilding work are comparatively quiet.
Sept. 22
13.42
-
sheets,
«
became
which
increases
Wire producers generally are expected to announce fourth-quarter prices
early this week.
Low
8.50
11.33
-
markets
price
been the heaviest In some time.
13.00
*
1935..
Sept.
Sept.
steel
—
High
1936
bar
and Chicago.
-—-
One year ago
of
(Oct. 1) considerable tonnage
(Based on No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia
Sept. 29,1936, $16.75, a Gross Ton
One week ago..
One month ago
quantities
.
Because
Steel Scrap
unchanged,
The temporary failure of these prices to increase is credited to
683*
+2
62
+'J*
Current Events and Discussions
The Week with the Federal Reserve Banks
Increase
(+)
'
The
daily
average
volume of Federal Reserve bank credit
outstanding during the week ended Sept. 30,
the Federal Reserve banks,
as
reported by
Sept. 23, 1936
Oct. 2, 1935
$
$
$
6,266,000,000
+27,000,000
+ 578,000.000
6,537,000,000 +132,000,000 +1,133,000,000.
Money in circulation.
Member bank reserve balances
was
$2,475,000,000,
a
decrease
of
$4,000,000 compared with the preceding week and'of
$5,000,000 compared with the corresponding week in 1935.
or Decrease £—)
Since
Sept. 30.1936
Treasury cash and deposits with Fed.
eral Reserve banks...
2,711,000,000
*
-
—76,000,000
—103,000,pOO
—22,000,000
.....
—61,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
496,000,000
After noting these facts, the Board of Governors of the Fed¬
eral Reserve
On
Sept. 30
System proceeds
total
Reserve
as
follows:
bank credit
unchanged from the preceding week.
Return
amounted
to
reserve balances and $27,000,000 in money in circulation were offset
by decreases of $76,000,000 in Treasury cash and deposits with Federal
Reserve banks and $22,000,000 in non-member deposits and other Federal
and
and
increases
$2,000,000 in Treasury
Sept. 30
were
Member
of $59,000,000
in monetary gold stock
Member bank
currency.
reserve
balances
on
estimated to be approximately $1,840,000,000 in excess of
Banks
New
in
York
City and
Chicago—Brokers' Loans
Increases of $132,000,000 in member
bank
Reserve accounts,
of
$2,473,000,000,
Below is the statement of the Board of Governors of the
Federal
banks
Reserve
and
current
System for the New York City member
also
for
the
Chicago member banks, for the
week, issued in advance of full statements of the
legal requirements.
member
Relatively small changes were reported in the System's holdings of bills
discounted, purchased bills, industrial advances and United States govern¬
coming Monday:
ment securities.
banks, which latter will not be available until the
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL RESERVE CITIES
The statement in full for the week ended Sept. 30, in com¬
parison with the preceding week and with the corresponding
(In Millions of Dollars)
New York
date last year, will be found on pages 2160 and 2161.
Changes in the amount of Reserve bank credit outstanding
and in related items
Sept. 30, 1936,
during the week and the
were as
year
ended
Assets****
Loans and
5
Loans to brokers and dealers:
(+)
or Decrease
Since
(—)
Sept. 30,1936
Sept. 23, 1936
Oct. 2, 1935
$
Bills discounted
Bills bought
S
$
9,000,000
3,000,000
j
+ 2,000,000
S/ Government securities...:... 2,430,000,000
Industrial
advances (not including
$23,000,000 commitm'ts—Sept. 30)
Other Reserve bank credit
Total Reserve bank
credit.......
Monetary gold stock
Treasury
currency.....
S
investments—total8,803
Oct. 2
1935
$
Chicago
Sept. 30 Sept. 23 Oct. 2
1936
1936
1935
S
S
$
■
8,786
7,822
932
924
821
1
1
1
76
73
58
46
37
27
2,101
2,096
1,777
follows:
Increase
XJ.
City
Sept. 30 Sept. 23
1936
1936
City
(except banks).
*■
715
710
728
142
142
155
Accepts, and com'l paper bought
116
118
136
14
15
—2,000,000*
+ 8,000,000
20
130
133
123
15
15
Loans to banks
—1,000,000
—2,000,000
82
64
44
5
5
5
Other loans...
1,372
1,326
1,213
379
371
239
3,784
3,843
3,268
13
1,122
467
463
366
92
92
1,129
1,132
1,065
U. S. Govt, direct
2,473,000,000
10,845,000,000
2,511,000,000
N
Loans on real estate
—1,000,000
—2,000,000
'
28,000,000
2,000,000
In New York
Outside New York City
Loans
on
securities to others
+3,000,000
+ 59,000,000 +1,431,000,000
+2,000,000
+112,000,000
obligations..
Obligations fully guaranteed by
United States Government
Other securities
296
16
.
947
Financial
2134
Chronicle
Oct, 3,
•
•'
i
Chlcago-
New York City-
Sept. 30 Sept. 23
1936
Assets—
Cash in
1936
$
Reserve with F. R. Bank
vaulti-...-..-..^.....
2,303
'
1936
1935
$
1936
1935
$
$
2,354
Oct. 2
Sept.30 Sept. 23
2
Oct
$
$
■
579
634
2,267
490
49
33
34
35
76
71
89
255
196
220
499
466
483
70
68
81
6,320
6,371
5,642
1,670
1,541
1,346
598
561
603
446
448
403
193
193
298
101
101
65
2,365
2,156
614
619
284
5
5
53
Liabilities—
Demand deposits—adjusted
Time deposits
United States Govt, deposits...
Inter-bank deposits:
present system of quotas and
2,431
Foreign banks4....ii_.u^.>.-
448.
/
-
Borrowlngs
able resources so as
of the basis of international
366
359
"279
"22
"~23
1,448
235
236
223
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
1.
The
British
Government
Government
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be
compiled.
following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business Sept. 23:
In the
The condition statement of weekly reporting member banks in 101 leading
increase for the week of $89,000,000 in demand
decreases
of $13,000,000 in time deposits and of $96,-
000,000 in deposit balances standing to the credit of domestic banks, and
increase of $22,000,000 in reserve balances with Federal Reserve banks.
Loans to brokers and dealers in New York City declined $20,000,000 at
and
2.
pursued in the
maintain
course of recent
the greatest
years,
international
disturbance
The Government of the
possible equilibrium in the system of
system
United
States shares
by
American monetary action.
of France and
Great Britain
the continuation of this two-fold policy
the conviction that
will serve the
with
the Governments
general purpose which all the Governments should pursue.
and "other loans"
Louis districts and
solid basis except after the reestablishment of a
on a
to propose to
ernment
as
far
the British
also
as
use
also the British Government, has
that it will establish more solid foundations
the stability of international
for
and
Governments, declares its
French
appropriate available resources so as to
ernments and their authorized
the
Governments
district and $6,000,000 in the S^n Francisco district, all reporting
member
trade.
Holdings of
taken
increase of $1,000,000 for
net
a
the
week.
obligations fully guaranteed by the United States Government increased
district.
Demand deposits-adjusted increased $54,000,000 in the New
In
with the other two Gov¬
of
France
and
Britain,
Great
that
the
success
above is linked with the development of international
particular it attaches the greatest importance to action
without
their abolition.
The Government of the United States, in common with the Govern¬
5.
Great Britain, desires and invites the cooperation of
the other nations to realize the policy laid
down in the present declaration.
trict, $14,000,000 in the Philadelphia district, $10,000,000 in the Richmond
It trusts that
district, and $89,000,000 at all reporting member banks.
exchange advantage and thereby hamper the effort to restore more
declined $13,000,000.
Deposit balances of other domestic banks declined
$41,000,000 in the New
member banks.
Time deposits
York district and
$96,000,000 at all reporting
Deposit balances of foreign banks increased $16,000,000.
Borrowings of reporting member banks declined $13,000,000 in the New
York district.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes fop the
week and the year ended Sept. 23, 1936, follows:
Increase
'
(+)
or
Decrease
Since
Loans and
..
Sept. 25, 1935
$
'
• y
—4,000,000 +2,154,000,000
•:
'
Loans to brokers and dealers:
In New York
968,000,000
207,000,000
Loans
on
securities
on
real estate
Loans to banks
Other
.oans
_
U. S. Govt, direct obligations
Obligations
fully
+143,000,000
+45,000,000
others
to
(exceptbanks).
Accepts, and com'l paper bought-
Y
Loans
—21,000,000
—7,000,000
guaranteed
2,038,000,000
317,000,000
1,144,000,000
95,000,000
3,879,000,000
9,377,000,000
—35,000.000
+1,000,000
—7,000,000
+1,000,000
+4,000,000
—2,000,000
—14,000,000
+17,000,000
+ 527,000,000
+1,000,000 +1,150,000,000
by
United States Government
+ 5,000,000
+1,000,000
Cash in vault
Balances with domestic banks
4,891,000,000
391,000,000
2,302,000,000
+ 22,000,000
+12,000,000
—40,000,000
on
Hull's statement follows:
Naturally,
+159,000,000
+.182,000,000
I
+ 627,000,000
+52,000,000
+100,000,000
Liabilities—
immensely gratified to see
am
a
vitally important step
in the direction of stable monetary arrangements.
The
action
simultaneous
ships.
of
I
of
of
the
Governments
three
of stability in international
prospect
result in further strengthening
This should
exchange relation¬
the basis conditions
"
The declarations of policy amply provide for taking into account the
full
requirements of internal
should
prosperity.
This advance toward stability
greatly facilitate the reduction of excessive phases of quota,
also
exchange controls and of other excessive impediments to commerce
nations which themsel.
has
been
stability and
The
were
the reduction
nearly
or as
as
United States Govt, deposits
Inter-bank deposits:
Domestic banks._
.14,999,000.000
5,018,000,000
849,000,000
+89,000,000 +1,561,000,000
—13,000,000
+148,000,000
+119,000,000
time that progress toward
of barriers to
commerce
should go forward
possible simultaneously.
it is an indispensable part of any program for full and stable
business recovery.
»
—96,000,000
428,000,000
+16,000,000
17,000,000
—14,000,000
Borrowings
+ 769,000,000
+130,000,000
—8,000,000
acquanited with
the vast difficulties to be over ome both with respect to exchange
stability
and the reduction of excessive trade barriers in order to restore the normal
volume
5,835,000,000
Foreign banks
between
partly caused by exchange uncertainties.
in harmony with our reciprocity trade agreements
taken is
step
program, as
es
apparent for a substantial
Some willful critics and some well-meaning persons not
Demand deposits—adjusted
Time deposits
making
in
virtually identical statements of policy should greatly
and
the
Treasuries
the
domestic recovery.
our
concurrently,
Reserve with Fed. Reserve banks.
stable
Sept. 26 issued a statement in
should strengthen domestic
recovery and the prospect of stability in international ex-?
change relationships.
He also asserted that it should aid
in reducing trade barriers, and added that the step harmon¬
izes with the United States reciprocal trade policy.
Mr.
Secretary of-State Hull
For it
1,252,000,000
3,333,000,000
Other securities
competitive
which he said that the agreement
strengthen
City
Outside New York City.
country will attempt to obtain an unreasonable
economic relations which it is the aim of the three Governments to promote.
$
investments—total...-22,610,000,000
.'i'
-
Sept. 16, 1936
$
'
no
(—)
Sept. 23,1936
Assets—
being
delay to relax progressively the present system of quotas
ments of France and
York dis¬
It will arrange for such con¬
agencies.
and exchange controls with a view to
$10,000,000 in the New York district and $5,000,000 at all reporting mem¬
ber banks, and declined $8,000,000 in the San Francisco
avoid
The Government of the United States is moreover convinced, as are
4.
also
of the policy set forth
showing
The United States
economic relations.
possible any disturbance of the basis of international exchange
as
000,000 in the New York district, and increased $12,000,000 in the Chicago
banks
The Gov¬
wel¬
its Parliament the readjustment of its currency.
the United States,
of
comed this decision in the hope
be
lasting equilib¬
decided with this object
rium between the various economic systems, it has
$17,000,000 at all reporting member banks.
Holdings of United States Government direct obligations declined $20,-
that,
The French Government informs the United States Government
3.
judging that ,the desired stability of the principal currencies cannot
insured
resulting from the proposed readjustment.
St.
which it has
object of which is to
exchange and to avoid to the utmost extent the creation of any
of that
sultation for this purpose as may prove necessary
banks declined $2,000,000,
to
Britain: it welcomes
continue the policy
one constant
$1,000,000 each,
loans
in its policy
correspondingcolSid'erations will be taken
prosperity, as
this opportunity to reaffirm its purpose to
as
$5,000,000 each in the New York and
prosperity in
take into full account the require¬
acceptances and commercial paper bought and of real estate loans increased
increased
international economic
peoples.
into account by the Governments of France and Great
intention to continue to
Holdings of
the week.
net change for
safeguard peace
policy which will tend to promote
towards international monetary relations
ments of internal
them in
with
joins
Government,
The Government of the United States must, of course,
others
no
makes the
consultation with the
after
the world and to improve the standard of living of
dealers outside New York declined $7,000,000, and loans onfsecurities to
banks) showed
States,
French
the
relations and to pursue a
Government,
except
result of the
desire to fostpr those conditions which
a common
reporting member banks in the New York district, loans to brokers and
.
United
of the
and will best contribute to the restoration of order in
As explained above, the statements of the New York and
deposits-adjusted,
as a
Morgenthau's statement follows:
affirming
an
exchange"
By authority of the President, the Secretary of the Treasury
~~37
1,425
an
exchange controls with a view
following statement:
1,428
Sept. 23 shows
that system.
to relax" the
readjustment of the franc.
16
Capital account
on
I
they will "use appropriate avail¬
to avoid as far as possible any disturbance
Mr.
Other liabilities
cities
1936
I
■
to their abolition and that
?.
•
Domestic banks
will avoid the creation of any disturbance to
He said that the three,^Governments will seek
3
Other assets—net
'
•
equibrilium in the system of international exchange" and
526
389
52
Balances with domestic banks__
'h"'
of international
founded
criticism
that it has not
of
trade,
our
but wholly un¬
have indulged in carping
present
reciprocity trade policy upon the theory
given entire trade relief overnight.
The truth is that this program has thus
far functioned far more effec¬
tively than its most optimistic friends had dared to hope.
United States,
Great Britain and France Conclude
Currency Stabilization Pact—Franc to Be De¬
valued—Agreement Held Stimulus to Trade Re¬
covery—$2,000,000,000
Stabilization
Fund
Will
Continue
retaries
to
Protect
Dollar—Statements
by
Sec¬
com¬
pleted an agreement for the cooperative stabilization of the
pound, the franc and the dollar on a permanent basis,
Secretary of the Treasury Morgenthau announced late Fri¬
day night, Sept. 25.
A similar announcement was made
by the Finance Ministries in London and Paris.
Mr. Mor¬
genthau said that the agreement constituted an outstanding
contribution to world peace and "the restoration of order
in international economic relations."
It was reported that
the franc would be devalued about 29% and that the present
relation between the dollar and the pound would be main¬
tained.
Mr.
Morgenthau's statement said that the United States,
extremely
toward national and international economic rehabilitation
practical
other
any
alternative course, endeavor to defeat this entire
v
movement.
Washington
(
disptach of Sept. 25 to the New York
"Herald Tribune" commented
on
the action in part as follows:
Secretary Morgenthau, sitting behind his desk in the Treasury at the
completion of the telephonic negotiations, and happy over the outcome,
dictated the following comment of his own:
"The
our
American
position is fully safeguarded,
action should encourage peace and commerce.
while at the same time
This will, in my opinion,
be the turning point for general peace in the world.
Stabilization of world
currencies is a foundation that had to be first built before we could look
forward to lasting peace
and real recovery in world trade."
France Held Firm
t
-
The currency arrangement was
in which
at the
Great Britain and France -will maintain "the greatest possible
repeat that it is tragical and outrageous just as these
me
being experienced that candidates for high office, without indicating
are
A
Morgenthau and Hull.
The United States, France and Great Britain have
Let
difficult stages
the
British
and French
reached after
Embassies
a
were
solid day of conferences
represented by experts
Treasury meetings and Mr. Morgenthau was in constant touch by
telephone
with
the
Finance
Ministries in Britain and
France,
the culmination of several weeks of private, industrious negotiation
It
was'
Volume
Financial
143
The pact is in the nature of
document.
signed
is
nation
out
of the
violates
the
to
It is n6t a written
gentlemen's agreement.
a
would rather
have a gentlemen's agreement than all the
the
agreement
or
stabilization,
convinced,
if it should
or
injury of the domestic economy of a nation, any or all
The Treasury
that
however,
fairly
a
the
first
for removal
the outlook
1931
time since
the first
was
1933 and devalued to 59.06% of the former
gold content of the dollar.
•
^
France, which went through one bitter period of devaluation just after
the World War, remained at the head of a
gold bloc from which Belgium
Only the Netherlands and Switzerland have
deflection last year.
was a
re¬
entirely with France 'in the position which is about to be aban¬
mained
For
doned.
two
it
years
has
France
that
"I
content further to a point
tonight definitely, however, ^hat he would recommend the continuation
of the $2,000,000,000 stabilization fund as a means of giving force to the
to
remove currency
fluctuations
and
as
"the best insurance'
fixed ratio of the pound, the franc and the
His remarks were reported as follows in a Washing¬
provides
no
dollar.
-
the agreement was
much
more
It led to
a
Government of Premier Blum.
was
United States or of silver purchases by this country had entered into the
Secretary
and
he said.
The American
security
markets
f
The stabilization agreement is now on an
Mr. Morgenthau explained that it was not necessary for
to have a stabilization fund.
three
the
of
stabilize
must
be
with
the consent of the National
carrying
there."
other countries
He
added,
however,
that
so
for devaluation to special
Several of these, including
pay cuts
which
were
one
ordered by the
Laval Government last year, will be put into separate bills.
bill the Chamber passed four separate
projects along these lines and adjourned until later tonight.
Actual devaluation of the franc
the two houses.
was never an
issue in the conflict between
Under the bill the gold content of the franc is reduced from
65.5 milligrams to between 49 and 43 milligrams with the protection of
a
r
A 10 billion franc stabilization fund also is set-up
The separate
by the law.
projects, after their passage in the.Qhamber, were sent to
the Senate.
bill, imposes
originally included in the devaluation
special 50% tax on profits from speculative Stock Exchange
a
transactions
performed
during
the
period
devalue.
to
immediately
preceding
last
'
Another authorizes the Finance Ministry to advance 3,000,000.000 francs
in
Treasury funds to the Land Bank to permit limitation of interest
mortgage loans to
A third
a
on
maximum of 5%.
will accord
advantages to holders of Treasury bonds and is in¬
The fourth restores pension cuts to retired government employees.
also
Regarding the day's developments we quote the following
a wireless
message from Paris Oct. 2 to the New York
from
"Times":
Control of Prices the Issue
"will to
Secretary said that the
The
Economic
tended to prevent the holders from losing through devaluation.
(Five billion is estimated to be at the ready
countries.)
compenlation
providing for the restoration of veterans'
I hope he
into strong manhood."
resource
measures
eliminated from the measure.
groups were
hour-to-hour basis, the Secre¬
tary explained, until "the child is able to take care of himself.
■-
"normal
were
financial repercussions here.
grows
but only
purpose,
week's decision
He concluded that this country need have little fear of
healthy."
this
So-called social
of the agreement, the
Foreign exchange trading was
optimistic for its success.
was
"satisfactory,"
/
•
described
was
Council and only for the next six months.
One of the individual measures,
/'
The final bill
As finally approved, the measure allows the Government to issue decrees
the
Specifically, the Secretary denied that discussion of war debts owed the
of the first full day of operation
people have not understood
some
follows in Paris advices of Oct. 1 to the Associated Press:
for
disptaches from abroad.
Taking stock
augmen¬
the devalration
about midnight
Oct. 1, by a vote of 354 to 217. Earlier on the same day the
Senate had adopted a edin premise measure, providing a
check on Government efforts to control the cost of living,
thus ending a three-day dispute which endangered the
conclusion that
general than it had been made out to be by
negotiations.
obtained by
purchasing power," he told the Deputies.
Britain.
agreement"
Mr. Morgenthau's interpretation of the "gentlemen's
first since it was announced last Friday night.
France to "safe¬
monetary equilibrium agreement by France, the United States and Great
dispatch of Sept. 28 to the "Herald Tribune":
ton
time we can safeguard the social results
same
astonished," he asserted, "that
am
After approving the devaluation
Morgenthau said on Sept. 28 that the stabilization
agreement does not contain any hidden commitments and
France,
"monetary equilibrium" between
tri-partite accord for
Final parliamentary approval was given
bill by the French Chamber of Deputies
fund the United States had.
Mr.
4
.
the importance of the accord signed by the three Powers."
would be 50% of the pre-1933 content. Mr. Morgenthau announced
agreement
the
"At the
as
against further devaluation of the dollar, although the
the power to lower the gold
President retains
where it
persistently indicated
1
guard her gold reserves."
understanding holds good, the American Govern¬
As long as the present
ment is committed
been
value of the franc.
would be obliged to reduce the
.'
■
the United States and Great Britain opened the way for
of fluctuations
Britain
gold standard and permit the pound to depreciate.
The United States followed in
' ■' "
appeal for the Chamber's approval at dawn, the Socialist Premier
tation of our
principal currencies thus appears bright.
among the
to abandon the oldtime
said
basis for international
permanent
stability in currencies is insured.
instead, asked for sweeping authority to prt>hibit price
Blum,
In his
participants could withdraw from the arrangement.
For
Premier
raising.
Morgenthau said.
agreements in the world," Mr.
If any
work
"I
2135
Chronicle
must the
It
not
was
until
near
midnight
that the
Senate finally accepted the
0
"monetary wherewithal."
much-amended
What the United States does with its stabilization fund, and it will
as
unit with the British fund, Mr. Morgenthau
a
tinue to remain a secret.
work
said, will probably con¬
texts
that
Camille
Chautemps,
to allow the Senate to dictate to it.
'
Devaluation
was no
Franc
Be
to
The French Government has virtually
decided to devalue
compared with 15.18 on Sept. 25.
Under
dollar
The French devalua¬
tion program
was^approved by the Parliament this week.
(The currency stabilisation agreement between France, the
United States and Great Britain is referred to elsewhere in
of
issue
this
Deputies
the
25-hour session, approved the
devaluation bill and sent it to the Senate
Sept. 29, after
on
Government's
was
a
The Chamber's final vote on the meas¬
Associated Press Paris advices of Sept.
Finance Committee.
ure
The French Chamber of
"Chronicle").
350 to 221.
29 described the bill
passed by the Chamber
as
after
follows:
mediately.
States and Great Britain in establishing a
"monetary equilibrium" agreement was cited by Premier Leon Blum in a
final
one
which he
legislation in the United States.
"President Roosevelt multiplied his trials until he
of
measure
Finance,
was
after
conjured to re¬
'
found
Government's
"
an
session
point.
In
content will be fixed
that
request the chamber
study the^text.
At
voted to meet again at 9.p. m.
the financial project was achieved after a night¬
with
votes,
the Chamber indicated its support of
Premier Blum's Government which
majority of at least 100 ballots.
led observers to predict
a
Government
-
.■
reduced the gold content of the franc from 65.5
milligrams to between 49 and 43 milligrams, set up a stabilization funjLojT
10,000,000,000 francs and gave the administration sweeping powers to
The
bill specifically
prohibit price
The
immediate resistance from the "Left Republican party
The group denounced the
financial measure as a "hostile project which
the ruin of savings and
farm interests."
makes a heavy menace weigh on the
' "x-
Nine Radical-Socialists, joined by two
their group, voted against
one
of its smallest
to
other conservative adherents to
devaluation, on which the Government received
Paris
21&.
first vote.of confidence on June 6 by a margin
The Chamber and lobbies considered it had held firmly
on a
The "Poincaire franc" created in 1928
come
into existence.
Its gold
decree between 49 and 43 milligrams, which
means
today and for the first time in
reopen
a
week
*
The size of this loss, which was shown yesterday in the statement for the
have lost
total stock is
now
3,000,000,000
due
gold.
as
much
as
It
means
that the
1,500,000,000 last Friday alone.
The
down to 50,111,000,000, from which must be deducted
in
a-month
on
a
loan
from
British
bankers
against
As this statement is the last under the old monetary
regime, the Government will have only slightly more than 47,000,000,000
francs worth of gold to revalue at the new franc rate.
Parliament Votes Devaluation of Franc—Latvia
Greece Peg Currencies to Sterling—Several
Swiss
and
Retain
Present
Exchanges Closed—Plans
Status—Italian
to
Devaluation of franc by France
Stock
Reopen Oct. 5
this week brought similar
action by several countries in devaluating their currencies,
while others made known that they were unaffected
by the
change.
•
#.
That the Swiss
Chamber and Council of State had ap¬
proved a measure providing for the devaluation of the Swiss
franc, was reported in wireless advices from Berne, Switzer¬
land, Sept. 30, to the New York "Times" of the same date,
which
s^id:
Thfe Swiss'
!
t
Chamber approved the Devaluation Bill this morning
by
a
tp 60 with 28 abstentions and absences after the government
threatened
to
The
last
resign if defeated.
threat, which
swung
round1
some
non-Socialist opposition in the
hour, is credited with saving devaluation and the government.
vote came after a warm debate
The
lasting all day and much of the night.
Earlier in the day the upper house or Council of State approved the bill,
43 to 5.
The bill authorizes devaluation between 26 and 34 per cent, the
National Bank being
instructed tP maintain the franc's value between 190
gold.
'
.
The debate in both houses brought out strongly the fact that devaluation
would have been defeated here if the French
move
had
hot *been
accom¬
panied by the three-power statement.
today.
vigorpus attack on the Government's proposal to
public functionaries
Bourse will
and 21& milligrams of
majorities.
together despite the controversial issue
A
a
devaluation.
The Popular Front won its
of 384
by
The Bank of France lost 2,580,000,000 francs worth of gold
during the
tremendous drain of last week, which ended in Saturday's embargo and the
group" of the Senate which belongs actually to the political Right Wing.
consecrates
tug-of-war between
vote of 99
incre^es.
measure met
a
exchange will be between 20.15 francs and 22.06, compared
15.18 last Friday afternoon.
The
tired deputies argued the measure point by
of test
pensioners after
exchange operations will be possible.
m.
on
series
war
dollar
Nations
during which
a
and the end of the year.
now
Shortly after midnight Mr. Chautemps read in the Chamber the decree
-
which the upper chamber adjourned until 9:30 a.
Final Chamber action
of the
sought and finally achieved
preserving the rights and privileges of the pensioners
had ceased to be and the "Blum franc" had
efficacious
tomorrow.
long
between
also made for
closing this extraordinary session.
introduced in the Senate by Vincent Auriol, Minister
tomorrow to allow time for the Finance Committee to
the
was
and those who wanted to prevent the benefits of devaluation from
being lost."
method," the Premier declared in upholding his legislative proposal.
The
What
He asserted the devaluating bill was
appeal to the tired deputies.
item in the French social reform program,
covery
was
those interested-in
earmarked
of the United
Cooperation
had
formula giving the Government strictly limited powers, with many
a
Bank must
The order became effective im¬
the session in the official journal.
Lowering of the gold content
week ended last Sunday, caused considerable surprise.
Exportation and importation of gold was prohibited in a decree published
State,
precautions attached, to, take measures to counteract any notable increase
Provision
the franc by 29%, it was reported in Paris this week.
this devaluation, there would be 21.46 francs to the
as
was
in the cost of living
and Stabilization Fund Created
,
of
—
longer the issue.
franc had been voted four times in all.
Devalued
by About 29% Under
Bill
Passed
by
Parliament—Chamber Approves
Government Measure—Gold Export Is Embargoed
French
Minister
drafted last night as a compromise between the uncompromising attitude
of the Upper House and the stubborn refusal of the majority in the Chamber
There is
readjust salaries of
sliding scale caused abandonment of the project.,
of
a
buying rush in stores in Geneva and elsewhere in anticipation
higher prices.
-
Financial Chronicle
2136
Devaluation
lats.
As
unlikely
appears
preciably.
with
Similar
action by
Greece
meeting of the Central Committee for
Sept. 30 was issued by Dr. Schacht on Sept. 28, and at the
outset of his declaration on Sept. 30 he stated: v,
1
V.,
at between 546 and 550 drachma to the
the 27th of this month the declaration
The rate of exchange was fixed
pound sterling, instead of the franc.
communicated to the German government on
published by the three governments
The French government
The Bank of Greece today announced its decision to "adjust the drachma"
to the
their part.
The calling for the
reported in the following
was
devaluation measures adopted abroad
further element of insecurity on
a
ap¬
■ "
Associated Press advices from Athens, Sept. 28:
the Reich government and the Reichs-
unswervingly decided not to add to the confusion created id
have
international intercourse through the
about
internal prices
affect
to
result of their explorations,
a
bank
Henceforth 2,522 lats equal £100, whereas until today the rate was
1,550
by Germany with respect to the
mark, said:
The dispatch continued:
29.
and in indicating that no similar action
would be taken at this time
the rate prevailing in 1931, it was stated in a wireless account
from Riga, Latvia, that day, appearing in the New York
"Times" of Sept.
Oct. 3,1936
the French franc,
On Sept. 28 the Latvian Government announced devalua¬
tion of Latvian currency by a law pegging it to sterling at
•
in
pound.
Paris, London and Washington regarding the
devaluation of the French
in which the coop¬
franc, and directed special attention to Paragraph 5,
In wireless advices from Rome, Sept. 30, it was stated
that the Italian Government had ordered all Italian stock
This
tl\e government had not decided whether to
adhere to the lira's
or
the
week-end,
British
!
Meanwhile banks still refuse to negotiate any
dollars and
foreign currencies except
would
not
devalue
its
France's
despite
currency,
■"
and all banks, including the Bank of
action.
was
had the
following to
loans
October 1
palities and
the
(Sept. 30)
a
with
indicated
obligations.
wartime
that
effect
no
On the contrary, we
of
the
Exchange Control Backed
I
admitted,
relation to
The
the
pulsory.
"We
sterling
of
parity
of
Member
announced
Sir
rupee,
James
the
the
Grigg,
"The Government of India," he said,
decided, in accordance with
Britain 'and
the
United
safeguarding
declaration
bilities,
present
In
it
*
of the
Great
free exchange 17 milreis to a dollar,
has not yet
been agreed upon.
rupee.
though the rate on the official exchange
Other banks quoted the buying rate ao 17
the French franc, Brazil
meeting debt payments to France
Aires, Sept. 28, had
say:
accordance with out own free will.
Abandons
Fund
Former
Monetary
Policy—
Is Created—Will Let Guilder
"gold bloc"
was
»
Sept. 26,
intent} to fix
a
definite value for the
The
reported the Dutch position as follows:
The
decisions
units caused
a
of
and
France
Switzerland
to
devalue
their
monetary
change in the Government's position, an official statement
The
ment
Bank
for
an
of the Netherlands and the
financial situation, Buenos
Germany Decides Against Devaluation at This Time—
Dr. Schacht Indicates Decision in Statement to
Central Committee of Reichsbank
v
Hjalmar Schacht, President of the Reichsbank, in a
statement, or declaration, before the Central Committee of
the Bank on Sept. 30 discussed the action taken to devalue
an
agree¬
effective tomorrow, it
was
Stock Exchanges will be closed Monday
and Tuesday.
The
foreign exchange.
Government reached
embargo on exportation of gold,
official
declaration
taken by France
on
guilder, but would let it find its own level.
said:
"The Government has reconsidered
Dr.
virtually effected
Netherlands, the Premier said, would cooperate in removing
trade restrictions.
Associated Press advices of Sept. 26 from Amsterdam
announced after a Cabinet meeting.
Pending new developments in the European
Aires banks today refused to quote on
.
said.
United Press advices from Buenos
following to
Dutch
today on the
under the Aranha scheme.
the
position.
and shall pursue its development in complete calm
the Government did not
Brazil's official exchange.
milreis 200 reis to a dollar.
expects to save 5,000 contos a year in
can
the gold standard, and that a currency stabilization fund of
300,000,000 guilders had beery established.
He added that
today that the milreis would be
^ Because of the reduction in the gold content jof
we
when the Government of the Netherlands announced that
it Could no longer maintain its "present monetary policy."
This
announcement
followed decisions by France and
Switzerland to devalue their monetary units.
On Sept. 28
Premier Hendrik Colijn of the Netherlands announced a in
radio address that the country was temporarily abandoning
years."
They refused to say whether the move was permanent.
** Pending further readjustment, the Bank of Brazil quoted
which is vouchsafed in the joint
If their initiative affords such possi¬
powers.
Find Own Level
when there is greater hope for international
Bank of Brazil said
three
shall not only welcome them but also will be prepared to under¬
An end of the
stated
Officials
negotiations dedicated to the re-establishment of
national interest
Stabilization
would not lend itself to make a
hitched to the dollar, which hereafter will regulate
we
the
by
Netherlands
cablegram advices from Rio de Janeiro, Brazil, Sept 30,
was
situation
the Reich government will always be prepared to
and reach our conclusions in
Finance'
"This'means the maintenance of the present sterling parity of the
at a time
currency
Council,
"reviewed the current policy and
cooperation than at any period in the last five
international
economic and monetary intercourse, but only with that
the
of
Meanwhile
Any other decision-would be contrary to the interests of India and inter¬
national recovery
present
coercion can move the Reich govern¬
action that would prove inimical to the interests of the
participate in purposeful
competitive depreciation of currencies.
I
the
that
take renewed examination of the
the tripartite declarations of France,
States, that it
.
conscious
free international
advices (wireless) from Simla, India, that day, to
York "Times" of Oct. 1. The advices continued:
?
.
people and the country.
Assembly Sept. 30, stated
the New
Legislative
.
are
k On the other hand,
Bank of Turkey
Executive
Governor-General's
the
to
the
maintain
of which we have always
through mere devaluation.
The
the injustice of Versailles and the diffi¬
the acquisition of raw materials make that system com¬
ment to resort to
Gillespie reported.
will
India
be made superfluous
imposes grave burdens on us, yet no
periodically the value of the Turkish pound in
of
Government
"
inconveniences and shortcomings
cannot
culties attending
de facto gold value of the Turkish
world currencies, Mr.
various
.
heavy debt burden accruing from
value of the Turkish
The decree further stated that the Central
be maintained.
wiH'calculate and publish
.
Germany's behalf that the system of exchange
rather say in
the
control,
currency.
expressed in terms of foreign exchange convertible into gold would
currency
would
.
polemics.
argumentations or personal
pound is best adapted to the existing economic and financial requirements
of the country and stated that the present
this goal.
occasionally express the wish for devalua¬
I do not desire to exaggerate the weight of such
Reichsmark,
tion of the
According to cablegram received by the United States
Department of Commerce from the Commercial Attache in
Istanbul, Turkey, Julian E. Gillespie, the Turkish Govern¬
ment has officially announced by ministerial decree its de¬
cision not to devalue the Turkish pound. An announcement
by the Department, issued Sept. 30ralso said:
The decree expressed the conviction that the present
deems necessary in the circumstances.
deem it our duty to explore the feasibility of measures
If interested German quarters
and Swiss
French
intend to criticize or obstruct the action that
which might contribute to attaining
of our own
Rumania, this week have
Rumania's
on
faith in the ultimate success of measures
objective in view, Germany,
brought into harmony with the
the other hand, does not
the French Government
15 because terms of the borrowing provide for
devaluation
the
the
in
...
include interest on a
payment is actually due.
Press advices from Bucharest,
francs would have
has a fixed foundation in
subject to arbitrary manipulation on
their governments, either absolutely or within certain limits,
great majority of cases have no fixed relation even among
that cannot be
7% stabilization loan granted to Poland by American bankers
before
Germany and three or four other
world which
the
If, therefore, we can have no
Polish finances will be
Poland defaults for the first time on
7% Silesian loan, on a portion of a loan to Polish munici¬
transfer six months
in
currency
themselves.
payments due in America,
in 1927 will be paid on Oct.
So instability has been only
all other currencies are
part of
and
Standard Car Steel loan to a Warsaw company.
on a
N* Holders of
moment, except in
the
at
no
Rather,
say:
unconnected
on
a
or
principle.
on
loan of 1920, on a
relation.
has Switzerland
general attachment to gold has been abrogated,
the former
that
countries,
sufficient gold to main¬
The effect of European currency devaluations on
N. Defaults
a
nor
compared with the previous situation.
exists
there
important loss.
illustrated graphically tomorrow when
foreign
their respective currencies,
Netherlands restored such
Now
the zloty, and that the amount of French francs
too small to cause
.
Holds Reich Currency Stable
highly nervous,
Further Associated Press advices from Warsaw
.
does not even provide
agreement of the three powers
currency
increased
foreign exchange.
held here
The
The
He
Poland, refused today to buy or sell
The Finance Minister said that Poland possessed
.
countries has assured stability at least for
this stability has disappeared, since the de¬
devaluation on the part of Switzer¬
even
fixed relation between
international monetary accord
Warsaw business and financial quarters, however, were
tain the present parity of
but now
United States, Great Britain and France.
announced last night among the
any
territory,
devaluation.
land and The Netherlands.
Eugene Kwiatkowski, Polish Minister of Finance, today announced that
Poland
by the American
as
valuation of the franc has resulted in
Poland, Associated
Poland, Sept. 26, stated:
asserted that Poland stood ready to join the
well
as
Heretofore the bloc of gold
its
pounds, which are being quoted at their usual prices.
As to the effect of the French action on
Press advices from Warsaw,
world has been seriously disturbed by the
the economic equilibrium of the
known.
calling attention to the fact that!,
But unfortunately this cannot prevent
I
its intentions
government is expected to make
the
when
international exchange market."
and his economic
Further meetings will be held till
held today.
was
powers' declaration that the one constant
maintain the greatest possible equilibrium in the
aim of their policy Is "to
present gold value.
Another conference between Pr0mier Benito Mussolini
and financial advisers
In part, his declaration, as given in a wireless message
from Berlin to the New York "Times" also said:
We gladly welcome the three
taken to indicate
was
of the policy formulated in the
declaration is wished and requested.
exchanges, closed as a consequence of the devaluation of
the franc, to remain closed until Oct. 5. The advices, given
in the New York "Times" of Oct. 1, continued:
devalue
nations in the e ecution
eration of other
its-monetary policy following
measures
and Switzerland.
"Being the only country on the gold standard, the Netherlands feels the
highest pressure on the exchange and the gold reserve.
"Consequently it considers it impossible to maintain its present monetary
policy "
Premier
-
F
speech was summarized as follows in
United Press advices of Sept. 28 from Amsterdam:
Colijn's
Volume
Financial
143
2137
Chronicle
i
Action
in Appropriating $5.60 Interest per
Bond Commended by Institute of Inter¬
national Finance—-Believes, However, Nation Can
Pay Larger Amount in 1937
Premier Colijn avoided the word "devaluation" but it is believed a small
reduction in the value of the guilder was to
be expected.
The Premier emphasized that in currency
completely free.
However, the Government will utilize a stabilization fund
of 300,000,000 guilders to prevent
heavy declines in its currency.
In
Premier Colijn announced that Holland would adhere to the agreement
among the United
in
lowering
States, Great Britain, France and Belgium to cooperate
walls
tariff
and
the
ease
international
situation.
monetary
However, he added that he expected little result from it.
that
He intends to deal harshly with speculators
and urged Hollanders to remain cool
and not hoard food, inasmuch
it is
as
^
Belgium Pledges Collaboration in Monetary Stabiliza¬
tion Agreement—Note to Secretary Hull Says Pact
"Washington,
Peru
of America in
it
opportune
Great
to
Britain and
the
United
States
regard
with
restoration
establishment
order
of
the monetary policy which it
has,prrid out during the last year and
the international exchange market, avoiding
."(3) The French
reestablishment
of
be assured
durable
a
on
solid basis
a
equilibrium
between
without
the
the adjustment of its currency.
of the
decision is of
as
well
United States and Great Britain, considers
nature to establish on more solid foundations the
a
international
The Belgian Government,
relationships.
It is ready to take part
the consultations which
necessary or useful in
often
as
the
Great
Britain
and
the
of the policy
success
United
as
States,
is
up
of
times
§ '
•
"(5) The Belgiin Government,
that
the
as
an
the governments of France,
other nations for the realization of this program above mentioned is
For
this
highly
the Belgian Government will remain always
purpose,
willing and ready to bring its entire collaboration.
^
"For the Ambassador:
V
PRINCE EUGENE
^Signed)
/
LIGNE".
DE
His Excellency,
The Secretary of State,
Department of State, "Washington, D. C.
Holders of German Bonds of Recently Matured
Three
of
Payment
The
Choice
Offered
Issues
Series
Exchange or
of
„
Conversion Office-for
German
that
appropriation
believes,
can
however,
that
have
than
in
the
72%,
basis
a
with
commensurate
substantial
in most lines of
steady
a
to
business activity,
increase in
in
the total
rising
amount of
the value
activity
products
world-wide
of
soles
in
than
imports
to
the
and
in
in
Peruvian
rising commodity
resumption
The
debt-service
of
soles
and
budget
for
its
dollar
their
on
for
payments
the
on
due *1959,
and
provided
prices
bond
and
cotton
The
gold
improve¬
resulting from the
soles
interest
outstanding.
6%
and
.
Peruvian
the
is equivalent
an
.
have
no
been
yet
as
contained
for
.
subdivisions
1931,
1961, and the
2,000,000
for
has
however,
1936,
interest
political
bonds since
sterling bonds, due 1960 and
amount
of
in economic conditions during the past three
recovery
Government
default
in
149,532,000
be attributed primarily to increased demand
can
and to
and in part to the depreciation of the sol.
four years,
almost
increase
including
year.
in
the
in
exceeded
was
from
minerals,
recent
value
1935
Production
of
any
higher
exports
1935
rapid
more
declined
1935.
in
of
of the
exports
exports
products,
1935
of
of
Due
excess
agricultural
value
the
equivalent to 98%
value
30%
exports was
and
1929,
total
1932.
the
higher in
business
Peruvian
The
volume of
of
was
127,858,000
chief
was
the
1936
while
as
in exports
1933
silver,
on
shown
been
made
bond¬
to
appropriation
National
in
for
proposal
Loan
of
dollar
7% Tobacco Loan dollar
purchase of
to
these
bonds.
about $5.50
for
Offer
Dollar
each
,
Aires,
Argentina,
Arrears
and
Continues
on
Certificates—Acceptance
large acceptance of the readjustment plan
by the Province of Buenos Aires,
Argentina, to holders of its external dollar bonds and arrears
certificates, the Province, after consultation with the Foreign
Bondholders Protective Council, Inc., has decided to extend
the period of the offer which expired on Sept. 30 until such
date as may be specified, later by public advertisement at
least 14 days in advance of the final date for acceptance.
On Oct.l Cesar Ameghino, Minister of Finance of Buenos
Aires, announced that acceptance of the readjustment plan
total more than $61,000,000, or over 84% of the total
principal amount outstanding when the offer was made on
Dec. 3, 1935, with holders of a substantial additional amount
having already indicated their intention of accepting the
plan, which involves the issue of new bonds in exchange for
outstanding issues bearing coupon rates from 7^% to 6%.
There were outstanding at the time the offer was made
approximately $69,400,000 principal amount of dollar bonds
of the Province and approximately $3,200,000 of arrears
Great Britain and the United States, considers that the collaboration of the
desirable
its external
informed
defer much longer the resumption of
bonds
period
1929.
great
In view of
.
well
additional
no
ability.
on
is
of
Readjustment Plan by Holders of 84% of Outstand¬
ing Securities Warrants Extension
with the development of
^
as
of
1936
of
of
by
as
Bonds
systems of contingents and control of exchange with a view to their final
abolition.
1932
Buenos
view to reducing progressively the existing
a
months
corresponding
months
offered
delay with
that
Institute
as
effort'
by banks in the country, and the expansion of bank deposits.
six
months
in
The
if,
prompt
improvement since
by increases in the volume and value of exports and
six
six
$1,000
it may be
"Particularly, it attaches the greatest importance to the initiation of
without
preserved
and
country's
Its
of the
stability of
as
convinced
moreover
Peru
in
the
first
well as the Governments of France,
above outlined is bound
be
on
faith
pay.
commodity" prices,
that this
international commerce.
action
first
in
The
good
the country
external
and
y2
still
sincere
a
The Institute
of
security
the interested governments or between the competent institutions..
"(4) The Belgian Government,
stated
by increased production
be called, either between
may
its
on
This is evidenced:
1932.
bonds,
the
as
has
year's budget.
conditions
2,000,000
various
direction.
imports,
and
national economies, has decided to propose for this purpose to its Parliament
governments
Economic
the
a
this
payments
The
considering that the desirable stability
possible,
the
makes possible appropria¬
substantially larger amount in next year's budget.
It is to be
a
complete
disturb¬
any
world—may
it
economic situation
its capacity to
■
Yet
the extent of the
to
right
the
Government
in
holders.
Government,
of the principal currencies cannot
previous
of
service
or
a
the
make
hoped that .the government will not
for
no
before
again
payments
in
step
a
improved
tion
individual, to default
an
appropriation of funds by Peru for partial payments
included
the
lees than
no
necessarily is impaired.
name
resume
Peruvian
be
ment
of that market.
ance
the
good
to
is
and
half and which has had the effect of assuring the complete stability of the
on
The
almost
"(2) To this effect the Belgian Government is decided to modify in
Belgian franc
made
debt
credit
conditions
as
soon
is
sugar,
the
to
developing world prosperity and improving
a view to
its
nation—its
soles
the standard of living of all peoples.
way
obligations,
imports
through the international economic relations and to
policy with
pursue a
contribute
will
government issues its bond it irrevocably pledges not only the
the good faith and good name of its people.
When adverse
a
2
the
the present time, and joins
which
conditions
of
substantially
a
but also
that
have
to
with them in "ffirming a common intention of safeguarding the peace, of
the
of
cooperation with New York University, said,
circumstances compel a nation,
first
intentions
their
express
monetary and economic problems existing at
favoring
ciedit
the
~
France,
of
governments
appropriation
in part:
In
The Belgian Government has learned of the declarations by which
"(1)
the
that
such
are
than
Excellency of the following:
considered
budget of an amount sufficient to pay interest at
checks cleared
Sept. 26, 1936.
.
*
"Upon the order of my Government, I have the honor to inform Your
the
stated
Finance,
$5.50 per $1,000 bond is a step in the right direc¬
but expressed the belief that economic conditions in
tion,
When
Belgian Embassy
,
International
of
-
appropriation by the Peruvian Government in its
the rate of
Should Aid International Trade
Belgium will adhere to the monetary agreement between
the United States, France and Great Britain, it was stated in
a note presented to Secretary of State Hull on Sept. 26 by
Prince Eugene de Ligne, Counsellor of the Belgian Embassy
at Washington.
The note said that Belgium in would no way
modify the monetary policy which has been followed since
Belgian devaluation, and said that Belgium would cooperate
in protecting the stabilization agreement.
It added that the
agreement should greatly aid international commerce, and,
said that the- Belgian Government particularly attaches
greatest importance to the initiation of steps to reduce
"progressively the existing systems of contingents and
control of exchange, with a view to their final abolition.'*
The Secretary of the Treasury makes public the following
note from the Belgian Embassy, transmitted to the Treasury
Department by Secretary of State Hall.
No. 3479
Sept. 28 by Dean John T. Madden,
larger amount in the 1937 budget is possible. The Institute,
which is conducted by the Investment Bankers Association
plentiful.
Mr. Secretary:
issued
Institute
the
the
current
•
Premier Colijn predicted some increase in the price of imports was in¬
soaring prices.
Peru
bulletin
a
Director
evitable, but added that the Government would introduce a bill In Parlia¬
ment to prevent
of
$1,000
dealings Holland will remain
last
certificates.
Foreign Debts is of¬
a
December
The offer
fering to holders of the bonds of recently matured series
of three German issues the choice of exchanging their ma¬
page 3615.
The following
tured
was
referred to in
our
issue of Dec. 7,
matter:
bonds
for
a
series
unmatured
like
principal
of these
issues,
against surrender of their bonds,
alent
of
their
Iteichsmark
transact
principal
foreign
Holders of Free
1925,
gold
bonds,
external
of
the
Holders
of
City of
of an
or of receiving payment,
of the Reiehsmark equiv¬
"Amortization
an
An
the holders of dollar bonds and
bodying
announcement
fair
formed
that
the
regulations may
as
plan, which,
as a
arrears
Foreign Bondholders Protective
certificates of the Province
as
em¬
whole, and under all the circumstances, seemed
the
to
holders
of
these
securities
and
the
to
«
'
readjustment reflects the steady improvement
in the financial position of the Province which has in turn, benefitted from
.
of
Bavaria
Aug.
loan
of
1,
6^% serial gold bonds, external loan
1936,
1925,
and of
City
matured the
of Munich 7%
same
date,
who
New York,
serial
wish
All
and
disposal
of such
be .obtained
at the
offices
funds deposited
of either
a
in
their
statement
issuable under
the Argentine now enjoys, according
the readjustment
plan
are
listed and
the New York Stock Exchange.
mittal for bonds and
In the
case
certificates may be obtained from the paying
arrears
agents as follows:
in¬
of the external
i
7)4% secured sinking fund gold bonds, dated
Nov. 1, 1925, and dueiNov. 1, 1947, and external 7% seared
sinking fund
gold bonds, dated April 1, 1926, due April 1, 1952, from the National City
Bank of New York Corporate Agency DepartmeE^t, New York, or The
name
of which
of the banks
on
bonds
Copies of the plan setting forth the offer and forms of letters of trans¬
named
agents.
the
of
traded in
are
of this plan of
to the announcement.
New York.
German governmental regulations,
success
the strong economic situation which
to
National
to receive the cash payment in a German bank
use
be subject to
a
and reasonable both
The
City of Dusseldorf 7% serial bonds matured Sept. 1,
1936, -may take advantage of the offer by presenting their bonds at the
National City Bank of New York, New York.
will
announcement issued in thej
Frovince.
Sept. 28 continued:
on
the
Holders „choosin£
an
When the offer was originally made the
authorized to
operations.
is also from
Council, Inc., recommended the proposal to the favorable consideration of
Blocked
bank
should deliver their matured bonds to the Chase
accept the offer,
Bank
State
which matured
bonds
a^German
exchange
issued in the matter
of
into
with
Account"
of
amount
*
Chase National Bank, Corporate Agency Division, New York.
]'
In
thd^ase
2138
Financial
of the 6H % external sinking fund gold bonds of 1930, dated Feb. 1, 1930,
due Aug. 1, 1961, from First of Boston International Corp., New York.
In the
case
1961, and
Co.
of
6% refunding external sinking fund gold bonds, dated March 1,
arrears certificates from
There is
Hallgarten & Co.
Kidder, Peabody &
or
deposit with the Foreign Bondholders Protective Council,
on
Chronicle
prices
exceeding their principal amount and accrue^
State of New South Wales, Australia, exterphl
5% sinking fund gold bonds due April 1, 1958, in an amount
sufficient to exhaust the sum of $290,583 noiy in th6' sink¬
of
ing fund, it
by any interested bondholder, the general bond of the Province incorporating
the plan and evidencing the Other terms and conditions for
giving effect
received at
/'
made known on Sept. $0.
was
the corporate
Filed
Tenders of
with
SEC by Germany
Bonds to Be Offered
Dollar for
Dollar
in
Exchange for Claims and
Obligations in United States—Offering Not to
Exceed $65,000,000
for
Refunding
Two
Argentine External '6% Bond Issues
Available for Issue of May 1,
$211,013 for Public Works Issue of May 1,
1926 and
1927
J. P. Morgan
.
A registration statement (No. 2-2491, Form
A-l) covering
issue of 3% dollar bonds of the Konversionskasse fur
New
York,
& Co. and tb€ National City Bank, both of
fiscal agents for the Government
as
gentine Nation, announced this
Deutsche Auslandsschulden (Conversion Office for German
sinking
Foreign Debts)
bonds
other
was
at
will
Washington under
be offered dollar
to
are
interest
claims
for
dollar in
maturing between July
additional
an
tificates in
$4,000,000
Provision
is
of separate
also
made
for
issuance
where necessary.
cases
for
■'J/r
Funds
special
of fractional
cer7'
in
prospectus,
X
other interest claims is to exchange, dollar for dollar,
like
principal
of 3%
amount
Konversionskasse
and (or)
dollar
fractional
bonds,
Jan. T, 1946, of
due/(fan. 1, 1946,
due
certificates
changeable for said bonds, for the following
coupons
the
ex¬
and(or) other interest
claims appurtenant to obligations of German debtors:
Coupons maturing between July 1, 1934f and Dec. 31, 1936, both
inclusive, appurtenant to the bond issues listed in the annexed
schedule
(except certain coupons appurtenant to bonds called for re¬
demption), as well as interest claims accrued to interest payment dates
subsequent to maturity on bonds of such bf said issues of which the expressed
maturities
of
the
claims
entire
for
issue
prior to Dec. 31, 1936 (but
accruing subsequent to maturity on
interest
matured bonds); and
occur
not
with respect
to which
been
has
coupons and (or)
1933,
as
hereinafter
as
No
serially
Holders
of
German
more
funding
.the 3%
!he German
conference
at
bonds
liquidate
to
and
years
and
Berlin in May,
dollar
corporate
before
Reichsbank
the
SEC
officials
have
in
1,
or
in
•
8%
on
that funds have been remitted for the
payment of the Oct. 1 coupons at the rate of 223^% of the
dollar face amount.
Accordingly,-payment at the rate of
$9 per $40 coupon and $4.50 per $20 coupon will be m ade
and after Oct. 1, 1936 at the New York office of
Dillon,
Read & Co., but coupons surrendered must be
accompanied
on
debt
else
-
nounced this week
been
a
'
Dillon, Read & Co., as special agent for the United States
Brazil 25-year 8% sinking fund bonds, due
1946, an¬
of
Washington.
promised
1934, to supply such bonds,
claims arising July
coupon
bonds
adjustment.
223^% of Oct. 1 Coupons Remitted by Brazil
Sinking Fund Bonds, due 1946
required by
for registration by German authorities
placed
now
Government
in
cash
municipal
than two
present provision, the notice states, has been made for the coupons
future
following regarding the filing of the registration
statement ]£ from the New York "Herald Tribune" of
Sept. 26;
of
An announcement in the matter said:
due April 1, 1932 to Oct. 1, 1933, inclusive, but
they should be retained for
fully explained.
more
' r
•
sented thereby.
The
waiting for
External Loan of 1921
in¬
other interest claims payment in
may/be made to the Konversionskasse
or
the German law of june 9,
(Brazil) for Pay¬
8% Gold Bonds
Pursuant to the decree of the Chief of the Provisional Government of the
United States of Brazil, such payment, if accepted by the
holders, must be
accepted in full payment of the coupon and of the claims for interest repre¬
(2) Interest claims maturing between Jtfly 1, 1934, and Dec. 31, 1936,
both dates inclusive, appurtenant to other
obligations of German debtors
expressed in United States of America dollars;
full
Remitted by Rio Grande do Sul
of 25% of Oct. 1 Coupons on
$20 coupon."
(1)
dates
cluding
*
:
:
until Nov.
Ladenburg, Thalmann & Co., as special agent, is notify¬
ing holders of State of Rio Grande do Sul (United States of
Brazil) 25-year 8% sinking fund gold bonds external loan of
1921, that funds have been deposited with them sufficient to
make a payment, in lawful currency of the United States of
America, of 25% of the face amount of the coupon due Oct. 1,
1936, amounting to $10 for each $40 coupon and $5 for each
Konversionskasse made by this prospectus to holders
of coupons and(or)
flat price, below par,
a
:/
de¬
The offer of the
a
invited at
/•,
the
of
said.
ment
-
According to the Commission,
scribing the offering, said:
are
2., the agents
ceed $65,000,000
provided
coupons
the
receipt
Argentine
Government,
in the sinking funds, they
the
have available
both issues
1934, and Dec. 31,
The total amount of the offering of the bonds is not to e
contingents.
of the Ar¬
upon
$210,695 for the purchase of Argentine
sinking fund 0% bonds, issue of May 1, 1920, and
$211,013 forjdie purchase of Argentine external sinking fund
6% bonds/public works issue of May 1, 1927.
Tenders of
1936, of certain dollar obligations of German debtors.
with
from
paymepts
that
external
exchange for coupons
1,
fund
week
together with unexpended moneys
filed with the Securities and Exchange
the Securities Act of
1933, on Sept. 25.
The issue is guaranteed by the German
Governn ent, according to the prospectus, said an announce¬
ment by the SEC, which added:
V!
Commission
The
1936.
Invited—$210,695
Issue—3%
an
and
Tender's will be
trust department of the bank, 11
Broad St., New York, until noon, Oct. 6,
'
Registration Statement
•'»
1336
3,
not
interest
Inc. and with the paying agents, where copies are available for
inspection
thereto.
Oct.
40%
by
a letter indicating that the holder agrees to accept such
payment in full satisfaction and discharge of such coupons.
1934, and thereafter.
The cash part of the offering never became
effective, owing to the German
moratorium of June 9, 1934.
\
.
SEC Extends Period in Which Securities of
The funding bonds now registered will be available in lieu of debt service
all
on
German dollar bonds held in the United
of the
German
These two
dollars for
Government
7s
(Dawes bonds)
Governments of Foreign Nations Are Exempt From
and 5>£s
Registration
Government issues have been serviced
more
than
a
on
a
(Young bonds).
reduced scale in
from its steamship services.
German municipal
at
and corporate issues outstanding here
been
repatriated
held
Americans,
by
the
average
coupon
coupons
of two years must be covered by the
that
new
Reich
the
which
restrictions
in the
also
have
to
close
rate
to
6%.
Since
funding issue, it
new
register
of
upward
was
$60,000,000
are
to be issued by the German Conversion Office,
to be guaranteed, principal and interest by the German Govern¬
are
ment,
would
It
are
3% refunding issue.
Although the bonds
they
estimated
the depression at the default price levels.
$500,000,000 to $600,000,000 of the bonds still
with
realized
of the
are
large proportion of this total has
a
during
is estimated here that
was made by the Securities and
Exchange
Sept. 29 of a further extension of the period
within which exemption from registration under the Securities
Exchange Act of 1934 is granted to securities of "any foreign
State that is presently governed by an interim
government
which is holding office
temporarily and which is to continue
to hold office
only until the assumption thereof by a regular
government which has been elected."
Undey the extension,
which is an amendment to Rule AN21, theisecurities will be
exempt to and including the 225th day following the assump¬
tion of office by the permanent government.
Previously
the exemption was for 135 days.
«
Commission
-
$892,633,000, but it is known that
also
undertook
moratoria.
or
original agreement
were
on
to
exempt
the
service
from
An annual sinking fund of 3%
any
was
exchange
1936, out of
Sept.
on
the principal
sum
thereof
on
Dec.
1,
moneys in
29.
the sinking fund, it was announced
The drawn bonds will be paid on and after
the
redemption
the
office
of
date
the
1, 1936, interest
upon
sinking
on
the
presentation
fund
drawn
The announcement of
and
surrender
administrator.
bonds
will
After
at
Dec.
cease.
principal amount of the bonds of this issue previously drawn
still
unredeemed.
—
Chase
National
Bank
♦
Tenders of
5% Gold Bonds, Due April 1, 1958
to Exhaust $290,583 in Sinking Fund
The
cessor
Chase National
Bank of
the
City of New York,
fiscal agent, is inviting tenders for
<
The New York Stock Exchange has requested all clear¬
ing members and firms to supply daily figures indicating
the aggregate of all full lot trading in stocks on the Ex¬
change for the
already
of comparison with weekly figures
purposes
furnished
by
members
and firms indicating the
purchases and sales of stocks effected
each day for the accounts of specialists, other members on
the flood, office partners, &c.
In a letter sent to the clear¬
aggregate
ing
full
members
Fisher,
its
lot
and
firms
Secretary,
the
Sept. 25, through Robert L.
Exchange explained that "such
on
cannot be obtained from the ticker tape, in as much
'stopped' sales in general may not be printed, and in
busy markets it is possible that errors or omissions may
as
occur
by
New South
Wales External
| /
issue
New York Stock Exchange Requests
Clearing Members
and Firms to Furnish Complete Data on Full Lot
Stock Trading
in the printing of transactions.
tion of total full
-
Invites
our
totals
Sept. 29 said that J. P. Morgan &
on
Sept. 28, last, $122,000
Co. call attention to the fact that
were
referred to in
.
J. P. Morgan & Co., as sinlrijig fund
administrator, is
notifying holders of Kingdom of Italy external Joan sinking
fund 7% gold bonds, due Dec. 1, 1951, that
$2,950,700 princi¬
pal amount of the bonds outstanding have been drawn by
redemption at
was
of Aug. 8, page 844.
$2,950,700 of Kingdom of Italy External Loan 7% Gold
Bonds, Due Dec. 1, 1951 Drawn for Redemption
on Dec.
1, 1936
lot for
on
An earlier extension of the time
stipulated
the funding issue and the sinking fund payments
declared exempt from transfer restrictions.
f
Announcement
from foreign exchange realized by the Reich
year,
Temporary
States with the exception
suc¬
the sale to it at
means
whom
lot transactions can,
of reports from the members and firms through
such
transactions
Stock Exchange stated
and firms have
Form
chases
An accurate compila¬
however, be obtained
111,
and
been
figures
sales
are
or
settled."
The
reporting weekly to the Exchange,
indicating
of
cleared
that "since June, 1935, all members
stocks
the
aggregate
effected
each
full
lot
day
for
on
pur¬
the
/
Volume
of
Accounts
partners, &c.
""have
Financial
143
been
specialists, other members on the floor, office
The totals so obtained," the Exchange added,
of
Commission and
You
each
are
in
.
the
week
during
.
.
the
Securities and Exchange
the Exchange."
The letter also said:
great value
to
requested
.
attached
week
first
should be filed
The
various
that
kin 's,
the
SEC
week
the
the
each
for
sold
noon
respect
Oct. 6,
on
the
commencing
Exchange
trade date
the Exchange
upon
I
am
directed
for
upon
to
assure
Form
obtained
been transferred to
value to it.
tions for Forms 10 and 11 Also Altered
of Form 22 for the registration, under the '
Exchange Act of. 1934, of securities of issuers
reorganized in insolvency proceedings or which have
suc¬
ceeded to a person in insolvency proceedings, was announced
by the Securities and Exchange Commission on Sept] 28.
time the Commission made known that it has
of
use
11 for "unincorporated
The rules providing a temporary exemption from
registration for certain classes of securities of such issues have
also been amended.
All of these amendments, the SEC
announcement said, are to become effective immediately, but,
until Dec. 31,1936, an issuer may file application on Form 10
or Form 11 if such filing would have been authorized prior to
issuers.
issuers,
have
which
emerged from
recently
tions by a permanent
As
to
insolvency
proceedings
which
or
are
rules, terminate on Dec. 31, 1936 unless an application is filed by Dec. 26,
1936.
Jan.
If
application
an
filed,
so
the
exemption
will
be used by issuers which, pursuant to
Form 22 may
are
is
until
continue
1937.
26.
being reorganized in insolvency proceedings,
or
a
(other than cash) from a person in insolvency proceedings.
also be used
where
subsidiary of the insolvent is the
a
be filed at
The new form may
After that date, Form 10
would have been entitled to
be used if the issuer
It
the situations covered by Form 22.
to meet
a
full fiscal
of those forms,
In addition to the
•
the status existing after the date
as of
which the transfer
opening of accounts is made, and a balance sheet of the registrant
its insolvent
predecessor)
balance sheet need
latter
as
of the status existing before that date.
(or
or
predecessor)
as
(which
may
be based
upon
The
of a date reasonably close to
certified
that of
a
regulation
restrictions to any greater extent
or
other type of business corporation.
-
the Securities Act and the Securities
.
of investment corporation management is of course de¬
theory
corporation organized primarily for holding income-producing
a
is on
securities and distributing income
and doing an
a
different basis from
a
corporation
underwriting business.
"My own feeling is that an investment corporation of the latter type
its most useful function when it operates on
for substantial enhancement over a period of time and not on
of prospects
the
the theory of purchasing
when the price seems attractive because
blocks of securities, large or small,
In such a program current
theory of a quick speculative turnover.
income need not be the controlling consideration.
I think, generally speaking, inadvisable to have a majority, or
is,
the directors of an investment corporation af¬
strong minority, of
a
filiated with
"I
am
from
any
banking house, or any associated group of banking
one
opposed, however, to any rule which would bar investment bankers
directorate of an
a
its
or
prohibit dealings be¬
is afforded if transactions are authorized
Full protection
directorate.
independent board of directors.
ratified by an
or
investment corporation
investment corporation and an investment house represented on
tween an.
"Similarly, I see no reason why an investment corporation should not
participate in underwritings with an investment banking house represented
its board of directors, or accept
ment
do
house, provided,
sub-underwritings from such
think the stockholders of an
"I
of the
advised
from interest,
in¬
an
balance sheet of the registrant
(or its insolvent predecessor) as of the status before giving effect to the plan.
The latter balance sheet need not be certified.
invest¬
investment corporation are entitled to
holdings of the corporation
and to be furnished with
transactions in securities.
owned should
curities
be shown
the accounts should be audited
as
as
the original cost.
se¬
Of course,
by investment corporations is
by law, although my own feeling is
protection of the stockholders borrowing should be limited to
temporary borrowings to meet some
It
The market value of
by independent certified accountants.
which should be regulated
that for the
special situation."
explained in the "Times" dispatch that the hearing
was
which
at
well
do not think the borrowing of money
matter
Earnings
dividends, &c., should be shown separately from gains or
made through
losses
a
an
of course, the corporation has the legal right to
so.
be
the date of filing,
adjusted to give effect to the plan, including the necessary adjustments in
and capitalization, and
reason
organized not only for holding securities but for buying and selling securities
"1
opening of accounts/if the application is accompanied by a
balance sheet of the registrant
assets, liabilities,
"The
not be certified.
These balance sheets need not be filed until the 90th day after the transfer
solvent
I see no
earning statements and balance sheets at reasonable intervals.
There must be furnished, in columnar form, a certified balance sheet of
the registrant as of
se¬
implies a relationship which does not
corporation and its stockholders.
a
pendent to some extent on the basis on which the corporation is organized.
to the insolvency pro¬
underwritings and private sales of such securities.
or
such
Exchange Act.
Form 11 must
the issuance of securities pursuant to the plan, and
plan,
the
ceedings,
as
.
'investment trust' is unfortunate, when
'trust'
"Proper publicity is assured by
on
customery requirements, information is required
'"'"v...
may
outstanding
or
or
one
use
Invest-
of
Directorate
./
■■
houses.
Standard requirements common to other forms have been varied in some
respects
•
even
insolvency proceedings.
except for the
than any
a
of the issuer commencing on or after the date on which the transfer or
opening of accounts was made.
From
of the term
use
subject to governmental
successor company.
It may not be used after the expiration of
pursuant thereto.
* '
'
why investment corporations of the character I have described should be
or
time after the plan is promulgated, and
be used for securities which are; or are to be, issued
may
year
any
rule, Rule GB1.
corporation engaged in purchasing, selling and holding
a
because the word
between
"It
plan, have been
which, pursuant to
plan, have acquired or are to acquire substantially all of their business and
assets
exist
serves
temporarily exempt under Rule
now
Bankers
Corporation
general
to
Obviously,
Form 7,
on
Rule AN13, the exemption will, under the amendment of these
AN 12 or
"The
application on the appropriate form by Dec. 27. 1936.
securities of such issuers,
any
continued:
provisionally registered
insolvent issuers, must supplement their provisional applica¬
to
successors
The Commission
having, securities
now
a separate
Kuhn, Loeb & Co., in¬
vestment corporations should not be subjected to govern¬
mental regulation or restrictions greater than those applied
to other types of corpora'ions.
Mr. Walker thus expressed
himself during the examination into investment trusts before
the Securities and EXckarpe Commission in Washington on
Sept. 29, according to a Washington dispatch to the New
York "Times" which also reports that he urged fullest pub¬
licity of investment trust managements and operations as
the best guarantee of proper administration.
At the con¬
clusion of Mr. Walker's testimony he presented to David
Schenker, Counsel to the. Commission, a statement as follows
embodying his views on the regulation of investment trusts:
curities,
amendments.
incorporated in
Investment
ment
made certain related amendments in its rules for the
All
standard pro¬
The
By SEC of Investment Trusts—Elisha
Opposed to Any Rule Which Would Bar
Walker
applied
the
securities,
similar provision with
subjecting exempted securities to the prohibitions against manipula¬
visions
adopted a rule for the use of a general form for successor
companies, which is to b(f published shortly, and that it has
10 for corporations and Form
*
In the view of Elisha Walker, of
The adoption
Form
a
exchanges.
exempt
on
exchange
'
th^ exemption rules, whiph
Rule AN1, which makes
traded
securities
to
tion have also been
by
Form for Registration of Securities of
Reorganized in Insolvency ProceedingsTemporary Exemption ' Rules
Amended—Regula¬
same
has
respect
of
Adopts
At the
contained in certain of
v
gives the exempted securities the same loan value as registered
imposed
statistics
be
cannot
longer true.
and
Issuers
Securities
The standard provision,
yo^ of the Exchange's belief
which
112,
and the issuer of its finding that that is no
Examination
already
or
thereafter until the 10th day after the Commission has notified the
.
28, 1936,
1936.
the burden
reporting of data
the
to
Sept.
of
extent
practicable means, will be of great
other
any
showing
112)
number of shares
called
and
data
with
file
dr are to be cleared or settled by you.
cover
appreciates
with
and
out
(Form
report
later than
not
Exchange
members
upon
were
should
report
fill
to
the aggregate
)full lots, which
The
to the
2139
Chronicle
Mr.
Walker
testified
was
a
continuation of the
investigation into the organization and operations of the
Petroleum Corp. of America.
There must also be furnished certified profit and loss statements for the
fiscal
year
preceding the date of the
balance sheet,
and for the period
the close of such fiscal year and the date of such
between
balance sheet.
been effected by the plan must be shown by footnote or otherwise.
dations
Fund
■
Cover
If the registrant is not to acquire or retain substantially all of the assets
of the person in insolvency proceedings, no profit and loss statements nor
balance sheets
as
of
the status
before giving effect
to
the plan need be
furnished.
.
Consolidated statements need not be filed, but may be filed if the regis¬
trant desires to do so.
fiscal year must
Certified financial statements for the most recent
be furnished for all significant
not included in certified
majority-owned subsidiaries
ot)her than subsidiaries in
consolidated statements,
insolvency proceedings which are not being reorganized pursuant to a plan.
The Commission realizes that in
and the variety of situations
may
in
particular
directed particularly
which
formation
is
view of the complexity of the problem
covered by the form,
instances
lead
to
certain
some
of its requirements
difficulties.
Attention
not
reasonably available, or the furnishing of which
would involve unreasonable effort or
bxpense.
a
temporary exemption from registration.
terms,
rules.
or
because their field of operation was substantially covered by other
All of these amendments or repealers are to
become effective im¬
Commission
on
Sept.
and sponsorship.
We quote from Washington
Sept. 30 to the New York "Journal of Commerce,"
agement
advices
which also added in part:
Testifying in the Commission's investigation of investment companies
and their operations from
1927 to
19;j5, Mr. Minton also urged that com¬
plete and frequent reports be made to Stockholders of the trust as a means
protecting
possible abuse by the management
their interest from
or
sponsoring concerns.
Spencer Trask Fund
Certain other rules or portions
thereof have been repealed because they had already expired by their own
M.
Before the Securities and Exchange
of
The Commission has also amended certain of the existing rules providing
Henry
by
30, Henry M. Minton, Vice-President of the Spencer Trask
Investment Fund, Inc., urged the extension of rules of the
New York' Stock Exchange covering transactions of its
member firms in their relationship to investment trust man¬
is
to the instruction which permits the omission of in¬
Trusts—Recommen¬
Minton of Spencer Trask
for Extension of Stock Exchange Rules to,
Investment Trust Sponsorship
Examination by SEC of Investment
Any material changes in these profit and loss statements which would have
The
Spencer Trask Fund
was
formed in 1929 by Spencer Trask & Co.,
been in existence for 70 years, with assets
investment banking firm that has
$10,000,000.
totaling
but by
By March
1935 they had
31, 1930 assets had increased to $14,-
dropped to $5,000,000.
mediately, except the amendments to Rules AN 8 and AN11, which are to
600,000,
become effective
At the present
time assets are valued at $7,000,000.
on
Dec. 31, 1936.
Rule AN8 has been amended
with
respect
to
insolvents
so as
which
to transfer to Rule
had
securities
These provisions are to be substituted for
ANll.
a
The exemption of
ANlj. the provisions
temporarily
registered.
the present provisions of Rule
such securities will continue only so long as a
Stock in the company sold at
but
as
of
Dec.
31,
the time of its organization for $40 a share,
1935 asset value of the stock was $18.94.
Approxi¬
mately 325.000 shares of the trust's securities are outstanding in the hands
of 4,274 shareholders.
substantial portion of the assets of the issuer are in the hands of a trustee
During the early period of its operations the trust engaged in both under¬
the issuer itself during the reorganization proceedings, and
writing of security issues and in trading accounts, but this practice since
or
receiver
or
has been discontinued, Mr. Minton said, because it eventually
and
placed
phenomena is enlightening.
made his suggestion that the
Minton
be
made to
the relationship
cover
In short, it was discovered that the spreads
between bids and offers
"Underwriting is definitely disturbing to the investment business," he
rules
be obtained, still inspection of certain
of market quality probably may never
asserted.
Mr.
widened to an appreciable extent during the
were
specialists no longer carried limit orders
late year, and that the books of
New York Stock Exchange
in amounts sufficient to provide
between member banking firms
To throw
and their trusts at the conclusion of his examination as to the operation of
the trust
study
a
by L. M. C. Smith, SEC attorney.
some
light
normal market support or supply.
Rapid Strides Made
o
of the effects of month-end
The witness said that the Exchange has made rapid strides in the way of
in the market, the
and week-end congestion
1936 were selected for the test
The results of the study follow:
the regulation of investment trusts.
cooperate with the Commission in
unfortunate indeed if advantage
would be
days.
be relieved
that the study could
So
middle Wednesday of May, 1935, and May,
regulating its members in recent years and certainly would be willing to
bids and offers,
1935
the increase in spreads between
on
made of the closing quotations for the 200 stocks which in
was
contributed most to annual volume."
"It
While complete statistical proof
wished to dispose of stocks in quantity.
led to losses
great responsibility upon the management.
too
Oct. 3, 1936
Chronicle
Financial
2140
were not
taken
on
SPREADS IN CLOSING QUOTATIONS FOR
this
STOCKS
THE 200 MOST ACTIVE
well-organized system of control which is already in existence," he said.
Minton
Mr.
basic objection
said that his
to
the requirements in the
1936
1935
■'
1936 Revenue Act for qualification as a mutual investment company is the
May 13,
16,
May
•
disapproval of the theory of paying to stockholders as dividends, even
Average spread for 200 stocks.
though accompanied by an explanation, amounts representing net realized
Number of spreads
93
64
Number of spreads at
61
62
12
27
20
22
14
25
held by the in¬
profits in addition to the true income upon the securities
vestment company.
"Investment
Number of
this
of
companies
group
primarily
serve
the
small in¬
Number of spreads over
"Such dividend distributions as mentioned above
vestor," he explained.
the part of
for
amounts to a further extension of the unfortunate effect
of what we believe to be the
-
A
sive proof, the fact seems to be
stockholder as to his true income.
"This practice
-
furnishes conclu¬
While it is not intended to indicate that this single test
confusing and will most certainly lead to misunderstanding on
are, very
A
A
spreads at A
spreads at A
Number of
200
than
more
unsound theory of taxation of capital gains. ":
stocks
widened
was
50.373
50.276
established that in
from
little
a
a year
the average spread
considerably
than A to
more
And the number of spreads of A decreased by 33 1-3 %
1-3,f
during the year, as the number of spreads at % and more increased appre¬
Taxation of Capital
"Just
this taxation of capital gains
as
non-recurring revenues as
consider
to
■
"
f '
ciably..
leads our Federal Government
income,
so
of a mutual investment company
will be led to spend capital resources
as
company
The important point in
unfortunate
effect
the matter is that there promises to be an
longer term.
stockholder
through
misunderstanding
spends
his
addition to his true income during years of advancing
prices, he will most assuredly suffer a decline in his income return when he
is faced with years of declining security prices.
This decline promises to
capital appreciation in
reduce income to an amount
the account Sept. 30 to
From
by submitting the following recom¬
regulations which his organization considers desirable:
Minton followed the statement
mendations for
be
approach to the problem of regulation should
of the investment trusts according to purpose and
We believe that the first
classification
the
capital structure.
As
2.
basic approach to
a
the subject, we recommend a minimum of
regulation.
We will confine our
3.
recommendations, so far as these regulations
are
open-end management investment trusts.
4. We make no objections to most of the regulations covered in the defi¬
nition of mutual investment companies as stated in the Revenue Bill of
concerned, to the
We would prefer that
1936.
manager
of
junction with the continued study of problems
.* •'
"We
;
would be well to require
the standards varied for
sold;
have?'the following to
the following
profit
and
tive procedure by
brokers, if directly or
■
,
I
result
*■'
■
;
s
particularly those serving on standing committees, who 'have
willingly assumed the additional responsibilities and burdens incidental
task
the
of
administering the affairs of the Exchange under Federal
regulation.
Mr. Gay's report in part said:
Review of
the Year
stricken from the list because of failure of their issuers to apply for
tion
under the
Securities
Exchange Act, and the list lost
On
1,
May
1,301,900,490 shares of stock and $44,266,533,356
1935,
value bonds were included in the list; a
par
"4.
Break-up of
'
items
year
later the
1,336,686,499 shares and $44,222,956,661
were
par
the contrary good judgment can function to best
of regulation and restriction."
advantage with a minimum
further hearings this week, but they will be resumed
possible.
comparable
value bonds;
therefore, gained 34,786,009 shares of stock and lost $43,576,695
the list,
vdfife bonds.
par
The\spck
Share
thereafter
a
made
May 1, 1935 to April 1, 1936; and
declineMccurred.
short but sharp
price index,
Market
ffmA
prices rose consistently
Jan'. 1, 1925=100—in
for stock dividends
Reference to the Exchange's
of which
respect
and split-ups—disclosed that
1936 and thereafter declined 8%
1935
adjustments
listed share
Aprl 1,
to
by the first of the succeeding month.
From the low point of the depression in 1932, the gain shown on
1936 in prices of all listed shares was 228%.
set of regulations, however skillfully drawn,
guarantee the successful conduct of an investment ; rust.
In our opin¬
ion, investment trust management requires freedom in the exercise of judg¬
ment and we do not consider regulation and restriction an antidote for poor
"Finally, we believe that no
can
11
and lost 75 bond issues.
prices developed an average gain of 50% from May 1,
with profits or losses0 thereon.
portfolio to disclose cost and fnarket value of various
of 102
Giving effect
the total admissions and strikings over that period, the list gained
were
firm from such transactions.
were
registra¬
total
a
bond issues by reason of maturity and calls for redemption.
acquired from management firm as principal, with
Syndicate participations
next week if
sale at a
as a
and harmonious; and I wish to express my thanks to the members of the
Exchange,
so
stock
■
on
short
a
adopted
which the enforcement of rules, including the possible
stock and par value of bonds purchased and
"3.
There will be no
were
reflect the establishment of an administra¬
change and the Federal regulatory bodies have continued to be cooperative
figures
material be included in quarterly reports:
profit to management
judgment, whereas
which had for years been settled
These rules
happy to record my belief that the relationships between the Ex¬
am
brokerage commission paid; the names of
indirectly associated with the management.or selling
■
•
N..
1
Bonds or stock
"2.
statement of
some
authorities.
loss thereon;
.agent.
the floor of the
imposition of discipline, is left to the Exchange rather than to the public
suggest:
reports on prescribed forms,
different types of trusts.
Number of shares of
.*'1.
were
of negotiations with the SEC and
stock
addition to the customary profit and loss statement and balance sheet,
"In
I suggest that
Included in these rules
price below that of the previous salb.
to
question of uniform accounting we
believe it
on
During the last administrative year 18 stock and 33 bond issues
Uniform Accounting Favored
"On the
by members while
practices of the Exchange, such as the rule forbidding
name
plear statement should be made in the prospectus as to the manage¬
ment policies and purposes. ,
7. We definitely favor (a) very complete publicity, (6) uniform account¬
|he
Exchange, joint accounts, the giving of orders for discretionary accounts,
any
A
ing.
proposals affecting
or
business.
7
May, 1935, the Exchange adopted a number of rules with respect
Late in
In the review of the year,
ah investment trust company should be included in the
of
of providing basic data for the
information, both of the Exchange and of the regulatory agencies in con¬
securities
of the investment company.
6.
Exchange Commission, the Board of
Reserve System and the staffs of these Govern¬
investment banking house that is the principal sponsor
The name of the
5.
or
10% of the assets could be invested in
problems.
new
The Exchange also devoted much effort to the collection
statistics from its members for the purpose
dividend payments.
provisions as to
to the
Securities and
Governors of the Federal
to
than 5%, and I have already referred to our objections
security rather
one
members of the
&c.
take the following:
from Washington we
1.
with
to transactions for their own account
the New York "Times"
of regulation estab¬
presented
Many negotiations and conferences were held in New York and Washington
-
that will be less than that which he was obtain¬
of the period of advancing prices."
ing at the beginning
program
by the Securities Exchange Act of 1934
ment bodies.
individual
an
lished
simply transferred to individual stock¬
the income of the individual stockholder bver thj
on
Operation of the Stock Exchange under the
classification does relieve the investment
of taxes, but these taxes are
holders.
Mr.
Federal Regulation
\
"Mutual investment company
"If
portion of his report, Mr. Gay made public
Sept. 28, has the following to say: • ' :
v
dividend procedure that the individual investor in the shares
this enforced
income.
^
^
;/
In the earlier
it will follow through
Since
company
April 1,
earnings did
advance Uniformly and on an even front, it is necessary to examine
not
other
factors in order
to
have
full
a
explanation of the substantial
per¬
centage rise in the prices of listed stocks.
,
Due
the
to
large-scale
operations,
refunding
which
reduced
income
yields, investors turned to lower-rated bonds and equities for the InconSfc
denied by prime investment securities.
changed,
was
taken
by
Plainly the fashion of investment
and investors had to assume the business risks ordinarily
stockholders
and
holders of the
more
speculative
debt.
Un¬
doubtedly, investment buying in the stock market accounted for the rela¬
Impairment
of
Functional Characteristics of
Stock
Through Restrictions Says Charles
R. Gay, President of New York Stock Exchange,
in Annual Report—Finds Market Thin and Illiquid
as,Result of Government Regulations—Discusses
Effect of Capital Gains Tax
Market Suffered
8
the Governing Committee of the
New York Stock Exchange, Charles R. Gay, President of the
Exchange, discussing its operations, states that the con¬
clusions drawn from the facts presented, ''is that, through
restrictions, the market has suffered impairment in its
functional characteristics.
Mr. Gay further commenting on
the Federal regulations affecting the Exchange, says:
*
In his annual Report to
As
a
result of new regulations,
market commitments,
and of the restrictive effects of the high stock transfer
and capital gains taxes,
the
of the reluctance of large traders to make
comparative share volume not only fell away but
quality of the market also was
In other words,
affected unfavorably.
the market became thin and illiquid and presented real
problems to those purchasers who
wished to acquire or those seller who
tively large amount of "cash" transactions.
Consequently, the rise in prices of Equities reflected, in part, downward
adjustment of their yields to conform generally,
income
senior
on
investment securities.
N
In
Loans
on
with the reduced yield
...
Securities
striking contrast to increasing governmental and commercial borrow¬
ings, loans on securities failed to show any substantial increase during the
late year cohered by this report.
Neither dealers' and brokers' loans
nor
direct loans on securities were negotiated in anything like normal amounts.
On
May
1,
1935
total
amounted to $3,219
loans
on
securities,
including
brokers'
loans,
million, and on April 29, 1936 the total was $3,304
million.
On
May
1, 1935,
New York
Stock Exchange member borrowings
on
collateral amounted to $804 million, and a year later the total was $1,064
million.
and with
These figures
$3,341 million
compare
on
with
$2,836 million on May
May 1, 1927.
1,
1926,
Thia comparison is distorted
somewhat, however, by the fact that listings of securities, used as collateral
for
brokers'
loans
have increased
.variations in market
greatly since 1927, as well
By employing ratios, the distortion may be
the years
as
by wide
values between the two periods.
1926 and 1927 the ratio of
overcame.
member borrowings
On May 1 of
to the market
Volume
Financial
143
•/-'
value of all listed stocks was, respectively,
'
8.47% and 8.24%.
of the years 1935 and 1936 the identical ratio was
On May 1
2.40% and 2.23%.
Sub¬
/■.
Chronicle
2141
American capital, confidence on the part of aliens in American business
conditions and prospects, and to lack of confidence on the part of foreigners
sequently, the comparable ratio fell under 2% for the remainder of this year
in political, social and
to.date.
of
^
Since
1926
business,
it
commonly is referred to
safe
seems
conclude
to
"normal"
a
that
in American
year
proportion of one-quarter
revealed
such
when it is
of normal
recalled that
The significance
amounts.
member
of this
borrowings and the ratio of
borrowings to market values generally reflect the extent of the long
or public participation in the market.
Prior to 1935 member
interest,
borrowings
tionately
collateral
on
were
commonly expanded and contracted
the market values of listed stocks
as
from May 1,
rose
The Federal Reserve Board, in January
Federal
1936 (effective Feb. 1), raised
legally could
be negotiated
in'respect to collateral
by brokers/ On
April 1), fixing the maximum loan values of stocks at
This
same
percentage
arranged by banks for the
tive May 1, 1936).
balances.
March
Thus the resulting margins
'
the so-called
Securities
the
the
flat 45% of market
to
security
this
formula
resulted in increasing
that
Jan.
on
122% of debit
were set at
the Initial
became effective,
had
margin requirements
been
of this
as
in
was
stock prices advanced during the period
effect.
The
revised
the latter figure to 55%.
margin requirements
It is of interest to note
1936, member borrowings amounted to only $938 million,
1,
During
member borrowing increased slightly at times but the relationship
to market values did not rise above
position,
•
.
2% with the exception of their May 1
.
Turnover in Securities
From May,
1935, to April, 1936, inclusive, the reported stock turnover
the New York
on
the
Stock Exchange was about 528 million shares, while in
period the bond turnover
same
comparing volume over
fluctuations in
to
For the last year under review,
transactions represented 8.1%
listings
the
94%
1927,
for 1931.
and
or
In
40% of the
simple
a
annual listings;
mean
Such ratios of transactions
for stocks
and
6.4%
bonds
for
1932; but, in the case of turnover in stocks the 40% ratio
1935-1936
for
was
of listings.
favorably with 32%
compare
established in
for
(par value).
the amounts of securities included in the list from time to
calculation reveals that share turnover
bond
$3,579 million
was
long term, it is of advantage because of wide
a
time, to relate volume to listings.
v
result
at
.A
the reserve banks, and
had the effect
funds.
During the time, and previously, Government securities had been
issued in great quantities, and the banks had purchased Federal bonds and
in unusually large
notes
amounts.
Here
find the principal causes of
we
period
132%
with
compares
99%
for
The stock turnover ratio for 1933
was
84%
1925,
119% for 1929, 67% for
1928,
for
Mr. Gay makes the statement that "happily, under the
rulings1 of the Securities and Exchange Commission in
respect of the Securities Act as amended, the required pro¬
cedure in registering new securities has been simplified."
"According," he adds, "we hope to see a smoothly functioning
capital market, as soon as greater confidence is restored
and when corporations are able to utilize additional funds
to advantage."
^
Current Joint
for
1926,
1930, and 44%
50%,for 1934 it
was
25%
the calendar year 1935 it was 29% by contrast with 32% for 1932.
In
drawing attention "to the operation of the tax on socapital gains and its effect on the stability of the
securities market," Mr. Gay says:
called
Objection to the capital gains tax in its present form rests upon the facts,
'
-
.
•
Statement of J.
P. Morgan & Co. and
30—Resources of $508,887,196 Compare with $541,073,954 June 30
Drexel
which represented but 2% of the market value of all listed stocks.
the year,
a
mark last
enlarging the base for deposits and for increasing the supply of loanable
three-pronged margin requirements, initiated
Under
28% to 40% of market values
which
of
reserves
loans
formula the average amount of margins had risen from the equivalent of
in
As
billion
Payment for the imported gold in Federal Reserve funds correspondingly
added to member bank
.
Exchange Act of 1934
market.
our
a
applicable
25
(effective
of purchasing or carrying stocks (effec¬
.
Previously,
when
made
was
purpose
.
applied to
$10
and other prime securities which ruled over the period covered by this report.
$260 million.
Reserve Board again amended the margin requirement
values.
the
tb««tow money rates and of the high prices for and low yields on gilt-edge
stock exchange credit transactions by lowering the maximum
whicn
passed
By contrast,
and fell.
rose
loan value of securities to 45% of their market values
loans
gold stocks
propor¬
Margins
on
business conditions existing at home.
monetary
our
1935 to May 1, 1936 when the market value of listed stocks
"appreciated $14,226 million, member bo<rowing
margins
Imports,
December, and have continued to mount since.
during the late administrative
and subsequently, member borrowings were arranged roughly in the
year,
is
as
Co.
&
as
of
Sept.
Resources of J. P.
Morgan & Co., New York, and Drexel
Co., Philadelphia, as of Sept. 30, 1936, as shown in the
joint statement of condition of the two firms for that date,
issued Oct. 2, totaled 1508,887,196, which compares with
$541,073,954 June 30, 1936, and $458,117,133 March 4,
1936, the dates of the two previous statements. The earlier
reports, viz: June 30 and March 4, were referred to re¬
spectively, in our issues of July 4, page 32, and March 21,
page 1907.
In the latest statement—for Sept. 30—cash on hand and
on deposit in banks is shown at $80,042,878, compared with
$100,564,333 and $56,500,918, respectively, June 30 and
March 4. Holdings of United States Government securities
as of Sept. 30 were reported at $302,496,809, against $324,631,496 June 30 and $279,059,715 March 4, while holdings
(Sept. 30) of State and municipal bonds and bills were
shown to be $35,635,920, in comparison with $19,162,674
and $27,885,163 at the earlier dates.
Total deposits at the close of September, $444,210,561,
&
•
below those at the end of June, but above those at the
March date. On June 30 the deposits amounted to $476,141,were
343, while on March 4 they totaled $393,480,132.
The
Sept. 30 deposits are made up of $424,622,756 of demand and
$19,587,805 of time deposits.
Capital of the two firms
remained unchanged at $25,000,000; surplus and partners'
balances increased to $24,164,809 Sept. 30 from $23,232,854
June 30 and $22,863,778, March 4.
plainly apparent, that it is not paid by those who were intended to pay it;
that its gross yield is comparatively small; that option of payment lies within
the choice of the potential taxpayer; that the tax is not certain in its inci¬
Central Hanover Bank & Trust Co., as Trustee, Acts
to
Aid
Colombian
Bondholders—Addresses City
dence; and that the tax is not general in its applicability and operation.
Council
Reference to the Treasury's "Statistics of Income for 1934" reveals the
of
Power and
fact that the yield of the capital gains tax is a relatively unimportant source
The
of revenue.
returns
the
gross
of capital net gains included in
amount
of individuals amounted, for
same
the tax
1934, to less than $21% million.
In
period the amount of capital net loss deducted was slightly more
than $178 million.
Persons paying a tax on incomes in excess of $100,000
reported about $%3 million of capital net gains and deducted about $1,600,000 of capital net losses.
There is
no
way
of determining from statistics
available the amount of tax actually collected
now
by the Government, but,
assuming that the average rate paid by these taxpayers was 55%, the tax
realized from this group
could not have exceeded $12 million.
the wealthy refused to incur the tax
Inevitably,
stock
continued
have
prices
Obviously
liability.
reflect
the
result
this
of
When natural forces in the market
are
thwarted,
the conduct of business assumes an abnormality, and the danger attached
to
any
crisis is
Holders of securities and realty, which
enhanced.
have
advanced in ,price sufficiently to establish large paper profits, should, from
point of view, be allowed reasonable freedom in realizing their profits,
every
and
sellers^
such
dictates
should
of sound
involved
through
not
judgment.
the
be
penalized
unduly
when
they
follow
the
A great deal more than personal profits is
possible danger
to
the market in
the event that
Selling by large security holders is long postponed, and is suddenly forced
by
some
a
situation
which
threatens
to
profits than the tax would take away from them.
of such
seems
crisis or emergency exist,
a
wise to give serious
artificially
to the
wipe out
more
And while
of
their
no symptoms
still, in the face of past experience, it
it
to
turn sellers
at times when it
should
be
the text of which follows:
This imported gold represents, in part,
and it is conceivable that, given
rapidly
as
to
support
requirements of the country.
our
and,
on the
our
compelling reasons, it may be withdrawn
credit
expansion
far
beyond the anticipated
Thus it is possible to visualize a menace to
welfare by reason of large,
from
flight of capital to this country
it has been accumulated; also, our bank reserves have long
sufficient
hasty gold withdrawals on the one hand,
other, of increased temptation to put potential credit, resulting
great gold holdings, to inflationary use.
Sept. 23,1936.
Municipal Council, Bogota, Colombia.
our
symptomatic of past and current
currency relationships,
This influx of gold
maladjustments in world trade and
and in part can be ascribed to the repatriation of
with
the
Royal
were
Bank
\
of Canada in
have called your
we
Bogota,
when the
pesos
depositary,
not converted into dollars and forwarded to
securing the loan.
us
for
as
Although
attention to this and subsequent defaults both by cables
and letters, you have taken no action to cure said defaults, for the reason,
as
stated by you, that various governmental decrees made it impossible to
comply with the terms of the agreement.
We have recently obtained the opinion
to the effect
of competent Colombia counsel
that there is nothing in the existing decrees which
prevents
municipality from making deposits with the depositary, in accordance
the
terms
of the loan
agreement, of the proceeds of the
pledged and of the dividends
gold outflow during February,
already enormous holdings.
and light loan of April 1, 1927 of the Munici¬
trustee under the terms of the loan agreement
Electrica.
1936, continued unabated during the late year; and a total of $1,367,787,000
of gold was added to
deposited
servicing this loan
with
International Cold Movements
Net gold imports, with the exception of the
power
pality of Bogota has been in default since April, 1932,
the
Preceding these remarks, Mr. Gay said:
was
,
Sir;
Dear
The consolidation
international
gold movements are also referred to
in the report, in which, as to gold imports, its says:
been
indicated in the letter of the Central Hanover bank of-
The President of
ing market.
as
was
Sept. 23 to the President of the Municipal Council of Bogota,
consideration to any eventualities which might
compel investors
possible to have the very real advantage of their buying support in a declin¬
The
resumption of the service on the loan.
question has been in default since April, 1932,
The loan in
will sell out as quickly as anyone else when
"
with
holders Committee had asked the bank to notify the Com¬
or not it planned to take any action incident
mittee whether
The holders of securities, in respect of which
unforeseen event.
large profits have accrued,
confronted
The
Colombian
Bondholders
Committee, New York,
through Lawrence E. de S. Hoover, Executive Secretary,
announced on Sept. 26 that he has been assured by the
Central Hanover Bank & Trust Co., New York, trustee
under the loan agreement, dated April 1, 1927, for the
$5,000,000 power and light consolidation loan of 1927,
20-year external 6L£% secured sinking fund gold bonds, of
Municipality of Bogota, that the bank has "the fullest in¬
tention
of protecting the interests of the bondholders
to the fullest extent within their (the bank's) powers."
Mr.
Hoover made public on Sept. 26 a letter addressed to the
President of the Municipal Council of Bogota on Sept. 23
by the Central Hanover which indicated the bank's intention
to take every step possible to protect the interests of the
bondhqlders. In a letter sent to the Central Hanover Bank
& Trust Co. under date of Sept. 10, the Colombian Bond¬
...
to
artificial curtailment of supply; and supply has failed at times to balance
demand in tho market.
Bogota on Servicing of/ Consolidation
Light Loan of April 1, 1927
We
on
the stock of the Empresas
revenues
Unidas
de
•
hereby make formal
demand upon
you
that you take immediate
steps to escrow for our account until such time as the servicing of this debt
may
be resumed, by depositing with the depositary, the
from the
revenues
moneys
received,
pledged and the dividends received from the stock above
mentioned, and that, in addition,
you
do everything possible to obtain
■f
Financial
2142
previously deposited
deposited.
and the Royal Bank of Canada, in Bogota, to whom
from the Banco de Republica the return of any sums
Governmental Decree 1951, to be likewise
with it under
Kindly advise us
we
sending
arp
immediately.
,
Trust Co. of New
Conditions in
Great
with
Britain
full
A
such
as
'
cannot be achieved as long
important branch of industry as construction
of prosperity
measure
an
states the Guaranty Trust Co. of New York in dis¬
cussing building and business recovery in the United States
and Great Britain in the current issue of "The Guaranty
lags,
financial con¬
Sept. 28. Ac¬
expansion in the construction
Survey," its monthly review of business and
this country and abroad; published
ditions in
Survey,"
cording to "The
of
in
home
owners
The average rate
issues
>
continued:
273-day
social.
Reserve banks and agents.
The figures this time
Aug. 31, 1936, and show that the money in circu¬
lation at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
Federal
are
for
against $6,161,947,699 on July 31, 1936,
Aug. 31, 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:
$6,226,735,827,
O
existence
of
investment
Building Industry
has
activity
and
this
than many other branches of
to
construction,
especially
progress in the last
Undoubtedly the^jrreatest
less
industry.
industrial,
has
Htek
the
been
of
government's programs, v^fany
industrialists hesitate to expand their plants or to replace deteriorated
or
obsolete-bSldings in the face of a huge government deficit and an
unbalanced
budget, which have created conditions that may lead to
grave
consequences
if they are continued much longer.
One of the
weakest spots of the
construction industry is the low level of building
operations in the electric power industry, where building activity is
being restricted because of the threat
of increasing competition from
government-owned and operated electric power plants.
Although the position of the construction industry as a whole has im¬
proved with comparative slowness and as yet has not played an important
part in bringing about recovery, it could and should exert great influence
growing
the business revival
in
of
out
b-
the
of
some
o
5
o h
ro
M
the
government
ing toward recovery in
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Reference to the offering of bills was made in
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per
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tenders had been received at the Federal Reserve banks and
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England during the last few years.
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about
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Henry Morgenthau Jr. an¬
nounced on Sept. 23 that $141,680,000 had been tendered to
the
offering of
$50,000,000.
or
thereabouts, or 273-day
which
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$141,680,000 Received to Offering of $50,000,000 of 273-Day Treasury Bills Dated Sept. 30—
$50,121,000 Accepted at Average Rate of About
0.186%
Tenders
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about 15% of these homes were
the Minister holds that this
privately-financed building boom has been the greatest single force work¬
with
o
l>
i
b-
Privately-Financed
Revival
significant
is
It
country.
erected
<n
o
©
undoubtedly been spread to some extent by the extensively published
concerning
the British
Government's slum-clearance program,
which was only a minor factor in the boom in residential construction.
The British Minister of Health, Sir Kingsley Wood, recently announced
the end of
b-
!
reports
since
o
CO
co
00
i
a
have gained the erroneous impression that the
building boom in Great Britain was the result of an extensive plan
sponsored "by the government to further business recovery by financing
home building, and they point out that its success should encourage our
Administration to carry out some similar project.
This false belief has
that
q N q IN
I
I
CO
kj.
i
this country
in
I
H
still to be made.
British
Many
CI
o
00 b^ fx* CO ©* 00
NOOOOKI
c
00
such as an
for new con¬
need
accumulated
considerably
made
struction,
confidence
N
»
I
o.
£
„
favorable to building,
an
few years
drawback
o
o o
q
co* co* ix" -h*
00
||8|
of general
revival
funds
o
o
©
^3
of conditions
the
Despite
o
o
O
o
o
b.*
slip I
the
of
iO
o
o
o
from rent-payers to
boom in moderate-
business in Great Britain
and the
United States in recent
years,
no
point of difference stands
out more conspicuously than the much greater influence that the building
industry has had on British recovery.
It is interesting to observe the
building boom in Great Britain with a view to ascertaining the manner
in which a similar building revival might stimulate business recovery in
this country.
The importance of the building industry in this country
is illustrated by the fact that during 1930 it directly employed two and
a
half million
individuals, while it is^. estimated that three and a half
million more were irdirectly dependent on construction for a livelihood.
abundance
as
and $5,628,781,402 on
,
comparison
a
the Country
Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount of circulation after deducting
the moneys held in the United States Treasury and by
that
Importance of
In
0.130% (bills dated Sept. 9),
(bills dated Aug. 26),
(bills dated Sept. 2), 0.170%
0.194% (bills dated Aug. 19).
Stock of Money in
budget deficits and rising tax burdens,
a
building boom of single-family residences would go far in bringing
pressure
for government fiscal reforms.
The individuals who purchased
these homes
would take a new interest in government economy, Mirst,
because of a greater
realization that they are paying the government's
bills, and second, because every tax increase would constitute one more
threat1 to their ability to meet the cost of carrying their new homes.
This has been the case in England; and the benefit to the country arising
out
of
the
building
boom
has
accordingly been threefold—economic,
and
per annum,
of 0.186% compares with rates on recent
hills of 0.150% (bills dated Sept. 23),
(bills dated Sept. 1G),
typical of most rent-payers.
Certainly, with our increasing
political
0.186%
The Treasury
country has placed thousands of new families in
the home-owning class.
This transition has given these families a new
social outlook; it has "instilled in them a new interest in their localities
and removed the indifference to expenditures by public authorities that is
in
homes
priced
of
rate is about
average
3, 1936
basis.
number of
the
of changing a large number of families
are fully realized
in Great Britain.
The
implications
99.859, and the
is
discount
check to government spending could be devised than
homes occupied by their owners.
The social
greater
no
increase
desirable for other than
In part, "The Survey"
reasons.
Perhaps
an
the near future is
homes in
new
economic
an
•
issued
bank
Possible While Building
Industry Lags, Says Guaranty
York—Comparison
a
and
Assistant Vice President
Full Measure of Recovery Not
be
on
0.149%
F. WOLFE
^
to
0.140%
Very truly yours,
v
,
intention in this matter
of this letter, as to your
a copy
Oct.
Chronicle
b These amounts
gold other than that held by the Treasury,
are
not
Included In the total, since the gold "or silver held as
security aeainst gold and sliver certificates and Treasury notes of 1890 Is Included
under gold,
c
gold
standard silver dollars, and silver bullion, respectively.
This total includes credits
certificates
In
Reserve System, In
«irb
(1) the Gold
the amount of
the Treasurer of the United States payable In
Certificate Fund-Board of Governors, Federal
578 913, and (2) the redemption fund for
Federal Reserve notes in the amount of $12 625.978.
c
Includes $1,800,000,000 Exchange Stabilization Fund.
Volumi
•»
..
Atlanta.
the
or
of any tax
purposes
h The
tinental limits of the United States.
prescribe
Treasury—(1) as a reserve for United States
notes and Treasury notes of 1890—$166,039,431 in gold bullion; (11) as security for
Treasury notes of 1890—an equal dollar amount In standard silver dollars (these
notes are being canceled and retired on receipt); (111) as security for outstanding
silver 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 la
eligible under the terms of the Federal Reserve Act, or, until March 3, 1937, of
direct obligations of the United States If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve in gold certificates of at least 40%, including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes In actual circulation.
"Gold certificates" as herein used Includes
credits with the Treasurer of the United States payable In gold certificates. Federal
Reserve bank notes and National bank notes are In process of retirement.
their
in the
or
Circular No. 418, as amended, and this notice
Treasury bills ,and govern the conditions of
Department
Treasury
held outside the con¬
In circulation Includes any paper currency
money
now
of its possessions.
any
.
Note—There Is maintained
(Attention is in¬
exempt
of the
a deduction, or otherwise recognized, for
hereafter imposed by the United States
inheritance taxes.
estate and
Decision 4550, ruling that Treasury bills are not
No loss from the sale or other disposition
tax.)
gift
Treasury bills shall be allowed as
Federal Reserve Bank of
held by the Cuban agency of the
the
from
except
taxation,
vited to Treasury
.
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 the United States.
f The amount of gold
g Includes money
all
from
for Postal Savings
lawful money deposited as a reserve
Includes $60,800,000
e
deposits.
2143
Chronicle
Financial
143
the
of
terms
the
issue.
♦
Mints and Assay Offices During Week
26—Imports Totaled $21,183,418
Gold Receipts by
Ended Sept.
$24,309,983.38 of gold was received during the
Sept. 26 by the various mints and assay offices,
the Treasury announced on Sept. 28.
It said that $21,183,417.52 of this amount was imports, $230,266.41 secondary
A total of
week ended
and
new domestic.
The gold, the Treasury
received as follows by the various mints
offices during the week ended Sept. 26:
$2,896,299.45
made known, was
and assay
RECEIPTS
of
3.5% in Savings of School Depositors
During Year Ended June 30 Reported by American
Philadelphia
Bankers Association
San Francisco.
$79,683.62
-19,539,400.00
1,614,837.20
86,500.00
274,000.00
23,506.79
1,230,002.06
721,819.26
of
Total for week ended Sept.
the
in the
$13,0S1,183.69
to
is
to 234
notable
a
in
gain
number
the
since
savings,
net
schools
of
3.8%.
slight
gain
in
which
since
the
deposits
have
the
indicates
1929-30
gross
vear
caused
of
improvement
depletion
rapid
a
such a
conditions
of
face
page
savings deposits
V Week Ended Sept. 26, 1936—
Philadelphia--...
New York
San Francisco
Total
In the "Chronicle"
Sept. 28 by the Treasury.
The silver
purchased by the Treasury in accordance with the
President's proclamation of Dec. 21, 1933, which authorized
the Department to absorb at least 24,421,410 fine ounces of
newly-mined silver annually.
Since Dec. 31, 1933, a total
of $103,638,110.27 fine ounces of metal have been turned
over to the mints and assay offices.
Reference to the proclamation»was made in the "Chronicle" of Dec. 31, 1933,
at
.
the branches thereof, up to
or
not
page
ington.
The
bills
new
sold
be
will
discount
a
on
basis
the
to
The
following
They (the bills)
denominations
trust
tenders
bank
Immediately
the
ably
to
allot
respect
shall
acceptance
bills
right
less
or
allotted
be
the
final.
be
will
any
Treasury bills
Those
gain
from
the sale
or
tenders
banks
Oct.
on
or
5,
branches
The Secretary of the Treasury expressly
or all
tenders or parts of tenders, and
for,
and
submitting tenders
his
action
will
be
banks in
7, 1936.
exempt, as to principal
in
any
advised
Payment at the price offered
made at the Federal Reserve
will
of
Reserve
such
of the
for Treasury
cash
or
other
other disposition
*
York
and
interest,
and
thereof will also be exempt,
Stabilization
1,000,000 Pounds Sterling Offered
by Soviet State Bank—
Market
Explanation of Offer
Secretary of the Treasury Morgenthau announced on
Sept. 26 that the $2,000,000,000 United States stabilization
fund had been used to support the pound sterling, having
purchased with a "handsome profit" £1,000,000 offered in
the New York market by the State Bank of the Soviet Union.
Whilp Mr. Morgenthau was reported as regarding the
action as a move to depress the value of the British pound,
Soviet officials denied any such motive, and said that the
transaction in question represented the sale of exchange in
order to pay a debt in Sweden. Mr. Morgenthau's remarks,
made at a press conference, were reported as follows in a
Washington dispatch of Sept. 26 to the New York "Times":
Not only did the
on' Oct.
be
New
Latter's
recognized dealers in in¬
be accompanied by
a
must
for receipt
Federal
applied
The receipts of newly-mined silver during the week ended
Sept. 18 were reported in these columns Sept. 26, page 1971.
Fund to Purchase
deposit from incorporated banks
and
1,824,446.70
103,638,110.27
,.
Secretary Morgenthau Uses United States
ex¬
places,
will
any
amount
immediately available funds
The
decimal
be
be opened and public announcement
follow as soon as possible thereafter, prob¬
rejection thereof.
must
three
1936
receipts through Sept. 26, 1936
in
Others
hour
the
at
reject
to
than
than
must
week ended Sept. 26,
Each
considered.
offered
company.
closing
following morning.
the
the
more
be
price
11,779.28
Total for
amount of Treasury bills applied for, unless
by an express guaranty of payment Jby an
trust
the
received
acceptable prices
on
reserves
not
will
The
responsible
from
the closing hour
to
up
the face
or
$1,000
without cash
Tenders
after
tenders
all
with
from
and
accompanied
are
incorporated
thereof
announce¬
must not be used.
accepted
securities.
of 10% of
deposit
of
be
than
$1,000.
of
100,
of
Fractions
companies
vestment
1936,
basis
will
Tenders
less
amount
multiples
986,268.20
826,399.22
Denver J
Total
an
Fine Ounces
'
*
San Francisco
will be issued in bearer form only, and in amounts or *
$1,000, $10,000, $100,000,
$500,000, and $1,000,000
in
the
on
99.125.
g.,
the
be
must
pressed
and
for
tender
tender
e.
Philadelphia
value).
(maturity
No
of
MINTS AND ASSAY OFFICES
(Under Executive Proclamation of Dec. 21, 1933)
Oct. 1:
of
ment
Morgenthau's
Secretary
from
is
The Treasury's statement of Sept. 28 follows:
Week Ended Sept. 26, 1936—
maturity of similar securities in amount of $50,060,000.
a
4441.
RECEIPTS OF SILVER BY THE
highest bidders. They will be dated Oct. 7, 1936, and will
mature on July 7, 1937, and on the maturity date the face
amount will be payable without interest.
On Oct. 7 there
is
statement issued
was
Eastern Standard Time, Monday. Oct. 5. Tenders
be received at the "Treasury Department, Wash¬
m.,
p.
banks,
Reserve
the Federal
of
During the week ended Sept. 26 a total of 1,824,446.70 fine
of silver were turned over by the Treasury Depart¬
ment to the various mintS%nd assay offices, it is learned from
who
received
be
1971 reference was
during the week ended Sept. 18.
ounces
Oct. 1 by
Treasury,
thereto will
tenders
that the
known
the
of
of Sept. 26, page
234.00
112,975,399.35
♦
offering of $50,000,000, or there¬
Secretary
Jr.,
—
Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 1,824;446.70 Fine Ounces During Week Ended Sept. 26
Receipts
a
Morgenthau
...
.
Sept. 26, 1936.
receipts through Sept. 26, 1936
made to the silver transferred
1936
abouts, of 273-day Treasury bills was made on
86.00
.....
Total for week ended
of 273-Day Treasury Bills in Amount of
$50,000,000 or Thereabouts—To Be Dated Oct. 7,
Henry
.
Seattle—
New Offering
Announcement of a new
Bine Ounces
—
148.00
.....
-
...
New Orleans.
West Virginia.
and
Washington
Texas,
Tennessee,
...
*
........
...
...
Denver
of the year.
Bavings registered net savings at the end
school
.
TO UNITED STATES
(Under Executive Proclamation of Aug. 9, 1934)
the
on
\
SILVER TRANSFERRED
comparatively
will
made by the Treasury Department on
given in our issue of Aug. 11, 1934,
1
the Treasury's announcement of Sept. 28 the follow¬
now
are
Virginia
and
Michigan,
which a year ago indicated withdrawals greater than
deposits, have reached a point where again net savings are shown.
New York State, which has the greatest number of depositors in school
savings, again has gone beyond the $1,000,000 mark in net savings.
Pennsylvania made a notable gain in deposits during the year, as did also
California, Connecticut, Illinois, Minnesota, Missouri, Ohio, South Carolina,
2
was
ing is taken:
part of people who. desired work. was the exception.
low gross deposits were occasioned by the newness of
school savings projects.
The prosperous condition of people at that time
is reflected in the net sayings of $8,550,000.
As of June 30, 1936,
36 of the 40 States which offered opportunity
ployment
made
Amounted
558.
From
funds
of
within striking distance of what they
were
12
years ago in 1923-24, when almost
$15,000,000 was deposited,
with
a
resultant net savings of $8,550,000.
Conditions then were far
different from what they are now.
Industry was at full tide.
Unem¬
School
for
Nationaliza¬
of Aug. 9, which was
in the
$1,000,000
savings of almost
in net
gain
deposited in school savings.
The
$2,896,299.45
Fine Ounces
Announcement
opportunity for school savings (9,070) increased by only 130,
or
1.4%;
the number participating
(2,786,253 pupils)
decreased by
about
50,000,
or
1.7%, and the deposits
increased by $483,107.27,
This
$230,266.41
Sept. 28 of the transfer of 234 fine ounces of silver to the
United States during the week ended Sept. 26 under the
Executive Order of Aug. 9, 1934, nationalizing the metal.
The Treasury said that 112,975,399.35 fine ounces of the
metal have been transferred since the issuance of the Order
offering
or
26, 1936 $21,183,417.52
During Week Ended Sept. 26
tion Order
compared
publication:
This
668,460.86
Silver Transferred to United States Under
for the year
with $12,598,076.42
year before, said an announcement issued
Oct. 1 by
Bankers Association, which quoted Mr. Albig as writing
Deposits
Association ^journal.
the
amounted
the
213.55
9,375.14
Seattle
report by W. Espey Albig, deputy manager
the American, Bankers Association, published in "Bank¬
ing,"
14,158.39
New Orleans
a
says
year,
17,042.47
25,229.13
Denver
savings depositors in the United
States during the year ended June 30 totaled $3,730,085.87,
an
increase of $967,117.46,
or 3.5%,
over the preceding
$1,803.72
$3,951.19
New York
of school
savings
Net
New Domestic
Secondary
Imports
A"V ■'
Increase
OFFICES
GOLD BY THE MINTS AND ASSAY
OF
United States pounce upon an offering of £1,000,000
by the Russian State Bank .when it was made in the New
market
soon
after
York Exchange
the world
opening this morning, but it gave notice to
2144
Financial
•
Chronicle
that it would "go the limit" to protect the financial
equilibrium which it
cine
This means, according to Secretary of the Treasury Morgenthau, who is
handling this end of the monetary agreement, that the United States is
willing to employ the entire $2,000,000,000 stabilization fund if necessary
to redeem its word as
That
of
available
Britain
Great
resources so
.
given in his statement last night.
declared
statement
that
as
as
the
and
intention
France,
to avoid
as
of
the
It is
United
"to continue to
far
as
States,
as
I
possible any disturbance of the
made by Secretary Morgenthau.
was
The
the
capital
seemed
to
regard
the
incident
as
.
possible attempt
a
or
currency
find
a
But there is another
by
of the country.
lower level
us
result of the readjustment of the franc to the dollar and the pound.
an
announcement
sources would have meant a serious
shortage in caring for patients
through loans and grants.
.
that
do
must
we
reason
for
increasing the bed capacity of the hospitals
The medical and nursing professions are right in telling
more
to
help the small income families in times of
sickness.
When the newspaper correspondents filed into the Secretary's office, Mr.
Morgenthau told them he had
private
and in giving them adequate facilities had it not been for Federal assistance
wore on,
.
Russian bank to cushion itself against loss which might result to its
holdings of pounds sterling should the British
as a
expenditures through the Public Works Administration
increasing the capacity of American hospitals by nearly 50,000 beds."
During the depression the difficulty of obtaining funds through municipal
...
As the day
however, the official attitude in Washington seemed to soften.
Let
he wanted to get on the
.
me
with great sincerity give the
praise which is
wires and into the newspaper offices, and if possible in
newspapers on the
great sacrifice, ip maintaining the standards of
devoting themselves without reservation
began to detail what had hap-
pended.
He had learned this morning, he said, that "some one is trying to drive
contemplates
in
...
The result of the drive, he continued, was that the pound had sunk from
"On making inquiries,"
the sick and in
means at any
price.
There
1,000,000 pounds sterling 'at best,' which
"
v'
on
health
Sept. 27 categorically denied
most of Mr. Morgenthau's statements.
Associated Press
Moscow advices of Sept. 27 noted these remarks as follows:
communique issued by the State Bank said that Mr.
announcement
"appears to be
upon an effort to defend
an
Morgenthau's
undignified anti-Soviet attack, based not
foreign exchange but on
some
their interests.
any price and that only his interference through the purchase of these
pounds with the American stabilization fund had prevented the success
of the State Bank's scheme.
"The State Bank declares Mr. Morgenthau's declaration about the desire
of the State Bank to decrease the value of
sterling is
absolutely without
nonsensical invention.
officers'
conference came out in full support of the
public health
The American Child Health Association and the Child Welfare
provisions.
League indorsed the maternal and child health provisions.
This in itself
that the health plans will be carried out in
traditional social and political Institutions.
assures
compatible with
our
make that point very clear.
with the Public Health
All States and Territories
Service.
a manner
Let
me
cooperating
health service; all States but
ten in service to
But let
crippled
National Bank in New York to remit that amount of dollars to
Stockholm,
the announcement said.
time, the communique continued, the State Bank ordered
the Chase National Bank to sell £1,000,000 in order to
replenish its dollar
stress, in addition,
that the act contains every precaution for
insuring the continued support
of the medical profession.
In the actual administration of the Social
Security Act we count on the
•»
cooperation in the future,
throughout the country.
Nation
want
medicine
hitherto, of the whole of the medical profession
The overwhelming majority of the doctors of the
as
kept^ out of politics.
On occasions in the past,
attempts have been made to put medicine into politics.
have always failed and always will fail.
Government, State and national, will call
The Soviet, the communique asserted, owed a Swedish concern, Asea
(the Swedish General Electric Co., Ltd.] $6,890,700 and had to make a
payment at Stockholm. In order to do so, the State Bank ordered the Chase
me
and cooperation
York."
same
are now
All States except one are cooperating in
Public support is behind this program.
v
"Mr. Morgenthau gave as the reason for his action an ordinary
banking
operation of the Statb Bank through the Chase National Bank of New
At the
The action taken
by the provisions of the splendid social
children and all States but nine in child welfare.
"A dispatch from Washington says Secretary of the
Treasury Morgenthau
told the press that the State Bank of the U. S. S.
R., presumably striving
to weaken the value of the poucd, had offered
£1,000,000 in the market at
a
shown
as
are
maternal and child
other aims."
The communique said:
foundation and
action detrimental to
health
tion, the American Public Health Association and the State and territorial
"When I learned this I bought their sterling."
The Soviet State Bank
no
the field of
four provisions in the social
security act which* deal with
health, and these provisions received the support of outstanding doctors
during the hearings before the Congress.
The American Medical Associa¬
he proceeded, "I found that the Russian State
Bank had given orders to sell
,
for
care
high ideals of their profession.
security act recently enacted is clear.
its closing price of $5.02 yesterday to $4.91.
^
to the
The medical profession can rest assured that the Federal Administration
down the pound sterling."
A
due to the doctors
of the Nation for all that they have done
during the depression, often at
streets, before the market closed.
Then he
As
matter of fact, the
a
are
He would assign no specific aim for the action of the Russian State Bank,
and referred all questions as to that to the Russians.
happy, too, that the Federal Government, through its Public Works
am
of Jersey City and to Hudson County in making this center possible.
made of the operations of the stabilization fund,
ever
privilege to take part in the dedication of this medical center—
expenditures, has been able to be of assistance to the municipal government
basis of international exchange resulting from the proposed readjustjont."
The announcement of the purchase of the pounds from Russia, one of
the few disclosures
a
the third largest medical institutional group in the United States.
well
appropriate
use
3, 1936
whelming majority of the doctors of the Nation want medi¬
kept out of politics. On occasions in the past attempts
have been made to put medicine into politics.
Such attempts
have always failed and always will fail."
The President
spoke as follows: »
expects to6result from the projected readjustment of the franc and the
linking together of the currencies of these three powers.
■
Oct.
upon
Such attempts
the doctors of the Nation
for their advice in the days to come.
It is many long years ago that Mayor
Hague and I discovered a common
interest in the cause of the crippled child.
This great medical center is,
I know, close to his heart.
.
I congratulate him on the fulfillment of a
splendid dream.
Jersey City and Hudson County
I congratulate
modern facilities surpassed by
on
no
other
community in America.
account in New York.
"The State Bank specifically instructed the Chase National Bank in
telegram Sept.
a
25 to sell at the tyest price obtainable," the communique
President
stated.
more
than strange that Mr.
banking transaction
a
reason
,
Morgenthau could
see in this
ordinary
at
Pittsburgh
State Bank is without foundation."
pressive Taxation
to
Participate
in
Appropriate
Increased National Income
Field, told the gathering of
or more
"I
score
going to talk to
am
you
some 60,000
about the box
proclamation issued in Washington on Sept. 23,
designating Oct. 12 as Columbus Day, President Roosevelt
invited the people of the United States "to observe the
day
with appropriate ceremonies in schools and
churches, or
other
suitable
places."
The
President's
proclamation
a
follows in part:
Whereas Public Resolution 21, Seventy-third
Congress,
approved
I am going to tell you the story
fight to beat down the depression and win recover^.
From where I stand," he added "it looks as
though the game
is pretty well in the bag." The President declared that "to
balance our budget in 1933 or 1934 or 1935 would have been
of
a
our
crime against the American people.
That the
To do so we would
capital levy that would have been
would have had to set our face against
either have had to make
confiscatory,
April
30, 1934, provides:
or we
a
human suffering with callous indifference.
suffered,
we
refused to pass by
came
ment
net amount of
over
and there
was
little to show for it.
increased
the
States on all government buildings on said date and
inviting the people of
the United Statas to observe the day in schools and
churches, or other
suitable places, with appropriate ceremonies expressive of the
public senti¬
befitting the anniversary of the discovery of America.
I,
Franklin
D.
Roosevelt,
President
of
the
United
States of America, under and by virtue of the
authority vested in ipe by
the aforesaid public resolution, do by this proclamation
designate Oct. 12,
1936,
as
Columbus Day and do direct that
on
that day the flag of the United
Stages be displayed on all government buildings; and, further, I do invite
the people of the United States to observe the day with
appropriate cere¬
monies in schools and churches, or other suitable
places.
.
.
.
When Americans
the other side.
Pr&sident of the United States is authorized and
requested to
proclamation dasignating Oct. 12 of each year as Columbus
Day
and calling upon officials of the government to
display the flag of the United
a
Now, therefore,
people that
of the Govern¬
ment of the United States.
Ceremonies.
issue
Paid by Op¬
but by
Generations
Pittsburgh on
speaking in the Forbes Baseball
President Roosevelt Proclaims Oct. 12 Columbus
Day
People
Future
on
"Box
Combat Depres¬
In his second campaign speech, delivered at
Oct. 1, President Roosevelt,
•
Invites
Presents
to
sion—Says Federal Debt Will Not Be
for his declaration about the threat to the
equilibrium of world currencies and the value of the pound.
"Therefore, it is obvious that the statement of Mr. Morgenthau about the
In
Roosevelt
Score" of Government in Effort
"It is
on
Humanity
first."
In his remarks the President stated that "President
Hoover's Administration increased the National debt in the
$3,000,000,000 in three depression
National
$8,000,000,000 and
debt
in
years
My administration has
the
net
of
amount
there is much to show for it."
about
In part
he continued:
Put that figure of
$8,000,000,000
out here on the score-board and let me
tell you where the dollars went.
Over
a
$1,500,000,000
went for the payment
of the World War veterans'
bonus this year instead of In 1945.
0
Hi
President
'
and is
Roosevelt
Dedicates
Medical
Building in
Jersey City—Attends World Series Ball Game in
New
York
City and Officiates at Breaking of
Ground for Queen's Midtown Tunnel
President
Roosevelt
visited Jersey
City and New York
City yesterday (Oct. 2)—taking part in the first named city
in the dedication of the Medical Building at the
Jersey City
Medical Center.
no
longer
a
That payment is now out of the way,
future obligation of the Government.
As for the other 6^
—we
billions of the deficit,
spent it for something.
conservation
conservation!
security and
of
human
of
natural
a
we didn't just spend money
America got something for what we spent—
resources
resources
through
of
CCO
water,
soil
camps
and
and
forest;
work relief;
bUlions for
better life.
Referring -4o the "fear about the crushing load" of the
Government debt being imposed
"upon
your
Later the President attended the World's
Series ball game at the Polo Grounds in New York
City, at
the conclusion of which he felt for Long Island
City,
Borough, to break ground for the Queens Midtown Tunnel.
He was scheduled to leave for his Hyde Park
(N. Y.) at the
Long Island ceremonies.
In Jersey City at the Medical Center the President
of the present generation.
children and
mine" the President said:
Queens
conclusion of the
delivered
an
address in
which he declared that "the
over-
This debt is not going to be
paid by oppressive taxation on
erations. It is not going to be
paid by taking
away
future
gen¬
the hard-won savings
,,
It is going to be paid out of an increased national income and Increased
individual income produced by
increasing national prosperity.
The national income was 38 billions in 1932. In 1935 it was 53 billions
and this year it will be weU
present rate—as
I
am
over
60 bilUons.
confident that it
If it keeps on rising at the
will—the receipts
within
a
year
Volume
or
Financial
143
two will be sufficient to care for all
ordinary and relief expenses of the
Government—in other words, to balance the
Chronicle
which
had the courage to provide the
which private interests no longer had or
sources
annual budget.
The speech of the President, who was
2145
tion in Washington
This cost money.
necessary re¬
longer dared to risk.
no
We knew in March, 1933, that it would cost money.
introduced to the
gathering by David Lawrence, Secretary of the Common¬
wealth of Pennsylvania, followed one by Governor Earle.
themselves
In full the President's address follows:
in 1935, and they know in 1936, that the plan is working,
We knew that it would cost money for several years to come.
they
Mr. Chairman, Governor Earle, My Friends of Pennsylvania:
A
baseball
park is
good place to talk about
a
United States.
1
the depression and win recovery.
From where I stand it looks as though
the game is pretty well in the bag.
I
am
convinced that when
matics about it.
voted
of
And today
Over
bonus this year instead of 1945.
As
We
the millions out of work,
saw
what
was
it showed
worse,
tional income I
prospect of recuperating by itself.
no
By na¬
the total of all income of all the 125,000,000
mean
In this country,
the business concerns running in the
Our national income had declined over 50%, and,
the
profits of all the businesses, of all the individuals and corporations in
America.
——:
■ • ' —-4-—
——
—
——
—"
■
'
~
.
During the four lean
income
national
000,000
declined
had
year—In short,
a
before this administration took office that
years
from
Rise and Fall
$81,00,0000,000
and
you
$43,000,000,000 less in 1932 than
I,
of
all
for
the
prosperity.
index of tne prosperity of the
an
in
When
turn
depends for its size
incomes
grade, then tax receipts
and
and
values
on
without going into the red.
of the red is
to
on
are
the
We had to balance the
keep the people out of the red.
That makes
showed
national
our
\
accounts
to bat in 1933
came
of about
$3,000,000,000,
National income
in
were
was
in
downward spiral.
a
downward spiral.
a
nowhere because values
To pile
Federal Government
new taxes
on vast
for
ask
during these past three years to spend $8,000,000,000 few*
us
American
American farms,
$8,000,000,000 as representing the net increase
I have used the figure of
our
national
Immediately people will rush into print or run to
debt.
microphone to tell
tell you
if some one were to try
about the condition of your bank by telling you
to scare you
,
just as correct as telling you good people
Pennsylvania that none of your bank deposits or insurance
United States Treasury has $13,000,000,000
it had in 1933 you should also be told that it has
When you are told that the
of liabilities than
$6,000,000,000 of increased assets to set off against these
of two things.
one
days, urged
let
to
me
doing nothing.
Some people, who sat across my desk in those
nature
and continue
take its course,
I rejected that advice.
Nature was in
In three years our net
made.' We
had to be
choice
National
of people of small means, the continued loss of
small
businesses
into
the
hands
of
their homes and farms and
who still had enough
people
defense
capital
It
was
It would have meant, in a very short time, the loss of all the resources
multitude
a
1
have
of Individuals
seen
a
2% of the population,
or
a
of property ownership
concentration unequalled in
since the days of the later Roman empire.
And
and small corporations.
families
and
concentration
You
in the hands of
nation
any great
business, the small corporation, the small shop from the
the small
of deflation
wave
We realized then, as we do now, that the vast army of small business
factory
our
owners
farmors and
plan
range
we
and shop owners form the backbone, together with
workers, of the industrial life of America.
my
In
Points to Past Year as Without Single
that advice for
administration
an
determined,
was
to
I had promised,
reason.
keep
the
of the
people
United
in the hands of local communities
were
At that time,
Jast far longer than the bread.
In those dark days, between
us
and
budget in 1933
against the American people.
to
set
our
or
1934
or
1935 would have been
No
crime
a
To do so we would either have had to make
face against human suffering with
we
would have had
callous indifference.
When
Humanity
first.
one
lightly lays
tightening circle of
burden
a
the income of a nation.
on
But this vicious
declining national income simply had to be broken.
our
The bankers and the industrialists of the nation cried aloud that private
business
was
powerless to break it.
turn, to the Government.
They turned,
as
they had
a
right to
We accepted the final responsibility of govern¬
ment, after all else had failed, to spend money when no one else had money
left to spend.
I adopted, therefore, the other
a
alternative.
I cast aside
a
do-nothing
a
I came north from West Virginia I saw
as
national
to restore purchasing
income upward.
In
1933
we
(income.
power,
reversed
the
to raise
•
we
values and to start the
policy of the previous
the first time since the depression you
Having stopped them,
had
a
went
an
on
national
administration.
Congress and
For
administra4
mines operating, I
steel, the roaring
life, the hiss of steam, the ring of steel on
of industry.
song
And
now
a
word
upon
as to
your
of National Income
this foolish fear about the
children and mine.
crushing load the debt
This debt is not going to be
It is not going to be
generation.
increased national income and increased
paid by oppressive taxation on future generations.
paid by taking away the hard-won savings of the present
It is going to be paid out of an
individual income produced by increasing
running,
years
because we paid the
national prosperity.
government has been steadily
declining for
technically, this year it did not decline,
although
bonus this year instead of in 1945.
Without the bonus
the deficit would have declined this year.
The truth is that
national income has
anticipated in 1933. The
gone up faster than we dared then to hope.
Deficits
we expected.
Treasury receipts are increasing. A
we are
The national income
was
doing better than we
38 billions in 1932.
and this year it will be well over
60 billions.
In 1935 it was
Jj^dSillions
If it keeps otfTlsing at the
will, the receipts within a year or
all ordinary and relief expenses of the
present rate, as I am confident that it
two
will
be sufficient to
care
for
Government—in other words, to balance
The Government of this great
through a crisis
mocracy or
as
grave
as
the annual budget.
nation, solvent, sound in credit,
war
is coming
de¬
without having sacrificed American
the ideals of American life.
President
first step in our program we had to stop the quick spiral of deflation
and decline in the
stacks. I saw idleness and
or
wait-and-see policy.
As
I could see mile
factory area in the world a dead pan¬
of silent black structures and smokeless
have been less than
Americans suffered, we refused to pass by on the other side.
came
at second base in tnis field
hunger instead of the whirl of machinery.
three
capital levy that would have been confiscatory or
a
worked.
have in Pittsburgh now with the
I drove through these great valleys,
as
The deficit of the national
*
Situation Faced in 1933
our
you
after mile of this greatest mill and
will impose
almost bankrupt.
people, knowing this time that in many places the lines
American life.
To balance
It is proof that the program has
scoreboard which you had when I stood here
found bustle and
balanced budget, stood millions of needy Americans denied the promise
an
record has been established.
Compare the scoreboard which
and
To have accepted that advice would have been to offer bread lines again
a
a
Debt to Be Paid Out
—local communities which themselves
of
It has been 55 years
You and I can take this
single National bank failure in the United States.1
Today
prosperity of them all.
additional
I refused to leave human needs solely
would
affairs of our Govern¬
It is
American people.
whole year in which there has been not
Oct. 1, and it marks the end of a
a
since that kind of
States from starvation.
to the American
Bank Failure
I wish to celebrate with you and the
ment which
orama
long-
our
recognized that the prosperity of America depended upon,
and would continue to depend upon, the
I rejected
?
that
four years ago.
which threatened them.
men,
-
It was an
than defense; it was more than rescue.
occasion to rejoice in that record.
i
1
the program of this administration set out to protect
so
more
And, incidentally, tonight Is an anniversary in the
Program to Protect Small Interests
would
involved in 1933.
investment in the future of America.
left to pick up those homes and farms and businesses at bankruptcy prices.
of
as
the saving of America has been cheap at
Don't you believe that
price?
But
much as $25,000,000,000.
and the future of America were involved in 1917.
increased
National defense and the future of America were
mood.
To have accepted this advice would have meant a continued wiping out
liabilities.
national debt has increased $8,000,000,000.
in two years of the late war it
policy of
a
an angry
policies
sound.
more
national
of its liabilities
of its assets.
That is technically and morally
here in
wrong.
They will
billions instead of 8.
that my arithmetic is all
you
that the increase in the national debt is 13
That is technically and morally just as correct as
nized the obligation of the Federal Government to feed and take care of
A
American
homes and the care of American
the growing army of homeless and destitute unemployed.
Something had to be done.
>
question: Hasn't it been a sounder investment
citizens?
On top of having to meet the ordinary expenses of government, I recog¬
-could do
administrations
United States to foreign
billions loaned by the
immediately after the war.
the simple
you
industry,
home
Most of those dollars sent abroad are
Debt Increase Viewed as Sound Investment
rev¬
would get us
good American money, just as hard-earned.
as
Those billions, lost to us under previous
for good.
gone
do not include the other
governments during and
are
going down,
were
just
were
the reward of our thrift, as the dollars we have spent at
as much
and not telling you
accumulated in the three previous years.
enues
.
and were sent abroad, to foreign countries,
used for increasing foreign armaments; for building
giving work to the unemployed.
the
With Entry of Democratic Administration in 1933
when the Democratic administration
deficit in
net
a
doesn't it?
common sense,
score
Those dollars
Just
in
Deficit of $3,000,003,000
out of American pockets
where the money was
could balance the budget of the
we
for them with certain
got
we
American people in the years between 1920 and
1930^ During that period not merely $8,000,000,000 but many more billions
came
I
The only way to keep a government out
budget of the American people before
in the future of America.
and what
expenditures
these
down¬
national government.
The box
Contrast
other expenditures of the
the down-grade too.
go on
While many who criticize today were selling
better life.
America short, we were investing
the size of the national
transactions
If the national income continues to decline, then the Government cannot
rim
for security and a
foreign factories to compete with us, for building foreign model dwellings,
The money to run the Government comes from taxes; and
tax revenue
Income.
It is also
CCC camps and work
of water, soil and forest; billions
unemployed, foreign boondoggling, if you will.
much you and I and everybody else are making, is an index of the rise and
of national
America got something for what we
swimming pools and slaughter houses, for giving employment to the foreign
of National Income Index of Rise and Fall of National Prosperity
Government.
Just spend
of the deficit, we didn't
$6,500,000,000
other
spent it for something.
we
conservation of human resources through
making
were
Now, the rise and fall of national income, since it tells the story of how
fall
the
That payment is now out of the way
$38,000,-
to
year
a
together,
us
made in 1929.
we
the scoreboard and let
future ob igation of the Government.
a
relief; conservation of natural resources
people
the total of all the pay envelopes, all the farm sales, all
longer
no
money,
red, the banks closing.
is much to show
$1,500,000,000 went for the payment of the World War veterans
a
spent,
prosperity.
in the
debt
tell you where the dollars went.
me
the
to decent
national
the
My administration has increased the national
'
for it.
management came to Washington we began to make our
new
by taxes
.
$3,00",000,000 in three depression years and there
of ovor
little to show for it.
plans—plans to meet the immediate crisis—and plans that would carry
people of the country back
1934 when
They knew
could not get the money
we
administration increased
Hoover's
amount
and is
winning it.
we are
Since
debt in the net amount of about $8,000,000,000 and there
much like a shut-out
so
look at the cost.
Put that figure of $8,000,000,000 out here on
team took charge the national
your
In fact, it looked
change of management in order to give the country a
a
chance to win the game.
When the
higher mathe¬
are no
It is just plain scoreboard arithmetic.
When the present management
you
the table, there
are on
scoreboard looked pretty bad.
that
net
The people
They understood it in
Increase in Public Debt
us
President
was
government finance or any other finance is
honest, and when all the cards
1933.
full endorsement of its policy.
a
borrowed it and increased the public debt.
we
going to tell you the story of our fight to beat down
am
in
that
;"
Now let
Tonight I
box scores.
going to talk to you about the box score of the government of the
am
understood
the administration
gave
Roosevelt Says
Charge of "Communism" Is
"Red
Herring" and False Issue—In Speech at
Syracuse He Says He Is a Conservative Determined
to Preserve Institutions by Reforming Them
President Roosevelt on Sept. 29 categorically denied the
charge that he is accepting Communist support in his cam-
-
Financial
2146
paign for re-election.
In
listed as
declared:
"I have not sought, I do not seek, I repudiate, the support
of any advocate of communism, or of any other alien 'ism'
which would by fair means or foul change our American
democracy."
Incidentally, it may be noted here that a White House
statement was issued on Sept. 19 declaring that the President
"does not want and does not welcome the vote
.
.
from
.
issued
sources."
alien
Stephen T.
by
There is
address before the Democratic
an
State Convention at Syracuse, N. Y., which was
his first "political" speech of the campaign, he
'
"My attention has been called to
"Such articles
They
would
people will not permit their attention to be diverted
honorable, decent citizen
need
and
does not want and does not welcome the vote or support
came
to me in Washington in those early
banking
who
Most
tion
"STEPHEN EARLY,
averted,
was
therein that his Administration halted
Roosevelt asserted
a
A
gotten
drift toward radicalism which
fostered by Republican
"true conservative" because,
liberalism that "becomes the
that,
off
policies, and he said that he is a
as a liberal, he has advocated a
protection for a far-sighted conservatism."
He described
the charge of "communism" as a "red herring."
The President attacked the Republican party and said
that its leadership is the same as in 1932.
Criticizing Re¬
publican policies, he said: "You cannot be an Old Guard
Republican in the East and a New Deal Republican in the
West. You cannot promise to repeal taxes before one audi¬
ence and promise to spend more of the taxpayers' money
before another audience.
You cannot promise tax relief
for those who can afford to pay and at the same
time
promise more of the taxpayers' money for those who are in
need."
■
«
the
of
effusive
three
1933,
hat
form of government
our
were
thanks.
the
ran
old
him
but the
been
out,
had
gentleman
He
the
later,
silk hat, fell
down the
a
friend
A
to swim.
silk hat floated off
resuscitated he was
praised his friend for saving hie life.
Today,
old gentleman is berating his friend because the
pulled
and
After
his
wearing
gentleman
nice old
a
He was unable
tide.
in
years
silk
of
pier.
a
overboard
dived
with
revived,
industry
that
rose,
subversive of
summer
end
prices
crop
days.
those
the
the
pier,
lost.
was
*
.
Emergency Action to Meet Crisis
Why did the crisis 01
*
The
is
ism
is
answer
invite
to
to 1932 pass without disaster?
1929
the
in
found
what
of
record
Reaction
disaster.
is
did.
we
barrier to
no
Early
in
the
that danger of radical¬
"To meet by reaction
1932 I said:
campaign of
radical—it
the
is
a
danger is to offer a
workable program of reconstruction, and the party to offer it is the party
with clean hands."
We met the emergency with emergency action.
But
far more important than that, we went to the roots of the problem and
challenge,
"c" '"'.vy
.
few
In
was
that
and that the
turned aside.
people—a few only—-unwilling to remember, seem to have for¬
reopened,
Syracuse address, of Sept. 29, President
States remember today the fact that starva¬
homes and farms were saved, that banks were
the United
people in
dangerous forces
his
days of 1933
pleading to be saved?
Assistant Secretary to the President."
to
the bread they saw in the
get
to recall
Do I
purposely inject into American affairs.
To return
could
how they
starve,
the homeless boys who were travel¬
ing in bands through the country seeking work and food—desperate because
they could find neither?
Do I need to recall the farmers who banded
together with pitchforks to keep the sheriff from selling the farm home
under' foreclosure?
Do I need to recall the powerful leaders of industry
"This simple fact is, of course, obvious.
"The American
children
their
saw
of any individual or group taking orders from alien sources.
from real issues to false issues which no patriotic,
-
spring of 1933 we faced a crisis which was the ugly
of rieglect of the causes of economic and social unrest.
bakery window?
the American people.
► "The President
Conditions Faced in 1933
fruit of 12
It was a
crisis made
£ to order for all those who would overthrow our form of
government,^ Do I need to recall to you the fear of those days—the
reports
those who piled supplies in their basements, who laid plans
to get their fortunes across the border, who got themselves hideaways in
the country against the impending upheaval?
Do I need to recall the
law-abiding heads of peaceful families, who began to wonder, as they
false impression—in other words to 'frame'
a
v
the
years
l$d by a certain
President passively
conceived in malice and born of political spite.
are
deliberately framed to give
are
great difference between the two parties in what they
very
communism.
Reviews
government.
I
to what they think
widespread
In
hostile to the American form of
accepts the support of alien organizations
a
is a manifestation of the social unrest which always comes
economic maladjustment.
We in the Democratic party
have not been content merely to denounce this menace.
We have been
realistic enough to face it.
We have been intelligent enough to do some¬
thing about it.
And the world has seen the results of what we have done.
planned attempt
a
notorious newspaper owner to make it appear that the
iS;
Jrfommunism
wTfti.
White House Statement,
Assistant Secretary to the
y
\
President read:
*There
do* about
The
Early,
difference between the major parties as
no
1936
3,
communism.
about
?
support
or
Oct.
Chronicle
attacked
Mr. Roosevelt
The
provocation.
a
the
the
of
cause
to
meet
that
We
were
against
way
crisis.
There¬
revolution.
pointed to his own record in public life as
sufficient answer to the charge of "communism," and he
said that his'opposition is raising "false issues" in the effort
conditions which make revolutions—
against the inequalities and resentments which breed them.
In America
in 1Q33 the people did
not attempt to remedy wrongs by overthrowing
to defeat him.
their
"Hereandnow,
You
false issue.
fore,
He added:
once and for
all, let
'TSor nearly four
I have been President of the United States.
years
munism
A
very
In that record, both in this State and in the
long record has been written.
farms
national capital, you will find a single, clear and consistent adherence not
"To
that
of
communism
foul
or
or
other
any
which
'ism'
alien
It always has been
?
force
Tonight
of
habit
I
had
almost
Never
confidence.
there
was
greater need
came
been
have
evaded.
ignored.
the
of
They
underlying
the
to
fostered
fear
spreading through the
were
it, but by their actions they encour¬
inequalities, the downright suffering out of
did they do about these things?
Lacking
Being selfish,
they
neglected.
Being short¬
When the crisis came—as these wrongs made it
deplored
the
come—what
come—America
fear
it with
We enter
fidelity
for
delegates."
fellow
difference between the two
Conditions congenial to com¬
throughout this Nation up to the
great
very
communism.
Discontent. and
it.
it
for
people
very
to
unprepared.
was
lack of preparation
Our
"my
said
and I join forces for the 1936 campaign.
you
they
they
to
sure
Syracuse address follows:
long
a
and
speeches they
revolutions
sighted,
The President's
From
is
about
The injustices,
it.
courage,
It always will
position.
position."
could
wrongs
We proved that democ¬
previous national administration, bewildered, did nothing.
their
In
which
my
breeding
The
aged
by fair
would
there
that
being bred
were
was
land.
will
change our American democracy.
"That is my position.
be my
the future of my administration
future and
my
I have not sought, I do not seek, I repudiate the support of any
conform.
advocate
means
record
that
realize
to
institutions.
day of March 4, 1933.
Hunger was breeding it, loss of homes and
was
breeding it, closing banks were breeding it, a ruinous price
level
only to the letter but to the spirit of the American form of government.
made
were
right within their
parties in what they do
service extending back over a quarter of a century.
^
said
have
I
Americans
set
work.
can
racy
familiar with my background, you know my heritage
are
at|d you are familiar, especially in the State of New York, with my public
be
those
against
war
institutions.
would
and
bury that red herring and destroy that
us
waged
we
best proved by the cringing and the
was
helped
indifference
whose
pleading that
us
the
make
to
crisis.
should do, overnight, what they should
we
doing through the years.
v__
"
conception
given to
The
to
Americanism
of
task
our
on
separate the
without
today.
is
will
First,
the real
from
to clarify
And
it
again
once
is
issues;
other
from
simple patriotism requires,
as
secondly, with facts and
and,
And- the simple causes
false issues.
campaigns.
It
that respect, this will
In
Partisans,
willing
not
face
to
has
of government
out
that
attention from
what
This
the
of
the
practice
trail
is
as
their
of
old
as
malicious
truth—a
weaknesses.
own
Thomas
Jefferson
form
planned
of
the
Eastern
the
dictatorship
Roman
seaboard
Has
is
Not
planned
destroy
the need
Jackson
surrender
to
mob.
frontier
another
a
revolu¬
French
soaked
rich
of
democracy
American
called
They
the
herring
turns
Lincoln
communism
It has been
up.
a
in
issue
an
individuals
purpose,
election
an
and
Desperate
and
groups
where
com¬
controversy between the two major parties.
a
now,
know
my
York,
with
and
once
false
for
You
issue.
all,
are
let
bury
us
familiar
that
with
my
red
and
herring
background,
you
and you are familiar, especially in the State of New
public service extending back over a quarter of a century.
For nearly four years I have been President of the United States.
A long
not
heritage,
my
has
record
National
been
Capital,
only to
written.
you
the letter
that
In
will
find
but
both
record,
spirit
in
this State
and
clear and consistent
a*simple,
the
to
of the American
in
the
adherence
form
of
gov¬
ernment.
To
conform.
any
record
I
have
advocate
That
be my
that
reason
safest
in
our
American
Democratic
was
for
evil
grov?.
a
form
of government
The
hands.
it
of
real,
of
my
future
not
sought,
communism
I
or
the
future
do not
of
any
seek,
or
is
position.
position.
It
of "my
I
other
foul change our American
means
my
and
always has been
Administration
repudiate
alien
the
"isq$/
will
support
which
of
would
democracy.
my
position.
con¬
That
leader¬
of social' justice and
regard for the well-being of the masses of our people.
•
>
Contrasts Democratic and
I
been
have
and
and breadth
length
the old
1910
comparing
Democratic
Horse
noted
its
for
industry
Washington.
and
This
New York.
As far back as the year
Albany was failing to meet chang¬
noted
for
its
mixture of population—where the
Here
agriculture—a
poorest
and
order
for
And
unrest.
yet
in
this situation
was
State
the
literally, within a stone's throw of each other—in short,
to
contrast
throughout the
in
appropriate social legislation.
social conditions by
ing
Cavalry
in
leadership holds true
of the State of
Black
Republican Leadership
leadership
Republican
a
the best
a
State
with
the
richest lived,
situation made
the
Republican
of those days could say
leaders
>as:
"Let them eat cake."
What would!
happened if that reactionary domination had continued through all
these hard years?
\
Starting in 1911, a Democratic leadership came into power, and with
it a new philosophy of government.
I had. the good fortune to come into
public office at that time.
I found other young men in the Legislature—
men
who held the same philosophy—one of
them was Bob Wagner;
have
another
A1
was
Smith.
We
were
all
joined
in
a
common
on
of it
something to be used by the people for their
as
New
government
factory
sanitation;
as
legislation
limitation
of
workmen's
It always will
will
undercover
actual,
four years ago.
program
not look
that
by fair
of
greatest
Sought, Does Not Seek, Support of Any Advocate Of Communism
that
be
to
a
self-
British
This year it is Russian.
in
that
for
is
to
Abraham
destroyer; Woodrow Wilson
a
failure,* cunning
at
make
to
not
and
Here
same as
ship will never comprehend
variety of other things.
a
angry
seeking
munism
Republican leadership is the
guillotine under
It
between
campaign
mood,
are
and
a
forms
a
Andrew
Messiah.
this
French—and
in
of
imaginable
a
up
that
Emperor; Theodore Roosevelt
constituted
In
to set
government;
all
tinue
opposition
planned to make himself king under
tionary
-
First, a weak
two:
were
be guilty is simply to lose touch
can
failure
Avoiding the facts—fearful
charged that George Washington
British form.of government; that
democracy.
our
unpreparedness
our
an
with reality, because
Every empire
has crashed has come down primarily because its rulers didn't know
was going on in the world and
were incapable of learning."
this
of
realities, will drag out red herrings—as they have always done—to divert
secondly,
and,
unrest—the
made
who
of
inability to understand the reasons for
tragic plight of 90% of the men, women and children
up the population of the United States.
been well said, "The most dreadful failure of which any form
leadership;
social
the real problems for the American public.
be—there are—many
different
no
there
twofold:
is
part
false
rancor,
There
be
than
party to carry the message of that Americanism to the people.
our
compensation
train
law;
passed
crew
which
a
were
setting
the
law;
up
working
a
decent
hours
one-day
called
radical
and
own
standards
of
rest
direct primary law—these
then
cause.
something apart from the people.
in
seven
laws and
our
did
of
in
women
alien to
We
We thought
good'.
safety and
industry; a
law;
a
full
many
form
more
of
were
govern-
Volume
Would
ment.
Financial
143
or
you
this
ship,
gteat
tradition
of
progressive Democratic
liberal,
a
carried still further by your present Governor, Herbert H. Leh¬
has begun
a program of insurance to remove the spectre of
the working people of the State.
He has broadened
our
labor legislation.
He has extended the supervision of public utility
companies.
He has proved himself an untiring seeker for the public
good; a doer of social justice; a wise, conscientious, clear-headed and
He
unemployment from
business-like
it
And be
the
and
that his
noted
hamstring progress within
for another
Albany
to
task
His
in
statecraft
government.
our
The
forces
same
have tried to
century,
a
overwhelming majority
of
our
task in Washington, has been
my
and
reality.
In
New
York and
to maintain
in
Washington,
government which has rendered more than lip eervice to our constitutional
democracy has done a work for the protection and preservation of our
institutions
that
could not have been accomplished by repression andi
force.
■
Let
social
but
turn
them
them;
we
the doing
No
tiie
of
long years
that
Remember
But
today
leadership
it.
first
the
done.
job
things;
unemployed;
believe
we
in all
present Administration
We
us.
believe in
we
is
will
better;
do
and,
all
in
these
will
them—we
of
important of
most
essential
,
the shortness
on
oppor¬
of
doing
the
way
job well
a
have
we
is
this:
about
"
would
the 'Federal
be
the
on
Government,
Republican
of
in
and
audience
one
promise
You
afford
to
money
for those who
is
Who
done
the brink
job.
the
New
of
for
to
York,
and
of
enterprise by
face
far-sighted
to
for
that
conservative
thought
to
change.
we
of
can
before
who
can
taxpayers'
the
on
the
run
these
who
man
has
of
and
private
both
of
risk
from
comes
as
we
real
a
now
concern
The true
property
inequalities
institutions
years
day of reckoning.
the
system
Liberalism
of
stresses
is the
against
the
our
and
a
Nation
arise from
those
who
it.
refuse
the protection for the
becomes
greater strides
in the safeguarding of democ-
than we have made during the past three years.
Wise and prudent
men—intelligent conservatives—have long known that in a changing world
institutions
changing time.
is
events
I
conserved
the words
of
the
only
great
proclaiming to us—Reform if
that kind of
am
be
can
In
-forms of American wild life.
We
birds and other valuable
-
V"
-
-
enacted
and
outlined
appropriation
funds for identical purposes, making altogether
~
- -
^
give effect to our
legislative program to
a
policy:
$700,000 a year for
The Duck Stamp Bill, which has»raised about
(1)
birds.
The Coordination Bill requiring active cooperation of each depart¬
of the administration and Cabinet officers in the enforcement of game
(2)
ment
laws.
-■
(30 The Robinson BUI creating game sanctuaries on
big step forward.
4
all public properties,
Migratory Bird Treaty With Mexico
Besides
this
completed
we
the termrof the treaty
the northern
on
Treaty with
flight.
By
with Mexico, protection is given migratory birds
flight.
of this administration have lately been
I cite these facts because critics
tion by the
Mexico
This treaty supplements a similar
Canada which gives protection on the southern
with
treaty
Bird
Migratory
the
nearly 20 years.
wild, life restora¬
4
Federal Government during the past three years.
the nation has in that time acquired
of land and dedicated it to the restora¬
Yet in pursuance of this program
4,800,000 acres
and set aside some
been
located
fowl; others
on
are
Many of these refuges have
of valuable wild life.
and perpetuation
tion
principal resting and breeding grounds of the wild
the
placed along the main migratory flight lanes, while still
food and safety to the birds in their winter quarters.
others afford rest,
have been established to perpetuate
the elk, antelope,
the big game species,
mountain'sheep and the deer. All
hosts' of song and insectiv¬
these sanctuaries afford shelter and security to
orous
birds and to
a
great variety of other wild creatures.
The total area
of Federal wild life sanctuaries acquired in all previous years was
approxi¬
mately 1,800,000 acres in the United States.
Thus since June
1934, more than, twTo and one-half times as much
30,
wild life sanctuary area has
been acquired or is now being acquired than
the preceding years in the
in
all
is
now
This work
and singleness
history of our Government.
going on and it will be continued with the same vigor
of purpose.
made
rary
worthy
wild life program—an amount greater than the total
$20,700,000 for the conservation of waterfowl,
free
conservative.
Never has
of public lands, all to
previously appropriated for that specific purpose.
of $6,000,000 of emergency
New
a
money
those
for
more
and
taxes before
the old leadership which brought it to
the strains and
protect
threat
need
the
taxpayers'
promise
believes
correcting such injustices
serious
most
takes
seeks
the East
relief
of
promises
to repeal
the
and retirement
have been made from current emergency
In the western country great ranges
Out of
which proposed to
addition, I approved an Act of Congress continuing an
In
to
You simply cannot make good
who
government to
injustices and
conservative
the
in
tax
been
-
sanctuaries.
funds to support the
The
leaders
Republican
promise
of
more
time,
in need.
the true
that
as
this had
lands submarginal in character, by the purchase of other
Allotments totaling $14,700,000
time.
1933?
see
Republican
promise
same
America
in
our
of
spend
the
are
be set aside
the other great
accomplish
to
suitable lands and by making generous allocations
which had hung fire for
lies "behind
fulfilment
cannot
at
same
there
back
turning
and,
pay,
promises at the
to
State
waited
You cannot
to
Plans
nation.
engaged in expressing dissatisfaction with the progress of
of
purpose
the West.
audience.
another
come
the
of
had
we
cannot be an Old Guard
You
today.
Deal
lack
same
of agricultural
Republican
.
The
The
if
it.
pass
for
book
statute
the
but they had been in great part ignored.
We evolved a national wild life conservation program
to
want
to
The
Shook to the source of the promises of the past.
Governor Lehman
kno%s and I know how little legislation in the interests of the average
citizen
of
resources
available for years,
all,
leadership is against the job being done.
Republican
fishes would thereafter take rank with the conservation of
renewable
a
mistake
no
that
the conservation of our wild animals, birds and
the protection of migratory
banking too heavily
are
against
not
assuming office
provide a natural wild life restoration program and a policy
to
would make certain that
,
make
In the past it had been shamefully
One of the earliest concerns of this administration upon
was
is doing
foregefShat they had their golden
will
one
one-half years to
three and
the last
during
neglected and exploited.
against the smooth eva¬
these
the
the
do them
friends, these evaders
memories.
tunity—12
for
way
to
over
will
done
been
has
.
will not cost anybody anything."
of them
But, my
our
work
in
do not like the
we
of
more
see
believe
we
believe all
we
,
the Nation
warn
me
course
Just
them.
of
"Of
what
protect and perpetuate our wild life.
of all funds
'
..
Cross our- hearts and hope to - die, ^we- believe
homes.
tilings;
and let
you
says:
security;
saving
do
warn
me
which
sion
,
hikers, will rejoice to
provide abundantly for the needs of wild life by purchase
years.
Albany, like
between
contact
and restore the life of our great out-of-doors.
that those in this audience who are devotees of outdoor life,
sure
am
know
and soul
political partisanship in an activity whose object is
no
whether fishermen, hunters, naturalists, campers or
to return him and his administration
propose
two
of
and backed by the
quarter of
a
State.
our
regardless of party,
citizens,
for
who,
branch
executive
opponents are led
individuals
same
the
of
administrator
I
party-
.
conservation work is more important than the protection
It is a work into which we can all enter heart
wild life.
our
because there is
to preserve
been
man.
of
\
•
No part of our
governor¬
*
-
the
Today
has
Monongahela National
matchless resources here at the gateway to the
our
Forest.
.
Smith, then during, my
Governor
alien
.
intelligence was carried forward over the
opposition of Republican leaders throughout the
unswerving
State.
\
of practical
program
typical and
radical and
them
.
first under
years,
call
Americans
■
..
later
In
other
any
today?
2147
Chronicle
by
them to the
"The voice of great
adjusting
essayist,
would preserve."
conservative, because I am thatNrind of
a
licenses, a total of 13,000,000—a veritable army to
conservation.
Drainage, drought and overshooting
bers of
you
liberal.
a
citizens take out
take out annual hunting
uphold the banner of
pertinent to remind you here that 7,000,000 of our
It is
fishing licenses each year and that 6,000,000 more
our
having greatly decreased the num¬
the cost of
waterfowl. I have for three consecutive- years, at
drastically reducing the open
bitter criticism, approved regulations
much
and prohibiting the use of certain devices
be unduly destructive. As a consequence, I am informed that
shooting seasons and bag limits
known to
-
Conservation is Theme of Talk by President
Roosevelt
Elkins, W. Va.—Says Federal and State Govern¬
ments
Are Cooperating in^ Preserving Wild Life
at
Natural Resources
and
our
gathered today for this forest festival turns
lenge and
a
It demonstrates what can be done in the way
justification.
of conservation
her gifts
of our
while at the
resources.
same
It shows
us
how prodigal nature is in
time it emphasizes the necessity
f6r
men
be brought to their fullest usefulness in
The State of West Virginia is rightly
but the State also shows to
Today I have
the service of all mankind.
proud of its glorious natural
scenery,
what happens when man flies in the face
us
seen many square
which have been denuded of timber.
miles
of splendid mountains
I have seen yellow streams carrying
In this State
of the
rected
by
as
in many
Here and
Forest
in
you
in
In this
the future.
hereabouts
Service
preserves:
others we are proud of the growing conscious¬
people themselves that man's errors in the past must be cor¬
man
the Federal Government
are
cooperation
have
an
what can be done through the National
with
the work of the
opportunity to
contribution to enlightened conservation
of the
other
agencies whose activities
worth-while effort the State and
working hand in hand.
you see
resource
State conservation
observe first-hand
it is the responsi¬
of vital importance to all Americans and that
guard it for future generations.
its recognition of
fields and woods and waters constitutes a
bility of the Federal Government in
cooperation with the States to safe¬
At last we are making definite progress.
+»
Utility Executives Confer with President Roosevelt—
Hold First Meeting to Discuss Pooling of Public
and Private Electrical Resources
Executives of government
and private utilities Qpnferred on /
Sept. 30 with President Roosevelt in Washington in a move
toward pooling public and private
electrical resources, par¬
ticularly in the Tennessee Valley area.
Other similar con¬
ferences will be held in the future.
No announcement was
regarding the result of the first meeting, but it was re¬
ported that a good start toward a general agreement had
made
The following statement was
issued
on
behalf
by Frank R. McNineh, Chairman of the
Federal Power Commission, and Wendell L. Willkie, Presi¬
dent of the Commonwealth & Southern Corp.:
of the conferees
It
the practical
made by our CCC camps and all
are^directed to the preservation of
appeared from the
there might
public and to investors.
that during the next few
these
discussion of experience here and
abroad that
would
be savings made in the pooling of transmission which
be beneficial to the
Consequently it was agreed
weeks there would be explored further and in
detail
possibilities.
In the meantime the
are
eroded silt and soil frcm the steep slopes.
ness
survive these disasters.
incomplete statement of the ways and
by which this administration has made effective
to
supplement nature's work in order that the rich gifts which are ours may
of nature.
Such, my friends, is a brief and
means
been made.
thoughts toward conservation.
This wonderland of natural beauty is at one and the same time a chal¬
have shown some increase in numbers
and it is believed that they may now
the fact that the wild life in our
Federal and State Governments are cooperating in con¬
serving the Nation's resources, President Roosevelt said in a
speech at Davis-Elkins College, Elkins, W. Va., on Oct. 1.
The consciousness is growing, he said, that "man's errors in
the past must be corrected by man in the future".
His
administration, the President declared, has stressed the con¬
servation of wild life and natural resources, despite expressed
dissatisfaction by critics "with the progress of wild Life res¬
toration by the Federal Government during the past three
years."
The President's speech was made during a brief
pause in his journey to Pittsburgh, where he spoke on the
night of Oct. 1. His Pittsburgh address is referred to elsewhere
in this issue. The President's speech at Elkins follows:"
The setting in which we are
there is evidence that these species
to see whether
TVA and the Commonwealth
& Southern Corp.
they cpuld not agree on an extension of
the present agree¬
ment between them.
A
Washington dispatch of Sept.
30 to the New York
"Times" discussed the conference in part as
follows:
Although many ques¬
tions of general principle were brought up, the practical discussions were
confined to the situation in the Southeastern States, where the Common¬
wealth & Southern has found itself in potentially direct competition with
The meeting lasted
the power
about an hour and a half.
distributed by the Tennessee Valley Authority.
A
*
•%
■
.
,
.
;
■
.
2148
'
v.-;■
•"
*
\
Financial
*
Chronicle
off agreement"
which
has
eliminated
facilities, but this plan will expire
In
addition
Mr.
to
Roosevelt,
useless
duplication of transmission
Nov. 3.
on
the
of
All practices must be performed according to certain specified standards.
Georgia Power Co.; Samuel Ferguson, Chairman of the Board of the
Hartford Electric Light Co.; Owen D.
the General Electric Co.; T. W.
The total payments for each ranch will be limited to an amount equal to
Young, Chairman of the Board of
$2 times the grazing capacity of the ranch.
Lamont of J. P. Morgan & Co.; Arthur E.
capacity of
Morgan, Chairman, and David Lilienthal of the TVA; Basil Manly, ViceChairman
Federal
the
of
Power
Frederic A.
Commission;
labor, seed,
Cooke, Rural
The
Electrification Administrator; Lewis Brandeis "Wehle, New York attorney,
and Alexander Sachs, research director of the Lehman Corp.
Wehle and Mr.
when he
Sachs
advisers to Mr.
were
attempting to work out
was
a
Mr.
the
Wehle is
policy for the State of New
power
fill
nephew of Associate Justice Louis D. Brandeis of
a
Supreme Court.
Despite the apparent limitation of the discussion to the area which could
eventually be served by the TVA, there
was no
doubt in the minds of the
conferees that any policy which might be worked out to govern future re¬
lations between the TVA and the operating companies
monwealth
practices which have been approved and the rates
for them are as follows:
Contouring, 60 cents an acre.
Developing of springs and seeps, $50 per spring or seep.
Earthen pits or reservoirs for holding rainfall, 15_cents per cubic yard of
.
Roosevelt in the days
York, particularly in relation to the proposed St. Lawrence River develop¬
ment.
be made where any of the practices are performed with
other materials furnished by a Federal or State agency.
or
of payment
Brandeis Kin Aids Roosevelt
-
:
Mr.
For example, if the grazing
ranch is 500 cattle, the total payment may not exceed $1,000.
a
No payments will
Delano, Vice-
Chairman of the National Resources Committee; Morris L.
Sept. 27 the AAA had the follwoing
in all States, but some practices are applicable only in certain States.
same
Arkwi-ight, President
S.
1936
The rates of payments and the specifications for each practice are the
McNlnch, those
Mr.
Willkie and
Mr.
who attended the meeting today were Preston
Oct. 3,
>■
to say:
<
.
*'
In its announcement of
Since January, 1934 the TVA and the private utility have had a "stand¬
making
the Com¬
up
>
excavation.
or
*
Wells, $1 per linear foot of well dug or drilled.
Water spreading, 10 cents per 100 linear feet of permanent ditching.
Reseeding depleted range land, $2.50 an acre for reselling with crested
wheat grass; $1.25 an acre for reseeding with slender wheat grass, western
wheat grass, or brome grass (brornus inermis).
Range fencing. 30 cents a rod.
Rodent control, 7H cents an infested acre for prairie dogs, five cents an
infested acre for kangaroo rats.
Fire guards, three cents per 100 linear feet.
\
Railing sagebrush, 50 cents an acre.
,
&
Southern
system might
easily be the forerunner of similar
arrangements In other parts of the country where the same question will
become acute in the
future.
near
The
calling of the conference by President Roosevelt
noted in these columns Sept. 26, page 1972.
was
Increased
United States
Exports to France
Results
as
Stabilization Accord Predicted by Secretary
of
of
Roper—Forecast Differs with Opinions
of Department Officials
Commerce
1
„
Repealed Kerr-Smith Tobacco Act Ruled Unconstitu¬
tional by Judge Hayes in Federal District Court
in Greensboro, N. C.
In
.
opinion signed
on Sept. 17 by Federal Judge JohnUnited States District Court in Greens¬
boro, N. C., the Kerr-Smith Tobacco Act was declared un¬
constitutional.
The Act, together with the Cotton Control
an
son J. Hayes, in the
and Potato Control
Acts, was repealed at the last session of
Congress following the decision of the United States Su¬
preme Court hoMing the Agricultural Adjustment Act un¬
constitutional, to*Wliich the three
The text of the legislation
given in
was
As
ated
Judge
Hayes's
Charles
the
Robertson.
Act
the
decision
in
the
the
action
of
Taylor
as
of
James
Internal
plaintiff
will
P.
Revenue
recover
Federal tax
a
his Randolph County farm.
question has been repealed by Congress,
in
the
on
flue-
one
the
conclusion
The defendant did
the
the
court
measure
of
derives
the
against
recalls
dismissed
was
paid
the
tax
collector,
the
on
and
filed
from
ground
suit
and we
"A closely related
the
the
Act
is
case
that
the
pleading
the
involved
It is
authority for the Act exists under
in
accomplish
a
purpose
beyond
its
emphasize
trade
agreements are deliberately and carefully handled, bringing all the
facts to the surface.
"As
.
the stabilization efforts of the last few
to how
days will affect the
results must be awaited,
direction of larger trade volume.
In this connection it is well to review the character of
exports.which, under
taking from us and the imports which,
under normal conditions, we have been getting from
France.
"Among the principal items of United States exports to France in 1935
petroleum
cotton,
were
and
tobacco leaf, machinery and
fruits
products,
p-nd nuts, refined copper,
automobile parts.^
"The principal imports from France during the same
delegated
powers."
now
fortunate .that the negotiations in relation to these
normal conditions, France has been
Federal Constitution, but undertook to show
authority from the taxing power.
"But," Judge
"this power cannot be invoked by Congress
order to
guise
very
but it is quite evident that it looks in the
the court
unconstitutional."
The efforts toward
will of necessity
importance of progress under our foreign-policy program with
trade
the
as
course.
trade barrier to trade stabilization, in fact one that
hand in hand with it, is excessive tariff barriers.
goes
last week-end
all encouraged to believe that the desired end of international
are
stabilization will be reached in due
for
opinion,
mere
.
"A dramatic step of great importance was, however, taken
trade between the United States and France, the
the constitutionality of the Act, and
"that
Hayes stated in" his
a
the nations.
the encouragement of proper trade relations
paid.
not contend that
clause
commerce
equity
He
attorneys in the
that of
question,
of
law.
at
thus
money
by
bill
his
remedy
agreed
the
but
tax,
a
of the
was
.reached
the
injunction
an
Nor will currency stabilization alone
suffice, for it is only one_of the barriers to a freer trade relationship among
agreements.
sought
Several strokes to this end will be required, requiring pa¬
stroke.
one
tience and constructive negotiations.
the
on
plaintiff
had
he
recovery
the
17, Associ¬
opinion.
collecting
that
Sept.
on
farmer, against Collector
Under
$314.32, the amount paid by Mr.
First
only
Hayes,
promulgated
was
tobacco
a
tobacco grown
The
It
opinion
Staley,
II.
of
cured
that
of Judge
Press advices from
Taylor of
in
decision
agreement
monetary
new
"International currency stabilization is not something to be accomplished
at
Greensboro, that day, appearing in
Raleigh "News and Observer," said:
the
sum
auxiliary.
were
between Great Britain,
France and the United States is likely to result in larger
American exports to France, Secretary of Commerce Roper
predicted on Sept. 30. Mr. Roper in a prepared statement
argued that the good-will toward the United States as a
result of its participation in the stabilization accord probably
will influence the French to buy more from this country.
Other Department of Commerce officials have expressed the
belief that because of the larger amount of francs required
to buy American goods, our exports to France will probably
decrease. Mr. Roper's statement said:
•
repealing the three control Acts
issue of Feb. 22, page 1226.
our
the
to
measures
The
period were wines,
brandy and other spirits, cigarette paper, perfume materials and cosmetics,
■
i
*
original paintings and works of art 100 years old, calf, goat skin and cattle
hides,
Secretary of Agriculture Wallace
Hnprovement Program for 11
Approves
Western
Benefit Payments to Be Paid by AAA
for Certain
Range-
coney
and rabbit furs, precious stones and imitations, gold and silver
fabrics, cotton laces, machine-made silk fabrics and leather gloves."
States—
to Stockmen
Office
Department to Cooperate with Social
Security Board in Initial Work for Administration
of Federal Old-Age Benefits -
Post
Range-Building Practices
Approval by Secretary of Agriculture Henry A. Wallace
of range-building practices and the rates of
payment which
stockmen may earn for performing them in the
rangeimprovement program during the remainder of the calendar
year 1936, was announced on Sept. 27 by the Agricultural
Adjustment Administration for 11 western States.
The
States for which the practices have been
approved are:
Arizona, California, Colorado, Kansas, Montana, Nevada,
New Mexico, North Dakota, Utah,
Washington and Wyo¬
ming.
Approval of practices for Idaho and Oregon is ex¬
pected soon, the AAA indicated.
Social
Tlie
Security Board announced in Washington
setting
up
Social
of initial
n
Office
for whom Federal
or n
i]y.
.
by stockmen
during the remainder of this
year
The complete list
program.
under the 1936 Agricultural Conservation
of practices
announced
today include
touring, development of springs or seeps, building earthen pits
or
con¬
reservoirs
for
holding rainfall, drilling or digging.wells, water spreading to prevent
soil-washing, reseeding depleted range land with certain grasses, building
range fences, rodent control, establishment of fire
guards, and destroying
sage
brush.
Mr.
Farrell emphasized
is limited to
cattle or sheep
program
building practices and that it is not a
reduction program.
Stockmen intending t?o participate in
the range program should make certain that the
practices
range
they plan to perform receive prior approval by the local
which will administer the local
phases of the
program, Mr. Farrell said. •
*
committees
t
Old-Age Benefits will
Department, in cooperation with the Social Security
The Post
arrangement, the Social Security Board announcement said,
maximum
the
be
will
coordination
and
and the work
achieved
manner.
Under the heading of Federal
j
Security Act provides for
workers
to
of existing facilities
establishing accounts for
use
of
of workers will be conducted in the most efficient
economical
and
qualifying
Old-Age Benefits, the Social
system of retirement payments
the age of 65.
This system is
a
at
Federally administered and involves the largest initial ad¬
ministrative job of any of the. provisions of the Social Se¬
curity Act. Benefits will begin to accrue for workers in
qualifying employments after Jan. 1 and certain lump-sum
payments will begin to be payable next year.
The Board's
announcement of
that the
of
Department will be reimbursed by the Social Security
Board for the expenses involved in this work.
Through this
It will apply
Under the program which has been developed in
cooperation with stock¬
men, certain proved range-bqilding practices may be
performed
assignment
Office
Payments will be limited
by the grazing capacity of each ranch.
the
estimated 26,000,000
Board, beginning about the middle of November.
millions
by stockmen will be en'lre'y
privately-owned and privately-controlled land.
an
begin to accrue next Jan. 1 will be conducted by the Post
_
Participati
and
records
wage
Security account numbers to
American workers
"This program is open to all stockmen in the States con¬
cerned," said George E. Farrell, director of the Western
Division of the AAA, which will administer the
rangeimprovement program in the western States.
He added:
to
on
Sept 25 that an agreement had been reached by which the
Social
"The
it
was
Benefits.
to
and
to
Security Boardi has felt that in the interest
desirable
ernmental
is
Sept. 25, issued by John G. Winant, Chair¬
said:
man,
to
agencies
The
purpose
prevent
get the
established
wcrk
in
out
setting
a
program
up
the
of the agreement
duplication
of
advantage of
governmental
effort,
the
services.
of
coordination
administration
with
of
the Post
unnecessary
Board
has
the
Office
increases
trained Civil Service
The
of
with
taxpayer
other
Federal
in
personnel,
personnel
sought
to
gov¬
Old-Age
Department
of
avoid
longthe
,•
Volume
of
building
and
The
achieves
of
setting up
numbers
account
Security
Social
Office
the
machine for
huge
a
assigning
Post
the
Financial
143
individual
employee,
making of
the
a
He
finally broken.
the
on
American Navy while it was on war
director of operations of the
as
station in Irish waters where the undersea
permanent office record based
application, and the return to the individual worker of a card
certifying that an account has been set up in his name.
the
America's participation in the world con¬
which controlled the seas during
flict and
involve
threat of the Central Powers was
commanded a part
Commander-in-Chief of all
the only American who has ever
was
He
of the British Fleet.
He
Councils
operating in European waters.
ranking American member of the War
served in the dual role of
records and the assignment of Social Security
the filling out of an application form by
wage
will
War of the United States naval forces
end.
this
the World
As Vice-Admiral he was commander in
of armed forces afloat.
of setting up the accounts
numbers, and the agreement with
purpose
account
2149
Chronicle
for a short time
was
the Allied naval vessels in Irish waters.
Admiral Sims
Former
Smith
E.
Alfred
Governor
Criticism
of
Election
v
Canada, in 1858.
Presidential
Nominee Landon—Re¬
Independent Coalition of American
Women—Gov. Landon Expresses Appreciation of
Republican
Before
marks
Death
Oct. 1, former Governor Alfred E.
address, immediately after the speech of
Roosevelt in Pittsburgh in which he declared
New
York
Smith, delivered
President
on
an
Representative
Former
of
McFadden
T.
L,
of
Pennsylvania—House Member 20 Years, Had Served
as Chairman of Banking and Currency Committee.
Smith Support
In
Ontario,
born of American parents in
was
of
Advocates
Administration
Roosevelt
in
T. McFadden, Republican member of the House
Representatives from Pennsylvania, from 1915 to 1935,
died on Oct. 1 of a heart attack in the Hospital for Ruptured
Louis
of
60
old. Mr.
against the New Deal policies of the latter, and in concluding
and
his address made the declaration that.
McFadden, who lived in Canton, Pa., had been in New York
for a short visit.
Regarding the career of Mr. McFadden,
who had served as Chairman of the House Banking and
I firmly believe that
the remedy for all the ills that
we are
suffering from
today is the election of Alfred M. Landon,
Gov. Landon, of Kansas, Republican nominee for Presi¬
dent, at the conclusion of Mr. Smith's address, which was
broadcast, had the following to say, according to a Topeka
dispatch to the New York "Ti
s '
I deeply appreciate the support of Alfred E.
and
Smith,
great Democrat,
a
)t This election will decide the form of government
we
Alfred E. Smith for American principles.
^ Mr. Smith spoke at
We
called
It is
a
New
never
few minutes ago;
such
as
this is not
by its
own
It is
people.
hear of
you
no
matter
platforrh that
adopted in Chicago in 1932, and if it had remained true
the prin¬
to
ciples of Jefferson that have kept the Democratic Party alive in this country
after one bitter defeat after another, if the President himself had made
on
his promises,
I would not be
There would be
administration,
no
on
where I
battle for
Here
or
we
ment relief.
defend
even
are
success,
up to our
a
would
be,
but I can't
see
I
would
National
can
expect me to
failure.
marked
dark^drear failure.
the
final
break
On the
.
For the radio audience Mr.
an
with
Smith's speech, starting at 9:30 p.
address
Pittsburgh and ending at 9:30.
by
President
But his immediate audience did
see an
Roosevelt,
angry warrior;
m.,
broadcast
.
.
saw
him smash
shoulder
top of the Democratic Party.
European Fleet During World War—Presi¬
Tribute
Roosevelt's
Admiral
William
Sowden
who
commanded
the
American
European fleet during the World War, died in
Boston on Sept. 28 as the result of a heart attack.
He was
77 years old, and had been in retirement.for 14 years.
Burial
services were held in Arlington National Cemetery on Oct. 1.
Admiral Sims had served in the navy for 42 years.
President
Roosevelt on Sept. 28 issued a statement in which he said
that Admiral Sims had contributed
service to his
country."
a "remarkable period of
The President's statement read as
follows:
I
was
Mr.
news
of the sudden death in Boston tonight
The following day he was
11.
resolution.
death
markes the closing of
Navy, the end of
a
a
brilliant and colorful
career
remarkable period of service to his country.
and forceful, he was admired and respected
Admiral Sims'
career
was
He
McFadden was the son of Theodore L. and Julia
educated in the public schools and at a com¬
was
mercial school, and at 16 he
ried Helen Westgate of
year
New York "Herald Tribune"
on
as
in the
Dynamic
trenchant critic of naval policy in the years following his retirement.
L
a
His
officer stationed in China.
Admiral Sims leveled his most recent shafts at the Navy's system of
promotion.
Last
summer
Mr.
McFadden
was
member of the Sixty-fourth to the Seventy-third
a
He had served as
He
the Pennsylvania Bankers Association and was its
chairman of the Banking and Currency
had long
been active in
J'l belive that the morale of the Navy is not what it should be, that It
is'continuously declining, and that this is chiefly because of a fundamental
In his letter of resignation to the
President, Mr. Winant said that the statements made by
Governor Alfred M. Landon of Kansas, Republican Presi¬
26, that the pro¬
"a fraud on the working
opinion, untrue.
He
said that' both the Republican platform and candidate "have
definitely rejected the constructive provisions of the Social
Security Act, only to fall back upon the dependency dole."
While stating that he had never assumed that the Act was
without fault, Mr. Winant said that he hoped that time and
experience would bring about many and important changes.
In asking to be relieved of his office, Mr. Winant declared:
dential candidate, in Milwaukee on Sept.
Security Act
I do not feel that members of
the
Social
moreover,
I
September, 1932, Admiral Sims resigned his honorary membership of
the Legion's demand for payment of
slash in payments and benefits to World War
veterans, he also assailed the system of Spanish-American War pensions.
was
appointed and confirmed as the minority member.
The
men
in
a war
active commander of 150
defend the Act.
velt:
My dear Mr. President:
Security Act became law.
tion of its major provisions was
Under the law not
more
of the same political
Aug. 23,
on
warships and 35,000
jnajor engagements
The administra¬
entrusted to a board of three members.
than two members of the board could be "members
You named me to the board and as a Repub¬
party."
lican and as the minority
member
my
appointment was confirmed by the
1935, together with the other two members, without
objection.
It
was
clearly the indention of Congress to create a non-partisan board,
personnel protected under Civil Service, and to insure non-partisan
The
Act
as
Act
itself
was
as many
It has been so administered.
viewed
as
a
non-partisan,
humanitarian measure.
Republicans in Congress voted for the Social Security
voted against it.
y
■
Having seen the tragedy of war, I have been consistently interested in
the ways of peace.
Having seen some of the cruelties of the depression,
I have wanted to help with
failure
which failed to develop many
andl
While
following is Mr. Winant's letter to President Roose¬
others in lessening the hardships, the suffering,
and the humiliations forced upon
Commanded War-Zone Fleet
officers and
independent commissions or boards, such
Security Board, should take an active part in politics
Three times
was
as
man" and "a cruel hoax," are, in his
but ; because they "knew" various members of the examing board.
His
William Sowden Sims
supporting Governor Landon.
was
J. G. Winant, former Republican Governor of New Hamp¬
shire, tendered his resignation to President Roosevelt on
Sept. 23 as Chairman of the Social Security Board, so as
to be free to defend the Social Security program against
"quarrel with the system was that officers could be selected for promo¬
tion, not necessarily because of their fitness or professional qualifications
a
he
Winant Resigns as Chairman of Social Security
Board—Republican Member Desires to Be Free to
Defend
Program Against Republican Critism—
President's Letter of Acceptance
with
Demanding
.
J. G.
administration of the Act.
the bonus.
".
C. Elmer Dietrich,
Colonel A. G. Rutherford, the Repub¬
He planned to oppose
Democrat.
.
preparing to wage a fight for re-election to Congress.
was
He had been defeated two years ago by Representative
defect in the method of selecting officers for promotion."
In
1915 to 1935.
Committee from 1920 to 1932.
1906 and 1907 and its President in 1914 and 1915.
Mr. McFadden
Senate
he wrote:
the American Legion in protest against
He became its President in 1916.
Congresses, serving in the House from
On Aug. 14, 1935, the Social
Sept."29:
was a young
12, 1898, and the following
September 28, 1936.
follows by the
One of the most outspoken men in the service, Admiral Sims remained
"fault-finding" began when he
He mar¬
entered the Canton bank's employ.
Canton, Pa., on Oct.
elected cashier of the bank.
was
amd it was tabled by a vote of
denied permission to speak on the
by friend and foe alike.
summarized
Democratic
be tabled.
...
Babb McFadden.
I retain this position I am not free to
of Admiral William S. Sims, U. S. N., retired.
L-His
.
Again on Jan. 17, 1933,
361 to 8.
McFadden presented his resolution,
342 to
as
deeply grieved at the
.
Representative leaped to his feet and moved that the resolution
Amid cheers, it was tabled, by a vote of
visions of the Social
Sims,
.
Immediately after he had concluded his surprise move, a
im¬
Death of Admiral William S. Sims—Commanded United
States
Hoover with failing to uphold a Con¬
The resolution charged President
Republican criticism.
dent
Dec. 13, 1932, on
Herbert Hoover, then
obtain the impeachment of
to
.
gressional mandate against war .debt cancellation.
from
Nor did Mr. Smith.
they
to smithereens the old "Frank and Al" combination that once stood
to shoulder at the
Congressional career that
the
But the audience in Carnegie Hall, having
early, had no opportunity to hear the President.
come
-
-
prominence.
lican nominee, but declared
.
.
President, who in 1928 termed the former Governor "the
Happy Warrior," the writer on the New York "Herald
Tribune" thus referring to the break:
:
followed
sought
treasurer in
all the power and all the money spent, we find ourselves where?
mediately
he
President.
necks in debt, 22 million people getting govern¬
address
-
good
Millions out of employment; the farm problem unsolved. After
Smith's
r~-r
Served 20 Years in House
be at the
how anybody
dead-end street called failure, dismal, dull,
Mr.
into nation-wide
this platform tonight.
Democratic Committee headquarters where I have been for so many years,
ready to battle for
came
which
coalition of American women opposing the national
I know
take the following from the New
"international bankers" toward the close of his
he
Born in Troy, Pa., Mr.
If the Administration in Washington,
what it desires to call itself, had lived up to that Democratic
was
Democratic
a
years
McFadden had risen to be cashier and then presi¬
the First National Bank in Canton, Pa., but it was as a foe of the
dent of
...
just say thisj
me
a
referred to
You don't hear of Democratic policies;
Deal.
Roosevelt policies.
Let
a
back to what I said
come
was
From office boy, Mr.
g
meeting sponsored by the'Inde¬
pendent Coalition of American Women at Carnegie Hall.
Toward the end of- his address, Mr. Smith said:
administration.
we
York "Times" of Oct. 2:.
He
Mr. McFadden introduced a 4,500,word resolution on
will pass on to future
I am happy to fight shoulder to shoulder with such leaders as
generations.
Currency Committee,
He has placed country above partisanship.
great American.
a
Crippled in New York City.
as
a
American citizens because of our previous
Nation to provide effective
social machinery for meeting the
problems of dependency and unemployment.
America's
answer
to this
great human need.
The Social Security Act is
Financial
2150
The references to the
Republican Party
problems of social security in the platform of the
disappointing.
were
It
of the Republican presidential nominee might
Today
.
hope that the position
a
means
test,
the Social
the dependency dole—a dole with
upon
man" and
gard to
"a cruel hoax" I believe
a measure which
Representatives,
had the support of
the workingcharges with re¬
They are
untrue.
are
fraud
Secretary of
appointments of officials during recesses of
the laws governing
may
hold office and draw salaries until Congress
await approval of their
appointments by the Senate.
Mr.
Woodring's appointment was announced as follows:
President Roosevelt today (Sept.
on
372 members of the House of
1936
3,
later.
Congress* such officials
25) announced the recess appointment
Secretary Harry II. Woodring as Secretary of War, temporarily
of Acting
George H. Dern.
since Mr. Dern's
filling the vacancy caused by the recent death of Secretary
Mr.
against 33 opposed—which met with the approval of
as
given by the statement that another
named
again meets, but their service and pay thereafter
State includes the pauper's oath and disen-
which in my
be
would
franchisement.
The statements that provisions of this Act are "a
Oct.
the impression
War
Under
candidate have definitely rejected the constructive provisions of
Security Act, only to fall back
tions,
be less so.
both the Republican platform and the Republican
know that
we
my
was
Chronicle
Woodring
Acting
been
has
Secretary of War
77 members of the United States Senate with only 6 against—which was
death, but under the law the vacancy must be filled within 30 days.
upheld by the votes of Senator Hiram Johnson, Senator LaFollette, Senator
Following his appointment, Mr. Woodring made known
he will carry out, as Secretary of War, the pledges
inaugurated by Mr. Dern for "an adequate national defense
in the interest of peace for our Nation," it was stated in
Associated Press advices from Washington, Sept. 25, which
quoted the new Cabinet member as stating:
Costigan, Senator Wagner and Representative David J. Lewis—a
which
advocated
was
Security
by such
advisers
measure
Committee on Economic
to the
President Green of the American Federation of Labor, President
as
Frank P. Graham of the University of North Carolina. Miss Grace Abbott,
former Chief of the Children's Bureau and Monsigneur John A. Ryan of
the National
I
have
Catholip Welfare Conference.
assupaed that the Social Security Act was without fault.
never
I had
assumed
many
and important changes.
on
and
hoped that time and experience might dictate
even
As
being
built,
but
by
is
Milwaukee
no
I
am
Social
was
a cornerstone
complete."
means
the
on
improvement of the Act; it
stated when
you
Aug, 14, 1935: "This law represents
address at
signed the Act
you
I
interested in it
am
as a
has made the problem of social
I cannot support him.
missions
Landon's
Governor
But
Security Act was not
a
plea for the
humanitarian
as
While
Therefore,
I
I retain this
tending
am
you
position
I
not free
am
to defend the Act.
resignation as a member of the
my
Social
Security Board.
ever
the
on,
undertaken seemed
Social
more
Security Board.
opportunity of this service and join
worthwhile to
May
I
thank
me
you
than my
the
for
in defending it.
you
White
In
WINANTf
Washington,
D.
C.
in
I
it would leave Mr. Winant
free "to defend the
more
have so well begun." He said that
he, also, appreciated that there were faults in the Social
Security Act and that he assumed that "time and experience
might dictate many important changes."
Mr. Roosevelt
added that he shares Mr. Winant's regret "that the evanes¬
cent passions of a political campaign have fanned the flames
of partisan hostility to this nonpartisan legislation."
The
The
New
you
Dear Governor Winant:
>
tendering
your
curity Board greatly distresses
resignation
You
me.
as
a
are,
member of the Social
Se¬
of course, right in regarding
the social security act as "America's answer" to the "great human need"
of
"effective
social
machinery for
meeting
the problems
of dependency
and unemployment."
The
I
had assumed and
even
hoped that time and experience
might dictate many and important changes."
The Abt
conceived and passed by
was
Its
measure.
passage
transcended
Houses was, practically speaking,
evanescent
passions
of
a
a
are you
the Congress
negligible.
political
The
lines.
party
campaign
as
a
circles
in
both
have fanned
non-partisan administration of the Act."
"it has been
so
Your
administered.
administered."
so
the flames
appointment was
And,
as
you state,
„
For that
wish
to lose
the
administration
I have hesitated to accept your resignation.
benefit of your devoted
of
after
of public
the social
talking with
sense
free
as
tions
a
you,
come to
Act,
not
I did not
and disinterested service in the
^security program.
I have
duty which impelled
citizen,
of the
Appropirate education of the public mind
measures is one of the inherent duties of an administrator.
reason
Yet,
upon reflection and
position and the
appreciate your
your
resignation and
your
wish to be
simply to clear up misconceptions and misinterpreta¬
but actively to defend the "constructive provisions" of
the Act and to oppose spurious substitutes.
It is,
therefore, with the deepest regret that I yield to your wish and
accept your resignation.
My regret is tempered by the knowledge that you
have resigned only in order the better to defend the
great work which you
have so well begun.
Very sincerely
the "War Secretaryship
to
of
precedent
and his familiarity
with
the affairs
Department Mr. Woodring's selection was regarded as logical.
several absences
Secretary
of
Dern,
Woodring served as
Mr.
Woodring, 46
Governor
He
of
was
years
Kansas
beaten
Kan.,
old and a former banker at Neodesha,
when
Mr.
Roosevelt
for
ran
the Presidency in
by Governor Landon and was ap¬
re-election
for
1933.
The death of
Secretary Dern was noted in our issue of
Aug*. 29, page 1336.
The following telegram of congratulation was sent to
Mr. Woodring on Sept. 28 by Governor Landon of Kansas:
As
Kansan to another, and as old Third District neighbors, please
one
accept my heartiest congratulations on the high honor that has been paid
Rudolf
Speich
Lombard as Swiss
Committee (London)
Pierre
Succeeds
Member of League Loans
Speyer & Co., New York, made known on Oct. 1 the
receipt of the following announcement from the League
Loans Committee (London) of which Eliot Wadsworth is
the American member:
The League Loans Committee (London) regret to announce that Monsieur
Lombard, their Swiss member,
have been fortunate,
They
has resigned from the Committee.
in securing
however,
the consent of Doctor
Rudolf Speich, General Manager of the Swiss Bank Corp. in Basle, to fill
Four
Economists
Society for
I ombard's resignation.
Named
to
Stability in
Board
of
Governors
Money and
of
Banking
Dr. Joseph E. Goodbar, President of the Society for
Stability in Money and Banking, has announced the ad¬
dition of four economists to the Board of Governors of the
The newly elected
Society.
A.
r
free to correct any misconception of the purpose of the legislation or any
regarding public
Because
here.
During
of
Under such conditions I should have thought that you might have felt
misinterpretation of its details.
Woodring
Hines
Acting Secretary ,and he has functioned in this capacity since Mr. Dearn's
I share your regret that the
in recognizing the "intention of Congress to create
intended to insure that it would be
Harry
of
humanitarian
opposition
non-partisan board, with personnel protected under civil service, and to
insure
adequate national defense
surprise and considerable gratification in official and military
no
the place left vacant by Monsieur
partisan hostility to this non-partisan legislation.
Equally right
an
Nation I shall feel well repaid for every
following Washington advices, Sept. 25, are from the
"Times" of Sept. 26:
promotion
Pierre
Like you, also, "I have never assumed that the Social Security Act was
without fault.
our
York
caused
President's letter follows:
Your letter
do anything to further found
may
the interest of peace for
effort.
pointed Assistant Secretary of War in
letter dated Sept. 30 President Roosevelt accepted
Mr. Winant's resignation, and declared that he did so be¬
cause
augurated and developed by my distinguished predecessor and close friend,
was
a
great work which
the heavy
I will endeavor to carry out the policies in¬
the late George H. Dern.
1932.
House,
he has placed
Assistant Secretary makes me realize
as
best of my ability
the
Mr.
JOHN G.
<
President,
The
the President for the confidence
to
death.
Sincerely,
The
grateful
My experience
of the War
No work I have
brief service
very
security a major issue in this campaign and
the Social Security Board, should take an active
part in politics and moreover, I was appointed and confirmed as the minority
member.
To
If
Governor Landon
measure.
am
me.
responsibility I will have in discharging the duties of the office.
plea to scrap the Act.
a
I do not feel that members of independent com¬
boards, such
or
I
in
in a structure which is
interested in the Social Security program not from a partisan view¬
point.
that
P.
Giannini, of
San
governors are:
Francisco,
Chairman
of the
Board,
Bank
o
America.
Jules
I.
Bogen, Editor, "Journal of Commerce," New York, and Pro¬
fessor of Finance at New York University.
Horace
Secrist,
Professor
of Economics
and
Statistics, Northwestern
University.
Reid
L.
Business
■*-
McClung
of Los
Angeles,
Dean, College of Commerce and
Administration, University of Southern California.
Governors previously elected to the Society's Board were
noted in our issue of Sept. 19, page 1810. The Society, which
was
recently formed to "combat the unsound, dangerous
propaganda that is being spread in the name of banking
reform," has practically completed its original organization,
Dr. Goodbar said, and plans to embark at once upon its
program of activities.
yours,
FRANKLIN
D.
ROOSEVELT.
Reference to Governor Landon's address in Milwaukee is
made elsewhere in our issue of today.
Reduction of Governmental Spending Urged by Sayings
Bankers of New York—Andrew Mills Jr. Elected
President
of
State
Association
at
Annual
Con¬
vention
H. H.
Woodring Appointed Secretary of War by Presi¬
Roosevelt—Acting Secretary Succeeds to Post
George H. Dern
dent
of Late
President Roosevelt on Sept. 25, at Hyde Park, N. Y.,
appointed Harry H. Woodring to the post of Secretary of
War to succeed the late George H. Dern.
Mr. Woodring,
formerly assistant to Mr. Dern, has been Acting Secretary
since the latter's death on Aug. 27.
An announcement
issued on Sept. 25 from the summer White House in
Hyde
Park, said that Mr. Woodring was appointed "temporarily"
to the post; as to this, Hyde Park advices of
Sept. 25, to
the New York "Times" of Sept. 26, had the
following to say:
The announcement of Mr. Woodring's appointment stated that
it was
made to fill the vacancy "temporarily," but White House officials
declined
to
amplify the
use of
this qualifying word to confirm, in response to ques¬
The Savings Banks Association of the State of New York
adopted a resolution unanimously at the final session of its
43rd annual meeting in the Waldorf Astoria, in New York
City, on Sept. 25, urging depositors and "citizens generally"^
to exert their influence toward a reduction of municipal,
State and Federal spending.
At the final session the Asso¬
ciation
also
elected
Andrew
Mills
Jr.,
President
of
the
Dry Dock Savings Institution of New York City, its President
for the coming year, to succeed Harold Stone, President
of the Onondago County Savings Bank of Syracuse, N. Y.
The text of the savings bankers' resolution for a reduction of
governmental spending, the "retention of a sound currency,
and the maintenance of the integrity of public credit,"
introduced by Judge William R. Bayes, a trustee of the
Bay Ridge Savings Bank, Brooklyn, N. Y. follows:
Volume
Financial
143
The savings banks of New York State have a long
of their
fa We
depositors. That record, it is
and consistent record
and meeting the requirements
of conserving the savings entrusted to them,
firm purpose to continue.
our
mindful of the sacrifices that are made by the thrifty in accu-
are
We
mulating funds for needful purposes.
concerned also
are
2151
Chronicle
the three months but up from
while loans and discounts at $8,680,674
compared with $7,857,351 and $8,023,683 for June 30, 1936
198, little
$6,449,150
changed
and Sept. 30
respectively,
1935
'
these
that
savings upon withdrawals shall be adequate for the purposes of those who
built them up.
!* On behalf of our depositors we urge the
avoidance of prolonged unbal-
anced budgets, whether municipal, State or Federal.
governmental action to alleviate human
j* We approve measures taken by
suffering. We believe, however, that such expenditures should be diminished
^
in
a year ago,
•
.
~~
The statement of condition of the Guaranty Trust Co.,
of New York, as of Sept. 30, 1936, issued Oct. 2, shows
deposits of $1,619,256,428, as compared with $1,462,789,373
the corresponding quarter a year ago, Sept. 30, 1935. The
company's total resources are $1,953,014,382, as compared
*byusas
of biuions of dollars of the public's funds beit
Eeso^ved^'that^we u^e o^deposttora.^n^ltizens generallyl^^'exert
with #1,779,579,553 a year ago. Capital and surplus remain
unchanged at $90,000,000 and $170 000,000, respectively
their influence in the direction of reducing all forms of governmental spend-
and undivided profits are $8,070,735, as compared With
$6,598,517 a year ago, and with $7,649,440 at the close of
the last quarter, June 30- 1936.
trustees
Therefore
ing so far as
properly be done and to encourage the retention of a
may
sound currency and the maintenance of the
integrity of public credit.
following regarding the new President of the Association, Mr. Mills, is from an announcement issued by the
The
*
Association:
>
Mills
Andrew
Jr.,
elected President of the
newly
Association, is the
generation of his family to be President of the Dry Dock Savings
third
His father and grandfather, both of the same name, served
Institution.
Mr. Mills is
before him.
-A; V. ; Y
♦-—■
to the new service the company stated:
graduate of Princeton University in the class of
a
Following his graduation he was for a time associated with R. L.
1897.
>
The Manufacturers Trust Co., New York, has announced
a new special checking account service which is available to
individuals only, and under which accounts Can be maintamed without meeting minimum balance requirements. As
Under the
one
ag
plan, checking accounts may be opened with
new
dollar.
The
as
little
depositor, after establishing satisfactory references,
Day & Co., New York City bond house, and traveled a great deal in upper
receives
New York State, achieving a wide acquaintenace among the bankers who
the cost of the service,
yesterday selected him as their President.—Later he served thejNational
and cancelled vouchers-are mailed to the customer-once every three months,—
Mr. Mills lives in Sleepy Hollow, Tarrytown, N. Y.
City Co.
S In
Ipno-th
ut
at
Sept7 26Tpai«i 1969
issue of
our
the
to
various
VdrfravsM
annual
flip
eon-
length to the various aaciresses Derore the annual corl
vention of th© Savings .Banks Association OI til© Stat© OI
New York.
ABOUT
BANKS;
TRUST
COMPANIES,
&c.
,
.
Hoguet, President of the Emigrant Industrial
Savings Bank, of New York, was recently elected a trustee
of
Title
the
Guarantee
&
Trust
Co.,
of New
also
York.
,
t?,-™
River
East
The
a--**,««,
"Pnwi-
Vaun
von.
Pifxr
v.«
«
^
Savings Bank, Nev York City, has re-
permission from the New lork State Banking De-
ceived
partment to move its branch office at 204 East 116th Street
to 39
Rockefeller Plaza, Rockefeller Center, in Manhattan.
T
,,,.
.
,
i!'10?
rAS^?nsep S a
xr
\ ork Coffee &
*
"
>T
fu£ar
Sugar Exchange, the Board of Managers this
week orderedThe Exchangeclosedfor trading in sugar futures
during all Saturdays in October. The Exchange will be open
tor trading 111 coffee futures.
The
Bank of the
An Interesting and attractive feature of this service is that after
Manhattan
Co., New York City,
an-
nounced this week the installation in its 58 offices of "The
Manhattan Plan," a bank personal credit service which delivers to the borrower the full amount for which he signs a
note, no deduction of interest being made in advance.
The
activities of the Personal Credit
Department are under the
tie
Special checking account service is at the present time available at nine of
tjg Offices of
can
Trust Co.
Manufacturers
In the Borough of the Bronx,
be obtained at 801 Westchester Avenue,
1042 Westchester
Avenue, 701 Allerton Avenue, and 652 Pelham Parkway.
/
L.
Robert
covers
Statements
account is opened, all transactions can be conducted by mail,
the service
•
v
ITEMS
This
there being no charge for deposits.
also without cost.
and' 1980~we referred
before
book of 20 checks for which he pays 10 cents each.
a
In Brooklyn,
«>is service is available at 4901 Thirteenth^Avenue, andI 8922: Eighteenth
In Queens, such accounts may be opened at 29-28 41st Avenue
Avenue.
and at 31-24
Steinway Street in Long Island City and at; 55-60 Myrtle
Avenue, Ridgewood.
A
:
•——
'•
The statement of condition as at the close of business Sept.
30 of the First National Bank of the City of New York revealed total assets of $634,847,660 and total deposits of
i
«coq 6qq 047
Pnmoared
with
gg9^
Al' ApKS
$630
last
nod
004 118
<f^94
The bank's caoital
000, respectively, while profits dropped to $8,192,854 at the
end of September from $10,750,568 at the earlier date. The
institution held $247,683,027 of United States securities and
$122,880,591 of other bonds, stocks, securities, &c. on Sept.
30j as against $251,464,480 and $121,245,646, respectively,
on
June 30.
Walter H. Sykes, Jr., a member of the New York SJpek
Exchange firm of Post & Flagg, New York, and a former
President of the Association of Stock Exchange Firms, died
on Sept. 28 in the Harbor Sanitarium, in New York, following an appendicitis operation.
He was 58 years of age.
Mr. Sykes, who
direction of R. A. Prosswimmer, Assistant Cashier, formerly
of the Executive Department of the Queens Division.
He
change,
is assisted
was a
member of the New York Curb Ex-
and Conduct.
W.
by H. H.
Riddleberger, Assistant Cashier, and
member of its Board of Governors and was
also Chairman of the Exchange's Committee on Quotations
C.
Crittenden of the Modernization Loan Department
of the bank.
The bank's announcement also said:
Loans will be made in amounts of $50 to
$2,500 and
are
repayable, to-
gether with interest, in monthly installments covering a;-period of twelve
or
fifteen months.
may
There is also
whereby
special plan
a
the first payment
be deferred for three months.
If $500 is needed, the borrower signs a note for $500 pius interest and
Z7fre^dedueouotano°^
Loans
bonds
or
are
made
with'or
M,nh"M P'an
without collateral security.
other readily negotiable
or
assets
such
as
Marketable stocks,
savings
bank
accounts
life insurance policies with cash surrender value may be the only security
required and
a
loan arranged immediately
®f Sept. 30, are reported as $43,640,610,^ Compared with
$43,572,620 on June 30, While deposits it is announced
totaled $38,946,537, against $38,987,505.
Undivided profits
increased from $610,503 to $629,163, it is shown in the
bank's statement for Sept. 30.
Cash totaled $14,143,158
gainst $13,845,278, while holdings of United States Government securities of $8,764,572 comparedI with $8,989,020.
Loans and discounts On Sept. oO Stood at $8,322,615, against
on June 30.
$8,517,525
satisfactory identification.
upon
or
co-makers—relatives, friends,
more
business
associates,or
fellow
employees.
w.3 h!'"ITT!
Anyone
policy for .tho protection of ™ ™
co-nidkers and the borrowers estate.
whether
a
depositor of the Bank
steady income from salary,
or not, may
qualify for
commissions or his
own
a
loan if he has
business and
reputation for handling his affairs in a businesslike manner.
service
ployees,
of
the
wage
Bank of the
earners,
Manhattan
professional
men
Co.
is
and
women,
available to
has
a
a
The credit
salaried
em-
merchants, partner-
ships and corporations.
°f
and constructive purposes.
anct
Co., of New York, in its
statement of condition as of Sept. 30, shows total resources
of $79,921,950 as compared with $75,655,034 at the end of
last June and with $67,080,942 on Sept. 30 a year ago.
Deposits are reported as $67,488,138, as against $63,517,750
on June 30 and $55,620,011
on Sept. 30, 1935.
Capital,
surplus and undivided profits aggregate $7,911,624, comr>ared
with
<R7 871
^28
With $/,o/J.,0Jo
three
mnntbs
sw
and
<K7 790
197
three montlis ago and. $/,/zy,lz7
Q
a
On the side 01 assets, cash and due from bankers
$26,876,941, up almost $10,000,000 in a year and
an increase of $1,500,000 in the three months.
Call loans
to brokers stand at $12,339,880, compared with $11,240,680
on June 30 and $8,595,754 on
Sept. 30, 1935. - Holdings of
year ago.
is
listed
as
Governments at $8,044,396 are up slightly from the June 30
figure but
off as compared with $8,620,625 a year ago.
New York State, County and City bonds held by the bank
total $9,685,474, as against $9,911,488 in June and $12,642,460 a year ago.
Collateral loans amounted to $8,195,\
City, for Sept. 30, 1936, was made public on Oct. 2. The
deposits of the bank on that date, (including certified and
cashier's checks)
ooa
r\Qo
o
rrv
TimA
on
i
net
roo
with
aaa
1936, and SI ,951 ,o32^000—OBr~
'
,
.
Sept. 30, 1935. lotal resources, according to the statement,
amounted to $2,568,430,000, compared with $2,356,357,000
on June 30, and $2,220,541,000 a year ago; cash in the bank's
vaults and on deposit with the Federal Reserve Bank and
$735,98Y,000 and $620,305,000; loans and discounts, $661,969,000 compared with $649,449,000 and $613,240,000. An
announcement bearing on the bank's Sept. 30 statement
a^so sa^:
Th0 statement of Sept. 30, like the mid-year statement of June 30,
rerlects changes in the capital structure of the bank occasioned by the
■
.
%
h°5zinf, th.e !fetirT!f
^
of the entire outstanding issue of $50,000,000 of preferred stock and the
increase of the surplus account from
release of
$49,520,000 in
mentfund.
-
reserves
$50,000,000 to
$100,270,00(1 by
the
and $750,000 in the preferred stock retire-
L
Capital funds of the bank
on
Sept. 30. 1936, as,compared with June 30*
1936 and SePt- 3°. i93$. are shown in the following table:
jSepf*32r'n^ ^nei2'n^
TWprrfid stn,k
common stock
are
•
inor
$2,290,889,000 cm compared
aor
were
nnn
on
States Government securities, $765,601,000, compared with
^
The Continental Bank & Trust
parea
♦
-
The statement of the Chase National Bank, New York
other banks, $761,872,000, compared with $602,890,000 and
$667,598,000 on the respective dates; investments in United
^
CO™we*
-
♦
<
Resources of the Lawyers Trust Co., New York City, as
Without such collateral, loans will be made upon the signing of a note with
one
was a
y-v;
"A'.'"." "_"_YAY 11$ 100,270,000 ioo'.27o!ooo
-—
100,270,000 100,270,000
foo',270',000
50,000,000
n* Afterp^entoUAJi:i:i936"ofcominon dividend?'totaiSig si.'liolooo
from the undivided profits accuont.
1936-
z
t
Called„for retirement
as of Aug. 1,
'
Financial
2152
Co.,
The statement of condition of Manufacturers Trust
New York
City, as of Sept. 30 shows deposits of $632,742,084,
which, the bank announced, is the highest ever recorded,
representing an increase of $19,000,000 over June 30, and of
$104,000,000 over Sept. 30, 1935.
Resources too are the
largest ever shown, the announcement said, the total being
$742,372,513, compared with $721,544,495 three months
ago, and $633,239,942 a year ago.
The following is also
savings
Cash
United States Government securities stands at
June 30.
on
Loans and bills
$17,000,000 over the second
$242,050,070, as against $257,426,862 three months ago.
purchased is $208,583,539, an increase of about
quarter.
statement gives effect to the change in
current
The
that
capital structure
transferred from reserves
capital notes retired, at which time $5,000. 00 was
Preferred stock is listed at $10,000,000, common
remains unchanged at $32,935,000, and surplus and undivided profits
undivided profits.
to
stock
The increase in surplus and
profits for the quarter, aside from the increase resulting from
undivided
and to
the
Authority
and
Citizens
the
dividend to depositors in the sav¬
14^%
a
Comsr.
which
to
Walter
their
pass
total
dividends
books
Depositors
dividend
Perry by
paid to
the
the
to
the
payment
Court.
them
bank's
soon,
dividend
stated:
dividend
99%%.
to
commercial
they
already
checks
are
commercial
.
.
department
will
receive
another
received payments of 85%.
they will be mailed.
The next
having
ready
are
.
to ^State Bank
advised to surrender
which will boost the
given
was
Depositors
receiving this final payment,
upon
of
these
also
this
make
payment
dividend
preferred.
Aug. 1, Manufacturers
"With the three branch offices that were added on
TrustrGo.
of
depositors
will
be
5%.
earnings from operations for the third quarter were
that the net
This is
accounts.
$125,734.29,
the savings division.
depositors
"Register,"
$1,073,375, indicate
$2,199,060.
equivalent to approximately $4.39 per share on the preferred stock,
$1.18 per share on the common stock after deducting dividends on
to
of
When
stock dividends for the third quarter totaling
common
commercial
to
amounted
defunct Naugatuck Bank & Trust
Naugatuck, Conn., was begun on Sept. 29 by the
Naugatuck National Bank, the receiver, it is learned from
Naugatuck advices on that date, printed in the New Haven
Co.
preferred stock and
capital changes, is $1,125,685, which added to the
25%
and
accounts
ings department of the
Reserves are $12,348,493.
$35,132,937.
are
75%,
of
commercial
1936
3,
"... "V
Bank will receive approximately
$55,278.39, while commercial accounts will be paid $20,975.32.
Thus far
commercial accounts were paid *40%, while 63
1/3% was paid to the
savings department.
Cash 'on hand in the commercial division amounted
to $30,144.12, and $69,707.76 in the savings.
v;v
Savings
preferred stock was issued and the
made last July when the new
was
the
in
hand
Payment of
$151,332,678, as compared with
due from banks is given as
$129,183,072
dividends
accounts
on
$58,452.57. in
from the bank's announcement:
Cash and
Oct.
Chronicle
operates 59 off icestnJJreater New York,
now
Sterling National Bank & Trust Co., New York City, in
30, 1936, issued Oct. 2,
revealed that its deposits had increased ip an all-time high
of $25,111,119 and its total resources to a new record high
of $29,289,234.
These figures compared with deposits of
$24,806,262 on June 30, 1936, and $17,743,544 on Sept. 30,
1935 and with resources of $28,459,524 three months ago
and $20,944,718 a year ago.
It was further stated in an
announcement regarding the statement:
its statement of condition as of Sept.
also has increased, totaling $7,573,864
Cash on hand and due from banks
1936, and $4,236,236 on Sept. 30,
$14,814,515 from $11,536,419
year ago.
Holdings of U. S. Govern¬
In its statement of condition
as
of Sept. 30, the
Philadel¬
phia National Bank, Philadelphia, Pa., shows total resources
of
$499,792,701, which
"
30.
with $461,393,292
compares
on
June
"
to
$191,756,574, against $151,856,188 on June 30.
The
holdings of United States Government securities
advanced from $141,099,641 on the earlier date to $142,111,561 on Sept. 30, but loans and discounts fell from $87,442,114 to $84,662,712. Capital stock remained unchanged
at $14,000,000, but surplus and net profits rose from $21,bank's
650,652 on June 30 to $22,182,527.
Deposits also increased
reaching $450,375,056 on Sept. 30 as compared with $412,490,344 on June 30.
The Philadelphia National Bank was
organized in 1803.
Joseph Wayne, Jr. is President.
compared with $6,434,615 on June 30,
Loans and discounts have risen to
1935.
three months ago
and $8,182,644 a
$2,978,985 compared with $3,854,945 three months
ment securities total
State, Municipal and Corporate securities
aggregate $2,874,172 compared with $5,840,918 on June 30, 1936, and
$3,604,915 on Sept. 30, 1935.
Surplus and undivided profits amount to $1,180,687 compared with
$1,104,917 three months ago and $1,004,917 a year ago.
Reserves for
contingencies have been boosted to $275,000 from $255,447 three months
ago and $205,446 a year ago while reserves for taxes, interest, etc., have
been increased to $142,660 from $85,110 three months ago and $62,273 a
and $4,294,430 a year ago.
ago
ago.
year
of the Brevoort
Savings Bank, of Brooklyn, New York, Felix Campbell
Good was elected a member of the Board of Trustees, it
was announced Sept. 28.
Mr. Good is senior member of the
law firm of Good & Kent, Brooklyn. He is the grandson
of the late Felix Campbell, who was one of the organizers
of the Brevoort Savings Bank and its first President:
Mr.
At
the third generation of the family to become
Good makes
bank.
of the
official
an
of the Trustees
regular meeting
a
♦
On
—
21, the New York State Banking Department
Sept.
approved plans to increase the capital stock of the LincolnN. Y., from $2,000,-
Alliance Bank & Trust Co. of Rochester,
000
to
$2,800,000.
,
•
John
Kingsley Eldridge, President of the First National
Bank of
of
Freeport, L. I., di.ed on Sept. 24 following a stroke
The deceased banker, who was 77 years old,
apoplexy.
was
of
one
1905 and
organizers of
the
been
since
had
the First
National
member of its
a
Bank in
Board of Direc¬
He became President last year.
tors.
he
business
President
was
of
Before retiring from
Sickeles Loader Co. in
the
Manhattan.
Dividends
totaling $384,681
will
be paid
shortly
de¬
to
four closed banks in New Haven, Conn., and
vicinity, in accordance with an order issued by Judge
Newell L. Jennings in the Superior Court on Sept. 24.
The
positors of
are the Hamden Bank & Trust Co., the Broad¬
Bank & Trust Co., the West Haven Bank & Trust Co.,
institutions
way
and the Citizens Bank & Trust Co.
ter"
of Sept.
of
dividend
A
distribution
will
depositors
cash
and
of
The
were
court
this
time
to- $63,273.31.
The
the Broadway Bank,
Jennings along with a
distribution
receiver
accounts of
points
dividends amounting to
20%.
paid
a
amounting
to
savings
to
savings
that
out
he
approximately $81,129.99
$65,774.27 in the savings department.
commercial
mercial
60%,
Thus far savings
while
commercial
'
dividend
to
5% to
of
$30,967.35,
depositors.
cash
accounts
so
account amounted
savings department aggregated
Permission
commercial
of the West
to
transfer
account of the
commercial
while
The
no
court
payment will
allowed
of
accounts
the
be
the
made
receiver
a
that
to
distribution
can
be
to
made.
$29,430.74, while cash
The
com¬
hand
in
the
assets
of
the
on
$31,416.88.
loan
of
$30,000
from
the
cash
savings account will result in savings depositors
receiving a dividend of 5%, amount¬
Haven Bank & Trust Co.
to $81,530.19,
10%,
of
The
accounts.
$3,000 from the assets of the savings department land place them
the
ing
accounts
authorized by Judge
was
savings
the commercial
approved
Hamden Bank
borrow
of
received
have
depositors
in
m
commercial
to
amount
hand
on
additional
an
accounts
at
5%
follows:
as
10%
$68,098.46,
amounting to
■has
25, authority for this, supplied details in the
of each bank
case
The New Haven "Regis¬
aggregating
while commercial
$64,558.42.
Thus
accounts
far,
the
will
receive
receiver
has
a
dividendi
paid
out
of
to
^
At a meeting of the directors of the Drovers' & Mechanics'
National
Bank
of
Vice-President and
York,
Pa.,
Cashier
George
of the
Jordan,
institution,
heretofore
was
elected
President to succeed the late James G. Glessner, it is learned
from York advices appearing in "Money and Commerce" of
Sept. 26, which*added:
He
(Mr.
to
the
L.
Stock
Jordan) entered the bank in
Board
was
of
Directors in
selected
as
1928
counsel
and
a
1905
as
a
clerk, became Secretary
Vice-President in
1930.
McClean
for the bank.
In its condition report as of
Sept. 30, the Fideli ty, Phil¬
adelphia Trust-Co., of Philadelphia, Pa., shows total assets
of $145,582,836 (as compared with total assets of
$146,368,295 on June 30), of which the following are the chief items:
Cash on hand and in banks, $31,408,073
(against $29,461,493 June 30); U. S. Government securities and Home Owners'
Loan
bonds, $23,055,738 (against $22,130,738); State,
county and municipal securities, $32,368,557 (against $32,131,730), and loans, $26,716,06U (against $26,432,628).
On the liabilities side of the
statement, deposits are shown
at $119,899,290 (as
compared with $120,957,773 on June 30),
and undivided profits at
$1,675,596 (against $1,427,132).
The institution, which was
organized in 1866, is capitalized
at $6,700,000 and has a
surplus fund of $15,000,000.
Wil¬
liam P. Gest is Chairman of the Board of
Directors, and
Henry G. Brengle, President.
JPhe Girard Trust Co.
of
Philadelphia, in its condition
re¬
port of Sept. 30, shows deposits of $106,386,732, as
compared
with $104,619,607 on June 30 last.
The company's total
Sept. 30 are given at $123,799,056 (as compared
$121,922,395 June 30), which the chief items are:
resources on
with
Cash,
and due from banks, $27,596,098; U. S.
securities, $51,265,253; other securities (in¬
cluding stocks of office buildings), $25,639,086, and loans,
$12,038,352.
The bank's capital and surplus remain thesame, at $4,000,000 and $9,000,000, respectively, but un¬
reserves
Government
divided
profits
June 30 to
account has increased from
$1,782,415 on
$1,982,820.
Effingham B.Morris is Chairman
Directors, and Albert A. Jackson, President
of the Board of
—
In its statement of condition
of Sept. 30, the Corn Exchange National Bank & Trust Co. of Philadelphia, Pa
shows deposits of $104,618,245 fas against
$101,521,334 on
June 30 last), and total assets of
$121,498,611 (as compared
as
with $117,771,569 on June 30).
The principal items making
up the resources in the present statement are:
Cash and duefrom
banks, $31,204,785 (as compared with $28,898,379
on
June 30); U. S. Government securities,
$22,933,164 (down
from $24,263,819 at the earlier
date); bills discounted
$19,463,310 (up from $16,737,507 June 30); demand loans'
$11,547,998 (against $11,113,775), and other securities'
$11,150,196 (as compared with $11,747,381).
The institul
tion is capitalized at $4,550,000 with surplus and undivided
profits of $8,919,321.
♦
Deposits of the Pennsylvania Co. for insurances on Lives& Granting Annuities, Philadelphia,
according to the Sept.
30 report of the institution, total $248,128,710, as
against
$229,064,439 on June 30, while total resources are given at
$276,080,469, as compared with $255,611,166 on June 30,
of which the principal items are:
Cash and due from banks'.
■
Volume
Financial
143
$102,254,964;
U.
S.
Government
securities, $40,170,380;
other investments,
other loans upon collateral, $41,187,480;
$29,375,151, and commercial
$22,842,635.
On the
stock and surplus remain
unchanged at $8,400,000 and $12,000,000, respectively, but
paper,
debit side of the statement, capital
undivided profits have increased from $2,262,002 on June 30
to
$2,271,242.
and C. S.
C. 8. W. Packard is Chairman of the Board
Hewhall, President.
Announcement was made on Sept. 29 by Edward J.
Barrett, State Auditor of Illinois, that a 5% payment,
totaling $16580, had been authorized to depositors of the
defunct
Papanek-Kovac State Bank of Chicago.
The
Chicago "Tribune" of Sept. 30, further said:
%
Chronicle
2153
The tone of the market was fairly steady during most of
the trading on Monday, with a goodly'part of the buying
interest centering around the specialties and public utilities.
There
number of soft spots scattered through the vari¬
but these had little effect on the general- list.
New peaks were registered by a number of the more active
stocks including such popular issues as Thermoid conv. pref.,
Shenandoah pref., Jones & Laughlin Steel, Casco Products
and Apex Electric.
Other stocks moderately active in the
buying included Swiss American Electric pref. 534 points to
75; Alabama Power pref. (7), 2 points to 83; Brillo Mfg. Co.
(A), 1 point to'2734; Cooper-Bessemer pref. (A), 1 }4 points
to 51M; Dayton Rubber (A), 134 points to 3134, and Newmont Mining (1M)» 2% points to 88.
:
ous
were a
groups,
.
This is the seventh payment made on
deposits since the bank closed and
The bank bad paid $95,000 on
brings the total return to 62% of deposits.
bills
The latest payment was
payable and $3,568 to preferred creditors.
made from funds acquired
through
loan from the Reconstruction Finance
a
.
.
In
tlfe
that
indicating
.
♦
Citizens' National Bank
new
of
Waukegan, 111., formerly the First State Bank of Zion, 111.,
to
was
business
for
open
Sept.
on
26,
dispatch
a
from
Waukegan to the Chicago "News," under date of Sept. 23,
said
in
The
part;
Sept.. 26,
"will be President
capital
of
Other
J.
.
.
result
Waukegan
disclosed
$20,000
institution
L.
Hunter,
of
into
Zion,
a
Earl
national
a
$5,000.
Finn,
'''X
$300,000, is the
the
and
N.
James
nearly
bank
have
W. Morris, Chairman
and
of
who
will
profits of
-
deposits
here
Ansler.
D.
The bank
George
Vice-President,
with
start
conversion
Bank
be:
will
business
for
open
by
undivided
and
:'"Tv
will
which
will
today
institution.
the
.'4'
.
the
of
State
of
was
director of
a
the
of
bank,
it
surplus of
$100,000,
Board;
the
The
First
and
officers
Cashier.-
Bank
National
Citizens'
Saturday,
of
moving
ofe the
111.
\
"Frank'B^L Cinkle,
tional
Assistant
Cashier of the Citizens' Na¬
Bau^& Trust Co. of Sioux City, S. Dak., has been
promoted to the office of Cashier,
who
resigned,
is learned
it
from
succeeding T. A. Heck,
"Commercial West"
the
Sept. 26, which added:
Mr.
Cinkle
Sioux
Falls
joined
the
Citizens'
in
1926
bookkeeper,
a
as
coming
to
the
from
Exchange State, Wesley, Iowa.
Mr. Heck will move
to Minneapolis,
where he has made another connection.
In announcing
the change, President W. E. Stevens also reports appointments as Assistant
Cashiers
is
of
Frederick
affiliate
an
It
is
M.
of First
learned
Sept. 19 that
Gannon
Bank
from
new
Chase,
the
San Jose
tion
the
of the
Redwood
to
will
Citizens' National
Francisco
San
"Chronicle"
in Redwood City, Calif.,
faour
The
years
paper
of
Assistant
Cashier of the
which will
be closed,
will be
This will give the American Trust Co.
Burlingame, Redwood City and Palo Alto,
make
Oct. 19.
on
continued;
Mcnlo Park office,
City.
Broadway,
which
Dirks.
be under the management of H. Steven
past
office.
The staff
ferred
offices at
Harry R.
Corp.
branch of the American Trust Co. of San
a
office will
for
and
Stock
Francisco will be opened
The
its
services
majority of its Peninsula customers,
more
as
conveniently
trans¬
Peninsula
distribu¬
a
available
demonstrated by a recent
to
the
survey.
•
Transamerica
of
to
Corp. has acquired the First National Bank
Southern Oregon, located at Grants Pass, Ore., according
recent announcement
a
by A.
P. Giannini, Chairman of
Transamerica's
Board.
The institution, which serves the
Rogue River territory, has total resources of $1,659,000 and
capital, surplus and undivided profits of $148,000.
It was
founded in 1889 by the same group of financiers who
organ¬
ized
the
owned
Mr.
Bank
First
National
Bank
of
Portland, which is
also
by Transamerica.
Giannini has also announced that the First National
of
Claremont, Los Angeles County, Calif., has been
by the Transamerica Corp.
BJB said the plan
to shortly consolidate the Claremont institution
with
purchased
was
the Bank of America National Trust &
The
First
excess
of
officers
new
National
Bank
$1,250,000.
of
Savings Association.
Claremont
has
Mr. Giannini further
and
employees would continue to
ownership.
THE
CURB
resources
stated
serve
in
that all
under fhe
EXCHANGE
Curb market movements have shown considerable
irregu¬
larity this week, and while there have been occasional periods
of profit taking, the trend of the
market, on the whole, has
been toward higher levels.
The gains were not
noteworthy except in
gradually worked to
There
were a
recovered.
Industrial specialties
continued to attract most of the
Wednesday, and while there was an
irregular trend apparent during a large part^of the session,
speculative attention
there
were
active
as
a
number of substantial advances in evidence as
to a close.
Mueller Brass was unusually
a
the market
on
came
result of
improved earnings during the past few
Royal Typewriter broke into new high ground
for the year at 80.
Jones & Laughlin Steel moved up to 69
at its top for the day, but dipped to 68 near the end of the
Public utilities, particularly the preferred issues,
fairly active and registered modest advances. Cleveland
Electric forging ahead 3 points to 52?4 and American
Superpower 2d pref. climbing 3 points to 4834While the volume of transfers was somewhat reduced, the
main body of stocks continued to move upward on
Thursday.
There were a few sharp advances among the specialties
group,
but most of the changes were small and without special
sig¬
nificance.
Outstanding among the gains were Pepperell Co.
which surged forward 7 points to a new top at 99 and
Royal
Typewriter which raised its top 634 points to 86^4Blusession.
were
menthal also broke into
new high ground with an advance
434 points to 2834.
Public utilities were firm but changes
were
largely fractional.
In the industrial group Jones &
Laughlin Steel attracted considerable buying and went up 2
points to 70 and Penn Salt closed at 145 with a gain of 4
points.
Pittsburgh Plate Glass was also higher by 2 points
of
it reached 135.
as
Stocks moved
briskly forward during most of' the session
Friday and substantial gains were registered in nearly
every section of the list.
Public utilities and industrial
specialties attracted considerable speculative attention, and
there was some buying among the oil shares.
The important
gains of the day included among others Ainsworth 3 34 points
to 62, Aluminum Co. of America 3 points to
13134, Childs
6 Co. pref. 334 points to 61, Cooper-Bessemer
pref. (A) 5
points to 55, Mueller Brass 334 points to 4134, Pepperell
Manufacturing Co. 3 % points to 102 % and Thew Shovel 2 J4
points to 32 J4As compared with Friday of last week, the
range of prices was higher, Aluminum Co. of America closing
last night at 13134 against 130 on Friday a week ago, Ameri¬
can Cyanamid B at 34
against 3334, American Light &
Traction at 22 % against 2234, Associated Gas & Electric A
at 134 against 134, Atlas Corp. at 15 against
1434, Common¬
wealth Edison at 107 against 105, Cord Corp. at
434 against
434, Creole Petroleum at 2734 against 24, Electric Bond &
Share at 23 against 2134, Fairchild Aviation at 6
against
534, Fisk Rubber Corp. at 734 against 6%, Ford of Canada
A at 2434 against 23, Glen Alden Coal at 17
against 1634,
Hudson Bay Mining & Smelting at 2934 against
2634,
Humble Oil (New) at 6334 against 6134, International Pe¬
troleum at 3534 against 3434, Newmont
Mining Corp. at
8834 against 8534, Niagara Hudson Power at 1434 against
1434, and United Shoe Machinery at 8934 against 88%.
on
DAILY
TRANSACTIONS
THE
AT
NEW
YORK
CURB
EXCHANGE
particularly
few of the industrial specialties that
new peaks.
Public utility preferred
stocks have been steady to firm.
Oil shares have registered
moderate gains, but mining and metal issues have been
quiet.
a
few scattered soft spots but
they were generally
minority.
were fairly firm
during the 2-hour session on Satur¬
day and a number of sharp recoveries were apparent as the
market closed.
Public utilities, particularly the
preferred
group, were quite active and there was some buying in the oil
shares and specialties.
General Telephone was in strong
demand and broke through to a new top for 1936. Aluminum
in
a part of the ihorning
Specialties were in demand at higher
prices and some of the speculative favorites moved ahead
from 2 to 5 or more points.
Royal Typewriter raised its
top to a new high for the year at 7734 and Babcock & Wilcox,
5 points to 9034 od a single transaction.
Other important
gains recorded during the session were Singer Mfg. Co., 5
points to 350; Central States Electric 7% pref., 234 points to
4934; Gorham, Inc. pref., 234 points to 23, and Quaker Oats
(4), 2 points to 127.
:
-,C"-r;':;
were
months and
♦
of
prevailed during the afternoon and
losses
Corp.
on
Scattered profit taking during the early trading "checked
the advance to some extent on Tuesday, but a firmer tone
the
Prices
Co. of America
was in demand and climbed
upward 4 points
high for the day and General Gas & Electric conv.
pref. forged ahead 6 points to 56.
There were also numerous
small gains ranging from minor fractions to 2 or more
points.
at its
The volume of sales reached
with 318 issues traded in.
approximately 184,000 shares
Stocks
Bonds (Par
Value)
(Number
Week Ended
of
Oct. 2, 1936
Shares)
Saturday
Domestic
Monday
184,100
307,240
$1,138,000
2,110,000
Tuesday
325,265
Foreign
Governm't
2,064,000
2,469,000
-Wednesday
335,750
Thursday
294,080
2,161,000
Friday.
501,745
2,612,000
Sales at
Week Ended Oct. 2
Foreign
Total
Corporate
$11,000
$11,000
11,00.
33,000
17,000
80,000
46,000
114,000
161,000
165,000
222,000
110,000
$1,160,100
2,235,000.
2,258,000
2,651,000
2,463,000
2,768,000
Jan 1 to Oct. 2
New York Curb
Exchange
1936
Stocks—No. of shares.
1935
1936
1,388,125
97,120,308
47,178,636
$12,554,000
783,000
198,000
$16,069,000
201,000
312,000
$623,443,000
14,146,000
9,700,000
$884,178,000
12,493,000v
9,842,000
$13,535,000
$16,582,000
$647,289,000
$906,513,000
Bonds
Domestic
Foreign
government.
Foreign corporate
Total..
1935
1,948,180
_
Financial
2154
Chronicle
Oct.
i Quotations during the week:
■
Per Fine
Equivalent Value
of £ Sterling
Ounce
"Foreign Exchange Regulations Af¬
Exports" contains valuable information for
Our booklet
fecting
who sell abroad.
merchants
and
manufacturers
MANUFACTURERS TRUST COMPANY
DEPARTMENT
HEAD OFFICE AND FOREIGN
12s. 4.15d.
137s. 7%d.
12s. 4.24d.
137s. 6%d.
12s. 4.28d.
137s. 6d.
12s. 4.37d.
137s. 5d.
12s. 4.46d.
137s. 4d.
12s. 4.24d.
137s. 6%d.
12s. 4.29d.
137s. 5.92d.
the United Kingdom imports and exports of gold
Sept. 10
Sept. 11
Sept. 12
Sept. 14
Sept. 15
Sept. 16
Average
_
The following
were
registered from mid-day on Sept. 7 to mid-day on Sept. 14:
YORK
55 BROAD STREET, NEW
Exports
Imports
£l ,761,591
British South Africa
Member Federal Reserve System
British West Africa
Member New York Clearing House
147,869
10,700
11,640
Tanganyika Territory
Kenya
Association
Member Federal Deposit Insurance
Corporation
British India
304,848
14,513
35,201
16,630
6,456,829
;
British Malaya
Australia.
Pursuant to the
New Zealand
RATES
EXCHANGE
FOREIGN
France
requirements of Section 522 of the Tariff
1922, the Federal Reserve Bank is now certifying
Act of
daily to the Secretary of the Treasury the buying rate for
world.
We
cable transfers in the different countries of the
give below
-
RATES
CERTIFIED
Switzerland
BANKS TO TREASURY UNDER TARIFF
1936 TO OCT. 2, 1936,
SEPT. 26-,
New York
Oct.
compared with 967,993 fine ounces for July,
for August, 1935.
ounces
-
SILVER
-
——
France, franc
Germany, reichsmark
Greece, drachma
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
.188033*
.188042*
.188016*
.168961
.169026
.168965
.168415
.013000*
.012875*
,012875*
.041239*
.013000*
.013000*
.041317*
.220987
.220845
.220463
.220100
935750
.950333
L946916
4.935535
4.930500
.021750*
.021775*
.049615
.048664
Yugoslavia, dinar
19 7-16d,
.392318
.400272
.401750
rather dull
both
for
deliveries,
.021766*
.021800*
.009012*
.197500*
.009008*
.009037*
.549775
.542891
.536235
.197625*
a
.197625*
.197750*
.197750*
whilst
former also
the
The market appears
is
no
The following
.247670
Manchuria
.188450*
.188383*
Japan.
.044550*
044883*
.044789*
.044800*
.044633*
Saudi Arabia and Yemen.
.077241*
.007308*
France
a
a
255212
.255058
.254483
.254154
.233000*
230716
.230000
.230050
022880*
.022769*
.022920*
£101,225
94,566
5,500
4,353
14,400
Belgium
2,526
Other countries
.230075
.022900*
.022920*
I
.254464
Shanghai (yuan) dol
Tientsin(yuan) dol'r
Hongkong, dollar..
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.293750
.293250
.293350
.292750
.293250
.293550
.292750
.293750
.293283
.293350
.292750
.293350
.293750
.293250
:293350
.292750
.293350
.304687
.306025
.305818
.304531
.304837
.372531
.373510
.373660
.372805
.372395
.287333
.288225
.288325
.287535
.287110
.579375
.580725
.579200
.578212
pound-
Africa—
4.879791* 4.872083*
South Africa, pound.. 4.895000* 4.882000 * 4.898541 * 4.891041 *
America—
.998828
.999000*
.277833*
.997031
dollar
1
(Free) milreis
Chile, peso
Colombia,
'
peso
.999000
.277333
.277333
.277333
.277333
.996718
.997312
.997500
.997437
.329350*1 .330175*
.087095*, .087095*
.058166*| .058100
.329950*
.329525*
a
.087095*
.087095*
.058000
.058200
.051800*.
.051733*
.051733*
.051733*
.051733*
.554750*
.554800*
.556050*
.556625*
.793750*
.797916*
.797916*
.797916*
.797916*
available.
Nominal rates; firm rates not
>
MARKET—PER CABLE -
reported by cable, have been as
London,
follows the past week:
Silver, per oz._
Tues. ~
Mon.,
Sept. 28
26
20 l-16d.
19%d.
Gold,p.fineoz.l37s.9%d. 140s. 9d.
Consols, 2% %
Holiday
84%
-
Wed.,
Sept. 29
Sept. 30
19 15-16(1.
140s. 7d.
19%d.
140s. 2d.
Thurs.,
Fri.,
i
Oct. 1
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
106%
—
The highest rate
was
84%
85%
85%
U. S. Treasury.
COURSE
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. 3)
with
a
year ago.
cilies of the United States from which
possible Jfo obtain weekly returns will be 10.6% above
those for the corresponding week last year.- Our preliminary
is
total
stands
at $7,226,231,034, against $6,534,498,736 for
week in 1935.
At this center there is a gain for the
week ended Friday of 7.9%.
Our comparative summary for
the week follows:
the same
107%
107%
116%
New York
1936
1
117%
116%
117%
j1-
44%
50.01
50.01
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
We
ENGLISH
-
reprint the following from
Sept. 16 1936:
1
GOLD
of England gold reserve
524,329 on Sept. 9, as
the weekly circular of
of London, written under date of
\
against notes amounted
to
£246,-
compared with £245,405,334 on the previous Wednes¬
day.
Purchases
+ 7.0
71,500,000
+ 9.2
126,365,000
99,956,354
70,785,911
67,224,169
67,027,694
i
«»:
Twelve
62,506,460
+ 7.2
+ 13.2
+ 32.5
+21.3
•
1,204,371,839
All cities, one day
At—
$4,888,605,725
678,182,875
$6,021,859,195
five days
Total all cities for week
.+ 0.8
+ 18.1
$5,326,348,665
695,510,530
cities, five days....
Other cities, five days
GOLD AND SILVER MARKETS
Samuel Montagu & Co.
The Bank
—2.5
50.01
77.57
—4.3
76,628,853
+ 7.9
31,763,000
Cleveland-
44%
210,000.000
93,771,811
Detroit
44%
+32.7
Cent
81,513,041
San Francisco
Pittsburgh
Baltimore
44%
Closed
$3,495,900,430
231,975,548
344.000,000
368,000,000
200,899,000
74,729,831
78,100,000
127,417,000
118,058,766
_
St. Louis
cents) in the United
1935
$3,772,975,142
307,908,380
_
Philadelphia
Boston
116%
Per
Clearings—Returns by Telegraph
Total all cities,
THE
cents
OF BANK CLEARINGS
S. Treasury
(newly mined)
cents
cents
cents
cents
cents
Bank clearings this
Week Ended Oct. 3
85%
107%
price of silver per ounce (in
States on the same days has been:
(for.)
YORK
85.06% and the lowest 85.04%.
Kansas City
Holiday
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
NEW
(Per Ounce .999 Fine)
9
45
10
45
11
45
12
45
14
"
45
15
45
of exchange on New York recorded during the period
from Sept. 10 to Sept. 16
140s.5%d. 141s.
106%
The
:
19%d.
19%d.
19 7-16d.
19 7-16d.
19 7-16d.
19 7-16d.
19.458d.
10—19%d.
11
19%d.
12—19 7-16d.
14—19 7-16d.
15—19 7-16d.
16— 19%d.
Average—19.469d.
19 15-16d
British 4%
1960-90
IN
Silver per Oz. Std2 Mos.
Cash
Chicago
Holiday
War Loan
U.
-Bar
Oct. 2
19 15-16d.
British 3% %
Bar N.Y.
'
it
daily closing quotations for securities, &c., at
SaL,
LONDON
bank exchanges for all
-
ENGLISH FINANCIAL
Sept"
IN
.329100*
.087095*
.058125
£297.229
Quotations during the week:
.997622
.999250*,' .999000
jt;No rates available.
as
.999000
.999000
.278000
.557166*,
793750*
Uruguay, peso..
The
...
£222,570
.000208
.999856
America—
South
Argentina, peso
Brazil(official) milreis
*
;999921
I .999713
.999330
.337500*
.087412*
.059000*
.051700*
dollar
Cuba, peso
Mexico, peso
Newfoundland,
Denmark
Sweden
.293350
923875*
900000* 3.932 W* 3.940250* 3.941500* 3.932250*3.
920000*3.962812*3.970000*3.971750* 3.960750*3. 958750*
Australia, pound
Canada,
17,720
9,500
6,130
3,133
2,000
-4,405
2,230
1,646
.293350
.293750
.578125
a
Australasia—
North
116,935
Germany.
Belgium
Other countries.
.295000*
.295000*
.295000*
.295000
.307812*
.372500*
.286125*
dol'r
Hankow(yuan) dol'r
New Zealand,
£136,530
Union of South Africa
France
1
Asia—
United States of AmericaBritish India
Egypt.
China—
Chefoo (yuan)
of silver
Exports
.076140
.247991
.0(|7266*
advance in the near future.
Imports
.077333
.248575
007308*
given
Speculators
registered from mid-day on Sept. 7 to mid-day on Sept. 14:
.077357
I
effected some resales.
the United Kingdom imports and exports
were
.188250*
a
quoted at
steady at about the present level of prices, but there
indication of any important
188350*
.007250*
unchanged until
they remained
China account have been very moderate.
both bought and sold but sales on
248704
078114*
.
I
.247971
which
at
Demand for the Indian Bazaars had eased, but further support was
by America,
.188333*
.078300*
__
19%d.—a premium of l-16d. over two months.
.009018*
.557983
.009012*
_
prices, but the weakness of the dollar
By Sept. 12 quotations had sagged to
tendency.
today when, on some Indian and bear covering orders, cash was
.046591
.389280
a
.021766*
a
.394500*
.255725
.320000*
.022900
Switzerland, franc
made for
.041050*
.041221*
.041333*
.220285
a
Sweden, krona
S
.188150*
.168941
a
.400800*
.009350*
.669333*
.198000*
.078150*
.249000
.188550*
.045333*
.007400*
Hungary, pengo
Italy, lira
Norway, krone
1
.188200*
a
Holland, guilder
Oct. 2
|
$
S
$
1
964,517 fine
1936, and 929,331
gold output for August, 1936, amounted to
The Transvaal
fine
12 carries gold
£525,000 consigned to London.
to the value of about
ACT OF 1930
INCLUSIVE
There has been little movement in
.188550*
Belgium, belga
.168633*
Bulgaria, lev_....... .013500*
Czechosl-kia, koruna. .041300*
Denmark, krone
.220950
England, pound sterl'g 4.946500
Finland, markka
.021950*
£1,393,807
£9,650,956
Noon Buying Rate for Cable Transfers in
Value in United Stales -Money
Europe—
Other countries
Strathaird which sailed from Bombay on Sept.
The SS.
Unit
Austria, schilling
Finland
British India
22,142
ounces, as
Country and Monetary
84,621
52,883
110,383
22,756
22,287
1,000
1,142
Belgium
Netherlands
Switzerland
14,288
Other countries
RESERVE
FEDERAL
BY
United States of America.. £1,098,735
France.
798,642
3,180
52,883
Germany.
Belgium
Belgian Congo
record for the week just passed:
a
EXCHANGE
FOREIGN
1936
3.
>
$5,566,788,600
967,710,136
+ 24.5
$7,226,231 034
$6,534,498,736
+10.6
+9.0
+ 2.6
+ 8.2
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
of bar
gold as announced by the Bank during the
week
amounted to £318,940.
£1,230,000 of bar gold was disposed of at the
mainly for a special account and prices included
a premium over gold exchange parities.
With the weak tendency of the gold currencies in terms of sterling,
following the industrial troubles in France, the price of gold touched lower
levels, yesterday's quotation of 137s. 4d. being the lowest since June Z,
1934.
The situation in France is likely to govern the tendency for the time
being, meanwhile gold continues to leave Paris for New York.
In the open
market about
daily fixing,( Demand was
~
present further below, we are able to give final and complete
for the week previous—the week ended Sept. 26.
For that'week there was a decrease of 6.4%, the aggregate
results
clearings for the whole country having amounted to
$5,352,763,944, against $5,716,607,396 in the same week
in 1935.
Outside of this city there was an increase of 10.2%,
of
Volume
the bank
Financial
closings at this center having recorded
We
16.4%.
serve
143
a
Chronicle
loss of
Week Ended Sept. 26
the cities according to the Federal Re¬
group
2155
Clearinos at—
districts in which they are located, and from this it
in the New York Reserve District (including
totals show a loss of 16.0%, but in the Boston
Reserve District the totals record a gain of 4.3%, and in
the Philadelphia Reserve District of 4.9%.
In the Cleveland
Reserve District the totals are smaller by 1.9%, but in the
Richmond Reserve District the totals are larger by 14.7%,
and in the Atlanta Reserve District by 24.8%.
The Chicago
Reserve District has to its credit an increase of 16.5%
and the St. Louis Reserve District of 27.3%, but the Minne¬
apolis Reserve District suffers a decrease of 10.0%.
In the
Kansas City Reserve District there is an improvement of
14.3%, in the Dallas Reserve District of 38.0%, and in
the San Francisco Reserve District of 14.8%.
In the following we furnish a summary by Federal Reserve
Inc. or
1936
districts: !"v-''
1935
Dec.
1934
$
appears that
this city) the
$
%
Seventh Feder al Reserve D istrlct
Mich.—Ann Arbor
Detroit
...
Grand Rapids.
237,226
94,107.146
Wayne
—
Chi cagp—
—22.4
305,885
84,601,182
1,832,280
1,142,200
2,875,068
1,601,950
Lansing
Ind.—Ft.
375,000
68,867,036
1,272,449
1,129,674
+11.2
-56.9
--31.5
937,579
699,956
--33.9
531,786
12,136,534
-20.7
11,333,000
785,132
-29.2
3,850,111
14,791,880
915,540
6,502,364
2,788,117
363,996
250,989,763
602,945
-15.2
616,330
3,560,646
-24.3
13,426,362
Springfield...
14,644,000
1,014,528
4,435,418
18,392,750
963,025
6,220,822
3,255,058
322,565
294,839,102
811,330
4,205,392
992,784
1.047,336
Tptal (18 cities)
450,803,079
Indianapolis
South Bend
Terre Haute...
Wis.Milwaukee..
Iowa—Ced. Rap.
Des Moines
Sioux City
111.—Bloom'gton.
Chicago
Decatur
Peoria
Rockford
•
1933
$
2,603,989
930,849
967,402
'
+5.2
-625,934
—4.3
5,608,923
2,544,006
523.369
+16.7
—11.4
+17.5
+34.6
+61.5
223,897,325
6.7
548.533
63#$27
2,183,395
t!8.3
490,726
66,807,409
1,252,269
500,000
475,376
9,093,000
395,867
3,014,123
11,175,567
191,263
5,182,685
2,357,375
379,686
194,465,915
425,465
2,228,179
473,628
752,998
854,950
298,427,593
289,763,483
+18.8
+16.5
+69.5
66,600,000
20,733,176
20,557,070
55,000,000
16,370,432
17,295,565
SUMMARY OF BANK CLEARINGS
%
386,810,125
+16.5
Inc.or
1936
Week End. Sept. 26, 1936
1935
Dec.
1934
1933
$
5
Eighth Federa 1 Reserve Pis trict—St. Lo
Mo.—St. Louis..
Federal
Reserve Dlsts.
1st
Boston
2nd
$
Ky.—Louisville—
223,531,363
12 cities
214,261,652
£.3
194,866,530
220,052,804
Tenn.—Memphis
111.—Jacksonville
New York. 12
"
3,069,597,441
3,653,942,495
—16.0
2,655,056,619
2,919,951,299
3rd
Philadelphia 9
"
350,362,546
333,894,554
+4.9
286,143,641
245,243,531
4th
Cleveland.
5
"
275,343,375
280,596,185
—1.9
191,371,683
109,344,204
uis—
89,540,829
298,427,593
71,800,000
24,984,830
20,843,927
187,i02,170
110,708,486 +1477
121,410,568 +24.8
386,810,125 + 16.5
85,300,000
29.113,393
35,326,060
289,763,483
6
"
126,953,635
6th
Atlanta
10
"
151,534,251
7th
Chicago
18
"
450,803,079
SthRichmond.
8th
St. Louis
4
"
150,202,453
118,028,757
9th
Minneapolis 7
107,881,194
+27.3
108,204,246
87,427,898
88,925,997
Quincy
Total 14
b
b
b
cities).
Ninth Federal
400,000
+ 15.8
314,000
260,000
150,202,453
118,028,757
+27.3
108,204,246
887925.997
2,964,464
57,909,804
17,532,271
1,588,839
82,603,280
Reserve Dis trict—Minn eapolis
"
"
97,524,829
108,345,011
—10.0
90,021,408
82,603,280
Minn.—Duluth.
10th KansasCltylO
11th Dallas
5
136,581,015
119,507,026
+ 14.3
104,991,552
84,856,046
Minneapolis
65,399,044
"
68,460,009
49,618,217
+38.0
49,312,307
47,068,024
23,119,215
12th San Fran..11
"
St. Paul
N. D.—Fargo..
2,662,044
3,335,087
73,503,236
25,512,026
—20.2
+11.0
S. D.—Aberdeen.
Total
181,920,786
158,593,657
5,716,607,396
—6.4
4,377,541,763
4,501,129,018
2,384,482,745
2,164,673,697
+10.2
1,807,745,941
1,664,001,369
395,654,450
325,657,997
+21.5
286,288,386
302,892,773
251,869,948
Outside N. Y. City...
Canada
We
219,484,320 + 14.8
5,352,763,944
109 cities
32 cities
add
now
our
detailed statement showing last week's
figures for each city separately for the four
years:
709,791
1,867,016
546,793
Mont.—Billings
741,172
662,175
+29.8
+11.9
2,821,041
2,918,678
—3.3
2,516,426
61,203,129
21,698,336
1,591,769
511,737
395,043
2.104,968
97,524,829
108,345,011
-10.0
90,021,408
2,072,522
_
Helena
Total (7 Cities).
Tenth Federal
Neb.—Fremont-
Inc.
1936
1935
$
First Federal
Me.—Bangor....
609,128
Portland
Mass.—Boston
1,868,952
194,156,871
.
_
$
Reserve Dlst rict
Fall River
661,314
2,335,316
183,687,649
641,461
339.422
543,211
Lowell
New Bedford._
Springfield
590,626
308,582
524,495
2,530,224
2,639,602
Worcester
1,640,787
9,454,155
3,025,735
8,236,000
376,039
Conn.—HartfordNew Haven
R. I.—Providence
N.H.—Manches'r
Total (12 cities)
223,531,363
Boston
1,435,144
10,986,751
1934
Wichita
1933
Colo.—Colo.
—7.9
457,522
1,866,437
506,440
1,839,204
170,247,137
196,881,201
+5.7
+8.6
+ 10.0
+3.6
+4.3
+ 14.3
—13.9
3,220,456
—6.0
7,610,100
370,995
$i
475,827
953,524
376,377
2,089,630
1,117,797
7,277,062
7,228,718
2,398,414
950,111
6,492,461
b
1,621,012
20,623,470
—3.5
3,068,607
+ 12.9
485,508
448,102 +135.8
+14.3
104.991,552
84,856,046
+23.3
+42.8
772,028
38,910,834
—3.3
5,202,532
a694,454
2,554,940
+61.1
+26.0
+53.4
773,106
36,613,845
6.116,603
2,968,000
2,460,913
1,696.770
49,618,217
+38.0
49,312,307
47,068.024
—1.4
1,541,406
2,921,033
—13.3
77,966,173
136,581,015
2,888,825
6,647,000
1.4
469,392
3,000,156
6,429.100
406,457
194,866,530
220,052,804
Eleventh Fede ral Reserve
Texas—AustinDallas
+21.4
119,507,026
+28.3
1,183,359
1,353,037
56,708,635
2,629,379
351,013
337,228
District—Da lias—
1,238,500
54,922,979
Ft. Worth
Galveston
1,004,240
38,461.752
5,991,285
1,606,000
5,792,256
2,587,000
a875,134
3,919,274
Wichita Falls..
La&—Shrevepoijt.
Rochester
Syracuse
Westchester Co
8,042,555
—10.1
6,323, 251
869,535
647,830
27,064! 220
26 ,072,167
486,277
+ 12.3
+5.6
+25.3
744 556
30,300,000
374, 955
507,869
607,803
—11.0
466, 025
Spokane
472,875
2,968,281,199 3,551,933,699
6,819,675
6,239,096
3,441,774
3,690,781
New York
Yakima
—16.4
1,996.000
b
b
b
b
,569,795, 822 2,837 ,127,649
+9.3
4,932, 787
5 ,760,965
3,065, 335
,042,272
b
3,525.060
2,524,218
+39.7
N. J.—Montclair
*290,000
16,799,477
29,084,310
400,000
17,360,118
31,488,413
—27.5
3,069.597.441 3,653,942,495
-16.0
Reserve Dis trict—Phila
b
b
delphi
Newark
Northern N.
J
Total (12 cities)
Third Federal
Pa.—Altoona
338,011
a*340,000
283,425
1,196,747
..
Chester
Lancaster
Philadelphia-_
Reading
340,000,000
1,449,472
1,876,759
Scranton
Wllkes-Barre.
N. J.—Trenton.
—7.6
,974,539
410,000
,651,209
2,655,056,619 2,919,951,299
—25.0
b
b
—5.1
324,508
336,251
+11.8
1,103.509
325,000,000
+4.6
+63.6
278,000,000
—8.9
—0.5
1,199,376
2,066,000
+52.6
333,894,554
+4.9
b
57,085,355
84,687,483
9,978,100
1.487,833
Columbus. n—i
Mansfield
Youngstown..
45,430,209
64,422.347
8,320,800
1,125,761
b
Pa.—Pittsburgh.
122,104,604
cities).
275,343,375
Fifth Federal
—2.7
909,803
1,779,756
878,416
782,717
2,117,900
286,143,641
293,498
274,661
2,473,000
43,673.415
Va.—Norfolk
Richmond L
San
245,243,531
Santa Barbara.
b
161,297,068
280,596,185
b
+25.7
+31.5
+19.9
+32.2
b
+24.3
—1.9
b
38,353,000
57,378,103
8,581,400
1,166,490
b
85,892,690
191,371,683
b
38,939,735
55,421,145
6,618.100
964,686
b
85,158,504
187,102,170
157,162
1,911,000
38,923.340
--29.4
121,539
1,980,000
2,158.000
--12.2
39,254.354
27.852.822
„
+74.8
102,651
1,454,343
1,151,097
--26.3
809,928
832,746
51,872,217
16,693,670
--16.1
50,339,369
15,376,004
42,936,784
3,087,874
Nashville
14,870,237
55.900,000
Ga.—Atlanta
Augusta.
Macon
Fla.—Jacksonville
Ala.—Birm'ham.
Mobile
Miss.—Jackson 1.
Vicksburg
1,344.446
•
1,244,308
16,373.000
20,144,721
1,553,086
b
30.622,537
15.535,214
26,950,660
13,502,325
+ 13.6
3,600,938
2,944,906
3.145,979
2.367,407
126,322,740
2,647,704
847,026
+ 14.5
143,027,^66
3,118,728
1,172,447
+ 15.1
+ 24.4
+ 13.2
+ 17.8
1,557,175
+38.4
+41.9
251,869,948
219,484,320
+ 14.8
—6.4
Outside New York
110,708,486
2,598,731
12,769,103
43,300,000
1,216,474
889,819
10.394.000
17.281.001
1,541,853
b
2,384,482,745 2,164,673,697
SCO—
22,928,015
8,257.000
728,063
20,675.670
12,300,000
2,415,166
1,994.039
108,324,480
2,019,767
909,403
1,369,183
20,481,427
4,320,000
460,168
17,533,129
9,488,217
2,403,684
1,920.439
98.611,079
1,709.862
708,658
957,094
181,920,786
158,593,657
+14.7
^07,881,194
a+18.8
13,544,895
87.427,898
3,076,488
+ 16.5
2,088,074
11,396,948
9.210.984
+29.1
38,100,000
33,600,000
+10.5
826.565
+39.8
+57.5
787.523
11,904,000
1,152.170
821,733
9,994,000
14,638,172
1.048,006
11,652.802
1,076,949
+ 16.6
+0.7
b
b
4,377,541,763 4,501.129,018
+ 10.2 1,807,745,941 1,664,001,369
Week Ended Sept. 24
Clearinos air—
Inc.
b
232,201
36,784.378
117,845
+97.0
La.—New Orleans
100,152
Toronto
—
%
1934
$
Canada—
1935
$
%
$
-126,694,507
105,244,569
Winnipeg..-
76,990,920
19,406,498
Vancouver
Ottawa
15,841.003
3,563,304
2,147.571
+17.5
28,454,764
18,821,266
Total (10 cities)
151.534,251
121,410,568
+24.8
109,344,204
-
Halifax
+25.1
98.020,418
+24.1
+25.1
81,196.662
48.026,267
+32.1
14,685,196
—22.1
+ 18.0
4,453,283
3,610.242
2,027,231
3,553.498
5,746.225
1,520,388
1,309,287
2,345,390
2,958,860
5,038,743
+ 71.0
5,047.980
282,547
+40.2
686,241
—24.3
303,042
419.217
1,777,112
+ 21.3
580,471
716,276
577,074
528,244
365,459
523,801
528,873
947,553
+ 61.2
Hamilton
4,225,963
Calgary....
7,280,400
St. John
2,046,671
1,762,222
Victoria.
London..;
Regina
Brandon....—..
Letbbridge
...
Saskatoon
Moose Jaw
2,715,423
3,906,891
8,614,935
396,021
519,646
Medicine Hat—
935,797
993,055
828,407
621,119
264,379
654,059
Sherbrooke.
684,713
Brantford
William
New Westminster
Kitchener
—
+ 12.4
+43.6
1,613,694
483,846
647,815
539,196
+ 17.6
534,059
—27.7
+ 38.6
*
—4.4
430.254
445,794
587.544
392.778
444,737
+ 8.7
+9.5
949,295
796,779
<+19.1
395,654.450
325,657,997
+21.5
286,288,386
771,834
638,583
Chatham
+ 24.7
+ 24.0
+ 25.4
M one ton
Sudbury
+ 13.3
807.436
433,031
Kingston
+5.1
+0.2
1,932,892
318,333
1,067,242
2,423,835
Windsor
—4.8
218,408
539,628
504,658
932,628
1,877,799
286,517
765,667
567,061
505,345
335,946
712,933
Prince Albert
89,540,829
101,269,148
84,827,836
61,551,922
14,685.418
20,348,072
3,743,863
2,044,231
4,218,991
6,426,511
1,640,989
1,568,468
2,189,225
3,310,430
2,156,509
Quebec
Sarnla
-
+24.9
+8.9
+ 12.6
+ 36.0
+0.2
1933
t
96,897,143
79,748,966
72.593,496
13,620,744
3.284,812
3.302,275
1.824,741
3.283.307
6,583,536
1,407,634
1,212,580
1,808,580
2.860,799
3.908.942
312,238
355.616
1,123,838
520,086
638,515
463.048
393,055
199,426
503,656
530.737
830,814
1.812,391
319.444
673,731
531,289
400,358
362.852
584,124
134,437
31,301,742
or
1936
Peterborough
+ 13.1
Reserve Dist rict—Atlant
Tenn.—Knoxvllle
+ 66.9
5,352,763,944 5,716,607,396
cities)
Fort
126,953,635
750,016
+5.6
(109
Edmonton
60,199,132
18,879,084
Sixth Federal
total
+ 20.8
2,209,585
Stockton
Total (11 cities)
Montreal
8. C.—Charleston
Total (6 cities).
Francisco.
San Jose
2,500,000
Md.—Baltimore.
D.C.—Washing'n
Pasadena
30,688,288
10,705,000
996,250
1,691,769
1,371,568
1,120.472
Reserve Dist rict—Richm ond—
W.Va.—Hunt'ton
Cal.—Long Beach
Francl
37,080,181
11,306,000
1,251,546
236,000.000
886,075
2,060,544
903,995
b
..
Cincinnati
Cleveland.
Ore.—Portland..
Utah—S. L. City
933,723
247,032
Feder al Reserve D istrlct—Clev eland-
Ohio—Canton
Twelfth Feder al Reserve D istrlct—San
Wash.—Seattle..
Grand
a453,547
298,674
1,070,724
350,362,546
Total (9 cities)
,233,301
15,182, 337
24,773, 832
—17.4
3,152,000
_
2,033, 499
300, 000
409,166
899,479
1,166,653
York
—3.2
68.460,009
,050,623
—6.7
Conn.—Stamford
Bethlehem.
yTotal (5 cities).
976,782
Jamestown....
Total (5
59,412
494.998
450,099
32,000,000
609,545
540,901
Bingham ton.__
Elmira
„
48.913
82,574
York-
Buffalo
Fourth
301,834
204,163
8.2
+4.3
Total (10 cities)
470.662
1,835,406
1,587,665
25,189,870
1,868,233
2,444,947
70,125.833
2,760.586
493,000
379,432
30,574,555
1,978,019
2,517,321
94,664,392
2,961,986
548,210
1,056,729
Pueblo
—20.0
214,261,652
N. Y.—Albany..
_
Mo.—Kans. City
St. Joseph
_%
Feder al Reserve D {strict—New
Second
Kan.—Topeka
or
Dec.
2,499,004
30,135,333
Omaha
Clearinos at—
—9.4
as City
65,954 +165.6
84,205 —46.7
+6.3
2,351,483
175,186
44,835
Lincoln
—11.0
Reserve Dis trict—Kans
Hastings
Week Ended Sept. 26
b
463,000
.Total (32 cities)
a
•
Not included in totals.
Estimated.
b No clearings available.
302,892.773
Financial
2156
THE
Chronicle
Oct.
BOURSE
PARIS
Per
Quotations of representative stocks as received by cable
each
day of, the past week:
Sept. 26 Sept. 28 Sept. 29 Sept. 30
Francs
Francs
Francs
Francs
Bank of France,—,
Banque tie Paris et Des Pays Bas
•
'
Oct. 1
Oct. 2
Francs
Francs
-
Pacific
256
\
-
23,300
Canal de Suez cap
Cie Dlstr. d'Electricitle
Cie Generate d'Electricitle
21
Cie Generale Transatlantique. ..
Citroen B
"
Credit Commercial de France-
Credit Lyonnaise
Energie Electrique du Littoral_ _Holiday —Closed—Devaluation
Kuhlmann
of franc—
1
L'Air Liqulde
/
/
Lyon (P L M)___
x
Nord Ry
Orleans Ry 6%
401
—
Pathe
Capital
Peohlney.
Rentes, Pepetual 3%
Rentes 4%, 1917Rentes 4%, 1918...
Rentes 4^s, 1932 A
78.20
j
78.10
— -
Rentes
.
77.25
84.00
84.70
4», 1932 B
102 00
Rentes 5%; 1920
Royal Duton
4010
.....
...
Saint Gobain C&C
Schneider & Cie
Dividends
we
are
grouped in two separate tables.
bring together all the dividends announced
have not yet
been paid.
Adams (J. D.)
Share
Company
20c
Gold Dust
Corp
Gordon 8c Belyea, Ltd., 6% 1st preferred
GreatLakes_EngineeringWbrks(quar,l-.=.-^-
15c
30c
37>4c
Apollo Steel (quarterly)
Arlington Mills
;
AssociatedTelep. Co., Ltd., $134 pref. (quar.)-Atlantic City Electric Co., pref. (quar.)
Atlantic City Sewerage (quarterly)
Atlas Acceptance Corp., 5% pref. vquar.)
Autoline Oil Co., preferrred (quar.)
Avondale Mills, A & B
Badger Paint & Hardware Stores, Inc
Preferred (quarterly)
Baker (J. T.) Chemical Co., 534 % 1st pref. (qu»)
Baker, Hamilton & Pacific, 8% pref
Baldwin Duckworth Chain Corp. (quar.)-
Oct.
Oct.
3134c
$1*4
50c
25c
50c
1
Sept.25
1 Sept. 25
1 Sept. 28
15 Oct.
2
15
2 Oct.
2
Oct.
1
Sept. 21
Oct.
Sept. 25
Sept. 15
ct.
Sept. 25
ct.
Sept. 25
Oct.
Sept.15
Sept. 30 Sept. 28
fct.
Oct.
Oct.
Oct.
$2
Si 34
234c
15c
SI
$134
Brooklyn Tqleg. & Messenger Co. (quar.)
Brush-Moore News, 7% 1st & 2nd pref. (qu.)__
$1*4
Bulova Watch Co., preferred
Burco, Inc. (initial)
Burmah Oil Co. (interim)
5%
Calamba Sugar Estates (quarterly)
40c
California Oregon Power, 6% pref
h$l*4
h$ 134
7% preferred, series 1927
hWA
7% preferred
Canadian Bronze Co., Ltd., com
r25c
SI 34
(Preferred (quar.)
Canadian General Investments, Ltd
1234c
Canadian Silk Products Corp., class A (quar.)__
3734c
Carolina Clinchfield & Ohio Ry. (quar.)
$1
Stamped certificates (quarterly)
$134
Celluloid Corp., 1st pref. partic stock
h% 2
Celotex Corp., 5% preferred
7i$5
Central Franklin Process Co., 7.% 1st pf. (qu.)__
$134
7 % 2nd preferred (quarterly)
Central Hudson Gas & Electric (quar.)
20c
20c
Voting trust certificates t quar.)
6% preferred (quarterly)
$134
Central Illinois Securities, $134 preferred
15c
Central Mississippi Valley Electric Property—
6 % preferred (quarterly)
$134
Central Power & Light, 6% preferred.
$1,125
7 % preferred
1.3134
Century Electric Co. (quarterly)
50c
Chain Store Products Corp., $1 34 conv. pf." (qu.)
Cherry-Burrell Corp., 7% preferred
$134
City Baking, preferred (quarterly)
$134
Cleveland Cincinnati Chicago 8c St. L. Ry., pref.
Cluett, Peabody & Co., Inc
Collyer Insulated Wire Co. (increased)
:
25c
Colon Development Co., Ltd.—
6% red. conv. preference-5% red. income stock, series A
Colonial Finance Corp. of R. I., 7% pref
Columbia Mills increased)-.
Connecticut River Power, 6% pref. (quar.)
Consolidated Car Heating ' quarterly)
-
.,
__
.
•
-
—
-
2 Oct.
10
Nov.
75c
-
2 Oct. 10
2 Oct."
9
15 Oct.
31 Oct.
Nov.
1234c
Bishop Oil Corp. (quar.)
10
Oct.
25c
Bourbon Stockyards Co. (quar.)
2 Oct.
Oct.
20c
Blaw-Knox Oo
15
20 Sept. 30
20 Sept. 30
1 Sept. 26
1 Oct.
si *4
Beatty Bros., Ltd., 6% preferred (.quar.)
Oct.
25c
Baldwin Rubber Co
Baxter Laundries Corp., pref
_
Oct.
50c
Extra
2 Oct.
Oct., 2 Sept. 21
Oct. 10 Sept. 30
Nov.
2 Oct. 15
Nov. 2 Oct. 15
#1
$1
12*4c
American Steamship Co. (quarterly)
r2H%
17yi!
tin
sept.
1
Nov.
1 Oct.
Sept. 24
15
30c
Oct.
50c
Oct.
20 Oct.
Oct.
20 Oct.
10
Nov.
1
Oct.
20
15c
Nov.
2 Oct.
10
fc$234
10c
5c
■
$134
1 Sept. 22
20 Oct. 15
1 Sept. 28
Nov.
1 Oct.
Oct. 15 Oct.
Oct.
30 Oct.
15
1
9a
Oct.
1
Dec.
1 Nov. 20
Sept. 24
Sept. 30 Sept. 24
Oct. 14 Oct.
Nov.
2 Octv
Jan.
Oct.
Dec.
9
15
15
Sept. 30
Sept. 30
Sept. 30
Oct.
Oct.
Nov.
Oct.
20
Nov.
Oct.
20
Oct,
Oct;
Sept. 30
Sept. 15
Oct.
Oct.
10
Oct.
Oct.
Oct.
Oct.
10
6
Nov.
Nov.
2
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
17
17
30
30
29
Nov.
Oct.
20
Nov.
Nov,
Nov. 14
Oct. 15
Oct. 15
Nov.
Oct.
Sept. 30
Sept. 20
Sept.
Oct.
26
8
21
Nov.
Oct.
Nov.
Oct;.
Oct.
Oct.
Sept. 26
Oct.
Sept. 30
Sept. 430
Sept. 28
Oct.
1
Dec.
1 Nov. 16
Oct.
Sept. 30
15 Sept. 30
sept. 25
5
15 Oct.
Oct.
17
15 Sept. 30
10
Oct.
1
Nov
2 Oct.
24*
Nov.
2 Oct.
24
Oct.
Sept.29
lo Sept. 30
10 Oct.
1
5Uc
Oct.
26c
Nov.
1 Oct.
15
Nov.
1 Oct.
15
Oct.
Dec.
1 Sept. 25
1 Nov. 15
H* 134
$13*
$134
Nov.
2 Oct.
Nov.
2 Oct.
$134
Nov. 14 Nov.
16
16
2
Sept. 24
Oct.
50c
—
—
2 Oct.
Nov.
2 Oct.
15
$134
•.
Holyoke Water Power Co. (quar.)
Honolulu Plantation Co. (monthly)
Honolulu Rapid Transit Co
Hooker Electrochemical 6 % preferred
Herders, Inc. (quar,)..
Nov.
76c
Nov.
2 Oct.
15
$3
Oct.
15
Sept. 25
Oct. 10 Sept. 30
16C
30c
Sept. 30 sept. 23
h$134 Sept. 30 Sept. 23
Nov.
1 Oct. 20
15c
30c
Nov.
Oct.
20
40c
Nov.
2 Oct.
13
h$ 7
Extra
Horn & Hardart Co. (N. Y.) (quar.)--.
Hotel Statler Co., Inc., 7% preferred.
—
M-A-C Plan, Inc. (Prov., R.I.)
Oct.
16 Oct.
5
h$134
Oct.
16 Oct.
5
10c
Oct.
Massachusetts Trust
$134
_,
Nov.
2 Oct.
Nov.
1
Oct,
15
15
Nov.
1 Oct.
15
28c
$1%
Oct.
Nov.
1 Sept. 30
Oct.
11
1
$1.45
Sept. 25 Aug. 311
$1.74
$7.32
Sept. 25 Aug. 31
Sept. 26 Aug. 31
2 Oct. 25
Nov.
h$ 1
$134
Oct.
$1
10c
Oct.
$134
35c
$134
Oct.
Nov.
1
Sept. 30
1 sept. 26
20 Oct. 10
1
Oct.
1 Dec.
Nov. 16 Oct.
Oct. 13 Sept.
Sept. 30 Sept.
Jan.
35c
Oct.
15 Oct.
Oct.
Oct.
20
$134
$134
25c
1
Nov.
2 Oct.
Nov.
2 Oct.
15
15 Oct.
10
Oct.
$134
Nov.
25c
New Brunswick Telep. (quar.)
New Britain Machine Co., $7 class A (quar.)
New Jersey Zinc Co. (quar.)
^
North American Edison Co., pref. tquar.)
North American Finance Corp. class A (quar.).
7% preferred (quar.)
Sept. 19
15
Sept. 30 Sept. 12
Sept. 30 Sept. 12
-
Nash Motors (quarterly)
t
National Automotive Fibres class A
New Bedford Gas & Edison Light Co. (qu.)
New Britain Machine Co., pref.
1
Sept.30"
Oct.
Metal Thermit Corp. 7% pref.
Common (quarterly)
Montana Power. $6 pref. (quar.)..
Mutual Investors Fund
18a
31
23c
(quar.)
Michigan Public Service 7 % pref
6% preferred
Mohawk Carpet Mills (quar.)....
Monroe Calculating Machine. 7% pref. (qu.)._
16a
31
30
14
Sept. 30 Sept. 14
Sept. 26 Sept. 17
1 Sept. 30
Oct.
$1.17
—
-
2 Oct.
12
Oct.
25c
Nov.
3734c
$1
$134
1234c
h$134
50c
$134
15 Sept.30
2 Oct. 20
1 Oct. 10
Nov.
Oct,- 15 Sept.30
Oct.
Oct.
1
Sept. 28
15 Sept.30
1 Sept. 28
Oct,
Nov. 10 Oct. 20
Dec.
1 Nov. 16
50c
Oct.
8734c
6834c
Oct.
1 Sept. 25
1 Sept. 25
14 Sept. 30
75c
6% preferred
7% preferred
Orchard Farm Pie Co., $5 pref. A
Pacific Lighting Corp., com. (quar.)
Oct.
Oct.
8734c
7i$234
Northern Indiana Public Service 534% pref—
Extra
Nov.
6 Sept. 15
2 Oct. 15
50c
90c
preferred
1
$134
50c
Manning, Maxwell & Moore
Maple Leaf Gardens, Ltd., 7% pref
Masonite Corp., 7% preferred
Oct.
Oct.
14 Sept.30
1 Sept. 21
14 Sept.30
60c
:
-
8% preferred (quarterly)
Nov. 16 Oct.
20
20
50c
Package Machinery Co. (quar.)
Pan American Airways Corp
Panama Power & Light Corp., pref. (quar.) :
Peaslee Gaulbert Corp., 7% pref. (quar.)
Penmans, Ltd. (quar.)
Preferred (quar.)
Philadelphia & Trenton RR. (quar.)
Pittsburgh Plate Glass
Planters Nut & Chocolaxe Co
-Plume & Atwood Mfg. Co. (quarterly)
lymouth Cordage Co., employees stock'ortland Gas Light Co., $6 pref. (quar.)
Railroad Employees Corp., cl. A & B i.qu.)
Nov. 16 Oct.
30c
,
Pacific Tin Co. .quarterly)
Extra
Class A & B extra
Dec.
Nov.
1
$134
$134
h$334
$134
Oct.
7lc
American Light.& Traction (quar.)
Preferred (quar.)
sept. 30
1
Oct.
Lynn Gas & Electric Co. (quar.)_
Trust certificates (quar.)
Oct.
30c
1
Oct.
$1
30c
$134
$134
Nov.
Nov.
50c
pref.
Oct.
50c
5 % preferred (quar.)
Los Angeles Gas & Electric Corp. 6% pref
Lowell Electric Light (.quar.)
15c
American Cities Power & Light, opt. cl. A,
$1
$234
Loose-Wiles Biscuit Co. common--.
Nov.
10c
American Can Oo., common (quar.)
Oct.
10
Oct.
Oct.
$1*4
Araerican Discount Go. (Ga.) (quarterly)
American Factors, Ltd
17
5
$1
26a
Oct.
15c
Allied Chemical & Dye Corp., com. (quar.)
All-Penn Oil & Gas Co. (quarterly)-s.
Amerada Corp., common (quar.)
31 Oct.
20 Oct.
Nov. 10 Oct.
Nov.
h$ 1
Air Associates, preferred
Alaska Juneau Gold Mining (quar.)
Extra
10
Oct.
75c
Preferred (quar.)
20 Oct.
Oct.
50c
1 Extra
Oct.
20C
Nov.
Payable of Record
15c
Special
Holders
Sept. 25
20c
15
When
10c
7c
Mfg. Co. (quarterly)
Administered Fund Second (quarterly)
1
Sept. 30 Sept. 20
Nov.
2 Oct.
16
Nov. 16 Nov. 2
Oct. 20 Oct.
3
Oct. 20 Oct.
3
Oct. 26 Oct. 10
6% preferred
Hutchinson Sugar Plantation (monthly)
Idaho Power Co., 7% pref. (quar.)
6% pref. vquar.)
...—
International Printing Ink (quar.)
Preferred (quar.)
Inter-State Royalty Corp., Ltd., A (quar.)
Jamaica Water Supply Co. 7 34 % Pref
Jones (J. Edw.) Royalty Trust—
Series A partic. trust certificates.
—
Series B partic. trust certificates....
Series O partic. trust certificates
Keith (G. E.) Co., 7% preferred
-....Knott (A. J.) Tool & Mfg., 7% pref. (qu.)
Lane Co., Inc. (quarterly)
Little Long Lac Gold Mines
The dividends announced this week are:
Name of
1
Oct.
25c
.
Per
Oct.
50c
30c
Employers Group Assoc. (quar.)..
Equity Shares, Inc
Fall River Electric Light Co. (quar.)
Fireman's Fund Insurance Co. (quar.)
Fort Street Union Depot Co. (s.-a.)
Franklin Process Co. (quarterly)
Freihofer (Wm.) Baking Co., 7% pref. (qu.)..
Froedtert Grain & Malt Co., pref. (quar.).—
Fyr-Fyter Co
Gardner-Denver Co., com. (quar.)
Preferred tauar.)..
In the
the
current week.
Then we follow with a second table in which
we show the
dividends previously announced, but which
first
Oct.
$134
Extra
DIVIDENDS
7
Oct.
$!
Co. (quarterly)
Hart-Carter, pref.
Hat Corp. of America, $634 pref
$634 pref. (quar.)
Hercules Powder Co., pref. (quar.)..
Highland Daijry, Ltd., 7% pref. (quar.)
Holly Sugar Corp. (quar.)
Wagon-Lits.
1
Oct.
Sept. 30
1 Sept. 19
1 Sept. 19
$1
Gross (L. N.)
Tubize Artificial Silk, pref
Union d'Electricitle
Dec.
25C
Green (H. L.) Co. (quar.).
Preferred (quar.)
Soclete Lyonnaise
Soclete Marseillaise.
2 Oct.
20
Oct. 15
Dec. 10
Dec. 10
Oct. 20
5UC
Great Lakes PowersGo., A, preference
Great Southern Life insurance (Texas).
Soclete Francalse Ford
Societe Generale Fonclere
1
NOV.
6234c
$134
vQuar.)—
Dravo Corp,, 6% preferred
Extra
Oct.
10c
25c
(qu.)
Electric Products Corp. (Fa.)—
-
Oct.
3734c
75c
75c
$134
Electric Household Utilities.
-
Eaux Lyonnalse cap
Energie Electrique du Nord
Dominion Security Corp.
Preferred (.quarterly)
Holders
1 Sept. 25
23
Oct*
5
Oct.
5
Dec.
1
•
30c
Extra-———
Detroit Gasket 8c Mfg. Oo. (quar.)
District Bond Co. (Los Angeles), 6% pref.
When
Payable of Record
Oct.
$134
Continental Gas 8c Electric, pref. (quar.).
Corn Exchange Bank Trust quar.)
Corn Products Refining Co..
Preferred (quar.)
Eagle Lock Co. (quarterly)
Eastern Magnesia Talc Co. (quarterly)
Eastern Steel Products, Ltd. (resumed)
Eaton Mfg Co. (quar.)—
Economical-Cunningham Drug.
Preferred (quar.).
.....
.....
Comptoir Nationale d'Escompte
Coty S A
Courrieres
Share
Name of Company
Creamery Package Mfg Co
Banque, de l'Union Parislenne..
Canadian
1936
3,
Nov.
2 Oct.
19
50c
Nov.
2 Oct.
50c
Sept.
1
25c
Nov.
2 Oct.
Oct.
1
$134
19
Aug. 20
20
Sept. 25
Sept;. 30 Sept. 26
Nov. 16 Nov.
5
Nov.
2 Oct. 21
Oct. 10 Oct.
1
Oct.
1 Sept. 10
Oct.
1
Seplr25~
Oct.
Oct.
20 Sept. 23
Oct.
15 Oct.
1
1
Oct.
20 Sept. 30
Oct.
20 Sept. 30
20 Sept.30
Oct.
Richmond Fredericksburg & Potomac RR—
7% guaranteed (semi-ann.).
i.).
6% guaranteed (semi-ann.
Nov.
Nov.
2 Oct.
2 Oct.
1 Oct.
1 Oct.
31
31
R. I. Public Service Co., pref. (quar.).
Class A (quarterly)..;
Nov.
Richmond Insurance Co. of N. Y. (quar.)
Extra
1-
Nov.
Nov.
Ritter Dentral Mfg. Co. (resumed)..
Preferred (quar.)
:
Oct.
Oct.
1
Saguenay Power Co., 534% pref. (quar.)
St. Joseph Light, Heat & Power Co., 5% pref...
St. Joseph Stockyards Co., common (quar.)__.
St. Louis Bridge Co., 6% 1st pref. (semi-ann.)..
3% 2nd preferred (semi-annual)
San Antonio Public Service, 8% pref. (quar.)__.
7% preferred (quarterly).
Nov.
Oct.
1 Oct. 15
1 Sept. 15
Nov.
15
15
2 Oct.
10
2 Oct.
10
15 Oct.
10
Oct.
1
Sept. 30 Sept. 23
Jan.
Jan.
1
Dec.
15
1 Dec." 15
Sept. 30 Sept. 21
Sept. 30 Sept. 21
Volume
143
Financial
San
When
Holders
Payable of Record
Per
Share
Name of Company
Diego Consol. Gas & Electric, pref. (quar.)_
Oct.
Oct.
Santa Cruz Portland Cement
Securities Investment Co. of St. Louis
75c
7% preferred
(quarterly)
$7 pref. $5
$1*4
87 He
—.
16
25
25
25
Sept. 15
Sept. 30
Oct.
Nov.
/i$ 3
37 He
$1*4
81H
Oct.
Oct.
10c
19
Oct.
Oct.
Oct.
20
.
55c
Sept.
r~~25c
81 *4
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
81H
$7.03
Nov.
Oct.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Dec.
Nov.
Dec.
Nov.
87.05
...
$1.76
State Street Investment (quarterly)
75c
Stecher-Traung Lithograph Corp
Stewart-Warner Corp., common (semi-ann.)
$1
Common (extra).
Stockely Bros. & Co., 7% pref. (quar.)
Superior Water, Light & Power Co., 7% pref..
(quarterly!
Sussex Fire Insurance Co., common
Thatcher Manufacturing Co., conv. pref. (.quar.)
Torrington Water Co. (quarterly)
—
Twentieth Century-Fox Film Corp., common..
43 Me
$1*4
Oct.
Oct.
25
30
30
19
19
19
19
19
15
31
Railways, 7% pref. (mo.).a
7% pref. (monthly)..
7% pref. (monthly)
6.36% pref. (monthly)
6.36% pref. (monthly)
6.36% pref. (monthly)
6% pref. (monthly)
....
6% pref. (monthly)
6% pref. (monthly).
....
$1X4.
$154
83 H
12 He
Chesapeake & Ohio Ry., preferred (semi-ann.)_.
Cincinnati Advertising Products/extra
Cincinnati, Newport & Covington Lt. & Traction
Quarterly
$1H
Preferred (quarterly)
$1,125
Nov.
Oct.
50c
Sept.
Sept. 21
Cincinnati Postal Terminal
6H % preferred (quarterly)
Cincinnati Union Terminal Co.'
5% preferred (quar.)
Clark Controller Co.
(special)
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)—
Oct.
Oct.
16
Nov.
Oct.
20
Sept.
Oct.
Nov.
Sept. 20
Sept. 30
Dec.
Nov. 16
581-3c
54c
United Bond & Share, Ltd., extra
United Light &
5% preferred, initial (quar.)
Preferred (quar.)
90c
581-3c
—
Jan.
Dec.
Nov.
Oct.
81
50c
$1H
54c
15
15
15
Nov. 16
Dec. 15
Dec.
54c
Oct.
Jan.
50c
Nov.
50c
Dec.
Oct. 15
Nov. 16
50c
Jan.
Dec.
2c
Oct.
&
Coleman L & S. Co
Columbus Ry. Pow. & Lt. Co.,
6H% pref. (qu.)
Commercial Discount Co. (Los Angeles) 8% pfd7% preferred (quarterly)
Commercial National Bank & Trust (quar.)
Commonwealth Investment Co. (Del.) (quar.)..
Confederation Life Association (quar.)
...
$1
United Standard Oilfund of America
(quar.)
Universal Cooler, class A
Class B
Walker Mfg. Co., S3
conv.
Warren Foundry & Pipe
Extra
preferred
Oct.
12
Oct.
12
Consolidated
h75c
(quarterly)
Oct.
Nov.
21
25c
Nov.
Oct.
$1
Nov.
Oct.
25c
Westvaco Chlorine Products. 5% preferred
White Villa G*ocers, Inc.,
6% prer. (quar.)
Wilcox-Rich Corp., class B
Wilson & Co.
Oct.
Oct.
Sept. 30
Nov.
Oct.
Oct.
Sept. 24
Sept. 30
$1H
85c
(quarterly)
Oct.
15
15
10
__
12Hc
Dec.
Nov. 14
81H
Preferred (quarterly)
Woolson Spice Co. vquarterly)
Nov.
Oct.
Sept.
Sept.
Sept. 28
Sept. 28
Sept. 25
25c
Preferred (quarterly)..
81H
$1*4
Wrisley (A. B.) preferred (quar.)
Oct.
15
Extra
Oil
Corp. (quarterly)
give the dividends announced in previous weeks
and not yet paid.
This list does not include dividends an¬
nounced this week, these being given in the
preceding table.
we
Per
Name of
Company
\ Share
Addressograph-Multigraph (quar. increased)
25c
2c
Affiliated Fund, Inc., new (initial)
New
common
(extra)
(special)
(quar.)
1c
American Bakeries Corp., 7% pref.
American Box- Board
(quarterly)
Extra
;
Oct.
>
_
„
pref.
Oct.
Jan.
Oct.
24 Oct.
(semi-ann.)
2 Oct.
15
2 Dec.
19
1
Oct.
10 Oct.
Oct.
15 Sept. 30
Dec.
15
$1*4
$3H
31 Dec.
Dec. 31 Dec.
1 Dec.
Jan.
1
Consolidated Royalty Oil Co. (quar.)
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)
Continental Oil Co., Delaware
Oct.
$1.75
Oct.
$1*4
15c
$1.50
Dec.
12
20c
Nov.
14a
75c
Dec.
2 Oct.
31 Dec.
Oct.
5
8
15
15 Sept. 30
$1*4
Dec.
16
30c
Oct.
Oct.
15 Sept. 15
15 Oct.
1
$1H
(quar.)
50c
Preferred (annual)
American Smelting &
$7
Refining Co
1st preferred
(quarterly)
2nd preferred
(quarterly)
American Telep. & Teleg.
(quar.)
American Thermos Bottle
(quar.).,
50c
Dec.
5
Nov.
2 Oct.
2 Oct.
15
$1*4
Oct.
31 Oct.
9
Oct.
31 Oct.
9
Oct.
25c
Extra
$1
„
Anaconda Copper Mining Co
Anheuser Busch, extra
Anheuser Bush. Inc.
(quarterly)
Arrow-Hart & Hegeman Electric
(quar.).
Preferred (quar.)
Asbestos Mfg preferred
(quar.)
25c
$2
50c
50c
35c
$2H
$1
...
Atlantic Refining Co.,
4% pref. (quar.)
Atlas Plywood Corp
:
Automobile Finance Co., Initial
(quar.)
Extra
25c
4Hc
5Hc
43 54 c
$1H
Preferred (quarterly)
Baldwin Co., 6% preferred A
(quar.)
Bangor Hydro-Electric Co
Barnsdall Oil Co.
(quar.)
25c
20c
2 Oct.
Nov. 16 Nov.
Oct.
15 Sept. 30
Nov.* 2 Oct. 10
Nov.
2 Oct. 10
Oct.
15 Sept. 30
25c
Oct.
r$lH
Oct.
30 Sept. 25
15 Sept. 23
$1*1
Oct.
37 He
...
*
$1H
$1.62
$1
15 Sept.19
Nov. 15 Nov. 11
Dec. 31 Dec. 24
Oct. 23
Oct.
75c
Oct.
75c
Oct.
10c
_
I
Oct.
5c
32 He
Oct.
Oct.
30 Oct.
15
15 Sept. 25
1
24 Oct.
15 Sept. 30
15 Sept. 30
37Hc
Oct.
15 Sept. 19
15 Sept. 30
40c
Oct.
15 Sept. 30
1 Oct.
15
15
1 Dec.
31
Nov.
1 Oct.
20
Oct.
Oct.
15 Sept. 30
15 Sept. 30
15
Sept.
Jan.
1
Dec.
Dec.
3
19
15 Sept. 30
Dec.
1 Nov. 10
15 Sept. 30
Nov.
2 Oct. 15
Oct. 10 Oct.
1
Oct. 10 Oct.
1
Jan.
2 Dec. 23
Oct.
Nov.
2
Dec. 31
Nov.
1
Nov.
2
Dec.
1
Dec.
14
Dec. 25
Oct.
15
Oct.
15
Nov.
Nov. 16 Oct.
Nov. 16 Oct.
Oct. 25 Oct.
J an.
2 Dec.
Jan.
2 Dec.
14
15
15
15
15
Jan.
2 Dec.
15
15
15
2 Dec.
2 Oct.
Dec.
50c
55c
Jan.
55c
Jan.
25c
Oct.
15
1 Nov. 14
2 Dec. 15
2 Oct. 15
Nov.
Dec.
55c
Oct.
20c
2c
1 Nov. 14
2 Dec.
15
31 Oct.
5
31 Oct.
5
Nov. 30 Nov. 15
Nov. 15 Oct. 31
Oct.
8 Sept. 21
Oct.
Oct.
10 Oct.
15 Oct.
1
Oct.
15 Oct.
5
Oct.
15 Oct.
Nov.
5 Oct.
5
$2
25c
UsU
Jan,
Dec.
Oct.
23
2 Oct.
20
Oct.
20
Sept. 15
Dec. 11
Nov. 20
Sept. 15
Sept. 30
5 Dec.
19
1
-,Nov. 14
15 Sept. 19
Dec.
Oct.
20.Sept. 35
15'Sept. 15
15c
Nov. 16 NoV.
$1H
Oct.
24 Oct.
HP
36c
Oct.
Dec.
5
15
Oct.
$154
25c
Oct.
Nov.
Oct.
Oct.
10
Sept. 15
15 Sept. 30
16 Dec.
5
25 Oct.
3
2 Oct. 10
7 Sept. 19
7 Sept. 19
Oct.
7 Sept. 19
Oct.
15 Oct.
1
15 Sept. 30
15 Sept. 30
Oct.
Oct.
Oct.
87 He
80c
$2H
6c
$154
$2H
15 Sept. 30
1 Nov. 21
5 Sept. 26
Nov.
2 Oct. 15
Nov.
2 Oct. 15
2 Oct. 15
Nov.
Dec. 10 Nov. 30
Dec.
Oct.
Dec.
1 Nov. 30
Oct.
3 Sept. 14
20 Oct. 15
Dec. 31 Dec. 15
Jan.
2
Oct.
50c
Jan.
2
$2H
50c
Apr.
Apr.
1
87 He
Oct.
(quarterly)
(quarterly)
(Toms River, N. J.) (qu.)_
H.), A & B preferred (quar.)
Food Machinery Corp. (quar.)
4H% preferred (quar.)
Franklin Rayon Corp., $2H
pref. (quar.)_^
Franklin Teleg. Co.,
2H% gtd. stk. (s.-a.)
Freeport Texas Co.. preferred (quar.)
Frost Steel & Wire, 7% 1st
pref. (quar.)_
Gar Wood Industries, Inc
General Baking (quarterly)
1
10 Sept. 26
Nov.
2 Oct. 16
2 Dec. 31
Jan.
Dec. 31 Dec. 24
Jan.
2 Dec. 15
2 Dec. 23
15 Sept. 30
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Nov.
2 Oct. 15
Nov.
2 Oct. 15
Nov.
2 Oct. 15
Jan.
Oct.
Nov.
Oct.
Nov.
Extra
Nov.
General Cigar, Inc., preferred
(quar.)
Preferred (quar.)
Dec.
Mar.
June
(quar.)
General Electric Co.
General Mills, Inc.
(quarterly)
(quarterly)
General Motors Co., $5 preferred
(quar.)
General Outdoor Advertising, Inc., pref
5
r$l.75 Oct.
First National Bank
Preferred
15
Jan.
Nov.
Fishman (M.
Preferred
Oct.
Oct.
Oct.
Jan.
First National Bank of
Chicago (quar.)
First National Bank of
Jersey City, quarterly
First National Bank (N. Y.)
1
15
15 Sept. 30
Nov.
5
Nov. 16
Nov.
1
Oct. 31
Nov.
1
50c
h$ 7.20
(quar.).
___!
Fedders Manufacturing Co
Fibreboard Products, 6% pref.
2
Oct.
Economy Grocery Stores Corp
Edison Electric illuminating Co. of
Boston, (qu.)
Elder Mfg. Co. (quarterly)
8% 1st preferred (quarterly)
$5 preferred (quarterly)
Quarterly
15 Sept. 20
15 Sept. 30
15 Sept. 30
Sept. 30
15 Sept. 30
2 Dec. 20
15 Sept. 19
15 Sept. 19
50c
50c
Extra
5
Oct.
......
Extra
23
Oct.
15 Sept. 30
31
Nov.
Famise
5 Sept. 23
1 Oct. 20
1 Jan. 20
Nov. 10 Oct.
5c
$154
81H
$1.65
$154
62Hc
European & North American Ry. (semi-ann.)
Corp., quarterly
Fansteel Metallurgical Corp. $5 pref.
(quar.)
Farmers & Traders Life Insurance
(quar.)
5
$1*4
Extra
Brantford Cordage Co..
Ltd., $1.30 1st pref
Brewing Corp. of Canada, preferred
Nov.
35c
19 Sept.12
15 Oct.
26 Sept. 30
15 Sept. 30
$2.00
8% preferred (quar.)
Cudahy Packing Co., com. (quar.)
6% preferred (semi-annual)
$6 preferred
Erie & Pittsburgh RR.,
7% guaranteed
Guaranteed betterment
(quar.)
i.
Dec. 30 Dec. 20
Occ.
5 Sept. 23
Oct.
Nov.
Feb.
$154
Preferred (quar.)__„
Atlantic Coast Line RR., preferred
(s.-a.)
Bayuk Cigars, 1st preferred (quar.).;
Belding Heminway Co. (quar.)
Bell Telephone of Canada
(quar.)
Bell Telephone of
Penna., 6H% pref. (qu.)
Bloch Bros. Tobacco
(quar.)
6% preferred (quar.)
Bloomingdale Bros., preferred
Bon Ami, class A
(quarterly)
Borne-Scrymser Co. (special)
Bower Roller
Bearing Co. (increased)
Bralorne Mines Ltd.
(quar.)
15 Sept. 15
Nov.
1 Oct. 20
Oct. 10 Oct.
5
Oct.
Oct.
4c
Empire & Bay State Teleg. Co., 4% guar, (quar.)
Emporium Capwell
25c
Engineers Public Service Co., $5 preferred
h$ 6
85 H preferred
AS6.60
6
$1H
$2*4
$2
$1
37Hc
$1*4
$1/4
Electric Auto-Lite (increased).
El Paso Electric Co. (Del.) 7%
pref. A (quar.)
$6 preferred B (quar.)
El Paso Electric Co. (Texas)
$6 pref. (quar.)
15
Nov.
Nov. 30 Nov.
Oct.
5c
Duquesne Light Co.. 5% cum pref. (quar.)
Eastern Township Telephone Co
East Mahoning RR. Co. (semi-annual)
25c
$1*4
6 Aug. 27
7 Sept. 25
31
20c
(quarterly)
Extra
Du Pont de Nemours (E. I.) & Co,—
Debenture stock (quar.)
.................
Oct. -15 Oct.
Nov.
2 Oct.
Jan.
1 Dec.
$1H
20c
10c
Dominion Textile Co. (Ltd.),
7% pref. (quar.)__
Dow Drug Co__
15 Sept. 15
15 Sept. 15
1 Nov. 25
10 Sept. 30
Oct.
81H
17Hc
50c
(quarterly)
7 Nov. 26
$1.00
Crown Cork & Seal Co
Crown Drug Co., common
Crum & Forster
(quar.)
7 Nov. 26
Dec.
Oct.
Oct.
Nov. 16 Oct.
25c
Extra
Copper weld Steel (quar.)
Cresson Consol. Gold
Mining & Milling (qu.)
Doctor Pepper Co. (quar.)
Dome Mines, Ltd.
15
Dec.
5c
50c
25c
Detroit Hillsdale & South Western RR
Diamond Match (quarterly)
Diamond State Telep., 6H% pref.
15
20c
L
(quar.)
Bridgeport Hydraulic Co. (quarterly)
Nov.
Feb. 28 Feb. 15
Oct. 15 Sept. 25
Nov.
2 Oct. 15
Oct. 12 Sept. 30
7% oreferred (semi-annual)
3H% Nov. 2
Dayton & Michigan RR., 8% preferred (quar.)_
$1
Oct.
7
Dentist's Supply Co. of New York
50c
(quar.).....
Dec. 21
7% preferred (quar.)
Dec. 31
$154
Denver Union Stockyards,
5H% pref. (quar.)__ $1.37H Dec.
1
Deposited Insurance Shares, ser A& B
Nov.
1
s2H%
Detroit Edison (quar.)
$1
Oct. 15
15 Sept. 30
15 Sept. 30
$2
_
American Rolling Mill (quar.)
Preferred (quar.)
American Ship Building Co.
Oct.
50c
American Mfg. Go. preferred
(quar.)
American Meter Co
15 Sept. 30
6 Sept. 28
10c
American Home Products Corp.
Goods, 7%
Oct.
$3
25c
American District Telegraph (N. J.)
(quar.)
87 Preferred (quar. )<.„__
American Envelope Co., 7% pref. A
(quar.)
American Factors, Ltd.
(monthly)
;
American Fork & Hoe 6% preL
(quar.)
American Gas & Electric Co., pref.
(quar.)
American Hardware Corp. (quar.)
Paner
10 Sept. 23
15 Sept. 30
25c
Aluminum Industries Inc. (quar.)
Aluminum Manufacturing. Inc.
(quarterly)
7 % preferred (quarterly)
American
Holders
$1.00
$1*4
•;
Alabama Power Co., $5 preferred
(quar.)
Allegheny & Western Ry. gtd. (semi-ann.)_.
Alpha Portland Cement (quarterly)
Altorfbr Bros., preferred
_
Oct.
Oct.
50c
Ainsworth Mfg. Co.
Air Reduction Co.
Extra
When
Payable of Record
$1*4
$4
87 He
15c
....
Below
1
Oct.
_
Consolidated Chemical Industries A&B
Consolidated Cigar, prior preferred (quar.)—
Preferred (quar.)
15
1
2
Realty Co.
10c
...
15 Oct.
15 Jan.
Apr. 15 Apr.
Oct.
Centrifugal Pipe Corp. (quar.)
Cherry-Burrell Corp. (quar.)
30
581-3c
(Neb.)
Oct.
Oct.
4
4
Nov.
1 Oct. 15
Oct. 15 Sept. 30
Central Power Co., 7% cum. pref,
6% cumulative preferred.
28
31
Jan.
Extra
31
31
Sept. 15—
Sept. 15
Sept.
81H
$1H
81H
$1H
$1
15 Sept. 30
10 Sept. 30
-
Sept. 10
Oct.-
Sept.
Sept.
Oct.
Nov.
2
Oct.
Oct.
Oct.
Oct.
r40c
2H%
Oct.
Oct.
Oct.
Oct.
Jan.
Oct.
Oct.
2
50c
$1*4
81H
2H%
Central Ohio Steel Products
Sept. 24
Nov.
Holders
Payable of Record
10c
(interim)
Buffalo, Niagara & Eastern Pow., 1st pref. (qu.)
$1*4
Burdine's Inc., $2.80 preferred (quar.)
/ 70c
Burma Corp., Ltd.. Am.
w 6 an 's
dep. rec. reg. (final)
Cache La Poudre Co.
$25.17
(liquidating)
Canada Iron Foundries, 6% non-cum. pref__y_>
r$lH
Canada Northern Power
30c
Corp., Ltd. (quar.)«>_
7% cum. pref. (quar.)
154%
Canadian Fairbanks-Morse, Ltd., pref. (quar.)
81H
Canadian Industries, Ltd., com. A & B
r$l
(qu.).«
Preferred (quarterly)
r$l
Carnation Co., 7% preferred
$1
(quar.)
Central Illinois Public Service $6
preferred
6% preferred
15
Sept.
25c
—
-
Oct.
Sept.
Preferred
(quar.).
Preferred (quar.
Brown Fence class B (semi-annual)
Bruck Silk Mills, Ltd.
Sept. 30
Oct.
Share
British-Amer. Tob. Ltd. 5% pf. reg. (semi-ann.)
5% preferred bearer shares (semi-annual)
British Columbia Power, class A (quar.)
Brooklyn Borough Gas Co. (quarterly)
Brooklyn-Manhattan Transit, preferred (quar.)
25
Oct.
1*4%
$1H
n%
When
Per
30
10c
6% pref
Solvay American Investment, preferred (quar.)_
Sorg Paper Co., 6% preferred
Southern Calif. Edison (quar.)
Southern Franklin Process Co.,
7% pref
Southern New England Telep. (quar.)
Southland Royalty Co., common
Springfield City Water Co., 7% pref. A & B (qu.)
6% preferred C (quarterly)
Square D Co., $2.20 class A preferred (quar.)__
Class B ^increased)
Southern Bleaohery & Print Works. 7% pf. (qu.
Squibb (E. R.) & Sons, 1st pref. (quar.)
Stamper No. 1 Trust, series A
Union Investment Co. (special)
Union Stockyards Co. of Omaha
Oct.
2157
Name of Company
1
Oct.
Oct,
Oct.
/iS3
—
par value
Smith (Howard) Paper Mill,
Series AA_„
Series B
Oct.
Nov.
50c
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
50c
Extra
Sedalia Water Co., 7% preferred vquar.)
Sharp & Dohme, Inc., preferred ».quar.)
Shareholders Corp. ^quarterly)
Shenandoah Corp., option, pref
Chronicle
Oct.
h$ 3
h$3
16
5 Sept. 20
17
17
1 Nov. 22
1 Feb. 19
1 May 22
26 Sept. 25
2 Oct. 10
Nov.
2 Oct.
5
Oct. 15 Oct.
2
Nov. 15 Nov.
2
Nov.
$154
2 Oct.
2 Oct.
2 Oct.
Financial
2158
Nov.
Oct.
15
Oct.
15
Oct.
Sept. 30
Sept. 30
1
1
15
Oct. 15
Nov.
2
Oct. 25
Oct. 20
Jan.
1
—
...
.
Gilbert (A. 0.) Co. $3H preferredK $3 H preferred (quar.)
Gillette Safety Razor, $5 pref. (quar.)-.....—
Gimbel Bros, $6 preferred (new)—-—
Glen Alden Coal (quarterly)
Globe Wernecke Co., pref. (quar.)
Gotham Silk Hosiery Co., Inc., 7% pref----—
IK 7% preferred (quarterly)
Great Lakes Terminal Warehouse.--.—
Greenfield Tap A Die, $6 preferred
Griesedieck Western Brewing
Guarantee Co. of No. Amer. (Montreal) (quar.)
Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
preferred
Harbison-Walker Refractories Co., pref. (quar.).
Harrisburg Gas Co., 7% pref. (quar.)
Hartford Electric Light Co. (quarterly)
Hawaiian Sugar Co. ^increased)
—
Hershey Chocolate Corp. (quarterly)--—-—
Preferred (quarterly)
Hibbard, Spencer, Bartlett A Co., (mo.).
—;
Oct.
15
15
15
Oct.
15
15 Sept. 30
2 Oct. 15
5
15 Oct.
National Distillers Corp. (quar.)
National Founding, A and B (quar.)
Nov.
15 Sept. 30a
1 Oct. 10
Nov.—1 Oct. 20
Oct.
Nov.
_
Nov. 26 Oct. 11
2 Dec. 31
Jan.
(quar.).
23
5
15 Oct.
$1M
8 He
Nov.
2 Oct.
Oct.
50c
1 Oct.
Nov. 16 Oct.
13c
3
31
31 Oct.
12
31 Oct.
12
31 Oct.
12
15 Sept. 25
Nov.
2 Oct. 15
Oct.
5 Sept. 15
7
Oct. 12 Oct.
1
Oct. 15 Oct.
Dec. 31 Dec. 23
Oct.
—
A preferred (quar.)...
Kroger Grocery & Baking Co.. 7% pref. (quar.).
Landers, Frary A Clark (quarterly)
Landis Machine Co. (quar.)
—
2 Oct.
Nov.
20
Jan.
1
Nov. 16 Nov.
5
5
Nov.
13 Sept. 30
Oct.
9 Sept. 25
Dec.
(quar.)
—
(quarterly)
Oct.
Special
«•
Leonard Refining. Inc. (initial)
Lerner Stores Corp. (quar.)
Oct.
Oct.
Oct.
—
-—
9
15
15
15
Preferred (quar.)
15
Sept. 25
Sept. 15
5
Oct.
Oct.
5
2 Oct.
Nov.
20
15 Sept. 30
Nov. 2 Oct. 27
Oct.
6H% prior pref. (quar.) $
National Life Insurance (quar.)
Printing Co. (resumed)
Lexington Telephone,
Oct.
Lincoln
Preferred
15 Sept. 29
Dec.
2 Oct. 19
1 Nov. 16
Dec.
1 Nov. 16
Nov.
(quar.)
Link Belt Co. (quar.)
Extra
2 Dec. 15
15 Sept. 30
Dec, 10 Nov. 25
Dec. 10 Nov. 25
Jan.
Preferred (quar.).
fining Co,
Lion Oil Refining Cc
Oct.
special guaranteed (quarterly)
Original capital
—.—.—
Liquid Carbonic Corp. (quar.).
Lit Bros., preferred
Little Long Lac Gold Mines, Ltd
Lock-Joint Pipe Co. 8% preferred (quar.).
Lord & Taylor, 2d preferred (quar.)
DUiOVUiC Gas &
Louisville Utw UW Elec. VV»I 7% VUA
Co., « /O cum.
15 Dec.
2 Oct.
Oct.
Preferred (quarterly)
2 Oct. 17
10 Sept. 30
5
Oct. 10 Oct.
Jan.
2 Dec. 31
Nov.
2 Oct. 17
Nov.
Oct.
Oct.
50c
Oct.
Oct.
50c
ISHe
$m
50c
C.) preferred A (quar.)
$6.25
Mahoning Coal RR. (quar.)
Manufacturers Trust Co. (N. Y.)—
$2 conv. preferred (initial)
—
Marchant Calculating Machine
Marconi International Marine—
Amer. dep. rec. ord. register (interim)..
Corp. (quar.)
50c
50c
Oct.
Oct.
Nov.
15 Sept. 30
2 Oct.115
Oct.
Oct.
15 Oct.f
1
10 Sept. 30
Oct.
1
Oct.
Oct.
Oct.
$2
Oct.
Sept. 19
Sept. 30
(quar.)..
$6 preferred (quar.)
utilities Assoc., pref. (quar.)
(quar.)
—
McClatchy Newspapers, 7% pref. (quar.)
McColl Frontenac Oil, Ltd., pref. (quar.)__...
McCrory Stores Corp., 6% pref. (quar.)
McCall Corp., common
.....
Mercantile Trust & Saving Bank (Chic.) quar..
(resumed)
$1H
Oct.
62 He
50c
Oct.
Nov.
43 He
Nov.
$1.50
$1H
Oct.
20c
M
Nov.
Nov.
Nov.
Sept. 30
Sept. 30
Oct. 15
Nov. 30
—4.—.. .........
Oct.
26c
Oct.
Oct.
1
1
$1
Oct.
Oct.
1
Oct.
16
25c
Oct.
91H
Oct.
Montgomery Ward & Co
Montreal Lt., Heat & Power Consol. (quar.)—
20c
Oct.
15 Sept. 30
15 Sept. 11
r37c
Oct.
31 Sept. 30
1
Nov. 16
Feb.
15
Dec.
1
Nov.
2
Dec.
1
Oct.
Oct.
Nov.
15
26
2
2
Nov.
Oct.
15
Oct.
10
10
Oct.
Jan.
Oct.
10
10
Jan
2
Oct
6
Jan
$
Sept. 30
1
Dec.
Oct.
20
Oct.
15
Oct.
15
Oct.
15
Oct.
3
15
Oct.
Jan.
6% pref. (mo.)..
2
Oct.
Public National Bank A Trust Co. (quar.)
31
15
Oct.
Puget Sound Power A Light, $5 preferred
Pullman, Inc. (quarterly).......
Nov. 16
15
15
Oct.
Quaker Oats Co. (quar.)
Oct.
Special
...
............
6% preferred (quar.)
....
.....
Quaker State Oil Refining'(quar.)
Rapid Electrotype (quarterly)
Rath Packing Co
Reading Co. (quarterly)
Reading Co., 2nd preferred (quarterly).
Reed (T.) Gold Mines .resumed).
Reliance Mfg. Co. (111.) quarterly
...
Nov. 30
Oct.
15
Dec.
15
2
Nov.
Nov. 12
Oct.
8
Oct.
10
Nov.
2
Nov.
Extra
Republic Steel Corp. cum. preferred A
Rex Hide, Inc. (increased)
River Rasin Paper Co
Ruud Manufacturing Co. (quarterly)
St. Louis Rocky Mt. A Pacific, preferred
15
Oct.
Procter A Gamble, 8% pref. (quar.)
Providence A Worcester RR. ^quar.)
Prudential Investors, 6% preferred (quar.)...
15
Oct.
2
Oct.
23
Oct.
15
Oct.
10
Dec.
15
Dec.
31
Oct.
10
—
Dec. 31
(quar.)...
Oct.
10
Oct.
Security Storage Co. (quar.)
Seeman Bros., Inc., common (quar.).
31
Nov. 30
Selfridge Provincial Stores
Serve!, Inc., 7% cum. preferred (quar.)
_
8
15
Oct.
Oct.
Jan.
Oct.
—^
:f?_—_
Sheep Creek Gold Mines (quar.).......—....
Skelly Oil Co., 6% preferred—
Smith (S. Morgan) Co. (quar.)
$8 preferred (quar.)
.
$2
2c
$6
$1
5c
Sonotone Corp., common..
Mfg. Co. (initial, quar.)
Southern Acid A Sulphur Co., lnc
Sou. Calif. Edison Co., Ltd., orig. pref. (quar.).
Boss
(quar.)
12Hc
25c
37Hc
34
(resumed)
(quarterly).
Spiegel May Stern Co., $6H preferred (quar.)..
Standard Cap A Seal (quar.)
Standard-Coosa-Thatcner Co., 7% pref. (qu.)—
Standard Oil of Ohio (quarterly)
—
5% Preferred (quarterly)....
Standard Silver Lead Mining
..........—
Stanley Works. 5% preferred (quar.)
...
Sterling Brewers, Inc.....
2
15
Oct.
20
Oct.
15
2
Nov.
Nov.
Oct.
1
15
Oct.
15
Oct.
Oct.
15
15
Oct.
15
1H
$1
$
75c
60c
$1H
25c
$1.25
lc
31 He
20c
Oct.
15
Oct.
15
Oct.
15
Oct.
Spicer Mfg. Corp.
Oct.
15
Jan.
(quarterly)
(W. A.) Pen Co. (semi-ann.).
15
Oct.
y
initial)
San Francisco Remedial Loan Assoc.
15
Oct. 15
Nov. 16
Nov. 16
37He
Participating preferred
;
Participating preferred (special)
Missouri Portland Cement (increased)...
Missouri River-Sioux City Bridge Co.—
Cumulative participating preferred (quar.)...
Oct.
6% preferred A (quar.).
Southern CanadaPower Co., 6% cum. pref.(qu.)
Southern Counties Gas Co., 6% pref. (qu.)
Oct.
15
Oct. 15
Nov.
1
preferred (quar.)
5H% preferred, series O
15
O ot.
Corp. (quar.).y—————
Public Service Corp. of N. J.,
1
1
Oct.
Extra
Preferred
15
Nov. 30
37He
Dec. 28
Oct.
1
15
24
Nov.
Southern Calif. Gas, 6% prer. (quar.)..®,
Oct.
15
Oct.
Sept. 30
Oct. 20
Oct. 10
Oct. 10
15c
15c
Dec.
Oct.
7% preferred (quarterly)..
.......
7% preferred (quarterly)..
.....—
Pennsylvania Power Co., $6 pref. (quar.) .....
$6.60 preferred (monthly)
$6.60 preferred (monthly)
Pennsylvania Salt Mfg. Co. (quar.)..
...
Philadelphia Co. (quarterly)..
6% preferred (semi-ann.)
Philadelphia Electric, $5 preferred (quar.)..
Philadelphia National Insurance Co. (s.-a.)
Philadelphia & Trenton RR. Co. (quar.)
...
Phoenix Finance Corp., preferred (quarterly) ._
Preferred (quarterly)
.......
Piedmont & Northern Ry. Co. (quar.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh Thrift Corp. (quar.)
Pittsburgh Youngs town A Ashtabula Ry. Co.—
7% preferred (quarterly)..
...........
Plymouth Cordage Co. (quarterly)
.....
Power Corp. of Canada, Ltd.—
rl
6% 1st preferred (quarterly)
6% 2nd participating pref. (quar.)
Premier Gold Mining (quar.)
Sheaffer
2
15
Oct.
Nov;
15 Sept. 30
15 Sept. 30
1
20
Nov.
Schenley Distillers Corp. (quar.)
Second Twin Bell Syndicate (monthly).
Nov.
20
Oct.
Oct.
15 Sept. 30
15 Sept. 30
Nov. 15
1
Oct.
San Antonio Gold Mines. Ltd
x w2H%
25c
Massachusetts
Merchants & Mfrs. Securities, class A
Class A (increased)
2 Dec. 21
$1H
(quar.)
Magma Copper Co
Magnin (I.) & Co. (quar.)
Maguin (1.) A Co.. $6 preferred (quar.)
McLellan Stores Co. (initial)
Preferred (quarterly)..
15 Sept. 30
Jan.
Preferred
Massachusetts Lighting Cos., $8 pref.
15 Sept. 30
15 Sept. 30
Oct.
Oct.
pref. (qu.).
6% cumulative preferred (quar.).
5% cumulative preferred (quar.
Lunkenheimer Co., preferred (quar.).
MacAndrews & Forbes (quar.)
16
Dec.
(quar.)-_i—i..
Peninsular Telephone
1
10
Oct.
Oct.
Paraffine Cos., Inc., 4% pref. (guar,
Oct. 20
25c
Oct. 20
25c
Dec. 31 Dec. 21
Oct. 28 Oct. 10
Oct.
—
Dec.
Pacific Lighting Corp. $6 pref. (quar.)_...
Pacific Gas A Electric Co. (quar.)..
Pacific Tel. & Tel.,
20
Dec.
;
Pacific Lighting
Extra.....
20
Oct.
—
5% preferred
15 Sept. 30
15 Sept. 30
15 Sept. 30
Oct. 10 Sept. 26
Oct. 10 Sept. 26
Oct. 20 Sept. 30
Oct. 20 Sept. 30
Oct. 20 Sept. 30
Dec.
1 Nov. 5
Oct.
3 Sept. 24
Oct.
3 Sept. 24
Oct.
5 Sept. 23
Oct. 10 Sept. 30
Oct.
Oct.
(quar.)
Oct.
(extra)
Otis Elevator Co. (quar.)
6% preferred (quar.),
Pacific American Fisheries, Inc..
Oct.
.....
Nov. 19
Ontario Manufacturing
3
Oct.
Parchment Co. (quar.)..
Stores (quar.).........
15
15
...
Extra
Oct.
37c
Nov.
Oct.
Nov. 14
Ohio Steel Products, increased
6 Sept. 26
20
50c
$1H
Nov.
1
Oct. 15
Oct.
Ohio Brass Co. (quar.)
Preferred (quar.)
3
15 Oct.
Nov.
2 Oct.,
Oct.
2
.
(quar.)
Norfolk A Western, preferred (quar.)—
North American Investment Corp., 6% pref
5 H % preferred (quarterly)
...
North Oklahoma Gas Co., 6% pref. (quar.)
North River Insurance (guar.)....—..
North Star Insurance (special).
......
Normern RR. Co. of N. J., 4% gtd. (quar.)
Northern States Power (Del.), 7% pref. (qu.)._
6% preferred (quar.)
Northwest Engineering Co
Northwestern Bell Telep., 6H% pref. (quar.)..
Oahu Sugar Co., Ltd. (monthly).
Extra
10 Sept. 22
15 Sept. 19
Oct.
SI H
Kroehler Mfg. Co., class
Margay Oil
1
23
Oct.
Extra
Mahon (R.
5 Sept. 30
Oct. 30 Oct.
Nov. 14 Oct.
Nov. 14 Oct.
—
Nineteen Hundred Corp., class A
15 Sept. 30
10 Sept. 30
Oct.
preferred
15
Oct.
New York Transit Co (semi-annual)..
Extra
10
6 Sept. 21
15 Sept. 30a
Kaufmann Department
Little Miami RR.,
10
Oct.
-
Lane Bryant, Inc., 7% preferred
Lawrence Gas & Electric Co
2
1
h81Hc
preferred B
7% preferred A
—-f—— h87Hc
Iron Fireman Mfg. (quar.)
Jenkins Bros, (increased)
Founders shares (increased)
Joliet A Chicago RR.. guaranteed com. (quar.).
Kable Bros, (quarterly)
Kalamazoo Stove Co. (quar.)
Lincoln
Nov.
(quar.)
pref. (quar.)
2
6 H%
-
Nov.
National Power & Light Co. $6
15
Nov.
,
Extra.
National Lead Co., Class B pref.
2
20
Newberry (J. J.) Realty, 6H% pref. A (quar.)
6% preferred BHquar.)
New York Telephone 6H % pref. (quar.)...
90c
(quarterly)—..—
7i40Hc
Iowa Electric Co., 6)4 % B preferred
M3Mc
7 % preferred A
h75c
Iowa Electric Light A Power Co., 6% pref. 0__
Lehman Corp.
25
25
Oct.
—...
Oct.
Oct.
—
National Fuel Gas Co
Oct.
(quarterly)
Knott Corp
Nov. 14
Nov.
Investors Fund O, Inc.
Preferred (quar.)
Kentucky Utilities 6% preferred
Keystone Steel & Wire Co—
Kilburn Mill
King Seeley Corp. (initial)
...—
Nehi Corp., 1st
Oct.
Supply Co. (quar.)
pref. (quar.)
(quarterly)
Nevada-California Electric 7% pref. (quar.)—
,— -
(quar.)
—
Foundation, Ltd., 6% conv. pref—-
Kalamazoo Vegetable
Common
23
Cl. A & B (qu.)
Interstate Hosiery Mills, Inc.
Kellogg Switchboard A
1
Oct.
Nov. 16 Oct.
Nov. 16 Oct.
Stores (resumed)
Extra..
15
15
Mutual System, Inc., 8% cum.
Nov. 27 Nov. 20
Dec. 24 Dec. 17
Harvester Co. (increased quar.) —
Milling, 5% pref. (quar.)
Nickel Co., pref. (quar.)..—...
Nickel of Canada 7 % pref. (qu.) —
6% conv. preferred
Oct.
Dec. 28
23
—-—
Investment
15
30 Oct.
Oct.
(quarterly)
ft
Hussmann-Ligonier Co. (quarterly)
Preferred (final) (quarterly)——
—
Hutchinson Sugar Plantation Co., Ltd. (mo.)..
Imperial Chemical Industries—
American deposit rets for ordinary regis.—-—
Imperial Life Assurance of Canada (quar.)—...
Incorporated Investors, vot. trust ctfs. (special)
Indiana Pipe Line Co
—-—
Interstate Department
Preferred (quar.)
3
Oct.
Dec.
Oct.
Oct.
Insuranshares Certificates, Inc..—
International Business Machines Corp.
2
Nov.
Nov. 15 Oct.
Nov. 15 Oct.
Oct. 30 Oct.
Par tic. Preference
International
International
International
International
13
13
1
1
15
15
Oct.
Oct.
-——
Extra
Dec. 20
Oct.
Oct.
Jan.
Oct.
Nov.
—
(monthly)
Household Finance Corp., com.
Dec. 24
Mar. 31
June 30
National Biscuit Co. (quarterly) .........
National Bond & Share Corp
National Cash Register Co. (quar.)
National Casket Co. (semi-ann.)
—
Honolulu Plantation Co.
3
Oct.
Payable
15 Sept. 30
15 Sept. 30
15 Sept. 28
7
20 Oct.
Oct.
£ Monthly
Monthly
Hollander (A.) A Son. (quarterly)
MExtra
Hoi linger Consolidated Gold Mines
Holly Development Co. (quar.)
1
1936
When
Share
Company
Montgomery (H. A.) Co. (quar.)
*
Quarterly
Quarterly
Montreal Teleg. (quar.)
——
Montreal Tramways Co. (quar.)
—
Moore (Wm. R.) Dry Goods (quar.)
Morrell (John) & Co
Morris (Philip) & Co. (quarterly)
.......
Morris Plan Insurance Society (quar.)
Mountain States Telep. & Teleg. (quar.)
Mutual Chemical Co. of Am. 6% pref. (quar.)..
10 Oct.
20 Oct.
6 Sept. 23
Oct.
Gulf States Steel Co., 7%
Oct.
2 Oct.
2 Oct.
Nov.
Extra
Extra
Name of
Payable- of Record
Nov.
General Stockyards
Preferred (quarterly)
Per
Holders
When
Per
Share
Name of Company
Oct. 3,
Chronicle
15
Oct.
15
Oct.
15
Nov.
Nov.
2
Oct.
15
1?
Oct.
1.'
Oct.
Oct. 36
Nov. 15
Oct.
lOjSept. 26
Volume
Financial
143
Per
Name of Company
When
Share
Steel Co. of Canada (quar.)
Preferred (quar.).:
Nov.
20c
Oct.
Oct.
15 Oct.
25 Oct.
10
13c
Oct.
15 Sept. 30
Oct.
Nov,
Dec.
Dec.
Telautograph Corp. (quarterly)
Toronto Elevators, Ltd., pref. (quar.)
Tuckett Tobacco Co., Ltd., preferred (quar.)__
208 S. La Salle Street Bldg. Corp. (Chicago)
Quarterly
15
15 Oct.
1
1 Nov. 16
Dec.
Oct.
UK
50c
.
Twin Coach Co. common
United Biscuit Co. of Amer., preferred (quar.).
United Dyewood Corp., preferred (quar.)...
15 Sept. 30
Jan.
Oct.
10c
4 Dec.
15 Oct.
r3c
.....
Oct.
Class C registered
J. RR, & Canal Co
United Profit Sharing Corp., 10%
13.8c
1.8c
United N
Oct.
_
Monthly
Monthly
Monthly
Monthly
Monthly
50c
62 Kc
37 Kc
6% preferred (quar.)
United States Hoffman Machinery Corp.—
Preferred (initial quarterly)
United States National Corp. (liquidating)
Oct.
Oct.
Dec.
Oct.
Nov. 30
Oct.
1
Oct.
Oct.
1
UK
Oct.
Oct.
Dec.
Mar.
Nov. 14
Feb. 15
25c
June
Nov.
Oct.
UK
UK
Nov.
Feb.
40c
Nov.
Oct.
20c
Nov.
Oct.
25
Dec.
Oct.
Dec.
Nov.
Oct.
Oct.
Oct.
Dec.
Oct.
15
10
Oct.
3
Extra
M
UK
UK
UK
$1K
*2K
Detinning, preferred (quarterly)..
Warren RR. Co. (semi-ann.)
Washington Ry. & Elec. Co., 5% pref. (quar.)..
5% preferred (semi-ann.)
Went worth Mfg. Co. (quarterly)
weekly statement issued by the
Clearing House is given in full below:
ASSOCIATION
FOR
THE
WEEK
ENDED
*
Clearing House
NEW
Nov.
Nov.
UK
15 Sept. 30
Nov.
2 Oct. 20
25c
2 Dec.
Feb.
1
Tan.
20
Mar.
1 Feb.
20
25c
Apr.
8c
c
1 Nov. 20
Jan.
25c
■b
Dec.
25c
Oct.
1 Mar. 20
21 Oct.
The following corrections have been made:
Payable in stock.
1
/ Payable in
ulated
—
stock.
g Payable i n scrip.
j Payable in preferred stock.
h On account of
common
dividends,
k Entire issue called at $5.50 per share and the above dividend
Bank
Chemical Bk. A Tr. Co..
Guaranty Trust Co
Oct. 1
the
Initial dividend, payable in cash or at the option of the holder in cl
stock at the rate of 1-16th of a share.
n
.
20
shares of the Finance A and B
26
1
Sept.
8
p
Nov. 16
Oct.
held.
common
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 2 K% payable
Holders have option of dividend in cash based on liqui¬
s
in trust shares.
dating value of shares.
„
u
Payable in U. S. funds,
x
Less tax.
Nov. 16
CLEARING
SEPT.
y
w
Less depositary expenses.
A deduction has been made for
expenses.
2
Per 100 shares.
15
Condition of the Federal Reserve Bank of
New
The
City
HOUSE
26,
Demand
York
following shows the condition of the Federal Reserve
1936
in comparison with the previous week and the corresponding
date last year:
Time
Deposits,
Average
Sept. 30, 1936 Sept. 23, 1936
Deposits,
Average
12,815,000
461, 097,000
253,577,400 al,440 445,000
458 937,000
52,685,400
177,649,400 61,415 509,000
33,858,000
164,804,000
9,698,000
36,453,000
Manufacturers Trust Co.
242,935,000
234,011,900
Cent. Hanover Bk. A Tr.
21,000,000
63,661,200
751 857,000
15,000,000
16,662,900
First National Bank
10,000,000
90,750,600
246 814,000
494 812,000
Irving Trust Co
Continental Bk. A Tr.Co
Chase National Bank...
50,000,000
59,102,000
3,871,500
522 516,000.
55 688,000
22,524,000
3,500,000
355,000
$
Gold certificates
on
hand and due from
United States Treasury x
Redemption fund—F. R. notes
Other cash
3,119,998,000 3,149,811,000 2,812,571,000
1,084,000
1,152,000
1,315,000
61,831,000
65,212,000
44,357,000
t
13,063,000
Corn Exch. Bank Tr. Co.
Oct. 2, 1935
$
Assets—
133 806,000
10,955,200
25,431,700
90,000,000
on
Oct.
S
Bank of Manhattan Co..
accum¬
1936.
Conversion period expires on Sept. 19.
Conversion basis is at
rate of 11 shares of common for 10 shares of class A convertible pref. helc
$
National City
8
Bank of New York at the close of business Sept. 30 1936,
Net
Undivided
6,000,000
20,000,000
277,500,000
20,000,000
19
Jan.
Dec.
SATURDAY,
Profits
Bank of N. Y. A Tr. Co.
1
1
Oct.
Extra dividend payable in the 6% cum. sinking fund pref. stock of the
Baltimore Pure Rye Distilling Co. at the rate of one share for each 50
New York
YORK
Surplus and
Capital
Members
5
5
2
19
Nov.
30c
The
THE
2 Oct.
Nov. 15 Nov.
Transfer books not closed for this dividend.
Weekly Return of the New York City
Clearing House
OF
Nov.
H#
50c
a
25
__
Vulcan
Nov.
May 15
75c
25c
...
Vapor Car Heating Co., preferred (quar.)
20
1
25c
Vermont & Massachusetts RR. (semi-annual)
Virginian Ry. 6% pref. (quar.)
MEMBERS
10c
15
1
2 Oct.
2 Oct.
Nov.
25c
Sept. 30
87 Kc
(quar.)
United Wall Paper Co. 6% pref. (quar.)
Universal Insurance (Newark, N. J.) (quar.)
Quarterly
Quarterly
Universal Leaf Tobacco (quar.)
Upper Michigan Pewer & Light Co.—
6% preferred (quar.)...
0% preferred (quar.)
;
Van Norman Machine Tool Co. (initial)
Oct.* 21
Dec. 23
3711
Preferred
Nov.
Jan.
37 He
United States Smelting, Refining & Mining
OF
h$ 1.25
$1K
UK
2 Dec.
Nov.
20c
5 Sept. 15
08Jge
United States Pipe & Foundry Co. common (qu.)
Common (quar.)
3-31-37
6-30-37
9-30-37
12-31-37
Jan.
UK
t
United Securities. Ltd. (quar.)
United Shoe Machinery Corp. (quar.)
STATEMENT
25c
15 Sept. 20
15 Sept. 20
Oct.
25c
Yukon Gold Co
Oct. .10 Sept. 21
Oct. 31 Sept. 30
Oct. 15 Sept. 25
Oct.
5 Sept. 15
50c
4-30-37
7-30-37
10-30-37
1-30-38
Extra
5
15 Sept. 30
15 Sept. 30
Oct.
$2K
pf. (s.-a.)
15 Oct.
25c
25c
Wisconsin Gas & Elec. Co. 6% pref. C (quar.)..
Wrigley (Wm.) Jr. Co. (monthly)
Canada, Ltd.—
Standard shares (quar.)
United Investment Shares, Inc.—
Class A registered
;.
5 Sept. 25
6 Sept. 25
30 Sept. 30
«...
3
75c
United Fruit Co. (quar.)
United Gold Equities of
Oct.
Oct.
25c
...
19
Nov.
1 Oct. 15
Jan.
1 Dec. 11
Oct. 15 Sept. 24
UK
UK
Oct.
._
2 Oct.
Oct.
Tri-State Telep. & Teleg., 6% pref. (quar.)
Oct.
25c
Extra
Westinghouse Air Brake (quar.)
Quarterly
Quarterly
Quarterly
Quarterly
West Jersey & Seashore. 6% spec. gtd. (s.-a.)
Westminster Paper Co., Ltd. (semi-ann.)
Weston (George), Ltd., 5% pref. (quar.)
West Penn Power Co., 7% preferred (quar.)
6% preferred (quar.)
Will & Baumer Candle Co., Inc., common
Winstead Hosiery Co. (quarterly)
1 Nov. 20
1 Nov. 20
Nov.
15c
of Record
r50c
Western Pipe & Steel Co, of Calif, (quar.)
1 Sept. 17
Holders
Payable
r$1.75
37 Kg
12Kc
7% preferred (quarterly)
5
h4%
Superior Oil of California preferred
Supervised Shares, Inc
Tacony Palmyra Bridge., 5% preferred (quar.).
Tampa Gas Co., 8% pref, (quar.)
7% preferred (quarterly)
Oct.
Share
of Company
Western Grocers, Ltd., common (quar.)
2 Oct.
7
15 Sept. 30
15 Sept. 30
h$ 3
h$ 3
When
Per
Name
7
2 Oct.
Nov.
2159
Holders
Payable of Record
43^c
43 He
Sterling Securities Corp. 1st $3 pref
Sterling Securities, 1st preferred
Superheater Co
Chronicle
4,000,000
482 376,000
96,055,000
Bankers Trust Co
2,448,000
48,546,000
122,927,400 cl,989, 796,000
45 719,000
3,440,500
d785 ,952,000
69,091,300
Title Guar. A Trust Co..
10,000,000
2.724,200
5,000,000
8,385,100
85 570,000
12,500,000
22,744,400
7,873,900
40,404,000
574,000
3,013,000
18 533,000
Marine Midland Tr. Co.
326 441,000
76 903,000
New York Trust Co
Com'l Nat. Bk. A Tr.Co.
Public N. B. A Tr. Co..
7,000,000
22,793,000
5,775,000
8,595,100
85 ,048,000
44,882,000
834,141,100
9.877,819,000
557,166,000
d $29,350,000.
The New
U.
S.
Govt,
obligations,
a
$245,651,000;
of
number
INSTITUTIONS
NOT
BUSINESS
FOR
NATIONAL
1,461,000
3,205,000
4,350,000
7,596,000
4,666,000
7,586,000
1,105,000
6,360,000
1,105,000
7,068,000
1,804,000
7,303,000
102,766,000
392,320,000
165,475,000
79,866,000
516,181,000
148,270,000
660,561,000
660,561,000
744,317,000
673,400,000
761,010,000
81,000
7,418,000
170,306,000
81,000
9,492,000
139,472,000
10,856,000
28,565,000
129,561,000
Total bills discounted
Bills bought in open market
Industrial advances
3,236,000
United States government securities:'
Bonds
Treasury
notes
bills
Total U. S. Government securities..
102,766,000
392,320,000
165,475,000
t
6 $89,105,000;
"Times"
York
a
1,695,000
5,901,000
1
publishes regularly each week
and tru,st companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended Sept. 25:
of
by
direct and (or) fully guaranteed
Other bills discounted
National, June 30, 1936; State, June 30, 1936; trust
As of Aug. 1, 1936.
z As of July 21, 1936.
x
Includes deposits In foreign branches as follows:
returns
Secured
Treasury
per official reports:
companies, June 30, 1936.
C$97,287,000
Bills discounted:
1,381,000
526,174,300
Totals
As
3,182,913,000 3,216,175,000 2,848,243,000
675,622,000
103,964,300
500,000
25,000,000
Fifth Avenue Bank
*
Total reserves....
banks
CLEARING
IN
THE
AND
WEEK
STATE
HOUSE
ENDED
WITH
FRIDAY,
THE
CLOSING
SEPT1 25,
BANKS—AVERAGE
OF
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
10,856,000
29,214,000
All other assets
Total assets.
254,000
7,630,000
12,029,000
30,277,000
4,076,410,000 4,078,041,000 3,789,004,000
1936
FIGURES
Liabilities—
F. R. notes in actual circulation...
Loans,
Disc,
and
Other
Cash,
Including
Investments Bank
Notes
Res.
Dep. Other
Y. and
N.
Dep.,
Banks and
Gross
Trust Cos.
Deposits
Elsewhere
Deposits—Member bank
Grace National
Sterling
$
$.
23,955,000
National
Trade Bank of N. Y.
$
$
Foreign bank
19,839,000
131,990,000
24,265,000
140,399,000
6,011,000
150,576,000
$
71,200
633,000
5,494,300
.20,333,000
6,012,000
2,212,400
695,000
6,738,570
211,308
1,505,991
138,905
24,431,000
5,863,227
98,000
925,000
790,000
5,284,000
28,047,000
Brooklyn—
People's National
844,045,000
828,768,000
757,254,000
acc't.. 2,752,376,000 2,702,784,000 2,588,073,000
37,679,000
121,381,000
32,161,000
Other deposits
'
Manhattan—
reserve
U. S. Treasurer—General account
4,022,000
•
Res.
Loans,
and
2,941,884,000 2,988,829,000 2,776,821,000
Deferred availability Items
TRUST COMPANIES—AVERAGE
Disc,
Total deposits
Cash
N.
Invest.
FIGURES
165,718,000
50,178,000
50,825,000
7,744,000
8,849,000
7,167,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies..
All other liabilities
Dep.,
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
Deposits'
Elsewhere
Total liabilities.
135,641,000
131,198,000
50,177,000
50,825,000
7,744,000
49,964,000
8,849,000
7,208,000
50,998,000
7,250,000
7,500,000
8,019,000
4,076,410,000 4,078,041,000 3,789,004,000
\
Ratio
Empire
Federation
Fiduciary
Fulton
....
Lawyers.
United
States
$58,481,000 *$6,441,500 $11,218,200
8,741,900
161,373
1,374,218
588,089
11,652,223
*1,085,037,
20,989,400
309,500
*4,521,100
3,779,600
£8,490,300 *9,053,900
70,684,217
17,084,538 16,693,146
$2,367,200 $69,197,200
2,436,505
10,789,511
10,985,212
2861600 21,459,800
38,732,800
75,051,907
of total reserves
to
deposit
and
F. R. note liabilities combined
Commitments
to
make
84.1%
industrial
vances—
84.2%
80.6%
ad¬
9,402,000
f "Other cash" does not include Federal Reserve notes
9,461,000
or a
bank's
9,668,000
own Federal
Reserve bank notes.
Brooklyn—
Brooklyn
Kings
County
87,829,600
34,706,706
2,796,000
2,420,492
35,576,000
7,286,629
107,000
118445,000
39.400.330
x
Includes amount with Federal Reserve
as
follows:
Empire, $5,961,100; Fidu¬
ciary, $746,558; Fulton, $4,284,400; Lawyers, $8,231,500.
These are certificates given
over
100
*
by the United States Treasury for the gold taken
was on Jan. 31, 1934 devalued from
from the Reserve banks when the dollar
cents to
59.06
cents, these certificates being worth less to the extent of ths
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
.
\
Financial
2160
Chronicle
Oct. 3, ms
Weekly Return of the'Board of Governors of the Federal Reserve System]] TSJ
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
for the System as
week last year.
returns
Wednesday.
*** ^
Thursday afternoon, Oct. 1,
The first table presents the results
whole,in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
a
Reserve note statement (third stable
Reserve
on
on
following) gives details regarding transactions in Federal Reserve notes between the
Agents and the Federal Reserve banks.
Tfie comments of the Board of Governors of the Federal Reserve System upon the
for the latest weekjappear in our department of "Current Events and DiscussionsV
COMBINED RESOURCES
LIABILITIES
AND
Three ciphers (000) omitted
OF THE FEDERAL RESERVE BANKS AT THE
"sept.
CLOSE OF BUSINESS
SEPT. 30. 1936
Sept. 9,
Sept. 2,
Aug. 26,
Aug. 19,
Aug. 12,
Aug. 5,
Oct. 2,
1936
1?36
1936
1936
1936
1936
1936
1935
$
1936
Sept. 16,
1936
Sept. 30,
S
S
s
$
S
$
$
23,
'
'
"
ASSETS
Gold ctfs.
$
hand and due from U. S. Treas.x
on
8,384,683
8,384,679
8,386,071
8,274,032
12,850
12,625
14,070
267,059
12,102
263,529
8,372,031
12,145
248,066
8,334,034
12,428
261,445
268,885
8,658,556
8,664,588
8,661,702
8,632,242
8,615,544
Redemption fund (Federal Reserve notes)
Other cash *
Total
'
-
-
reserves
..
8,225,038
282,936
8,255,038
13,070
282,433
8,571,038
8,550,541
8,528,738
13,720
289,980
by
6,861,259
8,513,401
'■
'
\
'
'
r
V* '
S.
U.
Government obligations,
direct and(or) fully guaranteed
'6,558
3,226
3,805
\9.451
3,098
5,552
2,311
1,856
2,104
5,311
5,178
6,477
7,863
3,960
10,489
3,094
28,662
3,094
28,782
3,092
28,888
4,689
30,070
3,952
4,059
3,681
4,352
4,041
3,638
3,600
3,405
3,072
7,031
8,011
8,033
8,602
7,238
3,096
28,521
3,095
28,628
3,095
[28,145
3,098
28,550
3,095
28,554
378,077
|2,893
■
Other bills discounted-.Total bills discounted
.
Bills bought In open market.
-
Industrial advances
United States Government securities—Bonds-.
4,561
28,522
>
378,077
1,443,363
378,077
1,443,363
608,787
1,496,719
608,787
324,721
1,496,719
608,787
324,721
1,496^719
608,787
608,787
324,721
1,496,719
608,787
324,721
1,496,719
608,787
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
181
Total U. S. Government securities
1,443,363
"608,787
Treasury notes
a
—^-Treasury bills....1..'....;::.
181
181
181
2,470,627
2,469,295
2,468,641
2,470,147
:y
238,962
1,679,569
181
2,466,348
324,721
Other securities
Foreign loans
19,660
206,946
288,635
Bills discounted:
Secured
S
6,634,653
8,211,046
13,720
324,721
1,496,719
608,7o7
3ll,uoi
2,430,227
2,430,212
•
gold-
on
Total bills and securities
2,470,921
■_
2,468,906
2,469,855
2,469,983
2,475,460
'
d
Gold held abroadDue from foreign banks.
Federal Reserve notes of other banks
Uncollected items
K 217
*"r217
"""219
22,640
622,578
48,060
39,232
27,293
578,531
48,059
38,420
26,320
780,969
48,058
37,888
11,862,204
11,826,014
4,049,143
6,356,952
252,737
51,950
181,873
"""220
"""219
"""219
"""219
"""221
638
26,775
25,346
554,757
544,120
48,055
45,139
48,056
44,581
25,093
528,322
48,055
43,586
21,540
589,851
48,054
43,644
23,348
598,183
48,055
44,152
22,540
547,616
48,056
44,190
22,564
542,725
50,074
42,492
12,025,011
11,777.170
11,748,494
11,685,608
11,722,490
11,712,842
11,642,372
9,995,212
4,033,849
4,045,458
4,055,971
4,020,920
3,993,664
3,988,055
3,983,473
3,979,814
3,481,907
6,224,640
6.471,333
54,683
59,235
211,572
6,440,622
6,331,502
6,228.518
388,351
64,862
190,268
6,205,735
417,924
56,762
193,937
107,235
50,267
229,285
143,424
215,424
98,174
238,258
.90,126
251,437
6,116,084
338,062
86,438
250,309
6,004,796
439,391
71,040
249,675
5,223,616
90,841
14,687
291,675
6.843,512
6,868,121
6,874,358
6,796,823
6,827,410
6,811,358
6,785,505
6,790,893
6,764,902
5,620,819
[620,360
574,758
756,014
543,220
130,163
145,501
27,088
34,241
12,293
130,185
145,501
27,088
130,172
145,501
27,088
601,610
130,169
145,501
27,088
34,240
12,167
34,236
145,501
27,088
34,236
532,971
130,170
145,501
591,154
130,162
145,501
27,088
34,241
12,197
552,398
130,163
44,159
10,778
10,621
10,326
10,990
550,985
130,205
145,501
26,513
34,105
10,347
549,267
130,522
144,893
23,457
30,694
13,653
11.862,204
11,826.014
12,025,011
11,777,170
11,748,494
11,685,608
11,722,490
11,712,842
11,642,372
9,995,212
Bank premises
All other assets-
Total assets
"""219
MM*
^
LIABILITIES
Federal Reserve notes in actual
circulation
Deposits—Member banks'
United States
reserve account
Treasurer—General
account-.
Foreign banks..
Otner deposits
Total deposits
Deferred availability items
Capital paid in.
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
J
.
Total liabilities-Ratio
of total
.
79.5%
——
79.5%
79.3%
79.5%
79.4%
79.3%
79.4%
79.2%
79.2%
75.4%
23,307
Commitments to make industrial advances
■
i_
deposits and Federal
Reserve note liabilities combined
,
34,236
*
_
reserves to
27,088
34,235
130,177
145,501
26,513
34,141
23,397
23,543
23,721
23,699
t23,355
23,271
23,394
23,453
26,748
7,628
5,264
6,324
6,097
2,290
8,416
—
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
5,320
4,534
91
157
379
803
600
34
28
76
163
233
234
381
463
873
813
1,100
1,094
587
642
141
256
205
207
243
433
339
338
239
593
624
654
622
87
9,451
7,031
8,011
8,033
8,602
7.238
6,477
7,863
3,960
10,489
481
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.....
7,108
158
865
Total bills discounted
6,718
114
601
'
31-60 days bills discounted
61-90 days bills discounted.
Over 90 days bills discounted
„
845
16-30 days industrial advances
122
978
880
768
4
444
427
1,616
1,598
122
233
880
1.435
726
68
477
495
283
236
133
602
274
1,002
ooU
24
1,809
1,857
2,075
3,098
3,098
3,096
3,095
3,095
3,095
3,094
3,094
3,092
4,689
1,590
1,592
1,524
1,539
1,493
1,472
1,395
1,434
2,607
312
397
398
459
352
297
294
294
279
632
551
567
612
682
709
750
684
674
689
402
812
»
1,598
473
1,703
.
1,623
67
784
1,615
31-60 days industrial advances
61-90 days Industrial advances
Over 90 days industrial
advances
1,645
198
Total bills bought in
open market
762
737
696
767
711
799
876
948
645
25,303
25,413
25,543
25,638
25,964
653
"
2,157
24,855
.•
25,234
25,182
25,267
25,155
28,145
,28,550
28,521
28,628
28,522
28,554
28,662
28,782
28,888
30,070
39.00S
Total industrial advances.
1-15 days U. 8. -Government
securities
16-30 days U. 8. Government securities
!
31-60 days U. 8. Government securities
61-90 days Uf S. Government securities..
Over 90 days U. S. Government securities.
42,093
34,793
41,439
85,786
44,489
81,016
65,816
200,919
2,083,044
71,480
48,443
70,804
88,216
2,140,256
76,383
2,153,581
85,659
28,580
36,956
129,459
70,804
2,155,223
36,956
81,016
87,452
66,816
2,147,987
31,956
37,930
71,006
189,340
,2,092.995
37,930
85,786
79,282
72,006
2,144,407
2,164,428
31,537
35,560
50,860
163,310
2,148,945
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,212
31,795
76,382
184,622
-
2,098,412
Total U. 8. Government securities
-
2,430,227
:
39,009
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
other
761
716
1-15 days Industrial
advances
Total
380
*
130,275
**.
181,
181
181
181
181
181
181
181
181
181
securities..,
—
-
■
>.
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agen
Held by Federal Reserve Bank
Gold ctfs.
on
-
as
hand and due from U. 8. Treas..
By eligible paper.
Total collateral
♦
"Other cash"
x
These
are
cents on Jan.
4,342,679
286,70S
4,299,473
278,553
4,302,908
309,244
4.297.48C
309,42£
4,292,938
309,465
4,284,874
304,158
305;060
3,758,512
276,605
4,049,142
4,033,84S
4,045,458
4,055,971
4,020.92C
3,993,664
3,988^05f
3,983,473
3,979,814
3,481,907
4,337,832
4,327,838
4,306,338
5,777
4,301,33S
6,922
3,620,588
9,206
73.00C
73,000
73,00(
4,299,338
6,507
73.00C
4,289,838
2,634
83,000
4.328.83S
6,130
73,000
4,306,33S
5,444
88.00C
4,325,838
6,411
88,00(
73,000
173,900
4,421,282
4,415,249
4,407,96S
4.386.26C>
4,385,115
4,379,37(
4,378,841:
4,365,472
3,803,514
Security for
United States Government securities
,
4,349,616
4,431,14^
Collateral Held by Agent
Notes Issued to Bank—
4,346,60C
312,751
5,30(
In actual circulation
4,346,942
297,80C
does not Include Federal Reserve notes,
t Revised figure.
certificates given by the United States Treasury for the gold taken over from the Reserve
banks when the dollar was devalued from 100 cents to 59.06
31, 1934, these certificates being worth less to the extent of the difference, the difference itself having
the provisions of the Gold Reserve Act of 1934.
5.03S
been appropriated as profits by the Treasury under
^
•
Volume
Financial
143
Chronicle
2161
Weekly Return of the Board of Governors of the Federal Reserve System (
)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE*©F BUSINESS SEPT. 30, 1939
Three Ciphers
(000) Omitted
Federal Reserve Bank of—
Gold
Total
BosWn
New York
Phila.
RESOURCES
$
S
$
S
certificates
hand
on
and
$
Atlanta
Chicago
$
$
$
St.
Louis Minneap. Kan. City
S
$
s
San Fran.
Dallas
$
S
•
due
from United States Treasury
Other cash *
.
8,384,683
12,428
261,445
522,782 3,119,998
1,084
1,834
61,831
33,078
478,983
641
615
570
34,356
22,241
8,658,556
Redemption fund—Fed. Res. notes._
Total reserves
;
Cleveland Richmond
557,694 3,182,913
513,980
626,789
242,950
757
560
835
313
14,653
232,484 1,703,325
670
2,728
8,435
33,017
9,437
6,725
14,187
7,713
585,659
1,821
15,772
649,645
316,843
243,647 1,737,012
253,144
171,739
257,547
171,140
603,252
150
301,620
164,454
242,525
163,114
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed..
2,893
6,558
660
1,695
250
80
27
10
20
Other bills discounted....
29
5,901
42
37
97
41
46
12
10
91
210
42
Total bills discounted
9,451
689
7,596
292
117
124
41
46
13
10
101
230
192
3,098
28,145
226
1,105
317
294
121
108
387
87
61
87
3,607
6,360
5,091
1,423
3,654
558
1,638
522
1,168
887
378,077
,25,158
16,045
102,766
392,320
44,977
1,443,363
608,787
20,213
77,166
32,548
13,472
51,433
21,693
19,124
73,009
30,794
55,573
23,440
Bills bought in open market
Industrial advances.
1
U. S. Government securities:
Bonds
Treasury notes
....
32,067
15,301
58,416
24,639
171,707
72,423
33,057
126,198
14,557
/0.510
2,430,227
161,713
660,561
,211,180
235,795
128,010
98,356
289,107
129,927
86,598
122,927
93,570
212,483
166,235
675,622
216,880
237,629
131,909
99,063
291,178
130,549
87,837
124,002
95,393
214,624
217
Gov't, securities....
Total bills and securities
17
81
21
20
10
8
26
4
3
6
6
15
365
7,418
170,306
838
1,519
2,196
1,473
2,238
52,830
22,029
16,913
1,341
31,288
440
,61,511
1,691
23,725
801
48,563
3,361
2,320
32,357
3,580
22,640
622,578
Uncollected items
Bank premises
Total
19,915
76,028
59,068
165,475
Due from foreign banks
Fed. Res. notes of other banks
All other
36,684
140,043
1.731
2.470,921
Treasury bills..
Total U. S.
32,853
125,425
52,902
218
87
1,506 V
65,554
3,113
53,228
19,795
1,526
10,856
5,079
6,525
2,919
2,284
77,707
4,833
2,453
1,531
29,214
3,198
1,704
1,122
1,427
525
214
318
348
271
479
793,390 4,076,410
788,559
958,553
507,829
369,931 2.113,519
411,780
279,142
417,893
288,571
856,627
4,049,143
357,216
844,045
295,807
395,125
192,487
183,920
911,617
174,561
127,559
153,999
88,083
324,724
6,356,942
252,737
307,339 2,752,376
30,242
37,679
3,742
19,839
386,728
437,278
168,451
152,364
448,563
43,840
8,300
5,866
1,214
1,466
12,462
1,466
131,990
2,790
4,783
2,225
3,648
1,724
23,101
1,517
7,939
115,253
4,159
212,932
27,124
4,653
207,500
34,916
141,322 1,026,846
18,062
4,703
4,079
253
1,243
3,489
15,800
346,332 2,941,884
151,604 1,078,276
201,008
124,705
222,951
167,535
474,807
79,954
26,019
3,757
17,626
31,224
2,950
3,149
3,962
3,613
1,142
21,906
3,821
33,382
10,185
9,645
1,696
1,849
48,060
...
412
39,232
resources
7
11,862,204
resources.
LIABILITIES
F. R. notes in actual circulation
Deposits:
Member bank
reserve
account...
U. sr Treasurer—General account.
"
Foreign bank
51,950
Other deposits
Total
181,873
5,009
5,897
1,770
2,615
412,283
473^838
^8,289
65,883
9,398
165,718
47,210
52,264
50,178
9,902
2,874
1,513
50,825
7,744
12,213
13,406
4,231
58,161
12,563
14,371
27,088
34,241
1,007
4,723
5,186
3,448
8,849
3,000
3,111
1,285
2,564
12,168
21,350
1,391
7,573
894
1,003
1,435
12,197
deposits.
272
7,167
409
377
147
216
1,190
340
715
162
863
339
793,390 4,076,410
788,559
958,553
507,829
369,931 2,113,519
411,780
279,142
417,893
288,571
856,627
295
1,395
2,356
1,506
76
383
505
4,409
Louis
Minneap.
6,843,512
Deferred'availability items.
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies..
620,360
130,162
145,501
All other liabilities
Total liabilities
11,862,204
■
to
make
industrial
advances
*
"Other cash"
)
2,625
23,307
does not include Federal
9,402
21,013
4,"244
5,616
754
:
Commitments
6,955
\
4,655
546
840
3,783
1,252
1,328
*
'
306
49
Reserve notes.
FEDERAL
RESERVE NOTE
STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
S
Issued to F. R. Bank by F. R. Agent
Atlanta
St.
Chicago
S
4,346,943
297,800
377,565
20,349
933,324
311,256
421,752
89,279
15,449
26,627
202,996
10,509
203,955
20,035
944,305
32,688
357,216
844,045
295,807
395,125
192,487
183,920
4,337,838
396,000
945,706
,314,000
424,000
204,000
166,000
660
3,707
255
80
107
4,431,144
396,660
Kan.
City
San Fran.
Dallas
S
$
$
S
5,306
88,000
In actual circulation
held
Phila.
4,049,143
Held by Federal Reserve Bank
Collateral
Cleveland Richmond
$
Federal Reserve notes:
132,361
4,802
165,789
11,790
97,427
9,344
372,094
9,558
911,617
174,561
127,559
153,999
88,083
324,724
966,000
156,632
,
184,119
47,370
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..
949,413
314,255
424,080
204,107
124,000
165,000
97,500
379,000
27
2
86
218
164
45,000
30,000
io'ooo
3,000
186,634
134,000
168,086
97,718
379,164
211,027
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 u Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6, 1935, covers reporting banks in 101 leading
cities, as it did prior to the banking holiday in 1933, instea^ 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 all assets not otherwise specified, less cash items reported as on hand or in process
of collection which have been deducted from demand
deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITES, BY DISTRICTS, ON SEPT. 23 1936 (In Millions of
Federal Reserve District—
Total
New York
Phila.
S
ASSETS
Loans and investments—total
Boston
$
$
$
S
1,226
9,678
1,182
1,815
22,610
Atlanta
Chicago
$
Cleveland Richmond
$
s
643
569
ouis Minneap. Kan. City
S
S
3,060
406
668
Dallas
Dollars}
San Fran.
5
686
Loans to brokers and dealers:
487
2,190
«
*
In New York
City
t-__
Outside New York City
on securities to others (except
-
12
934
9
207
27
75
20
10
2,038
148
214
968
2
8
3
•
5
42
53
201
3
1
3
3
12
31
46
41
170
10
27
1
25
6
6
18
23
364
Loans
Loans
on
;
paper
bought.
real estate
Loans to banks
848
148
317
47
126
24
5
6
5
33
8
1,144
82
244
62
182
25
24
70
44
95
banks)
&
Acceptances and com'l
3
64
2
.4
1
1
8
8
67
71
-
—
—
3
.
1
------
Other loans
3,879
312
1,475
188
213
108
145
514
131
119
144
148
382
U. S. Government direct obligations..
413
4,088
316
864
299
214
1,619
231
177
258
186
712
by U. S. Govt.
9,377
1,252
19
500
101
62
60
40
147
60
15
50
37
161
;
3,333
163
1,324
312
261
74
82
418
109
47
135
48
360
4,891
240
2,395
240
315
136
87
779
113
97
277
Obligations fully
guar,
Other securities
Reserve with Federal Reserve BankCash in vault
65
147
391
.1
123
68
15
35
18
11
63
11
6
12
10
2,302
Balance with domestic banks
Other assets—net..
,
no
181
158
248
147
131
428
112
79
279
175
254
1,300
74
538
88
110
39
40
102
24
17
24
28
216
14,999
979
6,898
779
1,035
402
305
2,238
391
262
489
363
5,018
286
961
276
711
197
178
821
179
122
145
120
849
14
233
76
78
44
53
151
12
3
24
44
5,835
226
347
219
207
835
252
125
398
187
19
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
428
10
17
------
2,433
390
301
4
17
2
------
Other liabilities.
842
24
372
23
3,506
234
1,556
224
336
•
858
1,022
,
117
305
1
—
•
-
1
6
1
12
31
—
14
Capital account
.
8
29
To
%
3
5
'*"319
89
86
352
84
56
89
77
323
...
if
—
Oct. 3,
2162
1936
*
—selaS
Stock and Bond
DAILY, WEEKLY AND
New" York
YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only, transactions of the day.
of such sales In computing the range for the
United States Government
Securities
the New.
on
Transactions
York Stock Exchange
Below
we
furnish
Treasury certificates
Mortgage Corporation's
on
Quotations after decimal point represent one or more 32ds
a point.
Number of
Shares
Oct. 2 1936
Tuesday
Oct. 1
Oct.
High
118.29
118.30
118.31
118.30
118.27
118.27
118.30
118.30
118.27
118.30
118.30
118.30
119.2
Sales at
Total tales in $1,000 units...
2
21
239
16
50
100
High
108.16
108.15
108.15
108.15
108.17
108.17
Low.
108.16
108.13
108.11
108.14
108.15
108.16
108.13
108.15
108.15
108.17
108.17
Total tales in $1,000 units...
$6,712,000
$14,201,000
$77,967,00"
,
5
Jan. 1 to Oct. 2
Week Ended Oct. 2
New York Stock
1936
Exchange
1935
1936
1935
3^2
8,113,005
76
114
114.3
114
114.4
113.29
113.31
113.31
113.31
113.30
114
113.31
113.31
114.4
State and foreign
Railroad and Industrial
133
mmmm
High
■'mmmm
Cloee
....
mmmm
Low.
....
mmmm
mmmm
6
•.
Total
109.6
109.6
109.2
109.5
109.6
109.4
109.3
109.5
109.5
109.6
109.8
....
2
High
104.27
Low.
104.27
Close
Total sales in $1,000 units...
6
17
10*4*28
104.27
104.31
104.30
104.25
104.25
104.28
104.30
104.27
104.26
104.25
104.31
104.30
48
267
39
15
14
106.1
105.30
106
106.3
106.2
106.1
105.30
105.30
106.3
106
105.30
106
106.3
106.2
3
High
mmm'm
Low.
-V..
mmmm
mmmm
Total sales in $1,000 units...
108.6
108.4
108.4
108.6
108.8
77
mmmm
109.2
Low.
109.2
109.1
Close
Total tales in $1,000 units...
109.2
109.1
25
mmmm
mmmm
1
109.1
Second
10
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
170.76
57.18
34.52
63.04
107.03
112.38
95.08
106.65
105.29
1
168.26
55.76
33.93
61.92
106.91
112.25
94.35
106.58
105.02
167.82
55.88
-*34.09
61.90
106.85
112.25
94.28
106.66
105.01
29
168.48
56.33
34.24
62.22
106.74
112.21
94.06
106.58
104.90
28
26
Sept.
106.29
107
107.1
106.24
106.29
106.29
106.31
107
106.27
106.28
106.29
107
107.1
Sept.
Sept.
73
191
3
28
106.13
106.14
106.15
168.79
56.26
34.18
62.25
106.89
112.45
94.21
106.55
105.03
168.07
56.50
33.83
62.06
107.03
112.41
94.16
106.50
105.02
106.14
106.12
106.10
106.15
106.14
106.12
106.12
106.15
106,14
145
101
1
9
....
....
....
109
Low.
109
109.1
109
109
United States
5
109.2
108.31
109.1
109.1
109
108.31
109
109
109
109
5
108.31
109
Rates
quoted
12
108.7
108.7
108.6
108.10
108.11
108.16
Low.
108.5
108.5
108.2
108.5
108.7
108.9
108.11
108.16
10
Close
108.6
43
390
108.6
108.6
2
108.10
Bid
13
9
102
30
90
3
High
102.25
102.27
102.21
102.25
102.26
102.29
LOW.
102.19
102.20
102.16
102.20
102.22
102.27
Close
102.25
102.22
102.21
102.25
102.26
102.28
27
201
High
104.12
104.14
104.12
104.14
104.17
104.20
Low.
104.7
104.9
104.7
104.12
104.13
104.17
Deo.
104.9
Deo
104.14
104.17
104.20
310
87
94
10
High
102.23
102.22
102.20
102.22
102.25
Low.
102.19
102.18
102.15
102.22
102.21
4
....
1937
June 16 1937—
0.25%
Nov. 25 1936
219369 1936
Deo.
16 1936
Dec.
23 1936
Deo. 30 1936
Close
102.23
102.18
102.19
102.22
102.25
Jan.
6 1937
units...
1,080
274
212
27
81
Jan.
13 1937
High
101.24
101.25
101.20
101.23
101.25
101.26
Jan. 20 1937
Low.
101.20
101.19
101.16
101.22
101.21
101.25
Jan. 27
Close
Total tales in
101.23
101.19
101.19
101.22
101.25
101.25
Feb.
$1,000 units...
1,848
398
432
27
92
52
101.4
High
2Kb, 1956-1959
101.4
101.2
Low.
100.31
101
100.30
Close
101.4
101
101.2
Total sales in $1,000 units...
Federal Farm Mortgage
3 kb, 1944-64.—
101.6
101.2
101.3
Low.
.
.
101.5
101.6
Close
.
.
.
98
104.23
104.23
104.28
mmmm
104.23
104.28
Mortgage
10*3*17
103*15
103.20
103.21
103.15
103.13
103.18
103.18
103.20
103.15
103.15
103.20
103.21
103.23
36
112
160
9
9
15
104.5
Low.
Total sales in $1,000 units...
Federal Farm Mortgage
High
....
....
104.3
104.6
5 1937
May 12 1937—
May
19 1937
May 26 1937—
May
1937
June
2
June
9 1937
June 23
0.19%
June 30 1937—
0.19%
1937
0225%
Quotations for United Statest Treasury Certificates of
Indebtedness, &c.—Friday, Oct. 2
104.3
104.2
104.6
104.2
104.3
104.6
.
104.6
102*24
Low.
26
10
one
or
more
mmmm
1
High
103.9
103*12
Low.
103.8
103.9
103.5
103.10
Close
103.12
103.9
103.9
Total tales in $1,000 units...
Home Owners' Loan
High
54
101.22
Feb*
1 1938...
101.21
Dec.
15 1936...
1H%
1X%
1M%
m%
101.7
101.9
June
15 1938
101.14
101.16
Feb.
15 1937.-.
101.8
101.10
Apr.
15 1937...
101.27
101.29
Mar. 15 1938
2M%
103.9
103.11
Sept. 15 1937—
1H%
1H%
Mar. 15 1939
101.24
100.24
101.19
15 1941
June
100
100.22
101.9
102.27
10*3*14
Rate
Maturity
Sept. 15 1938.-.
1K%
102.27
103.12
Asked
101.11
15 1939—
102.20
37
Int.
Bid
Dec.
102.20
5
''mm'rnm
«
Int.
Rate
Maturity
3
102.24
—
Mar. 15 1941.
10*3*14
103.18
June
15 1940
103.13
103.15
Dec.
15 1940.—
103.12
103.14
103.17
Mar.
15 1940
9
125
54
June
15 1939
101.26
101.26
Bid
101.20
101.19
101.16
101.20
101.22
101.23
101.19
101.21
101.26
101.26
-.
-
—
103.28
103.30
2M%
2K%
2M%
103.4
103.6
101.1P
101.12
104.12
104.14
3%
3%
3%
101.19
101.21
103.30
104
3 K%
103.9
103.11
102.1
101.27
Close
101.28
Totalsales in $1,000 units...
Home Owners' Loan
1
2 KB, 1942-44
High
Low.
Total sales in $1,000 units
bonds.
Treas.
above
71
111
16
101.22
101.28
101.26
101.28
101.18
101.25
101.25
101.28
101.22
....
1 Close
Note—The
38
101.23
101.22
101.22
101.28
101.26
101.28
6
229
50
17
2
66
....
....
table
includes
32
only sales
.Transactions in registered bonds were:
4^s, 1947-52.118.26
of
n
3 Treas. 4s, 1946-56...113.29 to 113.29
10 Treas. 3s, 1951-55... 104.24 to 104.24
3
Treas. 3 Ms, 1941-43. 108.29 to 108.29
Treas. 3Ks, 1944-46 108
to 108
2
Treas.
to 104.6
3Ks, 1941... 108.28
FOR
YORK
NEW
Bid and asked prices; no'sales on this day.
t Companies reported In receivership,
a
coupon
2
2Kb, 1945-47.104.6
FOOTNOTES
•
to 118.26
Treas.
Asked
2
101.28
2Kb, series B, 1939-49- Low.
101.23
S2ds of
7
102.27
102*20
102.24
Total sales in $1,000 units...
a
Figures after decimal point represent
point.
104.8
104.2
24
Close
3s, series A, 1944-52
0.21%
0.21%
0.21%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.19%
103.23
Close
Home Owners' Loan
28 1937———
103.25
103.16
High
2 Kb. 1942-47
Apr.
3 1937
50
103*20
$1,000 units
3s, 1942-47
14 1937
21 1937
Feb. 10 1937
104.28
34
Close
Federal Farm
0.21%
Apr.
104.28
675
Low.
3s, 1944-49
7 1937
Apr.
Apr.
1937
51
104.28
mm, mm.
.
1937
Mar. 17
101.8
98
1,587
.
....
1937
Mar. 31
Mar.
Mar. 10 1937
101.5
2
.
-
Mar. 24
0.19%
0.21%
0.21%
0.21%
0.21%
0.21%
Feb. 17 1937
101.8
101.5
104.23
478
High
■Halsales in $1,000 units...
Federal Farm Mortgage
High
Total sales in
-
Nov. 18 1936
.
Asked
0.25%
Nov. 10 1936
284
104.12
-
4 1936
Nov.
207
85
1937
28 1936
71
7
3
21 1936
Oct.
$1,000 units...
104.12
1937
Oct.
20
f
Close
Total tales in $1,000 units...
Feb. 24
14 1936
Oct.
Bid
Asked
0.16%
0.16%
0.16%
0.16%
0.18%
0.18%
0.18%
0.18%
0.18%
0.18%
0.18%
0.18%
0.18%
0.19%
0.19%
0.19%
0.13%
7 1936
Oct.
Total sales in $1,000 units...
2MB, 1951-64
Treasury Bills—Friday, Oct. 2
for discount at purchase.
are
109.1
11
High
Total sales in SI,00
Total
2
Oct.
55
10*6*28
Close
Total tales in $1,000 units...
2KB, 1948-51—
First
Indus¬
30
Oct.
109.1
1
106.27
High
2KB. 1945-47
10
70
'
109.1
109.1
35
Total sales in $1,000 units...
Total sales in
Total
109.1
109.1
106.30
Close
2MB, 1955-60
20
Utili¬
trials
106.28
Low.
3Ms. 1944-46-—-
20
Rail¬
mmmm
79
mmmm
10
30
Indus¬
Date
mmmm
107
High
3 MB. 1941
Bonds
Stocks
Sept.
$1,000 units...
3Ms, 1949-52
Exchange
3
Close
Total sales in
of representative
the New York Stock
108.8
Low.
-
on
compiled by Dow, Jones & Co.:
as
High
3Ms, 1946-49
Averages
averages
10
108.8
108.4
109.2
—
stocks and bonds listed
106.3
69
11
108.9
High
3Ms, 1941-43
29
30
*
-
Close
■
daily closing
106.2
106.1
are
106.3
Low
Total sales in $1,000 units...
3 Ms, 1940-43
the
105.2
1
Below
105.2
104.26
Close
■
Stock and Bond
4
110
High
.
$2,496,277,000
109.8
109.5
109.3
Total tales in $1,000 units...
3s, 1946-48.
$2,617,696,000
6
mmmm
109.3
Close
•
$60,906,000
112.11
Low.
3b. 1951-55
$593,708,000
290,643,000
1,611,926,000
51
112.11
High
3 Ms, 1943-47
$232,830,000
244,454,000
2,140,412,000
112.11
mmmm
2
....
7
mmmm
112.8
.
Total tales in $1,000 units...
137
112.8
112.8
$12,405,000
6,018,000
42,483,000
Bonds
■
Total tales in $1,000 units...
238,444,839
$14,201,000
6,712,00
57,054,000
Government
113.30
Close
3 Jis, 1946-56
356,012,388
$77,967,000
106
5
114.1
Low.
118
$,292,917
Stocks—No. of shares.
High
4s. 1944-54
1
$57,054,000
108.15
Close
3&s, 1943-45
9
$9,237,000
14,726,000
16,310,000
12,379,000
11,614,000
13,701,000
119.2
119
$3,728,000
3,498,000
4,571,000
505,000
1,318,000
581,000
$4,887,000
1119.2
118.27
Close
4^s, 1947-52
^
119
Low.
Treasury
Sales
9,925,000
10,588,000
10,603,000
9,120,000
11,931,000
8,113,005
Total.—
Bond
$622,000
1,303,000
1,151,000
1,271,000
1,176,000
1,189,000
1,381,000
1,352,625
1,099,470
1,928,690
Friday
2
Total
States
Bonds
Bonds
900,760
1,450,460
Wednesday
United
State,
Miscell. Municipal &
For'n Bonds
and
Saturday
Monday
Thursday
Daily Record of U. S. Bond Prices Sept. 26 Sept. 28 Sept. 29 Sept. 30
Railroad
Stocks,
Week Ended
the New York Stock
Exchange.
of
the New York Stock Exchange,
at
Daily, Weekly and Yearly
daily record of the transactions in
a
Home Owners' Loan, Federal Farm
bonds and
No account Is taken
year.
r
Deferred delivery
■)
New stock,
Cash sale.
x
Ex-dlvldend.
V
Ex-rlghta.
to 108.28
.
/
STOCK
PAGES
102.3
Proctor
Abbott,
Members New York Stock
PaiNe
&
"Exchange and other leading exchanges
Commission orders
eygcuted in
Stocks, Bonds, Commodities for institutions and individuals
NEW YORK
Volume
LOW
AND
CHICAGO
.
•
BUFFALO
•
MONTREAL
TORONTO
•
CLEVELAND
•
•
INDIANAPOLIS
•
RICHMOND, VA.
New York Stock Record—Continued—Page 2
143
SALE PRICES—PER
Sales
STOCKS
Saturday
Monday
HIGH
Tuesday
Wednesday
Thursday
Friday
the
EXCHANGE
Sept. 26
Sept. 28
Sept. 29
Sept. 30
Oct. 1
Oct. 2
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ pet share
Shares
2163
SHARE, NOT PER CENT
*5634
*57
*57
6134 *57%
6184
6134
111% 111% *111% 111% *111% 111%
*63
63
6378
63%
63%
63%
13% *13
13%
13%
13%
13%
5934
*111% 111%
*63
12%
6334
13
*58%
6134
*57%
6134
111% 111% *111% 111%
63
63
*62%
63%
13
13
12%
13%
32%
*2%
23g
*^770
*3%
•
-
77
4
447g
44%
44%
407g
3534
*105%
224
26%
12%
*81%
56%
*23%
*2%
2%
z75%
76%
3%
24%
32%
24%
32%
2%
rjfX «...
"
3%
334
17
mmmm^
3%
3%
*98
*98
----
1634
*173%
24%
3278
2%
24%
32%
2%
70^4 -77%
24%
3134
2%
2%
*2%
74%
3%
76%
73%
3%
16%
*174
4478
43%
44%
44
45
*42%
*42%
43
44
44
437g
3%
3%
-
-
43
44
40
40
40
40
36%
3534
Abraham A Straus
30
~
1,700
42%
2,200
3834
9,600
81% ,♦81
57%
58%
24% 124%
2%
2%
58% I5734
99% 4 98%
60% 160%
41% *41%
71
56%
94%
97
60
6034
41
42%
60%
41%
71%
71%
70
40%
41
60%
4078
70
70
2%
57
60%
41%
7134
57%
57%
96%
60
61
61
61
*59%
61%
59%
134
*129% 137
134% *129% 133%
124% 125
12534
124% 125%
124% 12534
*160
*161% 167
167% *165
167% 166% 166%
51
51%
4984
50%
50% 51
49%
507«
*88
88
88
89
89
89%
89%
88%
57
58
57
57%
57%
57%
57%
59%
125% 12534
125% 12534
125% 125% 125% 125%
*105% 115% *105% 115% *105% 115%
105% 105%
60
*129% 137
123
„
34
*28
*28
34
17,200
46
12%
57%
July 17
t 38
81%
z24%
2%
Mar 25
13
f40
12%
26%
12%
8034
58%
24%
*28
100
2,000
Pref A with $40 warr
100
Pref A without
100
4,500
12%
24,400
58%
6034
100
A11 la-Chalmers Mfg
900
98%
99
6078
42%
6034
*28
61%
Am Brake Shoe A Fdy-No par
60
100
Preferred
100
American
1,100
1,300
No par
No par
100
Chain
100
7% preferred
400
American Chicle
Am Coal of N. J (Alleg
34
No par
Co) .25
10
1034
1034
10%
10%
107g
11
10%
1034
|10%
11%
1,400
Amer Colortype Co.
27%
27%
28
28
28
27%
27%
1,700
Am Comm'l Alcohol Corp. .20
28
27%
27%
i 2734
28%
28%
27
28%
27%
28%
99%
2,400
4
1,700
27%
*9934 100
9934100
4
4
4
13
*12
*11%
67g
4%
13%
7%
7
7%
39%
41%
40
41%
*12
7%
40%
15%
7%
4%
4
*11
13%
*12
17
173,
1634
17%
16
41%
1634
3334
197g
347,
3434
35%
34
34%
7%
40%
163s
3434
19%
19
5%
5%
20
1934
5%
1934
19%
534
5%
47
36%
36
47
*34%
*35
47%
2%
*17%
1178
34%
47%
4778
2%
*2%
94%
94%
217g
2%
2%
17%
11%
17%
3334
94%
2134
34%
94%
21*4
103g
103,
39
12
21
10%
387,
39%
132
*128
534
36
19
5%
36%
477g
48
7%
734
43%
18%
36%
44
17%
36%
19
3%
13
12%
734
7%
45%
18%
37%
443d
5%
48%
*2%
80%
69
22%
*
*59
59%
12%
807,
-
2%
34
35%
35
95
9634
97
22
10%
103g
10%
39%
10%
10%
21%
10%
81
807s
69%
69%
69
70
22%
22
22%
*
160
81
80
100
159%
17%
12%
37%
13,000
1,100
*
159%
28%
15834 15834
3734
24
24
2334
23%
337,
3378
23%
3334
2334
33%
34%
33
34
33
80%
81
23%
33%
80%
29%
37%
23%
8134
80%
81%
80
81
79%
*145
147
*143
148% *145
148% *143
*107% IO784
60
60
144
144
41%
144
*133
43
43%
24
23
175
993,
23%
99
100
100*4
100
*140
146
99
100%
*140
146
*133
44%
12734 12734
26% 26%
5534
55%
140% 140%
23
23%
174% 175%
98% 98%
9934 100%
174% 175
*98
60
144
43%
4334
129*4 *12734 128%
26%
26%
26%
*26%
54
5334
54%
5434
140% 140% *140% 142%
174
60
Amer Mach A Metals. .No par
10
Amer Metal Co Ltd—No par
124
12%
12%
21,400
Amer Power A Light.-No par
*140
4234
_
""
.
*
*26%
24
24
33%
33%
33%
2,100
1,730
80%
83%
14,800
147
*133
*133
55%
55%
140
140
*23
23%
174%
172
98%
9834
9934 10078
144
70
37%
24%
31
107
2634
2,900
37%
*106
129
129
*141
145
15834
"29%
2,900
27,800
29%
*143
43
43%
60
43%
26%
60%
144
42%
*12734 129
4 334
12734 129
26
26\
26%
55%
54%
55%
*135
142% *135% 142
23%
24%
24%
*23%
172
174
175%
173%
*98
99
99
*97%
100% 10034
100% 10034
.
55
*140
145
*140
144
14%
1434
14%
1434
14%
1434
143S
14%
14%
14%
14%
24%
247,
24%
25%
2434
25%
25%
2534
24%
25%
24%
47,300
2,500
.......
.
500
1,100
60
10,900
110
500
7,800
400
1,800
9,600
600
5,000
......
No pat
No par
$6 preferred
$5 preferred
Am Rad A Stand San'y .No par
100
Preferred
American
Rolling Mill
Amer Safety Razor
American Seating Co
Amer
25
new.18.50
.
.No par
Shipbuilding Co.No par
108
7%
54
734
54
734
54
7,
I
%
%
4
*6%
4
*6%
7
4%
8%
53%
*50
27
*26
40
73
75%
193g
19%
*108
108%
12%
*11
*33g
*39%
*119
5%
*78%
♦105%
50%
13%
678
6%
4%
4
*50
53%
*50
*26
*105% 108
734
54%
6%
4%
4
734
5334
*78
8%
55%
%
634
6%
4%
55
27
3834
76
75%
7534
76
77
19
19%
18%
77%
18%
76
19%
1834
19
10634 10634 *10634 108%
107
*1034
3%
3934
1,800
*26
38%
12%
4%
*50
39
*11
4
27
38%
12%
6%
55
53%
26%
39%
108%
1,400
*26%
26%
39
*11
3,000
2,700
%
6%
*50
27
40%
108
8
*1034
12%
107
12%
38%
39%
*75%
77
19
19%
*10634 10-5%
*11
51
13*4
*3%
39%
*119
3%
J/3%
*40
39%
120
61
......
200
68,600
2,400
2,000
100
12
,
500
14
For footnotes see pave
51%
52%
13%
14
2162
5178
13%
52%
1334
51%
13%
52%
52%
13%
1334
53%
14%
157
Jan
7
2334 July
7
36
18
Aug 28
Apr 30
Mar
Mar
21% July 20
8% Mar 6
46
100
No par
American Stores
Amer Sugar
100
Refining
—100
Am Sumatra Tobacco..No par
Preferred
Amer Telep
100
A Teleg
Jan
20% Apr 30
10734 Jan
4
1
48% Apr 30
2484 Sept
Jan
6
20% Mar 21
149% Apr 30
40
3734 Feb
11% Nov
37% Oct
100
Oct
2
9
32
15
40
Sept 21
July 16
64% Oct 2
143s July 28
87% Sept 2
134
34
72
Jan
Jan
1% Mar
10% Mar
3
8% Mar
4
10% Mar
134% Mar
1584 Mar
4
Feb 19
39% Sept
4
Mar
21%
26%
31% Apr
64%
130
Aug 24
36
Jan 29
63% Aug 29
Sept 23
145
88% Mar 13
104
2
150
Founders Inc
10
100
preferred
No par
No par
American Woolen
Preferred
100
t Am Writing Paper
1
No par
Preferred
Lead A Smelt
1
Jan
8%June 30
20
May 13
19% Apr 28
9284 Jan 3
7% Sept 25
5234 Sept 25
84May 19
4% Apr 30
3% July
3
Preferred..
25
$5 prior pref
25
24
May 18
Anaconda Copper Mining..50
28
Jan 20
Anaconda W A Cable_-Vo par
35
Jan
Anchor Cap
15% Jan
..No par
$6.50 conv preferred .No par
Andes Copper Mining
A P W Paper Co
20
No par
44
97
9
3
Jan
2
8
4% Mar
35
Jan 11
27
July 28
70s4 Feb
2
10
7,100
Armstrong Cork Co
6,100
Arnold Constable Corp
No par
5
70
June
125
Feb
143
July
12
Mar
88
Feb
Jan 10
Jan 30
June
9
15
Feb 17
July
1
50%
124
Dec
18% Jan
987g Mar
72% Apr
7434 Mar
129% Jan
53
9
107
Nov
141
Nov
Jan 27
47g Mar
3
31
96% Oct
3% Mar
1% June
36
117
Jan
125
Jan 28
85
62% Mar 23
15
Mar
*
Jan
25% July
4
30
37
Apr
107g Sept
Mar
Deo
Dec
67g Deo
49
Aug
Mar
16%
7
110% Jan 20
7% Jan 25
2%
ID4
Mar
8
6884 Nov
Mar
Jan 13
Jan
38% Deo
2234 Deo
94% Nov
IOS4 Sept
Mar
Aug 18
47% Feb 24
7% Jan
9
104
160% Nov
104% Nov
Mar
Jan 28
3
Feb
140% May
277g Nov
7% Mar
84
Jan
Jan
43
70%
2
Jan
Deo
Dec
35% Mar
% Mar
2% Mar
111
4%June 10
66%
113
Dec
Aug
97
Apr
3% Apr
55% May
105%
25% Nov
32%
1
5
77% Sept 30
26% Mar 5
500
100
Feb
2
May 13
50
5
Jan
48
2
73% Mar 2
31
Apr 2
41% Aug 13
122
par
117% Aug
63
2
1
784 Mar
Apr 30
No
6
Mar 17
10934 Sept
11% Feb
May 11
$6 conV pref
Preferred
Feb
144
Deo
Jan
DeQ
May
15% Sept 22
37
Armour of Illinois new
Jan 28
17978Septll
102% Feb 6
25
136
49% Aug
41% Aug
25% Deo
159
Sept
32% Nov
20
263s
Deo
130% Nov
30% Nov
9% Nov
28% Aug U
34% Sept 29
Common class B
100
75%
33% Nov
12% Deo
32% Deo
18% Mar
4% Apr
13% Mar
x24
Jan
2784 Nov
Mar
Feb 13
74% Sept
27% Jan
165% Aug
47g
Mar
2
29% Jan 14
87
Preferred
Nov
14% Oct
4% Mar
133g April
118
100
Oct
Jan 14
24
7% preferred
..100
ArmourACo(Del)pf 7% gtdlOO
400
Oct
Apr
38% Nov
Archer Daniels Mld'ld-No par
22,000
3
8%
/29% Apr
l7g Oct
25
Mar 13
Aug
Aug
28
91% Mar 20
2
57% Mar
133% Jan
129
17
38% Aug
15% Oot
67g Nov
Mar
4834 Oct 2
5% Jan 14
Tobacco
Zinc
Jan 27
9% Deo
9% Aug
42
37g Mar
12
Feb
Preferred
Amer
Oct
Dec
100
34% Aug
9% Deo
3534 Nov
19% Deo
9234 Deo
37g Deo
Aug
84 May
234 Apr
101%
Amer Steel Foundries ..No par
1st
Mar
2% Mar
22% Mar
6% Feb
121
Preferred
American
30
2
1,100
*118% 120
51%
1334
3%
40%
1,500
Feb 20
36% Feb 20
18»4 Apr 30
June
108%May 28
73% Jan 22
144
Sept 26
447gSept 8
Am Water Wks A Elec.No par
5334
43
90
15234 Mar 11
15,900
%
7% Feb 20
Feb
14
Oct
Deo
60
2
48
Deo
Nov
72
May
Deo
115
104
37,600
734
5334
2
3
33%
Oct
May
Jan
136% Jan
—25
15%
1
Apr 30
Apr
z35% Jan
65
Deo
Jan
100
preferred 6% cum
American Snuff
2534
*105% 108
100
Apr 28
337g
Nov
8
Sept 12
2
14% Feb 17
934 Mar 26
5
Feb
47% Nov
38
25% Jan
56'4 Jan
Preferred
2d
9
5734
25% Mar
A Refg.No par
Am Type
3%
*3%
3%
*3%
3%
40
40
3934
39% 39%
*118% 120
*118% 120
*118% 120
108
108
108
10734 10734 *107% 108
108
110
108% 108%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
80
79%
*79%
80
79%
81%
7834
7834
80%
80%
*7834
110
110
*10512 115%
110
*105% 110
*105% 110
*105% 110
4%
39%
120
*108%
39%
7578
193g
%
'O
4
27
3884
734
5378
7o
6>8
4%
53%
*26
8%
5534
%
7
*50
.
77g
55
55%
%
108
*105
106
106
108T
*105
Aug 29
26
100
Amer Smelting
Preferred
*105
May
27
6% conv preferred
100
Amer News, N Y Corp-No par
5,300
....
37
144
-.100
Preferred
300
39%
147
144
23% Apr 28
66
Apr 28
9,600
29
*143
9% Apr 30
pref
non-cum
11%
107
107% *106
60
*5934
60%
107% *106
*133
*128
*23%
147
107% 107% *106
60
60%
60%
16%Sept 24
6%
21
37
*23%
100
Amer Internat Corp—No par
American Locomotive.-No par
132
2
2% Sept 24
64%
39%
*128
81
28%
*37
Jan
No par
Amer Mach A Fdy Co.No par
22%
37
37
8,300
71
"28%
1
15,500
2,400
70%
2834
2
5% July 7
32% July 11
2134
100
21%
37%
1
American Ice
70%
37
10
50
pref
conv
1,100
82
"28%
6%
2%
21%
287,
Amer A For'n Power...No par
Amer Home Products
81%
70%
21%
37
934 Jan
European Sees..No par
3,000
12%
*36%
Amer
64%
3934
64%
"28%
32
4834
12%
81%
71
70%
2134
22%
159% 160
3
Jan 20
2134
22%
69%
2234
Jan
13
94
12%
34
1334 Feb 13
32% Mar 6
Amer Hide A Leather
22
1134
108
Mar
Amer Hawaiian S S Co
94
12%
Jan
10
2,000
5%
*34%
2134
132
I5I84
5134Sept23
90
Sept 24
6178 Oct 2
136
Sept 12
105% Sept 30
2
94
3834
149%
2
2178
*63
42 %
Jan
187g Oct
35%
*128
Mar
110
40
93
61%
1278
21
137% July 17
169% Sept 5
Apr 30
34
132
6412 Sept 11
138% Sept 14
Apr 30
21%
10%
3834
39%
70
4
12
12
61%
12%
Jan
Feb
26
17%
*128
43
72
No par
No par
11%
61%
Deo
$6 preferred
17%
39%
Deo
80
2d preferred
12%
3478
132
40
101
89
2% Mar
June
9,600
1,500
17
*60%
12%
80%
1
Oct
Oct
2234 Nov
4% Deo
48% Jan
41% June
13% Jan
5834Sept 21
125% Mar 29
63% Feb 11
55% Apr 15
13,400
17
*128
3
Mar
18%
12
61%
July
7% July 10
20% July
16% Jan
Deo
Nov
75%
377g
Mar
40
19%
5%
35%
12%
39%
29
Deo
9
3% Mar
12
9
10
100
6% Istpref
26,600
"
59%
1178
3
Apr
24%
22% Dec
14
6% Apr 30
2984 Jan 2
17%
10%
Jan
I84 Mar
6% Apr
6034 Oct 2
28% Mar 11
5% Jan 24
No par
17
34%
31
3%
14% Deo
14% Deo
14% Deo
33% Deo
June
Preferred
12%
35
57% Apr 27
11434 Jan 14
87%May 11
187
Mar
/49
35,900
12%
2%
2
Oct
Apr
84 Mar
2% Mar
June 17
48
1734
2%
Apr 28
May
11584 Feb 24
162%May 29
30
Apr 30
Sept
1334 July 28
1734
3534
47%
3
Sept
Deo
Apr 8
3% Apr 30
American Crystal Sugar
200
7%
Jan
Deo
74
Sept
z20% Jan
Sept
Amer Encaustic Tiling New.l
40
12%
6
Feb
Nov
32
37%
18%
19
5%
*34%
534
36%
4S%
2%
9934
4%
48%
2%
17%
12%
132
*128
*35
2778
28%
*99% 100
27%
2778
*9934 100
4
4
2
July 17
July 7
124
25
American Car A Fdy
Preferred
11,000
Jan
40
100
534 % conv pref
American Can.
12,200
Oct
Apr 20
2%
173
173
84
2
13%
—8%
Apr
Jan
29
75
74
186
Mar
Sept
Mar
Mar
Jan 31
34
4%
6%
104%
84
125
Aug 14
7
684 Jan
37% Nov
24% Deo
20% Deo
Jan
106% Sept 22
Aug 0
245
23
100% Deo
June
8
21
-
7
69
28
Oct
7434 Nov
117g Deo
4% Mar
84S4 Jan
2
Oct
62% Nov
110
June
457g Feb
39% Feb 11
8
65
1,200
46
Jan
60
2,700
47% Oct
46% Oct
Feb
37
Preferred
3
Mar 25
4% Jan 31
98
10
90
Sept
1
;
17% Sept 24
157
49
American Bank Note
98
195
7
5,100
2%
57%
101
6% Apr
207s July
1934May 13
1034
*37g
Jan
Jan
Apr 28
35% Jan 21
28
*9934 100%
Jan
No par
28
*10%
Apr
5
28
2
2
2
Alpha Portland Cem._No par
6,100 Amalgam Leather Co..
1
2,200
7% preferred
50
3,900 Amerada Corp
No par
1,600 Am Agrlc Chem (Del) .No par
? 42%
34
No par
5% pref
40,100
24%
,
2%
Allied Stores Corp
1,000
81
27
Allied Chemical A Dye.No par
Allied Mills Co Ino
No par
4,900
27%
warr
Aug
212
12%
12%
12%
2H% prior conv pf__No par
Allegheny Steel Co
No par
Alleg A West Ry 6% gtd..l00
109
42%
69%
*68%
71%
i 6978
*
60
61
60%
62%
*129% 133% *129% 134
124
124
123% 124%
*166% 167
*166% 167
5034 i 4934
49%
51
88%
88%
88% 188%
61%
5834
59% # 5834
*125% 126
fl25% 125%
102%
10478 10478 i;102
34
Pref A with $30 warr
k24
jr 2
157%
58
Vlcksburg RR Co._ 100
10,100
224% 227%
27%
2
91
146
27
Jan
178
38%
12%
2
10
40
*106
-
Alaska Juneau Gold Mln
44%
27
*81
Ala A
51
Fab
1008s Jan 2
3584 Feb 14
177gJune 9
22% Jan 21
3278Sept; 29
zl% Jan 14
21% Jan 8
Mar 2
7% Jan 2 —9
r
58 * Apr 28
8134July 22
Albany A Sueque RR Co..100
tAllegheny Corp
No par
44%
*39%
117g
12%
8134
58%
23%
2%
4%
47%
45%
10
21,900
mmm'emmm.
*37%
27
27%
17%
45
109
80%
57%
....
100
No par
Advance Rumely
No par
Affiliated Products Ino.No par
182
45
226
20%
12%
3%
110
958 Apr 30
6,800 Air Reduction Inc new.No par
1,500 Air Way El Appliance-No par
45
225
94%
60
3%
600
32
1
*
No par
Adams Millis
$ per share $ per share
Aug25
61
118
42
Highest
Lowest
74«4 Feb110
137g Feb>21
100% Jan 10
Mar 31
110% Aug
69
Apr 28
5,200 Address Multlgr Corp
44
*106
23%
60
*174
4
109
58
94
17
17%
227
23%
2%
56%
*98
98%
182
224
5G34
23%
*2%
*28
3%
*106
27%
1234
81%
34
3%
109
81%
92%
*28
75
228
2634
*70
73%
223
•
12%
81%
12%
74%
700
$ per share
25
No par
100
Preferred
Acme Steel Co
6,700 Adams Express
24%
32%
2%
*106
»
227
2%
24%
32%
2%
3234
Highest
9 per share
Par
500
*42%
38%
44%
2684
2%
44
40
3534
223
57%
378
4434
44%
44%
36
*105%
24
1678
*174
4
40
229
*98
-
17
182
36
58
*56%
90%
24%
4
4%
44
44%
44%
407g
3534
24%
32%
4
4
45
2438
32%
*98
17
1634
1634
17%
*174
182
*173% 182
4%
24%
32
Year 1935
Lots
Lowest
Preferred
*237g
Range for Previous
Range Since Jan. 1
On Basis of 100-share
--
NORFOLK, VA.
•
•
17%
109
12%
Deo
Deo
Jan
Apr
Deo
4
Deo
52
Aug
122% July
110
109
6%
70%
Deo
Jan
Jan
Jan
5034
Dec
9%
Dec
New York Stock Record—Continued—Page 3
2164
LOW
HIGH
AND
SALE PRICES—PER
Sales
NOT PER CENT
SHARE,
Tuesday
Wednesday
Sept. 26
Sept. 29
Sept. 30
$ per share
$ per share
S per share
$ per share
15i2
15i2
*93
1514
1514
105
~
2014
21
*103
2II4
108l2 *103
*114
120
*4018
7914
10812
120
*115
42
*4018
4112
7912
805g
8034
10212 102l2
*102i2 10314
3934
42l2
4158
43 38
2658
28
27
28
44i2
2714
4534
2712
45l2
4514
1
273s
27i8
*11018 11214
69
*67i4
121
3212
634
*38i2
5
1678
105
Oct.
*93
17i2
105
*67
68
.67
121
121
121
*121
67
*67l4
12412
17i2
17
17
1634
1634
3414
3312
3538
3434
678
3678
3858
39
634
7
*634
*38i2
634
41
40
*3812
5
3l2
35g
378
314
3i8
53
63i2
5
5i8
718
40
5
5i8
334
678
5i8
1978
108l2 *105
*109
42
16l2
3434
*634
38i2
17*4
10478
20*2
108*8
1197g
78*s
7838
103
1027g
At G & W I SS Lines—No par
43
43*4
2,500
28
9,500
68
16*2
,
34%
7*8
*38*2
5
334
140
Preferred
No par
48
100 zll2
800
Atlas Tack Corp
Auburn Automobile
No par
14
No par
26*8June
36
400
7*8
40
3*2
13,600
2,900
Baldwin
57
59
60
61
56
5914
59
60*2
3*4
3i2
5414
52
54
2434
2538
5234
2458
53
2534
2514
24i8
2434
57i2
2378
24i4
24
25i2
38
3714
38
37
3712
36i2
3634
36
3612
36*2
39
*441,
45
45
45
45
300
44U
112
*111*8 112
*11118 113
19
*1834
*44
4434
112
*44
45
1111s 11134
2134
20i8
*11U8 112
19
19
*1834
187g
19i2 2078
103
105
106
IO6I4 108i2
*10U4 IO434 103
18%
1778
1734
18's
177g
18ig
1734- "18*8
1714
*17ig
1758
*17i8
18*8
1714
1734
1734
*111
115
*111
115
*111
115
115
*11234 115
23
2334
2358
2358
2314
2314
2312
225g
24l8
11 i7u *llll2 11178 *11158 1117« *1113s 1117s
101
101
101
101
101
101
'1007S 10078 *100
*41
*41i4
*4114
*4112
94
93
93
9358
94i8
*9212
9334
9414
9358
14
14
1358
13%
1358
1358
*1334
1378
1334
85
85
*837S
*83i2
84i8
83i2 8378
8314
8312
30
29*2
2938 30i4
2914
2934
2938 30i4
2938
23
22 58
22% 23
2278
2234 2278
22^8 2378
58
58 *2
58
59*2
*583g 59i2
58'4
5814
58i4
21*2
*11234
2234
*mio
101
*41
....
9414
14
*
"29"
23
*58l4
6878
1834
45
30*4
4434
4484
*94
*4034
95i8
413s
28l4
29
78
79*2
*734
8I4
2
2
1538
16i2
57
59
*53i2
55i2
*44i8
4514
714
714
40
40
56*2
45
*44I2
18
57h
40
*3914
5718
*37i2
57
5758
104
49
49
49
49
49
45
45
45i2
13
1314
1234
12l2
13l8
104
8
2
23g
15i2
1534
59ig
55*2
45*8
2
15&8
1558
59
543g
*443g
*37i2
5614
5634
56i4
49i8
12i2
105
1234
78
29i8
29*2
2938
578
*14l2
2978
578
1514
1814
*1414
*16j4
1514
4
4I8
2358
39
303s
23
3638
36i2
36
36U
1714
36
1634
IDs
12
4934
4934
1714
*57
1658
*153
157
*130i2 13234
7838
80
2584
26*2
2834
8338
29i2
2812
4334
9i8
*105
86
2858 —28%
4358
4334
9i8
10712
5312
54
10i2
1034
119
*110
*6234
64
*103l2 104
20
20
*4618
50
84
84i2
675s
*178
68's
2
*5
538
*2
2i8
10
*714
*28i2
15s
1012
10
*42i2
43
*8i2
9
914
*105
29
*4212
812
107i2 *105
5438
5318
53i2
11
1012
105g
5212
10i2
1078
1012
105s
97g
6
5,300
40,200
Campbell W & C Fdy..No par
30
Jan
6
Canada Dry Ginger Ale
Canada Southern
103a Apr 30
1834 Oct
54
6
60
Aug 20
Canadian Paciiio
lOTg Jan 20
37
Apr 30
1234May 8
16
Feb 19
3638
175g
12U
12
12
12*8
I25g
49U
4934
5078
50
5034
3,400
1534
500
52
100
—
••
-
*99
—
30i8
1534
*51*2
*99
102
7*2
157
8434
43
8i2
10712
29
-
*42
87g
1038
2638
16,000
Celanese Corp
3134
15,600
tCelotex Co
8538
710
5434
14
Mar
5
4712 Oct 1
3138 Sept 6
33U Feb 13
Deo
8i2 Apr
24i2 Feb
23>8 Jan
303s May
13g Apr
14
May
36i2 Mar
33s July
4U Mar
6284 Mar
314 Mar
23
Mar
2i2 Mar
3»4 May
8U Mar
1314 Mar
9
Mar 23
1
Apr
Mar 24
514
Apr
2478 Mar 23
65s Mar 20
2538 Sept 19
Sept 18
31
Sept 28
4334 Aug 10
84
10
Apr 13
40*4 Apr 2
2
62
Sept 9
1812 Feb 24
52i2 Apr 18
9912 Sept 24
Aug 21
9»4 Feb 19
102
186
June 22
7
143
July 15
82
Oct
Mar
Us Mar
113g Mar
32
Mar
30i2 Aug
17g Feb 10
14
6
Jan
Dec
234
19
Jan 16
92ig Jan
116
Deo
87g
i2 June
*4 July
2i2 Mar
7i2 Mar
8ia Sept
60
Apr
29
29
6,900
42
45*4
2,000
9
*83g
108*2 108*2
54
54*8
11*2
11*8
300
107i2 107i2
934
*8
120*2 120*2
65
66
104
104
22
22*4
55
55
84
85
67*8
675g
30
10
7%
6% prior pref
4,400
5*4
2
11*8
11,900
4584 Mar
83i2 Apr
4*8
6,200
3*2
3,000 Chicago A North
934
9
934
1,000
1712
1734
16*2
16*2
165g
17
1,400 Chicago
5734
59
59*2
59
59*2
212
658
512
293g
*59
23g
5i2
5i2
29
934
,
Preferred
23g
5*2
*23g
2*2
Con v
preferred
No par
1,400
1,300 tChic Rock Isl A Pacific—100
534
57g
1,500
7%
preferred
5*2
29*8
534
534
2,200
6%
preferred
28*2
28*2
4,000 Chicago
Yellow Cab
100
100
No par
Oct
Feb
Mar
Sis Deo
IIU4 Nov
126i2 Nov
60
353g
Nov
Jan
21U Nov
6284 Nov
29
May
62i2 Aug
123s Jan
96'4 Mar
385s Jan
109i2
6538
Dec
19*4 Mar 24
35s Mar
153s
Deo
80i2 Feb
4
Deo
8
120*2 Oct 1
67i2Sept 15
IO414 Mar 7
223s Sept 30
69i« Apr 17
88U
5712 Sept
21
Deo
101
Mar 13
II4 Apr 28
Pneumat Tool-No par
Oct
108*2 Oct 2
58
Apr 14
L^May 19
278 Jan 4
100
Jan
4
8i4June
100
Western. 100
Nov
2
97i2May
4734 Jan 21
100
100
Preferred
55
618 July
2
Milw St P A Pao.No par
1 '8
684 Oot
333g Nov
Aug
34
Jan
Ind A Loulsv pref—100
Mall Order Co
6
Deo
July
22U
51
100
Preferred
fChlo
r-
Nov
984 Jan 17
25
100
300 Chicago
66
~42i« "Feb
95
57
3
2
tChio & East 111 Ry Co
Jan
88
35U Mar 13
2
400
6%
preferred
3,700 Chicago Great Western
Jan
22i2 Jan
3i2 Nov
205g Jan
Nov
6*2 Apr 29
Jan
21,500 Chesapeake A Ohio
Nov
318
10i2
Feb
6
Feb 21
28
Dec
253g Jan
Sept 26
1438 Nov
1484 Nov
24i2 Nov
Mar
86
59
5
Corp..
Deo
984 Nov
97i2 Deo
7
1
19
Aug
2214 Jan
No par
Cab
100
85
May
No par
Common
900 Checker
3,300 Chesapeake
33g
33g
100
Pap & Fib Co 6% pflOO
378
33g
100
preferred
10 Champ
Deo
Deo
14
35
190
lli2
87a
48
Central RR of New Jersey .100
100
Aug
Feb
438 Mar
32i«
8214
64
Preferred
Deo
46*4 Aug
Jan
preferred
100
Central Aguirre Assoc.No par
Cerro de Pasco Copper.No par
Certain-Teed Products.No par
38
100
40U
1618 Nov
780
2
10
*178
5*8
178
978
50
5,100
12,200
5ij Deo
Deo
2
Apr 28
Dec
1334
3134 Oct
Century Ribb on Mllls.No par
Oct
42
1758
5612
36i2 Jan
19i2 Apr
5%
Oct
55
Oot
6
No par
1718 Nov
553g
June
85g
32*4 Jan
37s
29
684May 22
70i2
2184May 22
19
Apr 30
334
33g
87g
5i2
No par
of Am..No par
5,900 JChlc
5814
23g
578
5i2
29i2
8,600
2
18ig
2162
Caterpillar Tractor
15g
*1734
oa«e
130
lh
177s
28i2
Case (J I) Co
Preferred certificates-... 100
5,200
82
158
934
see
4
*285g
10i8
27
4
Jan
10
*93g
For footnotes
Jan
91
29
9%
5i2
2812
87
*8
9
6
Jan
30
100
1
100
Stamped—
287g
93s
6
1
10
Carriers & General Corp
85
1138
338
6
25
No par
*28i2
2i4
55g
5
100
3*
15
30
8
30*2
53
384
3;%
57g
29
4534 Jan
2534
878
10*2
33g
2ig
16*2 Apr
5418June
Apr
30*4 Apr
22
Carolina Clinch & Ohio Ry.100
250
43
5234
378
5712
;B
2
1
Preferred A
5,500
29*8
1058
314
2%
158
No par
Capital Adminis cl A
—
~
53
37«
6's
—
734
...
25g Jan
27#4 Nov
28*4 Jan
334 Mar
-
314
58i2
—
.....
Cannon Mills
81*4
85
158
6
„
102
130*2 130*2
31
8434
29i2
59
*57
—
30
17g
2ig
...
49,900
10
*57
1834
18i2
310
59
2834
134
37g
238
3678
35*2
18*2
17*2
5,000
*57
59
*8
27*2
35U
Bldg gu pf ctfs.100
Butte Copper & Zino
5
Byers Co (A M).
No par
Preferred
100
Byron Jackson Co
No par
4784 July
Mar
6
2
285g
D8
378
33g
6
1&8 Aug
Jan
10
60
5
Jan
285g
178
*66i2
157sMay
115i2Septl6
6
*8
175g
173s Sept 30
1758SeptlO
Sept 25
123( July 22
Calumet <fe Hecla Cons Cop..5
Bush Term
Dec
21
90
115
Callahan Zinc-Lead
100
Jan
38
7U2 Aug
6,000
No par
Debenture
Deo
22i» Deo
5978 Jan
100
July
6384 Aug
12,300
13g
10
10*8
3534
fBush Term
100
90
Jan
lh
38*2
1*2
lh
10
Burroughs Add Mach..No par
500
Dec
28U Mar
6'8 Mar
3958 July
Mar
10*2
u2
103s
No par
Nov
114
Mar
California Packing
23lg
Co
17
2378 Aug
Jan
10314
53
8,800
2,400
2858
4
1
27i2 Sept
43
80.
10
*8
Oct
8*8 Apr 30
1U2 Jan 10
2034 Apr 28
25
Apr 27
212 Jan 2
8U Jan 2
14ig Apr 29
No par
1434 Mar
958 Mar
165s June
Sept
1484 Nov
90
3,200
No pa
*
Jan
Sept
95
655# Jan 15
43g
2412
81*2
Bullard
7,500
5*2
16
Watch
79
33i"2
104i2Sept 29
66*2 Jan 31
43g
225g
119
119
120*2
11812 U8i2 *11018 119
65
66
65*2
65i4
65U
6434
648| 65
*104
104*4
*10312 104
*10312 104
104i2 *104
22U
22
21
2038
203g
2214
22*4
2258
*52
56
*52
56
5512
55l2
5512
46l2
83
83
84
*83
84
84%
8334
83*2
67
67
68
67
6758
6678
67*2
6712
2
2
2
2
*17g
*17g
*17g
*178
*5
5>4
5*4
*5ig
5's
5i8
514
*5i8
2
2
2
2
17g
1%
17g
17g
1012
8
4
50*2 July 24
12*4 Mar 5
61*2 Mar 5
58 U Sept 22
4i8
23*4
2934
18
*2
29
44
105
5312
10i2
8434
29U
29
*9ig
105
8434
8434
2
6
Apr
4
*2834
lh
37g
2912
158
384
314
938
17i2
*534
534
*26i2
84i2
2934
*825S
•is
Jan
Jan
30
14
13
1614
17i2
4'8
2334
*130i2 132
130l2 13U2 *130i2 132
80i2 813g
8038
8OI4 81
8U8
2538
2558 26i8
26*4
25i2 26i8
2978
Second paid rights
Wheel
10,900
918
85
4
90
*10112 102
10U2 10U2 *10U2 102
7i2
7*2
758
75g
712
738
154
155
155i2 15714
157i2
15884
2934
..100
No par
100
10
1734
1534
155
100*2 Apr 13
45 , Jan 15
1734
30
5*2
*15
52
153
6
7
16*2
1534
*99
1
31U Aug
63*8 Mar
558
52
*99
10H2 Oct
14*8
30
16
13012 13012
7934
8018
2558
26l4
30
29%
58
8i8May 19
6
14*8
52
77g
Jan
*5i8
52
_
113
55g
16
*1534
102
72*4 Sept 11
19i4Sept 1
Sept 23
48
Apr 6
20U Feb 19
2912 Aug 25
3018
52
7*2
7
29*4
'16
102
Mar
28*2
2978
49U
*99
*99
45
100
28i2
49
*5U2
4
44i2May 11
Sept 21
par
2
Budd
4978
16
Jan 17
8
Bulova
4812
52
Apr 27
9734 Feb
No par
11,800
12i8
52
No
19,000
2,500
1218
*1514
5
Jan 21
6
$6 preferred series A .No par
103«
1238
16
64
7
2
47
12
52
2
40U Jan
58
10*8
59
16
255g Jan
3312 Jan
46*4
*57
*50i8
June 30
39
No par
10*2
59
lis8
48l2
*1514
*1005s 102
758
758
163g
3
Sept
58
10i8
44i2
28i2
2938
13g
*55i8
'
Jan
1412 July 8
18UMay 8
10984 Jan 24
77U July 11
1678 Apr 30
41
Aug 20
80i8June 12
87g Jan
38*2
36
125
10712 Sept
38i2
10
H2
241* Oct
2284 Deo
57i2 Nov
__5
39
1038
34
100
38
3834
8
7% pref. new
7% preferred
Budd (E G) Mfg
38
10
62
Bucyrus-Erle Co
3058
38i4
13g
7
4
47*2
Oct
Jan
Jan
100
preferred
2018 Nov
1081s June
14
100i2
May
I17i2 Mar
412 Jan
7%
115"
Sept
Bruns-Balke-Collender.No par
79
112
59
34
Corp
Brown Shoe Co
900
Deo
Jan
117b Mar
15ig Mar
15
10
Brooklyn Union Gas
55,400
Nov
1434
5
100
123g
10734
15i2 Nov
2438 Mar
13,700
96
88
678 Mar
89*8May 5
3184 Apr 15
20,000
1134
-32—June
Deo
6
165g
96
1258
101
Deo
116
Jan 18
June
17*4
163g
114
30" ^30
107g
17*2
3914
1634
IO6I4 Mar
3t4 Feb
Feb
11434
17
17*4
115
Sept
49i2 Aug
Nov
Bklyn Manh Transit..No par
2,600
18
25*4
lli8 Mar
No par
Preferred
7*2 Mar
9*8 Mar
3618 Mar
72
Brooklyn & Queens Tr.No par
"500
Jan
Deo
"33"
2,000
il,300
058
40
4
7*2
46
Feb
7*2 Apr
4
41
50
U2
Dec
Sept
Bristol-Myers Co
104i2 10412
Jan
5U
16*4 Mar
200
200
Jan
97
39*2 July 16
45*2
79
lh
No par
Boston & Maine
6,000
Oot
14
63
2
69
5634
Sept
19i2 Deo
45l2
"
Mar 11
4314 Apr 30
40
,
July 30
47i2June 30
297g
1018
26
1115gMay 29
105
Bridgeport Brass Co...No par
56*2
284 July
734 Mar 18
Briggs Manufacturing-No par
Briggs & Stratton
No par
7*2
*387g
115
Jan
-
400
80
1*2
Jan 24
*44
7*2
3934
5634
May
48*2 Nov
6i2 May
35i2 May
10*g Jan 15
46 *2
22,800
30i2
1034
39*2
Mar
16
79
1*2
Mar
15
55*2
46
12*8
4
5
5414 Mar
60*2
4934
16*2
30 *8
155g
3018
1012
35i8
17U
*55i8
38is
5
fBotany Cons Mills class A.50
46
167g
Feb 14
28
Oct
55
31
80
100
5
1,100
7,000
50
115
Ami class A
Class B
500
Deo
Apr
1*8 July 16
yl2'8 July 2
,
1978
3234
IO634
593g
2
10434
-
~
Bon
Mar
2012
323s Aug
83*2 Mar
lli2 Jan
33g Feb
1878 Feb
6478 Mar
4534
98
2834
4
3934
190
4934
105
*34
*14lg
*16i2
714
*103
50
45i2
45I2
16i8
1738
1634
16U
11334 114
2834
2958
*5i8
233s
79's
58i2
*5434
45i2
734
3934
738
17i2
pref
Bohn Aluminum & Br
2,300
8
29
31
Blumenthal & Co
Boeing Airplane Co
7h
8
29i8
2378
8012
100
Borg-Warner
29
80
200
Deo
6
8
23
No par
Preferred
13,300
17i2
4534 Apr 30
16*g Apr 28
10712 July 8
Bloomingdale Brothers.No par
140
Mar
June 12
Feb 18
Jan
3
48
20
Blaw-Knox Co
20
Deo
19i2 Apr
20
(Del).No par
6,200
29
233g
new
preferred
7958
29
2914
1,500
10,600
92i8
37U
2158 Jan 20
7% preferred
100
Bigelow-Sanf Carp Ino.No par
79
1012
-
71*2
7834
4534
2914
6938
78i2
75g
*178
103g
80
1,000
79
44U
-
59
5%
6658 Mar
Deo
Feb
...5
Borden Co (The)
10&8
29
58*2
Aviation
Beth Steel
Dec
1318 Jan
Beneficial Indus Loan..No par
Best <fe Co
No par
530
47
2314
7834
Bendix
400
60
Sept
83
27,700
9,800
543s
*4312
57g
85
27,500
96
5838
2934
35
20
par
24
2778
*134
34
-.50
85*2
31*4
45,100
2,500
8
Aug 18
Feb 28
30
18i2
1838
123*2 123i2
46*4
47*2
1834
18*4
28*2
*253g
2
Jan
100
23*2
41*4
10
414
500
Deo
3534 Mar
126*4 Apr 18
5
Jan
107
No par
Beldlng Hemlnway Co.No
Belgian Nat Rys part pref
96
447S
2878
2938
*538
4
-
2738
1012
*1634
-
41*4
46i2
4*8
2384
Beech-Nut Packing Co
1,300
'
-
96
1014
4i8
600
14
*4U2
*92i2
*1334
*833g
18
100
41*4
43
*1634
94
Creamery
28*s
78
6
$5 pref w w
Beech Creek RR Co.
Beatrice
96
10*2
1534
18i2
600
2734
4312
6
5,500
4114
34
34
100
25
23
9614
10
*1418
%
.No par
101
4034
283g
*758
1278
5
1st preferred
78
106
100
Preferred
183g
42l2
34
Bayuk Cigars Ino
23
28i2
104i2 10412 *10U2 103
106
106
108
.No par
6M% conv preferred
Barnsdall Oil Co
95
15
147g
1538
1538
I6I4
1412
1634
1678
16*2
1634
I6I4
16i2
*11014 11334 *110i4 11334
*11014 115
*106
Barker P.rothers
28is
4512
10414 10414
100
101
46
18
50
Preferred
10
44
2984
*
100
100
4034
49i2
45*2
*45
46
18*2
.
Bangor & Aroostook
510
17*8
111*4 111*4
assented
109
100
Feb
678 Feb 24
212 July 9
23gJuly 8
334 Apr 22
61
Oct 2
2912 Apr 30
3334 July 8
60i2 Oct 2
1578 Apr 30
263s Sept 10
40
21
Apr 30
Sept 8
417g Jan 3
4912 Feb 28
118
July 2
110'4Sept 3
21 s4 Oct
1
1314 Jan 6
8214 Jan 10 -10812 Oct "1
*20
Apr 8
His Jan 6
195g July i3
1634June 26
110
May 8
114*4 Jan 15
100
Preferred
14,500
1,600
26
2534
IIU4 IIU4 *11114 111*2 *111*4 111*2
95
10U2 *101*2 104
93l2
9312
29
29
29*4
2934
28h
2934
44
44
4434
44l2 4434
4414
*2538
3934
5712
104
46
8,600
18*8
17*8
68
68
69*8
69U
183g
18*4
18U
18l2
123i2 12310 *12358 12412
19
18l2
183S
1834
*2514
28i2
*2538 28i2
111*4 111*4 *11U4 lill2
90
89l2
89l2 8912
3014
29U
29l2 30
44
44i2
4414 44i2
*94
95
94
95i8
41
41
4U2
4U2
2834
28lS
28i8
283S
7834
7848
78i2 79
8
8l4
*8i8
8I4
2
2
*134
*134
1558
1538
1534
16i8
5938
5858
58i2 5918
*54
55
54ig
54ig
45
*44's
44's 44i8
758
7%
7i2
778
*11U4 111*2
*89i2 93*2
2878
45
45
1734
•
69
6978
6858 69i2
18*2
18%
1812
I8I4
12434 12434 *123
124i2
7058
1834
*12412 12434
4612 46*2
1834
1838
*2538 28*2
22
107*4 108
*10114 105
175s
18
18
*1714
Works—ATo par
Baltimore & Ohio
50
111*2 11134
Loco
Assented
Preferred
Pref
Jan 17
June 26
53sJune 30
334
314
56i2
Apr
Mar
73
29i2June 30
3
Apr 9
Aviat Corp of Del(The)new.3
Nov
I884 Nov
8078
115
2
No par
14,200
3U
Jan
No par
Prior A
5*8
36
45*2
100
ser A-
Austin Nichols
30
2458
*45
4% conv pref
21,600
334
338
25
Atlas Powder
56l2
35g
314
Atlantic Refining
■
48
88i2 Aug 8
10684June 11
4378 Oct 2
29i2Sept 14
4584 Sept 28
35>8 Apr 10
13iz Apr 24
26s8June 4
109
Sept 17
300
5
5*8
100
200
*634
38i2
Preferred
2
9034 Jan 2
2158 Apr 24
11
Apr 22
68
*121*2 124i2
1734
*1658
36
100
11234
2,900
3,400
52,400
6,700
*51
Preferred
Jan
Oct
90
7*2 Mar
2
Aug 18
5118 Feb 10
May 21
59
978
70
8
10934 Apr
Feb 21
36
Atlantic Coast Line RR_..100
42
27
98
Sept
119
June 19
103
25
Atch Topeka & Santa Fe.,100
760
xll2
22
384 Mar
Apr
108
100
103*2
4378
22i8 Feb 27
May 13
3
Jan 20
100
Oil
6,000
2634
68
Jan
7% 2d preferred
415g
26*8
27*4
$ per share
6% 1st preferred
2534
113
$ per share
12&8 Apr 30
1
813g
378
338
378
Associated
Highest
9 per share
95
100
Dry Goods
Lowest
818
No par
Preferred
Associated
60
5334
314
*53
Artloom Corp
50
Highest
f per share
Par
7,800
5334
52i2
53l2
Lowest
1,900
69,100
4178
Year 1935
EXCHANGE
6,400
42
*40*4
121
121
17*4
*93
20
1936
Range for Precious
On Basis of 100-share Lots
STOCK
Shares
10478
118
YORK
Week
$ per share
share
17*4
20 ig
207g
2038
1934
*105
10812 *105
108i8 *105
*116
118
*117
*116i4 118
40
40
4018 4018
*40l8
78
79i2 797g
783g
7938
102
102i2
IO2I4 10238
102l2
41
41
43
4218 4338
26
2714
2534 26l2
25i2
43
42
42i2 44
43»8
27
2714 2738
2718
2738
*112
II214 11214 *11214 113
69
Oct. 2
1
$ pe
17
2014
3334
3
3
17i2
the
Thursday
*l634
18
3414
5lS
3i2
112
*67l4
*_
121
*1658
112
1534
*105
105
20*2
Friday
Range Since Jan. 1
STOCKS
NEW
j"•
Monday
Sept. 28
Saturday
Oct. 3,
4
6
Jan
2
May 12
258sMay 13
U2 Apr 30
278 Apr 27
2i2 Apr 29
634May
1
12i2 Apr
40»4May
U2 Apr
3i2 Apr
314 Apr
1984 Jan
30
4
23
24
28
2
86
Aug 13
693s July 15
314 Jan 13
6*4 Jan 15
25g Feb 5
12
Sept 11
12
Jan 31
23
Mar
43g Mar
36
Mar
37ia Mar
1
Apr
78 June
&8 Feb
I5g Feb
Jan
0U4 Nov
6314 Deo
218 Jan
314 Deo
214 Jan
558
Deo
Mar
9
Deo
6
19i8 June
x35
Nov
278 Feb 11
*4 Mar
3
Jan
578 Feb 11
84 Mar
4*4
Jan
478 Feb 21
13< June
12i8 Feb 21
35s July
Jan
20i2 Jan
2
458 Mar
55s
105g
205g
60
Sept
9
3
Feb
8
84 July
25g
Jan
8
Jan 11
414
Dec
8
July 15
158 Mar
1U July
914 July
4
Jan
1934
Deo
313s Jan
31'4 Apr
1
1
20
Mar
Jan
Deo
5484 Deo
Volume
LOW
AND
New York Stock Record—Continued—Page 4
143
HIGH
PRICES—PER
SALE
STOCKS
Sales
NOT PER CENT
SHARE,
NEW YORK
Saturday
Tuesday
Sept. 26
Sept. 29
Sept. 30
Oct.
$ per share
$ per share
$ per share
$ per share
$ per share
18
1.734
18i8
9l2
*33
119% 123%
17
12214 124l2
1678
17ig
83i4
83i2
87S
914
37
377«
17
82i2
8212
8
834
37
37
*97
.
*97
•
-
*108
-
-
-
112
*39
*865s
58"
57
*126l2
121
—
—
-
-
17%
18
81%
83
82
37%
—
—
—
-
*126l2
—
-
—
—
—
.
-
—
120L
120l2
57
*56'4
59
*126l2
-
-
-
-
-
-
120
56%
15
15%
111
111
*111
113
80%
113
81
81
113i2
817g
1221/1
*118
122
122
*119
121l2
12214 12214
15%
35g
70%
*738
33i2
1534
334
71
1512
3%
1578
69l4
15%
112
*758
3334
3338
3378
20
*19
17ig
*15
33%
19%
.19%
*15
1014
10ig
70i2
*6912
17i8
10i8
70i2
*8284
84
IOI4
*69
8212
*72
82i2
414
17i2
1,100
Oct
7
20
July
52»4
110
121%
2,900
100
Coca-Cola Co (The)
Class A
,
*126%
12134
111
121
15,700
100
11,700
70
111% 111%
3334
19%
19%
15
10
10%
10%
10%
71%
*69%
71%
*70%
71%
*82%
84
*15
82%
13%
13&8
*105
6%
"6%
70 ig
70%
17
7012
71
2184
217g
22i8
22-ig
22
22 %
38*4
39
38%
39
38
38%
2%
234
2%
234
32i2
3414
3314
32-i4
33is
3412
34
3478
*6614
6634
6684
70
7038
6612
6984
2%
32%
161
70i4
♦159
161
512
33%
66%
69%
6
234
33
"e"
18
18
1934
20%
18%
2%
8I4
No par
35s Mar 16
{Colorado Fuel & Iron.No par
Preferred
pref
conv
14,300
preferred
Credit
10%
800
3,600
1,100
106% 106%
8
8%
13%
Mar
83
39**
Jan
58
Oct
6614
IIOI4
Feb
Dec
72
Aug
Jan
7
9
11058 Jan
9
123
Jan 10
123
97
7
July
3
No par
24
72U Jan 27
100
No par
Consol Ed Co of N Y__No par
preferred
No par
12,800
Consol Laundries Corp
Consol Oil Corp
Preferred
Feb 13
Sept 28
Apr 30
7312
4is
15U
27U
-100
1
Preferred
3
6 584 June
100
-
June
8
Apr 30
102
3
Jan
37s Apr 28
IH2 Apr 30
5
No par
101
6
Jan
2134
21%
2134
38
38
3878
2%
2%
2%
2%
32%
3278
x32%
*3234
33%
66%
66%
2,400
3,700
7,900
33
34%
27,300
3,400
66%
80
70
70%
x69%
6978
161
160% 160% *155
5%
5%
578
5%
26,700
33%
*65
4,800
300
17i2June
351? Apr
218 Apr
2818.1une
27
July
5514 Apr
Continental Diamond Fibre.-6
2.50
Continental Insurance
Continental Motors
1
Continental Oil of Del
5
Continental Steel Corp .No par
25
100
Preferred
6
9
30
6358 Aug 22
158
Aug 20
Corn Exch Bank Trust Co.20
Corn Products Refining
30
30
30
4
Coty Inc
No par
Cream of Wheat ctfs__.No par
July
35
1
Mar 27
36
36
36
36
*36
36%
36%
36%
3,400
33%
34
3234
33%
33
33%
33%
34%
5.0C0
Crosley Radio Corp
No par
1558 Mar 16
79%
80%
79
80%
79
80
7934
82
6,800
Crown Cork & Seal
No par
54
53 <8
53i8
53
52%
5234
52%
52%
52
52%
1,200
435a Jan 7
46I4 July 22
109
109
109
10
$2.25 conv pref w w.No par
Cr W'mette Pap 1st
102
pf.No par
10
1018
10%
11%
11
117g
1178
12%
61,400
55%
52 %
53
52%
52%
53
55%
5,900
Crucible Steel of America..100
12234 123
1%
1%
1%
*121
123
_
1%
*13g
123
400
100
Preferred
500
Cuba Co
11%
500
Cuba RR 6%
97g
2,500
99%
800
1%
-
No par
(The)
•
--—
~
100
102
102
102
3714
38ig
*36l2
21
2D4
2078
*10812 109i4
684
6i2
20
19%
*69l2 72
51
67
20%
109
19
19%
66%
66
66
*65
69,
49%
64%
*47
4934
64%
*4678
49%
65%
49%
64
1634
64%
16%
78%
2934
24%
17
77i2
29i2
24i2
79
48
47
2OI4
6
6
148
20
612
*145
29l2
2478
47
48l4
20%
6i2
1934
•
109% 109%
6%
6%
109%
6%
19
19%
20%
109
6-%
19
66%
*46%
"
37
21%
500
6,600
700
109
6%
33,800
19%
23,300
66%
240
49%
20
65
6434
67
1678
17
17
17%
17%
1,700
80
84
8334
84%
29,000
2934
2934
82%
29%
29%
17%
83%
2934
17%
7934
2934
64%
*64
1,300
100
pref
Preferred
50
Packing
Cudahy
Curtis Pub Co (The) —No par
No par
Preferred.
1
Curtiss-Wright
Class
srsf- sr-i*."--1
A
Cushman's Sons 7% pref..100
preferred
No par
Cutler-Hammer
Inc...No par
8%
Davega Stores Corp
5
Co.......
No par
Deere
&
20
Preferred
2478
24
2334
24%
*23%
24%
1,100
2,400
47%
20%
45%
4634
4534
49%
23,000
Delaware &
20
19%
46%
19%
46-%
19%
1934
20%
18,200
Delaware Lack & Western..50
6%
1,000
*6%
6%
6%
148
145
*63
69
*63
6
6
145% *145
147
145
145
*63
69
*63
69
6%
69
6%
900
T
Corp.lo
Deisel-Wemraer-Gilb
100
Hudson
72i2
Oct
80
Mar
7i« Feb 13
20's Feb 13
44 84 Sept 3
109
July 14
Apr 30
95ig Apr 29
—l%Sept 28
9
Sept 26
Feb
2
Jan 13
24% Mar
5
46
Feb 11
4
Jan
%
Apr
2318 Dec
1178 Dec
178 Deo
4614
38 Aug
22
Dec
4i2 Mar
Jan
69
6234
Jan
99U Nov
7
Jan
20%
Dec
287g Mar
447#
Dea
34
35
6934 Deo
78-i8 July
82i2June 18
168i2 Apr 15
7% Mar
6
3734June 19
35-is Sept 1
8434 Sept 21
60
Oct
148U
Oct
165
May
7*8 Deo
3978 Mar
1938 Deo
418 Mar
3578 Jan
1134.8ept
23i2 Mar
109
July 22
12% Oct 2
56i8Sept2l
1245s Sept 21
278 Feb
4
1812 Feb
74i2 Mar
3i2 Mar
14
Mar
47i2 Apr
—4-—Jan
5
Jan
518 July
4878 Nov
44i2
Jan 14
37
1678June
24%
Apr 13
21% Mar
9
Deo
9i8
38
Dec
IO514
Deo
,
—
Deo
218
Deo
14
Deo
8t2May
~
8034 May
Dec
15
110% Sept 16
9L Mar 11
100
Jan
40i2
35%May 26
59
Deo
54% Sept 21
5
6
234 Nov
Jan
1518 Mar
i0978Setft
^Jan 15
Deo
41% Mar
7
4
Deo
2i2
Jan 14
69
14i4 Mar
IOI2 Jan
Deo
Dec
38i2 Feb 11
46
Apr 8
7
9912 Mar 13
63g
1214
101% Dec
814 Deo
138 Nov
100%
Mar 20
Jan
4
10518 Nov
6% Mar
87i4
Jan
Feb
3434 Nov
li2 Mar
6
6312 Jan
,
7218
Oct
8is
4
9
6is
7%
2218
314 May
1414 May
1578 Feb
15% Mar
Jan
47i2
Mar
89t2 Mar
2
Mar
6I4 Mar
Jan
2434 Nov
105%Juu
4%
Deo
12%
Deo
Jan 21
73
Mar
r95
Nov
7012 Jan 27
61
June
75
Nov
16
Mar
47
Deo
6
June
Sept 9
36i8May 17
90
4314 Jan 6
7% Apr 27
67
Oct
2
18i4 Sept 10
10i2
Deo
6
2234 Mar
5834 Nov
2
89% Apr
31
F?b
7
19
Jan
28
1-9% Apr 28
26% S°nt
1
Dec
24% Deo
43i2 Jan
19% Jan
M
S
Jan 20
3684
1478 Apr 30
>2
1878
t-eC 20
23 '8
Feb 20
9-is Feb 7
23% Mar
11
Mar
Sept
pref .100
100
Feb
5
128
May 12
153
Feb 17
65
Mar
130
SWRR ColOO
60
Jan 24
65
May 12
45
Apr
45
3
2
Aug
6
Jan
Oct.
19
Deo
50-i8
Jan
Denv & Rio Gr West
Detroit Edison
Det Hillsdale &
4
28
10
-100
Sugar
Cuban-American
2934
24%
*145
148
*61
„
6%
9%
*36%
20%
20%
19%
19%
69i2
64
38
21%
*10
98
9934100
38
*36%
109% 110
6%
6%
658
1978
16i2
*145
*60
*36%
21%
50
24l2
9%
36-%
*49i8
29i2
9%
2O84
77i2
*29ig
23i2
4634
195g
97g
99% 100
9%
36%
65
16i2
7534
10%
213s
1087g 10878
6i2
19%
100
10%
38
51
*637g
100
10%
*10
Jan 27
7i4May
Crown Zellerbach v t c.No par
5312
122
Mar 25
102i2Sept 17
81
10lg
lOU
10%
10%
54
53i2
5484
53%
*120
125
*12H2 124
*122% 124
1%
*114
*1%
1%
1%
!%
n7„
9
10
958
y-»8
-iui2
914
9i2
934
912
934
9%
Feb
85
7
38
*108
82
3
21
109
74
67i2May
66%
*108
Mar
Nov
67>4 Jan
34ig
109
62
69
20
Preferred
Continental Can Inc
36
*108
Jan 15
Mar 24
100
1,300
79
109
ID4 Nov
78
2
4,200
27
85
6
70%
Deo
2112 Nov
58% Sept
15s Jan
99%
Oct
11
Mar
103s Jan
70%
71
7
8,200
98%
Jan
578 Mar
4534 Nov
2%
70%
Nov
Feb
2%
2%
100
5% preferred v t o
June 18
2
12%June 18
1584May 14
3
Mar
Continental Bak CI A..No par
Class B
No par
Consol Coal Co (Del) v t 0.25
390
Jan
Nov
Container Corp of America.20
{Consolidated Textile..No par
1,500
Oct
23%
9
9,800
51,500
Jan
105
24
6,100
%
3%
18
115i2
4
18%
512 Sept 23
3sMay 5
Consol RR of Cuba pref...100
900
Oct
Deo
33% Jan 3
133g Jan 22
20%
No par
Deo
1534
Oct
2918
2584 Mar
33
*105
Feb 17
2
Jan
Aug 28
36
109
82
18%
34
3%
97'7g July
50
'4 Mar
7
6%
18
4014 Dec
48i2 Dec
16ij
15
33i2
8212
*105
2
16
36
*5284
Oct
307g Aug
333g
*5234
Sept 30
July 22
No par
36
80
83
Jan
Ry & Ltg pf._100
Consol Film Indus
$5
Deo
17^2 Deo
IOH4 Nov
497g Dec
31 v
12i4 Feb 27
4412 Jan 8
Congress Cigar
Jan
96% Deo
J 934
6
7
5i2 Feb 17
39,400
1334
21
33s Mar
214 Apr 30
59i4 Apr 28
Prior pref ex-warrants
4,200
2212 Deo
Feb
65g Mar
35i2 Mar
Commonw'lth & Sou...No par
Prior preferred
35,100
Feb
7
Deo
10714 July 13
103
Aug 24
84 78 Sept 30
H8I4 Oct 1
245s Feb 21
Consolidated Cigar
Preferred..
110
4
HUJune 26
50
.
I0s4
29
23% July 28
55•
$4.25conv pf ser of *35No par
Solvents.-No par
60
71
84
Mar
Commercial
Connecticut
Jan
Mar
2
IOOI4 July
100
Congoleum-Nalrn Inc..No par
10
5i2
% Mar
2
Jan
14
__10
\i% conv pref
Comm'l Invest Trust.-No par
Conv preferred
No par
6,400
500
3912 Oct
978 Nov
May 20
42%May 26
9
4
Deo
Jan
13612 Aug 11
z45% Jan 22
5114 Jan 23
44
16%
10%
7
Jan
31
No par
33%
71
36
94
Columbia Gas & Eleo._A7o par
Commercial
Dec
634
36 -4 Feb 20
3778 Mar 11
8084 Jan
1,900
12,500
50
109
5
2
100
29,400
Dec
Mar
—
-.100
Columbian Carbon v t o No par
Col Plct Corp v t c
No par
$2.75
9
107U
8934 Mar
Jan 11
16Jan
100
-
Jan
9% Feb 19
49
2378Sept
28i4Sept 17
2U2 Jan 2
1918 Jan 2
100
Colo Fuel & Iron Corp .No par
Colorado & Southern
100
4% 1st preferred
4% 2d pref erred
6
Jan
Apr
101
112i2Septl4
I1058Sept24
28a4 July 20
Jan
110% Sept 24
Oil
Beacon
3
107U
100
5%
99
578
Colonial
IO6I2 Feb 28
5834 Sept 8
100
99
69%
...No par
!___
22
33%
5%
Aug 14
3912 Apr 30
2
6
70%
160% 160%
6%
Collins & Aikman
2178
234
3278
66%
69%
Deo
100
9012 Jan
38%
32%
33%
21
100
71%
21%
100
70%
21%
3734
2%
1518 June
Jan
18
2%
100
6
June 30
20
1934
1784
2%
2012
33%
*15
«4
3%
18
18
Deo
13
18
"6%
3%
334
Deo
58%
lOeisJune 30
lli2 Feb 5
1&8 Jan 16
438 Apr 18
201* Apr 17
26i4 Mar 9
19-is Sept 24
234 Feb 21
%
%
%
3%
66%
70%
161
*6%
93
5338
Preferred series A
*105%
*105%
6
34%
534
8%
13.34
13%
13%
13%
*105
106
7%
May
72*2 Nov
5
400
177g
43%
19%
18%
1734
2%
2%
9934 100
*156i2 161
5i2
5%
700
4%
106
126
8
$6 preferred series...No par
1738
%
7114
16,500
41,800
74
427g
10578 106%
77g
7%
Aug
Sept
5778June
Conde Nast Pub Inc...No par
*72
4%
4%
4%
July 28
125
300
*82%
110
*72
100
129
Jan 31
5558 Jan 16
6,400
77g
17%
Jan 15
84
77g
73%
4%
3%
1784
20%
100l2
600
37g 153,300
17%
%
23g
7012
33%
19%
15
3%
2l4
770
500
43
6
1834
10
1,000
15%
17%
6
197g
*99
3334
19%
%
183g
334
33%
3%
3%
1714
1714
195g
1978
18i2
1814
214
238
9934 100
19i2
384
17%
10%
%
18
15%
42%
106
19
6,720
17,400
123
1123
_
15%
19%
334
%
334
22,500
83
17%
13l2
6*4
*5%
82%
124
No par
Coigate-Palmolive-Peet No par
6% preferred.
100
Preferred
Deo
No par
Preferred called
250
117% 117%
43%
*105
Dec
7012 Feb
34
7%
Aug
48l2
Apr 28
8
7
Dec
27% July
48
61
17%
714
1334
2
Cluett Peabody & Co ..No par
Preferred
100
60%
4234
714
8
2,500
5934
4
4%
89
Mar
June
*734
45*
4%
4%
17%
1778
1758
42%
43%
427g
105% 10534 *1057g 106%
80
May
46
48
73%
4%
97
IIU4 Aug 13
87
Special
400
82%
Feb 10
July
Mar
15%
1534
*72
6% Nov
27% Deo
June
8
8234
May
I214 May
48
Clev & Pitts RR Co
•—
1223«
72
100
69-'4 Sept
314 Apr
Oct
80
122% 122% *122
15%
334
90
Oct
Dec
9378 Deo
247g May
46% Mar 24
10714 Jan
33
Mar
Nov
2
10
434 Jan
2384 Jan 21
No par
Feb 14
Aug 19
Dec
9
26
Feb 20
74
110
C C C & St Louis pref
100
Clev El Ilium Co pref..No par
Clev Graph Bronze Co (The). 1
Equipment
31
12
2
3134
Feb
May 18
*87
1714
42i2
*105*4 IO6I4
714
7U
13%
1314
106
*72
Clark
39%
42
4%
17i2
42
*105
10%
*69%
82 84
110
*72
110
*155g
Jan
9
50
*7%
73%
8
7%
Jan
7278
6
Oct
Sept
3t2 Mar
87
8
72
37g
1514
100
25
Feb 26
-
37g
7378
334
37g
*19
-
122% 122%
16
I55g
No par
6
Jan 24
Aug 13
Mar 30
-
118% 118%
82
82%
83
81%
City Ice & Fuel
Jan
3014
1134
3634
12558
1978
8684
48
111
116% 11734
*
*121 lo
72
8lg
113% 115
81
8134
85is Jan 21
5
2,900
llll2 111%
*110% 1113s *110% 111% *11058 111% *110% 111% *110% 111% *110% 1113g
27
27
26%
2634
26%
*26%
2634
26%
26i2
*24%
27'g
26l2
834
8%
778
8%
77g
8%
8%
8%
8%
8I4
8ig
7%
34
33
34
33
35%
30
32%
33%
32%
3434
32%
32i2
37
39%
36%
3678
36%
3614
37%
36%
355s
36'2 38
38is
29
2884
28%
2834
*26i4
28% *26%
*26%
*26i2 2934
*26i2 2914
33
34
33
33
34
33
33
34
33
33
33%
3278
31
31 •
32
*28
*28
32%
31% *28
3134
*28i2
3134
3134
124% 124% 124% 124% 124% 124% 125% 126%
123% 123i2 *122i4 124
38
40 78
42
38
40
41%
41%
4034
40%
3778
37i2
37i2
47 78
47 38
48
48
48
47%
4738
473s
47%
*47%
47i2
*46*4
19
20 ig
20%
20%
1934
1978
20%
19%
2034
19%
19i2
19i8
*106
107
107
107%
107% 107%
107% *106% 107% *107
107, 107
99
99
*99
99
*100
100
100
100
100
1007g
1007g 101
70
79
71%
71%
8012
81%
83%
83%
8478
x69-%
8012 81%
113
Jan
57
57
*56%
*56%
15%
15%
15%
15%
104%
104% 104% *104
55%
5634
55%
5534
153g
15%
15ig
104%
104% *104
104i2 *104
104i2 *104
56
56
57
5534
56%
54%
5534
5678
112
Jan
82
120
57
*104
*111
7
50
-
*126%
120
15
17-% Sept 19
25
Preferred
*4934
5834
6034
*56%
Copper Co
Chrysler Corp
par
25
Chile
7%gtd50
M
*4934
-
*126%
5612
15
*38%
Highest
$ per share
City Stores
113
38%
10
No
Lowest
$ per share
230
10
38%
*111
39
*87
OT
59%
120
120
57
39%
37
Cotton Oil
Co
Highest
$ per share
32,000
82%
9%
*97
113
*111
*87
60%
36%
*97
•
113
*4934
*4934
9%
36%
37
*97
3934
9%
9%
39
121%
*56l4
123
17%
37
58"
58.
Chllds
120
83
*111
m
Chickasha
1,400
17%
39
m
1,300
934
35
82%
9%
36%
9%
Par
18%
17%
113
m
9%
83
9%
121% 122%
121% 123
39
•
18%
*32
17
*87
*4934
9%
32
32
Shares
83
1237g
*97
*87
-
*4934
18%
9%
9%
33
Lowest
$ per share
Week
:
$ per share
Range for Previous
Year 1935
Range Since Jan. 1
On Basis of 100 share Lots
STOCK
EXCHANGE
125% 130,700
17%
1778
7,200
122
*111
*3734
Oct. 2
1
18%
18
9%
*32
112"
*108
3934
33
33
33
18
9%
9i2
9i2
33
18
177g
18lg
914
35
the
Friday
Thursday
Wednesday
Monday
Sept. 28
2165
438 Jan
4
1%
a
Deo
Dec
Apr
-
*4
5i2
*4
*4
5%
*10
17
*10
17
52
52
*53
5414
3212
*38
32l2
3258
39l2
52-%
33
39
*10
24i2
24
*19
1934
*19
5534
9%
7778
*4384
56i2
56
56%
*22
2234
32%
*38%
39i2
2412
1934
237g
5%
*4
5%
*4
5%
*4
*10/
17
*10
18
*10
53
*52%
32%
*38%
54
*52%
53%
*52%
39%
25%
1934
1984
24%
*1884
2Ms Jan 31
42
Jan 10
58% July 27
Diamond
__
32%
32%
32%
31%
3134
39%
38%
23%
38%
39
39
24%
23%
19%
*I884
19%
*1834
25
Apr 29
June 12
1,400
54
32%
4
13
"466
18
24
Ry Co... 100
5% non-cum preferred..100
Devoe & Raynolds A ..No par
Det & Mackinac
5%
17
Participating pref erred--.25
2378
14,800
Distil Corp-Seagr'B Ltd No par
19%
100
Dixie-Vortex Co
No par
...No par
Class A
*5s
*138
7
137g
*113
9%
*91->
56
56%
56%
5534
56
56%
56%
3,100
*984
10
934
934
10
10
10
10%
76
77%
7634
78%
1,200
33,500
45
z56
978
79i2
77
"
7834
7534
77%
7534
77%
45
44l2
2212
45U
46
46
45
45%
45
23
2234
23%
23
23%
*23
*5s
%
1%
718
137g
115
♦
%
*%
%
17g
7»8
1478
*1%
17g
*1%
7g
*%
84
17g
*1%
1%
*%
lag
67g
*14
*113
115
115
162
16178 162
1617g 162
130
*129% 1297g «12934 12978
11318 1131s
113i8 113l8 *113%
22
*1634
*1634
I8I4
*1684
734
7%
734
784
784
168
169
I68I4 169
169%
*158i4 16312 *158i4 16312 *158%
3834
3734
38ig
3812
37%
12
12
11%
11%
11%
43
445g
4478
44l2 45%
*llll8 11D4 *IID8 IID4 *111%
1314
1284
*127g
133g
13%
For footnotes see page
678
678
*14
2162.
147g
115
16334
130
6%
*14
*113
7
1478
120
1617g 16334
130
130%
16
634
67g
14
14
*113
120
160% 161%
130
130%
115
*115
20
*45
2434
115
23%
*%
*13s
678
*1378
46
1,900
24
2,400
5,100
200
120
162
163
6,800
130
130
1,600
8
7%
7%
734
8%
784
*7%
169
169% 170% *169% 171%
169%
163% *158% 163% *158% 16313 *158% 163%
38
37% 373g
37%
38%
37% 38
1234
13%
1234
12%
12%
1134
1134
44
44%
45%
44%
43%
4534
4334
111% *111% 111% 111% 111% *1113g 111%
13%
13%
13%
13%
13%
127g
127g
.
16934
f
-
.
20
80
60
I684
Ltd
No par
Dominion Stores Ltd..No par
Douglas Aircr Co Inc..No par
Dresser (SR)Mfg conv A No par
Convertible class B__No par
100
100
Preferred
14%
----
Dome Mines
Duluth S S & Atlantic
%
178
7%
*113
*113%
No par
Match
400
Dunblll International
Jan 25
6
40i2
43
Aug
2
18% Apr 30
19U Aug 28
345s
40
35i2 Aug
41
Nov
26i2
34%
Jan
4H2 May
33
Dec
3812
Deo
Jan
Deo
Jan
Jan
4034 July 18
Aug 10
21
Jan
June 19
61%June 4
1178 Jan 23
?4%
734 Apr 28
634 May
44%
12%
505s Jan
6
80% Sept 22
17% Mar
583a
29
6
46
Sept 29
I3i2 Mar
32
7
638 Mar
4H2
Jan
Jan
2
512 Jan 10
%May 20
1% Jan 6
478 July 10
1318 Aug 27
25% Aug
134
Jan 15
3
Jan 15
8U Mar
9
18'4 Jan 17
11534 July 28
14 June
Deo
Nov
I7i2
Deo
1
% June
Deo
1%
June
8U
2
1234 May
103
Mar
Deo
Deo
19
Aug
116
Nov
Feb
NemoursfE I)«feCo.20
133
Apr 30
167-i4 July 29
Feb 7
100 129
Duquesne Light 1st pref...100 xlllUJune 12
13
Aug 11
Durham Hosiery Mills pf.100
12678
Feb
132
Oct
11534 Feb 14
104
Feb
115
Aug
Jan 13
12
Nov
Du P de
8
6% non-voting deb
Eastern Rolling
Mills—
5
512 July
1
133i8 Apr
25
1
97S Feb 11
(N J) .No par
156
Apr 28
185
Aug
6% cum preferred..
100
Eaton Mfg Co
..No par
152
July 24
166
Mar 13
Schlld
16,800
Eitlngon
55,600
Elec Auto-Lite
40
8
Jan
51*
114
Eastman Kodak
18,400
2
38
Jan
100
Preferred
3,500
4,500
No par
Duplan Silk—
2,500
------
1
3li2 Oct
10
Preferred
Electric Boat
No par
(The).......5
100
8
8
86% Mar
16%
2
3i4 Mar
193s June
114
173g
Feb
6
Feb
4
Jan
164
4534 Sept 29
93
8
1721* Nov.
Jan
39ig Sept 24
Ian
Deo
141
8084 Apr 27
1 Ifll.
271|
334 Mar
110i2 -Jan
281s Jan 6
684 Apr 28
1312 Oct
14612 Nov
107
37,
Jan
Jan
Mar
.July
3058 Oct
8-18 Nov
38*4
Oct
U3it Sept
1434
Deo
New York Stock Record—Continued—Page 5
2166
LOW
AND
HIGH
SALE
PRICES—PER
fOT
NEW
JUT
Wednesday
Sept. 30
Thursday
$ per share
$ per share
$ per share
$ per share
Sept. 26
3 per share
538
514
53s
53g
1434
1514
145g
1512
15
155g
15
75
76i2
75
77
76
77i2
68i2
6812
68
'
6834
67lg
69
46
46
4514
*34
46i4
7g
46
46
78
*34
53g V
53s
*34
2i4
»5438
538
5ig
76i2
69I4
71
46
46
4638
7g
78
Shares
77
7,200
70
71
5,300
4634
2,000
t Elk Horn Coal Corp .No par
i 6% part preferred
50
1
*7s
25g
*5412
*13
135g
13
13
*80ls
82
*8014
82
*81
86
*82
86
*81
86
*83
84
*88
94
*887g
9334
*887g
94
*91
94i8
2,100
2%
56
*113
2xs
2i8
65
113
11512
55
113
2i4
84
*82
84
*90
9434
'*90
100
-
60
Electric Power & Llght.No par
$7
No par
$6
■
preferred
preferred
No par
Endicott-Johnson Corp
100
Engineers Public Serv
400
$5 conv preferred
100
86
Jan
6
4
97
7
17*8
32i2
17-8
34ig
4,700
Erie
12,100
17l2
1658
17
31
3D2
237g
*14i8
14U
14lg
14ig
27ig
14ig
7,000
14U
25ig
14i8
26 I8
3134
30
30
3078
30-8
31U
15,800
57g
5i8
5U
600
Exchange Buffet Corp.No par
278
1314
278
210
Fairbanks Co..
1314
350
1634
1612
3112
2412
3134
1634
3D2
23
23
23
233g
*1414
28l4
3034
2312
1414
30l4
*514
55g
*53g
534
53g
315g
53g
*25S
278
133g
*258
12i2
278
258
1314
1314
14
14
28U
Bh
2834
534
278
12l2
5912
278
12i2
14i2
32i2
247g
6-8
1634
32
*5lg
1,000
..100
11
100
16
Flrt preferred
Second preferred
Eureka Vacuum Cleaner
2718 Oct
1578 Aug
4078 Jan
8U Mar
IU4 Jan
100
6
12
5
Evans Products Co
231s July
438 Jan
Jan
Dee
DOC
Nov
7g
Jan
Jan
66
134
l7j Aug
Sept
12534
Us
Mar
14
Mar
50
Nov
14l2 Feb
15i2 Mar
65
Nov
June 30
18i4Sept
34i8 Oct
Mar
58 Apr
5234 Jan
8
2
2
10
8
19
Dec
8U Nov
651* Nov
7if Dec
41* Aug
7i8 Mar
7»8 Feb 21
Apr 30
Apr 29
Mar
U
89iz June 30
Jan
5U Apr
32
31
,
2i2 Mar
June 30
55
Equipable Office Bldg.No par
1714
17
6-g
July 22
15*8 Apr 17
48
1,300
634
16-8
31ig
2334
67g
84
No par
634
7
65g
116
...No par
$5}4 preferred
$6 preferred
9434
658
*634
6^8
Aug 18
Aug
Mar
39
7
712 Jan 3
4512 Jan 14
110
1
Feb
7i2
345s
3H4
58»4
3
7
5
6
Feb
83s
Mar
July 27
69
share
per
55s Sept
9
15g Feb
378 Feb
55U Jan
U2 Jan 4
53i2July 25
No par
634
634
July
78
29ia Jan 2
42»8 July 13
i2 Jan 2
50
5% Pref
200
85
Highest
share %
per
>
784 Feb 21
1784 July 14
Sis Sept 22
63s Jan 2
32*4 Jan 2
Elec Storage Battery..No par
200
4,300
28,300
238
2i2
2i2
25g
2i2
57
*54
56
57
57
*5478
*110
113
113
115
115l2
*10934 li5l2 *110
*1314
1312
1338
133g
133g
*1214
1358 *12U
80
*80
82
8034
8034
8018
8014 8OI4
*2i8
*5478
$ per share
Eleo «fe Mus Ind Am shares
filg
15i8
4658
7g
Year 1935
Lowest
Highest
% per share
Par
77
71
Range for Previous
Lots
Lowest
5i8
1434
47
7s
On Basis of HXFsAare
STOCK
YORK
1936
EXCHANGE
Week
2
$ per share
5i8 4*518
Ids
147g
78i4
76i2
1534
78i4
7134
78
Oct
1
Oct
the
Friday
Tuesday
Sept. 29
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
Monday
Sept. 28
Saturday
Oct. 3,
14
Jan
81* Mar
19i2 Deo
684 Mar
13i2 Deo
1478 Aug
40is Dec
10i2
15
Mar
May
2
6
Apr
Nov
'
60
5934
185
*176
13
*4412
4634
25
2514
81*
*3 5a
37g
45
45
25l2
26l4
*35g
4378
*87
'
414
414
38
38
4014
*27is
38i2
110'8 lids
283s 287S
*104i8 104i2
4712 4712
30i2 3U2
*29
30
5i8
99
43
*41
*87
89i2
8 34
*35s
9
9
190
63
65
*180
190
3,300
*4514
2512
46
453g
47
2534
2534
2534
1,900
2,300
*98
99
99
99
30
*40
41
41
41
100
91
*86
91
91
91
100
412
3812
4i2
*37j8
412
3778
9
87g
*358
37g
9
5,900
9U
378
*334
_
514
434
*38
3834
5
z39Jg
39i2
34
*103
33
34i2
11534 *103
40
4134
40
4134
91
90l2
235g
9012
2414
90i2
2378
9012
24
40
45s
45g
4%
39i2
434
3912
39i2
107
107
*107
43
4134
Federal Water Serv A..No par
Federated Dept Stores.No par
Fidel Phen Fire Ins N Y
60
Fllene's (Wm) Sons Co.No par
80
5,600
1,200
*87
94i2
2538
24U
25
92
Florshelm Shoe class A .No par
3,500
*111
120
*111
120
*111
120
*111
310
64
64
65
65
64
64
*64
36
3618
37
37
37
*3612
6I4
3734
36ig
*6ig
36i2
16
16
*101
106
11
16
11
.
I6I4
*101
106
107g
1034
*101
103
*10138
♦lOUs 103
58
5834
58i4
58i2
58i2
2458
245g
24i8 2412
24ig
1434
14ig
14ig
145g
1412
*140
*140
148
8
*77g
1534
38
*110
11434 *111
*54l2
*147
553s
11434
557g
*55
150
1£0
457g
4514
3914
2i2
238
2I2
60
*60
*110
214
-*34
35
4834
49
49
4912
2514
247s
35
36l2
14l4
7812
14i4
*76
75
*60
6D2
19
18i2
69
37
50
1438
108
*35i2
14I4
78
338
91,700
Gen'l Gas & Elec A
No par
56
56
58
62
68
71
760
58
58
6312
70
71
80
75
*61
6U2
*6U4
53
53
5234
687g
12Hs
50
4934
107
107i2
53
43
*52
458
458
43g
7
67g
7
1338
2238
1358
23
7634
23i2
24
79
3512
14ig
*76-8
2i2
334
234
4
312
18U
I8I4
*29i2 30
42
4U2
2034 ,2034
1S12
18«2
30
3034
3034
3134
42l2
2058
43
4U2
20 ig
42i2
2034
4018
40
4058
3518
353s
3514
-
-
65
32l2
*69i4
5314
333g
*178
*30
79i2
5314
2
35
35
21
4078
3514
*144
-
3278
*70
*56l2
3134
*6914
3338
79l2
5314
17g
32
5314
54i2
17g
3312
*28i2
2
60
*102
46'4
•1273s
*15
•105
21
2078
*117
.
117l2 *117
For footnotes
....
see
page
No par
_
No par
Preferred.
Jan 24
19
6
112
Sept 26
Aug 25
69
Jan
2
70ij Jan
2>8 Mar
18
Mar
3934June 11
52<4 Sept 18
378 Jan 2
6514 Jan 14
65
July 27
7i2 Feb 28
lis Apr
634 Sept 30
12-8 Aug 17
131* Jan 21
74
Sept 11
21&8July 8
lOU Feb 17
213s Jan 6
143g May
87
Jan
2
8I2 Apr 28
Jan
6
June 30
25's Aug 31
79i4Sept21
3178 Apr 15
104
Sept 16
12i8 Mar 11
96
July
3
235s
Fob
7i2 Mar
19i2 Aug
Aug
93
8*4 Deo
75*4 Deo
49i2 Deo
4>4
22
141* Deo
1584 Mar
267s
70
92
Apr
2i2 Apr
20
Apr
Jan
Nov
Jan/
Japf
10i2 DejB
85
Djefo
35s Nov
5
Jan
700
2,600
Grant
16
Apr 29
2412 Aug 4
2812 Jan 16
Jan
2,800
Conv pref series
No par
Granite City Steel..,..No par
2934
323g
4218
4,700
Gt Nor Iron Ore Prop.No par
3558
2,500
21
10
61
32l2
*69i4
327g
(W T)
No par
loo'
Great Northern pref
Great
Western Sugar..No par
Preferred
100
12,100
79i2
5578
4,300
214
500
6
Greyhound Corp (The)
4834May 11
1,800
1,100
Gulf Mobile & Northern... 100
1,400
Gulf States Steel......No par
12519 *112
122
10
Preferred
100
118
*118
*32
34
33
33
500
3612
IOI4
36
36
36
36
60
IOI4
2OI4
IOI4
2114
10'4
107g
2,500
Hall Printing
22 38
6,300
Hamilton Watch Co
117i2
40
Hackensack Water
105
25
30
33
10
6
50
preferred
1
12
...100
Jan
21
Apr
Dec
140
50
Ala y
l>t0
255s Nov
285s
^fto
34
95
Deo
Feb
6i8 July
1
Feb
7412 Nov
2'4 May
19
Feb
43 U May
Mar
lli2
Deo
6
Apr
3414
Deo
12
Mar
33i2 Nov
48
Mar
4
Aug
2II4
Jan
30*4
Deo
37
30
Jan
35
Dec
4
Mar
8
Jan
9
Jan
2
June 22
Hat Corp of America cl A
119
16
35is Deo
347s May
34U July
3018 Jan
120
Mar 19
9®a Mar
265s Jan
129i2Sept
100
..100
80U Jan 27
3ij Feb 7
914 Mar
*
353s Nov
38I4 Sept
4
Jan
May 19
Preferred
Jan 23
Mar
Oct
Jan 24
June 10
14
Hanna (M A) Co $5 pf.No par
9
1984 Mar
109
Harbison-Walk Refrao.No par
95
63
100
50
Mar
65i2 Oct
No par
Preferred
Feb 21
149i2 Aug 14
5934 Aug 10
333s Sept 24
39
July
914 Jan
3012 Jan
283s Jan
25
7% preferred class A
4,100
7,200
l^s July
24
100
Preferred
118
3378
124i2
Jan
39
Jan
May 21
55i2
16'4
31
136
65
100
8
44
22
No par
26
22i4Sept
Green (H L) Co Inc
Preferred
143s May
18is Mar
8
6
9
Apr 28
Guantanamo Sugar
2
Sept
2
5012 Mar
57
30
35i2 Apr
Jan
Green Bay & West RR Co. 100
15i2
30
235s Jan 15
47
32U Jan
16
Greene Cananea Copper... 100
40
57
2112
90
6
684 Jan
412
*58
117
1938 Oct
Aug 21
II4 June
57
11712
3678 July 25
13fyJune 25
214 Mar
57
20io
Mar
Nov
5U Mar
3578
35i2
14512 145lo *145
117i2 *117
10314 >102
12
61
63s Jan 15
54 I8
20 78
117l2 *117
7
Jan
Apr
Oct
Deo
4i2 Feb 19
llUMar 20
15i2
IOI4
2OI4
30isJuly
1684
14
3is
39is Dec
33i2 Dec
6
57
IOI4
2
7
70
2
54
36i2
60i2 Feb
109
2734 Sept 28
.1
*55
3314
5134 Oct
Jan
»4 Apr
1434 Mar
—
Feb 21
6
77
57
*36
378 Jan 21
43
July
100
53
3334
30
80
118i2 Mar 14
•
Oct
4i2 Nov
41U Deo
1*8 July
----
2162
$5 preferred
28
25
30
Us Mar
155s Mar
5
4
Dec
109
3i8 Apr 30
11,500
16
Jan 10
Jan
Deo
42&s Nov
1
103
*102
103
10314 10314 *102
10314 *102
47
47
46i4
46i2
46-s
46'2 4678
461}
4634
47i2
*12738
*12738
*1273g
*1273g
*12738
15
15
1512
1514
1512
15l8
15i8
15i8
1534
15~I2
15'8
107
106
107
107
*103
10634 *1033s 107
107i2 *103
10812
10312
4634
1
56
129
21
l
*2
*120
117
50
30
129
21
100
2
*120
117
Preferred
33U
1512
IOI4
20 ig
No par
*17g
58'4
106
Feb
Nov
-
6*4
Grand Union Co tr ctfs
4034
55
Glmbel Brothers
*3014
1514
5314
52
10i2
Coip No par
2
56i2
10l2
Tnstru
Gillette Safety Razor..No par
Conv preferred
No par
32
*50i2
1014
Gen Time
No par
*2Si2
*15U
52i2
2
33
*14i2
36i2
.1
16 preferred
Feb
Aug
175s
93i2
2
June 20
63a Feb
21
3
Gr'by Con M S & P 2d stpd 100
3934
7912
5458
r5i»
3612
1012
50
120
Mar
Graham-Paige Motors
3034
*69l4
52
3334
312 Apr 28
32it Apr 28
593s Nov
Jan
10
x10712
900
20 I2
79i2
5434
58
*36
110
72ij Oot
xl20i2 Deo
10,300
197g
*69t4
58
*122
18
7912
5478
*505S
3334
Jan 17
Gen Itealty & Utilities
265s Mar
5312 Sopt 21
1078Sept 21
Oct
Jan
19,100
393g
35l2
54.-8
105
3
Jan
Feb
234
334
60
.
59
Gen Railway Signal...No par
Preferred..
100
1534
597t
116
3-8
18i2
40 38
--
Feb 17
Gotham Silk Hose
*1814
3214
41i2
1978
-
38
1,200
3178
4134
3512
General Printing Ink..No par
$6 preferred
;
No par
Gen Public Service
No par
4,900
20l2
-
3
Goodyear Tire & Rubb.No par
1st preferred.
No par
20,300
41.-8
*31
3234
15i2
*36
18U
32
57
*3314
3i2
35g
32l4
50
34
2-8
358
32
15
*36
40
2-8
33
3518
2
9178
334
42
*56i2
54
917g
3i2
35g
177g
32i4
57
1514
92
10
25g
358
*144
*144
60
*56
183g
50
*3314
978
334
3934
-
97i8
934
22,600
6,400
77i2
24i2
97i2
10ig
2*8
20
4034
•
96i2
97g
2l2
3i2
3-8
*1734
3134
4U2
3i2
18ig
35
23
9834
2134
77ig
2314
96i2
*90
534 Jan
Gold Dust Corp v t c...No par
Goodrich Co (B F)_.._No par
5i8
67g
12284 July
2
17
223g
7738
2378
93
Jan 27
Gen Theatres EqulpCrpNo par
2314
93
118
185s Jan
8,400
7814
24ig
93
..No par
Aug 24
U
7238 July 27
Gen Outdoor Adv A ...No par
Common
No par
Goebel Brewing Co
22l2 ~2US
93
$5 preferred
10
General Refractories-_.No par
Gen Steel Castings pf. .No par
1418
97U
934
General Motors Corp
123
Sept 24
537g Jan 6
2,080
14
10
6
75
July 29
22,100
137g
9912
2
4)^% conv preferred
Gobel (Adolf)
634
9834
*978
Oct
70i2 Jan
4,000
5
678
77
3
1,000
8,300
5278
5'8
23i2
1912 Jan
58
Glidden Co (The).....No par
5234
24i8
No par
2,900
634
135g
U2 Aug
15i2 Aug
18
Aug
18
Apr
$8 pref class A
2,900
434
377S July
Feb
Mar
117
145i2
Oot
407s Nov
11
20i2
30
5
nov
6 4*4 July
Jan
2
5318
2678
6,300
Jan
63s Nov
Sept
Oct
437g
527g
108
5234
78
30
700
127l2
71
108-8
18-8
678
2212
3,700
12,300
46i2 Nov
3
2_Apr
26isMay
3314 Apr
3212 Apr
214
34i2
5134
76
Jan
193g
18-8
53
773g
1,600
Mar
19
15,600
434
234
•
70
181* Nov
19
No par
400
634
334
«
900
Mar
$7 pref class A
1,300
8,000
4i2
334
•.
2,700
103g Nov
4
Oct
100
Deo
Mar
8
No par
Deo
63s Nov
2
2
Preferred
Nov
55
4710
Jan
115
Oct
General Mills..
305* Nov
126
Dec
71
43s Feb
Nov
1001s Sept
48i2 Dec
22i2 Nov
xl33s Oct
146
Aug
Jan
3
773g
5234
2338
3i2
*3i2
<•
300
2,100
Aug 21
Deo
70
Deo
Jan
36U
14r-g
67g
22
3i2
334
7078 147.300
150
Jan 21
Dec
36is Nov
5U Mar
18i4 Oct 2
4112 Oct 2
118i29ept 11
59i2June 20
140
Dec
1078
325s Mar
1134 Mar
73s Mar
1134 Jan 11
17
Jan
934
13U
8434
6
2
Deo
63s
5i2 Mar
5
2
303a
>
Mar
14
14ig
4-8
78
10i8
9312
310
7
par
Conv-pref series A ...No
7738
36i4
5234
24i2
258
1734
1,200
7g May
483s Aug 10
43'gJune 22
143s
4314
23
100
6034
484 Mar
Jan 27
Oct
Mar
34i2 Apr 30
333s Feb 18
78 Jan 2
79
36
43U
1334
2178
7738
212
36
14ig
*773g
108i2
14
110
75
117
I2II4 I2U4 Zl20i4 12014
50
50
4914
4934
10
10
97g
934
59
58
59
57i2
10712 107l2
*107i2 108
4i8
4i8
4i8
4lS
45i2
47i2
4434
4514
43
137g
10i8
*54
6978
108
1312
3i2
*312
*140
60 34
43
135S
*92i2
2i2
40I2
75
117
42l2
13i2
22i8
99
9312
6U4
43
773S
23ig
10
75
4i2
678
45s
7
100
61
*115ig 117
687g
69-8
69-8
*10734 10778
108
4312
78
6312
*6312
117
117
1834
36i2
143g
100
No par
15
5
534 Jan
25i2 Deo
1027s Deo
5878 Aug
30
Feb 29
15
Sept 10
150'sJuly 29
July
111
17U Mar
Feb
114
Mar
112i2 June
Aug
Sept
97-8
Feb 20
Dec
25
603s Mar
19'4 Mar
30U Apr
4
Feb
45U
Jan
Apr 14
3434 Feb
2
5212 Aug
No par
18
1838
43
*85
51
7% preferred
2U Mar
Aug
25
20U
Feb 17
Jan 23
par
General Foods
3612
1414
79U
1812
19
43
10
75
6U2
11734
70i4
No
63
2
6
General Electric
3
July
1084 Apr 28
8i2 Deo
4i2 Jan
3is Aug
"15" "Feb
105i2 Aug 27
1212 Feb 19
104i2 Apr 21
3
7012 Jan
12,800
278
21
13i8 May
84i2 Apr
May
95
Feb
443s Nov
Dec
215s Nov
x85
Aug
72
Apr
July
78
43i2Septl8
9734 Oct 1
42U Apr 30
100
preferred
General Cigar Inc
cum
53,300
12034 12034 *121
78i2
14ig
43
100
-
50
150
7%
4634
2I2
127
July
Jan
2
llli2 Apr 21
3834 Feb 17
Aug 21
2
40 78
10
'958
934
9i2
*56
58
*56
57 ig
*55is 58
107i2 107i2
107i2 107l2 *107i2 108
418
414
414
4i8
4i8
4i8
45
44
45
4438
44i2 45
115
115
*112
*115
118i2 *112
11812 *115
2
2i4
1- 2ig I 2i8 —2's
2i4
23g
2U
2>g
34r>8 34-8
34i2
3434
*3334
3334
3334 3438
3334
50 78
4978
4934
493s 497g
5034
49U
50i2
5018
49
50
50
49
50i4
4978
48i2 50
4934
26 >8
27
27
25ig 2734
2634 27i2
26i2
26i2
1812
*107i2 10934
117
-
*147
26
Jan
..No par
4538
258
6712
--
150
2,700
Class A
4014
2i2
*57
*76
7
No par
4512
39t2
60
*34l2
6
General Cable
4014
45
40i4
*60
115
214
141
10
4518
3934
2-8
4534
97
6
5
4558
4012
234
45i8
3978
25g
*147
..No par
No par
200
150
Preferred
$8 preferred
General Bronze
11314 11314
5314
53i2
*147
10
100
General Baking
7,200
150
Co
Fuller (G A) prior pref. No par
$6 2d pref
No par
5,900
4n2
734
17
63
7,000
~m.
40
6078
6078 61i2
117i2 117
11734
70
6812
695g
6914
*12034 12 li8 *12034 121ig
5018
50i2
*4934 51
lOU
9i2
97g
10i8
*107l2 108
418
4t4
44l2 45
148
38i2
4034
38i2
39i2
39i2 40l2
11412 *110
11314
113l2 11312 *110
53
5278
5312
5212
5312 5458
758
16i2
25
21
29
24ig Apr 30
9534 July
30i8June
Gen Amer Trans Corp
General Asphalt
4,600
6034
58
*140
-
15,200
*117
*56
148
«
5,800
7i2
60
75
I'
*140
7%pfl00
Apr
Apr
16i8 Mar
28i2 Mar
16
Apr
IO6I4 Mar
10512 Aug 27
8i2May 20
I8I4
*56
60
,
148
F'kln Simon & Co Ino
Free port Texas
1
ww
—
Deo
39i| Deo
125
384 Mar
GannettCoInc conv$6ptNopar
Gen Araer Investors...No par
'
7
5934
*56i2
106
17
77g
1714
'
55
*101
7h
40
54
*140
148
10
No par
Fourth Nat Invest
106
-54
40i8 Sept 11
11378 Apr 22
33i8 Feb 11
105i2July 17
4884June 23
3734 Aug 31
3258 July 31
IU4 Mar 2
47i2 Mar 6
2
3012 Sept
2512 Mar
37« Aug
32 June
Jan
40
6
3884 Sept 3
49i2 Feb 14
100i2 Feb 26
40
Apr 30
r
48
6
Mar
1214 Mar 4
^i78 Mar 6
6*8 July 24
4
z247g Jan
53s Mar
Mar
2,100
16
1,000
17i2
46
3912
16
11
11
107g
IU4
113g
1138
*1017g 103
*10178 103
*10178 103
103
59
5834
5812
5834
5734
5834
5834
24
2438
2412
2334
2334
2514
2438
14l2
14ig
1414
1414
14l2
14i2
14i8
17
*147
150
.
45
3914
16i2
106
Foster-Wheeler
Jan
Jan
Dec
92
Gabriel Co (The) cl A..No par
Gamewell Co (The)...No par
140
3618
6I4
11
734
40i2
*101
106
100
110
17
101
240
36i8
6I4
7l8
173g
38
16
6U
90
1634
8
16i2
38i4
*16
*101
106
*140
148
16i2
734
1614
I6I4
*101
ID4
6I4
16U
pref..
Preferred
65
36
conv
Corp new..10
Jan
355s
2312 July 15
118i2June 3 xl35
75
473s Jan 17
53i2
3U2 Apr 30
738
384 Jan 6
18U
lU2May 11
14,300
120
64
4)4%
No par
Preferred
11,400
2714
120
10
.100
100
96
64
6i2
Preferred series A
44,500
4212
26
Firestone Tire & Rubber
140
42i4
2634
100
First National Stores.-No par
FUntkote Co (The)... No par
1,300
108
9734
1
0H% preferred
Food Machinery
4234
4118
96i2
Federal Motor Truck..No par
2,000
*111
*63g
84
Aug 10
6978 Mar 30
73s Jan
3
Apr 28
212 Jan
20>2 Jan
38
Apr 30
20U Jan 27
15
Mar
115
2758Sept21
9914 Aug 11
37
100
j
40
69
634
No par
Preferred,
J Follansbee Bros
120
612
15
Preferred
180is Sopt 23
5078 Sept 4
1221s Jan
3158 Feb 24
1884 Apr 30
Federal Mln & Smelt Co...100
2,900
*64
65g
Federal Light & Trac
900
1,700
478
*110
6l2
3434 Jan
6% conv preferred
.100
Fajardo Sug Co of
o Rico. 20
2,500
34
34
3378
34U
*33l2
343g
3334
11534 *103
11534 *10312 11534 *103l2 11534
4U2
24
4I2
3934
*10612 107
*10714 10712 *106i2 107
34
115
Fairbanks Morse & Co.No par
4
18ia Mar 26
65
Oct 2
8*2 Apr 29
35s Deo
Bg Mar
5®4 Mar 25
2-sJune
100
Federal Screw Works ..No par
_
38
41
5
25
...
Preferred
'
8&S
37g
....
33
2378
6212
6U2
4212
99
V
858
*358
4
13
13
438
47g
*438
414
43g
4i2
38
38
*365g
3812
38l4
41
4034
41i4
4012 4012
40i4
4034
4034
37
*36
3714
*35i2
*3512
*35i2
*3412 37
*110ig 11058 *110ig 1105s *110i8 1105s *110i8 iios8 *11058 110S8
29.
29
28-8
2938
29ig
2912
287S 29
2834 2878
105
105
104
*104
104
10478 10478
104i2 104i2 105
47
47
47
47
47
47U
46l2
4634 47l2
47i2
34
3378
3538
32i4
3514
3434
3058 3158
3114 32i4
30
30
30
30
*2834
*2912 30
*28l2 30
*29i2
*103
*89
2614
*87
4
278
*234
*180
45U
*98
*41
8912
4114
5ig
*10714 108
41
*97
43
4i2
39
*37
62l2
190
4434
2534
99
38
40 s8
61
*182
186
25i2
89i2
858
99
*41
6084
*176
4412
4412
2514
*96i2
*4U2
*87l2
85g
*96
133g
60 I8
60i2
185
*176
2%
Jan
3
3
Jan 20
104i« Feb 17
9
Aug
1178 Aug 20
223s Oct 2
119
Feb
8
105i2 Mar 18
4734 Sept 21
128
6i2 Apr
63
Jan
10012 Sept
16
Mar
108
Deo
Oct
14i2 Nov
112
Deo
105
Nov
303s
Deo
Sept 24
9984
Jan
121
Deo
163s Mar 25
5i2
Feb
141*
113ia
Deo
115
Jan
9
81
Feb
Deo
T=
Volume
143
New York Stock
Record—Continued—Page 6
LOW AND
HIGH
Saturday
Tuesday
Sept. 29
Wednesday
Thursday
Friday
the
Sept. 26
Monday
Sept. 28
Sept. 30
Oct. 1
Oct. 2
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
6
SALE
PRICES—PER
SHARE, NOT PER CENT
6
6
6
6%
6
6%
6
104
104
104
10384 10334 *103i2 104
*124% 136
*12534 13512 *12534 135% *12534 135%
*158% 162
*158i4 162
*158i.i 162
*158% 162
31
29% 30
3134
30%
3178
30i2 32
*111% 11378 *112
11384 11312 11312
11334 11334
*127
130
*128
130
130
130
*128% 130
60
5934
60
5934 *59
59%
60
6012
104
103i2 104
10312 10312 *103
104l2
104l2
37% 37i2
3734
38
37?4
38
375s
39
*10934 110
10834 10934 *108% 10934
10934 10934
23
2234 23%
23l2
2314
23l2
233g 2458
34
32% 32%
3434
3234 335g
3434 3434
s
*111
116
*111
*410
432
*40
42
2884
*73l2
*61%
29i2
76i8
878
878
61i2
*378
51%
4
578
*103i2
*12534
*15814
3134
*11H8
'
2
27
51%
*68%
1678
115s
3412
63
115
*10
1814
2i8
27%
51%
69%
1678
5158
4i4
1158
51%
*378
5134
10
11
1834
2i8
18i8
187s
2%
2634
2i8
18%
2i8
27
2778
*68%
*17%
na4 >11%
3478
34%
*128
132
*127
*132
135
*130
114l2
103s
512
13%
312
12
3%
*50
52
69%
18
*50%
*114% H5
10i4
10%
*5%
634
133s
13%
*3%
334
1134
12%
*3%
3%
*27
27l2
172
17334
54% 55%
115
*114
115
*68l2
17
4i8
27%
-51
69%
18
51
37g
*1012
18i8
2
26i4
49%
*685s
17
6
6i8
*10314
3714
*108i2
2438
3438
*114
115
*114
429
425
200
400
10
700
900
2
""266
76
*75
41l2
30
76i8
68I4
2ig
2678
50i8
68I4
*65
68i4
800
934
20,500
Jan
120
Deo
117
May 14
141
Jan 27
127
Jan
141
June
Jan
162
June
»100
preferred
100
Hershey Chocolate
No
Conv preferred
1,000
16,500
200
Hollander & Sons (A)
5
Holly Sugar Corp..
No par
7% pref
100
Homestake Mining
..100
Houdallle-Hershey cl A No par
Class B
No par
Household Fin partlo pf
50
Class A
No par
Houston Oil of Tex
t o new 25
v
52 ig
3,000
334
334
400
1034
IHs
600
18i2
2
19
2i8
43,400
2
12,000
Hupp Motor Car Corp
2658
2734
18,700
Illinois Central
61-51
500
6812
68
68
30
17i2
*17
11
11
11
1134
11%
1058
34
34i2
34
343s
3378
3414
131% *126% 131
127
*12618 130
135
135
135
*132
134l2 134%
114
114
114%
114
11334 11478
10%
10%
10%
10
10l8
1038
5%
*5i2
634
512
558
*558
13%
*133s
13%
13%
1334
13%
334
33g
3%
3i2
3i2
*3i2
12
12i4
12%
1134
12
1H4
3
3i4
3%
3%
*314
314
27
9«
27
26i4
28>4 *26i2
172
*1691S 17334 *16912 17158 *168
55
55%
55l4
64% 55
5434
1634
18
690
11%
3458
134%
11434
10%
57g
14
334
1178
3i4
Howe Sound Co..
Hudson
&
5
Manhattan
100
Preferred..
Hu
son
100
Motor Car
No par
10
100
Leased lines
IngersoU Rand
No par
10
6% pref
100
1,900
Inland Steel
5,100
1,300
Inspiration Cons Copper...20
2,300
1,500
t Interboro Rap Tr v t O..100
Intercont'l Rubber
No par
10,600
No par
Insuranshares
Ctfs
1
Inc
Interlake Iron
No par
300
Internat Agrlcul
No par
Prior preferred......
100
Int Business Machlnes.iYo par
5534
8,100
International Cement..No par
81*4
82%
827g
8334
83% 84%
835s 85
84^4 85l2
85i2
86
♦149% 154
*149% 154
*149% 154
L4938 154
*14938 154
*14938 154
4
3%
334
378
334
3?s
4
4
334
4
378
37g
5%
5%
5%
5%
5
*5%
5%
5
*514
512
518
5%
61
60%
617s
60 s4
60%
61%
60%
61
6158
603s
61
6H2
*1297S 132
*12978 132
*128% 132
*128i2 132
*128i2 131
*12812 131
7
7%
8
7%
8
634
678
834
8U
85g
812
912
*3
*3
3
3%
3%
4
3%
4
33s
334
414
2
2
2
2%
2%
2%
2ig
2%
238
21s
214
234
49
48
48
50%
53
49%
54
52%
56
5512
5514
60i2
38
38
3734 3734
38% 39%
39
3834 3834
39lS
39i2
40
*110
*110
11034
IIO84
11034 HO34 *110
111
110l2 110
110i2 *110
7
*6%
634
7
*6%
634
634
7
7
734
7%
8
*6
*6
6
6
634
634
634
634
6I4
6i2
6%
7%
46% 473g
46%
47%
46% 4634
46i2 49l2
4834 49i4
48%
5234
*26% 27%
26%
263fi
2634 2634
27
27
*27
*26% 27
2734
477s 477fi
47%
47%
*47% 4734
47% 4758
4758
4758
47i2
4712
25
2134 23
23%
24%
2434
2334
23i2
24i8
2378
2334 25
73
70% 71
75%
73% 73%
*70
75
72i2 74i2
72i2
74%
12
13
11%
12%
13%
13%
1278
13i8
1234
I3i8
127g
13%
25
*24*4 251,
247s
24
24% 25
2334
24%
243s
255s
24%
*100
101
101
1013<
*101% 101%
100
100
100
10112 101i2 100
*19
20
*19% 20%
20
20%
20
20%
*1958 20
19% 20
18,100
Internat Harvester
•5.366
Int Hydro-El Sys cl A
26%
172
54%
2778
172
*170
2,800
800
172
;
5478
5434
Preferred
28
28% *27%
2778 28
2778 28%
287S
♦12184 126
*12134 126
*12134 126
"12134 126
*11312
*85
*84
*85
8778
87%
87%
8778
88
*85i2
1177s 118%
118
1177s 118%
118%
II6I4 11812 117
*123
124% 123% 123% *122% 123%
123l2 123i2 *12214
114
115
114
114
113
113
114% 113
11334
45
44
44
45% 45% *43
*43
4378 a43
*117
117% *117
117% *117
117%
22
22%
21%
20% 21
41
42
43% 43%
*42% 44 *25%
2534
*25%
2584
*25%
2534
*24% 2434
24% 24% *24% 25
*22
*95
23
20%
19%
101
48%
23%
*23%
*4
39
27%
102
*95
23
23%
29",800
6,200
22.400
73,000
2,100
110
2,120
630
1,900
400
*95
23%
2034
2284
20%
19%
*22i2
100%
4734
2314
*100
49
23%
*23
27%
478
25
*434
3978
27%
39
27%
*2334
5
5
27%
27
25
42
41
17%
*97
25%
42%
177s
101% 101%
884
834
17%
114
1834
3%
15
110
15%
28
28
116
*116
1978
3%
15%
58%
5878
69
69%
*8%
9
29
28
47
46
171S
17U
17
13
28
28%
113% 116%
19%
20%
3%
3%
13
*11
15l2
15i2
19%
20
20
20
1934
1984
1934
19S4
36
36
36
36%
36%
37
48
48
48
48
48
37l2
48%
38i4
48
40%
58%
4184
41%
58%
42
40%
58%
4184
4014
59%
57l2
*106
*2%
'
59%
108
*106
2%
4%
4%
*40%
113%
2234
"22%
2%
4%
4134
113%
2284
144
41
"22%
59%
108
2%
144
4%
*40
*
*161
*106
*2%
4%
"22%
145
146
40
37%
39%
28%
28%
9684
28
29
3684
28%
94%
95%
94
30%
35%
29%
30
28%
35
35%
*35
*130
*34%
41%
41%
417S
4178
49%
49
49%
11
10%
48%
10%
48%
48%
For footnotes
see
page
165s
28i2
1658
29
69
5778
583s
*106
108
214
2ig
5
*106
5
40
36
35
29
29
2918
29
29
95%
94
94
29%
35%
2884
9434
2914
35
35
9434
29
35
130
2834
*3414
36
*130
4278
49
IOI4
48
423s
48i8
IOI4
*48
*
2278
146
100
100
Preferred
5
Class B
1
Kelvlnator Corp
Kennecott Copper
No par
No par
Kimberly-Clark
No par
Kinney Co
No par
Preferred
.....No par
Kresge (S S) Co..........10
Kroger Groc A Bak
No par
Lacelde Gas Lt Co St Louis 100
5% preferred
..100
Lambert Co (The)
No par
No par
Lee Rubber A Tire
6
Lehigh Portland Cement
4%
conv
26
preferred
100
50
No
Preferred
par
50
Lehman Corp (The).—No par
Lehn A Fink Prod Corp
5
Lerner Stores Corp
No par
25
Series B
Preferred
7% Jan 18
30
2
1
10
10
2
56% Jan
8
148% JaD 23
2% Apr 30
4% Jan 2
43%May 8
125% Feb 6
3% Apr 30
2% Jan
1% Jan
6
9
117
18%
49
Jan
73
Nov
1% Mar
7
Nov
43
Jan
2%
60%
Deo
Feb
5%
13%
17%
3%
22%
38%
69%
Jan
Dec
15
Dec
41
Mar 23
185% April
56% Aug 8
90%June 12
160
Apr 3
5% Jan
8
8
Feb 21
62% Sept 22
Sept 23
9% Oct 2
4% Oct 2
3% Feb 10
132
Apr 27
112
7
9
2
Mar 26
Sept 9
8%June 26
ll%Sept 21
2
2
29% July 21
53% Feb 21
25
Sept 28
75% Sept 28
19% Feb 17
lOSf'Apr 30
26%Sept
Apr 28
2
Apr 29
June
8
24% Aug 14
Apr 29
58% Jan 18
113
88 May
121% Feb
7
121
Nov
Jan
130
July
46% Mar
108
Nov
60% Mar
109
2%
8%
Oct
Mar
4
Feb
7%
Deo
13% Dec
107
9
7% Oct
52% Oct
8
101% Sept 11
2234 Apr
2
30
Oct
2
126
Sept
26
13
Jan
19% Jan
34% Mar
5
Oct
4%
July
28
56% Dec
78
Oct
5% Mar
14
Deo
90
Aug
6% Mar
16
Nov
36
Jan
24%
16% Sept
Oct
120% Apr
37
Aug
99% Nov
126% Deo
3% Mar
1938June 30
20% Apr 27
32
June 10
15% July 29
7% Jan 2
12
July 15
15% Apr 30
94% Apr 30
8% Jan 2
2
July
31
Ludlum Steel
*34
35
MacAndrews A Forbes..
6% preferred
...100
par
48%
49%
11%
6,800
Macy (R H) Co Ino...No
Madison Sq Gar v t o—No
par
2,600
Magma Copper
6
19% Mar
110% Feb 10
8% Sept 28
103% Apr
Oct
1
2%
Oct
6%
41
Mar
2
Dec
Deo
27*4 Nov
113
May
42
Nov
Jan
Apr
6% Nov
80
Oct
4634Sept 18
28
Jan
8
33% Jan 31
50% July 13
26% Feb 6
13% Sept 5
17% Oct 1
30
Sept 3
119%Sept 3
20% Sept 28
62
71
May
7
Mar 16
9
Apr 29
July
104% Feb 28
2
Apr 23
3% Jan
2
Sept 10
May 19
21% Apr 28
142
Jan 7
Jan
lll%Sept
4
97% Mar 13
13
Mack Trucks Ino—..No
28% Aug
2
May 19
20
21,800
23
32% Aug
22% May
12
Mar
19% Mar
27% Deo
46
Aug
21%
28%
Jan
9
Jan
5
Oct
May
8% Mar
10% Mar
6
14% Deo
17% Jan
"11% "Jan
Mar
49% Oct
10% Nov
29% Nov
120
Aug
..100
46%
1
21% Mar
ulsvllle Gas A El A ..No par
uisville A Nashville
100
44%
8
3% Aug
15*4 Nov
40
10
21
Mar
7% Jan
47% Oct
9584 Nov
17% Jan
107
1
10
Mar
67% Mar
10% Oct
25
29
13% Mar
8
16% July 15
100
Louisiana Oil pref
2
3% Mar
10% Aug
1% Mar
No par
38%
29%
95%
84
2
5% May
Loew's Inc
95
2
24% Sept 29
29% Apr 24
110
Oct
1
3
—^100
Jan
6
2
7% preferred
Mar
6
Oct
40% Oct 2
43
Apr 21
10
Oct
34
30
90% Oct
31% Nov
28% Nov
18% Jan
96
July
30% Deo
25% Mar 20
50%
Deo
20% Nov
Feb
36
5% preferred
96
22
Feb
Jan
4
25% Jan
Lorillard (P) Co
7%
15%
19
No par
No par
26% Oct 2
33% Feb 25
Nov
120% Deo
14% Dee
6
Liquid Carbonic
..No par
115% Mar
9% Apr 29
89 May 11
12
Jan 2
Lima Locomot Works..No par
Link Belt Co
No par
Preferred
93
6% Mar
28% Jan 7
17%June 4
18% Jan 7
3%May 11
30
Apr 28
20% Apr 28
Jan
8% May
70% June
129
101% Oct
Jan
16
Dec
Jan
4
Jan
5
Mar
14% Jan 2
87
Feb 28
Deo
Dec
42% Mar
25
49
3
2
Deo
20% Deo
36% May
49% Nov
110
Sept
28% Jan
24% Jan
Dec
110
Oct
1
26
Dec
4284
9% May
Aug 28
6
Deo
3%
2%
28%
4% Mar
21% Jan
98% Jan
88
121
Oct
Dec
130% Nov
% July
2
1,800
600
6%
47%
% May
1%
Deo
4% Aug
1% Mar
8
2
3,800
146
65% Nov
154
Jan
1% Mar
1% June
22% Jan
123% July
2
Jan
42% Jan
190% Deo
36% Nov
22% Mar
135
Jan
5
Jan
2 -**-48% Aug
Jan 27
19
"
3
June
149%
Apr
Apr
Lily Tulip Cup Corp—No par
12,200
5% Deo
36% Oct
1% May
4% Mar
2% July
44
Jan
Deo
Deo
5% Feb 14
1584 Mar 4
5% Mar 11
May 22
3% Jan
,
23% Sept
37
3
Mar
4% Mar
2% Mar
23% May
8% Mar
60% Oct
19% Jan
40
Oct
Jan
Deo
Jan 11
20% Apr 30
100 xl60%June
Loose-Wiles Biscuit
t
10
35% Jan
97
1,000
9,700
40%
48
6
Apr 28
Liggett A Myers Tobacco—25
100
1,500
f
160
300
Long Bell Lumber A ...No par
11
Jan
5%June
11% Apr
2% Jan
9% July
27g July
2234 July
6%
7
25
Loft Inc
48 S
Feb 14
Sept 29
Sept 21
13% Apr 13
7% preferred
100 xlOl Sept 9j
Stores—.No par
4% Apr 29
Preferred...
100
74% Feb 26
Kress (S H) & Co new..No par
35% Aug 31
2,700
3534
29%
Feb 18
19% Sept 4
13% Apr 17
147
Kresge Dept
2*200
*
70
135
38%May
47% Jan
2,700
1934
108
2%
4%
Jan 23
May 12
Libbey Owens Ford Gl.No par
*130
4414
49
lOU
49i2
Kansas City Southern
434
40
40%
113%
22% 23
'
40%
113U
2212
Co
2%
218
5i8
6%
17% Feb
1934 Mar
Aug 24
88% July 7
106
125
400
166
31% Dec
70%July;25
Sept 21
Llbby McNeill A Llbby No par
Life Savers Corp
5
2,300
103% 103%
103% 104
2162
1.700
6,100
14,800
49
37%
48
1,000
41%
59%
*
48i4
1018
240
26
49
July
116% June 29
Stove
Lehigh Valley Coal
41%
58%
Deo
42
10
Kalamazoo
8,700
25.900
41
495
6% Mar
38% Mar
3%
187g
109% 110
15%
15%
260%
61
6734
68%
8%
834
166
76% Aug,27
Feb
307s Mar
338
117% Mar
50
Apr
Lehigh Valley RR
40
*
48
2,000
3%
18%
166
4
Feb 21
30,600
26
8
126% Feb 24
20%
4034
2234
48
118
19%
48i4
4014
4884
10%
36~700
29
118
Mar
118% Oct 2
45% Sept 26
Lane Bryant
1734
1934
39%
40
52
420
2,500
13
1978
3934
4812
2258
42%
49%
10%
200
17%
197s
3812
4814
108
21s
4%
*161
35
*130
*130
40%
4834
*10%
48%
166
145
♦40
*
36
"
'165
108
2%
4%
4034
113%
22%
*144
9434
29%
166
800
4,900
*11
10212 10212 *10218 104
103i2 104
103i2 103i2
166
44%
47
28
2778
11512 115i2 115i2
1834
1912
187S
1914
318
33s
33s
35s
16%
17 «4
1778
19
"10784 10934 *10734 10912
1558
1558
1534
1578
5912 60
6OI4
62
67
67i8
68
6834
884
8
884
834
27
27
*26i4 27
*160
110
2034
28%
"113
166
60
500
110
13
33
36
June
*97
17%
4% Jan 2
25%May 21
18
1015s 101%
*85S
10
*39%
Feb
44% Feb 20
5
100
Steel pref..100
Keystone Steel & W Co No par
*26
544
75%May 27
39% July 15
Preferred
Jones & Laugh
34,000
20,600
4712
1714
6
2
Kendall Co pt pf ser A.No par
3,600
43
Jan
May 12
2
150
44l2
205s
June
Jan
3,300
27
22% Deo
% Apr
9% Mar
15
Apr
Jan
9,500
2678
4512
19% Deo
8
2
15
No par
Jan
1
3% Feb 19
82
19i2
2678
26
Johns-Manville
11
114% Aug 21
29% Sept
5 -54% Sept
100
1
Deo
6% Mar
2
Jan
..No par
1
30»4
2
18% Apr 30
47% Jan
No par
27% Oct
37% Aug
6% Mar
1
Jan
July
118
Jan
6
No par
Jewel Tea Ino
104
8134
6% Mar
International Shoe
Island Creek Coal
73% Apr
6
23
Preferred....
36% Deo
584 Mar
57% Feb 19
No par
Intertype Corp
5
142%
Aug 15
48% Jan 21
3%June 10
8% Apr 27
13%May 4
International Salt
20%
300
1734
100
lOlU
5,160
26
Preferred
Feb
44% Feb 19
116
12% Jan 15
May 20
5,700
45
Internat Rys of Cent Am.. 100
Certificates
No par
119
7
20
6
207s
29i2
6% Jan
Keith-Albee-Orpheum pf__100
47
2034
100
5
Kelsey Hayes Wheel conv cl A1
"2/166
26
*44
Preferred
3
22% July 2
65% Jan 14
64% June 4
24% Sept 28
80
Jan 7
46
21
July
3978June
Kayser (J) & Co
26
44
Feb 17
17
6
47%
110
19% Jan 13
108
414
Kaufmann Dept Stores $12.50
25
109
100
19
*10114 1017s
*8%
9
30% Jan 2
108 June 13
9
Jan 2
1,500
2314
534
Deo
1,100
25
*11
119%
20%
3%
1,800
5%
4334
2658
110
14l2
2778
~2~606
102
20U
Preferred
Int Printing Ink Corp..No par
101
19l4
JL00
131
Aug
3534 Jan
Sept
Kan City P & L pf ser B No par
110
1,560
24%
2034
14%
4,900
50'4
44
26%
26%
104
*102% 104% *102
*102% 103
10334 104% 103% 10334 103% 103%
*160
8:
20
Inter Pap & Pot? cl A. .No par
Class B
No par
Class C
No par
Preferred
2334
21
14%
2.900
4914
*97
*11
30
237s
*2234
*39%
17%
12%
1434
140
600
49
4434
16
16%
15%
109
110
10934 *108
15%
1534
*15%
1534
59%
60%
60%
60%
69%
68%
68% 69
87g
87g
834
87g
*26%
2678
2678 2678
110
85s
5,900
2338
2034
28
19%
3%
15%
15%
*44
110
75,600
2614
23
2278
Feb
15
48i4
27i4
24
14%
19's
534
27%
*95
100
24
27
102
122
Jan 13
60
400
2258
1978
Apr 17
80
100
43
*40i2
44
117i2 *117
117i2
21i8
2H2
2H2
2214
4134
42i2
427g 4278
26
253s 2578
26i2
26
Oct
135
687g Sept 24
102
Sept 16
7% preferred
100
Inter Telep & Teleg
No par
Interstate Dept Stores.No par
""566
25
90
International Silver
87i2
117
118U 121
123i2 *12214 123i2
11312
113i2 118i2
25
Jan
Mar
1,020
87%
*95
46
24
14%
512
44
*37
*11
24
44
447s
12
584
4134
101% 101%
87S
87S
101% 101%
*44
45%
20 84
21
21
25
1934
19'4
'
23
20i4
19%
10Q12
48i2
243S
41
44%
2034
*10*4
137s
27%
22i4
4012 43
2514 25l4
2434 25
*95i4 102
2234
20%
19%
1934
101% 101%
*7%
884
*101% 110
177s
102
2934
900
11
71
5,900
*12134 126
87i2
25
Int Nickel of Canada..No par
Preferred..
100
117i2 *117
2034
20%
1978
1934
100% *100
100%
48
48% 49%
48%
23
23%
23% 24%
2034
101
102
"117
29i2
126
100
Int Mercantile Marine-No par
61,800
-
28
No par
700
.
2
2
11
No par
70
1
116
58
Industrial Rayon
200
Oct
164
100
6,800
6%
8
100
RR Sec ctfs series A
Indian Refining
1% Mar
25% Apr 30
84
Jan 23
126
Aug 13
150% July
6% pref series A.......100 -30
2,000
lli2
1134
34%
34i2
128i2 128i2
134i2 13412
114
114%
10'4
10i2
5i2
55s
135s
1358
358
334
115s
1214
314
314
2734
2734
127
par
No par
378
1118
18i2
6812
17
85
No par
5134
2614
2678
*48—50
69
6
No par
der
2
19
5
Mar
25
5U2
334
*1012
18%
1134
Mar
No par
29i8
share
per
9
No par
4138
4% Apr 30
Highest
$ per share $
133
Hercules Po
cum
$ per share
Aug 10
Hercules Motors
$7
$ per share
Lowest
102
$5,conv pref—
42
§2
Year 1935
Highest
...25
Hazel-Atlas Glass Co
Holland Furnace
29,700
4,700
425
5134
378
Hayes Body Corp
3,300
29i2
938
Par
40
,
Range for Previous
Lowest
Preferred
26,500
*4H2
2834
*7412
9
Range Since Jan. 1
On Basis of HXHharo Lots
STOCK
Helme(GW)
115
429
-
YORK
EXCHANGE
6,200
*10334 104
135i2 *12534 13512
162
*158i4 162
33
3318
35i4
114
*llli8 11334
130
*128i2 130
65
*6234
65
105
10378 10378
37i2
3778
38
110i4 *10812 110l4
25i2
2534
27i4
3434
34%
34i2
*61
432
431% *423
430% *428
4178 4178
4178
4178
415s 415s
29
29
29%
29i2
2958
2978
75
75
75
*73%
75i8 X75
x63
65
*62
63
68I4 68I4
878
878
9
9i8
87S
9
5H4
*378
13
*114
6
104
*12812
*405
17l2
STOCKS
NEW
for
*103
*11
Sales
2167
3
May 4
57% Jan 2
22% July 8
35 May 14
127% Jan 9
27% Jan 30
Oct
1
Sept 24
11% Jan 6
31% Jan 29
115
Jan 16
116% Jan 15
169
Aug 19
23% Feb 5
40% Oct
2
50% Feb 19
44% Apr
6
627gSeptll
108% July 17
3% Feb 11
8% Mar 24
45
113
Jan 17
Sept
1
26% Jan 27
151
Jan 30
51%May 25
30
Aug
7
Mar
94% Apr
9384 Apr
151%
15%
13%
17%
24%
31%
Feb
108*4
Mar
2%
34
2
6
50
Sept 21
Oct
Oct
1% Mar
4% Deo
33
Apr
41% July
Deo
107*4 Nov 112
18% Mar
26% Nov
124
Apr il49% Deo
15
Deo
4% June
23
10% Mar
Aug
1284 Mar
37% Nov
8% Jan
55% Nov
1
Jan 21
34% Jan
Oct
37% Deo
102
42
par
43
Mar
Feb
Feb 19
...10
Aug
167% May
28*4 Nov
27% Nov
Oct
Mar
Mar
96% Sept 26
130% Mar 16
122
Jan
35
46% Oct 2
52% Sept 8
14% Apr 18
40% Apr 30
6% Sept
21
113
Mar
Feb
-
64
Deo
26
Sept
46
Feb
130
May
Dee
18% June
30*4
30% Apr
5% Jan
18% Jan
57% Nov
11% Deo
37% Deo
LOW
AND
SALE
HIGH
PRICES—PER
SHARE, NOT PER
Saturday
Sept. 26
Monday
Sept. 28
Tuesday
Wednesday
Sept. 29
Sept. 30
$ per share
S per share
$ per share
$ per share
*2
2%
*2
23$
*2
23$
*13
13i2
13
131$
13
*11
1134
1112
1134
12
131$
123$
*35
42
*1812
*3*2
lli8
*1%
*7U
19
*35
*35
40
*2
♦2
161$
161$
19
19
19
*121$
40
*35
I6I4
19
131$
12l2
*35
161$
23$
13
*1134
40
3i2
113$
115$
158
*13$
15$
312
113$
*13$
*7i2
*712
81$
*712
81$
*7i2
28i4
*25$
4712
81$
28l2
35
35
*25$
3
9
47l2
181$
*85$
47i2
185$
*812
914
3
36l4
35l2
35
*160
*161
681$
59
165$
165$
46
46
♦
92
36
-
*161
..
47
47
18
1712
185$
9
*85$
9
36
355$
36
597$
60
6l"i2
615$
62l2
*163$
16i2
16
800
46
46
*46
47
47
4712
161$
47i2
*\
47
*._
*10712 108
33
33
18
1734
*931$ 101
215$
2H2
4014
39i2
18
183$
*931$ 101
2U2 2H2
42
3934
91
47
*
47
108
*10712 108
33
3312
i8i4
1734
21
395$
40i4
901$
91
90
9012
v.
10834 *108
91
91
110
73$
*60i4
*5$
*13$
92
734
712
62
92
110
64
•
65
92
*108
77$
66
34
%
&8
5S
58
u2
3i2
u2
u2
*35$
u2
37$
*5$
*u2
34
15$
35$
*4l4
35$
3i2
5i2
19l2
3
3i8
5
5
5
5
1914
8i4
1914
1914
8I4
273$
25$
*57$
8i4
81$
81$
8
8
28 «
>■'2714
2778
273$
2714
234
234
25$
234
25$
6
25$
57$
57$
534
534
55$
23
227$
20
8I4
27
8i2
8i2
2834
'25g
271o
28l4
25$
258
234
57$
6
6
6
23
23
233$
98i2
99
99
4834
495$
2314
*451$
4612
*457„
4612
67
*65
67
*66
1
38i2
U$
3914
Us
387$
39io
39
22
2214
223$
275$
227$
28i2
22i2
28i2
1>8
27
28
Us
19
487$
4934
46i2
*45
4612
*6614
67
*66
67
Us
39
2234
9414
94
953$
94i2
9434
3012
*301$
94i2
303$
95
*29
30
30
30
30
6812
*10214
201$
68l2
70
7034
*6912
*10214
71
69
70
*57
*102
205$
....
*104
....
207$
2012
2034
20
2058
1934
58i2
1734
315$
5914
59i2
60
60
195$
187$
197$
1834
3212
175$
31
33
3112
17
17U
17
1312
*1212
167$
17i2
17i2
177$
31
3234
32 I2
33
17
1714
17
17i2
*13
1338
*13i2
1334
1712
1312
137$
*12l2
39
2214
2814
2834
560
9
6
534 Jan
3
5
Mld-Contlnent Petrol
10
Midland Steel Prod
8 %cum 1st
130
20
No par
Mo-Kan-Texas RR
6,600
t Missouri Pacific
2,200
Conv preferred
Mohawk Carpet Mills
Monsanto Chem Co
305$
305$
307S
*155
157
*108
110
10978
16i2
297$
*2S34
275$
*165
1658
3084
2934
28
1134
*1
117s
u2
&S
*12
70
62
116
110
141
3034
118
91$
9i8
1034
52io
2934
157
157
25
2434
245$
25
*165
.
*1
123$
1214
*1
Us
-
u2
28
*165
140
1214
.
275$
.
*165
.
*
140
125$
*1
u2
*l2
*12
5$
,*12
703$
275$
.
14l"
141
12U
1134
28
275$
283$
.
58
723$
7134
723$
70l2
715$
60
60
60
57
5710
120
91$
122i2
9
iu4
5118
11
9
1034
5034
*50U
9
1U$
51
122
122
85$
9
107$
11
*5014
51
1214
*1
810
58
58
58
57
57
57
*108
109
109
109
108
*32
34
*27
-35
*27
33i2
147$
15
1434
14l2
1434
1414
337$
145$
*31
143$
64i2
453$
*64
52
53
62i2
5012
50i2
95
92
9334
92l2
9334
514
*434
5i2
5i2
514
412
15
13io
1378
137$
1414
1434
127$
135$
*1285$ 134
*1285$ 134
*1285$ 134
*1285$ 134
*51
6U2
4514
617$
46 I8
62
48
49
90
64
64
45U
46
445$
49
90
63
46i4
6U2
453$
90
*4
*135
*135
160
1
1
*135
160
*1
*95
160
1
1
Us
4
101$
10k
1012
101$
ioi4
*53$
534
53$
512
*33$
*127$
3i2
33$
33$
512
33$
312
8312
*98
4
4
4
37$
10
37$
160
*1
Us
Mar
par
——
July 15
1
2934 Oct
10
Biscuit
100
153
No par
..No par
7% cum pref
Nat Cash Register
2
20i2May
100
Corp....No
Jan
Aug 12
21
Jan
1
9
Apr 30
Apr 30
4
6
23i$ May
-2812 Sept 17
263$June 30
10
National Lead........
31
12i2
Us
25,000
National Pow & Lt
No par
93$May 11
147$ Feb 17
478 Mar
143$ Aug
Nat Rys of Mex 1st
4% pf. 100
100
Feb 11
i2 July
14 Mar
403$ Mar
1235$ 1235$
834
2d
58
15
Nelsner
58
700
Newberry Co (J J)
109
110
5% preferred series A—100
t New Orl Tex & Mex
100
35
153$
51
5U2
9312
97$
5
10
5
20
Bros..
11,300
2,500
80,900
5,200
N Y Air Brake.
3,800
840
1.970
10
......
700
lOUJune 18
3234 Apr 29
41
Apr 15
104i2 Apr 7
IOI4 Feb 4
9
Apr 30
321$ Jan 8
2734 Jan
No par
Newport Industries
1
.-
No par
New York Central
No par
.
5514
734
75$
102
102
*52
*19i2
125a
40
...
.
277$
52lj
2i2
25i2
1234
40
*100i2
2712
52
21$
*19i2
125$
40l2
.
.
.
-
28I4
52
2i4
25i2
1234
*100i2
*100l2 102
2734
267$
271$
5212
*501$
52l2
*214
*19l2
125g
42
vor footnote* see
oatte
41
2162
2i2
2512
127$
<4t2\z
212
*19i2
12i2
41i2
.
.100
N Y Ontario & Western... 100
No par
N Y Railways pref.
Corp part stk.. 1
preferred
100
N Y Shlpbldg
100
t Norfolk Southern
..
.
*10012
*10012
275$
265$
52l2
212
25i2
1234
*52i2
53
23$
*19i2
125a
42l2
2l2
25l2
127$
42l2
43
271$
27
*52i2
21$
*19i2
_
2~8"i$
53
21$
25i2
17,006
50
1,800
......
125$
127$
15,700
42
42l2
3,500
Mar
167s
112
Mar
Sept 14
2
2U Feb
5
9914 Sept
5
Apr 24
73$ Apr 28
53$ Feb
6
25a
Oct
Feb 7
Feb 24
Feb 24
558
Oct
Jan
4
July
9
—50
Preferred..
North Amer Aviation
2i2 Jan
1
No Amer Edison pref--No par
...
Sept 16
51
Oct
July 22
69
June
10914 Aug 12
79
May
27S Jan 14
July 14
158
11$ Aug 27
105
2
300
May 12
115
Jan
2318 Apr 30
6234 Feb 6
65$ Jan 6
98
Farm
2
19
...No par
Ohio Oil Co
Oliver
par
50
Norwalk Tire & Rub—No
Preferred—
50
Ed
new..No par
is Mar
99
Jan
2
97i2 Apr
237$ July
50
Aug 18
Pacific
Northwestern Telegraph
25$ Mar
100
...—50
100
Central—
Northern
Mar 13
Nov
Mar 17
1
414 Jan 17
North
14i2
712
53$
155s
14 May
,
96
91$ Apr 27
May 21
57
210
...
pref
100
North American Co...No par
Adjust 4%
II414 Mar
Jan 10
1
No German Lloyd Amer shs—
*10034
273$
4
138
Norfolk & Western—
'
1714 Feb 17
Jan 20
50
300
Deo
Deo
Deo
lOUMay 16
125
600
1,100
107$
2984
6I4
10% non-cum pref
50
t N Y Investors Inc...No par
900
12,700
11*2 Dec
36U Nov
Dec
3,800
1,200
77$
Mar
19
ioi4
56
35s July
18i2 Mar
12U Mar
39
3,300
1037$
Deo
Mar
June 27
115
*5512
75$
6114
Jan
2
139
285
*103
Oct
43i2
4
6
113
5514
734
2
Jan
284
104
Oct
47
119
115
75$
2
50
284
104
Deo
16'$ Sept 16
6512 Oct
6i2Mar
3
38,300
Jan
13>8
4134
Mar
N Y & Harlem
7%
115a
Jan
21U June
7i2
978 Mar
100
317$
8
597$ Sept 4
109
Sept 30
43
Apr 14
Mar
18U Mar
6
100
115
3U$
63i4 Sept
36
84 Nov
Sept 29
JNYNH4 Hartford
Conv preferred
134
Jan 24
Mar
Sept 29
Preferred
*280
134
13U
9
95
4
3,700
69i2 Aug 10
1261$ Aug 26
117$ Jan 17
U2 Nov
8334 Nov
207s Aug
773$ Aug
53
90
131$
2
3i$ July
100
300
Jan
17»4 Jan
„
N Y Lacka & Western
33$
75
36i2 Jan
York Dock
50
5
li2 Feb 11
100
Preferred series A
105
*314
125$
*82l2
3
..100
N Y Chic & St Louis Co...100
New
2
741$ Jan 6
77$ July 10
No par
52
5
197$ Jan
No par
6512
4
5714 Apr 29
No par
300
8
i2 Jan 10
National Supply of Del.....25
Preferred
100
Natomas Co
47
4
-
7$ Jan
25
National Tea Co
87$
451$
4
National Steel Corp
19,400
1,700
1,100
2,300
preferred
93i2 Apr 23
55i2
55i2
55i2
8
77$
734
8ifi
77$
iod4 103
*10U4 1027$ *10U2 10234
313$May26
162ia May
l40i2 July
No par
56
Jan
Jan
65
3U2
45$
Jan
1
3034
♦5512
34i2 Nov
32i2 July
1215a
$7 1st preferred
323$
May
150
30
3U4
55U
21
23i2 Deo
22»a Deo
11314 Nov
108
Aug
Aug 28
103
32
108
3638 Nov
I58is Dec
Mar 17
103
3U$
Oct
Jan
168
105
315$
55i2
47i2
19i2
27i2
144
June
*102
305$
21% Nov
2
1434
64l2
45 I4
2
Deo
158
160
*134
14H2 Mar
2
3778 Apr 14
26 i2
Deo
22U Apr
June
104
.
8184 nov
145$
181$ Oct
2
112
*102
-
Dec
1584 nov
1414
Feb
33>$Mar
7
6
104
2
Deo
1538
634
Apr 28
10
*102
.
3318
4i2 Mar
Nat Enam & Stamplng.No par
300
Feb
Jan
Deo
255$June 11
28f4 July
10712 Jan
83
.
434 Mar
No par
7% pref class B
t Nat Depart Stores...No par
Nat Distil Prod
No par
284
Feb 11
30
11234 Mar
N Y Steam $6 pref
2
3834 Jan 9
164
July 31
4
70
*278
Oct
108i2 Jan
100
100
150
*112
61
Sept
13U Mar
13i2 Mar
127a Mar
Sept
*106
Sept
U2 Mar
21
83
2
Jan
Nov
July 28
15
100
115
Feb 25
14
43
100
284
Deo
4i2 Deo
55
4
12i2 Apr 30
912 Apr 30
No par
100
2
3
23
Jan
102i$July 3
14
Apr 30
100
10
*99
283
16U
July
Apr
1
99
*112
Deo
May
U2 Mar
1084 Mar
11
7
4
82
17$
July
4i2
July
30
Jan
447$May
99
115
4
17«4 Deo
63a Nov
Apr
1
May
21
No par
1314
*112
1
Mar
2178 Feb 19
33
Sept 21
I8I4 Sept 11
155$ Mar 9
70
No par
99
115
Mar
9612Sept 18
3234Sept 8
79i2 Aug 1
IO5I4 Sept 1
2284 Mar 6
No par
Inc..
82
*112
1
114
103$
2i2
57$
62
127$
280
7
1
99
17$
6
227$ Sept 28
293$ Sept 29
82
280
Mar
41i2 July 28
Jan
Apr 30
13l4
280
7
178 Feb 10
82
*275
Feb
2
100
*102
4
11
No par
National
10
58
125$
327$ Aug 10
151$
14,600
10834 *108
34
31
83
2618 Apr
95$ Feb
13734 Jan 21
1
12i2
*82I2
25a Dee
283$ Apr 30
15,600
51
3i2
Apt
100
*95
*314
84
7
10
8
14
21
100
*l2
96
10
Nov
34 Nov
2»4 Feb
Preferred B
*135
10
75$ Nov
68
is Mar
5
Wheel
7% pref class A
-
Jan
82
5i2
Mar
Preferred A
160
5U
*314
127$
34
5i2
3l2
1318
82i2
13
*10312 105
U8
*112
*551$
77$
1214
95$
37$
37$
Jan xlllU June
378 Mar
1 is May
80
51
U$
Deo
60
130
*1
31
Nov
150
66
Nat Aviation
5,300
130
13l2
Oct
85
Jan
58
105
76'8 Mar 24
1161s
Nov
65i2 May
Nat Dairy Prod
4,000
514
14i2
Aug 10
Sept 21
123s Mar 23
Oct
U Apr
3184 Dec
718 Mar
9i2 Aug
12,000
19,400
11
93
85
Sept 16
684
20i2 Deo
247$ Sfept
......
....
94U
514
514
135$
135$
*12812 132
5
109
2i2 Mar
0i2 Mar
407a Deo
100
13
83l2
100
303$
9212
96
*95
*95
*95
*
*135
„
43$
*135
445$
13112 Mar 30
8U Mar
6018 Mar
Jan
Dec
National Acme
16,600
11
57
485$ Sept 10
Apr
2418
14112
*165
58
108
6084 Oct
33i2 Dee
423$ Deo
22
Dee
60
Nashv Chatt & St Louis
200
723$
108
2084 Mar
103
May 19
Myers F & E Bros
900
158
57
*56
85i2 Oct 1
38
Sept 30
6414 Sept 8
12i4 Apr 13
255$ Oct 2
784 Feb 11
*283$ Apr 8
Nash Motors Co
4,400
70i4
7034
57b
5714
*120l2 124
85$
87$
1034
107$
51
*50i4
58
8»8 Nov
97i2
71
5% preferred
Murray Corp of Amer
......
3412
71
112
65U Nov
79
—50
Preferred
20.400
2.10C
80,700
*1
58
1434
12i2
97i2
Jan
197$ Aug 24
No par
Essex
MulllSs Mfg Co class B
12,200
195$
29
Dec
Mar
2
6
&
Motor
U2
5$
*i2
5*2 Jan
37$ Jan
Motor Products Corp..No par
127$
28
Jan
6OI2 Jan
Morris
8,900
245$
28l4
....
14U2
*107
*26
25
153§
1156$ Dee
143* Deo
943$ Nov
6,200
26i2
Dec
Feb
U$
30i4
Deo
Deo
22i2
291$
17
25
Dec
10*4
40
417«
Munsingwear
2934
11
f
Nov 1
21»4 Mar
Murphy Co (G C)
*156
38i2 Dec
8i2 Apr
85i2 Mar
Dec
Id8,
45i8 Sept
131
59»4 Feb
700
247$
7U Mar
3384 Nov
901$ Jan
57a May
35i2 June
507$ Sept 23
500
30i2
June
Mar
4
330
157
Oct
103
28
7
397$
251$
110
110
*105i2 112
1097$ 1097$ *108
1097$
171$
181$
16l2
171$
30
30
29i2
2912
*28
2834 -*28— 2834
110
110
14~1~"
*59
1034
*50
25
245$
2434
11934 120
71
59
2514
2412
2512
277a
141l2
*25
*10512 110
1097$
*108
1097$ *108
1097$ *108
167s
163$
165$
163$
165$
163$
30
30
30i8
297$
3034
303$
*2712 2834
*2812
2834
2812
2834
*165
....
*141
3012
157
*156i4 157
253$
247$
31
305$
307$
157
251$
2578
251$
253$ 2578
iioi4 iioi4
55
3
6i2 Feb
14i2 Jan
2
Sept 15
10
Rights
*155
I
Mother Lode Coalition.No par
12l2
Oct
Jan
Jan
41
614 Feb
212 Aug
234 Jan
100
100
20
5,400
17
Nov
54
Jan
68
13
20
44
31
*33
57«4 Nov
Jan
35»4 Jan
953$
3234
1714
Deo
Nov
Morrel (J) & Co
10
6012
11
3378 NOV
156
Mont Ward & Co Inc. No par
2,000
41,200
67
207$
4514 Deo
14U Nov
13s Feb 10
Jan
l634Jnue 10
100
A
Preferred series
3,200
1,900
Jan 17
13$ July 14
No par
10,900
46i2
....
Deo
2334 Deo
37a Deo
82i2Sept 28
lO^sMar 6
11112 Oct
98
100
100
4% leased line ctfs
Mar 24
110
t Minneapolis & St Louis.. 100
Minn St Paul & SS Marie. 100
7% preferred
19
8
Apr
3*
Mission Corp
9
157$ Sept 21
Apr 23
106>4June 19
6»2 Jan
*65
67 U
68
*103i4
197$
203$
61
6012
19
19U
Mar
No par
Preferred
30i2
-
88
No par
6% pref series A
9
Feb 21
110
100
Minn Mollne Pow Impl No par
93l2
i.
213$ Jan
100
pref—
Minn-Honeywell Regu.No par
2,100
xl7U Apr 30
No par
Mllw El Ry & Lt 6% pref.
71
-
May 13
3U2 Jan
403$ Jan
9434
.
30
5
Miami Copper
1,900
24,200
7,400
Feb 17
46
2
9712 Jan 10
55U Jan 31
67$May 22
100
7% preferred
Mesta Machine Co
118i2 Jan 3
11»4 Feb 14
108
Merch & Mln Trans Co .No par
50
2,300
4938 Jan 24
3
123$ Jan
1
3034
9434
3034
*10314
1
U$
*67
58
2012
57i2
5834
....
,
223$
28
293$
67
39
38l4
221$
9,500
6
973$ Jan
No par
Mengel Co (The)
600
98*4
Dec
Deo
32*8
84i2
3434 Aug 26
19
Sept 19
lli2 Apr 29
7
37>4 Jan
1
..100
No par
No par
Melville Shoe
Aug
9
85$ Apr 30
pref———No par
S6 pref series A
60
400
11,200
2,100
4834
conv
6% conv pref
Mead Corp
11,700
3i2
99
*451$
S3
McLellan Stores
Feb 24
2UMay
5
McKesson & Bobbins
100
55$
195$
4814
23
22i4'28i2
85
900
98
23
38'4
McKeesport Tin Plate.No par
900
99
u$
39i2
227$
293$
1,800
978
178
10
Jan
512
Jan 31
39i2Sept29
May
July 21
24
Mclntyre Porcupine Mines..5
34
4914
23
1
100
17,200
15$
48i4
*457$
23
1
June 19
June 16
1,300
*9734
77$
27
2
16
10,900
1,300
9,100
Jan
Sept
3
33
501$ Apr 8
110i4June 15
45
92
66i2
8U
2812
25$
57$
2312
98U
*9312
....
1912
3578 Mar
Feb 28
55
Jan
136
2
62i2 Oct
McGraw-Hill Pub Co..No par
s
67
4834
*457$
*65
6
*512
19U
23»4 MAr
373s Aug 13
Aug 12
161
2,100
14,300
99
99
497$
6
6
19
Mar
6^4 Mar
4
June
5
Mar
7,000
20
4912
4612
225$
97i2
487$
3i2
6
19U
20
12
29
8i4
3l2
*3
20
5
103
945$
66i4
34
15$
665$
Mar
No par
110
8
8i4
1
2i2 Oct
334 Mar
No par
JMcCrory Stores Corp new..I
6% conv preferred
100
109
92
110
9U$
67i4
65
*107
109
*108
8k
77$
8I4
u2
34
*13s
Us
91
7l2
62
*107
108
108
92
108
*9034
-
1081s *108
91
110
-
108
108
109
*108
73$
62
-•
5U Apr
38 June
Feb 13
ex-warrs—No par
McCall Corp
800
181$
*931$ 101
221$
2114
3934
4OI4
92
9034
177$
1734
*931$ 101
2U2
*2012
40l4
3934
2H2
19i2 nov
Feb
4i2Mar 18
5034 Mar 5
1918 Mar 5
7
46
Prior preferred
50
108
3314
1734
Mar
1
2H2 Feb 28
..No par
Preferred
3314
34
30
10
13i2 Apr 30
Sept 3
No par
Preferred
600
47
108"
108
*331$
*931$ 101
9012
901$
47
100
Department Stores—10
Maytag Co
13U Mar
3
•
BI2 Apr 28
27i2 Apr 27
1537$ Jan 17
43i4May 4
May
May
1214 Deo
66i8 Oct
Mar 17
1284 Aug 7
3is Mar 19
10i2Mar 18
3084 Apr 6
lli8 Jan 22
Preferred..
7,700
16i2
May
2U May
10
684 Mar 17
23
Martin-Parry Corp
No par
Mathleson Alkali Wks.-No par
30
59
2i4July
41
29
Apr
Apr
23U Feb
No par
Marshall Field & Co
5,700
*16
33
91
Prior
54,300
161
161
*161
....
Preferred
......
10
95$
934
934 I
914
934
97$
95$
05$ -934 ^\.934
934
43
43
43
•
43
425$
425$
433$
4234
4312 4312
*4314 4312
14
143$
143$
151$
145$
143$
1434
145$
1414
141$
14i4
1414
101
101
10312 *100
103i2
10312 *100
10312 *100
*10012 10312 *100
16
16
16
16
171$
173$
167$
163$
1712
16i2
16i2
*1514
*108
11U2 11U2
*1111$ 11212 *11012 113
10914
iioi4 HI
io8i4 10914
*82
*82
83i2
8312
8312
*813$ 83
82i2 8212 *81
8214 8212
10
101$
97$
97$
101$
97$
IOI4
101$
93$
95$
IOI4
91$
85
85
85
8434
825$
83l2
8512
825$
*77i4 78i2
78l2 8212
38
*35
*35
*35
37i2
37i2
37i2
37i2
*37i2 1 38
3712
37l2
60
60
60
597$
60 I2
5912
5934
5934
59i2
*59i2
6012 61
9
9
9
87$
*87$
93$
87$
93$
87$
93$
914
93$
24
243$
245$
241$
255$
2434
243$
237$
2434
235$
24l2 2434
46
45
45
45i2
4312
4434
4334
44i2
445$ 455$
4514 455$
123
123
123i2
123i2 12312
12312 12312 12312 123i2 123i2 12312 123
*108
-.No par
—1
Marine Midland Corp (Del).5
Market Street Ry
260
3
*2l2
2i2
48
Maracalbo Oil Explor
......
1634
—
*108
Marlln-Rockwell
81$
28i2
60~
47
33
92l2
3534
10
800
*7i2
28i2
591$
1634
*10712 108
181$
1734
*931$ 101
2114
*2014
4134
413$
9
212
4712
175$
*85$
355$
81$
2812
46
*
33
*85$
36
.
234
47i2
183$
9
*161
.
5934
46
*10712 108
-
175$
*2i2
*457$
......
25
Jan
3
57U Jan 10
1884 Jan 10
15$
17
59i2
*1634
47
33
—
*27
5,900
*13$
100
Feb
4
13
100
—100
Mod 5% guar
Manhattan Shirt
78
7
7
Highest
share $ per share
per
Aug 19
17i2 Feb
preferred
2d preferred
t Manhattan Ry 7% guar. 100
'<
378 Feb
2
2
June 30
7
6i2Juiy 27
500
35$
lli2
15$
-
100
No par
100
i 114V
35$
IH2
28
Preferred
Mandel Bros
100
312
1H2
35$
15$ Jan
7U Jan
..100
$ Manatl Sugar
1,000
2,400
3
*834
3i2
16i2
*13$
$ per share
32f2May 27
1414 Apr 30
17i2May 4
214 Jan 3
8^2 Apr 30
li8 Jan 7
......
21
113$
47i2
191$
40
1,300
1612
17$
185$
*35
Year 1935
Lowest
Highest
$ per share
Par
650
1212
20
35$
485$
........
15
19i2
81$
*25$
23$
14
16l2
113$
28
*2
*123$
1912
*13$
28
Shares
12U
1936
Range for Previous
1
Lots
Lowest
I6I4
*312
111$
28
S per share
40
17$
-
Week
14
His
3
Oct. 2
23$
13
16i2
19i2
1612
*19
Friday
1
5 per share
On Basis of 100-share
YORK STOCK
3,
EXCHANGE
the
Thursday
Oct.
Range Since Jan.
STOCKS
Sales
CENT
NEW
*48
Oct.
New York Stock Record—Continued—Page 7
2168
Jan
6
Aug 28
Deo
114U Mar
114 Deo
99
May
8i2 Jan
165a Aug
6i2 nov
334 Deo
16ia Jan
87
Jan
92i2 July
1021s Deo
2i2 Deo
Mar
218
Deo
99
Jan
108
June
35i2July 27
9
Mar
28
Nov
59
June
9
35i2 Mar
10»4 Mar 19
2
Mar
106i2July 21
121$ Feb 21
57
Jah
102
Aug
5
3684 Feb 20
57
Mar 24
4i2Mar
30
6
Jan 22
1712 Jan 15
241$
545$May
6
*4 Aug
Deo
June
2
Oct
1218 Aug 25
Jan
6i8 Mar
139
5
314 Nov
86i2 Mar
13is Mar
357$ Jan
Us July
*20
Mar
9U Mar
I6i4
Oct
55
738
102
Deo
Deo
Nov
lOis Nov
99
Aug
25U Deo
52i2
214
Deo
Jan
32i2 Jan
1414 Deo
27U
Deo
Volume
LOW
AND
New York Stock Record—Continued—Page 8
143
HIGH
SALE
PRICES—PER
SHARE,
NOT PER CENT
2169
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of 100-share Lots
the
EXCHANGE
Saturday
Sept. 26
Monday
Tuesday
Sept. 29
Wednesday
Sept. 28
Sept. 30
Oct. 1
Oct. 2
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
I8I2
109i2
12i2
27l4
2714
18i2
*107
*12
*133
135
135
135
36
36i8
5238
53
2114
2178
136i2
136
*133
5212
2138
53l2
2134
137
137
*132
*150
152
*150
,
152
15
15
14i2
1412
*14l2
12
1212
14
1238
1234
2i8
125g
1234
*13
*51
2i4
54
*51
*78
7934
*103i2 106
1178
1214
92
1218
*26l4
27g
4212
*26
6
778
1214
23a
*60
9H4
414
6
2678
3%
42io
2714
9434
125S
2634
3i8
12%
*2534
3
23g
...
116
51
27
238
9214
438
6
3834
5234
8212
*9%
214
89
*1014
*72i2
4134
"16
1478
2i8
54
77
9012
*4
6
38%
*44i2
*115
152
15
15
12X4
12X2
15
12%
Preferred
10
57
78
No par
Prior preferred
Outlet Co
2,300
270
100
Glass
8
Jan
Deo
152
July 16
llli2
Jan
142X2 Deo
11*4 Apr 30
18
Feb 10
13i8Sept
9
20% Jan
9
13g Jan
&
preferred.
100
67
100
First
127g
26i2
12
12%
2678
12%
12%
12%
26
1234
32,800
103
Second preferred
7
42i2
28
28i4
678
6%
8'4
1134
2%
6312
91i2
4%
734
1134
2%
116
52i2
41
6X8
91
414
6i2
39i2
21i2
6%
38i2
2II4
52 x2
98
57g
1
42i2
1,700
Parke Davis <fc Co
28
6,100
Parker
42
2778
2734
6i2
8
6%
718
117g
2%
III4
634
4i8
6I4
Parmelee Transporta'n.No par
6,000
Pathe Film Corp
No par
Patino Mines & Enterpr No par
3
400
9234
93
Peerless Motor Car
10,000
63
3,500
6i2
6i8
414
6%
*40
41
2034
Penn Coal & Coke
800
3834
39%
45%
45
45
200
*112% 116
10
*112i2 lie
52%
*5%
52
53
5378
*5%
*101
105
84
85
84i2
86I4
86
86i2
*25X2
13I2
IOI4
38%
*5034
*97l8
26
26
26
26
26
1334
13%
1334
13%
1418
1034
IOI4
10l2
6,900
38%
10%
38%
IOI4
39ig
3834
3914
10,100
52
52
300
*9714
98
200
52i2
98
*5
534
*51
52%
98
98
*5
5%
*5
800
5714
Apr
84»4 Sept
214 Mar
6i2 Aug
5i2 Aug
3034 Nov
No
par
No par
60
100
38
64i2 Jan
100
56
Jan
16
Jan 13
No par
Petroleum
Corp. of Am
5
Pfelffer Brewing Co
No par
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
$6 preferred
No
t Phila Rapid Tran Co
7% preferred
par
50
214
214
1,700
Phila & Read C <fe I
*88
89
88i2
89%
3,000
1034
IOI4
1014
*978
1034
10%
11
*1118
1178
12X4
1212
700
80
Phillip Morris & Co Ltd
10
Phillips Jones Corp...No par
7% preferred
100
Phillips Petroleum
No par
90
914
80
SO
83
83
83
83
83
82
82
42%
4l34
423S
4034
4178
42
43%
%
42I4
%
42 x8
1316
41%
"16
41
78
78
%
"16
7U
7512
1138
7X4
75i2
1U2
7%
*7
76i2
10i2
75
77
*73
75
75
75
170
10%
10%
*10%
107g
10%
1078
700
2
h
*81
r« 3,e
Apr 27
100
8914
914
Mar
25i8 Apr 28
10
978
2%
Feb 19
100
89
214
Aug 19
2814 Apr 29
100
914
2%
*9lo
135
110
90i2
2%
2
2
June 30
17
100
90
10
4i2 Jan
28s4 Jan
par
90
2%
3i8Juue 23
30
*9
914
2X4
70
39,600
"l6 137,900
May
1*4 Nov
Sept 24
28
89
2%
4% Deo
8I4 Deo
15
93
10
10
Apr
Mar 13
10
214
8934
214
6
69
Corp
Pet Milk
5%
1414 Sept
21% Nov
81
Prior preferred
Preferred
200
84 Apr
478 Oct
8I4 Feb
12
Sept
101*4 Sept
Feb
People's G L & C (Chic)
6,800
Aug
Nov
914 Aug
JL1
May
214 Mar
64i2
Pere Marquette
300
1
2
1714 Jan 24
8
67
Feb 21
ix8 Jan
Peoria & Eastern
"""900
10
Apr
1178Apr
17g Deo
6i2 Mar / 20
Nov
7Ua Dee
8078 Deo
3
Preferred
4,800
40»4
658June 20
Oct
Dec
x2June
73
Peoples Drug Stores..Noo
618
4014
6ig
41
40l2
41X8
102% 102% *10U2 105
4ig Jan
10i8May 20
21
Deo
2
87 conv pref
Pennsylvania
24~,100
3878
Apr 28
7i2
Aug 17
Preferred series A
100
Penn G1 Sand Corp v t c No par
*120
"
45i2
4034May
Sept 29
1278 Sept 29
28i4Sept 8
5x4 Jan 23
47X4 Mar 10
28x4 Sept 29
14
Nov
60
3
Penn-Dixie Cement
600
*20%
I3I4 Sept 29
98
June
8i8 Aug 19
17i2 Jan 13
234 July
23
414 Apr 6
74i2 Apr 4
97i2 Feb 13
109
Aug 31
684 July
3X2 Mar
10*4 Jan
56
No par
•
Penney (J C)
2,200
3914
July 30
7i8 Aug 22
69
28I2 Oct
No par
Penick & Ford
700
20i2
3914
20%
2.50
2,400
2%
414
Co
10,600
6214
4ig
No par
Proof
8
63
9114
Rust
1214
92
*4l
*51%
1
38%
54i2
6'8
■J5X2
10
Park Utah C M
45i2
53
100
Park-Tilford Ino
300
3i8
38%
115
1
preferred
6,800
26
3
4234
*62
*120
.
38X2
*44i2
115
41
2%
62l2
62i2
90i2
4i8
*120
39ig
45i2
77g
1134
Paramount Pictures Ino
~
278
18i2 Jan
Apr 28
No par
conv pre!
10,500
257g
par
No par
Paraffine Co Ino
97l2
278
417g
27%
6X2
734
1134
2%
31% Deo
8
Trans...5
Petr
9634
2578
Deo
13i8 Mar
Jan
Panhandle Prod & Ref .No par
1314 146,300
Deo
538 Deo
140
800
"l3"
37a
10
Mar
21
Corp. .No
Motor Car
conv
1
17»4 Nov
123
2%
4%
Mar
Jan
1334
8%
Aug
1
3i2 Apr
Deo
Nov
Mar
*2i4
300
14
129
June
678 Jan
12i4 Aug
530
Mar
Deo
12
Pac Western Oil
77
80
55
115X2 Mar
19
Pan-Amer
58
Mar
70
Packard
106
38
114l2 Mar
July
17% Sept
2
300
77
July 20
6884 July 22
92
Sept 11
71,400
58
41
125
142
"i'ioo
*
1834 Sept 30
10% Sept 29
Jan
414 Mar
2234 Jan
3
1212
7978
66
114
106
Jan
1514
106
2
Sept 26
Nov
11% Nov
26% Deo
118
12%
*12ig
59
*76
June 12
2084 Mar
share
20*4 Deo
107
..100
96
42%
28i4
3
3084 Jan 11
47% Apr 30
14i4May 15
4x4 Jan
136
Apr
Apr
Highest
per
100
No par
6% preferred
94%
3
Sept 10
July 22
164i2Mar 4
18i8Sept 1^
934 Feb 11
2
No par
"l234
$
7
8
Pacific Telep & Teleg
1314
42
Jan
July
Pacific Mills
9634
*2578
114
214
*
484
7
8X4 July
Jan
1U8
2
July 22
3x2 July
75
Mar 25
2
3X2 Jan
Ltg Corp..
14
share
per
3234 Feb 24
Jan
13
Pacific
25i8 Mar 30
115i2 Feb 24
July
5
3,900
i
12i2 July
10
preferred.
Lowest
70
No par
preferred
9312
0
123
2
6,400
152,
2
Jan
No par
Pacific Gas & Electric
25
90
Jan
128
Pacific Amer Fisheries Ino
14,000
8
24X4 Apr 27
25
Co
Pacific Coast
2d
2
47
2,200
2,550
7
Jan
114
3,330
1st
July
100
Owens-Illinois
1,070
17
107
No par
Preferred
"I'M
$ per share
1518
214
60
*150
100
Otis Steel
15,400
par
No par
"12%
52X2
*5i2
*5i8
Otis Elevator
$ per share
Year 1935
Highest
1314
*12
2i2
106
Oppenheim Coll & Co..No
98
*97
534
1,900
5,400
13
1314
51I2
*5i8
*150
13
*74
*
Omnibus Corp (The) vtcNo par
Preferred A
100
200
17
1634
1678
17i8
878
8l4
8i2
8I4
8i2
18
18
17
1834
17
9
IOI4
934
914
9l2
3634
3658
3634
363s 3678
53
53
53I2
535s
5314
23
26
227g
2678
28i2
137
136i2 *130
*13314 136i2
152
Par
14,000
1678
12X8
12I2
2X8
5434
98
51%
*97
57g
15
12%
1314
*101X2 103ig
82i2
82i2 82X2
27
*25I2 2678
14
1334
137g
1138
1078
1U8
39l2
3878
39%
*26
51%
98
*150
102
1U8
3914
*5
152
6XS
37X2
6i8
4034
13%
*49I2
54
22
136%
*120
5134
*5i8
III4
36i2
53l2
22I4
136i2
21
~3~9~38
40
39%
9X2
37X2
116
IH4
387S
10%
21
*115
137g
2I2
*60
618
45
102
18
38
*44
16i2
8I4
878
2034
*120
137g
*97
734
1134
64
*3514
2034
52
*5'8
6i8
*4112
42i2
*102I2 105
*80l2
82i2
634
8
*4
39%
45i2
27
6
92
6I4
42i2
2634
I2X4
17
18
Range for Previous
Lowest
....
'
iJ'8
43
238
*6014
9134
414
*115
*25
93i2
1134
37
39i8
*44
93
8
2034
*120
"l278
12U
*2534
...
106
1234
1214
37
*76
*
12
6
2034
53
78
106
42i2
26i2
534
734
64
2X8
54
78
94
123s
12%
2i8
19i8
1914
19i2
1978
109i2 109i2 *107
110i4
*12
1214
12X8
1234
27
2714
2678
27i2
135
*133
135
*133
135
13434 *133
1778
1678
1734
1678
1718
17i8
183s
109
IIOI4
10958 *10834 110
109X2 110
5578
*56
*55i2
5578
5578
56
58
*11434
*11434
*11434
139
140
141l2
139
139l2 13934
139X2
36%
*36
3084
53i2
21%
*150
*1234
*2i8
Friday
18i2
18i2
18i2 20 x8
1914 20 x8
109l2 109i2 *107
109i2 *107
109i2
*11%
12i2
11%
1134
1134
1134
2714
27
275s
26?8
271S
2714
17i2
18
17l2
18t«
17i2
112
II2I4 114
112i2 10812
*55i2
5534
5534
5534
5578
*115
*11434
*11434
13734 138
13812 13912
139%
1678
1714
1678
1714
1678
778
77g
734
8»2
8i2
15
16
16
1412
15is
9
8i8
838
914
8I4
3558
Thursday
50
No par
Rights
4
Jan
6
12%June
lOisJune 30
25% Jan
45>2 Jan
81ia Jan
3X4 Jan
Oct
678 Jan
10i2 Mar
48x4 Mar
2734 July
135
2
24
24
84 July
3
Mar
18
Mar
July
17
Aug 19
40i4Sept
8
4938 Ang
11634Juiie
7
30
leb
9
10838
Oct
32i2 Dec
39% Apr
11634 Mar
1734 Mar
43x2 Aug
2i8 Feb
914 Mar
16i2 Mar
34x2 Nov
6484 Deo
13
54
66i2Sept 9
7i2 Feb 19
46l2 Aug 10
104l2 Aug 29
88
Aug
7
1714 Mar
Mar
4
Nov
Deo
26 x8 Sept 24
18
Feb
5
13i2 Oct
7% Mar
19% May
19X8Mar 4
40x4 Apr 11
54% Aug 19
98
July 15
11
19% Deo
28i8 Deo
45i8 July
85x4 Nov
4% Nov
12
Oct
1234 Mar
23
Feb
38i2 Mar
Mar 13
1% July
14
10
Deo
Nov
1678 Mar 13
3i2 July
7
3% Jan 13
134 Mar
4%
Jan
Mar 13
10134 July 24
35X^Mar
x68%
1484
Deo
85
Dec
40
Deo
8i8 Jan
U2 July
66
784 Apr 29
68
May 29
88
Mar
5
38i8 Jan
49% Apr
2
6
9i6Sepd9
15i2 Feb
7
SiTrdar
53i2 Apr
13*4 Mar
Deo
X5|6Sept 23
'
634
*75
78
*1034
IH4
2
2i8
30i2
*30
*11
12
2
*7
*75l2
10%
2
7%
2
2
2i8
30
*30
30%
*30
11
57%
*55
*185X2
12i8
7634
7534
11
11
"l2%
7634
*134
11
57X4
"m
*15i8
6%
*93
36
*2
1638
*21
2214
6
19
65s
96i2
18
6%
334
57
11
2
*7
200
7%
»4
*54
2i8
30%
12,000
100
Plllsbury
1U4
11
11%
800
56
56
57
-
-
200
1214
12
1214
76
75X2
75i2
76
76
2%
*2
*2
,19
19
*17
340
7
2,100
96
96
95
95
96
96%
97
98
200
36i2
37
3534
3614
37
37%
560
*1%
214
*1%
100
Pittston Co (The).
1638
16%
22i2
16%
21%
22%
22I4
22l2
*21X4
16«s
22%
2U2
16
22x2
I6I4
*21«8
214
16%
*6
6I4
16
*2114
2212
2lig
*2
*21i4
21%
6I4
9'8
6
6
*6
6%
6
2
2
9
22
214
l?a
934.
384
17s
*178
2
2
97g
9%
10
IOI4
378
3%
378
383s
3734
46'8
3814
37g
334
934
334
6%
2X4
16
•678
*134
16
2234
22%
21%
22
6
2
10
6i2
2i8
10
214
.
159
1634
*95
1734
*16
1038
*8814
7114
678
34i2
4934
4778
44
11%
*69
*2
*1534
1838
18%
*80
*21
*101
5I4
2312
11458
100
19
4612
*125
1034
*88>4
72
70
..
71%
*46X2
43%
96
95
95
1714
1778
I6I4
13,700
16i8
IOI4
III4
97,400
12X4
12
12
71
71
*80
82
2%
*2
2%
17
*2
214
1214
*68
*2
1,600
1,600
12%
preferred
Real Silk
Hosiery
Preferred
80
Re is
214
(Robt) & Co
preferred
126
27
27
115
3058
56
125
2678
900
2678
129
26i2
130
129
2684
25%
130
2534
135
2514
*110i2 1141a *110
114I8 *110
114ig *110
*30
31
31
30% 31
30%
3OI4
5578
*5812
55%
65
*58i2
60
12
5512
*58i2
*9i2
56
65
*8
12
*9
12
*26
28
*26
28
*26X2
138
2514
1127g
31
5578
56
56
56%
*58%
60
60
60
'
*9
12
*10
12
2714
*26
5584
2714
26
26
133
25%
111
133
2584
111
10
100
.No par
Class A
6,800
2,800
1
100
32%
2,400
*10
12
27
28
9,000
65
100
•
Preferred
400
July 14
73
100
Mar
99
Jan
29X2
Oct
7
Jan
2
627gSept 29
62%
Class A
Ritter Dental Mfg
V
Feb
Mar
117
Deo
85i8 Mar
132
Deo
148
Deo
103
June
Feb
Mar
10
No par
Oct
13% Deo
43i8
Apr
38
Deo
31$ Apr
20i8 Apr
11
Aug
72
Nov
Sept 25
Sept 26
2
1684 Jan 30
4
88
Feb 17
334 Jan 14
22
2
4
Jan 14
Oct
2
104X4 Oct
2034 Oct
Mar
3
Oct
18
Nov
7
June
69
Aug
21i8 Oct
98i2 June
2x4 Mar
9
Mar
28% Mar
78X2 Oct
5i2 Apr
Apr
Apr 28
22i2May 25
105
Apr 27
138
Oct
75
Apr
Apr 29
5878 Sept 16
10*4 Jan 3
19i2 Feb 2
34
34
Feb
17if Apr
Jan 13
Sept
35
101
June
2O84
88
Deo
Nov
2514 Nov
liO
5%
Mar
Deo
20*4 Nov
97
Nov
95X2 Nov
16
Dec
37is Deo
115
Nov
32
Deo
11314 Deo
8
58% Feb 28
65% Feb 10
13% Jan
43 x8 Nov
Mar
13
117
Jan
1
Oct
3
Oct
30x4 Deo
8
54
90
Deo
July 15
9
50
Deo
50
78i4May 4
10
Apr 20
July
1734
3
80
118
25
Deo
65
77
100
Jan
17
1197a Dec
6
17g Apr 28
12%May 7
Aug 21
17X2 Aug 21
24uJune
527s
578 Mar
19X2 Oct 1
99'8 Sept 2
4isJuly 8
1678 Apr 30
10
113 -.July
6
16
May
104i2 Deo
49% Mar
77
5
Nov
4634 Nov
92
35i2 Jan
Oct
5384 July
121
2478 Mar 20
25
1
D 0
U4 Mar
16i2 Mar
2878 Jan
Jan
414
26i2 Deo
3514 Mar
2
97a Jan
57g Nov
2i8 Nov
16% Jan
914 Feb 19
38i4 Apr 14
Jan
70
Deo
13334 Apr 17
117i2Mar 27
25
Rhine Westphalia El & Pow__
...
130
1984 Sept 5
23*4 Jan 15
9934 Apr 15
2434 Jan 23
114
Apr 15
8I4 Mar 25
2634 Feb 19
Reynolds Metals Co...No par
5>6% conv pref
..100
Reynolds Spring new
1
Reynolds (R J) Tob class B.10
For footnotes see page 2162
100
Republic Steel Corp...No par
2,400
100
6% conv preferred
2,200
6% conv prior pref ser A. 100
4,100 Revere Copper <fc Brass
5
3034
56%
*58%
56%
Reo Motor Car
18,300
890
July. 15
33
44,000
.
113
44
Rensselaer & Sar'ga RR Co 100
<
126
$6 preferred
Prior preferred....
1,300
6
Jan
2038 Mar
49i8 Aug 11
Remington-Rand
«
115
7
9,200
1st
80 x2
Jan
122i2 Feb 26
49X4 July 22
4
18
19
18%
187S
18%
18i8
78
77
7734
80I2 *78i4
7914
7814
20
20
21X4
19l2
21I4
2OI4
20%
2014
110
*101
110
*101
*10H4 110
110
*101
110
*10114110
5%
538
534
534
512
534
5%
5i2
5%
5l2
534
2414
23
235s 24i8
2234
2314
23%
2314
23i8 23%
24i2
113
113
114
11434
H4I4
11478 115
11514 118
114% 115
100
103
99% IOOI4 1007g 101
104
10334 10414 xlOO
10012
19
19
1934
19%
2034
1914
19%
1934
20%
19%
19l2
49
51
53
4818
54
5134
51%
5334
5134
51l4
5134
19
49
% May
6i2 May
423g Jan
Jan
Reliable Stores Corp ...No par
21
5% Jan 16
4378 Oct
Feb
Jan
1,700
205s
x4
43g June
39
17%
19
1234 Nov
37
1914
82l2
2H2
6i8 Mar
1% Mar
50
1834
18%
187g
13
.50
*15%
187g
26% Mar
237sSept 21
984 Mar 4
33g Jan 11
12i4 Feb 6
2% Aug
6i2 Mar
2978 Mar
36
Apr
187g
18%
*1534
1834
17 x8 Aug 28
Mar
108i2June 18
1714
*1534
1834
Nov
1
83i2 Jan 2
68i2 Apr 28
18%
1834
Nov
25
4
*15%
183g
62
678 June
1414 Jan 17
.No par
3i2 Sept
24i2 Apr
934May 12
Raybestos Manhattan.No par
Reading.
50
1,100
75
IOI4 Apr
114 Mar
2% Nov
16i2 Deo
Oct
144l2July 14
164
July 14
114
Apr 1
Aug 21
May 1
Oct
Mar
884
1st
71
100
16
103
Deo
1
Sept 24
17i2Sept 21
2d preferred
*12
100
3678
Aug
10
55
Feb
x4 Apr
334 Feb
Jan
112
180
5i2 Mar
19
400
*68
100
Nov
22ig Mar
2
300
12X4
40i4May 12
26X4 June
172
9
45
35
Apr 30
127g Aug
4484 Aug
4
49l2
71
17
19,300
50
2X4 Apr 29
18
Deo
Mar
9%May
*44
49
2
Nov
7
16i8 Oct
*47%
*68
*2
par
$3.50 conv 1st pref.No par
t Radlo-Keith-Orph
No par
8,600
7%
Apr 11
I84
38
91i4May
Preferred B.
•7284
Jan
8
Apr
No par
Purity Bakeries
45
*lll4
238
No
Jan 17
IOI4 Deo
78i2 Nov
31
Quaker State Oil Ref Corp. 10
Radio Corp of Amer...No par
700
49%
12
17
200
*43%
71
*2
8% conv preferred
6% preferred
49I2
7ls
*34%
2
Jan
103i2 Feb 21
113x8 Apr 3
128
Apr 4
146
Apr 14
preferred
44
12
*1534
18%
1858
20
*88X4
71
Jan
IX4
Apr 29
Pub Ser El & Gas pf $5-No par
Pullman Inc
No par
Pure Oil (The)...
No par
23,600
109
4'a
$5
15,400
*108
2
Sept 23
100
109
Jan
39
113
*11234 113
62
61%
62X2
17
1714
17i2
1
May 18
117
100
70 x8
238
par
..100
1214
17
100
Gamble...-No
4834
49
45
&
48i2
*46i2
35
49
7%
U2 Apr 24
1178 Jan 6
5% pf (ser of Feb 1 '29). 100
No par
1,200
119I2 119i2
No par
Pub Ser Corp of N J
714
3434
35
49%
Procter
7i8
3434
49
7i8
106
5
7% preferred
8% preferred
17%
171s
I6I4
I6I4
IOI4
10%
*88X4 107
71
7012
7%
3534
98
Jan
Mar
July
234 July
% July
41
No par
Preferred
80
9i2
7
6% preferred
*94
16%
10%
2
2
300
17%
17ig
16i2
IOI4
Jan
21
300
96
*94
I8I4
16%
3
58i8 Jan
100
13714 13714
*154X2 159
71
*110
3018
96
21
634May 21
140
159
June 20
14
3
50
Oct
.
3
t Postal Tel & Cable 7% pf 100
t Pressed Steel Car...No par
5,200
3
3714 Jan
1214 Sept 22
573s Sept 26
185i2 Sept 25
12i2Sept 21
85i2 Mar 5
4
Porto-Ric-Am Tob ol A.No par
Class B
.No par
4,800
Jan 15
li4May
2,600
46i2
Feb 21
17
2
2,300
3,300
97a Jan 10
84
Jan
2X4
10
*154
1367g
49
12
*136
140
13678
*13614 140
159
*15412 159% *154%
113
11234 11234 *11234
61
6278
61%
6234
17
1634
1678
17ig
*108
109
*107% 109
3
20
140
*136i4
*15414
*11258 113
*112l2
62
6134
62S4
62i2
1714
1678
1714
1634
109
107% 109
*107%
*94
9512
95X2
95i2
18
1812
175s
17%
16%
*16X4
1612 zl6i2
1034
10%
1078
10%
*88X4 105
*88X4
72
70
7214
713s
7
7i8
7i8
714
34i2
3434
35i2
3512
49
4934
49
4834
4778
47l2 47i2 *4$12
44
45
*4238
*43%
Feb
7i2 Apr 30
Pond Creek Pocahon. .No par
*15414 161
*112% 113
106
3512 Apr 28
176
Poor & Co class B
100
118% 118%
46i8
2
Aug 14
7'8 June 8
6,600
*136
46i4
li2 Jan
30
2278
7X8
*118l2
4%
3734
2
100
Plymouth Oil Co
13,200
38
Jan
4,200
23,500
37%
25
Preferred
3
July 13
I6I4
22%
4i8
107io
1
Pittsburgh & West Va
214
37%
214
437g
46%
6012
100
36i2
334
44%
*10534
100
96
40i4
46i8
100
6% preferred
Pittsburgh United
190
378
117
25
100
371.4
6%
par
Pitts Steel 7% cum pref
Pitts Term Coal Corp
600
19
8
Petts IT W & Chic pref ...100
Pittsb Screw & Bolt ..No par
16,600
2%
No
Mills
Preferred
*185%
12
Flour
5i2 July
70
100
Pittsburgh Coal of Pa
40%
40l2
397g
46
46%
46
46
46i2
46i2
4514
4534
118i2 *118X2 120
*118i2 120
*11812 120
*118% 120
45
46
46
46
4514
46i2
4584
45%
4534
105
106
106
10834
106
10534 10534
*105i2 10578
119
119
11934 *118i2 11934
*119
119%
11934 *119
38
5
100
*30
*185l2
19i2
612
Hosiery
Preferred
Pierce Oil Corp pref
Pierce Petroleum
30%
12I4
2%
Phoenix
36i2
*93
'37
*l7g —2
918
*54
5714
*5414
*185X2 187
*185i2
12
12X4
12%
76
76
7534
7534
238
*2ig
2%
*2i8
19l2 *18i2
1914
*18%
634
634
67g
638
2
238
7%
2
30
12
*11
2
30i2
*30
11%
57%
*185i2
*7
"43i"a
Mar
5514 Apr
"58%
Nov
67
Nov
9
lli2 Dec
13i2 Mar
MarlO
514 Mar
20i2 Deo
New York Stock
2170
LOW
AND
SALE PRICES—PER
HIGH
Record—Continued—Page 9
SHARE, NOT PER CENT
Sales
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Sept. 26
Sept. 28
Sept. 29
Sept. 30
Oct. 1
$ per share
$ per share
$ per share
$ per share
$ per share
*45
47
*82%
*6%
28%
84%
*2%
6%
*10%
*26
30
*109
7%
29%
2%
5%
1134
28
30%
110
*110% 110%
14%
*13%
49
49%
9934
1%
*13%
*61%
9934
1%
*4338
47%
8434
7%
8434
*6%
29%
*2%
2%
5
1134
27%
30%
27%
29%
*26
30
110
*109
*109
110% 110%
14
1334
49% 4934
9934
99%
1%
1%
143s
14
61%
61%
1
1%
1
1%
3
3
3
31%
3I84
32
32
*578
6%
87%
87
384
*80
25%
334
8078
2534
16%
16%
24
24
*93%
678
9334
67g
534
41
40
*334
79%
25%
16%
2334
9334
*94
7%
O784
*5534
40
*5%
87
17%
24%
7
57
3184
3%
80%
26%
80%
25%
16%
*23%
9334
67
3
534
87%
86%
*3%
*57
634
41
_
*42
110
7^8
*6i2
28%
238
-
5%
1134
30%
30%
*38%
23%
23
3
32
6
•8734
3%
80%
26%
17%
24
95
7
5734
3934
24%
29i4
28%
2i4
478
*10i2
5
11%
*26
2934
*109
2%
518
1112
30i2
3034
110
58
*52
58
54
94
*91
*92
*90
95
*51%'
53
51%
62 %
52
2134
21%
13%
2134
21%
13%
2134
13%
137fi
13%
54
26
26
1634
17
2312
9414
24
678
*55
3934
2334
9414
7
57
40
*54l2
2i4
31l2
110
*3%
*77%
26%
16%
23%
*94
6%
*55
6%
87%
334
78%
26%
16%
2334
95
7
57
39%
39%
23%
2334
121
934
41
4%
121
9%
41%
20
270
2
3158
5U
8758
5%
89%
14,000
500
15,900
1634
5,000
Shattuck
25
3,900
155
*153
155
30%
31%
31
31%
43%
22%
39%
4438
44%
22%
45%
40
*153
95
95
38i8
3858
24i8 24i4
122
122%
4138
270
35,700
2,300
5,000
118
200
*54
58
50
92
*92
94
92
5534
53
54
54
92%
55i2
2134
21
21%
21
2158
13i2
1334
13%
1334
1334
14
110
3,400
1,900
34,300
41%
23%
41%
*52%
*934
54
10
*73
75
54%
9%
75
7434
106% 106%
7%
7%
22% 22%
*73
75
23%
*52%
9%
23%
39%
54
958
155
*153
155
155
32i2
30%
31%
31
44
43
43%
22%
43%
39
3978
2234
*5212
9%
5434
22%
38%
*52%
9%
*8%
*74
75
75
39
54%
9%
2258
3914
*52i2
*9
76
106% 107
*105% 106%
738
7%
7%
7%
22
22
22
23%
76%
106i2 10612 *104% 106% *104l2
738
714
7%
7%
7U
25
23i2 24%
2334 24%
*82
90
*82
90
*82
90
*82
90
*31%
2078
32%
*31%
32%
21%
32l2
2078
32%
3278
2034
21%
21
2938
51%
29
3214
2034
2918
*5014
84i4
32%
21
32%
21%
2934
51%
84%
*32
213g
29%
61%
1
2938
29
29%
51%
x2838
*49%
8534
2034
29%
*50%
29%
*82
90
*82
9%
784
2134
*52
127
9%
734
2234
54
57
6884
*2
.
2%
3534
3734
35%
37%
*26
61%
37%
7284
*278
12%
*49%
19%
27
62%
38
7234
3%
12%
51%
1934
18
18%
13%
14
♦75% 77
*122% 125
35
334
35%
3%
20
2,900
16,600
2,700
120
4,800
100
4,000
28,200
234
3058
234
1934
19%
7%
*7%
7%
7%
714
73g
*7%
.7%
7
*7
7
7
7%
6%
3712
37%'
35%
1234
9%
3734
7%
678
3734
3534
3534
36
13%
13%
13i2
60,200
10%
9%
Ids
5,200
33%
10%
10
10%
1100 *925
40
10%
40
3734
12
1100 *925
37%
40%
3734
62%
10%
89%
*61
10%
*75
9%
7%
*30%
*10%
40
*61
934
7%
32%
1034
37%
12%
10%
42%
39%
21%
63
543g
*50
2I84
63
13%
18%
1484
13%
183g
1434
13%
9%
9%
9%
109%
*108
18
14%
*10978 110% *109%
7%
784
784
984
984
984
29% 30
29%
3678 37%
36%
15% 15%
15%
92
93
92%
3%
33g
3%
54
41%
*38%
*62
*10
62l8
10l2
*10
*75
89i2
*7338
*7
3134
*10
*50
80
80
80
80
45%
46%
46%
4634
4634
4234
3934
62%
10%
80
page
1018
89%
934
2162
62
878
912
9
7%
678
7
7
3184
10%
*3134
10%
33%
10l2
30
3012
514
54
22%
2134 22%
63 84
63%
64%
13%
13%
13%
18
18
18%
14%
14%
14%
984
9%
9%
109% *109% 110%
110%
109% 109%
784
734
784
934
934
9%
31
31%
3134
39%
38% 39%
15
15%
15%
93
92
92%
3%
384
*3%
for (ouinoieH see
3834
13
1100 *925
*73%
9%
30%
22%
63%
42
3578
*10
*27
*50
3634
3514
1214
978
1100 *925
31
31%
30% 31%
53g
5%
5%
6%
5%
29% *28
28%
28% 29
18%
18%
18%
17%
17%
17%
102% 102% *102% 103% *103
103%
2984
5%
72
28% Jan
6
46% Nov
15% Apr
68% Deo
21
17
Feb
4
10% Aug
1584 May
114
July
Sept
81%
47%
5%
28
18
103%
50
2U8
6334
133s
17i2
15
95s
109i2
10978
778
9i2
3084
38&8
1538
9312
3%
8114
47%
3,500
1,900
1,200
4,800
2,000
8,700
335S
1234
1100
42
39%
62
2214
31
278
203g
718
*925 1100
42
3958
*62
44
415g
10,500
700
3,400
20,300
6,700
26
25
100
(A G) & Bros.No
1st preferred
par
100
Mar
Sparks
150
Jan
Feb
20
Conv preferred A
par
1
63
200
IOI4
300
8912
par
44
Spiegel-May-Stern Co..No par
614% preferred..
100
Square D Co
...No par
63
Mar
Standard Brands
No par
Jan
"7~506
30% 30%
3038 31%
5%
5%
514
53g
28% 28% *28% 29
18%
18%
19
1834
187g
103i2 *103% 104%
104l8 104ig
50
*40
51% *48
513g
22
21% 2I84
2158 22
643s
6334 64
65
643g
135S
13%
13%
13%
1334
18
1778
1734
1734
19*4
15
1538
*1434
1514 /155s
9%
9%
95»-' 97g
109% 109% 109% *10, 8 11018
10978
778
734 "7%
9i2 *19
9%
315s
3034 ✓&!%
38V 38%
39%
1578
Ws
15%
95
✓92% 93%
'
3%
3%
3%
82
*81%
81%
48
48%
48%
9,200'
28
*3212
*10%
Superior Steel
Sutherland
100
Paper Co
Sweets Co of Amer
10
(The)...50
Swift & Co
25
Swift Internat Ltd
No par
Symington Co
No par
No par
Class A
Telautograph Corp
6
Tennessee Corp
Texas Corp (The)
5
25
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil
10
Texas Pacific Land Trust
Oct
Jan
Feb
152
Deo
10% Mar
1234 Mar
27
Nov
28% May
&
Pacific
Ry
Mfg
N^par
53.60 conv pref
..No
The Fair—...
Thermoid
Co..../
Third Avenue.
Third Nat Investors
Thompson (J R)
50,200
300
8,300
17,600
2,600
2,100
9,700
300
100
1
100
.50
cum
700
12
29
Feb 24
12% Sept
Feb 24
122% June
Mar 17
Feb 17
2% Mar
1384
978
2438
56%
6334
384
4758
40%
28
30
26
21
Sept
1% Mar
184 Mar
484 Mar
8
Sept 8
Sept 8
Jan 17
Feb
Feb
Feb
6
Mar
78 July
2734 Mar
8
6
23
Mar
20
5
Oct
36% May
18% Deo
15% Oct
48
Nov
84
Oct
105% Nov
19%
130
Jan
Apr
12% Deo
9% Aug
Aug
Deo
11%
26%
2878
2%
40%
33%
Deo
Nov
Deo
Dec
27
30
32
Feb
6
70
Mar 19
3584 Mar
62%
Deo
9
38% Sept 28
32% Nov
7
74
12% Mar
6884 Jan
1% Mar
3% Mar
July 21
21
4% Jan 28
8
30
1234 Jan 8
63% Jan 28
24% Apr 16
2
2184 July 27
18
6
2
2
15% Oct
_
91
36
6% Mar
2% Mar
2% Apr
2
Mar 12
11
12484May 15
40% Mar 18
2
684 Mar 12
Mar
60% Mar
115% Jan
=
zll
Apr
1%
Jan
68
Nov
4
Dec
10
Deo
60
Deo
18% Deo
15% Deo
1034 Nov
77
Nov
121
Mar
30%
Deo
3% Deo
8
18% Sept 12
Jan
3
36
Deo
Jan
4
13% Sept 29
17% Oct
3% Mar
25
6%
20%
28%
li8
6%
9
25
15
2234
Sept
Deo
Apr 28
Apr 28
Jan
3
Jan
2
634May 14
65s Apr 27
2878 Jan 6
33 /Jan
6
7% Jan 6
/914June 30
July 27
Jan
6
35% Jan 30
2% Oct 2
20% Oct 2
9% Jan
8
10% Mar 11
40
July 22
39% Aug 25
15% Feb 29
14% Mar 6
5
Mar
Sept
32%
4
3%
8%
Feb 18
1050
2
49
July 21
14
3378 Apr 27
44
59
Jan
Mar 25
834June 16
89
June
4
8%May 23
3% Jan 2
Jan
8
Mar
16% Mar
2884 Apr
July 15 1375
28
Dec
Apr
Apr
6% Sept
%
1%
Jan
Jan
1284 Aug
33% Deo
1% Nov
6%
Deo
9%
Jan
884 Deo
30% Deo
3634 Feb
9% Oct
12% May
Dec 1075
Apr
13% May
62% July 27
50
May
61
14% Mar
5% Apr
61% Jan
2% Mar
100
110
5
Feb 28
12% Mar
5
Deo
28% Deo
44% Deo
12%
Nov
Oct
Oct
10% Deo
2
June
5
Jan
16
Mar
29
Nov
245* jan
2
3284 July 31
13% Mar
100
No par
Trl-Contlnental Corp..No par
No par
478 Jan 21
26
Apr 30
1434 Jan
6
1005a Jan 3
50 Sept 30
12% Jan 6
58
11
Apr 27
Apr 30
1478 Jan 2
103gMay 19
7% Jan 3
93
Jan
6
Feb
Mar
12
3
Mar 11
23% Sept
72%
1484
27%
16%
4
8
Feb 18
Feb 25
Apr
4
Jan
2
Feb
4
Jan
1% Mar
Apr
7% Mar
17
84
Jan
2634 Mar
4%-"Mar
28%
4%
7%
5%
1%
/82% Mar 2
20
30
16% Oct 2
98% Sept 18
8% Jan 20
29
99
6
30
Ulen A Co
Under Elliott Fisher Co No par
15,100
Union Bag A Pap Corp.No par
38%May 21
22
41
Mar
2
Jan 13
5234 Feb 19
3%
8% Nov
2684 Nov
6
Deo
28
Deo
167® Deo
104% Nov
48
13%
Deo
Dec
Mar
72% Nov
Mar
14
Deo
Mar
15% Nov
Mar
Mar
16
Apr
97% Nov
13
478 Jan
No par
60
Mar 23
Feb 25
1
27
l095gSept 15
100
8%
3934
19%
106%
5%
69
10
Twin City Rap Trans..No par
34
109% Aug 12
lll%Sept 3
8% Sept 1
10% Feb 18
No par
20th Cen Fox Film CorpNo par
Preferred
..No par
Preferred
Nov
7% Mar
8% Mar
33% Feb
43% Mar
IOH4 July
18
30
1,300
480
31
129
10
2,100
14,700
7,100
2
3634 Jan 25
24% Aug 4
3034Sept 19
5384 Mar 20
89% Sept 9
109
Aug 27
3584 Sept 22
22
7% Apr
22%June
31% Apr
884May
65% Jan
2%June
7458june
40,900
84%Sept
9% Feb 18
Sept 23
12% Feb 14
TranscontA West'n Air Inc..5
Transue A Williams St'l No par
Truscon Steel
Deo
8% Deo
8% Oct
3
10
Tlmken Roller Bearlng.No par
Transamerica Corp....No par
Truax Traer Coal
107
5
Tlmken Detroit Axle
preferred
2
8% Jan
.No par
Tidewater Assoc Oil...No par
6%
Oct
2384June
Preferred called
"MOO
2578
59% Apr
3% Mar
3% June
6
1
pref
Preferred
Aug 13
Deo
25
Thompson Prods Inc...No par
Thompson-Starrett Co.No par
Tide Water Oil.,.
1U00
par
../.No par
X-
300
700
Co. 100
8
23
100 1000
200
3,500
1
Aug
984 Mar
21«4 Apr 27
14% Apr 19
9% July
Sept
112
Mar 13
99
Preferred
1,000
11%
112
Nov
132
Mar 26
24
2984May
1578 Apr 30
1338 Jan
No par
7,700
IOI4
33
Jan
30
20
32% July 28
45% Sept 28
73%June 10
Spencer Kellogg & Sons No
Sperry Corp (The) vtc
Spicer Mfg Co
No
Thatcher
73g
3314
1H8
*32%
^*10
160
23% Jan
2^
1234 Apr 27
No par
No par
Spear & Co
Texas
*7338
9i8
9%
107%
35% Aug 28
7
25
Jan 31
7% Feb 29
Apr 27
1
Withington
4~400
10%
7
4
378 July 29
63%June 12
101% Mar 18
584 Apr 30
6%Jan
4
Spang Chalfant & Co Inc pf 100
Old
"
89%
_9%
7
1
12%May 20
110
15.50 preferred
""566
31
834
7%
40%June 30
Deo
Deo
70% Nov
Apr
18%
62%
Mar
42
70
14Q
11,800
30%
2%
10%
89%
9%
73g
33%
10%
24
3334 Deo
884 Nov
70% Nov
3034
10%
Aug 14
21%
*30%
2%
1634
*75
105
Jan
Mar
17%
*61
2
657*
Deo
July
3034
40
65%
July
30%
*2%
*36%
20%
116%
Mar
5
*1634
10
Jan
13
132
Mar
7
33
*925
April
Apr 17
60
75
54
II84 Feb 6
78% Sept 17
33
3734
20% Deo
I884 Jan
8
1234
21%
36
Jan
6s4 July
13i4
22i8
3078
25g
19%
37%
Oct
6%
Deo
Apr
5% July
33
35%
11%
9%
Mar
434
19%
Deo
Nov
15
13%
2178
3058
214
1734
36
6
684 Jan 15
3184Mar30
111
July
8
33
3634
35%
11%
16%
Sept 29
112
100
South Am Gold & Platinum..1
So Porto Rico Sugar
No par
Preferred
100
""360 Spalding
33%
13%
22%
30%
2%
17%
37%
35%
11%
34%
6
12%
21%
30-%
*2%
367g
35%
11%
Dec
5% Mar
63% Mar
8% Feb
14% Jan 25
4334 Oct 2
50
29%
Sept 25
24% Oct 2
124% Sept 15
42% Aug
33
7i8
3838
584 Nov
3% Mar
40% Nor
July 12
55
12%
22%
7
Mar
3
33
7
9
21
12%
22%
7%
37%
Dec
12% Dec
2534 Nov
Jan
33
*7%
Nov
17
Jan
12%
22%
17
3
70
7% Mar
7% Mar
19
33%
2%
17%
6978 Nov
4% Nov
34
I8I4
1234
Mar
1% May
40
Apr
...100
17U
22
Jan
Oct
31
5
41
2
Deo
4%
27®
Nov
Mobile & Ohio stk tr ctfs 100
1658
1234
60
Dec
Deo
36%
2034 Mar
97%May 29
878 July 15
Apr
Apr 30
1%
3
Southern Railway
Preferred
18,900
17%
22
Mar
91
28,000
17%
17%
3234
4% Nov
20% Jan
Jan
% June
% Aug
Jan 17
32
Jan
paf\
17
184 Apr
Apr
8
55
81%Sept21
27% Sept 19
17% Sept 11
7
Jan
126% 126% *124
126% *124
126% *124
10
126% *124
Preferred
12612
...No
120% Jan
934
10
10
10
9%
934
10
934
9'
934
2,000 Stand Comm Tobacco
1
9% July
8
7%
8%
8%
8
734
8%
734
7%
734
6,600 t Stand Gas & El Co
No par
5% Apr
22% 23%
23% 2334
2278
24l8
22% 23%
Preferred
23U
2334
16,800
—..No par
9i2 Jan
52
53
53
53%
52% 52%
51%
51%
900
*51% 53%
86 cum prior pref
No par
24s4 Apr
60
58%
60%
6134
61%
5914
58% 60
59% 60%
7,400
$7 cum prior pref
No par
2634 Apr
*2
*2
*2
*2
2%
2%
278
2%
100 Stand Investing Corp..No 2>ar
258
25g
2
Feb
36
3534
36%
36%
35%
36i8
3534 36
3534 36%
10,600 Standard Oil of Calif
No par
35
Aug
37% 37%
37% 3734
3738 3734
38
37% 3734
3758
14,000 Standard Oil of Indiana
25
32»4 Jan
*26
27
2634
27
*26% 2634
*24
2634
2734
500 Standard Oil of Kansas
2734
10
25
Mar
61%
61%
60%
61%
613s
6OI4
60%
61%
61%
6134
28,300 Standard Oil of New Jersey .25
61% Jan
38
38%
*38
37% 38%
38
3734
3734
38%
2,500 Starrett Co (The) L S_.No par
38i4
2434May
7238
72%
7134 7134
7H2 72i8
7134
72
71%
71%
1,800 Sterling Products Ino
.10
65
Jan
3
2%
*3
2%
3%
3%
3i8
3%
378
27g
1,600 Sterling Securities cl A .No par
238May
12%
12%
12% 1234
12l2
125s
12%
12%
Preferred
1258
125g
5,000
....No par
8%May
52
52
*48
*49%
*47% 51% *47l2
*48
51%
Convertible preferred
51%
60
48 May
20%
1934
20% 20%
2014 2034
20%
20%
16~8o6 Stewart-Warner
20l2 2034
5
l6i2 Apr
19
18%
19%
18%
185s
1914
18%
1834
18*4
19%
16,000 Stone & Webster
No par
1458 Jan
14
15
15
14%
14%
1458
1434
14%
1514 145,100 t Studebaker Corp (The)
1478
1
9% Jan
*75%
*76
76%
76%
76%
77
7678
7678
77
7714
1,000 Sun Oil
...No par
72
Jan
*122%
122% 122% *12212 125
122% 122% *12212 125
20
Preferred.....—
...100
118
Jan
36
3534
35% 36
3512
36%
36%
36% z36
36i4
4,600 Superheater Co (The)..No par ' 27
Jan
4
334
334
334
3%
378
4
334
3%
3%
6,000 Superior Oil
1
3
Jan
17
13
1984 Jan
z3%June
19% Jan
100
preferred
100
Smith (A O) Corp
No pa
Snider Packing Corp
No par
Socony Vacuum Oil Co Inc..15
Jan
Mar
7
89% Sept 21
834 July
7%
6
7
4% Feb
Jan
22
Oct
7
Mar 31
7
23% Nov
46
113% June
114%June
13% Dec
56% Nov
25% Deo
16% Jan
1784
7
Preferred
Sloss-Sheff Steel <fc Iron
Mar
109
184 Feb 7
4% Feb 7
4358 Mar 12
25
110% Jan
25
12
4% Feb
July
100
Jan
...100
17%
*7
Conv preferred
Nov
Southern Calif Edison
*32%
*1134
-
.No par
Jan
3
14
Southern Pacific Co
17%
238
89
434
43%
30%
1484
2
Apr
Apr
31% Dec
I0434 Mar
8
Feb 29
76
24
21
3% July
59% Jan
284May
61%May
1558 Jan
11% Jan
2034 Jan
Deo
«4 June
1
20% Feb
53% Jan 6
78 Jan 2
2
Apr 23
30% Aug 22
2584
Dec
6
Jan 20
52
Deo
10% Mar
July 27
101S4 Mar
Deo
10
16,800
17
22
Shell Union Oil
8
June
33
102
Apr
.
3
40,700
90
51
*50%
51%
51%
*83
84
85
84%
83%
8434
84% 88
109
*106
107
*106
107
*106
108% 108% *106
107
*106
107
*34%
34%
35%
34%
3434 34%
3434
3514
35%
35%
34%
35l2
15%
15%
15
15%
15%
15%
15%
1514
1512
15%
15i8
1538
*124
2,500
257g
3278
2178
2838
5H2
87i4
11
3778 July 15
Feb
Nov
21%
82
114% Mar 11
16% Jan 13
97% Feb 1
l%May 26
758June 4
Solvay Am Invt Tr pref...100
14,800
155
3212
45i4
23%
417g
5458
934
7612
106i2
734
110% Sept 22
No par
Conv preferred ser A .No par
Sheaffer (W A) Pen Co .No par
Skelly Oil Co
118
33
35% Jan
113
5
Aug
No par
Sharpe & Dohme
3,300
*54
3134
No par
No par
7,000
58
4278
22i8
1
(F G)
32,000
414
28i2
5314
2H4
3134
44%
1
Servel Inc
414
287g
4%
92
31%
43%
2238
39%
*52%
*8%
__1
Silver King Coalition Mlnes.5
Simmons Co
No par
Simms Petroleum
10
94
*153
Second Natl Investors
Preferred
97g
4334
5234
21%
13%
155
No par
Sharon Steel Corp
$5 conv pref
*111% 112
*111% 112
*111% 112
*11H8 112
*111% 112
*111% 112
5
5
5
5%
5
434
5%
4%
478
434
434
478
28%
29% 30
2878
29% 2934
2914
2912 *29%
29%
29i8 29%
*153
1
.-100
Sears, Roebuck & Co..No par
27i8
934
100
No par
Seagrave Corp
16%
2334
300
2
2
2
778 Jan
Highest
$ per share % per share
10% Feb 19
3034sept23
358 Mar 4
6% Mar 4
14
July 21
Jan 24
26%
200
li2 Jan
238 Jan
Lowest
47% Sept 22
117% Feb 19
July 29
190
3,600
3
Jan
74s4 Apr 28
53gJune 1
22
July 7
18
500
67g
32
27
334
57
I per share
108
79%
634
9 per share
No par
78
*55
100
4,400 t Seaboard Air Line
No par
1,800
Preferred
100
3,600 Seaboard Oil Co of Del-No par
Us
Year 1935
Highest
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp.
5
5M% preferred.
..100
330 Scott Paper Co
28% 28%
118% 118%
58
10
3,600 Schulte Retail Stores
Preferred
1,200
1438
62
314
32%
358
St Joseph Lead
9,100 Safeway Stores
800
1
32
3138
110
1,500
26,900
234
100
60 t St Louis Southwestern
20
Preferred
9934
178
1438
61s4
stklVo par
7% pref
1,100 t St Louis-San Francisco., 100
1st preferred.
4,000
:
100
IIOI4 111%
1414
1458
51
513g
1
*5%
86%
10*500
514
1134
2912
234
578
334
79i2
2638
214
478
*10i2
*22i2
30i4
Antelope Copper Mines
Rutland RR
30
47g
On Basis of 100-share Lots
Par
"""766 Ruber'dCo(The)cap
778
Range for Previous
Lowest
Roan
45i2
2i4
11%
1
3034
7914
29
STOCK
1936
EXCHANGE
Shares
85
*658
25s
31l2
88
29
IIOI4 llOU
14i4
14l2
4978
5078
*99U
99%
2
I84
1378
1438
61i2 62 i8
30i2
5%
83
109
3
8678
334
*4312
Range Since Jan. 1
Week
$ per share
8434
7%
26
29%
109
3
2234
23%
22%
2418
120
120
121% 121% *117% 11934
12012 121
10
10
9%
10%
10%
10%
934
10
40
39
39%
3734
387g
4034
3934
41
4%
4%
4%
*4%
4%
4%
4i8
414
28
28
283g
28% 28%
27%
28%
28i2
*121% 12434 *124% 12434 *124% 12434 *118i2 119
*52
a*£2%
85
NEW YORK
the
Friday
Oct. 2,
43i2 1*42% 04378
81%
*0i2
110% 110% *110i4 HI
14%
14%
14%
1434
49% 5034
49U
5034
*99%
99%
9934
1%
1%
134
1%
1334
1334
13i2
13i2
*61% 62
*6H4
61%
1
1
1%
Us
14
6138
29%
2%
2%
5%
*11%
5%
11
45%
8434
7%
28%
30
3
„
*43%
*80%
*6%
STOCKS
Oct. 3,
Deo
8% Nov
Oct
6% May
3% Mar
Aug
8% Nov
247® Deo
24%
Oct
2% June
18
Mar
1% June
5384 Mar
29
May
33% Deo
12% Nov
73
Deo
6% Nov
87% Deo
50% Jan
|
1
Volume
New York Stock Record—Concluded—Page io
143
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
STOCKS
NEW YORK STOCK
EXCHANGE
the
Saturday
Sept. 26
Monday
Tuesday
Sept. 29
Wednesday
Sept. 30
Thursday
Oct. 1
Friday
Sept. 28
Oct. 2
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
On Basis
Weet
$ per share
t^9534
/
'
9612
2178
21i2
139
139
*96
9838
96%
21%
138
9758
*2738
273s
2434
273s
25%
16
163s
1534
*2114
2758
2334
275s
2334
217s
*136
983s
2778
25%
1638
25
97%
27%
24%
1558
25
96% 97%
2178 22
136% 137%
97%
2134
137%
97%
27%
25%
1584
96%
21%
97%
2134
97%
9784
137
136
138
5,700
2,100
*96
98
98
98
97
9734
27%
24%
27%
2478
2734
24%
28%
25%
15%
27%
243g
15%
28%
2434
15%
16
16
16
25
25
8678
31
7i8
4534
14i8
26
26
27%
28
27%
27%
29%
27%
1,500
15,700
6
46l4
76i4
1718
15%
1584
1538
155s
1097s 110
*110% H034
*934
10l2
*978
10%
17i8
17i8
1738
173s
99
*98
15l2
1107s
1038
1514
*109
*958
17i8
*97
*2i8
212
*13
14
30
30
100
100
*164-
miSA
-
*2U
99
13
30
30
9812
34
5
12i8
100
99i2
*164
*9i4
Ye"
54
*4958
52
*34
34l2
5%
1214
98i2
5012
5%
125g
50i4
9%
3234
76%
33U
84
85
*71
7058
29%
97%
77
72%
72%
5%
1H8
98
50
9l2
3258
75%
8534
*70
7034
1534
*51
5%
1134
98
87
249%
938
33%
77%
85%
71l2
*70
9
34
78%
7158
70%
*150
164
63s
*89
8H2
89i2
81%
6ig
89
83
*155
160
*155
*105
108
107
3i2
1®4
334
17B
45
*41
24l2
41%
23%
4114
114
*113
4534
*4414
384
134
*40
24
*4134
*113
164
*160
63s
6%
89%
84i2
*80%
89%
160
156
*84
434
458
3238
178
1%
*434
5%
*1834
24i2
*1275s 129
71
49%
34%
80%
34%
80%
87
71%
713g
*69%
139%
*84
69%
139
137% *125
164
6%
89%
84%
156
2
*160
6
*8934
82
156
105
3%
1%
44%
46%
46
2384
24%
42%
23%
4134
114
113
45%
*84
88
113
45%
88
*85
"484
4%
50%
42%
*113
45
*84
9%
35%
83
84%
71
71%
4%
34%
81%
83%
*69%
69%
50%
49%
9%
34%
9%
35%
82%
82%
8334
85
*70
71%
70%
70%
114
*113
114
45%
*45
45%
88
*84
114
88
45%
*84
200
4%
4,000
24,700
2,500
"484
434
1,700
6,500
United Gas Improve—No par
I684
3378
*11438
758
3938
*1878
35
558
*9834
13
*57
*34
9i8
25
—30
2412
6l2
Preferred
U S Freight-
*H4
3812
1%
39
*81
82
*103
104
107i2 107i2
99
*80
,
99
*1U
385s
8H2
*1%
1%
38%
39
8112
81
4412
140% 142
148
265s
*37
2612
3412
148
27%
38l2
26%
3434
*81
*102
3212
*99
3234
100
2034
*1418
434
27i2
.
120
3U
8
78i2
53%
*29
*7284
*64i8
21%
1412
5
834
3%
8%
78I2
5378
30
74
6612
1%
3834
81%
*1%
39
*81
104
104
*102%
104
*102%
107
107
107
107
99
99
99
99
*80
1%
39
81%
*105
12012 12012 *120
120%
*113% 115
*113l2 115
10i2
103s 1034
/ 10%
21
21
*20i2 21
212
♦2i8
*2%
23s
634
65s
6i2
67S
87is
8812
8734 8834
44
*80
44%
120% 120%
114% 114%
10%
10%
*20% 21%
2%
*2%
6%
6%
87
88%
243% 44%
141% 143
4458
140% 14134
*148
26%
*37
26
3434
*81%
*102
148
150
27%
27
38%
*37
26
*25%
3434
*81%
35
90
148
27«4
38%
26%
35
90
*102
120
32%
32
32
104%
20% 215g
*14% 14%
434
5
2784 29%
3%
3%
104
104
32%
120
*102
8
*77%
5358
*28%
73
21
2I84
14%
14%
434
28%
4%
28
'
8%
*3%
8%
79%
54%
29%
53%
28%
75
*65
65%
130%
657g 66%
*403s 4134
20% 2034
U S Hoffman Mach Corp—6
U 8 Industrial Alcohol.No par
U S Leather v t c._
79%
53%
2884
74
74%
65% 66%
125% 128
10634
99% 99%
120
120%
114% 114%
10%
2084
2%
10%
2O84
2%
6
6
86%
S7%
43% 44
140% 14134
*148
26%
*37
26
3484
*81%
*102
30%
*100
21%
14%
4%
267s
3%
150
*81
U S
104
U 8
1st
6.900
Preferred
100
Universal Pictures 1st pref. 100
9,800
Utilities Pow & Light A
5,700
Vadsco Sales
Preferred.
100
10,300
3,400
1,500
of Am.No par
Van Raalte Co Inc
-5
478
2,400
4.400
Vick Chemical Co
14078
148
148
27
26%
26%
38%
37
37
120
26
6%
88%
46%
144%
26
3434
35
90
*82
120
*102
10,800
600
1.700
3,200
1,000
34,700
104%
21%
14%
4%
27%
3%
8%
79%
53%
27%
79%
54%
73
75
8%
28
66% 66%
127% 13312
66% 66%
104% 104%
2078 22%
14%
14%
4%
4%
27
27%
3%
3%
8%
8%
7934 7934
53% 54%
28
74
65%
28
74%
66%
31
5,100
800
2,400
500
131
133
Jan
4
99
2
Jan
9
5
9%
87%
2%
4%
65%
Mar
Mar
Jan
Mar
Mar
% June
5
July
Feb 17
Mar
5
Jan 23
31% Aug 28
4% Oct 2
10
Aug 17
71
49
Aug 18
Jan
8
104
21% Jan
Oct
23
2
15
18
8
8
2
27
28
Sept 21
Sept 9
11
Mar
73
Jan
2
85% Oct
2
24% Mar
96% Jan 24
9184 Dec
6278 Jan
Jan
7
2
9
30
June
9
16% Apr 30
28% Jan 16
40
Apr 30
1434 Mar
Mar
par
par
par
par
par
5
70
Aug 8
Aug 31
2% Aug 21
5
30
26%
1778
1078
2%
100
_100f
6% preferred
Apr 17
Apr 17
Jan
4
Apr 29
47% Jan
2
9% Apr 30
44
Apr 29
%June 18
4% Jan 2
157a Jan 7
21
Apr 30
19% Apr 28
1
No par
West Penn Power pref
Apr 30
Aug 17
5% Jan 3
83
Wesson Oil A Snowdrift No par
Preferred
2
115
1
preferred
Jan
4%June 29
9% Jan 7
100
100
..100
1~~
Western Pacific
^100
Western Union Telegraph.100
15,500
Westlngh'se Air Brake.No par
Westlnghouse El & Mfg
60
50
6% June
9
May 26
Aug 21
33%June 30
78
Feb 25
91% Jan
7
96
Jan
2
87
Feb 20
116% Jan
6
111% Jan 6
/ 8% Apr 27
15
Apr 30
2
Apr 25
5% Aug 26
72%May 4
34% Jan 13
94% Jan 6
123% Jan 7
9% Sept
16% Sept
22%
Sept
Deo
11% Dec
17% Jan
48
Deo
75% Apr
73% Sept
9
8
27% Mar
124% Apr
7384 July
50% NOy
140% Sept
3
73% Mar
119% Nov
144
July 30
168
July 10
119% Jan
149% Feb
3% Apr
46
Apr
14034 May
165
Aug
7% Jan
7% Mar 26
93
Aug 28
51
84% Sept
165
115
5
7
Apr 24
29
50
Jan 19
48% Oct
Mar
% Mar
19% Apr
11% Apr
11% Feb
27% Feb 23
2
73
2
2134
Jan
33
Nov
114
Nov
Feb
34
May
63
Dec
63
Dec
70
2% Mar
17% June
72% Jan
Nov
56% Nov
68
Aug. 8
48% July 21
80
Aug 20
84
Sept 2
Nov
4% Aug
91
116
Oct
73% Nov
Feb xl59% Deo
Aug
1
6% Mar 18
23s Jan 18
78
Mar
133%
Aug
Feb
120
Nov
3% Oct
20% Oct
39% Deo
53
9% Mar
July
Nov
96
50% Nov
2
1
Nov
11% Deo
15
35% Mar
3% Mar
7% Mar
35% Oct
3% Jan
18% Nov
110
Deo
3
50
Jan
9284 May
Nov
4
Mar 23
Deo
10% Nov
Jan
153
Deo
87
13
115% Jan 7
131
Apr 27
160% Feb 6
5
Apr 30
67%May 1
57% Apr 29
7%
Dec
Feb
56
Jan
96
Nov
Nov
165
5
6
72% July 30
68% Jan 3
46% Jan 21
7%
4584
13%
20%
4% Mar
7% Apr 30
16% Jan 2
47
24% Deo
143—Jan
June
West Penn EI class A..No par
preferred. _<£_
ijan
1978 Jan
39% Jan
110% Feb
169% Feb
1778Sept
54% Sept
59
Apr
978 Jan
18% Jan
No par
—100
Webster Elsenlohr
1st
19%
60%
2
6
Waukesha Motor Co...
40
48% Sept 21
85% Aug 8
15
11,800
13,500
3% July
7
No par
100
Preferred
Preferred
1
Mar
8
No par
—
Warner Bros Pictures
44%
47g
37
Deo
Deo
Aug
Deo
Dec
112% I>eo
734 Nov
33
Nov
83
May
131% Aug 26
86
Feb 19
63% Mar
109%
137%June 10
4% Feb 5
10% Mar 3
784 Mar 6
18
Sept
1
184 Mar
1
May
4% Mar
3
35% Sept 30
118
26% June
114
Jan 16
10
Feb 28
42% Oct
Feb
Apr
Jan
1% Feb
U784 Deo
3% Nov
5%
4%
Dec
Deo
97g Nov
33% Deo
Apr
120
6% Nov
2
19
Feb 25
37
28
23
24
Sept
6% Sept
100% Sept
14% Feb
63% Sept
278 Feb
10% Mar
27% Sept
Mar
5
1% Feb
28%
Jan
19
2% Mar
22
14% Mar
29
% Mar
31
2% Mar
29
32% Sept 30
29% Jan 2
11% Feb 6
20% Aug
25% Dec
778 Mar
11
Dec
3
Deo
47
Deo
10% Deo
52
Dec
1% Dec
6% Jan
17
Aug
32
Sept
30% Deo
4
Mar
23
85
Apr
90
Feb
2% Jan 13'
46% Jan 2
83% Aug 11
107
Sept 9
110
Apr 21
102
Sept 10
124% Sept 18
1
Jan1
3
Nov
85
1)6
Jun
978 Feb
36
Feb 13
3
147
Aug 10
150% Aug 10
33% Jan 25
Mar
92
Nov
'
Jan
12088 Deo
95
7
95
84% Oct
91% Deo
99% Nov
104%
7
48% Mar
55% Nov
Jan
Mar
3978 Mar
Mar 23
Feb
Jan
72
34
30%
12% Feb 21
23% Sept 11
4
7% Nov
Jan
II434
10%
1934
38s
77g
77%
3584
5%
7%
1%
2%
20%
Mar
Mar
July
Feb
18
Mar
Mar
32% Mar
90
Feb
10
Mar
29
Jan
Deo
Dec
Deo
Jan
Jan
Nov
Deo
9884 Nov
126
Dec
1684 Mar
33% Deo
38% Deo
25% Nov
18
35% Sept
Weston Eleo Instrum't.No par
22%June
10
.No par
Westvaco Chlor Prod..No par
36% Jan 14
1934June 29
32% Sept 17
35% Sept 24
34
Jan 14
80
June 24
99
July 21
1
106
Sept 24
37% Jan 10
14% Mar
32% Nov
July
109% Feb 19
28% Mar 4
46% Jan
67g Mar
12% Oct
1% Mar
102% Nov
19% Deo
24% Jan
434 Deo
6
Jan
1
Mar
20% Deo
3% Deo
9% Nov
500
3,300
Class A....
5% pref
30
Wheeling A L Erie Ry Co..100
5H % oonv preferred..-.100
Wheeling Steel Corp
No par
300
133
Co
Ward Baking class A
3,800
738 Apr
65
2
9% Feb
6H% preferred
100
t Walworth Co
No par
Walk(H)Good A W Ltd No par
Preferred
No par
preferred
Maryland
preferred
June
105
30% Feb
100
6%
16*2 Feb 4
29% Aug 10
Oct
Feb
Mar
June
Mar
114%May 15
100
No par
No par
2d
Nov
Apr 27
Preferred A
Western
Jan
Aug
78
Mar 24
Preferred B
500
104% 104%
22%
23%
14%
14%
*3%
8%
79%
53%
28%
737g
6534
-
Waldorf System
150
118
17%
1%
2034
834
4%
26%
Deo
Jan
91
878 Jan
Nov
Oct
20
6
2
20
46
7
May
Deo
Jan
July
July
Dec
111
8
9
160
24
Jan 11
127g Feb
Apr 29
24%June 4
80%May 8
75?4 Nov
111%
90%
26%
30%
13»4
89% Sept 28
3384 Sept 5
9% Feb 17
487s Aug 4
117
113% July
10
Mar
4
100
100
100
Detinnlng—
Conv
7
109
pref—No par
Class B
4% Mar
20% May
6
14 May
4
100
100 £114% Jan 16
Va El A Pow $6
Walgreen
28% Jan
6
100
t Wabash
978 Mar
25% Sept 26
29% Oct 2
8% Mar 16
48»4 Mar 19
preferred
Vulcan
31% Feb 7
32% Feb 18
7
Jan
7
6%
-
Jan
14% Feb
82% Mar
79% Mar
20% Oct
June 10
6% Apr 30
13
Apr 30
14% Apr 30
109
4% Jan
2834 Aug
Wells Fargo & Co
2.300
27
32%June 18
66% Jan 2
No par
No
137800 t Warner Qulnlan.. .No
No
12,800 Warren Bros
Convertible pref——No
1,900
10,100 Warren Fdy <fc Pipe.—N0
32%
4%
July 10
Chem_.
Va-Carolina
$3.85 conv pref
120
31%
31,700
I
700
4%
27%
3,400
9,900
3%
r
79%
54
28%
75
65%
13434
900
66
66l2
67
*66% 69
*66% 69
*41
42
42
4184
42
41% 41%
41%
41%
2038
20
20
1934 20%
19% 20%
19%
20%
142
144
14212
145
145
148
142% 143
144% 144% 148
50
493s
4984, 50%
50
50% 51
50% 51%
5034 51
80%
79
79% 80%
79% 80
79%
80%
7984
80% 82
117% *li634 117% ♦II684 118
*11684 118 S-JI684 II6S4 *113% 117%
39
3914
40%
3834 39%
%
3884
38% 39%
38%
38%
40
784
7%
8
784
778
7%
7«4
7%
734
7%
7%
11,300
90
31%
4
9
44
6,100
66%
*40%
1934
For footnotes Me page 2162
30
38%
2578
35%
132
7938
117%
38%
758
4,700
150
26
*102
Jan 15
100
40
600
1078
21%
2%
*81%
31%
Jan
6
2,200
1%
90
120
15
93
2
Preferred
35
2578
3434
22% Jan 6
5% Apr 30
40% Apr 29
IO84 Apr 27
Sept
Preferred
27
*37
1
Jan 21
May
""TOO
80
*148
-Oct
72
400
141
16% Apr 27
24% Mar 18
84
5% preferred
Virginia Ry Co pref
114%" *112%
140
5
Virginia Iron Coal A Coke. 100
100
3,100
5% H 6%
87%
87%
4478
44%
2
—100 *110% Feb 17
7% 1st pref.
120
578
2
Apr 30
Jan
100
2
5% non-cum pref
230
86%
44%
Jan
Jan
Highest
$ per share $ per share
100
Aug 7
28% Feb 7
149% Aug 12
Jan 3
Aug 26
Jan 7
Vlcks Shr & Pac Ry Co com 100
114
.
.1
No par
100
Vanadium Corp
50
81
*2
No par
No par
100
Preferred class A
120
25
100
Universal Leaf Tob
120
2
No par
United Stores class A__No par
110
40
10%
21%
100
Preferred
500
81
-
100
U 8 Steel Corp...
400
114
10%
50
_
Preferred
120
21
100
50
preferred
Ref A Min
U 8 Smelting
130
10%
No par
Rubber
U S Tobacco
*105
107
10634 107
9934
9984
9934 100
♦18%
No par
U S Realty A Impt
1.100
3834
2120
preferred v 10
Pipe & Foundry.
Preferred
*102% 104
82
104
*1%
100
20
Prior
500
757900'
No par
No par
Class A v t c
*80
1%'
3884
50
5H % conv pref
9,300
88
130
14212
4834
127
79
3%
8%
104
*1%
38%
20
preferred.---100
US Gypsum
3,200
4534
70
70
70
71
*72
74
*71% 73%
73%
73%
*122% 130
♦122% 130
*122i2 130
*122% 130
*122% 130
*3
2%
27g
284
234
3%
234
234
;*278
3
8
8
8
8%
8%
8%
8%
8%
8%
778
8;
10
8
*6%
714
*65s
714
6%
6%
*6%
6%
6%
17
17
17
17
1634
16% 16%
*16% >17
16%
16%
34
34
34% 34%
34%
34% 35%
34-%
3434
34% 35
117
*114% 116
*114% 116
♦1143s 116
*114% 116
11534 116
7%
7%
778
7%
734
7%
8
7%
7%
7%
8
40
40
41
4084
39%
39% 40%
3934 40%
41%
42%
19
19
19
19
19
19
19
19
*1834 19
*1884
36
37
35
36
35
36%
35% 36%
35%
3434
3484
578
6
578
6
5%
578
5%
5%
5%
5%
534
99
99
99
*97
99
98
98
9734
99
98% 99
1312
13%
1378
13%
13iS
13%
13%
13%
13%
13%
1334
♦58
6234
62% *59% 62
*59% 61%
*59% 61% *59% 62
?8
78
1%
1%
1%
1%
Us
1%
1%
1%
1%
9
9
9
9
9%
9%
9%
878
914
9%
9%
26
26
26U
2534
27%
26% 2634
2584 2534 ♦2534 26%
30
30
30% 31% —30% 32%
31% —30%
30l2 31
31
25
25
25
25% /2434 25%
25%
25% 2534
25% 26%
6%
6%
6%
6%
6%
6i2
65g
6%
634
634
*80
100
No par
100
No par
Preferred
U S Distrlb Corp
10,000
114
3
*80
No par
Preferred..
t United Paperboard
100
U S & Foreign Secur—No par
300
71
8i2
*6%
No par
United Fruit—
*122l2 130
*278
No par
United Drug Inc—*
—7%
33% 35
33% 34%
33% 34%
34%
3434
112% 114
II284 11234 *112% 114
*112% 114
*5
*5
*4%
5%
5%
*434
5%
5%
*18% 23% *18% 23%
*18%
23% *18% 23%
127% 129
*127% 129
*127% 129
*127% 12834
♦45s
5%
*183s 23%
127% 129
No par
United Corp
Preferred
1,110
3,800
13
68
200
900
71%
2O84
108%
90%
22%
20%
112
400
400
$ per share
-100
United Carbon
5
300 United Dyewood Corp
10
20
Preferred
-100
2,600 United Electric Coal—No par
1,400 United Eng & Fdy
1
5,000
Lowest
Highest
$ per share
No par
United-Carr Fast Corp.No par
Preferred
20
7,300
No par
—No par
United Amer Bosch
♦85%
*85%
5
United Biscuit
52,600
6
Corp—5
United Aircraft Corp
71%
73
No par
Union Tank Car
1,100
50% .10,800
3,300
9%
35% 101,400
85% 31,900
7,200
85%
139% *138% 139% 139% 13934
135
*132
135
137% *132
164
*160
16334 *160
16334
6%
6%
6%
6%
6%
*90
9434
94%
94% *90%
82
82
82
*78%
*78%
156
156
160
156% *156
*92
106
106%
106%
4
3%
4%
4%
"334
2
2
2%
2%
2%
*42
4634
*42% 47
47%
2334
23% 23%
23% 2434
47
43
43% 46
48%
*85
"5"
49%
9
24%
42%
3234
33i2
*11258 113i2 *11234 113i2
*32*8
9%
45
*85
434
4984
107
107% *105
3%
4%
4%
45V 4534
*84
*85
16%
52
35%
*125
6I4
14%
30
99%
5
11%
*92%
139
*160
:
3434
1393s 1393s 139
137% *125
137% *125
139
9!
*164
16
15%
100
4978
*2%
13%
13
34
1512
'49%
*98
2i4
15% 1534
15%
1534
15%
1578
11034 110% *11034 111
*11034 111
978
-978
10%
10%
10%
10%
17
17
17
17
17%
17%
99
98
98
98% 98%
*97%
*2%
2%
2%
2%
234
278
15
1334 1334
13% 15%
15%
29
29
29% 30
2934 30
99%
98% 99%
99%
99%
99%
*165
*165%
*165%
15% 16
*15% Ye
1534
17%
51
51
51
51
52
*50%
34% 35%
34%
34%
3434
35%
4%
434
4%
5%
478
434
11% 11%
12%
11%
11%
1134
98
*94
98
9734
9734
9734
Preferred
Un Air Lines Transp
2,900
25
100
100
Union Oil California
Union Pacific
7,500
2,400
,
*2212
*102i2
Union Carbide & Carb.Ao par
900
21%
of 10O*Aare Lots
Lowest
Par
23.200
2178
136
2758 2758
27% 27%
27% 27%
27%
*110
112
112
*110
112
113
112
112 >112
*109i2 112
88
88
89%
88%
88%
8834
*8734
8812
88%
*8734
89
30
30
31
*2958
31
*29% 31
*29% '31
*30% 3034
73s
734
758
734
7%
7
77g
73S
734
7%
7%
45»k 463
46
4534
46%
4612
4534
46
46%
45% 46%
14%
1458
14i4
14% f4%
14%
14%
14%
14%
14%
14%
23
23
2284 2234
2234
2234 *22% 2334 *23
23 •
2384
103
103
*103
104
*103
105
*103
104
103
*103, 105
6
534
534
*5%
534
6
6
534
6
534
6
4658 47
47%
4614
47%
47% 47%
47% 47%
4634
48
76
7634
75
77i8
76
76%
7684
75% 76%
76%
7678
*112
*
2478
96%
2134
97
138
Range for Previous
Year 1935
Range Since Jan. 1\
Sales
for
LOW
2171
12,900
700
11,700
1,100
7,200
600
1,030
1,700
800
64.800
390
2,500
19,300
200
13,200
3,500
Preferred
White
Motor
100
50
White Rk Min Spr ctf. zNeFpar
White Sewing Mach
No par
Conv prefer red......No par
Wilcox Oil A Gas....ii._....5
.
Wilson A Co Inc
$6
preferred
Woolworth (F W) Co
Worthlngton P A M
..No par
....100
10
...100
Preferred A
100
Preferred B
.....100
Wright Aeronautical
No par
Wrigley (Wm) Jr (Del) -No par
Yale <fc Towne Mfg Co
25
Yellow Truck A Coach el B.10
Preferred
100
Young Spring A Wire.-No par
Youngs town s A T
No par
5H%
preferred ...
100
Zenith Radio Corp....No par
Zonlte Products Corp
1
8
21% July
84
8
18% Feb 3
13% July 7
3% Apr 28
16
Apr 28
2% Jan 7
6%June 19
70 June 20
44% Apr 23
23% Apr 30
56
Apr 30
47
Jan
4
62% Jan 6
63
Aug 21
33% Apr 28
8% Jan 3
83% Jan 6
42% July 1
41% Jan 6
105
Jan
6
11% Jan 28
5% July 7
39
32
17
Jan
3
July 29
Mar
6
5% Jan 13
29%Sept 25
5% Mar 30
11
Jan 14
87
Jan 15
56% Feb 5
35% Mar 23
81
Sept 8
72
Sept 8
140% Sept 16
Jan
37® Apr
58
Apr
51
Jan
Oct
2
II84 Mar
25% Mar
20
Apr
35% Mar
7384 Mar
17*4 Apr
2% June
31% May
Apr
84% Sept
6
18
Mar
9
122
Aug 7
40% Sept 23
13
Mar
38% Apr
1% May
9% Jan
4
2% June
79
Feb 10
45
Jan 23
217® Aug
148
65
4
79
Nov
65% June
25% Nov
61
Nov
51% Nov
68
Deo
82% Apr
35% Nov
9% Dec
96
Nov
531® Deo
467® Deo
105
Deo
148® Nov
7*4 Deo
Brokerage Service
Bond
Complete
WHITNEY & CO.
RICHARD
Members
New
York
Stock
Members
New
York
Curb
BROAD STREET,
15
NEW YORK
A. T. & T. Teletype TWX, N. Y. 1-1793
9-4600
Telephone BOwllng-Green
New York Stock Exchange
2172
Exchange
Exchange
Bond Record, Friday, Weekly and Yearly
regular weekly
shown In a footnote in the week In which they occur.
range are
transactions of the week, and when selling outside of the
Price
Week Ended Oct. 2
U.
S.
15 1947-1952 A
Oct
Treasury 3)38—Oct
15 1943-1945
Treasury 4s
Dec 15 1944-1954
Treasury 3)38—Mar 15 1946-1950
Treasury 3)38—-June 15 1943-1947
Treasury 3s
__Sept 15 1951-1955
O
119.2
Apr
Treasury 2)3s„_Mar
Treasury 2)3 8—Sept
Treasury 2%b
Sept
M
Treasury 2%a
J
15 1945-1947
15 1948-1951
1951-1954
Sept 15 1956-1959
Treasury 2%b
M
D
1Q9.8
S
105.2
D
106.3
S
D
Price
No.
Low
428
115.3
Hioh
113.29
114.4
334
111
114.12
112.11
8
109
112.20
109.2
109.8
139
105.2
384
104.25
106.3
145
102 29106.10
108.9
157
107 19 109
109.1
109.2
116
108
106.24
107.1
309
103.24107.8
109.13
108.10
106.15
252
103.19100.22
109.2
468
108.5
Sinking fund 5%a
108.16
247
105.12 108.21
102.29
810
100
104.20
593
100.31104.20
102.16
102.15
104.28 104.23
104.28
86
102.20105.14
103.23 103.13
103.25
341
M
S
101.7
3%a
15 1944-1964
—Mar
May 15 1944-1949 M N
J
15 1942-1947 J
3s..—
Jan
104.6
104.2
Mar
1 1942-1947 M S 102.26 102.20
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N 103.17 103.8
2%b...
1 1939-1949
2%b series B__Aug
2)3s Beries G_
1942-1944
104.8
102.27
67
103
9
100.20 104.5
101.20104.15
100.15103.7
♦Sink fund 6s Apr coup on
1948
A
....
s
f 7s series C--.-1945 J
a
f 7s series D
1945 J
A
O
N
J
J
sec s
f 7s 2d series. 1957 A
O
sec s
f 7s 3d series_1957 A
Antwerp (City) external 5s
1958 J D
Argentine Govt Pub Wks 6s—-I960 A O
N
M S
1961 F A
Extl 6s pub wks May 1927--1961 M N
20
19)3
20
*9§"
19)3
96)3
98
95)3
7%
.
"95%
M S
196§
Stabilization loan 7s
1956 M N
105)3
1960
1950
A
"25"
External s f 6s
ser
C-2
ser
C-3
1960
—1961
1961
1977
1976
1976
1975
1984
♦6 %a stamped
Extl b14%-4%b
s
f 4%-4%b
Extl re-adj 4%-4 %b
Extl 8 f 4%-4%b
3% external s f $ bonds
Bulgaria (Kingdom of)—
102%
♦Cent
Agric Bank (Ger) 7s
♦Farm Loan
s
f 6s_.July
s
f 6s..Oot
A Apr
ser
1942
1960
♦Extl sinking fund 6s
Feb 1961
♦Ry ref extl s f 6s
Jan 1961
♦Extl sinking fund 6s.-Sept 1961
♦External sinking fund 6s
1962
♦External sinking fund 6s
1963
♦Chile Mtge Bank 6%B
1957
♦Sink fund 6%b of 1920
1961
O
see page
2177
1
66%
68%
8
109)3
114)3
Extl sinking
B
25
70
30
55
83)3
70)3
71)3
72)3
11
55)3
72Yi
65)3
66
67)3
67)3
67)3
69)3
50)3
17
11
16)3
17)3
140
58
♦4s of 1904
66
57)3
67%
68)3
Milan (City,
32
61)3
16
39)3
71)3
50)3
♦Sec extl
s
f 6)3a
F
J
D
31
48
5
25
25%
24
24
24)3
7
32)3
32%
28%
33)3
28)3
28
28 %
40
40
22)3
29%
20
29
29)3
39)3
7
25
34
5
27%
28)3
25)3
45)3
*25
r32)3
*25)3
32)3
r32)3
26)3
34%
26
37%
31%
21%
"~5
28%
98%
99%
99%
93%
24
24
19)3
*15
20
16%
*106)3
21%
108)3
104
26%
24)3
110
23
17
30
22
22
18)3
22)3
22)3
22)3
32%
25%
*22)3
79
82)3
*
17)3
.16%
27
50)3
115
82)3
78
68
80
66
v
99%
20
38
128
"~8
53
16
68)3
100
51)3
112% 115
60%
87)3
83)3 100
83
77
51)3
91)3 100)3
59
84
32
78
89)3
30
11
25
32)3
*23)3
84)3
86
29 %
40
*
22)3
100
9%
*4)3
98
9)3
*5)3
M N
9
80
31)3
101
7%
10%
7)3
10%
12)3
12%
4
5%
*6
10%
8
6
7)3
7)3
*4%
5%
7%
A
O
S
....
"5"
D
D
J
7%
4)3
4%
4%
6%
5%
1
68
67%
68%
"35
17%
17
17%
3
D
50
7)3
.
7%
7)3
9)3
9
15)3
14%
77
19%
19)3
16)3
15%
16%
6
62)3
60%
62%
16
57
1
104)3
104)3
104)3
105
25
100% 105)3
104
104%
104%
20
101
22
106
32
104% 107)3
105
108
100)3 104%
99% 102)3
96)3
97)3
102% 104
57
1959 M N
External
42
s
f 5s
Norway 20-year extl 6s
6
20-year external 6s
External sink fund 5s
s
A
(State) extl 5s. .1957
52
46)3
O
Apr 1958
1943
1944
t 4%b
A
1963 M
104%
A
101
105%
100%
100%
100%
S
1956 M S
1965 A O
97)3
*100 %
A
"24"
24
82%
83)3
79
79
79
14)3
95
72
Oslo (City) 30-year s f 6s
1955 M N
1955 a o
IOO932
14)3
13)3
14)3
5
14
14)3
54
12)3
13)3
13
12)3
13)3
Municipal Bank extl s f 5s—.1970
24
♦Sinking fund 4)3s
47
"l3"
12)3
13)3
47
62)3
43
57
12)3
13)3
12
12)3
J
....
3
18)3
27
78%
86%
8
72)3
100%
5
97%
98%
15
105%
M
105
19
105%
97)3
D
1963 M N
♦Stamped
82%
lOOajj 104
96% 98%
12
104
*70
85
66
67
47
15
15
15
3
12)3
15
15%
6
13)3
11%
12%
292
152
..
106
67
90)3
58
..
81
Pernambuco (State of)—
22
12
1953
1—4 0 O
101
66 %
♦Extl s f 5s ser A
13
13
Panama (Rep) extl 5)3s
49
24
82%
1952
Oriental Devel guar 6s
Extl deb 5)3a
14)3
14)3
148
D
♦Nuremburg (City) extl 6s
96
13 %
28
100%
97%
j
42
14)3
14 %
101%
F
9
14)3
13)3
13 %
97
1953 M S
1958 M N
39)3
.
41
-----
1952
♦6s series A
New So Wales
39)3
#14)3
14)3
A
14)3
6
24)3
182)3
25)3
*96%
—.1959 M S
(City) 7s
External
*47)3
190
160
o
1958 M
External sink fund 4)3s
O
144
78
100)3
102)3
♦Montevideo
12
D
14
145
24
1954 J
—
28
J
148
Minas Geraes (State)—
35)3
13
144
^
36)3
D
172)3
*4%
Italy) extl 6)38—1952
35
J
183
138
♦{Small
59)3
34)3
S
140
3
♦Assenting 4s of 1910 small-.
♦JTreas 6s of *13 assent (large) '33
36)3
M N
39
140
105)3 109
♦Assenting 4s of 1910 large—
10
115
14
M
144%
138
99%
1954 J
-
♦Assenting 4s of 1904
35)3
J
140
D
12
17)3
110)3
108)3
114)3
100
M S
27
140
J
1954 J
♦Assenting 5s of 1899--.
♦Assenting 5s large
♦Assenting 5s small
92)3 100
39
J
18
1947
Irrig assenting 4)3s_1943
J
F
3
J
100)3
70
14
24%
O
1945 Q
100)3
6
o
24
.....
J
38 H
95
93
1
9
3
O
5
D
♦Medellin (Colombia) 0)3s
99
M N
4
1957
♦Mexican
28)3
100)3
101)3
*39)3
41)3
S
96%
o
♦7)3a June 1 1935 coup on —1950 J
o
A
30)3
106)3
96
106%
A
1965 M N
fund 5)38
♦Leipzig (Germany) s f 7s
Lower Austria (Province of)—
83)3
70)3
100)3
67
100
ser
103)3
"98)3
102)3
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 6 )3s.l950 M S
Colombia (Republic of)
♦6s Apr 1 1935 coup on.Oct 1961
For footnotes
17
J
1962 M N
1960 M, S
♦6s July 1 1935 coup on. Jan 1961
97 %
29%
"78
f 7s
♦7s with all unmat coup
101)3
J
♦Guar
f 6s
70)3
93
29%
1947 M
sec s
104
100
A
♦Guar s f 6s
s
41)3
10
Jugoslavia State Mtge Bank-^
49 53
J
1961 A
♦Chilean Cons Munlc 7s
78
75%
Italian Public Utility extl 78—1952 J
Japanese Govt 30-yr s f 6)38.-1954 F
68)3
15 1938
♦Farm Loan 6s
78
61%
21)3
75
1951
27)3
103)3
K
67 %
15 1960
15 1960
♦Chile (Rep)—Extl s f 7s
♦External sinking fund 6s
78)3
61)3
76
50)3
External
28)3
67)3
1961
1954
1950
♦Farm Loan
48%
66)3
6
77%
75
*112)3
35
28)3
28)3
100)3
66
Aug 15 1945 F
♦Carlsbad (City) s f 8s
37
13
77
100)3
93% 100
*45
75
*30
F"
♦Mexico (US) extl 5s of 1899 £.1945 Q
72)3
A
100)3 102)3
77
Italian Cred Consortium 7s A.-1937 M
30
24)3
104
"70)3
1952 M N
104 %
14
128
A
*Sec extl 8 f 8 )3a
1960
31
99)3
101
Italy (Kingdom of) extl 7s
"29
—
Canada (Dom of) 30-yr 4s
5s
89
104%
1960 M N
26
83)3
J
♦Sink fund 7s July coup off—1967 J
♦Sink fund 7%B May coup offl968 M N
10-year 2^8
25-year 3^8
107)3
106)3
114)3
105)3
99)3
102)3
102)3
102 %
"98)3
J
90
10
98%
98%
Irish Free State extls f 5s
27
27)3
♦Buenos Aires (Prov) extl 6s—.1961
♦6s 8tamped
23
104%
104%
100% 2100%
1968
♦Hungary (Kingdom of) 7)38.-1944
27)3
1960
External s f 6s
60)3
105)3
105)3
100
a99%
99%
D
J
♦7)3s unmatured coup on.-.1945
J
♦7s unmatured coupon on
1946
♦Hungarian Land M Inst 7)38.1961 M N
♦Sinking fund 7)3sser B
1961 M N
97)3
34)3
26)3
f 6%a of
1968
—
102)3
24)3
26)3
f 6%b of
s
1964
Haiti (Republic) s f 6s ser A—.1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl. 7)3s '50
Helsingfors (City) ext 6)3s
1960
Hungarian Cons Municipal Loan
101)3
24)3
D
1926..-1957 A O
1927—1957 A O
♦7s (Central Ry)
1952 J D
Brisbane (City) s f 5s
1957 M S
Sinking fund gold 5s___1958
20-year s f 6s
1950
Budapest (City of)—
♦6s July 1 1935 coupon on—1962
Buenos Aires (City) 6%b B-2..1955
s
♦External
102)3
37%
,
109)3
105)3
"34)3
♦External
90)3
100
f ser 7s—1964 M N
♦6s part paid
109)3
98
D
#
♦7s part paid
♦Sink fund secured 6s
101)3
113)3
S
O
♦Greek Government
100)3
100)3
100)3
101
105)3
104)3
*105)3
External 30-year s f 7s
♦External sinking fund 6s
1958 J
♦Brazil (U S of) external 8s___1941 J
92
4
*135
1958 J
♦(Cons Agric Loan) 6)3s
101)3
96
105)3
113 %
Bergen (Norway) ext s f 5s
♦Berlin (Germany) s f 6%b
19
552
German Prov & Communal Bks
*23 %
J
M
34%
104 %
96)3
a99
"d
1965 J D
♦5)38 unstamped
—1965
♦German Rep extl 7a stamped-1949 A~ O
♦7s unstamped
1949
101
100)3
100)3
J
D
-
.....
1949
♦5)3s of 1930 8tamped
100)3
100)3
A
J
Refunding
97)3
101)3
100)3
100)3
100)3
100)3
100)3
109
1955 J
External s f 6s
23
German Govt International—
7)3
102)3
J
F
99% 101
138
D
---1941
1949 J
7s unstamped
8)3
8)3
8)3
8)3
7)3
7)3
102 j3
1928—---1956
*
1957
6)38—1945
Belgium 25-yr extl 6%a
1949
(Republic of) 7s
7)3a unstamped
External 7s stamped
19)3
8)3
8)3
"853
8)3
7)3
7)3
7)3
M N
External g 4%b of
Austrian (Govt) s f 7s
♦Bavaria (Free State)
99 %
5
60%
96%
109)3
J
4
102%
.....
106%
1957 M S
A
104%
100
96%
59%
J
100)3
99)3
108)3
108)3
F
1955 J
6
102%
56%
.....
1967
1960lM
f 6s (State Ry) —1960
8
29
100
Estonia
100%
10034
ioo>$
100)3
100)3
100M
D
89
87
92)3 100
88)3
97
70)3
87
28%
103%
......
99.17102.7
100%
1927
89
28%
304
1958| T
External 5s of
38
101.28
1957 M S
1962
93%
101.28 101.18
External 6s series B
Public Works extl. 5%b
92%
J
Extl
Australia 30-year 5s
17
1948
External s f 6s series A
Extl 6s Sanitary Works
20%
98
-
♦El Salvador 8s ctfs of dep
100 %
s
17)3
-
99.16 102.5
O
External s f 6s of Oct 1925--1959 A
External
2
-
334
100^
1959 J
f 6s of May 1920
22
20%
-
101.28
D
s
20 %
20%
97%
93
-
101.28 101.16
O
Argentine 6s of June 1925
External g 4 )3s
Hioh
97%
*
....
100.17103.29
O
♦External
J
A
—1955
O
Apr 15 1962
Deutsche Bk Am part ctf 6s„ .1932
{♦Stamped extd to Sept 1 1935... M S
Dominican Rep Cust Ad 5)38—1942 M S
1st ser 5)3s of 1926
1940 A O
2d series sink fund 5)3s
1940 A O
External gold 5)3s
.
Low
17)3
379
J
J
f 7s 1st series —1957 A
♦External
O
French Republic 7%a stamped. 1941
F
A
M
J
J
♦External
s
O
1952
1942
24
17
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6)38—1953 M N
F
♦External
♦External
1951
No.
Hioh
2
103.18
Agricultural Mtge Bank (Colombia)
Akershus (Dept) ext 5s
1963
♦Antloquia (Dept) coll 7s A—1945
♦External s f 7s series B_^._ 1945
J
D
Since
Jan. 1
20%
A
1949
Jan 15 1953
Range
*3
Asked
21
♦Dresden (City) external 78—1945 M N
Foreign Govt. & Municipals—
♦Sink fund 6s Feb coupon on. 1947
S
Sinking fund 8s ser B
Denmark 20-year extl 6s
100 23102.5
&
*20
21
A
Czechoslovakia (Rep of) 8s
103.16
100.30101.9
100.30
M
♦Public wks 5)38—-June 30 1945
109.12
Federal Farm Mortgage Corp—
3s
1944
1949 F
External loan 4)3s
108.31
101.25 101.16
101.8
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
108.2
102.25 1674
101.26 2849
101.8
2987
......
S
F
A
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 5s
1952 J D
25-year gold 4%b
1953 M N
J
Cordoba (Prov) Argentina 7s—1942 J
Costa Rica (Republic of)—
♦7s Nov 1 1930 coupon on
1951
102.20105.16
105.30
104.20 104.7
M
♦Sinking fund 7s of 1926
100.17109.12
108.4
1947 A O
1946 M N
♦Colombia Mtge Bank 6)3s
Bid
Low
Foreign.Govt. & Mun. (Concl.)
119.11
112.8
S
S
Week Ended Oct. 2
105.24108.29
114.4
15 1949-1952 J D
Aug 11941 F A 109.1
15 1944-1946 A O 108.16
15 1955-1960 M S 102.28
Treasury 3%b
Jan. 1
682
D
Treasury 3)3s—June 15 1940-1943 J D
Treasury 3)38—-Mar 15 1941-1943 M S
Treasury 3)38— .June 15 1946-1949 J D 107.1
Treasury 3)38—-Dec
Treasury 3)3S-
Fridav's
108.17
J
M
Range or
Sale
Hioh
108.17 108.11
J
Last
N. Y. STOCK EXCHANGE
§<§
119.2
118.27
O
M
BONDS
Since
Asked
&
A
June 15 1946-1948 J
Treasury 3s
Bid
Low
Government
Treasury 4%s
Week's
Range
Range ol
Fridav's
Sale
EXCHANGE
STOCK
Week's
Last
BONDS
Y.
No account Is taken of such sales In computing the range for the year.
Fridav
Fridav
N.
1936
1909 the Exchange method of quoting bonds teas changed and prices are now "and interest"—except for income and defaulted bonds
On Jan. 1,
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are'the only
♦7a Sept coupon off
♦Peru (Rep of)
external 7s
1947
1959
M
M
S
S
♦Nat Loan extl s f 6s 1st ser.-I960 J
♦Nat Loan extl s f 6s 2d ser. 1961 A
55
24)3
d
O
Poland (Rep of) gold 6s
Stabilization loaD s f 7s
20)3
20)3
21)3
82
25)3
20)3
20)3
21)3
46
25)3
External sink fund g 8a
"12%
10
12
12
12%
A
O
52)3
50%
57
33
37
1947 A
O
66)3
65
81
42
44
1950 J
J
54
49
59
132
1940
10
^
40
17)3
19
16%
16%
80)3
111%
90
Ranee or
Last
BONDS
.
Bonds Sold
Hioh
Bid
Price
&
Low
Foreign Govt. &Munlc. (Concl.)
No
Porto Alegre (City of)—
1961
♦7%aJuly coupon off--1966
Prague (Greater City) 7%s
1962
♦Prussia (Free State) extl 6 %s 1951
♦8s June coupon off
O
A
22
96
4
24
24
18
19
18
112%
112%
22
109
112%
113
14
109
19%
101%
29%
28%
113%
113%
1946 A O
1953 F A
off
28%
-----
—
-
A
—
7
28%
15%
17%
17%
6
14%
mm
38
24%
15%
69
15
21
14
19%
Rio Grande do Sul (State of)—
♦8s April coupon off
♦6s June coupon off
-----1946
1968
♦7s May coupon off-—1966
♦7s June coupon off
1967
Rome (City) extl 6%s
1952
Rotterdam (City) extl 6s
1964
Rou mania (Kingdom of Monopolies)
♦7s August coupon off
A
J
M
J
A
IVI
♦Saarbruecken (City) 68
16%
17
12
18%
17%
17%
19
28
17%
74
A
J
------
{♦8s July coupon off
1936 J
J
J
♦External 8s July coupon off. 1950 J
102%
93%
97
95
MN
103%
1945 M N
Ml N
on..1962 M N
Solssona (City of) extl 6s
26%
3
26%
22%
25
D
A
17%
F
F
J
M
External 8 f 6%s guar
1961 A
Trondhjem (City) 1st 5%s
1957 IVI
♦Uruguay (Republic) extl 8s.-1946 F
-—-1946
Sydney (City) s f 5%s
1955
Taiwan Elec Pow s f 5%s
1971
Tokyo City 5a loan of 1912
1952
17
4
A
J
S
O
N
A
f 6a
I960 IVI N
a
f 6s
1964 IVI N
Venetian Prov Mtge Bank 78—1952 A
Vienna (City of)—
♦6s Nov coupon on
Warsaw (City) external 7s
~
1952 M N
1958 F A
1961 J D
Yokohama (City) extl 6a
61
63
40
55%
56%
29
1959
J
77
77
Atlantic Refining deb 5s
1937
Auburn Auto conv deb 4% 8—1939
Austin A N W Is gu g 5a—-.1941
J
*30
Baldwin Loco Works 1st 5a
19%
19%
*16
87%
Ref A gen 5s series D
Conv 4%a
------
31%
23%
Con
81%
90%
30
32
*26%
27%
25%
25%
25%
46%
......
26
7
32%
26
48
50%
45%
*38%
155 %
99
155%
105%
104%
79%
78%
Belvldere Delaware
29
*74%
79
78
75
♦Deb sinking fund 6%s
♦Debentures 6s.
101%
------
53%
------
53
54
95%
54
54
20
53
♦
Big Sandy 1st 4s.
Boston A Maine 1st 5s A C
76%
82%
58%
59%
39%
37%
37%
68
73
73
1
93
93
96
8
46
45%
49%
19
33%
71%
84
84
85
15
78
89
53%
101%
279
103%
103%
74%
Coll trust 4s of 1907
1947 J
D
Adriatic Elec Co. ext 7s
Ala Gt Sou 1st cons A 5a
1952 A
O
1943 J
D
*111%
D
*107%
♦StAbltlbl Pow A Paper 1st 58-1953
Adams Express coll tr g 4s
1948 M
1943 J
B
♦Albany Perfor Wrap Pap 6s. .1948
♦6s with
warr
Coll A
♦5s
conv
1st 5s 8tamped
103%
71
103%
99%
99%
—
—
-
-
8
2
103%
303
94%
96%
86
85
86%
8
63%
66%
318
102%
102%
15
102%
15
1942
M
S
111%
1950
A
O
100%
100
100%
172%
163
172%
211
111%
Am A
1955 M
Foreign Pow deb 6s
American Ice
8
S
2030
D
1953 J
f deb 5s
*94
S
M
Amer I G Chem conv 5%a
1949 M N
Am Internat Corp conv 5%s..l949 J
J
75%
80%
111
104%
80%
10
158
105%
105%
34
105%
124
Rolling Mill conv deb 4%s.l945 M N
Telep A Teleg coll tr 6s—.1946 J D 105",6
110%
J
35-year s f deb 5a
1960 J
113%
20-year sinking fund 5%s.__1943 M N
Am
Am
117
124
488
105",6 .106
.171
111%
110%
291
109%
1
114%
114%
3
76%
76%
7
8
121%
26
25%
25%
A
O
—-
*110%
119
122
125
130%
5
17
109
105
84%
86%
80%
198
85%
85%
82%
1941 J
f deb
s
3%s
68
29%
322
-
-
--
Brans A West 1st gu g 4s
Buffalo Gen Elec 4%s ser B
Buff Rocb A Pitts gen g 5s
28%
182
100
100%
24
88
102%
103%
103
86
102
81%
83
5s
103%
192
103%
0
112%
------
------
—
120%
*131
95
—
-
7
121
—
20
-
-
-
108
110
8
105
106%
103
103%
*103%
1981 F
A
104%
108%
------
108%
1
103%
103%
26
91%
93%
27%
*21
94
357
1
27%
26%
90
70%
81
48%
70%
54%
54%
56
20
54%
67
98%
96%
98%
16
104%
104%
2
1940 J
J
104
104
36%
♦Camaguey Sugar 7s ctfs
1942 A
1962 A
O
101%
99
118% 172%
66%
66
80%
110% 117%
101% 106%
108% 134%
Coll
117%
5s
117%
J
114%
114
115
43
1969 J
1969 A
118%
118%
118%
41
O
120
119%
120%
40
A
J
gold 4%s
trust
6
4
O
Canadian Pac Ry 4% deb stk perpet J
105% 110%
110 % 114
112% 115
7
15%
117
June 15 1955 J D
Guaranteed gold 4%s
1956 F A
Guaranteed gold 4%s..8ept 1951 M S
Canadian Northern deb 6 %s
J
1946 J
Guar
14%
14%
1970 F
July
Oct
Guaranteed gold 5s
98%
83%
gold
------
1957 J
Canadian Nat guar 4 %s
Guaranteed gold 5s
J
1946 M S
J
1944 J
Dec 1 1954 J D
4 %s
5s equip trust ctfs
------
*119%
-
118%
118
115
-
-
-
119
110%
10
122% 129
95%
179
95
103
94
79
102% 106
116%
22
113% 116%
108
107%
108%
32
104%
104%
105%
79
56%
7
12
105% 108%
J00% 105%
56%
49%
106% 108%
51
109% 119%
1960 J
J
166
111% 114%
t*Car Cent 1st guar g 4s
1949 J
J
J
148%
142
151
75
107% 153
Caro Clinch A O 1st 5s
1938 J
D
106%
106%
6s ser A—Dec 15 1952 J
D
110%
110%
M N
110%
110
110%
19
J
50%
48
50%
109
107
10S
Anaconda Cop Mln s f deb 4 Ha 1950 AO
106%
deb 1950 J
1st A
Deb g 6s series A
t*Am Writing Paper 1st
♦
Certificates
of
1975
g
6a. .1947 J
50
deposit
48%
129
106%
♦Anglo-Chilean Nitrate—
S f Income deb
1967
1995
1964
Armour A Co (111) 1st 4%s
1939
1st M 8 f 4s ser B (Del)
1955
Armstrong Cork deb 4a
1950
Atcb Top A S Fe—Gen g 4s
1995
Adjustment gold 4a
-—1995
Stamped 4s
1995
——
t»AnD Arbor 1st g 4a..
Ark A Mem Bridge A Ter 5s
-
J
J
28%
J
*103%
J
D
F
A
J
J
A
O
105
115
------
------
1955 J
D
109%
1955 J
D
------
Conv g 4s Issue of 1910
Conv deb 4 %s._.
1960 J
D
1948 J
D
Rocky Mtn Dlv 1st 4s_
1965 J
1958 J
J
For footnotes see page
-
-
-
-
67
-
96
-
105%
105%
116
111
92%
91%
2
123
111%
111%
111
111%
72
109%
109%
106%
110%
4
109%
4
106% 110%
105
110%
106%
1
102% 107%
111%
25
104% 113%
104% 113%
109
------
*36%
38
A
*70%
73%
♦Consol gold 5s
♦Ref A gen 5%s
series B
♦Ref A gen 5s series C
30%
31%
17
18
17%
♦Mobile Dlv
1st g 5s
*
28%
27
------
*10
------
104%
Cent 111 Elec A Gas 1st 5s
1951
^♦Cent New Engl 1st gu 4s
1961
58
Central N J gen g 5s
General 4s
1987
94%
1987
113
7
111%
1
-
—
*107
104%
108
104%
57
59
92
94%
84%
83%
2177,
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
Vilas A Hickey
New York Stock
exchange
49 WALL STREET
Telephone
—
HAnover 2-7900
Private
Members
—
New York Curb Exchange
....
—
Wires to Chicago,
A. T. & T. Teletype
NEW YORK
NY 1-911
Indianapolis and St. Louis
-
-
-
-
-
-
-
16
4
18
----
-
-
-
-
—
—
-
23%
110% 113%
-
21
-
21%
23
1946
Cent Hud G A E 1st A ref 3%s_1965
*24
------
114
111%
-
108% 111%
102% 108%
17%
17
1945 M N
1959 A O
1959
105% 107%
110% 114
-
3
11
93
D
F
♦Mid Ga A Atl Dlv pur m 5s. 1947
113
------
D
J
4s
1948
^♦Central of Ga 1st g 5s...Nov 1945
♦Chatt Dlv pur money g 4s..l951
♦Mac A Nor Dlv 1st g 5s
1946
2
*104%
J
1981 J
Cart A Ad 1st gu g 4s
♦Cent Branch U P 1st g
104% 106%
110% 116%
258
105%
84%
Carriers A Gen Corp deb 5s w w 1950 M N
103% 105%
QQ
94%
61
98%
98
31
103
110%
Nov
S
-
115
------
M N
Cal-Arlz 1st A ref 4 %s A—-.1962 M
-
28
16
72%
-
104%
98%
53
28%
72%
S
Conv gold 4s of 1909
Conv 4s of 1905...
Trans-Con Short L 1st 4s
28%
Q
M
cons g
55
------
111%
32%
51%
32%
50%
99% 106%
12
50
105%
97
97%
103%
116
129
conv
87%
102%
------
114
t*Am Type Founders
117%
117%
25
128%
113%
111%
Amer Water Works A Electric—
110%
61
116%
111%
4 %s
120
116%
113
5s
122
115% 121%
112%
114%
112%
trust
115
8
127%
111%
Collateral
108% 116%
113% 119%
114%
112%
Coll trust gold
103% 105%
19
9%
111% 118%
128
J
_
92% 101%
104% 107%
114%
A
Convertible debenture 4 )$s—1939 J
Debenture 5s__
1965 F
29
80%
69
_
104%
6s A
102% 104%
94
65%
19
30%
17
*82
1937 M N
cons gu
108% 111
69
------
1945 M N
Canada Sou
119% 122
124% 130%
104
105%
33
J
109%
Cal G A E Corp unf A ref 5s
Cal Pack conv deb 5s.
96%
88%
67%
90
102%
108% 112%
85
95%
115
13
1938 J
O
69
109
104%
106
Bush Term Bldgs 5s gu tax ex.. 1960 A
103
104%
■109%
J
28%
100%
100% 103%
75
-
113
105%
1955
17%
'
*93
J
1937 M S
Consol 4 %s
1957 M N
it*Burl C R A Nor 1st A coll 5s 1934 A O
♦Certificates of deposit
O
^♦Bush Terminal 1st 4s
1952
89%
31%
29%
102%
------
94
17%
100%
25%
93%
20
26
108%
F
71%
.73
73
24%
A
1950
102% 106%
103
*19
28
33
30
109% 110%
-----
86%
29
23
81
28%
32%
23%
22%
20%
2
84%
------
118
68%
77%
98% 100%
33
104%
A
109%
27
26
*25%
104%
81%
94%
113% 116%
103% 109%
---.
26%
26%
:
Q4.
74
104
129%
-----
100
61%
----
121%
128%
*107%
107%
74%
*102%
-
F
88
By-Prod Coke 1st 5%s A
90 H
111%
80
110%
116%
------
1950 J D
1957 M N
♦Consol
78
571
76%
*115%
48
48 H
96
71%
259
26
1947 M N
Guaranteed
♦Alplne-Montan Steel 7s
94%
26
Bklyn Union El 1st g 5s
1950 F A
Bklyn Un Gas 1st cons g 5s....1945 M N
76
87 H 100
29
Allla-Chalmers Mfg conv deb 4s 1945 MN
110%
80
101
212
100
107%
55
96%
1998 AO
80
111
103 %
53
O
1950
Allegb A West 1st gu 4s
Allegh Val gen guar g 4s
Allied 8tores Corp deb 4%s
104
97
66
—.1950 A
5s
97
53
80
71
------
67%
40H
6
109
*76
91%
113
108% 114%
84% 103%
100% 105
99% 106%
—
97
20
D
1949 J
6s
conv
stamped
-
103%
*69
71
1946 AO
1944 FA
tAlleghany Corp coll tr 5s
------
O
1948
assented
Alb & Susq 1st guar 3%s
♦Coll A
A
S
372
26%
Debenture gold 5s
1st Hen A ref 5s series B
67%
81%
121%
129%
♦Certificates of deposit
J
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison cons mtge 3%s_.1966 M N
Brown Shoe
60%
80
------
1967 M S
...1955 M N
1961 A O
J*Boston A N Y Air Line 1st 4s 1955
{^♦Botany Cons Mills 6%s.—1934
INDUSTRIAL
67%
101%
173
76%
D
Bklyn Manhat Transit 4%s.-.1966 M N
Bklyp Qu Co A Sub con gtd 58.1941 M N
74
89%
COMPANIES
D
94
O
1944 J
*
_
1st g 4%s ser JJ
73
J
99%
91%
------
3%s_.1943 J
1st M 5s series II
99% 102%
47
cons
83
73%
13
53%
106%
99%
94%
♦Berlin Elec El A Underg 6%s.l956 A
Beth Steel cons M 4%s ser D..1960 J
166
73%
4
101%
105%
81%
1955 A
100% 105%
15
41
94
1959 F
51%
68%
79
78
105
99%
♦Berlin City Elec Co deb 6 %s—1951 J
150
11
80
44
104
105%
1960 A
33
-----
114
103%
105
1948 J
Bell Telep of Pa 5s series B
1st A ref 58 series C
22%
6
105%
219
92%
112%
102%
109%
stamped
1951
Battle Creek A Stur 1st gu 3s. .1989 J
Beech Creek ext 1st g 3%s
1951 A
29%
91
------
94%
114
103
------
23
—.1
1
91
J
33
25%
24%
103
104%
108%
—1951
4s
103% 105
^02% 108%
75
94%
70
.
104%
35
25%
.4
27%
ref
100% 105%
107%
48
14
21%
20%
103% 106%
11
108%
1943
58
26
104%
94%
83
86%
O
D
O
D
N
J
2000 M S
1960 F A
1996 M S
Bangor A Aroostook 1st 6s
15%
15
17%
88%
87%
*104
1
63%
61
105%
105%
1940 M N
40%
33%
1
103%
83
86
J
1940
July 1948 A
Refund A gen 5s series A
1995 J
1st gold 5a
July 1948 A
Ref A gen 6s series C
1995 J
PLEAWVaSys ref 4a...1941 M
Southwest Dlv 1st 3 %-5s
1950 J
22%
16%
5
20%
18%
18
103%
J
Bait A Ohio 1st g 4s
19%
14%
34%
------
1st lien A ref 6s series A
ser
103%
62
56%
Ref A gen M 5s ser F
A
8
1st cons 4s
67
J
23
9
16%
17
1936 M N
♦7s Feb coupon off
AND
305
J
30
17%
-30
95% 102%
76
96%
97
81%
95% 103%
532
97
102%
-
265
102%
96%
1948
28%
Styrla (Province of)—
RAILROAD
-
--
101%
96%
5s assented....
20%
81%
54%
110
122%
—
Silesia (Prov of) extl 7s
1958 J
♦Slleslan Landowners Assn 68—1947 F
♦External
118%
103% 107%
105% 112
1948
21
15
17%
27
1946 J
Serbs Croats A Slovenes (Kingdom)
♦8s Nov 1 1935 coupon on.. 1962
♦External
"111%
J
S
D
M
J
Hioh
118
'
Tol A Cln Dlv 1st ref 4s A—1959 J
♦External 7s Sept coupon offl956 M S
♦Exter al 6s July coupon off. 1968 J
J
♦Secured a f 7s.
1940 A O
♦Saxon State Mtge Inst 7s
1945 J D
6%s
17%
14%
1
113%
*.._-_
1952 IVI N
H
1935 coupon
"109
27%
14
48
74
70%
16
9
17%
113%
♦Extl 6%s May coupon off—1957 M N
♦7s Nov 1
27%
16%
San Paulo (State of)—
g
J
Low
»H8
Atl A Dan 1st g 4s..
2d 4s
—
1953 J
-
8
27
O
D
N
D
O
N
1959 F
Sao Paulo (City of Brazil)—
♦88 May coupon off
♦Sinking fund
May 1
10-yr coll tr 5a
No
Hioh
D
Since
Jan. 1
Atl Gulf A W I 8S col tr 5s
Rio de Janeiro (City of)—
♦88 April coupon off
coupon
15
2
112%
♦Rhine-Main-Danube 7s A..--I960 M S
♦6%s Aug
23
24%
24
Queensland (State) extl 8 f 78--1941 A
26-year external 6s
-----1947 F
f 6s
16
96
24
Low
1946
1944
1st 30-year 5s series B
1944
Atl Coast Line 1st cons 4s July 1952
General unified 4 %s A
1964
L A N coll gold 48...
Oct 1952
Bonds Sold
Bid
Price
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4 %s A
Ranee
Ranee or
Friday's
dk
Asked
Sale
EXCHANGE
Week Ended Oct. 2
Hioh
16
96
— -
O
a
tow
24
„
1952 A
♦External
18
17%
16%
16%
D
J
N
S
J
J
M
M
N. Y. STOCK
Since
Jan. 1
24
Last
BONDS
Ranee
Asked
Friday's
Sale
STOCK EXCHANGE
Week Ended Oct. 2
Week's
Friday
Week's
Friday
N. Y
2173
New York Bond Record-Continued-Page 2
143
Volume
7
-
-
73
93
27
39
52
73
23
36%
11%
20
12
20
21
29
20
24
15
23
20
28
105% 108
-
44
33
143
6
99% 104%
77%
43%
86% 103%
81
93%
Oct. 3,
New York Bond Record—Continued—Page 3
2174
BONDS
N.
Y.
STOCK
Bennett Uros. &
Johnson
Bid
Asked
Low
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1951 J D
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1942
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81
59
56
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103H 106
169
46
1949 MN
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1937
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1942
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1952
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1956
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1969
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1941 IVI
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101H
85H
A
Cent RR A Bkg of Ga coll 5s.. 1937 M N
Central Steel 1st g s f 8s
-1941 M N
Certain-teed Prod 5Hs A
1948 M
Champion Pap A Fibre deb 4^81950
Chesap Corp conv 5s
—1947
110X
109
-.I960 F
5s
Low
Hioh
A
J
45
14
53
— — — —
35 X
86
80
81J*
75 X
95
_
2175
New York Bond Record—Continued—Page 4
Volume 143
Friday
Week's
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended Oct. 2
Sale
Range or
Friday's
Bid
Asked
&
Price
Low
Grays Point Term 1st gu 5s —.1947
Gt Cons El Pow (Japan) 7s
1944
1st & gen s f 6 *4s
1950
Great Northern 4 *4s series A—1961
General 6J4s series B
...1952
General 5s series C
1973
J
F
J
J
.......
96*4
12
116
30
114*4
J
115*4
115*4
111*4
104*4
J
111*4
1976 J
General 4*4s series E.......1977 J
Gen mtge 4s ser G
1946 J
Gen mtge 4s ser H
1946 J
♦Green Bay & West deb ctfs A_.
♦Debentures ctfs B
......
44
112
105*4
76
104*4
118*4
105*4
113
119*4
214
108
107*4
108*4
185
......
13
*73
82
60
13
34
6
99*4
108*4
102*4
99*4
109
*80*4
*80*4
102*4
86
102*4
Ry 1st gu 4s
..1940
Gulf Mob A Nor 1st 5*4s B....1950
1st mtge 5s series C
1950
103*4
7M
FOR BANKS AND DEALERS
99
91
115
116
D. H. SlLBERBERG & Co.
112*4
106*4
105*4
Members New York Stock Exchange
NEW YORK
63 Wall St.
72*4
14*4
A. T. A T. Tele. N. Y. 1-1598
Telephone Whitehall 4-2900
106 H 109
5
99*4
95
109 M 122*4
99 M 108*4
....
11*4
108*4
Greenbrier
88M
81M
107*4
107 M
103M
96 M
96M
9
104*4
119*4
J
90
-11
90*4
114*4
114*4
BROKERS IN BONDS
High
.
....
90
J
General 4 He series D
97
96
96
A
"
Since
Jan. 1
High
*95
D
Range
*3
g2
44
90
103*4
81*4 101
t
Stamped..
Gulf States Steel deb 5*4 s
1942
Hackensack Water 1st 4s
1952
♦Harpen Mining 6s
Hocking Val 1st cons g 4Mb
♦Hoe (R) A Co 1st mtge
1949
j ♦Housatonlc Ry cons g 5s
1937
H & T C 1st g 5s int guar..
*109
1937
.
-
69
«...
.
30
103
101
iio
124
1944
85
123*4
81*4
.......
78
102*4
Houston Belt A Term 1st 5s... 1937
—*~
102*4
Houston Oil sink fund 5*4s A.. 1940
Hudson Coal 1st s f 5s ser A... 1962
54*4
1949
1957
81*4
♦Adjustment Income 5s_Feb 1957
34*4
♦102*4
102
53
122*4
81*4
34
Friday
Week's
BONDS
Last
Range or
Sale
Friday's
Price
77*4
82*4
104*4
31*4
124
11
85
24
78
5
64 M
100?* 103*4
136
74
37
38 M
7
84
89
102 H 105*4
11
124
85
102** 105
....
102*4
55*4
37*4
124*4
44 M
1
102*4
103
116
Extended 1st gold 3Ma
1st gold 3s sterling...
Collateral trust gold 4s
107*4
*108
1951
1951
105
1951
*104*4
*90*4
1951
104
55*4
119** 124
72?*
26 M
Refunding 4s
...
1955
...
Purchased lines 3Mb
89*4
39*4
83*4
......
cons 5s
2003 WIN
Leh Val Term Ry 1st gu g 5s
Lex A East 1st 50-yr 5s gu
1941 A O
1965 A O
1944 A O
General
Liggett A Myers Tobacco 7s
.
♦Certificates of deposit-§♦10-year 6s
♦Cert Idea tee of deposit..
conv 7% notes.
♦Certificates of deposit
Interlake Iron 1st 5s B
.1956 J
89
94
81X
82
95
iooM
A
1950 A
1938 J
,.1949 Wl
1937 Wl
..1949 Wl
Long Dock Co 3*4s ext to
Long Island gen gold 4s
Unified gold 4s_.
20-year p m deb 5s
Guar ref gold 4s
92*4
87
107*4
44*4
*105*4
103*4
105*4
87
225
71H
79
93*4
88*4
101
....
....
....
46*4
108*4
103*4
105*4
11
'
99
67 H
9
108
....
5
18
93*4
88*4
106*4 108*4
105
s
N
s
A
Louisville A Nashville 5s
Unified gold 4s
1st refund 5*4s series A
1st A ref 5s series B
1st A ref 4 *4a series C
Gold 5s
1st A ref 4s
ser
105
1946
1980
1945 M S
J
1952 J
Djlv 2d gold 3s
Mob A Montg 1st g 4*4s
South Ry joint Monon 4s
Atl Knoxv A Cln Dlv 4s
♦Lower Austria
21*4
47*4
105
108*4
102*4
104
103*4 107
96
89*4
87*4
95*4
48
65*4
45*4 60*4
Maine Central RR 4s ser A.. .1945 J
Gen mtge 4*4s ser A.......I960 J
50*4
2
94*4
17
90
97
93
13
87*4
96*4
Manila Elec RR A Lt
97*4
Manila RR (South Lines) 4s
1st ext 4s
96
94
96
42
86*4
99
99
99*4
28
96*4 102*4
114
115*4 160*4
20
34
47*4
12*4
123
9
34*4
4
32*4
14*4
46*4
33
45
35
35
35
10
66
57
66
415
1941 A
72*4
71*4
98*4
93*4
92*4
73
18
99*4
Internet Paper 5s ser A A B...1947 J
Ref s f 6s series A
1955 M
Int Rys Cent Amer 1st 5s B...1972
96*4
1st coll trust 6% g notes
1941 Wl
1947
4 His—1952 J
1939 J
99*4
79
96*4
136
93
4
*100*4
Wl
102
....
98
8
75*4
95*4
71*4
87
84
88
261
79*4
75
80
463
......
'
386
75*4
'
135
124*4
"98J4
124*4
♦108*4
98*4
65
104
193
86
107*4
124*4
135*4
19
125
30
2
18
"99"" "~64
66*4
3
105""
"*6
104*4
2
104*4
101*4
104*4
104*4
101*4
104*4
132*4
132*4
122*4
97*4
122
122*4
102
45
104*4
39
110932
97*4
98
1965 F
3*4
J
Clones A Laughlln Steel 4Mb A—1961 M
Kan A M 1st gu g 4s
1990 A
{♦K C Ft S A M Ry ref g 4S..1936 A
♦Certificates of deposit
A
K C Pow A Lt 1st mtge 4Mb.. 1961 F
Kan City Sou 1st gold 3s
1950 A
Ref A lmpt 5s
Apr 1950 J
Kansas City Term 1st 4s
1960 J
2*4
3*4
103
98*4
{♦Iowa Central Ry 1st & ref 4s. 1951 M
James Frank A Clear 1st 4s... 1959
97*4
99*4
112
i
103*4
)
......
57*4
1
57*4
...—
>
60
109*4
90*4
99*4
88*4
108*4
108*4
66
36*4
79*4
65*4
90*4 101
110932 110>'32
♦109*4
s
w
w
w
w
stmp (par 3645).. 1943
(par $925). .1943
Keith (B F) Corp 1st 6s......1946 wi
Kendall Co 5Ma
.......1948 M
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4*4s—1961 J
Stamped
1961 J
warr
Plain
.1961 J
4 Ma unguaranteed
*
i
94*4
104
F
f
J
J
J
I
109*4 113*4
74*4
91*4
107
103*4
16
D
28*4
94*4
104
*114
50
Mfrs Tr Co ctfs of
~~4
19
110*4
**16
108
102*4
109*4
93*4
*113*4
98*4
99*4
113*4
♦
102*4
109*4
93*4
99*4
113*4
1
65
2
1
"~44
14
98
104
104
102*4
82*4
103*4
103*4
102*4
—
1943 J
s
f 6s
D
1947 A
A I Namm A Son 1st 6s
Jack Lans A Sug
1st gold 3*4s
102*4 104 M
83*4
23
53
52
22
61*4
58*4
55*4
'"57"
57
63*4
52*4
71*4
68
38*4
34*4
96*4
*71*4
81
61
40
34*4
89*4
36*4
97*4
97*4
11
97*4
97*4
102"
101*4
102
15
100
103
105*4
21
102
47
108
105*4
110*4
14
s
109
105*4
109*4
A
O
104
104
1
A
14
14
3
*1*4
J
2*4
D
J
106*4
108*4
105
106
5
104 « 109)4
42
98*4 106*4
97*4
67*4
101*4 105*4
101*4 106
109*4
104*4
160*4
105*4
Coll A ref 5*4s series D
Coll tr 6s series A
Coll tr 6s series B
1960 F
1942 F
92
96*4
102
160*4
1
106*4
13
——
116*4
*118
120
101
101
109*4
110*4
r
1941 J
Lake Sh A Mich So g 3 Ms
1997 J
♦Lautaro Nitrate Co Ltd 6s_..1954 J
♦Certificates of deposit
Lehigh C A Nav s f 4 *4s A
1954 J
Cons sink fund 4 Mb ser C...1954 J
Lehigh A New Eng RR 4s A...1965 A
Lehigh A N Y 1st gu g 4s
1945 M
Lehigh Val Coal 1st Aref sf 5s 1944 F
1st A ref
s f
*100*4
*104*4
104*4
104*4
90
......
31*4
1st A ref
s
f 5s
89
102
98
103*4
107
103*4 103*4
104*4 106*4
155
163
103*4 108*4
112*4 116*4
122
99*4 102*4
16
104*4 113*4
87
♦1st A ref 5s series I
67*4
77
104
101*4
101
104*4
1
100*4 104*4
99*4 105*4
32*4
141
*98*4
100
21
32*4
43
16
1
90
46.
98
32*4
104*4
98
104*4
104*4 105*4
57
97
■
35*4
90
101)4
73
76
16
60
76
66
70*4
25
70*4
70
67
71
64*4
53*4
1938 J
1954 F
104
see
page
2177.
98*4
102*4
98*4
104
9
5
68
98
71
100
8294 104
16*4
41*4
...
1980 A
O
42*4
"i§*4
42
39*4
♦Certificates of deposit
1981
F~
A
41*4
♦Certificates of deposit
♦Mo Pac 3d 7s ext at 4% July.. 1938 MN
{♦Mobile A Ohio
gen
33
91
4*4s—
g
30*4
91*4
1938 M S
5s..1947 F A
1977 M S
♦Sec 5% notes..—
1938 M S
Mohawk A Malone 1st gu g 4s_1991 M S
Monongahela Ry 1st M 4s ser A'60 Wl N
79
3
95
13*4
5
1*4
2)4
32*4
46*4
8
29
42*4
38
52
23*4
18*4
81*4
39
4
—11
17
83
76
86*4
58
86
118
41*4
39*4
75*4
79*4
66*4
42*4
39*4
59*4
49*4
52*4
30*4
27*4
15*4
41*4
17
180
10*4
42*4
387
27
75*4
78
42*4
30
53
5
41
41*4
*39
13
41*4
39*4
41*4
40*4
*_._._
100
96
51
8
26*4
""80
89
76*4
80*4
71
43
26*439*4
26*4
27*4
26*4
7*4
27*4
"13*4 "349
42*4
39*4
42*4
40*4
93*4
49*4
76
85
31*4
83
36
"46"
96
6
4
49
....
95*4
232
27
5
27
17*4
43*4
42
43
40*4
14
43
41*4
43*4
41*4
100
82
97
gold 4s
♦Montgomery Dlv 1st
♦Ref A lmpt
32*4
30*4
*39
..1949 WIN
65
104*4
103*4
105*4
s
43*4
63*4
42
39*4
m"s
1978 MN
64*4
95*4
86*4
75*4
79*4
O
48
23
34
A
1977 Wl
73
1
J
1965 F A
1975
♦1st A ref g 5s series H
75
J
♦1st A ref 5s series F
80*4
80*4
71*4
D
J
♦General 4s
66
83
J
35
42
46
J
♦Certificates of deposit
♦1st A ref 5s series G
76
Secured 6% gold notes
{♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit
J
38
33*4
*93
1941 MN
70
68
33
1st Chicago Term s f 4s
95
88
49*4
"31
J
115
32
5*4
3*4
..1946 J
91
71*4
60*4
13*4
37*4
J
1
6
73
37*4
33*4
42*4
1978 J
38*4
4*4
354
1st ref 5 *4 s series B_
70*4
Leh Val Harbor Term gu 5s
F
""
"12*4
J
42*4
98*4 102*4
*31*4
104*4
103*4
105*4
88*4
5*4
104*4
...1964 F
f 5s..
Q
13
30*4
—..1974 F
s
footnotes
*69
104*4
S
J
70
69
32
Wl
s
...1954 F
5s
1st A ref
For
1
MN
1949 Wl
119
102
69
73
1937 J
Lake Erie A West 1st g 5s
2d gold 5s
*
J
J
77
101
1
38
Wl
1938 J
{♦Mo-Ill RR 1st 58 series A
1959
Mo Kan A Tex 1st gold 4s.....1990
Mo-K-T RR pr lien 5s ser A
1962
40-year 4s series B.
1962
Prior lien 4 Mb series D
1978
♦Cum adjust 5s ser A
Jan 1967
90
85*4
1
88
85*4
....1938 J
ref 6s series A
96
88
4s Int gu.1938 J
5s gu as to Int
73*4
47*4
101*4
73*4
1942 F
*80—
J
25-year 5 *4a
2
48
71*4
cons
♦Certificates of deposit
♦Conv gold 5*4s
46
1
M St P A SS M con g
1st cons 5s
1st A
1
104*4
*115*4
>
5
32
{♦Kreuger A Toll secured 5a
Uniform ctfs of deposit
1959 _.
Laclede Gas Light ret A ext 5s_1939 A
Coll A ref 6 *4s series C-—1953 F
58
104*4
96
29*4
94
90
108*4
106
103*4
22
102
1
109*4
99
100*4 104*4
11
18*4
3*4
1*4
102*4 104*4
.....
104*4
{{♦MilwANorlst ext4 *4s(1880)1934
1st ext 4*4 s
1939
Con ext 4 *4s_
1939
{♦Mil Spar A N W lstgu 4s.._1947
{♦Milw A State Line 1st 3*4s..l941
{♦Minn A St Louis 5s ctfs
1934
♦1st A refunding gold 4s
1949
♦Ref A ext 50-yr 5s ser A
1962
95*4 100
78*4 98*4
23*4
*104*4
J
103*4
1979
100
74
Wl
F
50*4
91
*96"
*34
1951 M S
...1952 Wl N
3*4s.
99*4 103*4
76
1971 J
1st
....
99
103*4 104*4
103*4
1961 J
38*4
....
99*4
86
108*4 113*4
104*4
1940 A
39
6
81
93*4
111)4 114
60
107
101*4
107*4 111*4
103*4 110*4
103*4 107*4
101*4 104*4
105
109*4
46
1977 M S
1st mtge 5s
43
114*4
101*4 106
88
Ref A lmpt 4 *4s series C
Mid of N J 1st ext 5s
5
104
113
107*4 110
103
105*4
107*4 109*4
47
52*4
51*4
O
Metrop Ed 1st 4J4s ser D.
1968
Metrop Wat Sew A D 5*4s
1950
{{♦Met West Side El (Chic) 4s. 1938
14
96*4
110»a
82*4
52*4
81*4
1959 Wl N
J
Market St Ry 7s ser A...April 1940 Q J
Mead Corp 1st 6s with warr...1945 Wl N
35
...
98
102*4
99*4 105*4
104
partlc In
Marlon Steam Shovel
32
.
?M
104*4 106
103*4 105*4
101
104*4
122*4
99*4
22
109*4
{♦Man G B A N W 1st 3*4s__.1941 J
40
....
96
45*4
133*4
109*4
*31
102*4 106*4
»
J
58*4
33
*104-54
*106*4
*104*4
1
.1937 A
1997 A
Purchase money 6s
Kings County Elev 1st g 4s...1949
Kings Co Lighting 1st 5s.
1954
First and ref 6*4s
1954
Kinney (G R) A Co 7 M % notes 1936
Kresge Foundation coll tr 4s.. 1945
112
62*4
109
99*4
I
1961 J
Kings County El L A P 5s
4
109*4
90*4
99*4
40*4
37*4
107
67
*32*4
*35*4
stmp (par $925)..1943
♦Ctfs with
4
*40
*25
J
♦Karstadt (Rudolph) 1st 6s_—1943 M N
♦Ctfs
1*4
84*4
156
96*4
111
,
84
108*4
*90
♦Mlag Mill Mach 1st a f 7s
1956 J
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
102
2
121*4 127
131
*100
♦Mex Internat 1st 4s asstd
107
19
137
131
118
109
S
96*4
103 % —33
....
125
115
1
103
D
1953 Wl
f 5s
93
98*4
102*4 104*4
6154
57*4
86
103*4 107*4
20
103
1939 Wl N
.2013 J
♦2d 4s
75*4
88*4 100*4
98 <4
81*4
68
91*4
79*4
99*4
71*4 95
D
{{♦Manatl Sugar 1st s f 7 *48
1942 A O
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 4s.1990 AO
♦Certificates of deposit
80
103
Kansas Gas A Electric 4*48... 1980
♦Ctfs
103
*106*4
61*4
78 H
40
107
Milw El Ry A Lt 1st 5S B
Debenture 5s.
73*4
52*
34
108
♦105*4
A
McCrory Stores Corp s f deb 5sl951
McKesson A Bobbins deb 5 *4a. 1950 WIN
50*4
1944 A
F
Wl N
31
37
107*4
124*4
134*4
86
81*4 101*4
99*4 103
93*4
J
1955 Wl N
Hydro El 6*48.1944
54
n.
75*4
102*4
2003
D
Paducah A Mem Dlv 4s
52
J
83
2003
..1941
72
158
85*4
High
Low
61
482
108
2003
95*4
J
Jan. 1
High
2003
94
O
Since
cq<3
109*4
1937 WIN
J
1940 J
87
155*4
35*4
*1*4
34*4
70
O
1951 F
5s
96
158
101*4
73*4
78*4
73*4
78*4
1944 A O
Lorlllard (P) Co deb 7s
95
......
100*4
101
D
J
Louisiana A Ark 1st 5s ser A
1969 J
Louisville Gas A El (Ky) 5s... 1952 MN
Louis A Jeff Bdge Co gu 5 4s... 1945 Wl S
53
1932 AO
1956 J
g
87*4
75
-
ser
1946 F A
..1952 J D
......
.1966
1952 J
A
♦1st g 5s series C
_.
1
99*4
105*4
95*4
A..July 1952 A
1956 J
Internet Hydro El deb 6s
Int Merc Marine s f 6s
6*4s
Int Telep A Teleg deb
Conv deb 4*4s..
17
100*4
"
..1951
1st lien A ref
95
*97*4
......
Agrlc Corp 5s stamped 1942
Internet Cement conv deb 48—1945ser
10
*105*4
*102*4
Int
ser
87*4
100*4
1932 M
{♦10-year
♦1st 5s series B
87*4
95*1
91M 100
72*4 87
1
87
1951 F A
1962 MN
6s
Little Miami gen 4s series A
Loews Inc s f deb 3*4s
92*4
f Interboro Rap Tran 1st 5s.
♦Adjustment 6s
....
4*48—1940 J J
2003 M N
2003 WIN
St Louis
Ind Union Ry 5s series B__„_ .1965
Ref A Imp mtge 3*4s ser B. .1986
Inland Steel 3*4s series D
.1961
{ ♦Int-Grt Nor 1st 6s
87
....
......
93*4
88*4
107*4
Asked
94*4
105*4
84*4
64*4
103 M 106*4
1
....
89*4
90
150
....
...
1951
.1950 J
lstgu5*!..-
106*4
*94*4
*100*4
68M
17
105*4
(83*4
106*4
94*4
..J...
Illinois Steel deb 4 Ma
.1940 A
;
Ind Bloom A West 1st ext 4s. .1940 A
Ind 111 A Iowa 1st g 4s
82*4
1
130
87
1951
Joint 1st ref 5s series A.
,1963 J
1st A ref 4HJs series C.„... .1963 J
{♦Ind A Louisville
105
......
g 3His... 1951
87Hi
79M
81M
69 M
114
89
106
102 J* 102*4
....
87*4
105
St Louis Dlv A Term g 3s... 1951
Gold 3 Ma
1951
i
101*4
....
....
95*4
1955
Springfield Dlv 1st
....
87*4
87*4
1953
Western Lines 1st g 4s
111 Cent and Chic St L A N C
1
105
94*4
Refunding 6s
Cairo Bridge gold 4s...
1950
Litchfield Dlv 1st gold 3s... 1951
Loulsv Dlv A Term g 3 Mb
1953
108*4
105** 112
58
89
Aug 1 1966
104
....
93*4
1952
Omaha Dlv 1st gold 3s
111
93
Collateral trust gold 4s
40-year 4 **8
15
108
93*4
95*4
1952
Range
?S
&
Low
Leh Val N Y 1st gu g
Lehigh Val (Pa) cons g 4s
General cons 4*4s_.
Lombard Elec 7s
108
Illinois Bell Telep 3 Ma ser B... 1970
Illinois Central 1st gold 4s
1st gold 3 Ma
id
107** 110*4
*30
1999
Hudson Co Gas 1st g 5s
Hud A Manhat 1st 5s ser A
.
75*4
....
N. Y. STOCK EXCHANGE
Week Ended Oct. 2
Gulf & S I 1st ref A ter 5s Feb 1952
31*4
23
21*4
23*4
95*4
21*4
31*4
23*4
"14*4
31*4
110*4
23*4
95*4
110*4
9
23*4
9*4 23*4
85*4
96
105*4 HI
107
107*4
106*4 107*4
108*4
107*4 108*4
94
1
Monongahela West Penn Pub Serv
1st mtge
4*4s..
6s debentures
Mont Cent 1st gu 6s
1st guar gold 5s
Montana Power 1st 5s A
Deb 5s series A...
107*4
...1960
108
.....1965
103*4
1962
Montecatlnl Mln A Agrlc deb 7s '37
"167"
104
103
1937
1937
.1943
103
107
107*4
103*4
102*4
D
"94"
94
94
103*4 105*4
102*4 104*4
106*4 108*4
97*4 104*4
66*4
97
New York Bond Record—Continued—Page 5
2176
Friday
Last
STOCK
Week
EXCHANGE
Ended Oct. 2
Friday's
Bid
A
Asked
!|
Low
Y.
Range or
Sale
BONDS
N.
No
Price
1941
Gen A ref a f 5s series A
J
1965
Montreal Tram 1st & ref 5s
O
Gen A ref
s
f 6s series B
1955
s
f 4 3*s series C..1955
o
Gen A ref
8
f 5s series D
O
Morris A Co
1st
1955
104
943*
Namm (A I) A Son—See Mfrs Tr—
Nash Chatt & St L 4s ser A
1978 F
Nash Flo & S 1st gu g 5s
Nassau Elec gu g 4s stpd
s
1937 F
1951
1977 A
.
♦4s April 1914 coupon on
♦4s April 1914 coupon off
♦Assent
warr
Newark Consol Gas
—
1977 A
g
933!
11634
5
96
26
9634
10634
107
'/i
208
105%
10534
10534
49
*234
234
3
*234
*234
234
534
234
3
10334
10334
10934 11634
10834 11034
86
103
"l7
10534
5734
102
97
104 3*
73 34
10434
10134 108?*
103
guar
4s
106
1954
O
O
"~6
"434
234
23*
63*
234
"2%
3
4
4
3%
106?*
M N
D
106
*..—_
J
122%
12234
'634
634
D
6334
12534
MN
*12234
N J Junction RR guar 1st 4s
N J Pow A Light 1st 4 3*8
1986 F
New Orl Great Nor 5s A
1983
A
70
12234
"~1
1
6
9334
NO A NE 1st refA lmpt 4 3*s A. 1952
10734
9234
12334
10734
15
9334
17
80
78
"9934
9934
9934
9734
9934
1033* 10734
613*
7734
12034 122?*
58
833*
453*
7734
8
100
30
69
76
*80
65
73
North Pacific prior Hen 4s
1997 Q
2047 Q
Gen Hen ry A Id g 3s Jan
Ref A lmpt 4 3*s series A
Ref A lmpt 6s series B
Ref A lmpt 59 series C
Ref A lmpt 5s series I)
1st A ref 69
tl*N O Tex A Mex
1955
n-c
1953
lnc 58—1935
1954
"46""
Mat 5s series C
1956
♦1st 4 3* a series D
1956
4634
4334
♦1st 63*s series A
1954
50
N A C Bdge gen guar 4?*s
N Y Cent RR conv 6s
9934
39
9634
9734
*42
89
37
♦1st 5s series B
.
1945 J
J
1944 MN
Consol 48 series A
1998 F
IB-year 3?*s sec s f
Ref A lmpt 4^s series A
Ref A lmpt 5s series C
1946
A
2013
2013
N Y Cent A Hud River M 3 3*s. 1997
3934
4434
4434
47
4634
43
4434
62
4534
5034
263
*11034
119
11634
101 J*
10134
1013i
10134
9434
9534
10134
10034
243
45
J
119
520
10234
145
10134
94
194
9534
10134
295
67
102
102
10234
107
1942
10734
10734
28
Ref A lmpt 4 Hs ser A
Lake Shore coll gold 3 3*3
2013
9534
9434
9534
316
1998
97
9634
9734
8
1998
96
102 34
1937
Refunding 53*8 series A
1974
Ref 43*a series C
1978
3-year 6s._
Oct 1 1938 A O
_
N Y Connect 1st gu 43*e A——1953 F
1st guar 5s series B
...1953 F
N Y Dock 1st gold 4s
..1951 F
Serial 6% notes
106
9534
100
A
O
A
O
1961
AO
Ref mtge 5s
«k
1964 M N
J
Northwestern Teleg 4 3*8 ext
1944
Norweg Hydro-El Nit 53*8—.1957 M N
1948 J
gu g 4s..
A
106
9534
100
98
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
34
14
O
10334
11534
1973 MN
"16
-
-
111
{♦N Y A N Eng (Bost Term) 4b 1939
t*N Y N H A H n-c deb 4s
1947
A
115
115
114
114
114
1125*
1193*
121
11
119
107?*
112?*
119?*
1203*
106?*
107?*
70
105
1003*
100?*
4
1023*
102 3*
1946 J
5s.-.1946 J
md'mm 1946
.
1941
M
♦Non-conv debenture 4s
♦Non-conv debenture 4s
♦Conv debenture 334s
o
1955
J
1956 MN
3134
100
98
8634
9634
10134 104?*
106
95?*
100
12234 126 34
11334 117
102
102
J
101
101
6
O
103?*
104?*
1940 A
O
4434
46
31
1957 M N
20
20
2034
14
1534
3434
35
62
91
con gu
4s
1993 A O
"93""
Jan 1965 Apr
Prior lien 6s series A
1965 J
J
N. Y. A Rlchm Gas 1st 6s A..1951 M N
N Y Steam 6s series A
1947 M N
1st mortgage 5s
.....1951 M N
1st mortgage 6s
N Y Susq A West 1st ref 5s
2d gold 4 34s
General
gold
A
gen s f
J
1937 F
107
'10834
10734
108
43*s
N Y Trap Rock 1st 6s_.
A
1939
66
§ J ♦Norfolk South 1st A ref 5s. .1961
O
1334
F
g 5s
No Am Edison deb 5s
1941 M N
1996 O A
...1941 J
1961
ser
A
12034
D
F
A
1957 M
'16534
S
823*
943*
1043* 107 34
3136
5334
1053*
1063*
1063*
103?*
1043*
1970 A
O
1013*
1960
1965
A
1223*
1153* 1213*
Refunding
gold
O
1083*
108
1083*
49
J
108 3*
108
1083*
1213*
101
1053* 1113*
o
4
1153*
98?*
25
115 3* 1213*
1063* 115 3*
121
....1947 M S
5s
♦Income 4s.
"1153*
O
98?*
Apr
1974 F A
1956 J
17?*
1940 A
4s
cons
April
1990
Peoria A Pekln Un 1st 53*8
Pere Marquette 1st ser A 5s
1st 4s series B
.1956 J
1980 IVI
1st g 43*8 series C
Phila Bait A Wash 1st g 4s
General 5s series B
*105?*
102 3*
1943 M N
F
973*
16?*
106
17K
1053*
1063*
63
99?*
99?*
102?*
46
102
*1123*
IS
"4
1283*
1173*
1283*
1173*
1981 J
D
"U43*
1143*
1143*
10
1967 J
D
1063*
1Q6?*
105
Phila Elec Co 1st A ref 4 3*8...1967 M N
1 of At rpf 4h
1 Q7t
F A
1073*
104?*
1063*
1073*
104?*
1053*
15
49
473*
493*
63
28?*
28
29
28
27?*
28?*
1974
1977 J
General 4 3*8 series D
sec
6s series A
-
Reading C"a"i"
ref
5sl 11973
Conv deb 6s
J
..1949 IVI
Philippine Ry 1st s f 4s
..1937 J
Plllsbury Flour Mills 20-yr 6s.. 1943 A O
PirelH Co (Italy) conv 7s
1952 IVI N
Pitts C C A St L 4 3*8 A
Series B 4 3*8 guar
Series C
43*8
1940 A
Series F 4s guar gold
1963 F
A
4 3*s
43*s
59
1
100
1033*
1133*
128 3*
120
113
118
110
1153*
103?*
107
105
109
103?* 1083*
37
55
15?*
25?*
323*
34
105?* 109
70
85
111
1123*
111
114
113?*
112?*
105?* 1063*
112?*
112?*
111
110
*111
111
1113*
*110
109
..
*1223*
*121?*
1213*
120?*
U1./
114?*
1083* 1083*
115?* 121H
1223*
J
122
9
118
121
121
3
1083*
1083*
121
O
1st 4s guar... 1943 M N
Pitts A W Va 1st 4?*8 ser A...J958 J
1st M 43*s series B
...1958 A
173
89
89
111
*113
A
A
107
2
193*
1083*
983* 100?*
*112?*
104?*
112?*
D
1953 J
...1957 M N
..I960 F
107
10
94
1945 M N
Series E 3 3*8 guar gold.....1949 F
Pitts Va A Char
107
1942 A O
1942 M N
guar
Series D 4s guar
cons
O
1073*
124
76
9
*111?*
99?*
S
115
A
Phlla Co
114
1943
1977 J
108?*
2
1153* 122
116
1213*
.108?*
2
"953*
""4
*110
D
953*
107
121
110
1093* 110
73
96
96
22 34
109
15
143
1984
6s
General 4 3*s series C
123*
5
75
1981
cons
1153*
1003* 102?*
1183* 123
111 3*
122?*
993* 106
105 3* 1113*
1975 A
80
"183
1123*
120?*
1964 IVI N
1970 J D
7
'"21
1013*
105
Series J cons guar
9034
1143*
120
112?*
1083*
1103H 1133*
1113* 1153*
1033*
General mtge 5s series B
72
1223*
1123*
108 Ml
105?* 1073*
120
General M 5s series A
87
*114?*
100?*
99
1053*
103?* 1073*
64
105
9234
1033*
11134
I06?*
105
D
10734
46
1053*
903*
105?*
O
D
54
45
*1033*
105?*
*1073*
1968
106
100
94?*
94
*1113*
114?*
May 1.1948 IVI N
10534 10734
93
11034
14
1334
10634
10734
10634
11
10734
1
10334
120
18
6234
12034
10534
10534
104
106
S
106
1083*
*107
D
1
80
104
1974 M
"793*
1970
Series I
•
110
10634
F
-053*
3
37
102?*
General 5s series B
111
107
2
!i04~~
Gen A ref 434s series A
5634
49 34
1033*
"91
A
Aug 15 1963
3234
85
110
Deb 5s series C
Nov 15 1969 M N
North Cent gen A ref 6s
1974 IVI S
Deb 5348 series B
*77 3*
1'2?*
*105?*
A
72
Debenture g 4 3*3
General 4?*s series D
Gen mtge 43*s series E
108 V*
18
"12534
A
113
363*
1948 IVI N
4s sterl stpd dollar
Gen mtge 3?* 8 ser C
Consol sinking fund 4 3*s
General 4 3*8 series A
10834
10234
"10734
♦Certificates of deposit
Pocah C A C Joint 4s
North Amer Co deb 5s
36
85
110
345
363*
70?*
*121?*
1063*
10534
42
983*
1193*
"72"
17
6634
34
963*
4 3*8 series B
1981 J
Pennsylvania P A L 1st 4 3*3—1981 A O
cons g 4s
1943 IVI N
Series G 4s guar
Series H cons guar 4s
85
21
62
109?*
105?*
9934
31
383*
605*
114?*
O
8
90
104 3*
1083*
613*
593*
"37
983*
S
1960 J
11
10734
10834
10734
10734
F
..1963 F
5
18
1955 A
Niagara Share (Mo) deb 5348—1950 M N
Nord Ry ext sink fund 634s
1950 A O
{^♦Norfolk A South 1st
107
107
*10234
D
J
X*N Y Westch A B 1st ser 1434sl946 J
Niagara Falls Power 33*s
1966 M S
N A W Ry 1st cons g 4s
139
*75
1946
Nlag Lock A O Pow lst5sA
10
5034
~26
5134
2634
90
1946 J
6s stamped
10734
483*
10634
10734
10834
'"§834
^1943 M N
M N
"9334
1941
"37"
363*
02
1942 IVI
1937 M
General g 43*s series C
37
4034
843* 101
103
9234
10734
A
1940 F
5s
Terminal 1st gold 5s__
N Y Telep 1st
"49""
1956 MN
1937 J
52
10734
N Y Queens El Lt A Pow 3 348.1965 M N
t*N Y Rys Corp lnc 6s
137
'"§7"
5s_.1949 IVI
1
Peoria A Eastern 1st
107
28
*8934
N Y A Putnam 1st
D
Penn Glass Sand 1st M 4 3*s
Phlla A
51
104?*
29
....
J
Pa Ohio A Det 1st A ref 4 3*s A. 1977 A
41
4634
J
953*
25
5134
l04?*
1043*
1
43
1103*
107
A
3
*10334
1043*
27
1
1941 M S
3834
♦Debenture 4s
5234
cons
E trust ctfs
ser
28-year 4s
3734
3734
373*
♦Collateral trust 6s
44
26
1
1952 IVI N
24
2334
2634
353*
O
73
101
1103*
1063*
123
Guar 4s
243*
86
D
1003* 104
36
102
D
2434
3534
A
103?*
1013*
D
7
34
1955 J
1083*
102
1944 J
5
—29
June 1992 MS
1233*
.
98 3*
1013*
1942 J
2
3534
4534
N Y O A W ref g 4s
General 4s
7
115
1013*
Guar 33*8 trust ctfs C
32
"29"
^♦N Y Providence A Boston 4s. 1942
121
102
Guar 334s trust ctfs D
3134
3034
2934
J
3434
113?*
118
106?*
1955 F
f g 3s loan ctfs
s
Consol gold 4s
1043* 10934
10136 1033*
J
4Hs ser of 1927—1967 J D
♦Harlem R A Pt Ches 1st 4s. 1954 M N
109
A
J
Pennsylvania RR
10034 103?*
10434 10534
29
1
95?4
1948 J
—
4
45
D
Penn-Dlxle Cement 1st 6s A
107 34
743*
90
9434 101?*
32
31
115
70
64
113?*
111*
1113*
100?*
109?*
106?*
f g
♦Paullsta Ry 1st ref s f 7s.
Penn Co gu 334s coll tr A
Guar 334s coll trust ser B
—1956 J
♦1st A ref
s
119
89
1023*
9734 10134
74 34
95?*
8034 10134
98
1023*
103
2
70
"2
113?*
101?* 103?*
1966 A
33*8 series B
109
♦Conv debenture 6s
,
102 3*
1013*
1937 J
Pat A Passaic G A E
1053* 107?*
; 2934
S
112
1938 J
110
10034 10034
2534
39
30
2934
3134
S
A
"§134
s
J
1961
1944
*10734
S
♦Non-conv debenture 33*8—1947
♦Non-conv debenture 33*&—1954
D
m
IVI
102
O
109?* 109?*
1043* 106?*
A
4s
•
39?*
112
1
1968
1953
9234 1003*
10334
24
1133*
1955 J
75
10334
*105
41
112
X*Park-Lexington 6 34a ctfs
10534 109
10134
36
34
109
99?* 103
*101
Paris-Orleans RR ext 53*8
52
101
107?*
O
Paramount Pictures deb 6s
1063* 10834
*10734
15
101
A
Otis Steel 1st mtge 6s ser A
Peop Gas LAC 1st
10134
108
*1063*
1003*
J
46?4
21
1973 M N
48
A
1963 IVI
1st M
6134
N Y L E A W Coal A RR 53*8.1942 MN
N Y L E A W Dock A lmpt 6s_1943 J
J
N Y A Long Branch gen 4s
1941 M S
105?*
1065*
O
4434
5034
88
10634
106
1053*
1063*
A
30
3234
703*
100
108
103
104?* 107
1043* 1073*
4
Paramount Broadway Corp—
773*
*9934
10634
"27
1
40
82
13
1053*
36
97?*
150
116
109?*
109?*
99?*
106 3*
47
166
12534
100
108
109?*
3234
3334
803*
100
59
12434
11534
35
1063*
*1053*
112?*
243*
89
531
108
10
1083*
109?*
4 3*8—-1955 J
lt*Pan-Am Pet Co (Cal) conv 6s '40 J
♦Certificates of deposit
13
10334
35
♦2d extended gold 5s
Pacific Tel A Tel 1st 5s
"6534
10234
1093*
108?*
109?*
Oslo Gas A El Wks extl 5s
Paducah A 111 1st
109
853*
103?*
112
106?*
1st A ref mtge 3?*s ser H—1961 J
Pac RR of Mo 1st ext g 4s....1938 F
8834 100
112
M
1945 IW N
1st 5s
com g
Ref mtge
74 3*
107
MN
1053* 10834
75
93 34
10734
60
101
1103*
80
104?* 1123*
93
155
110?*
104?*
79
108
106?*
100?*
6434
N Y Greenwood L gu g 5s..... 1946 M N
N Y A Harlem gold 33*8
2000 M N
ser
9434
96
10234
O
N Y Gas El Lt H A Pow g 5s„ 1948 J D
Purchase money gold 4s
1949 FA
4Ha series B
9534
10234
10434
1053*
1053*
60
188
1 80
1943 F
cons g
•
HO
823*
102?*
Q
1937
Ore Short Line 1st
•
813*
1019
1947 F
Ohio River RR gen g 5s
Ontario Power N F 1st g
Ontario Transmission
1093*
*1073*
D
12634
10734
*10834
A
A
1938 A O
NY Edison 1st A ref 634a A... 1941 A
1st lien A ref 33*s ser D
1965 A
N Y A Erie—See Erie RR.
N Y Lack A West 4s
109
108 J*
1941
Ohio Connecting Ry 1st 4s
1943
Ohio Edison 1st mtge 4s.
1965
Ohio Indiana A West 5s.-Apr 11938
Ohio Public Service 7 34a A
1946
111?*
O
1938 A
4941 A
109
Debenture 4s
Mich Cent coll gold 3 Ha
N Y Chic A St L 1st g 4s
82
J
2047
Ref mtge 4 34 s ser B
110
102
J
2047
B
ser
J
r
J
2047
2047
Parmelee Trans deb 6s
First A ref 5s series B
New Orleans Term 1st gu 4s
Hioh
85
D
J
52
Low
*80
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas A El gen A ref 5s A. 1942 J
1st A ref 4s series G
1964 J
122
No.
64
1193* 123
100
102
2
6334
126
*103
1960
New Orl Pub Serv 1st 5s ser A. 1952
31
434
63*
~19
71
71
J
234
106 34
234
D
High
♦April 1 1934 A sub coupons. 1945
♦Oct 1935 and sub coupons. .1945
Oregon RR A Nav
*234
Since
79
1st A ref 7s series B
*234
1945 J
1945 J
New England Tel A Tel 5s A—1952 J
1961
10
Range
Jan. 1
Asked
79
Og A L Cham 1st
""23*
/
guar 5s
1st g 4 Ha series B
3
*234
1948 J
5s
3
A
59—
Nor Ry of Calif guar g 5s
Nor States Pow 5s ser A
■
1965 J
cons
^♦New England RR
♦Consol guar 4s
84
'm%
1951
1951
f 4s
^♦Naugatuck RR 1st
80
6834
A rets No 4 on *51
s
9334
6734
Nat RR of Mex prior lien 43*s—
♦Assert warr A rets No. 4 on. 1926
Nat Steel 1st coll
99%
*3
& rets No 5 on '77
warr
95
90
"elh
1957 J
1957 J
1957
♦4s April 1914 coupon on
♦4s April 1914 coupon off
♦Assent
90
10334
D
A rets No 4 on *67
warr
104
*10334
Bid
Low
^Northern Ohio Ry 1st
1957
♦4?*s Jan 1914 coup on
♦4?*B July 1914 coup on
♦4?*s July 1914 coup off
♦Assent
16
~2%
J
Nat Dairy Prod deb 3?*s w w._ 1951 M N
Na* Distillers Prod deb 4 3*s—1945 MN
Nat Ry of Mex pr Hen 4 3*s
96
A
86
88
*11034
Price
♦Stpd as to sale of April 1 *33 to
April 1 1935 Incl coupons..1945
83
95
2%
J
____1942
f 6s
A
High
10034 104 J*
87
8334
88
85J*
1936
Range or
Friday's
Sale
law
84
10434
EXCHANGE
Week Ended Oct. 2
95
9834
9234
11634
STOCK
Y.
Jan. 1
9934
9434
99 H
N.
3,
Week's
Last
BONDS
Since
80
104~"
J
D
933*
116%
2
88
1939
Constr M 4 3*s series B
1955 M N
Mutual Fuel Gas 1st gu g 5s—1947 M N
Mut Un Tel gtd 6s ext at 5%.-1941 M N
51
8634
*
1955 M N
3*s
Constr M 5s series A
Nat Acme 1st
Hioh
2000
t 4H8
s
Morris & Essex 1st gu 3
Friday
Range
103
10234
8634
*8634
*8634
863*
O
Gen A ref
Oct.
Week's
97
95
95
953*
22
75
953*
O
953*
95
953*
35
74
953*
1948 J
Pitts Y A Ash 1st 4s ser A
O
1960 A
1st M 4 3*s series C
D
1113*
1113*
105 34 106 J*
1st gen
5s series B._
1962 F
A
1st gen 6s series C—
1974 J
D
1st
1977 J
D
130
25
11334 155
19
23
1234
10
1234
110
1113*
1193* 1193*
*116
25
1113*
*119?*
10534 108
9634 104
6234
•
4
51
12034
115
115
10534
5
10634
10434
60
7
2234
213*
6334
122
105?* 10734
10334 10734
10234 105?*
43*8 series D
Port Arthur Can A Dk 6s A...1953 F
1st mtge 6s series B
S
Porto RIcan Am Tob
6s.. 1942 J
J
1953 J
J
J
J
conv
t^Postal Teleg A Cable coll 5s
^♦Pressed
Steel Car conv g 5s. 1933
^♦Providence Sec guar deb 4s..1957
^♦Providence
Term
Pure Oil Co
f
*124
1013* 107
120 *
12134
*11834
11234 115
Purity Bakeries
20
116
A
s
4?*s
1st 4s
w w
43*s without warrants...
s
f deb 5s
103 3*
A
Port Gen Elec 1st 4 3*s ser C..1960 M
1st 5s 1935 extended to 1950
J
1033* 106
10534
10634
1953 F
'"77*3*
J
39?*
119
S
1950 J
J
1950 J
J
114
J
1948 J
1033*
1033*. 104
773*
78?*
1
13
173
1
"79
IVI N
1956 IVI
*108,3*
103 3*
'"98?*
'783*
79
35?*
393*
1163*
*133*
893*
119
112?*
1043*
983*
114
16
'"l6
77?* 104 3*
79?* 1043*
66?*
80?*
104?* 108
82
64?*
897
273*
216
80
41?*
119
893*
162
1043*
14
993*
88
9
213*
79
....
923*
1103* 1313*
1023* 105 J*
913* 103
J»Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)
|*Debenture gold 6s
For footnotes
see
J
D
1941 J
D
—
88
*1003*
803*
88
page 2177.
158
—
-
I
33
158
63
88
Volume
Friday
Friday
EXCHANGE
Week Ended Oct. 2
Week's
Last
BONDS
N. Y. STOCK
2177
New York Bond Record—Concluded—=Page 6
143
Range or
Range
BONDS
Sale
Friday's
Bid
&
Asked
Since
N. Y. STOCK EXCHANGE
Jan. 1
c
fe
Price
•ifl.
I
Gen & ref 4 %s series A
Gen A ref 4 %s aeries B
Republic Steel Corp 4 %s ser A. 1950 M S
mtge 4 Ha series B
1961 F A
Purch money 1st M conv 5%s '54 M N
J
Revere Cop & Br 1st mtge 4 %s.l956 J
J
♦Rhelnelbe Union s f 7a
1946 J
101%
51
106%
106%
106%
39
106
Remington Rand deb 4%s w w.1956
Rensselaer A Saratoga 6a gu
1941 M N
No.
101H
106^,
1997
1997
Hlyh
101%
Reading Co Jersey Cent coll 4s_1951
106H
10/ %
89
Low
"io?"
"l20%
117 %
108 y8
108H
99
♦Cons mtge 6a of 1928
1953 F A
♦Cons M 6s of 1930 with warr '55 A O
1944 IV! N
f {♦Richfield Oil of Calif 6s
♦Certificates of deposit
104 H
120%
h
100
10.8%
104%
104%
24
h
Range or
Sale
Friday'r~
238
7
42
110
106
126
106
95% 100%
106
109%
102% 105%
34
27%
21%
28%
24
23
1952 J
Rlchm Term Ry 1st gu 6s
♦Rlma Steel 1st s f 7s
—1955 F
80%
80
80%
63
77%
106%
106
106%
35
99% 107%
101%
101%
7
o
J
97%
90%
90%
-90%
98
98%
17
106
106%
5
sec a
1952 f
f 7s
A
ivi
S
98%
a
o
106%
A.. 1954 j
{|*Unlon Elev Ry (Chic) 5s__. 1945 A
J
2
23
4
23%
33%
1945
Uljlgawa Elec Power s f 7s
Union Elec Lt A Pr (Mo) 5s... 1957
37
49
Un E L A P (111) lat g 5%a
41.
40
43%
136
35%
47%
♦Rio Grande West 1st gold 48—1939 J
♦1st con A coll trust 4s A
1949 A
O
102
1977 M
Roch G A E 4 Ha aeries D
Gen mtge 6s series E
84
J
47
90
84%
5
47%
h
46
59
118
"l
23
S
107
23
5
*23
1962 M
107
76?"
1948
30
Rut-Canadian 1st gu g 4s.—_.1949
34 %
33
3o%
Rutland
38
35%
38
RR 1st con 4Hs
1941
St Joe A Grand Island 1st 4s
102 h
103h
Saguenay Power Ltd Istm4%sl966
103%
"l7
34
44
110%
1x0%
8
103%
108%
7
*95%
1947
St Jos Ry Lt Ht A Pr 1st 5s_—1937 M N
St Lawr A Adlr 1st g 6s
J
1996 J
2d gold 6s
.1996 A O
102%
98
61
•
94%
76%
90
37%
54
112% 113%
107
109
{♦StLPeorAN W lstgu6s...1948 J
St L Rocky Mt A P 6s Stpd...l955 J
{♦St L-San Fran pr Hen 4s A...I960 J
J
J
J
40%
40%
M 4 Hs series A
J
S
deposit stamped
8i%
27
30
30%
100
29%
27%
29
25%
27%
94
96%
109%
109%
110%
17
109
100%
100%
100%
99%
100%
99%
46
99%
.135
107%
.107%
2
4s... 1934
guar
s
101
cons
deb 4Hs
Shell Union Oil deb 3Hs
Shlnyetsu El Pow 1st 6Hs
♦JSlemena A Halske s f 7s
Socony-Vacuum Oil 3%s_.
1st
Pac
10-year secured 3%s
121%
122%
75
1941
96%
96
96%
85%
96%
a
o
A
*109%
*109%
2%
j
*2%
.1942 J
d
15
14%
.1955 MN
109
108%
1958 a
o
1966 ivi
S
cons
5s
1939
con
con
1st 4s stamped
Southern
Ry/lst
1954
{♦Wabaah Ry ref A
gen
.
69
ivi
*20%
O
....
40
120%
18
36%
"51
A
"48
34%
1951 IVI N
s
1952 J
3
1955 a
6s debentures
o
1955 a
Walworth Co 1st M 4s
"si
95%
96%
36%
31
38%
253
28
46%
72%
70
73
10
41%
73
71
73
10
41%
73
77
83
Warren RR 1st ref gu g
14o
6%
6%
36
6%
97%
87%
~70"
71
98
123
14
88%
A
"~69%
J
J
1(10%
100
101
105
104%
105%
69%
72"
107%
105%
"95"
94%
99%
s .95%
99%
S
94%
94%
94%
_
95%
95%
J
98%
O
109%
98%
109
107%
106
95%
100
98%
81%
89%
42%
113
31
"45
3
83
18o
71
23%,
35
*126%
107%
94%
69% 103%
7l"
F
56
90
96% 101
103% 106%
114%
106%
102%
80%
87%
127
108%
106%
95%
100
109
76%
95%
95%
334
77
95%
95%
188
99
253
52
1945
1945
4s—
F
*104%
76%
95%
97%
99
106% 118
J
106%
cons
gold 5s
Gen refund
8
f g 4s
137
A
f
78%
95
97%
121
98%
*102%
100%
181
97%
"16
85%
97%
100%
76%
363
85%
109%
A
—1961
1943
107%
104%
103%
29%
27%
105%
99%
105%
7
Too"
J
108
100%
167
123"
351
92% 110%
„53
78%
2
107%
107% 108%
96% 103%
1st mtge 3%s aeries I
107%
1st A ref 5%a series A—.
107%
107%
7
103%
102%
103%
299
108
1966
1952
1977
Western Maryland 1st 4s
j
108%
6
106
109
101
101%
4
101
104%
106
111%
J
1943
a
o
1946
West N Y A Pa 1st g 5s
ivi
s
1937
Gen gold 4s
{♦Western Pac 1st 5s ser A
Western Union coll trust 5s...1938
37
32%
44
38%
65
32%
42%
104%
108%
—'4
13
107%
106
107%
95
103% 107%
S
108%
108
108%
91
104
J
ivi
30-year 5s
1960
♦Westphalia Un El Power 68—1953 j
West Shore lat 4s guar
2361 j
2361
4
38%
37
d
.....1951 J
Registered
111%
37%
104% 107%
103
109%
26%
26-
26%
28
22%
33%
95%
95%
50
85
96
92%
19
81
92%
104
107%
}""3
Funding A real est g 4%s._.1950 ivi N
25-year gold 5s
110%
38
37
1946
♦5a assented
104%
108%
J
j
S
111%
111%
A
101%
101%
111%
102
102
101
102
J
30
29
7s A. 1935 MN
30
1940 M n
White Sew Mach deb 6s J
j
♦Ctfs for col A ref
conv
Wllk A East 1st gu g 5s
1942 j
j
104% 108%
35
103% 104%
14%
34
104% 106
98% 100%
99
102
23
90
102
30%
15
18%
31
30%
249
18%
31%
64
65
45
67
105%
102%
j
J
107% 112%
28%
D
Will A S F 1st gold 5s
"3
109
72
{♦Wickwlre Spencer St't 1st 7s_1935
{♦Wis Cent 50-yr lat gen 4s...1949
42
108%
*105%
S
Winston-Salem S B 1st 4s..i—1960 J
29%
104%-
91%
J
Wheeling A L E Ry 4s ser D..1966 M
RR 1st consol 4s
1949 M
78
t04%
110
1
j
31
123
107%
107%
1961
Wilson A Co lat M 4s series A. 1955 J
88%
119
107%
1st mtge 4s ser H
D
57%
112
121% 125%
122%
1938 j
97%
110%
109%
7
gtd-—1950
109%
68% 97%
71% 100%
85
102%
S
113
106%
106%
106%
20
100%
98%
124%
100%
78
125
5
120
125
104%
104%
4
103
105
100%
100"
100%
al09% al09%
—1944 F
103
*112
4
105%
"1
103%
58
105% 107%
99% 104
112
107
115
30
143
15%
30
28%
♦Certificates of deposit
f *Sup A Dul dlv A term 1st 4s '36 MN
5*Certificates of deposit
{♦Wor A Conn East 1st 4%s._1943 j"3
26%
24
28%
135
15%
20%
17%
20%
168
28%
20%
17%
15%
17%
18
"29"
*20
9
17%
9
.
21
21
25
Youngstown Sheet A Tube—
f
Conv deb 3 %s
1951
1st mtge s f 4s ser C
1961 ivi N
A
130%
103
126%
102%
130%
103%
227
73
105% 134%
98% 104
81% 123
105
107%
74% 100%
"63
"94"
e
109% 111%
116
110%
107
117
110
110%
23
106%
1C7
57
87% 107%
7
152
10029j2l05
101% 104%
99% 105
117% 126%
98
105%
100«J2 100is,6
103%
103
1943 J
*123
103%
*105%
126%
105
104%
105
36
105%
105
105%
46
105%
106
*108%
110
33
97
106
97
106
105% 109%
71%
38%
118%
105% 111%
72%
"62
38%
40%
324
57%
72%
22%
43
Cash sales transacted during the current
week and not included In the
yearly
range;
No sales.
102"
1
2
117
2000 J
1977 A
Gen A ref 6s series C
1979 A
Gen A ref 5s series D
..1980 J
Tex Pac Mo Pac Ter
5Hs A—1964 M
Third Ave Ry 1st ref 4s
1960 J
♦AdJ lnc 6a tax-rx N Y .Jan I960'A
109%
2
*111%
f 5s.....1939
*104
gold 6s
99% 106%
123"
Texas A Pac lat gold 5s
Gen A ref 5s series B
con
94% 101
105% 109%
109%
West Penn Power 1st 5s ser E.1963
C...1944 M
1953 J
109%
109%
125%
122%
97% 103
"32
86%
108%
i
81%
*100%
109%
124%
s
♦Ctf dep Chase Nat Bank
"71
78
Texarkana A Ft S gu 5Hs A—1950 F
Texas Corp conv deb 5s
1944 A
Debenture 3H8
1951 J
Tex A N O
106%
105%
110%
"iio"
Tenn Elec Pow lat 6s ser A
1947 J
Term Assn of St L 1st
g 4H8..1939 A
1st
105%
96%
*103%
1994
deb 68.1945
ser
104% 106%
101% 101%
1937 J^ J
a
f
31%
95%
112%
3%s_.2000
Wash Term lat gu 3%s
Wash Water Power
*24%
FA
*77
Washington Cent 1st gold 4s.. 1948 Q M
17
*5%
98
98%
"96%
♦Deposit receipts
105% 109
92%
S
138
10
84
71
86
s
11%
108%
70
1
33
90
s
22%
108
80
73
Warner Bros Plct deb 6s
1st 40-year guar
79%
ivi
7
108%
79%
1939 ivi
8%
12%
/
33,
103% 109%
.1941 M
♦Warner Bros Co deb 6s
11%
36%
25
"89
90
{♦Warner-Qulnland Co deb 68.1939
10%
107%
33%
26
33%
106%
90
o
14
J
5
106%
35%
24%
"67
6
22
82
D
1935 J
*32
♦Certificates of deposit
Walker (Hiram) GAW deb4%sl945
36%
32%
26
35
7
/22
38
34
27
25
9%
A
reor lien g 5s
1938
Mobile A Ohio coll tr 4s
1938 M S
S'western Bell Tel 3%s ser B... 1964 J
D
S'western Gas A Elec 4s ser D..1960 M N
Tennessee Corp deb 6s
36%
99
26%
26
34%
s
77
89
36%
20%
10%
60
20
a
6%
8%
6%
99%
67%
84%
100% 102%
72
82%
"67
1976 F
6 %s A.1975 ivi
19%
O
81
99
♦Certificates of deposit
20
11%
1950 IVI
71%
*97%
s
36%
A
1
80
34%
22%
TeDPi Cent 1st 6s A or B
1947 A
Tenn Coal Iron A RR gen 5s__1951 J
Tenn Cop A Chem deb 6s B._.1944 IVI
98% 104%
96%
84%
36%
1951
Swift A Co 1st M 3%s
52
84%
1980 ao
1996
conv
95
♦Ref A gen 5s series D
East Tenn
♦Studebaker Corp
94%
34%
1956
Standard OH N J deb 3Hs
Staten Island Ry 1st
4Hs
A
33%
8
{♦Spokane Internat 1st g 5s... 1955 J
Staley (A E) Mfg 1st M 4s
1946
94%
84%
1939 f
34%
1956
1st g 4s
103% 106%
53
36%
7
St Louis Dlv
79
103
O
9
Devel A gen flHs
Mem Dlv 1st g 6s
106%
1978
...1956
5s
105%
102%
106%
♦Certificates of deposit
1955
cons g
Devel A gen 4s aeries A
Devel A gen 6s
"22
♦Ref A gen 4 %s series C
♦Certificates of deposit
S
70
110
99%
2
m"s
20%
58
97%
55
O
"U~
106% 109%
104
110
*108%
106% 108
107% 107%
2%
6%
13
111%
A
1955 J
45
69
101%
gu g 5s__1937 M N
So Pac Coast 1st. gu g 4s
So Pac RR 1st ref guar 4s
...
QQ
ivi N
Wheeling Steel 4 %s series A—1966 f
So Pac of Cal 1st
15%
10
"28
109
67
69
J
2%
3%
101
101%
O
1946 J
60
S
3
120%
.1960 A
1st 4s
127
111%
1969 IVI N
1981 M N
San Fran Term
78
67%
70
J
J
coll).1949
Gold 4 Ha
64
65%
1941
1941
50
IVI
63
66%
Omaha Dlv 1st g 3%s
Toledo A Chic Dlv g 4s
6
35
4H8 (Oregon Lines) A...1977
I
1968
70
34%
1950
Gold 4 Ha
Gold 4 Ha
64
10
106
32%
IVI
105%
j
Det A Chic Ext 1st 6s
121%
South A North Ala RR gu 5s.. 1963
South Bell Tel A Tel 1st s f 68.1941
Southern Colo Power 6a A../. 1947
So Pac coll 4s (Cent
104%
102%
*30%
M
105
95% 104%
97% 105%
104%
O
♦Debenture s f 6Ha
1951
♦Silesia Elec Corp 6 Hs
....1946
Slleslan-Am Corp coll tr 7s
1941
Skelly Oil deb 4s
1951
70
4%s.. 1934 J
{Wabash RR 1st gold 6s
34"
1951 IVI
33%
103%
1955 f
Virginian Ry 3%s series A
2
106
1935 F
conv
33
27
102%
J
gu
Westchester Ltg 5s atpd
Sharon Steel
27%
1
103%
*101%
1950 A
♦Series B certificates...
1
29%
*78
34
1945 M
29%
Va Iron Coal A Coke 1st g 5s.. 1949 ivi
Va A Southwest 1st gu 4s
2003 j
lat
106"
1959 A
6s series A
30%
29%
29%
*102
*112%
♦Certificates of deposit
l*Atl A Blrm 1st g 4s
1933
{♦Seaboard All Fla 6s A ctfs.. 1935
29%
1939
♦Certificates of deposit
♦1st A
29%
1941
104%
Oct 1949 F
|*Gold 4a stamped
16
132%
103% 107%
27
33%
"29%
Des Moines Dlv 1st g 4s.
37%
^Refunding 4a
116
28
1989 M N
♦Adjustment 5a
107%
22%
J
A
106%
27%
S
4s..1950
107%
21%
104%
♦Stamped
g
35%
108
122
*25
35
It^Seaboard Air Line 1st
113%
25
72
119
1957 M n
5s.
lat lien g term 4s
1946 A
Scioto V A N E 1st gu 4s
111
32%
32%
121%
61
1946 J
f 6Hs series B
89
"io
"
1959
♦2d gold 5s
22
♦Stamped
♦Guar
102%
102
*113%
"32%
105
106% 109%
98
103%
1947
Debenture 5s
*i01
1940 J
1972 J
6H8
:io2%
118
100%
99
1944
Utah Power A Light 1st 6s
Utll Power A Light 5%a
♦Ref A gen 5a series B
{♦Schulco Co
j
J
♦Sink fund deb 6 %s ser A... 1947
Utah Lt A Trac 1st A ref 5s... 1944
*105%
1937 J
S A A Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 6s._1952 J
Santa Fe Pres A Phen 1st 6s.. 1942 M
ivi
1968 j
♦Vertlentes Sugar 7s ctfs
Virginia El A Pow 4s ser A
"hi
4/%
101
1943 J
tPaclflc ext gu 4s (large)
62%
46%
47 h
con g 4s..1968 J
{♦St Paul E Gr Trk 1st 4 Hs—1947 J
{♦St Paul AKCShL gu4.Ha-1941 F
St Paul Un Dep 5s guar
60%
s
D
June 2008
lat lien A ref 5s
Gold 4s
§»Vera Cruz A P 1st
IMuly coupon off
71%
123
111
35-year 3%s debenture..... 1971 M N
United Biscuit of Am deb 5s_. 1950 A O
.
Vanadium Corp of Am conv
Vandalla cons g 4s series A
Cons s f 4a aeries B
26
1937 J
gold 4s.
86
12o
*67%
St Paul A Duluth 1st
ext 1st
86%
71
52
61
J
J
1937 J
67%
7
21%
111% 116
107% 111%
♦Un Steel Works Corp 6 %s A.. 1951
1951
♦Sec s f 6%a aeries C
20
28
49
107% 110%
105%
50
30%
149
109
102% 103%
109
30 h
114%
116
U S Pipe A Fdy conv deb 3%s_. .1946 ivi N
J
U S Rubber 1st A ref 5s ser A.. 1947 j
16
29%
♦1st terminal A unlfylDg 5s..1952
♦Gen A ref g 5a aer A
1990
Mont
40%
80
28
114
s
92
104% 107%
22
17%
119
122%
115
s
103
6
108%
1944 ivi
24%
15
108%
1953 ivi
43
"5
89%
99%
104% 107%
"115%
U N J RR A Can gen 4s
I {♦United Rya St L 1st g
42%
22
121%
93%
s
United Drug Co (Del) 5s
24
22
97%
79
107
121%
99%
84%
j
1947 ivi N
deb
35
6
28%
94
St Paul Minn A Man 5s
8
80
1989 M N
♦2d g 48 lnc bond ctfs...Nov 1989 J
{♦St L SW 1st 4a boud ctfs
Guaranteed 6s...
92
86
26
1978 M
St Paul City Cable cons 5s
86%
,
28
.1950 J
♦Certificates of deposit.......
♦( 'tfs of
85%
84/g
30
♦Certificates of deposit
♦Prior lien 5s aeries B
♦Con
86
conv
25%
St Louis Iron Mt & Southern—
♦fRlv & G Dlv 1st g 4s ...1933 M N
♦Certificates of deposit
12-year 4a
Union Pac RR 1st A Id gr 4s._. .1947 J
lat lien A ref 4b
June 2008 ivi
13
78
—
121%
24%
85
100
"22"
A
130
90%
'
*106%
O
107%
35
92
*115h
S
102
60
|{*R I Ark & Louis 1st 4 Hs.—1934
♦Ruhr Chemical s f 6s
102%
*66"
115
*90%
79
*
101% 106"
120% 122
120
*99%
27%
102%
123
120
M N
43%
D
105" ...?
105
*121%
J
Trl-Cont Corp 5s conv deb A.. 1953 j
1943 M n
Truax-Traer Coal conv 6 %s
♦Tyrol Hydro-Elec Pow 7%s._ 1955
86%
96% 102
*110
1942 M S
aer C
D
Toronto Ham A Buff 1st g 4s.. 1946 j
1949 ivi S
Trenton G A El 1st g 5s
Tol W V A Ohio 4s
♦Guar
High
100% 103%
D
27%
A
{♦Rio Grande June lstgu 5s.—1939 J
Low
D
Union OH of Calif 6a series A_. ,1942 F
IVI N
No.
.103%
Jan. I
1953 j
1st 6s dollar series
Tol A Ohio Cent ref A Imp 3%s 1960 J
1950 a
Tol St L A W 1st 4s
40%
33%
High
*102%
Low
41
27%
11
J
33%
4
Since
Asked
1937 j
Tokyo Elec Light Co. Ltd—
34
27%
Range
dk
Bid
Price
Third Ave RR lstg 5s
105% 108
32
27%
27%
ll
High
96% 102
105% 108%
24%
*27 h
27ja
'222
40
*2y%
J
♦Rhine-Westphalla El Pr 78—1950 M N
♦Direct mtge 6s
1952 M N
3
Low
*111
Gen
♦Rhine-Ruhr Water series 68—1953 J
Week's
Last
Week Ended Oct. 2
feS
r
week,
a Deferred de lvery sale only
Under-the-rule sale only transaction during
Cash sale only transaction during current
transaction
during
current
week,
n
current week.
$ Negotiability Impaired by maturity,
at exchange rate of $4.8484.
t Accrued Interest payable
receivership, or reorganized under
assumed by such companies.
{ Companies reported as being In bankruptcy,
Section 77 of the Bankruptcy Act, or securities
*
Friday's bid and asked price.
No sales transacted during current
week.
♦ Bonds
selling flat.
z
Deferred
delivery sales transacted during the current week and not
In the yearly range:
Denmark
5%s 1955, Sept. 30 at 100.
Included
2178
New York Curb Exchange—Weekly and Yearly
are
shown in
a
footnote in the week In which they occur.
aken of such sales in computing the range for the year.
No account Is
In the following extensive list we furnish a complete record of the transactions on the
week
beginning
from the daily reports of the Curb Exchange itself, and is intended to
which
'
any
'
i
Last
STOCKS
Week's Range
Sale
Par
t c com...20
Price
of Prices
High
Low
48
60
*
*
$6 preferred--.
3%
14%
600
58%
2%
62
3
500
H
67%
82%
%
69%
83%
100
260
73
62
69 %
82%
75%
140
1
Alliance Invest
500
252
Class A
British Col Pow cl A
*
Brown Co 6% pref
100
Brown Fence & Wire cl B
Class A pref
*
Brown Forman Distillery .1
July
76
Feb
July
Bruck Silk Mills Ltd
Apr
27
Aug
Buckeye Pipe Line
50
Buff Niag & East Pr pref25
21
Jan
Jan
152
*
350
109
Jan
121%
17%
300
15
Feb
18%
13%
Mar
75
Mar
2%
17%
120
53%
101
2%
55
106%
700
45
300
87
2%
200
6%
100
Sept
Jan
2%
200
1
25%
Jan
68
Sept
Aug
4%
106%
4%
77%
9
Jan
9t«
Jan
27
2
Jan
86%
*
4%
Jan
Jan
Feb
Feb
Mar
Apr
Sept
Oct
Clas A with warr
Class B
42%
45%
6%
25
l
6%
Amer Cyanamld class A. 10
Class B n-v
10
Amer Dlst Tel N J com...*
"34%
7% conv preferred. ..100
Amer Equities Co com._.l
Amer Foreign Pow warr...
110%
American General Corp 10c
$2 preferred
1
$2.50 preferred
1
9%
32%
Preferred
6% preferred
Amer Mfg Co com
22%
25
100
"40%
Amer Maracalbo Co
1
Amer Meter Co
*
%
31%
Amer Pneumatic Service.*
Amer Potash & Chemical.*
"30""
2%
....*
21
39%
Feb
Sept
26%
25%
22%
29%
28%
Jan
12
Jan
39%
43%
100
26%
Oct
46
19%
17%
25%
Jan
Jan
27%
Mar
25%
July
Feb
30%
Jan
14
Jan
40%
1%
39%
2%
Sept
200
800
30
30
1,175
1,400
3,700
9i§
18
100
Jan
Jan
1% May
100
82
Jan
32
May
28,700
46%
44%
48%
2,900
*"2%
2%
2%
5%
37%
"l'ioo
1%
1,600
2,600
4%
1%
r% "2",500
4%
4%
4%
1
Arkansas Nat Gas com..
Common class A
Preferred...
.10
Arkansas P <fc L $7 pref..
4%
9%
96%
14%
5
13
9%
96%
3,000
15%
4,800
10
Jan
Feb
Feb
Jan
Sept
4%
99%
63%
4%
Feb
Jan
2%
Aug
Jan
7% June
Mar
104%
%
3%
3%
7%
2,300
9,500
Mar
June
94
35%
30
Apr
Apr
200
2%
21 %
2
37%
112
Jan
Feb
Feb
Sept
Aug
Feb
Jan
k
9%
Jan
Jan
Mar
Aug
96%
Jan
Oct
Mar
June
9%
Jan
15%
Sept
10%
15%
83
Jan
Jan
13%
Aug
Jan
2%
3%
Feb
Feb
Associated
Elec Industries
Amer deposit rets
£1
Assoc Gas & Elec—
Common
Class A
l
$5 preferred
*
1%
2%
21
1%
2%
12%
Atlantic Coast Fisheries..*
Atlantic Coast Line Co. .50
Atlas Corp common.....*
$3 preference A
Warrants
.._*
Atlas Plywood Corp.....*
Austin Silver Mines
l
Automatic Products
5%
'32
3,c
400
3
3%
1,300
57%
650
Babcock & Wilcox Co
Baldwin Locomotive
*
"12% "13% "7,166
43
15
42%
14%
44%
15%
52
52
53
1,500
3%
19%
1%
9%
7%
3,300
9,100
4,400
3%
19%
1%
3
17%
1%
9
9
7%
7%
45%
45%
46
90
85
92
%
warr
916
60
28,200
Bell Tel of
3%
150
12%
%
25%
21%
3%
.1
$3 opt conv pref
*
Blumenthal (S) A Co_i__*
Bohack (H C) Co com
45
30
9%
*
7% 1st preferred....100
Borne Scrymser Co
Bridgeport Gas Lt Co
Bridgeport Machine
Preferred
Brill Corp class B
Class A
130
40
625
70
52
Class A
27
For footnotes see page
*
11
Mar
12%
55%
Sept
Jan
Jan
Mar
103
151%
Sept
123
May
1%
%
50
2%
%
11,100
14
24%
18%
26%
21%
3%
45%
3
44%
22%
9%
51
30
9%
52
1,000
4,900
7,300
1,200
11,800
26
27%
*
Class B
Products
Celanese Corp of America
7% 1st partic pref...100
7 % prior preferred.
100
Celluloid Corp com
15
.
$7 div preferred
1st preferred
_.*
12%
15%
5,700
19%
20%
5,000
Feb
Feb
Feb
43% June
53
Jan
14%
July
30
Oct
July
May
12
Aug
56%
Sept
18
Apr
Jan
3
Aug
20% May
1%
2%
%
9%
6% pref without
7% preferred
warr
13%
Centrifugal Pipe
*
Charis Corporation
10
Chesebrough Mfg
...25
Chicago Flexible Shaft Co 5
Chicago<Rlvet & Mach...*
Cities Service
97
"2% "2%
....
Feb
Feb
Cleveland Tractor com
Club Alum Utensil Co
"28~
2183
27%
6%
50
'""266
28
Aug
Mar
108
Aug
Feb
-
-
—
200
27
—
.1...
16%
------
7,500
5,500
18%
25%
8%
------
Cohn &
Rosenberger.
Colon Development
6% conv pref
94
------
86%
2%
2
21
35%
40
94
16%
5%
mmmmrnm
mmmmrnm
52
16%
86%
83
1%
12%
11%
2%
22
4%
Feb
Jan
Feb
Jan
Mar
Aug
Sept
Feb
Jan
Feb
Mar
Feb
-----
Preferred
10%
1%
------
8
100
—
-
-
—
-
-
20
Feb
Apr
Jan
Jan
Jan
Feb
12
105
May
22
Sept
Jan
%
52
Jan
17% Jan
86% Sept
3% Feb
Feb
3!
Jan
313
Feb
34%
400
102
6%
24
34,400
Jan
a:4% May
725
.* 1,300
Jan
55
Aug
200
5
Jan
16%
56
1,400
4
Jan
116
30%
1%
55
116%
44
32%
61
July
Mar
Jan
30%
1
Sept
56%
16%
May
38
56%
4%
25%
17
1,780
50
3
55
34%
Jan
Jan
Mar
Sept
64
Apr
1% May
Sept
Jan
41%
Feb
Jan
124%
Jan
7%
Feb
June
66
Jan
6%
3% May
Feb
2%
3%
45%
9
9
4%
------
107
mmmmrnm
1%
—
—
—
-
—
May
5,000
..
300
------
3%
46%
12
Mar
2% Sept
3% Sept
3
Sept
600
300
42
May
1,300
20,200
93
Jan
Mar
Mar
45
Jan
Jan
117
July
13
29
100
28
Sept
%
Jan
4%
500
2
15%
20%
1,900
5,700
99
2%
100%
%
%
14%
17%
------
"23%
13
3%
16
Mar
Feb
Jan
84
Jan
94%
Apr
Aug
113
Jan
900
63% JUne
3% May
90
Jan
100
2
May
200
88
Jan
1,900
20,450
3,900
800
55
6%
78%
2%
Oct
29
6%
------
7%
4%
Jan
Jan
120
8%
2%
51
1%
11%
Feb
Sept
Aug
4,500
1,600
5
100
"2I"
Apr
23%
10
99
%
1% June
14% July
3% June
350
7
5%
36
60
2%
13%
Jan
July
97
114
------
Jan
73
116%
125
525
7%
8
%
3% Sept
1,000
300
19
Feb
1,600
3
7,500
58%
4%
_
Aug
July
6% Sept
114
65
Aug
71«
7%
22%
Aug
1% May
June
600
114
%
8%
6%
1%
46%
mmmmm
17%
Sept
Aug
Feb
Jan
Apr
41
90
*
9%
52%
16%
3%
>8%
8
100
89
100
July
600
90
mmmmrnm
Apr
4%
1%
%
28%
1%
15%
rnmmmmm
19%
%
Jan
Jan
Aug
1%
29
—
Jan
1,500
3
4%
40
41%
105% 107
41
15%
20%
4%
65%
11
3%
104
46%
mmmmrnm
70%
400
8%
100
63
Jan
May
2,400
1%
2%
3%
45%
June
"16
9%
50%
10%
50%
-----
40
15%
4%
%
7
*
100
3,300
.
Sept
July
94% Sept
18% Sept
20
53%
4%
5
1
5%
15%
mmmmrnm
100
1
100
—---
Sept
Aug
Sept
Apr
Mar
43
6
_...*
14%
42%
31%
------
16
4%
%
9%
1
com
----
5%
9
1%
1%
18%
20%
16
716
Copper Range Co
Cord Corp
Corroon & Reynolds—
-
5
27%
Sept
99% May
107%
Feb
Feb
102
Apr
8
425
49%
15%
Warrants
Continental Secur Corp..5
Cooper Bessemer com
»
$3 preferred A
*
7%
16
300
21
47
-----
21
42%
Conv 5% preferred—100
Columbia Oil & Gas
1
Continental Oil of Mex...l
Cont Roll & Steel Fdry...*
7,000
53
>
mmm+mm
Colt's Patent Fire Arms.25
Columbia Gas & Elec—
8% preferred w w.,.100
Consol Royalty Oil
10
Cont G & E 7 % prior pf 100
2,600
2
800
8
4%
13,000
7%
2,700
500
81
2%
13%
% May
11% Sept
6%
Jan
116
60%
8%
105
Mar
Sept
Aug
Mar
Jan
3%
101% June
2
17%
10
Feb
Oct
Apr
Sept
34
6%
3%
Jan
25
Jan
9%
55
Jan
Aug
9
Apr
8
Mar
8
Feb
4% July
65
Jan
4,500
1%
Jan
700
6%
Jan
81
4%
17
Oct
Oct
Feb
Feb
Courtaulds Ltd—
Am dep rets ord reg
Crane Co
com...
Preferred
1
------
25
39%
12%
38%
137
100
12%
200
39%
10,800
75
137
24
27%
11
11%
800
91S
%
4,800
11%
Crowley, Milner & Co
*
29%
Mar
Crown Cent Petroleum
1
Mar
5%
22
Apr
Apr
Aug
82
300
3
2%
1%
4%
1 sh
5% pref 1
Jan
90
1,900
11%
26%
32
2% May
18%
Jan
29%
27%
Apr
5%
Jan
86
75
*
4%
8%
24%
5%
52
32%
*
Consol Min & Smelt Ltd. .5
Consol Retail Stores
5
400
11%
20
*
Dlstrlb.l
25
111
11
19
48%
------
61
275
105% 107
91
------
12,700
9%
111
"11%
4
Columbia Pictures.
*
Commonwealth Edison 100
Commonwealth & Southern
8
1
55
.
100
4
27
-
5
Jan
1%
•u
May
Jan
21
Crocker Wheeler Elec
Jan
29
3
July
May
5
16%
900
400
Croft Brewing Co
Jan
3
400
Mar
3,700
------
Feb
Sept
Sept
1%
200
100
Oct
Aug
Sept
2%
40
*
....
Common
37
mmmmm
20%
53
Cockshutt Plow Co com..*
Cosden Oil
21
13%
Jan
Aug
Mar
Oct
July
July
Aug
Aug
700
Oct
Feb
Apr
14%
6%
5%
1%
14%
1%
550
1%
17
*
Claude Neon Lights Inc..l
Clayton & Lambert Mfg..*
Cleve Elec Ilium com
.*
Sept
Sept
Jan
100
------
Mar
5%
40
%
200
— —
15%
2%
24
City Auto Stamping
*
City & Suburban Homes. 10
9%
3%
Aug
—
Sept
Jan
%
1,700
'
85
Jan
75
*
^
Preferred BB
...»
Cities Serv P & L $7
pref. *
$6 preferred
~*
Feb
7%
6%
48
Jan
Mar
400
6%
4
mmmmrnm
*
com
Preferred B
Aug
15%
%
2%
7%
%
20%
mmmmm m
Chief Consol
Mining..... 1
Childs Co pref
100
6%
Jan
Jan
1%
2%
100
100
Conv preferred
100
Conv pref op ser *29..100
29%
Aug
Sept
Jan
14%
2%
rn.m-w.mwm
100
40
June
-----
mm
15%
Cent & South West Utll..l
Cent States Elec com
1
Jan
35
50
*
c
Aug
Aug
12%
%
51%
1%
33%
400
21
6%
6%
*
Cent Hud G & E v t
Cent P & L 7% pref
Mar
30,
— —
—
19%
.
%
34
Jan
175
26
107% June
Oct
87%
Jan
48
800
"27"
— — —
1
1
19%
4%
103
10
Oct
27
"27"
—
21
*
Castle (A M) & Co
Catadn Corp of Amer
July
Apr
50
860
------
*
%
90
16%
—— ——
mmmmrnm
26c
Convertible class A
1%
5
"20"
-
Consol G E L P Bait com.. *
Jan
,20)0
Jan
Carman & Co—
Jan
July
Oct
July
1
------
14%
35%
18%
13%
2%
10%
12%
50
------
— — —
July
July
2%
4
*
Jan
13
Oct
Jan
Apr
87%
80%
5%
79%
5
*
4%
50
900
Jan
Mar
Aug
106
80
79%
1
Feb
11
25%
106
Capital City Products..
Consolidated Aircraft
Consol Copper Mines
6,200
500
"25%
""87%
B non-voting
Canadian Marconi
Sept
Jan
31
Oct
Aug
%
80
Jan
Mar
6%
%
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv.. 1
Compo Shoe Machinery..l
2
34%
8
Canadian Indus Alcohol A*
Carlb Syndicate
Jan
39%
23%
3,400
Commonwealths
142
3%
31%
21%
Jan
7% May
18
Sept
26
Sept
350
2%
13%
1%
Fdy pfd 25
Feb
Sept
12,000
2%
Feb
50
32
45%
25%
44
12%
1%
Aug
5,200
32%
Jan
Mar
Apr
June
10%
9%
1%
6
4%
26
26
10%
""13%
2%
Apr
3%
12%
&
$6 preferred A
*
....
Jan
Feb
Sept
151%
"""166
....»
....100
Brlllo Mfg Co com
*
4%
July
%
Jan
19%
1%
2% May
7% May
Apr
Aug
100
7% preferred
16%
8%
*
*
Sept
Feb
65
Jan
7%
..25
2d preferred..
100
Brazilian Tr Lt A Pow...*
44%
Aug
July
Aug
Botany Consol Mills com.*
Bourjols Inc
*
Bower Roller Bearing
6
Bowman Blltmore Hotels—
7 % 1st preferred
100
Jan
11% May
1,700
13
»
*
June
51
800
Feb
Sept
Oct
16%
June
3%
Purchase warrants
$2.50 conv pref
*
Black A Decker Mfg Co..*
28
Sept
Feb
Feb
121
3%
Conv pref
*
Berkey & Gay Furniture. 1
Bliss (E W) A Co com
Blue Ridge Corp com
Jan
Apr
8% June
51
Canada.....100
com
~
Jan
2,200
Bell Tel of Pa 6%% pf-100
Benson A Hedges com
Blckfords Inc
94
1%
3%
1
com
26%
%
%
3%
57%
July
100
Bellanca Aircraft
%
3i6 Sept
3ia May
1
Baumann (L) & Co com..*
7% 1st pref
21
Jan
Jan
92
57
5
10
Jan
1
9,100
53
3%
Automatic-Voting Mach-*
Axton-Fisher TobaccoClass A common
1
18,000
332
316
Assoc Laundries of Amer.*
Vtc common."
Associated Rayon com
*
Associates Investment Co *
Atlanta Gas Light pref. 100
21
2,600
27,100
%
%
Option warrants..
1%
2%
166
*
Calamba Sugar Estate..20
Canadian Canners Ltd
*
Preferred
l
2,550
10
Casco
114%
Sept
3,100
325
21%
700
Jan
Jan
Aug
July
36%
30
31%
16
%
Feb
Feb
47%
108
28
30%
716
Carnation Co com
..*
Carolina P & L $7 pref...*
$6 preferred
*
Carrier Corporation ._.._*
24%
7%
30%
26
%
30%
1%
5
Feb
Jan
Apr
350
23
40%
,S16
32%
1%
2%
5
19
4,000
Arcturus Radio Tube
.5
Sept
July
7
33%
525
5
com
126%
Jan
25
37
35
550
Angostura Wupperman__l
Apex Elec Mfg Co com...*
Appalachian El Pow pref. *
Art Metal Works
Feb
2%
700
5,400
5
..*
133
Feb
Mar
Jan
94
...
Preferred
Feb
4
Am Superpower Corp com *
1st preferred
Amer Thread Co pref
Anchor Post Fence
3%
3%
22%
40%
109% 110%
9
9%
31% 34
•
37
Amer Hard Rubber com.50
Amer Laundry Mach_._20
Amer Lt & Tr com
25
9
36%
40%
3%
*
com
13",800
28
28%
Am dep rets A ord sh.£l
Sept
116
3%
22%
40%
Amer Gas & Elec
2,800
"34%
500
800
%
Am dep rets B ord shs.£l
Amer dep rets pref shs £1
Canadian Car
Jan
200
31%
*
Warrants
Burma Corp Am dep rets..
Feb
Jan
27)
26)
Jan
32
20
_*
com
Feb
Mar
Feb
High
Low
16)
32%
31%
30%
$3 convertible pref
Butler Brothers
47%
Sept
45
Sept
5% May
31%
Jan
29%
Jan
Burco Inc
Cable Elec Prod vtc
Cables & Wireless Ltd—
48%
41%
85 1st preferred
*
Bulova Watch $3% pref..*
Bunker Hill & Sullivan.. 10
Jan
36%
91%
115
*
Amer Fork & Hoe Co com*
"33"
200
42%
45%
6%
22%
*
Jan
Am Cities Pow & Lt—
.25
100
2% May
116
87
Range Since Jan. 11936
Shares
Amer dep rights reg
Feb
600
10c
Class A
31%
Feb
Mar
Oct
84
Am dep rets ord bearer £1
22%
Am dep rets ord reg._£l
British Celanese Ltd—
1,250
..10c
com
1%
••
21!
22%
M ar
Feb
Mar
:
Week
of Prices
High
Low
Price
British Amer Oil Coupon.*
Registered
*
British Amer Tobacoo—
19
100
Common class B
35
Aug
Mar
22% 23%
128% 134 *
6% preferred
100
American Beverage com._l
S3 preferred
$5.50 prior pref
4%
15%
62%
4%
Sept
Mar
-
for
Week's Rangt
Sale
June
9%
American Book Co
American Capital-
25
'131%
*
com
113%
'2~306
com
Aluminum Ltd
Jan
"25% ~26%
119
.
Sales
Last
Par
26 %
6% preference
100
Aluminum Goods Mfg...*
Aluminum Ind
STOCKS
68
*
com _:
■'
1
.
114
Allied Products cl A com 25
Aluminum Co common...*
June
48
May
2% Apr
9% Aug
44% May
2% June
27
Apr
% June
37%
Jan
67%
Feb
300
Allegheny SteeJP7% preflOO
Allen Industries com
.
High
40
*
Alabama Gt Southern
Ala Power $7 pref
'
'
•
•
(Continued)
Low
75
14
*
Conv preferred
Warrants
■
.
Range Since Jan. 1 1936
for
15
48
3%
Air Investors com.2
-i.
Week
Shares
99
48
Class B
1
10
•
Friday
Adams MUlls 7% 1st pf 100
Aero Supply Mfg cl A...
Agfa Ansco Corp com
Alnsworth Mfg Corp
'
-
Sales
Friday
v
It is compiled entirely
include every security, whether stock or bond, in
dealings occurred during the week covered:
•
Acme Wire
New York Curb Exchange for the
Saturday last (Sfcpt. 26,1936) and ending the present Friday (Oct. 2,1936).
on
1936
week, and when selling outside of the
NOTICE—Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the
regular weekly range
Oct 3,
Record
Creole Petroleum
916
38,100
11% May
24
Apr
120%
19%
9
%
5
2
1%
2%
5,700
1 %
Jan
Jan
Apr
15
39%
138
34%
16
Jan
Sept
Sept
Feb
Feb
Sept
1%
Feb
May
7%
July
Jan
2%
Jan
Volume
New York Curb Exchange—Continued—Page 2
143
Sales
Friday
Last
Week'e Range
for
Sale
of Prices
Low
High
Week
Par
Cork Internat A._*
Crown
Crown Drug Co com
Preferred
Crystal Oil Ref
com
Cuban Tobacco
Cuneo Press
6*%
com
25c
Price
13*
14
*
vtc._*
*
com
preferred
Petroleum com...5
Davenport Hosiery Mills.*
Class A
Preferred
*
6% pref
20
ww
1,100
3*
Sept
23*
100
22*
June
4,400
*
Aug
Jan
11*
Feb
Feb
47*
Sept
109
160
15
50
916 "l6
5,200
Mar
14* Sept
916 Sept
15*
Sept
1*
Apr
2,600
x9
Mar
12*
Oct
300
12
Jan
16*
Apr
18*
1,400
10* June
32*
200
22
May
18*
32*
Oct
31*
60
3*
12*
14*
17
61
40
50
Feb
10*
3*
500
3*
72
73*
50
1714
17
17*
500
19*
20*
700
16
16*
400
8*
10*
5,000
7*
34*
37*
1,000
28*
29*
'"206
22*
24*
2,500
De Vilbls8 Co 7 % pref
10
Diamond Shoe Corp com.*
9*
2
Distilled Liquors Corp
Distillers Co Ltd—
6
11*
11*
11*
400
£1
26*
26*
27
700
*
35*
34*
35*
2,100
6*
5*
6*
400
com
Aug
Harvard Brewing Co
19*
Helena
Rubenstein
10*
Aug
Apr
Heyden
Chemical
Aug
Aug
Hires (C
37 *
9*
Jan
117*
117*
Jan
120
29
29
29*
200
77*
"6*
3*
76*
500
350
77*
"6* "6* """800
14*
12*
14*
14,000
3,100
6%
60
7*
71*
59*
8*
4 * % prior preferred. 100
7*
71*
Common
*
preferred
100
Eastern Malleable Iron.25
Eastern States Corp
*
$7 preferred series A
$6 preferred series B
*
28
Aug
Apr
76
Hosiery class B__*
July
65*
73
Duval Texas Suplhur
*
Eagle Plcher Lead
10
East Gas & Fuel Assoo—
Sept
4* June
*94*
76
100
27* May
16*
7% preferred
100
Dubllier Condenser Corp.l
Duke Power Co
Mar
900
10
Driver Harris Co
Sept
25
June
12 *v
Jan
Sept
Sept
Sept
7*
FeD
July
8
25
Jan
124*
Mar
76
Oct
June
39
Jan
July
111
Sept
Jan
6
Mar
Feb
25
80
Jan
105*
*
66
J.
61
2*
Sept
23*
42*
Feb
3*
Jan
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service
1*
July
May
Jan
46
23
Jan
45*
Oct
Jan
15*
Sept
23*
Mar
63
July
Jan
4*
Mar
July
1,600
i
9*
8*
9*
7,400
63*
60*
63*
725
18*
5*
5*
100
6
Non-voting class A
V t
9*
July
International Cigar Mach *
Jan
75*
July
Internal
Jan
8*
Mar
Internal Hydro-Elec—
Pref $3.50 series
Fedders Mfg Co com
5
May
9*
Feb
Intl Metal Indus A
88
May
Jan
Internal
1
Corp com..*
10
Jan
Fire Association
First National
29*
Feb
19*
Apr
40
42
Jan
63*
July
International Products
56
56
57*
43
Jan
65
July
44
Jan
66
July
43*
Jan
66*
47
Jan
72
21
Jan
31
15
Jan
21*
50
61
62*
'""650
65
65*
100
""eoo
4,600
100
1*
38*
July
July
98
Oct
Corp
Class
B
$7 prior preferred
New warrants...
Apr
Jan
Sept
84
28
Sept
Sept
34
200
2
400
13*
2,000
7
11
11*
900
10
3*
34*
3*
35*
6,300
34*
34*
5*
100
5*
1,600
5*
3,000
400
24
22*
31*
24
Interstate Power $7 pref.*
Investors Royalty
1
14*
250
Feb
Irving Air Chute
19*
4,000
Jan
Italian
5*
6*
3,500
5*
100
Iron Fireman Mfg v t C..10
8*
1,500
18*
19*
12*
1,700
34
300
35*
37
1,800
100
Apr
23*
4*
4*
13*
Sept
10*
?
16
Jan
.
Jan
-79
Sept
63*
7*
60
54
63
4,500
550
Jan
17*
*
1*
*
15*
Superpower A
Warrants
Jacobs (F L) Co
1
Jan
1,100
64*
3,150
8
8*
7,200
24*
7,100
27
75
17
36*
Sept
40*
Mar
May
23*
Sept
*
Jan
Feb
74*
July
1*
89 "
5*% preferred
100
100
6% preferred...
7% preferred
100
Jonas & Naumburg__.2.50
Jones & Laughlin Steel. 100
Feb
2*
2*
1,100
5
Sept
27*
15
Jan
*
15*
84*
86
250
70*
87*
98*
90
*
700
*
Aug
5*
76
V t c preferred A...
Jan
86
May
5*
77*
'5,800
*
*
100
4*
4*
300
5
60
*
*
v t c
76
30
2,300
Kansas G & E
Ken-Rad Tube & Lamp A*
'18*
2*
2*
214
2,800
*
1*
30
*
7% pref.100
"17* ~I§* "lM
Jan
1*
Kingsbury Breweries.
1
Kings County Lighting—
7* May
9*
28*
Feb
32
Feb
7% preferred B.....100
5% preferred D
100
Kingston Products
5*
4*
5*
20,200
4*
4*
4*
1,500
2*
20*
20*
"""166
18*
19
July
Feb
1
Feb
30
Jan
19
Mar
4*
Kleinert
1,000
16
Jan
500
2
Sept
4*
Feb
Sept
Sept
22*
100
18*
Jan
18
18*
1,200
12*
Jan
23*
20*
*
68
53*
70
13
Jan
70
Rubber
1
preferred
*
General Telephone com.20
85
"23"
5
100
$5 preferred
Gilbert (A C) com..
Preferred
"19* "23*
Koppers Gas & Coke
preferred
100
Kreuger Brewing
105
Sept
Feb
Sept
60
67
Jan
14*
13*
14*
5,200
99
99*
50
88*
89*
225
'i«
85
Oct
Jan
2*
Jan
12*
Jan
23*
Oct
47
Jan
52*
Mar
68* June
13*
Aug
93
16*
Jan
Sept
7*
8*
400
17
Godchaux Sugars class A.*
Class B
*
38*
16*
33*
22*
18
*
Oil
Refining
Feb
Jan
5
Apr
8*
Feb
Lone Star Gas
July
47*
7% preferred
6% pref class B
Loudon Packing
13*
Apr
18*
4,000
24
Jan
39*
Mar
13,600
8
Jan
23*
Oct
*
200
*
Jan
5i6
Feb
Jan
4*
Sept
300
2*
18*
June
25*
Feb
16* May
2* July
21*
Jan
4*
Sept
16
Apr
32*
Jan
Class B
2,600
9,200
Grand Rapids Varnish
*
12*
12
4*
12*
400
10
Jan
Gray Telep Pay Station..*
24*
21
26
5,000
17
July
*
Jan
24
Jan
May
Mar
Apr
550
96*
Apr
24*
55
56
900
4,800
3,300
107
12*
Feb
Mar
Jan
51
z25
June
Jan
14
5*
6*
60
May
Corp
*
10*
preferred
6*% pref
8*
Mar
15*
3*
4*
Jan
Aug
Jan
Aug
100
1 *
June
18*
9*
18*
10*
100
11*
July
19,700
6*
*
Jan
2
Feb
Feb
111
Apr
1
*
1
13,900
Jan
Jan
25
11*
Jan
Jan
7
14
14*
5
7*
Mar
15*
7*
Sept
Oct
Jan
22*
Sept
17*
14*
9
♦
14
100
9*
14
'
6
"e"
90
92
80
91
100
*
8*
13*
5*
_.*
Louisiana Land & Explor.l
Louisiana P & L Co—
Lynch Corp common
Mangel Stores Corp
Sept
Aug
5*
2*
Apr
18*
10*
Aug
6* May
9*
Jan
14*
Mar
15,800
90
1,700
15,400
*
Common
$6
20*
3*
5*
Sept
103* 105
Long Island Ltg—
17*
Jan
5* June
18*
*
Lockheed Aircraft.
3*
2183
Aug
74
9*
Loblaw Groceterias cl A.
Aug
20*
Lion
Lit Brothers com
90*
Mfg Co—
For footnotes see page
96
107*
Preferred
*
Leonard Oil Develop....25
Lerner Stores 6 * % pref 100
74*
V t c agreement extended
Grand National Films Ino 1
Sept
Mar
2*
1
Lehigh Coal & Nav
Apr
4,000
23
3*
Jan
3
Apr
17*
20*
18*
11*
Class B
Lefcourt Realty com
Apr
39*
*
114
Oct
July
11
79*
68*
Sept
Feb
*
Mar
Mar
Aug
Jan
A
85
23*
Glen Alden Coal
Consol Mines.10
Jan
Class
40
8*
102
1*
6*
July
10* May
6*
*
*
S3 preferred
76
Sept
Mar
23*
1
55*
100*
*
Gorharn Inc clA
Apr
Jan
Aug
5*
77*
Langendorf United Bak-
Jan
99
Aug
Aug
3*
Kress (S H) & Co pref.. 100
Lakey Foundry & Mach__l
June
300
93*
97*
105
Co—
Feb
71
lOOO
*
17
4
8
""9"
Oct
2*
325
50*
*
*
40
1,200
50*
$3 convertible pref
*
General Tire A Rubber..25
common
200
,3ie May
1
Warrants
Gen Outdoor Adv
6% pflOO
Gen Pub Serv $6 pref
*
Gen Rayon Co A stock.. *
75*
76
332
S32
98* 100
81*
85
*
31*
26*
1*
"~9* """566
10
Knott Corp common
Lake Shore Mines Ltd...!
700
33,700
33*
7,6 May
Klein (D Emil)
Sept
18*
1*
*
9*
32
74
95
Kirkland Lake G M Ltd.l
Jan
2*
Mar
Jan
July
Oct
22* June
Jan
1*
10
64*
22*
1*
Jan
-
111*
4*
Jan
18*
•1*
Jan
110
99*
Feb
Gen Gas <fc Electric—
com
Jan
90
Apr
14*
Feb
6%
$6 preferred
May
100
1,400
9
*
com
Feb
May
20
*
70
Cg Ltd—
Am dep rets ord
reg._£l
Jan
2*
Jan
15
117
2*
2
*
Jan
14*
Jan
Sept
18*
1*
Apr
May
*
15
7*
64
2*
9u
May
40*
Froedtert Grain & Malt-
17*
Apr
Feb
Jan
4
17*
1*
Apr
4*
46
30
18*
Feb
38 *
Kansas City Pub Service—
Ford Motor of France—
American dep rets 100 fes
Fort Worth Stk Yds Co..*
5*
39*
Jersey Central Pow & Lt—
Jan
112
.
7
63
Feb
* Sept
23* May
__1
19*, Oct
28*
2,900
70
Jan
12
May
23* June
""
78*
9*
.
Sept
July
87
5
Feb
14*
Jan
9*
14*
3
July
Aug
33* Aug
3* May
4,900
Feb
14*
32*
*
600
Jan
3*
Feb
Apr
64
31
Feb
12*
33*
<*,7*
5*
8,900
31
17*
*36*
35*
Feb
Aug
5*
*
*
8*
*
1*
11*
1
1*
25
Gorham
3*
21*
Interstate Hos Mills
Jan
22*
Goldfield
J an
Apr
International Vitamin
Aug
21
1
May
Feb
*
Jan
Jan
Jan
9
3js
Bn
5
6*
6*
69
Feb
3*
44
Aug
3,600
2,075
1,100
28
1*
600
8*
*
6% preferred A
Georgia Power $6 pref
Sept
..*
3,700
27
New
2*
28
l
July
Sept
*
24*
$6
200
Klrby Petroleum
*
Class B...
Gen Investment
Aug
74*
9
*
Am dep rets ord reg__£l
Fireprooflng
Aug
100
73*
*
16
Ford Motor of Can cl A..*
Gen
*
A
Ford Motor Co Ltd—
Gen Electric
2*
21*
1*
_._*
16
100
100
15
3*
c
Registered..
Common
....V
Con v preferred
General Alloys Co
Warrant..
International Petroleum..*
13
(Phila)~10
preferred
Florida P <fc L $7 pref
Mining Corp
Class
Feb
Stores—
$6
38
Jan
6% preferred
100
Internatl Safety Razor B.*
Internat'l Utility-
1
7% 1st preferred
Flsk Rubber
June
92*
Mar
5*
11
Jan
500
19
Flat Amer dep rets
Fldello Brewery
Aug
14
75
37
13*
50
Jan
*
Feb
90
*
475
15
*
Ferro Enamel
Mar
Aug
2*
.....
30*
"19*
14*
Sept
2*
Holding & Inv__*
100
6
Feb
Apr
5*
35*
99
73*
300
3
24*
42*
98*
2*
17*
..100
24*
Jan
37*
33
20
40
*
Jan
20*
13*
Jan
60
1
17*
"
1
c common
39*
2
Sept
20
3
500
42*
Oct
Feb
600
34
*
40
*
Fanny Farmer Candy
Fansteel Metallurgical
9*
33
*
Class B
96*
1*
Jan
10
100
41
9*
34
99
2
Empire District El 6%. 100
Empire Gas & Fuel Co—
„__l
1,000
35*
97*
41
7*
industrial Finance—
Apr
11*
9*
6*
1*
2*
32
Indian Ter Ilium Oil—
36
6*
..*
Brewing
21*
9*
6% pref 100
Apr
Falstaff
3*
41
7% preferred
..100
Ind'po-is P & L 6*%pfl00
Oct
11*
1
3*
7*
13*
7% preferred
..100
Insurance Co of N Amer. 10
42*
Feb
800
Mar
19*
44*
11,000
Mar
18*
Jan
May
21*
14
July
Falrchild Aviation
350
21*
12
preferred
Ex-cell-O Air & Tool
1,400
9*
21*
88*
7%
3*
44*
Jan
21
79
"l9*
Feb
Apr
6
10*
Jan
Evans Wallower Lead
500
Jan
Apr
Corp com
10c
Pipe Line
50
European Electric Corp—
Option warrants
8*
Feb
74*
65
Feb
30
9*
64*
100
2*
40*
Industries
1,800
100
76*
* Sept
9* Aug
13* June
100
Chem
1,800
Eureka
200
111*
29*
67
10*
8*
deposits rcts_._£l
84
Equity
*
Jan
June
22*
10*
Amer
75*
Emsco Derrick & Equip..6
6,000
Sept
11
100
63*
59*
66*
73*
Empire Power Part Stk._*
2l",800
61*
Jan
82*
6*% preferred
7% preferred...
8% preferred.-.
Jan
105
"26* "29*
38*
52*
75*
100
39*
250
84
15
22*
Apr
56
*
Electrographle Corp com.l
13*
May
29*
55
*
Elec Shovel Coal $4 pref..*
Aug
56
preferred
preferred
97*
17*
Mar
14*
650
37
36
9*
13*
100
6%
preferred
preferred
11*
12*
100
Sept
$6
6%
17*
4,900
12*
60
$5
15
Mar
14*
Jan
24*
27
Elgin Nat Watch Co
13*
13*
12*
Imperial Tobacco of Great
Feb
6
35
150
36*
Mar
15*
*
Feb
34*
17*
5,200
83
23* 100,000
l
21*
34
40
i?8
57*
Jan
21*
w
55
40
Jan
54
41 *
Apr
pref w
3
Sept
300
40
Imperial Tob of Canada..5
2*
Shareholding—
July
57
Jan
700
conv
July
1*
*
85
"""966
$6
1*
300
6* June
16
1*
400
Illinois P & L $6 pref
Jan
3*
Common
10,600
13*
3*
-'10*
10*
400
41
69 *
60*
Electric
8*
25*
72*
2*
44*
Imperial Oil (Can) coup..*
Registered
__*
3
warrants
Apr
Jan
11^
Hydro Electric Securities. *
Hygrade Food Prod
6
Hygrade Sylvanla Corp..*
Mar
58
Option
Oct
Apr
7% pref stamped
100
7% pref unstamped.. 100
11*
60
Class A
23*
*
Jan
Edison Bros Stores
Elec P A L 2d pref A
500
1
4
1/J00
1
24*
Illuminating Shares cl A..*
2,200
com
Aug
Huylers of Delaware Inc—
Imperial
15
Elec Power Assoc
86
Sept
1*
63*
Jan
45*
"23_"
Jan
9*
5*
15*
29*
Jan
14*
Elec Bond & Share com..6
95
1
*
600
46
104*
50
3*
17
*
800
2*
40*
Jan
Apr
2,400
100
Mar
1*
40
*
preferred.
1*
72
6*
*
10*
14*
l
7%
10*
3*
Jan
*
11*
3*
16*
3*
"_*
Hud Bay Min & Smelt
Humble Oil <fe Ref...;
36*
6* July
1* June
11*
*
Horn & Hard art
130*
128
Apr
100
8,100
98* 102
17
13*
400
25
28
2*
46
,3I6
*
Horder's Inc
Feb
68
5
15* June
.....
1,000
Mar
24*
23*
(Henry) & Co cl A..*
15*
45*
com
Holt
900
72*
3,000
110*
124
76
6
"34*
Jan
Aug
High
5*
11*
*
E) Co cl A
Hollinger Consol G M
Holophane Co com
July
*
5
Low
81
"99*
..10
7*
*
Electric Corp
*
Hormel (Geo A) & Co
27*
35*
46*
Easy Washing Mach "BM_*
Economy Grocery Stores.*
Elsler
1
*
25
Hazel tine Corp...
Hecla Mining Co
Common
117
50
*
preferred
Sept
Mar
8
*
Draper Corp
$5.50
Gypsum Lime & Alabast.*
Hall Lamp Co
*
Haloid Co new
5
July
21 * June
46
*
Douglas (W L) Shoe Co—
7% preferred
.100
Dow Chemical-.
_.*
50
Gulf States Util $6
4*
*
Casting
Corp of Penna.25
pref..*
300
2
1316
IS*
29*
23*
Dominion Bridge Co Ltd.*
Dominion Steel & Coal B 25
Gulf Oil
115
2
1
73*
Mar
Aug
11
deposit rets
Guardian Investors
Aug
Aug
5*
Range Since Jan. 1 1936
for
Week
Shares
Hartford Electric Light.25
Hartman Tobacco Co
*
70
May
Dictograph Products
*
Grocery Sts Prod com..25c
Jan
9*
15
23
126* 126*
32*
32*
8* 4 9*
Aug
Aug
19
16
112
126*
Jan
16*
20*
Oct
-
112*
25
Mar
1*
25*
72
35
Durham
Apr
14
12*
"I§""
37*
Dominion Tar& Chem
109
of Prices
High
*
Gt Northern Paper
Greenfield Tap & Die
4*
Week's Range
Low.
100
stock
com
7% 1st preferred
Aug
37*
106
Non-vot
Feb
2*
300
Detroit Steel Products
Doehler Die
Feb
Price
Great Atl & Pac Tea—
25
1,800
10*
Amer
July
10
Detroit Gray Iron Fdy___6
Detroit Paper Prod
1
*
16*
6*
15
Dennlson Mfg
Detroit Gasket & Mfg coml
Jan
11*
47
"16
Sale
Par
High
108
35
7% pref.100
Derby Oil & Ref Corp com*
1
9*
5
Dayton Rubber Mfg com.*
Low
47
10
47
100
Cusl Mexican Mining..50c
700
Last
(<Continued)
2*
22*
"1*
Shares
14
4*
4
4
25
Curtis Mfg Co (Mo)
Darby
Friday
STOCKS
Range Since Jan. 1 1936
STOCKS
(<Continued)
2179
Sales
80*
2,500
17,800
3*
Apr
7
Sept
Jan
96
July
64
Jan
84
July
6*
600
6
11*
12*
8,600
9
37*
37*
40
1,200
6
Sept
H
94
7*
85
85
7*
86
Jan
72 *
U*
»
100
3
225
*
5
7*
300
200
34*
4
42*
8*
Feb
Jan
15*
May
May
102
Jan
65*
Apr
9*
Apr
86
Sept
Feb
Jan
Oct
New York Curb
2180
Friday
STOCKS
Last
(Continued)
Week's Range
Sale
Par
Ma pes Consol Mfg
*
Marconi Internatl Marine
Amer dep rights
Margay Oil Corp
Price
of Prices
High
Low
22 X
for
Range Since Jan. 1 1936
1534
Par
2,300
20
Aug
2734
Feb
14%
1334
8634
14%
8934
45
45-j
1
3
3
3H
Massey-Harris common..*
Mayflower Associates.—*
4
4%
4%
700
May Hosiery Mills pref—*
McCord Rad & Mfg B—*
34
53
54
100
New
*
"40"
~40~
Pacific P&L7% pref. 100
Pacific Public Service
"ilk
300
"2',7 00
Mercantile Stores com—i*
7%
preferred
7X
734
Participating preferred.*
Merrltt Chapman & Scott *
Mesabi Iron Co
5
%
5X
51
%
%
—*
1%
1
yi
3 x
3
3k
29,900
3 34
334
700
Michigan Steel Tube..2.50
Michigan Sugar Co..
*
16X
15 34
11654
1,000
1
1
Class B
pref
conv
4
1
IX
100
9%
6
July
Sept
Jan
234
13
Jan
$2
non-cum
*
dlv shs
23
22 X
70
*
24
600
19
72 X
200
3934
334
Jan
July
2834
7234
Sept
134 May
2%
4
334
4
700
Mining Corp of Can——*
Minnesota Mining & Mfg.*
2H
234
2X
700
3534
950
22
Jan
60
109
Jan
35
3334
115
pref.. 100
115
2.50
15
Moh & Hud Pow 1st pref. *
100
New
common
2d preferred
14H
100
83
*
734
8X
Monroe Loan Society A.
Montana-Dakota Util—10
16X
700
1434
4
3534
115
Jan
5,900
634
July
3
July
100
14
Aug
142
Jan
33 X
300
40 X
Perfect Circle Co
41X
Moore (Tom) Distillery.. 1
150
7X
7X
30
Apr
Oct
Sept
Oct
Oct
July
'l~X
5%
5X
41X
24
4154
24X
38X
8X
7,700
N achman-Sprlngfllled
37X
2034
36X
2X
c—*
National Baking Co com.l
Nat Bellas Hess com
1
8X
2
*
National Gypsum cl A—5
National Investors com—1
$5.50 preferred
Warrants
Feb
32
Nat Service
"154
80
"1X
80
916
IX
1,700
~27~X
National
"""200
"1%
12.50
Transit
~21~X
16 X
3934 May
Providence Gas
Jan
92
950
57
Apr
11 %
"Ilk "11%
X
1934
1
800
734
934
11X
74 x
1
Newmont Mining Corp.10
New Process common
'88 X
*
com
N Y Merchandise Co
1234
July
May
Sept
"25
334 "334
900
74
1134
7634
334
8534
334
1,900
434
2634
*
4234
200
N Y Shipbuilding Corp—
Founders shares
...1
N Y Steam Corp com
*
N Y Telep 6 34 % pref__100
103
9X
18
119
X
New York Transit Co....5
104
934
1734
11934 121
534
N Y Water Serv6 % pref 100
934
18'
5 34
300
250
100
5434
1434
59
90
1434
15
13,900
Class A opt warr
Class B opt warr
34
2 34
5ie
2 34
300
200
5
13
13
13
400
Niles-BementrPond
*
50
48
50
1,800
Nipissing Mines
6
2X
.1
Noma Electric.!
10H
234
234
10J4
16,700
3 34
3 34
2,700
5534
5934
1,200
9
1,400
Nor Amer Lt & Pow—
Common
$6
*
59
No Am Utility Securities.*
Nor Cent Texas Oil
5
Nor European Oil com
1
Nor Ind Pub Ser 6% pf.100
7% preferred
100
Nor NY Util 7% 1st pf 100
Northern Pipe Line
Northwest
com
4
Corp
*
*
com
Ohio Edison $6 pref
Ohio Oil 6% pref
534
""81-"
89X
8934
33 X
33 34
9
Engineering..*
Novadel-Agene
4
2734
*33 k
36
3334
3534
109
534
40
90
30
934
3 4 54
2834
35
36
400
1,800
500
15
50
Oct
Jan
Mar
Feb
Jan
July
Feb
1,100
954 June
634
3634
6,600
434
153411534
2,000
36
"1534
Oct
"l3k
"l3"" "l334
"7k
"7k "7k "lb"566
100
100
1st preferred
1st preferred
14
1034
1434
1234
32
30
32
Sept
Feb
Jan
Apr
1834
Aug
1234
8
8
1134
1234
2,000
88
91,34
380
13134 13534
800
13534
2
~nk
5
9
2
1134
Jan
2034
Jan
July
Feb
Feb
875
1634
1534
100
32
1,300
14,900
334
334
1934
Apr
75
Apr
834
98
-Sept
10434
July
Jan
65
29
3734
1434
Jan
Pub Serv of Nor 111 com..*
48
Apr
70
July
100
111
Apr
119
Sept
92
Jan
101
Sept
98
Jan
110
preferred
Pub
6434
2834
6% preferred
100
2734
6% prior lien pref... 100
7% Prior Hen pref... 100
100
30
100
pf—*
Pub Util Secur $7 pt
134 June
$5
8534
preferred—
preferred
$6
*
Pyle-National Co...
5
Pyrene Manufacturing.. 10
Quaker Oats com.—..—*
80
85)4
775
4534
39
4534
1,225
5034
""834
7
34
127
8 34
"760
Sept
4734
20
Sept
Sept
9
Mar
Jan
20
22
2134
115
2034
22
""375
June
141
2034
Rainbow Luminous
8734
Jan
Jan
534
30
127
Jan
14
preferred
100
Quebec Power Co.——-
Jan
149
Jan
34
Jan
2>4
%
2,300
%
Sept
350
34
534
600
34
34
Jt6
3
Jan
Apr
Aug
17
175
Jan
1
*
13734
22 34
23 34
14%
Prod-
Sept
July
Jan
Raymond Concrete Pile—
*
15
1434
15
*
38
38
3934
75
Raytheon Mfg v t 0—50c
Red Bank Oil Co
*
4
434
300
Common.
$3
conv
preferred
334
1034
28
8
Richmond Rad com
34
500
'is
Jan
534
900
234
1,100
434
134
634
Jan
May
34
500
34
334
1034
Jan
Safety Car Heat & Lt.-lOO
Oct
334
150
St Anthony Gold Mines..1
334
9ie
—*
8734
300
2,300
1,700
75
8734
25
100
7
11,000
-
634
334
334
"99
300
75
99
9834
316
98
Creek Producers...10
6
7%
preferred
Jan
Sanford Mills com
Savoy Oil Co
July
Sept
Mar
Feb
634
6434
—6
Schiff Co common
316
6 34
74",900
2
Sept
Jan
434
1434
Jan
Jan
Jan
,
3834
8
Jan
Mar
334
134
70
200
5 34
Oct
Sept
634
Jan
Jan
Apr
98
96
534
63 34
234
6 34
-
200
10,000
64 34
110
234
200
5i«
Jan
Aug
334
65
.*
34
35
600
60
134
26
Sept
Sept
Jan
May
5ie
Manufacturing.25
Jan
May
534
Schulte Real Estate
Scoville
Aug
July
234
5
100
Salt
•
5,100
25
"634
Ryan Consol Petrol
Jan
334
106
1,200
1534
1934
34
334
1434
19
*
St Regis Paper com
34
300
Jan
113
1534
*
4
10634
"634 "634 """200
20
.*
300
11
1034
4
Rustless Iron & Steel
Jniy
534
106
Royal Typewriter
634
234
1
Rossia International
100
8
7% pf 100
RochesterTel634 % lstpf 100
Rogers-Majestic A
*
$1.20 conv pref
Jan
June
34
Rochester G & E
Roosevelt Field Ino...—6
Jan
3
21
"234
.10
Reynolds Investing....—1
Rice Stix Dry Goods—
Richfield Oil pref
25
234
800
2834
Reeves
Feb
Feb
25
1,200
1034
*
Reed Roller Bit Co
11
Oct
Oct
Feb
July
22
6%
50
36
734
Puget Sound P &
Apr
250
29J
Service of Okla—
1534
Sept
May
470
Jan
3034
Jan
210
May
Mar
Jan
May
6534
'
38
Jan
Sept
July
„
37k
65
1
Feb
100
May
734
2834
234
334
Sept
Oct
Jan
Aug
1134
30
30
334
8
105
Sept
Aug
3,500
100
31
June
1734
334
3,300
934
9
1
500
534
109
734
34
1734 Aug
34 May
334 Aug
100
18
1734
434
Sept
Jan
734
Jan
734
Jan
6634 May
9834
Jan
1,900
1234
90
534
Jan
July
934
92
Mar
Jan
9034
10834
Feb
Sept
10334
Reybarn Co Inc
85
734
234
734
Apr
1634
10
Jan
534
June
734
40
£0
Feb
63
Jan
10434 10434
July
•
"""400
Jan
Sept
10734 10734
6%
.7%
Jan
July
Jan
934
Public Service of Indiana—
Jan
Apr
34
Pub Serv Co of Colo—
Aug
Aug
500
85
(Daniel) com....*
Relter-Foster Oil
48
1134
534
100
Sept
Apr
Feb
300
12*
For footnotes see page 2183
1134
634
—---*
B
634
75^
Apr
June
98
preferred
Class
125
Apr
Apr
98
$6
Feb
48
25
12
700
Jan
1,000
109
3134
1,500
Aug
44
45
850
30
79 34
79 34
25
42
334
4434
334
U00
234
Jan
534
Feb
4434
200
Apr
3,700
1,100
4134
134
Mar
Mar
Apr
Scranton-Sprlng Brook—
Water Serv $6 pref
*
7934
Securities Corp general.
Seem an
Bros Inc
*
Segal Lock & Hardware..*
334
234
334
3
3
334
34
34
10934
11034
11434
Sept
Seiberllng Rubber com..
July
Selby Shoe Co
July
Jan
85
2
Jan
4634
434
434
40
Jan
Sept
Jan
Selected Industries Ino—
10934
5
com.
preferred
50
11234
3334
A..-—
400
"83"
10834 109
100
com
Oklahoma Nat Gas
400
1034
Glass
100
Ohio Power 6% pref... 100
Ohio P S 7% 1st pref.a 10
Oil8tocks Ltd
3934 3934
1534 21634
1434
1134
Jan
""534
10
cl A..100
Ohio Brass Co cl B
May
St Lawrence Corp Ltd..
3X
...
preferred
Nor Sts Pow
Jan
55
1034
Russeks Fifth Ave
common
87
1,490
95
90
1134
July
634 May
14%
Apr
11634
Jan
434 Aug
Jan
260
10234
93
10234
1434
36
„
Jan
Jan
11434
1434
Prosperity Co class B——*
Ry & Util Invest cl A
Niagara Share—
Class B
25
Aug
Root Petroleum Co
15
145
Aug
Ry & Light Secur com—
Niagara Hudson Power—
Common
145
93
50
11034
200
23
700
Aug
10634
103
11034
1,700
Feb
Aug
50
Jan
July
3,600
105
104
June
34
Feb
Jan
234
550
Jan
683!
18,400
July
4234
1634
110
Feb
534
100
316
July
Jan
7434
500
4234
*
110
534
534
Aug
June
3334
Apr
634
6934
1,000
25
25
2634
34
Mar
_
1,000
8834
35
20
150
316
Jan
234
7,100
74
2934
3034
Aug
134
NYPr&Lt7% pref—100
preferred
Jan
Feb
Feb
Jan
100
434
Aug
Apr
23
4%
Oct
Sept
*
N Y & Honduras Rosario 10
May
Oct
100
934
Feb
Jan
123
*
Feb
Aug
9
25
New Mex & Ariz Land
Feb
Jan
New England T & T Co 100
New Jersey 2iinc
Oct
Mar
June
11
334
45
X
2834
434
IX
45
*
$7 prior pref
834
834
Jan
Apr
Feb
3I6
$6
92
Jan
May
3334
Sept
10734
"92 k "92k
4534
334
1
Sept
100
13X
*
Royalty
534
Jan
July
"
New Haven Clock Co
Feb
200
IX
*
5
Feb
Apr
Jan
23
1,000
13X
34,600
Pressed Metals of Amer—*
Jan
June
100
19X
112
"""soo
534
Propper McCallum Hos'y *
Producers
134
234
Jan
nil
'""760
107
112
...100
New Bradford OH
Feb
Pratt & Lambert Co
Jan
33
100
com
434
89
Aug
July
534
*
Neetle-Le Mur Co cl A
Sept
74% May
1,400
2634
5734
5
June
Apr
4
Prudential Investors.——*
May
Apr
3234
1734
—._.*
23
2
2134
27
*
Neptune Meter class A
$6
Sept
Apr
31
Jan
Aug
Jan
*
Neisner Bros 7% pref.. 100
Nelson (Herman) Corp
5
N Y Auction Co
Sept
Jan
Jan
IX
Nebel (Oscar) Co com
Nehi Corp common
preferred
834
234
5234
2534
~~4~x ~~S% I3T9OO
Nat Union Radio Corp..
7%
Prentice-Hall Inc
1%
534 % pref—10
Nev Calif Elec
Premier Gold Mining.... 1
60
900
'27 li "27'x
500
28
100
Mar
500
ix
45
com..*
6% 1st pref
Sept
134
10
X
National Sugar Refining..*
Nat Tea Co
Power Corp of Can
47
1
common
Oct
Plough Ino
—*
Potrero Sugar com
o
Powdrell & Alexander
5
17% May
45% June
400
x88X
Conv part preferred...*
National Steel Car Ltd...*
Feb
Feb
*
Meter.
Pittsburgh Forglngs
1
Pittsburgh & Lake Erie. 50
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
21
25
*
834
150
Jan
2,500
4934
IX
20
200
new...1
Aug
33
National P & L $6 pref—
National Refining Co
Nat Rubber Mach
,
*
Pierce Governor com
Feb
100
20X
24 X
4134
100
preferred
4134
2434
100
2134
49
IX
4
Jan
1,100
Nat Mfg & Stores com..
National Oil Products
1034 May
6H Aug
Apr
1,900
19X
1954
"Xe
Nat Leather common—
July
Apr
Apr
2 1 54
1
...
June
Sept
5
..*
$2 oonv preferred
National Fuel Gas
May
34
2334
1134
Nat Bond & Share Corp.
National Container com..*
24
Jan
May
Pitney-Bowes Postage
42
Jan
*
4234 May
38 X
554
600
<
Jan
May
20
10
conv pref ser A
Pie Bakeries I no com
Feb
20
July
—1
Common
Pines Winterfront
150
9,100
v t
77
10
Apr
Phoenix Securities—
Pioneer Gold Mines Ltd—1
Jan
138
Mountain Sts Tel & Tel.100
*
Jan
263
1043a
4
*
Aug
x5
15534
May
3X
'ik'oo
Mueller Brass Co com——1
293
56
Philadelphia Co com
Aug
June
7H
Mtge Bk of Col Am shs..
Mountain Producers....10
Sept
28
500
8
1,400
85
*
*
Phlla El Pow 8% pref...25
*
Phillips Packing Co
149
*
100
Preferred A
1534
10134
9434
1334
Jan
4134
33
Moore Corp Ltd com
Sept
81
225
430
144 X 148
147
Montreal Lt Ht & Pow—
Nat Auto Fibre A
*
100
Pepperell Mfg Co
7%
350
8634
834
16J4
Molybdenum Corp—... 1
Montgomery Ward A—.
15X
101
14,900
*
*
*
50
Jan
Jan
June
3934
534
High
July
53
33
*
Feb
Mock, Jud., Voehrlnger Co
.
11
300
Phila Elec Co $5 pref
Mid-West Abrasive com50c
Miss River Pow
7
434
Feb
Midland Steel Products—
Mid vale Co
634
.534
preferred.
Penn Salt Mfg Co
234
400
88
88
534
$6
1,700
934
534
3234
534
32
5X
Pa Gas & Elec class A
600
1
*
434
934
*
t c
v
Midland Oil
4X
400
734
1
Pa Water & Power Co
*
t c
v
134
1734
8
53
1$
2,200
100
Pa Pr & Lt $7 pref
1,000
Middle States Petrol—
Class A
634
*
$2.80 preferred
10
Low
Shares
634
Pennroad Corp v to
1
Penn Cent L & P $5 pref..*
,200
3X
High
Range Since Jan. 1 1936
for
Week
of Prices
——*
Penn Mex Fuel Co
Michigan Bumper Corp..1
Michigan Gas & OH
*
Week's^Range
Low
10
Peninsular Telep com
Preferred
Metrop Edison $6 pref.—*
Preferred
2434
Patchogue-PlymouthMllls*
Pender (D) Grocery A—*
734
50 34
*
Mexico-Ohio Oil
634
Class B
634% A preferred... 100
88
1936
3,
Sales
xi05% 107k ""260
*
Parker Pen Co
100
Merchants & Mfg cl A...1
534
32%
$1.30 1st preferred
*
Pacific Tin spec stock
*
Page-Hersey Tubes Ltd—*
Pan Amer Airways
10
Pantepec Oil of Venez
1
Paramount Motors Corp. 1
'~3~,30C
"534 "ox
8
25
*
Pacific Ltg $6 pref
*
Memphis Nat Gas com..5
*
534 % let preferred
100
"12k "12k
12 X
Oct.
134
1734
634
.*
Pacific Eastern Corp
1
Pacific G & E 6% 1st pf-25
600
Mc Williams Dredging-.-*
Mead Johnson & Co
1
Class A conv pref
Overseas Securities
1,400
v t c
Oldetyme Distillers
Price
Outboard Motors B com..*
"45"
Mass Util Assoc
Sale
High
200
*
common
Last
(Continued)
Low
200
13 X
Masonite Corp common..*
New
STOCKS
Week
22X
3
Friday
Shares
2234
*
Marion Steam Shovel.—-*
Exchange—Continued—Page
Sales
200
1434
sept
Feb
7,100
1434
Aug
550
3334
Ana
Common
*
...
..1
$5.50 prior stock
25
Allotment certificates...
34
150
x30%
Jan
3
900
234
Jan
94
95
400
81
Jan
95
Aug
94
96
300
78
Jan
97
Sept
234
94
Feb
434
Feb
Volume
New York Curb Exchange—Continued—Page 4
143
STOCKS
Last
Week's Range
for
{Continued)
Sale
of Prices
Low
High
25
Smith (L C) A Corona
preferred.25
285*
*
Co—5
Southern Union Gas
_
—*
325*
1
^.1..
j§5*
716
15*
72 %
Walker Mining Co
2154
Jan
Jan
21%
1%
6
6
25
Apr
2054
5*
Aug
Jan
1354
Jan
Jan
May
West Texas Utll $6
June
West Va Coal A Coke
7%
3%
1554
Sept
2754
1
21
55*% conv pref
50
Sunshine Mining Co—_lbc
43
Sunray Oil
15
100
1
Syracuse Ltg 6% pref..100
Taggart Corp common...*
Taloott (J) Inc 55*% pf-60
Tampa Electric Co com..*
Tastyeast Inc class A....1
Taylor Distilling Co
1
25*
8%
Swan Finch Oil Corp
55*
17
52
"*83
Texas Gulf Producing
6
80
*
Texas P A L 7% pref...100
2
"55*
Thermoid 7% pref..
"55*
Texon Oil A Land Co
100
Thew Shovel Coal Co....*
Tllo Roofing Inc
1
Tlshman Realty A Const.*
"32%
Tobacco Prod Exports...*
Tobacco Securities Trust
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev-.l
II....
II
955*
May
5% June
400
8
7%
700
2
33%
19%
8%
5,400
900
800
700
59
25
?
Mar
Sept
1% June
19
Jan
19% Sept
4%
Jan
37%
Jan
100
Jan
5% June
Mar
Feb
29
Sept
Aug
105* Mar
55* Feb
10)4
Jan
2% Feb
2%
Jan
365* June
20 % July
105*
Feb
6954
Sept
102% Sept
7
May
102 % 104%
27%
2754
Apr
110%
Sept
Jan
7% May
9% May
27 %
Sept
20
900
64
Mar
25* June
4.800
105* May
100
300
3
84%
3%
145*
1%
'.
75*
15%
1%
8%
66
155*
754
200
600
1
6%
Apr
Apr
Aug
75* May
9*4
May
84% Sept
5%
10
Feb
Apr
16%
3
July
Feb
15&
Feb
11
Mar
Jan
35*
85*
Woodley Petroleum
1
Woolwortb (F W) Ltd—
Amer deposit rets
5s
Wright-Hargreaves Ltd..*
Youngstown Steel Door..*
July
Mar
Jan
445*
—.6
25*
Yukon Gold Co
35*
85*
100
700
29
__
754
3%
65*
75*
37
'25*
75*
445*
25*
12,200
8.500
1.300
Jan
%
July
Jan
7% Mar
86% Sept
15* June
BONDS—
Jan
Aug
July
Mar
1st A ref 5a
May
1st A ref 5s
.....1946
1951
1956
Sept
1st A ref 5s
1968
45*
10054
Apr
Sept
62
Abbott's Dairy 6s....1942
Alabama Power Co—
1st A ref 5s
Jan
1st A ref 45*8
.
.
1075*
1045*
I025*
99
94
1967
f deb 5s '62
1085*
Aluminium Ltd deb 5s 1948
106 %
Aluminum Co
Apr
s
Amer Com'lty Pow
June
1654
1154
55*8*53
Aug
Am El Pow Corp
July
Amer G A El deb 5s...2028
deb 6s *57
.
Amer Radiator
45*8—1947
105
Am Roll Mill deb 5s.. 1948
Mar
1946
Appalachian El Pr 58.1956
Appalachian Power 5s. 1941
Mar
1754
285*
1085*
1035*
1055*
Am Pow A Lt deb 6s..2016
5* June
.
July
Aug
Aug
Oct
Oct
Mar
Oct
Oct
Feb
Mar
June
Jan
Mar
10754 Feb
1065* May
Jan
3%
""
Tublze ChatlUon Corp
1
"~Io5*
...1
443^
1
...»
...»
8
Sept
May
6
235*
3054
1154
13
754
115*
Sept
15^
115*
Apr
165*
June
Unexcelled Mfg Co
10
Union Gas of Canada
*
Union Stock Yards....100
II...I
"l254
254
85*
945*
July
Union Traction Co
50
United Aircraft Transport
H.I..
454
Feb
Sept
1214,
7
Mar
Sept
4854
1454
165*
75*% pref...25
Sept
115*
Jan
Sept
95*
July
72
64
Sept
July
64
July
1950
5754
July
Debenture 5s
1968
67
July
1977
69
July
1950
965*
91V*
Sept
Mar
Conv deb
2 54
*
805*
.
.
Aug
Feb
Associated Gas A El Co—
Jan
Mar
Mar
Sept
2024
Arkansas Pr A Lt 5s__1956
Associated Elec 45*s..l953
Mar
215*
1154
Jan
1195*
10454
655*
Debenture 6s
Jan
103
1085*
55*8
1938
55*s registered...1938
Conv deD 45*8 C
1948
Conv deb 45*s
1949
Aug
107
54
Trunz Pork Stores
Warrants
Apr
Apr
II
.
Tri-State T A T 6% pref. 10
80c dlv pref
Twin Coach Co
July
3
Jan
i,c June
Am dep rets tor ord reg—
Tung-Sol Lamp Works
July
3H
7
Triplex Safety Glass Co—
Class A
35*
33k
Jan
Jan
Aug
1954
451
3254
1
.
Feb
01
Trans Lux Plot Screen-
Common
Jan
Jan
3
May
Jan
Sept
18
Jan
25* July
Aug
1%
15*
Conv deb 5s
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
Trl-Contlnental warrants
Jan
Aug
25*
65*
Feb
Amer Seating 6s stp...
reg...£1
def reg
£1
Sept
89
80
Mar
25*
Am dep rets ord
10154
654
Wise Pr A Lt 7% pref—100
Wolverine Portl Cement. 10
65 —Jan
_I
Feb
Jan
355*
154
35*
1754
45*
12J*
Tobacco and Allied Stocks *
4
Feb
65*
1
Tenn El Pow 7% 1st pf.100
Tenn Products Corp com.*
Jan
Aug
40
*16
4%
2654
1554
*
66
"25*
Jan
Jan
77 J*
July
5
......
Mar
2%
30
51
10
Technicolor Inc common.*
Teck-Hughes Mines
102
July
32
*
Jan
45*
55*
Conv preferred...
June
Wilson-Jones Co
475* Sept
125*
Swiss Am Elec pref
Swiss Oil Corp
15*
1554
,6%
..
Williams Oll-O-Mat Ht—»
Feb
18
2%
19%
57
84%
35*
Wll-low Cafeterias Ino—1
27
32
*
*
Feb
Mar
Mar
'..
102 5*
pref..*
Co
15*
4H
654
125*
3
400
10,000
2%
1,200
23
850
3% ■„
800
1%
3.900
1%
*
Westmoreland Co
Feb
AUK
24
May
%
4
10254 10254
*
29
Oct
154
3
27
3% May
73% May
3,600
60
100
Westmoreland Coal Co—*
Williams (R C) A
*
4%
85
Jan
Jan
Jan
5% June
22% Apr
%
Jan
46
Jan
25* May
775
5
Feb
7)4
300
700
75
Jan
Jan
Jan
1%
1%
2
335*
195*
854
585*
Western Tab & Sta vto..*
Jan
Sept
...*
%
"~8% ~~8% ""400
6% pf-100
Western Grocery Co
20
Western Maryland Ry—
7% 1st preferred
100
Mar
Aug
1.
West. Cartridge
354
Sullivan Machinery
5%
1H
1
Supply A—*
Western Auto
Jan
Feb
18
1%
2254
35*
Western Air Express.
25* May
254
Apr
Oct
Feb
35*
355*
754
415*
81
3%
1
97
Jan
Sept
Aug
3
3%
*
Class B
45*
Stutz Motor Car
4%
154
Wahl (The) Co common..*
Waltt & Bond class A
*
12
185*
6
20
70
26%
1%
II
1
"135*
l
I
84%
1
Apr
July
Feb
93
4 %)
100
31
11
Jan
354
92 %
18
V
Mar
July
Jan
245*
Jan
Aug
5* May
__
pf 100
*
354
.
qix
1
15*
May
1
*
69
""22
Stroock (S) A Co.......*
Ulen A Co
26
1
.....1
Sterling Inc
Stetson (J B) Co com
j
26
i5,6
1
Wayne Pump common—1
Wentworth Mfg Co
5
10454 10454
35*
454
354
4
5854
605*
205* 22
"" 4U
~~
preferred........50 ""
preferred
....20
Am dep rets
*
295*
Sterchl Bros Stores......*
Sterling Brewers Inc
43
6%
2%
19
May
1,200
12
Steel Co of Can Ltd....—*
2d
4154
185*
354
1254
3654
175*
15*
July
3
7% pref—100
Vogt Manufacturing
*
Waco Aircraft Co
*
_
Jan
Sept
Feb
Feb
Jan
Mar
1%
26
Va Pub Serv
I.
Stein (A) A Co common..*
1st
9
Venezuelan Petrol
"
Products Co—1
Standard Silver Lead
%
9
Class B
*
Preferred
Standard
5
%
Venezuela Mex Oil Co—10
1
Common class B
2%
9
preferred
May
2%
14
1%
1,100
1,400
4,500
7% preferred
9%
—100 "30
5% preferred
Standard PAL
3%
36%
3%
4%
Conv
Conv preferred
*
Stand Investing $5.50 pf-*
10
Standard Oil (Neb).....26
Standard Oil (Ohio) com 25
45*
Utll Pow A Lt common—1.
—...*
(Ky)I
3H
36
Priority stock
*,_
Utility & Ind Corp com—' •
50
Spanish A Gen Corp—
Am dep rets ord bear__£l
Am dep rets ord reg—£1
Spencer Chain Stores .... *
Square D class A pref..—*
Stahl-Meyer Inc com
*
Standard Brewing Co
*
Standard Cap A Seal com.6
Standard Dredging Co—
Standard Oil
2%
28%
5%
3%
Utility Equities Corp
So'west Pa Pipe Line
Common
2%
4
Utlca Gas & Elec 7%
J
85*
—25
Jan
42
Apr
70
900
900
1,000
250
200
100
5,900
1,000
354
Utah Radio Prod
Line.....10
Southland Royalty
35*
Utah Apex Mining Co.>.5
Utah Pow & Lt $7 pref — *
Southern N E Telep...100
90
Sept
2%
4,400
2%
92%
15%
27%
2%
.
Universal Products
100
South Penn Oil
16%
2
90
1554
2
1
-*
*
10
S Radiator Corp com
*
7% preferred
-.100
U nl versal Pictures 00m—-1
28 J*
.25*
I
37%
50
5
*
$7 conv 1st pref
*
United Stores vto
*,
United Verde Exten—60?
United Wall Paper
*
Universal Cohsol Oil
10
Universal Insurance
8
,
1%
Jan
Sept
35* May
10%
Jan
83
1,425
180
Sept
5*
U S Stores Corp com
654
6% preferred B
25
55* % pref series C—25
Southern Colo Pow cl A. 25
Southern Pipe
33%
%
U S Rubber Reclaiming—*
Southern Calif Edison—
89%
5
5
with warr
US Lines pref
U S Playing Card
i
89
38%
*
.
Jan
1%
1
1st pref
U
com—*
1
7% preferred
895*
38%
U S and Int'l Securities—*
8hreveport El Dorado Pipe
Line stamped
25
Simpsons Ltd 65* % Pfd 100
Singer Mfg Co
—100
Singer Mfg Co Ltd—
Amer dep record reg—£1
8
25
U S Foil Co class B
1
1
..
% June
1% 600,000
.
U S Finishing common—*
Preferred
100
585*
5% cum pref ser AAA 100
Sherwin-Williams of Can.*
Shares
A—*
U S Dairy Prod class
Class B
1295*
$3 conv pref
High
1%
*
Preferred
4 54
85*
245*
Mining—5
Low
10
United Shipyards com B—l
United Shoe Machcom.-25
*
Sherwin-Williams com..25
6% original
Week
Preferred
Shawlnlgan Wat A Pow._*
Shenandoah Corp com—1
Typewriter v 10
for
of Prices
Price
5*
Seversky Aircraft Corp— 1
Sonotone Corp
Week's Range
Sale
United Profit Sharing
£1
1
Amer dep rec
Shattuck Denn
Last
Shares
Selfridge Prov Stores—
Sentry Safety Control
Seton Leather com..
Range Since Jan. 1 1936
STOCKS
(iConcluded)
Range Since Jan. 1 1936
Week
Price
Sales
Friday
Sales
Friday
7
Feb
Feb
Mar
June
Jan
45*
145*
Aug
945*
Aug
Aug
754
Mar
Feb
July
Conv deb 5>*b
Assoc Rayon 5s
Assoc TAT deb
55*8 A '55
Atlanta Gas Lt 45*8—1955
Atlas Plywood 55*s...1943
1045*
Sept
1045*
Sept
Baldwin Locom Works—
warrants—.1938
122
Oct
6s 8tamped w w.,1938
123
Oct
6s without warrants 1938
121
Oct
12154
Oct
6s with
6s stamped x w
1938
Bell Telep of Canada—
1st M 5s series A
1955
1st M 6s series B...1957
5s series C.
1960
117
Mar
1225* Sept
12354 May
12
....
Apr
754
3554
154
Apr
Bethlehem Steel 6s... 1998
145
Mar
Feb
1075*
Sept
1035* June
_
*
"
$3 cum A part pref
*
United Corp warrants...
United Elastic Corp...._*
HH.I
i%
United Gas Corp com
.1
1st $7 pref non-voting .»
q%
1195*
Option warrants
United G A E 7% pref. 100
United Lt A Pow com A..*
8154
Jan
\%
5*
Jan
~ 75*
865*
35*
554
Jan
Jan
Canada Northern Pr 5s '53
Jan
Canadian Pac Ry 6s.. 1942
10554
1165*
Aug
Mar
"585*
2954
Jan
Jan
Carolina Pr A Lt 5s._.1956
105
Sept
102 5*
Jan
Cedar Rapids MAP 5s.'53
1135*
Cent Ariz Lt A Pr 53.1960
1075*
Oct
Feb
Mar
United Chemicals
om
Common class B
$6
*
1st pref
..*
United Milk Products....*
conv
$3 preferred
United Molasses CoAm dep rets ord reg
£1
United N J RR A Canal 100
For footnotes
8
see page
...
HHI.
July
Blnghamton L H A P 5s *46
Birmingham Elec 45*s 1968
Birmingham Gas 5s... 1959
4
Jan
Broad River Pow 5s._ 1954
654
43
Apr
2183
1956
Registered
65*
IIII—
257
Jan
June
88
955*
Registered
Buffalo Gen Elec 5s...1939
Gen A ref 5s
9754
Aug
Sept
Sept
109
Jan
108
Feb
Sales
Friday
BONDS
Last
Week's Range
for
{Continued)
Sale
of Prices
Low
High
Price
Low
Shares
High
1956
103%
4 % s series H__
102
103)|
1981
4%s E.1957
Cent Ohio Lt & Pr 58.1950
103JM!
Cent Power 5s ser D..1957
Cent Pow & Lt lBt 68.1956
"95%
Cent States Elec 5s... 1948
69%
71%
5%s ex-warrants
1954
Cent States P & L 5%s '53
Chic Dlst Elec Gen 4%s '70
75 %
c
...1961
6s series B
103% 103%
4,000
101% 102% 110,000
102% 103%
17,000
6,000
100% 100%
4,000
102% 102%
103
103% 35,000
91
90%
13,000
95%
96% 114,000
70
52,000
69%
70%
51,000
71%
76
127,000
73%
105
6,000
105%
*105% 106
100 H
105%
102%
Mar
Sept
Idaho Power 5s
Jan
104%
Jan
1940
Chic Pneu Tools
5%s.1942
Chic Rys 6s ctfs
1927
Cincinnati St Ry
6s series B
"76
1955
loo'
1966
76%
..1950
76 %
5%s '42
102y8
Conv deb 5s
Cities Service Gas
Gas
Service
Sept
102
Aug
Apr
111 Pow & L 1st 6s
96
May
88% June
82%
Jan
61
Apr
62% May
65
Apr
104%
Apr
Sept
Sept
95
Feb
97
Sept
75%
78%
80%
106%
106
Feb
109%
101%
Jan
111%
Jan
98
Aug
93
Jan
100
Aug
69%
69%
97%
Jan
86% June
Jan
85% June
103% July
Jan
102% 103%
75%
74%
75%
75%
74%
75%
152% 1 56
5%8.1952
5%s
1949
Commerz & Prlvat 5%s '37
12,000
102
Mar
105
1963
110%
1st M 5s series B
1954
111
1st
4%s series C
1st 4%s series D
1956
1957
1st M 4s series F
1981
3«*a series H
1965
107%
106%
Com'wealth Subsld 6%s '48
103%
Community Pr & Lt 5s '57
Community P S 5s
1960
Connecticut Light & Power
83%
110% 110%
110% 111
111% 111%
110
110%
107% 107%
106% 106%
103% 104
77%
106
67,000
66%
Jan
ours
80%
July
34
Feb
63%
Aug
110%
110%
110%
Mar
3,000
9,000
110
July
54,000
24,000
17,000
Apr
Jan
105%
103%
Jan
Jan
113
113%
113%
June
Jan
Mar
113
Mar
108
May
106%
Jan
102%
63%
Apr
Jan
105
99 %
Aug
101
Sept
127%
Mar
84%
106
124
10,000
1,000
May
110% 111
*123
124%
120
Jan
Mar
110
Feb
Aug
107
Sept
100%
Mar
95%
Crucible Steel 5s
4%s *56
5s series C
1952
88
Jan
11,000
28
Sept
......
......
......
107%
......
......
Derby Gas & Elec 5s..1946
103
Det City Gas 6s ser A. 1947
106%
6s 1st series B
105%
1950
93%
94% 195,000
102% 103
28,000
*97% 100
79%
3,000
79%
105
......
48
Jan
Jan
95
Aug
Aug
85%
101%
88%
104
Apr
Jan
70
Jan
105%
3,000
105
Sept
107% 108
105% 105%
5,000
106
Apr
6,000
105
Sept
104
105
5%s_ 1969
Denver Gas A Elec 5s. 1949
10,000
29
94
Dallas Pow & Lt 6s A. 1949
Delaware El Pow
95%
28
102%
1940
Cuban Telephone 7%s 1941
Cuban Tobacco 5s
1944
95%
29
A.. 1943
Conv deb 6%s w w.1943
Cont'l Gas & El 58
1958
105
108% 108%
103
103%
106
106%
105% 106
21,000
1,000
47,000
10,000
57.000
102% May
107% May
99%
Jan
105%
Jan
102%
Jan
102%
83%
107%
June
Apr
June
Aug 1 1952
Certificates of depositDeb 7s
Aug 1 1952
Certificates of deposit-
9
8%
......
.....
2%
Eastern Gas & Fuel 4s 1956
102%
92%
Elec Power & Light 5s.2030
89%
Dixie Gulf Gas
6%s
1937
Elmlra Wat Lt & RR 5s '56
El Paso Elec 5s A
109
1950
1952
103
Empire Oil & Ref 5%s. 1942
86
Empire Dlst El 5s
9%
26,000
8%
8%
11,000
9,000
2%
2%
5,000
2%
102% 102% 10,000
92%
93% 144,000
88%
89% 268,000
109
2,000
109%
104
104%
9,000
102% 103% 16,000
85%
86% 44,000
2%
4%
Jan
4% May
%
Jan
%
Jan
101%
Jan
92%
6%s series A
1953
*56
Erie Lighting 6s.
1967
107
107
European Mtge Inv 7s C'67
*29
39
Farmers Nat Mtge 7s. 1963
59%
1,000
*28
3%
10,000
92%
92
92
5%s *54
15,000
101%
.....
Firestone Tire & Rub 5s '42
103%
101% 101%
103% 104
103% 103%
104
103
93
First Bohemian Glass 7s '67
Fla Power Corp 5%s.l979
Florida Power & Lt 5s_i954
99 ""
93
4,000
2,000
100
90%
stamped. 1944
Gatlneau Power 1st 5s. 1956
101
100
Deb gold 6s_ June 151941
99
98
Deb 6s series B
98
1941
General Bronze 6s
1940
General Pub Serv 5s..1953
Gen Pub Util 6%s A. 1956
General Rayon 6s A.,. 1948
Gen Vending Corp 6s. 1937
Certificates of deposit
.
1953
Glen Alden Coal 4s
.....
94%
104
85%
.....
1965
89%
Gobel (Adolf) 4%s__.1941
.....
Grand Trunk West 48.1950
.....
Gt Nor Pow 5s stpd_.1950
.....
Grocery Store Prod 6s. 1945
a77%
Guantanamo A West 6s '58
.
.
.
.
-
4%s series B
1961
Hackensack Water 5s_ 1938
A St Ry
Hood
1977
104%
.....
-----
.....
97%
1947
6%s
1935
1948
1955
5s series I
1969
Aug
107%
Mar
Lexington Utilities 5s. 1952
Llbby McN & LIbby 5» '42
106%
July
Lone Star Gas 5s
*68
93%
'
16,000
72
80
85
103% 103%
107
75
56
107
a77%
56
70
104% 104%
*102% 102%
108% 109%
105% 106%
97%
98
*26
29%
79
30
*20% 26%
*20%
25
92%
94% 49,000
102% 104
143,000
85%
87
17,000
*33%
35%
89%
90
100,000
Louisiana Pow & Lt 5s '57
Louisville G & E
4%s C '61
3
Jan
Manitoba Power 5%s.l951
Jan
104
Aug
69
June
108
June
39%
Jan
28% June
Middle States Pet
1,000
95%
Miss Pow & Lt 5s
98%
1957
6%s '55
Aug
Missouri Pub Serv 5s. 1947
Feb
99%
Sept
Nat Pow & Lt 6s A...2026
—
6,000
38,000
27
1936
104%
6%a with warrants. 1943
Houston Light A Power—
1953
1st 4)%s series D
1st 4)%s series E
1978
104%
1981
......
Hydraulic Pow 5s
1950
Ref At mpt 5s
1951
8ept
Nelsner Bros Realty 6s '48
102%
102%
Mar
Nevada-Calif Elec 5s. 1956
Aug
July;
New Amsterdam Gas 5s '48
Jan
96
Jan
70
27
86
May
Sept
Jan
Aug
Aug
Jan
Jan
72
Jan
25
2i«3
1,000
May
21% June
1,000
100%
4,000
103% May
97%
Jan
1,000
105%
104
104%
*105% 106
*111
1
27
100% 100%
104
104%
102% 102%
*105
1st 6s series A
see page
2030
100
Jan
4,000
95
104%
93
38%
90%
Aug
July
Apr
Aug
Sept
Feb
Mar
Jan
103
Mar
104%
Sept
108
Feb
82%
Mar
60
Mar
75
Feb
106%
103%
110%
107%
98
43%
Feb
Mar
July
Jan
Sept
Jan
Sept
32%
104%
107%
103%
July
Jan
Jan
July"
104%
18,000
l05%
Jan
July
...
99%
33%
100
June
56%
104%
102%
108%
105%
"80~"
5%s
123%
44
106
Mar
Jan
3,000
100%
106%
119%
103%
Mar
Aug
2,000
Sept
Jan
Feb
95%
105
Jan
102%
2,000
32,000
2,000
104%
103
Apr
103%
14,000
112
Feb
90
5,000
Feb
100%
108%
Apr
Apr
Apr
99%
July
Aug
Sept
104%
Apr
104% June
103% May
108%
Feb
106% June
102%
Jan
105
5,000
7,000
18,000
103%
102%
Jan
106
105
Feb
Apr
104%
107%
57,000
3,000
103%
Jan
106%
105%
8ept
107%
21,000
75%
Jan
112%
June
Sept
Aug
Oct
Mar
May
Feb
Sept
87
88
24
58
50
94%
106
27
Aug
62
Mar
Jan
102 %
Feb
103%
104% July
107% May
91%
Feb
Jan
78
Jan
94%
9,000
12,000
3,000
96
June
88
101
6,000
97
June
62,000
102% May
98%
Jan
102% Mar
83% May
89% Mar
105
Jan
9,000
107
Feb
1,000
106
June
103%
96
Aug
Jan
Sept
107%
Aug
103%
Sept
106 %
Aug
95%
Oct
Sept
107% May
109% June
108% May
80% Sept
100
Montana Dakota Utilities
Feb
Nebraska Power 4%s.l981
6s series A
2022
64
Apr
21,000
62,000
83,000
6,000
Mississippi Pow 6s.... 1955
105%
106%
20
105%
Jan
103%
103%
115%
5,000
102
Nat Pub Serv 5e ctfs. 1978
1,000
12,000
45,000
108
105% 106%
94% 95%
98% 99%
106% 106%
108
108%
107% 107%
79% 80
Sept
Sept
21,000
61
Aug
102%
Sept
Jan
May
106
1955
5s
102%
90
47
105
27,000
43,000
100%
4,000
5,000
106%
102%
Jan
Apr
June
17,000
104%
104%
105% 106
105% 106%
105% 105%
97
96
106%
Jan
Aug
103%
103%
102%
103% 103%
106% 106%
Nassau & Suffolk Ltg 5s '45
85
Jan
53
102
1943
102
27%
29
Feb
June
*
6%s '45
Midland Valley 5s
Jan
79
75
71
*25%
Milw Gas Light 4%s_.1967
Minn P&L 4%S
1978
Mar
22,000
Jan
Feb
Sept
90
104
'~87~~
McCallum Hosiery 6%s '41
McCord Rad & Mfg 6s '43
95%
Apr
May
Feb
July
Jan
103%
103%
104%
111%
104%
104%
78 without warrants. 1941
105%
Mar
106
Mansfield Mln & Smelt—
June
79
106%
Jan
101
106
2%
22%
95%
101
May
2,000
106
Jan
July
Apr
104% July
104% May
9,000
~57~666
104%
1942
Jan
May
99
5,000
90
'104%
1944
Munson SS 6%s ctfs.. 1937
98
Jan
Apr
34,000
111%
106%
96
87%
102%
27,000
103%
108%
82
Apr
Mar
44
99%
Mar
108
Mar
103
Mar
107%
Mar
104
Mar
107
Aug
111% June
106% Apr
114
Jan
108
Jan
"99%
"75%
N E Gas & El Assn 5s. 1947
Conv deb 5s
1948
99
99%
17,000
57%
22,000
93%
*8%
9%
105% 105% -~2"666
102% 103%
20,000
93% 95%
32,000
33% 35% 241,000
108% 108%
1,000
10,000
122% 124
108
6,000
108%
98% 99%
75,000
118% 118%
2,000
73% 75% 162,000
Jan
Jan
5% July
102% May
101% May
10
106 *-
July
Feb
'
97
Apr
107
Aug
85%
Apr
97
July
18
107%
117%
105%
86%
109%
64%
64%
64%
Jan
37%
Aug
June
112
May
Jan
May
125
June
109
Feb
Jan
100
Jan
May
May
119
Sept
July
79%
Feb
75%
75
76
14,000
1950
75%
74%
75%
84,000
New Eng Pow Assn 5s. 1948
96%
96
97%
53,000
85
Jan
99 ^
98
99%
68,000
88%
Jan
79%
79%
99%
102%
91%
90%
91%
9,000
74%
Jan
91%
Sept
84%
85
July
Conv deb 5s
Debenture
5%s
1954
,
Apr
Feb
Feb
Mar
Mar
New Orleans Pub Serv—
5s stamped
1942
Income 6s series A.. 1949
N Y Central Elec
5%s '50
85
104%
103% 104%
7,000
69
Jan
86%
29,000
97
May
104%
Oct
Mar
New York Penn & Ohio—
1962
*107% 108%
106% 107
103% 104
*107%
N Y & Westcb'r Ltg 4s 2004
Debenture 5s
1954
*111% 112%
Ext
4%s stamped..1950
N Y P&L Corp 1st 4%s '67
N Y State E & G 4%s. 1980
1st 5%s
104
45,000
104
"~5~666
108)
105)
Feb
Apr
May
112)
Mar
109
Jan
Mar
90
Feb
.....
101% 101%
*106
Niagara Falls Pow5sA1959
Nippon El Pow 6%s..l953
19,000
110%
107%
86%
86%
107%
87
~9~66o
111%
105%
84%
Apr
July
Jan
No Amer Lt & Pow—
5%s series A
Nor Cont'l Util
1956
95%
5%s._1948
65%
No Indiana G & E 6s. 1952
1938
Houston Gulf Gas 6s.. 1943
footnotes
6%s series D
5%s series F
Miss River Pow 1st 5s. 1951
1,000
Feb
78
99% 100%
106% 107
*101% 102
1st mtge 5s ser H..1961
Mississippi Rlv Fuel 6s '44
3,000
Jan
92
100
105% 106%
119% 119%
101% 101%
Feb
33,000
79%
65
105
Aug
98
Apr
39%
104
6%
99
81%
11,000
1,000
105
93%
Jan
59
Kentucky Utilities Co—
103%
El Underground
Rubber 7s
For
88%
92%
83%
Feb
15,000
107%
1947
Jan
102
68
Guardian Investors 5s_ 1948
Gulf States Util 5s... 1956
14,000
86,000
Feb
88
55
52%
1961
Kansas Power 5s
July
102
93
— —
.....
Georgia Pow A Lt 5s—1978
Gesfurel 6s
.
45,000
99
96%
93
.
99%
101%
103
Aug
Aug
69
107
Kansas Gas & Elec 6s.2022
92
99
99
-----
Gen Wat Wks A El 5s. 1943
Georgia Power ref 5s.. 1967
98%
Aug
69%
54
107%
1947
Deb 5s series B
99
Hamburg
5s series B
104
Apr
Feb
98%
69
Jan
,
109%
106%
Apr
91
104%
9,000
—98%
99% 155,000
Jan
106
Memphis P & L 6s A..1948
Feb
107
Jan
Metropolitan Ed 4s E.1971
July
July
85% July
Jersey Central Pow & Lt—
Aug
July
July
85%
Feb
Apr
52%
Jan
99%
83
Feb
53%
101%
63
5%s *55
Sept
102%
Jan
54
104%
"55"
Stamped
105%
102
50
4,000
Jacksonville Gas 5s...1942
110
18,000
4,000
15,000
18,000
103%
Sept
14,000
72%
10,000
1942
Superpower 6s. 1963
Jan
1%
75%
Feb
105% 106
63
62%
1957
104%
June
Aug
July
72
70
4%s..l958
Iowa Pub Serv 5s
Sink fund deb 5%s.l950
Lehigh Pow Secur 6s..2026
92%
Jan
Jan
Jan
Feb
17
34,000
3,000
Koppers G & C deb 59.1947
Gary Electric & Gas—
Hall Print 6s stpd
Hamburg Elec 7s
1961
Missouri Pow & Lt
Firestone Cot Mills 5s. 1948
6s series A
'
Jan
40%
105%
27%
96%
106%
105% 105%
warrants
58 series B
Feb
93%
Mar
28
2%
Federal Sugar Ref 6S..1933
Finland Residential Mtge
Banks 6s-5s stpd_..1961
5s ex-warr
Without
Iowa-Neb L & P 5s... 1957
Apr
Jan
99%
102%
98%
80%
79 %
11,000
25,000
*100% 101%
100% 100%
105%
105% 106
105% 105% 106
May
Sept
74
26,000
53,000
108
Feb
Feb
Oct
Oct
84
109
10%
79 %
83%
105%
Feb
Feb
111%
84
1947
w w
Kimberly-Clark 5s... 1943
Ercole Marelll Elec Mfg—
Federal Water Serv
5s series A
Jan
11
107
3,000
47,000
1958
4%s series F
Long Island Ltg 6s...1945
6%s
Sept
Invest Co of Amer—
110
Detroit Internat Bridge—
1,000
28,000
2,000
18,000
4%s series C
Consol Gas Util Co.—
Sept
Apr
Feb
91%
l8arco Hydro Elec 78.1952
106
Sept
97%
108%
101%
90%
Isotta Fraschlni 7s
112% May
124% July
Sept
105%
3,000
26,000
91%
Jan
Sept
4,000
104
1956
Jan
2,000
4s 1981 called
Cumberl'd Co P&L
1952
fisseries D
109
110%
99
Interstate Public Service—
109
3,000
15,000
*107% 108%
"99%
98% 99% 26~666
78%
78% 78% 201,000
67
62% 67
145,000
1957
Debenture 6s
70
71
International Sec 5s.. 1947
Mar
106%
107%
68%
72%
International Salt 5s_.1951
Feb
Oct
93,000
Internationa] Power Sec—
Jamaica Wat Sup
107
107
..1981
ser
'48
May
106%
106
78%
81
1952
July
111
79%
77%
79%
76%
81
78%
105% 106%
12
10%
A. 1957
Intercontlnents Pow 6s
Italian
Gen mtge 4%s
.1954
Consol Gas El Lt & P (Bait)
1st A coll 6s
1963
ser
107
111-
79%
1950
1st lien & ref 5s
103
107
1957
80%
3,000
102%
Indianapolis Gas 5s A. 1952
Ind'polis P L 5s
99
105% 105%
96
95%
107% 107%
96%
95%
95%
1955
Jan
17,000
98%
99
1957
Iowa Pow & Lt
1956
f 4s
5s.
Indiana Service 5s
7s series F
65%
84% 177,000
10,000
*127% 130
106% 106%
1951
1962
s
Aug
Sept
7s series E
98,000
100% 101
Consol Gas (Bait City)—
6s
1939
1st ref
105%
103%
Interstate Power 5s
1st M 58 series A
5s series D
26,000
May
Commonwealth Edison—
4%s series C
104% 105
101% 102%
102%
May 1957
Indiana Electric Corp—
6%s series C
1943
7s series A
104%
5%s
Indiana Gen Serv 5s. .1948
86%
74%
77% 564,000
101% 102% 33,000
1st & ref 5%s ser B.1954
1st & ref 5s ser C...1956
S f deb
Indiana Hydro-Elec 5s '58
Indiana & Mich Elec 5s *55
5,000
12,000
Oct
Feb
June
Aug
47.000
79%
99%
23,000
109
June
75%
99%
Feb
Feb
Sept
106
1951
99% 100
97
99
99%
1953
Jan
81%
109%
1,000
5s series C
June
6,000
27,000
58,000
6%s series B
80
76
75
107% 107%
Jan
104
High
82
108% 109
1947
Apr
Low
23,000
105% 105%
6s series A
Apr
77
'105%
Jan
67
76%
.
Shares
A '53
ser
Feb
•
~9~666
75%
75%
111 Northern Util 5s... 1957
104%
104%
105
5,000
76
Illinois Central RR 6s. 1937
Jan
Apr
High
Low
1949
99%
93%
Pipe
Line 6s
Cities Serv P & L
110% 111
1103
103%
97
%
5%8 A '52
Cities Service 5s
Cities
110%
Week
..1947
102%
Chic Jot Ry & Union Stock
5s
6s series B
Range Since Jan. 1 1936
for
of Prices
Price
Jan
94
Week's Range
Sale
Hygrade Food 6s A... 1949
1st & ref 4%s ser F_1967
6s series G
1968
Cent Maine Pr
Last
(Continued)
Central 111 Public Service—
5e series E
BONDS
Range Since Jan. 1 1936
3, 1936
Sales
Friday
Week
Yards
Oct.
New York Curb Exchange—Continued—Page 5
2182
94%
95%
63% 65%
*108
108%
28,000
27,000
90%
63
106%
Jan
Apr
97
Mar
67
July
Mar
108
Jan
Last
Week's Range
for
Sale
of Prices
High
Low
10534 10534
I960
-—1969
1970
434« series E
103 M
9.000
10534
24,000
10334 104
10334 10434
36,000
105
20,000
10234
10234
98
10234
10034
5%s—1940
N'western Elec 6s stmpl945
N'western Power 6s A. 1960
N'western Pub Serv 6s 1957
Ogden Gas 5a
1945
104
10234 10334
10734 10834
23,000
1083*
1960
Ohio Power 1st 5s B—1952
10534
10534 10534
44,000
9834
10334
10534
10634
10634 10634
15,000
104
10534 10534
3,000
No States Pow
Ohio Edison 1st 5s
1st & rel
4%s
ser
105
"76
10334
D_1956
105
76
76
5,000
1,000
23,000
51
Jan
Jan
106
10634
Sept
Jan
104
10434
10534
Sept
Jan
Jan
Jan
Mar
107
Jan
Apr
10734
Mar
10334
Apr
107
Mar
10834
10434
July
July
112
Feb
Ohio Public Service Co—
{10934 110
1953
1954
6s series C
1970
Syracuse Ltg 534s——1954
1957
Tennessee Elec Pow 5s 1956
Tewi Public Service 5s 1970
Texas Elec Service 5s.
1960
1945
13,000
10734
Jan
Texas Gas Utll 6s
19,000
10334 June
107
Feb
102 X
102
10234
9334
9334
10134 10134
10634 10634
11,000
102
Mar
105
Feb
86
Apr
9434
12034 12034
9934
9934
5,000
3,000
106
Apr
107
Jan
Apr
108
33,000
11934
Jan
1,000
Aug
(Leonard) 7348-1946
Toledo Edison 5s
1962
B..«—1941
Pacific Invest 5s ser A_ 1948
1st 6s series
5s..1942
58—1955
1938
Cent LAP 4Mb. 1977
Pacific Pow A Ltg
Palmer Corp 6s
1979
1971
5s
Penn Electric 4s F
12054
9954
116
"93
116
9234
9334
tl0234 10234
104
10434
*10534 10734
3,000
10,000
98
Apr
114
Jan
Mar
Tletz
12134 Mar
10234 Mar
11634 May
9434 Feb
"ioik
1959
5Mb series B
Pennsylvania Power 5s '56
Penn Pub Serv 6s C—1947
103
80
10134
Apr
104
May
100
Jan
10534
10734
26~66O
10434
9734
Apr
10134 10134
Jan
102
Sept
Apr
Aug
6,000
Mar
10634 June
100%
107M
Mar
10534
July
United Industrial 634s
13,000
105
Jan
10834
10854
United Lt A Pow 6s
1975
1954
5s series D
Penn Water A Pow 5s. 1940
4Mb series B
1968
Peoples Gas L A Coke—
10434
Jan
107
11134
Bept
Sept
...1981
Peoples Lt A Pr 5s....1979
Phlla Electric Co 5a..1966
Phlla Elec Pow
5%s—1972
Phlla Rapid Transit 6s 1962
Phil Sub CoG4E4H *57
Pledm't Hydro-El 6%s '60
Piedmont A Nor 5s... 1954
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6s
1948
Pomeranian Elec 6s..1953
1939
Poor A Co 6s.
Portland Gas A Coke 5s '40
Potomac Edison 5s E. 1956
1961
4Mb series F
Potrero Sug 7s stpd.,1947
Corp(Can)4%s B '59
1949
Power Securities 6s
Ink
11134 112
105
105
105
6,000
"81666
3,000
105
853*
24,000
6034
62
1033*
37
107 k
90 3*
104%
80
106 M
10434 10434
78
2,000
"86 k
108
34,000
s
1163*
1941
8734
1974
1959
163%
9434
6s series A
1952
6s series A
1973
101%
1946
953*
6s
112
2,000
107
11,000
10834
Jan
11234
104
Feb
Oct
10434
10434 10434
6,000
101J4
Jan
2030
West Newspaper Un 6s '44
5,000
102
Jan
10534
10334
10334 10334
35,000
102
Jan
*2734
8734
"89
9334
925*
1055* 1055*
9434
9534
10534 10534
11,000
10334
Apr
10534 10534
24,000
9434
96
116,000
9034
92
37,000
10534
8634
8334
Jan
11634
Sept
Sept
June
92
Jan
Jan
June
97
53,000
July
106% May
9634 Sept
23,000
2,000
11434 11434
87
86J4
103
10334
10134 10134
„
11434
Sept
8,000
90%
July
14,000
103%
1,000
July
10134
Aug
10634
May
10734 June
10034 Aug
ioik
1,000
104
Apr
10134 102
10134
953* 96
12,0u0
103
38,000
10134
Aug
Sept
5,000
97%
Sept
11,000
305*
Sept
107
9,000
96
107
1,000
Jan
Feb
Mar
107%
Feb
6,000
10534
1,000
107
11134
52,000
23,000
97
72
74
74
Wlsc-Minn Lt A Pow 5s '44
i07k
1966
1005*
10034 1005*
1055*
10734
2,000
97%
Sept
Aug
Sept
77%
Sept
22,000
106%
Mar
23"666
107% June
107%
Oct
29,000
101%
1053*
11134 11134
"96k
107
9,000
105
105
Jan
Wise Pow A Lt 4s
Feb
10734
38,000
27,000
Sept
Aug
Aug
32%
3334
1055* 106
*1073*
10634 107%
105
10434
Mar
Jan
843
1025
72
5348 *55
Wheeling Elec Co 5s..1941
107
100
July
2,000
1163* 1163*
*62
6334
35
-*2734
285*
10334 10334
1065* 107
1065* 1065*
West Penn Traction 5s '60
14534 May
37%
107% May
275*
Ward Baking 6s
1937
Wash Gas Light 5s.—1958
West Penn Elec 5s
107
Mar
90%
9,000
101
101
Waldorf-Astoria Corp—
7b with warrants
1954
5,000
112
Mar
108
39",000
107
101%
5%s '57
Va Public 8erv 534s A. 1946
1st ref 5s series B ..1950
Jan
Sept
34
*10634 10634
*100
1937
Valvollne Oil 7s
Vamma Water Pow
13234
Mar
103%
*1053* 106
1952
5s series E
West Texas Utll 5s A. 1957
104
87
Utlca Gas A Elec 5s D. 1956
West United G A E
112
11434
1944
4MB
9,000
7,000
100
11,000
110
107
Utah Pow A Lt 6s A—2022
3,000
141
Jan
Jan
Sept
*1053* 10734
Wash Ry A Elec 4s__ 1951
Wash Water Power 5e_ 1960
8634
8734
9934 10034
10034 101
26
*2534
40
10634
9034 354.000
1957
634s
534s
6,000
140
9954
101
Feb
Sept
1113*
3834 443* 120,000
3,000
10234 10234
41
Un Lt A Rys (Del) 534s '52
10,000
108
Jan
2,000
10734 1075*
1967
Aug
11434
Jan
10834 June
52,000
10634 107
Jan
Feb
14,000
*1063*
1st
_2"666
80
Aug
Jan
74% June
105%
2934
87
Mar
Feb
90
12,000
1063* 10634
11034 11034
9734
103
10334
98
49,000
5s series B
9834
9834
86,000
2134 2434 253,000
11234 11234
7,000
"Ink 11034 11134 24,000
96
9734
18,000
*107
10734
62
*59
10534 106
105M
49,000
10634 10634
1,000
10434 10434
3,000
*2334
2434
1966
ser
35"doo
4Mb
Pub Serv of Nor Illinois—
1978
.1980
F. 1981
..I960
96
1954
95%
243*
6% perpetual certificates
4Mb series D
4Mb series E
1st A ref 4Mb
434s series I
108
6s series A
Public Service of N J—
.1956
4,000
2,000
United Lt A Rys (Me)—
Electric 6s.. 1954
5s series C
107
*25
Apr
Aug
603*
4834
10634
10634
110J
1093
9,000
10434 105
1945
Feb
July
July
f 6s
10034
10334
10634 10734
10734 10734
*106
107
4,000
37
Sept
65
53
8434
85
United El Serv 7s ex-w 1956
21,000
IOI34
9834
103
54
48
*47
453* 4534
10534 106
10534 1055*
104k
Union Amer Inv 5s A. 1948
99,000
3O766O
United Eleo N J 4s... 1949
1950
6s series A x-w
2,000
Sept
84
Union Elec Lt A Power—
—1944
6s 3d stamped
10534 10534
'10454
55
84
Ulen Co—
Penn Ohio Edison—
1st A ref 5s
City Rap Tr 534s '52
Twin
10,000
95
Thermold Co 6s stpd.1937
Tide Water Power 5s.. 1979
84
High
Low
6234 May
4634
Jan
*1063* 10834
2022
6s
Jan
Oct
10134
1,000
9334
10534
May
Pacific Gas A El Co—
4s series B
108""
Texas Power A Lt 5S..1956
Pacific Coast Power 5s '40
Prussian
6348—1953
Ternl Hydro-El
106 34 10634
10434 105
1941
Pacific Ltg A Pow
45 X
5s series B
1940
Oswego Falls 6s
Power
4Mb
10534 106
Okla Power A Water 5s '48
Deb
1946
7s stmp ctfs dep.
1st
111,000
*50
Super Power of 111 434s '08
10454
..1961
6s series A
Penn
1946
813*
795*
Range Since Jan. 1 1936
Shares
54
1936
7s stamp ctfs dep.
7-4% stamped
High
Low
78
83
1936
7-4% stamped
1950
5s series D
534 s series E
Okla Gas & Elec 5s
8034
Stlnnes (Hugo) Corp—
Mar
7634 Sept
10334 Aug
10934 June
534 s. -1943
Standard Telep
June
Aug
Mar
June
for
Week
of Prices
Price
High
Low
Week's Range
Sale
(Concluded)
Standard Pow A Lt 6s_1957
Northern Indiana P S—
5b series D
Shares
Last
BONDS
Range Since Jan. 1 1936
Week
Price
Sales
Friday
Sales
Friday
BONDS
(iContinued)
5s series C
2183
New York Curb Exchange—Concluded—Page 6
143
Volume
Sept
Yadkin Rlv Pow 5s._.1941
10634 107
8,000
109
10434
July
York Rys Co 5s
10334 10334
9,000
104%
106
Sept
10634
Jan
Sept
Feb
Jan
Feb
Sept
Sept
July
Mar
1937
Jan
Pub Serv of Oklahoma—
1966
4s series A
105%
Puget Sound PAL 5%s '49
96
1st A ref 5s series C. 1950
92
1st A ref
4Mb
1950
Quebec Power 5s
1968
Queens Boro Gas A Elec—
5Mb series A
1952
ser D.
Reliance Manag't 5s.. 1954
Rochester Cent Pow 5s '63
107 3*
St Louis Gas A Coke 6s '47
17M
San Joaquin
8axon Pub
Scbulte
106
10634
17,000
7,000
103
Jan
2634
106
106 34
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
9834 May
Agricultural Mtge Bk (Col)
20-year 7s
1946
20-year 7s
1947
74
28
10734 10734
1734
1634
7834
Baden 7s
25
Jan
May
Aug
7s stamped
734s 8 tamped
July
Cauca Valley 7s
2234 June
6,000
4,000
28,000
10534
12
10134
124
"lTooo
5,000
10734
2434
6s with warrants
*2434
2334
1935
103
67 M
Second Int'l Sec 5s... 1948
99 %
8hawlnlgan WAP 4%s '67
434a series B
1968
1st 4Mb series D...1970
Sheridan Wyo Coal 6s. 1947
Pow 5s. 1957
Southeast PAL 6s...2025
2434
6734
6734
9934 100
Jan
6s series A
Danish
July
3034
-30
5,000
103
104
10534
104
10434 10434
10434 10534
7234
Feb
Ref M
Ref M
107
9934 10034
10534 107
35*s_May 1 1960
107
Feb
35* s B.July 1 '60
107
1st A ref mtge 4s
1960
Sou Calif Gas Co 434s.1961
Sou Indiana G A E
Sou Indiana Ry 4s
5%s '57
1961
Southern Nat Gas 6s.. 1944
10634 107
11034 11034
107
10734
So'weet Pow A Lt 6s..2022
1945
"83'
Certificates of deposit.
"83*
'Debenture 6s
1951
84
34
Jan
Jan
102
July
Jan
100
Aug
73 —Apr
6034
10,000
60
253*
15,000
18% May
2434
2534
30,000
18% May
28%
28%
243*
2434
21
May
32%
Jan
24
24
4,000
5,000
1934 May
26%
12
1234
3,000
9
Jan
Sept
1958
1234
17
18
18
22,000
1234
10,000
Mar
Issue of Oct 1927.......
Jan
Mtge Bk of Chile 6s...1931
68 stamped
1931
*20
1254
Jan
11,000
10,000
Mar
734s
Apr
Jan
Jan
17,000
Jan
103J4
12,000
Jan
18,000
Jan
8,000
May
86
13,000
Jan
8234
86
22,000
8634
86
8334
8434
56,000
59,000
11,000
63
Feb
88
July
Jan
20%
8,000
July
12%
993*
1834
195*
12,000
923*
1034
143*
143*
2,000
1234
154
2
50,000
154
13*
15* 208,000
154 159,000
1
134
154 131,000
*65
67
54
54
1254
1234
1961
*1234
22
Jan
Sept
Jan
125
Sept
99
Sept
Apr
233
175
23
23
23
Sept
23
Jan
Jan
May
% May
34
58
125*
"
37666
33,000
Apr
143
June
1
15*
Mar
Jan
12
15
...1949
Santiago 7s
Aug
July
17%
"l"3 k
1945
stamped....
Oct
14%
95
Feb
71
49
June
Jan
Jan
Jan
Jan
Jan
60
113*
1134
Mar
Jan
Apr
12% May
Jan
12%
May
8434
8234
10034 10034
7s
18
Jan
Feb
18
22^666
1945
Santa Fe 7s
Jan
Feb
1334
93v
7134
2
"Ik
13
Feb
May
May
8234
53,000
28,000
6348—1959
634s
1919
634s certificates
.1919
534s
1921
5349 certificates
1921
Russian Govt
May
*983*
Rio de Janeiro
Feb
Aug
*1254
Mtge Bk of Denmark 5s '72
Parana (State) 7s
1958
Sept
8334
Certificates of deposit.
Convertible 6s
1935
95%
893*
215*
102
10534 106
Feb
Mar
25
1947
85
85
106
Stand Gas A Elec 6s.. 1935
Sept
Aug
6034
6343——1952
*20
101
9934 100
11
May
23,000
98
1234
*9634
9334
103
101%
83%
25
955*
—1951
4s stamped
1951
Mtge Bk of Bogota 78.1947
24,000
*10434
*8534
8634
8534 184,000
8334
8534
103 %
51,000
10334 10334
8'western Lt A Pr 5s..1957
8*west Pub 8erv 6s
*27
Medellln 7s series E..1951
9,000
20,000
34,000
7234
7434
25
External
Maranhao 7s
■
S'weRtern Assoc Tel 5s. 1961
295*
*983* 100
1955
1953
Mendoia
89,000
10634 107
Jan
Hanover (City) 7s.js.. 1939
Feb
7,000
10634 10634
1945
Sou Counties Gas 434s.1908
*25
.1952
534s
Secured 6s
Sou CaUf Edison Ltd—
Debenture 35*8
3,000
55%
Jan
573*
Jan
7% May
24% May
26,000
Issue of May 1927......
"99 %
4,000
.
73
9
9
1951
German Cons Munlo 7s *47
1,000
6934
Feb
2534
—
Jan
22,000
6934
265
Jan
Danzig Port A Waterways
Mar
-
177660
165
25
Hanover (Prov) 634s..1949
Lima (City) Peru 6348.1958
-4,000
8,000
10,000
Ioik
May
18%
1,000
1934
72
Jan
213
213
Jan
17
20
— -
7134
723*
72
1948
Prov Banks 6s B
Sept
25
10334
19%
*2334
Cent Bk of German State A
Jan
*10534 107
1948
Servel Inc 5s
1952
1947
5s
6s ex-warrants—...1935
*19%
1934
.1951
Buenos Aires (Province)—
Estate—
Sctipp (E W) Co 5%s,1943
Seattle Lighting 5s... 1949
Sou Carolina
Apr
10834 10834
2634
2634
1955
Wks 6s... 1937
Real
103
*13134 13?2
L A P 6s B '52
Sauda Falls 5s
Jan
6,000
*2534
1958
4%s '79
San Antonio P S 5s B..1958
23,000
*2734
Ruhr Gas Corp 6%s_.1963
Ruhr Housing 634»
Safe Harbor Water
8634
8734
10434 10534
10534 10634
9934
9934
87
*86
87 M
104 M
9634
9334
8934
May
7s
Jan
May
"
Debenture 6sDec 1 1966
Standard Investg 534s.1939
Jan
•
No par
*
a Deferred delivery sales not nciuded in year's range,
n Under
not Included In year's range,
r Cash sales not Included In year's
value,
the rule sales
range.
Ex-dividend.
* Friday's bid and asked price.
e
No sales were transacted during curren
Cash sales transacted during the current
week.
week and not Included In weekly
or
yearly range:
No sales
y
Under-the-rule sales transacted during the current week and not included In
weekly or yearly range:
Canada Northern Power 5s
s
Deferred
1953, Sept. 28 at 106.
delivery sales transacted during the current week and not
noluded
weekly or yearly range:
No sales.
Abbreviations
Used Above—"ood," oert flcatee of deposit;
cum," cumulative; "oonv," convertible
voting trust certificates; "w
"x-w," wlthou warrantsi
"v t c,"
"cons," consolidated;
"m," mortgage; "n-v," non-voting stock;
with warrants:
," when Issued "w w
Financial
2184
Chronicle
Oct. 3,
1936
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Last
Stocks (Concluded)
Closing bid and asked quotations, Friday, Oct. 2
1
Bid
Unlisted Bonds
Dorset ctfs of deposit.....
Oliver Cromwell ctfs
32
7%
10%
Pennsylvania Bldg ctfe....
61 Bway Bldg 5%s...l950
30%
33%
Bid
Unlisted Stocks
As*
City & Suburban Homes..
Lincoln Bldg Corp v t c...
39 Bway Inc units
4%
4%
/4%
Assessment paid
7
Shawmut Assn tr ctfa
*
18%
BOYCE
STEIN BROS.
Established 1853
60S. Calvert St.
Louisville, Ky.
Hagerstown, Md.
York and Baltimore
Members New
Preferred
51
Utah Apex Mining
Utah
Arundel Corp
Atl Coast Line
(Conn)._50
for
*
1st pref vt 0
Black & Decker com
of Prices
*
Consol Gas E L & Power.*
6%
Houston Oil pref
100
650
2%
1,393
60
89
90
352
84
Jau
210
111
July
200
11
Jan
40%
440
17
114
88
121% 124
43% 44
44
Mar
15c
Jan
Jan
37%
Jan
3,865
»ts
%
Feb
42
Aug
100
1%
Sept
28% Mar
90% Feb
21% June
83
190
1
90c
16%
1,455
35o
2%
1%
Jan
Feb
Aug
3
10
2%
245
9%
9%
4%
Jan
756
3
8%
9%
4
Apr
17%
16%
May
18%
10%
Sept
84%
90%
Jan
Sept
Apr
Eastern Mass St Ry—
Series A 4%s
Series B 6s
84
-
84% $16,000
70
Jan
89
1948
-.1948
89
70
Jan
1,000
v
Aug
High
Apr
16%
26% July
% June
Jan
2%
19% July
113% 114
23%
24%
123
-
347
5%
26%
39%
20
Fidel As Guar Fire Corp. 10
*
Preferred
45
4%
1
Fidelity &, Deposit
969
42
89%
114
preferred..100
Sugar Assoc com.l
18%
26
Low
Shares
High
17%
2
Eastern
Preferred...
Low
5%
26%
*
104
Week
2
Bait Transit com v t c__*
Sept
Jan
July
July
8% Sept
Range Since Jan. 1, 1936
Week's Range
17%
44%
*
52
90%
15%
21%
Bonds—
Sales
Sale
Price
Par
Jan
Jan
\
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
Stocks—
Jan
Feb
190
1
Venezuela Mexican Oil.. 10
Waldorf System Inc
*
Warren Bros Co
-*
Stock Exchanges
Baltimore Stock Exchange
Last
89%
39
"98c
Sept
2,050
26
89
38%
Meta^dc Tunnel.... 1
Chicago Board of Trade and Commodity Exchange, Inc.
Friday
25
89
.6
Aug
3
229
35c
39
25
Sept
23
Jan
14%
1%
25
52
99% 100%
25
Feb
1%
2 i
75
*
30c
Oct
Sent
11
675
400
6
30c
Mar
70%
27%
40%
Aug
1%
1,925
14%
19%
5
Union Cop Ld & Mining 25
Union Twist Drill Co....5
United Shoe Mach Corp.25
39 Broadway
NEW YORK
York, Pa,
BALTIMORE, MD.
221
300
3
*
2d preferred-.
Torrington Co..
585
2%
23
13%
18%
14
*
Sub Elec Sec Co com....*
Baltimore Stock Exchange
3,153
14% May
28%
Apr
52c Sept
2
Sept
15%
Jan
3
Stone & Webster.
on
631
87c
22%
Reece Folding Mach Co. 10
Orders Executed
165
39%
2
2
25
Reece Buttonhole Mach.10
53
27%
60c
"60c
High
Low
19
22%
27%
38%
27 %
for
173
21
100
Pennsylvania RR.
50
Qulncy Min-Assess unpd 25
Range Since Jan. 1,1936
Week
of Prices
Low
High Shares
Price
Par
Old Colony RR
Pacific Mills
Week's Range
Sale
Exchange
58
Oct
5
SECURITIES
Liated and Unlisted
Feb
Feb
7%
30
VmY RDavls
Feb
94%
Aug
116
Feb
Members.*
27%
Sept
Jan
41
New York Stock Exchange
Sept
Jan
124
New York Curb (Associate)
Oct
39%
50
50
Feb
61
Mar
14%
Aug
20%
7%
May
11%
%
May
1%
Feb
Chicago Stock Exchange
Chicago Curb Exchange
10 So. La Salle St., CHICAGO
Jan
15
17%
1,637
8%
1%
10
11
2%
17%
CHICAGO
Jan
45
67
58
15%
_
22%
500
Apr
Jan
Mfrs Finance—
8%
1st preferred. ........25
2d preferred
25
Mar Tex Oil.......
1
Mercantile Trust Co
50
Mercb & Miners Trans p..*
MononW Penn P S 7%pf25
1%
............
............
Chicago Stock Exchange
Jan
2
Jan
3%
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
Aug
260
mm-mi
260
2
248
Apr
262
38
166
31
Jan
38
July
Sept
Friday
37
Last
198
23%
Feb
for
27%
28
Week's Rangt
26%
Aug
Sale
of Prices
Low
High
Week
mm.
27%
Mt Ver-wood Mills-
Stocks—
Preferred
100
61
66
159
66
40
Apr
66
16%
Price
Range Since Jan. 1. 1936
Shares
Low
High
Oct
Jan
Par
Sales
Abbott Laboratories—
New Amsterdam Cas
5
Owlngs Mills Distillery_.l
101
Seaboard Comm'l
com
A10
Fidelity & Guar
2
Western National Bank. 20
1,450
1%
9%
Apr
Common (new)
Jan
1%
101
Aug
July
95
2
Adams (J D)
Aug
8%
Feb
12
Sept
13%
35%
25
34
Jan
23%
36%
Transit
flat.. 1975
44
33
36
...1975
4s
A 5s flat
1975
87
Jan
Oct
Common.
9%
1,900
650
Apr
22%
47
63
69
38%
I 99%
36% 107,500
28,600
500
99%
44
Class A.
15%
Jan
17
Jan
44
Oct
Jan
100
Apr
36%
Sept
53
conv
Armour & Co
5
common
Asbestos Mfg Co com...l
Associates Invest Co com.*
Boston Stock
Exchange
Last
Amer Pneumatic Service 26
6% non-cum pref
1st preferred
Week's Range
for
Sale
of Prices
Low
1%
IK
3%
60
91
50
Amer Tel & Tel
100
High
1%
40
3%
200
'l75%
67
25
171% 175%
45% 45%
106% 106%
143% 144%
66% 67
1,847
-
Bigelow-Sanlord Carpet—
.100
Preferred
Boston & Albany
100
Boston Elevated
100
Boston Herald Traveler..*
29%
29%
29%
15
10
50
Low
1%
-2-
High
July
July
19% May
149% Apr
22% :;Jan
Jan
97%
Jan
117%
126
65
May
730
29
Aug
.
Common
50
100
34
Class B 1st pref stpd. 100
Class B 1st pref
100
1,377
10%
34
12%
11
13%
13%
6
12
30%
11%
11
13%
2%
Apr
5%
Apr
Jan
180
Sept
45% Sept
107% June
145%
70
975
101
5%
17%
4%
5
Apr
Feb
22%
100
16%
Jan
26
26
50
25%
18%
Sept
Sept
Jan
41
Feb
14%
12%
Feb
17
Jan
Feb
Common
l
Cohv preferred
*
Jan
97c
1.00
250
%
Feb
1% Sept
7%
8%
1,071
6%
Jan
9%
7
55c
1,034
180
Jan
Jan
Apr
Apr
50c Sept
1%
Feb
Jan
11%
Mar
Jan
85
72
4%% prior pref
100
6% cum pref
..100
Eastern Mass St Ry—
Common
100
54
60
58%
60%
82
41%
Jan
83
2
8
J an
46%
50
145
1 %
33
3%
62 %
14
69%
14
2
100
Preferred
73
46%
100
5%
100
12%
*
17
Economy Grocery Stores.*
100
Employers Group
*
General Capital Corp...-.*
Georgian lnc(The)A pf__20
164
22%
*
_*
Hathaway Bakeries pref..*
Class A
*
Class B
*
14%
163
22%
41%
1%
10%
14%
Loews Theatres (Boston)25
com
100
100
Mergenthaler Linotype..*
*
17%
164
95
628
Jan
8%
Feb
3
Feb
8%
16
155%
Jan
May
Jan
23%
325
20
42
125
36% May
1%
13
10%
65
14%
828
53
10%
2%
10%
137
1
Apr
Feb
5%
Jan
13% July
10%
10
26% May
5%
Jan
2%
2%
135
1% May
1.00
1.00
......
100
40c
13
12
13%
150
9%
11%
34%
12%
215
36
215
7%
18%
^
50%
1
For footnotes see page
13%
52
*
New England Tel & Tel 100
N Y N H & H RR (The) 100
15
115
53
1
Maine Central
175
5%
'l29%
,4%
27c
2187
3
3%
47
50%
%
130%
3%
4%
128**
27c
29c
1,025
505
1%
38%
300
80
242
120
1,000
Mar
July
Jan
13%
Aug
Mar
Mar
300
13%
240
13
1
1%
14%
68%
400
Preferred
14%
*
July
18
Jan
Jan
71
Aug
1%
Apr
2%
3%
90
"59"
95
120
49
Jan
97
59
65
620
20% May
68
Feb
Feb
Sept
Sept
/
*
Cherry Burrell Corp com.*
Chicago Corp common...*
40
16
14%
56%
*
com..
Jan
12
57
12,000
3
2%
2%
1
150
690
~~6o"
5
*
80
60
100
5
7,000
4%
48%
Chicago Flex Shaft com..5
58
55%"
48%
52
52
49%
53%
3%
500
350
8
Jan
35
Jan
58
40%
Jan
60
43%
Apr
Apr
52
Feb
33%
2%
Jan
55
Sept
Aug
4%
Feb
Jan
34%
Apr
Jan
4
22%
Feb
Sept
Oct
5% Mar
Jan
Mar
53
13
67
*
Central States Pr & Lt—
Chain Belt Co
51%
Chic &NoWRy com.. 100
East Gas & Fuel Assn—
3%
500
1%
38%
1%
14%
...1
Preferred
7%
>
68%
Cent 111 Pub Serv pref...*
Central SW—
July
14%
Aug
30%
34%
18%
Jan
10%
July
Apr
15%
23
Feb
5%
50c
Sept
July
2%
7%
64
17
12% May
Mar
300
56
13%
135
North Butte
111%
July
Jan
"53"
331
National Service Co
Mar
Feb
3
Sept
19
Castle & Co (A M) com.. 10
225
Mass Utilities vte
83%
107%
22%
Central Cold Storage com20
Central 111 Sec-
14%
2%
10%
5% cum pref.
Jan
60
108
31% Sept
14%
2%
9%
Helvetia OilCotc
310
1,350
5
Common
Gillette Safety Razor
31%
8%
29%
79%
108%
Jan
Prior lien preferred
Preferred
Gilchrist Co
Apr
July
Apr
July
50
Jan
Edison Elec Ilium.
22%
8
28%
78%
pref...*
Jan
com.
Jan
14%
10%
1%
conv
Feb
Preferred B
16%
32
Jan
1%
Canal Const
15
Adjustment
Jan
Jan
1"
7%
13
Eastern SS Lines
6%
21%
850
11%
20
*
2,250
3,750
12
Jan
1,750
13,400
June
Common
Feb
19
5
East Boston Co
11
Jan
15%
13%
8% June
"£%
Oct
Feb
7%
7%
5%
18%
10
Copper Range
57
12%
40
25
26
4% June
2% July
Jau
27%
14%
31%
5%
3%
Feb
Sept
Sept
14
20
Cliff Mining Co
69
15
17
2%
May
13
13
10%
20
Class B
1
*
Bruce Co (E L) com.....*
Butler Brothers
10
13
*
120
Sept
26
17
25
47
*
13
com
25%
Sept
July
6% May
8% Mar
Class A
13
Co
Jan
Jan
Brown Fence & Wire—
25
Class C 1st pref stpd. 100
Calumet & Hecla
21
40
9%
8%
Borg Warner Corp com. 10
Class D 1st pref stpd. 100
Boston Personal Prop Tr
Brown-Durrell
,
19 %
1,150
14
29%
79%
7% preferred
....100
Brach & Sons (E J) com..*
Boston & Maine—
Prior preferred
100
Class A 1st pref stpd. 100
Class A 1st pref
100
Jan
Range Since Jan. 1, 1936
Shares
9^
5%
11% June
20
57
29%
11%
11%
Bliss & Laughlin Inc cap.5
Week
Price
Aug
Sept
7% May
9% Sept
67%
21
9
14%
31%
*
com
Berghoff Brewing Co
1
Binks Mfg Co A conv pref *
Sales
Friday
Par
Oct
June
5% Sept
1,600
2,850
2,200
1,800
5%
3
9
Bastlan-Blesslng Co com.*
Bendlx Aviation
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
18
19%
23%
25
pref
*
Amer Pub Serv Co pref. 10C
84
9%
10
Automatic Products com.5
Stocks-
15
19%
23%
5%
9%
5%
Allied Products Corp—
Apr
35
Bonds—
B 5s
50%
200
5%
3%
56%
27
3,281
93
Altorfer Bros
Bait
800
5%
~~63~"
July
11
23%
35%
23%
35%
20
47
98
11
93
-------
51%
19
*
com
110
50%
51%
*
Mfg
Adams Royalty Co com..*
Advance Alum Castings-.5
22
Penna Water & Pow com.*
U S
15
101
1%
1%
1,967
15%
14%
14%
Northern Central Ry._.50
18
7%
15
23%
169
27%
42
1%
11%
19%
54
11%
2%
Apr
Apr
3%
31
Chic Towel Co conv pref.*
Chic Yellow Cab Inc cap.*
Cities Service Co com
CommonwealthEdlson. 100
"l06%
Compressed Ind Gases cap*
41
July
Mar
Consolidated Biscuit com.l
Feb
Aug
Feb
Sept
Sept
Jan
100
550
29%
4
6,100
30
Coleman Lp & Stove com.*
Apr
Sept
Jan
20
105
25
26%
3%
4
*
May
Mar
50
1,150
32
105
Chicago Riv & Mach cap.*
30
20
105
106%
31%
Aug
19%
2%
Mar
4
Sept
30
Sept
38
Feb
Jan
116
1,700
1,450
96%
42
10%
106%
41
10%
10%
11%
1,500
5
%
%
%
1,800
100
100
9%
8%
Common.-
*
33%
Preferred..
100
Jan
Apr
Sept
July
72%
July
Aug
11%
Aug
% June
Jan
5%
Feb
Apr
41
Consumers Co-—
Common
6% prior pref A
7% cumulpref
10
160
6
6
20
2%
Jan
1%
12%
7%
250
27%
97%
luly
47
Aug
117%
3%
Aug
8
Feb
Feb
Continental Steel—
Cord Corp cap stock
Crane Co common
mmm
mm
5
"4%
25
39%
Cudahy Packing pref. 1100
Curtis Lighting Inc com..*
1.75
Sept
18
Mar
Jan
Jan
45
Mar
Decker (Alf
& Cohn com 10
Feb
Preferred
61
101
34%
101
4%
4%
38%
39%
106% 107%
5
100
Jan
,
5
10
9,700
2,800
24
Apr
450
106
39%
Jau
Apr
Sept
July
110
Jan
30
3%
Jan
9
Mar
10%
19%
4%
Jan
18%
Jan
32%
50
Jan
Aug
13%
Jan
33
July
Jan
3%
117%
2%
Mar
26o
May
Apr
Feb
%
Aug
132
5%
58o
Dayton Rubber Mfg com.*
Dexter Co (The) com
Dlxle-Vortex Co com
6
Econ Cunnghm Drug com *
Jan
Eddy Paper Corp (The)..*
18%
1,900
32%
400
7
7%
610
7
"17"
*
Sept
Sept
Feb
ClassfA
"_7%
17
31
18%
Cum class A pref—'...35
*
zl8
16%
19%
38%
17%
28%
30
Jan
9%.
76
Oct
Oct
Mar
Jan
18
Sept
Aug
19%
200
June
250
18% July
38% May
21
39
18%
28%
750
16%
Jan
20
Mar
23
Apr
30
Jan
76
17
70
40
9%
41% June
Volume
Financial
143
Last
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
2185
Sales
Friddly
Stocks (Concluded)
Chronicle
Range Since Jan. 1,
Shares
1936
Members
Low
Cincinnati Stock Exchange
High
Active Trading Markets In
Elec Household Util cap.5
14
13%
Elgin Nat Watch Co.-.15
40%
39
Fltz Sim & Con D&D
—
-
-
-
—
June
18%
Jan
40%
Jan
23
50
39
Jan
60
Apr
July
64
4,000
1,200
100
64
64
*
13%
13%
14%
.*
38%
22%
42%
33
39
17%
23
Goldblatt Bros Inc com..*
40
Great Lakes D&D com..*
29%
29
43%
30%
Barnlschfeger Corp com .10
Helleman Brew Co G cap.l
15
14%
15
610
10%
10
10%
800
pref...20
conv
13
27%
16%
70
14%
40%
18%
52%
18%
Gardner-Denver Co com.*
53 cumul
49
*
com
Jan
Cincinnati and Ohio Listed and Unlisted Securities
Oct
Sept
64
Sept
7%
Aug
14%
Aug
2,300
5,800
22%
8%
Jan
39% Mar
Jan
23
Oct
6,000
22 %
26
Jan
July
46
Sept
33%
Apr
9%
8%
Jan
17
Jan
13%
Apr
Apr
BALLINGER
Gen Household Util—
Common
(new)
Godcbaux Sugars Inc—
Class A.
Class B
*
Heller (W E) pref
With warrants..
Horders Inc
1,950
100
17
350
18%
150
29
30
11
11%
600
8
104% 105
64
64%
40
100
Feb
160
60
July
68
Sept
24%
— —
-----
clB..*
Illinois Brick Co
26%
11%
—
26%
15%
18%
30
com
Houdaille-Hershey
UNION TRUST BLDG.
..25
111 North Utilities pref.100
Indep Pneum Tool v t c..*
-----
Interstate Pow 56
pref..
Mfg v t c
t
(W B) Co cap
1,300
20%
26%
21%
---
27
21%
20%
40%
--
Iron Fireman
Kalamazoo Stove
*
com..
40%
25
July
11
Apr
16% May
22% May
10
400
24
22
May
14
27
29
Cincinnati Stock Exchange
Jan
17
Sept
22
Jan
32%
12%
109%
Jan
Last
Par
Stocks—
Mar
31
Feb
24
Mar
50
31% June
44
Aug
1
Kellogg Switchboard comlO
Preferred (new)
100
13%
18%
1
cap.
3
La Salle Ext Univ com...5
*
Common
8%
12%
3
1%
50
1,070
25%
8%
1,200
6%
39
44%
43
38X
McQuay-Norris Mfg
57
57
2%
com..
"is%
"7 %
*
com
Prior preferred
44**
39 X
^58 X
88 X
.1
60
2jfm:
21% 21%
17X
19%
Mapes Cons Mfg capital..
Masonlte Corp com
Mer & Mfrs Sec cl A
3,400
49%
4%
14%
6%
39%
39
39%
7X
33
34
10
34%
76
1%
Jan
1% Sept
3%
Jan
21
Apr
May
7
70
42% Sept
13%* Oct
125
Aug
18% Sept
43% Aug
90% Aug
3% Mar
3%
Jan
7
35%
11%
Feb
Jan
Jan
7%
6%
13%
July
Jan
50
July
Apr
35%
6%
15%
8%
54%
Sept
Feb
Feb
Jan
July
34
Jan
Jan
120
33
Apr
45
1,100
27
Jan
39%
Sept
Oct
180
50
June
62
Aug
400
1
July
60
20
20,400
8,200
180
Aug
3%
27%
Mar
11%
J at
19%
Sept
62%
Jan
Apr
100
8
Jan
25% May
35
July
5%
Jan
Mar
Industries
Common
1
3%
12%
3%
12%
5%
6
2,000
3%
12%
27,950
6%
5,250
2%
7
3%
Jan
Apr
July
4% June
Sept
7% Feb
13
Midland United Co—
Common
*
X
%
%
9X
Conv preferred A
*
Midland Util 7% pr lien 100
6% prior lien.......100
8%
15%
7%
12
6
10%
8
6%
100
4%
4
6% preferred A
100
Miller & Hart conv pret._*
4
"~6%
6%
7% preferred A
Mo dine Mfg com
Monroe Chemical Co—
Nacbman Sprlngfilled com*
National Battery Co pref.*
24
Natlbnal Leather
com.. .10
Natl Pressure Cooker Co.2
Nat Rep Inv Tr conv pfd.*
1%
Jan
860
Feb
410
6%
160
July
11
Jan
24%
Amer Laundry Mach
28
Apr
33
National Standard com.-."
Jan
65
6%
24X
31X
49X
com..*
*
6
55
pref
Jan
350
350
13
5%
Jan
10
3
June
9%
20
6
June
11
50
5% May
3%
Jan
8
Jan
6%
Apr
10
4%
4%
4%
Sept
Jan
13%
Mar
27
Mar
4%
Feb
Jan
82
B.
.100
Champion Coated
Churngold
*
8
8
Preferred
105
Jan
14
20
12%
Apr
25
100%
5%
Jan
Jan
102
712
85
Sept
17% Feb
108% Sept
9
208
85
Jan
94
Sept
Sept
24
35
20
Mar
25
June
14
46
11%
Mar
14% July
34
17
*
June
6
14%
104% 104%
19% 20%
100
7
108
Sept
115
Mar
1,250
8
Jan
15
Mar
lot
12%
__*
Fyr-Fyter A
Feb
Mar
104
lot
20
Formica Insulation
Feb
25
14
"13%
100
Preferred
Eagle-Picher Lead
35
22%
Aug
24
91
*
...
Mar
19%
14
.
Dow Drug
Mar
30
108% 108%
7%
8%
90% 91
108%
Cincinnati Telephone.. 50
Cin Union Stock Yard...*
Cohen (Dan)
73
78
992
103% 104
....*
Cin Gas & Elec pref...100
Cincinnati Street Ry
50
167
32%
20%
100
100
1st preferred
85
32
Carthage Mills
25
101%
Aug
128
18
Aug
25
9
Jan
17
11%
Feb
104% Sept
25
Jan
17
Sept
►
Gibson Art..
31
28
Jan
100
12
12
9
10
Sept
33}
17}
*
48
49
168
40
Mar
50
Apr
Aug
40
11
11
3
11
Jan
14
July
20%
Hatfield part pref
Hobart "A"
Kahn "A"
31%
276
31
70
*
7
7
15
4
*
30
32
Kroger
Leonard
Lunkenheimer
Magna vox
3%
2.50
Meteor
National Pumps
P&G
*
46
.*
26
24%
Randall "A"
*
5%
.
7
"B"
"*
Rapid...
29%
...
:::io
U S Playing Card
U S Printing
*
3%
Jan
7
Sept
Aug
18
Jan
33
2
Jan
95
6
Jan
4% Feb
16% Aug
5% May
3%
5%
46%
120
226
30
28%
3%
27
27%
Jan
July
344
25%
7%
3%
5%
45%
19%
June
54
3%
16
15
.*
*
*
32%
%
Jan
Jan
Apr
49
3% July
50
8
3%
40%
348
Feb
Jan
48%
16
77
Jan
26
July
Jan
Sept
Jan
9
105
25
Aug
48%
Jan
435
26% Sept
3% Sept
13% Sept
35%
8%
Mar
4%
75
Jan
Feb
6X
12
9X
2,350
50
200
2,200
26
3%
Jan
2%
.30
28
Feb
Members Cleveland Stock Exchange
Jan
17%
Sept
1%
37%
GILL, IS
July
7% June
Apr
Jan
7% June
14
Union Trust Building, Cleveland
A. T. & T. GLEV
Telephone GHerry 5050
12
10
17
14
Ohio Listed and Unlisted Securities
Sept
Feb
700
Jan
July
1 "50
Preferred
Feb
50
IX
37 X
9
20
8
*
26
3X
3%
8%
Participating pref.....*
Baldwin
25%
25
7
9%
19%
Feb
10%
240
48
6>
High
65
Jan
8X
12
9X
6
11%
38%
1%
IX
35
6%
Northern Paper Mills com"
Northwest Bancorpcom..*
2,850
Jan
Jan
Jan
10%
17 X
1
1X
36X
Low
9%
9%
Feb
100
48
National Uftipn Radio com]
Range Since Jan. 1 1936
Shares
May
100
160
7
7X
Price
20
Amer Prod prior
Sept
300
44
%
%
3%
38%
17
7X
Mar
Oct
Sept
Sept
Sept
Sept
Sept
6
1X
17 X
%
15%
12
Jan
6
\9X
30 X
49X
Natl Gypsum cl A com..5
North Amer Car com
1
Mar
770
7
*
Noblitt-Sparks Ind
%
1
44
44
*
Common..
50,050
10,200
2,990
Week
*
Aluminum
Moores Coney "A"
Mickelberry's Food ProdMiddle West Corp cap...5
Stock purchase warrants
for
of Prices
Low
High
Mar
Jan
7
4
100
Feb
May
550
300
July
Apr
200
100
89
7
...»
40
12%
14%
6%
McCord Rad & Mfg A...
McGraw Electric com
Manhatt-Dearborn
10
7,450
•>
6%
4
Marshall Field common..*
270
85%
11%
48%
-----
com.
Apr
7,400
,43
8%
..*
LindsayLt & Chem com. 10
Lion Oil Refining Co com**
Loudon Packing com.*..*
Lynch Corp com
5
Feb
4%
75
25
------
.*
$3% preferred
32
6
6%
Cumulative preferred..*
Llbby McNeil & Llbby._10
Lincoln Printing Co—
Sept
500
20
18%
42%
85%
2%
1%
39
8,700
125
17
50
100
Leatn & Co com
42%
13%
125
Ken-Rad T & Lamp comA*
6% preferred
Kingsbury Brew
41%
11%
-----
20
Week's Range
Sale
Jan
Feb
May
18% Feb
45
Sales
Friday
Mar
1,400
45
Katz Drug Co com
Ky Util jr cum pref
CO.
Phone Cherry 6711—First Boston Wire—BeU Sys. Tel. Cin. 291
Burger Brewing
Jefferson Elec Co com
&
CINCINNATI
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
25
Hormel & Co (Geo) com A*
Jarvis
13,300
565 & 566
Jan
Northwest Eng Co com.."
Northwest Util—
27
27
28
150
15%
Jan
30% Sept
7% preferred
.M0(
7% prior lien pref... 100
44
39
49
440
7%
49
68
75
330
20
21
290
_25._
12
Jan
Apr
Feb
23%
Ontario Mfg Co
*
com
Osbkosk Overall Co—
*
Convertible pref
Parker Pen Co com
.
12
10
Peabody Coal Co B com..*
6% preferred..
100
,
1,250
9
Jan
20
27
Mar
25X
2
25X
2
200
19
Apr
27%
Jan
Jan
3%
Process
4%
l
.._*
Public Service of Nor 111—
Common
;
%
MX
1%
32
40
27%
17X
5
60
17
4%
IX
2X
2X \4%
69
70
2,800
2,100
1,500
12%
30
38
Feb
Apr
Mar
22%
5%
Sept
1% May
4%
2%
Jan
Mar
1%
6
Sept
Mar
Oct
350
49%
72%
July
72%
July
69
69
50
49
Apr
May
126
260
115
June
140
Jan
143
145
100
142
Jan
150
July
50
22
May
...60
Preferred
.....100
Rath Packing Co
Raytheon Mfg—
Common
v t
com... 10
23%
com *
Southwest Lt & Pr pref...
Standard Dredge—
Stein & Co
26%
62
200
1,100
1%
Jan
Jan
May
Sept
7% June
3%
24%
35
10X
30
30
"23
23
23%
100
5%
90%
5%
91%
20
50
61
4%
650
10%
30
20
18 X
Feb
93
Feb
Aug
July
Sept
15%
.
15
16%
7%
16%
17
7%
30%
§5
30 X
22
Sundstrand Mach ToolCo*
30%
21%
22%
21%
21
22
10%
3%
%
3%
19%
39%
5%
Thompson (JR) com...25
Week
1,500
300
150
250
3% Mar
12% June
16% Sept
5% June
28% Apr
7\
Util & Ind Corp
Convertible pref
Viking Pump Co com
Preferred
Wahl Co
com
Walgreen Co
3X
*
*
*
._._*
5%
*
35
(Mont) & Co cl A..*
Williams-Oil-O-Matlc com*
148
common
Ward
Wisconsin Bankshares com*
Zenith Radio Corp. com
*
For footnotes
see
page
15%
6%
40
2187
Range Since Jan. 1 1936
*
36%
36
37
370
12%
13
1,160
1,165
Clark Controller.
_
.
_
.
.
73
.
4%
19%
39%
5%
34
35%
146
148%
14%
15%
6%
6%
38% 40%
350
110
-15%
Jan
79
July
Cleve-CHffs Iron pref....*
Cleve Elec 111 84.50 pref..*
85
80
85
1,073
54
Jan
111
111
68
68
Cleveland Ry
Certificates of dep
Cliffs Corp v t c
100
14%
*
General Tire & Rubber..25
Grief Bros
Interlake
cum
Mar
Jaeger Machine
*
Kelley Isl Lim & Tras
"96%
*
Aug
Apr
Miller Wholesale
Drug
National
Refining.L
4% Sept
25
.100
100
25
July
14%
6%
14%
96%
210
10
Jan
100
100
35%
16
10%
6% Sept
14% Sept
96%
Oct
96
16
%
Jan
Aug
Jan
Sept
40
36
Jan
52
56
85
34%
Jan
46
Oct
Sept
Sept
22%
23
345
10
Jan
23
Sept
25
313
19% June
26
Feb
4%
32%
185
94
3% Mar
20% May
24
10
15
Mar
5% May
32% Sept
25
Sept
9%
18%
Aug
15
Mar
Apr
32
Sept
4%
....X
108
10
28
30%
Packer Corp
5%
Jan
Patterson-Sargent
..*
_.*
*
17%
35%
17%
25
200
1,013
8
399
5
109
44
55
7%
108
2
Jan
,
5%
65
4%
40
6
200
628
35
200
Jan
9
July
Jan
112
Sept
July
12
Aug
20
1%
Sept
1%
July
27
Apr
Jan
4%
3
35%
Jan
Feb
Feb
Sept
Sept
400
9%
17%
July
27
Jan
419
54
Aug
68
Feb
18% Sept
Feb
Jan
Jan
Selberling Rubber.
150
142
Jan
156%
2,250
10
Mar
8%
25
Jan
52
10
Ohio Brass B
2
Sept
July
Jan
30
14%
6%
14%
96%
1%
2%
35%
17%
26%
6%
Jan
July
24
*
28
Preferred.
35%
5%
17
24
22%
"4%
Medusa Portland Cement *
Murray Ohio Mfg
Apr
Apr
11
3,462
56
McKee (A G) cl B
4
1,000
Jan
28%
.52
*
Lamson & Sessions
30
6,000
Mar
26
.7
16
107%
61%
59%
200
1%
41
33
101
68%
68%
Mar
Sept
13% Sept
80
Sept
19% Feb
84
Aug
85
Sept
112% Sept
75
July
73
July
28% Sept
32
1st pfd*
Cooperage A..*
Steamship
*
1,450
Mar
111
30
"27%
__*
Fostoria Pressed Steel
Goodyr T & R
'
66
100
*
Faultless Rubber
1,700
39%
Jan
15%
15
Richman
60
71
69
7
24
37
Sept
Sept
17%
Natl Tool 7 % cum pref.100
Nestle LeMur cum cl A
*
1,150
Mar
12
83
Oct
3%
11%
17%
Feb
8%
40
83
12%
Aug
400
Mar
17%
22
18
10%
2% Mar
% May
2% May
18O
High
Low
25
83
*
5%
25
100
72
50
,.100
City Ice & Fuel
National Tile
Apr
Shares
33
Jan
20%
1
High
31
Nbrth Amer Sec A
.Utah Radio Products com.*
Low
13
Apex Electric Mfg
Akron Brass...
Apr
July
18%x Feb
18% Apr
10%
Jan
35%
Jah
2,800
2,700
Jan
Price
Mar
\
...
....
2%
11
"lOX
Stork line Fur conv
pref.2 5
Swift International.
Swift & Co
250
1,100
22
4
(A) com
1,000
IX
67%
\ Jan
July
23%
14%
2% A pr
26% Aug
32%
28%
15%
Jan
2% Apr \ 7
Common
Convertible preferred.
4X
23 X
61,
25
com
3X
IX
23
21
30
...
Slvyer Steel Castings
Sou Colo Pow A
26X
"91
Schwltzer-Cummins cap. *
Slgnode Steel Strap com..
....
4
for
of Prices
Airway Elec Appl pref.100
Foote-Burt
c__.._._50r
6% preferred v t C.....5
Reliance Mfg Co com...10
Spngamo Electric Coa...*
Preferred.
26%
.
Par
Stocks—
Preferred
Quaker Oats Co—
Common
Week's Range
Sale
Oct
July
123 X 8123
Common
Last
Feb
650
17%
4%
com
12%
29X
32
Penn G & E A com
._.*
Pines Winterfront com
5
Prima Co com
*
Sales
Friday
UX
29X
*
Exchange
Sept. 26 to Oct. 2, both inclusive, compiled from-official sales list s
Apr
%
Common
Corp
Cleveland Stock
Sept
76% Sept
July
Jan
40% Sept
_
57
2%
*
8% cum preferred...100
S M A Corp
1
Vlchek Tool
*
Weinberger Drug Ino
*
West Res Inv 6% pr pf.100
57
57%
3
280
2
Jan
4%
13
13
10
16
15%
18%
60
14
"15%
15%
15%
17%
737
9
218
17
Jan
19
"86%
86
86%
128
70
Jan
86%
8%
Jan
May
May
25
Fe b
Feb
19% Feb
15% Sept
June
Oct
2186
Financial
Chronicle
Oct.
Sales
Friday
Range Since Jan. 1, 1936
Last
watling, Lerchen & Hayes
New York Curb Associate
Chicago Stock Exchange
Exchange
Detroit Stock Exchange
Buhl Building
Randolph 5530
Last
Auto City Brew com
Baldwin Rubber com
for
of Prices
Low
High
Price
1
*
Burroughs Add Mach
*
Capital City Prod com
*
Chamb'lln m w Strip com*
1%
10%
58%
30%
10%
00%
"15%
15
13%
2%
10
com....
1%
Det-Mich Stove
Low
3%
14
63
100
4
152%
1,051
5,528
7%
10%
Oct
100
12
Eaton Mfg com
Federal Mogul com
*
*
199
752
762
12
Mar
....*
180
36
Sept
10
2,962
3,185
1,752
72
July
10%
474
4%
8%
15%
Feb
Feb
Mar
Mar
162
57
Sept
452
31%
Mar
Hoskins Mfg com
*
*
Houdaille-Hershey b
Hudson Motor Car com..*
0%
474
i
30
Michigan Sugar com.....*
746
15.
13,
1
4%
com
5
Murray Corp com
10
22%
20%
38%
12%
*
Packard Motor Car com..*
12%
Pfeiffer Brewing com
6
com
Rlckel (h w) com
2
River Raisin Paper com..*
Scotten-Dlllon com
10
Tlmken-Det Axle com.
..
10
b_...
*
Walker a Co units
Warner Aircraft com
.1
Wayne Screw Prod com..4
1
;
12%
Central Ohio Steel Prod..*
Clark (D L) Candy Co...*
Columbia G&ECo
*
Devonian Oil
.10
Duff-Norton Mfg Co
*
5
Duquesne Brew com
Electric Products
3.
Harb-Walker Refrac
100
1
lSf
760
4
400
209
16%
Jan
150
17
Jan
*19%
1,903
2,400
"26~"
155
*
Curtis Pub Co com
Electric Storage BatterylOO
General Asphalt.....—10
Glmbel Bros com
Horn & Hard (Phlla) com
Horn & Hard (n y)
20%
*24%
..10
*
General Motors
1,095
1,553
1,755
10
255
50
Mitten Bank Seo Corp. .25
Preferred
25
20
2%
*
"l2%
39%
Phlla Elec of Pa $5
pre!..*
pref
25
Transit-..-50
7% preferred
..50
Philadelphia Traction...60
5%
114%
Phlla Elec Pow
Phlla Rapid
Reo Motor Car Co..
...
Salt Dome Oil Corp
1
Scott Paper
._...—*
Sim Oil Co..
..*
20%
"76%
Tonopah-Belmont Devel.l
Tonopab Mining........1
Union Traction—.....50
5
United Corp com........*
Preferred.............*
7%
United Gas Imp com.....*
Preferred
font hot?"
...»
ow
20%
45%
24%
68%
18%
46
15%
111%
2187
19
2%
2%
21%
47%
24%
70%
18%
130
369
416
895
37
450
Jan
Apr
July
180
Sept
Jan
33
Jan
113%
7% May
100
3
1
Jan
4%
5,722
3%
Jan
5c
17,840
4o
Sept
24%
835
45
181
600
1
*
*
35
120
618
8,306
2,677
176
468
186
165
380
285
21%
62%
77%
1,053
%
100
99%
4%
pref. 100
*
97
Jan
Jan
Jan
1
173
99%
5%
205
8%
Par
Petroleum Co
1
._.*
100
54
6%
118%
30
34% Mar
72% July
18% Sept
Jan
5
120%
10%
13%
3%
Consolidated Oil Corp
*
Consolidated Steel com...*
*
Preferred
Creameries of America....
Emsco Der A
Equip Co—5
Exeter Oil Co A.
1
General Motors Corp...10
General Paint
Mascot Oil Co—
Mensaco
Apr
117
May
Jan
33%
Jan
2%
Jan
8%
Jan
10%
4% July
16% May
52%
70
18
6
10
80c
3,300
500
52
83
1%
75c
Aug
16%
Jan
Jan
May
200
95
400
10% Sept
11% June
1,200
2,200
3%
Feb
Apr
19%
6%
20%
87%
72%
13%
Feb
14%
Feb
57%
5,500
20
Feb
85c
200
64%
Jan
8% Apr
15% May
500
11%
1,600
8
800
18%
700
46o
Jan
Aug
Jan
Jan
5,000
10,400
37c
July
950
Feb
1
46c
350 67 %c
59,000
35o
Oct
67 %0
Sept
9
9
6% June
105
July
2% Jan
11%
116%
4%
6%
106%
4%
5%
106
4%
5%
9
100
106%
4%
5%
5,000
144
600
8c Sept
5
.1
60o
55o
60c
200
55o
....1
4%
4%
4%
600
2%
Merchants Petroleum.... 1
Feb
Mills Alloy Inc
33
33
33
Jan
July
Jan
100
17
40c
200
35c June
1.00
Feb
45o
300
32c
Jan
82 %c
Mar
Nordon Corp
11c
Ho
11c
1,000
12o
July
28o
57 %c
85c
Apr
July
.—..5
31c
31o
39
900
25o
Jan
65c
100
50o
Jan
100
8
28% May
19% May
7% Apr
30% Apr
Pacific Gas A Eleo Co
Occidental Petroleum....1
Oceanlo Oil Co—
Pacific
Preferred C__
Preferred D
10
—10
25
75
Mar
Pacific Indemnity Co...10
90%
Mar
Pacific Lighting pref.....*
1
Jan
Republic Petroluem—..1
Samson Corp B com.....*
Feb
8%
Apr
Apr
Feb
6% pref ann
10
S J L A P 7% pr pref.—100
July
SecurityCo units of ben lnt*
Feb
June
Security-First Nat Bk...20
Signal Oil A Gas A com...*
Apr
113%
Mar
45o
31c
Apr
Apr
6%
400
12%
27%
11%
10%
36%
27%
106%
6%
14
Jan
1.00
45c
650
108
Jan
Jan
Sept
40c
12%
26%
11%
10%
344
Feb
*
B
65c
7.454
16c
Mt Diablo OJ M & Dev._l
12%
26%
11%
10%
36%
26%
105%
6%
Feb
Aug
9c
1
9%
48%
19%
July
Oct
22%
19% Mar
Feb
13%
24% Sept
1.50
Apr
46c
Clay Products....*
Paoifio Finance Corp
10
Jan
Oct
Apr
July
8o
Feb
35% Sept
12% Mar
July
Mar
14% May
6%
Oct
80o
121%
Apr
Sept
July
5%
300
21%
31
60
Jan
300
100
.
15%
700
200
104%
Oot
Jan
Aug
Aug
July
16%
18,
22
90c
10
Jan
6%
19%
13%
22%
18%
10%
22%
2%
5% May
13%
Jan
106
Sept
98
Feb
5
21%
Oct
50
70
3%
400
G & E 6% pref 100
Industries Inc...2
Investment Co.10
Mfg Co
High
700
13%
20%
80c
..
7%
13%
22%
18%
10%
17%
9%
400
102%
120% 120%
10%
10%
13%
13%
3%
3%
19%
52%
69%
1,100
Low
1% July
2% Aug
15% May
8c
Jan
Apr
6
200
45c
Jan
Jan
Feb
1
Lockheed Aircraft Corp..l
Mar
18
19%
10c
Klnner Air pi & Motor
Lincoln Petroleum Co
Mar
112
14%
5%
40%
*
Jade Oil Co—-
Sept
148
JaD
Co..*
Globe Grain A Mill Co..25
Los Ang
Feb
Feb
8
Glad ding-McBean A
Los Ang
Los Ang
Apr
Jan
Mar
5%
Range Since Jan. 1 1936
Shares
400
47
Jan
Sept
Sept
Jan
75o
7%
102
2
31
July
6%
8%
%
1%
9%
3%
28%
1%
106
47
....
Mar
106
30%
Hancock OH A com
Jan
7%
20
2%
2%
21%
47
Holly Development Co._.l
38%
11%
20%
8%
106
2%
2%
30%
Jan
Jan
2%
2%
21%
25
California Bank
Apr
131
Price
102
July
Jan
106%
Jan
Week
75c
10
55%
Apr
Apr
for
of Prices
Low
High
Broadway Dept St pref 100
Byron Jackson Co
*
14%
124%
24%
Jan
3%
Sales
Week's Range
1%
Apr
July
July
99% Sept
Angeles Stock Exchange
71%
'is
%
3%
5%
40%
202
Aug
60c
67
100
17
34%
64
590
Jan
22% May
1%
Oct
55
41
910
12%
915
General Telegraph
113%
179
Jan
Jan
379,
.
1%
Jan
810
98%
.1
*
Oct
June
3,608
1,490
Feb
Jan
Jan
17
10
6%
Sept
127% Aug
15% May
86
5%
»i«
5%
7%
7%
45% 46%
15% 15%
109% 111%
36
42%
21%
20
Aug
Apr
10%
100
Claude Neon Elec Prod...*
Sept
115
2,025
2%
Jan
420
Warrants
High
377
1,099
115
10%
20%
2%
3%
24%
149%
2%
21%
119%
9%
518
40
12
12%
4%
5%
38% 39%
137% 137%
113% 114%
34% 35%
5%
6%
9%
9%
11% 12%
5%
19%
60%
76%
%
»1«
4%
732
325
Jan
Apr
55% Sept
7%
Jan
Chrysler Corp
Low
10
35%
9%
Pennroad Corp v t c_.—*
Pennsylvania rr
50
Penna Salt Mfg
50
Natl Power 4 Light
1,354
1%
1%
1
25
Bolsa-Chica Oil A
Week
Shares
4% July
135
Stocks—
Range Since Jan. 1 1936
26%
172% 175%
3%
3%
32% 33
121% 124%
11%
13%
130
*
com..*
Lehigh Coal a Nav
Lehigh Valley
26
%
9% 10%
119% 123%
—6
Chrysler Corp
of Prices
High
%
_.*
Budd Wheel Co.
Jan
Sale
Sales
101% 101%
11%
41
Jan
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
Philadelphia Stock Exchange
"122
Apr
210
Los
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
3%
Jan
1
*
Berkey & Gay..
174%
10
*
Barker Bros Corp
Preferred
pref..50
Bell Tel Co of Pa pref_.100
Budd (e g) Mfg Co
*
Preferred....;
....100
Rights 2d paid.
....
97
Coal pref...100
Forging Co ..1
Plate Glass. .25
Preferred
Bandlnl
Bankers Securities
80
60
5
80 Broad Street
26%
June
20
135
10
1513 Walnut Street
*
American Tel & Tel.—100
Baldwin Locomotive
-*
Jan
10,666
100
Associated Gas & El A—1
American Stores
July
Last
Low
Jan
1
5
NEW YORK
Sale
Apr
31
McKinney Mfg Co
PHILADELPHIA
Price
Jan
3
15%
Unlisted—
Philadelphia Stock Exchange
Par
7%
168
Friday
Stocks-—
Jan
3,110
...•*
Members
for
July
570
Lone Star Gas Go
York Stock Exchange
Week's Range
9
3% June
14
Westinghouse El A Mfg. 50
20
Friday
July
538
com *
Westinghouse Air Brake.
DeHaven & Townsend
Last
July
2
18%
18%
Hoppers G A Coke pref. 100
Established 1874
L~—New
Feb
13%
Jones A Laugh Steel pf. 100
Lone Star Gas 6%
\
47%
25
*18%
Pennroad Corp v t c
Mtr
133
6,983
*
Follansbee Bros pref
Fort Pittsburgh Brew
High
25% July
330
18
1
1,200
50%
*
Victor Brewing Co
780
101
*
Low
Shares
United States Glass Co..25
375
100
High
Carnegie Metals Co
Standard Steel Spring
United Engine & Fdry
1,745
2,238
*
com
Low
36
Rights..
223
7
Price
Blaw-Knox Co..
Shamrock Oil & Gas
662
"l%
Week
_*
Renner Co..
10
3,600
20,545
Wolverine Brew com
Preferred...
585
3,915
....*
Range Since Jan. 1 1936
for
of Prices
Screw & Bolt..*
Steel Fdry
Plymouth Oil Co
..6
595
5%
Par
Allegheny Steel com
Armstrong Cork com
-
1,438
2,253
103% 103)
Stocks—
Week's Range
Sale
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
210
Universal Cooler a......*
Sales
Last
Pittsburgh Brew com
2,240
21%
21%
Feb
YORK
Peon-Federal Corp com...
721
Tivoll Brewing com
.1
United Shirt Dlst com....*
Mar
PITTSBURGH, PA.
Friday
Preferred.......
200
■i
20
113
Pittsburgh Stock Exchange
Mountain Fuel Supply Co.
*
NatlFlreprooflng com
890
6
Jan
July
A. T. & T. Tel. Pitb-391
Court-6800
Mesta Machine Co
1,935
28
...100
Preferred.
Mar
432
11%
6H
4%
*
Reo Motor
8%
Aug
1,720
2,990
43
*
Parke-Davis com__i
28.
250
Mid-West Abrasive comftOo
Natl Auto Fibres v t c
19% Mar
3,192
18%
10
Lakey Fdry a Mach com.l
Kresge (s s) Co com
Wolverine Tube
Mar
19% Sept
38% Sept
22% Sept
Hoover Ball a Bear com. 10
Motor Wheel
Mar
4
200
273
1
Graham-Paige coin ......1
Hall Lamp com
*
BtDG.,
Apr
37%
"~i%
com
10
110
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
Apr
380
Goebel Brewing com
July
York Curb Exchange (Associate)
Feb
*
Federal Motor Truck com *
j
Apr
62
145
Detroit Steel Corp
Gemmer Mfg a
General Motors
Feb
Feb
24%
Jan
14% Oct
4% Feb
875
37 %
b_..._
9
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
32%
250
..*
Dolphin Paint a
Feb
Jan
Mar
575
1
15
Apr
905
1
com
Tel
High
800
Dot Paper Prod com
Dot Steel Prod com.....
12% $14,500
112%
2,100
180 BROADWAY, NEW
1,330
1,878
Det-Cripple Creek
Detroit Edison com.... 100
273
High
Apr
9%
7%
/ Pittsburgh Stock Exchange
Members
Range Since Jan. 1 1936
Shares
11%
60%
30%
15%
14%
2%
11
112
UNION BANK
Week
1
Briggs Mfg com
Dot a Clev Nav
Week's Range
Sale
8%
Low
339
13
8%
h. s. edwards & co.
Sales
Friday
12%
Sahres
-
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
Par
Price
Par
Bonds—
Detroit Stock Exchange
Stocks—
Week
Elec a Peoples tr ctfs 4s *45
Phlla el (Pa) 1st 5s...1966
DETROIT
Telephone
for
of Prices
Low
High
Westmoreland Inc..._...*
Westmoreland Coal
*
Members
New York Stock
(Concluded)
Weeks Range
Sale
Stocks
1936
3,
60c
36%
26%
105%
6%
600
2,300
200
900
200
600
120
4,500
18%
10%
10%
31%
18%
105%
2%
14
Jan
Jan
July
Feb
Mar
Jan
Jan
60c
70
60o
Feb
2
2
2
60
1%
115
112
115
50
112
Jan
Sept
67
44
July
44%
51%
29%
44%
51%
29%
45%
52
750
29%
100
50%
11%
Jan
Jan
Feb
.....
29%
Aug
11%
Mar
11% June
July
40%
28%
108
13%
75o
3%
122
54%
Aug
Sept
July
July
Feb
July
Apr
60
Jan
32
July
Volume
143
Financial
Last
So Calif Edison Co_
Week
Sale
Par
of Prices
Low
High
Price
25
6% preferred
32 %
30%
27%
42%
45
Low
2,300
1,100
25%
27%
High
Jan
32%
33
29
36
Mar
*
21%
21%
400
26
Jan
28%
July
24
J&n
45
Sept
32
32
35%
Aug
14% May
47
36%
21%
300
100
13%
13%
13%
7,800
11
21%
2,100
20%
Aug
12 X
21%
12%
900
8%
8%
8%
7%
9%
1,300
6% preferred
Paraffine's com
17%
Cardinal Gold Mining
17%
200
17%
Jan
13%
90
89
90
*
35
35
Jan
Jan
63c
Feb
3c June
7 %c
Jan
1
1.05
1.05
1.10
1,600
1.00
Feb
1.45
lc
lc
3,000
lc
Jan
lc
Jan
42c
42c
2,000
31c
July
48c
Sept
3,000
6c
Oct
6c
Oct
Rainer Pulp & Paper B
Republic Petroleum
Roos Bros com
174%
3%
30%
3%
3%
6%
7%
12%
1
1
Corp of America
11
Radlo-Keith-Orpheum
7 X
15%
7%
73
....
Warner Bros Pictures Inc 5
St.
Louis
Stock
77
105
43%
70c
80c
3
3%
6%
171% 175%
3%
3%
30% 30%
3%
3%
3%
3%
6%
6%
7%
7%
12%
12%
11
10%
7%
7%
15%
15%
7%
7%
72
13%
180
100
400
460
170
29
Mar
7
4,166
10
S J Lt & Pow 7% pr preflOO
110
108% 110
20
10
Feb
Apr
Apr
Apr
14%
Aug
May
58%
300
13%
Exchange—See
73
45%
4%
2%
8%
43
45%
36
36
*
Spring Valley Water Co..*
Standard Oil Co of Calif..*
Tide Water Ass'd Oil
*
Feb
25
Feb
Universal Consol Oil
10
25
Waialua Agri...
Western Pipe & Steel Co. 10
Yellow Checker Cab A..50
420
Sept
Apr
13%
29%
8%
Feb
Sept
121
July
52
52
'
Jan
42
80
,
20
2,498
140
24
Oct
Apr
31
July
Jan
74%
45%
Aug
23% /Jan
2% May
1% May
Jan
6%
35
Aug
2% June
Jan
14%
/
'
1,427
101
38,540
1,678
Jan
11
Apr
20%
10
1,090
90
675
110
Sept
Jan
9
Mar
47%
4%
Feb
19
Feb
Feb
106%
14%
Mar
Feb
28%
25%
Sept
28
Jan
Jan
7%
50% June
Jan
26%
Jan
23%
Oct
5
2%
Aug
775
53
Feb
1%
14
15%
23%
1,900
1,450
.
Feb
110
Apr /
2,439
5
July
Jan
255
2%
8%
36%
3%
Feb
Apr
Sept
37
899
3%
19
17%
102% 103%
13%
13%
21%
21%
24
24%
13
12%
61
60%
37%
37%
103%
13%
21%
24%
12%
60%
37%
100
Union Oil Co of Calif
Union Sugar Co com
4%
19
com. *
1%
2
3%
*
6% preferred
Transamerica Corp
Apr
July
2195.
pago
70
Thomas-Allec Corp A
Apr
6
29%
73
B
July
15
29%
5
100
Sou Pac Golden Gate A..*
Aug
7%
16%
8%
72%
300
1,652
1%
Feb
91%
25
24
July
14%
200
200
13
23%
29%
1%
Signal Oil Gas
Apr
13
9% May
5% July
100
13
24
Soundview Pulp Co
Jan
500
13
*
Southern Pacific Co
Apr
7
*
100
com
Aug
24
Jan
23%
104%
108%
%
Oct
Feb
Apr
600
600
100
Jan
6%
250
Apr
Jan
3%
2%
5%
7%
1,000
4%
7%
29
Sept
30%
7%
3%
7%
85c
Jan
110
4
Apr
July
Sept
Aug
Apr
Sept
48%
July
Schleslnger&Sons(BF)com
Feb
97%
60c
4%
16%
80%
35
6%
28%
28%
Sept
Sept
Apr
107
Jan
2
650
110
180
May
3%
26%
100
73
13%
150
Sept
110
1
8%
July
1,537
760.
6
108
Jan
101%
38%
122
80c
Jan
68
10
43%
Preferred
Shell Union Oil
Commercial Solvents
Commonwealth & South'n.
Standard Brands Inc
United Corp (Del)
United States Steel
77
105
100
Preferred..
Unlisted—
Nor Amer Aviation Inc
Packard Motor Car Co
77
105
6%
Aug
lc
42c
Radio
540
100
17%
Oatman Rainbow Gold. 10c
Tom Reed Gold Mines.-.1
Curtiss-Wrlght Corp
152
270
500
5
142
Jan
23%
1,000
Corp
Jan
139%
July
Sept
July
26
119
216
24%
5%
22%
3c
Bendlx Aviation
Jan
100
150
3%
5%
22%
44c
American Tel & Tel...100
Baldwin Locomotive
370
137
150
,,,24%
150
*
58%
104%
4%
18%
Rights
Pig'n Whistle pref
*
Railway Eq & Rlty com..*
5%
*
3c
6c
1,173
High
Mar
t36
24%
136%
Preferred.
Apr
44c
6c
50
305
7
July
3c
6c
106
6%
43%
44c
Zenda Gold Mining Co.__l
Low
758
*
Feb
9%
July
22c
106
7
100
54
Phillips Petroleum
Sept
Mining—
Alaska-Juneau Gold....10
Blk Mammoth Cons M 10c
Calumet Gold Mines.-10c
106
Non-voting preferred.. *
Pacific Tel & Tel com.. 100
Feb
53%
Sahres
Mar
Jan
13
53
Ranae Since Jan. 1, 1936
for
Week
21%
14%
28%
Apr
21%
1
8 Range
of Prices
Low
High
28
*
..25
Universal Cons Oil Co._.10
Wellington Oil Co
Week
Price
Par
Pacific LIght'n Corp com.*
6% preferred
*
Pacific P S non-vot com..*
July
July
1,100
33
36
Union Oil of Calif
Stocks (Concluded)
20
33
*
Taylor Milling Corp
Transamerica Corp
Sales
Lost
Sale
Shares
28%
27%
45
Friday
Range Since Jan. 1, 1936
for
Week
32%
27%
25
100
Square D Co A pref
Standard Oil of Calif
Range
s
27%
...25
5%% preferred
Southern Pacific Co
2187
Sales
Friday
Stocks (Concluded!)
Chronicle
July
Feb
63
Aug
38%
56%
Sept
Aug
Members
Dean Witter & Co.
Municipal and
San Francisco
Chicago
Beverly Hills
Honolulu
Sacramento
Stockton
San
Board
Chicago
WIRES
Portland
Stock
Exchange
STRASSBURGER & CO.
San Francisco Curb Exchange
Stock
133
SAN
(Asso.)
Exchange
Coffee dk Sugar Ex.
Commodity Exchange, Inc.
Honolulu
Stock
Exchange
I
Taooma
Fresno
Francisco Stock
Last
Sale
Stocks—
Par
Alaska-Juneau Gold M..10
Anglo-Calif Natl Bk S F.20
Assoc Insur Fund Inc... 10
Atlas Imp Diesel Eng A..5
Bank of California N A. 100
Bishop Oil
Byron Jackson Co
*
Calamba Sugar com
Calaveras Cem Co oom
California Copper
Calif Cotton Mills
20
Price
192
5%
30%
27%
*
6
%
*
51
California Packing Corp..*
Calif Water Service preflOO
39
com
Caterpillar Tractor
*
Claude Neon Elec Prods..*
Clorox Chemical Co
*
Cst Cos G&E 6% 1st pf 100
Cons Chem Indust A
*
Creameries Ama.
Exchange
v
*
t c
*
Preferred A
42
104%
31%
109
11%
*
106
*
105%
Preferred B
Giorgio Fruit
10
63 preferred-w*-—.100
com
Eldorado Oil Works
*
for
San
Range Since Jan. 1 1936
13
69
22
785
30
%
30%
61
17
186
303
200
51
38% 39
104% 104%
•80%
81%
10%
10%
42
4,600
6
12
104% 106
104% 105%
13
14%
59
60
-
22
<•
July
7%
31%
32%
169
93
Oct
1,142
65
Jan
Oct
100% June
July
6
Apr
Apr
7%
91%
207
809
—
98
3%
32%
250
335
22
4,942
14
25
96%
34%
39%
96%
34%
39%
98
First Natl Corp Portland.*
Food Mach Corp conu__10
Foster & Kleiser com
10
34%
39%
278
4%
18%
4%
18%
L445
18
500
Apr
Apr
July
18
Sept
Sept
48%
37
37
37
226
37
Aug
14%
18%
14%
18%
3,209
2,370
1,441
10
July
14%
8%
14%
July
Jin
*
22%
12%
18%
9%
20%
5
38
38
43%
28%
43%
28%
30%
18%
3%
*
10
Honolulu Oil Corp Ltd...*
Honolulu Plantation....20
Hudson Motors
Hunt Bros A com..._._._*
Preferred
10
■88
3%
6
Hutchinson Sugar Plant. 15
20
25
Langendorf Utd Bak A...*
25
15%
S*
*
Leslie-Calif Salt Co
I*
1
Los Ang G&E pref
Magnavox Co Ltd
2%
Magnin (I) & Co
6% preferred
100
100
*
oom
Marchant Cai Mach
com
10
Market St Ry pr pref.. 100
Natl Automotive Fibres
*
Natomas Co
*
Nor Amer Invest com.. 100
North Amer Oil Cons
10
Oliver United Filters A
*
B
.2-".
-
Paaubau Sugar
...
*
22%
38%
43%
972
1,027
40
29
530
30%
18%
3%
800
6
10
1,090
175
21% June
6% Mar
Apr
16%
Jan
2% May
J&n
25%
5%
42%
Sept
Southern
25
52
Sept
5% % preferred
25
6% preferred..
25
Sou Cos Gas 6% pref
Son Pac Gold Gt 6 % pf. 100
3%
8%
9%
106% 107
4%
3%
21
23%
375
145
~
108
108
6,204
816
20
June
6%
105%
June
2
July
16
Jan
104%
19%
Aug
Jan
20
10%
11
1,520
32% Aug
10% June
18
18
18
10
27%
4,425
9
Aug
Jan
Jan
14
14
14
394
14
June
23%
7%
20%
8%
24
2.234
5,489
19
Aug
8
18
16%
17%
20%
21
25
20%
36%
31%
28%
20
11
100
32%
Pioneer Mill
1,440
355
29
Packard Motors
14
29
38
26
15%
12
18
36
18
36%
32%
29
50
605
1,443
945
5% Aug
Jan
12%
13% July
20% Sept
31
Feb
1,777
29%
Jan
756
26%
Jan
16
Aug
Jan
11%
Jan
116%
Jan
4%
Oct
23%
Oct
108% May
27% Sept
29% Sept
37% Mar
13
Jan
18% Sept
19% Mar
32%
Jan
14%
Jan
19% Sept
17% Sept
23
July
40% July
32% July
29% July
80c
12%
6%
1.00
1.05
300
"io%
Radio Corp (Del)
Richfield Oil pref
Feb
1.55
Apr
4.50
Jan
3.15
Jan
16%
6%
July
90c
Sept
2.95
Feb
11%
Sept
19
Feb
22c
Jan
75c
Feb
4.00
1.60
Jan
4.15
Sept
45c
4,355
37c
July
95c
29c
3,900
13c
Jan
35c
Feb
28%
49%
15
Apr
28%
50
21%
36%
Jan
50
Sept
Sept
7%
1,950
4.10
Jan
7%
27%
Jan
Jan
8%
10%
42%
July
400
250
30c
1,500
21c
Jan
54c
July
17%
12%
18%
270
Jan
13
390
18%
22%
Sept
July
45
20
8
3.00
3.45
13
5%
5%
5
52%
15%
12%
34%
10%
75c
52%
15%
12%
34%
10%
6%
8
2.50
150
2,946
Aug
3.45
10
5,169
Jan
Aug
14
3%
338
3.10
41
Feb
13
May
600
6%
155
27
1,363
10
40c
9
4.25
4.25
179
45
43%
Calif-Edison. .25
66
Superior Port Cement A
43
"13%
B
Apr
Aug
Jan
4.00
31
110
July
May
1,386
24%
Feb
25
436
25%
27%
Mar
50
106%
Sept
Feb
50
37
Jan
50
37
June
150
10% May
6%
5
52%
18
13%
35%
14%
Apr
Oct
Mar
Feb
May
Sept
Feb
Sept
Sept
Jan
2%
13%
Jan
28%
Aug
Aug
Mar
5.50
Apr
45
Sept
32% July
28%
106% Sept
66
44%
13%
Sept
Sept
Oct
Preferred
Sept
5%
Apr
25c
Jan
55c
Feb
71%
30
48%
Jan
6,170
3.10 June
4,264
13%
10% May
9% May
70%
6%
14%
14%
Apr
6%
12%
13%
17
14
*17""
Western Pacific RR pref.
c Cash
90c
25
1,600
5%
"6%
r._._5
5
100
36c
17
15
20
70
.....
West Coast Life Insur
90c
7%
33c
Warner Bros Pictures
sale—Not
Jan
d
Mar
Aug
7%
Victor Equipment.
rCash
Jan
50
Feb
90c
35c
United States Steel.......
value,
43
13% -13%
Texas Consol Oil
United Corp
US Petroleum
par
45
31% 32%
27% 27%
28%
28%
106% 106%
64% 66
Apr
68
Schumacher Wall Board—
Shasta Water
Apr
150
616
75c
June
43%
275
No
July
388
13
13
*
,
67
13
2
Oct
Mar
Sept
1.10 Apr
26% Apr
70
Aug
22% Apr
6% Sept
1,190
2,450
--
Riverside Cement A
2
Jan
^
9%
42
2,500
4,091
5
100
Sept
26%
28%
37%
10%
25
Preferred
Pacific Western
35%
840
6% 1st preferred.
Pacific Portland Cem-.100
2
Jan
2.233
2,400
5%% preferred
"5%
27
17
com
3.45
Pacific Eastern Corp
30% Sept
18% Sept
4% Aug
7% July
27% June
50c
80c
12%
5%
13
60
52
38
13
Pacific Clay Products
420
42
26%
28%
20
25%
15%
3
4
July
"18%
...
20
Pacific Coast Aggregates..
Oct
Jan
Petroleum—
35%
45
23%
i65
June
41%
Onomea Sugar
Sept
July
41%
108
42%
21%
27%
Apr
Sept
80c
96
Feb
45
l*
20
Olaa Sugar
Jan
Jan
6%
28c
Mountain City Copper
North Amer Aviation
Occidental
June
21
41%
Montgomery Ward
O'Connor Moffatt
4%
31
410
28%
48%
7%
7%
41%
Marine Bancorpor'n
2
72
85
344
28o
Sept
Oct
July
21%
6%
42c
37%
14%
18*/,
2.50
21%
6%
3.90
Oahu Sugar
Jan
905
41$
9%
106%
26
Jan
Jan
Jan
Jan
29c
July
Feb
65c
June
—
12%
1
23%
15%
35%
15
Pacific-Amer Fish
Pacific Can Co
Pacific Gas & Elec
6
10
52
Letrourneau
Lockheed Aircraft
20
Jan
17
45c
73
Aug
65c
59
3.90
Preferred
Aug
7%
1%
100
12%
M J & M & M Oil
75c
1.45
Jan
1,102
1,965
1
2
Feb
Jan
"21%
Jan
14%
Jan
7% Mar
14%
Oct
9% Apr
18% Aug
90% Sept
Feb
1.10
Klnner Air & Motor——1
Feb
Feb
Jan
20
Aug
69
50c
27
Oct
Jan
May
22%
48c
112
Feb
1.10
48c
Feb
Jan
Mar
3
150
1
May
Sept
Sept
69
Internatl Tel & Tel
Italo Petroleum
80c
20%
22
Internatl Cinema
Feb
179%
Jan
42c
155
T05
Oct
10
96
6%
41%
1
Apr
2
27
54%
90
24c
1.00
150
6%
41%
Holly Development-...1
Honokaa Sugar Co
20
Idaho-Maryland
1
97
38
2.15
2
10
195
72c
2.15
20
190
671
65c
20
Preferred
21
69
4
Holland Land Co
36
39
.....
B
Sept
Feb
*
Preferred
Sept
June
*
Island Pine Ltd com
106
106
Feb
63
65c
General Metals
Gt West Eleo-Chem
14%
30%
69
B common
Home F & M Ins Co
2
Mar
Sept
Sept
56
3%
*96"
Oct
30$
25$
12
1,100
2,200
2,718
1,235
1
Aug
47%
4%
210
4
12
June
77
7,070
47c
112
32%
3%
60
1.10
Curtiss-Wrlght Corp
Domlnquez Oil Fields—
Dumbarton Bridge
10
Aug
38
90
45c
1.05
Crown Will 2d pref
Feb
Aug
69
89%
45c
1.10
Cities Service
Sept
75
38
485
90
1
Sept
Oct
23%
Mar
High
Feb
Apr
150
370
12%
4%
14%
8%
16%
Columbia River Packers...
Jan
July
19
Calif-Ore Pow *27—,..100
Feb
6%
15%
10%
5%
14%
6%
18%
Central Eureka Mag
Cardinal Gold
16
34
39c
5c
351
16
Claude Neon Lights
106%
4,700
12%
4%
14%
8%
8%
Oct
43
80c
75c
Calif Art Tile A..
2
June
Jan
10
Gen Paint Corp A com
Hawaiian Pineapple
Feb
175
19
81%
Oct
100
2,500
26,201
/
180
33
Gladding McBean
Golden State Co Ltd
Hale Bros Stores Inc
2
10% Sept
Low
6c
12%
5
Bancamer lca-Blalr
Mar
Feb
22%
19%
com
Mar
1%
105
Range Since Jan. 1 1936
Shares
172% 175
75c
Atlas Corp
Feb
7
Aug
42
175
Ark Natl Gas A
43%
154
100
Argonaut Mining
51
170
6c
Anglo-Natl Corp.
July
Sept
45
29
Price
5
Amer Tel & Tel
Aug
5% Sept
Jan
15%
Jan
23%
Jan
4%
% Sept
Jan
35
Week
Amer Toll Bridge
Alaska United Gold
Jan
June
33
Galland Merc Laundry
24
203
Apr
June
25%
19%
General Motors
Sept
Sept
3%
for
of Prices
IjOW
High
Oct
30%
33
Preferred
Sept
44
150
Par
17%
23%
5%
Jan
25
107% 109
10
July
508
104% 104%
31% 31%
Sales
Week's Range
Sale
400
Fireman's Fund Indem..l0
Fireman's Fund Insur
25
Emporium Capwell Corp.*
Friday
High
386
42
6
13%
17
95
1,200
6,557
Exchange
Last
Low
1,665
2,809
22%
25%
19%
Emsco Derrick & Equip..5
Francisco Curb
Week
3,284
Exchange—Chicago
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
Shares
6
%
6
Crown Willamette pref
Di
104%
81%
10%
•
Crown Zellerbach
16%
17%
22%
23%
5%
5%
18%
22%
189% 192
5%
5%
29
31%
27% 27%
6
10
30
Calif Ink Co A
High
Curb
Direct Private Wire
Stocks—
17%
23%
5%
22%
100
com.
Week's Range
of Prices
Exchange—San Francisco Stock
Francisco
Board of Trade—New York Curb Exchange (Associate)
Sales
Low
(Since 1880)
Exchange—San
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
Friday
STREET
FRANCISCO
Members: New York Stock
New York
Seattle
MONTGOMERY
Trade
Exchange
of
New York Curb Ex.
New York Cotton
Los Angeles
Oakland
York
San Francisco Stock
Exchange
Corporation Bonds
PRIVATE LEASED
New York
New
5%
sale,
Included
In
e
60%
range
14
5%
330
35
20
5%
Jan
Oct
2.10 June
8%
5%
July
Oct
Sept
Feb
Jan
Oct
stook dividend paid Aug. 15, 1936.
for year,
x Ex-dlvldend.
y Ex rights,
c Listed,
t In default.
t Company In bankruptcy, receivership
or reorganisation.
Oct.
Financial Chronicle
2188
1936
3,
Canadian Markets
LISTED AND UNLISTED
Provincial and
Province
5s
Jan
l 1948
f6 4
4%8
Oct.
1 1956
/ 62
,
Province of Ontario—
5s
July
4%s
15 1954
Week
96
5s
93
4s
June
Jan
116
15 1965
99
118
15 1943
1 1959
1 1962
4 Ms—
June
for
of Prices
Low
High
112% 113
98
1 1941
Week's Range
Sale
1 1942
91%
Aug
Last
3 1937
5s..—.—.Oct
Province of Manitoba—
4%s
101%
5%s_—Jan
94
1 1953
Friday
64
Sept
May
Province of Quebec—
4 Ms
Mar
2
119
122
Stocks (Concluded!)
Par
Price
100
102 M
117
Carnation Co pref
Cockshutt
7%
.*
Consolidated Bakeries
4 Ms
--.Apr
Apr
4%s
115% 116%
15 1960
15 1961
111
U2% 113%
109
109%
Consolidated Smelters. .25
114
115
Cosmos
.June
15 1943
85
88
Distillers-Seagrams
Nov
15 1946
85
88
Dominion Coal
1 1951
82
85
Dominion Steel & Coal B 25
Dominion Stores...
*
10
*
17 M
*
112
5s
5 Ms
112
15 1952
Mar
1 I960
5s. j
113
1950
1 1958
Feb
4Mb———Oct
Consumers
59 %
46 M
25%
95
12,255
18M
17
17 %
150
4,020
14 M
7
10 M
18 '
3%
3%
73
25
*
19%
19M
18
20
*
24 %
23
24 M
A
&
New York
Bid
Co •, Inc.
Feb
18
50
Aug
7,310
13 %
Jan
11,286
1m
July
June
3
Bid
50
56
56
56
234
53 M
Mar
59
Mar
Saddlery
*
Saddlery pref.100
1
1
18
16
Ask
1 1954
..July
108 M
1 1960
5s——Deo
4Mb
103 %
105%
100
103"
*
*
~65%
Loblaw Groc A—
*
21M
*
20
Bonds
Bid
Ask
Ask
Canadian Northern Ry—
116
116%
July
6Ms—
1 1946
.
116%
115%
118%
120%
120%
30 M
14M
112
115%
4s—
Jan
1 1962
109
119%
3s
Jan
1 1962
101M 102 M
121
June
101
45
22,094
43 M
May
1.25
450
40c
Jan
6M
Jan
21M
Sept
385
11
Jan
66
140
65
Jan
37 M
70
July
852
18 %
17 %
Jan
21M
Sept
Mar
Jan
20%
3M
Oct
2%
21M
20M
3%
6
10
Apr
10
1,144
6,851
3,615
3,138
29 M
.
440
5
31
14
14%
103 M 105
'"4lk"
60c
Last
Sale
Preferred..
Price
*
2%
100
19 M
Bathurst Power A
*
B
23
15%
*
2
90%
Jan
42 M
146
Jan
180
Sept
Sept
175
Jan
250
Sept
165
60c
25
30
Apr
5M
23 M
"H%
33 %
30M
June
130
June
140
Sept
July
20
Mar
25,123
3,369
2%
10
100
Blue Ribbon pref__
50
Brantford Cordage pref.25
Brazilian
*
Brewers & Distillers
*
151
20
85
9% June
104
10
3
49,
2%
150
5,320
3%
10%
14%
95
151
16
80c
93
Jan
1% June
6
Oct
Oct
Jan
39
Jan
15%
Oct
3%
60
19
70
16 %
75
5%
Aug
10
6
Jan
26
July
79
Jan
95
Feb
5%
20
92 M
355
5M
2,850
23 M
105
5
23 M
5
5
15M
30%
30 M
17%
33%
31
15%
look
100
1,314
1,815
19
Jan
55
28%
15
50
93
100%
10 M
Jan
Sept
3%
Jan
141
Apr
151
Sept
27
Jan
33
June
25% June
28
Sept
16
26%
58
12%
16
85C
78,806
2,730
2.00
1.90
2%
1,766
11%
11%
12%
764
9%
80c
Jan
Sept
80
313
57
180
49 M
32%
48%
9%
72%
43%
33
48% Sept
9% Sept
50
Burt (F N)„
Canada Bread..
A
preferred
25
6M
"~8%
87 %
26
*
*
Canada Steamships pf.100
Canada Wire & Cable A—♦
7M
B
*
*
47%
Mar
Apr
6%
10
75
Jan
6
Jan
Jan
88
Sept
26
26
20
Mar
27
Aug
90
May
90
2
5
7%
8
395
40
70
19
49%
4%
8
*
25
.....
25%
2%
515
May
Oct
65
13%
Apr
May
19M
98
«%
Sept
Sept
107
Jan
Sept
Sept
170
Sf
June
4M Mar
2M Sept
4% Sept
51M
Jan
58
62
159
183
149
Jan
170 :—Feb
199
7
190
Jan
222%
Feb
201
200
203
36
July
221
Feb
199
200
126
Apr
213
Feb
280"
280
284
51
271
Jan
300
Feb
180
178
180
51
164
Jan
182
Feb
225
225
10
220
July
235
Mar
135
163
57 M
m
130
135
50
102
102
197 M
182 M
58% Sept
82
130
Sept
160
Feb
120
70
July
90
Mar
19
196
Apr
214
Sept
73
102
Oct
119
July
130
107 M
83
71
Toronto Stock
Oct
74M
70%
83
75
Sept
95
Feb
Exchange—Curb Section
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
Sales
Sept
Friday
3.25
Feb
Last
Week's Range
for
15
Feb
Sale
of Prices
Week
40
Sept
Par
Stocks—
May
5%
Feb
Bissell pref
Jan
103%
Sept
Bruck Silk
56
570
5,155
25
•
36
155
Toronto General Trusts 100
4
120
6%
2
320
4,565
10M
197
Ontario Loan
July
6%
25
Apr
3%
58
Price
Biltmore Hats Ltd
200
24
*
4%
206
Feb
46%
12%
655
Mar
Low
High
Range Since Jan. 1,1936
Shares
Low
High
Sept
45%
11%
Oct
Feb
65
206
19
20%
5%
Feb
4%
19
145
206
57
445
140
Jan
July
Loan and Trust-
Feb
2,050
5%
12 %
20%
Sept
14 %
42%
2%
3%
Canada Permanent
100
Huron & Erie
...100
National Trust
100
9
9%
140
100
Aug
6% June
16
Jan
..100
Montreal
40
8
46
1.25
Aug
June
9
158
Imperial
5
9
19%
80
m
199
50
75
7%
20 %
6M
103
315
101
Sept
58
23%
106
100
Dominion...
Sept
Sept
June
90
4%
9%
25
Cndn Industrial Alcohol A*
B
B
Jan
4%
226
103
Canadian
Canadian Wineries
37 %
4,210
49%
Canadian Canners 1st pref
Canadian Wallpaper A
50
557
88
19
Canadian Canners
Canadian Oi Ipref
Canadian Pacific Ry
200
1,215
86
40
Canadian Bakeries pref.100
Preferred
Canadian Dredge
5%
6%
100% 101
7%
8%
2
*
Canada North Power...
Canada Packers.
Canada Steamships.
2nd preferred
Car
43
Aug
Apr
90
100
100
Canada Cement
Preferred
72%
43 M
6%
May
9% June
Jan
...100
Commerce
Mar
Jan
28% May
100
4
Sept
Sepi
102
Apr
2%
100
135
9%
Sept
Sept
Banks—
Canada
Toronto
271
50c
Oct
61M
May
3%
Zimmerknit.
Feb
32%
Burry Biscuit new
Preferred..
3
7%
13M
69%
Jan
.
Mar
23
47%
Jan
Jan
6%
2 M
26 %
17 %
63
18%
19M
103% 104%
101%
1,229
7,414
2%
100
31
*
128
3,581
1,646
2
[...
A
Royal
22%
Building Products A
50
115
2
*
Jan
31M
47 %
Jan
100
Winnipeg Electric..
1.40
22 M
16%
19M
(Geo) common..*
8
59
61
.100
*
5,381
18%
9M
*
Nova Scotia...
*
1% Aug
11% Sept
3%
39
19
Oct
Brit Col Power A
-
16
41%
com
100
British American Oil
Preferred
4%
com
New preferred
25
3
106
7%
Preferred
»
4%
18%
27%
Brewing Corp of Canada-
Aug
Sept
Jan
13%
12M
4%
42%
19
10 M
Sept
Sept
Sept
Sept
69 %
61M
11M
June
17
15
12%
15
31
15
61
M
Oct
33%
Aug
94
68
12
Feb
Aug
61%
16
18 M
70
"69"
Gas............
Jan
5M Sept
532
*
3
Apr
6M
27
June
...25
105
Aug
4
100
105
6M
25
91M
Sterling Coal
100
Tip Top Tailors....
*
Tip Top pref
...100
Twin City..
*
7M
Oct
70
14 M
12
90
Jan
3%
21% June
4% Sept
Jan
11%
60
100% 10k
14
*
200
>
Sept
15
107
150
31%
28
80c
6%
276
31%
"26 M
2%
20%
Jan
2% Sept
19
Sept
12
Sept
3% Aug
23
3%
3
Jan
15%
22
104
1.25
July
Aug
133
12
Westons
Feb
Jan
6
445
15
Western Can Flour
High
Low
1.00
45
39
7
91
*
(Hiram)
Jan
Feb
25
20
*
Walker
Feb
20
41M.
5M
Western Can Flour pf__10G
2%
100
*
Week
Shares
20%
10
Beauharnois
Bell Telephone
High
14%
*
Beatty Brothers
Preferred
of Prices
Low
Range Since Jan. 1. 1936
for
2%
*
100
Week's Range
nn
July
19
...
Union
Oct
Mar
105
Jan
85
27 M
Oct
Jan
133
133
Preferred
.100
National ^ewer Pipe A
*
Ontario Equitable. —.100
United Steel
Sale*
Friday
Jan
12%
40
97
480
250
41M
6M
60c
.....
Aug
Sept
30
41M
175% 178
*
3%
28
Oct
7M
155
40 M
250
2
1,590
85
178
1.00
Preferred....
Exchange
Feb
986
Steel of Canada
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
2.25
37 M
85
Standard Chemical
Toronto Stock
Feb
62M Sept
21
250
—
Apr
61M
100
Orange Crush 1st pref.. 100
Page-Hersey__
...»
Pantepeo Oil
1
Photo Engravers
*
Potrero Sugar
5
Power Corp
*
121
Oct
14H
105 H
103M
.100
*
16
13% May
4%
5
103 M
Muirheads
Oct
15%
155
'14
19M
National Grocers.......
Grand Trunk Paoiflo Ry—
117
Sept
Sept
4M June
6
July
65 M
21%
3%
8M
*
B
June
18
32
100
Moore Corp common
A__
4
60
May
20
20
..100
National Breweries
129
118% 119%
1.20
Maple Leaf Milling
*
Maple Leaf Milling pf.100
Massey-Harris com.....
.
Jan
Mar
12 %
1.10
*
Monarch Knitting pref. 100
Sept
59 M
*
M cColl-Frontenac.
Feb
12
845
Q$U
103
61
*
Feb
30
May
2%
50
374
,15%
11
3
Jan
6M
750
<-13 M
com
Preferred
13
17
11
16
—5
B
4
60
16%
15%
B
1 1946
Sept
330
1H
4
Lake of the Woods.—
Laura Secord
4Mb
13
19,842
Oct
1
53
12
60
4
"l7"
*
Imperial Tobacco
75
18
9M
11%
*
*
Simpsons Ltd pref
6% preferred
Jan
Sept
B
Alberta Grain
Feb
90
Saguenay Power
Simpsons A
Abitlbi
5M
Feb
Sept
Jan
Riverside Silk A...
Root Petroleum
Par
28 %
64 M
4%
Pressed Metals
Stocks—
21%
20
430
Internatl Nickel
Dominion Government Guaranteed
1970
23
55
200
Preferred
1
Sept
5
Hunts A
116% 117
Feb
Oct
4
84
Ham Utd Theatres pref 100
Hinde & Dauch
*
Canadian Pacific Ry—
95%
95%
debentures.
111%
6s———Sept 15 1942 /110
101% 102
4Mb
Deo
15 1944
4s perpetual
5s
18
Apr
Aug
83
Gypsum
/
Harding Carpets
Ask
Canadian Pacific Ry—
1 1969
Mar
5
Gt West
Railway Bonds
Oct
Feb
May
1%
10 %
83
Kelvlnator
5s—
11%
8
10
*
Internatl Utilities B
5s
Jan
Aug
Feb
8
*
IntI Milling pref
4Mb
4mb
4%s
4Mb
34 M
18 H
General Steel Wares
Private wires to Toronto and Montreal
National Ry—
Sept
1 1951
June 15 1955
.Feb
1 1956
July
1 1957
July
1 1969
Sept
Sept
27 M Sept
June
56
755
21%
*
Apr
Apr
May
4M May
14
Oct
2,410
25
*
Jan
19
Goodyear Tire
Gundy
Canadian
205M
23%
Ford
14 Wall St.
1 1944
60 M
Jan
46 M
Great West
Ju'y
May
Apr
17 M
30
9%
Feb
51
370
6%
Oct
8M
189
27 M
"23 %
*
25
Aug
77
204
27
Famous Players.
Bonds
5%
15%
102%
1,705
1,089
2,878
203
100
pref
Preferred
5s
59 %
58%
June
101
204
100
Fanny Farmer..
Canadian
Wood,
High
Low
475
27
Gas
Crow's Nest..
119% 120%
19
18
4 Ms
May
1 1961
Prov of Saskatchewan—
4s
Province of Nova Scotia—
4%S—— Sept
101% 102 M
6M
7%
19
*
Easy Washing
English Electric A.
100 % 101%
99
100%
2 1959
..Dec
5s
Range Since Jan. 1,1936
Sabres
...
109
Eastern Steel Products
5s
Prov of New Brunswick—
Sales
A si
101
6s
12 1949
Oct
Bid
67
Prov of British Columbia—
Exchange
Toronto Stock
Municipal Issues
Ask
Bid
of Alberta—
88%
5
June
8%
Feb
Apr
10
13% May
37%
Jan
22
Sept
Sept
50
June
5%
12%
Feb
_
*
*
Canada Bud
Canada
*
Malting
Canadian Marconi..
6%
Sept
5
July
11
Jan
Corrugated Box pref.
123
Jan
140
Sept
Crown Dominion Oil.
10%
25
24
25
24%
325
2
Jan
Sept
Sept
Sept
15%
26
Aug
26
Aug
3%
FeD
_
...1
8%
«
33
105
130
1.60
34%
35
910
21
65
24%
25
365
1.60
80
'
1.60
80%
43
25
80
2
2
2
40
9%
8
10
1,790
Dominion
*
Bridge
8%
8
.100
DeHaviland
No par value.
5
35
7%
30
*
.
_
♦
*
40
49
20%
25
Canadian Wire Box A.
50
10,141
8%
35
*
Canada Vinegars
95
Feb
8
49
35
49
47
/ Flat price.
46
47%
875
Feb
49
Oct
July
50
Mar
7H
Sept
16%
Mar
6%
Mar
10% June
30% May
19% May
27 %
21
26% June
1.50
77
1%
2
34%
Jan
Sept
Apr
Aug
35
2%
90
2%
Jan
10
Apr
47%
Feb
Jan
Feb
Jan
Jan
Sept
Sept
Volume
143
Financial
Chronicle
2189
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange—Curb Section
Last
Par
Dom Tar & Chemical
*
Preferred
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
10 X
95
"OX
Int Metal Indust
56
Jan
490
4
May
6H
Jan
20
30
Jan
45 H
Sept
14H
Mar
OX
31X
32
21
21H
14,131
SX
8
8X
535
45
13%
*
Int Metal Indust pref..100
International Petroleum. -*
70
13X
10
125
65
70
35
35 H
7%
Oct
Standard Paving
Preferred
*
Super Petrol
22
~38~~
*
*
18 H
July
886
1.15
Jan
11
Jan
3H
22
.
38
37%
5
4
June
Feb
Oct
Feb
125
30
Jan
41
Aug
43
10
32
Jan
43
Oct
100
Preferred
110
*
com
Jan
63
Oct
Mai
.1
110X
IX
44
110
Sept
114
100
1
Aug
5
45
110
May
119
31
121
20
Apr
1.90
1.90
100
1%
1.25
1.25
100
95c
112
30X
*
30X
*
Waterloo Mfg
32
114
IX
Toronto Elevators pref. 100
United Fuel pref
100
Walkervllle Brew
335
"l~25
Toronto Stock
Sept
Sept
Feb
Last
Sale
Stocks—
Par
Acme Gas <fc Oil
Price
10c
10Mc
Too
Aldermac Mines Ltd
Alexandria Gold
1
Algoma Mining
Anglo Huronlan
*
Argosy Gold Mines
*
1.50
Arntfield
1
1.00
Ashley Gold
1
Astorla-Rouyn
1
9%o June
4c May
18%c
40c June
70c
Feb
1.02
45,450
18,900
85,080
1,470
2,880
1.07
Sept
Aug
May
Aug
Sept
4c
7Hc
10c
6.50
1.49
1.52
95c
4Hc
1.00
1.28
1.44
10,800
16,054
95,100
35,000
33,400
29,100
7,475
46,872
7,150
55,630
2,940
2,500
8,255
24,300
19,140
4,950
5,802
22,175
1.85
1.89
930
1.33
1.40
8Hc
5c
7Hc
7%c
5Xc
Barry-Hollinger
10c
7c
7Hc
5Hc
8c
6c
*
33c
30c
34c
Beattle Gold Mines
*
1.35
1.30
1.40
Bldgooe Kirk
Big Missouri
1
1.45
1.37
1.54
Bobjo Mines
1
50c
28c
51c
24c
1
30c
*
8.70
8.25
8.80
B R X Gold Mines.
50c
13Hc
12c
13Hc
Buffalo Ankerite...
..1
9.25
8.10
9.50
*
4c
4c
4Hc
Hill
*
13c
12c
14c
Calgary & Edmonton
*
1.35
1.25
1.40
Calmont Oils
1
15c
15c
15c
Canadian-M alartlc
1.32
*
.
Cariboo Gold
1
"
95c
1 He
Sept
Feb
880 May
Jan
10c
3Ho
Jan
12Hc
4.10
Jan
7.50
1.00
Apr
1.75
65o
Apr
1.20
6H0 May
Jan
2Ho
Jan
5HC
3Ho Mar
31c
7%c
ll%c
Aug
July
42c
Sept
1.84
Feb
2.00
Sept
50c
Sept
76c
Apr
36 He
5.55
Jan
8.80
Oct
9c
Jan
Jan
2o
Jan
Oct
13c May
6c
Jan
73c
Jan
1.60 June
5c
Jan
18c June
95 Ho
Mar
1.50
1.15
Jan
2.10
Feb
Oct
Aug
14,925
1.24
Jan
1.69
Jan
4.05
3.95
4.20
20,225
2.41
Mar
4.95
40c
36c
4Cc
27,728
2,200
11,915
33c
Aug
59c
July
July
85c
Sept
1.60
Feb
Sept
2.46
~i~92
*
Clericy Consolidated
*
Commonweath Petroleum *
Coniagas
Cons Chibougamau
1
*
1.65
July
7c
24,400
5H
5H
6,900
4H
Jan
10%
3.10
"
1*90
1.68
1.25
Dominion Explorers
1
Eastern Malartic Gold M.1
Eldorado
1
6c
6c
*
Dark water Mines Ltd
Dome Mines
1.95
3.35
675
2.80
Jan
4.25 June
1.83
1.92
5,250
23,310
1.80
Jan
2 75
5X
5
Conlaurum
1.65
56
1.35
1.10
56
7c
-97c
6
He
75c
1.28
1.76
1.36
56 X
7c
25,650
1,123
3o
Jan
1.22 May
1.20 Sept
42
14c May
Feb
Apr
2.18 May
1.40
Sept
Jan
61H
June
6,000
4HC
Jan
9Ho
Sept
97c 115,385
530
July
97c
Oct
.
1.42
82c
69,167
8,916
20,900
1.31 145,555
Aug
1.47
Sept
Falconbrldge
*
10.25
9.60
10.25
6.90
Jan
Federal-Kirkland
10%
Sept
1
0%c
5%c
6Hc
3o
Jan
10C
Feb
2.22
Aug
_
Francoeur Gold Mines Ltd.
Glenora Gold
God
s
1.30
33 He
90c
*
j
30c
90c
94c
34c
1
Lake
Goldale
1.06
30c
35c
35c
12c
18c
9c
Graham-Bousquet.
1
16Hc
15c
1
30c
30c
33c
8c
8Hc
......
Granada Gold
Grandoro
Greene Stabell
Grull Wlhksne
8c
*
...I.Il
Gunnar Gold
Halcrow-Swayze
58c
..1
15c
....1
1.06
56c
13c
95c
.....1
4c
4c
1
2.16
2.42
Hard Rock
Harker Gold
l
17c
Hollinger Consolidated...5
13Hc
Homestead Oil
33c
16c
62c
15c
1.09
39c
54c
54c
57c
1.10
1.08
1.25
57c
55c
58c
Feb
8,750
13,862
3Hc
Jan
24c
5,400
84,450
6H0
Jan
21C
Mar
8c
Feb
16c
75c
Jan
1.20
May
7,400
52,540
17c May
8,795
49,600
57,892
Aug
40c June
15c
1
86c
M acLeod-Cockshutt
1
*
29c
Jan
30c
Jan
41c May
55
Aug
51H0
Jan
5c
Jan
70c
Aug
12c
Jan
2Hc
5.70
3.12
80 He
1.75
88
60c
47c
July
1.38 May
Mar
Mar
15C
Aug
Aug
7.75
Feb
Jan
4.90 June
5.05 May
Jan
2H0 May
19c
July
1.15
Sept
30c
Aug
1.78 June
2.50
Sept
Feb
Sept
2.60
2.45
2.68
33,300
1.11
Apr
2.75
Minto Gold
Sept
*
33c
30c
33c
7,700
7 Ho
Jan
1.00
Mar
1
69c
54c
60c
237,600
6Hc
Jan
1.12
Sept
54c June
80c
Feb
1
6c
5HC
Jan
8 He
Sept
*
3Hc
3Hc
4c
99,350
21,600
Ho
Newbec Mines
2c
Jan
5Hc
July
New Golden Rose
1
1.19
1.12
1.22
2,875
1.00
July
1.40
Aug
Nipissing..
2.40
2.45
6,440
5,725
2,350
2.30
July
3.05
Jan
44 He
Jan
66c
Jan
63o May
64 He
53c
63Hc 65Hc
51c
55c
96 He
Jan
Sept
1.75
22,505
1.85
July
4.75
32,280
2.87
Jan
6.10
Sept
4c
4Hc
7,540
3Hc
Mar
8H0
Feb
I*
_
65c
65c
67c
41,210
18Hc
Jan
75c
Aug
17c
15c
18c
15c
Sept
38 He
Feb
5.40
34,500
10,060
3.00
Jan
5.40
34c 397,300
6c
Jan
34c
Sept
Sept
Sept
*
5.30
5.15
Hill
27c
24Hc
1
2.00
2.00
2.09
Sylvanlte Gold
Tashota Goldfields..
1
3.10
3.00
3.20
1
28c
28c
32c
*
5.95
5.75
5.95
*
1.76
1.58
1.76
Toburn Gold
II
Exploration. 1
3.85
3.10
4.45
87c
80c
88c
*
2.35
2.25
2.40
1.00
20,950
Gold
T exas-Canadian
...
Waite-Amulet
*
1.70
Consolidated.50c
Eagle
*
10c
1.65
1.72
2.50
Mar
3.50
Jan
4.30
Mar
7,780
1.45
Sept
2.50
61,814
1.20
Jan
4.45
Oct
20c
Jan
1.17
Aug
27,305
1.60
Jan
2.50
Feb
July
68c May
6.70
July
Apr
Jan
1.85
9c
Aug
20Hc
Feb
3c
Jan
6c
Sept
3c
Jan
8.00
17,070
7.55
Mar
9.00
Feb
45c
40,700
38c
Mar
71c
Jan
6Hc
_*
7.80
7.75
*
45c
41c
Toronto Stock
Mar
28C
1.00
4Hc
7Hc
Ymir Yankee Girl
83c
2.25
26,625
22,123
13,250
17,925
7,318
31,800
3Hc
6Hc
3Hc
Jan
24,600
15,000
9Hc 10Hc
1
Wiltsey-Coghlan
Wright-Hargreaves
Sept
10c June
Exchange—Mining Curb Section
See
Page 2195
Montreal Stock
Sept. 26
to Oct.
Exchange
2, both inclusive, compiled from official sales lists
Friday
Sales
Last
Week's Range
for
Sale
Stocks—
Par
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1936
Shares
Low
High
Acme Glove Works Ltd—
6H%
preferred
100
Agnew-Surpass Shoe pref.*
Alberta Pac Grain A
Associated
100
Breweries
100
Assoc Tel & Teleg pref
*
Bathurst Pow & Paper A. *
Bawlf (N) Grain
*
Bawlf N Grain pref
Bell Telephone
""23H
110
Silk Mills
100
9H
July
15
Jan
110
110
10
104
May
110
Feb
25
34
Jan
55
July
4.50
16
23
7
26
24
149H 151
16
12%
31%
32H
3%
4H
8
8%
47M 48
120
88%
1
203
17 H
""8%
*
Preferred 7%
Jan
10
9H
Mar
120
7%
8%
85% ,S8H
7
7
25%
26H
1.75
~~7%
2.00
7%
39%
107
Cndn Canners conv pref..*
Rights
38H
Sept
100
Canadian Celanese
Sept
1.00
*
Canadian Car & Foundry. *
Preferred
25
21H
10 H
8
*
210
385
31%
4%
9X
20%
27%
130%
20%
21X
Class B
*
25
*
25
new
Crown Cork & Seal Co
7%
9%
19X
20%
128
20%
.21%
100
*
Dist Corp Seagrams
Dominion Bridge
*
Dominion Coal pref
100
Dominion Glass
100
Dominion Steel & Coal B 25
"0%
Dominion Textile
*
72
Dryden Paper
*
9%
21%
Electrolux Corp
1
•
English Electric A
Foundation Co of Can...*
General Steel Wares
__*
*
Gypsum Lime & Alabast.*
Hamilton Bridge
*
Hamilton Bridge pref..100
'22%
5X
Gurd, Charles
11X
0%
Tsx
*
Howard Smith Paper
Preferred
101
Woods
Preferred
100
100
*
McColl-Frontenac Oil
*
♦No par value.
Feb
16
Jan
Jan
48
120
Sept
Sept
6,761
6
May
758
58
Jan
75
3
June
458
22 H
185
1.25
40
4,785
27%
15H
Feb
41
Apr
31
Jan
102H May
5% June
5%
13
25 H
Apr
May
36
.....
4%
Feb
108H
July
iV*
Sept
22
Sept
July
May
31 H
Mav
130 H
Oct
18
Feb
21%
July
10
22
Aug
May
15
345
1,335
2,49
705
97
30
105
Jan
Jan
34
Mar
Apr
48
Jan
12 H
Feb
11H
Jan
0% July
5% June
10 %
Jan
5%
51
Aug
May
50
15
Mar
3,110
3,437
1,080
Apr
34 %
32
Jan
49
14H
Apr
18H
130
106
420
5,770
Jan
23H
1,771
6,130
Feb
26
18H
4%
60
15H
Feb
9%
Feb
00 X
18
Sept
Sept
Jan
Oct
Aug
115
Feb
May
8
Feb
July
79
10
Oct
28 H
Feb
Jan
25
110
10H
18^
23
5H
5%
Jan
24
23
Jan
Sept
4,445
13
Mar
4,100
3
June
5%
Jan
100
5
Aug
8H
Mar
5% June
11%
Sept
11%
0%
43H
14H
9,190
14%
10,620
120
4
Oct
May
0%
Jan
75
25 H
Jan
45 H
Sept
3,645
13.60
Mar
17 H
Jan
9H
June
14%
Mar
133
2,345
11,928
60
88
Apr
119
Mar
13 H
Mar
14H
Mar
43H
May
02%
8ept
Sept
27
Jan
4
96
3
July
6
Feb
93
95
157
57
Jan
95
36
36H
850
33
Jan
30%
Sept
Sept
32H 38
162H 165
5
14
July
112
235
100
3.25
305
22%
13
Feb
Jan
21%
13H
Sept
7
Apr
0% June
4H May
Jan
19%
5%
9%
5%
Oct
8%
88X
615
324
4
Oct
Sept
4,420
3%
83H
30%
*
Massey-Harris
Feb
5%
33
72
50
Lake of the
37 H
120
10
50
.....
*
Lindsay (C W)
16
Jan
1
8
60
*
545
Jan
3H May
7
July
9%
28
285
70
01%
Jamaica Public Ser Ltd
325
545
1,031
Int Nickel of Canada
100
47,393
28
14
61H
.
Sept
2,395
13%
International Power
151
21
98
International Power pf.100
Mar
36
14
Intl Paper & Pow pref.
141
108
14%
98H
*
Jan
535
290
Imperial Tobacco of Can.5
100
38
40
109H no
5%
7
43
5
Hollinger Gold Mines
Sept
350
130H
20%
21%
Jan
20
8
7%
9%
Feb
90
25
*
Jan
23H
11,825
48
Canadian Steamship.
*
Canada Steamship pref. 100
Canadian Bronze
*
Mar
6
2.00
151
*
June
107
15H
100
Preferred
110
Jan
July
51
*
Can Forgings class A
Can North Power Corp
Sept
2
1.16
100
Canada Cement
94
100
5
14H
*
Building Products A
Calgary Power
11
10
51
24
*
2
2.00
100
B
22
94
107H
"15%
100
Brazilian Tr, Lt&Pr
*
British Col Power Corp A. *
107
2
10
Preferred
Bruck
94
107
*
Preferred
Sept
28 He
2.50
*
*
Jan
1.60
17H
29HC
Jan
56c
1.15 June
4.40
49
3.50 June
5Hc
5Ho
3.45
750
Aug
Apr
Jan
1
_
Anthony Gold
Sudbury Basin
Sudbury Contact
White
3.25
1.68
St.
Wayside
Jan
4.40
25%
Feb
5
5,000
17
12c
Noranda
93c 96 He
46
50c
Northern Canada Mining
93c
23H
200
6HC
53,070
17H
Moneta-Porcupine
Murphy Mines
95c
49
Mar
3,000
17,900
89c
23%
Sept
12c
69c
89c
Aug
July
94c May
2.50
62 c
1 60
17
Jan
69c
13,630
July
12
4Hc
1.00
12c
•
1.84
...
Mar
Feb
98,800
13,108
37,368
1.73
50c
55 Ho
2.00
..1
Feb
1.77
*
Shawkey Gold
Sheep Creek
Sherritt-Gordon
Canadian Pacific Ry
24c
M orris-Kir kland
39HC
Con Min & Smelt
*
*
Aug
26^c Sept
26Hc
...
Cocksliutt Plow
5
Mining Corp
Sept
76o
Sept
15c
1.30
Sept
1.46
Mar
July
42 c
20c 21 He
2.55
Mar
May
July
1.15
24c
Jan
1.00
6 He
26c
7 He
45c4
50c
37,000
81c
6c
1
1
23c
61,425
1.46
19c 24Hc 113,400
110
26HC 26HC
17 H
Jan
46c
2.18
1.35
Jan
July
23Hc
May Spiers Gold Mines...
Mclntyre Porcupine
5
1.99
1.35
20Hc
Jan
2.24
16 He
2.06
*
...
Mar
Mar
4.75
12 He
July
7o
1.22
4.35
16c
4.35
11c
39,220
4.50
4.40
__*
Jan
13 H
1.82
4.20
1.44
0%
5%
12%
7X
59%
17%
1.66
I..1
4.30
7,725
0%
5%
11%
0%
57%
lOHc June
3.63 July
Aug
6.30
3.94
29H
Sept
7Hc
5.90
Mar
3.65
3.71
45
30c
6He
5.90
1.40
1
28
60o
6Hc
*
Sept
43
49 %
l
65c
44H
OH
5%
12%
7%
59%
Aug
1.00
19c 24 He
2,400
~29~~
Sept
80c
21c
Oct
70c
Candn Hydro-Elec pref 100
Candn Industrial Alcohol.*
37c
87c
2.25
1.75
65c
Cndn Foreign Investment *
30%
20c
Mar
2.00
32,940
1.300
21c
1.75
Canadian Cottons pref. 100
5,547
17Hc
17c
1.45
1.75
Aug
52c
55HC 56Hc
1.29
*
Sept
41H
81
1.40
Prospectors Airways
Quebec Gold
Canadian Converters ..100
39%
56c
80
*
Sept
July
July
1.22
1
M c Vlttie-Graham
26Ho
6Hc
1
Mentor Explor
Merland Oil
Jan
1.70
1
McWatters Gold
6c
July
14,292
9,125
23,010
11,300
4,297
91,250
28,700
106,786
24,500
10,925
8,345
45,005
137,500
7,600
52,350
81
McKenzie Red Lake
McMillan Gold
June
40 X
Kirkland-Lake
Laguna Gold Mines
Manitoba & Eastern
Maple Leaf Mines
Jan
48c
Jan
J M Consolidated
Kirk Hudson Bay
Macassa Mines
1.45
Jan
Jan
80c
Lava Cap Gold
Lebel Oro
40c
Mar
2c
71c
Lee Gold Mines
Little Long Lac
Aug
75c
37c
75c
Lamaque-Contact
30c
4Hc
11,700
Howey Gold
Lake Shore Mines
Sept
2.90 104,825
18c
53,800
4HC
13Hc 14Hc
27c
95c
26,360
1
Sept
3.56
Preferred
116,025
25,180
48,450
Goodfish Mining...
1.10
Jan
Mar
3.80
25 He
9.50
*
75c
Sept
Aug
1
75c
1.03
1.80
Jan
13c
.1
*
14,200
27,935
July
1.37
18o
Feb
1.10
10c June
14c June
1.20 June
Central
Chemical Research
Chromium Mining
Aug
Feb
Central-Patricia
Porcupine
Mar
Oct
1*33
Castle Trethewey
3.95
7.25
4Hc
7.60
3.45
Ventures
800
Base Metals
Bunker
High
70,400
57,750
6.15
Bagamac Rouyn
Buffalo Canadian.
Low
10c
4 He
10,942
8,895
1.25 May
1.96 Sept
July
1.03
Towagamac
40c
9%c
Bralorne Mines
Range Since Jan. 1, 1936
8c
95c
2c
Sullivan Consolidated
40c
8Xc
1
_
for
4,000
Teck-Hughes
Shares
High
2Hc
3.11
Stadacona-Rouyn
Week
of Prices
*
Afton Gold.
Ajax Oil & C.as_
Week's Range
Low
Jan
1.08
Feb
Sales
5.20 June
Jan
1.12
3.26
Mar
Exchange—Mining Section
Mar
Sept
50c
1
2%
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
Friday
27,385
1.15 194,210
1.76
12,950
Premier Gold
Preston (new)
Powell-Rouyn Gold M._
3%
*
40c
3.35
3.65
6.80
Siscoe Gold
South Tiblemont
Feb
Sept
July
15o May
85o June
7.80
July
34 H
7.00
Aug
7.55
Royalite Oil
San Antonio
38
63
Jan
6c
6.40
Roche-Long Lac
43
34c
7.70
Aug
Oct
18o
6.50
July
4%
High
Sept
1
27
62
43
Pickle Crow
Read Authier..
Red Lake-Gold Shore..
Reno Gold
24
-
*
com
Tamblyn
Thayers
1,684
1,892
24
2%
3%
100
Suoer Petroleum ord
7%
6H
20 X
*
Pioneer Gold
Sept
1.25
Pamour-Porcuplne
Aug
Aug
2.50
480
15,400
19,030
62c
2Hc
90
10
2X
56,460
7c
6c.
2Hc
Aug
75
6.15
Peterson-Cobalt
Sept
21
2
5.25
6Hc
56c
Sept
Sept
75
17
75
2
5.95
*
Olga Oil & Gas New
Omega Gold
1.70
56
75
lie
1.74
34 %
21
*
24,300
__1
O'Brien Gold
14c
3.35
June
100
7H
72
Low
11c
99c
June
May
10
1,184
1,354
24
10
Range Since Jan. 1, 1930
Shares
14c
3.45
30 %
13
55
34
Northern Gold
1.09
35
55
32
Price
Perron Gold
Jan
33 %
Week
Paymaster Consolidated.
Aug
21
for
of Prices
Low
High
Apr
24 H
Jan
4
Par
Week's Range
Feb
35
Jan
30
"55"
Roger Majestic Corp Ltd..
Shawinlgan
*
Apr
Aug
Sept
33
*
Ontario Sllknit pref
Prarle Cities Oil
100
120
National Steel Car
...100
12H
28
20 %
Oct
10%
3,505
Montreal Lt Ht & Pow Con
Langleys pref
Stocks (Concluded!)
330
21X
*
High
Jan
43
*
Imperial Oil
Low
4
43
Sales
Last
Sale
1,367
96
5%
Range Since Jan. 1, 1936
Shares
10H
100
Humberstone
Friday
Week
Price
Hamilton Bridge
...»
Hamilton Bridge pref..100
Howard Smith
*
Toronto Stock Exchange—Mining Section
Sales
Friday
4%
1X4
13%
5
50
Jan
38
Oct
16
123
Jan
165
Sept
50
2
May
3,861
4%
1,405
14H
2,868
16H
5%
Sept
Aug
12%
7%
Jan
Jan
17%
Feb
2190
Financial
Chronicle
Oct. 3,
1936
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Last
Par
Montreal Cottons
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1936
Preferred
Low
10
26
Stocks (Concluded)
High
Cartier-Malartic G
M Ltd 1
25c
Castle-Trethewey M Ltd.l
Central Manitoba M Ltd. 1
Cons Chin Gold Fields... 1
1.31
97
10
86
Jan
100
Feb
10,418
30
May
34
Jan
Apr
Apr
60
Jan
100
National Breweries
*
Preferred
40
104
41
2,460
25
Nat l Steel Car Corp
Niagara Wire new
*
25
ll"
Preferred
*
,21
Oct
3534
5
56
Jan
64*
3,967
223
31
199*
101
67
Jan
4434
*
100
10
"l9*
60
30,200
1,390
52c
July
91c
6.90
Jan
10.75
Francoeur Gold Mines Ltd*
1.30
1.08
1.32
37,850
10c
July
2.24
Aug
Sept
Greene Stabell Mines Ltd.l
60c
57c 61*c
17,700
23c
Jan
93c
64
Sept
J-M Consol G M Ltd
1
55c
54c
57c
14,450
28 *c
Jan
81c
Aug
Aug
MX
56*
56*
Sept
Lake Shore Mines Ltd._.l
Mar
Lamaque Contact G M__*
17c
17c
20c
1,255
6,000
6c
Jan
46 *C
July
Aug
22c
19c
23c
1,200
13c
Jan
29c
Mar
110
Jan
Lebel Oro Mines Ltd
Lee Gold Mines Ltd
1
Feb
101*
1
6*c
6*c
7c
20,000
3c
Apr
14c
203
39*
Sept
46*
Jan
1.24
Apr
2.70
Sept
95c
Aug
2.05
Mar
57
Jan
115
Jan
12534
11%
Jan
Jan
21
16
300
4* May
Feb
12%
Sept
18%
14*
~49%
97
Jan
10034
Aug
1.50 May
8
Jan
40
Shawlnlgan W A Power..*
24
6,543
15,166
Sherwln Williams of Can.*
20
421
Jan
16
Preferred
100
Simpsons pref
100
Jan
20%
18%
July
May
10
114
100
75
May
Southern Can Power
*
12
931
11
June
Steel Co of Canada
*
69*
320
57
Jan
25
61
135
49 %
Jan
Tuckett Tobacco pref.. 100
Viau Biscuit
..___*
157
85
150
Jan
50
1
Aug
Aug
Preferred
June
Feb
Feb
18X
July
104
May
101* Aug
4
Sept
Oct
16*
60
Sept
Oct
49*
Oct
24*
21
Sept
1.00
1.05
O'Brien Gold Mines Ltd—1
5.95
5.50
6.15
Pamour Porcupine M Ltd*
Parkhill Gold Mines Ltd.. 1
3.50
3.40
3.60
4,050
Perron Gold Mines Ltd...1
Pickle Crow G M Ltd
1
1.75
Pioneer Gold Mines of B Cl
7.65
Quebeo Gold Mining Corpl
Read-Authler Mine Ltd—1
3~75
Shawkey
29c
27c4
1.12
Jan
1.95
Sept
6.75
525
3.95
Mar
7.55
July
7.50
7.65
175
7.40
Aug
1.160
65c
2,000
65c
Sept
3.75
3.90
5.925
1.43
Jan
2.88
42 *c
83c
Mar
4.30
1
90c
89c
94c
1
4.45
4.35
4.70
1
1.15
1.08
1.18
Sullivan Cons Mines Ltd.l
1.99
1.93
2.05
5.75
6/.00
90c
80c
78c
80c
2.31
2.39
7.95
18
6734
*
7.75
2,300
1,300
7,000
2,940
8.00
5*c
*
Jan
1.40 May
4.40
July
July
1.16
Mar
5.00
1.30
2.47
July
Sept
Sept
Sept
Mar
6.65
July
1.50
Aug
24c May
1.00
Jan
1.10 122.860
10c 10*c
Sept
37 *c May
750
97c
46*c
Mar
82c
1.15
Aug
23,472
6.00
Wrlght-Hargreaves
July
18c June
15,900
7,615
42,700
Feb
May
2.50
7.65
Feb
21c
Feb
Mar
8.90
Feb
Jan
ll*c
9*c June
1.15 May
Sept
Unlisted Mines—
Mar
4%
66
Mar
*
Jan
Canada
50
Canadienne
58*
100
158"
Montreal
100
199*
Nova Scotia
100
Royal
100
,r
65
5834
51 %
137
100
Commerce
58
140
31
160
68
Jan
133
154
148
Jan
5834 June
Aug
141*
170
Arno Mines.
*
5*c
500
Cndn Malartic Gold
Central Patricia Gold
1
1.33
1.30
1.40
1,900
98c
Mar
1.42
Feb
1
4.10
4.00
4.10
700
2.43
Mar
4.75
Duparquet Mining
100
Banks—
1
5c
5c
/ July
5*c
4c June
10*0
Jan
Eldorado Gold Mines
1
1.38
1.30
1.40
27,600
4,035
80c
Aug
1.45
Howey Gold Mines
1
75*c 75*c
500
25c
Feb
93c
Sept
Sept
177"
197
184
Apr
May
214
Feb
282
100
271
Jan
300
Feb
Klrkland Lake Gold Min.l
Macassa Mines Ltd
1
176
178
63
164
Jan
181
Feb
San Antonio Gd M Ltd—.1
Stadaconna-Rouyn Mines
Canadian Government
INCORPORATED
ESTABLISHED
255 St. James
Sale
Stocks—
Par
Price
100
2,500
1.81
200
1.64
3.40
Jan
""1*66
Aug
1.62
1.69
1.00
Jan
1.90
July
65*c
65c
68c
3,675
24,845
18*c
Jan
77c
3.05
3.05
200
2.38
Mar
3.55
Aug
July
Oct
Oct
Abltibi Pow & Paper Co„ *
pref
2*
Belding-Cortic
cum
66
4%
3*
preflOO
"~23"
Brit Amer Oil Co Ltd
Brit Col Packers
(new)
*
Can Nor Pow Ltd pref. 100
Canada Vinegars Ltd...
21
Dredge & Dock Ltd.
*
Can Int Invest Trust Ltd. *
46
2
Week's Range
of Prices
High
Low
*
~~6*
100
37*
Vickers Ltd
Cum pref
104"
2*
David & Frere Ltee A
Dominion Eng Works
Dominion Stores Ltd
*
2*
*
43*
*
Dom Tar A Chemical Ltd *
Dom TarAChem cm
96*
.
for
Range Since Jan. 1, 1936
10*
10
Low
High
70
3,246
4
4*
3*
618
135* 135*
22*
23*
70
200
2*
1,603
'
110
13
11134
Sept
5*
3*
16
145
Sept
27*
275
13
112*
21
20
46
46
65
27 34
49
2
2
56
145
4.00
10
65
37*
8*
371
12
500
1,545
5*
38
35
Aug
Jan
July
Donnaconna Paper A
Donnaconna Paper B
Ford Motor of Can A
150
3.00
75c
25
1.35
2*
40
9*
8*
234
25
4
43*
200
43
Price Bros Co Ltd
10*
10*
685
12
Foreign Pow Sec Corp Ltd*
80
80
100
2*
19
20*
1,527
20*
95*
Apr
35
34*
35
5
21*
21
35*
35
9
Reliance Grain Co Ltd...*
Sarnia Bridge Co Ltd B. *
Sou Can Pao Ltd
pref.. 100
3
8*
2
9*
91*
101*
65
41*
18*
58
300
17
150
20
1634c 17*c
1,295
15c
Sept
5
96*
Jan
30*
190
Beaufor Gold..
l
50c
Big Missouri Mines Corp.l
49*c
10,120
1,455
65
—*
26*
26*
27
Western Can Flour M Ltd*
Weston Ltd
*
—9*
Oct
♦
No par value.
Apr
39*
Feb
Oct
13*
Apr
—9*
19*
Sept
CANADIAN
Government
SECURITIES
Municipal
•
•
New York
Bell Tel Co of Can 58.1955
115* 116
Feb
Brit Col Power
5*s__ 1960
106
107
Mar 1 1960
104
105
3
10
10*
2
1,185
10
Apr
2*
Aug
13*
5*
Feb
5.
Apr
10*
Oct
Industrial and Public
2
Abltibi P A Pap ctfs 6s '53
Alberta Pac Grain 6s
1946
/50*
BeaubornoisLHAP
5*s *73
47
5s
2
Apr
Burns A Co
10
9
Jan
9*
Aug
Sept
94*
Feb
Canada Bread 6s
97*
94
Calgary Power Co 5s__ 1960
79
Apr
5*s-3*s.l948
72
50*
96
47%
Canada Cement Co
5*s '47
108
Sept
95
-
_
Sept
_
104* 105
101* 103
6*
5*
70
4
June
7
Sept
5
35
4*
Aug
10
Jan
Can Lt A Pow Co 5s..1949
3*
25
1.50
Jan
Sept
Canadian Vickers Co 6s '47
103
136
70c
26
39
1,300
20
2.00
910
41*
18*
700
18*
325
98
Jan
103
97*
July
Cedar Rapids M A P 5s '53
113
Apr
950
Mar
28*
July
Consol Pap Corp 5*s_1961
Dominion Coal 5s
1940
f55%
Apr
1.75
Sept
3*
Feb
26*
17*
Apr
41*
Sept
50c
20
July
19
Feb
Dom Gas A Elec
Donnaconna
3
s
6*8.1945
9c
96c
1.02
50c
4,230
5c
July
81c
Apr
1956...
91*
77*
Fraser Co 6s
Jan
1
1950
4,950
95c
Sept
1.06
Sept
Gatineau Power 5s
28,300
30c
Mar
59c
Sept
General Steelwares 6s. 1952
3,700
50c
Aug
75c
Jan
2,000
1,000
10c
July
40c
Jan
11c
Jan
22c
Mar
28*
Gt Lakes Pap Co 1st 6s *50
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
224
27*
40c
22,600
35o
Sept
Sept
37
48c
Jan
Aug
113*
56
«...
91*
78*
98
80
1949
55c
37c
98*
Paper Co—
49*0 52c
13c
95*
105
6*s
6*8
1956
_
„
100* 101*
105* 106
/54*
88
87*
88
76
77
89
90
107* 108*
44
44*
105
Montreal L H & P ($50
par
value) 3s
56
103
84
Feb
1 1942
/8 3
Feb
1 1947
113* 114*
1939
50
50*
Montreal Tramway 5s 1941
New Brunswick Pr 5s. 1937
102*
Northwestern Pow 6s. 1960
Certificates of deposit
Nova Scotia LAP 5s. 1958
75*
75*
103
Ottawa Lt Ht A Pr 5s. 1957
Ottawa Traction 5*s. 1955
101
103
Ottawa Valley Pow 5*s '70
68
72
Power Corp of Can 4*s'59
6s
Deo
1 1957
Provincial Pap Ltd 5*s '47
99* 100*
Quebeo Power 5s
82
103*
Ask
87
Montreal Island Pr 5*8 '67
—
4
Bid
6s.. 1947
McColl Frontenac OH 6s *49
Minn & Ont Paper 68.1945
74
109
Canadian Inter Pap 6s '49
Can North Power 58—1953
Utility Bonds
MacLaren-Que Pr 5*s '61
Manitoba Power 5*8.1951
Maple Leaf Milling—
2*8 to '38—5*8 to '49
Massey-Harris Co
98*
1941
104
3*
HAnover 2-6363
Ask
102
Beauharnols Pr Corp 5s '73
_.
145
9*
93
•
Bell System Tele. NY 1-208
Feb
June
Corporation
Royal Securities Corporation
30 Broad Street
May
50c
•
Private wire connection between New York, Montreal and Toronto
2.50
4
9
Oct
/ Flat price.
14*
525
Sept
Sept
26*
Jan
1,675
9*
Mar
10*
65
—8*
Jan
1.25
40
May
20
Aug
25
Sept
2% May
155
Apr
9
Aug
17*c Sept
Jan
104*
—225
24*
39*
35*
Aug
9*
8,345
1,113
Aug
Jan
18
Jan
22
1
65
21*
Aug
19*
21*
20*
33*
June
14*
19
Feb
8*
Sept
28
39c
Oct
19*
Feb
13*c 1334c
Dredging Ltd 5
1
9*
Mar
1.90
103
30*
10*
.100
12c
Braall Gold & Diamond Ml
B R X Gold Mines Ltd.50c
Oct
28*
28*
10*
103
4
8c
1.02
45
65
30*
Eastern Dairies 6s
l
July
21*
10
1
Bousquet Cad
17c
103
East Kootenay Pow 7s 1942
Aldermac
18*
16*
Feb
*
Afton Mines Ltd
698
21*
100
70c
Walker-Gooderh & Worts *
11
24*
23
4
26
1.90
11*
Jan
24*
102
102
Walkervllle Brewery Ltd.-*
Apr
2*
*
3*
United Distillers of
Can..*
4*
11
101
6*
"5%
Jan
Feb
1,595
11*
7*
4
United Securities Ltd. .100
Walker-Good A Worts pf.*
1.00
9
Rogers-Majestic Ltd A...*
7
18*
15,141
7*
Rid
Power of Can cum
pref. 100
Quebec Tel A Pow A
Feb
Feb
60c
J art
10*
1.46
19*
95
7*
Page-Hereey Tubes Ltd..*
Feb
35
2
*
10*
16*
90
"l6*
15*
Apr
Sept
Apr
57,614
*
19*
19*
90
*
7
15c
25
18*
7
30*
200
40c
18*
"is*
1.75
165
35c
100
*
*
B
Mar
Sept
57
12,022
1,565
Voting trust ctfs
Home Oil Co Ltd...
Mitchell A Co (Robt) Ltd *
Mtl Ref & Stor
voting tr__*
Voting preferred
*
4%
18*
61*
11
25
724
*
"l~20
Aug
525
375
Apr
Oct
Oct
Fraser Cos Ltd
*
Jan
2.00
60
Oct
1
1.40
12*
64
Jan
Mar
Inter Util Corp class B
Melchers Dlst Ltd A
Oct
Oct
16
*
70c
60*
100
Preferred
Feb
*
15
*
104
355
1.85
Feb
8
Corp cl A
Feb
100
80c
11*
60*
*
Royalite Oil Ltd
Feb
75c
pflOO
Int Petroleum Co Ltd
Inter Utlls
106
104
70c
2.00
McColl-Fronten Oil preflOO
Sept
1.00
Sept
*
Oct
Oct
104
10
McLaren Paper
May
9*
Imperial OH Ltd
19
Sept
8%
99*
Hydro-Electric Secur Corp*
Jan
11*
60*
Massey-Harris Ltd pref 100
Mar
8
20
2*
20*
6*
Sept
500
cum
6* June
556
Mar
15
6*
Apr
Jan
15
21
4%
34*
8*
Feb
Jan
4,875
Kootenay P
1.30 May
4,281
*
General Steel Wares pf 100
Int Paints (Can) Ltd pref30
Week
Shares
97
pf 100
43,137
19
*
Preferred..
1.00
75c
2*
20*
75c
Consol Bakeries of Can...*
Consolidated Paper Ltd..*
12
Catelli Food Products B__*
Catelli Food Prod pref A.30
City Gas A Elec Corp Ltd*
Commerlcal Alcohols Ltd *
61*
56
Cumulative preferred 100
July
Sales
12
"no"
93o May
5.00
14
19*
Loblaw Groceterias Ltd A*
Asbestos Corp voting tr__*
Bathurst Pr A Paper cl B.*
Beauharnois Power Corp. *
43 *c May
3.18
Jan
14*
100
Canada A Dominion Sug.*
Canada Malting Co Ltd..*
Claude Neon Gen Ad Ltd. *
2, both inclusive, compiled from official sales lists
Last
57c
4.45
1.81
1
Brewing Corp of Can
Industrial Bonds
330 Bay St., Tiriati
Friday
55c
4.25
Brew A Distillers of Van-
Montreal Curb Market
to Oct.
57c
4.25
Cert of dep 6% pref. 100
Atlantic Sug Ref pref. .100
Public Utility and
St., Montreal
Sparks St, Ottawa
Apr
Unlisted .Stocks—
Cum 6%
Municipal
1883
*
Sylvanite Gold Ltd
HANSON BROS
2c
Feb
199* 200
281
Sherritt-Gordon Mines... 1
Bulolo Gold
1,200
"lOc
50
Mines—
26,100
1.76
Slscoe Gold Mines Ltd
Ventures Ltd
10
5.00 June
34c
1.68
Sladen Mai
Wayside Con G M Ltd_50c
25
Jan
Sept
64*0
Aug
3*
Sept
7.00 July
6.40
Aug
155
Woods Mfg pref
East
35c
3.40
Aug
&
61*
157
2
Canadian
1.10
1
Montague
Aug
10
Can
2.63
60c May
55*c Sept
1,250
1,600
27,070
69*
178
Sept. 26
2.60
Teck-Hughes G M Ltd
1
Thompson Cad
1
Towagmac Explor Co Ltd 1
Mar
*
56
41
40*
Jan
14
*
100
Mclntyre-Porcupine M..5
Mining Corp of Can Ltd..*
Sept
12734
9334
Winnipeg Electric
75c
55
,
Sept
634
Windsor Hotel
Preferred.
Sept
Sept
101%
48
51
Jan
240
170
16 *
43
Jan
955
A preferred
50
St Lawrence Flour MtUslOO
St Lawrence Paper pref .100
56*
Feb
88
Jan
18,428
14,740
2.30 May
61
June
97c
21
42
Apr
56*
5,510
4
1.77
10.00
5
*
July
1.10
11,285
1.50
Sept
76c
6
Saguenay Power pref
St Lawrence Corp
Jan
58c
9.75
June
90
1.69
Jan
97c
65
100
Jan
10.00
17
Rolland Paper pref
1.27
18*c
1.31
*
21
25
100
1,000
1.31
87.550
1
Quebec Power
*
31c
2534c 25* c
1*67
High
Jan
27c
Dome Mines Ltd
Power Corp of Canada...*
Regent Knitting.,.
Preferred...
Low
2c
22c
Falconbrldge Nickel M__*
15
100
Range Since Jan. 1, 1936
for
Week
Sahres
High
East Malartic
40
*
Preferred
July
July
100
Pen mans
June
29
Ottawa Lt, Ht A Pr
Preferred
100
Jan
45
44
May
Oglivle Flour Mills
Ottawa Traction
103
Jan
Mar
85
39
39*
13
*
Noranda Mines Ltd
55*
9,702
1,251
35
Low
Price
Jan
34
~91~
of Prices
35
__100
40
Par
Week's Range
Jan
Montreal LH&Pr Cons.*
Montreal Telegraph
Montreal Tramways
Sales
Last
Sale
Shares
100
Market
Friday
for
Sale
Stocks (Concluded)
Week's Range
Curb
Montreal
Sales
Friday
1968
Saguenay Power 4*s. 1966
Shawlnlgan WAP 4*^ '67
Simpsons Ltd 6s
1949
Smith H Pa Mills
88
103
90
-
--
108* 109*
105*
102* 104
105
105*
102* 103*
105
105*
108* 110
5*s *53
108
Southern Can Pow 6s. 1955
Steel of Canada Ltd 6s '40
112
United Grain Grow 5s. 1948
United Secure Ltd 5*8 *62
Wlnnlpge Elec 6s.Oct 2 '64
108*
105* 106
96
98
85*
88*
86*
89*
Volume
Financial
143
Quotations
Bid
a334s
a334s
o33^s
a334a
a334s
03^8
July
116 34 11734
116 34 11734
11634 11734
o6s
109
Nov
1 1954
108
109
1 1960
107 34 108 34
15 1976
10834 10734
Mar
a4a
048
Nov
o4s
May 1 195f
o4s
May 1 1977
a4a
Oct
109
10s
July 1 1975
May 1 1957
11334 11434
11334 11434
11334 11434
113
11334
11334 11434
...
1 1958
1 1980
--
043^8 Sept 1 1960
043is Mar 1 1962
043^8 Mar 1 1964
.
Par
b 2.40
less
1
b 2.50
less
1
1981
105
115
Empire
496
503
Fulton
250
265
69
71
Guaranty
357
362
118
117
10
Bank of
120
119
Bankers
Bronx
Slcilly
County
War
Highway
6s Jan A Mar 1946 to *71 6 2.80
Highway Imp 434s Sept '63
Canal Imp 434® Jan 1964..
Can A Imp High 434s 1965
U954 12054
Colonial Trust
122
Continental
122
123
Corn Exch Bk A Tr
20
Title Guarantee A Tr. -20
1934
Underwritere
67
United States
.100
53
142
145
1134
2-1034
90
80
2035
100 1985
Chicago Bank Stocks
Ask
Bid
Par
Trust
230
148
291
440
33 1-3
835
100
11534
Barge CT
Ask
286
420
152
Continental Illinois Bank A
Barge C T 4s Jan *42 to '46
Bid
100
Northern Trust Co
210
100
Trust
Par
Harris Trust A Savings. 100
First National..
American National Bank A
Bonus—
--
...
117
434s Jan 1 1945
-
Hartford Insurance Stocks
Authority Bonds
Ask
Bid
Ask
BOUGHT
—
SOLD
QUOTED
—
Bayonne Bridge 4s series C
Gen A ref 2d
ser
10634
Gen A ref 3d
ser
354s '65
334s '76
107
T...JAJ 3 106
Inland Terminal 434s ser D
1939-53
10634
10434 105
1937-1941
MAS 50.75
1942-1960.,.
George Washington Bridge
ser
16
1834
Bank A Tr. 10
Ask
12834
10734 108
434s
..25
10154 10134
...
Gen A ref 4s Mar 1 1975.
MAS 109
Holland Tunnel
1937-50-JAD 60.25%
B
14
51
Preferred
66
25
121
52
50
New York
12654
Port of New York
ser
Manufacturers..
67
90
Sept 1958 to '67
—
Port of New York—
4s
136
65
82
Canal Imp 4s JAJ'60 to '67
133
Bid
133
55
53
Lawyers
Clinton Trust.
50
1750
1700
Kings County
Chemical Bank A Trust. 10
--
•
13534
13534
123
17
16
Irving
934
118
20
Central Hanover
Improvement—
4s Mar A
834
7
11934 12034
434s April 1940 to 1949. 61.90
Canal A Highway—
12
10
20
100
Brooklyn
2734
2634
11934 12034
Jan 25 1937
World
Ask
Bid
Itallana.100
Bid
3s
Par
Banca Comm
Bk of New York A Tr..lOO
11734 11834
11734 11834
11834 11934
Ask
3s 1974
Companies
Ask
11634 11734
11634 11754
New York State Bonds
Bid
Bid
116 34 11734
043^8 Apr 1 1966
o4Ms Apr 15 1972
a4 34a June 1 1974
o43is Feb 15 1976
a43*s Jan
1 1977
0434s Nov 15 1978
o434s Mar 11981
o434s May 1 A Nov 1 1957
04343 Mar 1 1963
a4348 June 1 1965
o433s July 1 1967
o434s Dec 15 1971
0434s Dec 1 1979
108
Ask
Bid
10134 105
1 1975
Jan
New York Trust
City Bonds
Ask
May 1 1954
2191
Over-the-Counter Securities—Friday Oct. 2
on
New York
Chronicle
B 1940-53.MAN
11234
434s
ser
110
York Stock Exchange
Members New
E
1937-1941
MAS 50.50
MAS 11334
6
to 1.80
1942-1960
11334"
PUTNAM & CO.*
to2.25%
114 34
Tel.
CENTRAL ROW
HARTFORD
A. T. T. Teletype
5-0151
Hartford 35
—
United States Insular Bonds
Phillippine Government—
Bid
4s 1946
Ask
Bid
100
434s Oct
434s July
Honolulu 5s
107
U S Panama 3s June 11961
106
.
10134
106
1959
1952
107
April
1955
10134 10334
5s
Feb
1952
109
534s Aug
1941.
4348 Oct 1956
3.00
11834
3.75
3.50
3.25
3.00
113
Conversion 3s 1947
11334
11334 114
Bid
1013t6 10154
3s 1956 opt 1946.
JAJ
3s 1956 opt 1946.. ..MAN
10134 1015,6
101 vg 1015,6
334s 1955 opt 1945...MAN
10254 103
11034 11034
103 J4 10434
_
4s 1946 opt 1944.. ...JAJ
48
1957 opt 1937....MAN.
1958 opt 1938
MAN
4349 1957 opt 1937...JAJ
434s 1957 opt. 1937..MAN
434s 1958 opt 1938—MAN
10434
Ask
10534
10134 10134
10234 1023$
107
10734
Home Fire Security
10
3434
434
Aetna Life.
10
3034
3234
Homestead
10
20
25
86
88
Importers A Exporters...5
6
2434
2534
Ins Co of North Amer__10
73
34
37
Knickerbocker
1434
Agricultural
-10
—
6
Fire
__5
-.10
Lincoln Fire
5
American of Newark
-234
1334
1434
Maryland Casualty
1
Re-insurance. 10
7634
Mass Bonding A Ins..1234
Merch Fire Assur com.234
11
14
American Reserve
10
28
79 34
29 34
American Surety
25
61
63
Meroh A Mfrs Fire New'k5
10
3334
3534
National Casualty
10
National Fire
......10
American
Automobile
Baltimore Amer
Bankers
A
8
-234
Shippers.
9
9634 10034
..25
_
618
,
Carolina.
628
23 34
New Amsterdam Cas
New Brunswick Fire
-.10
2534
2534
3634
2734
2734
3834
Continental Casualty. —5
Bought—Sold—Quoted
3034
32 34
.234
434
534
Eagle Fire
44
Employers Re-Insurance 10
Excess
r€<nn/t^nn^ Pfnc.
.2
20
2134
—
City of New York
MUNICIPAL BONDS
National Liberty...
National Union Fire
5
Connecticut Gen Life- -.10
JOINT STOCK LAND BANK BONDS & STOCKS
5
634
44
Federal
121
Fidelity A Dep of Md. ..20
.
46
New
2
10
Hampshire Fire
10
New Jersey
New York Fire
20
2
Northern
12.50
North River
8
Northwestern
2.50
St.. Chicago
Joint Stock
Bid
Atlanta 5s
State 0540
Land
9934 10034
Atlantic 5s
100
Burlington 5s.
96
California 58..
99
124 34
Mary land-Virginia 5s...
80
First Carollnas 5s
First of Fort Wayne 5s
First of Montgomery 5s...
85
9734
22
3634
2634
99
100
Ohio-Pennsylvania 5s...
Oregon-Washington 58——
98
99
/57
100
101
100
100
85
87
Pacific Coast of Los Ang 5s
Pac Coast of 8alt Lake 5s_.
91
93
Pac Coast of San Fran 5s._
100
97
First Trust of Chicago 5s
Fletcher 5s
98
Pennsylvania 5s
«
Phoenix 5s
100
Potomac 5s
/36
San Antonio 5s_.
Greensboro 5s
78
100
100
108
Southwest 5s
72
Illinois Midwest 5s
Illinois of Montlcello 5s.
Iowa of Sioux City 434s...
76
78
Southern Minnesota 5a
/2334
97
99
Tennessee 5s
Kentucky of Lexington.—
100
97
94
Joint Stock
«
-
*
Union of Detroit 5s
,98
100
Virginia-Carolina 5s
Virginian 5s
-
96
Land
Par
Bid
10
-
-10
22
30
20
Seaboard Surety
Security New Haven
10
31
33
52 34
10
3634
3834
7134
2734
75 34
Southern Fire
10
24
26
2834
Springfield Fire A Mar..25
130
133
11
Stuyvesant
2334
2434
Sun Life Assurance
100
460
490
20
27 34
Travelers...
100
508
518
8
_
3434
3634
U S
10
25
26 34
US Fire
7134
73 34
80
U S Guarantee
-10
77
Bid
9734
2434
«
-
~
9834
Bid
Par
Lincoln
2
4
10
Westchester lire
2.50
North Carolina
13
18
Potomac
27
36
54
20
24
Potomac
100
65
70
San Antonio
47
54
100
3
6
Virginia
20c
50c
1
3
Virginia-Carolina
45
55
4934
7734
5134
Bid
Ask
Bid
FIG
1936 b .35%
F I C
b .35%
b .40%
I I a1 tia
•
t
1
•
134a—Feb
134a—Mar
1348—Apr
C 134a...July
F I C
F I
1937
15 1937
15 1937
15 1937
15
FIC 134a... Sept 15
6734
61
3334
3534
b .45%
b .45%
b
.45%
b
.45%
1937 5.65%
4234
44 34
46
3534
80
(all
1953
Potomac Cons Deb
1953
4034
4034
4234
4234
4034
4234
2-6s
1953
Potomac
Maryland Deben¬
ture Corp 2-6s
1953
80
Potomac
(Central Funding series)
Nat Cons Bd Corp 2-5s '53
Z3334
4034
35 34
76
Realty
42 34
Realty
Bond A
Bank of Manhattan Co. 10
33
35
Bank of Yorktown._66 2 3
Bensonhurst National..60
Chase
13.55
58
65
50
48
'fif
1953
1
1
a
I
•
1
1
•
•
1
1
Par
Am DIst Teleg (N J) com. •
100
Bid
130
Ask
Par
New York Mutual Tel. 100
133
As*
Bank..1—_ 100
95
100
25
30
1434
1634
^
12934 133
N'west Bell Tel pf
14834 15134
Pac A Atl Telegraph
121
125
89
91
Peninsular Telephone com*
Preferred A
100
Cuban Telep 7 % pref.
100
46
50
Emp A Bay State Tel.. 100
100
Roch Telep $6.50 1st
So A Atl Telegraph
Franklin Telegraph
44
49
Gen Tel Allied
99 H 100 H
Sou New Engl Telep
100
S'western BellTel pref. 100
.
Corp $6 pf.
63
10
1134
Int Ocean Telegraph
-.1234
42
44
Exchange
Peoples National
10
50
64
192
198
Public National
25
50
52
Lincoln Tel A Telegraph.*
Mtn States Tel A Tel. .100
117
Commercial National.. 100
Fifth Avenue
930
1005
Sterling Nat Bank A Tr.25
35
36 34
First National of N Y..100 2115
New England Tel A Tel 100
12734 130
2155
Trade Bank
32
40
Flatbush National
100
100
60
1234
100
10334
144
34
Kings boro National
•
...
43
3534
3734
Telephone and Telegraph Stocks
1
Penn
50
41
•
1
National Bronx Bank...50
Merchants
w
1
National Safety Bank. 1234
-
—
42 34
Ask
Clncin A Sub Bell Telep. 50
Bid
fe
4034
Mortgage
deb 2-6s
Unified Deben Corp 5s '55
Bell Telep of Pa pref.. 100
Par
7034
Atlantic
Debenture Corp 2-6s '53
Bell Telep of Canada.. 100
As*
77
Corp—
3734
Nat Bondholders part ctfs
New York Bank Stocks,
Bid
Ask
51
Potomac Deb Corp 2-6s '53
Potomac Franklin Deb Co
Contl InvDeb Corp 2-6s'53
Preferred
2434
58
1954
Corp
2-6s
Federal Intermediate Credit Bank Debentures
1936 b .30%
Bond
Issues) 2-6s
1953
Mortgage Bond Co of Md
Inc 2-5s
1953
100
..100
5534
1954
Series B 2-5s
56
Associated Mtge Cos Inc—
Nat Deben Corp 2-6s_1953
City (National)
2334
734
Mtge Corp—
Series A 2-6s
Interstate Deb Corp 2-5s'55
4
Pennsylvania
Par
634
Bid
Nat Union
Empire Properties Corp...
2-38
1945
Ask
66
3
80
Arundel Deb Corp 2-68 '63
Debenture 2-6s
41
F
Fidelity A Guar Co..2
As*
80
Cont'l Inv Bd Corp 2-5s '53
36
134
Allied Mtge Cos Inc—
All series 2-58—
1953
Arundel Bond Corp 2-5s '53
99
62
134a...Dec 15 1936
I.O l>4a—Jan 15 1937
5
10
—
75
100
F I C
13
18
Surety Guaranteed Mortgage Bonds and Debentures
39
100
F IC 134a...Oot 15
F IC 134a.—Nov 16
1334
10934
100
Fremont
33
214
5034
...5
Hartford Steam Boiler -10
Denver
Carollnas..
Seaboard Fire A Marine. .5
1234
...
Bank Stocks
Ask
100
Dee Moines
42 34
preferred
Hanover Fire
-
Dallas
First
4034
Great Amer Indemnity ...1
10
Halifax Fire
Hartford Fire
100
Atlantio
209
5
100
Greenbrier 5s
Atlanta
St Paul Fire A Marine..25
---
100
St Louis 5s
75
La Fayette 5s
Rossia
26
85
100
»
100
Fremont 5s
30
23
24
5
Great American
Harmonla..
10
21
10
-.5
Hamilton Fire
60
Pacific Coast of Portland 5s
89
3134
10
1
,
28
34?4
2534
2934
2d
2234
9434
20
Republic (Dallas)..
Rochester American
M
~
9834
47
1934
9134
2634
81
98
Globe A Republic
100
44
5
96
Georgia Home
11
13334 139
1434
1534
3234 3434
4234 44
10
Providence-Washington. 10
Globe A Rutgers Fire. -15
North Carolina 5s
82
100
First of New Orleans 5s...
First Texas of Houston 5s.
94
100
Mississippi-Tennessee 5s..
100
Denver 5s
90
934
13
2034
6734
Phoenix
Preferred Accident..
13
...5
65
126
80
Glens Falls Fire
100
New York 5s
8
n
Dallas 5s
Lincoln 5s
Ask
61
1134
1834
12534
1134
General Alliance
Bid
61
57
121
Franklin Fire
Bonds
Louisville 5s
100
Chicago 5a
Bank
Ask
58
121
7834
...6
834
7434
1634
634
634
25
Fire Assn of PhiladelphlalO
_
534
3634
534
2134
National.25
Firemen's of Newark.
Teletype CGO. 437
434
Ask
Pacific Fire
47
Fireman's Fd of San Fran25
135 So. La Salle
Bid
53 34
Camden Fire
MUNICIPAL BOND DEALERS
5
5134
Boston.
0toSind€m TP
Par
Home
107
10
American Home
Bid
4s
103
Surety 10
Companies
Ask
Aetna Fire
American Equitable..
ylsAr
JAJ
1945..
Aetna Casualty A
American Alliance
Federal Land Bank Bonds
3s 1955 opt
Bid
Par
b
U S conversion 3s 1946
2.75
3.00
119
6
434s July 1958
5s July 1948
110
11334 115
6
Insurance
Ask
Govt of Puerto Rico—
58
Hawaii
-
63.50
For
Footnote
see
page
2194
-
-
25
pf 100
25
Bid
Ask
25
116
11834
19
21
23
24 34
11034 11234
112
22
25
153 34 15534
12434 126
Tr i States Te )A Tel—
Preferred
148
634 % 100
10
Wisconsin Telep 7% pf.100
1034
115
1134
117
Oct.
Chronicle
Financial
2192
3, 1936
Securities—Friday Oct. 2—Continued
Quotations on Over-the-Counter
DEFAULTED
\
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
DUNNE&CO.
3o$epb Walkers Sons
Members New York
Slock Exchange
Dealer* in
120 Broadway
Members New York
GUARANTIED
NEW YORK
Security Dealers
JOhn 4-1360
2-6600
STOCKS
BONDS
RAILROAD
Since 1855
Bought — Sold
Stocks
Guaranteed Railroad
(Guarantor in
Special Studies on. Request
Earnings and
Asked
Bid
Betterman stock
10.50
175
41 Broad St., New
106
43
144
148
8.50
150
155\
3.00
57
60
4.00
99
101
5.00
101
103
5.00
98
102
3.50
88
90
2.00
50
52
2.00
48
50
\
90
195
4.00
75
77
50.00
950
1100
66
68
95
98
4.00
100
102
22
24
42
83
..100
7.00
171
176
7.00
185
188
6.90
101
105
150
154
6.00
3.00
75
77
3.00
150
154
10.00
253
257
6.00
88
92
5.00
100
5.00
84
88
5.00
85
90
50
3.50
51
54
50
3.00
67
69 M
—
100
Preferred.
(Del Lack & Western)
Jersey & Sea Shore (Pennsylvania)
.
Warren RR of N J
•
88
90
85
103
*4
•
85
:E
o
/67
J
88
69
i.
102 4
100
1014
99
67 4
664
101
90
88 4
102
-
1044
104
41
f34
1044
78
764
94
_
'
56
95
,
1034
1034
79 4
•
-
-
■
80
98
93
Terminal 4 Ms, 1957
Louis 1st 4s, 1951
Shreveport Bridge & Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955
Southern Illinois & Missouri Bridge 1st 4s, 1951.--.
Toledo Terminal RR 44s, 1957
Toronto Hamilton & Buffalo 4 4s, 1966—
Union Pacific 34s, 1970
Washington County Ry 1st 3 4s, 1954
8i
97
Consolidated 5s, 1945
Quotations-Appraisals Upon Request
69 4
844
934
93
St Clair Madison & St
CERTIFICATES
.10632
\
86
Rock Island Frisco
EQUIPMENT TRUST
>
67 M
1st ref 4s, 1942..
—.
Choctaw & Memphis 1st 5s, 1952
Cincinnati Indianapolis & Western 1st 5s, 1965
Cleveland Terminal & Valley 1st 4s, 1995
Georgia Southern & Florida 1st 5s, 1945
Goshen & Deckertown 1st 5 Ms, 1978
Hoboken Ferry 1st 5s, 1946
Kanawha & West Virginia 1st 5s, 1955
Kansas Oklahoma & Gulf 1st 5s, 1978..
Little Rock & Hot Springs Western 1st 4s, 1939
Macon Terminal 1st 5s, 1965
Maryland & Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
Minneapolis St Paul & Sault Ste Marie 2d 4s, 1949Montgomery & Erie 1st 5s, 1956—
New York Chicago & St Louis 4s, 1946
...
New York & Hoboken Ferry general 5s, 1946
Portland RR 1st 34s, 1951
70
40
79
11%
loiM
106
Chateaugay Ore & Iron
65
-i
1004
1943
3s, 1950
1942
Prior lien 44s, 1944
Convertible 5s, 1940-45
Buffalo Creek 1st ref 5s, 1961
5.00
(Delaware & Hudson)
100
St. Louis Bridge 1st pref (Terminal RR)
Second preferred
100
Tunnel RR St Louis (Terminal RR)
..100
United New Jersey RR & Canal (Pennsylvania)..
100
Utica Chenango & Susquehanna (DL&W)
100
Valley (Delaware Lackawanna & Western)
..100
Vlcksburg Shreveport & Pacific (Illinois Central).
1st 4s, 1953
Prior lien 4s,
3.00
Rensselaer & Saratoga
77 M
98
Boston & Maine
3.875
100
5 Ms, 1945..
Birmingham Terminal 1st 4s, 1957
Boston & Albany 1st 44s, April 1,
93
189
784
77
1945.-
Augusta Union Station
60
Chicago (Pennsylvania)
Canton & Youngstown
•on
.
5.50
Preferred
Asked
Bid
'
10.00
4.50
Bonds
Railroad
1.50
"Preferred
Bell System Teletype NY 1*684
HAnover 2-2455 •
•
\l08
41
8.75
25
York
s> 180
6.00
2.00
(Pennsylvania)
100
Fort Wayne & Jackson pref (N Y Central)
..100
Georgia RR & Banking (L & N-A CL)
..100
Lackawanna RR of N J (Del Lack & Western)..
..100
Michigan Central (New York Central)
...50
Morris & Essex (Del Lack & Western)
-.100
New York Lackawanna & Western (D L & W)_.
.50
Northern Central (Pennsylvania)
Old Colony (N Y N H & Hartford)
...60
Oswego & Syracuse (Del Lack & Western)
50
Pittsburgh Bessemer & Lake Erie (U S Steel)
Delaware
102
994
6.00
100
(Illinois Central) —
..100
Albany & Susquehana (Delaware & Hudson) ...
100
Allegheny & Western (Buff Roch & Pitts).
Beech Creek (New York Central)
100
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
..100
Canada Southern (New York Central)
..100
Carolina Clinchfield & Ohio (L & N-A C L) 4%_.
..100
Common 5% stamped
Chicago Cleve Cinn & St Louis pref (N Y Central) 100
Cleveland & Pittsburgh (Pennsylvania)
Dealers Association
Members T^ew York. Security
\
Alabama & Vlcksburg
Sloane & Co.
E.
John
Dividend
West
Quoted
—
Parenthesis)
Par in Dollars
Pittsburgh Fort Wayne &
Ass'
York
20 Pine Street, New
Tel. REctor
90
74
72
92 4
....
111
99
994
994
70 4
72 4
Stroud & Company Inc.
PACKING COMPANY
GARLOCK
Philadelphia, Pa.
New York
Private Wires to
Quotations and Analysis
Equipment Bonds
Railroad
robinson, miller & co.
INC.
6s
1.00
62 75
CoasttLine 44s
Baltimore & Ohio 44s
2.00
5s
2.00
5 Ms
63.50 -2.50
Boston & Maine 44S—
63.50
Deo?"l lY3Yl944l
34s
64 00
Missouri Pacific 44s
61.75
62 75
Atlantic
63.25
2.50
Ask
Bid
Ask
Bid
3.00
63.00
2.25
New Orl Tex & Mex 4 4s—
64.10
3.50
New York Central 44s
62.60
2.00
62.60
2*00
62.80
62.80
2 00
64.00
3 00
64.00
3 00
5s
2.25
N Y Chic & St. L44s
5s
2500
62.80
2.00
62.80
2.00
62.75
2.00
Cent RR New Jer 44s
61.75
1.25
Northern Pacific 4 Ms
61 75
1.00
61.50
1.00
Pennsylvania RR 44s
61
75
1.00
Chesapeake & Ohio 54s.
61 50
1.00
Canadian
National 44s_
6s
_
Canadian
Pacific 44s___
64s
61.00
44s
2.00
5s
62.00
3 00
5s.
66.25
Chic Milw & St Paul 4 Ms.
66.25
5s
78
Chicago R I <fc Pac 44s._
Jan &
July 1936-19
non
Marquette 44s
5s
St. Louis-San Fran 4s
64.75
64.75
3 50
54s
64.75
3 50
62.75
2 00
6s
62.00
l.UU
44s..
62 75
2 0u
5s
62.75
5s
3.50
5s
2.00
Erie RR 5 Ms
61.75
5s
1.00
2.00
1.50
/94
/94
/94
97
5s
3.25
3.25
1.75
62 65
Southern Pacific 44s
64.40
62.65
5Ms
1.75
62 80
2.25
5s
62 50
2.00
5Ms
62 25
1.60
62 65
2.00
62.65
2.00
62.50
1.60
61.60
0.75
61.60
0.75
61.75
1.00
61.75
1.00
Southern Ry 44s
Texas Pacific 4s
1.00
62 60
2.00
5s.
58
62.25
1.50
5^s
62 00
1.00
Internat Great Nor 44s_
64.25
3.00
Long Island 4 Ms
62 60
1.75
62.50
1.75
99
101
61.75
1.00
5s
100
102
61.75
1.00
5M8--
100 M
102*
6s
100
102
5s
5s
•
63.25
Maine Central 5s
2.50
64 00
5s
—
5s
Wabash Ry 4 Ms
5^8
Realty, Surety and Mortgage
Pari
Empire Title & Guar
.
.100
For footnotes see page
Bid
2194.
9
Ask
2.00
2 00
3.75
64.75
Western Pacific 5s
62.50
64.75
5s
3.00
3.65
Companies
|
Lawyers Mortgage
154
87 4
964
Mississippi Power $6 pref—
72 4
17
Miss Rlv Pow
$7
Mo
17
16
794
preferred
6% pref-100
Pub Serv $7 pref...100
Mountain States Pr com..*
1144
113
Par
..20
Bid
i
Ml
pref
25
18 4
20
64
...100
Nassau & Suff Ltg
pref. 100
254
26
Nebraska Pow 7 %
pref.100
112
Newark Consol Gas
Ark
H
105
99
79
82
89
92
85
87
New Jersey Pr & Lt $6 pf. *
Cent Maine Pow 6%
preferred
preferred A... 100
100
(N J) .100
Consumers Pow $5 pref—
6% preferred.._a
100
6.60% preferred
100
1st $6
$6.50 preferred B
Consol Traction
......
New Orl Pub Serv $7
N
1094 111
1064 108
1044 1054
1054 1064
107
106
preferred
100
Dallas Pr & Lt 7% pref 100
Derby Gas & El $7 pref
Essex-Hudson Gas.... 100
101
99
113
-
664
-
-
684
193
464
474
$6.50 cum preferred
464
474
474
484
95
„
100
100
m
4
4
Idaho Power $6 pref
preferred.
m
122
Hamilton Gas Co v t c
Hudson County Gas...
193
-
«.
-
1084 1094
110
1114
49
50
—
—
604
614
103
1044
113
114 4
109
—
964
—
—
99 4
108 4
110
113
115
102 4
108
109
Philadelphia Co $5 pref..*
Pub Serv of Colo 7 % pf 100
Queens Borough G & E—
6% preferred
100
Rochester G & E 7% B.100
6% preferred C
100
106
85
*
1134
•
88
-
-
90 4
914
104 4 1054
1054 106 4
99 4
284
Tenn Elec Pow 6%
Virginia
112
234
100
93 4
107
97 4
92
98
1104
91
28
90
56
874
110
193
98
22
86 4
pref B.25
Sou Calif Edison
81
28
1104 114
South Jersey Gas & E1.100
Sioux City G & E $7 pf.100
794
554
264
pref.. 100
Long Island Ltg 6% pf.100
7% preferred
100
Los Ang G & E 6% pf..l00
Memphis Pr & Lt $7 pref *
79
101
96
nilnois Pr & Lt 1st
Interstate
Kings Cp Ltg 7%
784
1114 1124
6% pref...100
6% pf-.lOO
7% preferred
100
Okla G&E7% pref...100
Pacific Pow & Lt 7 % pf 100
Penn Pow & Lt $7 pref...*
pref 100
7% preferred
100
Texas Pow & Lt 7% pf.100
Toledo Edison 7 % pf A 100
United G & E(Conn)7% pf
United G & E (N J) pf.100
Utah Pow & Lt $7 pref...*
Utica Gas & El 7% pf..l00
564
pref..*
Natural Gas
*
Interstate Power $7 pref..*
Jamaica Water Sup pref_50
Jer Cent P & L 7% pf._100
Kan Gas & El 7% pref. 100
-
454
Ohio Pub Serv
$6 cum preferred...
preferred
7%.cum preferred... 100
L P pf 100
pref..100
Ohio Edison $6 pref
*
$7 preferred
*
Nor States Pr $7
am
m,
-
4
Ohio Power
Federal Water Serv Corp—
Foreign Lt & Pow units..*
Gas & Elec of Bergen.. 100
pf..*
Y Pow & Lt $6 cum pf. *
N Y & Queens E
59
56
Continental Gas & El—
7%
44
100
& Lt 7% pref. .100
*
954
94
*m
122
pref. 100
pf 100
Cent Ark Pub Ser
7%
100
New Eng
G & E 5 M % pf- *
N E Pow Assn 6% pref.100
New Eng Pub Serv Co—
$7 prior lien pref
*
preferred
6%
preferred
8
61
36
34
7%
-
-
764
84 4
116
804
-
88 4
1144
57
1004 1024
Carolina Pr & Lt $7 pri
Ask
Bid
Mississippi P & L $6 pf...*
74
126
$7 cum
62.50
Western Maryland 4Mb...
3.00
61 00
44s
Union Pacific 44s
2.50
63.25
54s...
Minn St P & SS M 4s
4s
Virginian Ry44s__
Par
844
Columbus Ry Pr & Lt—
97
61.75
Louisv & Nash 4Mb
954
preferred
preferred
Cent Pr
97
4
Hocking Valley 5s
Illinois Central 44s
$7
82 4
pref *
*
$6.50
Stocks
Ask
Bid
Lt $7 pref.*
Atlantic City El $6 pref..*
$7
64.40
St Louis Southwestern 5s..
1.00
61.75
Great Northern 44s
...
2.00
62.65
Reading Co 44s
2.00
62 00
Pere
5.50
4MB
Denver & R G West 4 Ms.
Arkansas Pr &
Assoc Gas & Elec orig
Buff Niag & E pr
62 40
62 80
call Dec. 1 1936-50
5.50
82
Alabama Power $7 pref—*
2.00
62.75
2 %b series G
82
78
5s
Par
4s series E due
.
-
Chicago & Nor West 4 4s_
Public Utility
79
5s
3 00
64.40
:
5s
1.00
64.40
N YNH&Hartf44s
0.50
62.60
EATn«ie282 52 William Street. N.Y.
2.00
63.25
Ry
100
«
-
—
704
71
794
80 4
110
1114
109
92
4
110 4
94 4
75
73
74 4
99
100 4
135
139
Volume
143
"
'
J
,
Quotations on Over-the-Counter Securities—Friday Oct. 2—Continued
Securities of the
Specialists in-—
Associated Gas & Electric
S. A. O'BRIEN
Members New York Curb
150
BROADWAY, NEW YORK
COrtlandt 7-1868
System
&
Water Works Securities
•
Complete Statistical Information—Inquiries Invited
CO.
Exchange
Swart. Brent & Co.
75 FEDERAL ST., BOSTON
HANcock 8920
.
INCORPORATED
40
Direct Private
Telephone between New York and Boston
Bell System Teletype—N.Y. 1-1074
•
Public
Tel.
EXCHANGE PLACE,
NEW YORK
Teletype: New York 1-1073
HAnover 2-0510
Utility Bonds
OFFERINOS
Bid
Amer States P S
5%s.l948
95%
Amer Wat Wks & El 5s '75
102
Ask
97%
103
Bid
Kan
City Pub Serv 38.1951
Kan Pow & Lt 1st 4 Ms '65
Ariz Edison 1st 5s
1948
89 M
91
Keystone
1st 6s series A
1945
97
99
Los Angeles G & E 4s 1970
Louisville Gas & El 3 Ms '66
Ark' Louisiana Gas 4s. 1951
100% 100%
Ark Missouri Pow 1st 6s '53
79
Telep 5MS.1955
First Mortgage Bonds of Subsidiaries
56%
109% 109%
100% 102
106% 106%
103
WANTED
Ask
53%
American Water Works & Electric
Consumers Water Co.
Co., Inc.
(Maine)
103%
80 M
Associated Electric 5s. 1961
71%
72%
Metrop Edison 4s
Assoc Gas & El Co 4 %8 '58
48M
49M
Mtn States Pow 1st 6s 1938
Assoc Gas & Elec
G '65
ser
108% 108%
98% 101%
Corp—
Income deb 3 Ms
1978
41M
42 M
Narragansett Elec 3 Ms '66
Newport N & Ham 5s.1944
Income deb
1978
44
44%
New
1962
74 M
1978
48M
49%
New York Cent Elec 5s '52
101%
52
Northern N Y Util 5s. 1955
H. M. PAYSON & CO.
102%
3%s
Income deb 4s
Income deb 4Mb
Conv deb 4s
1978
50 M
1973
82
Conv deb
1973
87
1973
97
4%s
Conv deb 5s
Conv deb
1973
Sink fund inc 4MS--1983
Sink fund income 5s 1983
Participating 8s
-
-
*.
-
51%
-
-
-
56%
Sink fund inc 5MS--1983
~
106
-
'
'
59
PORTLAND, MAINE
103M 104%
Bellows Falls Hy El 5s 1958
Old Dom Pr 5s May 15 '51
72
74
Parr Shoals Power 5s. 1952
102
104
Pennsylvania Elec 5s 1962
105% 106%
106% 107%
94
/92
104
104%
105% 106%
Water Bonds
Penn
Telep Corp 1st 4s '65
Peoples L & P 5Ms... 1941
Potomac Elec Pr 3 Ms. 1966
Public Serv of Colo 6s. 1961
Blackstone VGA E 4s '65
110% 111
Pub Serv of N H 3%s D '60
Pub Util Cons 5 Ms—1948
106% 106%
110% 110M
101
101%
Sou Calif Gas 1st 4s... 1965
87
Cent Ark Pub Serv 5s 1948
97 M
99 M
81
82
Sou Cities Util 5s A...1958
61
85
Tel Bond & Share 5S..1958
85
Cent Maine Pr 4s
106
ser
G '60
Cinn Gas & Elec 3Ms. 1966
Colorado Power 5s
1953
94 M
107 M
102% 102%
106 M
Columbus Ry P & L 4s '65
Conn River Pr 3%s A.1961
106
Consol E & G 68 A—1962
62
Utica Gas & El Co 5s. 1957
125% 126%
Virginia Power 5s
107
96 M
106 M
107% 107%
106%
.1942
Wash& Suburban 5 Ms 1941
100%
102"
Western Pub Serv 5 Ms '60
Western Mass Co 3Ms 1946
104%
105
Wisconsin G & El 3 %s 1966
104
104%
3%s__1961
95
96 M
104
104%
104
104%
Wisconsin Pub Ser
Detroit Edison 3 Ms G 1966
Edison El 111 (Bost) 3 Ms '65
106% 106%
Federal Pub Serv 1st 6 s '47
/47
107
Federated Util 5 Ms.-.1957
84 M
103%
Atlantic County Wat 5s '58
103%
Birmingham
Water
1st mtge
4s
1961
-
1954
104
106
107
109%
101
103
mm
«.
104%
New Jersey Water 5s, 1950
New Rochells Wat 5s B '51
-
103
M uncle Water Works 5s '65
102
104
91
93
Butler Water Co 5s...1957
105%
102% 103%
103% 105
102
Ohio Valley Water 5s. 1954
Ohio Water Service 53.1958
103
Chester Wat Serv 4 Ms '58
Citizens Water Co (Wash)
1951
5 Ms series A
J1951
103%
—
1941
City W (Chat) 5s B.. 1954
1st 5s series C
99%
99% 102
Ohio Cities Water 5%s *53
91%
—
-
101
-•
Gulf States Util 4s C.1966
Iowa Sou Util 5%8—1950
101M 103
Water Works
Clinton W Wks Co 58.1939
1950
1948
1948
100
Prior lien 5s
1948
102% 104
Phila Suburb Wat 4S..1965
107% 109
101%
-
-
-
mm
mm
mm
Commonwealth Wat (N J)
5s series C
1957
105%
1947
103%
Pinellas Water Co 5%s '59
Pittsburgh Sub Wat 5s '58
103
1946
87
91
Plainfield Union Wat 5s '61
108
100
Richmond W W Co 58.1957
105
Roanoke W W 5s
1958
1950
93
95
Roch & L Ont Wat 5s. 1938
1958
97
99
St Joseph Wat 4s ser 19A'66
Scranton Gas & Water Co
105
5s series A
1942
4 %s
...1942
..I960
104
5s series A
1952
..1952
5 Ms series B
1954
B
..
,
1 50 Broadway, N.
104
Sou
Bid
Alden 1st 6s
Jan 1 1941
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 6s.1941
52
102%
-
1960
..1962
104
102
104
102
102
102%
'
34
6s
Union Water Serv 5%s '51
/40
Broadway Motors Bldg—
6s stamped
1948
71
Chanin Bldg Inc 4s...1945
63%
Chesebrough Bldg 1st 6s *48
Chrysler Bldg 1st 6S..1948
75%
6s.
42%
Apr 28 1940
Dorset (The) 1st 6s...1941
East Ambassador Hotels—
1947
Equit Off Bldg deb 5s 1952
Deb 5s 1952 Legended..
50 Bway Bldg 1st 3s Inc '46
unstamped
1949
1945
76%
98
33
35%
7
34%
34%
83%
50%
52
5 Ms series C-2
5 Ms series F-l
45
--
5 Ms series Q—1
19th & Walnut Sts (Phila)
1st 6s
July 7 1939
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
1
»•
/49%
1958
71%
73%
78 M
1
/42%
mtge 6s
1951
103 E57tb St 1st 6s...1941
165
Bway Bldg 1st 5%s '51
45%
5Ms double stpd.._1961
Realty Assoc Sec Corp—
1943
5s income.
1941
/10
1944
67
11%
1st fee&l'hold 6%s.l940
47%
1949
/45M
73
75
Realty ext 1st 5%s.l945
63%
65%
6s
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
88
/58M
1936
Lefcourt Manhattan Bldg
1st 4-58 extended to 1948
Lewis Morris Apt Bldg—
Apr 15 1937
Lincoln Bldg Inc 5 Ms. 1963
Loew's Theatre Realt Corp
1st 6s
1947
London Terrace Apts 6s *40
53
90
101% 103%
(Bklyn)
1st 6Ms (L I)
106
Sup 5 Ms '55
Joplin W W Co 5S
1957
104
104%
-
102% 104%
Wichita Water Co 5s B '56
-
102
106
—
5s series C
-
102
1960
1949
103%
—
104
6s series A
-
W'msport Water 5s. ..1952
mmmm
105
103
1st 5%s
55
72%
--
/49
66%
1945
May 15 1948
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6%s'38
--
65
61
95%
62%
48%
_
97
51%
/30
71%
1936
/7M
Chain
Store
"*
-
Boston
Securities
Chain Store Stocks
9%
69%
65%
/54%
Par
56%
55%
58%
50
/48M
51
/18M
/18M
20
/25M
27%
Edison Bros Stores
1st 6 %s
Oct 23
Textile Bldg 1st 6s
/69M
/52%
1940
1958
100
100
pref 100
1st 5%s......
.1939
96%
Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 6 Ms
Oct 19 1938
14
38
9
50
104% 106%
1st fee & leasehold 4s '48
12%
108% 110%
125
120
4%% preferred
100
(I) Sons com
*
6%% preferred
100
Murphy (G C) $5 pref. 100
Neisner Bros pref
100
110
105
8
10
36
40
104
112
175
Katz
106
20
13
85
Par
Bid
mm
mm
*
mm
mm
100
mm
mm
16
_
7% preferred
Ask
Bid
11%
100
Reeves
53
100
Kobacker Stores
*.
56%
(S H) 6% pref
Lerner Stores pref
Melville Shoe—
Miller
9%
Green (H L)
—
(Daniel)
pref.-100
Rose 5-10-25C Stores
5
...
100
preferred
100
United Cigar Sts 6% pf.100
6% pref ctfs
U S Stores preferred—100
105
Schiff Co
--
21
24
20%
5%
23%
7
—
Sugar Stocks
63%
98%
Eastern Sugar
/27%
12%
18%
103%
7% pref.. 100
Drug preferred
*
Kress
5%
37
Fishman (M H) Stores
*
Preferred
..100
20
50
22%
*
*
(H C) common..*
Par
17
'
4%
Bickfords Inc
7% preferred
Diamond Shoe pref
Ask
15
100
B-G Foods Inc com
Bohack
Bid
;*
100
7% preferred
$2.50 conv pref
/49
/54%
Berland Shoe Stores
Assoc
Haytian Corp Amer
23%
25
1
39
40%
*
%
/73%
For
footnotes
Ask
1
Preferred
71%
""
YORK
32
Westinghouse Bldg—
1942
NEW
50%
Trinity Bldgs Corp—
_
-
67 William St.
Bway Bldg 1st 5%S 1950
Syracuse Hotel (Syracuse)
2 Park Ave
/49M
Chicago
57%
Sberry Netherland Hotel—
Ludwig Bauman—
1st 6s
99%
1950
Westmoreland Water 5s '52
103
101% 103
/56%
/49
/61%
/47
Savoy Plaza Corp—
60
Keith-Albee Bldg (New
1st 6 Ms
99
97%
1951
BURR & COMPANY Inc.
Roxy Theatre—
69
Graybar Bldg 5s
1946
Harriman Bldg 1st 6s 1951
Rochelle) 1st 6s
97
1950
Park Avenue—
2nd
Bldg—
1st 6 Ms
Oct
Fuller Bldg deb 6s
6 Ms unstamped
Interstate Water 6s A. 1940
36
Prudence Co
1400 Broadway Bldg—
1948
N Y Eve Journal 6%s.l937
N Y Title & Mtge Co—
84
..1939
1st 6 Ms 8tamped
Co—
1st mtge 5%s
98% 100%
Jamaica Water
36
8%
82
82%
27
Fox Theatre & Off
Water
5s series B
29%
5 Ms series BK
33%
Bway 1st 6s
Y
104
101
101%
78%
28%
1st mtge 2s stmp & reg'55
1st & gen 6s
1946
50%
602 Park Ave 1st 6s... 1941
42
101%
100
N
mm
100
Munson Bldg 1st 6%s_1939
N Y Athletic Club—
96
52d & Madison Off Bldg—
6s_
Nov 1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1947
Sf deb 5s
77%
500 Fifth Avenue—
6 Ms
mm
lsf mtge 5s
Lexington Wat Co 5 Ms '40 -100
93
95
mmmm
102% 104%
103%
Metropol Playhouses Inc—
73
Court <fe Remsen St Off Bid
1st & ref 5 Ms
30
90
1958
mm'mm
Metropolitan Corp (Can)—
leasehold 6%s._1944
1st 6s
..1948
1949
W Va Water Serv 4s..1961
Western
Kokomo W W Co 5s. .1958
Ask
Metropolitan Chain Prop—
36
B'way & 41st Street—
1st
Bid
f28
5s..
■mmmm
105
Texarkana Wat 1st 5s. 1958
-
84
103
103
Water Serv Cos Inc 5s '42
Mortgage Certificates
Majestic Apts 1st 6s__1948
54%
82
..I960
6s series A
Illinois Water Serv 5s A '52
n y 1-588
Ask
44%
Pittsburgh Wat 5s '55
102%
5s series A
Indianapolis W W Securs^—
Real Estate Bonds and Title Co.
5%s '47
5s series B
Bell System Tel.
w
Y.
105
—
Indianapolis Water—
1st mtge 3 Ms
1966
4CA
2360
—
102
102
5s
INCORPORATED,
—
108
6s
105
Terre Haute Water 5s B '56
105%
Huntington Water 5s B '54
mm
mmm
103
1967
Sedalia Water Co
—
South Bay Cons Wat 5s '50
1977
101%
104%
1st & ref 5s A
—
101% 103%
101%
Hackensack Wat Co 5s '77
m
mm
103
105
Greenwich Water & Gas—
5s series B
_
92
90
Scranton Spring Brook
Water Serv 5s
1961
103
5s series D
■
■
1958
--
102
6s series B
BAKER & CO.
98%
96%
85
E St L & Interurb Water—
BArclay 7
99% 101
82
1st mtge 5s
AMOTT,
102
100
1946
Davenport Water Co 5s '61
Public Utilities—industrials—Railroads
mm
•
Co—
1st & ref 58
1st consol 4s
105%
4 Ms
Reports—Markets
96*
94
101% 103%
1st consol 5s
1957
Consol Water of Utica—
Estate Securities
101
106
Connellsville Water 5s.1939
103% 103%
Real
99
Penna State Water 5 %s '52
Penna Water Co 5s...1940
Peoria
—„
93%
108
Ore-Wash Wat Serv 5s 1957
-
102%
City of New Castle Water
5s
94
97%
1951
5 Ms series B
104
«•
92
5%s-.
6s series A__
Green Mountain Pow 5s '48
-
Newport Water Co 5s 1953
—
Community Water Service
86%
--
103
New York Wat Serv 5s '51
5 Ms series A
107%
99% 101%
Monongahela Valley Water
5%s
1950
Morgantown Water 5s 1965
104
.1954
5 Ms series A
•
Works
1957
5s
Wise Mich Pow
63
Ashtabula Wat Wks 5s '58
Ask
Long Island Wat 5 %s. 1955
Middlesex Wat Co 5%s '57
Monmouth Consol W 5s '56
•
Calif Water Service 4s 1961
87
107 M
105%
5s series C
62
84
Cent 111 Light 3 Ms
1966
Cent Ind Pow 1st 6s A 1947
100% 102%
1956
5s series B
Central G & E 5%s._.1946
Bid
Alabama Water Serv 5s '57
Alton Water Co 5s
106% 106%
85
Ast
Bid
103 M 104 M
1946
Tel. 2-3761
76
San Diego Cons G&E 4s '65
Sioux City Gas & El 4s 1966
1940
1st lien coll tr 6s
Est. 1854
107
-
-
45
5Ms
-
-
100
Sink fund income 4s 1983
m.
Eng G & E 5s
103% 103%
see
page
2194.
1
Par
Savannah
Sugar Ref
7% preferred
*
100
West Indies Sugar Corp_.l
Bid
Ask
143
138
»
-
3%
3%
Financial
2194
Chronicle
Oct.
1936
3,
■v
Quotations
Over-the-Counter Securities—Friday Oct. 2-Continued
on
SYLVANIA INDUSTRIAL CORP.
Specialists in all
Bought, Sold & Quoted
Investment
Company Securities
QUAW & FOLEY
GROUP,
DISTRIBUTORS
NEW YORK
BROAD STREET
SO
Members New York Curb Exchange
63 Wall
Telephone HAnover 2-9030
Kneeland & Co.—Western Trading
WHEN
ISSUED
Correspondent
Investing Companies
SECURITIES
REORGANIZATION
Incorporated
BOwling Green 9-1420
Street, New York
SECURITIES
*
18.40
19.57
new..
10.38
11.38
Invest Co of Amer com. 10
Amerex Holding
28*
27*
48
50
48 '
*
7% preferred
1.10
.96
Investors Fund of Amer...
Affilated Fund Inc
Ask
Bid
Par
As
Bid
Par
Administered Fund
RIGHTS
50
Members of
BROAD ST.,
Tel. HAnover
1.32
Investors Fund C_.
12*
Investment Tr of N Y._.*
e%
1.14
1.27
Keystone Cust Fd Ino B-3.
24.07
4*
4*
Major Shares Corp
*
3*
6*
7*
Maryland Fund Inc com..
Mass
Investors
Trust..1
9.94
10.75
Bankers Nat Invest Corp *
Basic Industry Shares
*
N. Y.
Teletype N Y 1-1397
-8780
.
1.21
12*
28.31
30.04
4.99
1
16.60
18.14
.26
.46
Wide Securities..1
4.66
4.76
33.95
36.31
Voting trust certificates.
2.05
2.21
20*
21*
N Y Bank Trust Shares...
3 *
4.80
No Amer Bond Trust ctfs
63%
No Amer Tr Shares 1953..
2.71
Amer General Equities Inc
Am Insurance Stock Corp *
the New York Security Dealers Assn.
25
1
Assoc Stand Oil Shares..2
1919
*
Amer & Continental Corp.
British Type Invest A...1
Broad St Invest Co Inc
Established
Corp
Amer Business Shares
M.S. Wein & Co.
Bullock Fund Ltd
Climax Molybdenum
Co.
'
4*
1
4.40
Canadian Inv Fund Ltd.l
41
Central Nat Corp cl A...*
Class B
Sylvania Industrial Corp.
Century Trust Shares...*
.
Members
6*
26.38
2.88
61 Broadway, New
Accumulative series
Series
3.56
AA
mod
S* greeY" JJgS
Deposited Bank Shs
in the
2.83
2.54
3.59
B
3.90
3.51
__
17%
*
Biass B
4*
4
1.00
1,11
Quarterly Ino Shares..25c
Representative Trust 8hs.
Republic Investors Fund.5
1.77
1.95
13.77
14.27
4.95
5.25
%
*
1.78
1.94
Selected American Shares.
3.96
Selected Cumulative Shs_.
37*
6.20
A.
ser
ser
45
16%
*
Selected Amer Shares Inc.
30*
110
Deposited Insur Shs A
Deposited Insur Sh
43
Plymouth Fund Inc A. 10c
35*
100
Cumulative Trust Shares. *
Over-the-Counter Market
•••
115..
10
7% preferred
77.85
Pacific Southern Inv pref.*
Class A
x28*
Common B shares
3.60
Securities... 100
Royalties Management...
10
com
8% preferred.
COMPREHENSIVE SERVICE
•
3.56
100
Crum & Forster Ins
•••
67 *
3.57
Series 1958
2.80
•
26.37
3.62
-
Series 1956
Northern
2.80
Series ACC mod
York
Series 1955
-
14*
Series AA
Exchange, Inc.
Nation
28.34
14
fNew York Security Dealers Association
[commodity
Mutual Invest Fund
•
46
Corporate Trust Shares...
CO.
&,
UNTERBERG
E.
••
4*
Continental Shares pref
C.
4*
•
113.09 115.37
10.17
5.34
Selected Income Shares..
22%
23%
C
4.90
5.25
Spencer Trask Fund
*
21.80
22.47
D
7.35
8.15
Standard Am Trust Shares
4.25
4.50
Standard Utilities
1.11
1.20
10*
Diversified Trustee Shs B_
Bristol & Willett
Established
Bell System
1.85
2.01
Equit Inv Corp (Mass)..5
Equity Corp conv pref
1
Fidelity Fund Ino
*
32.60
35.03
Fixed Trust Shares A
Tel. BArclay 7-0700
Broadway, N. Y.
25c
*
12.85
B
4.20
*
10.71
BB.
2.75
Dividend
1920
Members New York Security Dealers Association
115
Selected Industries conv pf
Teletype NY 1-1493
Shares.
B
*
Super Corp of Am Tr Shs A
39.42
*115.43
4.00
State Street Inv Corp
32.10
29.80
Par
Bid
Amer Air Lines Inc v t C.¬
10%
American Arch
Par
38%
*
100
American Book
70
11%
American Hard Rubber—
103
8% cum preferred
American
Hardware
25
Amer Maize Products
American
*
107
100
23%
76"
82~
Nat Paper & Type com...*
100
87
22*
22*
90
52%
54
Norwich
Ohio
Canadian Celanese com..*
27
$1
cum
128
*
132
,
42%
15
26*
Remington Arms
58%
59*
59*
55*
Standard Cap & Seal
Standard Screw
58
*
53%
108%
55
Dictaphone Corp
62%
*
100
65*
Dixon (Jos)
Crucible...100
55%
Doehler Die Casting pref. *
Preferred
50
101%
--
-
59
Flour Mills of America...*
m'mTm
27
74
77
1%
1%
Foreign shares
*
shares......*
*
*
Gen Fire Extinguisher
*
Gen Flreproofing $7 pf.100
Golden Cycle Corp
10
4
4%
6%
7%
8*
6%
34%
20%
102
37*
21
...
45
*
Graton & Knight com
42
6
8
100
82
41
35
Kildun Mining
Corp
1
Lawrence PortI Cement 100
2%
29%
100
260
1st 6% preferred....100
2d 8% preferred
100
110
Lord & Taylor com
120
•
•
Ml.
...
com
Preferred
*
12*
13*
*
Macfadden PubUca'n
75
3*
Group Securities—
Agricultural shares
2.20
2.38
Automobile shares
1.64
1.78
Trusteed Amer Bank Shs B
1.15
1.99
2.15
Trusteed Industry Shares.
1.49
Chemical
1.62
1.76
Trusteed N Y Bank Shares
1.72
1.96
Food shares.
1.04
1.14
U S El Lt & Pr Shares A..
*20*
20%
1.51
1.64
B
3.13
3.23
Merchandise shares
1.41
1.53
Voting trust ctfs
1.26
1.34
Mining Shares
1.60
1.74
Un N Y Bank Trust C3_.
1.27
1.38
Un N Y Tr Shs ser F
1.45
1.58
Wellington Fund
1.76
1.91
98*
23*
15*
Tobacco 8hares
2%
103
1966
Chicago Stock Yds 5s. 1961
103
Beth Steel 3*s E
98*
104*
99
104
Debenture
3*8
1951
1st conv
s
1st
1940
f 68
Cudahy Pack
conv 4s.
3*8
1950
1955
1937
Deep Rock OH 7s
104* 104*
99*
99*
Federal Farm Mtge Corp—
1*8—_
Debenture
1939 102.2
Sept 1
Gen Mtrs Accept 3a.
3*8
_
101.5
1946
102* 102*
1951
102* 102*
4%
19.58
.55
.70
25.89
27.84
...
21.45
2%
Investm't Banking Corps
8H
46 X
6*
Flrst Boston Corp
Schoelkopf, Hutton A
Pomeroy Inc com
9*
44 *
Corp.
Bancamerlca-Blalr
6H
4%
44
45
360
370
JSoviet Government Bonds
Stromberg-Carlson Tel Mfg
11
12
33
34
*
tQt
i ay lor Milling Corp
Taylor Wharton Iron A
41
Bid
7% gold rouble
*
com
9%
1943
Ask
Bid
Ask
Union of Soviet Soc Repub
Union of Soviet Soc Repub
91.02
86.43
87.29
10% gold rouble... 1942
23
*
Trico Products Corp
*
Tubize Chatillon cum pf.10
Unexcelled Mfg Co
..10
10*
44*
106* 111*
2*
2*
43
11*
14%
13*
*
42
46
Welch Grape Juice pref. 100
West Va Pulp & Pap com. *
103
103
t c.
5
37*
18*
19*
Interchangeable.
a
Coupon.
/Flat price,
York Curb Exchange.
5 Basis price,
When Issued,
w <
x
c
Registered ooupon (serial) •
Ex-dlvldend.
v
Now selling on New
t Now listed on New York Stock Exchange.
6*
35
d
No par value,
106
100
United Merch & Mfg com *
Un Piece Dye Wks pref. 100
13*
Warren Northam—
$3
conv
cum
preferred
com v
preferred
$7 1st preferred
100
18
19*
CURRENT
99*
•
••
30
36
34*
36*
100
60
100
121
100
Young (J S) Co com
55
117
preferred
126
...
registered
1938
f!7 *
Ask
19
was
in
nearly
held
101.13
Aug
15
1937
101.9
2s
Aug
15
1938
102.14 102.18
l*s
June
1
1939
101.2
101.5
80
83
Journal of Comm
6*8 1937
Conv deb 6s
Martin
1948
(Glenn L)
Merchants Refrig 6s
1937
Nat Radiator 5s
1946
108* 110*
113* 115*
99*
48*
46*
...
N Y Shipbuilding 5s.. 1946
98
Reynolds Investing 5s 1948
89*
Scovlll Mfg 5*8
Std Tex Prod 1st
1945
6*8 as'42
classification.
/24*
Woodward Iron 5s
/68
91
The
Griffith-Wagenseller and
a
1.9%, a figure
slight decrease in the group comprising mis¬
—All other classifications registered gains equaling or
house
real estate
_____
exceeding materially
Topping the list for price improvement was the apart¬
group
which
showed a gain of 5.1%.
This increase would
be amply justified by the unusually satisfactory summer operating
reports of local apartment houses.
the city of
15, shows an average occupancy throughout
This compares with 92% at this time a year ago, and
93.3%.
with 91.4%, as of June 15, last.
This indicates, not only an increase during
the last 60 days, but also an increase in
a
year ago.
occupancy as
comparison with the corresponding
The principal partment house districts of the city report
follows:
Hollywood district, 94.9%; Wilshire district, 91.4%;
Central and down-town area, 91.9%.
__
During the past 30 days' period the Fee property office building classifica¬
tion likewise made
a
fine showing registering a gain of
2.4%, the largest in
...
91*
106* 107*
15*
f!4
Struth Wells Titus 6*8 '43
Witherbee Sherman 6s '44
1952
by
gold
,
NOTICES
cellaneous, theatre and motion picture producing properties.
date
convert
1939
every
down
"
during the past month, substantial gains being
A survey, taken as of Aug.
Home Owners' Loan Corp
.
Durst Index of 50 representative issues showed an increase of
that
ment
Bid
9*-10*.
—The upward movement in the market price of Los Angeles
bonds continued steadily
WJR The Goodwill Station
Worcester Salt
Last Friday's quote should have read
105
Wilcox-Gibbs common..50
7%
t Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure
z
6s
99* 100*
103* 103*
102* 102*
/78* 80*
23*
Huron Holding Corp
Incorporated Investors..*
Kel8ey Hayes Wheel Co—
Commercial Invest Trust—
Consolidated Oil 3*8.1951
Cont'l Roll & Steel Fdy
22*
1.65
••
•
1*8
1953
1*
1
Preferred
45
1.35
1.24
Guardian Inv Trust com.*
103
1.27
3 H
2
40
Haytian Corp 8s
Bear Mountain-Hudson
River Bridge 7s
shares
RR Equipment shares._
Steel shares
47
166
Ask
101'
7.18
6.27
B
—
the average figure.
111
D
Trustee Standard Oil Shs A
shares...
Petroleum
•
95"
appear to
Am Wire Fabrics 7s. .1942
2.99
7.70
4%
Miscellaneous Bonds
American Tobacco 4s. 1951
3.06
7.08
19
77
Bid
15.59
...
Investing shares
38
$3
....
1%
42
108*
7.72
Supervised Shares
Trustee Standard Invest C
General Investors Trust..
25*
160
White (S S) Dental Mfg.20
White Rock Min Spring—
2*
30*
99
5.84
_
6
West Dairies Inc
43
32
Preferred
B
7.72
14.34
Building shares
2*
31*
100
Preferred
85
com...
Great Northern Paper..25
Great Lakes SS Co
7.00
Muskegon Piston Ring
Steel
Foundation Co—
Gair (Robert) Co com
Preferred
*
com
Sylvania Indus Corp
'
51%
24
*
100
25
Singer Manufacturing..100
Sparta Fdy name changed
to
120
Preferred
Douglas Shoe preferred. 100
Draper Corp..
*
1
Scovill Mfg
58
*
Publication Corp com
$7 1st preferred
Dentists' Supply Co of N Y
American
Pathe Film 7% pref
Petroleum Conversion
40%
100
com
$7 preferred
21*
14
24%
preferred
B...
45
*
13
*
Columbia Broadcasting A *
Crowell Pub Co
6
Pharmacal
Leather
Ohio Match Co
29
Climax Molybdenum
Columbia Baking com
3
17
100
9
6.39
109
Northwestern Yeast
7
100
*
100
preferred
D
47
New Haven Clock pf
100
Class
5%
102*
47
Hotels
Preferred
*
Preferred
8%
2%
29*
C
26.00
Ask
413* 115*
24
21%
45
1st preferred
100
Muskegon Piston Ring
Andian National Corp...*
Bowman-Blltmore
100
Mock Judson A Voehringer
National Casket
8
Beneficial Indus Loan pf_*
1
preferred
35%
34%
American Republics com.*
Art Metal Construction. 10
6%
Preferred
100
Mfg..
Preferred..
Maytag warrants
Merck A Co Inc com
73~~
Bid
T*
24.44
Fundamental Tr Shares A.
Ask
5
Fundamental Investors Inc
2.75
J
AA
Foundation Trust Shares A
Industrial Stocks
Inc...*
any
30-day period since March 15,1935.
with
an
advanced
94
26*
increase of 2.1%.
neous,
21%.
Hotel bonds also continued strong
The textile and industrial building group also
Lease hold office buildings advanced 1.9%.
theatre and motion
Miscella¬
picture producing properties showed a £rery
slight decrease, amounting to .001%.
Volume 143
Quotations
Financial
Friday Oct. 2
Shares
Stocks
10 Merrimack Mfg. Co., preferred, par $100
20 Southern Bleachery & Print
Works, common..
-Concluded
Anhalt 7a to
1946
Bavaria
6>4s to
Palatinate
Clt 7% to
1945
8s
73
1969
63
1940
Brandenburg Elec 6s. 1953
16
153*
6s
1948
1956
Coupons
Koholyt 634s
'35
634s..
Luneberg
24
Nitrate 5s
1968
/29
/73
/51
/58
/52>i
4%.. 1946
Cordoba 7s stamped.. 1937
7s stamped
1957
Costa Rica funding 5% '51
Costa Rica Pac Ry 734 s '49
5s
42
/23
/30
1949
Cundlnamarca
634s..1959
7s
Dulsburg 7%
133^
1945
Munic Bk Hessen 7s to '45
Municipal Gas & Elec Corp
Recklinghausen 7s__1947
Nassau Landbank 634 s '38
Natl Bank Panama 634%
(A & B)
(C&D)
1948-1949
Nat Central Savings Bk of
Mtge 7%
76
54
Oberpfals Elec 7%. —1946
Oldenburg-Free State 7%
to
53~3*
46
1945
Panama 5% scrip
Porto Alegre 7%.
Protestant
38"
/22
24
1968
(Ger¬
Church
many) 78
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
Rhine Westph Elec 7% '36
Stocks—
/29
Amer Inv
/29
9734
5234
/2134
26
Royal Dutch 4s
Saarbruecken M Bk 6s '47
24
63
1534
/38
2534
155
French Nat Mall SS 6s '52
125"
Gelsenklrchen Min 6s. 1934
/70
78
German Atl Cable 7s. 1945
German Building & Land-
/27
29
bank 034%
1948
German defaulted coupons
July to Dec 1933
/2334
2534
140
Santa
Catharlna
1947
Jan to June 1934
ll"
153*
1951
/25
/24
Saxon State Mtge 6s. 1947
/26
/40
/2934
/2834
/76
634s
3034
2934
German scrip
/734
German called bonds
/20 50
German
Dawes
Coupons
8
-
Serbian 5s
1956
29
40 34
Serbian coupons
/44 55
Siem & Halske deb 6s.2930 /325
7s
93*
/1934
1834
Stettin Pub Util 7s...1946
Stlnnes 7s unstamped. 1936
/11H
/13Ji
Apr 15'35 to apr 15-36.
Young
Coupons
12-1-34 stamped
1234
Toho
1955
14 34
Tolima 7s
1947
/69
/58
9534
/9«
1951
97 3*
German
June 1 "35 to June 1 '36.
101
1954
7s unstamped
Electric 7s
Tucuman
City
1946
7s
98 H
99
2534
/22
25
Wurtemberg
/24
26
6%
1957
For footnotes see
page
7s.-.1950
7s
to.-.1945
15
3034
Feb
81
Aug
*
16
16
100
1334
16
22"
2234
834
1934
234
155
17
Apr
July
Sept
Aug
Ely & Walker D G com..25
1
com
834
19
*
com
425
16
2
June
98
15
June
14
14
560
634
Jan
1434
134
4734
134
4834
Jan
212
13
13
"*134
5334
July
Sept
20
Jan
1434
45
45
45
20
834
3834
Apr
45
1634
1534
1634
305
934
June
43
43
190
*
International Shoe
"473*
*
com
com
Laclede Gas Light pref.. 100
Mo Portl Cement com. .25
Nat Bearing Metals com. *
Nat Candy com
Nat Oats com
"10 H
*
235
1034
11
24
24
10
10
100
100
com
234
45
com
Securities Invest
com
25
*
12
12
774
,v.
47
*12434
38
of the current week:
:
.
■■
Wednesday
Stocks
$ per Share
10 Pix
Theaters, Inc. (N. Y.) preferred, par $100
.$801 lot
1 Pix
Theaters, Inc. (N. Y.) class A common
$100 lot
5 Pix Theaters, Inc. (N. Y.) class B common
$195 lot
10 Golf Publishing
Co., Inc., 7% pref. (Del.) par $100; 5 Golf Publishing Co.,
Inc., common (Del.) no par; 500 Drew Orchards, Inc., pref. (Mass.), par
By R. L. Day & Co., Boston:
513*
3034
15534
3934
$134 lot
1534
-
par $100
Cos., $7 preferred
1 10-15 Bonanza
Development, Co. par $5; 11 Financial Institutions, common;
10 Financial Institutions, 6
pref., par $100; 100 First National Copper Co.
stamped $3.75 paid, par $5; 100 Keweenaw Copper Co., stamped $6 paid,
par $25; 150 Nevada Utah Mines & Smelters, par $10; 150 Shannon
Copper
Co., par $10; 300 subscription warrants Utah Consolidated Corp. of Del.;
300 Sutton Bay Cobalt Mining
Co., par$l; 150 Utah Consolidated Mining
Co., par $5; 2 12-100 purchase warrants Middlewest Corp.; 288'400 Middlewest Utilities
Co.; 5 purchase
12
Oct
8
Sept
Feb
47
Sept
Mar
Oct
47
50
147
Par
80
3134
By Barnes & Lofland, Philadelphia:
Co.,
par $60
preferred,
par
2334
.......
$2 lot
...
class A preferred,
$100
.$2 lot
common, no par
10 Chestern County Agricultural
Assn., par $5
...
336 Cumberland Mills, Inc.,
common, par $100....
336 Cumberland Mills, Inc., preferred, par $100..
par
$100
for
Price
Low
High
Jan
Jan
34
Oct
82
Sept
67
Sept
Apr
Range Since Jan. 1, 1936
Shares
Low
2c
25c
32c
4c
2c
434c
234c
9,000
12,100
53C
55c
3,895
6,567
Dalhousie Oil
Hudson Bay
Kirkland Townsite.
....$2 lot
$2 lot
"
Jan
4c
Mar
38c June
78c
Feb
Jan
2934 c
Oct
22c
10,500
2234o
1434c
12c 235 100
3c
Jan
Jan
4c
434c
1340
2,850
12c
Jan
55,000
134o
Jan
10c
Aug
July
95,300
11c
Pend Oreille
5,000
13c
500
34f
60,800
33*c
4c
1,500
434c
27c
2934c
-
11c
4c
13c
Pawnee-Kirkland.
434c
17,800
1,860
22,000
41,200
90c
90c
10c
9c
10c
634c
534c
7c
Robb Montbray
6c
4o
7
7o
Jan
48o
Sept
Jan
70o
July
4c
Jan
lo
Jan
1334c May
4o
Apr
934 e Sept
37,700
31,500
16,600
2c
4,000
4c
11c June
1.20
Feb
15o
Mar
Jan
8c
Jan
734c
July
234o
734c
Wood-Kir kland
Feb
July
18
Jan
6c
734c
334c 334c
1634c 1734c
334c
Temiskaming
7c
42o
634c May
26c
Apr
18o May
17c
Sudbury Mines
31c May
21c June
Jan
26c
434c
Oil Selections
Parkhill
July
57o July
934o May
Jan
2534c
334c
Mandy Mines
1434c
Jan
1134c
334o
134o
10c
Lake Maron
3340 Sept
734c
Mar
27o
Sept
9c May
No par value.
THE
BERLIN
STOCK
Allgemelne Elektrlzltaets-Gesellschaft
Berliner
Handels-Gesellschaft
EXCHANGE
Sept.
28
36
37
as
received by cable
Sept.
Sept.
29
30
Och
1
-Per Cent of Par——
36
36
37
Oct.
2
37
121
©120
120
121
122
155
157
156
156
158
160
99
100
100
100
100
104
106
106
106
107
111
98
98
98
98
99
100
(4%)
131
Deutsche Reichsbahn (German Rys) pf 7%123
137
135
138
139
141
123
123
123
Berliner Kraft u. Licht
(6%)
(8%)
Commerz'und Privat-Bank A. G
(7%)
120
Deutsche Erdoel
123
124
98
Farbenindustrie I G (7%)
Gesfuerel (6%)
99
98
99
99
101
169
168
170
171
172
136
138
137
138
138
142
146
150
148
148
149
149
15
.........109
15
15
15
15
14
111
108
110
111
112
15
15
15
15
15
Hamburg Elektrizitaetswerke.
Norddeutscber Lloyd
Relchsbank (8%)
100
163
Dresdner Bank
Mannesmann Roehren
$2 lot
$2 lot
High
Jan
19c
Malroblc Mines
*
12c
2634c 2934c
Hapag
..$1 lot
-
July
22
27,700
50.250
$2 lot
.......
69
27
39
Apr
Week
1034c
$2 lot
-
Mills,
$10..$2 lot
-.$2 lot
25 The Remsen Knitting
Mills, Inc., common, par $100....
61 Buffalo Mfg. Co., par $100
10 Cafe des Ambassadeurs,
Inc., preferred, par $100
3 Cafe des Ambassadeurs, Ino.,
228 Vardry
par
12734
1234
Mar
Sales
of Prices
Deutsche Bank und Dlsconto-Gesellschaft.
$ per Share
16 Mitten Bank & Trust
Jan
934
2834
$2,000
5,000
3,000
67
Brett Trethewey...
Central Manitoba..
Dessauer Gas
Mills, Inc., common, par $100
90 National Fair & Exposition
Association^ Ino.,
25 Rhode Island Co.,
123
1,045
26
-
90 Roseboro
3834
110
39
Sept.
warrants Middlewest Utilities
Stocks
Sept
45
Mar
Closing prices of representative stocks
each day of the past week:
Co., B; 5 pur¬
chase warrants Middlewest Utilities
Co., A, and $75 Allied Stores Corp.,
debenture 434s, April, 1950, registered
$46 lot
50 Old Colony Trust Associates
1434
Shares
25
Jan
July
Week's Range
Ritchie Gold
$ per Share
22 Captain Nook
Inc.,
Oct
Sept
Exchange—Mining Curb Section
Porcupine Crown..
2 New England Public Service
7
234
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
Oeisko Lake
Stocks
102
Feb
334 May
80
3134
Toronto Stock
Mfg. Co. (N. Y.), par $100; 1 The Mines Finance Co. (Me.), par $10,0007"
150 United Hardware Co. (N.
Y.), par S100; 1 Seavlew Golf Club (N. J.),
par $100; $399.97 Golf Publishing Co., Inc. (Del. ) ctfs. of indebtedness;
$100 Green Meadow Country
Club, reg. income 5% deb. (N. Y.).
;.$41 lot
Bank, Boston, par $12.50
10 National Shawmut Bank.
Boston, par $12.50
3 Second National
Bank, Boston, par $25
12 Arlington Mills, par $100
May
Aug
Sept
Sept
Sept
334
10
6434
3134
1941
Night Hawk
Nordon Corp.
Shares
11
For footnotes see page 2187.
$100; 100 Drew Orchards, Inc., common, (Mass.) par $100; 6,000 The United
States Ruby Mining Co. stock trust ctfs. for
capital (Me.), par $5; 5 Advanced
Agricultural Publishing Co., Inc. (N. Y.) common, par $100; 117 Kenney
5 First National
25
180
Churchill Mining...
Cobalt Contact
—-
——-—
By Adrian H. Muller & Son, New York:
Shares
15
Jan
2
Oct
680
12434 12534
1134
1234
"39"
15
Feb
100
595
734
*
com
45
1034
..100
Scruggs-V B D G
Scullin Steel pref
4
7
Feb
July
July
47
June
50
234
6
934
13
Mar
&
1734
Jan
70
2d preferred
^100
St Louis Bk Bldg Eq com. *
St Louis Car com
10
25
50
*
Oct
315
*
Rice-Stix Dry Gds
Stocks—
on
Feb
Jan
99 34 10034
SALES
sold at auction
Sept
334
934
Sale
were
20
1,097
Friday
following securities
934 Sept
Aug
131
Last
The
23
Jan
310
Mar
14
1334
com 100
2194
AUCTION
434
634
13 34
*
common
t Scullin Steel 6s
/2534
/2234
Prov
79
St Louis Car 6s extended-_
Unterelbe Electric 6s. 1953
Vesten Elec Ry 7s
1947
Steamship 6s. 1937
79
United Ry 4s c-d's
45
United
*
1034
/40
1153* 11634
Dr Pepper com..
Elder Mfg com.
96 34
Guatemala 8s 1948
Hanover Harz Water Wks
Jan
Bonds—
104 X
Tucuman
Jan
2434
Gt Brit & Ireland 5Hs '37
4s
1960-1990
105 3*
Jan
3
Stix Baer & Fuller com.. 10
/22
July
Oct
57
Wagner Electric
/8?4
stamped
95
Oct
35
Southwstn Bell Tel preflOO
1940 /100
60
Feb
Sept
Sept
4
Preferred
39
265
234
6434
2834
20
Key Co
/143*
2734
20
210
Hydraulic Pr Brick
no
281
234
Apr
Mar
30
5
24
Santander (Colom) 7s. 1948
46
Jan
Sept
234 May
45
Sept
21
Aug
90
Hussman-Ligonier pref
22
29
60
fl5H
/2334
/2 234
60
1334
124
5
Grlesedleck West Brew
/59
255
30
90
Hamilton-Brown Shoe
/2034
2734
2734
2834
60
163*
2534
12
27
High
July
100
27"
333*
21
Coca-Cola Bottling com._l
Columbia Brew com
5
42
/323*
/10
100
25
46
/24
140
Low
27
2934
234
4534
2634
"234"
*
com
Range Since Jan. 1 1936
Week
27
2734
com
/3934
(Brazil)
8%
Santa Fe 7s stamped. 1942
Brown Shoe
Falstaff Brew
Sao Paulo (Brazil) 63.1943
Saxon Pub Works 78.1945
/58
July 1934 to June 1936..
July to Sept 1936
/30
1945
Scrip..
...
8s
Boyd-Welsh Shoe
/23~"
Salvador 7%
1957
Salvador 7% ctf of dep '57
Salvador 4% scrip
27
Burkart Mfg com new__$l
25
/2434
Shares
Price
25
53 34
2434
/23
for
0/ Prices
Low
High
*
com
Conv pref
Century Electric Co
R C Church Welfare 7s *46
/23
Sales
Week's Range
20
98 34
/22
/61
/143*
26
1945
Par
A S Aloe Co com
24
1937
534s
Trade
Exchange
Friday
Sale
Rio de Janeiro 6%
1933
Rom Cath Church 034 s '46
French Govt
of
Louis, Mo.
Last
24
/22
St. Louis Stock
/86
/8 5
24
1034
(Associate)
Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists
/2334
/24
25
1953
(Austria)
1948
North German Lloyd 6s '47
4s
1947
Curb
Board
66
National Hungarian & Ind
7034
York
Chicago
25
/22
Frankfurt 7s to
Graz
1982
New
Telephone Central 3350
63
/23
/22
/2234
/2434
Mortgage & In¬
734 s
1966
1934
7348
all
316 North Fourth St., St.
1945
vestment
Dec
1946-1947
Hungary
New York Stock Exchange
Louis Stock Exchange
St.
/23
/24
1945
to
to
East Prussian Pow 6s. 1953
Electric Pr (Germ) 6>4s '50
634s
European
1948
/934
/23
Dortmund Mun Util 6s *48
Duesseldorf
Water 7%
on
MEMBERS
&
Merldlonale Elec 7s.. 1957
69
pest, 7s
1953
Colombia scrip issue of '33
1934
Light
Mannheim & Palat 7s. 1941
City Savings Bank, Buda¬
Issue of
Power
Munich 7s to
/28
Buenos Aires scrip..
/52
55
Burmeister & Wain 6s. 1940 /112
114
Caldas (Colombia) 734s '46
/9H
103*
Call (Colombia) 7%..1947
/i2 a
13
Callao (Peru) 7>4%~1944
10 >4
sm
Cauca Valley 7>4s
1946
10
/9
Ceara (Brazil) 8%
1947
/3
'< 6
Chile, Gov. 6s assented
fl3H
13J4
Chilean
Enquiries Invited
Mid-Western and Southern Securities
26"
/2634
/2634
283*
f 13 H
Business Established 1874
/35
/29
...
I. M. SIMON &CO.
/2334
Leipzig O'land Pr 634s *46
Leipzig Trade Fair 7s 1953
1953
7s assented
..$0.10
ST. LOUIS MARKETS
/44 55
1943
$ per Share
40
Land M Bk Warsaw 8s '41
Bank
7>4s
1962
Brown Coal Ind Corp—
Stocks
10 Zenda Gold Mines
39
673*
f25h
121
13
Shares
/2534
24
/70
7s
•.
British Hungarian
llseder Steel 63
Jugoslavia 5s
634
67
funding scrip
1940
734
6%
8
4534
By A. J. Wright & Co., Buffalo:
97 34
/3934
/2234
/29
/29
Hungarian defaulted coups /20 40
("see German Called
Bonds")
Hungarian Ital Bk 734s '32 /29
2134
Brazil funding 5%. 1931-51
Ask
Hungarian Discount & Ex¬
change Bank 7s
1936
2534
f 1434
/7H
/6X
f7H
/6
f2 2
1945
(Germany)
2134
fl5H
1958
Bremen
21
/19
(Republic) 8s. 1947
7s
Brazil
Haiti 6%
1953
Hansa SS 6s stamped. 1939
Housing & Real Imp 7s "46
Hungarian Cent Mut 7s '37
Cons
Bogota (Colombia) 034s '47
Bolivia
21
3234
$ per Share
Co., par $50
17
Weaving Co., par $100
52
Huron Holding Corp., par $1; 3 National Public
Service, $3.50 pref. ctf. of
deposit, and 3 Chatham Phenix Corp., ctf. of beneficial interest
$2.50 lot
2
Bid
24
/1934
1934
/19
/24
1945
Bavarian
Ask
/22
/3034
Antioquia 8%
1946
Bank of Colombia 7% 1947
Bank of Columbia 7% 1948
Barranaullla 8s'35-40-46-48
1
5 Farr Alpaca
1 Royal
Foreign Unlisted Dollar Bonds
hid
2195
By Crockett & Co., Boston:
Over-the-Counter Securities
on
Chronicle
:
.......—.....
14
183
185
180
183
184
188
Rhelnische Braunkohle (8%).............226
Salzdetfurth (734%)
179
227
180
227
226
229
230
179
...
Siemens & Halske (7%)
191
189
193
187
178
182
1
198
Financial
2196
General
Oct.
Chronicle
1936
3,
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
FILING
OF
REGISTRATION
;■
The Securities and
announced the filing of
UNDER
STATEMENTS
SECURITIES
ACT
Exchange Commission on Sept. 30
14 additional registration statements
;(Nos. 2479-2491, inclusive, and 2385, a refiling) under the
iSecurities Act.
The total involved is $315,032,120.70, all
of which
represents new issues.
One refiling amounting to
$2,800,000 is included in the total.
7
*
JVo. of Issues
Type
P.'.•* 14
Commercial and industrial
'
The total includes the
have been
published:
Investors
Broadway,
(File 3-3-787), 291
Inc.
Plan,
convertible preferred stock of no-par
stock of no-par value in units of
1 share 80c. convertible preferred and Vx share Class A Common at $12.75
per unit.
Abraham Eisenstat, 291 Broadway, New York, N. Y., is Presi¬
dent of the corporation.
Braham, McElroy & Co., Inc., 60 Broadest.,
Offering 7800 shares 80c.
^
^
$315,032,120
Remington Rand, Inc.—290,143 26-100 shares
(See details in V. 143, p. 2065). (Docket No. 2-2480,
in Release No. 1041.)
named
underwriters.
as
Bornsten, Lander & Mayer, Inc. (File 3-3—788), 925-929 Market St.,
Wilmington, Del.
Offering 100,000 shares class A stock of $1 par value
at par.
Ralph C. Mayer, 1020 South Meadowbrook, Los Angeles, Calif.,
is
No underwriter is named.
President.
Milling Co., Inc. (File 3-3—790), no address.
Offering 100,000 shares common stock of 5c. par value at 25c. per share.
G. L. Covington, 4622 18th St., N. E., Seattle, Wash., is President of the
corporation.
No underwriter is named.
General Lee Mining &
following issues for which releases
' I.
of common stock.
Form A-2, included
and refunding mortgage
(See details in V. 143, p. 2063.)
Pacific Gas & Electric Co.—$35,000,000 of first
bonds, series I, 3j^%, due June 1, 1966.
Consolidated
New York.
value and 3900 shares of Class A Common
(Docket No. 2-2481, Form A-2, included in Release No. 1046.)
American Telephone
& Telegraph Co.-—$175,000,000 of 25-year
debentures, due Oct. 1, 1961.
(See details in V. 143, p. 2038.)
(Docket No. 2-2487, Form A-2, included in Release No. 1047.)
Konversionskasse
fur
Deutsche
Auslandsschulden (Conversion
Office for German'Foreign Debts)—3% dollar bonds. (Docket No. 2-2491,
Form A-l, included in Release No. 1050.)
3%%
York
New
Butchers
Calfskin
Association, Ltd.
(File 3-3-791),
Offering 10,000 shares of common
403-407 East 47th St., New York, N. Y.
stock ($5 par) at par.
Theodore C. Meyer,
is President.
No underwriter is named.
7220 69th St., Glendale, N. Y.,
following registration statements also were filed with
SEC, details regarding which will be found on subsequent
pages under the companies named:
The
the
Co. (No. 2-2504) covering $5,600,000
Filed Sept. 28, 1936.
Lake Superior District Power
1st mortgage bonds series A.
Remington Arms Co. (No. 2-2509) covering 3,764,389 shares of common
stock (par $1).
Filed Sept. 28, 1936.
General American Oil Co. of Tex. (No. 2-2512) covering 50,000 shares
(par $50) 5}4 % cum. convertible sinking fund prior pref. stock
(par $5) common stock.
Filed Sept. 28, 1936.
and 120,000
shares
Other issues included in the total are as follows:
(2-2479, Form A-l) of Jackson,
registration statement covering 10,000 shares ($1 par)
of which is outstanding. American Industries Corp., of
the underwriter.
Camiel Thorrez, of Jackson, is Presi¬
19, 1936.
The
Thorrez & Naes Manufacturing Co.
Mich., has filed a
common stock, all
Detroit, Mich., is
dent.
Filed Sept.
I
Marchant Calculating
i
$18
a
share.
Transferable warrants evidencing subscription rights
which
will expire Nov. 2, 1936 are to be issued to stockholders.
All shares not
taken by stockholders are to be offered publicly by the underwriter, Pacific
Capital Corp., of Los Angeles.
According to the registration statement,
is the present intention of the company to apply the net proceeds to
working capital, to build up inventory and accounts receivable, to improve
its plant and maintain a larger reserve.
Edgar B. Jessup, of Oakland, is
President.
Filed Sept. 22, 1936.
;
it
i
Susquehanna Capital Corp. (2-2483, Form A-l) of Jersey City, N. J.,
'.has filed a registration statement covering $250,000 of 4% debentures due
June 1, 1966, and 12,500 shares ($1 par) common stock, to be offered in
units consisting of a $500 debenture and 25 shares of common stock at
j $572.50 a unit. The proceeds are to be used for general corporate purposes.
George Thorns, of New York City, is President. Filed Sept. 23, 1936.
Selected American Shares, Inc. (2-2484, Form A-2) of Chicago, 111.,
has filed a registration statement covering 250,000 shares ($2.50 par)
common stock.
The proceeds are to be applied to investment purposes, to
the furtherance of the business of the company, and to expenses of operation.
Selected Investments Co. of Chicago, is the underwriter.
Max Adler, of
Chicago, is President. Filed Sept. 23, 1936.
A & K Petroleum Co. (2-2485, Form A-l) of Oklahoma City, Okla.,
has filed a registration statement covering 125,000 shares ($5 par) class A
common stock, and 125,000 shares ($1 par) class B common stock to be
i reserved
for conversion of the class A stock on a share for share basis.
The proposed initial offering price of the class A common is $6.50 a share.
The proceeds are to be added to the general funds of the company, part of
;
which will be used for the purchase of and development of certain oil
and gas leases.
Straus Securities Corp. of Chicago, is the principal under¬
writer.
Robert S. Kerr, of Oklahoma City, is the Chief Executive and
Coca-Cola Bottling Co. of New
'
financial officer of the company.
Filed Sept. 23, 1936.
Charles P. Limbert Co. (2-2486, Form A-2) of Holland, Mich., has
filedaregistrationstatementcovering80,000shares ($5 par) 6% cumulative
participating preferred stock, and 160,000 shares ($1 par) common stock
to be reserved for conversion of the preferred stock at the optionaof the
holder at the rate of two shares of common for one of preferred on orabefore
Aug. 15, 1941; thereafter and including Aug. 15,1944,1 Yx shares of cc%mon
for one of preferred; and thereafter on a share for share basis. The proceeds
are to be used to discharge a note, to purchase additional equipment and
for improvement of existing facilities, and for working capital.
Grinnell F. .
Oliver & Co., of Chicago, is the underwriter.
D. B. K. Van Raalte, of
Holland, Mich., is President. Filed Sept. 23,1936.
Lexington Brewing Co. (2-2488, Form A-l) of Lexington, Ky.f has
a registration statement covering 4,000 shares ($50 par) 6% cumulative
preferred stock, to be offered at par. The proceeds are to be used for the
purchase of machinery and equipment and for working capital.
John G.
Bruckmann, of Cincinnati, Ohio, is President. Filed Sept. 24, 1936.
filed
(2-2489, Form A-l) of Buffalo, N. Y.,
has filed a registration statement covering 400,000 shares ($1 par) 6%
participating preferred stock, and 400,000 shares of outstanding 20-cent
par value common stock.
The preferred stock will be initially offered to
the public at $1.37K a share.
The net proceeds are to be used for the
completion and improvement of plants, the purcnase of equipment, and for
working capital. Dingwall & Co., Inc., of N. Y. City, is the underwriter.
Gilbert W. Klinck, of Buffalo, is President. Filed Sept. 24, 1936.
Gilbert Klinck Brewery Corp.
Corp. of America (2-2490, Form A-2) of N. Y. City, has
filed a registration statement cofering 50,000 shares ($100 par) 7% cumula¬
tive series prior preferred stock. According to the prospectus, 10,000 shares
of the stock being registered are to be sold by the underwriters to a London
banking house, and the remaining 40,000 shares are to be offered publicly.
Part of the proceeds are to be used to improve plant facilities of the company
and to construct or acquire additional facilities for the production of the
products of the company or its subsidiaries and for the manufacture,
refinement or recovery of raw and other materials.
The balance of the
Celanese
-
"ork City, is President. Filed Sept. 25, 1936.
Proceeds are to be used for working capital. Dr. Camille Dreyfus, of New
Transit Co. (2-2385, Form A-2, a refiling) of
$2,800,000 of
3% equipment trust certificates, series I.
The proceeds are to be used
for the purchase of new refrigerator cars.
It is stated that Union Trust
Co. of Pittsburgh on behalf of itself and Metropolitan Life Insurance Co.,
Reliance Life Insurance Co., and Union Savings Bank of Pittsburgh has
! offered to purchase the entire issue. D. O. Oueilet, of St. Louis, is Presi¬
dent. Filed Sept. 24, 1936.
;
1
American Refrigerator
! St. Louis, Mo., has filed a registration statement covering
,
Prospectuses were filed for five 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
made any finding to' that effect.
A brief description of
these filings is given below:
* 7
.
.
Fox River Silica Co., Inc. (File 3-3—786), 900 Market St., Wilmington,
Offering to brokers and security dealers 80,000 shares of Class A 6%
Del.
cum.
pref. stock ($1 par) and 20,000 shares of Class B stock of ($1 par) in
1 share of Class B at $5 per unit.
No
units of 4 shares of Class A and
underwriter is
named.
York, Inc. (V. 143,
In
Filed
1216).
p.
.
-
Globe Silver Mines, Inc. (V. 143, p. 1384).
Filed Aug. 19, 1936.
making available the above list the Commission said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last
in
our
previous list of registration statements was given
2036.
issue of Sept. 26, p.
Administered Fund Second,
Inc.—Special Dividend—
The directors have declared
addition
commm
■
.
following companies have been permitted to withdraw
registration statements: 4
Aug. 12, 1936
Machine Co. (2-2482, Form A-2) of Oakland,
Calif., has filed a registration statement covering 32,378 shares ($5 par)
common stock
to be offered to common stockholders of the company
of record Oct. 7, 1936 in the ratio of one share for each six shares held at
'•
their
a special dividend of 7 cents per share in
regular quarterly dividend of 10 cents per share on the
stock, both payable Oct. 20 to holders of record Sept. 30.
to
the
Air Associates,
Inc.—Accumulated Dividend—
The company paid a dividend of $1 per share on account of accumula¬
on the $7 cumulative preferred stock, no par value on Oct. 1 to holders
of record Sept. 26.
Dividends of 75 cents per share were paid on July 1,
tions
April 1 and Jan. 2 last and on Oct. 1, 1
5.■—V. 142, p. 4165.
Alaska-Juneau Gold Mining Co.—15-Cent Extra Div.—
The directors have declared
an
extra dividend of 15 cents per
share, in
addition to the usual quarterly dividend of like amount, on the common
stock, par $10, both payable Nov. 2 to holders of record Oct. 10.
Similar
distributions were made in each of the 12 preceding quarters.—V. 143,
p.
1709.
Alleghany Corp.—Bankruptcy Proceedings Terminated—
The corporation has notified the New York Stock Exchange that a final
was entered Sept. 21, 1936 terminating and closing proceedings in the,
order
matter of Alleghany Corp. in proceedings for the reorganization of a cor¬
poration in the U. S. District Court for the District of Maryland*,
In view of the above, the Alleghany Corp. should be removetrfrom the
list marked by the symbol to indicate companies reported to the New York
Stock Exchange as being in bankruptcy, receivership or being reorganized
under Section 77 or 77-B of the Bankruptcy Act, or securities assumed by
such companies.—V. 143, p. 1217.
Alton
RR.—Earnings—
143,
p.
1933
$1,306,571
—299,949
68,532
$1,325,813
508,587
270.291
8,860,910
1,061,673
def733,376
8,717,902
1,932,950
236,111
8,798,456
2,664,795
1,036,849
1—
Gross from railway
Net from railway
Net after rents
—V.
1934
$1,281,014
244,435
defl0,028
10,463,641
2,167,506
85,830
Net after rents
From Jan.
1935
1936
$1,429,863
300,823
34,768
August—
Gross from railway
Net from railway
1385.
Amalgamated Leather Cos., Inc.—Div. Plan Voted—
Stockholders at a special meeting held Sept. 30 approved a plan of
recapitalization designed to eliminate $105.25 per share accumulated divi¬
dends on the 49.600 shares of preferred stock.
Under the plan the present 49,600 shares of $7 dividend bearing $50
par value stock will be reclassified share-for-share into an equal amount
of new $50 par value $3 cumulative preferred stock, convertible into six
shares of common stock.
In addition preferred stockholders are to receive
five shares of new common for each preferred shares held, in lieu of accumu¬
lated dividends.
,
...
.
The present 175,000 shares of $1 par common stock now outstanding will
be reclassified into 70,000 shares of new common stock, common stockholders
receiving two-fifths
shares for each share
now
When the plan is
held.
completed there will be outstanding 318,000 shares of common stock of an
authorized issue of 650,000 shares along with 49,600 shares of $3 preferred
stock.—V. 143, p. 1862.
American Airlines 4nc.
(& Subs.)— Earnings—
Earnings for Six Months Ended June 30, 1936
loss after
expenses,
depreciation, depletion and
deductions, including taxes other than income
Net
other
$438 552
—V. 143, p. 1385.
American Box Board
Co.—Earnings—
.
Earnings for 36 Weeks Ended Aug. 8, 1936
profit after charges and normal taxes..
Earnings per share on 125,363 shares common stock (par $1)
Net
x
x$193,370
$i .l0
After deducting non-recurring charges of $16,899.—V..143, p. 2037.
American Bantam Car Co.—Orders Received—
Orders
for
since the 1937
16,233
American
Bantam automobiles
models were announced to dealers
have
'
been
received
Sept. 15, by the com¬
pany, according to R. S. Evans, President..
These orders are sufficient
to keep the plant on sJ 24-hour production schedule for four months, Mr.
Evans stated.
on
•
....
"We anticipated initial orders not to exceed 10,000 cars," said Mr. Evans
"but.this total of more.tban 50% more orders in less than
force
us
to step up production
far beyond
our
anticipation.
this is indicative of the public acceptance of a small car
two
weeks
wili
We feel that
selling in the $300
price class which can be economically operated, but which has the stamina
and smartness of much higher priced autos."
Volume
Financial
143
The orders were received from dealers in
31
States, and Canada, and
which will export them to 57 foreign countries,
Export orders total 2,780 cars.—V. 143, p. 1385.
from companies
"said.
'
•
1
2197
Chronicle
Mr. Evans
Specialists
o
,.
American Can Co.—New President—
Dr. Herbert A. Baker has been elected President of this company to
succeed C. E. Green, who has resigned due to ill-health.
Mr. Green
had been President only since May when he succeeded H. W. Phelps, who
All
in
,;K
Rights and Scrip
assumed the Chairmanship.
No successor to Mr. Baker as Vice-President has been elected.—V. 143,
at that time
McDonnell & Co.
98.
p.
Chain
Stock Offered—A banking
group headed by Hemphill, Noyes & Co. offered on Oct. \
at $100 per share the portion of a new issue of 110,000 shares
of 5% cumulative convertible preferred stock ($100 par).,
not issued in exchange for the 7 % cumulative preferred stock
and not subscribed for by the holders of the common stock.
Proceeds, to the extent necessary, will be used to redeem
the entire issue of 7% preferred stock about Nov. 2, 1936.
Associated in the underwriting group are Goldman, Sachs
& Co., Hay den, Stone & Co., W. C. Langley & Co., Riter
& Co., Cassatt & Co., Inc., F. S. Moseley & Co., Kidder,
Peabody & Co., Parrish & Co. and Hincks Bros. & Co.,
Inc., of Bridgeport, Conn.
American
Co.—Pref.
Under the terms of the offering, holders of the company's cumulative 7%
preferred stock were given the opportunity to exchange each share of that
stock for 1 Ya. share of the new preferred, computed on the basis of the call
price of $110 a share and $15 accumhlated dividends, and, subject to such
exchanges, the common shareholders were given a prior right of subscrip¬
tion at $100 a share, both offers having expired Sept. 30.
1
The 5% cumulative convertible preferred stock will be convertible at
any time after Nov. 15, 1936, and on or before Sept. 15, 1946, at the
following basic conversion prices: $66 2-3 per share of common if deposited
for conversion on or before Sept. 15, 1939; $75 per share of common there¬
after on or before Sept. 15, 1942; and $80 per share of common thereafter
on or before Sept. 15, 1946; the preferred stock for this purpose being taken
at $100 a share. The 5% convertible preferred stock is callable at any time,
in whole or part, on not less than 45 days' notice, at $105 and accumulated
dividends, the amount to which it is also entitled in the event of voluntary
liquidation.
Capitalization of the company, upon completion of this financing and the
retirement of the 7% preferred, will consist of $1,140,000 serial notes,
bearing interest at 2.95% annually and maturing serially 1938-1940; 110,000
shares (this issue) of 5% cumulative convertible preferred stock ($100 par)
out
of
total of 140,000 serial
a
preferred stock authorized;
and 250,221
.u—„/N«w York Stock Exchange
Member8\New
120
$1,646,806 in the calendar year 1935 and of $2,040,095 in the 12 months
March 31, 1936.
Incorporated in New York in 1912, the original business of the company
principally of the manufacture and sale of chain of various types
chains. Through the acquisition of subsidiaries
diversified its activities until it stands today as
one of the major factors not only in the chain industry but in the field of
cable manufacture, among its more important products being wire rope,
chain, tire chains, rods, wire, automobile brakes and brake controls, chain
hoists, automotive service station equipment, springs and valves.
Prin¬
cipal executive offices and a plant are located at Bridgeport, Conn.; other
plants are at York, Pa., Monessen, Pa., Braddock, Pa., ana Aarian, Mich.;
while subsidiary plants are locar.ed at Wilkes-Barre, Pa., Reading. Pa.,
Hartford, Conn., Terre Haute, Ind., Philadelphia, Pa., Niagara Falls,
Ont., and Stourport, England.
plants are at York, Pa., Braddock, Pa., and Adrian, Mich.; while sub¬
sidiary plants are located at Wilkes-Barre, Pa., Reading, Pa., Hartford,
Conn., Terre Haute, Inc., Philadelphia, Pa., Niagara Falls, Ont., and
Stourport, England.
The consolidated balance sheet as of March 31, 1936, as presented in
the prospectus, shows total assets of $20,080,102, and assigns a net book
value to land, buildings, machinery and equipment of the company and its
subsidiaries of $8,983,667 which, the engineers' report declares, "repre¬
sents a fair measure of their value to the company."
consisted
and styles, including tire
the company has steadily
Principal Underwriters—The names of the principal underwriters and the
maximum number of shares of convertible preferred stock to be purchased
by each, are as follows:
Hemphill, Noyes & Co., New1 York, 35,000 shs.; Goldman, Sachs & Co.,
New York, 11,000 shs.; Hayden, Stone & Co., New York, 11,000 shs.;
W. C. Langley & Co., New York, 11,000 shs.; Riter & Co., New York,
11,000 shs.; Cassatt & Co., Inc., New York, 7,000 shs.; F. S. Moseley &
Co., New York, 5,000 shs.; Kidder, Peabody & Co., New York, 5,000 shs.;
Parrish & Co., New York, i,500 shs.; Hincks Bros. & Co., Inc., Bridgeport,
Conn., 1,500 shs.; Kuhn, Loeb & Co., New York, 11,000 shs.—V. 143,
p. 1862.
American-Hawaiian
Steamship Co. (& Subs.)—Earns.
Period End. Aug. 31—
1936—Month—1935
1936—8 Mos.—1935
Operating earnings
$1,269,479
$982,215 $10,072,690
$7,804,29A
Operating expenses
1,138,330
993,773
9,005,739
7,685,280
$131,148
6,527
Net prof, from oper__
Other income.
$137,676
58,295
Total profit
Prov. for depreciation,.
Balance
$79,380
def$l 1,557- $1,066,951
3,466
39,474
Non-recurring items
-
°
$80,338
1
def$66,396
Net prof, before Fed.
income tax
458^62
def$66,396
$647,762
def$311,472
24,593
48,382
/
$672,356 def$263,089
—V. 143, p. 1385.
American Investment Co. of
Illinois—Listing—
The New York Curb Exchange has approved the listing of 120,000 out¬
standing shares of common stock, no par, and will list 26,000 additional
shares of common stock, no par, upon notice of issuance.—V. 143, p. 908.
American
Optical Co.—Pays 50-Cent Dividend—
The company paid a dividend of 50 cents per share on the common stock,
par value, on Oct. 1 to holders of record Sept. 16.
A similar payment
was made on Oct. 15, 1935; $1.50 per share was paid on Dec. 11, 1934 and
no
50 cents
was
paid
on
July 2, 1934 and
American Refrigerator
See list given on first page of
American
on
Dec. 19, 1931.—V. 143, p. 1386.
Transit Co.—Registers with SEC
this department.—Y. 143,
p.
1709.
Steamship Co.—Pays Extra Dividend—
The company paid an extra dividend of $1 per share in addition to the
regular quarterly dividend of like amount on the common stock, on Oct. 1
to holders of record Sept. 25.
Similar extra dividends were paid on Dec. 29,
Oct. 1 and Jan. 5, 1934.
See also V. 142, p. 1973.
American Telephone &
Telegraph C<*.—Bonds Called—
All of the outstanding 30-year 5% collateral trust gold bonds due Dec. 1,
have been called for redemption on Dec. 1 next at 105 and accrued
1946
interest.
Payment will be made at the company's New York office, 195
Broadway, or at the Old Colony Trust Co., 17 Court St., Boston, Mass.—
V. 143, p. 2038.
\
American
Type Founders, Inc.—Special Meeting—
Stockholders will hold
special meeting Oct. 16 to approve and ratify
action of directors in setting aside 58,500 shares of common stock for allot¬
ment prior to June 1, 1941, to executives of the company or any whollyowned subsidiary, for optional purchase within five years from date of any
such allotment at not less than $10 per share, subject to proviso that no
allotment be made to any director of the company except by express ap¬
proval of stockholders; and to approve contracts providing for purchase of
35,000 shares by Thomas R. Jones, President and a director, and of 7.500
a
s
'
*
i
'■
director.—V. 143,
v
Water Works
& Electric
Co., Inc.—Weekly
Output of electric energy for the week ended Sept. 26, 1936 totaled 49,010,000 kwh., an increase of 32.2% over the output of 37,100,000 kwh. for
the corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
follows:
»
1936
1935
1934
1933
/
1932
years
Week Ended—
.
47,899,000 *38,072,000
29,154,000
46,010,000
41,051,000
32,158,000
49,064,000
40,380,000
32,470,000
49,010,000
37,100,000
33,077,000
Labor Day, Sept. 2, 1936 —V. 143, p. 2038.
Sept.
5
Sept. 12
Sept. 19
Sept. 26
*
25,694,000
26,007,000
27,836,000
27,156,000
33,920,000
34,738,000
32,643,000
32,196,000
American Woolen Co.—Suit Dismissed—
A stipulation was entered Sept. 29 in the U. S. District Court, New York,
dismissing the action instituted against the company and its directors
for an accounting, by Albert Lautman and George W. Collins, minority
stockholders.
The suit was originally filed in the Supreme Court and
after being transferred to the Federal Court the bill of complaint was
dismissed by Judge Goddard with leave to amend.
An amended complaint
was duly filed and the defendants moved to dismiss it but the motion was
never brought on for argument.—V. 143, p. 1863.
American Zinc, Lead &
Smelting Co.—Time Extended—
The time within which-$6 cumulative preferred stock may be exchanged
for prior preferred stock and common stock of the company, has been
extended from Sept. 30, 1936 to Dec. 31, 1936.—V. 143, p. 1065.
Amoskeag Mfg. Co.—Industries to Take Plant Oct. 15—
The Amoskeag Industries, Inc., a Manchester owned and controlled
corporation, will become the new owner of the physical assets of Amoskeag
Manufacturing Co. on Oct. 15.
No court action is necessary to make
this exchange of ownership.
Referee Arthur Black of Boston, special
master in 77-B
proceedings of Amoskeag Manufacturing Co., said that in
days following his acceptance of the local $5,000,000 bid for the
no
objections to the sale had been filed with him.
The
acceptance was made on Sept. 15.
the
10
textile
plant
Inquiry Opened by Sabath Committee—
The affairs of the company and its holding company were
likened
to
"a game of financial chess with the wage earners of Manchester as human
by Major Peter C. Borre, chief counsel, at the opening, Sept. 30,
Sabath Congressional committee's public inquiry Into affairs of
pawns,"
of
the
the two companies.
-x
Discussing the committee's inquiry, Chairman Sabath said the purpose
not only was to propose legislation, but also "to end the milking of investors
by professional trustees, bankers and receivers."/ He added:
"Wherever
there is real, deliberate and wilful wrongdoing bordering on violation of
law, we turn over our evidence to Federal or State's attorneys."—V. 143,
p. 2038.
/
Angostura-Wuppermann Corp.—New President—
A. Edward Wuppermann was
made
vacant
by
Ann Arbor
See Wabash
elected President Sept. 26 to fill the office
the death of Mrs.
J. W.
Wuppermann,
his mother.—
"X
V. 143, p. 2038.
RR.-yNew Vice President—
Railway, below.
x^
Interest—
The interest due Oct. 1, 1936, on the first mortgage gold 4% bonds, due
1995,
was
paid on that date.—V. 143, p. 2038.
A. P. W.
Paper,Co., Inc.—Rights—
Holders of common stock of record on July 31, and holders
thajHiate but prior to the close of business on Sept. 30, 1936,
thd right to subscribe at par and accrued interest for 3Y%
tered convertible notes, dated Aug. 1, 1936, to the extent of
of record after
will be offered
10-year regis¬
$100 principal
amount of notes for each 100 shares of stock held.
Subscription warrants
will be issued only to such stockholders as shall make request therefor.
The rights to subscribe expire on Oct. 10, 1936.—V. 143, p. 2038.
Asnazu Gold
26.640
$145,656
457,128
a
■
American
$ll9,015
X
G. Williams, Vice-President and
261..
4
Output—
Dredging Co., Ltd.—Initial Dividend—
The directors have declared
x
$1,106,42^
def$8,091
58,305
957
—
-
'
*
p.
!
NEW YORK
RECTOR 2-7815
TEL.
shares of common stock of an authorized issue of 500,000 shares.
The company reported net earnings available for preferred dividends of
ended
BROADWAY,
shares by Edward
v;
York Curb Exchange
common
Associated
Gas
&
initial dividend of 5 cents per
to holders of record Oct. 9.
an
stock, payable Oct. 20
Electric
Co.—To
Unpaid Quarterly Interest Instalments
tions A & B in Scrip—
on
Pay
share on the
First
Two
Convertible Obliga¬
F. S. Burroughs, Vice-President, in a letter to holders of the convertible
obligations, series A and series B, states:
In 1933 it became necessary to suspend payments of interest on the con¬
vertible obligations.
The management of the company yielded' to this
necessity with great regret, but it had no option to do otherwise.
Under
then existing circumstances, there was no alternative except to suspend
interest payments to the holders of convertible obligations if their invest¬
ment in the company was to
Since that time
be preserved.
the Associated management has given much considera¬
tion to the possibility of the resumption of some form of interest payments
on the convertible obligations.
For some time no method appeared feasible,
but during the past year conditions have shown considerable improvement.
The plan of rearrangement of debt capitalization has been carried to a point
where it is successful beyond question.
Operating subsidiaries have begun
to feel the stimulus of industrial recovery.
Electric output has set new
records and, although because of rate reductions this output cannot produce
a similar percentage of increase in doliar revenue, nevertheless the gross
revenues of the system have been increasing steadily, and despite constantly
rising taxation, more and more of this increase in gross is being carried down
to
net income available for interest payments.
But while the earnings situation affords a basis for encouragement,
the
cash requirements of the company's subsidiaries for capital additions con¬
tinue to be a matter requiring attention.
By reason of such requirements,
the directors of the company feel that any action which would increase the
company's cash outlay at this time would be imprudent; an the other hand
it appears to them that by making payment in some form other than cash,
they may now appropriately undertake their long-desired resumption of at
least some interest payments on the convertible obligations.
It has accordingly been decided that the first two unpaid quarterly in¬
stalments of accumulated interest on the convertible obligations, series A
and series B, shall now be paid in scrip of the company due Oct. 1, 1941.
Scrip certificates in multiples of $100 principal amount will bear interest
4% per annum, payable semi-annually in cash out of available net in¬
of the company after interest on senior obligations, but interest may
be paid at any time at the option of the board of directors and any unpaid
at
come
accumulations of interest will become
payable at the maturity of the scrip.
The scrip will be junior to the senior obligations of the company, in the
manner as the convertible obligations, but will not be convertible.
Scrip certificates for fractions of $100 principal amount will be non-interest
bearing, but may be consolidated with other fractions of scrip to form the
interest-bearing certificates.
The scrip will be issued only in registered
same
Financial
2198
form, callable at any time at par and interest,
terms and conditions as may
be appropriate.
and will contain such other
This payment will be made
Oct. 5, 1936.
Promptly after that date, scrip certifi¬
cates will be drawn and sent to the holders of the convertible obligations as
to holders of record
rapidly
as
"V
possible.
It is the desire of the company
to continue payments
of interest on con¬
vertible obligations, in scrip ot in cash, if the directors of the
it is in the interest of the company and its security holders to
company feel
do so.
Their
determination with respect to the continuance of these payments will be
to some extent dependent upon further increases in net income.
This
necessary improvement in earnings will largely depend on whether there
are impositions of additional taxes and reductions in rates of operating sub¬
sidiaries and upon the extent to which the management is allowed freedom
from outside interferences to devote its ability to the operation of the busi¬
ness and the profitable expansion thereof.
Other serious difficulties which still face the company include the ex¬
istence of enormous unwarranted tax claims asserted by the United States
Treasury Department and problems arising out of the Federal Public
Utility Holding Company legislation.
The management is exerting itself
the utmost to care for your investment in the face of such difficulties.
-
Weekly Output—
utilities.
Associated Gas & Electric System reports
net electric output of 87,189,238 units (kwh.), which is 18.4% above the
corresponding week of 1935.
Improvement in gross and net earnings is
running about 6%, according to latest reports; rate cuts, higher expenses
and taxes combine to reduce income when contrasted with output increases.
This is the highest output ever to be reported by the System as now con¬
/
including sales to other utilities, was
stituted.
Gross output,
Consolidated Statement of
100,593,783 units.
Earnings and Expenses of Properties Irrespective of
Dates of Acquisition
Til
12 Months Ended Aug. 31—
Electric/1...
Gas./.
.
J
Transportation
Heating
1936
$88,917,952
13,337,574
1935
i
expenses,
maint., &c—
Provision for taxes
The notice to the stockholders of
The agreement of consolidation provides that a new company
sated to be called Atlas Corp. and sets forth terms of exchange
8
7
4
x4
A & K Petroleum
for all
of securities of all companies in
1
vidends of $3
per
share per annum payable
the current dividend period
Q.-M from the first day of
within which such stock shall have
been origin¬
ally issued; holder of 6% preferred stock in the event of dissolution will be
entitled, in preference to the common stock, to receive $50 per share and
divs; 6% preferred stock will be red., in whole or in part, at $55 per share
and divs. on not less than 30 days' not more than 60 days' prior notice by
mail; it will have one vote per share; one share of 6% preferred stock will
be accepted by the new company in lieu of cash and as the equivalent of
$50 in payment for each two shares of common stock deliverable under the
terms of the option warrants mentioned below; no new class of stock having
a dividend preference or a prior call on assets in the event of dissolution
over the 6% preferred stock may be created unless the holders of record
of not less than two-thirds of the number of shares of 6% preferred stock
in favor thereof or consent thereto in writing; the
receivable in dissolution and on redemption
$837,901
2
9
6
9,272,840 xl,116,603 xl2
$32,485,649 $1,954,504
decreased unless the holders of record
of shares of 6% preferred stock outr-
standing vote in favor thereof or consent thereto in writing.
7,000,000 shares of common stock (par $5).
The common
have one vote per share.
There will also be initially outstanding:
6
-
Co.—Registers with SEC—
of this department.—V. 142, p. 1108.
Atchison, Topeka & Santa Fe Ry. System—Earnings—
Option Warrants to purchase (without limit as to time, at $25 per share)
1,681,073 shares of common stock of the new company, representing the
presently outstanding option warrants for the purchase of 1,681,073 shares
of common stock of Atlas Corp. to be assumed by the new company on the
consolidation becoming effective.
In connection with the option warrants attention is directed to the fact
that the new company may elect to issue similar option warrants to purchase
an additional 270,000 shares of common stock on the liquidation of the
interest of Atlas Corp. in its subsidiary. Atlas Utilities & Investors Co.,
Ltd.
A proposal will be submitted to the stockholders' meeting that the
new company be authorized and directed to exercise such election.
With respect to the securities of Atlas Corp., the agreement of consolida¬
tion provides that:
(1) The holder of each share of $3 preference stock, series A will receive
one share of 6% preferred stock (par $50).
(2) The holder of each share of common stock will receive one share of
common stock.
(3) The outstanding option warrants to purchase common stock at $25
per share will be assumed by the nCW company in accordance with the terms
of such outstanding option warrants, so that each holder of an outstanding
t
Includes Atchison, Topeka & Santa Fe Ry.; Gulf, Colorado
Panhandle & Santa Fe Ry.]
Period End. Aug. 31—
1936—Month—1935
Railway oper. revenues.$13,808,749 $11,851,217
Railway oper. expenses. 10,468,060
9,289,201
Railway tax accruals.
1,323,371
855,172
Other credits.
44,681
26,233
__
& Santa Fe Ry.;
1936—8 Mos.—1935
$98,994,103 $85,932,356
80,906,514
70,118,790
8,943,831
6,840,649
342,585
stock will
.
6
2038.
See list given on first page
will be
the consolidation.
The new company
have an initial authorized capitalization as follows:
,000,000 shares of 6% preferred stock (par $50).
The 6% preferred
„ck will be entitled, in preference to the common stock, to cumulative
sses
7
8,156,237
p.
the company states in
substance:
823,385
367,885
88,927
54,389
X48.595
12,514.189
4,816,363
1,353,003
1,211,536
1,230,532
$105,215,716 $6,113,850
4,609,049
52,773,383
666,900
10,683,844
11,350,744
$34,440,153
consolidation is a wise one
stockholder the treatment
equitable.
It is pointed out, however,
that the advantages which the stocknolders of Atlas Corp. should derive
from the consolidation quite obviously cannot be realized unless the holders
of two-thirds of the total number of shares of preference and common stock
outstanding not only approve but vote their approval."
accorded in consolidation is fair and
of the 6% preferred stock may not be
of not less than 90% of the number
(renewals and
Operating income
x Decrease.—V.
143,
recommends the consolidation to you for your
It feels that as a corporate move the
and chat from the point of view of the individual
dividend rate and the amounts
57,382,432
replacements)
»
New York Curb Exchange.
"Your board of directors
transaction under
the new company
stock and common stock on
the option warrants on the
approval.
%
$41,758,489
Prov. for retire,
will make application to list its 6% preferred
the New York Stock Exchange and to list
6
1,265,925
1,181,937
fater
the issuance of stocks of
the new company in consolidation will not be a taxable
the present Federal income tax law.
It is expected that
then outstanding vote
Amount
to the new company without inter¬
in their opinion,
$84,090,093 $4,827,859
5,184.248
1,441,930
Ice
Oper.
"Counsel have advised that,
of 86,710,673 units (kwh.),
current, including sales to other
For the week ended Sept. 26
the portfolios of the consolidating
the new company, and earnings derived
vening taxes.
,
which is 16.9% higher than
the same week a year ago.
Although this is the highest output ever re¬
ported by the system, rate cuts and higher expenses and taxes combine to
restrict improvement in net earnings, according to latest available figures.
Gross output, at 101,605,473 units, also .reached a new peak, being the
first time that the system properties produced over 100.000.000 units of
1936
3,
of consolidation the assets now held in
companies will be owned directly by
from these assets will accrue directly
Associated Gas & Electric System reports
For the week ended Sept. 19
net electric output
Oct.
Chronicle
Drl95,216
„
option warrant to purchase, without limit as to time, one share of common
subject to the terms thereof, to purchase, without
as to time, one share of common stock of the new company at $25
stock will be entitled,
limit
per
share.
stockholder of Atlas Corp. along with the stockholders of
corporations entitled to receive shares of common
in the consolidation, is given an optional right
to convert all or part of the shares of common stock of the new company
which he has the right to receive into shares of 6% preferred stock of the
new
company, such right of conversion given under the agreement of
consolida ion providing that:
For a period of 20 days beginning on the second day after the effective
date of consolidation the holder of common stock of the new company may
elect to convert all or part of such common stock into 6 % preferred stock
of the new company in the ratio of 3.4 shares of common stock for each
share of 6% preferred stock.
The new company will not issue fractional
shares of its 6% preferred stock in this conversion, but will deliver in lieu
thereof certificates for shares of common stock and(or) common stock scrip.
This conversion right shall terminate when and if the par value of shares of
6% preferred stock then issued or issuable exceeds 40% of the capital and
surplus of the new company.
If application for conversion are made in an
amount in excess of this limitation then in such event shares of common
stock so tendered will be selected for conversion on a pro rata basis subject
to the limitations aforesaid.
The 6% preferred stock issuable on this
conversion will be deliverable as soon as practicable after the expiration of
the 29-day period.
If the holders of common stock of the new company elect to convert 25%
of their holdings into 6% preferred stock, the preferred stock capital of the
new company would be approximately 40% of the total capital and surplus.
The directors of Atlas Corp. have agreed to convert 25% of their holdings
of common stock, but, in view of the limitation on total conversion, they
will extend prior right to such conversion to all others entitled to receive
common stock of the new company.
If conversion of common stock Into
6% preferred stock is insufficient to bring about the desired preferred stock
capital, management intends to purchase, from time to time or as it deems
desirable, shares of outstanding common stock of the new company for
ultimate retirement so long as such shares can be acquired at a discount
from then asset value.
The effect of such purchase would be to increase
the asset value of the remaining shares of common stock while at the same
time tending to bring about the desired capital structure and leverage in
Each common
$1,733,077
$9,486,441
$8,777,700
13,260
13,232
13,297
Operating expenses for the period ending Aug. 31, 1935 include a credit
of $1,028,816, reversing charges in 5 months ended Dec. 31,. 1934 made
Net ry. oper. income.
$2,061,997
Average miles operated.
13,227
under the Railroad
Retirement Act, 1934.
Railway tax accruals for month and period ended Aug. 31, 1936 include
$293,620 and $1,809,785 respectively, representing accruals under com¬
panion act to Railroad Retirement Act, 1935 and also under Social Security
Acts, Federal and State.—V. 143, p. 2039.
Atlanta Birmingham
& Coast RR.- -Earning s1935
1934
1933
$248,218
2,175
$245,609
38,945
1,440
defl6,267
$224,967
3,307
def14,407
2,228,209
261,441
2,008,071
146,003
def69,624
1,944,828
35,319
defl60,974
53,451
def143,007
1936
$391,577
64,248
August—
Gross from
railway
Net from railway
Net after rents
2,918
From Jan. 1—
Gross from railway
Net from railway
27,800
Net after rents.
—V.
143,
p.
1,773,374
1550.
Atlanta & West Point RR.
—jEarnings
1936
1934
1933
$121,073
853
$132,375
13,012
def8,752
defl0,235
$113,099
1,707
def 17.627
1,151,419
145,975
def26,839
Net from railway.
Net after rents..
1935
$158,485
24,597
August—
Gross from railway
1,000,243
83,100
def67,073
def 110,476
9,902
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V.
143,
p.
932,996
36,557
852,035
19,617
defl39,812
1550.
Atlantic Coast Line RR.-
-Earnings-
1936
$2,912,166
407,904
Net from rail way
Net after rents..
1935
1934
1933
$2,560,775
79,342
$2,428,348
33,660
$2,381,573
_69,735
273,737
August—
Gross from railway
5,441
—46,895
17,051
Gross from railway
Net from railway
29,112,867
6,637,652
2,573.546
Net after rents
27,081,533
5,201,425
1,418.606
27,740,124
6,719,406
3,014,321
26,806,221
7,368,458
3,397,835
—V. 143, p.1388.
Atlas
Corp.—Announces Consolidation with Subsidiaries—
Eastern Shenandoah and Sterling Securities—The
directors of Atlas Corf), have called a special meeting of
shareholders for Oct. 29 to vote on proposals to consolidate
the
company
with Pacific Eastern Corp., Shenandoah
Corp., and Sterling Securities Corp., Floyd B. Odium,
President of Atlas Corp., announced Sept. 29.
This is the
final step in the simplification of the corporate structure of
Atlas Corp.
When the proposed consolidation takes- place
Atlas Corp. will have completed its program in regard to
22 investment companies that it had acquired since the
spring of 1930.
Pacific
The total number of stockholders,
in this consolidation is 76,934.
F. B.
stock of the new company
the new company.
of consolidation, the holder of $3 preference stock,
receives, share for share, 6% preferred stock of the
Attention is directed to the fact that there is authorized
but unissued in the present Atlas Corp. 100,000 shares of (prior) preferred
stock.
As the new company has authorized no capital prior to its 6%
preferred stock and as the agreement of consolidation provides for a limi¬
tation on voluntarily created debt of 25% of capital and surplus of the
new company, it is felt that the holder of $3 preference stock of Atlas Corp.
receives a more favorable position in the new company.
The holder of common stock, under the agreement of consolidation,
receives, share for share, common stock of the new company with an indi¬
cated asset value of approximately $17.48 per share and carrying a con¬
version privilege which presents two possible courses of action:—
First, if the stockholder for any reason feels it wise to forego possible
appreciation and desires a preferential position both as to principal and
income for all or some portion of present capital, such stockholder would
elect to convert all or a portion of the common stock received in consolidation
into 6% preferred stock of the new company.
The resulting preferred
stock position would bear dividends at the rate of 6% per year and be
cushioned in decline fcy the common capital and surplus of the new com¬
pany.
We have been advised by counsel that, in their opinion, such
conversion would not be a taxable transaction under the present Federal
Under the agreement
series A, of Atlas Corp.
new
From Jan. 1—
eliminating duplications,
Odium, President, in letter to stockholders,
•*In the opinion
the other consolidating
involved
says:
of your board of directors consolidation of these four
companies is advantageous to the stockholders of Atlas Corp.
The con¬
solidation will make possible the elimination of duplication of corporate
expense and simplify the problems of management.
More important,
however, is the distinct .benefit to be realized through the elimination of
the parent company-subsidiary company structure.
Under the agreement
company.
income tax law.
Second, if the stockholder anticipates further price rises in which he
prefers a full leverage participation, then such stockholder would retain
all the common stock of the new company received in consolidation.
As
the projected leverage of the capital structure of the new company is in
excess of that of the present company, a stockholder desiring a leverage
participation comparable to that of the common stock of the present com¬
pany to elect to convert some portion of the common stock received in
consolidation into shares of 6% preferred stock of the new company,
Unlder the agreement) of consdlidation the present management or Atlas
Corp. is continued in the new comparfy, where it will carry forward those
policies which have characterized the management in the past.
Manage¬
ment believes that a substantial but varying portion of capital may be
profitably employed in special situations, such as the program of acquisition
Volume
Financial
143
Chronicle
of investment trust companies
of which this consolidation is a natural final
step, reorganizations and other financial operations rather than investing
Avondale Mills—25-Cent Dividend—
The company paid
a dividend of 25 cents per share on the common
Oct. 1 to holders of record Sept. 15. This com¬
$1 paid on July 1, last; 20 cents paid in each of the three pre¬
ceding quarters, and 25 cents per share distributed each three months from
April 1, 1934. to and including Jply 1, 1935.—V. 143, p. 100.
capita] solely in a wide list of securities dealt in on leading stock exchanges.
To distinguish it from the so-called investment trust, management has
referred to Atlas Corp. as an investment company and management intends
to carry through this differentiation in regard to the new company.
Directors recommend the consolidation for approval and urge that stock¬
holders vote their
of stockholders.
A and B stocks, par $5, on
pares with
approval in person or by proxy at the forthcoming meeting
At the same time, the board desires to point out that
Baldwin
under Delaware statutes there exists a right of appraisal whereby the stock¬
holder may receive in cash the appraised value of his stock rather than
new
company
(Atlas Corp.)
It is
will issue shares of its 6% preferred
stock for stocks of the consolidat¬
ing corporations on the following bases:
For each share of $3 preference stock, series A, of Atlas Corp., one share
of 6% preferred stock;
For each share of common stock of Atlas Corp., one share of common
new
common
to
Approve Guaranty—
share of $3
first preferred stock of Sterling
companies.
railroad
3,115.696
2,288,895
2,149,457
4,029,145
10U363.172
91.679,141
22,778,820
14,744,417
92.666,507
24,122,311
15,891,318
84,236,197
28,065,820
__
From Jan. 1—
Gross from railway
Net from railway
27.614,037
Net after rents.
Securities Corp.
—V. 143. p
stock of Sterling Securities Corp.,
share of 6% preferred stock and 4rlO of a share of common
a
said
Net after rents.
stock.
each
15-100 of
17,743,576
19,300,418
1388.
Barlow &
Seelig Mfg. Co.—Listing Approved—
The New York Curb Exchange has approved the
share
each
23-100 of
a
of class
share of
A
common
common
a
share of
common
stock
of Sterling Securities
Corp.,
of $1.20 cumulative
$5par.—V. 143,p. 1221.
standing shares
stock;
For each share of class B
1-20 of
common
Beatrice Creamery
of common stock will not
fraction of a share of 6%
preferred stock or a fraction of a share of common stock of the new cornshall receive for each such fraction of a share of 6% preferred stock and for
each such fraction of a share of common stock, a non-voting and nondividend-paying scrip certificate of the new company entitling the holder
of such scrip certificate to receive, on surrender thereof within two years
after the consolidation becomes effective, together with other scrip certifi¬
cates of like tenor representing rights in respect of one or more full shares
of 6% preferred stock or one or more full shares of common stock of the
new company, as the case may be, a certificate for the number of shares
of 6% preferred stock or common stock of'the new company, as the case
may be, equal to the number of full shares of 6% preferred stock or common
stock in respect of which such scrip certificates were issued.
All such scrip
certificates which are not surrendered within the time aforesaid shall be
void and of no effect whatsoever except as the holders thereof shall be
entitled to receive their pro rata portion of the proceeds resulting from the
sale of the full shares of stock of the new company representing such un¬
surrendered scrip certificates.
Forma
Atlas
13,425,475
398,678
646,473
657.681
$1,001,714
35,225
$637,519
32,894
$1,107,490
68,246
$417,140
Other income.
$1,036,939
208,750
$670,413
72,152
$1,175,736
Fed. income & surtaxes.
$476,294
85,303
$828,189
$598,261
$918,833
$390,991
$1.74
$1.10
$1.75
$0.08
Net profit
Earns, per sh. on 377,725
shs. old common stock
Beaumont Sour Lake & Western
Accounts receivable
?
Portfolio holdings for which market
railway
Net from railway.
Net after rents
18,136,868
From Jan.
8,600,805
62,758,652
Preferred stocks
Common stocks
Notes and accounts receivable carried by management
—V. 143, p.
Notes receivable from affiliates of Utilities Power & Light Corp.
carried by management for purpose of this statement at cost
Undistributed equities reflected by Aug. 31, 1936 statements
2,553,859
in
and
companies
from
receivables
carried
non-consolidated
by management
this statement at
_
in and receivable
Standard
3,213,505
Equities Corp.
1,337,000
-
-
Miscellaneous investments and other assets carried by manage¬
ment for purpose
3,221,472
of this statement at
Deferred charges
42,685
-—
$110,907,173
Total
Liabilities—
- - -—-
$500,000
payable and accrued expenses
Provision for divs. on capital stocks of consolidating corp'ns—
Provision for current year Federal and State taxes
—
Provision for expenses in connection with proposed consolidat'n
Provision for prior years' taxes and for contingencies
Amt. applicable to minority stockholders in American company
Ant. applicable to capital stks. of proposed new co. to be issued*
2,104,491
1,297,678
500,000
3,819,154
212,927
Notes payable to banks, secured--Due to brokers for securities purchased
i"—
70,863
Accounts
Total
—
242,700
Bell Telephone Co. of Pa.—Earnings—
Operating
revenues
Uncollectible oper. rev
Operating expenses
Operating taxes
102,159,361
Net oper.
—V. 143, p.
Income
$1,263,640
Net from railway
stock of the
Net
Bessemer & Lake Erie
new company:
Total—
-
-
after
rents
From Jan.
Net
after rents
—V. 143, p.
The Chase National Bank of the City of New
York, as successor trustee,
notifying holders of first mortgage sinking fund 7 % convertible gold
as provided in a supplemental indenture dated Aug. 27,
1936, that $16,000 principal amount of these bonds have been called for
redemption on Nov. 1, 1936, at 107H% and accrued interest.
Called
bonds will be paid at the principal office of the Bank, 11 Broad St., New
York, on and after that date.—V. 143, p. 2039.
is
bonds modified
1933
$966,066
255,339
205,713
$1,062,167
541,524
541,275
—
9,090,769
4,085,233
3,411,608
6,308.961
2,003,857
1,761,95*
S04,196
4 lf>5,884
169.623
.^6,145
1,320,560
1.208,238
1551.
,
Magazine, Established 1901—
Alfred M. Bast Co., Inc.,
*
75 Fulton St., New York, well known insurance
publishers since 1899, announce that as of Sept. 1, 1936 it absorbed the
magazine entitled "Safety Engineering," together with its entire staff.
In 1901 "Safety Engineering" was founded in order to provide a medium
for the dissemination of information on the "progress and development of
the conservation of life and property against fire and accident."
Bethlehem
Writ to Halt
Steel Corp.—American
Alleged Use of Patents—
The American Rolling Mill
Autocar Co.—Bonds Called—
1934
1935
$1,153,587
581,325
485,208
(Alfred M.) Best Co., Inc.—Acquires Safety Engineering
$102,159,361
a
Company and Associates Acquire Control of Franklin Simon
& Co., Inc.—See latter company below.—V. 143, p. 909.
RR.—Earnings—
1—
Net from railway
22,496,325
56,154,836
$9,098,739
1936
Gross from railway
$23,508,200
$1,007,939 $10,610,484
$1,775,469
1,112,465
924,907
August—»
Gross from railway
Preferred 6%
1,951,072 8-60 shares to be reserved for exercise of warrants to pur¬
chase, at any time, common stock at $25 per share.
The above amount of $102,159,361 shown as being applicable to the
capital stocks to be issued by the proposed new company as set forth above
is equal to approximately $17.48 per share of common stock after allowing
$50 per share for the 6% preferred stock issuable in accordance with the
agreement of consolidation.
Directors of Proposed New Company—L. Boyd Hatch, Oswald L. Johnston,
Floyd B. Odium, Robert E. Wood and Samuel Zemurray.
Principal
offices: 1 Exchange Place, Jersey City, N. J., and 900 Market St., Wilming¬
ton, Del.
1936—Month—1935
1936—8 Mos.—1935
$5,285,040
$4,914,844 $43,148,541 $40,411,256
14,512
19,681
109,192
161,025
3,592,277
3,627,317
29,216,086
28,844,269
414,611
259,907
3,211,779
2,307,223
2040.
of the new company sets forth the
preferred stock and common stock which would be issued under
terms of exchange provided in the agreement of consolidation.
Neither
the following statement of capital nor the above pro forma statement of
financial condition give effect to the exercise of rights of appraisal in con¬
solidation or the privilege of conversion of common stock into 6 % preferred
The following statement of capital
amount of
cumulative stock, par $50, red. at $55 per share,
1,000,000 shares to be authorized, 470,164 shares to be issued
Common stock, par $5, 7,000,000a shares to be authorized,
4,499,265 shares to be issued
Capital surplus
—
915,710
222,937
defll6,075
def52,870
Corp.—To Raise New Capital—
Period End. Aug. 31—
$110,907,173
-
-
'
Exchange Commission covering 150,000 shares of common stock.
The
issue, which will be underwritten by Tobey & Co., will double the out¬
standing capitalization of the corporation.
Walter H. Beech, President, stated that a portion of the proceeds from
the sale of the new stock would be used to purchase from the Curtis-Wright
Airplane Co. the manufacturing plant at Wichita, Kan., which it now
occupies under lease. The balance will be used principally for the purchase
of additional machinery, equipment and raw materials and for additions
to working capital made necessary by the company's increased business.
The corporation was recently incorporated in Delaware to succeed the
Beech Aircraft Co., which has been engaged in the manufacture and sale
of airplanes for approximately four years.
The company was founded by
Walter H. Beech, who was formerly President of the Travel Air Co. and
of the Curtis-Wright Airplane Co.
For the first six months of 1936 the
company reported that its volume of business was in excess of 74% of that
for the entire year 1935.
con¬
(48.95% of outstanding capital stock and $1,575,000 notes
receivable) carried by management for purpose of this state¬
ment at—
1,175,033
302,457
1,130,419
267,926
def66,026
Plans for raising approximately $400,000 of new capital were announced
1 with the filing of a registration statement with the Securities and
for purpose of
--—
-
from
1933
$111,593
16,301
defl9,378
Oct.
429,023
of investments
1934
$127,652
22,573
defl4,219
1551.
Beech Aircraft
of condition of former subsidiary cos. in process of liquida¬
tion, including $398,117 based on management's valuations
Investments
1,473,125
399,174
defl4,218
railway
Net after rents
525,292
Ry.—Earnings—
1935
$133,235
21,685
defl2,576
1—
Gross from railway
Net from
for pur¬
of this statement at
1936
$144,559
16,852
def36,195
August—
Gross from
quotations are available,
priced at Aug. 31, 1936 market quotations—Bonds
256,903
1 '
Net sales,
$57,897,765; costs, expenses, ordinary taxes, interest, &c., $55,310,811;
depreciation, $1,043,645; profit, $1,543,309; other income, $146,860; total
income, $1,690,169; Federal income and surtaxes, $307,004; net profit,
$1,383.165—V. 143, p. 1712.
$7,954,424
534,031
1,599,557
-
Dividends receivable and interest accrued
59,154
Income account for 12 months ended Aug. 31, 1936, follows:
of Financial Conditions of the Proposed
31,1936
Cash
27,400,748
391,428
Depreciation.
Corporation and Investment Company Subsi diaries at Aug.
Investment
1936—3 Mos.—1935
1936—6 Mos.—1935
$16,071,199 $14,461,672 $29,154,711 $28,374,011
Costs, exp., ordinary tax,
Assets—
trolled
Co. (& Subs.)—Earnings—
Period End. Aug. 31—
Net sales
.•
Consolidated Statement
listing of 95,000 out¬
convertible class A common stock,
stock of Sterling Securities Corp.,
stock.
Fractional shares of 6% preferred stock and
be issued but each holder, entitled to receive a
*
shareholders
Earnings for August and Year to Date
August—
1936
1935
1934
1933
Gross from railway
$14,361,610 $11,926,773 $11,307,039 $14,120,943
Net from railway
4,412,443
3,163,225
3,234,993
5,509,238
stock;
pose
common
company,
by
share of 6% preferred stock;
For each share of $1.20 preference
Pro
from
jointly with six other railroad companies, of
$24,000,000 first mortgage 3H% bonds, series D, of the Cincinnati Union
Terminal Co. issued for the purpose of retiring $12,000,000 5% bonds and
$12,000,000 4j4% bonds of said Terminal company previously guaranteed
company
one
For
assents
Baltimore & Ohio RR.—To
guaranty by this
will assume the outstanding option warrants to pur¬
chase shares of common stock of Atlas Corp. in accordance with the terms
of such outstanding option warrants so that each holder of an outstanding
option warrant to purchase, without limit as to time, one share of common
stock of Atlas Corp. will be enticed, subject to the terms thereof, to pur¬
chase, without limit as to time, one share of common stock of the new
company at $25 per share.
For each share of capital stock of Pacific Eastern Corp., 1-20 of a share
of 6% preferred stock and 34 of a share of common stock.
For each share of cumulative optional $3 convertible preference stock,
series of 1929, of Shenandoah Corp., one share of 6% preferred stock and
4-10 of a share of common stock;
For each share of common stock of Shenandoah Corp., 17-100 of a share
For
sufficient
that
Stockholders at their annual meeting Nov. 16 will vote on approving a
stock;
of
t
announced
the plan have been received.
According to reports to the New
York Stock Exchange, assents have been received from 553,351 shares of
common whereas 50% of the common issue, or the amount necessary for
approval, is only 552,830 shares.
The other classes of securities already
have given approval or 71.1% of the 1st mtge. bonds, 78.6% of the consol.
bonds and 59.7% of the pref. stock.—V. 143, p.'2039.
stock (par $50 per share) and its common
The
Stockholders Ap¬
approve
Terms of Exchange
The
Locomotive Works—Common
Plan—
prove
accept the stock issuable to him in consolidation.
^
2199
Court at
in
its
Rolling
Mill
Asks
Co. has asked a restraining order in Federal
Buffalo to stop the Bethlehem Steel Co. from using equipment
$20,000,000 Lackawanna continuous sheet steel mill on the
new
ground that it infringes American Rolling Mill's patents.
The Rolling Mill company asks that the Bethlehem company be restrained
from any further use of the patent rights, that the machinery which it
claims infringes its patents be destroyed and that the "saving" derived
by Bethlehem through use of the equipment be paid the plaintiff as well as
damages to be determined.
The complaint says the inventions it accuses Bethlehem of taking without
license from the plaintiff revolutionized the manufacture of sheet iron and
steel and that many companies have taken out licenses from the Rolling
Mill company.—V. 143, p. 1865.
Financial
2200
Chronicle
Blaw-Knox Co.—Larger Dividend—
Bulova Watch Co .—Preferred
The directors have
declared a dividend of 15 cents per share
stock, no par value, payable Oct. 30 to holders of record
This compares with 10 cents paid on July 30, April 30 and on Jan.
this latter being the first distribution made since March 1, 1932,
dividend of 12
cents per share was paid.—V. 143, p. 1389;
common
Boonville St. Louis & Southern
on the
Oct. 9.
2, last,
when a
Ry.—Ttustee—
Oct. 9.
Directors decided, pursuant to
v
Burco, Inc.—Initial Common Dividend—
The directors have declared an initial dividend of 50 cents per share
the common stock, payable Nov. 2 to holders of record Oct. 15.—V. 142,
on
P.
Boston Consolidated Gas Co.—Output—
{In Cubic Feet)-*
v
1936
1935
January
1,287,421,000
1,346,975,000
—
June
July
August.—
September
—V. 143, p. 1552.
—
1,153,085,000
1,152,477,000.
1,039,210,000
1,009.712,000
897,530,000
792,302.000
807,899,000
923,828,000
Net from railwayNet after rents
—V. 143, p. 1552.
Burma Corp.,
Subway, tunnel and rapid transit line rentals
Interest on bonds and notes
Excess of cost of service
Period End. Aug. 31—
revenues.....
Net oper. revenues
Net ry. oper. income
Other income
over
Burmah Oil
receipts
an
the common
interim dividend of 5% on
dividend of 3H %
was
paid.—V. 142, p. 3333.
1952,
$465,457
was
paid
1
the
on
1st mtge. 4%
that date.—V. 140,
on
Bush Terminal
p.
50-year gold bonds, due
2042.
Buildings Co.—To Reorganize—
The company, wholly-owned subsidiary of the Bush
Terminal Co., filed
Oct. 1 in the U.S. District Court in Brooklyn a petition seeking reorganiza¬
tion under Section 77-B of the Federal Bankruptcy Act.
The petition was
approved
by Judge
Robert A.
who continued the officers of the
Inch,
company in control of the property and set Oct. 31 as a date for a hearing.
The petition stated the application for reorganization was authorized by
the board of directors at a meeting held on Sept, 28.
1936—Month—1935
1936—8 Mos.—1935—
$3,853,547
$3,572,416 $29,830,207 $28,829,473
1,153,512
859,774
5,444,860
6,770,680
703,701
504,469
1,696,090
3,823,209
112,006
85,055
784,852
742,104
The Committee on Securities of the N. Y. Stock Exchange rules that
beginning Oct. 1, 1936, and until further notice, the bonds shall be dealt
in "flat" and to be a delivery must carry the Oct. 1, 1936, and subsequent
$589,523
629,352
$815,707
634,868
income
$180,839
$2,480,942
5,072,838
1935
1936
Tne directors have declared dividend of $1.75 per
$192,223
13,037
16,787
$187,978
166,950
$162,992
166,950
$162,399
166,950
$161,926
177,384
sur$21,028
$3,959
$4,549
$15,458
J^Net
income.
Dividends
12 Months Ended Aug. 31—
Operating revenues
x Operating exp., maintenance and all taxes.
Other income
1935
1936
8426,279
1,013,049
Railroad securities
433,452
Industrial securs.. 1,895,204
Insur. cos. securs.
245,082
Misceli. securities.
188,275
-
securs.
Liabilities—
$426,279
1,085,637
531,052
1,756,128
245,082
179,043
1936
1936
$4,240,780
1,645,781
1935
$3,874,156
1,729,068
for retirement res.) $2,594,999
4,216
$2,145,088
5,443
.
Net oper. rev.
(before
approp.
Net oper. rev. and other income (before
priation for retirement reserve)
Appropriation for retirement reserve
Comparative Balance Sheet Sept. 15
Assets—
1935
appro¬
$2,599,215
3O0.O00
Gross income
Capital & surplus.$4,229,799 $4,237,997
Accrued dividend,
expenses & taxes
46,315
51,084
Net income
$2,299,215
239,765
957,816
Cash..
74,771
42,631
—
Including $66,672 for the 12 months ended Aug. 31, 1936, and $133,328
1935, for amortization of extraordinary
operating expenses deferred in 1931.—V. 143, p. 1391.
$4,276,114 $4,289,081
Total
Note—Aug. 31, 1936 appraisal value of fund, $4,993 ,925, equal to $19.14
share.—V. 143, p. 101.
Cambria & Indiana
Botany Worsted Mills—Earnings—
6 Months Ended June 30—
1936
1935
....
T
employment insurance, tax and idle plant expense
$197,094
$161,300
On June 30, 1936 current assets amounted to $4,964,812 against current
liabilities of $1,985,989.—V. 142, p. 1280.
Bowman-Biltmore Hotels Corp.—Out of
Bankruptcy—
The New York Curb Exchange calls attention to the fact that the cor¬
poration, which filed a petition for reorganization under Section 77-B of
the Bankruptcy Act in December 1934, was discharged from bankruptcy
proceedings on Jan. 31, 1936.—V. 143, p., 745.
1936, there was formed in South Africa A company known as BristolMyers (Proprietary), Ltd., having a capitalization of £1,000.
All of the
capital stock, with the exception of directors' qualifying shares, are .owned by
Bristol-Myers Co.—V. 143, p. 912.
Operating expenses
Net earnings
authority to issue and sell $400,000 of serial unsecured notes.
The
proceeds, with treasury funds, will be used to buy 300 hopper cars, costing
$639,000.
The issue will consist of four $100,000 notes, with interest ranging.from
% % to 2 Vs % .—The average interest would be 1.86 %.
The railroad has
agreed to sell the entire issue to Drexel & Co. of Philadelphia at par.
There
will be no underwriting commissions or expenses.
The proposed notes would mature serially $100,000 on Oct. 15 in each
year between 1937 and 1940, incl.
August—
Earnings for August and Year to Date
1936
1935
1934
$115,086
$84,800
$90,004
Gross from rail way
Net from rail way
43,422
74,962
Net after rents.
21,936
64,355
21,987
66,470
712,945
202,990
690,059
588,623
563,819
1933
$108,842
39,151
99,392
From Jan. 1—
Bristol-Myers Co.—New Unit—
The company has notified the New York Stock Exchange that on July 30,
British Columbia Power Corp.,
Ry.—Notes Proposed—
The company applied Sept. 28 to the Interstate Commerce Commission
for
Net sales
$6,963,928
Net loss after depreciation, inventory writeoffs, un-
Month of July—
$410,990
175,997
for the 12 months ended Aug. 31,
per
Gross earnings
$1,850,531
236,550
1,033,165
157,023
12,800
x
65,858
$4,276,114 $4,289,081
$2,150,531
300,000
$883,004
Rent for lease of electric properties
Interest charges (net)
Amortization of debt discount and expense
Other income deductions
1
Sundry securities.
the 7% cum.
paid on the respective issues in each of the 12 preceding quarters,
prior to which payments were made at the regular quarterly rates.
$188,735
12,844
12,900
I
on
rates were
$212,618
15,428
9,212
& int.
share
par $100, $1.50 per share on the 6% cum. pref. stock, par $100,
and $1.50 per share on the 6% cum. pref. stock, series of 1927, par $100,
all payable Oct. 15 to holders of record Sept. 30.
Dividends at half these
1933
$190,719
12,528
16,264
Income received for year
2042.
pref. stock,
v
1934
p.
California-Oregon Power Co.—Accumulated Dividends—
Property Trust—Earning s-
12 Mos.End.Sept. 15—
Defict....
coupons.—V. 143,
$4,565,313
5,028,040
:
Boston Personal
that date.
def$39,829df$2,591,896 def$462,727
-V. 143, p. 1389.
-Y.
a
The interest due Oct. 1, 1936, on the guaranteed first mortgage 50-year
sinking fund 5% gold bonds, due 1960 (stamped), was not to be paid on
Deductions
Total
Co., Ltd.—Interim Dividend—
Previously
RR.—Earnings—
Gross income
Real estate securs
on
6 to
Interest Not Paid—
Boston & Maine
Public utll.
Ltd.—Final Dividend—
The directors have declared
>—V. 143, p. 1389.
Taxes,
532,652
" 20,570
def92,957
holders of record Aug. 27.—V. 142, p. 2310.
stock.
$1,790,716
1,471,032
118,961
103,363
234,309
319,740
8,767
$458,112
...
Miscellaneous items
exp.
508,286
def82,112
defl87,315
shar|
,
1935
$1,851,971
1,504,784
132,254
103,258
234,732
326,188
8,865
expenses
Commissions,
517,494
def137,784
def263,667
1933_
The directors have declared a final dividend of 12 9-10 cents per
the American depositary receipts for ordinary stock, payable Oct.
The interest due Oct.
1936
Rent for leased roads.
Net
517,318
def91,795
def216,492
From Jan. 1—
Gross from railway.
Ry.—Earnings—
Federal, State and municipal tax accruals.
Operating
$58,348
def6,104
def 18,513
Bush Terminal Co.—Interest?—
Boston Elevated
Month of Aug.—
Total receipts
Operating
1934
$62,098
def26,181
def39,518
1936
$60,855
defl9,390
Net after rents.
1934
1,172.408,000
1,171,444.000
1,126,368.000
988,598,000
985,750,000
879,667,000
784,460,000
837,210,000
911,322,000
def34,923
1935
$61,528
defl8,147
def34,452
August— •
Gross from railway
Net from railway
Cummings C. Chesney has been elected a director to fill the vacancy
caused by the death of Z. Marshall Crane.
At annual meeting of stockholders of the Pittsfield & North Adams RR.,
a leased line, Phillip Ketchum was elected a director to take the place of
Z. Marshall Crane.—V. 141, p. 2110.
March
3498.
Burlington-Rock Island RR.—Earnings—
Albany RR.—New Director—
April-.
May
^
V. 143, p. 1868.
Bornsten, Lander & Mayer, Inc.—Registers with SEC—
1,256,310,000
-1,112,924,000
—1,047,968,000
989,842,000
890,864,000
817.742,000
808.035,000
917,563,000
,
provisions of the plan of exchange, to
thereto shares of common and cash will be delivered in exchange for pre¬
ferred on and after Oct. 15.
See V. 143, p. 1390, for dividend plan.—
See list given on first page of this department.
—
Dividend—-
holders of record
appointed trustee by the u. S. District Court for t^e East¬
ern Judicial District
of Missouri, Eastern Division, on June 12, last.—
V. 142, p. 4015.
February—
1936
extend the period within which deposits will be accepted to Oct. 14. Direc¬
tors also decided to consummate such plan of exchange, and pursuant
was
Boston &
3,
The directors on Oct. 1 declared a dividend of $16.62
cents per share,
representing accruals to Sept. 1, 1936, on the $3.50 convertible preferred
stock, including shares represented by deposit receipts, payable Oct. 14 to
The Interstate Commerce Commission'has confirmed the appointment
of Guy A. Thompson as trustee of the property of the company.
Mr.
Thompson
Oct.
Ltd.—Earnings—
1936
$1,209,834
703,183
1935
$1,091,146
605,036
.651
$486,110
143, p. 2041.
Broadway Department Store, Inc.—Bonds Called—
The company has called by lot for redemption on Nov. 1, through opera¬
$59,000 of its outstanding 15-year 6%
sinking fund debentures, due 1941. Payment at a price of 102 and accrued
interest will be made by Dillon, Read & Co., New York, the fiscal agent.
—V. 142, p. 1280.
tion of the sinking fund, a total of
Brooklyn-Manhattan Transit Corp.—Collateral Released
Gross from railway
799,032
109,498
483,606
Net from railway
Net after rents..
„
162,887
814,749
270,401
635,593
—V. 143, p. 1391.
Canada Cement
The stockholders at
a
Co., Ltd.—Bond Issue Approved—
recent
special meeting approved by vote of 521,654
shares in favor and 1,00 shares against, a proposed amendment to the by¬
laws authorizing the directors to issue new bonds to replace the present
5V*% bonds, due 1947.—V. 143, p. 1715.
Canadian National Lines in New EnglandAugust—
1935
1936
$123,532
15
—38,478
Net after rents
—182,223
-502,568
Earnings—
1934
—28,882
877,449
—171,439
—502,018
Gross from railway
Net from railway--
$119,962
8,753
1933
$108,062
—17,492
—70,845
—50,257
727,521
-^-161,538
—540,247
686,096
-128,857
-526,009
$116,952
50
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
747,172
—V. 143, p. 1553.
Canadian National
Rys.- -Earnings—
The Committee on Stock list of the New York Stock Exchange has
Period End. Aug. 31—
1936—Month—1935"
1936—8 Mos.—1935
received notice from the Brooklyn Trust Co. as custodian trustee under the
Operating revenues
$15,733,625 $14,196,470 $116491,348 $109199,397
trust indenture dated as of May 1,1936, securing the issuance of $45,000,000
Operating expenses
15,053,044
13,626,798 113,248,524 105,356,066
principal amount Rapid Transit collateral trust serial bonds, due serially
May 1, 1951, and $65,000,000 principal amount Rapid Transit collateral
Net revenue
* $680,581
$569,6^2 $3,242,824 $3,843,331
trust bonds, 4K% series, due May 1, 1966, of the Brooklyn-Manhattan
—Y. 143, p. 2044.
Transit Corp., that in accordance with letter from the Brooklyn-Man¬
Canadian Pacific Lines in Maine— Earnings—
hattan Transit Corp. dated Sept. 23, 1936, and pursuant to Section 2 of
Article Six of said trust indenture, it has released from the indenture, for
1935
1934
1933
August—
1936
Gross from railway
$132,883
sinking fund purposes, the following securities:
$115,351
$113,183
$88,596
11,129
$84,000 principal amount New York Rapid Transit Corp. temporary <wNet from railway
def22,319
3,096
def27,450
INet after rents
def 10,972
registered refunding mortgage 5% sinking fund gold bonds, series "A,"
def39,031
defl6,537
46,822
due July 1, 1968, No. TRB 78, and $74,000 principal amount New York
From Jan. 1—
Gross from railway
1,508,728
Rapid Transit Corp. temporary registered refunding mortgage 6%,sinking
1,315,827
1,453,567
1,101,073
fund gold bonds, series "B," due July 1, 1968, No. TRB 87, leaving $86,Net from railway115,023
99,275
238,876
140,458
Net after rents
333,500 and $12,879,000, respectively, of such bonds on deposit with the
defll9,681
defl05,787
def 81,655
14,559
trustee.—V. 143, p. 2041.
—V. 143, p. 1553.
—
Financial
Volume 143
Canadian Pacific Lines in Vermont-
Net after rents—
From Jan. 1:—
Gross from railway.
Net from railway
Net after rents.
—-V.il43,
def35,964
-
663,752
def244,748
--
def449,835
-
627,648
defl64,031
def336,145
$91,108
3,892
defl9,694
,,
640,559
defl40,734
def313,003
597,309
def96,284
def277,027
Central Foundry
Central Hudson Gas & Electric Corp.—Stock
11,375,153
10.428,236
$634,484
expenses
$508,339
Net profits
1936—8 Mos —193o
$85,631,414 $78,594,767
77,226.830
70,498,227
$8,404,584
$8,096,540
V. 143, p. 2044,
Carolina Power & Light
Co.—Transfer Agent—
Effective Sept. 30, 1936, the appointment of the Jersey City, N. J.,
transfer agent for the $6 preferred and $7 preferred stocks was discon¬
tinued, and effective as of the opening of business on Oct. 1, 1936, Wachovia
Bank & Trust Co., Baleigh, N. C., will act as transfer agent for said stocks.
—V. 143, p. 1715.
-Caterpillar Tractor Co.—Company Has Plan to Avoid
Surtaxes, Yet Retain Some Cash—Proposes to Pay Dividends
Preferred or Cash, Followed by Further Stock Disbursement—
in
The directors have approved a plan calling for the authorization of an
issue of $25,000,000 preferred 5% cumulative stock ($100 par) and have
set Oct. 19 as the date for a special stockholders' meeting to approve the
The purpose of the contemplated change in capitalization is
top*provide a method for getting credit for paying out undistributed earnings
a
registration statement under the
Following the approval by stockholders of the issuance of the new se¬
curities, the board contemplates the declaration of an extra dividend of
50 cents cash or 1.200 share of the new preferred stock for each share of
common
now outstanding.
Subsequently, directors will vote an extra
dividend in preferred, the amount to be determined by the difference then
apparent between net profit and earnings distributed as dividends.
Difficulties
Believed Avoided
of its outstanding 6% preferred stock to exchange such stock for the new
preferred on a share-for-share basis.
Stockholders who agree to the ex¬
change will receive $2.50 a share for each share exchanged. The exchange
privilege will expire at a date prior to the effective date of the registration
statement.
It is further stated that unless more than 50% of the holders
of the outstanding 6% preferred stock agree to'the exchange, the 4%%
cumulative preferred stock will not be issued. If the exchange is effected,
the company contemplates an agreement with underwriters for the sale of
such shares as are not exchanged at a price of not less than $102.50 a share.
"According to the registration statement, the proceeds to be received
by the company, together with such other funds as may be required, will
be applied to the redemption on Jan. 1, 1937, of all the unexchanged 6%
preferred stock at $105 a share.
"The new preferred stock is redeemable as a whole or in part at the
option of the company at any time after 30 days' notice at $112.50 ash are
plus accrued dividends, if redeemed on or before Oct. 1, 1946, and at $107
a
share and accrued dividends thereafter.
"The names of the imderwriters are to be published by amendment to
the registration
Caterpillar's plan is thought to be the first concrete proposal of such
for avoiding surtax penalties while retaining some cash.
Legal
obstacles blocking other proposed plans are thought to have been entirely
avoided through the declaration of two dividends, the first in optional form.
United States Supreme Court decisions indicate the granting of credit
for paid dividends to a corporation in any case where the previous pro rata
interest of stockholders in the corporation is disturbed.
This disturbance
is believed by observers to be effected through Caterpillar's optional stock
or cash dividend, under which smaller "Stockholders will undoubtedly elect
to receive cash and larger holders will probably elect to receive round shares
Prov. for retirement
dividend, to be paid only in preferred stock, is also believed
previous proportionate interests in giving share¬
prior interest in earnings which will be different from their former
pro rata interests through holdings of one class of common stock.
a
taxable income to stockholders should be credited to
the corporation as dividends paid.
In Marr vs. United States the Court
ruled that "a common stock subject to the priority of $20,000,000 preferred
$1,200,000 annual dividend charge is an essentially different thing
stock subject to only $15,000,000 preferred and a $1,050,000
dividend charge.
The case at bar is not one in which after the
distribution the stockholders have the same proportional interest of the
a common
kind in essentially the same corporation.
Section 27-D of the Revenue Act of 1936 also gives dividend paid credit
same
a
corporation when the dividend is paid in obligations of the corporation.
figured from the "face value of the obligations, or their
lower."
The credit given is
fair market value at the time of the payment, whichever is the
Earnings Well Above Year Ago
Prospects of extra dividends by Caterpillar Tractor Co. during 1936
been regarded as highly probable for several months, particularly
in view of the surtax provisions of the Revenue Act of 1936.
Earnings
are currently running far ahead of last year, report for the eight months
ended Aug. 31, last, showing net profit of $6,200,808, or $3.29 a share on
1,882,240 shares of common outstanding, compared with $3,862,039. or
$2.05 a share, for the like 1935 period.
On the basis of recent monthly earnings, running 45 cents a share for
August, 46 cents for July, 45 cents for May and 47 cents for April, previous
estimates of profit for the full year 1936 appear to have been understated at
about $4 a share.
With the last four months of 1935 supplying 35% of
the year's profit of $3.16 a share, compared with 27% contributed by the
same period of 1934, it now appears that 1936 earnings will be closer to $5
a share, or roundly $9,500,000.
If profits attain that point, and If the cash or stock dividend to be de¬
clared following approval of the plan is all taken in cash by stockholders.
Caterpillar would be able to pay out approximately $3 a share in preferred
stock, or a total of $5,646,720, before the close of the year and still remain
outside surtax demands.
Preferred stock dividends will be in units of
1-100 share on the basis of $100 par for preferred shares.
Dividends paid by Caterpillar in 1936 to date have totaled $1.50 a share,
the company having maintained a quarterly rate of 50 cents a share.—V.
143, p. 1869/
have
..
Corp. of America—Registers with SEC—
See list given on first page of
Celluloid
$7,311,931
3,626,057
786,875 /
833,072
693,013
$65,436
$1,377,906
$1,372,913
60,000
65,660
Central Illinois Securities
The
directors
have
declared
a
Corp.—lb-Cent Pref. Div.—
dividend
$1.50 preferred stock, no par value,
of
15
cents
per
share
were
Central of Georgia
Ry.—Earnings—
1936
1934
1933
$1,152,352
206,134
124,235
$1,099,958
$1,076,633
192,920
93,178
196.158
10,233,112
1,477,178
509,389
.
1935
$1,278,965
191,153
91,603
August—
Gross from railway
Net from railway.
-
Net after rents
—Y.
143,
p.
9,422,614
1,184,215
345,110
8,939,871
1,270,206
366,798
8,168,987
1,294,062
406,730
Central Power & Light
Corp.—Accumulated Dividend—
Co.—Accumulated Dividends—
The directors have declared a dividend of $1.31 % per. share on the
7% cum. pref. stock, par $100, and $1.12% per share on the 6% cum.
pref. stock, par $100, both payable Nov. 2 to holders of record Oct. 15.
Dividends or 87 3^ cents on the 7% stock and 75 cents on the 6% stock
were paid on Aug. 1, last, and dividends of 43% cents and 37% cents per
share, respectively, were paid in each of the eight preceding quarters. No
payments were made in May or February of 1934.
The company on Nov. 1, 1933, paid a dividend of 43% cents per share
on the 7%
Pref. stock as against 87% cents per share on May 1 and
Aug. 1, 1933, and $1.75 per share previously each quarter. On the 6%
pref. stock a dividend of 37% cents per share was paid on Nov. 1, 1933,
as compared with 75 cents per share on May 1 and Aug. 1, 1933, and $1.50
per share in preceding quarters.—V. 143, p. 747.
Central RR. of New
Jersey—Earnings—
1936
August—Gross from railway
Net from railway
-
Net after rents
1935
1934
1933
$2,565,713
702,409
155,762
$2,377,670
690,465
119,837
$2,356,097
639,512
55,422
$2,527,653
853,050
275,177
20,594,133
4,914,284
865,426
19,557.602
5,322,445
1,935,340
19,527.281
5.643,983
2,310,617
17,794.966
4,897,605
1,672,467
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—Y. 143, p. 1391.
Champion Paper & Fibre Co. (& Subs.)—Earnings—
Earnings for 16 Weeks Ended Aug. 16, 1936
after depreciation, interest, Federal income taxes,
on undistributed profits.
Net profit
<fcc., but exclusive of Federal surtax
—V. 143, P- 1223.
•
$396,419
.
Charleston & Western Carolina
railway.——
Net from railway
Net after rents^.
1936
$177,349
57,108
Ry.—Earnings—-
1935
$136,764
22,654
1934
$140,379
28,830
1933
$152,373
45,298
30,768
6,984
10.221
27,948
1,480.656
478,074
303,455
1,323,335
356,170
217,418
1,345,258
442,671
1,300,257
470.762
284,084
327,578
From Jan. 1—
account
payable
Gross from railway
Net from railway
Net after rents..
—V. 143, p. 1554.
A like payment was made on June 12
20, last, .this latter being the first payment made on the issue
since Dec. 1, 1930 when a regular quarterly dividend of $1.75 per share
-
Cherry-Burr ell Corp.—To Redeem Preferred Issue—
distributed.
Earnings for 6 Months Ended June 30, 1936
Net income after expenses, deprec., and taxes other than
Earns, per share on 23,882 shares $7 partic. pref. stock
p.
108,520
1869.
Oct. 16 to holders of record Oct. 6.
142.
the
which regular quarterly payments of 37%
made.—V. 143, p. 102.
Gross from railway
Net from railway
and Feb.
—V.
on
15 preceding quarters, prior to
cents per
Gross from
this department.—V. 142, p. 3667.
Tne directors on Sept. 29 declared a dividend of $2 per share on
of accumulations on the 7% 1st pref. partic. pref. stock, par $100,
was
share
account of accumulations, payable
A like amount was paid each of the
on
Nov. 2 to holders of record Oct. 20.
August—
Celanese
57,751
$8,020,891
4,258,840
870,000
861,616
652,528
Includes, effective as of July 1, 1936, amortization of preferred stock
premium, discount, commission and expense.—V. 143, p. 1716.
a
annual
to
$556,032
307,184
From Jan. 1—
Legal points involved are pretty thoroughly covered in the Supreme Court
case of Koshland vs. Helvering, in which the principle was evolved that
and
1936—12 Mos.—1935
$607,577
345,390
75,000
75,045
41,800
a
Net after rents.
Supreme Court Rulings
from
res-
Int. & oth. fixed chges.a
Divs. on preferred stock-
The later
as
1936—Month—1935
$70,340
Oper. exp. & taxes
to be sufficient to disturb
dividends classed
Light Co,—Earnings—
(A Subsidiary of Commonwealth & Southern Corp.]
Period End. Aug. 31—
Gross revenue
of proforrod stock
holders
statement."—V. 143, p. 1869.
Central Illinois
Balance
nature
Securities Act of 1933 covering the
issuance of 70,300 shares ($100 par) 4%% cumulative preferred stock,
"The company contemplates,
the SEC said, "an offering to holders
avoiding the 1936 surtax while at the same time retaining in the
business some of the cash which ordinary dividends would pay out.
The "Wall Street Journal" in a disptach from San Francisco further states:
Legal
Offering
The corporation has filed with the Securities and Exchange Commission
and thus
.
Co.—Trustee—
The Continental Bank & Trust Co. of New York is trustee for $1,000,000
5-year first mortgage 6% convertible bonds due Sept. 1, 1941.
See also Universal Pipe & Radiator Corp. below;—V. 143, p. 1553.
Proposed—
Ry.—Earnings—
Period End. Aug. 31—
1936—Month—1935
Gross earnings........ .$12,009.638 $10,936,576
proposal.
unpaid accumulations on the stock from Nov. 1, 1935, the date the
new corporation began operations following reorganization, to Nov. 1,1936.
The dividend is payable Nov. 10 to holders of record Nov. 2.—V. 143,
P. 2044.
1553.
p.
Canadian Pacific
Working
1933
1934
$76,677
def22,103
def41,466
2201
sents
-Earnings—
1935
$78,631
defl8*213
def39,244
1936
$89,437
def9,480
August—
Gross from railway
Net from railway
Chronicle
$70,004
income
2.93
4170.
All of the outstanding 7 % cumulative preferred stock has been called for
redemption on Oct. 26 at $105 per share and accrued dividend. Payment
will be made at the First National Bank of Chicago, Chicago, HI.—V.
143. p. 1869.
'
•
-
^
Central Arizona
,
Chesapeake Corp.—Bonds Called—
Light & Power Co.—Earnings—
[American Power & Light Co. Subsidiary]
-
1936—Month—1935
$291,774
$250,116
202.934
178,812
1936—12 Mos.—1935
$3,302,407
$2,856,520
2,254,680
2,015,777
12,806
$71,304
22,404
$1,047,727
183,645
$840,743
271,656
$101,646
31,813
$93,708
31,897
$1,231,372
382,148
$1,112,399
381,376
Balance
*.
y$69,833
y$61,811
Property retirement reserve appropriations
z Dividends 1 applicable
to preferred stocks for
period, whether paid or unpaid
$849,224
275,649
$731,023
239,331
108,054
108,054
$465,521
$383,638
Period End. Aug. 31—
Operating
revenues
Oper. exp. & taxes
Net rev. from oper.-
,
-
Gross corp. income
Interest s other deduct-
Balance-..
y
z
$88,840
.
Other income (net)---__
;
-
appropriations and dividends,
Regular dividends on.$7 and $6 pref. stocks were paid on Aug. 1, 1936.
Before
property
retirement
reserve
After the payment of these dividends there were no
dividends at that date.—V. 143} p."i045v.\ ' *
Celotex
the 5%
■-
-
Corp.—To Pay Back Dividend on Preferred Stock—
a meeting held on Sept. 25 voted a dividend of $5 a share
cumulative preferred stock, par $100.
This dividend repre-
Directors, at
on
accumulated unpaid
i
~
^
J. P. Morgan & Co.', as sinking fund agent, is notifying holders of 10-year
conv. coll. trust bonds, due Dec. 1, 1944, that $650,000 principal
amount of the bonds have been drawn by lot for redemption on Dec. 1,1936,
5%
105% and accrued interest, out of moneys in the sinking fund. The bonds
drawn, will be paid on knd after Dec. 1, 1936, at the redemption price,
presentation and surrender at the office of the sinking fund agent.
As provided in the coll. trust indenture, any bonds drawn for redemption,
may be converted on or before Dec. 1, 1936, into common stock of the
Chesapeake & Ohio Ry. Co.
J. P. Morgan & Co. call attention to the fact that on Sept. 26, last, $29,000
principal amount of bonds of this issue previously drawn for redemption
had not been presented for payment.—V. 143, p. 1869.
at
so
upon
Chicago Great Western RR.—Reorganizatidn Plan—
A plan of reorganization was filed by the company in the
Chicago, and with the Interstate Commerce Commission
Federal Court,
Sept. 29. * The
plan calls for a sharp reduction in fixed interest charges of the reorganized
company, and while, offered by the' management, represents the final
product of a long series of negotiations with the principal security holders.
Uhder the plan holders of $35,544,000 of first mortgage 4% bonds out¬
standing are offered 25% of the principal amount in Chicago Great Western
first mortgage, Series B, lQO^tear 4% bonds, 25% in Chicago Great Western
general income 100-year JKflponds and 50% in new 4% non-cumulative
preferred stock.
Holders of the 4% cumulative preferred of $100 par value, of which $46,073,500 is outstanding, ire offered for each share, including all accumu-
2202
Financial
Chronicle
lated dividends in amount of $78 a
share, one share of new $25 par common
Chicago & North Western Ry.—Plan
Treasury Unless Tax Claims Are Met—
stock.
Holders of
common stock of $100 par, of which
$45,209,400 outstanding
offered for each five shares one share of new $25
par common.
The indebtedness to the Reconstruction Finance
Corporation of $1,~
are
The
March 1, 1935, and net indebtedness to the
Corporation of $1,171,500 with interest from March 1,
1935, will be paid in Chicago Great Western 4% first mortgage Series B
Credit
bonds.
The
ordinary
of business by the reorganized company.
under the lease agreements covering
course
balances
of
payments
3,300
and 300 steel
hopper cars amounted to $2,322,856
$197,441 resepctively, on July 1, 1936.
The balance of $1,855,000
remaining on Jan. 1 next, the effective date of the plan, will be paid by the
reorganized company in first mortgage Series A 33^% bonds.
The plan also proposes the sale of
$1,500,000 of Series B 4% bonds at not
less than par and of the proceeds
$1,000,000 is to go into company's
treasury and $500,000 into a special account to be used for paying interest
box and automobile
cars
and
Series B bonds.
The outstanding amount of Series A
on
bonds is not to exceed $1,855,000
$20,000,000 less Series A bonds outstanding.
The
bonds outstanding is not to exceed $15,000,000.
In addition to the 25% of par value of old first
mortgage bonds to be
received in new 4% income bonds the first mortgage will also receive new
income bonds proportionately for amount of interest
unpaid and due since
Sept. 1, 1934, to L)ec. 31, 1936, to the extent to which that interest was
earned less amount expended
by the road or trustees for payment of prin¬
cipal of equipment obligations during that period. The difference is esti¬
mated at $2,114,000.
The $500,000 Minneapolis Terminal bonds, due in l£h#L will be assumed
by the reorganized company.
If deemed advisable firSamortgage 4s of
Mason City & Fort Dodge RR., 99.77% owned by ChicagoHj&reat
Western,
may be surrendered or purchased at 50% of face value.
and the Series B bonds
amount of general income
Earnings for August and
August—
1936
Gross from railway
Net from railway.
$1,765,856
646,195
349,641
_
Net after rents
From Jan. 1—
Gross from railway
*
Net from railway
to
Date
1934
$1,382,757
467,041
9.780,162
1,877.484
9,997,268
2,568,521
649,432
9,432,863
2 501,250
479,706
195,726
assets
thereof,
they would have against the assets of the debtdr, or the
of the debtor, had this proceeding not interverned;
if granted hereby, the same remedies against the
debtor, as reorganized, and against its assets with regard to the assessment
and collection of such tax claims as it had against the debtor.
Subject
to its approval, the Court shall retain
jurisdiction over the assets dealt
with herein, and over any or all persons, firms and
corporations to whom
said assets may be transferred, and over all
parties appearing herein,
for the purpose of giving effect to any and all provisions of the plan and
decree of its confirmation in so far as said plan affects and
applies to the
receivers
and
as
trustees
or
United
the
States
United States of America.
The Interstate Commerce Commission on Sept. 3 issued a certificate
permitting abandonment by the trustee of portions of a branch line of rail¬
road in Oconto County, Wis.
The portions of the branch line to be aban¬
doned extends (1) from Gillett Jet. to Northern Jet.,
approximately 0.43mile, (2) from Northern Jet. to Southern Jet., approximately 13.51 miles,
and (3) from Shawano Jet. to milepost C-l, one mile north of
Clintonville,
approximately 12.80 miles.
'
Earnings for August
1936
$8,659,037
2,554,775
1,378,009
.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
62,023.534
14,923,550
6,525,200
-
1935
1934
$7,838,721
2,371,525
1,413,640
$7,435,226
2,274.603
1,546,545
51,135,771
9,094,412
2,505,338
51,868,645
13,767,119
7,051,917
1933
$7,370,644
2,519.924
1,597,670
49,314,138
14,661,114
7,077,316
1936
$1,308,526
331,379
Net after rents
1935
1934
$1,121,245
$1,136,327
270,515
292,709
110,126
From Jan. 1—
83,587
110,036
8,526,742
1,549,606
148,220
10,195,637
2,372,391
Netafterrents
632,425
1933
$1,161,362
326,722
133,150
1
7,804,877
1,757,818
1,514,209
263.101 def 107,228
—V. 143, p. 1554.
Netafterrents
1933
462.994
161.644
$7,403,148
1,980,115
1,205,389
$7,533,485
2,392,392
1.607,400
49,212.902
6,075,648
272.380
From Jan. 1—
Gross from railway
Net from railway
Date
1934
59,187,735
6,821,320
Netafterrents-.-
50.417.667
8,643,515
2,676,538
47,864,854
9,490,725
2,968,143
—V. 143, p. 2045.
August—
1936
Gross from railway
Net from railway.
1934
1933
$301,413
97,870
89,387
$267,014
72,454
77,873
$276,885
107,595
2,196,038
1,868,656
496,831
475,999
Net from railway
Netafterrents
660,130
590.842
—V. 143, p. 1554.
88,731
684,226
622,817
August—
1936
1935
$868,245
166,032
Netafterrents
1934
1933
$682,900
116,746
defl,182
$647,562
106,353
def35,960
$659,796
153,844
5,143.966
826,432
4,883,465
defl25,812
def334,505
4,681,702
834,917
defl54,705
32.567
From Jan. 1—
2,873,260
Chicago
190,588
6,652,897
1,288,945
150,522
Net after rents.
795,011
—Y. 143.P. 1554.
Chicago Milwaukee St. Paul & Pacific RR.—Interest—
$1,000
$1,000
on
per
$1,000
on
per
$1,000
on
on
general mtge.
general mtge.
general mtge.
generalAntge.
3>£s
4Hs
4Ms
4%s
Securities orrhe New York
B,
C.
E,
F.
1989.
$183,725
Includes Railroad Re¬
tirement Act accruals.
Includes accr. of Fed.
122,241
b Effective Jan. 1,
ICC classification.
1989.
Stock Exchange rules:
adjustment
mortgage bonds will be paid (but without interest thereon) against future
coupons when and as declared by the board of directors in accordance
with the adjustment mortgage.
Earnings for August and Year
Net from railway
Net after rents
752,774
282,622
1936
appropriate
1935
$6,464,758
918,267
147,279
From Jan. 1—
Gross from railway
Net from railway
Net after rents—-
account
revenues
new
-
-
1934
1933
$5,589,265
662.458
13,364
$6,022,503
1,135,084
464,433
$5,430,626
48,310,563
40,730.646
4,977,661
3,615,867
-def1,093,048def 1,551,657
42,433,698
40.624,573
8,258,935
2.373,478
6,555,822
1,025,855
—V. 143, p. 2045.
870,223
161,073
1935
$8,642,480
1936
$1,889,069
581,941
315,533
Gross from railway
143,
p.
$1,509,334
$1,512,850
402,763
254,411
510,381
346.089
9,468,280
934,669
def342,339
9,684,686
1,721,268
560,620
9,589.523
2.154.767
957,907
Date
1934
'
85.648
$8,782,594
2.002.804
1.004.449
$8,360,183
2,201.556
1,194,117
70,181.302
57,377,250
13,661,294
7.524,077
4,076,098 def
64,993
57,318.557
11.893.001
3,907,616
"
1933
Chicago & Western Indiana RR.—Collateral Released—
The Committee on Stock List of the New York Stock
Exchange has
received notice from the company that of the $345,000
principal amount
first and refunding mortgage 4M% series D
bonds, due Sept. 1, 1962,
pledged as collateral for the 15-year note due March 1, 1937, under trust
indenture dated Sept. 1, 1920, $150,000 principal amount of
said bonds
have been released from pledge and transferred to the
treasury of the Chi¬
cago & Western Indiana Railroad Co. upon payment of an
equivalent
amount of cash on the principal of said note as of
Sept.
1.
143,
1936.—V.
1224.
p.
Cincinnati Suburban Bell
Telephone Co.—Bal. Sheet
June 30—
1936
Assets—
$
1935
$
1936
Liabilities—
Telephone plant. .40,534,833 39,131,061
Common
Investment in con¬
Premium
trolled
cos
Other Investments
32,937
22,340
32,937
2,530
Miscellaneous phy¬
sical
Cash
property.
and
120.298
253,360
-xl, 180,722
14,746
871,648
15,438
_
Working funds
Temporary cash in¬
vestments
4,439,561
503,288
521,209
640,511
Material & supplies
Prepayments
-
Other def. debits..
on
72,756
1,435,417
Notes
Accrued
689.388
47,151
6,979
840
59,321
7,933
246,955
234,816
593,176
379,198
1,086,188
1,424,307
615,740
35,135
29,754
liabilities
Divs. declared pay.
Deprec'n
72,756
1,340,335
dep'ts
<fc adv. paym'ts.
Accts. payable and
other curr. liabs.
July 1
Deferred
$
capital
stook
not due
4,025,244
1935
$
stock...27,488,400 27,488,400
Customers*
special
deposits
Accts. receivable..
1933
1934
1554.
Notes receivable..
to
1935
I—
Net from railway
Netafterrents—V.
$1,499,443
277,307
80,698
11,996,981
1,969,782
254,419
railway.
From Jan.
The New York Stock
Exchange also received notice that company took
action with respect to declaring any interest to be due and
payable on
Oct.
1, 1936, on the 5%MConvertible adjustment mortgage gold bonds,
series A, due 2000, and that coupon No. 19,
maturing Oct. 1, 1936, has
no
value; that accumulations of cumulative interest on the
—V. 143, p. 1393.
def$902,460def$1,553,121
35,304
Gross from railway
Net from railway
Net after rents
no
$10,165,182
561,532
'
Net from railway
Net after rents
1989.
the July 1, 1935, ($13.33 paid), Jan. 1, 1936 ($6.67 and $6.66 paid)
and subsequent coupons.
>
(b) That the series B bonds be quoted ex-interest $5.84 per $1,000, Oct. 9,
1936; that the bonds shall continue to be dealt in "flat" and to be a
delivery
in settlement of transactions made beginning Oct.
9, 1936, must carry
the July 1, 1935 ($11.67 paid), Jan. 1, 1936 ($5.83 and
$5.84 paid) and
subsequent coupons.
(c) That the series C bonds be quoted ex-interest $7.50 per $1,000 bonds
Oct 9, 1936; that the bonds shall continue to be dealt in "flat
and to be a
delivery in settlement of transactions made beginning Oct. 9, 1936, must
carry the July 1, 1935 ($15 paid), Jan. 1,
1936, ($7.50 and $7.50 paid)
and subsequent coupons.
(d) That the series E bonds be quoted ex-interest $7.50 per $1,000
bond Oct. 9, 1936; that the bonds shall continue to be dealt in "flat"
and
to be a delivery in settlement of transactions made
beginning Oct. 9, 1936,
must carry the July 1, 1935 ($15 paid), Jan. 1, 1936 ($7.50 and
$7.50 paid)
and subsequent coupons.
(e) That the series F bonds be quoted ex-interest $7.91 per $1,000 bond
on Oct. 9, 1936; that the bonds shall continue to be dealt in
"flat" and to
be a delivery in settlement of transactions made
beginning Oct. 9, 1936,
must carry the July 1, 1935 ($15.83 paid), Jan.
1, 1936 ($7.92 and $7.91
paid) and subsequent coupons.
Gross from railway
$51,152
1936 included in
August—
carry
Net from railway
Netafterrents
From Jan. 1—
Gross from railway
2,196,050
def236,295
Earnings of Company Only
Gross from
(a) That the series A bonds be quoted ex-interest $6.66 per $1,000 bond,
Oct. 9, 1936; that the bonds shall continue to be dealt in "flat" and to
be
delivery in settlement of transactions made beginning Oct. 9, 1936, must
1936
def7,571
.
Net ry. oper. income,
a
1989.
a
'"August—
2,442.104
620,606
71
def97,889
Chicago St. Paul Minneapolis & Omaha Ry.- -Earnings
series
series
series
series
ia) $6.66 per $1.000 on general mtge. 4s series A, 1989.
on
15,859
31—
1936—Afon/h—1935
1936—8 Mos—1935
Railway oper.revenue.
$6,856,014
$5,970,559 $51,183,823 $43,326,946
Railway oper. expenses5,816,051
5,167.995
45,411,636
38.987.646
a
Railway tax accruals-.*
487,545
360,000
3,875.396
3.035,000
b Uncollectible ry. rev-„
7,755
24.866
Equipment rents
271,135
300,048
2,045,998
2,105,383
Joint facility rents
97,558
83,609
753.253
727,172
28,376
The New York Stock Exchange received notice
Septv 29 that payments
would be made Oct. 2 on account of the Jan. 1,1936
coupons on the Chicago
Milwaukee & St. Paul Ry. bonds mentioned:
per
1933
$227,519
87,534
Rock Island & Pacific Ry. System—Earnings
August
Gross from railway..._
Net from railway
1934
$323,080
2,571,645
698,567
def 1,463
794,526
_
Netafterrents
—V. 143, p. 1554.
Unemployment Insur.
effective Jan. 1, 1936-
Chicago Indianapolis & Louisville Ry.—Earnings—
Gross from railway
Net from railway
From Jan. 1—
Gross from railway
1,944,217
86,198
2,295,451
791,513
661,931
Net after rents
Net from railway.
1935
$373,599
132,352
37,789
_
1935
$289,268
111,125
Netafterrents...
From Jan 1—
Gross from railway
1936
$391,256
121,696
36,446
Period End. Aug.
Chicago & Illinois Midland Ry .—-Earnings—
The Committee
to
$7,322,628
1,188,856
Gross from
8,419,624
;
Gross from railway
Net from railway
per
Year
1935
Chicago Rock Island & Gulf Ry.—Earnings—
August—
Gross from railway
Net from railway
$5.84
$7.50
$7.50
$7.91
and
$8,785,914
2,094,911
1,126,615
August—
railway
Net from railway
Chicago & Eastern Illinois Ry.—Earnings—1
b)
c)
d)
e)
1936
Gross from railway
Net from railway
—V. 143. p. 1554.
M
re-
debtor or the receivers or trustees of the debtor.
The tax claims of the
United States of America shall have the same priority and preference over
claims of other creditors of the debtor as reorganized, with respect to the
August-
Chicago Burlington & Quincy RR.—Earnings—
August—
or
pro¬
—V. 143, P. 1554.
Gross from railway
Net from railway
Net after rents
By
bandonmenl—-
1933
$1,582,612
547,939
289,265
89.512
Ban
ceedings unless its claims are protected.
Replies were sent by Mr. Mahaffie and Mr. Sweet stating that the matter
had been called .to the attention of the road through its counsel, Samuel H.
Cady.
Tne Treasury suggests that the plan of reorganization as approved might
appropriately contain a paragraph as follows:
"The debtor, as reorganized, hereby assumes and agrees to pay in full,
in cash or by the application of credits or refunds, all tax liabilities
finally
determined to be due and owing to the United States of America by the
.
*
$1,402,283
396,080
156.032
11,743,837
3.029,578
918,656
Net after rents
Year
1935
Faces
Treasury Department will not sanction the proposed plan
back to 1921, according to a letter written by Wayne G. Taylor, Assistant
Secretary of the Treasury, to Chairman Maliaffie and Director Sweet of the
finance division of the Interstate Commerce Commission..
The letter did not state the total that the Treasury estimates to be
due,
as some of the
alleged deficiences are still a matter of negotiation, but made
it plain that the Department would seek to halt present reorganization
Equipment trust obligations except the equipment lease
agreements
with Pullman-Standard Car Manufacturing Co. will be assumed
and paid
in the
1936
3.
organi ation unless a clause is inserted to the effect that the road as re¬
organized assumes and agrees to pay in full Federal tax liabilities running
288,162 with interest from
Railroad
Oct.
credits..
reserve..12,472^299 11,461,307
Other reserves....
28,429
3,067.678
26,036
56,264,432
2,3)37.951.
1,027,458 def
835.690
Total
x
14,091.705
5,479,838
Cash
47.142,173 45.911,105
Surplus
Total
3,454,196
47,142,173 45,911,105
only.—V. 143, p. 1069.
Chicago Yellow Cab Co., Inc.—Transfer Agent—
The New York Stock
Exchange has received notice of the rescission of
appointment of Guaranty Trust Co. of New York as transfer
agent for this
Volume
Financial
143
Colonial
Total income
directors
exp.
& other charges agst. inc
34.425
126,333
Net profit.
Due
Cash
hand <fc
on
Notes
on
deposit
z
$375,864
Notes
receivable
1,233,232
lnv. 1,198,952
y Merchandise
2,082"905
Prepaid
18,340
expenses.
Unpd.sals. &
wages
Credit balances...
21,490
Accrued taxes, &o.
Res. for conting8..
x
Capital stock...
Surplus
a
29,976
2,000,000
1,663,181
Dr20,4l7
Treas. stock...
22,000
(see'd).
rec.
(curr.).
$4,795,812 $4,650,200
12,801
33,856
67,941
30,324
424
591
22,355
21,219
8,893
8,681
8,621
1,124
8,681
591
Reacquired securs.
Prepd. exps. & def.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 143, P.
3,565,990
1,560,851
1,443,626
1935
-$921,699
507,830
393,081
c
$49,561
37,652
$26,707
19,451
$11,910
37,876
lossl,577
Other charges
Profit
on
sale of
14,953
29,739
securs..
11,899
Consol. net loss
prof$58,518
Consol. surplus Jan. 1766,669
Reduction of reserve for
fluctuations of securs.
53,079
Red. of res .set up in prior
for losses
745,531
47,456
6,201
Total surplus
Miscell. deductions...
Cons .surp .bal .Dec 31Earns. per share on 152,228 sbs. cap. stk. (no
Par)
61,858_
Total
$734,914
Crl0,618
306
$269,128
Accounts
payable.
bds__
$255,490
393,252
4,734
Accts. receivable-.
556,191
9,069
commissions pay
on
Foreign remit t.
in
transit
Advances
to
to
16,495
14,984
Common stock..
Surplus
manufacturers..
312,298
15,850
15,843
88
x
Treasury stock.
Fixed assets
Deferred charges.
.
.
Total
35,601
x
]
$49,502
349
56,745
556,651
.
Total
211
a
$227,515
139,435
$2,566
loss$52,813
$0.04
1934.
Liabilities—
Accounts payable.
Notes pay. (see.).
Notes pay. RFC..
Nil
1935
1934
$96,722
421,190
50,000
123,182
20,151
5,235
3,488
97,71^
1,252,163
Capital stocks.. 2,367,612
Deficit.......... 1,035,377
22,000
1,140,002
2,454,190
1,037,943
and taxes
Deferred liabilities
24,802
Res.
2,536,682
17,228
for claims in*
litigation..
Funded debt
16,190
$124,738
612,334
13,583
23,472
5,018
8 9~ 52 9
$3,203,107 $3,673,604
After
b After
4,089
-
$88,080
140,893
6,984 Bonded munlo. assesments
24,190
13,263 Accr. prop, taxes.
26,811 Accrued fish taxes.
785,299 Acer. Int. on bonds
9,615
21,206
69,122
554,053
6,824
650,101
3,608
Deposits
a Adv. to fishermen
102,091
Non-current assets
37,392
b Fixed assets
2,240.069
Unexpired insur'ce
premiums....—
15,428
c
Total
$3,203,107 $3,573,604
for possible losses of $46,387 in 1935 and $36,957 in 1934.
for depreciation of $1,145,416 in 1935 and $1,091,172 in
Represented by 67,400 shares, no par.
d Notes receivable only.
reserve
reserves
c
—Y. 141, p. 1269.
$2,233,876 $2,075,7191
Total
.$2,233,876 $2,075,719
7,772 shares In 1935 (7,397 In 1934) at cost, y After deducting reserves
x Represented by 160,000 shares of no par value.—-V.
p. 1090.
Columbia River
for depreciation,
141,
17,642
d6,012
.
rec.
Consignments—..
Consign, acct. with
.
—
—
1934
collection
Notes & contr.
21,462
566
$1,556,033
1,328,517
$221,297
139,770
stk. (no par)
cap.
Drafts in bank for
Accts. receivable.
70,739
1,131,500
766,669
1,975
318,164
15,774
......
for. selling agent
Misc. accts. rec'le.
Other assets
y
1935
$126,623
4,140
Inventories
Mdse. inventory..
Mdse. in transit--
$2,109,966
1,888,669
$81,527
78,961
—
67,400 shs.
Cash with trustee.
13,690
1,131,500
879,670
—'
Balance Sheet Dec. 31
107,407
...
$1,739,428
183,395
Includes sales of fresh fish.
Assets—
$106,816
domestic
Loans receivable..
Claim—Bk. of U.S
-
—
Cash
Sals., wages, taxes
& exp. accrued.
z
for'q
manufacturers,.
Advs.
358,111
168,252
25,579
109,416
x
,235,431
231,644
Crl06,177
.
...
1934
$101,609
5,758
420,244 Bes. for inc. tax...
Sundry accounts &
Acer. int.
revenue
expenses
Earns, per sh. on
$1,436,180
40,780
$780,075
1935
Liabilities—
1934
1935
&
See
—
Operating profit after depreciation
Financial and legal expenses
Consolidated Balance Sheet Dec. 31
Assets—
—;
1934
x$2,020,700
173,951
supplies and stores
Total net income.
Nil
Earnings—
1935
Operating profit before depreciation.
Depreciation
Nil
Nil
$748,125
Association, Inc.
$760,763
Cr 19,312
$745,530
$766,669
$0.38
$810,810
Total
Cost of sales
x
Cash
$748,125
d Collateralled
Net profit
...
Marketable securs.
$810,810
—
26,534
100.000
1
Miscellaneous gains
$766,976
500,000
84,002
7,591
Fresh fish.
1,892
$879,670
1
Other income—Rentals, &c
8,249
$885,971
6,301
17,318
100,000
500,000
131,446
d Collat. sec. debs.
Sales—Canned, mild cured and frozen salmon
$222,087
919,101
62
Other credits
Cap. stock (par $5)
Surplus
Columbia River Packers
Selling
7,641
men's account
inc. income tax.
572,322
1934
$37,589
25,000
1,799
Trade accepts, pay
Accrued expenses.
62,577
Years Ended Dec. 31—
loss66,750
sales¬
on
1935
$35,247
Accounts payable.
Note payable.....
c After
1935 and $33,011 in 1934.
by the company's promissory demand note
payable of $125,000, secured by a first mortgage on its real estate, equip¬
ment and other physical and intangible property.—V. 141, p. 1269.
42,022
$51,362
780,075
$34,260
1934
After depreciation of $76,328 in
b
General
year
Liabilities—
4,280
Total—
$117,131
38,206
prof$43,732
$19,002
32,500
Other assets
$159,153
Total loss..
$68,633
33.011
12,920
3,700
567,704
Bldgs., mach'y,
equip. & contain
Formulae, tr'marks
$434,265
423,951
169,467
$56,385
29,678
$121,445
43,317
17,857
9,422
47,025
...
and trade names
Consol. net oper. loss .prof $20,788
22,944
$295,595
226,961
78,693
32,500
Accts. receivable
reserves,
Other income......
1935
$409,784
288,339
and inc. taxes..
b
1932
402,528
163,687
$2,180,787 $2,084,949
$33,750
39,382
Land
(& Subs.)—Earnings—
$516,654
Total..
1934
$80,607
Assets—
wkg. fd. on hand
and Exchange Commission, upon the request of the
received on Sept. 25. 1936, has consented to the withdrawal
filed Aug. 12, 1936—V. 143, p. 1224.
Selling expense
177,668
Balance Sheet Dec. 31
of the registration statement
1933
96,187
202,937
fixed'assets
on
Inventories
' 1934
$749,289
523,274
282,400
B
Net income for year.
Bottling Co. of N. Y., Inc.—Withdrawal of
1935
series
pref. stock.
Earned surplus
$50,848
Profit before deprec., bad debts,
3,172,486
1,442,087
1,141,291
Cohn & Rosenberger, Inc.
of
300,000
270,000
Co.—Earnings-
Cash in bank and
Calendar Years—
Gross profit
Genera] expense
res.
12,546
,1,075,000
15,670
19,339
Depreciation
Securities
company,
Capital surplus
Surpl. arising from
Provision for bad debts.
Federal and State income taxes
Registration—
The
9,000
173,443
28,078
896,100
300,000
270,000
stock
operations
Selling, delivery, admin, and general expense
1554.
Coca-Cola
4.5li
age revenue-...
Pref. stock
Common
Gross profit from
$452,120
199,419
193,133
3,360,144
1,282,408
1,147.450
$67,291
229,581
Reserves
$2,180,787 $2,084,949
Columbia Brewing
1933
135.096
109,944
3,992,908
1,712,484
1,640,432
Net after rents
1934
$376,445
1934
$152,783
Unearned cold stor¬
Years Ended Dec. 31—
Clinchfield RR.—Earnings—
1935
1935
llabs.
accr.
Note payable, due
after one year..
—V. 141. p. 1765.
Represented by no-par shares,
y After reserve for depreciation of
$1,411,263 in 1936 and $1,353,561 in 1935.
z After allowance for doubtful
a Represented by 5,169 shares capital stock at cost.—V. 141,
P. 912.
$403,725
158.972
138,098
$88,342
3,613
charges..
accounts,
1936
$507,509
235,458
225.263
230
Miscell. lnveetm'ts
Cash in closed bks.
x
August—
Gross from railway
Net from railway
$177,668
942
15,973
Inventories
$4,795,812 $4,650,200
Total-...
134,366
52,458
Total
Total
x52,750
Curr. &
$1,791,136
15,000
140,288
rec.
Deposits for insur.
premiums
Other deposits
141,496
48,104
7,193
52,243
29,976
2,000,000
1,551,847
£>r20,417
47,204
61,559
Liabilities—
1934
& eq.$1,828,611
Acer. int. receiv'le
$800,000
39,756
29,947
38,152
7,767
844
63.612
45,000
5,853
$202,938
Acer, storage ohgs.
receivable
purch. exps. &c.
Plants & equip't 1,967,423
prop.
Cash
borrowed
Notes pay. for wool
Acets.
pay.
for
589,863
1,760,231
2,000
£>rl5,521
Cr983
106
-.
Accts. receivable—
1934
$1,000,000
3,000
Balance Sheet Dec. 31
for
pay.
mon.
$125,611
31,847
576
1934.
1935
Assets—
Notes
from banks
Notes receivable.,
y
$195,709
Customers' accts.
end of year
Accrued in 1933, paid in
Plant,
1935
Liabilities—
1934
$150,009
88,342
177,669
on common
Earned surplus at
Balance Sheet Dec. 31
1935
$136,734
for\uncollectible accts.
stock
Prov. for Fed. inc. taxes, prior years.
$92,020 loss$245,949
Assets—
55,000
of plant, prop.
& equipment account
Adjust, for accrued divs. on pref.
stock purchased in 1934
Surplus debits—net.
Divs. on cum. pref. stocks
loss$91,817
37,622
116,510
$252,778
55,000
12,000
-
res.
Transferred to credit
$197,355
289,172
Interest charges
60,000
14,641
643
81
Net income
Earned surp. at end of preceding year
x
.
1,750
Inc. taxes for year 1934
Adjust, of
$175,177
22,178
$523,473
270,695
.
...
Sell., gen. adm.
""955
65,300
33,988
—
Deprec.—per resolution of board of
1934
$495,847
27,625
""876
691,044
74,533
32,716
1,190
560
Amortiz. of discount on 6% gold notes
Amortiz. of organization expense—_
Co.—Earnings—
.
$1,018,884
m
Prov. for Fed
1935
—
1933
$965,057
681.489
61,684
32,444
7,608
$986,467
...
Interest bn~6% gold notes
Other Interest..
stockholders approved an increase in
par) shares to 200,000 ($1 par) shares,
exchange for the present stock on a
stock is carried in the capital account
at a stated value of $5 a share, the change in the par value of the stock will
effect an increase of $50,000 in capital surplus.—Y, 143, p. 2046.
Years Ended Dec. 31—
1934
1935
;
—
Taxes
Co.—Change in Capital—
Interest earned and other income.
''
w
673,972
Maintenance.
At a special meeting held Oct. 1,
the common stock from 50,000 (no
of which 150,000 will be issued in
three-for-one basis.
As the present
Profit from sales
Co.—Earnings—
Operation.
The Interstate Commerce Commission on Sept. 15 issued a certificate
permitting Frank O. Lowden, James E. Gorman, and Joseph B. Fleming,
as trustees of the company, to abandon a line of railroad extending north¬
easterly from a connection with the main line of the Chicago Bock Island
& Pacific By., at or near Ingersoll, Okla., to Anthony, Kans., approximately
32.83 miles, of which approximately 18.14 miles are in Alfalfa County, Okla.
and 14.69 miles are in Harper County, Kans., and as trustees of the Chicago
Bock Island & Pacific By., to abandon operation thereof.—V. 122, p. 2646.
Cleveland Worsted Mills
Ice
Calendar Years—
Total revenue..
Choctaw, Oklahoma & Gulf RR.—Abandonment—
Clark Controller
2203
Chronicle
company's capital stock, effective Sept. 16, 1936, and that transfers will
be made at the office of the company.—V. i43, p. 1069.
Ore.
Colorado & Southern
Ry.—Earnings—
1935
1934
1933
$675,693
$575,972
$546,227
$482,219
166,478
69.167
131.896
52,141
4,546,087
841,376
155,134
3.724.735
396.594
defl69,578
August-
1936
Gross from railway.....
Net from railway......
Net after rents
From Jan. 1—
Gross from railway.
Net from railway......
Net after rents
.....
—V. 143, p. 1554.
141,793
62,706"
124,737
.
50,770
510,740
3.121,996
392,354
def73.065
Pulp & Paper
1934
$
Net Income
296,483
Bond int. & expense 63,675
Depreciatipn
Prov.for Fed.inc.tax
def!91.9l4
3.502.240
Paper Co.—Earnings—
Comparative Condensed Statement of Income for Calendar Years
Net inc.
Loss.
$
215.798
3,044
382,897
71,511
174,006
20,298
13,965
117,081
Columbia River
1934
161?384
51,911
170,672
None
1935
$
Calif.-Ore.
1934
$
110,887
56,247
134,819
48,848
None
xSO.178
1935
$
65,238
54,984
None
809
None
24.873
4.154
5,580
25,957
after all
charges...
x
1935
x61,200
Oct.
Chronicle
Financial
2204
-
Investments
.
263,195
15"812
361,334
201,247
31,064
119,120
Current accounts of affiliated cos
119,983
415,527
50,303
367,063
326", 318
Cash
Inventories
-
66,209
Purchases in transit
"¥,556
7,532
2,350
166,008
192,630
14,862
$6,094,536
$5,893,462
$2,377,336
800,000
1,296,700
consign, at sell, prices.
Adv. on wood & log purchases
Notes receivable—not current
Deferred accounts
on
Total
750.000
2,000,000
271,650
840,900
_
1
8,504
—
Common stock
First mortgage
*
1938^—
bonds
Notes payable, due Aug. 1,
Due to affiliated companies
Notes and acceptances payable
Notes payable—loan (secured)
taxes, & int. payable..
wages,
Due to affiliated companies
from
Surplus arising
properties
980,000
74,689
800,000
23,727
342,238
7,002
103,757
72,391
revaluation
Accts. receivable--
1,972,743
1,546,330
1934
$25,192
$25,192
'
W*
i
...
164
207
payable.
payable
4",552
95,788
Profit & loss acct.
1,688,943
5,214
95,787
1,704,236
shareholders
Accounts
Dividends
.-..$1,814,640 $1,830,637
y Represented by 766,300 shares of $5 par value and after amortization
of mining properties of $3,806,307.—V. 141, p. 1765.
Total
$1,814,640 $1,830,637
Total
Light & Power
Co.—Bonds Called
The company has called by lot for redemption pn
107Vi and accrued interest a total of $152,500 of its
refunding mortgage 7% sinking fund bonds, series
made at Bankers Trust Co., New York.—V. 143, p.
Nov. 1. at a price of
outstanding first and
A. Payment will be
2047.
Ltd.—Balance
Chibougamau Goldfields,
Consolidated
1934
$41,150
$31,490
375
29
173-614
Diamond
drilling
contract
;
Devel. & misc. exp.
3,162,607
373,368
payable
$370
.
Suspense
x Capital stock—
$7*, 500
7,500
3,000,000
3,000,000
Capital surplus...
y570,000
300,000
3,136,711
Mining claims and
54,827
options
of
1,000
(dep.).
7,770
781,763
Accounts
1934
1935
Liabilities—
1935
Assefs—
Cash
Acc'ts receivable..
__
138,639
163,590
Paid-in surplus
Earned surplus
"
1935
Capital stock—
Int.
of
minority
y
Sheet Dec. 31—
92,921
96,045
...
Res. for depreciation and depletion..
110,218
51,162
Cash
.
11,348
1,703,306
71,152
38,684
11,496
1,641,753
Investments
Connecticut
Liabilities—
Preferred stock
Accts.,
bldgs.,
equipment, &c__
"l",796
.
Notes, acceptances, and accts. receiv.
Goods out
Real estate,
"
Land sales contracts receivable
$6,147
$10
Mining properties.
Liabilities—
1934
1935
Assets—
Pulp & Col'bia River Calif.-Ore.
Paper Co.
Paper Mills Paper Mills
$1,810,432
$3,488,268
$4,393,279
1,574,578
364,353
Ore.
Total property
31
Consolidated Balance Sheet Dec.
Condensed Balance Sheet Dec. 31 1935
Assets—
1936
3,
604,437
450,390
"58,443
$6 ,094,536
$5,893,462
$2,377,336
$3,577,500 $3,307,870
Total
$3,577,500 $3,307,870
Total
y 1,140,000 shares taken up at 50
Represented by shares of $1 par.
share under the terms of the note mentioned below.
Note—660,000 shares of the issued capital stock of the company are
held by the Prudential Trust Co., Ltd., in trust for the benefit of the com¬
pany under option.—V. 142, p. 2824.
x
Total
-Y. 141, p. 1765.
Columbus & Greenville Ry.- —Earnings1934
1935
1936
$68,099
$78,657
$107,479
1933
August—
Gross from railway
Net from railway
Net
after
Net
10.600
467,824
37,282
41,559
562,916
defl6,999
533,916
301
31,188
def24,160
def9,126
4.
„
after rents
143,
117
16,785
1—
Gross from railway
Net from railway:
—V.
$70,041
10,983
715,819
69,515
rents
From Jan.
9
8,346
5,798
24,434
Commercial Credit Co.—Underwriters Named-—
in an amendment, filed with the Securities and Exchange
Commissoin, states that Kidder, Peabody & Co., and the First Boston
Corp. will head the underwriting group for its $30,000,000 3 M% debentures
1951.
1,
Consolidated
of
Power Co.
Light &
Electric
Gas,
Baltimore—Earnings—
1936—8 Mos.—1935
1936—12 Mos.—1935
saies__x$14,981,344 $13,675,265x$22,345,267 $20,245,294
6,161.065
5,962,776
9.105.839
8.871,820
Period End. Aug. 31—
Rev. from elec.
Revenue from gas sales.
Rev. from steam sales._
765,985
297,073
464,648
212,970
518,436
203,773
Misc. operating revenue
#
681, 12
322,526
1555.
p.
The company
due Oct.
cents per
participating in the issue are: Robert Garrett & Sons,
Goldman, Sachs & Co.; Stone & Webster and Blodget, Inc.; Blyth & Co.,
Inc.; Brown Harriman & Co., Inc.; Hayden, Stone & Co.; W. E. Hutton
& Co.; Mellon Securities Corp.; Schroder, Rockefeller & Co.; ,Edward B.
Smith & Co.; White Weld & Co.; Spencer Trask & Co.; Clark, Dodge &
Co.; Mackubin, Legg & Co.; Putnam & Co.; Graham, Parsons & Co.;
Lee Higginson Corp.; Mitchum, Tully & Co.: Estabrook & Co.; Baker,
Watts & Co.; J. & W. Seligman & Co.; Chas. D. Barney & Co.; Dominick
& Dominick; Hallgarten & Co.; Jackson & Curtis; Baker, Weeks & Harden;
Eastman Dillon & Co.; W. W. Lanahan & Co.; Stein Bros. & Boyce; A. C.
Allyn & Co., Inc.; Baldwin & Co.; Bond & Goodwin, Inc.; Alex. Brown &
Sons; H. M. Byllesby & Co., Inc.; Frank B. Cahn & Co.; Cassatt & Co.,
Inc.; Paul H. Davis & Co.; Edgar, Ricker & Co.; Pacific Co. of California;
Strother Brogden & Co., and Dean Witter & Co.
Total oper. revenue.
Oper.
exp.
.$21,864,619 $20,315,661 $32,514,165
$30,121,054
exp.,
retirementand taxes
15,980,032
14,419,265
23,635,761
21,351,457
$5,884,587
236,722
$5,896,395
216,433
$8,878,403
361,778
$8,769,596
287,676
$6,121,309
1,820,423
86,112,829
2,023,182
$9,240,182
2,740.738
$9,057,272
2,980.248
$4,300,885
$4,089,646
743,543
2,801,752
772,411
2,801,752
86,499,443
1,115,895
4,202,629
$6,077,024
1,158,999
4,202,629
$755,589
$515,481
$1,180,918
$715,396
Operating income
Non-operatiDg income._
Other underwriters
1935
1936
2 Months Ended Aug. 31—
Gross income
.
Fixed charges
.
Net income
-
Preferred dividends.
_
Common dividends
Balance
Earns, per share of common stock
^
—
~
Revenues, beginning in July, were lowered
during 1936.—V. 143, p. 1070.
x
Consolidated Investment
Fed. & oth. tax. & pref. divs_.x$2,107,444
Earns, per share on common
^
x
2046.
1935
x$21,652
24,427
Interest
29,728
38,351
_
$98,407
148,488
46,367
Dec. 31 *34
$144,822
Interest
security
before
$36,197
transactions
x
Includes income from put and
,447
$87,451
$40,350
110,615
135
$529,170
$616,837
16,221
2,625
8.000
4,228
3,464
14.968
$76,334
3,882
Total
income
Salaries
Trustees' fees
Custodian & bookkeeping services—
1935
.
.
Notes
_
_
&
.1
_
_
.
_
1934
$74,136"
Assets—
Cash
$47,396
111,971
receivable
a
2,985,675
2,233,910
2,201
Investments
4,027
Prepaid interest on
bank loans
Def'd
Fed.
payable
to
$450,188
Accounts payable .
Unpaid synd. com.
Statutory liability
on
stock
$690,000
c3,578
290,464
banks (secured).
accounts
1934
1935
Liabilities—
Notes
290,464
300
stock tax
Acer,
Net income from
8,408,400
318,853
7,424,352
$3,062,013 $2,397,604
Total
After deducting reserves of
1936—Month—-1935
$400,059
$363,351
176,297
170,986
18,430
18,824
32,919
28,534
Taxes
1936—12 Mos.—1935 ~
$3,933,923
$3,718,046
1,924,632
1,885,538
197,918
198,979
360,558 •!
339,361
$1,294,167
$1,450,814
16,557
20,990 j
Net oper. revenues—
$172,412
$145,006
Non-oper. income—net-
180
1,704
$172,592
$146,711
28,045
71,187
$1,471,804
69,587
$71,204
$47,477
$326,548
Balance
31,800
Retirement accruals—.
1
Interest and amortiza'n.
income
Net
$1,310,724
279,828
850,322
300,648
844,606 i
$180,573
,
nt. & divs. on
'rofit
on
Ltd. (& Subs.)—Earnings—
1935
invest—
I
sale of securities
'rof.on sale of cap .assets
1934
1933
$36,998
118,744
$40,899
54,241
1,726
3,928
$47,966
454^
'ees for services
-
1932
$62,141
ien., adm.,
Acer.
int. receiv'le
Real estate
8,427,603
15,165
77,982
215,117
843
l",904
'¥,765
$101,638
$49,870
$70,907
76,487
57,859
82,604
5,722
1,685
4,396
1,502
102,377
102,385
7,760,556
342,610
182,911
Reserve for taxes.
Res.
a
.
for red.
.
of
2,871
class B stock
234,575
283
Deferred Income..
b
Capital stock
Paid-in surplus...
Total
a
$8,954,897 $8,413,241
Total
$8,954,897 $8,413,241
Representing class B stock of Kidder Peabody Acceptance Corp., the
with the retirement
holders of which asked for redemption tin accordance
provisions pLthat issue,
b Represented^ 258,613 shares of $1 par (after
deducting 10,300 shs. in treasury at cost of $166,536) in 1935 and 258,621
shs. of $1 par value (after deducting 10,300 shs. in treasury at cost of
$166,536), issued or yet to be issued in exchange for certain preferred
stocks of the predecessor companies.
Warrants providing for the issuance
of 440,066 shs. at $30 per share at any time prior to Aug. 1, 1938 are issued,
or to be issued to the preferred and common stockholders of the predecessor
compapies.—V. 142, p. 3504.
Consolidated
Lithographing Corp.—New Vice-Presidents
Voice, President and General Manager, announced that at a
meeting of the corporation Ralph K. Hey man, Walter J.
Ash and D. E. Dunn were elected Vice-Presidents.—V. 142, p. 4018.
board
Consolidated Royalty Oil Co.
$8,846
1,989,353
and
Interest
(& Subs.)—Earnings—
1934
1933
$102,726
19,969
23,289
$97,558
25,747
$72,625
12,802
23,492
11,750
10,000
19,000
80
162
108
$157,814
19,413
12,535
11,594
6,717
$155,503
21,056
13,075
8,898
6,761
$128,027
22,553
16,763
8,790
6,457
$107,556
24,228
$105,712
24,289
$73,464
23,909
$83,328
1,643
$81,422
$49,554
812
loss84
$81,685
$80,611
$49,638
1935
—
rentals
distributions
22,036
from
income.,
General, office and legal expense
$43,779
1,756,265
loss$38,456
1,895,641
43
19
164
$1,784,730
$1,800,063
95,788
39
$1,857,349
95,790
5,294
$2,000,085
96,415
8,029
$1,704,236
$1,756,265
$1,895,641
.dj. of reserve for taxes
prior years
receiv.
Hudson Oil Co
Miscellaneous income
Gross
$80,451
1,704,236
of minor, in subs..
$5,064
12,163
payable
expenses.
62,061
investiga'n,
Net profit
1934
4,396
Accrued
7,839,653
34,566
145,316
Def'd real est. exp.
Dividend
revious surplus
nt.
$1,244
13,346
Accounts
$157,629
Interest in oil and gas sales
~
742
&c., expenses
let loss on sale of sees..
1935
7,760,153
940,195
Capital gain surp.
Income surplus
133,187
$217,345
Investments
Years Ended Dec. 31
$156,938
>ther income
Capital stock tax only.
Dec. 31
1934
1935
Assets—
Cash.
recent
Calendar Years—
24.639
19,398
Jacob A.
143, p. 2046.
-V.
x276
$66,425
307
Liabtlities-
Community Power.& Light Co. (& Subs.)—Earnings
Maintenance
90,473
$441,104
324.618
y
Balance Sheet
2,609
sented by
Period End. Aug. 31—
Operating revenues
Operation
y2,709
439.654
int and cor¬
$7,286,859 (1933, $11,124,590).
b Repre¬
318,428 no par shares in 1935 and 318,853 in 1934.
c Includes
accrued tax.—V. 141, p. 1269.
"
a
488
"¥,628
$378,380
operations
Property and miscellaneous taxes.
Notes & accts. rec.
$3,062,013 $2,397,6041
Total.
~1~242
4,427
24,600
19,398
66,655
Real estate taxes
x
_
1,022
30
Dividends
6% pref. stock.-.. 8,038,600
b Paid-in capital.
318,449
Deficit
6,039,266
1,225
1,142
"
Capital stock and miscell. taxes
Mortgage interest
Depreciation on buildings
110,375
porate taxes
2,625
Id,000
3,547
5,211
1,255
owned
in closed bank..
capital
Transfer agent expense
Discount—Canadian funds
Licenses and other expense
Balance Sheet Dec. 31
42,600
93,429
Rent and office expense
call transactions of $2,525.
Dec. 31 '33
$33,598
361,400
344,652
T.__
Legal and auditing
Loss
Oct. 17 '33 to
Years *Ended
Dec. 31 '35
,
Rents
1932
1933
$36,498
85,599
33,422
Income from divs. & int_
1934
$21,735
32,356
by rate reductions made
$91,090
Period—
Dividends.
Securities, Inc.—Earnings—
Calendar Years—
General expenses.
$1.08
$1.40
stock outstanding—
Before taxes on undistributed earnings.—V. 143, p.
Commonwealth
$1,260,982
$4.21
$4.61
Trust—Earnings—
Consolidated net income after reserves for all losses
& doubtful items,
7
$2.84
$3.05
Field expense
Taxes.
.
Building operating expense
'1,887
Net operating income
Depletion and depreciation
'
•ividend payable
ther surplus deductions
95,788
•
*
J
Net income
Profit applic.
to minority interests
%
Surplus Dec. 31
-
$1,688,943
Total income
Volume
Financial
143
Assets—
Cash
1935
in banks.
Accts.
344,268
363,192
5,426,004
...
Capital assets.:
3,700
5,429,321
Total
1,084
$3,758
1,169
reserve
$3,493
5,529,256
332,426
interests
Minority
in subsidiaries__
$5,980,355 $5,983,538
After
the
1934
1935
Capital stock
5,529,255
Capital surplus...,
329,753
$190,641
securs.
(at cost)
x
Liabilities—
Accounts payable.
Accrued taxes
$205,014
1,752
receivable.
Investment
x
1934
hand and
on
116,929
116,769
..$5,980,355 $5,983,538
Total
for depreciation of $1,760,596 in
1935 and $1,784,631
in
1934.—V. 142, p. 3338.
Consolidated Investors
See list given on first page
Plan, Inc.—Registers with SEC—
of this department,
Consolidated Laundries
v
p.
on
that date at
principal trust office of the bank, 11 Broad St., New York.—V. 143,
1226.
Net revenue—
Period End. July 31—
1936—3 Mos.—1935
$53,848
$167,861
1936—9 Mos —1935
$159,025
$639,519
Cooksville Co., Ltd. (& Wholly Owned Subs.)—Earns.
1935
Interest
on
1934
y$34,906
44,778
loans
Directors' fees
1,250
5,520
2,709
Executive salaries
Fees of legal advisers—
Reserve for bad debts—
1933
1932
y$14,703 xloss$27,626 xloss$53,230
44,063
43,478
42,330
1,250
x
1935
reserves.
$30,610
After provision for income tax.
Bills & accts.
174,633
Accts. receivable..
100,019
74,478
11,604
Inventories
Prepaid
$71,105
Equipment
Total
1935
$113,882
$65,608
$0.14
$0.08
Liabilities—
rec._
1935
Capital stock
Res. for deprec. &
depletion
1,192,461
7,309,354
2,078
1,189
reserves.
1,365,585
7,309,354
2,088
3,029
Deferred
3,033
400,015
Dante G. M. Co.,
trustee for outst.
*456,502
22,733
642
1,941
776
stockholders
Leasee's deposits..
Unpaid
dividend
checks
Total
$9,528,810'
$9,500,459
$61,511
539
658
788,924
27,868
400,000
1,600,000
246,825
Preferred stock...
Common
51,121
400,000
1,600,000
stock
Surplus
Total
...$9,500,459 $9,528,810
Less current bills of $34,779.—V. 142, p. 2495.
director.—V. 143, p. 1396.
a
RR.—Refunding Plans—
V
The directors have under consideration the
with the
study of
Cumberland
^
^
a
director.—V. 143, p. 1873.
County Power & Light
$3,078,450 $3,100,758
Total
$3,078,450 $3,100,758
1936
Cusi Mexicana
476
Total income
$21,270
3,603
Administrative and general expenses.
Provision for taxes
$9,608
1,582
35
$7,825
5,693
$4,523
the
issuance
10,000
10,000
shares
5 y2%
additional
cumulative
Mining Co.—Earnings—
tV
1935
Operating income
Operating expenses.
Depreciation on buildings, plant and equipment..
$390,184.
...
440,169
91,832
1934
$182,512
193,512
58,965
-
$141,817
$69,965
65,413
$141,817
78,488
'$135,378
63,074
$220,305
$198,452
$220,305
200
$17,632
13,109
authorized
Years Ended Dec. 31—
$9,132
666
_
have
(no par) common stock and
preferred stock.—V. 143, p. 2047.
1935
$20,605
J
stockholders
shares
Corporate Investors, Ltd.- -Earnings
Years Ended April 30—
Income from investments
Co.—Stock In¬
;:'.
crease—
141, p.1434.
$86,812
$342,774
$149,463
$2,132
Expenditures incident to suspension of productionNet income.
Dividends
Surplus
Balance Sheet April 30
Assets—
1936
Cash
1935
$1,994
Acer. int. receiv..
693
561
550,364
213,794
Comm'non sales of
cap.
7,155
stock, &C-.
Total
a
1936
Accounts payable.
Accrued
$553,052
100
no par
Crane
514,964
9,113
1,942
226,904
3,162
Distributable surp.
Earned surplus...
17,176
4,448
1,718
taxes....
Total
$234,21
no par
bonds sold.
Co.—Registrar—
/
City of New York has been appointed
common stocks.—V. 143, p. 1717.
62,652
Henderson, Inc.—Earnings—
Years Ended Dec. 31—
Selling, collection, delivery, &c,,expense
General, administrative, &c... expense
1935
Assets—
1934
Mines, mining
claims, lands &
development
$3,300,903 $3,385,070
bBldgs., plant &
equipment
407,086
394,236
1935
$190,631
73,858
59,554
1934
$196,133
77,268
60,441
130,251
Expenses prepaidDenouncement
2,082
of
.
.
.
Acc'ts
Operation profit
$57,218
Other income.
Crl3,140
Other deductions
2,937
$58,424
Crl5,094
5,504
25,232
Cash
53,620
14,549
$67,422
28,184
6,157
$68,014
27,495
4,224
$33,081
21,565
$36,295
5,511
Provision for depreciation
Provision for estimated Federal income tax
hand..
Total
a
Profit
on
Dividend
Balance Sheet Dec. 31
Assets—
1935
1934
$64,819
86,394
$72,008
bonds
986
877
b Custs' acc'ts rec.
29,295
22,003
9,975
.$4,006,056 $3,959,659'
1934.
625
Assets—
investments
1935
15,716
15,616
24,174
53,895
90,260
180,352
10,362
24,174
42,040
649
a
Marketable sees.
Accr. int.
on
Inventory
68,661
1935
Accounts payable.
Accrued liabilities.
d Capital stock
Surplus
e
$6,399
8,057
50,000
533,869
Dr47,672
•
Treasury stock..
1934
$5,773
6,471
50,000
522,353
Misceil.
physical
property
Cash & special dep
Material & suppl's
Other curr. assets.
Other def. debits..
106,556
202,177
14,405
Cash surr. value of
life insur
4,724
c
Permanent assets
Deferred charges..
Total
49,669
344,255
9,581
353,212
8,836
$550,653
Other assets
$584,598
Total
x
Total
$550,653
$584,598
After allowance to reduce to market value of $4,931 in 1935 and $9,344
b After allowance for doubtful items, &c., of $5,000.
c After
allowance for depreciation of $135,019 in 1935 and $106,835 in 1934. d Re¬
a
in
1934.
presented by 50,000 no par shares,
e
7,090 shares at cost.—V. 141,
p. 1930.
Creamery Package Mfg. Co.—Special Dividend—
The directors have declared a special extra
addition
common
D©c
X
div. of 10 cents per share in
of 30 cents per share on the
the regular quarterly dividend
stock, no par value, both payable Dec.
to
10 to holders of record
t
•
Previously, regular quarterly dividends of 30 cents per share were dis¬
tributed each Jan. 10,. April 10, July 10 and Oct. 10.
In making the current dividend announcement the company
explained
that it decided to defer payment of usual Oct. 10 disbursement until Dec. 10,
because its fiscal year ends Nov. 30, and under the 1936 Revenue Act it
would receive no credit for dividend paid during the current fiscal year.
—V. 143, p. 2047; y. 142, p. 780.
Crown Cork & Seal
Co., Inc.—Bonds Called—
The Chase National Bank of the
nated by lot for
City of New York, as trustee, has desig¬
redemption on Oct. 31, 1936, $125,000 principal amount of
15-year 4% sinking fund bonds, due Nov. 1, 1950, at 10234% plus accrued
227,000
56,123
32,819
72,717
__
salaries
39,883
2,187,984
-
33,043
2,280,759
Duluth
Milling Co., curr
acc't
75
Surplus
Total
$4,006,056 $3,959,659
Telephone Co.—Balance Sheet Aug. 31
1936
Telephone plant..$6,615,943 $6,527,348
Other
Liabilities—
on
1934
reserve for depletion of
$1,551,979 in 1935 and $1,429,510 in
b After reserve for depreciation of $582,073 in 1935 and
$490,241 in
c Represented by shares of 50 cents
par.—V. 141, p. 3688.
8,681
hand &
on
deposit
&
48,311
14,000
& int. accr.
Colorado
63,573
'• '
After
1934.
Dakota Central
Net profit.
Deferred assets.
pay.
.
min. claims
conv.
bds., due
April 15, 1935..
57,000
1,714
74,105
36,294
new
Supplies
1935
Capital stock...$1,650,000 $1,323,000
3-year 6% coll. tr.
17,895
2,103
^
Deferred assets
Liabilities—
c
Notes pay. (banks)
Notes pay.(others)
Accounts receiv'le.
.
....
Note—The operating income and operating
expenses for 1934 shown above
for the eight months ended Dec. 31, 1934.
Depreciation on buildings,
plant and equipment was charged for the eight months operating period
only.
Consolidated Balance Sheet Dec. 31
Investm't in sub..
Gross profit from operations..
Cash
111,640
•
a
registrar for the company's preferred and
&
on
Consolidated net loss for the year
shares
<
Crandall-McKenzie
'
are
$553,052
shares in 1936 and 41,046
The Chase National Bank of the
.
226
4,770
Capital stock...
Subscrip's rec'd.T.
a
$234,218
Represented by 93,379
;
S263
$2,479
1935.—V. 143, p. 582.
n
*1.
1935
Dividend payable.
in market-
Invest.
k able securities.-.
Total loss
Duluth office expenses.--
Premium
Liabilities—
$12,706
.
plan in connection
series A 7H%
6% bonds.
New Director—
William H. Baker has been elected
The
a
maturity on Dec. 1, 1936, of the 1st lien & ref.
and series B
Vs-
266,175
...
252,570
Cuba Co.—New Director—
721,292
...
Mortgage
1934
$1,220,000 $1,220,000
24,918
28,765
Reserve for taxes
1,500
1934
$14,295
Loans
1,958,360
8,205
Other interest (net)
$90,008
24,400
$0.19
9,250
20,516
2,334
Cuba
Liabilities—
1,957,979
10,160
Fixed assets
48,800
'
$110,560
Accounts payable.
Sales tax
$5,316
97,304
77,471
26,210
891,039
Investments, <fcc_.
$162,682
158,600
$78,850
320
9,250
20,517
441,758
7,049
William F. Lynch has been elected
11,124
46,500
896,476
Mortgages
—V.
•V
$237,450
174,634
Inventory
Includes income from investments
y
1934
$6,962
4,940
248,252
29,128
249,951
27,551
'
1934
Compen. ins. dep.
Prepaid insurance.
General Balance Sheet Dec. 31
1935
6,645
7,749
$8,842,456 $8,842,456
—
Mining plant
Office equipment.
Elkton Min. shs—
of $334 in 1935 and $450 in 1934.
Assets—
260
Deficit...
$19,350
Cash.
$372,589
1,736
10,874
Comparative Balance Sheet Dec. 31
15,000
loss.
$459,440
32,923
def$109,350
per share on 1,220,000 shares stock-.
$0.11
x
Net
$255,282
117.306
Earns,
Cash
Calendar Years—
294,677
Balance
Investments.
Operating profit
$597,754
1,473
23,482
$292,720
166,720
214,626
$134,650
244,000
Dividends paid
1932
1933
8,164
281,039
28,633
other taxes
Mine expense-.All other expenses
Ore
Net loss aft. depr. & tax.
1934
$383,128
$475,229
1,278
21,464
Total income
General expenses-
Federal income taxes
State and
county and
Assess—
—V. 142, p. 3846.
1935
$276,423
198,806
Interest, royalties, &c_.
the 25-year
Continental Motors Corp .—Earnings—
should be presented for payment on
Cresson Consolidated Gold Mining & Milling Co.—
(Del.)—Interest—
A payment of $10 per $1,000 bond was made Oct. 1, 1936
5% sinking fund bonds, due 1960—V. 143, p. 1070.
2205
Bonds drawn
Years End. Dec. 31—
Ore sales
Corp.-—Notes Called—
A total of $250,000 convertible 6 Ya % 10-year s. f. gold notes, due April 15,
1941, have been called for redemption on Dec. 1 at par and interest. Pay¬
ment will be made at the Irving Trust Co., 1 Wall St., N. Y. City.—
v. 143, P. 2047.
_.;>>• •. ./•
Yv- v vv'
Consolidation Coal Co.
Chronicle
interest.
Consolidated Balance Sheet Dec. 31
$6,990,703 $6,932,317
Liabilities—
Common
1936
1935
stock...$1,867,192 $1,867,192
Preferred
stock.-.
x
395,800
1,521,767
Long-term debt...
Acets. pay. & oth.
1,897,961
current liabilities
58,721
81,728
123,351
Deferred credits..
> 7,147
Deprec. reserve... 2,340,217
Other reserves
15,153
Surplus
\
• 680,961
131,019
4,917
Accrued
liabilities
not due.
Total.
2,215,245
19,161
695,489
$6,990,703 $6,932,317
Called for payment July 1, 1936.—V.
142, p. 2824.
Darling Stores Corp.—Stock Offered—Public
offering of
20,000 shares of $2 cum. partic. pref. stock was made Sept. 29
by Leach Bros., Inc., New York, by means of a prospectus.
The stock was priced at $28.50
per share.
This offering of preferred stock is
part of a total authorized amount of
40,000 shares; redeemable in whole or in part at $31 a share on
any divi¬
dend date, following 30 days' notice;
preferred as to assets to the extent of
$31 a share in liquidation, either voluntary or
involuntary, in either case
with accrued cumulative and
participating dividends.
Preferred stock
is entitled to cumulative dividends at the annual rate of
$2 "a share, payable
quarterly, when and as declared; fully preferred as to these dividends over
the common stock.
Also, in any distribution of earnings made after the
common stock has received dividends at the
annual rate of 10 cents a
share,
the preferred and common stocks share
equally, class for class, until the
preferred stock has participated in such additional dividends up to the
annual
rate
of $1
a
share.
History—Corporation operates a chain of retail stores,
specializing in
apparel, featuring ready-to-wear merchandise at popular
prices
ranging from $1.98 upward.
The business, established as a
partnership
in August, 1929, was succeeded
by the present corporation, which was
incorporated June 24, 1936 in New Jersey.
Beginning as a single retail
store, the organization now consists of 54 stores, 9 wholly-owned
subsidiary
women's
j
Financial
2206
Chronicle
and executive and buying offices and stock rooms
of N. Y. City.
The business was originally
leasing corporations,
supplies, leases and leasehold improvements, stock in leasing
subsidiaries, prepaid expenses and miscellaneous items, had a tangible net
worth of $605,088.
\ «n' <
Sales andProfis—The
on
Total Sales
x
Net Profit
$4,395
14,091
14,911
26,302
54,973
129,439
112,849
87,109
$49,383
3
245,847
1932
8
452,444
686,526
1933
14
1934
25
1,239,044
2.316,631
1935
38
3,180,103
1936
48
1,581,344
1936 (5 mos. end. June 30)
54
x Before adjustment for Federal or State income taxes.
2
of 6 years 10 months ended June 30, 1936 total sales
$9,751,327.
From this volume a net profit aggregating $444,072 was
This is the result of operations after meeting all expenses but
prior to Federal and State income taxes, which were payable by the part¬
ners up to April 30, 1936.
For the quarter ended April 30, 1936 net profit
of $60,628 compares with $48,041, or a gain of approximately 26% over the
corresponding quarter of 1935.
Presently to
x
Authorized
40,000 shs.
Capitalization—
*
$2 cum. partic. pref. stock (no par)
269,918
Taxes
Accrued
2,704
654,081
19,120
555,458
19,741
50,060
& employees
52,480
sound value
33.800
less de-
1,290,951
1,285,028
prec
Cash.
Accounts
$95,134
78,599
a
receivable
May 22, '40
mon. obllgs.
Res. for conting..
stationery & off.
Deferred income..
prepaid
69,715
70,575
expenses, &c
$188,765
payable
Notes payable—banks
Loans
1,500
Accrued
2,735
receivable
City scrip, school bonds, &c__
55,000
25,000
Credit checks payable
payable
8,4^3
expenses
1,342
286,399
;
assets
Res. for doubtful accts. & cont.
413,837
Inventories
Common stock (par $1)
Paid-in surplus
10,301
Deferred charges....
10,607
$894,266
143. p. 918.
The New York Curb Exchange will list 43,587 additional shares of com¬
stock, no par, upon notice of issuance.
Earnings per share on
$291,617
$1.42
undistributed profits.
other charges—
156,245 common shares
,
provision made for Federal surtax on
Note—No
1935
$43,471
$0.16
1936
Nine Months End. July 31—
Net income after depreciation and
over
1936
$1,975,778
331,054
August—
Gross from
railway..;
railway
Net from
Net after rents
-Earnings—
1935
1934
1933
$1,692,651
def8,770
$1,737,424
def62,380
defl28,792
$2,237,109
492,280
394,951
■•i
def97,229
191,219
...
Net from
16,270,601
2,518,928
15,232,037
1,619,730
15,812,955
1,630,689
13,996,534
547,498
1,508,528
railway
Net after rents
987,933
1,165.138
$2,892,935 $2,320,668
x Amount due on or before Dec.
1, 1938, from John A. Fry (President
of the company) and Florence O. Fry, his wife, or the survivor of them in
connection with exercise of option on June 1, 1936, to purchase 60,000
shares of common stock of the company at varying prices aggregating
$2,892,935 $2,320,668
Total.
Delaware Lackawanna & Western
RR.—Earnings—
1935
1934
1933
$3,585,205
600,173
227,709
$3,882,861
982,162
294,494
$3,390,463
55,648
—341,636
32,455,474
6,093,347
29,378,734
4,244,399
30,267,673
6,232,687
28,299,354
5,630,647
3.282,026
1,458.601
3,230,961
2,056,436
1936 J
August—•
$3,951,123
Net from railway.
Net after rents.
643,212
555,015
From Jan. 1—
Gross from railway
Net from railway
Netafterrents
—V. 143. P. 1396.
&
Denver
(
Rio
Grande Western
Co. to Act In Rio Grande
RR.—Guaranty Trust
Hearing—
July 29 and hearings have been set for Oct. 20.
Some consideration was given to hiring engineers to study the Denver's
earnings' possibilities and to decide on the allocation of earnings in terms
of mortgage divisions.
A resolution was approved authorizing the trustees
to investigate the possibility of joint action with representatuves of other
issues of the road to
study the reorganization impartially.
:
of about $50,000
of its stock is pledged with the trustee under the bond
indenture.—V. 143, p. 2048.
stated that the Utah Fuel Co. would have a profit
All
year.
Denver & Salt Lake
Ry .—Earnings—
1936
$214,682
August—
Gross from railway
Net from railway
1935
$223,169
108,648
6®979
881572
Netafterrents.
131,723
67,333
67,008
1,142,901
410,415
637,094
1,584,718
292,704
Netafterrents....
449,686
p.
1933
$139,926
64,091
1934
$110,155
35,619
768,004
227,685
886,137
314,412
296,171
i
From Jan. 1—
Gross from railway
Net from railway
143,
241,891
1556.
railway
railway
(& Subs.)—Earnings—
12 Months Ended Aug. 31—
1935
1936
234,884
151,183
Gas
Miscellaneous
1933
1934
$395,410
158.256
101,304
$416,879
5,066,610
3,089,536
4,194,185
2,142,319
1,515,166
2.594,334
189,668
144,764
Gross from railway.
5,262,713
2,711.344
1,884,395
.
Net from railway
Net after rents
.
.
2,262,438
1,019,300
669.233
—V. 143. p. 1397.
Detroit & Toledo Shore Line
$193,195
78,474
29,129
$180,488
$215,756
74.627
103.866
43,549
2,557,283
1,384,352
694,826
2,245,873
1,191,387
615,456
2,052,145
1,099,623
553,745
_
($100
in
840,412
351,371
Ltd.—Bankers
to
Preferred Stock—Warrants Are Included
Corporation-Seagrams,
Brown Harriman & Co., Inc., will head a group
5%
1,680,673
1397.
Distillers
statement
23,845
1—
Gross from railway
Net from railway
—V. 143, p.
1933
1934
$234,751
101,174
33,353
Net after rents.
From Jan.
RR.—Earning
1935
1936
preferred stock, with warrants
par)
filed Oct.
was
1
that will offer $15,000,000
for which a registration
with the Securities and Exchange Commission
The price of the issue and the rate at which the warrants
Washington.
are exercisable will be determined later.
Each preferred^share will carry a
five-year warrant, non-detachable for 18 months, to buy one common share.
Among the unusual provisions of the financing will be arrangements
under wnich both dividends and the redemption price of the preferred stock
will be payable in United States dollars, although the company is a Cana¬
dian corporation.
Proceeds of the financing
stand at
will be used to liquidate bank loans,
which
An original credit line of $20,000,000 was arranged
Trust Co., Manufacturers Trust Co. and other New York
$17,500,000.
at the Bankers
A
Trust and
five-year credit line of $5,000,000 is being given by Bankers
new
Manufacturers Trust.
The funds
were
borrowed
in
connection
with plant construction,
now
nearing completion, and to permit the holding of large inventories of whis¬
kies
for aging.
The
pamphlet report of the company and subsidiaries for the year ended
July 31, issued Oct. 1, with all figures Canadian dollars, showed a net
depreciation and all taxes, but before
$1,724,987 special price allowances made to customers in respect of stock
in their hands on Jan. 2 and also adjustment of duty paid on inventories,
in the hands of the companies,-following the reduction in United States
import levies in conformity with the United States-Canada trade treaty.
After deducting these special charges, net was equal to $2.41 a share on
1,742,645 (no par) capital shares, comparing with $8,791,580. or $5.05 a
share, in the previous fiscal year.—V. 142, p. 4175.
on
profit of $5,933,660 after charges,
Duluth Missabe & Northern
Net
1934
1933
2,189,424
1,921,290
$1,732,686
1,073,213
* 949,076
$2,413,422
1,806,441
1,685,737
11,231,961
6,081,112
4,727,163
7,999,138
3,677,578
2,967,729
6,857,767
2,224,749
1,560,128
5.581,075
2,217.540
1,856,739
*$2,994,463
after rents
From Jan.
Ry.—Earnings—
1935
$1,963,626
1,298,654
1,160,492
1936
August—
Gross from railway
Net from railway
1—
Gross from railway
Net from railway
!_
Net after rents
143, p. 1556.
Duquesne Light Co.—-Earnings—
Company
Consolidated
$26,423,146 $27,199,166
10,776,993
10,965,209
Operating revenues
Operating expenses
,
Net
$53,216,320 $46,966,087
35,940,104
Operating and non-operating expenses
33,236,168
$17,276,216 $13,729,918
137,064
177,289
Balance, income from operations
Other miscellaneous income.
Gross corporate income
on funded and unfunded debt
$17,413,280 $13,907,208
6,496,645
6,199,734
Cr44,360
Cr 14,800
200,606
273,832
Interest
Interest charged to construction
Amortization of debt discount and expense
Extraordinary approps, to retire, res., add'l to
1,400,000
appropriations
operating revenue
retirement reserve
Other income--
(before appropriation for
$15,646,153 $16,233,957
913,245
723,006
Net operating revenue and other income (before
appropriation for retirement reserve
$16,559,399 $16,956,962
Appropriation for retirement reserve---.^,
2,113,851
2,444,236
$14,445,547 $14,512,727
177.032
177,032
2,450,000
2,450.000
315,969
315,969
21,944
22,267
500,000
500,000
80,617
80,618
17,953
Cr 15,124
Crl6,672
Gross income
Rents for lease of electric properties
Interest on funded debt
Amortization of debt discount and expense.
Other interest
Appropriation for special reserve
Net income
$10,954,513-
-
$5,854,315
—V. 143, p. 2048.
Detroit & Mackinac
railway.
from railway.
Ry.-
_
-Earnings—
1935
1934
1933
$81,702
$63,709
15,194
$61,712
17,754
13,472
$62,161
27 486
21,687
Net after rents
12.112
465,649
74,426
38,212
388,668
24,313
18,093
13,156
From Jan. 1—
railway.
.
—V. 143, p.1397.
989
Other income deductions
Minority interest in income of subsidiaries.
Interest charged to construction
1936
August—
Gross from
Net from railway.
Net after rents
.
$482,086
233,228
180,581
Summary of Income for the Year Ended July 31, 1938
-—$50,820,417 $44,733,232
1,937,191
1,724,805
•
363,961
365,853
94,749
142,195
Steam
Gross from
~
From Jan. 1—
operations:
Electricity
current
1935
$535,366
.
,
RR.—Earnings—
1936
Gross from
—V.
Detroit Edison Co.
Gross earnings from
-
Detroit Toledo & Ironton
banks.
announced at the meeting of Rio Grande Western Ry. 1st consol.
4% bonds of 1949, held Sept. 24, that the Guaranty Trust Co., as trustee,
would intervene in reorganization proceedings of the Denver & Rio Grande
Western RR.
The latter's plan of reorganization was filed in Washington
Total..
$135,000—Y. 141, p. 2433.
Sell $15,000,000 5%
Gross from rail way.
Net
30,642
254,910
end.July 31
yr.
def81.390
—V. 14o. p. 1396.
—V.
75,000
to be issued
Netafterrents
Gross from railway
was
500,000
of 60,-
000 shs. com.stk.
Gross from railway
Net from railway
From Jan. 1—
It
par
Net prof, for fiscal
August—
Delaware & Hudson RR.-
this
1.030,920
439,992
500,000
structure
—V. 143, p. 2048.
was
821
-
justment of cap.
Net after rents....
mon
It
unearned
Excessof pur. price
Neo from
Dayton Rubber Mfg. Co.—Added to List—
•
for
Surplus after read¬
August—
„
Res.
income
250,000
355,088
Total
$894,266
Total
—V.
170,000
12,633
10,946
5,000
1,543
5% non-cum. pref.
stk. (par $40)._ 1,030,920
Com. stk. (par $1)
499,992
-
5,761
Loans & accts. rec.—empl's..
Fixed
210,000
before
pay. on or
Liabilities—
Assets—
Notes
1,400
RFC
Purch.
prems.
Purpose of Issue—Upon completion of the present financing company will
Insofar as can be estimated
in advance, approximately $145,000 will be invested in furniture, fixtures
and equipment for new stores and $100,000 in improvements and enlarge¬
ments
of several present stores.
It is planned to add approximately
$245,000 to working capital.
Accounts
4,823
4,404
Prov. for Fed. Inc.
by mtge. on
real est. & equip,
20,000 shs.
250,000 shs.
Balance Sheet June*30, 1936
col¬
Ins.,
&c
sec.
realize $490,000 before deduction of expenses.
■I
int.,
lection fees,
Note pay. to
*135,000
Goodwill & patents
suppl.,
47,503
bef.
Dec. 1, 1938...
Land, bldg., mach.
Unexp. ins.
23,439
&
Customers' dep—
Invests, in secure.,
& eqpt.,
missions, &c
payable
accrued
Be Issued
250,000 shs.
Common stock ($1 par)
x Stated value $25 a share.
100,995
438,258
Cash in closed bk.
Within the period
I
$110,819
Acer, payroll, com¬
Inventories
on or
1935
$113,101
$62,401
less reserve
were
realized.
1936
$238,107
Owing from officers
Amt. due
Liabilities—
Accounts payable.
&
hand
Accts. & notes rec.
No. of Stores
End. of Period
Year End. Jan. 31—
banks
In
1935
1936
Assets—
Cash
$30,643
31
Condensed Balance Sheet July
growth of the business is shown as follows:
1930 (5 months)
1931
1935
1936
profit after all charges.$224,267
Years Ended July 31—
Net
and
ment
1936
3.
Stove Co.—Earnings—
Detroit Michigan
located in the garment center
financed with $1,344 paid-in capital; as of June 30, 1936 assets consisting
of cash, merchandise inventories, receivables, furniture and fixtures, equip¬
Oct.
388,128
382.046
45,414
62,822
31,310
6,121
Net income
Balance Aug. 1, 1935
Total
—-
5% cumulative first preferred dividends
Common shares
Miscellaneous charges
Balance. July 31, 1936
—V. 143, p. 1556.
$10,915,107 $10,965,559
12,977,057
13,889,632
$23,892,164' $24,855,192
-
—
1,375,000
•
8,611,312
3,168
1,375,000
8,611,312
3,344
-$13,902,683 $14,865,535
Volume
^
r'
Financial
143
Chronicle
2207
Balance Sheet Dec. 31
Doehler Die Casting Co.—To Be Added to List—
Assets—
The New York Curb Exchange will list 74,231
mon
stock,
no par,
upon
additional shares of com¬
notice of issuance.—V. 143, p. 2048.
1935
August—
1936
Gross from
railway
Net from railway
$83,322
141,987
212,769
20,839
Other assets
$238,117
91,354
73,068
$189,427
32,927
17,656
$216,232
50.521
38,655
rec__
Inventory
1933
1934
1935
$292,781
115,920
91,622
Net after rents
Ry.—Earnings—
$54,791
191,682
262,504
Gash
Bills & accts.
Duluth South Shore & Atlantic
1934
12,615
385,969
5,108
416,233
2,262
$912,670
$40,626
$26,153
15,225
656.000
Capital stock
14,836
656,000
362,116
180,106
362,116
157,756
Dr3.540
■Drl.585
$912,670
$877,413
Profit & loss, def_.
c
1934
*
Int.,
First mtge. bonds.
$877,413
Deferred charges..
dlsc't,
&c
b
Land, buildings,
mach., eqpt., &c
a
1935
Accounts payable.
Acer,
I'
■
Liabilities—
Treasury stock.-
From Jan. 1—Gross from
railway
railway
Net from
1,937,631
.
618,579
456,944
Net after rents
—Y.
1,263,247
181,147
1,510,757
297,325
124,240
1,537.074
359,873
250,680
74
Winnipeg & Pacific Ry.-
August—
1936
Gross from
railway
Net from railway
Earnings—
1935
1933
1934
$119,121
30,973
$96,171
—2,677
i
4.892
railway
railway...'
901,673
144,952
—46,569
Net after rents
$97,633
—17.669
$70,667
—12,203
—11,172
670,075
—16,078
—122,690
568,492
—57,776
—28,000
515,332
—87,708
19,003
21,054
29,519
From Jan. 1—
Gross from
Net from
Total
a After
reserves for depreciation and revaluation,
b Represented by
11,675 no par $3.50 preferred shares and 38,074 no par common shares,
Represented by 489 preferred shares at cost in 1935 and 30 preferred
shares at cost in 1934.—V. 141, p. 747.
c
143, p. 1556.
Duluth
Total—j
Net after rents..
—Y. 143, p. 1397.
Ebasco Services, Inc .—Weekly Input—■J
For the week ended Sept. 24 1936, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light Co., as cornpared with the corresponding week during 1935, was as foliows:
,
Increase
1936
Operating Subsidiaries of—
American Power & Light Co...113,858,000
Electric Power & Light Corp.. 57,172,000
National Power & Light Co__. 78,320,000
1935
.
.
Eastern
Gas
Fuel
&
Associates-
■Trustees
to
Meet
—V.
Monthly—
The
directors
announced
ordinary shares.
bonus.—V. 142,
thereafter.
Gross from railway....
Net from railway
12 Afos. End. Aug. 31—'
1936
,
1935
1934
1933
x$9.864.724 $11,075,275 $11,776,979 $10,830,076
Deprec. and depletion..
3,505,332
3,238,352
3,158,214
2,828,694
Int., debt disc. & exp.,
Fed. taxes, minor, int. y3,669,873
4,105,524
4,724,470
4,689,109
Total income...
$2,689,520
$3,112,453
$3,929,656
preference stock
paid on 6% pref.
1,108,738
1,107,046
1,106,041
1.104,772
on
stock owned hv East¬
Fuel Asso¬
Gas &
ern
ciates
2,065,204
1,971,612
1,970,547
1,970,514
def$484,422
1,982,-
Surplus
$33,795
$853,068
$820,572
Nil
$0.02
$0.42
$0.41
Earns, per sh. on
762 shs. common
After
deducting Federal income taxes,
income tax.—V. 143, p. 1557.
x
Eastern Massachusetts Street
Period End. Aug. 31—
Railway
Railway
oper. revenues.
oper. expenses.
Taxes
Balance
$148,938
1936—8 Mos —1935
$4,599,847
2,886,942
280.925
$4,293,862
2,861,270
231,200
$112,839
8.757
$1,431,980
63,782
$1,201,392
77,860
$155,932
income
funded debt,
$121,596
$1,495,762
def$7,291
Deprec. & equalizat
def$55,196
.
530,960
873,981
505,520
875,030
66,421
110,371
-Eamings1935
$770,628
65,786
def39,284
$1,204,565
427,756
268.946
9,083,025
2,521,027
7,253,780
1,510.675
536,910
6,557,924
1,746,562
587,690
1934
1,744,571
31.
1935.—V. 143. p. 109.
Equity Shares, Inc.—20-Cent Dividend—
The directors have declared a dividend of 20 cents per
share, payable
Oct. 20 to holders of record Oct 5. An initial dividend of like amount was
on
Dec.
20, 1935.
Essex Fidelity & Plate
Dissolve—
Glass Ins. Co. of Newark—To
Approval of voluntary dissolution of the company was given Sept. 29
by Carl K. Withers, State Commissioner of Banking and Insurance of
New Jersey.Application for the dissolution was filed with the Com¬
missioner by two-thirds of the stockholders of record.
Of 60,000 shares
outstanding, 55,371 are owned by the Sussex Fire Insurance C®.
Fall River Gas Works
Operating
Operation
31—
$115,212 def$125,689
—
Net oper. revenues.
1397.
Co.—Earnings—
1936—Month—1935
$64,891
$64,782
36,827
35,951
4,445
4,586
12,193
12,350
revenues
$11,426
1936—12 Mos.—1935
$183,331
$11,893
$882,434
458,842
$200,929
a dividend of $1 per share on the common
value, payable Nov. 2 to holders of record Oct. 16. This will
be the first distribution to be made since July 1, 1932, when a semi-annual
dividend of 50 cents per share was paid.—V. 141, p. 111.
Eastern Utilities Associates
Period End. Aug.
Gross earnings
31—
Balance
$667,119
341,049
28,674
60,416
$8,618,670
4,200,463
337,796
725,000
979,075
560,947
$8,331,099
4,034.513
341.376
725,000
84,971
43,781
331,981
29,487
60,416
80,976
46,418
$127,724
$117,837
$1,815,385
77,652
49,500
Retirement res. accruals
(incl. income tax)
Interest & amortization-
"
Balance
143,
p.
Applicable to E. U. A
—V. 143, p. 1397.
shares
of
common
991,140
559,586
$1,700,662
29,517
$1,522,812
Florence Stove
Announcement of
Manufacturing profit after deducting cost of goods sold, but
exclusive of depreciation—
Depreciation on plant and equipment
•_
Selling, advertising, administrative and general expense (in¬
cluding depreciation of $10,386.99)
$2,711,511
436,771
662,683
$1,612^57
Operating profit———
income
$1,693,078
92,023
240,056
25,714
—
-
Minority interest in earnings of subsidiaries
Net profit
$1,335,286
1,893,915
-
Dec. 31, 1935
surplus
Dividends
$3,229,201
696,158
7,436
-
Net adjustments..
Balance surplus,
V. 143, p.
Eaton
$128,545
Co.—Wage Increase—
5% increase for 1,000 pieceworkers has been made
of
the
policy
company
in
permitting
June 30, 1936.
-
-
$2,525,607
1557.
Paper Corp.- -Earnings—
Calendar Years—
Profit for year
Depreciation
Interest on bonds
Federal income tax
1936
$94,601
36,000
34,440
1934
$15,246
36,000
34,440
1,811
employees
to
share in
increased
Ry.—Abandonment—
The Interstate Commerce Commission on Sept. 26 issued a certificate
permitting abandonment by the company and its receivers of the so-called
Key West extension extending in a southwesterly direction from milepost
No. 397, near Florida City station, to Key West,
approximately 125 miles,«
all in Dade and Monroe counties, Fla.—V. 143, p. 2049.
Earnings for August and Year to Date
1936
$406,582
Gross from railway
Net from railway
1935
1934
1933
$282,660
—160,686
—173.196
—156,064
$330,880
—187,674
—282.358
—208,178
—264,858
6,027,941
1,627,568
662,057
5.627,807
971,363
61,817
5,585,527
1,466.463
527,222
4,938,632
1,252,135
310,799
—64,045
Net after rents.
From Jan. 1—
Gross from
railway.
Net from railway..
Net after rents
_
_-e
Net profit
Previous deficit.
Profit and loss, deficit, Dec. 31-
$22,350
180,106
Florida
Power
&
Light Co.—Earnings—
[American Power & Light Co. Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$862,225
$778,344 $12,036,019 $11,254,799
Oper. exp. & taxes
500,159
507,769
6,798,767
5,951,891
Period End. Aug. 31—
from oper
$362,066
5,953
$270,575
Other income (net)
$5,237,252
347.640
$5,302,908
10,413
Gross corp. income—
Interest & other deduct-
$368,019
355,144
$280,988
345,676
$5,584,892
4,199,928
$5,655,054
4,131,714
Balance
y$12,875 ydef$64,688
Property retire, reserve appropriations
z Dividends
applicable to preferred stocks for
$1,384,964
$1,523,340
rev.
period, whether paid
or
$157,756
$180,106
352,146
400,000
1,153,008
unpaid
400,000
1,153,008
Deficit
$168,044
$29,668
y Before
property retirement reserve appropriations and
dividends
Dividends accumulated and unpaid to Aug. 31,1936, amounted to $4,227,696.
Latest regular quarterly dividends paid Jan. 3, 1933.
Dividends on
pref. stocks are cumulative.—V. 143, p. 2050.
z
Fort Smith & Western
August—
Gross from railway
Net from railway
Net after rents
loss$55,194
124,913
$230,233
—V. 14o, P. 2049.
R.R.—Earnings
1936
1935
1934.
1933
$65,569
12,882
4,379
$60,828
8,261
$45,937
719
def6,720
35
def6,506
480,939
59-,521
def6,823
403,857
def9,268
def64,533
426,264
21,369
def31;279
395,799
12,796
def37,574
$54,109
From Jan. 1—
8
profits
—V. 142. p. 2994.
Net
Other charges
Provision for normal Federal income taxes
Total
$111,540
manager.
The increase, which is retro¬
14, is the third made by the concern in the past two years
Theincrease, Mr. Adams said, was brought about by the established
81,021
income
Balance surplus
a
August—
Exchange has authorized the listing of 696,146
stock (par $4), in lieu of 696,146 shares (no par) now
Consolidated-Earnings Statement Six Months Ended June 30, 1936
Total
$6,030
active to Sept.
Co.—Listing—
Stock
outstanding.
At a meeting of the stockholders held Sept. 28, 1936 common stockholders
voted to change the authorized stock from shares of no par to shares of $4
par each.
Other
$201,038
60,000
12,492
$5,657
n
Eaton Manufacturing
York
$183,522
60,000
11,981
1398.
Florida East Coast
6,605
30,466
Applicable to minority interest
New
863
by Thomas D. Adams, general
dividend
Preferred dividend—B. V. G. & E. Co
P. G. Co. of N. J
The
$11,893
5,000
779
$1,679,481
77,652
Maintenance.
Preferred
$11,436
5,000
charges
Net income
1936—12 Mos.—1935
$686,618
Operation
Taxes
190
Retirement res.-accruals
Interest
—V.
(& Subs.)—Earning
1936—Month- -1935
60.211
162.451
Dividends—
The directors have declared
no par
°
$874,662
469,791
64,170
157,368
Non-oper. income, net-
stock,
1933
The directors have declared a quarterly dividend of 25 cents per share on
the capital stock, no par value, payable Oct. 31 to holders of record Oct. 17.
This compares with 15 cents paid in each of the three
preceding quarters
and dividends of 12 H cents per share were paid quarterly,
previously. In
addition an extra dividend of 10 cents was paid on July 30,
April 30 and
Jan. 31, last, and an extra of 12>3 cents per share was paid on Oct.
Taxes
'
Eastern Steel Products, Ltd.—To Resume
2H%
$1,176,129
335,511
240,348
Maintenance
Net income before pro¬
vision for retirement
—V. 143, p.
the
on
a
1557.
p.
Period End. Aug.
56,197
107,026
dividend
disbursed with
Employers' Group Associates—25-Cent Dividend—
$1,279,252
rents, &c
10%
a
was
12,016,485
3,561,611
2,335,390
From Jan. 1—
Gross from railway
143,
of
similar dividend
1936
Net from railway
Net after rents
"
'
distribution
the
a
$1,503,002
404,195
223,685
.-
Net after rents
paid
Ry.- -Earnings—
6,994
Gross corp.
on
Does not include Federal
1936—Month—1935
$508,802
$500,300
326,724
358,422
:
33,140
29,039
Other income
Interest
y
12.8
$3,895,858
Divs.
of divs.
In 1935
1464.
August—
Divs. paid on 4H % prior
stock excl.
10.7
30.9
p.
Elgin Joliet & Eastern Ry.
1
—V.
Net income
Per Ct.
143, p. 2049.
stead of quarterly.
All quarterly dividends on
shares for the calendar year
the 4^% prior preference and 6% prferred
1936 have been declared.
In view of the
change, the date for action upon the Jan. 1, 1937 dividends will be the
November meeting and subsequent dividend meetings will be quarterly
11,038.000
13.494,000
8,865,000
Electric & Musical Industries, Ltd.—Dividend—
At the quarterly meeting of the trustees held Sept. 24 it was decided that
hereafter meetings of the full board of trustess would be held monthly in¬
Amount
102.820.000
43,678,000
69,455,000
Gross from railway
Net from railway
Net after rents
—Y. 143, p. 1557.
291
-
Financial
2208
Oct.
Chronicle
1936
3,
company's affairs, and in the light of these reports, have
them vote upon the following matters:
Determining what should be the attitude of the corporation, and what
should be done by it, in connection with the injunction proceedings now
pending, on the part of the Securities and Exchange Commission against
one of the corporation's directors, Aaron S.
Saphier, and one Lester S.
Saphier, for alleged manipulation of the stock of the corporation in violation
of the Securities Exchange Act;
Considering the proposed action of the board of directors to increase
garding the
ROBERT GAIR COMPANY
COMMON—$3.00 PREFERRED—6% NOTES
Analysis
Request
on
"
the board to
LANCASTER & NORYIN GREENE INC.
BROAD ST.,
SO
Hanover 2-0077
A. T. & T. Teletype NY-1-1786
R| Follansbee Bros. Co.—Meeting Date on Plan Setcalied Sept. 28 for the
pit A
special meeting of stockholders
ratifying a reorganization plan h;
Gibson
U.
in
S.
District
purpose of
known
either the
_
expected this will
to the Court, which will then hand down an order favoring
company's plan or the stockholders' plan.—V. 143. p. 2050.
Fort Worth & Denver
City Ry.—Earnings—
179,068
107,746
1935
$484,279
148,096
81,898
'
3,768,229
1,105,161
586,275
3,266,842
652,058
195,847
3,895,379
1,526,267
1,036,732
$516,530
Netafterrents
...
From Jan. 1—
Gross from railway
Net from rail way
Netafterrents
1933
1934
$432,084
111,536
43,093
1936
August—
Gross from railway
Net from rail way
$422,821
139,577
78,343
3,418,531
1,246,114
805,110
—Y. 143, p. 1557.
Fort Worth & Rio Grande
defl7,204
—
281,322
defll3,473
defl83,934
311,014
Net from railway
Net after rents.
def87,322
_
defl78,875
..
$29,860
def48,741
def57,933
$45,138
def6,534
defl6,309
264,618
290,437
defll4,570
defl88,081
def210,478
def294,550
—V. 143, p. 1557.
Four Wheel Drive Auto Co.—EarningsEarnings for the Year Ended June 30,
Earnings
1936
—$105,285
after all charges
share on 17,197 shares capital stock
13
per
Consolidated Balance Sheet June 30, 1936
Liabilities—
Assets—
Cash
on
$129,788 Notes payable at banks
82,570 Accounts payable
x894,334 Dealers' comm. & custs. credit
balances..
1,341,493
10,241 Accr. wages & commissions—
Accr. real estate & personal
63,818
prop, taxes
y336,085
40,986 Res. for inc. & excess profits
hand & dem. deps
bonds
Marketable
Notes & accts. receivable
Inventories.
Sund. debtors & accr. int
Other assets
Fixed assets—Cost
Deferred charges
:
taxes.
$100,000
154,811
103,160
37,829
8,147
27,037
4,313
10,000
...
Accr. excise &' cap. stk. taxes.
Reserves for contingencies
1,719,700
734,318
Capital stock..
Surplus.
$2,899,318
Total
x
After
reserve
reserve
for
doubtful
for djpreciation of
notes
After
Earnings
1936—Month- -1935
$23,748 *
$20,373
13,721
13,955
2,626
2,719
1,303
1,569
Period End. Aug. 31Operating revenues—
Operation—
—
Taxes
$3,503
income
-V. 143, p.
y
of this department.
Galveston Electric Co.
Net
$2,899,318
Total
and accounts of $25,191.
Co., Inc.—Registers with SEC—
Fox River Silica
Maintenance
.
$1,188,313.—V. 143, p. 2050.
See list given on first page
1936—12 Mos.—1935
$238,634
$222,907
161,231
31,993
17,834
159,609
32,346
18,691
$27,575
$12,259
$2,722
1399.
Galveston-Houston Electric Ry.—Earnings1936—Month- -1935
$19,633
$22,340
11,742
11,783
3,292
3,207
1,253
1,338
Dr5,108
Dr5,108
Period End. Aug. 31—
Operating revenues
Operation
Maintenance
Taxes
Non-oper. income—net.
HdlldillCO
m
1936—12 Mos—1935
$213,369
$214,137
124,255
129,496
42,617
41,541
18,201
,16,019
92
1,620
to
fill the vacancies.
The board also appointed a management proxy committee to act at
The
special meeting of stockholders which has been called for Oct. 13.
committee consists of H. C. Richard, Chairman of the board, Bronson Winthrop and Charles B. Wiggin.—V. 142, p. 3675.
General Electric Co.—Orders Received—
received by the company during the third quarter of 1936
to $74,922,441, compared with $54,400,819 during the third
quarter of 1935, an increase of 38%, it was announced on Sept. 30 by
Orders
amounted
President
Gerard Swope.
Orders received during the nine months amounted to $211,891,038,
compared with $158,943,765 during the nine months last year, an increase
of 33%.
1
Orders received during the third quarter and first nine months of this year
were larger than for any respective period since 1930.—V. 143, p. 1878.
General Gas & Electric Corp.—Proposes Plan of Re¬
organization—Would Liquidate Debt and Create New Pref. Stock
a
letter to its stockholders the
...
corporation sets forth a plan to liquidate
practically all of its debt and to improve the position of the public holders
of its preferred stock.
This plan, which has been worked out with the
cooperation of Associated Gas & Electric Corp., holder of practically all
of the corporation's indebtedness, is to be voted on at the stockholders
meeting called for Oct. 27, 1936.
The letter to stockholders, dated Oct. 1, 1936, states:
As a result of negotiations which have been pending for some time between
this corporation and Associated Gas & Electric Corp., a plan has been
formulated to provide, for issuance to public holders of the cumulative
preferred stocks of General Gas & Electric Corp., a new class of $5 prior
preferred stock which it is proposed immediately to place on a dividend
paying basis.
This new stock is not to be available in exchange for cumu¬
lative preferred stocks held by companies within the Associated Gas &
Electric System.
Under the plan as proposed, provision is made for the retirement of prac¬
tically all of the debt securities of the corporation and, assuming the plan
is accepted by all public holders of the present cumulative preferred stocks,
the interest of the Associated Gas & Electric System, except for a minor
interest in the prior preferred stock which Associated Gas & Electric Corp.
will receive in return for certain obligations of General Gas & Electric
Corp., will be subordinated to the interests of public holders of General
Gas & Electric Corp. debt securities and prior preferred stock.
Advantages of the Plan
The plan will result in the following advantages to public holders of the
corporation's cumulative preferred stocks:
v
(1) It will permit public holders of the cumulative preferred stocks to
exchange their shares for a new class of $5 prior preferred stock on the
basis of one share of such stock for one share of the $6 cumulative preferred
1 1-10th shares for one share of the $7 cumulative preferred and 1 l-5th
shares for one share of the $8 cumulative preferred.
(2) Corporation's debt securities will be reduced from $6,946,725 to
$909,725.
(3) Cumulative preferred stocks at present outstanding with the public/
which are exchanged under the plan will be acquired by interests affiliated'
with General Gas & Electric Corp. which together with the cumulative
preferred stocks presently owned by affiliated interests aggregating in all
657,415 shares, will be subordinated to the new $5 prior preferred of which
100,000 shares will be authorized and 60,000 shares outstanding upon corrnpletion of the plan.
(4) By reason of this subordination of the cumulative preferred stocks,
the position of public holders accepting the plan will be improved, particu¬
larly as concerns their rights with respect to dividends and distribution of
assets on liquidation.
'
(5) It is proposed that cash dividend payments will immediately be
inaugurated at the rate of $5 per annum, payable quarterly, on the new
prior preferred stock, such dividends to run from Sept. 15, 1936.
The following is a tabulation, as of Aug. 31, 1936, of the debt securities
and preferred stock capitalization of this corporation as well as a tabulation
of the proposed capitalization after giving effect to the plan and assuming
that the plan is accepted by all of the public holders of the present preferred
stocks:
$902
'
$27,932
61,300
def $1,762
Interest on 1st mtge. bonds.
$29,154
61,300
$33,367
Net deficit.
$32,145
Gardner-Denver Co.—Extra Dividend—
28 declared an extra dividend of 50 cents per share
quarterly dividend of like amount on the common
stock, both payable Oct. 20 to holders of record Oct. 10. Similar payments
were made on July 20, last, at which time the regular quarterly dividend
was raised from 25 cents to 50 cents per share.
Ah extra dividend of 25
The directors on Sept.
1935.1—V. 143, p. 2050.
General American Oil Co. of Texas, of Shreveport,
.
preferred
cumulative preferred
cumulative preferred
cumulative preferred._i
Shares
prior
*
La.
756,275
$909,725
Shares
Preferred Stocks—
$5
$8
$7
$6
153,450
$6,946,725
Total debt
in addition to the regular
paid on Dec. 20,
Upon Consummation
of the Plan
v
Aug. 31 '36
I
Actual
5% notes due Aug. 15, 1937—
—$153,450
5% notes due July 1, 1939-----——
6,037,000
7% interest bearing scrip due 1937-38 and accrued
interest thereon
756,275
Debt—
—V. 143, p. 1399.
cents was
28, the board was increased
Wiggin and Grosvenor Farwell
special meeting of directors held Sept.
elected
proxy
In
From Jan. 1—
Gross from railway
Net profit
were
1933
1934
$44,768
def6,782"
defl5,137
$37,282
def6,922
—
Net after rents
Ry.—Earnings—
1935
1936
August—
Gross from railway
Net from railway
a
to seven members from five and Charles B.
security holder and creditor should
which plan they favored.
By the November date it is
be
members;
Directorate Increased-—
At
Court
_
seven
Removing the present board of directors and electing a new board of
directors, including Mr. Geiger;
Increasing the board of direotors to nine, including Mr. Geiger;
Expressing the views of the stockholders with respect to any and all
of the foregoing, and
Conducting such other business which may come before the meeting
N. Y.
To be
...
. _
...
15,344
22,267s,
619,804
60,000
*15,344
*22,267
*619,804
held by Associated interests and to be junior to the $5 prior
Oil Co. of Texas, of Shreveport, La., filed with the
Securities and Exchange Commission a registration statement (No. 2-2512,
preferred stock.
Securities Act of 1933 covering 50,000 shares ($50 par)
5^ % cumulative convertible sinking fund prior preferred stock and 120,000
shares ($5 par) common stock, of which 100,000 shares are to be initially
offered at not more than $7.25 a share and 20,000 shares are to be issued
in payment of a commission in the nature of a finders' fee.
The preferred
stock is to be initially offered to the public at not more than $50 a share.
Final offering prices are to be furnished by amendment to the registration
proposed to create at the stockholders' meeting to be held on Oct. 27.
1936, an authorized issue of 100,000 shares of $5 prior preferred stock.
60,000 shares of which stocs: will be issued for the purpose of carrying the
plan into effect.
This new $5 prior pref. stock is to be without par value, is to be entitled
to cumulative dividends from Sept. 15, 1936 at rate of $5 per annum,
payable in cash and (or) scrip, is to be preferred as to dividends over the
present cumulative preferred stocks, is to be redeemable in whole or in
part at $105 per share plus dividends, and, in case of liquidation, dis¬
solution or winding up of corporation, will be entitled to receive $100
per share plus divs. thereon accrued to the date of payment, before any
payments are made to the holders of the cumulative preferred stocks.
The $5 prior preferred stock shall be non-voting except that it shall be
entitled to vote (one vote for each share) at all meetings of stockholders
until declaration and payment of the first dividend thereon, together with
any dividends then accumulated and unpaid thereon, and in case thereafter
there is any default in dividends on the $5 prior preferred stock for dividend
periods equalling two years, then and thereupon, during, but only during,
the continuance of such default the holders of the $5 prior preferred stock
shall likewise be entitled to notice of and to vote at all meetings of stock¬
General American
Form A-l) under the
statement.
The company is also registering 173,000 shares of outstanding ($10 par)
6% cumulative convertible preferred stock, 450,000 shares of outstanding
common stock, and
516,250 shares of common stock which is reserved
for conversion of the prior preferred and preferred stock.
According to the registration statement, the net proceeds to be received
by the company from the sale of the stock to be presently offered are to be
applied as follows:
$420,972.27 for the payment of long-term indebtedness;
445,000.00 for the payment of secured notes payable to banks;
1,125,145.15 for the payment of notes payable to other secured creditors;
34,000.00 for the paymentof accrued interest on notes.
The balance is to be for general working capital.
The prior preferred stock is convertible at the option of the
stock as follows: to and including Jan. 1,1940, 6 shares
holder into
of common
thereafter and until the date of
redemption, 5 shares of common stock for one share of prior preferred stock.
The names of the underwriters are to be furnished by amendment to the
registration statement.
R. G. Trippett, of Shreveport, La., is President.
common
stock for one share of prior preferred stock;
Details of the Plan
-
It is
holders.
This corporation proposes
preferred stock to the public
Corp.) in exchange for the
adjustment for accumulated
on the bases outlined above.
to offer, for a limited period, this $5 prior
holders (but not to Associated Gas & Electric
present cumulative preferred stock without
dividends on the cumulative preferred stocks,
Scrip will be issued in lieu of fractional shares.
General Bronze
Corp.—Will Act
on
SEC Changes—
Considering it to be in the best interest of the stockholders of the cor¬
poration at this time, Erwin H. Geiger, President, has called a special
meeting to be held at the offices of the compapy on Oct. 13, 1936, at
10 a. m. in order to present for their consideration a report on the affairs
of the company made by Stevenson, Jordan & Harrison, dated July 20,
1936, and a report of a majority of a subcommittee of the board of directors
appointed to make a recommendation in connection with the report re¬
Such scrip shall not be
entitled to dividends or voting rights.
To the extent that the 60,000 shares to be issued are not
taken in
ex¬
change by the public holders, Associated Gas & Electric Corp. will accept
the new $5 prior preferred stock, in payment of indeotedness of this corpo-,
ration, on the basis of one share for each $100 of such indebtedness.. Asso¬
ciated Gas & Electric Corp: will accept the cumulative preferred stock
exchanged by the public holders, in payment of indebtedness of this corpo¬
ration or a subsidiary, on the basis of one share together with the accumu-
Volume
Financial
143
Furthermore,
lated dividends thereon for each $100 of such indebtedness.
Electric Utilities Co.,
Southern
wholly owned subsidiary of this corpo¬
a
ration *has sold to Associated Gas & Electric Corp., at a
convertible obligations, series A, the proceeds of such sale to provide addi¬
tional means to assure the liquidation of all of the debt securities of General
Gas & Electric Corp., as provided under the plan, with the exception of a
relatively small amount held by the general public.
There are unsettled Federal income tax claims for years extending back
liability may exist against the corporation, if
sustained.
The liability and amount due, if any, cannot be determined
until various conferences and proceedings before the Board of Tax Appeals
1926,
which
for
some
have been held.
Ended Aug. 31, 1936
No provision
has been made for any possible undistributed surplus tax.
Consolidated Balance Sheet Aug. 31, 1936
Assets—
I
Fixed capital
y$23,518,688
Miscell. investments at cost.
34,401
Liabilities—
$16,646,400
Funded debt
Notes
On Present
Basis
427,000
536,588
Accounts
Accrued interest & taxes—
102,081
321,478
Cash in banks & on hand—
Prov. for Fed. inc. tax (est.)
90,028
book val.
641,433
343,581
Accts. & notes rec., less res._
426,801
117,776
Divs.
accr. on
171,889
2,952
Subs,
funded
Marketable
sec. at
rev.—est
Accts.
rec.—Non
current—
Acer. divs.
Deferred charges
$8,171,046
141,979
or
Gross income
b Annual interest and div. requirements.
3,383"
38,064
$2 pref. stock
matured
debt
called for redemption.
6,733
46,590
_
Consumers' & other deposits
Res. for rate reduction in
116,963
370,000
litigation
Res. for contingencies, &c__
stocks of subs.—pub¬
250,243
Pref.
$8,171,046
$8,313,026
6,921,798
Operating income
Other income (net)
pref. stocks of
Other current liabilities
38,639
989,564
Prepaid expenses
on
subsidiaries
$21,992,287 $21,992,287
13,821,241
13,821,241
Operating revenues
Operating expenses,
a
400,000
pay.—bank—secured
payable
Reacquired sec. (par value).
Special deposits
Inventories
Adjusted to
Reflect Proposed Plan
v
12 Months Ended Aug. 31, 1936—
upheld on appeal
pending.
now
Unbilled
4
Consolidated Earnings Statement, 12 Months
,
Co. of Utica, N. Y.t a subsidiary, are
solidated Water
price commensurate
ttjybir market price, $8,505,000 Associated Gas & Electric Co. 5%
with
to
2209
Chronicle
$8,313,026
6,851,667
1,314,950
licly held.,
Minority interest in
141,979
common
stock & surplus of
12,339
z3,818,605
subs—
$3 cumulative pref. stock..
Common stock (par $1)
Balance
Annual
$1,391,227
-
interest
&c., of General Gas & Electric Corp
Earned
427,920
$1,412,311
......
-
Annual dividend requirements on
300,000
proposed $5 prior
preferred stock to be outstandinga
—
—
Includes maintenance, provision for retirements, renewals and replace¬
capital and provision for taxes,
ments of fixed
and (or)
$27,249,317!
b On outstanding securities
indebtedness of subsidiary companies.
provision has been made for any possible undistributed surplus tax.
y After reserve for depreciation and depletion of
$4,664,367.
z Repre¬
sented by 76,372 no par shares.
There are issued and outstanding or to be issued warrants entitling the
holders to subscribe to 145,610 shares of common stock at $12.50 per share
up to Sept. 30, 1937.—V. 143, p. 1558.
Notes—This statement includes operations of all subsidiaries of General
requirements of General Gas & Electric Corp.j on
securities outstanding at Aug. 31, 1936, and on securities outstanding on
completion of the proposed plan.
This statament does not include expenses in connection with Wheelerinterest
Rayburn Bill, various investigations, legal cases, &c., amounting to $244,398
all of which should be non-recurring.
Upon completion of the plan, annual dividend requirements on the
proposed issue of $5 prior preferred stock will be earned, on the basis of the
above statement, over 4.7 times and even if non-recurring expenses were
included there would be $1,167,914 available for dividends on the $5 prior
Earnings—
Georgia RR.
1936
August—
includes annual interast and preferred dividend requirements of subsidiaries
annual
$27,249,317
Total
No
x
Gas & Electric Corp. for the full period irrespective of dates acquired, and
and
surplus
49,046
$963,306
Total
Balance.
217,615
3,028,744
*465,097
Paid-in & capital surplus
$1,461,358
interest bearing scrip,
notes,
on
1935
'
1933
1934
$306,769
58,622
62,658
$265,695
42,801
47,776
$269,590
41,807
$252,843
43,426
51,730
2,364,377
2,082,469
311,445
343,531
2,109,555
302,213
303,773
2,024,873
349,677
374,991
Gross from railway
Net from railway
Net after rents
41,886
From Jan. 1—
Gross from railway
Net from railway..^
382,489
399,756
Net after rents
—V. 143, p. 1557.
Gilbert Klinck Brewery
Gimbel Brothers,
The New
public offering.—V. 143, p. 2050.
Corp.—Registers with SEC—
first page of this department.—V. 143,
See list given on
preferred stock, or over 3.8 times the annual dividend requirements.
This offer of exchange will be made directly by this corporation solely to
its own stockholders.
It has not been underwritten and is in no sense a
Stock "Exchange
York
p.
923.
Inc.—Listing—
has authorized
the listing of 201,125
preferred stock (no paf) upon official notice of issuance upon
reclassification of the corporation's capital stock.
The stockholders on Oct. 2 approved resolutions adopted by the directors
shares of $6
Lee
General
Milling
&
Mining
Co.,
Inc.—Registers
Aug. 26 recommending the adoption of an arrerdrrent of the certificate
of incorporation which will effect a reclassification of the capital stock by
changing each presently outstanding share of 7% cumulative preferred stock
(including dividend arrears thereon amounting as of Feb. 1, 1936, to $25
with SEC—
first page of this department.
See list given on
General Outdoor Advertising Co., Inc.—To
The company has
•—V.
1*3,
ative dividends at the rate of
fier share) into 1M shares of new $6 per share per annum, to accruecumuprefGl-red sock (no par), entitled to from
a
proposed
287,610 shares to 279,085 shares.
Feb.
I
V
2050.
P.
Reduce Stk.
notified the New Voik stock Exchange of
reduction in authorized class A stock from
1936.
1,
The stockholders (the holders of 7% cumulative preferred stock and the
of common stock, each class voting separately)
approved the
holders
General Public Utilities,
Operating expenses
Net oper. income
$162,090
$1,786,884
1,829
3,508
45,088
(1) Authorized (a) a reduction in the number of authorized shares from
2,210,000 shares to 2,160,900 shares, and (b) a reduction in the capital to
$21,070,000; the reduction in nurrber of shares and in capital
to be accomplished by retirement of an aggregate of $4,910,000 of preferred
stock consisting of 49,100 shares now held in the treasury;
(2) Amended the statement in respect of capital so as to provide that the
capital shall be at least e ual to the sum of the aggregate par value of all
issued shares having par value, plus $5 in respect to every issued share
without par value, plus such amounts as, from time to time, by resolution
of the board of directors, may be transferred thereto and that the capital
shall not be less than $21,070,000;
(3) Changed each of the 1,630,900 shares of preferred stock issued and
outstanding, with all rights or benefits appertaining thereto, into 1M shares
of a new class of $6 preferred stock (no par);
(4) Reduced the number of its shares of common stock from 2,000,000
shares (no par) to 1,959,775 shares (no par).
(5) Reclassified the 2,160,900 shares of stock which the corporation will
be authorized to have into 201,125 shares of $6 preferred stock (no par)
and 1,959,775 shares of common .stock (no par).
Upon the taking effect of the amendment, the holders of the 7% cumula¬
tive preferred stock will, upon presentation of their certificates at the office
of the transfer agent, Guaranty Trust Co., 140 Broadway, New York»
for cancellation, receive certificates for 114 shares of the $6 preferred stock
for each share of 7% cumulative preferred stock so surrendered.—V. 143,
p. 1879.
$165,599
$1,831,973
$1,680,134
5.429
35,990
2,887
36,140
70,451
416,469
31,351
461,807
71,570
72,644
869,236
874,508
3.242
3,242
38,910
38,910
$71,957
$50,683
$436,906
the sum of
26,965
$188,190
Total..
following proposals:
1936—12 Mos—1935
$4,530,268
2,877,099
$4,847,236
3,060,351
$186,361
$273,556
Non-operating income..
Exps. & taxes of G. P. U.,<
Inc. (excl. oper. divs.)
Charge? of subs, cos
Fixed chgs. of G. P. U.,
Inc
Divs.
Inc. (& Subs.)—Earnings—
1936—Month—1935
$478,018
$431,148
291,657
269,057
Period End. Aug. 31—
Gross oper. revenues.__
$1,653,168
G. P. U., Inc.,
on
$5 pref. stock
Bal. avail, for common
stock & surplus
—V.
143, P. 1399.
General
Telephone Corp.—New President—
The company on Sept.
as
29 announced the election of John Winn of Albany,
President, to fill the vacancy in that office which has existed for several
Mr. Winn will assume his duties as President on Nov. 2.—V. 143,
months.
p.
1721.
Globe Grain & Milling
General Tire & Rubber Co.—To Make Mechanical Goods
26 plans for entering the mechanical
rubber goods industry, with the opening of a plant in Wabash, Ind., where
production will be under way by the first of 1937.
Officials said they ex-
Sected to exercise in a few days an option 6n the buildings the the Relay
Iotors Go. there, which option was approved recently by of
courts.
have
Orders
been
placed
for
machinery.
Production
will
be
under
way at the earliest possible date, spokesmen for General Tire said. Present
plans do not contemplate the production of motor-car tires, they added.
The plant site covers about 30 acres. —V. 143, p. 1879.
of Sept.
1936
1935
$20,625
1
to
Sept.
1936
11,746,881
9,623,705
$1,159,659
Net profit on rental of space and equipment, stor¬
age, handling and grain trading
106,613
$1,425,955
Gross profit..
Gas
&
Electric
12 Months Ended Aug. 31—
$814,102
Co.
(&
Subs.)—
1936
$3,575,748
Total operating revenues
Total
profit
Selling and delivery expenses.
Net
156,999
32^,890
296,797
before prov. for dprec. & deple. $1,712,054
$1,699,316
116,335
Maintenance
—
Federal income tax)
Other income—_
-
Total net earnings
Provision for depreciation
—
u
& depletion..
Interest
on
subsidiaries' funded debt
Interest
on
unfunded debt.
Amortiz. of subs, debt & pref. stock disc. & exp__
Prov. for amortiz. of deferred charges
subs. pref. stocks
Int. on 15-yr. 5% 1st lien & coll. tr. bonds, ser. A..
Pravision for Federal income tax (est.)
'isISxps. incurred in defense against plan submitted
I tto City of San Jose by Water Properties, Ltd..
,
per
$48,548
Net loss...
67,802
$1,779,857
343,309
522,008
6,939
32,970
29,619
81,958
287,163
$1,815,652
366,050
$128,601
67,442
4,353
1936
Assets—
x
._-
1935
903,876
Accts.pay., sundry
16,465
33,971
Accr'd liabilities.
grain, se^
—
Prepaid
expenses.
Empl's' notes and
accts. receivable
y
Def'd notes
47,994
1,534,997
64,880
12,325
1,615,369
65,183
5,589
4,962
30,455
20,847
in Mex.
Res.
not
for
consol._
tax
b264,283
Common stk.
(par
subs, not consol.
Prop., pl't & eq_
Goodwill
operating revenues are stated after deducting $120,000
of estimated annual reduction which will result in the event
decisions of the Public Service Commission and the Appellate
6,000,000
276,966
500
445,792
6,000,000
154,445
$25)
226,505
500
1,177
con¬
&c
500,483
3,969,552
100,000
Advs. to&inv.in
Investments
a
169,483
3,265
1,183
Acct. pay. to subs.
value
& prop,
121,600
Fed'l
Surplus
$420,388
$3.83
$0.48
for
income taxes
tingency,
48,128
_
1935
$950,000 $1,035,000
69,960
88,801
9,498
8,255
29,752
88,769
2d pref.
(par $25).
Reserve
Instal. sales contr.
3,000
'
$276,906
cum.
co.
and
accts. receivable
8%
stock
Advs. on grain pur¬
chases
1936
Notes pay., banks
Acc't pay., trade..
1,054,218
& accts. receiv..
Inventories
Liabilities—
$160,650
for sales of lands
'
$5.23
$0.79
$154,445
$277,316
—
Customers' notes
Advs. on
j
...
$120,089 prof$56,805
276,966
238,485
Z>r5,463
2,432
12,861
—
Balance Sheet May 31
62,837
43,560
28,850
57,101
289,947
47,071
76,183
,
*.
..
Surplus as at May 31, 1935----
496,844
$399,704
-
share—
$2 pref. stock (average no. of shares outstand.)-Common stock
.
Surplus as at May 31, 1934
Capital stock tax applicable to prior period.
Dividends paid on second preferred stock
z
Net profit
Earned
336,283
49,668
15,040
Cash
%
•"
335,780
59,879
profit
cured
oo
$1,474,461
959,907
153,596
1935
1,382,804
48,506
$1,266,272
822,065
Miscell. charges, less miscell. income-
$3,491,393
1,342,902
152,377
Operation
Dividends
...
Provision for Federal income taxes—
Water
Net oper. earns,
Cost of sales
1935
$852,628
(Revised to give effect to the elimination of gross revenues and operating
expenses of properties sold from Aug. 31, 1934 to date of sale.
The net
results from properties sold are included in "other income.")
Taxes (other than
1936
1935
.$12,906,540 $11,049,660
-
21—
143, p. 2051.
General
sales
Provision for doubtful accounts
Jan.
$22,675
Period—
Gross earnings
—V.
Week
Net
General and administrative expenses
Georgia & Florida RR.—Earnings—
—Third
Co.—Earnings—
Years Ended May 31—
__
The company announced bh Sept.
3,734,606
100,000
Notes—Total
in
respect
that rate
Total
x
case
Division of the Supreme Court of the State of New York, adverse to Con¬
y
$7,499,968 $7,623,8351
Total
After reserve for bad debts of $90,000 in
.$7,499,968 $7,623,835
1936 and $96,896 in 1935.
After reserve of $52,335 in 1936 and $28,245 in 1935.
z
After
reserve
for
Financial
2210
Silver
Mines,
Inc.—Withdrawal
Securities
and
Exchange
Commission,
upon
of Registration
the request
of the
company on Sept. 21 ,1936, has consented to the withdrawal of the regis¬
tration statement filed Aug. 19, 1936.—V. 143, p. 1400.
Gold Dust
The
Corp.—15-Cent Dividend—
a dividend of 15 cents per share on the
value, payable Nov. 2 to holders of record Oct. 10.
made on Aug. 1, last, and prior thereto regular
quarterly dividends of 30 cents per share were distributed.—V. 143, p. 2051.
directors
common
A
stock,
have
declared
.
no par
similar payment
was
Goodyear Tire & Rubber Co.—Recapitalization Plan—
P. W. Litchfield,
President, in
a
formulating
a
^ Dividend
harmony
the first preferred stock on Oct. 1, 1936, will
total $11.25 per share, or more than $8,546,000 in the aggregate.
In addi¬
tion, sinking fund requirements on the first preferred stock must be complied
with before dividends can be paid on the common stock.
The accumulated*3^
dividends on the first preferred stock and the high $7 rate at which such
dividends are payable, together with the sinking fund requirements for
such stock, inevitably postpone the time when the company will be able
to pay dividends on its common stock.
Although there has been an improvement in earnings, obviously the
payment in cash of accumulated dividends on the first preferred stock
would require some time, and would leave the company still faced with the
question of refunding such stock in order to take advantage of present-day
arrearages on
Gro^from^adway
—V. 143, p.
>
The real problem, therefore, has been to formulate a fair and financially
"sound plan which would not only adjust the accumulated dividends, but
also modify the high dividend rate on the first preferred stock of the com¬
stock, par $10, both
mon
similar extra dividend
ters.
and
Lakes
common
stock.
(2) Holders of shares of common stock will gain the advantage of having
removed formidable barriers to any early resumption of dividend payments
on
their stock, through the cancellation of accumulated dividends on
exchanged first preferred stock and the permanent lowering of the dividend
rate on the senior stock issue.
(3) The company will have
improved capital structure.
Counsel have advised the company that under the Federal Income Tax
Law and regulations now in effect, no taxable gain or loss will be realized
by holders of existing first preferred stock on the exchange of their stock
for $5 convertible preferred stock and common stock under the plan.
The plan cannot be authorized without the approval of holders of threefourths of outstanding first preferred stock and two-thirds of outstanding
common
an
Dec. 20, last,
Ltd.—To
Co.,
Interest
Postpone
v
Great Northern
Ry.—Earnings—
Net from rail way
Net after rents
2,805,909
1,718,345
•/
47,597,363 /43,863,816
15,823,203
11,548,217
10,365,384
6,139,033
3,129,508
From Jan. 1—
Gross from railway
55,420,218
18,336,788
12,649,754
Net from rail way
Netafterrents
1934
$7,367,293
2,484,871
1935
$8,448,640
3,546,325
1936
$9,493,181
4,115,246
August—
Gross from rail way
1933
$7,155,080
3,185,276
2,384,167
37,842,442
11,285,029
5,421,870
—V. 143, p. 1401.
Bay & Western RR.—Earnings—
1934
1935
1936
Gross from railway
Net from railway
$129,429
27,308
,7,477
258,209
121,665
Gross from railway
Net from railway
Netafterrents.
—V. 143, p. 1401.
1933
$90,078
$119,794
32,553
16,944
1,056,200
Netafterrents
From Jan. 1—
5,620
def64
$106,663
20,794
14,488
921,517
696,477
731,262
194,561
98,914
19,890
def34,816
107,309
46,587
-
Greyhound Corp.—ICC Approves Split in Stock—
The
interstate
Commerce Commission
on
Oct.
1
the
authorized
cor¬
poration to issue $3,255,050 of common stock consisting of 2,604,040 shares
Uio par) but with book liability of $1.25 per share, in exchange for 651,010
shares of its common stock ($5 par) outstanding.
The split-up had pre¬
viously been approved by stockholders on March 24.
Holding that control of Pacific Greyhound Corp. had been obtained by
Greyhound Corp. after the Motors Carrier Act had become effective, the
Commission implied that the deal might be considered illegal. The action
was the first under ICC authority and contained a threat to veto stock
conveision plans of the Greyhound Corp. unless the Organization obtained
approval for ownership of 50,000 shaies of the Pacific Coast company stock
acquired last November.
I
Nowhere in the decision did the Commission threaten divestment
pro-\
ceedings although that is a possibility unless compliance is forthcoming.\
Approval was had on the stock conversion plan to hasten the sale of Grey¬
hound equities on the New York Stock Exchange, but the condition was
extended that Greyhound Corp. must file application to keep control of
its coast subsidiaries.—V. 143. p. 1979.
Gulf Mobile & Northern
RR.—Earnings—
1936
$659,411
278.832
August—
Gross from rail way
Net from rail way
Netafterrents
1935
$541,972
201.181
154.756
From Jan. 1—
Gross from rail way
4.682,913
Net from rail way.,
Net after rents—
1,722,712
844,334
1933
$465,014
188.258
1934
$414,945
95,825
108,886^
22,112
120.582
3,496.010
985.932
338,374
3,850.161
1,217,529
596,065
3.316.986
1.089.027
505,007
—V. 143, p. 1559.
stock.
The plan will be submitted to stockholders at a special meeting to be
on Nov. 2.
V. 143, p. 2051.
Ju
Gulf Power
held
Goodyear Tire & Rubber Co. of Calif.—Accum. Div.—
A dividend of 50 cents per share was paid on account of accumulations
the
7% cumulative preferred stock, par $100, on Oct. 1 to holders of
record Sept. 24. Similar payments were made on July 1 and April 1, last,
Dec. 30. Oct. 1, July 1 and May 1, 1935, prior to which no dividends had
been paid since April 1, 1932, when a regular quarterly dividend of $1.75
per share was distributed.—V. 142, p. 4021.
on
Paper
August—
new
distributed in each of the nine preceding quar¬
the Oct. 1, interest payment on the new
5% 1st mtge. bonds created wimn the company, previously in receivership,
reorganized last year.
O. H. Carlisle, President, pointed out that
certain construction work is necessary.
He says the outlook of the company
is promising and the plant is operating 24 hours daily.—V. 142, p. 3853.
V
(c) The change of the name of the existing first preferred stock to "second
preferred stock.
The plan will not become operative until authorized by the stockholders
and until the directors shall consider that the exchange offer has been
accepted by such percentage of the holders of first preferred stock as shall
in the opinion of the board justify the plan's being declared operative.
Advantages resulting from the consummation of the plan include the
following:
(1) Assenting holders of first preferred stock will have received, for each
share of such stock: (a) a share of $5 convertible preferred stock, carrying
the above-mentioned conversion rights and also carrying accumulated
dividends from Feb. 23, 1936, plus (b) one-third of a share of common
stock, which, together with such conversion rights, gives such holders both
an immediate and a potential participation in the benefits of the plan to
the
was
In addition, an extra dividend of 40 cents was paid on
of 50 cents on Dec. 19, 1934.—V. 143, p. 1880.
was
Digest of Plan for Rearrangement of Capitalization
cumu¬
share in
the com¬
payable Nov. 2 to holders of record Oct. 24. A
one
Green
lative from Feb. 23, 1936, so that the total dividends payable on the
stock during the year 1936 will be $4.25 per share.
Works—5-Cent Extra Div.—
The directors have declared an extra dividend of 5 cents per
addition to tne regular quarterly dividend of 10 cents per share on
The directors decided to postpone
zation, dated Sept. 26, 1936, which the directors, after careful considera¬
tion, believe will be of distinct advantage to the holders of both classes of
outstanding stock and of value to the company itself.
From the viewpoint
of the common stockholders, the plan is designed to make possible the
resumption of dividend payments when current earnings and surplus permit.
From the viewpoint of holders of first preferred stock, the plan is designed
to give them, in exchange for their present first preferred stock, a new
preferred stock bearing dividends at the rate of $5 per share per aiinum,
cumulative from Feb. 23, i936, and in addition to give them an immediate
holding of common stock and a right to a further participation in the benefits
accruing to the common stock by means of a conversion privilege exercisable
for approximately ten years.
preferred stock issued prior to Mar. 15, 1937, will bear dividends
963,775
def486,206
1400.
Great Lakes Engineering
Payment—
pany and at the same time recognize the rights of the respective classes of
stock and strengthen the capital structure of the company.
To achieve these ends, directors have voted unanimously to submit to
the stockholders for their approval a plan for the rearrangement of capitali¬
The creation of a new issue of $5 convertible preferred stock, senior
to the present first preferred stock as to both dividends and assets, and
convertible until Oct. 1, 1936, into common stock at varying rates, com¬
mencing with the rate of three shares of common stock for one share of
new preferred stock.
(b) The offering to the holders of existing first preferred stock of one
share of $5 sonvertible preferred stock and one-third of a share of common
stock for each share of existing first preferred stock.
Such $5 convertible
10,167,131
12,262,529
2, 63,479
609,036
13,436,122
2,396,786
1,262.728
15,833,101
3,811,711
2,115,178
Net from railway.
Net after rents
Great
rates of return on investments.
(a)
1933
$1,371,889
151,398
def28,212
Gross from railway
Net from railway
plan for the adjustment of such dividends, directors have
The plan contemplates briefly:
^
August—
As already informed directors have been devoting active consideration
to the matter of accrued dividends on the first preferred stock.
In addition
to
1936
^
Grand Trunk Western RR.—Earnings—
1936
1935
1934
$1,626,701 $1,499,729
$1,322,878
184,142
91,193
12,430
Net.fcer rents
defl09,778
defl0,141 defl09,657
letter to stockholders dated Sept. 26
ys:
felt that there is a' real need to bring the capital structure into
with modern financial trends.
i,
Copper Mountain properties), $96,908; mines and mineral "lands
(other than Copper Mountain), $2; real estate, buildings, plant and equip¬
ment
(other than Allenby and Copper Mountain), $2; cash $384,484:
accounts receivable, $12,706; sundry supplies, $4; investment in shares of
Granby Metals Corp., Ltd. (wholly owned subsidiary) at cost, $10,000;
shares in other companies, $4;.prepaid insurance, $3,229; total, $2,609,401.
Liabilities—Capital stock (after deducting $10,265,581 capital distrib*
uted to shareholders prior to appointment of liquidators and $4,500,000
distributed by liquidators and after deducting $22,208,876 discount on
capital stock). $8,025,608 (represented by 450,000 shares); accounts
payable, $1,283; accrued taxes, &c., $1,465; unclaimed capital distributions
(arising in 1932 and prior years), $5,159; provision for contingencies, $20,000; deficit, $5,444,114; 'otal, $2,609,401.
Above figures are expressed in Canadian dollars, with the exception that
no account has been taken of the exchange discount, if any, on bank bal¬
ances and accounts receivable in the United States amounting to $5,836
and $12,095 respectively.—V. 143, p. 1880.
Statement—
The
Oct.
and
possible losses of $39,537.
a After reserve for depreciation of $3,248,753
in 1936 and $3,191,187 in 1935.
b Arising out of processing taxes imposed
under Agricultural Adjustment Act not paid.—V. 141, p. 2117.
i
Globe
Chronicle
Granby Consolidated Mining, Smelting & Power Co.,
Ltd.—To Resume Operations—Capital Cut—
Because of higher world copper prices, stockholders at a special meeting
held Sept. 29 approved a petition to Supreme Court of British Columbia
asking permanent stay of further steps toward liquidation of the company.
On Jan. 24 of this year stockholders voted voluntary liquidation of the com¬
pany because of the low copper prices then existent, and since that time
approximately $10 a share in assets have been paid out.
Stockholders also authorized a reduction in the company's capitalization
from 500,000 shares of $100 par to a like aumber of shares of $5 par.
fcr It was brought out at the meeting that as soon as the Court approval is
obtained, new directors will authonze reopening the company's remaining
property at Allenby and Copper Mountain.
The Anyox property was sola
in October, 1935, to Consolidated Mining & Smelting Co. of Canada, Ltd.,
for a reported sum of $300,000.
The new board of directors will be com-
£osed of N. L. Amster, A. S. Baillie, Samuel Wechsler,H. LockeMendleson,
W. Whicher, Julian B. Beaty, L. A. Dunham, O.
Jerome and R. P.
i.
Co.—Earnings—
IA Subsidiary of Commonwealth & Southern Corp.]
Period End. Aug. 31—
Gross revenue
1936—Month—1935
$123,857
$110,699
82,237
67,926
Oper. expenses and taxes
Prov. for retirement
Balance
8,000
17,617
5,584
5,500
16,556
5,584
$10,418
res.
Int. & other fixed charges
Divs. on preferred stock-
1936—12 Mos.—1935
$1,396,540
$1,198,692
904,622
754,902
86,000
57,000
208,785
199,481
67,014
67.034
$15,131
.
$130,118
$120,274
—V. 143, p. 1721.
Gulf &
Ship Island RR.—Earnings—
August—
1936
$123,436
12,738
def 12,621
Gross from railway
Net from railway
Netafterrents
From Jan. 1—
Gross from railway
Net from railway
964,214
129,503
Netafterrents
—V. 143, p.
def69,505
1935
\
1934
5,302
def932
def25,753
1933
$85,528
10,880
def 14,079
858,717
128,293
def58,877
776,343
107,080
def98t293
715,809
126,748
def 101,363
.
$116,355
29.841
$88,856
1401.
Gulf States Steel
—To
Offer 98,750
Preferred—
Co.—$7,000,000 Bond Issue Proposed
Common Shares—To Eliminate Existing
The company will submit to its stockholders Oct. 19 a proposed plan to
a first (closed) mortgage on the
company's properties to secure an
Butchardt.
create
► Mr. Amster, American liquidator for Granby, declared that despite dis¬
tribution .of $4,500,000 to shareholders, the company still had $400,000 in
cash.
He expressed the belief that the property has more than doubled
issue of
its value.
He pointed out that even at capacity operations the pro >erty
10 years of life, based upon the blocked out ore alone.
Mr. Amster
also stated that he believes copper prices will advance rather than decline,
has
Report of Granby Consolidated Mining, Smelting & Power Co., Ltd.
(in voluntary liquidation) covering the period from Jan. 24,1936 to Aug. 31,
1936, shows an excess of liquidators expenditures over income of $27,656.
t
This, with
a
loss of $70,589 on sale of investments and an increase of $3,095
contingencies, made a deficit for the period of $101,340.
in provision for
Profit and loss deficit as of Aug 31, 1936 was $5,444,113 as compared with
deficit of $5,342,773 on Jan. 24. 1936.
Balance sheet as at Aug. 31, 1936 follows:
Assets—Mine, real estate, buildings, plant and equipment, Allenby
Copper Mountain properties
(not operating), after depreciation
depletion, $2,102,062; materials, supplies, metal ores, &c. (Allenby
and
and
$7,000,000 of 25-year sinking fund 4H% bonds and to offer to its
stockholders approximately 98,750 shares of unissued common
common
stock.
.
Under the plan it is proposed to redeem the company's outstanding
debentures and preferred stock and to make available additional funds for
betterments, improvements and working capital in order that the range of
products may be expanded, thus permitting improvement of the company's
markets, annual tonnage and general operating and overhead conditions,
and prospects for increased earnings.
At Dec. 31, 1935, there were outstanding $4,625,000 of 5M% sinking
fund debentures, due June 1, 1943, which
through operation of the sinking
fund will be reduced as at Dec. 31, 1936 to $4,437,500. The debentures are
redeemable at 102^ and interest during the year following June 1, 1936.
At Dec. 31, 1935, the unpaid cumulative dividends on the outstanding
20,000 shares of 7 % cumulative first preferred stock were $33.25 per share.
On Jan. 15, 1936, a dividend of $3.50 per share was paid and additional
dividends aggregating $17.50 per share have been paid or are payable
,
Financial
Volume 143
Houston Electric Co.—EarningSr
during the current year, leaving unpaid dividends on the preferred stock at
Dec. 31, 1936, of #19,25 per share.
The stock is redeemable at $110 per
share
plus unpaid accumulated dividends.
There
outstanding 197,137 shares of no par value common stock of an
authorized issue of 300,000 shares.
If the plan is carried out, it is estimated that in lieu of an annual charge
for interest upon the debentures (based on the amount to be outstanding
as at Dec. 31, 1936) of $244,062 and annual cumulative dividends upon the
outstanding 20,000 shares of preferred stock of $140,000, there will be
substituted an annual interest charge upon the proposed $7,000,000 of new
bonds of $315,000.
Net
are
earnings,
after
depreciation
and
debenture interest,
Operating revenues
Operation
Maintenance
Retirement accruals
Taxes
Interest
on Oct. 19, 1936 at Wilmington,
the proposed plan.—V. 143. p. 1880-
on
bonds.
on
1936—12 Mos.—1935
1936—Month—1935
$199,527
$173,553
91,648
106,689
24,858
27,434
29,166
28,333
17,543
20,775
Per .End. Aug. 31—
1,080,846
302,390
350,000
215,688
231,792
8,630
19,316
2,071
343,333
230,840
229,586
7,958
3,829
30.124
def$l 1,050
$28,201
def$93,876
18,108
Other interest, &c
$2,125^596
$2,311,689
1,144,572
323,367
499
Amortiz. of debt diSc't &
687
exp
for the first
eight months of this year have amounted to approximately $326,000, and
since Sept. 1 have been running above the average of those months.
Notices will shortly be mailed of a special meeting of the stockholders to
be held
2211
Chronicle
Net income
def$3,001
-V. 143, p. 1401.
Del., for the purpose of voting
Hudson Motor Car
Gulf States Utilities Co.—Bonds Called—
The company has called for redemption on Oct. 31r, 1936 all its outstand¬
ing first mortgage and refunding gold bonds, series A, 5% ($17,774,000) at
104, and all its outstanding first mortgage and refunding gold bonds,
series B, 4>$% ($2,488,000). at 102H, plus, in each case, interest accrued
to the redemption date.
Interest will cease on these bonds from and after
Oct. 31, 1936, when the bonds of both series will become payable at the
principal office of the Chase National Bank of the City of New York (cor¬
porate trust department), 11 Broad 8t.,JST. Y. City, at their respective
redemption prices.—V. 143, p. 2051.
r
Co.—Shipments—
Shipments of Hudson and Terraplane cars for the 1936 season totaled
116,085, according to figures just released by William R. Tracy, VicePresident in charge of sales of the company.
This is a gain of 54% over
shipments of 1935 models and is the greatest shipment of any season models
since 1929.
The increase over last year is greater than any gain since 1925,
except for the 1934 season.
Hudson has now concluded its shipments of 1936 models and the factory
being prepared for 1937 production.—V. 143, p. 2054.
is
Hunter Steel Co.—Dividend Correction—
The directors declared an initial quarterly dividend of 30 cents per share
the 6% cumulative preferred stock, par $20 (not the no-par common
on
Harris-Seybold-Potter Co.—Recapitalization Plan—
stock,
This ooinpany is offering a plan of recapitalization to stockholders
designed to wipe out a capital deficit, clear up the arrearages on the 7%
preferred stock, reduce the interest rate on the funded debt, and provide
funds for meeting a maturing bond issue this December.
The plan will be
voted on by stockholders at a special meeting and postponed annual meeting
to be held Oct. 13.
The plan provides for issuance of 25,000 (no par) shares of $5 conv. cum.
pref. stock, 250,000 new common shares ($1 par) and $1,250,000
15-year 5% conv. sinking fund debentures.
The new $5 stock will be exchanged share for share for the present out¬
standing 19.161 shares of 7% pref. stock, on which unpaid dividends at
Aug. 1, last, amounted to $42 a share.
In payment of accrued dividends,
preferred holders will be offered 1.6 shares of common stock for each pref.
prior
share held.
The present no-par common stock will be exchanged on a share
for share basis for the new $1 par common.—Y. 141, p. 752.
Hart-Carter Co.-—Accumulated Dividend—
Oct.
Illinois Central RR.—Earnings of System—
1936
1935
1934
$9,455,328
$7,880,312
$7,981,736
2,258,445
1,350,688
2,056.137
Net after rents
1,160,328
527,337
1,156,064
$7,799,752
2,176.702
1,411,622
From Jan. 1—
Gross from railway
56.551.2^
Net from
Earnings of
August—v
954,252
Netafterrents
a
dividend of $3.50 per share on account
of
preferred stock, no par value, pay¬
1 to holders of record Nov. 15. This compares with 50 cents paid
Sept. 1, last; $1 paid on July 1, last; 50 cents paid on June 1, last, and
$2.25 per share paid on March 2, last, this latter being the first disburse¬
ment made since Dec. I, 1931, when 25 cents per share was paid; similar
payments were made in the two preceding quarters and prior thereto regular
quarterly dividends of 50 cents per share were paid.—V. 143, p. 758.
cum.
conv.
469,524
52,350,809
13,415,697
7,363,450
5,859,291
8,280,640
r
Corp. of America—Accumulated Dividend—
The directors have declared
a dividend of $1.62^ per share, the regular
further dividend of $1.50 per share in order to reduce
6>3% cumulative preferred stock, par $100, both
payable Nov. 2, to holders of record Oct. 16.
Similar payments were made
on Aug.
Pand May 1, last.
Dividends amounting to S7.87H Per share
were paid on Feb. 1, last, and $2.62)4 per share on Nov. 1, Aug. 1, May 1
and Feb. 1, 1935. this latter being tne first payment to be made on this
issue since Oct. 1, 1930, when the present stock was exchanged for the old
Cavanagh-Dobbs preferred stock.
Accumulations on the above issue after Nov. 2 payments will amount
to $1.50 per share, the stock having become cumulative beginning May 1,
1932.—V. 142, p. 4342.
quarterly rate
and
,
accumulations
on
1,866.446
1,313,010
-
49.252.328
14,115,731
9,390,916
—V. 143, p. 1402.
Illinois Terminal Co .—Earnings—
1933
1934
1935
1936
August—
railway
Net from railway
$494,489
185,900
127,533
$460,567
151,795
107,567
$418,722
117,920
79,820
$493,782
199,488
134,306
3,872,033
1,396,008
959,792
Net after rents
3,358,608
1,014,986
681,229
3,261,092
$,097,952
966,555
620,598
986,308
549,056
From Jan. 1—
a
the
$6,792,502
1,221,004
54,573,793
10,317,195
Gross from
Hat
1933
1934
$7,085,319
1.909.633
1935
$6,819,292
1,081,190
63,198,472
13,979,944
Ner after rents
able Dec.
$2
16,400,139
9,918,348
Company Only
1936
$8,141,425
1,828,170
Gross from railway
Net from rail way
59,700,892
15,155,224
8,477,159
62,134,495
11,832,490
5,865,402
72,530,532
16,624,217
8,310,202
railway
Net after rents
on
the
on
1933
August—
Gross from railway
Net from railway
From Jan. 1—
Gross from railway
Net from rail way
The directors have deilared
accumulations
This dividend Was paid on
21.—V. 143, p. 2054.
stated in last week's "Chronicle").
as
1 to holders of record Sept.
Gross from railway
Net from railway
Net after rents
—V. 143, p.
1402.
Insuranshares Certificates,
The
on
directors
the
common
Inc.—Larger Dividend—
on
Sept. 24 declared a dividend of 11 cents per share
stock, par $1, payable Oct. 15 to holders of record Oct. 5.
Sept. 20,
Sept. 20
9 cents paid on March 20, last; 8 cents paid on
1935; 7 cents on March 20, 1935; and 5 cents per share paid on
1934.—V. 143, p. RQn
—
This compares with
and March 20,
Holly Sugar Corp.—lb-Cent Extra Dividend—>
The directors on Sept. 28 declared an extra dividend of 75 cents per
share in addition to the regular quarterly dividend of 50 cents per share
the common stock, both payable Nov. 2 to holders of record Oct. 15.
quarterly dividend of 50 cents was paid on Aug. 1 last, and an initial
dividend of 25 cents per share was distributed on May 1 last.
The declaration of the current extra dividend of 75 cents per share,
according to a statement issued by the company, was made in view of
the existing Federal tax law and the directors desire to state that there
is no intention of setting any precedent by the declaration of this extra
on
dividend.
The Protective committee for the
6%
of which Grayson M.-P.
notes,
Murphy is Chairman, has announced that the deposit agreement
expired on Oct. 1, has been extended in accordance with tne terms
agreement to and including Oct. 1, 1937.—V. 143, p. 2055.
Inter-Island Steam Navigation Co.,
which
of the
A
Ltd.—Pays Larger
Dividend—
New Vice-President—George
Co.—Deposit Agreement
Interborough^RapidjiTransit
Extended—
A
W.
Repetti,
paid a dividend of 50 cents per share on the capital stock,
Sept. 28 to holders of record Sept. 21.
This compares with
per share previously paid each three months.
In
extra dividend of 20 cents was paid on Dec. 28, 1935.—V. 141,
The company
formerly Vice-President in Charge of Sales,
was
made
$18,
par
on
Executive Vice-President of the company, a newly created office.
Wilmer D. Hemming, connected with the company's sales organization
dividends of 30 cents
for the last six years,
p.4018.
made Vice-President in Charge of Sales.
These
by the expansion of the company in the purchase
of the Hamilton City factory in California, and the current construction
of a new factory at Hardin, Mont.—V. 143, p. 113.
changes
was
Honolulu Rapid Transit Co., Ltd.—Earnings—
"Per. End. Aug. 31—
1936—Month—1935
1936—S~Mos.— 1935
Gross
rev.
from transp..
Operating expenses
Net
addition an
were necessitated
rev.
from transp.
Rev. other than transp.
_
$85,990
59,763
$81,405
49,764
$561,894
445,574
$26,225
3,656
$31,641
2,517
$216,320
22,019
$216,469
19,070
$29,883
19,981
$34,158
$238,339
$235,539
22,072
1JJ6.098
154,437
$12,085
$82,240
$81,101
$616,840
400,370
International Agricultural Corp.
1935
1934
$2,116,847
1,233,283
$2,225,213
1,130,559
$753,738
Operating, &c.,?exp
Net
$883,563
*37,476
19,870
earnings
30,397
42,195
Int. & discount earned
received
Dividends
rev.
from oper___
Deductions,
Net
$9,901
revenue.
—V. 143. p. 1401.
Hook Drugs,
to
Inc.—Pays Extra Dividend—
The company paid an extra dividend of 12)4 cents per share in addition
the regular quarterly dividend of like amount on the common stock,
no
par
value,
on
Oct. 1 to holders of record Sept. 21.
Dividends of 12)4 cents per share have been paid each three months
since and including April 1, 1935, prior to which no distributions were made
since Jan. 1, 1915 when a dividend of 12)4 cents per share was also paid.
—V. 140, p. 4401.
Hooker Electrochemical Co.1—$1.50
Preferred Dividend—-
The company paid a dividend of $1.50 per share on the 6%
cum. pref.
Sept. 30, to holders of record Sept. 23.
Similar distri¬
butions were made on June 30 and March 31, last; Dec. 31, Sept. 30,
June 29 and April 20, 1935; Dec. 31, Sept. 29, June 30, March 23, 1934
and on Nor. 29 and Dec. 30, 1933.—V. 142, p. 4180.
stock, par $100
on
The directors have declared
addition
common
p.
an
extra dividend of 30
cents per share in
to the regular quarterly dividend of 15 cents per share on the
stock, both payable Nov. 1 to holders of record Oct. 20.—V. 141,
439.
Hotels Statler Co., Inc.—Accumulated
a
Dividends—
dividend of $7 per share on the 7 % cumu¬
lative preferred stock, par $100, and a dividend of $1.50 per share on the
6% cumulative preferred stock, par $25.
Both dividends are on account
of accumulations and will be paid on Oct. 15 to holders of record Oct. 5.
Dividends
at
half these amounts
were
paid on June 4, last, these latter
being the first payments made since Dec. 31, 1932 when regular quarterly
37 H cents per share on
dividends of $1.75 per share on the 7% stock and
the 6% stock were paid.—V. 142, p. 3510.
Houghton Elevator & Machine
25,967
Co.—Initial Preferred
62,081
29,529
2,092
Proportion of prof, in ex¬
cess of divs. rec. thru
40,056
19,215
1,412
Profit on bonds purch.
.
2,375
$830,117
277,216
Total income
Bond interest
Interest on loan
Deprec. & depletion
& State income
y529",708
$1,000,180
289,108
4,292
436,362
.150,150 loss$238,775
299,753
301,000
21,270
53,975
435,288
414,097
Federal
taxes estimated-__
1,030
—
Proportion of loss arising
through oper. of joint¬
ly owned crops
Net
x
$2,248
Cr6,547
$23,193
profits-
$269,388
The corresponding amount in respect
$400,386loss$1060096,
of this item was included for the
previous year in "operating and administrative expenses."
y Effective
July 1, 1935, the company resumed charging depreciation on assets where
the appraised value was greater than the book value.
The effect of this
change in accounting policy was to increase the depreciation charge and
decrease the net profit for the current year by approximately $71,000. b
Consolidated Balance Sheet June 30 (Incl. Affiliated
1936
RJ. est., plant,
$
Cash
—
b Accts.
1st mtge, bonds.,
Accounts payable.
1,372,143
1,319,011
2,797,111
Due
2,097,796
28,957
37,107
27,295
Inventories
non-consol
&c
29,530
securitflfe
affils.
7,317
322,000
36,854
157,369
38,248
interest,
&c
44,404
1,365,395
1,365,395
surplus.-- 1,895,900
Capital surplus.-. 6,326,043
1,842,491
6.326,043
for insurance
Res.
for conting.-
Earned
477,000
44,404
9,099
167,021
consolidated
taxes,
2,250,000
not
Res.
investment in cos.'
Insuranceiund.__
to
Accrued
Prepaid ins., taxes,
unmined
6,925,000
197,830
2,386,747
Due from afflls.—
Overburden
5,777,000
266,390
3,357,215
_
$
10,000,000
905,256
and notes
1985
Prior pref. stock..10,000,000
a
Common stock- 2,250,000
776,080
Investments
Co.)
1936
1935
&C.19,881,306 20,248,066
receivable
The directors have declared
$826,148
1,129,095
$1,094,655 loss$302,947
Liabilities—
Horder's, Inc.—Extra Dividend—"
1933
1936
$2,000,592
1,246,854
Years Ended June 30—
operation of affil
Net
(& Subs.)—Earnings
"
Gross profit from oper_.
28,400
38,248,
from
phos¬
phate property.
Cash in sink, fund
'■
421
Dividend—
The company paid an initial quarterly
dividend of $1.50 per share on
Oct. 1 to holders of record
the $6 prior preferred stock, no par value, on
8ept. 25.
Total
28,099,470 28,111,476
Total
28,099,470 28,111,476
a Represented by 436,048 no par shares,
b After deducting reserves
$780,546 in 1936 and $986,440 in 1935.—V. 142, p. 3173.
of
Financial
2212
International
Machines
Business
Corp.—Gets
Social
Security Board Contract—
What may e/enbuilly oa^orne the largest accounting Equipment contract
ever awarded has bean given by the Social Security Board to this company.
For the present fiscal year, which began July 1, the Board agreed to pay
$438,000 for lease of equipment which will be set up to handle the 26,000,000
individual wage records required for the Federal old-age benefit provision
of the Social Security Act.
Board officials were unable to state whether the present contract with
International Business Machines Corp. called for a future annual rental of
$438,000.
The Board had been negotiating with at least 16 manufacturers
of equipment to determine which had the system best suited for its long¬
Chronicle
The company will supply the Board with electrical accounting machinery
makes use of punch cards.
Patents are held on the equipment
which
enabling the
company to lease instead of sell it.—V. 143, p.
759.
the greatest amount of bonds at any
hands of the public was $11,197,500.
through the operation of the regular sinking
fund and otherwise, $6,519,000, leaving outstanding on Oct.
1, 1936,
$4,678,500.
Thus taking into effect the $755,500 now being called there
will remain outstanding on April 1, 1937, $3,923,000.
The regular sinking fund will, of course, continue to operate until the
There have been redeemed,
maturity date of the bonds in 1951.
This call will have the effect of reducing the
charges
V. 143,
August—
1936
Gross from railway...
Net from rail way
$1,029,603
191,874
49,017
__
Net after rents.!
$890,245
$1,037,092
211,835
$952,441
127,342
19,719
168,668
36,432
66,267
7,789,485
Net from railway...
Net after rents
1,158,998
defl0,574
8,583.587
2,550,553
1,212,116
8,414,705
2,266.291
996,410
7,612,551
1,329,053
341,019
—V. 143, p. 1560.
(Byron) Jackson Co.—Dispose of Petrolite Corp. Holding
,
The directors have declared a quarterly dividend of 50 cents per share
the common stock, no par value, payable Nov. 1 to holders of record
Oct. 15.
This compares with 45 cents paid on Aug. 1 and May 1 last;
35 cents paid on Feb. 1 last and on Nov. 1, 1935, and 25 cents paid on
Aug. 1, May 1 and Feb. 1, 1935, and
Dec. 20, and Nov. 1, 1934, this
on
latter being the first distribution made on this issue since Nov.- 1, 1930,
when 62cents per share was disbursed.
Prior to then regular quarterly
dividends of 75 cents per share were paid.—V. 143, p. 1882.
Period End. Aug. 31—
$317,321
261,778
$304,341
230,072
$3,624,632
1,973,437
$3,265,010
1,855,989
$55,543
$74,269
$1,651,195
4169.
P.
.
Stores,
Com¬
Inc.—Executive
mitteeOct. 26 hold
special meeting to consider the crea¬
tion of an executive committee to consist of Philip I. Carthage, Henry
Gessner, Will I. Levy, John Stihman, Harold J. Szold and Benjamin
Volen, and to provide for compensation of certain of the members thereof.
—V. 143, p. 1883.
on
Profit
on
a
discount,
reserve
for loss
on
Operation
Maintenance—....
______
reserve
Taxes, including Federal income tax
373,573
__
Net earnings
Interest on funded debt.
Interest on unfunded debt
...
Amortization of bond discount and expense
Interest charged to construction
$1,454,268
812,125
6,754
38,915
04,081
$1,333,985
824,951
4,906
39,400
$600,554
334,906
$464,967
335,015
_
preferred stocks.
on
Note—No provision has been made for Federal
profits.—V. 143, p. 1561.
,
Islands Gas & Electric Co.
—
$7,511:
9,0971
28,285
399,259
Deposit in American Bank...
receivable..
Merchandise (at cost)
750
Stocks and bonds
20,618
Exps. adv. & deterred charges.
Furniture and fixtures
Publishers'
Cr240
'
950,000
x77,768
rights
$1,276,280
35,263
Non-operating income—net
$1,309,284
451,038
$888,405
82,974
$858,246
58,699
758,155
753,532
$47,275
Net oper. rev. before prov. for retirements
$1,277,760
31,524
$1,311,544
_
Net from railway
Net after rents
21,616
116,581
1935
Property, plant &
equip,
(including intangibles).19,674,653 19,473,653
Investments
418,117
303,379
200
Accts. receivable..
465,216
3,538
&c
439,318
•
from
$7cum., pref. stk,
(par $1)
50,000
100,000
5,905,281
2,500,000
179,480
Co...
Miscellaneous
Total
60
Accrued accounts.
62,016
137,715
209,883
234,739
x
9,662
192,459
foreign
governments
Cash in closed bks.
Def. debit items...
126,661
60
9,269
67,771
4,256,572
4,740,600
.
460,327
4,359
2,677,293
556,269
...22,147,040 21,808,753
-V. 143, p. 274.
June 30
1936
$115,193
1935
$73,967
"175,789
317,897
594,871
Merchandise inventory
Cash surrender value of life insurance
48,517
53,534
Personal & miscell. accts. receiv., advs., &c., incl.
advances to officers and directors
77,523
Officers' and employees' capital stock accounts—
Salesmen's accounts
19,354
25,721
19,503
23,557
3,371
556
4,369
500
27,325
...
Claims
against closed banks
Sundry securities owned
Preferred dividend guarantee
Land
27,321
fund
51,778
\
1
A—
—
—
$1,507,708
1936
$75,000
1935
$250,000
121,740
1
23,527
87,002
31,741
6,640
378,900
Accrued taxes and payroll—
-V—
Preferred stock dividends payable—
7% cumulative preferred stock. —
51,778
379,314
$1,266,316
1—
—
Common stock
78,469
390,313
1
28,929
—
Buildings, machinery and equipment
Goodwill, patents, trademarks, &c_
Inventory of supplies and prepaid isxpenses
x
;
s.A
12,921
6,685
379,400
—
—
487,924
87,183
111,926
487,924
87,183
$1,266,316
—
Unearned surplus
Profit and loss—surplus
$1,507,708
161,854
Represented by 48,462 shares after deducting 1,538 shares in treasury
y After reserve for doubtful discounts, &c.,
in 1935.
z After reserve for depreciation,
141, p. 2892.
carrying value of $12,076.
of $20,724 in 1936 and $24,888
a Accounts receivable only.—V.
The directors have declared a dividend of $1 per share on account of
accumulations on the 7% cumulative 1st preferred stock, par $100, payable
Nov. 5 to holders of record Oct. 25. A similar payment was made on Oct.
1935, this latter being the first distribution made since July 1, 1931,
a regular quarterly dividend of $1.75 per share was paid.—V. 141,
4169.
Koppers Gas & Coke Co.—Acts to Refund Its Debentures
—Changes Name—
The company has changed its name to Koppers Co. in connection with
forthcoming refunding program, involving financing of between $25,000,and $30,000,000 in securities.
Subsidiaries of Koppers Gas & Coke
also will change names to avoid similarity of titles.
Koppers Co. of Del.
will be known as Koppers Associates, Inc., and the top unit in the Koppers
group, the Koppers Co. of Mass., will hereafter be known as Koppers
a
000
International Salt Co.—Bonds Called—
of
Sheet
al61,044
p.
3,662
Capital surplus... 2,471,123
Earned surp. (def.)
Total
$161,854
credit
when
cap.stk.& surp.
of subsidiaries
22,147,040 21,808,753
$188,646
26,792
$111,926
net
Assets—
28,
Equity of minority
stkhldrs.incom.
Total
$138,484
26,558
items,
surplus
(George E.) Keith Co.—Accumulated Dividend—
term
Def. credit items..
.
1935
$144,405
331,704
1,347
Customers' notes and accounts receivable
y
Ser. extension dep.,
refund, over long
Reserves
554,582
308,001
Cash funds and U. S. government securities
x
6,361,687
74,518
187,997
1,158,350
624,433
377,196
1936
Halance
at
6,694,168
80,528
146,537
1,261,496
$23,370
161,854
Total..-
Due to parent co.,
Consol. E. & G.
14,147 Consumers' dep'ts
14,778
deposits
Due
s
50,000
Sink, funds & spec.
I
Liabilities—
$174,372
94,461
62,240
Kaynee Co.—Earnings—
Years Ended June 30—
Net loss for year.
Previous surplus
Total
Com.stock (par $1)
100,000
Funded debt
5,674,686
485,408
<■
60,007
$152,685
68.374
32,603
—V. 143, p. 1561.
Notespayable
Accounts payable
542,219 Prop, purch. oblig. 2,500,000
Notes & accts. pay.
136,504
414,073 Dividends declared
subsidiary.
227
1,296
732,656
Notes receivable..
1,284,508
552,670
324,411
Liabilities—
1935
1936
1933
1934
1935
$185,227
92,237
1,638,051
858,086
531,111
From Jan. 1—
Gross from railway
-SI ,497,459
141, p. 4169.
Ry.—Earnings—
1936
$230,464
122,303
73,001
Net after rents
Comparative Consolidated Balance Sheet June 30
f
-
z
____
s
Total.
Kansas Oklahoma & Gulf
August—
Gross from railway
Net from railway
$46,014
Interest and other charges of subsidiaries (net)
Interest and other income charges of Islands Gas &
Electric Co
$
81,497,459
After deducting $306,871 for depreciation.—V.
Surplus, June 30
$2,715,613
1,095,710
203,943
20,000
31,841
200,500
600,000
487,985
4,169
1935
$2,707,621
1,131,828
203,754
17,634
78,123
8157,132
Accounts payable (not due).
Notes payable....
Reserves.
Preferred capital stock.
Common capital stock.
Surplus
Preferred dividends.
1936
Uncollectible accounts
Taxes
X-
Assets—
Liabilities—
I
Cash
(& Subs.)- -Earnings—
Maintenance
1936
$487,985
$0.09
Balance Sheet June 30,1936
surtax on undistributed
12 Months Ended June 30—
Total operating revenue
Operation
Net income..
$21,375
478,245
Cr4,364
16,000
—
Amer. Bk. & Tr. Co.
Balance, surplus, June 30, 1936Earnings per share on 60,000 common shares
$3,928,584
31,447
$3,960,031
1,690,964
243,797
355,157
336,126
_
—
Preferred dividends paid...
1935
$4,384,846
1,896,677
276,740
383,586
$46,571
1.239
Jf.957
1,000
—
—
Obsolescence of plates.—
Federal taxes
x
Total gross earnings.
Merch., matls. and
supplies
Prepaid ins., taxes,
&c
Operating profit—
Depreciation furniture and fixtures-
Total
1936
$4,333,681
51,164
Operating revenues
Non-operating revenues, net
Provision for retirement
$42,020
4,550
Profit
Other income—interest,
[Subsidiary Company Not Consolidated]
cos.
93,954
5,016
Co.—Earnings—
12 Months Ended Aug. 31—
Due from affil.
332,226
$140,992
sales.
Plate cost
Iowa Public Service
Cash
$473,218
-
Cost of production and sales
Accounts
Stockholders will
.
,
-
Assets—
Department
Net income.
Dividends accrued
'
.
Earnings for the Year Ended June 30, 1936
$1,409,021
fixed
to
charges
-V. 143, p. 2055.
Interstate
par
Total sales
Excess
1936—8 Mos.—1935
1936—Month—1935
revenues
Oper.exps. & taxes.....
applic.
Co.—Accumulated Dividend
dividend of $2 per share on the 8% cumulative
$100, on Oct. 1 to holders of record Sept. 24.
Accumu¬
lations after the current dividend will amount to $16 per share.—V. 141,
preferred stock,
Net profit
Surplus June 30, 1935—
International Rys. of Central America—Earnings—
Inc.
.
.
.
General and administrative expense
on
_
company's annual fixed
per common share.—
Federal and State taxes
International Printing Ink Corp.—Larger Dividend—
Gross
15 cents
The company has disposed of practically its entire holding of Petrolite
Corp. capital stock which at the end of 1935 was carried on its books at
$779,697 and was reported to consist of 60,675 shares or approximately
22% of the total outstanding.
The company's net profit on the transaction is reported to have been
$335,000 or about 95 cents a share on the 354,000 shares outstanding
(See also Petrolite Corp. below.)—V. 143, p. 431.
From Jan. 1—
Gross from.railway
approximately
or
The company paid a
1933
1934
1935
I
by $37,775,
1082.
p.
Johnson Publishing
International Great Northern RR.- -Earnings-
1936
3,
1901, was $12,000,000.
However,
time issued and outstanding in the
time needs.
As future accounting demands of the Board arise, the International
Business Machines Corp. rental may possibly increase.
Setting up of wage
records is a continuous matter, Board officials said, but there i3 no indication
that another concern would not receive future orders.
Oct.
The total number of bonds authorized under the indenture dated Oct. 1,
The Company on Oct. 1
announced a
its first and consolidated collateral
call for the redemption of $755,600
trust
mortgage
5%
bonds.
The
indenture under which
these bonds were issued provides for a notice of
six months, and bonds drawn under this call are to be delivered on April 1,
United Co.
It is expected a registration statement will be filed with the Securities
and Exchange Commission in Washington shortly.
'
1937, at which time interest
ceases.
Bonds will be redeemed at 105 and
interest at the Chemical Bank & Trust
Co., New York City.
Issues to be refunded consist of
1947, of which there
are
about
20-year sinking fund debenture 5s, due
J00 000 now outstanding, and the sinking
Volume
Financial
143
fundTdebenture 5Hs, due 1950, of which approximately $18,712,000 were
outstanding at the beginning of the year.
Outstanding notes also will be funded.
The preferred stock will not be
affected for the present.
Koppers Construction Co., a subsidiary of Koppers Gas & Coke, will be
dissolved and made
Co. and Maryland
a division pf the new Koppers Co.
Bartlett Hayward
Drydock Co., also subsidiaries of Koppers Construction
115.
Co., likewise will be dissolved.—V. 143, p.
2213
Chronicle
had two representatives on the board of directors, Charles H. Jones,
Vice-President of Manufacturers Trust Co. and John R. Dillon, a partner
of Hayden, Stone & Co.
For these reasons La France
;'. / ■
Industries, Inc., alleged that they were
adequate working capital and were unable to meet the sinking
fund requirements of the bonds, which now totals $186,885; have failed to
maintain their working capital at a minimum of $750,000, and have failed
without
the ratio of assets as to liabilities at two to one as required by the
bonds (now approximately $200,000).
most strenuous objection of counsel representing The Manufac¬
turers Trust Co. and Hayden, Stone & Co., the Court allowed the committee
to intervene, the reason for this objection being that it would "complicate"
to keep
trust indenture of the
Kreuger & Toll Co .—Sale of Collateral Fixed for Oct. 27—
The sale at auction of collateral underlying the Kreuger & Toll 5%
a. m., at the
Exchange Sales Room, No. 18 Vesey St., N. Y. City, it was announced
Sept. 25 by the Marine Midland Trust Co. of New York, the trustee for
secured debentures has been set for Oct. 27, 1936, at 10:30
a
matters.
Judge Kirkpatrick continued the
Included in the collateral which will be offered
are
the following securities:
French francs 74,605,000 principal
amount
Kingdom of Roumania
Monopolies Institute Development loan of 1931, 7J^% bonds due 1971.
.
£380,690 principal amount of Kingdom of Roumania, 4% consolidation
loan 1922 bonds due 1968.
$5,886,500 principal amount Republic of Latvia, 6% external cumula¬
tive sinking fund gold bonds due 1964.
Swedish kronor 55,000 principal amount German Government, interna¬
tional 53^% loan bonds 1930 due 1965.
$22,000,000 principal amount Kingdom of the Serbs, Croats and Slovenes
(Yugoslavia), 6M% secured external gold bonds monopolies loan due 1958.
$23,800,000 principal amount Hungarian Cooperative Society Established
for the Financial Liquidation of Land Reform, 5H% external cumulative
sinking fund gold land reform mortgage bonds due 1979, series "A" and
"B."
In order to interest the small as well as the
large investor, the collateral
will be offered not only as a whole but also in parcels including all of the
securities of each issuer and in small blocks.
Over 600 small parcels will
be offered for sale.
An upset price of $8,505,200.60 has been designated
the collateral as a whole and the following upset prices have been
designated for the various units and parcels to be sold:
For the entire unit of Kingdom of Roumania Monopolies Institute
Development loan of 1931, 73^% bonds, due Oct. 1971, the upset price is
$590,871.60 and for parcels of 2,000,000PFrench francs principal amount,
$15,840 each.
For the entire unit of Kingdom of Roumania, 4% consolidation loan 1922,
bonds due 1968, the upset price is $133,241.50, and for parcels of £20,000
principal amount, $7,000 each.
For the entire unit of Republic of Latvia, 6% external cumulative
sinking fund gold bonds due 1964, the upset price is $2,060,075 and for
parcels of $50,000 principal amount, $17,500 each.
For the entire unit of Kingdom of the Serbs, Croates and
Solvenes
(Yougoslavia), 634% secured external gold bonds monopolies loan due
1958, the upset price is $2,860,000, and for parcels of $100,000 principal
amount, $13*000 each.
For the entire unit of Hungarian Cooperative Society Established for
the Financial Liquidation of Land Reform, 534% external cumulative
sinking fund gold land reform mortgage bonds due 1979, series "A" and
series "B," the upset price is $2,856,000, and for parcels of $100 principal
amount,$12,000 each.
For a parcel of Swedish kronor 55,000 German Government, international
534% loan bonds 1930, due 1965, the upset price is $4,812.50.
The terms of sale provide for a qualifying deposit to be made either before
or at the sale of only 10% of the upset price for the particular parcel bid
for or $50,000, whichever is smaller.
An additional deposit will be required
from successful bidders, but final payment will not have to be made until
30 days after the approval of the sale by the court and the court in its dis¬
cretion may grant further time.
Detailed information concerning the sale and copies of the formal notice
of sale may be obtained through Baldwin Maull, Vice-President of the
Marine Midland Trust Co. of New York, 120 Broadway, New York, or
through Siegfried F. Hartman, attorney for the trustee, 46 Cedar St.,
parties an opportunity to work out a solution, if possible, of the difficul¬
ties—in other words, to give the bankers an opportunity to invest addi¬
tional money in the corporation as stockholders.
Any plan they may sub¬
mit must meet with the approval of the bondholders.
7
»
As we view the matter, the situation now confronting the bondholders is
follows:
as
You have
an
absolute first mortgage on La France
the Court recognized by
Lake
Superior District Power Co.—Filed with SEC—
The company on Sept. 28 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2504, Form A-2) under the Securi¬
ties Act of 1933 covering $5,600,000 of 1st mtge. bonds, series A, due
Oct. 1, 1966.
The interest rate is to be furnished by amendment to the
registration statement.
According to the registration statement, the net proceeds will be applied
as
follows:
To the redemption on or before Dec. 31, 1936, at 103% and accrued
int., of $3,534,000 Lake Superior District Power Co. 1st mtge. and ref.
gold bonds, series B, 5%, due Dec. 1, 1956, requiring, exclusive of int.,
$3,640,020.
To the redemption on or before Feb. 1, 1937, at 105% and int., of
$1,150,000 Lake Superior District Power Co. 1st mtge. & ref. bonds,
series C, 434%, due Aug. 1, 1955, requiring, exclusive of int., $1,207,500.
To the redemption on or before Jan. 1, 1937, at 104% and int., of
$609,000 of Ashland Light Power & Street Ry. 1st mtge. 5% gold coupon
bonds, due Jan. 1, 1939, requiring, exclusive of interest, $633,360.
The balance of the proceeds will be used to reimburse the treasury of the
company for expenditures for property, plant and equipment.
The bonds are redeemable at the option of the company in whole or iir
part at any time after 30 days' nptice at the following prices plus accrued
interest:
If red. on or before Sept. 30, 1941, 105%; thereafter and incl.
Sept. 30, 1946, 104%; thereafter and incl. Sept. 30,
and incl. Sept. 30, 1956,
and thereafter, 100%.
York.
Lake
Superior & Ishpeming RR.—Earninqs—
receiving $11.25.
With this distribution a total of $3,209,051 will have been paid to the
debenture holders.
The first payment on Sept. 1, 1933 amounted to $25
and the second on March 16, 1936 amounted to $20, with respect to each
$1,000 debenture.
The funds from which these distributions were made were derived from
sinking fund and interest payments on the collateral which consist in thes
main of large parcels of foreign governments and foreign mortgage institu¬
tions, and also from the sale of Republic of Ecuador 8% external loan bonds
of 1927 and Mortgage Bank of Ecuador 7% bond loan.
The trustee has been requested to announce, with respect to the Oct. 15,
1936 distribution, that the distribution to be made on the debentures de¬
posited with thejprotective committees headed by Grayson M.-P. Murphy
and Bainbridge Colby will not be redistributed to holders of certificates of
deposit who have adhered to the plan of readjustment adopted and declared
operative by their committees, but will be turned over to Kreutoll Realiza¬
tion, Ltd., the new company formed in accordance with the plan of readjust¬
ment, to be applied by it in accordance with the provisions of the plan.—
V. 143, p. 2057.
Gross from railway
holders of 5% secured debentures of Kreuger & Toll.
holder of a $1,000 debenture receiving $22.50 and each holder of a
Net
La
France
(Textile) Industries—Further Hearing Oct. 2
protective committee for the 1st mtge. 6% sinldng
1942 are: Rollin C. Bortle, Chairman, Phila¬
delphia; James Henry Hayes, New York; James Warnock Jr., and Colbert
C. McClain, Philadelphia.
The committee in a letter to the bondholders
dated Sept. 24 gives a resume of a hearing before Federal Judge William
H. Kirkpatrick in the U. S. District Court, Philadelphia, on Sept. 22.
R. Sturgis Ingersoll, Philadelphia, and Louis G. Bissell, New York, hav¬
ing filed a petition to dismiss the debtor's prayer for reorganization under
Section 77-B of the Bankruptcy Act, claiming it was not filed in good faith,
appeared on behalf of the Manufacturers Trust Co., New York, and Hayden, Stone & Co., New York.
The debtor corporation was represented by
Isaac A. Pennypacker, Philadelphia.
Jenkins & Bennett of Philadelphia
appeared on behalf of the unsecured creditors who have filed claims with
the special master, L. Leroy Deininger, totaling $449,000.
The debtor corporation, through its officers and accountants, gave testi¬
mony in support of the contention that the petition for reorganization was
filed in good faith, because of the obvious insolvency of the company.
It was alleged in this testimony that in May of 1929 Bernard Davis, Presi¬
dent, personally borrowed from the Manufacturers Trust Co. and Hayden
Stone & Co. the sum of $2,000,000, giving as collateral his 102,282 shares
of common stock, the total outstanding shares of common stock being
186,490 shares.
This money was used for the benefit of the La France
Industries, Inc., to pay commitments which the corporation had made
relying upon the prior assurance of the bankers that they would float a
common stock issue of 117,000 shares to give the company $3,500,000.
After these commitments were made, the bankers postponed the flotation
and later withdrew from the contract, leaving the company with these
commitments outstanding.
The borrowed money was used to acquire
the Canadian and South Carolina factories.
$600,000 has been paid back
in interest and principal during the years that have followed, by La France
Industries, Inc.
On behalf of the Manufacturers Trust Co. and Hayden, Stone & Co.,
it was alleged that the petition was not filed in good faith, but by reason of
the fact that the bankers, not having been repaid their loan, had assumed
ownership of Mr. Davis's common stock placed with them as collateral
and thereby acquiring a majority of the stock, were contemplating a change
in management.
It was also alleged by them that the assets of the Canadian
fund gold bonds due Dec. 1,
Jilant and the South Carolina factory were sufficient to take care of this
ndebtedness and therefore there was no insolvency.
In 1933 the Manufac¬
turers
Trust Co.
loaned
an
additional $300,000 to La France Industries,
collateral and receiving the outstanding stock of the Cana¬
and $272,200 worth of receivables of the South Carolina
company.
This money was used by La France Industries, Inc., for the
purchase of low-priced raw materials.
The debtor corporation claimed
that because of its inability to repay these loans the bankers interfered with
the management of the company and that at any time dividends were paid
by the subsidiary companies these were absorbed by demands of the bank¬
ers.
The debtor also alleged in the testimony that the New York bankers
Inc., taking
dian
as
company
special representative working as an executive of the company at
$12,000 per year, paid by the debtor, and it was also alleged that his activi¬
ties resulted in great losses to the company.
At all times the bankers have
had
a
$421,345
304,203
241,504
$361,371
251,691
205,023
$247,849
149,109
118,015
$325,936
235,178
193,340
1,783,674
1,263,330
577,468
392,113
999,106
382,146
225,654
959,426
471,564
329,050
From Jan. 1—
in each
The members of the
after rents
1933
1934
1935
1936
Gross from railway
Net from railway
$500 debenture
•
August—
New York,
$1,069,684
This "will result
to
1951, 103%; thereafter
102%; thereafter and incl. Sept. 30, 1961, 101%,
The principal underwriters of the issue are:
Halsey, Stuart & Co.,
Inc., Chicago; Field, Glore & Co., Chicago; A. Gr Becker & Co., Inc.,
Chicago; Harris, Hall & Co., Inc., Chicago; Bonbright & Co., Inc., N. Y.
City, and Brown Harriman & Co., Inc., N. Y. City.
The price to the public and the underwriting discounts or commissions
are to be furnished by amendment to the registration statement.—V. 143,
p. 1403.
To Make Distribution to Debenture Holders Oct. 15—
Baldwin Maull, Vice-President of Marine Midland Trust Co.,
announced Sept. 29 that the bank will distribute on Oct. 15,1936
Industries, Inc., which
permitting the intervention of this committee in
behalf.
The bonds are vrey widely scattered in 32 States and two
foreign countries.
The majority of them are held by women and in small
amounts, mostly from one to three thousand dollars.
The committee
strongly feels that under no circumstances should the bondholders lose one
penny of principal or interest.
However, in order that this result may be
attained, it is absolutely necessary that the bondholders present a united
front.
Single bondholders are at a distinct disadvantage.
Rest assured
that we will represent your interests to the best of pur ability and will keep
you informed of all developments.—V. 143, p. 1885.
your
for
New
hearing until Oct. 5, 1936. He stated
for the purpose of allowing the
from the bench that this continuance was
this issue.
series
Over
997,578
697,262
Net from railway
Net after rents
—V.
143, p.
1562.
Lautaro Nitrate
Co., Ltd.—Reorganization Plan Voted—
The company's plan of reorganization
can
has been approved by both Ameri¬
simultaneous¬
and British bondholders and stockholders at meetings held
ly in New York and London.
The company being an English company, its
reorganization is proceeding in accordance with English statute.
It is
expected that before the end of the year the reports of the meetings of
bondholders and stockholders will be made to the court and the plan of
reorganization will be approved by the High Court of Justice in England.—
V. 143, p. 2057.
Lawyers
Mortgage
Co.,
New
York—Amended
Reor¬
ganization Plan—
referee James A.
Martin, Sept. 28, at a meeting of creditors by the committee of creditors,
headed by Mortimer N. Buckner, Chairman, were announced as follows:
(1) Claims on Guarantees-^-As the formula to be applied in the fixing of
claims has not as yet been fixed by the court (the matter is now before the
court for determination) the plan cannot therefore contain a formula for
fixing claims.
It provides that all claims of creditors shall be allowed on
such basis as the courts shall ultimately determine.
(2) Distribution of Cash Among Creditors—The company has about
$6,000,000 in cash and Government bonds, the greater part of which will
be paid out on all allowed claims pro rata, just as soon as the claims are
fixed and the plan is operative.
The company's principal liability is for
its mortgage guaranties, no money being owed to banks.
„(3) Dedication of Assets to Payment of Creditors Claims—Assets of the com-.,
pany other than cash are to be liquidated for the benefit of creditors.
The
company has other assets with book value of about $17,000,000 consisting
of mortgages, mortgage certificates, office buildings free and^clear, real
estate, interest in process of collections, &c., all of which will be transferred
to a new corporation called for convenience Assets Realization Corp. and
5% interest bearing participation certificates issued by it against these
assets to creditors whose claims have been allowed and as they are allowed.
These assets will be gradually turned into cash to provide for distributions
Details of an amended plan of reorganization filed with
to
certificate holders.
(4) Participation by Stockholders of Lawyers Mortgage Co.—The principle
underlying the plan is that the stockholders should be permitted to partici¬
pate only on the basis of "buying their way in."
The stockholders are to
contribute $1,500,000 toward the reorganization (a) $500,000 to the capital
of the Assets Realization Corp. to bo part of its general assets available
to holders of claims and (b) $1,000,000 to the capital of the Lawyers Mort¬
Guarantee Corp.
This will acquire one-half the total capital stock of
other half of the capital stock and all its assets above
$2,000,000 will be included in the assets held by the Assets Realization
Corp. for the creditors.
(5) Lawyers Mortgage Guarantee Corp., which was organized by the
Superintendent of Insurance to conduct the continuing operations of the
Lawyers Mortgage Co., will be continued under the plan to preserve the
going business and goodwill.
This will also assure the continued avail¬
ability of experienced personnel for the servicing of mortgages or mortgage
gage
this corporation, the
certificates.
Control of Assets Realization Corp.—All of the stock of the Assets
cash paid in by the stock¬
Mortgage Co. (above) will be issued to three voting
trustees two of whom shall be elected by the creditors and one by the
owners of the stock.
The voting trust shall continue for ten years unless
prior to that time all participating certificates have been paid in full.
(7) Continued Guarantee—Any surplus funds that may remain after
paying all participation certificates and interest in full shall serve as a
guarantee fund against losses which may be sustained by assenting creditors,
after the last/day for filing claims and during a period of three years after
the plan is declared in effect to the extent they are not taken into account
(6)
Realization Corp. issued against the $500,000
holders of the Lawyers
in the claims.
(8)
Disposition of Certificated Issues under the Control of the Mortgage
Mortgage Commission will establish immediately upon
the court, a new subsidiary corporation.
subsidiary corporation will have powers to act as attorney-in-fact,
Commission—The
the confirmation of the plan by
This
Financial
2214
Chronicle
Oct. 3.1936
"
■
-
..
trustee, substituted trustee or successor trustee for the holders of mortgage
investments upon appointment of the court, upon election of the holders
of such
to do
mortgage investments,
servicing business.
a
The Commission will
otherwise, and will also have the power
or
be transferred at
to
cause
once
this
to
new
sub¬
sidiary all of the certificated issues of the Lawyers Mortgage Co. at the
time
under
the
control
of
the
Commission, together with the servicing
thereof.
This new corporation will thereafter operate for the account and
benefit of the reorganization, if a reorganization be consummated.
The
Mortgage Commission will agree that, upon consumamtion of the reorgani¬
zation, it will cause the complete control of this corporation, or of its
business, to be transferred to the Lawyers Mortgage Guarantee Corp.
(9) Terms of Existing Mortgages not Affected—The plan does not alter the
terms of mortgages or mortgage certificates now outstanding.
It deals
primarily with a recovery on the guaranty.
In addition to Mr. Buckner, other members of the Committee are Hubert
E. Rogers, 52 Wall St., Secretary; Lewis B. Franklin, Stanley M. Isaacs,
E. G. Lantman and Ridley Watts.
Cabell, Ignatius & Lown and Shearman
& Sterling, are counsel.—V. 143, p. 1723.
Lehigh & Hudson River Ry.—Earnings—
August—
1936
Gross from railway
Net from railway
Net after rents.
1934
1935
$120,430
38,316
13,980
1933
$110,170
27.509
5,158
$133,532
44,837
19,075
990,272
280,808
83,472
From Jan. 1—
Gross from railway
$106,384
36,512
15,431
1,019,705
„
317,951
127,132
978,733
281,071
947,545
310,167
120,226
Net from railway
Net after rents
—V. 143, p. 1562.
;
v
;.
'
•:
•
101,534
^v...
■
Lehigh & New England RR.—Earnings—
August—
$310,388
p.
$245,127
47,066
46,226
671,987
2.302,099
595,999
605,885
2,373,183
617,275
548,495
1,950,275
427,550
408,327
64,938
_
2,606,390
1886.
Augusf1936
fronrrailway__$3,850,141
1,153,336
777,919
From Jan. 1—
Gross from railway
1935
1934
1933
$2,881,777
212,269
def63,446
$3,581,578
26,702,659
5,375,509
2,767,720
'
•
1935
$113,932
34,434
>,
Net after rents
1934
1933
$80,432
17,974
1936
•
railway
railway
Net from
$86,206
19,079*
$69,275
7,271
9,619
2,544
def6,526
213,122
632,690
132,674
642,728
147,144
49,429
Net after rents.
3,103
847,070
From Jan. 1—
Gross from railway..
Net from railway
16,869
11,733
527,422
73,855
def29,083
—V. 143, p. 1563.
Louisiana
&
Northwest
RR.
Co.—Asks Court to
_
The company on Sept. 29 appealed to the
District of Columbia to enjoin the Railroad
U. S. District Court for the
Retirement Board from en¬
forcing provisions of the retirement legislation of 1936 until the Appellate
Courts have made a final determination of the constitutionality of the
legislation.
Now in the process or reorganization under Section 77 of the amended
Bankruptcy Act, the carrier informed the Court it might be unable to meet
payments on a bond issue if it was compelled to pay the 3 H % payroll levy
enacted by the excise tax provisions of the legislation.
Retroactive pro¬
visions are assailed in the suit, which raises constitutional questions.
The plaintiff was not a party to the test suit now pending in the Appellate
Court in which the Alton RR. Co. and more than 400 other railroad enter¬
prises obtained a Court injunction against certain provisions of the retire¬
ment legislation.—V. 142, p. 4024.
,
Louisville Gas & Electric
Co.(Del.) (& Subs.)—Earnings
12 Months Ended Aug. 31—
1936
1935
$10,839,384 $10,171,620
5,648,363
5,103,377
Operating revenues
Operating expenses, maintenance and all taxes
Net
oper.
(before
revenue
appropriation
for
retirement reserve)
$5,191,020
$5,068,242
379,792
392,193
S& other income before appro¬
priation for retirement reserve
$5,570,812
Appropriation for retirement reserve
1,025,000
Amortization of contractual capital expenditures.
37,000
$5,460,435
1,025,000
37,000
26,990,407
5,960,113
3,255,935
24,572,867
4,955,404
2,247,519
oper.
•:
rev.
_
970,300
—
.
688,791
income
Interest charges
$4,508,812
1,383,971
121,221
(net
Amortization of debt discount and expense
Other income deductions—
13,647
Lexington Brewing Co.—Registers with SEC—
Dividends
See list given on
first page of this department.
Lion Oil Refining Co.—Loans Paid
—V.
A
Off—
Locke Steel Chain Co.—Initial Common Dividend—
r
I
an initial quarterly dividend of 20 cents
per
stock, par $5, payable Nov. 2 to holders of record
Oct. 15.—-V. 143, p. 2057.
company in charge of sales and
London Tin Corp.,
advertising.—V. 143, p. 1886.
1887.
The Interstate Commerce Commission on Sept. 14 issued a certificate
permitting abandonment by the company of a branch line of railroad
extending from Lexington to Perryville, approximately 24.14 miles, all in
Henderson and Decatur counties, Tenn.: and abandonment of operation
thereof by the Nashville Chattanooga & St. Louis Ry.
Period—
Gross dividends
on
Total income
£197.541
Directors' fees
Interest and other finance charges less received
Income tax
Loans written off and reserved
_
£242,169
32,385
4,309
4,454
21,050
128,775
20,570
2,574
expenses
Net profit
Preference dividends
"5"l42
68,565
£100,690
_
£51,196
379,478
37,337
Balance Sheet April 30
Assets—
1936
Investments
1935
£2,921,671 £2,912,132
31,928
32,620
64,164
248,346
166,985
33,437
198,272
52,934
7,203
80,010
Loans
Stock of tin
Debtors <fc pay. in
advance
Cash
Deficit
:
Total
7}^%
cum.
1936
1935
partic.
pref. shares
expendit'es
£1, 305,775 £1,305,775
1, 852,570
1,852,570
134,830
Loans
168,175
Sundry creditors..
5,026
63,729
Ordinary shares..
Bank overdrafts..
Uncliamed divs
3,385
37,337
13,835
Prov. for pref. div.
Profit & loss acct._
£3,217,928 £3,531,774
Total
6,695
£3,217,928 £3,531,774
—V. 141. p. 2893.
Long Island RR. —Earnings—
August—
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1933
$6,349,676
1,885,811
1,608,991
47,931,661
10,776,709
8.250,052
46,526,874
10,995.627
8.314.021
42,853,131
10,256.317
7.443,219
L
Net from railway.
Net after rents
1
McBrayer Springs Distillery, Inc.,
of Mt. Sterling,
Ky .—Stock Offered—Dart & Go., Detroit, recently offered
267,000 shares of common stock at SI per share.
Stock
offered to residents of and in Michigan only.
Capitalization—Capital stock authorized, 400,000 shares (par $1)-issued
(escrow agreement), 85,000 shares; to be offered, 267,000
An option on 35,000 shares of treasury stock at $1 per share has
been granted certain shareholders, to expire one year from commencement
and outstanding
shares.
of operations.
History and Business—Company is located at Mount Sterling, Ky.
It
originally owned and operated (1888) by the W. W. Johnson & Co.
was
The W. W. Johnston & Co. in 1907 was sold to the Associated Distillers Co.
In 1914, the distillery closed and with few exceptions (when the
were used for storage purposes) remained dormant until Feb.
13, 1936, when Frank J. Gorman and his associates acquired ownership.
A syndicate was formed and plans were made for the purchase and re¬
habilitation of the distillery and other warehouses, involving a total ex¬
penditure of $41,500.
It is expected upon completion that the initial production will be 100
barrels per day and gradually built up to 250„barrels in the near future.
The warehouse capacity at present is approximately 105,000 barrels, and
Ky.
will be increased later
on
as
1934
156,529
$2,266,178
822,621
285,230
$2,405,676
1,013,111
520,726
16,066,843
3,754,156
517,308
16,445,120
4,587,300
1,439,335
16,251,130
5,725,619
2,708,003
v
1933
immediately and add to the company's working capital.
Management—Frank J. Gorman, Pres. & Gen. Mgr.; Howard J. Ellis,
V.-P.; William H. O'Neill, Sec. & Treas.; Louis Z. Bond, Fred Forsythe.
Net
profit
on
xl935
Expense.
Items appl'd on
$284,689
1,308,757
contr'ts_Crl,191,076
1936
c
Gross from railway
Net from railway
1935
$484,379
195,751
132,999
Net after rents
From Jan. 1—
Gross from railway.
3,763,668
1,451,525
936,984
Net from railway
Net after rents
1934
$438,421
169,799
114,026
3,067,610
1,044,690
684,086
—V. 143, p. 1563.
$136,306
505,034
0258,310
$570,539
571,400
0351,160
loss$79,217 loss$110,418
7,174
42,060
$350,298
39,718
$168,847
23.500
Prov. for est. Fed. taxes
loss$86,391 loss$152,478
$310,580
$404,794
145,836
102,912
1933
$371,274
138,082
107,573
neering Works, Inc
15,785
Net profit
2,708,276
961,357
609,233
according
to
Los
Angeles
dispatches, has given the
x
Cash
$253,892
$97,182
100
100
Accts. & notes rec.
83,644
237,634
23,350
60,435
101,053
13,788
98,448
56,919
Prop., pl't & equip.
Deferred charges._
Southern California Gas Co. and Southern Counties
in settlement
of gas franchise controversies
Gas
in¬
of city streets for distribution of gas and electricity.
The arrangement includes granting of 35-year natural
gas franchises to
Pacific Lighting Corp. subsidiaries on the basis of a minimum of
1% of
gross.
The city will submit charter amendment to voters at
special election,
1934
U. S. Govt. sec...
Electric Corp.,
of $505,421
$265,080
195,549
($2.37H)
Balance Sheet Dec.
xl935
Assets—
Contr'ts in process
volving the past
loss$86,391 loss$152,478
Nil
Nil
$1.53
Including subsidiary company, Pulaski Engineering Works, Inc.
Department of Water & Power of the City of Los Angeles option to pur¬
chase the corporation's complete electric system for
$46,340,000.
The agreement provides for payment to the
city by Los Angeles Gas &
-
Earns, per sh. on 84,410
shs. cl. B stk. (no par)
Los
corporation,
$129,562
102,834
($1.25)
Divs. pd.—CI. B stock._
Rate
2,893,333
986,247
649,839
45,500
1
Net loss of Pulaski Engi¬
Angeles Gas
&
Electric
Corp.—Offers Power
Properties to City—$46,340,000 Asked for Electric System—
Municipality Then to Give Gas Rights to Pacific Lighting—
Co. of Calif,
1932
1933
$94,485
650,834
0477,132
$167,009
Crl,838
Net profit from oper..
Other deductions—net..
Total profit
The
1934
construc'n
contracts, &c
1404.
Louisiana & Arkansas Ry.- —Earnings—
August—
needed.
Purpose—1The purpose of the present financing is to purchase and install
additional equipment, making it possible for the company to start operation
(Arthur G.) McKee & Co.- -Earnings-
1935
$2,236,999
690,840
17,048,168
4,442,670
1,041,445
Net after rents
From Jan. 1—
Gross from railway
1934
$5,449,217
1,123,929
836,428
57,290,203
14,958,413
11.450,160
railway
Net from railway......
Net after rents
1935
$5,897,000
1,319,375
1,030,581
Calendar Years—
1936
$2,533,912
948,481
374,470
Gross from railway
Net from railway.
Date
to
1936
$7,358,728
2,125,707
1,693,612
warehouses
Liabilities—
Prop., ventures &
from
19 Mos.End.
Apr. 30 '36 Apr. 30 '35
£163,939
£178,324
3,455
30,147
63,845
investments
Interest, less interest paid
Sundry profits, less losses
Administrative, general and other
Earnings for August and Year
Gross
—V. 143, p. 1887.
Ltd.—Earnings—
Year End.
p.
143, p.
August—
The election of A. B. Hoppe and Millard Bennett as executives and
members of the board of directors was announced on Sept. 30 by James W.
Carkner, President of the company.
Mr. Hoppe will hold the office of Executive Vice-President and will be
in charge of store operations, Mr. Bennett will be Vice-President of the
143,
1,354.920
$1,364,521
common
Loft, Inc.—New Directors, &c.—
—V.
1,354,920
$1,635,052
-
—
Louisville & Nashville RR.—Abandonment—
The directors have declared
the
pref. stock of Louisville Gas & Elec¬
(Ky.)-
Net income
President T. H. Barton announced that the company has retired all its
bank and other current loans.—V. 143, p. 2057.
1
$2,719,441
on
tric Co.
first page of this department.
(Charles P.) Limbert Co.—Registers with SEC—
on
12,279
$2,989,972
...
Balance
share
$4,398,435
1,524,729
141,984
1886.
See list given on
Stay
Pension Law—
Gross
31,417,083
8,271,478
5,250,491
Net from railway
Net af ter rents
p.
'
;.
Louisiana Arkansas & Texas Ry.—Earnings—
August—
Gross from
Net
$2,954,928
230,191
defll5,588
Gross
Net from railway
Net after rents
143,
'
Other income
Lehigh Valley RR.—Earnings
—V.
'
1933
$287,222
67,224
66,832
510,296
_
Net from railway
Net after rents
143,
1934
$254,319
34,653
35,750
82 196
From Jan. 1—
Gross from railway
—V.
1935
1936
Gross from railway
Net from railway
Net after rents
•
•
probably in October, and hopes to consummate the purchase by the first
of next March.
Revenue bond sale is proposed and Los Angeles Gas will
then retire $40,000,000 of first 4s at 105.—V. 142, p. 3348.
Inventory
Other assets
...
31
Accounts payable.
Divs.
payroll
payable
Accr'd Fed'l taxes,
Capital stock..
Surplus
y
218)608
31,037
xl935
Liabilities—
Unpaid
z
Treasury stock.
4,742
$3.14
$232,772
19,398
41,133
26,384
84,410
443,613
Dr73,813
1934
$39,212
1,500
84,410
455,727
Dr73,813
\
use
Total
x
$773,897
Consolidated figures,
stock,
z
$507,036
Total
3773,897
$507,036
y Represented by 84,410 no par shares of classJ3
Represented by 2,143 shares at cost.—V. 143, p. 1887.
Volume
Financial
143
McKesson & Robbins,
Month—
March
___
June
July
August-—V. 143, p. 1405,
Mack
$8,598,303
7,650,743
a
»
|
211,970
27,461
Munic. warrants.
$407,459
367,191
397,343
16,000
537",141
insurance..
Net loss from operations
of sub. co.'s loss
$55,535
22,925
Dr22,227
Cr358
Dr25,682
$45,458
$53,794
b Capital
Accrued
taxes
358,387
Pur. mon.obl.,&c.
_
2,780
Pur.
mon.
11,993
a
$1,694,135 $1,685,199
interest
1934.
a
Cr 10.222
accrued-
Dividends paid on participating preferred
1934.
c
Current purchase money obligations only,
d Non-current,
From foreign subsidiary companyi
f In capital stock and surplus of
subsidiary company,
g
Represented by shares of $2.50 par.—V. 141,
p. 441.
«►
$748,310
Other income
Gross income
212,867
135,072
52,259
Net income
Manhattan
Other receivables
a
Repossessions
176,893
61,313
23,357
Equipment..
Deferred charges
Notes
$1,400,000
64,498
68,441
1,026,763
payable
Accounts payable
-
Federal income tax
Subsidiary stock
c
46.613
d Preferred stock
e
Class B
399,710
Class A common
e
3,200
common
1,600,863
352,123
Capital surplus
Earned surplus.
def$24,339
a
$4,962,213
Total—
$4,962,213
Total
b After allowance for depreciation of $57,332.
After allowance for loss,
Represented by 46,596 shares of $2 cum. pref. stock, no par.
d Repre¬
sented by 46,613 shares of $2 cum. participating preferred stock, no par.
e Represented by shares of $1
par.—V. 143, p. 1237.
c
\
Ry.—Pays October Interest—
Judge Julian W. Mack
taken under consideration
5,265
—
b
Sept. 28 granted the application of
on
(& Subs.)—Earnings—
Mercury Mills, Ltd.
Charles Franklin, counsel for the company, to pay the semi-annual interest
due Oct. 1 on the consolidated 4% bonds, due 1990.
An application to make an installment on taxes owed by the company
was
3,672,626
274,447
Other assets
$1,428,655
1,452.994
$6,632 def$353,724
$47,448
—V. 143, p. 1564.
Chattel & co-maker loans rec.
a
1936—8 Mos.—1935
$7,925,400
$7,571,230
1,656,531
1,882,301
683,015
1,088,205
321,754
340,450
$1,004,769
1,358,493
$187,331
180,699
$216,719
169,271
Deductions
Federal
a
$886,267
$976,933
281,776
170,092
46,627
1936
Liabilities
Assets-
RR.—Earnings1936—Month—1935
$4,812 of prior year's accrual.
Corp. held by the public.
Consolidated Balance Sheet March 31,
Cash
Period End. Aug. 31—
stock.
For the current year less adjustment of
b On preference stock of Domestic Finance
a
e
Operating revenues
$398,736
46,613
Consolidated net profit
$1,694,135 $1,685,199
in
Net oper. revenues
Net ry. oper. income
63,629
93,150
Provision for Federal income tax
b Dividends paid and
reserve
Maine Central
659,876
$580,086
34,792
Other income
1,040,804
292,916
354,589
Total
$1,239,962
—.
Other deductions
55,032
643,974
37,237
645,034
1,044,770
Initial & cap. surp.
I
Year Ended Dec. 31, 1935
Consolidated Income Account for
Net earnings
by Judge Mack.—V. 142, p. 2673.
—
$135,031
2
Bond interest
Manning, Bowman & Co.-
-Earnings—
Directors' fees
15,438
21,800
9,060
Rents
10,809
*
—
73,425
4,000
18,889
7,166
Expense incidental to ron-operating subsidiaries.
$102,349
55.916
6,529
22,055
8,700
8,495
$148,523
57,475
Operating profit
Depreciation.
Maintenance and repairs
Taxes (other than income).
Executive salaries
1934
1935
Calendar Years—
Royalties
Rep¬
(& Subs.)
Gross earnings
for doubtful accounts of $14,548 in 1935 and $15,808 in
b After reserves for depreciation of $302,466 in 1935 and $258,005
After
c
Year Ended March 31,1936
Operating profit
g Capital stock—
Deficit
Total
d After reserve for de¬
Cash surrender value,
Cost of financial services
f Minor, stkhldrs.'
75,574
1
c
$3,084,294 $2,734,900
1934.
b Through
Total
in 1935 and $71,755 in
of $111,551
reserves
and services,
Consolidated Income Account for the
c6,808
1,384
d3,404
oblig—
219,783
585,972
1
Goodwill
1
Merchants & Manufacturers Securities Co.
43,694
31,060
19,649
Sundry curr. llab.
4,930
3,187
211,450
579,276
82,407
assets—
1,250.000
711,183
Drl3,354
taxes
Capital stock
preciation and depletion of $294,272 in 1935 and $432,662 in 1934.
f At cost.—V. 141, p. 756.
$151,954
$243,797
43,464
expenses.
314,370
205.447
476,459
Deferred charges.
92,461
1,250,000
Earned surplus.—
867,416
f Treasury stock.. Dr 13,354
Accrued
$3,084,294 $2,734,900
After
a
materials
1934
1935
Accounts payable.
$131,110
Accrued
Invest. A advances
5,353
11,731
90,258
balances
resented by shares of $10 par.
Liabilities—
1934
1935
$130,976
notes
Amount due
credit
Customers'
11,503
1
Total
Consolidated Balance Sheet Dec. 31
Other assets
14,575
373,383
1,051,922
Goodwill
of sub.
prior to date of acquis, by holding company
Consolidated net loss for year
e
—
employees
applicable to minority
stockholders'interest
Portion of loss applicable to shares of stock
Inventories
Trade creditors.
12,198
67,410
933,718
Sundry receivables
$5,884
Cr9,718
v
90,234
28,534
32,405
Due fr. off. & empl
cLlfe
Purch. money mtge
e
capital as¬
d Fixed assets
Portion
3,636
71,535
62,632
sets sold
deprec., patent exp.
Prov. for Fed. inc. tax on profits of a sub. co_
2,059
_
Secs.& investments
on
1934
$298,000
3,300
1,387
Bank loans
Due to officers and
'
77,178
$311,656
Total income
gen. & adm. exps.,
and amortization, &c
190,531
$20,023
be
Prepaid expense._
$330,281
...
Selling,
1,028,755
163,393
liquidated
.
1934
1935
$284,195
manufactured products
to
1935
$427,803
3,300
445,752
Liabilities—
1934
$20,113
1,072,776
183,773
Receivables
Due
receivable
125,000
$0.30
1935
Cash
died on Sept. 24.—V. 143,
Calendar Years—
-
121,450
$0.71
and Federal taxes.
b Balances
&
125,000
$0.39
depreciation and depletion of $86,786 and
y Including miscellaneous income and after
of $30,382 depreciation and depletion of $71,938
for interest
Inventories
Accts.
125,000
$1.25
Consolidated Balance Sheet Dec. 31
Magnavox Co., Ltd. (& Subs.)—Earnings—
Assets—
1932
$36,902
1933
After interest of $48,312,
x
P. 927.
a
$86,526
all other operating expenses,
providing
Trucks, Inc.—Obituary—
Cash
x$49,190
ing (par $10)
Earnings per shared
7.742,201
7,539.051
8,545,505
8,798,986
8,178,903
8,629,646
Assets—
Alfred J. Brosseau, President of the company,
cos.
y$156,233
1934
Shs. com. stk. outstand¬
1236.
Gross profit on sale of
Other income
Earnings—
(& Subs.)
1935
Calendar Years—
Net income
1933
1934
1935
$11,605,621 $10,532,634 $11,549,832
11.475.413
10,071,120
9,753,342
12,701,173
10,917,744
11,585,545
12,193,691
10.973.631
9,928,061
11,313.419
10.599,499
9,975,412
12,159,311
10,242,095
9,811.048
11,752,388
10,302,383
8,598,161
11,702,831
10,675,535
9,869,635
January
February
April
May
Material Service Corp.
Inc.—Net Sales—
1936
'
2215
Chronicle
3,500
Provision for Provincial taxes
Crl7,413
91,500
required
Adjustment of previous reserve for contracts not
Provision for depreciation^.
$46,037
Net loss for year
Consolidated Balance Sheet Dec. 31, 1935
Net operating profit
income-
$653
4,521
$33,94
_;
Other
Liabilities—
Assets—
a
Total income
—
Bank loan.
53,020
644,441
Acct. and bills receivable.—
Inventories
Interest paid.
Loss on disposition of capital assets
Provision for income taxes..
Accts. and bills
.
Net
c
Cash
&
Notes payable
Due from
1,629
266,584
Capital surplus...
5,000
615,773
11,059
5,000
$250,000
50,466
d Capital stock...
349,512
em pi's.,
in
4,534
Accounts
Inventories
Invest,
174,525
payable
Accruals
b Fixed assets
Deferred charges..
c
Dr53.257
Treasury stock..
900,000
i—
396,662
$3,062,624
a After
reserve for doubtful accounts of $30,000.
b After reserve for
depreciation of $1,143,412.
c Fire insurance premiums,
d Represented
by 6% cumulative preferred redeemable stock, $100 par.
e Represented
by 45,000 no par shares.—V. 139, p. 449.
Merritt-Chapman & Scott Corp. (& Subs.)—Earnings
625,968
12,397
$1,214,738 $1,122,849
1,000,000
Common stock
Total
—$3,062,624
Dotal.--
50,802
Total
a After reserve for doubtful notes and accounts of $4,959 in
1935 and
$8,910 in 1934.
b After reserves for depreciation of $550,988 in 1935 and
$577,953 in 1934.
c Represented by 2,806 shares of class A stock, no par,
at cost,
d Represented by 64,000 shares of class A $1.50 pref. and cum,
stock, no par, and 64,000 shares of class B $1.50 cum. stock, no par.—
V. 141, p. 1937.
1933
Prov. for Federal taxes..
1932
$156,941 loss$469,927
449,271
399,773
$195,912
367,461
15,191
$233,027
348,571
operating income—
Depreciation
\
—$1,214,738 $1,122,849
1934
1935
Calendar Years—
Net
Total
3,500
shares of subsidiary in
hands of public
11,400
1st mtge. sinking fund bonds— 1,335,000
Pref.
Deficit
9,601
1,280,000
333,949
683,247
Dr53,257
129,186
35,201
Provision for Provincial taxes.
$185,000
1,280,000
333,949
661,746
Deficit
Home
Fin.&Mtg.Corp.
...
d Preferred stock
15,326
$33,841
payable
Accruals.;
e
1934
1935
Liabilities-r-
201,651
notes
receivable
20,020
1
31
$30,112
Accts.
a
1934
1935
Assets—
Dec.
2,319,902
assets..,
Prepaid expenses.
Patents, mfg. rights ,&c—
$21,500
Balance Sheet
,14,796
Prepaid insurance
b Fixed
profit.
$45,000
$10,443
Cash..
6,100
Quarry development exp.
written
27,708
off
Rehabil. of salvage ves_
for
Prov.
loss
on
_
43,196
mtge.
30,000
note
"
Amount accruing to min¬
Manning, Maxwell & Moore, Inc.—Pays Larger Dividend
on
The company paid a dividend of $1.50 per share on the common stock
Oct. 1 to holders of record Sept. 30.
This compares with $1 paid on
June 30, last, and 50 cents per share distributed on
this latter being the first distribution made on this
when
company
paid.
stated that the current payment does not indicate a $6
bring the payments for 1936 up to a $4 rate.
'
Market Street Ry.
Net operating revenue
retirement reserve)
Gross
revenue
500,000
Net income
1723.
by
$730,912
488,423
25,223
4,647
$644,319
506,398
27,092
6,111
I
I
$104,716
2nd
for
86,385
518,309
360,007
117,000
22,213
116,129
30,000
21,000
25,000
for U.
income
50,000
S.
15,191
taxes.
Notes payable (not
Pur.
Minority
in
49,433
3,641,395
600
money
130,000
subs
Preferred stock
y
165,000
188,698
212,056
2,803,000
1,456,223
803,394
870,694
Interest
Common stock-
44,819
Deficit
2,803,000
1,460,025
Capital surplus-
14,073
66,950
S
mtge.
(not current)...
27,000
15,873
Mortgage note
y
521,139
35,000
mtge.
mon.
Instalments
current)
195,000
40,900
aterials & suppl.
40,159
xed assets
3,348,926
In
Pur.
Reserve
completed
Total
$415,000
510,192
payable and
sundry accruals.
Res. for contlng—
salvage services,
ur. claims rec..
Prepaid insur., &c.
1934
$275,000
Notes payable
Accts.
vessel
InV\. In affil. corp.
1935
Liabilities—
1934
$724,801
mortgage
$1,098,141
453,822
$1,230,912
$939,292
23,431
728,293
310,012
process._
Sundry accts. rec_
Settlement pending
8,701
$212,617
Interest charges.
143, p.
$1,089,439
7,919
$255,292
Notes recelv. sec'd
(before
income
Amortization of debt discount and expense.
Other income deductions-
-V.
1935
$7,387,57
6,298,140
$1,222,993
„
and other income
appropriation for retirement reserve)
Appropriation for retirement reserve
oper.
1936
$7,458,234
6,235,241
$392,236
Deps. on contracts
Work In
(before appropriation for
Other income
Net
$333,183
and bids
12 Months Ended Aug. 31—
Operating revenues
Operating expenses,.maintenance and all taxes
13,993
1935
Assets—
Cash
Receivables
Co. (& Subs.)—Earnings—
Cr6,569
19,029
Consolidated Balance Sheet Dec. 31
dividend of 50 cents was also
a
The
66,212
38,378
$148,306
loss.
Net
April 1 and Jan. 2, last,
issue since Oct. 2, 1930,
annual basis but is merely to
—V. 143, p. 117.
32,762
ority int. in subs
Loss on sale of cap. assets
$5,203,585 $5,621,309
Total
223,331
$5,203,585 $5,621,309
x
After depreciation of $2,911,182 in 1935 and $2,592,926 in 1934.
Represented by 292,005 shares, no par, after deducting 500 shares held
t.reasnrv.—V. 141.
t>.
1444.
Financial
2216
Chronicle
Oct.
1936
3,
Minneapolis & St. Louis RR.—Earnings—
August—
Gross from
MISSISSIPPI POWER & LIGHT CO.
First & Refunding 5s due 1956
DEPARTMENT
A.
.
T,
T.
Teletype N.
Y.
Calculating Machine Co.- -Registers with SEC
■
_
have declared
holders of record
a
quorum.—V. 143, p. 1564.
Mersey Paper Co., Ltd. (& Subs.)—Earnings—
Calendar Years—•
s
Gross profit for the year
Interest on funded debt and other loans
1934
391,536
$255,461
255,461
Assets—
.
Cash
From Jan.
Inventories
in
Liabilities—
Deferred charges
__
Investments
Fixed assets
$
890,928
1,003
1,054
4,730
14,660
169,458
6,339
13,064,283 13,047,152
813,000
579,610
Salaries & wages.
23,409
b Interest accrued
97,395
c Bank
loan
2,760,000
Mtges. payable.-.
640,494
-
898,000
795,798
27,252
64,549
2,760,000
649,567
Net after rents
30,000
Bonds
1,899,500
2,300,891
6H %
a
cum. pf. stk.
Common stock.
Total
...14,894,289 14,866,780
—
_
5,000,000
749,988
..14,894,289
1,899,500
2,022,125
5,000,000
749,988
14,-866,780
a Represented by 150,000 no par shares,
b Including provision for sun¬
dry charges,
c Secured by first mortgage bonds,
d For depreciation and
contingencies.—V. 141, p. 1444.
and taxes.
exps.
_
res.
1936—Month—1935
$262,106
$239,777
168,577
160,492
6,100
9,000
49,832
49,663
(& Subs.)—Earninas-
Mexico-Ohio Oil Co.
1935
Sales
$5,180
76,680
Oper.general expense-
Income from investments
sale of
on
securs.
_
$28,564
66,192
$60,353
24,000
x$18,416
26,590
$37,629
24,000
$8,174
24,000
42
Interest
$51,1038
27,058
49,741
12,281
$36,353
25,531
414
expense
Non-productive well.
Inventory losses
Loss on disposal of capi¬
1,179
agreement of June 29,
1934
Divs. on pref. stock
loss.
Net
—
Other
$13,622 prof$15,869
11,765
18,538
3,588
$63,063
5,744,191
$35,748
5,689.751
583,859
Deficit, Dec. 31
x July 23 to Dec. 31.
$183,791
$43,256
1934
Cash
~
3,158
407,338
1,459
securities.
Accts. receivable-
~6~9U
Supplies
18,029
12,264
Deferred charges..
33,280
$14,932
$206,293
$111,137
1936
$81,979
9,699
def5,896
Net after rents
1935
$86,527
13,640
def2,102
a
$5,689,751
31
a
$500,386
$858,085
—
710,934
159,729
34,495
-
682,563
135,077
32,436
filiated
283,986
501,263
191
79
183,791
co
43,256
Accounts payable.
Deficit..
Missouri-Kansas-Texas Lines
Period End. Aug. 31—
Operating
Operating
expenses
Available for interest
Fixed interest
charges.
Earnings—-*■
1936—Month—1935
1936—8 Mos.—1935
£2,733,764
$2,516,657 $20,133,011 $16,973,813
1,925,204
1,891,770
15,424,607
14,342.150
422,456
1,914,471
291,188
156,941
349,732
357,430
2,829.725
2,807,989
revenues
_
adjust-"
Surplus before
$72,723
Missouri Pacific RR.-
def$66,241
Total
$500,386
$858,085
Gross from railway
Net from railway
1934
1935
1,078,799
497,894
$6,261,018
1,632,478
855,682
57,742,804
13,624,121
6,236,169
47,415,568
7,834,258
2,332,764
49,195,858
11,066,188
5,038,799
44,343,535
10,457,412
4,739,602
Net after rents
Gross from railway
Net from railway.
Net after rents
have
directors
declared
dividend
a
of
25
Earnings—
1935
$129,207
70,562
53,901
1934
1933
$123,388
59,836
44,473
$130,321
69,186
50,152
From Jan. 1—
Gross? from rail way
Net from railway..
957,765
422,899
291,613
Net after rents
—V.
143,
p.
821,386
337,999
222,127
814,535
317,110
212,412
872,585
384,921
Mobile & Ohio RR.
1564.
directors
have
1935
211,9
1934
1933
$766,742
"
143,343
$910,190
$701,083
110,487
16,189
$746,432
129,601
32,300
5,785,615
5,328,783
958,753
136,863
123,9
Gross from railway
Net from railway
61,464
6,743,013
1,311,965
518,775
5,601,961
645,658
def72,630
p.
an
initial
2058.
dividend
877,815
52,733
Monongahela Ry.—Earnings
1936
$340,599
197,178
99,438
Gross from railway
Net from railway.
Net after rents.
__
1931
1934
$294,593
84,210
>^2,599,070
Net from railway
1,808,184
1,576,171
982,931
§2,740
July 31—
sold,
income taxes
sold
of 25
cents
1934
121.294,198
1,497,433
152,903
99,839,409
1,531,442
149,868
$5,193,349
35,835
$4,463,087
106,141
Net operating profit—*
on securities
ments
1935
141,680,690
1,558,909
138,296
Interest earned
securities
-~
$9,899,273
3,504
Depreciation of fixed properties—
Amort, of leasehold improvements
on
769,500
selling and
incl.
taxes
expenses,
than
other
1936
1,452,928
$153,277,168 $128,137,884 $105,983,807
___
goods
general
2,299.629
Eaminos—•
Montgomery Ward & Co., Inc.
6 Months Ended
Net sales.
of
$362,331
242,693
146,954
1—
2,997,877
Cost
1933
$300,884
177,373
71,483
2,615,776
1,564,609
761,834
181,695
and
invest
(net)
Dr922
r
47,081
149,466
.
$9,901,856
Provision
for
Provision
for
Federal
705.439
.
Net profit carried to surplus
on class A stockcommon
Earnings per share
560,000
$4,349,766
1,-763,598
$4,158,695
705,439
2,739,002
$1.40
$0.80
1.77
surtax
stock
on common.
1,000,000
$7,101,856
Dividends
on
$4,718,695
926,500
and
undistributed profits-
Dividends
$5,276,266
1,800,000
Federal
income taxes
_
_
Consolidated Earned Surplus Account for the 6
Balance Jan.
31, 1936
Months Ended July 31, 1936
—
—
Net profit for the six months ended July 31,1936
Total.
declared
the
on
Earnings—
1936
August—
Dividends declared
The
share
per
$27,131,934
7,101,855
257,293
Minneapolis Brewing Co.—Initial Dividend—
payable on Oct. 5.—V. 143,
cents
sto^k, payable Oct. 31 to holders of record Oct. 16. This compares
12H cents paid on July 31 and April 30, last.—Y. 142, p. 3005.
Profit
Requests Reduced—
opinion handed down Sept. 29.
Fees allowed amounted to $380,000 and expenses allowed amounted to
$104,000.
Allowances requested had amounted to more than $1,600,000,
in addition to which there were a number of petitions in which no amount
was requested but the Court was asked to fix the fee.—V.
142, p. 1993.
Net after rents
1,276,976
—V. 143, p. 2058.
an
1936
$138,120
69,192
50,023
1933
$6,589,508
-V. 143, P. 1406.
Requests for fees and expenses presented by attorneys and committees
In the reorganization case were reduced sharply by Federal Judge Wilkerson
Valley RR.
$2,651,047
$6,541,711
1,229,254
508,506
Net after rents
-Y. 141, p. 1444
no par
Middle West Utilities Co.—Fee
Midland
def$915,254
Earnings-
1936
$7,854,240
2,050,427
August—
From Jan.
Aug. 1 and May 1, last.
Dividends of $1.31 % and $1.12J^ per share,
respectively, were paid on Feb. 1, last, and on Nov. 1, 1935, while in each
of the six preceding quarters dividends of 873^ and 75 cents per share,
respectively, were paid. Prior to then regular quarterly dividends of $1.75
per share on the 7% preferred stock and $1.50 per share on the 6% pref.
stock were distributed.—V. 143, p. 928.
August—
544,413
102,778
def4,965
—V. 143, p. 1564.
August—
Advances from af-
The directors have declared dividends of $1.75 per share on the 7%
cum. pref. stock,
par $100, and $1.50 per share on the 6% cum. pref.
stock, par $100? Both dividends are payable on account of accumulations,
on Nov. 2, to holders of record Oct. 15.
Like distributions were made on
Gross from railway
Net from railway
629,917
138,181
38,728
—V. 143, p. 1406.
$400,000
«t$400,000
Michigan Public Service Co.- -Preferred Dividends
in
$89,559
28,526
16,152
1934
1935
Capital stock
9,151
Represented by 500,000 shares,
1933
$82,008
9,772
def5,556
From Jan. 1—
Gross from railway
Gross from railway
Total
1934
From Jan. I-
$5,744,191
Liabililies-
$403,699
150,000
253,132
RR.—Earnings—
Net after rents.
$461,956
1,225
150,000
253,062
Net after rents
5,763,998
1935
Assets—
Leases & equipm't
12,500
21,088
1724.
Gross from railway
Net from railway._
r.vv----
-
Consolidated Balance Sheet Dec
Invest,
prof$4,103
5,109,996
18,692
___
Applic. to reduc.in stated
capital author—May
24, 1934
1936—12 Mos—1935
$2,958,596
$2,700,202
1,937,456
1,816,507
108,200
73,200
603,584
596,225
common
—
deductions
def7,069
Missouri Portland Cement Co.—Dividend Doubled—
$140,534
43,256
—
Previous deficit
5,624
$26,107
_
August—
with
Abandonments
396,772
28,654
def23,093
12,500
21,088
Gross from railway
Net from railway
The
tal assets..—_____—
427,720
37,283
From Jan. 1—
Miscell. interest earnings
Total loss
$62,085
11,937
—V. 143, p. 1888.
1932
1933
$5,900
66,253
$71,500
12,000
8,462
Operating loss
Profit
1934
1933
$55,493
2,604
def2,653
Less interest canceled per
ment bond interest.
Calendar Years—
461,463
68,433
20,793
1934
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Aug. 31—
Net from railway..Net after rents—
Agree, of purch. of
timberlands
1888.
—Y. 143, p. 1406.
Missouri Illinois
$
Accts. & notes pay.
d Reserves
Total
1934
Bank loans..
696,767
trustee for bond¬
holders.
'
$46,810
of
hands
$4,397,823
1—
Gross from railway
Net from railway
-V. 143, p.
1935
S
$
S8.120
1,146,540
663,222
rec_
597,142
153,637
96,075
Net after rents
Balance.
Consolidated Balance Sheet Dec. 31
1934
16,015
1935—$66,8 /
12,745
8,600
23,971
Int. & other fixed charges
$652,502
397,041
$355,088
355,088
depreciation and depletion
1936
$84,515
Gross from railway
Net from railway
Prov. for retirement
1935
$746,624
—
1935
Cash
3,586,104
$3,943,945
$473,923
profits imposed under the Revenue Act of 1936.—V. 143, p.
Oper.
Accts. & notes
275,809
375,936
435,781
Cr46,841
279,100
3,711,686
Mississippi Power Co.—Earnings—
Massey-Harris Co., Ltd.—Meeting Further Adjourned—-
for
$285,053
August—
dividend of 23
Sept. 30.
The bondholder's meeting to vote on changes in sinking fund provisions
scheduled for Sept. 28 was further adjourned to Oct. 26 owing to lack of
reserve
$7,900,662
$9,125,261
1,073,649
Mississippi Central RR.— -Earning s-
cents per share, payable
This payment compares with 21
cents paid on. July 20, last; 22 cents paid on April 30, last; 27 cents paid on
Jan. 20, last; 20 cents on Oct. 21, 19 cents on July 20, 21 cents on April 20,
1935; 24 cents paid on Dec. 31, 1934; 19 cents per share paid on Sept. 29
and June 30', 1934; 21 cents per share paid on March 31, 1934, and Dec. 30,
1933; 19 cents per share on Sept. 30 and June 30, 1933, and 20 cents per
share on March 31, 1933.—V. 143, p. 593.
Less
,
2058.
Massachusetts Investors Trust—23-Cent Dividend—
The directors
Balance---
_
Note—No deduction included above for estimate of surtax on undivided
Marchant
to
_
1-752
See list given on first page of this department.- -V. 143, p.
20
4,994,241
575,498
109,725
1936—8 Mos.—1935
1936'—Month—1935
Aug. 31—
...-$1,415,307
$1,205,577
396,181
178,903
Cr219,429
Cr76,379
Other income—net
28,671
53,674
Int. on funded debt
475,812
460,628
revenues
Net deficit
Oct.
201,868
—212,416
1406,
p.
Period End.
Total
New York
&
4,777,031
295,975
—147,910
4,650,742
Net railway revenues
Net after rents
EXCHANGE
15 Broad Street
1933
$743,228
146,901
88,715
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
Eastman, Dillon 8 Go.
MEMBERS NEW YORK STOCK
143,
1934
$828,845
161,722
110,735
.
5,930,297
1,221,457
500,316
Net after rents
.
—V.
TRADING
167,488
From Jan. 1—
Gross from railway
Net from railway
CAROLINA POWER & LIGHT
1935
'
$763,321
175,667
103,791
1936
$889,809
274,138
railway
Net from railway
Net after rents
First 5s due 1957
On
per
common
on
—$34.233,790
705,439
class A stock
stock
2,739,002
share
Balance, July 31,1936
—
$30,789,349
Volume
Financial
143
2217
Chronicle
1935
1^3,554
$1,094,587
Self-insured losses incurred
177,044
.
$917,542
—
v
Other
1935
y
209,576
1,520,376
47,470
26,034,099
61,634,631
277,377
Due
5,617,079
4,945,982
U. S. Govt. sees.
Other securities.
Receivables
Inventories
89,938
37,737,498
68,168,360
Investments...
Prepd. costs, &c
Notes
7,261,868
8,048,302
.180,864,846
Total
8,560,735
customers.
Com. div. pay..
913,001
Accrued
Net
&c.
10,492,795
917,543
5,424,360
904,876
surplus.
30,789,349
18,659,829
Dr252,677
Dr252,677
expenses,
Reserves
zTreasury stock
Total
180,864,846 158,468,858
...
(& Subs.)—Earnings—
■1
.
y$265.718
Balance.
$5,554,422
33,992
96,015
$6,111,031
2,483,303
$421,305
207,674
$469,831
204,113
Gross corp. income—
$5,650,437
2,515,164
1,135,273
536,331
1,627,728
718,335
y$213,631
Property retirement raserve appropriations
x Dividends
applicable to preferred stock
period, whether paid or unpaid
350,404
1,280,257
900,000
for
956,557
Muirheads Cafeterias,
b After reserve for depreciation
Feb. 28 '33
$14,412
$17,086
24,000
30,000
30,000
$15,588
$12,914
re¬
3,449
$18,833
$21,409
loss.
Balance Sheet
$6,348
Accounts
39 ,158
35,696
Accr'd expenses
5 ,000
7,000
Preference
y
Prepaid tax rects.
9 ,960
9,754
revenue
9, ,234
9,754
Capital assets
Leases, tr. names,
212 ,799
150,000
$453,765
Inventory
Prepaid
:
•
x
goodwill, &c
—
After depreciation
sented by
78,710
Capital
account
1935
$3,133,403
2,144,376
$1,210,049
248,006
-
Operating expenses, maint. and all taxes
$989,026
244,564
i
Other income.
revenue
oper.
Gross income
$1,458,055
300,000
:$1,233,591
$1,158,055
12,000
482,011
368,567
$256,152
$1,326
Fedral
Rent for lease of electric property
Interest on funded debt
Amort, of debt discount and expense.
Other interest (net)...
......
Other income deductions—
Net Income
—
Before
as
$47,404
Mount
'
—
—
—•
».
W
4,891
Balance Sheet Dec. 28, 1935
Liabilities—
Assets—
Cash———
a
—w.
$41,546
257,292
...
Receivables
723,978
39,658
113,239
Inventories
Timber and lands
1,519,233
plant and equip.
b Property,
Deferred items
87,951
—
c
e
1934
$130,946
$112,336
$87,454
116
87
$97,222
71,250
1,250
$112,452
71,250
1,452
$87,541
71,250
282
166
94
$24,439
22,268
Operating expenses
$39,584
25,506
$15,224
29,772
.
Gross
income
Interest
on
Federal
taxes
first mortgage
bonds
on
interest
depreciation)
Previous surplus (before depreciation)
Adjustment of 1932 provision for Fed.
taxes on int. paid to bondholders..
Net income (before
__
972
After
$46,707
15,000
2,685
...
Prov. for repairs & renew, of equip..
Provision for repairing bridge
$45,506
20,000
$65,090
25,000
7,822
10,000
Balance Sheet May
Munson
Steamship Line—Obituary—
Bridge & equipm't $3 ,710,510 S3,710,510
Cash
61.997
68,929
30,813
2,646
12,105
fund—.
60,000
45,000
Prepaid insurance-
1,265
Accts. receivable..
2,488
Investments
1st
int.
mtge.
serve
p.
Nashawena Mills.—Earnings—
Dec. 31 '35
Cost of sales and selling expenses
Dec. 31 *34
Dec. 30 '33
$2,988,176
2,954,877
Years Ended—
$3,138,319
3,267,603
$3,375,164
3,163,578
Organiz. expenses.
12~358
4,198
1,186
12,359
Def.cap. stk. taxes
71
42
Prepaid
1936
Class A common
z
Class B common
857,000
701,000
Capital surplus...
100,800
$57,000
701,000
100,800
2,850,000
advertis'g
debt
accr'd
Int.
397
32,656
3,093
3,929
85,845
1st
on
taxes
'
Deferred credit
Reserves
Earned surplus..
x
$3,879,504
Before
z
22,268
Mueller Brass
$3,879,504 $3,856,976
$4,386,803
289,396
775,567
other
90,558
4,147,323
Deferred charges..
3,413
$1,767,837
18,601
4,407,990
15,331
Accounts
payable-
Accrued accounts
$2,291,100
-
.
$7,453
7,905
1934
$775,000
112,835
b60,203
Reserve for procesQiTinp t.QYAa
c
$4,454,259 $5,715,875
After allowance for depreciation of
1934.
b Including processing taxes,
shares.—V. 141, p. 442.
in
1935
Liabilities—
Notes payable
Capital
84,544
stock—I
Surplus
285,144
Nash Motors
660,226
changes
143, p. 1565.
Mullins Mfg.
3,000,000
1,354,356
3,000,000
1,767,837
$4,454,259 $5,715,875
Total
$3,133,653 in 1935 and $3,241,211
c Represented by 75,000 no par
Net profit after taxes
Corp.—Listing—
The Boston Stock Exchange dropped the
class A common stock from the
shares remaining outstanding
and Exchange Commission.
(no par).
1936—9 Mos.—1935
1936—3 Mos.—1935
and
charges (incl. deprec.)
Earns, per share on 2,646,200 shs. cap. stock
.
$177,249 loss$161,878
$0.06
Nil
$603,1371oss$1124095
$0.23
Nil
In discussing prospects for the future, C. W. Nash, chairman of the board,
revealed that the company already has on its books a bank of more than
—V. 143, p. 929.
Mount Royal
Co.—Earnings—
Period End. Aug. 31—
list Sept. 30, 1936, due to the small number of
and pursuant to the order of the Securities
Hotel Co., Ltd.—Earnings—
1933
1932
'
1935
Calendar Years—
Operating profit
Interest, amort., &c
Net
2,021,780
Cr3,000,000
exps.,
income taxes and
Depreciation
949,453
Prop., pl't & eq.
a
x
$6,595,411
$178,628
145,871
$125,136
60,480
27,347
Inventories
Total
1936—12 Mos.—1935
1936—9 Mos.—1935
$3,687,914
$5,177,923
1934
1935
Assets—
Cash
Accts. receivable..
Co.—Earnings—
Gross income.
Net income after
—V.
Total
depreciation,
y Represented by (voting stock) 2,850 no par
Represented by 63,050 no par shares.—V. 141, p. 2122.
Period End. Aug. 31—
est.
$3,856,976'
...
Balance Sheet Dec. 31,
mtge. bonds
Accrued
$1,312,880
$1,767,837
73,8.3
$1,354,356
Surplus
385
32,192
3,120
5,085
100,887
29,022
$1,428,180
Total surplus
Other charges
—
Transf. to surp. acct. from cap. acct.
Other assets
Total
46.290
$523,263 prof$28,665
2,291,100
1,284,215
2,850,000
Bonded
x
shares,
$339,657
1,767,837
...
1935
y
$211,586
136,631
$33,298 loss$129,284
235,593
247,263
100,000
100,000
37,362
46,716
Lossforyear—-.1
Previous surplus
31
-V. 143,
118.
$25,506
$22,268
Accounts payable.
re¬
died on Sept. 24v
—Frank C. Munson, President of the company,
Operating profit for year
Liabilities—
1935
1936
Assets—
$2,782,901
Total
for
Interest
$29,022
750,000
235,709
$5,192.
1, 1936.
Provision for taxes
(before deprecia'n)
May 31-
738,300
_
of
Depreciation
Earned surplus
557.900
Preferred stock
$2,782,901
allowance
Sales, less returns
Total
183,522
6% bonds
doubtful accounts of $25,000 and allowance for
b After reserve for depreciation of $1,889,533.
c Due
Oct.
d Non-current,
e Represented by 7,383 shares of
prior preference 6% cumulative stock, $100 par.
I Represented by 120,000
no par shares.—V. 127, p. 117.
a
discounts
510
Provision for interest reserve
49,000
6% bonds...
payable
43,492
Refunds to bondholders of State taxes
paid
518
9,606
10,400
Earned surplus
Total
Net operating revenue.
Non-operating income
23,156
43,701
Federal taxes
for
f Common stock.
1935
$159,760
47,424
1936
$138,668
42,797
—
$35,079
2,177
143,831
1st mtge.
d Notes
1st mortgage
$95,871
1,351
Gross operating revenue
'
Notes payable
.
Trade acceptances payable..
Accounts payable
Salaries and wages
—
Officers' and employees' accts.
Accrued taxes..
Accrued interest, &c
Prov.
Hope Bridge Corp.—Earnings—
Years Ended May 31—
$81,849
income tax
Net profit.
12 months ended Aug. 31,
to
83,218
131,672
16,344
341,994
1935 provision for amortiza¬
tion of debt discount and expense and as to 12 months ended Aug. 31,
1936 before provision for amortization of discount and expense on first
mortgage bonds.—V. 143, p. 1565.
x
$313,084
(net).
I
Other assets——
x
$556,319
243,235
85,921
132,869
6,200
expenses.
1,637,900
$515,870
243,475
$272,394
Other deductions
1,802,296
.
Manufacturing profit
Selling and administrative
12,000
504,811
2,850
399,893
5,147
—:
Dec. 28, '35 Dec. 31,* 34
$2,318,166
$2,194,219
*
$891,597
—
Repre¬
shares.—V. 141, p. 2896.
__
Depreciation
(beforei'
and other income
appropriation for retirement reserve)
Appropriation for retirement reserve
Net
$453,765
y
Munising Paper Co.—Earnings—
Cost of sales
1936
-
67,978
$437,387
in 1935.
Total
of $148,907 in 1936 and $125,000
no par
33,805
67,753
impairm't
Net sales.
$3,527,491
2,317,442
12 Months Ended Aug. 31—
Operating revenues
480,205
51,752
Deficit
and
exps.
accrued
Years Ended—
Co.—-Earnings—
Mountain States Power
shares.
150,000
$437,387
6,549
55,420
480,205
Common shares .
235,212
$12,084
7,339
55,920
$14,717
payable-
$11 ,234
Investments
Feb. 28 '35
Feb. 29'36
Liabilities—
Feb. 28 '35
Feb. 29 36
Assets—
Cash...
x
Before property retirement reserve appropriations and dividends.
x Regular dividend on $6 pref. stock was paid on Aug.
1, 1936. After the
payment of this dividend there were no accumulated unpaid dividends at
that date.—V. 143, p. 2,-58.
Feb. 28 '34
$8,617
_
Comparative
$1,643,351
y
Feb. 28 '35
$2,590
24,000
earnings
Prov. for depreciation.
Net
Ltd.-—Earnings—
Feb. 29 '36
Years Ended—
Net
955,591
$1,952,836
......
10,637,688 10,589,157
Total
and $2,545,000 in 1934.
c Including other accrued
charges,
d Represented by 68,148 6% cum. pref. shares of $100 each,
$6,814,800; 103 8% cum. pref. shares of $100 each outstanding, convertible
into 103 shares 6% cum. pref. shares of $100 each, $10,300; $600 8% con¬
vertible deoentures outstanding, convertioie into si.^ 6% cum. pref.shares
of $100 each, $600: total, $6,825,700; and 60,000 common shares of no
par value (no stated value).—Y. 141, p. 282.
Total
Balance....
303,949
900,000
Special repairs and
placements, &c
$6,077,039
$414,173
7,132
$466,237
3,594
Interest & other deduct.
1,179
3,560,000
6,825,700
57,907
3,935
After reserve for doubtful accounts,
a
1936—Month—1935
1936—12 Mos.—1935
$993,144
$871,288 $12,252,548 $10,768,413
526,907
457,115
6,175,509
5,213,991
from oper
rev.
1,267
3,560,000
wages.
debt
Cap. stk.& debs. 6,825,700
of $2,745,006 in 1935
[American Power & Light Co. Subsidiary]
Cither income (net).!
d
10,637,688 10,589,157
Total
352,719
taxes,
x After
depreciation of S18.842.007 in 1936 and S17,118,580 in 1935Represented by 205,000 no par shares of $7-class A and 4,565,004 no par
common stock,
z Represented by 3,446 shares class A stock no
par.—V. 143, p. 1724.1^;;.
Period End. Aug. 31—
Unclaimed
Funded
7,537,762
1,631,537
Deficit
y
Operating revenues
Oper. exp. & taxes
clnt. due&accr..
1,616,394
Class A dlv. pay
1,857,417
352,720
*
7,347,199
Goodwill
shares of
Montana Power Co.
investments
Deferred charges._
12,592,079
158,468,858
contracts, &c.
S
$
payable.
Accts.
Earned
land
and
31,570
62,851
3,935
b Fixed assets
Capital stock.123,202,620 123,202,620
41.084,272
14,876,347
Land, pl'ts.&c. 42,567,713
19,212,813
Cash....
1935
1936
Liabilities—
x
772
recelv—
Prepaid oper. exp.
Consolidated Balance Sheet July 31
1936
88,639
1,765
33,228
Acc'ts receivable
a
Inventories
$
72,789
129,489
117,766
132,954
Accounts payable,
35,424
299,836
74,756
Bonds & stocks
S
Liabilities—
46,430
234,687
Cash
Acer. int.
Bafar^e, July 31,1936
S
Assets—
1934
1935
1934
$
$971,032
Provision made by charges to income account.
31
Dec.
Balance Sheet
—
loss
1934
$90,974
242,254
200,000
$23,958
244,012
200,000
loss$22,577
246,256
200,000
$151,489
247,666
200,000
$351 280
$420,054
$468,833
$296,177
24,000 orders for its 1937 line of cars, 14,000
remainder for shipment prior to Jan. 1.
the
for immediate shipment and
This assures the company
months, the best period in more than five years,
without consideration of the normal flow of orders during these months.
He reported expenditures of approximately $2,000,000 for new dies,
tools and machinery to permit production of a completely re-styled line of
Nash Ambassador and Nash LaFayette cars for next year and outlined
three consecutive 8,000 car
Financial
2218
in news-
advertising and promotion plans which will put another million
Eaper and magazine advertising, billboards and a cost-to-coast radio program
ehind them and the announcement and post-show selling season just ahead.
you are out to win," he told the board, "you can't afford to
We have started this ball rolling and we're going to keep it going.
"When
coast.
distributors' convention in the history of
of the new line not with
big year ahead for the
for Nash."
We have just closed the largest
the company.
These men have given endorsement
words but with orders for cars.
I see another
industry and
a
President
bigger year
Resigns—
Resignation of B. H. McCarty as President and director of this company,
some time before the end of the fiscal year, Nov. 30, was announced
effective
of the Board. No successor has been
McCarty's retirement and no
by Mr. McCarty as to his future activities.—V. 143,
Sept. 30, by C. W. Nash, Chairman
on
appointed pending decision as to date of Mr.
statement
was
issued
p.595.
IQIa
1Q**3
$931,111
—2,181
—62,357
$1,036,342
$1,059,560
109,672
41,068
9,072,229
1,124,862
688,687
railway
8,140,288
8,658,474
1,310,942
788,818
8,362,491
1,356,460
921,544
Co.—To
Reduce
$1,215,559
218,995
167,329
_
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
143, p.
subject to the approval of the Court, entered into an underwriting agree¬
ment with F. J. Young & Co., Inc., providing in substance for the issuance
and sale by the debtor to F. J. Young & Co., Inc., of $800,000 first mortgage
6% convertible bonds and 19,000 shares of common stock, for an aggregate
purchase price equal to 94% of the bonds, plus int. to date of delivery.
The debtor has filed a petition with the Court, asking its approval of
the underwriting agreement, and, as required by the underwriting agree¬
ment, approval of the certain modifications of the plan of reorganization
as amended May 7, 1936, and confirmed by an order of the Court entered
June 8,1936.
The Court, by order entered Sept. 25, has fixed Oct. 7, 1936 as the final
date by which any creditor or stockholder who shall previously have ac¬
cepted the plan of reorganization may withdraw his acceptance.
The Court has fixed Oct. 8, 1936 as the time of the hearing to consider
the underwriting agreement and proposed modifications.
The plan, if amended and approved by creditors and stockholders, will
provide that for each $100 principal, general creditors will receive, in ad¬
120,046
51,946
1935
1936
August—
Gross from
667,599
191,113
Oct. 3, 1936
dition to a 5% income debenture, 1H shares of the new $5 par common
stock; each present preferred stockholder will receive 2 1-5 shares of new
common stock for each
one share of present preferred stock,
and each
common stockholder will receive one share of new common stock for each
Nashville Chattanooga & St. Louis Ry.—Earnings—
Net from railway
Net after rents
Chronicle
share of the present common
National Refining
stock.—V. 142, p. 4028.
Co.—Readjustment Plan—
A capital readjustment plan designed to clear up
$26 of unpaid accumu¬
$8 preferred stock and lower the rate will be presented to
a special meeting to be held in the near future.
proposed to offer to present preferred holders 1 1-3 shares of $6
lations
the
on
stockholders at
It
1565.
is
cumulative prior preferred stock, % share of common and $6 in
for each share of the $8 preferred, which is non-callable.
would represent an initial dividend on the new preferred
the quarter beginning July 1, 1936, and thereafter dividends would
no-par
National
Acme
Extend Maturity Date
Bonds,
Outstanding
43^%—
and Reduce Interest Rate to
cash in exchange
The $6 payment
for
Company has outstanding $1,577,000 first mortgage 6% sinking fund
gold bonds.
Company now desires to reduce still further the principal amount of
mortgage bonds outstanding to $750,000 to extend the maturity date from
Dec. 1, 1942, to Dec. 1, 1946, and to nrovide for an interest rate of 4M%
as well as to make certain changes in the si iking fund and redemption price.
In lieu of creating a new first mortage securing an issue of $750,000 of
% sinking fund bonds maturing Dec. I, 1946, the company offers to the
holders of its outstanding bonds the right to turn in bonds in order that
there may be affixed thereto a supplemental agreement and new coupon
sheets; the bonds to continue to be secured under the same first mortgage
dated Dec. 1, 1927.
Any bonds not accepted by the company for such ex¬
tension will be redeemed and paid in cash on Dec. 1, 1936, if such offers
shall be made by bondholders and accepted in whole or in part by the
at the rate of $6 per year.
In addition, stockholders will be asked to approve a change
stock from $25 par to no-par value.—V. 142, p. 3861.
accrue
National Rubber Machinery
period commencing Dec. 1, 1936, and $100,000 per annum for the second
years of said 10-year period; said sinking ufnd to be payable semi¬
annually March 1 and Sept. 1, commencing March 1, 1937.
(3) An interest rate of 43^ % per annum, payable semi-annually on June
1 and Dec. 1, which will be evidenced by new coupons.
(4) A redemption premium of 2
of the principal amount for the year
commencing Dec. 1, 1936, less 34 of 1% for each year thereafter, until
maturity.
As there are now outstanding $1,577,000 bonds, and as the proposed
extension of bonds is limited to $750,000, it will not be possible for the
holders of all the company's bonds to receive the extended bonds; in fact
less than one-half the outstanding bonds will be subject to such extension.
In the event holders of bonds desire to have their bonds extended in an
amount in excess of the $750,000 of bonds to be outstanding after the offers
have been accepted by the company, allotments will be made by the cornpan v in its absolute discretion, in proportion, to the extent deemed prac¬
ticable, to the respective holdings of bondholders so sent in for extension.
Bonds not extended, in the event of the acceptance of the offers by the
company, will be called for redemption and paid on Dec. 1, 1936, in cash,
at the redemption price of the principal amount thereof plus the premium
of 234% provided in the mortgage.
Upon such call for redemption on Dec. 1, 1936, all bonds will be delisted
from the New York Stock Exchange, but the company will, in due course,
make application for the listing with the New York Stock Exchange of the
763,191
Selling
Net loss
75,662
ary.—V. 143,
p.
deposit¬
Ohio,
1238.
Co.—-Registrar, Etc.—
City Bank Farmers Trust Co. has been appointed as registrar for 60,000
of 5% cumulative preferred stock series A and 672,200 shares of
shares
common
stock.
The Chase National Bank, New York, has been appointed
for
the
transfer agent
preferred
stock, undesignated series, $100
par value; common
value, and 5% cumulative preferred stock, series A $100 par
value, with common stock purchase warrants attached.—V. 143, p. 2059.
stock
./
National Department1
$81,382
Stockholders will hold a special meeting on Oct". 9 to ratify"the election of
board of directors and the granting of various options to the management
to
V.
purchase common stock
143, p. 2059.
as
provided in the plan of reorganization.—
National Lumber & Creosoting
Net loss for the year.
1935
Assets—
Cash
&
1934
$76,820
receivable (net)
194,869
142,186
-
$38*406
expenses.
Capital stock
Earned surplus.__
1,161,950
69,270
1,134,200
156,126
Capital surplus...
206,782
206,782
Accrued
x
28,125
Inventories
133,682
102*863
Investments
32,632
149,532
78,913
14,631
1,036,882
$371,490
70,546
75,896
$250,025
58,134
_.I"I
Amortization of debt discount, cash discount, &c__
Depreciation and depletion
189,628
34,422
162,595
$873
on
disposal of capital assets
__
36,292
Net loss for the year.
—
.
-
mm
*,
Land, bldg., mach.
and
equipment.
1
Patents, Ac.
Total
Represented by 118,920 no-par shares in 1935 and
Total
x
5,869
7,293
Deferred charges..
$1,607,665 $1,559,510
National Stieel Corp .—-Earnings—
Co. & Subs.
Gross sales less discounts, returns and
1935
1934
Investments
61,233
Sinking fund deps.
60,632
m.
m.
ser.
allowances
AcctsA notes
Due from allied
x
353,814
rec.
266,857
Accounts
cos
2,640
4,782
contracts
12,145
Crl,227
Inventories
1,206,631
1,052,546
Adv. fr. allied
Adv.
z
on
1934
$1,618,500
10,995
446,696
and accrued llab
166,898
6,554
2,352,743
413,800
cum. pref. stk.
413,800
capital
3,858
58,691
and earned surp.
2,867,004
x
Total
2,817,496
$7,866,216 $7,730,091
Advances from Wood Preserving Corp. in the amount of $392,748 Plus
thereon at Dec. 31 1935, of $53,947 and at Dec. 31, 1934,
of $33,557
been subordinated by that company to the interests of
Creosoting Co. 5H% 1st mtge. serial gold bonds
deposited under an extension agreement dated March 25, 1933, a subse¬
y
After
reserves,
z
Not current.—V. 141, p. 2284.
Fireproofing Corp.—Underwriting Agreement
Creditors and stockholders
are
notified that
on
92,842
15,500
68,038
13,817
15,500
2,034,100
68,038
1,731
2,034,100
1,815,285
211,883
$10,003,171
$6,652,013
funded debt
"Net
income.
Corp. carries on its own books the reserve for inter¬
company profits on sales between subsidiaries, and increases in that reserve
have been charged to its profit and loss account.—V. 143, p. 1889.
a
Steel
National
National Union Radio
April 30—
Corp. (& Subs.)—Earnings—
1936
$489,454
402,102
5
1933
16,226
388,942
60,537
103,278
15,988
$393,500
380,224
109,630
104,628
16.977
$93,226
$92,724
$217,960
$520,645
432,302
61,279
* 105,762
104.064
10,602
$90,434
Depreciation
Exps. of non-oper. prop.
1934
1935
61,421
profit
Sell., adm. & gen. exps.
Net
loss.
$476,022
Consolidated Balance Sheet April 30
1936
Assets—
Cash
a
NotesAaccts. rec.
Inventories
1935
$77,844
204,754
520,214
$128,679
190,626
437,424
1,059,294
1,045,599
Invest. A advs__
29,286
Deferred charges..
20,031
24,563
26,766
154,618
Goodwill, Ac
154,618
Sept. 24,1936 corporation,
1936
Liabilities—
Notes
payable
Accounts payable.
Acer, exps., &c
Real est. mtges
Reserves
Loan
...
payable
f Preferred stock..
Com. stk. ($1 par)
Deficit
have
National
200,000
'
profits taxes
the National Lumber &
quently modified,
a237,768
108,717
Losses on capital assets
Provision for contingencies
Amortization of bond discount and expense
b Fixed assets
$7,866,216 $7,730,0911
$9,269,819
48,783
for inter-company profit in
inventories of subsidiary
Carrying ore reserves, idle property and equip.,
&c., exclusive of taxes
Payments on option for purchase of land
c
Total
reserve
2,292.058
1,751
1,130
41,984
items
Other def'd Items.
$14,351,473
charges—affiliated companies
on
8*906
$13,144,366 loss$432,051
1,207,106
9,701,870
69,971
8%
196",548
~
148,001
Total income
Onterest
90,963
140,073
Com. stk.,
accounts
12,443
3,510,996
charged off
payable
Reserves
270,271
426,306
Due to allied cos..
timber
Sundry notes and
Prepaid
cos
117
4,123,898
849,398
—
Provision for
$73,619
29,951
eliminated)$107,179,841
85,390,618
Deparciation, depletion and amortization
Taxes (other than income taxes)
Management and service contract fees
Selling, general and administrative expenses
Provision for doubtful accounts and accounts
Interest
gold bonds.$1,479,000
4,446
338,996
_
Co. Only
Cost of goods sold and operating expenses
Maintenance and repairs
:
Gross
1935
mtge.
Pur. contr. obllg
17,382
379,584
Cash
y
Liabilities
first
5H %
Parent
Consolidated
12 Months Ended June 30—
Years End.
Assets—
$1,607,665 $1,559,510
113,420 no-par shares
in 1934.—V. 143, p. 1565.
Provision for estimated Federal income and excess
31
Prop., plant & eq.$5,783,115 $5,938,755
23.995
1,085,545
Other assets
$5,127
Total income
Loss
1934
$132,500
18,228
18,934
Notes payable
Accounts payable-
accounts
Marketable securs.
$227,303
22,721
Interest
27,979
1935
Liabilities—
1934
v
$77,330
Notes
Interest
1935
$358,015
13,475
Other income.
23,571
Consolidated Balance Sheet Dec .31
Miscellaneous deductions
Co.—Earnings—
Calendar Years—
$123,038
Net loss from operations.
Other income
Stores'Corp.—Special Meeting—
$91,359
31,679
Non-operating charges.
Profit
-Chairman Resigns—
Merlin Hall Aylesworth announced on Sept. 25 his resignation as Vice
Chairman and a member of the board.
On Jan. 1 he resigned as President, a position he had held since the
organization of the company in 1926.—V. 142, p. 2508.
$86,951
$62,144
19,238
Other income.
no par
^National Broadcasting Co.-
13,788
$66,681
-17,173
12,635
sales.
on
(inter-plant and inter-company sales
National Bond & Investment
/107,312
.
Deductions from income.
bonds.
before Oct. 24, 1936, by Cleveland Trust Co., Cleveland,
$221,185
87,744
109,538
110,853
expenses.
General and administrative expenses
Development and experimental expenses.
It is necessary for bondholders who desire to make the above offer o:
extension to take action so that their bonds shall have been received oi
or
884,461
$130,081
,
extended
1934
$1,105,646
1935
$893,273
Cost of goods sold
(lj A sinking fund ofof Dec. 1, 1946.
A maturity date $25,000 per annum for first five years of the 10-year
five
Co.—-Earnings—
Calendar Years—
Net sales
company.
A cash payment
of 2K% of the principal amount of all bonds accepted
for extension will be made to the holders thereof by the company.
The supplemental agreement provides:
in the com¬
mon
Total
$2,066,044 $2,008,277
Total
$69,000
193,246
132,760
100,000
d58,527
1,000,000
500,000
418,953
406,443
1935
$102,363
170,470
112,500
e20,000
1,000,000
500,000
418,953
316,009
$2,066,044 $2,008,277
reserves,
b After reserve for depreciation of $782,599 in 1936
$741,855 in 1935.
c To affiliated company,
d For tube replace¬
premiums,
e For contingencies,
f Represented by 10,000
shares of $5 preferred stock, no par, non-cumulative to May 1, 1935,
cumulative thereafter.—V. 140, p. 4242.
a
After
and
ment and sale
Volume
Nehi Corp.
Calendar
Financial
143
1934
1935
$1,026,373
468,009
476.141
374,471
328,278
Cost of sales
Sell. & admin, expenses.
Net income after all charges and
1932
1933
$1,294,012
Net sales
$735,248
381,239
$648,382
250,888
252,277
$349,861
$323,623
14.518
Additions to income
Total income
off
$333,823
37,334
$364,379
37,217
__
Deductions from income
Allowance for
10,200
Joss$16,048
2,659
$152,071
35,126
loss$13,389
79,677
charge
or
Net income for year..
$258,570
$275,377
320,333
Inventories
875,379
Other assets
53,744
846,764
25,595
$91,270 loss$162,082
$0.77
.
Nil
Nil
$0.88
237,599"
631,109
54,157
808,059
^
&c.__
54,066
bl0,304
Res.
Prov.for inc. taxes
316,241
2,039,648
Goodwill, &c
4,112
unsettled
tax claim
$5.25
6,965
336,730
2,039,648
equipment.
d Fixed assets
for
9,945
2,230
58,473
Cust. credit bals._
Bottling machinery
9,604
cumul.
1st
preferred stock.
$8
cum. conv.
1,496,250
1,496,250
pref.
700,000
700,000
150,000
150,000
Deficit
830,750
163,365
f Treasury stock..
176,000
830,750
339,216
176,000
Common stock..
e
Capital surplus
Total...
After
...$2,902,831 $2,688,129
doubtful
allowance for
in
$86,724
$2,902,831 $2,688,129
Total
and
notes
of $84,963
in 1935
For resale,
accounts
1934.
b Includes advertising material,
c
depreciation of $319,623 in 1935 and $289,421
12,523
109,297
27,645
Assets—
New England
Confectionery Co.—Bal. Sheet Dec. 31-
Claim
for
575,936
561,255
1
37,800
13,672
39,643
After
141.
p.
New
England Power Co.—Bond Issue Proposed—
The company has petitioned the
bonds presently to be issued shall
of $1,040,323 in
depreciation
1447.
$1,329,241 $1,298,978
$1,019,893 in 1934.—
1935 and
|
Profit from
Other
$195,006
251,048
$47,910
6,150
loss$56,042
12,231
$54,060
6,828
8,964
12,890
loss$43,810
5,969
$25,377
Expenses
loss$64,401
27,530
operations-
income
Gross
income
Taxes, other than Federal income..
Provision for Federal income taxes.
Other income charges
....
Net income for the year
Dividends paid
Earns, per sh. on 110,120 shs. of cap.
Dec.
135,775
$303,709
27,678
91,292
135,810
.173
4,429
33,356
Period End. Aug. 31—
Operating revenues
Net ry. oper. income—
-
a
Notes & contr'ts
a
Acc'ts receivable
9,796
93,161
Inventories
Notes
b
&
Accts.
Life insurance...
$9,122
$6,872
5,979
payable..
Accrued
taxes
Acer. Fed.inc.taxes
5,224
stock
Earned surplus
8,964
50,000
50"666
550,600
481,708
Res. for conting..
f Capital
accts.
receivable
c
e
Ry. System—Earnings—
1936- 8 Mos.—1935
1936—Month—1935
$874,545
$763,616
22,309
def27,820
$8,103,647
683,178
$6,658,008
332,391
Gross from railway
1936
$128,883
Net from railway
Net after rents
defl,605
def6,704
August—
1933
1934
1935
$147,738
20,686
$117,545
2,727
21,142
175,990
320,652
425,777
27,333
$90,750
def8,623
14,090
872,105
97,351
220,511
From Jan. 1—
Gross from railway
Net from railway.
1,353,278
1,149,280
342,215
246,708
279,462
340,012
Net after rents
—V.
143, p.
1566.
New York Central
RR.—Earnings—
1933
1936
1935
1934
$29,938,319 $24,920,283 $24,014,857 $27,423,036
8,328.806
5,548,686
5,647,932
7,703-324
4,403.736
2.762.139
2,324.476
4,379,509
August—
Gross from railway
Net from railway..
From Jan. 1—
95,753
7,450
283,524
$446,610
bear.—V. 142, p. 1298.
New Orleans Texas & Mexico
Net after rents
1934
1935
30,832
79,562
4,008
267,004
Cash
Nil
31
Liabilities—
1934
1935
Assets—
14",621
"$0.23
stk. ($5 par).
Balance Sheet
,
The Department will hold a hearing Oct. 8,
approval of the rate of interest which the
Earnings of Company Only
1934
1935
$387,722
339,812
—
Mass. Department of Public Utilities
for authority to issue at not less than par $10,067,000 of bonds .proceeds
to be used to refund a like amount of outstanding first mortgage 5% sinking
(Herman) Nelson Corp., Moline, 111.—Earnings—
Calendar Years—
Gross profit from sales
$4,336,573 $4,439,48
Total
..$4,336,573 $4,439,488
Represented by shares of $100 par.—V. 141, p. 122.
fund bonds, due July 1, 1951.
when it will hear requests for
Total
50,600
2,286,426
2,201,605
deposit
137,123
$1,329,241 $1,298,978
Earned surplus
2,579,883
20,195
146,300
154,078
184,341
...
for taxes
30,618
x
146,321
payable
2,000,000
Prov.
155,285
securities..
Total
x
$ 1,144,900 $ 1,144,900
$71,843
Capital stock— 2,000,000
49,492
Capital surplus...
263,708
$743,859
271,695
Profit and loss
V.
1934
1935
Liabilities--
Notes and accounts
1934
$70,601
14,875
Accts. pay. & accr.
$347,394
$273,934
Acc'ts receivable..
315,159
Inventories
640,536
Investments
506,769
Real est. & equip. 2,487,818
Notes and stock..
16,587
Goodwill, &c
1
Treas. stk. (at par)
50,000
1935
Liabilities—
1934
1935
Cash
x
Capital stock
170,785
def 16,484
def40,655
def4,098
—V. 143, p. 1566.
$725,809
301,826
Manufac'g <fc mdse.
Cash, accts. ree'le
and
1934
1935
def 1,131
229,168
51,330
29,936
10,269
239,456
49,029
'
"
1933
$21,491
$34,447
10,711
7,871
1—
Total
Land, bldgs. and
machinery
1,081,717
1934
1935
$35,564
12,734
357,445
149,953
rents
From Jan.
13,672
x
1,173,263
$2,336,812 $1,937,382
Total
Gross from railway
Net from railway.
Net after
32,097
Mfg. Corp.- -Balance Sheet Dec. 31
702,400
Common stocJk &
1936
$45,163
18,076
in closed bank..
Neild
4,300
41,505
702,400
Ry.—Earnings-
Gross from railway
Net from railway
Deferred charges..
allowance for
e
24,289
43", 626
Minority interest,
d Preferred stock.
a
Including certificates of deposit,
b After allowance,
c After allow¬
for depreciation and amortization,
d Renresented by 7% cum. stock,
Represented by 76.956 no par shares.—V. 143, p. 2060.
in
1934.
33,171
ance
Represented by 150,000 no-par shares,
f Represented by 2,500
shares of first preferred stock at cost.—V. 143, p. 2060.
d After
$50,000
nion. oblig'ns
Pur.
$2,336,812 $1,937,382
Total
Assets—
stock
a
Accrued accounts.
22,471
1934
1935
$300,000
73,063
44,458
payable
Accounts payable-
Net after rents
3,831
See b
84,011
723
30,673
Prepaid expenses.
Advtg. material..
$2,684
$661
Acer, taxes, wages,
3,664
..
1934
1935
Accounts payable.
$126,870
109,879
$333,437
98,096
adv
Inventories
and
Deferred charges..
August—
Liabilities—
1934
1935
Receivables
and
Permanent assets
Nevada Northern
Consolidated Balance Sheet Dec. 31
c
Notes
$183,986
b Receivables
69,015
25,675
1936
x$290,002
undistributed profits.
on
Liabilities—
1934
,
$214,996
e
Earns, per sh. on 150,000
shares common stock
Cash
Aug. 8,
to
surplus
21,112
a
1935
,
Cash &c
e
10,119
58,473
Assets—
1
Consolidated Balance Sheet Dec. 31
Assets—•
c
Jan.
Federal income taxes
made of Federal surtaxes
was
uncollectible
of
accts., notes & accept¬
ances
receivable
Federal and State taxes.
Comm.
mention
•
370,057
$145,217
6,854
No
x
a
Operating profit
the Period from
Earnings for
-Eamingsr
(& Subs.)
Year#—
2219
Chronicle
550,600
456,331
.230,970,941 199,219,626 199.359.580 184.762,893
50,940,197
45,575,884
50,633,590
56,634,985
Gross from railway.
Net from railway
Net after rents.
28,323,905
—V. 143, p. 2061.
New
v-
York
21,317,615
19,567,160
21,426,867
—
Calfskin
Butchers
Ltd.—
Association,
Registers with SEC—
See list
given on first page of this department.
Claims agst. closed
banks
Investments
d Plant property..
4L
Pat'ts & goodwill
Deferred charges..
d
p.
Gross
1
-
88,547
36,925
Omnibus Corp.—Earnings—
Month
....$1,106,374 $1,069,027
a
After reserves,
b Officers and employees,
c Cash surrender value,
After reserve for depreciation of $207,688 in 1935 and $189,275 in 1934.
Including sundry accruals,
f Represented by shares of $5 par.—V. 141,
Total
$1,106,374 $1,069,027
Total
e
New York City
of—
operating
revenue
—
Aug. 1936
$551,673
July 1936
$573,311
June 1936
$546,465
Earnings of Affiliated Companies
Madison Ave. Coach Co., Eighth Ave.
Die.
Coach Corp.
Month of August—
1936
1935
1936
Operating revenue
$108,129
$98,356
$135,416
Net income after taxes and charges..
10,395
1,984
22,979
—V. 143,?p. 1725.
1447.
Nevada-California Electric Corp. (&
Period End. Aug. 31—
Gross oper. earnings
Oper.
&
gen.
Subs.)—Earnings
1936—Month—1935
1936—12 Mos —1935
$456,179
$5,678,179
$5,201,119
$470,218
219.407
194,695
2,701,603
2,726,220
$250,811
4,153
taxes
$261,483
$2,976,575
$2,474,898
6,659
42.571
122,431
Total in
come
Interest
-
$254,964
111,274
53,814
$268,143
118,708
.56,116
$3,019,147
1,361,377
602,725
-Depreciation
1934
$190,991
140,957
65,442
$148,159
99,698
29,146
1,865,979
1,441,277
920,563
1,794,279
1,364,910
818,398
1,814,861
1,434,397
846,927
1,884,499
1,513,033
932,209
From Jan. 1—
—V. 143, p. 1409.
•
$2,597,330
1,449,443
645,010
—
Discount & Exp. on sees.
7,176
Profit arising from retire.
of bonds & debs
•Other misc. additions
& deductions
Net from railway
Net after rents
New York Edison
8,288
95,903
102,158
def 1,806
146,406
def 13,467
243,981
&
3,308
1,975
—
36,492
17,481
$228,127
S.916
$608,207
$928,192
Net from railway
—Y.143
Light Co.—$1 Dividend—
dividend of $1 per share on the common
stock, par $25, payable Oct. 15 to holders of record Sept. 30. A similar
payment was made on July 15, last, and dividends of 75 cents per share
were distributed each three months previously.—V. 143, p. 119..
New Britain Machine Co.
(& Subs.)—Earnings-
24,400
_
—
1,081,717
Com.stk.&sur.Dec,31.
$1,173,263
x
1.074,517.
$1,081,717
After doducting cost of mfg., deprec.
5,756,031
1,419,110
820.015
6,511.831
1,914,089
1,288,915
925,320
p.1409.
-Equipment
Federal Judge Carroll C. Ilincks signed an order Sept. 28 giving final
approval to a $3,075,000 issue of equipment trust certificates.
He also
approved a price of 100,273 for the issue by a Boston syndicate with the
Judge Hincks previously had sanctioned the issuance of the certificates
Commission, but reserved final
approval pending the bid by the Boston group.
also endorsed by the Interstate Commerce
Earnings for August and Year
Operating revenues
Net
51,444
Jan. 1.
sur.
6.052,581
1.518,503
851,154*
York, New Haven & Hartford RR.
Trust Issue of $3,075,000 Approved—
99,803
12,292
$7,200 def$203,999 def.$345,127
$91,546
Surplus
6,579,206
1,681,801
50,553
$1,034,846
352,5o6
262,739
New
Period End. Aug. 31—
Rook value of treas. stk.
Com. stk. &
1933
1934
$857,555
189,857
94,540
First National Bank of Boston as trustee.
1933
1932
$7,200 loss$ 179,599 1qss$234,032
1934
1935
$91,546
receivables & invest'ts
Divs. paid cl. A pref. stk.
-Earnings—
1935
$668,470
121,964
103.344
—
Net after rents
New Bedford Gas & Edison
Calendar Years—
1936
$763,218
201,903
From Jan. 1
Gross from railway
The directors have declared a
Net profit for year
Add ! res. for obsoles'ce,
the listing of $30,000,000
1,1966.—V. 143, p. 1239
New York Ontario & Western Ry.August—
Gross from railway
Net from railway
Net after rents
Surplus available for
redeinpt.
of
bonds,
dividends, &c
—V. 143, p. 2060.
x
Co., Inc.—Listing—
The New York Stock Exchange has authorized
1st lien &ref. mtge.3M% bonds, seies E, due April
sold
1933
1935
$203,484
153,902
82,256
Gross from railway
Operating profits
Non-oper. earns, (net)._
RR.—Earnings—
1936
$233,994
185,077
128,560
railway.
Net from railway
Net after rents
&
exps.
New York Connecting
Au ustGross from
1.329,961
1,676,088
$1,074,517
$1,329,961
& repairs, selling & adm. exps., &c.
rev.
from ry. oper._
Net ry. oper income
Net def after charges
a
to
Date
1936—Month—1935
1936—8 Mos.—1935
$6,423,053
$5,779,778 $50,432,345 $46,337,404
1,751,463
1,453,496
11,450,110
12,140,664
a722,439
548,952
a3,226,597
5,429,451
bl43,989
391,113
b4,937,161
2,293,970
The leases of the Old Colony RR. and
RR. were disaffirmed June 1,
Hartford & Connecticut Western
1936, respectively, but
1936, and Aug..1,
Financial
2220
net railway operating income includes the results of operations of these
properties.
b Effective as of those dates, there is no liability for the stated rental
under the Old Colony RR. and Hartford & Connecticut Western RR.
leases, which have been disaffirmed.
No further charges will be made to
New Haven income account for such rentals.
The monthly proportion for
August, 1930,
was approximately
$136,300.—V. 143, p. 2061.
New York & Richmond Gas
Period End. Aug.
Gross revenue
Co.—Earnings—
1936—Month—1935
$94,293
$97,122
xl69,990
202,762
undistributed profits.
Net
income after
31—
Oct.
Northern
Indiana Public
Northern Pacific
taxes.,
1936
Service'Co.—Pref. Div.—
Gross from
Net
railway.
from railway
Ry.—Earnings—
Net after rents
.
-
_
1936
$6,070,513
1,731,526
1,389,863
1935
1934
1933
$5,154,774
1,232,939
1,006,567
$5,763,600
1,694,943
'1,410,234
$4,960,851
1,613,882
1,360,844
37,844,219
5,577,581
3,645,997
August—
on
3,
The directors have declared a dividend of 87 H cents per share on the
7% cum. pref. stock, 75 cents per share on the 6% cum. pref. stock and
68M cents per share on the 5H % cum. pref. stock (all of $100 par value).
all payable Oct. 14 to holders of record Sept. 30.
Similar distributions
have been made on these issues each quarter since and including April 14,
1933, prior to which quarterly payments were made at the regular rates.
There has been no payment on the common stock since June, 1932.—
V. 143, p. 1889.
1936—12 Mos.—1935
$1,200,655
$1,221,552
depreciation, int., &c_
x24,133
27,455
x No
provision was made for Federal surtax
—V. 143, p. 2061.
Chronicle
32,170,197
2,525,885
1,163,193
33,044,301
5,773,740
4,185,232
29,732,442
3,637,083
1,472,641
From Jan. 1—
New
York State
Electric
&
Gas
Corp.—To Sell $13,-
Net from railway
Net after rents
906,000 Bonds—The corporation has filed an amendment with the Securities and Ex¬
change Commission reducing from $17,500,000 to $13,906,000 the amount
of first mortgage 4% bonds covered by the registration statement originally
filed in December 1935.
Oct. 20 is given as the proposed offering date.
According to the amendment, the bonds will be offered at 102. The under¬
writers will be General Utility Securities, Inc., of New York, General
Utility Securities, Inc., of Del., and General Utility Investors Corp.—
V. 143, p. 1409.
y
f
New York Steam
Corp.—Bonds Called—
Holders of 1st mtge. gold bonds (5% series due
1951) due May 1, 1951,
are being notified that the City Bank Farmers Trust Co., as successor
trustee, has drawn by lot for redemption on Nov. 1, 1936, at 105%
$61,500
principal amount of these bonds.
Bonds so drawn should be presented for
payment on that date at the offices of the bank, 22 William St., New York.
—V. 143, p. 765.
New York Title
&
Mtge. Co —Trustees of Certificates to
Make Distribution—
Frank L. Weil, William E.
Russell and Raymond J. Scully, who were
appointed trustees of series C-2 issue of quaranteed mortgage certificates
by Justice Alfred Frankentbaler on April 6, 1936, announced Sept. 26
the payment of a distribution on account of interest as well as on account
of principal on certificates outstanding in this series.
A distribution of
1% on account of interest and 1H% on account of principal has been
declared, payable Oct. 15 to all certificate holders of rceord as of Sept. 30
this year.
There are approximately 7,500 certificate holders in the series
C-2 issue.
The distribution will amount to approximately $240,000 on account of
interest and $360,000 on account of principal, or a total of $600,000.
This
will be the first distribution of interest to these certificate holders since
March 1, 1933, and the only payment on account of principal thus far re¬
ceived by them.—Y.
Gross from railway
143,
p.
2061,
Niagara Hudson Power Corp.—New Vice Presidents—
The election by the board of directors of Francis J. Brett and of John L.
Haley, as Vice-Presidents was announced on Sept. 30 by Alfred H. Schoellkopf, President of the corporation.
Mr. Brett continues as Controller of
the corporation, an office he has held since 1930.—V. 143, p. 765.
Norfolk & Southern RR.-
-Earnings1935
1934
14,381
$367,193
77,033
27,971
2,942,425
552,471
180,871
3,166,304
674,008
250,571
3,276,474
880,835
430,113
2,935,012
450,333
25,423
1936
$357,954
61,037
Gross from railway.,
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway u
Net after rents
Northwestern Pacific RR.
68,291
—V. 143, p. 1409.
Norfolk & Western Ry.—Bond Issue Called—
Directors of this company on Sept. 22 voted, as co-makers with Pocohontas Coal & Coke Co. to call for redemption on Dec. 1, 1936, at 105
and accrued interest, $10,130,000 outstanding Norfolk & Western Ry. Co.
Pocohontas Coal & Coke Co. Pocohontas Coal Lands Purchase Money
first mortgage 4% bonds, due Dec. 1, 1941.
Date
Period End. Aug. 31—
1936—Month—1935
1 936—8 Mos.—1935
Railway oper. revenues. $8,258,867
$6,629,188 $58,798,137 $49,000,714
3,935,539
2,926,906
26,920,306
19,245,799
Netry. oper. income..._
2,885,171
2,371,346
20,500,273
15,099,725
Other income items..—
82,985
40,324
427,704
826,587
Gross income
on
$2,968,156
178,816
$2,411,670 $20,927,977 $15,926,312
178,816
1,430,500
2,124,646
$2,789,340
funded debt.
$2,232,853 $19,497,477 $13,801,666
Netincome
-Y. 143, p. 1409.
Northern States Power Co.,
Per.End. Aug. 31—
Operating revenues
Operating exps. maint. &
Dei. (& Subs.)—Earnings
1936—8 Mos.—1935
1 936—12 Mos.—1935
$22,791,413 $21,496,578 $34,202,024 $32,518,546
all taxes
13,288,694
12,149,101
$9,502,718
72,674
$9,347,477 $14,617,665 $14,164,401
69,057
104,943
101,303
19,584,358
18,354,145
Net oper. rev. (before
for
approp.
retire.
Other income.
Net oper. rev. & other
inc.
(bef.
approp.
;l ;
for retire, res.)..
$9,575,392
1,886,666
res__
$9,416,534 $14,722,609 !$14,265,704
1,886,666
2,900,000
2,900,000
$7,688,726
3,951,857
Approp. for retire.
$7,529,867 $11,822,609 $11,365,704
3,960,507
5,927,084
5,895,093
Amort, of debt discount
& expense.
173,570
34,892
Other inc. deductions.__
172,032
33,981
259,952
50,314
252,325
53,632
f
sub.
45,177
38,863
68,892
48,360
$3,483,228
$3,324,482
$5,516,365
$5,116,292
-V. 143, p. 1409.
Aug. 31/36
Assets
$
Telephone Co.—Balance Sheet-
Dec. 31/35
$
Telephone plant 133,587,925 132,809,938
Miscel. physical
543,893
property
Investment
in
contr'lled
cos
543,986
Dec. 31/35
$
$
Common
StockxlOO.OOO.OOO
6H % c'm.pref.
stock
4,800,800
Prem.
on
95,000,000
4,
Cash
Other cur. assets
Mat.&suppl__
Deferred debits
22,712,745
96,718
642,315
3,178,667
1,473,383
424,350
1933
$335,899
53,990
26,735
$324,869
84,530
54,691
2,436,498
310,138
170,371
2,167,135
112,564
def58,991
2,205,169
260,950
42,021
28,333
def218,303
cap.
stock..,
13,480,430
97,772 Adv. from Am.
Tel.&Tel.Co.
588,697
2,832,801 Funded debt..
1,474,599 Other long t'm
debt
u
430,374
14,011
14,011
2,360,000
168,000
950,000
168,000
5,650,113
2,596,046
5,413,865
2,480,544
Oklahoma City Ada-Atoka Ry.—Earnings—
1936
August—
Gross from railway..
Net from railway
From Jan. 1—
Gross from railway
railway
Net after rents.
$37,472
14,821
4,992
$24,501
4,438
def5,277
$22,771
6,698
3,111
362.676
179,523
111,598
Net after rents
Net from
Def'rred credits
Depre. reserve.
Prov. reserve..
Amort, reserve
Surplus reserv.
Unapprop. sur.
Total
162,659,997 152,258,598
Total
295^793
225,031
73,408
def4,930
213,877
,77,129
def8,726
112,828
40,410
—V. 143, p. 1567.
Oklahoma Natural Gas Co.—Franchise Granted—
By
majority of better than 5-to-l in an election held Sept. 29 the com¬
granted a 25-year franchise to supply natural gas to the City of
This improvement in the position of the company follows a recent
change in its ownership and the subsequent employment of Stone & Webster
Service Corp. to provide supervisory services in the management and
operation of the company's business.
In commenting on the new franchise Joseph Bowes, President, pointed
out that about one-third of the company's gross earnings originates in Tulsa,
about one-third in Oklahoma City, where a 25-year franchise was granted
in May, 1935, and most of the remainder in smaller cities and towns in which
long-term franchises are now in effect.—V. 143. p. 1567.
a
pany was
Tulsa.
Okonite Co.—Dividend Plan Voted—
Stockholders
on Sept. 23 approved the creation of 11,000 shares $100 par
6% preferred stock. Holders of 7% preferred stock are to be offered an
exchange into new 6% preferred stock on basis of 1.55 shares new 6%
preferred for each share 7% preferred stoca and accumulations thereon. Ac¬
cumulations as of Sept. 1,1936, amounted to $30 a share.—V. 143, p. 1567
Otis Steel Co .—Offers
The company on
Dividend Plan—
Sept. 25 offered
a
plan to pref. stockholders to clear up
the dividend arrearage on the issue and substitute for it a new 5H % conv.
1st pref. stock.
The plan involves dating the new stock back to March 15,
1936, and if the deal is successful, three quarterly dividends will be declared
for the present year.
The exchanging stockholders will receive 1.28 shares
of the new conv. pref. and
-share of common for each share of the present
7 % pref. stock held.
By the declaration of three quarterly dividends on the
new stock, each share of old stock will receive this year $5.28 in cash and in
the future $7.04 annually.
The new stock is callable at 105 whereas the old
issue was redeemable at $110.
The conversion feature of the new
5M% pref. ($100 par) provides that
each share during the
a
first two years may be exchanged for common at $25
share, in the next two years at $33.33 a share for common and in the en¬
suing six years at $40 a share for the
common.
After 10 years the stock is
convertible.
plan.
stockholders' meeting has been called for Nov.2 to act upon the
It will require the assent of two-thirds of both common and pref.
issues to become
The company
operative.
has outstanding 115,039 shares of 7% prior pref. stock
3,078,866
88,300
38,519,875
77,749
2,602,297
123,749
37,674,169
592
900,000
4,405,645
on
accumulation of unpaid dividends or $36.75 a share as of
Sept. 30 or a total of $4,227,683.
Under the exchange plan the company will
have outstanding 147,250 shares of new 5M% pref. and it will pay out in
pref. dividends this year $607,406.
The annual dividends on the new pref.
stock to be outstanding in the event of full exchange will amount to $809,875°
or a little more than the $805,273 which is now required.
In the conversion feature it may be figured that present pref. stock¬
holders, by getting 1.28 shares of the new pref. are actually able to exchange
nto common at the rate of 5.12 sharesin the first two years, 3.84 in the
following two years and 3.20 sharesin the ensuing six years.—V. 143, p. 1086
which there is
an
Owings Mills Distillery,
Inc.—Stock Offered—Public
offering of 204,790 shares of common stock was made
Sept. 28 by John E. Sloane & Co.
The shares are priced
at the market.
The stock being offered is part of an author¬
ized issue of 300,000 shares, the balance of 95,210 shares
having been subscribed for by present stockholders under
an offer which terminated on'July 21.
History and Business—Company was organized Nov. 25, 1933 in Mary¬
On Sept. 10, 1934 company commenced the business of manufac¬
land.
turing and selling distilled spirits in bulk in Owins Mills, Md., which it has
continued to date.
When the company obtained its p.esent paid-in capital of $200i000,
the production capacity of its plant was 30 barrels of whiskey per day.
It has since expanded its plant to a production capacity of 120 barrels of
whiskey per day.
At the time when the
original capital was paid in, the company haa
one
bonded warehouse for the storage of whiskey.
A second bonded warehouse
has since been erected and a third and larger bonded warehouse has re¬
The combined storage capacity of these three
of 47,000 barrels.
The company stores whiskey
monthly charge for such storage, and the revenue from
alone has grown, and is expected to increase further in conse¬
cently been
completed.
warehouses is in
excess
for others, making a
source
of the recent completion of its third warehouse.
The company also engages in the business of bottling the whiskey dis¬
tilled at its plant both for itself for sale and for its customers under tneir
own labels.
The company s own bottled spirits are sold under the labels
"O. M. D.," and "Steeplechase. *
Earnings—The net earnings of the company since the commencement of
"Lord Fairfax,'
£}4 months' earnings, from the commencement of business on
Sept. 10,1934 to Dec. 31,1934 (after Federal income taxes)
_
900,000
2,131,161
162,659,997 152,258,698
$5,000,000 additional stock issued July 1, 1936.—V. 143, p. 2061.
1933
1934
1935
$40,483
13,954
3,055
.
For the year ended Dec. 31,1935 (after Fed. income taxes)
For the 6 months ended June 30,1936 (before provision for Fed¬
eral income taxes estimated at $39,698)—
$12,169
81,853
124,056
Capitalization—As of the date of this prospectus (Sept. 14, 1936) the
capitalization of the company is as follows:
Authorized
Accrued liabili¬
ties not due.
1,825,619
its business have been as follows:
Cur. liabilities.
Other Invest...
1934
$397,853
116,639
90,515
—V. 143, p. 1566.
quence
Aug. 31/36
Liabilities—
..
Net after rents
this
Northwestern Bell
..
From Jan. 1—
Gross from railway
Net from railway
1935
$407,449
118,366
101,337
A special
Net ry. oper. revenues-_
Interest
..
Net after rents
not
Earnings for August and Year to
-Earnings—
1936
Au ust—
Gross from railway
Net from railway
1933
$362,486
54,315
6,898
$380,373
12,974
August—
—V. 143, p. 1725.
Capital stock ($1 par)
x500,000
,|hs.
Outstanding
200,000 shs.
subscriptions, 95,2llxsns.
Two sub¬
scriptions, totaling 375 shares, are not binding, in the opinion of counsel to
the company, until certain blank spaces in the subscription forms shall
have been completed by the subscribers.
Company has no funded debt other than two real estate mortgages:
(1) Mortgage in principal amount of $22,000, held by the Federal Re¬
serve Bank of Richmond. Va., dated Sept. 16, i935, due Sept. 16. 1939,
bearing interest at rate of 6%.
Payments of int. and amortization of prin¬
cipal in instalments of $2,750 are payable semi-annually on March 16 and
x
Reserved against stockholders'
Volume
143
Financial
Sept. 16.
The unpaid balance of principal as of June 30. 1936 was $] 9,250.
(2) Mortgage in principal amount of $50,000, held by Bank of Manhat¬
tan Co., New York, dated March 26, 1936, due March
26, 1939, bearing
int. at rate of 5%.
Payments of int. and amortization of principal are
payable in monthly instalments of $1 596 on the 26th day of each month.
The unpaid balance of principal as of June 30. 1936 was
$45,816.
Since
June 30. 1936 two instalment payments of $1,596 each have been
time to time, tne statement having become effective on
July 2, 1936
The
registration statement provided that should the 300,000 shares be not sub¬
scribed for by the stockholders, John E. Sloane & Co.
would then acquire
the right to take down the unsubscribed shares.
The 300,000 newly
authorized shares were offered on July 6, 1936 to all the
stockholders o'f
record July 2 for subscription at $1 per share in units of
3 new shares for
every 2 shares held.
Subscriptions expired on July 21, stockholders sub¬
scribing for 95,210 shares.
The balance, namely 204,790 shares, is now
offered to the public.
Listing—Company has listed the 300,000 newly authorized shares
on
the
Baltimore Stock Exchange.
Use of Proceeds—It is presently contemplated
company of the sale of the
will be applied as follows:
Pacific Tin
The directors
Richmond
Pennsylvania Gas & Electric Co.—Preferred Dividend—
Pennsylvania RR. Regional System—Earnings—
[Excludes L. I. RR. and B. & E. RR.)
Period End. Aug. 31—
1936—Month—1935
1936—8 Mos.—1935
Railway oper. revenues.$37,917,727 $30,183,662$281,21.0,299$238,941,457
Railway oper. expenses. 26,229,361
22,063,067 202,090,484 172,914,045
Railway tax accruals...
2,576,700
2,455,023
17,463,900
16,638,460
Unemployment insur
172,865
1,288,714
Railroad retire, act
586,041
3,312,475
Uncoil, ry. revenues
12,758
92,664
Euqipment rents
559,256
661,356
4,841",567
4,972,979
Joint facility rents
123,040
210,591
1,681,760
1,099,196
...
Net
45,000
76 000
Balance Sheet June 30,1936
l
Current
$262,741
419,635
12,677
assets
Deferred charges
141,000
\
Liabilities—
(net)
15,000
-----
Assets—
Fixed assets
-V.
142,
50.665,868
Total
Maturing Bonds Paid—
The following issues became due and were paid Oct. 1: $5,000,000 Grand
Rapids & Indiana Ry., 2d mtge., 4% bonds, and $1,050,000 Pennsylvania
RR. general equip, trust'43^ % certificates, series C.—Y. 143, p. 1726.
$695,053
Pennsylvania Reading Seashore Lines—Earnings—
1936
August—
Pacific Eastern Corp.—To
238,459,439 233,531,205 211,547,420
66,027,781
63,934.654
64,050,675
43.307.193
41.909,693
37,383,999
44,446
3518.
p.
....
Net after rents
178,380
$695,053)
$4,868,418 $50,531,399 $43,224,093
From Jan. 1—
Gross from railway.. ...280,523.476
Net from railway
79,166,536
1
Current liabilities..
Other liabilities & reserves
railway
railway.
Net after rents
■■
$200,000
42,317
229,909
Surplus
Total-
Net from
$7,582,913
Earnings of Company Only
1936
1935
1934
1933
.$37,807,085 $30,096,653 $28,168,232 $32,900,785
11,664,838
8,094,514
7,170,257
11,155,476
7,577,703
4,859,930
4,508,655
7.201,507
Gross from
.
Capital stock
Mortgages.
railway oper. inc.
August—
$20,000
_
—
have declared
The company paid a dividend of $1.25 per share on the 7% cumulative
preferred stock, par $100 on Oct. 1 to holders of record Sept. 21.
Similar
payments were made in each of the two preceding quarters, leaving accumu¬
lations of $1.50 per share.—V. 143, p. 2C63.
(1) Prepayment of indebtedness due Federal Reserve Bank of
(2) Payment to Bank of Manhattan Co. of the second mtge
Payment of accounts payable (approximately)
W Payment of instalments of 1935 income taxes not
yet due
(approximately)
^
(5) For general corporate purposes (approximately)
Corp.—Extra Dividend—
an extra dividend of 50 cents per share in
quarterly dividend of like amount on the special
stock, both payable Nov. 2 to holders ef record Oct. 10. Similar payments
were made on Feb. 1, last.—V. 143, p. 2063.
that the proceeds to the
of additional common stock
300,000 shares
2221
addition to the regular
paid.
The mortgages, outstanding in aggregate
principal
of June 30, 1936, are respectively first and second
amount of $65,006
mortgage liens upon
all of the real property of the company at
Owings Mills, Md.
Description of Shares—The shares covered by this prospectus are common
shares (par $1) and are part of the 300,000 newly authorized
common shares
with respect to which a registration statement was filed with
the Securities
and Exchange Commission on
May 8. 1936, and thereafter amended fiom
as
Chronicle
Gross from railway
Net from railway—
$854,449
266,599
4.486,824
4,043,816
4,113,!^20
729,072
214,057
312,882
...def809,922defl,121,920def 1,250,083
2,352,854
264,687
def564,865
128,45.3
13,789
__
_
Net after rents
—V. 143, p.
1933
$871,239
289,279
def7,184
...
From Jan. 1—
Gross f rom railway.
Net from railway.
1934
$868,314
303,627
34,081
460,872
Net after rents
Merge with Atlas—
A special meeting of the stockholders of
Pacific Eastern Corp. will be
hel i on Oct. 28 at which a proposal will be
presented to consolidate this
company, Atlas Corp., Shenandoah Corp. and Sterling Securities
Corp.
into a new company known as Atlas
Corp. (for full details of plan see Atlas
1935
$1,040,535
...
__
1411.
Corp. above).
With respect to the stock of company, the
agreement of consolidation
provides that: The holder of each share of capital stock will receive 1-20
of a share of 6% preferred stock (par $50) and
X of a share of common
stock of the new company.
Each stockholder of Pacific Eastern Corp.,
along with the stockholders
of the other consolidating corporations entitled to receive
shares of
common
stock of the
all
convert
new
company in
the consolidation, is given
an
optional right to
part of the shares of common stock of the new company
which he has the right to receive into shares of
6% preferred stock of the
new
or
(see Atlas Corp. above.).
Under the agreement of consolidation the holder of
capital stock of Pa¬
cific Eastern Corp. receives a unit of 6% preferred stock and common stock
of the new company with an indicated asset value of
approximately $6.87.
This is lower than the present indicated asset
value, but on the other hand
company
it must be borne in mind that there is no
leverage in the capital structure
of the company and that there are contingent risks.
Due to the nature of
certain of the assets of
company and to these contingencies, it is difficult
to estimate asset
appreciation; however, it is felt that the unit in consoli¬
dation, containing as it does a leverage common stock, would have an asset
appreciation at least approximating that of the capital stock of
company.
As the pro forma statement of condition of the new
company sets forth a
substantial surplus and as the unit issued in consolidation contains
6%
preferred stock, the consolidation offers a prospect of immediate dividends.
Furthermore, it is felt that the securities of the new company might be
expected to enjoy a market relatively more active than that now
obtaining
in the stock of Pacific Eastern
It
is
Corp. itself.
by the consolidation of these
believed the problems raised
companies have been
fairly met, and in the considered opinion of directors
manner.
[Before consolidation
with
of
controlled
companies carried
...
53,129
$891,086
4,248,836
$757,236
3,946,439
$325,745
4,424,889
$5,139,922 -$4,703,675
448,950
x447,900
150,000
53,345
6,940
$4,750,634
450,000
$5,773,272
450,000
300,000
28,756
Special dividend
reserve
trade marks, pats. &c.
Obsolence of plant units.
Adj. Fed'l income tax.
.
_
Profit & loss surplus-
Earns,
per
sh.
000 shs. of
on
Accrued interest, dividends and accounts receivable.
Portfolio holdings priced at Aug. 31, 1936 market quotations:
Bonds
stocks
Notes and accounts receivable carried by management for
pur¬
pose of this statement at
Investments in and receivables from controlled
but
$4,844,516
$4,487,627
$4,248,836
$3,946,439
$8.57
$5.94
$5.05
$2.17
stock
Excludes dividends
700 shares held by insurance fund,
y Includes
only Federal taxes; to make comparable with 1935 figure add $190,497.
on
Consolidated Balance Sheet June 30
1935
1936
1936
Liabilities—
$
S
2,290,653
307,932
283,164
Accounts payable.
Dividend payable.
Taxes
securs.
90,228
150,688
1,243,079
1,948,169
2,137,429
222,733
224,633
Inventories
Prepaid
-
expenses.
in subs,
other
304,685
304,685
7,427,848
112,500
444,333
224,900
26,087
501,288
sundry
items..
research
reserves
7,500,000
Paid-in surplus
Earned surplus...
2,000,000
4,844,516
26,087
286,557
7,500,000
2,000,000
4,487,627
794,724
227,607
...15,972,767
15,138,960
315,313
7,749,818
775,480
...
Bldgs., mach'y &
Real
&
Insur. fund res'ves
equipment
525,292
and
accrued
Devel.
$
580,018
262,500
Capital stock
and
not
cos.
consolidated
x
875,861
1935
$
3,405,762
Notes receivable..
non-con¬
solidated companies, carried by management for purposes of
this statement at
-
72,525
898,224
19,510,652
404,190
Cr44,199
-----
outstanding (par $50)_
In vs.
..
Preferred stocks.—
Cr5,796
150,-
com.
Cash
$2,542,058
160,363
_
766,891
150,000
Accts. receivable..
Assets—
Cash
L, 514,034
368,266
Write down book val. of
in
investments)
551,834
93,479
yl51,700
$1,285,645
4,487,627
...
Total surplus..
Dividends (8%)__
Marketable
as
1933
25,000
359,061
782,472
„
Net earnings..
Previous surplus.
an
(Including Subsidiaries)
1934
$2,294,214
528,963
762,836
25,000
Assets—
1936
1-935
$2,662,808
609,476
778,184
tr.-mks.
and patents
Federal taxes (est.)
Insurance
-Earnings-
1936
Deprec. and depletion..
Write-down
^———
Consolidated Balance Sheet Aug. 31,
Common
Years Ended June 30—
Gross earnings
y$3,275,130
Maint. of bldgs. & equip.
630,180
x
group
the treatment accorded the capital stock of
company carries forward
the new company the rights, position and
prospects of such stock in
equitable
Pennsylvania Salt Mfg. Co.
incl.
estate,
coal lands
Tr.-marks & pats.
346,548
1,400,000
Investment in Shenandoah Corp., a controlled company (164,905
shares of $3 preference and 3,366,913 shares of common stock
priced at per share amounts reflected by its statement of
financial condition at Aug. 31, 1936)
14,368,091
Investment in and receivable from Standard Equities Corp.
(42.86% of outstanding capital stock and $l,o/5,000 notes)
in 1935—V.
receivable carried by management for purpose of statement at
Miscellaneous investments and other assets carried by manage¬
1,237,000
with
ment for purpose of this statement at
Deferred charges....
2,719,633
-
Total
28.640
-
$43,462,479
_
Liabilities—
Notes payable to banks, secured.
Accounts payable and accrued expenses—
$500,000
71,081
Federal and State taxes
51,133
Provision for prior years' taxes and for contingencies.
3,319,000
Amount applicable to minority stockholders in American Co..
212,927
Capital stock (par $1): Authorized, 7,000,000 shares; issued,
5,765,081 shares, less 331,814 shares in treasury
5,433,267
Balance of capital} urpfus.
33,875,071
Provision for
...
urrent year
c
-
Total
$43,462,479
The above amount of $39,308,338 is equal to
approximately $7.23 per
share of net outstanding capital stock.—V. 143, p. 1241.
Pacific Telephone & Telegraph Co.
-Consol. Bal. Sheet
Aug. 31,
Aug.31, '36 Dec. 31, '35
Assets—
$
$
Liabilities—
$
36 Dec. 31,
$
Total
x
After
15,972,767 15,138,9601
reserve
143,
for depreciation
p.
Total
of $10,191,285 in 1936 and $9,885,002
1891.
Peoples Light & Power Corp.—Deposits—
The reorganization managers report that deposits or
acceptances, together
assurances of acceptance, have been received for more than
72% of
the two-thirds of the first lien bonds required for confirmation of the
plan
and for more than 71% of the two-thirds of the debentures, notes and other
general and unsecured claims required for confirmation. A heariDg on the
proposed plan is scheduled for Oct. 6, 1936, in Federal District Court at
Wilmington, Del., and further deposits are urged in advance of the hearing
to assist in furthering completion of the reorganization.—V.
143, p. 2063.
Petrolite
Corp.,
Ltd.
(Del.)—Stock Offered—G. 1 L..
Inc., New York, and Dulin & Co., Los
Angeles, on Sept. 29 announced the sale of 60,000 shares
(no par) common stock at $22.75 per share.
The offering
Ohrstrom & Co.,
does not represent new
financing
on
btehalf of the
trical method of dehydration, while the Tret-O-Lite Co., though it has a
few small competitors, is understood to handle a
35
company.
The corporation was formed late in 1930 and acquired subsidiaries which
today dominate their respective fields in the dehydration of crude oil.
The Petroleum Rectifying Co. of California has no competition in the elec¬
major portion of the de¬
hydration of crude oil emulsions by chemical
processes.
Net income of corporation for the fiscal year ended Oct. 31,1935 amounted
Telephoneplant 438,721,093 431,445,229
Common
Investments
Preferred stock.
82,000.000
82,000 000
Bonds
54,263,100
58,032,000
13,803,535
8,459,476
13,082,249
6,159,797
and in 1935, $1.60.
made this year.
7,681,763
366,094
8,411,069
of Oct.
in
controlled cos.
Other
11,875
1,951,543
1,556,192
invest'ts.
Misc.
phys.prop
Sinking fund
13,375
1,950.266
....
sold
Notes
180,500,000
to
trustee of pen¬
1,603,829
373,372
sion
4,264,899
4,548,219
2,289.386
Current
3,899,203
Accr'd
9,644,270
9,193,913
3,045,751
Deferred
1,483,471
Provident
4,817,811
Deprec'n res've. 112,445,050 105,980,321
Surplus reserved
777,700
475,100
Surplus
6,517,898
5,379,082
844
Cash
Mat'l & supplies
Other current as¬
DIsc.on fund.d
1
348790
Disct.on cap.stk
Other
deferred
debits
fund....
liab'ls.
5,971,483
191,423
467,019,207 460,307 030
-V. 143, p. 1726.
Insurance
Total.
credits
res've
res've
to
$502,015,
287,411
648
203,942
467,019,207 460,307,030
or
$1.88
per
share of outstanding stock, compared with $469,296
or $1.76 per share for the previous 12 months.
Income for the first six
months of the present fiscal year was $281,409, equivalent to $1.05 per share.
The company has paid dividends since 1931 as follows: $1 in
1931; $2
per
abil'ties
not due
sets
Prepayments
Tota
stock. 180,500,000
share in 1932; $1.50 plus $1 from initial surplus in 1933; in 1934, $2,
Three quarterly payments of 40 cents each have been
Consolidated balance sheet of the company shows total current assets as
31, 1935 amounting to $942,807, including cash of $193,667, as
against total current liabilities of $238,449, a ratio of almost 4 to 1.
Corporation has no funded debt or preferred stock, its only outstanding
capitalization consisting of 266,667 shares of no par common stock, the
total authorized.—V. 140, p. 809.
Petroleum Corp. of America—Asset Valine—
The company announces that the net asset value per share on
shares of its capital stock outstanding at the close or business
2,000,000
Sept. 30 was
$18.68, after payment of
a
dividend of 25 cents per share
on
that date.
Financial
2222
with an asset value of
This compares
$18.17 per share on June 30.—V.
143, p. 1412.
& Electric Co.
Philadelphia Suburban Counties Gas
Called—•
—Bonds
$87,500 first and refunding mortgage gold bonds, 4H % series,
1957, have been called for redemption on Nov. 1 at 105 and
Payment will be made at the Fidelity-Philadelphia Trust Co.,
Philadelphia, Pa.—V. 142, p. 2337.
A total of
Oct.
Chronicle
due May 1,
Co., Ltd. (& Subs.)—Earnings—
Price Brothers &
1936
*
Years Ended Mar eft 31—
*?36
$2,164,704
Years Ended June 30—
Sales
-
975,092
1,095,498
130,410
amortization
$112,895
202
sold
Oper. exps., exclu. of deprec. &
Depreciation and amortization
730
Loss.
Other income,
less interest & other expenses
Consolidated Balance Sheet, June
Sales tax collect'ns
Payroll tax collec¬
tions
allow,
5,971
7,646
58,403
......
9,324
23,532
1,338
3,100
Chattel mortgage.
20,406
1,938
3,100
banks
others
payable...
95,000
10,000
Notes
Accts.
104,387
15,443
925,673
Improvement.
1,017,110
trade
Provision for power
17,797
4,330
Res. for add'l Fed.
6,671
1,359,760
108,000
81,325
737,617
-
1,359,760
y Common stock..
108,000
Capital surplus...
77,743
766,787
$1,061,625 $1,124,196
Total
$1,061,625 $1,124,196
Represented by 84,985 no par shares,
y Represented by
z After reserve for depreciation and amortization,
702 in 1936 and $1,205,076 in 1935.—V. 141, p. 2596.
x
shares,
Before providing
Gross from
..
&
Balances
Que.
.
143,
p.
...
...
...
$1,273,010
417,724
460,430
156,131
230,929
13,642,806
3,103,228
3,312,961
10,796,152
2,201,079
2,560,404
10,597,735
1,984,916
2,440,879
9,491,374
1,909,424
2,004,641
Pittsburgh & Shawmut RR.—Earnings—
1936
1935
1934
Gross from railway
$31,791
$21,976
$35,807
def6,317
def4,618
1933
332,642
def30,734
418,221
22,343
def21,222
-$91,780
38,798
def8,652
def4,332
defl5,534
defll,237
42,144
39,645
From Jan. 1—
Gross from
Net from
railway
railway
Net after rents.
440,711
431,677
46,919
"
prior
536,136
75,404
43,604
50,225,250 51,485,274
8,811,075
7,109~,531
Deficit
v79,756
75,620
82,916
—V. 143, p.1568.
From Jan. 1—
Net after rents..
21,239
def27,595
668,946
78,234
.'
650,961
66,644
3,767
611,111
90,071
36,462
618,637
13,596
12,505
def47,320
Pittsburgh & West Virginia Ry.—Earnings—
railway.
railway
from
...
Net after rents
1933
1934
1935
1936
August—
Net from
$235,493
75,065
82,532
$326,671
92,913
92,655
$236,274
69,017
70.945
$272,616
109,698
136,086
1,879,166
563,936
1,895,988
1,738,961
556,850
606,180
610,766
653,216
From Jan. 1—
Gross from railway..
...
Net from railway
Net after rents
2,482,291
819,676
.
869,173
599,076
—V. 143, p. 1568
Plume & Atwood Mfg.
cents
Co.—Dividend Doubled—
share previously distributed
per
common stock, on
with dividends of
each three months.—V. 141,
1943.
p.
Telegraph & Cable Corp.—Restores Pay Cuts—
employees to the 1932 level.
reduction put into effect on
A partial restoration was effected on July 1, 1933.
The company on Oct. 1 restored wages of its
This is the final step in overcoming the wage
June
1, 1932.
accompanying the announcement, tne company stated:
"There has been an improvement in revenue and as evidence of good
faith and because of the management's promise to eliminate the deduction
with the first improvement in revenue, we are taking this action at this time.
In
—V.
a
statement
142,
p.
loan of $250,000
cumulative pre¬
July 1, last, and the balance will be applied to a reduction
Net proceeds from the sale will be used to pay off a bank
incurred by the company to redeem its outstanding 7%
are
is
sold
Capitalization,
Giving
Effect
to
Present
Financing
Authorized
Common stock
69,840,701 68,374,910
$17,883,600 in 1936
considered to be of
were
per
the first
paymempmade since July 1, 1932 when dividends of
districted.—V. 135, p. 1506.
r
40 cents
share were
Quarterly Income Shares, Inc.—To Qualify as Mutual
Company—Charter Amendments Proposed to Com¬
ply with New Revenue Act—
Investment
action was taken
investment com¬
Federal Revenue Act of 1936. The Act ac¬
companies a more favorable tax status than
special meeting of the board of directors held Oct. 1,
qualify this $44,000,000 investment fund as a mutual
to
pany under the terms of the
cords to mutual investment
"other" companies.
this decision as well as other
that of so-called
To ratify
desirable changes in the charter of
held Oct. 29. The
special stockholders' meeting will be
a
include:
major changes proposed
(1) Stockholders shall
shares through the fund.
henceforth have the absolute right to liquidate
A consolidation of 10 of the presently outstanding shares for one new
share.
This, however, will not affect the total value of holdings, or the
pro rata interest of stockholders in the fund, as quarterly dividend and dis¬
tribution rights per share will thereafter be 10 times as great as at present.
(3) It is also proposed to authorize the issuance of participating prefer¬
ence stock, or prior preferred stock, or both.
It is believed that this will
enable the fund under the new law to distribute realized profits in the form
of a different class of stock and yet allow it to retain its working assets.
Quarterly cash
distributions of net income derived from
(par $5)
The company has no funded
dividends will
continue.
Quarterly Income Shares now has realized and unrealized profits of over
$14,000,000 based on current quotations.
This is equivalent to over 50
cents per share, or over $5 per share when the presently outstanding shares
are coinbined 10 to 1.—V.
143, p. 769.
,
•
.
'
Radio Corp. of America—Time Extended—
converting B pref. stock for 1st pref. stock and common
of the corporation, has been extended to Oct. 30, 1936.—V. 143,1892.
The time for
stock
Pulp & Paper Co.—Earnings—
1936
1935
1934
\
Not
J$6,257,318 $3,564,976
Rainier
1933
Years End. April 30—
Sales (net)
jdssold
Cost of goods;
_
$2,294,447
2,830,033
x$l,095,091
$1,111,879
$734,943
184,629
183,244
171,878
$910,462
$928,634
$563,065
$233,219
15,812
123,000
65,125
120,000
26,428
78,176
8,99.5
53,382
23,809
$771,650
$743,509
500,000
$458,460
$147,033
734,500
$37,150
Prof, from opers
$243,509
$458,460
$147,033
$7.71
$7.43
$4.58
$1.47
Depreciation
l
Operating profits
Interest & amortization.
Extraord. exps. & losses.
Taxes
Balance
Dividends paid—
Balance,
surplus
Earns, per sh. on 100,000
shares class A stock—
Includes other income of
x
1,900,540
5,145,439
Reported
'
$393,907
160,688
$34,485.
Balance Sheet April 30
engaged in the manufacture of window curtain fabrics,
through its own selling organization to curtain manufac¬
turers, mail order houses and chain stores.
Net profit of the company after all charges including Federal taxes,
amounted to $102,823 for the four months ended May 2, 1936, compared
with $156,595 for the full year 1935.
Terms of Offering—Stockholders of record July 25 had the right to sub¬
scribe on or before Aug. 19, 1936 for 55,788 shares of common stock on the
basis of one additional share for each four shares of common stock held
at $6,625 per share in cash.
The common stock not subscribed for is now offered to the public by
Tobey & Co. and Jackson Bros., Boesel & Co., selling agents. The price to
be received by the company is $6,625 per share.
Company
42,683,200 42,683,200
Total
69,840,701 68,374,910
of the current debt of the company.
which
$100)
4034.
Powdrell & Alexander, Inc.—Stock Sold—Following the
exercise of prior subscription rights by stockholders, formal
public offering of the unsubscribed portion of an issue of
55,788 shares of common stock ($5 par) was made Sept. 28
by Tobey & Co. and Jackson Bros., Boesel & Co.
The
issue has been sold.
Shares were offered at market.
„
ferred stock on
6,284,300
Common stock (par
Publication Corp., N. Y.—Resumes Dividends—
paid dividends of 50 cents per share on the voting and non¬
voting common stock, on Sept. 28 to holders of record Sept. 18.
These
p.
Postal
80,000
50,000
13,827,000 13,163,304
cumul. red.
»
sink, fund pref.
stock (par $100) 6,284,300
6H%
The company
—The company paid a dividend of $1 per share on the
Oct. 1 to holders of record Sept. 25.
This compares
50
3,000,000
(2)
143, p. 1413.
Gross
ruptcy......^.
depreciation and depletion of
$16,501,043 in 1935.
b These balances are not
present value.—V. 143, p. 284.
the company,
•
Gross from railway
Net from railway
—V.
def3,745
def5,645
Net after rents.
2,867,167
on
After reserves for
a
and
At a
Pittsburgh Shawmut & Northern RR.—Earnings
1933
■ W
1936
1935
1934
$109,636
Gross from railway
$75,499
$66,749
$47,807
29,495
Net from railway
3.244
2,985
def20,661
August—
pay.
purchased
to
bank¬
Funded debt
of
Fixed assets
any
August—
Net after rents
Amount
1,273,500
536,136
471,106
incurred prior to
bankruptcy
247,744
273,094
1,273,500
hands
679,033
ruptcy
Prov. for accts. pay
Co.,
Inv.
$
2,693,000
payable in¬
prop,
holders.
a
2064.
Net from railway
2,818,291
14,915
pre¬
Ltd
1935
$
3,450,000
curred since bank¬
1,165,464
3,600,720
Newsprint Insti¬
in
Accts.
due:
Total
Gross from railway.
Net from railway
Net after rents
79,727
72,352
Accts. & bills rec.. 1,424,807
Inventories. _«
4,331,471
Investments
2,803,698
13,911
Mortgages receiv.
Deferred
31
Liabilities—
Bank & other loans
tute of Canada
$1,595,035
$2,000,468.
546,795
$1,493,650
and (or) incidental t« the
.
t rustee for bond¬
532,289
railway
Net after rents
From Jan. 1—
81,618
$1,628,744
1936"
8
Cash on han:l & in
1Q33
$1,695,704
467,760
446,515
48,390
1935
$
663,696
1,000,000
221,699
53,799
403,486
1,000,000
344,845
Consolidated Balance Sheet March
Assets—
of $1,251,-
1934
1935
1936
Net from railway
—V.
for expenses connected with
bankruptcy.
company's
Cash
...
$1,595,625
Net loss for the year.
x
108,000 no
Pittsburgh & Lake Erie RR.—-Earnings—
August—
45,743
adjustment
x
163,190
6,326
663,696
663,696
1,000,000
363,067
65,600
37,582
Provision for depreciation
Provision for depletion
paid charges....
Total
jar
43,393
bad debts——
Wage
adjustment
arising
out
of
minimum wage legislation
banks
inc. tax assessm't
137,267
2,277
30,000
bank loans
1936
Deferred liabilities
Deficit.
marks
on
11,188
5,971
14,073
tions
$1,018,547
Miscellaneous interest
Payroll tax collec¬
xPartlc pref. stock
Equip., leasehds.
&
pay.,
$30,300
95,000
15,750
131,691
Accrued liabilities.
taxes, rents, &c_
I .ease deposits
Goodwill
$38,034
49,073
Prepaid insurance,
&
Fed. inc. taxes pay
Sales tax collect'ns
rec.,
less
for losses
Inventories
x
1935
Notes pay.,
$12,054
11,188
Interest
Provision for rental adjustment
1
1936
1935
$20,517
15,443
Cash
Accts.
$112,165
30,
Liabilities—
1936
$738,487
162,807
8,120
profit
Provision for possible
$36,093
Assets—
Total
Provision for bond interest
Net loss.
2,176
$735,248
$1,823,621
$36,295
Cost of goods
5,129
/
-
Miscellaneous revenue——
835,530
973,259
127,726
$1,007,482
$681,952
51,406
12,900
Dividends received
,1935
1935^^
'
47,024
$675,324
Operating profit for the year
Subs.)—Earnings■—
purchase
of a new $1,000 bond to
The warrants will entitle the holder
eight shares of new Pressed Steel Car Co. 5% (par $5) conv. pref. stock at
$7.50 a share for six months succeeding the date of announcement that the
new securities are ready for delivery and at $9 a share for the next succeeding
six months' period, according to Mr. Cohen's letter to bondholders.
Under the plan the present bondholders receive par value and accrued
interest in new 5% bonds.—V. 143, p. 2065.
interest.
Pig'n Whistle Corp. (&
1936
3,
500,000 shs.
223,152 shs.
debt.—V. 143, p. 1413.
103,941
Oth. accts. rec. &c
Invs. at nom.
val.'
Land & buildings.
Contracts
and
2,916,035
73,731
$929,642
Capital stock— 2,780,086
Paid-in surplus...
133,515
Earned surplus... 1,061,835
x
1935
$549,480
2,780,086
133,515
57,135
$4,905,078 $4,463,090
Total
x
28
3,299,097
1936
Liabilities—
Current liabilities.
1,000,008
de¬
ferred charges..
Total
Represented by 100,000 no par class
B shares.—V. 141, p. 2£"~
$4,905,078 $4,463,090
A shares and 123,000 no par
class
Realty Foundation, Inc.—Distribution—
The
Outstanding
1936
1935
$1,532,222 $1,385,979
Assets—
Current assets
holders
of insured
6%
participating certificates
Series "A" due
April 1, 1937 are notified that a second distribution is being effected at the
office of Continental Bank & Trust Co. (disbursing agent), 30 Brop,d St.,
New York, N. Y., at the several amounts listed per each $1,000 face amount
bond.
Pressed
Steel Car Co.—Bondholders to Receive
The amended plan of reorganization approved by
Warrants
Federal District Court
Pittsburgh, Sept. 24, includes the provision that the new bonds which
present bondholders will receive under the plan will be accompanied by stock
purchase warrants, according to Jacques Cohen, chairman of the bondholders
protective committee.
at
To bondholders who have not received final dividend from Irving
for Realty Foundation, Inc., $19.38.
To bondholders who have received final dividend from Irving Trust
Co., trustee in bankruptcy for Realty Foundation, Inc., $15.26.
Payment may be received by presentation of the bond with the April 1,
1935, and subsequent coupons attached.—Y. 143, p. 935.
(a)
Trust Co., trustee in bankruptcy
(b)
Volume
143
Randall
Co.—Earnings-
Financial
court set forth
Years Ended June 30—•
1936
$201,023
2,352
$223,234
23,759
27,928
$203,375
25,039
26,339
$171,547
184,911
$151,996
173,350
$356,458
11,668
$325,346
65,751
75,000
54,625
85,000
$204,038
$184,911
deposit.
Richfield
operations-
Other income credits
Gross income
Income charges.
Provision for Federal income taxes.
Net income
Earned surplus at
$309,926
108,903
$221,546
1,688
beginning of year.
Gross surplus:
Loss on retirement of capital assets
(net)
Cash dividends: class A
capital stock
Class B capital stock
__
I__
.
Adjustment of accrual of Federal income taxes for
previous year
Earned surplus at end of year
_
on
of
1935
§49,065
97,877
demand deposits
§65,776 Accrued liabilities.
49,369 Dividend payable67,677 Employees' fund..
4,094 Def'd credit—un¬
78,122
redeemed
coup,
Liabilities—
Accts. pay.—trade
622
Accts. receivable..
Inventories
67,659
Oth. current assets
2,810
Investments
88,727
Property, plant,
and equipment.
Intangible assets—
a
1936
1935
§16,886
35,497
§14,003
29,471
13,131
25
unsecured claims filed
written dissents. None of these amounts represented
or claims.
The plan, however, does provide that any objections filed would be taken
into consideration in determining whether the substitute plan of reorganiza¬
for typw'ter rib¬
210,617
226,916
bons, &c
b Capital stock...
patents........
1
1
Deferred charges..
Paid-in surplus
4,397
3,909
Earned surplus
§521,155
§495,867
Total
932
222,724
27,920
204,038
deposited bonds
421
226,746
40,305
184,911
tion would be consummated.
Among other things, the court order of Aug. 20 provided that the court
jurisdiction
to authorize the committees to initiate proceedings
Section 77-B for the purpose of effecting the reorganization and
make other such orders necessary and advisable in
exercising jurisdiction
of the reorganization proceedings.—Y.
143, p. 2066.
reserve
Total
§521,155
§495,867
$171,868 in 1936 and $177,889 in 1935.
b Represented by 26,298 shares class
A stock after
deducting 862 shares
to be canceled as of June
30,1936 and 100,000 shares of class B stock both no,
Alter reserve tor
a
par.—V. 142,
p.
under
depreciation of
4189.
Richmond Fredericksburg & Potomac RR.- -Earnings
■August—
Remington Arms Co., Inc.—Files with SEC—
Exchange Com¬
(No. 2-2509, Form A-2) under the, Securi¬
A.ct of 1933 covering
3,764,389 shares of $1 par value common stock.
-transferable warrants evidencing subscription
a .are.
mi
expire Nov.
13, 1936, will be issued
to
stockholders.
—V. 143, p.
The net proceeds from the sale of
the stock will be
ment of current bank loans
amounting on June
corporate purposes.
Reorganization Plan Voted—
Stockholders
reorganization
at
a
as
special meeting held Sept. 25 approved "a
plan of capital
in—V. 143, p. 1728.
v
outlined
Exchange has authorized the listing of 13,923
1936,
on
shares
Oct.
1,
1936
of common
as
stock
a
1%
upon
stock dividend, and
offical notice of stock
™rto certam executives, making the
At
was
a
meeting of the directors held July 28, 1936, a stock dividend of
1%
declared payable in common stock on
Oct. 1,1936, to holders of record
sept.
At
and
150,000 additional
purchase warrants
total amounts applied for 2,435,-
71,161
794,890
281,204
4,294,946
907,577
366,345
4,206,646
1,036,973
372.117
1416.
The directors have declared an extra dividend of 5 cents
per share in
addition to the regular quarterly distribution of 10 cents per share on the
common
stock, par $5, both payable Nov. 2 to holders of record Oct. 10.
Like payments were made on Aug. 1,
May 1 and Feb. 1. last; Nov. 1,
Aug. 1, May 1 and Feb. 1, 1935, and compare with an extra of 25 cents per
share paid on Aug. 1, 1934, and extras of
cents per share distributed on
May 1 and Feb. 1, 1934.—V. 143, p' 122.
The
Mfg. Co.—To Resume Common Dividends—
directors
have declared a dividend of 25 cents per share on the
stock, payable Oct. 15 to holders of record Oct. 10.
This will
be the first dividend paid on the common stock since Oct.
1, 1931 when
37y* cents per share was distributed.
common
Calendar Years—
1935
Grossprofit
Adminis.
meeting of the directors held April 21, 1936, the directors
authorized
directed the issuance to certain
executives of stock purchase warrants
a total of 150,000 shares of common
stock, exercisable
and
issuance and until March 1,
1944, at prices per share as follows:
*25 on or before March
1, 1928; thereafter $27.50 on or before March
1.
1929; thereafter $30 on or before March
1, 1940; thereafter $32.50 on or
b®for® March 1,
1941; thereafter $35 on or before March 1.
1942; there-
on or before March 1,1943; thereafter $40 on
1944*
or before March 1,
The
listing application states: since the date of the
corporation's last
listing application, dated June 23. 1936, the
plant formerly leased by the
corporation at Hamilton,
Ont., Can,, has been purchased by a
whollyowned subsidiary of the
corporation; also the operations formerly carried
on at the
Norwood, Ohio, plant have now been transferred to the
Ilion,
N. Y., and
Elnnra, N. Y., plants.
?u corporation has had labor difficulties in its plants at Tonawanda,
North Tonawanda,
Syracuse and Ilion, N. Y., Middletown,
Conn., and
Manetta and
Norwood, Ohio,™ These difficulties, involving
primarily,
tne question of
open or closed shop, have been
largely overcome except
minor
disturbances.
This has accelerated a proposed
plan to abandon
1933
$247,530
703.345
551,262
1932
$667,243
$346,391
617.979
533,084
exps.,
vincl. royalties)
Operating profit
to, and the
manufacturing concentrated in the plants at Ilion and Elmira, N. Y.
In
addition, approximately 45% of the operations
formerly carried on at the
Syracuse
N. Y., plant, together with the
required equipment, have been
transferred to the plant at
Elmira, N. Y.—V. 143, p. 2065.
Revere Copper &
Brass, Inc.—To Refund Preferred Stock
A
special meeting of stockholders has been called for
Nov. 12 to pass
ujP9n a proposal authorized by directors to permit each share of 7
% cumu¬
lative preferred stock
now
outstanding with its accumulated dividends
to be converted
into 1 1-3 shares of a new 5H% cumulative
preferred stock
carrying accumulated dividends from Aug. 1, 1936.
A
majority of the holders of the present preferred stock have signified
their approval of
the plan, and the company is
prepared to redeem any
unconverted shares
The dividends
on
at
a
Richfield Oil Co. of Calif.—Sale Date Set Back—
Federal taxes
hearing
on the upset
28.
price of the properties has been continued to
Report Filed with Court Shows Creditors Support Plan—
G. Parker Toms, Chairman of the Richfield
reorganization committee,
statement made public Sept. 25 coincident with the committee's
formal
report to .Federal Judge Wm. P. James relative to
acceptance of the subsHtmte plan of
reorganization, states:
101,726
114,261
prof$304,566
225,000
$351,495
sur$79,566
Net loss
Preferred dividends
$351,495
Deficit
Earns,
stk.
x
sh.
per
on
a
plan is fair and
large majority of all classes of de¬
creditors marks
another step toward final consummation of the
plan.
the
completion of
Barring unforeseen
circumstances it is the purpose of the committee to take all
legal steps as
rapidly as possible leading to the final phases of the reorganization.
The
committees are now
awaiting instructions from Judge Wm. P. James as
.the\procedure
As
1934
1934
..§1,364,881 §1,178,556
contracts
Accts.
rec.
382,403
Accts.
506,405
(dom.
Nil
Including Federal income tax of
Liabilities—
110,023
(for.
rec.
Fed. inc. tax accr.
ousts.)
58,118
815,289
41,155
a Non-curr. rec...
423,774
Investments
1,103,372
b Fixed assets
1,682,708
Deferred charges..
77,851
liabs..
33,523
16",537
33,274
92,609
39,087
84,600
150,072
677,546
Other curr. assets.
531,376
1,067,587
1,693,603
50,769
-
§6,205,470 §6,027,4281
After
reserves
b After
1934.
61,487
1934
§51,980
for conting..
Res.
Inventories
Total
1935
§101,883
50,874
Deferred income..
Other
255,916
custs.)
accr.
7% cum. pref. stk.
(§100 par)
c
2,500,000
2,544,512
851,757
2,500,000
2,544,512
2,964
2,964
8,953
§6,205,470
Common stock..
Earned surplus
d Com. stk. reac¬
§6,027,428
quired
784,721
Minority interest.
Total.
for doubtful accounts of $24,605 in 1935, and $32,731 in
for depreciation and amortization of appreciation
reserves
arising from appraisal of $1,195,322 in 1935 and $1,810,679 in 1934. c Re¬
presented by 160.000 no par shares, d Represented by 200 shares of common
stock at cost.—V.
143,
p.
1090.
Riverside Cement Co. of San
Years End. Dec. 31—
1935
Francisco—Earnings—
1934
1933
1932
Net prof.after Fed. taxes
Res. for deprec. & deplet.
$489,491
295,601
$883,404
378,254
$647,274
246,231
$599,726
321,767
Net profit
Dividends
$193,889
47,838
$505,149
263,111
$401,043
306,867
$277,959
322,104
$146,051
$242,038
$94,176
def $44.145
Surplus
Assets—
Treasury
Other
767,327
stock.
investments
Deferred charges.,
y
1934
§958,064 §1,178,713
223,563
97,756
Inventories
a
Condensed Balance Sheet Dec. 31
1935
Cash
17,573
242,730
575,767
76,184
Real est., plant
& equipment... 6,844,466
815,183
28,070
360,530
590,521
76,035
7,018,258
Liabilities—
Payrolls,
I
res.
§9,705,677 §10,165,0671
1934
for Fed. inc.
tax
§179,653
Conting. reserves
65,401
Sundry items
22,283
x Capital stock—
7,832,600
Earned surplus—
404,986
.
§175,469
65,528
39,652
8,112,100
487,749
Surplus approp.for
of 1st pf.
stock
Capital surplus
Total
1935
accruals,
accts. payable &
retire,
provided for in a court order of Aug. 20, last, the Richfield
reorganiza¬
tion committee on
Sept. 25 filed a complete written report supplementing
report made to the court on Sept. 21, last, with Federal
y
payrolls
the oral
Judge
James, in respect to withdrawals, dissents and objections to a
substitute plan of
reorganization, the prQmulgation of which was authorized
by Federal Court in Los Angeles on Aug. 20.
The report filed with the
$500,522
Nil
Accts. pay. & accr.
Tr. notes & Instal.
to be followed."
P.
$226,306
Consolidated Balance Sheet Dec. 31
Assets—
Cash
Stocks and bonds.
unsecured
$325,522
175,000
Nil
Includes Federal capital stock tax.
equitable to all parties.
Assent by
$95,056
$48,990.
.
and
38,287
131.250
$0.81
Notes & accts. rec.
bondholders
CY124
179,406
com.
(no par)
months of intensive work on the
part of the committee and other interested
parties.
It is the
opinion of the committee that the
posited
42,858
CY498
79,267
171,237
xl6,709
Depreciation
committee is
extremely gratified to have received assent from a
majority of all classes of depositing bondholders and unsecured creditors
to the substitute
plan of reorganization.
The present plan represents
34,292
~4~383
in a
The
21,574
y58,171
Other deductions
Federal Judge William P.
James, San Francisco, has continued to Dec. 31
the sale date for
Richfield Oil Co. and Pan American Petroleum Co. The
date for
28.437
Minority interest
a
to $33.25
$189,242 loss $65,095
& accts. receivable
future date.
the present
7% preferred in arrears on Aug. 1, 1936,
a share, so
thatjn effect the conversion would cap¬
italize these accumulations—V.
143, p. 769.
amounted
$497,284 loss$198,951
Total income
$49,264 loss$206.693
139,978
141,598
Prov. for doubtful notes
some
plants in part or whole, and move the
equipment to and concentrate
manufacturing in other plants.
As mentioned above the plant at Nor¬
wood, Ohio, has recently been closed and the
equipment moved
$405,876 loss$303.732
91,408
104,781
Other income
•vr
Wm.
1934
$1,109,221
sell,
&
iu.
a
on
0
4,479,636
1,100,410
426,518
Richmond Insurance Co. of N. Y.—Extra Dividend—
covering
Dec.
1933
$379,480
24,448
def4,272
4,994,583
Ritter Dental
Remington Rand Inc.—Listing—•
The New York Stock
34-100
additional shares of common stock
(par $1); upon official notice of issuance
exercise of issuance to common
stockholders of record Sept. 10,
1934
$443,201
'
58,258
27,115
From Jan. 1—
Gross from railway
Net from railway
Net after rents
rights which
applied to the retire¬
30, 1936, to $2,100,000; re\
ue
1. 1937, which, together with accrued
interest to Jan. 1, 1937, amount to
$2,703,000, and to liquidate unsecured
advances of
approximately $286,000. The balance will be used for other
1935
$457,1068
OO >A 1 A
28,414
def5,103
Net after rents
The stock is to be offered to
common stockholders of the
company of record
©irrVr
'
ratio of one new share for each share held at a price of
will
1936
$533,710
134,249
Gross from railway
Net from railway
The company on Sept. 28 filed
with the Securities and
mission a registration statement
ties
Richfield
Rio Grande (which company has already agreed to the plan) totaled
$6,383,000.
Total amount of objecting certificates on deposit, but not
withdrawn, $295,000.
Total amount of Richfield bonds outstanding,
$24,981,000; total amount of bonds indicating assent to the plan, $19,698,000, or 78.86%.
Pan American bonds on deposit as of Aug. 20, 1936 totaled $5,838,400;
total amount of bonds withdrawn, $61,200; total amount of Pan American
bonds remaining on deposit, $5,777,200; bonds held by Rio Grande, $1,503,000; total amount of objecting certificates, on deposit, but not withdrawn,
$668,000; total amount of Pan American bonds indicating assent to the
plan, $6,612,200, or 72.30%.
The percentages of the Pan American bonds
are based on a total of $9,145,400 principal amount
outstanding in the
hands of the public and exclude $1,296,000 Pan American bonds pledged
with the Richfield trustee as part of the security for the Richfield bonds.
Richfield unsecured claims allowed, on deposit as of Aug. 20, 1936,
totaled $10,019,100.
No unsecured claims were withdrawn.
The Rio
Grande claim, plus other claims indicating approval of the plan, but not
on deposit, totaled $2,855,905; total amount of Richfield unsecured Claims
indicating assent to the plan, $12,875,015, or 71.30%.
There were no
objections from any unsecured claims on deposit.
While the plan did not provide for the filing of objections by holders
of Richfield and Pan American bonds and unsecured claims not
deposited,
holders of Richfield bonds in the principal amount of $50,500 and Pan
American bonds in the principal amount of $22,000 and $7,500 Richfield
187
1936
hand and
bonds on deposits as of Aug. 20, 1936 totaled $13,611,000;
Richfield bond in the amount of $1,000 was withdrawn; total amount
bonds remaining on deposit, $13,610,000.
Bonds held by
one
Condensed Balance Sheet June 30
Assets—
Cash
2223
schedule of Richfield and Pan American bonds and Rich¬
a
field unsecured claims on deposit with the committees, total amount of
bonds and claims approving the plan, bonds and claims withdrawn and
bonds and claims dissenting to the plan in
writing, but not withdrawn from
1935
$374,765
153,219
Selling & general expenses.
Profit from
Chronicle
Total
228.799
...
971,953
213,095
1,071,473
§9,705,677 $10,165,067
x Represented
by 47,801 shares 1st pref. stock (1934, 50,596
240,000 shares class A stock and 345,000 shares class B stock,
shares).
y After
Financial
2224
reserve
for
depreciation and
depletion,
1st pref. stock in 1935, (1934,4,550 shares
z Represented by 2,786 shares
1st pref. stock).—V. 141; p. 1945.
Riverside & Dan River Cotton Mills,
Years End. Dec. 31—
1935
Inc. fr.sales,rents, &c.-$19,878,960
Discts. and allowances-418,781
Raw material, labor, ex-
1932
_
$9,923,462
259,201
.
„
9,442,231
1,191,238
225,000
666,446
Drl91,073 01,501,198
0847,857
0462,004
$177,467
11,475
$766,321
13,225
$725,699
11,079
$17,588
11,726
$188,942
7,195,317
449,400
0223,661
$779,546
6,870,152
454,381
$736,778
6,079,583
$29,314
6,110,269
<>53",791
Dr60,5d5
1,248,362.
150,000
1,155,899
45,000
Fed. & State inc. taxes-Increase in stock in proc.
g'ds in hand
Profit from goods sold
Other income (net)
Dividends
Adjustments
Surplus, Dec. 31
x
1933
17.890,73? yl7,882,931 yl2,?75,08?
pense, &c J
Depreciation
& finished
Inc.—Earnings—
1934
x$18,913,796 x$14,615,046
367,380
345,877
y
,
1934
$
$
7,500,000
7,500,000
1,900,000
15,770,057 16,111,582 Pf. stk. ($100 par) 7,500,000
Inventories
5,643,768
5,858,491 Com. stk.($25 par) 7,500,000
Investments
2,500,000
90,042
90,042 Notes payable
Cash
201,039
403,344 Accts. pay & res.
for Federal State
Bills &accts.rec__ 2,955,177
2,530,130
and capital stock
Prepaid Items
81,256
77,634
tax
82,820
Dividends payable
Surplus
7,158,520
*
Plus one-half of the balance in certain
Investments
Cash
Notes
receivable
Deferred charges
Other assets
Total
24,741,340 25,071,224
arrears on the 6% cumulative preferred stock amount
interest.—V. 143, p. 769.
—
& Electric
First step in a pref. stock
tion took place Sept. 30
^
Oorporatidtf Is engaged in the business of generating, manufacturing,
purchasing, transmitting, distributing, selling and supplying gas and
electricity for lighting, heating, industrial and general utility purposes,
and steam for steam heating and industrial purposes.
It also produces and
sells coke and other by-products in connection with its gas operations.
It was originally authorized to conduct its business in the City of Rochester
and in the County of Monroe, State of New York, but subsequently it was
also authorized to carry on its business in the Counties of Allegany, Wyom¬
ing, Ontario, Livingston and Wayne in the State of New York.
All of its properties are located in New York.
Population of area sup¬
plied with electricity is estimated at approximately 487,000 and that of the
area served with gas is estimated at approximately 416,000.
In 1935 approxi nately 66% of the gross operating revenues of the corpo¬
ration were derived from electric operations, approximately 28% from gas
operations and approximately 6% from steam operations.
-V. 143. p. 1892.
Rochester
Uncollectible oper. rev—
Operating expenses...-Operating taxes--—-—
9,891,123
9,524,995
8,874,871
$67,037
Non-operating income
$4,592,804
43,413
$4,749,800
62,246
$5,026,133
37,409
Gross income-$4,542,457
Int.onfunded debt, misc.
int., amortiz. of debt
disct. and exp. and re¬
lated charges less int.
charged to construct'n bl,619,025
Prov. for Fed. inc. tax__
153,945
1935
§
§
Total
22,500,827
22,250,8831
Total
Includes accrued liabilities—V. 143, p.
x
Net income
69,487
$2^806,551
maintenance and repairs, taxes
income taxes, and provision for retirements.
a
Including
b Interest
on
funded debt for the
12
$4,812,046
$5,063,542
Roosevelt Hotel,
1,489,720
420,500
1,504,006
457,600
$2,901,826
other
than
—22,500,827 22,250,883
Inc.—Earnings—
$1,952,106
1,527,733
Operating expenses.
Excess of operating income over operating expenses
Rent, taxes and insurance
Interest on delayed payment—N. Y. S. R. & T. Co
$424,372
656,876
37,492
155,921
Loss for period
$425,917
Balance Sheet Dec. 31, 1935
Liabilities-
Cash
a
Accounts payable
$46,991
70,732
—
Notes & accts. receivable
Accrued expenses
Due to affiliated companies._.
41,608
Due from officers & employees
2,806 c Accrued rentals
1,214 d Advance
12,910 10-year 6% debentures
18,523 e Trade advertising
Trade advertising unused-...
2,220,000
1,495,228
15,739
Unearned income
6,128,526
1,183
....
2,422
6% non-cum. pref. stock ($100
2,364,900
207,761
Par)
15,739
Common stock ($5 par)
Deficit
$6,340,2341
Total
Authorized
1935, in¬
Outstanding
'
~
Deferred expenses
$130,446
10,956
6,240
829,023
942,483
—
Federal
refunding bonds for the period prior to the redemption of refunded bonds.
Capitalization and Funded Debt—The capital securities of the corporation
authorized and outstanding as of June 30, 1936 were as follows:
"
44,256
135,000
1,369,438
Income Account for the 12 Months Ended Dec. 31, 1935
$3,101,936
and
months ended Dec. 31,
Funded Debt
699,908
428,824
190,916
5,894,938
1892.
Net sales and other income
b Fixed assets
cludes approximately $17,000 interest on refunding bonds from the date of
the sale of these bonds to Dec. 31, 1935, in addition to interest accrued on
the refunded bonds for the same period.
Similarly, for the 12 months
ended June 30, 1936, there is included approximately $166,000 interest on
General mortgage bonds:
$100,000
7,096,600
6,291,0J0
tel.
Prepaid Insur., tel., taxes, &c.
Investments (at cost)
322,100
$
$
$100,000
plant—20,548,078 20,089,253 Common stock
Invest, in alfll. cos
314,322 Preferred stock
7,096,600
334,324
Other investments
20,581 Funded debt
6,238,000
Msc. physical prop
15,808 Notes sold pension
fund
Receivables
887,349
490,511
Other long - term
Cash & special cash
debit
545,205
deposits
324,411
Material & supplies
402,044
418,974 Total curr. liabll
768,350
Other curr. assets.
453,791 Acer, llabil .not due
286,636
Disc, on fund, debt
128,875 Depreciation res.. 5,892^537
114,823
Other
Other
def.
debit
res.,
incl.
deferred creditsitems
46,537
264,071
Surplus reserved..
135,000
Unapprop. surplus 1,336,454
Total
Due from affiliated companies.
bl,597,566
1935
1936
Liabilities—
Inventories
$4,636,217
$419,465
$545,355
July 31
•
1936
Asset#
Assets—
Operating income
Other income
1936—8 Mos.—1935
$3,139,223
$3,020,587
3,909
9,932
2,322,592
2,351,860
267,367
239,330
$44,819
Balance Sheet
8,147,018
$4,510,580
31,877
expenses
1936—Month—1935
$390,412
$377,011
834
289,467
300,689
33,908
30,669
Depreciation
Earnings for Stated Periods
Operating
Telephone Corp.—Earnings—
Operating revenues—...
12 Mos. Ended—
June 30, *36 Dec. 31, '35 Dec. 31, '34 Dec. 31, "33
Total operating revenues$14,401,703 $14,117,799 $13,624,671 $13,173,151
a
—$80,922,214
Total
.$80,922,214
Period End. Aug. 31—
closure sales
2,636,463
Earned surplus..
Total
and int.
Purpose of Issue—$4,080,000, representing thetotal proceeds from the
sale or 40,000 shares of series E preferred stock, exclusive of accrued dividens, is to be applied by the corporation, together with $190,000 from
treasury funds, to the redemption on Dec. 1, 1936 of all the then out¬
standing shares of series B preferred stock at $105 and divs. to Dec. 1,1936.
History & Business—Corporation was formed June 11, 1904, under
the name of Rochester Railway & Light Co., as a consolidation of Rochester
Gas & Electric Co. and Rochester Light & Power Co.
In 1919 name
changed to Rochester Gas & Electric Corp.
Since organization, the corporation acquired the stocks of Canandaigua
Gas Light Co., Despatch Heat, Light & Power Co. and Eastern Monroe
Electric Light & Gas Co., all of which were merged in 1917.
In the same
year it purchased the electric properties of Ontario Light & Traction Co.
The stock of Northern Wayne Electric Light & Power Co. was also ac¬
quired and company merged in 1927.
Corporation also acquired the
stocks of Geneseo Gas Light Co., Mount Morris Illuminating Co., Hilton
Electric Light, Heat & Power Co., Copper Electric Corp., Genesee Valley
Power Co., Inc., Nunda Electric Light Co., Inc., and Bolivar-Rich burg
Electric Corp., all of which in 1929 were merged with the corporation.
In 1932 the franchises, physical properties and net current assets of Brockport Gas Light Co. and Lake Ontario Power Corp. were purchased at fore-
6%
-
Prepayments
Corp.—Pref. Stock Offered—
refunding operation for the corpora¬
with the offering of 40,000 shares of
Series E 5% cumulative preferred stock, through an under¬
writing group comprising The First Boston Corp., Edward
B. Smith & Co., Goldman, Sachs & Co.; W. C. Langley & Co.
and Sage, Rutty & Steele.
The shares are priced at $102
7% series B
$4,000,000
series C
2,700,000
6% series D__
17,187,100
Common (775,914 shs.).- 14,383,208
Pref. stock:
4,806
29,399,500
1,445,214 Funded debt.
974,522
3,320 Funded debt called for red-Bond int. & divs. payable.—
10,916
885,676
232,774
560,196 Due to NY PA NJ Utll Co—
500,000
1,642,688 Notes payable—banks—
581,517
1,214,087 Accounts payable
Serial bonds due 1936——
2,500
Consumers' deposits
695,337
Interest accrued
450,191
Taxes accrued..492,864
Dividends accrued
122,768
Unemployment compensation
7,831
Res. for retirements
5,120,242
Res. for Fed. inc. tax_.
413,314
Miscellaneous reserves
63,827
Contributions for extensions.
947,338
Accounts receivable (net)
24,741,340 25,071,224
Rochester Gas
contingencies.
Liabilities—
$74,248,679
187,781
729,765
Property, plant & equip
Materials & supplies..
750,906
225,000
7,195,317
shs.
shs.
shs.
shs.
shs.
Balance Sheet, June 30, 1936
Accrued interest receivable..
—
Note—Dividends in
j
1
Assets—
1935
Liabilities—
Fixed assets
Total
--*12,000
--*12,000
6,000
6,000
4,000
First Boston Corp., New York
Edward B. Smith & Co., New York
Goldman, Sachs & Co., New York.
W. O. Langley & Co
Sage, Rutty & Steel, Rochester
$
to $18 per share plus
ownership of the
voting trust certificates representing 775,914 shares (100%) of the common
stock of the corporation.
:r
Underwriters—The names of the several underwriters and the respective
amounts severally underwritten by them, follow:
$7,195,317
1934
$
1936
3,
5%
further calls.
Control—NY PA NJ Utilities Co. has succeeded to the
Balance Sheet Dec. 31
1935
JLssctSmmmmm
Oct.
cumulative preferred stock, will be applied
towards the retirement of the 40,000 shares of series B 7% cumulative
preferred stock.
Preferred Stock Series E—The 40,000 shares of series E 5% cumulative
preferred stock (par $100) will have equal rights and rank with all of the
issued and outstanding preferred stock of the corporation except as to rate
of dividend, preemptive rights and voting rights.
Series E entitled to
dividends at rate of 5% per annum and no more, payable G.-M.
Divi¬
dends shall be cumulative.
Red. in whole or in part at lOo and divs.
Series E preferred stock shall have no preemptive rights, no subscription
rights and no conversion rights.
It shall not be under any liability for
40,000 shares series E
$6,870,152 $6,079,583
Processing taxes, paid and accrued, incl.
$7,158,520
Processing tax included,
Chronicle
50-year 4y2% series D, 1977
/ $6,000,000
30-year 5%, series E, 1962
4 8,323,000
25-year 4%, series F, 1960
[15,000,000
(:
Genessee Valley Power Co.; Inc., 1st mtge.
6s, 1936-1953
—$200,000
79,000
Com. stock, no par (stated value $14,383,208).. 825,000 shs. y775,914shs.
Preferred stock, $100 par
z300,000 shs.
Series B 7% cumulative
40,000 shs.
40,000 shs.
Series C 6% cumulative
30,000 shs.
27,000 shs.
Series D 6% cumulative171,893 shs. 171,871 shs.
...
a
Less
reserves,
b After
reserve
Total
for
-
depreciation,
c
Due
$6,340,234
New
York
State Realty & Terminal Co.
d Made by NeW York State Realty & Ter¬
e Duo bills outstanding.—V. 141. o. 2127.
minal Co.
Rutland
RR.—Earnings—
August—
railway
Net from railway.
i936
$311,045
Gross from
45,353
31,838
Net after rents..
1935
$272,317
—1,196
—21,415
1934
$287,487
23,735
7,042
1933
$319,268
58,283
51,223
2,105,242
11,225
—133,462
2,198,293
130,812
2,230,655
234,894
173,974
From Jan. 1-—•
Gross from
railway.
2,251,170
135,578
Net from rail way.
Net after rents
...
—V. 143, p. 2067.
30,920
—5,678'
...
-
St. Louis-San Francisco Ry.
System—Earnings—
—
x
Amount of bonds
authorized unlimited except that additional bonds
be issued only under the restrictive provisions of the general mortgage
no event shall the principal amount of bonds outstanding there¬
under, together .with the bonds reserved thereunder for the retirement of
prior obligations, exceed two times the then outstanding capital stock of
thp corporation.
y Held by voting trustees.
z 40,000 shares have
been designated as series B 7%, 30,000 shares as
series C6%, 171,893 shares as series D 6%, and out of the balance of the
58,107 shares, 40,000 shares have been authorized by directors and desig¬
nated series E 5% cumulative preferred stock since June 30, 1936, and the
balance of 18,107 shares are undesignated by the directors as to series.
The total proceeds, exclusive of accrued dividends, from the sale of the
may
and
in
Period End. Aug. 31—
1936—Month—1935
1936—8 Mos—1935
Operating revenue
$4,437,849
$3,967,589 $31,836,276 $27,064,367
Operating expenses
3,536,755
2,349,602
26,806,020
24,792,828
Net ry. oper. income.
Other income.
_
Total income
Deductions
Bal. avail, for int.,&c.
x$551,551
15,577
$371,457 x$2,358,366
25,300
162,220
def$40,174
224,765
4,913
$396,757
5,891
$2,520,586
50,824
$184,591
50,815
$562,214
$390,867
$2,469,762
$133,776
$567,128
After charges of $94,829 for August 1936 and
$584,561 for period Jan. 1
31, 1936, for accruals for Federal Railroad Retirement Act of 1935
and Federal and State Unemployment Acts.
Other expenses for period Jan. 1 to Aug. 31, 1935, included credit of
$363,123 for reversal of accruals under Railroad Retirement Act of 1934
x
to AugA
Volume
Financial
143
tions
Earnings of Company Only
A unvst—
1936
railway
Net from railway
1934
1933
$3,755,291
597,144
390,028
$3,695,361
731,413
478,254
$3,482,095
791,881
663,029
30,419,530
5,162,315
2,902,640
._
1935
$4,211,722
897,365
598,301
Gross from
25,892,304
2,517,245
506,575
26,986,021
4.936,987
2,203,895
From Jan. 1—
railway.
Net from railway..
Net after rents.
..
_.
...
_.
._
St. Louis Brownsville & Mexico Ryv
1936
-Earnings1934
1933
$403,564
93,863
79,801
$327,409
15,515
def 1,439
$310,768
69,729
44,657
$297,666
78,328
54,445
3,640,994
848,023
420,945
3.220,548
803,453
462,118
3,215,883
1,035,708
596,453
2,795,440
Gross from railway
Net from railway
Gross from
railway
Net from railway
Net after rents
878,134
422,407
—V. 143, p. 1570.
St. Louis San Francisco & Texas
August—
Ry.—Earnings—
1936
Gross from railway..
Net from railway—
Net after rents
1935
1934
$129,092
15,753
def 21,831
$139,538
27,095
def2,278
$103,191
2,216
def28,215
def26,037
860,318
def21,720
def325,793
688,586
def103,022
def328,418
661,725
def66,365
def304,974
677,253
defl5,674
def262,172
...
...
1933
$95,468
5,163
1—
Gross from railway..
Net from railway
Net after rents..—
...
...
143, p. 1570.
St. Louis Southwestern Ry. Lines
Period End. Aug. 31—
Railway
Net
Earnings—
1936—Month—1935
1936—8 Mos.—1935
$1,580,278
$1,203,210 $12,398,799 $10,289,304
492,259
341,089
3,979,530
3,209,939
249,259
111,123
1,951,510
1.512,210
oper. revenues.
from ry. oper..
Net ry. oper.
income
Non-oper. income
4,190
Deductions
6,246
49,243
53,022
$253,450
274,110
Gross income
See list given on first page of this
Net deficit
-V. 143, p. 1416.
$117,369
262,601
$2,000,753
2,293,590
$1,565,233
2,105,333
$20,660
$145,232
$292,836
tion provides
$540,100
A meeting of stockholders has been called for Oct. 27 to vote on dissolu¬
of the company and. distribution of its assets to stockholders.
Its
holdings in the Midwest Oh Co., an operating subsidiary, will be distributed
on
a
basis of 69-100 of
Producers.
a
share of Midwest for each share
Upon completion of dissolution
will be made to list the stock of Midwest Oil
change.—V.
142,
application
an
the New York Curb Ex¬
on
4036.
p.
602.
p.
that:
tion includes common stock of the
in appreciation.
August—
1936
Gross from railway
Net from railway
1935
$80,279
5,497
def20.159
$103,025
26,487
-1,100
Net after rents
From Jan. 1—
Gross from rail way
1934
$88,386
34,712
9,156
stock of the
as
result
a
higher price levels
860,817
277,418
46,910
Net from railway
596,632
def5,638
are
company
489,713
89,571
defl04,853
43,805
—V. 143, p. 1571.
San Diego Consolidated Gas & Electric
12 Months Ended Aug. 31—
Co.—Earnings
1936
expenses, mant. and all taxes
might be expected to enjoy
$7,283,476
3,895,018
$3,226,836
1,250,000
$3,399,827
1,205,000
Net operating revenue and other income (before1
an
new
company
equitable
$1,976,836
619,723
61,749
1,273
$2,194,827
794,837
76,053
$1,294,089
$1,317,051
the rights, positions and pros¬
manner.
*
[And Wholly Owned Sub., Yorkport Corp.]
a proposed dividend to be declared in Sept., 1936
optional $3 convertible preference stock, series of 1929).
Cash in banks
$1,117,324
222,010
1,111,850
Dividends receivable and interest accrued-.
Accounts receivable.1
Portfolio holdings, priced at Aug. 31,1936 market
quotations:
Bonds
$9,647,819
2,294,520
18,582,964
___
Preferred stocks
Common stocks
3Q ^25 304
Partic.
in notes receiv'le from affils.
&
of
Utilities
Light Corp., carried by management
$806,384
-
Investm't in & receiv'le from Wasatch Corp.
(53%
owned), the underlying assets of which consist
mainly of receivables from affiliates of Utilities
Power & Light Corp., carried by
management
for purpose of this statement at cost
_
Interest charges (net)
Amortization of debt discount and expense.
Other income deductions
in the
for purpose of this statement at cost
$3,388,457
11,369
active than
more
(After giving effect to
Power
$3,225,279
1,557
market relatively
a
Consolidated Balance Sheet, Aug. 31, 1936
Net operating revenue (before appropriation for
Other income
company contrasted with a stock of lesser asset
on increases in value of portfolio until substantially
reached, the indicated asset values of the stock given
now
obtaining in the securities of this company.
believed the problems raised by the consolidation of these group
companies have been fairly met, and in the considered opinion of directors
the treatment accorded the $3 preference stock and common stock of com¬
1935
$7,778,244
4,552,965
revenues
limited
It is
$69,920
17,817
def2,018
238,942
so
new
the market
1933
745,536
'
def202,075
which is not
in consolidation should exceed the indicated asset values of the common
stock of Shenandoah Corp. itself.
It is felt that the securities of the new
on
Net after rents
company
agreement of consolidation the holder of common stock of
Shenandoah Corp. receives approximately $2.97 in indicated asset value in
pects of such stocks in
RR.-—Earnings—
new
the
pany carries forward
San Antonio Uvalde & Gulf
Operating
Operating
Inc.—Registers with SEC—
department.—V. 143,
(1) The holder of each share of cumulative optional $3 convertible prefer¬
stock, series of 1929, of company will receive one share of 6 % preferred
stock (par $50) and 4-10 of a share of common stock of the new company.
(2) The holder of each share of common- stock of company will receive
17-100 of a share of common stock of the new company.
Each stockholder of Shenandoah Corp. along with the stockholders of
the other consolidating corporations entitled to receive shares of common
stock of the new company in the consolidation, is given an optional right
to convert all or part of the shares of common stock of the new company
which he has the right to receive into shares of 6% preferred stock of the
new company.^
(See Atjas Corp. above.)
Under the agreement of consolidation the holder of $3 preference stock of
Shenandoah Corp. receives a unit of 6% preferred stock and common stock
of the new company with an indicated asset value of
approximately $56.99,
of which $50 is in 6% preferred stock.
The common capital and surplus of
approximately $78,650,000 of the new company provides a substantial
protection for dividends on the 6% preferred stock of the new company,
equivalent under the terms of consolidation to $3 per annum per share of
the $3 preference stock of Shenandoah.
It is to be noted that the surplus
of approximately $16,970,000 set forth in the statement of condition of this
company would be only approximately $6,200,000 if the original par value
of the stock were employed in the statement rather than the reduced par
value of $25 per share.
In a rise in the value of portfolio the asset value
of the $3 preference stock of Shenandoah
Corp. is limited to its preference
in liquidation plus accumulated dividends.
The unit issued in consolida¬
common
Inc.—May Dissolve
tion
Creek
$120,356
$2.21,
$140,013
$2.70
ence
value, and
Salt Creek Producers Association
of Salt
—-
Dec.'
1935
1936
A special meeting of the stockholders will be held on Oct. 26 at which'a
proposal will be presented to consolidate this company, Atlas Corp., Pa¬
cific Eastern Corp. and Sterling Securities Corp. into a new company known
as Atlas Corp.
(For further details see Atlas Corp. above.)
With respect to the securities of company, the agreement of consolida¬
Under
to its stockholders
50 cents on June 3, last; 75 cents on
July 1, 1935, and 50 cents on Dec. 20, 1934.
follows:
on
Selected American Shares,
4,820,549
1935
Net after rents
From Jan. 1—
rev.
as
Shenandoah Corp.—To Merge with Atlas—
August—
—V.
2225
made
Six Months Ended June 30—
Net income after all charges..,
Earns, per share on 40,000 common shares
—V. 142, p. 4037.
—V. 143. P. 1570.
From Jan.
were
20, 1935; 25 cents
25,459,329
2^76,448
Net after rents
Gross from
Chronicle
817,931
1,624,316
,
^
Other investments, carried by management for purpose of this
statement at cost
42,798
13,175
Deferred charges
6,884
Total
$34,656,777
Liabilities—
Net income
Note—The company made no provision for Federal income taxes for the
year 1935 as it claimed as a deduction in its 1935 income tax return, debt
discount and expense, on bonds redeemed in 1935, consisting of unamortized
debt discount and expense on such bonds at date of
redemption, and
premium and expense on redemption together with duplicate interest
charges, which resulted in no taxable income. From Jan. 1,1935 to April 30,
1935 the company made provision for Federal income taxes, in amount of
$66,000 by monthly chargef. to operating expenses.
During the period
from Aug. 1, 1935 to Dec. 3t\ 1935, equal monthly credits were made to
eliminate this provision.—V. 143, p. 1416.
Prov. for div.
optional $3 conv. pref. stock, series of 1929
(based on assumption that stockholders will elect cash option
of $3 per share)
Accounts payable, accrued expenses, &c
Provision for current year Federal and State taxes
Provision for contingencies
Preference stock, authorized 1,000,000 shs.; out¬
standing 430,938 shs. of cum. optional $3 conv.
1
pref. stock, series of 1929, entitled in liquidation
to $55 per sh., at par value of $25 per sh
$10,773,450
Com. stock, par $1 per sh., authorized 10,000,000
shs. issued and outstanding 5,897,431 shs
5,897,431
on
1,255,467
102,266
270,100
10,000
Seaboard Air Line Ry.—Earnings—
August—
Gross from railway.
1936
...
1935
$2,703,835
$2,304,106
245,960
126,914
_
def24,959
def198,024
Net from railway
Net after rents
1934
1933
$2,311,693
40,942
def149,803
$2,200,857
228,136
69,778
*
From Jan. 1—
Gross from railway.
$16,670,881
Capital surplus
$7,999,022
Net unrealized appreciation over book
amounts
(revaluations as of Dec. 31,
to market quotations at that
plus costs of subsequent pur¬
chases) of investments.
Earned surplus (since Jan. 1, 1933)
1932
date
24,624,043
3,626,792
_
Net from railway
Net after rents
...
1
22,593,355
3,489,733
1,152,902
23,258,487
4,043,941
1,472,052
21,317,863
4,012,503
-"1,720,406
_
6,867,094
2,108,529
16,974,646
—V. 143, p. 1416.
Shawmut
Bank Investment Trust
6 Mos. End. Aug. 31—
Interest and dividends..
Net loss
on secur.
sold..
1936
$102,239
prof393
Earnings—
Less cost of 12,449 shs.
1933
1935
1934
$94,624
252,560
$99,230
19,755
erence
of optional $3 conv.
stock in treasury
$33,645,527
pref¬
626,583
$104,096
prof42,496
:
x$33,018,944
Total
Total income
Administrative
-
expenses
Interest paid & accrued.
Federal capital stock tax
Tax
on
Canadian divs_.
Loss
$102,632 loss$157,936
12,226
10,557
118,457
121,270
2,162
1,166
112
161
$30,325
-
$291,090
$79,475
10,726
122,033
973
$146,592
11,581
129,430
$54,257
sur$5,581
$34,656,777
The above amount of $33,018,944, applicable to capital stocks is
equal
approximately 83 cents per share of outstanding common stock after
allowing $67.25 per share for the net outstanding optional $3 convertible
preference stock (which includes unpaid dividends of $12.25 per share).
On the basis employed (allowing for the $3 preference stock its
original
par value of $50 per share plus accumulated dividends) there would be
applicable to the common stock approximately $1.18 per share.
x
to
Condensed Balance Sheet Aug. 31
Assefj—
1936
1935
Liabilities—
1936
Invest, at cost..54,619,121 $4,631,833
Accr.lnt.& div.rec.
10,567
17,955
Cash
1935
Debentures & notes
Accts. pay. for pur.
x
55,498
146,346
payable
Accumulated Dividend—
The directors
$4,638,000 $4,824,000
of securities
25,000
on
of accumulations
Sept^28 declared
on
the optional
a dividend of $3 per share on account
preference stock, series of 1929, payable
Oct. 24 to holders of record Oct. 19. This will be the first distribution to be
made since Aug. 1,1931, when 75centsper share was paid.—V. 143, p. 1091.
Reserve for capital
582
stock tax
Accr'dint. payable
480
Surplus
e
Total..
$4,685,186 $4,796,134
28,800
230,400
17,804 def283,746
Total
$4,685,186 $4,796,134
x Market value
$7,797,000 in 1936 and $4,125,600 in 1935.
Note— Stock consists of
75,000 shares of no par value in part issued and
outstanding and the balance issuable on conversion of warrants outstand¬
ing.—V. 142,
p.
4191.
Securities Investment Co. of St. Louis—Pays Extra—
The company paid a
special dividend of 75 cents per share in addition
to the regular dividends of 50 cents
per share on the common stock, no
par value on Oct. 1 to holders of record Sept. 25.
Other special distribu¬
\
Sherwin Williams
Co.—Chanqes In Personnel—
The company announced the promotion of three of its major executives.
H. D. Whittlesey will be relieved of the duties of director of sales and dis¬
tribution and will devote his entire time to executive duties.
His place as
director of sales and distribution will be filled by K. H. Wood.
Vice-Presi¬
dent
A.
W.
Steudel
company.—V. 142,
(Franklin)
becomes
p.
Vice-President
and general manager
of the
3187.
Simon
&
Co.,
Inc.—Atlas
Corp.
Acquires
Control—New Directors Elected—
Floyd B. Odium, President of the Atlas Corp., announced Sept. 30
and associates had bought all the common stock of
Franklin Simon & Co., Inc., from the estate of Franklin Simon and from
that the Atlas Corp.
Financial
2226
in the company also were acquired.
Associated with the Atlas Corp. in
stock
Their holdings of preferred
members of the Franklin Simon family.
__
„
_
Hayden, Stone &
the purchase were
Co., Wertheim & Co., Hemphill, Noyes & Co. and Emanuel & Co.
Following the transaction, new directors were elected to supersede the
former board as follows:
Russell E. Dill, Alex Gumberg, L. Boyd Hatch,
Steele Mitchell and Maurice Wertheim.
The four vacancies left on the
board will be filled later.
„
—
Control of the company is vested in the 137,130 common shares of SI
acquired by the syndicate.
The 22,994 outstanding 7% ($100 par)
cumulative preferred stock would have sole voting rights if four quarterly
dividends were in arrears.
The stock has three quarterly dividends in
arrears, but for the last two quarters full quarterly dividends have been
Oct.
Chronicle
plan
company's funds to be used for normal corporate purposes.
The
approved by directors is said to be the same as adopted by Caterpillar
Tractor Co
sgo) • ~
Company's net profit for the first eight months totaled $366,234, against
$156,635 in the like 1935 period. The plan approved by directors is to pay
dividends in preferred stock instead of cash and will be voted on by stock¬
holders at their meeting, Oct. 19.—V. 143, p. 2068.
Co.—Earnings
Southern Colorado Power
$2i|6381 |1,882?229
1,184,536
1,059,71/
par
declared.
1
Russell
Dill
E.
was
Vice-President—
Vice-President and Secretary at
elected Executive
the first meeting Oct. 1 of the new
No
The office of Presi¬
board of directors.
left vacant, which has been
Franklin Simon in October, 1934.
the case since the death
dent of,the store was
of
changes were announced following the meeting, held at the
In addition to Mr. Dill, the directors comprise Alex
other
Steele
Hatch,
Mitchell and Maurice Wertheim.—
,845
$822,511
609
591
$900,454
299,017
$823,102
$601,025
427,145
3,815
for retire, reserve)
and other income (before
appropriation for retirement reserve)
Appropriation for retirement reserve
Net operating revenue
Gross
income
427,269
4,103
Interest charges (net)
Other income deductions
$170,064
Net income
Co. (& Subs.)—Earnings—
Sierra Pacific Electric
$163,225
48,611
$148,135
5,752
24,355
Operation
7,947
16,654
—
Taxes-i.
-
66,285
72,475
232,376
222,077'*
$170,064
—V. 143, p. 1417.
1936—12 Mos.—1935
$1,690,721 $1,582,219
650,501
-672,244
1936—Month—1935
Period End. Aug. 31—
Operating revenues
Maintenance
and all taxes
$601,436
Net oper. rev. (before approp.
,
,
offices of the store.
Gumberg, L. Boyd
V. 143, p. 443.
Operating expenses, maintenance
Other income-—
Directors Elect R. E. Dill
1936
3,
89,084
197,355
Inc.—Accumula¬
Bleachery & Print Works,
Southern
ted Dividend—
paid a dividend of $1.75 per share on account of accumula¬
cumulative preferred stock, par $100, on Oct. 1 to holders
19.
Similar payments were made in each of the five pre¬
ceding quarters and on March 2, 1935.
Accruals after the current payment will amount to $14 per share.—V. 142.
The company
tions on the 7%
of record Sept.
$84,506
def46
$623,533
$57,843
8,333
$738,631
100,000
$628,970
100,000
10,462
126,541
126,306
$65,774
Retirement accruals
$735,369
3.262
10,352
Balance.
$57,248
595
$84,460
• 8,333
Net oper. revenues—
Non-oper. inc.—net
$39,047
$512,089
$402,663
Int. & amortiz., &c
Net income.
—
5,437
—V. 143, p. 1416.
21 on changing the no par common
writing down goodwill to $1 from $2,221,751.
reduce certain securities from their book value of
$1,697,972 to their market value as of July 31, 1936 of $524,119 and to
amend the certificate of incorporation to allow the company to mine, mill
and smelt ores and minerals and to prospect for ores.
Stockholders of
record Oct. 6 may vote at the annual meeting.—
The stockholders will vote on Oct.
Earnings for Years Ending July 31—
1936
1935
1934
>
1933
Net income after depre..
Fed. inc. taxes, loss on
share
$250,2511oss$l,931,390
on
$1.73
(no par)
Nil
Nil
Nil-
on
pref. stock
Balance
—V. 143,
Stock
Offered—A
group
used for general corporate purposes.
balance sheet as at May 31,
designs prepared and approved by the purchasers, which
embody patented features for which the company holds the
The company has done business continuously
its predecessor since 1919 and with Chevrolet
designs generally
exclusive license.
with the Chrysler Corp. and
Divisions of General Motors
manufactures the Soss invisible hinge which is par¬
ticularly adaptable for furniture, radios, general building and other pur¬
poses where a smooth unbroken surface is required.
The company also
1934
2,541,822
1,662,563
1,937,105
79,065,862
24,992,667
20,008,695
13,220,055
9,357,905
75,066,934
20,730,556
11,224,697
61,290,234
13,348,385
3,178,629
—V. 143, P. 1893.
•
'36
$438,765
Cost of sales
297,657
-
Gross profit.
141,108
55,439
' 85,668
Allother expenses-_____
Net profit before Federal
income taxes
1935
$890,940
633,612
257,327
137,206
1934
1933
$668,774
$455,157
518,755
348,441
150,019
98,348
106,716
74,498
. 1
' ■
32,217
—_L
51,670
120,121
railway
Net from railway—:..—'5
Net after rents.,
From Jan. 1—
Gross from railway
Net from railway
defl25,769
after rents
Net
3,720,833
def84,823
Earnings for 7 Months Ended July 31
1936
1935
$75,161
Authorized Outstanding
195,000
191,776
$112,276
Capitalization—
Common stock (par $1)
Pursuant to action of the stockholders at a meeting
held July 7, 1936.
from 15,000 shares of common
of common stock (par $1). The 14,752
248 shares then in the treasury were
changed respectively to 147,520 shares and 2,480 shares (par $1).
A stock
dividend of 44,266 shares was declared on the outstanding common stock
making a total of 191,766 shares outstanding, 2,480 shares in the treasury
the authorized capitalization was changed
stock (par $10)
to 195,000 shares
outstanding and the
and 744 shares authorized but
stock included in this offering
are sold for the account of the company all of the authorized shares will be
outstanding.
Of the 3,224 shares, 2,480 shares are held in the treasury
and 744 shares are authorized but unissued.
On each of the 3,224 shares
sold the company will credit capital surplus the sum of $3.30 per share,
representing the excess per share received over and above the par value
of each share of common stock.
Trust
Co..
New
Registrar—Manu¬
York.
facturers Trust Co., New York.—V. 143, p. 1892.
Southern Ry.-
—Third
share was paid on account of accumulations on the
6% cu \ulative preferred stock, par $100, on Sept. 25 to holders of record
Sept. 24. This compares with $3 paid on June 25 and March 25, last, and
on Dec. 21, 1935: $1.60 paid on Oct. 26, 1935, $1.50 paid on Dec. 20, 1934,
50 cents per share paid on Aug. 1, May 1, 1934 and on Dec. 1, 1933. These
were the only payments made since the regular quarterly dividend of $1.50
per share was paid on April 1, 1932.—V.1 143, p. 125.
South Carolina Power Co.—Earnings—
1936—Month—1935
$226,863$206,181
133,725
100.259
1936—12 Mos.—1935
$2,773,042
$2,650,472
1,629,067
1,480,277
reserve-
18,000
13,000
224,000
156,000
53,872
,14,286
54,164
14,286
646,843
171,438
646,993
171,438
$6,979
$24,471
$101,693
$195,763
pref. stock
Balance
—V.
143,
p,
1728.
Soundview
Pulp Co.—Plans Preferred Issue—
The directors, according to San Francisco press dispatches, have approved
plan of disbursing earnings to stockholders, thereby avoiding the surtax
on undistributed profit and at the same time holding a large portion of the
a
53,218
Wk.
Spencer Chain Stores,
Period End. Aug. HI—
—Jan. 1 to
of Sept.—
1935
1936
The company at present
1935
Inc.—Sales—
/ 1936—9 Mos.—1935
$5,59,3,201
$5,311,214
1936—3 Mos—1935
$2,000,257
$2,175,782
Sales.
Sept. 21-
$2,358,085 $89,154,663 $76,125,957
is operating 57 stores.—V. 143, p. 1248.
Spencer Trask Fund, Inc.—Listing—
Exchange has authorized the listing of 450^000 shares
par, in substitution for the same number of shares of
value, upon notice of issuance.—V. 143, p. 2068.
The Boston Stock
of capital stock, $1
par
August—
Gross from railway
Net from railway......
Net
1934
$53,934
5,956
1,333
25,051
after rents
From Jan.
.
1935
$70,471
22,518
18,109
1936
$91,358
34,262
1933
$48,077
2,344
def5,501
1—
507,135
126,379
Gross from railway
Net from railway
373,830
336,970
32,164
defl0,956
_
58,621
def40,728
8,110
294,082
def3 8,799
tdef94,226
—V. 143, p. 1893.
Spokane Portland & Seattle Ry.—Earnings—
August-rGross from railway
Net from railway......
Net
after rents
From Jan.
345,387
204,612
199,442
205,083
4,783,059
1,675,657
3,845,503
1,665,006
868,267
990.902
1933
$453,940
219,206
132,356
1—•
5,124,558
1,681,067
698,234
Gross from railway
Net from railway
Net
1934
$631,799
300,310
1935
$782,764
317,443
1936
$837,167
after rents.
2,955,529
1,135.716
442,894
—Y. 143, P. 1575.
Starrett
Corp.—Listing—
The New York
Curb Exchange has approved the listing of $6,800,000
principal amount 5% secured income bonds, series of 1950, due April 1.
1950, and the voting trust certificates representing 484,005 outstanding
shares of common stock, $1 par.
The Exchange will also list voting trust
certificates representing 100,000 additional shares of common, stock, $1
par, upon notice of issuance.—V. 142, p. 3363.
Staten Island
Rapid Transit Ry.-
Net from rail way
Netafterrents
—29,932
From Jan. 1—
Gross from
Net from
railway
railway
Netafterrents
•
-Earnings—
1934
1935
$129,797
—124
1936
$138,852
4,497
1933
$144,953
17,943
—14,946
1,157,472
—34,421
$155,452
1,141,563
266,359
42,182
14.537
•
1,065,139
—5,877
991,324
—56,249
—292,652
—355,581
190,637
—70,699
26,461
J
—V. 143, p.1418.
Co.—Output, &c.—
Bernard M. Lynch, President, says in part:
Int. & other fixed chgs—
on
2,809,466
def.321,241
def330,460
$2,595,655
Standard Gas & Electric
[A subsidiary of Commonwealth & Southern Corp.]
_
2,962,181
def498,808
def501,983
1936
Period—
Gross from
A dividend of $3 per
Oper. exps. and taxes-__
3,134,052
def377,721
def384,204
52,933
-Earnings—
Gross earnings (est.)
—V. 143, p. 2068.
August—
railway.
Sorg Paper Co.—Accumulated Dividends—
Period End. Aug. 31—
Gross revenue--.
$466,240
unissued.
If and when the 3,224 shares of common
agent—Colonial
$401,729
def45,898
def46,577
—V. 143, p. 1575.
Netafterrents
Net income before Federal taxes
1933
$411,287
defl4,698
defl5,506
13,200
10,084
...
1934
1935
1936
$500,647
August—
Gross from
Spokane International Ry.—Earnings—
Calendar Years
Jan. 1 to
May 31
Net sales
Divs.
1933
$8,761,266
2,273,271
1,116,015
95,196,792
Gross from railway
Net from railway—..—
Earnings for Stated Periods
Prov. for retire,
$180,737
1936
1935
$13,524,755 $11,270,225 $10,472,343
2,953,247
3,160,703
4,00*. ,030
Net from railway
Net after rents
no
Transfer
$364,518
Southern Pacific Co .—Earnings—
August—
Corp. since 1927.
then
$14,741
p.1893.
Gross from railway
1936, reveals total current assets of
$330,920 and total current liabilities of $44,443.
Company, incorporated in 1909, has its principal plant in Roselle, N. J.,
and another plant in Detroit, Mich. Prospectus states that the company
manufactures hinges for various purposes, but specializes in the production
of hinges for the automobile trade.
The hinges manufactured for the
automobile trade are made in a range of sizas and variety of construction of
shares
45,206
1,696,905
277,700
319,725
542,463
2,003,132
143,207
23,141
25,776
$42,158
Int. & other fixed chgs_.
Divs.
284,558
309,038
539,094
141,967
30,000
26,703
41,824
Southern Pacific SS. Lines —Earnings
Co.—Common
Manufacturing
headed by Tobey & Co. and Herrick, Heinzelmann & Ripley, Inc., New York, on Sept. 29 offered 96,285
shares of the common stock at $7 per share.
Of the 96,285
shares offered, 93,061 will be offered for the account of
present stockholders, and proceeds from the balance will be
The
Period End. Aug. 31—
Gross revenue
Netafterrents
499,175 shs. cap. stk.
—V. 143, P. 1247.
banking
Co.—Earnings—
Southern Corp.]
*
1936—Month—1935
1936—12 Mos.—1935
$282,653
$252,073 $3,500,342 $3,017,532
[A subsidiary of Commonwealth &
From Jan. 1—
$862,6591oss $621,3051oss
sale of securities, etc__
Soss
Southern Indiana Gas & Electric
Prov. for retire, reserve.
Par Value—
stock to $10 par and on
It is proposed also to
per
4354.
Oper. exps. and taxes—
(A. O.) Smith Corp.—To Change
Earnings
p.
Output of electricity of the companies in the
Standard Gas & Electric
system for the 12 months ended July 31, 1936 amounted to 4,848,366,223
kilowatt-hours, an increase of 318,670,992 kilowatt-hours, or 7.03% over
the output for the 12 months ended Dec. 31,
Gas output for the 12 months ended July
904,000 cubic feet, an increase of 9.69%
months ended Dec. 31, 1935.
1935.
31, 1936 amounted to 42,860,the gas output for the 12
over
As of July 31,1936 a total of 1,709,847 customers of all classes was served
by the public utility companies comprising the Standard Gas & Electric
Co. system, an increase of 25,756 customers, or 1.53% over the number
served on Dec. 31, 1935.
Sale of gas and electric appliances by public utility companies in the sys¬
tem totaled $5,662,665 for the year ended July 31, 1936, an increase of
7.30% over sales for the year ended Dec. 31, 1935.
Volume
143
Financial
Statement of Consolidated Income
(Company and Subs.)
Bock Oil Corp. and Beaver Valley Traction Co.,
receivership, and subsidiaries of such cos.)
Period End. July 31—
1936—Month—1935
1936—12 Mos.—1935
Subsidiary pub. util. cos.:
in
Operating revenues./.
Oper. exps., main¬
$7,582,302
$6,780,156 $93,667,095 $87,664,730
a
tenance and taxes..
4,228,625
Net oper. revenue..
Other income—net...
$3,353,677
Net
oper.
Amort,
Gross income
11,943,523
*11,671.920
3,083
3,083
37,000
37,000
Amort,
$2,108,988 $33,805,696 $30,544,472
$102,445
$102,468
1,039,871
funded debt..
1,145,888
of debt disct.
and expense
interest
102,211
10,363
5,766
41,667
pref. stock
Approp. for spec. res_
on
Other income deduc'ns
interest
$1,333,941
charged
construction
Net income deduc'ns $1,328,439
interests
373,512
27,696
387,052
5,905
$1,423,493 $16,376,980 $17,271,270
3,961
50,250
47,160
$1,419,532 $16,326,730 $17,224,110
$1,060,714
Minority
1,030,314
368,794
69,192
291,667
Cr261
$689,456 $17,478,966 $13,320,362
Divs.
on capital stks.
held by public
1,124,720
122,657
69,192
500,000
9,452
5,766
41,667
5,502
Balance
$1,227,366
13,890,980
35,050
Federal & State tax on
int. on funded debt.
'
.......
$1,229,986
12,929,217
83,463
27,860
3,758
Other
to
new company in the consolidation, is given an
optional right to
all or part of the shares of common stock of the new
company
which he has the right to receive into shares of
6% preferred stock of the
new company.
(See Atlas Corp. above).
Under the agreement of consolidation the holder of $3 preferred stock of
convert
preferred stock of this company.
The $1.20 preference stock of Sterling Securities Corp. receives under the
agreement of consolidation a unit of 6% preferred stock and common stock
of the new company with an indicated asset value of
approximately $14.49.
939,538
$2,389,153
on
Less
stock of the
$3,051,609 $45,786,219 $42,253,392
967,583
Bents for lease of prop.
Total
stock of company will
company.
$3,359,819
of contractual
b Divs.
new
Sterling Securities Corp. receives 6% preferred stock of the new company
will have at the outset an asset coverage of not less than
250%
(approximately 434% is indicated by the pro forma statement of condition)
contrasted with an asset coveriage of only approximately 162% in the
$3
capital expenditures
Int.
45,697,776
common
Each stockholder of Sterling Securities Corp. along with the stockholders
of the other consolidating'corporations entitled to receive shares of common
6,142
Approp. for retirement
& depletion reserve.
,
48,143,654
The holder of each share of class B
receive 1-20 of a share of common stock of
$3,019,224 $45,523,441 $41,966,954
°
32,385
262,778
286,438
and
rev.
income
other
3,760,932
2227
(4)
Deep
(Exclusive of
Chronicle
741,006
708,273
8,664,913
Cr37,004
Cr26,744
762,696
which
In a rise in the value of portfolio the asset
appreciation of the $1.20 prefer¬
ence stock is rapid until it reaches the limit of its
preference in liquidation
plus accumulated dividends ($26.30 as at Aug. 31, 1936).
The unit issued
in consolidation
has less rapid asset appreciation but is not so limited in
ultimate asset value.
The pro forma statement of condition of the new
company sets forth a substantial surplus which is deemed to offer a better
dividend prospect in consolidation than in the $1.20
preference stock itself.
The holders of class A common stock and class B common stock of
Sterling Securities Corp. receive under the agreement of consolidation
stocks of the
new
Sterling Securities Corp. itself. It is felt that the
might be expected to enjoy a market relatively
now obtaining in .the securities of this cor¬
company
active than the market
more
poration.
It is believed the problems raised
by the consolidation of these group
companies have been fairly met, and in the considered opinion of directors
the treatment accorded the $3 first
preferred stock, $1.20 preference stock
and class A and B common stocks carries forward in the new
company the
rights, positions and prospects of such stocks in an equitable manner.
Balance Sheet Aug. 31,1936
8,668,033
in
v
undist. net income.
new
stock of positive asset value contrasted with stocks of no
present
As a result, on increases of value of assets, until
substantially
higher price levels are reached, the indicated asset values of the stock given
in consolidation should exceed the indicated asset values of the
class A and
class B common stock of
common
asset value.
on
35,489
v
(After giving effect to a proposed dividend of $3
per share to be declared
first preferred stock in
September, 1936.)
Assets-??Balance of inc. of sub.
pub. util.
cos.
Cash In banks
toS.G.&E.Co
Inc.
of
non-util.
$356,712
$7,927
$8,051,357
$4,616,840
57,873
146,618
34,585
301,538
428,434
25,053
35,550
on indebtedness of
affiliates
415,499
2,261
investments, carried by management for
Total
taxes
S. G. & E. Co
$417,315
$125,438
$8,928,663
28,882
280,633
225,711
$8,648,030
$5,919,883
4,418,970
125,836
4,418,970
135,161
funded debt.
4,943
4,573
60,158
Amort, of debt disc't
and expense
17,793
12,597
202,952
151,162
on
Consol. net income...
def$12,669 def$299,344
$3,840,114
$1,156,370
Including $16,666 for the month of July, 1935, $83,338 for the 12 months
July 31, 1936 and $116,662 for the 12 months ended July 31, 1935
for amortization of extraordinary operating expenses deferred in 1931.
b Of Consolidated Gas Co. of the City of
Pittsburgh, guaranteed by
Philadelphia Co.
c Including amortization of expenses in connection with
proposed extension of notes due Oct. 1, 1935.
a
ended
Statement of Income
Period End. July 31—
Inc. from divs. & int.,&c.:
Divs. from affiliates-Divs. from others
•
Int.
(Company Only)
1936—Month—1935
1936—12 Mos—1935
$390,042
25,053
25,053
on
10,885
35,550
$6,257,061
302,144
13,750
36,063
on
sees,
by
redemp'n of
an affiliate-
Total
Expenses and
439,691
2,261
——-
$464,908
28,882
$7,176,722
280.633
$7,194,177
225,711
$518,912
368,247
10,908
interest..
$436,026
368,247
10,483
$6,896,089
4,418,970
125,836
$6,968,466
4,418,970
135,161
on int.—
on funded debt
Amort, of debt disc't &
Net
a
4,943
4,573
60,158
58,220
17,793
12,597
202,952
151,162
$117,021
expense
$40,126
$2,088,173
the
Including amortization of
expenses
in connection with proposed ex¬
tension of notes due Oct. 1, 1935.
and
entitled
The directors have declared
a
dividend of 75 cents per share
on
the com¬
mon
stock, payable Oct. 15 to holders of record Sept. 30. This compares
with 50 cents per share paid in each of the three preceding
quarters, and
dividends of 40 cents paid each three months previously.—V.
143, p. 445.
Weeks Ended Sept. 12—
,
Net profit after depreciation, State & county taxes
& normal Federal income tax
500,000 shs. cap. stk. (par $1)_
1936
1935
x$458,539
$197,512
$0.92
$0.39
x No mention is made of surtax on undistributed
profits.
The company corrects its figures
previously reported for the
ended Aug. 15, 1936, and states net profit for that period after
taxable
1,075,000
at
$57.50 per share
authorized
250,000
11,778,650
2,500,000
standing 603,802 shares, at assigned value of $1
per
share
603,802
Common, .Class "B", no par, authorized 300,000 shares, issued and
outstanding 298,297 shares, at assigned value of 50 cents per share..
Capital surplus,
$11,168,675;
less
deficit,
after
application
of
net
unrealized
appreciation
over
cost
of
investments,
$7,061,733
149,149
4,106,942
Total-...-..
A
special meeting of the stockholders will be held on Oct. 27, 1936, at
a
proposal will be presented to consolidate this company. Atlas
Corp., Pacific Eastern Corp., and Shenandoah Corp. into a new Atlas
which
Corp. (for details
see latter above).
With respect to the securities of
company,
provides that:
'
$21,142,427
—
—V. 143, p. 1894.
Stewart-Warner Corp.—Extra Dividend—
The directors have declared an extra
dividend of 50 cents per share in
addition to the regular semi-annual dividend of
25 cents
per
common
paid
stock, par $5. both payable Dec. 1.
on Dec. 2, 1935—V. 143, p. 773.
the agreement of consolidation
,,
The holder of each share of $3 first preferred stock of company will
receive one share of 6%
preferred stock (par $50) of new company.
(2) The holder of each share of $1.20 preference stock of company will
receive 15-100 of a share of
6% preferred stock (par $50) and 4-10 of a
share of common stock of new
company.
(3) The holder of each share of class A common stock of
company will
a share of common stock of new
company.
share
on
the
An extra dividend of 25 cents
Subway Terminal Corp., Los Angeles, Calif.—Interest
According to recent practice in connection with payments of interest on
the 1st mtge. 6K % serial gold bonds, the
company offers to pay to holders
thereof, who wish
to accept the same, the intsalment of interest due Oct.
1,
1936 at the rate of 4% per annum, that is, at the rate of
$20 per $32.50
Payment will be made by check of the company on presentation
of coupons, with proper
ownership certificate, at the company's office at
647 South Spring Street, Los Angeles, Calif.
In the case of bonds on which
all coupons have matured, the bonds themselves should be
presented for
notation of the payment.—coupons so
paid will be surrendered to the trustee
for cancellation.—V. 142, p. 2341.
coupon.
Sunshine
Mining Co.—New Director—
Joshua Green has been elected a director to fill the
vacancy caused by
the resignation of Frank
Eichelberger, B. M. Hardy, President, announced
Sept. 30.—V. 143, p.
1576.
Susquehanna Capital Corp.—Registers with SEC—
See list given on first page of this department.
Tampa Electric Co.—Earnings—
Operating
Operation
Aug. 31—
revenues
—
Maintenance.
Taxes.
1936—Month—1935
$327,011
$320,836
130,710
132,999
18,630
21,867
38,466
38,185
1936—12 Mos—1935
$4,149,675
1,643,061
$3,963,945
1,568,739
250,594
233,618
r
479,778
454,683
83
$127,783
3,815
$1,776,241
18,300
$1,706,903
31,506
$139,288
35,833
$131,598
35,833
960
845
$1,794,541
430,000
13,044
$1,738,410
429,999
10,313
$102,494
Net oper. revenues...
Balance...
$94,919
$1,351,496
$1,298,097
$139,204.
Betirement accruals..-Interest
Net income
—V. 143, p.
Sterling Securities Corp.—To Merge with Atlas—
on the
no par, entitled in liquidation (after first pre¬
ferred and preference stocks) to $12
per share plus three-quarters of
any remaining assets, authorized 605,000 shares, issued and out¬
32 weeks
depreciation,
State and county taxes and normal Federal income tax, should have read
$380,288.
This is equivalent to 76 cents a share, and compares with net
profit of $162,932 or 32 cents a share in the corresponding 32 weeks of 1935.
—V. 143, p. 1894.
receive 23-100 of
35,000
cumulative, par $50, callable
liquidation to $50 per share,
in
Non-oper. income—net.
Sterling Brewers, Inc.—Earnings—
36
(1)
182,017
15%
Common, Class "A",
Period End.
State Street Investment Corp.—Dividend Increased—
on
federal income tax of
shares, issued and outstanding 235,573 shares
Preference $1.20 cumulative, no
par, callable at $22 per share and
entitled in liquidation (after first
preferred stock) to $20 per share,
authorized, issued and outstanding 500,000 shares, at assigned value
of $5 per share
on
Weekly Output—
Electric output of the Public Utility Operating Companies in the Standard
Gas & Electric Co. system for the week ended Sept. 26, 1936 totaled
101,262,903 kwh., an increase of 15.4% compared with the corresponding week
last year.—V. 143, p. 2068.
Earns, per share
normal
profit which would result from realization of net unrealized
appre¬
$2,204,953
-
income
$706,719
'5,149
ciation of investments
First Preferred, S3
was
28,125
Fed. & State tax
a
165,000
$547,005
28,093
taxes
r Gross income--Int. on funded debt
Other
301,538
158,030
431,252
bank balances
Profit
$6,285,687
110
indebt.of affil.
on
/•
-
Provision for current year federal and state taxes
Provision for contingencies
„
affiliate
Int.
Int.
$21,142,427
*
$475,517
funded debt of
on
22,543
1
Provision for dividend on first
preferred stock
Accounts payable, accrued expenses, etc
58,220
on
42,798
.1....
Provision for
368,247
10,483
int.
c
$96,556
10,908
interest
Federal & State tax
1
of this state¬
Liabilities—
$6,145,594
28,093
of
Consol. net income...
$389,222
Inc. charges of S.G.&E.Co.:
Int. on funded debt—
368,247
Other
purpose
ment at cost
—
Less—Exps. &
16,519,070
Deferred charges
302,144
interest
Total
$1,616,302
1,865,850
Preferred msocks
Common stocks
Other
110
25,053
cos.
Int.
Other
Portfolio holdings, priced at
Aug. 31, 1936 market quotations:
Bonds..-
809,456
subs.
applic. toS.G.&E.Co
inc. of S.G.&E.Co.:
Other
Divs. fr.non-affil.
$942,478
133,384
Accrued int., dividends & accounts receivable
appl.
s
1418.
(K.) Taylor Distilling Co., Inc., Frankfort, Ky.—
Offered—F. S. Yantis <$PCo., Inc., Chicago, on Sept. 28
par) cumulative preferred stock.
Stock
offered 50,000 shares ($1
The financing
is being done largely to reimburse the company for ex-
Eenditures made oncapital new eight-story warehouses,
three improvements.
ridge, and other
a steel and concrete
|
The stock pays an annual dividend of 60 cents a
share, and capitalization
after this financing will consist of 50,000 shares of
preferred, all outstanding,
and 500,000 shares of $1 par common, of which
340,000 shares are out¬
standing and 120,000 shares reserved for conversion of the preferred and
the exfercise of certain options.
The major part of the company's
output
and retailers, although four
is sold to rectifiers, blenders,
popular brands are sold in Ken-**
the company's own trade names.
The company's property
is practically all new.
Warehouses have combined capacity of approxi¬
mately 105,000 barrels.
Net earnings after all charges and available for dividends for the seven
months ended July 31 were $260,920, compared with $131,342 for the entire
wholesalers
tucky under
year
of 1935.—V. 143, p. 1895.
2228
Financial
'
,
Tennessee Central Ry.August—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
1933
1934
1935
$189,639
57,544
$174,400
38,630
18,280
50,508
1,423,852
1,392,727
1,262,532
389,155
254,009
372,978
226,376
321,163
176,846
,
,
1,593,091
440,611
Net from railway
Net after rents
ment
Earnings—
1936
$222,514
68,889
34,647
273,782
$192,117
69,858
36,084
,
—V. 143, p. 1576.
Texas Bus; Lines,
Inc.—Earnings—
1936—12 Mos.—1935
$33,880
$25,519
16,699
18,292
2,178
4,324
3,402
4,301
3,366
3,513
1936—Month—1935
Period End. Aug. 31—•
$4,690
1,744
$3,041
1,657
Retirement accruals
564
358
Taxes
299
162
358
292
35
61
568
$509
$2,880
def$851
Co
shares of the capital
all the issued and outstanding
(Calif.) of
stock of Terrabella.
1936
3,
such exchange will be consummated
It is expected that
determined that the aggregate
acquired in exchange for the
230,000 shares of common stock is at least $3,910,000.
Terrabella Investment Co. is authorized, among other things, to engage
in the oil business, either directly or through subsidiaries, and to hold
stocks and securities in other corporations.
Its only subsidiary (100%
owned) is Belmont Investment Co., which is now in process of liquidation.
Its principal assets consist of interests in oil lands located in Fresno and
King counties in the State of California. It owns a 2.6797% participating
interest in Kettleman North Dome Association, which interest represents
estimatMd recoverable oil of 6,300,000 barrels.
In addition, Terrabella
owns royalty interests in oil leases operated by Kettleman North Dome
Association and bonus interests payable out of oil.
about Oct. 1, 1936.
The directors also
value of the shares of Terrabella so to be
on or
723
$1,688
Oct.
Chronicle
Operating revenues
Operation
Maintenance
Int.
on
equipment notes.
1487.
$19,642,886
1.729,754
2,132,985
three hydro-electric generating stations on the
Guadalupe River near Seguin and Gonzales, Texas.
The output of one
plant is sold to San Antonio Public Service Co., which serves a population
of approximately 298,000 in and around San Antonio, Texas.
The output
of the other two plants is sold to Central Power & Light Co., which furnishes
various services to 179 communities in Texas. The expiration of all of these
contracts is subsequent tojthe maturity of the bonds.
The sole funded debt of the corporation upon completion of the sale
by the corporation of $89,500 of first mortgage 6% bonds, series A, which
financing is included as part of the offering will be $1,575,000 first mortgage
6% bonds, series A, due April 15, 1956, excluding $75,000 to be held in the
treasury.
There are also outstanding 14,500 shares of $3.50 cumulative
preferred stock, (no par), out of an authorized issue of 20,000 shares, and
35,000 authorized and issued shares of common stock, (no par) of which
6,000 shares are held in the treasury and over 24,000 shares deposited under
voting trust agreement.
of undeveloped acreage
Provision for depletion, depreciation,
Earnings for Stated
of
$7,145,014
Profit
648,869
Total income
1933
I
Provision for normal Federal tax on income of
—
$150,475
-
$6,541,779
Equities of preferred and common stockholders other than Tide
Net income
applicable to interest of Tide Water Assoc. Oil Co-
Preferred dividends
—
...
No provision has been made for possible surtax on
x
$6,442,819
1,878,663
1,705,067
Common dividends
undistributed profits.
Consolidated Balance Sheet
July 31, '36 Dec. 31, '36
July 31, '36 Dec. 31, '35
10,709,246
8,713,841
other
oblig.
market¬
1,782,352
9,516,779
2,786,259
9,242,832
739,908
5,159
Inventories
29,200,082
Mat'ls & suppl3,031,879
661,552
6,867
23,518,199
3,177,287
able
Notes pay. curr.
secur
receiv.
Accts.
curr
payable-
413,677
5,901,344
1,324;302
4.980,913
1,652,712
1)495,216
Accrued interest
95,066
Accrued taxes._
5,525,7C
853,696
224403
207,258
3,375,904
2,349,917
accts.
accept, rec
Divs.
e
750,000
12,037,397
equip. 118,986,066
2,783,509
charges-.
payable.for
est.
Fed.
normal
750,000
12,269,596
117,833,437
2,047,503
payable
Instal. payable
fProv.
Cash depos. in
Defd
2,000,(
Wages & miscell.
Notes and trade
Due from empl.
c
2,000,000
Purchase money
aU.S. Govt. &
bAccts.
$
$
Liabilities—
$
$
Assess—
Cash
7648,874
710,354
1,960,543
20,074,657
1,607,307
647,801
1,879,042
19,774,435
1,658,197
2,125,178
62,622,100
2,189,464
62,622,100
56,423,420
21,338,448
tax
Due to affll. and
associated cos,
Deferred liab
/
g Reserves
54,121
55,299
43,587
44,054
98,960
Water Associated Oil Co. in net income of subsidiary cos
Deferred
& local taxes
period
Net profit
June 30 1936
1935
$234,140 '
$254,051
1934
$160,673
Operating revenue
Oper. exps., incl. maint.
$7,793,883
604,229
647,874
-
-
Other deductions
x
d Prop. &
\2Mns.End.
_
Other income
Invest. & adv__
Periods
Years Ended Dec. 31
■
243.169
7,538,924
348,133
amortization, &c
Property retirements (net)
escrow
Summary
504,905
-
Rental
The corporation operates
Comparative
oper_$67,814,855
48,171,969
General and administrative expense-Provision for taxes, other than income taxes-Insurance
Hydro-Electric Corp.—Bonds and Preferred Stock
Offered—A block of securities of the corporation, originally
issued in 1931, has been sold by First National, Bank
Chicago, and was offered Sept. 30, by means of a prospectus,
by a banking group headed by Burr & Co., Inc. and Swart,
Brent & Co., Inc.
The offering includes $1,116,500 first
mortgage 6% bonds, Series A, due April 15, 1956,. and.
3,349.5 shares of preferred stock.
All of the securities
offered are outstanding and do not represent new financing
for the Corporation, except $89,500 of bonds which are
being sold for its account.
The offering is being made in
units consisting of $1,000 of bonds and three shares of pre¬
ferred stock at $985 per unit and accrued int.
Texas
a
Months Ended July 31, 1936
together with rev. from other
products and services sold, operating and selling exp—
Balance
Net income
—V. 143, p.
Consolidated Income Statement for 7
Sales of petroleum products,
Cost of
^rfedits
673,810
Capital stocks of
subs, in hands
$116,618
2,883
Operating income
Non-oper. income (net).
$106,888
$178,841
$199,929
232
847
1,295
.
of
i
Total income
$179,689
31,157
$107,120
20,065
$119,502
25,666
Prov. for retirement—_
$201,225
33,765
bef. int., amort.,
$93,835
$148,531
$87,054
$167,459
Annual interest requirements on $1,575,000 first mortgage 6% gold
bonds, series A, due April 15, 1956, to be outstanding in the hands of the
public, are $94,500.
V
Comparative Balance Sheet
.
Assets—
Dec.31,'35
Permanent assets.$2,125,499 $2,124,207
Cash on deposit.
44,906
25,126
Accounts receiv'le.
25,359
26,190
Liabilities—
June30,'36
$3.50
Treas. stock
$630,750
35,000
shares)
Funded debt
(6,000
$630,750
35,000
1,485,500
115,000
Com.
367
1,485,500
105,000
10,103
30,000
10,103
Demand note pay.
Accts. payable
170,644
174,955
Accrued expenses.
Retirement res've.
25,225
109,202
Earned surplus.—
15,458
2,168
538
shs. com.)
Organization
30,000
exp.
Unamort. bd. disct
&exp
Prepaid
stock
(4,500 shs.)
stk. (35,000
__
Sundry receivables
pref.
June30,'36 Dec.31,'35
&
insur.
franchise tax
Total.
2,605
30,511
94,208
def2,916
3,375
Total
$2,409,513 $2,390,659
-V. 143, p. 1895, 1731.
quotations of $120,696 at July 31,
1936, and $214,943 at Dec. 31, 1935.
b After reserve for doubtful accounts
of $501,071 at July 31, 1936, and $456,075 at Dec. 31, 1935.
c Against
judgments on appeal for whibh no liability is included herein,
d After
reserves for depletion,
depreciation and amortization of $159,230,650 at
1936, and $153,403,137 at Dec. 31, 1935.
e On 1935 Federal
tax.
f On income of current period,
g For repairs on marine
equipment, Federal taxes in process of adjustment, &c.
h Represented by
shares of $100 par.
i4tepresented by shares of no par value, stated at
$10 per share.—V. 143, p. 2069.
July 31,
income
Tobacco
(Del.)—To
Corp.
Products
Scrip
Redeem
Certificates—■
The Guaranty Trust Co. of New York has funds on deposit for the
reie.nption of scrip certificates for capital stock, upon surrender of such
certificates
its Trust Department.—V. 142, p. 3695.
Toledo Peoria & Western R R.—Earnings—
Gross)from railway
Net
Nej/after
$184,819
65,638
39,295
$158,607
41,832
22,201
1,137.773
1,164,474
1,094,807
227,967
88,026
15,733
rents
.From Jan:
1933
$174,889
52,103
29,141
$209,182
44,733
/from railway
1934
1935
1936
August—
$2,409,513 $2,390,659
___187,546,974 183,002,782
Total
After reserve for reduction to rharket
a
of bond disc't & exp.
& Fed. inc. tax
Common stock 56,903,580
lus
24,290,627
187,^46,974 183,002,78^1
Total
Bal.
public
h 6%pref.stock
252,672
106.516
283,432
154,059
_
Texas Mexican
August—
Ry.—Earnings„
Gross from railway
Net from rail way
Net after rents
Jross from railway
1935
1934
1933
$99,977
25,685
17,418
$78,786
11,396
3,063
$47,985
def7,350/
defl5,54 ~
830,783
252,683
167,544
1936
$107,453
32,728
21,423
597,498
128,928
60,460
def20,569
def82,377
From Jan. 1—
Gross from railway
868,464
241,804
144,257
Net from railway
Net after rents
—V.
428,247
143, p. 1576.
Texas & New Orleans RR.
1933
1935
1934
$2,772,756
372,464
97,400
$2,711,81
375,399
def48,723
,481,654
25,903,661
5,278,590
2,015,719
Net from railway
Net after rents
From Jan.
—Earnings—
1936
$3,409,454
715,138
378,228
August—
Gross from railway
21,870,154
3,440,832
821,321
20,756,830
2,866,778
def587,981
18,656,079
2,759,551
defo60,053
495,881
120,643
1—
Gross from railway
Net from railway
Net after rents
—V. 143, p. 1576.
Thermoid
a
80 % of the
preferred stockholders against a requirement of 66 2-3 %.
plan now effective provides that present preferred stockholders are to
receive in exchange for the 7% preferred and dividend arrears 1 1-3 shares
of new convertible preferred stock and7 four shares of common stock for
each preferred share now held.
The new preferred stock is to have a par
value of $10 per share and will be redeemable at $55 per share.
All ar¬
rears of dividends on the present preferred stock of past sinking fund obliga¬
tions have been cleared up by this plan, which paves the way for the direc¬
tors to pay a dividend on the new preferred stock. The directors have ex¬
pressed their intention of declaring the first dividend payable on Dec. 15,
1936.—V. 143, p. 1576.
The
Thorrez & Maes
Mfg. Co.—Registers with SEC—
See list given on first page
of this department.
Tide Water Associated Oil
The
New
York
Stock
Co.—Listing—Acquisition—
Exchange has authorized the listing of 230,000
stock (no par) on official notice of issuance in exchange
for all of the issued and outstanding shares of the capital stock of Terra¬
shares of
common
the total applied for 8,751,985 shares.
adopted Sept. 17, 1936, authorized the
stock in exchange for, and in constockholders of Terrabella Invest-
bella Investment Co. (Calif.), making
The
directors,
Net from railway.
Net after rents
—V. .143,
p.
1576.
Transcontinental & Western
Air, Inc.—Reduces Fares
for Winter Travel—
In a move designed to offset part of the customary droo in air travel
during the winter months, the company announced Sept. 28 that reduced
winter passenger fares
would be established throughout its system on
Nov.
1.
The reductions from standard fares will average about 15%,
it is said.
This move represents an innovation in airline rate making practice,
although similar concessions to offset seasonal traffic slumps have been
frequently employed 111 other transportation fields.
The
new
winter
rate
between
New
York and
Chicago will be $39.95,
about 17% less than the present rate of $47-95.
Between New York
Los Angeles the winter rate will be $139.95, or about 12.5% less than
and
the
present rate of $160.
The 15% reduction available on present rates througn
the continued use of air script will apply to the winter rates and the present
10% reduction for round trip will apply likewise.—V. 143, p. 1095.
Co.—Recapitalization Plan Approved-
special meeting of stockholders held on Sept. 25 it was announced
that the plan of recapitalization had been approved by over 65% of the
common stockholders as against the 51% that was required and by over
At
1,598,459
461,905.
216,369
by resolutions
of 230,000 shares of the common
deration of the transfer by the seven
sue
Trenton
Valley
Distillers
Corp.—Coll.
Trust
Notes
Offered—
P.
W.
Chruchman
&
Co.,
Detroit, in
an
advertisement
Sept.
30 an¬
nounced that tney are offering to banks only collateral trust notes maturing
one to nine months from date of issue and issued under the "Pittsburgh
plan."
The notes are secured
by deposit with the trustee of warehouse receipts
covering spirits in United States Internal Revenue bonded warehouses, or
by assignment to the trustee of accounts receivable from State Liquor
Monopolies, or by assignment to the trustee of customers' instalment notes
together with warehouse receipts covering spirits in United States Internal
Revenue bonded warehouses, which warehouse receipts have been retained
by the trustee to secure the payment of such customers' instalment notes,
and by cash reserves.
The notes are to be issued to bearer or to the registered holder from time
to time in various amounts, of denom. of $1,000 each or multiples thereof.
Payable when due at office of Continental Bank & Trust Co., New York,
trustee, or at the office of any paying agent previously designated by the
trustee, as the original purchaser of the note shall elect at the time of
purchase.
Personal property taxes not exceeding five mills refunded upon proper
application.
Company—A Michigan corporation, with its principal office at Detroit,
Mich., and with its distillery and United States Internal Revenue bonded
warehouses at Trenton, Mich., is engaged in the manufacture and sale of
Volume
143
Financial Chronicle
Capacity, 25,000 gallons
spirits.
day of rye and bourbon whiskeys.
55,000 barrels already completed; 95% of sales are
nationally.
Valuation of plant and warehouses, at cost, $1,100,000.
Operation began Nov. 1, 1934.
Rite of Discount—Offerings will be at, current discount rates—initial
offering at the rate of 3 to 3 Yi % per anntim.
Purpose of Issue—To obtain funds for current business transactions of
per
Warehouse facilities,
in bulk
the corporation.
Security—Deposit with the trusted of warehouse receipts covering spirits
manufactured
and owned by corporation and stored in United States
Internal Revenue bonded warehouses of corporation, against which collat¬
eral trust notes are issued and authenticated by the trustee in an amount
not in excess of 80% of the certified cost to the
company of the spirits
covered thereby or 65% of the current market value thereof, whichever is
lower, or by assignment to the trustee of accounts receivable from State
liquor monopolies, each of which accounts represents an outright sale and
definite obligation on the part of the State to pay the amount thereof and
against which collateral trust notes are issued and authenticated by the
trustee in
amount not in
an
of the value
excess
thereof;
by the assign¬
or
ment to the trustee of customers' instalment notes together, with
warehouse
receipts securing the same and covering spirits in United States Internal
Revenue bonded warehouses of a current market value at least
equal to
the unpaid balances owing on the customers' instalment notes so
assigned,
and againstwhich collateral trust notes are issued and authenticated
by the
trustee in/an amount not in excess of the balances
owing on
instalment notes.
Each warehouse receipt must be
such customers'
registered with and
certified by the Equitable Trust Co. of Detroit, registrar.
security, the Trenton Valley Distillers Corp. maintains
arising from the deposit with the trustee at the time of
collateral
trust
notes
secured
by customers' instalment
As additional
a
fund
reserve
the issuance of
of
notes
10% of
the balances owing on the customers' instalment notes in
respect of which
collateral trust notes are to be issued, and a deposit of
5% against State
liquor monopoly accounts receivable.
Such reserve fund accumulates until
it reaches $1,000,000, which amount is a permanent
reserve, and no part
thereof may be withdrawn so long as any collateral trust notes remain out¬
standing under the indenture, except that the reserve fund at no time need
exceed 25% of the outstanding notes.—V. 142, p. 4041.
Tri-State
Telephone & Telegraph Co.—Balance Sheet—
Aug. 31 '36 Dec. 31 '35
Assets—
$
Invest.in
controll.
companies
4,937,656
„
Other investments
5.202,855
35,425
508,039
562,948
Cash
Other curr't assets
Aug. 31 '36 Dec. 31'35
Liabilities—
$
Telephone plant..24,956,898 23,915,762
Misc. phys. prop.
6,981
6,981
$
Common stock...
7,000,000
6% cum. pref. stk, 6,346,780
Prem. on cap. stk.
37,410
Bonds
7,000,000
6,346,780
37,409
8,500,000
x
36,424
Advs. fr. affil. cos.
230,869
491,195
277,185
208,054
Notes sold to trust.
of
8,885,000
320,260
91,846
376,344
Current liabilities.
828,223
348,108
506,167
560,983
440,286
57,819
6,662,133
94,312
Unapprop. surplus
571,049
Material & supplies
Deferred debits.~
pension fund.
50,510
6,319,100
Accrued liabs. not
due
Deferred credits <&
miscell.
reserves
Depreciation
res..
Surplus*reserved_.
Total
x
31,420,053 30,369,326
Total
820~964
31,420,053 30,369,326
The $5,000,000 1st mtge. series A 5Ms and
$3,500,000 1st mtge. series
BJjs were redeemed May 1, 1936.—V. 143,
Twentieth
p.
Century-Fox Film Corp.—Initial Dividend—
774.
Union
Pacific
RR.—Bonds Called—
All of the outstanding
40-year/4% gold bonds have been called for
redemption on Dec. 1, next, at pSiftand interest.
Payment will be made at
the company's office, 120 Broadway, New York City.—V. 143,
p. 2069.
United Air Lines
"With
The New
York Stock Exchange has authorized the listing of 367,926
capital stock (par $5) upon official notice of issue and payment in
full, making the total amount applied for 1,471,740 shares.
Stockholders of record Oct. 7 will be given the right to subscribe to addi¬
tional stock at $11 per share in the ratio of one new share for every three
shares held.
Rights will expire Oct. 29.
The offering of the shares to
stockholders has been underwritten.
The underwriters
have severally
agreed to purchase certain designated percentages of the unsubscribed
portion of the shares to be offered to stockholders at the offering price.
The corporation will pay the underwriters a commission of 4% of the ag¬
gregate offering price of 350,000 shares, or $154,000.
The principal under¬
writers will be Brown Harriman & Co., Inc., and G. M.-P. Murphy & Co.
shares of
and others.
The
corporation has been authorized to issue and sell for cash to officers
and employees (excluding directors who are not officers) of the corporation
and its subsidiaries not more than 50,000 shares of its capital stock.
It is
proposed to offer this stock for sale at a price not less than $11 per share
nor more than the market value per share of such shares at the time such
shares are offered on or before Feb. 1, 1937, under a plan of allotment which
will given consideration to length of service and compensation.
excess
Miscellaneous
baggage
.
$2,467,822
1,609,066
188,932
209,312
_
(net)
the
Operation
Maintenance!
L
...
.
Depreciation^.
a
$4,475,132
3,192,405
553,256
674,519
141,860
-
-
Taxes..
Net loss from operations.
Other income
Net
x
$86,909
47,140
loss...
$39,768
—
Less $5,304 net salvage on equipment sold.
Assets—
a
Cash
U. S. Treasury notes
Notes receivable..
Accounts
$7,404,204 Capital stock ($5 par)
$5,221,112
718,113 Accounts payable
436,707
2,868,316 b Net liability for deposits...
106,721
334,800 Accrued wages, insurance, &c.
249,787
118,600
Accrued
Inventories
Deferred charges
taxes
62,149
.
181,306
189,868
100,000
Liability to acquire balance of
stock of merged company..
9,860
3,869,255
3,373,263
508,482
d Reserves...........
Paid-in surplus
Deficit
Total
a
c
....$13,291,548
."
Total
$13,291,548
Including time deposit of $10,534.
b Received for air-travel cards,
liability to liquidating committee of United Aircraft & Transport
For
d For depreciation and for loss and damage to flying equipment.—
Corp.
143, p. 2070.
V.
United
Gas
Improvement Co.-
Week Ended—
Electric output of system (kwh.)
—V. 143, p. 2070.
United
States
Leather
■Weekly Output-
Sept. 26 ,'36 Sept. 19, '36 Sept. 28, '35
88,502,159
88,113,567
77,651,237
Co.—Recapitalization May Put
Common Stock In Line for Dividends, Says President—
Consummation of the proposed recapitalization plan of the company
bring the new common stock of the company closer to dividends,
Henry M. McAdoo, President, indicates in a letter to stockholders out¬
lining the provisions of the plan.
should
the
preference
stock
eliminated
stock."
fiscal year ended July 31, 1936 (but without deduction for any
on
undistributed profits imposed under the Federal Revenue Act
1936) amounted to $361,364.
h
\ Mr. McAdoo's letter lists the following benefits to stockholders under
the plan;
"The present prior preference stockholders, in addition to receiving
$10 in cash for each share now held, will receive, as a class, the entire
issue of 32,500 shares of the new 5% convertible preferred and
46% of the
shares of new common stock to be outstanding.
The value of the new
shares to be received by the present prior preference stockholders might
be expected to compare favorably in the aggregate with the
present value
of the prior preference stock.
h i"For each share of class A stock now held, stockholders will receive one
share of new common stock, which as a class will be subject to only $3,250,000 of 5% convertible preferred.
"Therefore, in contrast to the present position of the class A stock, which
current
surtax
of
is not entitled to receive dividends until the present
large arrearages have
been paid on the prior preference stock, the class A stockholders will be in
a position to receive dividends as declared on the new common
stock.
"The holders of the present common stock whose remote
position as
to possible dividend income is apparent, will also,
upon consummation
of the plan, be in a position to share
on the new common stock."
Holders
immediately in dividends
as
declared
,
of voting
trust certificates for the stocks of the company are
being notified by the voting trustees that the recapitalization plan will
not
be declared effective unless certificates have been
deposited in an
amount
which, in the opinion of the Board of directors, justifies carrying
The approval of at least two-thirds of the shares of each
now
outstanding is required.
The plan of readjustment of the capital structure provides among other
things a reclassification of the company's stocks on the following basis:
Each share of 7% prior preference stock, on which dividends have ac¬
crued, will be changed and reclassified into k share of new 5% convertible
preferred plus 5 shares of new common and will receive $10 in cash.
Each share of class A participating and convertible stock will be
changed
the plan.
of stock
out
class
and
reclassified into one share of new common.
Each share of common will be changed into »» share of new common.
It is proposed that the voting trustees for each class of stock will dissolve
the present voting trusts upon consummation of the
plan.—V. 143, p. 2070.
United Wall Paper Factories, Inc.—New
President, Etc.
Hadar Ortman assumed office on Oct. 1 as President of this
company.
At the same time, Rudolf Neuburger, former assistant to the
President,
took office as Vice-President and Chairman of the Executive Committee.
A. F. Kletzien became Treasurer and Controller.
New directors are Mr. Ortman, Mr. Neuburger and C. H.
Sage.
Other
directors, re-elected at the annual meeting at Wilmington, Del., are R. B.
Griffin, who continues as Vice-President in charge of design; J. M. Barker,
J. S. McCoy, who retains the office of
Vice-President, which he has held
for many years; E. J. Pollock, F. J. Sensenbrenner, Karl
Panthen, William
Shand, W. A. Huppuch, C. W. Kellogg, J. C. Eisenhart and A. R. Palmer.
Mr.
Palmer
continues
Universal
as
general counsel.—V.
143, p.
1419.
Pipe and Radiator Co.—Plan Consummated—
The plan of reorganization of Universal
Pipe & Radiator Co. and Central
Foundry Co. dated March 20, 1936, as changed and modified by amend¬
July 9, 1936 and finally confirmed by order of the U. S. Dis¬
trict Court for the Southern District of New York, dated
July 29, 1936,
has been consummated, and the securities of Central
Foundry Co., as
reorganized, are now available for issue and delivery pursuant to the plan.
The 10-year 6% debenture bonds due Dec.
1, 1936 (with all unpaid
ment dated
appurtenant coupons) of Universal Pipe & Radiator Co. and (or) certifi¬
cates for preferred stock of Universal
Pipe & Radiator Co. may be surren¬
for cancellation and exchange to Continental Bank & Trust
Co.,
exchange agent, 30 Broad St., New York.
The first mortgage 6% sinking fund gold bonds of Central
Foundry Co.
due May 1, 1931 (with all unpaid appurtenant
coupons) may be surren¬
dered for cancellation and exchange to Central Hanover Bank & Trust
Co.,
70 Broadway, New York.
The certificates for common stock of Universal
Pipe & Radiator Co. or
first preferred stock, or ordinary preferred stock, or common stock of Cen¬
tral Foundry Co. may be surrendered for cancellation and
exchange to
Marine Midland Trust Co., 120 Broadway, New York.
Holders of 10-year 6% debenture bonds, preferred stock or common stock
of Universal Pipe & Radiator Co. who have heretofore
deposited their de¬
benture bonds or their certificates for preferred stock or common stock with
Continental Bank & Trust Co. of New York
trust company
the
new
1097.
Utah
Light & Traction Co.—Earnings—
Period End. Aug. 31—
Operating revenues
Oper. exps.,and taxes
Net
may now obtain from said
securities to which they are entitled.—V. 143, p.
rev.
1936—Month—1935
$87,298
$82,015
85,222
75,755
from oper
-
income
$52,155
52,483
Int. & other deductions.
y
Deficit
y
V.
$328
Before property retirement
p. 1420.
s
reserve
$135,069
492,979
629
$96,282
531.580
2,850
$52,120
52,448
°ther income (net)
$1,024,177
927,895
$6,260
45,546
$2,076
50,079
Rent from leased prop
Gross corp.
1936—12 Mos—1935
$1,113,987
978,918
314
„
$628,677
632,618
$630,712
634,658
$328
$3,941
$3,946
appropriations and dividends.—
143|,
Utah Ry.— Earning
August—
1936
$53,770
3,382
619,055
135,769
68,891
Net after rents
1935
$56,830
3,566
477
Gross from railway.
Net from railway
1
_
—V. 143, p.
1934
def5,890
$56,702
8,346
def9,009
536,328
105,879
6,315
355,085
20,514
defll5,577
607,635
180,273
1577.
Utilities
Power
&
Light
1933
$46,878
3,608
defl5,213
From Jan. 1—
1,422,385 Unearned aero, school tuitions
278,797 Unused transportation
146,331 c Reserve
receivable
common
Net from railway
Net after rents
Liabilities—
Real property and equipment
Investments and other assets
new
Gross from railway.
Consolidated Balance Sheet June 30, 1936
r"
on
The letter points out that consolidated net earnings after deduction of
estimated normal income taxes for the first nine months of the company's
,
Total operating revenues
arrears
and providing for preferred stock dividends, to disburse a reasonable
proportion of any remaining current earnings in the form of dividends on
Consolidated Income Account for the 6 Months Ended June 30,1936
Mail--.__L._...
Express.
I
dividend
present
and a conservative capitalization established," Mr. McAdoo states, "the
directors would be in a position, after having set up necessary reserves
dered
Transport Corp.—Listing■—
Operating revenues—Passenger and
2229
2069.
The directors on Sept. 29 declared an initial dividend of
$1 per share on
the common stock,
payable Oct. 23 to holders of record Oct. 16.—V. 143,
P-
F
27,561
Corp.-*-New Bankruptcy Suit
Filed—Neither Insolvent Nor in Danger
of
States—
n
Insolvency, Company
An
involuntary petition in bankruptcy was filed in Freeport, 111., Federal
Court, Sept. 24, against the corporation. The petitioners charged that under
Sections
77-A
and
77-B
of
the amended Federal
Bankruptcy Act, the
corporation had committed an act of bankruptcy in payment of Aug. I1
on the 5% 30-year
debentures,.thereby preferring holders thereof
over the holders of the
5%% 20-year debentures.
R. R. Monroe, Executive Vice-President of the
corporation, issued the
following statement;
"The company is neither insolvent nor in
any danger of insolvencv or of
being unable to meet its obligations.
interest
"The company
and its wholly
on hand.
$30,000,000 of cash
"Under
owned subsidiaries have
approximately
these
circumstances, there is not the slightest justification
for the filing of any petition in
bankruptcy or alleging that the company is
insolvent.
"The officers are now
investigating the facts and circumstances surround¬
ing the filing of this petition in Freeport."
Alleging that the controlling interest in the corporation said to be Atlas
Corp. headed by Floyd B. Odium as President, has acquired approximately
$18,000,000 of the $36,000,000 of 5% 30-year gold debentures
outstanding
at prices averaging about 40% of the face value the
petition avers that
"the Atlas Corp., acting through its President, said Flovd
B. Odium,
intends and proposes through its domination and control of
the directors
of the debtor to cause said debtor to purchase from said Atlas
Corp. or its
nominees the claims and securities now held
by it at prices, which, according
Financial
2230
to reports, would
yield
Wilcox-Rich
profit to the Atlas Corp. of approximately $8,000,-
a
000."
The
Receiver Asked for Company in Rich mond Suit—Five Philadelphia owners
securities of the corporation askerl the Richmond Circuit Court on Sept. 25
to appoint a receiver for the company and restrain its directors from selling
its interest in a British utilities concern.
Another suit, with the sale of the
Vanadium
Corp.
Reduced—New
The
reduction
made
Stock.
of
1932. In addi¬
1935.—V. 142,
Wisconsin Central Ry .—Earnings—
eliminate
to
holders of record Sept. 30.
and May 15, last; 30 cents
rom
profit-and-loss deficit, which
the
amounted to $4,172,973 as of June 30, last.
W. C. Keeley, Prescott S. Bush and Broderick
elected directors of the company.
revenues
_
Net railway revenues.
Netafterrents—Cr_
Haskell Jr., have been
Other
Int.
been changed to the third Tursday
in April from the second Monday in September.—V. 143, p. 1896.
_
$1,309,662
568,227
362,632
85,261
132,760
funded debt—.
90,525
36,420
159,727
$144,610
income—Net
on
1936—8 Mos.—1935
$8,251,334 $6,764,350
2,526,006
1,551,681
1,147,524
217,632
1936—Month—1935
$967,969
272,425
Period End. Aug. 31—
Total
value
was
dividend of 85 cents per share on the
1933, and 7Y cents per share paid on April 30 and Jan. 30,
a special dividend of 20 cents was paid on Dec. 20,
p. 3192.
special meeting held Sept. 28 approved the proposal to
of the capital to $3,783,673 from $11,351,020.
a
stated
the
a
f>aid in each of the three and including May 20 cents paid cents three months
Feb. 15, 1934, to preceding quarters; 15, 1935; 15 each on Nov. 15,
Directors—
Stockholders at
reduce
declared
tion
Value
1936
3,
Corp.—Larger Dividend—
have
stock, no par value, payable Oct. 3 to
This compares with 45 cents paid on Aug. 15
1577.
America—Stated
of
directors
class B
British securities as the issue, is pending
in United States District Court.—V. 143, p. 2071,
Oct.
Chronicle
Dr$105,623
250,848
573,505
1,152,664 '
1,261,650
The date of the annual meeting has
Net income
—V
Norman Machine Tool Co.—Transfer Agent—
>
The Guaranty Trust Co. of New York has been appointed transfer agent
for 100,000 shares of common stock, $5 par value.—V. 143, p. 2071.
143,
Van
August—
1936
Gross from rail way
From Jan. 1—
$1,471,635
800,168
757,788
-_
~
12 Months Ended July 31—
Operating revenues
Operating expenses, maintenance & all taxes
1933
$1,264,596
702,772
631,030
Net oper. rev. (before approp. for retire.
Other income
Gross from railway
11,015,574
5,894,889
5,345,894
r
Wabash Ry.—To Redeem
8,791,964
4,448,955
3,865,816
'■
9,414,179
4,899,254
4,256,911
10,230,287
5,440,455
4,530,487
143, p. 2072.
,
for retirement reserve)
Appropriation for retirement
Walker Mfg. Co .—Accumulated
traffic, replacing the
RR. Co., and the
of $1 per share in addition
See V. 141, p. 4179 for detailed dividend record.—V.
143,
p.
503,408
an
1420.
Pref. Div.—
initial dividend of 25 cents per share on
5% convertible preferred stock,
10.—V. 143, p. 1578.
$30, payable Nov. 1 to holders
par
of record Oct.
Note—The
Maryland Ry.—Earnings—
Fixed charges
$383,632
262,965
$327,837
264,724
$2,899,165
2,108,684
Net income
$120,667
$63,113
$790,481
Third Wk. of Sept.
1936
1935
$2,639,367
2,123,633
$515,734
Jan. 1 to Sept. 21
1936
1935
$285,054 $11,462,645 $10,566,246
RR.—Disagree
on
Reorganization—
The possibility of additional lengthy delay in consummation of the road's
reorganization appeared Sept. 28 when at a hearing before the Interstate
Commerce Commission disagreement developed among the interested par¬
ties and the matter was assigned for further hearing Oct. 26.
The brief hearing was marked by the following developments:
(1) Submission of a new plan by the Ecker committee for first mort¬
gage bondholders
(2) Vigorous objection by the Western Pacific management to submis¬
sion of the Ecker plan.
(3) Indication the A. C. James Co. might file another plan.
(4) Submission of results of Reconstruction Finance Corporation and
Ecker committee surveys of visible conditions of the property.
Earnings for August and Year to
August—
Gross from railway.
Net from railway-
_
—
___
Netafterrents
-
1936
$1,427,076
186,718
-—
47,523-
1935
$1,218,581
193,747
57,573
1934
$1>161,202
161,017
62,502
$1,089,215
283,781
186,658
7,442,030
746,375
def200,596
7,578,895
1,400,320
661,335
6,465,248
757,673
63,696
1933
From Jan. 1—
Netafterrents
143,
p.
2072.
Western Ry. of
def641
August—
Netafterrents
1936
$132,678
•
7,817
1935
$106,376
def9,196
defl2,203
1934
$98,546
def5,813
def7,073
1933
$99,339
defl0,472
defl3,984
1,000,120
58,327
2,097
860,392
def57,554
def87,179
844,010
def43,546
def61,312
821,829
defl6,321
def42,131
From Jan. 1—
Grass from railway
Net from railway
Netafterrents
—V. 143, p. 1578.
Wheeling & Lake Erie Ry .—Earnings—August—
Gross from railway
Net from railway
Netafterrents
Netafterrents
From Jan. 1—Gross from railway——
p.
1578.
determined
by
retirement losses represented by the excess of the ledger
over the net salvage value of fixed capital retired from service.
appropriations, however, do not purport to approximate a full
provision for accrued depreciation on the basis of estimated lives of units
of depreciable property.—V. 143, p. 1579.
These
World Digest Association,
See list given in Sept.
'
Inc.—Registers with SEC—
26 issue of the "Chronicle," page 2036.
Worthington Pump & Machinery Corp.—To Reincor¬
porate in Delaware as Preliminary Step in Revision of
Capital
Structure—
The stockholders will vote Nov.
10 on authorizing the sale, conveyance
and transfer of all property, business, goodwill, &c. of the company to a
company to
be incorporated in Delaware.
H. C. Beaver, President, in a letter to stockholders says:
At the end of the current calendar year, there will be 35% of
in arrears on the class A preferred stock and 30% on the class B
dividends
preferred
In the past 15 years the annual dividend requirements
on the two classes of preferred stock have been earned in only five years.
In
the other years earnings fell short of meeting preferred dividend require¬
ments.
During this same period, the average annual net sales of the com¬
pany's products were actually less in total volume than its two issues of
preferred stock.
For some time the company has been borrowing from banks for additional
working capital.
This bank debt reached a maximum of $2,400,000, but
has been reduced to $1,500,000 as the result of the sale for cash of certain
securities owned in foreign associated companies.
As the business of the
company increases it is possible that additional working capital will be
necessary and that it will, under present conditions, have to be provided
through additional bank loans.
In other words, it has been apparent for years to the management of the
company that it is greatly handicapped by its burdensome financial struc¬
ture, which has prevented opportunities being availed of that would have
substantially contributed to the company's business with resultant increased
earning power to the benefit of-its stockholders.
Unfortunately, in past
years business conditions and future prospects have not warranted your
board recommending a modification in the company's capital structure.
The company's earnings are at the present time showing improvement,
and it now seems definitely in the interest of all classes of stockholders:
(a) That the accumulated dividends on both classes of preferred stock
be funded,and
—(b) That the total amount of outstanding preferred stock be reduced.
Such revision would involve:
(1)
The merging of the two present issues of preferred stock into a
single issue.
(2) The reduction
in so doing should be such that, on the aggregate
preferred stock outstanding, the annual dividend charge would
probable earnings applicable thereto.
(3) The issuance of new common stock to holders of both classes of
preferred stock for that portion of their present holdings which will not be
represented by new preferred stock, as well as for arrears of dividends on
amount of
present
preferred stock.
Providing for the right of conversion of such new preferred stock into
stock atrthe option of the holders.
(5) The issuance of new common stock to the present common stock¬
(4)
holders.
Your directors deem it
inadvisable at this time to attempt to lay down
advised by
counsel that the laws of the State of Virginia, where company
incorporated, would require the approval of any such plan by holders of
90% in amount of each class of stock affected. Taking into consideration
foreign stockholders, fiduciaries with limited powers, stock held in brokers'
names, and those who cannot be reached or will not respond, as a practical
matter, such percentages are deemed unobtainable.
>
However, the certificate of incorporation makes provision for the reincor¬
poration of the company at any time, under the laws of another State, on
the affirmative vote of the holders of two-thirds in amount of each class of
stock. Such reincorporation would not change the present relative positions
of the respective classes of stockholders.
They would stand with respect to
is
1934
$872,825
89,966
9,477
1933
$1,272,015
492,053
350,756
9,894,882
2,744,668
2,014,370
8,566,839
1,946,770
7,868,372
1,891,471
6,944,978
2,119,432
1,294,354 / 1.112,546
1,211,169
provision be availed of at this time to reincorporate the company under the
laws of Delaware, as a preliminary step.
Your board of directors proposes, when this preliminary step of reincor¬
poration in Delaware has been accomplished, to formulate and submit to
the stockholders, at a special meeting of stockholders of the newly formed
Delaware corporation to be called for the purpose, such plan of revision
of the capital structure of that company as shall seem fair and feasible in
the light of conditions then existing.
The approval of such plan by the
holders of two-thirds in amou nt of each class of the capital stock of the
/
1578.
Net from railway
Net after rents
143,
as
1935
$1,120,998
290,958
216,953
Wichita Falls & Southern RR.—Earnings—
August—
1936
1935
1934
Gross from railway.
$49,861
$63,464
$30,560
—V.
reserve,
1936
$1,453,345
487,485
394,927
From Jan. 1—
Gross from railway
Net from railway.-
Net from railway.
Net after rents
retirement
$289,013
the precise terms of a recapitalization plan, as the business developments
of the next few months may make a decision reached
today unfair or
unwise at the time the plan is actually submitted for ratification. They are
Alabama—Earnings-
Gross from railway
Net from railway
—V. 143, p.
3,603
$328,100
common
Gross from railway
Net from rail way
—V.
for
—.
be well within a reasonable estimate of
Date
8,762,961
329,813
def879,802
.- -
appropriations
'V
of the company.
Period End. Aug. 31—
1936—Month—1935
A936—8 Mos—1935
Operating revenue
$1,346,639
$1,220,135 $10,498,691
$9,711,082
Net operating revenue.476,068
380,982
3,544,861
2,873,695
Net railway oper. income
375,786
321,649
2,846,634
2,580,914
Other income
7,846
6,188
52,531
58,453
$335,127
575,307
382,981
new
We3tvaco Chlorine Products Corp.—Initial
The directors have declared
$867,923
$1,214,490
be adequate to cover
regular quarterly dividend of 25 cents per share on the common
no par value, both payable Nov. 2 to holders of record Oct. 15.
Western Pacific
——
amount
Foundry & Pipe Corp.-—Extra Dividend—
The directors have, declared an extra dividend
$588,447
279,476
289,018
4,368
the companies, have been made upon the basis of charging against income
and crediting to retirement reserve an annual amount deemed by them to
Dividend—
holders of record Oct. 21.
A similar payment was made on Aug. 1,
May 1, 1935, and March 16, last, and compares with $1.50 paid on Nov. 1
and Aug. 1, 1935, 75 cents on May 1, 1935, $1.50 on Feb. 1, 1935, and 75
cents per share in each of the five preceding quarters.
Accumulations as of Nov. 1 after the payment of the current dividend
will amount to $2.25 per share.—V. 143, p. 777.
Period—
Gross earnings (est.)
—V. 143, p. 2072.
24,000
-
$921,109
Total
to
Gross income
-
Dividends—Cash—Preferred stock
The directors have declared a dividend of 75 cents per share on account
of accumulations on the $3 cum. conv. pref. stock, par $50, payable Nov. 1
Western
805,089
$2,049,283
1,349,096
93,014
18,725
Earned surplus, end of period—
G. G. Early was elected Vice-President in charge of
$2,854,373
$2,315,759
1,303,002
67,647
Appropriation for unpaid accumulated pref. divs.Miscellaneous surplus direct items (net)__
Manistique & Lake Superior RR. Co,—V, 143, p. 2072.
new
30,221
915,833
Earned surplus, beginning of period
Miscellaneous direct items (net)
late W. C. Maxwell, of this company, the Ann Arbor
the
$3,231,593
—
Net income
New Vice-President—
stock,
1935
_
$2,824,151
reserve
Amortization of debt discount & expenses.
Other income deductions
'
;
the certificates.
the
o
res.)_. $3,204,375
27,217
Interest charges (net)
$175,000 Certificates—•
under the deferment
agreement dated June 1, 1933 to pay to the trustee the sum of $175,000 in
cash for application by the trustee on Oct. 1, 1936 to the payment of the
principal amount of series G certificates Nos. 1051 to 1225, incl., due
April l, 1934, and deferred to April 1, 1937.
The equipment trust cer¬
tificates should be surrendered on Oct. 1. 1936, at the office of company,
15 Broad St., New York.
At the time of presentation all unpaid interest
accruing thereon to Oct. 1, 1936, at the rate of 4Mi% Per annum, will be
provided for.
From and after Oct. 1, 1936, no interest will accrue on
to
1936_
$7,082,069
4,257,917
Gross income
The receivers have elected to exercise their option
Warren
„
$7,614,013
4,409,637
Net oper. rev. & other income (before approp.
•
Net from railway
Net after rents
—V.
1934
$1,231,601
668,564
590,092
1935
$1,322,837
714,438
599,841
<
.
(& Sub.)—Earnings—
Wisconsin Public Service Corp.
Virginian Ry.—Earnings—
Net from railway
Net after rents
Dr$578,645Dr$1294,867
1897.
p.
15,156
9,556
29,848
24,744
defl,349
def7,150
1933
$42,088
10,213
4,489
362,014
93,175
50,473
368,058
103,551
63,866
350,955
80,414
33,274
356,667
90,022
41,344
each other
precisely as before.
Each stockholder both preferred and
com¬
would receive in the new company the same number of shares of the
class of stock, carrying in the case of preferred stock the same amount
of accumulated dividends, that he held in the old company.
mon
same
It
is
the recommendation
company
In the light
new
of
your
board of directors that this charter
will make it effective.
of recent legislation placing a substantial tax upon undistri¬
buted earnings, it might be advisable to build up
the company and pay off all bank indebtedness by
common
the working capital of
the sale of an issue of
stock to be offered for subscription to the stockholders of the
Volume
143
Financial
Chronicle
It might be desirable, also, that such issue be underwritten. The
recommendation of your board in this matter of stock
offering would be
company.
made known to the stockholders at the time
they were called to meet to
pass upon the plan of reforming the new company's financial structure.
It is the unanimous recommendation of
your board of directors, that this
dealers in foreign internal and external securities.
its
of reincorporating the company in the State of Delaware
pre¬
liminary to a change in the capital set-up, as above
indicated, be now
proceeded with and be carried to completion as rapidly as circumstances
permit.
program
Book
1936
1935
$1,313,903
$1,057,613
266,091
1934
52,813
9,332,060
2,644,273
876,455
7,533,581
1,488,174
def47,964
7,350,083
1,739,527
117,165
From Jan. 1—
Gross from railway
Net from-rail way
Net after rents
—V.
The
clear
Bankers
Mr. Frese is
&
Co.,
Trust
members
New
on
York
on
over
Security
500
—H.
7,298,875
2,284,408
527,432
and
A.
associated with
identified
Hudson, and
was
Orange,
Woolford of R. W. Pressprich & Co.,
scoring a net 72, took the
lead in the competition for the Bond Club trophy which will be awarded
next
for 18 holdes at this outing
and 18 holes at the spring tournament.
A
class
to John R.
William Reekie of Graham,
play,
a
78.
Woolford who carded
Parsons &
Co.,
with
American
of American
Founders
of New Jersey, who had a 74.
E. J. Wright of Goodbody & Co. took low gross in class B with his
100,
while first and second low net awards
were won by A. G.
Joyce Jr. of Kidder,
Pea body & Co., and J. W. Parker of Outwater &
Wells, who turned in 76
and 77, respectively.
Class C low gross was scored by R.
A.
Garretson
First
of
Boston
Corp.
H. Monaghan with
and William K.
Savings Bank took first and second low
A special prize for members who
before
tournament
who scored
77.
net
a
was
won
had
Prizes
of A.
Paterson
competed in
Rogers of J.
S.
Rippel & Co.,
—Consolidation
|
outing
and
New
J.
York
Stock
Exchange
Wright & Co., under the
firms-%f Abbott,
the former,
name of
The consolidated firm will hold memberships in
been announced.
12
leading security and commodity exchanges.
Offices heretofore conducted by A.
J. Wright & Co., including its head
office in Buffalo and branch offices in. Syracuse, Rochester,
New York office of Arthur Andersen & Co.
as manager of the
a
part of
the system of Abbott, Proctor & Paine, giving it offices in 25 cities in addi¬
tion to its main office at
120 Broadway, New York.
special partner of Abbott, Proctor & Paine.
continue to direct the offices
—Railroad
equipment
formerly operated by A. J. Wright & Co.
manufacturers
currently find
highly favorable trade position, according to
released
is
His son, A. B.
will become a general partner of the consolidated firm and will
Wright,
themselves
due
necessary
main factors:
four
on
(1)
and
scarcity
to
Equipment purchases
obsolescence.
improved designs which equipment builders
in
a
(2)
This conclusion
imminently
are
Competition
demands
prepared to furnish.
are
(3)
Railroad earning power, the yardstick of the equipment builders' fortunes,
is
(4) The equipment industry has
steadily improving.
T.
come
through the
This indicates, in the opinion of the Young
stockholders
Carter,
of
equipment
May
since
1931,
City Bank of New York, has become
Stock Exchange firm of Carter
James II.
companies
a
associated
will
probably
the
Dowdell,
various
Mr. Carter,
a
later to join the staff of the bank where he has
a year
divisions.
He is
a
member
of the
Princeton Club of
Inn Club.
—A
the
of
Kraut and Emanuel M.
was
Exchange firm
of
Simons,
Blauner
&
Co.
Mr.
as
the sole trustee of the State Title &
Mortgage Co. Series K.
—Announcement is made today that E. T. Tomlinson, Jr. is retiring as
Vice-President of Van Strum & Towne, Inc., investment counsel.
assume
his
new
Mr. Tomlinson
was
Beane Corporation.
—Watson-Hunter
Chicago,
counter securities.
and
an
interest table
1936,
on
on
Krom, formerly
an
Co.,
Chicago.
each
are distributing
Treasury issues accrued druing the month
different
Home Owners'
$1,000
Loan
bond
or
note,
together with
Corporation and Federal Farm
r
—Following the
announcement
of
Franklyn H.
Peper and LeRoy M.
Otis of the dissolution of the firm of
Otis, Peper & Co., L. M. Otis Co. has
formed to transact a general investment business with
offices at
been
Broadway.
The
firm
new
will
clear
through
the
Marine
Midland
Trust Co
—Bear, Stearns & Co., members New York Stock Exchange, 1 Wall St.,
New York, have prepared their third issue of
a circular on Industrial
Bonds,
classified according to the relationship between current market and
call
prices.
—Brown, Young & Co., Inc., announce that William F. Keller and
Ray¬
mond H. Luke have become associated with them in
their trading depart¬
ment, specializing in bank stocks and insurance stocks,
respectively.
—Kidder, Peabody & Co.
manager of their
merly
was
that John Cullen has been appointed
announce
Corporate Bond Trading Department.
Avith R. W. Pressprich & Co. in the
same
Mr.
Cullen for¬
capacity.
Lebenthal, head of the municipal bond firm of Lebenthal &
Co., has been elected President of the Men's Club of the Ella Fosh
Camp
underprmleged adolescent girls.
for undernourished and
—Clarence J. Miller and C. M. Loser have
become associated with
the sale department of the Chicago office of Burr &
Co., Inc.
They were
both previously associated with Bartlett & Gordon
Inc.
—Van
Alstyne, Noel & Co., Inc.,
formerly with Joseph Walker &
that Alfred J.
announce
Sons, is
now
in its
McGowan,
trading department,
specializing in guaranteed railroad stocks.
—Cawley & Co. announce the removal of their offices to 29 Broadway,
and the association with them of Charles T.
Malburn, formerly a member
of the New York Curb Exchange.
—Following the withdrawal of Edward L. Bouton, Jr., from the firm of
& Chinch, the business of the firm will
be continued under the
Bouton
name
of Allan H.
Church, Jr.
—Faroll Brothers, members
opening of
New York Stock Exchange, announce the
department dealing in
a
raw silk actuals and futures under the
management of Jules Rosen.
—
—Carroll O'Toole & Co., dealers in investment
securities, announce the
rpnagyal of their offices to
the
Trust
Co., of New Jersey Building, 921
Bergen Ave., Jersey City.
-—Leroy C. Fridlund has become associated with the municipal depart¬
Co., Inc., Chicago.
Mr. Fridlund was formerly with R. E.
ment of Burr &
Herczel & Co.
—Thomas
'
'
.
.j
.
.
A.
McKay, who has been connected with J. B. Hanauer &
Co. for the past three years, has been
appointed manager of the New York
office.
—Peter P. McDermott & Co., members of New York
Stock Exchange,
39 Broadway, New .York, have prepared an analysis of Atlas
Plywood Corp.
—Swart, Brent &
prepared
William
S.
&
to
Co., Inc. has
conduct
a
—Bruce C.
both
and Vories Fischer &
market
research
Co., Inc., 40 Exchange Place, New York City, has
analysis of the Pinellas Water Co. of St. Petersburg, Fla.
Hoblitzell,
manager of the
baking securities department of
—Amott, Baker & Co., 150 Broadway, New York, have prepared
analysis of the Merchants & Manufacturers Fire Insurance Co.
—Harry
R.
Kneezel
has
become
associated
•—Homer &
—Bristol
general
of whom
trading business in
were
over-the-
Philip A. Watson
formerly associated with
—E.
J.
—A.
of James
Talcott,
Inc.,
has
Clinton
Willett,
115
issue of their
Coulon
&
on
Co.,
Broadway, New York City,
"Over-the-Counter" review.
50
Broadway, New York,
the Murray Corp. of America.
S.
—Joseph H. Willson has been admitted
as
a
an
&
a
bulle¬
bonds.
are
have
Huyck & Co. of Chicago have opened a New
42 Broadway under the direction of John B.
Thayer.
distributing
prepared
a
York office at
general partner in the New
Exchange firm of Billings, Olcott & Co.
—William J. McGovern has become associated with
pre¬
Gilbert
Co., Inc., 40 Exchange Place, New York, has issued
descriptive circular
York Stock
Co.
department
&
the October
with
department.
tin discussing the market for high grade railroad
opened offices in the Board of Trad
The principals of the new firm are:
Hunter,
a current
Dunne & Co., is attending the Bakers' Convention at Atlantic
City.
He has been business manager of the New York
Prior to joining Kneeland & Co., Mr. Watson was with
Rogers & Tracy, Inc., and Mr. Hunter Avas associated with Hammons &
—The
&
La Salle St.
October,
formerly President of Doremus & Co. and following
Ivneeland & Co.
Co.
on
Co. as sales representative in their investment
News Bureau Association for the past year and a half.
Building,
Harriman
Quincey & Co., 24 Broad St., New York,
interest table for United States
#e will
post immediately.
his retirement from that firm in 1934 became Vice-President of the Fenner
&
E.
of
formerly a partner in Simons, March & Co., later forming
Stock
business manager of the New York News Bureau Association to become
x
A.
an
general investment business has been formed under
Cohan & Co., with offices at 120 Broadway, New
York
well
as
W.
St.,
—Chas.
Cohan is Chairman of the Depositors' Committee of the American Union
Bank
of
.
Mr. Kraut
New
Benjamin
a
Kraut,
York City.
the
composed of I.
copartnership
name
that Frederick B.
announces
and insurance business
ment
1930 upon
New York, the University Club, Sleepy Hollow Country Club and Tiger
Cohan to conduct
Inc.,
Announcement is also made that Thomas J. Gartland has
joined their sales
Mr. Gartland for the past 10 years has been active in the
invest¬
are:
Daily Princetonian
became associated with his father's firm in
graduation, leaving
National
& Co., the other members of which
Cater, Harry A. Bemis and John II.
college,
worked in
with
general partner in the New York
member of the Princeton baseball team and editor of the
while at
Co.,
staff.
receive the benefits of increased earnings even before railroad shareholders.
—Thomas
&
Vice-President
—Robinson & Co., Inc., municipal bond
dealers, announce the removal
office to the Field Building, 135 South La Salle
depression in sound financial position to handle large volumes and thus
show rapid earnings increase.
organization,^ that
Mr. Miller
manager of
of their
study of the industry just
a
by Young Management Corp. of New York City.
based
announces
—Louis S.
A. J. Wright, for many years senior member of the firm bearing his name,
a
Smith & Co.
Springfield office to the Third National Bank Build¬
Inc. (now Brown
Co.) in charge of the syndicate department, and D. C. Hoformerly New England division manager of wholesale and retail
garty,
Auburn, Niagara
Falls, N. Y., Bradford, Pa., and Toronto, Canada, will become
will become
become
an amazed audience.
the
of
has
distribution for Utility Securities Corp., have become associated with them
in their wholesale department.
39
a dinner in the
evening, at which Foy W. Porter
Co., President of the Bond Club, presided.,
Becker &
formerly
—Hiltz
Bond Club
a
present at the
was
General Corp.,
Group,
Noel & Co., Inc., in charge of their under¬
Mr. Leander also has had wide and varied financial
Mortgage bonds.
75 and 77.
•
the trick golf shot artist
Proctor & Paine and A.
has
of
bonds,
Harriman &
awarded at
were
G.
Paton
The kickers' handicap money prize was divided
by
exhibition before
gave an
never
by Norton P.
five members of the club.
Joe Kirkwood,
net with
Edwin
110.
a
trust
This office is under the management of Henry L. Miller.
Assistant
the
won
First and second low net prizes went
72 and Charles E. Clifton of Trust Co.
a
con¬
bonds and
the Springfield office of the Bradstreet Company,
Brown Brothers and Loomis, Sayles & Co. in Springfield
and neighboring territory,
y
N; J., James G. Campbell Jr. of Estabrook & Co.,
being in charge of the
In
Association,
pamphlet
a
later representing
outing arrangements.
prize for low gross, turning in
Dealers
Van Alstyne,
the removal of their
John R.
York
experience with General Electric Co., Union Pacific RR. and Delaware &
ing.
—With about 150 members taking part, the Bond Club of New
Jersey
held its annual fall field day last week at Crestmont Golf Club, West
Co.
&
New
industrial stocks and bonds, public utility
Leander, formerly Vice-President
previously
writing department.
NOTICES
score
Huth
the
"over-the-counter"
—The investment banking house of Edward B.
spring to the member having low total net
Co.,
director of the Architectural
a
Wall St., New York City, have issued
stocks, including quotations
$1,007,250
310,256
98,612
143, p. 1422.
CURRENT
firm will make
new
through
Publishing Co.
taining bid and asked prices
1933
199,538
the
will
bonds, real estate bonds, foreign dollar bonds, investment
public utility preferred stocks and brewery stocks.
$896",417
146,504
def75,537
railway.430,275
Net after rents
Tower and
formerly with
with dffices at 37
Mississippi Valley RR.—Earnings—
.
Wall
60
at
was
—Greene
The company has notified the New York Stock
Exchange that it has
disposed of the following shares in Worthingtoc-Simpson
Ltd., an English
company:
240,000 ordinary shares, and 124,758 6% cumulative preference
shares.—V. 143, p. 1100.
Net from
Arnold
Trust Co. and Termini & Co.
*
Yazoo &
headquarters
Mr.
Holdings Sold—
August—
Gross from railway
2231
—Ernest Arnold and Walter W. Frese have formed the
partnership of
Arnold & Frese in New York City to conduct business as brokers and
pared a preliminary study of the Robinson-Patman Act, to be followed
by further studies of the effects of the Act from the standpoint of the
Naumberg in their unlisted securities department.
manufacturer.
is
'
ToAvnsend, Graff &
—B. J. Van Ingen & Co., Inc., announce that Edivard L.
now
associated with them.
Bouton, Jr.,
2232
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
Friday Night, Oct. 2, 1936.
unchanged to 2
Coffee—On the 28th ulto. futures closed
points higher for Santos contracts, with sales of 36,500 bags.
The old Rio contract closed 14 to 18 points lower, with sales
bags, December selling at 3.47c., the lowest quo¬
the 54-year history of the Exchange.
The new
points lower, with sales of 18,500
bags.
Rio de Janeiro futures were unchanged to 125 reis
higher, and the No. 7 price was up 200 reis to 15.200 milreis
to the dollar.
The open market exchange rate was not
quoted, but unofficially a rate of from 17.300 to 17.500 was
mentioned against but 16.920 on Friday.
Cost and freight
offers from Brazil were unchanged to a few points lower,
of 19,500
tation in
Rio contract closed 4 to 9
with Santos 3-5S at from 8.85 to 9.15c.
_
for futures
to
was
The Havre market
closed until further notice after gains of 12
18 francs last week and predicted further
heavy gains
on
reopening.
On the 29th ulto. futures closed 4 to 6 points
higher for the Santos contract, with sales of 12,500 bags.
The new Rio contract closed 2 points higher to 2 points
lower, with sales of 10,250 bags.
Old Rio contracts closed
21 to 24 points lower, with sales of 10,250 bags.
December
touched 3.25c., another all time low.
Rio de Janeiro futures
were unchanged to
75 reis higher.
After the close of the
futures market a rate of 17 milreis even was quoted as the
offered rate with buyers reported nominal.
Cost and
offers from Brazil were 5 to 10 points higher, with
3-5s at from 8.90 to 9.05c.
freight
Santos
In the local spot market Santos
steady at 934 to 934c., while the easier tone on
Colombian coffees continued.
Havre market was still closed.
On the 30th ulto. futures closed 2 to 4 points down for the
Santos contract, with sales of 16,500 bags.
New Rio con¬
tracts closed 6 to 13 points lower, with sales of 15,000 bags,
while the old Rio contract closed with losses of 18 to 24
held
4s
points, with sales of 11,250 bags.
Rio de Janeiro futures
unchanged to 150 reis higher. Cost and freight offers
from Brazil were unchanged to 10 points higher, with Santos
Bourbon 3-5s at from 9.00 to 9.20c., while Peaberry 3s were
at 9.15c.
Local spot market was steady, but with very
little activity.
Havre market was still closed, with con¬
siderable uncertainty prevailing as to what will happen when
were
this Exchange opens up.
On the 1st inst. futures closed 5 to 7 points lower
for Santos
bags. The Old Rio contract
closed 1 to 9 points lower, with sales of 19,250 bags. The new
Rio contract closed 21 to 25 points lower, with sales of 17,500
bags. Rio de Janeiro futures were 50 reis higher to 150 reis.
lower. C. & f. offers from Brazil were about unchanged, with
contracts, with sales of 10,000
Santos 3-5s at from 8.95 to 9.20c.
The Havre market was
Today prices closed 8 to 13 points down for the
Santos contract, with sales of 121 contracts.
Old Rio con¬
tracts closed 11 to 12 points up, with sales of 43 contracts.
New Rio contracts closed 12 to 16 points down, with sales
of 66 contracts.
Rio de Janeiro futures were unchanged to
still closed.
while the open market rate was unchanged
Cost and freight offers from Brazil were slightly
50 reis higher,
at 16.850.
the local spot market, with a dull tone persist¬
ing.
Havre, which reopened higher today, was 734 to 10
francs higher, equivalent to nearly half a cent a pound.
lower,
as was
closed
Rio coffee prices
follows:
5.131 July
i
May
Santos coffee
5.32
5.35
as follows:
8.58' December
8.59 September
prices closed
March
May
July
,
as
5.20] September
5.26 f
December
March
8.69
8.58
8.58
Cocoa—On the 28th ulto. futures closed 5 to 6
The futures market derived its
points
up.
strength principally from the
Manufacturers being substantial
The fact that cocoa
held up well in the face of a sharp decline in sterling, at¬
tracted considerable attention on the part of traders,-and
especially Wall Street operators.
Commission houses were
scattered buyers of futures throughout the session.
Trans¬
actions totaled 368 lots of futures, or 4,931 tons.
Local
closing: Oct., 7.14; Dec., 7.30; Mar., 7.42; May, 7.51; July,
7.60; Sept., 7.69.
On the 29th ulto. futures closed 7 to 9
points higher.
The spot market continued the chief source
of strength to the market for futures.
The good spot demand
resulted in hedge covering of futures and also encouraged new
commission house and European buying." Transactions in
futures totaled 244 lots, or 3,270 tons.
Local closing: Dec.,
7.38; Jan., 7.43; Mar., 7.50; May, 7.60; July, 7.69; Sept.,
7.76.
On the 30th ulto. futures closed unchanged to 2 points
higher.
Futures advanced briskly in the early trading as a
firmness
of
spot
cocoa.
buyers of actuals Monday afternoon.
result of the excellent demand for spots on the part of manu¬
facturers.
Profit
taking, however, checked the advance,
prices slid off about 3 to 6 points from the early highs.
Although private estimates have reduced the size of the main
and
Coast crop from 260,000 to 245,000 tons, Wednes¬
day's cables reported that .there was no official confirmation
of private production estimates.
Transactions on the local
Exchange in future contracts totaled 248 lots, or 3,323 tons.
Local closing: Dec., 7.38; Jan., 7.43; Mar., 7.52; May,^7.62;
July, 7.71; Sept., 7.78.
On the 1st inst. futures closed 5 to 7 points down.
During
most of the day the market was steady, but towards the close
considerable liquidation developed from Wall Street soucres,
which caused prices1 to ease. Private sources continued to esti¬
mate a main Gold Coast crop of 245,000 tons, compared with
the early season estimate of 260,000 tons. Transactions on the
Gold
COMMERCIAL EPITOME
Closing:
7.65; Sept., 7.72.
Today prices closed 6 to 8 points up. The market was highly
sensitive to buying orders, even though light, there ap¬
parently being a marked scarcity of offerings.
Offerings of
spot cocoa also were said to be light, while a strong London
ln«al Co^oa Exchange
205 lots, or 2,747 tons.
were
Dec., 7.33; Mar., 7.46; May, 7.55; July,
market further stimulated bullish sentiment.
Prices now are
points of their six-year highs.
Warehouse stocks
dropped sharply to 701,500 bags, a loss of 4,200 bags. Local
closing:
Dec., 7.39; Jan., 7.44; Mar., 7.53; May, 7.63;
July, 7.73; Sept., 7.80.
within 10
Sugar—On the 28th ulto. futures closed unchanged to 2
points lower after gains of 2 to 3 points had been registered
and subsequently lost.
Transactions totaled 7,300 tons.
In the market for raws Cubas, Philippines and Puerto Ricos
were offered at 3.50 cents or 10 points higher than the ruling
spot price made at the bottom of the market.
Offerings were
plentiful, with refiners showing very little interest.
January shipment Cubas were offered at 2.55 cents and could
possibly be obtained 5 points cheaper.
The Agricultural
Adjustment Administration on eight month's United States
consumption revealed a drop of 1.35 % against 1935. London
futures closed 34 to Id. higher, while parcel lots of raws sold
at 4s. 324d., or about .78-cent f. o. b., Cuba with addi¬
tional sellers thereat.
On the 29th ulto. futures closed 1 point
more
down to 1 point up.
Sales were 2,750 tons.
In the market
sellers were 5 points apart, with no
Offers of raws at 3.50 cents consisted
October shipment Cubas, 4,300 tons of
about 6,000 tons of Philippines, October
received last Friday final instructions on
contracts booked the end of August, and
for raws, buyers and
business transpiring.
of two cargoes of
Puerto Ricos and
arrival.
Refiners
4.65 cents refined
trade, therefore, are predicting another moderate
buying move within the next 10 days.
It is generally
believed that the price will be lower than the current4.75
cents.
London October was 34d. higher, while the/balance
the
refined
were
34 to 34d. lower.
On thexJOth ulto.
unchanged to 1 point higher./ Sales were
1,900 tons.
In the market for raws two or/three cargoes Pf
Cubas and one cargo each of PhilippineS/and Puerto Ricos
continued to be offered at 3.50 cents, with part of the sugar
of the months
futures
closed
at least available at 3.45 cents.
interest
above
3.40
cents.
Refiners
Puerto
were
Rican
and
showing no
Philippine
while Cuba
which has not yet been
Institute, but is being
held against final checks on weight and tests.
London
futures were 34 to Kd. higher, while the market was cleared
of about 10,000 tons of raws at 4s. 3%d., or about .78-cent
c. o. f. Cuba, with further light offers at 4s. 4 341
On the 1st'inst. futures closed 2 to 5 points lower.
Sales
were 9,350 tons.
Two sales were reported in the raw market
at 3.40c., unchanged from the last spot sale, namely, 2,000
tons of Philippines due Oct. 25 and 1,000 tons due Nov. 5,
both to National Sugar Refining Co.
Refiners were reported
still not interested above 3.40c.
London futures closed 34 to
34d. higher, while raws were offered at 4s: 434d., or about
7934c. f .olb. Cuba. Today prices closed 2 to 4 points down.
Heavy selling came from trade interests, including hedging
operations. The selling was attended by reductions in prices
of both spot raw sugars and refined sugars.
In the market
for raws there was a sale of 4,100 tons of Puerto Ricos loading
Oct. 4 at 3.35c.
That was a decline of 5 points and a new low
for spot sugar.
Sucrest, a new sugar refiner, announced (a
30 point cut in refined sugar to 4.45c. with delivery from
October to February.
London futures were 34 to Md. lower.
Raws sold at the equivalent of 0.7734c. f.o.b. Cuba.
sellers have about exhausted their 1936 quotas,
has still
fair amount to sell, part of
released for shipment by the Cuban
Prices
a
were
as
follows:
r
July
2.39 January
2.39
March
2.37
May__
2.38
September
2.41
November
2.42
Lard—On the 26th ulto. futures closed 12 to 20
points
Trading was light and without special feature.
higher.
The spurt forward was attributed largely to short covering,
apparently evening up over the week-end.
Export ship¬
ments of lard as reported on Saturday were moderately
heavy from the Port of New York, and totaled 71,280 pounds
for Southampton and Hamburg,
Hogs at the close of the
Volume
week
Financial
143
nominally steady at Friday's average.
The top
price at Chicago was $10.15. Western hog receipts were light
and totaled 11,000 head, against 9,200 head for the same
day
were
On the 28th ulto. futures closed 5 to 10
The opening was strong at 12 to 20 points
bulge, however, attracted considerable profit
taking, and subsequently all the early gains were lost with
values ending below the previous close.
Western hog re¬
ceipts were considerably under trade expectations, and this
had much to do with the early substantial advances in lard.
Hog prices at Chicago advanced 5 to 15c.
The top price
for the day was $10.30, and the major portion of sales
ranged
from $8.70 to $10.20.
Total receipts of hogs at the Western
markets were 52,400, against 54,900 for the same
day last
year,
Liverpool lard futures ruled fairly steady, with spots
up Is., while the deferred months were up 3d.
Export ship¬
ments of lard over the week-end were light and totaled
64,680
pounds for Bristol, England.
On the 29th ulto. futures
closed 2 to 10 points up.
Nearby October registered the
10-point advance.
Volume of business was moderate,
the advance being attributed largely to short
covering. Jine
Western hog run was 58,200 head, against 47,800 head for
the same day a year ago.
Hog prices at Chicago were 15c.
higher, with the major portion of sales ranging from $6.75
to $10.35.
The top price for the day was $11).45.
Lard
clearances from the Port of New York as reported on Tuesday
were light and totaled 30,800
pounds, destined for Liverpool
and Glasgow.
Liverpool lard futures closed easier, with
the spot price unchanged, while the deferred months were
a
year
ago.
points down.
advance.
This
9d. to Is. 3d. lower.
On the 30th ulto. futures closed 2 to 5
points lower.
Trading was comparatively light.
Western
run of hogs totaled 59,300
head< against 36,600 for the same
day a year ago.
The top price for hogs at Chicago was
$10.45, with the major portion of sales reported at from
$8.75 to $10.30.
Export clearances of lard Wednesday
totaled 32,400 pounds for London and Liverpool.
Liverpool
lard futures closed unchanged on the spot position and
6d. to Is. higher.-on the deferred months.
On the 1st ips£ futures closed 7 to 10 points down. Trading
was fairly active, with
prices in the early session advancing
7 to 12 points.. The bulge attracted considerable
realizing,
and this Broke prices about 20 points from the highs.
Lard
during the month of September decreased 2,643,000
popncis at Chicago.
Total stocks there now are 62,700,000
>unds, against 16,157,000 pounds on Sept. 30, 1935.
At
ihis time last year stocks decreased 4,491,000 pounds. Final
hog prices at Chicago were unchanged to 10c. higher, the
top price for the day being $10.50, with most of the sales
reported ranging from $8.75 to $10.40. - The Western hog
movement continues fairly heavy', with Thursday's market¬
ings totaling 56,200 head, against 29,300 head on the same
day last year. Lard exports totaled 18,750 pounds destined
for Manchester, England.
Liverpool lard futures were un¬
changed to 3d. higher. Today futures closed 8 points up on
the October delivery, and 2 points up to 2 points down on
the rest of the list.
The sharp rise in the current delivery was
attributed largely to shorts coverings.
DAILY CLOSING PRICES OF LARD
Mon.
Sat.
FUTURES IN CHICAGO
Tues.
Wed.
Thurs.
Fri.
September
11.65
11.50
11.60
11.60
October
11.55
11.45
December
11.67
11.62
11.55
11.65
11.52
11.60
11.42
11.50
January
11.72
11.65
11.72
11.67
11.60
11.60
11.90
11.92
October
_
11.50
11.52
Pork—Mess, $31.00 per barrel; family, $33.00, nominal,
barrel; fat backs, $22.50 to $24.25 per barrel.
Beef:
quiet." Mess nominal; packer, nominal; family, $18.00 to
$19.00 per barrel, nominal; extra India mess nominal.
Cut
Meats: Pickled Hams, picnics, loose, c. a. f.; 4 to 6 lbs.,
15Mc.; 6 to 8 lbs., 15c.; 8 to 10 lbs., 133^c.; Skinned, loose,
c. a. f.:14 to 16 lbs., 21^c.; 18 to 20 lbs., 19^c.; 22 to 24
lbs., 17%c.; Bellies, clear, f. o. b., New York: 6 to 8 lbs.,
19Hc.; 8 to 10 lbs., 19%c.; 10 to 12 lbs., 19%e.; Bellies,
clear, dry salted, boxed, N. Y.: 14 to 16 lbs., 15%c.; 18 to
20 lbs., 15Kc.; 20 to 25 lbs., 14^c.; 25 to 30 lbs., 14%c.
Butter: Firsts to higher than extra and premium marks,
32)^ to 34c. Cheese: State, held, 1935, 22 to 22)^c. Eggs:
Mixed colors, checks to special packs, 19c. to 28c.
per
Chronicle
for
the month
538 contracts, or 5,380 tbns.
Outside
good part of their early losses and closed
on a spot basis of 16 5-16c. for standard sheets,
below
Friday's closing prices.
Total;ttfansactions in futures were
3,100 tons.
Local closing: Oct. 16.15; Nov. 16.22; Dec.
16.29; Jan. 16.32; Feb. 16.35; Mar. 16.39; May 16.47; July
16.56. On the 29th ulto. futures closed 19 to 20 points higher.
This strength was ascribed to the action of the International
Rubber Regulation Committee at London making no change
in the export quota at this time.
Transactions in the local
market totaled 1,650 tons.
The outside market also reflected
the buoyancy and satisfaction that was felt generally as a
result of no action being taken on quota, especially in view
of the unsettled rubber situation at the present time and the
currency realignment now going on in Europe.
Factory
buying Tuesday again was active. Outside prices recovered
sufficient ground to close at 16 9-16c. for standard sheets,
the level prevailing last Friday before the French currency
prices nominally held unchanged. It is
on a bid to some crushers.
Quo¬
tations: China Wood: Tanks, old crop, 13.0 to 13.1c., new
crop, 12.7 to 12.8c.; drums, spot, 13%c.
Cocoanut: Manila,
tanks, Coast, 5^c.; Jan. forward, 6 to 63^c.
Corn: crude,
tanks, Chicago, 9%c.
Olive: Denatured, spot, Spanish,
$1.30 to $1.50; shipment, $1.15 to $1.25.
Soy bean: Tanks,
mills, 8c., C. L. drums, 9.5c., L. C. L., 10c.
Edible: 76
degrees, 12)^c. Lard: Prime, 12%e.} extra strained winter,
ll%c.
Cod: crude, Newfoundland, nominal.
Norwegian
yellow, 38Mc.
Turpentine: 39 to 44^c. Rosins: $7,173^
dered
$8.25.
including switches, 71 contracts.
Prices closed as follows:
Oil sales,
Cruse S. E., 8%c.
October
_10.10@
10.10@ 10.14 November
April
10.10@
10.19@10.22 May
December
January
February--.
March
9.9 5 @10.05
-
9.95@
_10.15@
10.23@10.25
Rubber—On the 28th ulto. futures closed 18 to 22 points
during the session prices showed an
extreme decline of 27 to 39 points.
Sixty tons were tendered
for delivery against September contracts.
Monday was the
last day on which such notices could be tendered.
The total
At
one
time
were
ten¬
to 16.34c. from 16.44e.
London and Singapore closed un¬
changed to l-16d. lower. Local closing: Dec., 16.40; Mar.,
16.51; May, 16.57; July, 16.65. Today futures closed 4 to 8
points up.
Trading was quiet, though prices held steady.
Sales totaled 50 contracts.
London closed unchanged.
Singapore was slightly higher. Local, closing: Oct., 16.33;
Dec., 16.44; Mar., 16.55; May, 16.64.
Sales totaled 50
contracts.
Hides—On the 28th ulto. futures closed 10 to 12 points
Transactions totaled 1,280,000 pounds.
down.
Nothing
of importance developed in the spot hide market.
certificated hides in warehouses licensed by the
Stocks of
Exchange
unchanged at 844,401 hides.
Closing:
Dec.,
11.72; March, 12.01; June, 12.31; Sept., 12.61.
On the
29th ulto. futures closed 4 to 6 points
up.
Sales totaled
680,000,000 pounds.
Certificated stocks of hides in ware¬
houses remained unchanged at 844,401 hides.
Nothing of
importance developed in the spot hide markets.
Total con¬
sumption of all domestic tanned cattle hide leathers so far
this year has averaged 1,747,000 hides per month,
showing
only a slight decline from last year's figures, which was the
highest since 1927, according to the statistical department of
the Exchange.
Local closing: Dec., 11.75; March, 12.05;
June, 12.37; Sept., 12.67.
On the 30th ulto. futures closed
3 to 4 points down.
Trading was light with the market
showing a sagging tendency.
Transactions totaled 800,000
pounds.
Stocks of certificated hides in warehouses licensed
by the Exchange remained unchanged at 844,401 hides.
Local closing:
Dec., 11.71; March, 12.01; June, 12.34;
Sept., 12.68.
On the 1st inst. futures closed 8 to 14 points down. Transac¬
tions totaled 1,720,000 pounds.
Stocks of certificated hides
in warehouses licensed by the exchange remained
unchanged
at 844,401 hides.
Closing: Sec., 11.63; Mar., 11.94; June,
12.24; Sept., 12.54. Today futures closed 2 to 5 points up.
Sales totaled 54 contracts.
The market opened 1 point
lower to 1 point higher, but firmed up on small
trading
following news of substantial sales in the spot markets. Local
closing: Sept., 12.59; Dec., 11.65; Mar., 11.98.
remained
Ocean
chartering.
as
Freights—There
was
some
improvement in
Prices are holding firm.
The Paris news was
favorably, though considerably uncertainty prevails
to the ultimate effect of franc devaluation.
Charters Included:
Grain:
First
half Oct., Montreal to P. P. TJ.
K.,
Two loads Montreal to Rotterdam, ll^c.;
2s. 3d., option Italy, 2s. 7Kd.
10, Montreal, late Oct., to
basis
2s.
3d.
Grain booked:
at
11 He.
Continent
Oct. Montreal
about
round, $1.25.
p. United Kingdom-Antwerp, Rotterdam,
to p. p. United Kingdom scheduled 2s. 3d.
p.
Two loads from Montreal to Rotterdam and eight to
Trips: N.
$2.
Antwerp
Atlantic trip across, redelivery United KingdomCanadian round prompt, $1 10.
West Indies,
Coal—Sales volume
over
most of the United States
was
reported to have advanced considerably as a result of the
lowest temperatures of the fall and approach of October
prices.
Activity has been rather marked recently among
anthracite distributors.
Cottonseed
lower.
In the futures market 250 tons
for
delivery against October contracts.
Yesterday
was first notice day for October.
London was unchanged
to 3^d. higher.
Singapore closed steady about unchanged.
Local closing: Oct. 16.36; Nov. 16.42; Dec. 16.48; Jan.
16.51;
Feb. 16.55; Mar. 16.59; May 16.65.
On the 30th ulto.
futures closed unchanged to 6 points lower.
Transactions
totaled; 920 tons.
Sixty tons were tendered for delivery
against October, con tracts.
Factory interest in the outside
market was considerably smaller than during the two
pre¬
vious days.
Outside quotations were unchanged, however,
on a spot basis of 16 9-16c. for standard sheets.
London and
Singapore markets closed steady, prices ranging l-16d. to
5-32d. higher.
Local closing: Oct. 16.30; Nov. 16.39; Dec.
16.48; Mar. 16.57; May 16.65; July 16.72; Aug. 16.76.
On the 1st inst. futures closed 5 to 8 points lower.
Transac¬
tions totaled 580 tons.
Spot ribbed smoked sheets declined
assumed 9.1c. cduld be done
to
a
announcement.
taken
Oils—Linseed oil
was
prices recovered
The retail trade in coke and oil
was
especially active.
Combined hard and soft coal output is
now
close to 9,500,000 tons, 10% of it hard coal.
The
aggregate bituminous production of West Virginia is some¬
what ahead of Pennsylvania, Kentucky as a
producer easily
ranks third, Illinois follows fouith, Ohio fifth.
Coppesr—A steady business is reported for the red metal,
satisfactory volume of domestic sales each day. It is
pointed out that not for several months has business been
with
of such
tons per
steady volume, sales ranging from 1,200 to 1,500
day. Early reports of the foreign market gave a
2234
Financial
of 9.80 to 9.85c. per pound, with sales reported at the
top figure. European markets have been more or less quiet
range
due
largely to monetary disturbances
result of the franc
beginning to come
coming Presidential
election, and it is expected that October sales will reflect in
more marked degree the election uncertainties.
Normally
the month of October should register a large tonnage since
there has been no major buying movement since July. Several
producers officially opened books for January shipment
Thursday.
It was stated, however, that some producers
have been selling freely for January for some time.
devaluation.
more
and
The domestic markets
more
Tin—Prices
as a
are
under the influence of the
sharply the middle of the week following
a
considerable advance at London inspired by the brisk
purchasing in the United States late Tuesday.
That the
London tin market is very sensitive to influences is shown by
the fact that prices there soared as much as £3 in one session
on
the strength of sales of only 150 to 200 tons here on
Tuesday. American tin deliveries in September were 6,200
tons, of which 200 tons were made from Pacific ports. Ware¬
house stocks here are 255 tons, and the amount landing
2,605 tons, a total supply in sight of 2,860 tons.
It was
predicted that the world's visible supply of tin will show a
decline of 1,000 tons during September.
American tin de¬
liveries of 6,200 tons were substantially better than the 5,385
tons delivered during August.
These deliveries are a fair
measure of tin
consumption. With tin plate production at
90% of capacity and with automobile production increasing
rapidly, it is assumed that the consumption of tin in the
United States is now close to the peak of the year.
rose
Lead—A brisk demand continues for this metal, with bulk
purchasing for the November delivery position now the
leading feature of the dealings.
Since it is estimated that
close to 90% of Oct. needs are taken care of, the large ton¬
nage purchases necessarily must fall into the Nov. delivery.
As an indication of the brisk demand for the red metal, it is
reported that one of the main producers continues to compile
a waiting list since he refuses to sell more than his
production
on
any one day.
Lead consumption outside the United
States in the last three months averaged 102,608 tons a
month against an average of 106,728 tons in the three
months' period reported Aug. 27 last, according to the
American Bureau of Metal Statistics.
Zinc—The American markets were relatively steady.
However, further declines in prices on the London Metal
Exchange recently caused considerable uneasiness among
American producers, as values there are now getting below
American levels, which could bring about a situation con¬
ducive to the shipping or selling of London zinc to United
States consumers.
However, it is pointed out that there
are
a number
of factors that would work against such a
development. It is asserted that imports would have to be
on a large scale to be
profitable. World zinc production in
August totaled 136,314 tons, against 138,553 tons in July
and 121,837 in August, 1935.
United States production
came to 43,614 tons in
August, against 45,553 tons in July.
World consumption of zinc outside the United States aver¬
aged 89,211 tons in the last three months, against 90,807
in the three months' period reported Aug. 28.
Steel—The month of September was exceptional for the
steel
industry, and possibly the best of the year, for it is
reported by the "Iron Age" that the steel companies booked
from 25 to 50% more tonnage in September than in August.
This authority places the national average of ingot produc¬
tion at 75% of capacity for the current week.
It is reported
that the automobile industry is again a
leading buyer, large
bookings of sheets having been placed with the sheet mills,
and with expanding demand from other sources, these mills
are in
virtually a sold-up condition for the fourth quarter.
On some grades deliveries now quoted extend into
December,
and automobile companies have made some reservations for
January rolling, with price in effect at that time to govern.
It is reported that the mills
generally are not only enjoying
an active
domestic business, but a considerable spurt has
taken place in export demand, which has been
brought about
largely because of the inability of British and German mills
to make deliveries short of three months
has
come
not
only from
our
usual
or
sources
more.
Business
of export trade—
South America and Central America—but also in
increasing
amounts from European countries.
It is claimed the factor
that has strongly influenced steel
buying is a more wide¬
spread realization
among users of the sold-up condition of
the mills and the fact that steel will not be as
easy to obtain
within reasonable time
as has been the case in recent
years.
As the situation stands now, makers of steel sheets cannot
make deliveries short of six to nine weeks.
Sheet makers
predict that full capacity
through November.
Pig
operations
will
be
employed
Iron—Business
Chronicle
iron than
Wool—There has been a noticeable falling off in mill
buying, but despite this fact prices are holding firm. Original
bag wools have been on a stable basis throughout September
and continue to sell
wools constitute
worsted
and top makers.
Original bag
bringing 85 to 86c. for good French combing
and 87 to 88c. for wools running largely to staple length.
In
graded wools the trend of the demand is toward medium
lines, both the three-eighths and quarter bloods selling at
higher prices.
Texas wools continue a firm feature, the
average twelve months 85 to 86c., better quality 87 to 88c.
and up to 90c. for particularly long staple wool.
Fleece
wools are in somewhat sporadic demand.
It is pointed out
that statistically, the position of raw wool of all types is
generally favorable to dealers and a strong market is pre¬
dicted for the balance of the year, with a possible rise in
January on short supplies if mill buying is in good volume
for that month.
At Melbourne Wednesday wool prices
showed a distinct hardening tendency, and there was increas¬
ing competition from the Continent reported.
Silk—On the 28th ulto. futures closed lc. down to lKc.
up.
Transactions totaled 1,240 bales.
The market was
regarded as having acted very well in face of the sharp
decline in the yen of Japan, that currency breaking %c. to
29)£c.
Grade D in the primary market was 740 yen at
Yokohama and 742)^ yen at Kobe.
This represented an
unchanged price at Yokohama and 7% yen lower at Kobe.
Bourse quotations at Yokohama were 6 to 12 yen higher
and unchanged to 10 yen up at Kobe.
Local closing: Oct.,
1.66; Nov., 1.64y2; Dec., 1.63; Jan., 1.61^; Feb., 1.60;
Mar., 1.60; Apr., 1.60; May, 1.60.
On the 29th ulto. futures
closed 1 to 2)-£c. higher.
Sales totaled 550 bales.
At
Yokohama grade D rose 7^ yen to the price of 747
yen.
At Kobe the price also advanced 7lA yen to the price of 750
yen.
Yen exchange lost 34c. to go to 29c.
Bourse quota¬
tions were unchanged to 6 yen higher at both centers.
Cash
and futures sales were 1,700 bales.
Local closing: Oct.,
1.68; Nov., 1.66K; Dec., 1.64^1 Jan., 1.6234; Feb., 1.62^;
Mar., 1.62.
On the 30th ulto. futures closed unchanged
to 234c. higher.
Sales for the day totaled 1,840 bales.
Grade D ruled at 755 yen at both Yokohama and Kobe,
showing a net gain of 734 yen at Yokohama and 5 yen up at
Kobe.
At Yokohama, Bourse quotations were 4 to 11 yen
higher, and at Kobe Bourse quotations were 6 to 11 yen
higher.
Cash sales for both centers were 1,600 bales, with
futures transactions totaling 3,750 bales.
Local closing:
Oct., 1.7034; Nov., 1.68; Dec., 1.65^4; Jan., 1.63; Feb., 1.63;
Mar., 1.62.
On the 1st inst. futures closed unchanged to 2c. down.
Transactions totaled 640 bales.
Spot declined lc. to $1.74.
In Yokohama grade D was unchanged and 5 yen lower at
Kobe, the price being quoted at 755 at Yokohama and 750
yen at Kobe.
Bourse quotations ruled net 2 to 6 yen lower
at Yokohama and unchanged to 8 yen easier at Kobe. Cash
sales for both centers totaled 1,750 bales, while transactions
in futures totaled 3,100 bales.
Local closing: Oct. 1.7034;
Nov. 1.66; Dec. 1.63)4; Jan. 1.62; Feb. 1.6134; Mar. 1.61;
Apr. 1.61; May, 1.61. Today prices closed unchanged to lc.
down.
Transactions totaled 86 contracts.
The price of
crack double extra spot silk declined 134c. to $1.7234.
At
Yokohama futures were 2 yen lower to 2 yen higher.
The
price of grade D silk was 734 yen lower at 74734 yen a bale.
Local closing: Oct. 1.6934; Nov. 1.66; Dec.. 1.63)4; Jan. 1.62;
Feb. 1.61; Mar. 1.61; April 1.61; May 1.61.
_
COTTON
Friday Night, Oct. 2,1936.
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
319,754 bales, against 314,287 bales last-week and 340,815
bales the previous week, making the total receipts since
Aug. 1, 1936, 1,752,924 bales, against 1,716,378 bales for
the same period of 1935, showing an increase since Aug. 1,
1936, of 36,546 bales.
The
Movement of the
Receipts at—
Galveston
Houston
been
large share of fourth-quarter needs,
or a
mouth way and those who are
buy in a hand-tofinding that they are needing
choice material, though the
comparatively small. Fine
the bulk of the current restricted call for
are
Corpus
Sat.
Christi__
New Orleans
Mobile
20,984
8,681
1,067
14,937
1,964
Mon.
Tues.
Wed.
Thurs.
9,004
10,930
1,379
Fri.
Total
14,486 101,217
69,014
21,059
678
7,392
14,267 95,227
943
16,140
4,868
30,970
12,739
1,244
10,818
3,188
9,899
10,568
1,402
25,964
1,019
15,874
5,037
1,622
29,241
4,943
"l69
Charlest9n
anticipating all
basis of 85c. for class 3 wool, with
manufacturers
territories
It is believed that many who have
hare by now covered their requirements, and what demand
there is now comes largely from those who
on a
the price running up to 90c. for
volume at this price has been
loads and 100 ton lots.
is
they had expected.
water has been the heaviest in several years.
Pensacola, &c
Jacksonville
Savannah
It
1936
The iron movement by
Shipments are
being rushed now by producers who depend on inland water¬
ways for making deliveries, as navigation closes about Dec. 1.
It is reported that more iron than usual is being placed in
storage points, the belief being general that consumption
during the winter will be much heavier than average. Pig
iron prices are expected to hold firm.
more
was
reported as having fallen off
stated, however, that there are just as
many"orders being placed, but the tonnage per order is not
up to the heavy amounts placed during the early part of
The great majority of orders are now for car¬
September.
somewhat.
Oct. 3,
169
"942
"906
1,133
"579
1,094
577
1,063
2,454
___
694
860
1,207
7,107
3,722
5,830
12,786
3,722
""69
"35
"129
"545
23
801
346
177
238
360
"337
236
1,694
4",083
4,732
136
Lake Charles
Wilmington
Norfolk
.
894
Baltimore
Totals this week.
50,220
60,654
52,736
59,449
894
32,798
63,897 319,754
The
Financial
143
Volume
following table shows the week's total receipts, the
stocks tonight, compared with
total since Aug. 1, 1936 and
last year:
'
%
Stock
1935
1936
Receipts to
This
Since Aug
This
1, 1936
Week
1, 1935
101,217
Texas City
Houston
315",382
7,392
239,593
3,483
429,159
69,568
52,547
2,766
76,131
54,635
2,483
64,198
9,067
434,567
69",014
Galveston
—
Corpus Chrlsti—
Beaumont
New Orleans
95",227
Mobile
16,140
4,868
Pensacola, &c
169
Jacksonville
Savannah
5,830
102",548
28,236
6,679
103
27,500
1935
1936
356,525
7,893
271,446
206,849
6,731
423,010
101,047
60,369
3,104
153,893
305,882
79,129
27,225
542,739
119,055
15,018
3,291
169,952
469,321
5,559
379,902
77,119
6,506
505,054
116,860
24,304
5,048
176,103
72", 984
41,341
1,201
8,086
72,112
31,337
10,554
24,603
68,953
31,372
10,413
23,906
578,737
50
cotton
in
3,722
Lake Charles
801
Wilmington
1,694
Norfolk
23",698
75", 593
40,694
3,634
4,638
12",786
3,603
838
2,216
the trend
with
weather
"""100
New York
market
894
442
5,169
663
775
1,450
1,899
Philadelphia
was
seemed to be rapidly
other
the
weather
over
map
the western portion
a
conditions, of
Houston
Orleans.
New
54,635
64,198
102,548
28,236
27,500
16,140
Mobile
5,830
Savannah
1
47,297
78,629
51,095
8,071
5,755
23",698
101,217
69,014
95,227
Galveston
9,839
103,256
107,446
40,846
12,118
6,813
118,057
257,377
45,338
13,385
20,567
lb", 164
"l"0",003
12,584
3,107
116,889
134,980
78,617
7,615
8,321
200
Brunswick
12", 786
Charleston
801
838
117
1,694
2,216
1,614
2,163
3,932
3,165
4,196
17",045
Wilmington.
22,383
43,349
37",638
23,42i
41,325
244,448
401,837
311,264
517,721
.
Norfolk
N'port News.
All others
319,754
326,252
Since Aug. 1.. 1,752.924
ll,716,378
Total this wk.
5,981
1,357,905 2,165,519 1,817,530 1,989,752
for the week ending this evening reach a total
of 162,752 bales, of which 45,684 were to Great Britain,
22,760 to France, 15,007 to Germany, 7,474 to Italy, 55,081
to Japan, and 16,746 to other destinations.
In the corre¬
sponding week last year total exports were 198,455 bales.
For the season to date aggregate exports have been 777,887
period of the previous
bales, against 761,507 bales in the same
Below
season.
are
the exports for the week.
Exported to—
Week Ending
Ger¬
Great
Britain France
Galveston
Houston
Corpus Chrlsti x
10,283
115
Savannah
2.288
2,375
2,437
9,213
Charleston
Pensacola, <fec...
Los
693
""89
2,850
"464
499
374
860
Angeles
1,619
5^202
120
Gulfport
3,960
1,432
35
Norfolk
2,975
129
4,616
Charles...
Lake
—
-
—
33
160
1,300
527
50
—
200
2,570
16,746 162,752
45,684
22,760
15,007
7,474
55,081
Total
1935
58,669
32,221
600
1934
8,131
34,334
21,623
18,137
Total
19,563
19,662
19,326
79,128
1,700
Total
70,288
34,334
15,243
5,873
5,204
3,807
10,578
9,213
4,616
7,742
4,857
1,663
43,996
812
3,442
2,094
New Orleans
Mobile
1,091
2,328
1,687
6,678
2,463
6,292
4,489
11,433
7,818
Total
Other
China
Japan
Italy
many
34,931 198,455
30,324 179,894
Exported to—
From
Aug. 1, 1936, to
Oct. 2,
Britain
France
17,960
31,183
Galveston
Houston
Corpus Christ! x
Beaumont
New
Ger¬
Great
1936
Exports from—
Orleans.
Lake Charles..
Mobile
&c.
9,435
8,680
5,282
82,329
45,624
372
49,175
.355
12"322
6",863
19~045
15,445
1,845
2,850
"201
23,937
8,521
957
818
8,183
"69
1,200
Norfolk
201
427
Gulf port.
616
142
166
50
745
745
York
Los Angeles—
Francisco.
__
194
500
_3o
137
"160
"1,622
5,284
22
19
196,370136,768
Total
Total
1935....
Total
1934....
x
2,375
1,312
655
"3",301
473
San
3~219
12,849
16,449
9.629
17,754
New
701
1,432
994
27,620
Wilmington
358
195,947
156,981
150,272
2,072
97,520
13,334
26,211
1,426
37,917
47,099
28,695
1,200
4,071
1,305
26,470
20,386
17,409
200
18,729
Savannah
Charleston
Total
Other
China
Japan
Italy
23,851
17,831
8.628
432
Jacksonville
Pensacola,
37,803
1,872
19,908
2,011
15,077
35,530
32,919
31,620
many
116,426
35,695
92,231
78,733
63,196
64,907
192,251'
110,446
120,850
127,920
1,085!
204,329
154,262
Includes 659 to Liverpool
263,353
"
7,516
372
87,214 777,887
1,700137,017
28,727147,849
761,507
821,935
from Brownsville.
our telegrams tonight also
of cotton on shipboard, not
In addition to above exports,
give
us
the following amounts
On
Shipboard Not Cleared for—
Oct. 2 at—
Ger¬
Great
Britain
Galveston
Houston
New
Orleans__
2,600
5,267
1,902
France
15,100
8,693
21,932
Other
Cont't
wise
Leaving
Stock
Coast¬
many
8,000
3,862
7,885
22,300
12,296
6,075
2,500
Total
50,500
30,118
37,794
.
Savannah
Charleston
""
Norfolk
Other ports
Total 1936
Total 1935
Total 1934
l",415
'107
1~308
Mobile
»
528,237
275,764
504,945
169,952
72,112
117,640
24,603
172,600
11,077
12,370
9,906
45,725
8,791
6,851
19,747
5,866
8,220
40,778
36,625
57,778
2,500 119,827 1,865,853
68,049 1,840,086
4,397
1.000
83,755 2,729,860
forecast for the central
predicted rain and colder weather in the
southern plains and west Gulf States, rain and
beginning of the week and fair and warmer
On the 28th ulto. prices closed 9 to 14 points
the
There was quite a combination of factors favoring the
during this session.
There was active buying for
foreign account, together with distinctly favorable views
concerning the eventual effect of international monetary
developments.
Added to these items were reports of torren¬
tial rains in Texas, with general rains over the entire Western
belt—all contributing to the rise in prices, notwithstanding
an inactive speculative element influenced by fears of further
heavy hedge pressure.
The abnormally heavy rains, especi¬
ally in Texas were expected to effectively curtail the move¬
ment of the cotton and
cause
quality is concerned.
as
losses to the crop at least as
Reports
textile markets also contributed
to
of activity in the
the advance in cotton
Sales of print cloths alone amounted to about
15,000,000 yards, with prices in some cases lAa. higher.
Demand for spot cotton was active.
Mills were buying
freely and the basis was firmly maintained.
Average price
of middling in the 10 designated spot markets, was 12.14c.
On the 29th ulto. prices closed 6 to 8 points up.
At one time
the market advanced 10 to 11 points above the previous close.
Interest in the market seemed to be broadening somewhat,
futures.
still largely confined to the trade.
general tendency among traders and
speculators not to indulge in any long-term committments
until after the peak of the cotton movement has passed.
There was a noticeable drop in hedge selling during this
session, believed to be due to the effects of the recent heavy
operations
were
There appears to be a
rains
in
the
western
belt and moderate rains overnight in
Towards the close,
hedging increased somewhat, but these offerings were well
taken.
Continued activity in the textile trade, following
Monday's large sales, attracted wide attention.
This seems
to justify in considerable measure
the strong feeling of
optimism that has prevailed in the textile trade, and would
seem to indicate that domestic consumption will continue
at a lively pace for some time to come.
Recent developments
in the international monetary situation brightened prospects
for an improved foreign outlet for American cotton, and
between domestic and foreign demands, it was believed that
mills of the world will require more cotton than is being
produced in America this season.
The average price of
middling at the 10 designated spot markets was 12.24c.
On the 30th ulto. prices closed 8 to 10 points higher.
The
two factors largely responsible for the strength displayed
during this session, were reports of heavy rains in large por¬
tions of the belt and the continued aggressive buying in the
domestic textile markets.
Liverpool cables also played a"
part in that they indicated stronger markets at that center.
With this combination of influences prices opened 8 to 11
points higher and as the day progressed demand broadened,
a marked improvement in outside demand also being evident.
On this demand prices scored advances of 18 to 21 points
over the previous close.
Towards the end of the session
hedge selling and realizing proved too much for the market
and prices eased, though the close showed substantial net
gains.
Heavy buying in the dry goods market showed no
signs of abating and leading mail-order houses were con¬
spicuous buyers, placing orders for delivery far into the new
year.
This big business in the finished product caused heavyprice fixing by mills in the futures market.
There was active
domestic demand for spot cotton in the South, and it was
estimated that domestic consumption is proceeding at the
portions of the eastern and central belts.
of about 7,000,000 bales per annum.
The reported
heavy rains, with precipitation of 4 to 6 inches at some
points in the central and eastern belts, are believed to have
caused considerable damage to the crop both as to yield and
grade.
Average price of middling at the 10 dseignated spot
rate
markets
,
was
12.32c.
On the 1st inst. prices closed 1 to 3
was
light during the early part of the
latter
..
bullish influence, was the franc
up.
but
Oct. 2, 1936
Exports from—
as a
not regarded as helpful
Another item that appa¬
market
far
The exports
bullish,
of this week, changing to fair and warmer in the
latter part;
cooler at
as
the eastern half of the belt.
were
The weekly weather
the last half.
1931
1932
1933
1934
1935
1936
course,
rently played its part
devaluation.
construed
of the cotton belt and partly
over
full movement of the crop.
first part
with other years,
give below the totals at leading ports for six seasons:
considerable buying from
news was
showing generally cloudy weather with
cloudy to cloudy and colder
These
The
All hedge sales
This together with a good
absorbed.
The weather
sources.
and east Gulf States
In order that comparison may be made
closed 7 to 14 points higher.
steady throughout the session.
319,754 1,752,924 326.252 1,716,378 1,985,680 1,908,135
Receipts at—
quite
reports.
spot demand seemed to encourage
"5",602
5,121
Boston
Baltimore
we
was
of prices
On the 26th ulto. prices
to
Newport News—
Totals
delivery
future
for
distinctly upward.
The
strength and buoyancy of the markets this week were the
result largely of a good spot demand and excellent business
in the Worth Street district, together with generally bullish
rains
Brunswick
Charleston
Speculation
active,
Since Aug
Week
Oct. 2
2235
Chronicle
more
half,
especially
marked.
credited
with
points up.
Trading
session, but in the
the close, activity became
cooperative connections were
towards
Brokers with
selling about 11,000 bales of December and
Financial
2236
figures
last half hour, presum¬
2,000 bales of March in the
about
Chronicle
only.
and
offerings
these
1932
393,000
886,000
81,000
51,000
76,000
763,000
128,000
125,000
7,000
44,000
33,000
7,000
6,000
444,000
159,000
73,000
10,000
27,000
64,000
8,000
5,000
962,000
358,000
140,000
24,000
56,000
45,000
14,000
10,000
350,000
346,000
647,000
803,000
1,113,000
790;000 1,609,000
54,000
63,000
71,000
American cotton afloat for Europe 311,000
279,000
222,000
Egypt, Brazil,&c.,afl't for Europe 168,000
147,000
157,000
Stock in Alexandria, Egypt
177,000
107,000
196,000
Stock in Bombay, India
710,000
464,000
742,000
Stock in U. S. ports
1,985,680 1,908,135 2,813,615
Stock in U. S. interior towns
1,832,026 1,784,489 1,547,572
U. S. exports today
27,418
21,542
38,303
1,645,000
Total Great Britain.
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
—
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks..
Total European stocks
India cotton afloat for Europe
night gathering of hedge selling orders brought about in¬
activity, and trade and foreign purchasing con¬
spite of notices totaling 2,700 bales, further
price-fixing in October took place.
Continental houses and
Liverpool interests were purchasing, but observers noted
some
moderate selling for French accounts.
Spot houses
In
Total visible
Of the
842,000
429,000
200,000
24,000
63,000
87,000
42,000
448,000
86,000
250,000
641,000
3,593,644
1,502,765
31,606
6,378,124 5,564,166 7,396,490 8,240,015
supply......
above, totals of American and other descriptions are as follows:
American—
reported an active demand.
Business in the goods market
opened quiet and steadv after another heavy session the
day before.
Worth Street advices stated that dealings
..bales.
200,000
109,000
34,000
76,000
82,000
30,000
311,000
25,000
91,000
49,000
60,000
279,000
35,000
298,000
111,000
86,000
222,000
...
Other Continental stock
American afloat for Europe
U. S. ports stock
yesterday were somewhat less active than on Wednesday,
but sales were estimated at more than 15,000,000 yards,
with prices holding firm.
394,000
249,000
....
Liverpool stock
Manchester stock
Bremen stock.
Havre stock
.
47,000
—---
724,000
448,000
1,985,680 1,908,135 2,813,615 3,593.644
1,832,026 1,784,489 1,547,572 1.502.765
27,418
21,542
38,303
31,606
U. S. interior stock
U. S. exports today
The official
quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
Sept. 26 to Oct. 2—
Middling upland
Mon.
12-47
12-34
New York Quotations
19.45c. 1920
12.53c. 1928
21.80c. 1919
6.41c. 1927
13.70c. 1918
12.55c. 1926
23.15c. 1917
9.90c. 1925
26.90c. 1916
7.05c. 1924
29.00c. 1915
5.70c. 1923
20.45c. 1914
10.55c. 1922
1929
18.95c. 1921 -_4.--21.10c. 1913
*
Aug. 17.
Tues.
12.55
Wed. Thurs.
12-63
12.64
Total American
Liverpool stock
24.25c.
32.25c.
34.45c.
26.20c.
16.60c.
11.85c.
1912
10.20c.
1910
...
♦11.00c.
14.20c.
.
1905
...
...
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt.;
Stock in Bombay, India
...13.75c,
1909
1908
1907
1906
-
Havre stock
Other Continental stock
Indian afloat for Europe
11.25c.
1911
13.60c.
9.25c.
...11.60c.
...10.55c.
...
482,000
47,000
53,000
43,000
66,000
54,000
168,000
177,000
710,000
Manchester stock
Bremen stock
for 32 Years
1936
1935
1934
1933
1932
1931
1930
5,400,490 6,741,015
4,578,124 4,327,166
East Indian, Brazil, &c.—
FrI12.53
Total East India. &c
Total American..
10.65c.
284,000
26,000
68,000
24,000
637,000
41,000
60,000
29,000
352,000
49,000
54,000
63,000
147,000
107,000
464,000
63,000
71,000
157,000
196,000
742,000
79,000
42,000
86,000
250,000
641.000
1,800,000 1,237,000 1,996,000 1,499,000
4,578,124 4,327,166 5,400,490 6,741,015
Total visible supply
Market and
6,378,124 5,564,166 7,396,490 8,240,015
Middling uplands, Liverpool
7.02d.
6.59d.
6.88d.
5.44d.
Middling uplands, New York
12.53c.
11.35c.
12.45c.
9.50c.
Egypt, good Sakel, Liverpool
10.87d.
9.05d.
8,57d.
7.82d.
Broach, fine, Liverpool
5.86d.
5.78d.
5.19d.
4.56d.
Peruvian Tanguis, g'd fair, L'pool
7.87d.
"
C.P.Oomra No.1 staple, s'fine.Liv
5.87d.
Sal?s at New York
Futures
Spot Market
SALES
Market
Closed
Closed
Contr'ct
Spot
...
Total
,
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
...
_
_
Steady, 7 pts. adv..
Steady, 13 pts. adv.
Steady, 8 pts. adv..
Steady, 8 pts. adv..
Steady, 1 pt. adv—
Quiet, 11 pts. dec..
Barely steady.
Steady
Steady.
Barely steady.
i^ery steady
Steady.
Continental imports for past week have been 56,000 bales.
.
The
week
_
6",200
19~213
Sinbe Aug. 1
Futures—The
highest, lowest and
New York for the past week have been
6",200
6,2)0
Total week.
Monday,
Tuesday,
Wednesday,
Sept. 26
Sept. 28
Sept. 29
Sept. 30
of
6 2)0
25 613
6 4)0
closing prices
as follows:
Saturday,
above
figures for 1936 show an increase over last
448,599 baleii, a gain of 813,958 bales over 1935, a
decrease of 1,018,366 bales from 1934, and a decrease of
1,861,891 bales from 1933.
_
Thursday,
at
Friday,
Oct. 1
At the Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stock tonight-, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Oct. 2
Oct.
(1936)
11.88-11.98 12.02-12.09 12.08-12.18 12.21-12.33 12.16-12.29 12.13
Range
12.23 —
12.07-12.08 12.15 —
12.24-12.27 12.11-12.18
Closing. 11.94 —
_
Movement to Oct.
Receipts
Week
12.12M
12.04 n
Closing. 11.91M
12.20M
12.21M
Ala., Birming'm
Range.. 11.82-11.94 11.92-12.03 12.01-i2.11 12.13-12.29 12.07-12.23 12.04-12.12
12.08-12.09 12,16-12.18 12.18-12.19 12.05-12.06
—
Jan7(1937)
Range., 11.80-11.90 11.92-12.02 12.00-12.10 12.12-12.26 12.08-12.21 12.02-12.09
f
Closing
11.86
—
12.00
12.06
—
—
12.16
12.17
12.04
Feb.—
Range..
.
Ark., Blythville
Forest City.
12.05M
12.14n
12.15M
12.03M
Jonesboro
Mar.—
Little Rock__
Range., 11.76-11.91 11.89-11.99 11.98-12.08 12.11-12.25 12.07-12.21 12.01-12.09
11.84
11.98-11.99 12.04-12.06 12.12-12.14 12.13-12.16 12.02-12.03
Closing
_
2,687
20,026
2,901
Pine Bluff..
7,865,
4,572;
Ga., Athens
June—
540
Athens
Macon.
Rome
i
3,087
Newport
12.11M
11.96M
12.03m
12.13M
12.00M
Closing. 11.83rc
May—
Range.. 11.73-11.85 11.87-11.96 11.95-12.05 12.08-12.21 12.03-12.17 11.97-12.06
11.81-11.82 11.94-11.95 12.01 —
12.10-12.11 12.13-12.14 11.98
Closing
P
I
17,418
Walnut Ridge
f
April—
,
iRange..
Range..
Closing
July—
3,818
4,955
5,407
6,596
Hope
11.99n
11.85n
11.96m
11.89M
11.78n
12.04m
12.07M
2
11.93M
1,615
4,370
Atlanta
Augusta
Columbus.
15,016
78,126
500,
3,775
Columbus
1,748
49,115
61,342
9,520,
12,0791
2,983
Greenwood..
Jackson
17,227
940
Miss.Clarksdale
Range.. 11.65-11.76 11.75-11.86 11.83-11.93 11.97-12.09 11.93-12.03 11.86-11.93
11.83 —
11.90 —
11.98-11.99 12.01-12.03 11.88
11.74 —
825
4,127
La., Shreveport
Closing
Aug.-—
3,985
2,283
1,504
12,845
.
524
4,250
695
Montgomery
Helena
Closing
Oct.
Week
10.438
5,107
22,772
36.439
58,544
10,001
22,280
23,657
5,563
60,234
7,582
27,433
10,195
8,879
4,649
Eulaula
_
Selma
i
.
Season
19,552
20,659
7,103;
106,418]
37,858
Week
761
5,231
1,003
76,939
6,511
2,701
52,692
45,629
15,448
6,135
4,328
3,316
13,393
6,875
849
7,018
1,714
99,303
13,258
24,182
22,478
13,311
84,807
14,741
43,898
17,522
18,966
20,202
72,683
1,613
2,434134,367
350 33,550
1,826 96,126
500 20,407
8,030 39,944
6.827, 48,287
908 30,556
10,034
78,431
37,038
1,881
2,655; 31,042
135' 3,604
11,564
31,920
1,193
Range..
Mo., St. Louis.
N.C.,Gr'nsboro
6,68
32,233
2,117
Closing.
40
9,275
6,
1,795
4,662
8,323
1,131
1,576
3,362
9,972
9,292
1,069!
Yazoo City-
84
10,949
63,826
3,295
5,727
...
5,933
2,167
753
Vicksburg...
1,966
6,680
254
10,428
28,968
1,358
1,659
552
672
5,269
31,194!
1.525'
1,247
13,913
1,00
61,120
3,380 68,727
2,254 85,911
190 22,522
720 23,602
1,645 20,529
2,866 15,598
1,629 68,592
'40.7801
1,368
1,108
15,815
61,481
3
12,114
12,2161
1,000 11,573
950 49,809
30,933'
652 ,60,587
50,222
90,625 13,852 136,080
500 17,500
9,539!
32,749
1,861 39,106
1,500!
6,250
I2,57l!
13,352,
2,000
6,030
1,450,
2,456
500
7,747
10,215
1,500
16,736
4,952
1,094
3,243
3,762
2,247
34,055
5,126
50,545
10,731'
5.721
78,697
23,371
S.423
1,188
19,202
13,527
2,342
63
57
779
133
2,177
2,664
10,034
500
29
509
1,598
19,669
39,482
58,26(
17,499
78,952
27,054
5,606
12,690
26,163
Oklahoma—
Nominal.
15 towns *../
Range for future prices at New York for week ending
2, 1936, and since trading began on each option:
Oct.
8,151
40,325
4,586
B.C., Greenville
.Memphis 131,439
Texas, Abilene. 16,257
38,870
400,434
41,239
Tenn.
Austin..
Range for Week
Range Since Beginning of Option
1,127
Brenham
544
alias
1936— 11.88 Sept. 26 12.33 Sept. 30
Nov. 1936Jan.
1936-. 11.82 Sept. 26 12.29 Sept. 30
1937- 11.80 Sept. 26 12.26 Sept. 30
Feb
10.42 Sept.
9.80 Jan.
3 1935 12.32 July
10.12 Mar.
Sept. 1936—
Oct.
Season
1,321
Natchez
Option for—
| Shipments
Closing.
Sept.—
Range..
m
Receipts
Week
12.09M
Dec.—
Closing. 11.88-11.89 12.00
|
Stocks
ments
Range..
,
Movement to Oct. 4. 1935
Ship¬
Nov.—
l
2, 1936
_
Towns
3 1936 12.25 July
9.76 Jan.
9 1936 12.78
July
8
10
23
10
10
1936
1936
1936
1936
7,321
7,648
Paris
Robs town..
72
San Antonio.
Texarkana
226
3,543
5,440
4,900
2,218
34,394
34,067
12,089
4,288
14,259
33,918
10,073 90,481
2,589
4,523 45,019
5,800
80,666484,798 109,691.
694*
9,865 15,484
779
837
1,678
273
692
2,579
5,968 11,425
4,113
6,464 15,277
1,621]
486
15,456
27,266
311,030
3,644
5,635
5,677
11,470
8,265
^
3,970
224'
9,105
236
739
1,934
12,749
14,177
168!
2,777|
3,111
6,053
29,428
338108,610
3,057
36,860
35,403495,576
789;
606
1,072
3,845
630;
5,910
2,185 12,111
605 12,936
830]
296
3,731
1,301
13,477
14,464
1937.
Dec.
9.94 Feb.
9 1936 12.78
July
25 1936 12.76 July
Mar. 1937- 11.76 Sept. 26 12.25 Sept. 30 10.20 Mar. 27 1936 12.78 July
Apr
1936
10 1936
1937.
1 1936 12.78
July
10 1936
1937- 11.65 Sept. 26
ii2.09
Sept. 30 11.50 Aug. 29 1936 12.55 July 27 1936
4,466
5,306
2,336
6,626
Total, 56 towns 365,132 1,445,447210,9681832026 290,2551,135,100115,9881784489
♦
May 1937— 11.73 Sept. 26 12.21 Sept. 30 10.48 June
June 1937..
July
Waco
Includes the combined
The
above
totals of 15 towns in Oklahoma.
totals
show
increased
that
the
interior
stocks
have
cable and
during the week 154,164 bales and are tonight
47,537 bales more than at the same period last year.
The
receipts of all the towns have been 74,877 bales more than
as
the same week last year.
of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
afloat are this week's returns, and consequently all foreign
The Visible Supply
.
746,000
96,000
682,000
__bales_
Stock at Manchester
creased
tinued.
1934
1935
1936
Oct. 2—
Stock at Liverpool
bid the market up.
Prices
started with an early advance of 5 to 9 points, the market
later turning easier.
December, despite the heavy selling,
bounded up from 12.08c. to close to 12.18c., which level
was 2 points above the previous close.
Worth Street re¬
ported continued activity, and spot business in the South
held, with the basis firm.
There were 28 October notices
issued.
Average price of middling at the 10 designated spot
markets was 12.34c., compared with 12.32c. Wednesday.
Today prices closed 11 to 15 points down.
The market
developed considerable easiness this session, and failed
to show any appreciable rally during the day, prices closing
at about the low levels of the entire period.
A heavy over¬
of
To make
brought down to Thursday evening.
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Firday
hedges.
These offerings appeared to be readily ab¬
sorbed by demand from Japanese sources and alsp trade
shorts.
Professional traders also took a substantial por¬
ably
tion
are
Oct. 3, 1936
Volume
Financial
143
Rain
Abilene
Brenham
23,395
128,922
Via Louisville
100
Via Virginia points
Via other routes, &c
4 days
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
0.04
1.88
0.46
1.22
6.44
in.
in.
in.
Corpus Christi
3 days
Dallas
3 days
Del Rio
3 days
El
Aug. 1
2,342
2,920
4,385
8,570
32,753
20,520
1,172
2,653
33,8)7
37,967
6.680
3,660
3 days
Brownsville
0.70
1.62
1.56
1.00
2.34
0.43
7.56
1.02
0.48
2.60
4.74
5.86
2 days
Since
Week
Aug. 1
Week
Via Mounds, &c
Via Rock Island
0.93 in.
2 days
2 days
3 days
,
Austin
1935-
1936
Since
Via St. Louis
2 days
Amarillo
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:
Shipped—
Rainfall
Texas—Galveston
for the week and since
Oct. 2—
2237
Chronicle
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
13,697
7,246
"475
14,179
89,730
3 days
Lampasas
Long view
Luling
Nacogdoches
30,230
37,039
3 days
Kerrville
T.518
3,442
5,000
Paso
Henrietta
3 days
1 day
3 days
2 days
Palestine
Total gross overland
Deduct
3 days
2 days
_.
Paris
..
Shipments—
San Antonio
Overland
to N. Y., Boston, &c
Between interior towns
894
Inland, &c., from South
442
5,169
2,737
68,221
354
9,908
Taylor.
Weatherford
1,957
1,894
46,130
171
5,801
3 days
3 days
3
Louisiana—Alexandria
Amite:
Total to be deducted_
.11,156
52,795
12,239
New Orleans.
39,749
7,765
foregoing shows the week's
this year has been 12,233 bales,
the week last year, and that for
aggregate net overland exhibits an
of 13,046 bales.
net overland movement
against 7,765 bales for
the season to date the
increase over a year ago
-1936In
Sight and Spinners'
Takings
Week
.
319,754
Net overland to Oct. 2
12,239
Southern consumption to Oct. 2.. 135,000
Total marketed
Excess
over
of
Southern
1,752,924
52,795
1,155.000
mill
404,017
174,267
Came into sight during week
Total in sight Oct. 2
North, spinn's' takings to Oct. 2.
32,831
210,981
Rilejgh
in previous
Week—
Bales
1934—Oct. 5
410,019
649,196
1933—Oct. 6
1932—Oct. 7
527,082
-
2,443,127
660,152
3 days
2 days
Carolina—Charlotte. .3 days
2 days
1.15 in.
-___5days
2.40 in.
dry
2 days
0.64 in.
dry
Wilmington.
Tenn^^„^?Ph's------Chattanooga
Nashville.
high 88
high 84
high 86
high 84
high 88
high 88
hign 88
high 88
high 86
high 78
high 84
high 82
high 88
high196
low
low
low
low
low
low
low
low
63
36
50
44
52
60
60
52
low 56
low 44
low 44
zero
Above
Above
Nashville
zero
Shreveport
Vicksburg
mean
mean
mean
mean
mean
mean
mean
low 50
mean
mean
90
84
low 50
low 50
mean
88
88
low 54
mean
low 48
mean
88
91
low 38
mean
low 54
mean
94
mean
90
low 54
low 66
92
low 56
mean
92
low 54
mean
90
low 52
mean
91
low 68
mean
90
90
low 54
low 60
mean
92
low 70
mean
88
88
90
89
low 74
low 66
low 72
low 66
mean
84
low 56
mean
88
60
56
mean
87
86
88
89
88
91
86
88
low
low
low
low
low
low
low
low
low
low
61
mean
46
48
61
48
49
58
mean
54
mean
88
88
low 58
low 52
mean
86
mean
mean
mean
mean
mean
mean
mean
mean
mean
' mean
mean
mean
mean
72
70
70
70
67
71
68
63
73
74
78
74
73
71
78
72
75
81
81
77
81
78
70
74
71
74
66
68
75
68
70
72
70
73
72
—
zero
of gauge.
of gauge.
Oct. 4, 1935
Feet
1.6
2.0
3.4
4.1
of gauge.
of gauge
zero
20.5
6.5
of gauge.
1.4
3.8
9.2
_
zero
8.2
,
Decrease.
Receipts from
the Plantations—The following table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
Closing Quotations for Middling Cotton on—
Friday
Monday
Tuesday
Galveston
11.98
12.10
12.20
12.29
12.29
12.16
New Orleans..
12.28
12.36
12.43
12.55
12.55
Mobile
12.40
12.10
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.
11.93
12.05
12.13
12.21
Savannah
12.19
12.30
12.39
12.47.
12.48
Norfolk
12.15
12.25
12.50
12.55
12.55
12.45
Montgomery..
11.90
12.00
12.10
12.25
12.10
Week
Augusta
12.28
12.40
12.48
12.15
12.57
12.58
12.55
Ended
Memphis.....
11.90
12.00
12.10
12.15
12.15
12.05
Houston
12.04
12.15
12.23
12.32
12.34
12.21
Little Rock
11.84
11.95
12.04
12.13
12.13
12.01
11.93
11.93
12.02
12.03
11.90
12.02
12.03
11.90
Dallas
11.73
11.85
Fort Worth._.
11.73
11.85
12.23
Above
Above
—Above
Memphis
Week Ended
Wed'day Thursday
64
70
74
74
70
71
66
64
64
66
mean
mean
Oct. 2, 1936
Feet
New Orleans
Bales
2,379,513
3,460,606
.2,873,908
1934
1933
1932.-.-.-^
mean
mean
low 48
low 52
90
76
60
68
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:
174,717
years:
Since Aug. 1—
mean
low 46
low 44
high 88
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
mean
mean
The
*
Saturday
2.94 in.
6 days
Weldon
Quotations for Middling Cotton at Other Markets
Oct. 2
3 days
4 days
i
Carolina—Charleston.4 days
North
Decrease.
Movement into sight
4 days
5 days
1 day
Asheville.
39,749
687,000
22,067
0.84
1.50
0 01
1.25
1.72
4.81
Newbern
South
2,960,604
.
0.06 in.
0.18 in.
in.
in.
in.
in.
in.
in.
0.53 in.
0.40 in.
1.36 in.
2.38 in.
2.44 in.
2.75 in.
2 days
578,284
3,435,857
4 days
Macon
*142,675
621,157
__2 days
2 days
4 days
1,716,378
$150,471"
in.
in.
in.
dry
Augusta
takings
consumption to Sept. 1
in.
in.
in.
in.
in.
dry
Tampa
Georgia—Savannah
Atlanta
Aug. 1
326,252
7,765
70,000
2,960,719
625,609
466,993
154,164
excess
Week
1
Pensacola
Since
Aug. 1
_1
Miami
-1935
Since
Receipts at ports to Oct. 2
Interior stocks in
1
Mississippi—Meridian
Vicksburg
Alabama—Mobile
Birmingham
Montgomery
Florida—Jacksonville
Including movement by rail to Canada.
The
*
49,981
6,414
Shreveport
Leaving total net overland.*
*
76,127
l.o2
2.98
days
7.62
dry
dry
day
0.44
day
0.44
day
0.44
in.
in.
Thermometer
12.46
Receipts at Ports
1936
1935
Stocks at Interior
1934
1936
1935
Towns
Receipts from Plantations
1934
1936
1935
1934
June
26..
21,698
8,706
59,054 1,424,612 1,201,295 1,236,729
Nil
Nil
33,705
3..
21,952
9,188
Nil
Nil
10..
13.381
13,918
50,199 1,384,154 1,181,353 1,222,383
34,622 1,349,502 1,161,421 1,203,873
51,435 1,301,765 1,145,008 1,179,660
50,608 1,255,364 1,133,563 1,164,839
62,636 1,206,417 1,121,546 1,145,796
35,853
16,112
July
New Orleans Contract Market
17..
Sept. 26
Monday,
Sept. 28
Tuesday,
Sept. 29
Wednesday,
Sept. 30
Thursday,
Oct. 1
Oct. 2
20.715
28,419
37,205
31..
Friday,
16,973
24..
Saturday,
39,742
46,866
December. 11.88-11.89 11.96
122061221a 121961220a 12.06
12.09
12.03
12.13-12.15 12.01
11.95
12.01
12.13
12.12
11.83-11.84 11.94
12.00
12.11
12.09-12.10 11.98
Jan.
(1937) 11.86
February
12.01
.
March
April
.
11.81
—
11.90
11.95-11.96 12.07
12.05
July...... 11.70
—
11.78
11.84
Bid. 11.94
11.95
May
11.95
June
September
11.59a
October...
Tone—
Spot
Steady.
Steady.
Strong.
Steady.
Steady.
Very stdy.
Steady.
Steady.
Steady.
Options
Steady.
Steady.
Barely
st'y
Two New Members of New York Cotton Exchange—
At
a meeting of the Board of Managers held Oct. 1, Charles
Slaughter and Jake Marks were elected to membership in
the New York Cotton Exchange.
Mr. Slaughter is a
partner of Slaughter, Horne & Co., New York City, who
are engaged
in a commodity commission business, and is
also a member of the New York Coffee and Sugar Exchange,
Inc.; New York Cocoa Exchange, Inc., and the Commodity
Exchange, Inc.
Mr. Marks is a partner of Marks, Laser
& Co. of New Orleaps, La., who are engaged in a brokerage
business.
He is also a member of the Chicago Board of
Trade, the Chicago Stock Exchange, Chicago Mercantile
Exchange, New Orleans Cotton Exchange, and an associate
member of the New York Curb Exchange.
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening denote that there has been too mcuh
rain in the eastern third of the cotton belt, causing increased
anxiety regarding the grade problem.
Dry and much cooler
weather in the western and central portions of the belt are
of
as
highly favorable in connection with the gathering
The moisture in the East also delays the
the cotton.
opening of bolls and it is only in the East that growers claim
they must have late frosts in order to mature all that
plant has on it.
Rain
Oklahoma—Oklahoma City--2 days
Arkansas—Eldorado
1 day
Fort Smith
2 days
Little Rock
1 day
Pine Bluff
----1 day
I
2.26 in.
0.02 in.
1.08 in.
0.16 in.
0.17 in.
high 74
high
high
high
high
97
78
86
92
low
low
low
low
48
50
50
Nil
mean
61
mean
74
mean 64
54
mean
70
low 53
mean
73
27,222
35,787
43,693
55,,632 1,167,401 1,111,532 1,128,283
Nil 46,569 38,119
30,140 47,243 39,943
71,,884 1,132,176 1,094,124 1,104,626 63,862 92,915 58,929
122,,533 1.140,781 1,119,686 1,102,173.149,9701841700120,080
I
137, 0901,219,831
191,,7281,339,682
230,,0701,499,275
237,,2051.677,862
1
1,178,879 1,152,815280,892 248,136187,732
1,274,081 1,226,568391.307 310,219265,481
1,414,604 1,339,176 500,408 405,544 342,678
1,610,222
322,464 492.874 532,515 344.223
2.. 319,754 326,252 244,448 1,832,026
1,784,489 1,547,572
473,9181500,519 345,826
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1936, are
2,385,371 bales;
in 1935 were 2,376,470 bales and in 1934 were
1,752,740
(2) That, although the receipts at the outports the
past week were 319,754 bales, the actual movement from
plantations was 473,918 bales, stock at interior towns
having increased 154,164 bales during the week.
bales.
World's Supply and
Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
for the last two
seasons
from all
obtainable; also the
sight for the like period:
are
Cotton
sources
takings
Takings,
or
1936
from which statistics
amounts
out
gone
*
of
1935
Week and Season
Week
Visible supply Sept. 25
Visible supply Aug. 1
Season
5.929,525
621", 157
Bombay receipts to Oct. 1
7,000
12,000
78,000
15,000
3,435,857
110,000
82,000
253,200
Total supply.
2,960,604
92,000
94,000
137,600
47,000
7,626,463
76,000
14,000
12,000
58,000
9,000
8,856,315
5,876,757
6,378,124
5,564,166
5,564,166
284,558
280,558
4,000
2,478,191
1,948,991
529,200
312,591
219,591
93,000
2,062,297
1,420,697
641,600
Deduct—
Visible supply Oct. 2
takings to Oct. 2
4,295",259
578",284
6,378,124
Other supply to Sept. 30 * &-.
Of which American
Of which other
Season
5,205,473
6,662,682
Other India ship'ts to Oct. 1__
Alexandria receipts to Sept. 30
Total
Week
4,899",258
American in sight to Oct. 2
*
Thermometer
Rainfall
4,302
25,760
34,849
Nil
50,,645 1,144,650 1,097,283 1,117,581
Oct.
Bid. 11.846-.85a
August
regarded
38,915 56,583
52,891 61,492
76,336 96,074
28.. 141,365 159,138
Sept.
4.. 201,842 188,943
11.. 271,456 215,017
18.. 340,815 265,021
25.. 314,287 336,897
14..
21..
12.15
Nil
Nil
Aug.
7..
Oct. (1936) 119301194a 12.01
November
Nil
a
Embraces receipts in Europe from Brazil, Smyrna, West
Indies, &c.
a This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 1,155,000 bales in 1936 and
687,000 bales in 1935—takings
not
being available—and the aggregate amount taken by Northern and
foreign spinners, 1,323,191 bales in 1936 and 1,375,297 bales in
1935,-of
which 793,991 bales and 733,697 bales American,
b Estimated.
2238
Financial
Chronicle
Oct.
1936
3,
India Cotton Movement from All Ports
1936
1936
Oct. 1
Bales
1935
1934
/
Receipts—
Since
Since
Week
Bombay
Week
Aug. 1
Since
Week
Aug. 1
Aug. 1
CORPUS CHRISTI—To Dunkirk—Sept. 26—West Cohas, 115To Genoa—Sept. 26—West Cohas, 1,294
To Trieste—Sept. 26—West Cohas, 169—
To Venice—Sept. 26—West Cohas, 224
To Leixoes—Sept. 26—West Cohas, 150
To Gdynia—Sept. 30—Toronto, 1,082
To Varburg—Sept.
30—Toronto, 100
To Uddevalla—Sept. 30—Toronto, 50
To Abo—Sept. 30—-Toronto, 40
92,000
14.00C
110,000
For the Week
Since
14,000
187,000
To
August]
Great
Conti-
Pap'n&
ment
China
Conti¬
Japan &
China
|
Total
—
4,000
22,000
111,000
137,000
21,000
4,000
47,000
138,000
9,000
13,000
4,000
42,000
184,000
To
To
9,000
3,000
12,000
38,000
44,000
82,000
9,000
12,000
39,000
55,000
94,000
To
1,000
10,000
11,000
19,000
79,000
98,000
To
To
To
Total all—
1936—
9,000
14,000
42,000
66,000
111,000
219,000
To
3,000
3,000
20,000
2,000
1935
10,000
33,000
43,000
102,000
232,000
To
1934—
1,000
14,000
9,000
24,000
23,000
121,000
87,000
138,000
282,000
To
To
100
To Leixoes—Oct.
To Havre—Sept.
.
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
1936
1935
1934
708
401
250
-
26—Nemaha,
275
30—Hybert,
4,181—Sept.
g 237
__
24
'
'
u
—
1,046
-
26—Boschdijk,
50
*
-
To
Japan—Sept. 26—Haveiland, 993; Liberator, 1,982To Manila—Sept. 28—Liberator, 50
To Liverpool—Sept. 20—West Cobalt, 7,327
To Manchester—Sept. 30—West Cobalt, 4,106
To Bremen—Sept. 29—Schvanheim, 1,949
1,949
5,838
3,375
— --
To
390,000
1,265,757
1
290,000
687,689
Manchester—Sept. 30—Saccaroppa, 582
''649'
50
2,975
50
7,327
4,106
SAVANNAH—To Liverpool—Sept. 30—Glendene, 2,813—Sept.
28—Saccaroppa, 3,025
To Manchester—Sept. 28—Saccaroppa, 3,375-CHARLESTON—To Liverpool—Sept. 30—Saccaroppa, 4,034—
Receipts (cantars)—
Since Aug.
840
Dunkirk—Sept. 26—Nemaha, 308—Sept. 30—Hybert, 738
Rotterdam—Sept. 26—Boschdijk, 625—Sept. 30—-Hybert,
To Reval—Sept.
a
Alexandria, Egypt,
Sept. 30
446
618
1,298
370
1—West Cohas, 275
5 050
To
To
Alexandria
weekly
dria, Egypt.
200
50
110
514
865
—
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
7,000 bales.
Exports from all India ports record a decrease
of 19,000 bales during the week, and since Aug. 1 show a
decrease of 13,000 bales.
ceive
1,172
—
To
3,000
,
6,646
2—
--
To La Liber tad—Sept.
4,000
87,000
138,000
19342
1934
3,960
2—
Copenhagen—Sept. 28—Sparreholm, 200
30—Ruth Lykes, 50
Oslo—Sept. 28—Sparreholm, 110
Hamburg—Sept. 29—Schvanheim, 514
Genoa—Oct. 1—West Cohas, 865
Gdynia—Sept. 28—Sparreholm, 446
Venice—Sept. 29—Clara, 485
Oct. 1—West Ctfhas, 133-Oporto—Oct. 1—West Cohas, 1,298
Gothenburg—Sept. 28—Sparreholm, 370
Trieste—Sept. 29—Clara, 639
Oct. 1—West Cohas, 201Ghent—Sept. 26—Boschdijk, 100; Sept. 26—Nemaha, 241
Sept. 30—Hybert, 367
Lisbon—Oct. 1—West Cohas, 401
Antwerp—Sept. 26—Nemaha, 150—Sept. 30—Hybert,
2,000
10,000
Oth. India—
1935
50
40
HOUSTON—To
2,000
li'ooo
1935
100
241
Japan—Sept. 30—Liberator, 3,960
Liverpool—Sept. 29—West Hobomac, 4,360-—Oct.
Pearlmoor, 2,286--To Manchester—Sept. 29—West Hobomac, 934—Ok€.
Pearlmoor, 238
i
nent
Bombay—
1936
150
1,082
241
To
Great
Britain
Total
Gothenburg—Sept. 30—'Toronto,
To
Exports
Britain
169
224
—
7,000
From—
115
1,294
4,034
582
^
GULFPORT—To Liverpool—Sept.
320,000
831,140
To
12—Antinous, 6
Manchester—Sept. 12—Antinous, 114
6
114
33
374
To
This
To Liverpool
To Manchester,
Since
Week
Exports (bales)—
Aug.
4,000
&c
To Continent and India.
To America
Total exports
14~666
1,000
19,000
This
Week
1
12,069
11,001
Since
This
1
Aug.
Week
Since
Aug.
1
7,000
8,000
18,000
1,000
12,097
17,711
65,594
1,939
5~, 666
18,618
12,000
1,000
75,515
5,328
77,509 34,000
97,341
18,000 111,832
52,038
2,401
12,371
Antwerp—Sept. 13—Wacosta, 16—-Sept. 27—Ipswich, 17To Havre—Sept. 27—Gateway City, 374
PENSACOLA—To Bremen—Sept. 3CL-— Karpfanger, 5,102—Sept.
28—Ipswich, 100
To Liverpool—Sept. 28—Hastings, 1,046
To Manchester—Sept. 28—Gateway City, 1,391-To Ghent—Sept.
28—-Ipswich, 89
'.
To Japan—Sept. 28—Friesland, 2,850
LOS ANGELES—To Liven>ool—Sept. 19—Tacoma City, 200
Sept. 21—Pacific Enterprise, 225—Sept. 23—Bessemer
City, 425To London—Sept. 21—Pacific Enterprise, 10----^
To Havre—Sept. 21—Oregon, 160
To Bremen—Sept. 24—Schwaban, 200
To Japan—Sept. 21—President Adams, 1,300
To India—Sept. 21—President Adams, 50
NORFOLK—To Manchester—Sept. 30—Manchester Hero, 35
To Hamburg—Oct. 2—Isis, 464
MOBILE—To Liverpool—Sept. 22—Counsellor, 1,367
To Manchester—Sept.
22—Counsellor, 1,008
To Naples—Sept. 24—Clara, 600
To Venice—Sept. 24—Clara, 132
To Trieste—Sept. 24—Clara, 700
LAKE CHARLES—To Genoa—Sept. 26—Monrose, 129
To Ghent—Sept. 27—Hybert, 321
To Havre—Sept.
27—Hybert, 2,033
To Rotterdam—Sept. 27—Hybert, 300
To Antwerp—Sept. 27—Hybert, 72
To Dunkirk—Sept. 27—Hybert, 61
To Liverpool—Sept. 29—Dakarian, 2,280
To Manchester—Sept. 29—Dakarian, 8
5,202
1,046
1,391
89
2,850
T—
850
—
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Sept. 30 were
390,000 cantars and the foreign shipments 19,000 bales.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for home trade is improving.
We give prices today below and leave those for previous
weeks of this and last year for comparison:
.
1936
32s Cop
Twist
d.
1935
Cotton
8A
8A Lbs. Shirt¬
ings, Common
Middl'g
32s Cop
ings, Common
Middl'g
to Finest
Upl'ds
Twist
to Finest
Upl'ds
d.
d.
s.
d.
d.
s.
Lbs. Shirt¬
d.
s.
s.
Cotton
d.
u.
June—
26
@93
91
10J4@11«
7.18
8 6
9J*@11H
3
10H@UH
@12^
9
9 6
@10 0
7.58
10
8 6
@90
6.94
UM@12K
9
7
@10
1
7.47
10
@11H
@11K
@11}*
8
11
17
8
6
@90
7.02
24
11
9
7
@10 1
7.33
10A@11H
8
6
6.80
10M@12
10 3
@10 5
7.10
10
8
6
@90
@90
105* @12
10 3
@10 5
7.02
VrA@10%
8 7
@91
6.48
31
@12 K
@97
7.18
10
@11
6
@90
6.68
10S*@11 u 10 3
4
@10 5
6.92
0% @10%
8
7
@91
6.56
10
1
@10 3
6.74
9%@u
9
2
@94
6.33
1
@10 3
6.70
9}* @11
9
2
@94
6.21
Of which American
10
1
@10 3
6.70
9%@ll
9 54 @ 11
9
2
6.11
Amount afloat
Of which American
9
2
@94
2
@94
6.53
9
3
@95
6.40
9 5
@97
6.59
10Ji@12
10 3
@10 5
6.99 "
18
10%@ll H 10 0
iosA@u% 10 0
@10 2
6.98
@10 2
6.73
9A@H
9A@11
@10 2
7.02
9J4@H%
@94
;
Oct.—
@10*411%
2
Sept. 25
10 0
2,033
300
72
61
2,280
8
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 162,752 bales.
The shipments in detail, as made
upjxom mail and telegraphic reports, are as follows:
Of which American
Total
202,000
imports
41,000
11,000
149,000
53,000
-
Oct. 2
61,000
682,000
200.000
81,000
46,000
662,000
194,000
58,000
19,000
175,000
78,000
662,000
196,000
44,000
21,000
194,000
85,000
6.17
9
1
11
25
Sept. 18
50,000
45,000
669,000
10
DtJpwi
_
Sept. 11
Forwarded
Total stocks.
10%@11H
28
600
132
700
129
321
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
10H @uk
10^@11M
21
1,367
1,008
162,752
6.94
Aug.—
7
14
50
35
464
—
Total...
4
1,300
.
6.85
@90
July—
10
10
160
200
-
34,000
179,000
91,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
spot cotton have been
follows:
as
^
r
Spot
Saturday
Monday
Wednesday
Thursday
12:15
Friday
A fair
Moderate
Moderate
demand.
■
P. M.
demand.
Bales
-■
Tuesday
Market,
Moderate
business
demand.
Quiet.
doing.
Good
Inquiry.
~
GALVESTON—To Antwerp—Sept. 26—Louisiane, 85
To Havre—Sept. 26—Louisiane, 1,447
Sept. 28—Nemaha,
4,243I
To Dunkirk—Sept. 26—Louisiane,
380
2°2
Sept. 28—Nemaha,
602
26—Karffanger, 1.045__Sept. 30—Schwan-
heim, 5,633
6,678
26—Fernglen, 13,693—Sept. 25—Kurama
Maru, 15,014
Sept. 28—Wiegand, 1,558; Liberator, 3,541
—Sept. 30—Haveiland, 10,190
43,996
To Copenhagen—Sept. 25—Georgia, 580-_-Sept.
39—Sparreholm, 200
u
780
To Japan—Sept.
—
To Gdynia—Sept. 25—Georgia, 664._-Sept.
To
To
To
To
To
To
Qj
53
^
Venice—Sept. 29—West Cohas. 117
Oslo—Sept. 29—Sparreholm.190
Oporto—Sept. 29—West Cohas, 1.062
Lisbon—Sept. 29—West Cohas, 124-__
Leixoes—Sept. 29—West Cohas, 420
Gothenburg—Sept. 29—Sparreholm, 1,241
Liverpool—Sept. 26—West Cobalt. 3.763
Manchester—Sent. 26—West Cobalt, 726
To
To
To
To
To
To
Naples—Sept. 26—Clara, 100
Trieste—Sept. 26—Clara, 100
Venice—Sept. 26—Clara, 612
Havaha—Sept. 26—Tivives, 130
Susak—Sept. 26—Clara, 100
Port Barros—Sept. 22—Tela, 50
Gdynia—Sept. 28—Georgia, 200; Tabor, 400
Gothenburg—Sept. 28—Tabor, 739
6.89d.
6.93d.
6.95d.
I
Firm,
6.96d.
7.05d.
7.02d.
Quiet but
Quiet, un¬
Steady,
Steady,
10 to 18 pts 4 to 7 pts. changed to stdy., 1 to 2 to 3 pts. 1 to 3 pts.
advance.
2 pts" dec.
2 pts. adv.
advance.
advance.
decline.
4
Steady,
Steady,
Steady, un¬ Very stdy.,
Steady,
v
12 to 16 pts
P. M.
6 to 8
3=40 4 pts. changed to
advance.
adVance.
3 pts. adv.
Steady,
Steady,
pts. 3 to 7 pts. 4 to 7 pts.
advance.
decline
advance.
Prices of futures at Liverpool for each day
Sept. 26
are
given below:
Oct. 2
117
190
1,062
124
420
Sat.
Wed.
Tues.
Mon.
Thurs.
Fri.
to
55
NEW ORLEANS—To Havre—Sept. 26—San Mateo, 2,792
To Dunkirk—Sept. 26—San Mateo, 650
To
opened
919
1
To Ghent—Sept. 28-tf-Nemaha, 140; Sept. 28—Boschdijk, 432_
To Antwerp—Sept. 28—Nemaha, 300
To Rotterdam—Sept. 28—Boschdijk, 850
To
f
Market,
2,118
To Genoa—Sept. 29—West Cohas, 919
To Trieste—Sept. 29—West Cohas, 55—
To
Futures,
29—Sparreholm,
1,454__-_
To
Mid.Upl'ds
Market
-•
—
To Bremen—Sept.
85
*
5,690
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
October(1936)..
6.59
December
6.54
d.
d.
d.
6.65
6.63
6.60
6.67
-
-
—
d.
d.
d.
6.63
6.63
6.58
,
M
6.70
6.75
6.68
d.
d.
6 77
6.73
d.
6.72
—
—
-
-
6.70
6.67
January (1937)
6.54
6.59
6.58
6.59
6.60
6.64
6.68
6.71
6.73
6.69
1,241
March
6.52
6.58
6.56
6.57
6.59
6.63
6.66
6.69
6.71
6.67
3,763
6.65
May
6.48
6.53
6.52
6.52
6.54
6.58
6.61
6.64
6.66
6.62
6.60
6.47
6.46
6.47
6.49
6.56
6.52
726
July
6.42
572
October
6.12
300
850
December
6.07
_
m
__
—
6.15
—
6.17
—
6.11
6.52
__
—
m
6.13
6.57
6.55
6.23
M
-
6.19
6.59
6.26
6.22
—
—
6.67
6.22
6.18
2,792
650
100
100
BREADSTUFFS
612
130
Friday Night,
100
50
Flour—The
flour
situation
shows
no
600
739
neither from
a
price
or
sales standpoint.
Oct.
2, 1936
material
change,
Members of the
Volume
trade
local
lots
143
again
moved
were
The
all.
report
to fill
lack
a
of
buying interest.
Chronicle
indication
in
immediate needs, but tliat was
policy continues to prevail, with
of
an
immediate
change in this
contract was easily moved by small
200,000 bushels were tendered on this
delivery.
Spot corn prices eased as much as 4c. in their
relationship with futures.
Receipts from the country in¬
creased, and further reports were current of corn being
orders.
Wheat—On the 26th ulto.
action of the market
prices closed Yc. to Yd. up.
during this session was much
restricted
as
on
as
The
selling
Manchuria.
formally inaugurated.
western
connections
side
wheat.
of
The
more
conspicuous
2Yc. a bushel. Weather in the corn belt was wet, and
ripening of the new crop is being delayed. On the 30th
ulto. prices closed very
unsteady % to lfec. down. Many
the
holders of wheat looked forward to
a "squeeze" of
September
shorts, basing their position on the comparatively small
supplies at Chicago. ^However, dealers under obligation to
more
deliver
September contracts succeeded in corralling
the grain to meet the situation, the
consequence being a severe drop of almost 2c. from the high
price of the day in that contract. The early weather advices
had a stimulating effect on corn prices.
However, the factor
corn
on
sufiicient supplies of
the selling
on
bearish
or
rather brisk demand caused spot prices to advance in some
a
was
favorable
It
move
cases
Houses with Eastern and South¬
most
were
light,
was reported
that preparations are under
Argentine corn from the eastern coast into
Chicago.
On the 29th ulto. prices closed 14 to %c. up.
Despite the heaviness of wheat, corn showed a marked degree
of firmness.
Corn arrivals were light, and this
together with
to
way
in
was
was
800,000 bushels of Argentine corn were unloaded in domestic
mostly on the Atlantic side.
The Pacific Coast
reported the arrival of fair quantities of the grain from
Australia, Argentina
reported to be Inore
liquidating rather than operations on the
short side of the market.
Trading in'July, 1937 contracts
and the United States.
the form of
wheat, and although trading
as
same
ports,
only a small busines for export over¬
night.
It was claimed however, that as much as 4,000,000
bushels were worked
Friday, against earlier estimates of only
about 1,000,000 bushels.
Contrary to expectations, Liver¬
pool wheat closed higher, offsetting the sharp drop on the
the sterling exchange
only partially.
Figured in American
currency, the net result was a loss of lYc.
In Chicago no
wheat was tendered on the
September contract.
The trading
basis for spot grain remained
unchanged.
Sales for ship¬
ment were light.
On the 28th ulto. prices closed li%*c. to
2*4c. down., There were & ihSmber of influences combining
to depress grain prices, chief of which was the
confusion in the
the
Lake ports.
On the 28th
The selling of corn was not
upper
^gc. down.
sufficient support to keep prices from
sliding off
extent as wheat.
During the past week about
was
to the
The Dominion reported
were
pronounced
there
relatively stable.
The steady to firm action of the
Winnipeg market was regarded an important factor in main¬
taining calmness in the face of impending currency changes.
international money market.
Added to this
favorable crop producing conditions in
Chicago from
ulto. prices closed
were
\
corn
Around
returned to
account of the
great unsettlement to currency
result of the franc devaluation
plan.
However, prices
a
The current
up.
attitude.
The
2239
Corn—On the 26th ulto. prices closed unchanged to
Odd
hand-to-mouth
little
very
Financial
above referred to
weather
Hemisphere appeared to have
quite a marked effect on Liverpool, where wheat suffered
losses of as much as 3%c.
Damage to the crop in these
Southern countries due to lack of moisture has been
causing
considerable apprehension.
On the 29th ulto. prices closed
unchanged to l%c. lower.
Extreme weakness of July wheat
was
largely responsible for the sharp reaction which wiped
out the earlier general advance
Qf 1 to l%c.
July dropped
almost 2c. a bushel, due to speculative
selling on the favor¬
able weather for the new domestic winter
crop.
Most of
the United States winter wheat belt received additional rains
however,
more
than counteracted the bullish weather
reports.
from the
reports
today, and the new crop going into the ground is favored by
unusually auspicious conditions.
Reports were current that
throughout the Southwestern and Western sections of domes¬
tic winter crop areas indications point to
greatly increased
seeding, some districts expanding seeded acreage as much as
50%.
The foreign news was more or less mixed.
Liverpool
after advancing 2}4c., lost considerable of this gain, and
closed with the range %c. to l^c. up.
Much uncertainty
prevailed as to the effects of European exchange difficulties,
and it was asserted that not only were Great Britain's pur¬
chases of wheat cautious, but that owing to devaluation of
the franc, it will be difficult for France to buy American
wheat.
On the 30th ulto. prices closed unchanged to %e.
down.
The violent reaction in corn had a depressing effect
on all
grains, and while wheat at one time showed a good
rally of a cent a bushel, it appeared to be just a "flash in the
pan," this gain eventually succumbing to the depressing
influence of
corn
Uncovering of stop loss orders accelerated the
decline.
The reported wet weather in the corn belt was
believed to be delaying maturity of the new
crop and causing
damage to corn in shock.
Southern
weakness.
There
was no
On
On
1st
the
inst,
prices closed %c. lower to %c. higher.
of December
a
dur¬
corn
decline of lc. before
prices
rallied.
The initial drop was started by sizable
liquidation, influenced somewhat by an error in the E. H.
Miller
corn
reports as originally released.
This error,
quickly corrected to 1,500,000,000 bushels, a
of 100,000,000 bushels in the first
figure that
crop
was
reduction
appeared.
Today prices closed % to l%c, up. The firmness of this
grain was due to shorts covering and the wholesome influ¬
of
ence
firm
a
wheat market.
Open interest in
corn
was
52,523,000 bushels.
DAILY" CLOSING
PRICES
„
„
No, 2 yellow.
.
DAILY CLOSING
OF
CORN
IN
NEW YORK
Sat. Mon. Tues.
129% 129% 130%
__
PRICES
Wed.
Thurs.
Fri.
129%
126%
127%
OF CORN FUTURES
Sat.
September
Mon.
116%
95%
90%
December.
May
July
94%
89%
86%
Tues.
IN
CHICAGO
Wed.
Thurs.
Fri.
"§5% "§3% "93 % ~94%
90
89%
85%
86%
89%
85%
90%
86%
Season's High and When Made
September
119%
102%
December
Aug.
Aug.
May
99
Aug.
July
86%
Sept.
Season's Low and When Made
19, 1936 September
56%
June
2,1936
19, 1936 December
52%
June
2, 1936
3.193C May
85%
July 29,1936
29, 1936 July
85
Oct.
1, 1936
Oats—On the 26th ulto. prices closed
14 to %c. higher.
The firmness of this grain in the face of
uncertainty and
of
offerings in wheat, but the market seemed almost devoid
Export demand for Canadian wheat was appa¬
rently at a complete standstill for the time being.
inst
considerable liquidation
was
ing the first hour, which resulted in
marked pressure
of support.
the 1st
There
heaviness
in
other
grains,
quite
was
a
surprise, and
attributed largely to a brisk spot demand.
was
On the 28th ulto.
%c. higher to %c. lower.— prices closed % to %g. lower.
Trading in this grain was
light and influenced almost entirely by the weakness of the
July wheat,
prices closed
"
It
was
rather dull and
a
however, showed
May wheat met
closing
levels
from
news
to
featureless session.
considerable
sufficient
weakness.
maintain
firmness.
the winter wheat
December
around
support
and
Wednesday's
Weather
and
crop
generally favorable,
for the heavier pressure on the
area
was
accounting in a measure
July delivery.
It was claimed that approximately 370,000
bushels of United States Pacific Coast wheat was sold to
Italy
on
substantial
rally
interest in
in
wheat
unchanged to 1%c. higher.
during this session was
by the pronounced curtailment
For the first
time
in
two
This compared with 3,062,000 bushels
was
also
95,546,000 bushels.
PRICES
strong.
were
OF WHEAT
CLOSING
PRICES
OF
Mon.
128
oats.
prices closed % to %c. lower. There was
special feature to the trading or news.
Today prices
closed % to %c. advance.
The firmness of this grain was
due largely to the firmness of wheat and
DAILY CLOSING
PRICES
Open
OF
Sat.
No. 2 white
DAILY
OF
NEW
September
Tues.
YORK
Wed.
Thurs.
Fri.
127%
128%
127%
56%
OATS
FUTURES
Mon.
Tues.
IN
Wed.
CHICAGO
Thurs.
Fri.
117%
Hi m us ins Hi
98%
98%
July
July---
100%
98%
98%
Season's High and When Made
Season's Low and When Made
September
September
118%
Sept. 24, 1936
82%
Apr.
2, 1936
December
85
117%
Sept. 24, 1936 December
May 28, 1936
May
116%
Sept. 24, 1936 May
.105%
Sept.
2, 1936
July--.-,
102%
Sept. 28, 1936 July
96%
Oct.
2, 1936
-
CLOSING
PRICES
OF
WHEAT
Sat.
October
December
May
110%
108%
110%
FUTURES
Mon.
107%
105%
107%
Tues.
107%
105%
107
IN
Wed.
106%
105
106%
WINNIPEG
Thurs.
Fri.
107%
105%
107%
109%
107%
109
NEW YORK
Tues.
Wed.
55%
Thurs.
55%
FUTURES
IN
September
Fri.
54%
55%
CHICAGO
Sat. Mon. Tues.
Wed. Thurs.
42%
42% ,42%
41%- 41% "40%
43%
42%
42
41%
41%
38%
37%
37%
Fri.
_
December
May
July---.September
corn.
OATS IN
Mon.
56%
CLOSING PRICES
Season's High and When Made
IN
128
WHEAT
Sat.
DAILY
on
Season's Low and
December
45%
46%
Aug. 19, 1936
Aug. 19, 1936
May
48%
Aug.
July
Sat.
129%
No. 2 red
DAILY
was
30th ulto.
On tlie 1st inst.
at
wheat
Liverpool markets
DAILY CLOSING
Trading
„
but 999,000 bushels.
ago.
the
effect
months wheat arrivals from farms in Canada dropped under
1,000.000 bushels for a 24-hour period, and amounted to
year
markets.
On the 29th ulto. prices closed
quiet and without special feature.
prices closed % to %c. down.
There
appeared to be nothing extraordinary; to trading in this
grain, the depression in the other grains naturally having its
On
corn
110
influenced in large measure
of Canadian rural marketings.
a
and
%c. down.
Wednesday.
Today prices closed firm
The
wheat
38%
Sept. 29, 1936 July
3. J930
"41%
41%
38%
When Made
September
25%
December
May
26%
May 27, 1936
/in%
July
29, I93fi
37%
Oct.
1, 1936
June
2. 1936
DAILY CLOSING PRICES OF OATS
FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
^==:::
Rye—On
r**
«?
Rye—On the 26th ulto. prices closed 14 to IV*e. down.
prices closed Va to 114e. down.
The extreme decline of l^c. was
registered in the September
delivery.
On the 28th ulto. prices closed l%c. lower.
The
pronounced weakness of wheat and
corn were
regarded
a#
the
sole factors
influencing the decline in rye.
On the 29th ulto.
prices closed % to l^c. down.
This decline was attributed
largely to the adverse influence of a declining wheat market.
On the 30th iilto. prices closed
steadiness
unchanged to ^gc. up.
The
displayed in this grain was rather surprising in
Financial
2240
depression in wheat and corn and the talk that
Europe is pressing rye upon the domestic markets.
It is
believed that short covering played its part in the relative
steadiness of this grain.
Oct.
Chronicle
view of the
%c. lower to ;^4c. higher.
Dulness prevailed in this grain the same as in wheat and
corn.
There was very little of interest in the news.
Today
prices closed 1 to l^c. up.
The sharp falling off in Cana¬
On
wheat
dian
have
to
1st inst.
the
influence
bullish
a
in Canada
farms
the
from
all
on
the grains,
appeared
and
in
rye
particular.
DAILY
•
PRICES
CLOSING
OF
Mon.
Sat.
September
84%
82 %
80 M
December
May
FUTURES
RYE
Week
Since
Week
Since
Week
Since
Sept. 26
July 1
Sept. 26
July 1
Sept. 26
July 1
1936
1936
1936
1936
1936
1936
Barrels
Bushels
Bushels
Bushels
Bushels
and Since
July 1 to—
Tues.
81
78%
Wed.
80%
78
July
23,251,000
14,017,000
126,000
8,000
106,493
1,385,420
62,632
868,862
2,658,000
2,631,000
37,911,000
20,095,000
56,775
21,323
So. & Cent. Amer.
10,500
17,500
West Indies
Brit. No. Am. Col.
Other countries...
Total 1935
81^
7934
80
7834
1,578,000
1,068,000
12,000
*395
625,098
189,724
193,500
331,500
11,000
34,598
Kingdom.
Continent
Fri.
Thurs.
8034
78
Barrels
United
Total 1936
CHICAGO
IN
Corn
Wheat
Flour
Exports for Week
prices closed
arrivals
1936
3,
The
visible
"l55O
sbo'ooo
supply of grain,
1,000
45,000
comprising the stocks in
at principal points of accumulation at lake
seaboard ports Saturday, Sept. 26, were as follows:
granary
and
*
8654
8534
84
May
July
DAILY
PRICES
CLOSING
OF RYE
6954
6954
December
May
4, 1936
June
3, 1936
Aug. 11, 1936
Tues.
67
6754
Fri.
Thurs.
6654
6654
6854
6854
67
6654
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
September..
Thurs.
Wed.
Fri
80
79
79
7954
78
7954
May
July
,1.
* •
BARLE^ FUTURES IN WINNIPEG
October
6154
5954
6554
6154
December
Tues.
Mon.
Sat.
Wed.
6054
5854
Thurs.
6034
5854
Fri.
6254
59
63 54
6154
Closing quotations were as follows:
Galveston
Fort Worth
Wichita
St. Joseph
Kansas City
No. 2 yellow, all
44,000
77,000
26,000
43,000
96,000
1,000
1,000
3,000
1,000
3i9~566
243:555
"¥555
12",55o
5554
7654
6.55@6.85
Coarse
5.35@5.55
Fancy pearl ,Nos.2,4&7 17.60@
5.00
7.90
67,000
283,000
Peoria
19,000
10,631,000
Chicago
Lakes...
140,000
652,000
6,408,000
*4,820,000
190,000
7,044,000
56,000
Buffalo..
44
afloat
.
On Canal
Total Sept. 26 1936...
Total Sept. 28 1935...
*
Duluth includes
Note—Bonded
18T.555
1,956,000
350,000
4,495,000
V 54,000
479,000
118,000
1,331,000
477,000
1,117,000
5,000
10,000
842,000 10,241,000
95,000
4l"555
317,000
656,000
4,517,000
Total Sept. 19 1936...
5.10@ 5.35
Spring oats, high protein_7.50@7.80 Rye flour patents
Spring patents
7.05@7.25 Seiminola,bbl.,Nos. 1-3 10.05@ 10.10
3.20
Clears, first spring
6.05@6.35 Oats, good
Soft winter straights
3.25
5.00@6 6> Cornflour
Barley goods—
Hajrd winter straights
6.40 @6.70
26,000
2,072,000
FLOUR
Hard winter patents
Hard winter clears
City
Minneapolis
Rye, No. 2,f.o.b. bondN. Y.__
Barley, New York—
4734 lbs. malting.
10054
Chicago, cash
112-147
12754
rail
5"I"I",555
St. Louis
Detroit
No. 2 white
Corn, New York—
14,000
Indianapolis
Duluth
Oats, New York—
"¥,555
159",555
1,580,000
2,000
725,000
3,822,000
1,536,000
5,241,000
1,855,000
17,667,000
5,471,000
Milwaukee
GRAIN
6T,555
62,000
1,006,555
50,000
New Orleans....
On
Wheat, New York—
No. 2 red. c.i.f., domestic—12854
Manitoba No. 1, f.o.b. N. Y.11554
Barley
Bushels
95,000
—III"
Baltimore
Sioux
OF
Rye
Bushels
afloat
Philadelphia
Omaha
DAILY CLOSING PRICES
Oats
Btishels
136,000
Boston
Hutchinson
91
December
Tues.
Mon.
Sat.
Corn
Bushels
New York
Wed.
6734
6734
STOCKS
Wheat
Bushels
United States—
FUTURES IN WINNIPEG
Mon.
Sat.
October
GRAIN
When Made
Season's Low and
When Made
4954
Sept..25, 1936 September
55 34
Auk. 19, 1936 December
75%
Aug.
4, 1936 May.
July
Season's High and
September
December
19,000 2°,191,000
6,899,000
4,000
7,000
309,000
1,689,000
76,000
6i",555
20,000
94,000
3,511,000 49,567,000
3,236,000 49,917,000
3,215,000 40,604,000
76,205,000
77,067,000
73,255,000
7,000
21,000
109,000
57,000
55,000
149,000
19,000
27,000
35,000
139,000
2,101,000
29,000
1,846,000
56,000
3,091,000
5,877,000
1,924,000
125,000
i,9"OT,555
1,145,000
17,000
305,000
1,132,000
128,000
6,344,000 14,581,000
6,523,000 13,861,000
8,270,000 12,003,000
166,000 bushels feed wheat.
grain
not
included
*
above: Barley—Buffalo,
75,000;
Buffalo
144,000; Duluth, 86,000; total, 1,055,000 bushels, against 125,000 bushels
Wheat—New York, 1,307,000 bushels; Buffalo, 7,269,000; Buffalo afloat,
afloat,
in 1935.
411,000; Duluth, 6,163,000; Erie, 1,605,000; Albany, 2,357,000; Chicago, 95,000;
Lakes, 125,000; Canal, 1,473,000; total, 20,805,000 bushels, against 18,387,000
on
bushels in 1935.
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
|
Oats
Corn
Rye
Barley
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bush.48lbs.
257,000
Milwaukee...
11,000
Toledo
312,000
152,000
630,000
151,000
12,000
8,000
110,000
24.Q00
4,000
2,000
690,000
30,000
9,000!
28,000
233,000
16,000
535,000
Duluth
158,000
1,000
105,000
39,000
66,000
Minneapolis..
1,029,000,
526,000
216,000
17,000
76,000
230,000
Chicago
215,000
Detroit
Indianapolis..
138,000
Louis
St.
Peoria
36,000
Kansas City..
19,000
St.
Joseph...
Wichita
297,000
24,000
245,000
5,000
Sioux City...
Buffalo
20~666
2,377,000
.....
71,000
36,000
148,000
138,000
40,000
56,000
84,000
45,000
2,000
107,000
310,000
280,000
371,000
52,000
Omaha
Oats
Rye
Barley
Bushels
Bushels
Bushels
426,000
114,000
477,000
6,064,000
2,749,000
1,390,000
27,897,000
2,387,000
267,000
697,000
70,250,000
Total Sept; 19 1936... 66,097,000
Total Sept. 28 1935—130,728,000
Wheat
Flour
Corn
Bushels
5,937,000
Ft. William & Pt. Arthur 36,416,000
5,562,000
1,771,000
6,238,000
4,894,000
1,706,000
3,111,000
6,277,000
Other Canadian & other
water
points
Total Sept. 26 1936...
of the last three years:
Receipts at—
Wheat
Bushels
Canadian—
Montreal-
419,000
20,000
1,138,000
4,000
40,000
~5~7~666
108,000
76,205,000
Canadian
.
Total wk.1936
434,000!
5,020,000
1936...146,455,000
Total Sept. 19 1936...143,164,000
Total Sept. 28 1935...203,983,000
2,220,000
3,436,000
5,562,000
6,344,000 14,581,000
1,771,000
6,238,000
3,511,000 55,129,000
8,115,000 20,819,000
3,236,000 54,811,000
8,229,000 20,138,000
3,215,000 45,097,000 11,381,000 14,918,000
and
corn, as
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Sept. 25, and since July 1, 1936, and July 1, 1935, are
shown in the following:
19,000
309,000
3,013,000'
446,000, 14,394,000
3,511,000 49,567,000
70,250,000
Total Sept. 26
6,000
5,000
L43LQ0Q
4,539,000
1,510,000
Corn
Wheat
50,000
632,000
Exports
Same wk.1935
2,915,000
SummaryAmerican
The world's shipment of wheat
20,000
21,000
44,000
4,493,000
Week
Since
1
Since
Since
Since
7,107,000
428,000
Since Aug. 1—
1 3,750,000' 74,849,000 32,446,000'
1935
1 3,351,000141,330,000
1934
3,321,000
73,703,000'
15,140,000
72,385,000
29,387,000
56,412,000
16,063,000
4,863,000 30,977,000
5,804,000 21,568,000
3,410,00019,908,000
Sea..
Black
Argentina...
Australia
...
India.......
Total
receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 26, 1936, follow:
Corn
Wheat
Flour
Receipts at-
Oats
bbls.196lbh. bush. 60 lbs. bush.56 lbs
.
Rye
Barley
bush. 32 lbs.hush.56lbs. bush.48lbs.
125,000
26,000
119,000
13,000
91,000
85,000
2,000
9,000
217,000'
80,000
172,000'
6,000
6,000
21,000
138" 555
"V.555
Montreal
13,000
22,000
61,000
Boston
22,000
York
New
Philadelphia.
.
Baltimore
New Orleans *
43,000
1,492~666
Sorel.
603" 5oo'
Churchill
16",555
131,000
2,000
324,000
Total wk.1936
2,631,000
269,000
523,000'
140,000'
Since Jan. 1*36 11,008,000
92,104,000' 5,141,000'
251,000
5,295,000
3,720,000
Week 1935.
2,654,000,
146,000!
468,000
39,746,000 12,663,000 11,413,000
4,193,000
.
Since Jan. 1'35
*
on
311,000
9,226,000
68,000
26,000
3,537,000
88,000
2,596,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
from the several seaboard ports for the week
1936, are shown in the annexed
ended Saturday, Sept. 26,
statement:
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
239,000
1,492,000
603,000
324,000
York
Montreal
Sorel
Churchill
Total week
The
Wheat
Bushels
Same week
1936
1936
1935
Bushels
Bushels
Bushels
Bushels
Bushels
Oth. countr's
Total
July
3,420,000 57,746,000
1,800,000: 15,800,000
794,000 12,517,000
2,178,000 15,827,000
1,576,000
752,000,
8,144,000
512,000
lepL25
32,562,000
July
1,000
8,546,000
102,000
31,040,000 12,302,000
20,042,000
24,000
5,809,000'
86,084,000
1,000
2,544,000
80,854,000
475,000
4,492,000
9,197,000
...J 9,456,COO 111,610,COO 100,566,000 12,879,000
96,386,000
92,596,000
8,352,000,
Weather Report for the Week Ended Sept. 30—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Sept. 30, follows:
The week was characterized by "wide variations in temperature, both
areally and from day to day in the same section.
In the northern Great
Plains abnormally warm weather prevailed at the beginning of the period,
but there was a reaction to decidedly subnormal temperatures, with freez¬
ing weather, the latter part.
Temperatures persisted low in the South¬
west and high in the Southeast.
Freezing weather overspread the interior
of the northeastern area, parts of the western upper Lake region, and
the extreme northern Great Plains, extending locally as far south as east¬
ern South Dakota.
In the western mountain sections a large area expert
enced subfreezing temperatures.
The lowest reported for the week was
22 degrees at Yellowstone Park, Wyo., on the 26th.
<
In an average year, by Oct. 1 killing frost and freezing weather occur
in most of New England and New York, portions of Pennsylvania and
the middle Appalachian Mountain sections; also in much of Michigan,
most of Wisconsin, practically all of Minnesota, the Dakotas, Montana,
the western half of Nebraska and the higher elevations of the West.
Com¬
pared with an average year, frost is somewhat later this season in most
central-northern sections of the country.
The temperature for the past week averaged considerably above normal
Exports from—
New
1935
Sept. 25
North Amer.
1936
JulyJL.
1936
Bushels
Same wk.1934
1
1936
408,000 3,379,000
809,000 3,849,000
933,000, 2,210,000
July 1
Week
1936,.
1935
45,493
61,000
13l",600
16",000
2,658,000
106,493
62,632
131,000
16,000
83,000
2,631,000
174,000
destination of these exports for the week and since
July 1, 1936, is
as
below:
large southeastern area and markedly subnormal in the Southwest.
Kansas and eastern Colorado southward most stations reported
departures from normal, ranging from 3 degrees to as much as 11
degrees.
In the Central-Northern States the weekly averages were near
normal and they were mostly above normal in the far West.
Heavy rains occurred during the week in a wide belt extending from Texas
and eastern portions of New Mexico and Colorado northeastward over the
interior valleys to the Lake region, including northern and western New
York.
In this area the weekly totals of rainfall ranged generally from more
than 1 inch up to 6 or 8 inches, the heaviest falls occurring in the western
Ohio, the middle Mississippi and lower Missouri valleys, and the southern
Great Plains.
In a large southeastern area there were only light to mod¬
erate rains, while the Middle and North Atlantic States had very little.
The falls were light and scattered, also, in Central-Northern States, and
over
a
From
minus
Volume
Financial
143
Chronicle
2241
'
here was practically no rain west of the Rocky Mountains.
occurred in some Rocky Mountain sections.
P
Heavy snows
Additional heavy rains during the week in most interior valley areas,
central and southern Plains and many Rocky Mountain districts
the
have supplied
the soil with sufficient moisture for present needs in most
that experienced severe summer drought.
The States and parts of
areas
States now having moist to well-saturated soil include the eastern
portions
of the central and southern Rocky Mountain States,
Texas,
western and northern
Oklahoma,
Arkansas, Missouri, Kansas, southerstern Nebraska,
Iowa, the Lake regions and the Ohio Valley, except locally in the eastern
The moisture was especially timely in conditioning
portion of the latter.
the soil for seeding winter grains and providing fall
pastures in grain fields
and from late planted forage crops; also in
relieving the water situation
in many places where there has been an acute shortage for a
long time.
In
the
Northwest there were a few
scattered, helpful showers, princi¬
pally in Montana, but a considerable area there, including much of Mon¬
tana, the Dakotas, parts of Nebraska and Minnesota, still needs moisture.
Also scanty September rains have produced unfavorable
dryness in many
of the more eastern States, extending in the South as far west as
Mississippi
and northern Louisiana.
West of the Rocky Mountains an entire absence
of rainfall, and brisk winds, have resulted in unfavorable
dryness in a good
man
sections, especially in the north.
Rain is rather badly needed in the
interior of the north Pacific area.
Farm work was hampered
considerably in the States with heavy rain¬
progress in the more eastern sections, the States west
of the Continental Divide and in central-northern
districts.
In the North,
there was more or less frost during the
fall, but made good
Week, extending locally to some
sections and the middle Appalachian Mountain
general in the elevated sections of the West
Plains, resulting in more or less local damage, but
widespread, extensive harm has been reported.
northern
Ohio
districts.
and in
no
Valley
Frost
was
more
the northern
Corn—Corn continued to make good progress toward
maturity and is
largely safe from frost damage.
Cutting is well along and some
husking has been accomplished.
In Iowa about four-fifths of the crop is
now
safe and
much seed
has been saved in that State.
The selecting of
is progressing also in the western Ohio
Valley.
In the more north¬
districts, especially in the Lake region, some damage by frost was
reported to very late corn in lowlands, but this was not widespread.
corn
seed
ern
Cotton—In
the
cotton
belt
temperatures
of
the
week
ranged
from
decidedly below normal in the northwest to above normal in the southesat.
Rainfall was heavy in the western belt and some north-central
districts,
but was generally light in other portions.
Picking and ginning made
good progress from the Mississippi Valley eastward but was much
delayed
by frequent and heavy rains in the western portion of the belt.
In Texas harvest is about
completed in the south and well advanced
elsewhere, but during the past week was much delayed by rain which
damaged open cotton considerably over large sections of the central and
northern areas.
In Oklahoma picking made poor progress, but it is mostly
completed in many localities; there was also considerable damage to staple
by heavy rain.
East of Oklahoma and Texas, except for local delay in
parts of Tennessee, and western and northwestern Arkansas, picking made
generally satisfactory progress; cotton opened rapidly under the influence
of mostly fair weather and fhoderately high
temperatures.
Small Grains—Recent weather has been
outstandingly favorable in the
Winter
wheat
belt.
There
has
been sufficient rain
to
properly condition
seeding, germination and early growth of wheat rather generally
the belt, except in some northwrestern and southeastern districts.
Seeding is making good progress generally and the early seeded grain is
coming to a good stand.
In Kansas seeding is one-half done in the north¬
the soil for
over
ern half of the State, and one-fourth to one-half finished
elsewhere.
Germi¬
nation is good and the outlook is promising for much fall
pastime on wheat
In Nebraska sowing has made rapid progress also and
fields.
germination
is satisfactory.
In the Mississippi and Ohio valleys conditions are generally
favorable, with the soil mostly in good condition.
In the more eastern States rain is needed and it is too dry in the north¬
ern and northwestern Plains.
Because of the dryness rye acreage is being
reduced in northern Plains sections.
Also, the topsoil is dry in most of
the Pacific
some
drier
northwest
wheat
area;
little
or
no
seeding
has
been
done in
sections, but, this work is well along in the moister districts.
badly needed in this section as well as in the eastern Great
Tennessee—Nashville:
t
Virginia—Richmond:
Temperatures
considerably
above
normal;
light
Excellent for farm work; too dry for crops and rain urgently needed.
Cotton picking continues.
Peanuts good quality; digging active.
Cutting
tobacco practically finished; curing well along.
Late corn in east damaged
rains.
somewhat
by recent storm; cutting about finished.
Sweet potatoes fair;
begun.
Meadows and pastures short;
cuttings poor.
Apple
harvest nearing completion.
North Carolina—Raleigh:
Generally favorable for
crops
and farm work.
Rain at close of week benefited late crops and was needed for fall
plowing
preparing land for winter grain.
Progress of cotton good; opening
rapidly; picking made good progress.
Much hay and other forage saved.
Tobacco farmers busy stripping, grading and marketing crop, with satis¬
factory sales.
South Carolina—Columbia: Good rains; warm, except middle of week.
Favorable for harvesting generally.
Picking early cotton good advance
and well along in north.
Harvesting fodder; hay good.
Preparing soil
on coast for spting cabbage, potatoes, and spinach.
Rain needed in many
places for crops, pastures and plowing.
Georgia—Atlanta: Warm; cool middle of week, with light rains.
Cotton
picking and ginning progressed well; completed in most of south and threefourths finished far into central; opening progressing in north.
Corn
matured; still some scattered harvesting.
Peanuts good; harvesting con¬
tinues, some threshing in south.
Pecans heavy; best in years.
Cane
fair to good: growing well.
Pastures and all crops in need of rain.
Florida—Jacksonville: Warm, with light rains.
Condition and progress
of cotton fair; picking nearly over, except Sea Island active; ginning con¬
tinues.
Potatoes fair; sweets good; being harvested.
Truck being planted;
haymaking active.
Citrus mostly good; some splitting
and
dropping
reported; small shipments continue.
Strawberry plants being set out.
Alabama—Montgomery; Warm, mostly light rains, except locally heavy
in middle and north.
Cotton picking and ginning continue, with some local
interference by rain first of week.
General harvesting operations continue.
Vegetables and pastures need rain in south and locally elsewhere.
and
Mississippi—Vicksburg: Warm; mostly light rains, although heavy
locally in northeast and extreme north.
Cotton picking and ginning
made generally good progress, with seasonal advancement mostly excellent.
Housing corn continues.
Considerable forage harvested in good condition.
Progress ef gardens, pastures and truck generally poor.
Warm; moderate to heavy rains in south;
mostly light in central and north.
Progress and
to good; picking and ginning excellent advance.
Good progress in fall plowing and planting, and harvesting rice, corn,
and sweet potatoes.
Cane good to excellent.
Rain needed in north and
Louisiana—New
widely
scattered
condition
corn
THE DRY GOODS TRADE
New York, Friday Night, Oct. 2, 1936
during the past week scored considerable gains
in many parts of the country, particularly in the South and
the Middle West, although in other sections continued incle¬
ment weather conditions again slowed up business.
Whil#
cooler tmperatures in the metropolitan area helped sales to
some extent, their total, nevertheless, fell short of
expecta¬
tions and continued to lag behind other sections.
With the
advent of lower temperatures, however, a quick revival in
the buying of fall merchandise is confidently expected.
For
the country as a whole, September sales are anticipated
to show an increase in dollar volume of approximately 10%.
Trading in the wholesale dry goods markets continued to
improve.
Numerous price advances and
growing de¬
livery difficulties caused retailers to place a large amount
of reorders on fall merchandise as well as an increasing
volume of initial orders for the holiday period.
Household
goods were in particularly good demand.
Wholesalers, on
their part, continued their covering purchases, as manu¬
facturers asked for extended delivery periods on an increasing
number of goods.
Sheets and pillowcases, part-wool and
all-wool blankets as well as cotton goods were in heavy call.
Retail trade
Prices
continued
firm,
and
advances
were
announced
on
percales, tickings and overalls.
Business in silk goods
improved considerable as many buyers started covering
against their requirements for the winter resort trade as
well as for next spring.
Prices showed an advancing trend.
Trading in rayon yarns continued to be marked by record
shipments, with the September volume believed to have
practically equalled the record shipments, notwithstanding
the extremely low level of reserve stocks.
Books were
opened for December, and it was predicted that producers
will be able to dispose of their entire output for that month
within a very short time, as the demand continued unabated.
Domestic Cotton Goods—The gray cloths markets
expe¬
some of the most active trading in years, with sales
rienced
The Weather Bureau furnished the following resume of
conditions in the different States:
digging
maturing
rapidly; condition rather
poor to fair; some very late helped by rain.
Cotton mostly open; picking
good advance, except interrupted by rain locally; ginning progressing.
Tobacco mostly housed.
Favorable for filling silos, digging potatoes,
cutting hay, and amaking sorghum.
Considerable ground prparation and
fall seeding, but too dry in large areas.
Pastured improved locally, but
mostly short or gone.
Kentucky—Louisville: Good rains in central and west helpful to pas¬
tures, tomatoes, and late potatoes which improved; also aided fall seed¬
ing and insured germination.
Corn all cut, except some late in western
bottoms which was helped by rain.
Burley tobacco all housed in good
condition; dark about three-fourths cut.
More rain needed in east for
plowing and seeding.
Late soy beans good;
harvesting commenced;
cloudiness and cool weather unfavorable for curing.
Late potatoes back¬
ward, but marked improvement probable if frost deferred.
Late gardens
improving.
1
A good rain is
Basin.
Late
Orleans:
and
of cotton
fair
north-central.
Texas—Houston: Weak warm until close, when cool; rains well dis¬
tributed, but excessive in extensive areas.
Cotton picking and ginning
about completed in south and well advanced in north, but work much
delayed by rain which damaged open cotton considerably in extensive
areas in central and north.
Early winter wheat benefited by rain which
was generally heavy enough to condition soil and facilitate preparation of
fields for seeding, which in many sections much delayed by drought.
Excessive rains in Rio Grande Valley caused delay in ripening of citrus;
work in winter-garden
truck areas at standstill.
Pastures and ranges
continue to improve.
Livestock generally doing well.
Oklahoma—Oklahoma City: Heavy to excessive rains over entire State
definitely broke drought; total more than 10 inches at a few stations.
Rain on five days hindered field work.
Progress of early planted winter
wheat good and affording some grazing: considerable remains to be planted.
Cotton picking slow advance, but this work nearly completed in many
localities; considerable staple damaged by rain.
Stock water now plentiful;
many streams full.
Livestock fair to good.
Pastures, gardens, and other
vegetation making rapid growth; sunshine needed.
Arkansas—Little Rock: Cotton picking made excellent progress, except
In west and some north portions where slow account rain; nearly all open;
staple damaged in some west and north portions; picking nearly com¬
pleted in many south, west and some northern locatities; well along else¬
where.
Weather unfavorable for gathering corn and feed crops in west and
north, but favorable elsewhere.
Very favorable for planting fall garden
truck, feed, cover and pasture crops.
during the first three days of the week exceeding a full
production.
While the rush of buying coincided
with the announcement of the contemplated currency devalution in the gold bloo countries, it was generally presumed
that a combination of other causes, such as the
steady
advance of raw cotton prices, the excellent absorption of
finished goods and the acute shortage and resulting
tight
delivery situation in many lines, helped to start the ball
rolling.
The mill backlog on print cloths is now better than
three months', output and, according to some observers, is the
strongest in over ten years.
During the scramble for goods,
price advances were paid by buyers without hesitation, and
month's
contracts extended to
nearby deliveries
the
end of the
as
were
week
far
as
June, while immediate and
practically unobtainable.
the market
Towards
quieted down somewhat
Business in fine goods
but prices continued very firm.
expanded further, as the delivery situation continued to
tighten.
Prices held very firm, with many mills remaining
out of the market entirely.
Combed broadcloths, dimities
and voiles as well as organdies and pongees moved in
good
volume.
Closing prices for print cloths were as follows:
39-inch 80s, 8% to 8Kc.; 39-inch 72-76s, 8c.; 39-inch
68-72s,
to 73^c.; 3824-inch
64-60s, 6^ to 62^c.; 382^-inch 60-48s,
5V8 to 5^c.
Woolen
Goods—Trading in men's wear fabrics continued
desultory fashion.
Although a few duplicate orders
topcoatings and overcoatings were placed, mills in general
failed to receive any sizeable amount of
spring orders, as
clothing manufacturers delayed the bulk of their purchases
in its
on
in the belief that theb present stocks
sidering the slow
movement of
Business in women's
showing.
on
a
Mills
were sufficient, con¬
goods in distributive channels.
continued to make a fairly good
busy clearing the last of their orders
wear
were
fall goods and
week
or
so.
are expected to open their
spring lines in
Dress goods and sport materials continued
to move in fair
volume, as garment manufacturers reported
good demand on the part of their retail accounts, due to
improved consumer buying.
Foreign Dry Goods—Trading in linens remained fairly
active, with the good demand for materials used in the
winter
resort
trade continuing unabated.
Reports from
foreign primary centers showed little change concerning the
relatively tight situation in the supply of the raw material.
Business in burlaps continued dull.
Although a few spot
and afloat goods
were sold and interest in 1937
shipments
broadened somewhat, the total volume of sales was
limited.
Prices ruled easier, as the
drop in sterling failed to be reflected
in a
corresponding rise of the Calcutta price level.
Domesti¬
cally lightweights
were
quoted at 3.90c., heavies
at 5.25c.
Financial
2242
Oct.
Chronicle
The tax becomes effective Oct. 1, with a
on
Specialists in
Bonds
Illinois & Missouri
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
Pennsylvania—Savings Banks Banned from Investing in
University Bonds—Philip Lutz, Jr., Attorney General, has
given an opinion that banks and trust companies cannot
legally invest their funds in the purchase of Indiana Uni¬
versity bonds, according to Indianapolis news reports on
Sept. 24.
The opinion is said to have been given to E. H.
De Hority, bank supervisor in the department of financial
institutions.
"I believe," said Mr. Lutz, "from a considera¬
tion of the State Banking Act and its amendments that these
bonds are not legal investments for trusts as provided in the
iReport
on
the text of
Loans Authorized to
Districts—The following is
statement released on Sept.
a
25 by the above
named Federal agency:
A
loan
of $113,500
for refinancing one
has been authorized by the RFC.
irrigation district in California
This makes a total to date of
063,842.18 authorized under the provisions
Farm Mortgage Act of 1933, as amended.
$123,-
of Section 36, Emergency
Calif
$113, 50
Loans for $257,000 have been authorized for refinancing one school
district in Texas and two school districts in Arkansas under the provisions
of Public—No. 325—75th Congress (S. 3123).
This makes a total to date
$1,479,800 authorized under this Act.
of
United
The districts are:
District, Desha County, Ark
Newport Special School District, Jackson County, Ark
Texline Independent School District, Dallam County, Tex
Loan authorized to the following district has been rescinded:
Victory Irrigation District, Yellowstone County, Montana!'
McArthur Special School
$12,000
173,000
72,000
$26,000
States,
taxing unit
may
During Past Year Show Decided In¬
recently completed by the Texas Bond
Reporter, Dallas, shows that during the twelve-month period
ending Aug. 31, 1936, Texas subdivisions issued a total of
$77,535,606.21 in bonds, an increase of more than eighteen
million dollars over the total of $59,030,673.86 for the
Texas—Bond Issues
crease—A
previous
The district is:
Tranquility Irrigation District, Fresno County,
question provides that only the bonds of
any city, county, township or other
be bought with such trust funds.
The law in
law."
FINANCE CORPORATION
2% state levy plus an added 2%
the City of New Orleans.
the
RECONSTRUCTION
survey
year.
approximately $45,970,000 represented
already outstanding.
In comparison with
found that the proportion of
refunding issues remained practically the same.
The decrease in
Of the 1935-36 amount, however,
the
issued in
issues
new
of obligations
refunding
and
the 1934-35 period, it was
counties
interest rates during the past year allowed a number of cities and
to refinance debts at a lower cost to the taxpayer, but similarly, PWA
follow:
Arkansas—Refunding of State 'Highway and
Toll
Bridge
Contemplated—Investors will be interested in the fol¬
lowing letter received recently by I. A. Long, Vice President
of the Mercantile-Commerce Bank & Trust Co., St. Louis,
from Carl E. Bailey, Governor-elect of Arkansas, as to his
attitude regarding the Arkansas Refunding Act of 1934.
Bonds
of the State, will
take office
Dear
Sir:
This is in reply to your
1935-36
1934-35
Counties & Road Districts—
$ 4,326,500.00 $
New bonds
Bailey, the present Attorney-General
as Governor on Jan. 1, 1937.
and
private investment funds at the prevailing low rates of interest have added
impetus to the making of delayed public improvements.
New bonds issued by taxing-units during the period just completed
totaled $31,566,455.33, showing an increase of almost a third over the total
of $24,500,910.00 for the previous period.
No great variance is found in
the proportion increases among the different types of municipalities,
although county and road districts showed slightly larger gains in new com¬
mitments than did the other subdivisions.
Comparative totals for the two
years
News Items
Mr.
1936
3,
inquiry about my attitude toward further refunding
processes.
I consider the Arkansas
Refunding Act of 1934 a solemn contract between
creditors.
In fact, the District Court of the
of the Eastern District of Arkansas
has already held that it is just that and is unimpairable.
It is my view
that this contract must not be impaired so as to deprive the holders of
Arkansas Highway and Toll Bridge bonds of the rights guaranteed to them
by it.
Arkansas" refunding bonds, in my opinion, are entitled to a higher credit
rating than they are now accorded.
It seems to m,e certain that the investing
public wiU accord them a better position when it is finally convinced that
Arkansas officials have a genuine respect for the sanctity of this contract
between the State and the State's creditors.
Other cities, states and corporations are now taking advantage of the
present low interest rates in order to reduce the interest charges on their
outstanding obligations by selling lower coupon bonds to refund callable
bonds, thus effecting a tremendous total saving over the life of the bonds.
If there has not been a sufficient restoration of confidence in the credit of
the State of Arkansas at this time to enable the State to sell bonds at a
lower coupon rate for the purpose of calling outstanding highway bonds I
believe that it will be only a matter of time until such restoration will be
the State of Arkansas and its
United States for the Western Division
effected.
Very truly yours,
(Signed) Carl E. Bailey,
Attorney-General
7,912,303.33
15,657,256.38
18,522,516.71
9,028,150.00
11,743,815.00
11,791,679.48
16,182,086.17
6,761,760.00
7,421,975.00
6,671,828.09
7,202,048.00
4,384,500.00
4,488,362.00
409,000.00
Refunding bonds
4,062,500.00
Oitios
New bonds,
-
Refunding bonds
School
Districts—
New bonds
Refunding bonds
Improvement DistrictsNew bonds
Refunding bonds
United
States—Report
Effect
on
of Depression
Upon
Municipal Securities—A discussion of trends in municipal
financing during the past year is contained in a report made
by Arthur C. Meyers, Budget Director of St. Louis, to the
Municipal Finance Officers' Association of the United States
and Canada.
Meyers made the report as Chairman of the
Committee on Municipal Debt Administration.
Dwelling upon municipal bonds, he said: "The purpose of new issues
little from previous years.
The volume of funding bonds
varied
has
was
fortunately at a low level.
Even more important, the volume of long-term
bonds for relief purposes was substantially lower during the calendar year
1935, as compared with 1934
of total State and municipal
Poor relief issues constituted 12%
compared with 23%
and 1933.
bond issues in 1935, as
in 1934 and 37% in 1933.
Drop in United States Loans
"The
total
of
Federal
loans
to
begun to decline.
connection with Works Progress
municipalities has
past 12 months cities, in
Administration projects, have found it
During
the
usually more practicable to place
new issues in the open market than to borrow from the Public Works Ad¬
ministration at a 4% rate.
The Reconstruction Finance Corporation is
also gradually retiring from the field.
Substantial blocks of bonds originally
bought by the Public Works Administration have been resold to private
investors at a
profit.
has also witnessed
"The past year
substantial progress in debt readjust¬
Most of the larger cities in debt difficulties during the depression
have now completed their refunding operations and the clouds over municipal
credit are raoidly clearing away.
Now that the more spectacular aspects of
municipal debt problems have passed, the widespread publicity about
municipal defaults has practically disappeared.
Many aggravated cases
ments.
Kentucky—Court Test Scheduled on Warrant Interest Plan
—We quote in part as follows from a Frankfort dispatch of
Sept. 24, regarding the plan of the State Treasurer to en¬
deavor to lower the interest rate on State warrants from 5%
to
3% yearly:
All steps were
completed today for State Treasurer John E. Buckingham's
whether he can stamp interest-bearing State warrants
test suit to determine
3% interest instead of 5%.
•
J. J. Johnson, assistant auditor, drew a warrant for $500 payable to
Buchanan Lyons Co., Inc., Campbellsville, for supplies furnished the
at
department of welfare.
Mr. Buckingham took the warrant to Louisville,
where the Campbellsville firm sold it to the Bankers Bond Co.
Richard
Priest Dietzman, representing the bond concern, will file a mandamus
action in the Franklin Circuit Court to force Mr. Buckingham to stamp
the warrant at 5% interest.
As soon as Judge W. B. Ardery acts on the question the case will be taken
to the Court of Appeals.
Mr. Buckingham hopes for a final ruling in
October.
If his plan is upheld, the interest charges on State warrants,
which stood at $1,250,000 annually nine months ago, will drop to $480,000.
Not all of the drop will result from the 3% interest plan.
The treasurer
already has paid off $9,000,000 of warrants that were outstanding when he
assumed office.
The interest charge on this $9,000,000 has been wiped
out
of default,
predominantly in smaller
Library of Municipal Government to be Compiled—Mayor
York, announced on Sept. 29 that
the United States Conference of Mayors, of which he is
F. H. La Guardia of New
president, would sponsor a WPA project for collecting all
possible data for the preparation of a complete library of
municipal government, which would show in every detail
how the many cities of the country are operated and man¬
aged. The results of the survey, the Mayor said, would be
kept permanently on file in Washington.
OFFERINGS
test suit Mr. Buckingham had a new warrant form prepared.
in use on its face, but has interest
attached, which is something new in Kentucky warrant forms.
WANTED
Arkansas—Illinois—Missouri—Oklahoma
entirely.
For
municipalities, however, remain for
solution."
MUNICIPAL BONDS
the
It follows the form of the warrants now
coupons
Louisiana-—Special Session on Revision of Luxury Tax Not
Contemplated—A New Orleans press dispatch of recent date
had the following to say in regard to the permanence of the
much discussed "luxury" tax, which went into effect on
Oct
Francis, Bro. & Co.
ESTABLISHED
1877
Investment Securities
TULSA
ST. LOUIS
1:
Following the holding of numerous protest meetings by retailers here and
other communities of Louisiana, Gov. Rich&rd W. Leche announced that
he was not contemplating a special session of the legislature to alter the
Bond
Proposals and Negotiations
luxury tax, but has decided to give the law a trial for at least four months.
The Governor said that he felt nothing could be accomplished by calling
special session at this time and that the state would be without experience
to amend a law which has not been given a fair trial.
"I want to say that we will be lenient as possible administering the act
and we want to see it in full operation so that if it does become necessary
to caU a special session to make some changes, we will know exactly what to
a
do."
ALABAMA
ALABAMA, State of—BRIDGES MADE TOLL FREE—'The toll bridges
of the State were made toll free on Sept. 18 when Governor. Bibb Graves
signed bond certificates to refund $3,800,000 of outstanding bridge bonds
and authorized the State Highway Commission to lease the bridges at
$300,000 annually.
The refunding plan is
understood to carry an interest
'
Volume
143
Financial
Chronicle
2243
rate reduction from 6 to
4%.
The actual ceremony of freeing the bridges
scheduled to be held on Sept. 29.
was
DOTHAN. Ala.—BONDS NOT SOLD—'The $52,000 refunding street and
on Sept. 29—V. 143, p. 1910—were not
sold, all bids
The bids, all for 5% bonds, were as follows, Milhouse,
Gaines & Mayes. Birmingham, 96.07; Ward, Sterne & Co.,
Birmingham,
95.5; and Steiner Bros., Birmingham, 95.5.
The bonds are now being
offered privately at par.
sidewalk bonds offered
being rejected.
FORT PAYNE, Ala.—BONDS VOTED—At theelection held on
Sept. 21
—V. 143, p. 1593—the voters approved the issuance of the $25,000 in
5%
bonds by a count of 778 to 10, according to report.
Due in 30 years,
redeemable in 5 years.
sewer
RUSSELL
COUNTY
(P.
O. Phenix City)
Ala.—BONDS VOTED—
At
an election held on Sept. 24 the voters are
reported to have approved
the issuance of $50,000 in court house completion bonds.
SHEFFIELD,
Ala —REPORT
ON
DEBT
REFUNDING
PLANS—
Following the example of the above city, which is said to have made a refund¬
ing plan effective to place its debts on a current basis for the first time in a
number of years, two other cities in the State are
uncjerstoods to be negotiat¬
ing to refund outstanding bonds.
Tuscumbia and Florence will endeavor
to reach agreements with creditors to get on a current basis.
Mayor Hoyt
Greer of Sheffield, is reported as announcing that the
city will pay interest
in full on its entire debt to Sept. 1 at the new 4% rate.
ARIZONA
4.19%.
Due $500 from Oct. 1, 1940 to 1947, incl.
Dated Oct. 1, 1936.
OCEANSIDE, Calif.—BOND SALE—An issue of $27,000 water bonds
reported to have been purchased by Spear, Singer & Co., and Redfield,
is
Royce & Co., both of Los Angeles, as 4^s, at a price of 100.377, a basis of
about 4.17%.
Denom. $1,000.
Dated Oct. 1, 1936.
Due on Oct. 1 as
follows: $2,000, 1937 to 1939, and $3,000, 1940 to 1946, all incl.
SACRAMENTO, Calif.—BOND OFFERING—Joseph H. Stevens, City
MESA UNION HIGH SCHOOL DISTRICT (P. O.
Phoenix), Arix.—
BOND SALE—The $10,000 issue of 4% coupon
funding bonds offered for
sale on Sept. 28—V. 143, p. 2087—was awarded to
Refsnes, Ely, Beck &
Co. of Phoenix, at par, according to the Clerk of the Board of
Supervisors.
LOS ANGELES COUNTY (P. O. Los Angeles) Calif.—BOND SALE—
The $4,000 issue of Saugus School District bonds offered for sale on Sept. 29
—V. 143, p. 2087—was awarded to Refdield, Royce & Co. of Los Angeles,
as 4Hs, paying a premium of $16.00, equal to
100.40, a basis of about
Denom. $1,000. Dated July 15, 1936.
Interest payable J. & J.
in 1940 and 1941.
Due $5,000
on
County
July 15
Treasurer, will receive bids until 10 a. m. Oct. 7 for the purchase of $130,000
municipal improvement bonds, to bear interest at no more than 4%.
Denom. $1,000.
Certified check for $15,000 required.
SAN
BERNARDINO
COUNTY
BOND OFFERING—On Oct.
offer for sale
an
13
at
(P.
11
O.
a.
San
m.
Bernardino),
the County
issue of $30,000 bonds of the Fonatna
Calif
District.
.
v
,
ARKANSAS
SANTA CRUZ COUNTY SCHOOL DISTRICTS (P. O. Santa
Cruz),
Calif.—BONDS VOTED—It is stated by Emma Rodhouse, Deputy County
Clerk, that at an election held on Sept. 19 the voters approved the issuance
of $170,000 in bonds, divided as follows: $100,000 Watsonville School
BONDS
District, and $70,000 Watsonville High School District bonds.
Markets in all State,
that
County & Town Issues
no
details regarding the sale of the bonds have been decided
SOUTH SAN
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS, MO.
COUNTY
NEW MEXICO
WYOMING
DENVER
printed and the district is said to be awaiting
exchange.
the bond
MISSISSIPPI COUNTY DRAINAGE DISTRICT NO. 17
(P. O.
Osceola), Ark.—CASH SETTLEMENT PLAN APPROVED—A definite
plan of cash settlement covering the outstanding bonds of this District is
said to have been entered into between the bondholders' protective com¬
walk
CANON
SOUTHEAST ARKANSAS LEVEE DISTRICT, Ark.—TAX ARREARS
SETTLEMENT PLAN OFFERED—In the hope of assisting the plan to
refinance $2,413,000 of outstanding bonds on a 75%
basis, the
States District Court at Little Rock has offered to owners of
United
delinquent
property in the above district the right to settle all tax arrearages by pay¬
ment of 1935 taxes, plus costs, on or before Nov. 2, it is
reported.
The
district has received from the RFC a conditional loan equal to
65% of the
debt, and tax collections are counted upon to increase the fund to permit a
75% offer.
Delinquent taxes payable to the district are estimated at
$700,000.
Teletype: Dnvr 51
District No.
1
CITY, Colo.—BOND SALE—The $3,000 5% Side¬
bonds offered
on
Sept. 22—were awarded to
a
local
investor at 95.
CONNECTICUT
NEW
HAVEN, Conn—$316,974 CUT IN BUDGET— Costs of
opera¬
tion of the city government are estimated to be $9,694,820 for the year 1937,
according to the budget as finally approved by the Board of Finance.
That sum is $316,974.43 less than the 1936 budget; over
$100,000 less than
that of 1935; less than $100,000 more than the 1934 budget, and more than
$1,200,000 under the budget of 1933, when a deficit tax was laid to pay off
accumulated debts of previous years.
mittee and the District Commissioners.
Bondholders having undeposited
with the Secretary, located at 300
—
COLORADO
SOUTH
on the dollar.
He sates that there are still
$4,000
of the bonds outstanding which were not submitted to the RFC.
The new
are requested to communicate
North Fourth St., St, Louis, Mo.
—
Telephone: Keystone 2395
district at 74.858 cents
bonds
building
DONALD F. BROWN & COMPANY
ELECTION
JONESBORO STORM SEWER AND DRAINAGE DISTRICT NO.
30 (P. O. Jonesboro), Ark.—BONDS PURCHASED BY
RFC—It is stated
by the Attorney for the district that the Reconstruction Finance
Corpora¬
rp oration purchased $173,000 of the outstanding bonds of the
tic
above-mentioned
oeen
Calif.—BOND ELEC¬
at the general election in
ARIZONA—COLORADO—IDAHO—MON'I ANA
ST. LOUIS, MO.
the Board of Education.
on
Modesto),
Rocky Mountain Municipals
SCHEDULED—It is
stated that the school district will hold a
special election on Opt. 22 on the
question of whether seven mills qf its 12-mill levy shall be set aside to
meet principal and interest
requirements on a $227,000 refunding issue.
County Judge Harrison is said to have ordered the election on a petition of
orders from the RFC
O.
(P.
TION—It is stated by the County Clerk that
ARKANSAS
refunding bonds have
yet.
Calif.—REPORT ON PROGRESS OF BOND REFINANCING—In connec¬
tion with the report given in these columns in July, 1935, to the
effect,that
the RFC had approved a loan of $3,978,000 for the refinancing of a total
bonded debt of $5,806,250, it is now stated by the Secretary of the Board
of Commissioners that up to Aug. 31, 1936, the district had
expended
$3,398,720.19 of the Corporation's funds, for the refinancing of a total of
$4,963,900 in outstanding bonds.
This refinancing is being pushed as
rapidly as possible through the disbursal agent, the Bank of America,
N. T. and S. A., at San Francisco.
WALTON, SULLIVAN & CO.
Ark.—SPECIAL
as
November the voters will pass on the issuance of $150,000 in public
construction bonds.
State & Municipal Bonds
BLYTHEVILLE,
It is said
JOAQUIN IRRIGATION DISTRICT (P. O. Manteca)
STANISLAUS
ARKANSAS
LITTLE ROCK, ARK.
—
Supervisors will
Elementary School
Based
on
27.5 Tax Rate
The 1937
budget is based on the retention of the 27.2 mill tax rate.
It
provides for restoration of 5 % of the city employees' pay cut, a sum estimated
at $248,834.18.
Of the $317,000 reduction the largest single item is
payment on long-term
debt, whicn accounts for $128,458.40.
—Exolaining this item, the Board in a preface to the budget said:
"We point out that in 1932 when the net indebtedness of the
city was
$19,620,204.41, interest charges for that year were $893,520.58, as compared
with our debt of $13,248,487.08 as of Sept. 1, 1936, and our interest costs of
$609,938.26."
This is "a debt reduction of $6,371,717.33 since 1932 and a total reduction
of interest costs since that date of $283,582.32."
Economy Stressed
"Careful management and economy despite the heavy relief
load," the
Board says in conclusion, "have made these results possible."
California Municipals
DONNELLAN
111 Sutter St.
San
NEW
AT
$1,990,738—According
Comptroller G. Henry Brethauer, the city's financial condition at this
time is "good" and the statement is borne out by the
August report of the
Comptroller which shows that the city has a balance on hand of $1,990,738.34 as of Aug. 31.
On Jan. 1, the municipal bank balance was
only $556,029.33 less than
& CO.
half of which
Francisco, Calif.
Telephone Exbrook 7067
HAVEN, Conn.—CASH BALANCE
to
up
Teletype-S F 396
was
available
as
the
sum
of
$339,635 in both balances is tied
in closed banks here.
Operating Expenditures
Total operating expenditures of the city for the first eight months of 1936
$8,659,264.86 while income over the same period grossed $10,083,-
were
973.87.
CALIFORNIA
ALAMEDA COUNTY (P. O. Oakland), Cali .— WARRANT OFFER¬
ING—The County Supervisors will receive bids until Oct. 6 for the
pur¬
chase of $220,000 tax anticipation warrants, to bear interest at no more
than 5%.
Warrants will be redeemable Dec. 31, 1936.
The warrants
are the
obligations of Alameda Elementary School District and Alameda
High School District, and will be divided equally between the two districts.
CALIFORNIA, State of—BOND OFFERING—Charles G. Johnson,
State Treasurer, will sell at public auction on Oct. 22, at 10 a.
m., to the
highest bidder for cash, a $700,000 issue of 4% San Francisco Harbor im¬
provement
bonds.
Denom. $1,000.
Dated July 2, 1915.
Due on July
2, 1989, subject to redemption by lot after the year 1954.
Principal and
interest (J. & J. 2) payable at the office of the StatATreasurer, in Sacramento
or at the
option of the holder, at the State's fiscal agency in New York
City.
These bonds will be sold in lots of one or more, or as a whole, to the
highest bidder.
Bids are to be for par or better.
The proceedings for the
issuance of the foregoing bonds having been taken prior to June
5,1933, said
bonds and coupons will bear an endorsement referring
specifically to the
Provisions of Public Resolution No. 10 of the 73dto the issuance of United
Congress of the obliga¬
tates, adopted June 5, 1933, relating specifically
tions payable in gold coin.
(This reporLsupplements the tentative
notice given here recently—V.
143, p. 2087.)
LOS
ANGELES, Calif —BOND ELECTION PROPOSED—It is
offering
reported
Water and Power Commission will request the City Council to
special election for some date in December, in order to vote on the
proposed issuance of $46,340,000 in bonds to purchase the Los Angeles
Gas & Electric
Corp.
that
call
the
a
WEST HAVEN, Conn .—TO REDEEM $33,000 BONDS ON OCT. 1—
Elmer E. Scranton, Clerk of the Board of Finance,
recently stated that the
town is prepared to redeem on Oct. 1 a
$33,000 principal payment due on
an original issue of $333,000 bonds sold in
1924.
The next payment will
reduce
the principal amount outstanding to
$132,000.
Mr. Scranton
stated that $200,000 tax anticipation notes issued'in recent months have
been redeemed and that further
borrowing of that nature will have to be
resumed about Oct. 1.
FLORIDA
ALACHUA
(P.
O.
COUNTY, ROAD AND BRIDGE DISTRICT NO.
Gainesville), Fla.—REFUNDING BONDS AUTHORIZED—2
resolution
authorizing the issuance of $1,020,000 in refunding bonds i
said to have been passed at a
joint session of the County Board of Com
missioners and the said District Trustees.
It is reported
for the
courts
by the Attorne;
by th'
County Commissioners that new bonds will be validated
and exchanged for the old bonds now
outstanding.
BOCA RATON,
Fla.—BONDS AUTHORIZED—It is said that th
city officials voted recently to issue $49,750 in bonds, to be used as th
city's share of a Public Works Administration bridge construction project
BROWARD COUNTY (P. O.
Fort Lauderdale)
Fla.—JUDGAIEN'u
SUITS FILED—A judgment for
$379,664 and an alternative wit of man
damus requiring the above
county to make levies for this amount wer
filed against the county recently
by the members of the Broward Count
Bondholders' Association, it is stated.
Local attorneys described the sui
as being merely a
"friendly mandamus suit to protect the refunding plan.'
Financial
2244
Chronicle
Oct.
3, 1936
INDIANA
Ind.—BOND SALE—
BARTHOLOMEW COUNTY (P. O. Columbus),
The
BONDS
FLORIDA
plus a premium of $11, equal to 100.05, a basis of about 1.48%.
Dated
Sept. 1, 1936 and due $2,500 on June 1 and Dec. 1 from 1937 to 1940 incl.
PIERCE-BIESE CORPORATION
BICKNELL, Ind.—BOND OFFERING—Myrtle Hollingsworth, ClerkTreasurer, will receive sealed bids until 11 a. m. on Oct. 16 for the purchase
of $12,000 not to exceed 4% interest park improvement bonds.
JACKSONVILLE
BROWN SCHOOL TOWNSHIP
Vanosdol,
OFFERING—George A.
Miami
Orlando
Tampa
$20,000 advancement fund bonds offered on Sept. 15—V. 143, p. 1595
awarded to the First National Bank of Columbus as 1 Ms, at par
—were
(P. O. Cross Plains), Ind.—BOND
trustee,
will receive sealed bids until
interest
15 for the purchase of $15,000 not to exceed 5%
1 p. m. on Oct.
school building improvement bonds.
Dated Oct. 1, 1936.
Denom. $600.
Due $1,200 Jan. 1 and $600, July 1 from 1939 to 1950 incl. Rate of interest
to be expressed by the bidder in a multiple of M of 1 %.
Interest payable
semi-annually.
The township will furnish the successful bidder with the
approving legal opinion of Matson, Ross, McCord & Clifford of Indian¬
apolis. No conditional bids will be considered.
Municipals
Florida
ELWOOD SCHOOL CITY, Ind.—BOND
bond
LEEDY. WHEELER & CO
Jacksonville, Fla.
Bell
Orlando
System
offered
Securities
.
HUNTINGBURG, Ind.—BOND OFFERING—The Huntingburg Public
Library Board will receive bids until 1 p. m. Oct. 17 for the purchase of
Teletype
Jacksonville
10
SALE—The $10,000 funding
on
Sept. 25—V. 143, p. 2088—was awarded to the
Corp. of Indianapolis as 2s, at par plus a premium of
$11.11, equal to 100.1111. The Fletcher Trust Co. of; Indianapolis offered
a premium of $67.73 for 2Ms.
issue
Cities
$5,000 public library bonds.
96
No.
HUNTINGTON SCHOOL CITY
(P. O. Huntington), Ind.—BOND
SALE—The $11,000 4% coupon school bonds offered on Sept.
FLORIDA
DUVAL
ville),
COUNTY
SCHOOL
DISTRICT
ELECTION
Fla.—BOND
NO.
O.
(P.
1
Jackson¬
CONTEMPLATED—In
NOT
connec¬
tion "with recent reports that the voters would pass on the proposed issuance
of about $1,000,000 in school bonds at the general election on Nov. 3, we
are
Business Manager of the Board
Instruction, that it has not been definitely decided that an elec¬
of school building bonds.
informed by O. F. Chalker, Assistant
of Public
tion will be held any time soon for the approval
HILLSBOROUGH
SPECIAL
COUNTY
SCHOOL DISTRICT NO. 4 (P. O. Tampa)
PUBLIC—Robertson &
general investment
•
a
TAX
CONSOLIDATED
Fla.—BONDS OFFERED TO
Georgeson, of New York, offered on Sept. 29 for
$43,000 issue of 5% school bonds, at prices to yield
from 3.25% to 4.15%, according to maturity.
Due from Jan. 1, 1939 to
1941.
This district is said to represent a consolidation of special tax school
districts numbered 17, 18, 24, 28, 45 and 4, and includes the City of Tampa/
and certain suburban territories.
SCHOOL
WALES
La PORTE, Ind.—BOND SALE DETAILS—O. W. McNear & Co. o
Chidago paid a price of par plus a premium of $3,023.33, equal to 102.19, a
3.78% cost basis, for the issue of $138,000 4% sewage works revenue bonds
reported sold to them in these columns in August.
The bonds are dated
April 1. 1936 and due serially from 1938 to 1957 incl.
4
DISTRICT
(P.
Lake
O.
Wales), Fla.—
143, p. 1911—the
BONDS VOTED—At the election held on Sept. 25—V.
voters
approved the issuance of $42,000 in school bonds.
COUNTY—OVERSEAS
MONROE
AND
ROAD
TOLL
BRIDGE
(P. O. Key West), Fla.—BONDS VALIDATED—A
ruling is said to fyave been handed down on Sept. 29 by the Circuit Court,
validating $3,600,000 of bonds to be used by the Commission as security
for a Public Works Administration loan in. converting abandoned railway
bridges and viaducts into automobile crossings.
decision will be appealed to the State Supreme
the State.
PALM
voters
DISTRICT
(P.
'
O.
West
Palm
Beach),
VOTED—It is said that at an election held on Sept. 22 the
approved the issuance of $398,750 in bridge bonds.
VERO
At
BRIDGE
BEACH
It was reported that this
Court by the Attorney for
BEACH,
Fla.—BOND
Hilsman & Co. of Atlanta, and mature as follows:
$15,000 water and park bonds. Due $1,500 from Oct. 1, 1946 to 1955 incl.
20,000 sewer bonds. Due $2,000 from Oct. 1, 1956 to 1965 incl.
Basis of about 2.77%.
UNION
Bend),
Ind.—BONDS NOT
SCHOOL TOWNSHIP
OFFERING—The
Trustees
(P. O. Chesterfield), Ind.—BOND
Advisory Board will receive bids until
and
1 p. m. Oct. 21 for the purchase of $15,000 school building bonds.
COUNTY
VERMILLION
(P.
O.
Ind.—BOND SALE—
Newport),
The $23,000 series A of 1936 advancement fund bonds offered on Sept. 25—
V. 143, p. 1438—were awarded to the City Securities Corp. of Indianapolis
2 Ms, at par plus a premium of $76.50, equal to 100.332, a basis of about
2.45%.
Dated Oct. 1, 1936 and due as follows: $1,000, June 1 and Dec. 1
$1,500 on June 1 and Dec. 1, 1945 to 1947 incl.
as
from 1938 to 1944 incl. and
were
as
follows:
Bidder—
2 M %
McNurlen & Huncilman
3%
3%
2%%
3%
3M%
Citizens State Bank
Indianapolis Bond & Share Corp
*
WINDFALL CITY,
$117.70
89.75
127.00
63.00
125.00
85.00
Ind.—BOND OFFERING—Elmer Richards, Town
Clerk, will receive sealed bids until noon on Oct. 19 for the purchase of
$11,000 4% sewer construction bonds.
Dated Oct. 1, 1936.
Denom.
$500.
Due $1,000 annually on Oct. 1 from 1938 to 1948 incl.
A certified
check for $500, payable to the order of the town, must accompany each
proposal.
,
,
Iowa
SCHOOL
Premium
Int. Rate
Fletcher Trust Co
IDAHO
INDEPENDENT
South
A. S. Huyck & Co., Inc..
GEORGIA
COUNTY
O.
on
Jackson-Emert Inc
HAPEVILLE, Ga.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $35,000 bonds sold recently as 3s, at a price of 102.02,
as
noted in these columns—V. 143, p. 1911—were purchased by J. H.
BONNEVILLE
(P.
$4,818.45 6% Benjamin F. Burke ditch construction bonds
Sept. 26—V. 143, p. 1438—were not sold, as no bids were re¬
ceived.
It is expected that the bonds will be issued to the contractor in
payment for the construction work.
7
offered
Other bids
REFUNDING PLAN ACCEPTED—
bondholders are said to have ac¬
some modifications.
The main
rate of interest, which is now to
by bondholders and the 1 % rate
joint meeting held on Sept. 15, the
cepted the city's refunding plan, with
point at issue is said to have been on the
begin at 2 % instead of the 3 % rate asked
demanded by the city.
a
COUNTY
JOSEPH
SOLD—Tne
COMMISSION
Fla.—BONDS
Due
LAKE COUNTY (P. O. Crown Point), Ind.—BOND OFFERING—
Joseph E. Finerty, County Auditor, will receive sealed bids until 11 A. M.
on Oct. 10 for the purchase of $44,250 not to exceed 3M% interest voting
machine bonds.
Dated Oct. 1, 1936.
One bond for $250, others $1,000
each.
Due as follows: $5,000 on May 1 and Nov. 1 from 1941 to 1944 incl,;
$2,000 May 1 and $2,250 on Nov. 1, 1946.
Interest payable M. & N.
Principal and interest (M. & N.) payable at the County Treasurer's office.
A certified check for 3% of the bonds bid for, payable to the order of the
Board of County Commissioners, must accompany each proposal.
ST.
LAKE
24—V. 143,
1912—were awarded to the City Securities Corp. of Indianapolis.
$1,000 in 1937 and $2,000 from 1938 to 1942 incl.
p.
Municipals
DISTRICT
NO. 1 (P. O. Idaho Falls), Idaho—BOND OFFERING—Stanley Crowley,
Clerk of the Board of Trustees, will receive bids until 7:30 p. m. Oct. 12 for
Polk-Peterson Corporation
the purchase of $100,000 coupon refunding bonds, to bear interest at no
more than 4^.
Dated Oct. 1, 1936.
Principal and semi-annual interest
Dei Moines Building
DES MOINES
(April 1 and Oct. 1) payable at the District Treasurer's office, or at some
bank in New York City, at holder's option. Due Oct. 1 as follows: $6,000,
1937 to 1950; and $16,000 in 1951.
Certified check for 3% of amount of
bid, required.
Ottumwa
Waterloo
A.
T.
Sioux
Davenport
Iowa
Cedar Rapids
&
T.
City
Sioux Falls, S. D.
City
Teletype: DESM 31
ILLINOIS
CANTON, III.—BOND SALE—John Nuveen & Co. and C. W. McNear
have purchased an issue of $200,000 4%
<fc Co., both of Chicago, jointly,
water works revenue bonds.
CHICAGO,
issued
a
retired
as
call
111.—$2,310,000
for
WARRANTS CALLED—The city has
1935 tax anticipation warrants to be
$2,310,000 of its
COOK COUNTY (P. O. Chicago), 111.— WARRANT SALE DETAILS
connection with the recent report in these columns of the sale of
—In
anticipation warrants at 3M% interest, we learn that the
award was made, at par, to a group composed of Stifel, Nicolaus & Co.,
Inc., St. Louis, A. C. Allyn & Co., Inc. and John W. Clark, Inc., both of
Chicago, on the following basis: The group purchased a block of $200,000
tax
of the
corporate fund warrants and obtained a 10-day option on the balance
$500,000 offered, and bought the $150,000 highway warrants which
were included in the offering.
Only one bid was made for the corporate
The
instruments, while two offers were submitted for the highway liens.
other tender for the smaller issue came from E. W. Thomas & Co., speci¬
fying a premium of $25 for 4s. The banking group re-offered the corporate
warrants at prices to yield 3% to the anticipated call date in 15 months.
COOK COUNTY MAIN TOWNSHIP HIGH SCHOOL DISTRICT
of the
NO. 207, 111.—RATE OF
INTEREST—The $100,000 educational fund tax
anticipation warrants purchased recently by Bartlett, Knight & Co. of
Chicago at par plus a premium of $30.—V. 143, p. 1912—bear 1M%
interest.
bonds.
oonas.
ine Donas
The bonds are payaDie from revenues obtained
payable irom
ootamea
through operation of the two systems.
The bonds have not been printed or
dated as yet, pending receipt of Public Works Administration grant toward
system extension
the cost of the program.
III.—BOND OFFERING—H.
FLOSSMOOR,
Adelaide Wells,
Village
Clerk, will receive sealed bids until 8 P. M. on Oct. 5 for the purchase of
$24,000 4% sewage disposal plant bonds.
Dated Oct. 1, 1935.
Due as
follows: $1,000 from 1939 to 1948 incl. and $2,000 from 1949 to 1955 incl.
Interest payable to A. & O.
A certified check for 10% of bid, payable to
the order of the village, must accompany each proposal,
PARIS,
Citizens
that the $75,000 registered light and power plant improvement bonds pur¬
chased on Sept. 21 by Shaw, McDermott & Sparks, Inc., of Des Moines,
3Ms, at a price of 101.12, as noted here previously—V. 143, p. 2088—
dated Oct. 1, 1936 and are in $1,000 denominations.
Due in 1950 and
optional on Oct. 1, 1947.
Interest payable A. & O. Basis of about 3.385%,
to optional date.
as
are
CEDAR
111.—BONDS
National
Bank,
SOLD—The Edgar National Bank and the
both of Paris, have purchased $20,000 3% fire
department bonds at a price of 100.625.
RIDGEFARM, 111.—BOND SALE—The First National Bank of Danville
purchased an issue of $4,000 4% registered fire protection bonds at
par plus a premium of $1.02.
Dated Sept. 1, 1936 and due serially from
1937 to 1945 incl.
Denom. $500.
Interest payable annually on Sept. 1.
has
RAPIDS.
Iowa—BOND
OFFERING—Bids
until Oct. 12,
by the City Clerk, for the purchase of
bonds, according to report.
a
will
be
received
$6,800 issue of grading
DECORAH, Iowa—BOND SALE—An issue of $15,000 2M % swimming
pool bonds has been sold to the Carleton D. Beh Co. of Des Moines, who
paid a premium of $105, equal to 100.70, a basis of about 2.11%.
Due
$1,000 Sept. 1, 1938 and $2,000 yearly thereafter until 1945.
DYSART, Iowa—BOND OFFERING— D. F. Harrington,
Town Clerk,
bonds.
will receive bids until 2 p.m., Oct. 6, for the purchase of $12,000
HAMBURG, Iowa—BONDS VOTED—At
the
voters
divided
EAST PEORIA, 111.—BOND SALE DETAILS—The $190,000 bonds
reported sold in these columns recently to N. L. Rogers & Co., Inc. of
Peoria—V. 143, p. 2088—bear 4% interest and were sold at par.
They
will mature serially over a period of 30 years.
Interest payable F. & A.
The total amount includes $145,000 sewer construction and $45,000 water
i
ALTA, Iowa—BOND SALE DETAILS—It is stated by the Town Clerk
of Oct. 1 on which date interest will cease on the called certificates.
Of this block $2,090,000 are corporate warrants.
$650,000
IOWA
ADEL, la.—BOND SALE—The $9,000 swimming pool bonds offered on
Sept. 28—V. 143, p. 2088—were awarded to the Carleton D. Beh Co. of
Des Moines as 2Ms at a premium of $126, equal to 101.40.
as
are
said
to
have
an
election held on Sept. 17
bonds,
approved the issuance of $44,000 in
follows: $24,000 swimming pool, and $20,000 water system bonds.
HANCOCK
COUNTY
(P.
O.
Garner),
Iowa—BOND
ISSUANCE
NOT
CONTEMPLATED—In connection with a report current recently,
that the county would hold an election in the near future in order to vote
on the issuance of $500,000 in road bonds, it is stated by the County Clerk
that
no
bond issue is anticipated.
HUMBOLDT COUNTY (P. O. Dakota City), \ovfm—CERTIFICATE
County Supervisors will receive bids until 2 p. m.,
Oct. 3 for the purchase of $23,000 secondary road construction fund antici¬
OFFERING—The
pation certificates.
Denom. $1,Q00.
Due
on or
before Dec. 31, 1938.
LYON COUNTY (P. O. Rock Rapids), Iowa-OTHER BIDS—The
following is an official list of the other bids received for the $500,000 coupon
primary road bonds awarded on Sept. 25 to Brown, Harriman & Co.,
Inc., and associates, as 2Ms, at 100.82, a basis of about 2.14%, as previously
reported in these columns—V. 143, p. 2089:
Premium
Bidder—
Iowa-Des Moines National Bank & Trust Co
Vieth, Duncan, Worley & Wood, Davenport
Carleton D. Beh Co., Des Moines
Halsey, Stuart & Co., Chicago
MISSOURI
!
$4,100.00
3,800.00
3,500.00
3,400.00
VALLEY, Iowa—BOND OFFERING—F. O. Burke, City
Treasurer, will receive bids until 8 p.m., Oct. 6 for the purchase at not less
Volume
143
Financial
Chronicle
2245
than par of $5,000 4 % fire department equipment bonds. DatedJSept.l, 1936.
Prin. and semi-ann. int. J. & J. 1 payable at the City Treasurer's office.
4,400, totaling $4,400,000,
Due $200 on
Due
July 1, 1938 and Jan. 1, 1939; $400 on Jan. 1 in each of the
years from 1940 to 1943; and $500 on Jan. 1 in each of the years from 1944
to 1949.
Certified check for $300, required.
City wity furnish
and the approving opinion of Chapman & Cutler of
Chicago.
the bonds
ONAWA, Iowa—BOND SALE—The $129,000 electric light and power
plant revenue bonds offered on Sept. 24—V. 143, p. 1439—were awarded
to the Carleton D.
Beh Co. of Des Moines as 2^s, at a premium of
$330,
a basis of about 2.72%.
Polk-Peterson Co. of Des
premium of $325 for 2Hb.
Due on Aug. 1 as follows:
$4,000, 1937 and 1938; $5,000, 1939 to 1942; $6,000, 1943 to 1947;
$7,000.
equal
to
100.255,
Moines offered
a
1948, 1949 and 1950; $8,000, 1951 to 1954, and $9,000, 1955 and 1956.
POLK COUNTY (P.
O.
Des Moines),
$143,000 issue of funding bonds offered for sale
Nov.
MIDDLESBORO, Ky.—BOND VALIDITY QUESTIONED—A
said to have been instituted in order to determine the
validity of
400.00
Vieth, Duncan, Worley Ac Wood, Davenport-
WILLI AMSTOWN, Ky .—BOND ELECTION—At the general
election
on Nov. 3, the voters will
pass on the proposed issuance of $72,000 in electric
light bonds, according to report;.
-
LOUISIANA
BOGALUSA, La.—BONDS NOT SOLD—City Clerk H. B. Bean
125.00
Bidder—
•*»
-
Northern Trust Co. of
Chicago
Brown Harriman & Co., lnc
lowa-Des
Moines
National
premium
$4,300
!
Bank
&
4,200
Trust Co_
3,400
Halsey, Stuart & Co., Chicago
3,300
~
WOODBURY
ING—-Sealed
COUNTY
bids
will
be
(P.
O. Sioux City), Iowa—BOND OFFER¬
by Van W. Hammerstrom, County
received
Treasurer, until 2 p. m. on Oct. 5, for the purchase of an issue of
$130,000
funding bonds.
Open bids will be received after all sealed bids have been
considered.
All other things
being equal, preference will be given to the
bid of par and accrued interest
or better which
specifies the lowest coupon
Dated Sept. 1, 1936.
Due on Dec. 1 as follows: $30,000,
1946, and $25,000 from 1947 to 1950 incl.
Prin. and semi-annual int. will
be payable at the office of the
County Treasurer in Sioux City.
The
county will furnish the approving opinion of
Chapman & Cutler, of Cnicago,
interest rate.
and
all
bids
must
amount of bonds
be
so
conditioned.
A
certified
check
for
bid for,
must be furnished by bidders.
Financial Facts—Sept. 1, 1936
of the
2%
on
at
Personal
11,509,478.00
$118,152,564.00
One-mill levy produces
approximately $118,152.56.
Moneys and credits
to 6-mill levy.
1936 collectible (less refunds),
$4,014,409.00; paid, $2,111,152.18 (Sept. 1)
Dec. 31, 1935 collections for
($11,181,742.00) subject
1929 to 1935, average 98%.
Collectible
general revenues for 1936, 3.4% of assessed value.
Ground assessed at
actual value; improvements at
60% of estimated value,
lndifiect income,
$150,000 per annum.
Taxes payable in two instalments,
delinquentPApril 1
and Oct. 1.
Penalties accrue % of 1% per month.
Tax sale first Monday
in December.
County operates on budget plan and has for 10 years or
more
prior to enactment of State law compelling budgeted
operation.
Cash on hand Sept. 1,
1936, $1,023,559.23, plus $31,671.84 in banks in
receivership and operating under conservators, all guaranteed by the State
Sinking Fund.
years
KANSAS
CHANUTE
SCHOOL DISTRICT (P. O. Chanute), Kan.—BOND
SALE DETAILS—In connection with the sale of the
$68,750 issue of
coupon vocational bonds to the W. E. Davis Co. of Topeka, at a
price of
101.26, as noted in these columns recently—V. 143, p. 2089—we are in¬
formed
the
that
bonds
bear interest as follows: 2% from 1937 to
1941;
to 1946, and 2H% from 1947 to 1956.
The BrownCruramer Investment Co. of Wichita, bid a price of 101.165 for the
first
10 year issue only.
2H%
from
1942
COWLEY
COUNTY
(P.
O.
Winfield), Kan.—BOND OFFERING—
Mabel Hall. County Clerk, will receive bids until 10 a. m. Oct.
5 for the
purchase of $60,000 2% poor relief bonds.
Dated Oct. 12, 1936.
Interest
payable April 12 and Oct. 12.
Due serially in from two to ten years.
Certified check for 2% of bid, required.
\
DODGE
CITY, Kan—BONDS DEFEATED—At
Sept. 22—V.
143,
,
the election held
on
1912—the voters disapproved the proposal to issue
$40,000 in auditorium construction bonds, according to the City Clerk.
p.
GOODLAND HIGH SCHOOL DISTRICT (P. O.
Goodland), Kan.—
BONDS VOTED—At the election held on Sept. 19—V. 143, p. 1751—the
approved the issuance of $140,000 in bonds to be used with a Public
voters
—-Works Administration grant for
vote was
a new
$250,000 high school building.
The~
1,032 to 580.
Kan.—BOND SALE—An issue of $60,000 2H%
disposal bonds has been sold to Stern Brosl & Co. of Kansas City at
PARSONS,
of
101.419.
Due in
one
to ten
sewage
a
price
years.
SALINA, Kan.—BOND OFFERING—On Oct. 5
at 4 p. m. the city will
offer for sale about $13,000 North Santa Fe Ave. paving bonds and
$33,000
refunding bonds.
SCOTTSVILLE SCHOOL DISTRICT NO. 41 (P. O.
Scottsville)
Kan.—BOND SALE—The $7,000 issue of 2H% semi-ann. school bonds
for sale on Sept. 30—V. 143, p. 2089-was awarded to the First
National Bank of Beloit, paying a premium of $75.00, equal to
101.07,
according to the District Clerk.
offered
SPEARVILLE SCHOOL DISTRICT (P. O. Spearvill* ) Kan.—BOND
OFFERING—Sealed bids will be received until 8 p. m. on Oct. 5, by George
Heskamp, School Director, for the purchase of a $17,000 issue of 3% and
3M% semi-ann. school bonds. Due $500 on Jan. and July 1, 1938; $1,500,
July 1, 1939 to 1942, and $2,000, July 1, 1943 to 1947.
Bids will include
fees for preparation of transcript and bond attorney's fees.
Prin. and int.
payable at the fiscal agency of the State.
STRONG
private sale
DE
WELLINGTON, Kan.—BOND SALE—The $25,000 2% park improve¬
bonds offered on Sept. 28—V. 143, p. 2089—were awarded to the
City National Bank & Trust Co. of Kansas City, Mo., at'a price of 101.055,
ment
a basis of about 1.80%.
The Small-Milburn Co. of Wichita bid 100.848.
Dated July 1, 1936.
Due $2,000 on July 1 in odd years and $3,000 on
July 1 in even years from 1937 to 1946, incl.
WYANDOTTE COUNTY (P. O. Kansas City), Kan.—BOND SALE
Baum
Bernheimer Co. of Kansas City, Mo., recently purchased
—The
general improvement bonds.
EVANGELINE
LOUISVILLE, Ky.—BONDS SOLD—We are informed by John R.
Lindsay, Director of Finance, that a $2,300,000 issue of 4% coupon street
improvement bonds Xas sold at par od Sept. 24 to the Public Works Admin¬
istration, no other bids having been received.
Ky .—BOND
CALL—Pursuant
to
the
provisions
of
Article II of the Trust Indenture, and pursuant to a request to the Louisvaille Trust Co., Trustee, by the Louisville Bridge Commission, all out¬
standing 3%%
bridge revenue refunding bonds, numbered from
one
to
Dated Sept. 1, 1936.
Due serially to 1944.
PARISH
Aug. 1, 1936.
(P.
O.
Ville
Platte),
La .—REPORT
ON
BONDS PROPOSED AND VOTED—The
following is the text of an Asso¬
ciated Press dispatch from Ville Platte on
Sept. 17:
"Two high school bond issue elections and one
road tax election were
called today by the Evangeline Parish School Board and
police jury, re¬
21.
spectively.
The high school bond issue elections are fixed for Oct.
These proposals call for issues of $55,000 and
$50,000, respectively.
"The fifth police jury ward, now without a
high school, will vote
$55,000 bond issue for construction of
on
the
a new high school
plant there.
A
defeated by Ward Five voters some two months
ago.
A $50,000 bond issue is proposed in the
Vidrine High School District.
Funds raised by passage of the levy will
go towards erection of brick build¬
ings to replace the present frame ones.
"On Oct. 22 Fifth Ward voters will
again vote a property tax for building
and maintaining dirt roads in that
territory.
This tax was defeated in
Ward Five six months ago, but has been
resubmitted by the police jury
because a shift in sentiment has been noted.
"If the two high school bond issues are successful
they will mark the
sixth school bond issue to be voted by
parish high school districts.
Bond
similar election
was
issues
ranging from $12,000 to $40,000 have already been voted within the
past six months by Chataignier, Basile, Mamou and Pine
Prairie School
Districts for construction of
gymnasiums, auditoriums and new school
plants."
PARISH
(P.
O.
Jonesboro), La.—BOND OFFERING—
A. H. May, Clerk of the Police
Jury, will receive bids until 10 a. m. Oct. 2
purchase of $150,000 courthouse bonds, to bear interest at no
more
than 6%.
Denom. $1,000.
Dated Nov. 1, 1936.
Interest payable semi¬
annually. Due on Nov. 1 as follows: $5,000, 1937, 1938 and
1939; $6,000,
1940 to 1943; $7,000, 1944 to 1947;
$8,000, 1948, 1949 and 1950; $9 000
1951 and 1952; $10,000, 1953, 1954 aDd
1955; and $11,000, 1956. Certified
check for $5,000, payable to S. D.
McBride, President of the Police Jury
required.
Bonds are being offered subject to the
approving opinion of
for the
Chapman & Cutler, Chicago.
JENNINGS, La.—BONDS VOTED—The voters are said to
have
approved recently the issuance of $97,000 in bonds, to be used
for water
and sewerage extension,
payable from the revenues ofthat department.
The Public Works Administration is said to be
making a grant of $153,000
for the work, which, added to the above
amount, will make the cost of the
,
project about $250,000.
PONCHATOULA SCHOOL DISTRICT
(P. O. Amite),
La.—BONDS
VOTED—It is stated by the Superintendent of
Parish Schools that at an
election held on Sept. 22 the voters
approved the issuance of $100 000 in
school bonds.
MOREHOUSE PARISH SCHOOL DISTRICT
(P. O. Bonita), La.—
BONDS VOTED—At an election held
recently the voters are stated to
have approved the issuance of $40,000 in
high school building bonds to be
supplemented by a $32,000 PWA grant.
•
SUNSET, La .—BOND ELECTION—It
be
held
on
Oct.
20 in order to vote
on
system bonds.
is reported that an
election will
the issuance of
$25,000 in water
MARYLAND
ANNE ARUNDEL COUNTY
(P. O.
Annapolis), Md.—BOND
SALE
Lehman Bros, of New York obtained the
award of a new issue of
$120 000
school bonds as 3s, at a price of
100.50, a basis of about 2.94%
Dated
Oct. 1,1936.
Denom. $1,000.
Due Oct. 1 as follows:
$6,000, 1937* $7 000
1938 to 1941 incl.; $8,000, 1942 to 1947
incl.; $9,000 in 1948 and 1949 and
$10,000 in 1950 and 1951.
Interest payable
semi-annually.
Legality
approved by Reed, Hoyt & Washburn of New York
City.
The bankers
are making public re-offering of the
issue on a yield basis of from
0 75%
to 3 %, according to maturity.
CECIL COUNTY (P. O.
Elkton), Md.—BOND OFFERING—Edwin S
Dorcus, County Treasurer, will receive sealed bids until
1215 p
m
on
13, for the purchase of $100,000 3% Elkton
1936,
£>ated Oct. 1, 1936. Denom. $1,000. Due High School bonds of
$10,000 on Oct 1 from
1938 to 1947, incl.
Principal and interest (A. & O.) payable at
the Elkton
Banking & Trust Co., Elkton.
Coupon bonds, registerable as to
principal
at the office of the Assistant
County Treasurer. The bonds are not
subject
to prior redemption and are
exempt from all State, county and
municipal
taxation in Maryland.
A certified check for 5% of the
amount bid payable
to the order of the
County Treasurer, must accompany each
proposal
The approving opinion of Niles,
Barton, Morrow & Yost of Baltimore will
be furnished the successful bidder.
6
m
Oct.
MASSACHUSETTS
AG AW AM,
Mass .—BOND SALE—The
$20,000
coupon
municipal
relief bonds of 1936 offered on
Sept. 30 were awarded to Hornblower &
Weeks of Boston on a bid of 100.159 for
l^s. a basis of about 1 72%
The First National Bank of Boston bid
100769 for 2%
Dated
Oct. 1, 1936.
Due $2,000 yearly on Oct. 1, from
1937 to 1946, inclusive.
boKS
Financial Statement Sept.
24, 1936
Assessed valuation for 1936,
including motor vehicle excise
Total bonded debt, not
including present loan
Water bonds, included in total debt
~
$9 860 061
'iny'Xnn
qa'nnn
No siliking funds.
'
Population: 7,206.
1934
levy, $285,938.32; uncollected to date,
$1,579.26.
1935 levy, $320,230; uncollected to
date, $60,869.17.
1936 levy, $310,740.92; collected to
date, $17,982.48.
BEVERLY, Ma8s,r NOTE SALE—The
anticipation notes offered on Sept. 30—V.
e<i01^ National Bank of Boston
*
$200,000 current year revenue
2090—were awarded to
143 jP.
.229% discount basis.
Newton
^ P°V ino^0st<in *^?re second, bidding .24% discount. Notes are
dated Oct. 1, 1936 and will mature
March 12,1937.
®Cn
nnn^ BOUNTY (P. O. Salem),
$80,000 tuberculosis hospital
Oct. 2 were awarded to
on
x
on a
Mass.—NOTE SALE—The
maintenance
temporary
Whiting, Weeks & Knowles
discount basis.
ltjout
KENTUCKY
Oct. 6.
Due serially from 1937 to 1943.
CITY,
LOUISVILLE,
on
RIDDER, La.—BOND SALE—The $7,000 issue
of First Sewerage
District bonds offered for sale on Sept. 28—V.
143, p. 2089—was pur¬
chased at par by the First National Bank & Trust Co. of De
Ridder.
No
other bid was received, according to the City Clerk.
Dated
Kan.—BOND SALE—The $19,525 issue of water
works system bonds offered for sale on Sept. 25—V. 143, p. 2089—was
awarded to the Vernon H. Branch Co. of Wichita, according to C. F.
Holmberg, Mayor. Due in 10 years.
$29,000 2%
us
JACKSON
*=•
Area, 876 square miles—561,000 acres.
Population, 101,669 (1930
Census).
Assessed value—Real
estate, incl. railroad property
.$106,643,086.00
Total
in¬
that the $40,000 not to exceed 5% paving and water bonds
offered
Sept. 28—V. 143, p. 1913—were not sold.
The bonds are to be offered
forms
SIOUX COUNTY
(P. O. Orange City), Iowa—BOND SALE—The
$500,000 issue of coupon primary road bonds offered for sale on
Sept. 25—
V. 143, p. 1912—was awarded to the
Carleton D. Beh Co. of Des Moines,
as 2Ms,
paying a premium of $4,301, equal to 100.8602, a basis of about
2.13%.
Dated Oct. 1, 1936.
Due from 1938 to 1947 incl.
The following
is a list of the other bids
(all for 2^s) received:
suit is
$40,000
refunding bonds approved recently by the City Commission.
,
300,00
Nov.
1,
Iowa—BOND SALE—The
Sept. 25—V. 143, p. 1912
Shaw, McDermott & Sparks, Inc., Des Moines
Wheelock & Cummins, Inc., Des Moines
on
date interest
on
—was
500.00
being called for payment
1, on
shall cease.
Denom. $1,000.
Dated Nov. 1, 1935.
1955, redeemable on any interest paying date prior to
maturity.
Bonds and coupons are payable at the Louisville Trust Co.,
Louisville, Trustee, under said Trust Indenture, or at the office of the
Director of Finance, or at the Chemical Bank & Trust Co. in New York
City.
which
on
awarded to the lowa-Des Moines National Bank & Trust
Co. of
Des Moines, as 1 Ms, paying a premium of
$530, equal to 100.37, a basis
of about 1.68%.
Due from Sept. 1,1941 to 1943.
The following bids (all for
l^s) were also received:
Bidder—
Premium
Carleton 1). Beh Co
Des Moines
$525.00
Polk-Peterson Corp., Des Moines
are
The Gloucester National
Bank bid
&y&Dl0 April 1*
1937*
loan
.227%.
issue of
notes
of Boston
offered
21%
on a
Dated Oct. 1.
LYNN, Mass.—APPROVES $300,000 RELIEF ISSUE—
The City Coun¬
cil, has voted to issue $300,000 of
five-year bonds shortly. Proceeds of the
offering will be used for welfare and old
age
assistance expenses.
MERRIMAC, Mass.—NOTE SALE—The Merchants
National
Boston has purchased
Due Dec. 30, 1936.
bidder, named
a
Bank of
issue of $10,000 revenue notes
at 0.41% discount.
The First National Bank of
an
rate of
Boston,
0.474%.
second
high
SALE—The issue of $100,000 notes offered on
S wKf awarded to the West Newton Savings Bank of West Newton
at 0.52% discount.
Q
bids
Due $50,000 each
were
as
follows;
on
July 22 and Aug. 20,1937.
Other
2246
Financial Chronicle
Bidder—
Discount
i
Second National Bank of Boston
Tyler, Buttrick & Co
Tyler, Buttrick & Co
.569%
.59%
.59%
.59%
.61%
.62%
.63%
.64%
.67%
a—
Merchants National Bank of Boston..
"Whiting, Weeks & Knowles
Leavitt & Co. (plus $1 premium)
Jackson & Curtis
First National Bank of Boston
Faxon, Gade &
—
Co
WATERTOWN,
Mass.—BOND SALE—The $50,000 municipal relief
were offered on Sept. 30—V. 143, p. 2090—were
awarded to Tyler, Buttrick & Co. of Boston on a bid of 100.57 for l^s, a
basis of about 1.06%.
Newton, Abbe & Co. of Boston were second high,
bidding 100.557 for IHs.
Dated Oct. 1, 1936.
Due $10,000 yearly on
bonds
of
1936,
which
Oct. 1 from 1937 to 1941.
Financial Statement Sept. 21, 1936
Assessed valuation for year 1935 (incl. motor vehicle
Total bonded debt (not incl. this issue)
Water bonds.
excise)-.$54,346,060
1,300,700
7,000
—,_u
—
Population: Estimated, 35,827.
,
Buy for Our Own Account
Certified check for 2% of amount of bonds bid for, payable to the
District
Treasurer, required.
The district will furnish the printed bonds
approving legal opinion of Claude H. Stevens of Berry & Stevens,
and the
Detroit.
'
ROYAL
OAK,
Mich.—BOND INTEREST PAYMENT— It is an¬
nounced that interest coupons due Oct. 1, 1936 on water mortgage bonds
dated April 1, 1927, will be paid at the office of Minnie N. Reeves, City
Treasurer, on the date stated or within 30 days thereafter.
STAMBAUGH TOWNSHIP SCHOOL DISTRICT (P.O. Stambaugh),
Mich.—NOTE SALE—The $15,000 promissory notes offered on Sept. 21
—V.
143, p. 1914—were awarded to the Commercial Bank of Stambaugh
4% % interest basis. There were no other bidders. Notes will mature
May 1 as follows: $5,000 in 1937; and $10,000 in 1938.
on a
on
WAYNE COUNTY
(P. O. Detroit), Mich.—BUDGET UP $1,058,000—
The County Auditors recently submitted to the Board of Supervisors
budget estimates for 1937 involving the proposed expenditure of $18,017,562,
an
increase of $1,058,000 over the current year's outlay.
Among the
reasons cited for the
higher budget were a $301,480 deficiency item to
reimburse the general fund for overdrafts in 1936 and an item of $120,000
for salary increases and an enlarged personnel.
The budget total includes
$894,355 for debt service charges.
The amount to be raised by taxation
is estimated at $13,678,057, indicating a jump of 11 cents a thousand in
new
tax rate.
WRIGHT TOWNSHIP SCHOOL DISTRICT NO. 3 (P. O. Waldron),
Mich.—BOND
OFFERING—W.
E.
Gorusch,
District Secretary, will
receive bids until 8 p.
MUNICIPALS
MICHIGAN
1936
3.
Detroit.
the
We
Oct.
m., Oct. 9 for the purchase of $10,000 4% bonds.
Dated March 15, 1936.
Interest payable March 15 and
Due $1,000 yearly on March 15 from 1937 to 1946, incl.
Cert,
check for 2% of amount of bid, required.
Denom. $1,000.
Sept. 15.
Cray, McFawn & Company
DETROIT
A. T. T. Tel. DET347
Telephone CHerry 6828
Northwestern Municipals
Minnesota, North and South Dakota, Montana,
Oregon, Washington
$20,000 City of Detroit, Michigan
General
3% Bonds due in 1962
WELLS-DICKEY COMPANY
Price to Yield 3.20%
Telephone—Minneapolis Atlantic 4201
Teletype—Mpls287
McALISTER, SMITH & PATE, Inc.
67
BROAD
NEW YORK
STREET
MINNESOTA
Telephone WHitehall 4-6765
GREENVILLE,
S. C.
CARLTON COUNTY (P. O. Carlton) Minn.—BOND SALE DETAILS
—It is now stated by the County Auditor that the $75,000 poor relief bonds
purchased by the Justus F. Lowe Co., of Minneapolis, at a price of 100.50,
as reported in these columns
recently—V. 143, p. 2090—were sold as 3s,
CHARLESTON, S. C.
MICHIGAN
and mature
ELSIE, Mich.—BOND OFFERING—C. L. Cornell, Village Clerk, will
receive
sealed
bids until
8 p.
Oct. 5 for the purchase of $25,000
not to exceed 4% interest water works bonds.
Dated Oct. 1, 1936. Due
Oct. 1 as follows: $500 from 1939 to 1944 incl. and $1,000 from 1945 to
1966 incl.
Redeemable in inverse order of maturity on any interest date
on or after Oct. 1, 1946.
Interest payable A. & O. A certified check for
$1,000 must accompany each proposal. The approving opinion of Miller,
Canfield, Paddock & Stone of Detroit will be furnished the successful bidder.
UNION
JACKSON
m.
on
SCHOOL
DISTRICT,
Mich.—BOND SALE—
The
$210,000 refunding bonds offered on Sept. 29 were awarded to the
First of Michigan Corp. of Detroit, at a price of 100.09 for 2s and 2^s,
the net interest cost being about 2.13%.
The bankers took the issue as
follows:
$140,000 as 2>£s, to mature May 1 as follows:
$25,000 from 1938 to 1940,
incl.; $30,000 in 1941 and $35,000 in 1942.
70,000 as 2s, due $35,000 on May 1 in 1943 and 1944.
All of the bonds are dated Nov. 1, 1936.
MICHIGAN
(State of)—$31,031,639.52 CASH SURPLUS AT CLOSE
year
ended
Theodore I. Fry, State Treasurer, states that the cash
balance in the treasury at the close of the fiscal period amounted to $31,031,639.52.
Mr. Fry attributes the excellent condition of the finances of
the State to the successful operation of legislative acts providing for the
3% sales tax. liquor tax and chain store tax.
These sources of revenue
have replaced entirely the Michigan State Property Tax.
Revenues from
the sales tax, all of which is paid into the State's general fund, amounted to
$45,642,693.18, while administration costs reached only $733,869.76,
or
1.6% of the total collected.
The State had bonds outstanding in the aggregate par value of $75,669,000
on July
1, 1936, of which $6,366,000 was owned by the sinking funds.
The debt outstanding included $44,000,000 highway improvement; $4,419,000 highway impt. refunding; $25,000,000 Soldiers' Bonus, and $2,250,000
war loan fund,
1917, refunding bonds.
Schedule of bond principal pay¬
ments to be made by the State in the next five years: 1937, $3,250,000;
none in 1938 and 1939; 1940, $5,419,000 and in 1941; $35,050,000.
Interest
charges over the same period average about $6,000,000 annually.
In discussing the status of the State's sinking funds, Mr. Fry comments
as
1936,
30,
follows:
continues to
enjoy enviable credit reputation on the bond
State of Michigan bonds bring high premiums.
During
of office I have purchased for the State sinking funds $5,133,000
worth of State bonds, feeling that there was no better investment for the
State to make, than our own State of Michigan bonds, and there is at the
present time in the State sinking funds $6,366,000 worth of State of Mich¬
igan bonds.
The State sinking funds show a balance of $42,000,000.
"During the past year the last $1,000,000 of the $4,000,000 issue of
Soldiers' Bonus Refunding bonds have been retired.
The State Fair bonds,
amounting to $990,000 were called during the year, after considerable effort
on my part, with a saving to the State of over $123,000, as the majority of
the bonds did not mature until May 1, 1943, and as there were sufficient
funds in the State Treasury, I felt it could be used for no better purpose than
"The
market,
State
where
my term
to reduce the
State's indebtedness.
"There is a great deal of satisfaction to me in the fact that since my in¬
duction into office I have purchased $14,000,000 worth of bonds for the State
sinking funds, and there is not a single default in principal or interest.
An
appraisal of the holdings shows that the $14,000,000 worth of bonds pur¬
chased by me have increased in value by more than $1,000,000.
"The cash remaining in the sinking funds at this time will be invested as
rapidly as judicious handling and conservative practice will permit."
MICHIGAN
(State
of)—HIGHWAY
INDEBTEDNESS
TO
BE
REDEEMED—Murray D. Van Wagoner, State Highway Commissioner,
announces the call for redemption on Nov. 1,1936, at the designated paying
agent stated in the obligations, of various described highway refunding
bonds and interest refunding certificates.
Interest will cease to accrue on
the obligations
after Nov. 1, 1936,
MONROE, Mich.—BID REJECTED—In reference to the report that
the city has sold $95,000 4% self-liquidating revenue bonds to Lester G.
Bender, Inc., of Toledo, on a bid of 100.701, are now informed that the
City Council did not make the award, rejecting the bid. The Council hopes
to obtain a better price for the issue.
SCHOOL DISTRICT, Mich.—BOND TENDERS ASKED
Frain, Treasurer of the Board of Education, will receive
until 8 p. m. Oct. 28, sealed tenders of 4^% refunding bonds of the dis¬
trict, dated July 1, 1934, and due July 1, 1949.
The Board of Education
will purchase about $50,000 bonds.
PONTIAC
FOR—F.
J.
on
1946, giving
Aug. 1 as follows: $5,000, 1938 to 1940, and $10,000, 1941
a basis of about 2.92%.
MINNEAPOLIS,
Minn.—DETAIL
ON
CERTIFICATE
SALE—The
$57,645 issue of certificates of indebtedness that was sold on Sept. 24 to
local banks, as noted in our issue of Sept. 26—V. 143, p. 2090—was pur¬
chased by the First National Bank & Trust Co., and the Northwestern
National Bank & Trust Co., both of Minneapolis, at 1.50%, plus a premium
of $30.00, reports the Secretary of the Board of Estimate and Taxation.
Payable on April 1, 1937.
LIST OF BIDS—The following is an official list of the bids received on
Sept. 24, for the purchase of the two issues of bonds aggregating $763,750,
and the $57,645 issue of certificates of-indebtedness
Int. Rate
Phelps, Fenn & Co. (successful bidder)
Lazard Freres & Co., Inc.; Allison-Williams Co.;
Goldman, Sachs & Co.; Newton Abbe, Boston;
and Stern Bros. & Co., Kansas City
Brown, Harriman & Co.; First of Michigan Corp.,
Premium
1.90%
$1,250.00
1.90%
1,225.00
2.00%
3,825.00
2.00%
3,450.00
2.00%
3,100.00
and Northwestern National Bank & Trust Co. of
YEAR—In his report of operations for the fiscal
OF FISCAL
June
to
Du
ROUGE SCHOOL DISTRICT, Mich.—BOND OFFERING—
Joseph L. Schroer, Secretary of the Board of Education, will receive bids
until 8p.m. Oct. 8 for the purchase of the following coupon refunding bonds:
$300,000 Refunding bonds of 1936, series A. Dated Oct. 20, 1936. Due on
April 20, as follows: $15,000, 1938 to 1955; and $30,000 in 1956.
200,000 Refunding bonds of 1936, series B. Dated Nov. 2, 1936. Due on
May 2 as follows:
$12,000, 1938 to 1947; and $20,000, 1948 to
RIVER
1951.
Bidders are to name rate of interest, in a multiple of M
%, but not to exceed
Separate bids may be made for each-issue. Denom. $1,000. Principal
and semi-annual interest payable at the Manufacturers National Bank of
4%.
Minneapolis.
First
National
Bank
&
Trust
Co.
of Minneapolis;
Edward B. Smith & Co.; The Boatmen's National
Bank, and The Illinois Co. of Chicago
Bigelow, Webb & Co.; Harris Trust & Savings Bank;
Chemical Bank & Trust Co., and F. S. Moseley &
Co
Halsey, Stuart & Co.; First Boston Corp., and E. C.
Williams Co
2.00%
2,900.00
Bids and bidders for the $57,645.00 certificates of indebtedness:
Int. Rate
Premium
First Nat. Bank & Trust Co., and Northwestern Nat.
Bank & Trust Co., both of Minneapolis (successful
bidder)
Bigelow, Webb & Co., and Harris Trust & Savs. Bank
RAMSEY
COUNTY
(P.
O.
St.
1 H%
$30.00
1J^%
2.700
Paul)
Minn.—BOND OFFERING—
Sealed bids will be received until 2 p. m. on Oct. 19, by Geo. J.
Ries,
County Auditor, for the purchase of a $200,000 issue of public welfare,
series H bonds.
Interest rate is not to exceed 6%, payable M. & N.
Rate
to be stated in multiples of K of 1%.
Bidders must bid for one rate of
interest.
Denom. $1,000. Dated Nov. 1, 1936. Due on Nov. 1 as follows:
$18,000, 1937; $19,000, 1938 to 1940; $20,000, 1941 and 1942; $21,000.
1943 to 1945, and $22,000 in 1946. The approving opinion of Calvin Hunt,
of St. Paul, and Thomson, Wood & Hoffman, of New York, will be fur¬
nished. Delivery of these bonds will be made to the purchaser at such
place
as he may designate within the United
States, at the purchaser's expense
and the purchaser is required to take and pay for said bonds
immediately
upon being notified by the County Audi tor of readiness to make delivery
A
certified check for 2% of the amount of bonds bid for, is required.
ST. PAUL, Minn.—BOND ELECTION—In» connection with the
report
given in these columns recently to the effect that it had been proposed to
$820,000 in filtration plant bonds.—V. 143, p. 2091—it is stated by
H. F. Goodrich, City Comptroller, that these bonds will be
up for approval
by the voters at the election on Nov. 3.
He states that if the bonds are
ratified they will not be sold until next year.
issue
ST.
PAUL,
Minn .—FINANCIAL STATEMENT—The
following
in¬
formation is furnished with the official
offering notice on the two issues of
bonds aggregating $600,000, scheduled for award on Oct.
8, as reported in
detail in our issue of Sept. 26—Y. 143, p. 2091:
Debt Statement
as
at
Aug. 31, 1936
Gross Bonded Debt—
General bonded debt
Permanent improvement
Water department debt.
$31,226,800 00
revolving fund debt
6,000,000.00
6,615,000.00
D%ucfion!-ht
General
$43,841,8000.00
sinking fund (cash and securities)$5,343,309.51
Serial bond retirement for 1936
Inter-city bridge bonds
Minneapolis-St. Paul sanitary sewer bonds
Permanent improvement revolving fund debt
Water Dept. net bonded debt$5,300,912.54
Water
Department sinking
fund (cash and securities). 1,314,087.46
259 800 00
6,000.000 00
6,615,000.00
Total deductions
$21,910,109.51
Total net bonded debt
General improvement bonds authorized but
not issued
Margin for future bond authorizations
&
618,000 00
3,074 000 00
$21,931 690 49
$200,000.00
4,127,533.01
Margin for future bond issues
Satutory bonded debt limit (10% of assessed valuation)__
percentage of the new general bonded debt of the
The
assessed valuation is
The percentage of the net general bonded debt of the true
value is
$4,327,533.01
26,259,223!50
.08357420
.04463477
Volume
Financial
143
Statement
Real estate valuation (1935)
Personal Property Valuation (1935)—
Class No. 2 subject to 25% of full value
Class No. 3 subject to 33% of full value
Class No. 3A subject to 10% of full value—
Class No. 4 subject to 40% of full value
46,511,277.00
100.00
15,392,358.00
Moneys and credits—100% of full value
—
---—--.$314,023,138.00
——
$281,040.00
,
62,184,775.00
115,470,185.00
*
$491,678,098.00
.
Statement of Assessed Valuation
1935—Real estate taxable valuation.
$111,246,621.00
Plus assessed valuation due to Homestead
Law
(Chap. 359—Laws of 1933)
14,277,082.00 125,523,703.00
1935—Personal property taxable valuation
1935—Moneys and credits taxable valuation—
_
21,598,347.00
115,470,185.00
'
.
Valuation.
1935 tax rate—City purposes
1935 tax rate—County purposes
——
-
"
$262,592,235.00
$147,122,050.00
$60.68
23.08
l.00
13.34
1935 tax rate—One mill school.
1935 tax rate—State purposes
$98.10
City of St. Paul incorporated March 4, 1854.
Population—census 1930—271,606.
connection with the sale of the
$14,000 community building bonds to the Allison-Williams Co. of Minne¬
apolis, as 2%s, at a price of 100.72, as noted in these columns recently—
V. 143, p. 2091—it is stated that the bonds mature
$1,000 from Oct. 15,
1937 to 1950 incl., giving a basis of about 2.64%.
SWIFT COUNTY (P. O. Benson), Minn.—WARRANT OFFERING—
Leo E. Engleson, County Auditor, will receive bids until 1 P. M. Oct. 6
for the purchase of $30,000 warrants.
MONROE COUNTY SUPERVISORS DISTRICT NO.
5 (P. O.
Aberdeen), Miss.—BOND SALE DETAILS—In connection with the sale
of the $69,000 refunding bonds on Sept. 9 to Scharff & Jones, Inc., of New
Orleans, and associates, at par, as noted in these columns—V. 143, p. 1753—
we are informed that the bonds bear 4)4 % int. and are dated Oct. 1,1936.
Denom. $500.
Due on Oct. 1 as follows: $500, 1937 to 1941; $1,000,1942
to 1946; $2,500, 1947 to 1956; $5,000, 1957 to 1960, and $16,500 in 1961.
Prin. and int. A. & O. payable at the Monroe Banking & Trust Co., Aber¬
deen, Miss.
Legality to be approved by Charles & Trauernicht^of St.
•
the voters
bonds
are
4
-
VICKSBURG, Miss.—BONDS VOTED—At an election held
onS<Tpt722
stated to have approved the issuance of $200,000 in revenue
required in order to accept a $300,000 grant from the Federal Govern¬
city. The
ment, to oe used in the laying of a natural gas pipe line into the
election carried by a count of 1,625 "for" to 19 "against."
BOND OFFERING—It is stated by A. L. Darby, Director of
Finance,
that he will receive sealed bids until 2 p. m. on Oct, 5, for the purchase of
the following bonds aggregating $675,000:
$350,000,trafficway improvement bonds.
Due on Oct. 1 as follows: $5,000,
1938 to 1943, and $10,000, 1944 to 1975, all incl.
325,000 city hall, 2nd issue bonds. Due on Oct. 1 as follows: $1,000,1938
to 1940; $2,000, 1941; $5,000, 1942 to 1945, and $10,000, 1946 to
1975, all incl.
MISSISSIPPI MUNICIPALS
,.
Bidders shall specify in their bid
said bonds.
maturities.
Prin. and int. A. & O. payable at the office of the City Treasurer or at the
Chase National Bank in New York.
The approving opinion of Benj. H.
Charles, of St. Louis, will be furnished. No bid will be received which is
for less than par value.
Bid to be made on a blank form furnished by the
city. A certified eheckfor 2 % of the par value of the bonds bid for, payable
to the Director of Finance, is required.
The checks of the three most
favorable bidders will be retained until 9.30 a. m. on Oct. 6.
Denom. $1,000.
ough t—Sold-—Quoted
Dated Oct. 1, 1936.
the lowest rate of interest which they are willing to receive on
Bidders may specify different rates of interest upon different
SellarffL Jones
INCORPORATED
A.T.T. TEL. N. O. 180
Mississippi, 1936, and House Bill No. 94, Laws of Mississippi,
1936, and in the event the "Highway Note Sinking Fund" shall at any
time be insufficient to pay when due the principal of and interest on said
notes, said Act provides that the deficiency shall be paid into the said
fund out of any funds then in the State Treasury to the credit of the State
Highway Fund derived from any excise tax on gasoline, all in accordance
with the provisions of said Act;.
Bidders for said notes may specify the price offered for the notes of the
first series in the amount of $4,850,000, the price offered for the notes of
the second series in the amount of $750,000, or the price offered for both
series on an all or none basis. No bid of less than par will be considered.
Each bid, except bids .by the United States of America or any agency
thereof, must be accompanied by a certified check payable to the State
Treasurer, in a sum equal to 2% of the par value of the notes bid for.
The approving opinion of Thomson, "Wood & Hoffman, New York City,
to the effect that such notes are valid and legally binding obligations of the
State of Mississippi, payable solely as aforesaid, will be delivered to the
purchaser without charge.
Louis, Mo.
SHERBURN, Minn.—MATURITY—In
B
2247
Chronicle
Laws of
of Assessable Property at the Full and True Value
TELEPHONE RAYMOND 1189
New Orleans
MISSOURI
MISSISSIPPI
f
ACKERMAN, Miss.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on Oct. 6,
by C. D. Blanton, Town Clerk, for the purchase
a $12,500 issue of 4% semi-ann. school ref. bonds.
Denom. $500.
Due
$500 yearly after Dec. 1, 1936.
A certified check for 5% of the amount
bid is required.
of
p GREENVILLE.
is
stated
GULFPORT, Miss.—BONDS SOLD—A $68,000 issue of 4% semi-aanual
harbor bonds is said to have been purchased on Sept. 22 by Sam Gates &
Co. of Gulfport.
Due from April 1, 1937 to 1955.
(It was reported by
the City Clerk earlier in the year that the Public Works Administration
had agreed to purchase a like amount of bonds.)
HARRISON-STONE JACKSON AGRICULTURAL HIGH SCHOOL
JUNIOR COLLEGE DISTRICT (P. O. Perkinston), Miss.—
ADDITIONAL INFORMATION—In connection with the $64,000 4%
semi-ann. junior
college dormitory bonds authorized recently by the
Boards of Supervisors of the above counties—V. 143, p. 2091—it is stated
by O. J. Darby. District Superintendent, that no date of sale has been
fixed as yet for the bonds.
It is said that Harrison County is obligated to
pay $59,798 of the cost of the project, and Stone County, $4,202.
Denoms.
$500 and $1,000. Dated Aug. 1, 1936. Due as follows: $1,500, 1937 to
1941; $3,000,1942 to 1946; $3,500,1947 to 1951, and $4,000,1952 to 1957.
AND
HATTIESBURG. Miss.—MATURITY—We are now informed that the
$125,000 refunding bonds that were purchased by a group headed by the
Whitney National Bank of New Orleans, as 3%s, at a price of 100.17, as
noted in these columns recently—V. 143, p. 2091—are due as follows:
$2,000,1941 to 1946; $4,000,1947 to 1956; $7,000,1957 to 1965, and $10,000
in 1966, giving a basis of about 3.73%.
8
HAZLEHURST, Miss.—BOND SALE—It is stated by J. L. Watson,
Town Clerk, that Kenneth G. Price & Co. of McComb, purchased at public
auction on Sept. 1, a $40,000 issue of 4% % semi-ann. refunding bonds, at
price of 100.92.
CERTIFICATE SALE-.—He also states that $6,000 school certificates of
indebtedness were purchased on the same date by L. A. Kemp, of Hazle-
hurst, as 5s at par.
(This report supersedes the sale report given in these columns recently
—V. 143, P. 1753.)
MISSISSIPPI.
State
of—NOTE OFFERING—It is announced by
Greek L. Rice, Secretary of the State Highway Commission, that he will
receive sealed bids until 10 a. m. on Oct. 8 for the purchase of two issues of
not to exceed
as
4% semi-ann. highway notes aggregating $5,600,000, divided
follows:
$4,850,000 sub-series B notes. Dated April 1 1936. Due on April 1 as
follows: $175,000, 1938 te-1943; $225,000, 1944 to 1949; $275,000, 1950 and 1951; $300,000, 1952 to 1955, and $700,000 in
1956.
Said notes will be numbered from B-l to B-4,850, in¬
clusive (except that registered notes originally issued shall be
otherwise numbered but shall be convertible into coupon notes
so
numbered.)
'*50,000 Sub-series S notes.
Dated Oct. 1, 1936.
Due $150,000 from
Oct. 1, 1956, to 1960, incl.
Said notes will be numbered from
S-l to S-750 (except that registered notes oiiginally issued shall be
numbered
numbered.)
otherwise
notes so
CITY,
The bonds to be sold include:
$350,000 trafficway improvements.
325,000 part of new city hall cost.
■'
50,000 park and boulevard bonds to pay the city's share of construction
of Gregory Boulevard under the Works Progress Administration.
50,000 Blue River bonds for city's share of cost under WPA.
25.000 Bfush Creek bonds for city's share of cost of construction of con¬
crete box channel under site for mirror pool, south of the grounds
of the William Rockhill Nelson Gallery of Art and Atkins Museum.
„
Miss.—CORRECTION—It
by Guy Drew,
.City Clerk,, that the amount of park bonds to be voted upon, at the election
on Oct. 7, will be $28,000, not $35,000, as reported in these columns re¬
cently.—V. 143, p. 2091.
a
Mo.—PROPOSED BOND SALE APPROVED—The
following statement is taken from the Kansas City "Star" of Sept. 19:
The proposed sale of $800,000 in bonds to finance 10-year plan improve¬
ments was approved by the citizens' bond advisory committee at a meeting
late yesterday at the Hotel Muehlebach.
KANSAS
shall
but
-
w
be
convertible
r"
*
into
coupon
■■
Issued in coupon form, in the denomination of $1,000 each, or at the
option of the holder, in registered form in the denominations of $1,000
$10,000 and $50,000
The notes shall be redeemable in whole 6r in
part at the option of the State Highway Note Commission on any interest
payment date in the inverse order of maturity at a price per note equal
to the principal amount thereof plus accrued interest to the date fixed
for redemption, and a premium of H of 1% of the principal amount of the
note for each year or fraction thereof over the full number of years from the
date fixed for redemption to the stated maturity of this note. Prin. and int.
(A. & O.) payable at the Chemical Bank & Trust Co., New York City.
Said coupon notes shall be registerable as to principal or convertible into
fully registered notes, and said registered notes shall be convertible into
coupon notes.
Bidders shall specify the rate of interest the notes are to
bear in multiples of U. of 1%.
If definitive notes shall not be ready for issuance at the time when
same are to be issued, interim certificates shall be issued in lieu of such
definitive notes. Such interim certificates shall be in the denominations of
$1,000 or any multiple or multiples thereof apd shall be exchangeable with¬
out cost to the holder thereof for the definitive notes described therein when
the latter are ready for issuance. The interim certificates shall provide that
the bearer thereof shall be entitled to all the rights and privileges of an
owner or holder, of the notes described therein.
Said notes are payable as to both principal and interest solely from the
"Highway Note Sinking Fund" provided for by House Bill No. 38, Laws of
Mississippi, 1936, into which is required to be paid monthly an amount
equal to the amount produced by a 1H cents per gallon gasoline tax levied
under the statutes of Mississippi, including among others House Bill No. 38,
H.
F.
.
_
___
McElroy, City Manager, and Mayor Bryce B. Smith appeared
before the committee.
Sale of $800,000 in bonds will make a total of
...
.
$19,200,000 sold by the
city since the 32-million-dollar bond issue was voted in 1931.
The Qity
Manager stressed that the city had issued and sold only $3-200,000 in bonds'
a
year in the six-year period.
This is in accordance with a resolution
adopted by the council in 1931, to spread the bonds' use uniformly over the
10 years.
"The sale of the $800,000 in bonds will mark the end of the sixth year,"
the City Manager said.
"They will carry the program through this year."
A statement was issued showing the amounts of various bonds voted,
the amounts sold, including the $800,000 approved, yesterday, and the
amounts
The figures:
remaining for sale.
Voted
Purpose—
Auditorium
...^
__
Water.
—
Sewers...-.,-.
Parks and boulevards
Brush Creek.
Airport
Trafficways
...
Blue River..
Hospital
Safety zone....
—
—
$2,200,000
100,000
375,000
50,000
;—
--
Fire.
——
350,000
1,075,000
125,000
925,000
75,000
125.00(1
75.000
50,000
2,750.000
1,250.000
375,000
500,000
-
5,000,000
650,000
4,000,000
—— —
— ...
3,300,000
1,000,000
2,000,000
200,000
....
-
.
City hall
200,000
175,000
500,000
750.000
1,000,000
750,000
1,000,000
Stadium
Incinerator
Totals..-.-..
Remaining
$4,500,000
1,300,000
1,400,000
2,375,000
950,000
500,000
500,000
8,300,000
-
Police„
Markets..
Sold
$4,500,000
3,500,000
1,500.000
2,750,000
1,000,000
...... -
...
.-$32,000,000
—
...
$19,200,000
$12,800,000
KANSAS CITY, Mo.-CONFIRMATION OF ELECTION—We wish to
corroborate the report given in these columns recently, to the effect that at
the November election the voters will be called upon to pass approval on the
issuance of $1,000,000 in municipal airport bonds—Y. 143, p. 1915.
ST.
MARYS, Mo.—BOND SALE—An issue of $30,000 water works
Co. of St. Louis
works bonds has been sold to the Mississippi Valley Trust
as3Ms.
MONTANA
BILLINGS, Mont.—BOND ELECTION CONTEMPLATED—An elec¬
tion is said to be contemplated for the near future in order to vote on $87,000
storm sewer completion bonds, to be used in connection with a Public Works
Adminsitration project estimated to cost $179,000.
BROWNING, Mont.—BONDS NOT SOLD—We
are
informed by W. R.
McDonald, Town Attorney, that the $33,000 issue of not to exceed 6%
semi-annual refunding bonds offered on Sept. 21—V. 143, P. 1598—was
not sold as no bids were received.
FERGUS COUNTY HIGH SCHOOL DISTRICT (P. O. Lewistown),
Mont.—BONDS SOLD—The State Board of Land Commissioners has
taken an issue of $37,000 high school building improvement bonds.
LEWIS AND CLARK COUNTY (P. O. Helena) Mont .—MATURITY
now stated by the County Clerk that the $80,000 hospital bonds
purchased by the State Land Board, as 3s at par, as noted in these columns
recently—V. 143, p. 2091—are due in 20 years, optional in five years.
—It is
MONTANA,
State
of—COUNTIES REDUCE
BONDED
DEBTS—
Total bonded indebtedness of all 56 counties in Montana at the end of last
fiscal year, was $11,818,793, according to Frank Johnson, Superintendent of
Banks, who called attention to the total indebtedness in 1924,11 years ago,
of $27,913,336, a decrease of $16,094,543.
Leading the rest of the State in
aggregate decrease in bonds during that period were Fergus and Cascade
counties.
The former reduced its debt from $2,232,000 in 1924 to $1,063 ,000, representing an annual interest saving of $63,600.
Cascade cut its
indebtedness from $1,604,000 to $473,000, an annual saving of $67,000 in
interest.
Prairie County .11 years ago had an outstanding indebtedness of
$142,500, now. reduced to $9,000, an annual interest saving of $8,000.
Silver Bow County's bonded indebtedness decreased from $1,138,000 to
$335,000.
2248
Financial
Beaverhead, Carter, Deer Lodge, Garfield, Madison, Powder River and
Sanders counties now each have less than $100,000 bonds outstanding;
Broadwater, Jefferson, Liberty, McCone, Mineral, Park, Prairie, Treasure
and Wibaux counties have reduced their indebtedness to less than $50,000
each.
Lincoln has wiped out Its entire indebtedness.
In spite of its big decrease in bonds, FergusJCounty still has the greatest
outstanding debt, $1,063,000; Musselshell is second, with $771,000.
It is
said the payment of back taxes, with consequent use of the
money by the
counties, was biggest factor in reducing indebtedness.
RAVALLI1COUNTY SCHOOL DISTRICT NO. 2 (P. O. Stevensville),
Mont.—BOND OFFERING—Sealed bids will be received until 3 p. m. on
Oct. 16, by C. B. Calkins, District Clerk, for the purchase of a $20,000 issue
Interest rate is not to exceed 6 %, payable J. & D.
Dated
Chronicle
Amortization bonds will be the first choice and serial bonds
choice of the School Board.
The said bonds, whether
serial, will be redeemable in full on any interest payment
date from and after five years from the date of issue.
A certified check for
$2,000, payable to the Clerk, must accompany the bid.
will be the second
amortization
1936
3,
not meet the
just legal claims of the bondholders
to the reasonable maximum ability of the'city to pay such
claims; it does
not provide adequate security against a repetition of the known preventable
causes of the present
default; nor does it provide suitable remedies in the
event that the new pledges are themselves broken.
"When the city is prepared to enter into formal agreement for a refunding
plan free of the aforesaid objections, the undersigned groups are prepared
to submit their joint proposals."
The Protective Committee for Security Holders of the City of Asbury
Park, N. J.|by J. S. Rippel, Chairman.
Committee for Bondholders of the City of Asbury Park, N. J. by Edwin
H. Barker, Chairman.
of school bonds.
Dec. 1, 1936.
Oct.
rejected it because it does
BELMAR, N. J .—BONDS SOLD—An issue of $306,500 4H% refunding
bonds has been sold to the State.
or
CAMDEN, N. J.—LOWERS GROSS DEBT—Special budgetary provisions
which became law on June 4, 1936, when the City of Camden, N. J. em¬
barked on its refunding program, already are having a beneficial effect on
the city's financial condition, it was revealed Sept. 27 by George E. Brunner,
Director of Revenue and Finance, in releasing figures for the eight months
NEBRASKA
ended
Aug. 31, 1936.
Operating under its cash-basis budget,
MUNICIPALS
OFFERING
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
OTHER
NEBRASKA
Camden has reduced its
debt from $28,354,121 as of May 31, 1936 to $27,824, 382,
of $529,739 in three months, Mr. Brunner stated.
WANTED
ISSUES
gross
reduction
a
Meanwhile, current tax collections for the first eight months- of this
equaled $2,873,007. an increase of $422,926 over the $2,450,081
1 and Aug, 31, 1935, according to Mr. Brunner's
figures.
"Among the budgetary provisions, which are now a matter of contract
between the City and its bond holders, is the establishment of a reserve
fund equal to all outstanding delinquent taxes." said Mr. Brunner.
"We
are also required to include
any operating deficits from one year in the
budget for the following year, and no miscellaneous revenue from any
source can be anticipated in an amount greater than
actually realized from
that source the preceding year."
Current and delinquent taxes collected from Jan. 1 to Aug. 31, 1936
amounted to $4,123,151 as compared to only $3,776,759 in the
similar
1935 period, Mr. Brunner added.
year
collected between Jan.
THE NATIONAL COMPANY
OF OMAHA
Flr«t National Bank Bldg-
A. T. & T. Teletype OMA 81
NEBRASKA
BROWN COUNTY (P. O. Ainsworth), Neb.—BOND ELECTION
CONTEMPLATED—The County Commissioners are said to have passed a
resolution providing for the submission to the voters of a $60,000 issue of
3H% bonds, to care for outstanding 6% warrants and interest, totaling
$56,000.
CHADRON, Neb.—PRE-ELECTION SALE— It is stated by the City
Clerk thatla $50,000 issue of water main bonds has been purchased by the
Kirkpatrick-Pettis-Loomis Co. of Omaha,
be held
on
as
3s, subject to
an election to
COUNTY
(P. O. Omaha), Neb.—BOND ELECTION—
The County Commissioners are reported to have passed a resolution to sub¬
mit at the Nov. 3 election a proposal to issue $661,000 in 3%
% semi-annual
bonds, maturing annually from Jan. 1, 1942.
It is understood that the
Commissioners will float the bonds to reestablish the county's credit and to
save
interest by retiring.$661,291 in outstanding 6% warrants.
4
FAIRBURY,
passed
a
Neb.—BOND REDEMPTION—The City Council is said
resolution calling a total of $62,500 in refunding bonds.
The call is said to be made pursuant to an agreement with the First National
Bank, and the Fairbury State Bank, at which they have agreed to allow
the city to pay off and cancel as many of the bonds as it desires at the
optional date, and to hold the remainder between the two banks at 3%
interest, the city halving the privilege of paying off additional bonds at
six months' intervals, during a five-year period.
GREELEY,
warrant
Neb.—BOND ELECTION— It is reported that $52,000
funding bonds will be submitted to the voters at the November
election.
-
BONDS PUBLICLY OFFERED—J.
S.
Rippel & Co. of
offering for public investment, at prices to yield from 3.25%
to 4.25%,
various bonds of the city aggregating $1,295,000.
Interest
rates range from 4% to 6% and maturities from 1938 to 1970 incl.
Legality
approved by Hawkins, Delafield & Longfellow of New York City.
are
Financial Statement (Officially Reported)
Nov. 1.
DOUGLAS
to have
-
$1,295,000
Newark
,
Assassed valuation, 1936Total bonded and note debt, as of Aug. 31,1936
Less: Water debt.
$136,350,463
27,824,382
$1,341,975
2,194,762
Sinking funds, except for water debt
Net debt
24.287,645
From the proceeds of bonds sold in June, 1936, funds were provided for
the retirement of $1,482,150 overdue bonds.
All of such overdue bonds
have been retired.
This indebtedness does not include the debt of other political subsidisions
which have power to levy taxes on property within the city.
Tax
Collections
Year
1Q83
1Q84
IQT^
470,286
$5,998,726
3,633,959
703,572
$5,849,082
3,854,796
1,166,525
4,843,268
5,357,068
6,000^200
Tax levy
$6,344,591
Current taxes collected within each yr.
3,585,261
Outstanding Aug. 31, 1936*.
Current and delinquent taxes collected
Avithin each year_a_____
•
____
Tax Collections in First Eight Months of 1935 and 1936
_
NEW
MANCHESTER,
1935
HAMPSHIRE
$100,000 3%
coupon
Sept. 30—V. 143, p. 2092—were awarded
on a bid of 102.202, a basis of about
2.76%.
Webster, Kennedy & Co. and Frederick M. Swan & Co., both of
Boston, bid 102.079.
Dated Aug. 1, 1936.
Due $5,000 yearly on Aug. 1
from 1937 to 1956, inclusive.
McGregor bridge bonds offered
to E.
H. Rollins &
on
Sons of Boston
$5,849,082
2,450,081
Current and delinquent taxes collected.a
3,776,759
Population, United States Census, 1930, 118,700.
were as
follows;
$5,868,243
2,873,007
4,123,151
*
Does not include tax title liens owned by the city, the amount of which
together with assessment and other liens as of Dec. 31, 1935 totaled
$2,254,Of these liens, it is estimated by the City Comptroller that approxi¬
mately $695,260 were acquired on account of delinquent taxes of the years
992.
shown above.
a
Other bids
Bidder—
1936
Tax levy for year
Current taxes collected-
H.—BOND SALE—The
N.
J
^
Aug. 31
Jan. 1 to
RANDOLPH, Neb:—BONDS SOLD—It is stated by the City Clerk
that $37,000 refunding bonds have been sold.
Includes tax title, assessment and other lien
collections, which
are
used
for current account purposes.
Rate Bid
First National Bank of Boston
101.90
Ballou, Adams & Whittemore, Inc. and Coffin & Burr, Inc., jointlyl01.70
Arthur Perry & Co. and Graham; Parsons & Co., jointly
101.625
Burr & Co
C. F. Childs & Co
101,397
101,289
Faxon, Gade & Co
101.22
Brown Harriman & Co
100.569
EAST ORANGE, N. J .—BOND OFFERING—Alice I. Webster, City
Clerk, will receive sealed bids until 8 p. m. on Oct. 13 for the purchase of
$837,000 not to exceed 4% interest coupon or registered school bonds, part
of
a total authorization of $927,000.
The bonds are dated Oct. 1, 1936.
Denom. $1,000.
Due Oct. 1 as follows: $20,000,1938 to 1947 incl.; $25,000,
1952 to 1961 incl.; $30,000 from 1962 to 1973 incl. and $27,000 in 1974.
Prin. and int. A. & O. payable at the City Treasurer's office.
A cert,
check for 2%, payable to the order of the city, must accompany
each pro¬
Legal opinion of Hawkins, Delafield & Longfellow of N. Y. City
posal.
will be furnished the successful bidder.
H. L. All
Company
FRANKLIN
TOWNSHIP
SOLD—The State
Sinking
general funding bonds.
(P.
Fund
O.
Franklinville),
Commission
has
N. J.—BONDS
purchased $155,000
NEWARK, N. J.—PROTESTS USE OF CURRENT REVENUES FOR
RELIEF PURPOSES— Declaring he would refuse to make future relief pay¬
ments out of current receipts, Finance Director Minisi recently urged the
New York
100 Broadway
City Commission to take immediate steps to provide for financing relief.
Mr. Minisi outlined the situation in a letter to City Clerk Reichenstein,
which he requested be read at the commission conference.
The letter stated:
"The relief problem has reached such an acute stage that something must
be done without delay.
Not only have we consumed $1,400,000 which we
have borrowed but
MUNICIPAL BONDS
New
city funds.
we
have spent approximately $200,000 out of regular
a point where I shall refuse to meet relief
We have reached
payments out of current receipts.
Jersey and General Market Issues
Our budget was made up to meet pay¬
with the normal functions of our city government.
responsibility of the entire commission and should be discussed
with that thought in mind."
ment
in
This is
connection
a
.
B. J. Van Ingen & Co. Inc.
57
WILLIAM
STREET, N. Y.
Telephon
:
John 4-6364
PAULSBORO, N. J.—BONDS PASSED ON FIRST READING—The
Borough Council on Sept. 15 passed on first reading two ordinances which
provide for the issuance of $525,000 refunding and $75,000 serial funding
bonds.
Oct.
A.
T.
&.
T.:
N.
Y
1-730
Newark Tel.:
The ordinances will be considered for final reading and passage on
6.
Market 3-3124
RED
BANK, N. J.—BOND SALE—The First National Bank of Eaton-
town has purchased
$6,500 North Shrewsbury River dredging bonds at a
price of 100.74.
$40,000 Teaneck Township, N. J., (Pop. 20,000), Sch. 4s
SUMMIT,
sewer
Due
November
1,
1949-51 to yield 3.50%
Colyer, Robinson $ Company
INCORPORATED
1180
Raymond Blvd., Newark
New York Wire:
REctor 2-2055
MArket 3-1718
A. T.
&
T.
Teletype
NWRK
24
N.
J.—BOND SALE— The
bonds offered
on
Sept. 29—V. 143,
p.
equal to 100.11, a basis of about 2.19%.
Dated Oct. 1,
$5,000 on Oct. 1 from 1937 to 1953, incl.
Other bids were
Bidder—
ASBURY PARK, N. J.—TWO BONDHOLDERS GROUPS REJECT
PLAN—Rejection by two bondholders committees of the
refunding plan for City of Asbury Park bonds, proposed by the Mayor and
City Council, was announced Sept. 30 in a joint statement by J. S. Rippel
and Edwin H. Barker, chairmen of the two groups.
The two committees,
it is said, represent in the aggregate a large percentage of the
outstandig
indebtedness of the city now in default.
Their joint statement follows:
"Independently of each other, the undersigned groups, for the past two
REFUNDING
have examined the financial records and the administrative acts of
the present and previous governments of the City of
Asbury Park, N. J.,
now in default on its obligations.
jointly
2H%
2H%
2.30%
2.40%
2.50%
2.50%
2.50%
2.50%
H. L. Allen & Co..
John B. Carroll & Co_
Bancamerica-Blair
C. A.
Corp
1
J
2
Preim & Co
M. M. Freeman & Co., Inc
Colyer, Robinson
Gardner, Inc.
&
Co,
and
J
Schlater,
Noyes
Summit
Trust
2.50%
—
Co
Kean, Taylor & Co. and Van Deventer, Spear & Co.
B. J. Van Ingen & Co., Inc
NEW
*
?
$663.00
44.20
113.30
78.00
969.69
586.50
,
561.61
476.00
&
—
E. H. Rollins & Sons.
years,
"The two groups independently of each other have examined in detail
the refunding plan submitted by the Mayor and City Council and have
follows:
Premium
A. C. Allyn & Co., Inc. and MacBride, Miller & Co.,
Dougherty, Corkran & Co
JERSEY
1936 and due
as
Int. Rate
J. S. Rippel & Co
NEW
$85,000 coupon or registered
1916—were awarded to Minsch,
Monell & Co., Inc. of New York as 2.20s, at par plus a premium of $101.15,
2.50%
2.50%
2.50%
2.70%
337.77
189.55
110.00
22.95
161.50
MEXICO
COUNTY SCHOOL DISTRICT NO. 1 (P. O. PorN. Mex.—BOND CALL—It is said that the entire issue of 6%
school bonds, dated Oct. 15, 1921, are being called for payment on Oct. 15
at the County Treasurer's office or at the First National Bank in Portales.
ROOSEVELT
tales),
Volume
Financial
143
2249
Chronicle
SOUTH
Offering*
•—
NYACK, N. Y .—CERTIFICATE OFFERING—Ira Hartwick,
Village Clerk, will receive sealed bids until 1 p. m. on Oct. 5 for the purchase
of $53,500 not to exceed 6% interest bearer certificates of indebtedness,
Wanted
divided
New York State Municipals
County—City—Town—School Dietrict
MEMBERS NEW
WALL ST.,
YORK STOCK EXCHANGE
N. Y.
follows:
■
Gordon Graves a Co.
1
as
$31,500 series No. 2 street improvement certificates. D ue $6,300 on Oct. 1
from 1937 to 1941 incl. Denom. $6,300.
12,000 fire equpiment certificates.
Due $2,400 on Oct. 1 from 1937 to
1941 incl.
Denom. $2,400.
10,000 series No. 1 street improvement certificates. Due $2,500 on Oct. 1
from 1937 to 1940 incl.
Denom. $2,500.
All the certificates will be dated Oct. 1,1936.
Rate of interest to be expressed
V\ or l-10th of 1 %. Principal and interest (A. & O.) payable
Nyack National Bank & Trust Co., Nyack.
A certified check for
2% must accompany each proposal.
The approving opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
Whitehall 4-5770
in a multiple of
at the
NEW
YORK
bidder.
ALBANY, N. Y.—BONDS AUTHORIZED—The Common Council has
the issuance of $200,000 water supply improvement and ex¬
Financial Statement
authorized
tension bonds.1
^
ERIE COUNTY
°* Buffalo), N. Y.—BOND OFFERING—Sealed
bids will be received until Oct. 8, for the purchase of $1,100,000 work and
to mature serially on April 1 from 1939 to 1946, incl.
Tax Collection Report
Fiscal Year—
GREECE, N. Y.—BOND OFFERING—Hugh T. Hughes, Town Clerk,
bids at the
a
multiple of }4
LINDENHURST, N. Y.—BOND SALE—The $6,000
coupon
or
regis¬
tered fire apparatus bonds offered on Oct. 2—-V. 143, p. 2093—were awarded
to the Lindenburst Bank and the First National
Bank, both of Lindenhurst,
29£s.
Dated Oct. 1,
1936.
Due $600 yearly
1946.
York, as 1.90s, for
1.86%.
!
.
*
'
-
.....
.
.
.
MANLIUS, N. r.—BONI) OFFERING—E. D. Smith, Village Clerk,
will receive sealed bids until 3 p. m. on Oct. 5 for the purchase of
not to exceed 6% interest coupon or
registered fire apparatus and
Dated
bonds.
Oct.
$7,500
equip¬
1936.
Denom. $1,000 and $500.
Due
$1,500 on Oct. 1 from 1937 to 1941, incl.
Bidder to name one rate of
interest on the issue, expressed in a multiple of H or 1-10 of 1%.
Prin¬
cipal and interest (annually on Oct. 1) payable at the Bank of Manlius.
A certified check for $200, payable to the order of the village, must accom1,
Sany each proposal. Approving opinion of Chapman, Newell & Crane of
yracuse will be furnished the successful bidder.
NEW YORK CITY—NEW TAX ASSESSMENT ROLLS SHOW IN¬
CREASE—The tentative real estate values of the city for 1937 total $16,-
030,706,291, according to figures made public by William Stanley Miller,
President of the Department of Taxes and Assessments.
This is an in¬
crease of $47,275,010 over the final assessment figures for the current year.
To the tentative total must be added special franchise assessments which
will aggregate about
$695,000,000, it is said.
„
Tbe new figures indicate an unofficial tax rate of $2.51 per $100 of assessed
a rate of $2.65 this year.
There is a gross
reduction in real estate assessments of $246,090,222, out this is offset by an
valuations,
as
compared with
increase in assessments
on
new
buildings and improvements totaling $293,-
365,232, according to report.
NEW
YORK, N. Y .—BANKERS AGREE TO LOWER TAX RESERVE
IN BUDGET—In a report submitted to the Board of Estimate and Appor¬
tionment. the Committee of Banks, acting for the various local institutions
which are parties to the four-year credit agreement, with the city, an¬
nounced their approval of the reduction to $12,000,000 from $20,000,000 in
the reserve which is to be included in the city's 1937 budget against de¬
linquent taxes. The Board, after officially approving the reduction auth¬
orized City Comptroller Frank J. Taylor to prepare the necessary legis¬
lation to make the change legal. The lower reserve must be approved in the
form of an amendment to tne existing law covering the credit pact.
No
difficulty is anticipated in that regard. Municipalofficials have stated that
the concession in the reserve requirement will be used to make partial
restoration ofr the salary reductions imposed on civic employees several
years ago.
NEW YORK,
State of—REDUCED PENALTY CHARGE ON BACK
TAXES URGED—The New York State Chamber of Commerce passed a
resolution at its first fall meeting urging the Mayor and the Municipal As¬
sembly
to take steps to amend the bankers' agreement and local laws to
bring a reduction of the penalty charged on arrears of taxes from 10% to
7%, it is said.
Many are reported to be of the opinion that the continu¬
ance of the present 10% rate will result in much property being abandoned
by the owners.
A reduction in the penalty should prove helpful to the real
estate market, the resolution continued, and its revival should bring about
the increased payment of tax arrears.
PORT
awarded
2.70s, at
JclRViS,
on
a
N.
Y.—LIST OF BIDS—The $100,000 relief bonds
Sept. 25 to George B. Gibbons & Co., Inc. of New York as
price of 100.19, a basis of about 2.67%, were also bid for as
follows:
—
~—v~
—-----
tt—-
Bidder—
Int. Rate
B. J. Van Ingen & Co., Inc
2.70%
First National Bank and National Bank & Trust Co.,
„
both of Port Jer\ris___
2.90%
.
A. C. Allyn & Co., Inc
3
—'
Rate Bid
100.159
Par
100.188
Y.—BOND SALE—The $38,000 coupon or registered
on Sept. 28—V. 143, p. 1917—were awarded to the
Marine Trust Co. of Buffalo as 2%s, at a price of 100.147, a basis of about
2.74%. Dated Oct. 1,1936 and due $2,000 on Oct. 1 from 1938 to 1956 incl.
SIDNEY,
water
N.
bonds offered
BIDS RECEIVED—On Sppt. 28 when the issue of $38,000 coupon or
registered water bonds was awarded to the Marine Trust Co. of Buffalo
on a
the
bid of $38,056.62, equal to 100.149,
following bids
were
for 2%s, a basis of about 2.74%,
also received:
Name—
Geo. B. Gibbons & Co., New York
Manufacturers & Traders Trust Co., Buffalo
Birge, Wood & Trubee, Buffalo
City National Bank..
E. H. Rollins & Sons, New York
A. C. Allyn & Co., New York
Roosevelt & Weigold, New York
First National Bank, Sidney
...
Int. Rate
-
.......
—
....
...
Bid
2.75%
2.80%
2,80%
3%
3%
$38,056.01
3%
3.20%
3.25%
38,163.36
38,288.42
38,210.00
38,174.80
38,098.80
38,121.60
38,047.50
SIDNEY, N. Y.—CERTIFICATE SALE—The $2,500 fire department
certificates
of indebtedness
offered
awarded to the City National Bank
The First National Bank of Sidney
en
Sept.
143, p. 2094—were
28—V.
of Binghamton on a 3% interest basis.
bid 4H%. Dated Oct. 1, 1936, Due
$500 yearly from 1938 to 1942.
price of $471,405.30, equal to 100.299, a basis of about
Principal and interest (J. & J.) payable
Each issue is dated July 1,1936.
by R. M. Noble, City Treasurer, until 3 p. m. on Oct. 5 for the purchase
of $20,000 not to exceed 5% interest coupon or registered improvement
bonds.
Dated Oct. 1, 1936. Denom. $1,000. Due $2,000 on Oct. 1 from
1937 to 1946 incl.
Bidder to name one rate of interest on the issue, ex¬
pressed in a multiple of H, or 1-10 of 1%.
Principal and interest (A. & O.)
payable at the City Treasurer's office. A certified check for 2%, payable
to the order of the city, must accompany each
proposal. The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
ment
a
250,000 general city bonds.
Due July 1 as follows: $20,000 in 1938 and
1939. and $30,000 from 1940 to 1946, incl.
185,000 debt equalization bonds, series of 1936.
Due July 1 as follows:
$35,000 in 1943 and $50,000 from 1944 to 1946, incl.
25,000 public building bonds.
Due July 1 as follows: $2,000 from 1937
to 1948, incl., and $1,000 in 1949.
10,000 park bonds.
Due $1,000 on July 1 from 1937 to 1946, incl.
at the
LOCKPORT, N. Y.—BOND OFFERING—Sealed bids will be received
J'
1,778.58
3,999.59,
Oct. 1 from 1937 to
on
.
successful bidder,
2,483.76
9,157.51
TROY, N. Y.—BOND SALE—Tbe $470,000 coupon or registered bonds
described below, which were offered on Sept. 29—V. 143, p. 1917—were
awarded to Blyth & Co. and Stone & Webster and Blodgett, both of New
l-10th of
or
1933-34
$51,960.00
3,482.58
$80,000 street improvement bonds. Due June 1 as follows: $3,000, 1938;
$5,000, 1939 to 1951 incl., and $4,000 from 1952 to 1954 incl.
10,000 equipment bonds.
Due June 1 as follows: $2,000 in 1938 and
$1,000 from 1939 to 1946 incl.
10,000 sewer bonds. Due June 1 as follows: $2,000 from 1941 to 1944 incl.
and $1,000 in 1945 and 1946.tv~
Each issue is dated June 1, 1936.
HORNELL CITY SCHOOL DISTRICT (P. O.
Hornell), N. Y.—
by H. A. Miller, District
Clerk, until 2 p. m. (Eastern Standard Time) on Oct. 5 for the purchase of
$19,000 not to exceed 3% interest coupon or registered school bonds. The
bonds will be dated Sept. 1, 1936. Denom. $1,000. Due
Sept. 1 as follows:
$2,000 from 1937 to 1945 incl. and $1,000 in 1946. Bidder to name one rate
1%.
Principal and interest (M. & S.) payable at the Steuben Trust Co.,
Hornell, with New York exchange, a certified check for $380, payable to
the order of Edward O'Connor, District Treasurer, must
accompany each
proposal.
The approving opinion of Clay; Dillon & Vandewater of New
York will be furnished tne
successful bidder. The bonds are direct obli¬
gations of the School District, payable from unlimited taxes.
1934-35
$50,215.55
5,821.54
TARRYTOWN, N. Y.—BOND SALE— The $100,000 coupon or regis¬
tered bonds offered on Sept. 30—V. 143, p. 2094—were awarded to Gold¬
man, Sachs & Co. of New York as 2^s, at a price of 100.279, a basis of
about 2.47%.
The sale included:
BOND OFFERING—Sealed bids will be received
°fjinterest 9n all of the bonds, expressed in
1935-36
$50,545.25
Uncoil, end fiscal year._
Uncoil, on Aug. 10, '36--
Town
$50,174.32
4,922.46
1936-37
Levy
Hall, 2505 Ridge Road West, Rochester,
until 3:30 p. m. Oct. 9, for the purchase at not less than par of $25,000
coupon, fully registerable, general obligation, unlimited tax, work and
home relief bonds.
Bidders are to name a single rate of interest, in a multiple
of M or 1-10%, but not exceeding 5%.
Denom. $1,000.
Dated Oct. 1,
1936.
Principal and semi-annual interest (April 1 and Oct. 1) payable at
the Union Trust Co., Rochester.
The $3,000 on April 1 in each year from
1939 to 1945; and $4,000 April 1, 1946.
Certified cheick for $500, payable
to the town, required.
Approving opinion of Clay, Dillon & Vandewater
of New York will be furnished by the town.
as
$3,369,683
92,700
—2,700
Population, 1930 census
home relief bonds,
will receive
.
Assessed valuation (incl. special franchises)
Total bonded debt (incl. present offering)
I
City Treasurer's office.
and
of Buffalo; Kean, Taylor & Co.
H. Moulton Co., of New York, combined to
R.
.L
.
The Manufacturers & Traders Trust Co
bid $470,700.30 for
1.90s.
1936-42087
r-
1
-—
.
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND
KIRCHOFER
&
MUNICIPALS
ARNOLD
INCORPORATED
T. T. TELETYPE RLGH 80
A
RALEIGH, N. O.
NORTH
CAROLINA
BUNCOMBE COUNTY, N. C.—SURVEY PRE¬
PARED ON CITY AND COUNTY—A history of the past, present and
future of the above named city and county was prepared recently by R. 8.
Dickson & Co., Inc., Wilder Building, Charlotte, N. C., which should
prove of interest in view of the refunding operations now in progress on
the debts of these two municipal subdivisions.
In addition to dealing at
some length with the financial and economic history of the said units this
17-page pamphlet also includes an outline of the refunding plan based on
the preliminary refunding agreement dated Jan. 21, 1936, which is in all
essentials the same as the final plan adopted by the city and county.
ASHEVILLE AND
BOND VALUE
TABLES PREPARED—Tables of bond values for the
general refunding bonds of the above city, the Asheville School District and
Buncombe County, and Asheville water refunding bords, were prepared
recently by Kirchofer & Arnold, Inc., Capital Club Building, Raleigh,
N. C., which will prove a convenience in computing yields on these obliga¬
tions as the usual book of bond values will present some difficulties.
This
prepared a financial survey of the city and has in the course of
preparation a similar survey of Bun combe County.
firm has also
CANDOR,
sewer
N. C.—BOND SALE—The $4,000 issue of 4% semi-ann.
143, p. 2904—was purchased
bonds offered for sale on Sept. 29—V.
at par
we are
by the Public Works Administration.
No other bid was received,
informed.
Dated April 1, 1936.
Due from April 1, 1939 to 1958.
GOLDSBORO, N. C.—BOND OFFERING—Sealed bids will be received
of the Local Govern¬
Commission, at his office in Raleigh, for the purchase of a $30,000
issue of coupon paving and sewer bonds. Bidders are requested to name the
interest rate or rates, not exceeding 6%, expressed In multiples of M of
1%.
No bid of less than par .and accrued interest will be entertained.
Denom. $1,000.
Dated Oct. 1, 1936.
Due $2,000 annually from Oct. 1,
1939 to 1953 incl.
Prin. and int. (A. & O.) payable in lawful money in
New York City.
Delivery on or about Oct. 21, at place of purchaser's
choice.
The approving opinion of Reed, Hoyt & Washburn, New York
City, will be furnished the purchaser. There will be no auction. No option
of prior payment.
Bonds are coupon, registerable as to both principal and
interest.
A certified check for $600, payable to the State Treasurer, must
accompany the bid.
until 11a.m. on Oct. 6, by W. E. Easterling, Secretary
ment
Financial Statement Sept. 1,
Population—-1930 U. S.
14,986
census
Estimated present
Outstanding debt:
1936
;
16,500
Bonds for purposes other than water
Water bonds
Total debt
$898,500.00
310,500.00
$1,209,000.00
__
Sinking funds:
Cash
$45,301.87
83,000.00
27,016.00
$60,793.99
—
City of Goldsboro and Wayne pouuty bonds (par value)
First mortgages on real estate and real estate
Uncollected special assessments (approx. 10% delinquent)—
1935-36
1934-35
1933-34
TftXOS!
Assessed valuation
$10,907,773.00
L,403,457.00 $11,838,803.00
1.25
Rate per $100
Tax levy
Uncollected
138,417.64
17,872.43
Estimated actual property valuation
1.25
144,698.67
24,729.80
1.25
150,853.87
44,949.45
$18,000,000.00
Maturity of Bonds During the Next 11 Years, Incl. Bonds Now Offered
-$49,500.00
37,000.00
37,000.00
58,000.00
40,000.00
92,500.00
——
.
1942-43
1943-44
1944-45
1945-46
1946-47
r
——
---
$43,500.00
41,500.00
37,500.00
50,500.00
38,500.00
„
2250
Financial
KINSTON, N. C —NOTE SALE— It is reported that $7,500
pation notes
have
of Wilson at 2%.
been
purchased by the Branch Banking
&
Chronicle
Trust Co.
OHIO
COUNTY
(P. O.
Hillsboro),
due
700
CANTON
CUYAHOGA
BUILDING, CLEVELAND
COLUMBUS
CINCINNATI
AKRON
Dec. 21, 1936.
on
MUNICIPALS
MITCHELL, HERRICK & CO.
C.—MATURITY—It is
N.
reported by the County Accountant that the $20,000 tax notes purchased
by the Wachovia Bank & Trust Co. of Winston-Salem, at 1.25%, plus a
premium of $1.11, as noted in our columns recently—V. 143, p. 2094—
are
1936
3,
/
MECKLENBURG
COUNTY
(P. O. Charlotte), N. C .—BOND
ELECTION—The County Board or Commissioners is said to have passed
a resolution on
Sept. 28, providing for the approval of the voters at the
general election on Nov. 3, of a proposal to issue $1,169,000 in school bonds.
ORANGE
Oct.
tax antici¬
SPRINGFIELD
RALEIGH, N. C.—BOND OFFERING—It is stated that sealed bids will
be received until Oct. 27, by W. E. Easterling, Secretary of the Local Gov¬
OHIO
ernment
Commission, at his office in Raleigh, for the purchase of a $635,000
bonds.
Interest rate to be specified by the bidder.
1, 1936.
Due on Nov. 1 as follows: $25,000, 1946 and 1947;
$50,000, 1948 to 1950; $75,000, 1951 to 1955 and $60,000 in 1956.
issue
of refunding
Dated Nov.
ROANOKE RAPIDS, N. C —NOTE SALE— An $8,000 issue of tax
anticipation notes is said to have been purchased by the Waccamaw Bank
& Trust Co. of Whiteville at 3%, plus a premium of $8.11.
ROBESON COUNTY (P. O. Lumberton), N. C.—BOND OFFERING
a. m. on Oct. 13, by W. E. Easter¬
ling, Secretary of the Local Government Commission, at his office in
Raleigh, for the purchase of an $80,000 issue of coupon school bonds.
Interest rate is not to exceed 6%, payable A. & O.
Denom. $1,000. Dated
Oct. 1, 1936.
Due on April 1 as follows: $6,000, 1939 to 1942 and $8,000,
1943 to 1949.
Rate of interest to be expressed in multiples of M of 1%.
Each bid may name one rate for part of the bonds (having the earliest
maturities), and another rate for the balance, but no bid may name more
than two rates, and each bidder must specify the amount of bonds of each
—Sealed bids will be received until 11
No bid for less than par and accrued interest will be entertained.
Prin. and int. payable in legal tender in New York City.
The approving
opinion of Masslich & Mitchell, of New York, will be furnished.
The bonds
rate.
registerable as to principal only.
A certified check for $1,600, payable
Treasurer, must accompany the bid.
are
to the State
SPRUCE
PINE,
N. C.—BONDS AUTH0RI7ED—A $60,000 issue of
by the Local Govern¬
water works bonds is reported to have been approved
ment Commission.
~~BONDSTa UTIIORIZED—j^S70^000-issue~of "electric"system* bonds
is
said to have been approved by the Local Government Commission.
WAKE COUNTY (P. O. Raleigh), N. C.—BIDS RECEIVED—Thl
Local Government Commission supplies the following complete list of the
bids received on Sept. 22 for the $96,000 school bonds awarded on that
date to Kirchofer & Arnold, Inc., of Raleigh:
Bidder—
Int. Rate
....
Stranahan, Harris & Co., New York
F. J. McGuire, Norfolk
F. W. Craigie & Co., Richmond, and Branch Bank¬
ing & Trust Co., Wilson, first $62,000 at 3M %,
__
remainder at
2M%
3M%
3 M %
3M%
Amount
$96,986.40
$96,163.27
96,370.56
96,050.00
96,160.88
2H%3M%'
96,013.00
96,107.00
96,249.60
3M%
_
3%
3%
_
96,067.70
R. S. Dickson & Co., Raleigh, first $48,000 at3M%
remainder at
Oscar Burnett & Co., Inc., Raleigh
McAllister, Smith & Pate, Raleigh, and The WellsDickev Co., Minneapolis, first $54,000 at 3M%.
remainder at
Lewis
&
Hall,
Inc.,
Greenboro,
Equitable
and
Securities Corp., Nashville
WASHINGTON,
N. C—BONDS AUTHORIZED—'The $90,000 elec¬
tric light plant bonds that were approved recently by the Board of Alder¬
men, as noted here—V. 143, p. 2094—are said to have been authorized by
the
Local
Government
BRYAN,
Ohio—BOND OFFERING—Sealed bids will be received by
Village Clerk until noon on Nov. 6 for the purchase of $6,000 4%
fire department apparatus purchase bonds.
Dated Nov. 2, 1936.
Denom. $750.
Due $750 on March 1 and Sept. 1 from 1938 to 1941, incl.
Principal and interest (M. & S.) payable at the Village Treasurer's office.
A certified check for $300 must acocmpany each proposal.
the
coupon
CINCINNATI,
Commission.
DAKOTA
The bonds sold bear interest rates and mature
CASS
COUNTY
N.
COMMON
SCHOOL
DISTRICT
NO.
17
(P.
O.
Dak.—BOND SALE—The
$3,500 issue of school bonds
Sept. 28—V. 143, p. 1918—was purchased by the First
National Bank & Trust Co. of Fargo, according to the District Clerk.
Due $500 from Oct. 1, 1938 to 1944, incl.
No other bid was received.
GRAFTON, N. Dak.—BOND OFFERING—Sealed bids will be received
City Auditor, for the purchase
improyement bonds.
Denom. $1,000.
Due on
follows:
$1,000, 1938 to 1948, and $2,000, 1949 to 1955, all incl.
Interest payable J. & J.
A certified check for 2% of the bid, payable to
J. H. Kelley, City Treasurer, is required.
(This report supplements the offering notice given on this item in these
columns recently—V. 143, p. 2094.)
:
as
All of the bonds will be dated Nov.
bear interest at
1936.
no
more
Interest payable
than 7%.
Denom. $1,000.
Dated Oct. 15,
Due Oct. 15, 1938.
Cert, check
semi-annually.
for 2% of amount of bid, required.
JAMESTOWN, N. Dak.—WARRANT OFFERING—A. R. Thompson,
City Auditor, will receive bids until 7:30 p. m., Oct. 5 for the purchase of
$4,044.46 special improvement warrants.
KENMARE SCHOOL DISTRICT NO. 28, N. Dak—CERTIFICATE
OFFERING—Carl Gilbertson,
Clerk of the Board of Education, will
receive
bids
until
Oct. 14 for the purchase of $5,000 certificates of in¬
Certified check for 2°"
required.
debtedness.
,
NORTHGATE SPECIAL SCHOOL DISTRICT NO. 31 (P. O. Northgate), N. Dak .—CERTIFICATE OFFERING—Emil T. Saby, District
Clerk, will receive bids until 2 p.m., Oct. 10 for the purchase of $1,000 cer¬
tificates of indebtedness.
~
RUTLAND TOWNSHIP, Sargent County,. N. Dak.—BOND OFFER¬
ING—S. J. Susag, Township Clerk, will receive bids at the
County Auditor's
office until 10 a. m. Oct. 3 for the purchase at not less than
par of $5,000
bonds. Due yearly from 1938 to 1947, incl. Cert, check for
2% of amount of
bid, required.
7%.
Denom. $500.
Dated Oct. 3, 1936.
Interest payable annually.
Due $500 on Oct. 3 in each of the years from 1938 to
1941, incl. Cert,
check for 5% of amount of bid. required.
SOUTH
VALLEY SCHOOL DISTRICT NO.
11, Rolette County,
Dak.—CERTIFICATE OFFERING—Mae Deeter, District Clerk, will
receive bids at the County Auditor's office in Rolla until 2
p. m., Oct. 9
for the purchase at not less than par of $1,000 certificates of
indebtedness,
to bear interest at no more than 7%.
Denom. $500.
Dated Oct.
Interest
from
from
A syndicate headed by the
National City Bank of New York was second high in the bidding, specifying
a price of 100.20 for the issue of $4,595,000
refunding bonds as 2Ms and
the other $1,000,000 as 2 Ms.
This offer figured a net interest cost to the
city of 2.455%.
Also in this account were the First Boston Corp., Brown
Harriman & Co.; Blyth & Co., Inc.; Harris Trust & Savings Bank; Mer¬
cantile Commerce Bank & Trust Co., St. Louis; Goldman, Sachs & Co.;
L. F. Rothschild & Co.; F. S. Moseley & Co.; Paine, Webber & Co.; Kelley,
Richardson & Co., Chicago; First of Michigan Corp., Detroit; Reynolds
& Co.; Hayden, Miller & Co.; Mitchell, Herrick & Co. and McDonald-Coolidge & Co., all of Cleveland.
The successful banking group made public re-offering of the $4,595,000
2M% Southern Railway refunding issue at a price of 98.75, and placed the
$1,000,000 3M% serial bonds on a yield basis of from 0.60% to 2.50%,
according to maturity. At the close of business on Sept. 29, the bankers
reported that orders had been received for practically the entire amount
of the issue. The bonds are legal investment, in the opinion of the bankers,
for savings banks and trust funds in New York and Massachusetts.
CUYAHOGA FALLS, Ohio—BOND SALE—The issue of $230,000 re¬
on Sept. 25—V. 143, p. 1918—was awarded to Fox,
funding bonds offered
Einhorn & Co. of Cincinnati and associates
as 5s, at par plus a premium of
$139, equal to 100.057, a basis of about 4.97%.
Dated Oct. 1. 1936 and
$11,000 on June 1 and $12,000 on Dec. 1 from 1940 to 1949, incl.
on
June 1,
1939,
or on
any
interest date thereafter.
Ohio—BOND SALE—The Sinking fund trustees have pur¬
3M % sewer bonds. Dated July 20, 1936. Denom.
$400.
Due $400 on Sept. 1 from 1937 to 1941 incl. Principal and interest
(M. & N.) payable at the Farmers & Merchants Bank of Logan.
chased
an
issue of $2,000
LORAIN,
bands
was
Ohio—BOND SALE—An
issue
of
$180,000
3%
refunding
said recently to the Weil, Roth & Irving Co. of Cincinnati.
MAHONING COUNTY (P. O. Youngstown), Ohio—OTHER BIDS—
$535,000 revenue deficiency funding bonds awarded on Sept. 21 to
Field, Richards & Shepherd, Inc. of Cleveland as 2Ms, for a premium of
$3,682.50—V. 143, p. 2095—were also bid for as follows:
The
Name—
Int. Rate
Stranahan, Harris & Co., Inc., Toledo; Graham, Parsons & Co., Philadelphia, and Ryan, Sutherland
& Co., ToledoMcDonald-Coolidge & Co., Cleveland; Otis & Co.,
Cleveland; Mitchell, Herrick & Co., Cleveland,
and Braun, Bosworth & Co., Toledo
The First Cleveland Corp., Cleveland; Seasongood &
Mayer, Cincinnati; Assel, Goetz & Moerlein, Inc.,
Cincinnati, and Prudden & Co., Inc., Toledo
BancOhio Securities Co., Columbus; Provident Sav¬
ings Bank & Trust Co., Cincinnati; Van Lahr,
Doll &
Isphording, Cincinnati, and the Weil,
Roth & Irving Co., Cincinnati
Hawley, H uller & Co., Cleveland; Hayden, Miller &
Co., Cleveland; Lowry, Sweney, Inc., Columbus,
and Butler, Wick & Co., Youngstown
Fox, Einhorn & Co., Cincinnati; Edward Brockhaus
& Co., Cincinnati;Grau& Co., Cincinnati;Nelson,
Browning & Co., Cincinnati, and Lawrence Cook
& Co., Cleveland
Nida, Schwartz & Seufferle, Cincinnati; Middendorf
& Co., Cincinnati; Bohmer Reinhart & Co., Cin¬
cinnati, and Widmann, Holzman & Katz, Cin¬
Premium
-
2M%
$3,563.10
2M%
2,364.00
2M%
2,033.00
2M%
1,017.00
2M%
109.00
5,457.00
3%
cinnati
Johnson, Kase & Co., Cleveland; Stifel, Nicolaus &
Co., St. Louis; Chas. A. Hinsch & Co., Chicago,
and A. C. Allyn & Co., Chicago
3%
4,817.50
'—=—=—
3%
4,012.50
MONROE COUNTY (P. O. Woodsfield), Ohio—BOND OFFERING—
Guy S. Mc Kelvey, Clerk of Board of County Commissioners, will receive
bids until noon Oct. 19 for the purchase at not less than par of $22,600
relief bonds.
Bidders are to name rate of interest, not to exceed 6%.
Dated Aug. 1, 1936.
Interest payable April 1 and Oct. 1.
Due on March 1
as follows: $2,500, 1937;
$2,400, 1938; $2,500, 1939; $2,700, 1940; $2,900,
poor
SCRANTON, N. Dak.—CERTIFICATE OFFERING—Oscar Dejaegher,
Village Clerk, will receive bids at the office of the County Auditor of Bowman
County, in Bowman, until lp.m., Oct. 3 for the purchase at not less than
par of $2,000 certificates of indebtedness, to bear interest at no more than
N.
Due
from
1, 1936.
.
GRAIN SCHOOL DISTRICT NO. 1, McKenzie
County, N. Dak.—
CERTIFICATE OFFERING—Hjalmar Nelson, District
Clerk, will receive
bids at the office of the County Auditor, in Schafer. until 2
p. m., Oct. 13
for the purchase at not less than par of $10,000 certificates of indebtedness,
to
stated herewith:
on
until 2 p. m. on Oct. 12, by W. F. Schutt,
of a $25,000 issue of 4%
Jan. 1
as
$4,595,000 2M% Cincinnati Southern Railway refunding bonds.
May 1, 1956.
475,000 3M% street widening bonds.
Due $19,000 on Sept. 1
1938 to 1962, incl.
275,000 3M% street widening bonds.
Due $11,000 on Sept. 1
1938 to 1962, incl.
250,000 3M% street widening bonds.
Due $10,000 on Sept. 1
1938 to 1962, incl.
LOGAN,
recently to the Bank of North Dakota, Bismarck.
Fargo),
$5,595,000 coupon bds. of¬
due
BOTTINEAU COUNTY (P. O. Bottineau), N. Dak.—CERTIFICATE
SALE—An issue of $60,000 5M% certificates of indebtedness was sold
offered for sale
SALE—The
on Sept. 29—V.143.P
1756, 1918—were awarded to a syndicate headed
by*Lehman Bros, of New York, at a price of 100.03 for the $4,595,000
Cincinnati Southern Railway refunding issue as 2 Ms and the remaining
$1,000,000 bonds as 3Ms.
Net interest of financing to city is 2.38%.
Others in the successful group are as follows: StoDe & Webster and Blodget,
Inc.; Phelps, Fenn & Co.; Estabrook & Co.; Kidder, Peabody & Co.; East¬
man, Dillon & Co.; Hemphill, Noyes & Co., all of New York; Cassatt & Co.,
Philadelphia; Manufacturers & Traders Trust Co., Buffalo; E. H. Rollins
& Sons, New York; R. H. Moulton & Co., San Francisco; A. C. Allyn &
Co., Inc., New York; Equitable Securities Corp., Nashville; Lawrence
Stern & Co., Chicago; Newton, Abbe & Co., Boston; Hannahs, Ballin &
Lee, New York; Fox, Einhorn & Co., Cincinnati; Stern Bros. & Co.,
Kansas City, Mo.; A. E. Aub & Co., Cincinnati and Kalman & Co., St.
Callable
NORTH
Ohio—BOND
fered
Paul.
TARBORO, N. C.—NOTE SALE—A $15,000 issue of tax anticipation
reported to have been purchased by the First Citizens Bank &
Trust Co. of Smithfield, at 1.90%.
' :
J
C '■
■ ■■ '■
,v 'i A
notes is
Kirchofer & Arnold, Inc., Raleigh, first $62,000 at
3%, remainder at —l.
John Nuveen & Co., Chicago
interest at 4%, to the Ohio Teachers Retirement System. Interest payable
semi-annuaily.
Due on March 1 as follows: $3,100, 1937; $2,400, 1938;
$2,600, 1939; $2,700, 1940; $2,900, 1941; $3,100, 1942; $3,300, 1943;
$3,500, 1944.
payable annually.
bid. required.
Due Oct.
9,
1937.
Cert,
check
9, 1936.
of
for 2%
amount of
1941; $3,000,
1942; $3,200,
1943; and $3,400,
1944.
Cert, check for 5%
of amount of bonds, payable to the Board of County Commissioners, re¬
quired.
PORT CLINTON, Ohio—SECOND WRIT AGAINST POWER PLANT
second temporary injunction against the
village council's efforts to
proceed with plans for construction of a proposed municipal power plant
—A
was granted in Common Pleas Court on
Sept. 29. The new order restrains
the Board of Elections from submitting a $219,000 bond issue for the plant
to a vote at the November election.
Hearing on petitions for permanent
injunctions against the program will be heard
on
Oct. 13.
ROSSFORD RURAL SCHOOL DISTRICT (P. O. Rossford), Ohio—
BOND
OFFERING—Dorothy Heinemann, Clerk of the Board of Education,
16 for the purchase at not less than par of
4% school building bonds.
Denom. $500 and $1,000.
Dated
March 1, 1936.
Interest payable annually.
Due yearly on March 1 as
follows: $2,500, 1937 to 1946; and $3,000, 1947 to 1951. Certified check for
$400, payable to the Board of Education, required.
will receive bids until noon Oct.
OHIO
BLUFFTON,
Ohio—BONDS DEFEATED—The proposal
to issue
$11,000 sewage disposal plant bonds failed to receive the required 6%
majority vote at the Sept. 22 election. Of the votes cast, 326 were in favor
and 216 in opposition to the measure.
BROWN
The
County
$40,000
TIFFIN,
Ohio—NOTE SALE—The
$15,000 Miami Street
COUNTY
(P. O. Georgetown), Ohio—BONDS SOLD—
Commissioners recently sold $23,600 relief bonds, to bear
sewer
Tiffin
on
within
National
two
Bank
years.
a
City Auditor has disposed of
improvement bond anticipation notes to the
interest basis.
The notes will mature
3 M%
Volume
Financial
143
2251
Chronicle
TOLEDO CITY SCHOOL DISTRICT, Ohio—BOND CALL—The
Board of Education has called for retirement as of Nov. 1 all outstanding
bonds of an issue of SI,000,000 school building bonds, dated Nov. 1, 1920,
bearing interest at 6%, and scheduled to mature on Nov. 1 from 1937 to
1960.
Payment will be made at the Chemical Bank & Trust Co., New York.
TOLEDO CITY SCHOOL
DISTRICT, Ohio—LIST OF BIDS—The
following is an official list of the bids which were submitted for the $1,150,000 bonds offered on Sept. 15.
As previously reported in these columns,
the district withdrew the $550,000 school building issue just prior to the
date of sale and was thus obliged to reject the tenders made on an "all or
none" basis.
The $600,000 refunding loan was awarded to Ryan, Suther¬
land & Co. of Toledo and associates as 3s, at par plus a premium of $4,278,
equal to 100.71, a basis of about 2.94%:
$550,000 School Building Bonds
Type of Bid—
Int. Bate
2% %
Ryan, Sutherland & Co. et al (separate)
3%
Field, Richards & Shepard, et al (combined)
2%%
First Cleveland Co. et al (combined)
3%
Mitchell, Herrick & Co. et al (comoined)
3%
Bidder and
A. C. Allyn & Co. et al (combined)
Premium
*$350
6,514
_
$600,000 Refunding Bonds
Type of Bid—
Bidder and
A. C. Allyn & Co. etal (combined)
Ryan, Sutherland & Co. et al (separate)
Field, Richards & Shepard et al (combined)
First Cleveland Co. et al (combined)
Mitchell, Herrick & Co. et al (combined)
*
Total premium offered for both issues.
Note—Combined bid
means
for all
or
Int. Rate
3%
3%
3%
2^%
2%%
3,355
1,745
Premium
$4,278
*1,614
3,660
10
none.
WYOMING EXEMPTED VILLAGE SCHOOL DISTRICT (P. O.
Wyoming), Ohio—BOND SALE—The $165,000 school building improve¬
ment bonds offered on
Sept. 29—V. 143, p. 1756—were awarded to Field,
Richards & Shepard, Inc. of Cincinnati as 2Ms, at par plus a premium of
$1,138.50, equal to 100.69, a basis of about 2.68%.
Dated Oct. 1, 1936
and due Oct. 1 as follows: $8,000 from 1938 to 1957, incl. and $5,000 in 1958.
Next highest bidder was the Weil, Roth & Irving Co. of Cincinnati, naming
a
premium of $1,073 for 2%s.
Okla .—BOND
OFFERING—Walter
Bennett,
City
Clerk, will receive bids until 8 p.m. Oct. 6 for the purchase at not less than
of $50,000 waterworks extension bonds. Bidders ai^ to name rate of
interest.
Dated Oct. 1, 1936.
Principal and semi-annual interest payable
in New York.
Due $2,000 yearly on Oct. 1 from 1939 to 1958, incl.
par
H. Bell, City
1 to 71, of city hall
Bonds are slated to mature on Nov. 1, 1946,
optional on Nov. 1, 1936.
Funds to pay bonds and accrued interest will
be available at the Manufacturers Trust Co.,. New York City, on date
called, interest to cease at that time.
ENID,
exceed
to
4%
ELIZABETHVILLE, Pa .—BOND OFFERING—W. F. Swab, Borough
Secretary, is receiving bids to an offering of $7,000, 2*4, 2%, 3, 3^, 33^,
3H or 4% coupon funding bonds.
Dated Nov. 1, 1936.
Denom. $500.
Bidder to name one rate of interest on all of the bonds.
OKLAHOMA
BARNSDALL,
PENNSYLVANIA
interest coupon school bonds.
Dated Nov. 1, 1936.
Denom. $500.
Due $1,500 on Nov. 1 from 1937 to 1946 incl.; optional on
or after Nov. 1, 1938.
Interest payable M. & N. A certified check for 2%
of the amount bid, payable to the order of the District Treasurer, must
accompany each proposal.
The bonds are being issued subject to approval
of the Pennsylvania Department of Internal Affairs.
(The above report of the offering supplements that given in a previous
issue.)
not
Okla.—BOND CALL—It is stated by Richard
Treasurer, that the city is calling for payment" Nos.
bonds, dated Nov. 1, 1921.
GOLTRY INDEPENDENT SCHOOL DISTRICT NO. 86 (P.
O.
Goltry), Okla.—BOND SALE— $9,000 issue of 3H% semi-ann. school
was purchased by the First National Bank & Trust Co. of Oklahoma
City, according to the District Clerk.
Due $500 from 1939 to 1956, incl.
bonds
SCHOOL
FREEBURG
DISTRICT
(P.
O.
Freeburg),
Pa.—BOND
1920—
SALE—The $11,000 3% school bonds offered on Sept. 25—V. 143, p.
sold to the Freeburg State Bank of Freeburg, the only bidder.
were
Oct. 1,
Dated
1936 and due $500 on Oct. 1 from 1937 to 1958 incl.
HOLLIDAYSBURG SCHOOL DISTRICT, Pa.—BOND OFFERING—
Davis, District Secretary, will receive bids until 5 p. m. Oct. 5
purchase of $135,000 coupon high school bonds, to bear interest at
2H%, 2*4%, 2%%, 3%, 3*4% or 3}4%, as named in the successful bid.
Dated Sept. 1, 1936.
Denom. $1,000.
Interest payable /March 1 and
Sept. 1. Due Sept. 1 as follows: $5,000, 1941, 1942 and 1943; $6,000, 1944
to 1949; $7,000, 1950 to 1954; $8,000, 1955 to 1959; and $9,000, 1960;
redeemable on any interest payment date on and after Sept. 1, 1941.
Certified check for 2%, required.
They will be issued subject to approving
legal opinion of Townsend, Elliott & Munson of Philadelphia.
Blanch N.
for the
McKEESPORT,
Pa.—BOND SALE POSTPONED—W. V. Campbell.
Okla.—BOND SALE—The $10,000 issue of park
28—V. 143, p. 2095—was awarded to C.
Edgar Honnold, of Oklahoma City, according to the City Clerk.
Due
$1,000 annually from 1939 to 1948, incl. >
'City Comptroller, reports that the sale of $400,000 2*4% improvement
bonds which was originally scheduled to be held on Sept. 28—V. 143, p.
1757—has been postponed until the latter part of October. Dated Sept. 1,
1936 and due $20,000 on Sept. 1 from 1937 to 1956 incl.
v
Okla.—BOND SALE—The $118,000 water works extension
PENNSYLVANIA (State of)—PLANS SALE OF $5,500,000 BONDS—
$11,200,000 TO BE REDEEMED—It is reported that the State will come
to marKet about Nov. 1 witn an offering of $5,500,000 refunding bonds.
The financing, it is said, will be undertaken in connection with the an¬
nouncement, noted below, of the State's intention to redeem on Dec. 1,
1936 the $11,200,000 of 4%% series D bonds of Dec. 1, 1921.
BOND CALL—Call is being issued for the redemption, at par, on Dec. 1.
1936, of all of the outstanding 4H% series D bonds, dated Dec. 1, 1921,
due Dec. 1, 1951 and callable on or after Dec. 1, 1936.
The aggregate
par value of the debt called is $11,200,000.
Interest on the bonds will
cease to accrue after Dec. 1.
The bonds will be paid upon presentation of
them at the Philadelphia National Bank, Loan and Transfer Agent of
the Commonwealth, at 421 Chestnut St., Philadelphia.
Coupon bonds
NEW
CORDELL,
bonds offered for sale on Sept.
PERRY,
bonds offered
on Sept. 28—V. 143, p. 2095—were awarded to R. J. Edwards,
Inc., and the First National Bank of Oklahoma City.
The first six ma¬
eight at 3^%. and the last three
Due $7,000 from 1940 to 1955, and $6,000 in 1956.
turities will bear interest at 2%, the next
3%.
ROCKY, Okla.—BOND SALE—The $6,800 sewer system bonds offered
on Sept. 28—V. 143, p. 2095—were awarded to the Home State Bank of
Rocky at 6% interest.
This was the only bid received.
SCHOOL
VERA
DISTRICT (P.
O. Vera), Okla.—BOND SALE—A
$7,000 issue of school bonds was purchased recently by R. J. Edwards,
Inc., of Oklahoma City, as 3^s, paying a premium of/ $8.75, equal to
101.125, a basis of about 3.48%.
Due as follows: $400, 1939 to 1934, and
$600 in 1955.
I
Okla.—BOND OFFERING—Sealed bids will be received
until 2 p. m. on Oct. 7, by Ennis Tyson, City Clerk, for the purchase of a
$9,000 issue of water works extension bonds. Bidders are to name the rate
of interest. Due $1,000 from 1939 to 1947 incl. These bonds were approved
by the voters on Sept. 8. A certified check for 2% of the bid is required.
WAURIKA,
June 1, 1937 and all subse¬
The coupon and registered interest due Dec. 1, 1936, the
of the bonds, will be paid at that time in the regular
should have attached thereto coupons due on
quent dates.
date of redemption
manner.
-
Department of Internal Affairs,
Affairs, has approved the issuance of the following
The information also includes the
of the municipality and amount and purpose of issue:
LOCAL
ISSUES APPROVED—The
Bureau of Municipal
bond
name
issues
on
the dates indicated.
Date
Approved
Municipality and Purpose—
Economy Township School District,
Oregon Municipals
Sept. 21
Payment of operating expenses
Plains Township
School District,
Luzerne County
approval)—Erecting, equipping and
furnishing an addition to school building; repairing
and repainting other school buildings
.1
—Sept.21
Derry Township School District, Mifflin County1—
—
Sept. 22
building
White
Haven
Borough,
OREGON
Uniontown
MONMOUTH, Ore.—BOND OFFERING—Sealed bids will be received
for the purchase
to exceed 4^ %,
payable A. & O.
Denom. $1,000. Dated Oct. 1, 1936. Due $4,000 from
Oct. 1, 1939 to 1953, subject to call on Oct. 1, 1946. The approving opinion
of Teal, Winfree, McCulloch, Sbuler & Kelley, of Portland, will be fur¬
nished.
A certified check for $1,200 must accompany the bid.
until 8 p. m. on Oct. 2, by Elsie O'Rourke, City Recorder,
of a $60,000 issue of refunding bonds.
Interest rate is not
WILLAMINA, Ore.—BOND SALE—The $16,000 issue of 4^% coupon
sale on Setp. 18—V, 143, p. 1920—
purchased by Merton R. DeLong, of Portland, at'a price of 96.26, a
basis of about 5.02%. Dated Aug. 1, 1936. Due $1,000 from Aug. 1, 1938
semi-ann. water works bonds offered for
was
No other bid was received.
SCHOOL
DISTRICT,
Pa.—BONDS SOLD—The issue of
$25,000 bonds which was offered unsuccessfully on Sept. 10—V. 143, p.
1920—has been disposed of to the State Teachers Retirement Board at 3%
interest.
Dated Nov. 1, 1936.
Due $2,000 in 1937 and 1938, and $3,000
yearly from 1939 to 1945.
District,
220,000
Sept. 24
22,000
Fayette County—
site for school building and rebuild and
equip school
building, $30,000
Tower City Borough School Dist.,
Refunded bonded indebtedness
Schuylkill County—
District, Chester County
indebtedness
Sept. 24
School
District,
Northumberland
)
County—Purchase and acquisition of proper site for
joint school building; erect, equip and furnish joint
elementary and nigh school building
Sept. 25
Nicholson Township School District, Fayette County—
Paying operating expenses
Sept. 25
Turbotville Borough School District, Northumberland
County—Purchase and acquisition of proper site for
joint school building; erect, equip and furnish joint
elementary and high school building
Sept. 25
West Cain Township School
■—Fund floating
Lewis Township
„
PENNSYLVANIA
PENNSYLVANIA
31,000
Sept. 23
City School
5,000
Sept. 23
Bucks County—Re¬
Funding floating indebtedness, $190,000; purchase
ATHENA,
ASHLEY
Sept. 22
funding bonded indebtedness
Ore.—BOND SALE—The $5,000 4% water bonds, series C,
offered on Sept. 28—V. 143, p. 2095—were awarded to the Universal Bond
& Mortgage Corp. of Portland, on a bid of 104.28, a basis of about 3.68%.
Dated July 1, 1936.
Due July 1, 1955; optional July 1, 1945.
(State
of)—LOCAL
Elliott & Munson of Philadelphia.
L.
Nagle,
City
SCHOOL DISTRICT (P. O. Elkins
Park), Pa.—BOND OFFERING—George L. Lambert, District Secretary,
will receive sealed bids until 4 p. m. on Oct. 20 for the purchase of $100,000
CHELTENHAM
TOWNSHIP
11M, 2, 2M or 2H% coupon school bonds. Dated
1937 to 1941
Interest pay¬
able M. & N. A certified check for 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 the favorable approving opinion or Townsend,
H'
1,
1H,
CUMRU TOWNSHIP SCHOOL DISTRICT
9,500
PHILADELPHIA,
Amount
$20,000
49,000
250,000
6,000
18,000
Sept. 17
water system
(P. O. Reading), Pa.—
BOND OFFERING DETAILS—Herbert H. Matz, District Secretary, will
receive sealed bids until 1 p. m. on Oct. 10 for the purchase of $15,000
10,000
Date
Reading, City of, Berks County—Acquiring and im¬
proving a municipal airport; constructing storm sew¬
ers and other municipal improvements
1
Pa.—BOND OFFERING— Bertram
30,000
APPROVED—The
ISSUES
Nov. 1, 1936.
Denom. $1,000. Due $20,000 on Nov. 1 from
incl. Bidder to name one rate of interest on all of the bonds.
BETHLEHEM,
6,000
following is the latest report on bond issues approved by the Department of
Internal Affairs, Bureau of Municipal Affairs.
The information includes
the name of the municipality, amount and purpose of issue and date of
approval:
Municipality 'and Purpose—
Approved
Brush valley Township, Indiana County—Refunding
bonded indebtedness
Sept. 16
Glenfield Borough, Allegheny County—Paying cost of
construction of sanitary sewer system, water supply
system and plant
Sept. 14
Hazleton City School District, Luzerne County—Pay¬
ing operating expenses
Sept. 15
Kenhorst Borough. Berks County—Improving and
paving certain streets, including curbs and gutters._
Sept. 16
Mahanoy Township School District, Schuylkill County
—Funding floating indebtedness
Sept. 15
Perry Township, Fayette County—Constructing a
Clerk, will receive bids until 9:30 a. m. Oct. 15, for the purchase of $140,000
2% bonds.
Interest payable April 30 and Oct. 30.
Due $14,000 yearly
on Oct. 30 from 1937 to 1946, incl.
Certified check for 2%, required.
65,000
Luzerne County—Construc¬
tion of sanitary sewers
Falls Township School District,
to 1953 incl.
25,000
Purchase site for and erect and equip high school
Portland, Oregon
Building,
$7,000
(amendatory
CAMP & CO., INC.
Porter
Amount
Beaver County—
Pa.—SEEKS
PAYMENT
30,000
Sept. 17
500,000
OF
DELINQUENT
SINKING FUND CHARGES IN INSTALMENTS—In a brief submitted
to
the
State
Supreme Court on Sept. 29, City Solicitor Joseph Shargsin
Financial
2252
urged approval by the Court of the city's 'plan to pay the $6,771,780 due
the sinking fund in instalments of $1,000,000 a year, beginning in 1937.
The solictor protested that to make the payment "forthwith" as ordered
by the Court would impose a "staggering burden" on taxpayers.
.The
Supreme Court had ordered the payment be made in a suit brought by the
sinking fund in connection with the city's failure to make any appropriation
to the fund in 1935.
The method of payment proposed by the city was
approved by the Sinking Fund Commission at a meeting held on Oct. 1.
A Court ruling on the plan is expected in a few days.
In a statement ap¬
proving of the deferred payment plan, the Commission declared that an
audit of its books, which was ordered last January and was completed by
three firms of auditors, showed that the fund is in a "thoroughly sound
position and fully capable of meeting all principal and interest charges on
city bonds, regardless of the sum owed by the city. The chief purpose of the
audit, it is said, was to work out a formula for calculating annual payments
to the fund by City Council.
After agreeing that it would be almost im¬
possible for the city to provide for the entire amount owed to the fund in the
1937 budget, the Commissioners of the Sinking Fund said:
"On the other
hand, the sinking fund's position is thoroughly sound, affording the utmost
protection to the bondholders.
The total outstanding unmatured debt of
the city is $559,010,800; against this the total assets of the sinking fund now
amount to $141,315,957", more than 25% of the debt."
It was further
stated that the $132,422,900 worth of city bonds owned by the fund are
carried on the books at par, although the market value was placed at 15%
higher. Accordingly, the Commissioners stated, the value of the bonds as
an asset to the fund is about $20,000,000 greater than that carried on the
Chronicle
Oct.
SOUTH
EDGEMONT
INDEPENDENT
1936
3,
DAKOTA
DISTRICT
SCHOOL
(P.
O.
Edge-
mont), S. Dak.—BOND OFFERING—It is reported by G. W. Reinmuth
Clerk of the Board of Education, that he will receive sealed and oral bids
until 8 p. m. on Oct. 2, for the purchase of two issues of bonds aggregating
$66,000, divided as follows:
;
1
f
1
■
■i
w
_.
Due on" July 1 as follows: $1,000, 1939 to 1948;
$2,000, 1949, and $4,000, 1950 to 1956; optional on any interest
paying date after 10 years.
26,000 building bonds.
Due on July 1 as follows: $1,000, 1939 to 1948,
and $2,000, 1949 to 1956; optional on any interest paying date after
$4(i,000 funding bonds.
_
,
10
years.
Interest rate is not to exceed 5%, payable J. & J.
Denom. $1,000.
Dated Nov. 1, 1936.
Prin. and int. payable at any suitable bank or trust
designated by the purchaser. The approving opinion or Junell,
Driscoll, Fletcher, Dorsey & Barker of Minneapolis, will be furnished.
A
the Clerk, must accompany the bid.
company
certified check for $1,000, payable to
\
WHITEWOOD,
S.
Dak.—BOND
OFFERING
nection with the offering scheduled for 10 a. m. on
DETAILS—In ■ con¬
Oct. 15, of the $15,000
4% semi-ann. pipe line bonds, as noted in these columns recently—V. 143,
p. 2096—we are now informed that these bonds will be offered at public
auction and will mature on Dec. 1 as follows:
$1,000, 1939 to 1944, and
$1,500, 1945 to 1950, all incl.
/
"
Y.;\.
books.
TENNESSEE
READING SCHOOL
DISTRICT, Pa .—BOND OFFERING DETAILS
2M% interest coupon school
being offered for sale on Oct. 6, as previously reported in these
columns, will be received until 8 p. m. on that date by Oscar B. Heim,
Secretary of tbe Board of School Directors.
The issue will be dated
Oct. 1, 1936.
Denom. $1,000.
Due $50,000 on Oct. 1 from 1937 to 1941
incl.
The bonds are to bear interest at any one of the following rates:
1. 1M» I'M. 1%, 2, 2K or 2M %.
They will be registerable as to principal
only and issued subject to the favorable approving opinion of Townsend,
Elliott & Munson of Philadelphia.
Interest payable A. & O. "A certified
check for 2% of the amount of bonds bid for, payable to the order of the
—Sealed bids for cne $250,000 not to exceed
bonds
District Treasurer, must accompany each proposal.
CREEK SCHOOL DISTRICT, Pa.—BOND OFFERING—
Raymond D. Taylor, District ^Secretary, will receive bids until 8 p. m.,
Oct. 12 for the purchase of $75,000 coupon bonds.
Bidders are to name
rate of interest, in a multiple of M %, but not to exceed 4%. Denom. $1,000.
Dated Oct. 1, 1936.
Interest payable April 1 and Oct. 1.
Due Oct. 1 as
follows:
$10,000, 1937 to 1943; and $5,000, 1944.
Certified check for
$1,500, payable to the District Treasurer, required.
Purchaser will be
furnished with the approving opinion of Burgwin, Scully & Churchill of
TURTLE
Pittsburgh.
YEADON, Pa.—BOND SALE—The issue of $85,000 coupon Borough
Hall funding bonds offered on Sept. 24—V. 143, p. 1602—was awarded to
Brown, Harriman & Co. of Philadelphia
as
2Ms, at
a
price of 100.81, a
basis of about 2.42%.
Dated Oct. 1, 1936 and due $5,000 on Oct. 1 from
1939 to 1955 incl. Other bids were as follows:
Bidder—
\
int. Rate
Rate Bid
E. H. Rollins & Sons
-
George E. Snyder & Co
W. H. Newbold's Son & Co.
National Bank of Landsowne
Leach Bros. & Co., Inc
RHODE
PROVIDENCE,
2M%
2M %
2M %
2m%
3%
100.729
100.567
101.679
Par
101.80
ISLAND
Tenn.—BOND SALE—Tbe $8,000 issue of 4%
semi-ann. public works bonds offered for sale on Sept. 29—V. 143, p. 1921—
was purchased at par by the Hamilton
National Bank of Chattanooga,
according to the City Auditor.
Dated Sept. 1, 1936.
Due $1,000 from
Sept. 1, 1938 to 1945, incl.
CHATTANOOGA,
CLEVELAND, Tenn.—CORRECTION— It is stated by the City Clerk
our recent report to the effect that the voters ahd approved the issuance
addition oonds—V. 143, p. 2096—was incorrect.
that
of $50,000 in school
DAYTON, Tenn .—BOND OFFERING—Sealed bids will be received until
1 p. m. on Oct. 1, by C. D. Sanborn, City Recorder, for the purchase of a
$10,000 issue of water works revenues bond.
Interest rate is not to exceed
5%, payable semi-annually. Dated Oct. 1, 1936.
Due $1,000 on Oct. 1
as follows:
1938, 1940, 1942, and 1944 to 1950 incl.
Bonds will be issued
under authority of and pursuant to Chapter 33, Public Acts of Tennessee,
First Special Session, 1935.
These bonds will not be an obligation of the
city as a whole.
•
MEMPHIS, Tenn.—NOTE SALE—A $300,000 issue of notes is reported
have been purchased by a group composed of the National Banktof
Commerce, the Union Planters National Bank & Trust Co., and the First
National Bank of Memphis, at a rate of 1%.
It is said that the sale is
subject to an approving opinion by Canale, Glankler, Loch & Little, at¬
torneys of the light division of the Light and Water Commission.
to
Tenn.—PUBLIC OFFERING OF BONDS EXPECTED—
on Sept. 28 by the City Light and Water Commission
changed
for elec¬
tric distribution system construction, it will instead seek an outright grant
of $3,092,000. This would seem to indicate that bonds under the $8,000,000
authorization will be offered at public sale rather than accept the Federal
offer of par on 4% bonds.
In fact, the Chairman of the Commission is
reported to have expressed the belief that the city will market its bends at
a rate lower than 3% interest.
MEMPHIS,
It
was
announced
that its application to the Public Works Administration has been
and that instead of seeking a combined allotment of $10,000,000
1 .—BUDGET HIGHER—City officials announced
that a budget for the fiscal year beginning Oct. 1 of $14,821,742 would be
recommended to the City Council on Sept, 28.
This budget is $112,363
R.
TEXAS BONDS
larger than that submitted a year ago.
According to City Auditor William F. Brown the revenue from taxation
will be$12,409,461. To this sum there will be revenue of $1,139,795 from
other sources and on top of that will be the receipts from water rents.
RHODE
ISLAND
(State
of)—BOND OFFERING—Percival
De
St. Aubin, General Treasurer, will receive sealed bids until noon (Standard
Time) on Oct. 7, for the purchase of $600,000 not to exceed 3 M% interest
voting machine purchase bonds.
Dated Sept. 15, 1936.
Denom. $1,000.
Due as follows:
$20,000 Dec. 15 ,1936 and $20,000 on Jan. 1 in each of
the years from 1937 to 1965, incl.
Rate of interest to be expressed in a
multiple of M of 1 % and bidder is required to name a price of nqt less
than par for all of the bonds.
Either coupon or registered bonds will be
issued, as desired, and coupon bonds may at any time thereafter be con¬
verted into registred bonds at the option of the holder.
These bonds are
exempt from taxation in Rhode Island and will be paid at maturity in any
.coin or currency of the United States which at the time of payment shall be
legal tender for the payment of public and private debts.
The bonds to be presently issued are a total issue of $600,000 authorized
by Chapter 2195 of the Public Laws of 1935, and by vote of the people of
the State on Aug. 6, 1935, and will be of the denomination of $1,000 each.
Interest on the above bonds will be payable as follows: Three months' int.
Eayable on Dec. 15, 1936, on maturities of that same date; three andsame
alf months' interest payable on Jan. 1, 1937 on maturities of that onedate; three and one-half months' interest payable on Jan. 1, 1937 on the
remaining $560,000 and semi-annually on July 1 and Jan. 1 thereafter.
A certified check for $6,000, payable to the order of the General Treasurer,
must accompany each proposal.
Copy of the opinion of the Attorney
General of the State with respect to the legality of the bands will be
furnished the successful bidder.
SOUTH
CAROLINA
Bought
—
Sold
—
Quoted
H. C. BURT & COMPANY
Incorporated
Houston, Texas
Sterling Building
TEXAS
ARANSAS COUNTY
(P. O. Rockport), Tex.—BOND CALL—C. R.
Scrivner, County Treasurer, is said to be calling for redemption at par
and accrued interest, at the Capital National Bank in Austin, on Nov. 1,
on
which date interest shall cease, 5H% special road bonds, numbered
1 to 12, and 18 to 25, aggregating $20,000.
Denom. $1,000.
Dated
Nov. 1, 1914.
Due on Nov. 1, 1954, optional on Nov. 1, 1934.
AUSTIN COUNTY ROAD DISTRICT NO.
1 (P. O. Bellville), Tex.
—BOND SALE—-An issue of $30,000 road bonds was sold recently to
three local banks, each taking $10,000 bonds.
The banks were the Citizens
State Bank of Sealy. the Austin County State Bank of Bellville, and the
First
National-Bank of Bellville.—The issue broughlr a total premium of
about
$3,600.
BEE
COUNTY (P. O. Beevllle), Texas—BOND ELECTION— It is
reported that an election will be held on Oct. 24 in order to vote on the
issuance of $350,000 in road bonds.
Texas—BOND REDEMPTION NOTICE—It is stated by
City Auditor, that the city will pa^ off, as of Dec. 1,1936,
outstanding bonds of a total issue of 4% water works improvement
bonds in the sum of $500,000, dated Oct. 1, 1907, being bonds numbered
21, 22, 32, 36, 38 to 100; 131, 132, 139, 141, 143, 144, 147 to 160; 173, 192
to 208; 213, 214, 231 to 236; 242, 243, 246 to 290; 296 to 310; 321 to 330;
332 to 336; 341 to 351; 360 to 411; 413 to 415; 434 to 443; 454, 481, 483 to
488, and 490, all incl.
Due on Oct. 1, 1947, optional on Oct. 1, 1917.
Denom. $1,000. Payment of principal and interest will be made at the Chase
National Bank, New York City.
DALLAS,
R. V. Tompkins,
the
FLORENCE
S. C.—PRICE PAID—"We are now informed by Mayor
D. E. Ellerbe that the $300,000 refunding bonds purchased by Johnson,
Lane, Space & Co. of Savannah as 4Ms, as reported in these columns
recently—V. 143, p. 1921—were sold at par. Dated May 1, 1936. Due
from May 1, 1941 to 1965, incl.
NEWBERRY, S. C.—BOND OFFERING—Sealed bids will be received
a. m. on Oct, 8, by T. Roy Summer, Secretary-Treasurer of the
until 11
Bond Commission, for the purchase of a $37,000 issue of coupon fire pro¬
tection bonds.
Interest rate is not to exceed 6%, payable A. & O. Denom.
$1,000. Dated Oct. 1, 1936. Due on Oct. 1 as follows: $1,000, 1938, and
$3,000, 1939 to 1950.
Bidders are requested to name interest rate in a
Prin. and int. payable in legal tender in New York
City. The approving opinion of Masslich & Mitchell, of New York, will be
furnished the purchaser.
A certified check for $740, payable to the Bond
Commission, must accompany che bid.
multiple of M of 1%.
SOUTH
CAROLINA, State of—CERTIFICATE OFFERING—Sealed.
noon on Oct. 14, by E. P. Miller, State Treasurer,
a $4,200,000 issue of State Highway certificates of
indebtedness.
Denom.
$1,000.
Dated Oct. 1, 1936.
Due $420,000
from Oct. 1, 1945 to 1954 incl.
The certificates will be coupon, registreable
as
to both principal and (or) interest.
Interest rate to be specified by
bidder.
Rate to be in a multiple of K of 1%, and must be the same for
all of the certificates.
They will be sold to the bidder offering to take
them at the lowest rate of interest, at a price not less than par and accrued
interest to the date of delivery.
Principal and interest payable at the
State Treasury or at the agencies of the State in Charleston and New York.
The approving opinion of Reed, Hoyt & Washburn of New York, will be
furnished to the purchaser, to be paid for by him.
A certified check for 1 %
of the amount of certificates bid for, payable to the State Treasurer, is
bids will be received until
for
the
purchase of
EL PASO COUNTY (P. O.
EI Paso), Tex.—WARRANT OFFERING—
The County Commissioners Court will receive bids until 2 p. m., Sept. 29
for the purchase of $40,000 4% time warrants, maturing
GAINESVILLE
SCHOOL
serially
to 1941.
DISTRICT,
Texas—BOND
SALE—An
issue of $132,000 junior high school bonds was sold recently to Miller,
Moore & Brown, Inc., and the Dallas Union Trust Co., both of Dallas,
as iy2s, at a price of $133,333.20, equal to 101.01, plus
printing costs and
legal fees.
KNOTT
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Knott),
Texas—BONDS SOLD—It is reported that an $8,500 issue of 4% semi-ann.
Due in 20 years.
school bonds has been purchased by the State.
LAMAR COUNTY JUSTICE PRECINCT NO. 1
—BOND CALL—John S. Baker, County Auditor, is
redemption at the Liberty National Bank in Paris,
date interest shall cease, the following 5% bonds:
$45,000
(P. O. Paris), Tex.
to be calling for
Oct. 10, on which
said
on
||ries1 bonds, numbered 1 to 90. Denom. $500. Dated Oct. 10,
41,500 Series 2 bonds, numbered 97 to 170.
Denom. $500.
Dated June
10, 1913.
25,000 Series 3 bonds, numbered 2, 4, 9, 13 to 39, and 41 to 56.
Denom.
$500. Dated June 10, 1914.
required.
BOND OFFERING—It is also stated by Mr. Miller that the State Finance
noon on Oct. 8, for the purchase
a
$250,000 issue of coupon or registered sanatorium bonds.
Bidders
Committee will receive sealed bids until
of
to name the interest rate in a
multiple of M of 1 %, which must be the same
Denom. $1,000.
Dated Oct. 1,1936.
Due on Oct. 1
follows: $9,000, 1941 to 1945; $12,000, 1946 to 1950; $14,000, 1951 to
1960, and $5,000 in 1961.
Prin. and int. payable at the State Treasury
or at the agencies of the State in Charleston and New York.
The approving
for all of the bonds.
as
opinion of Reed, Hoyt & Washburn, of New York, Will be furnished the
purchaser, which opinion is to be paid for by him.
A certified check for
1% of the amount of bonds bid for, payable to the State Treasurer, is
required.
SULPHUR
SPRINGS, Texas—BONDS VOTED—We
are
informed by
the City Clerk that at an election held on Sept. 18 the voters approved
the issuance of a $240,000 issue of light plant bonds by a count of 468 to
439.
He states that details on these bonds have not been completed as yet.
TEXAS, State of—ROAD BOND ISSUE PLANNED—The State High¬
Department is said to have prepared for submission to the United
States Bureau of Public Roads for approval a $30,000,000 Federal aid high¬
way construction program to cover a period bf two years.
It is proposed to
finance the construction of many gaps in existing trunk highways and to
make improvements to the present system by two Federal allotments, each
of $7,500,000, supplemented by like amounts of State funds, to be derived
from the sales tax on gasoline.
It is expected the Bureau of Public Roads
way
will
give immediate approval of the proposed program and that bids for
constructing the first part of the program wil be received in November,
it
was
stated.
OFFERINGS
WANTED
UTAH—IDAHO—NEVADA—MONTANA- -WYOMING
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Phone Wasatch 3221
Bell Teletype: SL K-37
UTAH
OGDEN, Utah—BOND ELECTION CONTEMPLATED—It is stated by
W. F. Fisher, City Recorder, that a referendum petition has been filed
a special election will be held in order to vote on the issuance of
$2,600,000 in 4M% semi-annual light and power revenue bonds.
No date has
been fixed, as yet for the election.
and
PROVO, Utah—BOND SALE—The City Commission has sold $7,500
general obligation bonds to the First Security Trust Co. and Edward L.
Burton & Co. both of Salt Lake City on a bid of 97.75 for 3s, a basis of
about 3.23%.
Denom. $500.
Due in 1948.
$500,000
COMMONWEALTH OF VIRGINIA Ref. 2y4s
Due
F. W.
2253
Financial Chronicle
Volume 143
July lr
|1961-66 at 100-^ int.
CRAlGlE & COMPANY
Richmond, Va.
Phona 8-9137
A. T. T. Tel. Rich. Va. 83
1947; $344,500, 1948: $289,000, 1949: $362,000, 1950; $281,200, 1951;
$378,000, 1952; $395,000, 1953; $405,000, 1954; $361,500, 1955; $270,000,
1956; $393,700, 1957; $430,000, 1958; $444,500, 1959: $449,700, I960:
$450,000, 1961; $475,000, 1962; $500,000, 1963; $505,000, 1964, and
$227,100, 1965.
The bonds, in the opinion of counsel, will constitute valid, general obli¬
gations of the Commonwealth of Virginia for the payment of which the
full faith, credit and taxing power of the Commonwealth are pledged.
The bonds are legal investment for savings banks in New York, Massa¬
chusetts, Connecticut and other States, according to the bankers.
(The official advertisement of the reoffering notice is given on page X
of this issue.)
OTHER BIDS—There were three other bids submitted to the State on
Sept. 28 for the purchase of the bonds.
The National City Bank of New
York and associates bid 100.806, the interest rate to be \%% on 1937 to
1946 maturities, 2H% on 1947 to 1956 maturities and 2&j% on 1957 to
1966 maturities, the net interest cost to the State being $4,531373.04,
an annual basis of about 2.3136%.
A syndicate managed by the Bankers
Trust Co. of New York bid 100.56 at the same interest rates as proposed by
the National City Bank, a net interest cost of $4,560,572.17, equal to about
2.32834% annually.
The Chase National Bank of New York headed a
group which bid 100.139, using the same interest schedule as the other two
unsuccessful bidders, the net interest cost to the State to be $4,609,802.30,
or about 2.35348% annually.
The following were associated with the National City Bank: Brown
Harriman & Co., Inc., the First Boston Corp., Edward B. Smith & Co.,
Graham, Parsons & Co., Goldman, Sachs & Co., Scott- & Stringfellow,
Roosevelt & Weigold, Baker, Weeks & Harden, Union Trust Co. or Mary¬
land, Baltimore, Alexander Brown & Sons, G. M.-P. Murphy & Co., the
Illinois Co., Chicago, Washburn & Co., Burr & Co., Francis I. du Pont
& Co., the investment Corp. of Norfolk and Charles H. Newton & Co.
The other members of the Bankers Trust Co. syndicate were: The Harris
Trust & Savings Bank, Chicago; Lehman Bros., Estabrook & Co., J. & W.
Seligman & Co., Kean, Taylor & Co., Geo. B. Gibbons & Co., Inc., the
First of Michigan Corp., R, L. Day & Co., Mackubin, Legg & Co., Hemp¬
hill, Noyes & Co., Hannahs, Ballin & Lee, Frederick E. Nolting, Inc.,
Kelley, Richardson & Co.. Shields & Co., Eldredge & Co., Schaumburg,
Rebhann & Lynch, Morse Bros. & Co., Inc., Watling, Lerchen & Hayes
and the Central National Bank, Richmond.
The Chase National Bank syndicate included: The Chemical Bank &
Trust Co., New York; Blyth & Co., the Northern Trust Co., Chicago,
Phelps, Fenn & Co., R. W. Pressprich & Co., F. S. Moseley & Co., the
Mercantile-Commerce Bank & Trust Co., St. Louis, Bank of the Man¬
hattan Co., New York, the State Planters Bank & Trust Co., Richmond,
Mason-Hagan, Inc., the Equitable Securities Corp., F. W. Craigie & Co.,
Gregory & Son, the National Bank of Commerce, Norfolk, the Richmond
Corp., Stern Bros. & Co., the Wells-Dickey Co. and Brown, Goodwyn
& Co.
WINCHESTER, Va .—BONDS DEFEATED—At the election held on
Sept. 29—V. 143, p. 1446—the voters rejected the proposal to issue $500,000
bonds, according to the City Manager.
in water supply
VIRGINIA
FALLS CHURCH, Va.—BOND SALE—The $103,000 coupon sewer
bonds offered on Sept.'30—V. 143, p. 2097—were awarded as 33^8 to
Frederick E. Nolting, Inc., of Richmond, paying a premium of $1,318.40,
NORTHWESTERN MUNICIPALS
equal to
Washington
101.28, a basis of about 3.17%.
Brown, Goodwyn & Co. of
Washington, second high bidder, offered a premium of $628.30 for 3.40%
bonds.
Due on Sept. 1 as follows:
$2,000, 1941 to 1946: $3,000, 1947 to
1952; $4,000, 1953 to 1959; $5,000, 1960 to 1964; $6,000, 1965; and $7,000,
1966 and 1967.
„—
—
-
is said
to
have authorized recently the issuance
Oregon
—
Idaho
—
Montana
Ferris & Hardgrove
-
FRONT ROYAL, Va.—BONDS AUTHORIZED—'The Town Council
,
—
SEATTLE
SPOKANE
of $30,000 in refunding
bonds.
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
Teletype—SPO 176
NEWPORT NEWS, Va .—BONDS AUTHORIZED—It is reported that
a
resolution
ance
was
passed recently by the City Council providing for the issur
of $90,000 in
WASHINGTON
bridge bonds.
NEWPORT NEWS, Va .—BOND OFFERING—A. M. Hamilton, City
Clerk, will receive bids until 2 p. m. Oct. 26 for the purchase of $60,000
funding and $30,000 bridge coupon bonds, which are to bear interest at
rate named in the successful bid.
Denom. $1,000.t Dated Nov. 2, 1936.
Principal and semi-annual interest (May and Nov.) payable at the National
City Bank, New York. Due serially for 20 years. Certified check for 2%
of amount of bonds bid for required.
Legal opinion by Thomson, Wood &
The $30,000 issue is to provide funds with which to pay for the
city's portion of the cost of reconstructing the 34th St. bridge. The $60,000
block is to pay a short term note originally issued to finance the city's share
Hoffman.
of the cost or reconstructing the 25th St. bridge.
RICHMOND, Va.—BONDS AUTHORIZED—It is reported that the
City Council approved recently a $425,000 issue of Negro High School
building bonds.
ROANOKE COUNTY (P. O. Salem), Va .—BONDS AUTHORIZED—
The County
Board of Supervisors, in session on Sept. 21, adopted a resolu¬
providing for the issuance of $150,000 in 4% semi-ann. bonds for the
a sewage system and sewage disposal plant in the Williamson
Road Sanitary District No. 1.
Denom. $1,000.
Due from Jan. 1, 1942
ABERDEEN, Wash.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on Sept. 30 by Victor Lindberg, City Clerk, for the pur¬
chase of a $275,000 issue of water revenue bonds.
Interest rate is not to
exceed 6%, payable J. & J.
Denom. $1,000 and $500.
Dated July 1,
1936.
Due on July 1 as follows: $6,000, 1938; $7,000, 1939 and 1940:
$8,000, 1941 to 1947; $9,000, 1948 to 1951; $11,000, 1952; $12,000, 1953
and 1954; $14,000, 1955 and 1956; $15,000, 1957 and 1958; $16,000, 1959,
and $18,000, I960 to 1962.
Prin. and int. payable at the City Treas¬
urer's office or at the fiscal agency of the State In New York.
The approv¬
ing opinion of Shorts & Denney of Seattle will be furnished.
The bonds
win not be sold at a discount.
A certified check for $11,250, payable to
the city, must accompany the bid.
ABERDEEN,
At
for
tion
construction of
to
1962.
"
VIRGINIA (State of)—BOND SALE—On Sept. 28 a syndicate headed
by the First National Bank of New York and including Halsey, Stuart &
Co., Inc., Lazard Freres & Co., Inc., the Bancamerica-Blair Corp., Stone
& Webster and Blodget, Inc., Kidder, Peabody & Co., Darby & Co.,
Dick & Merle-Smith, Spencer Trask & Co., E. H. Rollins & Sons, B. J.
Van Ingen & Co., Inc., all of New York; Newton, Abbe & Co. of Boston;
McAlister, Smith & Pate, Inc., of Greenville; R. S. Dickson & Co., Inc.,
of Charlotte; Schlater, Noyes & Gardner, Inc., of New York; William R.
Oompton & Co. of New York, and James H. Causey & Co. of New York,
was awarded the unexchanged portion, $10,019,600, of an issue of $11,680,000 bonds floated by the State for the purpose of refunding outstanding
"Century" bonds.
The successful bid stipulated that the first 10 maturities
should bear interest at l%% and the balance of the issue 2K%, the net
interest cost to the State to be about 2.17%.
The holders or $1,660,400
"Century" bonds who have agreed to take new bonds for their holdings will
accept new obligations on the terms at which the award of the unexchanged
portion was made. The $10,019,600 bonds are being reoffered to the public
at prices to yield from 0.25% to 2.25%, according to maturity.
The Na¬
tional City Bank of New York headed a syndicate which submitted the
second high bid, offering to take the bonds as l^s, 2>£s and 2^s, to make
the net interest cost about 2.31%.
The Bankers Trust Co. of New York
and associates offered a bid which would have cost the State about 2.33%
annually, and the Chase National Bank of New York headed a group bidding
on a basis of about 2.36%.
The bonds are dated Nov. 1, 1936, and the
maturity schedule for the entire issue provides for annual maturities on
July 1 as follows: $275,000, 1937; $285,000, 1938; $295,000, 1939; $300,000,
1940; $310,000, 1941: $315,000, 1942; $320,000, 1943; $325,000, 1944;
$330,000, 1945; $340,600, 1946; $345,000, 1947; $350,000, 1948; $360,000,
1949; $370,000, 1950; $375,000, 1951; $385,000, 1952; $395,000, 1953;
$405,000, 1954; $415,000, 1955; $420,000, 1956; $430,000, 1957; $440,000,
1958; $455,000, 1959; $465,000, 1960; $475,000, 1961; $485,000, 1962;
$500,000, 1963; $505,000. 1964; $565,000, 1965; $505,000, 1966.
BONDS OFFERED FOR PUBLIC INVESTMENT—General Offer—Public
offering of the above $10,015,000 1^% and 2H% refunding bonds, dated
Nov. 1,1936 and due July 1,1937 to 1965, was then made by the successful
group, comprised of First National Bank, New York; Halsey, Stuart &
Co., Inc., Lazard Freres & Co., Inc., Bancamerica-Blair Corp., Stone &
Webster and Blodget, Inc., Kidder, Peabody & Co., Darby & Co., Inc.,
Dick & Merle-Smith, Spencer Trask & Co., E. H. Rollins & Sons, Inc.,
B. J. Van Ingen & Co., Inc., Newton, Abbe & Co., McAlister, Smith &
Pate, Inc., R. $. Dickson & Co., Inc., Schlater, Noyes & Gardner, Inc.,
William R. Oompton & Co., Inc., and James H. Causey & Co., Inc., which
purchased the bonds as noted, together with $4,600 in odd denominations
since taken by the Commissioners of the State Sinking Fund of Virginia,
at 100.493,
making the net interest cost to the State $4,267,041.89, equal
to an annual basis of about 2.178%.
Bonds in the amount 6f $2,768,000,
bearing interest &t 1H% and maturing annually from 1937 to 1946, are
priced to yield from 0.25% tol.70%, and $7,247,000 bonds bearing interest
at 2 M.% are priced to
yield from 1.80% to 2.25%.
The $10,019,600 bonds
taken by the syndicate mature on July 1 as follows: $275,000,1937; $285,000,
1938; $295,000, 1939; $294,700, 1940; $257,000, 1941; $292,000, 1942;
$305,000, 1943; $315,000, 1944; $305,300, 1945; $145,100, 1946; $289,300,
the offering
Wash.—BIDS RECEIVED—AWARD POSTPONED—
of $275,000 water revenue bonds on Sept. 30, Conrad,
Bruce & Co., Portland, bid 100.41 for 4J^s and 98.01 for 4&s. H. P. Pratt
& Co. of Seattle bid 98.30 for 4}£s
Award of the bonds has been deferred
one
week.
DANE COUNTY
(P. O. Madison), Wi».—NOTE SALE—The $100,000
2% corporate purpose notes offered on Oct. 2—V. 143, p. 2097—were
awarded to the Milwaukee Co., Milwaukee, at a premium of $1,080, equal
to
101.08, a basis of about .70%.
The Northwestern National Bank,
Minneapolis, second high bidderr offered a premium of $1,075.
Dated
Oct. 2, 1937, and payable Aug. 2, 1937.
EVERETT, Wash.—BOND OFFERING—It is stated by H. Arends,
City Clerk, that he will receive sealed bids until 10 a. m. on Oct. 13 for the
purchase of a $910,000 issue of, not to exceed 6% semi-annual water revenue
bonds.
Denom. $1,000.
Dated Dec. 1,1936.
Due $130,000 from Dec. 1,
1946 to 1952, incl.
Bids are requested as follows: (1) For bonds with the
above maturities; and (2) for bonds with the above maturities with the city
having the option of paying all or any portion thereof on any interest date
on or after 10 years from date of bonds.
Prin. and int. payable solely
from the gross revenues of the water works system of the city.
The ap¬
proving opinion of Prestbn, Thorgrimson & Turner of Seattle will be fur¬
nished.
A certified check for 5% of the amount bid is required.
ISSAQUAH,
Wash.—BOND ELECTION—It is reported
by Minnie
W. Schomber, Town Clerk, that an election will be held on Oct. 10 in order
on the proposed issuance of $42,000 in water system bonds.
to vote
PIERCE COUNTY SCHOOL DISTRICT NO. 4 (P. O. Tacoma).
Wash.—BONDS NOT SOLD—The $6,000 school bonds offered on Sept. 19
143, p. 1446—were not sold, the award being postponed because
approval of an expected government grant had not been received.
—V.
SNOHOMISH
COUNTY (P. O. Snohomish),
Wash.—BONDS
NOT
SOLD—It is stated by the County Auditor that the $40,000 airport bonds
offered on Sept. 28—V. 143, p. 2097—were not sold.
BONDS RE-OFFERED—Sealed bids will now be received by the said
County Auditor, until Oct. 26, for the purchase of the above bonds, it is
stated.
Wash .—BOND ELECTION—At the general election in
voters will pass on the proposed issuance of $350,000 in
bonds, according to report.
TACOMA,
November
the
trunk sewer
THURSTON COUNTY SCHOOL DISTRICT NO. 319 (P.O. Olympia)
Wash.—BOND,SALE—The $20,000 school bonds offered on Sept. 26—V.
143, p. 1922—were awarded to the State of Washington on a bid of par for
Richards & Blum of Spokane bid a premium of $105 for 4s.
3s.
WISCONSIN
DE
said
PERE,
to
have
Wis.—BONDS AUTHORIZED—The Common Council is
passed an ordinance recently providing for the issuance of
$50.()00 in refunding bonds.
IRON
COUNTY
(P.
O.
bids will be received until 10
Hurley),
Wis.—BOND OFFERING—Sealed
m.
Oct. 26, by Eugene Darin, County
a.
on
Clerk, for the purchase of an issue of $160,000 3% State trunk highway
paving bonds.
Denom. $1,000^.
Dated Oct. 1, 1936.
Due $40,000
annually from Oct. 1, 1945 toJt9l8, incl.
Prin. and int. (A. & O.) payable
at the County Treasurer's office in Hurley.
Legality approved by the
Wisconsin Highway Commission and the Attorney General.
These bonds
wefe approved at the election held on Sept. 15, as noted in these columns
—V. 143, p. 2097.
Bonds authorized under Chapter 67, Sections 67.13,
2254
Financial
Chronicle
Oct.
'
\
67.05, 67.02,
"Wisconsin Statutes, 1935.
Bids are to include purchase
price plus cost of printing and sale of bonds.
Prin. to be paid by State of
Wisconsin and int. to be paid by the county.
No deposit is required with
bids
11993342
CANADA
these bonds.
on
at
$150,000.
present,
Other outstanding indebtedness, None.
Legal debt limit of Iron County: 5% of last
State taxes ($542,865).
1
■
5
.
$657,015,784, as compared with $449,714,474 in the same period of last
an increase of over $200,000,000 according to a review prepared by
Dominion Securities Corp. Details of these sales, divided according
to the various classes of borrowers, are set out in the table below:
the
.
Canadian Bond Offerings
Nine Months Ended Sept. 30
Class of Borrower—
Dominion a
_
Cash in closed and reorganized banks.
Cash in bond fund to meet int. pay. on $150,000 bond issue--
887.81
Provincial
13,440.00
Public utility
$82,426.02
Railways
Industrial and miscellaneous
Property Valuation
Assessed Valuation
Year—
.$12,989,515)1934
Total
$11,115,565
11,769,35011935
—
10,857,305
Assessed Co.
Collections to
Taxes&Chqs.
Aug.31,'36
$114,630.53 $101,758.85
105,990.01
88,563.74
93,984.42
63,881.74
87,254.87
39,669,12
1935—*
Excess tax rolls
held in trust for districts
Delinquent
Auq.31'36
$12,871.68
17,426.27
30,102.68
47,585.75
until collected:
(These taxes
returned to districts when collected after county taxes are satisfied):
1932: $20,568.41; 1933, $26,036.27; 1934, $21,646.40; 1935, $13,566.63.
Taxes for the year 1935 were due on March 22, 1936.
Taxes became
delinquent March 22, 1936.
A 2% penalty and interest at the rate of
8% per year is charged on delinquent taxes.
The tax sale of 1935 was held
on Dec. 3, 1935.
The tax sale for 1936 will be held on Oct. 6, 1936.
Un¬
collected taxes from previous years are not included in the budget of the
are
following
years.
until Oct. 5, for the purchase of a $28,000 issue of 2%% semi-ann. school
bonds.
Dated Oct. 1, 1936. Due in from three to 15 years. These bonds
approved by the voters at
an
election held on Sept. 21.
on
bonds sold
a complete
Sept. 25 for the $1,265,000 4% coupon water
on that date to Salomon Bros. & Hutzler of
New York:
Premium
Name—
Offered
Salomon Bros. & Hutzler, New York
$47,943.50
Harris, Hall & Co., Chicago
44,667.15
The Securities Co. of Milwaukee, Inc.; Laxard Preres & Co., Inc.,
New York; Edw. B. Smith & Co., New York; Watling,
-
Lerchen & Hayes, Detroit
l
43,767.74
Lehman Brothers, New York
41,910.00
R. W. Pressprich & Co., Chicago; C. F. Childs & Co.; Newton,
Abbe&Co.;Minsch,Monell&Co., Inc
40,512.50
John Nuveen & Co., Chicago; A. C. Allyn & Co.; Stifel, Nicolaus
& Co.; T. E. Joiner & Co._
4QA84.00
Bancamerica-Blair Corp., Chicago
33,656.7"
_
Halsey, Stuart & Co., Inc., Chicago; A. G. Becker & Co.; Law(
rence Stern & Co.; Piper, Jaffray & Hopwood, Inc
28,005.00
.
WONEWOC, Wis.—BOND OFFERING—Sealed bids will be
received
until 2 p. m. on Oct. 1, by Arthur Reed, Village Clerk, for the purchase of a
$23,000 issue of 3% sewage disposal system bonds. JDenom. $1,000. Dated
March 18, 1936. Due on March 18 as follows: $1,000, 1938 and 1939, and
$3,000, 1940 to 1946. The approving opinion of the Attorney General will
be furnished.
Purchaser is required to pay for the printing of the bonds.
The legal approval of Chapman & Cutler of Chicago, will also be furnished
by the village.
A certified check for 5%, payable to the village, must
accompany the bid.
•
(This report supplements the offering notice given in these columns re¬
cently—V. 143, p. 2098.)
1932.
.
important Government operations were the large domestic loans
in June and the recent issue of $100,000,000 notes and
perpetual bonds, the latter representing an innovation in Canadian Govern¬
ment finance.
The Canadian Government has hot appeared as a borrower
and
the
No Canadian province borrowed either in New York or
preceding year.
London during the first nine months of this year.
About half of the provincial borrowing was for
refunding purposes and
The municipal borrowing was at practically
$29,717,760, compared with $32,682,874
in 1935.
All the municipal borrowing was done in the domestic market.
The larger borrowers were the cities of Montreal with $9,252,000 short term
bonds in March, and Toronto with $6,144,000 serial bonds in May.
the
was
level
same
CANADA
capital.
new
as
last year, being
(Dominion
and
ALBERTA
INVALIDATE
TO
trust
companies, banks, manufacturers, and all other institutoins
goods or extending credit at interest to residents of the prairie
selling
Province governed by Premier William Aberhart, according to a
from Ottawa to the'-Wall Street Journal."
Financial
expressed
institutions
and
apprehension
industrial
that
unless
concerns
the
of eastern
Federal
dispatch
Canada
Government
have
intervenes
—under the constitution it has a year
in which th disallow the Acts com-plained of—there is grave danger of the Alberta "repudiation" spreading
into the adjacent Provinces of Saskatchewan and Manitoba, where the
farmers are prostrate because of a succession of crop failures, particularly
in the southern portions.
Two enactments of the recent special session of the Legislature are of
special importance and indicate the general character of the new legis¬
lation.
One Act undertakes to wipe out all interest on "debts" contracted
before July 1, 1932, and purports to prohibit any debtor from repaying
his debts except in 10 annual instalments, the first three of which are to
be 5% of the debt, the next four 10%, and the final three 15%.
In other
words, if a debtor borrowed $2,500 in 1932 at 5% and was to repay the
loan in five years, and if during the past four years he had paid $500 on
account of interest, the Act says the debt today stands at $2,000 and
need
be liquidated
otherwise)
only
Board directs
(unless upon application the Debt Adjustment
the next 10 years without interest, by in¬
becoming payable
over
stalments of the amounts described, the first instalment
in November, 1937.
Act says that in respect of all other "debts," those contracted
1932, and any future debts, the amount which may be re¬
coverable thereon by way of interest shall not exceed the principal sum
The
since
same
July 1,
with simple interest thereon at 5%.
Another Act undertakes
to
prohibit
taxes for an amount
exercise
more
municipal
corporations
levying
than sufficient to pay 3 % upon its outstanding
Still another Act closes the courts to all creditors endeavoring
their right of recourse to the courts without a permit from
!the Debt Adjustment Board appointed by the Government.
It is abund¬
antly evident that legislation of this character has nothing whatever to
do with social credit as such; it strikes at the very root of commerce and
Municipals
business and finance.
Information and Markets
The seriousness
these
of the situation is enhanced
developments
in
Social Credit members
wan
BRAWLEY, GATHERS & CO.
Alberta
now
upon
sit in the
the
by the probable effect of
situation
in
other
provinces.
Legislature of Manitoba, Saskatche¬
and British Columbia in addition to Alberta.
The
news
of what the
Credit Party has accomplished in Alberta, is calculated to put
these other three Provinces in an untenable position
they follow Alberta's lead.
If Premier Aberhart can wipe out all
interest on "old aebts" for the debtor citizens of Alberta, how can Premier
Patterson of Saskatchewan we expected to satisfy his constituents with
6% or 4% or 2%.
Social
the governments in
WEST, TORONTO
ELGIN 6438
CANADA
ALBERTA
(Province
of)—DEBT
REDUCTION
MEASURES
ADOPTED BY LEGISLATURE—Special session of the Alberta Legisla¬
ture, dominated by the Social Credit party led by Premier William Aberhart,
prorogued recently after passing 17 bills.
Some of the new laws
effective until proclaimed.
The new legislation, and amendments to former statutes, include the
most radical measures of debt adjustment ever imposed in Canada.
Some
unless
CANADA (Dominion of)—TREASURY BILLS SOLD—The Minister
of Finance accepted subscriptions on Sept. 30 for the full amount of a new
offering of $25,000,000 Treasury bills, due in three months.
The bills
were sold on an average yield of .683 %.
~
.
are not
discussed in the local press as follows:
Reduction and Settlement of Debts Act divides private debts into two
classes and provides for reduction of both.
Debts contracted prior to
July 1, 1932, will be reduced by the amount of payments made since that
time, whether such payments were made on principal or interest.
The
balance then remaining is payable in 10 annual instalments without interest.
of the
of)—URGED
REDUCTION LAWS—Representations
have been made to the
Dominion Government urging the disallowance of revolutionary legislation
of the Social Credit Province of Alberta as injurious to life insurance, loan
DEBT
to
ST.
1936.
Provincial government financing Was considerably reduced in 1936
has amounted to only $12,021,000, as compared with $70,005,000 in
debentures.
KING
,
Other
of $134,335,600
Would Close Courts to Creditors
to have passed an ordinance providing for the issuance of $45,000 in
4%
refunding bonds.
Denom. $500 and $1,000.
Dated Sept. 1, 1936.
Due
as follows: $500, 1937 to 1942; $1,000, 1943 to
1948; $1,000, 1949 to 1954;
2,000, 1955 to 1960, and $2,500, 1961 to 1966.
25
$449,714,474
$657,015,784
WYOMING
LINGLE, Wyo—BONDS AUTHORIZED—The Town Council is said
Canadian
48,400,000
22,088,600
including Dominion of Canada treasury bills of less than one year
$335,000,000 in 1936 as compared with $155,000,000
in the same period of 1935.
b Final week of September estimated.
The outstanding feature of Canadian borrowing in 1936, says Dominion
Securities Corp., has been the large amount of refunding resulting in sub¬
stantial interest savings to the borrowers concerned.
Continued ease in
money rates and substantial improvement in general business conditions
have been largely responsible for the success of these refunding operations.
The total of Dominion Government borrowing (excluding Treasury bills)
was $282,335,600.
The Dominion again re-entered the New York market
for a long term loan in January last of $48,000,000 3M% 25-year bonds.
This operation represented a distinct departure from the medium and short
term borrowing which the Government did there in each of the years since
the balance
MILWAUKEE, Wis.—BIDS RECEIVED—We give below
list of the bids received
70,005,000
32,682,874
5,538,000
have totaled
in the London market in
MIDDLETON SCHOOL DISTRICT (P. O. Middleton) Wis.—BOND
OFFERING—It is stated by the District Clerk that he will receive bids
works mortgage
.
1935
$271,000,000
Not
a
which
Report of Tax Collections
Year—
1932—
were
1936 b
$282,335,600
12,021,000
29,717,760
115,275,000
135,000,000
84,666,424
—_
Municipal
Total cash
County cash protected by: Wisconsin Board of Deposits.
Assessed Valuation I
The session has been
year,
equalized assessment for
Previous bonds: Iron County has never defaulted or contested the pay¬
of previous bonds for other indebtedness.
Condition of Treasurer's cash Aug. 31, 1936:
General fund
$68,098.21
-
s, ms
'
' "
(Dominion of)—$200,000,000 INCREASE IN FINANCING
ment
Year—
' '
JO.. '
DURING 9-MONTH PERIOD—REFUNDING OPERATIONS HEAVY—
Offerings of Canadian boDds in the first nine months of 1936 amounted to
Official Financial Statement
Bonded indebtedness
.
dispersed from the spring session at the end of March.
called to deal with problems of municipal finance. \,
measures were
The first three instalments will
be 5% of the principal, the four next
10%, and the last three are to be 15% each.
For debts contracted since
July 1, 1932, the maximum interest rate collectible is 5% and any interest
payments in excess of 5% made since that date will be deducted from the
principal.
Adjustment Act Extended
OTTAWA, Ont.—TAX COLLECTIONS HIGHER—Tax collections for
the first eight months of 1936 are well ahead of last year, total collections
to date amounting to $4,890,860, an increase of $124,248 over the same
For 1936 taxes,
the total collected, to Aug. 31 was
increase in the tax levy is partly responsible for the
larger amount collected, the tax rate being 2.2 mills higher than in 1935.
period of 1935.
$3,708,576.
An
"PLANS NEW BOND ISSUE—The city is making application
Ontario
in
Municipal
order
to
to
the
Board for authority to issue $350,000 of debentures
additional relief sewers.
The list is substantially
construct
the same as that rejected earlier in the year by the private bills committee
of the Ontario Legislature on the grounds that the expenditure should
first have the approval of the rate payers.
SARNIA,
Ont —CURRENT
>
TAX PAYMENTS HIGHER— City
re¬
ports collection of 1936 taxes to the end of August totaled $408,316, an
of $31,375 over the total for the corresponding period of 1935
The Debt Adjustment Act of 1933 was amended to extend provisions of
the Act four years to July 1, 1936.
Appeals from decisions of the debt
increase
adjustment board were made impossible in another amendment.
Municipalities' Securities Interest Act was passed prohibiting the muni¬
cipalities from collecting taxes to pay more than 3% interest on their
paid in the first eight months of the year totaling $107,913.
securities.
Provicincial Securities Interest Act validates action by order-in-council
last May reducing interest by 50% on Alberta provincial bonds.
The new
statute
are
provides that from June 1, 1936, rates of interest
to be
changed
as
on
Alberta bonds
follows:
Alberta Bond Interest Rates
Coupon
Coupon
Rate
New Rate
Rate
New Rate
6 H%
3 H%
3%
2 H%
5%
4^%
2H%
2K%
2%
6%
5K%
BRITISH
SIDER
-
COLUMBIA
MUNICIPAL
4,3^,3%
(Province
DEBT
of)—LEGISLATURE TO CON¬
SITUATION—The
18th
Legislature of
British Columbia will assemble in Victoria for its fourth session on Tuesday,
Oct. 27
Premier Pattullo announced Sept. 23.
The 48 legislators will
assemble for
the
second
time
during the present
calendar
year,
having
Collections of arrears of taxes, on the other hand, declined $27,634, arrears
TORONTO, Ont .—TAX COLLECTIONS GREA TER—Col lections of
1936 taxes during the first and second instalment periods, that is, to
Aug. 22, showed an increase of 2.79% over last year.
Revenue from col¬
lection of all taxes, including arrears from previous years, showed an
improvement of 1.51%.
Of this year's realty and business tax lew
a total of $22,995,000 or 66.72% had been collected to Aug. 22,
compared
with $21,795,000 in the same period of 1935.
Of the $10 millions of
arrears outstanding at Jan. 1 last, a total of $5,222,000 has been
paid off
leaving arrears outstanding $564,000 less than
YORK
TOWNSHIP,
a year ago.
Ont —BONDHOLDERS' COMMITTEE DIS¬
CUSSES DEBT BURDEN—York Township Bondholders' Protective Com¬
mittee and Council met in private session Sept. 23, reportedly to
discuss
the refunding of the township's debenture debt.
Both Township Council
and the fiscal agents have been working on a scheme to refund the
town¬
ship's gigantic debenture debt for two years.
It is stated that of the
$19,000,000 debt, $13,000,000 is to be funded and the balance held as
collateral'by the banks.
@FedFRASER