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COPYRIGHTED IN 1936 BY WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 143.
d
we-jci^ce^.copy-
BROOKLYN
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Chartered
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the electrical circuit when you
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Exchange
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a
the
F.
J. GRIESMER
Assistant Secretary
/p Tif. |, ({. \
wnimciTm11
\|||
Vol. 143
SEPTEMBER 12, 1936
No. 3716
CONTENTS
Editorials
page
Financial Situation
1606
The Power Conference
at
Washington
Varieties in Political Lefts and
V.'
1621
„
Rights
-.1619
'
'
Comment and Review
Gross and Net
Earnings of United States Railroads for
July and the Seven Months Ended July 31
1623
New Capital Issues in, Great Britain
1627
...
Week
the
European Stock Exchanges
Foreign Political and Economic Situation
on
Foreign Exchange Rates
and
1611
1612
Comment-.
1616 &
Course of the Bond Market
Indications of Business
Week
Week
on
on
the New
Activity
York Stock
the New York
Curb
1663
1627
1628
Exchange,
.
Exchange
1609
..1661
News
Current Events and Discussions
Bank and
Trust
1637
.
Company Items
__1660
General Corporation and Investment News
State and
1708
1
Dry Goods Trade.
.
Municipal Department
;
1747
1748
Stocks and Bonds
Foreign Stock Exchange Quotations..
1707
Dividends Declared.
1665
Auction Sales
New York Stock
.•
.....
......
Exchange—Stock Quotations
1707
1675
New York Stock
Exchange—Bond Quotations.. 1674 & 1684
New York Curb Exchange—Stock Quotations
1690
New York Curb
Other
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
1693
1696
1700
Over-the-Counter Securities—Stock & Bond Quotations. 1703
Reports
Foreign Bank Statements
Course of Bank
Clearings
.1615
...1661
Federal Reserve Bank Statements
1671
General
1708
Corporation and Investment News
Commodities
Commercial Markets and the Crops
Cotton
The
Breadstuff s
...1735
1737
1742
Published Every Saturday Morning by the William B. Dana
Company, 25 Spruce Street, New York City
Herbert D. Selbert, Chairman of the Board and Editor: William Dana
Seibert, President and Treasurer; William D.
Riggs, Busines
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle
Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright, 1936, by William B Dana Company.
Entered as second-class matter June 23, 1879, at the post office at
New York, N. Y., under the Act of March 3, 1879.
Subscriptions
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(except Spain), Asia. Australia and Africa. $20.00 per year; $11.50 for 6 months.
Transient display
dvertising matter 45 cents
Contract and card rates on request.
per agate line.
The Financial Situation
IN ORDINARY circumstances the during the that legion in this
less authority
out with such violence controversy past
be
Conference could
Third World Power
the
regarded
without particular significance, re-
as
grettable in that we as host to the world permitted
our own domestic problems and issues to usurp the
not ordinary times. The sharp
occasion were an all but irre-
These, however, are
of controversies that are today
very fundamentals of
business, government and
human progress.
The is¬
Politics and
pressible eruption
and concern the
world-wide
which, these
around
sues
controversies
in¬
dustry, but to all industry,
"I
Enterprise Everywhere
Challenged
Everywhere the system
enterprise is today
and even
being seriously
Mr.
of
wide,
or,
whole
the
which
in the
all
business, and open or dis¬
guised control of individual
In Russia for years
tem, more or less
of state
permitting the real issues to decide the re¬
sults?
Must we constantly offend against
inclusive,
and
-against all good taste with what is termed
the
as
intelligence
of
Ger¬
and Italy we have
were
comic opera.
although
yet involve public ownership throughout the whole range
of business, are for practical purposes not very dissimilar to that existing in Russia.
That is to say,
systems
they do
the
which,
not
as
central government
plans and gives the orders;
obey largely regardless of where property
the citizens
The difference is more of
rights theoretically lie.
degree than of kind.
Almost
everywhere
threatened,
difficulty.
is
a
word to
hoped for
"Planning"
are
being
exist,
are
averted with
(by government of course)
conjure with.
much longer,
the
"dictatorships"
or
If present trends continue
subsidies will be the rule rather than
exception.
Rules, regulations, restrictions, ad-
ministrative governmental
the
average
man
"showmanship" in politics?
The problems before the country today are
matters almost of economic life or death.
We
should not deal with them as though they
by other names.
In such countries
thoroughly out of sympathy
of
sys¬
socialism, although
it is called
many
a
are
of their judgment?
himself have it otherwise?
To be sure, his party has no financial diffi¬
culties to overcome in presenting its case to
the voters, and certainly no party ever made
such use of propaganda for the purpose.
Why is it so impossible in this country to keep
our national political
campaigns free of the
grotesque?
Why should political managers
think it necessary to enlist the services of
athletes who happen to be prominent in the
news of the day, screen celebrities and others
of a comparable sort to plead their cause?
Can we not do a little better in the matter
leads, general public own¬
existed
In
retrospect, it seems
possible
hardly
Power
that
bodies with almost limit-
hand
this
of
the
by
censorship,
this
at
and
time
particular
in
held
been
have
could
a
Conference,
emasculated
not
rude
without
country
sharp clashes of the kind
week.
of
past
during /.the
ington
a
Wash¬
in
occurred
that
We
engaged in
are
political
hard and bitter
which
men
common sense are
doing
in
campaign
chest?
Would Mr. Farley
ership and operation of
has
own war
citizens of the soundness
philos¬
"liberalism" definitely
lives.
citizens,
the present Ad¬
with
the policies of the Roosevelt Administration.
Is there anything strange in the fact that
they do what they can to convince their fellow
ophy of what is vaguely
and
inaccurately termed
there
Farley's
affairs
formto
extreme
Have not all other
significance is to be attached to
this sudden "discovery"? Certainly no one
need be told that the vast majority of men of
industry and trade
and
more
the State of
And what
regulation and control
far
that the voters in
ministration, exactly the same right?
Have
not some of them, moreover, contributed to
government interference,
upon
sure
pleases them?
in laying
hand
deadening
the
am
including those who prefer
violently challenged by
those who believe
Inevitable Controvery
World
quite interested to have Gov¬
ernor
Landon explain in detail the story of
the contributions by the du Ponts, Morgan,
Rockefellers, Sloan and Archbold and others
as reported hy the Senate Committee on Cam¬
paign Expenditures."
What, pray, is there to explain? Are not
these gentlemen free American citizens with
the right to contribute to political campaigns
in whatever way and in whatever amount
lives of individuals.
of free
Comic Opera
Maine would be
nothing of the private
Free
of
weight
bureaucratic domination.
follows:
press as
indeed to all business, to
say
the
feels
most
contributions made to
the Republican campaign in the State of
Maine, Mr. Farley, chairman of the National
Democratic Committee, is quoted by the daily
relate
rage
so-called natural monopolies, particularly the utilities and the railroad enterprises. InJfchose parts of
the world in which the more extreme form of state
socialism, or its practical equivalent, has not yet
developed, it is this type of enterprise that still
Concerning certain
only to the power
not
regulation of the
usually had their beginnings in
platform in unseemly fashion, but otherwise to be
from mind without much consideration,
dismissed
interchanges of this
abound on all sides. Their name is
country. Even in such traditionally
liberty-loving countries as Great Britain and Canada,
movements of the sort have made very appreciable
headway. Where such regimes do not owe their
origin to revolution or to coups d'etat, they have
broke
week at
their utmost to check the
of
trend
dangerous
our
public policy toward state
or something
socialism,
closely resembling it. They
with
engaged
are
who
nents
devoted
to
oppo¬
fanatically
are
the
"cause,"
given to preaching it
and
all occasions.
upon
also
are
groups
They
engaged with
whose
•
main
pur¬
in life is that of mak¬
pose
ing political hay whenever
the
shines for even a
sun
Moreover,
moment.
pears
in
ure
very
to
such
the
arranged ap¬
to have been devoted
program
as
substantial meas¬
of just
discussions
subjects rather than
to the technological or legalistic aspects of the
industry. How' it could have been expected that
those who are given to "tirades" would remain
absent or silent, it is difficult to understand,
But these questions today have a vital meaning
not only to the power industry and a few other
types of enterprise, but to the whole business community both in this country and elsewhere.
The
shriveling touch of bureaucracy is being felt more
and more widely and more and more seriously every where. Of course the movement has gone much further in some other countries than in the United
States. But what others prefer to do is their affair,
What happens to us is very much our concern. If
Volume 143
the
Chronicle
Financial
American
people believe in liberty and in a
system of free business enterprise, and for our part
have
we
citizen,
farmer,
for
doubt
no
whether
that
he
a grocer, a
is
tailor,
moment afford
a
they
in
tally to permit local
ects to be
individual
the
do,
the
plan proj¬
to
of the Federal
expense
Not only the
government.
been
security dealer, cannot
or a
communities
given effect at the
government at Wash¬
ington, but large sections of the population, have
industry, a
utility
1607
deeply infected with this strange current
no¬
raised in
tion that somehow the
people can miraculously
Washington at the Third World Power Conference
dow their government
with power and ability that
to dismiss the issues
the
as
concern of someone else.
It may be that the
"yard-sticks tomfoolery is for the time being at least
championed only in the case of the utilities, that
direct
and
only to
regulation is applied at this i time
open
few industries, and that public ownership
a
such is for the moment
as
ground
more
or
less in the back¬
they themselves do not
tute
■
ington would long
their
policies.
continue to
by
exist,
for
or
dominate the
that government
industry
that matter the acts of those
not entirely confined to these industries
in the minds of those
who would
displace the
and
so
developments of the
cataclysmic the events,
realize
clearly the magnitude of the change that has oc¬
curred during that time.
So constantly have the
numerous
"programs" of the New Deal been "ex¬
and
plausibly
so
pounded, that the
have
they
been
ex¬
average man not versed in such
intricate
subjects can hardly be censured for not
really appreciating the distance we have travaled
toward State socialism
or
ing the past three and
would
gold is
an
dictatorship dur¬
half years alone.
a
What
regime under which
object of confiscation wherever found?
What would
a
a
toward
Cleveland think of
a
Theodore Roosevelt have to
say
a
system that compels the New York
change to obtain the approval of
before it may
de-list
tirely worthless?
a
about
Stock
What would
regime that demanded that
a
obtain
a
Federal bureau
Would
Bryan
a
that dictates to
see
a
buying
or
Wilson think of
individual
a program
plant in order to avoid the loss of
of
would live to
bureau in
us
see
it)
owned
plant,
tions
when there would exist
with the right to
and
hold
tell
the
go
into
"election"
an
management
"negotiate" about
wages
a
its
with
whom
Yet these
are
but
a
it
have
we
advanced
Planning
must
The
might
chat"
in
and
or
to
on
a
economic
address
one
his
in
time
latest
Thursday
on
or
nomic
an¬
"fireside
showed
eco¬
planners, is still under the delusion that what
is needed is
artificially created "purchasing power"
brought into being, strangely enough, either by
trolled
(often reduced)
production
the
serv¬
the people at large.
Of
production of useful goods and services
is the ultimate
and it is
con¬
altera¬
in which produced goods and
distributed among
are
by
or
source
of all true
purchasing
power,
just this wisely balanced production that
neither State socialism
achieve
nor
even on a
dictators have achieved
national
scale, to
say
noth¬
ing of the community of nations.
But there
creased
to
are
other hazards that
are
greatly in¬
by this steady encroachment of government,
speak
of
more
accurately, politics,
private enterprise.
These
upon
are
the do¬
not always
onerous
regulation,
influences, not to
tariff
duties,
say
the coercions, of
definitely
or
across
inevitably cut
and
helpfully
world minded.
In¬
national boun¬
daries, and trade relations, if left to themselves,
understanding. "Economic planning,"
breed mutual
(and by implication
combat nature
his
both
dustries almost
to date at any
planning to protect them
large scale in the great plains States, and inciden¬
President
tends to become international
rate, has been almost exclusively
na¬
tional
and
planning, into which all the prejudice of local
national politics is
injected in full measure.
There is
The President in his latest "fireside chat"
boasted
"plans" to change
production
an
clearly enough that he, like most of the other
excessive
against mechanical cotton picking devices whose
practicability is still problematical to say the least.
of
world
We must have this kind
sense.
enterprise, free not only from
cited, and the "planning" bee is still very evi¬
dently in political bonnets quite generally. The Sec¬
retary of Agriculture only the other day assured
pickers that
What is needed
own.
well-balanced
imposed government plans and the like, but also
be
would)
convincing, that
economy" always-gives to nationalism. Free private
and all other ques¬
few of the instances that
and
political
a
free from the
Still
well
clearly perceived. We refer to the impetus "planned
em¬
affecting labor?
cotton
other.
main
privately-
among
experi¬
as
production without accompanying financial de¬
a
can so
The
any
velopments that spell disaster at
or
endow
ployees,
the day
be chiefly that
to convince any
a
have believed 10 years ago that he
Washington endowed (if Congress
may
goods and services1—well-balanced in
citizen
Nebraskan farmer what he shall
dictator¬
or
serve
problems of their
tions in the way
bounty that his neighbor obtains by taking orders?
Would any
should
if he needed
man,
abundant
and not
of
less, the
more or
systems solve nothing, but, on the contrary,
raise many
of
own,
a
selling securities?
nothing strange in
our
thoughtful
or can
and shall not
decade,
formed earlier elsewhere.
was
en¬
permit from Washington before he could
business of
"Solution"
gained in various foreign countries,
such
ices
an
a
:
This, perhaps, is particularly true of this
that in
is
private affairs to
"solutions" of this, that and the other prob¬
as
ence
as
af¬
en¬
by which the world is faced has been growing
course
enter the
must
ships
lem
man can
speaking of State socialism
Ex¬
stock which has become
a
of
the habit
that it is difficult for the
average person to
plained,"
a
country, although the difference
Revolutionary Changes
So momentous have been the
as
During the past half
habit
upon us.
present regime in Washington.
past two decades,
Socialism
who
Indeed it is
of
to any other.
or
branches in the
present Administration.
demonstrably
even
sensible business
no
croachment of government upon
suppose
course
struggle against the constant
the power
any means confined to these
thought
have altered the
ago
But let
no one
as¬
As long as conditions of this sort
ford to leave the
interference, bureaucratic regulation, and the like
are
Otherwise the
possess.
politicians controlling the machinery at Wash-
in regard to the utilities and the railroad
even
companies.
en¬
no
the future.
.
ravel the
reason
to
expect anything different in
It would of course be
impossible to
tangled situations that have arisen in
cent years
to endanger the
peace
un¬
re¬
of the world and to
the relative force of
measure
that "economic
planning/'
individual factors giv¬
certainly safe to assert
ing rise to them, but it is
what is the same thing,
or,
national
planning by political authorities, which
has been
so
pronounced during the past few years,
good many of the present dif¬
is at the bottom of a
ficulties.
Secretary Hull in
temperate address to the
a
World Power Conference warned of the
Third
de¬
skill are to¬
day being devoted to destructive purposes, that is to
preparations for war. He did not directly assert,
to which technical knowledge and
gree
as
might have, that economic planning was
he well
called earnest
him would
attention, but such
fell $52,553,000 to $54,683,000; foreign bank deposits advanced $8,968,000
to $59,235,000,
while non-member bank deposits
were off $17,713,000 to $211,572,000.
Discounts by
the System dropped $569,000 during the week to
$8,033,000, while industrial advances increased
$106,000 to $28,628,000.
Changes in open market
holdings were lacking, as bankers' bill holdings
remained at $3,095,000, while United States Gov¬
ernment
security holdings again were $2,430,posits on general account
hardly have been appropriate in the cir¬
It may be, as several learned men at
cumstances.
academic meetings during the past week
more
as¬
serted, that we shall have more rather than less of
sorts of
all
government regulation and control, to
nothing of the more extreme forms of the move¬
say
ment, during the years immediately ahead, but we
nonetheless
venture
later the world will
the less
all
after
the prediction that sooner
find,
as
or
it has found before, that
government interferes with
the
79.5% on
The reserve ratio increased to
227,000.
Sept. 9 from 79.4% on
Sept. 2. :r:V
Corporate Dividend Declarations
utterance from
an
Treasury de¬
$6,471,333,000;
to
total
that
raised
important factor in the situation to which he
an
Sept. 12, 1936
Financial Chronicle
1608
A NUMBER of again the current week. Western
dend action corporations took favorable divi¬
of 75c. a share on
Electric Co. declared a dividend
June 30 a
payment of 50c. a share was made, which was the
first since 1931; substantially all the stock is owned
the
capital stock, payable Sept. 30; last
by
American Telephone & Telegraph
J. C.
Co.
dividend of $1 a share on the
stock, payable Sept. 30, which compares
Penney Co. declared a
common
preceding
only 75c. a share paid in the three
with
Air Reduction Co. declared an extra of
share in addition to the regular quarterly of
lives and the affairs of individuals the better for all
quarters.
concerned both
$1
economically and otherwise.
a
25c.
Federal Reserve Bank Statement
BANKING! quite in line with expectations. Gold
statistics currently reflect changes
that
still is
the
are
moving to this country from many parts of
arrivals,
the
world, and
American
together with
new
production, tend to swell our monetary
again relied, in the week
resources.
The Treasury
ended last
Wednesday night, upon its general ac¬
banks for its
Reserve
12 Federal
the
with
count
huge expenditures, and much of the money found
its way
that increased
of
crease
and
influences
main
these
minor
several
member bank
$51,000,000 in
ber bank
money
balances
in¬
Mem¬
The excess re¬
$40,000,000,
to
an,
aggregate
of
On the old basis of required re¬
$2,000,000,000.
$3,310,000,000 noted late last year.
gold
actually
stocks
increased
$19,-
000,000 in the week ended Sept. 9, and the credit
reflects a new high record total of $10,-
summary
banks
gold still is being drawn upon to meet
moved
The gold certificate holdings of
up
$8,334,034,000
demand
for
to
on
currency
$8,372,031,000
on
Sept. 9
242,000 from $8,615,544,000.
in circulation
Federal
a
decline of cash in
Reserve
was
The increase of cur¬
reflected by
notes
in
use,
a
larger total
the latest figure
being $4,055,971,000 against $4,020,920,000 a week
earlier.
ments
quarterly of 75c. a share on the common
clared
a
stock, both
Midland Steel Products Co. de¬
payable Sept. 30.
the common
dividend of $1.25 a share on
stock, to be paid Oct. 1; in the three quarters pre¬
75c.
ceding only
thereto
Jan.
a
while prior
subsequent to
share was paid,
a
payments
no
made
were
Addressograph-Multigraph Corp. de¬
1, 1932.
clared
dividend of 25c.
share
a
the common
on
with 15c. a
New York
Shipbuilding Co. declared dividends of $8.75 a share
on
the 7% cumulative preferred, payable Oct. 1,
which clears up the total accumulations of $7 a
stock, payable Oct. 10, which compares
share
paid in the five previous quarters.
share
on
the stock and the $1.75 due
Government
Oct. 1.
Crop Report
THE Agricultureissued last Thursday, of crops as
Department's report finds that
Sept. 1,
of
Because of
the
holiday
currency
require¬
aggregate deposits with the Federal Reserve
banks dropped to
$6,796,823,000 from $6,827,410,000.
bT1i& $30,711,000 increase of member bank balances
probably
drought damage to the current crops has
its
run
course
and expresses
North
the opinion that the
drought will prove to be
less serious than that of 1934.
However, it is stated
rain is needed in the sections from
more
Dakota to north central
Texas
to
end
drought there and insure average prospects for
1937 crop
The
Sept. 2, but the Labor Day
caused
vaults, and total reserves increased only to $8,632,-
of
♦
that much
Treasury needs.
rency
paid.
was
period, indicating that the accumula¬
same
tion of "free"
from
quarters only 30c. a
Howe Sound Co. declared an extra
dividend of 60c. a share in addition to the regular
share
ultimate effects of this year's
with the 12 Reserve banks amounted to
the
Sept. 30 ; in the three preceding
Treasury deposits of gold certificates
$37,997,000
736,000,000.
the
the common stock, payable
extra of 20c. a share 011
larger total than the excess reserve record
Monetary
in
dividend of 40c. a share and an
this figure would appear to be the equivalent
an even
of
an
requirements are officially estimated to
have \ increased
of
factors
deposits with the Federal Reserve banks,
over
serves,
was
in circulation.
nevertheless, advanced $30,711,000;
serves
An offset to
into member bank balances.
William Filene's
share, both payable Oct. 15.
a
Sons Co. declared a
as
condition of
corn
was
reported
as
of Sept. 1
only 40.5% of normal which is the lowest
on
normal
of
record and compares
while
the
on
crop
July
1
it
was
figure
with 67.9% on
46.8%
On Aug. 1 last the crop was
Sept. 1, 1935.
estimate
the
of winter wheat.
for that date
of
the
75.1%.
The
however was revised slightly
upward to 1,458,295,000 bushels from 1,439,135,000
bushels
on
Aug. 1; the actual harvest in 1935 was
2,291,629,000
bushels
the
and
crop
estimate
was
reduced
a
five
year
average
The total wheat
little from the Aug. 1
(1928-32), 2,553,424,000 bushels.
Volume
Financial
143
compared with 632,745,000 bushels
date.
Condition of the
of normal,
the
1935
average
1.6% lower than
condition
for the 10
No great
(1923-32)
years
The number of
67.3%.
was
:
,
crops
reviewed in the report
exception of grain sorghums which is now
is
on
Aug. 1.
The oat crop, condition of which
placed at 55.7% of normal, is estimated at 776,-
and
884
$8,271,000, which compares
July with $9,904,000 of liabili¬
failures
in
$13,266,000 of liabilities.
The
improvement
industrial group,
in the
was
period of 17 years.
a
over
bankrupts in August was 655 and
with 639 failures in
placed at only 58,850,000 in comparison with 81,-
588,000
ebb, but this fact cannot
significance of figures, smaller by
liabilities amounted to
ties
months usually find
summer
comparison with others
Sept. 1,
on
made in the Department's
was
of the
Aug. 1;
The
failures at their lowest
detract from the
only 31.2%
crop was
on
the earlier
44.4% of normal but the
was
change
estimate of any
with the
spring
on
1609
October, 1919.
figure, being placed at 630,241,000 bushels on^Sept. 1
as
Chronicle
involving
1935,
August,
>
not confined to any one
was
but the most significant reduction
manufacturing division, where only 104
661,000 bushels, somewhat higher than the 771,703,-
firms
000 bushels forecast
comparison with 132 failures with $4,297,000 liabili¬
from the
the
Aug. 1 but still far rembved
on
1935 harvest of
1,196,668,000 bushels and
for the five
average
102,000 bushels.
(1928-32) of 1,215,-
years
No change
made in the
was
rye
estimate of 27,095,000 bushels which is less than
crop
half the 1935 harvest of 58,928,000 bushels
not
compare
(1928-32)
with
year
raised to: 1,142,887,000 lbs. from
was
1,106,801,000 lbs. predicted Aug.
(1928-32)
five
the
of 38,212,000 bushels. The tobacco
average
estimate
crop
unfavorably
so
but does
harvest
average
1; the five year
in
ties
$5,220,000; in the wholesale
involved
with
1,360,000 bales less than forecast
the
outlook
These
for
was
a
Aug. 1, when
on
bales.
figures do not fully reflect the extent of the
$469,000 last
only
damage in the West, because favorable conditions
that
also
in the States
volved of
those
reduced
814,000
bales,
Sept. 1 estimate
from
more
a
month
than half the amount
Georgia
was
in
and the
earlier; for Okla¬
on
Sept. 1
five-year
On the other hand,
harvested
was
harvest (1928-1932)
The indicated
pounds,
In
was
Except in South Texas boll weevil
yield
which
per acre
compares
with
199.7
was
year as
179.2
pounds
64.5%.
of
on
a
was
was
was
(1923-1932).
only 59.1% of normal,
years
72.3%, and
on
Abandonment in most States
less than 1%.
many
11%
acreage
whole up to
Sept. 1, 1935,
was
2.9%.
estimated at only
less* than
However, abandon¬
Oklahoma and 3.6%
in
brought the total
as
Sept. 1
Aug. 1 it
2%, and in
ment
on
in
Texas
abandoned for the country
A
abandonment
1.8%.
and smaller liabilities.
the
Dallas
August
as
July last,
are nevertheless
August since 1919.
The amount
of liabilities involved is less than
any month since
held by
distin¬
sharp falling off in
a
In many
districts, including
well
were
August, 1935.
STOCK price movements were generallyExchange,
favorable
Stock
this week
with
activity
interruption.
the New
on
York
the increase despite the holiday
on
Encouraged by the good reports of
traders and investors
business
season
activity.
particularly good
the
after
summer,
most
will
mean
a
further
Demand for stocks
last Tuesday, immediately
protracted suspension
caused
by Labor
Some of the prominent average calculations
Day.
reflected best levels since 1931
of
the
appeared to conclude that the
advent of the autumn
high levels for recent
vidual
on
that
day.
Scores
years were recorded in indi¬
issues, and it is noteworth that such market
leaders
as
American
Steel
were
profit-taking
was
ments
change
less
even
induced by the higher prices,
easily. Foreign develop¬
prominent
though steady
as
an
influence
on
our
pressure on the French
large gold shipments possible from Paris
Trading
was mare
sessions.
was
absorbed rather
were
franc made
Telephone and United States
the issues attaining such figures.
among
to New York.
few
now
month
The New York Stock Market
although not
were
as
this
Districts, the liabilities involved
BUSINESS preceding, in August, as in the and,
failures
two
markedly small
the smallest of
any
position
is
below half the amounts involved in
market,
months
in¬
Philadelphia, Cleveland, Richmond, Atlanta and
but it
Business Failures in
District,
Some
year ago
liabilities
are
Every other district had fewer failures
wag
on
greater
The Richmond District,
last with, however,
liabilities.
of 169.9
while
alone
in the
was
were
equally noteworthy
guished by having the same number of failures this
Aug. 1, an actual yield of 186.3 pounds in 1935, and
Crop condition
last; it is
district
City
advance in
pounds average for 10
that the Kansas City Dis¬
in which failures
leading industries throughout
year.
at Sept. 1
year,
compared
as
up¬
10,638,000 bales,,
damage is reported relatively light this
slight increase; the
;,;v v,\:'^
larger amount.
Kansas
figures for the Carolinas and
average
14,667,000 bales.
was
predicted Aug. 1;
total amount of 246,000 bales.
a
1935 the actual crop
on
reduced 109,000 bales,
was
Missouri, 83,000 bales.
ward revision of the
bales
Sept; 1;. for Arkansas
on
239,000 bales
Mississippi estimate
and
3,850,000
was
only 917,000 bales, 355,000
was
bales less than forecast
little
this
the
alone the forecast
Texas
homa the forecast of
the
in
a
which last month
Aug. 1 to 3,036,000 bales
the
east, except Florida,
than
For
States.
a
service, $502,000
year.
one
upward revision of the figures for
an
showed
Districts it appears
serve
trict is the
August
resulted in
As to liabilities, however,
Viewing the failures in the different Federal Re¬
this
from Alabama
there
with 53 and 48, respec¬
compare
and in the commercial
bales,
of 12,481,000
crop
group
$1,498,000 compared with $1,471,000 last
with
11,121,000
to
in the construction
a year ago;
37, which figures
gust reduced the prospective 1936 cotton crop, based
1,
compares
involving $1,809,000 liabilities in
only 36 failures, and in the commercial service,
were
was
Sept.
which
total of liabilities involved in the construction line
western
at
a
70 failures
group,
$1,164,000 of liabilities,
94 failures
August
SEVERE drought damage cotton belt during Au¬
portion of the and hot weather in the
conditions
$3,255,000 liabilities, while
the failures numbered 557 and the liabili¬
year ago
both of these groups
Government Cotton Report
on
August, 1935; in the retail division there
408 failures and
were
tively, in August, 1935.
1,427,174,000 lbs.
was
ties
failed, involving liabilities of $1,852,000 in
on
the New York Stock Ex¬
than 1,500,000 shares in the full
•
*
Financial
1610
The
last
in
market was in evidence
as prices moved impressively forward
good tone of the stock
Saturday,
Normally some liquidation
session.
brief
the
two-day suspension, but
selling on this
might be expected before a
there
closed
The market was
-occasion.
Monday, of
on
in observance of Labor Day. When trading
on Tuesday the trend was sharply up¬
course,
was
sign of professional
no
was
resumed
ward, with almost all groups of issues affected.
Steel stocks were especially in demand, owing in
certain steel items by one
of the largest units of the United States Steel
Corp. Other industrial stocks also surged forward,
while utility and railroad issues likewise reflected
ample demand. Dealings were well maintained on
Wednesday, but realization sales were plentiful and
part to price advances on
the net result was a modest
advances
Numerous sizable
whole.
a
decline in the market
slightly
shares and the losses were
the
than
declines also took
more numerous
were
plentiful, although
some
The gains sufficed to occa¬
place.
highs for the movement in individual
many
stocks.
of other)
The tone improved on Thursday,
gains.
and small advances
sion
regis¬
were
tered, but profit-taking lowered the levels
as
merchandising and oil shares
Railroad,
showed best results.
Activity
less pronounced
was
Once
yesterday, and small recessions were the rule.
again the market reflected many advances, however,
changes for the week were genrally toward
and the
higher levels.
In
•
market
bond
listed
the
activity
was
pro¬
investment issues not
much changed in quotations.
United States Gov¬
ernment securities were dull, as the market was
high-grade
with
nounced,
occupied with the new and refunding offering of
2%% bonds due 1959 and callable 1956.
dous
over-subscription of the new money
$400,000,000
bonds
Tremen¬
portion of
recorded. Highest rated corporate
quiet and well maintained.
Among
was
were
secondary and reorganization railroad bonds the
trend
with
was
speculative tinge likewise moved to improved
a
Foreign dollar issues were quiet and irregu¬
levels.
Grain and
lar.
a
sharply higher, while many other bonds
sioned
corn
markets
are
beginning to show
stability after the fluctuations occa¬
of
measure
by the Western drought, but cotton moved
higher in
not vary
Other commodities did
sessions.
some
In the foreign exchange markets
much.
heavy pressure was noted against the French franc
and
ment
gold was engaged nearly every day for ship¬
from Paris to New York.
The triangular
London also
was
moved to the
On
touched
New York to
and sterling exchange
Exchange 161
Stock
York
new
shares; on Thursday,
low levels.
On Tuesday, the
levels.
at
further gains, represent¬
reached in some time. On Friday
prices closed steady and for the most part compare
favorably with the closing quotations on Friday of
On the New York
the
half-day session
Stock
on
Exchange the sales at
Saturday last
were
715,880
Electric closed yesterday at
General
week.
last
46% against 47% on Friday of last week; Consoli¬
dated Edison Co. of N. Y. at 43y2 against 44; Co¬
lumbia Gas & Elec. at
21 against 21; Public Service
Threshing
of N. J. at
47% against 47 ; J. I. Case
Machine at
156% against 158; International Har¬
Co.
Co. at 49%
against 49%; Woolworth at 55% against 55, and
78% against 79%; Sears, Roebuck &
vester at
at 88
against 85%; Montgomery Ward &
American Tel. & Tel. at
178% against 176%.
West¬
yesterday at 91 against 89% on
Union closed
ern
Chemical & Dye at 226
at 164%
against 157%; National Cash Register at 25%
against 26%; International Nickel at 56% against
55%; National Dairy Products at 27 against 27%;
National Biscuit at 31% against 32%; Texas Gulf
Friday of last week; Allied
against 229%; E. I. du Pont de Nemours
Can at
Kodak at 177 against
175; Standard Brands at 15% against 15%; Westinghouse Elec. & Mfg. at 144 against 141%; Lorillard at 23 against 22%; United States Industrial
Alcohol at 34% against 35; Canada Dry at 17%
against 15%; Schenley Distillers at 45% against
46%, and National Distillers at 29% against 29%.
Sulphur at 37% against 37%; Continental
72% against 71%; Eastman
demand and reflect gains
The steel stocks were in
compared with Friday of the previous week.
when
yesterday at 71% against
United States Steel closed
70%
on
against
Friday of last week; Inland Steel at 112%
Youngstown Sheet &
at 24% against 22%,
and
Tube at 82% against 83%.
Auburn Auto closed yesterday
In the motor group,
at
Steel at 71% against
111%; Bethlehem
Republic Steel
18%;
31% against 31% on Friday of last week; Gen¬
67% against 67; Chrysler at 114%
eral Motors at
against 114%, and Hupp Motors at 2% against
In the rubber group,
States
Rubber
Goodrich
at 23
United
B. F.
at
32%
week;1
against 31%,
against 24%,
and
The railroad
shares made further advances this week.
vania RR. closed
2%.
Goodyear Tire & Rubber closed
yesterday at 24% against 25 on Friday of last
Pennsyl¬
yesterday at 39% against 39% on
Friday of last week; Atchison Topeka & Santa Fe
83
against 82%;
New
York
Central at 44%
against 44; Union Pacific at 140 against 140; South¬
ern
Pacific at
at 23
43% against 43%; Southern Railway
against 22%, and Northern Pacific at 28%
Among the oil stocks, Standard Oil of
against 27.
and
1%.
toward higher
most active session of the
ing the best levels
of last
remained unchanged
the
week, equities established
New
Exchange
in
movements
days of this week, prices in
shown a decided trend
the main have
N. J. closed
Stock
irregular
Notwithstanding
stock market on some
change 81 stocks touched new high levels and 22
stocks touched new low levels.
Call loans on the
York
286,600 shares, and on Friday,
343,655 shares.
at
stocks
high levels for the year while 6 stocks
On the New York Curb Ex¬
new
touched
in progress,
to
highest level in recent years.
New
the
Paris
from
funds
of
movement
Sept. 12, 1936
Chronicle
yesterday at 62% against 62 on Friday
week; Shell Union Oil at 21% against 19,
Atlantic
the copper
Refining at 28%
group,
against 27%.
In
Anaconda Copper closed yester¬
day at 39% against 39% on Friday of last week;
shares; Monday being Labor Day and a holiday the
Kennecott
market
Smelting & Refining at 84% against 84, and Phelps
was
closed;
1,715,570 shares;
on
Thursday,
on
on
Tuesday
the
sales
were
Wednesday, 1,572,310 shares;
1,547,170
shares,
and
on
Friday,
1,403,870 shares.
the
sales
Tuesday,
last
On the New York Curt) Exchange
Saturday were 110,690 shares; on
313,030
shares;
on
Wednesday,-291,475
Copper at 48% against 47%; American
Dodge at 39 against 39%.
The Labor
Day suspension caused some variations
in the trade and industrial
these
were
the week
encouraging.
reports, but in general
Steel ingot production for
ending today was estimated by the Amer-
Chronicle
Financial
Volume 143
ican Iron and Steel Institute at
than six years, as the
recession of the official
roster of the jobless by 38,132 to an aggregate of
68.2% of capacity
against 71.5% last week and 19.7% at this time
total of unemployed in
trical
available because of Labor
energy were not
more
August figures reflected
last
Exact figures'on the consumption of elec-
year.
1611
a
This record is the more impressive
only 1,613,940.
is increasing
Day, hut the Edison Electric Institute estimated
because the number of insured
the
strikes in
France are causing concern regarding the economic
revival there, but in Germany much progress has
been made.
The London Stock Exchange was cheerful and
firm in the opening session of the week, with an
output at 2,100,000,000 kilowatt hours for the
week
ended
Sept. 5 against 2,135,598,000 kilowatt
hours in the
preceding week and 1,752,066,000 kilo-
watt hours in the
Car
loadings of
corresponding period of last year,
of 4 American
peak for the
new
10,938
cars,
week;
pared with
As
according to the Asso-
cars,
Railroads.
This
year.
total
The
was
was
and
a year ago,
close
yesterday at 112%c.
on
against lll%c. the
as
Friday of last week.
September
Chicago closed yesterday at 112%c.
the close
on
Friday of last week.
The
yesterday
week.
was
The
same
as
on
Friday of last
closed yesterday at 9%c.,
Friday of previous weeks.
on
transfers
closed
against 19%
as
pence
yesterday at 44%c., the close
as
profit-taking developed early in the
But the liquidation
the upward trend
net gains
soon
absorbed easily and
was
was
reestablished.
Small
recorded in British funds and in
were
most industrial stocks, while larger advances ap-
peared
among
Anglo-American
favorites
trading
Uncertainty
re-
garding the French situation depressed the London
Stock Exchange
on
British funds
Wednesday.
were
soft, while larger losses appeared in French issues,
but other international obligations
in favor,
were
British industrial securities were mildly irregular,
session
British funds
were
small in a quiet
Thursday, while industrial obligations
on
on
the
London
on
transfers
foreign exchanges, cable
closed
yesterday at $5.06 as
on
Paris
on
Friday of last week,
closed
Gilt-edged issues
while material gains
on
Friday
of last week.
were
steady yesterday,
recorded in
indiis-
many
favor.
:
1
On the Paris Bourse the week started with light
transactions and
the franc
was
uncertain trend.
an
the
Weakness of
outstanding factor, and it induced
corresponding softness
a
European Stock Markets
were
International securities also were in
trial stocks.
yesterday at
against 6.58 5/16c. the close
as
sales, but almost all international issues tended to
improve.
of
matter
cable
6.58%c.
uncertain,
day.
showed small gains and losses in equal numbers,
ounce
against $5.03 11/16 the close
and
.
Gold mining issues still were subject to realization
York
the
German bonds were favorites in
The opening on Tuesday was
per
per
Friday of last week.
In
resumption of investment
the foreign section.
Changes in
price of bar silver yesterday was
the termination
Friday of last week, and spot silver in
pence
ounce
on
spot price for rubber
on
a
and other international securities.
*
16.31c., the close
Domestic copper
In London the
New
against 42%c.
against 12:05c. the close
as
Friday of last week.
19%
as
spot price for cotton here in New York closed
yesterday at 12.55c.
the
against 111c.
as
Friday of last week.
on
at
September oats at
Chicago closed yesterday at 41%c.
the close
corn
on
Small advances in gilt-edged
season.
wise improved.
years ago.
kets, the September option for wheat in Chicago
Renewed
operations. There were many firm spots among the
industrial issues, and gold mining securities like-
of the commodity mar-
course
persons
Britain.
securities resulted from
increase of 200,797
an
35.6% compared with two
indicating the
closed
of the holiday
1.5% compared with the previous
or
Great
expansion of business also noted
a
increase of
an
increase of 172,739 cars, or 29.2% com-
an
cars, or
freight for the week ended
revenue
Sept. 5 totaled 764,680
ciation
steadily in
of rentes.
troubles in France also occasioned
Fresh labor
some
liquidation
PRICE trends in theuncertain this week on stock in the absence of and the losses wereAfter firm
of French equities, buying interest. pronounced
exchanges were
principal financial centers
a
any
of
Europe.
change
Variations
were not
important,
offset the advances of
Continental
on
markets
the London Stock Exas
profit-taking merely
early sessions.
But
good deal of
a
nervousness
manifested, especially in relation to the possi-
was
bility of entanglement in the Spanish civil
the further
French
:
military strength
they
signify
a
moves
were
of the German
sharply.
a
na-
hastening of
as
the
siderable further strain
on
steady economic
being recorded in most countries.
ties
were
able to
announce
on
Rentes dropped steadily and
offered plentifully,
Movements on the French market were irregular,
Con-
trasting with the unfavorable aspects of international affairs is the
much apprehension.
French equities likewise were
huge
were
mean a con-
German finances.
Wednesday almost without interruption,
strikes in the metal and textile trades caused
but the demand for foreign issues was unabated.
irregular, for the increases
military establishment
as
The decline of French securities was con-
on
The
by occasional bursts of liquidation,
was
The real views of
tinned
under continual pressure and
The German market
equities were not much changed.
as
On the Paris Bourse these developments
reflected
on con-
York, while French
tensive buying of foreign securities, which advanced
shipments of gold from Paris to New York
were
conspicuously weak
of
only alternative for the French Government.
arranged.
were
de-
further disproportion between
was
Rentes
divisions.
tinual shipments of gold to New
the French market were indicated, however, by ex-
day when franc devaluation will remain
French franc
Paris, and prices dropped for the day in nearly all
and
war
especially disconcerting,
and
Tuesday, further selling took place at
currency
toward
tional income and expenditures
on
additions
possibility of unfortunate
velopments.
the
the
on
opening
progress now
British authori-
Monday the lowest
Thursday, with the tone somewhat better than in
preceding sessions.
showed
issues
moderate
lost a little
Rentes and French equities
while international
recoveries,
of their previous gains.
The
French market was irregular yesterday, with rentes
easy,
while equities improved,
Little business was reported
on
the Berlin Boerse
in the initial session of the week, and movements
were
small.
The trend
was
industrial issues, but there
downward in the heavy
were some
gains
among
Financial
1612
Sept. 12, 1936
stocks, while specialties were irregular,
renewed, Germany is gaining prestige hourly in
change in the situation was noted on Tuesday,
Central and Eastern Europe, largely at the expense
of France. The Paris Government is striving des-
the chemical
No
as
Chronicle
offerings again outstripped the bids.
clines
appeared in a majority of industrial stocks,
Fixed-income issues
and bank stocks also were soft.
The opening
quiet and motionless.
were
day
Small de-
on
Wednes-
firm, but market pressure increased
was
as
trading progressed and losses again were the rule
for the session
in most
whole.
as a
securities, but
Changes
were
fractional
few stocks dropped rather
a
The tone improved on Thursday, owing
sharply.
partly to rumors that the French Government may
conference.
Italo-German rapprochement, France attempted this week to increase the friendship between the two principal Latin countries of Europe,
and it is probably owing to French influence that a
at the
is being sought to patch up the differences
means
Italy and the League, of Nations.
between
The
League itself is being subjected to critical exainina-
Gains
tion, and extensive reforms already have been sug-
to three points were recorded in German heavy
gested by a number of member States.
Official
British reactions to the events on the Continent
call
up
international economic
perately to hold the Little Entente together and
offset the gains made by Berlin. Obviously alarmed
an
industrial, chemical and shipping stocks, and there
also
was
Gains
more
interest in fixed-interest
rule in
the
were
obligations,
have not been clearly defined, and it is more than
quiet session at Berlin,
a
possible that Great Britain is waiting to see whether
the Fascist group of countries or a Socialist-Com-
yesterday, but movements were small.
/
■
munist coalition will gain the dominance on Conti-
•,
Secretary Hull Issues
a
Warning
nental
Europe.
The French Cabinet took formal action last Mon-
SPEAKING in behalf ofof State Cordell Hull
the United States Government,
Secretary
day to offset the steady increases of the German
greeted in
military establishment.
Monday,
an
interesting if unexpected manner, last
the 3,000 delegates from
assembled
nations
World
Power
in
Washington
Conference.
Mr.
achievements of the scientists and
technical and inventive
for
Hull
In utter disregard of the
50
crowding financial difficulties of France, the Coun-
Third
cil of Ministers voted to strengthen French military
than
more
the
praised: the
engineers whose
forces on land, sea and in the air.
The announee-
ment was accompanied by an earnest plea for an
im-
international armaments conference, but that part
portant part in human advancement, but he pre-
of the French declaration received little attention,
ferred to
It was indicated that 14,000,000,000 francs would
the
devote
the
genius played such
an
major part of his address to
threatening political situation which the world
He referred in grave tones to the
faces.
dangerous
ambitions and
conflicting political philosophies that
rule the world
today, and remarked that the fabric
of peace
the
is
"perilously thin."
worn
Secretary said,
a
of the skill and energy
alike is
being devoted
of scientists and statesmen
of destruction.
in
and
torn
"The
rests to
an
of the
Hull
even
responsibility of maintaining
of
cause
country.
out war."
Hull
The
only
The
the misled
go
war
"is
of
cause
forward in
a
as
peace
man
outlined
was
program
Wednesday, when
on
Chancellor Hitler proclaimed a four-year plan for
a
colonies.
world with-
cruel mill whose stones
unscrupulous persons." The
Needless to
the German program was
say,
not especially comforting to the countries with large
colonial possessions.
French
is the
hope of national aggrandizement and
the selfish ambitions of
The immediate Ger-
neighbors across the Rhine.
rest of the world, mainly through the acquisition of
people of the world must learn, Mr.
insisted, that
where the contention in recent years steadily has
making Germany economically independent of the
civilization; religion, science, culture and
social betterment
by France ap-
governments
greater degree upon the shoulders
to every
move
responsibility
upon
"This
thinking people of each land—people such
common
are
declared.
who meet here to consider important matters
you
This
been that the Beich has no territorial ambitions to
political philosophies rests not
Mr.
fortifications.
border
peared to arouse no concern whatever in Berlin,
the West and desires only peace with the German
by dangerous ambitions and conflicting
alone,"
largely for
organization of the forces
world fraught with suspicion and fear,
a
francs to be laid out in 1937 alone,
doubling of the air force and for strengthening the
in many parts of the
now
world to the creation and
peace
Unfortunately,
vastly disproportionate share
be added to the appropriations for the military serv-
ices during the next four years, with 4,200,000,000
were
•
in the European diplomatic scene
moves
of absorbing interest,
attack
they marked a new
as
Socialist regime of Premier Leon
by the
Blum, which heretofore has contented itself with
amicable utterances and goodwill toward all neigh-
The Polish Dictator, General Edward Rydz-
bors.
Smigly, concluded
visit to the French capital last
a
grain for that mill, he added, is the valiant, patri-
Sunday, and it
otic
ruthless,
Franco-Polish understanding had
been reached during the preceding week.
Precise
grist from that mill is death—"death to
terms of this agreement have not been made avail-
youth of the world, ready to
of the
And
leaders, who
the
are too
carry
out the orders
often reckless
or
hope, death to youth, death of civilization."
Italy that
able, but all accounts
European Armaments and Diplomacy
to consider
though
sides,
rate
never
general
before
additionally significant that
understood
war.
also
that
military staffs.
France
It
agreed to extend
mately 2,000,000,000 francs, in order to improve the
witnessed, and
earnest efforts
are
trade
help to Poland to the extent of approxi¬
position and enable Poland to modernize the
military
effects
establishment.
of
the
bilateral"
Soviet Russia
With her military strength
Mindful of
agreement
on
the
the
Reich,
possible
Poland
promptly intimated that the agreement is "strictly
being made to reshape the alliances that marked
that they include a
Al¬
the
post-war period.
agree
existing military alliance and
financial
intentions are professed on all
large country in the world is increasing
a
is
he left France for
ap¬
inevitable
peaceful
every
its armaments at
it is
an
of the
closer collaboration between the
EUROPEAN governments continued thisall
week
preparations for what
their strenuous
as
a new
reaffirmation
pear
indicated
was
and
has
or
no
bearing
Germany.
on
Czechoslovakia,
143
No less
significant than the Franco-Polish moves
efforts
were
the
relations with
good
move
in
when
the French
of
repeated warnings and appeals, and Mr. Hull de¬
clared that the United States Government no longer
by the French Government to revive
former
that
direction
Saturday,
those who refused to leave.
last
visit Rome in
that
the
real
order
It
receipt of diplomatic
bomb the American
destroyer Kane, made last week by an unidentified
airplane.
The Madrid regime declared emphati¬
cally, it appears, that it had no airplanes, in the
vicinity and possessed none of the type that bombed
the Kane.
It was indicated in Washington that
aim
of
the coming
discuss
to
this
expedition would be to
expedite the full collaboration of Italy in League
affairs.
and it
M. Avenol arrived in Rome last
that he
seems
promised to find
Monday,
means
provided Italy would
resume
operation" with the League.
"practical
this
confident that
quite
The French
tions, early this week, between Italian Foreign Min¬
ister Galeazzo Ciano and the French Ambassador to
Rome, Count Charles de Chambrun.
conferences it
diplomatic
cidedly.
had
atmosphere
Somewhat
these
improved
quite
de¬
was
enigmatic, meanwhile, is
more
visit
named and the first
meeting was held in Lon¬
Portugal* however, refused to
take part in the meeting, on the reputed ground
that Spanish Communists might endanger Portu¬
guese territory.
The small semi-Fascist country
also felt, it was indicated, that non-intervention
might not be limited to the honor system, and prom¬
ises were demanded that no inspectors would be
don,
paid to Italy by the Polish Dictator, General
Rydz-Smigly, who spent all of last week in Paris.
It is far from clear whether the Polish General went
to
Italy in behalf of the augmented Polish friend¬
ship with France,
cist friends the
in order to explain to his Fis-
or
reasons
for
making
agreement
a new
with Paris.
.
Spain and the Neutrals
ALTHOUGH the Spanish
in progress
war now
forces
have the upper
north of Madrid
the
to
Saturday for open aid
Spain by the Left Front
began to agitate last
France
appeared to
plies for the contending factions from other
the policy of neutrality which
nation to sponsor.
important unions of metal workers in
the first European
was
Some of the
struggle.
The real question of
considerable dif¬
ficulty in maintaining
France
to the Left
hand this week, owing to the capture
taking the offensive.
Portuguese-Spanish
authorities experienced
French
Front regime in
and they threatened to strike if
not met. Some 200,000 of the
stopped work for one hour last Mon-
regime in Paris,
Irun, but to the south of the capital loyalists
were
by the committee to the
has been
developments that might lead
early conclusion of the ferocious
an
Rebel
of
any
Wednesday.
frontier.
nearly two months, it remains im¬
possible to report
to
civil
forming
European
of
sent
a
.
After
admitted that the Franco-Italian
was
took the lead in
nations to
supervise and regulate the "hands-off" program.
Difficulties were experienced from the start in ob¬
taining the adherence of Italy, Portugal, Germany
and other countries, but when the large Powers
agreed to participate and reinforced their state¬
ments with embargoes on arms shipments to either
side in Spain, it was believed that the main objective
had been realized.
The neutrality committee finally
committee
neutrality
a
signalized by protracted conversa¬
were
Washington.
is considered closed in
The British Government
"pressure" will keep Ethiopian dele¬
gates from attending League sessions.
efforts also
as
possibility of
event,
The incident, in any
"deplorable error."
now
co¬
Rome dispatches of
Tuesday reported the Italian Government
Spanish rebels did not deny the
the
for ex¬
cluding Ethiopian delegates from the League ses¬
sions
by only two days the
reports regarding the attempt to
hinted broadly at Geneva
was
consider
io wed
Secretary-General of the League
League meetings.
responsible for the safety of
This development fol¬
could
Nations, Joseph A. C. Avenol, announced that he
would
itself
The first
Italy.
taken
was
1613
Chronicle
Financial
Volume
these demands were
sup¬
metal workers
coun¬
'
tries has not yet
sentatives of 26
don
confer
to
been answered.
.
Diplomatic
repre¬
European nations gathered at Lon¬
on
means
of implementing the neu¬
But Portugal refused to send
trality agreement.
a
day
but Premier Leon Blum
these grounds,
on
ignored the demands and after further difficulties
and discussions the French General Confederation
Labor
of
finally
voted,
Thursday, to uphold M.
British trade unions
indicated last Monday
delegate, and since arms easily can reach the Span¬
Blum.
ish
sympathy with the loyalists in Spain, but they
decided on Thursday to remain aloof from any
rebels
through that country, the whole matter
In France, meanwhile, strenu¬
appeared uncertain.
demands
ous
were
the Left Front
don its
tuted
made by the labor unions that
regime of Premier Leon Blum aban¬
neutrality and extend aid to the duly consti¬
Spanish Government at Madrid.
Also indica¬
tive of the international ramifications of the
ish
war
revolts
were
on
Span¬
several small Portuguese
their
Tuesday reported
units of the Portuguese
fleet, reputedly engineered by sailors who desired
to aid the Madrid Government.
The revolt was sub¬
dued
quickly after 12 were killed and eight
activities.
an
wounded.
with the
loyalists in Spain., A Spanish ship flying
Mexican
flag reached Spain with
arms
from
continued with all the
that marked the civil war from its, very
on July 18.
When loyalists ran out of
savagery
inception
ammunition and
Mexico.
In
of the aim of genuine neutrality,
pursuance
surrendered Irun, on the French
border, late last
week, they set fire to the entire
delivered to the victorious rebels a heap
Secretary of State Cordell Hull announced in Wash¬
town and
ington, Thursday, that the four American warships
of smoldering
in
attention next to the
Spanish waters had been ordered to proceed to
nearby ports in other countries to await possible
emergency
in
calls.
The ships were sent to Spain late
July to aid in the evacuation of American citi¬
zens,
and they were instrumental in expediting the
departure
Americans
*
.
Fighting within Spain was
warships, said to have been started by* sympathizers
the
Lisbon dispatches of
uprising on several small
of
about
are
1,000 Americans.
known still to be in
Some 500
Spain, .despite
The rebel forces turned their
ruins.
neighboring town of Fuenter-
rabia and the Fortress
those
of Guadalupe, and they took
places last Saturday.
seaside
resort of
This cleared the
San
Sebastian,
way
and
the
rebels reached the suburbs of that place early
this
to
the
week.
A rather
48 hours and an
mysterious truce
attack
on
was
arranged for
San Sebastian averted in
Financial
1614
the
meantime, but the loyalists refused to surrender
Chronicle
Sept. 12, 1936
the French neutral policy toward Spain.
Worried
unconditionally, and a heavy artillery bombardment
by the assistance obviously received by the Spanish
Thursday marked the end of the efforts to pre-
Fascist rebels from countries that sympathize with
their aims, the French unions made insistent demands early this week for French official aid to
on
vent destruction of the
Premier
of
Under the
city.
regime
new
the Madrid Govern-
Largo Caballero,
ment took the offensive to the south of the
capital,
A complete upset
the Left Front regime in Madrid.
the
of the Blum Government was threatened by this
Tagus Valley was more important than that on the
development, but the difficulty was adjusted on
Thursday, for the time being at least, when the
is
it
and
quite possible that the fighting in
The
northern coast.
loyalists claimed
important
at Talavera over the rebel forces
success
an
advancing
Madrid from the south.
on
back
to
the
declared
and
miles
15
threat
They pushed the rebels
the
the loyalists
the
of
bombardment
their
tinued
ended
capital from the rebels in southern
At Toledo, meanwhile,
Spain.
this
that
con-
Alcazar, where
nearly 2,000 rebels took refuge, but the rebel
com-
manders refused to surrender.
There
fense
organizations
after
Largo
Caballero
improved de-
there.
ever more
day, in reply to the German decision to increase the
Madrid
Government
expeditionary force that
the Island of
Majorca and employed its
deed,"
a
Paris dispatch of Monday to the New York
men more
Also indicative is
noun cement
Finance
Communist
rebels,
by the
new
on
and
to hold the rebel
pamphlet
as
aims.
In
order
Spanish Phalanx Militia in line,
circulated
was
The
to find their ranks
appear
ultimate
to
Juan
obligations."
her
disregard
divided
somewhat
Minister,
"Spain will not turn
that
the other hand,
an an-
a
the revel-controlled
over
territory late last week, calling for repudiation of
capitalism, and nationalization of all public
ices.
This program, a
York
"Times"
rebel
military headquarters, where
serv-
Seville dispatch to the New
states, caused consternation in the
"it is felt the
system of government advocated is even more radical in
the
some
respects than the program endorsed by
Socialist
leader,
Government."
Madrid
General
Francisco
better for every
clared, to
of
a
save
element.
a
rebel
declared
Franco,
Thursday that his aim is for
The
on
Spain that will be
The rebels acted, he de-
Spain from the immediate danger
revolution, inspird by Moscow.
azi
1
NCREASINGLY difficult
the
besetting
are
path of the French Left Front regime headed
by Premier Leon Blum.
start of
an
apparently
Although assured at the
enormous
Parliamentary
jority, the Socialist Government currently is
ma-
mov-
ing from crisis to crisis, much in the manner of its
predecessors.
Labor unrest
a
on
large scale1 pro-
vides the immediate threat to M. Blum and his asso-
s
man Nazi cohorts to the number nearly of 1,000,^00 gathered at Nuremberg this week for the annual
congress at which the "Fuehrer" usually provides
some intimations of policy and at which he reviews
immense numbers of his 1 ollowers 011 parade. The
meeting began on Tuesday with an address in which
Chancellor Hitler stressed the complete armamenls
sovereignty and freedom from the Versailles treaty
restrictions for which the Reich unquestionably has
to thank him. It continued on this rather ominous
military note. The Reich Government's program
^or the next four years, both internally and internationally, was outlined in general terms on
.-Wednesday. Peace was the keynote of this proclamation, which was read in behalf of the Chancellor,
but there were harsh references to Bolshevism as
the "eternal foe of civilization and culture," and
almost equally sharp denunciation of all Jews. Much
was made in the proclamation of the economic improvement within the Reich during the last four
years, and of the new prestige which Germany has
Sained in international affairs. "Germany has freed
Versailles, has reestablished military
service, has built
proglems
e.
ongr
^HANCELLOR ADOLF HITLER and his Ger-
herself from
French Socialism
* C
N
also
was sent to
effectively within Spain.
to the effect
"It would be hard in-
who believe the franc could long survive this iatest
blow."
withdrew the
Negrin,
Huge new expenditures
out of balance.
for armaments were voted by the Cabinet last Mon-
the Premiership,
assumed
The
mounting in
France, where the national budget tends to become
took command in the south and soon turned the tide
warfare
are
"Times" said, "to find now any financial experts
Army officers with a knowledge of military strategy
of
also
soon
Madrid regime,
by the
troubles
Financial
ment.
conscript term to two years.
scattered indications of
were
French General Conferedation of Labor voted to
uphold the neutrality policy of the Paris Govern-
recovered
thus
up a navy
supreme
control
and air force, and has
over
the Rhineland and
all German territory, and at the last
over
election 99% of her people approved the National-
Socialist policy," the proclamation stated,
Gone, however, was the former Nazi insistence
upon
"autarchy"
or
national self-sufficiency, while
in its place Chancellor Hitler declared openly that
Germany
was
largely dependent upon foreign trade,
ciates, partly because the regime promised the Sen-
The dense population of the Reich precludes corn-
ate before that
plete reliance upon home territory, he said, and he
remarked that German imports of foods and raw nrn-
body adjourned for the summer that
"fold-arms" strikes would not be
mitting the workers to
and
encouraged by
plants.
per-
The curious
widespread strikes that M. Blum had to contend
with at the very start
up
occupy
of his rule
have advanced
wages,
sharply under the
a
creases
have been offset
Adding
new
other "renow
have
cycle of strikes because their pay in-
considerably
by the higher price levels.
to
the
confusion
by the Left unions of France for
of higher
program
Socialists,1 and the workers
started
mands
Costs of living
paid vacations in industry and
forms" of the
cropping
now are
again in various parts of France.
a
are
de-
change in
terials necessarily are contingent upon German exports of industrial products.
It was in this connection that the proclamation dilated upon the German
colonial demands, which were declared "part
and parcel of this program."
up
its
raw
The Reich must build
material resources, it was stated, and
the Reich's "right to live is as great as that of other
nations."
Reorganization of the raw materials and
industry of Germany is to be accomplished in the
next four years, with the
domestic search for substi-
tutes for materials now imported prominent in the
Volume
plan
that industry
so
of workers
the
Financial
143
as
current
they
the immediate
as
released upon completion of
are
German
absorb the great masses
can
armaments program.
plans
So far
concerned, however, Ger¬
are
production must be increased only "in such
man
commodities for which the necessary raw
exist
in
Germany,"
1615
Other securities
which
fell off
£1,039,433.
at
2%.
of discounts and advances
consists
which gained
£72,141 and securities
The discount rate remains unchanged
Below
furnish
we
of the
comparison
a
different items for several years:
BANK OF ENGLAND'S
materials
indicated.
proclamation
the
Chronicle
1936
STATEMENT
Sept. 11,
Sept. 12,
Sept. 13,
Sept. 14,
1935
Sept. 9,
Complaints of other nations regarding the German
COMPARATIVE
1934
1933
1932
n
£
practice of selling cheaply for export
but the
The
noted,
were
proclamation held such methods essential.
problem would be simplified, Chancellor Hitler
remarked, if inflation had not deprived Germany of
her entire internal
savings and foreign capital, and
solution would be
a
sessed
her
should
consume
relatively
colonies.
butter
who
instead
German
workers
goods for export.
all
these
has not
manufacturing
a
thread through
denunciations
of
Jews, indicating that Herr Hit¬
changed his mind
Other deposits
Proportion of
a
particle
on
these
aspects of world affairs.
discount rate
Foreign Central Banks
THE statement for the week endedthe current de¬
gold holdings, Sept. 4 records
another loss
total
on
at the
raised from
was
leading centers
are
2%.
Present rates
shown in the table which
follows:
outstanding down to 54,184,984,686 francs. The
Bank's
gold
the
CENTRAL BANKS
Effect
Date
vious
Sept 11
Established
Rote
Country
Mar.
Austria
July
4
July
Rate
May 15 1935
4
July
4
Nov. 29 1935
3
advances to State show
Belgium
Bulgaria
6
Aug. 15 1935
2^
Mar. 11 1935
Chile
4
Jan.
24 1935
4H
Java
respectively. An increase is also shown in note circula¬
tion of
Colombia..
4
July
18 1933
5
Jugoslavia
Jan.
3
Oct.
Aug. 21 1935
England...
Estonia....
2
June 30 1932
5
Sept. 25 1934
Finland....
4
Deo.
6
Feb.
5X
July
on
Morocco
is furnished below:
comparison of the different items for
BANK OF FRANCE'S
May 28 1935
Changes
May 23 1933
for Week
Sept. 4, 1936
Sept. 6, 1935
Sept. 7, 1934
5
Oct.
25 1933
Portugal
5
Deo.
13 1934
Francs
Francs
Francs
Francs
4J4
3H
Deo.
7 1934
South Africa
Rumania
_.
Gold holdings
July
9 1936
4
Spain
5
July
5
Sweden
2H
Dec
7M
2
Sept
a
1 1933
Switzerland
9 1936
13 1933
10 1935
bills discounted.,
Friday of last week, and 9-16% for three months'
against 9-16%
on
French commercial
—387,000,000 6,679,132,603 6,870,242,501 3,284,750,210
1,228,908,608 1,067,005,414
1,239,186,278
—3,000,000
—2,267,000,000 2,905,091,000
Adv. against secure.
+ 114,000,000
3,199,740,787 3,126,945*978
3,567,239,951
Note circulation
+287,000,000 84,611,299,440 81,993,635,440 81,016,752,560
Cred. curr. accts—
—370,000,000 8,189,220,686 13,607,019,051 20,974,882,725
d Tem. adv. to State + 2,667,000,000 11,828,218,000
Propor'n of gold on
hand to sight liab.
75.37%
58.39%
—0.30%
80.50%
b Bills
on
were
—326,117,688 54,184,984,686 72,056,933,669 82,098,927,896
+ 1,000,000
7,799,925
8,720,354
10,277,647
Credit bals. abroad,
May 15 1933
IN bills Friday market discount rates 9-16%
LONDON open 9-16%, as against for short
bought abr'd
Adv.on Treas. bills
a
Includes bills purchased in France,
was
reduced
on
on
Sept . 9 from 3]4%o
the
same
day from
Bank of Germany
THE statement for the firstin gold and September
quarter of bullion of
further decline
shows
a
£1,121,320, which raises the total to another new
£247,618,953,
rose
a
loss
latter
accounts"
Loans
while
a
on
£192,000 in circulation, reserves
deposits decreased £2,232,978.
a
"bankers
off
accounts"
and
£1,239,332 and
The
"other
ago,
compared with 37.24% last year.
on
other securities
increased £967,292.
year
previous
aggregated 94,799,000
year
74,937,000
marks.
culation
down
in
maturing
obligations
record
marks,
196,957,000
to
of
A decrease
153,000,000
also
appears
marks, bringing the total
4,386,326,000 marks.
at 3,708,940,000 marks.
foreign
currency
Below
we
re¬
in note cir¬
Circulation
a
stood at 3,881,445,000 marks and two
marks.
de¬
15,164,000
690,000 marks, and 65,909,000 marks,
spectively.
ago
government securities declined £2,205,000,
those
marks,
daily
namely
creases,
The reserve ratio rose to 39.20% from
week
other
and
ago
fell
Gold last
the
Th^ reserve ratio remains unchanged at 1.7%, com¬
pare d~"with 2.58% the same
period a year ago.
Bills of exchange, checks, advances, investments,
£993,646
which
respectively.
38.40%
As the increase in bullion was
or
of
consists
with £197,-
Public deposits increased £2,307,-
£1,314,000.
000 while other
in comparison
and
marks
THE statement offurther gain for the week ended
the Bank in gold holdings of
Sept. 9 shows
by
Statement
/l,977,000 marks, bringing the total down to 67,443,000 marks.
England Statement
a year ago.
Pre¬
drafts
c
d Representing
of Treasury
Friday of last week. Money
was )4%At Paris the
3% and in Switzerland
2J4% to 2%.
227,096
d Includes bills discounted abroad,
included in French commercial bills discounted,
on 10-billion-franc credit opened at Bank.
viously
Friday
on
to
attended
COMPARATIVE STATEMENT
6^
3H
Foreign Money Rates/
of
bought abroad,
treasury bills and in credit or current
A
c
high
in French
Norway
Oct.
Bank of
before
year
appear
1 1936
Sept 30 1932
market rate
ag-
1 1935
.
7
call in London
to
up
ago
Poland
3H
4 1934
on
Decreases
commercial bills discounted, in bills
2 1935
3
..
81,016,752,560 francs.
three years
6 1936
June
4
France
Greece
year
a
6
21 1935
3H
vakia
Circulation
2H
2M
5 Vi
4H
1 1936
5
Denmark..
Apr.
4^
Lithuania..
Danzig
3.29
Japan
Czechoslo¬
open
287,000,000 francs, bringing the total
accounts.
May 18 1936
4M
Italy
7
increases, namely 1,000,000
francs, 114,000,000 francs and 2,667,000,000 francs
June 30 1932
Canada
2H
Credit balances
year.
Aug. 28 1935
3
...
Ireland
2
as
and 80.50% the previous
abroad, advances against securities and temporary
in advances
6 1936
3
Hungary...
1 1935
The
ratio, at 58.39% compares with 75.37% last
vious
India
10 1935
Batavla
Date
Established
Effect
Sept 11
Country
Holland
1 1936
3H
3H
Argentina..
bills
totaled 72,056,933,669 francs
82,098,927,896 francs.
before
regated 81,993,635,440 francs and the
Pre¬
Rale in
Pre¬
Rate in
on
a year ago
year
84,611,299,440 francs.
DISCOUNT RATES OF FOREIGN
Germany
in
being 326,117,688 francs, which brings the
crease
year
2)4% rate had been in effect since May 2, 1935
at which time it
2%
Bank of France Statement
and
THE National Bank Sept.Switzerland reduced2%.
of 9 from 2Yffo to its
The
38.94%
2%
47.76%
46.89%
2%
37.24%
2%
39.20%
2%
reserve
Discount Rates of
reserve
to liabilities
Bank rate.
rearming were
to
bitter
were
445,691,000 400 256,282 379,045,961 372,533,038 362,284,819
12,932,853
12,263,034
16,523,524
20,360,000 16 ,035,710
137,596,300 128 ,878,880 139,980,577 153,585,326 122,983,846
Bankers' accounts.
89,827,311
99,827,990 91 ,036,114 103,170,079 109,643,378
Other accounts
37,768,310 37 ,842,766 36,810,498 43,941,948 33,156,535
Govt, securities
83,503,310 84 ,549,999 84,884,164 83,745,963 70,862,094
Other securities
16,487,234 21,123,994 30,353,061
30,674,754 24 ,650,948
Disct. & advances.
12 ,418,834
12,052,097
9,184,584
6,263,099
10,549,206
Securities
12 ,232,114
18,300,964
11,939,410
10,224,135
20,125,548
Reserve notes & coin
53,036,896
79,211,626
62,027,000 53 ,970,814 73,392,434
Coin and bullion
247,618,953 194 ,227,096 192,438,395 191,744,969 140,221,715
Public deposits
happen if millions
set
Running like
comments
Communists and of
ler
were
the Reich
say
of
invited to consider what would
of
if she still pos¬
easy
Critics
Circulation
shows
furnish
various items for three years:
The-item of
an
a
increase
of
comparison
year
years
reserve
72,000
of
the
Financial
1616
Chronicle
Sept. 12, 1936
Federal Reserve Banks
Discount Rates of the
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
depos. abroad
Reserve In foreign curr
Bills of exch. & checksSilver and other coin...
Notes
on
other Ger. bks.
'...: 11.
Advances
Sept. 7, 1935
Sept. 7, 1934
Reichsmarks
Reichsmarks
Reichsmarks
94,799,000
67,443,000
74,937,000
29,620,000
24,524,000
20,851,000
No change
5.344,000
3,777,000
5,678,000
+72,000
—196,957,000 3,573,344,000 3,794,580,000 3,444,402,000
148,842,000
219,540,000
al67,424,000
*
8,044,000
9,872,000
38,429,000
96,110,000
49,336,000
-15,164,000
664,705,000
739,734,000
528,084,000
—690,000
684,003,000
604,280,000
a591,661,000
—1,977,000
Gold and bullion
Of which
Sept. 7, 1936
Reichsmarks
Assess—
Investments
Other assets..
...
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
following is the schedule of rates now in effect
The
of
classes
various
the
for
different
the
at
paper
Reserve banks:
RESERVE BANKS
DISCOUNT RATES OF FEDERAL
Liabilities—
Notes In circulation....
obllg.
Oth. dally matur.
Other liabilities
—
i...
Propor. of gold & for'n
►
2.58%
1.7%
clrcul'n.
curr. to note
Rate in
—153,000,000 4,386,326,000 3,881,445,000 3,708,940,000
695,558,000
667,526:000
662,601,000
—65,909,000
240,559,000
193,389,000
a215,638,000
2.1%
'
Boston
Established
■,
-
Rate
2H
8 1934
Feb.
2
-
Previous
Date
Effect on
Sept. 11
Federal Reserve Bank
expired March 31, 1936.
Validity of notes on other banks
2
New York Money
Market
Feb.
21934
2
Jan.
171935
Cleveland
IH
May 11 1935
Richmond
• '
latest available.
1H
Philadelphia
2
May
9 1935
2H
Atlanta—
Figures of Aug. 15,
a
New York
2
Jan.
14 1935
2M
2
Jan.
19 1935
2M
St. Louis
*
2
Jan.
31935
2H
Minneapolis
2
2 X
16 1934
2X
Chicago
DEMAND market increased moderately New week,
for accommodation in the this York
money
because of preparations for the Treasury
largely
needs were met
of
easily, without any effect whatever
Even at the higher level
the rate structure.
requirements, excess reserves of all mem¬
reserve
ber
which is
sufficient indication of the plethora of
a
bill
Bankers'
funds.
rates
country now are $2,000,000,000,
the
banks in
idle
2
Feb.
paper
annual
Exchange
were
available at
for
1%
whether renewals or new
the Newr York
transactions,
all
loans, while time money
1%% for all maturities up to six
New York Money
franc is in
general belief
The market for time money is
loans and renewals.
still
at
a
standstill,
Rates continue nominal at 1 34%
Trading in prime commercial
reported this week.
for
all
having been
transactions
no
maturities.
There has been
a strong
demand throughout the week and a good
supply of paper has been available. Rates are 24%
paper
for
has been very brisk this week.
choice
extra
months and
running from four
names
to six
1% for names less' known.
Official quotations, as
Rates show no change.
quiet.
issued by the Federal Reserve
up to and including 90
*4% bid and 3-16% asked; for four months,
5-16% bid and 34% asked for five and six months,
24% bid and 5-16% asked. The bill-buying rate of
the New York Reserve Bank is 34% for bills running
days,
are
from 1 to 90 days,
24% for 91- to 120-day bills and
The Federal Reserve
holdings of acceptances remain unchanged at
1% for 121- to 1.80-day bills.
banks'
$3,095,000.
nominal in
so
Open market rates for acceptances are
far as the dealers are concerned, as they
continue to fix their
for open
own
market acceptances
are as
180 Days—
Bid
H
Prime eligible bills
The nominal rates
rates.
Asked
5i«
follows:
150 Days
Asked
Bid
H
to
-
Bid
London rate
Days—
60
Days-
30
Asked
Bid
Asked
Bid
X
3is
THIRTY
on
Paris
same
to 76.92 francs
rose
July
For
1934.
some
weeks the British
change control has endeavored to keep the
around
rate
cross
London control
ex¬
sterling-
76.40.
was
reported to be active in
throughout the week with the object of
preventing too rapid an advance of sterling with
It was also asserted that the
respect to the franc.
American stabilization fund was intervening for the
franc, providing dollars here for the Bank
of the
exchange controls are never
but
ally,
observers are almost
market
correct in their estimates of the
of the exchange
of France,
The operations
disclosed offici¬
against gold in the Bank's vaults.
activity
invariably
or
inactivity
If the American fund was
funds.
active, it would be the
fifth
sixth time it has
or
Coincident with the marked weakness in the franc
J16
Asked
price for gold in the open market on
London
the
Wednesday dropped to 137s. 5J4d. per ounce, which
was
about the lowest in
since
Ever
a year
Thursday
and
of last
a
half.
week the
London
security markets, though still maintaining their con¬
fident tone,
a
have begun to show signs of caution as
result of the
disconcerting situation in Paris.
The
London market became still more subdued on Tues¬
Wednesday of this
day and
Labor Day,
for
range
there
was no
sterling
this
week.
On Monday,
market in New York.
week
has
been
The
between
$5.0334 and $5.0624 for bankers' sight bills, com¬
with
pared
a
$5.03J4 last
with
been
a
range
week.
between
range
of
between
$5.02 15-16 and
for cable transfers
$5.0324 and $5.0634 compared
The
range
of between $5.03 and $5.03 15-16 a
H
si«
H
as
pound, the lowest point in terms of sterling
the
since
has
—120 Days
Bid
—90
Prime eligible bills
quoted
At the
valuation of the United States dollar.
time the
for bills
Bank of New York,
trading sterling was
Wednesday's
as
Federal Reserve Bank.
PRIME bankers'week, but prime bills have good
acceptances' have been in been
demand this
and the market
a new
helped out the French central bank in a routine
transaction which would normally be handled by the
Bankers' Acceptances
scarce
caused
funds to London, and a rising
$5.0634 which was about the highest price
witnessed since the disturbance created by the de¬
Rates
week for both new
the Continent that the
sterling quotation in terms of gold.
the market
ruling quotation all through the
on
critical position, which has
a
of European
exodus
The
DEALING in, detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
Exchange
>
franc
months.
2M
STERLING exchange is exceptionally firm, franc
due
chiefly to the extreme weakness of the
In
on
2
—
and to the
high
Call loans
bank discount basis.
2H
May
Course of Sterling
$50,000,000 discount bills
discount of 0.130%, computed on an
Stock
8rm Francisco
The Treasury sold
days and awards were made at an aver¬
due in 273
was
commercial
and
quite unchanged.
were
late last week an issue of
age
2
City
Kansas
requirements also continued.
mercial
upon
Dallas
2
14 1935
May 10 1935
May
8 1935
The recent increase of com¬
But all the
quarter-date financing.
/
2H
Days
Asked
>11
week ago.
.
The following tables show the mean London
rate
DAYS
H% bid
K% bid
on
and the
check
Paris, the London open market gold price,
price paid for gold by the United States:
Volume
Financial
143
MEAN LONDON CHECK RATE ON
Saturday, Sept. 5
in its
PARIS
Wednesday, Sept.
___76.515
76.862
9
Monday,
Sept. 7_
76.535
Thursday,
Sept. 10
76.765
Tuesday,
Sept. 8
76.654
Friday,
Sept. 11
_76,828
1617
Chronicle
activity because of the arrested flow of inter¬
national trade and its relief from the maintenance of
5Hd.
the gold standard.
The London market has become
the
LONDON OPEN MARKET GOLD PRICE
large amount of foreign capital,
custodian of
a
Saturday, Septl 5
138s. l^d.
Wednesday, Sept.
Monday,
Sept. 7
138s. lj^d.
Thursday,
Sept. 10_>137s. 7}^d.
which has been driven there by
Tuesday,
Sept. 8
137s. 103^d.
Friday,
Sept. 11 ..137s. &Hd.
tions
PRICE
PAID
FOR GOLD
BY THE UNITED
9 __137s.
(FEDERAL
STATES
abroad.
In
sion in British
the unstable condi¬
July there was a notable expan¬
which will, if it con¬
trade
overseas
RESERVE BANK)
Saturday, Sept. 5_
Wednesday, Sept.
$35.00
Monday,
Sept. 7__
Tuesday,
Sept. 8__
9
Thursday,
35.00
Sept. 10
Friday,
Holiday
Sept. 11
-
$35.00
35.00
35.00
tinues, place the trade revival
Money
Call
changed in recent weeks.
indicated above, the
As
franc
dominates
the
This
condition
of
tion.
Continental
review
London
foreign exchange situa¬
discussed
is
Devaluation of the franc
is believed in Lombard Street to be merely a
On
matter
Wednesday there was
and
Tuesday
extremely heavy selling of French francs in London
for conversion of French balances into sterling.
Aside
from
the
advance
in
exchange market follows closely the trend apparent
since the outbreak of the
Under
conditions
normal
war on
Tourist traffic has
favor New York.
time
July 18.
exchange should at this
Spanish civil
practic¬
ally fceased and on commercial account the rate
should now begin to be against London, to continue
until after the turn of the year.
adverse
at
Gold
19-32%,
bills
four-months'
months' bills
to be taken for unknown
was
on
offer
£83,000,
Tuesday £554,000,
on
On Saturday
Monday £281,000,
on
Wednesday £198,000, on
on
Thursday £325,000, and
on
Journal"
Street
bankers
£428,146,
£179,171,
Wednesday
on
on
At the Port of New York the gold movement
the week ended
Sept. 9,
Bank of New
Reserve
as
York,
follows:
was as
Exports
Imports
$8,621,000 from France
3,058,000 from Canada
2,523,000 from India
None
Foreign Ex¬
15,000 from Nicaragua
4,000 from Guatemala
$14,892,000 total
Net Change in Gold Earmarked for
Decrease:
suspended the gold standard and the Treasury issued
an
order
forbidding the export of capital," the dis¬
patch states, "an unofficial foreign exchange com¬
mittee
formed among bankers under the chair¬
was
manship of A. W. Gurney, foreign manager of the
By the time this order
National Provincial Bank.
committee's activities had
rescinded in 1932, the
was
become
useful
so
body
advisory
the
to
banking
community
as
all questions relating to foreign
on
exchange, that the bankers insisted that the com¬
The
circulation
note
of the
Bank of England is
again tending to increase and the general opinion in
London is that
be
established
season?
hoarded
funds
believed
that
is
into
British
European
of its increasing note
laid
well
plans
British credit structure
paration for
any
since
Jan.
that
for
been
at
circulation but
more
intended to strengthen the
as
much
as
possible in
pre¬
occur
in
bars, bringing its total pur¬
1 to approximately £46,674,000.
origin,
$139,000 from China.
The
above
figures
are
week ended
for the
exports of the metal, or change in gold
for foreign
was
account.
metal
held earmarked
On Friday $1,442,700 of gold
There
received, from Holland.
of the
as can
be
seen
from the fact
on
On Thursday there were no imports or
Wednesday.
were
no
exports
change in gold held earmarked for
or
foreign account.
On Friday it was reported that
which $287,000 came
from Australia
and
of
167,000
from Hongkong.
Canadian exchange
tween
during the week ranged be¬
premium of 1-64%.
discount of 1-64% and a
a
Referring to day-to-day rates sterling exchange on
Saturday last was firm in a quiet session.
$5.03%@$5.03 11-16
was
for
bankers'
there
was
no
On Monday
market in New York due to the Labor
Day holiday.
European
The range
sight and
On Tuesday sterling was strong on
demand.
The
range
was
$5.04 9-16@
and $5.04%@$5.05%
Wednesday sterling was
$5.05 9-16 for bankers' sight
for
cable
transfers.
On
quoted higher than at any time since the devalua¬
of the American dollar.
Bankers' sight was
tion
$5.05
9-16@$5.06%;
$5.06%.
The
range
cable/ transfers,
$5.05%@
On Ihursday the pound continued firm.
was
$5.05%@$5.05 13-16 for bankers'
the Bank's rate has
sight and
$5.05 7-16@$5.05% for cable transfers.
It has been further assisted by the
contraction in world trade since the post¬
On Friday
exchange on London continued in demand.
more
boom
approximately $375,000 of gold was
from Australia and
received from San Francisco, of which $236,000 came
$5.03%@$5.03% for cable transfers.
than four years
2%.
enormous
The
range
was
$5.05
13-16@$5.06% for bankers'
collapsed in 1929 and by Great Britain's
sight and $5.05%@$5.06 3-16 for cable transfers.
gold standard in September 1931.
Closing quotations on Friday were $5.05 15-16 for de¬
market, which in normal times
mand and $5.06 for cable transfers.
abandonment of the
London's
is
is
pur¬
policy of maintaining abnormally cheap money
is not of recent
war
and it
steady
eventualities which may
gold
£860,323 in
The
notes
are
European
This week the Bank of England bought
the future.
chases
bank
hoarders
of
England continues to buy gold partly
The Bank of
because
movement
holiday
gold in the London market.
chasers of
from
new
a
Christmas
the
before
even
There
high record for circulation will
new
a
Note—We have been notified that
Foreign Account
$331,000
$454,000 of gold was received at San Francisco
continue to function."
mittee
for
reported by the Federal
GOLD MOVEMENT AT NEW YORK, SEPT. 3-SEPT. 9, INCLUSIVE
'In 1931 when Great Britain
change Committee.
and
Thursday £108,006.
on
"Wall
Sept. 8 stated that the London
decided to continue the
have
On
Friday £102,000.
Monday the Bank of England bought * £145,000, on
the
London to
dispatch from
special
bills
six-
market continues
671,000 from England
A
and
destination, believed to be
chiefly for the account of hoarders.
there
un¬
;
11-16%.
offer in the London open
on
continue
against bills is
money
Two- and three-months'
%%.
9-16%,
are
Tuesday
foreign
sterling, the
abundant
from-
exchange control fund prevented
collapse of the franc.
of time.
the
in
below
Advices
exchange.
Tuesday reported that only the opera¬
on
tions of the British
the
weakness of the French
entire
wider basis.
Street
Lombard
in
rates
on a
money
greatly affected by the ebb and flow of interna¬
has experienced a great reduction
tional commerce,
bills finished at
Commercial sight
$5.05%, sixty-day bills at $5.04%,
ninety-day bills at $5.04%, documents for payment
Financial Chronicle
1618
at
been shipped in settlement of
has
(60 days) at $5.04% and seven-day grain bills at
$5.05 5-16.
Cotton and grain for payment closed
Sept. 12, 1936
commercial
There can be no doubt, however, that the
balances.
g°W movement may also be attributed to some
5.05%.
„
.
.
_
Continental and Other Foreign
extent to a surreptitious outflow of uneasy funds.
,
Exchange
The Lond(m market contimies f() beHeye ^ a
lapge
DESPITE the extreme weakness displayed ^ by parf 0£ £be g02d. French and otjier European hoarders,
francs this week in terms of sterling,
on offer in the London open market
for
of
French
js
French situation remains
the
essentially unchanged
prevailed since the inauguration
from that which has
fundamentally,an intensification of the lack of
fidence
the part
on
individual
the
about
officials to bring
of
ability
con-
from
their elected
position of the conservative and more
sible elements of the
community
long
as
assumed
has
a
form.
new
On
market in foreign issues.
pourse? but they have the effect of diverting money
from fbe French Treasury
1931.
been
exactly
if capital had
as
exported from Paris and invested in foreign
Undoubtedly since mid-July the Spanish strife has
issues
on
seems
probable that the Government will be
hoarders, who received
further shock early this
a
a
$1,000,000,000)
(nearly
of
armaments,
on
freedom of French
ment
Tuesday, with the result that
on
the franc
renewed,
was
which
which
day to the lowest point
;
™
,
_
.
n
but relatively steady
easy,
States
In Paris
dollar
times
during the week, as also
weeks
past few
which
francs to the dollar
Hence
a
on occasion
French situation
logt
strikes
of France
Despite the recent
increases
effected by the so-called Popular Front
Deal,"
prices
continue to
_
and
hours
shorter
inaugurated.
recently
unfortunate financial situation of France
fied
week
this
Chamber
of
Deputies
-
can
strongly felt
is
repre-
his
maintain
flict
Communist,
Chamber and also
the
m
November,
until
parity
the
expected that
af
serve
The
ha
er
da
sorted to
object.
and
are
short
a
has
More
severe
r
minor
a
pre-
coercion
measures
to
are
it has
if
the
Popular Front
0n
x
n
bills, the
by
'j.
any
i
Amsterdam
-«aiiMeraam,
means
^
t>
£
Bernp
oeme,
represent
t?
capital from Prance.
loan.
•
a
are
almost
not
all
re]iable
rri
find
ana
a new
i.V
Primcpfa
Brussels
exodus
j.
or
total of which remains
un-
gold holdings
currency
in-
1
i
Sept. 7
continues to be the steadiest
For
some
months there has
refugee funds to Brussels.
wag
Its ratio of
at 81 ?3% and itg ratio
dollar:
Old Dollar
Por the most part this gold
on
Sept. 3 the gold stock of the National Bank of
i
flight
the
and
ld to
sight liabilities was at 68.5%.
The following table shows the relation of the
leading currencies still on gold to the United States
can
Hops
aoes
M
total
a very
t
were
work_creation
consistent flow of
gold to notes
threatened
,
same
Although these
Decrease: $331,000
1
the
67;443 000 marks and its ratio at L7%.
Belgian
present flow ot gold from Paris to London,
York
iU1K,
on
by 300,000,000 marks.
excludes
i
c
14,735,000,000
was
Be]gium stood at 3,699,80o,000 belgas.
re-
Government
officially
1,600,000,000 marks in consequence
4^%
0f all Continental units.
accomplish this
now
return
The
conciliatory
way
lace_
r
part of the long-term debt
German debt fi
gtood at
been
eve^y
statements
The Reichsbank's
widely
rather
is
expected to be made effective within
ml
New
used
In
mild form of
recent
armament
.
retain its power.
of
and^other ele-
bring about repatriation of French funds
time
lhe
it
e.
from foreign markets.
increased b
the
debt
his Cabinet, he
parity can not be
present
Government
to
means
but
.
food
after
Even
June 30
on
A certain
1935.
in
The
be able to keep the franc at its present go d
may
not
in
h
13,088,000,000 marks
the latter increased
position by harmonizing the con-
Socialist,
among
ments
were
„
ostensibly for consolidation of the short-term debt,
London that if Premier Blum
in
date
of
senting the Popular Front
It
depleted b
fche end of Ju]
markS) againgt
wag
members
the
among
These
Btffl 3)0oo,000 marks below
are
that the Reich's debt
the
in
improve_
no
by Berlin at the end of August showed'
intensi-
is
dissension
obvious
by the
The
pre-
deposits in forei
were
ayments.
deposits
the fevel at
country offsetting the effect of the increased wages
and
total gold loss in the
replenish
material
the
New
throughout the
rise
a
of 477,600,000 francs,
bankgj which
raw
ment
in
This week the
loss in gold holdings of 326,-
a
by the Reichsbank during August.
central
industrial
various
in
French financial
Approximately 2,000,000 of gold marks
gented exportg to
The
been further aggravated by a
has
The
mark situation shows
Gcrman
The
ment.
the gold export point.
is
for shipment to New York
of
recrudescence
wages
~
15.19
At
payments in international trade
following
n7)688 fra
during the
quoted at
was
of
yious three weekg
great deal of gold has been shipped and more
has been engaged
centers
franc
the
dismal failure.
a
complicated by the fact that the
Bank of France shows
Wednesday and several
loan
the situation of the
continues to show increasing deficits.
terms of the United
in
on
balance
French
"baby bond"
than 3,500,000,000 francs of the
been subscribed.
had
bonds
extremely
was
It
corn-
direction,
any
has proved
situation is further
,
franc
week the
the
Throughout
on
terms of sterhng since
m
New York.
or
or
relied upon to ease
was
jas^ rep0rfS nof more
Wednes-
on
capital in
"popular"
French; Treasury
announce-
pressure
it to drop
causing
g0_called
Fbe
4,000,000,000 francs will be spent in the first year.
All world markets felt the shock of this
exchanges in London
pene(j to resort to stringent measures to restrict the~
approved
four-year plan to spend 14,000,000,000 francs
new
are
There is
heightened the fears of French capitalists and small
week when the French Council of Ministers
the
purchases through the
nothing illegal about these
respon-
ago as
,
menf anci active
This distrust is not new with
present Government, but is rather an extension
of the
France
falling and neglected, while there is a heavy invest-
industry in France,
the
hoarding.
parjs Bourse French industrial shares and bonds
restoration of business and
a
to French
measure
During the past week or more the capital flight
of French business interests and
in
savers
small
ao
The present weakness represents
Spanish civil war.
expanding note
circulation of the Bank of England is likewise due in
and the outbreak of the
6f the Blum* Goyernment
account
-p. js ajg0 believed in London that the
New Dollar
parity
%
France (franc)
Belgium (beiga)
My (lira)
Switzerland (franc)
Holland (guilder)
Parity
3.92
6.63
13.90
16.95
5.26
#
8.91
Range
*
This week
6.68 5-16 to 6.58 9-16
16.89M to 16.90%
7.86^ to 7.87^
19.30
32.67
32.55
to 32.60>£
40.20
68.06
67.64
to 67.90
Volume
Financial
143
The London check rate
76.86
at
York
against 76.52
sight bills
French
6.56%, against 6.57 5-16
cable
transfers
at
commercial sight
finished at
6.55
Argentine
of
these
banks
private
unusually
on
150,000,000
banks
held
those
Antwerp belgas closed at 16.90% for bankers' sight
movements
bills
exceeded those of any other similar
and
at
16.90%
for
16.89% and 16.90%.
marks
for
cable
40.23.
transfers, in comparison
bills and at 7.87 for cable
Austrian
7.87.
18.86; exchange
4.13%;
at
on
closed at
18.84, against 18.83%; and
against
for
2.22%.
bankers'
sight
cable
Greek exchange
sight
bills
and
greatly
period since 1929.
Friday, official
on
unofficial
or
free
market close
Brazilian milreis, offical
8% for bankers' sight bills, and 8.44 for
are
transfers, against 8% and 8.44.
5.95.
Chilean
against 5.19.
0.93%
closed at
at
The
free market close
or
Finland at 2.23%,
on
closed
pesos
months
eight
past
28.55, against 28.30.
rates,
Poland
on
ago.
Friday of last week; cable transfers at 33.75,
on
was
against
18.87,
paper
against 33.57.
Czechoslovakia at 4.13%, against
Bucharest at 0.74, against 0.74;
on
33%
with 40.22 and
transfers, against 7.86 and
schillings
year
a
quotations, at 33.72 for bankers' sight bills,against
sight bills and 40.22
Italian lire closed at 7.86 for bankers'
during the
Argentine
Final quotations for Berlin
40.21 for bankers'
were
against
transfers,
cable
cash
reported to be about
are
above
pesos
new
The
terms.
generous
eager¬
finance
to
According to Buenos Aires reports, clearing house
6.55.
3-16,. against
1619
situation, which is reflected in the
of
reserves
and
6.58 5-16;
,
crops
Friday of last week;
on
at
ness
In New
center
6.58%, against
bills
economic
Friday
on
Friday last.
on
the
on
Paris closed
on
Chronicle
5.95@6.00,
was
The unofficial
against
5.90@
exchange is nominally quoted at 5.19,
Peru is nominal at 25.10, against 25.10.
0.94% for cable
transfers, against 0.93% and 0.94.
EXCHANGEfirm, reflecting the higher quotations
on the Far Eastern countries is
generally
for sterling.
EXCHANGE on the countries neutral during the
-
show
war
currencies
with
franc
been
have
influence
adverse
bloc and
genuine
they
is
slight
is displayed in either country
as
National
Bank
of
some
been
from French sources,
comes
count rate
at
to
to
from
equally low rate
Bank of
It is
which
make
May
2%.
2,
kong closed at
it
was
having
had
reduction.
a
at
the
the
Central
made
was
in
yen,
order to
market from being
Manila
at
checks yesterday
yen
Friday of last week.
were
Hong¬
31%@31%, against 31%@31 7-16;
50.10,
against
against
50;
30 5-16@30 7-16;
Singapore
at
59.40,
against 59.20; Bombay at 38.21, against 38.03; and
3% rate since Sept. 4, will
a
on
Shanghai 30%@30 7-16,
an
generally believed that the Netherlands Bank,
has
rate
arbitrage transactions.
Closing quotations for
V
Belgium.
change
prevent the Shanghai exchange
used in
the Bank of England and the
are
This
29.60, against 29.48
now
cross
buying and selling rates to %, %,
when
1935,
Other banks
York
sterling, American dollars, and
The rate had
The
highest
Calcutta at 38.21, against 38.03.
soon
Gold Bullion in European Banks
weekly condition statement
of the National Bank of Switzerland shows its
stock
has
reduced its redis¬
2%, effective Sept. 9.
2%% since
increased
London-New
official and the
time, of which
some
rupee
of Is. 6d.
Wednesday stated that owing to the rise
respectively.
Switzerland,, which
beeij receiving foreign gold for
on
and 2 cents for
present plight of the franc.
The
to sterling at the rate
A Reuters dispatch from Shanghai to
rupee.-
the
has been especially
of the fact that the
Bank of China has doubled the margin between the
be said that
not
affixed
in
closely linked to the destiny
can
legally
per
The Indian rupee
as a consequence
London
of
tremors
members of the gold
are
However, it
concern
buoyant,
The Holland guilder and the
experienced
as
Scandinavian
The
especially firm in sympathy
felt to be
are
franc.
the
the
have
trends.
sterling exchange.
Swiss
of
mixed
level since
May
gold
As
23.
of
THE following table indicates the, amounts of gold
(converted into pounds sterling at
bullion
par
Sept. 1 it amounted to 1,519,000,000 Swiss francs.
of
On
respective dates of most recent statements, reported
Sept. 7 the Netherlands Bank showed gold hold¬
ings of 696,200,000 guilders and
Spanish pesetas
Bankers'
at
sight
closed
at
bills
at
at
32.58
transfers,
checks
for
67.89; and commercial
Swiss
67.86.
and
and
32.59
Friday
on
at
32.59
32.60.
for
Checks
on
francs
cable
Copenhagen
checks finished at ,22.58 and cable transfers at
against 22.49 and 22.50.
us
22.59,
Sweden closed
26.08 and cable transfers at
and
25.97; while checks
on
Norway finished at 25.42,
and cable transfers at 25.43,
Spanish pesetas
are
26.09, against 25.96
against 25.30 and 25.31.
not quoted in New York.
corresponding dates in the previous
#
1936
of—
1935
1934
1933
£
Banks
£
£
£
I
England...
France
Germany b.
Spain
Italy
Netherlands
Nat. Belg..
Switzerland
Sweden....
Denmark
_.
Norway
Total week.
247,618,953
433,479,877
2,145,950
88,092,000
a42,575,000
55,959,000
106,484,000
50,546,000
24,110,000
6,533,000
6,604,000
194,227,096
576,455,469
3,258,950
90,777,000
54,694,000
49,272,000
98,974,000
46,607,000
19,884,000
7,394,000
6,602,000
192,438,395
656,791,423
The
are
Argentine
toward
to
units
2,899,250
90,582,000
68,549,000
'71,951,000
75,633,000
64,201,000
15,461,000
7,397,000
6,577,000
13,089,250
90,402,000
75,854,000
68,921,000
77,144,000
61,461,000
13,959,000
7,397,000
6,569,000
rise
paper
peso
a
strong tendency
firmness, with the free market
to
the
level of the
price levels and favorable
a
shows
strong
revival
of
peso
official rate.
crop
tending
Enhanced
prospects have caused
confidence
in
the
Argentine
11,444,000
7,400,000
7,911,000
1,064,147,780 1,148,145,515 1,252,480,068 1,264,698,401 1,263,629,764
1,261,494,245
Oct. 29, 1935; latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which the
present
year
steady by exchange controls.
140,221,715
659,201,899
35,254,150
90,273,000
61,810,000
86,114,000
74,835,000
89,165,000
Amount held
a
new
held
£
191,744,969
658,157,182
is £1,226,850.
Varieties in Political Lefts and
These
1932
Prev. week. 1,035,794,252 1,146,126,871 1,251,496,423 1,263,510,443
EXCHANGE on thefeatures from recent weeks.
South American countries
presents
no
of
by special cable yesterday (Friday); comparisons
shown for the
"
at
as
four years:
Friday of last week; cable
against
67.75,
against
on
against
67.87,
to
are
Amsterdam finished
on
67.85, against 67.88
transfers
ratio of 77.6%.
not quoted.
are
sight
a
exchange) in the principal European banks
The
use
of the terms
Rights
Right and Left to describe
opposing political parties
or
the supporters of op
posing political or economic theories and programs
is
becoming confusing.
employed in a loose
servative and
The terms have long beeri
way as
synonymous
radical, but the latter
terms
with
mean
con
lit
know what
tism and
radicalism their
opposition, on the other hand,
now classed as rebels because the Republic is at
war, is a coalition comprising a clerical Popular
Action party, two monarchist parties, an agrarian
party, and some middle groups of conservative republicans. It was the hope of the coalition to defeat
the Republic in the February election, but it won
only 181 out of 470 seats in the Cortes, and under
the lead .of General Francisco Franco has undertaken to accomplish by war what it failed to accomplish at the polls. There have been significant indications of dissension, however. General Franco
has been represented as planning the establishment
of a liberal democratic regime, and in this is supposed to have had the support of the clericals, the
The Right Wing
it is that gives conserva-
rallying points. Conserva-
tie unless we
is often used, ranges all the way
reaction, while radicalism in-
tism, as the term
moderation to
from
Left with advocacy of the socialistic
members of the
Marx, but there are many capital-
doctrines of Karl
with modern Socialist
at some points
ists who agree
Right are
support of capitalism, and '
with
identified
suggestion of
while between Socialists and
two important parties of the Left,
who would spurn any
but
theory
of pink to the deepest
from the palest
economic field, members of the
In the
often
the political or economic
the shades in
eludes all
color scheme
red.
sympathy with Marx,
Communists, the
general not fellowship but
there is in
hostility. It
to use the terms
only has the Fascist
Right and Left as if between them
they represented
the whole body of public opinion
of an electorate, whereas it is ob-
in gaining the upper hand, but a curious Con¬
radicalism appears to be in contemptation as an aid in holding some of the territory that has been occupied. According to a usually well-informed correspondent of the New York
"Times," a 27-point Fascist program is being circulated in pamphlet form in rebel territory which,
in addition to proposing the establishment of a
ress
cession to economic
the entire mass
belonging in either cate-
regard themselves as
not
citizens and voters do
large numbers of
vious that
ground sometimes de-
but occupy a middle
gory,
scribed
independent but more often as liberal.
as
precision in the understanding of the
The lack of
terms becomes
apparent when they are used, for ex-
The Madrid Government
present civil war in Spain.
,
T1
+
_
_
;
1
commonly spoken of as Left-
and its adherents are
_
„
familiar phrase, as Beds. Who are
ists Or, in more
Spanish Leftists or Beds ? An
the
experienced corre-
"Herald Tribune," in a
spondent of the New York
special article in the issue of that paper
fending the Republic since July
be
.
"there
A
,
not a single
&
was
17 are properly to
he writes,
Sept. 4,
Until
Communist.
called
for Sept. 6,
which have been de-
that the Governments
denies
•
•
x
•
ci
i
Communist, or even a Social'
Cabinet," although their presence
perfectly logical on the basis
ist, in the Madrid
there "would have been
elections, which were won by the
of the last
Front
of
coalition
Left and Center
formation
With the
Popular
republicans."
Sept. 4 of a new Cabinet
on
of the
by Largo Caballero, the strong man
headed
•
ci
T
t
u
x
-
o
•
t
x
ix
and two ComAx
Madrid Cabinet for the first
Left-Wmg Socialists, "six Socialists
\
n
munists went into the
totalitarian State and other accompaniments of
Fascism, repudiates capitalism, gives a limited rec-
contending forces in the
ample, to designate the
the upper bourgeoisie. Not
element, however, made prog-
large landowners and
in political discussion,
is not uncommon, moreover,
or
Sept• 12> 1936
Financial Chronicle
1620
■
right
ognition to private property but without the
&
, \
^
..
to accumulate wealth, favors the nationalization
of banks
«large public serviCe companies," provides for the acquisition of large
landed estates at
State" and the
regimentation of agriculture, and seems to contemplate the subjection of the church to the authority
"a minimum price to be set by the
the State.
With a Parti-colored Popular Front made up of
Socialists, Communists and Anarchists as well as
'
. ,
.,.
,
Republicans, and a Fascist opposition of
monarchists,
clericals and agrarians proposing
large concessions to Socialism and Communism,
„
,
so-called
the terms Right and Left have to be given
elastic
definitions when they are applied to the present
situation in Spain.
What particularly distinguishes the Left move-
ment everywhere, however, is the aggressive activ■ ■
...
.
^
a
•
ity of the Communists m comparison with Socialists
an(1 other radical groups.
As far as Spain is
time," but it required "two months
concerned, the number of Communists seems likely
lets,
of Fascist bulbayonets and bombs," this correspondent points
to compel the Madrid Government to admit
to be considerably increased by resentment over
there
largest party in the
forces in places where they have been victorious,
®ie stakes which have broken out again on a large
the begin-
^ ^ F.rancfmarer, mainl>' th<; ?sult. of <?ommu-
out,
the
Communists, while the Socialists belong
not
only because they are the
Popular Front, but also because "from
.
•
„
,,
,
...
unit among
i
strongest single
the makers and supporters of the
Be-
Communists, has, indeed, reluctantly issued a
statement disavowing the strikes and asserting that
it alone has the right to say whether a strike shall
gamut of political radicalism, being, accord-
£>e declared, but the effect of the statement, while
of
nominally favorable to the Blum Government, is
not. ^ely to be discouraging to Communist
of last
ing to the "Herald Tribune" writer, "a coalition
genuine republican parties, from the Left Be-
publicans of President Azana and the Republican
;T .
Union
to
large minority of whose 5 .000,000 members are
H0W
February appears to run the
the elections
all
mst agitation. The General Confederation of Labor,
Yet this same Popular Front which won
public."
whole
•
x
.,
ning" they "have been probably the
the barbarous conduct of General Franco's loyalist
the
„
...
^
,
of Martinez Barrios through
Communists and the
of the extreme Left."
1
.
.
the Socialists
Anarcho-Syndicalists
^
■
.
.
_
The problem of neutrality, meantime, is becoming increasingly difficult.
Premier Blum has been
which has
able thus far to resist the strong pressure
been brought to bear upon him to give active
aid to
Volume
Madrid
the
voting on
although
It
AVednesday their confidence in the Government, declared
at the
time
same
only made
put on record
to
policy."
that
reconsider, in accord with
the British and other democratic
London
at
on
and
senting twenty-six European countries, which was
Fogarty,
work
out
plans for overseeing the enforcement
joint neutrality
came
representative of Portugal.
Fascist
model, apparently has
no
tion in the event of
a
Leftist
in
success
Spain, and is
out in advance of the
a
sides of all
a
the
ideas and
way
of
Fascism.
they
propose
Both
are
racy
trend
economic
to
Thanks
sustaining.
fourth
on
At Nuremberg
annual
far
the
countries
which
can
in respect
in any way
capability, through
ing industries."
Socialist
and
Chancellor
all
those materials
be produced through German
our
chemistry, machine and min-
Neither
hope for complete
to
success
Hitler
country,
in such
of course,
can
undertaking,
particularly frank in
was
an
who
partici-
affirmed, but it is not prob-
contrary, advantage would
example, in
seem
of the
the
public opinion
a
same
criticisms, particularly
are
already familiar,
a paper
in regional systems, with administration
Federal agency,
lution of the
was
numerous
advocated
as
"the best
incident to
the
so-
problems created by the de-
velopment of large blocks of hydroelectric
an
well
as
pooling of government-owned and private elec-
trie power
by
On
to have been
prepared by Basil Manly,
of, the Federal Power Commission,
vice-chairman
.
some
holding companies, that
For
Germany must be wholly independent of for-
eign
Federal official,
a
opinion within the industry, and at the
0f
party, Chancellor Hitler announced that "in four
years
properly rebuked
they put forward any suggestions which
time to reiterate
possible self-
of the National
congress
was
taken of the occasion to test
as
AVednesday, at the
as
deeply regretted, and
the Administration would strongly disapprove.
to
as
Italy
realized, but the dragging in of politics by
able that
League of Nations imposed, Premier Mus-
solini intends to make
was
that this optimistic forecast
ministration cannot be
experience of Italy with the economic sanctions
which the
light without the heat." It
pated in the conference voiced the views of the Ad-
society, and both
nationalism.
release sent
AVhether the Federal office holders
has borne. The newest development of Fascism
is the
the
politics woidd
A press
to be presented, particu-
are
expect
Conference, himself
radical in that
parliamentary form which, historically, democ-
or
has shown to
by the chairman of the executive committee of the
in rejecting democracy in the representative
agree
be
to
revolutionary changes in government.
and in the economic structure of
was
spokesmen for Mayor La Guardia of New York is
The primary political struggle
programs
to
should be
employed as
today in Europe, however, is between Communism
and
It
and persistent
open
meetings announced that "all
questions
to seek the
...
much
too
general designations in spite of repeated need of
anew.
Co., and others.
public eye today," and that "arguments will be
made
policies which they represent, and Right
defining them
J. F.
as
American ' Co.,
presented without acrimony, and the effort will be
surviving notwithstanding marked changes in the
and Left will doubtless continue to be
North
the
lariy in connection with controversial questions in
obviously with the Spanish Fascists.
have
of
show itself in the discussions.
spectors. The real sympathy of the Portuguese GovPolitical terms and party names
president
for municipally owned plants, that
neutrality,agreement supervised by international inernment is
representative leaders of the industry
utility holding companies and its marked partiality
protec-
unwilling, it is reported, to have its observance of
received
have
the well-considered
hostility which the Administration
a
confidence in the
French
should
equally probable, in view of the
The Portuguese Gov-
informal assurances of British and
attacked
S0Udated Edison Electric
a
ernment, which is essentially .a dictatorship on
and discussions in which private
was
Floyd p. Carlisle, chairman of the board of the Con-
to nothing, mainly, it was
officially explained, because oh the absence of
been
has
vigorous defense of private control offered by
such
of
which
Conference
attention in the press than
more
AVednesday of the international committee, repreto
power
the papers
management
Governments, its
meeting
The
Worl(1
meeting at AVashington during the past week, and
expression of "its duty to ask the
an
French Government
neutrality
Third
similar declaration but
a
pri-
over
public control of the electric power in-
clustry should bulk large in the proceedings of the
Spanish Republic, and the General Confederation
of Labor not
inevitable that the controversy
was
vate versus
solidarity with the
their
1621
The Power Conference at Washington
Government, but the Left AVing dele-
of the People's Front,
gates
Chronicle
Financial
143
construction
of
power as
Federal
public
works projects" such as those of the Tennessee Val-
ley Authority and
the
raw
ma-
and Boulder dams.
These
terials, but to the attainment of the utmost
eco-
large geographical regions, and perhaps the nation
pointing out Germany's lack of food and
nomic
independence possible each country is
com-
mitted.
The
political and economic effects of such
is distinct
of any
his
tional
for
carried
colonies
in Hitler's
war save
a
There
emphatic disclaimer
for national defense, and
of
solution
no
a pro-
Germany's colonial
suggestion of recovering the
by force.
self-sufficiency is
To the extent that'na-
however, the example
by Germany and Italy will have an influence
upon
no
assurance
thought of
problem
set
unquestionably be far-reaching.
demand
former
won,
the policies of other Fascist States.
evidence that Fascism
as
a
aims
less
are
aggressive politically
magnified.
„
There is
political program is
ceasing to spread in Europe, but it
become
Coulee, Bonneville
pools would
"for
secure
whole, benefits that could not be secured except
the development by the Federal Govern-
through
will
gram
as a
Grand
as
may
possibly
its economic
ment
of
the
potentialities
of
our
vast
water
re-
and the utilization of the energy resources
private utility systems." The Federal agency, it
sources,
of
was
explained, would include Federal officials
executives
of
operating
impowered "to acquire control
mission
entire
network
of
or
construct
ultimately
a
trans¬
cover
the
of the region in
enterprise, it
means
will
which the pool is to
The coordination of Federal and private
area
operate."
which
and
companies, and would be
was
urged, appeared to be "the only
what may otherwise prove a
avoiding
dangerous and destructive conflict."
The general idea of
cooperation between
regional networks based
upon
government and private power
Financial
1622
support in the discussions,
although some executives expressed the opinion that
the desired objective was already being reached as
satisfactorily
as
was
practicable by private
enterprises received some
systems.
...
probably true that
It is
and
gerous
if the coordination which
established, a "dan¬
destructive conflict" might be avoided,
advocated were to be
Mr. Manly
virtually complete
operating companies to
vate
would be at
subjection of pri¬
it is to be feared,
but the avoidance,
the cost of the
Federal control. It is
conceivable that the Federal Government
enter into partnership with private power
hardly
would
companies on equal terms.
It was not an equal
partner with business or industry under the codes
of the National Recovery Administration, it has not
such with
been
Federal Reserve
the privately
owned banks of the
System, it is not such inj its rela¬
and the States under the agri¬
tions with farmers
cultural program.
With very large power-producing
and with the
wholly under its control,
resources
ability to construct at any time, at public expense,
compete with those
transmission lines which would
voice in any co¬
ordinating administrative agency would beyond
question turn out to be the controlling one whenever
important differences regarding policy developed.
The power company executives who found the sug¬
gestion of regional networks worth considering were
certainly thinking of cooperation, not of domination
private companies, the Federal
of
the
on
The
side and
one
subjection on the other.
outstanding attack on utility holding com¬
panies
was
made by Judge Robert E. Healy of
Securities and Exchange
Commission.
the
In spite of
qualifications,
Judge Healy's prepared paper was as a whole
strongly condemnatory. "In some instances," he
admitted, "the downward trend of rates has been
promoted by consolidation of small companies into
larger operating units," but in other instances, he
thought, "this movement has been retarded by the
holding company because of the constant necessity
of straining for earnings to support a topheavy and
inflated holding company system." "The experience
of the last few years," he said, "leads to the conclu¬
sion that, generally speaking, holding companies
interesting
some
which
not in the first tier
are
companies,
gether
an
admissions
and
above the operating
which are not necessary to hold to¬
or
efficient integrated system, do more harm
good." He warned the privately owned
than
utility
companies that their future "depends to a great
workable meth¬
regulation can be developed, and upon
industry's success in completely freeing itself
degree on whether a fair and, easily
of rate
od
the
from the hands of the
jugglers of finance and de¬
sale of gas
electricity and less to the production and sale
voting itself more to the production and
and
Con¬
effect
a rejoinder to Judge Healy's attack.
"The criticism
of the American private utilities," he said, "has re¬
Mr.
Carlisle, speaking at the dinner of the
ference
lated
Thursday night, made what was in
almost
entirely to their financing.
that criticism
have been
was
founded in fact, and
Some of
the wrongs
severely condemned by the leaders of the
representative
general in the business. This is conclusively prov¬
by the events of the depression. Various agencies
industry, but unsound finance is not
or
en
of the Federal
government advanced money to mu¬
nicipalities, banks, railroads, insurance companies,
manufacturers. The
housing projects, farmers and
billion dollars plus the guar¬
amount exceeded four
of farm and home mortgages.
antee
loaned to private
was
Not one cent
utilities. They were singled
which the mu¬
exempt. Judged by
unparallelled severity, the American
special heavy taxation, from
out for
nicipal power operations were
of
test
that
amply demonstrated their finan¬
private utilities
cial soundness."
sounded on
uncalled-for political note was
The
Davidson and Langdon
York, each of whom announced that
Wednesday by Maurice P.
W. Post of New
appeared as Mayor La
he
Guardia's representative.
summed up What a British power ex¬
Mr. Davidson
ecutive characterized as a
"tirade" by declaring that
regulation of electric rates by public service com¬
missions
had
"not
been effective in - bringing
.
"the
that
general
abundant
permit
which
rates
about
use,"
and
that such commissions
myth"
control rates was "without
foundation;" that utility companies "have been
able to ensnarl any commission attempts at even
minor
reductions in the hopeless entanglement
have
of
to
power
procedure,"
regulatory
which
rates
they
thought
and have maintained
would "produce the
the least amount of energy;"
had been made only to
they were acceptable to the com¬
largest profit for
that
reductions
large
extent that
the
public competition
panies, and that "the threat of
salutary effect on the
rate policies of the companies." Mr. Post, who dis¬
claimed any expert acquaintance with the electric
power field and whose interest arose from his posi¬
produces an immediate and
tion
Housing Authority,
head of the New York
as
opinion, which he said was also that
added his
of
Mayor La Guardia, that "public ownership of electrical utilities or the threat of public ownership is
the
only practical method by
lower
rates)
can
which this object (of
time, were still in session when
final
papers
and
this issue of "
and comment upon
the "Chronicle" went to press,
the
Con¬
of the International Commission on Large
which has been meeting at Washington at the
Dams
same
4
be obtained."
Conference, and also the Second
The Power
gress
discussions and President
accordingly, be deferred.
Roosevelt's address must,
If the power
policy of the Administration is reflect¬
ed, even in a general way, in the papers
by government officials or spokesmen, it
to
the
from
draw
Washington
hope of genuine cooperation
private power enterprises.
arouse
much hope
ment which the
of
control
tence"
these utterances to
The indict¬
of such an outcome.
Administration and its radical sup-
the
private ownership
production and distribution of
"death sen¬
the
the Washington meetings have been uti¬
has not been withdrawn nor the
on
contrary,
lized
proceedings some
The tone of threat, how¬
porters have framed against the
or
submitted
is possible
between public and
too strong in some of
ever, was
power
of securities."
Sept. 12, 1936
Chronicle
as
utility holding companies lifted; on
occasions for
reciting once more, unofficial¬
ly, some of the articles.
tives whose
The power company execu¬
companies supply an
overwhelming pro¬
portion of the power needs of the country have still
to learn whether their businesses are to be allowed
to continue under
State
or
Federal regulation, or
the alternative of
coordinating arrangements in which government
will hold the whip hand, or public ownership by
whether
they are to be offered
municipalities, States or the Nation.
-
(
'
Volume
Financial
143
Gross and Net
Chronicle
1623
Earnings of United States Railroads for the Month of
July
Earnings of United States railroads during July
finally began to reflect in full
from the
depression which has been in
for
than
more
ous
a
but production
July, 1929.
the recovery
measure
440,999 automobiles
progress now
cars in July, 1934 ; 229,357 cars in July, 1933;
109,143 cars in July, 1932; 218,490 cars in July,
1931, and 265,533 cars in July, 1930, but comparing
with no less than 500,840 cars in the same month
general improvement.- But during last July weather conditions were relatively
far
so
as railroad
of 1929.
\
\
•
As it happened, too, there was a very gratifying
increase in the iron and steel industries. According to the figures compiled by the "Iron Age," the;
production of pig iron in July the present year
operations go, while the
_
drought in the West
not yet such
were
curtail transportation to
any great degree,
drought, of course, will tend to restrict ship-
to
as
The
ments
turned out in July, 1936,
floods and harsh weather
as
full benefits of the
favorable,
were
as against but 332,109 cars in July, 1935; 264,933
circumstances, such
effects of the
the largest for the month since
In preceding months numer-
year.
conditions, prevented the carriers from gaining the
j
was
The Bureau reports that no less than
various Western lines in
subsequent
months, but such phenomena are' only occasional
and temporary.
The underlying fact remains that
over
aggregated 2,594,268
1,520,263
there
gross
gross tons in
tons
against only
as
July, 1935; 1,224,826 tons in
was little
slackening, if any, in the business
revival, which is especially pronounced in some of
the heavy industries
upon which the railroads now
July* 1934; 1,792,452 tons in July, 1933 ; 572,296
tons in July, 1932, and 1,463,320 tons in July, 1931,
but comparing with 2,639,537 tons in July, 1930,
depend to
and
a
There was,
much greater degree than in the past.
accordingly,
ment in gross
and
net
less than 3,785,120 tons in July, 1929. It
be seen from the foregoing, therefore, that the
July output of pig iron the current year was practically equal to that of July, 1930. In the case of
steel production, the increase is still more striking,
quite substantial improve-
a
earnings of the railroads
earnings also reflected
as
the
whole,
a
gains
fully,
owing to the lessons learned in operating economies
during the depression.
i
The output of steel ingots in July, 1936,
—
Also
of
considerable
aid
to
especially in the Northeastern section
States,
railroads,
many
110
as
reported
by the American Iron and Steel Institute, totaled
3,022,731
of the United
gross
tons,
or
the largest for the month
the rapid increase of passenger travel
induced by the reduction of the basic fare to 2c. a
in July, 193o; 1,489,453 tons in July, 1934, and
mile,
3,168,354 tons in July, 1933.
since July, 1929,
was
as
ordered by the Interstate Commerce Com-
mission.
Dubious
the
as
railroad
naturally felt about this step, it would
the results
that
justify the expectations of the majority
of the Commission.
Railroad passenger traffic in-
creased
heavily at the lower rates and the gains far
overshadowed, for most roads, the increased costs
of
operations
enough,
the
would have
revenues
necessarily
entailed.
improvement
brought about
in any
in
coa*—we ^nd that both the bituminous and
thracite output (particularly the former)
Obviously
general
much larger than in July
conditions
increase of passenger
an
event, but there
together,
roads
have
we
been
the
find that
during
July
case.
of
$74,334,762,
of
the
costs, and
net
$349,256,586
year,
against
.
this being
a gain
A relatively small part
absorbed by higher
operating
27.04%.
or
increase
earnings of the rail-
gross
totaled
$274,921,824 in July of last
Taking all things
was
revenues
before
taxes
were
$101,-
398,055 in July against $57,345,375 in the
month of
1935,
advance of $44,052,680,
We present the figures in tabular form:
an
Month of juiy—
1930
Miiease 01139 roads........
inc.
same
76.82%.
Dec.
or
<—)'
our
any
0.51%
27.04%
.
217,576,449
+30,282,082
13.92%
lGSS th&H 5,o57j0'0'0
70.97%
79.14%
-8-17%
557,345,375
+544,052,680
had far
more to
in
76.82%
district and
do with the results
In
custom, the leading trade indices
of business
activity,
one
industry.
taking,
as
motor
as
is
the measure
naturally turns first
to the
According to the statistics
compiled by the Bureau of the Census, there
a
was not
most gratifying increase in the output of
vehicles as compared with
July a year ago,
4,127,000
net
tons
as
year;
duly> 1933; 3,021,000 tons in July, 1932, and
3,954,000 tons in July, 1931, but comparing with no
—1.220
+574,334.762
special circumstances.
automobile
only
aggregated
237,892
and net revenues, which suggests that the busirecovery
corn-
3,443,000 net tons in July, 1934; 3,677,000 tons in
(+>
region of the country shared in the increase of both
than
year
$274,921,824
It is indicative that each and
every
gross
current
against but 3,536,000 net tons in July last
$101,398,055
Ne,eamlng8
as
Pared with only 22,339,000 net tons in July last
year; 24,869,000 net tons in July, 1934; 29,482,000
net tons in July, 1933; 17,857,000 tons in July, 1932,
and 29,790,000 tons in the same month of 1931, but
comparing with 34,715,000 tons in July, 1930, and
41,379,000 tons in July, 1929. In the case of Penneylvania anthracite, the quantity mined in July the
236,672
olearnlngs to expenses.
ness
present year reached 32,113,000 net tons
247,858,531
Operating expenses
was very
ago—in fact, the
a year
cases for the month since 1930. The
United States Bureau of Mines reports that the
quantity of bituminous coal mined in July the
5349,256,586
Gross earnings
Ratio
1935
or
an-
largest in both
appears to be some
justification for assuming that the fare cuts made
possible an even more rapid advance than would
otherwise
Carrying the compari-
sons further back, we find that steel production was
806,722 tons in July, 1932; 1,887,580 tons in July,
1031; 2,922,220 tons in July, 1930, and no less than
4,850,583 tons in July, 1920.
Turning to another basic industry—the mining
managers
appear
as against only 2,267,827 gross tons
J.
4?810y000 tOIlS, rCSpCCtlVCly,
July; 1930, and July, 1929.
„
___
AAA
/
,
,
...
Very marked improvement
in the
,.
,
.
3,11(1
was
also manifested
building industry, the valuation of
construc-
tion contracts in
to the
July the current year, according
P. W. Dodge Corp.,
having been the largest
for any
that
July since 1930.
construction
The corporation reports
contracts
awarded
in
the
37
States east of the
Rocky Mountains in July, 1936,
involved a money outlay of
$294,734,500 as cornpared with only $159,257,500 in July last year;
$119,662,300 in July, 1934; $82,554,400 in July,
1933; $128,768,700 in July 1932, and $285,997,300 in-
July, 1931.
In July, 1930, however, the figures stood
at
gain in gross and $3,597,129 increase in net; the
Central, with $5,599,978 increase in gross
|367?528,400, and in July, 1929, at no less than
New York
$652,436,100.
of the very
In view
the
and
large increase.
and
Chicago Milwaukee
only 884,918,000 feet in the same
five weeks of 1935,
$2,059,187 increase in net; the Union Pacific,
during the same period of 1934. Shipments of lum¬
ber in the same five weeks the present year aggre¬
708,000 feet in the corresponding five weeks of last
above July, 1935,
and 79%
above
similar weeks of 1934.
It
in both gross
happened, also, that the Western grain move¬
,
ment
was
much larger in July the present
very
and net:
CHANGES IN GROSS EARNINGS FOR THE MONTH
PRINCIPAL
OF JULY,
v
year—in fact, the largest for July since 1931.
The
Pennsylvania
of the Western
—
$8,258,176
-
We deal with the details
_
grain movement in a separate para¬
graph further along in this article, and therefore
Chic & North Western..
Great Northern
Norfolk & Western
July 25, 1936, the receipts at the Western primary
bined,
wheat, corn, oats, barley and rye, com-
bushels
114,218,000
were
as
against
Illinois Central
,
Southern
of
103,204,000 bushels
1934;
in
1933,
July,
Lehigh Valley.
Reading.
Wabash
N. Y. N. H. & Hartford.
St. L. San Fran. (3 rds.)
_
Bessemer & Lake Erie—
comparing with 122,995,000 bushels in July, 1931;
Pittsburgh & Lake Erie.
Elgin Joliet & Eastern
Pere Marquette
is, however, when we turn to the statistics
Nash. Chatt. & St.L—..
Long Island
Atlantic Coast Line
—
^
N. Y«. Ont. & Western—
Pittsburgh & West. Va..
.
Alabama Great Southern
Lake Superior &
Clinchfield
Ishpem.
Penn. Reading S. S. Lines
Rich. Fred. & Potomac..
526,086
475,408
469,134
456,668
Seaboard Air Line—.—
Chic. Great Western
It
Mobile & Ohio
623,296
577,068
529,192
.
Missouri-Kansas—Texas
four weeks of 1929.
Central of New Jersey—
Central of Georgia
881,852
872,700
856,020
775,162
696,456
665,779
Duluth Misabe & North.
102,069,000 bushels in 1930, and 106,454,000 bushels
same
952,135
919,347
-
_..._
Dela. Lack. & Western..
and
57,386,000 bushels in the same period of 1932, but
in the
1,340,519 Grand Trunk Western—
989,184 Det. Toledo & Ironton..
N. Y. Chic. & St. Louis.
83,625,000 bushels in the same period
294,919
Colo. & Southern (2 rds.)
1,474,302
Erie (2 roads)
Northern Pacific
34,389,000 bushels in the corresponding four weeks
of last year;
(2rds.)
Louisville & Nashville—
Chic. R.I.&Pac.
only
-
2,400,360 Denv. & Rio Gr. Western
2,214,179 Alton
2,119,163 St. Louis Southwestern..
1,982,031 Minn. yt. Paul & SSM
1,828,414 Yazoo & Miss. Valley—
1,745,916 Delaware & Hudson
1,613,555 Minneapolis & St. Louis.
1,536,784 Chic. Ind. & Louisville..
1,511,873 Western Maryland
St.P.&Pac.
Missouri Pacific
only say here that for the four weeks ended
markets of
446,560
440,879
439,424
402,326
395,270
385,570
382,232
359,863
349,121
345,091
307,071
City Southern—
a5,599,978 Wheeling & Lake Erie—
Baltimore & Ohio
3,764,130 Chic. St. P. Minn. & Om.
Union Pacific
3,392,828 Western Pacific
Atch. Top. & Santa Fe..
3,197,035 Chic. & Eastern Illinois.
Southern Pacific (2 rds.)
3,066,446 Boston & Maine.
Chesapeake & Ohio
3 ,058,490 Texas & Pacific
Chic. Burl. & Quincy—
2,762,689 Cin. New Orl. & Tex.Pac.
Chic. Milw.
need
Increase
Kansas
New York Central
items, the gain in the case of wheat having been
exceptionally pronounced.
1936
Increase
extended to all the different
increase, moreover,
in
Pacific, which has added
$2,214,179 to gross and $1,653,067 to net. In the
subjoined table we bring together all changes for
the separate roads and systems for amounts in ex¬
cess of $100,000, whether increases or decreases, and
the Missouri
and
net,
ing 1,078,271,000 feet as compared with only 822,-
31%
Atchison Topeka & Santa Fe, reporting
net; the
$3,197,035 gain in gross and. $1,696,449 increase
33%, and orders, too, were very much larger, reach¬
or
with
$3,392,828 increase in gross and $1,794,248 gain in
gated 1,103,291,000 feet as against only 832,249,000
feet in the similar period of 1935, or an increase of
year,
&
ton
and 88% above the record of comparable mills
year
and $2,167,098 in net; the Chicago Burling¬
Quincy, with $2,762,689 gain in gross and
gross
34% more than in the corresponding weeks last
or
net); the
St. Paul & Pacific, reporting
$2,400,360 gain in gross and $2,276,358 gain in net;
the Chesapeake & Ohio, showing $3,058,490 gain in
1, 1936, as compared with
ended Aug.
gain of $6,223,274 in gross earnings
gain of $3,506,849 in the case of the
a
its
including the Pittsburgh & Lake Erie,
the result is a
compiled by the National Lumber
five weeks
operations of the New York Central and
leased lines;
According to the statistics
Manufacturers
Association, an average of 544 identical mills re¬
ported a cut of 1,183,290,000 feet of lumber in the
a
$3,220,673 increase in net (these figures cover
the
substantial improvement in
the lumber industry likewise
building trade,
showed
Sept. 12, 1936
Chronicle
Financial
1624
Spokane Portl. & Seattle.
293,368
287,470
285,725
245,656
244,051
199.059
181,155
176,941
174,568
168,793
168,385
168,198
148,990
145,603
131,909
130,498
126,287
124,771
110,676
105,681
102,714
$72,086,260
Total (73 roads)
showing the loading of revenue freight on all the
These figures cover the operations of the New York Central and leased
lines—Cleveland Cincinnati
Chicago &
St.
Louis, Michigan Central,
railroads of the country
cluding the Pittsburgh & Lake Erie the result is an increase of
of
all
Cincinnati
that the composite result
said
been
has
that
a
above
is
most
clearly
Division
of
Association
the
of
New
American
(the largest number recorded for
1931) as against only 2,224,872 cars
gated 2,825,547
the month since
in
the
the
same
four weeks of
same
similar
in the
period of 1931; 3,683,338 cars in
same
in the
Coming
we
1934; 2,498,390 cars in the
period of 1933, and 1,932,704 cars in the
the similar weeks of
cars
1935; 2,351,015 cars in
period of 1932, but comparing with 3,024,732
same
cars
four weeks of
1930, and no less than 4,354,855
now
for the railroads
as
consonance
with the showing
whole.
our
a
In
.
_
_
._
•
Chic.
Rock
Isl.
&
809,439
736.411
727,436
712,077
697,398
695,389
587,005
455,209
432,350
379,494
Dul. Missabe & Northern
Louisville & Nashville
Northern Pacific.
-
Reading
N. Y. Chic. & St. Louis.
compilations
St. L. San Fran. (3 roads)
Missouri-Kansas-Texas
MONTH
1936
Chicago Great Western..
376,944
Delaware & Hudson
361,969
355,428
343,208
332,104
327,660
320,644
Wabash.
Seaboard Air Line
Chic. St. P. Minn. &Om.
Chic. & Eastern Illinois.
Alton
291,075
289,644
286,176
282,881
275,482
Pere Marquette
Wheeling & Lake Erie
Pittsburgh & Lake Erie..
Elgin Joliet & Eastern...;
Kansas City Southern._.
Boston & Maine
257,494
253,441
Minneapolis & St. Louis.
238,368
Minn. St. P. & S.S.Marie
200,487
159,444
Cin. New Orl .&Tex. Pac.
Yazoo & Miss.
Western
Valley
145,770
Maryland
140,976
137,555
N. Y. Ont. & Western...
Pac.
(2 roads)
Atlantic Coast Line.
to the separate roads and systems,
find the exhibits in
THE
FOR
_
In¬
$6,223,274.
Increase
York Central
Bessemer & Lake Erie
corresponding four weeks of 1929.
& Terre Haute.
Increase
$3,597,129
a3,220,673
Chic. Milw. St. P. & Pac.
2,276,358
2,167,098
Chesapeake & Ohio
Chic. Burl. & Quincy
2,059,187
Union Pacific—
1,794,248
Atch. Top. & Santa Fe
1,696,449
Missouri Pacific
1,653,067
Baltimore & Ohio
1,638,098
Erie (2 roads)
1,243,223
Great Northern
;
1,187,006
Norfolk & Western...__
1,172,268
Illinois Central
1,123,072
Lehigh Valley.
1,113,368
Chicago & North Western
1,079,294
Southern
1,048,453
Southern Pacific (2 rds.).
939,856
Del. Lack. & Western
842,665
Pennsylvania
the railroads of the United States aggre¬
on
EARNINGS
NET
OF JULY,
Railroads, the number of cars loaded with revenue
freight
IN
PRINCIPAL CHANGES
according to the figures compiled by the Car
Service
Evansville Indianapolis
and
For the four weeks of July the present
apparent.
year,
Northern,
Colo. & Southern (2 rds.)
Grand Trunk Western..
'126,415
125,579
Chic. Ind. & Louisville..
110,464
Lake Sup. & Ishpeming.
Rich. Fred. & Potomac.
108,093
104,666
100,176
-
Detroit Toledo & Ironton
Penn. Read. S. S. Lines.
Total (60
roads)
$42,135,863
These figures cover the operations of the New York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
a
Cincinnati Northern, and Evansville
Indianapolis & Terre Haute.
ing Pittsburgh & Lake Erie, the result is an increase of $3,506,849.
and the
Central,
Includ¬
giving the increases and decreases in gross and net
earnings in
excess
reports a loss in
Lack of space
their
in both
gross
either
prevents
increases)
heads
so
we
shall
the roads
is
our
very
as
compared with July a year ago is
strikingly brought out, as it is found that all
the three
Southern
respects, reports $8,258,176
arranged in groups or geo¬
custom, the gratifying improvement in the
results shown
The, Pennsylvania RR., which
a
are
graphical divisions, according to their location, as
few of the
mentioning only
list in both
above that amount.
naming separately (with
and net earnings alike,
outstanding.
the
case
our
the roads distinguished for gains
confine ourselves to
most
When
of $100,000, not a single road
great districts—the Eastern district, the
district
and
the
Western
district—to¬
gether with all the various regions comprising these
Volume
Financial
143
districts, without
in both gross
by
summary
plained,
1933, and 57,386,000 bushels in July, 1932, but com¬
Our
paring with 122,995,000 bushels in July, 1931, and
earnings and net earnings alike.
of the
As previously ex¬
is-as",below.
groups
102,069,000 bushels and 106,454,000 bushels, respec¬
classi¬
tively, in the corresponding four weeks of 1930 and
the roads to conform to the
we group
fication
exception, show increases
single
a
1929.
Commission.
Commerce
Interstate
The boundaries of the different groups
In the
the Western
and regions
4 Wks.End.
SUMMARY BY
•
GRAIN RECEIPTS
Barley
••
District and Region
—Gross Earnings
Month of July—-
1935
1936
$ v;
$
New England region (10 roads)
——
Inc. (+) or Dec.
$
8,112,000
1,512,000
912,000
693,000
1935....
%
12.26
11,472,922
+1,406,684
51,294,266 , +12,994,108
56,582,863! +16,286,778
12,879,606
64,288,374
72,869,641
—
■
1936
(—)
(Bush.)
"■
Chicago—
Eastern District—
Rye
(Bush.)
(Bush.)
(Bush.)
(Bush.)
(Bbls.)
Oats
Corn
Wheat
Flour
July 25—
GROUPS
details of
following table we give the
grain movement in our usual form:
WESTERN FLOUR AND
indicated in the footnote to the table:
are
1625
Chronicle
•'
752,000
868,000
3,506,000
5,552,000
1,733,000
10,000
204,000
796,000
"■
'
•••
Minneapolis—
(24 roads)
Central Eastern region (18 roads)
__
5,842,000
2,664,000
3,806,000
2,495,000
353,000
105,000
400,000
71,000
1936
362,000
629,000
1935
Great Lakes region
1,005,000
342,000
1,256,000
97,000
4,000
235,000
21,000
68,000
18,000
1,527,000
354,000
723,000
546,000
108,000
28,000
659,000
546,000
36,000
7,000
4,075,000
1,080,000
198,000
427,000
70,000
112,000
172,000
90,000
3,000
6,000
95,000
106,000
66,000
50,000
60,000
57,000
14,040,000
2,877,000
3,233,000
1,485,000
331,000
1,000
6,994,000
1,602,000
1,343,000
679,000
1936
25.33
28.78
1935
11199933365655
Duluth—
Total (52 roads).
25.71
+30,687,570
119,350,051
150,037,621
Southern District—
Southern region (28
40,101,670
32,437,933
20,851,076
15,776,670
+7,663,737
+5,074,406
23.63
32.16
60,952,746
48,214,603
+12,738,143
26.42
Northwestern region (15 roads).... 44,191,818
33,631,699
Central Western region (16 roads).. 66,866,783
Southwestern region (24 roads).... 27,207,618
51,834,900
31.40
29.00
24.29
Milwaukee—
roads)
roads).
Pocahontas region (4
Total (32 roads)
—
1936
71,000
49,000
1935
Toledo—
1936
Western District—
1935....
21,890,571
+10,560,119
+15,031,883
+5,317,047
...138,266,219
107,357,170
+30,909,049
28.79
Total all districts (139 roads)...349,256,586
274,921,824
+ 74,334,762
27.04
Total
(55 roads).
1,000
Detroit—
1936
119933665
207,000
1935
85,000
««.........
Indianapolis & Omaha—
1936
1935
1,275,000
29,000
St. Louis—
District and Region
Month of July
Net Earnings
1936
1936
New England region.
$
1935
7,045
2,876,292
17,382,722
22,838,320
7,118
Great Lakes region.. 26,623
Central Eastern reg'n 24,878
26,795
25,046
1936....
Inc.(+)
1935
$
Mileage
Eastern District—
or
Dec.(—)
+419,304
17.07
+8,986,292 107.03
55.12
2,456,988
8,396,430
464,000
492,000
1935
%
$
Peoria—
1936
149,000
1935
14.722,709 +8,115,611
1,078,000
33,000
333,000
46,000
19,000
2,000
74,000
212,000
218,000
V
131,000
831,000
122,000
1,384,000
29,268,000
7,558,000
1,452,000
818,000
2,928,000
567,000
138,000
171,000
63,000
133,000
5,781,000
4,310,000
15,000
4,000
24,000
4,000
463,000
157,000
25,000
135,000
109,000
269,000
418,000
94,000
965,000
Kansas City—
Total
'
Southern region
38,878
Pocahontas region..
6,010
Total
68.51
.
39,230
6,015
9,763,639
9,694,205
4,894,332
6,192,209
+4,869,307
+3,501,996
99.49
56.56
45,245
19,457,844
11,086,541
+8,371,303
75.51
44,888
'
1936
59,000
1935
25,576,127 +17521,207
43,097,334
58,959
58,546
Southern District—
43,000
St. Joseph—
"
1936
m
m
mm
mm
mm
'
1935
•
,
1936
1935
5,583,755 +7,358,396 131.78
10,965,918 +7,649,088
69.75
4,133,034 +3,152,686
76.28
30,270
46.449
56,882
30,357
12,942,151
18,615,006
7,285,720
133,238
133,688
38,842,877
20,682,707 +18160,170
87.80
237,892 101,398,055
57,345,375 +44052,680
76.82
Cent. West, region..
Southwestern region.
Total
56,752
Total all districts.236,672
1
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
EASTERN
New England
Great Lakes
DISTRICT
a
1936
1935
on
line from Chicago via Pittsburgh to New
1936
SOUTHERN DISTRICT
Region—Comprises the section east of the Mississippi River and south of
a point near Kenova, W. Va., and a line thence following the
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Region—Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va., and
south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to Its mouth.
80,430,000
24,104,000
15,832,000 11,573,000
1,897,000
6,628,000
1,571,000
4,812,000
1,485.000
Corn
Oats
(Bbls.)
(.Bush.)
(Bush.)
(Bush.)
275,000
Rye
(Bush.)
Barley
(Bush.)
5,751,000
4,899,000
1935....
12,990,000
5,615,000
7,529,000
3,916,000
3,027,000
1,973,000
7,064,000 12,055,000 17,926,000
35,079,000 13,374,000
13,402,000
4,141,000
Minneapolis—
1,746,000
5,190,000
3,524,000
512,000
4,420,000
4,811,000
2,231,000
2,294,000
2,483,000
2,180,000
49,000
302,000
667,000
355,000
1,874,000
953,000
4,095,000
3,335,000
664,000 11,272,000
758,000
6,062,000
285,000
34,000
2,136,000
3,756,000
2,303,000
205,000
84,000
205,000
797,000
106,000
393,000
135,000
466,000
362,000
783,000
510,000
532,000
234,000
17,471,000
...
1,412,000
6,821,000
2,798,000
1935
26,226,000
9,587,000
5,834,000
2,771,000
19,000
756,000
363,000
5,474,000
3,242,000
1,417,000
733,000
458,000
73,000
2,142,000
1,742,000
1,319,000
1,241,000
24,160,000
15,281,000
Duluth—
,
1936
_•
Northwestern Region—Comprises the section
adjoining Canada lying west of the
to Omaha and thence to Portland
Great Lakes Region, north of a line from Chicago
and by the Columbia River to the Pacific.
Central Western Region—Comprises
the section south of the Northwestern Region
Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to
to the Pacific.
El Paso and by the Mexican boundary
already pointed out, the grain traf¬
Western
roads
Toledo—
1936
1935
739,000
12,000
"
Detroit—
'1936
'
34,000
(taking them collectively)
6,308,000
3,340,000
3,534,000
11,885,000
4,659,000
13,416,000
1,108,000
1,087,000
1,629,000
12,654,000
7,848,000
1,729,000
42,966,000
14,378,000
12,482,000
12,303,000
2,026,000
776,000
3,684,000
1,243,000
2,383,000
1,078,000
1,511,000
804,000
10,345,000
7,282,000
140,000
94,000
70,000
885,000
1,440,000
418,000
182,000
159,000
St. Louis—
1935....
6,541,000
Peoria—
1936....
Southwestern Region—Comprises the section lying between the Mississippi River
■outh of St. Louis and a line from St. Louis to Kansas City and thence to EI Paso,
and by the Rio Grande to the Gulf of Mexicto.
have
457,000
508,000
1935....
■
Indianapolis <fc Omaha-
WESTERN DISTRICT
over
2,000
Milwaukee—
Southern
fic
1,655,000
1,408,000
1936
the Ohio River to
we
1,000
36,000
25,000
4,000 '
Wheat
York.
River to its mouth.
As
117,000
Flour
the Canadian boundary between
Region—Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W.
Va., and a line thence to the southwestern corner of Maryland and by the Potomao
west of a line from
mm
7Mos.End.
Central Eastern
eastern
mm mm
Total all—
Region—Comprises the New England States.
Region—Comprises the section
New England and the westerly shore of Lake Michigan to Chicago, and north of
;• "
Sioux City—
July 25—
Chicago—
and regions:
groups
•mLm-m-
Wichita—
Western District—
Northwestern region. 46.216
••••••
1935.
Kansas
...
City—
411,000
429,000
*
1936
422,000
407,000
St. Joseph—
Wichita—
was
not
only
greatly increased scale as
a
on
pared with July
a
year
ago,
recorded for the month since
all
the
different
the largest
was
July, 1931.
Moreover,
staples in greater or less degree
contributed to the increase,
wheat
but
com¬
the gain in the
case
having been especially pronounced, the
of
re¬
ceipts of this cereal at the Western primary markets
during the four weeks ended July 25 having reached
less
no
than
80,430,000
24,104,000 bushels in the
The
as
receipts of
bushels
as
against only
1935
1
550,000
Total all—
1936
11,078,000 139,927,000 119,452,000 49,435,000 43,973,000 12,236,000
1935
10,469,000
64,799,000
56,941,000 17,858,000 18,948,000
have been
At
ago.
considerably larger than in July
Chicago
the
receipts
during
of barley,
Kansas
with
City they totaled but 2,707 cars
As to
never
the cotton traffic in
very
corn,
oats, barley
aggregated 114,218,000 bushels in the four
bushels in
1936,
as
against
four weeks of
only
34,389,000
1935; 83,625,000
July, 1934; 103,204,000 bushels in July,
compared
the South—which is
season—the movement
so
far
as
for
the month
since
the overland
was very
larger than in July last year (in fact,
est
as
large in July, it being the tail end of the
crop
cereals, wheat,
same
July the
2,744 cars last year.
shipments of cotton are concerned
July,
to
a year
present year comprised 8,940 carloads as against
markets of the five
of
4,800,000
The Western livestock movement also appears
Altogether, the receipts at the Western primary
bushels in the
3,000
only 6,491 carloads in July 1935, and at Omaha,
1,571,000 bushels against but 275,000 bushels.
weeks
89,000
1,000
216,000
2,203 carloads against only 1,659 cars, although at
against only 1,897,000 bushels;
and rye,
2,000
65,000
four weeks of 1935.
same
4,812,000 bushels against 1,485,000 bushels, and of
rye,
......
•
aggregated 15,832,000 bushels
corn
against only 6,628,000 bushels; of oats, 11,573,000
bushels
'
Sioux City—
was
July, 1929), but fell
siderably below that of July, 1935, in the
the
much
the larg¬
con¬
case
of
receipts of the staple at the Southern outports.
Financial
1626
shipments overland of cotton during July the
Gross
49,945 bales as compared
37,914
bales in July, 1934; 30,603 bales in July, 1933;
14,361 bales in July, 1932; 28,361 bales in July,
1931, and 18,912 bales in July, 1930. In July, 1929,
however, the shipments reached 60,918 bales.
At
present year aggregated
only 21,191 bales in July last year;
with
outports, the receipts comprised only
the Southern
101,820 bales in July, 1936, as against 107,688 bales
July, 1935; 217,472 bales in July, 1934; 430,852
in
July, 1933, and 178,997 bales in July, 1932,
bales in
comparing with only 93,986 bales in July, 1931;
but
1930, and 77,294 bales in
July, 1929. In the table which follows we show the
port movement of cotton for the past three years:
July,
in
81,860 bales
,
RECEIPTSIOFJCOTTON AT SOUTHERN PORTS FOR MONTH OF JULY
ANDJSINCE JAN. 1 TO THE END OF JULY, 1936, 1935 AND 1934
'
.
Month of
Ports
Corpus Christ!
Beaumont
:
Mobile
Pensacola
Savannah
Brunswick..
-
.
-
19,296
7,669
9,016
35,544
95
679
320,570
34,414
15,926
16,785
6,099
23,581
Lake Charles:
194
134
366
932
Wilmington,
325
115
749
2,424
1,502
4,404
6,782
19,747
118
450
Charleston
1,709
1,554
Norfolk
288
/
7
101,820
107,688
Jacksonville
624,077
86,003
47,916
47,717
14,483
38,910
13,320
7,591
18,691
2,633
_
...........
-
1934
657,677
429,097
52,676
32,565
6,783
504,590
70,084
22,880
41,203
67,661
22,391
11,325
1,112
1,192
32,318
2,751
2,610
6,840
1935
180,542
190,488
389,247
............
............
New Orleans
1936
307,782
49,617
32,233
20,244
7,955
16,923
43,323
19,261
16,984
16,261
Houston, &c
1934
1935
1936
Galveston
31,997
2,867
5,161
15.920
620
had been such a
emphasized by the fact that on July 1 the railroad shopmen
had also gone on strike, and that this led to acts of violence
Total..
Results
substantial
Tlie
$74,334,762
net earnings
in
gross
Earlier
in
increases
868,061 2,024,338
to prevent others from taking the abandoned jobs, with
the result of interrupting railroad operations, and in some
instances
July
(76.82%) followed
a
of
decrease of $646,683
and of $10,108,077 in net in July, 1935, and these
on top
of substantial decreases in
earnings—$17,757,929 and $31,234,339,
respectively—in July, 1934.
In July, 1933, however, the
roads were able to record large gains, there having been
at that time an increase of $59,691,784 (25.13%)
in gross
earnings and an advance in net earnings of $54,334,821 (or
no
less than 117.74%).
But these gains, we find, came
after tremendous losses in the three years preceding.
In
losses,
both
in
turn,
was
merce
same
time
$138,851,525 in
gross
three years—a loss
and $50,857,523 in net in July, 1932,
$28,465,456 loss in
July, 1931, and $101,152,657 loss in gross and $43,753,737 loss in net in July, 1930—comes after $43,884,198
gain in gross and $30,793,381 gain in net in July, 1929
loss in gross and
in
net
(which
before the advent of the stock market panic in
was
that
year), and also follows moderate improvement • in
July, 1928, when our compilation showed $3,333,445 increase
in
In July, 1927, on
the other hand, there was heavy contraction in gross and
net alike, and the moderate increase in July, 1928, was
merely a recovery of what had been lost in 1927, and only a
partial recovery at that.
The loss in gross in July, 1927,
gross
and $11,711,856 increase in net.
reached
no
the
of
net
less than
$48,297,061, or 8.67%, and the loss in
$35,436,548, or 22.03%.
At the same time, the
fact must not be overlooked that the 1927 losses came after
expenses
two
preceding
gains in both
$33,875,085 gain in
in
July, 1925,
in
gross
our
gross
and net in each of the
In July,, 1926, our compilation showed
years.
and $21,435,011 gain in net, while
gross
tabulation registered $40,595,601 increase
and $27,819,865 in net.
On the other hand, how¬
it is equally important to bear in mind that in July,
1925, comparison was with heavily diminished earnings in
ever,
1924.
The
latter, it
election,
Presidential
be recalled,
may
when
such
the year of the
decided slump in
reflected in heavily dimin¬
a
was
very
business occurred, and this was
traffic over the country's transportation lines, large
and small.
So decided was the slump in business at that
ished
time, and
our
so
great the contraction in railroad
July compilation recorded
a
falling off in
traffic, that
gross
earn¬
ings of $53,517,158, or 10.02%, and a falling off in net of
$9,601,754, or 7.86% as compared with the year preceding
(1923).
ness,
This last, though, was a year of very active busi¬
the railroads enjoyed—at least in the great
when
manufacturing districts of
movement in their entire
recorded the huge
392,282 in net.
However, if
gam
in
gross
gain
of
we go
even
Our tabulations for
traffic
Our tables for July, 1923,
$91,678,679 in
still further back
itself followed
were
we
losses in
gross
and
$18,-
find that the 1923
both
reduction
a
in
wages
12%,
of
effective
put in effect by the Labor Board on July
wages
1, 1920,
1923 gain of $91,678,679 in gross earnings
991286453045
July, 1921, as compared with July, 1920. On the other hand,
the loss in 1921 was attended by an enormous saving in ex¬
with the result of bringing a gain of $84,615,721 in
penses,
The contraction in expenses amounted
the net at that time.
to
less than
no
$151,022,837, and while due in part to the
shrinkage in the
volume of
business depression
traffic,
owing to
prevailing, it was in
the intense
small degree the
no
outgrowth of dire necessity,
the railroads being obliged to
practice the
and
saving
utmost
economy
to
avert
bank¬
ruptcy after the enormous additions to expenses forced upon
them in the year preceding, during the period of govern¬
control.
The
truth
in such
ties
were
a
is, prior to 1921 expenses had been mounting
prodigious way that in 1920 net earnings had
1922 and
1921,
As
And it is the inflated
of these earlier years that furnished the
basis for the savings
and economies effected
subsequently.
indication of how expenses had risen in 1920 and prior
an
we
may
note
that in
$65,975,059 gain in
July, 1920, though
our
tables
gross, they
registered $69,121,669
decrease in net, while in July, 1919, there was a falling off
in both gross and net—$14,658,220 in the former and
$55,352,408 in the latter.
In the following we furnish the July
comparisons back to 1909:
Gross Earnings
Mileage
Month
Year
909.....
911....
912
913....
917..--
920....
925....
926
927-...
932....
936--.-
910.
911.
912.
913.
914.
915.
916.
917.
918.
919.
920.
921.
922.
923.
924.
925.
926.
927.
929.
930.
931.
934.
935.
960,589 in the gross, with $1,964,485 increase (1.95%) in the
936.
Preceding
Inc.
(+)
or
Dec. (—)
$219,964,739 $195,245,655 + $24,719,084
230,615,776 217,803,354
+ 12,812,422
224,751,083 226,306,735
—1,555,652
245,595,532 222.587.872
+23,007,660
235,849,764 223,813,526
+ 12,036,238
252,231,248 261,803,011
—9,571,763
262,948,115 260,624,000
+ 2,234,115
308,040,791 263,944,649
+ 44,096,142
353,219,982 306,891,957
+46,328,025
463,684,172 346,022,857 + 117,661,315
454,588,513 469,246,733 —14,658,220
467,351,544 401,376,485
+ 65,975,059
460,989,697 527,396,813 —66,407,116
442,736,397 462,696,986 —19,960,589
534,634,552 442.955.873
+91,678,679
480,704,944 534,222,102 —53,517,158
521,538,604 480,943,003
+40,595,601
555,471,276 521,596,191
+ 33,875,085
508,413,874 556,710,935 —48,297,061
512,145,831 508,811,786
+ 3,333,445
556,706,135 512,821,937
+43,884,198
456,369,950 557,522,607 —101,152,657
377,938,882 458,088,890 —80,150,008
237,462,789 376,314,314 —138,851,525
297,185,484 237,493,700
+59,691,784
275,583,67e 293,341,605 —17,757,929
274,963,381 275,610,064
—646,683
349,256,586 274,921,824 + 74,334,762
910
909.
Year
Given
of
July
while the gross earnings were declining.
of
taxes and fixed charges.
expense accounts
933.
decrease
a point where some of the best-managed proper¬
barely able to meet ordinary running expenses, not
to mention
$19,-
which increased
The previous year
immediately after its advent to power.
932.
a
of
July 1, 1921, but this, in turn, followed a 20% increase in
continuous, extending through
July, 1922, showed
than decreased them.
been
had
there
928.
though the gains in net
1921 and 1922
the East—the very largest
history.
wages
by the shopmen's strike,
rather
931_>.__
very substantial
7% to 8% in the
reduction of about
vitiated
course,
showed
following $80,150,008
a
crafts employees and the maintenance of way men,
but the benefit that might have accrued from this was, of
the shop
years,
found that the heavy shrinkage of these
10% horizontal reduc¬
freight rates promulgated by the Interstate Com¬
Commission went into effect.
There was at the
came
carrying the comparison back, beyond 1932, 1931, 1930, it is
of
July 1 of that year that the
on
tion in
net
and
gross
preventing the movement of coal from the
It should not be forgotten, either, that it
got down to
present year
the
even
non-union mines.
up
Years
in gross earnings and of $44,052,680
(27.04%)
in
for
217,472 1,426,626
who quit work, or their sympathiz¬
the part of the men
on
ers,
ment
V
adverse effects were greatly
only continued, but that its
not
$19,960,589 loss in July,-1922, but this latter, in turn,
followed an antecedent loss of no less than $66,407,116 in
Since Jan. 1
July
showing in that year was that
unionized coal mines of the country, which
disturbing factor in the months preceding,
follow
'
•
'
The reason for the poor
net.
the strike at the
Not only did the
i
■
'
:
Sept. 12. 1936
Chronicle
Net Earnings
Per
Year
Cent
Given
12.66
5.88
234,500
238,169
0.68
230,076
10.35
230,712
Year
Preced'g
5.38
0.23
206,084
235,407
243,042
244,249
245.699
231.700
226,654
220,459
230,991
235,082
235,477
235,145
236,762
236,885
238,316
240,433
241,450
235,049
232,831
242,228
241,348
239,160
237,700
27.04
236,672
3.67
0.89
16.70
15.09
34.00
3.13
16.43
12.59
4.31
20.70
10.02
8.44
6.50
8.67
0.65
8.55
18.16
17.49
36.89
25.13
6.05
226,493
227,194
203,773
231,639
241,796
243,563
244,921
230,570
226,934
218,918
230,410
234,556
235,813
235,407
236,525
235,348
237,711
238,906
241,183
242,979
232,405
242,221
241,906
240,882
239,000
237,892
Inc. (+) or Dec. (—)
Month
of
July
Year
Year
Given
Preceding
$78,350,772
73,157,547
72,423,469
79,427,565
64,354,370
75,359,466
87,684,985
108,709,496
111,424,542
144,348,682
96,727,014
18,827,733
$67,267,352
77,643,305
72,392,058
70,536,977
99,807,935
102,258,414
121,044,775
112,626,696
139,606,752
161,079,612
125,438,334
137,412,487
168,428,748
165,580,269
96,965,387
46,125,932
100,483,838
67,569,491
57,478,685
101,398,055
67,620,157
76,358,377
77,833,745
88,421,559
108,293,945
109,882,551
152,079,422
87,949,402
15,192,214
100,293,929
102,652,493
122,228,450
111,786,887
139,644,601
160,874,882
125,700,631
137,635,367
216,676,353
125,430,843
96,983,455
46,148,017
98,803,830
67,586,762
57,345,375
Amount
+ $11,083,420
—4,485,758
+ 31,411
+8,890,588
—3,265,787
Per Cent
16.48
5.78
0.04
12.61
4.83
—998,911
1.31
+ 9,851,240
+ 20,287,937
12.66
+3,130,597
+ 34,466,131
—55,352,408
—69,121,669
+ 84,615,721
+ 1,964,485
+ 18,392,282
—9,601,754
+27,819,865
+21,435,011
—35,436,548
+ 11,711,856
+30,793,381
—51,096,084
—28,465,456
—50,857,523
+ 54,334,821
—31,234,339
—10,108,077
+ 44,052.680
22.94
2.89
31.36
36.40
78.70
556,97
1.95
17.92
7.86
24.80
15.35
22.03
9.37
22.37
23.61
22.73
52.43
117.74
31.61
,.14.96
76.82
Volume
Financial
143
standstill
The Course of the Bond Market
1627
Chronicle
and
registrations
Moderate
advances
market.
bond
have
been
Lower-grade
rails
The Baa rail group has now
almost
established
its
peak
likewise advanced
bonds
Governments
High-grade railroad
narrowly.
bonds
bonds
been recorded.
have
82;
advanced % to 108%;
increased
Boston
&
railroad
bonds
4s,
Pacific
1959,
advanced
4s, 1988,
closed at
42%,
4
were up
to
briskly
43;
1967,
89*4
at
many
rose
3% to
forward
classes
New
week.
of
Bush
sharply
the
best
showing of
the
of Italy 7s.
Street Railway
&
Coke 5s,
5%s, 1952, closed
1940, at 78%
were
at 97, up 1;
Cincinnati
Portland GaS
for
some
Financing
was
at a
U
S
on
to
1%%, representing
Moody's computed
are
Corporate* by Groups
Corp*
Aaa
Aa
A
Baa
RR
Sept.11— 111.04
114.82
10— 111.05
114.82
126.19
122.46
112.69
100.33
114.63
126.19
122.46
112.31
100.17
110.61
8— 111.05
114.63
126.42
122.67
112.31
100.17
7— Stock
Exchan ge Clos ed
114.43
125.97
122.46
112.31
28- 110.91
113.65
125.52
121.81
111.54
21— 110.71
113.26
124.86
121.60
14— 110.59
113.07
124.64
121.38
7- 110.42
112.88
124.19}
121.38
110.13
112.50
123.97
24— 109.92
112.11
17— 109.76
10— 110.05
P.
110.79
9— 111.10
5- 111.10
126.65
122.67
112.69
100.33
110.79
U.
112.31
Indus.
122.03
—
A $55,000,000 issue of New York
a very
%%
low interest cost to the State
bond .prices
and
bond .yield averages
given in the following tables:
on
Individual Closing Prices)
120 Domestic Corporate
120 Domestic
1936
120
by Ratings
Corporate by Groups
Domes¬
Averages
Sept. 11
For-
tic
Aaa
Aa
3.92
—
ft
30
1
3.36
3.54
1Baa
A
,
RR
P
U.
Indus
4.03
4.73
4.13
4.05
3.57
eigns
5.67
112.11
121.81
10—
3.92
3.38
3.55
4.03
4.73
4.13
4.06
3.58
111.92
121.81
9—
3.93
3.38
3.55
4.05
4.74
4.14
4.07
3.58
t
i
110.61
111.92
122.03
8—
3.93
3.37
3.54
4.05
4.74
4.14
4.07
4.57
X
99.68
110.61
111.54
121.60
5.J
Exchan ge Clos ed
3.39
3.55
4.05
4.77
4.14
4.09
3.59
98.73
109.31
110.98
121.17
Aug. 28:.
4.21
4.12
3.61
5.71
111.16
98.09
108.57
110.79
120.54
21-
5.76
110.98
98.25
118.75
110.79
120.11
14„
4.01
3.45
110.98
98.09
108.57
110.61
120.11
7-
4.02
3.47
120.96
110.61
97.62
108.03
110.42
119.69
4.04
3.48
123.53
120.54
110.05
97.31
107.67
110.23
119.07
4.06
111.73
123.53
120.33
109.68
96.70
107.14
110.05
118.45
July 31—
24..
17—
111.54
123.32
120.33
109.31
96.08
106.60
110.05
10—
.
7— Stock*
Weekly—
July 31
drop in prices
as a
All
tic
**
well
as
Daily
Domes¬
Averages
bonds,
due 1937 to 1946, was sold on a basis of
(Based
by Ratings
Govt.
The
On the downward side have been losses
offerings available.
120 Domestic
Bonds
Type
MOODY'S BOND YIELD AVERAGESt
120 Domestic Corporate*
1936
rallying
American
Municipal bonds have remained high in price, with very
Average Yields)
120
Daily
6 points
feature,
made by Polish issues and Kingdom
were
of the German
MOODY'S BOND PRICESt
(Based
gain of
In the terminal
a
French railroad issues.
for
2%; Tennessee Electric
up
Power 5Sj 1956, advanced 1% to 93%.
were
Fairly noticeable advances have been recorded
State l%s,
but
a
5s, 1955,
105% National Dis¬
%.
off
were
coal producers.
Liquor company
foreign bond market has been generally strong.
principal gains
at
have been mixed,
been dull.
2%s5s, 1938-50, added 10% points to close
conv.
few
grades
The amuse¬
137%.
The
highs have been recorded by Brooklyn Edison
Lower
for
by Japanese bonds.
issues, made
have
1945,
Terminal
68%
to
314s, 1966, at IO314, and Niagara Falls Power 3%s, 1966,
106%.
bonds
Products 4%s,
at
4 at 39; Missouri Pacific 5s, 1981,
metal
securities have been somewhat soft; at
sub¬
High-grade utility bonds have been quite firm and, of the
several
Rubber and
Founders
3.
up
characterized the tone among the issues of
1%.
&
advanced.
generally
2%-point advance to 52 of Consolidated Coal 5s, 1960,
up
Island
Rock
have
with about an even bal¬
Medium-grade and
declines.
and
advances
issues
high-grade industrial bonds have
narrow range,
Steels and oils have been mixed, whereas
Chicago Great West¬
Chicago
near
ing 1% to 93%.
on
were
the
in
strength, Paramount Pictures 6s, 1955, ris¬
group,
Maine 5s,
stantially improved earnings reports.
ern
speculative
gains
and
Security
made.
ments exhibited
tillers
buying
moved
Union
fairly
a
between
ance
Lmfrer-grade rail¬
Atlantic Coast Line 4%s, 1964,
Defaulted
Price movements among
held within
the
Chicago Burlington &
closed at 1091%, up
attracted
new
in the
fractionally
advanced
Quincy, 111. div., 3%s, 1949,
road
Treasury's
The
substantially oversubscribed.
was
absence of important new offerings.
Pacific 4s, 2008,
High-grade
February.
fractionally, while United States
fluctuated
offering of 2%% bonds
in
advanced
were
resumption
indicated
future, however.
showed
utilities
and
fairly sizable gains.
to
the
rule this week in
the
flotations
new
no
recently
3.94
X
Weekly—
"
3.98
3.41
4.00
3.44
3.58
4.09
4.83
3.59
4.11
4.87
4.25
4.13
3.64
3.60
4.12
4.86
4.24
4.13
3.66
3.60
4.12
4.87
4.25
4.14
3.66
5.82
3.62
4.14
4.90
4.28
4.15
3.68
5.75
3.50
.3.64
4.17
4.92
4.30
4.16
3.71
5.75
4.08
3.50
3.65
4.19
4.96
4.33
4.17
3.74
5.77
4.09
3.51
3.65
4.21
5.00
4.36
4.17
3.74
5.75
3— 110.04
110.98
123.10
119.90
118.94
95.48
106.07
109.49
118.45
118.04
3..
4.12
3.52
3.67
4.23
5.04
4.39
4.20
3.76
5.80
June 26— 109.88
110.79
122.46
119.48
108.75
95.63
106.25
108.94
117.84
June 26—
4.13
3.55
3.69
4.24
5.03
4.38
4.23
3.77
5.77
19— 109.93
110.79
122.46
119.27
108.94
95.63
106.60
108.75
117.63
19—
4.13
3.55
3.70
4.23
5.03
4.36
4.24
3.78
5.85
12— 110.01
110.98
122.67
119.07
108.94
95.93
106.42
109.75
118.04
12..
4.12
3.54
3.71
4.23
5.01
4.37
4.24
3.76
5.95
5- 109.99
110.42
122.46
118.66
108.75
95.18
105.72
108.39
117.84
5-
4.15
3.55
3.73
4.24
5.06
4.41
4.26
3.77
6.06
May 29— 110.01
3.72
5.82
110.61
122.24
118.86
108.94
95.18
105.89
108.57
117.63
May 29—
4.14
3.66
4.23
5.06
4.40
4.25
3.78
5.91
22- 110.20
110.23
122.03
118.66
108.75
94.88
105.54
108.57
117.43
22..
4.16
3.57
3.73
4.24
5.08
4.42
4.25
3.79
5.92
15- 109.98
110.42
121.81
118.45
108.94
95.18
105.72
108.57
117.22
15-
4.15
3.58
3.74
4.23
5.06
4.41
4.25
3.80
5.89
8— 109.70
109.86
121.60
118.04
108.38
94.73
105.20
108.39
116.82
8-
4.18
3.59
3.76
4.26
5.09
4.44
4.26
3.82
1— 109.69
109.31
121.38
117.22
108.03
93.09
104.51
108.03
116.01
1—
4.21
3.60
3.80
4.28
5.14
4.48
4.28
3.86
5.96
Apr. 24— 109.80
109.68
121.38
117.22
108.21
94.88
104.85
108.21
116.42
Apr. 24—
4.19
3.60
3.80
4.27
5.08
4.46
4.27
3.84
5.86
17„ 109.96
110.05
121.38
117.43
108.57
95.78
105.89
108.21
116.62
17..
4.17
3.60
3.79
4.25
5.02
4.40
4.27
3.83
5.83
96.23
3.83
5.83
9— 109.75
5.84
110.42
121.60
117.63
108.57
106.42
108.39
3.59
3.78
4.25
4.99
4.37
4.26
3- 109.64
110.23
121.60
117.73
108.57
95.93
106.25
108.21
116.62
3-
4.16
3.59
3.78
4.25
5.01
4.38
4.27
3.83
5.83
Mar.27_. 109.66
20- 109.51
110.05
121.17
117.43
108.75
95.63
106.07
108.03
116.42
Mar. 27—
4.17
3.61
3.79
4.24
5.03
4.39
4.28
3.84
5.85
110.23
121.38
117.84
108.94
95.48
100.07
108.39
116.62
20-
4.16
3.60
3.77
4.23
5.04
4.39
4.26
3.83
5.80
13— 109.11
11005
3.63
4.39
108.75
116.62
9—
4.15
■
120.75
117.63
95.63
106.07
108.03
116.22
13-
4.17
6— 109.46
110.98
121.17
118.04
109.49
97.62
108.57
108.39
116.22
6—
4.12
Feb. 29- 108.98
110.61
120.54
117.84
108.94
97.16
107.67
108.39
115.81
Feb. 29—
4.14
21— 108.95
15.. 108.52
.
-
3.78
4.24
5.03
4.28
3.85
5.94
3.61
3.76
4.20
4.90
4.25
4.26
3.85
5.87
3.64
3.77
4.23
4.93
4.30
4.26
3.87
6.00
110.79
120.96
117.43
109.12
98.09
108.57
108.57
115.81
21..
4.13
3.62
3.79
4.22
4.87
4.25
4.25
3.87
5.92
110.61
120.96
117.43
108.94
97.62
107.85
108.75
115.81
15—
4.14
3.62
3.79
4.23
4.90
4.29
4.24
3.87
6.05
8- 108.22
1- 107.96
110.23
120.96
117.02
108.39
96.70
106.60
108.57
115.61
8„
4.16
3.62
3.81
4.26
4.96
4.36
4.25
3.88
6.10
109.68
120.75
116.82
108.03
95.78
105.54
108.57
115.41
31-. 108.03
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
24- 107.89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
17— 108.34
Jan.
109.31
120.11
116.62
107.85
95.18
104.68
10— 108.02
1-
4.19
3.63
3.82
4.28
5.02
4.42
4.25
3.89
0.15
31—
4.19
3.63
3.82
4.28
5.03
4.43
4.25
3.89
6.13
115.41
24..
4 19
3.64
3.83
4.27
5.02
4.43
4.25
3.89
6.11
108.39
115.02
17..
4.21
3.66
3.83
4.29
5.06
4.47
4.26
3.91
6.17
103.48
108.21
114.04
10-
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
6.26
3..
4.32
3.70
3 93
4.39
5.24
4.03
4.29
4.03
6.23
Low
1936
3.92
3.36
3.54
4.03
4.73
4.13
4.05
3.57
5.67
6.31
Jan.
108.39
119.90
115.41
107.14
93.99
107.94
107.31
119.27
114.63
106.07
92.53
101.97
107.85
High 1936 111.13
114.82
126.65
122.67
112.69
100.33
110.79
112.31
112.69
122.03
Low
1936 107.77
107.14
119.07
114.43
106.07
91.96
101.64
107.85
112.31
High 1936
4.33
3.71
3.94
4.39
5.28
4.65
4.29
4.05
Hlgb 1935 109.20
106.96
119.69
114.43
105.72
91.67
101131
107.67
112.11
Low 1935
4.34
3.68
3.94
4.41
5.30
4.67
4.30
4.06
5.78
106.78
High 1935
4.80
3.82
4.25
4.83
6.40
6.37
5.13
4.35
6.97
4.50
3.78
4.09
/4.55
5.58
4.87
4.39
4.24
5.03
3.95
4.40
6.59
5.18
5.43
4.49
3..
Low
1
1935 105.66
Fr\
99.20
116.82
108.57
98.73
77.88
90.69
94.14
104.16
117.63
111.54
103.32
87.83
98.09
106.07
108.75
95.63
114.24
105.89
93.40
75.82
93.40
89.86
104.33
Ago
1 Yr. Ago
Sept11'35 107.46
2 Yrs.Ago
Sept 11-34 102.91
Septll'35
/
2
Yrs.Ago
Sept 11-34
6.52
.
5.18
7.25
k
*
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
level or the average movement of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement ot
yield averages* the latter being the truer picture of the bond market.
For Moody's index of bond prices by month., back to 1928, see the issue of Feb. 6, 1932, page 907.
Actual average price of -S long-term Treasury issues,
t The latest complete list of bonds used in oomputing these indexes was published in the issue of May 18. 1935.
page 3291.
t+Average of 30 foreign bonds but adjusted to
of each week.
a
comparable basis with previous averages of 40 foreign bonds,
i Daily averages discontinued
except Friday
Moody's Daily Commodity Index Advances Moderately
Moody's
Daily
Index
of
Stable
advanced moderately this week,
Commodity
Prices
closing at 186.9 this Friday,
compared with 185.7 a week ago.
principal changes in individual items were gains for.
cotton and steel, and a decline in hogs.
The price of silk,
cocoa, corn and wool also advanced moderately, while sugar
was lower.
There was no net change in the price of hides,
rubber, wheat, silver, lead, copper and coffee.
The movement of the Index during the week, with com¬
parisons, is as follows:
as
The
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Sept. 4---.
Sept. 5——
Sept. 7—--Sept. 8—
Sept. 9-Sept. 10—
Sept. 11-
185.7
-
185.7
-
-185.4
186.3
186.9
2 Weeks Ago, Aug. 28
Month Ago, Aug. 11
Year Ago, Sept. 11
1935
High—Oct. 7 & 9--.
Low—Mar.
1936
High—Aug.
Low—May
18
18
12-
183
1
182.2
170.1
175.3
148.4
188.9
162.7
New
Capital Issues in Great Britain
The following
land
Bank
statistics have been compiled by the Mid¬
Limited.
capital, which
are
These
compilations of issues of
by the British Government for purely financial
shares issued to
zation of
new
subject to revision, exclude all borrowings
purposes;
vendors; allotments arising from the capitali¬
reserve
funds and undivided profits; sales of already
issued securities which add nothing to the capital resources
of the company
conversion
United
or
whose securities have been offered; issues for
redemption of securities previously held in the
Kingdom;
sh^rt-dated bills sold in anticipation of
Financial
1628
and loans of municipal and. county
long-term borrowings;
authorities which are not
specifically limited.
figures are based upon
the
192
ISSUES IN THE UNITED KINGDOM
Foreign
Brit
Other
8 Months to
Aug. 31
August 31
1931
1932
£123,384,000
294,510,000
134,632,000
187,871,000
145,691,000
131,217,000
142,455,000
159,844,000
196,818,000
250,948,000
221,347,000
164,852,000
77,766,000
78,157,000
96,538,000
73,000
-
1923
1924
»•*.*
1925
1926
1927
1928
-
1930
21,208,000
9,878,000
6,632,000
6,194,000
1933
1934
1935
1936
NEW
CAPITAL ISSUES IN THE
93,898,000
146,636,000
139,581,000
£8,310,263
7,167,385
13,447,603
8,247,859
14,614,014
17,541,251
6.001,777
21,208,047
£10,853,233
7,007,995
7,081,462
9,590,367
22,440,935
12,048,454
14,997,397
9,878,332
£16,592,347
12,620,080
12,386,235
4,108,238
19,727,811
20,610,166
53,909,166
,£96,538,199
£93,898,175
£146,636,471
7,164,097
10,026,260
12,786,859
6,353,481
6,747,571
23,446,272
13,056,095
13,041,644
7,719,440
4,706,804
March
May
June
July
August...
8 months
September
October
November
December
8
the revised figure
was,
Year.
April
EPITOME
business
73.9 for the corre¬
models.
will
prove
a
Renewed demand
large scale is expected
The price changes in steel, it is
strong
incentive to
buying from
in¬
demand from
this source indicated for some time to come.
These should
be regarded as excellent indications of the state of trade
this
source.
creasing
Railroad buying of steel continues on an
scale,
with
constantly
expanding
and what the future holds in store
business
activity.
mated by the
Electric
November..
in the way of increasing
output for the week
Edison Electric Institute at
was
reported that most of the radio factories were pro¬
ducing 20 to 25% over their corresponding 1935 rate.
An
additional $100,000,000 for new equipment was lined up
recently by the heavy industries to be spent before the
warm
to
equipment
growing
demand
for
replacement
of
and construction of additional equip¬
for further business gains.
Abnormally
weather continued from the Mississippi Valley west¬
wornout
ment
Reports from steel, automobile and railroad
the
prepare
131760000
130,000 12,082,000
15,000
137,000
375,000
222,000
3,136,000
1,395,000
188,000
751,000
194,000
221,000
84,000
73,000
268,000
128,000
153,000
1,356,5OO
4,346,000
2,014,000
2,939,000
3,537,000
1,770,000
453.000 13,332,000
the Rocky
Mountains,
33,963,000
19,687,000
6,961,000
10,456,000
19,505,000
18,411,000
24,403,000
78,000
964,000
232,000
27,000
7,719,000
4,707,000
12,544,000
11,218,000
2,852,000 182,824,000
828,000 17,210.000
124792000
months
to
545,000
4.108,000
19,728,000
20,610,000
53,909,000
6,682,000
2,664,000 146,636,000
33,019,000
18,502,000
6,877,000
8,795,000
17,196,000
15,344,000
20,712,000
March
6,194,000
1,004,000 139,581,000
but in the Eastern States
The most wide¬
of the 1936 crop season oc¬
curred over much of the country between the Appalachian
and Rocky Mountains, though temperatures continued high
temperatures prevailed.
spread drought-relieving rains
unabated, over con¬
principally in the Southwest. It is reported
that the topsoil is now in good condition rather generally
from Tennessee, northeastern Arkansas and most of Mis¬
souri, northward to the Canadian border. , Late crops have
been helped by the rain, pastures are greening in many
places, and the soil has been conditioned for plowing and
fall seeding.
In some States, such as Illinois, it was the
first general good rain of the season.
Droughty conditions
remain unabated in a considerable southwestern area, in¬
and
rainfall
scanty, with the drought
siderable areas,
and west¬
In
these sections late crops continued to deteriorate.
In the
New York City area the weather was generally clear and
warm, with much cooler conditions prevailing the past 24
cluding Mississippi, northern Louisiana, southern
Arkansas, most of Oklahoma, and northern Texas.
ern
with tempera¬
The forecast was for
fair, slightly warmer tonight and Saturday.
Local thundershowers Sunday, followed by cooler weather.
Overnight at
Boston it was 60 to 70 degrees ; Baltimore, 70 to 82; Pitts¬
burgh, 62 to 84; Portland, Me., 58 to 68; Chicago, 70 to 86;
Cincinnati, 68 to 90; Cleveland, 74 to 90; Dallas, 76 to 96;
hours.
tures
Today it
fair
was
and warm here,
ranging from 66 to 73 degrees.
Kansas City, 78 to 100;
Springfield, Mo., 76 to 96; Oklahoma
City, 76 to 100; Salt Lake City, 54 to 80; Seattle, 48 to 62;
Montreal, 56 to 70, and Winnipeg, 46 to 72.
"Annalist" Weekly Index of Wholesale Commodity
Prices Advanced During Week Ended Sept. 8
2,100,000,000 kilo¬
was
indicate
872,000
3,622,000
1,921,000
16,592,000
12,620,000
12,386,000
esti¬
indicated increase of 20% over the corre¬
sponding week of last year.
However, the Labor Day
holiday occurred a week earlier in 1935, which accounts in
considerable part for the 20% "gain over last year.
Car
loadings for the week totaled 764,680 cars, which is 10.938
cars higher than a week ago.
Further, it is the highest of
any previous week in the last six years, according to official
figures released by the Association of American Railroads.
Compared with the corresponding week a year ago, the gain
was 172,739 cars, or 29.2%,
while the rise from two years
ago was 200,797 cars.
Retail buying for the week was re¬
ported as 12 to 20% heavier, and wholesale volume 15 to
20% greater than in the corresponding week of 1935.
fields
13,000
176,000
5,000
254,000
154,000
287,000
568,000
161934000
1936—January.;
watt hours, or an
close of 1936.
.
Year.
ward
3,058,000 150,190,000
118,000
7,344,000
3,940,000
9,204,000
9,686,000
September-.
October
mostly seasonal
193C.
indicated, even with a
industry, which
only the Ford Motor Co.
from motor car manufacturers on a
expected,
months—...
December.
550"666
4,761,000
May
£182,824,210
support from the automobile
by the end of the month.
586,000
March
8
The "Journal of Com¬
93.4, which compares with
low ebb last week, with
2,346,000
1,135,000
660,000
February
August
upward trend this month is clearly
a
1,202,000
July
The current rate
A year ago the
industry was operating at 49.7% of capacity.
The current
week's rather sharp curtailment is attributed entirely to
the Labor Day shut-down.
It is stated that a renewed
at
957,000
...
May
standpoint.
remaining in production of 1936
14,433,000
9,688,000
11,076,000
3,443,000
18,788,000
19,571,000
49,999,000
1935—January
June
68.2% compares with 71.5% last week.
was
1,133,000 39,258,000
--------—
Steel ingot production this week
several weeks. Accord¬
the American Steel Institute, there was a drop of 3.3
of
106741000
8
sponding week of 1935.
minimum
2,465,000
1,899,000
3,355,000
_r__
July.
experienced the sharpest change in
ing to
566,000
61,000
December
12,543,554
11,217.941
of 93.5 a week ago and
points, or 4.6%, from tonnage
6,748,000
23,446,000
13,056,000
13,042,000
137,000
11,016,000
9,122,000
September.
August
activity held pretty close to peak.
merce" current index figure
413,000
156,000
141,000
14,000
5,631,000
20,764,000
November
April
recent week-end holidays,
Notwithstanding the
9,878,000
45,000
190,000
63,000
37,000
386,000
25,000
October
£139,580,964
10,853,000
7,008,000
7,082,000
9,590,000
22,441,000
12,048,000
14,998,000
93,898,000
.
February
Friday Night, Sept. 11,
359,000
Total
1,228,000
—-
August
June.
£33,963,149
19,687,120
6,961,500
10,456,037
19,505,122
18,410,698
24,402,925
6,194,413
6,682,428
TRADE—COMMERCIAL
OF
STATE
THE
■
£150,189,757
£132,868,896
Year
£
2,333,000
.....
July
1936
1934
1933
April
£
385,000 30,972,000
May......
June...
«
,
UNITED KINGDOM BY MONTHS
Limited]
1935
February.
£
months...... 60,208,000
March
April
£166,106,000
408,667,000
224,333,000
269,035,000
193,489,000
189,285,000
234,784,000
237,286,000
290,240,000
368,845,000
332,917,000
197,254,000
149,075,000
89,057,000
131,420,000
130,239,000
202,928,000
175,769,000
[Compiled by the Midland Bank
January
Countries
1,763,000
49,000
221,000 1,433,000
873,000
7,000
850,000
12,000
62,000 10,945,000
32,000 4,609,000
1.000
5,014,000
5,485,000
February
£
£
£
1922...
Countries
8,682,000
5,309,000
6,011,000
8,665,000
11,397,000
7,021,000
9,958,000
3,165,000
1934—January..
Year to
August
1921
Ceylon
Midland Bank Limited]
Month of
1920
India and
Kingdom
£
NEW CAPITAL
rCompiled by
1919
It
Limited]
LCom piled by the Midland Bank
the prices of issue.
£14,807,000
9,855,000
3,059,000
1,097,000
1,308,000
3,649,000
1,564,000
1,480,000
2,230,000
6,512,000
I- 3,592,000
6,560,000
1,666,000
of
KINGDOM
UNITED
In all cases
ISSUES IN THE
NEW CAPITAL
BY MONTHS
DISTRIBUTION OF
GEOGRAPHICAL
United
SUMMARY TABLE OF
■
1936
12
Sept.
Chronicle
Higher prices for cotton, the grains, livestock and meats
largely accounted for a 2.0 point rise in the "Annalist"
Weekly Index of Wholesale Commodity Prices, the index
rising to 128.4 on Sept. 8 from 126.4 the week previous and
128.0 a year ago. The "Annalist" also stated:
Flour, butter and
eggs,
wool and hides also advanced, while potatoes,
cheese and rubber showed losses.
THE
"ANNALIST"
WEEKLY
INDEX
PRICES
OF
Sept. 8, 1936
Farm products
WHOLESALE
COMMODITY
(1913^100)
126.3
Sept. 1, 1936
Sept. 10, 1935
123.3
121.8
129.6
126.1
138.3
*110.0
X109.8
110.2
165.7
165.7
Metals
112.8
112.8
109.7
Building materials.
111.8
111.8
111.4
Chemicals
97.3
97.3
98.4
Miscellaneous
87.0
87.1
82.6
128.4
126.4
128.0
76.3
75.0
76.0
Food products
Textile products..
Fuels
All
z
commodities
All commodities
*
on
Preliminary,
land and Holland.
x
old doll, basis
Revised,
z
Based
on
161.9
exchange quotations for France, Swltzer-
/
143
Financial
States
Department oflLabor Drop of 0.4% in
Commodity Prices During Week Ended
Volume
United
Wholesale
v"
Sept. 6
Sharp declines in the wholesale prices of farm products,
principally grains, livestock, and poultry during the week
ended Sept. 5, largely accounted for a decrease of 0.4% in
the Bureau of Labor Statistics* index of wholesale commodity
prices, according to
Commissioner
announcement made Sept.
an
Lubin.
the Commis¬
announcement
In his
10 by
sioner stated:
The composite index dropped to
stands
now
The index
80.9 of the 1926 average.
below the level of the corresponding week of August.
0.2%
addition
the
to
farm
commodities
miscellaneous
products
Hides
declined.
also
foods,
group,
textil,
and
lighting materials,
and
metals
comparison is made with the same week of 1934.
The first 18 major railroads to report for the week ended
Sept. 5,1936 loaded a total of 356,350 cars of revenue freight
on their own lines, compared with 356,940 cars in the preced¬
ing week and 277,078 cars in the seven days ended Sept. 7,
A
1935.
comparative table follows:
products,
leather
Loaded
Fuel
products and housefurnishing
metal
materials declined
raw
1%
Finished
slightly higher than for
75.7, the highest point reached during the year.
products declined 0.1% during the week, but are
the corresponding
week of last month.
The index for the large group of all
(non-agricultural)
remained
commodities other than farm products
All commodities other
80.7.
at
than farm
declined 0.1%
industrial commodities
Baltimore & Ohio RR.
Chicago Milw. St. P. & Pac. Ry.
Chicago & North Western Ry...
Coast
Gulf
Lines.
Great
Internat'l
Missouri
Compared with a year ago,
New
Commissioner Lubins announcement said:
N.
Commissioner Lub's announcement said:
Pacific
RR
:
RR
Central
York
Y.
RR__
Northern
to the level of
Aug. 8.
Aug. 29
1936
1935
1936
Lines...
Chicago & St
42,356
...
5,300
Louis Ry__
Norfolk & Western Ry.
1.4%, primarily due to decreases of 4%
Farm product prices declined
The subgroup of other farm
1.1% in livestock and poultry.
products, including fresh apples in the Seattle market, fresh milk at Chicago,
flaxseed,
dried beans,
individual
products,
farm
whcih
for
lower
prices
were
reported,
were
Higher prices
barley, corn, oats, rye, wheat, steers, hogs and live poultry.
were
Additional
decreased 0.9%.
and sweet potatoes,
reported for calves, cows, ewes, lambs, eggs, fresh apples at Chicago,
23,848
Pennsylvania RR..
in grains and
71,502
5,624
7,911
The wholesale foods group
down
by
Pacific
and
dried
apricots,
Higher
cottonseed oil and peanut oil.
prices were reported for cured beef,
lamb, fresh pork, veal, dressed poultry
This week's food index—82.2
at New
—is
York,
beans and cocoanut oil.
cocoa
0.8% below a month ago and 4.3% below a year ago.
Continued declines in prices of cotton
raw
goods, silk and rayon, burlap and-
jute caused the index for the textile products group to decrease 0.3%.
Average prices of manila hemp and twine were higher.
Clothing, knit
goods, and woolen and worsted goods remained firm.
dropped 6.1% during the week.
Cattle feed prices
vanced
and pulp were
The index
steady.
highest point reached since early June.
prices for hides and upper
Shoes and other leather
leather.
to 94.5, the
The advance was a result of higher
Calfskins and sole leather declined.
products remained unchanged.
and mixed fertilizers caused the
Rising prices of oils, fertilizer materials
index for the chemicals and drugs group
to register an advance of 0.2%.
pharmaceuticals were stable.
index for building materials advanced to 87.0% of the 1926 average.
of lumber and sand and gravel were higher.
Linseed oil and tur¬
Average prices of drugs and
The
Prices
Brick and tile, cement and structural steel remained
pentine declined.
unchanged.
fuel and lighting materials group
declined 0.3%.
quicksilver, pig tin, and pig zinc did
the index for the metals and
remained
86.4.
at
metal products group as a whole.
Average prices of agricultural implements,
motor
firm.
index remained unchanged at 82.6.
vehicles, and plumbing and heating fixtures were
The
housefurnishing goods
group
Average prices of both furnishings
The index
the
of
Bureau
and furniture were stationary.
Statistics includes 784 price series
of Labor
weighted according to their relative importance in
and is based on the average for
the country's markets
the year 1926 as 100.
the main groups of com¬
weeks and for Sept. 7,1935, Sept. 8, 1934, Sept. 9,
table shows index numbers for
The following
modities for the past five
1933 and Sept. 10. 1932:
7,543
3,584
31,402
4,106
4,527
x5,570
5,770
4,654
159,260
Excludes
cars
interchaned between S. P.
6,870
*
■
'
5,163
Co.-Paciflc Lines and Texas & New
AND RECEIPTS FROM
TOTAL LOADINGS
CONNECTIONS
(Number of Cars)
Weeks Ended
Sept. 5, 1936
Aug. 29 1936
25,291
34,334
15,361
74,994
73,749
Chicago Rock Island & Pacific Ry.
Illinois Central System..
Louis-San
St.
Total.
Francisco
Ry
_
The Association
week ended Aug.
"Sept 7, 1935
25,250
33,241
20,234
28,256
14,029
15,258
of American Railroads in
62,519
reviewing the
29 reported as follows:
- ^
week ended Aug. 29 totaled 753,742
of 72,894 cars or 10.7% compared with the
Loading of revenue freight for the
This
was
an
increase
corresponding week in 1935 and an increase of
corresponding week in
the
106,211 cars or 16.4% above
1934.
week of Aug. 29 was an increase of
18,769 cars or 2.6% above the preceding week.
Miscellaneous freight loading totaled 301,458 cars, an increase of 5,368
cars above the preceding week, 47,246 cars above the corresponding week in
1935 and 67,445 cars above the corresponding week in 1934.
Loading of merchandise less than carload lot freight totaled 166,892
cars, an increase of 837 cars above the preceding week, 5,759 cars above the
corresponding week in 1935 and 4,026 cars above the same week in 1934.
Coal loading amounted to 132,157 cars, an increase of 15,290 cars above
the preceding week, but a decrease of 510 cars below the corresponding
week in 1935.
It was, however, an increase of 10,943 cars above the same
Grain and grain
In the Western dis¬
tricts alone, grain and grain products loading for the week ended Aug. 29
totaled 23,957 cars, a decrease of 2,414 cars below the preceding week this
year and 6,809 cars below the same week in 1935.
Live stock loading amounted to 15,819 cars, a decrease of 117 cars below
the preceding week but an increase of 1,617 cars above the same week in
1935.
It was, however, a decrease of 21,072 cars below the same week in
1934.
In the Western districts alone, loading of live stock for the week
ended Aug. 29 totaled 12,753 cars, a decrease of 91 cars below the preced¬
ing week this year but an increase of 2,132 cars above the same week in
Aug.
29,
Aug.
Aug.
Aug.
Sept.
15,
8,
7,
Sept.
8,.
Sept.
22,
1936
1936
1936
1936
1936
1935
1934
80.9
Forest
products loading totaled
81.2
81.5
81.1
81.1
80.4
77.8
1933
1932
28,851 cars above the
69.7
65.7
82.1
83.3
84.6
83.6
83.2
79.9
74.3
56.6
50.4
Foods
82.2
82.5
82.8
82.6
82.9
85.9
■77.2
65.0
62.3
94.6
94.3
94.3
94.2
94.4
90.5
84.6
92.8
71.4
Textile
70.1
70.3
70.4
70.6
70.5
71.0
70.6
73.9
55.1
76.9
76.9
77.0
76.9
77.0
74.6
75.4
67.6
71.9
86.3
products
of 1,201 cars above the
preceding week,
Hides and leather products..
Fuel and lighting materials..
36,134 cars, a decrease of 951 cars below
the same week in
amounted to 55,790 cars, an increase
Sept.
10,
9,
Coke
products.
the same week in 1934.
1935.
Ore loading
All commodities
decrease of 3,250
week in
week, 8,020 cars below the corresponding
week but an increase of 4,731 cars above
1935 and 14,316 cars above the same week in 1934.
5,
Sept.
Commodity Groups
products loading totaled 36,556 cars, a
below the preceding
cars
the preceding
(1926=100.0)
Farm
4,549
43,355
6,084
Orleans RR. Co.
1935 and 1,954 cars below
.
Higher prices for track equipment,
It
9,624
4,519
43,967
week in 1934.
coke advanced slightly, the index for the
remained at 76.9.
Petroleum products
Although prices of coal and
not affect
8,881
40,106
10,110
Loading of revenue freight for the
the hides and leather products group rose
for
9,138
42,470
13,817
31,810
4,289
18,349
51,223
5,178
31,930
...
Total
cars.
Crude rubber ad¬
Wholesale prices of automobile tires and tubes and paper
1.8%.
2,999
4,815
6,631
and dairy products fell
bananas, canned spinach, string beans and
prunes,
1,410
1,619
3,109
10,714
x7,626
7,979
1,5%.
tomatoes, cured pork, cocoa, lard,
1,533
7,070
Lower prices were reported for butter,
and wheat flour, hominy grits, corn meal, canned
cheese, oatmean, rye
1,939
4,288
8,771
8,769
11,218
1,357
4,278
13,229
7,674
7,916
7,358
9,226
1,225
1,547
2,407
7,662
33,136
x7,252
8,125
Fruits and vegetables were
declined 0.4%.
5,823
16,869
10,448
4,755
Lines.
It is 2.8% above the Sept. 7, 1935, level.
Cereal products decreased 0.9%
5%.
Meats advanced
0.2%.
5v667
15,998
11,147
8,633
8,476
17,553
24,980
20,410
13,736
18,012
15,445
1,823
356,350 356,940 277,078 205,711 200,229
Southern
Wabash Ry
x
21,462
32,765
25,039
16,825
21,668
16,625
2,334
2,447
5,021
16,843
39,760
4,978
23,651
67,823
4,891
24,817
Pittsburgh & Lake Erie RR
wool.
the farm products group—82.1—is 1.3% below the
corresponding week of August.
7
1935
7,199
31,839
Pere Marquette Ry
lemons, oranges, clover hay, timothy and clover seeds, and territory
The current index for
Sept
1936
24,586
17,123
21,614
17,042
2,166
2,639
5,402
17,033
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR
M issouri-Kansas-Texas
2.2% higher.
Sept. 5
21,064
33,126
Atchison Topeka & Santa Fe Ry.
products and foods, representing industrial commodities,
are
Connections
Sept. 7
to the level of
The index for the semi-manufactured group remained un¬
month ago.
Received from
Own Lines
Aug. 29
1936
Average wholesale prices of
a
on
Sept. 5
goods remained unchanged.
changed at
FROM CONNECTIONS
AND RECEIVED
(Number of Cars)
products and
building materials, and chemicals and drugs advanced fractionally.
and
35.6% over the total loadings
of 1934.
For the week ended
Aug. 29 loadings were 10.7% above those for the like week
of 1935 and 16.4% over those for the corresponding week of
1934.
Loadings for the week ended Aug. 22 showed a gain
of 17.5% when compared with 1935 and a rise of 21.1 % when
increase of 200,797 cars, or
for the corresponding week
REVENUE FREIGHT LOADED
Compared with the corresponding week of last year, it is 0.6% higher.
*In
1629
Chronicle
86.3
86.3
86.0
81.7
80.4
Building materials
87.0
86.9
86.9
86.9
86.9
85.4
86.3
81.4
80.6
80.3
79.5
79.2
78.8
79.2
76.3
72.3
82.6
82.6
82.6
82.5
82.4
81.8
82.9
78.6
71.4
71.6
71.6
71.1
71.3
66.8
70.6
64.9
64.5
reported increases in the number of cars
freight, compared with
above the
and 3,656 cars
loaded with revenue
1934.
the corresponding weeks in 1935 and
Loading of revenue freight in
follows:
1936 compared with the two previous years
•
74.6
Miscellaneous—:
All districts
above the same week in 1935
1934.
73.0
Housefurnishing goods
preceding week, 3,022 cars
above the same week in
1935 and
70.2
Chemicals and drugs
19,049 cars above the corresponding week in
corresponding week in 1934.
loading amounted to 8,936 cars, an increase of 391 cars
Metals and metal products..
86.4
86.4
85.9
1934
1935
1936
2,169,146
2,183,081
2,920,192
2,461,895
81.8
81.1
81.0
X
X
X
X
75.7
75.6
75.5
75.6
X
X
X
X
Finished products
82.3
82.4
82.5
82.2
82.2
X
X
X
X
80.7
80.7
80.8
80.6
80.6
commodities
All
farm
other
products..
farm
products and foods..
603,968
601,788
734,973
625,774
606,917
753,742
680,848
647,531
23,117,473
20,483,602
20.860.502
Five
weeks in February
March
Four weeks in April
Four weeks in
—
than
Five
80.4
78.5
72.5
69.0
commodotles other than
All
614,005
Week of Aug. 29.
81.0
75.7
736,497
Week of Aug. 22
80.2
1
8
Week of Aug. 15
Raw materials
Semi-manufactured articles..
2,353,111
3,135,118
2,418,985
2,544,843
3,351,801
2,787,012
2,825,547
747,551
728,293
Four weeks in January
weeks in May
Four weeks in June
Four weeks
79.6
79.7
79.7
79.6
79.6
77.9
78.5
74.8
70.5
In July
Week of Aug.
Week of Aug.
x
Not computed.
Revenue
Freight
Car
Loadings
29.2%
Above
Like
Total.
2,927,453
/
2,408,319
2,302,101
2,887,975
2,465,735
2,224,872
595,297
582,077
'
2,340,460
3,026,021
2,504,974
2,351,015
612,660
Week 9 Years Ago
Loadings of revenue freight for the
week ended Sept. 5,
This is a gain of 10,938 cars,
or 1.5% over the preceding week, a gain of 172,139 cars, or
29.2% over the total for the like week of 1935* and an
1936 totaled 764,680 cars.
In
the
following
table
we
undertake to show also the
loadings for separate roads and systems for the week ended
Aug. 29, 1936. During this period a total of 119 roads showed
increases when compared with the same week last year.
Financial Chronicle
1630
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Total Revenue
1936
537
-
1936
Boston &
571
688
1,180
1,134
1,048
795
262
251
8,057
7,529
9,573
1,468
1,241
2,275
8,467
1,719
36
24
39
62
86
1,127
1,099
5,421
10,449
1,010
5,801
10,183
10,290
1,985
7,294
6,340
1,929
6,133
5,206
371
405
234
150
124
1,284
1,031
2,357
14,261
6,594
1,841
1,032
2,394
12,595
5,747
1,038
1,286
7,241
1,731
1,055
6,151
287
201
65
42
40,106
10,752
1,791
9,624
35,777
Chicago Indianapolis & Loulsv.
Central Indiana
Central Vermont
Delaware A Hudson
Delaware Lackawanna A WestDetroit A Mackinac
2,686
Detroit Toledo A Ironton
5,366
2,347
296
241
195
12,994
2,878
12,720
2,564
12,602
Detroit A Toledo Shore Line...
Erie
Grand Trunk Western..
Lehigh A Hudson River
161
1,735
10,297
3,113
3,806
2,407
2,954
216
Lehigh A New England
1,702
8,275
2,940
3,559
2,372
36,376
9,991
1,710
5,088
5,637
5,655
Lehigh Valley
Maine Central.
—
Monongahela
Montour
39,760
10,495
1,753
4,978
b New York Central Lines
N. Y. N. H. & Hartford
New York Ontario A Western..
N. Y. Chicago A St. Louis
7,240
Pittsburgh & Lake Erie
4,891
Pere Marquette.
196
1,948
8,191
2,725
3,122
.
2,136
36,828
9,934
2,313
4,741
4,704
4,340
1,498
9,897
1,580
7,967
5,427
4,413
:
6,590
4,815
229
149
345
25
25
394
Pittsburgh & Shawmut
274
330
245
178
AUG.
Group B (Concluded)—
Georgia
from Connections
1935
934
29
Total Loads Received
Freight Loaded
1936
800
Maine..
Railroads
1935
8,199
1,618
Bangor & Aroostook
CARS)—WEEK ENDED
OF
Total Revenue
from Connections
1934
1935
Eastern District—
Ann Arbor.
(NUMBER
Total Loads Received
Freight Loaded
Railroad
Sept. 12, 1936
1934
775
1935
1936
768
1,325
1,543
620
Louisville A Nashville
410
319
425
382
1,955
23,197
22,194
Georgia & Florida
Gulf Mobile A Northern
Illinois Central System.
1,645
21,734
19,495
1,200
20,425
18,014
1,009
10,952
4,831
9,330
3,699
211
186
Macon Dublin A Savannah..
179
774
357
396
1
276
199
134
340
227
1,719
3,000
1,634
2,556
1,734
2,845
1,851
2,290
1,442
1,748
Mississippi Central.
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central...
458
393
334
690
648
61,645
55,611
51,768
30,081
24,345
102,978
93,293
88,998
60,547
49,902
1,953
10,714
1,735
9,266
2,823
7,170
3,814
...
Total.
Grand total Southern District
Northern District—
Belt Ry. of
Chicago
Chicago
Chicago
Chicago
924
762
708
19,847
2,691
21,668
4,077
16,389
1,340
6,956
18,168
2,409
20,646
19,083
3,161
21,279
4,400
9,523
Chicago
A North Western.....
Great Western
Milw. St. P. A Pacific.
St. P. Minn. A Omaha
Duluth Missabe A Northern
Duluth South Shore A Atlantic.
Elgin Jollet & Eastern
Ft. Dodge Des Moines A South.
4,611
9,869
1,033
5,830
3,108
8,476
3,711
277
151
848
438
431
3,916
5,071
4,048
410
891
Rutland
664
592
640
965
905
5,770
5,592
4,587
5,721
4,096
2,981
7,979
3,360
7,229
2,641
151,090
142,034
136,416
153,577
134,332
589
520
360
729
29,945
4,176
25,412
15,998
2,739
13,347
1,969
389
327
252
9
5
1,368
7,129
1,132
6,748
1,111
6,432
19
11
10,620
9,664
708
591
85
49
42
324
344
262
162
139
15,593
3,390
2,757
551
582
565
430
2,696
1,920
7,437
11,416
2,525
2,013
1,458
2,302
5,945
10,058
96
99
1,828
2,444
3.605
1,589
2,137
2,910
702
32,765
6,249
347
22,480
550
Minneapolis A St. Louis
Wabash
304
20,968
Great Northern
Green Bay & Western
Lake Superior A Ishpemlng
Pittsburgh Shawmut & North.
Pittsburgh & West Virginia
_
1,284
Wheeling A Lake Erie
Total
1,190
1,150
1,510
Minn. St. Paul A 8.8. M
Northern Pacific
...
6,187
11,041
371
337
280
450
227
1,510
1,652
1,310
1,801
1,162
121,170
110,418
100,793
48,089
40,888
21,462
3,185
19,694
2,954
21,645
3,141
5,667
2,313
4,759
2,090
381
232
210
54
40
16,825
1,378
16,036
1,599
11,490
2,773
17,757
1,698
13,875
8,633
7,589
838
665
984
1,024
3,047
8,375
2,213
1,389
3,337
6,991
1,965
1,328
2,307
Spokane International..
Spokane Portland A Seattle
•
Total
Allegheny District—
Akron Canton A Youngstown..
Baltimore & Ohio
Bessemer A Lake Erie
Buffalo Creek A Gauley..
Cambria & Indiana
Central RR. of New Jersey
Cornwall.
Cumberland A Pennsylvania.
—
3,371
«
35
43
Central Western District—
Atch. Top. A Santa
Fe System.
Alton.
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
r
Burlington A Qulncy..
& Illinois Midland
Rock Island A Pacific.
A Eastern Illinois.....
12,836
104
119
29
17
757
944
Colorado & Southern
2,729
1,138
1,115
61,523
1,461
53,236
12,013
7,587
13,717
4,859
2,167
1,257
43,355
16,464
5,894
1,799
1,564
67,823
15,290
13,598
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
94
861
Ligonier Valley
Long Island
Penn-Readlng Seashore Lines..
Pennsylvania System
Denver & Rio Grande Western.
4,409
Denver A Salt Lake..........
961
867
882
32
30
13,905
3,391
Fort Worth A Denver City
839
1,007
948
1,875
1,579
1.164
1,996
2,046
1.026
1,467
1,118
1,371
1,138
85
101
682
412
327
191
216
99
104
136
20,875
39
53
34
2
0
3,216
3,101
6,036
5,194
Illinois Terminal....
Nevada Northern
North Western Pacific
Peoria & Pekin Union
152,041
105,402
114,756
130,141
86,824
25,039
23,651
20,750
787
11,147
21,117
18,756
852
Norfolk & Western
22,899
830
Norfolk A Portsmouth Belt Line
9,023
3,729
4,549
1;222
18,781
System
4,974
3,489
326
15,560
13,784
14,146
1,253
9.027
1,026
7,724
314
380
358
10
5
1,802
1,664
1,645
2,610
2,267
4,224
4,029
3,434
731
608
48,465
44,137
17,649
113,220
103,262
104,628
53,819
44.903
128
4,653
4,115
Utah...
Western Pacific
U.
P
14,357
.......
Total
in
Included
997
53,766
Virginian
..
298
24,310
_
Union Pacific System
Pocahontas District—
a
946
282
Southern Pacific (Pacific)
St. Joseph A Grand Island
Toledo Peoria & Western
Chesapeake A Ohio
3,904
1,255
35,480
3,241
Total
2,818
Total
Southwestern District—
212
173
Burlington-Rock Island....
190
203
185
162
Fort Smith & Western
175
151.
269
230
221
2,160
3,364
1,410
1,619
1,064
2,024
1,100
1,331
1,765
Alton & Southern
Southern District—
Group A—
Atlantic Coast Line
4,352
1,569
3,575
1,368
8,450
1,231
7,738
1,147
7,315
1,062
Charleston A Western Carolina.
382
347
358
937
748
Kansas Oklahoma A Gulf
Durham & Southern
201
146
180
383
449
Kansas
Gainesville Midland
47
45
50
82
131
Louisiana & Arkansas
Clinchfield
1,188
954
1,053
1,426
Piedmont & Northern.
429
395
578
967
775
Richmond Fred. A Potomac...
371
357
331
7,873
21,207
6,749
19,556
6,530
19,237
2,603
3,538
14,068
2,127
3,010
11,527
188
149
163
779
736
41,333
37,682
37,230
30,466
25,557
Norfolk
Southern..
Seaboard Air Line.
Southern System.
Winston-Salem
Southbound...
1,111
Northern.
International-Great
2,192
2,465
2,334
2,447
Gulf Coast Lines
199
180
109
2,328
1,529
City Southern
1,760
1,253
1,653
1,352
191
>
856
1,550
830
310
211
119
129
428
262
216
359
1,045
675
838
877
884
264
235
217
145
207
246
5,021
16,843
4,713
14,852
5,315
15,612
2,999
8,881
Louisiana Arkansas A Texas
Litchfield A Madison
...—
Midland Valley.
Missouri & Arkansas—
Missouri-Kansas-Texas Lines..
Missouri Pacific
243
2,621
7,506
24
43
41
,
16
Natchez & Southern
Total
53
Quanah Acme & Pacific
91
95
109
84
109
9,287
2,414
9,052
2,017
6,928
4,967
2,759
4,483
2,088
2,652
3,729
18,969
3,912
1,826
2,407
3,405
14,354
Texas & New Orleans
7,529
4,677
2.330
8,099
2,101
6,650
4,313
2,365
263
242
181
60
27
30
21
42
59,477
53,235
57,803
58,256
St. Louis-San Francisco.
St. Louis Southwestern
Group B—
Alabama Tennessee A Northern
270
229
186
177
122
Texas A Pacific
Atlanta Birmingham & Coast—
887
757
734
677
483
Terminal RR. Ass'n of St. Louis
934
Wichita Falls A Southern.
805
652
658
4,290
4,209
3,670
1,347
2,684
2,316
425
277
195
370
429
435
373
499
316
56
242
Atl. & W. P.—W. RR. of Ala-
Central of Georgia
Columbus & Greenville
Florida East Coast
*
Note—Previous year's figures revised,
Previous figures.
Not available,
a
Weatherford M. W. & N. W...
Total
......
b Includes figures for the Boston
A Albany RR., the C.
'
35
48,469
C. C. & St. Louis RR.
and the Michigan Central RR.
Wholesale
Price Index Practically
Un¬
During Week Ended Sept. 6, According
Commodity
changed
declines;
second
preceding week
WEEKLY WHOLESALE
National Fertilizer Association
to
in the
sale
commodity
Sept.
ended
week
the
during
prices
5,
according to the index compiled by the National Fertilizer
Association at
79.7%, based
previous week.
year
Latest
Per Cent
Group
Total Index
by the Association,
'22.3
announcement
Foods
Fats and oils
Price
Due
mixed
were
largely to higher meat prices, there was
food
which
index,
had!
declined
in
commodities included in this group,
The
effect
sufficient
result
of
to
that
prices.
downward
offset
a
higher
small
A slight
for
cotton
was
at
textile
burlap
and
rising prices for cotton and wool.
took it
ing
the
the
to
the
sustained
fertilizer
Advances
declines
the
upturn
were
by 28;
in
the
cotton,
raw
was
silk,
brought about by lower
more
than offset
industrial
were
preceding
Miscellaneous commodities..
Higher
activity.
prices
for
price series included
week
there
were
15
in
the
index, and
advances
and
34
78 A
77.5
59.0
65.1
70.0
98.0
101.3
102.2
'
77.1
75.0
72.9
83.0
79.7
79.3
73.5
78.0
76.8
Textiles
68.5
68.7
70.2
65.7
Metals
84.7
84.6
84.5
82.2
5.8
Building materials...
81.9
81.8
81.7
77.7
1.3
Chemicals and drugs
95.1
95.1
94.6
95.4
07.1
60.9
64.7
...
77.3
•
69.3
.3
Fertilizer materials
67.3
.3
Mixed fertilizers
73.7
73.7
73.1
73.0
.3
Farm machinery
92.6
92.6
92.6
92.0
79.7
79.7
79.9
77.7
100.0
AH groups
Electrifc
Output
combined
Estimated
Latest
period, reflect¬
responsible for the small upturn
74.1
94.6
79.0
7.7
metal price index
recovery
82.6
79.0
95.5
6.7
than
with the
which
82.6
79.8
90.7
75.7
10.3
more
index.
registered by 29
in
was
farm product
reached since last
A slight rise in the
ground bone
material
and
highest level
indlex
highest point reached in the entire
ammonium sulphate and
in
prices
grain
80.9
79.9
79.7
Livestock...
preceding weeks;
registered by the index of
was
in the
goods,
in
—
Fuels.......
moderate increase in the
of the 45
a
.......
16.4
11 advanced last week and 11 declined.
movement
index
drop
two
quotations for livestock
decline
The livestock
April.
prices
a
the
1936
65.3
Cotton....
week,
during the
Ago
1936
Sept. 7,
1935
78.9
Farm products.....
Grains
with advances offsetting
declines.
Four of the component group indexes
advanced, while three
moved downward, but the fluctuations in all cases were relatively small.
changes
Year
Ago
Aug. 8,
97.1
....
Cottonseed oil
•
under date of Sept. 8, continued:
•
Month
Week
Aug. 29,
81.6
Bears to the
28.6
The
Preced'g
Week
Sept. 5,
1936
Each Group
the 1926-28 average, the same as in the
A month ago it registered 79.9%, and a
77.7%.
ago
Last week the index stood at
Washington.
on
1926-1928=100
Association.
level of whole¬
but little change in the general
was
advances and 24
COMMODITY PRICE INDEX
Compiled by the National Fertilizer
There
there were 25
declines.
The electric output for the
at 2,100,000,000
Week
20%
hours
over
or
an
in
week ending Sept. 5, 1936 is
estimated by the Edison Electric
kilowatt
Kwh.
Institute
indicated increase
the corresponding week of 1935.
as
2,100,000,000
of approximately
Volume
In
143
calls
current week the Institute
attention
occurred
to the fact that the
Labor Day
week earlier in 1935.
The output for
one
rent
as
Financial
reporting the output for the
holiday
the cur¬
Labor Day holiday
week, therefore, does not contain the
obtained in the
corresponding week of 1935.
In or del* to avoid possible confusion
the Institute did not
publish the percentage changes by geographic acreas but will
publish such geographic divisional data for the two weeks
ended Sept. 12 in the next
regular output statement.
Electric production
during the week ended Aug. 29 totaled
2,135,598,000 kwh.
This was a gain of 18.0% over the
corresponding week of 1935 when output totaled 1,809,716,000 kwh.
■
.'..■■■■
'
'
•
Smaller
Than
from
Usual
Governors
Gain
to
of
July
August
•
in
Department Store Sales
Reported
of
by Board
Reserve
System
Federal
"Department store sales increased from July to August
by less than the usual amount," said the Board of Governors
of the Federal Reserve
System, "and the Board's seasonally
adjusted index was 86% of the 1923-1925 average, as com¬
pared with 91% in July and 87% in June." Under date
of Sept. 10 the Board also noted:
Total
sales
month had
In
August
7%
were
less business
one
larger than
day this
a
year
In the first eight months sales
year.
10% larger than in the corresponding period of last
were
/
although the
ago,
year.
REPORTS BY FEDERAL RESERVE DISTRICTS
Percentage Change
From, a Year Ago
Number
'
*
:
•
■
August*
of Cities
Reporting
Included
to
/::,+/7',77/ 7;. ''-/J' 777'
1631
most
.
not
only reached
+7
Federal Reserve Districts:
Boston
532
+ 10
+4
+9
269
operations are now close to the practical limit.
Apart from the automotive and agricultural implement industries, which
slackened their activities
preceptibly in midsummer,
the progress in the
heavy industries, which lagged so long in the revival period commencing
early in 1933, has been noticeable not only the volume of work in hand
(at one of the most important centres most of the group of industries of
this class
now have
nearly double the amount of orders as at this time in
1935), but also in the number of new jobs, which indicates that industrial
plant extension and renovation has become more widespread.
In the
secondary industries
general rise in activity
exaggerated,
well
as
as
upon
other factors, such
as
unseasonable weather during the
spring and early summer, sporadic labor
troubles
and uncertainty as
to
the trend of prices.
Indexes of Business
Activity of Federal Reaerve Bank
of
New
York—Distribution of Goods
Well
Maintained
During
First
Reported
Weeks of
Three
AugUSt
In
presenting its monthly indexes of business activity in
"Monthly Review" of Sept. 1, the New York Federal
Reserve Bank said that "the distribution of
goods appears
to have been well maintained
during the first three weeks
of August, according to available
weekly data."
The Bank
further noted:
U',V;+7,:,
its
Although
some
slackening of activity
apparent in certain sections
was
of the country, retail trade in
many cities made favorable comparisons,
according to reports received from 35 cities by the Department of Com¬
These reports also indicated further
expansion in wholesale trade
54
28
+ 10
33
15
+ 13
+ 12
29
11
+2
+9
59
28,.;,.
+ 13
33
Richmond
—^-i..
Atlanta
+ 14
>
In the metropolitan area of New York,
however,
leading department stores for the first half of August did not
over thei July level.
Shipments of mer¬
chandise and miscellaneous
freight over the railroads dining the first half
of August were slightly higher than in
33
+9
+8
Cleveland
July, while
21
+9
+ 11
61
35
business
0
+ 8
37
20
Minneapolis
bulk freight showed
+9
+9
39
22
Kansas City
Dallas
0
+8
21
13
Cost
and
Industrial
10
freight.
sales for the country as a whole were less than
one
less business day
14%
Retail trade continued well above
higher than last
Board
on
Board.
Sundries have constituted the most stable item.
Detailed data presented in a study, "Cost of
Living in the
United States, 1914-1936," recently
adjustment
published by the Con¬
ference Board, indicate that food was the
only one of the
major items to fall below the 1914 level during the
depres¬
in
decline also
issued by the Board
fallen
low
in
April,
28.4% below the
on
the basis
of 1923
down
to
as
of
61.1,
index
for
1929,
the
total
food
had
cost
of
living had
dropped 42.6% from
1914
to
base
were
showed
prices
of
1923.
December,
The
58.8
which
June,
The
and
sales
a
was
rather
shown,
substantial
apparently reflecting the
during July.
Among other indicators
of business activity, the seasonally adjusted index of the volume
of check
transactions
tising and
receded somewhat
during July, while the volume of adver¬
new life insurance sales showed
only the usual seasonal movements.
(Adjusted for seasonal variations, for usual year to year growth, and where necessary
for price changes)
July,
7"
7",+
.-
■'
May,
June,
July,
1935
1936
1936
1936
Primary Distribution—
Car loadings, merchandise and miscellaneous
58
66
Car loadings, other
51
72
52
59
53
51 p
80
72
80
82 p
67
.
70
68
74
From
the
more
than
other
for
since
82
84
76
74
73
59
59
60
61
88
92
90
84
68
65
65
New passenger car registrations
Gasoline consumption
61
79
80 p
75 p
84
87
87
General Business Activity—
Bank debits, outside New York City
Bank debits, New York City
65
65
67
65 p
49
42
43
41
68
70
73
71
49
•;. 40
44
40
114.
1933,
when the index reached the low
5
points,
or
7.6%,
Board's indexes
1914 j
below
considerably
169.3
later
date
for
During the
items
except
was
the
during
for
this
April,
until
the
end
and
1920.
The
was
index
clothing
low
point
in
38.5% below the 1929 average.
which includes such
housefurnishings, tobacco and carfare,
1933, when the index
the
for
low
point for
this
group
items
has
was
as
been
56
52r
54r
Factory employment, United States
82
87
88
89p
42
35
33
28
,,32
42
43
56 p
60
55
57
145
150
152
Composite index of wages*
91.7
however,
the
New life insurance sales
89
Business failures
and
1929
Velocity ol demand deposits, outside N. Y. City
Velocity of demand deposits, New York City
1923
the
on
—
from
period
item
of
at
corresponding
the
1920,
depression,
food,
the sundries group,
toilet articles,
83
66
90
fluctuated
July,
76
Chain grocery sales.
Other chain store sales
78
and
was
Department store sales, United States
Department store sales, Second District
58
Conference
for
1922.
stable
house
recession
some
registrations,
order
71
1922.
During the next eight years
Beginning in October, 1930, there was
until March,
clothing
Board's index
relatively
movements,
car
Mail order house sales
April, 1933, the clothing index
drugs and
mail
Advertising
relatively little change.
fell
seasonally below June and
17 % higher than last year.
August,
in
July, 1914.
cost
year ago; department store
index reached its highest level, 149.2
in June, 1920.
A subsequent decline brought
100,
86
point
for
when
The food
95.2
between
1933,
average
average.
almost steady drop
The
of
Distribution to Consumer—
corresponding
fluctuated
seasonal
passenger
Imports.-.
point
its
index
for
a
were
Sept. 9,
on
which added:
the
new
occurred in
shipments
while about the usual
and in the Second Federal Reserve District
serious deterioration of grain crops
t
At
year,
sales showed about the usual decline but
Conference
Railroad
loadings of merchandise and miscellaneous
car
33
Food and clothing have
shown greater fluctuation in
price than other major items in the cost of living, accord¬
ing to an analysis by the National Industrial Conference
an announcement
change.
than the usual increase
21
of Living in United States 1914-1936—Food
Clothing Show Greatest Price Fluctuation
sion, said
consistent
no
change occurred in
however,
National
more
90
After
by
showed
+11
•
+9
August figures preliminary; in most cities the month had
this year than last year.
Study
activity
+ 17
+19
•
seasonal
*
loadings of bulk
a decline in grain shipments
July the various indicators of the distribution of goods and general
In
Chicago..
San Francisco
car
freight decreased somewhat, reflecting primarily
St. Louis.
in
marked and almost
recent
the upward movement
succeeding a period of irregularity in July conse¬
quent upon crop damage reports, some of which were clearly
show the usual seasonal advance
55
+3
Philadelphia..
it
a
is evident from the
many reports which the Bank received from this group,
sales of the
New York
an
.
record level of production, but will soon
a
find it necessary to start idle machines if the demand for its
products con¬
tinues to expand, for its
during the month.
Total
the
impressive
record, from the viewpoint of gain in
production, has undoubtedly been made by forestry.
.
The newsprint
merce.
Aug. 31
•
season's
industry has
Number
of Stores
•*
The
.
"
Jan. 1
/C;.;"
Chronicle
186
190
19lr
192
Cost of living*
140
142
142
143
-
—
Building contracts
New corporations formed in New York State
General price level*
p
Preliminary.
r Revised.
54
61
153p
* 1913 average equals 100.
reached
9.5% below the average for 1929.
Business
of
Industrial
Activity Increasing Earlier Than
Usual,
According to S. H. Logan, of Canadian Bank of
Commerce
In his
monthly statement on conditions in Canada, issued
Sept. 8, S. H. Logan, General Manager of the Canadian
Bank of Commerce, Toronto, said that "the
seasonal upturn
in industrial activity has occurred earlier
than usual.
In a
certain degree," he stated,
"this movement reflects an
unprecendented early harvest in the Prairie
Provinces, but
is due mainly to the cumulative benefits of an
exceptionally
active summer season in the
forestry industries, to a con¬
tinued revival of the heavy
industries, other than construc¬
tion and automobile manufacture, to an
almost uninter¬
rupted increase in mineral production, to a notable advance
in export trade to the highest summer level
since 1929 and
to a marked expansion in tourist trade." Mr.
Logan added:
on
These favorable factors
have, at least for the time being,
counteracted the adverse effects of serious
drought
more
than
damage in the Western
grain belt and in Central Ontario which immediately exerted a
depressing
influence upon several industries, the operations of
which are closely re¬
lated to
agriculture
in
(Corporate) Profits During Second Quarter
1936—73% Increase Over Same Period of 1935
Net Earnings of 253 Companies
Reported by
New York Federal Reserve Bank
"Reflecting the materially higher level of industrial pro¬
duction and general business activity," states the Federal
Reserve Bank of New York, "net profits of 253
leading
industrial and mercantile companies for the
April to June
quarter of this year were 73% larger than for the corre¬
sponding quarter of 1935.
Earnings of these companies,
which indicate broad tendencies only and do not measure
sccurately the extent of improvement in profits of all in¬
dustrial concerns, showed even larger increases over
the
corresponding months in the eyars 1931 to 1934, inclusive,
and were slightly higher than in the second
quarter of
1930."
Continuing, the New York Reserve Bank, in its
"Monthly Review" of Sept. 1, also had the following to say:
Available
data for
a
smaller list
of companies,
profits of leading industrial and mercantile
however, indicate that
concerns
remained about
one-
third smaller than in 1929 and about 15% less than in 1928.
All of the groups of companies listed in the table
showed larger profits
in the second quarter of this year than a
year ago, with the exception of
the coal and coke group which sustained a small
aggregate deficit.
Es-
Financial
1632
reported by the automobile, building
machinery and tool, motion picture, and steel
groups.
The number of individual companies reporting deficits was re¬
duced from 21% of the total in 1935 to 11% of the total in 1936, and more
than 80% of all companies improved their earnings record between the two
years, including those that increased their profits, as well as those that
pecially large percentage gains were
supply, chemical and drug,
reduced their deficits or
earned some net profit instead of the deficits of
Sept. 12, 1936
Chronicle
10,570,000
were
feet,
6%
or
11,204,000 feet.
'
.
Identical
Last week's
Mill
215,512,000
and
feet
earnings statements are available for 380
half of 1936,
first
and 202,638,000 feet.
feet
and these showed an increase of 60%
As in the case of the April to June quarter, only
1930.
the first half of
the coal and coke group
showed profits for the half year below the 1935
with the first half of 1930, profits this year of the
In comparison
and accessories, chemical and drug, clothing
and shoe, metal and mining,
rubber and tire, and retail store groups were at least slightly higher, while
for the other groups of companies 1936 profits remained smaller than in
1930."
In the case of several important groups, such as the steel and
railroad equipment companies, representative of the durable goods in¬
dustries, and the tobacco companies in the consumers' goods classification,
the margin below 1930 amounted to more than 60%.
Class I railroad^ reported a small amount of net income in the second
automobile, automobile parts
and
coal and coke, copper, leather
textile,
quarter of this year, as
compared with an aggregate deficit in 1935, and
the year the deficit after fixed charges was less than half
for the first half of
Net operating income of telephone companies and net
public utility companies were moderately larger than
large as in 1935.
as
other
Of
income
the first six months.
both for the second quarter and for
last year,
Factory Sales in August 15% above Last
Automobile
Year
reduction of 13% from the level of profits in
profits over 1935, but a
level.
Factory sales of members of the Automobile Manufacturers
AssociatiorF'during August were 15% abov#vthe same period
the preliminary report released this week by the
last year,
Association
discloses.
placed factory sales of its members for the
The report
206,041 units.
Although this represented a 39%
under the preceding month, it was the highest
month at
decrease
August figure since 1929.
\
Factory sales for Association members during
period of 1935, and 80% above the five-year average for
period.
the
The Association's report,
one
Quarter
July 1936
206,041 Eight months 1936
337,685 Eight months 1935
179,918
—.
August 1935.
1934
1930
41.5
61.2
111.7
119.2
69.4
98.3
177.5
cessories. (excl. tires)—.
16.4
10.2
14.5
20.9
34.5
20.1
32.4
39.1
Building supplies.. —— .
Chemicals and drugs——
4.0
0.8
1.2
3.3
12.1
2.4
4.0
8.3
33.5
24.7
24.1
41.7
75.8
51.7
50.8
77.2
Clothing and textiles..—
0.8
0.1
—0.2
0.5
0.4
2.7
1.7
4.6
1.6
1.1
0.9
---
Automobile parts
1935
and ac¬
0.1
0.2
0.2
—0.1
0.3
1.5
2.9
5.6
1~9~4
~7~7
ii~2
is" 5
40.4
12.0
21.3
29.2
45.5
31.6
25.2
33.6
104.4
67.5
54.3
70.0
19.2
and coke
products.
.
2.4
Copper.......—...—
Electrical equipment
Food and food
1934
_
3.8
3.1
2.6
4.2
23.4
16.1
15.7
1.1
2.2
2.0
2.9
~6~6
Household equipment
~~3~5
4*6
~7"5
21.5
3.9
6.8
15.5
32.8
'
Leather and shoes—.—
Machinery and tools
(excl.
and mining
Metals
copper,
Motion
8.2
9.5
10.2
14.3
25.0
23.1
22.5
4.8
0.5
1.7
2.9
13.6
1.6
3.0
4.7
coal and coke).
,3.5
3.6
4.2
10.9
7.1
7.4
ment.—
—
....
Office equipment
52.8
Canadian
6.5
30.5
11.0
18.8
29.0
61.0
24.1
Paper and paper products
1.8
0.7
0.8
1.0
4.2
1.8
1.8
2.3
Printing and publishing..
7.6
2.4
2.5
3.2
18.0
5.4
6.4
-
—
delayed temporarily by light to heavy
scattered showers, threshing is approaching completion in
Manitoba, Saskatchewan and Southern Alberta, according
to the current crop report of the Bank of Montreal, issued
Sept. 10.
Wheat yields generally are light but the high
quality of the grain is being well maintained.
General rains
are needed to facilitate fall cultivation and to restore soil
moisture reserves.
The report further said:
the past two weeks crops have been slow in ripening
In Quebec during
owing to cool weather and rains and these have also
generally are below normal except in the southwestern
—0.2
3.1
28.6
6.3
1.4
4.1
~4~7
8.5
sections.
—0.1
"~0~3
0.9
—0.4
—0.9
0.6
In the Maritime Provinces crop
6.6
1.1
11.5
—
crops
30.2
123.7
14.1
18.3
47.3
9.0
7.6
10.1
Rubber and itres——
~l"i
Shipping
Steel
—
Stores.
17.5
52.5
—0.1
——
—
~2~2
~1~3
"0~8
"b"§
4.1
1.6
1.2
1.2
..........
10.4
6.8
8.2
12.1
27.6
16.8
18.8
26.0
—
Tobacco:
331.3
177.7
196.9
339.9
758.9
359.3
414.0
660.8
Miscellaneous
Pastures and late crops have been improved by recent rains.
and
factory but rain
conditions generally continue to be satis¬
weather have delayed harvesting operations.
cool
Columbia
British
In
delayed harvesting
In Ontario
and eastern
good crops are indicated.
except in the case of apples
but
4.4
Railroad equipment—
Canadian Prairie
Although harvesting operations in the
Provinces have been
7.6
Oil
Report of Bank of Montreal—Wheat
High Quality Maintained
Crop
Yields Light,
8.8
31.9
.
pictures & amuse¬
2,505,451
1,971,568
1936
1935
1936
65.9
1930
Corporation Group
Automobiles
the Operations of
producers in the United
covers
summarized below:
is
States
First Six Months
which
of the major motor car
August 1936.
Second
the first
eight months of this year, on the basis of this estimate,
amounted to 2,505,451 cars and trucks—27% above the same
all but
(Net Profits in Millions of Dollars)
Coal
feet; shipments were, respectively,
and orders received 234,814,000
+
the
industrial and mercantile concerns
in
Reports
feet,
last year.
For
was
production of 444 identical softwood mills was 239,641,000
feet, and a year ago it was 213,420,000
231,434,000
Production
production.
below
'
-
generally
crops
benefited by heavy rains at the
satisfactory and growing crops
are
end of August.
Total—
253 cos. 2d quarter..
380
144
first half
cos.
class
I railroads,
—7.9 —18.2
*
operating income..
48.6
57.3
45.0
50.3
*
65.1
net income
—23.2 —61.5
-23.7
97.5
94.2
111.5
91.8
91.1
102.6
Dc
'
utilities,
public
other
56
4.2
49.7
companies,
telephone
net
»c
44.5
*
income
62
Sugar into United States Against Quotas
Jones-Costigan Sugar Act—Imports from
of
Entries
Under
net
135.4
Areas
Off-Shore
The eighth
monthly report of 1936 on the status of sugar
Sugar Control and Allot¬
quotas under the Jones-Costigan
* Net available.
Deficit..
of
Months
First Eight
Tons
During
1936 Totaled 4,304,813 Short
Sept. 4 by the Sugar Section of the
ment Act was issued on
The report shows
against the 1936 quotas
for Cuba, the Philippines, Puerto Rico, the Virgin Islands
and Hawaii during the first eight months of 1936 amounted
to 4,304,813'Short tons, raw value, the Sugar Section said,
Agricultural Adjustment Administration.
Weekly
Ended
Week
Movement,
Lumber
of
Report
Aug. 29, 1936
the week ended Aug. 29,
1929 weekly average of production
and 69% of 1929 shipments.
Reported new orders again
exceeded output and were 20% above the new business of
the corresponding 1935 week.
Although shipments were
seasonally slightly below production, they were the heaviest
of any week of the third quarter to date.
Reported pro¬
duction during the week ended Aug. 29 of 9% fewer mills
was 2% below revised production figures of the preceding
week; shipments were 1% above, and new orders 2% below
that week, according to reports to the National Lumber
Manufacturers Association from regional associations cov¬
ering the operations of important hardwood and softwood
mills.
Reported new business during the week ended
Aug. 29 was 1% above production; shipments were 3%
below output.
Reported new business of the previous week,
ended Aug. 22, was 1% above production; shipments were
6% below output.
Production in the week ended Aug. 29
was
shown by reporting softwood mills 12%
above the
corresponding week of 1935; shipments were 7% above, and
orders 20% above shipments and orders of last year's week.
during
industry
lumber
The
1936, stood at 70% of the
that the quantity of sugar charged
adding:
This
the
report includes all sugars from Cuba, the Philippines,
Islands and
Virgin
from those
areas
Hawaii recorded
prior to Sept.
Puerto Rico,
for entry
entered or certified
as
The statistics pertaining to full-
1936.
1,
,
The
the
of
softwoods
orders
of
Mills,
597;
of
3%
Reports
or
24%
shipments
Coast
the
regions
shipments
the
were
ended
week
of
Aug.
above
1935 ;
above
reported production
totaled
mills
mills.
or
reported
orders reported
same
feet,
in
corresponding week
reported
wood
to
the
for
29.
only ones reporting
These regions and
All
output.
below
from
below
91
as
including such
available.
There
were
140,870 short tons of sugar,
the
for
quota
continental
sugarcane
value, charged against the
raw
729,052
and
area
short
tons,
raw
during the
first seven months of 1936.
Data for August are not yet available.
Quotas for the various offshore areas are shown as revised by General
value,
against the quota
Sugar
Quota Regulations,
Supplement 1
Included
tons
of
to the
sugar
continental
the
for
Series 3,
issued
thereto,
in the
July
Revision
The
sugar
beet
issued
2,
area
July 2,
quantities charged against the 1936
are
•
1935,
pursuant
1, Revision 1.
the principal offshore
follows:
as
and
quotas are 127,574
originally entered under bond in December,
quantities charged against
1936,
27, 1936.
provisions of General Sugar Order No.
first eight months of 1936
areas
during
the
•
(Tons of 2,000 pounds—96 degree)
1936
Sugar
uotas
reporting
but
of
these
similar
two
1935
and
Charged
Against
Regulation
Quotas
2,085,022
Philippines—Total quota
1,098,738
97,909
Less amount reallotted on July 27
soft¬
California
week;
feet,
or
2%
for
the
Production
hardwood mills give
Shipments
above the
same
was
new
as
5,926
882,601
817,846
789,654
1,130
5.052,910
4.304,813
1,000,829
Puerto Rico
901,839
Hawaii
1,059,294
Virgin Islands
but
all
Total
production
were
244,397,000
business
1,813,582.
1936, by 470 soft¬
week
reported
Amounts
Established
Under the Latest
Area
above last year's week.
reported
production.
production.
all
those
for the week ended Aug. 29,
249,446,000
Shipments
actually
sugar
entry,
Cuba
but Northern hemlock and Northern pine showed orders above
Northern pine
Lumber
feet;
■
West
production
Northern -hemlock
those
259,733,000
feet.
and
pine
above
redwood
addition
in
quantities certified
for the preceding week were:
shipments, 243,907,000 feet;
Revised figures
feet.
production,
wood regions
all
29, 544 mills produced 255,601,000 feet
and hardwoods combined; shipped 246,939,000 feet; booked
257,955,000
Southern
orders
include,
1936,
1,
ended Aug.
week
262,936,000
orders,
countries
Sept.
reported.
further
Association
During
entered before
certified
quantities in transit on Sept. 1, 1936.
The figures are subject to change
after final outturn-weight and polarization
data for all importations are
duty
as
for
of
same
i.
Direct-Consumption Sugars
Direct-consumption
against
feet.
8,509,000
the
the
236,369,000
feet,
week
included
cates
the
in
the
various
the
total
in the above amounts charged
diirect-consumption sugar quota is
quota for each area.
The following tabulation indi¬
sugar
quotas
direct-consumption
is
included
since
sugar
the
quotas,
amounts
of direct-consumptioq
Volume
admitted
sugar
during
the
period
which may be admitted
amounts
1633
Financial Chronicle
143
1936,
January-August,
months
well as the
ae
of
1936
totaled
Japan's' production
800,000
Area
1936 Quota
Cuba
458,705
Puerto Rico
126,033
29,616
80,214
Hawaii
Philippines
...
Total..
period,
Balance
Quantity Charged
Against Suota
addition
In
the 6Ugar
to
full-duty
countries
months
eight
of
amount
of
against
quotas
may
a
55,074
10,486
14,012
25,140
564,277
entered
was
the
130,291
following
be
may
for
admitted in
during the period
in pounds, the
amount charged
shows,
the
1936,
and the amount which
January-August,
be admitted during the remainder of the
first
the
during
entry
table
from the area specified:
year
(Pounds—96 degree equivalent)
Quantity Which
May Be
Charged
Against
Balance
Admitted in 1936
Area
Quota
Remaining
.
Belgium
...
i
.....
564,205
288,114
20,597
263,302
6,668,480
211,384
334,902
921,614
6,031,877
217,865
10,221,004
11,114,100
China and Hongkong.
Costa Rica
Czechoslovakia
Dominican
Republic
Dutch East Indies
Guatemala
Haiti
Mexico
'
Netherlands
.
Nicaragua
Peru
United Kingdom
T
..
■
.
.
"
:
288,114
20,597
263,302
6,668,480
211,384
334,902
920,200
325,836
217,865
2,701,750,
1,414
5,706,041
7,519,254
11,114,1001
8,264,140
130,611
32.409,239
13,357,320
350,667
reserve.
Total
No- sugars
tries:
350,667
8,133,529
45.766,559
Unallotted
entered against the quotas of the following coun¬
have been
Argentina,
1936
Germany,
117;
14,577
quota
1,197; British Malaya, 26;
175;
,
294,308
564,205
294,308
i.
Canada
Brazil,
France,
4,009;
204;
Australia,
pounds;
Colombia, 267.; Dutch West Indies, 6;
Honduras,
3,432,568;
Salvador, 8,208,542, and Venezuela,
Italy,
1,751;
Japan,
290,002.
Quotas Established by AAA on 1936 Imports of Sirups
and Sugar Mixtures—Products for Livestock Feed
or Distillation Exempt—Cuban Quota Filled
The
quantities of sirups and sugar mixtures which compete
ordinary sugar and which can be imported into the
United States during the calendar year 1936 have been limited
by quota regulations in accordance with the provisions of
the Jones-Costigan Sugar Control and Allotment Act and
the O'Mahoney-Jones sugar resolution (public resolution
109), approved June 19, 1936, the Agricultural Adjustment
Administration announced Sept. 3.
Any such products
brought in for use as livestock feed or distillation are ex¬
empted from quotas, the Administration said,-adding:-.
with
The quotas which are
Series 1, No.
established by General Sirup Quota Regulations,
1, approved by ,the Acting Secretary of Agriculture, Sept. 3,
follows:
are as
Quotas*
Area—
Cuba
7,937,453
830,894
16,368
.
Dominican Republic
.
-
_
Great Britain.
...:
Other foreign countries
*
0
-
„
8,784,715
♦In
of gallons of 72%
terms
total sugar content.
All importations since Jan.
importations
1, 1936 are to be counted against the above
undertaken several months ago by the Sugar Section on the
of
grades
different
whether
termine
No.
Resolution
the
provisions
of the
the
authorizing
109,
molasses,
the importations of sirups and sugar
and sugar
Act and Public
Jones-Costigan
establishment
of quotas on these
mixtures which compete with ordinary
protect the operations of
necessary to
sirups,
It has been found that limitation on
products should be made effective.
was
edible
of
United States in recent years in order to de¬
mixtures imported into the
the sugar quota system
established under the Act.
The AAA announced
7,937,453 gallons,
on
of 72%
Sept. 8 that the Cuban quota of
total sugar content, has been
exhausted.
,
Activity of Textile Industry at High Rate in July and
August—Rayon Deliveries to American Mills During
August Reached New High Record
Increasing demand for textile products resulted in extraseasonal activity in
this industry during July and August,
according to the current summary of trade conditions con¬
in
tained
the
Economics
"Rayon Organon," published by the Textile
In noting this, an announcement
Bureau, Inc.
by the Textile Economics Bureau, Sept. 10, further said:
July and August activity, it is staled, "represents
This
an
early
season
in
the
industry"
industry
can
increase its activity from this point to the end of the
in
such
an
seasonal
amount
"correspondingly
and
would
as
be
necessary
we
to
do
be
not expect
in
excess
that
-
of
to
normal
index
August
to
rise
on
American
average
demand
to 633.
etaple
caused the non-acetate yarn deliveries
The previous high index of this series was 614 in
for
fiber
rayon
and
acetate
July.
If
August
deliveries record would be even
Foreign
according
countries also
to
the
are
"Organon."
yarn
deliveries
more
were
a
Its
as
corresponding
1935
Products—Texas Officials
Seek to
Excess
included,
the
The estimates
to their accuracy.
base for his paper
were
used
as
which was devoted mainly to the cause of
production in the oil industry, it was
preventing waste
pointed out.
.
Sharply lower production totals in Oklahoma and Kansas
offset gains in other areas and brought a net reduction in
daily average crude output for the week ended Sept. 5 of
23,500 barrels to 3,008,550 barrels, the American Petroeum
Institute reported.
The total compared with estimated
September market demand of 2,864,000 barrels set by the
United States Bureau of Mines, or an excess of 144,550
barrels.
Oklahoma operators pared production by 13,500 barrels
during the first week of September with Kansas oil men
succeeding in cutting output by 15,950 barrels.
Texas
showed only a nominal increase.
California, with an in¬
crease
of 11,800 barrels during the week, lead the States
showing gains.
Louisiana was up only 1,050 barrels.
There were no price changes.
,
Prices of Typical
Crudes
per
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$2.45 Eldorado, Ark., 40
1.25 Rusk, Texas, 40 and
1.42 Darst Creek..
Bradford, Pa
Lima (Ohio
monthly shipments during the past 12 months.
Except for a few months in 1933, stocks have never been so low, relative
to shipments, since figures were first compiled.
based
opinion
the
mills during August established a new
high record and again exceeded production, resulting in a dtrop in pro¬
ducers'
stocks
on
hand to
the ridiculously low
figure of 0.4 month's
The
the
commented upon its Chairman's remarks stressed the point
that Sir John gave only estimates which had appeared in
recent issues
of technical publications and expressed no
year
expansion usually to be expected from this point forward."
Rayon. shipments
supply
of 1936 aggregated 121,-
in
Reports from London in which the Anglo-Iranian Oil Co.
A study was
start
pounds
Seeking to end a new menace to the crude oil proration
regulations, Texas oil control authorities have taken action
to halt the sale of excess production through Federal revenue
agencies.
A hearing has been set for Sept. 17 on the tempo¬
rary injunction obtained by the State against sale by Federal
officials of 543,000 barrels of crude to satisfy an income tax
claim against W. E. Pope, Laten Stanberry, Chief Supervisor
of the oil and gas division of the Railroad Commission,
announced Thursday.
"If such procedure is adopted generally," Mr. Stanberry
pointed out, "there is nothing to prevent the holder of 'hot'
oil from transferring it to any person against whom the Fed¬
eral Government has a tax claim and having it marketed that
way.
Then they can again fill up the pits or tanks from
which that oil is taken and repeat the process."
It was indicated that State officials also will make an appeal
to the United States Department of the Interior to join
Texas control authorities in the protest against the Federal
Revenue Department's course.
Enforcement of the Con- )
nally Act which prohibits interstate movements of crude
produced in excess of State allowables—lies within the prov¬
ince of the Department of the Interior.
The average of recent estimates of existing oil supplies
indicated that they would last less than 20 years, Sir John
Cadman, Chairman of the Anglo-Iranian Oil Co., pointed
out in a paper prepared for the World Power Conference in
Washington, stressing the importance of preventing any
waste production of oil or other natural supplies.
Should these estimates be reliable, Sir John pointed out,
there is no doubt that every effort should be made to prevent
petroleum production not justified by need.
In addition, he
stressed the importance of producing crude oil with the
minimum wastage, of making each ton do its full work and
of using petroleum only when it is the best and not the
alternative source of power, light or heat.
The normal yearly increase in demand, which has lifted
consumption to more than 200,000,000 tons annually al¬
ready, he said, could be anticipated so long as there is an
adequate and dependable supply available at economic
prices.
While it is true that each new discovery adds to the
stocks in view, each new discovery also means that much
less territory under test.
In recent years, he continued, con¬
sumption has run ahead of new discoveries.
There have
been only two or three major new fields developed in the
United States in the past five years.
Underground storage of oil and unit operation of fields
were recommended by Sir John, who reported the success
of this policy in the development of the Kirkuk field of the
Iraq Petroleum Co. and Haft Kel field of the Anglo-Iranian
Oil Co.
The former field, he disclosed, produced from some
45 wells a total of 27,000,000 barrels of oil in 1935, while in
the latter approximately the same production was derived
from about 40 wells.
In each field, the total number of
wells includes the wells first used in testing the area.
quotas.
sugar
six months
Oil—Oil for 20 Years Only
Available—Crude Output Dips for Week
Seen
for Cuba and the
quotas
and
Stop Sales of
which may be admitted from
sugar
certified
or
The
year.
which
sugar
charged against the
large part of the
first
92,300,000
against
period.
in the corresponding 1935
the
gain of 32%.
Petroleum
80,653
Full-Duty Sugars
other insular areas,
a
for
Remaining
378,052
115,547
15,604
694,568
pounds
increase of 18% over the
72,200,000 pounds, an
61,300,000 pounds produced
for the remainder of the year:
Oil Co.)
Corning, Pa
1.23
Illinois
1.23
Mld-Cont't, Okla., 40 and above._ 1.18
Winkler, Texas
.85
Smackover. Ark.. 24 and over
.75-.80
Western Kentucky.
REFINED
GASOLINE
AT
STOCKS
HIGH—TANKER
97
1.42
Sunburst,
1,15
Mont
Huntington, Calif., 30 and
over...
.95
Kettlemen Hills, 39 and over
1.43
Petrolia. Canada
1.10
LOWEST
POINT
DIP—REFINERY
RATES
1.15
Central Field, Mich
PRODUCTS—MID-CONTINENT
SAG—MARKETS
$1,10
over...
BULK
GAS
PRICES
SINCE
JANUARY-
RATE
CONTINUES
HIGHER
impressive.
increasing rayon production at
Great Britain's output for
a
rapid
rate,
the „first
six
Reflecting uneasiness of small refiners who are shading
prices, Mid-Continent wholesale gasoline quotations have
sagged about J^c. a gallon during the past week and now are
point since last January.
Current prices are
now about
j^c. above last year.
The weakness has not yet been fully reflected in the retail
motor fuel market in the Mid-Continent but price cutting
has been increasing and some reductions already have been
at the lowest
Imports of petroleum for domestic use
United States ports for the
a
1936
12
Sept.
Financial Chronicle
1634
and receipts in bond at principal
week ended Sept. 5 totaled 1.251,000 barrels,
178,714 barrels compared with a daily average of 148,571
the week ended Aug. 29 and 151,036 barrels daily for the four
daiiy average of
barrels for
5.
weeks ended Sept.
Receipts of California oil at
ended Sept. 5
the'week
Atlantic and Gulf Coast ports for
totaled 229,000 barrels, daily average of 32,714 barrels, com¬
21,429 barrels for the week ended Aug. 29
and 26,750 barrels daily for the four weeks and ended Sept. 5.
Reports received from refining companies owning 89.7% of the 3,889,000
Passing of the Labor Day holiday—traditional peak
gasoline market—adds to the uncertainty
as to the future course of retail gasoline prices.
Low octane gasoline is now available at various points in
the Mid-Continent as Tow as 4^c. a gallon, against an
pared with a daily average of
early August price of
to 5c. a gallon and the ruling mar¬
ket to-day of 4^ to 4%c. a gallon.
Regular grade gasoline
is available at 5y% to 5%c. a gallon, against 5% to,5^sc.
only a short time ago.
Stocks of finished and unfinished gasoline dipped only
companies had in storage at refineries,
posted.
of
the
summer
550,000 barrels for the week ended Sept. 5, according to the
American Petroleum Institute report which placed inven¬
barrel
basis,
pipe lines as
This is in sharp contrast with last year when
stocks of 55,527,000 barrels on Sept. 7 were equal, on the
1935 demand basis, to about 43 days' supply.
The reduction was in keeping with the weekly trend
that has brought a virtually vertical decline in gasoline stocks
since the record peak of 73,871,000 barrels set last April 4.
The latest figure represents a decline of 15,378,000 barrels
from the all-time high.
The continued gain in consumption
of motor fuel over even the record totals of last year played
the major part in the steady reduction of motor fuel holdings.
Refinery operations stayed aboVe the 80% mark in the
first week of September, showing a decline of 1.2% from the
previous week to 80.5% of capacity.
The 81.7% figure in
the final week of August was the highest on record.
Daily
average crude runs to stills last week of 3,025,000 barrels
were ohly 25,000 barrels below the record set a week earlier.
Seasonal bettering of the tanker charter market is in
evidence, as movement of light oils from the Gulf Coast to
the Atlantic Seaboard increases.
No. 2 heating oil is being
moved at 20 cents a barrel, up 2 cents from late August while
the rate for gasoline has been lifted from 17 cents a barrel to
20 cents.
Light crude is being moved at 19 cents a barrel
and higher, according to gravity, against 14 to 16 cents at
supply.
daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
products market was quiet.
The cutprice gasoline areas continued sub-normal and some fears of
generally lower retail prices were voiced.
Other products
were
quiet.
Representative price changes follow:
,
Sept. 10—Low octane and regular grade gasoline
B. of M.
....
$.07 %
Colonial Beacon.
Tide Water Oil Co.,
Texas
07%
Richfield Oil (Calif.)
.07%
Gulf.—
07%
Warner-Qulnlan Co.
.07)4
Republic Oil.
.
.07%
New York
| North
J Los
i
.06
Orleans.
-.06%
.05%-.04%
Gulf ports... .06
-.06%
Tulsa
.06
-.06%
Los Ang., ex.
..$
New Orleans C
$1.15-1.25
Gas Oil, F.O.B.
Phlla., Bunker C
.90
1.05
Refinery or Terminal
1936
1936
1936
1935
572,300
584,450
172,450
166,600
449,550
128,800
65,150
64,050
North Texas
61,750
61,450
63,950
61,250
West Central Texas
26,500
26,550
182,150
61,450
434,300
563,000
160,000
Panhandle Texas
$.182
.177
Cincinnati
.175
.168
Denver
.215
Camden
.168
Detroit
.16
Boston
.165
165
Jacksonville
.20
Houston
.19
.175
uos
Chicago
...
sNot Including
$.184
.23
Philadelphia
175
Pittsburgh
.195
San Francisco-...16
St. Louis
.17
Minneapolis
New Orleans
.15
Angeles
2% duty city sales tax.
Daily Average Crude Oil Production Again
Off 23,500 Barrels
Declines—
The American Petroleum Institute estimates that
average gross
1936
was
the daily
crude oil production for the week ended Sept. 5
3,008,550 barrels.
barrels from the output of the
This
was
a
decline of 23,500
previous week.
The current
week's figure was
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. 5, 1936 is estimated at 3,045,150 barrels.
The
daily
average
output for the week ended Sept. 7, 1935
Further details, as reported by
totaled 2,660,200 barrels.
the
Institute, follow:
178,400
58,450
433,800
88,100
258,250
West Texas
East Central Texas
East Texas
Southwest Texas
...
Coastal Texas.;
53,800
58,950
25,800
153,150
26,500
.
180,350
60,150
260,250
45,900
440,500
432,900
87,250
258,750
87,400
59,250
192,300
1,170,400
1,177,600
1,171,100
1,029,650
North Louisiana..
82,900
81,200
81,150
Coastal Louisiana.
152,100
152,750
152,750
26,700
120,800
186,200
235,000
233,950
233,900
147,500
30,500
28,200
29,100
107,100
115,300
31,450
40,450
19,100
113,700
28,900
113,450
31,250
31,200
41,550
40,400
1,123,900
Total Texas....
Total Louisiana.
Montana
13,500
4,500
5,050
18,750
4,850
17,850
Colorado
71,600
78,050
78,050
78,100
30,350
101,250
46,300
37,000
14,800
4,350
57,150
2,328,800
2,438,250
2,473,550
2,470,900
2,046,700
535,200
570,300
558,500
574,250
613,500
2,864,000
3,008,550
3,032,050
3,045,150
2,660,200
Arkansas
Eastern
31,300
Michigan
Wyoming.
37,200
..
New Mexico.
Total East of California.
California
Total United States....
Note—The figures
indicated above do not include any
4,950
estimate of any oil which
produced.
might have been surreptitiously
CRUDE RUNS TO STILLS AND
„
-
STOCKS OF FINISHED AND UNFINISHED
WEEK ENDED SEPT. 5, 1936
GASOLINE AND GAS AND FUEL OIL,
(Figures In thousands of
barrels of 42 gallons each)
Daily Refining
Stocks of
Finished and
Unfinished Gasoline
Crude Runs
Capacity
to Stills
Stocks
Unfin'd
East Coast.
.
Total
P.
C.
P.
Aver¬
tial
Rate
C.
Dally
Reporting
Poten¬
Oper¬
At Re¬
ated
fineries
age
530
612 100.0
612
86.6
5,678
Gas
in
District
and
Terms., Nap'tha
dkc.
DistU.
10,403
924
Fuel
Oil
11,917
Appalachian.
Ind., Ill.,Ky.
Okla., Kan.,
154
146
94.8
98
67.1
901
989
271
626
462
444
96.1
434
97.7
5,027
2,554
685
6,079
453
384
84.8
278
72.4
466
3,471
160
48.5
110
68.8
105
174
680
658
96.8
654
99.4
3,004
1,049
4,082
2,188
330
Texas Gulf..
220
2,040
1,676
8,894
La.
169
163
96.4
129
79.1
947
390
297
2,435
80
72
90.0
38
52.8
124
52
97
60
61.9
48
80.0
765
852
789
92.6
489
62.0
8,693
2*182
3,488
89.7
2,808
80.5
30,270
19,083
2,061
639
6,062 108,971
378
2,310
19,722
32,331
z33,216 zl9,436
6,440 111,281
z6,391 Z111054
y27,166 yl8,45S
y5,710 y!10141
,
Gulf
No. La.-Ark.
Rocky Mtn
California
...
217
401
xEst.tot.U.S
Sept. 5 '36
3,889
3,889
3,025
3,889
3,889
3,050
59
384
101
811
1,045
72,678
U.S.B. of M.
2,778
Sept. 1935
Bureau of Mines basis currently
estimated,
y
As of Sept. 30, 1935.
z
Revised!
$.02%-.02%
Included
$.175
Cleveland
Newark
Buffalo
r
■\
Comparable with week Sept. 5th but not prior weeks.
|Chicago,
'
'
iTulsa
I 32-36 G0~$.02%-.02% |
Gasoline, Service Station, Tax
zBrooklyn..
Sept. 7
558,750
156,500
{Sept.)
x
zNew York...
Ended
Sept. 5
Aug. 29
Sept. 5
Aug. 29 '36
Terminal
California 27 plus D
$1,101
Diesel 28-30 D... 1.65 |
_._$.04-.04%
Week
Ended
Oklahoma
Reported
Texas.$.03%-.03% I New Orleans.$.03%-.04
I Tulsa—
.04%-.04%
Bunker C
(Bayonne)
4 Weeks
culations
Estd. unrepd.
F.O.B. Refinery
Angeles.. .04%-.05
Fuel Oil, F.O.B. Refinery or
N. Y. (Bayonne)
New
07
Shell East
Kerosene, 41-43 Water White, Tank Car,
«
Average
Week Ended
Mo....
Tank Car Lota, F.O.B. Refinery
Chicago.
$.0524 -05%
.0734
.0724
...$.04%
Actual Production
Dept. of
Int. Cal¬
Inland Texas
New York-
Standard Oil N. J-$.07%
(Bayonne)
have sagged 24-cent a
*
,
U. S. Gasoline (Above 65 Octane),
Socony-Vacuum
(
(Figures in Barrels)
of
the end of August.
The local refined
gallon.
cracking units indicates that the industry as a
basis, produced an average of 690,000 barrels
whole, on a Bureau of Mines
Kansas...........
holiday.
Analysis of the storage figures reveal that despite the fact
that they are slightly above the like 1935 date, on a demand
basis, the statistical position of motor fuels is better than it
was last year.
Sept. 5 stocks of 58,493,000 barrels of fin¬
ished and unfinished gasoline were equal to only 40 days'
27 plus
111,281,000 barrels of gas and fuel oil.
by companies owning 95.9% of the potential
Cracked gasoline production
charging capacity of all
29 figures, lowering
Labor Day
N. Y.
all
bulk terminals, in transit and in
of the end of the week, 58,493,000 barrels of finished and
unfinished gasoline and
period at 58,493,000 barrels.
The
reduction, however, would have been much heavier except
for the fact that the American Petroleum Institute revised
the Aug.
United States,
whole ran to stills, on a Bureau of Mines
3,025,000 barrels of crude oil daily during the week, and that
tories at the close of the
the stocks on that date by
1,390,000 barrels.
Therefore, giving effect to the lowered
Aug. 29 total, the total reduction was 1,940,000 barrels.
Again, the report covered only one day—Saturday—of the
daily potential refining capacity of the
estimated
indicate that the industry as a
Production of Coal Higher in
The United
States Bureau
report showed that
of
Week Ended Aug. 29
Mines in its weekly coal
production of soft coal increased slightly
Aug. 29.
The total output is estimated at
7,902,000 net tons, a gain of 269,000 tons over the pre¬
ceding week.
Production during the week in 1935 corre¬
in the week ended
sponding with that of Aug. 29 amounted to 7,456,000 tons.
Anthracite production in Pennsylvania during the week
ended Aug. 29 is estimated at 1,084,000 net tons.
This is
an increase of 423,000 tons over the preceding week, and
compares with 1,088,000 tons produced in the corresponding
week last year.
The Bureau
reported that a total of 32,054,000 tons of
of hard coal were mined during
the month of July.
This compares with 22,339,000 tons
of bituminous coal and 3,536,000 tons of anthracite produced
during July, 1935.
During the calendar year to Aug. 29, 1936, a total of
263,506,000 tons of bituminous coal and 33,900,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 236,107,000 tons of soft coal and 34,626,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
soft coal and 3,666,000 tons
statement follows:
Volume
Financial
143
ESTIMATED UNITED
STATES PRODUCTION OF COAL AND
COKE (IN NET TONS)
Chronicle
The August
BEEHIVE
fined
lead.
Week Ended
1936
Bitum. coal:
Calendar Year to Date
Aug. 22,
1935
1936
1935
1929
e
producer
important
45,000 tons
to
counting
ie
re¬
August
on
consumers.
Zinc
7,633,000 7,456,000 d263506000 236,107,000 342,016,000
1,665,000
1,289,000
1,155,000
Dally aver__ 1,317,000 1,272,000 1,243,000
Pa. anthra.: b
Tot. for per'd
1,084,000
180,700
Daily aver..
661,000 1,088,000
110,200
181,300
33,900,000
166,600
34,626,000
170,220
45,925,000
225,700
4,591,200
22,180
Beehive coke:
per'd
28,000
29,200
15,800
903,600
565,800
aver__
Daily
redaction in stocks of
expected to show a
are
one
than
a
Tot. for per'd 7,902,000
Tot. for
least
more
Quotations held|at 4.60c., New York, the contract basis of the American ...
Smelting & Refining Co., and at 4.45c., St. Louis. Business was reported j
by St. Joseph Lead on its own brands at a premium.
Aug. 31,
1936 d
c
statistics
At
shipments of
Aug. 29,
1635
4,667
4,867
2,633
4.365
2,733
Includes lignite, coal made into coke, local sales, and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
by truck from authorized operations,
c Subject to revision,
d Revised,
e Ad¬
justed to make comparable the number of working days in the three years.
a
ESTIMATED
WEEKLY
AND
MONTHLY
PRODUCTION
BY STATES (IN THOUSANDS OF NET
(The current weekly estimates
ments and are
based
are
on railroad
showing
tens,
Week Ended
1936 p
2
Alaska.-..Alabama
of
High
to
pointing
Prime
to
Grade
Cartel
zinc
domestic
negotiations
at
4.85c.,
not
are
hopeless
so
Deliveries
August.
the last week totaled
during
demand
St.
in
reduced
was
consumers
well-sustained
a
Western held
Consumers
last
week,
1936
r
2
1935
a
8
7
9
605
208
196
Arkansas and Oklahoma
63
59
43
155
93
102
Colorado
80
83
104
293
305
266
1
1
1
5
4
3
Illinois..
750
720
572
3,103
2,742
for
zinc
of
5,900
The price
products.
Louis.
7
sales
near-by
255
258
218
1,008
1,005
33
38
29
176
180
146
Kansas and Missouri
110
102
102
420
341
totaling
726
731
614
2,990
2,917
as
well
141
136
522
438
381
29
29
27
116
113
74
3
3
4
12
4
12
54
50
40
204
203
173
24
26
25
122
109
14
14
14
62
47
55
383
407
330
1,534
1,411
1
f 2,047
f 2,683
2,407
1,083
1,926
2,073
1,650
1
5,603
4,002
101
102
70
364
324
293
14
14
15
54
36
36
36
108
109
112
214
233
176
935
813
665
Malaya to
operations had
about
3c.
some
the
material,
effect
on
with
that
call
fair
a
first-
for
the control plan, but
on
dry weather there
the market.
the
particularly
for tin
demand
Straits
tin
on
pound.
per
a
was
The
tin in
of
tonnage
tons.
developments
no
•
Friday
Last
700
than
forward
were
influence
substantial
a
sharply.
more
as
There
2,210
135
from
for
/'
:
•
.
292
Kentucky—Eastern
report
market
advanced
■
retard
may
spot advanced
.
1,996
Indiana.
Georgia and North Carolina
_
Iowa
Western
_j..
Maryland
Michigan
Montana
New Mexico
_
North and South Dakota.
Ohio
;
Pa. bituminous—Eastern.d
Western
e
Tennessee
Texas
.
Utah
Virginia
6,256
31
29
21
1,785
1,460
501
Virginia—Soutnern.a
505
346
103
73
106
85
5,286
1,416
314
Other Western States.c...
tin, 99%, was nominally as follows: Sept. 3d, 42.250c.;
5th, 43.750c.; 7th, Holiday; 8th, 44.000c.; 9th, 44.575c.
4th,
August
Production
of
Slab
Zinc
Below
Preceding
Month—Shipments Higher
According
to figures released by the American Zinc
Sept. 5, 43,614 short tons of slab zinc were
produced during the month of August, 1936. This compares >
with 45,553 tons produced during the month of
July, 1936 b
and with 35,547 tons in the
corresponding month of 1935.
Shipments rose from 41,891 tons in July to 46,085 tons in
August. This latter figure also compares with 38,824 tons
shipped during August, 1935. Inventories on Aug. 31 stood'
at 86,194 short tons, comparing with 88*665 tons on
July 31
and 112,446 tons on Aug. 31,1935. The Institute's statement
Institute
on
320
5
*
#
62
1,876
356
1
100
Wyoming
92
6,917
7,358
2,189
Northern, b
Chinese
42.975c.;
.
672
55
,
118
1,719
Washington.
West
897
170
•
•
857
the
prices
quarter 1937 metal.
July,
1936
entered
and
day,
for
was
June,
July,
1935
2
informal
Tin
from district
Monthly Production
Aug. 22 Aug. 15 Aug. 24
1936 p
a
Western
active
State
the
August statistics of the domestic industry were favorable,
reduction in total stocks, covering all grades, of 2,471 tons.
Production
Prime
iiat
believe.
loadings and river ship¬
car
on receipt of monthly tonnage reports
of final annual returns from the operators.)
or
many
TONS)
subject to revision
and State sources
indication
an
as
of
COAL
OF
Following the heavy buying in the previous week, during which period
31,784 tons of Prime Western were sol$, demand naturally quieted down.
The advance in the London market of almost
£1 during the last week
was
an
interesting development.
The rise abroad was regarded here as
*
follows:
'
SLAB
2
ZINC
;
STATISTICS
(ALL GRADES)- -1929-1936
(Tons of 2,000 Pounds)
7,633
6,279
32,054
29.300
591
413
3,666
3,948
22,339
3,536
8,294
..
7,740
661
Total bituminous coal..
Pennsylvania anthracite -
8,331
6,692
35,720
33,248
25,875
...
—
C. & O., Virginian, K. & M., B. C. & G.t
and on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Represents that portion
of the State not included in western Pennsylvania,
e Figures are comparable with
records for 1935, and cover production of western Pennsyvlania, as defined by the
a
Produced
Shipped
Stock at
During
Grand total
During
Period
Period
End of
Period
Total for year.
631,601
-Monthly aver.
52,633
602,601
50,217
Includes mines on the N. & W.,
Retorts
(a)
Shipped Operating
End of
for
Period
Export
Preliminary,
p
r
Revised.
* Less than
Orders
Period
End of
Period
75,430
•m
m,
~
m
m*
m
6,352
57,999
68,491
18,585
31,240
47,769
26,651
19,875
23,099
18,273
529
1930
Total for year.
504,463
42,039
436,275
143,618
196
36,356
'------
16
300,738
25,062
314,514
129,842
41
Total for year.
213,531
218,517
17,794
18,210
Monthly aver.
1.000 tons.
Unfitted
Retorts
During
1929
Monthly aver.
NRA«Sub-Divisional Code Authority,
Average
.
1931
Total for year.
Large Tonnage of Lead Bought During Week—Copper
Output Increased Abroad
Sept. 10
stated that activity in the domestic market for non-ferrous
metals in the last week centered in lead and tin. Demand
for lead was well above tlie average. Consumers purchased
tin on a larger scale than in some time past, and the price
advanced sharply.
In copper, the upward trend of prices
Markets" in
Mineral
and
"Metal
its
issue
Monthly aver.
of
abroad has hastened action by foreign producers to increase
3
26,210
m-mmrn
m
—
1932
124,856
............
170
21,023
Total for year.
324,705
344,001
Monthly aver.
27,059
28,667
105,560
------
239
27,190
"
Total for year.
366,933
Monthly aver.
30,578
352,663
29,389
m
m
—
—
m
m
148
12
—
-i.
January
35,135
February
33,468
36,735
35,329
March...
35,455
34,877
117,685
116,276
111,806
108,680
107,625
112,909
115,723
41,205
38,455
0
32,658
33
33,210
35,196
33,719
23
32,389
0
33,836
33,884
*29,867
0
32,942
*28,950
of 34,870
*30,988
0
3
June
34,572
34,637
35,627
29,353
35,120
32,306
August
35,547
38,824
112,446
September
36,221
42,351
106,316
36,716
47,063
95,969
of
November.—
37,469
48,172
85,266
0
December
40,463
41,971
83,758
Total for year.
431,412
Monthly aver.
35,951
465,659
38,805
January
41,917
46,468
79,207
Of
38,205
*34,291
February
36,228
39,918
75,517
Of
38,004
March...
42,483
38,159
79,841
of
April
43,262
42,311
80,782
May
44,905
43,977
81,710
June
44,947
41,654
85,003
*33,726
37,922
*33,849
of 41,400
*36,657
41,048
*36,919
01
40,700
July
45,553
41,891
88,665
01
August
43,614
46,085
86,194
The publication fur¬
preciation of Continental currencies.
ther reported that:
last
During the
The
abroad.
a
uneasiness
week
cent
a
here,
under the
but there
copper
reduced to
domestic
move
no
was
centered in. the rising
a
price.
price
refinery basis, is now
This has resulted in
toward
increasing the
only
domestic
preceding seven-day period.
tons in the
compared with 3,450
Con¬
deliveries may exceed 65,000 tons,
according to latest estimates. The price held at 9%c., Valley.
The foreign market advanced to 9.775c., c.i.f. European ports, against
9.700c. a week ago.
Foreign producers announced on Sept. 9 in London,
sumption here
that
increase
have
abroad
output
curtailed
good.
output
to
increased,. 5%,
by
about
stabilize
3,600
effective Oct.
tons
a
month.
the market abroad
1.
This
Producers
Total
which
tons
States amounted
contained in
were
Total
metal.
unrefined
in
production will become too much of an influence.
imports of copper during July
4.432
to
18,112
amounted to 18,404 short tons, of
and concentrate and 13,972 tons
ore
of
exports
refined
copper
from
the
sales
of
*
tons.
than
more
18,500
34.777
*31,324
36,650
*33,462
of 38,329
*34,298
......
35,878
26,967
136,939
139,238
147,080
147,367
?
59,456
151,183
59
5
«
-
---
o)
United
32,341
Equivalent
retorts
computed
on
24-hour basis,
*36,934
41,308
*37,350
01
41,308
*37,418
a
35,872
*34,358
34,334
*32,456
36,189
*34,516
37,778
*35,749
37,888
*36,296
38,176
*36,972
38,135
*36,734
38,358
142,219
156,829
141,638
135,968;
128,370
127,090
144,458
165,173
*37,006
Export shipments
are
In-
eluded in total shipments.
Note—These statistics Include all corrections and adjustments reported at the
Lead
With
25,993
25,816
20,000
22,435
1936
strong for
are
increasing production before the price is permitted1 to advance to the point
where outside
__
0{
August
would be
abroad
production
should
who
continues
II-II
32,230
33,157
32,535
32,450
30,387
31,230
31,244
*29,627
30,482
*28,890
32,445
*30,629
32,934
*31,881
33,868
*33,080
35,126
*33,896
some
Sales for domestic account during the last week totaled 4,896
quotation.
tons,
in
interest
quotation abroad,
fraction of
May
October....
Copper
28~8S7
1935
July.
was
15,978
.
preceding week. London prices were all higher for the week,
owing to several factors, including fair consumer buying, re¬
armament speculative purchases, and hedging against de¬
Zinc
23,653
20
1934
copper market remained quiet
inactive after the rush of business booked in the
The domestic
8,478
.
April
production.
18,560
14
1933
tons
of lead
in the week
that
ended
tenth consecutive week of above-aver¬
age buying.
Consumption of lead' is expanding, based on deliveries, but
the feeling prevails in several quarters that demand at present is not
quite up to the mark set by purchases of the metal. In other words, part of
the buying is to increase inventories.
Rumors of a higher price in the
year-end.
Sept. 9 the industry experienced the
near
future
Business
sumers.
and
had
booked
Corroders
in
the
were
pipe, and batteries.
last
much
on
buyers.
week
influence
some
came
in evidence,
from
as
Cable makers bought
a
wide
variety
were
makera of
on
fair scale.
a
of
foil,
con¬
sheet
Preliminary Estimates of August Soft Coal Production
Show
Gain over Preceding
Month—Anthracite
Lower
According to preliminary estimates made by the United
States Bureau of Mines, bituminous coal output during the
month of August, 1936, amounted to 32,818,000 net tons.
This compares with 32,054,000 tons produced in the preced-
Financial
1636
ing month, and 26,164,000 net tons during August, 1935.
Anthracite production during August amounted to 3,235,000
net tons, a decrease from the 3,666,000 tons produced in
July, but a gain over the 2,591,000 tons mined in August,
1935.
The Bureau's statement follows:
Total for
No. of
Working
Month
Days
Average
to End of
August
(Net Tons)
Day
(Net Tons)
(Net Tons)
Aug., 1936 (Preliminary)—
Calendar Year
per
Working
26
3,235,000
26
1,262,000
124,400
264,969,000
34,156,000
124.100
26
4,773
908,300
32,054,000
26
1,233,000
3,666,000
26
'141,000
110,700
26
4,258
26,164,000
27
969,000
237,726,000.
2,591,000
27
96,000
56,100
27
2,078
34,772,000
568,200
32,818,000
Bituminous coal
-
Anthracite
Beehive coke
July, 1936 (Revised)—
Bituminous coal...
Anthracite
-
-
Beehive coke
--
-
August, 1935—
Bituminous coal
Beehive coke
Output Highest Since March, 1930
August Steel
tons of open-hearth and
August was the greatest of any month
since March, 1930, when 4,254,331 gross tons were produced,
according to the American Iron and Steel Institute.
The output in August was 7 % above the July production
of 3,922,731 gross tons and 44 per cent above the output of
2,915,930 gross tons in August, 1935.
During August the steel industry operated at 73.52 per
cent of capacity, as against 68.74 per cent in July and 48.78
Production of 4,195,130 gross
Bessemer steel during
cent in August of last year.
per
of steel ingots in August
compared with 150,874 gross tons
dayiin July and 107,997 in August, 1935.
Average daily production
was
161,351 gross tons,
,
*
<
Anthracite.
Sept. 12, 1936
Chronicle
per
MONTHLY PRODUCTION OF OPEN HEARTH AND BESSEMER STEEL
INGOTS—JANUARY, 1935 TO AUGUST, 1936
which in 1935 made 98.03% of the open hearth and 100%
(Reported by companies
of the Bessemer ingot
will later be adjusted to agree with the results of the
of production made at the end of the year.
Production)
Note—All current estimates
complete canvass
Calculated Monthly
of 83,720 tons
daily.
V
Daily
1936
in during the month
were:
■
of
*Per Cent of
Production
Working
Tons
Capacity
(Gross Tons)
Days
-3,045,946
51.40
54.03
3,342,619
58.58
112,813
118,577
128,562
27
2,964,418
9,352,983
54.64
119,910
78
3,942,254
4,046,253
3,984,845
69.09
26
69.83
151,625
155,625
153,263
11,973,352
69.94
153,504
78
Gross
January
—
February
.
March
First quarter.
—
April
Among the furnaces blown
Number
Calculated
Production
2,711,721 Tons
The "Iron Age" in its issue of Sept. 10 reported that on
the basis of complete returns from companies producing
pig iron,| actual production of coke pig iron in August was
2,711,721 gross tons.
The number of furnaces in blast
on Sept. 1 was 148, making iron at the rate of 88,075 tons
daily, compared with 146 on Aug. 1 operating at the rate
August Pig Iron Output
May
June
Monessen, of the Pittsburgh Steel Co.; one Indiana Har¬
bor of the Youngstown Sheet & Tube Co.; one Sparrows
--
70.91
25
26
26
26
one
Point, of the Bethlehem Steel Co., one Toledo furnace of
Pickands, Mather & Co.;
and a Duquesne unit of the
United States Steel Corp.
Furnaces blown out or banked
were: Standish furnace,
Chateaugay Ore & Iron.Co.; one
South Chicago, Youngstown Sheet & Tube Co., and one
Madeline, Inland Steel Co.
COKE PIG IRON IN THE UNITED
DAILY AVERAGE PRODUCTION OF
Second quarter
21,326,335
62.29
136,707
156
3.922,731
68.74
150.874
26
4,195,130
First six months
73.52
161,351
26
July....
August...
—
1935
2,870.161
—
106,302
49.78
24
110,204
>
27
115,595
62.22
2,865,292
February
March
48.02
42,774,271
January
SINCE JAN. 1, 1931—GROSS TONS
STATES BY MONTHS
—
26
January
February
March
April
....
May
June.
55,299
60,950
65,556
67,317
64,325
54,621
47,656
42,166
39,201
45,131
52,243
57,561
65,900
64,338
51,750
65,351
62,886
65,816
80,125
85,432
86,208
24,536
54,134
54,138
74,331
18,348
19,798
17,484
31,380
33,251
31,201
28,430
25,276
20,935
61,356
1936
1935
28,412
20,787
28,621
57.448
57,098
55.449
55,713
49.92
110,516
77'
2,640,602
2,633,661
45.88
June
2,258,664
40.81
101,562
97,543
90,347
26
May.
1934
1933
1932
1931
8,509,724
7,532,927
43.62
96,576
78
16,042,651
46.75
103,501
155
2,267,827
39.40
87,224
26
2,915,930
48.78
2,825,004
51.04
First quarter...
—-
April
Second quarter..........
First six months
July
First six months.
:
August
September
November
December
31,625
August
September
October
17,115
19,753
20,800
21,042
17,615
■
57,821
59,142
50,742
43,754
36,174
38,131
49,041
56,816
59,216
39,510
34,012
36,199
18,461
47,201
41,308
38,964
37.848
36,782
July
83,686
87,475
43,592
29,935
30,679
31,898
33,149
8,008,761
Third quarter...
27
25
107,997
27
113,000
"
25
46.38
102,676
78
46.63
„
24,051,412
Nine months
63,820
58,864
67,950
44.06
103,225
233
116,398
27
PRODUCTION
23,733
50,069
mos. average.
OF
PIG
COKE
IRON
;
3,142,759
52.58
November
12
October
3,150,409
3,073,405
54.73
121,170
26
55,53
122,936
25
9,366,573
54.24
120,084
78
33,417,985
48.54
107,453
311
December
57,556
OF FERROMAN GANESE
AND
Fourth quarter......
(GROSS TONS)
Total
Ferromanganese
Pig Iron x
1935
1936
1936
y
1935
24,766
24,988
10,048
12,288
17,762
18,302
17,541
12,961
2,025,885
1,823,706
2,040,311
2,403,683
2,648,401
2,586,240
1,477,336
1,608,552
1,770,028
1,663,475
1,727,095
1,552,514
22,725
.19,667
18,363
15,549
13,528,226
9,799,000
128,058
88,902
July.....".
2,594,268
August
2.711,721
1,520,263
1,761,286
1,776,476
1,978,411
2,065,913
2,106,453
20.205
20,658
13,175
12,735
15,983
19,007
18,245
17,126
January..
February.
March...
April
May
June
Half year.
September.
October...
November.
December-
Year.
xThese totals do not include
was
25,334
gross tons,
Steel
y
Included in
.
185,173
21,007,802
charcoal pig iron.
The 1934 production of tbis iron
OF
YEARS
Steel,
Annealed
Rolled
Age" in its issue of Sept. 10 stated that clarifor the fourth quarter
is developing as a result of the announcement by CarnegieIllinois Steel Corp.. of a S2 a ton advance on semi-finished
steel, with the exception of skelp, and on hot-rolled merchant
bars and the lighter gages of hot-rolled annealed sheets.
Other steel companies have been slow to take definite action,
but it appears certain that the advances will become general
before the end of the week.
The "Age" further stated:
The "Iron
Makers of rail steel
bars,
a
PRODUCTS BY MONTHS FOR
INDICATED
a
ton
producer of cold-finished
by
one
on
a
manufacturer
No other price changes on
several
weeks ago,
in effect
now
are
readjustment
fourth
for
quarter.
In recognition
of recent
prices, but $2 a ton above prices realized on recent sales along
for the base sizes, Nos. 4 and 5, has not been changed,
larger sizes, used mostly by the bolt and nut industry, are
426,271
285,138
534.055
721,414
February
413,001
275,929
331,777
385,500
583,137
March
388,579
395,091
256,793
588.209
668.056
676,315
783,562
presents
335.321
455,302
643,009
591,728
979,907
Steel Corp. stated
598,915
984,097
603,937
578,108
547,794
886,065
reduction of $2
a
Except for the weakness in some wire products, the general price structure
a
situation.
firm
In
announcing
the Carnegie-Illinois
changes
frankly that increases on some products were necessitated
The inference is that these
by higher levels for scrap and other materials.
338,202
324,746
July
272,448
701.322
985,337
369.938
August
291,688
668,155
378,023
624.497
September
316,019
310,007
575,161
370,306
614,933
annual
572,897
343,962
686,741
principal subsidiary, Carnegie-Illinois, will meet employee
275,594
227,576
430,358
366,119
600,639
681,820
661,515
from nine of its
418,630
a(5,160)
b (44,283)
a(19,907)
a(23.750)
3,974,062
5,805,235
5,905,966
7,347,549
November
December
being sold at a
ton.
June
923,703
published
the Atlantic
Although
Barbed wire prices have been reduced a like amount.
seaboard.
January
October
sharp price
business for nearby
shipment at $1.90 per keg, Pittsburgh, a decline of $4 a ton from
the wire rod price
950,851
fftr the coming
and nails, on which lower quo¬
possible
for immediate acceptance, subject to a
competition on wire nails, a large producer is taking
Year 1936
'
will be
jA»
steel products are in prospect
quarter except for wire rods, barbed wire
tations
grade.
ton advance except on
which a price increase of $2
quoted at the higher level by other producers.
Year 1935
745,063
Electrical sheets,
announced
was
have also made a $2
bars
reinforcing material.
Year 1934
May
Hot-
and
Bars
Sheets
fication of the steel price structure
Year 1933
April
Semi-Finished
On
Advances
Year 1932
Month
of Dec. 31 of the preceding year
Ingots 68,475,509 gross tons,
Dec. 31, 1935, Open-hearth and Bessemer
1934, Open-hearth and Bessemer ingots, 68.849,717 gross tons.
31,
bars has announced a $2 a ton rise for fourth quarter on the carbon
Shipments Lower in August
SHIPMENTS OF STEEL
Calculated for each year on annual capacities, as
follows:
Dec.
In line with the increase on hot-rolled
pigeon figures.
Shipments of finished steel products by Subsidiary Com¬
panies of the United States Steel Corporation for the month
of August, 1936, amounted to 923,703 tons; a decrease of
27,148 tons as compared with the preceding month, and
an increase of 299,206 tons as compared with August, 1935.
For the first eight months of 1936 shipments of finished
steel products amounted to 6,905,904 tons, compared with
4,726,290 tons for the same period in 1935.
TONNAGE
*
as
;
changes have
least
no
bearing on demands of workers for a pay increase of at
10%, which, if granted, would lift the United States Steel
payroll
$25,000,000.
The
plants on Sept.
management
Corp.'s
corporation's
representatives
the
of
14, to discuss wages, group insurance and
pensions.
Yearly adjustment.
Steel
ingot output this week has declined two points to
country's
Total for year
•
Reduction,
b Addition,
c
Cumulative monthly shipments reported during
adjustments reflecting annual tonnage recon¬
the calendar year are subject to some
ciliations, which will be
comprehended in the total tonnage shipped for the year as
stated in the annual report,
upward
even
was
with
at
capacity,
trend
a
low
production
the
minimum
ebb
on
last
of
week
1936 models.
70% of the
Day.
A further
clearly indicated
support from the automobile industry, which
with only the Ford Motor Co. remaining in
reflecting
during
shutdowns
remainder
for
of this
Labor
month
is
Renewed demand from the motor car manu-
•
Volume 143
facturers
on a
will drive in
considerable
Meanwhile,
fabricators
Financial
large scale is expected by the end of the month.
railroad
are
business.
buying is
are
showing
no
week
Railroad orders included 10,000
annealed
but
car
repair work is very heavy
have each ordered
because of the Interstate
Commerce Commission
ruling which permits them
to maintenance.
charge such
to
expen¬
Raw material markets
bookings.
the fourth
are
active and strong.
Although current prices have been continued into
there is a possibility that higher quotations may be
before the end of that period if coke scarcity should become
serious and scrap should
go
more
and one of 25c.
at
higher.
With
50c. advance at Chicago
a
to
$16.25, which is only $1.33 a ton below the 1929
Pig iron and finished steel composite prices are unchanged; the
peak.
finished steel advances will not be
reflected until Oct. 1.
THE "IRON AGE"
Lb.
Based
steel bars, beams,
One week ago
One month ago
2.159c.
2.159c.
One year ago
rolled strips.
2.124c.
85% ot the United States output.
These products represent
High
1936
....2.159c.
July
7
2.084c.
Mar. 10
Oct.
1
2.124C.
Jan.
2.199c.
Apr. 24
2.008c.
Jan.
2
2.015c.
1934
Oct.
3
1.867c.
Apr.
18
1......
1933....
1932
8
1.977C,
1929
4
1.926c.
Feb.
2
Jan.
13
1.945c.
Dec.
29
2.273c.
1930
Oct.
2.037c.
1931
Jan.
7
2.018c.
Dec.
9
2.317c.
Apr.
2
2.273c.
Oct.
29
2.286c.
Dec.
11
2.217c.
July
17
2.402c.
1928
1927...
Jan.
4
2.212c.
Nov.
1
Pig Iron
Sept. 9, 1936, $18.73 a Gross
One week ago
One month ago
Ton
Based
$18.73
average of basic iron at Valley
furnace and foundry Irons at Chicago,
18.73
„
One year ago
on
....
Philadelphia,
17.84
Birmingham.
High
..$18.84
Jan.
1936
Buffalo,
Valley
and
$18.73
Nov.
5
17.83
May 14
1934...
17.90
May
1
16.90
Jan.
25 cents
a
27
Dec.
6
Dec.
15
ledger.
1930
18.21
Jan.
7
15.90
Dec.
16
1929
while volume
18.71
May 14
18.21
Dec.
17
18.59
Nov. 27
17.04
July
24
19.71
Jan.
4
17.54
Nov.
3
1
Based
on
No.
1
heavy
melting
steel
and Chicago.
High
$16.25
Sept.
Low
,
9
$12.67
13.42
Dec.
10
10.33
1934
13.00
Mar. 13
9.50
1933
12.25
Aug.
8
6.75
1932
8.50
Jan.
1931
11.33
Jan.
6
15.00
Feb.
18
11.25
1929
17.58
Jan.
29
1928
16.50
Dec. 31
1927
15.25
Jan.
11
June
•
8.50
1930...
13.08
12
Institute
6.43
9
Apr. 23
Sept. 25
Jan.
3
July
5
Dec. 29
9
14.08
Dec.
3
13.08
on
Dec.
July
2
Nov. 22
Sept. 8
an¬
nounced that
telegraphic reports which it had received indi¬
cated that the operating rate of steel companies
having 98%
of the steel capacity of the industry will be
68.2% of
capacity
beginning Sept. 7, compared with 71.5%
70.0% one month ago, and 49.7% one year
This
represents a decrease",of 3.3 points, or 4.6%
from the estimate for the week of Aug. 31.
Weekly indicated
operations since Aug. 5, 1935, follow:
1935—
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Nov.
1935—
5
Jan.
6
Jan.
13
14.——50.4%
51.8%
Jan.
20
Jan.
27
21.
28
18.—.53.7%
Nov. 25
55.4%
Dec.
2
56.4%
Dec.
9
55.7%
Dec. 16.
54.6%
Dec. 23
49.5%
Dec.
30.....46.7%
1936—
49.2%
49.4%
49.9%
49.4%
50.0%,
52.0%
51.7%
3
51.9% Feb.
50.9% Feb. 10
52.6% Feb. 17
5
Nov. 11
1936—
Nov.
46.0%
12
48.1%
19
48.8%
26
47.9%
2
45.8%
9
49.7%
16
48.3%
23—,.—48.9%
30
50.8%
7—
49.7%
Feb.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
June
52.9%
2
53.5%
9
55.8%
16
60.0%
23
53.7%
30-.
62.0%
6
64.5%
13
67.9%
20.....70.4%
27
71.2%
4
70.1%
11—.69.1%
18
69.4%
25
67.9%
1
68.2%
June
8
on
The
The
June 15
June 22
June 30
July
6
July
13
July
20
July
27
Aug.
3
Aug. 10
Aug.
17
Aug. 24
Aug.
with
average
the
31——.71.5%
7
68.2%
Federal
Reserve
outstanding during the week ended Sept. 9,
crease
reported by
$2,479,000,000, an increase
as
preceding week and
of $1,000,000 compared with the
in 1935.
Banks
volume of Federal Reserve bank credit
the Federal Reserve banks, was
a
de¬
corresponding week
After noting these facts, the Board of Governors
of the Federal Reserve System proceeds as follows;
On
Sept. 9 total Reserve bank credit amounted to $2,482,000,000, an
$19,000,000 for the week.
This increase corresponds with in¬
creases of $51,000,000 in money in circulation, $30,000,000 in member bank
increase of
reserve
balances and $24,000,000 in non-member deposits and other Federal
freight
cars
on
the
bright side of the
started the month
good in both track accessories and rails.
off well,
Chicago Great
August
cars, bringing the total for the first eight months up to
39,183, against 7,033 in the corresponding period last year.
Shape awards for the week dropped 20,412 tons to 10,319.
Contracts
off, by about 3,000 tons to 3,935.
Operations in the Pittsburgh district were down 4 points to
70%; Buffalo.,
6 to 75; eastern Pennsylvania, 2 to
4&K; New England, 5 to 80.
Cincinnati
was
up
4 to 80 and Cleveland 2j^ to 82.
Others
unchanged.
were
"Steel's" composite of iron and steel prices is
up seven cents to $34.10,
while the index of finished products remains at
$53.40.
-4|
Iron and steel exports increased from
294,951 gross tons in June to 296,738
gross tons in July, largely due to a gain in scrap
shipments.
declined from 59,910 gross tons in June to
47,940 tons in July.
ore from the Lake Superior district for the season to
of iron
Imports
Shipments
Sept. 1
are
51%
ahead of last year, the totals being
26,281,517 ton- compared to 17,386,599.
Steel ingot production for the week ended
Sept. 7, is
placed at 69% of capacity according to the "Wall Street
Journal" of Sept. 10.
This compares with 72^% in the
two preceding weeks.
The "Journal" further reported:
U.
and
S.
Steel is
estimated
69% two weeks
compared with 75%
The reduction of 3
at
66K%, against 69 H% in the week before
Leading independents
ago.
are credited
in the previous week and 75 K%
34 points in the past week
was
with
71%,
two weeks ago.
due to Labor Day shut
In the past two years the holiday was
week earlier.
The following table gives a comparison of the
percentage of production
with the nearest corresponding week of previous
years, together with the
approximate changes, in points, from the week immediately
preceding.
Industry
1936
69
1935
u. s
—3K
66 K
Steel
Independents
—3
50
+5
41
20
+ 1
18
—1
42
40
71
+4
1934
1933
—1
—4
57 K
21K
43 K
15 K
+ 2K
+1
—3
1932
15
14
+2
1931
28 y2
—2 34
32
—2
—IK
—IK
+ K
—2 K
63
—2
51
91
—2
+7
26
56
82
1929
+2
86
1928
78
1927
of $7,000,000 compared with the
major factor
a
new
1930
Sept.
Sept. 7, stated:
Week
daily
was
were
1,700
Western ordered 10,000 tons of rails and
9,000 tons of fastenings; Santa Fe
bought 21,000 tons of accessories.
Domestic freight car awards in
a
69.5%
70.0%
70.2%
.74.0%
67.2%
69.0%
70.9%
71.5%
71.4%
70.0%
72.2%
72.5%
"Steel" of Cleveland in its summary of the iron and steel
markets
Awards for
downs by some of the companies.
1936—
24
Mar.
to
for concerete reinforcing bars also fell
1935
Aug.
Railroad requirements
quotations at Pittsburgh, Philadelphia
12.75
rates of steel
10
A 97,000-ton pin-chase
involved 3,725
Steel Scrap
week agp,
asking prices again, from
Practically all available capacity is sold out.
a sharp decline of 22,309 units to
31,628,
buying of steel for 1937 models became more noticeable, principally
Jan.
ago.
This week's average
Day holiday.
Automobile assemblies made
but the
14.79
week
exceptionally good showing.
an
in sheets and bars.
13.56
the
con¬
44% ahead of the corresponding period last year—18,887,802 gross tons
this year compared to
13,110,056.
Stacks active at the end of August
totaled 148, a gain of two over
July and the greatest number active since
13.56
one
mark for the seventh
points reduced the national rate to
by Allegheny Steel Co. for delivery
6
for
decline of IK
Considering the inactivity in several major consuming
August pig iron output, 2,712,009 gross tons was 4.5% ahead of
July
production at 2,595,791 gross tons.
The average daily output in August
was 87,484
gross tons, highest since June, 1930, and a gain of
4.5% over the
July daily average of 83,735 gross tons.
Eight months' output this year is
5
Steel
a
by all-water.
5
and
was
ton.
Dec.
Iron
but
The volume of pig iron orders has risen
slightly.
of basic iron has been
reported made
Jan.
American
new
In the South, Gulf States Steel Co. purchased 20,000
heavy melting steel outside Birmingham at an unstated price and
Jan.
The
a
1,500 tons from dealers inside the city.
Beehive coke sellers advanced their
15.90
1936
for
contract
a
Ingot capacity is being
wide strip mills will be in opera¬
late summer of 1929.
14.81
14 92
new
Scrap prices went higher, "Steel's" composite making a gain of 38 cents
$15.79, the tenth consecutive weekly rise from $12.47.
No. 1 melting
touched the $17.50 level at Pittsburgh for the first time since the
16.90
$16 00
Four
steel
1931
One year ago
ex¬
plant expansion than at any time since the pre-
Operations last week held above the 70%
71K % of capacity.
1932...
One week ago
One month ago
the products
tion by 1937.
1933
Sept. 9,1936, $16.25 a Gross Ton
on
scheduled, tending to sustain production.
Republic Steel Corp.'s award of
era.
secutive week,
Aug. 11
18.84
1927
The majority of
Railroad spikes and
June, 1930.
Low
7
1935
1928
reaffirmed.
blast furnace at Cleveland is the first since 1928.
tons of
Low
2.130c.
1935
are
will shrink because of the Labor
tank plates,
wire, rails, black pipe, sheets and hot
on
similar advance has been made on hot-rolled
increased at Lorain and Detroit.
to
a
a
for
Gage extras for hot-rolled sheets have been increased
pickling and oiling have been reduced.
more interest in
depression
Finished Steel
Sept. 9, 1936, 2.159c.
ton and
a ton
Bars and small shapes have
third-quarter prices before the Oct. 1 deadline
industries, this
COMPOSITE PRICES
current consumption holding
materials.
increasingly heavy demand in prospect, the steel industry Is
hibiting
Pittsburgh, the "Iron Age" composite price for heavy
melting steel has risen
for
where advances
■
quarter,
announced
raw
The effect of the price increases will be to drive in increased tonnage from
With
V
A sharp rise has occurred
a
sheets.
extras
consumers at
ditures
in pig iron
and steel markets last
quarter features Iron
September with
other finished steel
products have been
track bolts are up $3 a ton.
purchases by other roads are expected
Railroad
entered
quarter at Chicago and Pittsburgh.
been increased $2
supplies for the Seaboard Air Line,
10,000 tons of rails and 9,000 tons of track
supplies for the Chicago Great
Western, and in immediate prospect is 90,000 tons of rails for the Santa Fe.
soon.
producers
activity undiminished in the
Rerolling billets, sheet bars and slabs have been advanced $2
fourth
tons of rails and a like
amount of track
The Boston & Maine and the
Maine Central railroads
750 steel freight cars, and sizable
as
up and
steel
and the demands
signs of letdown, but, on the con¬
increasing.
are
Price changes
ascending scale, structural
an
taking large tonnages for work in progress
of miscellaneous users
trary, in many instances
Price advances for fourth
*
on
1637
Chronicle
65
"
77
67
—1
78K
—3
+2
63 J
..
-j-1
—2
Reserve accounts, offset in part .by increases
of,$19,000,000 in monetar;
gold stock and $6,000,000 in Treasury currency and a decrease of
$62,000]
000 in Treasury cash and deposits with Federal Reserve
banks.
bank
reserve
balances
$2,000,000,000 in
on
excess
Sept.
9
were
estimated
to
be
•
Membe
approximate!
of legal requirements.
Relatively small changes were reported in the System's holdings of bill
discounted, purchased bills, industrial advances and United States Govern
ment
securities.
The statement in full for the week ended
Sept. 9, in com
parison with the preceding week and with the correspond^
date last year, will be found on
pages 1672 and 1673.
Changes in the amount of Reserve bank credit outstanding
and in related items
Sept. 9
were as
during the week and the
follows:
.
year
endec
{
Financial
1638
Sept. 12, 1936
Chronicle
(+)
Increase
(+)
Increase
—1,000,000
including
(not
advances
Industrial
$24,000,000 commitm'ts—Sept.
29,000,000
9
12,000,000
+8,000,000
2,482,000,000
-—1.0,736,000,000
credit
Monetary gold stock.
+ 19,000,000
+ 3,000,000
+1,517,000,000
+117,000,000
+ 19,000,000
+ 6,000,000
2,508,000,000
Treasury currency
+ 51,000,000
6,276,000,000
Money in circulation
6,471,000,000
+24,000,000
eral Reserve banks
—209,000,000 *
eral Reserve accounts
Reserve with Fed.
:
domestic banks....
+125,000,000
-
deposits
Domestic banks
and
Member Banks in New York City
5,032,000,000
820,000,000
Chicago—Brokers' Loans
LIABILITIES OF WEEKLY REPORTING
IN CENTRAL RESERVE CITIES
MEMBER BANKS
*
+ 813,000,000
+135,000,000
+ 134,000,000
—5,000,000
+ 1,0GC,000
4,000,000
Borro wings. ....
of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the Chicago member banks, for the
current week, issued in advance of full statements of the
member banks, which latter will not be available until the
coming Monday:
Below is the statement
ASSETS AND
5,860,000,000
407,000,000
...
banks......—1--
Foreign
+104,000,000
—44,000,000 +1,699,000,000
+4,000,000
+199,000,000
+297,000,000
Inter-bank deposits:
Returns of
+ 859,000,000
+ 48,000,000
—8,000,000
—4,000,000
14,867,000,000
Time deposits......
United States Govt,
153,000,000
+ 210,000,000
+ 106,000,000
Liabilities—
deposits—adjusted
+
+ *3,000,000
—22,000,000
5,082,000,000
371,000,000
2,272,000,000
Reserve banks.
Cash in vault
Demand
other Fed¬
Non-member deposits and
-—
Balances with
deposits with Fed¬
Treasury cash and
+638,000,000
+1,083,000,000
—62,000,000
559,000,000
balances
+ 30,000,000
2,420,000,000
Member bank reserve
1,145,000,000
65,000,000
3,749,000,000
U. S. Govt, direct obligations—. 9,263,000,000
Obligations fully guaranteed by
United States Government
1,236,000,000
Other securities
3,310,000,000
Other loans
$
'
—52,000,000
—13,000,000
+ 10,000,000
+ 1,000,000
+ 13,000,000
—2,000,000
—17,000,000
—1,000,000
+ 470,000,000
+ 28,000,000
-*11,000,000 + 1,399,000,000
2,014,000,000
bought.
318,000,000
Loans to banks
+ 20,000,000
Other Reserve bank credit
Total Reserve bank
others
to
L
Accepts, and com'l paper
Loans on real estate
2,430,000,000
securities
U. 8, Government
securities
on
(except banks)
—2,000,000
3,000,000
Bills bought
Loans
(—)
Sept. 4,1935
$
$
jLS86tS~~~~
$
—3,000,000
—1,000,000
or Decrease
Since
Aug. 26, 1936
Sept. 2, 1936
Sept. 11, 1935
s
S
8,000,000
Bills discounted
(—)
or Decrease
Since
Sept. 2, 1936
Sept. 9, 1936
revised (Chicago district)
Aug. 26 figures
of League Loans
(London)
Fourth Annual Report
>
Committee
Speyer & Co., New York, announced on Sept. 10 the
receipt of a summary of the Fourth Annual Report of the
League Loans Committee (London) from Eliot Wadsworth,
the American member of the Committee.
The summary,
^
.V,;i
(In Millions of Dollars)
,
Sept. 2
Sept. 9
1936
Assets—
Loans and
Sept. 9
Sept. 2
Sept. 11
1935
1936
1936
1935
$
2,025
$
2,043
$
1,768
56
36
33
$
8,615
$
7,656
977
909
847
75
75
$
and dealers:
In New York City
Outside New York City
...
to
bought
1
others
Accepts, and com'l paper
Loans on real estate
was
28
8,758
■,
investments—total
Loans to brokers
Sept. 11
1936
.
published in London on Aug. 31, outlines the
action taken during the past year by various nations on dollar
bonds of loans issued under the auspices of the League of
Nations.
The countries under review are Danzig, Estonia,
Austria, Hungary, Bulgaria and Greece.
More extended
reference to the report will be made another week.
which
Chicago
New York City
Loans
securities
on
691
704
143
142
156
111
112
129
19
19
21
132
56
1,291
132
33
1,268
123
34
1,182
15
5
361
15
5
15
6
352
232
3,832
3,826
3,148
1,063
1,094
938
709
(except banks)
Loans to banks
Other loans
-
obligations..
U. S. Govt, direct
Obligations fully guaranteed by
United Scates Government.
'
450
1,125
1,122
372
1,061
91
292
91
292
95
276
2,388
53
70
465
2,457
50
69
459
2,294
49
93
494
654
35
190
70
603
32
195
71
482
36
217
78
6,334
571
190
6,341
577
191
5,638
588
231
1,533
449
101
1,521
449
101
1,377
390
28
2,387
370
2,403
372
2,179
633
237
5
619
5
21
3
Other securities
447
for Italy's Return
Nations—Exclusion of Ethiopian
Delegates Considered Probable
Permanent exclusion of Ethiopia from the League of Na¬
Balances with domestic banks..
Other assets—net
Liabilities—
Demand
deposits—adjusted
Time deposits
United
States Govt, deposits
•
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities...
531
3
>
—-
434
331
263
24
21
29
1,427
Capital account.
1,432
1,450
229
228
223
Geneva was believed a
Italy to
of
return
tlie
and
tions
of
League
to
as the result of conferences held
this week between Joseph A. C. Avenol, Secretary General
development
probable
of the League,
Reserve with F. R. Bank
Cash in vault
Rome Prepare Way
Conferences in
Ciano, Secretary General
and Count Galeazzo
that Mr. Avenol had promised
that France would support Italy's demand for the perma¬
nent exclusion of Ethiopian delegates. The League. Council
is scheduled to meet on
Sept. 18 and the Assembly will
convene on Sept. 21.
Meanwhile Italy, on Sept. 6, resumed
large-scale military operations in Ethiopia after three
months of inactivity, when troops were sent to round up
rebels before the beginning of the rainy season.
The conference between the League Secretary General and
It
Minister.
reported
was
Italian Foreign
the
Rome
Minister
discussed as follows in a
were
"Times":
dispatch of Sept. 7 to the New York
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
Mr.
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
tjie entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
Rome,
the
today's
Ciano and
the conversations between Mr.
Complete mystery surrounded
meeting.
As
close of business Sept. 2:
banks in 101 leading
week of $106,000,000 in reserve
$4,000,000 in time deposits,
and $134,000,000 in balances standing to the credit of domestic banks, and
a decline of $44,000,000 in demand deposits—adjusted.
Loans to brokers and dealers, in New York increased $19,000,000 at
The condition statement of
cities
on
balances
weekly reporting member
2 shows increases for the
Sept.
with
the
Federal
Reserve banks,
reporting member banks in the
member banks, and loans on
New York, district and at all
securities to others (except
$9,000,000 in the San Francisco district,
that
of
States
United
Government
that
direct obligations
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Sept. 2, 1936, follows:
$
Assets—
Loans and
Investments—total..
.22,263,000,000
Aug.
(+)
26,
note of
(—)
(-
or
Decrease
Since
1936
Sep*. 4,'1935
$
$
warrant
It is pointed out
promised that Italy was
to the final outcome.
as
Mr.
Geneva
to
to
as
Ciano
soon as
the
be
with
satisfied
tion
words,
Ethiopia
barring
permanently
formula
a
League without recognizing her
In other
from
status as an Italian colony.
new
Mussolini would be willing to wait for official recogni¬
collaborate in
could be met
which would
exclude Ethiopia from League membership as a State that is not selfgoverning, and under Article XIX, calling for "consideration by League
members
of
international conditions whose continuance might
endanger
a
the
of
general
through
world
It
annexation
European
the
of
Ethiopia in
peace
application
plan.
be
order to
Italy's
of the League
wish,
it
free to
is
held,
covenant's Article
I,
peace."
is
settled
also
thought
Italy would
would make
possible
present
that
a
once
plan
Germany's participation
for
a
the Ethiopian
League
problem
had been
which,
however,
reform,
sine qua non.
United States
+ 19,000,000
—3,000,000
+
Withdraws
Naval
Vessels from
Spanish
Waters—Americans Remaining in Spain Do So on
Own Responsibility—Spanish Government Denies
Bombing U. S. Destroyer Kane
Secretary of State Hull at Washington announced on
Sept. 10 that the four American war vessels in'Spanish
waters had been ordered withdrawn.
The ships, which were
sent to Spanish waters late in July to aid in the removal of
Americans from the revolutionary zone, have been instructed
to proceed to nearby ports to await possible emergency calls
from Spain.
An official communication to the State Department on
Sept. 8 by General Francisco Franco, commander-in-chief
of the Spanish rebels, said that the airplane which recently
bombed the United States destroyer Kane might have
belonged to the insurgent Spanish forces.
The bombing of
the Kane was referred to in the "Chronicle" of Sept. 5,
pages 1483-84.
A Washington dispatch of Sept. 8 to the
New York "Times" said, in part:
'
—1,000,000 + 2,355,000,000
Loans to brokers
958,000,000
205,000,000
29
enough
satisfactory
.
might
^
The
State Department also
received from the
and dealers:
In New York City..T
Outside New York City
optimistic
June
been
sanctions and the Medit¬
erranean
pacts engineered by Great Britain 'had been removed.
Inasmuch
as
those two obstacles have now been
eliminated it is thought Italy
increased
reporting member banks.
Increase
his
had
"willing to aid practical cooperation"
and $28,000,000 at all
declined $25,000,000 in the
Chicago district and $11,000,000 at all reporting member banks.
Holdings
of obligations fully guaranteed by the United States Government increased
$3,000,000 and holdings of "other securities" declined $22,000,000.
Demand deposits—adjusted increased $9,000,000 in the New York district
and declined $8,000,000 in the Chicago district, $17,000,000 in the Kansas
City district, $18,000,000 in the San Francisco district and $44,000,000
at all reporting member banks.
Deposit balances of other domestic banks
increased $82,000,000 in the New York district, $11,000,000 in the Boston
district, $9,000,000 in the San Francisco district, and $134,000,000 at all
Sept. 2, 1936
in
which
of
are
reporting
$29,000,000 in the New York district, and
•
results
Political circles
reporting member banks.
Holdings
Mr.
more
banks) decreased
$11,000,000 in the New York district and $13,000,000 at all reporting
member banks.
"Other loans" increased $7,000,000 in the New York
d strict,
than an hour this evening. It was learned
Avenol's trip had been prearranged through several contacts with
Avenol, which lasted
126,000,000
+43,000,000
made public the text of the official reply
Madrid Government several
days
ago,
disclaiming all
responsibility for the incident.
General Franco's reply was not
given out textually.
.
.
.
Volume
Financial
143
Comparative Figures of Condition of Canadian Banks
Summary of Franco's Note
'
Mr. Bay's representations to General Franco resulted in
that the State
Department summed
up as
a
communication
follows:
"Referring to the dropping of bombs from
the United States
destroyer Kane on Aug. 30, last, the American Consul
Seville, Mr. Charles A. Bay, reported to the Department of State that
at
In the
following we compare the condition of the Canadian
July 31, 1936, with the figures for June 30, 1936,
and July 31, 1935:
banks for
unidentified airplane near
an
1639
Chronicle
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
'
General Francisco Franco has
replied to the informal representations which
Consul Bay made on Sept. 1 to General Franco's
representative at Seville.
CANADA
"General
has
Franco stated that, as the result of
investigations made, he
information that any plane
belonging to his forces has committed
no
act of
an
aggression against any destroyer of another nation; but, since
forces have carried out definite
aerial attacks against the
Spanish Government, 'the possibility of
an error
his
squadron of the
in regard to the responsibility that attaches
under his command, he hastened to make known to
Bay, with the request that it; be communicated to' the American
Government, the regret which this incident has caused him—an incident
his
he
characterized
as
so
repugnant to the standards and
conduct of
forces, which respect and uphold lawful procedure."
Sept. 10 regarding the withdrawal of American
from Spanish waters:
announcing the action,
Mr.
Hull reviewed repeated
advices
vessels
war
and insistent
appeals made by the State Department to Americans in Spain to leave the
country, and noted that, since the outbreak of revolution, some 1,000
nationals have been removed from the
and naval
danger
zone,
Notes of Bank of Canada
Deposits with Bank of Canada.;
Notes of other banks
United States & other foreign currencies-
Cheques
issued, there had been
no
with the aid of both
sisted in remaining in Spain did so because of business
who
made
with
and
balance
4,887,562
and
ties other than Canadian
Call and short
loans
Spain except in
answer to
of
Bonds
in Canada
on
stocks,
listed bonds
90,858,925
57,608,297
.
requests by American diplomatic
021,992
par
on
Listed
on
New
on
York
Stock
value listed
on
59,932,745
812,622,893
154,256,166
17",6751809
16,2351060
17",816445
100,852,383
103,786,022
107,180,515
13,463,211
8,817,675
4,682,666
13,494,887
8,872,566
4,632,758
14,500,125
8,674,770
75,414,608
75,410,341
76,617,918
63,650,414
62,165,272
57,968,367
7,015,120
7,057,299
6,907,025
9,2761685
"9",3551647
13,0241731
1,903,209
2,136,318
2,597,420
Loans to Provincial governments
Loans
to
cities,
towns,
municipalities
and school districts
Non-current
loans,
estimated loss
pro¬
_
real estate sold by bank..
Bank premises at not more than cost
less amounts (if any) written off
on
5,463,705
Liabilities of customers under letters of
credit
Stock
1, 1936, there
'77,037,587
90,917,719
64,422,009
657,429,289
150,026,473
Loans to the Government of Canada
Sept. 1, 1936
Exchange issued the following
on Sept. 5
showing the total market value of
the Exchange on Sept. 1:
136,631,746
46,671,796
173,894,819
110,117,918
649,772,815
146,623,341
cover
Elsewhere than in Canada
as
per contra
with
the
Minister
of
Finance
for the security of note circulation
Deposit in the central gold
reserves...
Shares of and loans to controlled
cos..
Other assets not included under the fore¬
going heads
As of Sept.
170,612,885
99,055,975
deben¬
Other current loans & dlsc'ts in Canada.
Elsewhere
Deposit
York
announcement
96,483,793
847,481,969
vided for
Exchange
New
67,615,122
1,087,725,127 1,084,144,988
tures, bonds and other securities of
a
sufficient marketable
value
to
Mortgages
The
14,394,226
(not exceeding 30 days)
Real estate other than bank premises.
,
4,951,061
25,538,964
Provincial
Railway and other bonds, debs. & stocks
consular agents.
Value
3,733,100
24,476,251
70,474,292
government
government securities
Canadian municipal securities and Brit¬
family reasons.
or
circumstances, he indicated, the American Government
longer consider itself responsible for their safety.
Market
84,915,523
due
United Kingdom
Dominion
Kane, and the coast guard cutter Cayuga to proceed to neutral waters and
and
33,065,971
169,916,594
6,903,577
21,327,813
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
had per¬
Instructions issued by the Navy Department at the direction of Mr. Hull
ordered the American cruiser
Quincy, two destroyers, the Hatfield and the
not to return to
34,934,408
189,463,016
8,110,906
25,061,442
129,713,230
ish, foreign and colonial public securi¬
Previously, the Secretary had said that those Americans
no
36,024,280
185,883,803
5,687,762
25,508,551
108,634,305
from other banks in Canada
stances and some reported marooned in isolated
cities.
could
14,411,418
Due from banks and banking correspond¬
ents in the United Kingdom
1, when the final warning to Americans
information to indicate that any of the 500
still there desired to leave, with the
exception of a few in destitute circum¬
In view of those
other banks
on
Deposits
vessels.
Mr. Hull said that since Sept.
was
16,705,002
Canada, secured,
including bills rediscounted
We also quote from Associated Press
Washington
commercial
^6,940,731
Dominion notes
Loans to other banks in
of
In
6,075,215
8,336,203
of such deplorable conse¬
the aerial forces
which
5,309,562
11,395,440
Total.
"General Franco added
that,
Consul
$
5,421,729
11,519,002
Elsewhere
quences cannot be excluded.'
to
July 31, 1936 June 30, 1936 July 31, 1935
Assets
Current gold and subsidiary coinIn Canada
.....
1,400 bond issues aggregating $44,279,-
were
the New York
Stock Exchange,
with
a
3,083,526,785 3,134,974,694 2,891,755,712
Total assets.
total
market value of $42,235,760,556.
Liabilities
This, compares with 1,403 bond issues aggregating $43,980,902,150 par value listed on the Exchange Aug. 1, with a
total market value of $41,685,172,818.
In the following table, listed bonds are classified
by govern¬
mental and industrial groups with the
value and average price for each:
aggregate market
Notes in circulation
119,071,107
618,608,437
_
Aver.
Market
Aver.
Value
Price
Value
Price
%
$
United States Government
23,412,824,102 106.70 23,273,963,189
2,276,932,008 67.84 2,270.354,178
Autos and accessories
9,942,829 102.04
9,077,122
Financial
78,419,245 106.82
78,353,620
Chemical
98,628,766 104.75
98,983,429
Building.
45,999,054 103.33
46,944,123
Electrical equipment manufacturing..
34,191,218 135.31
34,329,210
Food
260,762,970 104.03
261,183,050
Foreign Government
mand in Canada
._
_
I
Rubber and tires
151,006,203 105.99
Am usements
74,930,242
...
Land and realty
12,122,257
I.
(operating)
(holding)
Communication (cable, tel. & radio)..
Miscellaneous utilities
Business and office equipment
94.98
96.84
21,300,000 106.50
Shipping services
Shipbuilding and operating..
22,750,579 67.86
16,810,320 73.00
4,839,413 105.00
Leather and boots
Tobacco..
45,923,676 128.07
68.65
240,883,354
U. S. companies
operating abroad
Foreign companies (incl. Cuba & Can.)
Miscellaneous businesses
All listed bonds
71.40
13,451,612 86.88
8,895,820,137 82.76
549,258,690 103.21
61.41
8,906,028
2,380,500,622 105.55
96.87
191,700,241
1,085,672,604 108.50
403,675,152 77.06
Textile
Gas and electric
Gas and electric
98.05
72,096,071
...
Paper and publishing
..II
Retail merchandising
Railway and equipment...
Steel, iron and coke
48.76
39,100,225
155,075,272
442,978,003
...
Machinery and metals
Mining (excluding iron)
Petroleum
94.29
1,183,099,663
42,235,760,556
j.
70.36
6,160,000 112.00
95.39
93.15
106.73
105.13
102.22
129.77
by
public,
the
or on a
payable
103.51
from
banks
other
in
,493,973,647 1,504,792,542 1,427,953,729
338,250,254
376,010,075
389,256,139
Canada,
other banks in Canada
13,789,849
15,692,592
12,558,533
10,654,053
11,648,240
12,724,177
31,614,338
1,418,967
63,650,414
2,527,579
2,539,950
132,750,000
145,500,000
32,858,378
1,012,563
62,165,272
2,637,713
792,661
132,750,000
145,500,000
24,025,048
1,345,271
57,968,367
2,400,566
2,540,505
132,750,000
...
Elsewhere
than
in
Canada
and
the
United Kingdom
Bills payable
:
Letters of credit outstanding
Liabilities not incl. under foregoing heads
Dividends declared and unpaid..
Rest or reserve fund
Capital paid
up
48.99
145,500,000
3,073,743,300 3,124.412,050 2,883,079,542
Total liabilities
93.18
89.01
553,011,096
after
fixed day in Canada
Due to banks and banking correspond¬
ents in the United Kingdom
151,167,756 106.10
74,063,093
12,169,443
39,973,519
151,757,786
443,772,446
72,023.502
34,7661014
secured, including bills rediscounted..
Deposits made by and balances due to
106.04
67.54
,
Deposits by the public, payable on de¬
Deposits
Loans
Market
621,702,828
16,021,367
Advances under the Finance Act
Balance due to Provincial governments.
Deposits elsewhere than in Canada
Aug. 1, 1936
40",244",252
ducting adv. for credits, pay-lists, &c.
notice
Sept. 1, 1936
40,113,035
42,6791293
121,264,463
123,245,784
18,955,535
Balance due to Dominion govt, after de¬
Note—Owing to the omission of the cents in the official reports, the footings in
the above do not exactly*agree with the totals given.
69.87
96.89
94.75
13,419,687
86.47
8,760,929,151
516,309,340
Compulsory Social
82.03
Insurance Decreed by Peru—Law
101.38
8,920,830 61.51
2,134,307,021 105.61
193,395,699 97.73
1,101,726,055 108.47
403,484,233 77.02
21,400,000 107.00
22,103,518 65.77
16,883,401
73.31
4,839,400 105.00
45,834,586 127.41
244,776,740 69.26
1,172,567,691 70.11
6,160,000 112.00
41,685,172,818
94.78
Obligatory for Those Under 60 Years
President Oscar R.
Benavides, of Peru, on Aug. 30 de¬
compulsory social insurance law which had been
drawn up by. a special committee named by the Peruvian
Congress, it was stated in cablegram advices from Lima,
Aug. 30, special to the New York "Times" of Aug. 31,
creed
a
which went
to say:
on
The terms of the measure cover many risks arising from illness, maternity,
incapacity to work, old age and death.
It is obligatory for members of
both sexes under 60 years of age whose earnings do not exceei $750 annually.
Included
in
this
classification
are
apprentices, even when drawing
salary, domestic servants and those who work in their own homes.
no
'The
financing of the scheme will be arranged through a series of taxes, fines, &c.
The
following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
The
primary sources of revenue will be taxes on those insured;
on
the capital
effect today,
Market
Average
Value
Price
$
$
Aug. 1...
Average
Value
Price
1935—
89.79
Sept. 1
88.99
Oct.
88.27
Nov. 1
Nov. 1...
39,473,326,184
39.453,963,492
38,751,279,426
39,405,708,220
89.39
Dec.
Dec
39,665,455,602
%
89 85
Sept. l-_
Oct.
l._
l._
1
1
39,061,593,570
38,374,693,665
38,170,537,291
38,464,704,863
ance,
Jan.
1__
Feb.
1__,
Mar. l._
1__
May l._.
Apr.
June
1__
July
l._
Aug. 1__
Jan.
40,659, 643,442
41,064, 263,510
41,111, 937,232
40,360, 681,526
40,147, 199,897
39,617, 835,876
39,864, 332,759
39,457, 462,834
1
90.73
Feb.
1
91.30
Mar. 1
91.29
Apr.
1
89.49
May
1
2% tax
additional 2% tax
on
tobacco, which went into
on many
alcoholic beverages.
pharmaceutical prescriptions and cash in kind.
The subsidy in
90.24
three days after
91.08
the pension
91.85
kind equals 50% of the
the
person becomes ill.
during the previous five years.
insured person will receive a fixed
1
July
1
41,618,750,056
Aug. 1
41,685,172,818
94.78
91.71
Sept.
42,235,760,556
95.39
„
93.83
94.24
earned
and will be paid
of permanent disability
average
salary earned during
old-age pension which will be equal to 40% of the average salary earned'
an
June
qase
two years.
94.44
91.62
wage
In
will be equivalent to 40% of the
93.59
90.69
than form weekly
Employees who have contributed 1,040 weekly quotas will be entitled to
94.47
93.90
These will be granted
has paid not less
his illness.
89.93
90.62
1
an
a
all cases when the insured person
the previous
39,398,759,628
40,347,862,478
40,624,571,422
41,807,142,328
41,524,856,027
39,648,252,468
and
quotas prior to
90.54
1936—
1935—
of the reserve fund;
The services covered in the scheme include medical and hospital assist¬
Market
in
1934—
fines
arising from infractions of the law; legacies and private donations; interest
event there are no near relatives
assume
In the event of death
sum to cover the cost
the heirs
of burial.
of
the
In the
the Department of Social Insurance will
charge of the funeral.
^Employers are liable to fines ranging from $100 to $1,250 if they do not
live up to
the provisions of the law
The
new
department will be granted
Financial
1640
The law
$25,000 in order to install the Social Insurance Law at once,
becomes effective Tuesday.
Sept. 12, 1936
Chronicle
short
middlewest has been a lending territory only a
The
is,
that it
Now
time.
not only can
we
expect
greater
a
obligation to this territory
Mr. Benson continued in part:
natural growth but we have an
Copenhagen (Denmark) Calls for Redemption Portion
of 4% Loan of 1901
The
City of Copenhagen, Denmark, has called for re¬
demption on Nov. 15, 1936, 568,408 krone of the principal
amount of its 4% Loan of 1901, according to announcement
Sept. 10 made by Heidelbach, Xckelheimer & Co., NewYork.
+
SEC
Sheets—New Standard is Effective Jan.
1
on
Sept. 7 the publication of its "Uniform System of Accounts
Public Utility Holding Companies" under the Public
Utility Holding Company Act of 1935.
The system becomes
effective Jan. 1, 1937.
The general instructions for the
system state the new standards apply to those registered
holding companies "deriving practically all their income
for
on
investments in other
Representing the first comprehensive official standard for accounting
practices in
holding company field,
the
the system includes
provisions
designed to eliminate the practice of writing up the value of investments
balance
in
This
sheets.
is
in accordance
with
Other features of the system
provisions of the Act.
the segregation
step
the principles
are
and
having 675 offices throughout the country.
the
associated
all
of
efforts
Public Relations has evolved a program
will
which
the best service
listed
Statistics
We
service.
on
going to give
are
great corporations that should
other
4
recording investments
•
Margin Accounts Compiled By Board of
of Federal Reserve System—Informa¬
on
Governors
Brought Together From Statements Reported
tion
By Members of New York Stock Exchange
Monthly statistics on margin accounts, showing borrow¬
ings, and other related information, compiled from the
statements reported by members of the New York Stock
Exchange who carry margin accounts for customers, are
published for the first time in the September issue of the
Federal Reserve Bulletin published by the Board of Gov¬
ernors of the Federal Reserve System.
The Bulletin says:
They [the statistics] indicate that there were increases in brokers' bor¬
April,
and
March
in
rowings
panies, the general instructions fo
the system state:
"Investments acquired subsequent to the effective date of this system
of accounts shall be entered in investment accounts at cost to the com¬
pany
.
.
.
and retained therein at cost until sold
or
March
the
Certain special
in
provisions are made
accounting company, where there is
to estimate the value of the
care
of
errors
for the recording
bankruptices,
reorganizations,
no
etc.
In
of investments
such
cases,
the
satisfactory valuation, is required
investments, and to set up a reserve to take
far
it, is adequate, shall be used to adjust all differences between the amount
originally set
the books with respect to the items to which the
up on
relates and values
as
reserve
finally determined; and that earned surplus shall be
affected only by losses or gains
qlearly attributable to operations
investments at date of
With reference
that if, prior to
The
is
to the
gated at that time
of acquisition
and
not
inherent
in
the
a
or as soon
thereafter
as
segre¬
practicable, unless includible in
capital surplus or earned surplus.
for
to this (dividend) account before they have been paid or de¬
On the matter of undistributed earnings, the accounting company "shall
books in income
or
other accounts the undistributed
earnings of other companies regardless of the extent of its ownership in,
degree of control exercised
tributed earnings
as
over,
such companies, except such undis¬
be includible in 'Dividends
may
Receivable.' "
course
Reserve System's Governing Board
credit.
It provides
of Stock Exchange
publication of customers' debit balances, and other credit and debit
Exchange.
members
credit extended
The
comprises
member firms of the New York Stock
by these Stock Exchange
to customers
90%
of
estimate
an
the
of
total
advanced
by
all
American brokers to their customers.
compilation will be brought up to date monthly, starting with
new
the currently released
1935,
tsmber,
figures which cover the eleven months from
account
customers
The
1936,
July,
to
figures released to date
to
on
carry
compilation
It
inclusive.
the
presents
best
ep-
series
of
the amount of borrowed funds used by margin
stocks and bonds.
presented in
as
Reserve Bulletin
the
follows:
Statistics
For
a
the
to
number
volume
dealers
in
of
of credit
made
on
Margin Accounts
have
statistics
years
extended
The
securities.
of the Federal
been available with reference
by banks
principal series
brokers and
and others to
from
Of figures
the point of
published ^weekly by the Board of Governors
Reserve System showing the volume of loans on
by weekly reporting member banks, both in New
provide for the study of several matters, the rules call for
a
These data
separation
of
Stock
securities
JSTork City and
transcript
and
are
capital
surpluses,
and
other
matters.
instructed not to destroy records, except
The
as pro¬
vided by rules and regulations, and to submit all accounting questions of
doubtful interpretation to the Commission.
The system was prepared after conferences
have been
published monthly by the New York
In addition to these figures there is initiated in this
Exchange.
issue the regular publication of statistics of the volume of credit
by brokers to their customers, together with related items.
derived from monthly reports
under the Securities
of member firms of national securities
The
the
new
Board
Exchange Act of 1934.
figures cover the period since the end of September, 1935, when
obtained
its
first
figures published herewith
are
comprehensive reports.*
based
on
The consolidated
with representatives of both
credit that is extended to customers by all brokers and
in
experts.
the
United
States.
the
It is
the reports of member firms of
New York Stock Exchange carrying margin accounts for customers.
estimated that at the present time these firms extend at least
registered and non-registered companies, leading accounting societies, and
extended
These figures
exchanges inaugurated by the Board in connection with its responsibilities
will enable further determination of the problems of
earned
accounting companies
individual
of view of the borrower
are
of each accounting company's surplus accounts from its inception to Jan. 1,
1937.
banks,
Borrowings
elsewhere, to brokers and dealers in securities, while figures from the point
not take up op its
To
the
view of the lender has been
clared."
or
loans by
on
June and subsequently declined by fully as much.
items compiled from the records of
separation between capital surplus
has not been maintained, the surplus shall be
margin requirements
study compiled by the
segregation of surpluses, the instructions prescribe
The provision relative to dividends states that such "dividends shall not
be^credited
new
designed to show
or events
acquisition."
the effective date,
and earned surplus
its entirety in
date
to
time
to
Regulation IT,
Regarding the compilation the Washington correspondent
of the "Wall Street Journal" on Sept. 5 said:
.
originating subsequent
principally
that in April appeared
by these reporting brokers declined in May and have since shown little
The
so
the first
for
increased sharply in early
in such estimates.
"It is the intention," the instructions state, "that the reserve,
as
fixed
which
being
increase
of the effective date of the Board's
including loans to brokers, for purchasing or carrying stocks.
otherwise disposed of,
written down or written off in accordance with provisions of accounts
herein prescribed."
or
acquired
be in anticipation
change, although loans by banks to both brokers and dealers in securities
t
the books of holding com¬
on
logically have their
here.
to
As to the basis of
clientele
our
Doing that will attract to our Exchange
possible.
that is
of
securities
securities
founded
is
diaries may not be taken into income or surplus at amounts greater than
respect of which the dividend is paid.
jOur Committee on
acceleration of our growth.
the
job others will be glad to help.
does its
Exchange
the
interests,
of activity for the next few months
starting point for
a
finance additional advances to their customers, while
from earnings subsequent to acquisition by the company of the stock in
fine
as
plan at present is confined to our own activities in the belief that if
That
the
as
serve
what is earned surplus, and a provision that stock dividends from subsi¬
those charged by the paying companies to their income and (or) earned sur¬
plus accounts, and then only to the extent that such dividend is declared
We have 250
corporations as you will find anywhere listed here.
The Exchange should and it will take the leadership in an endeavor to
requirements for
of surplus to show what represents capital surplus and
great commodity market and the capital to be a great
Consider our Exchange, for example.
We have 383
a
center.
members
com¬
panies.
It does not meet the requirements of holding
companies which also directly own and operate public utility
or other property."
The following is also from the Com¬
mission's announcement of Sept. 7:
essential—banking, investment banking, stock exchange,
every
exchange,
financial
Our business
Exchange Commission announced
from dividends and interest
have
We
curb
co-ordinate
Adopts Uniform Accounting System for Public
Utility Holding Companies—Designed to Eliminate
Writing Up of Value of Investments in Balance
The Securities and
speed that growth."
to
90% of the
dealers in securities
•
The principal items shown on these reports are
"Customers' debit bal¬
ances," representing credit extended by brokers to their customers, and
Kansas
City.
Judge
Enforcement
of
Denies Injunction To Restrain
Commodity Exchange Act
In Kansas
City, Mo., Federal Judge Albert L Reeves
yesterday (Sept. 11) refused to grant a temporary injunction
to prohibit the enforcement of the Commodity Exchange
Act.
The injunction was sought by the Kansas City Board
of^trade.
Reference to the action appeared in our Sept". 5
issue, page 1493.
Judge Reeves is quoted in a written
opinion as saying:
Without going into further details it must be ruled that the act challenged
"Money borrowed," representing most
brokers.
which
the
of the
credit obtained by
The reports also show other items from both sides of
facilitate
these
the ledger
the interpretation of changes from month to month in
principal items.
Borrowing by brokers at the present time is princi¬
pally for the purpose of relending to customers, but part of the funds bor¬
rowed
from
are
for other purposes and part of the credit extended to customers
other
sources.
The fact
that
loans
exceed the brokers' borrowings is accounted for by the fact that
in addition to the
brokers'
own
is
by brokers to their customers
they hold,
capital funds, substantial credit balances
for customers.
The table below, which will be brought to date currently in
issues
of the
"Bulletin," shows the
course
subsequent
during recent months
of the
by the plaintiffs is constitutional, and that the plaintiffs are not entitled
volume of credit extended to customers and of the volume of credit obtained
to
from banks and other lenders
any
order predicated upon the invalidity of the act.
to
Program for Development of Chicago Stock Exchange
Discussed by T. R. Benson, President
Thaddeus R. Benson, President of the Chicago Stock Ex¬
change, speaking in Chicago on Sept. 8 before 250 Order
Clerks employed by members, announced the inauguration
of a broad program of development by which the Exchange
hopes to accelerate its natural growth as a financing med¬
ium.
"There
future of
our
is every reason to
be enthusiastic about the
Exchange," Mr. Benson said.
that Chicago,
"We
can
expect
as a financial center, and our Exchange will
parallel the industry and commerce of the great middlewest
by the brokers who have extended this credit
customers, together with principal related items.
tomers' debit balances" increased from the end of
It shows that "Cus¬
September, 1935, to the
end of March, 1936, by about $250,000,000, to the level of
and that during the next two months these
June and July.
$1,350,000,000,
debit balances decreased by
about $100,000,000, followed by an increase of about
$40,000,000 during
exceptions,
general cor¬
The table also indicates that, with occasional
the movements in the volume of brokers' borrowings have in
responded with these movements in customers' debit balances.
tion appeared last April
An excep¬
Regulation U, governing loans by banks to brokers, the latter's
Board's
borrowings
increased while the customers' debit balances decreased, with a
consequent
when, prior to the effective date of the
sharp increase in brokers' cash holdings.
*
A copy of the form on which these figures are reported, together with accom¬
panying instructions and illustrative figures, appears at the end of this article.
Volume
STOCK
EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS—CUS¬
TOMERS' DEBIT
BALANCES, MONEY BORROWED, AND PRINCIPAL
RELATED ITEMS
11993356——SJaenputmryber
[Member firms of New York Stock Exchange.
Ledger balances in millions of
dollars]
account
futures
of
showing
showing
debit balance of $10,000 and an account in commodity
a
a
credit balance of $2,000, the firm would
include
an
item
$8,000 against the appropriate caption—Customers' net debit balances.
CONSOLIDATION OF REPORTS OF MEMBER FIRMS OF NEW YORK
STOCK EXCHANGE CARRYING MARGIN ACCOUNTS (ABOUT 420
FIRMS)
s
Debit Balances
Debit
Debit
Customers'
Balances in
Balances in
Cash on
Total of
Debit
Partners'
Firm
Hand
Balances
End of Month
Investment
Investment
and in
Ledger Balances
(in Millions
of Dollars)
\
(Net)*
Banks
Trading
Trading and
and
Accounts
Accounts
Dec.
$65
December...
February
March
....
June.....
/ July
$119
$182
68
119
134
189
31 June 30
187
73
$1,098
1,147
1.212
1,258
1,297
1,290
1,351
1,295
1,257
1,267
1,295
October.
November.
April
May
1641
Financial Chronicle
143
1935
75
135
179
1.
63
139
193
2.
64
147
208
3.
67
168
181
4.
173
65
65
.
Cash on hand and in banks-,
Securities borrowed..,
219
68
158
$219
32
221
5.
44
92
20
18
1,258
1,267
—
Net debit balances due from all other customers exclusive of
partners of this firm.
—
-
6.
Net
7.
trading accounts
—*
Debit balances in firm investment and trading accounts—
8.
Commodity margins
9.
guaranty funds on deposit
All other debit balances
Credit Balances
41
51
102
curities exchanges:
(a) Member firms of New York Stock Exchange
;
(b) Member firms of other National securities exchanges
229
•
164
$179
:
Securities sold, delivery pending (failed to deliver)
__
Net debit balances due from member firms of National se¬
268
.
159
67
1936
Debifs—
debit
balances
in
and
individual investment
partners'
75
67
135
164
.
Customers'
Other Credit Balances
Credit Balances *
End of Month
Money
In
In
Bor¬
Partners'
Firm
Invest¬
invest¬
rowed
Other
a
Free
Accounts
Trading
Trading
(Net)
$257
$89
$23
806
277
93
22
10
92
22
13
24
10
410
17
416
859
294
December
930
286
1936—January
922
319
91
908
328
98
26
March..
995
303
89
23
April
1,033
301
88
May.
970
282
$396
$12.
26
February....
-
(c)
12.
$882
$914
36
59
15
13
25
14
June
985
276
86
24
14
981
287
96
24
14
15.
420
July....
42
422
97
partners.
(a) Free credit balances.....
(b) Other net credit balances
16.
Net
credit
balances
in
partners'
286
It is apparent that the principal factor in
changes from time to time in
the volume of brokers' borrowings is changes in the amount of credit ex¬
20.
a
21.
sometimes
These include changes in the total of customers' credit
balances, changes in the amount of cash currently held by brokers on deposit
and changes in the firms' financial requirements for purchasing
in banks,
carrying securities for their
partners, who
report.
own
account
or
the
for
of their
account
410
420
$2,017
(Memorandum) Valuation of short security position carried—
Against reported debit balances;
al. For member firms (of exchanges other than New
York Stock Exchange) (Item 4b)
cl. For other customers (exclusive of partners of this
firm) (Item 5).
In partners' individual investment and trading ac¬
cl.
Changes in other items shown
in the table are at times of
counts
the
loans which have been published
For member firms (of exchanges
For
borrowed in New York City
on
security
collateral.
While the reporting firms covered by the table
include
engage in pperations as dealers in securities, which they buy and sell for
own
account,
well
as
in the brokerage business.
as
Such operations
reflected in the item "Debit balances in firm investment and trading
are
accounts," changes in which arise to
some
extent from increase
decrease
or
in the firms' holdings of securities carried for distribution to customers
well
from changes in investment and speculative holdings.
as
is also
called to
the fact that the
from money balances as shown
reported figures
are
45
individual investment and trading
In firm Investment and trading accounts (Item 17)..
partners'
counts
♦Less than
1
ac¬
*
*
(Item 16)
9
7
5500,000..
INSTRUCTIONS
General Instructions—Make single combined report
covering main office and all
Totals only are to be reported, with no separate
listing of individual accounts.
Item 1—Include only cash on hand and deposited in banks in the United States.
Items 4 and 14—An account carried for a firm, or with a firm, which is a member
both of the New York Stock Exchange and of one or more other National securities
branches (domestic and foreign).
,
firms which
no
do not carry margin accounts for customers,
they do include firms which
their
—
In
borrowed, except from other member firms, regardless of where the borrow¬
money
33
this
d2.
On the other hand, the figures in this table include all money
Exchange figures include only
2
*
of partners of
c2.
borrowings of all member firms of that exchange, while the present
include only the borrowings of member firms carrying margin
ing is arranged and regardless of the collateral pledge, whereas the Stock
1
1
other than New York
Stock Exchange) (Item 14b)
other customers (exclusive
firm) (Item 15b)
The latter series includes
figures
accounts.
J2
1
a2.
monthly by the New York Stock Exchange.
1
13
(Item 6)
b2.
The figures here presented as "Money borrowed" will be found to differ
the figures on brokers'
1
dl. In firm Investment and trading accounts (Item 7)—.
Against reported credit balances—
*
some
significance.
somewhat from
14
26
$1,962
Total of item3 11 to 19.
included among "customers" for the purposes of this
are not
24
10
31
...
or
86
24
and
Includes both money borrowed from banks and trust companies in New York
City and elsewhere In the United States and also money borrowed from other lenders
(not Including member firms of National securities exchanges).
are
276
79
;
.....
individual investment
trading accounts
17. Credit balances in firm investment and trading account
18. All other credit balances, (except those Included in Item 19)..
19. Net balances in capital and profit and loss accounts and
partners' drawing accounts
by them to their customers, but changes in other items
88
firm:
Excluding balances with reporting firms (1) of member firms of New York
Stock Exchange and other National
securities exchanges and (2) of firms' own
important factors.
39
Credit balances of other cutomers exclusive of partners of this
*
tended
55
51
exchanges:
(a) Member firms of New York Stock Exchange
i
(b) Member firms of other National securities exchanges
422
12
11
Securities bought, delivery pending (failed to receive)..
14. Net credit balances due to member firms of National securities
426
83
securities exchanges)
Securities loaned
429
28
From other lenders (not including members of National
13.
425
15
,,
•*'
$2,017
".
United States
415
79
November...
$1,962
Total of items 1 to 9
Money borrowed:
(a) From banks and trust companies in New York City..
(b) From banks and trust companies elsewhere in the
405
October......
12
93
Credits—
11.
Accounts
$771
..
10.
Capital
Accounts
1936—September.
18
93
„
In
and ment and
ment
(Net)
•
deposit with banks, and commodity
on
as
Attention
derived altogether
by the ledger and that they do not show
the value of the securities carried
by the reporting firms for customers nor
the current market value of the securities owned by these firms themselves.
exchanges, should be Included among accounts of member firms of the *New York
Stock Exchange.
Items 4, 5, 14, and 15—Where net balances are called for, all* accounts of each
firm or other customer should be combined and the net balance of each firm or
other customer included under the proper caption.
and reported
Include all of the partners' accounts, except capital
Items 6 and 16—Net balances should be determined for each partner
under the
proper
caption.
and drawing accounts, which are to be included In Item 19.
Items 7 and 17—Balances in firm investment and trading
•
accounts should not
be combined, but all debit balances in such accounts should be included
and all credit balances in such accounts should be included in Item 17.
in Item 7
For this reason, and for the further reason that some firms eliminate from
with Item 20.
Item 14—Should include not only net credit balances of correspondents, &e.,
who are members of National securities exchanges, but also any "money borrowed"
their books such assets
from members of such exchanges.
as exchange seats, the summarized figures of ledger
balances do not disclose the "financial condition" of the reporting firms.
Neither does the total amount reported against Item 19, "Net balance in
capital
and
profit and loss
accounts
partners'
and
be
fairly arrived at only
on
is
figure that
a
the basis of more voluminous reports such
time and
some at
another, to the Business Conduct Committee
of the
New York Stock Exchange.
Figures showing the value of securities held are not collected monthly
by the Board, for the reason that such figures are not necessary on a current
basis in
a
reporting service that is intended primarily to show currently
of stock exchange credit, and for the further reason that the
preparation of these figures would be a task too burdensome to impose fre¬
the
course
quently
on
the reporting firms.
From time to time, however, the New York
Stock Exchange has collected
figures showing
in the
as
of three dates in the spring of
by the Exchange early in July, 1936, and
in the
for
the value of securities held
principal classes of customers' accqunts.
collected
of 1934 was
summer
A
1936
summary of such figures
was
a summary
released to the press
of figures
so
collected
published in the "Federal Reserve Bulletin"
October, 1934.
For purposes of reference, a table is also appended
showing for two
dates—December 31, 1935, and June 30, 1936—the total of each reported
item for all of the reporting firms.
they appear
firms
a
or on
the basts of proceed- of sale
the customary practice of
*
Including security accounts, both long and short,
commodity accounts, and
all other accounts.
the semiannual audited reports made confidentially by member
firms,
as
some at one
as
positions may be on the basis of market
whichever procedure is in accordance with
the firm in bringing dowp customers' positions.
Item 21—Valuation of short security
value
drawing accounts,"
represent the actual net capital of these houses—which
can
Item 10—Item 10 must agree
in
on
The items
are
stated and numbered
the form—Form F. R. 240—which is used by member
making their reports.
Following the table there is
published
copy of the instructions which will serve to indicate in some detail the
method used by the reporting firms in deriving the reported figures from
their ledgers.
account
The technical nomenclature of the items to be taken into
follows
in
accounting which
general
are
the
commonly
accepted
rules
of
special point to be noted, however, is that many of the items
on a
with
"net basis."
a
brokerage
explained in available manuals on that subject.
On this basis, if
a
are
reported
given customer has two accounts,
debit balance and the other with
a
credit balance,
A
the two
one
are
combined and the firm reports only thb net credit balance or the net debit
balance
as
the
case may
be.
For example, in case a customer has
a
security
Commodity Exchange Act Effective Sept. 13—Consti¬
tutionality Again Challenged in Suit Filed in
Chicago
The Commodity Exchange Act which was enacted at the
last session of Congress and which amends the Grain Futures
Act so as to extend to major commodity markets, regulatory
those imposed on securities trading
Exchange Act of 1934, is scheduled to
become effective Sept. 13.
The text of the Act was given
in our issue of June 27, pages 4245-4248.
Although the Act is, according to its terms, effective
tomorrow, it was indicated in Washington advices Sept. 1
to the Chicago "Journal of Commerce" that, as understood,
from trade sources, the only interpretation yet issued by the
Commodity Exchange Commission, is that giving the com¬
mission's definition of a floor broker.
This ruling was re¬
ferred to in our issue of Aug. 29, page 1327.
Reference has
also heretofore been made in these columns to several suits
restraints
siniilar
to
under the Securities
challenging the Act's constitutionality. A further action was
on Sept. 5 before Judge Philip L. Sullivan in United
States District Court in Chicago in behalf of four Chicago
filed
futures commission houses and
three floor brokers
on
the
Chicago Board of Trade.
The plaintiffs, who, besides
attacking the Act's legality, also sought an injunction to
restrain its enforcement, include James E. Bennett & Co.,
Financial
1642
F.
S. Lewis & Co., the
Uhlmann Grain Co., the Bartlett
Co., Richard Gambrill Jr., Edwin O. Myers and
John H. Fisher.
Regarding the suit, the following is from
Frazier
the
Chicago "Tribune" of Sept. 6:
The suit is aimed
Chronicle
July were 18% better than last year, according to a Department of Com¬
It contends trading in grain futures is purely intra¬
Congress therefore is without
power to enforce
such regulations.
names
its directors
of
Agriculture;
City of Chicago and
Also named were Henry A. Wallace,
individuals.
as
Leslie A.
Fitz,
supervisor in charge of the
Secretary
Commodity
Exchange administration at Chicago; Daniel C. Roper, Secretary of Com¬
Homer S. Cummings, Attorney General; Michael L. Igoe, United
merce;
States district attorney for the northern district of Illinois, and Ernest J.
Kruetgen, Chicago postmaster.
to that
commingled with other funds
other than the
The complaint
payment
margin by
one customer as
belonging
They must be separately accounted for and cannot be
customer.
any person
up as
used to margin
or
one
for whom they
guarantee contracts of
or
opinion naturally comes from merchants in the territories affected, who
Reports from the wholesale markets show that the farm States generally
to the futures commission merchant in that
they constitute
protection to
a
market price of the commodity.
of future sales
Hoard of Trade have been later offset by sales
so
that little actual
purchases
or
or
the Chicago
on
purchases of equal amounts,
delivery of the commodity involved in such futures
contracts resulted.
states, there is
shipped,
or
to fulfill the
The bill
to the
obligation
no
transported
or
commodity specified occurred, the bill
requirement that the commodity shall be
lines
across state
or to any
to
,
obligation of delivery under such contracts.
provide
for
and
with the
futures
regulate
exclusive rights of the
transactions
commodity
on
In
Chicago,
has been the heaviest
the depression/and the volume of business in pro¬
Department of Agriculture estimates that although farmers'
The
The loss of buying power in the
which offset the smaller yields.
crops,
cash
than seasonally this Fall, the total will be greater
due to increased sales of livestock and higher prices for
last year,
elsewhere.
Northern Plains states will be made up by gains
Government
relief and soil conservation payments will likewise add to farm purchasing
Thus for the remainder of the year at least farm buying is expected
power.
fully maintained.
calamity such as the drought tends not only to increase
In the long run a
relationships and throw business out of balance.
farm areas and people while enriching
costs, but to upset price
It
obviously impoverishes some
others, and indirectly takes away from some industries and gives to others.
disturb labor relationships, if the rise in living costs leads to de¬
and thus it increases the danger of labor disputes,
other
which is already acute for
That
trade outlook
Fall
the
reasons.
may
be interpreted as favorable, despite
For one thing, much of the
is explained in several ways.
the foregoing,
expected rise in retail food prices probably will not come until 1937.
that
they
The
of the crop failure will thus be deferred, and so spread out
be
can
borne
better able to face
Meanwhile
easily.
more
factory workers
advance in their living costs than
an
are
they were in the
comparable situation two years ago, by reason of the increase of 26% in
industrial payrolls, and of
charges that the commodity act violates the tenth amendment
Constitution in that it interferes
states
foreign country in order
Autumn.
busy
sale markets.
consequences
Even when actual delivery of the
a
This is in line with results reported earlier from Eastern whole¬
portion.
mands for higher wages,
In support of its argument that trading in grain futures is intrastate,
for
Louis, Dallas, Denver and other Western
Fall openings during August
since the beginning of
It may
Why Trade Is Intrastate
the bill sets forth that 98%
Kansas City, St.
attendance at
cities
preparations
with
ahead
going
Minneapolis,
a
of the total purchase price, and that such funds belong
him against adverse fluctuations in the
some¬
study conditions in their trade areas and plan their purchases accordingly.
to be
held.
are
that margins put lip by customers constitute
argues
on account
Eastern
as
Effects of the Drought
than
Under the regulation dealing with segregation of margin accounts, brokers
required to treat all funds put
well
considering the effect of the drought on Fall business the most practica
In
income will increase less
What Margin Rule Provides
are
satisfactory gain in
as
good increases in the past month, though the gains were
have shown
are
defendants the Board of Trade of the
as
a
Western cities
Department stores in
also.
August
com¬
commingling of such funds, and at requirements for registration of floor
It
compilation, and by all accounts they made
merce
mission merchants to segregate margin funds of customers and prohibiting
state in character and that
12
what smaller than in July.
particularly at provisions of the law requiring
traders and brokers.
Sept.
17% in real
wages,
in that time.
of all, the drought is only one element in the business
Most important
Business
picture.
men
are
doubtless remembering that the calamity of
1934 proved to be no insuperable obstacle to
business improvement.
exchanges within their borders.
Other suits
were
referred to in
Sept. 5 issue,
our
pages
Plans
1492 and 1493.
Investment
of
Bankers for Permanent National
Organization
SEC
-
To
Resume
Examination
of
Announcement of the proposed resumption by the Securi¬
ties and
Exchange Commission of public examinations of
trusts and investment companies, was made
by the Commission on Sept. 9.
The announcement said:
investment
The
Commission has set the week commencing September 14, 1936, for
public inquiry
on
National .Bond
Central Illinois Securities Corporation, Chicago, Illinois-
Share
and
Corporation,
Trading
Corporation,
New
York
City;
New
and,
York
for
and
City;
Granger
commencing
week
the
September 21, 1936, for Massachusetts Investors Trust, Boston, Massa¬
chusetts; Incorporated Investors, Boston, Massachusetts; and State Street
Investment Cornoration. Boston, Massachusetts.
.
At
the
time
the Commission indicated, that in
study of investment trusts and invest¬
ment companies which Congress had directed it to make,
a
questionnaire had been sent to banks and trust companies
administering Common Trust Funds, sometimes called
Uniform Trust Funds, Composite Funds, or Commingled
Funds.
Replies to this questionnaire are required on or
before September 21, 1936, sajd the Commission, which
same
furtherance of its
added:
The questionnaire covers substantially the period from January
to
June
30,
1936,
1, 1927,
and requires information relating to the history and
development of these funds, the sale and distribution of participations in
such funds, and to the indentures and agreements relating to such funds,
including terms under
pation.
which
investor
an
Information is also required
withdraw
could
from
to fees and charges,
as
such funds.
partici¬
and the rela¬
tion of officers and directors of institutions administering the
funds with
The questionnaire covers the number and amount of units of
participation issued and withdrawn,
valuations
of participations,
assets
and liabilities of these funds and their portfolios.
Plans
investigation was referred to in various issues of our
paper—one having appeared on page 31 of the July 4 issue,
and the latest on page 1007 in the "Chronicle" of Aug. 15.
the
for
establishment
City
Operating
Points
Bank
of
York
New
Finds
Industries
Highest Level In Six Years—Also
Advancing Farm Prices As Favorable
at
to
Stating that "the Summer trade season has come to a
satisfactory close during the past month," the National
City Rank of New York in its September "Monthly Letter"-
very
adds that "with the industries
in six years, farm prices
operating at the highest level
advancing, and the bonus payments
and other Government disbursements
adding temporarily
to purchasing power, the volume of
goods moved has equalled
the most hopeful
In its survey of general
expectations.
business conditions the bank goes on to
say, in part:
Industrial and
in
the fact
new
the
trade
range
of
gains
15
to
that the seasonal
high
point
for
the
over
20%.
decline
recovery,
last year,
General
was
less
and
for the three months,
business
indexes,
than usual,
although
rose
have
reflecting
in July to a
slackening
automobile
operations may pull the August figures down the drop will not be material.
More money has been spent on travel and vacations than in a
good many
years,
and July railway earnings
Thus
far,
at
least,
the
crop
more than
slowing
down
of buying
a
national
permanent
To promote through cooperative effort high standards of
honor and integrity and public confidence in the investment
commercial
banking and
securities business.
2.
To provide a medium through which its membership may
be enabled
through representatives to confer, consult, and cooperate with governmental
problems affeicting the public and the
investment banking and securities business.
3.
and
To promote effective cooperation among
adjust
grievances
between
the
members, and to investigate
public and
and
members
between
The
areas
of trade.
have had little
involved reported
but
Local and regional
organizations to be set up throughout
will form the basis of the national organization.
Major questions of policy and procedure are to be deter¬
mined by the national organization upon the recommenda¬
tions and suggestions of the various regional groups; it is
felt that through the local organizations, problems of a
the country
local nature
can
be handled without reference to the national
organization except in unusual circumstances.
James M. Landis, Chairman of the SEC, in speaking of
the new organization was quoted on Sept. 9 as saying:
The
Commission, during the past eight months, has enjoyed the co¬
operation of the Investment Bankers' Conference Committee with results
which
it
believes beneficial to
and dealers.
tion
It
seems
the public and to all investment
bankers
clear that the successful functioning of this organiza¬
along the lines indicated would redound to the benefit both of the
public and the investment bankers and dealers of the country in many
year ago.
during the extreme hot weather,
whole have shown surprisingly litjtle loss
doubled
losses due to the drought
apparent effect upon the business turnover.
a
a
members.
Trend
been
■
.
and other agencies in the solution of
National
of
organization for self-government and cooperation with the
Securities and Exchange Commission were
discussed at
meetings
of investment banking and
over- he-counter
dealers in 17 cities throughout the country on Sept. 10,
following extended conferences on the subject in New York
City during the past several months.
Because of the large number of firms eligible for member¬
ship in the new organization in New York, no general meet¬
ing will be held there at this time.
The new organization,
which is to operate under the name of the Investment
Bankers Conference, Inc., is the outgrowth of a temporary
organization known as the Investment Bankers' Conference
Committee which was formed a year ago for the purpose of
conferring with the SEC in Washington on matters relating
to the regulation of the business under the Securities Ex¬
change Act of 1934.
Plans for the development of the Investment Bankers'
Conference, Inc., were approved in Chicago on July 20 by
interests identified with the movement, as was noted in
these columns July 25,
page 508.
The organization is
expected to be the largest of its kind in the country, inas¬
much as there are approximately 6,000 investment bankers
and over-the-counter security dealers who are registered
under the law with the Commi sion in Washington, all of
whom are eligible for membership in the Conference.
There
are
1,865 registered dealers in New York City and 2,294
in the State.
Some of the more important purposes of the
new organization, as set forth in its
proposed charter, are:
1.
The
Con¬
Inc.
ference,
Next
Week—Questionnaire Sent to Banks and
Trust Companies Administering Trust Funds
With
SEC—To
Trusts
Investment
to
Work
in
Co-Operation
Function as Investment Bankers'
on
the
Rural retail sales in
ways.
The Commission is hopeful that the new organization
assistance to it in the solution of many problems confronting
sion, having to do with the over-the-counter markets, and in
effective
measure
of self-regulation in
will be of
the Commis¬
developing an
the over-the-counter markets.
The
Volume
Financial
Chronicle
organization will be requested by the SEC to conduct hearings involving
complaints of unfair practices, of the type which do not call for reference
helpful attitude
directly to State
to
143
new
the
Federal authorities, between and against investment
or
bankers and security dealers who are members of the Conference.
operation
under
greatly needs,
securities
business
Obviously, such
full
said, adding
Unwise regulation might seriously impair
be wisely administered
cannot
without
Because of their knowledge of
J.
fit through the medium of the Investment Bankers' Con¬
seen
ference, to seek out judgment and advice from the investment banking and
securities business and at the salhe time, has asked through the Conference,
for its cooperation in the solution of the
many
mission, the public, and the business.
the Commission in this work
industry and it is
problems affecting the Com¬
To be invited to
to me
seems
cooperate with
so
genuine opportunity for the
a
opportunity which should be accepted promptly.
an
''
v':,
♦
Successful Bank Operation Dependent on
.
Experienced
Management, Fair Dealing and Proper Sense of
Trusteeship According to J. P. Broderick of Board
of
Governors
of
Federal
Reserve
System—-Law*
Cannot Insure Good Management—Remarks Before
American Institute of Banking
are
to
operate.
what
that
it
is
with
the
"highly
more fully alive today. tlian ever before to
importance of acquiring knowledge and applying
it
practically through intelligent and enlightened leadership,
said Joseph A. Broderick, a member of the Board of Gover¬
are
of the Federal Reserve
System, in a radio address on
Sept. 9 to 220 simultaneous commencement exercises held
by local chapters of the American Institute of Banking
nors
F.
..
banks
to
the
creditors
1936,
of
all
study
the
part of all bankers, old and
opportunities and responsibilities."
"The wise bank man," he said, "to be
prepared adequately,
alike, of their
will take full
on
new
advantage of the institute
courses."
Law
can
neither insure good
management nor be
a substitute for it,
and successful operation will always depend upon
"competent experienced
management,
fair
dealing, the
proper sense of trusteeship, credit sense and skill."
he said,
.
Mr. Broderick, who spoke
introduced
by
Harold
Stonier, National Educa¬
Institute certificates were
tional Director of the Institute.
awarded to 2,700 graduates at
cises, which
attended
were
engaged in banking."
cast
from
through
which made
pointed
courtesy
than
more
radio
of
that
informed
every
conditions.
He
described
broad¬
was
being provided
Broadcasting Co.,
National
the
persons
facilities
student
banking must adjust its operations and
are.
100,000
exer¬
the
Mr. Broderick
will
:
The National banks whose
during August
OR
receiverships
announced
were
NATIONAL
RESTORED
BANKS
TO
AUGUST
ideas to
intensive
changing
researches
which
now
being conducted by State and national
banking
associations, and he stated that "the belief exists that a
scientific analysis of
individual
States,
choosing,
will
banking problems by bankers
acting
prove
under
character and quality of
munities," he said, adding:
Conditions
be
the best
self"
differ in
fitted
and
to
each
the
in
in
their
to
In
a
fully
study
program to be
respective needs.
Its
It is
cipally
for
banking
Iowa
deposit
offices
bank
banking
system
idea
for
be
and
be
of
success
of
"know
depends
the
the
means
staffs
and
and
it
and
on
the
on
the
served
one
hand,
other,
system
the
the
of
question
soundness
such
a
committees
of
public
and
safety
Changes in the importance of various
banking functions likewise require
constant
study.
The note issue function of banks has
become
non-existent.
between
The
demand
clarification.
practicallv
deposit
and
The
function,
time,
discount
with
avery
fine line
of
becoming
thorough
methods
and
.
securities
analyzing
study
not
economic
on
only
Public
the
part
affect
condition
of
improvements
have
been
rather
securities
institutions.
Marked,
agencies
of
one
of
smaller
shown
the
the
in
Bank, Oneida, 111.
♦First
ments,
has
all
of
loans.
purchase
finance
is
bank
individual
This
is
another
men.
banker
trend
vital
a
question
Taxation
but
the
and
the
for
our
one
that
needs
measures
entire
and
monetary
country.
the
during
Per Cent
Total
Dividends
t
Returns
Paid
6-21-32
to All
Unsecured
Creditors
Claimants
$131,956
202,320
105.86
91,335
105.60
425,740
206,009
106.23
107,665
74.05
60,329
112,473
33.50
80.65
34.45
625,737
122,756
77.22
35
50.19
27.32
304,202
152,197
464,165
81,070
90,324
107.69
111.82
71.72
50.7
75,237
72.24
57.9
Nat.
*
Bank, Elma, Wash— 11-16-33
1-26-34
Bank, Olive, Calif
Farmers Nat. Bk., Garner, Iowa '3-20-34
First Nat.
Bank, Blytheville, Ark. 11- 6-31
Nephi Nat. Bank, Nephi, Utah...
1-26-32
First Nat. Bank, Doon, lowa_
10-22-31
First Nat. Bk., Midland City, Ala.
9-28-31
Commercial
Nat.
Bank,
burg, Miss,__.
Nat. Bank,
*
Citizens
First
Dawson,
Minn.
Nat.
5-14-31
10-29-34
__
Bank, Cherokee, Kan.
2-17-32
9-23-31
Bank, Salem, N, Y.
6-17-32
Bank, Arlington, Neb.
Bank, Reynolds, Ga— 10-20-32
Peoples Nat.
Nat.
Nat.
Planters
National
Bank,
11-11-30
First
Nat. Bank,
land, W. Va-_.
11-21-27
*
National
First
*
108.938
110.25
48.65
,,
48.12
Nat.
Formerly
in
55.136
29.10
16.375
79.70
71.95
72.59
57.15
417,896
73.83
65.61
110,086
9-27-28
Aledo, 111,.
Cement, Okla. 10- 4-33
in
94.15
80.519
68.44
191,987
88,827
Bank,
Bk.
95.74
82.31
506,845
Bank, Ceylon, Minn. 12- 8-33
First Nat. Bank, Sweetwater, Tex. 12-14-31
First
104.51
Cumber¬
New
Nat.
First
112.93
Walnut
Ridge, Ark
*
108.73
112.808
.
National Bank, Green¬
wood, Ind
First
105.12
Hatties6-12-31
First
94.33
80
conservatorship.
A report as to receiverships of National banks terminated
during July appeared in our issue of Aug. 8, page 846.
'
Governors
Federal
of
Reserve
System
in
September
Bulletin Further Discuss Effect on Member Banks
of Increase in Reserve Requirements—Growth In
Member Bank Loans and
In Deposits
Continuing the earlier comments made by the Governors
of the Federal Reserve System regarding the increase in
the reserve requirements of member banks there is a further
discussion in the September issue of the Reserve 4'Bulletin"
regarding the new requirements and their effect on member
banks.
The previous- comments in the August "Bulletin"
were
noted in our Aug. 15 issue page 1002.
From the
Current Months Bulletin we quote as follows:
Increase in
relation
by 50%
the past
few
years
with
as
a
on
July 14, increasing
the reserve requirements of all member banks, went into effect
after the close of business
August 15, 1936.
On that date member banks
held about $6,200,000,000 of reserve balances with'Federal Reserve banks
and their required reserves on the old basis were estimated at
leaving excess reserves of $3,260,000,000.
raised
excess
to
$1,890,000,000
on
August 26.
This is
a
and
excess
reserves
larger amount than
Effect of Increase
Excess
reserves
were
so
was
held
on
Member
Banks
widely distributed among the member banks
that few banks had an insufficient amount to meet the increase in
require¬
In the week including the increase a few scattered banks
borrowed
ments.
banks but the total amount borrowed
at the Reserve
was
negligible.
Total
bills discounted at the Reserve banks declined by
$2,000,000 in the week
ending August 19, reflecting the repayment of
one
loan of $3,500,000 made
week and small borrowings by other banks.
Some banks
their balances with other banks in order to meet the increase in
in the preceding
drew upon
In the week ending August 19 deposits of domestic
requirements.
reporting
member
banks
in
leading
cities
declined
$210,000,000,
result
City banks and the remainder from banks in other cities.
the
increased
by member banks at any time before the middle of 1934.
governmental
of
$2,940,000,000,
The increase in requirements
required reserves by $1,470,000,000 to $4,410,000,000 and reduced
reserves
by the same amount to $1,790,000,000.
Subsequently,
member bank reserves increased somewhat,
with
of,.banks
Reserve Requirements
The action of the Board of Governors, announced
demarcation
funds,
is
clearly in need of
changed materially in importance
than
before
of
Per Cent
Incl.
Offsets
Nat.
♦First
savings,
or
function
through the changing method of
financing business; the process has been a
gradual one.
The
principal investing function
of
banks is
gradually
means
First Nat.
the
branch
where
the
be provided!.
to
CLOSED
OF
Allowed
such
providing
full-fledged
by local
study
prin¬
Should
offices
States
this
the
require
is
all
for
necessary
those
In
necessary.
to
facilities?
practicable
in
consider
.as
demand
establishing
not
particularly
the
the
public '
•
to
such
thy¬
upon
social
well
where
Is
i.e.,
reasonable
or
be
investment
communities
a
will
community
facilities?
constantly will have to consider,
need for
banking facilities and,
of
it
the
applied,
studied,
desirable
of
large
loan
those
question
should
appears
needs
paying
retain,
office
The
banking
and
to
facilities
banks?
the
offices
MONTH
Disburse¬
of
Failure
com¬
devised should
fine
a
'
banking structure
Are
Rank
FINALLY
THE
,
charge and their realization
of the
points:
equipped
AND
DURING
Total
own
their
.
following
the
terminated
.
1936
Date
Receiverships
improving the
services
movement.
responsibilities of bankers.
of
of
way
banks'
State, hence the
meet
know-thy-business
sincerity of those
committees
effective
an
'
■
LIQUIDATED
SOLVENCY
were
follows:
as
I
INSOLVENT
that
agree
aggregated
Dividend payments to the creditors of all active
receiverships since the ;
banking holiday of March 1933, aggregated $735,942,216.
First
chapter
than 60 stations available.
more
out
by
various
Mr. Broderick's address
Washington,
the
the
receiverships
$2,756,090.
"Adult Education in Bank¬
on
by all receivers of insolvent
active
growing necessity for intensive
intelligent
was
Broderick
'
Dividend payments during August
Section of the American Bankers Association in towns and
cities throughout the United States.
Mr. Broderick stated
that "so many basic changes have taken
place in bank law
and practice that there is a
ing,"
Mr.
T.
National
_
young
public,
important
the
O'Connor, Comptroller of the Currency, an-'
nounced on Sept. 6 the
completion of the liquidation,of 21"
receiverships of National banks during August 1936, making
a
total of 441
receiverships finally closed or restored to
solvency since the so-called banking holiday of March 1933.
Total disbursements,
including offsets allowed, to depositors
and other creditors of these 441
institutions, exclusive of the
42
receiverships restored to solvency, aggregated $122,766,970, or an average return of 74.25% of total liabilities,
while unsecured depositors received dividends
amounting to
an
average of 58.98% of their claims, the Comptroller said. '
He stated: '
:/;y:V' i...';.V:•"?. ; ; y-yy;\V\r ;.
the
and
the practical
of
O'Connor Announces
well informed advice on the various
Our business is, therefore, to be
congratulated on the fact that the Com¬
Bankers
and
Liquidation of 21 Receiverships of National Banks
Completed During August Comptroller of Currency
adversely affect the investment banking
may
generally and seriously injure individual houses.
broad powers
knowledge of the facts and without
*
Association
that the public
real functions of
banking are and what
services banks are in a
position to offer."
V y
l
phases of the business.
mission has
Bankers
American
capital into the expansion and development which this
new
country so
and
the land.
are the law of
effects
which banks
know
regulations promulgated there¬
under,
the flow of
direction.
same
and
Bankers must be frank
Exchange Act of 1934 rather abstractly.
They do not apparently realize
that these laws give vast and
far-reaching regulatory powers to the SEC
and that these statutes, plus the rules and
the
supervisory and regulatory methods, bankers may
extremely helpful in shaping the rules, regulations and even the laws
be
It is surprising that many investment bankers and
security dealers seem
to look upon the provisions of the Securities Act of
1933 and the Securities
of
City Bankers Association, which have been extremely valuable
agencies charged with the performance of certain duties
bankers.
This
experience has shown the necessity of further
efforts "in the
Griswold, Jr., Chairman of the Conference
Committee, summarized the situation and the opportunity
offered the industry as follows:
committees
Reserve
governmental
affecting
Mr. B. Howell
1643
of
of
which
$110,000,000
was
withdrawn
from
banks
by
about
New
York
In the last half
Financial
1644
Sept. 12, 1936
Chronicle
Increase in Investments
of
approximately the same amounts that
by banks for the increase in requirements.
balances at reporting banks had increased by
July there had been declines of
Inasmuch
bankers'
as
$700,000,000 in June and the first
chart
tions,
withdrawals
other
of
half of 1936, as shown in
during the first
about $5,750,000,000, or more
were
investments of member banks
the following table and in the
[this we omit—Ed.] was in United States Government direct obliga¬
nearly $200,000,000 in guaranteed obligations, and $500,000,000 in
$1,200,000,000 of the increase in
About
have reflected preparation
may
half of July and on August 19 still totalled
than at any time prior to last March, these
relatively minor importance.
in other securities reflected principally
of domestic corporate securities by banks
than in any other period since 1930.
All of the various reserve classes of
banks shared in this increase.
Member bank holdings of obligations of
State and local governments, which have increased steadily with few inter¬
increase
The
securities.
substantially larger purchases
Member Bank Reserves
Changes in
Recent
total reserve balances of member banks
increased by about $360,000,000, reflecting principally large disbursements
by the Treasury from its funds held on deposit with Federal Reserve
banks.
The reduction in Treasury deposits reflected an excess of current
expenditures over receipts, offset in part by repayments obtained by the
Reconstruction Finance Corporation and the proceeds of a public sale
of its notes by the Commodity Credit Corporation.
On August 15, however,
additional disbursements were made from Treasury funds in retiring about
$50,000,000 of Home Owners' Loan Corporation obligations. Expenditures
on account of adjusted service payments, which totalled $850,000,000 in
June, amounted to $340,000,000 in July, and to about $60,000,000 from
July 15 to August 19
From
August 1 to 19.
showed a further small growth in
ruptions since 1929,
the first half of this
did holdings of Federal Land Bank and Intermediate Credit Bank
obligations.
From July 1 to Aug. 19 there was some decline in investment
year, as
reporting member banks in
holdings of weekly
part distribution to
tion bonds on
leading cities, reflecting in
bonds bought by banks
other holders of new Treasury
retirement of $50,000,000
in June and the
Aug.
of Home Owners' Loan Corpora¬
15.
INVESTMENTS OF MEMBER BANKS
June
'
Dec. 31.
30, 1936
6
1933 1
June 31,
1935
Money in Circulation
when large adjusted service payments
In the last three weeks of June,
in circulation increased by $310,000,000 and since that time has shown only a moderate decline.
There is
usually some seasonal increase in the amount of money in circulation
during this period, averaging in past years about $50,000,000.
Some of
being made, the amount of money
were
additional
the
this
increase
year
evidently resulted
usual
which is about the
it appears
approximately one-half of the outflow arising from adjusted service
August there was an outflow of $60,000,000,
that
Taking
amount.
various
consideration,
into
factors
banks.
payments has not yet returned to the
the
various
denominations
of money
and
but the
In June currency of all demoninations up to
in the following table.
month last year,
largest increases were in denominations of from $10 to $100.
In these
denominations alone the increase amounted to],$230,000,000.
Since the
adjusted service bonds were issued in denominations of $50, it is likely
including $100 increased more than in the same
that
denominations was largely used in
currency of these
In July the return from
cashing them.
circulation in the smaller denominations was
of
BY DENOMINATIONS
CURRENCY IN CIRCULATION,
PAPER
[In Millions of Dollars]
Increase or Decrease
May 31,
June 30,
July 31,
1936
1936
1936
•
■
'
1
In
•
In
June
Denominations
and
State
of
governments
Obligations
July
$6,887,000,000
2,159,000,000
3,138,000,000
1,744,000,000
2,942,000,000
244,000,000
355,000,000
local
2,264,000,000
3,530,000,000
250,000,000
Other domestic securities
Foreign securities
$19,717,000,000 $17,810,000,000 $11,928,000,000
Total investments
in member
bank holdings of direct obligations
reflecting the
March
substantial volume of new issues sold by the Treasury in
The total interest-bearing debt of the United States
and June.
Government, excluding
for public
1954, were sold in the
which are
about $2,500,000,000 between Dec.
Member banks increased their holdings by nearly
Growth in the public debt in this period was prin¬
1936.
half of this amount.
New Treasury bonds, maturing in 1951 and
while about $400,000,000
amount of $2,850,000,000,
Treasury notes were
of maturing
offered
31, 1935
adjusted service bonds and other issues not
sale, increased by
30,
June
and
of the United
exceptionally large in the first half of this year,
Government was
States
cipally in long-term bonds.
of this movement by changes
in circulation, which are shown
Additional light is thrown upon the nature
in
Fully guaranteed
Growth
returned from circulation than
is usual, indicating some return of this unusual outflow.
The actual
return
during this period amounted to $130,000,000, whereas usually
there has been a return flow of about $80,000,000.
In the first three
$11,722,000,000 $10,501,000,000
1,768,000,000
1,950,000,000
Direct
1*2
in the form of currency.
From July 1 to 29 slightly more currency
weeks of
obligations:
reflect increasing wage payments
may
of retail trade, but the larger part
and expanding amount
from adjusted service payments
United States Govt,
currently offered for
United States Savings bonds,
retired.
sale in small denominations
through the
showed an increase of $160,000,000.
Corresponding to these
changes in the public debt, the increase in member bank holdings of United
States Government obligations, as shown in the following table, was almost
post offices,
wholly in Treasury bonds maturing
in this increase in holdings
All classes of banks shared
relatively larger
after 1949.
of long-term bonds but it was
hold mostly short-term obligations. New
York City banks also increased their holdings of shorter-term bonds (ma¬
turing before 1950), while holdings of these bonds by other classes of banks
declined.
Holdings of Treasury notes declined somewhat, while those of
Treasury bills showed little change.
Notwithstanding these changes,
member banks, particularly in the cities, continued to hold substantial
at
city banks, which generally
of short-term Government
amounts
obligations.
OF DIRECT
CHANGES IN HOLDINGS
OBLIGATIONS OF THE UNITED
STATES GOVERNMENT
+$42
+66
S10-...
1,402
1.468
1,459
$20
1,369
1,466
1,431
$50
363
398
383
—$8
+97
+35
$1,337
$1,345
$1,303
$l-$5'_
—35
—9
$100
648
683
667
+35
398
397
399
—1
P ';
+2
about
but in
a
denomination up to $100 the return flow was
Ci'v
City
Banks
less than the
Banks
Banks
2,783
2,512
+ 1373
+ 17
+596
+ 152
+503
5,161
1,265
—243
—71
—185
+ 13
+74
+47
+30
—4).3
1221
+724
+274
+223
Bonds—Maturing after 1949.
Other,
Condition
v.-
.......
Treasury bills
of All Member Banks
Dining the first half of 1936 member bank reserves showed little change,
put into active use a portion of their large
supply of idle funds.
As shown
and investments
by the call report for June 30, they increased their loans
As during the three previous years, most of this in¬
United States Government obligations, but a much larger
by $2,300,000,000.
in
amount than usual was in
long-term United States Government
securities and made a larger volume of
their holdings of domestic corporate
sulted in
a
further growth
The increase in loans and investments re¬
an
public at all member banks amounted to
increase of nearly $2,000,000,000 in the
the largest amount of such deposits ever
were
half-year and
Inter¬
reported by member banks.
than in other recent years, when
bank deposits showed a smaller increase
reserves
On June 30, 1936, demand
of deposits at banks.
and time deposits of the general
$30,800,000,000,
bonds, and
member banks substantially increased
in further contrast to previous years
loans to their customers.
rapidly expanding.
11.721
Total
Banks
+
—74
+274
—-62
Increase in Bank Loans
The growth in
in the following
member bank loans during the first
the reserves of member banks
half of 1936, as shown
of "other loans,"
table, occurred principally in the category
which include loans to customers for
commercial, industrial and
agricultural
the first two months of
this year, in the next four months showed an increase of nearly $400,000,000,
larger than was reported in any other period since 1929, and, as previously
mentioned, weekly reporting banks have shown a further increase since
June.
The growth from March to June was divided among banks in New
York City, those in other reserve cities, and country banks. • The total
amount of such loans outstanding is now larger than at any time since the
These loans, which declined slightly in
purposes.
1933 but much smaller than in earlier years.
of the year showed an increase of
banking holiday in
estate loans in the first six months
Real
nearly
and on real estate other
$60,000,000, most of which was at country banks
have increased sub¬
weekly reporting mem¬
and investments were $360,000,000
smaller on Aug. 19 than on July 1..
The latter decline reflects in part a re¬
duction in loans on securities, including brokers' loans, and in part a decrease
at New York City banks in holdings of Government obligations, which had
increased considerably in June.
Loans to customers, which include loans
for industrial, commercial and agricultural purposes, increased further at
Since June 30, while
Reserve
member banks continued to
following rapid growth in 1934 and 1935, but
new
Country
Member
Treasury notes
was
Reserve
All
1936
which is considerably larger than usual
increase in June.
crease
Central
Banks
while the $10 to $100 denominations
total return of $75,000,000,
every
■' *■ \
Member
June 30,
the usual seasonal amount,
showed
■
Since
Dec. 31, 1935
At
;•
—16
$500 and over
Increase or Decrease
Holdings
—15
than farm lands.
stantially, deposits have shown little change, and at
CHANGES IN LOANS OF MEMBER
BANKS
ber banks in leading cities total loans
following table, fairly evenly divided among
the various classes of member
1935 country banks showed a slightly
larger rate of increase in deposits than central reserve city
reserve
banks.
All
Reserve
Country
1936
Member
City
City
Banks
Banks
Banks
cities are now so much larger than in
1933
was
To banks
+ 13
—30
+57
+ 16
+32
2,863
—13
—32
81
__
■
—17
—14
—2
—1
+44
+ 16
1,345
+ 102
2,340
Acceptances and commercial paper*.
Other loans...
...
+56
+6
+7
557
—94
—91
—19
5,355
+349
+ 178
+90
+ 81
12,542
Real estate loans
that
Total loans
*
Includes own acceptances
much greater at country banks
+367
+ 151
+95
+ 121
held, as well as those bought in
New Statistics
than at the large city banks.
DEPOSITS AT MEMBER BANKS*
the open market.
of Stock Market Credit
Loans to brokers and dealers in securities in
TOTAL ADJUSTED
Reserve
That
1929, while those at country banks are still smaller is due to the fact
the decline in deposits from 1929 to
Central.
Banks
To others on securities
deposits at banks in central
Decrease
1935, to June 30, 1936
June 30,
To brokers and dealers in securities
half of this year was, as shown in the
From June, 1933 to the end of
31,
Banks
Growth in Deposits
banks.
Dec.
ing All
Member
reporting banks outside New York City.
The growth in deposits in the first
Increase or
Outstand¬
New York City increased
outside New York
wide fluctuations
by the weekly figures for reporting member banks
in leading cities.
Some of these fluctuations, particularly the increases
early in March and June and subsequent decreases, reflected to a large
extent changes in borrowings by dealers in Government securities, rather
$30,000,000 in the first half of 1936, and similar loans
lln Millions of Dollarsl
increased
$70,000,000.
During this period there were
in these loans, as shown
June
30,
Dec.
31,
June 30,
Dec.
31,
1936
Central
1933
1929
$7,367
$6,796
1,990
reserve
1935
1,814
10,223
10,009
$5,034
1,271
10,790
10,614
$5,894
1,347
10,034
$30,761
$28,842
city banks:
New York
Chicago
Reserve city banks
Country banks
All member banks
*
Total
demand
and
time
deposits
minus
United
States
6,914
6,973
12,234
$20,191
$29,509
Government
Savings and inter-bank deposits and cash items in process of collection.
Postal
than in
borrowings by brokers carrying
margin accounts.
Monthly statistics of borrowings, compiled by the Reserve
Governors from statements reported by members of the
New York Stock Exchange, are presented in the September
"Bulletin," and elsewhere in our issue today we make room
for the compilation.
Volume
14S
Financial
Chronicle
Offering of $400,000,000 20-23-Year 2%% Bonds in
Sept. 15 Treasury Financing—Additional Securi¬
ties Also Offered in
Exchange for $514,066,000 of
Maturing 1A% Notes—Books Closed—Cash Offer¬
ing Over-Subscribed 13 Times
Although of
The offering
today is in line with the program announced last
(Sept
Temporarily,
cash
on
The
Sept. 8 that the cash subscriptions books
close of business that
day, Secretary
Morgenthau said that the books for the receipt of
exchange
subscriptions would be closed at the close of business Sept. 10.
The Secretary said that in each
instance subscriptions placed
in the mail before
midnight of the day of the closing of the
books "will be considered as
having been entered before the
on
close of the books."
The
Secretary's
Secretary of the Treasury Morgenthau
the subscription
announced tonight
books for the current
offering of 2 M %
of 1956-59 closed at the close of
business
subscription books will close
of subscriptions
Series D-1936, maturing
in
at the close of business
payment
Sept. 15,
on
Cash subscriptions
placed in the
change subscriptions placed in the
(Sept. 8) that
Treasury bonds
Sept. 8, for the receipt of cash
on
subscriptions.
receipt
announcement follows:
of
which
on
Sept. 10,
Treasury nptes of
tendered.
are
mail before 12 m. on Sept.
8, and
ex¬
mail before 12
m. on Sept.
10, will be
having been entered before the close of the books.
Announcement of the amount of cash
subscriptions and the basis of
allotment probably will be made on
Sept. 11.
as
Comment by Secretary
Morgenthau on the success of the
portion of the financing was noted in the
following
cash
Washington advices, Sept. 8, appearing in the New York
"Herald Tribune" of Sept. 9:
Mr. Morgenthau,
terming the offering a "great success," confirmed
previous indications that the Administration is
desirous of transferring as
much
its
as
possible of the public debt into
longer-term securities.
the Treasury did not offer
previous custom,
its Sept.
Mr.
was
any
15 quarterly financing operation.
Morgenthau pointed
out
that
the
based
.
.
Breaking
short-term notes in
000,000 in
new
securities.
The
present
advantage of shorter
oversubscription of nine times
offering
was
$1,250,relatively small, but
term securities
as
an
bidders.
attraction to
a
,
concerning the significance of the absence of
any notes in the
offering, the Secretary of the Treasury confirmed the
existence of
program to transfer present securities into
longer term
"I think just as
rapidly as we can distribute the debt
obligations,
a
lengthening of maturity of bonds
20-year
issued
over
the last year.
Mr. Morgenthau also
pointed out that the Treasury has about
$2,000,000,000 of obligations coming due in 1941. A
5-year note, the usual ma¬
turity, he pointed out, would further augment this
large total. He indicated
that the
Treasury
in any one year.
was not anxious to mass
very
.
.
large amounts of maturities
.
"I do not know any better
way of
fiscal policy," Mr.
judging the soundness
ment's
of the govern¬
Morgenthau said, "than the doubling of the
maturity of Treasury bonds from 10 years to 20
years over the last year."
Washington advices Sept. 7, to the New York "Times" of
Sept. 8, had the following to say
regarding the longer ma¬
turity of the new 2%% bonds:
Previous
000,000, to
new
total of
a
public debt, excluding
$514,066,000 of maturing Treasury notes will
bonds, the public debt will be increased by $400,-
$33,780,468,640.
This is another new high for the
temporary period last June, when bonds issued to
a
pay the bonus to the World War veterans were
The
prospective
being redeemed.
debt
compares with $33,380,468,640, as of
Aug. 31;
Aug. 31, 1935; $16,026,087,087, as of Dec. 31, 1930,
the lowest post-war
debt; $26,596,701,648, as of Aug. 31, 1919, the highest
post-war debt, and $1,282,044,346, as of March
31, 1917, the pre-war debt.
$29,032,655,148,
as of
The
Treasury's last quarterly financing (June 15) was the
on peace-time records.
At that time the Treasury
also offered 2%% bonds (but
maturing in 15 to 18 years)
and in addition an issue of
5-year 1%% Treasury notes of
largest
Series B-1941.
described
The interest rates
the lowest
as
on
on
the two issues
record for such maturities.
issues
of
bonds
carrying
the 2%%
interest
rate,
public in the soundness of the government's credit.
"Just a year ago," Mr.
Morgenthau said, "we offered 10bonds at 2%%.
In March we offered 12- to 15-year bonds at
June
we offered 15- to
18-year bonds at 2%%, and
offering 20- to 25-year bonds at the same rate.
were
The
bonds, in the June 15 financing, were offered for $600,000,000
$400,000,000; in addition both the bonds
and notes were also offered in
exchange for $1,050,754,000
of notes maturing on June 15 and
Aug. 1 tendered in ex¬
change.
Cash subscriptions to the offering amounted to
$7,054,577,400 of which $670,807,150 was alloted for the
bonds and $435,223,500 for the notes.
Exchange subscrip¬
tions of $1,024,865,700 were allotted in full as follows:
$956,130,700 for the bonds and $68,735,000 for the notes. This
previous financing of the Treasury was referred to in our
issues of June 6, pages 3772-3775, and June
13, page 3945.
The following is the announcement issued on
Sept. 7 by
Secretary Morgenthau, for publication Sept. 8, bearing on
the Sept. 15,financing of the
Treasury:
and the notes for
Secretary of the Treasury Morgenthau is today offering for
subscription,
at
and accrued,
interest, through the Federal Reserve banks $400,000,000, or thereabouts, of 20-23-year 2H% Treasury bonds of
1956-59,
with° the right reserved to the Secretary of the
Treasury to increase the of¬
fering by an amount sufficient to accept all subscriptions for which
1K%
Treasury notes of Series D-1936, maturing Sept
15, 1936, are tendered
in payment and accepted.
par
The Treasury bonds of 1956-59 now offered for
cash, and in exchange
Treasury notes maturing Sept. 15, 1936, will be dated Sept. 15, 1936,
H% per annum payable
semi-annually. They will mature Sept. 15, 1959, but may be redeemed at
and will bear interest from that date at the rate of 2
the option of the United States
on
and after Sept.
The Treasury bonds will be accorded the
as
accorded other issues
are
provisions
are
same
15, 1956.
exemptions from taxation
of
Treasury bonds now outstanding.
These
specifically set forth in the official circular issued today.
The bonds will be issued in two forms, bearer bonds with interest
coupons
attached,
forms
and
bonds
be
issued
will
registered
in
the
as
both
to
denominations
principal
of
$50,
and
$100,
$5,000, $10,000 and $100,000.
of
shorter
now in
investing
12-year
2%%.
September
In
we
$500,
'
both
$1,000,
•
Applications will be received at the Federal Reserve banks and branches,
Department, Washington. Banking institutions gen¬
erally may submit subscriptions for account of customers, but Only the
act
Reserve
official
as
banks
agencies.
and
the
Treasury Department
With respect
to
are
authorized to
cash subscriptions,
applications
from banks and trust companies for their own account will be
received with¬
out
deposit but will be restricted in each
case to
an
amount not
exceeding
one-half of the combined capital and surplus of the
subscribing
trust company.
Cash subscriptions from all others
must
payment
of
bank
or
be accompanied,
if for $5,000 or less by payment in full; and, if for more than
$5,000, by
10%
of the amount applied for, but not less than $5,000.
exchange subscriptions, such subscriptions should be ac¬
companied by a like face amount of 1H % Treasury notes of Series
D-1936
tendered in payment.
With respect to
Subject to the reservations set forth in the official
circular, cash sub¬
scriptions for amounts up to and including $5,000 will be
given preferred
allotment, cash subscriptions for amounts over $5,000 will be allotted
on
an
equal percentage basis, but not less than the maximum preferred allot¬
and exchange subscriptions will be allotted in full.
ment,
Payment for
bonds allotted must be made
or
completed
The right is reserved to close the books
as
to
on or
any
classes of subscriptions at any time without
notice.
In order to provide an equitable allotment and
before Sept. 15, 1936.
or
all
subscriptions
or
distribution of the bonds
all classes of subscribers, all banking institutions and
others con¬
again urged to cooperate in the manner outlined in
Department
May 27, 1936, addressed to the President of each Federal
Rerserve
bank and made public at that time.
among
cerned
to
interest;
and at the Treasury
any
maturity, are now selling at from 102 to
slightly more than 104, and Sec¬
retary Morgenthau cited the fact that the
maturity had been lengthened
on the new
offering as evidence of the complete confidence of the
are
.
On the premise that the
be exchanged for
Federal
over a
long term,"
Mr. Morgenthau said, "that is
good business for the Treasury." He said
that the investing public, including the banks, was anxious
to get a
bond,
.
.
Asked
present
.
for
.
on
preliminary figures. The Secretary of the Treasury said that
he did not want to make
comparisons with previous offerings.
From comparable
statistics, however, based on preliminary figures for
previous issues, it appeared that the
Treasury held its previous position
in offering long-term bonds and
notes.
In the June 15
offering of $1,000,000,000 bonds and notes, the
preliminary oversubscription was about
seven times, the same
figure as that for the March 15
offering of
did not have the
falling due next Tuesday.
breaks the precedent of
offering both Treasury bonds and notes,
particularly changes the practice of offering short-term
obligations
move
New Public Debt High
_
the
"
was
for maturing securities of
the same type.
payable semi-annually. They will
mature on Sept.
15,1929, but may be redeemed at the option
of the United States on and after
Sept. 15, 1956. The bonds
are
exempt from such taxation as is accorded issues of bonds
outstanding.
,
at
"
,
the failure of the Treasury to offer
any short-term notes,
in exchange for the
Treasury 1}4% notes
even
and
Feb. 15, $502,000,000 on April 15
on
Sept. 15.
Sept. 8:
Significant
the public debt to the amount of about
$155,000,000.
new
Treasury bonds offered this week will be dated
Sept. 15, 1936, and will bear interest from that date at the
rate of
2%% per annum
closed
the
on
following Washington advices of Sept. 7, also bearing
new
offering, are from the New York "Herald Trib¬
une" of
The
announcing
$817,000,000
The
on
considered
quarterly installment of income taxes, first returns on which
are
15, will add $300,000,000 to the general fund.
Debit items in¬
$428,000,000
and
the
financing.
clude $155,000,000 in
interest to be paid on the public debt on
Sept. 15
and any excess of
expenditures over ordinary receipts.
.
With this
refinancing out of the way, the Treasury will next be called
upon to meet on Dec. 15 an
aggregate of $357,921,000 of 2%% notes.
In the calendar
year 1937 about $1,700,000,000 of
outstanding notes must
be redeemed, as follows:
money,"
2%% bonds also comprised an exchange
offer to holders of
$514,066,000 of 2-year 1V&% Treasury
notes of Series
D-1936, maturing Sept. 15, 1936, the Secre¬
tary of the Treasury reserving the right to increase the of¬
fering of new bonds by an amount sufficient to accept all
subscriptions for which maturing notes are tendered in pay¬
ment and
accepted. On Sept. 15 the Treasury, in addition
to having to
pay off any 1A% maturing notes not tendered
in exchange for the new
bonds, will also have to meet interest
for
new
Income Tax Installment
The
1323.
The
by the
due Sept.
In addition to
representing $400,000,000 of "new
the offering of the
In
of
in cash
Henry Morgenthau Jr., Secretary of the Treasury,
Sept. 7, for publication Sept. 8, in accordance with his
previously announced intention. r Earlier announcement of
the Secretary on
plans for the Sept. 15 financing were referred
to in these columns of
Sept. 5, page 1490, and Aug. 29,
were
the borrowing of an
reduction in weight of the
gold dollar and seigniorage on silver, is around
$1,300,000,000 and to this will be added the $400,000,000 to be
obtained
on
page
at least,
additional $400,000,000 of
bring the working balance in the general fund
considerably in
$1,000,000,000.
The working balance, exclusive of
profit on
will
excess
Details of the Sept. 15
financing were made
known by
Thursday
abroad.
a
interest
ministration.
3)
by Secretary Morgenthau to maintain a balance in the
Treasury's
general fund of not less than
$1,000,000,000, which he felt was the cheapest
form of insurance
against the possibility of an increase in money rates
because of unsettled conditions
longer maturity than previous issues bearing
rate, the Treasury's offering of $400,000,000, or thereabouts, of 20-23-year 2%%
Treasury bonds
of 1956-59 met with a
ready response, the cash subscriptions
books being closed
op Sept. 8,—the day they were opened,—
the offering
having been over-subscribed 13 times. The sub¬
scriptions were announced as $5,200,000,000.
The over¬
subscription was said to be a record for the present Ad¬
similar
a
1645
The advices to the "Times"
also said:
are
letter of
Interest
on
on
the public debt to the amount of
about
Sept. 15, 1936.
$155,000,000 is payable
The amount of Treasury notes of Series
D-1936 maturing
Financial
1646
be exchanged for the Treasury
Sept. 15, 1936, which may
on
bonds now of¬
Sept.
Chronicle
promptly to the Federal Reserve
which will be communicated
offering,
bd/iiks
1936
12,
,
-
fered, is $514,066,000.
MORGENTHAU JR.,
HENRY
•
the following
Secretary of the Treasury.
1956-59—dated and bear¬
Due Sept. 15, 1959. Redeemable
option of the United States at par and accrued interest on and
! after Sept. 15, 1956. Interest payable March 15 and Sept 15.
1936
Treasury Department,
Department Circular No. 567
Office of the Secretary,
$140,137,000 Received to Offering of $50,000,000 of 273Day Treasury Bills Dated Sept. 9—$50,147,000
Accepted at Average Rate of About 0.130%
of
Details
offering were contained in
the
the Treasury Department:
circular issued by
2% % Treasury bonds of
United States of America
Sept. 15, 1936.
ing interest from
at the
Washington, Sept. 8, 1936.
Public Debt Service
'
'
/
•
.V**- Av
Bond Act, approved, Spet. 24,
<
1917, as amended, invites
accrued interest, from the people of the United
States for 2M % bonds of the United States, designated Treasury bonds
of 1956-59.
The amount of the offering is $400,000,000, or thereabouts,
subscriptions, at par and
by
offering
of the Treasury to increase the
amount sufficient to accept all subscriptions for which
of Series D-1936, maturing Spet. 15, 1936, are tendered in
right reserved to the Secretary
the
with
an
Treasury notes
payment and accepted.
II.
Sept. 15, 1936, and will bear interest from
2% % per annum, payable semi-annually on March
15 in each year until the
.15 and Sept.
pricnipal amount becomes payable.
day or.days, on four months' notice
in such
given
of redemption
shall
manner
the Secretary of the Treasury
as
In case of partial redemption the bonds to
prescribe.
From the date of redemption designated in any
of the Treasury.
of Sept. 5, page 1488.
In his announcement
and interest, from all
The bonds shall be exempt, both as to principal
2.
or
now
hereafter imposed by the United
States, any State, or any
possessions of the United States, or by any
of the
(a)
except
estate
local taxing authority,
inheritance taxes, or gift taxes,
or
such notice,
and (b) graduated
known as surtaxes, and excess-profits
additional income taxes, commonly
the United States,
associations, or
corporations.
The interest on any amount of bonds authorized by the
Second Liberty Bond Act, approved, Sept. 24, 1917, as amended, the
and
war-profits
taxes,
hereafter imposed by
or
now
the income or profits of individuals, partnerships,
upon
principal of which does not exceed in the aggregate
individual, partnership, association, or corporation,
the taxes provided for in
$5,000, owned by any
shall be exempt from
clause (b) above.
deposits of public moneys, but
The bonds will be acceptable to secure
3.
and will not be entitled to any privilege
will not bear the circulation privilege
of conversion.
Bearer
4.
bonds
with
interest
attached, and bonds registered
coupons
principal and interest, will be issued in denominations
to
as
of $50, $100,
Provision will be made for
$500, $1,000, $5,000, $10,000, and $100,000.
the
denominations and of coupon and
interchange of bonds of different
registered bonds, and for the transfer of registered bonds,
99.906, equivalent to a rate of
rate of about 0.136%
per annum, on a bank discount basis.
Only part of the amount bid for at
the latter price was accepted.
The average price of Treasury bills to be
issued is 99.901 and the average rate is about 0.130% per annum on a
The bonds will be subject to the general regulations
Department,
T
of the Treasury
hereafter prescribed, governing United States
now or
bonds.
ft
.
III.
1.
Subscriptions
branches
and
at
only
be
not
permitted
to
enter
Cash subscriptions from
Banking insti¬
Department are au¬
Others than banking institutions will
subscriptions
except for
their
own
account.
banks and trust companies for their own account
but will be restricted in each case to an
will be received without deposit
amount not
and the Treasury
official agencies.
as
exceeding one-half of the combined capital and surplus of
the
Cash subscriptions from all others*
subscribing bank or trust company.
accompanied, if for $5,000 or less by payment in full; and, if for
must
be
more
than
of the amount of bonds applied
by payment of 10%
$5,000,
for, but not less than $5,000.
The Secretary of the Treasury reserves the
right to close the books as to any or all subscriptions or classes of
sub¬
scriptions at any time without notice.
2.
The
Secretary of the Treasury reserves the right to
reject
any
sub¬
bonds applied
applications for smaller amounts and
scription, in whole or in part, to allot less than the amount of
for, to make allotments in full upon
reduced
make
to
allotments
be in the public interest;
be
shall be
as
deemed by him to
and his action in any or all of these respects shall
to these
Subject
final.
applications for larger
methods or such other methods of
of allotments
classification
reject,
to
or
upon,
amounts, or to adopt any or all of said
allotment and
reservations,
cash subscriptions for amounts
up to
and including $5,000 will be given preferred allotment; cash subscrip¬
tions
for
basis,
tions
amounts
over
$5,000
be allotted on an
will
equal percentage
subscrip¬
of which Treasury notes of Series D-1936 are tendered
but not less than the maximum preferred allotment; and
in
payment
Allotment notices will be sent out promptly upon
will be allotted in full.
of 0.130% compares with rates on recent
bills of 0.149% (bills dated Sept. 2), 0.170%
The average rate
issues of 273-day
(bills dated Aug. 26), 0.194% (bills dated Aug. 19),
(bills dated Aug. 12), 0.230% (bills dated Aug..
0.224% (bills dated July 29).
0.213%
5), and
Thereabouts, of 273-Day
Dated Sept. 16, 1936
Announcement of a new offering of $50,000,000, or there¬
abouts, of 273—-day Treasury bills was made on Sept. 10 by
Henry Morgenthau Jr., Secretary of the Treasury, who said
that the bills will be sold on a discount basis to the highest
bidders.
The tenders to the offering will be received at the
Federal Reserve banks, or the branches thereof, up to 2 p.m.,
Eastern Standard Tim£, Monday, Sept. 14.
Tenders will
not be received at the Treasury Department, Washington.
The new bills will be dated Sept. 16, 1936, and will mature
on June 16, 1937.
On the maturity date the face amount
of the bills will be payable without interest.
There is a;
maturity of similar securities on Sept. 16 in amount of
$50,215,000. The following is from Secretary Morgenthau's
New Offering
allotment, and the basis of the allotment will be publicly
of $50,000,000, or
Treasury Bills—To be
announcement of
Sept. 10:
only, and in amounts or
$500,000, and $1,000,000
They (the bills) will be issued in bearer form
denominations
$1,000,
of
$10,000,
$100,000,
(maturity value).
i
.
Each tender
expressed on the
than three decimal places, e.g., 99.125. Frac¬
Ne tender for an amount less than $1,000
multiples of $1,000.
basis of 100, with not more
will be considered.
The price offered must be
Tenders will be accepted without cash
and trust
*
"
tions must not be used.
submit subscriptions for account of customers, but
Reserve banks
Federal
the
thorized to act
Federal Rerserve banks and
the
at
Department, Washington.
Treasury
tutions generally may
to 99.897, equivalent to a
bank discount basis.
must be in
Subscription and Allotment
be received
will
the
bids ranged in price from
The accepted
under rules and
regulations prescribed by the Secretary of the Treasury.
5.
of Sept. 4 Secretary Morgenthau
stated:
redemption shall cease.
interest on the bonds called for
taxation
be redeemed
by such method as may be prescribed by the Secretary
will be determined
The of¬
announced late Sept. 4.
Secretary of the Treasury
the United States on and
and accrued interest, on any interest
Standard Time,
fering of bills, which are dated Sept. 9, 1936, and which
mature on June 9, 1937, was referred to in the 4'Chronicle"
15, 1959, but may be redeemed at the option of
after Sept. 15, 1956, in whole or in part, at par
They will mature Sept.
the Federal Reserve banks and
to 2 p. m.,. Eastern
up
about 0.124% per annum,
Description of Bonds
The bonds will be dated
1.
that date at the rate of
thereof
Sept. 4, to the offering last week of $50,000,000, or there¬
abouts, of 273-day Treasury bills, totaled $140,137,000, of
which $50,147,000 were accepted, Henry Morgenthau Jr.,
pursuant to the authority of the
Treasury,
of the
Secretary
The
1.
Second Liberty
'
'
•
Offering of Bonds
I.
;•
The tenders received at
the branches
deposit from incorporated banks
Tenders from others must be
accompanied by a deposit
10% of the face amount of Treasury bills applied for,
of
are
dealers in invest¬
companies and from responsible a,nd recognized
ment securities.
unless the tenders
accompanied by an express guaranty of payment by an
bank
or
incorporated
trust company.
tenders on Sept. 14,
branches thereof
announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final
Immediately after the closing hour for receipt of
1936, all tenders received &t the Federal Reserve banks or
up
the closing hour
to
will be opened and public
Those submitting tenders
thereof.
made at the Federal Reserve banks in cash or
funds
on
rejection
will be advised of the acceptance or
bills allotted must be
other immediately available
Payment at the price offered for Treasury
Sept. 16, 1936.
and any
all
taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.).
No loss from the sale or other disposition of the Treasury bills
The Treasury bills will be exempt, as
gain from the sale
shall be allowed
or
as
of any tax now or
a
deduction,
or
to principal and interest,
thereof will also be exempt, from
other disposition
otherwise recognized, for the purposes
hereafter imposed by the
United States or any of its
possessions.
Treasury Department Circular No.
418, as amended, and this notice
the conditions of their
prescribe the terms of the Treasury bills and govern
announced.
issue.
IV.
Payment
1. Payment at par and accrued interest, if any, for bonds allotted on
!
cash subscriptions must
or
on
later allotment.
be made or completed on or before Sept. 15, 1936,
In every case where payment is not so
the payment with application
for shall,
upon
up to
completed,
10% of the amount of bonds applied
declaration made by the Secretary of the Treasury in
his
discretion, be forfeited to the United States.
Any qualified depositary will
be permitted to make payment by credit for
bonds allotted to it for itself
and its customers up to any amount for
of existing
district.
deposits, when
so
which it shall be qualified in excess
notified by the Federal Reserve
Treasury notes of Series D-1936, maturing Sept.
be accepted at par in payment for any bonds
and such payment should be made when the
V".
1.
As
fiscal
agents
of the
bank of its
15, 1936, will
subscribed for and allotted,
subscription is tendered.
States,
Federal
authorized and requested to receive subscriptions, to make
to the Federal Reserve banks of the
full-paid subscriptions allotted,
respective districts, to issue allotment
and they
may
issue interim
receipts
pending delivery of the definitive bonds.
2.
and
$2,800,675.50
new
GOLD
The gold, the Treasury
BY THE
various mints
4:
MINTS AND ASSAY
Imports
Philadelphia..
New York
San Francisco.
Denver
New Orleans..
$10,349.12
20,158,500.00
1,280.756.25
33,372.07
12,648.84
OFFICES
Secondary
Total for week ended Sept. 4,
$115,146.69
133,000.00
27,393,86
15,711.03
\New Domestic
$1,025.78
294,500.00
.
1,378,320.82
522,835.06
1936 $21,495,626.28
21,382.48
58.34
7,520.07
Seattle
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
domestic.
made known, was received as follows by the
and assay offices during the week ended Sept.
allotments on
of the Treasury
notices, to receive payment for bonds allotted, to make delivery of bonds
on
$24,616,455.91 of gold was received during the
Sept. 4 by the various mints and assay offices,
the Treasury announced on Sept. 8.
It said that $21,495,626.28 of this amount was imports, $320,154.13 secondary
A total of
Reserve banks are
the basis and up to the amounts indicated by the Secretary
Week
week ended
RECEIPTS OF
General Provisions
United
Gold Receipts by Mints and Assay Offices During
Ended Sept. 4—Imports Totaled $21,495,626
603,935.50
$320,154.13
$2,800,675.50
Volume
Financial
143-
Chronicle
Silver Transferred to United States Under Nationalization
Order
During Week of Sept. 4 Amounted to
A
Ar,
™r.
made
was
i^T
+1,^
m,Ann„„T
At the present
+
__
by the Treasury Department
on
May.
Aug. 9, 1934, nationalizing the metal,
Treasury said that 112,971,034.32 fine ounces of the
he did not
Alio-
of
Q
whioh
o-iVpti
wfltj
in
nnr
i«<jnA
nf
Ano-
1Q34-
11
The total number already authorial
allotment
.
of Sept. 8 the following
s announcement
This
SILVER TRANSFERRED
TO
UNITED
STATES
Week Ended Sept. 4, 1936—
;;
------
!
------
,
to
.
jobs
raised today to 180.000 by the
was
North
to
;
South
Dakota,
;v
.
coincided with
With WPA
Resettlement
a
Dakota,
;
the rolls.
on
Administration report
that
now
1
.
spending about $9,000,000 and the Resettlement Ada month, officials said that expenditures of each
would be doubled when the relief loan reached its peak.
65.82
New Orleans
,.
Seattle--
Ressettlement officials added that they were considering
Total for week ended Sept. 4, 1936
In the "Chronicle" of
which Congress is expected to make a special appropriation.
Although the demand for WPA jobs slackened for
231.37
-
Total receipts through Sept. 4, 1936
to
program
a
cost a total of $70,000,000, in addition to expenditures for seed loans, for
——
1
■"
additional
ministration $2,000,000
165 55
Denver—
;
action
100,000 already
Fine Ounces
\
—
San Francisco
I
21,500
50,000 farm families would require loans and grants this Winter in addition
(Under Executive Proclamation of Aug. 9, 1934)
Nev^York*a~
of
Missouri and Montana.
is taken:
-
'
expect it to exceed $500,000,000.
,
given in our issue Ot Aug. 11, iy.i'l,
Treasury
or
WPA, the administration's main drought relief agency said, today in a
Statement that "at least" 360,000 jobs "will be necessary to meet the needs
of all drought victims before the end of the winter.'
metal have been transferred since the issuance of the Order
page 50io.
b rom the
rate of spending excluding drought outlays, this year's
In his recent budget summary President Roosevelt said he could not
specify until later how much additional money would be needed, but that
Executive Order of
™,,T Brie
$125,000,000 by
$1,425,000,000 relief appropriation would be exhausted by next April
Dept. o Oi the transfer or 231.37 line ounces Ot silver to
the United States during the week ended
Sept. 4 under the
The
would amount to more than
the time farmers in Western, Midwestern and Southern States shake off the
grlp of the worst dry weather on record in this country.
231.37 Fine < Ounces
Announcement
1647
Resettlement Administration
112,971,034.32
rains in
the great plains, the one improvement
time after recent
a
noted in official quarters.
Sept. 5, page 1489, reference was
during the week ended Aug. 28.
today
in Wy<^g'.whose fPA,
q™ta was red^d fro™ 2£°!>
t0 2'000 because of the improved outlook for late crops and Fal1 pastures'
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 1,362,108.05 Fine Ounces During Week Ended
Sept. 4
President Roosevelt Asserts Nation s Credit Is Soundest
in Its History
Makes Statement in Speech at
Springfield, 111.
Confers with Governor Horner
made to the silver transferred
Receipts
of
Offices
from
During the week ended Sept. 4
ounces
of silver
turned
were
a
over
total of 1,362,018.05 fine
by the Treasury Depart-
ment to the various mints and
assay offices,
a
statement issued Sept. 8 by the
it is learned from
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
was
24,421,410 fine
ounces
of
newly-mined silver annually.
Since Dec. 31, 1933, a total
of $99,470,050.50 fine ounces of metal have been turned
to the mints and
assay
over
clamatioa
Reference to the
pro-
made in the "Chronicle" of Dec. 31, 1933,
The Treasury's statement of Sept. 4 follows:
was
4441.
page
offices.
receipts of silver by the mints and assay offices
SanTnmcisco"
Fine Ounces
"""""
—655
Denver.
888 14
16!33SJ1
-.9T-*
P
•
1362,108.05
made after a telephone conversation with
Secretary of the Treasury Morgenthau, was included in the
course of a short address
at Springfield, 111., where he
acknowledged the greeting of 20,000 persons who awaited
liim at the railroad station when he arrived to confer with
Governor Henry Horner of Illinois on the drought problem
of the State.
While at Springfield the President visited
memorials to Abraham Lincoln.
Previously he had spoken
at Hannibal, Mo., as noted in the "Chronicle"- of Sept. 5,
1490.
u-PpjfTr
and
of
might add that the obligations of the government—of the United States—
on
are
aShinftt0n
ur
draw up
"that can be
after
crowdled
a
sippi River
plans for certain work" in the drought
undertaken immediately," Mr. Cooke
area
an-
following a conference at the White House.
The
President's trip is referred to elsewhere in the "Chronicle"
of
today.
Mr. Cooke said that "this would mean surveyingthe southern part of the
(drought) area."
would include aerial mapping,
C°1*T^ons' types section. use, &c.
°f land
cut there in that
,He added*
plotting,
mapping of soil
Actually, it is the start of the
make
two
the
to
Crop Reporting Board of the United States Department of
Agriculture, in which the Board states that "considering the
vejt
Ihe Board, which in its
report
month ago forecast that the current corn
crop would be
the smallest since
1881, now states in its latest report that the
corn crop will be the smallest in 55
years.
The crop was
estimated by the Board at 1,458,295,000
bushels, an increase
of 1.3% over the earlier estimate
On Sept. 4 Sweetwater
County, Wyoming; one of the
PAitnfioij
™
emergency
states
on
escorted
was
relief
in
thai-
work
Or
the
Qtofn
,irQQ
.
7;
the first Since the United
Agriculture Drought Committee began
July 7 designating the official drought territory.
Howthe Committee on Sept. 4 designated 17 additional
ever,
counties in Texas and three in Arkansas
in the
emergency
as
bringing the national total to 1,111 in 23 States
Predicting that jobs and other relief for drought-stricken
farmers will cost double the
original estimates,administration
area,
aide,
by
Sir'""
the Missis-
over
and
memory,
made
an
streets
to
111.
deposited
through
crowded
Abraham Lincoln.
where
Colonel
wreath
a
first
He went
Edwin
for him,
ran
Illinois
in
Horner
into
on
The
to
had1
the
M.
and
Executive
conference
a
Governor
been
on
estimated
Watson,
then
to
on
affected
to
a new relief
this fiscal year ends June 30, 1937, was estimated
as
appropriation before
at least
$20,000,000
a
month.
drought relief costs have totaled about $15,000,000, but it
was
predicted that expenditures by the Works Progress Administration
and the
Mansion
for
100,000
of
the
degree
by
the
some
not necessarily relief
are
a
drought damage and
that
one
cases.
held yesterday
at Des Moines- in which Governor Landon and other state Chief Executives
participated, and consisted primarily of an exchange of ideas between the
and
At
advisers
the
and business
officials
table
luncheon
the
right.
Senator Dieterich
was
President
was
Roosevelt
seated
hie
tour and
was
seated
the
right of
Horner's left.
Governor
on
on
a
score
of
Illinois.
Kelly
Mayor
him
accompanying
of
men
Senator
to
Governor
on
Mr.
Roosevelt.
Lewis,
who is
running for reelection this year, was unable to be present.
The drought conference broke
in the late afternoon, and this evening
™lt ™tertaiM<J Governor Horner, Mayor Kelly Senator pieterieh
Mr;
hif
jja
rivate
^ Admm,strator' at dmner
car"
arranged to leave at midnight
he will
apolis, where tomorrow
call
Governor
on
' afterward
for
(Central Standard Time) for Indianconclude his current tour with a similar
Paul V.
McNutt and other officials of
Washington.
:
Indiana, departing
•
,
.
In a speech after the drought conference, President Roosevelt made
appeal for cooperation in solving economic problems.
Speaking to about 2,000
'"Tj" the
all part of
"We
are
Mr.
Roosevelt
listened
a
persons
who had stood for three hours
Mansion Waiting for him to
one
told
big whole, and
his
small
regional radio
we
immediate
on
an
the
come out, he said:
have got to stick together,"
audience
and
persons
who
hook-Up that
he was seeking an "integrated
laugh for using such a complex phrase.
He
said he believed that people in cities and rural districts and in all parts
on
economy," apologizing with
of
tbe country had
a
become
conscious
of
the
interdependence
of
various
regions and urged the development of a broad form of nationalism
would ccniP]cte thie realization.
This would' promote better
favmers' the President added' and better
-n.
H E„d. W
v»
that
for the
Mid-VP...
Zzz":
Washington
t.
prices
wages in cities-
.»
Harry L. Hopkins, the Works Proeress
Administrator, recently said would require
bridge
new
The conference itself followed the lines of the large
to
Todate
a
history."
to remain until midnight,
m.,
drove
to
Tomb,
Governor
which
Pr.iid.nt
The resulting expenditure, which
President
Lincoln
Illinois.
in
farmers
221,000
Jn. m that State, was removed fr°mthehst of
drought counties,
Department
Barry,
..drought, although the greater part of these
a
drought tins season:
lnro-oct
to
to memorials
granite
belated luncheon,
whole recent rains appear to have been sufficiently widespread to prevent further deterioration of
crops
a
before in its
p.
He Visits Lincoln Memorials
here
House military
Horner's
of
2
Mark Twain's
to
Hannibal
pilgrimages
large
White
work
That the situation resulting from the
drought has eased is
evidenced from the Sept. 1 estimates of the
grain crops of the
irom
ever
day in which he dedicated
arrival
his
'
country as
than
here at
Hannibal, Mo.,
at
tour from
;'>'■
On
President
survey
arrived
***** the South this
on Sept. 7 authorized Morris L.
Electrification Administration, to initiate
nnounced
This
basis of credit
sounder
a
President Roosevelt
Area
Resident Roosevelt
j'
j
Sept. 4 to the New
Washington," Mr. Roosevelt told the crowd, and then he added. "I have
been talking to the Secretary of the Treasury in regard to new financing.
Roosevelt Starts
Drought Program—Orders
Surveyed and Mapped—
County in Wyoming Removed from Emergency List
—500,000 Families Expected to Need Aid Until
Spring
*
week,
A Springfield /lispatch of
York "Times" reported his remarks in that city as follows:
"Modern science makes it easier for the President to be away from
automobile
Part
.
His statement,
^
Southern
■
,
on
.
.....
99,470,050.50
The receipts of newly-mined silver
during the week ended
(Aug. 28 were reported in these columns of Sept. 5, page 1489.
President
;
.
the soundest
basis in its history, President Roosevelt asserted on Sept. 4.
I
—
JaJq!
,
prge
(Under Executive Proclamation of Dec. 2i,
1933) as amended
Week Ended Sept. 4, 1936—
on Drought
,
The credit of the Federal Government is
,
„
'
,
,
President Roosevelt returned to Washington early on
Sept. 6, concluding a tour of drought-affected States which
he began on Aug. 25.
tour was held at
with
His final conference
Indianapolis,
the Governors
and
most
on
Of
on the
inspection
Sept. 5, when he' talked
the
Senators of Indiana,
Financial
1648
Ohio and Kentucky, and exchanged with them
concerning the current program to alleviate
the condition of drought sufferers.
It was reported that
Michigan,
general ideas
a common ground of understanding
conservation is the principal solution
conferees reached
the
on
the basis that soil
of
the
The conference at Indiapanolis, and the
on
that occasion, were described as
Indianapolis dispatch of Sept. 5 to the New
problem.
remarks
President's
follows in
an
as
and
Vandenberg
Republicans of
Fitzgerald,
Governor
Michigan,
partici¬
conference.
Among other State officials gathered here as guests of Governor McNutt
were
Senators Van Nuys and Minton of Indiana, Governor Chandler and
in today's
pated
and Logan of Kentucky, and Governor Davey and Senators
Senators Barkley
Bulkley andi Donahey of Ohio.
At the luncheon the President epoke as follows:
old friend, Governor McNutt, that I would say a few words
told my
"I
this most wonderful day.
these visits to Indianapolis.
In the 1932
campaign I think the thing that stands out most clearly in my memory
greeting and thanks for
of
shall
"I
visit
thank
"And
tune,
that
Nuys
had
"We
of
more
luncheon.
delightful
most
a
and
the
fine
I
was
"I
to
0 and
for
D, and
York
"There
The bandmaster came to me before the
'Would it be all right
to play the proper tune?'
me
Things went all right through the
only
to
not
am
Georgia.'
played 'Marching Through
talking politics
and
1936
drought to
you—I have been doing that for nearly two weekB.
"I do want to say this, and I think I can say it with perfectly good
and
faith
without
politics
bringing
trips I
This
it:
into
August and beginning of September, 1936,
trip,
at
the
end
of
is a tremendous contrast to the
making and lots of other people were making in the autumn
was
day in going through the
country districts and the manufacturing districts, not only the garb, the
clothing of people, but the faces of people.
It was a harrowing experi¬
ence as
I campaigned in that year, because there was such obvious want
shall
Albin
would
"And
"Those
as
was
an
wear
too
property. Those who would
effective power to bargain collectively
and to earn a decent livelihood he described as persons "who
threaten this country with that class dissension which in
other countries has led to dictatorship and the establish¬
ment of fear and hatred as the
dominant emotions in
entitled to as much respect as
refuse the worker the
wasn't enough clothing to go
'round,
enough food to go 'round.
better
that
than
they
at
were
I
that time.
think
Says Trip Has Been Happy
how they
is
not
question, in
a
judgment, that ought to be brought into
my
forward
that
the
to
hard hit by
who have been
the year without
"That is
is
I
I
among
so
told
"I
saved
That
I
to
say,
conditions
are
much better
with
to
and run a joint campaign and we would both
to
alive only
but
State
see
conferences
you.
were
Compared with its ravages in
problem
raised by
it
I
shall
Y6t
Many thanks for a delightful day."
brief because the drought was so mild.
Says Work Relief and Not Dole
Drought Sufferers—In Radio
End of "Dust Bowl" Tour Says Federal
Spending Has Spurred Business—Announces Allo¬
cation of $2,500,000 to Federal Employment Service
The
relief,
Federal
Government
than
rather
President Roosevelt said
tion-wide
tour of
will
continue
to
provide work
for victims of the drought,
Sunday night, Sept. 6, in a Na¬
the dole,
on
radio broadcast in which
he
discussed
his
recent
and the program he proposes to follow
in handling this and similar crises.
He said that the Gov¬
ernors
his
drought
of
persons
had
States
with
whom
he
had
conferred
on
trip agreed that work relief and not the dole must be
furnished
drought
sufferers,
assured
were
shielded
and
of
raised
and
he
asserted
that
these
"the same protecting arm which
up the industrial workers of the
rest of the country."
American
have
not
the
work-relief
He
declared
program
that
of wheat so blasted by heat that they
forget field after field of corn stunted,
for
think
you
minute
single
a
carried
stockmen
and
their
and
and
tenacity
wives
their
It
courage.
and
First,
let
subsistence,
talk
me
have
We
minute
for a
the
option,
of putting
them,
in
do not want to go on the dole,
We agree,
and when
therefore, that
but
to
this
will
of
for
Federal
the
industrially
spending
has
been
unemployed.
responsible
They
1,000% right.
are
working not
by
buy food for their stock,
scheme
actual
putting them to work.
or
kill two birds with
we
things there
I
the
that
individual
the
cost
must
be
that
work
then,
families
of
fit,
have
the winter,
them¬
subsist
government lending
the
course,
talked is in
will
of
care
Governor
as every
their
unemployables
entirely able
are
with
accord
families, just
take
those who
loans.
this
production
full
willing
and
by the Federal Government.
as
do
we
require
today,
the approximate
form of
some
number
work relief from
now
of
farm
through
on
face the question of what kind of work they should do.
we
make
me
already been
borne
will
States
employing
know,
we
who
of
stone, because
to
and seed for next year's planting.
of providing work for these farm
program
to
whom
decent wage;
a
one
only
agencies which next year, as in the past, will help with
Every Governor with
the coming
who
must put them to work for
we
enough
earn
have
need
families
of
case
and they
reach that decision
we
families
the
the dole
on
it is
•'
about this autumn and
fight
winter.
who
children,
fathers' task to make
our task to help them
their
was
it is their task to keep those homes;
their
but
is
and inspire us with their self-reliance,
through desperate days
on
homes;
Into
there
that
these
in
grasshoppers are a permanent match for the indomitable
no
farmers
it
that
clear
answered
drought
drought
conditions,
planning
to
communities.
this
is
greater
a
not
a
it has
question, because
new
lesser
or
in every
extent
the
of
one
a
Beginning
the
State
in
when
1934,
Federal
and
also
we
serious
had
in
large number of projects—many of them directly aimed at the
alleviation of future drought conditions.
accordance
reservoirs
the
have
level ^of
with
been
the
Thousands of
that
order
and
this
of
to
In
have
the
Here the
stock and
to
water
drilled
from
by
or
are
such
means
wells
protect
States that
West
these
as
being
is
projects
run
lie
dry.
going
expanded
have
a
as
the Western
area,
further south.
soil
to
more
lift
to
deepened; community lakes
being pushed.
conservation
water
small
or
supply water for
drought, all through the Great Planes
the
Middle
work
been
irrigation projects
new
belt and in
corn
underground
wells
cooperated
governments
literally thousands of ponds
progTam
in
built
conservation
is
not
pressing
60
erosion control and
problem.
the
building
of farm-to-market roads.
Spending like this is not waste.
not
spend
for
to
buy
money
the
on
will
hit
such
by
things
food
and clothing
provide seed
soil
and
water
in
It would
These
now.
they
farm;
conserve
for
a
work projects
emergency
for the
the
spell future waste if
winter;
new
future
crop,
in
they keep
and,
those
best
areas
did
livestock
the
they
all,
of
most
we
provide
frequently
drought.
"Spending to Save"
If, for example, in
and
the
water
topsoil
and
the
to
cities will
and
stores will
have
away,
People
no
have
local
some
blow
soil.
the
no
on
farm
area
water
values
table
will
continues
to
drop
disappear with
the
the farms will drift into the nearby cities;
trade,
jobs.
the
land
the
and
the
workers
in
the
city
factories
Property values in the cities will decline.
If, on the other hand, the farms within that area remain as farms with
better water supply and no erosion, the farm population will stay on the
land and
His proposals for drought relief were almost the same as
never
areas
all the
form
drought regions, or that the picture I saw
depopulating these areas.
No cracked earth, no blistering sun, no
meant
Furnished
Address at
livestock
saw
pastures which would not keep a cow on 50 acres.
disaster
permanent
been created
comparatively simple.
Roosevelt
Be
I shall
.
the Western States visited! by the President,
were
I
stripped of leaves, for what the sun left the grasshoppers took.
would
I
the fields
forget
never
brown
saw
result
Will
coming winter.
water had been brought to them long distances
farm families who have not lost everything,
they have made only partial crops must have some
cannot be harvested.
Water
President
lack of winter feed,
and will need
or
help if they are to continue farming next spring.
of
I
grass
other
saw
because
who
thousands of
thousands and
are
of
the
through
these
because
I
cars.
,
fine to
corn
but their breeding stock,
sell all
to
even
carry
tank
in
In
money.
lost their
crop,
share the same difficulties.
who, because of lack
compelled
kept
but there
case,
farms who
cattlemen
been
If,
this trip of nearly two weeks I am going back
teamed up
extreme
Western
on
saw
have
the
was
families
Let
has been
The
Even people
a
might have
"It
has been a happy trip.
happy frame of mind I am glad to be here in Indiana
many old friends of both parties.
Arthur Vandenberg that if he had been nominated against me
in
wheat
lost the water in their well, lost their garden
and come through to the end of the summer without one dollar of cash
resources, facing a winter without feed or food—facing a planting season
without seed to put in the ground.
livestock,
lost their
crop,
agrees
the drought have a new courage to go through
happy
am
to defend the people of this country
droughts.
saw
crops.
Washington
the
hope than they
more
only in the drought area, but here in the State of
not
"So, at the end of
we
great deal
a
losing hope.
true
where,
Indiana,
regard to
have
with
future
this trip of mine
reason
taking
are
drought devastation in nine States.
talked with families who had lost their
I
are
possibly have looked forward to in 1932.
"For
,,
of all parties and in every section,
the people of the country,
could
States; to see how effectively Federal
care of pressing problems of relief, and
to work together
are
against the effects of future
selves
politics,. into the partisan give and take of a campaign—it is a fact,'and
looking
authorities
local
also
primarily to see at
I went
husbandry.
of
journey
a
on
conditions in the drought
hand
first
these
today
been
have
I
went through, and I am thankful,
we
everybody who
goes through the country
at the present time feels that we have come
through a very dangerous and a very sad experience.
lot
address follows in full:
The President's
win
that today the faces of the people and the clothing they
show that their mental condition and their physical condition are a
"It
life."
human
their
there
true;
difficult years
were
and equals," and he added that labor is
between "free men
burning wind,
American,
whole
workers in
were
through here.'
all
was
there wasn't
and
every
going across the State of Kentucky he
'You have the same clothes that you had in
Barkley and I
I
it
almost
part of the country.
jokingly perhaps,
say,
when
1928
reinember,
always
almost every
"As
analysis of the relationship between employers and
this country.
This relationship, he said, is one
brief
earless and
1932.
"I
Mr.
help
won't talk
and I
this trip,
on
relief
the effects of the drought and the
that will be followed by the Federal Government,
Roosevelt devoted the conclusion of his address to a
program
of
piece
one
Contrasts 1932
"I
of
bad news: we have been trying at the
get Senator Barkley of Kentucky to sing 'Wagon Wheels.'
is
head table
roll
down to G, and they called Georgia, and this
got
we
City band
the
when
said,
'That is a splendid idea.'
said,
an
ganization.
and
saying
your
and
opened
is called
States
in
additional sum of $2,500,000 for the
On this
me.
in the recent past.
magnificent band.
a
convention
of
decent wages."
allocated
Square Garden, at the Democratic Convention.
Madison
New
He announced that he had
Federal
Employment Service, and he urged both workers and em¬
ployers to avail themselves of the facilities of that or¬
ployment at
almost—
orchestra knows when to play the right State
which is somewhat different from what happened! back in 1924 in
Nan
Fred
A,
for
you
city
the
of
more
see
has been carried on
work that
those millions,
in- front of
that sea of / faces
seemed millions—with
I have been glad to
they
with
circle
the
in
wonderful meeting
that
was
remember
always
to the unemployed would
decent jobs in private em¬
ment, and added that assistance
continue "until all workers have
After discussing
Today's conference, lie the one at Des Moines, was non-partisan.
Just
Governor Landon was invited to the first meeting, so today Senator
in private business and unemploy¬
for much of the advance
"Times":
York
Sept. 12, 1936
Chronicle
will
prosper
increase
That is why
to save
and
instead
money.
the nearby cities will
of
prosper,
too.
Property values
disappearing/
it is worth
our
while
as
a
Nation to spend money in
order
I
effect
good in its
with
is now doing and always will do
The very existence of the men and
making clothes worn
area
State outside it.
every
working in the clothing factories of New York,
the workers in the steel mills in Pitts¬
and in the harvester factories
the farmers' ability to purchase the commodities
farmers and their families; of
by
burgh, in the automobile factories of Detroit
Illinois, depends upon
of
the
In
beef,
more
dairy
it
way,
the
in
factories
eat
the purchasing power of the workers in these
cities that enables them and their wives and children to
same
pork,
more
and
products,
is
buy
to
&uit and more
clothing made from cotton, wool and
wheat,
more
more
leather.
In
physical andl
a
I
property senge,
a
well
as
in a spiritual sense, we
as
of another.
one
that
it clear
make
to
want
no
the
simple panacea can be applied to
Plans must depend
soil characteristics,
altitude and topography.
Water and soil conservation methods may differ
in one county from those in an adjoining county.
Work .to be done in
the cattle and
sheep country differs in type from work in the wheat
problem
drought
drought area.
the whole of the
in
for these vary with annual rainfall,
local conditions,
on
country or work in the corn belt.
recommendations
report
be
State
and
Using that
in entire accord
region.
that
for
program
successfully and
cooperating
are
planning
boards.
into operation the people more and more will
maintain themselves securely on the land.
That will mean a
get this program
we
able
long-term
a
we
Governors
the
As
for
basis
a
as
given me its preliminary
Plains Drought Area Committee has
Great
The
with
to
Government and
important, it
will mean a greater contribution to general national prosperity by these
regions which have been hit by drought.
It will conserve and improve
decline in
steady
States
the
had
have
to
in
Federal
which the
burdens
relief
assume
time of
but,
drought;
The
people in the drought
State
or
jobs
was
and
of
They want for themselves and their
opportunity to share fairly by their own efforts in the progress
an
want
the
national
against
another
like
year
himself
tive
matches
bad
in
as
function
also
It must function when
crop years.
when
have
we
bumper
Price
maintenance
The
of
States
prices of industrial products is
of
Nation
a
On
of
We
learn
of
inexperience.
preparation;
Remember
that the
only
the
I
times,
bumper
of
impressd
with
efficiency
general
the
by the drought.
this.
us
But
which have
In 1934
time
as
has
The
given
obtaining
on
the
who
originates
best
able
gone
we
on
done only broad
com¬
Local projects
the
character
of
On
for
and
Federal
heads
their
of
Government
all
in
women
the
experts
States
from
shown cooperation
has
these
concerned,
agricultural
together
colleges
I
up.
who
have
am
grateful
accepted
with
dollars
people
area
not
are
afraid to
use
works
their
State
State planning
in
and
men
the work
methods to
new
willing to cooperate.
erosion
they will work with
We
not
local,
to
not
agricultural
With
in
meet
have
the
of
shall
fallowing
summer
out.
continue
They stand
to
help,
the farmer
committees
and
or
crop
ready
to
to
other
do
those
cooperative
of government.
tonight to. deal with other and
more
help
conserve
long-time
we
soil,
tiding
are
comprehensive
water
conserve
defenses
against
and
both
life.
conserve
low
farm policy that will
a
prices
serve
and
We
are
We
are
going to
We
welfare.
this
Tomorrow
ment.
millions
of
deserves
the
Reemployment Proceeding Rapidly
why
Labor
is
working
people
I want to
Day.
The
end by
brave
winning
are
respect and admiration.
It
is
their
like
with
way
"
•
the courage
which
out
in
is
of
so
many
depression
of the farmers
reason.
The
second
is
that
equally with healthy agricultural conditions as a
prosperity.
Dependable employment at fair wages
important to the people in the towns and cities
agriculture.
Our
people
manufacture
and
the
buying
healthy employment
stand
national
in
must
crops
have
they
the
as
ability
produce.
Thus
buy
city
over
again
merchant
in
buttress
is
just
of
as
to
the
goods
the
the
of
work
the
work of
make
consumer
community.
purchasing
power
audi
and
farm
to
to
to make, to find oppor¬
registered with it.
sustain
every
and take full advantage
service.
This does
relief
employment
employment
lessening of our efforts under our WPA
any
until
programs
have decent-
all workers
We do not surrender
decent wages.'
at
have
We
that
those
had
does
for
curtail
to
our
the
government
those
to
wants
employed
now
of the American people
government
and local
State
But
to discharge that responsibility.
as necessary
the government
minimum
a
national,
in
long
that
work
them
will
the
that it is
proof
represent
as
mean
private
ample
who
should continue
get
and thus to
work,
government
on
to
resource
every
use
expenditures for direct employment.
Tonight I ask employers, large and small, throughout the Nation to use
the
help
State and
the
of
in the
Employment Service whenever
Federal
general pick-up of business they require more workers.
a
class
had
is
Labor
holiday.
other
the
Day
been
this
in
has never been
country
holiday.
national
a
holiday
national
a
as
accepted
Labor
always
has
countries
less
or
It
significance
more
Day.
than
it has
It has
never
now.
relationship of employer and employee has been
class
relationship
as
a
as
essential
readily
not
be
broken
way
of life,
to
through.
this
In
that
the
country
insist,
we
an
employer-employee relationship
of the American
should be
between
one
free
men
equals.
We
refuse
from
to
But
their
those
to
entitled to
labor.
live
hand
and
return
from
brain
deserve practical
They
a
who work with hand
who
brain
or
their
different
insist
as
We
property.
much respect as property.
as
with
workers
our
those
regard
inferior
or
that labor is
deserve
rising standard of living, and to accumulate
than
more
in
protection
respect
for
the opportunity to use
adequate to support them at
decent and constantly
a
margin of security
against
opportunity
a
are
the inevitable vicissitudes of life.
The
avoid
average
the
must have
man
growth of
Labor
There
those
are
American
fail
to
read
would
They
to bargain collectively,
power
twofold
if
we
to
this country.
in
Day Symbolizes Hope of All Americans
who
history.
that
class-conscious society
a
try
to
both
the
refuse
to
earn
signs
the
the
of
worker
and
times
effective
any
decent livelihood, and to acquire
a
security.
It
is
those
with that
and
short-sighted
of
in other
and
fear
life.
rest
of
one
in
and
as
whose
us
building
which
in
this
to
dominant
country
dictatorship
emotions
in
well-being depends
orderly
an
on
all
can
economic
be
from
secure
the brink of
theirs,
know that
democracy
the
kind
common
in
our
which
of faulty
ruin
seven
and all
needs
all
can
economic
years
ago.
cleavage between white collar workers and manual workers,
and
artisans,
musicians
and
mechanics,
lawyers and
no
and
architects
Labor
Tomorrow,
Day,
and
miners.
belongs
to
symbolizes the hope of all Americans.
Fourth
without
symbolizes
average
threaten
has led
artists
accountants,
which
the
brain workers andl manual workers alike,
which brought us to
is
between
who
countries
hatred
'
All American workers,
the
labor,
not
ones,
dissension which
class
establishment
the
of
July
commemorates
economic
freedom
all
of us.
Tomorrow, Labor Day,
Anyone who calls it a class holiday
is
democracy.
our
political
meaningless
man
freedom—a
indeed.
determination to achieve an economic
which will give his political freedom reality.
our
freedom
Labor
freedom
for
Day
the
♦
they
wages
are
to
and a half million
make an even more
two
responsibility to the unemployed.
The
good farm income is
to
making
equipped
been
yet
will be
other
and
con¬
the two strong legs that carry the Nation forward.
Reemployment in industry is proceeding rapidly.
Government spending
was
in large part responsible for
keeping industry going and putting it
in
a
position to make this reemployment possible.
Government orders
were
the backlog of heavy industry; government
wages turned over and
power
has
challenges the whole concept of American
first
my
of
allocation
Employment Service
the workers to cooperate with
that there
private
There
drought areas.
That
ditions
the
it
than
urge
is
talking about reemploy¬
spirit
occupations—and to keep the
previous
to date for maximum service in
up
the
announcing
enable
intensification
PWA
jobs
profit
reasons
Public Works Administration projects—
on
and
women
industry.
am
I
mean
direction
Finds
two
are
and
are
That
hope for the future.
There
service
recent information in regard
more
private employment for workers
are
drought.
the national
Employment Service
Federal
to
Employers Asked to Use Eederal Agency
human
the presqnt emergency.
over
the relief rolls.
on
skills
their
to
to
to stop
or
nature.
conservation
agencies
or
them
carry
ways
soil
time
fine
going to have
our
and
local
will
wind-breaks
as
policies.
this
going to
the
and Federal
If terracing
us.
they
fight,
through
State
have
for,
helping,
are
things,
I
called
is
and
fit,
If trees should be planted
was
getting better and
men
search
in
Tonight
is
changes in nature, and to correct mistakes of the past.
If overgrazing has injured range lands,
they are willing to reduce the
If certain wheat lands should be returned to pasture they are
grazing.
rotation
I
more
their labor at
drought
jobs in
told by many employers that they
the information available concerning the skill andl
with
to
as
available
them
In
locality.
the
would realize their
employers
off the relief rolls and give them
men
actively at work
now
information
more
also to the
leadership
can
that
hope
Subsequently I
of
purpose
records of such
of
single
a
and
the
district offices and
labor can
through which
find workers.
facilities
Aug. 25 I allocated a relatively small sum to the employment
the
are
with and approval of the work which the
headed
States
expressed
I
satisfied
those
and
have
in 32
Federal
by the
served
are
service with 700
and employers
available
jobs
Allocation
help
the
though I asked the question dozens
against
them
by
providing
thus
experience of the workers
And it
and
give it.
to
covered
Nation-wide
a
offices,
spring
not
were
of
none
in the local
recommendations
are
entire trip,
my
complaint
no
project
listed from local information.
are
community
heard
elected
officials
developed
Tomorrow
and State governments have
a
The Federal-State coopera¬
•
Already employment services are operating
deep responsibility to take
it
project.
boards,
In
on
after
lpcal
worthy of note that
their,
and should
can
supplies
excess
years.
task created
Federal
work
Local needs
on
in
the
worked without blueprints and made the mistakes
we
Hindsight shows
Actual
munity.
decided
relief
deeply
the
industry.
in private
not
areas
private enterprise.
making fewer and fewer mistakes.
planning.
of
by which
in lean
use
the immediate
on
had
been
of
Last
and
Our modern civilization
years.
Government
registering
and for actually finding jobs for
provided by the States for
workers
of
created—a coopera¬
was
through which the Federal
the funds
skills
Service
Employment
enterprise,
splendid.
branch
intensive
must keep ever before us,
we
States
dollar
for
the
have
tunities
and
prices
farm
agencies of the Federal, State and local governments
moved in
those
aim which
an
means
have been
trip I
us
have
bad
successful
be conserved) for
my
those
in
even
more
can
years
Federal
and
1,000
must give constant thought to the sufficiency of the food supply
we
as
the
devise
and
Government.
of
between
traveled over the country
employer.
United
been
good
crops.
equilibrium
few
a
employment service, the worker,
unified
registered workers
has
tion
have drought; it
we
in
except
service,
employment
surely as did
as
Equilibrium Urged
fair
a
the
the
dollar
They
made
they
when
1932,
in
agricultural policy
Until this
government relief program.
the
free
no
no
occupations and
these
net
just
of
nor
State
the
was
farm prices in good crop years
Sound policy must maintain
drought.
must
sound
a
but had to sell them for prices that meant ruin just
well
as
want
permanent land use program will have an important place.
assurance
crops
there
Tonight
America
of
farmers
a
had
industry moved, often
as
In 1933
of America.
The
of
rolls
the
we
forced to
wandering after
which seemed always to travel just a little faster than he did.
He
often victimized by fraudulent practices of employment clearing houses,
the facts of employment opportunities' were at the disposal neither
Because
move
to
do not want to be dependent on Federal,
area
charity.
other kind of
any
families
which
off
to any nation
necessary
cities.
and
more
only property values, but human values.
not
workers
States
•
members
are
take
Administration
more
corn,
more
be saved.
small and large, had to
businesses,
which seeks to maintain the
democratic form of government in their case, just as certainly as in the
case
of drought-stricken farmers government spending has saved.
Government having spent wisely to save it, private industry begins to
produce.
they
their
with
men
Private enterprise is
on
drought
the
in
State
Every
business
women
1649
Chronicle
Business
small area
argument in relation only to a
the Nation as a whole.
however, used the
have,
holds
it
Financial
143
Volume
President Roosevelt at Third World Power Conference
Stresses Need of Making Available Natural
-
to
Provide
tion
of
Energies
Necessary for All—Conserva¬
Fundamental—Presses Button
Products
Resources
Starting Boulder Dam Turbines
Incidental to his address, yesterday (Sept. 11)
extending
greetings to the delegates present at the Third World Power
Financial Chronicle
1650
President Roosevelt at the con¬
pressed an electrical button starting
Conference in Washington,
clusion of his remark
Democratic
Charlotte, N. C., Says "Practical Pros¬
perity" Has Come Through Government Action to
Restore Purchasing
Power of Nation—Reviews
Steps Taken In Behalf of Growers of Cotton, To¬
.
,
needle valves at Boulder
instrument for stirring into
his audience to the Dam as the
psalmist—"Green Pastures and Still Waters"
President Roosevelt in address¬
ing at Charlotte, N. C., on Sept. 10 a "Green Pastures"
rally of Southern Democrats. "If history gives a name to
the age in'which we are living," said the President , "I hope
it will call this era of rebuilding—for it is my firm conviction
that unless, in our generation, we start to rebuild, the Ameri¬
cans of a centruy hence will have lost the greater part of
their natural and national heritage."
"Long before I went
to Washington" the President observed, "I was convinced
that the long road that leads to green pastures and still
waters had to begin with a reasonable prosperity. It seemed
axiomatic to me that a cotton farmer who could get only
'five cents a pound for his crop could not be in a position
properly to fertilize his land, or to terrace it, or to rotate
his crops, or to keep a cow or a few head of cattle, or to
plant a little orchard, or to cultivate a garden." The same
held true he noted, in the case of the farmer raising tobacco,
peaches and corn, and he declared that, "not only have we
aroused public understanding and approval of the need of
ending soil erosion and water runoff, but we have enabled
the public, through a practical prosperity, to begin to pay
their debts, to paint their houses, to buy farm tools and
automobiles, to send more boys and girls through school and
honored presence of
symbol of greater things in the future; in the
guests from many nations;
I call you to life.
describing this country as
In his address the President,
"relatively a young nation,, facing now the problems of a
matured national life" stated that "we have a strong con¬
that
viction
may
we
success
any
household of this nation now come
which
have in organizing the
of age, will depend in
which and the manner in
large measure on the degree to
which have
make available the natural energies
we
in great abundance. "Natural security" said
President, "requires that we have new points of view, and
that
given
us
do some things in different
we
ways."
He continued in part:
of economic security,
This matter
I take it, is not to be achieved by
of national income—real national income—but by
aiming for restriction
abundant and more widely distributed national income.
satisfying standard of living and security, for a national household of
aiming for more
A
130,000,000 people, is to be realized only by high productivity,
nearly
broadly and equitably
drain on natural
to its
distributed, and wisely proportioned with respect
Resources and to the variety of human wants it is
destined to satisfy.
It is for such reasons that your
and will be followed with minute
college."
According to the President history will
deliberations are of significance to us,
Your scientific and engineering
attention.
governments."
of attaining these successful ends" the
"individual liberties have not been re¬
moved, and inherent rights of the sovereign States have not
can
20 and 50 years
the duty of you who would be so
If the condition should arise, it is
It
it to think what would be the effect on our leisure,
I would suggest that the answer should not
greatly responsible for
the nation.
all manner of possibilities and simultaneously with .the
In anticipation of
and must take every precautionary
Fundamental among these is conservation of resources;
destroyed, it has been revealed by experience
particular forms of energy in which energy is
physical and mental
the
evaluation
included with coal, petroleum, gas,
seems
to me, a layman,
bility.
knowledge of the characteristics of electric
command over it.
Its
its transportability; its divisi¬
..."
by the characteristics of the steam engine, long
technically available a form of energy which should
had
have
we
What is economically sound is to
be determined by social accounting more than by present methods.
I had occasion recently to visit the great plains area of the United States
promote decentralization of
where the greatest
the
of acres, power
In planning for the better use of those millions
of the authorities among you
,
.
day may have to be apportioned to
alchool, processed
of the internal
qombustion engine; but in any event it seems most probable that a greater
use of electrical energy is absolutely essential in every sector, rural as well
as urban, in the United States, and, indeed in the whole world.
from the
It may be true that new application of
public policy will lead toward its
consumation.
.
.
going to see, I believe, with our own eyes electricity and power
made so cheap that they will become a standard article of use, not only for
agriculture and manufacturing, but also for every home within reach of an
electric light line,
"
which
world that have cheap power
conclusively that the cheaper the power the more of it is used."
words
These
United
States
you
spoken at
were
has
The Government of the
Grand Coulee.
promoted the construction of several great reservoirs,
will inspect on your grand tour,
and the regulation
electric
circle to
influence of additional
Among other incidental values is the generation of
This may prove to be the force that breaks the vicious
power.
which I have referred.
meritorious
Two
Seated
If these
are not
sufficient, the
projects awaiting development
great
dams
of the
Tennessee
can
Valley
enough along to enlist your interest,
Dam
on
the mighty Colorado the gates
as
Authority
also
were
Senators
Grand Coulee
is Bonneville.
At Bolder
closed months ago; a great
installed in the power plant; and at this moment the powerful
has been
turbines are
flow from
the desk, to
awaiting the relatively tiny impulse of electric current which will
the touch of my hand on
the button which
and creative activity.
you see
dispel the last atom of "non-
in the crowd.
behind the President, already aware of the
others, Governors
platform
McAlister of Tennessee, Johnson of South Carolina, and
Bailey and Reynolds of North Carolina, Byrnes of
and McKellar and
before me on
-
South Carolina
Bachman of Tennessee, as well as scores
of other po¬
litical leaders.
today's rally were said to have come from seven States,
South Carolina, Virginia, Georgia, Florida, Tennessee and
The delegates to
and
North
Alabama.
The
to dem¬
Roosevelt in contrast
organization of this rally was begun more than a year ago
loyalty of the old South to President
onstrate the
with
the
"grass roots" convention
held at that time by Gov. Talmadge
of Georgia.
In full the President's address follows:
Green
pastures—what
a
memory
In all our
what church we happen
better known to men,
those words call forth;
schooling, in every part of the land, no matter to
belong, the XXIII Psalm is in all probability
to
and children than any
And in this great lyric,
other poem in the English language.
what do we best remember?
"He maketh me to lie down In green pastures;
Two lines:
»
"He leadeth me beside the still waters."
It does not
ideal of human
its original 3,000 or 5,000
It might have been written as well in the 20th century
greatly matter whether that symbol of an
physical and spiritual happiness was written In
or
10,000 years ago.
of the Christian era.
stopped to think that happiness is most often
Have you ever
in terms of the simple ways
happiness.
Perhaps, therefore, when we seek a
do not go to
the rush of crowded city streets or
find the simile.
The ancient
train
the
or
.
,
Psalmist did not use the
the royal
described
of
of nature rather than in the complex ways
Perhaps it is because peace is necessary to
man's fabrications?
have been com¬
lake has come into being behind the dam; generating equipment
stir them to life
the
on
Sholtz of Florida,
to
be added.
pleted and are making their contribution to the public weal.
is far
also quote:
introduction Gov. Ehringhaus would make, were, among
primarily for navigation or
reclamation, but with incidental values for flood control
of stream flow.
we
political" atmosphere which might have lingered
experience of those sections of the
proves very
dispatch
This introduction was sufficient in itself to
are
"The
people the Gideon of Democracy, who
wields the shining sword
leader, our captain courageous, our present
it shield and buckler and valiantly
and next President.
women
when I spoke as follows:
I still hold to the belief of two years ago,
"We
wears
of its consecrated service, our
products of the soil, may increase the usefulness
A sound and courageous
their undoubted adoration and affection, I
.
prophesy,, that the world's oil reserves,
because of their limited supply, some
specific uses.
worthily
It may be true, as I understand
in its many forms.
I speak of power
some
industry.
is factor or vital importance.
a
present to a grateful and gracious
drought in history has thrown an oppressive burden upon
people of these States.
marked by
whose visit to the city was
follows:
as
From the
opportunity for people to take advantage of the
of industry caused
tion
American men and women. You
nation's consuming power
>
introduced to those gathered
in the municipal stadium by Gov. Ehringhaus, said the New
York "Times" dispatch, from Charlotte, who spoke of him
neglect formulating a public policy that
flexibility
electric energy; that would send it out wherever and whenever wanted
the lowest possible cost.
We are continuing the forms of over-centraliza¬
after
could, by
the purchasing power of
could accomplish that..
that, from the material aspect, this
rapidly restored.
The President
-
Sheer inertia has caused us to
at
speak to you today as common sense
Voicing, as I know I do,
electricity and other forms.
makes it impressive;
what
is
would promote
of
that man can destroy those
usable by him. In such an
beings must be
together with a very substantial degree of
energy,
flexibility
Only the Federal Government
energies of human
that the outstanding gift of modern science and
engineering to society is greater
economic unity of the entire
of individuals and no individual States
heavy down pour of rain, was
be rendered, and their utilization in the light of such
Although it is a principle of physics that energy cannot be
evaluation.
It
their evaluation
including the conditions under
of the services they may render,
these may
which
I
will agree
has been
step now within our power.
in terms
obvious, of course, because of the
country, that no group
hands of bankers, Government officials or demagogues.
study of their far-reaching results, we can
was
themselves, take the action necessary to restore
culture and our way of life.
be left solely in the
He added:
been invaded."
above those ages.
themselves and also for all others below and
the process
"In
President declared,
conceive that this would mean that the people between
of age will be able to produce the basic commodities for
We
almost all of our
are
so
of our corporations and
municipal and county and State
small business men, so are most
our
generation, will be so directed that half of the population can provide the
basic machine made products necessary for the welfare of the whole of the
population.
"record that by
the year 1936 a very much larger number of individuals are
back in the black.
So," he went on to say, "are most of
world—the world of relative scarcity—but has it
yet undertaken to create the new world of abundance which is potential
in your command and over natural energies.
...
There are many aspects of the problem.
For example, it is possible to
conceive that the conversion and application of energy, in the coming
genius is destroying one
our
the view expressed by
—was
you are a
the
conditions on the farms, in the factories and
of America are leading us to the spiritual
figure of the
of the people of the United States, to whom
Boulder Dam; in the name
been
the homes
in
saying:
:
Etc.
bacco,
That better
activity" for the first time the "powerful
of Boulder Dam, and concluded his address by
"life and creative
turbines"
"Green Pastures"
at
Rally in
generation of power and the flow of water through the
Dam. He called the attention of
the
Sept. 12, 1936
Roosevelt
President
palace or
ultimate
symbol of happiness we
to the hum of machinery
,
parable of the merchants'
the crowded bazaar.
problems of competing trade, or social
camel
He had, as we have,
crowding, and I venture to sug¬
the Christian era, the ancient civilizations of the East
with problems of social economics which, though small
gest that long before
were
confronted
in point
as
the
small in point of wordly goods, were still,
their effect and as difficult in their solution
of social economics that face us
of human numbers and
by comparison, as potent in
extraordinarily similar problems
in this century.
*
Volume
Financial
143
that the ancient kings and
Be it remembered then,
just
as
.
when they
No
and mind.
President of the United
on
proclivity, inevitably
in his approach to any great public
States,
because of birth and training and natural
reverts
to
of land and water
terms
practice of business and the exactions of public service.
of
.*>
Southern States, which have factories
family that tries to subsist on a total wage income
a
much
as
drag on the prosperity of America as the
a
family that seeks to subsist
on
associ¬
In the
said
hopfe either that the floods may be stilled—
destruction and disaster to fields and flocks,
cities—or else look for the heaven-sent rains that will
to
"Do
me,
you
remember
report
to homesteads
creased, but those in the South have
what it
years
1 talked with
ago,
peaceful streams.
like when the white man
was
to the
near
and millions of antelope?"
local
the white man
came, but it is my belief that trees could have grown and still could grow
on those plains, but that they were prevented from doing so by the con¬
stant succession of prairie fires, some of them set by lightning and some
of them
our
streams,
in
except
as1
we
thd year, the Southern rivers were clear
the Springtime, when they had niany freshets and
do.
When that occurred, soil was washed from the
Of rebuilding—for
in which we are living, I hope it will
I have
The
people,
.
and
I
and that the planter of cotton,
whether he would make
a
perhaps,
•
was
were
has
run
■
'
my
friends, I ask you in simple fairness, have we attained that
You know the story of tobacco, too.
the story of cotton.
government had a goal.
the great tobacco-growing States of
not
some
levied
were
with,
increasingly in
of value remained
remnant
back to the original thesis that any
which
on
to
only
man was
making both
was
sense,
of farm and
up
few
a
not
wages
be turned.
years
workers in factories
meet;
■
common
and crop values, and the increase of workers'
corner was ever to
farmers
ago
were
not
were
making both
not
making
ends
meet:
making both ends meet and the corporation
making both ends meet.
not
As
ends meet
logical result, local governments
a
and neither
were
State
governments
the national government.
as
another result, the individual who had to borrow, the
compelled to pay unconscionable and ruinous interest charges.
were
are
back in the black.
So
are
a very
most
much larger number
of our shiall business
of our corporations and so are almost all of
our
municipal
and county and State governments.
History will also record that individuals and corporations and
govern¬
paying today a far more reasonable rate of interest than at
ments are
any
previous time in the history of the American republic.
In
the
of attaining these
process
have not been
successful
ends,
individual liberties
removed, and inherent rights of the sovereign States have
not been invaded.
'
It
was
.
>.
obvious, of course, because of the economic unity of the entire
country, that no group of individuals and no individual States could,
themselves, take the action necessary to restore the purchasing
the nation.
I don't believe that
the nation would wish to go back to
I went to Washington, I was convinced that the
td^green pastures and still waters had to begin with a
who could get only 5
It seemed axiomatic to me that a cotton farmer
cents a pound for his crop could not be in a position
his crops, or to
keep a cow or a few head of cattle, or to plant a little orchard, or to cul¬
tivate a garden—in other words, to work out for himself and his family a
well-rounded, reasonably secure life that would tide him over a lean year
drought.
Second Step
Prevention of Soil Erosion
principal crop was corn.
In other words, we
could not go ahead to the next step in the prevention
of soil erosion throughout
the South, to the transfer of thin pastures into
submarginal plowed land into pastures and trees, and the
of
of many
modern methods to stop soil erosion and to prevent floods
until and unless the farmers of the
Southland were able to make
a reason¬
ably decent living out of their main crops.
Today, because of better prices for farm
actively
aroused
engaged
public
farm tools and
commodities, we are actually
Not only have we
in taking these second steps.
understanding and approval
erosion and water runoff, but we
of the need of ending soil
have enabled the public, through
to begin to pay their
tical prosperity,
a prac¬
debts, to paint their houses, to buy
automobiles, to send more boys and girls through school
and college, to put some money
in the bank and incidentally to know for
the first time that the money in the
So much for the green pastures
physical terms.
and women
bank is safe.
and the still water in their more literal
Those ancient words apply, however, with equal force to
and children.
Your life and mine, though we work in
the mill or in the office or in
and beside still waters.
You
I trust that you will likewise
restored.
that better
agree
are
*
Roosevelt
3-State
Makes
Tour in
South—
Campaign Plans Announced by Chairman James
A. Farley
President Roosevelt left Washington on Sept. 8 for a
three,State Southern tour and returned to the capital on
Sept. 10, after speaking on that day at Charlotte, N. C.
to Charlotte the President transferred from the
an automobile at Knoxville, Tenn.; for a 140-mile
tour of the Great Smokies National Park.
He went as far
South as Asheville and then returned to Charlotte, where
he
addressed a seven-State Democratic conference, as
En route
held true, I thought, in the case of the farmer whose
principal crop was tobacco or whose principal crop was peaches or whose
forests and
women.
to the spiritual figure of the psalmist—green pastures and still
President
properly to fertilize his land, or to terrace it, or to rotate
The same thing
today as common sense American men and
waters.
reasonatye prosperity.
of
that, from the material aspect, this nation's consuming power
conditions oh the farms, in the factories and in the homes of America
us
by
power
Only the Federal Government could accomplish that.
has been rapidly
leading
before
Again, long
long road that leads
will agree
himself and let the devil take the hindmost."
the days of "every man for
men
ends
I speak to you
You know
There again your national
and
go
historic
now
men, so are most
carry-over
goal?
use
in
revenue
even
And,
of
of
•
hangs over the market, he will never get a price that
bring him out whole.
My objective is to control and reduce
that surplus: to get for him 10-cent cotton our first year in office and to
get him 12-cent cotton or more for the next three years. You and I must
keep that goal ever before our eyes."
will
why I
of individual
"In recent years his total aggregate production has been so great that
13,000,000 bales overhang the market. He will starve on five-cent cotton
—the South will starve on five-cent cotton—and just as long as this ap¬
palling
With the Federal Gov¬
of taxes, receipts
forms
History will also record that by the year 1936
unrecorded that in the month
Secretary of Agriculture Wallace:
cotton farmer
The price for
the scale and down the scale and up the scale and
up
curtailed;
or
corporation which had to borrow and the Government which had to borrow
—all
"In respect to cotton, I have a definite objective.
The
has been cursed for a generation by the fact of insecurity.
crop
being closed
were
tangible private assets on which taxes
when
even
Incidentally,
tell when he put the seed in the ground
down the scale again.
else
or
beginning to lose the very property which was taxed.
and neither
big profit by selling his crop for 25 cents a pound
of March, 1933, I said this to
his
of those
the small business
bit of history hitherto
a
their budgets
low that even if the income had been there to pay taxes
so
History records that
broke by selling his crop for 5 cents a pound.
It is,
that counties and
was
balance
to
and orderly functions and obligations
Schools
government.
other property values,
because he had nothing to say about the
price he would receive, could never
failing
logical governmental policy had to begin with the building
inaugurated President I came to the con¬
was
were
unpaid; roads lacked repairs; the borrowing of money for
And
was
if that
it stood then, was essentially a speculative crop
as
local
The result
alarming degree.
States
that
State tax schedules, the tax receipts
or
Building Up of Farm and Other Property Values
May I add that it is because of practical experience on my own farm
that many years before
clusion that cotton,
public
highways,
parks,
received would have put all forms of government
That is
„
..
forests,
tax, the taxpayer did not have the wherewithal to make the payment
a
both
or go
value
sums
levy
Objective As to Cotton
of which are on real estate,
none
pensions,
despite additional new
topsoil; I have struggled through the red clay roads
and hen program.
taxes,
officers and
peace
and are spent in the running of the Federal Gov¬
defense
an
and
and
the red.
forests; I have seen the wasting away
the denuding of your
seen
off to
were
had fallen
the
in the Spring¬
time.
I have taken part in your splendid efforts to save your forests, to
terrace your lands, to harness your streams and to push hard-surfaced
roads into every country in every State. I have even assumed the amazing
role of a columnist for a Georgia newspaper that 1 might write powerful
pieces against the burning over the farm woodlots in favor of the cow, hog
of your
street lighting,
1932 had been cut in half.
who are gathered here from the seven States.
you
State
ernment,
history, its many problems, that I speak not as a stranger to
brave
and
to the support of local
permanent improvements had become impossible.
I have spent so great a part of my
and because I have come to know its fine
life in this southland,
its
Federal
Our
citizens, pay taxes.
as
go
schools, city and county adminis¬
as
unable to carry out the ordinary
teachers
the Americans of a century hence will
It is because in these latter years
three we,
systems,
change in the local
any
fallen
were
of their natural and national heritage.
have lost the greater part
all
to
tobacco, and similar excises, and income, inheritance
national
municipalities
topsoil took the
it is my firm conviction that unless, in our
to rebuild,
start
we
power."
Four years ago all of us, in every part of the United States, found
had
of
era
for
without
Would Call This The Era of Rebuilding
If history gives a name to the age
Look at this
sales have in¬
our
works and relief for the unemployed.
place of that which had run off to the sea."
call this
of
back faster than any, and the
in this fourth year of definite upturn to
come
sewer
Our
in the form of
ernment
"No, in those earlier
only in their effect, the natural accretion of new
generation,
supply,
State institutions.
uplands and the mountains into the Atlantic Ocean, but because they were
seasonal
water
and corporation taxes,
Southland were always brown
He replied,
moved in.
All
States.
come
mainly on real estate,
taxes,
,
white ancestors
just
estate
tration,
days, during the greater part of
floods,
and I have
you
of government—and
State functions of government such
come
by the red men."
I asked him whether the streams of the
before
Southern
is that the South at last has secured purchasing
Finally
kinds
"for many hundreds of years before
"Yes," he replied,
the
appreciate another significant and inevitable result: We live under three
Mississippi, always bare of trees, always the pasturage
of great waves of bison
the
on
1933, that the pur¬
zero?
South has dropped to almost
sales in all
our
law put
last century.
Taxation
hundreds of miles from the
plains, which extend hundreds of miles upon
Rockies
of
reason
of the
power
learned man about this continent—
came.
I asked him, "Were the great
a
any
as
telling you, in
me
chasing
Many
the National Recovery
much for the restoration
che head of one of the great mail order hodses
of 1934,
summer
ated; live with prayers and
fill their wells, their ponds and their
as
propserity through the establishment of the minimum wage, the short¬
floods that bring with them
and
yearly cash income of $100.
a
statute books of the Federal Government in the past
imply:
Millions of other Americans, with whom I also have
Still waters.
that
is just
year
I do not have to
starvation crop prices.
ening of hours and the elimination of child labor,
fortnight, out on the Great Plains of America,
and hopes for the fulfillment of what those words
live with prayers
a
hope in any part of the country to
can
city of starvation wages any more than they can hope
a
Act, during its short term of life, accomplished
with whom I have
pastures—millions of our fellow-Americans,
Green
been associating in the past
family,
no
•
•
NRA
on
That is why most thinking people believe that
part of my life I have been in far closer contact
more
of them,
of $400
farm
with the more exciting and
highly competitive give and take of the profession of the law, the
woman,
who live in any of these
you
in all
with the reservation that this is in spite of the fact that during
or
security in
farm to attain security on
a
tell
I fear that I must plead guilty to this charge—though I do so
the greater
problem.
man
attain
A recent writer has suggested that the present
I
Comments
prophets reverted,
today, to the good earth and the still waters
do
we
idealized security of the body
1651
Chronicle
the store, can still be a life in green pastures
train to
reported elsewhere in this issue of the 14Chronicle."
James
A.
Farley,
Democratic
National
Chairman,
announced on Sept. 6 that Mr. Roosevelt will open his active
campaigning for reelection with a speech before the Demo¬
cratic State Convention in Syracuse, N. Y., on Sept. 29.
Other plans of the President were described as follows in
the New York "Times" of Sept. 7:
Mr.
Roosevelt will speak on Sept.
19 at the tercentenary exercises at
Harvard, and after that will go to his home at Hyde Park.
Hyde Park for Syracuse
Mr.
He will leave
It is probable that the Harvard speech
will be
Roosevelt's only speech in New England, which the Democratic high
command
Is
inclined
to
regard
as
lost
territory,
during
the
although it is still possible that there may
be
speech, possibly in Hartford, between Sept.
campaign,
19 and Sept. 29.
The
State
convention
Syracuse High
will open
on
Monday,
one
other
Sept.
28,
New
in
England
either
the
School or the armory, and will probably adjourn after
a
*
Financial
1652
Wagner will make the
Senator Robert F.
Monday night
short session
and either then or on Tuesday afternoon the platform
will be adopted.
Nomination of the State ticket will take place either
Tuesday afternoon or early Tuesday evening, after which will come the
keynote speech,
speeches by the candidates, to be followed by President Roose¬
which will be broadcast.
Farley did not indicate that Mr. Roosevelt would immedi¬
acceptance
velt's address,
While Mr.
i
tour, the State convention speech was
informed political quarters as the most likely and the best step
embark on his campaign
ately
regarded in
the country in October. . . .
speech in Pennsylvania, probably
^Philadelphia, on Mr. Roosevelt's way back east. The Philadelphia
speech would be followed by the speech in New York, at Madison Square
ping-off place for a rapid swing around
There will also be, it is believed, a
.
SeP*- 12 > 1936
Chronicle
President's plans said today that
he had long had in mind a systematic move to put under civil service
rules such emergency agencies as might become permanent, and to prepare
the rest for legislative slaughter at the next session of 'Congress.
Most of the Acts creating the emergency units contained clauses pro¬
viding that the personnel should be chosen without regard to the merit
familiarity with the
Those who claimed
system.
result
The
"patronage"
1936.
This
more
facts:
the
shows
table
actually
was
1935, while the unclassified or
than two-fold between 1932 and!
and
1932
increased
employees
workers
classified
of
number
the
that
was
between
reduced,
,
night before election.
the Saturday
Garden,
♦
*
•
.
Similar Agencies
Selecting Future
Roosevelt Asks HOLC and
Adopt Merit Requirements in
President
to
"Emergency" Is Ended
the Federal Home
Loan
of which the Home
Owners' Loan Corporation is the largest, to apply "the
standards and practices" of the civil service to future per¬
sonnel requirements, it was announced in Washington on
Sept. 4.
In letters sent on Aug. 25 to John H. Fahey, Chair¬
man
of the Home Loan Bank Board, and to Harry B.
Mitchell, Chairman of the Civil Service Commission, the
President asked them to cooperate in applying the rule of
merit to the home loan workers, pending legislative action
which he said would be required to bring them fully within
the classified service.
These instructions followed the Ex¬
ecutive Order of July 20, in which the President directed
that all postmasterships be filled in the future solely on
Year—
June 30,
1933..
June 30, 1934——
June 30, 1935
Roosevelt lias instructed
Bank Board and its subsidiaries,
competitive civil service examinations, except
basis of
the
permitted.
amination was
My dear Mr. Fahey:
I have given
have discussed with respect to the
gradual liquidation over a period of years.
The Act of 1933 creating this Corporation,
establishing
Board, placed employment outside the provisions of the
Act.
It will, of course, require action by Congress to bring
positions of your organizations within the competitive classified service.
Now that much of the work of the Board and its subsidiaries has been
the
possible every advantage should be taken
of the standards and practices developed under the Civil Service Act of
1883 and the Classification Act of 1923.
Pending legislative authority,
it is appropriate
and entirely possible to apply the principles involved
stabilized, I believe that so far as
accordingly addressed a letter to Chairman
have
I
Mitchell of the Civil
cooperate
desire that the Commission
expressing my
Commission,
Service
organization.
statutes to the work of your
in these two
to your organization in applying
It is gratifying that your Boardi
has gone such a long way already in grading and classifying employees
and in building an efficient staff, but I am certain that the Civil Service
Commission can be helpful in further application of the standards that
are
common to
the regular established organizations of the Federal Gov¬
fully in rendering all possible assistance
to the work of your Board.
its standards
ernment.
FRANKLIN D.
following is the President's letter to
institutions
The
which
has
three years, and
It is at this point, and also with respect
and of the Federal Home Loan Bank
I am confident the Civil Service Com- "
reducing its force.
to the
future work of the Corporation
Boardi
and
I
am
aware
the Federal
and
work
the
practicable
the
its
but
classified service;
petitive
Civil
that
accepted standards, can render most effective service.
that further legislation is necessary to place the positions in
Home Loan Bank Board and its subsidiaries within the com¬
with
mission,
subsidiaries,
its
of
Board
the
of the emergency is past
I feel that so far as
that much
now
has
stabilized,
been
the principles and methods of the merit system established by
Service Act should be
further extended in its personnel rela¬
collective
The Federal Home Loan Bank Board
years
and! its
Federal
its
choosing their collective bargaining representatives.
in
employees
granted and upheld by the Circuit Court on June 18.
The injunction was
According to Associated Press accounts,
sory
union
labor
factor in the
^nduct of its business and
or through
representatives, with such of its employees as desire
other
as
a
it its inherent right to deal directly,
deny to
to deal."
so
Earlier
the month
in
General Stanley Reed
review
of
(Aug. 11)
know
for
which challenged
its
letter to
your
Loan
Commission
Bank
organization
request, therefore, that
cooperation with
Board
Reed
Mr.
the
argued
that
the
would not
case
the
attack
The
the Labor
on
company
Act
you
take the
is
strike in the firm's plant
a
involved here,"
not
to
cooperate with the
possible position
every
I
steps to bring this about in
civil
service
system.
the
When
it
believed
that
suit
would
filed
was
offer
not
they would
seek
of
Sept.
this action
ago.
year
or
its appli¬
in
a
brief,
an
last
"a
month
fair
bring
to
Labor
test"
a
of
more
Board
the
officials
Act's
said
they
constitutionality,
"comprehensive"
case
before
•
States
Supreme Court To Be Asked to Pass
Validity of Federal Social Security Act—New
Jersey Social Security Commission Plans Action—
Would Replace Act By State Law
With
Court
view to bringing before the United States Supreme
a
action to determine the validity of the Federal
Security Act, a bill to appropriate $25,000 for a
suit by the State of New Jersey to enjoin payment of the
tax in that State has been drawn up by the New
Jersey Social
Security Commission.
The act would be contested on
the ground that it invades state rights;
Stating that the
bill to provide funds for the suit was made public by the
State Co nmission on Sept. 10, it was made known in a
dispatch from Newark to the New York "Times" that
an
Social
the Commission at the
same time made available a companion
provide a state system of unemployment
insurance.
Hearings on the bills at the State House in
Trenton are scheduled for Oct 16.
The State Commission,
through Harry L. Derby, its chairman, in an announcement
issued Sept. 11 said:
bill which would
The
majority of the Commission have
come to
the belief that the Federal
New Jersey for the
reasons that it is:
Federal
plan is
as
4
to
the
follows:
New
York
the industrious worker.
excessively expensive and removes the control
plan's operation from the State and centralizes it in the hands of
political bureaus in the Federal Government.
The
majority of the commission have
a
strong feeling that in the Federal
plan the interest of the industrious workers are lost sight of in the endeavor
others out of employment.
The commission has undertaken to work out the plan the
on
the basis of guaranteeing to
of all money
fund.
any
From
The
use
words, the majority of the commission feel that the tax
individual worker should inure to his individual benefit alone
same
should be true of the premium paid by his employer.
Newark
state
majority favors
each worker his full right to the future
paid by him and his employer for his account into the insurance
In other
"Herald Tribune"
on
a
declared
Supreme Court.
paid by
FRANKLIN D. ROOSEVELT.
dispatch
Reed
injunction.
and that the
Very sincerely yours,
Washington
Mr.
adding that the only question at issue was the right of the company to
The
the representatives of the Boardu
"Times" commented
Fifth Circuit Court of Appeals de¬
constitutionality of the National Labor Relations Act
cation to petitioners
3.
the
necessary
a
the
was
the Supreme Court.
the National Labor Relations Board from holding
hearings in connection with
"The
reach
review of
sought a
cision, refusing to enjoin
to
in the
of its
Chairman
of
test the validity of
Brought by the Bradley Lumber Co. of Warren, Ark., the suit
first
It unduly and unfairly taxes
applying
principles
properly
law, and that it did not present any question "worthy of review."
2.
will be very glad to
in
a
the constitu¬
tionality of the 1935 Wagner Labor Relations Act.
At that
time Associated Press advices from Washington said:
agencies have for more than
employment.
that
Home
a
United States Solicitor-
urged the Supreme Court to refuse
Arkansas suit
an
to compensate
I have addressed
the railroad, in
told the Supreme Court that compul¬
provisions of the legislation compel it "to recognize a
challenging the Act,
Unconstitutional.
Civil Service Commission
received the assistance of the
employees of the company
previously recognized an
had
The Federation
District
conditions
A
company
association.
organization brought suit on May 2, 1935, in the Eastern
Court in Virginia to bar the company from interfering
employees'
of the
within
The
bargaining.
Fahey, of the Federal
Home Loan Bank Board, suggesting that he arrange with your Commission
to extend as far as possible the application of civil service qualifications
with
respect to prerequisite experience, education, and other
necessary
employees.
I
the
by the mechanical department
1.
development of standards and policies for the selection and payment
Federal
election ordered by the National Mediation
Board found that the Federation group
an
which
after
law is not desirable for adoption in
tionships.
two
for
created
has
engaged in
been
On
progressively sought to test and select its employees on the basis of
merit.
Now at the conclusion of its lending activities, the Corporation is
it
out of
grew
1934,
chosen
had
United
in existence for more than
been
suit
in
25, 1936.
foreclosing mortgages.
were
Corporation
The
Board
to meet the mortgage crisis in
agency
emergency
this fall on validity of
law, close counterpart of the Wagner Labor Relations
Act.
These advices further stated:
The appeal was brought by the railway from a ruling of the Fourth
Circuit Court of Appeals,
which had upheld the law in a suit between
the carrier and its American Federation of Labor employees.
Mr. Mitchell:
the urban home
field, and the Act provided that its employees should be selected without
regard to the provisions of the Civil Service Act.
This was necessary in
order to organize the service quickly and to render immediate assistance
not only to home owners but to the savings and commercial banks, building
and loan associations,
insurance companies and other mortgage lending
an
request makes possible a ruling
the
The Home Owners' Loan Corporation was
My dear Mr. Mitchell:
the
the
ROOSEVELT.
Washington, Aug.
White House,
as
an
United States
and
Very sincerely yours,
The
appeal filed on Aug. 31 by the Virginian Ry. Co.,
Supreme Court is asked to pass on the
constitutionality of the Railway Labor Act.
In United
Press advices from Washington, Aug. 31, it was stated that
In
well as the Act of 1932
as
your
Service
Civil
»
States Supreme
the
Washington, Aug. 25, 1936.
much consideration to the questions
future employment program of the
Federal Home Loan Bank Board and its subsidiaries.
One of these, the
Home Owners' Loan Corporation, was organized to meet a financial crisis
in the urban home field, and now that the emergency is largely past, it
faces the problems incident to gradual reduction Of force and a program of
we
503,196
572,091
673,095
719,440
+.
with
White House,
The
——
-
Total
116,035
115,995
222,503
264,211
Court Asked to Pass on Con¬
stitutionality of Railway Labor Act in Appeal
Filed by Virginian Ry. Co.
United
Fahey read as follows:
President's letter to Mr.
The
non-competitive ex¬
by reappointments, where a
those filled
— ^
Unclassified
467,161
456,096
450,592
455,229
1932..
June 30,
Personnel—Says
President
Classified
,
advices,
we
Sept.
10,
to
the
New
York
take the following:
legislation would provid,
limited to 100% of the reserve
that the benefits for a worker be
accumulated in his individual account by the
Volume 143
Financial
Chronicle
contributions of himself and his employer; that the contributions of employer
Governor
and employee be
approximately equal; that the maximum rate of weekly
be limited to seven and one-half times the weekly contri¬
bution by both employer and
employee; that the wait^ig period between
lay-off of a worker and the initiation of the benefit be at least four
r
state should bear the cost of supervision.
Mr. Derby said that all these provisions were
tentative, subject to revision
at the
public hearings.
The tentative proposals, he said, will be available
inspection, meanwhile, at the State Department of Institutions and
Agencies in Trenton.
^
President
Roostevelt in
"I
Be
Maintain
to
progress"
and
Nation's
"must
to
forward"
move
the
in
and
"Our
maintain
aim,"
"must be to
factors
asserted,
he
national
a
whose
economy
are so finely balanced that the worker is
always sure of a
job which will guarantee a living wage."
The President's
message, made public Sept. 5, follows:
White
I
I
send
feel
that
annual
there
is
Day
to
affect
have
House, Washington, D. C., Sept.
Day
greetings
for
cause
America's
to
rejoicing
We
and
among
years,
useful
in
ways.
has
factories,
labor's
as
increased
rising profits
witnessed
for
Our
aim
factors
are
which
will
achieve
to
guarantee
insure
changes
and
wage
living
a
the
the
satisfied
with
steadily
wage
and
orders
few
past
basic
for
years,
problems
with
a
attempts
the
and
America
national
a
a
is
always
living
worker's
I
wage
of
sure
mean
dependents
job
a
a
wage
living
in
decency, happiness and self-respect.
do not
ask
for
more.
a
They will not be
less.
Labor—Republican
Proclamation
Candidate
Declares
Labor
in
Labor
Should
Be
his
indicate
his
anew
views
labor,
on
right
to
stating
that
and promote such consideration must
free from governmental or
any other form
On July 29 Governor Landon
That adventure did not
labor union
Socialist
out of mind.
support of "the right of
promote by lawful and proper means the
unorganized industry wfhich iiicludes the
in an organizer."
The views of Governor
29,
candidate
made known
as
for
to
Norman
the
fourth
honorable page of
time
Let
us
organize
such
of
is
Kansas history
it
for
form
Under
freely
of
my
the
as
it
This
speaks
In
the
free
day has
would
1890
system
views.
on
this
no
the
of
all;
that
this
forever
a
of
you
to
a
frontier
people of this
to
that
in
labor
right to
free
the
belief
should
organize
from
be
and
governmental
that
or
of
government,
With
that
may
organize
and
prejudices.
gone,
and
believed
they will
the
in
join
covered
wagon
a
No good!
memory,
but
sound
as
character, hard work and
gladly in a tribute to these
qualities and ideals that made this a great State.
Therefore, I, Alf M. Landon, Governor of the
authority vested in
I
earnestly request
and
business
trades
organizations
in
holiday dedicated to the workers.
Done
at
the
the State, this
Capitol,
2nd
fittingly celebrating this
in the city of Topeka, under
day of September, A. D., 1936.
•
cares
great
seal
of
(Signed) ALF M. LANDON, Governor.
<
FRANK J.
E.
RYAN, Secretary of State;
E.. HILL,
Assistant
Secretary of State.
Our
past.
forebears
of
came
clime,
every
united
in
been
different
building this country.
good neighbors
disquieting
The
our
not serious
as
therefore, in
a
position and
we
all
It would be
tragic
yet.
American Legion is
a
cross-section of
'
•
We are,
In
nerves.
call "pure oneriness" of
which
we
...
have the
responsibility oppose to
every move to capitalize intolerance, to break
up the
groups.
-
Alscr,
we
country into hostile
must
insist upon the preservation
and protection of
American freedom, and above
all, the freedom of expression.
So long as
we have freedom of
expression, and a free exchange of ideas
many of our
most serious problems will solve
themsevles.
We of the Legion must
stand
today in peace, as we stood yesterday in
we
war,
for
one
nation.
flag—one united
Duty of Citizenship—Regrets Split in Labor
Secondly,
I want to emphasize the duty of
its broadest sense.
We
went
into
.
.
the
citizenship—citizenship in
.
Army to
America.
save
The men who
make up
the American Legion made the
safety and welfare of the nation
a matter
for each man's own personal
concern.
And now that we
are
back in
civilian life we must continue to make
the welfare and
safety of the nation
our
personal concern.
But
this goal cannot
ment in
came
I, for
be attained by individual
effort alone.
Achieve¬
unity, just as success in the
World
by united action.
this instance must come from
one,
am sorry
to see the recent split in
the ranks of
The great gains made
labor, and
by labor through
hope that it will be speedily healed.
its organizations are in danger so
unity is
requisite for
prodding
by
progress
labor
long
and
unions
as this
the
the
people in this competitive age are
workers in other sections more
organized labor
ards.
past
has
frequently awakened
the cut-throat
Low-living
a
Here again,
improving conditions.
if it eliminates
sweatshops.
division exists.
achievement
in
apathetic management to the need for
cheap labor in
*
It ought not to be
necessary to stress
great tradition of
tolerance,
worked here side
by side,
No other nation has such a
background.
will be in stronger position
By the Governor,
let these duties
pass
growing
our
fomenting of racial feeling is
America.
The
the
a
share.
a
This
War
State of Kansas, and
by
by law, do proclaim Monday, Sept.
7, as Labor Day.
the people of Kansas to
lay aside their
me
join with the various
nation,
every
and
in
them.
was
1936
groups
of
if it should become serious.
to
any
we
strained
for
free
have
part, I suspect, it is due to what
have
the
promote
fellowship in past
evidence of attempts to stir
up
racial antagonism.
This is due in
part, I suppose, to the influence of
the
persecuting spirit that has broken out in certain
regions in Em-ope.
In
part it may be due to the depression that has
this
mind, let us listen
closely to
day and give due regard and credence to its
State still
In
of
good citizens.
day of
showing of appreciation
steadfast
in it for class divisions
room
contribute
enterprise.
remain
remain
utterances.
citizen
remind
coercion.
expound their
labor
to
meetings if
Protestants, Catholics, Jews,
)
day becomes
concern
must
privilege
and to give the formal call
should
consideration;
American
our
this
We
is
fair
consideration
other
that
labor.
labor
of
concern
to
see
fruits
We
the fundamentals
But of late there has
goodwill and friendly association.
the
of
Men
were reported in these
Governor London's proclamation
it
our
Our
present and future duties.
stocks, different religions.
Thomas,
To the people of Kansas,
greeting:
•
Nearly. 60 years ago, in 1890, the Governor of this State
requested all
aside their business cares on the first
Monday in September
and to pay honor and tribute to the men
who worked in the
shops and
factories of industry.
In that Act he was a pioneer.
Not only did he
establish Labor Day for this
State, but it has been officially
recognized
by the United States and every State in the Union.
for
1918.
remind you of them.
me
tolerance in America.
out
citizens to lay
Now
Let
11,
fellowship in
Duty of Tolerance
President,
columns Aug. 1, page 677.
of Sept. 2 follows:
a
First, is the duty of tolerance.
an
to send
Landon on July
really effective," he
Governor Landon's address
Nov.
on
We shall not get the value out of
to
right
be
to
service.
end
memories is fine, but it involves
enlarged upon
the statement in his speech of
acceptance regarding his atti¬
tude toward labor,
indicating his
a
the
We must not forget the incidents
and memories of
training camps or
battlefields that bind us
together.
They are precious to us all.
In them
we regain the
spirit of that supreme adventure in
our
country's
"labor
consideration; that this
organize
organization of
have
calls upon us to
remain forever
of coercion."
We
Our American Legion
Convention today is one of
fellowship.
We
here observe that section of the
preamble to the Legion
constitution that
"preserve the memories and incidents
of our association
in the World War."
Day proclamation, issued at Topeka on
Sept. 2 and made public Sept. 5, Governor Alfred M. Landon
of Kansas, Republican nominee for
President, took occasion
to
And
follows in part:
Labor
should be free to organize for fair
antagonism."
said, "it must remain united."
to
Organize
In
racial
up
higher living standards.
Day
Free
stir
organized labor may continue in its
part in its struggle for
Rights
on
to
responsibility," he declared, "to oppose
every move to
capitalize intolerance, to break
up the country into hostile
groups."
The duty of citizenship was likewise
stressed by
Governor Landon, who
pointed out that achievement must
come from
unity."
Deploring the recent split in the ranks
of labor, Governor Landon
expressed the hope "that it will
be speedily healed."
He added "it is to be
hoped that
whose
economy
Governor Landon of Kansas Restates Views
of
during
Govern¬
earners
more
the
of
worker
By
wage.
worker
of
earners
during
maintain
accordance with American standards of
The
of
at
Alfred M.
the Federal
merchants,
reconsideration
finely balanced that
so
will
which
be
increased
power
by
emphasized
We
approach to their solution.
a new
must
have
in
preserving peace was
Wichita, Kan., on Sept. 7 by Governor
Landon, Republican nominee for
President, in
addressing the American Legion of Kansas.
"After all,"
he said, "the
spirit of America must be our main reliance in
staying out of war.
We must have the
strong will for peace.
We must be
ready to sacrifice short-run profits."
"The
duty of tolerance" was also urged
by Governor Landon,
who said that "of late there has
been disquieting evidence of
problems which
investors.
significant
changes which necessitate special
finding
vital
forward.
move
buying
sales
account of
to take
us
by the spending of
This increased
in
to
envelopes
pay
for
the Nation's workers.
of
trip to Kansas.
+
5, 1936.
earners
the return
on
Governor Landon
Addressing American Legion. Pleads
for
Peace—Republican Presidential Nominee
Says
Spirit of America Must Be Main Reliance in
Staying
Out of
War—Deplores Split in Labor Unions and
Urges Unity and Tolerance
The duty of the United States
everywhere.
workers
wage
those
to
respect
destinies
continue
stimulated
resulted
and
have
view to
it is natural
with
must
weekly
three
past
fanners,
which
on
stand
we
progress.
Employment
We
day
a
profoundly the lives and
made
the
is
where
see
so
ment
Labor
at
am
platform speeches
day approaches.
Labor
stock
hearty
12)
Governor Landon traveled
by train from Topeka to New
York City, but will make no
stop-off in this city; with his
arrival at Manhattan
Transfer, this morning.
A brief
stop was made by Mr. Landon in
Chicago yesterday.
Nine
short stops in New
England en route to Portland were
planned, and the Governor is also expected to make
rear-
problems affecting "the lives and destinies of the
workers."
achieve
continue
(Sept.
ment
National
In a Labor Day
(Sept. 7) message to the workers of
America, President Roosevelt declared that we have "made
matter of
Tonight
going to Maine to help rededicate that State to
the good
govern¬
for Which it has
always stood and to participate in the first
fighting
repudiation at the polls of the kind
of government this
country has had
for the last three
years."
Labor
Day Message Says Aim
Economy to End
That Worker Is Assured of Job and Living Wage
Must
Speak
Governor Alfred M. Landon of Kansas will
speak tonight
(Sept. 12) at a Republican meeting in
Portland, Maine,
preliminary to the Maine elections for Governor, Senator
and Congressmen which will
be held on Sept. 14.
His
decision to
participate in the Maine campaign was made
on Sept.
8, when he made the following brief
announcement:
the
for
to
Portland, Maine—Republican Presidential NomineelParticipates in State Election Campaign
compensation
weeks, and that the
1653
Landon
standards
continuing threat
fortunately situated.
All labor
competition of
for
some
of
our
to the standards of
It is to be hoped that
may continue its part in the
struggle for higher living stand¬
And to be really effective
it
ijnust remain united.
Financial
1654
It is
Chronicle
ton, Sept. 8, by the Farm Credit Administration.
...
progress.
ment said:
Duly in Preserving Peace
I
futility of war.
nee
not tell you of its waste, it
A
meaningless cruelty.
The Legion has worked for years for legislation to take the
You know.
profit out of war, and in the event of war to put everything the nation
in man-power, industry and resources, on an equal footing.
possesses
I believe
being drawn into a war with which we have lo real concern.
of
for the lands
We must keep
of our ancestors.
Legion should be prompt to
the
this
all
30
June
But after
heads.
our
take leadership.
financed
a
Americans
We shall make America
shall go forward.
we
better
a
example and an inspiration to the world.
"■
1,000,000 in Employment in Year Reported by
$42,000,000
statement issued
Sept. 6, observing the 49th anniver¬
(Sept. 7), Secretary of Labor Frances
Perkins reported that during the past year employment in
private industry gained by 1,000,000, while weekly wages
increased almost $42,000,000.
Since the low point of 1933,
a
of Labor Day
sary
Miss Perkins
said, nearly 5,000,000
and
more men
women
now
engaged in regular industrial employment, and
3,463,000 others "are working on useful emergency jobs pro¬
vided by the government."
Miss Perkins' summary of labor
are
and industrial conditions in the United
in
Washington advices, Sept. 6, to
of
States,
as contained
the New York "'Times"
workers
in
and
have
women
private industry since
3,463,000 others
working
are
government.
been
a
year
added to the
useful
on
the durable
and
gain
a
ranks
feed
with
38%
a
was a
industries
to
creased
the
in
give
of
Real
Farm
goods
worst
have
rise Tor
of
power
and
by
registered
alterations and
railroads,
rates
is
14.8%
higher
riow
in
depression and
a
continuing
and
wage-earners
investors.
rise
to
farmers
the
through
and
the
These
slowest
the
in¬
in
ment of
strongly
different
Economics, United States Depart¬
The tax last year averaged about 37c.
country
sections.
it
although
over,
This
an¬
help
Kansas
farmers.
Association
The
immediate
the
reductions
much
very
emphasie
already
here
again
made
but
and
the
granting
of
emergency
The telegram read:
appreciated,
conferences
a
cattle
on
I
at
Chicago
position
feed
and'
earnestly
during
expressed
in
account
on
made
requests
renew
month
and
wires
past
and
repeated
lettered^ Chairman Hoch of the State Corporation Commission.
relief
Dnmght
announce
more
as
well
opposed
justification
from
this
start
situation
also
is
Use
of
depletion
reduced
report
because
value
no
rates
limitation
often
movements
require
to
use
make all
discrimination
gross
advised
railroads have
sympathetic
understanding
limitation.
far-sighted
in
their
interest.
own
saving future shippers for railroads.
for
reduced
most
in
contracts
be taken
rates
practical
Reduction
for
will
for
be
purchase.
preventing sacrifice
passed
May
include grains
to
grain and concentrates.
on
means
rates
and
I
to
on
feeders
earnestly
railroad
your
urge
an^
concentrates
drought rates apply both single and joint line movement?
by wire position
be¬
some
attitude
of
in
steps
Am
only
need
one
provisions
and
wipes out much good feeling created
also
means
urgent
confusion
and
reductions.
roads show not
of herds.
immediate
advise
or
unreasonable
but
concentrates
binding
of
such
Saving foundation herds
There
rate
communities
judgment
my
that
State
of
parts
little
Emergency
for present limitation..
produces
and
announcement
critical
by
of
cases
railrpad.
one
limitation
farmers
by railroad
of
all
than one railroad.
Heretofore, reduced rates applied joint line
as'single line in harmony with everyday traffic practice, and1 we
Such
In
many
over
no
see
tween
committees
in
are
•movement
to
Please
this matter.
on
ALFRED
varied
widely in
58c. in 1929, the
with
compared
the
Landon
shipment of cattle
the
committee
that
plan,
M.
LANDON.
drought relief committee will
a
have
full
charge of
one
not
was
indicated
It
pass
feedstuffs made under the reduced rates.
or
will
no
lower rates.
entitled
to
the policing of
them
that other
will
States
get
on
every
Members of
the operations
any
benefit from
to
the
adopting the Landon plan
might also receive rate reductions.
Early in August, at the request of Gov, Landon, emer¬
freight rates in behalf of farmers in the drought
Agricultural
the
Executives
Railway
Chicago dispatch of Sept. 4 to the New York "Times"
commented on the plan as follows:
Taxes
Agriculture.
acre
rate
numerous
insure
of
an
V
.
A
36% reduction in farm real estate taxes per acre from
year 1929 through 1935 is shown by reports of
the
Bureau
of
increased
..
Economics
the
to
asking
drought
Under
Estate
Association
shipments of feeds.
on
Freight
of
.
Dropped 36% from 1926
Through 1935, According to Bureau of Agricultural
A
by
amount loaned
average
purchase these farms was $3,229.
to
plan under which
the benefits of the reduced freight rates would be passed
directly to the farmers, and not to dealers or profiteers.
The Governor on Aug. 31 telegraphed the officials of ten
non-residential
new
for additions,
industries
suffer
to
indication of
every
industry
provided
and weekly payrolls have increased by 32.1%.
the
are
purchasing
profits
durable
year ago
which
recover,
The
$19,165,000.
Freight Rates to Aid Kansas Farmers—
Agree to Plan Suggested by
shipments
and
than 30%
more
'
than it
of
said that Governor Landon had devised
,
industries
goods
repairs.
Employment
extending $19,-
sold,
Sept. 4 that it had decided to grant the request
on
money
The value of permits for residential
year.
182%
of
increase of
an
jobs
emergency
.
healthy improvement in the last
buildings and
banks
Land
by Governor Alfred M. Landon of Kansas for a reduction
in joint freight rates on drought-area cattle and animal-
can
and the amount of
ago
.
Building construction
building shows
farm
Carriers
Western
-vy
and
men
envelopes has been increased nearly $42,000,000 in weekly wages.
Nearly 5,500,000 more men and women are engaged to-day in regular in¬
dustrial employment than at the low point of the depression in
March, 1933,
the
Commissioner
nounced
pay
in
amount
of
Sept. 7, follows:
Approximately 1,000,000
of
The amount used for
1935.
Governor Alfred M. Landon
they
as
Secretary of Labor Perkins—Says Wages Increased
Almost
the
and
The
land year by year—an
In
of
5,737 farms bought by farmers from other landowners were
in
Western
in the past.
Gain of
half
the Federal
banks
Land
Railroads Cut
Yes,
They will meet that responsibility in the future
two decades ago.
As
which
farms
were
In addition,
heavy responsibility rests upon the men who were the nation's first line,
met it
last
purchasing in 1933 and 1934 was less than 3%.
Some 8,928 of the farm purchases financed in the nine months ending
We must be prepared to stifle the natural affection that
short-run profits.
In
during the
We must be ready to sacrifice
We must have the strong will for peace.
have
8%
800,000 of credit to the purchasers.
all, the spirit of America must be our main reliance in staying out of war.
we
during tfie first half of 1936 was used to purchase farms compared
about
to
do much by intelligent legislation to lessen the danger
can
we
missioner
The 'state¬
of all loans made by the Federal Land banks and Com¬
Twelve per cent,
Thirdly, and finally, I emphasize our duty in preserving peace.
Those
us who were in the service appreciate, in a way others cannot, the utter
of
Sept. 12, 1936
job to help keep America safe, to keep it on the lines of ordered
our
gency
areas
were
granted
shipments of water and feed; refer¬
our issue of Aug. 8, page 852.
on
to this appeared
ence
in
highest in the Nation's history.
announcement
issued
In noting the foregoing, an
by the Department of Agri¬
Sept. 9
Government
culture also said:
Farm
again
during the
times
that
The
rapid
seven
In
in
expansion
in
which
Economic
taxation
trend.
the
local
Rates
of
State
were
salaries
years,
estate,
has
but
been
erally from
1920 the
it
was
1913,
tax
per
doubled
and
acre
was
and
through 1929 is attributed
a
in
rise
the prices of
buy.
fell
public
other
closed
largely
things
and
were
other
most
of
paid by
sources
put
cut, and
on
the
the
shifting of
In
have
instead
of
period
addition,
educational
works
Federal
this
courses
expanded
a
Government
charge
and
by
through
the cost of
v
"
during
part time.
various
cost,
other than
and
suffered
public
the
as
rural
many
school
1
individual
average tax per
States
acre
in
the
during
the
last
farm
real
the State
gen¬
upon
property.
peak
1927
was
was
$2.20
region in 1934 averaged 65c.
For
much higher.
The Massachusetts
;
in 1934
Jersey farm real estate taxes averaged $2.80
had decreased to $2.01.
per
it stood at $2.21.
acre
in
an
said
increasing degre since
private industry as
1929
government
of
the
has
incomes
by the individuals of the United States, according
Board's
continued:
study,
"National
showing that
counted
for
income
Income
derived
and
from
Its
Elements," presents esti¬
government
which
sources,
ac¬
8.5%
of the total in 1929, had increased in
proportion to
Sums derived from government amounted to
$6,820,000,000
ih 1929 and $9,354,000,000 in
1934, an increase of 37%, while the amount
from private industry and
occupations sources dropped from
17.5% by 1934.
in
1929
$73,209,000,000
to
$41,545,000,000 in 1934,
Between
1933
$6,259,000,000,
five
per
cent
Any
attributed
funds
enterprise.
veterans'
come
It
for
is
in
well
as
1934
total
to
43%.
or
realized
the
increase
part
as
to
these
also
in
income
the
governmental
will
be
in
for
showed
Board's
represented
national
expenditures
1936
increased
income since
spending
the
in
1935
any
likewise
must
from
activity
and
of
Twenty-
governmental
1934
chiefly
productive
relief in
reflected!
increase
an
estimates.
borrowed
of
payment
private
of
the
estimates of realized
in¬
years.
pointed
national
in
improvement
Increased
bonus
to
income
Conference
of that increase, however,
disbursements.
be
and
according
account
♦
the
source
analysis by the National Industrial Conference Board,
announcement issued by the Board on
Sept. 4.
The
announcement
New
1930, and by 1934
a
an
mates
eliminated.
The Bureau's compilations by
regions show that during the entire period
under review a peak of
$1.27 an acre was reached in the East North
Central States in 1929.
The tax in this
some
to
The
curtailed
were
governments.
services
or
expenditures
services
an
realized
•
local
as
To
supplanted
services—chiefly road-building and
rise of about 73% in the general price
likewise
to
Increasing
Degree
Has
Displaced
Industry as Source of National Income—
Study of National Industrial Conference Board
four
nearly five times that in
State
a
and Federal
Road-building aiid
three
1900
and1
however,
some
among
schools
teachers'
In
1929
and
depression from 1930 through 1932 sharply reversed the farm
Education
rural
from
governments
elimination
others to
and
1900
years
three times the 1900 levy.
taxes
There was,
the
years.
1928
during this period,
services
the
next
1900.
sharp rise
education.
level
between
Now it is about
1900.
to
in
Private
doubled
taxes
out
made
are
effect
of
by the
in
rising
Conference
Board!
terms of current dollars
prices
upon
the
that
and
its
estimates
do not take
purchasing
value
of
of
into
that
income.
$38,965,000
Advanced
by Federal Land Banks from
Oct. 1, 1935 Through June
30, 1936, for Purchase
of Over 14,600 Farms, FCA Announces
More
than
14,600 farm purchases
were
financed
by
Secretary Ickes
Wider
Federal Land banks and the Land Bank Commissioner dur¬
the
amount
of
credit
extended
$38,965,000, according to
a
for
these
purchases
was
statement released in Washing¬
at Third World Power Conference Views
of
Power as Tending Toward
Higher
Living and Advancing Civilization
The development of electric
power, and "the contribution
the
ing the period from Oct. 1, 1935, through June 30, 1936, and
Use
Standard
of
that it can make toward the
development of a
better civilization" were discussed in an address
L.
higher and
by Harold
Ickes, Secretary of the Interior, at the dinner of the
Volume
Financial
143
Chronicle
Third World Power Conference in Washington on September
important a place does electric power already
occupy in our lives," Secretary Ickes said, "that it is difficult
to credit the statement that is
frequently made that our
scientists thus far have only scratched the surface of its
possibilities."
"Whether or not this restless energy can be
utilized in ways not yet dreamed of," he continued, "it
does not need to be argued that
electricity will have the
opportunity that it ought to have to make its full contri¬
bution toward the development of a finer civilization just
to that degree that its use is made available to the
largest
possible number of people." Secretary Ickes likewise said:
Cheap
means
power
means
wider
a
of power and
use
higher standard of living and
a
seems to me to be one of the
to see to it that
at the
power generated
major problems of
our
toward
of
At
make this
civilizing influence available
at
glad to be able to
am
that
a
I
also interested
am
The activities of the
miserly hoarding of
a
the
benefit
of
the
our
natural
a
of waste.
antithesis
power
and
Those
of
use
I
we
allow
of
use
have wasted
our
conference
a
others.
One
this would be
as
plane.
heritage of forest and soil and water and mine,
degree than
could result
good that
great
scientists
to
those
He
':
.
prominent government
'»
officials have
.
the careful
with
come
alike
is
interested
consideration
development
in
the
of
of
us
power
organization
and
almost unlimited opportunities for
share
of
being devoted
skill
the
in
and
energy
parts of
organization of forces of destruction.
Shall
of genius
shall
or
the
.
disproportionate
application
armed conflict,
are
before you
.
creation and
command that
our
who
you
have
statesmen
the
concerned
are
of
vastly
a
and
we
and
to
with
be
all
energy
insist
now
the
many
dissipated
in the
determination
at
they be empowered objectively in the pursuits of peace?
for the development of power, not only without waste,
our resources
;•..v';"
expansion must have
who
you
resources
this
of
agony
carefully matured plan for the
a
great
Unfortunately,
world
greater
importance."
increasing
•;
a large extent industry, transportation, communica¬
growing degree, agriculture.
And as the uses of power
millions, of people throughout the world, the influence upon
and
power
the
us
and
great service to mankind.
of
in
of power,
of
technology,
of nature without waste there would be far less
poverty in the world today
All of
and
/'.W
.■■>;
;
a
extended to
all.
imagine that if, from the beginning, human beings had used the rich gifts
from such
Secretary Hull noted that
depend to
to
society of this
and our civilization would be
upon a much higher
some
constructive
ends.
from
tions,
True Conservation is not
the
say:
distributors
upon
great stride in the
but its development and use for
resource
Conservation is
people.
tremendous
to
on
here
principally concerned
are
and promotion
your
more
than 50 nations for the purpose of
meeting together to
exchange technical knowledge, experiences and opinions.
Power represents
one of
the largest single factors in
any nation's economic structure, for
,
natural resources.
remarks
of
Your
and
profit
point of view of conservation.
Department of the Interior
with the conservation of
of his
the products
meeting here in Washington is convincing proof of that assertion.
Engineers in every specialized1 field, producers of fuel, operators of plants
statesmanship
are
Roosevelt.
in power from the
is- of
went
direction of cheaper power has been made in the United States
during the
Administration of President
for the preservation
constructive
to
efforts unceasingly
your
subject
man,
prices within the means of
say
devoted
you
the members of this
you,
land, bend
insist that
you
capacity which
great
wield,
can
every
of the development and use of power, the
ha messing of the forces of nature to make them work for
capital that is actually invested in its production and distribution.,
I do not pretend to be
acquainted fully with what other nations have done
to
that
you
in
of methods
programs
urge
the outset
"the
to the
people to buy but I
I
thought and efforts be
There¬
return of a reasonable
a
perfecting
peace.
associates
with the
that,
urge
influence which
and your
congress,
by private enterprise is made available
cheapest possible rates consistent with
of mankind.
strongly
and the
possess
»
fore, it
in an
utterly destructive misuse of the power and the
which, properly used, bear beneficial witness to the amazing
constructive capacity
I cannot too
wider use in its turn
a
advancing civilization.
an
1655
broken
instruments
"So
10.
be
or
but in the interest of the greatest good of the
greatest number of the people
of our various countries.
that
would
Imagine the benefits, both material and spiritual,
have resulted
if
hundre'd
a
years
ago
Judge Healy of SEC Warns Utilities Against Holding
Company Activities In Paper at Third World Power
representatives of the
countries of the world had met at frequent intervals to consider the best
method of preserving our forest
while at the
,
same
Conference—Belgian Speaker Lauds Holding Com¬
time making a proper
panies Defense by Others
of them.
use
In point of time it is not yet too late to develop sound
policies for the
development and
creation
natural
of those
use
of electric
such
resources
as
physical
means
that
coal,
oil,
abundance
an
and flowing waters, that
gas
Judge Robert E. Healy of the Securities and Exchange
Commission on Sept. 8 told the Third World Power Confer¬
available for the
are
There still is in the world
power.
can
of
at Washington that utilities in the United States should
devote themselves "more to the production and sale of elec¬
tricity and less to the production and sale of securities."
Some other speakers before the conference
ence
be
converted into power which in turn can be utilized for the great benefit of
the
people.
Let
not repeat the mistake that has been made so persis¬
us
tently in the past of utilizing these
but with
present profit as possible out
with
resources
minds fixed only upon
our
opposed Judge
Healy's stand, including Max Frederick Horn, representing
the Belgian
Government, who said (we quote from the New
York "Times") that holding companies were the salvation
of utilities throughout the world.
The SEC Commissioner's
views were contained in a paper submitted to the conference
thought of the future
no
the opportunity of taking as large a
of nature's bounty.
|» The
distinguishing characteristic
well
political, is the ability to look ahead, to plan for the future happi¬
as
welfare
and
ness
of the
while civilization
than
statesmanship,
of real
people, to envisage
the
has
world
as
and to work for the
known,
ever
industrial
greater and a more worth
a
for discussion.
attainment of that civilization.
whether
reduction in costs.
Secretary Hull Warns of Danger of General War—Tells
Delegates to World Power Conference that Respon¬
Healy's
in
civilization," Secretary of State Hull declared
Sept. 7
on
the Third World Power. Conference,
in
Washington, attended by 3,00.0 delegates representing
more than 50 countries.
The responsibility of governments
and peoples in preserving peace has never been so great
at
as
present, Mr. Hull said, and he warned that any war
would be fought not alone by uniformed armies and navies,
but
by the entire populations of the nations involved.
address
ment
ing units, his
retarded
generally interpreted as an official
was
by
United
the
Government
States
His
pronounce¬
that
either
the
The
and
We quote, in part, as follows from
How
this
responsibility of maintaining
fear,
and
in
peace
world fraught with suspicion
a
even
greater degree upon the shoulders of the thinking people of each land;
people such as you who meet here to consider important matters common
to
progress
of
chauvinism
in
your
And
peace.
You meet
country.
every
Every
direct proportion
of
that
Are
these
we
this
of
or
this
convinced that
of
this lesson
once
A
peace.
general
forces
k
.
war
which
I
the
a
of
progress
no
make
cause
civilization;
far
of
worldi without
in
and
only
can
refuse
so
lead to
stupid
believe
to
lamentable
a
influential
world
a
that
that
statesmen
The
peoples
of
upon
quences
we
we
cannot
I
are.
read
am
is fully learned
will
response
secure
by the people of the world,
to us the blessings of perma¬
.
now
might
the
them
will
future
neglect
of
of
the
constant
necessity
of
of adequate depreciation
may
allowances,
because
of
affect future financial statements of operating
say.
the
privately owned utility company depends to great
fair and easily workable method of rate regulation
be developed and upon the industry's success in completely
freeing
can
whether
on
a
sale of securities.
In
a
"
Defends Private System
'
sharp defense of the privately owned systems, J. F. Fogarty, Presi¬
dent of the North American
Co., declared that the growth of the holding
the result
of State laws which restricted public
utility operations within their boundaries to corporations organized under
systems
their
own
world
all,
prevent
unparalleled
In
was
laws and to need of capital for expansion of operating units,
"Times"
the
bring
about
a
virtual
destruction
was
said
modern
fully
may
and
that
their
opportunity
forward with clear vision
and
to
realize
the
solemn
realistic envisaging
flying at
and
for
each
the fancied incentives.
those
bring about
nations
an
responsibility
of the
other's throats
and
inevitable
no
There
groups
early return to
sane
which
conse¬
matter' how
exists
today
which
look
perspectives
relationships based upon full comprehension that the members of the
family of nations must live together amicably' and' work together in
peace
Other
British
have
from
declared
foreign speakers, among them Viscount Falmouth,
delegation;
Power and
Karl
Krecke,
Light Administration,
a
member
of the
Board
and Edmond Roux,
of the French Assn. of Producers and Distributors of
any
reference to the
Holding Company Act
or
other
head ©f the
of
the
General
Berlin
Manager
Electricity, avoided
New
Deal
acts
or
projects.
While the utilities had their defenders, the critics of the policies of
pri
vately owned companies had most of the spotlight.
number
of delegates, speeches
are limited to three
delegations presenting their views in
papers
which
printed in English, French, German and Spanish
as
Owing to the large
and five
are
a
to
minutes, the
be
bound
and
record for the more
represented.
Other
proceedings of the conference, including Mr. Fo¬
garty' spaper, are referred to elsewhere in this issue. A con¬
ference press release described the discussion on
Sept. 9 of
utility regulation is quoted as follows:
After the formal
papers discussing this question in the
light of the ex¬
perience of a score of countries, Maurice P. Davidson, Commissioner of
Water Supply, Gas, and Electricity of the City of New
York, charged
that
regulation of utilities has been ineffective, and that rate reductions
result only from public competition, or the threat of
competition.
,
to
The account continued:
control—
of
advices
Washington Sept. 8 Mr.
that Europe views with
some apprehension the working out of the American
Holding
Company Law and he expressed the hope that the, result
would not be the destruction of the holding company
system."
Horn
than 50 nations
would set loose forces that would be beyond
easily
great may be their impulses
an
because
topheavy and inflated holding company
itself from the hands of the jugglers of finance and devoting itself more to
the production and sale of gas and electricity and less to the production and
holocaust.
political thought, with all
its achievements,
and
possibly a veritable
shattering of our civilization.
Our one hope is that the governments and
rests
the
necessity,
same
degree
religion,
civilization
Yet we find today
enlightened age
history ?
of
only
it was pursued and the number
responsible
many
not
forward in
go
has retarded the
by
thus
also advance
cause
it has endured.
years
You
you
the
the vigor with which
unanimity of their
nent
is
betterment only
supposedly
lesson
jealousy.'
endeavor,
warlike tendencies
present
in
spirit of friendly cooperation with
a
peace
past
appreciation
awful
the
the
to
days, months,
absence
of
social
of
war
of
field
cause
in
political
or
own
the
science, culture and
war.
a
torn
by dangerous ambitions and conflicting political phi¬
losophies, rests not upon governments alone.
This responsibility rests to
thought
company
companies and their rates and services is difficult to
company
Hull's speech:
by consolidation of small companies into larger operat¬
stated, but in other instances this movement has been
holding
.•••
■
Mr.
paper
by the
instances the downward trend of rates
system.
world will continue to provide greater comfort and luxury
for the people or it will enter a decline that can only mean
"death to civilization."
..
some
straining for earnings to support
address opening
an
paper as
has been promoted
Another general war would set loose uncontrollable forces
"which might easily bring about a veritable shattering of
our
Washington dispatch of Sept. 8 to
quoted from Judge
follows:
y
■fc The writer believes that in
Great
so
A
the New York "Journal of Commerce"
sibility of Governments and Peoples in Preserving
Peace Has Never Before Been
He said that it is open to serious
question
of rates has been commensurate with
reduction
a
Asserting that the threat of public competition in New York City brought
40% reduction in the electric rates charged by private companies for
Financial
1656
municipal
Davidson said that public utility commissions have
year,
per
shown themselves to be impotent.
advantage of our consumers
develop our industry to the
want to
we
in our stocks, let us for Heaven's sake
and the millions of small investors
this industry of ours to which we are all
keep the politicians away from
proud to belong."
so
municipal plants in
this country with private utilities.
Citing the Federal Power Commission
report, he said that municipal plant returns are from 15 to 25% lower and
Angeles compared the records of the more than 1,800
companies.
ally higher than those paid by private
K.
Public Works Administration cited the 867 re¬
S. Wingfield of the
building municipal plants as an indication of the
dissatisfaction with regulation.
He declared that commissions
quests for financial aid in
of
extent
powerful than themselves,
hope to regulate corporations far more
cannot
procedures before commissions are commonly onerous, cum¬
and said the
Public Service Commissioner, and Chair¬
made a closing speech in which he defended regulatory
of the session,
man
commissions.
said that while there are perhaps many things which
He
they have not done, in the main they have done all they could under
With fair criticism
Strike
as
of
12,000 Ends—Union and Employers Sign Com¬
promise Agreement
Boroughs of Man¬
hattan, the Bronx and Richmond, New York City, called on
Aug. 27 by District No. 9 of the Brotherhood of Painters,
Decorators and Paperhangers, came to an end on Sept. 5
The
the
when
The
in the
12,000 painters
union
signed
compromise agreement
one-year
a
of
Association
the
with
of
strike
Master
Decorators.
and
Painters
on Sept. 4, will remain in effect
1937, and replaces the one which expired on
agreement, reached
until Aug. 27,
last Aug. 27.
their
to
that the remainder
of
the
Sept. 8 that 8,500 of the strikers
on
jobs up to that
week.
were
Master Painters
Decorators
and
accede to demands of the union that 50%
union rolls be used
ment
indicated'
time, and
expected to return before the end
The strike was called on Aug. 27 after the
Association of
by the Association
refused
to
of workers from
jobs.
on
The
agree¬
provides that the employers hire 25% of union work¬
Regarding the agreement,
ers.
today is more interested in the future than in
U. S. A., that
and reasonable compromise.
I commend
the Government and to the industry the application of
to
Aristotle's Golden Mean.
At the beginning
Carlisle, who is
of his address Mr.
Chairman of the Board of the Consolidated Edison
Electric
Co., described the Third World Power Conference as "a
gathering of individuals who manage the power enterprises
of the world."
In part he added:
Here
are
Here
educators, economists,
government
not to forget the govern¬
the municipal
regulate us and the officials who direct
officials who
power
undertakings.
with honest
meeting in a spirit of cooperation and friendliness, and
are
respect
dams, of the fuel industries—coal, oil and
Meeting with us are representatives of our great technical
gas.
scientific societies,
and
have designed and constructed our extensive
the engineers of large
are
natural
the experts who
Here are the inventors and manufacturers of power machinery.
systems.
expressed and without rancor.
of opinion freely
differences
for
Those of us who are managers of these enterprises are in a very
chosen
trustees,
to
these positions by reason of experience,
and those qualities of
intellectual and moral integrity necessarily attaching
positions of great responsibility.
to
accord
w
...
machine age does.not, of course, direct itself.
Our present
In
with
high sense
competence
As
laws.
fundamental
certain
there
are
unchanging moral laws, so also there are unvarying economic laws.
of the most important of these is
mental
for
or
One
Except
periods, subsidized business cannot
emergencies and for short
'
endure.
It
l
and
that every enterprise, whether govern¬
priate, must pay its own way, must stand on its own feet.
great
r
It functions
constant
,
the industrial revolution, ushered in by the steam engine, which
was
led to the emergence of
the middle classes and later of manual labor into
political freedom, economic independence and broader intellectual outlook
The union announced
had returned
But eternal wrangling will get
have no quarrel.
we
There is no power problem, certainly in the
be solved by fair negotiations
cannot
We
New York City
Return to Work in
No industry in the world has been so generally
much to our present civilization.
The world
nowhere.
the past.
and
Painters
severity, the American
their financial soundness.
j
must not be denied the pride of
of unparalleled
test
useful in modern life, and contributed so
ment
existing legislation.
that
utilities amply demonstrated
truly great achievement.
bersome, and expensive.
O. J. Goodnough, Pennsylvania
They were singled out for
Those of us charged with management
in lieu of taxes on municipal plants are actu¬
that taxes and contributions
by
Judged
exempt.
us
regulation, Mr. E. F. Scattergood of Los
In the discussion of utility
Federal Money Loaned to Private Utilities
Cent of
One
cent was loaned to private utilities.
one
private
heard from Mr. Davidson," and added:
he called "the tirade we have just
"If
Not
"
Sept. 12, 1936
special heavy taxation, from which the municipal power operations were
,
of London's Electricity Supply,
of electricity, and referred to what
plea for private development
a
**4
*
Manager of the County
John Dalton,
made
Not
reductions which saved citizens
and indirectly led to rate
uses,
$9,000,000
Chronicle
take the following from
we
A characteristic of the industrial
and promoted democratic government.
revolution
duction
was
the development
This period has
recognized that the volume of trade and the velocity of
turnover of goods are
The Americas,
the
the very roots of our well-being.
now
Grea,t
seas.
of tools and the greatly stimulated pro¬
consumption of goods both in industry and in agriculture.
and
in their vigorous youth, welcome you from across
things
are
occurring
here.
Many
of
including power, are producing and distributing more
than
at
other time in their
any
history.
We,
industries,
our
goolds
and services
I believe, know how to
adapt and adjust ourselves to new and changing conditions.
the New York "Times" of Sept. 5:
The
agreement
new
master
Golden
Ben
Guardia's
ment.
of
[Sept. 4]
the
representative,
and
all-night
con¬
the
an
Board, acting
Regional Labor
induced
of the painters
morning following
disputant
Mayor
as
make
to
the
La
agree¬
union
Coal
Goldlen's compromise offer of
accepted
was
employers'
refusal
Among
shall
be
in
place
things,
other
the
of
have the
to
25% of
union's
employees
designated by the
to be
men
demand
make
50%
for
the
and
designations,"
any
read
of the settlement.
announcement
paid for
agreement
an
reached
was
five hours of work
done
by
that
night
a
the
sum
of
$9
shift which Work
ordinarily would be done during the day.
Mr.
Golden
stewards
It
further
also
agreed
men
would be
no
order
to
spread
Furthermore,
least
feel
in
January,
permitted to
agreed
was
of
Gladstone,
that
declared
In
is
a
that
by the union.
February
work
March,
and
than
more
non-union
in
decisive
District
partial supervision
Philip H.
the
this
Secretary
union
ers,
that
that job
stipulated
agreement
selected
21
the
hours
slack
week,
a
employment.
it
that
Weinstock,
of
the
50% of those picketing should be union
"We
the
that
announced
be elected by the men or
could
was
season,
in
Utility Organization Discussed by J. F. Fogarty in
Paper Distributed to World Power Conference—
Other Studies
Devoted to Farm Electrification,
...
"Mr.
the
reached by representatives
was
painters early Friday
ference.
Council
buildings
picketed
at
men.
for
The
9.
union,"
the
25%
said
clause
Louis
will
give
the hiring and firing of men."
over
Vice-President
the
victory
agreement
was
of the
Association
drawn
"to
of Master
entire
the
Paint¬
satisfaction
employers."
the
settlement
represented,
addition
in
Moeller,
Henry D.
union
negotiations the
Secretary,
represented
was
Mr.
to
by
Association
Gladstone,
and Arthur
Mr.
of
by
Otto
Painters
Grimer,
was
President;
andl Louis Epstein.
Rhodes
Weinstock,
Master
Hyman Mascal, President,
The
and
Harry Zacker, attorney.
and
Oil
Industries
Organization of private electric and gas utilities was dis¬
cussed by J. H. Fogarty, President of The North American
Company, in a paper presented on Sept. 8 to the Third
World Power Conference, meeting in Washington.
Mr.
Fogarty, in discussing financing and the part played therein
by the holding company, pointed out that the fixed capital
of the electric light and power industry grew from less than
$500,000,000 in 1902 to more than $12,000,000,000 in 1932.
The vast amounts of capital required by the industry, he
said, have precluded the possibility of its control falling to
any great extent into the hands of a single group.
Part I of Mr. Fogarty's paper represented an historical
review of the process of organization of the electric light
and power industry from its beginnings in the
1880's,
together with some supplementary data as to the older gas
utility industry.
A summary of Mr. Fogarty's paper added
in part:
Parfc II traces progress made through consolidations of properties result¬
ing in unification of service in large areas, and interconnection between
companies in
the
same
system,
and
between companies under different
It also discusses the ownership of electric utilities in combi¬
ownership.
nation with other utilities and with
industrial enterprises.
Part III outlines the influence of State regulation upon
of private electric light and power companies,
Floyd L. Carlisle At World Power Conference Declares
There
Is
Solved
No
Problem
Power
That
Cannot
Be
Fair
Negotiations
and
Reasonable
Compromise—Asserts No Industry Has
Contri¬
By
buted So Much
Civilization
to
At the Third World Power Conference dinner in Wash¬
ington
on
Sept. 10, Floyd L. Carlisle declared that "business
and Government have no natural or inherent antagonisms."
He went on to say "while the prosaic production of goods
and services has not the
ernment
undertakings,
glamour of the monumental gov¬
the less it is the base on which
none
modern civilization rests its
The
day
of
simple
a
agricultural civilization
government must work together.
to
Continuing he said:
security."
is
Business
gone.
and
The object of any organized society is
promote the greatest security, well-being, culture and happiness of its
members.
All enterprises must function to this
their financing.
wrongs
have
Some of that criticism
was
founded in fact,
been severely condemned by the leaders
of
but unsound finance is not representative or general in the
This is
agencies
banks,
conclusively
of the
Federal
railroads,
manufacturers.
antee of farm
proven
the
advanced
companies,
money
housing
to
and the
industry;
Various
difficult to attract, securities lacked stability
uncertain.
capital was timid and
and returns thereon appeared
■
-
The possibilities of achieving lower electric rates and the
wider distribution of power were discussed in papers busmitted to the conference on Sept. 7.
World experience in
the
effort
to
provide
more
electricity at less cost,. and
a
survey of the drive to electrify rural areas, were the subjects
of the two papers dealing with electricity distribution.
A
Conference press release
Papers
refeH*ed to those
papers as
rural electrification in the United States
on
follows:
have been submitted
by Hudson W. Reed, of the United Gas Improvement Company and Chair¬
man
of the
industry's Rural Electrification Committee, and
Harcourt A.
Morgan of the Tennessee Valley Authority.
concerning rural electrification—notably as to the objectives.
farmers
Enthusiasts
have displayed a lack of appreciation
the
for
value
and
the
of
electric
service
to
of the economics of the problem—
the farmer, the cost of furnishing such
service.
He feels that the enthusiasm,
municipalities,
projects,
The amount exceeded four billion dollars plus the guar¬
and home mortgages.
played therein by the holding
especially during the early periods when
service, and the amount of income the farmer has to apply upon payment
business.
by the events of the depression.
government
insurance
Part IV deals with financing and the part
company,
the organization
with the experience of growth
State regulation to 1935.
Mr. Reed discusses certain misunderstandings which have recently arisen
end.
The criticism of the American private utilities has related almost entirely
to
in Wisconsin during the 28 years of
quarters
for
a
rural
laudable but Utopian, displayed in certain
electrification program,
coupled with an incomplete
understanding of the question, may in the end prove but a costly setback
to
the movement,
and result in the disillusionment of
the farmer.
Volume
lifetime ago, none could have predicted the
would
The Third World Power Conference—the
the same token it
lation through widespread use of electricity.
An item
the Third World Power Conference
appeared in these columns Sept. 5,
page 1498.
Dr. Julius Dorpmueller of Germany, President
of the Reich Railroads, and Acting President of the per¬
manent World Power Conference, opened the meeting and
^turned the chairmanship of the meeting over to Dr. William
F. Durand.
The program for the first day (Sept. 7) cen-„
tered around the production and distribution of coal and
oil.
At a session that day the Second Congress on Large
Dams was launched.
The Conference and Congress held
a joint
formal opening in the evening of the seventh, at
which Secretary of State Hull welcomed the delegates in
behalf of the United States.
This speech is referred to
elsewhere in this issue.
More than 3,000 delegates from
and
bearing
on
deliberations
its
52 nations
and from
the
The
At the coal session it
indicated that
was
for
nations
C.
F.
depending
Hosford
coal
as
a
Chairman
Jr.,
of
the
on
Federal
in
petition"
regulation..-Mr.
break
will
down
Hosford
present
In the opinion of
Howard W.
Com¬
Eavenson
position of coal
unless
"intense com¬
of the
this should suit
Associated
the
conference today was divided into three sections, in all of
discussion
discussed
largely
was
During
technical.
"significant trends in
the morning,
electric and
be
of the
that
the
operatives.
This
was
Great Britain
a
been
that
the
to
by
and
In
the
authority,
other
hand,
and William
James
E.
C.
Bonbright,
of the
in
local
They warned that the future of the
After
Foreign speakers for the most part opposed too much government inter¬
the
by Robert E.
Raising the question as to whether the development of
and natural resources should be carried on along
strictly business lines by private industry or whether it should
be administered as a social function by the state, papers
power
coming before the Conference reveal a world wide perplexity
on this
question.
The subject, which formed a review of
the entire Conference program, will
technical
Conference today,
Sept.
made available
be discussed at the last
12.
A press release
Sept. 6 said:
Two papers submitted by the
United States, written by Floyd L. Carlisle,
New York,
Chairman of the Board of the Consolidated Edison Company of
and George Soule,
an
editor of the New
apparent in many of the other papers
such
Republic, represent the opposite
The same sharp division of opinion
schools of thought on this question.
is
submitted and in some cases—
tell of the solution
France, Germany and Sweden—the countries
as
President.
Lewis said, "he
say
is still a member
of that
that Mr. Green would have to join another union
President.
(Sept. 7) address in Washington Mr.
exercised by corporate
Day
•
quoting
height
of
of the
reports
Brookings Institution, which stated that
of the total in the Nation, had at
in 1929 annual incomes of less than
families, one-sixth
6,000,000
nearly
ference in the power industry.
Reference is made in another item to a paper
Mr.
L.
Ohio,
standing."
Labor
a
the status of William Green, A. F. of
Federation
elected
know,"
on
member of the Miners Union, Coshocton,
a
follows:
as
industry depends upon more effective regulation.
Healy of the Securities and Exchange Commission, which
was brought before the Conference on Sept. 7. ■ H
i ! i y
was
...
employers "demands some fair counterpoise in the collective
of workers."
A
Washington dispatch of Sept; 7 to the New York
"Times" reported Mr. Lewis's speech at the capital, in part,
Mosher, of Syracuse University, praised the
utility commissions.
all the workers in
power
New York Power
"yardstick" method, declaring that in many instances the public had lost
faith
other mass
Lewis said that the economic power
that development of
yardstick projects shows lack of faith in local regulations.
On
he
I
as
good
reelected
be
to
State and local commissions
public interest,
in
Council members
United Gas Improvement Company.
of utilities
regulation
satisfactory
industrial unions—to bring
regardless of craft.
briefly
Green is
Mr.
far
"So
local
"yardstick" method of regulation is inaccurate and unfair, wrote
asserted
has
through
is
As such
local.
automatic
decrease of 182,000
additional technical and electrical workers.
He
A.
President*
partially offset, however, by employment of 102,000
John E. Zimmerman president of the
specifically and
years
Lewis commented
Mr.
One English paper
increasing use of power and the tendency to
control machinery had brought about in
industry
they tried to get the A. F. of L. to adopt this policy.
F. of L. held to the policy of enrolling workers, with certain
many
the
But
and increased power use
will not necessarily mean a large drop in employment.
steel
the
to
exceptions, into craft unions.
presented—but not read—at the sessions,
papers,
felt for the most part that improved machinery
The
5,
industry into one union,
For
sessions will be held tomorrow, continuing discussion of operating
writers
organized
each
Five
problems.
noted
Sept.
production industries generally.
He and leaders of the nine other suspended
unions think the only way the workers in mass production industries can
utilities" and "organization of the production,
gas
transportation and distribution of natural and manufactured gas."
referred
Lewis
Mr.
one
the development and utilization
The two afternoon sessions discussed "organization
resources."
of private
The
namely,
unorganized industries."
from \ Washington,
accounts
Press
stating that "we
have been doing,
we
quoting Mr. Lewis as above, said:
The power
power
conference in Tampa."
promoting organization in these
bureau:
of power
to continue what
going
are
which
Industrial
the A. F. of L., for I have no
Sept. 5 Mr. Lewis was reported as
On
Regarding the Sept. 8 session the New York "Herald
Tribune" reported in part as follows, from its Washington
session
United Mine Workers'
reconsideration or counter proposal. And
the A. F. of L. for there will be ten unions less to vote
against their policy at the forthcoming
control plan affects the competitive
adversely that it can only result in decreased use.
so
languages—
intention of making any plea for
■
•
Koppers Coal and Transportation Com¬
any price
four
Abroad—Will Make No
of/A. F. of L.
Affiliated with C. fl. O.
that the ten unions will be suspended from
other stabilizing
.
Pittsburgh said that
pany of
that
predicted
levels
wage
forces are utilized.
in
on
suspension, effective Sept. 5, of ten unions of the American
Federation of Labor, unless they withdraw from the C. I, O
Mr. Lewis was reported in the "Sun" as stating:
"I have not changed my attitud
one hair's breadth since I went away,"
the proponent of vertical organization declared, "and if I know William
Green, President of the A. F. of L.t he hasn't either.
The result will be
the greatest needs
Coal
carried
were
Organization, returned Sept. 3 on the U. S. liner Man¬
hattan from his trip to London.
His departure on Aug. 14,
was noted in our Aug.
22 issue, page 1168.
Mr. Lewis,
according to the New York "Sun" of Sept. 3, conferred
while abroad with labor leaders.
Commenting on the
mission, the only hope for the bituminous coal industry in the United States
lies
discussions
America, and founder of the Committee for
of
7 sessions we
Bituminous
National
discussion at
meetings.
Respecting Unions
stabilization of the industry
primary power.
but will form the basis of
John L. Lewis, President of the
presented American
new uses are
about 6,000 printed pages—
of them running into
the sessions,
Move for Reconsideration of Action
following:
throughout the world and development of
was
Return of John L. Lewis from
coal.
From the press release covering the Sept.
It
English,
French,
Spanish,
and German.
The Second
Congress on Large Dams, an auxiliary organization meeting
concurrently with the Conference, is made up of engineers
engaged in the construction of large dams.
This group
considered five questions during its sessions.
/
of natural gas
Lubin of the Bureau of Labor Statistics
take the
Conference
had been sub¬
further stated:
stated that papers
was
subjects.
These papers—325
control of the fuel
papers on
18
on
will not be read at
as a motor fuel, etc. Government
industries, the problems of labor, trans¬
portation, etc., were also discussed.
Papers presented that
afternoon included 19 foreign contributions on coal and eight
on petroleum.
The National Coal Association and Isador
use
the conference it
to
mitted
At afternoon sessions, Sept. 7, particular attention was
devoted to new uses for coal, oil, and gas suggested in the
written papers, including the production of gasoline from
coal, the
was
$75,000; from the manufacturers $25,000,
Congressional appropriation $75,000.
Preliminary
industry
scheduled to attend the Conference.
were
first and second
having been held in London in 1924 and Berlin in 1930—is
sponsored and financed jointly by the public utility interests,
the electrical manufacturing industry, and the Government
of the United States.
The contribution from the utility
impossible to forecast what great benefits might accrue to the rural popu¬
is
be modified in mapping out a program.
must
He reminds that
transformation which
be wrought in city life by electricity, and states that by
and resources as a social
methods of private industry
Soule advocates the development of power
function, and says that traditional business
holds that rural elec¬
trification is one of the great promisee of American life.
a
Mr.
Morgan, pointing out that nearly one-fourth of the nation's popu¬
Dr.
lation lives on farms without modern conveniences,
1657
Chronicle
Financial
143
industrial
activity
Lewis said that these. millions had common objectives "in
in working conditions, in legislation, in securing better
homes, in the more abundant lives they may lead, and in the heritage
of
economic opportunity they may leave their children.
Mr.
$1,000,
living
wages,
"They
have
the
right
to
agencies
company-controlled
sell
set
their
up
by
labor
their
collectively,
employers,"
free from the
he
asserted.
their conditions of employment on
equal terms with the centralized management that confronts them.
They
have a right to have the machine gun and the gas bomb and the brutal
"They
have
the
guards and the
right
to
negotiate
snooping spy banished! forever from the industrial life of
America.
"These
men
and
women
have
the right
to
feel that management
dis¬
will not be the penalty of free association.
They have the right to share in the satisfactions of modern life and
to enjoy the dignity of modern democracy.
"Does
anyone doubt that
the workers in our great industries would
organize but for the determined opposition of corporate management?
Why do they resort to company-controlled unions and employee representa¬
tion agencies, and the studied practice of discharging those
advocating
pleasure and arbitrary discharge
labor
unions?"
reached.
Mr. Carlisle states with vigor and
In this
clarity the position of private industry
country—that the carrying out of a national power policy should
be left to private utilities.
At the outset, Mr.
national
power
and
Carlisle makes the point that any
resources
ownership and operation.
He believes that the public interest can
by private initiative with
a
best be served by development
minimum of government supervision, preferably
local, and without political interference, and his paper is devoted to proving,
this point.
...
Contemplated
discussion of the
policies of this country narrows at once to
the merits of private and Government
William Green Says Organized Labor Will Remain Non¬
partisan—Asserts No Independent Labor Party Is
,
The American Federation of Labor will
remain non-parti¬
politically and will not isolate itself by seeking to form
an
independent labor party, William Green, President of
the Federation, said in a Labor Day address at Knoxville,
Tenn., on Sept. 7.
san
Financial
1658
continue to support its friends and
Organized labor will
regardless of political affilications, Mr.,
declared at Knoxville.
He mentioned the suspension,
10 unions affiliated with the Committee for Indus¬
defeat its enemies,
Green
of
the
Organization (referred to elsewhere in this issue of
the "Chronicle"), and said that lie was still hopeful that
the controversy could be adjusted.
United Press Knoxville
trial
advices of Sept. 7
is
"It
Council as dual and rival to the American Federation
"Those who have ever sought to divide and conquer
the forces of labor will be pleased while those who have ever devoted their
efforts toward the development of solidarity and a united labor movement
will be moved with feelings of deep concern.
The enemies of labor will
Executive
the
Labor," he said.
of
be
the
division, discord and bitterness within the
The workers who are seeking the realization
bound to suffer.
joined and controversial questions are settled! by a
strength
economic
issues
"When
are
are
the representatives of labor who participate in conven¬
Federation of Labor it becomes the duty and obliga¬
vote' of
majority
of
labor.
organized
of
their
of
beneficiaries
only
family
tions of the American
of
individuals
who
affiliated
are
with
the
Federation of Labor to respect and obey said decisions.
American
industrial
"The
and
organizations
all
of
tion
craft
versus
is
controversy
the
not
issue.
Both
forms
been applied by the American Federation of Labor
applied in its organization and administrative policies as
organization have
and
being
are
have absolute
and
kindly
a
faith
abundant
with
are
and
warrant and conditions permit."
circumstances
Mr.
in
our
Speyer's departure for Europe on June 24 was noted
issue of June 27, page 4277.
Following his return on
Respondent in ProWeld & Co.
The Securities and Exchange Commission on Sept. 8 issued
an
order granting the request of Robert E. McConnell,
President of Mayflower Associates, an investment trust, and
formerly a limited partner in White, Weld & Co., that he be
dismissed as a respondent in the proceedings brought by the
SEC against the New York firm incident to trading in
common stock of the A. O. Smith Corporation on the New
York Curb Exchange between Jan. 1 and Oct. 17, 1935.
A
reference to the proceedings appeared in our issue of July 18,
page 355.
A Washington dispatch of Sept. 8 to the New
York "Herald Tribune" described the SEC action regarding
SEC Dismisses R. E.
Says They Have "Withdrawn"
to Heed 30-Day Ultimatum
Result of Failure
as
William Green, President of the American Federation of
Labor, said officially on Sept. 5 that the 10 unions belong¬
ing to the Committee for Industrial Organization had "with¬
drawn" from the Federation
A.
the
as
of that date.
These unions
about
1,000,000 members, or approximately one-third
of L. membership.
Mr. Green maintained that
F.
because
they refused to withdraw from the C. I. O. in ac¬
the
with
cordance
30-day
ultimatum
Council they were no
Executive
of
Federation's
the
longer connected with the
The 10
led by John L. Lewis, President of the United
Federation, although they had not been suspended.
unions
Mine
a
are
Their
Workers.
status
described
was
follows
as
in
Washington dispatch of Sept. 5 to the New York "Herald
Tribune":
"On
Mr. McConnell as follows:
(1) That
he was a limited
partner of the firm, receiving as compensation only interest on his invest¬
ment in the firm; (2) that during the period he took us part in the policies
of White, Weld & Co. and knew nothing of the alleged transactions in the
A. O. Smith common stock; (3) that during the period he did not own, buy
or sell any
Smith stock nor participate in any transactions; (4) that he
C.
I.
the
t
C.
Their
O.
I.
days
F.
as
to
whether
L.
of
or
discontinue
and
make
have
industries."
withdraw
to
the
C.
to
their
work
add
and
from
effect,
to
all
in
all
that,''
and
of
defeat
of
mediators
break,
for
failing
reference
the
1497,
Dubinsky
on,aggres¬
employed
"It
what
tions
had
were
contemplated concerning the purchase by
or
Associates of A. O. Smith
stock."
'•
p Mr. McConnell, in his petition for dismissal, which was granted, also
pointed out that on the date of the motion and on the date when the SEC
issued its "show-cause" order against partners of White, Weld & Co., he
not a member
of any national securities
in
Mr.
the
efforts
to
in
all
'
was
Sails to Assume Duties as
Ambassador to Italy
Phillips, former Under-Secretary of State who
appointed last June United States Ambassador to Italy,
sailed for his new post on Sept. 9 aboard the United States
liner
Manhattan.
Mr.
Phillips was appointed to the
Italian post following the resignation of Breckinridge Long
due to ill health.
Mr. Long's resignation -was noted in the
"Chronicle" of July 4, page 46, in which item the appoint¬
ment of Mr. Phillips was also reported.
keep
his
organization intact.
Organization out of the A. F. of 'L., had
lacking
only
Mr.
who
tried
Lewis's
official -and
repercussions
to
the
avert
President's
secret tonight of their disappointment.
no
tlie
which
desperately to
unfavorable
Federation's
action
in
the
noted the
resignation
of
High
Roosevelt
Appoints J.
Commissioner
for
Mr. Jones, who has been financial adviser to
case
of
I. O. appeared in our issue of Sept. 5,
was
W. Jones as Acting
Philippine Islands
Announcement was made on Sept. 8 by the Bureau of
Insular Affairs, in Washington, of the appointment by
President Roosevelt of J. Weldon Jones as Acting High
Commissioner for the Philippine Islands.
In Associated
Press advices from Washington, Sept. 8, it was also stated:
President
David
VicerPresident of the A. F. of L.
will serve while Mr.
Murphy,
Democratic nomination
The appointment
leave without pay
was
for
James Speyer Returns from Abroad—Sees Little Likeli¬
hood of War in Near Future
Returning on Sept. 7 from his annual two-months vaca¬
tion in Europe on the Queen Mary, James Speyer, of Speyer
& Co., New York, said that the people of the United States
have been "too much alarmed" by fear that the
present
troubles in Spain might lead to some European war. " Stat¬
ing that he had no special information or knowledge on the
situation, Mr. Speyer said that after speaking with a number
of experienced bankers and business men in London and
Paris, he found that "they do not believe in any serious war
in the immediate
future, in spite of the tremendous expendi¬
tures for armaments
on
land and
sea
and air."
In
a
pre¬
pared statement Mr. Speyer«further stated:
The unrest in
which, in turn,
some
are
countries is
largely caused by economic conditions
largely the result of the so-called
membering old business units like the Austrian
states, some new
peace
treaties dis¬
Hungarian Empire, creating
ployment by creating a class feeling which easily leads to acts of violence.
What is needed is restoration of confidence
and ordinary trade and inter¬
and nothing, in my humble opinion, would help more to achieve
end than the re-establishment of a fixed
money standard,
desirable
uniformly accepted by the leading nations.
true and
This is very desirable to the
lasting advantage of the working classes and farmers.
the
Governor of Michigan.
effective Sept.
'
Since Mr. Murphy left Manila in
months'
make the
5, the start of the two
granted to Mr. Murphy by the President to
•
May, Mr. Jones
has been serving on a
of" his chief.
High Commissioner Murphy last July tendered his
resignation to President Roosevelt in order to become the
Democratic candidate for the Governship of Michigan,
but the President said at that time he would hold the resig¬
nation
ence
E.
in
abeyance pending future developments.
Refer¬
made in our issue of July 11, page 209.
to this was
S.
Leggett
Appointed
by
President
Roosevelt
Acting Executive Director of National
as
Emergency
Council
Sept. 8 President Roosevelt appointed Eugene S.
Leggett as Acting Executive Director of the National
Emergency Council, succeeding Lyle Alverson, resigned,
it was stated in United Press advices from Washington,
On
Mr. Leggett, Washington correspondent for
Sept. 8.
Detroit
to the
"Free
Press" for several years,
the
has been Assistant
Director, the advices said.
republics, and by interfering with old international
trade routes and intercourse, upsetting
currency values, etc.; agitators and
ambitious politicians are taking advantage of these
things and of unem¬
course,
High Commissioner Frank
Murphy is on leave to campaign for
temporary basis "for and in the name
as
United States
was
gubernatorial race.
this
exchange.
"
not until tonight that
Lewis, in leading 1,000,000 workers allied
Administration
political
to
William Phillips
Union.
\
negotia¬
Mayflower
Corporation, with the result that no
Mr. Dubinsky
is President of the International Ladies Garment Workers
new
information concerning the
he deemed sufficient
just what it says—
means
existence.
the unions in the C.
page
his
movement,
its
political fortunes, made
A
with
in
against the C. I. O.
those
'
in
for Industrial
labor
rival
admission
Labor
the
their
made
membership
relationship
war
among
Mr. Green said.
he conceded that
a
formal
have
O.
the, A. F..of .L. would "carry
fields
industries."
tiie Committee
up
obtain
to
activities of the A.O. Smith
the
in
'
conceded
Green
with
I.
,
won't
fields
set
withdraw
membership
continue
affiliated
Although the split has existed for months, it
In
their
chosen
up
issued the Federation's declaration
organizing
"I
unable
The commission
William
which
representatives
formal statement saying that
a
sive
Mr.
would
they
L."
of
F.
all
A.
organizations
Mr. Green
in
30
the
O," Mr. Green said.
decisions.
A.
within
with
"These
the firm on Jan. 1 of this year.
SEC said, the facts set forth by Mr. Mc¬
developed at the interview,
the SEC said, that "Mr. McConnell is president and manager of an in¬
vestment trust known as Mayflower Associates. At the invitation of White,
Weld & Co., on or about April 1, 1935, Mr. McConnell on behalf of May¬
flower Associates sent one of its directors to the A.O. Smith Corporation plant
in Milwaukee.
Upon arriving at the plant, however, such director was
By personal interview, the
Connell were corroborated.
the organizations holding membership in the C. I. O. to make
upon
affiliation
McConnell alleged the following facts:
specified in the "show-cause" order
terminated his limited partnership in
was
choice
their
as
ceedings Against White,
5 the Executive Council of the American Federation of Labor
Aug.
called
McConnell
"
The SEC said that Mr.
Unions Out of A. F. of L.—William Green
Ten C. I. O.
have
"Waldheim", at
7 he went to his country place,
Scarborough-on-Hudson, N. Y.
during the period
1
future as in the past.
work and effort—success in the
created
been
lias
British people have made real progress for a year or
national holiday, is forced to consider the breach which
through the formation of another organization classified
its
celebrating
by
European problems,
two.
Of course, I
in the future of our own great country, blessed as we
raw materials and foodstuffs, no hostile neighbors
peace-loving people accustomed to rely on individual
in spite of their own and
It is encouraging to see that,
the
Spet.
the Nation, while
deep regret that labor throughout
matter of
a
quoted from this speech as follows:
1936
12
Sept.
Chronicle
F. W. Shanley Designated Chief National Bank Exam¬
iner for San Francisco Federal Reserve District—
Has
The
Been
Acting
Chief
Comptroller of the Currency, J. F. T. O'Connor,
with the, approval of Henry Morgenthau Jr., Secretary of
the Treasury, has designated Frank W. Shanley, of San
Volume
Chronicle
Financial
143
Francisco, as Chief National Bank Examiner for the Twelfth
(San Francisco) Federal Reserve District.
Mr. Shanley
has had extensive experience in
banking and business and
fnr
tbo
no
omrnrnl
at
v.
Tmoric,
TY?J;;!tPn! Moll iT
National
District
as
Rqq«
o c
F
!
The Bureau of which Mr. Seidemann will
monthly
u
„
that there
After receiving his commission as National
Bank Examiner in 1918, which was issued to him after he
of
Condition
Settlements
Bank
of
date
totaled
A
Ot
as
01
tnkr
91
-p
ol
672,435,982.56
rtr
Ol
.,
m
o7tr
Swiss
,
,,
,
£
i
000,o82,275.43 trancs.
Cash
j
i
r
-.xr^u
o
advices
irom
at
irancs
t„i„
oi
j
■
4.
and
lght funds at Interest
__
_
Treasury bills
Total,..
:
assr'ps^'ssssss
*
,
86£f503
of
,
technical
the
work
and the manual is
the
on
Bankers
American
manual
done
was
equipped with a table of
Association,
by the Legal Department
under the supervision of
Corn-
the
m^tee on National Bank Research, of which William F. Augustine, Vice-
43
President National Shawmut Bank, Boston, Mass., is Chairman.
13,144,934.39
be
may
obtained
from the
American
Association,
Bankers
22
Copies
East
40th
Street, New York City, at 50 cents each.
121,471,929.63
203,020,231.42
43,605,565.85
-
This legal
investments.
important interpretations of the statutes
more
order, divided into six parts,
.
Pla™ for Convention of Savings Banks Association of
329,859,129.41' 324 492,161.05
'
'
Time funds at interest:
contains the full text of
contents, complete index and a table of statutory references,
iu,
acceptances.__112,272,363.62
217,586,765.79
loans and
f'T? witbFor ready referencematerial and several concrete P™et;callogical
much explanatory the material has been arranged in illustrations.
21,'927,977.11
13,119,094.63
ixootooooco
It
preface.
on
by the courta' the comptroller, or tho Board of Governors are included,
29
16:370*,001.39
...
*°®®P^nc®8:
Commercial bills and bankers
provisions
A concise digest of the
"r»_
.
35 906 435 07
in the
loans and
Aug. 31,
'xj
ASSETS
_
witb the needs of the smaller banks »
greater difficulty in, answering their
have
is stated
Currency and the Board of Governors of the Federal Reserve System on
investments, all of which are included in the manual in full.
on
The
ash on hand and on current account with banks,
invest-
t
kasi<! data ia supplemented by the regulations of the Comptroller of the
16,370,001.39
a
bf" P
obviously
it
the statutory
most of
par):
Gold in bars
2.
of
i J ly 31, as contained in Associated PT6&S
Basle, Switzerland, Sept. 5 (figures m Swiss
-
*1.
•
«l-
n
on
The following regarding the manual is also
they
since
legal questions,
j
hand
on
Swiss francs from 13,144,934.39 at the end of July.
The following is the statement of the Bank for
iirkrv.-r.oi.qri
."j0
mind,
.
that
on
increase
an
current account with banks also increased to
1
ivt
in a foreword.
compared with the figure for
as
ao
francs,
t
c
from the Association's announcement of Sept. 9:
Aug. ol, 19oO, shows that assets
16,753,707.13 Swiss francs
JUiy
1
by this
tations, &c., of National banks in making loans and investments," C. W. Allendoerfer, President of the Division, says
Aug 31, 193 6
irto/3
It is estimated
Publication of a "Manual of Laws Relating to Loans and
Investments-by National Banks'' compiled by the Committee
011 National Bank Research, National Bank Division, American Bankers Association, was announced in New York on
Sept. 9 by the Association. It will fill "a need which has
been felt keenly for years for full and readily accessible
information With reference to the powers, restrictions, limi-
The statement of condition of the Bank for International
settlements
65 who have qualified for
Securlty Act.
Association
_
International
for
the*Social
Nat.onal Bank Loan and Invest
?ents. PrePared by D.v.s.on of Amer.ean Bankers
*
of
as
terms of
26,000,000 workers in employments covered
Manual °f 4aws
•
Statement
thPe
some
,
1
position as cashier
He has been Acting Chief National
Bank Examiner since the
resignation of L. L. Madland as
Chief Examiner in the
early part of August.
Mr. Shanley received his commission on
Sept. 9 in Washington, where he had been transacting business with Treasury
officials.
He was expected to return to San Francisco the
latter part of the week.
The resignation of Mr. Madland
as Chief Examiner and the
appointnent of Mr. Shanley as
Acting Chief, was referred to in these columns of Aug. 15,
page 1016.
♦
are
/
National bank.
a
Director will admin-
old-age benefits program.
had successfully passed the regular
examination, Mr. Shanley
was offered and
accepted a more attractive
with
incomes to persons reaching the age of
the benefits under
Bank^ Examiner with headquarters in
ban Francisco.
serve as
ister the system of Federal old-age benefits which will become effective
after December 31, 1936. This program will provide for the paynient of
aSS1^ed to the Twelfth
•
1659
State
38,698,796.46
of
York—43rd
New
Annual
Meeting
to
Be
Held in New York Sept. 24 and 26
'■
P,a"S 1WVe ')CeU virtually Completed fOT the forty-third
29,994,459.45
22,759 461.10
(b) sundry investments
53>23',587.64
321280,'779.86
annual
(a)1Treimybius^......
21,943,044.53
24,431,641.56
State of New York, to be held at the Waldorf-Astoria Hotel
62,848,733.37
jn j^ew York City,
43,125,283.15
"Association News Bulletin"
Banks Association
Savings
meeting of the
of the
'
over^ixmonS11161118""
3.
41,911,480.33
-.
SUfl bills
(b) Sundry Investments
34,613,872.05
34,095,693.00
225.637,453.52
Other assets:'
1,389,829.28
terns
ry
starts
8,007,310.95
lYabU'i-672,435,982.50 655,682,275.43
125,000,000.00
up..
125,000,000.00
SeXSr'retod:::::::::;:::::::::::
3.
General
12,183,412.83
.
Long-term^ommitments"
22,059,148.36
154,763,750.00
Annuity trust account deposits
French Government guarantee fund
154,528,750.00
'....296,106.209.72
.155,077,863.27
'
William
6,054,514.47
757,224.87
605,942.17
—118,690.34
—135,521.64
deSsYgoid);;:::::::::::::::.:::::::::: 28,!o6.73i:77
Mi9.CG1Sranty
commercial bills sold
1,391,030.59
- 24,057,271:23
...
sight
on
sundry items
1,386,368.01
35,695,429.17
37,411,968.77
Total
Total
38,802,999.36
liabilities......
37,08i,797.i8
672,435,982.56
,
655,682,275.43
♦
of Bureau of Federal
Old-Age Benefits of Social Security Board—H. P.
Appointment
as
Mr.
Latimer
resignation
is
Chairman
comes as a
of
the
mentas
Railroad
Retirement
Board,
and
his
result of the pressure of his duties in that capacity.
as Coordinator prior to his
appoint-
head of the Bureau
administrative
has
had
foreign
long
experience
governments,
Coordinator for
of Federal
procedures
the
as
and
and
a
connection
with
methods,
adviser
Federal
to
An authority
Mr.
State
governmental
Seidemann
governments,
agencies.
As
Social Security Board he has been giving particular
attention to the estalishment of
in
Old-Age Benefits.
accounting
technical
various
the
accounting procedures and record systems
payment of Federal old-age benefits.
Thursday.
for
of
the
first
meeting,
President
which
Harold Stone
the convention,
and as our
-
.
*
matters
concerning
bond
investments
and
interest
others sclieduled t0 address the convention
farmers & mechanics savinss baak.
*£*7°' treafi"rer
R.
Superintendent of Banks for the State of New York.
White,
Trust Co., New York.
Glenn Griswold, Editor of "Business Week."
.
The annual dinner,
of which Henry R. Kinsey, President
of tlie wunamsburgh savings Bank, Brooklyn, n. y., win
Of Sept 24.
^
speaker lias not been announced.
The
Three luncheons arranged
by size of banks will be held the afternoon of Sept. 24, each
STOup
to discuss problems of mortgages and other real
auditing and accounting practices.
Previous reference to the coming meeting
our
issue of Aug.
was
made
in
1, page 683.
^
P.
Mr. Seidemann has served the Board
on
on
Successor
Seidemann, of Texas, as
Director of the Bureau of Federal Old-Age Benefits of the
Social Security Board, following the resignation of
Murray
W. Latimer, who has served as Director of this Bureau, *
was
announced in Washington on Sept. 4 by the Social
Security Board.
The announcement said:
Henry
of
ready
morning
all of the business sessions
primarily
estate and
M. W. Latimer Resigns as Director
Seidemann Named
be
R°y w* Wenzlick, President of Real Estate Analysts, Inc., St. Louis, Mo.
August
Ihlefeld Jr., Executive Vice-President of the Savings Banks
'
6,107.114.87
2.
the
of the delegates will arrive in town
many
may
Minn.
Ball, President of the Lincoln-Alliance Bank & Trust Co.,
Rochester, N. Y., and President of the New York State Bankers Association.
144,934,370.66
"•
(a). Not exceeding three months
great
they
Raymond N.
119,072,088.99
25,862,281.67
(b) sight
a
meetings.
Minneapolis,
Central banks for account of others:
Other^depositors":
the
295,753.709.72
.126,455,232.37
28,622,630.90
3.
in
on,syt.24
Short-term and sight deposits (various currencies):
1. Central banks for their own account:
2.
that
include I
61,930,084.72
Total
on
rates and the lively topic of real estate.
■
The annual address of President Stone will be delivered
liolSSoo
61,930,084.72
(a) Not exceeding three months
(b) Sight
that
so
10:00
at
encompass
22,059,148.36
1-^SoolK
tow
-went
comprAensire list of speakers on subjects of leading concern to
savings bankers has been prepared.
Broadly considered, the program will
12,183,412.83
1
I
■
4.
,
publication
A
fund—
reserve
are
23,
preside at
before
2i
,.
The
membership has already been informed, there are several pieces of important business to be transacted in addition to those which usually come
Reserves:
.1.
gept>
on
will
Total assets
Sept. 4, published by the
of
...
Association.
.
Indications
6,621,985.68
7,938,302.69
Sept. 24 and 25, it was stated in the
,
,
to say.
^
Capltal paid
_
1,385,325.27
6,548,473.41
Total
Banks
.
•
it* guaranty of central banks on bills sold
un
.
219,541,592.04
,
Savings
—
Total
■
_
■
■
,
.
.
..
KT
„
.
First Monthly Meeting of New Business Year of Purchasing Agents Association of New York to Be
Held Sept. 15y
The
Purchasing
affiliated
with
the
Agents
Association
National
Association
of
New
of
York,
Purchasing
Agents, will hold its first monthly meeting of the new busiSept. 15, 1936, at the Builders' Exchange Club,
2 Park Avenue, New York City, it was announced
Sept.- 9!
liess year on
The Association represents purchasing power in
^ui.on
n„,?;_nvici
OT,^n
P°'ltan ar?? a,
ltS ,environS
^
the Metroa?!™/w\n
»V6V $100,000,000 annually,
large attendance IS expected at the meeting to hear an
address by Harry Eaton, Editor of Whaley Eaton Service,
Washington, D. C.
be "National and
The subject of Mr. Eaton's address will
International Economic Problems."
England Regional Convention
of Real Estate Boards to
First New
Association
Chronicle
of National
Be Held in
After serving as a
clerk in the Peekskill postoffice and later
Mr. Pugsley in April, 1870, entered
the employ of the Westchester County National Bank of
Peekskill as a clerk.
In 1879 he became Cashier of the
institution and in 1897 First Vice-President.
The same
year (1897) he was elected President, a position he filled
for 36 years.
In 1900, Mr. Pugsley was elected on a Demo¬
cratic ticket as a representative to Congress and served
one term.
He was the first Chairman of Group 7, New
York Bankers Association and active in the American
Bankers Association and had been a member of its executive
council.
Among other interests, Mr. Pugsley was a member
of the Ne# England Society, the New York Chamber of
Commerce, the Bankers Club of New York, the National
Democratic Club of New Yqrk, and a member of the advisory
committee to the School of Business of Columbia University
under the auspices of the Chamber of Commerce of the
and 9
Springfield, Mass., Oct. 8
and changing opportunities that are
entering the real estate field by reason of a nationally rising
real estate market will he reflected in the whole program
for the first New England regional convention of the Na¬
tional Association of Heal Estate Boards, to be held at the
Kimball Hotel in Springfield, Mass., on Oct. 8 and 9, it was
announced by the Association on Aug. 29.
William H. Bal¬
lard, Boston, Vice-President of the National Association for
the New England region, is in charge of convention arrange¬
ments and will preside at the general sessions.
The Asso¬
announcement said:
ciation's
center
of the individual real
plans
work
the
on
office.
estate
attendance of over 400 realtors and real
convention under the Association's
regional conference nationally sponsored where the regions may
England anticipates
New
estate
of
want
this
Two
States,
♦
affairs of the defunct New Jersey Na¬
tional Bank of Newark, N. J., the Newark "News" of Sept.
5 carried the following:
Restoration of $140,000 distributed in dividends is asked by O. P.
Rogers, receiver of the New Jersey National Bank & Trust Co., of the
Massachusetts through the Massachusetts Association of
and Connecticut through the Connecticut Association
Boards, are expected to hold business meetings in connection
will be round tables for delegations
regional convention,- and there
of the other States.
each
from
and real estate
Realtors
Estate
Real
Boards
in
an¬
Charles
G.
Alfred
H.
Real
Herbert
Nelson
U.
of
the
of
State
of
New
Maurice
made in the personnel
of Uniontown, Pa., it is
learned
from
Connellsville, Pa.
advices appearing in
"Money & Commerce" of Sept. 5.
G. Fred Rieman, hereto¬
fore a Vice-President, has been elected to succeed the late,
Joseph H. Strawn, while Paul O. Malone, Cashier of the
institution, has been given the additional title of Vice-Presi¬
dent.
Mr. Rieman, the new head of the institution, is Presi¬
the
York
and
of
Chicago,
National
of the
Executive Secretary
Association.
National
——4
the
of
Florida
the
for
Reidy, Worcester, Mass., President of the American Institute
F.
Appraisers of the National Association.
Estate
dent
ABOUT
ITEMS
Arrangements
of
a
The
BANKS,
were
TRUST
COMPANIES,
membership at $130,000.
previous transaction was at $139,000,. on July 28.
♦
Commodity Exchange, Inc.,
regular meeting held Sept. 9, voted to suspend trading
in all commodities on Saturdays, Sept. 12, 19, and 26.
at
a
Trading
Oct.
on
Glass Co.
of the Capstan
Dupuis, President of the
Charles W.
.
Central Trust Co.,
B.
announced on Sept. 1 that Henry
Cincinnati, Ohio,
of
.
4
—
for many years connected with the Frederick A.
Schmidt Co., had become associated with the institution as
a Real Estate Officer.In noting this, the Cincinnati "'En¬
Bunker,
.
The Board of Governors of the
Bank & Trust Co.
&c.
completed Sept. 9, for the transfer
New York Stock Exchange
changes have been
of the National
•
.
the bank when the
declared.
were
The following
Estate Boards.
Real
of
Vice-President
.former President
Fla.,
Region,
Southeast
the
for
Beach,
Palm
West
of
Association
Estate
Association
of Real
Wagg
Association
of
Stamler
J.
dividends
dividends should not
is based on the idea that the
the bank's condition.
Elizabeth was President of
ordered in view of
been
John
York and President
City, former President of the Real Estate Board of New
of the National Association during 1926.
National
Rogers demand
The
Savings Bank, New York
President of the Central
Edwards,
$84,000 and one of $66,000. The bank was closed
1932, and! under Rogers's administration has paid 85% to de¬
June,
have
Orlando, Fla., President of the National Association.
Rose of
W.
October, 1931, and
that of two dividends paid in
is
1932, one of
positors.
to
address the convention:
Walter
'
'
asked
sum
February,
the following are scheduled
29 that
Aug.
on
of
Association
National
The
nounced
The
Pennsylvania are invited to attend the convention.
York and eastern
the
directors.
former
from northern New Jersey, eastern New
owners
York.
State of New
Concerning
Boards,
Estate
with the
;
kind of meeting.
Estate
of Real
an
interstate
first
her
at
owners
plan
Real
will
program
Assistant Postmaster,
as
•Changing conditions
The
Sept. 12, 1936
Financial
1660
Saturdays will be resumed commencing Saturday,
In
his
of
c
be
will
Bunker
Mr.
duties,
new
Real Estate Officer,
A. M. Hopkins.
Bautnes,
death
3, 1936.
in part:
quirer" of Sept. 2, added
associated with Ogden H.
and will fill the position
/
.
left vacant by the
«
,
4
♦
-
Harold T. Bennett, a member of the New York Stock
Exchange firm of Jenks, Gwynne & Co., New York, died
on Sept.
7 in the New York Hospital of a heart ailment.
Mr. Bennett, who was 60 years old, had written extensively
of financial matters.
He was an original member of the
New York Curb Market Association and when the Asso¬
ciation became the New York Curb Exchange in 1921 he
remained a member.
He held his membership up to his
Reinhart, his brother-in-law,
Mr. Bennett in 1913 organized the Stock Exchange firm of
Reinhart & Bennett.
This firm was consolidated with
death.
C.
With
in 1931.
City, was
State Banking
Department to open a branch office at 10 Irving Place, in
Manhattan, conditioned upon the discontinuance of the
City Safe Deposit Co., New York
given permission on Sept. 3 by the New York
,
Permission to open a branch
office was given the Clinton
New York City, on Sept. 3 by the New York
State Banking Department.
The branch will be located at
York
State
City, to
Banking
.
Department
on
Sept.
3
Acceptance Corp.,
branch office in each of the
open a
and Lansing, Mich.
8
4
On
Sept. 3 the New York State Banking Department ap¬
an application of the Green Point Savings Bank,
Brooklyn, N. Y., to change the location of its branch at 5007
Church Avenue, in Brooklyn, to the southeast corner of
Church Avenue and East 51st
at the
upon
new
of the Currency
111. The new
institution (which represents a conversion of the First State
Bank of Zion City) is capitalized at $100,000, all of which
is common stock.
George W. Morris is President of the in¬
completion
of
a
new
issued by the Comptroller
Bank of Zion, Zion,
building to be erected
location.
4
W.
Engstrom recently was named Assistant Cashier
National Bank & Trust Co. of Minneapolis,
Minn., and assumed his new duties on Sept.
the "Commercial West" of Sept. 5,
from
to
the bank since 1915 starting in as messenger
Engstrom has been with
after
school.
leaving high
and
department
automobile
loans.
■
near
and
,
—
♦
Sept. 2,
"State," that announcement was
made that night by T. E. Marchant, receiver for the Edisto
National Bank of Orangeburg, that checks for a third divi¬
dend to depositors of the institution would be ready for
distribution on Sept.
The dispatch supplied further details
It is learned from
Orangeburg, S. C., advices on
as
follows.
dividend
Tho
a
total
of
There
53%
are
is for
12% and totals $140,000.
the bank has paid thus
about
3,250
persons
Peekskill
This dividend will make
far.
interested in the payment of this
divi¬
all persons who have proved their
claims.
Amory Pugsley, retired banker and philan¬
thropist, and for more than forty years an outstanding
figure in the business and civic life of Westchester County,
N. Y., died at his home in Peekskill after a long illness.
Mr. Pugsley, who was 86 years old, was born on the Pugsley
farm
He has worked through all the
been in charge of the personal
Federal Housing Administration
departments and for the past two years has
loans
4
Cornelius
public Schools of that
1, it is learned
which went on
say:
dend, and the checks are now ready for
4
homestead
Cashier.
James N. Finn,
stitution and
Street, in the same Borough.
Banking Department said that the change will become
effective
possibilities.
dividend
appearing in the Columbia
.*
proved
The
on
Co.
Trust
Citizens National
immediately
following locations: Roanoke, Va,; Erie, Pa.; Altoona, Pa.;
;
comment
A charter was
Mr.
granted authority to the General Motors
Uniontown, Pa.
Central
♦
Street.
+-—
York
not
$2,760,000 loan
a
First
of the Midland
'
Trust Co., of
of New
today.
would
E.
4
New
brought
Street.
at 135 East 14th
office maintained
The
old
the
to the
«
330 West 42nd
by the Reconstruction Finance Corp.
here, announced in Washington,
hopes of a 10% dividend to 65,000 depositors and other creditors
Don C. Lusk, liquidator, was out of the city and his assistants
of
Approval
Stanley
Jenks, Gwynne & Co., under the latter's name,
The National
Dealer":
"Plain
to
Co. of Akron, Ohio, was
that city on Sept. 3, printed
Trust
from
vices
the old First
contained in ad¬
in the Cleveland
to the affairs of
following in regard
The
Central
and
was
educated
in
the
place and by private instruction.
On Aug.
26 the Comptroller of the Currency
granted au¬
Seaboard National Bank, of Los Angeles,
Calif., to open a branch office in the vicinity of Beverly
Drive and Wilshire Boulevard, in the City of Beverly Hills,
thority
Los
to
the
Angeles
County, Calif.
4
Volume
Financial
143
of the
Olympia, Wash., branch of the Seattle-First National Bank
of Seajttle, Wash., on Sept. 1 became President of the Puget
Sound National Bank of Tacoma, Wash., succeeding F. P.
Haskell, whose interests he purchased, it is learned from
the "Oregonian" of Sept. 2.
Further changes in personnel
and stock interests are expected
shortly, it was stated.
Reno Odlin, formerly Vice-President and Manager
Chronicle
DAILY TRANSACTIONS AT THE NEW
The
curb
market
most of the present
has
EXCHANGE
been
some
during
week, and while there have been
sional periods of profit taking,
to
firm
they
were
as
a
K
Foreign
Sept. 11 1936
Shares)
Total
Corporate
Government
Domestic
$73,000
2,720,000
2,176,000
2,454,000
2,215,000
119,000
42,000
37,000
56,000
20,000
1,345,450 $10,744,000
$332,000
$1,260,000
$8,000
110,690
$1,179,000
HOLI DAY
HOLI DAY
313,030
Wednesday
Thursday
291,475
286,600
343,655
Friday
2,881,000
2,233,000
2,557,000
2,353,000
47,000
91,000
47,000
occa¬
Total.
generally confined
particular group of stocks and had little effect
the market
Value)
Bonds (Par
Foreign
of
Tuesday
moderately
YORK CURB EXCHANGE
Stocks
Monday
CURB
Pennroad
INumber
Week Ended
Saturday
THE
1661
,
Niagara Hudson Power at 10 against 15%, and
Corp. at 5 against 4%.
Sales at
on
Week Ended Sept.
$208,000 $11,284,000
11
Jan. 1 to Sept.
11
New York Curb
whole.
Specialties have been in moderate
demand and public utilities have
generally moved within a
narrow channel.
Oil stocks have shown little in the way of
price changes and mining and metals have been quiet. The
outstanding feature of the industrial group was Jones &
1935
1936
1935
1936
Exchange
1,345,450
1,712,900
91,711,623
42,938,401
$10,744,000
$17,612,000
$836,305,000
11,815,000
9,076,000
Stocks—No. of shares.
Bonds
Foreign government
332,000
310,000
Foreign corporate
208,000
279,000
$587,278,000
12,841,000
9,048,000
$11,284,000
$18,201,000
$609,167,000
Domestic..
Laughlin Steel which has been very active throughout the
Total
$857,196,000
-
week.
Sherwin-Williams recorded good gains and Childs
pref. continued its sharp advance of last week.
Curb market dealings slackened down to
extent
that
during the short session
many
traders
getaway for the
were
Labor
on
away
Saturday due to the fact
or
were
Day holiday.
making
There
,
an
were
few
strong issues scattered through the list, but most stocks held
around previous closings.
Specialties attracted the most
attention, American Book Co. showing an overnight gain
of 2 points at 73 while Crane Co. reached a new
recovery
peak at 39% at its top for the day.
within
a
narrow
in the way of
Public utilities moved
channel and oil stocks had little to show
Brill Corp. pref.
was
in active
a gain of
2% points, Jones &
Laughlin Steel advanced 5% points to 56 and Standard
Power & Light pref. moved
up 3% points to 56.
The New York Curb Exchange, the stock market and all
of the
commodity markets were closed on
Monday in obser¬
of Labor
Prices
on
were
Tuesday.
Day.
generally firm
There
was
as
some
the market resumed trading
irregularity apparent in the
public utilities, but it made little impression
the list which showed
a
number of
new
came to a
Sat.,
Sept. 5
on
the rest of
close.
leadership of Gulf Oil of Pennsylvania and Humble Oil.
Singer Manufacturing Co., Sherwin-Williams, Childs pref.
and Gorham pref. were higher and
many of the preferred
stocks among the power and
light issues showed substantial
gains.
Despite the irregularity that appeared in the curb trading
during the early part of the session on Wednesday there
were a
goodly number of the market leaders that closed on
the side of the advance.
Some of these, particularly in the
specialties group, moved into new high ground for 1936.
Jones & Laughlin Steel was again in demand and moved
ahead 3 points to a new peak at 62 at its
top for the day.
Tubize Chatillon also raised its top.
Pennroad sold in large
blocks fractionally higher.
Utilities were irregular and with
the exception of Gulf Oil of
Pennsylvania which was active
for a brief period in the morning, the oil
group was quiet.
The transfers for the day were 291,000 against
313,000 on
Tuesday.
Some irregularity was apparent during the
early trading
on
Thursday but the market soon steadied and prices con¬
tinued to move upward.
Sharp gains were recorded in
several sections of the list, particularly among the
specialties
and industrial favorites.
In the latter group Aluminum Co.
of America advanced 4%
points to 132%, Cuneo Press 2
points to 47, Sherwin Williams 2 points to 133% and Amer¬
ican General Corp. $2 pref. 2 points to 36.
Other note¬
worthy gains included American District Tel. Co. of New
Jersey 8 points to 130, Cities Service Power & Light $7 pref
2 points to
70, General Investment pref. 6 points to 66 and
Western Maryland pref. 8 points to 90.
The transfers for
the day were 285,005 shares against 290,925 on the
previous
day.
Mon.,
Sept. 7
Tues.,
' Sept. 8
.
oz..
Fri.,
Sept. 11
19%d.
19%d.
137s.7%d. 137s.6%d.
84 15-16
84 15-16
Thurs.,
Sept. 10
Wed.,
Sept. 9
19%d.
19%d.
19 9-16d.
Gold, p. fine oz.l38s.l%d. 138s.l%d. 137sl9%d. 137s.5%s.
Consols, 2% %_ Holiday
84%
84 15-16
84 15-16
British 334%
War Loan
Holiday
107%
107%
107%
British 4%
1960-90
Holiday
118%
118%
118%
Silver, per
19 9-16(1.
'
.
107%
107%
118%
118%
<
United
price of silver per ounce (in cents) in the
States'on the same days has been:
The
Closed
44%
44%
44%
50.01
50.01
50.01
50.01
50.01
44%
50.01
(newly mined) 77.57
77.57
77.57
77.57
77.57
77.57
(for.) Closed
U. S. Treasury.
U.
*
,
S. Treasury
NATIONAL BANKS
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
"<
The
from the office of the
CHARTER
Capital.
ISSUED
Sept. 3—The Citizens National Bank of Zion, Zion, 111—
Capital stock consists of $100,000, all common stock.
dent, George W. Morris; Cashier, James N. Finn,
version of the First State Bank of Zion City, Zion, 111.
tops for 1936
as the
These included among others such
active stocks as Tubize Chatillon
"A", Ohio Brass "B",
Midvale of Delaware and Jones &
Laughlin Steel.
Oil
stocks were active and firm and moved ahead under the
trading
as
Bar N.Y.
improvement.
demand and closed at 55 with
vance
daily closing quotations for securities, &e., at London,
reported by cable, have been as follows the past week:
The
early
a
CABLE
FINANCIAL MARKET—PER
ENGLISH
considerable
a
$100,000
Presi¬
Con-
BRANCH AUTHORIZED
Sept. 1—Bank of America National Trust & Savings Association,
San Francisco, Calif.
Location: Unincorporated Town of Tulelake, Siskiyou County,
Certificate No. 1264A.
Calif.
VOLUNTARY
LIQUIDATION
Sept. 2—The Citizens National Bank of Olivia, Olivia, Minn
Effective Sept. 1, 1936.
Liquidating agent, George Kircher,
Olivia, Minn.
Succeeded by the Citizens State Bank of
Olivia, Minn.
.
COURSE OF
Bank clearings
with a year ago.
25,000
BANK CLEARINGS
this week will show a decrease compared
Preliminary figures compiled by us, based
telegraphic advices from the chief cities of the country
(Saturday, Sept. 12),
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 7.6% below
those for the corresponding week last year.
Our preliminary
total stands at $5,002,652,479, against $5,415,321,319 for.
the same week in 1935.
At this center there is a loss for the
week ended Friday of 10.9%.
Our comparative summary
upon
indicate that for the week ended today
for the week follows:
,
.
Advances
and
declines
Friday but the changes
special significance.
active
were
were
about
evenly
divided
on
Diamond Shoe
was
one
Cent
Philadelphia
Boston
Kansas City.
St. Louis
San Francisco
—14.4
—15.6
150,000,000
71,002,877
—19.1
66,500,000
—23.3
103,890.000
80,932,857
—22.8
67,244,925
—16.7
56,540,285
—5.7
38,204,550
27,702,000
+9.2
+4.7
$3,314,781,051
604,096,015
$3,766,953,202
646,328,325
—12.0
$3,918,877,066
—11.2
1,083,775,413
$4,413,281,527
1,002,039,792
$5,002,652,479
$5,415,321,319
-7.9
74,175,152
56,010,807
53,297,214
41,734,619
29,008,000
__
Detroit—
Cleveland
Baltimore
New Orleans.
Twelve cities, five
—10.9
219,376,938
250,000,000
51,000,000
80,210,000
.
$2,635,558,770
211,000,000
121,398,000
59,792,568
Chicago
Pittsburgh.
Per
1935
1936
,349,415,945
187,738,746
New York
days.
Other cities, five days
Total all cities, five days.
All cities, one day
generally small and without
Total all cities for week
—15.8
—8.3
—6.5
+8.2
of the most
stocks on the side of the advance and gained 4%
points to 26%. General Investment $6 pref. moved up 8%
points to 74%, New England Tel. & Tel. climbed up 7%
points to 130 and Todd Shipyard moved ahead 3% points
to 50%.
As compared with Friday of last week prices were
slightly higher, American Cyanamid B closing last night at
34% against 33% on Friday a week ago; Consolidated Gas
of Baltimore at 92% against 90%; Cord Corp. at
4% against
4; Creole Petroleum at 23% against 23%; Gulf Oil of Penn¬
sylvania at 90% against 87%; International Petroleum at
34% against 33%; Lake Shore Mines at 55% against 55%;
Clearings—Returns by Telegraph
Week Ending Sept. 12
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
until 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
present further below, we are able to giVe final and complete
results for the week previous—the week ended Sept. 5.
For that week there
of
was an increase of
32.9%, the aggregate
clearings for the whole country having amounted to
Financial
1662
$6,017,283,595, against $4,526,300,345 in the same week
in 1935.
Outside of this city there was an increase of 28.7%,
the bank clearings at this center having recorded a gain of
only 35.8%.
We group the cities according to the Federal
Reserve districts in which they are located, and from this
that in the New York Reserve District (including
the totals record an expansion of 35.9%, in the
Boston Reserve District of 25.2% and in the Philadelphia
Reserve district of 26.7%.
In the Cleveland Reserve Dis¬
trict the totals are larger by 40.0%, in the Richmond Reserve
District by 26.5% and in the Atlanta Reserve District by
44.2%.
In the Chicago Reserve District the totals show
an improvement of 23.8%, in the St. Louis Reserve District
of 24.1% and in the Minneapolis Reserve District of 14.2%.
In the Kansas City Reserve District the gain is 17.2%, in
the Dallas Reserve District 44.6% and in the San Francisco
Reserve District 34.3%.
In the following we furnish a summary by Federal Reserve
it appears
this city)
Week Ended Sept. 5
Clearings at—
Inc. or
Detroit
Grand Rapids.
Lansing
Ind.—Ft. Wayne
Indianapolis...
South Bend..
Terre Haute...
Wis.—Milwaukee
Iowa—Ced. Rap.
Des
Federal
Dlsts.
Reserve
111.—Bloomington
Chicago
Decatur
Peoria
Rockford
2nd
New York. 12
3rd
Philadelphia 9
4th
Cleveland.
6
6th
Richmond.
6
6th
Atlanta
10
7th
Chicago
St. Louis
18
4
9th
10th KansasCitylO
8
11th Dallas
55,700,000
18,573,291
47,800,000
15,045,280
+46.9
10,630,793
8,272,784
b
487,000
+22.8
422,000
289,000
123,249,654
99,294,959
+24.1
85,326,084
71,407,064
+45.6
+9.3
2,164,114
59,444,549
2,798,203
48,785,427
24.9
18,835,711
13,101,784
1,389,483
214,002,351
182,924,554
165,077,441
137,698,192
89,553,480
66,505,532
92,086,746
+44.2
87,454,523
70,023,419
369,301,979
+23.8
292,991,262
228,382,792
Ninth Federal
99,294,959
+24.1
85,326,084
71,407,064
Minn.—Duluth..
2,947,920
2,025,156
88,760,883
+ 14.2
83,272,654
68,324,903
Minneapolis...
67,578,906
61,832,009
St. Paul—...
24,817,978
2,174,525
19,878,132
1,500,000
466,939
+51.2
+ 17.2
107,292,719
43,737,066
32,725,614
Quincy
Total (4 cities).
74,102,224
39,946,720 +44.6
114,284,444
/190,620,838
256,038,504
+34.3
111,220,405
171,124,545
6,017,283,595
4,526,300,345 +32.9
3,990,224,208
N.
1,576,744,109
D.—Fargo...
312,728,661
705,877
744,850
detailed statement showing last week's
1935
431,200
282,840
1.9
2,019,448
1,560,320
101,335,590
88,760,883
+ 14.2
83,272,654
68,324,903
Reserve Dis trict— Kans
123,664
Hastings
Kan.—Topeka.
.
832,759
2,207,118
195,218,468
Fall River
615,425
Lowell
276,091
662,225
Springfield
2,959,218
Worcester.
1,772,536
Conn.—Hartford.
_%
N.H.- Manches'r
3,903,639
9,642,700
595,550
Total (12 cities)
227,731,670
+ 12.1
+24.7
Buffalo
408,868
'244,308
462,297
1,924,461
887,435
4,872,393
+ 33.2
+ 24.9
+ 56.5
412,701
1,902,420
924,254
7,746,302
+ 16.8
7,406,606
2,770,395
+40.9
2,226,787
7,204,600
370,807
+ 33.8
5,739,800
+ 60.6
415,035
2,738,782
5,426,900
361,307
181,872,209
+25.2
160,843,961
4,621,467
575,682
+ 20.0
4.579,000
845,432
19,868,009
393,731
+ 13.7
418,722
+ 10.1
+4.3
Eleventh Fede ra!
+ 48.7
+ 25.0
+ 58.7
+ 41.7
+ 55.6
+ 36.8
5,579,895
2,491,961
2,210,569
.300,000
11,980,607
27,400,097
5,676,392
2,235,144
1,997,563
143,368
11,165,573
19,577,479
.
280,136
a258,596
+ 61.9
322,556
+ 16.0
b
b
225,210
+ 94.8
881,454
255,000,000
958,062
1,815,258
+42.8
251,394
687,398
176,000,000
895,870
1,450,095
954,018
+ 15.7
+40.2
974,214
3,537,000
+ 47.6
5,379,000
820,264
1.464,000
333,918,550
263,570,915
+26.7
214,002,351
182,924,554
+ 26.3
+8.3
+ 43.5
'
Columbus
Mansfield
*1,100,000
119,643,037
_
Total (5 cities).
Fifth Federal
W.Va
-
272,356,741
.336,671
D.C. -Washing'n
Total (6 cities).
Sixth Federal
194,505,780
b
+ 36.5
+ 40.5
+ 54.6
+23.8
b
+ 39.9
+40.0
b
34,040,513
52,802,614
7,895,200
822,460
b
69,516,654
165,077,441
b
28,845,815
42,210,359
5,507,300
758,156
b
60,376.562
137,698,192
Nashville
Ga.—Atlanta
Augusta
Macon
144,373 + 133.2
146,769
1,731,000
31,937,136
43,737,066
32,725,614
Wash.—Seattle.
.
Spokane
Yakima
Utah—S. L. City
Pasadena
San Francisco
.
San Jose.
Santa Barbara.
Stockton
total
4,556,494
2,050,000
a759,642
+51.0
+ 16.4
34,218,378
+ 10.0
1,890,000
4,673,624
b
—5.7
3,699,444
1,681,000
b
256,038,504
Franci
26,920,563
+ 38.5
8,099,000
850,236
22,160,817
+ 22.9
23,094,041
7,551,000
+ 35.2
653,682
+ 43.2
11,249,847
+ 26.7
3,456,262
2,542,092
110,409,769
+ 5.6
+ 21.3
2,460,346
+ 42.9
19,488,727
10,317,802
2,651,375
2,113,833
101,203,002
1,892,447
17,369,726
3,771,000
369,624
14,486,477
7,564,744
1,973,580
1,520,659
61,200,247
1,289,546
987,759 + 263.5
+ 50.5
1,484,147
916,597
693,601
1,242,039
981,201
+34.3
171,124,545
111,220,405
190,620,838
+31.9
(109
6,017,283,595 4,526,300,345
+32.9 3,990,224,208 3,550,031,671
OutsideNew York 2,334,150,059 1,813,647,632
+28.7 1,576,744,109 1,273,513,797
11,833,709
89,553,480
66,505,532
3,422,961
13,725,339
2,544,720
14,853,908
+ 34.5
34,600,000
1,075,301
+ 39.6
—7.6
+1.7
+20.1
9,795,000
+ 34.2
12,342,589
+20.1
1,239,334
Vancouver
...
Ottawa
Quebec....
Halifax
Hamilton.-.
Calgary..
St. John
.....
London
....
761,556
43,143,310
L
Saskatoon
Moose Jaw
Fort William...
New Westminster
Medicine Hat.
.
Peterborough
+ 43.3
b
b
163,563
135,583
+ 20.6
La.—New Orleans
34,085,782
24,574,200
Total (10 cities)
132,799,830
92,086,746
b
Kitchener
Dec.
S
$
Sherbrooke
48,300,000
1,094,088
1,112,687
1,775,735
Canada—
Toronto
Brantford
+ 26.5
926,111
Inc. or
1935
1936
Lethbridge
+ 44.5
+ 30.1
Week Ended Sept. 3
Clearings at—
1,835,000
21,633,698
952,132
98,561,311
+ 79.0
15,978,675
37,284,698
9,953,000
1,149,275
31,724,555
14,252,321
3,651,098
3,083,980
145,598,615
3,516,920
3,590,066
2,233,976
Brandon..
32,436,899
9,539,994
+ 9.0
13,141,000
Mobile
602,738
25.299,775
+44.6
107,809
+ 32.1
Ala.—Birm'ham
Vicksburg
913,181
39,946,720
Reginia
-Richm ond—
Fla.—Jacksonville
Miss.—Jackson..
-
57,757,665
Edmonton.
Reserve Dist rict—Atlant
Tenn.—K no x ville
+24.8
Total (5 cities).
Victoria
124,670,285
S. C. -Charleston
Md.—Baltimore.
District—Da lias—
1,442,657
Winnipeg..
34,222,696
1,490,021
61,512,973
24,653,924
.
421,055
2,041,883
Montreal
1,857,000
31,385,759
832,597
47,281,614
17,059,968
2,454,000
...
Richmond. J.
b
85,530,864
Reserve Dist rict
Hunt'ton
Va.—Norfolk
40,212,559
58,187,613
9,686,100
888,644
b
Youngstown...
Pa.-T-Pittsburgh
b
b
54,897,648
81,732,256
14,983,800
Cleveland
Reserve
1,121,299
.
Fourth Federa 1 Reserve Dis trict- Clevel and—
Cincinnati
74,102,224
204,174
643,504
1,058,777
2,398,000
Ohio—Canton
107,292,719
325,848
1,104,009
_
+17.2
+56.0
Wichita Falls..
cities)
delphi
1,484,558
cities)
114,284,444
461,371
+ 35.9 2,489,548,122 2,343,792,249
a
York
Total (9
2,570,309
584,904
1,962,328
Galveston
Ore.—Portland..
Wilkes-Barre.-
N. J.—Trenton..
48.467,586
2,716,108
520,224
516,067
La.—Shreveport.
Fort Worth...
Cal.—Long Beach
438,715
1,258;407
322,000,000
1,037,352
2,604,830
...
71,672,830
975,283
30,402,615
..
Dallas
+ 35.8 2,413,480,099 2,276,517,874
453,679
a*300,000
Scranton
17,996,588
1,299,206
1,374,557
1,984,782
1,217,359
45,922,958
5,301,957
2,255,000
a716,055
3,060,391
Texas—Austin.
20,615,028
410,949
255,730
+44.0
203,000,000
775,240
1,807,333
805,216
Reading
2,137,244
+5.5
Twelfth Feder al Reserve D istrict—San
York—
5,828,657
1,083,175
21,600,000
Reserve Dis trict—Phil
Philadelphia...
25,648,268
—7.8
+23.2
133,986,630
Total (10 cities)
Grand
.
44,471
b
1,467,081
162,924,723
.
3,796,304,505 2,793,493,561
Lancaster
75,387
+25.8
+58.4
2,731,182
577,617
926,732
Total (11 cities)
Chester
111,812
1,909,997
143,954,698
452,442
221,172
+ 7.4
1,130,004
31,100,000
Elmira
578,934
694,887
Jamestown
518,690
589,808
New York
3,683,133,536 2,712,652,713
Rochester
6,351,621
9,441,861
Syracuse......
2,945,557
3,682,586
Conn.—Stamford
3,439,807
2,167,121
N. J.—Montclair
313,932
•444,689
Newark
12,022,865
18,705,054
Northern N. J.
27,430,296
37,526,097
Blnghamton...
139,133,384
+ 34.0
2,840,264
73,926,715
726,563
St. Joseph
Colo.—Col. Spgf
Pueblo
$
432,607
1,210,667
+46.6
ReserveDi 9 trict—New
6,416,176
1933
1934
489,621
1,519,739
568,084
1,968,365
156,627,726
459,371
257,093
496,986
2,369,685
1,132,795
9,045,941
New Haven...
Mo.—Kan. City.
or
2,691,101
28,976,484
1,736,227
2,996,890
31,059,409
1,482,398
2,618,991
91,046,274
2,882,253
Lincoln
City
+ 13.3
+ 11.4
+ 11.4
+7.2
+ 14.6
as
108,969
110,981
123,456
Neb.—Fremont-
Sept. 5
Dec.
Reserve Dist rict -Boston
Bethlehem
406,846
--14.9
250,481,324
331,934,493
376,674,814
$
Pa. -Altoona
377,632
648,262
2,410,385
v
Federal
b
45.0
2,365,534
.
Helena
1,273,513,797
+13.5
Reserve Dis trict —Minn eapolis
S. D.—Aberdeen.
3,550,031,671
1,813,647,632 +28.7
our
__
b
b
b
b
598,000
111.—Jacksonville.
Wichita.......
Total (12 cities)
11,629,553
17,081,810
+26.5
Inc.
Third
1,'665,977
474,364
98,561,311
1936
Second Federa
414,039
2,169,447
609,952
+39.9
uis—
Eighth Federa 1 Reserve Dis trict—St. Lo
+ 18.8
64,400,000
76,500,000
+27.6
22,778,406
29,069,844
$
Clearings at—
N. Y.—Albany..
457,027
+64.4
369,301,979
457,133,971
Omaha
R.I.—Providence
+ 18.5
762,432
'
New Bedford
159,151,931
263,570,915 +26.7
194,505,780 +40.0
Week Ended
__
198,481,937
228,382,792
Ky.—Louisville..
Tenn.—Memphis
figures for each city separately for the four years:
Portland.
285,269
+ 19.9
162,924,723
57,757,665
Me. -Bangor
1,954,217
488,179
857,991
Tenth Federal
Mass.—Boston
3,536,158
2,800,924
359,699
292,991,262
Total (7 cities).
First Federal
6,341,073
+46.1
+4.0
+16.4
+82.8
7,564,771
2,872,090
364,595
248,563,901
610,702
2,551,862
945,037
1,066,673
Mo.—St. Louis..
2,334,150,059
add
575,283
9,304,781
192,290
2,343,792,249
133,986,630
32 cities
now
2,383,256
101,335,590
Outside N. Y. City
We
3,083,639
12,792,950
674,651
445,817
8,267,000
+23.8
Mont.—Billings
Canada
+33.1
+35.7
123,249,654
109 cities
Total.
3,380,853
14,586,613
779,527
160,843,961
124,670,285
"
12th San Fran..11
+28.4
10,068,000
576,816
+20.2
2,489,548,122
2,793,493,561
272,356,741
"
"
"
Minneapolis 7
+37.9
457,133,971
"
8th
770,291
13,286,000
724,353
+35.9
3,796,304,505
333,918,550
"
"
"
"
"
1,094,724
+73.5
132,799,830
"
1,784,966
969,385
577,083
+34.7
+53.1
+ 17.9
Springfield...
1933
%
276,639
37,139,548
974,439
181,872,209 +25.2
227,731,670
12 cities
Boston.
1st
$
City...
298,375
50,104,235
2,405,925
7,867,556
3,341,923
666,541
297,939,943
723,875
4,195,530
1,322,460
1,257,176
Moines..
Sioux
—
67,416,353
15,964,000
930,150
4,498,959
19,791,063
1,139,156
Total (18 cities)
1934
Dec.
265,765
90,792,717
3,684,280
1,690,365
1,062,512
Mich.-Ann Arbor
1933
$
Chi cago
437,994 —39.3
Seventh Feder al Reserve D istrict
Inc.or
1935
1934
%
SUMMARY OF BANK CLEARINGS
1936
Dec.
1935
1936
districts:
Week Ended Sept. 6 1936
Sept. 12, 1936
Chronicle
119,331,335
102,965,008
66,384,732
21,816,612
18,750,684
4,224,589
2,538,092
4,463,375
5,318,919
1,756,495
1,726,639
2,794,557
3,902,231
6,372,919
448,247
616,438
1,711,671
708,142
815,298
763,215
670,350
286,579
647,290
104,464,826
95,259,728
61,215,568
16,782,625
15,162,293
3,760,519
2,179,680
3,488,296
5,158,850
1,492,214
1,535,765
2,407,781
3,663,925
3,584,350
291,241
533,806
%
+14.2
+ 8.1
+ 8.4
+ 30.0
1934
120,198,815
86,744,512
44,397,308
13,217,300
+23.7
3,857,569
+ 12.3
3,997,091
2,075,537
8,380,985
5,309,096
1,540,617
1,342,903
2,101,936
3,614,274
+ 16.4
+ 28.0
+ 3.1
+ 17.7
+ 12.4
+ 16.1
+ 6.5
+ 77.8
+ 53.9
+ 15.5
4,996,606
344,822
560,180
1,291,226
470,029
1,369,349
571,632
+ 25.0
659,080
543,465
583,946
298,137
558,598
+ 23.7
617,669
+40.4
644,066
485,474
252,683
+ 23.9
+ 14.8
—3.9
+ 15.9
1933
S
563,877
538,829
833,106
626,635
577,726
+ 8.5
837,437
+ 38.2
2,112,030
+ 20.5
296,703
628,188
+ 13.7
+ 7.5
1,543,748
287,317
604,640
80,031,384
76,213,555
38,083,898
14,493,071
3,755,975
3,757,863
2,228,644
3,179,547
5,542,560
1,442,835
1,839,790
2,341,113
3,264,506
3,637,402
303,308
435,781
1,129,140
490,582
630,117
554,467
415,902
208.259
593,966
545,656
809,548
912,611
3,608,186
7,316,020
25,600,000
1,185,649
Moncton
1,157,562
2,545,367
337,357
675,247
693,541
470,959
Kingston
554,079
494,691
+9.9
516,050
8,500,000
7,914,901
Chatham
345,222
+ 5.8
403,829
Sudbury
914,722
344,984
388,047
689,013
+ 30.4
Sarnia
449,991
410,537
+ 32.8
651,345
317,417
419,731
540,693
376,674,814
331,934,493
+ 13.5
312,728,661
250,481,324
2,148,014
9,612,042
31,700,000
9,666,000
11,135,706
1,101,182
b
980,877
Windsor
Prince Albert
1,966,665
240,646
536,998
530,305
b
101,652
14,345,175
Total (32 cities)
+ 38.7
95,474
20,389,953
+44.2
87,454,523
70,023,419
a
*
Not included in totals,
Estimated.
b No clearings
available.
Volume
Financial
143
Chronicle
1663
Shipments of gold from Bombay last week amounted to about £357,000.
The SS. Nalderct carries £304,000 consigned to London and the SS. President
Hayes £53,000 consigned to New York.
We
act
New York
as
The Southern Khodesian gold output for July
correspondent for
fine
fine
commercial banks in all parts of the world.
ounces as
ounces
for July 1935.
SILVER
The week under review opened with a
MANUFACTURERS TRUST
19 %d.
COMPANY
little
HEAD OFFICE AND FOREIGN DEPARTMENT:
55 BROAD
An
STREET, NEW YORK
on
the 20th inst.
resistance
important
to
the
as
further
fall of %d., prices declining to
market, being poorly supported, could offer
Indian
resales
development ensued,
received from
eased, there
Clearing House Association
was a renewal of
had recovered to 19.9-16d
Member Federal Deposit Insurance Corporation
cash
sales
and
for at
on
China
account.
good demand was
fall a
the
America, and when it became apparent that this
Government account, the market reacted.
Member Federal Reserve System
Member New York
1936 amounted to 66,652
compared with 67,729 fine ounces for June 1936 and 61,237
being quoted at
was
on
Selling by the Indian Bazaars
buying from this quarter, and by today prices
for cash and 19%d. for two months' delivery,
premium for the first time since April 2nd last.
a
The outlook has naturally been improved by the buying for the American
FOREIGN
EXCHANGE
RATES
Government, and although it is not considered that this quarter will exert
Pursuant to the
requirements of Section 522 of the Tariff
1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
Act of
cable transfers in the different countries of the world.
give below
FOREIGN
SEPT.
CERTIFIED
RATES
EXCHANGE
BANKS TO
BY
FEDERAL
RESERVE
1936 TO SEPT.
11,
1936,
Kingdom imports and exports of silver
the 17th inst. to mid-day
on
on
the 24th inst.:
Exports
1
United States of America. .£491,000
£19,300
3,699
3,477
4,576
3,713
British Malaya
New Zealand
Belgium
Other countries
INCLUSIVE
indicate that prices may be kept
Imports
Saudi Arabia
TREASURY UNDER TARIFF ACT OF 1930
5,
The following were the United
registered from mid-day
We
record for the week just passed:
a
any pressure, its recent intervention may
from any important lapse.
British India
Channel
394,002
x3,000
10,205
2,810
1,168
•
1,424
Islands
Germany
-
France
Norway
Other
Noon Buying Rate for Cable Transfers in New
Value in United States Money
Country and Monetary
£34,765
Unit
x
Europe—
Sept. 8
Sept. 7
Sept. 5
Sept. 9
S
S
Sept. 10
Sept. 11
Austria, schilling
.188416*
.188400*
.188500*
.188516*
IN
.168951
.169011
.168992
.169000
.169000
.013000*
.013000*
.012875*
.012875*
.041307
.041314
.041316
.041325
.041325
Denmark, krone
.224779
.225327
.225881
.225658
.225783
England, pound sterl'g 5 .035708
.022160
Finland, markka
5.048875
>.061166
.056625
.059083
.022150
.022225
.022245
.022255
LONDON
.013000*
Cash
Aug. 20
Aug. 21
Aug. 22
I9%d.
France, franc
.065825
.065827
.065834
.065835
.065833
Germany, reichsmark.
.402203
.402196
.402157
.402175
.402157
Average
Greece, drachma,
.009390
.009383
.009383
.009395
.009391
.677485
.677117
.677889
.197666*
.197666*
.197666*
.197733*
.078663
.078636
.078618
.078609
.253016
.253558
.254216
.254004
.188266
19%d.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
19 3-16d.
19 5-16d.
19%d.
19%d.
19 9-16d.
19.344d.
19%d.
19%d.
19%d.
19
20
21
22
24
25
45
-.45
45
45
cents
cents
cents
cents
45 cents
-
45 cents
19.333d.
highest rate of exchange
New York recorded during the period
on
.254141
Holland, guilder...__
.678803
Hungary,
pengo.....
.678228
(Per Ounce .999 Fine)
.078635
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
The
Oz. Std.
2 Mos.
19 3-16d.
.19 5-16d.
Aug. 24
Aug. 25
Aug. 26
Italy, lira
IN NEW YORK
Bar Silver per
.188533*
Belgium, belga
Bulgaria, lev
Czecjoslo'kia, koruna
£903,609
m
.
Coin at face value.
Quotations during the week:
S
S
$
countries
York
.197666*
.188266
.188233
.045700
.045781
.045750
.045625
.007325*
.007325*
.007329*
.136500*
.136500*
.259635
.260175
.260887
.260600
.260655
.325898
.325710
.325464
.325539
.325703
.022920*
.022940*
.022920*
.022930*
.022930*
.300708
.300875
.188300
.045518
.007329*
HOLI¬
.136500*
Switzerland, franc
Yugoslavia, dinar
was
$5.03% and the lowest $5.02%
.007329*
.136500*
from the 20th inst. to the 26th inst.
DAY
.188233
.136500*
Asia—
China—
.300875
.300608
.300708
.300875
.300875
.300608
.300608
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
India, rupee
Japan, yen
.300708
.300875
.300875
.300608
.300875
.300875
.300608
HOLDINGS
made
from the daily Gov¬
holdings of the
Treasury at the beginning of business on the first of June,
July, August, and September, 1936:
ernment
shows
statements,
.300608
the
up
money
.300608
.300708
MONEY
.300608
Hankow (yuan) dol'r
TREASURY
The following compilation,
Chefoo
(yuan) dol'r
Singapore (S. S.) dol'r
.312016
.311708
.311300
.310816
.311441
.380140
.380975
.381905
.381602
.381825
.294510
.295260
.295727
.295687
.295870
.590412
.591837
.593362
.593062
.593112
Australasia—
Australia, pound
4.023125*4.035312* 4.032968*4.030468*
4.051875*4.064375* 4.061093*4.059843*
4 012343*
Zealand, pound. 4 041718*
dollar
662,399,576
407,514,288
Net United States notes..
2,640,720
2,543,037
16,220,250
Net Fed
Argentina,
.999947
1.000000
.999960
1.000000
.999000
.999815
.999000
.277500
.997437
.999000
.999000
Chile,
peso
•
.277500
.277500
.277500
.997500
.997625
.997500
.336140*
.337500*
.336900*
.337260*
.086265*
.086268*
.086268*
.086265*
.058700
.059100
.059100
.059000
.051166*
.051166*
.051733
.051733*
.569000*
.569000*
.569000*
.569000*
.795000*
.796875*
.796875*
.796875*
.569000
.796875*
To credit Treas. U. S__
To credit disb. officers
AND SILVER MARKETS
GOLD
cash
in
9,590,376
41,583,525
2,081,220
2,580,805
10,180,496
39,929,315
2,136,600
2,229,656
10,961,835
39,067,788
2,089,336
2,437,695
2,535,480,125 2,935,735,444 2,491,888,069 2,138,532,395
177,057,883
254,225,240
261,420,362
234,840,192
2,358,422.242 2,681,510,204 2,230,467.707 1,903,692,203
*
Includes on Sept. 1 $334,690,236 silver bullion and $2,273,835
minor, &c., coins
not included in statement "Stock of Money."
i
GOLD
amounted to £243,compared with £242,960,427 on the previous
the 19th inst. as
MONTHLY
REPORT
ON
GOVERNMENTAL
CORPO¬
RATIONS AND CREDIT AGENCIES AS OF JULY
of
to
bar
gold
as
£966,015.
announced
by the Bank during the week
31, 1936
"
gold was disposed of at the
daily fixing.
Prices were maintained at a small premium over gold ex¬
change parities, offerings being acquired mainly for a special account.
The influx of gold from France, also presumed to be on special account,
has continued, the figures below showing a further import from that country
of nearly £10,000,000, bringing the figure since the movement started in
The monthly report of the
market about £1,375,000 of bar
the beginning of July to about
£70,000,000.
Per Fine
Ounce
138s. 2%d.
3 hid.
Aug. 20
Aug. 21
Aug. 22.
Aug. 24
Aug. 25
Aug, 26
Average
—
following
were
138s.
138s.
138s.
138s.
138s.
138s.
Equivalent Value
of £ Sterling
12s. 3.52d.
2%d.
2%d.
2%d.
2d.
2.58d.
12s. 3.43d.
12s. 3.52d.
12s. 3.52d.
on
Territory..
British India
527,621
333,967
37,266
9,972,025
10,979
19,214
.31,841
12,095
17,863
'Australia
New Zealand
France
Netherlands
Germany
Switzerland
Egypt
Other countries
£12,584,599
Treasury Department, showing
July 31, 1936, of governmental
corporations and credit agencies, financed wholly
by the United States,
was
or
in part
contained in the Department's
''Daily Statement" for Aug. 31.
The report is the 26th
for
860-861.
The
Switzerland
Other countries.
for July 31 shows in the
interest represents
(tf.OOO
117,460
as
case
clusive of
of that date of
$2,819,323,732,
of assets
over
In the
case
proprietary
liabilities,
ex¬
inter-agency items.
The Government's
proprietary interest in agencies financed
Government funds and partly from private
of July 31 was shown to be
$1,184,542,975.
This
from
partly
funds
excess
agencies
proprietary in¬
$3,038,319,152 June 30.
the
of
a
of these wholly-owned Government agencies, the
...
Germany
report
financed wholly from Government funds
terest of the United States
United States of
America£l,209,401
British India
2 000
Straits Settlements
lo'ooo
France
52,678
Netherlands
149 709
f^and
Italy
by the Treasury; the last previous one,
June 30, 1936, appeared in our issue of
Aug. 8, pages
which compares with
Exports
£1,469,052
136,383
16,293
of
12s. 3.52d.
12s. 3.57d.
Kingdom imports and exports of gold
the 17th inst. to mid-day oiL.the 24th inst.:
Imports
British South'Africa
British West Africa
as
12s. 3.51d.
the United
registered from mid-day
and liabilities
assets
such to be issued
Quotations during the week:
Tanganyika
.
gold reserve against notes
of England
In the open
The
'
Treasury
and in banks
Deduct current liabilities.
Wednesday.
Purchases
11,507,974
41,242,976
1,890,151
2,572,808
.
Deposits in foreign depts.
available.
,
amounted
867,648,409
975,772,000 1,150,338,000 1,134,416,000 1,131,526,000
554,033,199
861,913,109
497,058,166
167,246,232
Dep. in Fed. Res. bank..
Dep. in National banks—
Cash in Philippine Islands
reprint the following from the weekly circular of
Montagu & Co. of London, written under date of
Aug. 26 1936:
&
on
785,203,509
Treas'y bonds,
Treasury notes and certiticates of Indebtedness
We
789,154
805,937.836
948,461,017
account
Samuel
Bank
*941,242,940
156,039,431
Dep. in spec'l depositories
Net
The
961,977.267
156,039,431
471,475
5,487,268
7,223,834
Less gold reserve lund
.997625
.086253*
ENGLISH
1,104,500,448 1,023,687,840
156,039,431
156,039,431
bank notes.
Net subsidiary silver
.277500
Nominal rates; firm rates not
THE
505.342,875
403,778,832
3,152,244
3,002,450
15,712,720
432,245
5,493,345
4,328,229
Cash balance in Treas..
.058750
.051750*
Colombia, peso
Uruguay, peso
$
537,252,243
393,057,335
2,813,642
2,171,038
15,784,820
1,043,759
4,471,551
5,382,879
.999000
.335680*
peso
mllrels
(Free)
Res
Sept. 1, 1936
587,990,908
406,378,622
2,631,359
2,485,912
13,857,610
820,704
4,819,665
4,703,060
Net National bank notes.
South America-
Brazil,(official) mllrels
$
Net gold coin and bullion.
Net silver coin and bullion
Total cash in Treasury.
North America—
Mexico, peso
Aug. 1, 1936
$
4.988500' 5.002375* 4.993375* 5.001000*
South Africa, pound.. 4.979500*
Newfoundland,
July 1, 1936
$
Minor coin, &c
Africa—
...
June 1,1936
Net Federal Reserve notes
New
Canada, dollar
Cuba, peso
Holdings in U. S.,Treasury
as
with $1,184,602,925 as of June 30.
In the case
partly-owned Government agencies, the Govern¬
ment's proprietary interest is the exOess of assets over lia¬
22,260
compares
1.1,1.20
4,778
of
these
bilities
£1,646,477
exclusive of
owned interests.
inter-agency items, less the privately-
The statement follows:
Financial
1664
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k~
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of sale of surplus war
Rural Electrification Administration;
Valley Associated Cooperatives, Inc.;
loans to railroads
States Treasury.
CO rH rH CO rH CO ^ 05 O
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Administration, TJ. 8.
Corporation, and notes received on account
Electric Home and Farm Authority; Farm Credit Administration
(crop-production and other loans); Federal Housing Administration; Federal Prisons
Industries
Inc.; Indian Rehabilitation loans; Inland Waterways Corporation;
HjInJIOOrHNCOrHCOOO
NCONCOnllQOOlrHOCO
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(NrHl>-O5lOC00ilOt^rH
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amounting to $17,188 for guaran¬
assets and liabilities
U. S. Housing
Spruce Production
supplies.
N © O © N O O eo O O
OOOvOOhOH
oooc»oooomf~
oocooooo^1®
Adjusted for lnter-agency Items
I
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real estate and other property
Also Includes
f
IO
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C5 00
co co »c io n
in(dmo«),<p
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and liabilities (except bond
held for sale,
and Items In transit.
of lnter-agency assets
fo
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0»ht-
proprietary Interests),
assets (deduct),
Deficit (deduct).
d Exclusive
<0
.
•
ao
Hj<
1936
12
Sept.
Chronicle
The RFC
Tennessee
and lnter-agency interest held by the United
.
Net after deducting estimated
Farm Credit Administration.
j
amount of uncollectible obligations
held by the
$6,306,648 due to Federal Land banks from the U. S. Treasury for
subscriptions to pala-m surplus.
1 Preliminary .statement.
m Shares of State building and loan associations,
$11,942,700; shares of Federal
savings and loan associations, $59,055,800.
.
n Less
than $1,000.
o Includes
unissued bonds covering loans In process.
p Assets not classified.
Includes only the amount of capital stock held by the
k Includes
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PRELIMINARY DEBT STATEMENT OF
UNITED STATES, AUG. 31, 1936
1 »o o
O* 00* N*
§18
I O rH
preliminary statement of the public
31, 1936, as made upon the
Treasury statement, is as follows:
The
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bonds of 1946-47
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1,214,453,900.00
1,223,496,850.00
1,626,688,150.00
1951-1954
1
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234% bonds of
1
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N 00
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©hJIhJI
5
United States Savings
$193,472,137.00
172,064,493.75
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Series B
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,
Treasury Notes—
234 % series B-1936, maturing
IH % series D-1936, maturing
334 % series A-1937, maturing
3%
series B-1937, maturing
3%
series C-1937, maturing
234% series A-1938, maturing
234 % series B-1938, maturing
3%
series C-1938, maturing
234 % series D-1938, maturing
234 % series A-1939, maturing
134% series B-1939, maturing
.
_
!
,
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10* os* rH* HfT rH* rH*
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,
$357,921,200.00
514,066,000.00
817,483,500.00
Dec. 15,1936.
Sept. 15.1936.
Sept. 15.1937.
15,1937.
502,361,900.00
Feb. 15.1937.
428,730,700.00
276,679,600.00
Apr.
Feb.
June
Mar.
Sept.
June
Dec.
1,1938.
15.1938.
15,1938.
15.1938.
15.1939.
15,1939.
15.1939.
618,056,800.00
455,175,500.00
596,416,100.00
1,293,714,200.00
526,233,000.00
941,613,750.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
1H % series C-1939, maturing Mar.
134 % series A-1940, maturing Mar. 15.1940.
1H% series B-1940, maturing June 15,1940.
1J4 % series C-1940, maturing Dec. 15.1940.
134 % series A-1941, maturing Mar. 15.1941.
134% series B-1941, maturing June 15,1941.
rH
os hjl fr os ttl co t—
co oo cs io -ji n io
cot—rHrHl—t—rH
365,536,630.75
545,160,150.00
.$18,277,295,700.75
Total bonds
i
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17,167,930,100.00
bonds:
Series A
§
1
$198,668,820.00-
$758,955,800.00
1,036,762,000.00
489,087,100.00
454,135,200.00
352,993,950.00
544,914,050.00
818,646,000.00
755,476,000.00
834,474,100.00
1,400,570,500.00
1,518,858,800.00
1,035,884,900.00
491,377,100.00
2,611,155,700.00
4W % bonds
nwN.o.w
CO* <35*05* 05* co" 00 Hjl* 05* oiT
ct>-^1 00
tjl co co
co rH in
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rh
bonds:
of 1947-52
4% bonds of 1944-54
3H% bonds of 1946-56
3% % bonds of 1943-47
—.........—
3% % bonds of 1940-43
...
3H% bonds of 1941-43. ........ .........
3H % bonds of 1946-49
3% bonds of 1951-55........
.........
3\i % bonds Of 1941
334 % bonds of 1943-45..—............—
3J4 % bonds of 1944-46
3% bonds of 1946-48...
334 % bonds of 1949-52.
234 % bonds of 1955-60
234 % bonds of 1945-47....
234 % bonds of 1948-51
lOOOrHHtlONrHrHN"
»C•H.°0 1W CO
$49,800,000.00
28,894,500.00
119,974,320.00
-
bonds (12th to 49th ser.)
Treasury
ION00O5HJIN00COHJIC
JJBCOOSOOOOO'—iCOOiOSt—
IO rH rH lO t|i N
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debt of the United
basis of the daily
Bonds—
I
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2H % Postal Savings
SNNOOiflOIONN
COOiCOOONCOHtlcOiJI
THE
100
OHIH
o
capital stock, paid-in surplus, and other proprietary lnter-agency
not deducted from the capital stock and paid-in surplus of the
interests which are
I 00
051--cti co io eo tCO rH C5 t- O IO N
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IIOO
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s
llfOHH
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the
liquidation.
r
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CO
by member banks and trust companies to
assessments paid In
$23,419,028.
Includes
amount of
N
rH eo
$11,362,991,550.00
4% Civil Service retirement
I
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i
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I
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to 1941
4%
ii,
i
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3,197,000.00
4% Canal Zone retirement fund, series 1937
i
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316,700,000.00
—
1937 to 1941
i
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Foreign
fund, series 1937
j..'
1
I
•«
I
I
1-
to 1941
3,303,000.00
a
Postal Savings System series, maturing
and 1940
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1, 1939..
2%
001- oo.eo o
N CO
IO rH
rH rH
NN
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100,000,000.00
June 30, 1989
,
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Mi-T IO'COIO HJI*
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iiohn
1
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00
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100,000,000.00
11,886,191,550.00
rH C>
<n
Certificates of Indebtedness—
4% Adjusted Service Certificate
maturing Jan. 1, 1937
Fund series,
$76,800,000.00
2H% Unemployment Trust Fund series, ma¬
turing June 30, 1937-.
"
/
29,907,000.00
106,707,000.00-
2,353,452,000.00
Treasury bills (maturity value)
Total Interest-bearing debt outstanding.....
.$32,623,646,250.75-
Matured Debt on Which Interest Has Ceased—
Old debt matured—Issued prior to Apr.
1,1917
$4,751,240.26
3H %. 4% and 4% First Liberty Loan bonds
40,957,050.00
of 1932-47
4% and 4% Second Liberty Loan bonds of
1,548,650.00
1927-42
4H% Third Liberty Loan bonds of 1928
4yx % Fourth Liberty Loan bonds of 1933-38.
354 % and 454 % Victory notes of 1922-23..._
Treasury notes, at various Interest rates
Ctfs. of Indebtedness, at various Interest rates
Treasury bills
i '33911
p
k ig33|s
<
724,400.00
21,947,850.00
8,074,400.00
29,362,000.00
288,150.00
Treasury savings certificates
SSo
P3 h
2,523,950.00
53,711,150.00
163,888,840.26Debt Bearing No Interest—
$346,681,016.00
156,039,430.93
United States notes
Less gold reserve...
...
$190,641,585.07
flJ?r
^ 11 p
9q
s
o
u
w
:
Deposits for retirement of National bank
•
-•2°SShOaSa
o
Sii
a
h«5 c
•
^Sagsill^wr
^•8 9 R'Sti'O 2
glfsl?
s3oSSo
and
Federal Reserve bank notes
Old demand notes and fractional currency...
Thrift and Treasury savings stamps,
396,986,060.50
2,033,882.61
unclassi¬
3,272,021.79
fied sales. &c
592,933,549.97
« u «
Total gross debt.
.
.........
...
....
$33,380,468,640.9S
Volume
Financial
143
GOVERNMENT
RECEIPTS
AND
EXPENDITURES
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers
today the details
of Government receipts and disbursements for August, 1936
and 1935, and the two months of the fiscal years 1936-37
Trust Accounts, Increment
-Month of August1936
1935
Receipts—
Internal Revenue:
$
tax
on
Melting losses, Ac
Payment to Fed. Res. banks
1
Customs
24,046,701
464,679,523
383,401,619
9,524,916
2,437
28,616,882
37,127,492
66,343,774
66,838,884
375
34,763,321
farm prod'ts
,
Miscellaneous receipts:
amended)
575,000
1,251,167
575,000
1,952,31?
9,738,985
130,826,274
23,334,960
150,232,433
trust fund—In¬
vestments
10,998,000
4,796,000
Other
I
50,000
Total.
88,164,208
64,753,382
Excess of receipts or credits
Excess Of expenditures....
a
128,711,264
299,624,684
76,461,124
179,842,906
245,094,080
148,286,695
-
Additional expenditures on these accounts for the months and the fiscal years
included under Recovery and Relief Expenditures, the classification of which
will be shown In the statement of classified receipts and expenditures appearing on
Principal—for'n obligations
page 5 of the dally Treasury statement for the 15th of each month,
Interest—for'n obligations.
All other
b Excess
1,661,254
380,801
12,248,221
23,455,665
Panama Canal tolls, Ac
2,036,871
1,662,661
4,236,105
3,961,543
Seigniorage
4,256,613
1,940,048
9,073,246
12,963,405
—
Other miscellaneous
4,355,754
5,294,569
9,128,585
298,744,696
636,902,126
of
credits
(deduct).
c Payable from
processing taxes on farm
to be deducted from processing taxes.
577,653,640
products or advances from the Treasury
11,176,435
343,015,357
Total receipts
TREASURY
CASH AND
CURRENT
LIABILITIES
The cash
Expenditures—
General—Departmental
u
£5,014,672
39,374,519
Public buildings
1,534,027
1,004,236
Public highways.a
River and harbor work
8,698,399
Panama Canal
156,002
are
Proceeds of Govt -owned Bees.
'
277,411
166,221
(Sec. 13b, Fed. Res. Act as
47,239,206
218,767,508
263,871,767
revenue
1935-36
1935-36
$
$
$
71,190,235
32,069,402
Internal
1936-37
1936-37
1935
$
Chargeable agst. lncrem.on gold:
—July 1 to Aug. 31—
$
—July 1 to Aug. 31—
August
1936
For retirem't of Nat. bk. notes
General 8* Special Funds
Mis cell.
-
Gold, &c.
on
Unemployment
Processing tax
-Month of
Expenditures—
and 1935-1936:
Income
1665
Chronicle
-
'
a
94,232,374
3,052,010
79,164,115
1,967,242
14,652,609
9,187,376
6,278,916
17,738,372
11,521,819
1,134,537
915,259
2,037,049
2,480,726
15,080
a
2,527,757
14,655
Postal deficiency
Railroad Retirement Act
102,035
Social Security Act
-
Retirement funds (U. S. share)
niRt.of Col. (U. S. Share)
holdings of the Government as the items stood
Aug. 31, 1936, are set out in the following.
The figures
are taken
entirely from the daily statement of the United
States Treasury of Aug. 31, 1936:
13,631,919
25,523,482
CURRENT
ASSETS
186,746
AND
LIABILITIES
GOLD
Assets—
Liabilities—
$
46,735,300
40,662,400
1,489,937
1,546,487
5,000,000
5,707,500
33,437,241
38,832,499
26,644,270
66,548,677
45,378,980
Gold
31,262,213
77,447,433
60,666,265
ofGovs.,F.R.Sys. 5.483,578,912.60
Redemption
fund—
Gold
Gold certificates:
...10,715,948,084.54
Outstanding (outside
National defense:a
Army
Navy
of Treasury)
Veterans' pensions A benefits:
Veterans' Administration
a
47,564,461
Adlusted service Ctf. fund..
9,637,282
Agricul. Adjust. Admin.a c._
Agrlcul. Adjust. Admin. (Act
Aug 24, 1935)
13,188
Agricultural Contract Adjusts.
Soil Conservation A Domestic
Allotment Act
46,437,110
96,399,322
93,507,153
39,753,332
100,000,000
69,067
34,333,988
58,495,599
Total.
1,869,861
23,806,530
Farm Credit Administration
b3,131,954
b722,375
b3,015,580
b786,769
Tennessee Valley Authority a
3,729,952
Debt charges—Retirements..
Interest a
18,088,950
13,576,050
23,128,350
68,448,600
25,904,522
26,793,777
35,787,358
34,526,721
Internal
on
3,789,614
719,884
Total, general
2,827,080
1,974,675
6,772,658
2,250,925
417,302
652,699,873
613,424,803
$346,681,016
2,548,098
Total.
of
10,715,948,084.54
United
States
notes*and
Treasury notes of 1890
are
$1,176,372
also secured by
SILVER
Assets—
-
$
Silver
Liabilities—
729,544,175.51
507,669,229.00
Silver dollars
3,848.023
233,275,453
against
of Treasury notes of 1890
outstanding.
Bllver dollars in the Treasury.
5,273,676
415,552
317,493,415
farm prod.
1,590,323
3,790,048
revenue
10,715,948,084.541
Note—Reserve
1,239,278
Processing tax
12,625,978.00
156,039,430.93
1,800,000,000.00
349,303,444.01
reserve
Exch. stablliza'n fund.
21,696,352
43,716,818
21,917,372
Refunds—Customs
Fed. Res. notes
Gold
Gold in general fund..
10,796,697
13,745,541'
Emergency Conserv. Work.a..
a
2,914,400,319.00
fund—Bd.
ctf.
Silver ctfs.
Treasury
$
outstanding.1,166,948,437.00
of
notes
1890
outstanding
1,176,372.00
69,088,595.51
Silver in general fund...
Total
1,237,213,404.51
Total
1,237,213,404.51
GENERAL FUND
Recovery and relief:
Assets—
Agricultural aid:
Agricul. Adjust. Admin
Gold (see
b6,064,868
Commodity Credit Corp...
Admin
Emer.
(lncl.
Fed.
47,047,761
807,893
20,038,625
69,088, 595.51
3,152, 244.00
15,712, 720.00
432, 244.50
3,002, 450.00
b66,406,101
b5,710,432
135,901,896
bl25,820
2,501,990
Federal Reserve notes..
11,844,262
6,988,729
Fed. Reserve bank notes
National bank notes
Sur¬
plus
Subsidiary silver coin...
Com. Corporation).
Civil Works Administration
1,594,628
40,871
80,549
72,624
145,314
Emerg. Conserva'n work..
Dept. of Agricul.. relief
12,499,799
51,854,019
42,812,038
103,702,384
43,894
464,176
122,332
1,115,181
105,603,260
6,195,198
166,684,348
Public Work (lncl. work rel'f);
Boulder Canyon project...
1,696,267
1,595,875
Loans and grants to States.
municipalities, Ac
3,524,366
3,244,415
15,877,383
45,415,298
b581,394
b59,595,268
b26,749,315
Public highways
River and harbor work....
Rural Electrifica'n Admin.
b45,176,585
b22,359,181
31,681,931
30,090,635
61,713,763
11,143,190
28,389,700
21,028,650
333,978
36,705
2,351,575
2,393,463
30,752,468
32,326,135
67,674,731
60,834,865
b5 328
5,487,275
2,495,751
11,897,360
2,074,305
1,908,748
4,957,693
4,225,204
730,830
986,304
Resettlement Admlnlstra'n.
Subsistence homesteads
Miscellaneous:
2,346,019
1,961,835
10,099,509
2,361,753
23,429,757
3,443,324
Export-Import Bks. of Wash.
b23,202
Admin, for Indus. Recovery..
Reconstruction Flnanoe Corp.
2,967
value)
Emergency housing
Federal Housing Admin
—direct loans A expend's..
Tennessee Valley Authority..
Total recovery and relief
Total expenditures
Excess of receipts
Excess of expenditures
b4,303
sales of Govt, secur.l
and
2,606,131
865,795
.
b466,447
5,006
urer
urer
62
1,945,972
824,451
bl99,961,995
of
(exclud¬
ing public debt retirements)
Trust accts., increment on
gold,
expenditures
Less nat. bank note retire't
excess
Of expenditures..
Decrease In general fund balance
Increase (+) or decrease
(—) In
the public debt
Publio debt at
-
8,496,276
252,045,403
288,655,883
333,947,588
636,041,610
521,931,336
986,647,461
1,249,466,413
or year
Trust
226,523,461
223,186,640
349,745,335
671,812,774
226,523,461
223,186,640
349,745,335
671,812,774
18,088,950
13,576,050
23,128,350
234,840,192.07
1,312,451.71
re¬
sulting from reduction
In weight of the gold
dollar.
officers...
1,125,243.37
Philippine Treasury:
To credit of
Seigniorage (see
note 1)_
Working balance
139,883,649.24
323,274,433.78
1,440,534,119.53
Treas¬
of U. S
2,089,336.04
Total
2,138,532,394.62
Balance today
1,903,692,202.55
Total
2,138,532,394.62
Note 1—This item represents seigniorage resulting from the Issuance of silver
certificates equal to the cost of the sliver acquired under the Silver Purchase Act of
1934 and the amount returned for the silver received under the President's
proclama¬
tion dated Aug. 9,
was
1934.
$2,285,688,545.29.
.......
Dividends
first
208,434,511
209,610,590
326,616,985
603,364,174
64,753,382
148,286,695
76,461,124
245,094,079
273,187,893
357,897,285
403,078,109
848,458,253
9,738,985
130,826,274
23,334,960
150,232,433
263,448,908
227,071,011
379,743,149
326,775,505
314,185,390
777,818,001
—87,114,379
—398,074,852
+331,762,524
we
show
have not yet
Unemployment trust fund.
Total
29,119,769,527
33,778,543,493
28,700,892,624
33,380,468,641
29,032,655,148
33,380,468,641
29,032,655,148
been paid.
a
In the
second table in which
announced, but which
■
Name of
Company
are:
Share
12)^c
6H% preferred (quar.)
_u
Addressograph-Multigraph (quar. increased)
Aetna Casualty & Surety (quar.)
Aetna Life Insurance (quar.)
Affiliated Fund, Inc., new (initial)
$1.62*$
37,994
20,951,702
62,055
10,542,454
4,799,867
33,234,465
239,064
127,275
7,373,577
12,915,325
23,109,900
13,287,274
49,108,053
34,718,294
49,778,102
34,478,191
44,367,840
112,5S5,638
52,250,140
54,530,604
checking acc'ts1
Oct.
1
Sept. 20
Sept. 20
1
Sept.
8
1c
Oct.
25c
Oct.
1 Sept.
8
15 Sept. 30
15 Sept. 30
15 Sept. 30
Oct.
15
Oct.
1
$1.50
Oct.
1
Oct.
1
Sept. 30
h$ 8.00
Sept.
Sept.
Sept.
Oct. 15 Sept.
Sept. 21 Sept.
n&SHc
Mfg. (quar.)
Oct.
15c
10c
Amer. Cities Power & Light Corp.—
$2.75 class A opt. series of 1936 (initial)
American Crystal Sugar (initial)
Preferred (quarterly) —,—
American District Telegraph (N. J.) (quar.)
$7 Preferred (quar.)
•
American Factors, Ltd. (monthly)
_
31,556,211
Oct.
1
10 Sept. 23
$1.00
$1.75
Aluminum Industries Inc. (quar.)
American Chain, ,7% pref
11,403,034
Oct.
2c
Co. 7% pref. (luar.)__,
Aluminum Goods
Oct.
15c
Aluminum Co. of Amer. 6% pref.
41,488,004
Oct.
Oct.
50c
Extra
13,822,466
When
Holders
Payable of Record
25c
New common (extra)
Air Reduction Co. (quar.)
Expenditures—
follow with
Acrqe Glove Works Ltd. (quar.)
23,410,826
-s.
we
The dividends announced this week
Aloe (A. S.)
tion In the weight of the gold
1
dollar
Then
dividends previously
the
Per
,
Receipts—
Increment resulting from reduc¬
grouped in two separate tables.
bring together all the dividends announced the
current week.
366,463,296
—63,326,597
we
are
698,225,820
33,443,795,238
Trust accounts
Transactions In
13,396,338.23
Balance of increment
other
68,448,600
Accounts, Increment
on Gold, 8cc.
Trust accounts.
550,611.20
ex¬
Note 2—The amount to the credit of disbursing officers and certain agencies today
begin, of month
Public debt this date
banknotes(5% fund,
10.961,835.05
Treas¬
of
67,708,515.35
Nat.
57,961,357
4,578,141
Excess of expenditures
Total
of
DIVIDENDS
Excess of expenditures
Less publio-debt retirements.
excess of
courts,
disbursing
officers, Ac
Deposits for:
39,067,788.45
Summary
Ac.,
60,800,000.00
70,648,427.64
other
of U. S
credit
lawful
changes, Ac
officers
credit of
To
reserve,
Other deposits
lawful money)
Uncollected
items,
Foreign depositaries:
To
«
System:
5%
131,526,000.00
bank
of U. S
credit
urer
b24,389,418
other
To credit of Treas¬
Govt,
2,378,557.15
Trustees,
Savings
Redemption
depositaries:
Govt,
16,482
167,246,231.64
Special depos. acct. of
409,422
....
.....
2,054,394.33
Fed. Reserve banks..
To
569,538,818
__
Collections, Ac
Nat.
of
Postal
Postmasters, clerks of
Deposits In:
Aid to home-owners:
Home-loan system........
269,795.41
19,357,742.50
officers:
Board
money
Unclassified—
157,951
out¬
Post Office Dept
2,273, 834.86
334,420, 440.84
bijllion (cost value)
$
checks
standing...
Deposits of Government
Silver bullion (recolnage
67,416
152,629,406
650,300
314,680,470
Silver
Treasurer's
5,493, 344.90
Minor coin
58,974,083
14,912,884
Works Progress Admin....
All other.
Loans to railroads
Liabilities—
349,303, 444.01
1,248,832
Relief
$
•
above)
Silver (see above)
United States notes
10,187,314
Federal Land banks..
Fed.
b9,994,696
b2,856,714
Farm Credit Admin
Relief:
39,268,063
.
r
American Fork & Hoe 6% pref. (quar.)
American Hard Rubber Co., 8% pref.
(quar.)
,1
19
15
19
30
18
50c
.
^
_
...
Oct.
$1.50
$1.00
$1.75
Oct.
Oct.
Sept.
Sept.
Sept.
15 Sept.
Oct.
15 Sept. 15
15c
_
Oct.
10
1
21
1
21
15
$1.50
Oct:
10 Sept. 30
15 Oct.
5
$2.00
Oct.
1 Sept. 16
Financial
1666
Sept. 12, 1936
Chronicle
Name of Company
25c
Newark, N. J.) semi-annual—
50c
Optical Co., common
$1.75
7% preferred
81.76
Apex Elec. Mfg., prior pref. (quar.)
/13.50
Prior preferred
- - —
h$1.50
Arkansas Power & Light, 56 pref
h$ 1.75
$7 preferred
■***•
$1.00
Atlantic City Fire Insurance (quar.)---
American Insur.
American
25c
(Hartford) (quar.)__Corp. 6H% P^f. class A (quar.)
Automobile Insurance
Bakelite
Bancohio Corp. (quar.)
Bank of Manhattan Co.
Bank of New York &
Bank of Yorktown
(quar.)
$1.62
18c
37Hc
$3.o0
_
Trust Co. (quar.)
50c
(quar.)
C-l reg
Series C-2
Belding Heminway Co.
Oct.
fquar.j
Oct.
5c
Oct.
50c
15c
2H%
2 H%
45c
$2.00
35c
25c
35c
increased)
25c
50c
N.) & Co., Ltd. (quar.)
Cambridge Investment Corp. A & B (semi-ann.)
Canada Packers, Ltd. (quar.)
Canada Wire & Cable, Ltd. 6H % pref
Canadian Celanese Ltd (quar)
25c
r75c
h$ 3.25
r40c
r$1.75
7% part, preferred (quar.)
Canadian General Electric (quar.)
81.25
37Hc
$1 .£>0
81.75
Canadian Wire bound Boxes, class A
56 pref. (quar.)
57 preferred (quar.)
Carriers & General Corp., common
5c
$1.75
6Hc
37Hc
prior pref. (quar.)
Centlivre Brewing class A (quar.)
Central Aguirre Associates (quar.)
_—
Extra
50c
—
$2.00
Central Canada Loan & Savings
5c
(monthly)
Certain-teed Products, 6% pref. new (initial)
Chamberlain Metal Weather Strip (extra)
$1.50
2Hc
17 He
$1.00
81.75
-
(Initial)
Chartered Trust & Executor (Toronto) quar__
Chicago Towel Co., pref. (quar.)
Cincinnati & Suburban Bell Tel.
(quar.)
A (quar.).
1.25
J 1.13
Clayton & Lambert Mfg. Co. (increased)——
Cleveland Union Stockyards (quar.)
Coca-Cola Bottling Corp. (Del.) A (extra)
Class A (quarterly)
Class B (extra)
Class B (quarterly)
Cohn-Hall-Marx Co., 6% pref. (quar.)
Collateral Loan (Boston) quar
Columbia Baking common (increased).
51 par tic. preferred (quar.)
51 partic. preferred (extra)
Columbia Pictures Corp. com. & v. t. c. (quar.)
10c
Cincinnati Gas & Elec. Co., 5% pref.
Commercial Credit Co
Commonw.
12Hc
$1.25
62Hc
$1.25
62 He
$l:o0
$2.00
25c
25c
25c
25c
20%
,-
Telep. (Madison, Wis.) 6% pf. (qu.)
Consolidated Dry Goods Corp., 7%
Consolidated Rendering Co
pref
.
$1.50
h$2.50
$1.50
50c
Continental Assurance Co. (Chicago) quar
$2.00
Continental Baking, 8% pref. (quar.)
Continental Bank & Trust Co. (quar.)
Coronet
20c
$1.00
$1.75
Phosphate Co. (quar.)
Courier-Post 7 % pref. (quar.)
Cream of Wheat Corp. (quar.).
50c
50c
Crown Cork <fe Seal Co
Crown Cork International Corp.,
Crum & Foster
cl. A (qu.)
25c
Oct.
15 Oct.
5
Oct.
15 Oct.
5
$2.00
Oct.
15 Oct.
5
$1.00
Sept, 30 Sept. 19
Oct,
1 Sept. 20
—
50c
Preferred (quar.)
Deposited Bank Shares (N. Y.), series A
_
$1.37H Dec.
3 He
25c
Steel Products
1 Nov. 20
Oct.
1 Sept.
1
Sept. 30 Sept. 19
$1.75
Oct.
Sept. 19
50c
(quar.)
Oct.
Sept. 19
r37c
r$1.25
Dominion Coal Co., pref. (quar.)
Dominion Glass, Ltd. (quar.)
Preferred
r$1.75
r$1.75
pref. (quar.)
r$1.25
Dominion Textile Co. (Ltd.) quarterly
r$1.75
7% Preferred (quarterly)
1.75
Driver-Harris Co., 7% pref. (quar.).....
2.00
Duplan Silk Corp., 8% pref. (quar.)
Jfcl2c
Duquesne Brewing (Pittsburgh) conv. A pref..
10c
Eagle Fire Insurance (Newark, N. J.)
r$1.50
Eastern Canada Savings & Loan (Halifax) (qu.)
3c
Ecuadorian Corporation, ordinary shares
10c
Electric Power Associates, Inc., cl. A (resumed).
10c
Common (resumed).
.$2.50
Elizabethtown Consolidated Gas (increased)
$1.50
Empire Safe Deposit Co. (quarterly)
$1.25
Endicott Johnson Corp., 5% pref. (quar.)
75c
h*Common (quar.)..
....
10c
Equitable Trust Co. (Bait.) quar
6c
Eureka Stand Consol. Mining (resumed)
7Hc
Falcolnbridge Nickel Co. (quarterly)
37 He
Family Loan Society $3.50 part. pref. (extra)
87Hc
53.50 partic. pref. (quar.)
Dominion Rubber, Ltd. 7%
...
15
15
15
18
15
15
Sept. 19
Sept. 21
Sept.
Sept.
Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Common (quar.)
Corporation (quarterly)
Fidelity Trust (Baltimore, Md.) (quarterly)..
Filene's (Wm.) & Sons (increased)
(Extra)
Finance Co. of America (Bait.), 7% pref.
...
7 % preferred class A
Common class A and B
Corporation (increased)
(N. Y.)
(quarterly)
Quarterly
Flintkote Co., common
Foreign Light & Power Co., 6% 1st pref. (quar.)
Foster & Klesier Co., 6% class A pref.
Gachin Gold Ltd., 70c.
preferred/
Galland Mercantile Laundry (quar.)
preferred (quarterly)
General Alliance Corp
Stock div. of one sh. for each 22 held
(initial).,
1
Oct.
Oct.
6c
Oct.
1
20 Oct.
15
19
$25
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
$25
Jan.
Dec.
25c
Sept. 25 Sept. 15
$1.25
40c
20c
$.3645
$.0729
12Hc
25c
30
30
30
30
30
30
Sept. 30
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 25 Sept.
Sept. 25 Sept.
$1.50
Oct.
20c
Formica Insulation Co
Gannett Co., 56
Oct.
Sept. 30
Sept. 29
Oct.
p50c
Common class A and B (extra)
First National Bank
Sept. 29
Oct.
1
1
Oct.
25c
Famise
15
19
10
15
15
Sept. 24
Sept. 19
Sept.18
Sept. 18
Sept. 24
Sept. 16
Sept.10
Sept. 12
Sept. 12
Sept. 12
Sept. 30 Sept.
Sept.
Oct.
Sept.
Oct.
Oct.
Sept.
Oct.
Sept.
—
First Bank Stock
Harbauer Co.
15
1
Oct.
15
Oct.
7
4
Oct.
7
4
Oct.
1
19
1
Oct.
26
Oct.
16
Oct.
16
Oct.
16
Oct.
16
Oct.
15
Oct.
21
Oct.
15
Oct.
Sept. 15
Sept. 30 Sept. 18
Sept. 30 Sept. 18
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 11
Oct.
Sept. 11
Oct.
Sept. 21
Oct.
Sept. 18
Oct.
Sept. 18
Oct.
Sept. 22
Oct.
Sept. 22
Oct.
Sept. 19
Sept. 25 Sept. 15
Oct.
Sept. 19
Sept. 25 Sept. 15
Sept. 25 Sept. 15
Oct.
Sept. 15
Sept. 30 Sept. 19
Oct.
Sept. 18
Oct.
Sept. 15
Sept. 30 Sept. 4
Oct.
Sept. 21
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Sept. 15 Sept. 10
Oct.
Sept. 8
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 18
Sept. 30 Sept. 10
Oct.
Sept. 15
Oct.
Sept. 24
Sept. 14 Sept. 8
Sept. 30 Sept. 15
Oct.
Sept. 21
Oct.
Sept. 18
Oct.
Sep„. 21
Oct.
Sept. 15
Oct.
Sept. 21
8 Sept. 21
Oct.
Oct.
1 Sept. 12a
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
5c
8% preferred (quar.)
Devoe & Raynolds, pref.
Class A & B (quar.)
15 Sept. 30
15 Sept. 30
20c
Dentist Supply Co. (N. Y.) extra
Denver Union. Stockyards (quar.)
Oct.
37Hc
rl8c
75c
$1.50
20c
Oct.
Oct.
$1.50
Oct.
75c
(resumed quarterly)--
Oct.
(quar.)--
Nov.
Oct.
Oct.
$1.25
25c
60c
(quarterly) increased
__
$1.25
$5 pref. (initial)—-r62Hc
Goodyear Tire & Rubber, Ltd. (Canada) (qu.)r62Hc
6% Preferred (quar.)
$1.50
Green (Daniel) Co., 6% preferred (quar.)
50c
Greif Bros Cooperage, class A
Guardian Bank Shs. Invest. Tr. (Hartf d. Conn.)
37 He
Series I preferred (special)
45c
Guardian Investment Trust (Hartford) cum. pf_
Guardian Public Utility Invest Trust—
40c
(Hartford, Conn.) special
---Guardian Rail Shares Invest. Trust (Hartford,
40c
Conn.) non-cum. series I special
35c
Gulf Coast Water, 7% pref. (semi-annual)
40c
Hanover Fire Insurance (N. Y.) (quar.).
1 Sept. 16
1
Oct.
25c
— --------
Oct.
Oct.
Goodrich (B. F.) Co., new
14
14
15
25
—
(quarterly)
Extra
Detroit
Goodall Securities
15 Sept. 25
1 Sept. 21
Oct.
-.
Burt (F.
Central Tube
Oct.
Sept.
Sept.
Sept.
30 Sept.
25c
$1.50
Signal
(quarterly)
6% Preferred (quar.)
General Water, Gas & Elec., $3 pref.
Gillette Safety Razor, $5 pref. (quar.)
Common (quar.)
1
1
10
19
19
15
15
15
15
19
15
15
19
15
15
15
15
15
15
15
—
15c
25c
$1.75
10c
5c
43 Mc
$1
25c
lc
Preferred
(quarterly)
Hemrich Brewing Co. (Seattle, Wash.)
Hercules Motor Corp. (quarterly)
Holly Development Co. (quar.)
Honolulu Gas Co., Ltd. (monthly).
Honolulu Plantation Co. (monthly)Honomu Sugar, Ltd. (monthly)
Hoover Ball & Bearing (quarterly)
Horn & Hardart Baking Co. (N. J.)
(quarterly)
Horn & Hardart Baking (Phila (quar.)
Howes Bros. Co., 7% 1st preferred (quar.)__
7% 2nd preferred (quarterly)
—
6% preferred (quarterly)
Howe Sound Co. (quarterly)
(Extra)
Hutchinson Sugar Plantation Co., Ltd. (mo.)..
Ideal Cement Co. (quarterly)
15c
15c
10c
15c
$1.50
$1.50
$1.75
$1.75
$1.50
_
75c
60c
10c
50c
50c
Extra
Illinois Commercial Tel. (Madison,
/i$1.50
Wise.) $6pf.
Imperial Chemical Industries—
Oct.
Sept. 15
Sept. 15
Oct.
1 Sept. 15
Oct.
Sept.15
Sept. 14
Sept. 17
sept. 23
Oct.
Oct.
Oct.
1 Aug. 31
Oct. 16 Sept. 30
Sept. 30 Sept. 24
Sept. 21 Sept. 15
Sept. 30 Sept. 21
Sept. 30 Sept. 28
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 15 Sept. 10
Oct.
1 Sept.18
Oct. 15 Sept. 30
Sept. 21 Sept. 15
Oct. 10 Sept.30
Sept. 30 Sept. 25
Oct.
1 Sept. 21
Oct.
1 Sept. 19
Oct.
1 Sept.19
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 22
Sept. 30 Sept. 22
Oct.
5 Sept. 30
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
,
Nov. 26 Oct.
2H%
American deposit rets for ordinary regis
Incorporated Investors, vot. trust ctfs. (special)
Inland Investors, Inc. (quarterly)
International Buttonhole Machine (quar.)__ —
11
30 Oct.
1
75c
-
Oct.
20c
20c
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
10c
Extra
r$1.50
International Power Co., preferred
Investment Co. of America (quar.)
60c
Kelyinator of Canada (initial)
Kendall Co., partic pref. A (quar,)
Kensington National Bank
20c
Oct*
r$1.25
$1.50
10%
$1.00
(in stock)
Landed Banking & Loan (Hamilton)
Oct.
Oct.
-
Kilburn Mill
(monthly)---
Oct.
25c
(quarterly).
Kaufmann Department Stores (quar.)
Kekaka Sugar Co., Ltd. (monthly)
Oct.
$1.75
$1.50
$1.75
...
Oct.
$1.75
$1.50
6% pref. (quar.)
7% preferred (quar.)
Kansas Gas & Electric, $6 pref. (quar.)
Oct.
25c
Kansas Elec. Power,
Oct.
15c
50c
—
50c
r$1.25
(quar.)
Oct.
Oct.
_
25c
Extra
75c
Mead Johnson <& Co. \.quar.)
(Extra)
Meadville
50c
;
Conneaut
Lake
Oct.
Linesville
and
RR.
$1.25
$1.00
Merchants Bank of N. Y. (quar.) increased
Merchants & Miners Transportation (quar.)
Midland Oil Corp., $2 conv. pref
Midland Steel Products $2 non-cum. pref.
40c
25c
(qu.)
50c
-
$2.00
8% preferred (quar.)..
$1.25
Common (increased)
Minneapolis-Honeywell Regulator—
$1.50
6% preferred ser A (quar.)..
hb%
Minnesota Power & Light, 7% pref
$1.75
7% preferred (quar.)
/i50c
6% preferred
$1.50
6% preferred (quar.)
$1.75
Mississippi Valley Pub. Serv. 7 % pref. A (qu.) $2
Morris Plan Bank (Hartford) (quarterly) ______
$2
Morris Plan Bank (New Haven) (quarterly)
$1.25
Murphy (G. G.) Co., 5% pref. (quar.)
Nanaimo-Duncan Util., Ltd., 6H% pref. (qu.)- r84Hc
55c
National Battery, pref. (quar.)
Newberry (J. J.) Realty, 6H% pref. A (quar.) - $1.62H
$1.50
6% preferred B (quar.)
$1.50
New Eng. Wat., Lt. & Power Assoc. pf. (quar.).
$1.50
Newport Electric Corp., pref. (quar.)
25c
New Bochelle Trust (quar.)
h$ 7
New York Shipbuilding, 7% preferred
$1.75
7 % preferred (quarterly resumed)
40c
Niagara Wire Weaving (initial)
50c
Noblitt-Sparks Industries, Inc. (quar.)
North American Bond Trust, ctfs. of interest__$ 109.40
$4
North Star Insurance (special)
Northern Liberties Gas (semi-annual)
20c
Oahu Sugar Co., Ltd. (monthly)
-
20c
Extra
Oakland Title Insur. & Guar. Co.
(Calif.) (qu.)
-
Ogilvie Flour Mills, Ltd. (quar.)
Nov.
Sept.15
2 Oct.
30
30
17
16
15
Sept. 30 Sept. 14
Sept. 30 Sept. 14
Sept. 18 Sept. 18
Oct. 10 Sept. 19
Sept. 14
Sept
Oct.
Sept. 19
Oct.
Sept. 19
Oct.
Sept. 30
Oct.
Sept. 20
Oct.
Sept. 20
Oct.
Sept. 15
Oct.
Sept. 15
$1.00
$1.00
r$2.00
Sept. 15
Sept. 30 Sept. 19
Sept. 30 Sept. 21
Sept. 15 Sept.10
Oct.
1 Sept. 21
Oct.
Sept. 21
Oct.
Sept. 2
Oct.
Sept. 21
Sept. 11
Sept. 11
Oct.
Sept. 11
Oct.
Sept. 11
Aug. 21
Sept.
Oct.
Sept. 28
Sept. 30 Sept. 20
Oct.
2 Sept. 21
Aug. 15
Sept.
Oct.
Sept.'21
Oct.
Oct.
Oct.
Nov.
Oct.
Nov.
Oct.
—
16
16
July 20
Aug.
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept.19
Oct.
Sept. 19
Oct.
Sept. 21
Oct.
Sept.21
Sept. 15 Aug. 31
16 Oct. 15
3
Sept. 14 Aug.
5
15 Oct.
5
Oct. 15 Oct.
Sept.
Sept.
Oct.
1 Sept. 19
Oct.
Oct.
Ohio Public Service Co.—
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
1
15 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
....
(increased)
Extra
10
Sept. 30 Sept. 25
Oct.
Sept. 19
Oct.
Sept. 15
Lexington Telephone, 6H% prior pref. (quar.) $ 1.62H
$3.50
Lockhart Power, 7% pref. (semi-annual)
$2.50
Lord & Taylor (quar.)
12 He
Loudon Packing; Co. (quar.)
$6.25
Mahoning Coal RR. (quar.)
Manufacturers Finance (Baltimore) 7% pref--.. h2VAc
21 He
Manufacturers Finance (Bait.), pref
lc
Man waring Boston, A (initial)
25c
Margay Oil Corp. (quar.)
37 He
Marine Midland Trust (N. Y.) (quar.)
50c
Marlin-Rockwell Corp. (quarterly)..
40c
Marsh (M.) & Sons, Inc. (quar.)-$1.50
McColl Frontenac Oil, Ltd., pref. (quar.)
25c
McKee (Arthur G.) class B (quar.)
_
28 Oct.
Sept. 25
Sept. 25 Sept. 14
Sept. 11 Aug. 10
Sept. 15 Aug. 15
Oct.
Sept. 15
17 He
Lang (J. A.) & Sons, Ltd
18
15
15
15
Sept. 19
Sept. 19
Sept. 14
Sept. 21
Sept.23
Sept. 15
Sept. 15
Sept. 14
Sept. 14
Oct.
$1.50
Corp. of R. I., $6 pref. (quar.)
Irving Trust Co. (quarterly)
Jackobs (F. L.) Co
Joliet & Chicago RR., guaranteed com. (quar.).
Koloa Sugar Co., Ltd.
Lambert Co. (quar.)
1 Sept. 16
1 Sept. 18
Oct.
Sept.
20c
Extra
$7 preferred
1 Sept. 15
Oct.
Oct.
$1.75
Heath (D. C.) <& Co., preferred (quar.)
Heller (Walter E.) & Co. (quarterly)---
1
Oct.
35c
Harrisburg Gas, 7% preferred (quarterly)
Hawaiian Agricultural Co. (monthly)-Hawaiian Elec. Co., Ltd. (monthly)--Hawaiian Sumatra Plantations, Ltd
-
Sept. 30 Sept. 18
Sept. 1 Aug. 26
Sept. 30 Sept. 23
Oct.
1 Sept.15
25c
(quarterly)
Harriman Investors Fund Inc.—
Investors shares (quarterly)
Investors
17
17
Sept. 25
Sept. 21
Sept. 21
Sept. 10
Sept. 10
Sept. 21
Sept. 21
Sept. 12
,25c
$6 preferred (quar.)——
General Time Instrument
Oct.
$1.00
$1.50
General Railway
Preferred
Oct.
Nov.
2
Sept.
Nov.
10c
General Electric Co
—
General Printing Ink Corp. (increased)
Sept. 30 Sept. 19
Sept. 30 Sept.19
Sept. 30 Sept. 19
10c
Class A (extra)
Celanese Corp. of Amer.
Sept.
Sept.
Oct.
$4.00
$2.12H Oct.
pf. reg. (semi-ann.)
*
5% preferred bearer shares (semi-annual) _ _
Bucyrus-Monighan Co., class A (quar.)
_
Budd Realty Corp. (quar.)
Building Products Ltd. cl. A (quar. increased) __
Carolina Power <St Light
Oct.
37Hc
37Hc
37Hc
7 6c
British-Amer. Tob. Ltd. 5%
Class B (quar.
Class B (.extra)
Oct.
25c
5% convertible preferred (quar.).
Borne-Scrymser Co. (special)
Boston Insurance Co. (quar.)
Boston & Providence RR. (quar.)
Bralorne Mines Ltd. (quar.)
,
Oct.
50c
(quar.)
class A
Oct.
--.
Inc. (quar.)__
Brillo Manufacturing
"Common (quar.)
Nov.
$1.25
55 preferred w. w. (initial)
Beech Creek RR. Co_
Oct.
20c
-
Oct.
25c
registered
Barnsdall Oil Co. (quar.)
Beatrice Creamery common
Bliss & Laughlin,
Extra
Sept. 19
Sept. 21
Sept. 21
Sept. 15
Oct.
Sept. 15
Sept. 30 Sept. 19
Oct.
1 Sept.
8
Sept. 10 Sept. 4
Oct.
Sept. 29
Oct.
Sept. 15
Oct.
Sept. 18
Oct.
Sept. 29
Oct.
Oct.
Sept.
15c
Extra
Oct.
o
12Hc
Royalties Co., Ltd., class A
General Bauing (quarterly)
Oct.
m
Bank Stock Trust Shares
Garner
Sept. 14
Sept. 19
Oct.
Oct.
Payable of Record
Share
Name of Company
Payable of Record
Holders
When
Per
Holders
When
Per
Share
58 l-3c
50c
Oct.
412-3C
Oct.
Oct.
Sept. 15
Sept. 15
Sept. 15
Volume
143
Financial
Per
Name of Company
Share
1 Sept. 21
Young (L. A.) Spring & Wire (quarterly)
1 Sept. 15
1 Sept. 15
Youngstown Sheet & Tube, pref. (quar.)
Extra
(quar.)
$2.00
Oct.
r$1.50
Oct.
50c
Oct.
r
Ltd. (quar.)
(quar.)
75c
Oct.
Oct.
Oct.
1 Sept. 15
75c
Pacific Tel. & Tel. (increased)
Oct.
>
r
$1.75
Penney (J. C.) Co. (increased).—
$1.00
Pennsylvania Power & Light, $7 pref. (quar.)
$1.75
$6 preferred (quarterly)
$1.50
$5 preferred (quarterly)
$1.25
Perfect Circle Co. (quarterly)..
50c
Peterooro titi. (Nasaua, N. H.) isemi-ann.)...
$1.76
Petrol Oil & Gas, Ltd..
r2c
Philadelphia National Insurance Co. (special)...
30c
Phillips Packing 5H % pre'', (quar.).
$1.31H
Pinchin & Johnson Co., Ltd.
ordinary (initial)._ w7M%
Pittsuurgh Tnrnt (. :orp. (.quar.)
17 He
Plough, Inc. (quarterly)
30c
Porto Rico Power Co. 7% pref.
$1.75
(quar.)
Pratt &
LambertUincreased)
Providence
v^qTcgster rk. v.quar.)
Publication Corp?7% original pref.
(quar.)
7% 1st preferred (quar.)
50c
$2.50
$1.75
$1.75
dept. 3e •>ept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
18
15
15
15
17
25
15
25
15
5
10
15
15
16
Oct.
3 Sept.
9
1 Sept. 21
Sept. 15 Sept. 4
Oct.
412-3c
,
Oct.
10c
Oct.
20c
15c
10c
$1.75
10c
25c
(initial)
loc
Riverside Silk Mills, $2 partic. preferred
Robbins (Sabin) Paper, 7% pref. (quar.)—
Root Petroleum. $1.20
h 50c
$1.75
30c
preferred (quar.)
Ross Gear & Tool Co. (Increased)
S-M-A Corporation (quarterly)
60c
.v
-
20c
$5.U0
Baltimore) (quar.)
Safeway Stores, Inc., 7% preferred
St. Joseph South Bend & Southern RR
5% preferred
St. Louis Rocky Mt. & Pacific, com (quar)
Sangamo Electric (quar.)
irust
$1.75
87 He
$2.50
25c
50c
Extra
25c
7% preferred (quar.)
$1.75
Seaboard Finance Corp. $2 pref. (quar.)
50c
Second Standard Royalties, pref
rlc
<*.
Selected Industries, Inc.—
Full paid allotment certificates
S1.37H
Sherwin Williams (Canada) preferred
r$1.75
Silver King Coalation Mines (increased)
15c
Singer Mfg. (extra)
$2.50
$1.50
Quarterly
•
Sioux City Stock Yards (quar.)
37 He
$1.50 participating preferred (quar.)..,
37 He
•Sonotone Corp., preferred (quarterly)
15c
Soutnern Calii. Gas. b% prer. (quar.)
37 He
37 He
6% preferred A (quar.)
Southern Ry. Co. (Mob. & Ohio stk. tr. ctfs.)—
$2
South Porto Rico Sugar (special)
25c
Southwestern Bell Telephone. 7% pref. (quar.).
$1.75
h$3
Spang Chalfant, 6% preferred
15c
Spencer Trask Fund, Inc. (increased)
$1.75
Springfield Gas & Elec. Co., $7 pref. (quar.)
Stan aru Fuel Co., duL, 6H% pref. (quar.)
r 51.62 H
Standard Oil of Ohio (quarterly)
25c
$1.25
5% Preferred (quarterly)
Stanuard vVnoiesaie idtiospnate & Acid Wks (qu.)
30c
43 Mc
Stix, Baer & Fuller, 7% pref. (quar.)
Storkline Furniture Corp.
12Hc
Sussex Fire Insurance (Newark, N. J.).
5c
8Hc
7% preferred (quar.)
...
Swiss ud Corp
1 Sept.15
1 Sept. 15
Oct.
55c
;
1 Sept. 15
1 Sept. 15
Oct.
20c
5c
Extra
Safe Deposit
15 Sept.
1 Sept.
Sept. 29 Sept.
Oct.
Oct.
Co. (111.) quarterly
a
Oct.
Oct.
Preferred (quarterly)
Renner Brewing Co. (initial)
L
1 Sept.
1 Sept.
oct.
Oct.
50c
Reeee Poldinar Machine (quar.)
Reed Roller Bit (extra)
River R±sin
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
581-3 c
•;
1 Sept. 15
1 Sept. 15
Sept. 30 Sept. 19
Sept. 30 Sept. 19
Nov.
2 Oct.
22
Nov.
2 Oct.
22
Oct.
1 Sept. 21
Sept. 15 Sept. 1
Sept. 29 Sept. 15
OOG.
1U Sept. 25
Oct.
1 Sept. 12
Oct.
1 Sept. 25
Oct.
1 Sept. 19
Oct.
1 Sept. 20
Oct.
1 Sept. 19
Sept. 2<* Sept. 10
Oct.
1 Sept.18
Sept. 21 Sept. 10
Sept. 21 Sept. 10
Sept. 30 Sept. 15
Oct.
1 Sept.19
Oct.
1 Sept. 19
Oct.
1 Sept. 19
Sept. 30 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 16
1 Sept. 15
Oct.
Oct.
1 Sept. 15
Sept. 30 Sept.10
Sept. 30 Sept. 10
Sept. 5 Aug. 29
Sept. 15 Aug. 29
Oct.
1 SeDt. 15
Oct.
15 Sept. 30
Oct.
Oct.
15 Sept. 30
1 Sept. 15
Oct.
1 Sept.
.15
Oct.
1 Sept. 19
1 Sept. 16
Sept. 30 Sept. 15
Oct.
Oct.
l.Sept. 15
Oct.
Oct.
l|sept.
15 Sept.
Oct.
15 Sept.
Oct.
Oct J
Oct.
-"
16
30
30
15
15
we
21
21
19
19
give the dividends announced in previous weeks
This list does not include dividends an¬
these being given in the preceding table.
Abbott Laboratories, new
New (extra)
(quar.)
30c
—
15c
-
Abraham & Straus. Inc__
Acme Steel Co. (quar.)..
90c
-
75c
Oct.
Oct.
1 Sept. 15
5c
Oct.
1 Sept. 19
Supply Mfg Co., class A
-—h $1,125
37 He
Class A (quarterly)
Agnew Surpass Shoe Stores, preferred (quar.)_
Agricultural Insurance Co. (N. Y.) (quar.)
Alabama Power Co., $7 pref. (quar.)
S1H
$1H
preferred (quar.).
$5 preferred (quar
*.).
Alabama & Vicksburg Ry. Co. (semi-ann.)
26c
Allegheny Steel Co. common
Aero
—
Allegheny & Western Ry. gtd. (semi-ann.)
$3H conv. preferred (quar.)
Allied Products, class A (quar.)
Allied Stores Corp., 5% pref
Allis-Chalmers Mfg. Co. common (quar.)
Aluminum Goods Mfg. Co. capital stock
Aluminum Manufacturing, Inc. (quarterly)
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
American Agricultural Chemical
American Auto Insurance (St. Louis) (quar.)—
American Bakeries Corp., class A__
7% preferred (quar.)___
7% preferred (semi-ann.)—..............
(quar.)
American Cigar Co
Preferred (quar.)
American Felt Co., 6% preferred (quar.)
American Fork & Hoe (quar.)
American Gas & Electric Co., common (quar.)__
(quarterly)
American Hardware Ct
Jorp. (quar.).
Quarterly
American Hawaiian Steamship (quar.)
American Hide & Leather preferred-.—1.
American Home Products Corp
American Investment Co., 7% preferred
50c
50c
1
50c
75c
Oct.
Oct.
15 Oct.
5
Oct.
1
$1.00
Oct.
62 He
Oct.
37Hc
6% preferred (quar.)
—-United States National Corp. (liquidating)
5c
5c
Liquidating
—
Van Norman Machine 'Bool Co. (initial)
40c
Extra
20c
J
Vermont & Massachusetts RR. (semi-annual) —
$3.00
Walgreen Co., 6H% preferred (quarterly)—._$ 1.62H
25c
Wateroury Farrel Fdy. <& Mach. (quar.)
Oct.
1 Sept. 21
5 Sept. 15
5 Sept. 15
1
■
—
-
Waukesha Motor Co. (quarterly)
Weinoerger Drug (quar.)
Western Electric Co. (increased)
Western Grocers, Ltd., common (quar.)
25c
30c
75c
r50c
r$1.75
7% preferred (quarterly)
Western eight die Telephone, pref. (quar.)
43 He
Western United Gas & Elec., 6H% pref. (quar.)
$1.62
$1.50
6% ^referred..
West Kootenay Pow. & Light, 7% pref. (quar.).
$1.75
Weston (George), Ltd. (quar.)
h20c
5% preferred (quar.)
/i$1.25
Weston Elec. Investment, class A (quar.)
50c
West Texas Utilities $6 preferred
h $1.12H
West Virginia Water Service, $6 pref. (quar.)
$1.50
25c
Weyenberg Shoe Mfg. Co
75c
Weyenoerg Shoe Mfg., extra
White Rock Mineral Springs Co. (quar.)
35c
7% preferred (quar.)
$1.75
5% 2d preferred (quar.)
$1.75
Winn & Lovett Grocery, class A (quar.).
50c
7% preferred (quar.)
$1.75
Woodley Petroleum Co. (quar.)
10c
•
Oct.
Sept. 21
1 Sept. 23
23
Jan.
2 Dec.
Nov.
1 Oct.
25
)ct.
25
Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
1
,
1 Sept. 10
1 Sept. 10
Oct.
20c
15c
25c
l Sept.
Sept. 30 Sept.
1 Sept.
Sept. 15 Sept.
Sept. 30 Sept.
Sept. 12 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
17a.
15
12
2
5
21 \
Oct.
Dec.
Oct.
15
15
15
1 Nov. 25
1 Sept. 18
1 Sept. 16
Sept. 15 Sept. 5
Oct.
1 Sept.
9
Oct.
2.
35c
Nov.
2 Oct.
Oct.
'
8
Jan.
1 Sept. 12
1 Dec. 12
Oct.
1 Sept. 15
J
1
Sept. 30 Sept. 18
Oct.
1 Sept. 14
Sept. 30 Aug. 25
1
Oct.
*
1 Sept. 15
1. Sept. 15
Dec. 31 Dec. 15
Oct
Preferred
(quar.)
;
American News N. Y. Corp. (bi-monthly)
American Paper Goods 7% pref. (quar.)
7% preferred (quar.)
;
American Power & Light Co., $6 pref. (quar.)
$5 preferred (quar.)
American Radiator & Standard Sanitary Corp..
American Rolling Mill (quar.)
Preferred (quar.)
American Safety Razor (new)..—
—
—
—
—...—
tij
50c
$1H
$1X
$1H
$1H
15c
30c
$1H
50c
$1H
Old (quarterly)
50c
$7
Co. (quar.)
75c
$1H
$l H
American Snuff Co. (quar.)
Preferred (quar.)
preferred
(quarterly)
American Steel Foundries,
50c
American Sugar
$1H
$2>|
1H%
_
20c
$1H
/t$l
25c
50
15c
Corp., common
$1H
Quarterly
-——
Appalachian Electric Power, $7 pref. (quar.)—.
$6 preferred (quarterly)
Armour & Co. of Del., 7% pref. (quar.)
Armour & Co. of 111., $6 pref. (quar.).
—
7% preferred
Arnold Constable Corp. (quar.)
Art Metal Works, Inc. (quarterly)
Asbestos Mfg. preferred (quar.)
Preferred (quar.)
Associated Breweries of Canada (quar.)
Preferred (quar.)
—
Associates Investment Co. (quar.)
*
50c
50c
Sept. 15 Sept.
Sept. 16 Sept.
5
5
*
Dec.
5
*
16 Dec.
Oct.
1
Oct.
1
Sept.
Sept.
8
8
Sept. 30 Sept. 3
Oct. 15 Sept. 15
•
Oct.
,1
*
Sept. 30 Sept. 10
Sept. 30 Sept. 10
1
15 Oct.
Nov.
2 Oct.
Nov.
Oct.
2 Oct.
Oct.'
1 Sept. 10 )'
15
15
■Sept.30 Sept. 15
Oct.
1 Sept. 15 •'
Sept. 15 Sept. 1 >
Oct
2 Sept. 5
Oct.
2 Sept. 5
'
Oct. 15 Sept. 15
Oct.
1 Sept. 10 >■
Sept. 15 Aug. 26
Oct.
1 Sept. 14
*
Sept. 15 Sept. la
Oct. 19 Sept. 12
'
Sept. 14 Aug. 14
Oct.
l Sept. 18
Oct.
1 Sept. 18
Sept. 30 Sept. 20
Dec.
30 Dec. 20
_
Oct.
1 Sept.
Oct.
Oct.
1 Sept.
•
1 Sept. 2
1 Sept.10
Oct.
S1H
$1H
$1H
*
1 Sept. 10
2
lO
Oct.
1 Sept. 10
Sept. 18 Sept. 14
Sept.25 Sept. 11
Nov.
1 Oct.
20
Feb.
—-—
1 Jan.
20
v
Sept. 30 Sept. 15
Oct.
1
Sept.
Sept.
Sept.
Sept.
Aug.
15
19
19
19
2
Atlas
Nov. 16 Nov.
Automatic Voting Machine (quar.)..
Oct.
1 Sept. 19
1 Sept. 15
1 Seut. 23
Axton-Fisher Tobacco Co., class A (quar.)
Oct.
(quarterly)
Preferred (quarterly)
Babcock & Wilcox
Baldwin Co., 6% preferred (quar.)
6% preferred A (quarterly)
Bangor & Aroostook RR. Co. (quar.).
Preferred (quar.)
Oct.
Sept. 15
Sept. 15
21
20
20
15
15
15
22
19
Nov.
2 Oct.
20
Oct.
1
Sept. 21
1 Sept. 15
1 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 21
Oct.
1 Sept. 21
Oct.
1 Sept. 21
Oct.
Sept. 15 i
15
1 Dec.
Atlantic Refining Co. (quar.).
1
Sept. 30 Sept.
15 Sept.
15 Sept.
Sept. 3U Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
15
Sept. 30 Sept. 14
Sept. 16 Sept. 1
Oct.
1 Sept. 15
7 Sept.
8
1 Sept. 20
1 Sept. 24
Oct.
Oct.
15
Dec. 31 Dec.
Sept.30
Sept. 30
Sept. 30
Sept.15
Oct.
Oct.
Dec. 31 Dec.
1
15c
preferred (quar.)
$6H conv. preferred (quar.)
Anheuser Bush, Inc. (quarterly)..
Sept.
Sept.
Sept.
Sept. 30 Sept. 15
Oct.
Oct.
20c
Sept. 18
Oct.
1 Sept. 20
Oct.
Jan.
Wi
$1H
Americah Machine & Metal, Inc
let.
5
10
26
26
18
25
Sept. 21
Sept. 30 Sept. 14a
Sept. 30 Sept. 15
75c
Anchor Cap
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
19
1
25c
25c
25c
Sept. 15
Sept.
2 Dec.
Jan.
Oct.
$1H
Preferred
Sept. 15
Oct.
8
1
1
15c
S1H
$1H
American Envelope Co.. 7% pref. A (quar.)
American Express Co. (quar.)
Oct.
Oct.
Oct.
15
Oct.
50c
-—
Oct.
8
Sept. 15
Sept. 15
Sept. 15
Sept.
2 Oct.
1 Sept.
Sept. 16 Sept.
Sept. 16 Sept.
Oct.
Oct.
Sept.
Nov.
Oct.
43 He
50c
5uc
1 Sept. 15
1 Sept. 15
$1H
37 He
$?H
...
Refining Co. (quar.)
Preferred (quarterly)
American Telep. & Teleg. (quar.)
American Tobacco Co., pref. (quar.)
American Water Works & Electric Co. common
1st $6 preferred
American Woolen Co., pref. (quar.)...__
Anaconda Copper Mining Co...
Anaconda Wire & Cable Co.............—.
Sept. 16
Oct.
1 Sept. 25
Sept. 19
Sept. 21
Sept. 21
1 Sept. 20
Oct.
1 Sept. 25
1 Sept. 15
25c
Sept.
Oct.
Oct.
American Sumatra Tobacco (quar.)
Oct.
Sept. 15
Oct.
$1
-
American Cities Power & Light, class B
American Cyanamid Co., com. class A & B (qu.)
American Enka Corp. (quar.)..
American Stores
1
1 Sept. 15
1 Sept. 15
87Hc
h 50c
American Chicle
American Ship Building
Preferred (annual)
Oct.
8ct.
ct.
$1H
(quar.)
American Mfg. Co.
15 J
25c
75c
........—.
American Can Co.. pref. (quar.)
American Capital Corp. $3 preferred
Extra
1 Sept.
15c
Allied Laboratories, Inc. (quar.).........
American Bank Note Co.
#c
15c
$3
Common (extra)
Preferred
Sept. 28 Sept. 15
Sept. 28 Sept. 15 ;
Sept. 30 Sept. 21 1
12Hc
—
Extra.
Adams Royalty Co. (quar.)
Sept. 15
58 l-3c
(monthly)
50c
6% preferred (montnly)
41 2-3c
5% preferred (monthly)
$1.50
Toledo Light & Power Co. 6% pref (quar.)
Toronto Mortgage (Ontario) (quarterly)
$1.50
$1.00
Torrington Co. (quar.)
Traux-Traer Coal, preferred (quarterly)
$1.50
Trico Products Corp. (quarterly)
62 He
Triplex Safety Glass, Amer dep. rets. ord. shares w 30%
Extra cash bonus
ie30%
Truscon Laboratories, Inc
Union Investment Co
$1.00
United Gold Equities of Canada, Ltd.—
Standard shares (quar.)
r3c
United Loan Industrial Bank (Bklyn.) (quar.) —
$1.25
Below
Sept.
Sept.
Sept. 19
Sept. 30
Sept. 30
12Hc
(quar.)
1
and not yet paid.
nounced this week,
Oct.
Title Guaranty Co., pref
Toledo Edison Co., 7% pref.
Extra
Sept.
Sept.
Sept.
1 Sept.
1
Oct.
Oct.
Tlntic Standard Mining (increased)
United Shoe Machinery Corp.
$ 1.37H
Accumul ations
r$1.75
$1.00
$1.00
Extra
1
Oct.
Oct.
10c
Tamblyn (G.), Ltd., pref. (quar.)
Time Inc., common (quar.)
Oct.
$ 1.37H
1 Sept. 15
Sept. 30 Sept. 19
Oct. lb Sept. 30
Oct.
1 Sept. 15
Sept. lb Aug.31
Colorado—
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)..
Reece Buttonhole Machine (extra).
Quarterly.
25c
_
1 Sept. 15
$2.00
$1.50
r75c
Preferred (quar.)
Page-Hersey Tubes, Ltd. (quar.)
new
er Co
1 Sept. 15
1 Sept. 15
$1.50
$2 preferred (quar.)
Reynolds Spring
1 Sept. 15
1 Sept. 15
$1.50
Pa ton Mfg. Co., Ltd., 7% pref. (quar.)
_
Holders
When
Payable of Record
Sept. 20 Sept. 10
80c
Ottawa Traction Co., Ltd.
ance
Oct.
20c
Pacific Southern Investors, $3 pref. (quar.)
Class A
Pacific Southern Investors class A (increased)
Suarterly
Mfg.
75c
Oct.
Oct.
r
of
Share
Name of Company
15c
Ottawa Electric Ry. Co
Ottawa Light, Heat & Power,
Public Service Co.
Per
Holders
When
Payable of Record
$2.00
Old Colony Insurance Co. (quar.)
Old Colony Trust Associates—
1st series trust shares (quar.)
Omnibus Corp., 8% pref. class A
Onomea Sugar (monthly)
1667
Chronicle
1 Sept. 21
1 Sept. 21
Sept. 30 Sept. 16
Extra
5% preferred (quar.)
Plywood Corp
Class B
Oct.
Sept. 15
19
31
30
31
31
Oct.
Sept. 10
Oct.
Sept. 10
Sept. 15 Aug. 31
Sept.15 Aug. 31
Oct. 15 Sept. 30
Oct.
Sept.
Sept. 15 Aug.
Oct. 16 Sept.
Oct.
Aug.
Oct.
Aug.
—
Bangor Hvdro-Elec. Co. 7% pref. (quar.)
6% preferred (quar.)
Bankers Nat. Life Insurance Co. (J. O., N. J.).
Bayuk Cigars
...........
First preferred (quar.)
Beatrice Creamery 7% preferred
Beech-Nut Packing Co. common (quar.)
50c
18Hc
$1H
$1*4
75c
60c
Extra
Belding-Corticelli. Ltd. (quar.)
Preferred
21
(quar.)
Belgian National Ry., Amer. shs. preferred
Bellows & Co., Inc., class A (quar.)
Bell Telephone of Canada (quar.)..
Bell Telephone of Penna., 6H% pref. (qu.)—_
site
$3.24
25c
r$lH
$1H
_
Oct.
Oct.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept. 21 Sept.
Oct.
Oct.
.
12 ]
12
15
15
14
Sept. 16 Aug. 31
Oct.
15 Sept. 23
*
Financial
1668
When
Per
Name of
Share
Company
Schwartz—
Bethlehem Steel Co. 5% preferred (quar.).
7 % preferred (quar
Biltmore Hats Ltd., 7% pref. (quar.)
Black & Decker Mfg. Co., 8% pref. (qu.)
Bloch Bros, Tobacco (quar.)
6% preferred (quar.)—
6% preferred (quar.)
—
——-—
Sept. 12 Aug. 20
Oct.
1 Sept. 4
1 Sept. 4
Sept. 15 Aug. 15
Sept. 30 Sept. 21
Nov. 15 Nov. 11
25c
Oct.
SIX
six
.
50c
37 He
Continental Steel Corp., preferred
Sept. 28 Sept. 18
93
Sept'15
50c
Oct.
Oct.
Crown Cork & Seal Co.,
75c
SI X
hi 7 He
Oct.
Sept. 18
Sept. 15
Sept. 15
Oct.
Sept. 15
Preferred (quarterly)
Boston Acceptance Co.,
—-
Inc., 7% pref-----—
,7% preferred (quarterly)
Boston & Albany KB,
Sept.
Sept.
Sept.
17Hc
$2
Oct.
.Extra
Oct.
Oct.
M
10c
50c
Bridgeport Gas Light Co
Bridgeport Machine Co., pref. iquar.)
Briggs & Stratton Corp. (quar.)
Bristol Brass (quar.)
Oct.
SIX
75c
Sept.
Sept.
Sept.
Sept.
50c
50c
Extra
icl Od
British-American Tobacco Co., ord. (interim)...
(quar.)
Broad Street Investing Co. (quar.)
Brooklyn-Manhattan Transit, preferred
Preferred (quar.).:
—
r40c
British Columbia Power, class A
Sept. 15
Sept. 20
Sept. 16
Sept. 16
Sept. 16
Sept. 21
Sept. 5
Aug. 31
Aug. 31
Sept. 4
Sept. 30
Sept. 16
Sept.
Sept.
Sept.
Sept.
15c
:
Aug. 26
Oct
31 He
Oct.
Sept.
%
Aug. 31
Sept. 10
Oct.
.
(quar.)
Bower Roller Bearing Co
Brandywine Corp
Brazilian Traction Light & Power, pref. iquar.)_
Brewer (C.) & Co. (monthly)
Bridgeport Brass Co. (quar.).
Boston Elevated Ry.
Sept. 23
Sept. 23
20c
1
SIX
$1H
SIX
Oct.
Oct.
1
Jan.
Jan.
2
Apr.
Brooklyn & Queens Transit pref. (quar.)...,
Brooklyn Union Gas Co. (quarterly)
75c
Oct.
75c
Oct.
Apr.
1
Sept. 15
Sept. 1
(semi-annual)
Brunswick-Balke-Collender preferred (quar.)
$1
Feb.
Oct.
(quar.)
«
(quar.)
—
Brown Fence class B
SIX
75c
Buckeye Pipe Line Co. (quar.)—_
Budd Wheel Co., preferred (quar.)
Preferred (partic. div.)
->
Buffalo, Niagara & Eastern PowL, 1st pref. (qu.)
$1.60 preferred (quar.)_.._
Bullard Co
<>-
Extra,
w
Oct.
Sept. 30
6
's Oct.
Aug. 27
an
Oct.
40c
Oct.
Oct.
35c
Oct.
Oct.
12Hc
Oct.
(quarterly)
Canadian Oil Cos., Ltd., 8% preferred (quar.).
Canfield Oil. 7% pref. (quar.)
...
Sept.
Oct.
(quar.)
Dec.
20
Sept. 10
Sept. 12
Sept. 12
Sept. 17
Oct.
Sept. 15
Oct.
Oct.
Sept. 19
Oct. 15 Sept. 19
Nov. 16 Nov,
5
Oct.
Sept, 15
Oct.
Sept. 8
Oct.
Sept. 8
preferred.
Oct.
(quar.)
Central Hanover Bank & Trust Co. (quar.)
Central Illinois Light, 4H% pref. (quar.)
Central Illinois Public Service $6 preferred
6% preferred
Centrifugal Pipe Corp., (quar.)—Champion Paper & Fibre Co.. 6% pref. (quar.).
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.).............
Preferred (semi-annual).
..........
Jan.
Sept.
Chesebrough Mfg. Co. (quar.)
Sept.
-
Sept.
Sept.
...
Oct.
Chicago June. Rys. & Un. Stockyards (quar.)
6 % preferred (quar.)
Chicago Rivet & Machine (quar.)
Oct.
Sept.
Sept.
Extra
Sept.
Sept.
Sept.
Christiana Securities (irregular)
'
Dec. 31
5
Sept. 5
Sept. 19
Sept. 19
Sept.
Sept. 15
Sept. 15
Aug. 31
Aug. 31
Aug. 26
Aug.
Sept.
15
3
5% preferred (quar.).
*.)5% preferred (quar
City Auto Stamping (quarterly)
City Ice & Fuel Co. (quarterly)
Clark Equipment Co
Preferred (quar.—
Cleveland & Pittsburgh Ry. reg. gtd
(quar.)...
Climax Molybdenum Co. (quarterly).
Clinton Trust Co. (N. Y.) (quar.)
tig
15c
Draper Corp. (quar.)
Duke Power
Preferred
Oct.
15 Sept. 19
Sept. 25 Sept. 15
Sept. 25 Sept. 15
Oct.
1 Sept. 101
Oct.
1 Sept. 10
Dec.
,
—
(quar.)
(quar.)
J
(E. I.) & Co., Inc. (qu.).—
Du Pont de Nemours
15
19
1 Nov. 14
1
Sept. 30 Sept. 15
Oct.
1 Sept. 21
Oct.
1 Sept.21
Oct.
1 Sept. 30
Oct.
1 Aug. 29
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 15 Aug. 26
Sept.15 Aug. 26
$7 preferred (quar.)
7°7( preferred (quar.)..
Dover & Rockaway RR., 6% gtd. (s.-a.)
Extra
Extra
6%
Eastman Kodak Co
pref (quar.)-(semi-annual)—
(quar.)
(quar.)
1
20c
Sept.
50c
Oct.
Oct.
Sept. 12
Sept. 16
Sept. 16
Sept.19
Sept. 19
Aug. 25
Sept. 12
■
Oct.
Oct.
Sept
Oct.
Coca Cola International Corp., com
Oct.
Colgate-Palmolive-Peet, Preferred (quar.)
Oct.
$3
SIX
Colonial Ice Co. common
(quar.)
Oct.
Oct.
8
Cumulative preferred series B (quar.)
Colt's Patent Fire Arms Mfg. Co. (quar.)
Oct.
31c
<?20%
$1
j
Sept.
Sept.
Sept.
25c
_
;
Sept.
50c
Columbia Broadcasting A & B (quarterly)
50c
Sept.
$1.06 X Sept.
.
$1
1.06 X
Oct.
75c
Oct.
50c
Sept.
Sept.
$1
$1
40c
75c
Oct.
60c
Extra.
...
Sept.
Oct.
Sept. 15
15c
Sept.
Sept.
Oct.
Sept.
Sept.
Aug.
25
1
1
7
Sept. 15
90c
Oct.
SIX
Oct.
1 Sept.15
1 Sept.15
1
Sept. 15
Sept. 15
26
10 Nov. 30
1 Sept. 15
3 Sept.14
1 Sept. 21
17 He
6Hc
ilg
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
1 Nov. 30
21 Sept. 10
21 Sept.10
15 Sept. 5
15 Sept.
19
14
Oct.
1 Sept. 14
Sept. 30 Sept.15
Dec. 31 Dec
Oct.
1 Sept. 10
] Sept. 15
Oct.
1
35c
Oct.
15c
Oct.
1 Sept. 21
1 Sept. 21
...
87 He
Oct.
55c
#1 V
Sept.19
1 Sept
1
Sept. 21 Sept. 10
Oct.
1 Sept. 21
Oct.
1
62 He
Oct.
1
SIX
Oct.
1 Sept.
20c
Oct.
1 Sept.
(quar.)
...
...
7 % 1st preferred (quarterly)
8% preferred (quarterly)
First State Pawners Society (HI.) (quar.)
Florsheim Shoe Co. A (quar.)
SIX
25c
*
(quar.)
Extra
Fohs Oil Co., Inc.
Foote-Burt Co
Industries. Inc
preferred
(quar.)
General Cigar,
-
Preferred
-
$5preferred (nuar.>._
preferred (quar.)
General Refractories Co
General Telephone Corp.,
$3 conv. preferred-__
Georgia Power, $6 pref. (quar!)
—
$5 preferred
(quar.)
preferred
(new)
Glidden Co. (quar.)
Gimbel Bros. $7
(initial)
Sept.
Sept. 30 Sept.
Oct.
1
Sept.
8
8
8
21
15
15
15
15
15
5
Oct.
1 Sept.
1 Sept.
12Hc Oct.
1 Sept.
12Hc' Oct.
$1
Sept. 25 Sept.
20c
Sept. 15 Sept.
Nov.
2 Oct. 15
62 He
Nov.
2 Oct. 15
SIX
Nov.
2 Oct. 15
$1H
Oct.
1 Sept. 25
SIX
Oct.
5 Sept. 20
25c
1 Sept. 18
$1H Oct.
15c
Sept. 21 Sept. 10
30c
Sept. 21 Sept. 10
Dec.
1 Nov. 22
SIX
Mar.
1 Feb. 19
SIX
June
1 May 22
six
5c
Sept. 15 Sept.10
Oct.
1 Sept. 10
$1H
50c
Sept.12 Aug. 13
75c
Sept. 12 Aug. 13
Nov.
2 Oct.
5
%\ X
1 Sept. 21
SIX Oct.
Sept. 30 Sept.
1
Oct.
1 Sept. 15
75c
Oct.
1 Sept. 15
$1H
Oct.
1 Sept. 15
SIX
$1
Sept. 15 Sept. 9
Oct. 25
$4H
Oct.
1 Sept. 17
50c
56Hc Oct.- 1 Sept. 17
25c
-
Inc., preferred (quar.)
(quar.)
(quar.)
General Finance Corp. (Detroit)
General Mills preferred (quar.)
General Motors Co. (quar.)
15
Oct.
50c
10c
....
Preferred
5
1 Sept.
1 Sept.
$2H
^
Convertible preferred, new
1 Nov. 21
Oct.
Oct.
12Hc
12 He
.....
$6 preferred
Consol. Gas, El. Lt. & Pow. Co. of Baltimore—
15 Sept.
15 Sept.
15 Sept.
1 Sept.
Dec.
6Hc
;
Federated Dept. Stores
Extra
5
21
21
30
30
30
15
Oct.
25c
Faultless Rubber Co. (quar.)
Federal Motor Truck
General Public Utilities $5
Aug. 15
$2H
Farmers & Traders Life Insurance (quar.)
Freeport Texas Co.. preferred (quar.)
Fuller Brush Co. 7% pref. (quar.)
Dec.
5
5
5
31
19
1
8
8
15
20c
Metallurgical Corp. $5 pref. (quar.)..
General American Investors Co.,
5
Sept. 21 Sept. 9
Oct.
1 Sept. 15
Dec.
.
10
15
15
15
15
18
Sept.
1
87 He
19
1 Sept.
1 Sept.
5 Sept.
10c
$5 preferred (quar.)
Extra-
Aug.
Oct.
25c
-
Sept.
Sept.
Oct.
25c
Family Security Corp., class A common
7 % cumulative preferred
Famise Corp., common class A (quarterly)—...
Fanny Farmer Candy Shops (quar.)_.
First National Stores
Oct.
Sept.
Oct.
25c
-
Filene's (Win ) <Xt Sous pref
Finance Co. of Pennsylvania
Oct.
1 Sept.
15
30
30
15
15
15
50c
__
Franklin Rayon Corp., $2H Ptef- (quar.)
Franklin Tel eg. Co., 2H% gtd. stk. (s.-a.)
Sept. 25
Dec.
Oct
Sept.
$L^
25c
Fairbanks Morse & Co., resumed (quar.)
Sept. 21
Sept. 21
Sept. 21
Sept.12
Sept. 14
Sept. 10
Sept. 10
Sept.10
Sept.10
Sept. 15a
Sept.15a
Sept. 11
Aug. 31
Oct.
$1
:—
European & North American Ry. (semi-ann.)
Evans Products Co. (quar.)
General Candy, class A
Class A
extra
Oct.
10
80C
Guaranteed betterment tquar.)
Eureka Vacuum Cleaner (quar.)
-
Oct.
SIX
SIX
SIX
$1H
,
Sept.12
Sept. 5
Dec.
50c
SIX
$1
_
Gar Wood
1
10c
-----
----- — -
(semi-ann.)
Preferred (semi-annually)
El Paso Electric Co. (Del.) 7% pref, A (quar.)..
$6 preferred B (quar.)
El Paso Electric Co. (Texas) $6 pref. (quar.)
Emerson Drug Co.. 8% preferred (quar.)
Empire & Bay State Toleg. Co., 4% guar, (quar.)
Empire Power Corp
participating stock
$6 cumul i tive preferred
Emporium Capwell (semi-ann.)
—
Emsco Derrick & Equipment (quar.)
Equitable Office Building
Erie & Pittsburgh RR., 7% guaranteed (quar.).
Class B
Oct.
40c
Elizabeth & Trenton RR.
Fansteel
1 Sept.
1 Sept.
50c
Elgin National Watch Co
Extra
Oct.
oOc
Electrolux Corp
Extra
15 Dec.
Dec.
Oct.
SIX
(quar.)..........
Electric Storage Battery Co.
Preferred (quar.)
Sept. 15 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
25c
——
Edison Bros. Stores. Inc.
1 Sept.
15 Sept. 15
SIX
—........
Preferred
24 Oct.
$1 X
.......—
.........
Extra
Sept.
Sept.
Nov. 10
50c
(quar.).
$1,125
SIX
87 He
preferred (quarterly)
Eastern Steamship Line,
East Mahoning RR. Co.
Feltman & Cur me preferred (quar.)
19
Dec.
SIX
Oct.
Ferro Enamel Corp. (quar.)
65c
$5 preferred (quar.)
Eagle-Picher Lead Co
6 % preferred (quarterly)
Eastern Gas & Fuel Association, 4H% Pref
Dec.
Sept. 15
Aug. 27
Aug. 27
87 He
Oct.
Duro-Test Corp. common
Sept.15
Sept.
Sept.
50c
30c
Oct.
...
Duquesne Brewing Co., pref. A (quar.)
Duquesne Light Co., 5% cum. pref. (quar.)—..
Sept. 19
Oct.
SIX
SI H
pref. (quar.)
pref. (quar.)
4H% preferred, initial (quar.)
Commercial Invest Trust Corp
Conv. preference $4H series of 1935
quar.)
Commonwealth & Southern Corp., pref
Compressed Industrial Gases
Confederation Life Association (quar.)
Quarterly
Congoleum-Nairn.,Inc. (quar.)
Connecticut Light & Power (quar.)
Consolidated Biscuit Co. (quar.)
Consolidated Edison Co., N. Y
Debenture stock (quar.)
Jan.
50c
--
------
1 Sept.
5 Dec.
Dec.
............
Special
Cincinnati Union Terminal Co.—
(quar.)
preferred (quar.)
(quar.)..................
Class A (quar.)
Doctor Pepper Co. (quar.)
Doehler Due Casting (resumed)
31
Jan
Sept. 23
Oct.
....
preferred (quarterly)
7% preferred (quarterly).
7% preferred (quarterly)
Carolina Telephone & Telegraph (quar.)
Common
■'
Dec.
Nov.
sept. 15 Aug.
Carnation Co., 5%
Class A 5%
Quarterly
SIX
——-—-—
SIX
7% preferred (quar.)
Deposited Insurance Shares, ser A& B........ s2H%
$2
Detroit Hillsdale <St South Western RK
25c
Diamond Match (quarterly)
—
Diamond State Telep., 6 H % pref. (quar.)
Diesel-Wemmer-Gilbert Corp. (quar.)
2 Sept. 20
Sept. 30 Sept. 19
Dec. 21 Dec. 11
Sept. 30
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
_
60c
Oct.
Sept.
Sept.
!
Oct.
60c
75c
Oct.
(quarterly)
Quarterly
75c
■*.
Sept. 15
50c
Cardinal Gold Mining Co. (initial)
Extra
Extra
7 Sept. 15
1 Sept. 15
40c
Oct.
Commercial Credit Corp.
1
Oct.
Oct.
Electric Products Corp
Oct.
....
$7 cumulative preferred
Oct.
8715
7% preferred (quar.)
Extra
1
20c
Dayton & Michigan RR. (semi-annual)
8% preferred (quar.)
Dejay Stores, Inc., initial (quar.)
De Long Hook & Eye (quar.)
Dentist's Supply Co. of New York (quar.).
30
20
21
18
Sept. 16
Sept. 16
Sept.16
Aug. 31
Aug. 31
Sept. 19
Sept. 20
Sept.
Capital Administration Co., Ltd., class A
Coca-Cola Co.
50c
Sept.
Sept.
Sept.
Sept.
Oct.
Cannon Mills Co
Coast Counties Gas & Elec.
25c
Reeves—
Jan.
Oct.
Preferred
Clorox Chemical Co. (quar.)
Cluett. Peabody & Co., Inc.,
$2
SIX
hS IX
10 Oct.
1 Sept. 14
Sept. 30 Sept. 16
Sept. 30 Sept. 21
Sept*15 Aug. 31
Oct.
1 Aug. 31
Sept; 15 Sept. 5
Sept. 15 Sept. 5
Oct.
(quar )
Chrysler Corp
Churngold Corp. (quar.)
Oct.
Electric Controller Manufacturing-.
Oct.
Canadian Industries, Ltd., com. A & B (qu.)
Extra
Oct.
hSl
Extra
Daniel Reeves, Inc., see
Sept. 15 Aug. 31
10c
Sept. 30
Sept.
Oct,
Oct.
Oct.
x
Chicago Flexible Shaft Co. (quarterly)
Extra
'
56 He
hS IX
Sept. 25
Sept. 15
Sept. 15
Sept.15
Sept. 21
Sept. 21
Aug. 31
Sept. 1
Sept. 15
Sept. 12
Aug. 31
Sept. 30
Sept. 30
Sept. 15
Sept. 18
Sept.
Sept.
Canadian Canners, Ltd., 6%lstpref. (quar.)
Preferred
Inc.—
Oct.
37m
Campbell. Wyant & Cannon Foundry (extra)__
Canada Malting Co., Ltd. (quar.)..:
Canada Northern Power Corp., Ltd. (quar.)
Case (J. I.)
Sept. 15 Sept. 1
Sept.24 Sept.14
Sept. 24 Sept. 14
Oct.
Extra..:
7%
—
$2H cumui. preferred (quarterly)
Co., common
—.>
Crown Willamette Paper 1st preferred-Crucible Steel Co. of Amer., pref-..
Crum & Forster, preferred (quar.)
Ouneo Press, Inc., preferred (quarterly)
Curtis Publishing Co., 7% pref
Cutler-Hammer (quar.).
Dixie Vortex Co.
Sept. 15
Sept. 26 Sept.12
Oct.
Oct.
.
California Packing Corp. (quarterly)
Calumet & Hecla Consol. Copper Co...
Cambria Iron Co. (semi-annual)
Carter iWm.) Co., pref.
15
Sept. 15
Sept. 15
$25.17
j.
Preferred (quarterly)
California Ink Co. (quar.).
$3 preferred
Oct.
Sept.
70c
i
Class B
20
21
16
16
Nov.
Oct.
60c
(quar.)
cum. pref. (quar.)
Canada Permanent Mfge.
Sept.
Aug.
Sept.
Sept.
25c
$1.60
Sugar Estates
15
40c
SIX
—
Burdine's Inc., $2.80 preferred (quar.)
Burma Corp., Ltd., Am. dep. rec reg. (final)
Cache La Poudre Co. (liquidating)
Calamba
25c
Sept.
Sept.
Sept.
Feb.
1
15
15
15
15
Nov. 30 Nov. 15
Crown Drug
—--
Extra
.
Oct.
(quar.)
(W. B.) Co. (resumed)
Copper weld Steel (quar.)—«...
Crane Co., 7% preferred
Crowell Publishing Co. (quar.)
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Coon
Oct.
Sept. 10
1 Sept. 15
~ Sept, 15
Oct.
-
preferred (monthly)—.
6.6% preferred (monthly).
75c
(quar.)
Borg-Warner Corp. (quar.)
Bon Ami, class B
Oct. J
6%
75c
Bohn Aluminum & Brass Corp
Preferred
6% preferred (quar.)—
6.6% preferred (quar.)
7% preferred (quar.)
Dec. 31 Dec. 24
45c
Oct.
Co. $5 preferred (quar.)
Sept. 30 Sept. 25
SIX
SIX
Holders
When
Payable of Record
Oct.
Consolidated Film Industries preferred
$1.62
Preferred
Share
Name of Company
Consumers Power
Bernard Schwartz, see
Bloomingdale Bros
Per
Holders
Payable of Record
50c
Bendix Aviation Corp
Sept. 12, 1936
Chronicle
.
Volume
143
Financial Chronicle
Company
Glens Falls Insurance Co.
Globe Wernecke Co., pref.
Share
(quarterly)
40c
1 Sept. 15
Oct.
1
Jan.
1 Dec. 20
50c
Oct.
UK
Oct.
1 Sept. 18
1 Sept. 18
5c
Extra
.
37 Kc
Corp. (quar.)
--i-i
60c
SI
25c
_
Gorham Mfg. Co.. vot. trust certificates
Grand Rapids Varnish (quar.),
15c
Valley Brewing Co
PC
Granite City Steel Co
Grant (W. T.) Co. (quar.)__
25c
35c
Great Western Electro Chemical
Co., 6%
pref.
(quarterly)
30c
2 Sept. 15
75c
Sept.14 Sept. 4
Sept.30 Sept. 10
Oct.
Oct.
3%
25c
—
h$3K
UK
UK
43Kc
«
-
Harrisburg Gas Co., 7% pref. (quar.)
1 Sept. 15
Sept. 15 Aug. 31
Sept.15 Aug. 31
Sept.30 Sept. 16
Oct.
1 Sept. 15
Sept. 30 Aug. 31
Sept.15 Sept. 1
Oct.
1 Sept. 15
Oct.
1 Sept. 21
51
25c
$1K
UK
UK
SI K
UK
Oct.
C.) & Co. 7% pref. (quar.)
Hearst Consol. Publishers, class A
(quar.)
Heline (Geo. W.) Co., common.-
__
------
Preferred (quar.).'
Hercules Powder Co. (quar.)
Heyden Chemical Corp., preferred (quar.)
Hibbard, Spencer, Bartlctt & Co. (special)
Hibbard. Spencer. Bartlett & Co.
(monthly)
Hiram Walker G. & W., see Walker—
Hollander (A.) & Son,
—-
UK
43 Kc
SI K
UK
SI K
10c
Nov. 16 Oct.
12Kc
12Kc
UK
Oct.
SI.05
Oct.
50c
(quar.)
10
Nov. 16 Oct. 10
Oct.
1 Sept. 19
40c
Homestake Mining
(monthly)
Extra
7
Sept. 30 Sept. 28
Sept. 15 Sept. 1
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Sept. 25 Sept. 14
Oct.
1 Sept. 22
Sept. 25 Sept. 15
Sept. 25 Sept. 15
30c
Holland Furnace, $5 preferred
(quar.)
Holophane Co__
Preferred (semi-ann.)
Home Fire & Marine Insurance
15 Sept. 30
Oct.
1 Sept. 17
Sept. 15 Aug. 31
UK
(quarterly)
20 Oct.
Oct.
75c
-
1 Sept.
4
1 Sept .15
Oct.
25c
Hammermill Paper
6% preferred (quar.)
Hanes (P. H.) Knitting Co. pref. (quar.)
Harbison-Walker Refractories Co., pref. (quar.).
Extra
Oct.
S50
Haloid Co.
(quarterly)
Hamilton United Theatres
7% preferred
Hazel-Atlas Glass Co. iquar.)
Hazeltine Corp.
Oct.
1 Sept. 19
2 Sept. 15
%1K
(quar.)
Group No. 1 Oil Corp
Guaranty Trust Co. of N. Y. (quar.)
Gulf Oil Corp
Gulf States Steel 7 % 1st
preferred-Gulf States Utilities Co., $6
pref. (quar.)
preferred (quarterly)Hackensack Water Co., 7% pref. A
(quar.)
Oct.
60c
Great Western Sugar Co.
(quar.)
Preferred (quar.)_
Greene Cananea Copper Co.
Heath (D.
Oct.
40c
Extra.
Goodyear Tire & Rubber Co., 1st pref__
Sept. 20
Sept.30 Sept. 9
Sept.30 Sept.
9
1 Sept. 10
Sept.10 Aug. 31
Sept. 10 Aug. 31
Oct.
1 Sept.
1
1
Sept.15 Sept.
Sept. 30 Sept. 19
8
.sept. 28 Sept.
Sept. 30 Sept. 16
Oct.
1 Sept. 14
10c
___
Goldblatt Bros
Grand
Oct.
50c
$7 preferred (quarterly)
Goebel Brewing Co. (quar.)
1 Sept. 15
1 Sept.15
Sept.15 Sept. 5
Sept. 25 Sept. 19
'81
52
Sept. 26 Sept. 19
Sept. 30 Sept. 21
Honokaa Sugar Co. (initial)
Honolulu Oil Corp., Ltd
50c
25c
Hoskins
Sept. 15 Sept.
50c
Sept. 26 i Sept. 11
Sept. 26 Sept. 11
Manufacturing Co. (quarterly
Extra
__
25c
....
Houdaille-Hershey,
class B
Glass B (extra)
Class A preferred
37Kc
32 Kc
32Kc
(quarterly)
Humble OH & Refining
Extra
(qiiar.)
Oct.
Oct.
2oc
Oct.
Oct.
50c
Oct.
UK
5c
Illinois Bell Telephone (quar.)
Imperial Life Assurance of Canada (quar.)
52
Quarterly
Imperial Paper & Color
Imperial Tooacco Co. of Canada (interim)
Preferred (special).... —•
Indiana General Service Co. 6% pref.
(quar.)
5
Sept. 19
Sept. 19
Sept. 19
Oct.
25c
Hygrade Sylvania Corp. (quarterly)-$6 K preferred (quarterly)
Idaho Maryland Mines
Sept.
Sept.
Sept. 10
Sept. 10
Sept. 30 Aug. 31
Sept. 30 Sept.19
Oct.
Sept. 30
Jan.
53
Oct.
3%
1
1
Oct.
S&
8Kc
Dec.
31
Sept. 19
Sept. 30 Sept. 31
_
7% preferred (quar.)
6% preferred (quar.)
SI K
Sept. 30 Sept.11
Oct.
Sept. 2
81 Kc
—
Indiana Hydro-Electric Rower. preferred
Indiana & Michigan Electric Ct>.—
Sept. 15 Aug. 31
UK
UK
Oct.
Sept.
Sept.
Sept.
2
Oct.
Indianapolis Power & Light, 6K% pref. (quar.)
>ct.
Sept.
5
Oct.
6% preferred (quar.)
Indianapolis Water Co., 5% cum. pref. A (qu.)_
Industrial News Service, extra
UK
<
UK
SI K
2
5
Oct.
Insurance Certificates, Inc
International Business Machines Corp. (quar.)_
International Cement Corp
Internationa] Harvester Co
International Mining.
International Nickel Co
International Salt Co. (quar.)
Intertype Corp.,
25c
$2
50c
50c
Iron Fireman Mfg. (quar.)
Irving Air Chute Co., Inc. (quarterly)
Irving (John) Shoe Corp. (initial)
25c
25c
12Hc
37Kc
Preferred (quarterly)
Jefferson Electric Co.
(quarterly)-.
Jersey Central Power & Light, 7% pref. (quar.).
6% preferred (quarterly)
5K % preferred (quarterly)
Jewel Tea Co., Inc..
common'(quar.)
Johns-Manville Corp. (quarterly)
Extra--,
7% preferred (quarterly)
Kalamazoo Vegetable Parchment Co. (quar.)..
Quarterly.
:
Kansas City Power & Light, B 1st pref.
(quar.).
Kansas Utilities, 7%
pref. (quar.)—
-•
Katz Drug
quar.)
Preferred (quar.)
Kaufmann Dept. Stores, pref.
(quar.)-Keith-Albee-Orpheum Corp., 7% preferred
-
-
50c
—
Corp
Kennecott
Copper Corp.
Kimberly-Clark Corp. (quar.)
Special
6% preferred (quar.)
Kings County Lighting Co. series B 7% pref
Series C 6% cum. preferred
Series D 5% cum. preferred
Kingston Products (initial)
Kirby Petroleum Co
Klein (D. Emil) (quar.)..
Koppers Gas & Coke Co. 6% preferred
Kresge (S. S.) Co. (quarterly).
15c
$1^
$1^
75c
10c
25c
UK
25c
30c
Preferred (quarterly)
Kroger Grocery & Baking Co., 6% pref. (quar.)
7% preferred (quar.)
Krueger (G.) Brewing Co. (quar.)
Lackawanna RR. of N. J.,
4% gtd.
Lake Shore Mines, Ltd. (quar.)
Landers,
UK
SI K
l2Kc
10c
Kroehler Mfg. Co., class A
preferred (quar.)
Class A preferred (quar.)
(quar.)
Frary & Clark (quarterly)—
Quarterly
Lawson (F.
H.) Co., pref. B (quar.)
(quarterly)
Preferred BB
$2
$2
50c
•50c
i
cum.
preferred
Tioose-Wiles Biscuit Co.. 5%
Lorillard (P.) & Co.
(quar.)
Preferred (quar.)
Loudon Packing Co.
preferred (quar.)_
—L37 K(
-
3/i
Mayflower Assoc., Inc. (quarterly)
McClatchy Newspapers, 7% pref. (quar.)
Oct.
1
UK
UK
SI K
UK
UK
25c
SI
r$l
37Hc
37Kc
1
1
Dec. 31 Dec.
Oct.
Oct.
1
21
Sept. 14
1 Sept. 21
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
31
15
19
15
1 Sepr 15
Sept 30 Sept. 4
Oct.
1 Sept. 12
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1
Sept. 12
x
Sept. 12
1 Sept. 15
1 Sept. 15
1 Sept. 15
Sept. 15 Sept.
1
Sept. 15 Aug. 31
Oct.
1 Sept. 21
Oct.
1 Sept. 12
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Sept. 30 Sept. 24
Dec. 31 Dec.
Oct.
1
23
Sept. 18
Nov.
2 Oct. 20
Sept. 16 Sept. 2
Oct.
1 Sept.
5
Sept. 15 Sept.
Oct.
Jan.
1
1
Oct.
-—
—-
Mid vale Co
Service,
—
...
UK
UK
UK
$1K
$1K
UK
UK
$1
UK
$1.16*3
UK
hUK
Monroe Chemical Co
Preferred (quarterly)
Monsanto Chemical (quar.)
25c
87 Kc
25c
Extra
25c
Montgomery Ward & Co
Class ^ (QUftr)
Montreal Cottons, Ltd." 7% pref. (quar.)--Montreal Loan & Mtge. (quar.)
Moore Corp., Ltd., common
7 % conv. preferred A & B
Moore (Wm. R.) Dry Goods (quar.)
'
1
Sept. 15 Sept. 10
Sept. 15 Sept. 10
15 Oct,
1
15 Oct.
1
15 Oct.
1
Oct.
1 Sept. 16
Oct.
1 Aug. 31
Oct.
1 Aug. 31
Oct.
1 Aug. 31
Oct.
1 Aug. 31
Oct.'
1 Aug. 31
1 Aug. 31
Oct.
Oct.
1 Sept. 19
Oct.
1
Oct.
1 Sept. 21
1 Sept. 15
Oct.
Sept. 15
Oct.
1
Sept. 15
Oct.
1
15
15
15
25
25
7%
43Kc
20c
$1K
«■._«.
50c
Sept.
Oct.
1 Sept.
Oct.
1 Sepv.
Sept. 15 Aug.
Sept. 15 Aug.
Oct. 15 Sept. 11
Oct.
1 Sept. 18
Sept. 15 Aug. 31
UK
Sept. 15 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 10
UK
$1H
25c
50c
;
Myers t,F. E.) & Bros, (quar.)-.-
Oct.
Dec.
10
1
20c
—
—
2
3 Oct.
$1
50c
—-----
Mutual Chemical Co. of Am. 6% pref. (quar.)
6% preferred (quar.)
1 Oct.
2 Jan.
Nov.
75c
-----
———
Oct.
Jan.
90c
------
.
75c
UK
UK
50c
25c
—
75c
40c
r50c
r44c
$1
20c
National Dairy Products (quarterly)--Preferred A & B (quarterly)
National Enameling & Stamping Co. (quar.)
National Gypsum 2d pref. (quar.)
1st preferred (quar.)
National Lead Co. (quar.)
30c
UK
—
50c
25c
UK
VZKc
l2K<s
UK
■$1^
Extra
Class A preferred (quar.)_-__
Class B preferred (quar.)
National Oil Products Co. (quar.)
Extra
National Standard Co. (quar.)
30c
20c
75c
Extra
50c
.
50c
15c
20c
...
—
Neisner Bros
Inc. (quar.)
Nevada-California Electric 7% pref. (quar.)
Newark & Bloomfield RR. Co. (semi-aim.)
Newberry (J J.) Co. (quar.)
New England Gas & El. Assoc. $5 K Pref
New England Telep. & Teleg. (quar.)
New Jersey Power & Light, $6 pref. (quar.)
$5 preferred (quarterly)
Newmont Mining Corp—
h$5K
50c
—
$1K
UK
60c
25c
$1K
%1K
UK
75c
1
15 Oct.
1 Nov. 26
Sept. 30 Sept. 19
Sept. 30 Sept. 19
Sept. 28 Aug. 31
1 Sept. 15
Oct.
Sept. 28 Sept. 17
Dec.
28 Dec. 17
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 15 Sept.
1
Oct. 15 Sept. 11
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 15 Aug. 31
Oct.
Oct.
1 Sept.
1 Sept.
9
9
Sept. 30 Sept. 18
Oct.
1 Sept. 19
1 Sept. 19
Oct..
Sept. 30 Sept. 11
Sept. 30 Sept. 11
Sept. 15 Aug. 28
Nov.
2 Oct.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 15 Aug.
Sept. 15 Aug
Nov.
2 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Aug.
Sept. 30 Sept.
Oct.
1 Aug.
Oct.
1 Aug.
Sept. 15 Aug.
16
21
21
15
15
1
14
12
31
31
30
20
16
31
10
31
31
31
New York Lackawanna & Western Ry.—
5% guaranteed (quar.)
New York & Queens Electric Light & Power
Preferred (initial) (quarterly)
New York Steam, 7% preferred (quarterly)
6% preferred (quarterly)
New York Telephone 6K % pref. (quar.).
New York Transit Co
1
(semi-annual)
UK
UK
UK
UK
UK
UK
15c
Extra
5c
Niagara Share Corp. of Md. class A pref. (qu.)__
Nineteen Hundred Corp.. class A (quar.)
Norfolk & Western Ry. (quar.)
North American Co., common (quar.)
Preferred (Qu&r*)
North American Investment Corp., 6% pref.II
5K% preferred (quarterly)
Norcnern RR. Co. or N. J., 4% gtd. (quar.)
North Oklahoma Gas Co., 6% pref. (quar.)_—
^
*
w«,
'
Sept. 15
Oct.
Metropolitan Edison Co., $7 prior pref. (quar.)
$6 prior preferred (quarterly)
$5 prior preferred (quarterly)
$7 cumul. preferred (quarterly)--$6 cum. preferred (quarterly)
$5 cumul. preferred (quarterly)
Mississippi River Power Co., pref. (quar.)_
Missouri Edison Co. $7 preferred
Mock, Judson, Voehringer Co., pref. (quar.)
Monarch Knitting, Ltd., 7% preferred
1
Oct.
-
UK
Oct.
1
Sept. 11
Sept. 14 Sept.
1 Sept.
Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
Oct.
15 Sept.
Oct.
15 Sept.
Sept. 24 Sept.
50c
Nov. 14 Oct.
,$2
25c
Oct.
75c
Oct.
7i$ 3
-
%\$
45c
•
1
Sept. 15 Sept.
1
Sept. 30 Sept. 8
Sept. 30 Sept. 8
Oct.
1 Sept. 19
Sept. 15 Sept. 1
Sept. 15 Sept. 3
Oct., 1 Sept. 20
Oct.
1 Sept. 12
1 Sept.12
Oct.
Mesta Machine
.
«
Oct.
-
National Sugar Refining (quar.)
National Tea Co. (quarterly)
Natomas Co (quarterly)
Nehi Corp. 1st preferred
Sept. 11
Sept. 15 Apg. 15
Memphis Natural Gas Co., preferred (quar.)
Memphis Power & Light $6 pref. (quar.)
$7 preferred (quar.)
Merchants & Mfg. Securities class A & B
Participating preferred
-Participating preferred
1 Nov.
Oct.
1
Nov. 30 Nov. 30
McColl Frontenac Oil Co. (quar.)
McKeesport Tin Plate Co. (quarterly)-McKesson & Robbins $3 pref. (quar.)
1
5
10 Sept. 19
Sept. 15 Sept.
Maui Agricultural Co
Quarterly.
4
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Mathieson Alkali Works (quar.)
Preferred (quar.)
Extra.----.
1 Sept. 16
Oct.
;
-
1 Sept. 15
1 Sept. 15
Oct.
-....
Public
>
1 Sept. 15
1 Sept. 18a
Sept. 30 Sept. 15
Nov. 15
Nov. 1
_
Extra
Extra. "
Oct.
Sept. 15 Sept.
la
Sept. 25 Aug. 31
1 Sept. 21
Oct.
2 Dec. 2i
Jan.
'
(quar.)
MasoniteCorp. (quar.)
-
31
Oct.
Dec,
Sept. 15
Oct.
Oct.
Magnin (I.) & Co., $6 preferred (quar.)
Margay Oil Corp
Marine Midland Corp.
(quarterly)
Maryland Fund (quarterly)
-
2 Dec.
Sept. 30 Sept. 12
Sept. 30 Sept. 12
Sept. 30 Sept. 1
Oct.
1 Sept. 15
Oct.
.
Lunkenheimer Co., preferred (quar.)
Preferred (quar.)
Monongahela West Penn
preferred (quarterly)
10 Nov. 25
1 Oct.
1
Jan.
30c
i-!
(quarterly)
_
10 Nov. 25
Oct.
UK
UK
UK
$1^
Louisiana Land & Exploration Co.
(quar.)
Louisville Gas & Electric, class A & B
Mack Trucks, Inc. (quar.)
Dec.
Dec.
50c
,
Oct.
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 30 Sept. 15
Sept. 14 Sept. 4
1 Sept. 15
Oct.
$1.10
6% conv. pref. (quar.)
Long Island Lighting Co. series A pref
National Breweries, Ltd. (quar.)
Preferred (quar.)
National Can Co., Inc., common (quar.)
National Casualty Co. (quar.).-..-
Sept. 30 Sept. 20
UK
UK
SI K
UK
—-
Extra
i
Lone Star Gas
Corp
Nachman springfilled Corp
National Biscuit Co. (quarterly)
15c
50c
25c
-
1
1 Sept. 15
Sept. 15 Sept. 1
Sept. 15 Sept. 1
UK
50c
12Kc
Extra
Sept. 15 Sept.
Sept. 15 Sept.
1
2 Oct. 27
Nov.
UK
—
Oct.
Oct.
30c
_
1 Sept. 15
1 Sept.
1
Sept. 10
Sept. 10
Sept. 10
Sept. 30 Sept. 16
Sept. 24 Sept. 10
Sept. 24 Sept. 10
Oct.
1 Sept.17
eg
-
Kelvinator
(quar.)
Mueller Brass Co. (quarterly)
Munsingwear, Inc
Nov. 16 Oct.-31
9 Sept. 25
Sept. 15 Aug. 31
1 Sept. 10
Oct.
30c
(quarterly)
Original capital—. ——
Lock-Joint Pipe Co. 8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc. (quarterly)
19
31
31
Oct.
1 Sept. 14
9 Sept. 25
$1K
Little Miami RR.,
special guaranteed
Motor Products_-
Oct.
1 Sept. 15
Oct.
UK
37 Kc
Lincoln National Life Insurance
(quar.)
Link Belt, preferred
11
50C
Oct.
Oct.
Lindsay Light & Chemical Co. pref. (quar.)
Extra.
Sept. 30 Sept. 10
Sept. 25 Sept. 15
n
75c
Libb*y-0 wens-Ford Glass Co
Liggett & Myers Tobacco, pref. (quar.)
Lily-Tulip Cup Corp. (quarterly)
22
10c
5
15 Dec.
62Kc
-
30
15a
5
Dec.
Oct.
(quarterly)
Oct.
SI.60
5
Sept. 15 Sept.
30c
Leath & Co.,
$2K preferred (quar.)
Lehigh Portland Cement Co., 4% pref. (quar.)
Lehman Corp.
Special
Oct.
7 Sept.
10 Sept.
Sept. 29 Sept.
Oct.
15 Sept.
Sept. 21 Aug.
Sept. 30 Aug
Oct.
1 Sept.
Nov. 16 Nov.
2c
(increased)
10c
50c
50c
-—
25c
Lava Cap Gold
Mining Corp. unitial)
Lazarus (F. & R.) Co.
Series B
Holders
Payable of Record
UK
UK
(quar.)
Preferred (quarterly)
Preferred (quarterly)
Morrell ( John) & Co.
:
Morris (Philip) & Co. (quarterly)
Morris Plan Insurance Society (quar.)
37Kc
common
Landis Machine Co.
When
Share
Sept. 12a
Sept. 16 Sept. 1
15c
1st preferred (quar 1..
Investment Corp. of Philadelphia (quar.)
Extra.
Name of Company
15c
35c
International Shoe Co. (quarterly)
International Vitamin Co. (quar.)-Interstate Hosiery Mills, Inc
Per
Payable of Record
50c
(quar.)
Preferred (quarterly)
Godchaux Sugars, class A
Golden Cycle
Holders
When
Per
Name of
1669
Sept. 19 Aug.
1 Sept.
1 Sept.
Oct. 20 Sept.
Oct. 20 Sept
4
1
15
15
18
25
25
9
31
31
15
15
30
30
$2I1
Dec.
1 Nov
UK
Dec.
1 Nov. 15
21
»
Sept. 12, 1936
Chronicle
Financial
1670
.
(quar.)..
6% preferred (quar.)
fieat & Power,
Paauhau Sugar
pref
Plantation Co. (monthly)
Oct.
Pacific Finance Corp. of
Calif. (Del.)
(quar.)
Pacific Lighting Corp. $6 pref. (quar.)
Paraffine Cos., Inc. (quarterly)—
Pacific Indemnity Co.
Oct.
(quar.)
Co
conv. pref. (quar.)
Ltd (quar.)
Peninsular Telephone (quarterly).
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
...
Penn Central Light & Power, $5 pref. (quar.) —
$2.80 preferred
Pennsylvania Gas & Electric (Del.)—
7% and $7 preferred (quar.)
Pennsylvania Glass Sand Corp.—
$7 preferred (quarterly)
-.
Pennsylvania Power Co., $6 pref. (quar.)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)
Penn Valley Crude Oil, class A pref. (quar.)——
Peoples Drug Stores, Inc. (quarterly)
4% preferred
Parke, Davis &
Pathe Film, $7
Penick & Ford.
Special
6k% preferred (quarterly)
Peoples Natural Gas Co., 5% pref. (quar.)
Pepeekeo Sugar Co. (monthly)
Feb.
Prior
.
Preferred (quarterly)
5
Oct.
1 Sept. 21
1
Oct.
Sept. 15
Dec.
Nov. 20
Oct.
Sept. 19
Nov.
Oct.
Sept.15
Sept. 15
Sept. 15
55c
Dec.
Nov. 20
Oct.
25c
Oct.
50c
Oct.
Sept. 15
Sept. 15
Sept. 15
Sept. 8
Sept. 8
Oct.
Oct.
Sept. 15
W|Aug.
37kc
$ik
25c
Oct.
1
2 Dec. 19
25c
Oct.
Oct.
25c
10
20
25
10
10
19
19
25
7% cumulative
South Penn Oil
Extra
Sept. 30 Sept.
1 Sept.
2 Sept.
Sept. 15 Aug.
Oct.
1 Sept.
1
Oct.
Sept. 1
Oct.
Sept. 1
Oct.
Sept. 10
Oct.
Sept. 30
Oct.
Sept. 30
$1
30c
31
Dec.
Sept.
Sept. 15
Oct.
Sept. 10
Jan.
Dec.
Oct.
Sept. 10
1
10
Sept. 10
1 Nov. 20
Starrett (L. S.)
1 Sept. 15
Sept. 30 Sept. 10
Oct.
Oct.
37kc
Slk
Oct.
1 Sept. 15
15 |Aug. 25
31
3%
Oct.
25c
Sept. 26 Sept.10
Oct. 15 Sept. 30
Sept. 15 Sept. 4
Oct.
1 Sept. 21
Oct.
1 Sept. 21
ft
'A
Slk
37 kc
37kc
| Jan.
Dec.
2
21
60c
Sept. 30
[Sept.
$2
30
30
30
30
[Oct.
1
Sept. 1
Sept.
1
Sept.
1
Sept.
1
Sept. 21
Ilk
50c
Ilk
$lk
$1 k
Slk
Slk
$1k
Slk
Sept.
Sept.
Sept.
Sept.
1
Oct.
1 Sept. 21
Oct.
1
1
Sept. 30 Sept.
[Sept. 30 Sept. 1
Oct.
1 Sept. 10
Oct.
$1
$1
«lk
$lk
1 Sept.10
Oct.
20c
1 Sept.10
Sept. 15 Aug. 31
1
Oct. 15 Oct.
Oct.
15 Oct.
Nov. 30 Nov.
Oct.
(quarterly)
Sunray Oil Corp., 5k% conv.
Sunset, McKee
— — —
25c
50c
c40c
(quarterly)
20c
-—
—
50c
Ilk
68kc
$2
— —
—'
pref. (qu.)—1
Products
Preferred (quar.)
—
Tide Water Assoc. Oil 6%
(quar.)
1
75c
Slk
40c
Slk
15c
10c
$lk
Oct.
Sept 21
1 Sept. 18
Oct.
1
|Sept. 18
Extra
208 S. La Salle Street Bldg.
Corp.. pref. (qu.)_
Corp. (Chicago)
15c
15c
Dec.
Oct.
15 Dec.
20
20
10
15
5
5
Oct.
25c
Ilk
$i§
37 kc
50c
Oct.
Sept. 19
Jan.
Dec.
75c
Union Pacific RR
Sept.
Sept. 12a
Sept. 4
•
preferred (quar.)_
United Carbon Co. (quar.)
Conv.
Preferred
United Gas & Electric Corp
7% preferred (quarterly)
Sept. 15
Aug. 20
Sept.
1
Sept.
1
Oct. 15
Oct.
Nov.
Sept. 14
Sept. 10
Sept. 10
<>ct.
*eot
Oct.
Sept. 15
Sept. 11
Sept. 11
Jan.
Dec.
Oct.
Oct.
(quarterly)
(quarterly).
(quarterly)
dept. 15
Oct.
Sept.
Oct.
preferred (quar.)
preferred (quar.)
United Corp., $3
United Drug, Inc. (initial)
United Dyewood Corp. (quar.)
Preferred
Oct.
19
Sept.
Sept.
.
Fastener
United Elastic Corp.
Oct.
Oct.
Preferred ''semi-annually)
United-Carr
Oct.
Oct.
Ilk
Sept, 30 Sept. 15
1 Sept. 20
Oct.
1 Sept.20
Oct.
Sept. 19
5
Sept. 15
Sept. 15
Sept. 15
Oct.
Sept. 15
Oct,
Sept. 10
Oct.
Oct. 15 Sept. 30
Sept. 30 Sept. 12
dept. 21 Sept.
15c
Co., common
70c
Union Carbide & Carbon Corp
Uni n Elec. Lt. & Pr Co. of ill., 6% pref. (qu.)_
$1
Union Elec. Lt. & Pr. Co. of Mo.. 7% pref. (qu.)
rl2kc
Union Gas Co. of Canada, Ltd---
United Biscuit Co. of Amer.,
1
1 Sept. 18
1 Sept. 10
Sept. 21 Sept. 10
Sept. 21 Sept. 10
Oct.
60c
Quarterly
Quarterly
Underwood Elliott Fisher
1 Sept. 15
Sept. 14 Aug. 28
1 Sept.
1 Sept.
Sept. 21 Sept.
30 Sept.
Sept.
Sept. 15 I Aug.
15c
10c
37 kc
25c
—
Oct.
Oct.
Oct.
5c
..
Twentieth Century-Fox Film
Oct.
1 Sept. 18
50c
'
Steel Forging
Sept. 15 Aug. 31
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept.1ft
Oct.
1 Sept.10
Oct.
1 Sept. 19
Oct.
$1 H
75c
1 Sept. 15
Oct,
25c
$6 cumul. preferred (quarterly)
Tubize-Chatillon 7% preferred (quar.)—. — —Tuckett Tobacco Co., Ltd.. preferred (quar.)—
12'
4
Oct.
25c
Tri-Continental Corp., common
1 Sept.
Oct.
4
1 Sept.
1
Sept. 15 Sept.
Sept. 30 Sept. 10
¥
pref. (quar.)
(quar.)..——
...
8 Sept. 17
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Oct.
Oct.
Oct.
Oct.
5c
Oct.
15c
Sept, 15 Aug. 31
1 Sept. 21
Oct.
3c
Sept.
Oct.
30c
50c
$lk
Oct.
Ilk
$lk
Ilk
$1.80
25c
50c
el %
15c
Oct.
Oct.
Sept. 10
Sept. 10
Sept. 10
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Oct.
Thompson
Todd Shipyard Corp.
31 kc
Slk
Nov. 20
rlOc
5ftc
Timken-Detroit Axle Co.
12kc
$lk
Slk
Nov. 20
Oct.
Oct.
Thatcher Manufacturing Co
Transue & Williams
15
15
1
Dec.
25c
.
1
1 Sept.
4
4
15
25c
1
.
10
Sept. 30 Aug. 17
Sept. 30 Sept. 15
Sept. 30! Sept. 15
Sept. 17
Nov.
sept 15
Oct.
25c
— -—
2
Extra.
i
19
25
25c
—
1
1
ept. 15
Dec.
-
(quarterly)
Texas Gulf Sulphur
9
I
60c
6% preferred (quar.)
7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)
7.2% preferred (monthly)
1 Sept.
15
15
15
15
31
13
18
18
50c
Teck-Hugbes Gold Mines, Ltd
Tennessee Electric Power Co. 5%
1 Sept.
37kc
50c
Extra
Extra
Oct.
25c
5c
—
15
Sept. 30 Sept.
Sept. 15| Aug.
Oct.
li Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
37kc
(quar.)
Sylvanite Gold Mines, Ltd. (quar.)
—
Tacony-Palmyra Bridge Co. (quar.)
Class A (quarterly)
5% preferred (quarterly)
Talcott fJames), Inc., 5k% pref. (quar.)
Tampa Gas Co., 8% pref. (quar.)
,7% preferred (quarterly)
Taylor Milling Corp. (quar.).;
Texas Corp.
Oct.
68kc
Extra
15
Sept.30iSept. 18
25c
Class B (quar.)
Swift & Co.
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
I Sept.
Sept. 30 Sept.
Sept. 30 Sept.
75c
Sunshine Mining
15 Oct.
15
15
15
15
Sept. 15
Ilk
Ilk
(qu.)_'—
pref. (initial)
(quar.)
Sutherland Paper Co., common
Oct.
Sept.
Sept.
Sept.
Sept.
35c
Salesbook, class A (quar.)
Oct.
15 Dec.
5c
25c
let.
Nov
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Oct.
1 Sept. 4
Oct.
1 Sept. 4
35c
15c
Sun Oil Co.
Oct.
Dec.
25c
25c
'
$lk
Sept, 15 Sept.
20c
$1k
Ilk
Co
87 kc
60c
55c
Co
Texon Oil & Land Co. (quar.)
1 Sept. 15
60c
25c
25c
Preferred (quar.)
15 Sept. 3ft
1 Mar
40c
Sept. 15 Aug. 31
Sept. 31 iept. 15
•iept. 15
Sept. 3(
Oct.
Sept. 15
Sept. 15
Oct.
Sept. 15
Oct.
Oct.
jept. 15
Oct.
Sept. 15
Oct.
Sept. 15a
Sept. 30 Sept. 15
Ilk
...
Stein (A.) & Co., preferred (quar.)
Sterchi Bros. Stores, Inc., 6% 1st pref.
15 Sept. 30
15 Sept. 15
15 Sept. 15
Sept.
Sept. 15 Aug. 20
Oct.
15 'Sept. 19
(quar.)—...
Extra
1
15 sept. 20
15 .Sept. 20
Oct.
Extra
Standard Oil of Kentucky
Standard Products, Inc. (initial)
Oct.
Sept. 10
Oct.
—————
Standard Oil of Indiana
1ft
Dec.
Oct.
lc
—
Oct.
Sugar Co. (quar.)
Extra
Jan.
Oct.
Sept. 15 Aug. 19a
1
Oct. 15 Oct.
Oct.
Sept. 15
Preferred
Oct.
Oct.
Sept. 15 Aug. 31
1
Nov.
1 Nov.
preferred (quarterly)......—
(quar.)
——Southwest Gas & Elec. Co., 7% cum. pref. (qu.)
Southwestern Lt. & Pr., $6 cum. pref. (quar.)„
South West Pennsylvania Pipe Line.
—
Spencer Kellogg & Sons, common (quar.)
Spiegel May Stern Co., $6k preferred (quar.) —
Square D Co., class B
—
Class A preferred (quar.)
—
Standard Brands, Inc. (quar.)
$7 cum. preferred series A (quar.)
Standard-Ooosa-Thatcher Co., 7% pref. (qu.) —
Standard Oil of Califorinia
—
1
2 Oct.
Nov.
Extra
Oct.
Sept. 15 Sept.
8ept.15 Aug. 31
(quar.)
South Porto Rico
Jan,
Dec.
1
Sept. 21 Sept.
Oct. 15 Sept. 30
Oct.
Sept. 10
Corp., common
South Carolina Power Co. $6 pref. (quar.)
Southern Acid & Sulphur Co., Inc., 7% pf.(qu.).
Sou. Calif. Edison Co., Ltd.. orig. pref. (quar.)
5k % preferred, series C (quar.)
6% preferred series B (quarterly)
Southern Canada Power Co . 6% cum. pref.(qu.)
Southern Colorado Power Co.—
31
31
15
15
31
Sept. 15
Sept. 2
Sept.
1
Aug. 17
Aug. 31
Sept. 16
Sept. 16
Sept 19
Jan.
(quar.)..
Sonotone
llSept. 15
Sept. 15 Sept.
Sept. 30 Sept.
Oct.
LSept.
Oct.'
1 Sept.
1
31
Oct.
preferred (quar.)
(quarterly)
Sheep Creek Gold Mines (quar.)....
Shell Union Oil Corp. 5k % cum. conv. pref—
Sisco Gold Mines, Ltd. (quar.)
Skelly Oil Co., 6% preferred—,
Sloss-Sheffield Steel & Iron, pref. (resumed). —
Smith (S. Morgan) Co. (quar.)
...
Socony-Vacuum Oil Co
....
20
1
Oct.
Oct.
Shattuck (Frank G.)
$1
Hk
12 kc
7% preferred (quar.)
6% preferred (monthly)
$5 preferred (quar.)
Public Service of Oklahoma 6% pref. (quar.) —
7 % prior lien preferred (quarterly)
Public Service Co. of Texas, 7% pref. (quar.) —
Public Service Electric & Gas Co., 7% pref. (qu.)
$5 preferred (quarterly)
-—
Pure Oil Co., 5k % preferred (quar.)
6% preferred (quarterly)
8% preferred (quarterly)
Pyrene Mfg. Co
i
Quaker Oats Co. (quar.)
'
Special
—
6% preferred (quar.)
Queens Borough Gas & El. Co. 6% cum. pref—
Radio Corp. of America—
$3 k cumulative conv. 1st preferred
Railway Equipment & Realty Co.—
1st preferred (quar.)
Rapid Electrotype (quarterly)..,
—
Quarterly
Raybestos-Manbattan, Inc. (quar.)
—
Ray-O-Vac Co., 8% pref. (quar.)
<Reading Co., 2nd preferred (quarterly)
Reeves (Daniel), Inc. (quar.)
6 k % preferred (quarterly)
Reliance Grain Co., 6k% pref. (quar.)
Remington-Rand, lnc
Quarterly
6% preferred (quar.)
$6 preferred (quar.)
Reno Gold Mines, Ltd. (quar.)
Republic Investors Fund. Inc
Republic Steel Corp. preferred A (quar.)
Reynolds Metals Co., 5k% preferred (quar.)„
Reynolds (R. J.) Tobacco Co. (quar.)
Class B (quar.)
Rice-Stix Dry Goods Co., 1st and 2nd pref. (qu.)
1
Oct.
Electric Co., $6 pref. (quar.)
Seaboard Oil Co. of Dela., (quar.)
Sears, Roebuck & Co. (quar.)
Selected American Shares, Inc—
Selected Industries, $lk preferred...
5
1
Aug. 31
Aug. 31
Aug. 31
Aug. 31
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 16
15 I Aug.
15 Aug.
25 Sept.
25 Sept.
15 Aug.
Oct.
Scovill Manufacturing
Scranton
55c
(quarterly)
8% cumulative preferred (quar.)
Inc. (quarterly).....
Ruberoid Co. common (quar.).
Ruud Manufacturing Co. (quarterly)..
Quarterly.
—
55c
Quarterly.
Public Service Corp. of N. J.
Roeeer & Pendleton (quar.)
Extra
•
Sept.
Sept.
Sept.
Sept.
Sept.
(quarterly)
Co
Scott Paper Co.
1
Oct.
,
S1H
$lk
Pressed Metals of America
Roos Bros..
1
Oct.
(Bernard) Cigar Corp
Preferred (quar.)
nkg
Extra
1
Oct.
Schwartz
Slk
Extral
Rochester TeleD. Co., preferred (quar.).
1
Oct.
6% preferred (semi-annually).
6% preferred
Schenley Distillors Corp., 5k % preferred
Schiff Co., common (quarterly)
$5k preferred (quar.)
Servel, Inc., 7% cum preferred
Phelps Dodge Corp
$lk
Philadelphia Co., $6 preferred (quar.)
—
$lk
$5 preferred (quarterly)
6% preferred (semi-annual)
—
Philadelphia Elec. Power Co., 8% pref. (qu.) —
Philadelphia & Trenton RR. Co. (quar.)
50c
Phoenix Finance Corp., preferred (quarterly) -50c
Preferred (quarterly)
r20c
Pionetr Gold Mines of B C., Ltd. (quar.)— —
75c
Pittsburgh Bessemer & Lake Erie (semi-ann.) —
$1k
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
$lk
Quarterly
$1H
7% preferred (quarterly)
Slk
7% preferred (quarterly)
$lk
Pittsburgh Plate Glass
Pittsbuigh Youngstown & Ashtabula Ry. Co.—
Slk
7% preferred (quarterly)
lc
Plymouth Fund, class A (extra)
25c
Plymouth Oil Co
15c
Powdrell & Alexander, Inc. (quar.)
Power Corp. of Canada, Ltd.—
rlk%
6% cum. preferred (quar.)
6% non-cum. partic. pref. (quar.)
;—
Premier Gold Mining (quar.)
—;—
Rich'8, Inc.. preferred (quarterly)
Roberts Public Markets, Inc. (quar.)..
1
Oct.
—
1
Oct.
7% cum.
(quar.)
Richardson Co
Oct.
8% deb. A (quar.)—
7k% debenture B (quarterly)
7% debenture C (quarterly).,
6 k % debenture D (quarterly)
Oct.
Pfeiffer Brewing Co. (quar.)
Procter & Gamble, 5% pref. (quar.)
Properties (A. P. W.), Inc., class B,
Providence-Washington Insurance (quar.)
Prudential Investors, 6% preferred (quar.)
Publication Corp., 7% 1st pref. (quar.)
7% original preferred (quar.)
Public National Bank & Trust Co. (quar.)
preferred A (quarterly)
(quarterly)
Preferred class B
Savannah Electric Power,
1 Sept. 10
1 Sept. 10
Oct.
Pet Milk Co. (quarterly)
Petroleum Corp. of America
Pfaudler Co.
Sept.15
Sept. 15
Sept. 15
Sept. 15
Ilk
Preferred A (quarterly)
15
15 Feb.
—-—-—
pref. (qu.)
Light & Power, prior
31
Sept 30 Sept ."15 ~
Dec. 31 Dec. 15
Remedial Loan Assoc. (quar.)...
Quarterly
1
Nov. 16 iNov.
20c
(quar.)
(semi-annually)
1 Dec.
Jan.
Dec.
—
San Joaquin
Sept. 30 Sept. 19
Oct.
1 ISept. 21
Sept. 15 Sept. 1
Oct.
1 Sept. 15
$lk
62kc
Peieroorough RR. Co
15 Oct.
preferred—
Preferred
5 Sept. 30
Extra
Sept. 21 Sept. 9
Sept. 30 Sept. 15
—
Rocky Mt. & Pacific Co.,
San Francisco
15
19
19
15
Oct. 15 Sept. 30
Sept. 26 Sept. 10
Sept. 26 Sept. 10
Extra
Perfection Stove Co.
St. Louis,
1 Sept. 15
1 Sept. 18
1 Sept. 18
Oct.
St. Joseph Lead
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Pacific Can (initial)
Inc. (quar.)
(quar.)
6% preferred
1 Sept.
Oct.
Oct.
—
Safeway Stores,
15
Oct.
Extra
1
Oct.
—
Payable of Record
Share
Company
& Lighting Co
Safety Car Heating
Sept. 17
Sept. 15
Oct.
Sept .15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Sept. 15 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 15
Sept. 15 Aug. 31
Sept.15 Aug. 31
Sept. 15 Sept.
1
Oct. 15 Sept. 25
Oct. 15 Sept. 25
Oct.
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
—
$7-20 preferred (quar.)
Ohio Oil Co., 6% preferred (quar.)
Ohio Finance. 6% preferred (quarterly)
Ohio Service Holding Corp., $5 non-cum. pref—
Oklahoma Gas & Electric, 7% pref. (quar.)
Ottawa Eight,
Name of
Oct.
Novadel-Agene Corp., common (quar.)
Ohio Edison Co. $5 pref. (quar.)
6% preferred (quarterly)
Ontario Silknit Co., preferred
Otis Elevator Co. (quar.)
Holdirs
Payablelof Record
Share
Company
Holders
When
Per
When
Per
Name of
-—
——
—
4
11
4
Sept. 24 Sept.
Sept. 25|Sept. 15
11 Sept. 15
Oct.
Volume
Financial
143
United Gas Improvement (quar.)
Preferred (quarterly)
Oct.
Oct.
Aug.
Aug.
Sept.
Sept.
Sept.
$2H
Oct.
Sept. 21
50c
Oct.
Oct.
Sept. 30
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 30
25c
J. RR. & Canal Co...
United Profit Sharing
Sept.
Corp., 10% pf. (s.-a.)
United States Foil, class A & B
Preferred (quarterly)
Oct.
%IH
37 He
37 He
Oct.
Dec.
Nov. 30
25c
(qu.)
Oct.
50c
(quar.)
Oct.
MH
Oct.
Oct.
Sept. 19
Sept. 19
Sept. 14
Sept. 14
Sept. 19
Dec.
Nov. 14
United States Playing Card Co. (quar.)
Extra
25c
(quar.)
(Newark, N. J.) (quar.)___
Quarterly
Quarterly
Oct.
$1%
$1U
$15
United States Tobacco Co., common
(quar.)
Preferred (quar.)
United States Trust Co.
Universal Insurance
Oct.
15c
United States Gypsum Co. (quarterly)
7 % preferred (quarterly)
United States Pipe & Foundry Co. common
Common
Sept.
$1*
6.3% preferred (monthly)
6% preferred (monthly)
United N
31
31
15
15
15
581-3c
54c
50c
.
United Light & Ry. Co., 7% pref. (monthly)
Oct.
Oct.
25c
15
25c
Mar.
Feb.
25c
June
75c
;
Sept.
May 15
Sept. 18
Universal Products Co
Upper Michigan Power & Light Co.—
6% preferred (quar.)
6% preferred (quar.)..J
Utah Power & Light $7 preferred
00 pr©f0rrod
Van de Kamp's (H. D.) Bakers (quar.)
Nov.
...
1 Oct.
1 Jan.
Feb.
Oct.
26
26
Name of Company
—
Extra
Wentworth Mfg. Co. (quarterly)........
Wesson Oil & Snowdrift Co., Inc..
'
West Jersey & Seashore 6 % spec. gtd. (s.-a.)
Westland Oil Royalty Co.f class A (monthly).Westmoreland, Inc. (quar.)
.....
West Penn Electric Co.. class A pref. (quar.)..
West Penn Power Co., 7% preferred (quar.)—
Westvaco Chlorine Products Corp. 7% pf. (qu.)
...
Victor-Monoghan, 7% preferred (quar.)
Viking Pump Co.....
Preferred (quarterly)
Virginia Electric & Power $6 pref. (quar.)
Virginia Public Service Co. 7% pref. (quar.)....
Vogt Mfg. Co., extra
Vulcan Detinning, preferred (quarterly)
Wagner Electric
Waldorf System, Inc
Sept. 10
Sept. 10
1
]
10 Dec.
1
20 Oct.
10
1
Sept. 21 Sept.
1 Sept. 20
1 Sept. 20
Oct.
Oct.
Walker (H.), Gooderham & Worts
(quar.)
Preferred (quarterly)
Sept. 15 Aug. 22
Sept. 15 Aug. 22
Waltham
Oct.
Watch Co., prior preferred (quar.)
Ward Baking Co. 7%
preferred
Warren RR. Co. (semi-ann.)
Oct.
Oct.
Washington Ry. & Elec. Co., 5% pref. (quar.)..
5% preferred (semi-ann.)
Wellington Fund, Philadelphia..
9
1 Sept.
1 Sept. 14
3
15 Oct.
Dec.
1
Nov. 16
Dec.
1
Nov
16
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Extra
weekly statement issued by the
Clearing House is given in full below:
THE
NEW
1936
5,
Net Demand
Undivided
De-posits,
Capital
.
Average
7% preferred
and
6,000,000
Bank of Manhattan Co..
20,000,000
677,500,000
10,955,200
25,431,700
131,765,000
387,726,000
653,577,400 al,452,516,000
52,685.400
458,788,000
177,649,400 51,457,856,000
20,000,000
90,000,000
/42.935.000
21,000,000
15,000,000
10,000,000
Corn Exch. Bank Tr. Co.
First National Bank
/34,011,900
50,000,000
Cent. Hanover Bk. A Tr.
59,102,000
3,871,500
Continental Bk. A Tr. Co
Fifth Avenue Bank
3,440,500
Bankers Trust Co
10,456,000
36,609,000
96,212,000
12,772,000
22,470,000
3,524,000
374,000
2,420,000
50,642,000
£788,718,000
17,287,000
89,985,000
327,161,000
16,662,900
90,750,600
48,964,000
122,927,400 cl,940,942,000
7% cum. preferred (quar.)
6 H% cum. preferred (quar.)
6% cum. preferred (quar.)
10,000,000
Marine Midland Tr. Co.
5,000,000
12,500.000
7,000,000
2,724,200
8,385,100
22,744,400
7,873,900
5,775,000
8,595., 100
80,363,000
3,017,000
25,005,000
1,381,000
44,369,000
526,174,300
834,141,100
9,858,673,000
$70,338,000
New York Trust Co
Public N.B. ATr. Co-
Total....
Aug. 31
Aug. 31
Aug. 31
Sept. 21 Aug.
Sept. 21 Aug.
Sept. 21 Aug.
Oct.
1 8ept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
$14
$14
$14
Wiser Oil (quarterly)
Wright-Hargreaves Mines, Ltd. (quarterly)
25c
10c
Extra
5c
a
The following corrections have been made:
0
31
31
31
10
8
8
19
10
Transfer books not closed tor this dividend.
c
Payable jn stock.
/ Payable in common stock,
y Payable in scrip,
mulated dividends.
) Payable in preferred stock.
h On account of accu¬
k Entire issue called at $5.50 per
share and the above dividend on Oct.l,
1936.
Conversion period expires on Sept. 19.
Conversion basis is at the
rate of 11 shares of common for 10 shares of class A convertible pref. held.
$0.165683 a share, payable semi-annually, amounts vary,
Initial dividend, payable in cash or at the option of the holder in class
a share.
m
n
B
stock at the rate of N16th of
$0.179140 payable semi-annually, amounts vary.
p 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
o
shares of the Finance A and B common held.
American Cigar Co., stock dividend of l-40th of a share of American
common for each share of Amer. Cigar Co. held.
Payable in Canadian funds, and in the case of non-residents of Canada,
a reduction of a tax of 5% of the amount of such dividend will be made
s Deposited Insurance Shares: ser. A & B stock dlv. of 24% payable In
trust shares.
Holders have option of div. in cash based on liquidating value
q
Tobacco class B
r
of shares.
u
x
Payable In U 8. funds,
id Less depositary expenses
y A deduction has been made for expenses,
t Per 100 shares.
Less tax.
York
The
following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 9 1936,
in comparison with the previous week and the corresponding
date last year:
;
:
.
Sept.
9,
1936 Sept.
2,
1936 Sept. 11,1935
Gold certificates on hand and due lrom
United
541,000
77,792,000
Sates Treasury .x
—
3,194,147,000 3,273,180,000 2,712,732,000
1,283,000
61,414,000
Redemption fund—F. R. notes....
Other cash f..
Total reserves.
1,368.000
1,725,000
64,869,000
50,127,000
3,256,844,000 3,339,417,000 2,764,584,000
Bills discounted:
Secured
by
U.
Govt, obligations
S.
direct and (or) fully guaranteed
2,270,000
3,581,000
...
market
Industrial advances
3,399,000
2,870,000
4,111,000
5,851,000
6,327,000
6,981,000
1,102,000
7,077,000
Total bills discounted
Bills bought in open
2,928,000
1,102,000
Other bills discounted.
51,790,000
Title Guar. A Trust Co..
Com'l Nat. Bk. A Tr.Co.
874c
Wisconsin Public Service Corp.—
45,681,000
69,091,300
162,903,000
477,142,000
764,716,000
243,505,000
523,084,000
63,661,200
4,000,000
103.964,300
500,000i
25,000,000
Chase National Bank...
11,898,000
33,955,000
544,682,000
Irving Trust Co
Sept.
Sept.
Sept.
jA.SS€tS"mmm
$
Bank of N. Y. & Tr. Co.
Guaranty Trust Co
Manufacturers Trust Co.
...J
Nov.
75c
Average
Members
National City Bank
Chemical Bk. A Tr. Co..
50c
Deposits,
Profits
•
Nov.
(quarterly)....
Extra
Time
*Surplus
Clearing House
Oct.
Oct.
...
New
City
HOUSE
CLEARING
YORK
5
Sept. 15
Sept. 12
■iept. 12
Sept. 24
Sept. 24
Condition of the Federal Reserve Bank of
New York
ASSOCIATION FOR THE WEEK ENDED SATURDAY, SEPT.
5
Oct.
Oct.
7% pref. (quar.)..
Wisconsin Michigan Power 6%
pref. (quar.)
Wisconsin Power & Light Co. 6% pref- ........
Weekly Return of the New York City
Clearing House
The
Oct.
Oct.
15c
Oct.
Extra.
Sept.
Oct.
6% preferred (quar.)
15
Nov.
75c
Whitman (Wm.) &Oo„ Inc.,
Wieboldt Stores, Inc. (quar.)..
Dec.
Aug. 31
Sept. 16
Sept. 17
"si
Wheeling Steel Corp. $6 preferred
15
Nov.
$1*4
$14
$14
Yale & Towne Mfg. Co. (quar.)
Sept. 15 Sept. 1
Sept. 15 Sept. 1
Oct.
1 Sept. 8
Oct.
1 Sept.
8
Sept. 15 Sept. 5
Oct.
1 Sept. 30
1
Sept.15 Sept
Sept.15 Sept. 1
Sept. 21 Aug. 31
Oct.
1 Sept. 12
Sept. 15 Aug. 28
Victor Equipment Co., preferred (s.-a.)
OF
Oct.
1
Oct.
Extra
Ian.
Sept.
25c
Oct.
Sept 15
Sept. 15
Oct.
10c
Wrigley (Wm.) Jr. Co. (monthly)
1
1
Sept. 10
Oct.
Oct.
30c
6% preferred (quar.)
Winstead Hosiery Co.
Nov.
12Hc
87Hc
UH
1 Sept.
1 Sept.
Dec.
Vicksburg Shreveport & Pacific Ry. Co
Preferred (semi-annually)
MEMBERS
...
Holders
Payable of Record
30c
...
-
Extra
Oct.
I—
i
OF
Share
Oct.
Preferred (quar.)
Vapor Car Heating Co., preferred (quar.)
Veeder-Root, Inc. (quarterly)
STATEMENT
When
Per
Payable of Record
Share
1671
Holders
When
Per
Name of Company
Chronicle
7,076,000
1,803,000
7,016,000
United States Government securities:
88,263,000
88,263,000
Treasury notes..
406,823,000
406.823,000
Treasury bills
165,475,000
165,475.000
88,736,000
504,638,000
150,943,000
660,561,000
660,561,000
744,317,000
674,591.000
675,066,000
760,117,000
84,000
84,000
9,431,000
128,074,000
8,621,000
129,256.000
10,855,000
35,137,000
34,425,000
Bonds
—
•
As per official reports: National, June 30, 1936; State, June
30, 1936; trust
companies, June 30, 1936.
e As of Aug. 1, 1936.
/As of July 21, 1936.
Includes deposits in foreign branches as follows: (a) $242,397,000;
(6) $81,987,000;
(c) $91,379,000; (£) $29,605,000.
Total U. 8. Government securities..
Total bills and securities—
The
New
of
returns
" Times"
York
number of
publishes regularly each week
banks and
trust
companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended Sept. 4:
a
INSTITUTIONS
NOT
IN
CLEARING
HOUSE
WITH
THE
BUSINESS FOR THE WEEK ENDED FRIDAY, SEPT.
CLOSING
OF
Due from foreign banks
Federal Reserve notes
Uncollected items
Bank
of other banks...
...—.........
premises
—
All other assets
Total assets......——
10,855,000
254,000
4,370,000
118,964,000
11,978,000
35,958,000
4,115,016,000 4,197,724,000 3,696,225,000
——
4, 1936
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Liabilities—
Loans,
Disc, and
Investments
Other Cash,
Including
Notes
Bank
Res. Dep.,
N. Y.„and
Dep. Other
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
%
S
F. R. notes in actual circulation
829,484,000
827.802.000
733,590,000
Deposits—Member bank reserve acc't.. 2,822,809,000 2,893,725.000 2,589,454,000
U. S. Treasurer—General account—
14,630,000
24,356.000
5,994,000
$
%
$
$23,878,500
6,376,900
5,145,000
2,715,000
543,000
5,676,231
161,784
1,312,450
91,955
29,265,100
24,280,000
5,313,131
3,812,000
Trade Bank of N. Y.
74,100
20,912,000
Sterling National
85,000
882,000
982,000
5,232.000
821,000
Brooklyn—
deposits
TRUST COMPANIES—AVERAGE FIGURES
Disc, and
Manhattan—
...
Fiduciary
...
Fulton
Lawyers
United States
%
•
Empire
$
N. Y. and
Banks and
Trust Cos.
Deposits
%
57,544,400
8,774,637
11,917,635
20,048,100
28,906,700
71,549,092
*9,054,000
11,044,500
1,445,075
696,614
719,800
3,570.300
15,561,371
88,373,000
34,713,682
2,677,000
2,358,130
36,228,000
8,931,598
$
16,308,738
*9,442,400
207,980
*1,120,110
*4,418,600
51,736,000
50,825,000
49,964,000
7,744,000
contingencies
50,179,000
7,744,000
8,849,000
6,149,000
7,500,000
8,849,000
22,451,000
116,510,000
6,957,000
7,842,000
Gross
Elsewhere
Cash
Invest.
Dep. Other
127,992,000
50,179,000
50,825,000
All other liabilities
Res. Dep.
8,272,000
118,406,000
122,846,000
Capital paid in
Surplus (SectlOD 7)
Surplus (Section 13b)
Reserve for
Loans
18.267,000
181,836,000
Total deposits————————- 3,022,638,000 3,118,184,000 2,722,126,000
Deferred availability items
People's National
Federation
22,614,000
162,570,000
Foreign bank
Other
Manhattan—
Grace National
$
2,380,400
2,051,358
57~5~6()6
70,126,500
10,561,274
11,376,012
21,223,300
38,843,700
74,703,170
Total liabilities
Ratio
4,115,016,000 4,197,724,000 3,696,225,000
of total reserves to deposit and
liabilities combined
F. R. note
to
make
vances
industrial
84.5%
84.6%
80.0%
9,508,000
Commitments
9,401,000
9,701,000
ad¬
t "Other cash" does not Include Federal Reserve notes
or a
bank's
own
Federa
Reserve bank notes.
jBrooklyn—
Brooklyn
Kings County
•
Includes
159,000 119,831,000
41,034,348
x
These are certificates given by the United States Treasury for the gold taker
from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
over
100 cents to
amount with
Federal Reserve as follows: Empire,
ciary, $781,526; Fulton, $4,189,500; Lawyers, $8,221,400.
$7,951,200; Fidu¬
59.06 cents, these certificates being worth less to the extent of th<
difference itself having been appropriated as profit by the Treasury
difference, the
under the provisions of the Gold Reserve Act of 1934.
Chronicle
Financial
1672
Weekly Return of the Board of Governors of
&
The following is
v
Sept. 12, 1936
the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Sept. 10,
showing the condition of the
The first table presents the results
weeks and with those of the corresponding
and liabilities separately for each of the twelve banks. The Federal
twelve Reserve banks at the close of business on Wednesday.
whole in comparison with the figures for the seven preceding
for the System as a
The second table shows the resources
(third table following) gives details regarding transactions in Federal Reserve notes between the
week last year.
Reserve note statement
returns
The comments of the Board of Governors of the Federal Reserve System upon the
in our department of li Current Events and Discussions."
and the Federal Reserve banks.
Reserve Agents
for the latest week appear
AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 9, 1936
COMBINED RESOURCES
Gold ctfs.
on
•
9,
1936 July 29, 1936 July 22, 1936 Sept. 11,1935
1936 Aug. 26, 1936 Aug. 19, 1936 Aug. 12, 1936 Aug. 5,
1936 Sept. 2,
S
Sept.
ASSETS
$
S
$
$
$
S
S
$
•
U.S.Treas.x 3,372,031,000 8,334,034,000 8,274,032,000 8,255,038,000 8,225,038,000 8,211,046,000 8,185,529,000 8,185,322,000 6,536,039,000
21,210,000
12,185,000
11,663,000
13,720,000
13,720,000
12,625,000
14,070,000
12,145,000
13.070,000
notes)
hand & due from
Redemption fund (F. R.
268,885,000
248,066,000
Other cash *
282,936,000
282,433,000
289,980,000
288,635,000
303,084,000
293,440,000
217,951,000
'
8,632,242,000 8,615,544,000 8.571.038,000 8.550,541,000 8,528,738,000 8,513,401,000 8,500,276.000 8,490,947,000 6,775,200,000
Total reserves
Bills discounted:
Secured
S.
U.
by
Govt, obligations,
guaranteed
3,681,000
4,352,000
—
market
3,095,000
28,522,000
28,628,000
Industrial advances
U. S. Government
8,602,000
3,095,000
Total bills discounted
Bills bought In open
4,561,000
4,041,000
8,033,000
direct and (or) fully
Other bills discounted
5,552,000
2,311,000
2,104,000
1,676,000
1,992,000
1,528,000
1,863,000
6,071,000
5,106,000
,j
7.238,000
6,477,000
7,863,000
3,960,000
3,668,000
3,391,000
11,177,000
3,095,000
3,094,000
28,662,000
3,094,000
28,782,000
3,092,000
28,888.000
3,092,000
3,088,000
29,573,000
4,685,000
29,550,000
28,554,000
—
Total U. S. Government securities— 2,430,227,000 2,430,227,000 2,430.227,000
t29,584,000
2,430,227,000 2,430,227,000 2,430.227,000 2,430,227,000 2,430,227,000 2,430,210,000
181,000
181,000
Other securities
Foreign loans on gold
1,856,000
266,561,000
324,721,000
324,721,000
324,721,000
324,721,000
324,721,000
324,721,000
324,721,000
324,721,000
1,496,719,000 1,496,719,000 1,496,719,000 1,496,719,000 1,496,719,000 1,496,719,000 1,496.719,000 1,496,719,000 1,642,418,000
521,231,000
608,787,000
608,787,000
608,787,000
608,787,000
608,787,000
608,787,000
608,787,000
608,787,000
securities—Bonds
Treasury notes
Treasury bills
3,405,000
3,072,000
3,638,000
3,600,000
181,000
181,000
181,000
181,000
181,000
—
2,469,983,000 2,470,627,000 2,469,295,000 2,468,641,000 2,470,147.000 2,466.348,000 12,466,752000 2,466,460,000 2,475,622,000
Total bills and securities
Gold held abroad
"""
219~6O6
Federal Reserve notes of other banks
Uncollected Items.
Bank premises
All other assets
Total assets.....—.......
—
25,346,000
544,120,000
48,056,000
44,581,000
2191666
"""220", 660
26,775,000
554,757,000
48,055,000
45,139,000
Due from foreign banks
25,093,000
528,322,000
48,055,000
43,586,000
219,000
21,540,000
589,851,000
48,054,000
43,644,000
"""22ll000
•""aailooo
"""2251666
23,348,000
22,640,000
598,183,000
547,616,000
48,055,000
44,152,000
48,056,000
44,190,000
24,185,000
653,019,000
48,055,000
28,268,000
591,182,000
48,055,000
44,275,000
""""2"19I600
t45,282,000
639,000
18,077,000
504,445,000
50,017,000
49,127,000
11,777,170,000 11,748,494,000 11,685.608,000 11,722,490,000 11,712,842,000 11,642,372,000 11,637,790,000 11,669,412,000 9,873,127,009
LIABILITIES
4,055,971,000 4,020,920,000 3,993,664,000 3,988,055,000 3,983,473,000 3,979,814,000 3,951.101.000 3,976,863,000 3,422,834,000
F. It. notes In actual circulation
5,388,277,000
Deposits—Member banks' reserve account 6,471,333,000 6,440,622,000 6,331,502,000 6,228,518,000 6,116,084,000 6,004,796,000 6,016.170,000 5,935,131,000
27,337,000
519,317.000
466,210.000
338,062,000
439,391,000
143,424,000
215,424,000
107,236,000
54,683,000
U. 8. Treasurer—General account
18,581,000
61,415,000
57,158,000
86,438,000
71,040,000
98,174,000
50,267,000
90,126,000
59,235,000
Foreign banks
167,635,000
238,445,000
250,309,000
240,676,000
249,675,000
238,258,000
251,437,000
229,285,000
211,572,000
Other deposits.
6,796,823,000 6,827,410,000 6,811,358,000 6,785,505,000 6,790,893,000 6,764,902,000 6,780,214,000 6,754,308,000 5,601,830,000
Total deposits
543,220,000
130,172,000
552,398,000
—
130,163,000
532,971,000
130,170,000
145,501,000
145,501,000
27,088,000
—
145,501,000
27,088,000
34,236,000
44,159,000
27,088,000
34,235,000
10,621,000
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
—
total
of
reserves
to
deposits
'
'
.
.
130,177,000
145,501,000
26,513,000
34,141,000
10,990,000
559,363,000
550,985,000
130,205,000
145,501,000
130 170,000
145,501,000
26,513,000
34,105,000
10,824.000
26,513,000
34,105,000
10,347,000
591,841,000
129,790,000
145,501,000
26,513,000
34,105,000
10,491,000
501,271,000
134,046,000
144,893,000
23,164,000
30,778,000
14,311,000
and
79.5%
F. R. note liabilities combined
'
591,154,000
11,777,170,000 11,748,494,000 11,685,608,000 11,722,490,000 11,712,842,000 11,642,372.000 11,637,790.000 11,669,412,000 9,873,127,000
Total liabilities..
Ratio
34,236,000
10,778,000
601,610,000
130,169,000
145,501,000
27,088,000
34,236,000
10,326,000
.
-
•
79.4%
79.3%
79 4%
79.2%
79.2%
23,699,000
t23.355.000
23.271,000
23,394,000
23,453,000
23,711,000
79.1%
79.2%
23,721,000
75.1%
23,771,000
26,538,000
fr-
'
Commitments to make Industrial advances
e
$ '
Maturity Distribution of Bills and
$
$
$
.
.
.
I
%
$
,
V
S
Short-term Securities—
6,718,000
7,108,000
16-30 days bills discounted
157,000
31-60 days bills discounted
233,000
1-15 days bills discounted
61-90 days bills discounted
587,000
379,000
234,000
642,000
Over 90 days bills discounted
338,000
239,000
.
141,000
593,000
4,534,000
6,097,000
2,290,000
2,028,000
2,360,000
9,698,000
600,000
463,000
256,000
34,000
873,000
205,000
28,000
813,000
207,000
31,000
673,000
278,000
203,000
519,000
624,000
654,000
622,000
658,000
20,000
622,000
283,000
106,000
702,000
55,000
8,033,000
Total bills discounted
'
5,320,000
803,000
381,000
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-
8,602,000
7,238,000
6,477,000
7,863,000
3,960,000
3,668,000
3,391,000
11,177,000
1,598,000
122,000
978,000
880,000
768,000
2,092,000
1,616,000
1,598,000
122,000
477,000
495,000
233,000
236,000
1,002,000
880,000
24,000
283,000
1,809,000
1,857,000
2,075,000
352,000
769,000
244,000
1,727,000
1,874,000
427,000
68,000
4,000
880,000
133,000
4,000
963,000
221,000
247.000
1,859,000
513,000
3,095,000
3,095,000
3,095,000
3,094,000
3,094,000
3,092,000
3,092,000
3,088,000
4,685,000
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
1,524,000
1,539,000
1,493,000
1,472,000
1,395,000
1,434,000
1,716,000
1,264,000
459,000
297,000
172,000
1,282,000
696,000
294,000
674,000
876,000
279,000
589,000
61-90 days Industrial advances
352,000
709,000
767,000
1,550,000
179,000
Total bills bought in open market
25,267,000
25,155,000
25,303,000
294,000
684,000
799,000
25,413,000
28,628,000
28,522,000
28,554,000
28,662,000
682,000
Over 90 days Industrial advances
Total Industrial advances
750,000
711,000
882,000
797,000
648,000
25,543,000
948,000
25,638,000
575,000
930,000
560,000
26,214,000
26,243,000
25,559,000
28,782,000
28,888,000
29,448,000
29,573.000
29,550,000
27,963,000
27,979,000
28.459,000
28,580.000
36,956,000
37,930,000
31,956,000
27,600,000
28,580,000
31,956,000
81,016,000
36,956,000
37,930,000
85,786,000
85,370,000
117,972,000
123,716,000
87,452,000
129,459,000
79,282,000
130,275,000
53,010,000
87,452,000
79,282,000
66,816,000
70,804,000
72,006,000
85,659,000
61-90 days U. 8. Government securities..
76,383,000
88,216,000
Over 90 days U. 8. Government securities 2,140,256,000 2,153,581,000 2,155,223,000 2,147,987,000 2,144,407,000 2,164,428,000 2,166,814,000 2,168,244,000 2,236,267,000
1-15 days U. S. Government securities..
16-30 days U. 8. Government securities—
.31-60 days U. 8. Government securities—
81,016,000
48,443,000
70,804,000
2,430,227,000 2,430,227,000 2,430,227,000 2.430,227,000 2,430,227,000 2,430,227,000 2,430,227,000 2,430,227.000 2,430,210,000
Total U. 8. Government securities
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
85,786,000
44,489,000
71,480,000
r„
~
"""1811666
"""181I666
""""1811666
lSlloOO
181*666
"""I81I666
1811666
181,000
Over 90 days other securities
181,000
181,000
181,000
181,000
181,000
181,000
Total other securities
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank...
4,342,679,000 4,299,473,000 4,302,908,000 4,297,480,000 4,292,938,000 4,284,874,000 4,291.673,000 4,308,344,000 3,719,110,000
296,276,000
331.481,000
340,572,000
309.425,000
305,060,000
309,244,000
309,465,000
278,553,000
286,708,000
4,055,971,000 4,020,920,000 3,993,664,000 3,988.055,000 3,983,473,000 3,979,814,000 3,951,101,000 3,976,863,000 3,422,834,000
In actual circulation....
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand & due from U. 8. Treas. 4,328,838,000
By eligible paper
6,130,000
73,000
U. 8. Government securities
Total
♦
z
.
4,407,968,000 4,386,260,000 4,385,115,000 4,379,376,000 4,378,845,000 4,365,472,000 4,368.401,000 4,379,167,000 3,751,164,000
collateral..
"Other cash" does not include Federal Reserve notes,
t Revised figure.
These are certificates given bjfcthe U. S. Treasury for tae gold taken over
Jan. 31,1934, these certificates
of the
4,306,338,000 4,306,338,000 4,301,338,C'J0 4,299,338,000 4,289,838,000 4,313,023,000 4,319,023,000 3,553,548,000
9,716,000
2,378,000
2,144,000
5,038,000
2,634,000
6,507,000
5,777,000
6,922,000
187,900,000
58,000
53,000,000
73,000,000
73,000,000
73,000,000
73,000,000
73,000,000
Gold Reserve Act of
from the Reserve banks when the dollar was devalued from 100 cents to 59.06 cents on
being worth leas to the ertent of the difference, the dlffereooe Itself having been appropriated aa proflta by the Treasury under the provisions
1934
.
,
Volume
Financial
143
Chronicle
1673
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY
STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF
Two Ciphers (00) Omitted
Federal Reserve Bank, of—
Total
Boston
Cleveland Richmond
Philci.
New York
THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS
Atlanta
St.
Chicago
Louis Minneap,
Kan. City
SEPT. 9 1936
Dallas
SanFrant
RESOURCES
Gold certificates on hand and due
from U. S. Treasury
Redemption fund—F. R. notesOther cash *
Total
reserves
Bills discounted:
Sec. by U. S. Govt,
8,372,031,0 523,668,0 3,194,147,0 431,451,0 624,389,0 280,523,0 230,787,0 1,690,768,0 226,521,0 177,235,0 256,775,0 155,399,0 580,368,0
12,145,0
1,869,0
742,0
1,283,0
723,0
354,0
2,787,0
791,0
895,0
175,0
317,0
337,0
1,872,0
248,066,0 32,067,0
61,414,0 33,163,0 23,252,0 13,107,0
8,458,0
7,017,0
28,925,0 10,232,0
12,055,0
6,200,0
12,176,0
8,632,242,0 557,604,0 3,256,844,0 465,337,0 648,383,0 293,984,0 242,032,0 1,720,010,0 237,544,0 184,427,0 269,725,0 161,936,0
594,416,0
obligations,
direct & (or) fully guaranteed
Other bills discounted
*
3,681,0
Total bills discounted
2,270,0
3,581,0
240,0
38,0
290,0
28,0
27,0
110,0
30,0
35,0
93,0
147,0
29,0
20,0
40,0
321,0
80,0
7,0
320,0
24,0
8,033,0
303,0
5,851,0
318,0
278,0
137,0
123,0
35,0
176,0
7,0
60,0
641,0
104,0
3,095,0
28,628,0
226,0
3,222,0
1,102,0
7,077,0
317,0
294,0
1,451,0
121,0
3,684,0
108,0
586,0
387,0
1,750,0
87,0
61,0
87,0
1,548,0
218,0
1,657,0
324,721,0
21,607,0
99,596,0
40,510,0
88,263,0 28,217,0 31,507,0
406,823,0 130,061,0 145,220,0
59,068,0
165,475,0
52,902,0
17,104,0
78,839,0
32,067,0
13,142,0
24,639,0
38,630,0
178,054,0
72,423,0
2,430,227,0 161,713,0
660,561,0 211,180,0 235,795,0 128,010,0
98,356,0
2,469,983,0 165,464,0
674,591,0 216,853,0 237,818,0 131,952,0
99,173,0
Bills bought In open market
Industrial advances
U. S.
256,0
47,0
4,352,0
Government securities:
Bonds
—III—
Treasury notes
Treasury bills
1,496,719,0
608,787,0
Total U. S. Govt, securities.
Other securities
Total bills and securities
Due from foreign banks
Fed. Res. notes of other
banks,
219,0
26,775,0
554,757,0
48,055,0
45,139,0
,
Uncollected Items—
Bank premises
All other resources
———!
IIII,
Total resources
17,0
354,0
52,416,0
3,113,0
420,0
84,0
9,431,0
128,074,0
10,855,0
35,137,0
5,038,0
21,0
20,0
9,0
498,0
1,355,0
51,401,0
6,525,0
1,639,0
1,973,0
50,036,0
2,919,0
1,103,0
40,457,0
5,079,0
3,341,0
60,575,0
8,0
1,390,0
22,720,0
2,284,0
1,392,0
525,0
1,185,0
87,0
905,0
17,361,0
11,571,0
53,334,0
21,693,0
15,708,0
30,794,0
12,502,0 28,392,0
57,628,0 130,863,0
23,440,0 53,228,0
289,107,0 129,927,0
86,598,0 122,927,0
93,570,0 212,483,0
291,279,0 130,715,0
87,851,0 123,979,0
95,846,0 214,462,0
3,0
1,745,0
16,762,0
6,0
6,0
15,0
1,975,0
32,383,0
3,360,0
572,0
24,490,0
3,574,0
33,406,0
3,580,0
80,018,0
32,548,0
26,0
2,264,0
77,719,0
4,831,0
538,0
4,0
1,644,0
24,893,0
2,452,0
225,0
1,531,0
325,0
16,425,0
331,0
1,526,0
240,0
•
448,0
11,777,170,0 779,388,0 4,115,016,0 731,586,0 947,141,0 481,976,0 368,999,0 2,096,667,0 397,477,0 292,644,0 431,759,0 284,616,0 849,901,0
__
LIABILITIES
F. R. notes In actual
circulation.
Deposits:
Member bank
reserve account.
U. S. Treasurer—Gen'l
Foreign bank,.
acc't..
...
Other deposits
...
IIIII"!
Total deposits..
...
4,055,971,0 361,015,0
6,796,823,0 327,563,0 3,022,638,0 361,905,0 463,410,0 228,568,0 152,498,0 1,054,929,0 189,769,0 139,273,0 233,251,0 159,588,0 463,431,0
543,220,0
130,172,0
145,501,0
27,088,0
34,236,0
Capital paid In
I
Reserve for contingencies.......
All other liabilities
•
Total liabilities
Commitments
921,608,0 170,498,0 127,979,0 155,908,0 88,317,00 330,828,0
6,471,333,0 316,261,0 2,822,809,0 351,318,0 448,248,0 218,860,0 145,803,0 1,041,597,0 175,621,0 132,245,0 227,780,0
150,603,0 440,188,0
54,683,0
1,757,0
3,314,0
14,630,0
5,238,0
3,537,0
2,341,0
4,484,0
4,660,0
1,373,0
3,065,0
5,011,0
5,273,0
59,235,0
4,333,0
5,446,0
22,614,0
5,387,0
2,577,0
2,049,0
6,793,0
1,757,0
1,405,0
1,698,0
1,698,0
3,478,0
211,572,0
5,212,0
162,585,0
1,827,0
4,537,0
3,594,0
2,305,0
7,731,0
2,055,0
4,250,0
708,0
2,276,0
14,492,0
Deferred availability Items
Surplus (Section 7)......
Surplus (Section 13-B).
829,484,0 297,625,0 400,583,0 190,213,0 181,913,0
44,159,0
51,424,0
9,409,0
9,902,0
2,874,0
1,513,0
15,688,0
122,846,0
50,179,0
38,750,0
50,825,0
7,744,0
8,849,0
22,451,0
13,406,0
4,231,0
3,000,0
12,221,0
448,0
51,214,0
12,575,0
14,371,0
1,007,0
3,111,0
870,0
48,422,0
4,723,0
5,186,0
3,448,0
21,218,0
4,247,0
5,616,0
754,0
2,555,0
198,0
1,282,0
134,0
76,207,0
12,154,0
21,350,0
1,391,0
7,573,0
26,850,0
3,757,0
4,655,0
546,0
894,0
508,0
1,455,0
16,165,0
2,950,0
3,149,0
32,586,0
25,686,0
3,955,0
3,613,0
1,003,0
1,142,0
840,0
464,0
3,825,0
3,783,0
1,252,0
1,328,0
837,0
1,442,0
683,0
31,852,0
10,177,0
9,645,0
1,696,0
1,849,0
423,0
11,777,170,0 779,388,0 4,115,016,0 731,586,0 947,141,0 481,976,0 368,999,0 2,096,667,0 397,477,0 292,644,0 431,759,0 284,616,0 849,901,0
to make Industrial
advances
23,721,0
2,658,0
9,508,0
235,0
1,359,0
2,373,0
308,0
49,0
1,740,0
83,0
390,0
509,0
4,509,0
♦"Other cash" does not include Federal Reserve
notes.
FEDERAL RESERVE NOTE
Two Ciphers (00) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
Issued to F.R. Bk. by F.R.
Agt
Held by Fed'I Reserve Bank..
Boston
$
New York
$
.
Cleveland Richmond
$
$
Atlanta
$
St.
Chicago
$
$
Louis Minneap. Kan. City
$
$
Dallas
San Fran*
$
$
%
...
4,342,679,0 378,286,0
286,708,0 12,271,0
924,479,0 313,225,0 423,341,0 200,762,0 202,220,0
94,995,0
15,600,0 22,758,0 10,549,0 20,307,0
951,791,0 179,707,0 133,795,0 165,991,0
30,183,0
9,209,0
5,816,0
10,083,0
98,017,0 371,065,0
9,700,0 40,237,0
4,055,971,0 361,015,0
829,484,0 297,625,0 400,583,0 190,213,0 181,913,0
921,608,0 170,498,0 127,979,0 155,908,0
88,317,0 330,828,0
4,328,838,0 396,000,0
6,130,0
281,0
73,000,0
935,706,0 314,000,0 427,000,0 202,000,0 161,000,0
4,511,0
251,0
124,0
76,0
966,000,0 155,632,0 134,000,0 165,000,0
98,500,0 374,000,0
583,0
89,0
4,407,968,0 396,281,0
In actual circulation
Collateral
940,217,0 314,000,0 427,251,0 202,124,0 206,076,0
held by Agent as se¬
curity for notes Issued to bks.
Gold certificates on hand and
due from U. S.
Treasury....
Eligible
PMla.
$
STATEMENT
paper
U. 8. Government securities-
Total collateral
167,0
45,000,0
48,0
3,000,0
25,000,0
966,000,0 180,799,0 134,000,0 168,048,0
99,083,0 374,809,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the
and liabilities of the reporting member banks in 101
leading cities from which weekly returns are obtained <
always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
System upon the figures for the latest week appears in our department of "Current Events and Discussions,
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
resources
These figures
are
the Federal Reserve
The
statement beginning with Nov. 0, 1935, covers reporting banks In 101
leading cities, as It did prior to the banking holiday In 1933, Instead of 91 cities, and has
also been revised further so as to show
additional Items.
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and
partly
In "Other loans."
The Item "Demand deposits—adjusted" represents the total amount of demand
deposits standing to the credit of Individuals, partnerships, corporations,
associations. States, counties, municipalities, <fco., 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 ohanged In two
respects In accordance with provisions of the Banking Act of 1935:
First, It lnoludes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and,
seoond, 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.
which are now Included In "Inter-bank
The Item "Time
deposits" differs In that It formerly Included a relatively small amount of time deposits of other banks,
deposits."
The Item "Due to banks" shown heretofore Inoluded only demand balances of domestic banks.
The Item "Borrowings"
rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
By "Other assets—net" Is meant the aggregate of all assets not otherwise specified, less cash Items reported as on hand or In
process
represents funds received, on bills payable and
assets—net," and "Other liabilities."
of collection which have been deducted from demand
deposits.
'
.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN 101 LEADING CITIES, BY DISTRICTS, ON SEPT. 2 1936 (In Millions of
Federal Reserve DistrictASSETS
Loans aDd Investments—total
Loans to
i
okers and dealers:
on i»u
Loans
on
1,183
12
922
Chicago
1,816
633
551
3,004
9
'26
77
21
2,014
148
829
St.
Louis Minneap. Kan. City
47
120
Dollars)
San Fran.
652
390
681
468
2,160
9
25
82
244
62
65
1
2
3
7
3
11
3
33
52
202
70
31
46
6
6
5
38
8
10
28
1
24
184
25
24
69
44
6
18
23
364
2
4
1
1
9
7
3
1
1
213
.
66
40
169
3,749
guar,
1,419
189
210
104
137
495
119
"iio
143
139
376
429
4,060
310
859
295
206
1,582
230
171
256
178
18
687
477
101
67
60
39
148
57
15
49
36
158
169
1,313
316
261
73
82
415
109
46
133
48
356
5,082
222
2,573
222
809
108
72
97
284
315
142
85
.
...
_
123
63
14
31
17
10
59
11
5
11
115
9
18
177
142
233
142
136
434
115
89
272
76
175
242
532
89
112
38
40
106
24
18
24
27
221
14,867
5,032
967
6,881
758
1,016
397
307
2,224
389
256
287
474
972
359
839
273
714
197
178
821
179
121
820
12
147
231
120
71
77
43
51
148
1,023
11
3
22
37
114
235
2,471
298
350
217
192
841
238
133
407
179
299
30
8
27
9
4
2
6
"317
345
84
56
89
75
321
LIABILITIES
deposits—adjusted
Time deposits
United States Government
deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account
153
371
2,272
1,307
5,860
domestic banks
Other assets—net
308
9,263
1,236
3,310
by U. 8. Govt.
Reserve with Federal Reserve BankCash in vault
Demand
Dallas
37
12
148
318
1,145
bought.
...
Other securities
with
9,494
958
paper
real estate
Atlanta
$
1,231
205
U. S. Govt, direct
obligations
Balance
Cleveland Richmond
(except
Loans to banks
Other loans
Obligations fully
PhUa.
.
ritlee to others
banks)...
Acceptances and com'l
New York
S
22,263
In New York City..
Outside New York City
Loans
Boston
Total
407
.fc;
9
374
"23
343
4
805
3,500
3
1
22
14
1
6
12
4
234
1,563
225
335
88
85
1
.
=y
m
Sept.
22, 2PJ5
1674
Sales—New York Stock Exchange
Sfoc& ant/ Bond
YEARLY
DAILY, WEEKLY AND
Pages—Page One
Occupying Altogether Sixteen
disregarded ha the day's range, unless they are
NOTICE—Cash and deferred delivery sales are
of suoh sales In computing the range for the year.
Transactions at the New
Securities on the New
United States Government
the only transactions of the day.
York Stock Exchange
we
bonds and
Exchange.
Bond Prices
Daily Record of U. S.
Firday.
Sept. 10 Sept. 11
Sept. 9
Sept. 8
Total
119.11
119.11
119.9
Low.
119.9
mmmmm
119.9
119.11
119.8
mmmmm
119.9
344,000
13.654.000
14,694,000
12,452,000
903,000
794,000
12,219,000
15,351,000
931,000
1,221,000
16,846.000
814,000
547,000
13,840,000
$57,292,000
$3,966,000
$3,022,000
$64,280,000
119.8
Close
4^8, 1947-52
992,000
119.8
119.8
I High
Treasury
10,883,000
6,954,800
....
Thursday
Sept. 7
11
3
Total sales in $1,000 units
New York Stock
1
108.22
108.27
108.27
108.28
Low.
108.22
108.21
108.25
108.26
108.26
108.22
108.27
108.27
108.26
108.26
5
5
15
3
4
Total sales in $1,000 units
333,784,479
214,622,522
3,022,000
3,966,000
57,292,000
$20,716,000
6,524,000
49,119,000
$206,944,000
226,277,000
$550,044,000
270,226,000
1,966,228,000
1,498,529,000
$64,280,000
$76,359,000
$2,399,449,000
$2,318,799,000
Bonds
114.9
114.12
114.12
114.10
Government
114.7
114.9
114.10
114.9
State and foreign
Close
114.11
114.7
114.12
114.10
114.9
Railroad and industrial
Total sales in $1,000 units...
5
157
23
114.11
;■
J
:
3
mm mm
112.16
mmmm
112.16
....
mrnmmmm
mmmm
'
+ mm.m
J
....
....
....
....
mmmm
mmmm
109.10
'mmmm
,
mmmm
mm
mmmm
mmmm
Low.
1
109.10
mmmm
mmmm
High
109.11
.mmmm
mmmm
Total sales in $1,000 units...
Ha. 1943-47
....
mmmm
Close
Total.
112.16
mmmm
mmmm
Low.
'
mm
Stock and Bond Averages
'
m
.
m ^
Total sales in $1,000 units...
105.12
mmmm
105.15
105.13
105.12
Low.
105.12
105.15
105.11
105.10
mmmm
Close
105.12
105.15
105.11
105.10
mmmm
Total sales in $1,000 units...
1
mmmm
5
■
•
1946-48
■
106.4
....
106.8
106.10
106.7
106.7
106.6
106.7
106.9
106.8
106.4
Close
Low-
Ha. 1940-43...
108.11 "108.12
108.11
mmmm
108.11
108.11
108.11
m
108.10
108.11
108.12
108.11
5
3
Close
108.10
1
109.13
High
Low.
107.5
107.4
Close
107.5
107.4
Total sales in »
107.4
m'mmm
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
Stocks
trials
Rails
Rails
ties
Bonds
ties
roads
55.91
35.06
62.36
107.08
111.95
92.69
106.61
104.58
169.00
56.15
35.01
62.50
107.11
112.00
92.68
106.60
104.60
168.50
55.95
35.04
62.34
107.00
111.99
92.61
106,63
104.56
35.15
62.65
107.14
111.84
92.44
106.59
104.50
107.11
111.98
92.19
106.68
104.49
....
106.22
mm m
m
H oliday
Day
Labor
*
62.14
35.11
56.68
167.80
30
106.22
mmmm
56.11
169.55
106.22
mm
mm,
mm
mm
....
United States Treasury
Bills—Friday, Sept. 11
....
mmmm
1
109.11
109.11
109.11
109.9
109.7
109.11
109.8
109.9
109.11
109.11
109.11
6
1
6
3
108.19
Total sales in $1,000 units...
108.21
108.18
108.19
108.17
Sept. 16 1936.
0.10%
.108.17
8ept. 23 1936.
0.10%
Sept. 30 1936.
Oct.
7 1936.
0.10%
Feb. 17 1937.
0.14%
Feb. 24 1937.
0.17%
0.17%
0.17%
0.17%
0.14%
Mar.
m
109~8~
High
109.8
Close
HOLI¬
109.8
Low.
3Ha. 1941
107.3
107.5
22
mm
Close
107.5
1
'
....
Low.
10
168.59
11
10
9
Sept.
8
Sept.
7
Sept.
5
107.4
2
6
.000 units...
High
Total
Sept.
Sept.
mmmm
107.5
DAY
•
Total sales in $1,000 units...
4
[High
108.13
'
--
Rates
quoted
are
purchase.
for discount at
109.9
Bid
Asked
Bid
3 1937.
Feb.
Low.
108.13
108.14
108.18
108.17
Close
108.13
108.19
108.21
108.17
Total sales in $1,000 units...
1
7
2
[High
103.13
103.13
103.12
/ 221
103.10 /103.7
Low.
103.12
103.10
103.8
103.4
103.5
Oct.
14 1936.
Close
103.13
103.10
103.10
103.4
103.6
Oct.
21 1936.
0.14%
15
40
67
151
Total sales in $1,000 units...
14
Oct.
28 1936.
0.14%
104.15
104.17
104.19
104.18
104.17
4 1936.
0.16%
Mar. 24 1937.
Low.
3Ha. 1944-46.......i..
•
2Kb. 1955-60
15
Feb. 10 1937.
1937.
0.18%
1937.
3
104.15
104.16
104.19
104.15
104.16
Nov. 10 1936.
0.16%
Close
104.15
104.17
104.19
104.17
104.17
Nov. 18 1936.
0.16%
7
1
53
Nov. 25 1936-
0.16%
Apr.
Apr.
14 1937.
1
11
Total sales in $1,000 units...
102.29
102.31
Dec.
2 1936.
0.16%
Apr.
1937.
(High
103
21
102.30
102.30
0.18%
0.18%
0.18%
0.16%
0.16%
0.16%
102.31
102.27
102.29
Dec
9 1936.
0.16%
Apr.
0.16%
102.30
102.28
28 1937.
Low.
103
102.27
102.31
Deo. 16 1936.
0.16%
May
0.20%
102.30
102.30
5 1937.
Close
57
2
23 1936.
0.16%
0.16%
0.16%
0.16%
May 12 1937.
May 19 1937.
0.20%
5
19
May 26 1937.
2 1937June
0.20%
2Mb, 1948-51
Total sales in $1,000 units...
11
Nov.
.
Dec.
102.3
102.3
101.30
102
101.30
(High
Dec. 30 1936.
Low.
102.2
101.31
101.28
101.27
101.27
Jan.
6 1937.
Close
102.3
Jan.
13 1937.
2Mb, 1951-54
Federal Farm Mortgage
102.1
64
High
Close
rHigh
178
.173
105.10
105.10
105.10
105.7
105.10
105.7
105.9
....
■Hal sales in $1,000 units...
Federal Farm Mortgage
101.28
19
105.9
Low.
3Hs. 1944-64
101.30
101.28
105.9
12
Total sales in $1,000 units...
6
„
104~4~
103.30
104.1
104
104.3
104.1
,
High
Low.
Close
103.6
,
mmmm
104.11
104.15
104.15
mmmm
104.15
mmmm'
104.11
125
2Mb, 1942-47
103.4
103.5
103.4
103.3
103.5
103.4
103.5
103.4
1
Total sales in $1,000 units...
1
_
■
_
1H%
101.2
101.4
Deo.
103.21
101.15
101.17
15 1937...
103.23
Mar. 15 1941.
Feb.
103.24
101.19
101.21
Apr.
15 1937...
3%
102.7
102.9
16
June 15 1940.
1H%
1H%
IM%
IM%
m%
101.25
June 15
103.23
101.23
101.16
101.18
Mar. 15 1938...
3%
104.5
104.7
102.1
102.28
Sept. 15 1937...
•1M%
103.13
103.15
2M%
103.13
103.15
Treasury, w
2M%
104.3
101,7
101.9
103.25
103.24
103.25
103.27
103.27
103.27
12
33
Deo.
High
102.4
102.4
102.4
102.2
102.2
Low.
102.2
102.1
102.1
102
102
Close
102.4
102.4
102.4
102.2
102.2
.
4
$1,000 units...
78
49
113
Total sales in
102.4
102.5
102.4
102.5
102.3
102.2
102.3
102.2
Sept. 15 1938...
102.3
102.4
102.5
102.4
102.3
102.3
10
33
202
517
.
Bid and asked prices; no
t Companies reported In
bonds.
2
2
1
above
table
1947-1952
1944-1946
Treasury 2J£s, 1955-1960
Treasury 3^8, 1943-1947.
4^8,
Treasury 3^8,
Treasury
104.5
FOOTNOTES FOR NEW
*
14
a
includes
only sales
Transactions in registered bonds were:
Note—The
101.15
102.7
High
$1,000 units...
...
101.13
Feb.
1 1938...
15 1936...
1938
101.21
101.23
104.17
104.19
101.24
101.26
1
2^s 1956-1959
17
Low.
2Mb. 1942-44
.
15 1940...
Mar. 16 1940
June 16 1939
Close
Home Owners' Loan
103.14
1H%
15 1941...
'
Total sales in
Asked
15 1939...
Low.
2Mb, series B. 1939-49..
Bid
103.12
Mar. 15 1939...
103.24
.
Home Owners' Loan
Rate
Maturity
June
103.27
39
Asked
Dec.
103.27
7
Bid
103.24
103.27
Total sales in $1.000 units...
Rate
Maturity
2H%
2M%
2K%
3%
Close
3s, series A, 1944-52
Int.
Int.
1
75
High
Home Owners' Loan
0
103.4
High
•
represent one or more 32ds of
point.
103.4
103.5
Treasury Certificates of
&c.—Friday, Sept. 11
Figures after decimal point
a
2
mmmm
103.5
Low.
Close
Federal Farm Mortgage
Indebtedness,
104.11
104.12
10
1
Total sales in $1,000 units...
23
104.12
103.6
•
■
8
Quotations for United States
103.31
2
104.12
103.6
•
3s, 1942-47. i
103.31
26
3
Total sales in $1,000 units...
Federal Farm Mortgage
mmmm
103.29
104.4
0.20%
0.20%
9 1937.
0.16%
Jan. 20 1937
103.31
104.3
0.20%
mmmm
103.31
Low.
I
:
7 1937.
June
0.16%
Jan. 27 1937.
104.1
104.3
_
Mar. 17
mmmm
11
100
Close
3s. 1944-49
1
Asked
0.17%
Mar. 10 1937.
Mar. 31 1937.
(High
2 Ha. 1945-47
•
Total
20
Sept.
....
107.7
107.5
10
20
trials
■
107.5
10
•
Indus¬
....
.mmmm
7
5
•
30
Date
.mmmm
107.4
s
.....
-
mmmm
109.13
107~5~
3Ha. 1949-52
,
109.13
Total sales in $1,000 units...
3Ha. 1946-49
.....
109.8
....
Close
.■
7
^m-mmm
109.9
....
Low.
:
■
mmmm
V
.
109.8
High
3Ha. 1941-43
■
mmm
'
Total sales in $1,000 units...
*
4
Total sales in $1,000 units...
IOUO
Bonds
Stocks
16
13
5
High
daily closing averages of
the
are
106.8
106.4
....
Low.
17
23
•
High
b,
.
representative
stocks and bonds listed on the New York Stock Exchange
as compiled by Dow, Jones & Co.:
Below
16
High
1951-55
X
WWMa>
Close
a.
—
8
mmmm
'
High
Mb, 1946-56
.
11,470,610
6,954,800
Stocks—No. of shares.
114.8
I High
Low.
11
1935
1936
1935
1936
Exchange
108.28
Close
4a. 1944-54
Jan. 1 to Sept.
11
Week Ended Sept.
Sales at
119.8
2
mmmm
High
He. 1943-45
yJ
HOLI DAY
1,715,570
1,572,310
1,547,170
1,403,870
Tuesday.
Wednesday
Sept. 5
Sales
$6,024,000
$89,000
HOLI DAY
Monday
32ds
decimal point represent one or more
Bond
Bonds
$326,000
$5,609,000
715,880
Saturday
Quotations after
of a point.
Total
States
Mis cell. Municipal &
For'n Bonds
Bonds
Shares
11 1936
Sept.
and
United
State,
Railroad
Stocks,
Number of
Week Ended
Stock
certificates on the New York
Treasury
York Stock Exchange,
Yearly
Daily, Weekly and
furnish a daily record of the transactions in
Home Owners' Loan, Federal Farm Mortgage Corporation's
Below
No account is taken
M
of coupon
Deferred delivery
»
119.7 to 119.7
108.15 to 108.15
103.8 to 103.8
109.7 to 109.7
New stock,
r
Cash sale.
*
Ex-dlvidend.
V
Ex-rlghts.
YORK STOCK PAGES
sales on this day.
receivership.
Abbott, Proctor
consolidation of
Members
New
York Stock
and other
leading exchanges
LIVINGSTON
CHICAGO
MONTREAL
••
Volume 143
LOW AND
HIGH
Saturday
Sept. 5
$ per share
*56
SALE PRICES—PER
$ per share
*111% 1113s
13%
Sept. 9
22
215s
217g
27
27
23s
214
77
4
1514
I
218g
2634
212
775s
7634
"1578
153s
I '
4312
4314
42%
35%
46
44is
44
42l2
44
42
44
4412
35is
43
4314
4312
4312
3484
3512
44
106
9614
28
*30
31
97
*3434
45i2
2i2
18U
II84
33
Exchange
34%
•122
*5514
1284
8578
♦
8034
25s
55
54
35i8
96i2
Labor Day
13i2
12
2284
5512
56i4
54
283s
13
8134
553s
2512
2i2
25
25
24
24
28g
5412
55
3,500
1,200
91
2,300
4058
7184
6412
*13714
4138
7134
64i2
3,200
41l4
*6884
62
63
138
138
29
*28
4H2
7184
II84
♦115s
2712
305s
2714
2978
9914
28
27%
30
98
98
99i2
4
4
4
•13%
13l2
13i2
1678
3214
20
20i2
20
2014
73g
7
3934
38%
6
5%
35
36
4584
4578
2%
25g
35%
4584
*258
*18%
115g
1034
345g
*123
*55l2
1234
84i2
7134
22l2
1212
83%
7084
22%
85i2
72i4
23
"285s
39
2312
24
293g
3914
24i4
28U
283g
28i2
29
84
84
84
*61
*56
13
28i2
108
235g
11
57i2
3914
24
*10714 108i2
*6058
6312
93
III4
9212
2314
107g
3684
*
57i2
12S4
8358
57l2
12%
128
128
37ig
128
44
*142
129i2 129I2
*12914
26i4
2734
*12914
2712
617g
61
26
26
61
61
*138i8 140
245g
*98
24%
177i2
99i2
101
101
177
*143
1214
14734
1212
*261*8 "2638
*105i2 10812
778
8
583g
59
*34
7g
*584
6i8
61i2
44%
99
99
9834
9834
*143
12l2
25^8
*106
1212
13ig
263g
108i2
778
57i8
78
587g
6
6
8%
78
25i8
26i8
10812 108i2
8
778
6514
571s
78
84
6
6
4
4
4
4
4
*50
53
♦50
53
6934
19
27
19i2
*104
108
12
12
*314
*40
*119
3i2
40i2
120
*110i2 IIIS4
514
53s
*78
787g
*106
108
5134
5I84
13
1314
100
Preferred
66
21
Amer Metal Co Ltd
No par
1338
13l2
1378
25
2d
12,400
500
3,000
100
31,800
26
253s
25ig
2584
10812 108i2 £108% 10812
77g
8i2
8i4
83g
55
5758
56i2 5714
1
%
78
1
6
37g
53
67g
438
53
634
414
*51
7U
4i2
5312
27i2
40ig
6878
187g
120
120
120
*119
120
119
119
23,300
700
7,000
9,200
6,100
5,100
12,000
100
900
48,000
800
3,400
preferred 6% cum—100
25
100
Amer Steel Foundries..No par
Sugar Refining
Am Sumatra
Tobacco—No par
100
Telep A Teleg
American
Tobacco.....-.-25
Common class
B........25
157
Jan
7
23*4 July
7
Aug 28
Apr 30
18
104
2
Jan
57i2 Mar
133*8 Jan
Apr 30
Jan
4
Sept
1
Apr 30
Jan
6
20% Mar 21
149% Apr 30
87
Mar 13
88I2 Mar 13
...100
136
Type Founders Ino _—10
100
20
Preferred
Am Water Wks A Elec.No par
1st
No par
preferred
American
Woolen.....No par
100
Preferred
tAm Writing Paper..
Preferred
Amer
1
No par
Zinc Lead A Smelt—1
7*4 Apr
54*4 Apr
*4May
4i8 Apr
3i2July
44
24
No
preferred.No
Paper Co
No
2
June
3
Armour of Illinois new—...6
Preferred
8
9
100
pref
Jan 20
Jan
15i2 Jan
97
32,400
No
......
par
100
Armstrong Cork Co...No par
Arnold Constable Corn
.5
.
_
2
35
par
par
3
28
par
7% preferred
$6 conv
Jan
28
30
19
30
May 18
20
Andes Copper Mining
2
May 13
19% Apr 28
92*4 Jan 3
25
Anchor Cap—-
Jan
878June 30
$5 prior pref
25
Anaconda Copper Mining..50
Anaconda W A Cable..No par
Preferred
100
ArmourACo(Del)pf 7% gtdlOO
3,200
18*4 Apr 30
129
A P W
15,100
365s Feb 20
100
No par
Archer Daniels Mld'ld.No par
100
Feb 20
20%
107*4
24*4
48%
100
—
900
2,200
43
100
Preferred
400
90
7% Feb 20
138% Jan
$6.50 conv
""460
Apr 28
27
Apr 30
124
Apr 2
z35% Jan 3
100
American Stores
Am
10
25*8 Jan
56'4 Jan
American Snuff
Amer
Apr 28
May 9
36
.
Preferred
"T660
Apr 30
Apr 28
Shipbuilding Co.No par
Smelting A Refg. No par
Amer
2
Aug 26
Apr 23
Safety Razor new.18.50
.No par
Amer
Preferred
10
147
100
Rolling Mill
Preferred
100
Jan
2i2
17%
9%
23%
100
Amer
2
5% July 7
3258 July 11
37
Amer Mach A Fdy Co-No par
Amer Mach A Metals..No par
Preferred
1,500
2,400
*11034 1117s *109
110
10934 *109
110
110
53s
55s
5%
534
5i2
5»4
5i2
5%
79
79
7934 x78
80
7812
79i8
79U
107
107
*10412 108
*10412 108
*10412 108
51
51
51>4
50
51%
51i2
497g
507g
13U
137g
13%
14i2
13i2
14i8
13i2
1334
For footnotes see paw
1674
16,100
~~8~, 800
27
27
♦2614
♦26I4
26i4
27i2 *26l4
3958 40i8
3938
3978
£39%
39&S
39i8
68
6884
6884
68i2
685s
*62
687«
19i2 20
193g
195s
183s
19'4
1834
*106i2 108
*106i2 108
♦IO6I2 108
*106i2 108
*1U2
1212
lli2
1112
*1114
12i2
II84
1134
4
4
3%
3%
*35g
414
4
♦3%
40
40
40
40%
40
40
4114
40
*119
6% non-cum pref
100
Amer Internet Corp—No par
American Locomotive..No par
No par
Preferred
53
3914
6934
13
1
900
4,700
11,200
435g
147
12%
50
American Ice..
27l2
10114
6% Apr 30
6% conv pref...
Amer Home Products..
*129U
27i2
147
8
2
1,300
2,900
43
101
10034 10U2
147
14734 *142
*142
Jan
Jan 20
Amer
9884
99
100i2 IOH4
Apr
3% Apr 30
9*4
13
9,400
99
89
3,500
American Seating Co
60
7% July 10
20% July
16*4 Jan 9
37
118
May 13
104
32
173"
June
2% Mar
26
Nov
June
40
Deo
48% Jan
41% June,
13% Jan
80
Deo
57*4 Feb
47% Nov
43
Jan
Mar
42%
Deo
137% July 17
lfo" "Jan
149%
169i2Sept
151*4
Jan
168
Oct
May
10
Mar
50
Sept
3
Jan
13*4 Feb 13
325s Mar
32
Aug 29
100
Sept 11
5 May
2
146s Feb 17
9*4 Mar 26
4314 July 11
18*2 Apr 7
37?8 July 10
2U2July 20
8*8 Mar 6
46
Jan -'?
4778 July 24
55s Jan 14
24
Jan 14
13*8
36U
95i2
297g
Apr 11
25% Mar
15
Feb 13
38
Jan
Nov
96
June
2% Mar
22% Mar
6% Feb
72
Aug
'4 May
2*4 Apr
2
14
Mar
Mar
378 Mar
12
!"
28
Mar
Apr
Oct
Oct
/29% Apr
1% Oct
14% Oct
4% Mar
Mar
18% Mar
4% Apr
13% Mar
72
Jan
x24
Jan
4
Feb 19
39% Sept 4
28% Aug 11
33% Apr 8
91% Mar 20
152*4 Mar 11
108%May 28
73% Jan 22
143%May 28
447gSept 8
130
Aug 24
Jan 29
835s Aug 29
14178 Jan 29
26%
Jan 28
1797gSept 11
102% Feb 6
104
150
Feb
6
Mar 17
Deo
115
Mar
165% Aug
Deo
33%
Jan
9
14% July 28
87% Sept 2
74% Sept 3
27% Jan 4
Deo
65
Feb
32
9
337g
Mar
July 16
36
Nov
30
67i2SeptlO
34
70
66
Feb 27
Jan 14
38i4Sept
134
8
Feb 28
1% Mar
10% Mar
8% Mar
10% Mar
134% Mar
15*4 Mar
4% Mar
34% Aug
9% Deo
35% Nov
19% Deo
92*4 Deo
378 Deo
9% Deo
9% Aug
42
„
17
478
37*4
11%
27*4
75%
33%
12%
32%
130%
36%
9%
49%
41%
25%
Dec
Nov
Deo
Nov
Deo
Deo
Nov
Nov
Nov
Aug
Aug
Dec
Sept
32% Nov
64%
101%
Jan
Feb
Nov
159
2178
26%
Feb
Nov
38% Nov
Mar
121
Aug
67g Nov
40
31% Apr
20
■' Aug
38% Aug
15% Oct
144
117%
Deo
Jan
Deo
May
Aug
63
Jan
76
June
125
Feb
143
July
12
Mar
88
Feb
113
32%
50%
Deo
Dec
43
124
Dec
18% Jan
9878 Mar
72% Apr
74*4 Mar
129%
Jan
Mar
25% Nov
70%
140%
2778
160%
104%
Deo
Jan
Feb
May
Nov
Nov
Nov
107
Nov
141
Nov
1378Septll
35
Jan 11
9
27
July 28
2
48
109*4 Sept
11% Feb
70*4 Feb
2
10
1
1
7% Mar
Mar
47S Mar
35% Mar
5
% Mar
Jan 10
2% Mar
Feb
2
3
Mar
73% Mar 2
31
Apr 2
41% Aug 13
70% Aug 31
26*4 Mar 5
31
Mar
7*4 Mar
122
5% Jan 27
50
Jan
8
16%
107g
96%
3%
1%
7
36
Jan 13
"§6"
Deo
Apr
37
Deo
Oct
Mar
June
117
Jan
2
84
Jan 28
Aug 18
125
Jan 28
85
110% Jan 20
7% Jan 25
62% Mar 23
15
Mar
38% Deo
22*4 Deo
94% Nov
10*4 Sept
68*4 Nov
2% Deo
11*4 Deo
578 Deo
49
Aug
Mar
Sept
Aug
97
Apr
3% Apr
55% May
9
Deo
9
21
July 1
Apr 30
May 11
7i2 Jan
24%
75% Oct
377g Oct
22*4 Nov
4% Deo
Sept
Feb 17
47U Feb 24
Deo
Sept
4
Feb
138
15
3
Sept
Jan
Apr
3% Deo
14% Deo
14% Deo
14% Deo
33% Deo
Jan
22% Deo
3% Mar
Feb
Deo
64i2Septll
9
Jan
74
Mar
Mar
Jan 30
4%June 10
Deo
Nov
Deo
Dec
Nov
2%
21
Mar
5512 Apr 15
173
125"
12
111
10514 Jan
66U
Mar
1*4 Mar
Apr
14
34
25
2,900
1,030
59
July
Jan
Amer
61
29
2
6%
"
Apr 30
Apr 30
American
27~%
Jan
'4 Mar
2% Mar
1
59*8 Aug 12
28% Mar 11
5*8 Jan 24
63i4 Feb 11
Nov
Deo
187
/49
6558Sept 11
125*2 Mar 29
Oct
74*4
1178
100%
37%
24%
20%
8%
z20%
Apr
June 17
88i2Sept 8
6OI2 Sept 4
114*4 Jan 14
135i2Sept11
87%May 11 2104*4 Sept 10
31
12
1,300
44
162»4May 29
30
Apr 30
57% Apr 27
29*4
900
84
52% Nov
116
186
Sept 10
457g Feb 6
39% Feb 11
106
Sept 10
245
Aug 8
29
Sept 8
13*4 July 28
72
Apr 28
124 May
115*4 Feb 24
...No par
162
28i4
Jan
40
Amer A For'n Power...No par
2l",000
2214
65
par
2878
2914
22
*
37
•
Tiling New.l
European Sees.-No
38i2
3734
38I4
24
24?s
24U
29i2
28i2 29
85i4
8412 853s
148l2 *147
150
225s
*98
IOO84 101
6% 1st pref
Amer Encaustic
16,100
2,700
3,700
22,100
*138i8 140
*138i8 140
*139
*13818 140
140
2414 245g *24
24i2
24i4
2414
237g
24ig
178
177l2 17878
179i2
1781s 17984
17878 1797g
4
39i8
275g
59i2
10
100
127g
84i4
71l2
*12914
27%
6134
*50
*26
4358
10
Corp. .20
Jan
July 17
July
...No par
....
*43%
Amer Colortype Co..
Amer
75
49
Preferred
"""166
4478
100
No par
(Alleg Co) .25
Jan 31
$6 preferred
No par
Amer Hawaiian S S Co.....10
Amer Hide A Leather
1
*107l2 1085s *107l2 108
*10714 108
63% z62% 6212' *61
*61
63i2
62l2
*141%
*141%
*14112
44ig
7% preferred
American Chicle
6% conv preferred......100
News, N Y Corp.No par
Amer Power A Light.-No par
$6 preferred
..No par
$5 preferred
No par
Am Rad A Stand San'y .Nc par
108
44*8
Chain......No par
100
*57
.
*142
American
59i2
57i2
162
14938 *147
92
7
2d preferred
1,800
3,400
2,700
2214
85
25g
1834
1214
8
Jan
4.700
11
3612
2278
2514
285g
475s
7
Feb
4,600
1,100
9,100
71
38i4
2414
2834
84is
970
400
2312
72
"28%
......100
Am Coal of N. J
33
71
2914
400
11
3384
9212
2334
III4
373s
7178
3834
Preferred
800
I8I4
117g
315g
91%
2284
12
84
_2834
28%
37
123g
8312
*38%
245g
84
85i4
1493s *147
37
£47%
25g
1234
85is
162
3,800
....25
American Car A Fdy...No par
Preferred
.100
'
8,400
5%
4734
25g
1834
33
300
7
37
212
18i2
lll2
American Can
200
6,900
1,200
2014
578
36
2,100
4%
135g
20
4734
100
American Crystal Sugar
578
284
18l2
12i8
3378
93
5% % conv pref
418
*1318
2014
60
120
Am Comm'l Alcohol
32
45
19*4May 13
23g Aug 26
34
Apr 20
par
.50
3,100
16
2
353g Jan 21
1
Fdy .No par
3,600
373g
Jan
Aug 14
6»4 Jan 7
10
Preferred
"2",300
32
45s Jan 31
46*2 Sept 10
45% Sept 10
267g July
par
Am Brake Shoe A
11%
7i8
3784
I684
3578
American Bank Note...
170
2714
3012
99i2 100
2
2
98
No par
(Del) .No
115s
4%
13l2
7i8
3812
4634
33
1138
39
*147
197g
684
Amerada Corp
Am Agrio Chem
265s
30
178g
17
*31
Alpha Portland Cem..No
Amalgam Leather Co
7% preferred
1,800
29
32
38%
35%
363g
38i4
13312 *123
133i2 *124
28i4
1493g
534
7
*28
1178
273s
30i2
99i2
22i2
1812
II84
3414
9334
235g
162
29
113g
17
*18i4
II84
33i2
700
2%
700
7184
Jan
Jan
23
5978
6112
Aug
69
555s
212
2
Jan
157
Allied Chemical & Dye .No
par
Allied Mills Co Ino
No
par
90
31
55#
9,700
*58
138
100
100
21,500 Allied Stores Corp.....No par
300
5% pref
.100
22,100 Allis-Chalmers Mfg
No par
92
33
93
8578
56
1,703
60
*28
1212
7
23
13
353g
1314
55
100
2H% prior conv pf..No par
1,600 Allegheny Steel'Co
No par
30 Alleg & West Ry 6%
gtd.,100
227l2
275g
1278
*8012
2
2,100
81
373g
1534
317g
24
133i2
6712
Apr 28
1,800
42l2
13
1378
714
39i2
173s
32%
93
11%
348a
27
Pref A with $30 warr
Pref A with $40 warr
Pref A without warr
9,300
9012
4ig
I3i2
6
36%
45i2
2i2
I8I4
29
4
:
718
2OI4
2i2
12%
1214
12i2
Apr 28
2,900
Air Way El
Appliance.No par
Apr
4% Mar
8% Sept
104% Mar
*4 Apr
74
Sept
13% Oct
2
39",100
60
61%
8
Mar
195 iMar 25
94
z71*4
61
9
5
59
72
21% Jan
Mar 25
28i2
41i2
Jan
June
July 17
92%
x41
June
8
Jan
51
13
59
59
41®4
28
110
91
81
2i2
Feb 14
Feb 28
28
32
1
178
81
2884
4% Mar
84*4 Jan
Aug25
Feb 10
Feb 21
Jan 10
Albany & Susque RR Co..100
tAllegheny Corp
No par
45
4212
355s
F*-b
74*4
137s
100%
35*4
Vlcksburg RR Co..100
Alaska Juneau Gold Mln
10
2834
13i4
54i2
138
1214
2784
3034
9714
162
*147
28%
1278
*80i4
55U
25i2
2i2
1318
26
*28
72
22l2
*42
43
61
118
45l2
4I4
226
Closed
3334
*92i8
23%
*1114
45
100
..No par
Ala &
1534
126i2 127"
126
126
12678
125
126
12614
*1685s 169l2 *1685g 170
♦1685s 169i2 *16858 16912
49
50
48
493g
48l4 49%
4714 4812
88l2 88l2 *85%
87
*86
873g 8712
56i2 67
56i4
57
5684
58
5914
587g
♦13312
135
133% 13312 135
13512 13512
102
♦100% 105
1027g £104% 10434 *102
1045s
Stock
31
2OI4
578
No-par
Mar31
"18,366
2,000
*103
*138
37i8
15%
30
445g
43
42
Highest
S per share $ per share
4%
45i4
44
*42
106
97l2
4i8
4iS
13i2
678
36%
147g
46l2
45%
3512
"8"506
$ per share
Lowest
11014 Aug
59
Apr 28
9% Apr 30
I003g Jan "
1778June
2218 jan 21
*1% Jan 14
7% Jan 2
68
Apr 28
25
Adams Mil lis
182
231
26
29
12%
28i4
No par
100
Year 1935
Highest
81*4 July 22
6% Apr 1
98
Sept 3
17% Jan 23
1512
457g
44%
Range for Previous
100share Lots
$ per share
Address Multlgr Corp
10
Advance Rumely
No par
Affiliated Products lao.No
par
Air Reduction Ino new.No
par
...
*
43g
106
7134
.
1534
182
*226
2%
♦525s
*94l2
58l2
4U4
71i«
6OI4
169i2 169l2
4884 49
*87i2 8978
115s
■
106
55l2
12618 127
*28
'
~4%
233
60
58
Abraham & Straus..
Preferred
Acme Steel Co
Adams Express...
1,400
2%
378
*98
232
29
805s
...
58
4312
4312
3584
4%
100
Range Since Jan. 1
1,600
800
7778
4
*103
4184
133l2 134
•100% 10478
45
"7612
1512
I
4i2
45i2
43%
212
106
60
*138
10,600
7778
233
28l2
127g
96>4
415s
71«4
5978
135s
2I84
27%
231
54
60
800
2114
27%
*2U
*103
*22514 231
28i4
28l2
1284
13
♦795s 81
55
5578
*25i2 26
2i2
2l2
54
"1534
182
"~4%
44i8
*103
""360
21i2
1675
On Basis of
Par
64%
13%
2
Lowest
111% 111%
*63
NORFOLK, VA.
•
EXCHANGE
Week
Shares
27
37g
*98
4l2
4514
45
.
2178
267g
214
4%
182
"4T4
4%
*34%
STOCKS
NEW YORK STOCK
the
$ per share
*56
6I84
6134
2134
*26i2
2i4
*96
15i8
182
43s
Sales
CENT
Friday
Sept. 11
IIH4 111% *11114 1115s
64i2 64i2
63i4
6412
133s
135s
1312
135g
77i2
378
378
*96
15U
*56
7634
214
77
*95
*
62
RICHMOND, VA.
•»
Record—Continued—Page
Preferred
27
4
$ per share
*56
27
77
Sept. 10
$ per share
*2158
*218
Thursday
IIII4 HII4
6412 6412
138s
1334
64
13%
NOT PER
Wednesday
$ per share
*56
62
62
64
SHARE,
for Institutions and individuals
INDIANAPOLIS
-
orders executed
Commission
Bonds, Commodities
for
Tuesday
Sept. 8
Sept. 7
:
& COMPANY
CLEVELAND
••
New York Stock
Monday
•
ABBOTT, PROCTOB & PAINE
Exchange
NEW YORK
Paine
&
17%
109
12%
4
Jan
Apr
Deo
Deo
52
Aug
122% July
109
Deo
Jan
Jan
Jan
6%
70%
110
25% July
50*4
Deo
9%
Deo
4
Mar
Jan
AND
HIGH
Saturday
Monday
Tuesday
Sept. 6
Sept. 7
Sept. 8
Sept. 9
*110
107
*105
*109
117
40
85
*40
42
*40
42
3934
41%
8212
83i2
*10H4 102l2
33i8 3334
*39i2
8378
HOI
33%
23
23
22%
32
3218
27i2
12412
1714
3114
*16%
*31
25
32
32
34%
22%
34%
31%
42
82
83
6%
6%
31%
6%
32
634
35
6%
31%
6%
35
38
5%
5%
5%
9,800
3l2
3%
3%
3%
3%
3%
3
3%
3
3
334
3%
3%
3%
15,000
3
3%
2%
3%
3
56
58
57
55%
58
25%
39%
26%
56%
25%
3S34
56%
25%
43%
56%
39
101
102% 102%
102
102
19
18%
18%
18
18%
17%
18%
18
18
1734
18
1734
1734
*11234 114
*11234 114
21%
21% *21%
21%
*111% 111% *111% 111%
*11234 114
2034 21%
*llll2 11178
100
*99
*39%
*39i8
*95i2
1438
"
-
-
-
*94
*94
96
1434
14%
14%
14%
14%
14%
87%
*86%
87%
87%
*86%
29%
28%
69%
70%
62
21%
21%
21%
61%
61
62
6034
70%
71%
70%
18%
72%
69%
35
Feb 28
85
Feb" 8
1834
3,200
4,500
120
120
43
43
43
43
1634
17%
16%
17%
1634
17%
17
1734
17,800
27
*2534
2634
50
111% 111%
470
93
*90
27
111% 111%
111% 111%
29%
28%
42%
42%
43
92
91
91
29%
79
7934
734
"j. *1%
15%
15%
;
8%
53%
91%
41%
300
29%
29%
8,800
Borden Co (The)
80%
5,400
Borg-Warner
8%
83S
834
8%
81%
8%
5,500
Boston & Maine
tBotany Cons Mills class A.50
*1%
2
*1%
1%
1%
1%
15%
1538
16%
1534
16%
20,300
Bridgeport Brass Co.•__No par
58%
Manufacturing-No par
Briggs & Stratton
No par
Bristol-Myers Co
..5
Brooklyn & Queens Tr.No par
58%
59%
58%
48%
48%
4534
49
50
*49
5034
500
46
46
*45
46
600
*44%
46%
8%
8
41
41
42%
42
42
53
5334
53%
54%
54%
55%
*47%
47%
12
11%
17%
17
108
"l334 *14~
14
1334
10
35%
3034
27%
4%
*12%
*16%
10%
3534
31%
27%
4%
13%
17%
4%
1
1%
4%
.
14%
14%
1%
1%
1%
1434
114% 115
114
113
1
109
108
108
1334
113% 113%
*113% 115
50
49%
5034
47%
11%
16%
*10238 103%
*49
49%
48
48% *47%
12
12
12%
17%
17%
17%
103
103
103
50
*10634 108
*1
*40%
8%
83S
834
8%
1%
10
10%
10
11
35%
36
35%
35%
10%
35%
11%
36%
31
31%
30%
31
30%
31
27%
28
27%
28
27%
*4%
*12%
4%
*12%
4%
4%
*12%
16%
13%
*17
16%
4%
4%
13
*1634
4%
18%
4%
57%
2734
4%
13
19
4%
42%
25,400
1,000
53%
54%
15,100
8%
8
102% 102%
48% 49
48
*47%
12
12%
17
108
14
*115
1%
17%
108
14%
118
4%
18%
4%
4,800
23%
75%
14,000
29%
40%
29%
4034
1%
29%
30%
4034
29%
29%
2938
2934
29%
29%
40%
40%
40%
40
4034
40%
1%
1%
1%
1%
1%
1%
1578
5934
*57
12%
12
49%
50%
51
52
*1534
17
15%
1534
15%
*50%
51%
>
*130
80
54%
*130
135
*101
135
7%
72%
73%
27%
2634
27%
29%
2934
30
1734
5934
12%
38,100
50
50
50%
1,800
15%
*15%
*50%
*99
16
51%
----
934
5,100
310
6%
100
2,900
Central
Central RR of New Jersey.100
107%
*100
105
58%
112
61%
110
6034
111
6234
10334 10334
19%
*19%
20
103% 10334
20
*19%
10334 10334 *103% 10334
19
19%
19%
19%
48
*40
48
*40
48
45
45
*80
82
82
82
*8034
81%
81
8134
80%
81
6678
67%
67
67%
67%
67%
67
67%
67
67%
*1%
178
4%
178
*1%
1%
4%
1%
1%
4%
*1%
4%
5
778
778
8
4%
1%
*9
10
*9%
29%
30
30
2%
2%
2%
46,600
10%
2934
*8
10%
*8
10%
*29%
30%
2934
30
1%
134
134
1%
1%
1%
4%
4
4%
438
14,200
3%
6,700
10%
2,800
7,300
2,600
3%
3%
9%
9
9%
18%
18%
1834
18%
58%
58%
2%
5834
2%
5%
*5%
59%
2%
26
26
334
3%
10
18%
58%
3%
10%
19%
60
3%
10
19
*59
*2%
2%
2%
6%
6%
6%
6%
5%
5%
5%
6
26%
26%
*25%
4%
3%
10%
19%
59%
2%
634
6%
27
11
3%
10
12
19
19%
59
5934
2%
2%
6%
634
6%
684
*25%
27
4534 Mar
83% Apr
36%
Jan
6%
60
Nov
34
Mar
62% Aug
12% Jan
6% Apr 29
934
2
107
Jan 21
Jan 17
7
68
Mar
Apr 14
19% Mar 24
8%June
4
80% Feb
4
57% Sept
8
7
z21
Apr 29
69% Apr 17
29
May
109%
Jan
Jan
65%
Dec
3% Mar
15%
Deo
88%
Deo
21
Deo
96% Mar
38%
6234Sept 11
Mar 13
6% July
Jan
21% Nov
101
112
Sept 10
23
Mar
104% Mar
Jan
3
2
Jan
2
86
Aug 13
4% Mar
36
Mar
37% Mar
19
Aug
2
138May 19
2% Jan 4
6% Jan 15
100
1% Apr 28
2% Feb
4
6
Jan
3% Jan 13
% June
%
1%
12
Sept 11
May 12
12
Jan 31
1
2%
5%
Deo
Mar
5
2
Jan
Apr
1
61% Nov
53% Deo
2% Jan
3% Deo
9
Deo
z35
Nov
Feb
Feb
Jan
2% Feb 11
19% June
% Mar
3
Jan
5% Feb 11
«4 Mar
4>4
Jan
4% Feb 21
1% June
5%
100
2% Apr 27
2% Apr 29
634May
1
12% Feb 21
3% July
10%
Jan
Pneumat Tool-No par
12% Apr 30
4% Mar
20%
Deo
preferred
40'4May 4
1% Apr 23
2
9
5434
Deo
Preferred
Conv
126% Nov
35% Mar 13
57
Feb 21
100
100
100
hlcago & North
hlcago
Deo
111% Nov
1% Apr 30
Preferred
1,200 JChlo
7%
200
July
8%
25% Jan 6
35
Apr 28
6
6938 July 15
30 JChlo
Ind & Loulsv pref. .100
5
1,200 Chicago Mail Order Co
3,700 JChic Milw St P & Pac.No par
3,300
4,600
Aug
95
Dec
6234 Nov
32% Jan
100
Preferred
1%
11%
Great Western
licago
11%
30%
2%
6%
14,000
11
88
Mar
7
Nov
22% Feb
51
111 Ry Co
preferred
100 JChic & East
2,800
Feb
85
82%
59
14,700
2%
3%
5
10%
9
1674.
2
4%
Nov
22%
No par
Common
1,400
9%
10%
2934
3%
26
*1%
5
100
preferred.
6% prior pref
100
Pap & Fib Co 6% pflOO
100
2%
3%
For footnotes see page
2
7%
Nov
48
55
May
97%May
180 Champ
Oct
14
Feb
4% Mar
32%
1
54
47%
Certain-Teed Products.No par
7834 Apr 15
Jan
35%
Century Rlbb on Mllls.No par
Preferred
100
600
July 15
Oct
1384
40%
19% Apr
16% Nov
Cerro de Pasco Copper.No par
9
4
6
6
45
June 22
143
8%
31% Feb 19
81
Sept 10
1,300
1,370
2.230
186
7
Jan 16
3,400
16,200
2
1%
3%
1%
*1%
434
*40
Aguirre Assoc .No par
934 Feb
6
2134May 22
19
Apr 30
2,300
58%
Jan
5434
7934
104%
92% Jan
116
par
44
57%
634May 22
56%
Oct
Apr
30
18% Feb
52% Apr
Oct
Deo
June
50
9
24
18
20
21
19
par
33%
103
Aug 20
Feb 19
Sept
par
79%
934
17%
16
JCelotex Co
33
58%
33% Nov
8% Sept
52
8
Jan
1%
634
60
12%May
"42% "Feb
% July
2% Mar
7% Mar
1% Feb 10
6
Jan
37
Celanese Corp
44'
30% Aug
14
10% Jan 20
Apr 30
54
Caterpillar Tractor
33%
Mar
3034 Aug 22
Aug
45%
105
4334 Aug 10
Aug
33
9%
30% Apr 30
% Jan 2
99
4434
8%
8%
8%
8%
8%
107%
107% *100
107% *100
54
54%
54%
54
5334
10%
958
10%
9%
9%
9%
Dec
102
80%
*7%
66
4
45%
53%
Jan
32
8
No
of Am.-No
....No
preferred
Jan
3% Nov
75% Sept 11
4
33%
*40
*5%
•1,400
20,300
Jan
22%
54%Juue 16
22
Apr 30
Jan
100
Jan
Mar
10
10%
20%
Jan
Preferred certificates..-.100
Nov
3%
Apr
25% Feb 13
91
1
1434 Nov
28
1% Mar
11% Mar
4534 Jan
Corp.
Deo
24% Nov
5%
6% Mar 20
87
10
Stamped—
Case (J I) Co
27%
2934
Mar 24
100
Preferred A
1,100
26%
29%
2
Deo
934 Nov
97%
14% Nov
13% Mar
1
Apr
Mar 23
Carolina Clinch & Ohio Ry.100
Carriers & General
*19%
*2534
1
Capital Adminls clA
3,100
______
Jan
9
19
10% Apr 30
8
156% 158
8%
Deo
100
8% Mar
18% Sept 10
8
*12634 135
73%
73%
Apr 27
2
Deo
8%
2% Mar
334 May
6
79%
57%
5
Mar
11%
6
Mar
Jan
45
104
1% Aug
14
30
32%
55
23
Campbell W & C Fdy__No par
Canada Dry Ginger Ale
5
Canada Southern.
100
Canadian Pacific
25
Cannon Mills
No par
7934
7%
3% Mar
15%May 5
Sept 10
115
Apr 13
40% Apr 2
4534
7%
5434
6234 Mar
6
8
81
Aug 25
July 22
Jan
33
*100
105%
58%
10334 10334
2%
10
------
1
7934
58%
*5%
800
No par
No par
33
7934
17% Sept 10
6
120
30%
3% July
4% Mar
Mar 23
13
Cop.26
102
74
56%
16% Apr 29
Calumet & Hecla Cons
*101
27%
71% Aug
6334 Aug
2
2% Jan
Aug
100
Jan
Mar
Jan
25
Deo
4634 Aug
Mar
123
8% Apr 30
38
53
7
8
Dec
43
Mar
Jan
5%
90
110
July 15
Dec
7
8
85
Oct
..
42
Jan 31
Apr
107% Sept
9%
May
Oct
55%
65% Jan 15
104
100
14
36% Maf
55% Sept 10
24% Mar 23
Callahan Zinc-Lead
102
73%
51% Mar
Apr
13s
14% Apr 29
2% Jan 2
44%
105
*1%
3%
2,500
68,400
12%
26%
30
17%
9,300
1234
*12634 135
12% Mar
ctfs.100
5
No par
Byron Jackson Co
California Packing
35
15734 158%
,
3,100
1,800
17,100
3434
50%
4
7
2
Jan
3038 May
-100
Butte Copper & Zinc
1%
35
*57
100
Debenture.
Bush Term Bldg gu pf
40%
11%
18%
No par
fBush Term
1,890
11
5934
55
97% Feb 4
44%May 11
47%Sept 2
8%May 19
8% Jan 2
1
Budd Wheel
Byers Co (A M)
Preferred....
11%
*99
-
-
7334
29%
54%
934
-
7334
80
*100
50%
51%
<-
27
33
46
7%
107%
*99
*100% 102
8
734
158
159% 159% T57
7334
27%
30
32%
*50%
*99
10034 101
8
7%
7%
135
*44%
7%
*57
1634
51%
*155% 158
7334
2634
2934
12%
49%
*100% 101%
*130
1738
17%
5934
12
12%
49%
____
7%
17
*57
5934
12%
23%
Apr
50% July
Burroughs Add Mach..No par
74
15%
17% Nov
800
74%
x35
8% Apr
24% Feb
6
4
24
5
5
5,200
23%
11%
Deo
18% Feb 13
2
4%
7034
35%
preferred
Second paid rights
Deo
Deo
234
4%
70
11%
7%
No par
100
8%
% June
3138Sept 5
33% Feb 13
22%
35%
100
100
7% pref. new
7% preferred..
Budd (E G) Mfg
70%
3% Feb 14
37% Aug 20
69%
11%
5
Bucyrus-Erie Co
2734 Nov
Jan
334 Mar
4
11% Jan 10
71
35%
17%
Bruns-Balke-Collender.No par
Mar
28%
Jan 30
11%
20% Apr 28
22%
11%
A .No par
Brooklyn Union Gas...No par
Brown Shoe Co
No par
21
83% Mar
No par
21%
35%
1534
$6 preferred series
3238 Aug 10.
2
69
40% Jan
Jan
July
100
4734 July
Jan 17
33% Jan
Deo
Dec
59%
Jan
47%June 30
No par
Dec
90
22%
Dec
64% Mar
4% Jan
Nov
17
23% Aug
114
90
43% Apr 30
41
27% Sept
,
38
No pa
No par
*17%
Oct
Deo
Jan 15
45
Bullard Co
69
11%
1/12% July
Bklyn Manh Transit..No par
Preferred
63% Mar
Bulova Watch
10
57% Nov
Jan
39% July
5,500
69
35%
Briggs
6
7
4,300
100
1434 Nov
117% Mar
24%
2234
103% Jan
28% Mar
6% Mar
31,700
13
Sept
1434 Mar
9% Mar
16% June
6
11%
13
33% Sept
95
Sept
15% Mar
36%
2178
11
700
Feb
34
30%
27%
1034
68
34%
81,000
Nov
11% Mar
3534
23
11
330
20% Nov
108% June
79
30%
27%
22
138
5,900
43,500
3,700
21%
4%
100
1%
4%
2134
.
600
2,300
Oct
Jan
100% Apr 13
6
15%
59%
Deo
May
1
2
31% Aug
Jan 21
Apr 27
1% July 16
100
2
49
1434
115
11% Mar
20% Feb 19
64
15%
11,100
Nov
72
29% Aug 25
113.
Jan 6
99
Feb 28
June 30
10
Corp
100
58
Aug
25% Jan
41
29%
8034
8%
41
80% June
39
41%
8%
77% July
16% Apr
-—15
Class B
41
28%
80%
40%
16%
*99
5
23
No par
No par
Bon Ami class A
81%
Closed
Labor Daj>'
12
16
*51
130
'
107% 107%
12
49%
*15%
8,000
5
Boeing Airplane Co..
Bohn Aluminum & Br
41
46%
5034
47%
1178
..100
Preferred.
2S34
*102
102
*57
18%May
109% Jan
4034
58%
4834
40%
53
1%
Bloomingdale Brothers.No par
8
8
24
11
30
20
12
80%
15
Exchange
*3934
*47
3
28%
Stock
4834
5034
123% Sept
48
Apr
Jan
14% July
41
734
59
'
8
107% July
No par
Blaw-Knox Co
81
*1%
49
;
43%
91
Deo
15% Nov
88
"33"
8
20
preferred.-.--100
preferred
Bigelow-Sanf Carp lno.No par
29%
2
8
43%
92
Sept
19% Sept
80
734
*46 T
43%
92
■
Dec
116
72% Sept 11
16% Apr 28
28%
41
29
58%
43%
92
28,100
2834
43%
*91
7%
62
7
Jan
Sept
14
45% Apr 30
40%
40%
■is,*48%
27%
'
6%
48
18
25%
49% Aug
100%
Mar 11
(Del).No par
new
Blumenthal & Co pref100
93
28%
2834
4234
43
92
800
.2738
27
2934
29%
*90
92
*89
92
*89
92
*25%
111% 111%
27
*2534
No par
Best & Co
43
*HH4 11134
*90
Beneficial Indus Loan..No par
21% Jan 20
20
Jan 18
Dec
5% Mar
Jan
Jan
6%
June
10734
Dec
~40~
Feb
3%
32
Jan
5%
Feb
7% Mar
9% Mar
36% Mar
106% Mar
4
89%May 5
3134 Apr 15
24% Mar 5
5
Beth Steel
43
a27
June
3,100
43
30
83
5
Aviation
1%
7% Apr
16% Mar
2
52,200
234 July
39% July 16
97
Sept 4
13% Jan
Belgian Nat Rys part pref
2,300
63
26
20
Bendix
35% May
lll%May 29
105
July 30
Belding Heminway Co.No par
3,000
Oct
Jan
Jan 24
8
z20
Apr 8
19% July 13
114% Jan 15
Beech-Nut Packing Co
10,500
Deo
14
20% Mar 19
Aug 18
1678
*2534
Jan
Mar
45%
102%Sept
8
2
8
Jan
Sept
19%
5% May
26%Sept 10
40
Sept 8
100
120% 12034
1834
1834
1834
1834
120% 12034
18%
18
107
—.25
100
Creamery
Preferred.—
Nov
115
15
49% Feb 28
118
July 2
3
3
6
10
6
26
May
"48%
Jan
Mar
Jan 15
334 Apr 22
Sept 8
58
Sept 8
S5 pref ww
—No par
50
Beech Creek RR Co...
43
120% 120%
preferred
Beatrice
16% June
110
May
4
6% Feb 24
200
62
70%
*61
71%
18%
1878
29%
2134
32% Apr
58
300
42%
120
102
1st
2134
2834
5
No par
100
Bayuk Cigars Inc
-
13% Jan
82% Jan
14% Jan
100
6 M % consv preferred
Barnsdall Oil Co
1,200
110% Sept
No par
Barker Brothers
100
14%
21%
2934
21%
21%
58%
4178 Jan
Deo
Deo
28
Oct
7% Mar 18
2% July
2% July
.-—100
___
17%
19%
Mar
Mar
IO634
54% Mar
29% Apr 30
33% July 8
1578 Apr 30
21
Apr 30
100
Preferred...—-100
87%
*86%
2834
3
6
20%
30% Feb 14
5
46%
assented
92%. Dec
37% Jan
19% Apr
Feb 18
5%June 30
Bangor & Aroostook
50
Preferred—- „——100
600
29
'
Pref
12,600
95%
*86%
29%
16%
;
-
Pref erred...
Deo
Deo
66% Mar
126% Apr 18
29%June 30
3
Apr 9
Works..No par
Deo
44
60
June 12
73
100
Feb
2934
8
11
21
11
11
10
115
par
Baltimore & Ohio
230
96
35% Apr
par
Assented..
3,700
.—
Loco
Baldwin
59,100
10,100
2,100
111% *11034 11234
29%
4218
■l!
«,
96
45
95%
21%
58%
6834
1878
\
101
*39%
-
39
14%
2912
2H2
57%
120
-
.
38
95%
14%
96
*86i2
;
*99
100
100
26%
19
19
18% 19%
10034 101%
10034 10034
17%
17%
17%
18%
18
17%
17%
*17%
*11234 114
*11234 114
2034
Z2034
2034 21%
*111% 111% *111% 111%
*99
*99
100%
100%
*39%
*39%
111
101%
18
53
25%
26% Sept
39
Sept
10%
Aviat Corp of Del (The) new. 3
3,800
4,000
1,000
53
*52
460
44%
44
43%
43%
110% 111
*18
18%
110% 110%
19
*55%
26%
39%
25%
3834
3934
*43
44
44
11034 11034
183s
40
*50
26
52
55
53
57%
57%
4338
i
No
Automobile—No
Austin Nichols—
No
Prior A
No
3,700
5%
24i8
38%
35% Feb
June 26
14
5%
65
10634June
Jan 17
26%June
5%
*56
48
xll2
par
3478
3%
13% Apr
26%June
par
5%
35
Apr
11
Atlas Tack Corp
5%
33
2
21% Apr
Auburn
5%
33
Jan
88% Aug
Mar
3534 Mar
51% Feb 10
112%May
... .
Aug 18
119
2
2
24
22
24
4
22
59
Jan
90% Jan
2,200
5%
*32
•
_
.
,
1834 Nov
109
Sept
48
IO984 Apr
Feb 21
May 21
3,500
634
35
6l4
6i8
98
Oct
Nov
7% Mar
80% Apr
___
32
7%
35
32%
22
90
Apr
70
108
36
9%
334 Mar
22% Feb 27
May 13
Sept 8
3
Jan 20
Oil
.
$ per share
12% Apr 30
103 June 19
100
.100
6% 1st preferred
Associated
Highest
$ per share
95
25
7,300 Atch Topeka & Santa Fe--100
Preferred..
.—-.100
400
21,600 Atlantic Coast Line RR—100
2,820 At G & W I SS Lines. .Aro par
Preferred.....——100
5,200
,
25
7,600 Atlantic Refining
4% conv pref ser A
100
——No par
""560 Atlas Powder.
20 Preferred.
.....lOO
30
Lowest
$ per share
8% Jan
No par
100
Dry Goods.
1
7% 2d preferred
*46
83%
31%
32%
Associated
400
102% 102% *102% 103
33%
34%
3378
3478
23%
26%
23% 2434
35%
39
34% 35%
2778
28%
2734
28
101% 101%
33%
18,800
*110% 117
28
28%
27%
28%
*110% 112
*110% 112
*110% 112% *110% 112
67
67
*65%
68
65%
66
*66%
6634
124%
123
123
*122% 124% *122
123
123
18
1834
16%
17%
16%
16%
16%
16%
27i2
H2I4
*66
*123
83%
81%
101
34%
22%
32
82
Preferred
Highest
$ per share
Artloom Corp..
100
21%
20%
109
117
3,400
1634
100-share Lots
Lowest
109% 109%
2134
2078
2178
107
*110
On Basis of
Par
Shares
110
Range for Previous
Year 1935
Range Since Jan. 1
STOCKS
EXCHANGE
Week
share
*93
108
107
107
per
16%
1634
1534
108
*110% 117
117
*111
21
22
21%
20% 21%
*103i8 107
$
$ per share
16
108
*93
108
*93
108
15%
16%
16%
16%
16i2
*93
$ per share
$ per share
$ per share
$ per share
Friday
Sept. 11
Thursday
Sept. 10
NEW YORK STOCK
the
NOT PER CENT
SALE PRICES—PER SHARE,
Wednesday
Sales
for
LOW
1936
Sept. 12,
New York Stock Record—Continued—Page 3
1676
....
Western.100
No par
Rock Isl & Pacific. .100
preferred
—100
preferred
100
2538May 13
3% Apr 24
3% Apr 28
19% Jan 2
31% Jan
20% Jan
60
Sept
6
20
Mar
Jan
8
«4 July
2%
Jan
8
Jan 11
Deo
July 15
1% Mar
1% July
4%
8
4
Jan
9% July
1934
Dec
3
Feb
3184 Apr
1
Volume
LOW
AND
New York Stock
143
HIGH
SALE
PRICES—PER
Tuesday
Sept. 5
Wednesday
Sept. 7
Sept. 8
$ per share
$ per share
$ per share
21
8%
21
9
.
»
Sept. 9
Friday
Sept. 11
$ per share
8 per share
$ per share
Shares
20*4
22
9
35
9*8
*33
377g
37*2
3734
*4934
mi
*57
*126*2
12412
56*2
15*8
*101
104l2
5678
5758
58
124
56*2
1434
'
6*2
111*2 111*2
27*2 27*2
634
678
678
2834
30*4
29
*28
29
29
32
*30
32
31*2
29%
*285g
127
38
38
127
*45*4
46*4
2U8
213s
105*4 105*4
102
.
102
80*4
8034
123*4
16
16*4
3*8
37*4 38*4
*45*4 46*4
21*4 21l2
10538 105l2
103
121
.121
16*4
3*8
3*4
1658
3*4
72
72
72
72
*7*2
3334
77g
34*4
7*2
34*2
7*2
29*4
26%
2734
27
28
28
31*2
30
31
2834
29*2
420
28*2
28%
127*4 127*4
900
37*4
*45*4
*28%
*126
2934
128
3758
39
38*2
39*4
46
46*8
46
46%
400
21
21*2
20*2
105*2 10558 10538 106
*102
10234
10234 10234 *102
10234
79
£78*4
79
7834
7934
7934
7*11534 116*2 rll7*8 117*2 *113
115%
8078 81*2
81
8H4
81%
81*2
122
122
12134 12134 121*2 121*2
*121*8 123
121*2 12134 121*2 12134
16
16
16*4
16*4
1578
16*8
3*8
3*4
3*8
3*4
3*8
3*4
£69
7034
69*4
69*4
6834
69*2
*7*2
8
7%
8 •
7*2
8%
31,000
34
35
34*8
34*2
20
3334
82
82
*76
80
80
80
*78
5
5
5
5*8
18*s
5
4%
434
478
£17*8
17*4
1734
18*4
4358 443s
43*2 44*8
106*4 106*4 *106
107*2
6*4
634
634
7*8
12l2
1234
123s 1234
17*2
44
7458
84
1734
1734
44*8
4438
108
*106
6
6
12*2
12*4
*105
*7
7%
334
173g
21*8
1734
21*4
2
2*8
91*2
*89*2
7184
2134
18
Stock
12%
Closed
*7
*2
18
2158
2078
173s
18
91
715s
2I84
72*4
2134
7212
*70*2
♦105
%
7134
2134
10
2*8
4,000
3
30%
6,000
13,400
3134
1,600
72
220
33
33
33
33
33
32
32%
66
66*4
663s
663s
67
67
67*2
68
68
68%
♦105
278
30
3134
*68*2
67*8
67*2
*158*2 161
*158*2 161
*158*2 161
5
5*8
5
5*8
5*8
5*8
36*8
36*8
36*8
36*4 *36*8 36*4
33*2
34*4
32l2 34
3212 33
7934
80*2
79*2 80
79*4
8034
"53
10,500
2,000
40
32*4
527s
2
3978
3
30*2
m
5*8
.
36*4
3334
32%
76*2
53
53 3g
53 58
49*2
49%
120
I84
1134
11*8
1097g
37*4
*118*2
1%
*11*2
11
106
*3684
203g
203s
109*2 109*2
634
6*2
19
19%
*59
*534
65
*39
109*8 109*2
634
6*2
19
19*8
109*8 109*8 *109
109%
6*2
634
6*2
6%
19
19*2
19%
19%
64
*59*8 64
*59%
40*2
*38*2
40
40
40
40
64%
64
64*2
64
64
64
1734
18
18
18*8
18*4
18
18
74*2
29*2
25*2
48*2
2034
6*4
6
59
173s
48*2
2034
59
6412
„
20
2,800
100
2
7
75*4
29*2
2534
7478
2934
2534
47*2
2058
658
75*4
74%
75
2934
29*2
2534
48*8
2034
684
29*2
7314
2934
25*2
47*4
20*8
63s
74*2
2934
26*4
48%
20%
634
49*2
21*4
634
26*4
4858
21*8
634
26*4
49*8
21*4
684
31
May 20
42*2May 26
2
100
90*2 Jan
2
100
___■
Jan
8O34 Jan
6
44
9
Jan
100*4 July
55
7
Jan
9
1105s Jan
9
Jan 10
97
14*4June 26
Jan 15
36
Mar
87
Oct
48
June
48
June
July
5284
126
Deo
May
72*2 Nov
93
Deo
5338
58% Deo
110
28
107*4 July 13
103
Aug 24
81*4 Sept 8
118
Sept 8
8234May 8
123
July 22
122
July 22
245s Feb 21
512 Feb 17
,
Aug
Apr
15*8 June
149
"*4*4
*147
5%
'
*4*4
17
56
*10
56
333s
33*2
Mar
50
Deo
69'4 Mar
109
Deo
684
800
Jan
14934
148*2 14834
5*2
17,
*4*4
*10
*53
56
34
40
900
900
100
5
Mar
10s4
Feb
7
Feb
65s Mar
7
Jan
40*4 Deo
48*2 Dec
338 Mar
400
25,000
25,700
30
50
Deo
3512 Mar
1584
90*2
Deo
31
83
Deo
Mar
Oct
39**
Jan
58
Oct
56*4
Feb
72
Aug
110*4
Dec
11512
9778 July
16*2 Oct
105
»4 Mar
3
Jan
Oct
23%
Jan
71
Oct
11
Deo
27
Mar
4584 Nov
No par
16
2
2534 Mar
331* Jan
133s Jan 22
9
Feb
15
24
Nov
7
Mar
21i2 Nov
58*2 Sept
11*4 Nov
Jan
Aug 28
8
No par
June
3
100
6 584 June 24
78
100
72*4
731*
438
1514
27*4
Prior pref ex-warrants
-100
Consol Film Indus
1
Preferred
No par
-
Consol Ed Co of N Y..No par
$5 preferred
No par
Consol Laundries Corp
5
Consol Oil CorpPreferred
No par
No par
Class B
No par
Preferred
,.100
Continental Can Inc..
..20
Continental Diamond Fibre. .5
Continental Insurance
2.50
Continental Motors
1
Continental Oil of Del
Continental Steel Corp .No par
Corn Exch Bank Trust Co_20
Corn Products Refining
25
Preferred
102
62
Mar
85
Mar 24
69
Nov
82
Feb
85
Mar 25
72*2
Oct
80
Mar
Apr 30
Apr 30
Apr 30
7*s Feb 13
20*8 Feb 13
3
Jan
Jan
6
6*2 Aug 17
3sMay 5
2
June 18
12*4June 18
1584May 14
103a Jan
15s Jan
67*4 Jan
6
2
3
67%May 7
17*2 June 30
351* Apr
2*8 Apr
28*8June
27
July
55*4 Apr
63% Aug
30
6
9
30
22
158
4
Aug 20
July
35
Mar 27
$2.25, conv pref
par
No par
w
w.No par
Crown Zellerbach
Preferred
Cuba Co
100
(The)
No par
100
10
Preferred
Cudahy
100
7,100
21,100
106*8 June 30
11*2 Feb 5
15s Jan 16
43a Apr 18
20*2 Apr 17
26*4 Mar 9
19*8 Mar 3
234 Feb 21
96
Sept 11
87*4 Jan 13
243s Mar 5
46
Feb 11
4
Mar 20
155s Mar 16
435s Jan
45*8 July 29
46*4 July 22
Jan 27
7*4May
Apr 30
95*2 Apr 29
13s July 13
10*8 Apr 28
6*8 Jan
63*2 Jan
38*2 Feb 11
46
Apr 8
69
Jan 14
82i2June 18
168*2 Apr 15
73s Mar
6
3734June 19
3538 Sept 1
8034Sept 10
4778 Apr 28
Preferred—
122
Sept
—-1
8% preferred..
Cutler-Hammer Inc
No par
No par
5
Co
No par
20
Preferred
Del8el-Wemmer-Gllb
Corp.10
Delaware & Hudson
100
38,200
Delaware Lack & Western..50
1,600
Denv & Rio Gr West pre! .100
4
Jan 15
10*2 Jan
6
59
Jan
7
Jan
2878 Mar
84 Jan
15*8 Mar
4H4 Mar
Oct
148*4 Oct
4*8 Mar
3578 Jan
ID4 Sept
23i2 Mar
43*2 Jan
2% Feb
1
Aug 27
9*4 Mar 11
21*8 Mar
9
Jan
5
18*2 Feb
14*4 Mar
90
Mar
47*2 Apr
110
—1
Dec
6234
60
Jan
5*8 July
40*2 Jan
37
Deo
15
Mar
89i2 Mar
2
Mar
6*4 Mar
Sept 9
36*sMay 17
43*4 Jan 6
7% Apr 27
52
Jan 7
Jan 21
73
Mar
70*2 Jan 27
65*2 Aug 28
18*4 Sept 10
89*4 Apr 6
61
27
31
Jan
2
19** Apr 28
3684 Jan 20
1478 Apr 30
43g Jan
4
7*2
22i8
Jan
Feb
63s
Deo
12*4 Deo
101*8 Deo
Jan
4*2 Mar
58 Apr
46*4 Jan
Jan
3484 Nov
105*8 Nov
8*4 Deo
ls8 Nov
Aug
14
35*2May 26
1678June
——
Dec
5434 Sept 11
99i2 Mar 13
Curtiss-Wrlght
22
Feb
Mar
Mar
74i2 Mar
3*2 Mar
par
Cushman's Sons 7% pref—100
72*8
1*2
6**
100*2
2*2
%
8
July 22
1034MaT
No par
50
3*4 May
14*4 May
1578 Feb
74
23*8 Deo
ll7s Dec
178 Deo
69
Deo
99*4 Nov
20*2 Dec
4478 Deo
234 Nov
35
Deo
69'4 Deo
783s July
165
May
75s Deo
3978 Mar
193s Deo
4878 Nov
48
Nov
5334 Sept
109
10978 Sept
44i2 Jan 14
24*4 Apr 13
Packing
Class A
4484 Sept 3
109
July 14
7*8 Sept 10
15*4 Mar 6
30
100
par
Jan 15
Jan 27
378 Apr 28
11*2 Apr 30
101
Feb 17
Nov
Feb 13
No par
Cream of Wheat ctfs__.No par
Coty Inc
Deere &
700
149
149
*145
149
400
34
26
25
21
*19
*52
40
3334
*4
5*2
17
*10
55
*52
3334
33*2
40
*4
5*2
Feb
7
26*4 Sept 9
52
Feb 20
23*8 Feb 20
9% Feb 7
100
9*8
38
Deo
Deo
Deo
105*4 Deo
2*8 Dec
14
Deo
8*2 May
80'4 May
47*2 Jan
2434 Nov
105*4 J*m
4%
Deo
12*4 Deo
£95
Nov
June
75
Nov
16
Mar
47
Dec
6
June
2234 Mar
10*2 Deo
6884 Nov
19
Jan
28
1878
Dec
24it Deo
43*2 Jan
19*8 Jan
23*2 Mar
11
Mar
Sept
Feb
5
Deo
100
128
May 12
153
Feb 17
65
Mar
130
Deo
60
Jan 24
65
May 12
45
Apr
45
2
Aug
6
Jan
Oct
19
Deo
6038
Jan
Detroit Edison
;
Det & Mackinac Ry Co—100
5*2
17
*10
17
56
33*2
39*2
*52
56
25*8
33*2
*39%
24%
25%
*19
21
500
•
33%
800
73*2
4058
405s
*39
43
4078
41
4034
41
41
42
22l2
*215s
22*2
21
2U2
21*2
%
138
2334
34
13s
678
23
23
1,100
2,500
1
300
1%
100
6*4
14%
5,700
1
39*4
5678
10*4
71*2
2538
39*2
2458
21
19*2
19*2
57*4
5634
5634
5634
10*4
73*2
10
10
73%
7434
40
700
8,400
4
Apr 29
5% non-cum preferred. .100
Devoe & Raynolds A..No par
13
42
June 12
Match
158% 1587s
78
*34
1%
*13s
160
*12934 130
*10
10*4
72%
72*4
57%
6
13*2
«.«•••.
163
1
178
638
634
1338
13*2
*115
163
*
6*2
*1378
1478
*115
16378
162
*%
*1*2
*
*6
*14%
1*2
No par
33
Aug
38
Jan
12978 12978 *12934 130
12934 12978 *129% 130
11312 113l2
11334 11334 *113
113*2
113*2 113*2
*16
*16
*16
18*2
17*2
*16
17*2
17%
83s
83S
8*4
8i2
8*8
8%
8%
8*8
176
178
*177
176*2 177
177
178*2 177
113l2
17
83s
*175*4 176
♦161
163*2
37
37*8
12*4 423s
4238 4278
♦lllSg 11212
161
37
161
161
161
14*4
see page
373s
3634
37*4
13
123s
41*2
4278
11212 113
14
1378
12*4
413s
4212
1674,
113
1358
125S
113
14
161
36%
11*2
4158
161
3678
12*4
42*2
*111*8 113
1358
14*4
*159
163%
36*2
11%
3 684
41
42
113
113
13%
12%
13%
Jan
3
5*8
6
8
40*2 Jan 25
6
3512 Aug
26*2 Jan
343s Jan
2
33
43
Aug
345s Jan
No par
Dome Mines Ltd
600
No par
Dominion Stores Ltd—No par
4U* Jan 2
784 Apr 28
61*2June 4
1178 Jan 23
29,600
Douglas Aircr Co Ino..No par
50% Jan
6
793s July 30
34*8 Jan
684 May
17*2 Mar
278 July 10
29
Jan 6
5*2 Jan 10
6* 3,6 July 30
42
Sept 11
13**2
100
No par
Dixie-Vortex Co
2,200
200
Dresser (SR)Mfg conv
A No par
Convertible class B_.No par
Duluth S S & Atlantic
100
100
Preferred
%May 20
Duplan Silk
1
1*8 Jan 6
478 July 10
No par
Dunhill International
13*8 Aug 27
21
25*4 Aug 7
134 Jan 15
3
9
8
30
16734 July 29
7
133*8 Apr 1
11534 Feb 14
—
—
114
12
11
1
25
Jan 13
978 Feb 11
28
185
Aug
24
166
Mar 13
6
28
27
23
30
8
37l2Sept
13
Sept
44% Feb :.9
114
Feb
6
173s Feb
4
Mar
638 Mar
Nov
44% Deo
1258 Jan
583s Deo
"32"
1
*4 June
138
8*4
2
June
1234 May
103
Mar
865s Mar
Nov
17*2 Deo
*4 June
Jan 15
8*4 Mar
Feb
-.100
Du P de Nemours(E
41
4112 May
38*2 Deo
June 19
I)&Co.20 133
Apr
400
6% non-voting deb
100 129
Feb
120 Duquesne Light 1st pref—100 £111% June
Durham Hosiery Mills pf.100
13
Aug
5
"ijoo Eastern Rolling Mills
5*2 July
900 Eastman Kodak (N J) .No par
156
Apr
40
6% cum preferred
100 152 July
5,600 Eaton Mfg Co
No par
28** Jan
12,900 Eltlngon Schild
No par
684 Apr
23,800 Eleo Auto-Lite (The)
5
3034 Apr
Preferred
210
.-100
110*4 Jan
3
14,500 Electric Boat
10
Apr
~6~G00
Dec
Apr
4034 July 18
18*4 Jan 17
11534 July 28
Preferred
162*2 165
10
213g Jan 31
58*4 July 27
18*4 Apr 30
19*4 Aug 28
40
Aug 10
1151
164
Jan 10
Participating preferred—.25
Ltd No par
Diamond
Distil Corp-Seagr's
Rights
78
*115
footnotes
57*4
1038
7434
*138
5*4
*13*4
1%
5*8
13*2
*115
For
Deo
29i8 Jan
578 Mar
Class A
14*8
21
17*2 Deo
101*4 Nov
4978 Deo
8
5,400
5658
1038
7258
8*4
Jan
Deo
12*4 Feb 27
Davega Stores Corp
5634
1034
7378
*16
29
2212 Deo
4412 Jan
1,500
2,200
56%
*1038
*113
5i2
82
7,800 Curtis Pub Co (The)...No
*39*4
255s
*19*2
*138
5*8
*13*8
978 Nov
*8 Mar
7
390 Cuba RR 6 % pref
5,200 Cuban-American Sugar
26*8
20
*78
107*4 Deo
3078 Aug
■9
28
2584
*19*2
*21
Dec
Jan
9
Det Hillsdale & SWRR ColOO
149
40
21
101
4
11
22
23
Aug
20
Jan 11
Mar
89
80
'
*10
6*2 Nov
2758 Deo
•
Dec
48** Deo
2834 July 20
9% Feb 19
136*2 Aug
£45*2 Jan
51*4 Jan
23*8 July
Deo
May
2*4 Apr 30
5914 Apr 28
7
July 3
14,600 Crucible Steel of America—100
30
64%
2
Jan
preferred
Commercial Credit
112
36*4 Feb 20
37% Mar 11
Jan
5%
9378
2478 May
100
2758 July
8
49
16
Preferred series A
5834 Sept
2
94
14 /
Sept 8
5778June 5
20*2 Jan 6
106*2 Feb 28
2
100
102
1~900
40
-
6
2378Sept
21i2 Jan
19*8 Jan
Cr W'mette Pap 1st pf.No par
y to. No par
"
-
*10878 109*2
6*2
19*8
1938
*59
62l2
*38*2 4012
6312 64l2
*17
1738
74*2 75
*29
2912
25*2 25*2
477g
500
53
"
3
Jan
358 Mar 16
Columbian Carbon vtoJVo par
Col Pict Corp v t e
No par
$2.75 conv pref
No par
Columbia Gas & Elec__ Aro par
$2.70 preferred
53
5334
8*4
100
4,300 Crosley Radio Corp.—No
No
9,500 Crown Cork & Seal
78%
53%
*105
*106*2 108
*105
878
878
85g
834
85S
8~s4
834
8%
4934
51*2
53 I2
5034
5134
5178
52%
5434
*122
11978 122
122
123*2 122
122*2 123
1*2
1*2
1*2
1*2
158
134
*1*2
1%
11
11
11
11*2
1058
1034
10%
10%
1034
11*4
1078
1078
103g
1034
10*2
10*2
108*2 10884
109
107*2 108*2 109
107*2 107*2
39
37*4
37*4
*37*8
*37*8 39
*37%
38*4
20
20*4
20*2
2038
20*4 2138
21
20*2
87S
*
"euoo
*105
__
*884
900
3,800
158*2 161
5*8
36*8
9,100
68
6738
107*4 Jan
100
5% preferred v t c
,.100
Container Corp of Amerlca.20
Continental Bak CI A ..No par
6,900
40*4
25g
Preferred
Colorado & Southern
550
4,100
72%
2184
2934
~52%
1834
71%
2134
39%
No par
June 30
Aug 14
39*2 Apr 30
Consol Coal Co (Del) v t 0.25
72%
2134
234
31*2
Preferred
Colonial Beacon Oil
2,700
96
40*4
100
4,500
94*2
3934
25s
30*4
100
No par
7*8
%
%
4
94*2
7234
2134
3978
234
313s
13
Consol RR of Cuba pref...100
1 Consolidated Textile. .No par
94*2
71%
*21i2
39*2
258
3034
No par
"500
2
31
125
4*4
19*4
21*4
17%
17
39
66*4
6734
68
*158*2 161
5
5*8
36*8
36*8
3384
34
76*2
78*2
106
2078
39
*66
7
12%
2
Jan 31
55% Jan 16
Prior preferred!
12,500
4,700
21,300
3,200
20,000
38,200
5%
1834
43%
106*2 107
4278
17*2
1834
2%
30*4
234
478
18*8
17
94
50
60
21
Jan 15
84
Congress Cigar.-
82
58
4*4
1834
2138
4
Feb 20
124
Deo
Nov
Connecticut Ry & Ltg pf._100
73
7
May 18
50
2
100
Consolidated Cigar
Preferred.
110
*105
87
No par
300
82
7*4
Mar
70*2 Feb 7
129
July 28
600
16*4
*78
106
46
Feb 26
_
10%
6%
7
4
July
Apr 28
par
Oct
12*4 May
Mar 30
100
Mar
12
80
'8
111*4 Aug 13
48
^Colorado Fuel & Iron .No
31
69'4 Sept
3*4 Apr
May
Deo
9
Feb
97
107*4 Jan
33
3134
26
9
46*8 Mar 24
82
500
$4.25conv pf ser of '35No par
15,500 Commercial Solvents*-No par
42,900 Commonw'lth & Sou. .No par
$6 preferred series.--No par
2,100
1,700 Conde Nast Pub Inc
No par
5,500 Congoleum-Nalrn Inc. .No par
20*2
12*4
.
Sept
3*2 Mar
Jan 21
48
22,900
10
4 X % conv pref
3,900
100
6,600 Comm'l Invest Trust—No par
Conv preferred
1,100
No par
82
7
2*8
260
110
*78
%
91
..
10*2
*80*2
418
1834
2112
17%
2
2*8
15*2
1038
2,100
34%
*20
1634
1038
70*2
7*8
%
334
37s
20
*15*2
106
18
90
Labor Day
19i2
17*8
1038
7312
8234
110
*105
7
2
72
2134
4484
106
1778
21*4
1784
Exchange
103s
74%
*684
*2
37s
58
334
17
1938
*15*2
17*8
11
10734
63s
6
12*4
*105
22
4,900
2078
8634 Aug 19
8*4 Sept 10
50
4% 1st preferred
4% 2d preferred
60
3784
213g
105*2 106
73l2
*80*2
*19*8
*15*2
*103s
*73*2
80
46
21
20
17*8
180
220
15,300
5,670
27
2934
Jan
Jan 24
Feb 10
90
6% preferred
Collins &' Alkman
100
28*8
128
Jan
Colgate-Palmolive-Peet
14,200
6*4
Jan 21
25
6
Jan
Aug 13
July 27
Feb 14
No par
_
Class A
18,700
28
No par
_
Coca-Cola Co (The).—No par
1,200
112
5%
*19*8
*15*2
*10*2
7458
*80%
11
112
*27*2
30*4
1184
3634
1245s
1978
Jan
7%gtd 50
1,000
29
2934
3478
*106
40
6%
85*2
15*4
7278
434
2384
5
5
Special
6*4
Jan
Jan
100
Cluett Peabody & Co
Preferred
31
*126
80*2 81*4
117*2 118
81*4 81%
12158 1215s
122
*122
2934
127
102
11678 117*2
82
82*2
122
127
June 12
7
par
20
$ per share
20
Clev Graph Bronze Co (The).l
Clev & Pitts Rr Co
""ooo
$ per share
25
No par
Equipment
Highest
$ per share
10
C C C & St Louis pref—..100
Clev El Ilium Co pref—No
2,500
57
127
111*4 112
27*2
27*2
Clark
Lowest
25
City Stores
100
125
29
127
6,800
2,500
40
*4934
56*2
Year 1935
Highest
par
Preferred
*87 91
91
*4934
*56*8
57
*126*2 127
58
Chrysler Corp
City Ice & Fuel
240
10
38
38
Cotton Oil
Childs Co
...No
Chile Copper Co.
29,500
2,400
* 97
Range for Previous
$ per share
Par
Chickasha
10
123
123
12412 *122
12234 12234
56*2
56*4
56*4
56*4
57
56*2
56*2
15*2
1434
1434
15*4
15%
1458
1478
*102
10412 *102
103
103
*102
104%
104*4
57*4
5834
5634
58
57*4
58
56*4
573g
29
31*2
*28%
*87
87
57
*11058 112
28
28*4
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
4,600
35
1677
EXCHANGE
5,800
*56*4
15*4
*110*2 112
*27*8
28
6*4
6
29
21
9*2
*33
__
37*2
12634 12684 *126*2
124
35
*97
*4934
87
58
2034
87g
9*2
35
97
37*2
mi
58
21*2
938
35
97
*4934
27*2
2078
11638 11738 115*4 H63g 114*8 116
11358 115*8
1734 1734
1734
177g
1778
18
1778
1778
8434 8434
84
84l2 8434
84*2
82*2
84*4
7*8
7*4
7*8
7*2
-.7%
8*4
734
8
35
35*2 36*8
3578
3434
35*2
34% 35
111*4 111*4 *110
112*4 rl09 112*8* 110*8
113
3YI2
4
Week
9*4
*33
the
Thursday
Sept. 10
22
834
35
114% 11534
1734
1734
*8434
7478
7*8
7*4
3534
3584
'^111*8 113
~37l~4
STOCKS
NEW YORK STOCK
for
Monday
*33
Sales
SHARE, NOT PER CENT
Saturday
20%
Record—Continued—Page
Deo
Deo
Deo
19
Aug
116
Nov
146*2 Nov
1267a
Feb
132
104
Feb
115
12
Nov
384 Mar
Oct
Aug
27*2 Deo
8
Jan
110*2
Jan
17214 Nov
141
Jan
164
1658 Jan
3*4 Mar
193s June
107
Jan
37« Mar
July
305s Oct
8% Nov
38s4 Oct
113*2 Sept
14%
Deo
PRICES—PER
LE
SHARE,
Range Since Jan.
STOCKS
Sales
NOT PER CENT
On Basis of 100-sflare
STOCK
NEW YORK
for
J VI
Tuesday
Wednesday
Thursday
Friday
the
Monday
Sept. 7
Sept. 8
Sept. 9
Sept. 10
Sept. 11
Week
Sept. 5
Lowest
534
558
558
5*2
15
15*2
15
15*2
15
153g
16,700
75
75*4
75
75
75
76
74
75*2
1,700
69*2
70*2
6858
69
69*2
69*2
68
69
1,700
70i2
15i2
76%
72i4
1534
48
48
48*2
49
48
48*4
48
4834
48*2
34
4834
s4
1,900
*4
15%
76*4
*58
*134
*134
2
58
*573S
58
17%
3038
*12
79
*74
81*2
*84*8
6*4
638
6*4
638
1778
18*4
1734
1778
1778
18
67g
17%
31*4
30*8
31*4
87
6*2
31
3138
3034
3138
31
22
2234
23*2
25*4
24
14*2
14*4
2434
14*4
24*2
14*2
1438
2958
2934
29*2
29*2
*558
6
*534
1
6
13*2
57*4
1334
5778
13*2
5834
58%
1338
58
59
*170
175
175
3
48%
24
2412
*2334
*94
97
*94
97
97
96
9434
*4138
43
42
*39
42
42
90
8934
*82
89
*82
89
8934
938
9*4
4
4
47S
4%
438
5
*3778
38®4
38*2
38*2
42i8
*41i4
40
*36%
*111% 112
28
2778
42*4
42i2
*36*2
37*2
40
4738
48*4
47
36
36*8
3534
36*8
3134
*30
31
30
47*2
3538
47
36%
*30
30
48
48
4%
*39i2
40%
37
77
2558
2558
*
40
39
39
57
56*4
57
25*2
26
14
15
25%
14%
25*4
14%
8
8*4
113
54*4
4734
39*8
3938
39*8
3938
39*8
2*4
23g
2*8
2*4
2*8
47*2
47*2
48
44
*54
*117,
68
67i4
120% 12058
46
4654
47
*J08
4312
4312
*108
110
438
4%
43*8
44
438
4*4
44*2
4378
35
4514
45l2
45*4
5012
49*2
50
2l4
*49
113
238
214
35
*48
18
18
757S
17*8
54
54
43
438
412
4*4
4*2
*53*2
4i2
714
738
*7*4
1378
738
14
1414
2414
24%
378
14*4
2458
24*8
112
112*2
25%
,
10134 102
10
10i8
*92i2
2%
1678
2534
102*2 103
934
93
93
2%
414
3%
258
378
•10*4
93
107*2
4258
44*8
7
11184 1U34
25
2514
*76*2
76
1734
1734
17*2
107*2
X107*2 107*2 *106
43*2
54
■5334
4*2
438
14*2
1478
7934
17*2
107*2
4358
5334
*76%
79%
1634
17
107% 107*2
42*2
43%
53*4
4*2
4%
22%
24*4
28,900
76
12,600
93
93
93
10*8
19,600
1,300
12,400
preferred
93
93
380
28,600
Graham-Paige Motors
13,300
2,500
13,900
Grant
17,800
2,600
Great Northern pref
3*2
17*2
334
3*2
17*2
17*2
277S
2758
28
2734
27»4
27%
45
44
44
338
3%
2S4
3*4
3*2
45i2
2034
2178
22*4
21*2
2178
21*2
2134
21%
2184
41i8
3534
41%
4158
42*4
42
41*%
42
36
3634
3658
36*4
42*2
36*2
41*4
3534
41*4
36*4
37
37
*141
*53U
3038
*69%
57
*2i8
46
46*2
145*2
145*2 145*2 *140
5934
*53*4
6934
*53*4
31
307g
3038
30*2
79*2
79*2
*69*4
*69*4
145i2
5934
3078
78%
57*2
2%
2
583g
33
58
33
23g
5434
2*8
32i2
5634
2*4
32i2
*44
145*2 145*2
17%
1,400
400
900
4934
*54
65
70
30
3034
30
31
10,600
*69*4
79*2
66*2
*69*4
56*4
56*4
2*g
33
2%
*30%
2%
33
55*4
2%
*30*2
79*2
"5",000
900
33%
16
16%
16%
1734
17*2
1734
17*4
1784
17
17%
5,500
4812
49
51*2
52
53*2
53
54
52
52
58
56*8
59
400
47%
*55
*55
68
*123% 139
32l4 32%
*36
36i2
IH4
lll8
*124
*32*4
*36
129*2
345{
10 7g
36*2
113{
18
18
58*4
18*4
18*4
18
*115
117
117
117
117
117
*103
105
*103
105
104
104
4134
4134
*127*4
*127%
1412
42*.
"l478
*103 <8 107
For footnotes see page
•
1434
'153;
*10338 107
1674
58
*55
*123% 129
129
129*2 129*2 *120
*32*2
34%
*32*2
34*%
3234
3234
*36
36%
*36
36*2
36*2 36*;
*10*2
1034
11
*10*2
107g
11*4
18
41%
*55
42*8
*127*4
15*2
421;
•
-
16'
*10338 107
*18
18*4
18*4
18*2
117%
115
115*2 *115
*103% 105
*103*2 105
42
43%
44%
435s
*127*4
*127*4
15*%
16
*103% 107
1534
15%
*103% 107
'
33*2
Deo
No par
100
Preferred
8»4
Deo
7584
Deo
Feb
49*2
Deo
7*2 Feb 28
.1*8 Apr
484
10*4 Feb 17
Jan 6
1438 May
213g
25*8 Aug 31
11478SeptlO
317g Apr 15
103
Sept 8
12*8 Mar 11
96
Jan
38*4 Sept
47
Sept
2
8
8
9*4 Mar
16
Feb 21
958 Mar
35*8
Jan
2
22% Sept
2'32i4 Jan
6
44
16
9
Apr 28
60% Mar
'
22
65
31
95
May 21
158JuIy
9
Sept
8
Jan 23
Apr
50
34
Feb
1 to
285g
Dec
95
Dec
1
Feb
19
Feb
43*4 May
4
Mar
IU2 Deo
55
Mar
3
6
Apr
63
4
6
Jan
Aug
8
12
Mar
129*2 Sept
34*4 July
9
48
Mar
14
Jan
Jan
3034
Deo
30
Jan
35
Deo
4
Mar
8
8
63
May 19
100
June 22
105*2 Mar 18
1041$ Feb 17
Jan 20
Feb
6*2 Apr
112
Deo
100*2 Sept
105
Nov
16
Apr 23
1638 Mar 25
99'4
Jan
5*2
Feb
126
•
115
Jan
9
Oct
14*2 Nov
Jan
4458 Sept 11
3
1
100
Deo
21*4
Hanna (M A) Co $5 pf_ No par
3
Deo
33*2 Nov
3
Aug
Harbison-Walk Refrao. No par
120
34*4
108
1178 Aug 20
2138 Feb 4
2
100
6*8 July
4
37
9
12
21
&1 ay
4
80
;
140
2558 Nov
Deo
3478 May
Jan
7
39
June 10
Jan
Jan
119
Mar 19
3i2 Feb
7
Jan 24
30% Jan
265g
Deo
74*2 Nov
2«4 May
80U Jan 27
July
Jan
Mar
26
1984 Mar
4834May 11
24
39
149l2 Aug 14
5934 Aug 10
12,600
cl A
Oct
Mar
4
28% Jan 16
25
10
% preferred
Dec
2412 Aug
33
Hat Corp of America
85
Jan
30
Preferred
Jan
Deo
353g Nov
25
Preferred...
Apr
10*2
2934
105
Hamilton Watch Co
20
Jan
92
18*s Mar
283s Jan
7% preferred class A
Apr
2i2 Apr
Deo
Dec
2678
1438 May
No par
100
Hall Printing
70
14*2
82
35*2 Apr
30% Jan
Preferred
3
Mar
1534 Mar
Jan
Nov
235g Jan 15
100
Hackensack Water
July
7*2 Mar
40
22
5
9% Jan
Gulf States Steel
July 27
358 Nov
Gulf Mobile & Northern... 100
Preferred
18
235g
4*2
3i8 Apr 30
Apr 29
Green Bay & West RR
Guantanamo Sugar
19*2 Aug
Aug
93
Mar
2*8 Mar
1*4 June
6
5
Jan
Dec
2*4 Mar
7
Greyhound Corp (The)
Mar
Deo
Nov
5*4 Mar
Jan
Co. 100
1
Greene Cananea Copper.-.100
12
61
4*2 Feb 19
Jan
Green (H L) Co Ino
Apr
70*2
119
4,400
Jan
14
7
3
109
120
39*8
16*4
11*4 Mar 20
638 Jan 15
6
31
•
Deo
Oct
3*8
14'4 Mar
No par
100
700
4*2 Nov
41*4
109
Apr
84
18% Jan 16
Jan 24
June 30
136
10
1,800
6
100
10
200
Deo
425g Nov
109
Oct
16
(W T)_;
Preferred
3,900
■
Jan
Great Western Sugar_.No par
60
32
2
Jan
138 July
No par
Gt Nor Iron Ore Prop .No par
90
145% 145%
5934
8
2
Conv pref series
No par
Granite City Steel.....No par
100
6
77
Gr'by Con M S & P 2d stpd 100
Grand Union Co tr ctfs
1
1758
234
37s
Jan
8i2 Apr 28
100
1
Preferred...
93*2
234
3*2
3%
17%
27%
278
334
6
87
No par
27g
334
3&S
17*2
234
4*8
Jan
80
90
55
2158 July
78
No par
Gotham Silk Hose..
2578 Aug
2
678June30
1258 Aug 17
135^ Jan 21
100
Preferred
24%
11
4
378
378 Jan
No par
Goodrich Co (B F)_—-No par
'
278
47
52i2July
50
1
—1
102*2 102%
9%
1*8 Mar
15% Mar
5
Feb
118i2 Mar 14
39»4 June 11
Goodyear Tire & Rubb. No par
2734
46%
2734
18
69
..100
No par
preferred
14*8
978
63g Feb
50
6
No par
....
24i2
978
Jan
Jan
Preferred
Glldden Co (The)
14
934
93*2
18*4 Aug 25
112
Aug 25
55*4 Jan 14
Glmbel Brothers
1st
June 20
110
6
24
24*2
Feb
684 Jan
Gold Dust Corp v t c
25*2
175s
6*4
3678 July 25
Goebel Brewing Co.
2434
6
57i2 Aug
Apr 28
2
No par
7,400
10278 102%
Deo
3
30i8 July 7
13%June 26
70
Aug 21
Conv preferred
4,300
255g
Oct
Deo
593g Nov
Nov
32i2 Apr 30
17
July
6
7*8
103
72*2
21
pf__ No par
EquipCrpNo par
14*8
25*8
1*2 Aug
15*2 Aug
Aug
18
Apr
18
120
534 Jan
Gen Steel Castings
7
103
3778 July
Jan z120*2
26% Mar
60*2 Feb
14
n74
Jan
Feb
1534
597g
116
Aug 28
7*s
2458
,
Jan
46
14*8
11478
Feb 24
43
7
2378
Mar
26l2May 25
33U Apr 30
14
112
3
11
Jan 21
Feb 21
7*4
110*4 lll3s
Oct
Jan
No par
4Yi% conv
Gobel (Adolf)
8
Aug
General Refractories...No par
400
Feb
14
5
Sept 11
Mar
Jan 17
3,500
14512 Oct
407g Nov
30
3
105
53*4
4%
61*4 July
10
1,700
8,700
Nov
46*2 Nov
zl07%
2,100
700
76
3
3l2 Apr 28
8,600
18*2 Nov
Mar
8
32i2 Apr 28
106
Jan 10
1,000
Mar
10% Aug 13
Feb 17
Gen Theatres
Mar
4
4818 Sept
No par
9,300
63g Nov
2
19
12234 July
Signal...No par
Preferred
100
Gen Realty & Utilities
1
36 preferred
.No par
...
Oct
Aug
103s Nov
2
18% Jan
Gen Railway
146
Jan 27
118
38
Gen Public Service
5*4 Mar
6
Aug 24
72% July 27
6
>133g
Jan
Jan
70%
Printing Ink.-No par
$6 preferred
600
1,600
73g Mar
Jan
Sept
5178 Aug
3
22i2 Nov
ID4 Mar
115
123
No par
Common
General
110
358
*17*8
2734
46*4
2158
312
*17
Corp___...10
...No par
Deo
100*8 Sept
48*2 Deo
Jan
32% Mar
20*2
117i2 Jan 13
5378 Jan
Deo
8434
Jan 11
55
Gillette Safety Razor.-No par
7478
43*8
$5 preferred
Jan
13*4
10%
127i2
50
Deo
Deo
53g Nov
Mar
Aug 21
19i2 Jan 3
July 29
Gen Time Instru Corp No par
7412
4234
54
56
19
Gen Outdoor Adv A—No par
2,300
500
par
500
14*8
4234
*5312
General Motors
3
58
Preferred
600
2
Jan
14
Nov
«
5*2 Mar
6
4% Feb
7a Jan
par
No par
100
$8 pref class A
3,600
par
3338 Feb 18
30% Nov
78 May
7
483g Aug 10
43%June 22
3412 Apr 30
No par
No par
$7 pref class A..
General Mills
4/
Sept 10
150
Jan 21
140
par
12,800
14ig
10878 10878
52i2 Aug
2
6
35
1434
35
14
14*4
76
A
55
434 Mar
17i2Septl0
4114 Sept 10
118%Septll
59%June 20
2
34*2
22*4
35
7578
Gen'l Gas & Elec A
53,900
2
2
Deo
Nov
70
125
5
U34
Deo
30
36*8 Nov
Mar
15
3484 Feb
Deo
111
Apr
17*4 Mar
112i2 June
Feb
15
Jan
30*4
8
4
Deo
Deo
5878 Aug
978 Mar
6038 Mar
1934 Mar
Feb 17
150% July 29
70i2 Jan
No
No
No
No
General Foods
70
534 Jan
35
2178
14*8
Deo
I8I4 Jan 27
10512 Aug 27
12% Feb 19
104l2 Apr 21
7i2July
180
35
Jan
9»4
5312 Feb 29
738 Aug 5
17
7,500
14*4
638
20*4
Feb 20
1034 Apr 28
Jan 23
24*4
23
"303s
5
75
141
48%
35*4
25*2
2
63
Sept
July
10278
3934 July 29
3
25
2*4 Mar
1 is4 Mar
47% Mar
Apr 14
Jan
Deo
45*4
114
"l9" "Feb
3258 July 31
•77% Feb
35% Feb
Aug
25
13*8 May
3734 Aug 31
3
Jan
3*8 Aug
84*2 Apr
4438 Nov
105% July
48'4June 23
42% Apr 30
21
July 2
23*4
14
33% Feb
106*4 Mar
3 xl35
100
Conv pref series
July
97
48
*3312
49% Feb
4018 Sept
11378 Apr
4
Deo
4i2
Feb
16*8 Mar
28i2 Mar
16
Apr
3
14
11
22
11
17
ll%May 11
105% Aug 27
8i2May 20
23*4
23
7g
31% Apr 30
384 Jan 6
49
3538
Jan
3834Sept
8*2
384 Mar
2
July
4738 Jan 17
48
*33
4
6
55s July 24
23% July 15
50
*2234
678 Mar
Jan
7% preferred
190
50
4*8
4*4
438
43%
44
44
*108% 113
113
2%
2%
238
34
35%
3334
45
4534
4534
22
2212
5,600
60
*108
110
*108
110
4*4
x44
12% Mar
No par
General Electric
17,400
56
56*2
56
35
*110
113
39%
2%
122
*108*2
*108*2 113
238
2*2
238
2*2
3334
36
3434
*33*8
45*2
45*2
45*2
45*4
*110
35,200
140
55*2
9
100
7% cum preferred.
General Cigar Ino
*54%
'
434
Class A
1,000
55*2
55*2
*52l2
110
*414
934
938
55
*108
48*s
May
Apr 28
63
..No par
No par
General Cable..
40
47
all9% 119%
67
67%
6738
5838
6878
6738
*120% 121
120*2 120 78 *120*2 121
48
48
47*2
48
4734
47*2
9*8
9*4
9*4
9*4
958
958
69
68
General Bronze
1,100
61*4
119*2 *119
95
118%June
No par
5
§8 preferred
10
146%
,
54
Aug 11
25t2Mar2l
3% Aug 29
10
5
General Baking
1,000
61
Aug
Apr
6
33
General Asphalt
55%
*47
62l2
*61
62
61
zll9
119
47
*54*2
*54*2
-
*120*4 121
9i2
55
~~
61*4
61*4
6214
119
~
72
Mar
101
z2478 Jan 2
100% Feb 26
40
Apr 30
8,100
53,900
2158 Nov
538 Mar
z85
110
4,700
4,500
1,800
49%
4
8
Deo
Jan
2
20% Jan 9
38
Apr 30
20% Jan 27
Investors—No par
Preferred
No par
Gen Amer Trans Corp
5
39*8
49
47
*47
*47
*54l2
49
2
127
'7,600
2%
Sept
Dec
39% Deo
125
Apr
Apr
2i2 Jan
Gen Amer
15
Jan
40
73a Jan
3
A.-No par
3% Deo
Mar
Dec
6
46%
39*2
238
4
30%June
19,000
*145
Nov
llli2 Apr 21
3834 Feb 17
00 JP
55%
Dec
6
Apr
17
1
17%
39%
114*8 116
55
55*4
47*8
48
*914
41*4
40*8
May
48
Aug 21
40%
118% 118%
00 #
17
17*2
150
146*2 146*2 *145
4634
47
47*4
46%
146*2
146
*47
*118
16*4
38*2
1538
38
54*8
214
62 i4
16%
3838
11338 114
54
54*4
16*2
Dec
147g Aug
% Mar
9534 July
Gabriel Co (The) cl
13*2
9914 Aug 11
92
Mar 6
3
6978 Mar 30
Fourth Nat Invest w w
Jan
Dec
2
24i8 Apr 30
.
i_
14
19*2
50% Sept
106
149
149
149*2
149*2 *140
8
8*4
838
39
113
Labor Day
39
47
56*2
14%
16
Closed
54%
2i4
5738
26*8
14
38
*14314 146
4712
4714
38%
56*2
Mar
Mar
684 Mar
115
26% Aug
Deo
7*2
3
176
100
10
pref
55i2 Nov
15
No par
conv
Preferred.
200
2534
Nov
18% Mar 25
6934 Sept
Aug 10
37
GannettCoInc conv$6pfNopar
1434
149*2 *140
3
Jan
84
Gamewell Co (The)—No par
57*2
55
Aug
684 Mar 25
7
122% Jan 7
31&8 Feb 24
I884 Apr 30
10
11%
Feb
Mar
8*4 Mar 19
8% Apr 29
No par
Nov
10*2 Mar
1578 Aug 10
4078 Jan 8
3434 Jan
250
101
101
102
2%June
8
8
50
25USeptlO
2
3
Deo
Mar
•
7
43s Jan
14
11*8
11*4
11*8
Jan
23*8 July
Sept
8*4 Nov
14*2
15i2
4i2
7*8
8*2
30
18% Sept
3l38Sept
Apr 29
U34 Jan 3
12
June
I7g Aug
66
134
14
75s Feh.24
Foster-Wheeler
50
'
*101
102
*101
97
Jan
Us Mar
89% June 30
4
16
110
14
*
6
Jan
June 26
1,600
6-%
6%
6*4
1438
110
2534
8
Exchange
113
*54 '
40
14*4
*142
39
*110
39%
5738
8%
16%
8%
16i8
64*2
39
12534
1
20 F'kin Simon & Co Inc 7%pfl00
10
4,600 Free port Texas Co
Preferred
100
100 Fuller (G A) prior pref. No par
$6 2d pref
No par
220
25%
64%
*
Jan
5% Apr 7
,11
Apr 30
32
1,400
120
64*4
7
6884 Nov
78 Jan
Mar
*4 Mar
% Apr
5234 Jan
July 22
48
1 Follansbee Bros
4H%
77
2434
*110
Feb
39
7
5
6
155s Apr 17
84
June 30
Food Machinery Corp new.. 10
•
38%
*75
26
158 Feb
378 Feb
69
Mar
2*2 Mar
55
No par
—
July 27
116
7*2 Aug
3458 Dee
3I84 Dec
1*8 Mar
3
9
5514 Jan
4,500
35
114
38
45% Jan
July
78
1,800
*106*2 108
34*2
7i2 Jan
Stores.-No par
(The)
Aug
85
2,400
434
38*4
*110
53% July
110
Florshelm Shoe class A. No par
100
24*2
Stock
149i2
*146
105*2 105*2
11*4
11*8
11*4
102
Flintkote Co
38%
120
6*8
1438
6%
1458
105*2
*101
14%
1378
6*4
14*2
11
11
1,700
38*4
39
6*4
*103
1,700
35*4
"
14*4
6
500
47*2
64*4
64*4
64
7,700
First National
4%
i2 Jan
li2 Jan
25
35
77
25*2
*110
120
*110
64*4
14*4
10178 10178
57%
5738
245s> 25
26
25*2
26*4
20
110
30
42»8July
...
47*2
38*4
*75
77
77
77
40
10512
1078
38
63%
14i2
*103
38
121
6
6
38
2534
39
39
38
1,900
28
*29*4
35
114
*110
77
64
*14
114
*
121
63
114
*37*2
37%
77
3434
114
*111
111
*106*2 108*
35*4
35
3578
35*8
3578
200
3734
42
2778
38*2
38*8
3978
*10612 109
*106*2 109
109
35
40*2
39
458
1,100
104*8 10438
48
353S
30
484
*29*4
434
458
39*4
4%
458
4%
500
40*8
111% 111%
111*2 111*2 *11138 112
28
2758
28
2778
104l2
10434 *104
*36
4,400
40*8
*104
105
9*4
42
42l2
40
400
4
434
*36*2
42
40
40
•
3%
4%
4*8
434
37*2
38*2
42i2
42
28*s
28
105
4%
*37
*111*2 112
105
'
434
*37*2
40
9
4*8
4,84
1,300
9*8
93a
9*4
358
9*8
358
9*4
4%
9%
*4
2334
29% Jan
100
Co.No par
6% conv preferred
100
Fajardo Sug Co of
0 Rlco.20
Federal Light & Trac
15
Preferred
No par
Federal Mln & Smelt Co—100
Preferred.
100
Federal Motor Truck--No par
Federal Screw Works.-No par
Federal Water Serv A..No par
Federated Dept Stores.No par
Fidel Phen Fire Ins N Y
50
tllene's (Wm) Sons Co.No par
6H % preferred
100
Firestone Tire & Rubber—10
Preferred series A
.100
-
42
42
*82
41%
*82
«
preferred
Fairbanks Morse &
2,500
95
*82
97
-
-
49
24*2
42
24i2
2312
175%
49*4
2434
1784 July 14
preferred
Preferred
100
2,400
*94
4934
24l2
13%
58*8
734 Feb 21
2
2
2
13
2
4
25
18
3
14
63a Jan
3234 Jan
Fairbanks Co
480
278
13
57
49*4
2378
4934
49
50%
400
175*4 *164
176*4 *165
*160
50*2
4934
800
5,900
534
584
3
14
57
3
1312
111
9,100
13,100
7,100
247g
234
3
14
z56%
3
3
3
*2%
*13%
*108
23,300
30
5*2
......
14%
3138
1438
30%
6
14*2
30*4
*5%
105
100
200
6
*14%
3078
100
558 Sept
5% July 28
Ind Am shares. __
Llght.iVo par
No par
No par
Elec Storage Battery..No par
t Elk Horn Coal Corp.No par
6% part preferred
50
Endlcott-Johnson Corp
50
5% Pref
100
Engineers Public Serv.
1
$5 conv preferred
No par
$5% preferred
No par
$6 preferred
No par
Equlpable Office Bldg.iVo par
Erie
—.100
Firt preferred
100
Second preferred
100
Eureka Vacuum Cleaner.—5
Evans Products Co
5
Exchange Buffet Corp .No par
------
81
*84*8
J per share
! 83g Feb
$6
78%
*80
87
634
80
87
*74
80
80
31
*21%
:
7834
*74
7834
80
*84*8
Highest
$ per share
$7
400
178
57*2
Lowest
$ per share
Electric Power &
600
87
7*8
18
*84*8
87
6%
18
3058
21s4
1458
*84%
6*4
1234
*80
81%
178
*56
*112% 116
*112*2 116
*12
1234
1234
1234
1234
*12*4
79
*80
178
58
58
*112i2 116
*112lo 116
*74
*73
*170
2
*5738
178
*112l2 116
>*12
1234
34
178
58
58
84
5*2
538
5*2
584
558
*5g
*is4
58
*56
'
Elec & Mus
2,900
15%
5%
Highest
% per share
Par
Shares
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Range for Previous
Year 1935
1
Lots
EXCHANGE
Saturday
1936
12
Sept.
New York Stock Record—Continued—Page 5
1678
81
Mar
Feb
303g Deo
Deo
121
14*8
Deo
113*2 Deo
Volume
143
LOW AND HIGH
New York Stock
SALE PRICES—PER
Record—Continued—Page 6
Sales
CENT
SHARE, NOT PER
STOCKS
NEW
for
Saturday
Sept. 5
Monday
$ per share
0
Wednesday
Sept..9
Thursday
Friday
the
Sept. 7
Tuesday
Sept. 8
Sept. 10
Sept. 11
$ per share
$ per share
$ per share
$ per share
Shares
0
578
*103% 104
6%
6
6
6%
6
6%
103%
102% 102% 103
136% *125
136% *125
*160
164
*160
164
160
*28
29
4H2
30U
*73
164
28%
*160
*160
116
*108
110
38
108
38%
108
42
42
30%
3078
17
17%
53%
72
*69
71%
I8I4
18i2
10i2 1012
3212 32%
*130l2 134
*3l4
12i2
3l2
1278
3%
27i2
*3%
12%
3
56
79U
15312
5
*6%
*5%
Stock
*3%
12%
:
;'
3 '■
:
■
1034
3
&
79
7934
48%
Closed
57
55%
130
5%
*2%
112
112
7
7
*5%
43%
6
48%
12%
25%
25%
26%
101
338
1234
3%
1,200
33%
10,200
500
5%
56%
*128%
57%
5%
*2%
"5%
1%
4034
700
5,900
Internat Harvester
153% 153%
334
334
5%
5%
573s
56%
100
4,600
2,100
51,600
2%
1%
41%
40%
42
3934
40
25,800
1,400
*17%
*61%
30
Internat Rys of Cent Am.. 100
Certificates
*25%
48%
28
200
1734
*17
18
63%
*61%
63%
1234
26,100
5,700
12%
25%
26
101
19%
*26%
*122%
27
27
27
*26%
88
88
101
19%
27
*122%
*122%
International Shoe
International Silver
No par
100
100
7% preferred
Inter Telep & Teleg
90
42
26
102
23"
24%
2534
26%
*95
23
23%
47
26
102
23%
21
20%
20%
20%
100% 100%
48
4884
2034
20i2
*100
IOOI4
47%
4734
20
1934
*26
2712]
4%
35i2
4%
3634
2734
28
19%
27
22%
*44%
25%
22%
45%
25%
25%
26
*95
102
23%
23%
20
20%
2034
213g
100
100
47%
19%
*26%
5
271
5
39%
48%
21
39%
2:27%
28
5%
42%
2734
102
103% 103% zlOl
7
7
*63S
*6%
103%
678
'
93
*92
100
*92
3912
3934
4034
21
21%
*25%
29%
*25%
*44
4634
*44
17%
17
13%
*11
47
.
1634
*95
13
2
48% Aug
..5
25
July 31
Keith-Albee-Orpheum pf—100
80
Kelsey Hayes Wheel conv ol A1
20
500
20%
21%
102
23
20
20%
20%
21
"
1~700
Kayser (J) & Co—...
4,200
20,900
100% 100%
80
48%
2IS4
26%
20,900
15;600
47%
21%
26%
20%
326%
4%
21%
26%
5
2,800
40%
273g
41%
40
41
2734
26%
27%
3,600
*101% 102
*101% 102
*6%
6%
6%
6%
700
Class B
*434
*93
100
*93
43
42
21
20%
100
42%
2034
*25%
29%
*24
47
*44
*12
18%
13
18%
18%
No par
Kimberly-Clark....
Kinney Co
....No par
No par
Preferred
Kresge
(S S) Co.
10
100
5% preferre l
12%
12%
600
Lane
1234
1234
900
2834
29%
*114% 117% *115
11734
18%
18%
I784. 18%
2%
234
2%
2%
13
1234
13%
12%
*109% 11034 110% 110%
16
*1584
1534
1534
59
59
59% 59%
3,500
No par
Lee Rubber & Tire
'
111% 111%
1534
*5734
67%
111% 111%
16
16
16%
15%
15%
59
59
59%
59%
67%
9%
60%
6738 68
68%
9
9%
9%
25% 25%
25% 26
*106
107
105
105
*104% 106
106% 106% 106% 106%
106% 10634
6734
68
*20i4
*34i2
16S78
2034
35
*45
*106
2%
434
40%
49%
*11%
4734
50%
12%
4734
For footnotes
20%
34%
46
46
46
43%
40%
111
2234
*145
40%
111
23%
146
*20
3434
4638
40%
22%
*145
40%
113
23
146
40
2234
145
30%
31
32%
30%
29%
29
29
27%
92%
27%
92%
28%
*36%
*130%
39%
40%
51%
52%
11%
*11%
47%
48
*130%
39%
51%
11%
47%
see page
1674
92%
28%
36%
34
47
4634
92%
40%
*110% 113
28%
36%
35
41
42%
42%
59
35734 60%
58%
106%
106% 106% *106
2%
2%
2%
2%
434
434
434
434
*109
92
28%
2734
36%
36%
2234
145
30%
29%
92%
28%
36%
*130%
39%
52%
11%
48%
3834
50%
11%
47%
68
68%
9
9%
25% 2534
10534 10534
106
106%
168% *167
20
20%
42
28
37
40
20%
34
42
434
4012
*130%
168% *167
20%
35%
59%
59%
106% 106%
2%
2%
4%
434
4012
*110l4 112
2278
23
37
168% *167
45%
106%
2i4
*144% 146
*27%
28i2
*28l4
29%
92%
92%
27%
27%
9%
20%
34%
41%
59
5834
26%
*168
46
*41
6834
9%
2534
*9%
9i2
25% 25i2
*104% 106
*10578 106%
*168
111
3984
51%
11%
48%
41
60
500
1,200
2,400
4,500
1,900
3,400
200
34%
46%
31%
Bryant......—No par
5
Lehigh Portland Cement...25
70
14,800
2,800
3,400
100
50
No par
4% conv preferred
Lehigh Valley RR
Lehigh Valley Coal
Preferred-.i—
50
Mar
Oct
23
2838 Aug
6
1934 Mar
110% Feb 10
103% Apr
Mar
'
30%
"2l"
6%
41
July
Deo
Nov
Deo
Deo
2784 Nov
113
3
2
May
Aug 31
42
Jan
22% May
32
Apr
80
6% Mar
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
6
9% Apr 29
89 May 11
Jan
33% Jan 31
12
50% July 13
6
19% Mar
21% Oct
13% Sept 5
16% Mar 17
Sept 3
10% Mar
2634 Feb
5
Mar
May
8% Mar
30
6% Nov
19
5
Sept
4
Feb
♦
Mar
1% Mar
16% Feb
5% May
111%Sept
Libbey Owens Ford Gl_ No par
Llbby McNeill & Libby No par
47% Jan
2
7
May 19
21% Mar
6% Sept
25
May 7
Marl6
31% Jan 29
21
5
Liggett & Myers Tobacco...25
Series B
25
12
97
Oct
8
9734 Mar 13
..100 ilQ0%June
Preferred..
9
Apr 29
400
Lily Tulip Cup Corp...No par
19
1,800
Lima Locomot Works—No par
25% Jan
2
1,600
Link Belt Co
July
3
3,600
Liquid Carbonic
No par
36
No par
32%June 3
43
Apr 21
Loft Inc
Long Bell Lumber A...No par
Loose-Wiles Biscuit—
25
600
40
1,000
*110% 113
10
23
5,800
144% 145
230
29
29
28%
28%
90%
28
7,500
36%
400
470
1,700
900
...No par
Loew's Inc...—
Preferred
No par
-
No par
"moo
18,200
200
2,800
3% Jan
27% Deo
Aug
28% Jan
46
9
Mar
11% Jan
3% Aug
1534 Nov
9584 Nov
17% Jan
$9% Oct
10% Nov
29% Nov
Jan 16
94% Apr
120
9384 Apr
122
142
Louisville Gas & El A—No par
Louisville & Nashville—...100
1
Mack Trucks Inc.
100
...
62% Sept
108% July
3% Feb
8% Mar
11
17
11
24
Jan 17
Sept
1
26% Jan 27
Jan
7
13
Jan
3
51%May 25
20
May
4
2
8
30
May 14
57% Jan
22% July
35
127% Jan
151
Jan 30
93
Aug 7
July 22
35
Feb 19
42
Jan 21
.No par
9
27% Jan 30
130% Mar 16
40% Sept 4
No par
40% Apr 30
Macy (R H) Co Ino
Madison Sq Gar v t o--No par
Magma Copper
39% Feb 21
50% Feb 19
44% Apr 6
45
100
100
Ludlum Steel
Aug 19
23% Feb 5
113
Sept 10
May 19
21% Apr 28
7% preferred
t Louisiana Oil pref
MacAndrews & Forbes.—10
169
40
100
10
2
"
10
Jan
14% Deo
17% Jan
116% Jan 15
115
107
5% preferred
Lorillard (P) Co
6% preferred
....
104% Feb 28
2
Apr 23
Aug
119% Sept
Life Savers Corp..
1*000
11%
48%
2%
8
67% Mar
10% Oct
3,000
49%
*11%
4734
10
Jan
1634 July 15
4%
38%
5034
29% Apr 24
7% Jan 8
43
60% Aug 31
70% Aug 10
11% Jan 6
2%
38
28% Nov
18% Jan
4
4%
90%
2734
36%
*130%
Oct
90% Oct
31% Nov
96
Mar
2
2%
22%
Deo
20% Nov
30
Jan
5
No par
34,100
40
22
Jan
38%May
Lehman Corp (The)—No par
Lehn & Fink Prod Corp
Lerner Stores Corp
62%
106%
106
Nov
'
1,000
168%
20
93
120% Deo
14% Deo
Feb
1384 Mar
4834 Sept 8
22% June 22
Lambert Co (The)
13%
111
120% Apr
37
Aug
99% NOV
126% Deo
3% Mar
10% Aug
3
6,300
29
1338
Aug
16% Sept
84
25% Mar 20
101
8
1234
"
Jan
Jan
9
28%
12%
Mar
28
13%
234
3% Mar
6
43% Sept
2834
18%
38% Mar
117% Mar
50
Apr
3
2
2
1938June 30
13
119
Jan
34
Sept
2838 Jan
24% Jan
3534 Aug 31
No par
Lacelde Gas Lt Co St Louis 100
28%
234
Nov
Oct
96
Kroger Groc & Bak
13
18
Aug
16
36
24%
7%
1534
Kress (S H) & Co new..No par
2934
117
Apr 28
20% Apr 28
90
6% Mar
6% Mar
2,500
3,700
13
2%
13%
30
70% June
8
93
29%
19
7
1734June 4
18% Jan 7
3% May 11
Deo
26% Sept 8
33% Feb 25
74% Feb 26
1234
119
2
Oct
14
115% Mar
100
Preferred
13%
1834
234
12%
4
Feb 28
7% preferred..
.100 arlOl
Sept 9j
Stores—.No par
4% Apr 29
2934
119
June
'
Kresge Dept
10
13%
1234
*118% 119
18%
1834
*234
278
12%
1234
7
1434 Jan
28% Jan
No par
Keystone Steel & W Co No par
29%
*12%
18
Kennecott Copper
47
18%
No par
87
160
29%
*44
200
1
Kelvinator Corp..'
Jan
May 20
Kendall Co pt pf ser A.No par
3,570
5
Feb 21
Sept 10
2
2534
78
Jan
Jan
*25%
28
Mar
Jan 27
26
July
49
17
13
16
56% Dec
5% Mar
8% May
110
19% Jan
100
42% Mar
Dec
Aug 28
$12.50
Preferred
Jan
20% Deo
36% May
49% Nov
Sept, 1
...100
Kaufmann Dept Stores
Jan
5
88
129
Deo
4%
126
126% Feb 24
110
Deo
Deo
Oct
25
2934 Feb 19
43% July 30
Apr 6
26
Apr 2
Kansas City Southern
Deo
484 Aug
6% Oct
47% Deo
130>2 Nov
Oct
9% May
21
30
27
17
8
10134Septll
2234 Apr 2
121
Co
65% Nov
1%
53% Feb
23% Jan
6734 July
19% Feb
26% Sept
H6%June 29
Stove
3,200
4,600
*22%
'
10
Kalamazoo
4~800
*95
5
36% Nov
154
2
July 31
4638July 31
29% July 21
Kan City P & L pf ser B No par
100
"
23%
102
7
4% Mar
21% Jan
98% Jan
Sept
8%June 26
117
25%
2234
112
12134 Feb
Jan
Dec
75%May 27
39% July 15
46
20
20%
100
25%
100% 100%
47%
48%
42
18
No par
Preferred
Jones & Laugh Steel pref.. 100
*45
23%
20%
Johns-Manville
23%
46%
25%
22%
21%
29%
4634
20%
29l2
*25%
43%
41
21
100
22%
4534
25%
1,400
34% Mar
135
42'4 Jan
190% Deo
Deo
7
58% Jan 18
88 May
7
June
Deo
9
2438 Aug 14
113
Apr 29
Jan
26
149% Jan
22% Mar
5
Apr 27
2
Jan
Deo
5
2%
28%
4234
3
2
3
13%
3%
3»4 Jan
Jan
1
1% May
4% Mar
% May
107
10% Apr 30
7% Deo
23% Sept
2% July
Aug
12% Apr 30
Oct
884 Mar
Mar 26
8
8%
8g July
45
June
Nov
Feb
Mar
Maris
44
50
108
2%
4
3% Feb 10
4
May 22
19% Jan 9
23
Apr 28
47% Jan 2
15
Apr 29
Oct
Nov
1% Mar
57% Sept
130
Deo
July
Sept
Feb 21
Deo
5%
36%
121
7% Feb
8
15
130
1% Mar
1% June
22% Jan
123% July
5% Jan
37
Jan
No par
90%June 12
Apr
Jan
Deo
Deo
Deo
46% Mar
Mar 23
160
4% Jan 2
43%May 8
125% Feb 6
334 Apr 30
2% Jan 6
1% Jan <9
20% Apr 30
15
Preferred
41
3%
22%
38%
59%
Jan
109
5% Feb 14
4
5% Mar 11
56% Jan 8
148% JaD 23
234 Apr 30
82
Jewel Tea Inc
Feb 14
1534 Mar
100
1
23% May
60% Mar
7
185% Apr 11
5634 Aug 81
Mar
4% Mar
2% Mar
1334 Apr 13
7% Jan 18
18% Jan 11
10
10
160
Apr 28
35% Jan 2
Jan
5% Jan
13s4 Deo
17% Oct
40
Feb 18
Aug 24
114% Feb 20
7
No par
Island Creek Coal
"i~360
2234
46%
Preferred
Intertype Corp
300
27
100
No par
Interstate Dept Stores.No par
500
115
115
115
115
2:115
115% 115% 116
*12434 126
*12434 126
*12434 126
*12434 126
115
117
114
115
11234 115%
11634
115%
*39
40
40
41%
*39%
40'a* *39
40%
*119
*119
*119
*119
11H2
*87
International
No par
"""266
88%
100
Salt,.
88%
*87
*86
Preferred
100
2534
101% 10134
*19
19%
*26%
*122%
No par
700
25
20
No par
100
Preferred
"""280
13
No par
......
Class C
6
41
12%
20
Class B_
Int Printing Ink Corp. .No par
Preferred
100
41
25
100
Inter Pap & Pow cl A. .No par
280
111% 111%
7
*534
*4%
25
101
*100%
Preferred...
2,700
3834
39%
111% 111%
7
6%
100
Tnt Hydro-El Sys cl A
25
Int Mercantile Marlne.No par
Int Nickel of Canada. .No par
200
1%
No par
Preferred
100
*234
1%
43%
17%
63%
1234
26%
Prior preferred
9,600
2,100
42
No par
No par
..No par
100
7834
■
147
6
Internat Agrlcul
Deo
Feb
2'4
19%Sept 4
13% Apr 17
10
30
t Interboro Rap Tr v t c—100
6038
6% Mar
127
5% June
11% Apr
2% Jan
9% July
2% July
2234 July
Nov
Jan
43
Jan 23
34% Apr
Deo
42
July
31% Deo
Nov
6% Mar
70
Aug 24
6% Jan
1
22% Deo
495
7
»4 Apr
9% Mar
15
Apr
125
88% July
Inc
Int Business Machlnes.No par
International Cement-.No par
/ 78
6
No par
Ctfs
Deo
~"jan
73
6
6
May 12
4% Jan 2
25%May 21
106 May 12
Inspiration Cons Copper...20
200
~~5~34
6
100
Intercont'l Rubber
5%
*5%
No par
No par
Interlake Iron
1,500
*129
3
Jan
11
10
July
Jan
3% Feb 19
29%Sept 8
5438Sept 2
Jan
58
1~9~866
3%
25%
1
6%
18% Apr 30
100
3%
12%
3
17% Feb
1934Mar
100
16
12%
3%June 10
8% Apr 27
13%May
'
RR Sec ctfs series A
Insuranshares
118
Jan
1% Mar
57% Feb 19
10
Ingersoll Rand
49
76% Aug 27
4834 Jan 21
.100
Feb
6% Mar
70% July 25
12% Jan 15
.No par
Dec
30% Mar
100
Inland Steel
19%
338
4
Mar
5
Indian Refining
Industrial Rayon
Jan
44% Feb 20
June
1,400
10,400
2,700
8
Feb
4
7
5434June
6% Jan
30
5%
5%
14%
*3%
50
t o new 25'
100
112% 112%
10%
10%
25%
*167% 169
55%
553g
56%
4%
33
Motor Car
104
81%
Deo
114% Aug 21
22% July
6% pref
26
334
2
65% Jan 14
par
100
"i~66o
168
3%
20
87i2
17
-
78% 79%
*151% 155
*19%
Day
16%
son
73% Apr
4
1
3734 Aug
19% Jan 13
Leased lines.
20
570
10%
48%
63
13
S55%
538
27
*48%
17%
18
*25%
166
1034
544
6% pref series A
1,000
132% 134%
44%
*25
63
*100
Labor
5%
*
19%
32%
Hu
Deo
11
3
6
Illinois Central
131
6% Mar
Feb 17
Manhattan
Feb
23% Sept
2
Jan
July
39%June
Preferred..
Oct
122
36%
30%
108
No par,
v
90
584 Mar
414
Howe Sound Co
&
5
Feb
Jan
Mar
44% Feb 19
Aug 15
.100
/Class A
*127
1034
5%
1534
*3%
12%
*25% 26%
16634 167%
66
56%
*17
2412
1678
9
No par
Houston Oil of Tex
Hudson
June
11
71
116
June 13
No par
.....100
14,200 Hupp Motor Car Corp
19
*18
'
3%
1234
16
*62%
1234
Exchange
100
*26
69%
18%
10%
112% 11234
5%
16%
7
27
*44
54
*127
11
6
*26
46%
39%
2034
■
28
48%
1812
63
13
26%
23%
678
2%
69%
11234
38%
42
*119
93
17%
29
*18
....
38
*111% 112
126
*103
69%
17
10%
37%
2
40%
37%
115
*4%
69%
13
238
28%
53%
69%
1834
42%
2
126
35%
27%
52%
53
1%
4138
3
42
*95
14,400
24,900
4%
*12
2%
5%
2%
1%
42%
234
27
*19%
*25%
,
40i2
26
17
2%
28%
5334
53%
4%
9
162
142%
Sept
119
108
5
Household Fin partlc pf
500
130
6
24%
12%
9% V':
0
13
*5
38
46%
12%
1634
238
27%
5%
3934
23
4%
5,400
2,600
57%
*128% 130
5%
534
5i2
234
17S
115
53%
153% *15114 155
334
334
334
3%
378
514
*124
52%
438
*150
*11114 112
6I4
6:
■
7934
78%
55%
5578
*12858 130
23%
20 34
20%
3
2534
2534
*166% 168
56%
5634
167
*122%
87%
53%
4%
10%
538
3%
13
27
12,600
112
11%
5%
15%
20
107% Sept 11
30% Jan 2
No par
Class B.
300
9%
*127
16
*19%
63%
18%
10%
5%
16%
38
73%
*62
*69
..
11
578
3834
a73%
52
1!234 H234
11
5i2
♦258
178
76
6334
18%
16
100
*73
*60%
9%
Jan
1
2
Aug
3534 Jan
Jan 13
No par
7% pref
14,600
June
80
..No par
Holly Sugar Corp
400
30%
76%
10%
*127
41%
2934
6334
32% 33%
32% 33•
32% 33
*132
134
132% 132% *13134 134
...
*150
3,700
6334
9%
64
18%
10%
112%
79
35
Deo
141
Sept 19
Hollander & Sons (A)._
4,100
41%
42
30%
30%
29%
52%
238
*73
76%
64
2812
5578
2234
34%
'
3034
2%
28%
52%
*3978
22
22%
35
42
41%
30%
17%
2%
29%
53%
109
22%
34%
120
61
Houdaille-Hershey cl A No
*41
4112
30i2
17%
2%
28%
*52%
100
Conv preferred
Holland Furnace
$5 conv pref—
Jan
Jan
No par
Homestake Mining
4%
*12%
40%
*2514
*48i8
*17i2
*61s4
1278
2578
40
111
Oct
85
127
135
30
13%
*4%
500
960
111
38
112
164
25% Apr 30
6%
6
Jan 27
Aug 13
300
4%
35s
107% 1Q8
*37%
38
38
*111
Mar
126
115
12%
*5
Hershey Chocolate..
1% Mar
Mar
133
141
4% Apr 30
Aug 10
May 14
150% July 8
100
preferred
440
1314
171o
167
500
cum
435
52%
4%
*26
61
61
61%
$7
*112
52
3
190
9
102
117
Highest
$ per share 9 per share
2
Apr 17
115
51%
438
*5i2
*126% 127
$ per share
116
435
934
*10%
127
$ per share
Jan 23
*112
9
*127
126
61
Lowest
Highest
84
*426
*73
*112
600
115
*426
9%
*69
Hercules Motors ......No par
Hercules Po der
mNo par
900
28
435
434
7638
64%
214
2814
53%
20
28%
*112% 11434
35
3534
11334 11334 *112
9
,
160
28
434
434
*63
51%
*414
*1214
173s
Hayes Body Corp..........2
Hazel-Atlas Glass Co......25
Helme (G W)
__25
Preferred
100
400
136%
116
*107% 108
38%
3834
112% 112%
22%
22%
34%
34%
*112% 113
22%
23%
164
Par
28
116
Year 1935
100-share Lots
Lowest
116
28%
28%
28%
*113% 116
127
127%
126% 12634
*6234
63%
*61%
62
*11312 116
*127% 127i2
*62% 63
*108
110l2
38i2 38i2
*11214 113
2318
2314
35% 3514
*112
11334
*426
On Basis of
EXCHANGE
3,400
6%
136l8
103
*103% 104
*126
136% *125
103
*126
Range for Previous
Range Since Jan. 1
STOCK
Week
$ per share
YORK
1679
8% Jan
2
52% Sept 8
14% Apr 18
34% Jan
6
49
July 21
151% Jan
15% Oct
13% Mar
17% Mar
24% Mar
31% Feb
102
Feb
1
Mar
Aug
Aug
167% May
2834 Nov
27% Nov
43
Oct
37% Deo
55% Nov
IO884 Oct
2% Oct
1% Mar
4%
33
Apr
41%
IO784 Nov 112
18% Mar
26%
124
Apr zl49%
Deo
July
Deo
Nov
Deo
4% June
15
Deo
10% Mar
23
Aug
34
Mar
64
Deo
1284 Mar
37% Nov
26
Sept
46
Feb
130
May
113
Feb
18% June
3O84
30% Apr
5% Jan
18% Jan
11%
3784
Deo
57% Nov
Deo
Deo
ll
New York Stock Record—Continued—Page 7
1680
LOW
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
new york stock
exchange
for
Saturday
Mondaj}
Sept. 5
Sept. 7
$ per share
*178
*14%
$ per
*2%
*13%
12
*40
46
*45
*8
*26%
*2i2
*48
16%
8%
*34l2
*158%
5814
1578
*46
*._—
109
19
18%
19i2
4i8
11%
1%
8«4
2878
314
4978
1678
8%
35
*93
*%
1%
*3
4%
19
*53
121%
108
108
94
94
94
*107
112
3%
4%
20%
9%
30%
238
2%
6%
6%
23
99
99%
49%
47%
67%
*67
%
1
40%
40%
21%
23%
21
22%
Labor Day
31
67
69
—_
91%
32%
89%
67
*103%
20%
53%
54
21%
54
17
21
17%
160
68%
*59
28%
168%
*52
*58%
*26
25%
27%
x27
*108% 112
12%
1%
*1%
*%
%
70%
69%
59
60
*115
124
8%
10%
52%
58%
8%
1078
52%
59
9
11
53%
58%
*98% 108
*1%
1%
275
275
109% 109%
32% 33
*56
5678
8
8%
*102% 104%
♦loo"
IIII
41
39%
*52%
16%
30%
17%
12
No par
103
.
No par
jMoCrory Stores Corp new-.l
6% conv preferred.,
100
29
Prior preferred
McCall Corp
"moo
6% conv
Mead Corp
300
100
pref
.No par
No par
$6 pref series A
10
No par
Melville Shoe
Mengel Co (The)
1
100
7% preferred
Merch & Min Trans Co-No par
"6",300
18,600
Mesta Machine Co
5
5
Miami Copper
Mid-Continent Petrol
10
Midland Steel Prod
8
440
No par
100
%cum 1st pref
3,200
"""800
Preferred
200
700
6,800
8,100
2,200
8,900
3,000
1,300
50,000
300
—No par
% Minneapolis & St Louis.. 100
Minn St Paul & SS Marie. 100
7% preferred
100
4% leased line ctfs..
100
Mission Corp
No par
Mo-Kan-Texas RR....NO par
100
Preferred series A
X Missouri Pacific
100
Conv preferred
100
Mohawk Carpet Mills.....20
Monsanto Chem Co
10
Preferred
2078
"29.666
30
30
17%
500
18%
12%
12%
13,400
800
32
157
25%
26%
112
32%
157
26
27%
112
32
*15678 160
31%
25%
2678
*108
25%
27%
112
3138
13,700
31%
100
"25"
25%
26%
112
6,900
27%
12,700
20
11%
1%
*%
69
59%
al22
*8%
10%
*52
58%
12%
1%
%
69%
60%
122
1178
*1
*%
60% Mar
Nov
85
Nov
58
Jan
150
Dec
109% Mar 16
12% Mar 23
76% Mar 24
1% Feb 10
2% Feb 7
5% Feb 10
6% Feb 8
26% Apr 14
9% Feb 21
105
l684Jnue 10
6
2
5
3
19% Aug 24
79
103
6884
58%
9
11
*116%
878
£10%
53
*52
58%
112
33%
*26
14%
56
56%
44%
45%
46%
84
45%
45%
84%
4%
12
138
1%
f
1%
83%
*3%
11
138
*1%
15
5884
*107
4%
11%
138
1%
83%
*3%
5978
112
3378
1478
56%
46
46%
85
4%
59%
300
11,800
1,700
100
1,600
3,500
May
Jan
*26
100
10
102% July 3
14
Apr 30
National Acme
1
20%May 4
12% Apr 30
No par
9% Apr 30
Nat Aviation Corp
3,700
85%
12
*93
3%
"""§50
70
900
1%
13%
13%
14
18,900
80
92
89
95
780
41%
41
41%
For footnotes see page
81% Nov
26% Deo
4% Mar
21% Nov
13% Mar
30
Jan
11
Apr
14
Mar
4% Mar
Feb
14% Deo
36% NOV
6%
Sept
4
Sept
158%
23%
22%
113%
Deo
Nov
Sept
108
Aug
12% Mar
£106
June
18
Oct
19% Jan
27% Jan
14% Dec
22% Apr
108
8
33% Mar
47%
6
1% Mar
23% May
21
Deo
Deo
4% Jan
34% Nov
121%
Jan
140% July
4% Mar
14% Aug
Feb 11
% July
% Jan 10
1% Feb 11
% M ar
2
4038 Mar
2d
100
25
preferred
National Steel Corp
National Supply of Del
25
Preferred
100
National Tea Co
.No par
Natomas Co
No par
No par
Bros
No par
5% preferred series A...100
100
1
N Y Chic & St Louis Co—.100
Preferred series A
100
Preferred.
100
37% Apr 14
3138May 26
3
75
57% Apr 29
19% Jan 2
74% Jan
;.
.100
NY& Harlem...
.50
119
Jan
6
t N Y Investors Inc...No par
1
Jan
2
9
53% Sept
59% Sept
108
Jan
61% Deo
3% July
438 Mar
18% Mar
12% Mar
10% peo
36% Nov
2934 Deo
Sept 11
Sept 10
'
Mar
19
Deo
39
Dec
Mar
17% Feb 17
4
Mar
June 27
112
Mar
2% Feb
99% Sept
5% Feb
11% Deo
9% Mar
6
2
6% Mar
139
Oct
July 15
46% Sept 9
85% Sept 11
-
11% Jan
13% Deo
4184
43%
8
4
Apr 14
15% Aug 7
46
Mar
1% Nov
84 Nov
83% Nov
20% Aug
7738 Aug
£8% Mar
7% Jan
21% June
43
67
Mar
36
69% Aug 10
126% Aug 26
11% Jan 17
13% Jan 24
6
7% July 10
10% June 18
32% Apr 29
41
Apr 15
104% Apr 7
10% Feb 4
9
Apr 30
32% Jan 8
2734 Jan 2
17% Jan 2
36% Jan 2
3% July 7
10%May 16
Jan
4
%May
5
96
5
Nov
139
June
1% Deo
99
8%
May
Jan
2%
6
,
6% Deo
16% Deo
Oct
5%
Oct
16% Aug
2% Mar
% Mar
%May
6% Mar
6% Nov
384 Dec
"
5%
*3%
99%
*100
10%
578
3%
10%
5%
3%
99% *100
107
105
900
584
3%
100
100%
30
105
30
29%
52%
29%
52%
2%
*52
2%
2%
25%
*19%
13%
41%
1284
40%
24%
13%
40%
28%
52%
2%
*19%
12%
39%
Conv preferred
N Y Ontario & Western
N Y Railways pref
Preferred stamped
100
No par
N Y Shlpbldg Corp part stk..l
7%
preferred
N Y Steam $6 pref
$7 1st preferred
100
7% Apr 28
4
July 9
2% Jan 7
£2% Jan 17
9% Apr 27
57 May 21
83
93% Apr 23
1 % Aug 27
t Norfolk Southern
..100
Norfolk & Western
100
210
100
105
Adjust 4% pref
24,400
North American Co...No par
600
Preferred
50
North Amer Aviation
l
No Amer Edison pref—No par
No German Lloyd Amer shs—
13,300
200
44~655
90
700
13,660
40
d,200
Central
Northern Pacific
50
.100
Northwestern Telegraph
50
Norwalk Tire & Rub..No par
Preferred
60
Ohio Oil Co
Mar 17
No par
No par
100
150
North
29
52%
2%
24%
12%
100
300
*110
*100
2878
7,400
10%
*1%
2
*1%
2
1%
*275
283
283
280% 283
109% 109% 109% 109% 109%
32
32%
32%
3278
33%
56
56
56%
56% *56%
8
8
8
8%
8%
8%
8%
103
103
*102% 104% *10278 103% 103
*2%
*19%
12%
.40%
Sept
13% Mar
62
7
2
112
33% Deo
15% Dec
1584 Nov
Aug 28
Jan 10
1284
25%
13%
9% Aug
14% Feb 17
Apr 24
85
13
Dec
7% Mar
144
3
12%
*19%
3184
Feb
9%May 11
% Jan 8
90
12
12%
12%
80
*80%
83
100
*99% 100
107% 107% *100
1%
*1%
1%
*276
280% 280%
109%
*109%
33
33%
32%
a56
56%
*56%
2%
25%
13%
1% May
66
137% Jan 21
100
10%
28%
65% May
% Apr
100
100
10%
5%
3%
*52
40% Dec
Dec
60
National Pow A Lt....No par
Nat Rys of Mex 1st 4% pf. 100
X N Y N H & Hartford
10%
5%
*3%
*100
94% Nov
32% July
June
10
3%
10%
6
3%
*100
Feb
55
141% Mar
28% July
112% Mar
Nov
21% Mar
41% Dec
6
Feb 11
30
26%June 30
5,000
—
9%
8
9
Apr 30
Apr 30
108% Jan 4
107% Jan 6
10
Apr 28
25% June 11
2834 Jan 2
N Y Lacka & Western
3%
103
Jan
21
21
Jan
4% Deo
162% May
New York Dock
4%
135
1%
23
May
No par
12
3
1% Mar
10% Mar
150" ~Jan
New York Central
135
16% Deo
July
1
Mar 17
No par
*3%
6% Nov
5% May
168
N Y Air Brake
84
2% July
7
2
10
Newport Industries
4584
153
July
4% Deo
1784 Deo
158
National Lead
2,700
84,500
4,500
45%
31% Apr 30
•
100
Nat Enam & Stamping. No par
20,866
3%
107
No par
15%
3%
100
No par
57
3%
*3%
100
No par
pref
t New Orl Tex & Mex
33%
3%
*5%
cum
14%
12
384
7%
Nat Cash Register
Nat Dairy Prod
Newberry Co (J J)
136
1%
,
10
Biscuit-—
700
11
1%
National
Jan
Aug 12
July 15
59%
45
2
15
Nelsner
44%
1% Mar
Sept 11
32% Sept 8
79% Aug 1
105%Sept 1
2284 Mar 6
54
Aug 31
21% Feb 19
32% Sept 8
18% Sept 11
15% Mar 9
«32 July 28
3884 Jan 9
164
July 31
.
4
Mar
10% Apr
96
1
43
56
.
Mar
84 Nov
2% Dec
1
25% Sept 10
7
4
No par
Nasbv Chatt & St Louis... 100
800
112
*107
Jan
Nash Motors Co
52
52
136
*93
*94
*94
45%
53
% Mar
% Apr
Preferred B
400
*1
May 19
Feb
7% Nov
68
Nov
Mar
31
32% Aug 10
4
Jan £111% June
3% Mar
7% Feb 11
£28% Apr 8
5% Jan
14% Jan
2%May
3% Jan
No par
Myers F <fc E Bros
Oct
85
44%May
5% preferred
Murray Corp of Amer
684
20% Dec
24% Sept
116% Oct
Preferred A
100
6,800
%
%
%
69
69%
69%
59
59
59
122% *116% 120
£884
884
878
10% 10%
10%
1%
8% Mar
Aug 10
21
Nat Distil Prod
12,800
11%
42% Dec
Jan
2% Mar
9% Mar
Sept 11
70
12,400
30
24%
23% July 21
98
No par
7% Pref class A
100
7% pref class B
...100
t Nat Depart Stores ...No par
12
1%
12%
64% Sept 8
12% Apr 13
108
No par
Inc
15.00Q
112
838 Nov
6034 Oct
33% Dec
41% July 28
22% Mar 3
Munsingwear
Dec
Mar
28% Apr 30
15% Jan 2
11
Apr 30
1
1434
2084 Mar
22
Apr
5
Motor Products Corp ..No par
5
1,600
8,000
3
Dec
1% Feb 10
1,300
16%
97% Dec
2
Mulllns Mfg Co class B
Dec
1538 Jan
115% Dec
65% Nov
6
Motor Wheel
1034 Deo
40
Dec
Jan
»4 Jan
Morris & Essex..
Nov
11
60% Jan
1,490
16%
May
Apr
Mar
Dec
45% Sept
97% Dec
.—50
No par
"l9%
131
41
Mother Lode Coalltion.No par
31%
72
300
Jan
5%
38%
8%
85%
50% Sept 11
59% Feb 7
71
Feb 25
24%
5,200
4,800
21,500
90%
Feb 17
10% Mar
7
96
1,700
53
35% June
77% Sept 11
3
4
31%
10
1
53
June
Mar
9
35% Jan
23%
68
70%
*103%
20%
103
28
9
3784 Apr
Feb 21
Mar
44
94%
21%
53%
1678
31
17%
12%
Oct
Nov
Apr 8
106% June 19
6% Jan 6
57% Jan 17
% Jan 7
l%July 14
2% Aug 5
234 Jan 2
110
Morrel (J) & Co
3178
70%
20%
*52%
16%
3084
17%
12%
Oct
Jan
Jan
55
Mar 24
19
6
Mont Ward & Co Ino. No par
95
*103%
54
20
48% Sept 10
131% Mar 30
6% pref series A
No par
Minn Mollne Pow Impl No par
93
21%
53%
17
31%
17%
12%
57% Nov
108% Apr 14
82
Sept 2
2
534 Jan 3
xl7% Apr 30
21% Jan 9
Minn-Honeywell Regu. No par
60%
%
21%
46
6%May 22
May 13
9
31% Jan
40% Jan
50
39%
24
30
400
98%
100
Aug
12% Jan
88
3978
2138
25%
67
18% Sept
£65
21%
24%
*31
2
97% Jan 10
55% Jan 31
Milw El Ry & Lt 6% pref. 100
30
21%
25
92%
31%
69
Jan
Feb 24
!2%May
Nov
Jan
32%
84%
50% Apr 8
110% June 15
3484 Aug 26
Feb 13
Deo
33% Nov
156
33
Feb 28
15% Mar 26
108
Apr 23
....No par
1
$3 conv pre!
McLellan Stores
46%
46
28%
52%
2%
No par
Oliver Farm Ea new..No par
Jan
2
May 12
23% Apr 30
52>4 Feb 6
6% Jan 6
98
Jan
2
4% Jan 17
97% Apr 7
23% July 7
50
Aug 18
2
19
Jan
6
Aug 28
12% Aug 25
24% Jan 6
14% Feb "7
24
24
24
13
11
100
July 22
109% Aug 12
2% Jan 14
7% Feb
5% Feb
5% Feb
15% Mar
95
Sept
51
Oct
69
June
79
May
84 Aug
2% Nov
16% Jan
87
Jan
92% July
102% Deo
2% Deo
July 14
158
Mar
218
Deo
111% Aug 12
35% July 27
99
Jan
108
June
9
Mar
28
Nov
300
69
June
9
10% Mar
106% July
12% Feb
102
Aug
36% Feb
19
21
21
57
4% Mar
30
5
20
Mar 24
6
Jan 22
17% Jan 15
54%May 5
35% Mar
2
Mar
57
Jan
3%
86%
13%
35%
1%
£20
Nov
Mar
Mar
Jan
July
Mar
9% Mar
10% Oct
55
Dec
7% Deo
102
Nov
10% Nov
99
Aug
25% Deo
52% Deo
2% Jan
32% Jan
14% Dec
27% Deo
'
1674.
8^
45
3
11% Apr 29
97% Jan 7
1,300
5,100
93%
39%
55
Sept
Jan
Dec
35% Mar
5% Jan
59% Aug 27
21% Feb 28
46
11
June
23% Mar
7% Mar
38
21
4
136
43%May 4
13% Apr 30
ex-warrs.-No par
47%
67%
%
40%
45%
138
52
2%
*19%
127e
21
Preferred
14% Nov
5
No par
Maytag Co—
45% Deo
37% Aug 13
Aug 12
161
No par
May Department Stores...10
Mar
684 Mar
3%
33% Nov
10,700
50%
48%
%
Mar
Dec
20
118% Jan 3
11% Feb 14
460
*67
12
10
Mar
6
8% Apr 30
37% Jan 3
434
19%
878
30%
-2%
6%
23%
1
23«4 Deo
1
85
434
67
2% Oct
3% Mar
McKeesport Tin Plate. No par
McKesson & Robblns..
5
500
1
May
Mar 18
Apr 6
Mar 18
Mar 5
Mar 5
July 21
Jan 31
1%
4
67
100
Preferred
490
98
41
May
10%
3034
4%
5084
19%
7
6
493s Jan 24
10,800
48%
2% July
June 16
1%
*3%
*19%
8%
29%
2%
6% July 27
1834 Jan 10
3
9% Dec
1% Deo
16
7%
%
Feb
5% Apr
38 June
1,900
112
7
Mar
1
May
12% Dec
66% Oct
30
Sept
19% Nov
12% Aug 7
3% Mar 19
7,000
108
*58%
10
10
13% Mar
92
5,900
93%
Mar 17
6% Mar 17
39% Mar 25
11,200
*107
23
Mclntyre Porcupine Mines-.5
978
108
17%May 4
2% Jan 3
8% Apr 30
1% Jan 7
McGraw-Hill Pub Co.-No par
200
10%
63%
29
F eb
1,100
23
46% 48%
124
124%
*46%
98
£48%
91%
31%
*65%
*103%
62%
9%
22%
57% Jan 10
23% Feb 3
%
9
June 19
10,700
77%
*32%
32%May 27
14% Apr 30
2% May
Apr
Apr
6% Apr 28
27% Apr 27
153% Jan 17
Mathleson Alkali Wks._No par
Highest
Jan
3
No par
Martin-Parry Corp
"Ho
81
9%
75
98%
49%
47
99%
49%
%
39%
21%
23%
9%
3078
2%
6%
*79
4
13
11% Jan 22
Preferred
900
7
7
Marshall Field & Co...No par
......
108
638
23%
99
*66
%
1%
3%
4%
19%
*107
23%
48%
*46%
7%
62
500
No par
Marlln-Rockwell
50
2,600
100
—..100
preferred
2d preferred.
50
23
66
83%
*3%
11%
.
27%
52
2%
6%
14%
27%
52%
2%
2678
878
30
55
9%
6
3%
99
19%
45%
11%
80%
6%
2%
6%
23%
*3%
4%
56
83%
4%
99
9%
30%
*26
83
"l2%
9%
29%
2%
7%
*59%
%
*1%
15%
45
*18%
*79%
4%
20%
34
14%
54%
9%
*5%
*3%
4%
*19%
*26
4478
1%
99%
3%
1%
3%
*107
45
1%
99%
3%
3%
112
15
135
*1%
t
*107
44%
11%
%
400
2,700
18
30%
12
33%
*3%
*
Prior
100
110
110
*10684 110
*106% 110
°17
17
17%
17%
17%
17%
29% 29%
29%
30
29% 30%
29% 29%
*30
31
*29% 31
*29% 30
27% 28
£27%
2778
27% 28
27% 27%
*165
*165
168% *165
168% *165
141%
141% *140
*137% 142% *137% 141% *140
17%
30
14%
53%
44%
135
46
1
Marine Midland Corp (Del).5
Market Street Ry
100
Preferred
100
"""466
110
xllO
%
69%
112
159
25%
59%
*107
32%
*157
1%
122
8%
10%
•*45
Maracaibo Oil Explor
Lowest
$ per share $ per share
Aug 19
3% Feb
17% Feb
2
2
June 30
7
Rights
26%
31
32%
17%
12%
62
%
23
22%
49%
*46%
7%
*59%
%
1%
4
Closed
7
7%
62
19%
9%
30%
Exchange
108
112
3%
Stock
*107
*105% 108
*1%
4%
22%
47
48%
120% 122
79%
10
75
38
93
%
19
63%
9%
22%
10%
*107
7%
12
*115
108
94
*59%
%
1%
3%
*137% 142%
*1%
*%
80
*107
108
*89%
27%
27%
*110% 112
*108% 110%
17%
17%
30
30%
12
50
63%
63%
9%
9%
22%
23%
47%
48%
121% 122
32%
*165
*
46
63%
9%
64%
9%
22%
47%
9%
21%
46%
9%
20
200
*44
108
*78%
1,700
6,700
14,900
*3258
32%
28
46
*107
1,200
*2%
3%
2%
*46
4878
49
16%
16%
16%
8%
*8%
9%
8%
35
35
35
35%
35%
161
*158% 161
*158% 161
59%
59%
59% *59%
59%
16
16
16
*1616%
50
X Manhattan Ry 7% guar.100
Mod 5% guar
100
Manhattan Shirt..
26
6,000
2%
38
12%
*30
16
10%
31%
17%
26
59%
29
1% Jan
7% Jan
100
No par
110
884
'
26
$ Manati Sugar
Preferred
Mandel Bros
16%
8%
*32%
12%
~32%
*158%
*
1%
% per share
800
*46%
16%
38
17
*157
8%
34%
2%
,48
79%
978
74%
*12%
•
2%
75
17%
3134
17%
167g
31%
£84
*36%
63%
88%
32%
2078
8%
29
75
7
22
*7%
*27%
76
61
88%
*67%
*103%
79
934
9
32
107
120
22
11%
1%
74
*105
1
40
21%
11%
1%
1138
1%
8%
£11%
*1%
*
50
79
30%
*%
46
107
81%
10
7434
38
64
9%
22
46%
68
4%
11%
4
"""60
Range for Previous
Year 1936
Highest
$ per share
100
Shares
1878
19%
4
28
2%
13%
12
*101% 104% *101% 104% *101% 104% *101% 104%
*14
14%
14%
15%
15%
16%
16%
16%
107
*67
17%
19%
4
2%
14
*108% 109
*108% 109
*108% 109
*108% 109
34
34% *3384
33%
3334
34% 34%
34%
18
18
18%
17%
18%
18%
17%
17%
*98
*98
*98
98
98
99%
99%
99%
20
20
20
20% 2034
19%
19%
20%
41
42
41% 41%
41%
4158
41%
42
91
91%
92
91%
89%
91
91% 92
10
10
10
10%
10%
10%
978
10
43% 44'4
43%
4378
44
44% 44%
44%
14%
14%
14%
14%
14%
14%
14% 14%
109
2%
6%
2234
98%
4934
48
19%
19%
4
27
16%
*46
47
9
19%
*1%
*7%
59%
46
46i2
29%
2%
6%
22%
98%
49%
*46%
3978
21%
161
16%
*106% 108
7
19
4%
11%
35
59
.r ■
95
*59%
19%
20%
19%
*1%
*13%
Lowest
Par
Week
44
16%
108
*105
44
48
121
121
46
17
8%
8%
10
*79%
978
*73%
*35%
6378
9%
2178
45%
43
49
34%
44% 4438
14%
1484
*101% 104%
*13%
14%
*106
47%
*45
16%
161
10
12
49
58%
1578
91
*93%
*19%
41l2
12
*8%
28%
*2%
11%
*1%
$ per share
12
12
20
4
s per share
2%
15
*178
13%
*11%
*14%
19%
4%
11%
178
834
29%
3%
19%
34%
17%
99%
20
4H2
91%
*33%
17%
*2
12%
47%
1978
12
Sept. 10
$ per share
2%
14%
the
Friday
Sept. 11
Thursday
Sept. 9
$ per share
share
2%
15
12
18%
19i2
4%
11%
*1%
Wednesday
Tuesday
Sept. 8
Sept. 12,1936
Range Since Jan. 1
On Basis of 100-share Lots
stocks
Sales
i
-»
New York Stock
Volume 143
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER CENT
Monday
Tuesday
Sept. 5
Wednesday
Thursday
Sept. 7
Sept. 8
Sept. 9
$ per share
$ per share
$ per share
$ per share
1958
11312
♦108
1234
*27%
>
1938
19%
*108
13
*126
16%
9434
16l2
9434
63
53
16%
9412
*114%
146
16%
6
5%
12
6
6
3778
53%
37%
38%
54%
38
53%
19
54
19
134
19
13734
67s
3734
5318
1914
19
14l2
1412
1238
1258
*12
*2
*12
2l2
*78
80
109
*106
9%
IOI4
77
3i8
3
8%
1134
2%
62
91%.
4
7%
40
*115
6%
39%
52%
*96
75
*69%
*10%
1%
3034
*62%
11%
52%
1034
1%
3034
75%
1%
3034
31
75%
1134
*62%
*1034
22%
20%
6%
1%
8%
3%
138
96%
74
7%
34
4634
48%
75
11%
1934
20%
8734
21%
106
6
22%
108%
98
19
1938
50
50
119
119
*25
25%
*110% 112
33
56%
61
9%
2%
91
10%
*10%
80
*73
80
42
20%
6
'
"•'
V'
.
3%
30
4634
*118
46%
3034
47
119%
47
52%
52%
97%
5%
9%
*96
5%
*8%
2%
89%
10%
.
10%
%
11%
79%
2%
19
7%
96
95%
95%
38%
37
38
*2%
16%
2%
16%
6
2%
16%
22%
21%
6%
30
46%
118
46%
6%
2%
9%
9%
3%
3%
3%
6%
2
8%
32%
46%
118
47
31%
32%
31
2
,
10%
3%
31%
75
*72
2
2
*2
*15
17
*15
17
19%
18%
£20%
19%
19%
2OS4
2%
180
300
160
7,200
100
11,800
200
16,900
1,400
160
139% 139%
*154
160
74%
*2
*15
18%
20%
Hosiery
100
100
200
Pittston Co (The)
Plymouth Oil Co
600
2%
*2
*15
75
2%
"2:266
10
200
17
No
60
61
61
*11
12
*11
12
*27
28%
45%
45
For footnotes see page 1674
28%
*44
61
*59%
61
*59%
500
103
20
6
69.900
56%
61
12
*11
12
*11
*27%
28%
*27%
45%
28
45%
45
45%
45%
600
Deo
Mar
10% Deo
78% Nov
9% Jan 10
84
Feb 21
17
Jan 15
2% Feb
37% Jan
12
July
2*4 July
% July
31
62% Aug 26
Feb
54
50
Sept
65% Aug
~
11% Sept 10
85% Mar
7
8
Mar
26% June
5% Mar
22% Mar
Jan 17
Jan
Apr
1
Mar
10% Apr
8
Nov
1*4 Deo
38
Nov
76% Jan
12% Aug
4484 Aug
10
Deo
55
Oct
23g nov
16% Deo
3% Sept
Nov
13
6% Mar
1% Mar
% Feb
43g June
%May
1284 Nov
5% Nov
1% Apr 24
11?8 Jan 6
20 May 18
12
Jan
2
4i8 Jan
1% Jan
2
2
6*4May 21
2% Apr 29
18
Apr 30
40%May 12
11784 Apr
39
Apr 29
103% Feb 21
113% Apr 3
Apr 4
Apr 14
Jan
7
36% Jan
2
16
Aug 21
103 May 1
91%May 4
9%May 9
9s4May 12
83% Jan 2
68% Apr 28
5
Jan
2
50
2878 Jan
35% Jan
3
50
39
7
...50
37
Hosiery
10
Preferred
100
Reis (Robt) <fe Co
1st preferred
No par
100
Reliable Stores Corp...No par
1
$6 preferred
25
Prior preferred
25
Rensselaer & Sar'ga RR Co 100
Reo Motor Car
6
Preferred
100
pref
par
100
Jan
Jan
6
4
934 Mar
4
6
583 Jan 16
36
Jan 16
49
Jan
2
122% Feb 26
49% July 22
113
130
July 15
July 14
144% July 14
164
13334 Apr
117% Mar
1738 Jan
14% Jan
108%June
9
99% Sept
4% July
2
8
1678 Apr 30
77
May
4
78%May 4
10
Apr 20
Apr 29
Aug 11
3
July 15
9% Feb 19
38% Apr 14
48% Sept 11
49% Aug 11
42
Feb 17
3*4 Jan 14
52%
17
Jan
Deo
8*4
4
June
Feb
Mar
Deo
1784 Oct
13*8 Deo
35% Mar
92
Deo
1% Mar
16% Mar
29% Mar
36
Apr
33
Apr
3% Apr
6
Oct
1984 Sept
23*4 Jan
99*4 Apr
2484 Jan
114
Apr
8% Mar
26% Feb
113
Sept
100
Aug
20
Sept
34
117
Feb
20% Apr
30% Deo
43% Jan
43% Nov
38
Deo
11
Aug
72
Nov
1
Mar
3
Oct
Mar
18
Nov
5
15
7
June
15
69
23
15
25
19
11
15
5
Jan 13
10*4 Jan
3
19i2 Feb
2
35
32
3
45% Sept 10
Jan
July
Oct
5% Mar
8
Jan 14
El <fc Pow__
Westphalia
113
29%
80
Sept 11
July
Deo
103
53
59
Deo
Deo
148
65
6
17
18
130
50
117
132
27
9
25
Nov
4634 Nov
104% Deo
119% Deo
Rltter Dental Mfg
No par
Roan Antelope Copper Mines
10
26% Deo
5384 July
121
49% Mar
Apr 28
22%May 25
105
Apr 27
24%June
2% Nov
16% Jan
4% D 0
17
11
Sept 10
90
Deo
Mar
Jan
22
July
73
2% Aug
85% Mar
99
1% Apr 28
12%May 7
21
2038 Mar
623s Feb
Apr 1
6884 Sept 8
24% Mar 20
114
Aug 28
16*4 Jan 30
Aug 21
17% Aug 21
85% Sept 3
Jan
Mar
88
16
6% May
4238 Jan
115
100
2
Jan
„
Mar
July 14
4
978 Jan
70
1
33s Jan 11
12% Feb
34
Sept 8
58% Feb 28
65% Feb 10
13% Jan 9
Class A.
Rhine
""400
Deo
6% Mar
5,000 Reynolds Spring new—.—1
5,200 Reynolds (R J) Teb class B.10
42
28%
85
40
17% Aug 28
26% Mar 3
21% Sept 10
No par
3,100 Reynolds Metals Co—No
70
Apr
Mar
Jan
Nov
Jan
Reading.."
1st preferred
conv
Deo
62
$3.50 conv 1st pref.No par
t Radio-Keith-Orph...No par
Raybestos Manhattan.No par
5
1434
25
24% 108,800 Republic Steel Corp—No par
3,100
6% conv preferred
100
99
1,100
6% conv prior pref ser A.100
20
10,300 Revere Copper & Brass
5
52%
Class A
3,400
;
10
300
Deo
Mar
1% Mar
113
220
Nov
43g
z68%
6% June
No par
17,200 Remington-Rand
500
10
Mar
24% Apr
par
Jan
Deo
April
112
20%
85%
21%
26%
110%
32%
4
Jan
Deo
July
Nov
Nov
3
21
Pub Ser El & Gas pf $5-No par
No par
21%
20%
2038
88
87%
£87%
*85% 87%
85%
21%
21%
£21%
21% 21% *21%
*101% 106
*101% 106
103
*101% 106
6
6%
5%
6%
5%
6%
5%
23
23%
24%
23%
24% 24%
24%
108
108% 108% 108% 108% 10938
109%
98
98
98
£98
98
98%
98%
19
18%
18%
18%
18%
19%
19%
51
50
50
51
53
51%
51%
120
120
*119% 120
120
125
130
25
2434
25% 25%
25% 26
26%
*110% 112
*109
110% 111
110% *109
33
33% 34
31%
31% 33%
32%
57
56%
57
56%
56%
56%
56%
130
2
19%
28%
45%
85%
43g
3
5
2
June 20
146
Silk
Mar
%Sept
Feb
Deo
35%
5%
63%
1334
7
49*8 Apr
3
128
Real
S8
3
Jan
2d preferred:
600
15% Feb
4
100
Preferred B
1,000
1% July
3% July
184 Mar
Oct
1234 Mar
Deo
19% May
14
9%
8% conv preferred
100
300
6% preferred
100
17,200 Purity Bakeries
No par
89,800 Radio Corp of Amer...No par
3,000
38% Mar
Mar. 13
2
3
11
July 15
Jan
14
Oct
7% Mar
23
l%May
100
"JMOO
88
54
Mar
13%
5
96
Sept 10
41% Apr 4
334 Feb 6
5
7% preferred
8% preferred
18%
21%
49
Feb
Nov
2
140
17
13
7
Aug
4
7
100
Gamble
105% *105% 106
19
34% Nov
6434 Deo
Feb
2
5% pf (ser of Feb 1 '29). 100
Pub Ser Corp of N J._.No par
$5 preferred
No par
6% preferred
100
Pure Oil (The)
36,600
5% Aug
30*4 Nov
58% Jan
Pullman Inc..
~~2~700
July
84*4 Sept
6% Aug
21
No par
Preferred
48,700
*70
50
25
Pond Creek Pocahon..No par
No par
100
May
1*4 Nov
81
100
Poor & Co class B
300
438 Deo
8% Deo
15
100
Preferred
Pittsburgh & West Va
.
Apr
2% Feb
9% Mar
16% Mar
IOI84 July 24
July 13
1% Jan 2
Aug 14
par
Pittsb Screw & Bolt. .No par
Pitts Steel 7% cum pref...100
Pitts Term Coal Corp
1
18%
21
8
100
"8^206
74%
5% July
70
100
t Pressed Steel Car...No par
5,000
Mar 13
7%June 8
35% Apr 28
7i2 Apr 30
Procter &
6 ;
32% Dec
39% Apr
11634 Mar
43% Aug
3% Jan 13
Pittsburgh Coal of Pa
18
56%
17%
17% Mar
30
12
30
57%
57%
9
98
Pillsbury Flour Mills
25
Pirelli Co of Italy American shs
6% preferred
Pittsburgh United....
21% Nov
Mar
19% Mar 4
40% April
54% Aug 19
t3i6Septll
5
Preferred
Nov
12
Sept
IOI84 Sept
14% Sept
Mar
16% Mar 13
784 Apr 29
May 29
38% Jan 6
100
Pierce Oil Corp pref
Pierce Petroleum.....No
5,400
200
18
7
68
;
9,900
113% *112% 113
18
66
Porto-Ric-Am Tob.cl A.No par
Class B
No par
t Postal Tel & Cable 7% pf 100
30
140%
No par
Rights
540
3,390
9,200
2,800
47
46%
46%
118% *117
118%
45% 46%
46
47%
*103% 105%
105% 105%
119% 119% 118
119
94
75
17,800
47
*93% 95
93%
93%
17
1634
17%
16%
16%
16%
16%
16%
11
10%
11%
10%
1138
11
11%
11%
*100
109
*88% 109
*101
109
*101
109
74
76
74%
*74%
7438
74%
74
73%
7
7%
7
7%
7%
7%
7%
7%
34
34%
*33% 34
33% 34
34
33%
4634 4734
46%
47%
47% 48
47% 48%
49
48%
48%
49
*48% 49
49
49
*42% 43
*42% 43
*42% 43
*42% 43
13
13
12%
13%
*12% 12%
13
12%
*74
81% Jan
3% Jan
8% Jan
li2July
Phoenix
20
80% Deo
10838 Oct
1734 Mar
7
2534 Aug 31
2
No par
$6 preferred
t Phila Rapid Tran Co____50
7% preferred
50
1,000
*117
140% *137
140% *137
160
*154
158% 158% *154
*112% 113% *112% 113% *112%
58% 5834
57
5784
58%
18
1734
1634
17%
17%
107% 107% £107
107%
105%
£94
22%
21%
21
""800
88
6
1238June
10%June 30
Preferred
300
Jan
25% Jan
90,500
7,400
79%
1%
*18%
7%
*22
3
18
Aug 19
40% Sept 8
45% Jan
Phillip Morris & Co Ltd
10
Phillips Jones Corp...No par
7% preferred...
100
Phillips Petroleum
No par
500
Apr 27
60
Phila & Read C & I
400
4
100
6,700
"""260
*2%
16%
22%
1%
Mar
25
100
220
310
1%
10%
8
4938 Ang
11634June
56% Sept
Feb 19
Phelps-Dodge Corp..
Philadelphia Co 6% pref
600
10%
*52
3%
110
100
Preferred
1% Deo
135
30
Pfeiffer Brewing Co ...No par
6,200
ii'ooo
42
37%
1%
*7%
3%
Aug 19
28% Apr 29
50
Pet Milk
No par
Petroleum Corp. of Am
5
3,300
2,900
80
95
21%
6%
*1%
135
par
5.200
2%
91
2%
16%
22%
21%
*137
95
38%
95
105
105
*105% 106%
119% 119% *118% 120
95
11%
*
""306
Oct
Deo
2734 July 17
Jan 13
6
8%
3%
7%
10% Mar 24:
48% Mar 24
June 30
17
Jan
%
19
4^
Dec
7%
64% Feb
57% Apr
2% Mar
28!
16
20%
2
*8
,
*18%
7%
Sept
678 Jan
56
38%
6
*134
•
7%
92
3%June 23
4i2 Jan
2884 Jan
100
13%
41%
2%
?
14
21
84 July
Feb 21,
Nov
142% Deo
34 Apr
4% Oct
8% Feb
2'
2% Mar 17
73
100
Preferred
87%
24%
13%
11%
39%
24%
%
*1%
Mar 13
Apr
1178 Apr
17% Jan 24:
100
75%
10%
53%
11%
79
658June 20
par
No par
10
4% Jan
10%May 20
li8 Jan
60
Aug 17
69
9% Aug'
11
May
2% Mar
28% Sept 8!
5% Jan 23
47% Mar Id
27%Sept 2
300
32
2%
Nov,
9
7% Feb 19
*62%
19
Aug
67
46% Aug 10
10412 Aug 29
*31
79
8
7
2
75%
10%
53%
11%
79%
31
6
38
31
75%
Feb
Apr 28
66
% June
6% Mar
71% Dec
12*4 Jan
23
No par
$7 conv pref
75
31
Proof Co...2.50
Pennsylvania
Peoples Drug Stores._Noo
Deo
8734 Feb
4034May
Preferred series A
100
Penn G1 Sand Corp v t c No par
33,800
1,100
Jan
123
3
June
102
102
*73
1%
1
1
Cement...No
12
7% Aug 22
59
25*8 Apr 28
64% Jan 3
*70%
*9%
1%
*1%
37%
*2%
16%
22%
Penn-Dixie
21
Jan
8% Aug 19
17% Jan 13
234 July
100
People's G L & C (Chic)... 100
75
79
*93
3,000
Mar
June
111% Jan
634 Julyi
4% Apr
74% Apr
97% Feb 13
109
Aug 31
Peoria & Eastern
Pere Marquette
Prior preferred
10%
1%
1
Apr 28
July 30
31% Dec
3% Mar
IOS4 Jan
lT,700
*70%
10%
1%
10%
67
103
i
Jan
Jan
Deo
5*8 Dec
19
Feb 1
""300
75
77
22%
2034
18
3% Deo
1
Mar
12
13% Sept
20% Jan
Jan
42
7
11
*22
11*4 Apr 30
678
12%
138
18%
54%
6%
*6%
*52
17
152
Penney (J C)
No par
Penn Coal & Coke
Corp
10
1,500
116
7
11%
*18%
734
39%
46
"*6%
11%
7%
2,600
134%
39%
7
53
2
8
1734 Nov
70
58*4 July 2
Jan
Nov
10
13% Mar
July 20
140
No par
Penlck & Ford
200
45
42%
,316
200
400
*6
25%
13%
11%
39%
52%
97%
5%
9%
2%
2,700
1
22% Sept 1
Aug
Mar
16
934 Feb
41
Aug
1
Dec
129
3% Apr
Sept 1
July 1
Pathe Film Corp
No par
Patino Mines &
Enterpr No par
Peerless Motor Car
3
1,700
41%
52%
91%
11%
11
28%
45
*5
53
2%
16%
2%
16
39%
52%
*96
11%
18
6%
'
3
142
Parmelee Transporta'n.IVo par
1,000
26,300
21
21
56
87
11%
2%
42%
%
6%
*39i2
*85%
9%
92
4
*85
*2334
54
17%
7%
17
43
*8
10%
94
*42%
11%
2734
*44%
634
*69%
10%
134
37%
2%
*70
56%
316
75
93
16%
17%
11
1034
*88i.i 109
32%
42
7
37
107% 107%
*59%
*73
4234
%
2
2%
159%
113%
5734
58%
16%
16%
*96
9134
1034
80
92%
*154
5%
22%
2%
93%
10%
37
*112
*106
*96
91%
7
*13%
76
7%
29%
46%
119%
46%
46%
*105
106%
*118% 120
*101
52%
*61
*40%
*62%
10%
2
29%
46%
19%
20%
8734
21%
3934
86%
25%
13%
11%
39%
52%
97%
5%
.
*115
116
*6
11
17%
*118
*2
1134
39%
52%
538
11%
23S
6212
9134
4%
42%
42%
101% 101%
102
*85
97
7
11
*15
102
53s
238
Parker Rust
4,700
14
Dec
55
115% Mar
Mar
Feb 11
3
10
Parke Davis & Co
700
17
8
Mar
80
July
17% Sept
92
Jan
114% Mar
164i2Mar 4
1778 Mar 25
984 Feb 11
1
Jan
100
Park-Tllford Inc
Park Utah C M
3,300
4,400
2
38
22
July
125
Jan
4% Mar
22*4
Nov
1158 Nov
26% Dec
Apr
106
2
118
100
Second preferred...
114
3034 Jan 11
47% Apr 30
14%May 15
No par
conv pref
Paramount Pictures Inc
First preferred
15,400
27
1H2
40%
46%
54%
6%
45
*4234
5%
»16
11%
76%
48%
*6
.
*115
56%
9%
2%
42
Labor Day
53
*46
116
3%
134% *122
46%.
5434
39,900
9
62%
9134
4%
634
40%
21i2
39%
46%
121j66
9
6%
*122
26%
512
*4
40
5
*72
634
*1%
8% conv preferred
Paraffine Co Ino
4%
12%
26i8
3%
41%
41%
26i2
1134
212
40%
*20%
134%
9%
2%
91%
10%
Exchange
41%
11
50
800
Ills
87%
1034
27
*61
46%
5
Closed
%
2,900
108
11%
8%
39%
9
Stock
10%
11
7%
3334
41
12
1134
4%
77
1
5834
78i8
78
3%
4134
91i2
21
£25%
,
*56
*106
84
5%
4%
634
21
£13%
9234
*214
1078
1134
212
92
*40
14
52
74
2%
6234
4
88
5234
*72
*95
5%
838
12
2%
25%
95l.i
10%
138
634
4434
2%
7%
92%
36%
*2%
16%
*21%
20%
*534
*1*4
*7%
3%
27
8
*115
10334
39%
92
*13
11%
3
*2534
13%
9
110
84i4
4134
2634
*85
9
440
27
3
4134
1134
55%
44
1334
2%
76i.i
27
3
4134
2634
5%
6%
*102
12
*16
10%
8134
III4
28
28
28
39%
52%
95%
*4%
108
1038
8134
1138
88
12
634
*69%
*10%
1%
*30%
*62%
78
*106
91%
116
*6
44%
13%
8,300
152
25
Pacific Ltg Corp
No par
Pacific Mills
No par
Pacific Telep & Teleg._--.100
6% preferred
100
Pac Western Oil
Corp. .No par
2,300
52%
22%
142
13 34
5834
79
109
11
40%
46%
53%
105
41%
".6
2%
*61
41%
21%
46%
53
*85%
*2534
8
2
2i2
5834
78i8
7
3934
*6
5178
21%
I *150
152
July
2d preferred
Pacific Gas & Electric
9,500
141
7
No par
No par
*2
134% *122
46%
*44
810
38
3834
5238
5234
21
22%
13912 139%
Jan
July 22
2034 Deo
107
4*4 Apr
June 12
share
per
Jan
11%
96% Sept lj
56
Sept 10
3% Jan
8% July
414 Jan
preferred
58
4%
*122
116
*102
7
38
20*4 Mar
7
13
1st
1,370
1258 249,800 Packard Motor Car
No par
300 Pan-Amer Petr & Trans
13%
5
100 Panhandle Prod & Ref.No
2l2
par
2%
4
134%
53
2,040
15
534
8%
'634
41%
2138
42i2
2158
39%
3,400
7l2
1334
734
2
2
Jan
1214
*
*44%
16%
136
Jan
July
128
14%
92
92
*115
16%
6%
12i2
Mar 25
12% July
Owens-Illinois Glass Co...25
Pacific Amer Fisheries Inc...5
Pacific Coast
...10
"uoo
142
75
3234 Feb 24
70
47
151s1
*77%
62
6212
*2114
141
123
114
13
11%
2l2
*41
14234 14234
16
16%
6%
634
12%
1234
638
7
14
Highest
•
3% July
25i8 Mar 30
115% Feb 24
2
100
Preferred
v..
15
3%
42%
2738
8I4
1134
678
*11458
Jan
No par
1258
12i2
81
5%
4
*52
8
t per share
24% Apr 27
100
Year 1935
Lowest
$ per share
2
100
15
1034
*4134
26%
92
240
13
10
578
*60
5534
150% *150
*106
2714
27U
578
778
*1114
212
56
Jan
No par
Prior preferred
Outlet Co
13%
84%
1134
28%
2734
42
*122
79%
108
10%
81%
11%
11%
27i2
3i8
42
1,400
56
Preferred
Otis Steel
63~300
•
80
1034
26
18%
96%
107
No par
*56
59
*78
*106
133
1778
140
15
2%
57
*126
Elevator...
12%
*12%
2%
1334
*2%
56
*5214
Otis
9434
2038
140
13
12%
1334
3,500
19
5334
150
— -
4,800
28
95
I6I4
638
1234
7
38
12
139i2 139l2
*15014
1412
15
*150
133
13
27%
1812
145
6
12
6
13
Preferred A
100
Oppenheim Coll & Co. _2Vo par
95
*1145s
1534
5%
12
6
*126
56
145
I6I4
100
2778
Range for Previous
Highest
$ per share
17
July 7
Omnibus Corp
(The) vtciVo par
1838
*55
145
4,300
95
.
*11412
15%
6
*1034
133
17
95
55
145
16%
2714
*126
*114l2
146
1358
Par
110% 110%
*110
2734
Lowest
19%
19
1934
1338
17
Range Since Jan. 1
Shares
110i2
13%
1338
94%
53
$ per share
1938
1681
On Basis of 100-share Lots
Week
$ per share
113
8
EXCHANGE
Sept. 10
27U
133
STOCKS
NEW YORK STOCK
the
Fridai
Sept. 11
1958
*110
13i2
2778
2734
133
19i4
113
13
27%
*126
Sales
for
Saturday
19i2
Record—Continued—Page
MarlO
Aug
21% Oct
98% June
2% Mar
9
Mar
28% Mar
78% Oct
5% Apr
13
Apr
Apr
17% Apr
75
101
43%
55%
11%
5%
21%
2084
88
Dec
Nov
25% Nov
110
Mar
5% Deo
2084 Nov
97
Nov
95% Nov
16
37%
Deo
Deo
115
Nov
32
Deo
June
113% Deo
Mar
58% Nov
Apr
67
Dec
13% Mar
20% Deo
Mar
Feb
33
Nov
Deo
OCE
LOW
HIGH
AND
2h
Wednesday
Sept. 8
Sept. 9
$ per share
558
26%
*9
HI4
*13i2
4638
47*g
*99i2 100*4
*6134
6H2
26
11
62l2
62
62
284
3214
6i2
32
65s
534
57g
87
8784
8812
3l2
86I4
69
68
69
68
25l2
2514
8558
33s
312
*33s
69
70
*69
2478
2514
16
1634
2414
163s
1678
2534
9412
714
58
33l2
20
2438
*9384
714
*56i2
7*s
6884
*56l2
33*2
3312]
1878
33l2
193s
19
*94
7U
57
3834
395s
3984
4J8
414
26*2
4i8
26l4
62
6U2
98
95
1314
35*2
*152
153
3134
315g
43 I8
4378
23*4
437g
2278
403s
413(,
41l2
235g
*50
6578
21
2112
*80*8
3214
32U
2II4
213s
28
28
Stock
51i2
*50i4
Exchange
84i2
109i2
2834
*28*4
1534
15*2
84*2
*106
Closed
Labor Day
*12514 128
43U
2234
Southern
40
*5034
54
54
*53
57
55U
2,300
934
934
9
9U
95a
9U
73
73
72
70i4
7H2
*70l4
*107*2 110i2 *107i2 110i2 ♦107i2 110i2 *107i2 110i2
7i2
734
75a
7
7i2
734
7
7is
205a 2078
2114
20U
20»4
2034
2H2
22i2
*80*8
*80i8
*8018
*80*8
*3H2
32i2
*31i2 ~32i2
32l2
*3U2
32i2 3234
2078
2114
2078
213a
213a
2078
2Ug 215s
28«4 2934
2934
2734
28
29
27l2 28
5U2 *50l2 6112
5H2
51i2
*5014
5U2 *50i2
87
86i2
88i2
87i2
89i4
85
87i2
887g
*10714 109
10834 10834 *10714 109
*10678 10912
30
3034
30i4
30i4
30<4
29i2
28i2
2912
9
70
155a
1514
15&8
1514
15i2
1578
125*4 12514 *12514 12734 *12514 12734
10X2
8*8
103a
1078
884
3578
37i2
26«4
62
62
62
*26
62
3334
*7214
3*4
*1184
*49X2
20*8
193a
14
*79
33a
367a
373s
4
24l8
225a
55
54
60
*3
3634
37
37*4
55*4
5484
6234
6OI4
625a
63i2
625a
34
34
34
34
34
72i2
723a
723g
7134
314
3*4
3*4
*3*8
12*2
*1184
12i2
38
2684
*26
50
50
50
*50*4
723g
334
123g
51*8
205a
1934
20
1958
100
*12
<
3*8
200
15,600
37
3658
900
v.
31,200
45,700
2,000
16.200
.
19*2
13,100
135a
14
37,900
79
79
600
*121
122
10
3738
4*8
4*4
36*2
373g
4*4
37
4
1,300
•5,700
II,000
36*2
4*8
1778
17
17
173a
18*4
1712
18*4
1784
18*8
4*8
173a
34l2
34*2
34*2
345a
345a
34*2
34l2
34
34
600
*9
34X2
10*8
22l2
305g
214
I684
11
11
11
11
2,100
223s
1018
22i2
3078
3078
214
4
2i4
4*4
11
11
11*4
2234
225a
2234
225g
2278
22i2
225g
3078
31
31*4
31
31*4
31
31
2*4
17
2*8
16*2
7*8
7*8
„
2*4
1634
165a
7*8
7*8
73g
73a
17
17
7i8
7i8
36i2
7i8
714
37i8
37
38
38
383a
38
3734
3734
375a
38i4
3784
38*4
1158
12
1134
12*a
115g
12
375a
115a
*978
7
.1100
42
*925
42l2
37
7*2
10
978
10
*925
714
7i8
37
978
1100 *925
42X2
4234
37*4
38
37*8
62*4
*61
1078
*10
90
*75
9
III4
1078
90
90
90
9
9i8
678
*6
3018
*578
*30
30
9*8
65a
30
87g
6*4
*27
3634
878
6*4
638
2934
2834
No par
700
Texas Corp
(The)..
Texas Gulf Sulphur
6,100
Texas Pacific Coal A OH
Texas Pacific Land Trust
1,700
■
100
700
1034
*75
90
30
9
2,800
*6
6
5
25
Tennessee Corp
5,800
61
*28
No par
A
Telautograph Corp
No par
J
Texas
A
Thatcher
$3 60
The
Pacific
Ry
1
Co. 100
100
Preferred
Thermoid
Co
i
400
Third Avenue
Third Nat Investors
1
100
1
25
No par
10
10i2
10i2
105a
103a
11
11*8
III4
29
29*2
293a
2934
29i2
2934
1,600
3,200
Thompson (J R)
30
538
534
7,500
Thompson-Starrett Co.No par
$3.50 cum pref
No par
28
1612
163a
105
105
5*2
53g
5*2
512
28
*25
*2534 28
17
1678
17*4
16*2
*10484 105
10434 105
53a
*25
167a
5*2
277g
28
29
17
1678
1714
-
2,100
17,600
700
10458
1045a 10434 *104
*35
5434
*35
5434
22*2 2278
23*8
22*a
653a
6478
6478
643g
2*0*266
Thompson Prods Ino
No par
Tidewater Assoc OH
100
Preferred
No par
Tide Water Oil
5484
*36
6434
*35
6434
2278
23
237g
*23*8
235g
♦64
6412
64
64i2
64*4
6478
1314
*19U
1312
133s
13*2
13i4
13*2
13*4
13*8
13*8
13*4
8,900
Transamerica Corp
1934
19*2
15*4
1478
10
934
108*4 109
111*8 Ill's
778
778
193a
195g
19*8
19*4
19*4
19*2
2,500
Transcont A West'u Air Inc.
15
15*4
1478
15
147g
15
3,600
97g
934
934
10
5,800
*35
225a
197g
15
14i2
97g
10914
934
*108
*11114 1115s
734
784
*978
10l2
30
30i4
38i4
.
109*2 10934
109*4 109*4
108*2 1085a
111*4 111*4 *111*4 111*2 *111*8 111X2
8
8
8
8
77g
784
10
10
*10
10*4
10*4
103g
2,200
.
200
900
400
30
30*2
30
30*4
297«
3078
30*2
3134
18.700
38
38U
10
38*2
38
38*2
X377S
137S
3834
3834
3934
11,900
14
13«4
91
91
90*2
1412
91«4
33a
3*2
77*2
775a
78
97,
10
*1378
*3U
934
5,700
312
78
1384
14
90
90*2
384
773a
334
78*2
90
*35,
x78
14
135a
135a
2,400
90
90
90*2
210
334
900
384
78*2
334
78
78*4
2,500
44*2
43«4
4312
e
1674
•
44i2
45*8
45*8
4638
46
465a
12,700
Mar
Feb
42
Apr
Aug 13
59ij
Apr
Oct
22
5384 Mar 20
33X4
19
2
109
4378 Mar
ioh4 July
12*s Sept
Feb 24
122*8 June
1384 Mar 17
978 Feb 17
2*2 Mar
U2 Mar
1*4 Mar
434 Mar
40*a Feb
8
8
8
17
8
5
Feb
6
243gSept
66*2 Sept
6334 Sept
384 Jan
475g Feb
8
28
28
3
2
14
27
6
Feb
Deo
6884
Jan
68
Nov
U8 Mar
3ig Mar
4
Dec
10
Deo
60
Dec
4*a Jan 28
1234 Jan
8
53i2 Jan 28
24i2 Apr 16
Jan
478 Jan 21
26
Apr 30
1484 Jan 6
1005s Jan
51
July
3
8
3
6%
preferred
No par
...
Preferred called
—-
No par
Truscon Steel
10
20tb Cen Fox Film CorpNo par
Traer
Coal..
..No par
Preferred
Twin City Rap
Preferred
Trans. .No par
100
.....
No par
Ulen A Co
Under Elliott Fisher Co
Union Rae A Pap
No par
100
Corp.No par
Jan
Apr
Apr
93
Jan
6
III
Sept
Jan
2
6
30
1
27
20
22
a June
30
47g Jan
7i8 Apr
22>2June
313g Apr
884May
65X4
2
Mar
6*8 Mar
4
2i2 Mar
2*4 Apr
60*2 Mar
684 Mar 12
18*4 Sept
8
115*2
Jan
Apr
I87a Dec
15*8 Dec
IO84 Nov
77
Nov
121
Mar
Deo
Jan
1*8
6
30*8
3*2
Mar
xll
1234
Dec
Aug
1778 Oct
314 Mar
25
Dec
9
9
Jan
6
15
2284
8ept
Dec
July 27
25
357a Jan 30
234 Feb 11
17*4 Sept 11
93a Jan 8
10>4 Mar 11
40
July 22
44
Jan
745sJune 29
125*2 Apr 23
38>2May 21
8
62*4 July 27
14U Mar
110
6
Feb 28
3078 Aug
7ig Jan
Truax
36
Mar 12
5
3
2
2334June
8>4 Jan
11
12*2 Dec
914 Aug
113a Aug
26*8 Deo
2878 Dec
2i2 Nov
4078 Dec
333a Deo
32*z Nov
1258 Mar
Transue A Williams St'l No par
6
Jan
Apr
528a
8i2May 23
3U Jan 2
Trl-Continental Corp..No par
Bearing.No par
No par
19*8
130
32
6
1478 Jan
l03gMay
Tlmken Roller
Oct
Oct
12i2 Mar
39*8 Aug 25
1514 Feb 29
7i2 Jan 6
USgMar 6
9*4June30
Feb 18
1000
July 15 1375
49
July 21
28
Jan 2
12ig
Mar
84
105XS Nov
11*4Sept
Jan
Jan
56
23
20
Deo
Oct
Nov
3478 Aug 28
74
July 21
36
Jan
20U Apr
2812 Apr
U8 Jan
57g Jan
684May
558 Apr
287a Jan
7g July
18>a
I5i2
48
3584 Mar
2184 July 27
2
Mar
6
2784 Mar
36i4 May
Mar 19
7
Jan
8i2 Mar
Feb
9
129
Jan
95gJuly
7*4 Mar
318a Apr 13
18
Feb 24
30
23gMay21
8*gMay 8
48 May 18
16is Apr 30
Nov
Aug 27
89USept
12
70
24»8
Dec
31
6
9
33
70ij Nov
107
Deo
6
27
30
2
19
10
Timken Detroit Axle
Preferred...
4214
July
July
5
8
84i2Sept 2
3634 Jan 25
2418 Aug 4
297g July 27
834June 16
89 June 4
295a
5i2
5i2
*2584
15
22i2Sept
337g Apr 27
69
Mar 25
103s
29i8
7
Aug
42 U Aug
10
1
30
2
No par
pref
29i2
*10
Dec
Nov
25i2 Deo
16x2 Jan
215a Dec
3334 Dec
884 Nov
Jan
2434May
65g
283a May
8»i
51 ig
23
Oct
814
No par
No par
Mfg
conv
Fair
200
6*2
29
10
100
Old.''
61
858
..No par
5,300
363g
63g
2834
9
Swift A Co
6,100
*1014
9
10
112
27
Superheater Co (The)..No par
50
25
Dec
Nov
1534 May
1234 Mar
6i2 July
40*2 Mar 18
Paper Co
30
4412 Sept 10
24
Sept 8
12484May 15
Sweets Co of Amer (The)
68i2
152
2
Sutherland
65i2 Deo
70i2 Nov
Feb
Jan 11
2,500
~1~266
Jan
Dec
105a Mar
Jan
75a
38*4
42*8
3634
20
132
Mar 27
3
Jan
Mar 26
27
73g
1100
10712
118
17*4
4134
I
100
Swift Internat Ltd
10
July
145a Mar
1
.....100
Apr
1058 Aug
91
Symington Co....
3778
II84
Mar
I5X4
2
Class
Mar
4
6
1,600
16,800
13
Jan
Superior OH
Superior Steel
Jan
Dec
463a Nov
1458 Jan
9ig Jan
Preferred
1834
20i2
U6I4
Jan
24
72
No par
Sun
193a Apr
20i2 Dec
3x4 June
3234 Jan
65
Deo
Nov
3)8 Mar
Aug 21
35
111
6
Feb 26
25
July
16ij Deo
Jan
6*2
60
6
984 Mar
30
4
Mar
2
534 Nov
60
3414
Oct
434
t Studebaker Corp (The)
1
Oil
No par
Stone A Webster
2,900
*925
90
62i4
11
90
*80
1100
5
Stewart- Warner
2*4
37*4
37i2
11*4
97g
10
97g
42
(The) L S..No par
7*8
1134
37
*60
1114
III4
42
7,600
10
Standard Oil of New Jersey.25
*7*4
38
*60
62i4
*60
10
1100 *925
par
Standard Oil of Kansas
1678
7*8
75g
383g
42*2
3634
62*4
1034
*41I4
Standard
Standard Oil of Indiana....25
2*4
2*4
165g
214
par
Convertible preferred.:..60
14
36*2
par
"""166
1934
122
par
$7 cum prior pref
Sterling Products Inc..
10
Sterling Securities cl A-No par
Preferred
No par
79*2
122
No
No
Corp..No
Oil of Calif.r.No
$6 cum prior pref
Stand Investing
Starrett Co
1384
Mar
6
Feb
78
5ig Apr 30
9i2 Jan 3
2434 Apr 28
2684 Apr 30
700
79*2
63*8 Mar
83s Feb
112
9i2July 29
700
1934
July 24
11*4 Feb
1
No par
Preferred
300
8.400
314 Mar
5i2 Mar
55
No par
Comm Tobacco
t Stand Gas A El Co
34
19*8
1834
Mar
3212 July 28
1207a Jan 10
72i8
3*4
123a
Dee
9
3
40*2 Nov
2958 Dec
160
par
72
51*8
19*2
Nov
17
127$ Dec
2534 Nov
71* Feb 29
35i2 Aug 28
12
18
143g Apr
par
19,600
7934
125
par
6278
*50
Mar
70
714 Mar
114
2134 Apr 27
62*2
*33*2
*12
U8 May
Apr
Jan
7&8 Mar
17
Mar
99
100
100
*3i8
40
Mar
28*2 Jan
3
8
Jan
63
par
9,700
.14*4
*122
44
par
3734
79
1938
par
2634
37*2
1378
1414
1
Spicer Mfg Co
..No
Conv preferred A
No
8plegel-May-Stern Co..No
6H% preferred...
Square D Co
No
Standard Brands
No
Preferred
—No
Stand
Jan 16
14X2 Jan 25
40i2Sept 8
634 Jan 15
31>4 Mar 30
132
April
75
Apr 17
7
63*4June
*26
19*4
1958
37
3,600
29,400
8i2
*3
197g
80
200
61
24*4
37*8
7,300
5438
62*4
3*8
Sperry Corp (The) vtc
10
6978 Nov
4i8 Nov
124
Feb 20
101*2 Mar
5«4 Apr
67g Jan
73ssJune
2934 May
1578 Apr
133s Jan
8pencer Kellogg A Sons No par
23,500
6,800
31
213g Sept 11
23i2 Jan
2
1234 Apr 27:
19
Jan 21
Spalding (A G) A Bros.No par
1st preferred...
100
Spang Chalfant A Co Inc pf 100
Sparks Withlngton
No par
Spear A Co
1
$5.50 preferred
No par
Deo
Dec
4
Jan
Jan
Nov
lU
Dec
Jan 31
634 July
Nov
91
3
Aug 14
34
4i"8
Dec
367a
478
58 Aug
72
Jan
135g
2034 Mar
27S Oct
Jan 17
.
""466
10*2
85g
635a
*26
2634
3,700
23*2
10*2
8*2
235a
3*8
22*300
1514
15i2
12434 126i2
103g
8*4
10*2
103g
884
37&a
2634
63*4
37*2
38
*122
37
83a
210
*4 June
7
7
105
25
Co......-100
100
100
Mobile & Ohio stk tr ctfs 100
200
-
20i8
Jan
I84
2
150
Railway
Preferred
13,100
Apr
Apr
Oct
34i2Sept 11
378July 29
26
Apr 27
Southern Pacific
25,600
4134
44a8
23i2
41is
29,300
24
*3*8
36i8
37i2
4
20
8
97t8May 29
87g July 15
July 12
July 16
Mar
Jan
55
Mar 31
; 60
Apr 8
Ai>r 30
Jan 2
July
110
Platinum..1
So Porto Rico Sugar...No par
Preferred
100
Southern Calif Edison.
25
South Am Gold &
4,600
153
153
153
700
31,000
5&a
35
46
56U Nov
12i2May 20
No pa
Corp...No par
Socony Vacuum Oil Co Inc.. 15
Solvay Am Invt Tr pref...100
Snider Packing
I,500
38,500
23l2 Nov
Dec
Jan
7
7
7
40*4 June 30
21
Sept 1
Corp
(A O)
Smith
4,700
Mar
Mar
32
_
Jan
Jan
12
315g
6
73
Mar
55
Nov
14
1
26i2Sept 11
17*4 Sept 11
Jan
657g
Jan
Apr
Apr
3
6
885aSeptll
45a Feb 6
19X2 Jan
100
preferred
7%
2
22
7
1984 Jan
112
84 June
4i2 Feb
4358 Mar 12
x3i2June
25
44i2
314
373s
35
34i2
50
112
53g
345g
30U
1434
110*2
834
Dec
.Dec
Feb 29
134 Feb
July
484
100
Sloss-Sheff Steel & Iron... 100
90
1334
1312
558
89
43*8 Jan
Preferred
100
40i4
*3*8
35i2
37U
2684
79i2
■
41,100
2,200
4,300
14,800
5312
2II4
112
112
200
2314
54*2
61*2
3*8
36*4
7912
100
433a
235a
*122
21U
5i8
Skelly Oil Co
2,300
4H2
56i2
6334
1914
14
1,600
10,300
"
2378
243a
20&S
51
2U2
135s
*152
2.100
No par
Sharon Steel Corp
No par
$5 conv pref.
No par
Sharpe & Dohme..
No par
Conv preferred ser A .No par
Sheaffer (W A) Pen Co.No par
Shell Union Oil...
No par
Conv preferred..,
100
Silver King Coalition Mines 5
Simmons Co
.....No par
Slmms Petroleum
10
(F G)
437g
66X2
1378
505a
133a
Shattuck
93
21l8
514
15,300
9414
7i8
5734
34l2
213g
124
1038
393a
4i4
93
1
-1
Preferred.
Servel Inc
4012
22
19i8
25
7
Second
300
Dec
2584
10*4 Mar
113X4 June
4U Feb
595g Jan 21
284May 25
61UMay 13
155a Jan 7
lli8 Jan
2034 Jan
600
10
114i2 June
76
Co..No par
Natl Investors
1
18,900
102
Apr
109
20i2 Feb
53*2 Jan
Sears, Roebuck &
Nov
3
10484 Mar
52
30l2 Aug 22
3*2 July 24
17,400
share
per
82
Jan 20
101'4 Mar
100
Preferred
400
4314
233g
5534
6178
20
24l2
8
June
3778 July 15
-9712 Feb 1
138May 26
7&8June 4
4,800 Seaboard Oil Co of Del-JVo par
No par
2,200 Seagrave Corp
6i2
*9334
II
Highest
share $
per
114i2Mar 11
163a Jan 13
113
Aug 5
110i2June,80
6
78 Jan 2
2
Apr 23
3134
2184
50
I684
885S
3i2
70
2612
1714
Jan 24
July 29
108
No par
No par
120 Scott Paper Co.:
7,500 t Seaboard Air Line
3034
64i4
68I4
*48
87i8
*33s
*68i2
26i8
18
27
1
100
_
3184
8'8
12l2
234
3212
Preferred.
700
3134
lOU
*1184
234
3212
6I4
15s
117fi
62
1
778 Jan
—100
200
5M% preferred
2,700 Schulte Retail Stores
9958
48
3434
200
10,000
995s
1*2
*105g
6158
?8
94
112
,150
.
1334
46
3178
77g
2O84
34
72i2
3i2
11218
3134
IOI4
*32l2
*72i4
*314
170
32
4414
24
42
9
7
7
3,600
1334
1*2 Jan
238 Jan
3,100
70
9i8
7U2
♦107*2 11012
*87S
*70
*58l4
*93
153
10
453g
100
preferred
100
t St Louis South western... 100
Preferred
100
Safeway Stores
No par
6% preferred
100
7% preferred..
100
Savage Arms Corp..,—No par
Schenley Distillers Corp
6
1st
5534
3134
*50
62
93
*152
153
*121
123
5i8
34i2
53a
3514
5i8
3434
53s
514
35
4
26
4714
47U
21U
215g
1312
137g
1123a 1123a
215s
*11218 113*8
4i8
93
4784
22
135s
1378
*112i8 1131s
215g
13i2
IOI4
39i8
26i4
*58i4
4734
4734
2U2
121i2
105g
40
123
95
*455s
120
10
*56l2
5834
3418
34i8
2078
20i8
12212
122
10i8
10l2
3814
3934
4i8
414
26
26
26i2
124i2
12478 *121
59
59
62
1912
4i8
62
*93
*56i2
12
■
29
112
Joseph Lead
\
117^8 Feb 19
10i2 Feb 19
2984 Feb 28
35gMar 4
63a Mar 4
14
July 21
33
July 27
35i2 Jan 8
1
7
2
2
2
53aJune
22
July
100
10
3,400 t St Louis-San Francisco._
30
7is
195g
26
126
*124
126
*61
2584
9414
7
*33i2
393s
4i8
*124
25i8
*9334
337g
10l8
26l2
*26i8
1684
19ig
107g
4012
10l2
.
2638
17i8
33
12H2 zl20
121
£121*4 12312
IO84
1058
i
6812
1634
26ig
9412
7U
1612
2514
94
33a
3l2
57
25*4
7
88I4
21,800
St
6,800
30
6i8
87
883g
3l2
25
24
6
6
25
*9312
3212
33
32
33
Rutland RR 7% pref
Lowest
Highest
$ per share
7484 Apr 28
Ruber'dCo(The)cap stkiVo par
11034 111
278
3234
*234
234
234
.
1
7a
1
1
234
278
*234
158
15a
11
32U
5i2
*24
11
*61l2
1
1
1
*10i2
212
5*8
*1034
Lowest
$ per share
Par
'"800
285g
2i2
Range for Previous
Year 1935
Lots
On Basis of 100-share
Week
Shares
7i2
28
12
5U
15s
U2
11
7U
NEW YORK STOCK
EXCHANGE
the
$ per share
*77
90
26
25a
29
*25
158
IOI4
6H2
1®8
IOI4
1>2
10'4
62*8
H2
IOI4
267g
30
30'4
303g
30*2
295s 3078
IIO84 11034
IIOI4 110i2 *11014 11134
*112
11214 *11218 112t4
112
112
*13i2
1378
137g
1378
*1314
1434
4534
4638
457g
46t2
463s
47
*9912 100
100
100
*99i2 100
110l2
11214
*112
IOI4
1H2
28
*25
29*4
29*4
*110
5*4
23g
7i2
28i4
234
5i2
6i2
6i2
27*2
234
5V2
IOI4
6l2
2634
5^8
*9i2
I2h
28
*25
90
*75
678
2678
2&s
23s
514
$ per share
*77
90
$ per share
$ per share
*80
90
*6i8
*26*8
263s
234
53s
Tuesday
Sept. 7
STOCKS
for
Friday
Sept. 11
Thursday
Sept. 10
Range Since Jan. 1
Sales
NOT PER CENT
SALE PRICES—PER SHARE,
Monday
Saturday
Sept. 5
$ per share
*80
90
Sept. 12, 1936
New York Stock Record—Continued—Page 9
1682
9i2 Feb
12*4 Feb
32*4 July
6
18
12
14
31
8*2 Mar 23
3934 Feb 25
19i8 Feb
106*2 Mar
60
4
3
Mar 11
2378Sept
8
72i2
U84
275a
16*2
Feb 18
Feb 25
Apr 4
Jan 2
12
Feb
4
1097g Aug 12
1113a Sept 3
8*8 Sept 1
1078 Feb 18
2
2
323a Mar
41
Mar
153a Aug 27
9584 Aug 27
85a Jan 20
99
Jan 13
133
52«4
Sept
32*2
Dec
i4
Apr
Apr
1*4
6*4 8ept
33*2 Dec
U2 Nov
6*4 Deo
978 Jan
Mar
834
Dec
16*2 Mar
2884 Apr
314 Jan
8*2 Jan
30*4
Deo
3684
Feb
4
Dec 1075
1050
14
9*4 Oct
12*2 May
Dec
Apr
28*2
Deo
I3i8 May
4438
Dec
May
61
Nov
5*4 Apr
61*8 Jan
2i2 Mar
100
-
60
12&8
10*2
Oct
Oct
Dec
2
June
5
Jan
16
Mar
29
Nov
5*8 Jan
133s Mar
15g Mar
17
Apr
7®8 Mar
84
Jan
878 Nov
26»4 Nov
5
Deo
28
Dec
1578
Dec
104*2 Nov
2634 Mar
45g Mar
283g Mar
48
47g Mar
7*4 Mar
14
5*8 Mar
16
178
69
3*8
Dec
15*4 Nov
Dec
Mar
8*4 Nov
Apr
97*8 Nov
Oct
3*2 Mar
Aug
13
245g
Deo
13*8 Deo
72i2 Nov
67s May
8*4 Nov
24 78
Dec
Oct
33*2
Dec
2t2 June
125*
Nov
18
Mar
1*8 June
5384 Mar
Jan 17
125
Dec
Feb 19
29
May
73
Dec
5*8 Nov
87*4
133
50*2
Dec
Apr
Jan
Volume
LOW
New York Stock
143
AND
HIGH
SALE
PRICES—PER' SHARE,
NOT
Record—Concluded—Page
CENT
PER
Sales
STOCKS
for
YORK STOCK
EXCHANGE
Monday
Tuesday
Sept. 6
Wednesday
Sept. 7
Sept. 8
Sept. 9
Thursday
Sept. 10
Friday
Sept. 11
* per sharr
$ per share
$ per share
$ per share
$ per share
Shares
$ per share
97
98is
97
*20%
2U8
*138% 140
94i2
94%
*2734 28%
2558
26
17%
139
95
*85
734
7%
1584
25
25
*5%
5%
*41%
,,80%
16*2
*112
42
I6I4
112%
10%
17%
9S
*10%
17%
*97
*2%
12%
30%
9784
3
*2l2
12%
13
13
3012
3078
100
100
*164l2
17%
mm
16%
16%
2%
13%
30%
99%
al65
...
6
6
54
54%
55
10
79
72*2
71%
140% 140%
139%
6%
m
*125
♦86
109
43g
Stock
Closed
Labor Day
*28
43s
♦91
13l2
*55
'
9%
*243g
*27%
24%
*678
8is
3834
1878
28i2
4%
95i2
135s
13%
56
*55
3,
9
2512
24
28
28
2478
7's
24U
1*8
1*4
*104
107
*8218
100l2 10034
*3%
*3%
8*4
8*8
.39*2
38i2
19
185s
28
27
4%
92i2
1384
4%
*88
16.600
45%
48
25
25%
13,800
41% 42%
*112% 112%
1,400
42 %
112
46%
■
+
mmm
mmmm
*4%
32%
*55
%
9*8
241;
28*4
2414
116
8*4
39
45
♦79
•79
......100
1834
2784
4%
83
*91
13%
135s
,56
*34
8%
24i2
283s
♦2314
*612
9
24i2
2812
24
78
9*8
24i2
281
2414
7
1*4
42i2
1834
263s
43s
56
78
714
1834
27
4i2
95
14*8
565s
7S
13s
13s
425g
*H4
42
83
♦823s
1334
5734
%
834
28%
24
23*2
7
29
7
*80
1%
4258
83
106
10714 108
101
101
10034 102
*106
438
x90
*23i2
10714 107*2
107
187s
*27
9*8
25*4
*80
..
4214
*8238
107
19
2i2
6i2
9134
183s
212
63s
8884
26
0
mtmmm
75
25
3212
*70
1078
1834
212
6%
9012
4478
43s
4.400
90
1418
200
73,600
58
900
7g
1,100
4,000
25*2
29*2
2312
700
9
2,000
700
7
900
*1*4
1%
4214
4234
82i2
82l2
106*2 107
108
70
5,500
100
100
108
200
72
66
42
42
19%
20%
*135
49
141
69*4
141
50%
84%
60
121% 121%
35%
36%
121
83%
7
1674
7
8312
23*4
9,200
23g
200
,
24
*37*2
24
3812
*2*4
638
658
6,000
89*4
92*8
20,300
43
44
142
144
18,100
7,200
148*2 148*2
25
2638
*37l2 38*2
25
25
33
3234
75
20
900
3278
75
80
312
I
77l2
56*4
3184
80%
69*4
106i2
65*2 65*2
1958
21
25
102
*41
213s
*2i8
2%
6i2
678
89.i4
90i2
44i8
4484
140*2 141%
14812 148l2
75
15*4
78
23.100
3212
3%
20*4
56
11*8
33
15
81
11*8
187g
,
1
113g
75
378
2014
*314
31%
20
60
...
10%
25
15
8U
77l2
5534
31*4
250
*10234 105
3378
35
arl02
2214
20
20
338
83S
121
363s
7
8%
400
19*2
700
3*2
812
18,300
8*4
5578
31i4
55*2
30*2
79*2
31
69
70
600
78
5514
3114
78*4
80
106*2 110l2
65i2
65i2
1934
7
33s
3,000
37s
*136
4158
20*4
68*8
109
*65*2
*4078
19*2
5534
2,000
79*2
68*8
113*2
630
1,300
1,640
Warren Bros
Convertible
pref....No par
Warren Fdy A Pipe
No par
Waukesha Motor Co...
5
Webster Eiseniohr
No par
100
Wells Fargo & Co
1
Wesson Oil & Snowdrift No par
Conv preferred
No par
West Penn El class A.,No par
Preferred
100
6% preferred
100 f
West Penn Power pref
6%
Western
2d
100
preferred
100
Maryland
100
1978
Western
10
3,500
500
3,300
Apr 24
6% Mar 18
23s Jan 18
50
Jan 19
27% Feb 23
July
3
116
2
84
7
8% Mar 16
6
48% Mar 19
114%May 15
Mar 24
Apr 27
100
Union
Telegraph-100
Westlngh'se Air Brake.No
Westinghouse El A Mfg
1st preferred
par
50
50
Weston Elec Instrum't. No par
Class A
..No par
Preferred
100
Motor
Wilcox Oil A Gas.
Wilson A Co
♦
Jan
2
Inc
$6 preferred
(F W) Co
Worthington P A M.
Woolworth
5
.No par
.100
—
10
...100
Preferred A
100
Preferred B..
100
Preferred...
100
Young Spring A Wire. .No par
Voungstown S A T... .No par
4
2
21
Apr 30
19% Apr 28
6*8June
9
83
May 26
1
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
2
Preferred
Western
5^%
Zenitb
preferred
Corp..
Radio
Zonlte Products
Corp.
....100
No par
I
165
Dec
Apr 30
Apr 25
5*8 Aug 26
72%May 4
34% Jan 13
Jan
Sept
9% Mar
24% Mar
91»4 Dec
17%
Dec
Jan
48
Deo
62%
Jan
27% Mar
73% Mar
119% Jan
14934 Feb
3% Apr
46
Apr
Mar
29
Mar
% Mar
19% Apr
11% Apr
11% Feb
Dec
63
Dec
Dec
70
Aug
2*2 Mar
17% June
72% Jan
18
Sept
3
34% June 24
118
Jan 16
10
Feb 28
19
Sept
1%
Jan
Feb
5
Mar
1% Feb
28*2 Jan
2% Mar
14% Mar
% Mar
2% Mar
7% Mar
20% Aug
25% Dec
Mar 23
4
12% Feb 21
23%Sept 11
Feb
7
9% Feb
7
Feb 13
48% Mar
3
Aug 10
Jan
3
July 29
99
July 21
1
Jan
30%
Jan
72
Jan
34
Mar
39% Mar
36
104%
95
Mar
Jan
Jan
Aug 19
37% Jan 10
109% Feb 19
28% Mar 4
Mar
Jan
Jan
Mar
18
Mar
77% Nov
35% Dec
98% Nov
32% Mar
90
Feb
1684 Mar
6
Jan 13
6% Mar
12% Oct
1% Mar
87
Jan 15
58
56% Feb
35% Mar 23
81
Sept 8
72
Sept 8
113*2 Sept 11
51
Jan
Feb 10
45
Jan 23
21% Aug
55
Jan
6
Jan
6
7
Jan
Jan
79
5% July
46%
Apr
Apr
Apr 28
Jan 28
Mar
Mar
Aug 21
11*8
Jan
"l4%
1
33%
8%
83%
42%
41%
105
15
3%
145
July 29
Apr
84% Sept
122
Aug
39% July 31
9% Jan
Dec
Dec
6
I
Dec
3%
Jan 14
6
Nov
19%
11
Jan
92
120%
11434
10%
Mar
July
Feb
Mar
24% Jan 10
5% Mar 30
July
55% Nov
84% Oct
91% Dec
99% Nov
7%
126
Dec
Dec
33% Deo
38% Dec
25% Nov
9
63
3
Jan
6I2
7%
1%
2%
20%
100
Jan
32
Deo
Aug
Sept
Feb
Sept
4
17
Nov
June 24
6
Dec
3
80
Jan
Dec
1%
6%
90
33
Jan
Deo
52
30% Deo
7% Nov
9
Apr 30
Dec
10%
Apr
Jan 14
47
Dec
3
Mar
34
56
11
47
4
Sept
5%
Deo
Apr
6% Nov
85
116
17
9% Nov
33%
120
6
123
32
May
117% Dec
3% Nov
684 Dec
4% Dec
2
284 Jan 13
46*2 Jan 2
83% Aug 11
107
Sept 9
110
Apr 21
102
Sept 10
95
114
Nov
June 23
11% Feb
4
May
32% Sept
62%
Deo
Dec
Feb 25
10% Mar 31
26
Aug 14
29% Aug 28
29% Jan 2
85
1
4% Mar
26% June
Jan
June 20
4%
37
Deo
112% J >ec
7% l<ov
63% Mar
109% Feb
1
Apr
184 Mar
137*2 June 10
4% Feb 5
1038Mar 3
7%Mar 6
Mar
70
44%
83
10
44% Apr 23
23% Apr 30
Nov
63
29
6% June 19
Nov
Feb
May
39
7
33
114
91
3334 Jan 25
3
Nov
Nov
66% Nov
2184 Jan
33
Feb 19
8
3% Apr 28
16
Apr 28
2% Jan 7
2
34
36% Jan 14
19%June 29
18% Feb
Oct
Deo
4% Aug
Feb
86
22%June
13% July
73
June
147
8
78
73% Nov
2
150*8 Aug 10
July
119% Nov
140% May
165
Aug
7% Jan
Feb *159%
Aug
1
124% Apr
73% July
60% Nov
15
7
84
Deo
11%
8
9% Feb
6
1
Sept
22%
Mar
30*2 Feb 7
131% Aug 26
94% Jan
123% Jan
21%July
9% Sept
16% Sept
68
Sept
Apr 30
"
10.100
115
45
3
133%
6
100
Pacific
10% Nov
51
Aug
May
15
Vellow Truck A Coach Cl B. 10
26.000
165
Aug 8
48% July 21
80
Aug 20
...100
preferred...
800
42
9
9% Apr 30
44
Apr 29
i2June 18
4% Jan 2
15% Jan 7
No par
26.900
500
141
50*2
84*4
t Warner Qulnlan
Wright Aeronautical.. .No par
Wrigley (Wm) Jr (Del) .No par
Vale A Towne Mfg Co .....25
66
*136*2 140
605s
51*2
81
83*8
121
121
*121
12112
3534
36*8
3578
38*2
*634
7
634
634
50'4
833s
1,000
14,700
June
Aug 28
84*2 Sept
2
2% Apr 29
No par
No par
White Rk Min Spr ctf. .No par
White Sewing Mach. .No par
Conv preferred
.No par
1534
7% Mar 26
93
9
47% Jan
5
50
15
7
30
100
White
19*2
3*4
Mar 23
Jan
5
No par
Westvaco Chlor Prod..No par
*35g
Apr 30
3
40
9 000
78
41
355s
378
July 10
29% Sept 4
4% Sept 4
90*2Sept 3
14% Feb 19
58
Sept 11
2% Feb 29
102i8 102*8
213g 215g
78
42
5012
84*8
15l2
July 30
10% Jan
5% pref
30
Wheeling A L Erie Ry Co.. 100
5H% conv preferred
100
Wheeling Steel Corp..-No par
700
144
168
26% Apr 17
17% Apr 17
i5~600
78
20*4
141
102
21%
1512
*35s
Apr 15
80'4 Apr 9
96*2 Jan 24
75% Apr 9
73% Sept 8
140% Sept
6
Aug 8
120
Aug 31
2% Aug 21
No par
35*4
34
35
Ward Baking class A
Class B
2,800
*102% 105
2
Jan
70
100
pref
Nov
,
Feb
14% Mar
Walk (H) Good A W Ltd No par
Preferred
No par
$3.85 conv
87
Jan
6
9
No par
Warner Bros Pictures
4% Mar
Oct
Oct
4
4
100
Preferred
Dec
Jan
4% Jan
28% Aug
.No par
No par
6H% preferred
X Walworth Co...
3%
20%
39%
Dec
Sept
109
100
Co
NOV
13
4*8June 29
9% Jan 7
Apr 30
115
Aug 17
5% Jan 3
Walgreen
96
Nov
56
84
100
Waldorf System
Nov
143
8
72
..100
"lM
180
Feb 15
Feb 18
Sept
15
11%
73
40
100
Preferred A
Mar
Mar
% June
Jan 23
Jan 23
2
Jan
110
53
30
No par
1 Wabash
5
19%
39%
110%
169%
17%
18% Nov
Mar
Jan
4
3% Jan
1
July
100
Detlnning
5
Mar
Jan
9284 May
Sept
Jan
14
5% preferred
100
May 4
Virginia Ry Co pref.....—100 *114% Jan 16
Vulcan
Feb 17
7%
94
5
Vlck Chemical Co.
5
Vicks Shr & Pac Ry Co com 100
Preferred
...
25
3%
20%
3%
8%
77%
66
see page
70
16,800
4,400
1,000
*115
71
48*2
48%
84
83*2
121% 121%
35%
35%
7
6%
700
2
16% Apr 30
28% Jan 16
100 *110*4 Feb 17
Preferred B
~4~200
1,000
115
103% 105
42
4,800
6
67%May 1
57% Apr 29
Preferred
;
100
Vanadium Corp of Am .No par
..5
Preferred
"""760
1878
123
1058
80
20%
20
277s
115
IO78
31
70
10
8
9
160% Feb
6% preferred
100
Va El & Pow $6 pref...No par
Virginia Iron Coal A Coke. 100
220
Mar
3% July
8
50
Chem
2
50% Nov
No par
Va-Carollna
80
June
7% Apr 1
45% Sept 11
4584 Nov
13% Deo
35% Mar
3% Mar
7% Mar
153
1,700
Dec
4
64% Sept 8
59
Apr 2
9% Jan 27
1838 Jan 28
,...100
1,700
Deo
96
Feb
Aug 10
Mar
Universal Pictures 1st pref. 100
Utilities Pow A Light A
1
7% 1st pref
20*2
65
105
4
July
131
.No par
No par
Van Raalte Co Inc
24% Deo
734 Nov
5
Feb 17
Aug
115*2 Jan 7
Apr 27
No par
Vadsco Sales
17% Oct
1% Feb
2034 Mar
884 June
4% Mar
Sept
5
72*4 July 30
68*2 Jan 3
46% Jan 21
Preferred
.100
United Stores class A..No par
Preferred
33%
9*4
48%
16*2
29%
11
4
47
50
5% non-cum pref...
4%
123
8%
30
600
——
125
3%
141
170
45
*1153s 116
♦1153s 116
8I4
83g
8*4
838
38
38*4
3884
3934
92
13*4
77%
55%
66
For footnotes
5,900
2%
116
3%
105% 106
19%
4%
116
20
80%
*41%
4%
2
25%
45%
*79
290
4%
*123
15
4
31
•135
112
4%
33%
*102
104
100% 101
22
22%
2112 22
8
70
Preferred
Nov
21*2 Jan 6
7% Apr 30
16% Jan 2
50
U S Tobacco...
Aug
78
71
100
Preferred class A
46
24%
42%
*79
*101% 105
*10134 105
32%
33%
3358 34
77%
55%
*65
Smelting Ref A Mln
118
Jan
9
29
Jan
Oct
46
99
Jan
NOV
111
4
___
Dec
13%
20
26%
Jan 11
20
Apr
Jan
90*2 July
26*2 July
3038 Dec
87% Aug 28
Apr 30
Jan
111%
Aug 18
31*4 Aug 28
5*2 Sept 1
10
Aug 17
100
Preferred
Mar
Mar
49
No par
U S Steel Corp
7
9%
87%
2%
4%
65%
May
878 Jan
20
1st preferred...
U 8
4% Mar
20% May
7
160
No par
.....
117
6
8
2
100
U S Realty A Impt
S Rubber
U
28% Jan
12% Feb
10
No par
Universal Leaf Tob
30
111
116
*70
15
79
24%
42%
112% 113%
*45*2 46
111
125
25.
21%
3%
31
t c
100
2%
*44
24%
*42%
4418
45%
4438
14134 143
14012 143
*148*2 14934 *14812 14934
*24
25
2512 *24
*3712
38*2
*37l2 3812
100%
22%
8
4%
2
45
4%
111%
106*2
18*2
*2i8
63s
9078
31%
77%
55%
v
Apr
Mar
19% Jan
113% July
Jan
24*4June
80*4 May
100
Prior preferred v t c
U S Pipe & Foundry
Feb 18
4
6
82% Mar
79% Mar
20% Oct
9% Mar
7
91
5
5H% conv pref
...50
U S industrial Alcohol.No
par
U 8 Leather v t c.
No par
Class A
7
Oct
13
.100
preferred
Feb
6i8 Apr 30
No par
20
2,500
100*4 100*2
*123*8 125
mmmm
*20%
4*2
2%
1%
"IjOO
.
108
103s
75
*14*2
100
__
116
...
105
22
*168
*123
123
25*?
38*?
25%
100
4%
116
10034 10034
1038
I8S4
2i2
6%
90i4
4418
142*4
14984
29%
6%
111
45
*80
41
108
75
71%
*168
-
6%
5%
6%
41
*102
1,500
•
*79
*80
*23%
♦37%
25%
♦70
8,200
2,000
140*4
139% 140
138% 139%
139% 139% *138
138
140% *125
412
56
9%
*141i4
*14812
72
73
32%
75%
78%
140
2
45i2
245s
425g
'4
106
*214
5%
8912
43i2
31%
74%
78%
8,200
8,300
44,600
10%
100
84%
a
*107
*18
9%
88,100
90
116
*91
*104
1018
55
9%
100
71
43s
83
123
54
32*2
76%
78%
72
*79
818
39*4
♦185s
27*2
*82
*115
55%
1,400
7%
June 10
31%
32%
21*4
28%
60%
U S Hoffman Mach
Corp
7.100
71%
84
46i2
116
*80
1%
4058
94
*7012 7312 *7012
73l2
*70*2 73l2
*122i2 135
*12212 135
*122l2 135
*122i2 135
278
27s
*2i2
3
2i2
2i2
2%
234
7%
778
784
8
8%
784
8
8*8
*5
*6i2
7
7
*5
*5
7
1734
18
17*2
18
173s
1712
1714
17*2
34
34
335s
335s
34
3414
34
34U
7
%
94
*70
90
*
71
116
3834
1878
94
4%
4%
33
33i2 33I2
33%
32%
32%
112i2 112i2 *112% 112% *112% 112%
112% 112%
*414
5
5
*4*4
5
5
*4%
*4%
*19i2 23i2 *19% 23*2 *18
*18
21%
21
130*4 130*4
129% 130
*129% 130% *129% 130%
Exchange
1778
34U
8
34%
6%
13%
6%
72%
612
478
,7«4
116
72
*79
"2%
1784
13
6
111
46
73l2
*33i2
75%
72%
*79U
*120
712
*584
5,900
13%
55*8
9%
79
72
*11214 115
21
2%
2,000
163% 163%
5
♦71
54*8
34%
53*2
33%
111
24
mm
130
53%
31%
74%
78*2
9%
32%
78
50
5,100
13
56
74%
600
100
8
No par
Preferred
7
Aug
28% Feb 7
149% Aug 12
Highest
t per share S per share
44
Jan
7534 Nov
24
14% Feb
Dec
85% Aug
109
No par
100
U S Freight
U S Gypsum
9
100
share
2
Paperboard_._..100
U S Dlstrib Corp
530
Jan
per
143g Apr:30
United Gas Improve_-.No
par
Preferred
No par
U S & Foreign Secur
?
32*8June 18
No par
Preferred
""960
10% Apr 27
15
.
t United
1.000
17
*90%
71%
43s
46
21
100
*165
_
110
425s
130
66*2 Jan
600
2%
108
24
23%
42% 42%
*113% 115
5*8
33
34%
♦112% 113
5
*4*8
United Fruit
11,100
6%
6%
6% ~6%
95
*87
*89%
95
84
82
81%
82%
163% 163% *163
164
2
mmmm
1,200
16%
6
8412
*4412
*80
Jan 15
34
95
31
„
6
5% Apr 30
40*4 Apr 29
No par
5
July 10
17%
6
*90%
55*2
9%
i.
22% Jan
par
No par
Preferred..,
Jan 21
68
4
16%
53%
12%
91
84
4%
mm
34%
■m
v
No par
United-Carr Fast Corp.No
2
Jan
93
1,000
99%
*165
No par
...100
Preferred
United Carbon.
Apr 30
4,900
1,900
17%
54%
34%
13
16*2 Apr 27
2414 Mar 18
112i2 July 23
United Drug Inc
United Dyewood Corp
10
Preferred
100
United Electric Coal
No par
United Eng A Fdy
..1
20
13
99%
Biscuit
United Corp
4,300
10,600
1,400
30%
99%
164
*86
2
*45
17
53%
*168
45%
♦80
40,300
13
*163
84%
164%
2
500
98
2%
5
Un
_
109
♦42
""160
30%
2%
No par
United
14
2%
100
Union Tank Car
United Aircraft Corp
1,900
30%
99%
72
139U
*97
Preferred
108i2
90*8
2258
20%
Air Lines
Transp Corp
5
United Amer Bosch. _—Ao
par
14
73i8
63s
91
79%
7538
7914
♦168
m
6*2
*162
10
3134
1403s 1403s
*125
mm
95
5534
978
3034
7414
78%
♦7112
72%
31%
74%
1778
54i2
3534
98
71&8 Jan 3
2034 Aug 26
Jan 7
Jan 2
Jan 2
100
1,400
99%
12%
*168
6,400
30
6
1258
70%
25,400
2%
14%
30%
165
12i2
*91*2
♦71
25%
16%
23%
27%
27%
*113% 115
24%
16%
*22
*97
3514
78*2
1,000
$
$ per share
Union Carbide A Carb.No
par
Union Oil California
25
Union Pacific
1,800
98
*97
12%
-
95
74
94%
27%
17%
35%
5%
9%
94%
27%
17%
35
31
4,100
3,100
16%
16%
16%
16%
112% 112% *112
112%
9*2
9%
9%
9%
17%
17%
17%
17%
17%
53%
54%
8,200
22
10%
17%
53%
5%
12%
*91%
24
97%
140
*9%
103s
1778
*97
31
'■mm,
24
11234 *112% 112%
1018
17%
100
*164%
17%
25
16i2
f 112
3%
*99
16%
22
Par
Year 1935
Lowest
Highest
Lowest
>
80*2
16%
173
96%
21%
138
28
27%
27%
*113% 115
*113% 115
*83
*84*2 86*4
85%
85%
85%
*31
32
*30% 32
31
30% 30%
30%
734
8
8
7%
7%
7%
7%
7%
47
47% 47%
47%
47%
47*2
15%
15%
15%
15%
15%
15%
*25
25% 26*2 *25%
25%
25%
103
103
*102*2 103
*101% 103
*101% 103
578
57
5%
5%
5%
5%
5%
5%
4134 42
42
44
41% 42
43%
45%
80
80
80*4
80
79% 79%
79%
79%
46
1534
26
22
27*2
3334
46
96% 97
21% 21%
138% 139%
95
94%
27%
27%
25%
24%
16%
17%
*11314 115
*8578 87
87
33
95
2514
1678
2134
1738
*20% 2134
♦27% 27%
*113U 115
97%
21%
21%
138% 138%
94% 95
27% 28%
24% 25*2
139
Range for Previous
On Basis of 100-share Lots
Week
the
1683
Range Since Jan. 1
NEW
Saturday
i.
10
35% Sept
~32%
79
96
18
Mar
53%
13
Mar
2% June
Nov
65% June
25% Nov
11% Mar
25% Mar
20
Apr
35% Mar
7384 Mar
17% Apr
2% June
31% May
38% Apr
1% May
Nov
102% Nov
19% Dec
24% Jan
434 Dec
20*8 Dec
3% Deo
9% Nov
61
Nov
51% Nov
68
Deo
8234 Apr
35% Nov
9%
46%
105
Deo
Nov
Dec
Dec
Dec
14% Nov
7%
Deo
Brokerage Service
Bond
Complete
RICHARD
WHITNEY & CO.
Members
New
York
Stock
Members
New
York
Curb
15 BROAD
Telephone BOwllng-Green
Exchange
Exchange
NEW YORK
STREET,
A. T. & T. Teletype
9-4600
New York Stock Exchange— Bond Record, Friday,
1684
On Jan. 1, 1909 the Exchange method of quoting bonds was changed and prices are now
Weekly and Yearly
"and interest"—except for income and defaulted bonds
transactions of the 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
No account Is taken of such sales In computing the range for the year.
regular weekly range are shown In a footnote In the week in which they occur.
Friday
Friday
Y.
Range or
Friday's
Bid
cfc
Asked
ft} <*5
Low
EXCHANGE
STOCK
Week Ended Sept.
U.
11
No.
Sale
c c
Price
Treasury 3%s
Oct
Treasury 4s
Dec
Treasury 3%s
Mar
Treasury 3%S—-June
Treasury 3s
Sept
Treasury 3s
June
Treasury 3%S—June
Treasury 3%s
Mar
Treasury 3%s
June
Treasury 3%S—Dec
Treasury 3%s—.
Apr
Treasury 3%s
Treasury 2%s„_Mar
Treasury 2%s
Sept
Treasury 2%s—Sept
Treasury 2%s..
BONDS
Since
N. Y. STOCK EXCHANGE
A.
15 1947-1952 A
15 1943-1945 A
15 1944-1954 J
15 1946-1956 M
15 1943-1947 J
15 1951-1955 M
15 1946-1948 J
15 1940-1943 J
15 1941-1943 M
15 1946-1949 J
15 1949-1952 J
Aug 1 1941 F
15 1944-1946 A
15 1955-1960 M
15 1945-1947 M
15 1948-1951 M
O
119.8
119.11
17
115.3
O
108.26 108.21
108.28
32
105.24108.28
D
114.9
114.7
114.12
196
112.16
112.16
109.10
109.11
1951-1954
—. — .
J
119.8
S
D
m"*
-
—
—
.
High
Low
,1
09
112.20
105.10 105.10
105.15
46
02.20105.16
106.8
106.10
38
02.29106.10
D
108.11 108.10
108.12
16
07.19 109
S
106.4
109.8
D
109.4
..
«•
-
•»
109.13
12
08
102.3
S
D
107.7
61
03.24107>.8
External 5s of 1914 ser A
03.19106.22
External loan
106.22
«.
106.22
1
109.13
A
109.9
109.11
21
O
108.17 108.13
108.21
246
S
103.6
103.13
287
S
104.17 104.15
104.19
73
00.31104.19
S
102.31 102:27
103
94
01.7
D
101.28 101.27
102.3
446
00.23102.5
105.9
105.10
117
02.20105.14
103.29
104.4
109.7
103.4
3 >is
Mar
-
15 1944-1964
M
S
3s
May 15 1944-1949 M N
J
Jan
15 1942-1947 J
2 lis
Mar
1 1942-1947
M
S
10¥. 31
104.11 104.11
104.15
103.4
103.6
103.3
62
138
78
103.16
00
103
00.26104.5
01.20104.15
00.15103.7
3s series A
May
Foreign
1 1944-1952
1 1939-1949
M N
103.23 103.21
103.27
107
100.17103.29
F
102.2
102
102.4
261
102.2
102.5
776
99.17102-6
A
1942-1944
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on. 1947 F A
♦Sink fund 6s Apr coup on
1948 A O
Akershus (Dept) ext 5s
1963 M N
♦Antloquia (Dept) coll 7s A—1945 J
J
♦External s f 7s series B
*19%
*19%
97%
98 %
9
9
21%
21%
98%
9%
9%
9%
17%
17%
13
97%
8
7%
8
8
21
21%
100%
11%
11%
11%
11%
8%
9
8%
9
4
O
8
*7%
*7%
97%
100%
100%
8%
8%
9
O
98%
16
10
7%
95% 101%
101%
101%
10
97% 101%
J
s
f 7s series C
1945 J
J
♦External
s
f 7s series D
1945 J
J
♦External
s
f 7s 1st series—1957 A
♦External
sec 8
f 7s 2d series. 1957 A
♦External sec s f 7s 3d series. 1957 A
8%
O
1958 J D
Argentine Govt Pub Wks 6s—-I960 A O
Argentine 6s of June 1925
1959 J D
Antwerp (City) external 5s
98%
101
4
8%
7%
7%
7%
8
10
10
10
97% 101%
101
101%
3
'161""
97% 101%
100%
33
100%
101%
101%
100%
101%
101%
97% 101%
97% 101%
101
101%
12
100%
101%
45
97% 102
97% 101%
Extl 6s Sanitary Works
101
100%
101
25
97% 101%
Extl 6s pub wks
101%
101
101%
25
97% 101%
101%
108%
109
103%
96%
22
94% 101%
104% 109%
104% 109%
External s f 6s of Oct 1925--1959 A
O
External s f 6s series A-
1957 M S
External 6s series B
1958 J
s
D
1960IM N
f 6s of May 1926
1960IM S
1961 F A
May 1927-.1961 M N
Public Works extl. 5%s
1962 F A
J
Australia 30-year 5s
1955 J
External
f 6s (State Ry)
s
100%
-
External g 4%s of 1928
101%
100%
108%
108%
108%
1957 M S
1956 M N
External 5s of 1927
102%
108%
102%
96%
8
14
16
52
10
1957 J
1945 F
1949 M
A
S
107
106%
107%
External s f 6s
1955 J
J
105
104
105
43
External 30-year s f 7s
1955
J
D
112%
112
113%
16
Stabilization loan 7s
1956 M N
105*132
1052'32l05l316
*99%
100%
24%
25%
24%
24%
33%
34%
"n
Austrian (Govt) s f 7s
♦Bavaria (Free State) 6%s
Belgium 25-yr extl 6%s
J
*23
Bergen (Norway) ext s f 5s
1960 M S
♦Berlin (Germany) s f 6%s_—.1950 A O
♦External sinking fund 6s
1958 J D
24%
D
34%
external 8s.__1941
f 6%s of 1926—-1957
♦Brazil (U S of)
J
27%
S
103%
103
Brisbane (City)
s
f 5s.
Sinking fund gold 5s..
20-year s f 6s—
Budapest (City of)—
♦6s July 1 1935 coupon on—1962 J
Buenos Aires (City) 6%s
B-2—1955 J
A
D
J
f 6s ser C-3
1960 A
99%
1961
1961
1961
1977
1976
1976
1975
♦6 %s stamped
Extlsf 4%-4%s
Refunding
s
f 4 %-4 %s
Extl re-adj 4%-4%s
Extl
8
f 4 %-4 % s
M
M
F
M
F
105% 109%
98% 102%
19
28%
19
27%
37%
50
63
22
29%
21%
30%
13
95
103%
103%
11
95
103%
105%
99%
*99
o
a
21
101% 109%
109
118%
27%
27%
27%
103%
28%
O
♦6s stamped
5
.
10-year 2 %s
A
s
98%
68%
70%
64%
68%
70%
2
100%
8
30
17%
20%
22
F
A
20
20
2
17%
20%
J
D
97%
94%
97%
98
35
M N
94
94%
27
J
84
83
85
21
92% 100
88%
97
70%
85
26%
.101%
27
14
23
-.1952 M N
Aug 15 1945 F
25-year 3 >i s
♦Carlsbad (City) s f 8s
1961 J
1954 J
1950 M
19
"68%
"2
72
8
65
68
66%
66%
*65%
67%
67%
69%
49
49
49
38%
95
100%
100%
26%
M
M
S
A
2d series sink fund 5%s
.1940 A O
♦Dresden (City) external 7s—-1945 M N
1948 J
El Salvador 8s ctfs of dep
A
J
112
116%
103%
111%
U5%
101%
103%
1967
-1945
J
105%
100% 102%
58
93% 100
37
48%
66%
78%
61%
78
78
76%
61%
30
21%
30%
64
64%
41%
70%
*96
96%
76
S
7%s unstamped
External 7s stamped
—.1941
1949
5"
71%
49
14
20
105% 112%
111% 116%
96% 101%
99% 103%
5
32%
47
2
29
40%
35
8
27%
36
21
27
34%
8
28
38
15%
45
15%
39
13%
O
"15%
F
A
15%
15%
15%
17
14
15%
Jan 1961 J
J
15%
15%
13%
15%
15%
15%
15%
15%
18
♦Extl sinking fund 6s__Sept 1961 M S
16
14
15%
15%
11
13%
15%
15%
38
14
13%
13%
13%
11
11
23
12
13%
13
12
13%
11
11%
12%
1
40%
52
♦External sinking fund 6s—1962 M
1963 M N
1957 J
15%
S
"15%
13%
D
♦Guar s f 6s
1961 J D
1961 A O
♦Guar s f 6s
"13%
1962 M N
1960 M S
1951 J D
♦Cologne (City) Germany 6%s_1950 m S
Colombia (Republic of)
♦6s Apr 1 1935 coup on.Oct 1961 A O
♦6s July 1 1935 coup on. Jan 1961 J
15%
13%
13%
13%
13%
14
16
15%
♦Chinese (Hukuang Ry) 5s
"26"
22
22
.
18
27
175%.
167
190
174%
166
182%
D
26%
26%
22%
29%
20
29
♦German Rep extl 7s stamped.1949 AO
33%
33%
27%
26%
34%
29%
39%
28%
29
25
34
39
39%
27%
28%
"36"
25%
45%
34%
37%
1965 J
♦5%s of 1930 stamped
♦5%s unstamped
26
---1965
♦7s unstamped
1949
German Prov & Communal Bks
♦(Cons Agric Loan) 6%s.
♦Greek Government
f
s
ser
1958
D
39
*25
7s„ 1964 M N
♦7s part paid
1964
♦Sink fund secured 6s
♦6s part
J
1968
paid
*30
F_
28%
1968
Haiti (Republic) s f 6s ser A
1952
♦Hamburg (State) 6s
--.1946
♦Heidelberg (German) extl. 7%s '50
Helslngfors (City) ext 6%s
1960
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on._.1945
♦7s unmatured coupon on.. 1.1946
♦Hungarian Land M Inst 7%s_1961
♦Sinking fund 7%s ser B
1961
♦Hungary (Kingdom of) 7%S—1944
Irish Free State extl s f 5s.
1960
Italy (Kingdom of) extl 7s
1951
A
O
A
99
O
J
J
A
J
A
J
D
99
93%
99
16%
24%
98%
"26"
105
48
113%
81%
27
S
External sec s f 7s ser B
1947 M
Italian Public Utility extl 7S-.1952 J
S
30
18%
1
17%
32%
25%
16%
26
38
50
——
25
1
113%
89
82
97%
77
J
68%
110
17
2
48
46
113%
79%
*96%
Italian Cred Consortium 7s A. .1937 M
104
6
20%
20%
20%
*19
M N
F
28%
20%
20%
20%
M N
M N
31%
21%
*22
J
J
26
26%
*17%
*104%
O
J
28%
26%
A
2
77
112% 115
60%
87%
83% 100
53
83
17
51%
100
100%
49
91% 100%
86
86%
83
78
89%
O
28%
28%
4
25
32%
A
25%
25%
2
22%
..1950 J
D
*97%
104%
1954 J
D
9%
10
5%
Japanese Govt 30-yr s f 6%8—1954
F
A
100%
1965 M N
Extl sinking fund 5%s
70
77
Jugoslavia State Mtge Bank—
1957 A
1947 F
♦7s with all unmat coup
♦Leipzig (Germany)
s f 7s
31%
Lower Austria (Province of)—
♦7%s June 1 1935 coup
on
——
98
101
5%
1945 Q
42
1
*6%
——
*5
J
9
9
----
_
*
♦{Small
Milan (City, Italy) extl
Mlnas Geraes (State)—
Sec extl
s
s
f 6%s
5%
*68
*5%
5
——
1
5%
10%
12%
12%
4
5%
4%
7%
69%
4%
4%
7%
7%
6%
68%
"68%
"76"
52
18%
18%
104%
64
104%
17%
*17%
103%
103%
A
7%
7%
5%
1958 M S
1959 M S
f 6%s
Sec extl
6%s„.1952
5%
<
10%
7%
5%
*5
*
7%
4
10%
r
2
7%
9%
9
50
77
15%
19%
19%
14%
100% 105%
s
Apr 1958 A
1943 F
A
105%
104%
106%
1944 F
A
106
107
13
105
..1963 M
S
101%
101%
101%
22
100% 104%
.1956 M S
...1965 A O
f 5s
1970 J D
External
10
101%
101%
101%
28
97%
97%
97%
83
f 5s.
Norway 20-year extl 6s
20-year external 6s
External sink fund 5s
O
External sink fund 4%s
External s f 4%s
Municipal Bank extl s
♦Nuremburg (City) extl 6s—-1952
Oriental Devel guar 6s
1953
5
*102%
"23"
101
105
104% 107%
108
99% 102%
96%
97%
102% 104
•
Oslo (City) 30-year s f 6s
A
23
1
18%
27
S
83%
83%
2
78%
86%
1958 M N
Extl deb 5%s
F
M
77%
78
9
72%
1955 M N
1955 A
Sinking fund 4%s
Panama (Rep) extl 5%s
♦Extl s f 5s ser A
1953
J
O
D
100 "32
98
100'93Z 100",6
98%
97%
12
32
82%
100i932104
96%
98%
105%
105%
6
104
1
105%
67
90%
67
58
81
1963 M N
106
60%
♦Stamped
12%
12%
13%
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st ser—1960 J
D
60
61%
15%
14%
15%
1
12%
17%
15
15%
30
13%
19
11%
11%
130
10
16%
12
11%
59
10
20
37
80%
31
44
111%
Peraambuco (State of)—
12%
13%
12%
52
24
26
19%
27%
21
21%
59
19
25%
21
22
59
19
25%
6
10
♦Mexican Irrig assenting 4%s.l943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q
J
15%
13%
52
"12%
149% 183
151
172%
172%
O
39%
15%
15%
1960 A
162%
23%
175%
A
7
47
1942 M N
163
J
40%
38
161%
J
47
34%
23%
161%
D
1949
J
S
37%
1001,6 104%
""23%
al73%
7s unstamped
♦§Treas 6s of '13 assent (large) '33 J
J
34
93
97%
105% 108%
107%' 107%
German Govt International—
67%
68%
57%
54
38
107%
162%
♦Frankfort (City of) 8 f 6%S—1953 M N
French Republic 7 %s stamped.1941 J D
D
59%
61%
22
34
*23%
J
M
♦Assenting 4s of 1904.
..1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small-'
20
112%
O
105%
28
78%
77%
77%
*76%
"76%
90
104% 106%
1956 M S
66
"23
116%
102%
103%
O
1689.
77%
60%
"~15
99%
98%
37%
89
99%
*40%
J
72
17%
15 1938 A
For footnotes see page
4
100
99
101
O
58
20
15 1960 A
♦Chilean Cons Munlc 7s
96%
102%
100%
S
55%
13
f 6s—Oct
♦Sink fund 6%s of 1926
92
100
105%
D
13
♦Farm Loan
♦Chile Mtge Bank 6 Ha
57
20
146
105%
98%
M
101
55%
96%
100%
—
1954 J
7
♦Farm Loan 6s ser A Apr
♦External sinking fund 6s
99%
102%
£3%
*99
♦4s of 1904
4
35
♦Ry ref extl s f 6s
99% 103
5
'l05%
69%
17%
J
♦Extl sinking fund 6s—-Feb 1961
1
100
102
99%
Sinking fund 8s ser B
34%
101%
100
96%
83%
20
15 1960 J
♦Chile (Rep)—Extl s f 7s
♦External sinking fund 6s
100"
102%
54%
55
92% 1Q0
16%
♦Farm Loan s f 6s__July
s
S
A
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small...
20
40%
34%
♦Cent Agric Bank (Ger) 7s
J
70
100
68%
A
25
93
100%
64
A O
1960 A O
—
High
17
8
New So Wales (State) extl 53—1957 F
5s
Low
3
—
101% 105
28%
*80
s
s
3% external s f S bonds——.1984 J
J
Bulgaria (Kingdom of)—
♦Sink fund 7s July coup off.-1967 J
J
♦Sink fund 7 %s May coup off1968 M N
Canada (Dom of) 30-yr4s._
No.
20
20
Denmark 20-year extl 6s
♦Medellln (Colombia) 6%s
1960 A
External
7
32
110
27%
22%
26%
26%
27%
D
External s f 6s ser C-2
♦Buenos Aires (Prov) extl 6s
29
22%
105
103
27%
D
A
"22
103%
27%
O
1952 J
1957 M
-.1958 F
1950 J
s
♦7s (Central Ry)
25
98% 103%
97
90%
*104
O
♦External s f 6%s of 1927—1957 A
♦External
1952
1942
External gold 5%s
1955
External g 4 %s
Apr 15 1962
Deutsche Bk Am part ctf 6s.-.1932
{♦Stamped extd to Sept 1 1935—
Dominican Rep Cust Ad 5%s—1942
1st ser 5%s of 1926
1940
High
20
1951
Czechoslovakia (Rep of) 8s
Since
20
O
4%s_———-1949
Jan 15 1953
June 30 1945
External sink fund 6%s
9%
9%
1945 J
♦External
Extl
Low
1949 F
Estonia (Republic of) 7s. —
Finland (Republic) ext 6s
& Municipals—
Govt.
.
Range
Jan. 1
Asked
&
99.16 102.5
102.3
1904.^—1944
Bid
M N
A
Sinking fund 5%s
♦Public wks 5%s
05.12 108.21
Home Owners' Mtge Corp—
2lis series B-_Aug
2lis series G
Cuba (Republic) 5s of
109.12
08.5
Federal Farm Mortgage Corp—
3s
Bank 6%s
1947
♦Sinking fund 7s of 1926
1946
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 5s
1952
25-year gold 4%s
1953
Cordoba (Prov) Argentina 7s—1942
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on
1951
06.17109.12
D
Friday's
Price
11
♦Colombia Mtge
114.12
16
Week's
Range or
Foreign Govt. & Mun. (Concl.)
High
119.11
111
& *2
Week Ended Sept.
Jan. 1
N
Government
S.
Treasury 4lis---Oct
Range
Last
Sale
Week's
Last
BONDS
N.
TWX, N. Y. 1-1793
♦7s Sept coupon off
1947
M
S
PolaDd (Rep of) gold 6s
Stabilization loaD s f 7s
1940
60
55
1947
82
73%
12%
12
60%
82
External sink fuDd g 8s
1950
60
54
60
35
40
96
1961
19%
17%
19%
19%
2
16
22
17%
17%
1
15
19%
♦Nat Loan extl
s
f 6s 2d ser.1961
Porto Alegre (City of)—
♦8s June coupon off
♦7%s July
coupon
off
1966
16%
Volume
New York Bond
143
Friday
BONDS
N. Y. STOCK
EXCHANGE
Foreign Govt. &Munic. (Concl.)
Prague (Greater City) 7%s
1952 M N
♦Prussia (Free State) extl
6%s_1951 M S
♦External sf 6s
Queensland (State) extl
25-year
external
1952 A
Low
*97%
23%
112%
112
1946 A
♦Saarbruecken (City) 6s
Sao Paulo
(City of Brazil)—
♦8s May
coupon off
19%
24%
O
19
18%
18%
18%
1
72
74
8
*109%
112
....
28
1953
......
1952 M N
*20
31%
2x%
21%
22
18%
11
17
17%
90%
6
17
88
------
*25
D
40
A
55
79
1
95%
1958 F
A
51
45
51
1961 J
extl 6s
13
,
90
*95
...1952 M N
3
60
55%
65%
*73
7s
-
17
55
O
---
78%
100%
55%
55
A
11
79
55
55
6
D
86M
85%
86%
30
9
Bell
22%
29
33
75
33
51%
Coll trust 4s of 1907
D
M
1948
A
1949 J
D
1950 A
♦Coll & conv 5s.
------
------
O
O
30
v
102
2
------
98%
95
------
102%
70%
*111%
102%
5
72%
9
*106%
D
O
54%
102
------
D
A
3%s
..1946 A
coll tr 5s..—1944 F
5s
52%
O
guar
conv
54
S
D
1947 J
Ala Gt Sou 1st cons
A 5s..j...l943 J
1st cons 4s ser B
1943 J
Coll &
107%
'----
-77
77
65%
1
66
*103
3
103%
99%
98%
94%
87%
64%
*101%
110%
-
-
-
87
95%
88%
66%
-
120
5
♦5s stamped
........1950
Allegh A West 1st gu 4s
1998 AO
Allegh Val gen guar g 4s
1942 M S
65
111
5
Allied Stores
Corp deb 4%s._.1950 A O
Allis-Chalmers Mfg conv deb 4s 1945 MN
100
100
100
39
157
154
159%
254
95%
71%
197
♦Alplne-Montan Steel 7s
Foreign Pow deb 5s_.
1955 M
American Ice s f deb 5s...!
Amer I G Chem conv
5%s
Am Internat
Am
Corp
Rolling Mill
conv
conv
S
------
2030 M
Am &
S
70%
1953 J
deb
Am
D
1949 M N
6%s__1949
4%s.l945
106
111%
113%
112%
111%
127%
137%
111
110
111
%s 1950 AO
J
.1995 Q
J
1964 M
S
1939 J
D
4%s
(Del)
1st M s t 4s ser B
1955 F A
Armstrong Cork deb 4s
-.1950 J
J
Atch Top & S Fe—Gen
g 4s
1995 A O
Adjustment gold 4s
1995 Nov
Rocky Mtn Div 1st
4s
1995 M N
1955 J
see
page
112
42%
42
106%
D
"36"
73
------
105
61
160
95
33
86
301
10
49%
404
48%
144
106%
106
98%
72%
*103%
105
106
98%
105%
115
O
D
1941 M N
J
91
6
79%
53
103%
82%
1
81
------
111
16" "§2
73
-
-
-
34
-
-
105%
98%
106%
115%
----
20
143
21
45
*110%
111
112
100
109"
D
D
1948
D
1965
J
------
J
------
*106%
110%
110%
------
107
109%
107%
110%
107
*113%
111%
111%
"l4
----
25
10
-----
112
6
106%
*103%
107%
12
106%
33
108%
91
208
92
112%
11
112%
132
102
103%
105%
13
104%
106%
99%
39%
37%
37%
53%
50
89%
91
B
D
121%
130%
1948
70
102%
58%
59%
91
103
107%
103% 105
102% 108%
75
4
115
109%
"37
113
121%
130%
26
26
*~4
25%
26
3
30
100%
104%
105%
78%
79%
74%
"82
398
24
19
23%
17%
19%
20
19
18
19
17
104%
*111
83%
IVI N
A
O
78%
F
A
24
O
89%
96
33%
71%
78
89
Bklyn Edison cons mtge
3%s
1966 M N
Bklyn Manhat Transit
4%s.
1966 IVI N
Bklyn Qu Co & Sub con
gtd 5s. 1941 M N
1st 5s stamped
1941 J
J
1941 J
100%
102%
102%
J
"102%
103%
—
F
*75%
83%
184
78%
199
100%
8
102%
103%
77%
30
112%
120%
120%
59%
130
*130
9
130%
1950 J
*104%
105%
D
1957 IVI N
109
105%
105%
113% 116%
103% 109%
109% 118
53
*103%
104%
109%
103%
53
Consol 4%s
80
55
♦Certificates of deposit..
{♦Bush Terminal 1st 4s
104%
87 %
78
99%
95%
48%
36 %
67}
90
♦Camaguey Sugar
Canada Sou
32%
1st &
31
J
J
D
F
1949 J
cons g
6s
ser
.
103% 105%
QQ
94%
1950 MN
39
A
117%
117%
97
108
25
116%
108%
13
105%
"31"
Telephone HAnover 2-7900
-
85
95%
115
119% 122
124% 129%
105%
110
106%
103%
22
"22
102% 104%
65%
90
19
30%
17
29
90
80%
48%
68%
67
55%
92% 101%
104% 107%
103% 105%
19
9%
111% 118%
108% 116%
113% 119%
115
122
115%
112%
110%
110%
122%
121%
87%
102%
113%
105%
100%
120
117%
117%
129
97%
106
116%
108%
105%
49%
54%
106% 108%
108% 1.11%
27
39
70
12
52
70
139
23
7
*14%
*20%
107%
104%
102
27
4
102% 108%
73
90
36%
11%
20
12
20
104%
53%
89%
83
21
29
27
i
J
Exchange
,
109
20
18
NEW YORK
A. T. & T. Teletype NY 1-911
Private Wires to Chicago,
Indianapolis and St. Louis
100%
102%
100% 103%
39
25
83
-
88
102
6
31%
17%
16%
1987
—
17%
26%
26%
2
15
54
New York Curb
89%
31%
17%
110%
29%
15%
92%
-
94
20
108
16%
1987
—
73
68
106%
17
1961
Members
20
55
O
Vilas & Hickey
—
4
103%
20
24
21%
15
23
20
28
32
107%
104%
55%
92%
83
BROKERS
-
23
5
O
1951
General 4s
"li
128
1959 A
{♦Cent New Engl 1st gu 4s
Central N J gen g 5s
114
102% 106%
109% 110%
71%
93%
88%
34%
88%
Cent 111 Elec & Gas 1st 5s
105% 107%
110% 114
110% 113%
25
46
120
30
70
D
♦Mid Ga & Atl Div
pur m 5s.1947
♦Mobile Div 1st g 5s
1946
Cent Hud G <& E 1st & ref 3%s_1965
106% 110
105
110%
102% 107%
119%
121%
122
1959 A
♦Chatt Div pur money g 4s..l951
♦Mac & Nor Div 1st g 5s
1946 J
33
32%
107%!
107%
D
N
29
106%
110%
D
w w
7
*48
D
♦Ref & gen 5 %s series B
♦Ref & gen 5s series C
104% 106%
110% 115%
104% 113%
104% 113%
97
105%
A..Dec 15 1952 J
11
24
119%
117%
116%
127%
96%
103%
116%
108%
104%
J
.1938 J
17%
116%
119%
128
J
...I960 J
4
116%
121%
'121%
119%
D
Dec 1 1954 J
4s
5
105
116%
103%
116%
108%
J
8
104%
116
A
S
14
99
16
A
1981 J
♦Cent Branch U P 1st g 4s.___1948 J
{♦Central of Ga 1st g 6s
Nov 1945 F
♦Consol gold 5s
1945 M
84%
O
"80
58%
116%
119%
121%
1944 J
Carriers & Gen Corp deb 5s
Cart & Ad 1st gu g 4s
103
109
guar g
2
46
98
16
J
1946 M
Caro Clinch & O 1st 5s
48%
99% 106%
23%
34%
67
4%s
Coll trust gold 5s
Collateral trust 4%s
32 %
96
trust
5s equip trust ctfs....
{♦Car Cent 1st
49%
28%
Coll
22
104%
104%
O
F
222
84
62%
98
23%
22%
20%
103
20
56%
O
1969 J
137%
111
"68%
O
1962 A
1969 A
•
122
130%
108% 111
20
O
Guaranteed gold 4%s__Sept 1951 M S
Canadian Northern deb 6 %s
J
1946 J
Canadian Pac Ry
J
4% deb stk perpet J
114
112% 115
109% 119%
111% 114%
119
125
108
21
1957 J
Oct
90
*
116%
Guaranteed gold 5s
1970
Guar, gold 4%s
June 15 1955
Guaranteed gold 4%s
1956
108% 134%
106
110%
97
1942 A
5s A
July
80
110% 117%
101% 106%
107 %
7s ctfs
cons gu
Guaranteed gold 5s
83%
66
88%
"26"
1945 M N
Canadian Nat guar
4%s
Guaranteed gold 5s
98%
66 %
"~90~
J
1960 A
109
*103%
O
.1955 J
ex..
109
Cal G & E Corp unf &
ref 5s...1937 M N
Cal Pack conv deb 5s
1940 J
J
108% 112%
99
101%
118% 169
111H
A
1952 A
♦Consol 5s
Bush Term Bldgs 5s
gu tax
By-Prod Coke 1st 5%s A
101%
90%
1957 IVI N
{{♦Burl C R & Nor 1st & coll 5s 1934
76
101
A
Bruns & West 1st
gu g 4s
1938 J
Buffalo Gen Elec 4%s ser B...1981 F
Buff Roch & Pitts
gen g 5s
1937 M S
80
111
103% 107%
68%
75%
98% 100%
105
103
109
91
104
109
1950 F
91
80%
74
69
24
120%
1947 IVI N
3%s_.
99%
74%
61%
75
113
Debenture gold 5s
103
8
*92
113
A
IVI N
105
99% 106%
88
23
33
183
"82"
M S
♦Certificates of deposit
Brooklyn City RR 1st 5s
97
85
*25%
*25%
§ {♦Botany Cons Mills
6%s—.1934 A
97
7
122
129%
25%
58
40%
15
75%
92
108% 114%
84% 102
283
112%
"26"
1955
1st Hen <fe ref 5s series B
Brown Shoe s f deb
113
107%
3%s_.1943
60%
55%
79%
103% 106%
380
74%
*102%
O
101$
61
108
80%
90
115
74
Exchange
95%
40%
33%
22
80
Railroad, Public Utility-and Industrial Bonds
49 WALL STREET
105% 112
95% 101%
76
89%
81%
100% 104%
1689
New York Stock
118%
103% 107%
29
55%
*108%
1960
cons
♦Berlin Elec EI &
Underg 6%s_1956
Beth Steel cons M
4%s ser D..1960
Big Sandy 1st 4s._.
;
1944
Boston & Maine 1st
5s A C....1967
1st M 5s series II
.1955
1st g 4%s ser JJ
1961
{♦Boston & N Y Air Line 1st 4s 1955
100% 105%
83
73%
68%
76%
73%
82%
100
Telep of Pa 5s series
♦Debentures 6s
95%
BOND
146
260
60%
80
112%
1951
Belvidere Delaware
166
150
stamped
1st & ref 5s series
C
-—-
I960
S
29%
115
..1955 J
Trans-Con Sbprt L 1st 4s...1958
Cal-Ariz 1st & ref 4%s A
1962 M
For footnotes
106%
111%
113%
114%
178
1945 M N
1967 J
Conv g 48 Issue of 1910.
Conv deb 4%s
9
111%
113%
113%
111%
137%
115
48
S f Income deb
Stamped 4s
Conv gold 4s of 1909
Conv 4s of 1905
11
116%
106%
Certificates of deposit...
Anaconda Cop Min s f deb 4
♦Anglo-Chilean Nitrate 7s
24
80
S
47%
5
105%
117%
M
J
W-
111%
105%
g 6s. .1947 J
{♦Ann Arbor 1st g 4s
Ark & Mem Bridge & Ter 5s
Armour & Co (111) 1st
95%
69%
78%
111%
105%
J
Am Type Founders
conv deb.. 1950 J
J
Amer Water Works &
Electric—
Deb g 6s series A
1975 MN
♦
80
111%
270
—
J
Telep & Teleg coll tr 5s
1946 J
D
35-year s f deb 5s
1960 J
J
20-year sinking fund 5%s.-.1943 M N
Convertible debenture 4 Hs—1939 J
J
Debenture 5s
1965 F A
t*Am Writing Paper 1st
94%
101%
1st lien & ref 6s
series A
J
♦Albany Perfor Wrap Pap 6S..1948
{Alleghany Corp
D
1948 A
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s....1945
.1952 A
♦6s with warr
assented
Alb & Susq 1st
1995 J
1995 J
♦Berlin City Elec Co deb
6%s__1951
♦Deb sinking fund
6%s
1959
INDUSTRIAL
COMPANIES
♦{{Abltlbl Pow <fc Paper 1st
5s_1953
Adams Express coll tr
g 4s
1948
1
High
118
29%
AND
Adriatic Elec Co. ext 7s
107%
91%
112%
101%
104%
106%
98%
90%
80%
90%
O
Battle Creek & Stur 1st
gu 3s_.1989 J
Beech Creek ext 1st
g 3%s
1951 A
....
104%
*75%
78%
100%
i960 M N
Vienna (City of)—
♦6s Nov
coupon on
Warsaw (City) external
RAILROAD
78%
1
32%
23
1940
1948 A
Low
291
*105%
..1951
4s
35
te
78%
------
23%
21%
20%
90%
14
3
*94%
103%
O
31%
81%
26
..1964 M N
Venetian Prov Mtge Bank
7s..l952
Yokohama (City)
50
40
163%
Ho
"16
302
93%
99%
59%
54%
75%
103%
~81%
Southwest Div lst3%-5s
1950 J
Tol & Cin Div 1st ref
4s A...1959
Ref & gen 5s
series D
2000
Conv 4%s
i960
Ref & gen M 5s
ser F
1996
Bangor & Aroostook 1st 5s
1943
Con ref 4s
19%
15%
15
40
94
J
1940 IVI N
P L E & W Va
Sys ref 4s
16%
26
46
99%
87%
89%
101%
59%
55%
79%
M N
4%a... 1939
gugSs——.1941
5s assented
23
25%
25%
24%
101 %
,.1937
{Baldwin Loco Works 1st 5s
-
25
107%
111%
101%
111%
1959
Bait & Ohio 1st
g 4s
July
Refund & gen 5s series A
'1st gold 5s
July
Ref & gen 6s series
C_
28%
22%
32%
163%
M N
F
-
24%
60
A
1961 A
6s
Austin &N Wis
17%
14%
39
--
25
24%
1936 M N
f 6s.
21
30
7
32
*26
Trondhjem (City) 1st 5%s
1957
♦Uruguay (Republic) extl 8S..1946
s
19
22%
10
18%
107%
...1948
Atlantic Refining deb 5s
Auburn Auto conv deb
20%
81%
54%
110
122%
24
17
2d 4s
High
Jan. 1
15
19%
18%
*7b Feb
coupon off......... 1946 F A
s f 5%s
1955 F A
Taiwan Elec Pow s f
5%s
1971 J
J
Tokyo City 5s loan of 1912
1952 M S
a f
.
27%
25
30%
J
1948 J
Since
Asked
<fc
*118
J
1944 J
Range
Friday's
Bid
D
1944
Oct 1952 MN
14%
30
30%
Range or
Sale
1946
May 1 1945
14
6
19%
*18%
16%
Sydney (City)
♦External
♦External
19%
•
coupon on.. 1962 M N
guar.
10-yr coll tr 5s..
Atl & Dan 1st
g 4s
16
2
N
coupon on..1962 M N
5%s
48
27%
Silesia (Prov
of) extl 7s
1958 J
♦Slleslan Landowners Assn
6S..1947 F
8olssons (City of) extl
f
19
19%
•
L & N coll
gold 4s
21
Atl Gulf & W I SS
col tr 5s
17
74
N
38
15
11
Last
Price
1952 M S
General unified 4%s A......1964 J D
14
26%
O
..1940
♦Saxon State
Mtge Inst 7s
1945
♦Sinking fund g 6%s
..1946
Serbs Croats &
Slovenes (Kingdom)
♦8s Nov 1 1935
Styria (Province
of)—
28%
113%
112%
11
16
D
♦External 7s Sept
coupon offl956
♦Exter .al 6s July
coupon off.1968
♦Secured s f 7s
6s
18
109
109
24 %
24%
19
D
Week's
Low
Atl
Knox & Nor 1st
g 5s
Atl & Charl A L
lst4%s A
1st 30-year 5s series B
Atl Coast Line 1st cons 4s
July
29
18
4
jS'e
^
—
Hioh
99% 101
29%
18%
15%
16
A
19
2
*28%
O
♦Extl 6%s May
coupon off..1957 M N
San Paulo
(State of)—
{♦8s July coupon
off.......1936
♦External 8s July
coupon off. 1950
s
-
112
Roumanla (Kingdom of
Monopolies)
♦7s August
coupon off..
1959
External
-
25
O
coupon off
Nov 1 1935
-
20
A
1950 M S
1953 F
Rio Grande do Sul
(State of)—
♦8s April coupon
off...
1946 A
♦6s June
coupon off
....1968 J
♦7s May
coupon off
1966 M
♦7s June
coupon off
1967 J
Rome (City) extl
6%s
..1952 A
Rotterdam (City) extl 6s
1964 M
.
-
1941 A
_
1685
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 11
Since
Jan. 1
Low
24%
...1947 F
7s A
♦8s April
coupon off
a,
99%
24
24
Rio de Janeiro (City of)—
♦6%s Aug
No
High
24
O
Range
Bonds Sold
Friday's
<fe
Asked
24%
113%
f 7s.
s
6s
♦Rhine-Main-Danube
Bid
Price
2
Friday
Range or
Sale
C 5>
Week Ended Sept. 11
Record—Continued—Page
Week's
Last
105% 108
99% 104%
43% 77%
103%
IS*
93%
Sept. 12, 1936
New York Bond Record—Continued—Page 3
1686
Week's
Friday
bonds
N.
Y.
11
& Johnson
'Bros.
Bennett
,
.
_
tMembers
|
1945
4s
{♦Colon Oil conv deb 6s
{♦Colo Fuel & Ir Co gen s
5s Income mtge
CA/ctf|o, III•
York, W. T«
VrWete Who
*Dlgby 4-5200
Ti. Y. 1-741 -¥
133 So. Le Selle St.
Connections
Oho Woll Stroot
Hondolph 7711
Friday
1
N. Y. STOCK
Range or
Sale
Friday's
EXCHANGE
e
Price
11
Week Ended Sept.
Bid
&
4s—_—1949
Through Short L 1st gu 4s. 1954
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1960
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Central Steel 1st g s f 8s
1941
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A
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10-year conv coll 5s
M N
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1993
D..1996
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May 1940
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.1989
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..1989
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1941
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1941
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1951
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1960 J
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—
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—
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------
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1940
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------
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------
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J
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cons
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113
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Series D3^s guar
1972
1973
120
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1942 j
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17
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Cleve Elec Ilium 1st M 3Ha... 1965 J
Cleve & Pgh gen gu 4*6s ser B.1942 A
1950
1977
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j
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W W Val Dlv 1st g 4s
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103
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D
1977
lmpt 5s ser D.
Ref & lmpt 4*6s ser E
Cairo Dlv 1st gold 4s
R
ivi
♦Certificates of deposit
1941
1963
C
Ref &
ivi
------
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38*6
102*6
38*6
J
S
47
31
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103
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109
116*6 119
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85
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D..1971
4s
1943
lmpt 6s
94
8
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36
o
87
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J
1937
1942 M n
C.1957 ivi N
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j
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92
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....
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74*6
90*6
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111
1947
5s... 1952
105*6 106*4
5
92
90*6
74
..1943
1st mtg 3*4s ser E
Chic & West. Indiana con 4s
105*6
-----
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8
108*4
j
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....
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109*6
....
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.1963
1963
110
5
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j
1944
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106
113
110*4
109*6
16
94
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113*6 114
106*6 108
128*4 138
2
....
ivi N
105*4 109
105*6 108*4
108*6 112
d
1944
Guaranteed g 5s
Guaranteed 4s
50
113*6
106*6
107
29*6
29*6
104*6 104*6
99
j
Memphis Dlv 1st g 4s
Chic T H & So East 1st 5s
16*6
91*6
a
-
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12*6
105*6
89*6
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a
1951
107
14
101
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a
1st consol gen lien g 4s
Penn coll trust gold 4s
104*6 107
52*6
85*6
J
57
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June 15 1951
15*6
14*6
------
O
------
111*4
92
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a
19*4
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m's
40
34*4
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1960
108*6
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4
35
116*4
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109*4
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42
j
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-
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36
35
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10
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72
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105
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------
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4*4s stpd Fed lnc tax.. 1987
tax_...1987
♦4 Hs stamped
1987
{♦Secured g 6*6s
1936
1 2037
♦1st & ref 4*6s ser C.May 1 2037
♦Conv 4*4s series A
...1949
{{♦Chicago Railways 1st 5s stpd
Aug 1 193.3 25% part pd
{♦Chic R I & P Ry gen 4s
1988
♦Certificates of deposit{♦Refunding gold 4s
...1934
♦Certificates of deposit
{♦Secured 4*6s series A
1952
54*4
98
105
5
105*6
54 *4
♦Gen
May 1 2037
48*6
7
102*4
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43
♦Gen 5s stpd Fed lnc
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33*6
35*6
45
540
....
16*6
1937
1937
Duquesne Light 1st M 3*6s...l965
♦{East Cuba Sug 15-yr s f 7*6s.
♦Ctfs of deposit
East Ry Minn Nor Dlv 1st 4s..l948
101*4 104*6
104*6 107*6
78*6
90*4
7
103*4
102*4
J
f
4
------
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F
Dul & Iron Range 1st 5s
Dul Sou Shore & Atl g 5s
M n
j
....
101*6
106*4
85*6
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Detroit Term & Tunnel 4*6s..1961
49*6
996
101*4
101*6
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....
64
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------
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A
------
...1995
3
6
------
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.....1995
58*6
103*4
J
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♦1st 4s assented
1995
23*6 1380
8*6 1005
54
43*6
106*6
102
54*6
.1965
59
104
33
1961
♦2d 4s assented
8
57*6
1952
♦Second gold 4s
103*4 106*6
-----
Apr 1978
F
102
5
55*4
{♦Des M & Ft Dodge 4s ctfs._.1935
{♦Des Plalnes Val 1st gu 4*6s..l947
Detroit Edison gen & ref 5s ser C '62
Gen & ref M 4s
106*6
103*6
96
....
*103*6
S
(subj to plan)
*6s.serles D
105*4
105
100*4
30
100*6
106*4
57*6
{♦Den & R G West gen 5s. Aug 1955
Gen & ref 5s series E
107*4
103*6 106
103
D
j
Gen & ref 4
104
3
j
ivi
{♦Den & R G 1st cons g 4s
1936
j
{♦Consol gold 4 *6s
......1936
58*6
7*6
J
107
103
109*6
101*4
58
106*4
106*4
106*6
31*6
62
2
102
f
30*6
42*6
4
104*6
j
J
1st & ref 4*4s
1969
j
J
1st mortgage 4 *6s_...
1969
ivi N
Den Gas & EI 1st & ref s f 5s...1951
ivi N
Stamped as to Penna tax.
1951
♦Assented
108*6
106
M n
31
20
....
105*6
1943
58*6
22*4
8*4
108*6
ivi N
♦Ref & lmpt 5s ser B
37
105*6
5S.....1937
Dayton Pow & Lt 1st & ref 3*6s 1960
21
1983
Stpd 4s non-p Fed lnc tax. 1987
48*4
46*6
28*6
28
15*4
29
16*6
92*4 102*4
110*6 111*4
49
102*4
J
49
29
2
51
"25"
j
j
28*4
1
42*6
42*4
42*4
23
122*6
103*6 105*6
43 *4
26*6
30
43
42*6
ivi N
J
14
116
23
122*6
103*6
J
58
10
122*6
1
103*6
43*4 1207
21
22*6
52*4
101 >6
105*6
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1937
J
Del Power & Light 1st 4*6s....l971
106*6 114
2
*100
32
19*6
20*6
105*4
101*6
20
29
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------
105*4 109*6
33
21*6
52
30
22*4
22
-----
21*6
50*6
------
10414 105*6
103*6 105*6
....
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Del & Hudson 1st & ref 4s
107*4 113*4
18
'
—
—
56
24
*21*6
------
ivi N
1936
1st lien & ref 6s ser B
*21*6
------
ivi N
1952
1936
1st ref 7*6s series A
106*4
21*6
d
1942
Cuba RR 1st 5s g
—
106
105*6 108
105*6
J
1951
Cuba Nor Ry 1st 5*6s...
105*4
105*4
J
Crown Zellerbach deb 5s w W..1940
....
-----
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24*6
112*6
111*6
109",6112*4
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106
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....
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J
105*6
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110
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80*6
105*4
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66
105*6
105*6
O
a
108*4 113
23*4
M N
1987
3*6s
------
104*6 108*6
98*6
25
ivi N
series F
May 1 1989
{♦Chic Mllw St P & Pac 5s A..1975
♦Conv adj 5s
Jan 1 2000
{♦Chic & No West gen g 3*63-1987
Gold
57
41
7
108
112*6
'♦Gen 4%
Ch St L & New Orleans 5s
110*6
110
68
57
113*6
A..1989
♦Conv g 4*6s
J
99
-----
-----
O
1950
Paper 6s
105
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a
Consolidation Coal s f 5s
Willamette
3
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"l'nji
B__May 1 1989
♦Gen 4*6s series C._May 1 1989
♦General 4s
A
Cumb T & T 1st & gen
ser
♦Gen 4*6s series E..May 1
117*6
*110*4
s
IVI
1982
Ch G L & Coke 1st gu g 5s
1937
{♦Chicago Great West 1st 4s..1959
{♦Chic Ind & Loulsv ref 6s
1947
♦Refunding g 5s ser B
1947
♦Refunding 4s series C
1947
♦1st & gen 5s series A
1966
♦1st & gen 6s series B.May 1966
Chic Ind & Sou 50-year 4s
1956
Chic L S & East 1st 4*6s
1969
ser
110
*112
Chicago & Erie 1st gold 5s
4s
8
111*4
*115
J
108*4 111
-----
110
J
♦Certificates of deposit
3^s
125
110*6
{♦C & E 111 Ry (new Co) gen 53.1951
g
13
100*4
1971
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115*6
11016 138*6
6
110*32
{{Chicago & East 111 1st 6s... 1934
♦Chic M & St P gen
135
100*6
1977
1st & ref 5s ser A
157
110*6
1949
1958
i
Crown
102*6 106*4
-
107
O
Chic & Alton RR ref g 3s
1949
Chic Burl & Q—111 Dlv 3*6s_..1949
Illinois Division 4s
Crown Cork & Seal s f 4s
100
——
♦Debenture 4s
57
*112
f
1955
1955
1956
118*6 126*6
127
IVI N
A
Ref & lmpt mtge 3 *6s ser
------
a
105*4
105*6
104*4
104*6
o
4s..1954
♦Debenture 4s
109*4 112*4
88
67
89*6
109*4
124*6
J
A
1960
Consumers Gas & Chic gu 5s. .1936
Consumers Power 394s.May 1 1965
1st mtge 3*6s.
May 1 1965
1st mtge 3*6s
1970
Container Corp 1st 6s
1946
15-year deb 5s with warr
1943
Copenhagen Telep 5s Feb 15.. 1954
102*4
12114
87
134
"I25"
108
1
109*4
S
89
6
-
j
F
Wuertemberg 7s...1956
4*6s
1951
59*4
105
------
1949
48*6 100
153
105
105*6
O
a
85*6
238
76
ivi N
98*6 105
85
100
78
93*4
76
3
14
85*6
High
110*6 111*6
65*6
85*6
....
105
85
------
ivi N
1943
♦Debenture 4h
35
92*6
106*4
153*4
150*6
M N
M
102
127
91*6
*106
s
m
1939
Ches & Ohio 1st con g 5s
4*6s
Ref & lmpt 4*6s
of Upper
High
2
85*6
84*4
127
a
Consol Gas (N Y) deb
103*6 111
56
102
92*6
S
M
Low
107*4
85*4
127
m n
4*4sl950
1947
1944
General gold
Jan. 1
64
101*4
'102"
M N
1948
Certaln-teed Prod 5*6s A
Champion Pap & FIbredeb
§
Since
High
107*4
O
f
G
3*6s debentures
1956
♦Consolidated Hydro-Elec Works
Range
111
110*6
110*4
a
f
A
a
Low
79*4
105
105
f
Since
Jan. 1
-----
*75
— — — -
— —
Bonds Sold
High
*110*6
------
F
L 1st & ref 4*6s....l951
Stamped guar 4*6s
1951
Consol Edison (N Y) deb 3*4s.l946
{♦Consol Ry non-conv deb
Low
j
Conn Ry &
■S
KS
Asked
D
1955
Comm'l Invest Tr deb 5*6!s
Conn & Passum Rlv 1st 4s
Week's
Last
li
fe
1938
J
f 5s. 1943
1970
,L
Col & Tol 1st ext 4s
9oU System Teletype 4- Cgo. 343
bonds
Price
J
{{♦Col Indus 1st & coll 5s gu._1934
Colo & South 4*6s ser A
1980
Columbia G & E deb 5s...May 1952
Debenture 5s
Apr 15 1952
Debenture 5s
Jan 15 1961
Col & H V 1st ext g 4s
1948
"BONDS
*New
Friday's
Bid
dfe
Asked
Low
Coal River Ry 1st gu
6xchongo
York C*rb Sxchange
( IV ew York Stock
Range
Range or
Sale
Inter st Period
EXCHANGE
STOCK
Week Ended Sept.
1
Last
Volume
New York Bond Record—Continued—Page 4
143
Friday
BONDS
Week Ended Sept.
Last
fe.2
N. Y. STOCK EXCHANGE
Friday's
&
Asked
Bid
Price
Loud
Grand Trunk Ry of Can g 6s__1936 M S
D
Grays Point Term 1st gu 5s ...1947 J
Gt Cons El Pow (Japan) 7a
1944 F
■
I_Il950
lst&gensf 6%s
"194k
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90
37
31
114
115
33
J
Feb
112
20
103K
41
90 k
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63
96 k
105
119k
161
106k
108
109 k
99 h
A
11SM
107>a
J
72
12
39
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96 k
98
57
*80K
86
70
10 k
107 k
J
97 M
82
104
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"~1949
J
J
Hoe
2'Tr?Jl,C
Cons g
ClstgSslntguar5a
1937
1937
H
H&1
ser
J
~1940
IVI N
1962 J
A
£,Manhat !st 5s ser A
1957
Adjustment Income 5s_Feb 1957
Illinois Bell Telep 3 Ms ser B.
D
F
A
"84 h
O
35h
O
84 k
37
107 m
J
J
o|
*104
IVI
J
1952 J
""1953
loff
limit
M N
A
"93""
75
93 h
72
85 k
85 k
85
86
and Chic St L & N
94 k
K
106k
94 k
100 k
7
226
26
197
100 K
81k
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7
6
*
86
s5k
84 k
91 k
86 X
86
86 H
12
91k
13
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1951
1963
I
J
D
91
90
91
126
J
D
86 H
85
86 H
121
1940 A
Oj
A
O
9
108
107 k
in*"?, & W,mg lst ext4s_Il940
1st
4s
1950
J
TT^I L°UlSVIIle 1st gU 4s
J
J
J
J
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108K
IVI
s
*103 k
103 h
1956
y 53 ®erIes B
1965
Tn^nrt'oJ Pomtge 3^8 ser B—1986
J
deposit
94k
94 k
95
55
93 h
93 k
22
60
~1922
63 k
57 h
4
93 k
94 h
19
92 m
92K
92 %
31
93 x
99
92 k
99
93 h
29
99%
17
..1932
IVI
M
J
N
III~~1956
1944
"l94l
bIIIi947
Ref s f 6s series A
Int Rys Cent Amer lst 5s B_
159
157 k
J
37
35k
38
127
12K
12K
36
12K
160
36k
60
ffiS011 ^ 6%
4st'len & ref 6%s
s
1941
8 notes
1947
a
T®Ieg deb g 4 Ha.11952
36
J
36
A
55
A
73 h
S
Nl
N
F
J
Conv deb 4%s____
J
1939 J
Debenture 5s
-IIIIIT955 F A
{♦Iowa Central Ry 1st & ref 4sll951 M Si
James'Frank <fe Clear lst 4s._. 1959 J
&TAHu?hUn ^eel 4Ks A.. 1961
/ M ia
* J?
Ry
M
D
S|
City Term
Kansas Gas &
w*
TTHth
Keith
86
131
75 h
77m
168
2k
3k
25
97
Kendall Co 5 %s
„
p£in!
IVI
S
IIII
er!n 4 West lst
g
Lehigh C & Nav
T^h '
Lehigh
u
s
f 4
1954
fund 4 Ha ser C
1954
i £e^,Eng RR 48 A—1965
lst gu g 48
1945
Val Coal 1st Arefsf 5s 1944
1st & ref
lst & ref
s f
s
32 h
3
"96
95
104 k
6% gold
72M
26 k
104
89%
39%
108%
160K
87 k
105k
93
93%
69 k
86
68 %
90
64 k
:
86
102%
84%
103k 106%
87
94 M
91h 100%
72 k
86%
75
87%
82
91%
100k 101
97
116H
120
100k
80
101
100
18
70
69k
70 h
25
69 k
70 k
13
70 x
70 h
1
70
70 h
2
101H
3
101k
*102K
34 k
33k
35k
250
104 h
103 k
102
104k
15
102 K
*105
85
*98k
.
"85k
100 H
72
72
66
66 H
64
66 H
notesIIIIIIi938
1954
idi"
1689
99 k 102%
21K
47%
108%
102^
104
103k 107
89 k
95%
87 k
94
48
65%
45K
60%
90
97
87 k
96%
86 k
97%
96k 102%
115h 160%
34
47%
9
32K
14%
46%
33
45
36 %
59%
65h
79%
90 k 101
75 k
92%
80
91
88 k
100%
81K
93%
68
91%
80 M
99%
73m
95
1M
4
84%
97
102K 104%
102
106%
40k
58%
37 k
54%
lion 113%
74h 90
67
107
96
109%
102 k 106%
40
43
35
39
32
38%
22
32
92
96%
102
104%
115
101%
103%
107
163
H
98 h
98H
100 k
101K
102%
113%
42%
27k
42% 43
98% 102%
66
64%
80%
80%
65
87
67%
77
6
104
100% 104%
99% 105%
21
35%
98
104%
98
104%
104% 105%
57
85%
97
101%
60
72%
54%
69%
68
53%
98
100
82% 101%
High
99%
66%
71%
5s.
1951 F
Little Miami gen 4s series A
Loews Inc s f deb
p m
79
82%
O
D
*103"
101%
S|
104
104%
O
132
1951 F
A
121%
98%
Louisiana & Ark lst 5s ser A...1969
Louisville Gas & El (Ky) 5s... 1952
Louis <fc Jeff Bdge Co
gu 5 4s
1945
Louisville & Nashville 5s
..1937
J
J
M N
M S
M N
J
Unified gold 4s
1940 J
lst refund 5%s series
A.i.._2003
108%
102%
110%
2003
108%
.1941
102%
2003
1946
1980 IVI
1945 M
S
Mob
S
Montg lst g 4 %s
South Ry joint Monon 4s... 1952 J
J
Atl Knoxv & Cin Dlv 4s
1955 IVI N
♦Lower Austria Hydro El
F
A
6%s_1944
McKesson & Robbins deb
5%s_1950 IVI N
Maine Central RR 4s ser
A.
Gen mtge 4%s ser A
D
1960 J
D
{^♦Manatl Sugar lst sf 7%s... 1942 A O
♦Certificates of deposit
{♦Manbat Ry (N Y) cons g 4s. 1990 AO
♦Certificates of deposit
♦2d 4s
2013
lst ext 4s
A I Namm <fe Son lst
6s
Metrop Wat Sew & D 5%s
1950 A
Michigan Central Detroit & Bay
City Air Line 4s.
...1940 J
Jack Lans & Sug
3%s
lst gold 3%s
57%
59%
25
39
39
*94
100
*90
97%
lst ext 4%s
J
97
to
25-year 5%s
lst ref 5%s series B
lst Chicago Term s f 4s
{♦Mo-Ill RR lst 5s series A
J
J
1949 IVI
S
J
1978 J
1941 M N
104%
105%
105%
90%
90%
104
103%
104%
105
105
105%
*80
37%
62
35
14
44
9
33
19
28
30%
48
91%
92%
36%
36%
35
33%
43%
43%
,
32%
30
-
30
92%
*93
37
J
85%
J
75%
74
86%
75%
78%
64%
36
62
77%
61%
111
39%
39%
15%
42%
132
39%
1
17%
697
39%
43
758
39
41
42
42%
39%
40%
13%
43
278
42%
17%
42%
40%
1949 MN
13%
1980 A
42%
S
-
S
19%
M
S
19%
M
S
_
_
J
11
43
38%
107
17
41%
31
100
97
-
-
-
18%
93
94
22
55
41
110%
17
104%
2
104
---
107
17
1962
103
104
13
Montecatlnl Mln & Agric deb 7s *37
Montreal Tram lst & ref 5s
1941
Gen & ref s f 5s series A
1955
Gen & ref s f 5s series B
1955
94
95
4
Gen & ref
s
s
f 58 series D
*102%
85%
103%
85%
*85%
f 4%s series C__1955
Gen & ref
1955
99
102% 104%
99% 101%
82%
76
23
53
22
58%
'53%
34%
52%
71%
68
50%
100
96%
89%
36%
95% 100
78% 97
100
?
102
108
103
105%
110%
100% 104
18%
3%
29%
102% 104%
94
109%
106%
95
105%
106
95
49%
79
88
10%
6
4
32%
29
46%
42%
38
52
23%
18%
81%
30%
93%
39
83
36
49%
76
96
59%
49%
52%
89
30%
27%
71
76%
80%
42%
26%
10%
39%
27
43
26%
27%
26%
41
7%
27%
26%
27
27
82
17%
43
40%
14
42%
40%
43
41%
100
"14%
28%
9
19%
9%
19%
85%
96
105% 111
103% 105%
-
107
1943
88
-
23
104%
*103%
J
1937
577
28%
19%
19%
27%
18%
110%
IVI N
570
281
-
1977 M
14
40%
99%
-
2
40%
42%
*
-
36
39%
40%
100
28%
16
39%
39%
40%
42%
A
1938
Mohawk <fc Malone lst gu g 4S.1991
Monongahela Ry lst M 4s ser A'60
Mont Cent lst gu 6s
1937
98%
108% 113
83
J
g 5s._1947 F
93
86
----
J
gold 4s... 1938 M
81
111% 114
2%
3%
79
4% July.. 1938 MN|
lst guar gold 5s
Montana Power 1st 5s A
Deb 5s series A
;
*2%
48
O
101% 104%
105
109%
1%
96
1978 MN
99
110% 113
107% 109%
103
105%
107% 109%
102% 106
107% 111%
103% 110%
103% 107%
5
4
47
____1981 FA
♦Certificates of deposit
gen
"~9%
9%
4
95
s
84
70
45%
1977 ivi
133%
122%
118
32
95%
ivi's
131
71%
60%
85%
♦lst & ref 5s series I
♦Montgomery Dlv lst
♦Ref & lmpt 4%s
♦Sec 5% notes
38%
83
47
♦Certificates of deposit
{♦Mobile & Ohio
90
88%
40%
1975
103% 105%
101
104%
98
102%
99% 104%
104%
98%
67%
101%
101%
106%
92%
J
Jl
99%
90
108
D
♦Certificates of deposit
♦Mo Pac 3d 7s ext at
10
104%
J
A
111
96
45%
74%
104% 106
11
J
O
137
1%
23%
*63
J
Prior lien 4 %s series D
1978 i
♦Cum adjust 5s ser A....Jan 1967 A
{♦Mo Pac lst & ref 5s ser A
1965 F
♦Conv gold 5%s
♦lst & ref g 5s series H
♦Certificates of deposit
"ll
2%
36
J
1959
Mo Kan & Tex lst gold 4s
..1990
Mo-K-T RR pr lien 5s ser A...1962
40-year 4s series B
1962
♦Certificates of deposit.
♦General 4s
_'
"39
15
88%
82%
1946 J
lst & ref 6s series A
102
*106%
D
J
lnt-.,_-1938
13
23
31
{♦Minn & St Louis 5s ctfs.___.1934 M N
♦lst & refunding gold 4s
1949 IVI S
♦Ref & ext 50-yr 5s ser A
F
1962
cons 5s gu as
124%
131
34%
105%
109%
103%
*1%
t*Mil Spar & N W lst gu 4s...1947 IVI
{♦Milw & State Line lst 3%s..l941 J
lst
115
121% 120
61
97%
96%
*109%
-.1939
M St P & SS M con
g 4s int gu_1938 J
lst cons 5s
1938 J
73%
82%
74
81
95%
*101%
105%
104%
1939
Con ext 4%s
34
40
103% 107
91
34%
96
O
J
1
95%
*71%
34%
J
D
74
39
1951 M S
1971 J
95
20
D
1961 J
5
64%
*13
1940 A
11
26
61%
57%
1952 IVI N
{^♦Mllw&Norlst ext4 %s(1880) 1934
82%
,102%
Milw El Ry & Lt lst 5s B
lst mtge 5s
1
52
4
S
J
1
8
'
98%
112%
96%
104%
101%
A
1979 J
"4
93
114
O
Ref & lmpt 4%s series C
Mid of N J lst ext 5s
64
35
61%
D
§f»Met West Side El (Chic) 4s. 1938 F
.♦Mex Internat lst 4s asstd
-1977 M
♦Mlag Mill Mach lst s f 7s
1956 J
16
110%
108%
103%
102%
109%
50
J
1943 J
3
50
S|
Marlon Steam Shovel s f 6s
1947 A O
Market St Ry 7s ser
A...April 1940 Q J
Mead Corp lst 6s with
warr
1945 IVI N
Metrop Ed lst 4%s ser D
1968 IVI s
14
48
IVI N
1941 J
28
1
49%
1959 IVI N
t^Man G B & N W lst
3%s
Mfrs Tr Co ctfs of
partlc In
10
102%
79%
"49"
j"l)
f 5s....1953 IVI
Lines) 4s... 1939
83
110%
109%
103%
108%
100%
101%
82%
.1945 J
4
44
99
97%
112%
95%
103%
"95%
2
121%
114
97%
104
.
15
132
131%
121%
98%
110%
109%
103%
108%
102%
109%
,108%
*1031,6
102%
109%
92%
110%
2003
ser D
104%
104%
101%
104%
*
.1944 A
Paducah & Mem Dlv 4s
St Louis Dlv 2d gold 3s
23
*106
S
Hioh
81% 100%
33%
68%
108
74%
73
1949 M
lst & ref 5s series B_.
lst & ref 4 %s series C
3
"99% "50
99
D
1938 J
Gold 5s
.1
*108%
"99"
A
1949 M
s
17
1937 M N
5a
Manila Elec RR & Lt
Manila RR (South
124%
134%
125%
124
1950 A
Lorillard (P) Codeb7s—
lst & ref 4s
10
1952 J
deb 5s.__
94
127
107
124%
134%
134%
125%
Jan. 1
Low
85
343
107
107
1962 M N
Guar ref gold 4s
,
A
.1946 F
3%s
Lombard Elec 7s ser A.
Long Dock Co 3%s ext to
Long Island gen gold 4s
Unified gold 4s
♦lst & ref 5s series G
122
100%
68%
73%
82%
Low
68%
72%
Since
Is
Asked
100%
General cons 5s
2003 M N
Leh Val Term Ry lst
gu g 5s
1941 A O
Lex & East lst
50-yr 5s gu
1965 A O
Liggett & Myers Tobacco 7a_..1944 A O
Range
is
dk
J
♦lst & ref 5s series F
101
"~5
104
104
105
99 %
69 H
70 h
85
88
104 k
"43
"42 %
Bid
Price
so*
1940 J
119
s
42 h
92%
155
lllK
111M
Friday's
2003 M N
2003 M N
103k 108%
112K 116%
*101k
IVI
71x
67%
104% 106%
106 H
*119
Range or
Sale
Lehigh Val (Pa) cons g 4s_.
General cons 4 %s
89%
79 k
-103k 103%
160k
*115k
106 k
Week's
Last
IBS
Leh Val N Y lst
gu g 4 %s
20-year
81K
102
64k
119k 123
89
105k
66 K
page
51%
107
11
*106 k
*104h
1964
see
38 k
98
"72"
Leh Val Harbor Term gu 5s
"~5
162"
1954
___..
f 5s._____
footnotes
35k
2
1974
5s
lst & ref sf 5s
For
10
24
44
*
5sIIIIIl937
%s A
108 %
105 k
*103k
1942
2d gold 5s
1941
Lake Sh <fc Mich So g 3%a
1997
♦Lautaro Nitrate Co Ltd 6sl 111954
44
*100 k
.
Coll tr 6s series B
95 h
103 k
iG Rh&,Co 7H% notes" 1936
1942
74
95
96
1954
1954
i960
90
*113k
1949
£° 4 refseries series D
6 Ha A
Coll tr 6s
16
88 X
S
J
1997
J011 cI A 58 ctfa_.1959
et'8 °t deposit.
rnn^af8rL,lght reI C
Coll <fc ref I) Ms series4 ext 5sll939
1953
41
*35 h
1937
TTno^61"
54 k
110k
32
Kresge Foundation coll tr 4s_.1945
t
52 k
110K
35k
111111111} 9q }
*%£&£*»lst 58
LIrst and ref 6Ka._._
107
169
*40
1961
iiir-
4 K a u ngin u-ant^e'd
Kings Counts El L & p 5s
Purchase money 6s
Kings County Elev lst g 4s
57
105
1948 M
_
104k
21
58 k
55 k
$645)..1943
gold" 4s. I HI 1987
97
108k
Ind Term 4Ha... 1961
r
102 k
"mp (par $925)_.1943
Kentucky Central
oh
96 k
104 k
i960
7nWi^'arr 1st 6s5925)..1943
(B F) Corp (par
1946
93
83k
lst 6S...1943 M N
Ctfs w w stmp (par
74
2K
54
1st 4s
1
83 k
Electric 4%s___1980
Karstadt (Rudolph)
93 k
76 k
95k
Kansas
5
10
73
"73
Apr 1950
Kan
Kan City Sou lst gold 3s
Ref & lmpt 6s
42
91
100 k
93 k
110K
88 K
Certificates of deposit
25
92
'
*106 k
ref 8 4s__1936
100
91
90
"68 K
a
6
100
1990
r
165
73 k
"91H
r?Z £ Lt,l8t mtge 4%8-.1961
1950
tVK
55 h
Took
A
J
47
37
73 k
99 k
N
IVI
160 H
34 k
54
J
1955 IVI
II1972
'
219
N
195fi J
6s
205
58 k
54
93 k
A..July 1952 A
Internat Paper 5s ser A &
C
o
56 M
♦1st 5s series B
T
A
106 k
106
m"s
i°^nat Cement conv deb 4s.. 1945
I Adjustment lst ser ser A
h? Nor 6s 6s
1952
♦!8t g 5s series C
31
106M
iSLrnflC/?orp 6s 8tamPed 1942....
TD^?at HydroEl deb 6s
s f
100K 103%
105
1951 IVI N
J0-y<*r conv7% notes
♦Certificates of
Int Merc Marine
18
93 M
Interlake Iron 1st 5s B___
.
47 h
k
J
* Certificates of deposit
a
46
A
•
.
*102 %
46 x
F
1951
{ Interboro Rap Tran 1st 5s
Certificates of deposit
{♦10-year 6s
5
64 m
89
102% 105
105
1966 J
Steel 3%s series D
+
79%
106% 108%
*104
Ind
Vn,,0.n
37%
124%
102K 105%
87
Tnrt
r>
44 k
O^-
1963
%s
82
100K
1953
lstDi iff Iei58 8e,rles A
JT 4 %s series C
Steel deb 4
102 k
102
81H
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 11
101k 104
90 k
102 M
116
102k 105
92 k
"85 h
A. T. & T. Tele. N. Y. 1-1598
77%
82%
105%
105k 112
*90 k
3%sIIIl951
g
n Lines 1st g 4s
44
93
*105k
G^ld3SsV'kTermg3s---.I99®j
Springfield Dlv 1st
103
165"
94k
1950
gold 3s...1951
Louisv Dlv & Term g 3%s
Omaha Dlv 1st gold 3s...
108K
109k
95
93 h
J
M N
F
*108K
s
O
195c M N
Autf
1
*103
A
1952 A
f\a'r° Rridge gold 4s
Litchfield Dlv 1st
Illinois
83 h
J
1951
Refunding 6s.
40-year 4^8...
19
107
123
35k.
108h
~~5
51h
49
123
A
2
.
102 K
102K
50 h
iqci
...
,
102 M
11951
3%sIIIIIl95i
1st gold 3s sterling
Collateral trust gold 4s
Refunding 4s
Purchased lines 3%s.
Collateral trust gold 4s
ti,1
102K
M N
1970 A
l8t«oId4s
ist gold 3Ms._
Extended 1st gold
r..^®
111 Cent
11
72 k
J
63....IHloSo
5
77%
72H
*102 k
102 k
J
'k
103
31h
122 X
77
M N
J
NEW YORK
St.
Telephone Whitehall 4-2900
14%
107k 110%
*30
122 k
77
Wall
81 k
101
110
*107k
J
O
1937 J
Houston Belt & Term 1st 5s
Houston Ol! sink fund 5%s A
Hudson Coal 1st s f 5s
Hudson Co Gas 1st g
A
7k
75 k
69
82
104
J
63
72
60
90
J
1952 J
Members New York Stock Exchange
122%
108%
106K 107%
D
?Hoe rR^rl8tiC?n8 g4^8----l"9
(R) & Co 1st mtge
1944
t
95
K
4
"12"
O
O
D. H. SlLBERBERG & Co.
112%
105k
J
_
91
104 %
Gulf States Steel deb 5Ks.___.1942 J
Hackensack Water 1st 4s.
99
110k
105k
M N
A
sLmped.l8Lr.e!.&.te!' 58 Feb"1952
88 %
81 k
107 h 115
107 k 116
104 %
118
Feb
Srw^rl5& Nor lst 4sV.;::::i94o
Ry iet gu
Gulf Mob
5%sB.__ 1950
1st mtge 5s series C
{950
7
95 x
115
89
104 M
J
♦Green Bay & West deb ctfs A
♦Debentures ctfs B
95
114h
90
FOR BANKS AND DEALERS
95
111h
105k
J
BROKERS IN BONDS
High
103%
90
115
J
Genmtge4sserH.__.__
Since
Jan. 1
Low
97
114k
J
iq™ J
"1977
ll
High
*95
A
J
Great Northern 4Ma series A... 1961 J
General 5 Ma series B
1952 J
General 5s series C
iq7o J
General 4 %s series d...
General 4 Ms series E
Gen mtge 4s ser G
Range
Range or
Sale
11
1687
Week's
102% 104%
106% 108%
97% 104%
66%
97
100% 104%
2
83%
85%
87
88
80
------
*85%
88
83
84
80
Last
BONDS
Range or
STOCK
Price
Jan. 1
Low
Constr M 5s series A—
D
97%
1955
58---1947
Mut Un Tel gtd Os ext at 5%— 1941
Namm (A I) & Son—See Mfrs Tr—
Constr M 4%s series B
Mutual Fuel Gas 1st gu g
1978
1937
1951
1942
Nat Dairy Prod deb 3%s w w—1951
Nat Distillers Prod deb 4%s—_1945
Nat Ry of Mex pr Hen 4 %s
1957
♦4%s Jan 1914 coup on
.1957
♦4%s July 1914 coup on
1957
♦4%s July 1914 coup off
1957
Nash Chatt & St L 4s ser A
Nash Flo & S 1st gu g 5s
warr
91
MN
MN
A
F
A
103%
J
J
D
96
on--.1977
off—1977
♦Assert
warr
76
76
1
64
97%
90 %
*116%
97 %
32
90
76
76
76
1
69
76
21
84
98 H
92 H
coupons.-1946
91
♦Stpd as to sale of April 1 *33 to
65
73
109H 116 H
108 H
190
96
86
103
93%
103%
103%
1
67 %
104
68 H
104
31
107%
105%
108%
105H
116
57 H
1
24
*3
102
•
110H
96
104 H
73 H
104H
101H 108H
105%
103
3
*2%
*2%
3%
O
O
*2%
*2 %
3
"2k
6H
2H
Th
"4H
2H
3h
♦Oct 1935 and sub
6s series B
Ref & lmpt 5s series C_
1961
1964 MN
ext.-1944 J J
MN
Norweg Hydro-El Nit 5%a.--1957
Ref mtge 4%s ser B_.
J
*3%
O
*2%
*2%
O
Ws
6H
1943
1965
4s
2%
2H
106 H
106%
106%
2H
6H
103 H
107 H
61H
2H
"4"k
s
1965 J
f 4s
1954
{♦Naugatuck RR 1st g 4s
D
M N
*66
25
70
77 H
Newark Consol Gas cons 5s
1948 J
D
*121%
♦New England RR guar 5s
♦Consol guar 4s
J
J
*—
J
J
J
D
1945
1945
New England Tel & Tel 5s A---1952
1st g 4%s series B
1961
N J Junction RR guar 1st 4s
1986
1960
N J Pow & Light 1st 4 Ha
New Orl Great Nor 5s A
125%
MN
F
122 h
A
*102H
107%
63
45H
.
77 H
125%
2
122
122%
6
119H 123
107k "~~6
91
17
100
126H
-1937
1943
A
O
F
A
5s.-.1946
—1946
109%
106"
"l2
99% 109
108
106
4
35
29%
32%
69
106%
"32
108
103
106
104% 107
104% 107%
107% 109
101%
99% 103
24
39%
109% 109%
104% 106%
112%
*101%
113%
114%
113"
112
113
111
102
102
113%
113%
112"
1963 M
S
M
S
102%
5
103%
111% 114%
5
111%
115
112
114%
114%
112%
9
109
113%
119%
114
106%
101%
1961
1946
& ref 5s A .1942
Pacific Coast Co 1st g 5s
119%
2
118
121
121
2
119
123%
106%
101%
101%
106%
19
105
101%
6
102%
32
101%
101%
35
110%
27
1st & ref mtge 3%s ser H—-1961 J
D
106%
110%
106%
106%
59
98%
99%
99%
113
98 %
40
89
Pac RR of Mo 1st ext g 4s
97
49
995i
80 H
97
36
95%
35%
36
58
24 H
36
♦2d extended gold 5s
Pacific Tel & Tel 1st 5s
45%
42
45%
427
32 H
45H
lnc 5s__1935
.__1954
♦1st 5s series C
1956
45
43
45
155
33 H
45
♦1st 4%s series D
1956
42 h
40
42 h
134
30
1954
46 h
43 %
46 h
402
32 H
42H
46 H
9
101%
96%
88H 100
64
110%
99%
80
62%
J
8
92
64
D
79 h
75
D
J
79%
52
J
1964 J
90
1955
♦1st 5%s series A
112
100
106%
109%
113
J
A—-1941
107
18
25
108%
98% 103%
100% 104
102
105H 108>i
♦1st 5s series B
n-c
D
Otis Steel 1st mtge 6s ser
60
109%
109
121
J
Oslo Gas & El Wks extl 5s
104% 112%
74%
85%
93
103%
*105%
A
J
1953
First & ref 5s series B
New Orleans Term 1st gu 4s
J
O
Oregon RR & Nav com g 4s.-.1946
Guar stpd cons 5s
Ore-Wash RR & Nav 4s
39
76%
23
110
106%
*108%
*106%
100%
106
Ontario Transmission 1st 5s.-.1945 MN
79 h
•
32
*107%
105%
105%
110%
81%
103%
111%
*109
1947
Ore Short Line 1st cons g
111%
108%
M S
F
Ohio River RR gen g 5s
80%
102%
MN
A
1st & ref 7s series B
91
1983
NO & NE 1st ref& lmpt 4 %s A. 1952
New Orl Pub Serv 1st 5s ser A-1952
{|*N O Tex A Mex
*6l"
125%
120 H 122 H
58
83H
~7l"
J
-.1946
Ontario Power N F 1st g..
Nat Steel 1st coll
J
Ohio Indiana & West 5s..Apr 11938
Ohio Public Service 7%s A..
"4k
105%
106%
Ref mtge 5s
Northwestern Teleg 4%s
Ohio Connecting Ry 1st
109%
108%
1941
1941
►Nor States Pow 5s ser A
Ohio Edison 1st mtge 4s
4%s—
110%
80%
102%
111%
109%
2047
2047
Ref & lmpt 5s series D
2047
Nor Ry of Calif guar g 5S-----.-1938
Ref & lmpt
Og & L Cham 1st gu g 4s._ ---1948
"ek
*73
April 1 1935 lncl coupons._1945
North Pacific prior Hen 4s
1997
Gen Hen ry & Id g 3s Jan
2047
Ref & lmpt 4%s series A
2047
2H
"2k
3%
& rets No. 4 on. 1926
High
76
1st & ref 6s ser B
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off
1951 A
♦Assent warr & rets No 4 on '51
Low
f Northern Ohio Ry 1st guar 5s—
♦April 1 1934 &sub coupons.1945
♦Assent wafr & rets No 5 on '77
Nat RR of Mex prior Hen
No.
94 H
107%
A
High
105 H
90
105H
A
Jan. 1
Asked
104
104
M N
MN
&
Low
High
Since
Friday's
44
& rets No 4 on '57
♦4s April 1914 coupon
♦4s April 1914 coupon
Low
Range
Range or
Bid
89
68 a
J
No.
Price
Sept. 11
94%
*110%
F
—
Nassau Elec gu g 4s stpd.
Nat Acme 1st s f 6s
♦Assent
MN
High
Sale
STOCK EXCHANGE
Week Ended
104%
94 %
1955 MN
3%s
Y.
104%
93 %
J
1939
2000
Morris & Co 1st s f 4%s
Morris & Essex 1st gu
N.
Since
Bid
Last
BONDS
Range
Friday's
tfe
Asked
Sals
EXCHANGE
Week Ended Sept. 11
Y.
1936
Week's
Friday
Week's
Friday
N.
Sept. 22,
New York Bond Record—Continued—Page 5
1688
Pacific Gas & El gen
1st & ref 4s series G--
1938
.-1938
F
A
102
102
J
J
*100
Ref mtge 3%s series B
-1966
Paducah & 111 1st s f g 4%s—1955
§t*Pan-Am Pet Co (Cal) conv 6s *40
♦Certificates of deposit.
—■
3
101%
103%
O
J
40"
"l4
36%
38%
99%
102
102
44
101% 104%
26
102% 104%
105
J
J
101%
104%
'"5
"38%
J
D
37%
73
93
101
1937 J
A
55
101% 104%
106% 110%
105% 106%
108%
38%
61%
59%
55
61%
83
97%
Paramount Broadway Corp—
N A C Bdge gen guar
N Y Cent RR
conv
1945 J
4%s
J
-1944 MN
6s
1998 F
Consol 4s series A
10-year 3%s sec s f
*110%
117%
99 %
205
92 h
93 h
117
164
51
102
102 H
106%
102 h
106%
1
93%
140
96 H
95 H
24
92 k"
92%
96 h
"95m
95%
102%
-1937
Refunding 5Hs series A
1974
Ref 4Hs series C
1978 M S
3-year 6s
Oct 1 1938 A O
102%
103%
93%
93 %
98
98
,
■
107 %
1953
1953
N Y Dock 1st gold 4s__
Serial 5% notes
119
89
98 h
1998
1998
N Y Connect 1st gu 4Hs A
1st guar 5s series B
109
119
100%
2013
Mich Cent coll gold 3%s
N Y Chic A St L 1st g 4s
110
576
92%
N Y Cent A Hud River M 3HS-1997
Debenture 4s.
1942
Ref A lmpt 4Hs ser A
Lake Shore coll gold 3Hs
109
118
100%
101%
100
101%
1946
2013
.2013
Ref A lmpt 4 He series A
Ref A lmpt 5s series C
117%
98%
A
*100 h
65
'65
xl951
102 %
15
103%
94%
98H
89
108
303
42
11
"66" *~26
h
59 H
1
105%
102 h
105H
8
102%
79
124h
125
17
117
117
4
59
1938
N Y Edison 1st A ref 6Hs A—1941
1st Hen A rfef 3%s ser D
1965
11
102%
100%
97 X 101%
74 H
93 H
80 H
98
102 %
100
106%
ser
117
1946 M.N
100
100
2000 M N
N Y Greenwood L gu g 5s
N Y A Harlem gold 3%s
N Y Lack A West 4s
D
A
*106
107
1973 M N
88
99
106H 108%
69
77%
52
75
105H 109%
101H 102%
102
J
*105
*107
1956 MN
♦Conv debenture
1956
J
J
♦Conv debenture 6s-
1948 J
J
♦Collateral trust 6s
1940 A
h
28
29%
lt
24
37
28
28
28h
30%
17
24%
24%
31
29
31
22
25
30%
35H
28
16
31%
30%
35%
84
40
42%
37
23%
26%
35%
38%
37%
37%
37%
66
29%
1
'~2l"
18h
21
D
♦1st A ref 4 Ha ser of 1927--1967 J
♦Harlem R A Pt Ches 1st 4s. 1954 M N
35%
91H
31h
36%
164
90 h
91H
16
June 1992 M S
-1955 J D
{♦N Y Providence A Boston 4s. 1942 A O
con gu 4s
1993 A O
N Y Queens El Lt A Pow 3HS-1965 M N
{♦N Y Rys Corp lnc 6s
Jan 1965 Apr
N Y A Putnam 1st
1965 J
Prior lien 6s series A
J
1951 M N
1956 MN
N Y Susq A West 1st ref 5s_— 1937 J
J
2d gold 4 Ha.
1937 F A
General
1940 F A
1943 M N
gold 5s
Terminal 1st gold 5s
N Y Telep 1st A gen s f
N Y Trap Rock 1st 6s
6s stamped
49
48
49 H
185
42
41h
42 H
63
*103 h
"92"
4%s— .1939
M N
—.1946 J
l07~~
Nord Ry ext sink fund 6 Hs—11950 A
O
F
A
If ♦Norfolk South 1st A ref 5s—1961
A
1941 J
1961 F A
1957 M S
Deb 5Hs series B
Deb 5s series C
Aug 15 1963 F
90H
85
85
66 %
67
67
*103%
116%
110
*90
89 h
12 %
14%
106H
106%.
4
107 H
90
108% 111
105% 107%
107%
92%
87
10
46
110
*72
103%
111%
80
93
80
96
29%
106
"29
105% 108
96% 104
9
O
69
S
{♦Park-Lexington 6 %s ctfs
Guar 4s
ser
1944 J D
1952 M N
E trust ctfs
1963 F
28-year 4s...-
A
17
36
9
62 H
106
106%
28
106%
107%
36
105
38
105
105
106%
107
12%
12%
51
"26
104 h
1
32
115
122""
22%
21%
63%
122
105% 107%
103% 107%
102% 105%
103% 106
101% 107
120
*121
4%s—.1960
Pa Ohio & Det 1st & ref 4 %s A. 1977
4%s series, B
1981
Pennsylvania P & L 1st 4%s..l981
Pennsylvania RR cons g 4s
1943
A
37
2
68-
70
7
42
32%
73
49%
119% 122%
104
at:
J
J
A
O
105
106%
M N
Consol gold 4s
1948 M N
4s sterl stpd dollar May 1.1948 MN
A O
Gen mtge 3%s ser C
1970
Consol sinking fund 4%s
General 4%s series A
1960
1965
D
General 5s series B
1968
85"
60
1970
O
1981
o
Gen mtge 4%s series E
1984
Peop Gas L & C 1st cons 68—1943 A
102%
104%
106
104
105
107
102% 107%
101% 105%
104%
cons
♦Income 4s.
April 1990 Apr
Peoria & Pekln Un 1st 5%s.—1974 F A
J
Pere Marquette 1st ser A 5s—1956 J
J
1956 J
1st g 4 %s series C__
.—1980 M S
Phlla Bait & Wash 1st g 4s
1943 MN
General 5s series B
1974 F A
J
General g 4%s series C
1977 J
1st 4s series B
General 4%s series D
1981 J D
D
Phlla Co sec 5s series A.——1967 J
Phlla Elec Co 1st & ref 4%s„. 1967 MN
1st & ref 4s
1971 F A
J
Phlla & Reading C & I ref 5s.. 1973 J
Conv deb 6s__
1949 M S
J
J
Philippine Ry 1st s f 4s
—1937
97
105%
106%
112%
114%
114%
101%
101%
122
8
99
90%
105
105%
103% 107%
108% 108%
106
107%
110% 113%
111% 115
111% 114%
100% 102%
118% 123
122
113"
105%
109
109%
O
1947 M S
4s.-.1940 A O
Refunding gold 5s
Peoria & Eastern 1st
J
114%
82
101
106"
*114%
101%
D
Debenture g 4 %s._
General 4%s series D
*108%
106%
*111%
114%
A
122%
112%
120%
113
34
109
121%
105%
19
115% 121%
99% 105%
104%
109
108%
*120%
114"
114
109%
109%
120%
114
94
43
34
~16
95%
48
16%
17%
90
*111%
106" 105%
99%
99%
102%
102%
106%
99%
95
16%
95
103%
"16
106
30
114
105% 111%
105% 111%
115% 121
106% 114
76
95%
9
19%
108% 112
98% 106%
89
99%
89
103%
113
116%
113
2
111
113
rl26
rl26
2
120
124
20
113
118
116%
*114%
106%
105%
107%
l05%
105%
46%
46%
27%
30%
Plllsbury Flour Mills 20-yr 6S..1943 A O
Pirelli Co (Italy) conv 7s
—1952 MN
Pitts C C & St L 4 %s A—
Series B 4%s guar
27
30%
*106%
116%
116%
106%
107%
110
"30
5
105%
17
51%
170
31%
499
31
107%
35
1
115%
103% 107
105
109
103% 108%
37
55
32%
15%
34
25%
106% 109
70
85
Series C 4%s guar
Series D 4s guar
Series E 3%s guar gold
Series F 4s guar gold
O
111
111
111
112%
1942 A O
1942 MN
113%
113%
111
114
*113
111
113%
110%
1940 A
1945 MN
1949 F A
1953 J
1957 MN
Series J
1964
cons guar
4%s
1960 F
1963 F
110%
D
Series G 4s guar
Series H cons guar 4s.—
Series I cons 4%s
110%
*104%
116%
110
105% 106%
111
114
*120%
*120%
M N
122%
119%
D
,H9%
General mtge 5s series B
1975 A O
J
General 4%s series C
—1977 J
Vl20 %
108%
*109%
108%
118
121
1970 J
General M 5s series A
114%
108% 108%
115% 121%
*111
A
114%
111
109
*111
114"
A
121%
112% 115
108%
Pitts Va & Char 1st 4s guar..-1943 MN
♦Pitts & W Va 1st 4%s ser A—1958 J D
—1958 A
Pitts Y <fc Ash 1st 4s
ser
A
1st gen 5s series B
1st gen 5s series C
1st 4%s series-D
O
1960 A
1st M 4%s series B.
1st M 4%s series C—
O
1
121
115% 121%
116
121%
107
110
1962
73
27
75
74
110
112%
94%
94%
94%
110
119% 119%
1956 M
f
1950 J
J
103
*.75 %
|98
J
1941
J
103%
103
103
18
74
76
357
*106%
*78
36%
S
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s & com stk
(65% pd).
5
103%
Term 1st 4s
I^Debenture gold 6s
"16
165
*108"
1977
J
{♦Postal Teleg & Cable coll 5s. 1953 J
J
I {♦Pressed Steel Car conv g 5s. 1933 J
{♦Providence Sec guar deb 4s._1957 M N
w w
94%
94%
94%
92%
1974
1st mtge 6s series B
1953
Port Gen Elec 1st 4%s ser C—1960 M S
1st 5s 1935 extended to 1950
J
J
J
Porto Rlcan Am Tob conv 6s..1942 J
4%s
109% 110
93
*111%
*119%
Port Arthur Can & Dk 6s A—1953
s
"25
93%
94%
94%
1948
4%s without warrants
1950 J
Purity Bakeries s f deb 5s_—-.1948 J
36%
*105%
O
Pure Oil Co
1689
102% 151%
*106
104%
Penn-DIxle Cement 1st 6s A—1941 M S
J
D
Penn Glass Sand 1st M
{♦Providence
For footnotes see page
19
*121%
*81%
*102%
*105%
*105%
*105%
M
♦Paullsta Ry 1st ref s f 7s
Penn Co gu 3%s coll tr A
439
113% 155
120
*120
99% 107
105% 108%
12% 22%
105% 106%
16h
S
53%
165
119k
1974 M
31%
54
"l5
1944 A
Pat & Passaic G & E cons 5s_.1949 M
Parmelee Trans deb 6s
23
95
108
56%
104% 108%
"25
17 %
S
93%
45
104 %
k
82%
106
107""
106
56%
32% 49%
103
103%
14 %
17%
1974 M
36
1
107 H
*
40%
84% 101
90 %
103%
125H
17H
51%
26%
"25
94
103 h
123
124
15%
41
28
100
110%
*107%
A
Nov 15 1969 MN
North Cent gen A ref 5s
Gen A ref 4Hs series A
1
106%
*106H.
D
North Amer Co deb 5s
No Am Edison deb 5s ser A
107
109k "~2
106
16%
1996 O
41
106 h
ioek"
12o"
-
49%
108 h
♦Certificates of deposit
If ♦Norfolk A South 1st g 5s—-1941 MN
N A W Ry 1st cons g 4s
e*Pocah CAC Joint 4s.
108 H
4
*107 h
"66"
{♦N Y Westch A B 1st ser 14Hsl946 5"i
Niagara Falls Power 3Hs
1966 M S
Niag Lock A O Pow lst5sA
1955 A O
Niagara Share (Mo) deb 5HS--1950 M N
"92H ""56
49
D
1946
;
91%
108
A._ 1951 M N
1947 M N
1st mortgage 5s
•1st mortgage 5s
104% 105%
105% 106%
100% 100%
39
25%
2
-.1957 MN
♦Debenture 4s
108
29 %
*29%
O
3Hs
N Y Steam 6s series A
106
94% 101
O
♦Non-conv debenture 4s
N. Y. A Rlchm Gas 1st 6s
113% 117
100% 103
{♦N Y A N Eng (Bost Term) 4s 1939
{♦N Y N H A H n-c deb 4s
1947 M S
♦Non-conv debenture 3Hs—1947 M S
♦Non-conv debenture 3%s-_1954 A O
J
♦Non-conv debenture 4s
1.955 J
N Y O A W ref g 4s
General 4s
122% 126 %
103
A
37
58
92
106
70H
105H 109
103
J
J
Guar 3%s trust ctfs D
103%
106%
5HS-1942
53-1943
J
96 H
82
103
N Y L E A W Dock A lmpt
N Y A Long Branch gen 4s
106
98
101H 104%
92% 100%
101
93%
S
93%
100 %
106 %
100 %
58
M
74 H
86 H
MN
1973 M N
J
1955
90
1941 M S
A
4Ha series B__i
N Y L E A W Coal A RR
1968
1953
A
1955
S
1942
1937 M S
Guar 3%s coll trust ser B___ 1941 F A
Guar 3%s trust ctfs C1942 J D
N Y A Erie—See Erie RR.
N Y Gas El Lt H A Pow g 5s„1948 J
Purchase money gold 4s
1949 F
♦1st M s f g 3s loan ctfs
Paramount Pictures deb 6s
Paris-Orleans RR ext 5%s
113%
78
31%
95%
12%
*87%
113
104%
"98
98
J
D
D
75%
98
35
13
5
80
100
21%
92%
110% 131%
102% 105%
91% 103
9
79
92
115%
104%
98%
234
78%
27
8
27
158
*100%
J
14
78%
36% 1220
77% 103%
79% 103
80%
66%
104% 108
82
64%
27% 41%
63
158
82%
Volume
New York Bond
143
Friday
2-a
BONDS
fe
11
Price
Range or
Sale
no.
c
Week Ended Sept.
Last
ta
N. Y. STOCK EXCHANGE
Reading Co Jersey Cent coll 48.1951 A
<fc
J
J
107
S
107
Ml
M S
F
s
f 7s
107
U7*6
♦Rhine-Ruhr Water series 6s
1953 J
116
99
104*6
J
32
27 *6
1953 F
♦Cons M 6s of 1930 with
'55 A
O
M N
Rlchm Term Ry 1st gu 5s
♦Rima Steel 1st s f 7s.
♦Rio Grande June 1st gu 5s
1939
1955
._
57
*90
J ♦Rio Grande West 1st gold 4s. 1939
♦1st con & coll trust 4s A
Roch G & E 4*6s series D
Gen mtge 5s series E
{{♦R I Ark & Louis 1st
♦Ruhr Chemical s f 6s
81-
34
37
49
35*6
47*6
103
44
*107
23 %
45
24*6
"33*6
"39
110*6
103*6
110*6
6
103*6
102*6
5
23*6
38
1947
St Jos Ry Lt Ht & Pr 1st 5s...1937 M N
St Lawr & Adlr 1st g 5s
J
-.1996 J
2d gold 6s
_■
1996 A O
St Louis Iron Mt & Southern—
♦{Rlv & G Div 1st g 4s ...1933 Ml N
♦Certificates of deposit..
38
*96
95*6
83 *6
90
37
13
35
67 *6
83*6
71
82
82*6
28
27*6
lien 4s A
♦Certificates of deposit
1950
♦Prior lien 5s series B
27*6
...
...1950 J
♦Certificates of deposit.—
♦Con M 4 *6s series A
1978
♦Ctfs of deposit stamped-
J
Mli
J
cons
5s
47
♦101*6
♦101*6
♦105*6
1937
{♦St Paul E Gr Trk 1st 4^8—1947
{♦St Paul & K C Sh L gu 4*68.1941
St Paul MIdd & Man 5s
1
121
120*6
121
24
J
101
100*6
1946 A
♦Adjustment 5s
A
33
118*6
*17*6
1933
7*6
9*6
11*6
10*6
"""6*6
5*6
A
6*6
5*6
Ml
S
1951
1952 J
♦Debenture s f 6*6s«
Sileslan-Am Corp coll tr 7s
Silesia Eleo Corp 6*6 s
1946
South & North Ala RR gu 5S..1963
South Bell Tel & Tel 1st s I 58.1941
Southern Colo Power 6s A
1947
So Pac coll 4s (Cent Pac coll) .1949
1st 4*6s (Oregon Lines) A.—1977 Ml
"95"
99
S
1981 M N
64*6
94*6
94*6
J
98*6
1969 M N
129
5
105
60*6
61*6
23*6
99*6
107*6
106*6
94*6
94
93*6
93*6
97*6
O
113*6
So Pac of Cal 1st con gu g 5S..1937 MN
So Pac Coast 1st gu g 4s
J
1937 J
So Pac RR 1st ref guar 4s
J
1955 J
1st 4s stamped
1955
*104*6
1950 A
Southern Ry 1st cons g 5s
Devel & gen 4s Berles A
1956
1956
Mem Div 1st g 5s..
St Louis Div 1st g 4s...
107*6
77*6
102
.1996
96
97*6
"87*6
86*6
107*6
1955
107*6
20*6
staley (A E) Mfg 1st M 4s—.1946
105*6
105
1964 J
Standard Oil N J deb 3*6s
Staten Island Ry 1st 4*6s
♦Studebaker Corp conv deb 6s.
Swift & Co 1st M 3*6s
D
100*6
1961
1943
"113*6
1945
1950 M
1947 A
O
Tenn Coal Iron & RR gen 5s. .1951 J
Tenn Cop & Chem deb 6s B
1944 Ml
Tenn Elec Pow 1st 6s ser A
1947
S
1st
cons
s f
J
g 4s
Corp
conv
deb 5s
Debenture 3 Ms
Tex & N O con gold 5s
Texas & Pac 1st gold 5s
100*6
*103*6
2
23*6
100
106*6
1
44
10
1944
125
6
95*6
99*6
£4*6
94*6
94*6
98*6
267
114
123
103
246
267
303
14
105*6
109
78*6
93*6
96*6
102*6
97*6
100*6
126
*180
323
54
209
4
75
26
17
18
128
m" "97
99
124
125
104
98*6
103*6
*105
1943
2000
98*6
109*6
10
50
104
Gen & ref 5s series C
1979 A
O
104*6
♦Adj inc 5s tax-cx N Y-.Jan 1960 A O
8*6
10*6
9*6
7*6
13*6
11*6
24*6
6*6
13*6
3*6
3*6
7*6
6*6
105*6 109
98
94*6
81*6
88*6
59*6 103*6
42*6
61*6
1
90
105*6
107*6
20*6
107
20*6
120*6
114*6
114*6
108*6
110*6
103*6
A
S
S
"115*6
114*6
109*6
110*6
S
A_. .1947 J
J
46
4
4
\
1
4
19
,
33
109*6
35
111
7
104*6
27
100*8
100*6
48
107*6
<5
"l02*6"
107*6
102*6
*lld^8
102*6
144
30*6
129
32*6
132*6
106
106*6
29*6
106*6
72
29*6
3
O
S
98*6
105*6
107*6
20*6
120*6
115*6
115*6
"i00*6
D
"32"
129
106*6
s
cons g
103*6
114*6
106*6
102*6
80*6
87*6
76*6
106*6
127
76*6
95*6
99*6
94*6
94*6
94*6
97*6
98*6
77
106*6 118
106*6
101*6 101*6
99*6 106*6
92*6 109
63
78*6
68*6
95*6
99
71*6
85
102*6
78
97*6
97*6 103
57*6
88*6,
104*6 108*6
34
14*6
104*6 106
98*6 100*6
81*6 117
105
89*6
99*6
104*6 107*6
104*6 107*6
17*6
21
122*6
119
111
123
111*6 115*6
107*6 111*6
109
118
101*6 105
99
100*6
106 *6
109*6
16
*29*6
103*6
104t*6
104*6
103*6
103*6
113*6
35*6
25
108
131
103*6 107*6
105
27
33*6
27*6
~33*6~
103*6
98
33
33*6
27
105
86
71*6
71*6
75*6
95*6 104*6
97*6 105
.1947
38
72*6
78
69
69
64
.1959
62
60
75
93*6
93
4s series A—1955 F
f 4s series B
4*6s__1934 J
94*6
J
1942 J
71
....
2*6
*3
17
D
17
6
108*6
108*6
*61
70
1955 MN
Va Iron Coal & Coke 1st
g 5s. .1949 Ml S
Va & Southwest 1st gu 4s
2003 J
J
1st cons 5s
1958 A O
108*6
1966 Ml
106
97*6
105*6
98*6
lot)
76
Virginian Ry 3*6s series A
{Wabash RR 1st gold 5s
1939 Ml N
102*6
102*6
103
42
♦2d gold 5s—
1939 F
1st lien g term 4s
Det & Chic Ext 1st 5s
S
'
*103
10
98*6
*79
91
94*6
95*6
94*6
22
84*8
_—
*102
1941
Des Moines Div 1st g 4s
"74"
74
1939
Omaha Div 1st g 3*6a
Toledo & Chic Div g 4s
1941
(58
1976 F
A
35*6
3d
32
33
S
99
33*6
S
2
(58
99
32
.1941 Ml
{♦Wabash Ry ref & gen 5 *6s A.1975 Ml
♦Certificates of deposit
♦Ref & gen 5s series D
♦Certificates of deposit
3o*6
1980 AO
"35"
33
108*6
O
1955 A
S
{♦Warner-Quinland Co deb 68.1939 Ml
♦Warner Bros Co deb 6s
1941 Ml
S
29*6
S
♦Deposit receipts
1952
West N Y & Pa 1st g 5s
Gen gold 4s.
u.
1937 J
102*6
1977
107*6
1943 A
S
)"j
105*6
107*6
1938
♦Westphalia Un El Power 6s..1953
106
108*6
J
26*6
J
94
2361 J
Registered
J
2361 J
West Shore 1st 4s guar
70
41*6
69
77
83
F
A
J
1942 J
D
1938 J
Wilson & Co 1st M 4s series A.1955 J
Winston-Salem S B 1st 4s_
J
1960 J
29
.65*6
35*6
35
105*6
107*6
106
108*6
25*6
93*6
J
l02*6
"27*6
26
Ml"
N
17
j"3
Conv deb 3*6s
1951
F
1st mtge s f 4s ser C_
1961 MI N
....
110
112
121*6 125
119
123
108
110
26
81
10
101*6
110*6
38*6
174
38*6
61
105*6
109*6
106*6
.1
16
107*6 108*6
96*6 102*6
106
109
101*6 104*6
106
32*6
32*6
110*6
44
42*6
8
105
107
16
103
109*6
31
103*6 106*6
44
-
109
104
109
26*6
9
94*6
22*6
33*6
56
85
96
37
81
92
....
•
1
104
107*6
107*6 112*6
361
30
29
30*6
66*6
99
101*6
3
101
90
101*6
23
318
28
107
102*6
102*6
112
112
25
28
22*6
26
15
1
18*6
18*6
31
31*6
45
67
106*6 107*6
99*6 102*6
107
112
89
.
17.
•
15*6
28
77
15*6
15
26
104
9
9
9
15
21
21
25
130*6
103*6
59
—
14*6
*10*6
15
1943
105*6 108*6
109*6 110*6
101*6
16
94*6 101
1
111*6
65*6
103*6 109*6
2
101*6
*105
J
gen 4s...1949 X
{♦Sup & Dul div & term 1st 4s *36
{♦Certificates of deposit
111*6
29*6
D
♦Certificates of deposit
♦Wor & Conn East 1st 4*6s
107*6
101
J
7s A. 1935 MN
Wilk & East 1st gu g 5s
Will & S F 1st gold 5s
1
111*6
101*6
1940 M N
{♦Wickwire Spencer St't 1st 7SU935
♦Ctf dep Chase Nat Bank
81*6
90
D..1966 M S
White Sew Mach deb 6s
{♦Wis Cent 50-yr 1st
46*6
41*6
13
*105
1949 M S
conv
28
13
108*6
J
Wheeling Steel 4*6s serjes A...1966
♦Ctfs for col & ref
28
108*6
102^4
108*6
38
38*6
Funding & real est g 4*6s__.1950 Ml N
25-year gold 5s
1951 J
D
30-year 5s
,
1960 Ml S
Western Union coll trust 5s
ser
98*6
122
110*6
O
1946 Ml
1946
Wheeling & L E Ry 4s
84
92*6
12o
101*6
J
33
70
100
102*6
32*6
36*6
25
86
108
1961
1966
26
71
*107
1st mtge 4s ser H
24*6
32*6
35*6
1
122
1st mtge 3*6s series I
26
193
70
*108*6
*110*6
*109*6
36*6
V
67
69
100
25
89
124*6
Western Maryland 1st 4s.
1st & ref 5*6a series A
A
132
97*6
30*3
*78
100
Wash Water Power s f 5s
1939
Westchester Ltg 5s stpd gtd_._1950
West Penn Power 1st 5s ser E.1963
ser
34
89
29*6
A
Washington Cent 1st gold 4s_-1948 Q Ml
Wash Term 1st gu 3*6s
1945 F A
1st 40-year guar 4s
1945 F A
♦5s assented..
26
27
2
78*6
(58
Warren RR 1st ref gu g 3*6s—2000 F
{♦Western Pac 1st 5s
77
38
1
3o *a
08*6
1
100*6 102*6
72
82*6
109*6
9d*6
"97*6
98*6 104*6
84*6
96*6
67*6
78*6
99
132
77
O
1939 Ml
103*6 106
315
5o
89
77*6
98*6
60
35
108*6
110
81
26*6
31 *-6
»
70
104
89
'
....
1955 A
Warner Bros Pict deb 6s
*6
30
Walker (Hiram) G&W deb 4*6sl945
Walworth Co 1st M 4s
32
"34*6
106*6 109*6
1
163
*
——
1978 AO
20*6
5
♦Certificates of deposit
♦Ref & gen 4*6s series C
6*6
"H"
58
liO
—
1954
A
85*6
95*6
106*6 108
107*6 107*6
*2*6
J
J
gu
♦Vertlentes Sugar 7s ctfs...
Virginia El & Pow 4s ser A
108*6
106*6
97
93*6
111
*29*6
.1951
31*6
96*6 100*6
17
Youngstown Sheet & Tube—
107*6
A
132
103*6
134*6
587
99
105*6 134*6
98*6 104
74*6 100*6
120
125
103
105
94
102
20
109*6 111*6
116
107
58
101*6
31
88
106
"l9
125
104
104*6
26
104*6
105
65
105
1
*109*6
56
23*6
5
105
O
f 6 *6 s series C
6s debentures
3*6
5*6
4*6
2
109*6
104*6
105*6
J
O
84*6
79
*109*6
21
38
125
1977 A
Gen & ref 5s series D
1980 J D
Tex Pac Mo Pao Ter 5*6s A..1964 M S
Third Ave Ry 1st ref 4s
1960 J
J
11*6
105
"87*6 "51
108*6
21*6
105*6
s
RR 1st consol 4s
105*6
103*6
104
1951
106*6
106*6
109*6
1953
107*6" "~~9
115
98*6
Gen 4 ref 5s series B
20*6
109*6
*116*6
109*6
106*6 106*6
101s32 10U32
1944
Texarkana & Ft S gu 5*6s A. .1950
Texas
99
"98*6
4*6s__1939
gold 5s
Gen refund
"~2
62*6
106
S
B
61*6
*102*6
1938 M S
1938 M S
93
102
97*6
1951
East Tenn reor lien g 5s
Mobile & Ohio coll tr 4s
S'west Bell Tel 3*6s ser B
{♦Spokane Internat 1st g 5s
105""
77*6
93*6
96*6
1956
Devel & gen 6*6s
105*6
"108*6
1994
Devel & gen 6s
33
87
99
1968 Ml
San Fran Term lBt 4s
108*6
*125
"l07*6
Gold 4*6s
Gold 4*6s
...1946 J
17
98
106
Gold 4 Ha
10-year secured 3*6s
5*6
*102
62*6
S
114*6 120*6
13
20*6
.
106
1950
144
97*6
"lOO"
-1951
6*6
87
J
1951 M S
1941 F A
,
108
98
D
1935 J
Shinyetsu El Pow 1st 6*6s
♦8Siemens & Halske b f 7s
108
••
O
June 2008 Ml
ser
96
S
130
90*6 100
92*6
*109 *g
66
355
15
.1945 IVI
June 2008 Ml
....
♦Ref & gen 5s series B
66
421
20
7s
A
66
46
12
11
O
deb 4 *68—-1951 M N
Shell Union Oil deb 3*6s
8*6
11*6
20
M~S
25*6
28
115
3
10
'
..1957 M N
31
25*6
180
10
s f
*91*6
A
.1968 J
Cons
111*6
114*6
62*6
112
31
9
1935 F
♦Series B certificates
1
"151
6*6
A
{♦Seaboard All Fla 6s A ctfs..1935
Skelly Oil deb 4s—*
Socony-Vacuum Oil 3*6s.
18
7*6
1945 M S
3
28
19
17
♦Certificates of deposit..
6s series A
""24
99*6
96
.1952 F
{♦Vera Cruz & P 1st
{♦July coupon off
101
34 '
118*6
37
99
96
♦Certificates of deposit
89
35*6
1
N
Vandalia
105*6
108
1
29
17*6
7*6
72
102*6 104*6
104*6 107*6
117*6 124*6
3
35
101*6 106""
120*6 122
120
O
27*6
39*6
62*6
28*6
47*6
100*6 102*6
101*6 102*6
48
O
♦Certificates of deposit
{♦Atl & Blrm 1st g 4s.
50
111*6
35*6
32*6
28*6
30*6
15
28*6
14*6
27*6
13*6
26*6
76*6 .97*6
114
*30*6
O
1959 A
101
120
Vanadium Corp of Am conv 5s_1941 A
17*6
114
"1I4"
J
Oct 1949 F
{♦Refunding 4s.
86
111
J
Scioto V & N E 1st gu 4s
1989 M N
{{♦Seaboard Air Line 1st g 4S..1950 A O
8♦Gold 4s stamped
...1950 A O
75
15*6
14*6
77*6
86*6
99*6 107*6
96*6 102
2
51*6
17*6
107
7s
Debenture 5s
27
16*6
103*6 107*6
105*6
102*6
sec s f
Util Power & Light 5*6s
34*6
105
21
"33"
Term Assn of St L 1st g
102
28
"37"
or
141
19
105
-.1946 J
6*6s series B
Terr Cent 1st 6s A
9
107
Stamped.
conv
70
47*6
27
*101 *6
Stamped..
Sharon Steel
340
1972
Schulco Co guar 6*6b..
cons
742
107
Santa Fe Pres & Phen 1st 5s.. 1942 M S
♦1st &
63
1940
S A & Ar Pass 1st gu g 4s. —...1943 J
San Antonio Pub Serv 1st 6s__1952 J
f
166
73
28
1937
St Paul Un Dep 5s guar
s
379
62*6
20
1943
Mont ext 1st gold 4s
tPaciflc ext gu 4s (large)
Guar
61*6
45*6
4s..1968
cod g
10
317
72
62
1937
Guaranteed 5s
St Paul & Duluth. 1st
27*6
26*6
24*6
96*6
J
♦1st terminal & unifying 5S..1952
♦Gen & ref g 5s ser A..
1990
St Paul City Cable
27 *6
26*6
.{♦St L SW 1st 4s bond ctfs
1989
♦2d g 4s inc bond ctfs
Nov 1989
25*6
29
M~B
..
82*6
28*6
27*6
30*6
28*6
27*6
26*6
97*6
High
100*6 103*6
2
N
♦Sink fund deb 6*6s ser A...
.1947
Utah Lt & Trac 1st & ref 5s... .1944
Utah Power & Light 1st 5s
.1944
1
pr
Low
*104*6
*121*6
J
.1971 M N
♦Sec
17
{♦St L-SaD Fran
S
*109
.1942 M
Corp6*6sA_. .1951
95*6
95
27
24
102
deb A_. 1953 J
U S Rubber 1st & ref 5s
♦Un Steel Works
92
78
82
41
79*6
105*6
102
8 {♦United Rys St L 1st g 4s... .1934 J
J
U S Pipe & Fdy conv deb 3
*6s.. .1946 Ml N
42*6
24*6
107*6 110*6
103
105*6
83*6
37*6
81*6
79*6
105*6
O
United Biscuit of Am deb 5s_.
.1950 A
United Drug Co (Del)
5s...... .1953 Ml
U N J RR & Can gen 4s
.1944 Ml
25*6
80*6
39
79*6
D
35-year 3*6s debenture
43
81
{♦St L Peor & N W 1st gu 5s...1948
St L Rocky Mt & P 5s
stpd.._1955
D
1960 J
Gold 4s.
85
95*6
.1953 J
.1950 A
3*6a
C
1st lien & ref 5s
54
24
conv
1st lien & ref 4s
113*6
24*6
1
12-year 4s conv deb
.1947 Ml N
Union Pac RR 1st & Id gr4s__. .1947 J
J
57
34
30*6
33*6
•
No.
102*6
{ {♦Union Elev Ry (Chic) 6s.
.1945 A
Union Oil of Calif 6s series A_. .1942 F
107*6 109
*23
~33*6
ser
Uljigawa Elec Power
94*6
112*6
High
102*6
Union Elec Lt & Pr
(Mo) 5s... .1957 A
Un E L & P (111) 1st
g 5*6s A.. .1954 J
107*6
76*6
37*6
108
1948
♦Guar
35
118
Jan. 1
102*6
Truax-Traer Coal conv 6*6s... ,1943 M
♦Tyrol Hydro-Elec Pow 7*6a_. 1955 Ml
33*6
33*6
33*6
90
*115*6
4*6s_._1934
St Joe & Grand Island 1st 4s
24
"82"
1977
Rut-Canadian 1st gu g 4s..___1949
Rutland RR 1st con 4*6s
1941
34
23
:/ 57
1949
Tri-Cont Corp 5s
28*6
23
152
Since
Asked
'
1
103*6
81
1962
27*6
21*6
Range
Is
tfc
J
Toronto Ham & Buff 1st g 4s_. .1946 J D
Trenton G & El 1st g
5s..__., 1949 MI S
109 V6
102*6 105*6
101
42
*102*6
Tol W V & Ohio 4s
23*6
42
Bid
1937 J
1st 6s dollar series
Tol & Ohio Cent ref &
imp
Tol St L & W 1st 4s
95*6 100*6
106
•.
Range or
Friday's
Sale
Price
Low
126
'
6
'm«
Last
is
Tokyo Elec Light Co. Ltd—
110
106
5
M
5
c
Sft,
Third Ave RR 1st g 5s
105*6 108
106
28
39*6
1952
7
13
Week's
Friday
High
96*6 100*6
108*6
106
149
27*6
27*6
40*6
41**
41
144
32
35
*27*6
1944 M N
♦Certificates of deposit..
Low
25
27*6
27*6
A
warr
5{♦Richfield Oil of Calif 6s
32
*24*6
*26*6
1952 M N
6
155
117*6
99*6
108*6
105*6
108
1950 M N
♦Direct mtge 6s
♦Cons mtge 6s of 1928
1689
Week Ended Sept. 11
112*6
99 *6
J
♦Rhine-Westphalia El Pr 7s
107
107*6
*
A
1946 J
14
Jan. 1
11
107*6
107
MI N
Purch money 1st M conv 5 *6s '64 M N
Revere Cop & Br 1st mtge 4*68.1956 J
J
♦Rhelnelbe Union
No.
High
100
106*6
107*6
1997 J
6
BONDS
N. Y. STOCK EXCHANGE
Since
II
Asked
100
1997 J
Remington Rand deb 4*6 s w w.1956
Rensselaer & Saratoga 6s gu—1941
Republic Steel Corp 4 *6s ser A. 1950
GeD mtge 4 J6s series B
1961
Range
Friday's
Did
Low
Gen & ref 4*6s series A
Gen & ref 4*6s series B
Record—Concluded—Page
Week's
•
109*6
71*6
70*6
71*6
"28
38
37*6
38*6
56
118*6
105*6 111*6
87*6 107
10is32
101*6
99*6
117*6
98
97
105
104*6
105
126*6
105*6
105*6
97
105*6
105*6 109*6
57*6
71*6
22*6 43
e
Cash sales transacted during the current week and not included in the
yearly
range;
No sales.
r
Cash sale only transaction during current week,
transaction
during current week,
current week.
n
a Deferred delivery sale
only
Under-the-rule sale only transaction
during
{ Negotiability impaired by maturity,
at exchange rate of $4.8665.
t Accrued Interest payable
{ Companies reported as being In bankruptcy, receivership, or reorganized
under
Section 77 of the Bankruptcy Act, or securities assumed by such
companies. V*
♦
Friday's bid and asked price. No sales transacted during current week.
selling flat.
2
♦.Bonds
Deferred delivery sales transacted during the current week and
not Included
in the yearly range;
No sales.
New York Curb Exchange—Weekly
1690
Cash and deferred
NOTICE
regular weekly range are shown
In the following
In a footnote In the week In which they occur. No account Is taken of
we
furnish
complete record of the transactions on the New York
a
dealings occurred during the week covered:
which any
Last
STOCKS
-
"3k"
Agfa Ansco Corp com
Alnsworth Mfg Corp
1
10
Air Investors com—
*
*
Conv preferred
Warrants
3%
Shares
Low
25
40
99
3
3
200
29
200
8034
71K
71
62o
20
20
25
25
25%
2%
2%
*
1,400
300
Am
35
Apr
"iik
*
"56"
100
6% preferred
Brown Co 6%
37 %
67 %
Jan
67 24
84
Sept
July
Feb
July
Bruck Silk Mills Ltd
19
Apr
27
Aug
June
Jan
87
Jan
17
2524
Feb
121 24
Apr
18%
Sept
10k
100
13 24
Mar
54
57 X
1,000
45
Jan
75
Mar
99X
200
87
Jan
101
Mar
Cable Elec Prod
2%
400
Sept
424
Jan
Aug
2%
77%
Jan
4%
9i«
Jan
35
35
100
27
Jan
3624
Mar
86X
Jan
9124
Feb
25
43
42
43 X
500
42
Sept
5% May
31X
Jan
29 %
Jan
4824
Jan
$5.50 prior pref
Class A,.
6 54
1
Class B
Cyanamld class A. 10
3,500
7
654
'34k "33k
10
n-v
34k
~19~666
2o
130
7% conv preferred... 100
Amer Equities Co com._.l
Amer Foreign Pow warr...
700
*
American General Corp
$2 preferred
$2 50 preferred
-
4354
ink
9%
10c
1
1
9X
9%
4,300
1,17a
2,700
350
36
Amer Meter Co
*
Anchor Post Fence
6% preferred
12
Feb
Jan
39 24
Jan
Aug
Apr
4324
Mar
July
Jan
Sept
Feb
25%
29%
600
Feb
30 24
38 X
40
275
15
1
4,200
27
1,300
Feb
..25c
224
224
224
2,900
1J4
Aug
4k
324
324
100
16 X
2 %
May
2724
2624
2724
400
18k
Jan
1724
1624
18
1824
5324
17
1854
5324
924
924
Convertible class A
*
Class B
_*
Carnation Co
*
46
Jan
Jan
14
®i«
18
4024
Jan
124
39 24
Jan
Mar
Feb
May
2 24
Jan
Apr
Apr
29k
com
Celluloid Corp com..
$7 dlv preferred
Jan
Feb
June
4 24
Feb
2%
2X
5%
400
Aug
7% preferred
31 %
32%
U0% 110%
IX
IX
5
5%
700
4%
13
7 24
June
3224
Jan
Mar
Sept
Jan
112
Aug
Centrifugal Pipe
1,300
3,100
%
Jan
4
Feb
Charls Corporation
3%
Jan
724
Mar
5%
8,600
3%
Jan
724
Mar
924
Aug
9X
9%
2,500
12%
13%
1,700
9%
Jan
1324
Aug
13%
13%
100
10 %
Jan
1324
Aug
7X
83
Jan
96
June
Jan
2024
424
*
5224
134
1%
1%
600
1
Jan
1%
1%
6.400
1
Jan
224
3 24
....*
11K
1%
11X
11%
400
5%
Jan
1424
Feb
X
332
X
2,000
Jan
%
%
100
Sept
*32
24
July
Feb
*16 May
24
Feb
3X
Atlanta Gas Light pref.
3%
47%
Associates Investment Co *
600
1%
Jan
26%
94
June
3.700
Jan
Apr
June
324
4824
Sept
500
1624
Jan
June
3824
Feb
Cleveland Tractor com
*
Clinchfleld Coal Corp.. 100
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
Feb
Cohn &
Jan
Colon Oil
Feb
Colt's Patent Fire Arms .25
Columbia Gas & Elec—
92
100
9%
35%
13%
*
14 X
14%
10%
35%
13%
54%
3%
15%
2,400
May
7% May
.1
IX
1%
IX
8,000
1
Automatic Products—..6
9%
9%
8%
Apr
11
7%
7%.
9%
7%
1,600
Automatic-Voting
1,200
7%
Aug
12 X
Atlantic Coast Line Co..50
10%
35X
Atlas Corp common
13%
Atlantic Coast Fisheries..*
*
$3 preference A
3%
...
Atlas Plywood
54
*
Warrants..
Corp
Austin Silver Mines
Mach
*
2%
20
9,500
500
5,100
8 J4
28
11%
51
1624
May
55
Jan
424
2%
16
Sept
124
July
June
Mar
Jan
Axton-Flsher Tobacco—
Class
A common
Babcock A Wilcox Co
Baldwin
40
..10
com
Bell Tel of Canada
1
"1
224
Feb
Aug
75
10
2
2
1,600
2
2
Blue Ridge Corp com
$3 opt conv pref
1
Blumenthal (S) & Co
*
27
20 X
3%
25
224
Aug
24
Jan
1924
Aug
Mar
Consol Min <fc Smelt Ltd..5
Consol Retail Stores
5
Jan
40
June
19%
3%
27%
21%
'3%
4,600
1814
July
30
Feb
6,600
13%
Jan
27
Feb
1,000
Apr
2%
43% June
53
44
*
7% 1st preferred
25
44
44%
900
2254
22
23%
1,300
"ie"
July
2524
9%
9%
75
5
July
12
56%
50
34
May
56>4
16
16%
400
Bourjols Inc
6
14%
424
55%
9X
100
Borne SCrymser Co
Bower Roller Rearing
July
July
1%
%
13%
27 X
27
12%
3%
1,700
20 X
3X
5
20
2%
12%
13
700
9%
27%
Apr
Aug
May
Feb
Jan
Mar
Aug
Sept
7% 1st preferred.... 100
Brazilian Tr Lt & Pow.__*
Bridgeport Gas Lt Co
*
Bridgeport Machine
Preferred
Brill Corp class B
Class A.
7% preferred
Brillo Mfg Co com
Class A..
12%
35
19%
18%
19%
4,800
3%
1,400
7
100
._..*
*
100
1324
97
3
5%
3
5%
*
49
55
1,700
1,000
9
49
*
9
100
124
3
29
7%
2624
Aug
Jan
Aug
""%
49
2",150
Cosden OH
Feb
12434
Mar
38
Jan
53k
Sept
1
54%
Jan
34 k
Jan
Jan
59
3,500
34
1,050
24,400
3434
3,500
4134
Jan
May
Jan
3
June
100
42 34
100
2,700
24
924
800
100
Aug
Courtaulds
Mar
734
66
63
43
May
65 k
11
Jan
19 k
Apr
Feb
52 k
Aug
Aug
8k
16k
Feb
10424
624
6
'
Feb
Mar
July
4
42
May
73
10424 10724
925
93
Jan
3
34
3,800
324
34
106k 109"
24
""800
24
300
40
2824
2824
424
424
9224
9124
54
58
724
lk
Jan
44 k
28 k
Sept
134
Jan
11 34
Jan
4,200
14 34
4,300
334
900
1,075
400
724
9924 10024
5024
29
Aug
3k
Mar
16
Feb
July
June
2334
6k
Apr
94k
Aug
5334 June
334
May
Jan
58
Jan
Sept
854
Aug
Mar
105
Jan
3k
10134 June
2
Feb
34
May
"14 k
4~66o
Ilk
Sept
14k
Sept
2324
5124
8,900
9 34
Jan
23k
Sept
Jan
61k
Sept
1,200
34
300
6k
Jan
9
Apr
2,900
334
Aug
8
Mar
8
Feb
724
724
4
724
424
524
624
524
200
Jan
77k
"2 k
224
224
"3,400
134
Jan
4 k
1324
1324
100
6 34
Jan
1324
434 June
65
*
100
Sept
Aug
Jan
84
~
"12"
Feb
Apr
June
500
58
754
Jan
July
k
13
100
Mar
45
117
1,400
1424
1924
424
9224
5 k
July
Mar
134
175
2
2
2
*
97
12,500
124
16
124
3924
Jan
Jan
116k
Jan
36
14
Mar
1,900
324
108k
12
424
1
July
May
41
4924
4824
5024
1
Aug
July
Jan
Jan
*
com
Feb
June
70k
34
Feb
June
6k
Jan
300
Apr
lk May
5
Preferred
37
Jan
May
""% '"% ""260
*
$3 preferred A
Feb
6k
22
Jan
2024
Feb
Feb
Feb
17
Ltd—
Aug
Aug
Crane Co
1324
200
"3724 "3924
"9"200
Am dep rets ord reg
1
Cramp & Sons Sh & EnglOO
Feb
com
......25
Preferred
55
Sept
July
Mar
Croft Brewing Co
"2324
2324
2424
14" 500
*
1124
1124
1124
1,700
24
....1
*
1
Ilk May
34 June
15
2k
Feb
24
Apr
39 k
Sept
Jan
Jan
134k
Aug
Feb
120 k
100
Crocker Wheeler Elec
29 24
3824
..6
Creole Petroleum
1024
Crown Cent "e'roleum
1H95
Sept
July
'
foot'iotes ^ee page
May
May
15k
Jan
Apr
23
Crowley, Milner&Co
Knr
Feb
17
£4 34
100
Feb
8k
*
Copper Range Co
Corp
1524
Feb
30 k
100
600
2124
424
1524
88
Corroon & Reynolds—
Common
8 24
Feb
125
21
Jan
44
May
108
Jan
Jan
2
Jan
Apr
Mar
Aug
1,200
Feb
424
66
2
Mar
Jan
Jan
2
624
29 24
Aug
3134
Consol Royalty Oil
10
Cont G& E7% prior pf 100
Continental Oil of Mex__.i
Cont Roll & Steel Fdry...*
Cord
Sept
3i%
Jan
Feb
5
"750
334
334
Jan
90
com
Feb
Jan
Apr
10
Cooper Bessemer
Sept
1 %
102
$6 preferred A
5
5,200
102
w
18
Bowman Biltmore Hotels—
4,200
3
224
W...100
8% preferred
86
334
19
300
Jan
July
Feb
19
1
Consol Copper Mines
5
Consol G E L P Bait com. *
4234
134
Jan
Si*
Aug
Consolidated Aircraft
5,600
"225
102
May
May
4,200
Apr
Feb
134
123
%
Apr
6k
Jan
2%
1434
1,200
1724
Jan
100
624
1424
14%
Jan
:T% "2" ""206
1424
X
5o
7
124
Compo Shoe Machinery.. 1
Jan
Jan
Aug
Aug
116
3 34
*
Jan
424
lu
50
924
June
14%
pref
Black & Decker Mfg Co..*
Bliss (E W) & Co com..
*
50
151
,
Jan
July
"i«
Jan
Feb
116k
3k
Aug
354
May
Feb
62 24
6424
£1524 £1624
July
Aug
9934
107 %
934
*
35%
com
64 24
£1624
2
424
Mar
200
70
51
75
July
16k
424
6124
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv_.l
,316
Purchase warrants
4
142
75
2
56 k
Sept
"52k "53k
70
Distiib.i
Commonwealths
6
14%
Berkey & Gay Furniture. 1
Bohack (H C) Co com
1
Commonwealth Edison 100
Commonwealth & Southern
Warrants
Apr
121
conv
Columbia Oil & Gas
Columbia Pictures
Aug
Bell Tel of Pa 6k% pf-100
Benson & Hedges com
*
$2.50
Mar
5% preferred.. 100
X
5,600
100
Bickfords Inc
103
Jan
Conv
Rosenberger.....*
Corp com
*
3%
X
Locomotive warr
B^umann (L) & Co com..
7% 1st pref
....100
Bellanca Aircraft
Jan
70
1
55 24
July
Apr
9%
_.
3%
47%
July
424
1524
58
Claude Neon Lights Inc..l
Cleve Elec Ilium com
*
Associated Rayon com...*
40
40
City Auto stamping...
*
City & Suburban Homes. 10
| %
100
6,000
334
Preferred B B
:
*
Cities Serv P & L $7 pref. *
$6 preferred
*
*
Aug
July
1024
*
1
V t c common..
20
424
59
♦
1
Assoc Laundries of Amer.*
19k
24
64
*
com
Preferred
Class A..
Option warrants
Aug
July
5324
"50k "51%
»16
5124
1
Common
$5 preferred
Aug
18k
105
100
Preferred B
Feb
Feb
93 k
20
2
"si""
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet & Mach...*
Cities Service
£1
Assoc Gas & Elec—
102
Jan
Apr
Apr
734
18 34
224
2
10
Chief Consol Mining
Chllds Co pref.
1624
224
Conv preferred
100
Conv pref opser *29..100
104 X
Mar
Sept
16
'8424 "§5k
...100
30
Feb
5
2,500
10224 103
1624
6 % pref without warr 100
2%
21
27k
68
1st preferred
*
Cent Hud G&Evto....*
Cent Maine Pow 7% pf 100
4
Jan
15,200
15
1.600
1%
Jan
87
103
7% 1st partic pref... 100
7% prior preferred... 100
4X
Industries
Elec
Amer deposit rets
b
29k
Castle (A M) <fe Co
10
Catadn Corp of Amer
1
Celanese Corp of America
454
Associated
Jan
Feb
75
424
9k
6%
86
9924
6324
13
Sept
F
Jan
5
45k Sept
Ilk
234
May
pref...*
22
Aug
July
1234
82
com
Mar
Aug
July
Ju'y
32
Art Metal Works
14k
37%
Jan
Mar
k
1%
16,900
10
Preferred
Arkansas P & L $7
4524
5%
"2^666
5
5
300
2X
5
32
Aug
1,100
45 X
*
Jan
Feb
534
124
2%
*
134
July
May
Jan
724
42%
4%
com
May
H
124
2 54
Common class A.
Feb
7
"44""
Arkansas Nat Gas
Mar
124
Cent P & L 7 % pref
100
Cent & South West Util.-l
Cent States Elec com
1
5
Sept
2k
.....*
Aug
Feb
lk
12k
Jan
Feb
Apr
3
1
B non-voting
Canadian Marconi
Jan
Jan
Arcturus Radio Tube....l
Jan
Aug
34
70
22
42
Canadian Indus Alcohol A *
Mar
Feb
7%
Jan
600
2024
4524
100
Carrier Corporation .....*
Casco Products
*
17%
25 %
5%
Mar
1,000
Carolina P & L $7 pref...*
$6 preferred
*
19%
31%
Jan
40
1,050
2024
Canadian Car & Fdy pfd 25
Canadian Hydro-Elec—
Aug
July
1,200
110k
Mar
Jan
3k
5 >4
47%
22%
Wupperman..l
Sept
85
2414
11424
2724
Appalachian El Pow pref. *
76k
Jan
1
Jan
29
Apex Elec Mfg Co com...*
Jan
Jan
1%
5
Apr
100
_*
Sept
June
51 X
100
5
pref
Jan
26
107 k
48
24
*
Amer Thread Co
Mar
July
300
324
24
1224
21 %
2
Corp com *
*
Preferred
1634
12 34
50
300
7624
81
324
Feb
3354
108
1%
1st preferred
Mar
33X
7524
80
dep rets A ord sh.£l
dep rets B ord sh3 £1
Feb
Amer Potash <fe Chemical.*
Angostura
Am
Feb
Amer Pneumatic Service.*
Am Superpower
Mar
10 k
175
7624
24 24
Jan
500
25
Jan
34k
Cables & Wireless Ltd—
5
Sept
250
26k
1534
Jan
103
%
7
Jan
2%
31 X
16
Apr
Jan
334
31k Sept
Carman & Co—
1
1
23 X
1,800
1,700
July
"39k
Amer Maracalbo Co
26
4,900
12624
28%
6% preferred
25
Amer Mfg Co com.....100
2524
£26
24
Jan
38X
23
25
Jan
*
t c
v
Carib Syndicate
26%
23%
26
3994
"16
Sept
X
38
30
"26"
Aug
500
*
130
30 X
37
"38k
20
Mach
43 %
34
Amer Hard Rubber com .50
Amer Lt & Tr com
42
111J4 112
June
4424
2%
7%
Feb
19
.*
Preferred
6%
224
1224
115
3%
3k
Amer Fork & Hoe Co com*
18
224
1124
116
130
Amer Dist Tel N J com...*
Amer Gas & Elec com
Feb
9
3624
4024
Jan
7X May
924
824
Calamba Sugar Estate..20
Canadian Canners Ltd...*
35
Am Cities Pow & Lt—
Amer Laundry
$3 convertible pref
Warrants
Feb
2
600
Amer dep rets pref shs £1
*
*
2X May
Sept
Aug
...*
com
Feb
9
Jan
Feb
Sept
8
Burma Corp Am dep rets..
Butler Brothers
10
68
32 34
30k
%
Jan
Feb
9% 9 Sept
Jan
4,800
8024
15
10c
Common class B
Class B
Burco Inc
109
Mar
152
27% Apr
26k June
Mar
28
28%
9
Bunker Hill & Sullivan..10
Feb
Aug
High
Jan
Jan
44
1
June
454
124
20
*
50
Buff Nlag & East Pr pref25
$5 1st preferred
*
Bulova Watch $3 24 pref..*
Am
$3 preferred
18
Buckeye Pipe Line
Jan
Jan
50
*
Co
L)
76
116
200
10c
com
(E
Feb
June
American Capital—
Class A
Brown Forman Distillery
Bruce
58
2%
500
11
"9"
18 %
20
200
16%
2034
28
100
...
18
73
224
11
11
Brown Fence & Wire cl B__
pref
200
73
100
100
2,200
224
Mar
118 k
2,850
2324
3124
3024
*
124
134
2X
American Beverage com.. 1
American Book Co
2324
3124
3024
dep rights reg
June
128
9%
*
com
Amer
British Col Pow cl A
%
Feb
2324
British Celanese Ltd—
99X
..100
Aluminum Ltd
Feb
100
3124
£1
dep rets ord reg..£l
118
Mfg—*
Aluminum Ind com,
Mar
Low
Shares
Amer Tobacco—
British
Mar
Feb
Range Since Jan. 1 1936
Week
High
2324
*
Registered
Low
2324
British Amer Oil Coupon.*
1524
6224
424
15
13234
Price
Am dep rets ord bearer
21
--*
Aluminum Co common.,.*
6% preference
Aug
Mar
X
Allied Products cl A com 25
Aluminum Goods
Mar
424
Internatl Invest-..*
$3 conv pref
Jan
113 24
25
114
Allegheny Steel 7 % pref 100
Allen Industries com
1
Alliance Invest com
67k
80k
*
*
pref
$6 preferred
64k
4624
June
Jan
•
66 %
Par
27
"266
29
of Prices
for
Week's Range
Sale
High
May
1
Last
2%
Apr
9%
Aug
44% May
2 % June
700
60
59
STOCKS
(Continued)
Range Since Jan. 1 1936
70
45 k
108
3 54
■
Alabama Gt Southern. ..60
Ala Power $7
for
Week
15
-*
Class B
108
108
*
Supply Mfg cl A
Range
45%
.20
1st pf 100
Adams Mlllls ? %
of Prices
Low
High
Price
Par
Acme Wire v t c com.
Week's
Sale
Sales
Friday
Sales
Friday
Amer
such sales In computing the range for the year.
Curb Exchange for the
Friday (Sept. 11, 1936). It is compiled entirely
of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
extensive list
from the daily reports
Allied
sept. 12,
transactions of the week, and when selling outside of the
beginning on Saturday last (Sept. 5, 1936) and ending the present
week
Aero
and Yearly Record
delivery sales are disregarded In the week's range, unless they are the only
"124
"16
624
100
124
2
9
6,100
624
1934
2,200
Apr
34 34
Feb
16
May
34
5
I
Jan
%
7k
Feb
July
.lan
234
Jan
Aug
1
k
Volume
143
New York Curb
Friday
STOCKS
Last
Par
Price
Crown Cork Internat A..*
Crown Drug Co com...25c
Preferred
Range
r 14%
4k
4%
14%
4%
Cuban Tobacco
1
Low
16k
3,400
5k
vtc__*
com
7k
7%
43%
*
com
6 k% preferred
Curtis Mfg Co (Mo)
5
4,200
47
Feb
Feb
2k
Ilk
Aug
Feb
Sept
500
47
108 %
50
109
15%
300
15k
Sept
%
3,900
lk
Apr
10%
900
Apr
"iG
10k
15
15
100
16k
Apr
16k
15%
15%
500
15k
29
Mining..50c
Darby Petroleum com
5
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
14%
"is
10%
15
Cusl Mexican
Class A
8
108
100
500
Par
July
30
300
30
Aug
Sept
35
12
De Havill Aircraft Ltd—
Am Dep Rec ord
Reg_£l
7% pref.100
Derby Oil A Ref Corp com*
16 k
Dennison Mfg
65
3k
Preferred
__*
Detroit Gasket A
Mfg coml
6% pref ww
20
Detroit Gray Iron
~17%
65
3%
20
3k
"l7%W%
50
200
""460
10%
10%
16
16
Apr
Non-vot
com stock
Gulf Oil
Corp of Penna.25
Mar
Mar
Aug
Hecla
lk
Jan
Mar
72k
July
Helena
Rubenstein
16k
Aug
Aug
18k
July
Hey den
Chemical
21k
June
VS..25
Mining Co
*
8 k
Jan
19k
Aug
Aug
10 k
36 k
35k
APr
Hires (C E) Co cl A
Holllnger Consol G M
Holophane Co com
Products.."*
36k
500
37 k
Aug
"26 k"
Aug
9k
Aug
15
May
5 k Mar
Holt
Vilblss Co
7% pref... 10
Diamond Shoe Corp com.*
7%
34k
Jan
12 k
Jan
Distilled Liquors
Corp..
Distillers Co Ltd—
"22"
400
11
11
200
11
27k
27k
35k
100
23 k
Mar
27 k
Sept
34k
1,500
27 k
May
35k
Sept
5k
5k
100
4k
June
7 k
8
Amer
deposit rets
£1
Doehler Die
Casting
*
Dominion Steel A Coal"B
25
34 k
July
8
Dominion Tar&Chem com *
Douglas (W L) Shoe Co—
7% preferred
1.100
Dow Chemical
15k
117
116
117
700
*94 k
71
*
71
71
10
65%
26k
27
400
IIIIlO
IIlOO
DublUer Condenser
Corp l
Duke Power Co
100
Durham Hosiery class
Duval
Texas Suplhur
Eagle Picher Lead..
East Gas A Fuel
3k
77
3k
77
12%
Hk
6%
»
preferred
Eastern Malleable
x74
■
3k
A.I.*
$6 preferred series B
75
13 k
Jan
Jan
June
39
Jan
July
111
Sept
H
Aug
6
Mao-
Feb
80
Jan
25
66
k
5
10,400
Edison Bros Stores
Elfiler Electrio
*
com
Corp..."i
lk
Aug
Jan
July
7k
10 k
Jan
Jan
15k
Mar
15
37k
14k
57k
3
37k
15k
16k
58k
3k
24k
4
Jan
Ilk
Mar
75
59 k
Jan
85
Jan
200
41k
Jan
83
Mar
25
23k
July
42 k
Feb
300
26k
2k
38
16k
*58 k
2,000
lk
May
3k
Jan
300
24
100
23
Jan
45
July
Jan
44k
Jan
15 k
Aug
Sept
200
15k June
200
36
1,700
2
3,400
k
6k
III""*
com
Class A
Common
12
Mar
9k
75k
July
July
6k
100
Jan
8k
Mar
i8k
Empire Gas A Fuel Co—
6% preferred..
100
6k% preferred
100
7% preferred
...100
8% preferred
T100
Empire Power Part Stk .*
Emsco Derrick A
Equip.
6
60k
25
""250
Jan
63 k
43
Jan
65
Jan
66
43 k
Jan
66k
72
July
31
Sept
Apr
lk
lk
2
3,700
21k
3k
44
Feb
lk
k
k
k
July
July
#i«
k
Jan
k
Feb
Aug
lk
Feb
100
k
200
10
10
18k
6
1,800
14 k
900
5k
Apr
Sept
9k
4,800
4k
17k
2,100
13 k
12
9
9k
17k
'"33
k
"34 k
50
""560
5
21
Feb
23 k
10 k
Jan
Jan
9k
Jan
17k
Sept
Sept
Jan
*16
78 k
34 k
Sept
40 k
Mar
19
22
Sept
7k
l
22
k
78 k
916
78 k
1,500
k
Jan
160
74k
July
112k
20
7k
800
200
7,100
8k
150
"50 k
reg..£l
8k
*
"24 k
France^"
63
50
51k
600
8k
8k
4,600
22k
*
II*
37
62
Ford Motor Co Ltd—
Am dep rets ord
Ford Motor of Can
cl A
Class B
35 k
112
100
22k
1,200
24 k
25
2^k
.
May
112
Jan
lk
Feb
89
Feb
Apr
117
Jan
Apr
May
40 k May
9
Feb
4
k
46
7k
70
Feb
60
Feb
May
9k
Feb
July
22 k June
28 k
32
Feb
4k
Feb
19
2k
30
15
17k
*
2k
18
400
2k
300
Sept
Feb
Jan
30
„
Jan
22 k
ord,reg..£l
$6 preferred
_._.*
Gen Investment
com.IIIIl
$6 preferred.....
"*
Warrants.;
19k
47 k
22 k
20
1
2k
Jan
Jan
4k
pref... *
Gen Rayon Co A
stock.."*
General Telephone com
20
$3 convertible pref...
*
74 k
66
95
93 k
83
General Tire A Rubber..25
New common
5
6% preferred A
11100
Georgia Power $6 pref...*
$5 preferred
83
lk
"l"8k
51k
15k
99
Jan
23
Jan
20
50
k
Iff loo
18 k
12 k
4,900
k
95
84
74 k
Sept
June
99
90
67
Jan
lk
2,000
2,800
51k
100
*14k *15 k"
l",306
51k
13
98
99
89 k
75
6k
6k
100
100
Jan
1
16k
k
Feb
84k
Aug
Aug
2 k
Jan
Jan
19 k
52 k
July
Jan
68 k June
13 k
Aug
85
Apr
79 k
Apr
Apr
Apr
68 k
5
July
93
15k
102
3k
Jan
10 k
Jan
1
17k
14k
lk
45
32
33
14k
14k
11
14%
3k
16k
12k
lk
45
14%
1%
300
■
11
3,000
1,100
2,900
4
100
42
150
1,900
18
34k
111
34k
Aug
Class B
7%
100
100
24
4,200
22 k
63k
66k
3,000
57
400
8
Jan
20
3,500
4k
700
July
12k
Aug
Aug
13 k
22 k
Jan
39 k
July
111k
Aug
Jan
28 k
Feb
76 k
Mar
k
k
k
300
k
Sept
12k
12k
100
9 k
Aug
June
""500
13 k
6
"7k
7k
4k
4
1,000
;
■57"
57
60
58k
59k
2
k
Feb
40 k
Feb
Apr
30
Jan
9 k
Feb
Jan
7 k
Jan
May
2k
32
40k
July
60
Sept
300
36 k
38 k
Jan
Jan
69k
52 k
1,750
Feb
66 k
Sept
Sept
10
June
9k
20 k
20k
20k
xl4
20k
4,100
20k
700
14 k
600
Jan
20
Jan
24
20 k
13 k
Jan
24 k
Feb
Apr
14k
Mar
Mar
42 k
Aug
37
k
Feb
8k
32k
8k
400
Jan
9k
Feb
32k
50
10
Feb
37 k
Aug
32k
8k
33k
20
14
June
38
Aug
100
Aug
3k
3k
100
lk
100
5k
92
3k
k
Jan
2
k
Sept
Aug
3
lk
10
10
10 k
73%
73
75
6 k
Jan
6 k
Jan
9
69
lk
200
12 k
1,500
«k
9k
225
5
Corp..1.1
11%
Ilk
Ilk
300
10
3 k
3 k
International Petroleum"*
Registered
_*
International Products
*
6% preferred
100
InternatI Safety Razor B
34%
33 k
34 k
Internal Mining
Warrant"
*
100
28k
lk
7
Jan
3k
May
Apr
lk
75
1,400
Ilk
50
Class
20 k
Jan
84
Feb
34
Jan
July
Sept
3k
"4k
3k
4k
3,800
2,300
Jan
Feb
14 k
Jan
Feb
9k
Sept
Aug
Feb
Apr
k
3 k
June
14 k
5k
32 k
33 k
200
•
Aug
Aug
39 k
38 k
3 k
May
64
Jan
k
A
Class
B
4
"
lk
17 prior preferred
New warrants
*
International Vitamin....!
Interstate Hos Mills
_*
Interstate Power $7 pref.*
Investors Royalty
1
Iron Fireman
Mfg v t C..10
Irving Air Chute
1
Italian Superpower
A....*
Warrants
Jacobs (FL) Co....
1
Jersey Central Pow A Lt—
5k% preferred
100
6% preferred..
100
7% preferred
...100
Jonas A Naumburg
2.50
July
6k
*22
k
k
18k
1.10G
3i6
Jan
2,80(
5 k
50(
Sept
Feb
22k
k
25k
23k
45(
27 k
20
k
2,10(
18k
lk
1.80C
k
June
25k
18k
40(
May
k Sept
23 k May
50(
15
lk
30(
Jan
k May
k
Apr
86
86
88 k
125
92
91k
99 k
92k
60
76
Jan
99 k
10
86
May
99 k
4k
54
is
7k
•
•64
Feb
Apr
Feb
Jan
Jan
2k
5k
62
1,80(
5,700
3,600
14k
70 k
lk
30
Jan
Jan
"14"
July
14
14
200
2k
2k
500
4k
4k
4k
1,500
4k
4k
1,100
10
lk
July
96
Aug
Jan
74
Jan
5
24
Mar
10 k
9k
10k
900
8
Jan
Ilk
Apr
1
7k
7k
7k
600
3k
Mar
8k
Sept
96 k
Apr
Ilk
22k
Ilk
23k
1,000
14
1
100
10k May
Jan
78
Jan
60
5k June
8
51
*
Aug
Aug
lk June
Ilk July
Jan
6k
Jan
k
107 k
Feb
Jan
7k
3
*
*
Mar
11
*
Leonard Oil Develop....25
Lerner Stores 6 % % pref 100
k
70
1
18k
8k
2k
17k
8k
"l6
*
13 k
*
4k
2k
18k
13
400
1,700
9
k
200
k
1,300
13k
1,500
4k
4k
2,100
22k
Loblaw Groceterias cl A..*
22k
25
*
Feb
12k
x25
74
Lane Bryant 7% pref.. 100
Langendorf United Bak—
107
Jan
10
Class B
k June
5 k
Jan
k May
10
1,100
com
Aug
Sept
Mar
July
2 k
Jan
7i6 May
18 k
Jan
4
2,200
Refining
k
3k
Mar
Mar
74
6
Lion Oil
Jan
lk
6k
Sept
Sept
95
75
Lit Brothers
Aug
5k
62
114
56
Preferred
Aug
Aug
Jan
5k
Lehigh Coal A Nav
93k
97 k
105
Mar
55 k
com
Feb
Aug
k
lk
75
A
k
111k
14
Apr
Jan
17
20
2k
Feb
Mar
k May
31k
Feb
26 k Mar
lk
Feb
700
Jan
Feb
Feb
Sept
33 k
1,100
5k
Class B
Jan
k
9k
32
"l6
55k
Class
Jan
k
2k
4 k
k
4
1
Lefcourt Realty
Aug
14
90
113k 113 k
Lackawanna RR of NJ 100
Lake Shore Mines Ltd
Jan
k
6k
31k
88
15
4k
Kleinert Rubber.,
Knott Corp common
Jan
9t«
k
5k
30k
5C
14k
V t c preferred A
*
Kansas G & E 7% pref.100
7% preferred B
100
5% preferred D
100
Kingston Products
1
Kirby Petroleum
l
Kirkland Lake G M Ltd.l
Klein (D Emil)
*
lk
90
15
*59k
Ken-Rad Tube A Lamp A*
Kingsbury Breweries.
1
Kings County Lighting—
1
90
90
Jones <fc Laughlin Steel. 10G
Kansas City Pub Service—
Common vtc
*
3
Mar
June
Mar
May
k
Mar
July
15 k
3 k
Jan
Aug
Jan
90
4
k
25
Ilk
Jan
Jan
2
Feb
111
Apr
15
Mar
Mar
5 k
Apr
Jan
18k
17 k
Apr
6k May
Jan
9k
22k
Sept
18k
10 k
Aug
Jan
Common
14k
Mar
Apr
Jan
5k
96
July
84
July
1
9k
9k
*
13 k
13k
13k
7,300
*
5k
4k
91k
81k
6k
12k
5k
21,300
94
220
3 k
72 k
82
100
64
Jan
6k
100
6
3,700
k
9k
July
12k
lk
July
2k
39 k
40
300
34 k
Jan
55 k
7%
preferred
100
6% preferred class B. 100
Jan
5»6
2k
Jan
18k June
4k
Sept
100
25k
Feb
21k
Jan
4k
Sept
Lucky Tiger Comb G M.10
Lynch Corp common
5
Mangel Stores Corp
*
93
82
10
2,500
Feb
Louisiana P A L Co—
Feb
Loudon Packing
*
6k
Louisiana Land A Explor.l
12 k
$6 preferred
agreement extended
17%
17%
17%
100
16 k
Grand National Films Inc 1
Grand Rapids Varnish...*
4k
4k
14,800
2k
12k
Gray Telep Pay Station..*
21
12k
19k
4k
13k
21k
1695
Jan
#
June
12 k
12 k
Mar
18k
k
22
11
Jan
23 k
"lk
Pref $3.50 series
Intl Metal Indus A
July
Jan
k
105
10
July
17k
9k Mar
13k Aug
14k May
29k
Apr
29 k
Feb
24
4
35
Mar
6k June
Long Island Ltg—
100
21
Feb
13k
k
29 k
lk
of N Amer. 10
Lockheed Aircraft
Lone Star Gas Corp
35k
""%
Jan
k
....1
preferred
Feb
18 k
39 k
*
Feb
*
V t c common
Feb
8 k
13
*
Jan
3
55
63 k
23
17k
Aug
21k
100
111
Mar
17k
June
100
18
Jan
2k
July
July
'?!!
100
;
10k
Industrial Finance—
45
2,900
$3 preferred
Gorham Mfg Co—
Jan
74k
16k
Apr
Jan
Sept
Feb
16k
k
Mar
90 k
35 k
18
*
Feb
Jan
12 k
47
40
Apt
Mar
1
Lakey Foundry A Mach..l
Sept
Sept
71
400
18k
18
Gorham Inc cl A
For footnotes see page
8 k
72 k
1
Apr
Apr
68
Ilk
250
88 k
~*
Goldfield Consol Mines. 10
Aug
23 k
May
_.~
Class B
Sept
5k
Kress (S H) A Co pref.. 100
49 k
2k
*
Glen Alden Coal
Godchaux Sugars class A. *
9k
4,400
Feb
,3i6 May
40
Apr
*16
Jan
400
86
76
275
6k
Mar
19
200
47 k
Jan
Aug
July
Sept
10k
Kreuger Brewing
16
1,300
lk
74 k
lk
I
Gen Outdoor Adv
6%
Gen Pub Serv $6
Gilbert (A C) com
Preferred
19k
95
9k
Koppers Gas A Coke Co—
6% preferred
100
Ltd—"""
Gen
FIreproofing com....*
Gen Gas A Electric—
Apr
5k
...
American dep rets 100 fes
Fort Worth Stk Yds Co
*
Froedtert Grain A Malt^
General Alloys Co
17
^an
May
23 k June
28 k
Jan
22
"I
IIIlOO
Feb
38 k
Fire Association
(Philajlio
First National Stores—
pref
Feb
Jan
Plat Amer
dep rets..
7% 1st preferred
Flak Rubber
Corp.
July
July
Jan
k
Feb
Mar
Internat *1 Utility—
Jan
xl7%
Brewery..
Apr
Aug
July
15
5k
Gen Electric Co
Am dep rets
38k
21
18k
Conv preferred
Jan
Jan
47
Metallurgical
*
Fedders Mfg Co com
* "34 k
Ferro Enamel
35 k
Corp com..*
Ford Motor of
60k
*62 "
15
30 k
42
100
5k
preferred
Florida P A L $7
"ei" ""366
Jan
Feb
500
18k
$6
""■IOO
Feb
19
." i
Candy."Ii
Fansteel
~i£k
9k
98
29 k
19 k
31
Brewing...
Fanny Farmer
Jan
18k
l
.
May
31
3
Fairchlld Aviation
Falstaff
May
88
18k
LeadlHI*
1.100
7% preferred
Ex-cell-O Air <fc Tool...
5
106
44
"59"
59
Equity Corp com
I6c
Eureka Pipe Line
50
European Electric Corp—
Option warrants
Evans Wallower
"eo"
61
100
10
Elgin Nat Watch Co... 15
Empire District El 6%. 100
6k
97k
Mar
98
0%
*
International Cigar Mach *
Internal Holding A In v..*
Internal Hydro-Elec—
Jan
Electrographle Corp comll
class A
July
Apr
3k
lk
Jan
Jan
Indian Ter Ilium Oil—
88k
Apr
k
6%
7% preferred
100
Ind'po-is P A L 6k%pfl00
Jan
9 k
Feb
81
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service
6% pref 100
74 k
6 k
Jan
10 k
72
£1
Imperial Oil (Can)
coup..*
Registered
*
Imperial Tob of Canada"5
Imperial Tobacco of Great
Insurance Co
18 k
2
6k
97k
Amer deposits rets
Non-voting
Jan
July
Industries
July
Mar
128
36k
100
Shares cl A..*
Chem
July
k
50
6k
Illuminating
Imperial
88
600
97 k
Hygrade Sylvanla
Corp..*
Illinois P A L $6
pref..
*
6% preferred
a00
27
1,100
j
Common
1...1
7% pref stamped
100
7% pref unstamped. .100
Hydro Electric Securities *
Hygrade Food Prod
5
Apr
9k
"~*
*
130%
Apr
Inc—
Feb
Ilk
pVef""*
Humble Oil A Ref
Huylers of Delaware
Apr
Shareholding—"""
$6 conv pref w w
Elec Shovel Coal J4
7% preferred..IIIIII00
Hud Bay Mln A
Smelt...*
1,200
59k
warrants
7,200
18
1,000
59k
Ilk
k
90k
*
Mar
66,100
k
87k
Mar
6k July
lk June
*
CoIIII
Hardart
July
"59 k"
l
I
aIIIII*
Horder's Inc
Hormel (Geo A) &
Horn A
4
22k
High
Feb
24 k
All*
A Co cl
63
81k
72 k
82k
x90%
*
23 k
"23 k
71
(Henry)
5
Jan
"82 k
124
2,100
*
-
k
15 k
64 k
6k
...II*
16
Elec P <fe L 2d
pref
6k
63
9k
Elec Bond A Share
com..5
$5 preferred..
preferred
Elec Power Assoc
6k
73 k x74
62
37k
*
Easy Washing Mach •,b"*"*
Economy Grocery Stores.*
c
25
Mar
1,600
78
26k
2k
62%
ioo
Iron 25
Eastern States
Corp...
*
$7 preferred series
V t
FeD
July
Assoo-^
Common
Fidello
June
73k
"6k "6k" "lJOO
""*
~~10
6%
Option
Sept
25
124 k
*
Ak% prior preferred" 100
Electric
Aug
Apr
Jan
26 k
105 k
Draper Corp
B
Aug
1I9OO
20k
6
Driver Harris Co
7% preferred
9 k
*26k
19k
20
110k
100
100
8k
10
900
2
440
32
8k
Hazeltlne Corp.
6,100
De
118%
k
Hartford Electric L~ightl25
Hartman Tobacco Co....*
Harvard Brewing Co
1
10k
Dictograph Products
'"8
Gypsum Lime & Alabast.*
Lamp Co
*
4 k
19
Low
126
31%
Hall
8k
10%
Shares
Gulf States Util $6
pref..*
55.50 preferred
*
10k
17
High
125
125
25
Greenfield Tap & Die
*
Grocery Sts Prod com..25c
Guardian Investors
1
25 k
300
100
l
Fdy:._5
Detroit Paper Prod
Detroit Steel
Range Since Jan. 1 1936
for
Week
of Prices
Low
115
*
7% 1st preferred
Gt Northern
Paper
19k
Feb
Price
Great Atl A Pac Tea—
70
May
Week's Range
Sale
High
500
1
Last
{Continued)
Shares
25
*
com
STOCKS
Week
High
xl4 k
Range Since Jan. 1 1936
for
of Prices
Low
1691
Sales
Friday
25
Crystal Oil Ret
Cuneo Press
Week's
Sale
{Continued)
Exchange—Continued—Page 2
Sales
May
July
800
10
Jan
2,200
17
July
16
Apr
32 k
Jan
6k% pref
*
100
94
7k
7k
74
7k
75
600
59
Jan
May
4
Apr
42 k
Apr
8 k
Feb
15k May
100
9 k
75
Aug
Mar
Feb
Jan
Sept
New York Curb Exchange—Continued—Page 3
1692
STOCKS
Last
Week's Range
for
{.Continued)
Sale
of Prices
Low
High
STOCKS
Par
Price
Shares
Low
20
Aug
27%
Feb
9%
22%
*
Marion Steam Shovel
*
14%
12
15
Masonlte Corp common..*
Mass Util Assoc vtc
1
88%
88%
2%
91H
2A
300
100%
100
4
*
*
1
T7~"
pf.25
900
"31%
Class A conv pref
10%
11%
"41" ~43%
5%
5%
Apr
Pacific Public Service
Apr
July
Pacific Tin spec
43%
Sept
"33"
*33~r
"39"
Ailg
8%
82%
Apr
Mar
36
July
Airways.——10
Pantepec Oil of Venez
1
Paramount Motor
1
Parker Pen Co....——10
Patchogue Plymouth Mills*
Pender (D) Grocery A.—*
Class B
*
Peninsular Telep com——*
Preferred
100
Penn Mex Fuel Co
1
"266
104%
8%
100
A—1
Participating preferred.*
Merritt Chapman & Scott *
6%
6%
6%
59
6%% A preferred... 100
*
31%
10%
62
%
Mar
Apr
600
100
59
Aug
i
Mesabi Iron Co
Jan
Apr
Feb
Michigan Gas & Oil
*
Michigan Steel Tube—2.50
Michigan Sugar Co
*
Preferred
-10
2%
2%
3%
5%
5%
3%
1,300
2%
800
"is
Sept
Sept
Sept
Mar
Middle States Petrol—
v
*
*
t c
%
1
July
Jan
,
Midland Steel Products—
24 %
24
*
Mid-West Abrasive com50c
64%
62
Mining Corp of Can
*
Minnesota Mining & Mfg.*
"2%
*
$2 non-cum dlv shs
Midvale Co
24%
64%
2%
300
3%
2%
3%
600
200
1,600
39%
3%
July
Sept
1% May
22
Mock, Jud., Voehringer Co
New common
2.50
Moh & Hud Pow 1st pref-*
2d preferred
*
Molybdenum Corp
1
Monroe Loan Society A.. *
Montana-Dakota Util..10
2%
33%
Jan
"85 %
14%
15%
1,900
98%
15%
115
July
Phila El Pow
98%
7b
81
85
86
14%
Sept
15%
101%
94%
Aug
conv
29%
17%
148%
11%
5%
34
—10
"15%
42
200
6%
2,400
4,800
21%
22
35
35%
7%
2%
7%
2
51
28
Meter
8%
----
RR-50
Jan
Jan
Powdrell <& Alexander
Apr
1%
Jan
Pratt
700
32
Aug
100
1% Feb
1%
Jan
42% May
5
11,900
200
21
Apr
300
$6
200
600
2
300
87%
88%
1,100
5%
4J)00
.....
600
Jan
»16
'16
$6
25%
29*%
"ll% "l2"
1,300
6,800
29%
1%
1%
u
Pub Serv of Nor
15%
4%
3%
May
13%
3()0
12%
300
9
1%
1%
100
1%
130
93
100
93
.
3
3%
1,400
130
130
10
79
1,650
*
79
1
2%
"86"
2%
86
74
Mar
2%
123
Jan
Apr
200
1%
Jan
74%
Jan
Aug
27%
100
23
10
105
Feb
4%
Sept
38
Jan
*
com
17%
123
17%
122
1,700
200
125
123
5%
5%
100
15
16
15%
16%
18,400
1,400
^
!
5
Niles-Bement-Pond
Noma
_
14
......5
"2%
1
7%
Electric
14%
40%
*
13%
41
7
Common
1
3%
$6
*
61%
preferred
No Am Utility Securities
Nor European Oil com
Nor Ind Pub Ser
7%
3%
1
100
316
87%
Northern Pipe Line
10
Nor Sts Pow com cl A..100
36%
Northwest
30
Engineering._*
Novadel-Agene Corp
*
Ohio Brass Co cl B
.
4,000
550
3%
14%
116%
4%
Apr
Jan
20%
125
6%
Aug
Jan
July
.
Feb
Oklahoma Nat Gas
For footnotes
com.
9
35%
11
5%
63
Apr
7i«
85
July
Apr
90
July
4%
21%
15%
June
35
9%
1,800
2,600
1,100
2,000
425
100
200
40
1695
Feb
-*
11%
1,300
31%
250
Aug
Aug
1,000
10
1,100
8% Apr
9% Apr
8% May
98%
Apr
»,6
1%
14%
11%
11%
Sept
Feb
Feb
Sept
Sept
Feb
103
July
Jan
100
103%
59%
57%
59%
190
26
25
26
270
105
May
Mar
109
July
Jan
1% June
Sept
July
Jan
48
33% Sept
26% May
Jan
101%
Jan
104%
July
Sept
85%
87%
275
50%
Jan
46
47%
775
22
Jan
87%
47%
Jan
18
Aug
9
Mar
"7% "1% "7%
"260
123% 124%
230
5%
Jan
I'M
115
June
141
124%
Jan
137%
149
Sept
Jan
Apr
21
75
Jan
Jan
2%
st«
21%
21%
Sept
Aug
Jan
%
21
21%
23%
%
"21%
10%
31%
15%
38
25
5
5
200
10%
29%
""""%"
Aug
July
1%
%
Feb
Feb
5%
^eb
19%
Feb
39
Jan
7% June
15% Mar
14%
Jan
17
Goods.—--*
Richfield Oil pref.
—25
Richmond Rad com
1
Rochester Gas & Elec Corp
6% preferred ser D—100
RochesterTel6% % lstpf 100
Rogers-MaJ estlc A
Roosevelt Field Tnc
5
Root Petroleum Co
1
$1.20 conv pref
20
Royallte Oil.
12%
3,200
3
Jan
3,300
21
June
"a
"16
4%
Jan
7
%
Aug
May
11
5%
200
2%
3,000
113
"""% ""%
4%
113
4%
8%
1%
July
July
6%
4%
32
"""600
6%
%
2%
L366
%
1,100
3%
Aug
July
3%
2%
6%
Apr
Sept
Sept
Sept
Mar
Apr
Mar
Jan
Jan
Mar
10
113
7%
7
7%
200
4
4
4
200
18%
15%
18%
%
15%
4,000
18%
400
%
700
73%
15%
*
74
24%
200
5%
3%
2,100
24%
*
24%
Rustless Iron & Steel..—*
5%
5%
3%
3%
5
preferred—
100
Producers—10
Salt Creek
Savoy Oil Co
500
200
25
96
96
%
5is
1,000
4%
7
*
5%
93%
7,300
7
7%
1,800
2%
4%
93
5
Schiff Co common
2%
200
92%
210
Schulte Real Estate com.
Feb
Scoville
Manufacturing.25
General..*
35%
Sept
Securities Corp
109%
110%
July
Seeman Bros Inc
July
Segal Lock & Hardware..*
Seiberling Rubber com...*
Selby Shoe Co
Selected Industries Inc-
Feb
114%
July
Jan
109
July
Jan
13%
10% June
15%
Feb
14%
Aug
33%
Aug
Allotment certificates.
35
a;44
3%
—
3%
3%
94%
35%
"42% "44
3%
45
*
Common
June
|
2%
—
Royal Typewriter
Russeks Fifth Ave
7%
25
32
5%
10
1
Reybarn Co Inc
75
14%
38
5
Reiter-Foster Oil
Mar
110
26%
Feb
7%
14
87%
46%
*
preferred—---*
Sept
9%
38
Jan
101%
10%
%
July
St Regis Paper com
Apr
77%
37%
30%
37%
Jan
%
200
July
110
Jan
71
35%
29%
19%
600
%
14%
Sept
Jan
Jan
20
9
32%
1,900
316
Feb
Jan
41
3%
98
Ryan Consol Petrol
*
Safety Car Heat & Lt--100
St Anthony Gold Mines.. 1
St Lawrence Corp Ltd—*
Feb
Sept
6%
May
%
Jan
Sept
40
31
50
see page
Feb
Jan
500
5
15
Jan
Aug
Mai
88
com
Oilstocks Ltd com..
3%
36%
15%
44%
3%
7%
Jan
Apr
July
82
*
35
33%
35%
* xl08% xl08% 108%
100 108%
108% 1Q8%
Ohio Power 6% pref
100 110%
110% 111
Ohio P S 7% 1st pref—I0u
preferred
Sept
May
17% Aug
% May
3% Aug
Apr
87%
Ohio Edison $6 pref
Ohio Oil 6% pref..
S3
7%
%
100
316
37
1%
Jan
37% May
Sept
Jan
81
6% pf-100
preferred
3%
62%
3%
61
July
Jan
Sept
99
July
28%
2%
3%
1,500
30
6%
9%
18%
119
11%
7%
6,700
Apr
Jan
20% June
Jan
6% May
500
2%
7%
2%
Sept
3%
Jan
32%
Rice Stlx Dry
3,000
Nor Amer Lt & Pow—
8
%
14%
9%
Rossla International
Class B.common.
Nipissing Mines
14%
89%
140
Apr
Reynolds Investing^
1
Class A opt warr
Class B opt warr
Niagara Share—
14,200
Feb
Aug
3%
11%
Jan
July
14%
92
July
Niagara Hudson PowerCommon
200
3%
,
Sept
Jan
10%
42
111
112%
105%
N Y Shipbuilding Corp—
10%
18
Feb
—100
Jan
9
32%
3%
17%
316
(Daniel) com——*
Reeves
Jan
2%
*
10%
Sept
Jan
Service of Okla—
$3 conv
Aug
112% 112%
N Y Pr & Lt 7% pref..100
Sept
18%
5%
12%
July
Raytheon Mfg v t c—50c
Red Bank Oil Co
*
Reed Roller Bit Co
Jan
""700
27
N Y & Honduras Rosario 10
32
June
29%
%
Common
Apr
6%
69%
4%
4 •
3%
Prod—
Class A
*
Class B—
*
Raymond Concrete Pile—
Jan
23
*
92
Rainbow Luminous
Aug
600
77%
Sept
70
*
5
Pyrene Manufacturing.. 10
Quaker Oats com..
;-*
6% preferred
100
Quebec Power Co
*
Ry & Light Secur com
*
Ry & Util Invest cl A
1
Jan
11
93
Apr
Feb
16%
Jan
.
Jan
July
110%
12%
100
40
Apr
$5 preferred
$6 preferred
Pyle-National Co
Jan
Mar
1,000
12%
1%
Apr
7%
Puget Sound P & L—
Jan
7% Aug
9% June
•is July
13%
Neptune Meter class A...*
15
48
*
23
%
14%
Mar
111 com..*
6% preferred
Pub
Jan
111%
15%
1,025
3,700
6% prior lien pref—100
7% prior lien pref—-100
Pub Util Secur $7 pt pf—-*
100
600
36
59%
29%
—*
pref
preferred
$7 prior
July
74% May
5%
Jan
3% June
%
Jan
Aug
Jan
Feb*
Colo—
12% May
316
2,300
16
5%
1
900
6% lfct preferred
100
7% 1st preferred
100
Public Service of Indiana—
1%
5
27%
Jan
Apr
Jan
Apr
Jan
66% May
98%
Jan
400
—*
preferred
Pub Serv Co of
'is July
Jan
1%
4%
5%
*
Prudential Investors
May
27
'88 %
NeisnerBros 7% pref.. 100
Nelson (Herman) Corp...5
Corp
June
7%
'
1%
18%
6%
9%
Providence Gas
17% May
45% June
1% June
1%
5
Jan
7%
36%
500
133
1%
17%
9%
32%
Mining—;—1
Prentice-Hall Inc
*
Pressed Metals of Amer..*
Producers Royalty—
1
Propper McCallum Hos'y
Prosperity Co class B—-*
Sept
33
Can com..*
& Lambert Co
*
Premier Gold
Jan
60
1%
N Y Teiep 6% % pref__100
New York Transit Go
5
9%
100
89%
89%
131
Power Corp of
800
1%
89%
131
15
5
5
Potrero Sugar com
Apr
23%
11%
300
21 %
*12%
18%
200
52
21
21
Nat Union Radio Corp.—1
Nebel (Oscar) Co com...
N Y Steam
3,000
85
Pittsburgh Forglngs-----1
Pittsburgh & Lake Erie.50
Plttsbuigh Plate Glass..25
Pleasant Valley Wine Co.l
June
13
11%
1
34
1,500
16%
Jan
Sept
Jan
116%
Pitney-Bowes Postage
Feb
Aug
138
12.50
Founders shares
35
15
4%
1,500
*
preferred
5%
5%
1,100
3,700
2~806
39%
Conv part preferred...*
National Steel Car Ltd
*
National Sugar Refining..*
Nat Tea Co 5% % pref.. 10
$6
112%
Apr
33% June
9% June
8%
500
N Y Auction Co com
12%
11%
18
8%
5%
*
New Mex & Ariz Land
Aug
41
Apr
16% "12%
1
Newmont Mining Corp. 10
New Process common
*
95%
Apr
12
30
50
...25
May
31%
142
3,700
New Jersey Zinc
55
50
600
240
51
New England T & T Co 100
210
17%
200
35%
New Haven Clock Co
91%
35
17
32
20%
5
89%
35
91%
150
19%
100
July
1,900
50%
preferred
98%
7%
35%
7%
Jan
7%
34
Mar
May
87
7%
50%
New Bradford Oil..
44
1% May
400
Pioneer
20%
com
Mar
Apr
96%
June
*
Nev Calif Elec
Sept
20
35%
.*
*
150
200
National Gypsum cl A
5
National Investors com_.l
Nestle-Le Mur Co cl A
Jan
15
5%
"2%
Nebraska Power 7% pf. 100
Nehi Corp common
114%
15
39%
Nat Bond & Share Corp..*
Transit
75
2%
7%
149
National Baking Co com.l
National
June
7%
42
*35"
1
107%
100
Pitts Bessem & L E
*
.25
Jan
44
Plough Inc
.
103
700
Apr
Nat Service common.
Apr
50
96
*
Co..—5
Gold Mines Ltd—1
4%
National Refining Co.
Nat Rubber Mach
111%
500
25
Sept
22%
Jan
/ 5%
35%
43%
Aug
13%
35%
July
July
5
July
Feb
76
42%
16%
13
34
Jan
5%
106%
5
155%
Mar
8%
25
13
Jan
112
150
Pines Winterfront
May
Aug
110% 111%
107
107%
148% 150
Pierce Governor com
-
22%
"43% "43%
111%
com---*
preferred
Feb
Jan
68% June
Feb
May
100
*
Jan
Aug
July
5%
3%
47,000
32
42
Feb
110
5%
4%
13%
4%
National P & L $6 pref
Mar
x5
4%
Nat Mfg & Stores com...*
National Oil Products
4
6
Jan
4%
Nat Leather common
Jan
June
4
July
Aug
Mtge Bk of Col Am shs
Mountain Producers....10
Mountain Sts Tel & Tel. 100
Mueller Brass Co com
1
55.50 preferred...
Warrants
37
July
July
$2 conv preferred
60
3%
14%
7%
National Fuel Gas
26
Feb
Aug
8%
7%
Jan
66% Feb
6% May
7% Mar
26%
350
29%
41%
Aug
Aug
11*June
35
27
75
,
Aug
July
Apr
149
"I5"
Jan
2$
May
100
2,800
1
29,800
5%
Jan
3,700
8%
National Candy Co com..*
National Container com..*
5%
45%
3%
""400
4
8Va
Nat Bellas Hess com
~58"~
"57"
Apr
8%
8%
Nat Auto Fibre Avtc...*
32% June
7%
Moore (Tom) Distillery..1
Nachman-Springfilled
Apr
July
June
4
*
pref ser A
Jan
Jan
May
Jan
Feb
July
20
—--1
Pie Bakeries Inc
6%
32%
29%
107%
92%
5% May
100
7%
8% pref—25
Phillips Packing Co
Phoenix Securities—
Sept
Jan
77
20
Mar
July
Apr
Jan
29%
4
Montreal Lt Ht & Pow...*
Moody s Investors Serv—
Partlc preferred
*
Moore Corp Ltd com—._*
Preferred A
100
4
Jan
5%
Philadelphia Co com..—*
Phlla Elec Co $5 pref——*
Common
149
*
Montgomery Ward A
Jan
109
pref.. 100
Miss River Pow
19
"57%
Amer
Pepperell Mfg Co.—.100
Perfect Circle Co
—*
Jan
Jan
88
.
May
3%
19
8%
85
Apr
6
600
Feb
500
Jan
9
June
"36% ~38~" "_450
38
Feb
Aug
1%
6%
3%
5%
stock..—*
Ltd..*
2%
18
32%
11
20
64%
500
1,200
31%
Jan
300
7%
28%
Feb
4% Mar
2% Sept
4% Mar
35,500
2%
2%
Michigan Bumper Corp—1
88
*
*
1st preferred
SI.30
Pan
pref—100
Pennrpad Corp vtc
1
Penn Cent L & P $5 pref—*
$2.80 preferred
*
Pa Gas & Elec class A
*
Pa Pr & Lt $7 pref
—*
$6 preferred
——-*
Penn Salt Mfg Co
50
Pennsylvania Sugar Co..20
Penn Traffic Co
2.50
Pa Water & Power Co..—*
102
Metrop Edison $6 pref— *
*
Mexico-Ohio Oil
900
88
Page-Hersey Tubes
700
1%
400
7%
4%
High
July
26%
104%
Aug
Y,1 00
1%
17%
17
5%% 1st preferred...25
pref
*
13%
Jan
Low
5%
3,200
7
Pacific Ltg $6
Pacific P & L 7%
3,000
5%
Memphis Nat Gas com..5
Memphis P & L $7 pref—*
Mercantile Stores com—*
Class A vtc
Pacific G & E 6% 1st
106%
15
'11"
New...
Class B
Pacific Eastern Corp
6%
Range Since Jan. 1 1936
Shares
.7%
4%
90%
*
_.—*
Mead Johnson & Co
_*
McWllliams Dredging
14%
11%
1
Merchants & Mfg cl
Securities
7%
16%
200
15
Mayflower Associates..—*
McCord Rad & Mfg B___*
preferred
Overseas
High
1%
64
Massey-Harris common..*
Low
6%
Feb
4%
15
7,400
Price
Oldetyme Distillers
1
Outboard Motors B com—*
Jan
Mar
Sept
Mar
7%
Week
Par
dep rights...
Margay Oil Corp
Master Electric Co
for
of Prices
High
Amer
4
Week's"Range
Sale
Range Since Jan. 1 1936
Mapea Consol Mlg
*
Marconi Internatl Marine
2%
4%
Last
{Continued)
Week
1936
Sales
Friday
Sales
Friday
Sept. 12,
3%
45
200
T,200
100
100
2%
3%
3%
3%
10,100
3%
3%
94%
2,400
94%
200
250
2%
78,
Jan
Jan
4%
97
Feb
Sept
an
Volume
New York Curb
143
Friday
STOCKS
Last
(Continued)
Week's Range
Sale
Par
Low
Range Since Jan, 1 1936
STOCKS
Week
High
Low
£1
dep rec
Sentry Safety Control
1
Seton Leather com
S3 conv pref
.Sherwin-Williams
12
12%
4%
7%
4%
5%
7
.25
3.33%
'
1,600
18,300
7%
20%
2%
49%
51
5% cum pref ser AAA 100
Sherwin-Williams of Can.*
51
"19%
Par
500
900
Southern
May
145%
Apr
July
116
Apr
June
10
27%
2%
5% original preferred.25
6% preferred B._.—25
5% % Pref series C
25
27
28%
2%
'
39
800
19
3,60,0
300
5%
4%
100
100
8%
239
1,500
6%
32%
9%
9%
33
33
9%
500
33%
400
38
38
38
41%
19%
Standard Oil (Ohio) com 25
^31%
100
.....
Standard P & L
.*
57
23%
..*
Stein (A) & Co common.
Sterchl Bros Stores
41% 42%
19%
19%
12%
12%
31%
33%
107% 107%
5
3%
4
4%
Preferred
....—*
Standard Products Co._.l
Standard Sliver Lead
1
64%
4%
58
22%. 23%
716
716
67% 67%
*
7%
20
6%
9%
2,300
100
2,200
200
9,800
Jan
67%
Sept
Jan
18%
Apr
Jan
9%
Sept
May
41%
June
June
13
7
175
15%
18
22%
3%
'17%
22%
3%
22%
3
2:48% z49
16%
17%
9
9
72
700
8,000
200
11,700
100
100
8%
1%
15%
2%
z48 %
IS
52
7,300
4%
28%
Teck-Hughes Mines
5%
Tenn El Pow 7% 1st pf. 100
Tenn Products Corp com.*
Texas Gulf Producing
*
2%
4%
26%
5%
39%
2%
4%
28%
6
,200
1,500
3,500
6,800
2,100
4%
.100
5%
71
Thew Shovel Coal Co....*
Tilo Roofing Inc..
1
25%
4%
24%
24%
10%
76%
Mar
102
Apr
Aug
4%
4%
6,000
5%
560
Jan
Jan
70
25%
12%
16%
11%
June
Tobacco Securities Trust
50%
Jan
Jan
20
50
8
100
19
82
110
37%
Jan
Jan
Jan
June
490
66
27%
800
15%
Jan
7%
May
Apr
3%
2%
.
4
2%
3%
u
9
14%
1,400
(1
100
15
3,100
1
14%
6%
May
2% June
7%
Apr
10% May
700
6%
34%
1
100
4
1
4%
8%
36%
8
9
36%
7%
37
6%
30
8
2%
2%
700
3%
5%
29
7%
37
6% May
32% Mar
109
June
93%
10
68%
5%
Aug
July
..*
Mar
Mar
Abbott's Dairy 6s—..1942
Alabama Power Co—
1951
...1956
1st & ref 5s_
1968
4%s^
21%
5%
50%
%
1%
1967
f deb 5s '52
s
Aluminium Ltd deb 5s 1948
Amer Com'ity Pow
Am El Pow
U05% 107
.1946
5%s'53
Corp deb 6s '57
102%
101%
95%
89%
108%
105%
14%
Amer G & El deb 5s...2028
108
Aug
Am Pow & Lt deb 6s..2016
101%
4%s—1947
Feb
Am Roll Mill deb 5s..1948
Jan
104"
Amer Seating 6s stp
Aug
1946
Appalachian El Pr 5s.1956
Appalachian Power 5s. 1941
Debenture 6s
9%
_1
41%
9
10
10,400
38%
8%
41%
2,800
8%
1,200
12
12
300
14%
14
12%
14%
8%
_
...»
Twin Coach Co
*
Ulen & Co 7%% pref__.25
Unexcelled Mfg Co
.10
1,500
Feb
Feb
Associated Elec
104%
61%
5%
5%
26%
11%
Jan
27,000
100% 101% 102,000
J104
105%
103% 104
Feb
5%s
1938
Cony deb 4%s C—1948
Conv deb 4%s
—1949
July
Conv deb 5s
Mar
Debenture 5s
—..1950
1968
Jan
13
Feb
10
Sept
Assoc Rayon 5s.
Sept
Feb
Feb
"7",000
Union American
Inv'g.—*
Union Gas of Canada....*
Union Stock Yards
100
12%
12
12%
1,700
Mar
50
United Aircraft Transport
Warrants
"50%
11
Mar
Mar
37%
9%
Sept
39
Aug
Feb
Sept
8
part pref....
United Corp warrants
18
Jan
Feb
84
Mar
79% May
105% May
Feb
103%
3
Jan
13
Jan
106
Jan
92%
102%
Jan
Aug
103
June
May
104%
107%
113%
118% 118%
103% 104%
10,000
3,000
82,000
60%
61%
99,000
71%
48
48%
48%
50%
51%
7,000
6,000
46,000
79,000
137,000
1,000
98
Apr
Feb
Feb
Feb
55% May
50
51%
95
57%
96%
87%
88
22,000
103% 104
23,000
81
1%
200
12
7%
35%
1%
900
*
1st
$7 pref non-voting _*
Option warrants
8
6%
117
1%
7% pref. 100
A..*
7%
*
*
7%
61%
.*
*
United Molasses Co—
Am dep rets ord
reg___£l
United N J RR & Canal 100
For footnotes see page 1695
6%
7
115
117%
1%
1%
7%
7%
14,000
1,800
1,700
7%
8%
4,300
61
63%
2,400
20%
20%
25
300
35%
28%
27%
30
Jan
14%
16%
Apr
16%
7
4%
37%
14%
94%
7%
June
Conv deb 5%s——1977
1950
Atlanta Gas Lt
6s
.with warrants... 1938
4
Apr
22
80%
July
Mar
54
54
July
July
Jan
Mar
57
Mar
59
104%
Sept
120%
120%
117%
111
119% 451,000
113%
1955
115% 115%
121% 122
1122
Steel 6a—1998
1141
2%
10%
9%
Jan
Birmingham Elec 4%s 1968
Birmingham Gas 5s—1959
Jan
43
Jan
20%
56%
Jan
Jan
Jan
Jan
Jan
June
2%
94%
8%
9%
6%
257
Mar
Mar
July
Mar'
Aug
107% 107%
96
85%
Broad River Pow 5S..1954
Buffalo Gen Elec 5s
Gen & ref 5s
85
96
Mar
4,000
116
Jan
122
Sept
116%
Jan
123% May
134
Jan
145
Mar
105%
89%
Feb
107%
97%
Sept
Aug
85%
June
11,000
25,000
5,000
1956
99
4,000
107
2,000
1104%
104%
111%
104%
76
89%
105%
104
104% 104%
i4~666
111
45,000
Canadian Pac Ry 6s_.1942
Carolina Pr & Lt 5s___ 1956
Cedar Rapids M & P 5s.'53
104% 105
112% 112%
Sept
Cent Ariz Lt & Pr 5s. 1960
107
Jan
117
99
July
July
June
Jan
75
107
1939
Canada Northern Pr 5s '53
95%
July
Sept
114%
Apr
Apr
144
Apr
119
119%
7,000
79
73%
122%
Bethlehem
68
5%
1960
Binghamton L H & P 5s '46
Jan
257
1957
5s series C
July
Jan
Apr
Sept
Sept
Sept
Sept
69,000
67,000
Bell Telep of Canada—
July
Sept
Mar
July
Jan
113
10%
91%
Apr
111
1st M 5s series A
96%
104
96%
115
51
Jan
Jan
77%
111
Feb
July
Jan
May
9,000
6s stamped w W..1938
Mar
78
30,000
6s without warrants 1938
6s stamped x w—1938
75
100%
104%
Feb
Aug
Mar
July
July
July
29
33
115
Sept
July
57%
104
115%
120%
120%
117%
Apr
81%
%
86%
3%
5%
29%
6%
21,000
108%
119%
104%
65%
Mar
Baldwin Locom Works—
200
Feb
Feb
96
102
1st M 5s series B
17%
om
4%
Apr
102%
96%
10,000
57%
50%
5%s A *55
4%s—1955
Atlas Plywood 5%s__.1943
41%
Aug
2% July
25% May
8%
Jan
94% Aug
4% Aug
Jan
Jan
11,000
47%
48%
Assoc T & T deb
Jan
Sept
June
Feb
July
Jan
106%
71
Conv deb
May
7
Apr
Feb
Jan
104
11,000
101% 101%
11,000
95%
40,000
95%
88%
89% 186,000
108% 108%
4,000
105% 105%
11,000
13
14%
5,000
J21 %
22%
107% 108
3~8~G06
107% 108
118%
6
23%
8%
11%
11%
Feb
July
7
105% 105%
2024
4%s..l953
106% 107
102% 102%
106%
Arkansas Pr & Lt 5s.. 1956
10
1
Aug
Mar
BONDS—
Aug
Apr
21%
11%
Trl-StateT&T6% pref. 10
91%
Jan
1% June
Jan
Apr
Jan
40
'
6,200
2,700
3,000
15%
Feb
2,600
100
3
Aug
July
400
39
2%
2%
200
10
16%
Apr
80
34
82
104%
5%
Mar
Jan
dep rets for ord reg
Sept
27% Sept
7% May
9% May
Mar
100
3
Associated Gas & El Co—
:
Tri-Continental warrants.
Triplex Safety Glass Co-
110%
9% May
64
34%
-.5
Aug
110%
27%
—
Yukon Gold Co
Jan
19%
4%
6%
1
July
Mar
100
c._*
v t
54
39%
8%
59%
Wright-Hargreaves Ltd..*
Youngstown Steel Door..*
113
Jan
100
38%
Mar
106
%
600
8%
59%
36%
Jan
3%
1%
20%
""8%
Woodley Petroleum
Mar
2,000
20
1
July
116 June
Trans Lux Plct Screen—
1,900
Woolworth (F W) Ltd—
Amer deposit rets
_5s
103
200
32%
32%
Aug
107
7% preferred A
..100
Tonopah Belmont Devel.l
Tonopah Mining of Nev.
Sept
June
Aug
Mar
Apr
May
100
Wise Pr & Lt 7% pref-.100
Wolverine Portl Cement. 10
Seps
32%
150
18
300
*
13%
Aug
<j,200
"""166
400
Williams (RC) &Co
31
Mar
Jan
1%
33%
Williams Oil-O-Mat Ht„*
Aug
19%
4%
100
si*
Aug
5% June
4% May
*
July
100
July
Aug
7% preferred .......100
1st & ref
19%
4%
48
50%
103% 103%
19%
4%
2%
350
500
1%
West Va Coal & Coke
Amer Radiator
Am dep rets ord reg...£l
Am dep rets def reg...£l
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
Jan
*
Aluminum Co
Jan
26%
Jan
May
%
8%
Westmoreland Co.
Feb
Mar
25%
West Texas Util $6 pref..*
Westvaco Chlorine Prod—
Aug
2%
1
300
*
78
1,100
3*
7,200
1%
10%
Aug
4%
3%
2,300
1%
8%
1%
Westmoreland Coal Co
1st & ref 5s.
400
1
4%
*
1st preferred.
Western Tab & Sta
1st & ref 5s
12%
1
1%
Cartridge 6% pf.lQO
June
65
3%
7%
May
3% May
73% May
Western Grocery Co
20
Western Maryland Ry—
Feb
30
93
3%
4%
1%
Jan
Jan
1
Western Air Express.;
Western Auto Supply A.
Feb
Apr
25
Apr
i*
1st & ref 5s
52
300
'
June
2% May
*
Class B
Aug
600
'"""56
4%
83
27%
July
400
161"
4
83
27%
6%
6
74%
"161"
Jan
Feb
46
7% pref.. 100
Vogt Manufacturing
*
80%
1%
7%
Apr
Jan
10
Va Pub Serv
Mar
Aug
Jan
100
I%
May
%
4%
100%
6%
Jan
3%
7%
525
3
Conv preferred
Wilson-Jones Co
Apr
Sept
Aug
July
3
5,600
1%
75
1%
Aug
5
Mar
2,700
27%
Wil-Iow Cafeterias Inc..
x4t9
July
Aug
1%
68%
3
West.
Jan
% May
27%
68%
1
Apr
Jan
5
35%
1%
3%
17%
4%
Jari
Sept
%
12%
Tishman Realty & Const-*
Tobacco and Allied Stocks *
Tobacco Prod Exports..
Common class B
Feb
Aug
June
6
66
100
$6 conv 1st pref
United Milk Products
$3 preferred
25%
Jan
Jan
51
Technicolor Inc common.*
United Elastic Corp
United Gas Corp com
_
July
'■
30
Jan
4%
"8% "~9% ""760
39
1
1
Union Traction Co
Feb
July
3%
102
common..
Talcott (J) Inc 5%% pf-50
Tampa Electric Co com.
.
Sept
6
250
#5%
com
Sept
3,100
72
80c dlv pref
Feb
%
3%
*5%
Taylor Distilling Co
Sept
4%
23%
16%
27%
.......
Tastyeast Inc class A
5
58
Jan
3
3%
4%
Aug
May
3
5%
22%
%
10
Wayne Pump common
1
Wentworth Mfg Co...—.5
Jan
15%
26%
100
._
'""366
3%
;;..4
100
14%
Apr
Aug
Sept
Sept
716
—
1
7% preferred..
Venezuela Mex Oil Co
Venezuelan Petrol
Feb
2% May
Apr
2%
3%
1
18
1
Walker Mining Co
Apr
13%
3%
200
1
7
Jan
July
50
2%
Jan
June
2%
19
7,6
3%
4%
27
Wahl (The) Co common..*
36%
20%
100
675
Jan
May
1%
300
3%
Aug
1%
700
31
-
7% pf 100
Utility Equities Corp
*
Priority stock.
*
Utility & Ind Corp com..5
Waitt & Bond class A
107%
1,500
3%
716
Jan
July
70
*
Class B
Apr
14
200
2%
2%
Utlca Gas & Elec
Apr
Feb
Mar
2,600
27
29
*
Apr
Jan
4%
Swiss Am Elec pref....100
Tung-Sol Lamp Works.
Feb
Feb
Jan
1,400
Swiss Oil Corp
1
Syracuse Ltg 6% pref.. 100
Trunz Pork Stores
Tilbize Chatlllou Corp
Class A..
Jan
21%
1,100
1
Thermoid 7% pref
Aug
97
25
27
3%
30%
United Wall Paper.__.._*
Universal Consol Oil
10
Universal Insurance
8
18%
49%
23%
July
3%
conv pref...... 50
United G & E
Apr
6%
3%
Sunray Oil
United Lt & Pow
Jan
"26%
Sunshine Mining Co... 10c
Swan Finch Oil Corp
15
cum &
July
11
70,300
9,100
•250
Mar
3%
12%
35%
17%
200
6%
3%
Sullivan Machinery
$3
Jan
3%
Stutz Motor Car
United Chemicals
July
33
"12% "12% """356
Stetson (J B) Co com
*
Stroock (S) & Co...——*
Am
Feb
June
29
50
Sterling Brewers Inc
Sterling Inc
Common
%
Sept
Sept
400
27
2%
1st pref.......*
United Stores v t c
*
United Verde Exten_._50c
Util Pow & Lt common
Jan
%
5,200
2%
89
conv
*
15%
2
88%
2%
5
10%
33%
4%
1%
41%
Apr
2%
15%
2%
U S Rubber Reclaiming..*
U S Stores Corp com.
*
Utah Apex Mining Co
Jan
Jan
15%
10
Utah Pow & Lt S7 pref
Utah Radio Prod
Jan
Sept
2%
2%
..100
Waco Aircraft Co
Conv preferred
*
Stand Investing S5.50 pf-*
Standard Oil (Ky)
10
Standard Oil (Neb).
25
Texas P & L 7 % pref
Texon.Oil & Land Co
Playing Card..
7% preferred
High
June
%
...*
Aug
Feb
Feb
1%
83
50
1
Feb
Mar
Mar
8*
750
1
*
warr
Universal Pictures com
Universal Products
May
%
89
37%
U S Foil Co class B
1
U S and Int'l Securities..*
Apr
July
July
July
July
July
%
50
Common.,
Taggart Corp
60
Feb
29
100
Standard Dredging Co—
■5%%
41%'
29%
28%
6%
76%
155%
7%
2%
11%
40%
July
2%
Standard Brewing Co....*
Standard Cap & Seal com.6
preferred
Jan
%
%
9%
£1
.*
Spencer Chain Stores.
Square D class A pref....*
Stahl-Meyer Inc com
*
1st
Jan
Mar
Feb
"566
88%
100
Conv preferred.'
Am dep rets ord bear..£1
2d preferred
Jan
48
Spanish & Gen Corp—
Steel Co of Can Ltd
May
3% June
T560
40%
39
3%
300
"ili ~T"
U S Radiator Corp com..*
34%
34%
Feb
27% Mar
25%
Jan
2% May
76% July
300
28
5
25
Common class B
Preferred
Feb
July
Low
1%
*
common
Sept
Jan
1
50
5% preferred
U S Finishing
July
7H
Range Since Jan. 1 1936
25
%
Jan
•
1%
30
28%
4%
*
Am dep rets ord reg
Preferred
83%
365
1%
for
Week
Shares
Dairy Prod class A...*
Class B_—*
U S
Jan
141
10
South Penn Oil
.
40.
28%
27%
5%
28
7% preferred..
100
Southern N E Telep.__100
Southland Royalty Co
27%
2%
Southern Colo Pow cl A.25
So'west Pa Pipe Line
3%
1%
High
U S
1st pref with
US Lines pref
Jan
Low
Price
*
Sales
10
United Shipyards com B..1
United Shoe Mach com..25
$7
-.1
Southern Union Gas
20%
Aug
Sept
Aug
328
United Profit Sharing
Preferred
Apr
16
200
Calif Edison-
Southern Pipe Line
55
110
%
83%
*
.
5% Sept
8%
Apr
Feb
Jan
117
337% 337%
Smith (L C) & Corona
c com
23%
4%
Feb
130
Amer dep rec ord reg—£1
Typewriter v t
Sonotone Corp
July
Apr
Jan
Apr
950
Simpsons Ltd 6% % pfd 100
100
Feb
15
Jan
Aug
425
——25
Singer Mfg Co
Singer Mfg Co Ltd—
Mar
Jan
Apr
3%
1,100
19%
1693
Week's Range
of Prices
Sale
High
4%
18%
1%
47%
3,300
128% 133%
110
111
19%
Shreveport El Dorado Pipe
Line stamped
13
20%
2%
25
com.
2%
%
7%
200
*
Seversky Aircraft Corp.—1
Shattuck Denn Mining—5
Shawinlgan Wat & Pow__*
Shenandoah Corp com.. .1
Las
{Concluded)
Shares
Selfrldge Prov Stores—
Amer
4
Friday
for
of Prices
Price
Exchange—Continued—Page
Sales
114
107%
40,000
1,000
4,000
102%
109%
98%
111%
105%
Jan
Jan
Jan
87%
103%
Apr
109
Apr
108
Feb
Aug
Apr
105%
116%
Mar
Jan
105
Sept
Jan
113%
107%
Mar
Mar
Jan
Feb
Jan
Feb
Last
Week's Range
(iContinued)
of Prices
Low
High
Week
Price
Service—
1956
1st & ref 4}*s ser F.1967
6s series G
1968
4 33 s series H
1981
Cent Maine Pr 433s E.1957
Cent Ohio Lt & Pr 58.1950
Cent Power 5s ser D..1957
Cent Pow & Lt let 58.1956
Cent States Elec 5s—1948
533 s ex-warrants—1954
Cent States P & L 533s "53
Chic Dist Elec Gen 433s '70
6s series B
.,.1961
Chic Jet Ry & Union Stock
Yards 5s
1940
Chic Pneu Tools 533s.1942
Chic Rys 5s ctfa
1927
Cincinnati St Ry 533s A *52
6s series B
1955
Cities Service 58—,—1966
Conv deb 5s
1950
Cities Service Gas 533s '42
Cities
Service
Gas Pipe
Line 6s
1943
Cities Serv P & L 533s. 1952
Low
I
10433 105
10,2 J*
104
High
3,000
1043*
9033
9533
10533
Mar
10253
Sept
21,000
2,000
1043*
102
Aug
2,000
1045*
Apr
3,000
10333
Sept
9033
30,000
9533 100,000
94?*
693*
8833 June
8233
Jan
703*
90
61
65
72
713*
723*
98,000
28,000
733*
7133
74
78,000
1043*
105
105
105
105
11133 H133
2,000
10333
10333 103 33
7433
7633
97
97
6,000
96,000
10,000
21,000
70
105
75 3*
9,000
1,000
9933
98
80
80
82
79 3*
793i
8033 197.000
102
9,000
10233
38,000
1033* 10333
10,000
102
H
Apr
625* May
Apr
Sept
95
Feb
96
Aug
7553
783*
803*
1063*
Feb
Jan
1953
1st M
Jan
98
Aug
7633
75
Indianapolis Gas 5s A. 1952
7233
69
72 33
6933
6953
975*
Jan
8633
June
Jan
8533
1035*
July
Ind'polis P L 5s ser A. 1957
Intercontlnents Pow 6s *48
"1233
July
International Power S$c—
105
May
.
102
Jan
Mar
Jan
803*
July
66>&
Jan
Feb
8053
533*
July
34
1103*
11033
registered
110
112
11233
3,000
11053
2,000
110
10733
1113* 1113*
10733 10733
1965
106 3*
Aug
Community Pr & Lt 5s '57
Community P S 5s
1960
Connecticut Light & Power
78 series A
1951
7733
Apr
113
11333
Sept
110
1133*
Mar
113
Mar
105
Jan
108
103
Jan
10633
Feb
7833
53,000
773*
4,000
1025*
6333
9853
Apr
Jan
Aug
7933
10633
5,000
106
May
Sept
1275*
Mar
s
11053
$11133 H3
12233 1223*
1939
Gen mtge 433s
1954
Consol Gas El Lt & P (Bait)
7,000
1981
.
1073*
4s 1981 called
10733
6,000
4
107
Aug
1065*
w.1943
9433
Cont'l Gas & El 5s
1958
Crucible Steel 5s
733s 1941
"9433
Cumberl'd Co P&L
1944
783*
1053*
Dallas Pow & Lt 6s A. 1949
5s series G
Delaware El Pow
1952
633s. 1969
Denver Gas & Elec 5s. 1949
1947
.1950
6s 1st series B__
9453
254",666
1,000
9633
773*
783*
1053* 1053*
4,000
9633
$107
108 33
1053* 10533
10533
104
1035* 104
10853 10833
39,000
1,000
103
10653
106
1033*
10633 10653
106
10633
88
2933
8533
10133
8833
70
10533
106
...
..
Derby Gas & Elec 5s..,1946
Det City Gas 6s ser A.
94
2,000
95
34
10233 10233
"9633
433s '56
Cuban Tobacco 5s
9433
$32
.
1940
Cuban Telephone
..
.
.
Jan
Jan
Jan
Aug
Jan
Jan
Mar
Apr
26~666
105
14,000
10233 May
10753 May
9933
Jan
1053*
Jan
10233
Jan
3,000
16,000
11,000
28,000
Sept
1003*
633
653
653
6
6
6
153
Aug 1 1952
Certificates of deposit.
Deb 7s......Aug 1
153
1,000
133
103 33
6,000
1952
1
1
Certificates of deposit-
Dixie Gulf Gas 6338-.1937
Eastern Gas & Fuel 4s 1956
"935*
Elec Power & Light 5s .2030
8933
Elmira Wat Lt & RR 5s '56
1950
El Paso Elec 5s A
Empire Dist El 53
.1952
Empire Oil & Ref 533s. 1942
...
-
103
9353
89
5,000
13,000
4,000
9353 139,000
8953 160,000
433
Jan
433 May
53
Jan
53
Jan
1015*
Jan
925* Aug
74
Jan
1967
European Mtge Inv 7s C'67
Farmers Nat Mtge
78.1963
Federal Sugar Ref 6s..1933
Federal
Wa$er Serv 533s '54
95
Aug
1st mtge
Apr
$29
.
.
.
-
.
353
Jan
Jan
275*
Aug
28
30
July
$28
23*
353
9133. 92
34,000
6,000
14,000
102
July
10433
18,000
1025*
July
133
7533
Apr
35,000
9933
Feb
Jan
10433
9833
93
8,000
91
Jan
1043* 1045*
9733
983* 184,000
100
Jan
19,000
9053
Apr
1944
9933
1023*
Deb gold 6s. June 15 1941
1940
General Pub Serv 5S..1953
94
9933 100
Kimberly-Clark 5s... 1943
103 33
103 33 103 33
110
Koppers G & C deb 5s. 1947
1033*
10353 10333
104 33 105
11133 11133
1,000
15,000
5,000
24,000
104
10453
12,000
105
1053*
2,000
103 33 103 33
2,000
3,000
533s. 1950
10433
1055*
Apr
Lehigh Pow Secur 6s..2026
U133
109
Feb
10333
Aug
1053*
10753
July
Lexington Utilities 5s. 1952
Libby McN & Llbby 5s *42
Lone Star Gas 5s
1942
10633
July
11
Feb
Feb
Manitoba Power 5333-1951
3
Jan
Jan
1005* 1005*
9453
933*
Memphis P & L 5s A--1948
103 33 104
9,000
9,000
101
Feb
10633 10633
3,000
1035*
Feb
Jan
110
Aug
Mississippi Pow 5s
1955
"9433
395*
Jan
2833 June
533
Feb
9333 Aug
Miss POW & Lt 5s
1957
99 33
Mississippi Rlv Fuel 6s '44
Miss River Pow 1st 5s. 1951
1073*
94
10353
8033
Feb
Feb
1944
Munson SS 633,s ctfs.,1937
Nassau & Suffolk Ltg 5s '45
1053*
Nat Pow & Lt 6s A...2026
105
Jan
Mar
533s.
Deb 5s series B
Sept
2030
*713*
10233
102
,
10533 106 33
Gt Nor Pow 5s stpd.,1950
77
Grocery Store Prod 6s. 1945
5533
77-
55
563*
7133
7133
10353 10453
1025*
1025* 1025*
10953
$109
106
10633
9633
955*
9633
7133
*283*
Hamburg Elec 7s
1935
Hamburg El Underground
9,000
85
Apr
Aug
90
Jan
10533
Sept
~4~666
36,000
1936
2733
2733
101}* 101}*
1,000
110533 1055*
1938
103
1953
1978
Hydraulic Pow 5s
1950
1981
103
103
2,000
T,66o
10533 106
10533
10533 1055*
U1133
10653 10653
2,000
Mar
108
Feb
Jan
10653
1035*
11033
Jan
10753
Aug
Aug
72
Jan
May
97
4333
Feb
Mar
July
Jan
Aug
Jan
2153 June
1013*
Sept
1033* May
9733
Jan
1695
10433
Mar
Mar
104
Mar
"2",000
T606
11133 June
1063* Apr
323*
1045*
1073*
10333
Jan
Jan
July
July
18
Apr
Apr
Jan
763*
56,000
75
7533
3,000
1073*
11733
1053*
863*
10933
645k
6433
June
Jan
May
Jan
88,000
85
Jan
100 33
58,000
8833
Jan
915*
97 3*.
10033
5s
stamped.
..1942
Income 6s series A.. 1949
N Y Central
915*
18,000
743*
85
9733
100
Elec 533s '50
Jan
86 33
35,000
69
Jan
1033*
1033* 103 3*
5,000
97
May
10753 10753
10653 10653
5,000
16,000
105
July
106 33
105
Apr
1033*
103
1613*
10733 10733
1015* 1015*
34,000
2,000
2,000
10253
Jan
1055* Mar
1013*
Aug
1113*
Apr
1053b
Aug
10553 May
8433 Mar
86
New York Penn & Ohio—
Mar
10233
Feb
103
J105
10533
...1951
For footnotes see page
103
533s—.19£4
8533
98
7533
36
New Orleans Pub Serv—
Feb
Mar
Jan
Mar
Houston Light & Power—
4338 series D
433s series E
3833
9033
Debenture
Ext
4}*s stamped..1950
N Y P&L Corp 1st 433s '67
N Y State E & G 433s-1980
1st;
533s..
1962
N Y & Westch'r Ltg 4s 2004
■
Debenture 5s
1954
11133
Niagara Falls Pow 6s. 1950
5s series A
1033*
11133 11133
$10653 1073*
1,000
..1959
8633
Nippon El Pow 633s—1953
8633
94
96
2,000
No Amer Lt & Pow—
533s series A
Nor Cont'l Util
..1956
533S-1948
No Indiana G & E 6s. 1952
Houston Gulf Gas 6s..1943
1st
93
433s. 1981
2022
New Eng Pow Assn 5s. 1948
Sept
75
25
30
95
1043*
Apr
Aug
60
44
10233
10833
10533
July
Jan
10,000
1,000
Aug
273*
Jan
July
5653
10433
70
•27
Mar
C4
2,000
July
8253
1,000
37,000
6s series A
97
Jan
May
May
645* Apr
1950
Nebraska Power
96 33
9533
345*
14,000
6,000
32,000
46,000
17,000
Conv deb 5s
79
Jan
933*
Jan
53* July
10233 May
75,000
75 33
96
Sept
75*
83*
1053* 1055*
104 33 1055*
4,000
7633
763*
1948
i~2~66o
5733
Jan
Feb
June
1175* 1175*
765*
755*
1173*
Conv deb 5s
106,000
106
Mar
129:556
New Amsterdam Gas 5s '48
77 33
102 33
99
8933
107' '
$1075* 108
975*
9833
N E Gas & El Assn 5s. 1947
Mar
8033
8333 May
105
1233*
Aug
39,000
775*
Jan
May
Jan
Mar
10853 1085*
123 33 123?*
Mar
1043* 115,000
10733 10733
3,000
71,000
78
69,000
12,000
2,000
35
1025*
May
9433
963*
1025*
86
94
103
6,000
93 33
985*
1055*
10633
9533
1053*
983*
Jan
Jan
90
Jan
Montana Dakota Utilities
July
8853
8833
(Adolf) 433s.-.1941
10733
Aug
May
89
Ref & lmpt 5s
533s '55
102
79
Apr
1st
1955
98
May
1st 5s series A
29,000
9453
117,000
983* 100
7,000
1065* 1073*
2,000
10833 10833
June
96
79
6338 with warrants. 1943
9833
1025*
1,000
29
533s
30,000
10,000
5,000
1947
10253 103
10553 10553
55,000
3,000
1977
i03"
"9833
34
Hackensack Water 5s. 1938
1025*
Nevada-Calif Elec 5s. 1956
8633
...1961
14,000
Nelsner Bros Realty 6s '48
34
Gulf States Util 5s... 1956
36",660
June
Missouri Pow & Lt
9133
943*
69
;...
100
June
9433
10733 1073*
108
5s_
.
June
58
50
—
10133 102 33
$98
90
Sept
8633
Rubber 7s
633s *45
5s....1943
433s—1967
P&L 433s—1978
24
33
$
102
Sept
June
Jan
Sept
100
June
753*
Apr
Jan
Sept
June
10033
20
42,000
88
Jan
Jan
Feb
9233
Jan
2233
1035*
10553
Feb
9333
104
Jan
30
105
6,000
$253*
82
72
10833
1023*
10353
1025$
23,000
86
Jan
1023* Apr
1035* May
10553 10553
10533 106
"§633
18,000
25
Apr
1033*
Smelt—
1941
McCallum Hosiery 633s '41
McCord Rad & Mfg 6s '43
7s without warrants.
Sept
2633
Feb
90
Mansfield Min &
233
1025*
$20
$20
1953
Guardian Investors 5s. 1948
106
Louisville G & E 433s C '61
105*
995* 129,000
9833
Jan
Feb
9533
10553 10553
10533
Jan
Gesfurel 6s
& St Ry
Long Island Ltg 6s... 1945
Louisiana Pow & Lt 5s *57
Jan
Georgia Pow & Lt 5s..1978
Hood
Sink fund deb
885*
9233
833*
52,000
$68
Gen Vending 0>rp 6s. 1937
6s series A
Feb
'9933
100
1023* 1025* 115,000
9953 10033 35,000
9933 100
98
985*
1941
Hall Print 6s stpd.
Apr
1,000
..1969
Gary Electric & Gas—
433s series B
90
101
Nat Pub Serv 5s ctfs.1978
Gatlneau Power 1st 5s. 1956
Apr
Jan
7,000
107
Missouri Pub Serv 5s. 1947
92
10133
11,000
88,000
100
1948
1955
5s series I
Minn
4033
1033*
10333
11533
10053
...^
104
993* 1003*
1065* 107
10133 10133
5s ser H..1961
MIlw Gas Light
10533
Jan
1,000
633s series D
533s series F
May
3933
1025* 1025*
Midland Valley
1,000
63 33
May
13,000
Kentucky Utilities Co—
Middle States Pet
5,000
33~66o
Jan
65
60
$107
1947
Kansas Power 5s
Jan
533sl.l979
Guantanamo & West 6s '58
52 33
Jan
44
1,000
92
5833
Apr
5,000
21,000
58,000
107
10453
10133
6,000
11933 11933
865*
5833
6,000
7333
$693*
6833
Metropolitan Ed 4s E.1971
Florida Power & Lt 5s. 1954
Grand Trunk West 4s. 1950
5833
May
1055* 10653
Aug
107
68
675*
Apr
June
1043*
11933
July
93
Glen Alden Coal 4s... 1965
10553
1055* 106
99
10,000
10633
Sept
104
Georgia Power ref 5s..1967
105
9953 June
10433
1961
104
93
Certificates of deposit...
Gen Wat Wks & El 5sJ1943
105
106
2,000
6s.2022
433s series C
1053*
104
Gen Pub Util 633s A. 1956
General Rayon 6s A.. 1948
1043*
2,000
22,000
104
Jan
Jan
5833
101
10533 106
1045* 1045*
104
Jan
Firestone Tire & Rub 5s '42
General Bronze 6s
10133 10133
10533
1947
5s series B
Mar
First Bohemian Glass 7s '57
Deb 6s series B
Aug
Aug
533s '55
& Lt—
985*
803*
104
Gobel
Stamped
Jamaica Wat Sup
9953
Firestone Cot Mills 5s. 1948
5s ex-warr stamped.
Aug
6933
52 3*
Italian Superpower
10253
10133 10133
10333 10433
Banks 6s-5s stpd___1961
983*
94,000
Elec 7s. 1952
Fraschlnl 7s
1942
7,000
......
Jan
25,000
Isarco Hydro
104
Finland Residential Mtge
Fla Power Corp
Iowa
2,000
1953
633s series A.
107
12,000
9933 10033
74
755*
101
21,000
8633
Feb
1073* 1073*
1947
10353 10353
8653
Jan
Feb
5333
7433
993*
10233 June
835*
Apr
1073* June
108
50
54
1,000
"i"66o
Apr
1961
Pow & Lt 433S--1958
Pub Serv 5s
1957
Jan
Jan
Jan
Jan
Apr
105
105
76
-
1045*
43*
78
10353
10833 110
7133
79
$76
warrants
48
Ercole Marelli Elec Mfg—
Erie Lighting 5s
7133
278,000
Jan
Sept
8133
105
......
15
63
69
19,000
5s series B
Sept
Detroit Internat Bridge—
633s
Without
Feb
Mar
113*
Jan
65
8633
Kansas Gas & Elec
1st & coll 6s ser A..1943
Conv deb 633s w
47.000
10533 10533
1043* May
10953 May
855*
5s series A w w
11253 May
10633
19,000
18,000
71,000
Jan
8633
6s. 1963
Jacksonville Gas 5s
1942
Consol Gas Util Co.—
10",000
76 33
91
1958
Isotta
110
Jan
May
59
Jan
Mar
Jan
865*
14,000
Jan
106
Jan
100
32,000
109
July
Jan
96
92
109
12433
Jan
86
64
Mar
Jan
Jan
95
9133
May
July
Jan
99
6233
Jersey Central Pow
1065* 1065*
f 4s
120
Jan
10153
9133
Iowa-Neb L & P 5s... 1957
Aug
100
106
62 33
4338 series F
Iowa
124
Jan
Invest Co of Amer—
Jan
105
8233
1952
6s series D_
.
in"
7533
76
Jan
Service—
1956
Debenture 6s
Interstate Public
May
Jan
July
Jan
Consol Gas (Bait City)—
1st ref
__
lb'ooo
11033
1955
1957
78 series F
1952
International Salt 5s..1951
International Sec 5s
1947
Interstate Power 5s...1957
955*
fl063*
"7633
563*
107
$1075*
953*
953*
7s series E
Sept
51,000
993* 100
1962
6s
5s series C
June
Mar
31,000
$12633
$107
108
10633 1075*
..1956
433s series C
5s series D
110
10533 1063*
103 33 10333
41,000
36,000
7633
Aug
6533
10333
a.—
963*
100
32,000
5,000
533s '48
tl03}3 104
96
29,000
.
Jan
series C—1956
series D—1957
4s series F
.1981
Com' wealth Subsld
1013* 102
Jan
110
35*8 series H
33
Apr
91,000
1st 433s
1st 433s
1053*
93
53
4
"i0533
8633
773*
12,000
99
67
Aug
June
773*
12,000
Jan
Mar
80
June
63
11133
11133 112
58
107
104
10933
10133
106
7733
111
7,000
4,000
99
18,000
2,000
10733 10733
90,000
10533 106
68,000
104
1053*
102
10333 114,000
20,000
983*
983*
1115*
105
Jan
7733
11133
783*
1093* 1093*
Jan
Apr
Sept
7733
111
24,000
Apr
1045*
Low
783*
7633
7733
10933
102
%
77
77 33
1951
Indiana Gen Serv 5s..1948
Indiana Hydro-Elec 5s *58
Indiana & Mich Elec 5s '55
5s
1957
Indiana Service 5s
1950
1st lien & ref 5s
1963
Commonwealth Edison—
1st M 5s series A...
Range Since Jan. 1 1936
Week
1953
633s series B
Feb
7733
533s '37
1st M 5s series B—1954
Hygrade Food 6s A—1949
6s series B
1949
Idaho Power 5s
1947
Illinois Central RR 6s. 1937
III Northern Util 5s___1957
111 Pow & L 1st 6s ser A '63
1st & ref 533s ser B.1954
1st & ref 5s ser C...1956
Sf deb 5338—May 1957
Indiana Electric Corp—
6s series A
...1947
633s series C
10333
for
of Prices
Low
High
Price
33,000
102 33
1013* 1013*
1033* 1033*
1033* 10333
103 33
..1949
533s
Commerz & Privat
102
Week's Range
Sale
(Continued)
Central 111 Public
68 series E
Last
BONDS
Range Since Jan. 1 1936
for
Sale
Sales
Friday
Sales
Friday
BONDS
5s ser B
Sept. 12, 1936
New York Curb Exchange—Continued—Page 5
1694
953*
63
10633
9033
635*
67,000
34,000
10633 10633
2,000
1063*
62
-
53
Jan
Apr
Mar
Volume
New York Curb Exchange—Concluded—Page 6
143
Friday
Sales
BONDS
Last
Week's Range
for
(iContinued)
Sale
of Prices
Low
High
19061
5s series D
$106
107
10534 10534
103
4%s series E
1970 103 %
10334
No States Pow 5%s
10334 10334
1940 103
N'western Elec 6s stmpl94o
110334 10434
71
N*western Power 6s A.1960 "n~
7034
102 34
N'western Pub Serv 5s 1957
1945
10734
Ohio Edison 1st 5S....1960
Ohio Power 1st 5s B..1952
10534
Ogden Gas 5s
1st & ref
4%s
ser
D.1956
10534
10634
Sept
104
Aug
Jan
9834, Jan
19,000
10334
10534
6s series C
Jan
Aug
73
Aug
June
Jan
5%s series E
1961
Okla Gas & Elec 5s
1950
6s series A.
1940
Okla Power & Water 5s '48
93
6,000
$54
49
Tenn Public Service 5s 1970
Terni Hydro-El 634s..1953
8334
Feb
May
Texas Elec Service 5s. 1960
Texas Gas Util 6s
1945
Texas Power & Lt 5s..1956
105%
11934 120
Pacific Invest 5s ser A. 1948
10134
10134 10134
Paciric Ltg & Pow 5s
$11534 11634
1942
91
Pacific Pow & Ltg 5s..1955 ""91 %
9134
Palmer Corp 6s
$10234 10334
1938
105" 10434 10534
Penn Cent L & P 4%s_ 1977
5s
$10434 10634
1979
Penn Electric 4s F
10134
10134 102
1971
10734
Jan
Feb
Feb
86
5,000
107
Apr
101
Apr
108
2022
Jan
9434
Jan
9334
10534
$107
1954
:v
Thermoid Co 6s stpd.1937
Aug
Tide Water Power 5S..1979
Tietz (Leonard) 734s.1946
Aug
377666
100
Jan
Apr
287666
10434
9734
12134 Mar
10234 Mar
11634 May
9434
Feb
104
May
10534 Sept
10734
Apr
Jan
102
10134
9834
Mar
Mar
11934
98
114
5~5~6QO
Jan
80
4,000
Jan
Apr
Mar
10134
Apr
Twin
1950
Deb 5%s series B
1959
Pennsylvania Power 5s '56
Penn Pub Serv 6s C..1947
'10434
..1954
Penn Water & Pow 58.1940
4%s series B
.1968
Peoples Gas L & Coke—
4s series B
1981
Peoples Lt & Pr 5s
1979
Phila Electric Co 5s.. 1966
Phila Elec Pow 5%s._1972
Phila Rapid Transit 6s 1962
Phil Sub Co G & E 4H *57
Piedm't Hydro-El 6%s *60
Piedmont & Nor 5s... 1954
Pittsburgh Coal 6s...1949
Pittsburgh Steel 6s...1948
10534 106
10434 10434
$106
10734
10834 10834
$10634 10734
11134 11134
107
107
98
97
2234
10934
'l0734
62
10534 10534
107
10434
10434 10434
$24
$107
$
Potrero Sug 7s stpd.,1947
Power Corp(Can)4%s B '59
$2534
July
July
47666
10634
Feb
10834
10834
Jan
107
"27600
10434
11134
Sept
10534
Feb
107
4,000
4,000
34,000
1,000
20,000
9,000
10734
5,000
10034
4,000
26
Aug
11434
Jan
10834 June
6s 3d stamped
5s series A
1957
1st & ref 5s...
1956
9634
Jan
2034 May
10334
Feb
105
1st
s
f 6s
1945
United Lt & Pow 6s...1975
June
2734
106
634s..........^...1974
534s
...1959
Un Lt & Rys (Del) 534s '52
434s
6s series E
i
Valvoline Oil 7s
1st ref 5s series B ..1950
6s
1946
7s with warrants
1954
100
101
Aug
July
32
Feb
West Penn Elec 5s....2030
West Penn Traction 5s '60
Jan
14534 May
West Texas Util 5s A. 1957
West Newspaper Un 6s *44
10834
Jan
11234
104
Feb
107
10434 10434
$10434 106
10334 10334
10534 10534
4% s series D
1978
4%s series E.:
1980
1st & ref 4%s ser F.1981
4%s series I.......1960
~2766o
10134
Jan
105
102
Jan
10534
Aug
July
Mar
84^
102%
Aug
105%
Aug
110
Feb
105
Mar
107% May
107% Feb
116%
Jan
4,000
106% 106%
116% 116%
6334
63%
$2734 35
27% 27%
2,000
9,000
1,000
32%
33%
Jan
92
June
Jan
97
July
76
94
94%
7,000
80
9,000
94% 127,000
114
15,000
88
7,000
101% 102%
100% 100%
42,000
24,000
108
22,000
23,000
11,000
97
*
100%
81%
Jan
Jan
Jan
106% May
Jan
95
June
Jan
114
Sept
Jan
104%
75%
90%
92%
105
101% 102%
100% 100%
1937
29
30% 198,000
103% 103%
1,000
106% 107% 15,000
$106
107%
107
"l'ooo
105
105%
32,000
108
109
107
Wash Water Power 53.1960
105
"97%
7434
10034
5,000
96%
69%
97% 105,000
75
46,000
105% 106
19,000
106% 107%
5,000
106% 106%
6,000
13
100% 100%
1966
1941
107
York Rys Co 5s
1937
103% 103%
July
June
25% June
54,000
Yadkin RIv Pow 5s
10434
72
Jan
i5"6oo
89%
Wise Pow & Lt 4s
106
100
88%
Sept
Jan
Mar
37%
96
3034
105%
Apr
July
34
20,000
$101%
10634
102
Mar
103
42% 4634
102% 102%
$100
10134
10034
534s *55
Wheeling Elec Co 5s..1941
10334
100
Jan
Mar
$106% 108%
Wise-Minn Lt & Pow 5s '44
147600
July
June
90
98%
90
$105
Jan
22,000
Jan
Jan
Sept
108
87%
Sept
Aug
111
Jan
'16134
Wash Gas Light 5s
1958
Wash Ry & Eleo 4s..1951
13,000
106%
Jan
Apr
113
West United G & E
1966
Apr
90%
103%
101%
July
Jan
Mar
July
Aug
June
106% May
105% Apr
96%
Jan
100% May
95%
Jan
91%
Jan
83%
Jan
107% June
100% Aug
104
Apr
103
Aug
101
Aug
97%
Sept
30%
Sept
Waldorf-Astoria Corp—
Aug
11134 112
109
$107
1956
40
Mar
104%
106%
76%
11334
1937
534s '57
534s A. 1946
Mar
13234
i4"666
Feb
Sept
66,000
94
1952
10834
9134
14,000
29
105%
104
105% 105%
Utica Gas & Elec 5s D. 1956
Jan
Mar
Jan
74% June
Jan
99%
Jan
90
77% May
41%
Aug
Aug
88%
8734
"94%
1944
Ward Baking 6s
10534 Mar
10634
Jan
6634
Jan
9034
Jan
9734
Jan
2234 June
89
24
106 34 107
9434
Mar
Jan
8334
33
"8934
Apr
65
6334
Vamma Water Pow
Pub Serv of Nor Illinois—
5s series C
ex-w
Va Public Serv
Mar
4,000
72,000
96
103
$105% 106%
$10534 106
United Industrial 634s 1941
10834
Jan
7534 June
10634 Mar
14034 141
6% perpetual certificates
United El Serv 7s
July
108
21,000
4,000
66
1967
Utah Pow & Lt 6s A..2022
Jan
36
111
$25
1954
5s series B
434s
Mar
May
Feb
29,000
4,000
47,000
8,000
102
66
102%
10234
Sept
103
98
64
35
Union Amer Inv 5s A. 1948
Union Elec Lt & Power—
2434
11334
11234
105
Jan
83%
105% 106%
4634
Mar
Sept
Feb
83
111
1944
100
96
110}
109}
23,000
105% 105%
8734
Jan
6
Apr
Aug
94%
10634
107*"
United Lt & Rys (Me)—
68 series A
1952
6s series A
1973
11134 June
10834 Aug
8634
Jan
10534 Mar
4134
Jan
Jan
105%
106%
110
111
1962
Jan
8634
68,000
8934
9934
100
1949
Prussian Electric as.. 1954
Public Service of N J—
i
$10434 105
76
7834
107
Potomac Edison 5s E. 1956
4%s series F
1961
Power Securities 6s
63
10534
7834
July
Jan
55,000
107
1939
Portland Gas & Coke 5s '40
98
107
10534
4,000
107
10734 10734
63
10634 June
105
~
2234
2434 114,000
11234 11234
6,000
109
12,000
10934
9534
9534
1,000
11234
Pomeranian Elec 6s..1953
Poor & Co 6s
3,000
23,000
106%
63
United Elec N J 4s... 1949
6s series A x-w
48%
108%
Apr
Ulen Co—
Aug
Penn Ohio Edison—
Sept
fiApr
104
63
93%
City Rap Tr 534s '52
Toledo Edison 5s
1941
42
104
12"66O
$10634 10734
._:.1957
6s
1,000
42
$109
107
105
Apr
Aug
60% Mar
1,000
46
105% 105%
$105% 106
112
Mar
53
Aug
56
44
42
Tennessee Elec Pow 5s 1956
10334 June
Aug
43
16,000
Mar
102
4,000
53
60
107
106
loTooo
65
68
Apr
July
Apr
Feb
60
Mar
5s series B
July
49
259,000
3,000
10734
Pacific Gas & El Co—
5s series D
Syracuse Ltg 534s
Sept
78
76
107
10334
29,000
3,000
1st 6s series B
7s stmp ctfs dep. 1946
Super Power of 111 434s '6S
1st 434s
1970
84
84
76
"46~"
1936
High
62% May
46%
Jan
8134
dep. 1936
1946
Low
76
Mar
Apr
104
111
10534 10534
$107
10734
105
10534
10534
10234
10234 10234
10034
7s stamp ctfs
Range Since Jan. 1
$
High
82%
10434
5,000
32,000
9234
9334
10034 10034
10734
Oswego Falls 6s
1941
Pacific Coast Power 5s '40
1936
7-4% stamped
Aug
10334
10934
Low
10834 July
30,000
106
10534 10534
$110
1953
Week
7-4% stamped
Mar
10434
10434
Ohio Public Service Co—
5s series D.........1954
for
of Prices
Standard Pow & Lt 6s. 1957
Standard Telcp 5%s..l943
Stinnes (Hugo) Corp—
June
Mar
51
2,000
106
Jan
10234
10034
i3"666
June
Jan
98
6,000
10234
10734 108
10534 106
106
50,000
Week's Range
Sale
Price
Jan
10234
10234
5,000
Last
High
Low
%
1969
BONDS
(.Concluded)
Range Since Jan. 1 1936
Northern Indiana P S—
5s series C
Sales
Friday
Week
Price
1695
107
7,000
11,000
17
June
103%
Sept
107
105%
Mar
107%
105%
Aug
107
Mar
105
Feb
May
Jan
Feb
Jan
107%
105%
Jan
111%
Aug
Jan
97%
Jan
99
103%
88%
33%
75
Sept
Sept
105
Mar
106%
Sept
106
Jan
100%
Sept
106
Mar
Sept
106% Mar
107% June
107
100%
107%
104%
Feb
Sept
Jan
July
.
102%
Apr
Jan
Pub Serv of Oklahoma—•
10634 10634
6,000
105 34
July
9534
9434
9534
79,000
92
9034
92
22,000
8634
8334
Jan
1st & ret 5s series C. 1950
1st & ref
8734
86 V
8734
65,000
7834
Jan
4s series A
1966
Puget Sound P & L 5%s '49
4%s
ser
D_ 1950
Quebec Power 5s
5,000
103
Apr
10634
9634
9334
8934
10634
10634
15,000
103
Jan
10634
10034 10034
8634
8834
4,000
9834 May
7,000
74
106
106
106
1968
Jan
Sept
Sept
Feb
Jan
FOREIGN GOVERNMENT
Feb
Mar
AND MUNICIPALITIES—
Queens Boro Gas & Elec—
5%s series A
1952
Reliance Manag't 5S..1954
Rochester Cent Pow 5s '63
10034
2734
Safe Harbor Water
4%s '79
10634
St Louis Gas & Coke 6s '47
17
San Antonio PS 5s B..1958
106
San Joaquin L & P 6s B '52
Sauda Falls 5s
1955
Saxon Pub
Schulte
Wks 6s... 1937
Real
2734
1,000
26
Ruhr Gas Corp 6%s._1953
Ruhr Housing 6%s
1958
26'
2,000
10634 10634
1634
1834
10534 106
$12934
10834 10834
28
$2634
4,000
50,000
24,000
•;
Jan
25
May
2234 June
10534 Aug
v
12
July
20-year 7s
Jan
95
Feb
33
Feb
Buenos Aires
27
Feb
1935
2134
6s ex warrants...-.1935
213*
Second Int'l Sec 5s... 1948
Servel Inc 5s
1948
Shawinigan W & P 4%s '67
4%s series B
..1968
1st 4%s series D...1970
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
Southeast P & L 68...2025
Sou Calif Edison Ltd—
2134
2034
103
$66
100
2154
2134
10334
70 34
9934
10734
4,000
68
10034
$10634 •10634
10534
10534 10534
"10534
3,000
15,000
"4:600
70%
71
10,000
73
73
5,000
1948
9
9
1,000
106
Sept
137600
July
Prov Banks 6s B...1951
12934
Aug
110
Jan
33
Jan
17
July
16
July
80
10134 May
104
3034
69 series A...
Danish
Jan
7234
Apr
103
Feb
Aug
108
Feb
10034
10034
10034
Jan
10534
Jan
10534
10534
4,000
1,000
9934 100
10734
7,000
97
Apr
101
54,000
101
Feb
10834
107
Jan
Jan
72
Mar
Mar
External
July
June
10634 10634
13,000
10334
10634
36,000
101
Jan
107
Ref M
3548 B.July 1 '60
10634
10634 10634
10634 10634
10934 110
10634 10634
19,000
10034
10634
10534
Jan
11034
111
Sept
July
Aug
Apr
10734
Sept
Feb
10434 June
$104
Sou Counties Gas 4%s.l968
Sou Indiana G & E
Sou Indiana Ry 4s
1951
Southern Nat Gas 6s__1944
S'western Assoc Tel 5s.1961
S'western Lt & Pr 5s..1957
So'west Pow & Lt 6S..2022
S'west Pub Serv 6s...1945
Stand Gas & Elec 6s..1935
Certificates of deposit.
Convertible 6s
1935
Certificates of deposit.
8534
8234
86
103
"87666
200
10334
10334 104
10134 10134
31,000
10434
10334 10434
16,000
9934
100
10434 10434
86
8434
86
85
86
1,000
10534
5634
Sept
108
Jan
86
Hanover (City) 7s
1939
Hanover (Prov) 6%s._1949
Lima (City) Peru 6%s.l958
"23
Maranhao 7s
104
9234
Jan
99
Jan
10134 - Sept
10434 Sept
10134 June
10534
Feb
86
Sept
8634 Sept
8634 Sept
8,000
91
Jan
2,000
100
May
69
Jan
8634
69,000
25,000
8534
87,000
64
8534
64,000
6334 May
10134 10134
1,000
1951
'8434
Debenture 6sDec 1 1966
Standard Invests 5%s.l939
8434
8434
33,000
6734 May
69
May
66
97
May
May
Jan
17
8634
1951
$11%
"6334
1,000
3,000
5,000
11
Feb
Mar
34
Jan
Jan
102
July
Jan
100
Aug
Aug
25
73
Apr
Feb
May
95%
89%
(State) 7s
Rio de Janeiro
Govt 634s
634s certificates
534s.
534s certificates
Santa Fe 7s.
7s
1919
1919
1921
1921
134
12-34
7s
20%
20%
98%
19
9,000
May
19% May
9
May
28%
28%
32%
26%
13
Jan
17%
14%
Feb
95
Aug
July
25,000
63
Feb
88
July
2,000
18
Jan
20%
July
3~66o
Jan
17%
12
Jan
14%
7,000
7,000
92%
Jan
99
10%
Jan
15%
6,000
12%
1%
10,000
23%
17%
2%
2%
2%
2%
1
1% 113,000
1%
1% 53:660
%
Jan
Jan
Sept
13%
9%
71%
"
9,000
11,000
13%
Feb
1
Mar
Jan
May
% May
1
June
%
Sept
22
Jan
Apr
Jan
Sept
Apr
Jan
Jan
Jan
Jan
Jan
$63
"51""
....1949
Santiago 7s
80
20%
20%
12%
""134
1945
±
2,000
$1%
..1945
stamped
12%
17%
13%
93%
18% May
18% May
21
"
9~ooo
15%
1%
634s--1959
Russian
26
19
1958
6,000
6,000
23%
98
"1334
Mtge Bk of Denmark 5s '72
Parana
91
60
25
25
77%
1951
Issue of Oct 1927
Jan
1961
67
58
Feb
71
Mar
51
52
"3:666
49
June
60
Apr
12%
23,000
11%
11%
12%
$12%
12%
Jan
Jan
12% May
12%
Jan
Sept
8534
8534
10234
29
60
24%
24%
$24%
23%
11%
1958
Mtge Bk of Chile 6s... 1931
Jan
54,000
34
Mtge Bk of Bogota 7s. 1947
Issue of May 1927
Sept
Jan
101
8634
8634
86
8434
8434
3,000
10434
10534 10534
5%s '57
Mar
33
100% 100%
97% 99
$
"25"
25
Aug
10634
8,000
1952
Medellln 7s series E..1951
10634
1st & ref mtge 4s
1960
Sou Calif-Gas Co 4%s.1961
29
10034
1947
Mendoza 734s
4s stamped
1945
Mar
634s
Secured 6s
Mar
3%s.May 1 1960
Debenture 6s
1955
.....1953
July
Ref M
Debenture 3%s
$28%
1952
534s..
German Cons Munic 7s '47
Feb
10634
58
83%
Jan
Jan
Danzig Port & Waterways
Feb
7034
7,coo
Mar
~
10534 10534
10534 10534
7034
Sept
Aug
May
Cent Bk of German State &
July
98
72%
74%
24% May
1952
1947
Jan
Apr
55%
Jan
57%
Jan
7% May
Jan
20
(Province)—
Cauca Valley 7s
Jan
61
Feb
Jan
17
3,000
7s stamped
5s.
Scrlpp (E W) Co 5%s_1943
Seattle Lighting 5s... 1949
21%
21%
26%
18%
....
21
23%
734s stamped
Estate—
6s with warrants
1951
10834 June
1934
Jan
10134
10834
2434
$20%
$29%
33%
.1947
Baden 7s__
124
167666
Agricultural Mtge Bk (Col)
20-year 7s.
1946
104
Sept
Sept
Feb
*
No par valu-.
the rule sales
range,
x
not
a
Deferred delivery sales not nciuded in year's range,
n Under
r Cash sales not Included in year's
Included in year's range,
Ex-dividend.
$ Friday's bid and asked price.
e
Cash sales transacted during
No sales were transacted during
curren
week.
the current 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:
INTo sales.
z
Deferred
delivery sales transacted during the current week and not Included
weekly or yearly range:
No sales.
Abbreviations Used Above—"cod," certificates of deposit; "cons," consolidated:
cum," cumulative: "conv," convertible; "m," mortgage; "n-v," non-voting stock:
t c." voting trust certificates; "w i," when issued; "w
w," with warrants;
"x-w," withou warrants.
"v
Financial
1696
Chronicle
Sept. 12, 1936
Other Stock Exchanges
Sales
Friday
Last
New York Real Estate Securities
Stocks (Contended)
Closing bid and asked quotations, Friday, Sept. 11
Unlisted Stocks
Ask
Bid
Unlisted Bonds
32
Dorset ctfs of deposit
10%
7%
Oliver Cromwell ctfs
103 East 57 St Bldg 6S.1941
67
69
Pennsylvania Bldg ctfs
61 Bway Bldg 5%s_..1950
31
City & Suburban Homes..
Lincoln Bldg Corp v t c...
39 Bway Inc units
5
4%
4%
Preferred------------25
Utah Apex Mining.
35
7
Week
102
101% 102 %
24
25
205
Low
High
127
4
89%
88%
89%
990
38
38
1
"T%
*
17%
Mar
9%
Mar
.Jan
90%
37%
Aug
42
40
1,400
"is
%
Jan
1%
1
83
98
1%
1%
5
Mar
28%
Jan
38
.
101
Jan
90%
21% June
6%
Waldorf System Inc
Warren Bros
165
6%
Utah Metal & Tunnel
53
25
Range Since Jan. 1, 1936
Shares
6%
United Gas Corp
1
United Shoe Mach Corp.25
for
of Prices
Low
High
Prile
Par
Torrington Co
-__.*
Union Twist Drill Co
5
Bid
Week's Range
Sale
Exchange
Feb
Feb
2%
Feb
Aug
Jan
1%
338
9%
Jan
363
4%
Jan
18%
10%
Sept
9%
83%
10,000
70
Jan
84
Aug
4,150
70
Jan
90%
18
17%
Co.
Apr
Bonds—
Eastern Mass St Ry—
Baltimore Stock Exchange
Orders Executed on
Established 1853
Membert
New
Baltimore
and
88%
NEW YORK
York, Pa
Louisville, Ky.
York
83%
1948
83%
88%
90
Aug
39 Broadway
BALTIMORE, MD.
Hagerstown, Md,
1948
Series B 5s
6. S.Calvert St.
Series A 4%s
BOYCE
STEIN BROS.
CHICAGO
SECURITIES
Listed and Unlisted
Stock Exchangee
Chicago Board of Trade and Commodity Exchange. Inc.
Vml H. Davis & ®<x
Baltimore Stock
Exchange
Members:
Sept. 5 to Sept. 11, both inclusive, compiled from official sales lists
Last
Week's Range
Sale
Arundel Corn
Low
18%
19%
505
36
365
Apr
July
Jan
22%
39
Feb
7%
Feb
185
5
244
2%
Jan
620
19%
July
30
Feb
27
May
36
Feb
91
27%
28%
91%
5
84
Jan
113
113%
94
111
July
24
1,668
11
37
190
17
25
28
28
.25
Consol Gas E L & Power.*
113%
preferred
..100
Eastern Sugar Assoc com.l
5%
Preferred-
23%
36%
23%
1
Houston Oil pref
89
Jan
120
39%
Apr
50
Jan
14%
Aug
20%
Jan
% Feb
7% May
1%
11%
3%
37%
Mar
23%
Feb
1% June
9%
Apr
28
Aug
July
2
8%
8%
48
2%
210
Merck & Miners Transp..*
35
2%
36%
Monon W Pa P S 7%
27%
27%
13
"~2%
1
pf-25
2
2
Mt Ver-Wood Mills comlOO
126
3
2
13%
14%
3,077
1%
14%
New Amsterdam Cas____5
1%
150
Owlngs Mills Distillery._l
95
10
2
20%
31
Jan
1%
Jan
Aug
Mar
3%
16%
Jan
Jan
Aug
9
10
19
*
Feb
1%
87
Jan
98
July
10
Sept
10
Sept
29%
6,089
13%
20%
Apr
Sept
Bonds—
100
113%
Feb
30%
36%
31
36%
8,000
15%
Jan
33
600
17
Jan
41
July
North Ave Market 6s. 1940
50
50
1,000
49
Sept
63
Apr
Read Drug & Chem 5%s'45
100
1Q0
1,000
100
Apr
115
Balto City 4s Pav Loan.'51
Bait Transit 4s flat. .1975
A
30%
1975
5s flat
115
Par
Stocks—
115%
July
July
101% June
Exchange
Sales
Week's Range
Last
Sale
of Prices
High
Par
Price
100
100
179%
Boston & Albany
Boston Elevated
100
66%
Boston Herald Traveler..*
31%
Stocks-
Low.
Range Since Jan. 1, 1936
Week
54%
5%
Advance Alum Castings..5
143%
177% 180
143%
143
66%
29%
Low
Preferred
100
8%
16
250
150
21
Jan
16%
25%
41%
70
40
Jan
46
Feb
51%
5%
3%
55
360
20
May
55
Sept
5%
3%
1,750
47
47%
350
9%
1,750
3%
Automatic Products com.5
28%
29%
1
12
10%
12
Bastian-Blessing Co com
Aviation
pref *
Bliss & Laughlin Inc cap.5
Borg Warner Corp com. 10
Class B._._
!*
10
287
65
May
29
Aug
31%
Sept
Apr
10%
Jan
Feb
6
Mar
23
Aug
50
26%
Aug
30%
34%
Mar
Mar
Mar
500
19
Sept
12%
12%
50
11%
July
18%
11%
12%
23,450
7%
Jan
13%
Aug
52
53
400
38%
Jan
56
July
-1
13%
14
260
13%
Sept
17
Conv preferred
1
Jan
14%
*
550
16%
1,250
1,440
12
July
18
Jan
70%
57
Jan
71
Aug
1%
1
preferred
*
*
2%
2%
3
.90
90
90
54%
53%
11,500
.
55
Preferred
40
14
14
15
8
Jan
54
52%
54%
680
35
Jan
51%
50
51%
120
40%
Jan
Apr
Apr
Feb
Jan
11%
14%
544
5
June
15
Feb
273
8% June
21
Sept
13%
13%
170
12%
May
2%
135
July
11%
290
2%
5%
Jan
"
Preferred
Coleman Lp & Stove com.*
Com monwealth Edison 100
Jan
Compressed Ind Gases cap*
Apr
Consolidated Biscuit com.l
.
90c
6
%
Feb
1
7%
7%
300
6%
Jan
9%
Apr
60c
60c
100
60c
Sept
1%
Feb
6%
107
3%
Jan
11%
Mar
63%
78
41%
Jan
83
Mar
53%
100
2%
Aug
4%
Jan
34%
Apr
Jan
Mar
31%
Apr
7%
Feb
20
25
50
4%
5,500
19%
2 %
33
33
106
45
7 % prior preferred
6%
Jan
27
45%
11%
107%
46
30
3,300
5
Feb
38
Feb
116
July
Aug
72%
Aug
July
11%
Aug
% June
2,950
8
Feb
Sept
Jan
96%
42
%
8%
52
30% June
700
600
11%
11
5%
Apr
33%
26%
107%
Sept
Mar
43%
27
4
Feb
Apr
51%
100
4%
Common
Mar
4
22%
54 %
550
26%
Chic Yellow Cab Inc cap.*
Cities Service Co com....*
Jan
14%
Sept
*
3%
17
Feb
Sept
56
*
...
Cherry Burrell Corp com.*
Chicago Corp common...*
3%
12%
3%
90%
Central States Pr & Lt—
Chic & No W Ry com.,100
Chic Rivet & Mach cap..*
90c
Feb
Apr
49
20% May
Feb
11
2%
Jan
1%
270
560
14%
•
Feb
1%
69
1%
July
7
.
12%
4%
21
1%
10%
Consumers Co—
5
%
100
8%
%
150
5%
Jan
120
2%
Jan
5
100
27%
July
47
3%
12%
Feb
Feb
Sept
Continental Steel—
6%
62
62
...100
100
*
com
2d preferred-.----;
Jan
Apr
2
2
16
49
48
49
25
Jan
3%
62%
14
14
14
25
8%
Feb
18
13
13%
300
8%
Jan
15
July
_*
Economy Grocery Stores.*
Edison Elec Ilium
100
55%
370
Employers Group
General Capital
...»
Common..
*
Cord Corp cap stock
Crane Co common
5
25
Preferred.
32
4%
38
55%
17
55%
17
164
165
30
17
166%
393
23%
211
"1%
33
June
50
16
1
Dayton Rubber Mfg
Cum class A pref
35
Decker
Dexter Co (The) com
Dixie-Vortex Co com
Feb
30%
*
5
36%
May
~l6%
10%
10%
108
11%
Aug
Econ Cunnghm Drug com *
14%
14
14%
607
5%
13%
Jan
*
July
19%
Feb
Hathaway Bakeries pref..*
43%
43%
2%
47%
50
26%
May
47%
Sept
Eddy Paper Corp (The)..*
Elec Household Util cap_5
2%
480
1%
May
2%
Jan
Elgin Nat Watch Co...15
1'
325
July
1%
Aug
Fitz Sim & Co D & D com*
23%
23%
41%
*
1'
16
Loews Theatres (Boston)25
100
Preferred
100
N Y N H & IIRR (The) 100
North Butte
*
Old Colony RR
34
"45%
131
25
Pacific Mills Co
25
85c
97c
23
*
13%
Stone & Webster
*
19%
8%
*
*
page
50
120
Jan
138
July
110
8
39%
129% 131%
3%
75c
75
10
9%
Jan
13
Aug
Gardner-Denver Co
7%
Jan
18
Mar
General Candy Corp A.
Gen Household Util—
85
45
Mar
18%
Jan
310
1%
Jan
152
38%
Jan
530
32
135
36c
1,020
85c
145
117%
73
2%
26c
19
Feb
3%
Feb
51
Mar
131%
Sept
Apr
Apr
Sept
Apr
__
Goldblatt Bros Inc
com..
Great Lakes D & D
com.
Jan
_
Mar
1%
Apr
Harnischfeger Corp com -10
HeilemaD Brew Co G cap.'
Heller (W E) pref wow. _2_
21
Sept
"14%
18%
Houdaille-Hershey clB.
56c
Jan
850
19%
Jan
170
4%
18
190
9 %
Jan
Jan
550
19
700
%
Jan
15%
30%
9%
18
Mar
Aug
21
June
18% July
38% May
16%
Jan
41% June
30
38%
16%
17%
1,200
28%
20
23
Apr
14
14%
37%
1,800
13
June
18%
Jan
37%
18%
19
Jan
38%
Aug
600
16%
Jan
23
Apr
39
Jan
60
July
11 %
Jan
18
Sept
21,500
7%
Aug
14%
Aug
450
22%
Jan
39%
Mar
60
18
400
13%
35
18
18%
41% *46
32
30%
14%
14%
10%
10%
44%
30%
"10%
200
8%
II,750
1,650
22%
10
1,350
9%
8%
20%
26
Jan
20%
July
Jan
46
Sept
July
33%
Apr
Jan
17
Apr
Jan
13%
Apr
Feb
26%
23%
23%
50
18%
23%
18%
200
16% May
30%
9
9%
106% 106%
1,500
1,000
22% May
22
46
1699
137
14%
May
40%
891
28%
Apr
40%
Sept
90c
1%
23
3,245
70c
Jan
1%
Feb
15%
Jan
23
Aug
111 North Utilities
20
100
Feb
14%
19%
8%
450
11
Jan
July
Indep Pneum Tool
v t c—
64
64
10
60
July
68
575
14%
Feb
15%
21%
July
15
15
10
15
Sept
24%
1%
Jan
8%
Sept
Sept
Interstate Pow $6 pref
Jarvis (W B) Co cap.....
22
21
22
2,150
Katz
41%
40%
41%
22%
13%
18%
6
44
46
88
1,440
245
25
Jan
„
46
"30
25
9%
'
Drug Co
pref .100
com
30
Jau
27%
51
11%
Mar
50
16%
34
20
21
Illinois Brick Co..:
Jan
Aug
Sept
39
51
"16%
Hormel & Co (Geo) com A*
815
30%
6%
18
Class B
70%
58c
10
13%
Aug
May
106
1,050
34%
(new)
Godchaux Sugars Inc—
Class A
Jan
5%
100
15%
107
Sept
28%
17%
com.
Feb
87
May
Common
19%
*
1,772
3%
23
40c
July
Class A
15%
29%
39%
Reece Buttonhole Mach.10
2d preferred.....
Aug
Apr
21
Shawmut Assn tr ctfs
Sub Elec Sec Co com
13%
36
2%
45%
32c
50
Quincy Mining
13
22%
*
Pennsylvania RR
16
9%
27%
2%
45%
75
'""3%
100
Old Dominion Co...
1
41%
13
13%
*
.
24
17%
5
*
Mergenthaler Linotype
New England Tel & Tel 100
2,700
6
(Alt) & Cohn comlO
Gillette Safety Razor..
100
4,150
39%
107
15%
com.
Mar
169
Apr
Cudaby Packing pref--100
Mar
23%
Jan
20
Jan
60
May
155%
Apr
Gilchrist Co..
Helvetia Oil Co
32
4%
137% 138
100
27%
41%
Class B
4
38
31%
May
13%
Preferred
dot-
21
Sept
83%
J{R>
1,202
5
100
For (oobuoita
27
31%
Jan
16%
13%
2%
Common
5% cum preferred
Mass Utilities v t c
64
Apr
July
100
10
13%
....*
com
22%
I,450
6,850
14
6% cum pref-.i
..100
Eastern Mass St Ry—
Maine Central
5,250
4%
49%
52%
East Gas & Fuel Assn—
Eastern SS Lines
31%
81
22%
July
Central III Sec-
6% prior pref A
Preferred B
Apr
440
4%
90c
Common
Jan
8%
48%
52%
6% May
60c
July
3
14%
10%
4%
310
*
32
Jan
62%
"n%
East Boston Co
16%
Jan
49%
469
25
Jan
7%
*
17
Copper Range
6%
Chicago Flex Shaft com..5
Feb
15%
Feb
21%
Feb
Sept
8%
11
750
41
Jan
Feb
19
19
com..10
Central Cold Storage com20
Preferred
Jan
Aug
12%
—
Bruce Co (E L) com
Prior lien
4
Jan
48%
27
—*
Class A..
Sept
266
5%
Jan
79%
"
Jan
July
Brown Fence & Wire—
Sept
70
30
7%
Feb
2%
27%
7%
22%
81
Brach & Sons (E J) com..*
180
11%
7%
"30""
4% June
Aug
900
July
,9%
25
7%
Blnks Mfg Co A conv
11% June
3,850
14%
*
14%
28%
14%
com
Berghoff Brewing Co
Bendix
143%
13
Cliff Mining Co..
Calumet & Hecla
9%
3%
17%
Class A 1st pref
100
Class B 1st pref stpd.100
Boston Personal Prop Tr
Brown Durrell Co com—*
""9%
1,350
1,360
12%
Class C 1st pref stpd.100
Class D 1st pref stpd.lOU
55
Co com.__l
Asbestos Mfg
Jan
1,202
8%
57% Aug
7% May
9% Sept
22%
Associates Invest Co com.*
Apr
28
Jan
15%
5%
117%
31%
6
7
*
Sept
5%
33
6
32
5%
27%
Preferred Stamped. .100
Prior preferred
100
Class A 1st pref stpd.100
July
50
4,650
41%
Armour & Co common...5
149%
5%
51%
5%
9%
55
pref...*
Co pref. 100
Amer Pub Serv
152
90
400
5%
54%
22%
—
Altorfer Bros conv
1,850
69%
9
High
10
Class A
Chain Belt Co com
100
Low
Central S W—
High
Boston & Maine—
Common
Range Since Jan. 1, 1936
Week
25
Common
Cent 111 Pub Serv pref.-.*
Shares
,
9
*
Co com..*
Common (new)
Adams Royalty
Common
Amer Tel & Tel
Shares
Price
Abbott Laboratories—
Common..
for
for
of Prices
Low
High
Castle & Co (A M)
Sept. 5 to Sept. 11, both inclusive, compiled from official sales lists
Friday
Week's Range
Sale
Butler Brothers
Boston Stock
Sales
Last
Allied Products Corp—
50
95
10
com.
Aug
88
25
Preferred
Aug
compiled from official sales lists
Friday
Sept
71
50
U S Fidelity & Guar
24
37
87
1
Penna Water & Pow
Jan
Jan
310
1
1st preferredMar Tex Oil
Feb
17%
119
Sept. 5 to Sept. 11, both inclusive,
Aug
44%
*
t
94%
116
17%
"im
100
com v
% June
43%
117
117%
Fidelity & Deposit
20
Fidel & Guar Fire Corp. 10
Chicago Stock Exchango
Feb
5
2%
""26%
*
Preferred..
Mfrs Finance
16%
26%
2
pref v t c
Black & Decker com
St., CHICAGO
High
4%
o__*
10 So. La Salle
Range Since Jan. 1, 1936
for
Week
Shares
35
3514
2%
(Conn)..60
Bait Transit com v t
1st
Low
*
i
Atl Coast Line
of Prices
High
Price
Par
New York Curb (Associate)
Sales
Friday
Stocks—
Chicago Stock Exchange
Chicago Curb Exchange
New York Stock Exchange
450
8
May
32%
12%
109%
Feb
Jan
Mar
Jan
Jan
Feb
Mar
18%
Feb
24
Mar
32
Feb
42
May
Volume
143
Financial
Friday
Last
Stocks
(Concluded)
Par
Price
Kellogg Switchboard comlO
11%
Preferred (new)
100
Ken-Rad T & Lamp comA*
Ky Utll ]r cum pref
60
6%
preferred
"14 %
30
&
14%
Feb
170
34%
Aug
Aug
125
Sept
May
43%
90%
Aug
Aug
1%
Jan
3%
Mar
690
1%
Sept
120
28%
Feb
60
76
100
6%
12%
45%
*
30
3%
3%
Jan
33
May
7
Feb
Jan
Formica Insulation
Gibson Art
Hobart A
13%
45%
454
6,000
7
Jan
13%
July
50
July
35%
500
Jan
15
Mar
McGraw Electric com,__5
33
Apr
45
34%
34%
34%
350
27
Jan
38%
Sept
July
*
59
16%
Common
l
Middle West Corp cap
6
Stock purchase warrants
90%
100
62%
Jan
100
Mar
6%
1,750
8
Jan
29%
100
13
;
3%
6
4,350
23,300'
3%
%
Jan
%
Mar
5%
8
440
1
Mar
9
8
120
1%
4
50
6%
8%
3%
4%
11%
38%
Jan
55
46
49
May
17
Jan
26%
19
24%
50
1%
16%
8%
8%
17
Jan
24%
100
38%
Jan
65
1%
Jan
350
8%
50
12
12
7
7
,106
106
13
7% prior Hen pref... 100
Ontario Mfg Co com
*
57
3
National Pumps
*
6%
45%
21%
7%
27%
Procter & Gamble
__*
Randall A
*
B
*
Rapid
*
17
July
7%
25%
-
10
59
Sept
20
40
12
Feb
23%
100
102
3
101
Aug
26%
28
166
50
14
14
5
102
19
26% Sept
14
Aug
Friday
Jan
Last
Week's Range
for
Sale
of Prices
50
17%
36
1%
27%
33
36
150
17
150
32
Apr
July
Cleve-CIlffs Iron pref
27%
Jan
3%
Feb
Jan
Cleveland
22%
Apr
Jan
5%
2%
Jan
5%
Sept
Apr
1%
3%
1%
3,000
1%
6
Mar
4
Sept
1% May
4% June
71
_*
Fostoria Pressed Steel
28%
18
250
70
50
49
49%
Apr
72%
July
72%
July
Harbauer
103
Jan
120
Aug
Interlake
112%
Jan
123
Mar
Jaeger Machine
Lamson ^Sessions
50c
4%
4%
6
154
154
60
23
5%
154
2354
63
23
"22%
142
Jan
150
July
50
22
May
26
Jan
25%
1,050
64
2%
Jan
7% June
1%
150
Jan
3%
Feb
750
22%, 23%
11
May
24%
Aug
150
Jan
67%
July
Murray fOhio Mfg
18%
86
40
65%
Feb
11%
24
850
86
11%
60
2%
Apr
24
454
24
454
20
93
91%
16
4%'
5%
15%
16%
*
pref.25
30%
...25
22%
22%
18
18
9%
"_*
1954
554
5%
20
93
Aug
Mar
7
Feb
Jau
25
Jan
Aug
19%
Aug
12%
Feb
4%
Feb
Seiberling Rubber
8% cum pref...
SM A Corp
Mar
%
May
2
6,000
Jan
2054
14%
15
6%
6%
24
4
Apr
30
Apr
100
142
Jan
22%
3754
35%
38%
350
16
10
Mar
10.000I
Aug
7
25
7
Sept
10%
Jan
Sept
15
23
15%
55
21%
24
337
1,216
761
15%
34%
10
Sept
15
Jan
30
Mar
26
Mar
Jan
55
Jan
21%
19% June
210
5
3%
Jan
16
Jan
Jan
39%
July
23
325
15
23
41
5
110
32
2,410
5
100
29%
*
8%
8
4% May
Apr
Jan
9
Jan
102
Sept
12
6
Aug
55
1
445
2
2
100
1%
3
115
35
145
35
12
106% 106%
18
18
25%
55%
3%
13%
25%
24%
55
55
2%
13%
85
Aug
1% June
1% July
27
104%
9%
17%
Apr
Jan
Buhl
Jan
14
Jan
May
186
9
May
139
17
Jab
pref
.100
Cburngold
Kor
footnotes
page
"103%
for
Feb
19%
12%
July
19
June
Feb
Exchange
Sales
Last
Par
Week's Range
of Prices
Price
Low
for
Range Since Jan. 1, 1936
Week
High
Shares
Low
High
\
Auto
City Brew
com
1
1%
11%
2
1%
10%
11%
2,418
4,959
Capital City Prod com...*
14%
14%
125
14
Aug
23
23
525
19
Baldwin Rubber com
1
Week
Detroit & Clev Nav com.10
Detroit Cripple
Low
Creek
1
%
10
237
20
377
26
35
9%
19%
102
12 %
Detroit-Mich Stove com__l
High
Jan
13%
Aug
25
June
105
Apr
17%
Mar
7
10
Detroit Steel Prod
1%
Jan
9%
July
com..*
2%
2%
%
6%
9
_
Jan
Apr
2%
Jan
3%
Mar
310
2%
Jan
4%
Feb
,516
7%
2,075
%
-2%
Aug
4
Apr
1,978
Jan
7%
10%
7,810
7%
Aug
10%
Apr
Mar
Jan
37%
19%
Aug
July
Jan
12
Mar
Sept
6
Sept
35%
36
420
19
19
360
23
Jan
Federal Motor Truck com*
9
9%
400
9%
7%
Feb
Gemmer MfgB
6
6
100
6
*
Feb
Apr
255
Feb
19
14
2%
2%
Federal Mogul com
*
3%
24%
23%
*
Continental Motors com.l
Range Since Jan. 1, 1936
Shares
10
103% 104%
13%
13%
25
DETROIT
Friday
Sales
19%
1699
Feb
Randolph 5530
Detroit Stock
Detroit Paper Prod com__l
*
see
4%
Chicago Stock Exchange
Building
Consolidated Paper com. 10
9%
Aug
Sept. 5 to Sept. 11, both inclusive, compiled from official sales lists
Sept. 5 to Sept. 11, both inclusive, compiled from official sales lists
100
Jan
Sept
CINCINNATI
Cincinnati Stock Exchange
of Prices
High
35
106%
New York Curb Associate
Telephone
Stocks—
Low
Sept
Members
Exchange
Exchange
Sale
Price
3
Feb
Jan
8%
Feb
4%
27
July
Aug
2
10
Feb
68
54
150
11%
18%
Feb
20
18
385
17
10%
18%
Jan
4%
Jan
32
17
11%
18%
265
Feb
July
5
77
32
7
32
4%
%
290
405
7%
Sept
Sept
Sept
Sept
Sept
July
7
8%
16
Apr
18%
101
.
Mar
39
654
%
7%
100
June
11
New York Stock
A. T. & T. Tel. Cin. 291
Sale
5% May
Mar
32%
*
Wire System- -First Boston
Corporation
Week's Range
Feb
Watling, Lerchen fit Hayes
July
8%
Stocks and Bonds
Last
Apr
Sept
26
July
Specialists in Ohio Listed and Unlisted
Friday
Jan
Sept
20% May
100
Stock Exchange
Cherry 6711
12
10
527
*
*
222
16
*
*
14%
300
,
32%
100
Vlchek Tool
BALLINGER fit CO.
UNION TRUST BLDG.,
16
4%
*
Detroit Stock
Cincinnati
Jan
June
Jan
11
10
Jan
Jan
6%
35
Apr
950
5%
Jan
260
I'
100
Patterson-Sargent
Sept
70
35%
f 29
£21
*
6% cum'pref
Feb
156%
1,950
Ohio Brass B
Packer Corp
417
16
7
130%
6%
Weinberger Drug Inc
Jan
15%
Jan
5%
2% May
650
"~6%
23
"161"
RIchman
Jan
Jan
July
Sept
28%
18%
55
cl A__*
cum
73
>' July
6% Feb
Feb
100
Nestle-LeMur
Jan
17
41
NorthjAmer Secur A...._*
8%
2%
10
'
7 %'cum'pref
59
10
Apr
July
July
157
4,445
Feb
Sept
48
50
18%
10%
500
20
com*
Apr
75
ri6
32%
*
National Tool
80
Jan
May
July
,
4
100
35%
600
33%
34
149% 150
24
Refining.. ...25
Apr
Apr
550
1954
6%
Apr
National
18
700
1
National Tile
7
5% June
1,200
4%
%
4
Preferred
Mar
28%
12% June
3,100
3
Sept
14%
Jan
Sept
86
28%
20%
550
680
3
.....
3%
1,850
31%
2254
18%
11%
23%
„
Feb
61
850
7%
"31"
1154
510
93
7
;__15
15%
2%
20
454
July
*
Jan
61%
25
19
"21%
Metropolitan Pav Brick..*
Midland Steel Products..*
35
54
45
15%
52%
*
McKee 1(ATG)fclass B_.._*
Medusa Ptld Cement.._.*
19%
30
22%
*
146
25%
Aug
Jan
115
14%
*
Leland Electric
143
10
Mar
13
s"'32% Sept
65
20
15%
Jan
-.100
Sept
Mar
32
7
*
140
115
125
12%
11%
15%
40
15%
*
Kelley Isld Lim & Tras
June
240
Steamship
20
Mar
48
*
80
124%
72%
28%
18%
810
High
25
65
Great Lakes Towing...100
May
50
123
89
*
118
124%
3,020
73
25
32
"32'
General Tire & Rubber... *
71
80
70%
26%
17%
"72'
100
12%
32%
18
71
Electric Controller & Mfg *
Faultless Rubber
*
Federal Knitting Mills
*
Foote-Burt
*
41
Mar
Low
31
12%
79
Commercial Bookbinding *
2%
Range Since Jan. 1, 1936
Shares
32%
17%
12%
100
Feb
High
31
*
Railway.
Apr
300
Low
_*
38
5,700
Viking Pump Co—
1st
Feb
Sales
*
Ctfs of dep
Cliffs Corp ctv
Jan
Mar
Price
Air Way El Ap 1st 7% pflOO
Akron Brass
*
July
5%
3%
700
Par
Apex Elec Mfg
City Ice & Fuel
4%
3%
Raytheon Mfg—
Champ Coated.
28%
Week
117
*
Feb
A. T. & T. GLEV. 565 & 566
Sept
119% 120
Par
3554
Union Trust Building, Cleveland
Telephone CHerry 5050
100
Industries
Jan
Sept
GILDS
100
Stocks—
Jan
102
Members Cleveland Stock Exchange
30
Apr
250
Quaker Oats Co—
Aluminum
Sept
9
48%
Ohio Listed and Unlisted Securities
11%
Mar
70
Members
Aug
Apr
30%
Jan
27
250
"25%
1%
9
20
70
*
25
Sept
Apr
7%
*
Walgreen Co common
*
Ward (Mont) & Co cl A..*
Wieboldt Stores Inc com.*
12
48%
22
7% June
25
1,000
60
*
27%
Jan
Jan
454
Cleveland Stock Exchange
70
1%
Sundstrand Mach ToolCo*
16
Sept. 5 to Sept. 11, both inclusive, compiled from official sales lists
59
17%
---
,__*
Thompson (J R) com...25
53
50
Feb
Aug
July
Jan
8
Feb
30
Process Corp com
*
Public Service of Nor Ill-
Convertible preferred..*
17
21%
7%
4%
16%
July
Jan
Jan
5
Southwest Lt & Pr pref.__*
Standard Dredge—
47
Feb
3%
40% June
37%
3%
300
3%
25
100
Apr
26
30
33
Sears Roebuck & Co com.*
6%
Feb
650
25
17%
Signode Steel Strap com..*
SIvyer Steel Castings com *
Jan
Sept
14
1%
Reliance Mfg Co com... 10
Jan
6
1%
11%
Sangamo Electric Co
*
Sehwitzer-Cummlns cap._l
2
135
10
29
*
105%
365
49
12
11%
Perfect Circle (The) Co..*
Pines Wlnterfront com
6
Potter Co (The) com
*
Wiliiams-Oil-O-Matic
106
12
3%
15%
Jan
Jan
29
*
Wisconsin Bankshares com*
July
July
Sept
Sept
Jan
57
100
Zenith Radio Corp. com..*
7
10
Stocks-
10
Common.
Wahl Co com
14
Jan
Aug
7% June
Jan
15%
com.. *
Convertible pref
June
4
Jan
Jan
100
*
Utah Radio Products com.*
Util & Ind Corp
*
11
100
Jan
20
*
*
conv
10
100
,
Sabin Robbins pref
U S Playing Card
Feb
2%
*
Swift International
Swift & Co
Aug
%
500
27%
Common
50
5%
4,150
29
com
33% June
Feb
32%
6
-.100
vtc
Jan
40
70
37
5%
29%
Common vtc
18
28
77
250
%
12
com
53
110
5,400
36
6
1
10%
30%
Sou Colo Pow A
31%
Feb
"
49
12
Preferred..
25
20
31%
49
15
Jan
52
500
48%
1%
36%
11
1,600
1%
10
Rath Packing Co
July
20
Sept
50
1%
10
Common
Sept
Aug
29%
6% preferred
7% preferred
35
17%
July
Jan
10
com *
i
Mar
Jan
6
14%
11%
Feb
50
Northwest Eng Co com.,*
Northwest Util—
Common
15
Mar
Sept
Jan
50
1%
i
Jan
49
*
Sept
Feb
50
6%
Jan
%
480
50%
48%
com
8
31%
2.50
Sept
Sept
24
*
6% preferred
Penn G & E A com
753
35
Meteor
Feb
1
7
July
23%
Ind com..*
North Amer Car com.
*
com
13%
11%
4% June
Sept
7% Feb
50%
National Standard
Peabody Coal Co B
June
11%
13
24
Noblltt-Sparks
6% preferred
Jan
Apr
3,050
46
National Union Radio coml
Storkline Fur
7
Aug
5%
17
Common
2%
-
29%
2%
10
Conv pref
7
8
U S Printing pref..
Jan
2,950
1,350
6%
Natl Pressure Cooker Co.2
Nat Rep Inv Tr conv
pfd. *
Prima Co
18
Apr
%
5%
5%
Natl Gypsum cl A com,.5
Parker Pen Co
6%
6%
%
Muskegon Mot Spec cl A.*
Oshkosh Overall Co
Common
Jan
Mar
....
Nachman Springfilled com*
7% preferred
Aug
3%
3%
12%
Monroe Chemical Co—
Preferred
_
62
19
%
7% preferred A
100
Miller & Hart conv pref
*
Modine Mfg com
*
.
July
6
*
Northwest Bancorp com
June
1
Jan
6%
Midland Util 7% pr llenlOO
6% prior lien
100
Northern Paper Mills
50
150
Jan
11%
6%
3%
12%
*
com
60
1%
6%
Apr
7%
4,550
"654
Metrop Ind Co allot ctfs,__
Mlckelberry's Food Prod-
com
4
29%
*
Mer & Mfrs Sec cl A com_l
National Leather
17
250
59
1%
16%
90
Manbatt-Dearborn com.,*
Marshall Field common,_*
_
44
50
Leonard
Little Miami Guar
Magna vox
190
350
Conv preferred A
10
_*
Kahn A
Jan
100
Aug
Sept
July
July
85
-35
*
Jan
Jan
13%
8%
8
*
Jan
10754
854
92%
94
13%
11%
High
Jan
100%
5%
85
94
____*
Law
68
91%
40
May
Range Since Jan. 1, 1936
Shares
161
9054
*
Jan
High
938
91
20
Jan
Apr
7
13%
Midland United CoCommon
Eagle-Picher Lead
Early & Daniel.
for
Week
107% 107%
*
21
43
Masonlte Corp com
107%
8%
..*
10
35%
11%
Low
*
Cohen (Dan)
Range
of Prices
Price
50
Dow Drug
750
44
.
Cincinnati Telephone
Coca-Cola A
9%
454
13%
44%
com
Par
Cinti Gas & Elec pref..100
Cincinnati Street Ry
50
26%
Lindsay Lt & Chem comlO
Lion Oil Refining Co com,*
McCord Rad & Mfg A,..*
McQuay-Norrls Mfg
Week's
O
*
;
$3% preferred
Apr
Stocks (Concluded)
11%
44%
4%
13%
Libby__10
Lincoln Printing Co—
Common
Julv
30
5%
26%
9%
Cumulative preferred.. *
Llbby McNeil
12%
10
2%
154
1%
30
Apr
75
90
1%
Lawbk Corp 6% cum pflOO
Leath & Co com
*
4%
High
2,100
42%
8954
2%
2%
Low
10
90
Last
Sale
2,500
14%
6
com
Range Since Jan. 1,1936
Shares
112
1354
42
Sales
Friday
for
Week
11%
42
1
cap
La Salle Etxt Unlv
11%
112
100
Kingsbury Brew
1697
Sales
Week's Range
of Prices
Low
High
Sale
Chronicle
Jan
Apr
Financial
1698
l
•
•
.
Week's Range
Stocks (Concluded)
of Prices
Low
High
Week's Range
of Prices
Week
Price
Par
Last
Sale
for
Sale
•.
Sales
Friday
Range Since Jan. 1, 1936
Last
•
-
Low
Skares
Stocks (Concluded)
High
Jan
Feb
LOw
Price
Par
July
Feb
Aug
8%
Mar
Pittsburgh Brewing pref..*
Mar
Pittsburgh Plate Glass. .25
Mar
Pittsburgh Screw & Bolt..*
Goebel Brewing com
1
7
7
7%
Graham-Paige com
1
2%
2%
2%
6%
6%
4,007
7,015
7,625
2
5%
*
30%
30%
550
23
May
*
17
17%
921
13
Apr
31%
19%
27%
%
5%
3%
40%
21%
28
677
20%
Apr
28
Aug
Plymouth Oil Co
5
1
700
,316
Jan
1%
Feb
Renner Company
1
5%
100
5
Jan
Feb
Ruud Manufacturing Co.5
July
Shamrock Oil & Gas
*
July
Standard Steel Spring
*
Range Since Jan. 1, 1930
for
Week
200
3%
7%
26%
High
Low
Shares
High
3%
6%
Natl Fireproof Corp com.*
10%
4%
6%
1936
12
Sept.
Sales
Friday
■:1
Chronicle
Apr
6%
Jan
1%
1%
July
*
Hall Lamp com
.
Houdaille-Hershey
B
Hudson Motor Car com.
10
Kresge (S S) Co com
27%
*
Michigan Sugar com
1
5%
10
Preferred
3%
Mid-West Abrasive com50c
*
Motor Products com...
.5
Motor Wheel com
Murray Corp com
Packard Motor Car com.
20%
12%
12%
41%
11%
5%
13%
Pfelffer Brewing com...
*
,
1.
*
Feb
Jan
22
Apr
22%
Mar
United Engine
13%
Sept
Vanadium Alloy Steel
Tlvoli Brewing com..... .1
1
515
41%
May
11%
140
10% June
18%
Mar
Westlnghouse Air Brake.
6%
5,214
4%
July
Mar
Westinghouse El & Mfg.50
5
1,075
5
July
8%
7%
5%
6%
4,355
4%
July
7
23%
765
12%
Jan
8%
2,788
5%
Jan
Jan
8% k
9
295
*
B
7%
7%
8%
420
7%
6%
4%
4%
910
2%
1%
1%
2,075
'516
7%
6
7%
%
1,575
5%
Sept
%
%
%
Sept
18%
35
43%
1%
307
22% May
% Sept
43%
300
47
110
31
47
1
1%
Jan
2
June
15
Jan
20
Mar
17
Jan
1,132
Sept
Feb
2%
Jan
60c
Jan
26
Aug
6,175
1%
Jan
5%
Jan
3%
3,435
Sept
1% Sept
47% Mar
145% Aug
Jan
97
Jan
149
-b.
34%
87
43% 45
140% 142%
*
1
60
100
July
106%
Mar
3% vJan
5%
Feb
..
Unlisted—
Apr
100%
4%
100
pref. 100
Lone Star Gas 6%
4%
*
Pennroad Corp vtc
Apr
July
126
ST. LOUIS MARKETS
Mar
3
11%
Mar
July
1%
Mar
I. M. SIMON &CO.
35%
Aug
Business Established 1874
15
310
Sept
17
400
5
Jan
1,000
34
34
_*
Wolverine Tube com
12%
9%
4%
Apr
11%
Mar
Jan
Wayne Screw Prod com. .4
.1
Wolverine Brew com
Jan
Sept
Jan
8%
_
140
1%
16%
Feb
23%
11%
Jan
4%
1%
*
.1
Warner Aircraft com
Feb
10
1%
16%
4%
m
45
Jan
50
1,612
17
45
m
& Fdy
6%
*
Universal Cooler A
„
*
Victor Brewing Co
„
4%
14,727
42*
Jan
98%
7% May
Jan
12%
36
133% 133%
10%
11%
-
Sept
May
41%
1%
Aug
5
-
6%
Tlmken-Det Axle com.. 10
United Shirt Dlst com...
-
7
30
25
305
18
„
6%
4%
40%
23%
.2
W) com
River Rasin Paper com..
-
United States Glass Co..25
.5
Reo Motor com
-
-
Jan
Apr
355
17
15
2,618
.
-
15%
175
21%
26
32
245
21%
20%
*
Parke-Davis com
Rickel (H
-
10
7%
100
Preferred
3
650
3%
40%
*
...
5%
Enquiries Invited
on
all
Mid'Weetern and Southern Securities
Established 1874
MEMBERS
DeHaven & Townsend
Stock
Louis
St.
New York Curb
Chicago
Board
Exchange
Exchange
New York Stock
315 North Fourth St., St.
Members
(Associate)
of
Trad#
Louis, Mo.
Telephone Central 3350
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
j
St. Louis Stock Exchange
30 Broad Street
1513 Walnut Street
both inclusive, compiled from official sales lists
Sept. 5 to Sept. 11,
Sales
Friday
Sept. 4 to Sept, 11, both inclusive,
Last
*
*
lo %
Chrysler Corp,
Curtis Pub Co com
5
(EG) Mfg Co
228
17
June
47%
24%
49%
26%
230
69
1,360
39%
1%
Jan
Feb
15,014
34%
2%
Jan
.
9%
214
8%
2%
200
1%
470
13
11%
7%
*
47%
com..*
16%
._.*
111%
*
8%
4s '45
11%
19% May
Feb
3,097
151
108%
Apr
12%
I
10
9%
Apr
15
141
7%
Jan
9
July
11%
54,000
Jan
20
1%
10%
7
Sept
Mar
5%
Sept
15
7
70
123
Jan
Jan
Jan
13
Jan
90
125%
33% 33%
Mar
Mar
127%
28%
Apr
35
Aug
26%
Jan
34
May
22
Jan
51%
35%
Sept
28%
Jan
27
220
Jan
34
Bonds—
♦City & Suburb P S 5s 1934
30
30
27,000
1941
50
51%
29,000
tScullin Steel 6s
_
.
30%
1934
4s certificates
Mar
31%
30
tUnlted Railways 4s
30
■
14,000
9,000
Jan
Apr
LOS ANGELES SECURITIES
Bonds—
Elec & Peoples tr ctfs
Jan
Feb
8%
75c
8
Apr
Apr
10
60
8
5%
Apr
1
9%
125
Wagner Electric com
Aug
1
125%
33%
3%
Feb
48% July
19%
Feb
113% June
May
25
*
150
Apr
July
15
Jan
1%
660
8%
102
Feb
Sept
204
90%
9%
130
325
Jan
Feb
9%
13%
260
5%
Jan
Jan
July
7
'i6
Mar
17%
5
71%
Feb
July
7
73
Mar
12%
30%
Jan
5%
400
1
Jan
Feb
Sept
July
100
5
11%
24
14%
1%
12%
53%
14%
July
9% June
100
100
Feb
June
9%
Southwest Bell Tel pref 100
40%
14%
100
15
Jan
7
Sleloff Packing com.
.
47%
8%
6%
22%
*
Apr
93
235
Scullin Steel pref.
Apr
47%
16%
16%
111% 112%
48%
12%
July
3%
Jan
Scruggs-V-B D G com...25
%
4%
7%
12%
Westmoreland Inc
Jan
3%
7 %
46%
Jan
75
10%
*
30%
..
Jan
325
'
20
7% June
3% May
.
79%
7%
50c
4
42
24
com.5
Rice-Stix Dry Gds com..
July
%
4%
*
Nicholas Beaz Airpl
May
79%
Jan
23%
*
National Oats com
Mar
4%
*
9%
6%
.
11
*
16%
Tonopah-Belmont Devel.l
Union Traction
50
296
100
100
Common.
Sept
28% May
Jan
10%
June
Natl Candy 2nd pref
282
6%
25%
5%
Aug
2
9
5,427
22%
22%
1
16
150
250
12%
July
545
430
1%
*
9% Sept
Jan
4%
9%
13%
..100
35%
Jan
2%
Philadelphia Traction...50
Reo Motor Car Co
Preferred
33 %
Aug
15%
Sept
150
23
15%
May
971
Aug
July
17
40
Mo Portld Cement com.25
117
5
81
Feb
Sept
148
8%
9%
Phila & Rd Coal & Iron. .♦
Common.
...
Feb
48%
12%
Hussmann-Llgonier pref..*
Apr
Aug
12
13%
13%
1%
Mar
6%
9%
Jan
6%
17%
2%
13%
13%
1%
12%
9
Feb
30%
275
Feb
35%
4%
Apr
17%
2%
13%
July
5
9%
23%
28%
Apr
Jan
17%
Sept
95
107
79%
22%
22%
27
Jan
3
175
«
7
22%
Griesedleck West Brew
Preferred
5
7
78
23%
112
79
„
...20
113%
-
_
64%
Aug
57
68
5
«
Aug
21
329
93
v
Mar
28%
13%
50
27
92%
•
Key Boiler Equip com.. *
Laclede-Chr Clay Prd com*
Feb
119
113% 114%
•
1
Falstaf f Brew com...
Mar
5%
40%
Jan
...
-
Hamilton-Brown Shoe com
Mar
14%
5,237
40%
146% 148
......
3%
«
_
*
Ely & Walker D Gds com25
Laclede Steel com..
5%
..
Dr Pepper com
8%
%
Jan
9%
5
Chicago & So Airlines pf.10
8
19
18
Columbia Brew com
93
48
25
26
1
1
High
Jan
47
225
23%
47%
*
Mfg com
Internatl Shoe com
11%
Jan
309
114%
Phila Rapid Transit
Brown Shoe com
Low
Shares
23
23%
Hydraul Press Brk com 100
Jan
8%
531
148
50
Week
*
Jan
Sept
6%
2%
4%
39%
Westmoreland Coal
Jan
54
323
3%
12%
5%
3
Phila Elec of Pa $5 pref... *
United Gas Improv
July
2%
*
—50
Preferred
21%
July
Aug
15% May
14% Mar
124% July
24%
Apr
55%
Jan
34% Mar
72% July
372
8%
19
11%
United Corp com
42%
2%
2%
Sun Oil Co
Jan
Apr
95
358
67%
pref.....25
50
9%
8%
Jan
11%
Salt Dome Oil Corp
127%
86
25
25
7% preferred
Jan
142
Pennsylvania RR.. .
Penna Salt Manufact—50
Phila Elec Pow
119%
803
*
Pennroad Corp vtc
Sept
1,342
....50
Preferred
Jan
180
11%
8%
Natl Power & Light
36
Apr
14%
17%
Nitten Bank Sec Corp
Sept
149%
10
Lehigh Coal & Navigation *
Lehigh Valley
24%
630
13%
48%
Battery.. 100
General Asphalt.
10
General Motors
,..10
Elec Storage
for
of Prices
Low
High
Price
Par
Stocks—
Coca Cola Bottling com..
813
114% 117%
21
20%
'~20%
*
■
American Inv B com
Burkart
High
Low
Shares
High
27%
26%
177% 180
125% 127%
"l4%
Budd Wheel Co
Budd
Week
of Prices
179
100
Bell Tel Co o t Pa pref. .100
Range Since Jan. 1, 1936
for
Week's Range
Low
27%
American Stores
American Tel & Tel
?•!/, 1,
Week's Range
Sale
Sales
Sale
Price
Par
Stocks—
•
compiled from official sales lists
Friday
Range Since Jan.1,1936
Last
Philadelphia Stock Exchange
10
Listed and Unlisted
Dobbs-Crowe-Wagenseller & Durst
H. S. EDWARDS & CO.
.
Members
UNION
^
BANK BLDG.,
Court-6800
Tel
Member Los
Los
Angeles Stock Exchange
Sept. 5 to Sept. 11, both inclusive, compiled from
Specialists in Pittsburgh Listed and Unlisted Stocks and
Bonds
Week's Range
Last
Sale
Par
Pittsburgh Stock Exchange
Range Since Jan. 1,
Last
Par
Stocks-
Week's Range
for
Sale
of Prices
Price
Allegheny Steel pref
Arkansas Nat Gas
100
Corp..*
Preferred..
100
;
Armstrong Cork Co com..*
Blaw-Knox Co
*
1
2%
Central Ohio Steel Prod..*
19%
Carnegie Metals Co
21
*
Consol Ice Co pref
1%
50
Follansbee Bros pref
Harb-Walker Refrac
100
1
*
Koppers Gas & Coke
28%
pf 100
Fort Pittsburgh Brew
Lone Star Gas
Co...,—*
1
13%
*
Mesta Machine Co
-.5
Mountain Fuel Supply Co.
McKlnney Mfg Co
For
footnotes see
page
High
114% 114%
5%
5%
9%
9%
51%
51%
16%
17
2
2%
17%
19%
4
Clark (D L) Candy Co...*
Columbia Gas & Elec
1936
Week
Low
1699
28%
1
Shares
30
500
7%
Jan
70
47%
13%
Feb
July
4,075
2
July
4,082
9
July
19
4
534
21%
1%
227
29
70
1
20
41%
43%
106% 107%
13%
13%
1%
1%
63%
64%
6%
7
Jan
3% June
14
50c
15%
1
251
31
Jan
Apr
Jan
July
Jan
Jan
140
97
2,808
10
Jan
900
1
Apr
159
41
Jan
'
6,660
4%
July
115
Apr
7%
9%
62%
20%
Apr
Sept
Apr
Feb
4%
19%
Jan
6
23%
1%
40
1%
43%
107%
14%
2%
64%
7%
Sept
Jan
July
19%
19%
18%
100
103
Warrants
....
Central Investment
100
Citizens Natl T & S Bk._20
Claude Neon Elec Prod..*
Consolidated Oil Corp...*
Constolidated Steel com..*
13
I,300
8
800
5
104
104
1%
77% c
1%
2
77% C 77% c
19
19
19
29%
29%
11%
12%
3%
29%
11%
12%
11%
12%
3%
3%
70
60
60
Farmers & Mer Natl BklOO
425
425
General Motors Corp
10
Globe Grain & Mill Co..25
69
69
Hancock Oil A
*
23%
23%
1
80
80
85
Exeter Oil Co A
425
Jan
Mar
Jan
Sept
Sept
Mar
Mar
Sept
Feb
com
Holly Development Co
10
1.00
Internatl Cinema
9
1.00
Jan
500
200
26
20
Mar
82
Jan
103
Sept
5
Jan
113
Sept
July
5% May
98
Jan
1% Sept
10
104%
Apr
2%
Aug
75
Aug
90
Aug
19
Sept
28
Apr
150
26% June
32%
400
11
Aug
300
11%
3%
16%
15%
5%
87%
700
Jan
3,400
70
Jan
Feb
5
430
Feb
440
Jan
Feb
Mar
Apr
July
Jan
Aug
200
10
900
23%
800
18%
Jan
72%
13%
28%
500
46
Jan
1.40
Apr
Sept
1.45
Aug
1.05
10c
9
9
9
40
39
41
Lockheed Aircraft Corp.
5
69
Klnner Airplane & Motor. 1
Lincoln Petroleum Corp__l
Jade Oil Co
87
104
7%
High
Low
2% Aug
15% May
20
13
7%
Week
Shares
103
102
13
10
Range Since Jan. 1, 1936
for
20
3
3
Cons._l
_<
Barnhart-Morrow
Broadway Dept St pref. 100
Berkey-Gay
High
Low
Apr
177
*
Corp
Bolsa Chica Oil A
110%
3%
10
Barker Bros
Preferred
Sales
Friday
1
of Prices
High
Low
3
Bandinl Petroleum Co
compiled from official sales lists
Price
official sales lists
Sales
Friday
Stocks—
Sept. 5 to Sept. 11, both inclusive,
LOS ANGELES
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
120
Angeles Stock Exchange
626 So. Spring St.,
/ Pittsburgh Stock Exchange
j j^ew York Curb Exchange (Associate)
900
54%
8
Jan
'Aug
1.00
Feb
Apr
Jan
16c
9%
9%
9%
200
6
8c
16
Feb
Sept
9
14c
1,000
2,500
II,857
39
14c
41
Sept
Feb
May
290
30
Feb
June
Volume
Financial
143
Last
Los Ang G & E 6% pref 100
2
.____1
Mills Alloy Inc A
107
*
1
35
35
1
65
65
116%
4%
6%
6%
Jan
5
Jan
700
Jan
2%
1% June
10
45
Occidental Pet Corp
Oceanic Oil Co
July
2%
1%
45
Stocks
High
100
5,000
5
45
105
Last
Jan
July
4
Feb
200
32
Jan
35
200
25
Jan
82%
57%
65
3,400
50
Jan
85
Mar
Par
Occidental Ins Co.
Oliver United Filters A
Pacific G&E
30
*
21
21
"
.
.
.
I Is
Pacific Clay Products
11%
._
12
29
11%
29%
37%
*
29%
37%
6% 1st preferred
25
32
37%
31%
Pacific Western Oil..
_*
15
15
Republic Petroleum Co__l
Rice Ranch Oil Co
9%
200
300
15
100
10%
8%
4,000
25
25
25
600
2
2
50
.
Jan
14
Mar
Jan
13%
31%
27%
12%
2%
1,000
32
10 T;- 2
...1
Samsofi 6% pref aim
8
500
15
Feb
Feb
\
Mar
Jan
Jan
10
40%
'29%
17%
13%
25
*
com
July
Preferred
Aug
Pac Tel & Tel
Feb
ParaffineCos pref
Ry Equip & Rlty 5% com *
6%
.100
Rainier Pulp & Paper A. *
July
40
Apr
*
(non-vot)
Jan
Feb
*
com
100
45
45
46
116
44
Jan
3%
54%
Security-First Natl Bk__20
52
»2
52%
650
60
20
21
400
Jan
21
Jqn
Sept
Republic
21
50%
15%
Jan
Shell Union Oil Corp
*
Sierra Trading Corp...25c
3
1,000
3
Sept
Schlesinger & Sons
Sou Calif Edison Co....25
30%
28%
July
Shell Union Oil
July
Sou Pac Golden Gate A.
*
v
'
3
3
2
Mar
\ B.
_
_
_
_
_
_
6% preferred
25
__25
28
Sou Cos Gas 6% pref. .100
Southern Pacific Co...100
108
Standard Oil of Calif.....*
Taylor Milling Corp.
*
Transamerica Corp
.*
37
43%
36%
Union Oil of Calif.
5%% preferred
25
Universal Cons Oil Co.. 10
Van de Kamps Bakeries..*
Western Air Express Corpl
700
31%
28%
25%
27%
800
Jan
32%
29
Mar
26
28
300
108
7
44
600
24
Jan
44
Sept
35% Aug
14% May
47
Feb
17%
13%
37%
17%
13%
800
17%
13%
19%
Feb
22
21
22
14%
28%
Mar
108
43%
100
B
Aug
Feb
11
Apr
20%
7%
Aug
Jan
28
200
12
Feb
33
July
900
T 4%
Jan
700
2,100
2,076
35
9%
BF com*
*
______________
_
*
Coll *
Standard Oil Co of Calif..*
Telephone Inv Corp
Thomas-Allec Corp A
36%
46%
*
*
Tide Water Assd Oil com
105
Apr
Transamerica Corp
Union Oil Co of Calif
25
Union Sugar Co com
9%
25
13%
22%
24%
..25
36%
17
Waialua Agr
Wells Fargo Bk & U T.100
West Pipe & Steel Co... 10
Yel Checker Cab Co A. .50
62
42c
44c
Calumet Gold Mines ColOc
Cardinal Gold Mining Co. 1
3%c
3%c
1.10
1.10
Imperial Development.25c
1%
1%
Tom Reed Gold Mines Co 1
Zenda Gold Mining Co___l
Jan
63c
Feb
3c June
107%
Jan
1.45
Aug
22c
3%c
8,000
2,060
1.25
3,500
1.00
300
300
1%
8,000
4,300
Jan
4
Jan
31
July
48
38
Sept
2,000
6
Jan
15
53%
150
May
180
Aug
July
107
Aug
24
Feb
July
Jan
110
29
35
June
13%
Jan
1%
13%
21%
44%
4%
2%
3,083
2% May
18"
Apr
598
23
Jan
90
3
May
400
1% May
Jan
6%
190
1,660
35
20
40
50
2%
14%
10
53%
91% Apr
41% Sept
May
7%
535
July
Sept
Jan
2,272
July
26
80
1,020
July
July
140
34%
55
Jan
9
Feb
Sept
Sept
Sept
Sept
Jan
Mar
Feb
47%
Aug
47
Jan
June
July
Feb
4%
19
Jan
101
Feb
July
Feb
106% Mar
14% Feb
28% Feb
25% Sept
Jan
11
Apr
1,933
20%
Aug
1,225
10
Jan
70
13%
22%
23
Jan
38
Sept
7%
50%
Jan
28
July
June
63
Apr
327
15,077
25
37
Jan
169
615
•
1,225
38
Sept
Jan
Jan
475
8%
37%
46%
3%
62
7% preferred
44c
107%
8%
Feb
Jan
101%
16%
5
105
10
•
Mining—
Blk Mammoth Cons M_ 10c
•Jan
4
13%
21%
24%.
36%
16%
*
Jan
119
45
17
105
July
Mar
2
17
_
308
1,122
1%
13%
21%
44%
46%
3%
3%
*
100
6% preferred..
1
40%
32%
29%
48%
Jan
104%
4%
18%
10
9%
9%
18%
43%
3%
1%
8%
21%
43%
3%
1%
8%
*
_
50
140
9%
1%
13%
100
com
320
53
v.-
July
Jan
'
41%
23
Feb
53
21
Aug
July
29%
26%
1,040
106% 106%
20
21%
88%
41
41%
35
" 35
34%
32%
14%
19%
Jan
31
270
32%
29%
106%
Jan
525
38%
29%
32
140
Spring Valley Water
July
4,000
17
16%
31% .31%
8%
8%
16%
31%
8%
28%
109%
Jan
Feb
106%
21
Pete.:::::::::.
Preferred
30%
28%
27%
20%
38%
140
*
_
100
107% 107%
7%
7%
25% 25%
_
Apr
Aug
20
107%
7%
25%
Southern Pacific Co...100
July
Sec Co units of ben int
Jan
1%
Aug
5%
12%
20%
20
53
*
6% preferred
Pac P S
19
21%
38%
32%
29%
25
preferred
140
20
25
com.
5% %
High
28
820
7%
7%
Low
50
21
7%
Range Since Jan. 1, 1936
Shares.
30
Pac LJght'n Corp com
Pacific Finance Corp._
10
Pacific Gas & Elec Co—25
Price
30
6% 1st preferred
Feb
Week
*
Paavihau Sugar.
PacCanco
July
for
of Prices
Low
High
10
B
Jan
Mar
(Concluded)
Week's Range
Sale
Low
352
4%
5%
Mt Dablo Oil Min & Dev. 1
Range Since Jan. 1 1936
Shares
108
4%
5%
4%
1%
4%
5%
4%
1%
Los Ang Investment Co. 10
Menasco Mfg Co
Week
107
Sales
Friday
for
of Prices
Low
High
Price
Par
Los Ang Industries Inc
Week's Range
Sale
Stocks (Concluded)
1699
Sales
Friday
1
Chronicle
Sept
48
45
48
6
6
6
Feb
1
.Universal Consol Oil
17%
62%
2,062
35
300
290
50
925
38%
53%
26%
23%
215
Jan
38%
56%
Jan
Aug
Apr
Sept
Aug
Unlisted—
Amer Tel & Tel Co.T..100
Bendix Aviation Corp
.5
Curtiss-Wright Corp_____l
Int Nickel Co of Canada..
177% 180
28%
28%
6%
.6%
56%
56%
50
49%
45%
45%
179%
28%
6%
56%
Montgomery Ward & Co..
50
N Y Central RR
45%
North Amer Aviation Inc. 1
30%
7%
56%
100
300
100
Aug
50
Sept
45%
26% July
5%
Apr
49%
Apr
Jan
36%
33% May
Apr
7%
100
'200
Sept
Aug
25
10
8
100
12%
Packard Motor Car Co
Texas Corp
strassburger & co.
Aug
12%
13
2,600
7
Jan
13
38
38
100
38
Sept
40
Aug
Jan
14%
58% May
8
8
Tide Water Assoc Oil.....
17
16%
17
400
U S Steel Corp
Warner Bros Pictures Inc.5
72%
72%
72%
100
14
13%
14
9%
1,000
Apr
(Since 1880)
Exchange—San
Direct Private Wire
Francisco Curb Exchange
San
Dean Witter & Co.
Stock
San Francisco
Exchange
Sept. 5 to Sept. 11, both inclusive, compiled from official sales lists
StockExchange
PRIVATE
Chicago
Chicago
WIRES
LEASED
Board
Stock
Portland
Oakland
New York
Beverly Hills
Honolulu
Cotton
•
Honolulu
Fresno
Stock
Par
Stocks-
Week's Range
Sale
(.Asso.)
of Prices
Low
High
Price
Exchange.
Inc.
Exchange
American Tel& Tel.__ .100
American Toll Bridge.
179%
73c
1
5
Arkansas Nat Gas A
Aviation Corp.
.
Bancamerica-Blair
_
Francisco Stock
Exchange
Sale
Par
Stocks—
of Prices
Low
Price
Anglo Cal Nat Bk of S F 20
2 1%
10
5%
19%
Assoc Insur Fund Inc
Atlas Imp Diesel Eng A..5
Bank of Calif N A_____100
Bishop Oil..
21%
5%
19%
'
191
22.
5%
20
191
5%
com.
Low
High
17
755
725
3%
463
18
15
187%
5%
4%
%
Jan
400
55
52
Jan
16%
12
May
16%
110
18%
Aug
69c
1,600
3,040
42c
Aug
75c
Aug
1.20
1.00
Feb
1.45
Aug
50
12%
June
75c.
.1
Curtiss-Wright Corp
Jan
■
m
Great West El-Chem...20
31
30
31
437
25
Jan
z
39%
40%
471
104% 104%
11%
11%
104
104%
30% June
99%
Jan
z
100
Cons Aircraft Corp
1
Cons Ckem Indus A
*
Crown Willamette pref
*
19%
31
.
,
19%
29
July
140
100
\ Apr
*
105
105
105
Preferred B
*
105
105
105%
*
Emporium Capwell Corp.*
Equip. .5
14%
60%
Fireman's Fund Indem.. 10
170
65
370
3%
32%
137
22
Jan
3,890
14
Mar
23
60
32%
32
235
60
20
-32
10
99% 100
215
».
6%
.1
1.05
Kinner Air & Motor
Lincoln
Petroleum
Jan
Jan
14%
Feb
57% June
30% June
97
May
3% June
z
Olaa Sugar.
Pacific Clay Products
2.95
Feb
19 «*|
Feb
48c
51c
2,895
22c
75c
Feb
3.80
4.00
2,949
1.60
Jan
40c
42c
905
37c
July
14c
15c
800
10c
Mar
9,800
13c
Jan
410
36%
4,10
27%
Jan
50
Sept
Jan
8%
42%
July
37%
13%
150
37
Aug
558
10
July
230
•200
21c
Jan
54c
July
290
6%
•Jan
Sept
15
18%
22%
Apr
1,003
30
1,100
Hancock Oil Co
*
Hawaiian Pineapple
5
Honolulu Oil Corp Ltd
*
30
Honolulu Plantation
20
._*
Hunt Bros A com
Hunt Bros pref
Island Pine Co Ltd
com
.20
Langendorf Utd Bak A
*
Letourneau
Libby McNeill & Lib com *
Lockheed Aircraft
1
L A Gas & Elec C pref.
100
30%
3%
6%
15%
12
41%
9%
9%
108
Magnavox Co Ltd. _—2%
*
3%
21%
Marchant Cal Mach
10
24
Market St Ry pr pref. .100
29
Natl Automotive Fibres. _*
35
Natomas Co
10%
18%
I Magnin & Co com..
com
No Amer Inv coih
—*
100
North Amer Oil Cons
10
15
15
30%
3%
6%
15%
12
12
41%
41%
9%
9%
9%
9%
107% 108
3
3%
20%
21%
24
24%
28% 29%
35
35%
10%
10%
18%
18%
14%
15%
300
434
26
Jan
20
600
200
200
.
Jan
July
July
Mar
110
11
Apr
432
25
June
200
1,028
60
Jan
6%
6% May
105% Aug
2
5,371
1,046
2,159
16
300
20
300
32%
10%
"269
19%
July
Jan
765
2.50
Aug
3.25
Aug
200
10
Aug
14
Mar
:—.—
Aug
June
50
9
Jan
1,908
14
June
4%
4%
3%
290
25
443
80c
575
418
9
"3l"
25
25
27%
28%
10%
f
10%
32
2.50 fJan
Jan
56%
15
Aug
13%? Mar
56% Sept
Sept
49
July
30
17
Mar
19
I Jan
31
'May
45
Sept
100
9%
24%
25%
27%
17%
45*
14% rJan
Aug
420
44
17%
43
5
25
25
13% Sept
Apr
10
51
Jan
40c
11%
56%
Feb
Feb
6%
11%
6%
Apr
41
75c
44
45
Jan
Aug
14% ?Jan
32% July
28% Aug
28% Aug
? 31%
446
27% ' 27%
28% 28%
54%
54%
15% 15%
350
So Pac Gold Gt 6% pref 100
Standard Brands
12
15%
July
Superior Ptld Cement A—
41
41
10
37
June
44
Jan
13
13
45
10% rMay
13
Sept
South Calif Edison
5%% preferred
6% preferred
B_
1.00
Texas Consolidated Oil
5
Preferred
Warner Bros Pictures
*No
r
par
Cash
value.
sale—Not
1.00
15
41c
72%
6%
12%
13%
72%
5%
13%
13%
13%
cCash sale.
in
37
400
50
40c
—
included
430
50
7% ^ 7%
41c
Victor Equipment
z
90c
7%
..
United States Steel
z
31
50
Title Gty pref
United Corp.
United States Pete
Aug
Jan
July
3.15
12
11%
56%
Shasta Water
Jan
21%
27%
1%
5%
6%
June
3.00
Riverside Cement A
Silver King Coal
Jan
14%
19% May
8
433
Aug
12
Schumacher Wall Bd pref *
July
Jan
3.00
Santa Cruz Ptld Cement. 50
14%
8%
21%
23%
38%
Feb
33c
11
13
19%
23%
38%
29%
30%
3%
6%
Apr
35c
18%
15%
80c
37%
21%
23%
38%
20c
,42%
11%
13
*
4.10' Aug
95c
Feb
17%
Richfield Oil pref
Reynoldston B
Jan
42
Radio Corp (Del)
37%
._
1,175
871
Gen Paint Corp A com
Hale Bros Stores Inc
8%
13%
Aug
375
7%
51
Sept
837
31c
50
12%
18
17
29c
49
.
51
38%
54%
10%
July
1.00 May
12%
10
10
6%
Jan
Apr
12% May
51
125
17
Apr
Aug
1.55
•50
Pacific Ptld Cement pf 100
69
10%
3.15
26%
70
Feb
200
6%
Packard Motors
20
17
June
50c
1,800
4%
42
*
Jan
59
900
85c
12
Pacific Eastern Corp
69
_*
17
30
70»
15
_
_____
20
Jan
140
22
"
42
20
Pacific Coast Aggregates.
42
Golden Gate Co Ltd
Mar
33c
69
Gladding McBean
660
Feb
18%
20
*
Jan
Mar
6%
Occidental Pete
O'Connor-Moffatt.....
42
B common
1.75
15%
9%
1:05
7%
__
Galland Merc Laundry..,*
General Motors com.
10
5
July
5
65
12%
50
4
Preferred
1.50
11% May
Jan
4%
1.50
12%
6%
Feb
1.05
30c
M J <fe M & M Oil..;
10
•
1%
14c
Preferred
z
25
270
Jan
40c
Italo Petroleum
Foster & Kleiser com.
4
65c
4.05
.
Fireman's Fund Insur
4
300
12%
;
International Cinema.
International Tel & Tel
Mountain City Copper.
Oahu Sugar.
,..20
962
23%
19%
75c
3
48c
Idaho-Maryland
Apr
14%
23
July
75c
80c
Montgomery Ward
Jan
61
21%
19%
1.00
70
1
.3
Apr
13
23%
19%
July
22
General Metals
Holly Development
91
.
53%
23
z
7%
91%
2,671
60
Ewa Plantation
100% June
14% July
150
*
100
Aug
243
Preferred A
D1 Giorgio Fruit C com __10
Jan
19%
108%
1.00
Sept
31
31
107
108%
m
v t c
11
10
26
6%
1
100
104
Jan
13%
7%
July
683
80c
1.50
.
1
1,180
Cst Cos G & E 6 % 1st pfd 100
12%
4%
12%
Coen Co's A__
2,809
5
Apr
Mar
80c
1
39%
104%
11%
July
12%
Claude Neon Lights
July
8%
Mar
63c
4
Consolidated Oil.
Mar
1.10
...
Apr
Aug
Jan
7%
7%
9%
1.10
Cities Service
_
Jan
14%
"~63c
1
5%
6%
100
85
8
Calif Art Tile A.
_
2,040
Aug
20
80
Cardinal Gold
Calawa Co....
"
200
76c
Jan
8
Canadian Pacific Ry
Shares
7
50
179% Sept
Jan
15%
10%. Mar
Feb
5%
Jan
4%
Jan
6%
5% May
80
1
Claude Neon Elec Prods..*
S3 preferred
Eldorado Oil Works
7%
39c
30
83
8
6
Calif Water Service pfd 100
Emsco Derrick &
Week
z
1,900
18
12%
4%
5%
7%
80
1
*
California Packing Corp.. *
Crown Zellerbach
1
5%
6%
com...
California Copper.
Calif Cotton Mills
191
High
High
Apr
10
Central Eureka Mine
Range Since Jan. 1, 1936
for
74c
70c
150
10
.
10
—
Calaveras Cement
Range
224
3
_
Bunker Hill-Sullivan...
z
Sales
Week's
Last
_
Bolsa-Chica A...
Sept. 5 to Sept. 11, both inclusive, compiled from official sales lists
Friday
Low
177% 179%
17%
12%
4%
Anglo National Corp
Argonaut Mining
San
Range Since Jan. 1, 1936
for
Week
Shares
Exchange
Coffee & Sugar Ex.
Commodity
Tacoma
Stockton
York
New York
Seattle
Sacramento
York Curb Ex.
New
Los Angeles
San Francisco
Last
of
Trade
Exchange
New
Sales
Friday
San Francisco CurbExchange
Municipal and. Corporation Bondt
Exchange—Chicago
Curb
Francisco
Board of Trade—New York Curb Exchange (Associate)
Members
,
York
New
STREET
FRANCISCO
Members: New York Stock Exchange—San Francisco Stock
18% Feb
72% Sept
14% June
June
MONTGOMERY
SAN
Feb
38
133
90c
25
Feb
Feb
Mar
1 Jan
Sept
Feb
range
for
year,
Mar
2.10 June
58
Aug
Apr
8%
25c
Jan
55c
5
Feb
48%
Jan
70%
5%
14%
14%
Apr
Sept
100
3.10 June
1,795
10% May
9% May
160
a:
Sept
16%
5%
100
4,00
e60% stock dividend paid Aug.
zListed,
tin default.
•
•
X Company in bankruptcy, receivership
57
Ex-dividend,
or reorganization.
15,
y Ex
July
Sept
Feb
1936.
rights,
Sert 12> 1936
Financial Chronicle
Canadian Markets
LISTED
m
1 1956
/63
Oct.
4%s
.
'
5%s
65
98
4s
4%s
Aug
1 1941
5s
.June
5s
Dec
15 1954
2 1959
Prov of New
4%s
4%s
Jan
15 1965
Quebec—
115% 116%
109%
Province of Nova
119
204
Consumers
.100
20554
Cosmos...
,....*
2654
115
Preferred
..100
15 1943
90
92
Distillers-Seagrams
15 1946
91
93
Dominion Coal
85%
86%
Dominion Steel & Coal B 25
2 1950
113
1 1958
June
5s
Nov
Oct
4%s
Gas
1 1951
25
pref
Eastern Theatres
Easy Washing
Wood,
*
.*
Hinde & Dauch
Hunts A
5
Intl Milling prefT
Pacific
4s perpetual
Canadian
Ry—
97%
111%
414s
Sept
1 1946
5s
Deo
1 1954
10814 108J4
100
101
414s
July
1 1960
105
116
116%
96%
debentures.
15 1942 / 111
414s
Dec
15 1944
5s
July
1 1944
u
Ry—
10314 104
Sept
6s
Pacific
105>4
Bonds
4 %8_
National
Canadian Northern Ry—
Ry—
1
_
116%
117 %
119% 120
1951
15 1955
4%s__
Feb
1
4%s._
July
1
1957
117% 117%
116% 116%
5s
July.
1
1969
119% 120
1
1969
1
1970
5s
.....Feb
5s
1956
Pacific Ry—
Grand Trunk
Feb
Apr
4
Sept
May
25
Aug
1%
20
Sept
3
June
87%
20
64%
Jan
54
58
11
167
53%
Mar
May
59
5%
11
Sept
65
2%
Jan
4
June
1%
1%
400
75c
'1754
13%
17%
885
18
20
11%
11%
14%
13%
102% 102%
738
5
Apr
12% May
4% June
13%
Apr
Feb
Jan
2.25
Feb
6%
Jan
21%
Sept
Jan
32
Sept
Jan
70
July
Jan
21%
Sept
20
Sept
18%
1,435
17%
Mar
2.00
1.75
2.00
2,190
1.00
Jan
*
100
*
135
65
4%
38
4%
1,360
2854
14%
28
104
42%
28%
14%
14%
103% 104%
40%
42%
200
1,565
289
1,150
5%
Aug
7%
Sept
Jan
,17%
28
12%
97
Jan
27%
Jan
100
5
146
.100
245
250
7%
5%
90
*
*
Metals...
*
89
5%
___l
Corp
7%
18
ilH
32
29%
7%
605
5
June
.100
100
21%
35
25
79
18%
Feb
19
Jan
32 %
Sept
Aug
31
5
100
Jan
116
July
25
23
Feb
34
Sept
12
10
10%
Sept
15
Jan
87
88%
357
70
Aug
12%
88
12%
35
"6854
68%
69
60%
60%
61%
8
Gas
*
*
com
"1254
3%
12%
3%
57
49 %
8
13
3,007
6,180
2,588
2,431
Sale
Stocks—
Par
Price
of Pricey
High
Low
*
18%
18%
19
pf__100
(Geo) common..*
5854
54
58%
88
18
19%
10.740
1.75
_
6% preferred
2 54
Preferred
21
Beatty Brothers
*
Beauharnois Power
"io"
*
10454
104
104%
100
British American Oil..
*
Brit Col Power A
Building Products A
Burry Biscuit.
Burry Biscuit pref
Burt (FN)
preferred
50c
B preferred
Preferred
4%
20
13
3,326
6,495
2,075
24
9
Carnation Co pref
1,825
Sept
10%
2%
Aug
17%
Feb
Jan
4%
Sept
51%
Jan
58
97
158
160
112
149
Jan
170
208
12
190
Jan
222%
Feb
207
205
207
129
197%
July
221
Feb
..100
200
200
26
182%
Apr
213
Feb
100
282
284
48
271
Jan
300
Feb
178
180
33
164
Jan
182
Feb
.100
224
224
2
220
July
235
Mar
17
137%
Jan
Sept
July
160
5754
57%
*-
58% June
Feb
Apr
Jan
Huron
3%
150%
5
Apr
Jan
33
June
2554 June
9%
Jan
27
85c
Mar
1%
1154
Aug
Sept
16%
Jan
1.40
28>4 May
43%
6%
9
June
70
Mar
Jan
44
Sept
1254
12%
Canada Bud
Jan
8
Feb
Jan
88
Sept
Canada Vinegars
*
Mar
27
Canadian Wire Box A..
*
May
90
Aug
July
Consolidated Press
80
15
Feb
Feb
16
Aug
2
55
2
Sept
4
Feb
45
68
40
July
57
5
381
4
May
854
2,335
10
3,425
22
895
4654
47
190
6 54
7%
2,780
654
25
1254
55
11%
1254
9,671
25
25
254
10254 102 54
65
65
15
Apr
214
Jan
Sept
76
Sept
95
Feb
88%
5
Jan
June
554
Apr
1354 May
37%
Jan
Feb
5%
Feb
103%
Sept
8%
10
Feb
22
Sept
Sept
50
June
6%
July
12%
Feb
5
July
11
Jan
12
Aug
10%
24%
2
101
Section
compiled from official sales lists
Sales
Range Since Jan.,1, 1936
for
Price
3
4
33%
21%
8%
8%
33%
21%
23
23
*
8%
20%
14%
196
Sept
8%
Week
*
Jan
May
6
67
Mar
12
of Prices
Low
High
*
58
10354
Jan
90
60
Week's Range
*
9
2
Par
Bruck Silk
6% June
12
Stocks—
30
2354
78%
Sale
996
170
214
Last
Blssell
45
*
'
Aug
2
7
77
Friday
.
2,755
25
8%
209
Sept. 5 to Sept. 11, both inclusive,
Sept
60
7%
214
*
30
103
954
Beath & Son
16
4%
10
104
Feb
'
165
Sept
47%
6%
654
70
Apr
Aug
100%
654
160
5
Sept
Jan
Apr
14%
5
80
140
Toronto Stock Exchange—Curb
Mar
33
Aug
10
160
80
20%
Feb
Mar
6%
7%
144
160
100
100
National Trust
.100
Toronto General Trusts 100
Jan
4%
4%
42
140
..100
Erie
Feb
18%
27%
32%
8
6%
&
Sept
15%
175
100
Aug
Aug
354
6%
554
Loan and Trust—
Central Canada
37 54
"18"
25
100
104%
207
Canada Permanent
50
654
*
Jan
Sept
...100
Jan
150
90
B
Canadian Wineries
Feb
19%
...100
Royal
Jan
250
89
"47"
Canadian Pacific Ry
65
160
Toronto
Jan
70
"89"
854
Canadian Oil
May
%, Apr
98
° May
207
50
15
45%
2554
8
Canadian Wallpaper B__
Feb
Sept
19
100
Dominion
13%
45
2554
25
Cndn Industrial Alcohol A*
8
88
Canadian
Dredge
97
430
86
*
*
2,042
3154
43 54
9
42
754
88
ioo
Car
160
43
100
Canadian Canners 1st pref.
Conv preferred
*
Preferred
30
4%
July
4%
..100
Canada
39
65
*
Preferred
141
27
31
Steamships pf_100
Canadian Canners
415
12
23%
4354
50
Canadian Bakeries..
140
6%
27
23?4
5%
*
20
2%
21
11
1.00
*
Can Wire & Cable B
25
410
30
154
1254
100
*
Aug
Sept
Aug
9% June
1% June
10
12
14%
40%
Mar
26%
17%
Jan
4
95c
"45"
ioo
Feb
July
6
30
1%'
1154
50
Canada North Power.___*
Canada Packers
Canadian
10
1%
25
Canada Cement
Canada
10
95c
*
j.*
Canada Bread
A
13%
11
Preferred
2%
14
27
12 %
Brewing Corp. of Canada..
12
Aug
9% June
Banks—
Montreal....
Jan
6J4
30
50
Brantford Cordage pref_25
Brewers & Distillers.....*
1.25 "Jan
770
210
425
4
*
'
22
254
2%
14954 150 54
100
Blue Ribbon....
614% preferred^
2%
21
13
100
Bathurst Power A
Bell Telephone.
1.75
11
Jan
61%
"
Alberta Grain
Brazilian
1.60
1054
100
Aug
13
Nova Scotia
Abltlbl
69
Apr
36
19%
Imperial...
High
Sept
2% May
39%
ZImmerknit..
Low
Sept
12%
Jan
Sept
9
38
Commerce
Shares
90
Jan
853
200
June
Jan
6%
786
.8
3%
28%
39%
com
Winnipeg Electric pref. 100
Week
Jan
34
Westons
official sales lists
Apr
11%
Western Can Flour
Range Since Jan. 1, 1936
Feb
27
New preferred ......IOO
for
Aug
6%
29
._*
Preferred
Sales
6%
95
Jan
Jan
Jan
112
25
(Hiram)
Aug
Mar
34
Tip Top Tailors
Week's Range
Jan
Feb
7%
20
112
*
Preferred
Walker
Aug
3%
.....
Steel of Canada
United Steel
5%
160
850
1.00
12
Standard Chemical
Exchange, Inc.
July
5%
22%
2,995
Sept
29
Simpsons A..
Simpsons Ltd pref
(Associate)
16%
90
32%
Jan
42%
Aug
Apr
15
105
Sept
Jan
25
15
Feb
250
175
23
5%
Mar
,180
173
15
Jan
40
Jan
60c
18
Jan
Jan
Apr
3%
175
60c
2.25
2
175
...
Apr
40c
1,928
4
Sept
Aug
14
14%
Sept
67
4
18
57%
20
4%
July
105%
11
4%
2.00
June
45
30
Mar
43% May
101
21%
Russell Motor pref
100
St Lawrence Paper pref .100
Last
Jan
Sept
60.739
19%
Power
Friday
5%
3%
*
Sept. 5 to Sept. 11, both inclusive, compiled from
Feb
100_
3
21
100
Jl
A
Union
Sept
90
66%
Photo Engravers
Toronto Stock Exchange
Feb
88
500
67
1 1962
WA. 3401-8
28%
July
18%
10
4%
90
21%
-Jan
King Street West, Toronto.
Feb
Sept
9%
Riverside Silk A
16
12%
20%
17%
Jan
1,515
3s
New York Curb
Aug
Aug
7%
18
13%
21%
Page-Hersey..;
Pantepec Oil
Members Toronto Stock Exchange
May
85
19%
29%
1 1962
Canadian Commodity
Feb
13%
Aug
125
-l.Jan
STOCK BROKERS
11%
Mar
1.05
4s
Duncanson, White & Co.
May
*
Preferred
Pressed
Feb
354
National Sewer Pipe A
Ontario Equitable
.100
121% 121%
121% 122
4%s..
Aug
8
8
1.00
National Grocers
1 1946
July
614s
Jan
18%
10
30,244
Maple Leaf Milling
*
Maple Leaf Milling pf.100
Massey-Harris com
..*
Muirheads
Ask
34%
72%
*
Groc A....
B...__
Bid
4% May
57%
B.
McColl-Frontenac.
Government Guaranteed
15
20
4,519
3,012
June
29%
Preferred...
Canadian
"56"
"26"
Moore Corp common
Dominion
20
56
Apr
May
14
20
Loblaw
Canadian
'
21%
8%
20%
17%
22%
Apr
18%
Sept
Sept
4
90
*
Secord
Laura
Ask,
550
•
Sept
27
106
55%
Lake of the Woods
Bid
4
22
"56%
Internatl Utilities B
Ask
25
22%
100
Internatl Nickel com.i,..
Kelvinator.
Bid
320
8
*
Imperial Tobacco.
Railway Bonds
13
82
17
Hamilton Utd Theatres.25
Private wires to Toronto and Montreal
810
13
Sept
9%
50
Preferred
Gypsum
Inc.
3,250
17%
Goodyear Tire
Co.,
6%
10%
540
Mar
Jan
30
4,885
3%
"4%
Harding Carpets
&
6
43
10%
Jan
Feb
18%
58%
205%
Apr
102
26%
18%
5%
May
17%
5
25
21%
100
General Steel Wares
New York
189
17%
15%
8%
86
Frost pref
14 Wall St.
103
378
106
20
*
*
Ford A
Gundy
51
82
*
Farmer
Fanny
13
50
English Electric B
Famous Players..
Bonds
.
1054
pref. .100
*
Economic Investment
Canadian
6
*
East St Prod
6,288
43
25%
18%
*
Dominion Stores
120
196
Aug
Apr
5%
17%
58%
20*%
26
106
100
Crow's Nest.
740
26%
17%
54
112
112
High
Low
Shares
5%
17%
58%
*
Consolidated Bakeries
114
11114 112%
1 1960
6%
Cockshutt
114
Mar
Feb
5%s
15 1952
110
110%
Scotia—
4%s.
Sept
5s__.-._--Mar
114
111
Price
..May
1 1961
Prov of Saskatchewan—
4s
4%s
113
Range'Since Jan. 1 1936
for
Week
Consolidated Smelters..25
4%s
101 % 102%
10314 105
Brunswick—
Apr
15 1960
Apr
15 1961
Par
Stocks (Concluded)
of Prices
Low
High
122% 123%
..June
Province of
99 % 101
120
(Sales
Week's Range
Sale
114
1 1959
1 1962
May
5s__
94%
Province of Manitoba—
4%s
Sept„ 15 1943
113%
119%
Last
101% 101%
1 1942
93
1 1953
Oct
4%s
3 1937
96%
12 1949
July
Jan
Oct
Exchange
Friday
Ask
5s
68
Prov of British Columbia—
5s
Toronto Stock
Bid
Ontario—
63
1 1948
.Jan
5s
Province of
Ask
Bid
UNLISTED
Municipal Issues
Provincial and
Alberta—
ol
Province
AND
Jan
Aug
18
Jan
15%
Feb
26
Aug
Sept
3%
102%
Sept
*
Malting
7
4
8%
10
High
Low
2%
Apr
5
5
2
Jan
8
Aug
16%
35
Feb
27%
Jan
462
22
150
6% Mar
30% May
19% May
23%
230
21
Jan
65
5
Aug
9
7
460
Mar
10% June
33%
9
Aug
Mar
6
50
26% June
Jan
10
77
Apr
90
Jan
DeHaviland
*
4
4
45
2
Jan
7
Mar
Disher Steel pref
*
10
10
10
10
Mar
Dominion
*
42
43
11%
43%
60
60
60
Sept
Corrugated Box pref
80%
100
Bridge
Dominion Fdry & Steel.
*
42%
*
Dom Tar & Chemical..
100
Preferred..
*
Hamilton Bridge......
Hamilton Bridge pref.. 100
8%
Honey Dew
*
*
Imperial Oil...
*
Int Metal Indust
*
No par value,
34%
12
37
Mar
1,410
1,211
4
Jan
335
8%
Aug
Sept
Sept
96
56
Jan
4%
43%
110
4
May
45
60
30
Jan
45
45
45
50
40
Apr
70
Feb
28
Aug
31%
20%
8%
100
5%
30
31%
170
20%
7%
20%
6,361
1,970
9%
60
Int Metal Indust pref.. 100
International Petroleum
8%
Sept
Apr
97
*
Humberstone
7%
80%
45
■
34%
Feb
June
Canada
3
Shares
f Flat price.
72
33%
33%
20%
4
Jan
Jan
390
30
Jan
3,395
33
Aug
100
6%
Jan
Sept
35
Feb
24%
Apr
9%
Sept
72
37%
Sept
Aug
Volume
143
Financial
Chronicle
1701
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange—Curb Section
Friday
Last
Sale
Stocks (Concluded)
Par
Price
Montreal Lt Ht & Pow Con
National Steel Car
*
31%
Roger Majestic Corp Ltd._
Shawinigan
*
Week's Range
Standard Paving.
Preferred
16
,_*
32%
16
20
3
3%
Low
Stop & Shop
May
4
June
7%
Sept
18%
July
23%
Mar
Roche-Long Lac._r_II"l
820
1.15
Jan
Aug
San Antonio
11
Jan
July
Shawkey Gold
Sheep Creek....
Sherritt-Gordon
2
2
5
50
70
30
Jan
45
115
32
17
110
40
18
4%
Feb
39
*
Preferred
45
100
20
45
112%
112
Toronto Elevators pref. 100
United Fuel pref
100
Walkerville Brew
10
121%
23
23
114%
3034
Red Lake-Gold Shore
Reno Gold.
13
39
Tamblyn
Feb
10
__*
Thayers pref
Read-Authier
2,045
1,023
-20
_
Super Petroleum ord
Feb
115
27
Feb
2.50
Aug
Jan
45
Sept
114
Mar
Aug
37
Feb
119
May
20
Apr
34%
July
H)0
2
Aug
3%
Feb
Feb
*
3134
2
2
Friday
tifcd
Last
l
«...—.
Sale
TRSW Wl V Par
Acme Gas & Oil
Price
___*
Afton Gold..!
12%c
1034 c
l
AJax Oil & Gas..
Algoma Mining
Anglo Huronian..
Argosy Gold Mines
_
Week's Range
of Prices
High
Low
10c
734
c
13c
.
for
Range Since Jan. 1, 1936
Week
Shares
Low
9%o June
1034 c 270,500
4o May
_
88c May
40c
40c
800
1.07
5c
434c
5c
Jan
6c
7c
123,680
22,500
25,400
1 %c
6%c
3%c
Jan
6.30
6.50
280
4.10
Jan
7.50
1.60
1.75
12,700
1.00
Apr
1.75
Sept
65c
Apr
6%c May
2%c
Jan
1.20
31c
Aug
July
6%c
l
1.00
1.00
1.15
15c
13c
15c
5c
434 c
6c
9c
8c
9c
50,100
Barry-Hollinger
1
634 c
634 c
7c
Base Metals
*
39c
27c
42c
49,300
205,000
Exploration....____1
63c
60c
97c
17,400
27,700
...1
40c June
16,600
l
i
Beattie Gold Mines
*
1.40
1.37
Bldgooe Kirk
l
1.72
1.60
5%c
3%o
Big Missouri
...l
60c
1
28c
*
8.05
50c
16c
16c
Buffalo Ankerite
Buffalo Canadian
l
8.20
8.15
8.50
*
434 c
4J4c
Bunker
*
4%c
12%
Hill...
12
13
1.30
1.38
Calgary & Edmonton
Calmont Oils
*
l
"l3c
13c
13c
Canadian-Malar tic.
*
1.23
1.13
1.26
...
_
1.97
l
i
1.90
1.98
Castle Trethewey
l
1.33
1.30
1.42
Central-Patricia
1
4.20
4.10
4.35
Central Porcupine.
*
38c
36c
39c
Chemical Research
*
86c
85c
92c
10c
Sept
Aug
12 %c May
Jan
42c
Sept
69c
1.84
Feb
1.50
2.00
July
13c
Aug
Aug
Apr
51c
76c
Jan
36 %c
Aug
5.55
Jan
7,700
9c
Jan
25%c
Mar
3,076
29,200
11,900
1,102
5,275
29,456
1,625
14,262
9,770
27,200
5,360
41,030
55,800
3.80
Jan
8.95
July
2C
8.60 June
Jan
13c May
6c
Jan
73c
Jan
1.60 June
5c
Jan
18c June
95 %c
Mar
1.40
Feb
1.15
18c
Feb
Jan
2.10
Aug
1.24
Jan
1.69
Jan
2.41
Mar
4.95
July
33c
Aug
59c
July
90c
Jan
1.60
Feb
*
3c
Jan
Coniagas
Coniaurum.....
5
3.25
3.25
100
2.80
Jan
1*90
4.25 June
*
1.85
2.00
1.80
Jan
2.75
Cons Chibougamau
Dark water Mines Ltd
1
1.61
1.58
1.67
9,334
9,835
23,600
Dome Mines..
*
56%
678
1
7c
2.15
8c
"
1.28
Explorers..
1.95
734
84c
934c
1.25
734 c
Eastern Malartio Gold M.l
c
2.23
1.40
57
8c
73c
84c
1.95
1
1.31
1.00
*
9.30
9.15
Federal-Kirkland
1
6%c
Francoeur Gold Mines Ltd.
1.33
Glenora Gold
1
30%c
God's Lake
*
1.08
Goldale
r_j
Gold Belt
50c
3534
c
.1
"lie
Grabam-Bousquet
1
17%c
Granada Gold
Grandoro
1
35c
_*
Greene Stabell
10%c
5734 c
Grull Wihksne
14c
Gunnar Gold
92c
90c
95c
5c
434c
^34 c
3.05
3.02
3.28
19c
16c
26c
Halcrow-Swayze
Hard Rock
4%c
Jan
53c July
65c
1
5%c
5c
*
4c
334c
1.09
1
20c
17c
22c
Lee Gold Mines..
1
Little Long Lac
Macassa Mines
5.90
5.80
6.20
1
4.60
4.45
4.65
MacLeod-Cockshutt
.*
4.80
4.00
4.85
Manitoba & Eastern
*
22c
22c
24c
.
26c
1
May Spiers Gold Mines...
Mclntyre Porcupine
50c
5
McKenzie Red Lake
1
25c
46c
41
"
1~89
1
8c
934c
59c
1
Niplssing
5
2.45
2.40
Noranda
*
6334
6234
1
50c
2.00
New Golden Rose
O'Brien Gold
28c
42
834c
1
Northern Canada Mining.*
Northern Gold
1
7c
.
1.85
'
McWatters Gold
6c
7c
*
McVittie-Graham
1.30
56c
1.25
55c
88c
4%c
4%c
5%c
Southwest Pete
.1.1*
20c
20c
_...*
66c
65C
68c
St. Anthony Gold
IIIl
25c
22c
28c
4.75
4.70
4.85
20% c
15%C
21c
2.30
2.23
2.50
3.25
3.22
3.40
2.55
Sept
1.30
May
5%c
Mar
76c
Aug
1.60
Aug
3.45
75c
Apr
1.15 June
56c
Jan
1.00
Jan
1.85
2.87
Jan
5.10
Jan
87c
Aug
July
Sept
Sept
43c June
88c
Mar
8%c
Feb
8c June
20c
July
Jan
75o
Aug
3%c
20c 100,500
Stadacona-Rouyn
48,440
36,550
7,692
18%c
18c
Jan
38%c
3.00
Jan
4.95
Feb
219,288
57,145
6,830
10,900
5,715
4,800
38,460
26,685
20,575
37,096
18,750
81,500
5,600
6c
Jan
21c
83c
Mar
2.50
Sept
Sept
Mar
3.50
Feb
Sullivan Consolidated
Sylvauite Gold
Tashota Goldfields
1
33c
30c
36c
*
5.95
5.95
6.10
1.65
1.70
..II
2.75
2.00
2.95
90c
82% c
95c
2.22
2.20
1.75
1.55
1.85
13c
10c
13% c
*
4%c
4c
5%c
1
7c
7c
8c
8.05
8.00
8.10
764
7.55
Mar
9.00
Feb
48c
50c
3,700
38c
Mar
71c
Jan
1
1
T exas-Catiadian
.1.69
Toburn Gold
*
Waite-Amulet..
*
Wayside ConsolidatedIB6c
White Eagle
2.33
2.25
28c
Jan
4.30
Mar
July
68c May
6.70
July
1.65
June
2.50
Apr
1.20
Jan
2.95
Sept
20c
Jan
1.17
Aug
1.60
Jan
2.50
Feb
1.00
Jan
1.85
Sept
9c
Aug
20%C
Feb
3c
Jan
6c
Sept
3c
Jan
July
81c
May
55 %c
29c
Mar
1.00
July
Jan
80 %c
Aug
30c
Jan
1.75
41c May
55
Aug
June
July
94c May
77
Sept
51 %c
Jan
60c
Mar
6c
Jan
47c
July
70c
Aug
12c
Jan
2%c
5.70
3.12
1.38 May
29 %c
4.10
4.05
4.30
1,01
98c
1.05
1.68
1.60
1.72
Peterson-Cobalt
1
234c
234c
234c
Pickle Crow
1
6.90
6.85
7.00
1
7.75
7.65
7.90
1
3.45
3.15
3.56
.*
1.75
1.70
1.90
Stocks-
Par
Aldermac Mines
Week's Range
Sale
of Prices
Low
High
Price
*
24% c
25c
Range Since Jan. 1, 1936
for
.
Week
Shares
Low
7c
27o
July
1
_
13c
13c
14c
2c
Jan
14 %c
July
1
Brett Trethewey
Central Manitoba
31c
28c
34c
52,500
11 %c
Jan
57c
July
4%c
•4%c
5c
7,900
3%c
Jan
2.75
2.75
150
Churchill Mining
Coast Copper...
1
Cobalt Contact
1
2%C
2%c
3c
13,500
Dalhousie Oil
East Crest Oil
*
55c
53c
55c
4,525
*
7c
5
7c
7c
Foosthills Oil...
*
40c
40c
Home Oil
*
85c
Hudson Bay
Klrkland Townsite
*
500
90c
-
500
23%c
23% c
ii%c
ll%c
2,790
24c
3,082
21c
4,000
14c 201,600
5%c 115,000
1
Lake Mar on
Malrobic Mines..
High
Jan
4,300
41,300
19c
.1
5c
4%C
28c
______
Maruly Mines
Night Hawk
28c
30c
4c
3c
5c
Pend Oreille
1
95C
84c
95c
Porcupine Crown
1
12%c
12%c
13c
Ritchie Gold.
1
8c
7c
9c
7%c
3%c
15% C
8%c
3%c
21c
4,000
202,100
1,300
16,000
455,405
33,000
«
4,420
60,900
26,400
121,800
21,300
128,575
6c
7c
2.25 May
4.50
Feb
Jan
4c
Aug
38c June
78c
Feb
6%c May
13%c
Feb
40c May
l%c
72 %c
22 %o
Jan
70 %c
1.43
Feb
Jan
28%c
Feb
14%c
Jan
31c May
3c
Jan
21c June
l%c
Jan
12e
Jan
l%o
Jan
3,600
1
Nordon Corp
Oil Selections.
5
12c
lie
11c
5c
1
Pa wnee-Kirkland
1
32%c
4%c
4%c
24%c
5%c
Parkhill
3%c
4%C
Robb Montbray
1
8c
Sudbury Mines
Temiskaming
1
3%c
19%c
Wood-Kirkland
__1
1
48c
9%c May
Feb
7c
Feb
42c
July
6%c May
10c
Aug
4o
July
7c
Jan
18c May
48c
Sept
26c
Apr
2%o
Jan
70c
July
4c
Jan
lc
Jan
13 %o May
11c June
1.20
Feb
15c
Mar
4c
Apr
9%c Sept
3%o
Jan
7 %c
2c
Jan
23c May
4c
Jan
9c May
Mar
Montreal Stock Exchange
Sept. 5 to Sept. 11, both inclusive, compiled from official sales lists
Stocks—
Par
Price
Sales
Low
Mar
15c
Aug
Aug
7.75
Feb
Jan
4.90 June
3.50 June
5.05 May
30c Aug
5%o
Jan
5%c
37o
30c
Aug
Aug
55c
July
40
Mar
49%
Jan
Mar
2.24
July
15c
Feb
42c
Jan
"
1.22
Jan
2%c May
54c June
%
Jan
2c
Jan
7% May
5%c July
1.00
July
2,450
2.30
July
3.05
Jan
4,452
3,300
29,200
44%
Jan
65%
Aug
23,125
6,800
18,900
24,794
105,795
30,190
11,500
11,535
1,645
24,340
27,940
2.11
2.20
800
10c
0c
1,000
Acme Glove Works Ltd..*
20
High
Range Since Jan. 1, 1936
Shares
Low
High
20
20
9
9
25
3
3
100
2
July
6
Jan
Agnew-Surpass Shoe.....*
Alberta Pac Grain A
*
Amal Electric
21
June
10
Jan
2
2
2
115
2
Jan
3
Feb
20
20
20
50
14
Jan
13
Feb
Breweries
10%
50%
10%
50%
12%
13
....
*
pref...*
Bathurst Pow & Paper A.*
Bawlf Northern Grain...*
~50%
13
"22%
150%
12%
Grainjpref
......
1.05
24
22%
150%
260
12
13
31
31%
Building Products A
4
*
Silk Mills
8%
*
5
22%
150
*
B
5
1,200
1.05
100
Bell Telephone
100
Brazilian Tr, Lt & Pr
*
British Col Power Corp A.*
Bruck
14% June
7% June
50
Assoc Tel & Teleg
Bawlf N
25
*
Corp.
Preferred..
Asso ciat ed
;
"43%
43
4
10
4,980
200
120
9%
July
15
Jan
Jan
34
55
July
10%
Mar
1.05
Sept
22%
141
Aug
17%
4.50
38
Feb
Jan
Jan
Mar
28
3%
Sept
Jan
15%
Feb
Jan
9%
150%
37%
Feb
5%
Feb
May
8%
43%
60
7
July
365
33
Jan
7%
88%
4,134
1,491
May
8
58
Jan
00 00
125
3
°June
7
16
Jan
43%
Sept
Mar
Feb
*
*
17%
Jan
Sept
1
Quemont Mining...
31
Mar
80c
70c 109,500
634c 317,300
434c 16,500
1.33
16,709
1
2.11
Sept
lie
1.13
Perron Gold
*
12
13%
Jan
7c
Prospectors Airways
July
6%c
69c
Last
for
15c
858,400
17c
Sales
Friday
Week
1.12
57c
Sept. 11, both inclusive, compiled from official sales lists
of Prices
Mar
5.95
to
Week's Range
1.00
14c
Sept. 5
Sale
7 %c
5.60
10c June
Toronto Stock Exchange—Mining Curb Section
Last
4,200
15c
*
Friday
33c
5.70
Ymir Yankee Girl
Feb
Sept
2.45
.
40c June
2.75
6334
Wiltsey-Coghlan
Wright-Hargr eaves.
Aug
17c May
Apr
Jan
6c
1.73
4.95
67c
Jan
Mar
54c May
1.11
65c
Preston (new)...
*
1.55
4.75
86c
24c
60,832
7c
Pioneer Gold
South Tlblemont
1.65
4.75
26 %c
1.78 June
66c
Premier Gold
*
Jan
Apr
*
.
83c
Jan
July
1
.
82c
6c
19c
Omega Gold
Pamour-Porcupine
20c Sept
1.19
Olga Oil & Gas New
Paymaster Consolidated.
81c
3%c
July
1
1.02
McMillan Gold.
1.95
1.14
...IHIl
IIIIl
Jan
48c June
Sept
Newbec Mines
1.04
1.45
Jan
26c
Murphy Mines
1
Mar
Jan
Morrls-Kirkland
Lava Cap Gold
Lebel Oro
75c
4%c
7c
39c
3134c
Maple Leaf Mines
1.65
1.07
50c
Aug
July
3.63
88c
56c
26c
40c
Jan
1
77c
'"29c
2.22
Aug
37c
Moneta-Porcupine
74c
5534 c
1
Sept
30c
1.20 May
30c
77c
1
Lamaque-Contact
Feb
1.16
10%c June
33c
Laguna Gold
Lake Shore Mines
10c
Jan
*
62c
Jan
Sept
Jan
Minto Gold
59c
3o
10
2c
2.70
60c
1
86c
Mar
Jan
75c
2.37
1.18
July
Aug
11,200
13,350
2.44
64c
1.07
Kirkland-Lake
37c
July
50c
1.00
Aug
*
6034 c
1.10
90c
1.38
82c
6.90
Sept
Mining Corp
82c
62c
Kirk Hudson Bay
Sept
86c
30c
82c
J M Consolidated
Howey Gold
9%c
16c
1.50
38c
Sept
Feb
1.40
37c
1.40
Mar
2134c
12c
1434c 1434c
2.18 May
61% June
8c
24c
37%c
1
Apr
21c
1.40
12c
'1434^
14c May
Jan
J*
High wood Saecee.'.
Hollinger Consolidated..
Homestead Oil
Jan
July
5%o
96,888
672,650
1,400
3,700
6,800
37,080
11,540
7,650
21,700
19,700
2,106
61,400
19,800
100,730
24,900
14,365
15,665
55,975
109,100
17,800
83,450
1,150
52,650
91,300
69,300
14,500
Harker Gold
Sept
42
9.10
11,375
7c
634 c
14,200
1.16
1.66 214,030
30c
33c 209,300
1.03
1.14
28,530
3534 c £734c 14,550
20c| 21c
2,000
13c
034c
25,400
17c
19c
10,000
28c
37c
63,472
11c
9% c
5,900
55c
61c
93,150
14c
16c
23,400
May
1.25
1.37 243,215
Falconbridge
2.46
Sept
1.22
14,150
68,400
Eldorado...
Goodfish Mining
32C
1.08
July
Mar
Chromium Mining...
Clericy Consolidated
Dominion
33c
10c June
Mar
1.20 June
27,870
63c
60c
12,637
24c 3634 c 140,209
7.85
8.15
3,735
13c
1.07
Sept
Feb
14c June
1.75
Bobjo Mines
70c
28c
68c 100,250
1.40
6,700
B R X Gold Mines
1.23
Feb
1~65
•
Astoria-Rouyn
Bralorne Mines
2.45
1.17
Feb
11 He
~
*
Bagamac Rouyn.
2.26
1.21
4.35
Aug
*
._
2.25
1.94
Ventures
Feb
97c
"
Ashley Gold
Cariboo Gold
18Ho
l
Arntfield
Bear
High
18,400
*
_
*
.1
High
Jan
1.44
Towagamac Exploration.1
Sales
1.02
__1
Aldermac Mines Ltd
Alexandria Gold
4.20
Teck-Hughes Gold
Exchange—Mining Section
Sept. 5 to Sept. 11, both inclusive, compiled from official sales lists
Stocks—
4.00
Sudbury Basin..._.._...*
Sudbury Contact
_.Il
31
Toronto Stock
t
10,460
90,250
13,150
79,925
21,653
153,675
3,300
44,254
10,035
176,150
10,720
Low
Shares
4.20
■
Range Since Jan. 1 1936
High
I.I*
Sladen-Malartic
110
Low
1
Siscoe Gold....
June
77
Week
_____1
41
115
for
of Prices
Price
Par
34%
17%
30% June
100
•
Stocks (Concluded)
High
Week's Range
Sale
460
7%
20%
3%
Sales
Last
Week
31%
6%
Range Since Jan. 1 1936
Shares
High
Exchange—Mining Section
Friday
for
of Prices
Low
"7%
20 %
Toronto Stock
Sales
28%c
14
Jan
Sept
34c
Jan
1.40
Aug
63c May
18
7.00
Sept
July
6c
Aug
15c May
40c
Mar
85c June
3.50
Mar
5.20 June
50c
Jan
1.25 May
1.12
Jan
1.75
2c
July
4%c
Feb
3.95
Mar
7.60
July
Aug
12
7.25
Aug
Jan
1.80
Jan
3.56
Sept
21c
Mar
2.25
July
2.10 May
5c
Feb
3.25
Jan
9%c
Aug
Canada Cement
*
Preferred
100
7%
88-
Canada Forging clA
*
Can North Power Corp...*
Canada Steamship pref. 100
Can Wire & Cable cl B___*
6%
85
5
"25%
6%
25%
6%
6
26
550
7
355
6
Feb
X
Sept
Jan
27%
July
6% June
15%
Feb
22 %
Feb
15
15
..*
39
39
100
Canadian Bronze pref. .100
Candn Canners conv pfd.*
107
107
10
102% May
108%
July
100
5% June
7%
July
Canadian Bronze
15
7%
8%
7%
9
Jan
31
Jan
Canadian Car & Foundry.*
Preferred..
25
10
7,470
20
20
22
2,660
13
Canadian Celanese
28
27%
28
1,320
25% May
124
125
135
112
Mav
*
21
21
70
18
Feb
100
52
53
300
48
Jan
50
97
2,175
1,762
26
May
Apr
Preferred 7%
*
100
Rights...
Canadian Cottons
Preferred
100
Candn Hydro-Elec pref 100
Candn Industrial Alcohol.*
101
47
7
*
Class B
Canadian Pacific Ry
Cockshutt Plow
25
Con Mln & Smelt
25
new
Crown Cork & Seal Co
*
*
Dist Corp Seagrams
Dominion Bridge
Dominion Coal pref
Dominion Glass pref
*
100
100
Dominion Steel & Coal B 25
Dominion Textile
Dryden Paper
Eastern Dairy
Electrolux Corp.
English Electric A
English Electric B
No par value.
12%
6%
58%
18
25%
42%
18
40%
6%
5%
11%
5%
53%
17%
24%
42%
17%
5%
69
68
*
*
_.l
7
7
*
*
101%
47
7%
6
12%
6%
58%
Sept
Sept
31%
128
23
1%
21
105
8%
Jan
12%
Feb
80
5%
June
11%
Jan
3,473
10%
Jan
5%
Aug
15%
9%
Feb
455
58%
Sept
18
Sept
51
May
15
*Mar
18%
832
34%
Jan
43%
18%
Aug
32
Jan
14%
Apr
21
136%
Jan
6
4,355
4%
May
8
69
107
July
79
1,200
50
460
1
5
22
175
10
60
4% May
1% July
19%
Jan
1
10%
4
Feb
Apr
1,321
8%
Jan
48
820
23%
Jan
July
285
7%
Feb
21% June
55
Aug
6%
8,388
1%
23%
10
22
18
18%
Apr
Apr
26%
43
Aug
May
150
15
"5%
*
Enamel & Heating Prod..*
*
124%
5%
17
41
155
Aug
July
Feb
Jan
7%
3%
Aug
28%
Feb
Feb
Jan
3
Jan
24
Feb
12%
Feb
June
Feb
Sept. 12,
Chronicle
Financial
1702
Stocks (Concluded)
Sales
of Prices
Low
Price
Par
High
„
20
19
20 •:
Goodyr T pref inc 1927.100
General Steel Wares
*
54 %
54 H
3M
5%
7%
4%
43%
14%
11%
93%
13%
55%
*
5
.100
'45
5
14
Hollinger Gold Mines
Howard Smith Paper
11H
94H
*
100
Preferred
14
Imperial Tobacco of Can.5
Int Nickel of Canada
*
57
*
International Power pf.100
Jamaica Public Ser Ltd
*
Lake of the Woods
100
Lindsay (C W)
*
Massey-Harris
*
International Power
—-«1
-
-
Mar
20%
Sept
-
-
5%
10%
145
25H
100
Montreal Cottons
-U-
-
-
Mar
12
Montreal Loan &
Mtge_.25
National Breweries..
Preferred
Nat'l Steel Car Corp
Niagara Wire new
Noranda Mines Ltd
*
100
Ottawa Lt,
Ht & Pr
Jan
.32
Jan
35
30
May
34
jJan
26
Aug
28
71
85
Apr
103
Jan
1,760
39
Jan
45
June
Mar
44
July
39%
165
13
25
July
29
240
88
Jan
18H
Feb
101
101
30
97
21
355
6%
Sept
6H
Feb
18H
July
104
May
Aug
101 %
Aug
1.50 May
3H
July
Jan
14H
July
58H
41%
23%
1,235
585
8
40
Jan
20H
Jan
55
55
30
33
35
951
Shawinigan W & Power..*
Sherwin Williams of Can.*
20%
19H
19%
21
19
19H
695
16
May
117% 121
11%
11H
69
68H
61%
60%
45
114
June
July
18H
4,697'
Aug
Mar
Jan
20
Jan
127H
Mar
14
180
11
June
242
57
Jan
69 %
Aug
850
49 H
Jan
6\%
Aug
Feb
3%
1
Aug
56
60
32
48
Feb
60
100
115
115
15
107
Jan
115
Sept
Sept
100
Windsor Hotel pref
7
7
55
4
Apr
7
Sept
Winnipeg Electric
*
Preferred.
-
-
100
57
12
65
35
57H
■
100
100
100
100
—
w-
-
6c
Jan
Jan
13c
25
Aug
July
Mar
Apr
14c
Mar
46 H
Jan
2.70
Sept
2.05
Sept
3c
22,600
46 He
29c
40
Aug
2.41
2.51
3,000
1.24
1.19
1.30
11,800
95c
Apr
Aug
1.30
1,000
1.05
July
1.35
Aug
5.60
5.90
35c
Jan
7.00
July
4.25
10,095
1,200
3.75
Jan
2454 c 4654c 267,350
18c
June
Jan
5.10 June
46H
Sept
1.72
5,200
1.75
Feb
7.00
225
3.95
Mar
7.55
July
3.27
3.31
200
1.83
Feb
3.31
Sept
.1
500
70c June
1.40 May
70c
70c
...1
4.20
4.10
4.20
4,942
1.43
Jan
4.40
July
1.10
1.06
1.16
72,050
80c
July
1.16
1
Sept
4.75
4 75
4.90
3,105
2.88
Mar
5.00
42 %o June
79c
Sept
1
Read-Authier Mine
Shawkey
Siscoe Gold..,
,
l
88c 109,650
Sept
Sladen-Mal
1
85c
70c
Sullivan Consol
1
2.30
2.25
2.47
67,599
83c
Mar
2.47
Sept
5.90
6.15
795
4.30
Mar
6.65
July
""77c
77c
97c
52,380
37 %C May
1.50
Aug
93c
93c
95c
24c May
1.15
Aug
2.20
2.20
2.28
1,500
3,500
Jan
2.50
Feb
9 He June
21c
Feb
1
1
1
Ventures Ltd
*
Wayside Con G M Ltd.50c
White Eagle Silver M____*
Wright-Hargreaves
*
Teck-Hughes Gold
Thompson-Cadllac
Towagmac Explor Ltd
1.60
Aug
.....
13.14c
11c 1354c
454c
454c
554c
29,300
6,000
8.00
8.00
8.10
1,125
6c
3%c
Mar
5%c Sept
7.05
Mar
8.90
11 He
Unlisted Mines—
Feb
Arno Mines
*
654c
3,100
2c
Jan
Cndn Malartic Gold
1
1.25
1.15
1.25
4,200
98c
Mar
1.42
Apr
Feb
Central Patricia Gold
1
4.15
4.15
4 25
200
2.43
Mar
,4.75
July
Duparquet Mining
1
6c
6c
654c
10%c
1 32
1.07
1.37
9,900
64,750
4c June
Eldorado Gold Mines....1
80c
Aug
1.38
Mar
81c
84c
600
25c
Feb
93c
Sept
1,250
July
Howey Gold Mines
1
Macassa Mines Ltd.
Jan
"4"eo
4.45
4.60
3.18
Jan
5.00
1.95
1.92
1.95
600
1.64
Aug
3.40
Jan
1
1.65
1.55
1.74
6,675
1.00
Jan
1.90
July
6554c
65c
71c
43,680
18 He
Jan
77 c
Aug
Mar
Stadaconna-Rouyn Mines *
Sylvanite Gold Ltd
3.32
3.32
300
2.38
Mar
3.55
July
Mar
4H
18
1
July
50,
May
67 H
58 H
June
1
Jan
Jan
Sherritt-Gordon Mines
Unlisted Stocks—
51H
1,390
1.30 May
2.50
Feb
80
2.00
6% June
13%
July
80c
1.40
Co..*
100
1.75
1.65
1054
1054
Brew & Distillers of Van..
95c
90c
1.95
1.80
1.95
595
1.75
Aug
4H
Feb
11c
11c
1254c
"575
11
Sept
18%
Mar
25
75
July
86%
"3354
•3354
Cum 6% pref
Jan
141H
Aug
170
Feb
92
184
May
214
Feb
31
271
Jan
300
Feb
Calgary Pow Co Ltd pf 100
146
164
Jan
181
Feb
Canada Malting Co Ltd..*
Brewing Corp of Can
*
Preferred..
8054
11
1.00
3,295
8054
205
34
Mar
30%
Apr
Jan
Feb
Feb
35
2
Jan
July
5%
454
4
454
4,218
6
654
331
4%
Apr
9%
Feb
*
*
6%
B
5%
554
554
103
2%
July
*
22 J4
2254
22J4
694
18J4
Jan
July
7%
Ford Motor of Can A
63
51
63
567
45
,16
25
14%
2154
15
19
1454
1454
10354 104
24
l4H Sept.
McColl-Frontenac OilpflOO
Royal.
179%
4,400
60c May
1.62
Apr
282
Sept
6.90
148
.
55%c
4.25
133
200
—
955
7c
"3lc
33
160
200
Nova Scotia
-
81c
1.30
70
141
178H 180
160""
Montreal
140
199
100
Commerce
159
281
Canadienne
Jan
1.72
Abitibi Pow & Paper
145
Aug
28 He
6.90
Banks—
Canada
Aug
93c
San Antonio Gd M Ltd...l
10
5
64
r
2%
85
,
12
57
"~65
50
2%
2%
—
-
—
——————
100
Mfg pref
15
1.10
1.10
1.10
60
Sept
2.24
Jan
July
100H
85
100H 100H
2H
2%
12H
11%
Jan
21
10.00
July
1
Quebec Gold Mining
57
Jan
10c
23c
1
Premier Gold Mining
Mar
6.90
Pickle Crow Gold
Aug
110
July
Perron Gold
Aug
Jan
June
89c
1.12
Mar
65%
Feb
101 %
48
1,020
1,350
Sept
Mar
2.30
61
1.27
1
101H
25
*
383
Jan
52c
2~41
*
Parkhill Gold
240
199H
62
18
*
17c
6c
5.65
Pamour-Porcup M Ltd
Jan
Jan
44H
151
55
Preferred
30c
Apr
1.10
43
Jan
37
July
4254c 4254c
O'Brien Gold Mines Ltd__l
Feb
3,028
100
Feb
17 H
34
May
33
Western Grocers Ltd
2954c
Mar
St Lawrence Flour MillslOO
Woods
Jan
26
St Lawrence Paper pref.100
Viau Biscuit
5654
56
654c
17%
Jan
6
,
1
Mining Corp of Can Ltd..*
Montague Gold
1
New Golden Rose M
1
18
69
32,620
1
Lee Gold Mines
Mclntyre-Porcup N Ltd.5
------
61
Lebel Oro Mines
Jan
55
15%
34
32%
62% 63%
210% 213
"ll%
65c
17c
Lamaque Contact Gold M*
Feb
------
*
Aug
Sept
20
21
*
June
36
Jan
Jan
11H
Jan
14%
4H May
Feb
12 H
25
6014c
30c
7%
15%
Preferred
50,320
56
Aug
14%
20%
Steel Co of Canada
63c
62c
4
15
Southern Can Power
57c
1
4,054.
90
100
58c
1
Greene-Stabell Mines
280
1__*
Preferred
49,075
La ke Shore M i nes
27%
43%
42H
16H
2%
12H
12,300
1,145
1.63
J-M Consol Gold
Sept
57%
35
42
-
10.00
1.20
1
32%
43
---
73c
9.20
1.32
5%
Canada...*
Quebec Power
*
-
79c
9.20
May
15
-
10
82c
..1
2
12H
1.67
5754
FalconbridgeNickeiMines *
Francoeur Gold.
*
70
1,565
1 60
5754
*
Dome Mines
28H "Sept
1,200
4,550
East Malartic.
Mar
27%
•
2854
Mar
35
89
101
Dredging
Mar
Feb
55
100
Saguenay Power pref.....
St Lawrence Corp
*
A preferred
50
1.60
Sept
53
Rolland Paper pref
Consol Chib Gold Fields..1
6
53
25
Central Manitoba M Ltd.l
July
95
40
Preferred
Aug
58c
Jan
106
Regent Knitting
30o
Jan
July
16H
98
Power Corp of
Jan
18%c
3
106
Penmans
2c
34c
31%
100
Preferred
30c 297,700
57
33
2854
4.9**
Jan
14%
43H May
150
29,550
30c
52
90
*
Oglivie Flour Mills.
Aug
4.250
41c
Jan
119
Mar
13H
295
—
33H
63%
210%
48c
63c
38c
22c
100
5
43H
42H
15%
;
Jan
Aug
58c
38c
14K
9% June
Apr
2,211
16,133
30M
5M
4%
14%
------
100
*
25
*
Montreal Tramways
Aug
36c
5854c
17H
88
173
14
36
31%
Montreal L H & Pr Cons.*
Sept
July
45
Jan
13.60
95
14
Sept
58c
75c
34c
6%
May
4
123
1,985
1,573
28%
14
*
McColl-Frontenac Oil
38c
Jan
""28c
8%
10%
5%
4
July
50c
5
Aug
5% June
95
4%
15c
30c
Cartier-Marlartic Gold._M
5
14H
5
1,200
59c 166,200
Bulolo Gold
Jan
36
—
-
38c
45c
Sept
Mar
5%
...
29H
37c
55c
Mar
58H
June
125
57%
37c
1
1
Jan
3
45
High
Low
Shares
Bousquet Cad
55
17,535
Price
Par
Big Miss or Mines
95
94
-
Week
Ltd..*
Beautort Gold
2,335
5
5
-
95
-
for
of Prices
Low
High
1
13
55%
4%
Hamilton Bridge pref.
(Concluded)
Base Metals Mining
Jan
23
Hamilton Bridge.
Feb
23
18
1,110
20
_*
Alabast.* ""9%
High
Low
Shares
80
23
Gurd, Charles
Gypsum, Lime &
Week's Range
Sale
Stocks
1 1936
Range Since Jan.
Last
1 1936
Range Since Jan.
for
Week
C Corp..*
Foundation Co of Can
*
Famous Players
Sales
Friday
Week's Range
Sale
Market
Curb
Montreal
Montreal Stock Exchange
Last
,
and Unlisted
Canadian Markets—Listed
Friday
1936
65
96 %
Nova Scotia Lt & Pow.__*
101
Consolidated Paper Ltd..*
Donnaconna
Paper A
Donnaconna Paper
HANSON BROS
Canadian Government
Int Paints (Can) Ltd
Mnnicipal
..10
56
Industrial Bonds
"
Aug
21%
Aug
14%
Sept
104 H
Jan
Jan
Jan
Feb
2% May
7,625
Sept
6% May
49
Sept
101
6
5
46
46
49
620
22
28
2754
28
240
26 %
Apr
39 H
Feb
1954
1954
1,025
13 %
Apr
19 H
Sept
Weston Ltd
*
Jan
Aug
18
*
100
Preferred.
Royalite Oil Ltd
330 Bay St., Tiraoti
Sparks St., Ottawa
65
61
5
101
Feb
28%
June
..100
Price Bros Co Ltd
255 St. James St., Montreal
2154
*
Maritime Tel & Tel
Public Utility and
1883
16
pref30
Loblaw Groceterias A
INCORPORATED
ESTABLISHED
General Steel Wares pf 100
No par value,
654
May
f Flat price.
Montreal Curb Market
official sales lists
Sept. 5 to Sept. 11, both inclusive, compiled from
Sales
Friday
I—
Last
ti—■
Week's
Sale
Stocks-
Price
Par
cum
*
Brit Col Packers (new)
24
*
11
Can Nor Pow Ltd pref.100
Canada Vinegars Ltd
*
Canadian
Vlckers Ltd
57%
4
4
2%
145
145
preflOO
Brit Amer Oil Co Ltd
52 %
2%
4
Beaubarnois Power Corp.*
Beld-Corticelll
High
Low
56 H
Asbestos Corp voting tr__*
Bathurst Pr & Paper cl B. *
Range
of Prices
111H
......
65
136
16
24
557
1,084
9%
111% 112
21%
22%
3
*
2,627
11
23%
3
30
31
Government
28
30
115
57%
554
354
3
Jan
130
1654
8
Jan
May
145
20
1.50
Jan
Sept
2754
;
Feb
11254
2754
Aug
Jan
4
Feb
31
15
May
Abitibi P & Pap ctfs 5s '53
f54
Jan
36
Feb
Alberta Pac Grain 6s_. 1946
95
7%
12
10
~34%
34%
30
26 54
Feb
854
July
Dom Tar&Chem cm pf 100
Fraser Cos Ltd
*
97%
97
99J4
3,930
2,005
BeauhornoisLH&P
50
Jan
9954
16
1654
96
9
Jan
1954
Sept
Feb
Beauharnois Pr Corp 5s '73
16%
*
15%
15
1654
4,152
8
Jan
19
Home Oil Co Ltd*
90c
85c
90c
Jan
1.46
20 M
29%
2054
1,070
2,178
70c
2054
Aug
24 54
Apr
9%
9%
10
Sept
Apr
954
Sept
Aug
Jan
Voting trust ctfs
Imperial Oil Ltd
*
8%
Inter Metals Industries. 100
Int Paints
3
(Can) Ltd A...*
Int Petroleum Co Ltd
*
Inter Utils Corp cl A
*
Inter Util Corp class B...1
Melchers Dist Ltd A
*
_
B.
_
"*
35
Voting preferred
~_9H
*
United Distillers of Can..*
3
20
35
1,863
3354
9
25
1.05
175
9%
954
80
2%
3
105
7
45
2
103 H
2
9
*
9
89%
8954
102% 104
6%
"~8%
102
......
8%
102
65c
2
Walkervllle Brewery Ltd.
454
954
254
7
.....
Rogers-Majestic Ltd A___*
Sarnia Bridge Ltd A
854,
1.00
Page-Hersey Tubes Ltd..*
Sou Can Pac Ltd pref.. 100
34%
9
Mitchell & Co (Robt) Ltd *
Mtl Ret & Stor voting tr_. *
Power of Can cum pref.100
7%
654
854
103
65c
254
Walker-Gooderh & Worts *
39
3854
39
Walker-Good & Worts pf_*
18 %
18%
1854
50
4
-
Feb
Feb
Aldermac
Barry-Hollinger Gold..._l
1054c
1054c 1054c
1.04
92c
1.06
6%c
654c
754c
5Hs-3Hs-1948
70
101
1941
5Hs *47
108 %
92%
39 54
Apr
Canada Cement Co
1454
Feb
Jan
2.50
May
Can North Power 5S..1953
1354
Feb
Can Lt & Pow Co 5s..1949
93 H
105
104%
101% 102 H
95
95 H
554
Feb
Canadian Vlckers Co 6s '47
Jan
Cedar Rapids M & P 5s *53
112H 113H
Apr
2
Apr
Consol Pap Corp
/4 9%
2
Jan
Jan
9754
Mar
954
9454
104
654
Aug
Dominion Coal 5s
Feb
Dom Gas & Elec
Dominion Tar 6s.
Sept
Donnaconna Paper
4
June
10
6
June
11
Apr
61
98
Jan
103
50c
Apr
July
3
s
1949
East Kootenay Pow 7s 1942
Mar
Eastern Dairies 6s
354
Feb
Fraser Co 6s.Jan
2654
Apr
40
Sept
Gatineau Power 5s
1754
July
19
Feb
24,000
35,075
9,500
5c
July
81c
Apr
97c
Sept
1.06
Sept
454c
Apr
10c June
1949
98
-
---
73%
100
81H
1950
101
1956
1
102H 102 H
General Steelwares 6s. 1952
Gt Lakes Pap Co 1st 6s '50
Int Pr & Pap of Nfld 5f> '68
Lake St John Pr & Pap Co
6Hs
..Feb
6Hs_.__.Feb
89%
107 H
73
1956
July
85
105
89
105
/5 6
105
-
106
56%
102 %
103%
1 1942
f78%
79%
1 1947
111% 112H
'
90
38
91~"
108
38%
--
Montreal L H & P ($50
value) 3s
1939
1941
50%
102% 103%
New Brunswick Pr 5s. 1937
88%
Northwestern Pow 6s_ 1960
71
71%
Certificates of deposit—
71
71%
53.1958
108
5Hs.l955
Ottawa Valley Pow 5Hs '70
Power Corp of Can 4Hs'59
5s
Dec
1 1957
Provincial Pap Ltd 5%s '47
102 H
--
106
Ottawa Lt Ht & Pr 5s. 1957
Nova Scotia L & P
Ottawa Traction
50
Co—
95c
270
2
1940
6Hs_1945
Sept
107
par
8
5Hs.l961
'
70
1947
McColl Frontenac Oil 6s '49
Minn & Ont Paper 6s. 1945
.
Montreal Tramway 5s
109H
Canadian Inter Pap 6s '49
75
101H
2%a to '38—5Hs to '49
Montreal Island Pr 5Hs *67
105
...
Apr
9
1,340
Massey-Harris Co 5s.
106
Canada Bread 6s
87%
49
48 H
115M 115M
Calgary Power Co 5s__1960
Burns & Co
89
86 H
Maple Leaf Milling—
5Hs._1960
Jan
6
Mines—
Afton Mines Ltd
5s
88
102H 103
Mar 1,1960
Brit Col Power
_
MacLaren-Que Pr 5%s '61
Manitoba Power 5HS-1951
54%
Aug
84
50
5Hs '73
Bell Tel Co of Can 53.1955
Ask
Bid
Ask
5
5
25
Bid
Sept
254
50
220
854
June
50c
9
Bonds
Sept
12
8%
•
Industrial and Public Utility
Apr
34H
Catelli Food Prod pref A.30
135
New
•
Bell System Tele. NY 1-208
..
8%
Catelli Food Products B__*
31
Corporation
Jan
Dominion Eng Works
*
Dom Tar & Chemical Ltd *
100
•
Montreal and Toronto
Royal Securities Corporation
York
HAnover 2-6363
30 Broad Street
Apr
13
May
107%
Sept
Feb
Jan
1154
254 June
1154 Aug
Cum pref..
80
Jan
Mar
1.95 June
1754
Municipal
•
Private wire connection bettceen New York,
High
Low
Shares
SECURITIES
CANADIAN
1, 1936
Range Since Jan.
for
Week
Quebec Power 5s
1968
Saguenay Power 4Hs.l966
Shawinigan W & P 4H* '67
1949
5%s '53
1955
Steel of Canada Ltd 6s '40
United Grain Grow 5s. 1948
United Securs Ltd 5%a '52
Simpsons Ltd 6s
--
-
-
'
--
79
81
99
99%
102
102 % 103%
106 H
106
103
103 %
105 H 105%
108
107
108
Smith H Pa Mills
107
Southern Can Pow 5s.
105M 106%
Winnipge Elec 6s.Oct 2 '54
113
95
96
85 H
86 H
88
88%
Volume
Financial
143
Chronicle
170?
^5E
Quotations
on
New York
Bid
a3%s July 11975
a3%s May 11954
o3%sNov 1 1954
a3%sMar 11960
a3%s Jan 15 1976
a3%s July 1 1975
Over-the-Counter Securities—Friday Sept. 11
City Bonds
New York Trust
Ask
105%
a4%s Apr 1 1966
a4%s Apr 15 1972
a4%8 June 1 1974
a4%s Feb 15 1976
108
108% a4%s Jan
1 1977
109% 110% a4%s Nov 15 1978
113% 114% a4%s Mar 11981.
113% 114% a4%s May 1 & Nov 1 1957
113% 114% a4%s Mar 1 1963
114% 115
<z4%s June 1 1965
114% 115% a4%8 July 1 1967
117% 117% a4%s Dec 151971
117% 117% a4%s Dec
1 1979
Jan 25 1937
117% 117% a6s
106%
108 % 109%
108% 109%
108% 109%
a4s
May 1 1957..
a4s
Nov
a 4s
May 1195'
a 4s1
May 1 1977......
a4a
Oct
1 1958
11980
a4%s Sept 1 1960
a4%s Mar 1 1962......
a4%s Mar 1 1964.
New York State
Bin
As#
Bid
117 %
Bid
117%
118% 118%
t) 2.40
lass
1
b 2.50
less
1
World
118% 119%
119%
Highway
5s Jan & Mar 1946 to '71 5 2.80
26
27%
28%
245
260
7
Guaranty
100 x353
358
12
Irving."
10%
Kings County
16
10
100 1700
Brooklyn
"a
•
1750
72
100 xl21
•
.
126
17
Central Hanover
20
Chemical Bank & Trust. 10
67%
69%
Clinton Trust
50
78
85
New York
120% 121
121% 122%
122% 123%
Colonial Trust
25
14
16
Title Guarantee & Tr...20
10%
Bank&Tr.lO
Corn Exch Bk & Tr
20
18%
20
Underwriters
100
80
66
67
United States
100 2060
102
Continental
...20
Manufacturers...
133% 136%
48%
50%
—
51
53
25
Preferred
141
144
11%
90
2110
102%
Chicago Bank Stocks
Bid
Par
American National Bank &
Trust
100
Bonus—
Ast
135%
135%
133
Ast
100
284
289
425
445
Northern Trust Co..-.100
230
146
33 1-3
825
865
150
Barge C T 4s Jan '42 to '46
Can & Imp High
Trust
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J'60 to *67
Bid
Par
Harris Trust & Savings. 100
First National
210
Continental Illinois Bank &
Improvement—
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964..
Barge C T 4%s Jan 1 1945
4%s '65..
Port of New York
Bid
ser
Gen & ref 3d
ser
Bid
108% 108%
J&J
Inland Terminal
106% 107
3%s '65
3%s '76
1939-53
George Washington Bridge
ser
B
Ask
/
BOUGHT
SOLD
—
—
ser
1937-50..J&D
60.25%
M&S 6 0.75
1937-1941
114
113
PUTNAM
to2.10%
110
111
Members
E
M&S 60.50
1942-1960
.....M&S
QUOTED
'
107
ser D
4%s
106
M&S
Holland Tunnel
4%s serB 1940-53.M&N
3
4%s
1937-1941
105% 105%
1942-1960
4s
.
Bayonne Bridge 4s series C
Gen & ret 4s Mar 1 1975.
Gen & ref 2d
s
Hartford Insurance Stocks
Authority Bonds
Ask
Port of New York—
6
to 1.75
113%
Tel.
114%
CENTRAL
& CO.
York Stock Exchange
New
ROW
5-0151
HARTFORD
A. T. T. Teletype
—
Hartford 35
United States Insular Bonds
Phillippine Government—
4s 1946
5s
Feb
Bid
Honolulu 5s
1952
tH -rH oo
Govt of Puerto Rico—
101%
109
5s July 1948
117
115
3.50
109
Conversion 3s 1947
111%
113
U S conversion 3s 1946
113%
113% 114
3s 1955 opt 1945
3s 1956 opt 1946
38 1956 opt 1946
J&J
1019,6 101'1,6
4s
J&J
1019)6 1011',6
101916 101",6
4%s 1957 opt 1937—_J&J
4%s 1957 opt. 1937._M&N
4%s 1958 opt 1938—M&N
M&N
3%s 1955 opt 1945
4s 1946 opt
Bid
103%
M&N
1944
1037,6
Ask
105 %
105
M&N
Aetna Fire
Agricultural.
51%
31
33
85%
1957 opt 1937—.M&N.
88%
25%
Importers & Exporters..
24
Ins Co of North Amer._10
74
35
Knickerbocker
5
13%
..10
11
14
Lincoln Fire
.5
4%
-2%
13%
Maryland Casualty
1
3%
Re-insurance. 10
72%
14%
75%
American of Newark.
American
_
American Reserve
..10
American Surety
-25
57
Automobile
..10
34
-2%
.
Merch Fire
Ins..12%
Assur com.2%
19
66
69
New Brunswick Fire
27
44
Excess..!
Federal
46
10
120 So. LaSalle
St., Chicago
State 0540
Teletype CGO. 437
Firemen's of Newark
._
—5
Bid
Atlanta 5s
Land
100
Burlington 5s.
96
California 5s.
-
—
—
100
Denver 5s
76
First Carolinas 5s
-
8%
/7 %
Dallas 5s
«.
~
-
-
78
Lincoln 5s
Louisville 5s
98
91%
94
Pac Coast of San Fran 5s.
97%
98%
Pennsylvania 5s
100
First Trust of Chicago 5s..
Fletcher 5s
75
Greenbrier 5s..
-
~
m.
100
Illinois Midwest 5s
77%
...
Illinois of Montlcello 5s...
97
Iowa of Sioux City
97
4%s„.
.
—
-
94
5s....
Joint Stock
36
71
Union of Detroit 5s
Bank
25%
98
99
97%
Ask
22
30
Lincoln
St Paul Fire & Marine..25
209
10
13
29
31
36%
37%
17%
19%
Seaboard Fire & Marine..5
Seaboard Surety
10
51
53
Security New Haven
10
Southern Fire
10
5
Atlantic.
100
36
41
North Carolina
Dallas
100
65
68
Pennsylvania
Denver
100
Des Molnas
100
65
First Carolinas
100
2
6
Virginia
Fremont
100
1
3
Virginia-Carolina
30%
28%
Springfield Fire & Mar..25
7
10
Stuyvesant
10
23
100
460
490
20
24%
27%
Sun Life Assurance
10
Travelers
100
547
557
b
Bid
Ask
_
__
21
24
100
13
18
22
100
.
FIC
l%s—.Jan 15
FIC
1936 6.40%
37
U S Fidelity & Guar Co..2
19%
US Fire
56%
20%
58%
74
U S Guarantee..
57
60
80
83
Westchester Fire
34%
36%
1953
78%
100
53
Bank of Manhattan Co. 10
31%
Bank of Yorktown—66 2-3
55
l%s—.Apr 15
FIC l%s—July 15
National..50
50
Bensonhurst
A st
6
1953
45
Contl InvDeb Corp 2-6s'53
1937 6
0%
-
-
-
-
--
Merchants Bank
National Bronx Bank
/56%
National Safety Bank.
/23
CO-q"tOrco*f
co &
111
11 1 1
111
11
1
1
1
Par
Am Dist Teleg
Preferred
(N J) com.*
100
—
Realty
—
1953
40%
40%
39
41
deb 2-6s
68
Atlantic
Debenture Corp 2-6s '53
39
41
40
43
Mortgage
...1953
/56%
/56%
40%
of Canada.. 100
pref._100
Ask
Bid
Par
135
New York Mutual Tel. 100
133
136
149
151
N'west Bell Tel pf 6%
Pac & Atl Telegraph
124% 126%
89% 91%
% 100
25
Peninsular Telephone com*
Preferred A
100
Bid
Ask
25
118
19
21
22
23%
110% 112%
100
47
50
Roch Telep $6.50 1st pf 100
112
Emp & Bay State Tel. .100
63
22
25
44
48
So & Atl Telegraph
Sou New Engl Telep
25
100
100
154
156
Gen Tel Allied Corp $6 pf.
98
98%
Cuban Telep 7 %
pref.
90
105
50
23
28
Franklin Telegraph
12%
15
17
.
48
Penn Exchange
10
10%
Telegraph...100
103
Peoples National
50
64
Lincoln Tel & Telegraph.*
117
Public National
25
50%
Mtn States Tel & Tel. .100
145
100
990
1020
Sterling Nat Bank & Tr.25
48%
34%
36
New
First National of N Y—100 2150
34
Flatbush National
100
2190
Trade Bank..
24
30
12
Ask
130
43
38%
38%
Telephone and Telegraph Stocks
100
12%
74%
Ask
200
--
1953
Union Mtge Co 5%s&6s'37
46
-
Corp 2-6s
Universal Mtg Co 6s *34-'39
41
60
ture
Realty Bond &
194
Klngsboro National—100
.
Potomac
/28
13.55
Fifth Avenue
78
Potomac Maryland Deben-
City (National)
12%
Commercial National.. 100
Chase
—
Ask
49%
(all
1953
2-6s
—
80
(Central Funding scries)
part ctfs
2-6S.1953
1954
Corp
Potomac Deb Corp 2-6s '53
Potomac Franklin Deb Co
Nat Bondholders
(Mtge Security series)..
Nat Cons Bd Corp 2-5s '53
Bond
Potomac Cons Deb Corp—
2-6s
1953
5%s &
..—..1934-43
Bell Telep of Pa
Bid
47
42
Mtge Co
.50%
1937 6 50%
1937 6
0%
Series B 2-5s
issues) 2-5s.
76%
1937 b .45%
1937
Par
33%
2.50
Bid
Potomac
Nat Bondholders part ctfs
54
55
York Bank Stocks
Bid
10
Nat Union Mtge Corp—
Series A 2-6s
.1954
79
6s
50c
45
5
—
Associated Mtge Cos Inc
Cincin & Sub Bell Telep.50
Par
..4
Ask
Allied Mtge Cos Inc—
Bell Tclep
New
7
26%
Mortgage Bond Co of Md
Inc 2-5s
1953
26
46
25c
100
Bid
FIC 1%8„.Feb 15
FIC l%s—.Mar 15
--
6%
71
Home
4
100
San Antonio
2
.
Ask
.30%
137% 140%
35
Debenture 2-6s
Par
Potomac
1936 6.30%
1936 6.35%
x25
25%
10
,10
Nat Deben Corp
15
5
10
,
Arundel Deb Corp 2-6s '53
Federal Intermediate Credit Bank Debentures
l%s„.Sept 15 1936
27
76%
27
(Mtge Guarantee series).
Nat Bondholders part ctfs
1%8__.Nov 16
FIC l%s—.Dec 15
214
—5
Cont'l Inv Bd Corp 2-5s '53
100
F I C l%s_..Oct
13%
26
Arundel Bond Corp 2-5s '53
98%
Stocks
Hid
F I C
33
12
42
All series 2-5s
100
...
!
100
F I C
30
5
40
Bid
100
Par
Bid
26%
10
24
74
/24
Atlanta
70~~
25%
100
Land
1%
10
Surety Guaranteed Mortgage Bonds and Debentures
101
San Antonio 5s
Virginia-Carolina 5s
Virginian 5s
97
37%
Republic (Dallas)
Rochester American
108% 109%
100
/33
Southern Minnesota 5s
—
100-'
Kentucky of Lexington...
Phoenix 5s
Tennessee 5s
72
21%
39%
19%
Providence-Washington. 10
Hartford Steam Boiler -10
100
Southwest 5s
ioo
124% 128
85%
89%
5
100
St Louis 5s
m.
124%
-10
Hartford Fire
Potomac 5s
80
100
.
Greensboro 5s
La Fayette
-
104
Fremont 5s
Rossia
98%
120
—5
Harmonia
100
_
23%
22%
27%
Georgia Home
Hanover Fire
100
_.
22%
19%
94
26%
Halifax Fire
64
100
First Texas of Houston 5s.
.
47
Hamilton Fire
99
/5 7
First of New Orleans 5s.
_10
Great American
99
100
Pacific Coast of Portland 5s
25
Phoenix
Preferred Accident
35%
44
44
_
98
99
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s..
Pacific Fire
33%
42%
Great Amer Indemnity ...1
"
100
New York 5s
90
49
National.25
11%
132% 138
14%
13%
9%
...
North Carolina 5s
88
87
100
1
Globe & Republic
100
85
...
5
.
Northwestern
8%
Globe & Rutgers Fire. -15
2d preferred
15
96
100
Maryland-Virginia 5s
Mississippi-Tennessee 5s..
First of Montgomery 5s...
First of Fort Wayne 5s
,
..2
2.50
12%
Glens Falls Fire
A st
90
Ohio-Pennsylvania 5s
Oregon-Washington 5s
:
General Alliance
Bid
99
100
Chicago 5s
Franklin Fire
Bonds
Ask
99% 100%
Atlantic 5s...
Bank
2
12.50
79%
11%
13%
98% 100%
29% 31%
Fireman's Fd of San Fran25
Joint Stock
New York Fire
North River
78
Fire Assn of PhiladelphialO
20
Northern
5%
117% 122
Fidelity & Dep of Md. ..20
2
10
New Hampshire Fire...10
New Jersey
20
46
6%
—5
National Liberty
National Union Fire
29
4%
-2%
Employers Re-Insurance 10
61
10
9%
41%
39%
57
17
28%
27%
-10
55
10%
New Amsterdam Cas
-.10
5%
3%
52
10
6.38
City of New York
16
Merch & Mfrs Fire New'k5
23%
Carolina.....
8%
75%
National Casualty
National Fire
6.28
21%
26%
25%
36%
5%
22%
36
8%
5
Ask
59
*
97% 101
Eagle Fire
MUNICIPAL BOND DEALERS
6
Mass Bonding &
28
26%
Continental Casualty. ...5
Bought—Sold—Quoted
x20%
32
Connecticut Gen Life- -10
MUNICIPAL BONDS
4%
5
Bankers & Shippers.. ..25
Boston
.100
JOINT STOCK LAND BANK BONDS & STOCKS
34%
.
..10
.
Camden Fire
48
Bid
5
Home Fire Security.—..10
Homestead Fire
10
53%
10
.
Par
Home
105% 109%
25
Aetna Life
Companies
Ask
10
Baltimore Amer
101% 101%
102916 102%
107
107%
10915,6 110%
104
104%
J&J
Bid
Aetna Casualty & Surety 10
American Equitable.
American Home
Ask
1958 opt 1938
Par
American Alliance
Federal Land Bank Bonds
Bid
Insurance
3.00
119%
3.75
4%s July 1958
110
113% 115
5%s Aug
1941
Hawaii 4%s Oct 1956
Ask
3.50
U S Panama 3s June 1 1961
106% 107.%
101% 103%
1959.
1952
April 1955
5s
Ask
Bid
106% 107%
100
—
4%s Oct
4%s July
Int Ocean
England Tel & TellOO 130%
For
>
57
54
25
Lawyers
*
119% 120
119% 120%
119% 120%
4%s April 1940 to 1949.
Canal & Highway—
10
x9%
70
Bronx County
Bonds
War
Bid
Fulton
10
119%
Ask
3s 1981...
Empire
518
118% 119
Ask
38 1974
Par
115
510
117% 118%
118%
Companies
Ask
105
Footnotes see
page
1706.
107
-
-
-
148
132%
S'western Bell Tel pref. 100
Tri States Tel & TelPreferred
10
Wisconsin Telep 7% pf.100
124% 126
10%
115
11%
117
Financial
1704
Sept. 12, 1936
Chronicle
Quotations on Over-the-Counter Securities—Friday
Sept. 11—Continued
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3osepb Walkers Sons
Dealers In
120 Broadway
DUNNE & CO.
Stock Exchange
Mmhtrs Tifw "York
Members New York Security Dealers Ass'
Teh REctor
2-6600
STOCKS
Since1855,
Bought
Asked
Bid
Par in Dollars
•
ion
6.00
98
10.50
175
180
100
Hudson)
6.00
.105
—
2.00
40
100
8.75
142
..100
8.50
146
,
..100
(New York Central)....
Carolina Clinchfield & Ohio (L & N-A C L) 4%__ -.100
-.100
5.00
Central) 100
5.00
Common 5%
stamped..
Chicago Cleve Cinn & St Louis pref (N Y
Cleveland & Pittsburgh (Pennsylvania)
41 Broad St., New York
-
'
'
103
10034
99
95
Akron Canton & Youngstown
3.50
88
90
2.00
48
50
2.00
48
49^
5.50
88
92
190
10.00
100
_
..100
'•
50.00
6s, 1945
(New York Central)
50
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western (D L & W)__ ..100
Michigan Central
195
75
1100
67
3.875
—...
71
75
72
—
-
100
Hartford)
....
Oswego <fc Syracuse (Del Lack & Western)
Pittsburgh Bessemer & Lake Erie (U S Steel)
Old Colony (N Y N H &
102
21
24
4.50
64
1.50
40
3.00
76
Pittsburgh Fort Wayne & Chicago (Pennsylvania) ..100
7.00
7.00
184
100
6.90
ion
100
pref (Terminal RR)
Second preferred.._—......_.__.—,
.....
100
Tunnel RR St Louis (Terminal RR)
-—
United New Jersey RR & Canal (Pennsylvania).. -.100
6.00
149
(Delaware & Hudson)
Louis Bridge 1st
3.00
Hoboken Ferry 1st 5s,
105
77
7434
3.00
260
90
Macon Terminal 1st
86
5.00
..100
5.00
82
_
(Pennsylvania)..
—
88J4
10134
Western 1st 4s, 1939.......
5s, 1965— —
...
....
51
54
68
70
Portland RR 1st 334s, 1951
77
80
7734
7834
93 34
9234
Shreveport Bridge & Terminal 1st 5s,
—
93
87
70
68
92 34
91
4s, 1951...
112 34
11134
1957
434s, 1966.—
Toronto Hamilton & Buffalo
Washington County Rylst 3J4s,
•
—
1955
Southern Illinois & Missouri Bridge 1st
9334
92
Terminal 4 34s, 1957 —
4s, 1951
Toledo Terminal RR 4 34s,
10234
10234
Somerset Ry 1st ref 4s, 1955—-—
Quotations-Appraisals Upon Request
—
56
-
St Clair Madison & St Louis 1st
EQUIPMENT TRUST CERTIFICATES
7734
95
Consolidated 5s, 1945.--._j
Rock Island Frisco
40
10634
9334
r
85
88
104
7534
3.00
.
90
10334
/34
10434
1955
5s, 1978
3.50
1
6734
101
1946
50
,
100
6634
5.00
Central)
Western)
'
10134
99
Minneapolis St Paul & Sault Ste Marie 2d 4s, 1949—
Montgomery & Erie 1st 5s, 1956
New York Chicago & St Louis 4s, 1946—.—
New York & Hoboken Ferry general 5s, 1946..
85
69
/67
10034
Maryland & Pennsylvania 1st. 4s, 1951
Meridian Terminal 1st 4s, 1955
100
-
,
50
Valley (Delaware Lackawanna & Western)
■
86
1942
Little Rock & Hot Springs
149
256
6.00
103
Kansas Oklahoma & Gulf 1st
10.00
100
1961..'..:—.......——....
Kanawha & West Virginia 1st 5s,
■
..100
Susquehanna (D L & W).._ —
(L—....
90
Georgia Southern & Florida 1st 5s, 1945—
Goshen & Deckertown 1st 534s, 1978—
•
■»'
84 34
85
5s, 1952..
Cincinnati Indianapolis & Western 1st 5s, 1965
Cleveland Terminal & Valley 1st 4s, 1995
170
100
Preferred..
67
SI
Choctaw & Memphis 1st
80
10534
82.34
Chateaugay Ore & Iron 1st ref 4s,
42
50
105
—
Buffalo Creek 1st ref 5s,
68
50
102
64
1944
Convertible 5s, 1940-45—----—
99
101
----
60
—
_
95
4.00
'
-
10034
4s, 1942
Prior lien 4343,
'
'
96
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
_—
Boston & Albany 1st 434s, April 1, 1943....———.
Prior lien
68
5.00
(Pennsylvania)
West Jersey & Sea Shore
534s, 1945
-
68
Boston & Maine 3s, 1950
78
950
4.00
100
Warren RR of N J (Del Lack &
Asked
Bid
'
98
4.00
25
Georgia RR & Banking (L & N-A C L).._ —
(Del Lack & Western).
Vicksburg Shreveport & Pacific (Illinois
Preferred
Bonds
Railroad
»
60
100
—
pref (N Y Central)
Lackawanna RR of N J
Utica Chenango &
Bell System Teletype NY 1-424
•
'
Delaware (Pennsylvania)
St.
HAnover 2-2455
42
-
50
Betterman stock
Rensselaer & Saratoga
•
145
50
Preferred.
& Co.
Tor\Security Dealers Association
'
57
3.00
Central
Members ?$cw
•
Canada Southern
Northern
Request
on
108
50
Quoted
101
100
(Illinois Central)
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
1
Boston & Albany (New York Central)
Boston & Providence (New Haven)
—
E. Sloane
John
Dividend
Sold
—
Earnings and Special Studies
,
(Guarantor in Parenthesis)
Albany & Susquehana (Delaware &
BONDS
RAILROAD
Guaranteed Railroad Stocks
Fort Wayne <fe Jackson
John 4-1360
20 Pine Street, New York
GUARANTEED
NEW YORK
Alabama & Vicksburg
,
9634
...
....
■
72
70
1954..
—
Stroud & Company Inc.
Private Wires to
PACKING COMPANY
GARLOCK
Philadelphia, Pa.
New York
Quotations and Analysis
Railroad
Equipment Bonds
robinson, miller & co.
INC.
Bid
Ask
Bid
Ask
64.25
3.00
63.75
Missouri Pacific 4>4s
Boston & Maine 434s
2.60
334s
Dec?"l "1936-19441
2.00
63.75
2.50
2.50
New Orl Tex & Mex 434s__
64.25
3.75
2.50
New York Central 434s...1
62.75
2.00
63.25
5s
2.00
63.50
Line 434s
Baltimore & Ohio 434s
1.00
62.80
63.50
Coast
61.75
62.80
Atlantic
2.25
62.75
2.00
62.90
2.00
62.90
2.00
5s
.
534S
5s
N Y Chic & St.
L4348
62.80
2.00
62.80
2.00
434s
Cent RR New Jer 4 34s
62.75
2.00
1.25
Northern Pacific
Chesapeake & Ohio 534s6^s
4348
61.50
1.00
Pennsylvania RR 4 34s
61.00
0.50
62.60
2.00
62.00
1.00
64.75
3.50
64.75
3.50
Canadian
National 434s.
5s.
Canadian
Pacific
61.75
_
Chicago & Nor West 4 34s_
5s
&"st
4~34sl
5s
_
Paul
•
5s
61.75
62.85
2
call Dec. 1 1936-50
65.00
5s
534s
65.00
z.00
62.00
i
3 75
62.75
,
Erie RR 534s
6s___
3.76
1.uu
2.00
62.70
*
*
pref.. .2
pref..
Carolina Pr & Lt $7
5 34s
Southern Pacific 4 34s
Consol Traction
62.80
2.00
5s
62.80
2.00
5s
62.50
61.75
1.00
534s
62.25
61.75
1.00
Hocking Valley 5s
61.75
1.00
4348
Illinois Central 4 J4s
62.75
2.00
5s
1.50
1.00
Internat Great Nor 434s.
64.60
3.50
Long island 434s
62.60
1.75
5s
1.00
5s
61.75
1.00
5349
10034
63.25
2.50
6s
100
63.25
4.00
65.00
434s
2.50
65.00
534s...
Minn St P & SS M 4s
$7
100
4.00
Wabash Ry
434s.
Western Maryland 434s___
104
107
10834
7% cum preferred
100
N Y & Queens E L P pf 100
Nor States Pr $7 pref. .100
11234
*
$7 preferred
.*
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf._100
7% preferred
100
Okla G & E 7% pref...100
Pacific Pow & Lt 7% pf 100
107
56
54
1053* 1063*
107
Ohio Edison $6
108
1073* 1083*
3
113
115
*
68
70
Gas
1( 3
193
preferred
preferred...
preferred
cum
cum
--
Penn Pow & Lt $7
46J4
.
47
47
-
483*
34
3*
Sioux City G & E $7
193
*
57
58
*
273*
2934
*
22
23
9
Realty, Surety and Mortgage Companies
preferred
100
Rochester G&E7%B.100
6% preferred C
100
6%
122
Interstate Natural Gas...
108
10934
11034 11134
Sou Calif Edison
pf.100
pref B.25
South Jersey Gas & El .100
Tenn Elec Pow
7%
6% pref 100
preferred
Texas Pow & Lt
..100
7% pf.100
Toledo Edison 7 % pf A 100
55
1706.
Ask
...
Par
Lawyers Mortgage
.
.
20
Bid
H
Ark
Va
97
99
9
81
9234
Utica Gas & El
91
93
Virginia
107
109
82
94
Memphis Pr & Lt $7 pref.1*1
1103*
1113*
10034 10234
109 34
108
1093* 1123*
86 3*
88 34
11034 11134
903*
92 34
9934 10134
11034 11234
107
--
94
953*
107
-
«•'
104
105
97
98
28 34
293*
193
66 3*
74
6734
7534
10834 11034
108
10934
72
9
For footnotes see page
11'
1
973*
10834
11234 114
93
9
Empire Title & Guar..100
Bid
-
-
943*
United
9
9
593*.
105 34
114
109
United G &
E(Conn)7% pf
G&E(NJ) pf.100
Utah Pow & Lt $7 pref
*
9
583*
Queens Borough G & E—
Hudson County Gas___l( )
*
Idaho Power S6 pref
7% preferred..
1( 0
65 00
pref...*
Philadelphia Co $5 pref..*
Pub Serv of Colo 7 % pf 100
95
Illinois Pr & Lt 1st pref..
pref.
4634
Gas & Elec of Bergen__l( 9
62.50
pf..*
pf.*
46
.
*
Interstate Power $7 pref..
Par 1
105
N Y Pow & Lt $6 cum
Hamilton Gas Co vtc...
65.00
534s-
513*
11134
102
Foreign Lt & Pow units..
62.50
5s.___
Western Pacific 5s
cum
$6.50
99
1.75
61.75
■Maine Central 5s
$6
61.75
62.50
Louisv & Nash 434s
5s
79
5034
Eng Pub Serv Co—
84
Federal Water Serv Corp-
61.75
5s
44
783*
110
preferred
Essex-Hudson
61.60
Virginian Ry 434s
$7 prior lieu pref
*
New Jersey Pr & Lt $6 pf.*
100
Dallas Pr & Lt 7 %
61.60
5s
83
)
1(
pref 1(
Derby Gas & El $7 pref..
7%
62.65
Union Pacific 4J4s__
78
80
3
62.50
62.00
75
Continental Gas & El—
62.65
62.25
43
N E Pow
3
32
122
New
*
,463*
11134 11334
.100
G & E 534% pf-*
Assn 6% pref.100
Newark Consol Gas
9734
3
(N J).
6%
62.80
434s.
5^8
634
30 34
New Orl Pub Serv $7
62.65
Great Northern 4^9-.
5s
5s
5
)
62.65
Texas Pacific 4s
21
19
pref.100
Nebraska Pow 7 % pref.100
Nassau & Suff Ltg
83 34
U534
443*
New Eng
86
114
100
preferred
883*
77
73
3
64.50
Southern Ry 434s
Mountain States Pr com.. *
95
93
Columbus Ry Pr & Lt-
64.50
.
2634
2534
9934 10134
.
St Louis Southwestern 5s._
5s
3
7834
S73*
3
91
91
7734
*
Mo Pub
3
$7
91
...
5s.
*
pref.100
Serv $7 pref—100
Miss Riv Pow 6%
7%
124
Ask
Bid
7934
preferred
$7
J
62.75
St. Louis-San Fran 4s
113*
123*
113*
1123* 114
*
preferred
62.75
5s
63*
5
103*
3
6%
62.80
Marquette 434s
Birmingham Elec $7 pref.
Buff Niag & E pr
series G._
non
4348
3.75
1.00
1936^49
Jan & July
Reading Co 434s
76
*
4s series E due
Pere
65.00
Denver & RG West 434s_
pref
95
*
Par
Mississippi P & L $6 pf—*
Mississippi Power $6 pref..
82
9334
)
5.50
70
Assoc Gas & Elec orig
80
*
1.00
62.00
Utility Stocks
Ask
Bid
►
1.00
62.00
434s
5s...
5.50
7334
7334
Chicago R 1 & Pac 434s._
3.75
Public
3.75
64.50
5s
66.25
5s
64.30
N YNH&Hartf4Hs
66.25
Chic Milw
dZS&f&a 52 William Street, N.Y.
Ry
7% pf-.lOO
100
34
69 34
9534
70 34
1013* 103
136
139
Volume
Financial
143
Quotations
Chronicle
1705
Over-the-Counter Securities—Friday Sept. 11—Continued
on
Securities of
the
Specialists in-—
Associated Gas & Electric System
s. A. O'It KIE v
&
Water Works Securities
Complete Statistical Information—Inquiries Invited
CO.
Members New York Curb Exchange
150
BROADWAY, NEW YORK
75
FEDERAL ST.,
COrtlandt 7-1868
Swart, Brent & Co.
BOSTON
HANcock 8920
INCORPORATED
Direct Private Telephone between New York and Boston
Bell
40 EXCHANGE
Tel.
System Teletype—N.Y. 1-1074
Public
HAnover 2-0510
PLACE, NEW YORK
Teletype: New York 1-1073
Utility Bonds
WANTED
OFFERINGS
Bid
Amer States P S 5%s_1948
Amer Wat Wks & El 5s '75
Ariz Edison 1st 5s
1948
1st 6s series A_„—.1945
Ark Louisiana Gas 4s. 1951
Ark Missouri Pow 1st 6s '53
Ask'
84 M
86 M
102
103
88
90
95
97
Bid
Kan City Pub Serv 3s.1951
Kan Pow & Lt 1st
Ask
51 %
4%s *65
Keystone Telep 5%s_1955
Los Angeles G & E 4s 1970
109% 109%
Louisville Gas & El 3 %s '66
103 M
Metrop Edison 4s
100 M 101
72
74
108% 108%
102
106% 106%
70%
71
45 M
46 M
G '65
Monongahela W P Pub Ser
Assoc Gas & Elec Corp—
Income deb 3%s
1978
38%
38%
Mtn States Pow 1st 6s 1938
1978
38 %
39 M
Income deb 4s
1978
42 M
43
Narragansett Elec 3%s '66
Newport N & Ham 5s .1944
Income deb 4%s
Conv deb 4s
1978
45 %
46 M
1973
76
77 M
New Eng G & E 5s
1962
New York Cent Elec 5s '52
1973
77 M
78%
Northern N Y Util 5s. 1955
103
85
86
Old Dom Pr 5s May 15 *51
91
92 M
..1973
Conv deb 5%s
1973
Sink fund income 4s 1983
Sink fund inc 4%s_.1983
Sink fund income 5s 1983
Sink fund inc 5%s_.1983
Participating 8s
1940
Bellows Falls Hy El 5s 1958
Blackstone V G & E 4s '65
lst&gen4%s
42 M
46
98 M
-
50
-
■
-
69%
106 M
106% 107
92
/90
Potomac Elec Pr 3 %s.1966
Public Serv of Colo 6s_1961
104 M
104%
106%
103
104
Pub Serv of N H 3 Ms D '60
Pub Util Cons 5%S—1948
106
107%
106%
98
1946
80%
1946
84%
81%
85%
107% 107%
94
81M
82%
Cinn Gas & Elec
G '60
100 M
101
106 %
107
Sou Cities Util 5s A...1958
S'western Gas & El 4s.I960
90
3%s.l966
Colorado Power 5s
1953
Columbus Ry P & L 4s '65
Conn River Pr 3%s A. 1961
Consol E & G 6s A...1962
Edison El 111
(Bost) 3 %s '65
105 M
-
60 M
61%
104
Tel Bond & Share 5s—1958
-
102 M 102%
106
-
63
Federated Util 5%s___1957
107% 107 M
/45
79%
81M
Green Mountain Pow 5s *48
103
Federal Pub Serv 1st 6s '47
104%
84
86
125% 126%
1950
Virginia Power 5s
.1942
107
Wash& Suburban 5 Ms 1941
Western Pub Serv 5 Ms '60
102
Western Mass Co 3Ms 1946
Wisconsin G & El 3 Ms 1966
104% 104%
103"
91
93
104
104%
3%S—1961
104
104%
Wise Pr & Light 4s___1966
v..
Wise Mich Pow
104
101
Long Island Wat 5 Ms. 1955
Middlesex Wat Co 5 Ms '57
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '58
103%
Monmouth Consol W 5s '56
103%
Monongahela Valley Water
5 Ms
1950
Birmingham Water Works
Morgantown Water 5s 1965
5s series C
1957
104
5s series B
1954
101
5Ms series A
..1954
5 Ms.
--
1st mtge 4s
1961
102 M
98
101
108
Ohio Water Service 53.1958
100 M
105"
1957
105%
102%
icri
lou
.
....
broad way,
£
0
99
Pittsburgh Sub Wat 5s '58
103
Plainfleld Union Wat 5s '61
108
Richmond W W Co 5s. 1957
105%
Roanoke W W 5s
1958
96
105
98"
Alden 1st 6s
Jan 1 1941
'>—1 0 0 to
1942
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 6s. 1941
54"
1952
1952
6s stamped
/40
'
..1948
71%
73%
62%
65%
Chesebrough Bldg 1st 6s *48
Chrysler Bldg 1st 6s. .1948
76
78
Dorset (The) 1st 6s
1941
East Ambassador Hot
.
1st &ref 5M8--i-_.1947
Equit Off Bldg deb 5s 1952
Deb 5s 1952 Legended..
50 Bway Bldg 1st 3s inc '46
500 Fifth Avenue—
49%
31%
6%
79
1962
51
44
1941
34"
Bldg deb 6s
52%
—
/49
70
A '52
72"
/43M
/10
/45%
69
47%
70%
92
60
57
Keith-Albee Bldg (New
75%
63%
--
66%
Lewis Morris Apt Bldg—
Apr 15 1937
Lincoln Bldg Inc 5 Ms. 1963
Loew's Theatre Realt Corp
66
.•
1947
Apts 6s '40
94
68"
95%
/52
Ludwig Bauman—
1st 6s
(Bklyn)
1st 6 Ms
(L I)
101% 102%
1942
1936
101% 103
Inc 5s '42
98
W Va Water Serv 4s__1961
99 %
99 M 101
Western N
100%
Y Water Co—
5s series B
1950
1st mtge 5s
1951
1st mtge 5Ms ——1950
Westmoreland Water 5s '52
97 M
97 M
101M
102%
104%
Wichita Water Co 5s B '56
99 M
102
Q9
Joplin W W Co 5s—..1957
101
99M
*r-W
5s series C
99% 101%
1960
104 M
6s series A
104%
1949
103
1952
103 M 105
W'msport Water 5s
70
70
—
BURR & COMPANY INC.
XXX
Chicago
103
-
NEW YORK
-
Boston
57 William St.
.
55%
46%
/31%
Chain
46%
Store
Securities
33%
6s
..July 7
1939
103 E 57th St 1st 6s... 1941
165 Bway Bldg 1st 5 Ms '51
■
/7%
67%
64%
/53%
Prudence Co
1961
5s income
53
59
Chain Store Stocks
Par
55%
—
51
/40%
42%
6s
/19
/19
21
21
/23
25
...1945
Sherry Netherland Hotel—
1st 5%s
May 15 1948
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6Ms'38
61 Bway Bldg 1st 5 Ms 1950
General 7s
1945
14
52
16
5%
*
14%
15
—*
(H C) common..*
35 M
38
9%
10
$2.50 conv pref
7% preferred
Diamond Shoe pref
100
100
Edison Bros Stores pref 100
Fishman (M H)
Preferred
Green (H
Stores—*
51
65 M
104 M 106 M
170
56"
/II
(S H) 6% pref——
Ask
12 %
100
122
(I) Sons com
*
6M% preferred
100
Murphy (G C) $5 pref.100
8
9
37
42
Melville Shoe—
4M% preferred
Miller
20
Neisner Bros pref
Reeves
(Daniel)
100
pref.. 100
100
103
100
Schiff Co
106
United Cigar Sts 6% pf.100
Rose 5-10-2 5 c Stores
*
12
100
7% preferred
11M
108 M 110M
L) 7% pref-100
preferred
*
Katz Drug
Bid
100
103 M
105
125
112"
180
18M
90
Par
/54
Par
Kress
Lerner Stores pref.
5
Kobacker Stores..
22
Ask
99
B-G Foods Inc com
Bohack
Bid
*
100
Bickfords Inc
/49%
6%s.l940
Savoy Plaza Corp—
Realty ext 1st 5 Ms. 1945
Berland Shoe Stores
7% preferred
1943
1st fee & l'hold
Bid
15
105
5
100
preferred....100
105
U S Stores preferred... 100
21%
24 m
21
6% pref ctfs
24
4%
7
15
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23
Textile Bldg 1st 6s
/48
69
103%
Union Water Serv 5 Ms '51
102%
35%
/44
'
65%
1st
0 t—f
68
90
London Terrace
102
103
W Va Water Serv 4s__1961
—1958
35%
45
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
1 Park Ave 6s.Nov 6 1939
11%
63%
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
105
1949
106
6s
29%
CO
coco CO
19th & Walnut Sts (Phila)
46%
/57M
54%
1936
1960
83"
103
72
to-q coo XX
Roxy Theatre—
66
1949
1946
1960
—
/58
5 Ms double stpd
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
1st 6 Ms
95
103
Pittsburgh Wat 5s '55
Texarkana Wat 1st 5s .1958
104
102
93
5 Ms series F-l
73%
Harriman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s '42
Rochelle) 1st 6s
89
Realty Assoc Sec Corp—
stamped...1948
5 Ms unstamped
29%
5Ms series Q
1400 Broadway Bldg—
Graybar Bldg 5s
Ask
'27%
53%
5 Ms series C-2.
7%
27
Fuller
1947
N Y Eve Journal 6%s_1937
N Y Title & Mtge Co—
81
32
1st 6Ms
1948
1st mtge 2s stmp & reg'55
1st & gen 6s
1946
1st
1949
Fox Theatre & Off Bldg
1st 6 Ms
Oct 1 1941
102 M
5s series A
6s series A
104%
Illinois Water Serv 5s
Mortgage Certificates
Sfdeb5s
1945
Munson Bldg 1st 6%s_1939
N Y Athletic Club—
79%
6Ms unstamped.
1939
103%
101
5s series B
1954
19*
Indianapolis W W Securs
5 Ms series BK
502 Park Ave 1st 6s
42 Bway 1st 6s_^
102
Sou
Water Serv Cos
n y 1-588
6s
95
52d & Madison Off Bldg
6s
Nov 1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
103 M 104 M
102 M
80
Terre Haute Water 5s B '56
108
102%
102
Bel1 System Tel.
6s
Court & Remsen St Off Bid
Apr 28 i94Q
1967
5 Ms
93
Metro pol Playhouses Inc—
Chanin Bldg Inc 4s__.1945
1st 6s
1st & ref 5s A
105
1977
6s—*
Majestic Apts 1st 6s. .1948
Metropolitan Chain Prop—
43
1958
'47
South Bay Cons Wat 5s '50
Metropolitan Corp (Can)—
1st leasehold 6%s__1944
Broadway Motors Bldg
4 Ms
Sedalia Water Co
100% 102%
99% 101%
Hackensack Wat Co 5s '77
Bid
36
B'way & 41st Street—
104 Vi 106%
--
►f-
Huntington Water 5s B '54
Ask
■43%
52%
33%
91
101
St Joseph Wat 4s ser 19A'66
Scranton Gas & Water Co
Scranton Spring Brook
Water Serv 5s
1961
1st mtge 3Ms.
Hid
1950
--
1942
19*
101
Roch & L Ont Wat 5s.1938
Indianapolis Water;—
Real Estate Bonds and Title Co.
102 M 104"
107
108 M
90
96
5s—
w
..1948
Phila Suburb Wat 4s__ 1965
102
0 0 to
1958
5s series B
& CO.
N.Y.
101
85
1946
5s series A
our compre¬
real estate issues.
n,
100 M
99 M
1948
'
INCORPORATED
2360
102 M
101
1948
Pinellas Water Co 5 Ms '59
6s series A.
—1946
Connellsville Water 5s. 1939
5 Ms series B
BArclay 7
..1950
Prior lien 5s
—
Greenwich Water & Gas-
AMOTT, BAKER
108"
1st consol 5s—
5Ms series A.—....1947
95
106
1st consol 4s
Community Water Service
93 M
102%
Water Works Co—
1st & ref 5s
—
E St L & Interurb Water
of
93
93
103
Commonwealth Wat (N .T)
Davenport Water Co 5s '61
on
Ore-Wash Wat Serv 5s 1957
101%
1st mtge 5s
We invite inquiries for copies
•
Peoria
105 %
4 Ms
hensive statistical reports
91%
Penna State Water 5 Ms '52
Penna Water Co 5s...1940
101
1957
Clinton W Wks Co 5s.1939
5s series D
92
99
102%
City W (Chat) 5s B —1954
6s series B
90
91
96
Consol Water of Utica-
Real Estate Securities
104 M
102
104
—.1951
103%
1941
5s series A
100 M
102 M
103
102
5Ms series A___ —1951
5 Ms series B
104% 104%
92 %
109""
New York Wat Serv 5s '51
Newport Water Co 53 1953
Ohio Cities Water 5 Ms '53
Ohio Valley Water 5s .1954
City of New Castle Water
5s series C
Ask
104 M
107
103% 104%
103% 105
1951
1st 5s series C
New Jersey Water 5S.1950
New Rochells Wat 5s B '51
105%
Chester Wat Serv 4 Ms '58
Citizens Water Co (Wash)
5s
Muncie Water Works 5s '65
103"
103% 104%
Calif Water Service 4s 1961
5s
Wisconsin Pub Ser
Iowa Sou Util 5%s
105%
-
107 % 107%
106% 106 M
62
Utica Gas & El Co 5s .1957
Bid
101 % 103
109% 110
Sioux City Gas & El 4s 1966
Sou Calif Gas 1st 4s... 1965
'
ser
Ask
Alabama Water Serv 5s '57
Alton Water Co 5s
1956
Butler Water Co 5s...1957
San Diego Cons G&E 4s *65
100
Bid
—
102
Central G & E 5%s
1st lien coll tr 6s
Cent Maine Pr 4s
-'''
71M
101
110M 111M
Water Bonds
101 %
103
4s '65
1941
Tel. 2-3761
fa
74
105 M
Peoples L & P 5*48
PORTLAND, MAINE
106 M 1Q7%
100
Penn Telep Corp 1st
55
Est. 1854
101M
103% 104%
Pennsylvania Elec 5s 1962
-'
(Maine)
H. M. PAYSON & CO.
106 M 106%
Parr Shoals Power 5s. 1952
-
'
Cent Ark Pub Serv 5s 1948
Cent III Light 3 %s
1966
Cent Ind Pow 1st 6s A 1947
I960
Consumers Water Co.
•
103%
100 %
Conv deb 4%s
Conv deb 5s
3%s
ser
Subsidiaries
American Water Works & Electric Co., Inc.
103 M
Associated Electric 5s.1961
Assoc Gas & El Co 4 %s '58
Income deb
First Mortgage Bonds of
53 %
1940
1958
Trinity Bldgs Corp—
1st 5 Ms
.1939
2 Park Ave Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 6Ms...-Oct 19 1938
Westinghouse Bldg—
1st fee & leasehold 4s *48
/63%
/52%
Sugar Stocks
—
96%
Cache La Poudre Co
63
Eastern
/28
/72%
20
Sugar Assoc.
24%
1
1
Preferred
23
36
—
Haytian Corp Amer
*
%
75
For
footnotes
see
page
1706.
Ask
25%
24%
37%
1
Par
Savannah Sugar Ref
7% preferred
*
100
West Indies Sugar Corp.. 1
,
Bid
138
138
3%
■«. —
143
4%
12, 1936
Sept.
Chronicle
Financial
1706
&
Quotations on Over-the-Counter
Securities—Friday Sept. 11—Continued
SYLVANIA INDUSTRIAL CORP.
Specialists in all
Bought, Sold & Quoted
QUAW & FOLEY
30
DISTRIBUTORS GROUP. Incorporated
NEW YORK
STREET
BROAD
63 Wall
Members New York Curb Exchange
Telephone HAnover 2-9030
WHEN
ISSUED
Street, New
Investing Companies
Ask
18.25
19.32
Affiliated Fund Inc com..
M. S. Weiii Si. Co.
2.06
2.26
*
Business Shares...1
2354
2454
7% preferred
1.20
1.31
Investors Fund C
Established
Amer
1919
Los Angeles,
*
45
~
Investment Trof N Y._.*
654
23.96
434
454
654
754
454
454
*
4.97
Keystone Cuat Fd Inc B-3.
Major Shares Corp
*
Maryland Fund Ino com..
Mass Investors Trust
1
Mutual Invest Fund
1
.26
1
Canadian Inv Fund Ltd.l
Central Nat Corp cl A..-*
Bullock
Ltd
Fund
"".46
33.29
35.60
1934
2154
4.30
4.70
A...1
British Type Invest
Broad St Invest Co Ino
Sylvania Industrial Corp.
10.68
28.24
29.96
16.47
18.00
Wide Securities._1
4.64
Voting trust certificates.
2.03
Nation
No Amer Bond Trust ctfs.
6354
No Amer Tr Shares 1953..
4
6
Series 1955
Series 1956
3.59
1454
Series 1958
3.62
Crum A Forster Ins com 10
.100
8% preferred
7% preferred
-
38~~
110
Cumulative Trust Shares.*
in the
Over-the-Counter Market
2.61
454
1.01
1.12
1.75
1.92
13.72
14.22
4.95
5.25
2.90
54
1.75
1.91
3.97
10.19
1154
5.30
Spencer Trask Fund
*
X21.36
22.35
8.25
Standard Am Trust Shares
4.25
4.50
1.82
1.98
Standard
*
1.13
1.22
32.63
35.06
4034
43 A
Fidelity Fund Ino
7-0700
29.34
31.60
25c
Fixed Trust Shares A
*
B
12.80
m
«.
v t c__
OA
American
Arch
__*
Book
100
70
Macfadden Publlca com..*
Maytag warrants
Preferred
107
8% cumul preferred
6%
32A
37
*
18 A
20 A
100
30A
40 A
100
76
81
Amer Maize Products
Mfg
Preferred
7A
7A
44 A
46 A
Art Metal Construction .10
20 A
Bowman-Biltmore
1st
52 A
100
National
5
Ohio
*
47
22
24
15 A
16
pref
Columbia Broadcasting A *
Class B
*
Crowell Pub Co
*
com
$7 preferred
100
Supply Co of N Y
Dictaphone Corp.
*
Dentists'
100
Preferred
Publication Corp com
27
£58
59 A
59 A
Scovill Mfg
x54
Singer Manufacturing.
Sparta Foundry common..
59
60
63
Standard Cap A Seal
Standard Screw
_
119
53 A
10154
50
57 A
51A
—
22
71
-
'
25
74
100
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
Taylor Milling Corp
*
Steel
Trlco Products Corp
1A
Tublze Chatillon cum
5
United Merch & Mfg com *
Un Piece Dye Wks pf._100
Unexcelled Mfg Co
Gair (Robert), Co com
4
4A
5A
*
.....
shares
*
*
Foreign shares
*
pf.10
1A
Foundation Co—
5A
A
*
Preferred
Gen Flreproofing $7 pf.100
Golden Cycle Corp
10
Graton A Knight com
*
Preferred
100
35 A
38 A
40 A
43 A
7
5A
69
43
com
Great Northern Paper..25
Kildun Mining Corp
1
45~
31
34
1A
.10
--*
pref. 100
com.*
$3 conv preferred
West Va Pulp & Pap
100
Preferred..
2
$3
cum
Dental Mfg.20
3A
22 A
40
11
1.36
Un N Y Tr Shs se rF
1.49
Wellington
1.74
1.89
1.25
1.36
10 A
45 A
2
A
7% gold rouble
*
<S
854
18 A
19 A
5 A
$7
1st preferred
18
55
60
120
124
River Bridge 7s
Chicago Stock Yds 5s.1961
3548
1951
101.11 101.15
2s
Aug
15 1938
102.15 102.19
June
1939
101.8 101.11
1
1023-4
9854
9954
artin
(Glenn
1948
L)
6s
conv
1939
10834 11054
10634 10754
Y.
75
77.4234 grams of pure gold.
Incorrectly reported In last week's
were
2154-2254.
Southern Fire, 25-27.
NOTICES
estate bond issues
the entire list, each
with the exception of apartment
improvement of Los Angeles real
was
general throughout most of
issues, scoring gains ranging from 1.5% to 3.6%.
somewhat unsettled with the
whole easing off fractionally less than
a
classification as
1%.
prepared by Griffith-Wagenseller
gain of 2% for the average.
—Carver & Company, Incorporated, of Boston, announce
Prescott
has
been
admitted
to
an
since 1932, will act as joint manager, with
46
1946
N Y Shipbuilding 5s__1946
Reynolds Investing 5s 1948
Scovllle Mfg 5Aa
1945
A
48 A
95
97
88 A
90
10634 10734
13
of Rhoades & Co.
Theodore F. Eldracher,
this
City,
to be
announces for the
coming
Trinity Place,
in Commodity Markets
given by Mr. Hilding Anderson of the firm of Carl M.
5:15 to 7:00.
Loeb & Co.
Registration
—Walter S. Einstein has become associated with H. G. Einstein & Com¬
pany,
members
of
the
New
York
86
10254 10254
/1534
17 A
Exchange from 1922 until this
10254 10254
Woodward Iron 5s
/6 5
67
Pierce & Co.
1952
year a course
begins Sept. 14 and lectures start Sept. 22.
/II
as
of the
Trading Department of Carver & Company.
'42
654s
that William
Mr. Prescott
interest in that firm.
who has been connected with the Trading Department
Struth Wells Titus 6Ab '43
Wltherbee Sherman 6s '44
101.8 101.11
selling on New
Exchange.
This class will be held Tuesday evenings from
98
Nat Radiator 5s
Std Tex Prod 1st
Stock
—The Wall Street Centre of New York University at 90
Conv deb 6s
10434
103 A 10354
102 A 10254
Gen Mtrs Accept 3s,
85
80
9854
Sept 1
York
of the individual classification of bonds,
S.
15 1937
Merchants Refrlg 6s..1937
1548
New
during the past month
18 A
Aug
lHs
f73
y Now
The following prices indicate the corrected quotations for Friday, Sept. 4:
Trust Companies—Bronx County, 954-1054.
Brooklyn, 122-127.
Guar¬
& Durst showed
f 17
98 A
1st conv sf 6s
Registered coupon (serial).
Ask
Bid
103
104
c
Ex-divldend.
100 gold rouble bond equivalent to
The apartment group was
101
Commercial Invest Trust—
Debenture
on
per
CURRENT
126
154s.
1953
prloe,
z
The index of fifty representative bonds,
111
Bear Mountain-Hudson
< When Issued,
Correction—The securities shown below
—Price structure
100
100
Ask
51
w
'
19 A
Miscellaneous Bonds
49
/ Flat price,
b Basis
anty, 360-365.
Insurance Companies—Homestead Fire,
a
1941
87.49
10% gold rouble.-.1942
91.22
86.62
Interchangeable,
a
37 A
A
..100
Young (J S) Co com
7% preferred
6>4s
Union of Soviet Soo Repub
White Rock Mln Spring—
Worcester Salt
lsts f
Ask
Bid
Ask
6 A
120
98 A
754
102 A 104 A
3654
Fabrics 7s..1942
1943
value,
t Now listed
N.
40
103
par
X Quotations
z
10
33
Arnold Print Works
4554
654
Pomeroy Ino com
York Curb Exchange.
14 A
34 A
Am Wire
No
Coupon.
2A
13A
26
American Tobacco 4S.1951
28.13
Bid
100,
Bid
44
ISoviet Government Bonds
113
108
100
'
754
054
Corp..
Boston Corp
Schoellkopf, Hutton A
.60
26.16
"...
Bancamerlca-Blalr
First
.45
254
21.33
Investm't Banking Corps
24
23
19.46
Fund
■
-.
154
154
454
2
1.37
Huron Holding Corp.
Incorporated Investors. _*
19
WJR The Goodwill Station
1
1.35
354
31A
17
Wllcox-Glbbs common..50
'
3.24
1.27
1.24
shares
Preferred
12~
30A
110
29
3.14
Voting trust ctfs
Un N Y Bank Trust C 3..
Union of Soviet Soc Repub
149 A
250
27
B
1.61
1.70
°
100
1st
2054
24
38
6% preferred....100
2d 8% preferred
100
Lawrence Portl Cement 100
Lord & Taylor com
20 54
43
36
preferred
White (S S)
U S El Lt A Pr Shares A..
1.53
Issue.
West Dairies Inc com v t c.
■
A
Warren North am—
Welch Grape Juice
102
A
*
com
1.16
1.57
Taylor Wharton Iron &
*
Flour Mills of America
Great Lakes SS Co
6
1.06
1.48
106
100 102
4
5
*
4.4 A
25 X42A
338
100 X334
56
Doehler Die Casting pref_*
Preferred
40
56
108 A
Dixon (Jos) Cruclble._.100
Douglas Shoe preferred.100
Draper Corp
*
2
1.95
Guardian Inv Trust com.*
106
102
*
S7 1st preferred
Remington Arms com
X57A
*
1
1.63
1.75
1.72
Tobacco shares
87
45
*
14A
1.47
RR Equipment shares..
Steel shares
5
42 A
Trusteed Industry Shares.
Trusteed N Y Bank Shares
1.41
shares
Mining shares
Petroleum
100
40 A
126
__
2.11
Merchandise
85
1.28
1.16
Investing shares
I"
----
6.33
B
Trusteed Amer Bank Shs B
1.67
Chemical shares
50
7.03
Trustee Standard Oil Shs A
Food shares
Yeast
Ohio Match Co
29
1.95
102 A
Pharmacal
Leather
1.69
Building shares
46
100
100
preferred
5%
2.25
1.56
shares
11254 114 A
354
New Haven Clock pf
2.08
Automobile
33
6.85
Agricultural shares
3.00
D
7.53
15.80
3.07
Trustee Standard Invest C
_
Group Securities—
3
110
Nat Paper A Type com
25
Climax Molybdenum
Columbia Baking com
12 A
8.09
14.53
Supervised Shares
7.13
6.39
5.84
68 A
*
Pathe Film 7% pref
Petroleum Conversion
122
B
IDA
31
8.09
D
General Investors Trust..
*
Casket
12A
Preferred
American
100
Preferred
Northwestern
54
3A
27
100
preferred
Norwich
100
Canadian Celanese com..*
$1 cum
21A
Hotels
preferred
1
Preferred..
American Republics com.*
Andlan National Corp
*
Beneficial Indus Loan pf_*
26:21
Mock Judson A Voehringer
25
American Hardware
American
111
24.62
Ask
254
Merck <fe Co Ino com
American Hard Rubber—
Bid
2.73
C
66 A
10 A
73~
35
American
5.35
Fundamental Tr Shares A.
Par
4.30
-
BB
-
5.05
•
2.73
B
mi
4.10
AA
Fundamental Investors Inc
Industrial Stocks
* 111.99
Super Corp of Am Tr Shs A
m
•»
10.71
Utilities Ino
State Street Inv Corp
Foundation Trust Shares A
Amer Air Lines Ino
-
Eqult Inv Corp (Mass)..5
Equity Corp cv pref
1
1920
Ask
-
2554
7.45
D
Dividend Shares
Members New York Security Dealers Association
Bid
-
24
Selected Industries conv pf
4.95
C
Bristol & Willett
Par
•
5.37
Selected Income Shares
4.05
3.64
54
Selected American Shares.
•
'
115 Broadway, N. Y.
Tel. BArclay
Bell System Teletype NY 1-1493
18 54
354
Royalties Management...
Selected Amer Shares Ino.
3.75
Deposited Insur 8h ser B.
Diversified Trustee 8hs B.
Established
45
1754
Selected Cumulative Shs._
6.32
Deposited Bank Shs ser A
Deposited Insur Shs A
COMPREHENSIVE SERVICE
A
•
36
-
Plymouth Fund Inc A. 10c
Quarterly Ino Shares..25c
Representative Trust Shs.
Republlo Investors Fund.5
3054
115
10
100
Common B shares
-
43
Class B.
2854
w -
-
*
*
Class A.
3.57
Series ACC mod
-
pref.*
Pacific Southern Inv
3.57
mod
Series A A
*.
80
2.81
Accumulative series
'
70
Northern
2.81
Series AA
.
■
Securities...100
2.91
Corporate Trust Shares..
*>gg &T ?S
m'
-
6754
3.64
28.60
1354
'(New York Security Dealers Association
Commodity Exchange, Inc.
Broadway, New York
»
2.75
26.59
Class B
Members
61
2.19
«»
Continental Shares pref
& CO.
UNTERBERG
E.
tvt
4.74
4
N Y Bank Trust Shares.
46
40
26.27
354
9.87
Century Trust Shares.
C.
--
-
111.86 114.12
--
Bankers Nat Invest Corp *
Molybdenum Co.
1.12
45
1.24
Basic Industry Shares
Climax
10
1254
Inc
Am Insurance Stock Corp*
Assoc Stand Oil Shares—2
Amer General Equities
Cal.
Ask
.98
Investors Fund of Amer...
Invest Co of Amer com
1.11
12
Amer A Continental Corp.
York Security Dealers Assn.
ST., N. Y.
Teletype N Y 1-1397
BROAD
2-8780
HAnover
Amerex Holding Corp
Bid
Par
Bid
*
Par
Fund
Administered
25
Trading Correspondent
SECURITIES
RIGHTS
Members of the New
BOwling Green 9-1420
York
Kneeland 8C Co.—Western
SECURITIES
REORGANIZATION
Company Securities
Investment
brother
of
H.
'
G.
Einstein.
He
Stock
was
year,
a
Exchange.
member
Mr.
Einstein is
a
of the New York Stock
and was formerly a partner of E. A.
'
.
Volume
Financial
143
Chronicle
By Barnds & Lofland, Philadelphia:
Quotations <in Over-the-Counter SecuritiesFriday Sept. 11—Concluded
Shares
Bid
f22
24
Antioqula
1946
/31
34
7%. 1947
/20
21 Yi,
/20
21 H
8%
Bank of Colombia
Bank of Colombia 7 %.
1948
Barranquilla 8s'35-4O-40-48
/18H
Clt 7% to
_1945
Bogota (Colombia) 6 Hs '47
8s
1945
Bolivia (Republic)
7s___
,
7s
6s
Jugoslavia 5s...
1943
6M
Land M Bk Warsaw 8s '41
8 Vi
Leipzig O'land Pr 64b '46
Leipzig Trade Fair 78-1953
Luneberg Power Light &
Brazil funding 5%. 1931-51
Brazil funding scrip
23 H
/69
67
7s '35
68
'
Brown Coal Ind
0H9
7%
PARIS
Sept. 7
Sept. 8
Sept. 9
Francs
Francs
Francs
Francs
6,025
6,000
5,900
640
643
639
232
230
228
190
192
190
196
19,350
19,500
19,500
19,200
19,500
638
639
622
635
850
850
820
Bank of France
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parlsienne..
727
Canadian Pacific
Canal de Suez cap.
/24
/244
1948
Cle Dlstr. d'Electricitle
Cle Generale d'Electricitle
Chilean Nitrate 5s
5,800
648
.
228
820
"820
68
19
19
20
18
18
Citroen B
295
295
285
291
1952
fb$
Comptolr Natlonale d'Escompte
615
610
610
600
--'
7s
k
Nassau Landbank 0 4s '38
6
Mtge
/86
1948-1949
484
Kuhlmann
53
/22
25
/22
24
Rentes 4%, 1918
foO
55
f 154
164
Church
many) 78
.1968
(Ger¬
24
254
/244
26
Saarbruecken M
/25
Bk
1937
160
148
154"
Gelsenklrchen Mln 6s. 1934
/ 72
78
German Atl Cable 7s. .1945
/28
30
26
Santander (Colom) 78.1948
Sao Paulo (Brazil) 6s. 1943
/23
25
Building A Land-
July to Dec 1933
/56
Jan to June 1934
/38
•
July 1934 to June 1936—
30
/28
German scrip
German called bonds
Dawes
30
/ 74
/184
Coupons
stamped
Guatemala 8s 1948
Hanover Harz Water
3,130
1,116
3,130
835
838
835
825
91
90
90
912
915
502
503
Tublze Artificial Silk, pref
Union d'Eelectrlcitle
58
60
59
60
307
305
303
308
Wagon-Li ts
37
37
37
37
4
364
21
61.4
13
114
164
x
1946
THE
BERLIN
STOCK
u.
97 4
99
sold at auction
on
/
954
11
120
120
153
99
105
98
98
98
123
123
125
125
123
123
123
98
98
98
98
160
160
162
162
134
133
133
133
145
—
145
—
-
14
145
144
14
14
13
104
105
105
14
14
14
183
183
184
220
—
14
103
14
105
26
153
99
105
'
—
143
244
153
99
123
—
-
135
29
/26
/22 4
/24
153
105
98
161
98 4
1004
219
14
183
-
(8%)
-
174
-
176
176
176
176
186
186
187
188
—
187
CURRENT
Wednesday
—
$ per. Share
(N. Y.) common, no par.
By R. L. Bay & Co., Boston:
$2 lot
years was financial editor of the Frank,
Stocks
Zeitung of Frankfurt, Germany, and editor of that newspaper's
year-book, has become associated with them in their Investment 'Service
Department.
—Tobey
•
$ per Share
2%
14
—
Trust, par $1
1.
324
40 Fall River Gas Works, par $25—:
194
1,500 Cherokee Oil & Gas Co. of Okla., par $1; 7,000 The Combination Min¬
ing & Milling Co., par lc.; 2,000 Bras d'Or Gold 4 Copper Mining Co.,
par SI; 1,000 Vulture Development Co., par $1; 1,100 Standard Salt Co.,
par $5; 2,500 The Gold Channel Mining Co., par $1; 166 Memphis-Torpedo
Mines Corp.; 50 Weeks-Alberta Oil Associates A, par S10; 50 Seaboard Utili¬
Ivirk, members
of the
York
Stock
have
The
office will
be under
the
co-management of Harold
C.
Wolcott and
Llewellyn G. Ross.
—The
Trust
Company of North America,
City, is distributing
115
Broadway, New York
leaflet concerning "Trading in Bonds of Bankrupt
Corporations" covering topics of interest to. security dealers and brokers.
a
—Colyer, Robinson & Company, Inc.,
1180 Raymond Blvd., Newark,
N. J., is distributing a summary of the available actual New
county and municipal bonds offered
as
ties Shares
Corp. common; 32 Consolidated American Royalty Corp. com¬
mon; 150 Aztec Placer Syndicate, par $1
_$13 lot
26 Family Products Corp. class A; 13 Family Products Corp. common; 25 25-40
Miltiades Melachrino Cigarette Corp. common
S3 lot
5 Regal Shoe Co. preferred, par $100...
664
New
Exchange,
1654
Consolidated Investment
&
opened an uptown New York branch office at 50 East 42nd Street.
new
$100
Trust Associates..
Wjolf, who for 12
furter
Stocks
par
NOTICES
—Bear, Stearns & Co., members New York Stock Exchange, announce
,
that Dr. Franz B.
Co., Rockland, Mass.,
Grinnell Manufacturing Co., par S100
120
11
99
99
By Adrian H. Muller & Son, New York:
14 Rockland Trust
36
SALES
of the current week:
10 Bowman-Blltmore Hotels Corp.
35
10
105
—
Deutsche Bank und Disconto-®esellschaft.. 99
Deutsche Erdoel (4%)
123
Deutsche Relchsbahn (German Rys) pf 7%. 123
Salzdetfurth (7M%)
Siemens 4 Halske (7%)
were
Sept.
36
—
183
following securities
Sept.
9
120
—
152
Rhelnlsche Braunkohle
AUCTION
Sept.
8
36
106
97
1945
received by cable
Sept.
7
100
94
1947
Sept.
121
/104
Unterelbe Electric 6s. 1953
as
36
Berliner Kraft
1950
500
T
394
fbb
United Steamshio 03—1937
501
31
•
244
1951
31
EXCHANGE
Closing prices of representative stocks
each day of the past week:
55
1947
1946
32
Ex-dividend.
5
/23
/ 67
Stlnnes 7s unstamped. 1936
33
____
Sept.
28
For footnotes see page 1706.
20 Old Colony
.3,090
1,148
3,110
1,123
Cie
1940 /100 4
Wurtemberg 7s to
87.10
922
1955
25
/23
69.60
87.70
90
/44
Vesten Eleo Ry 7s
1957
70.10
87.51
913
Tucuman City 7s
Tucuman Prov 7s
Wks
0%
68.50
70.10
87.90
Societe Marseillaise
Tollma 7s
1084
1194
1184
/40
68.90
70.60
Societe Generale Fonclere
Soclete Lyonnaise...
154
108
69.00
65.40
88.25
164
7s unstamped
Toho Electric 7s
98
63.40
24
12 4
/12
/144
June 1 *35 to June 1 '36.
Graz (Austria) 8s
1954
Gt Brit & Ireland 54s '37
4s
1960-1990
63.00
63.60
254
384
Serbian coupons
Stettin Pub Utll 7s
65.60
<63.30
63.70
69.50
69.60
65.50
63.40
64.00
Soclete Francaise Ford
/ 76
/104
/154
/254
/23 4
/26
.1951
7s
94
194
65.90
63.75
414
Slem 4 Halske deb 68.2930 /315
/9 k
13,50
10,56
66.00
Rentes 4^%, 1932 A
Rentes 4>$%, 1932 B
Rentes 5%, 1920...
Schneider A
/59 4
Saxon State Mtge 6s__1947
Serbian 5s
1956
Coupons
1934 stamped..
Apr 15 '35 to Apr 15 '30.
12-1-34
8
/20 50
Dec
Young
64s
/29
July to Aug 1936
346
14
1,036
.
Saint Gobain C 4 C
/20
Saxon Pub WorkB 7s..1945
820
"342
351
14
1,060
28"
/354
fll
Scrip..
bank 64%
1948
German defaulted coupons
356
14
1,031
/39
Santa Fe 7s stamped..1942
/234
1945
630
1554 1584
/22
6s '47
Salvador
French Nat Mall 83 6s '52
French Govt 54s
630
/154
/234
/224
7%
1957
Salvador 7% ctf of dep *57
Salvador 4% scrip..
Santa
Catharina
(Brazil)
8%
1947
Frankfurt 7s to
645
636
/394
1945
Royal Dutch 4s
In¬
1966
830
635
/26
R C Church Welfare 7s '46
74s
443
810
648
Royal Dutch.......
/30
Rio de J aneiro 6%
1933
Rom Cath Church 6 4s '46
/24 4
25
/23—
.1946
Prov Bk Westphalia 68 '33
Prov Bk Westphalia 6s '36
Rhine Westph Eleo 7% '36
f22
Mortgage A
432
820
Rentes, Perpetual 3%
Rentes 4%, 1917—
1945
East Prussian Pow 6s .1953
vestment
437
800
Pechiney
38
24
462
Orleans Ry 6 %
Pathe Capital
Protestant
24
460
432
Nord Ry
544
24
114
463
(649
f 640
974
50
254
910
239
DAY
534
Panama 5% scrip
Porto Alegre 7%
/104
/234
f22
f22
930
236
HOLI-
/954
to
524
1,100
910
243
463
Lyon(PLM)
/29
1,120
910
232
L'Alr Liqulde
/28
1948
Electric Pr (Germ) 64f '50
0
64s—
...1953
European
1,110
Energle Electrique du Nord
Energie Electrique du Littoral..
46
.1945
1,130
Eaux Lyonnal3e cap
/21
/32
1945
1,110
75
353
/23 4
7%
72
133
352
/244
74s
75
134
351
Oberpfals Eleo 7%.-.1946
Oldenburg-Free State 7%
75
75
138
356
North German Lloyd 6s '47
4s
1947
/51 %
G4s._1959
Dulsburg 7% to
70
71
132
64%
1946-1947
1962
National Hungarian A Ind
154
S A
Courrieres
Panama
Hungary
Coty
Transatlantique...
Credit Commercial de France—
Credit Lyonnaise
Nat Central Savings Bk of
fb 7 4
Dortmuna Mun Utll 6s '48
Duesseldorf 7s to
Bank
(A & B)
CCAD7
154
/514
1949
Cundlriamarca
24
11
fib
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 4s '49
5s
254
104
68
Cordoba 7s stamped..1937
7s stamped..;
1957
/24
f22
Natl
/28
Columbia scrip Issue of '33
Iasue of 1934 4%.—1946
Cle Generale
1945
Municipal Gas & Elec Corp
Recklinghausen 7s ..1947
124
/104
fb
/14 4
/14M
1968
71
Munio Bk Hessen 7s to *45
/124
/10
City Savings Bank, Buda¬
pest, 7s....
1953
35
Francs
5,900
fob
Munich 7s to..
7s assented..
6
Francs
1959
/2 8
Chile, Gov. 6s assented
Shares
Sept. 10 Sept. 11
1957
Corp—
.—..1953
(Peru) 7 4% —1944
Shares
received by cable
as
Sept. 5
'
,-7'.
/234
/36
/27
BOURSE
Quotations of representative stocks
each day of the past week:
Meridlonale Elec 7s
/31
Cauca Valley 7 4s
1946
Ceara (Brazil) 8%.... 1947
The
80.10
....
Montevideo 6s
(Colombia) 7%.J1947
'
$ per Share
Mines..
Mannheim A Palat 78.1941
...
German
Gold
21 H
Buenos Aires scrip
51
fl»X
Burmelster A Wain 6s. 1940 /ill
114
Caldas (Columbia) 7 4s '46
11
/104
German
Stocks
Zenda
m
Bank
1962
German
17
f 19
Hungarian
7Ha
Callao
124
274
274
30
6s 1940
Call
Water
»
394
/44 55
"
M
40~
38
1956
Coupons
Koholyt 64s
7%
f22
(Germany)
1948
fb%
/6 Yx
1940
British
/26
1936
6X
Brandenburg Elec 68—1953
Bremen
llseder Steel 6s
change Bank 7s
fb%
1969
10
/29
/20
/29
16
flbVi
f 7Y>
8s. 1947
1958
Shares
THE
Hungarian defaulted coups
Hungarian Ital Bk 7 4s '32
16
.
Stetson Co. common, no par
/29
21 Vi
/20
fib
25
.—
/22
2bYx
Cons
no
By A. J. Wright & Co., Buffalo:
Ask
/40
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Discount & Ex¬
21 Yi
/24H
1945
Palatinate
par
50 John B.
97
1953
Hansa S3 6s stamped. 1939
Bavaria 6^8 to—
Bavarian
6%
par $10
Westmoreland, Inc.,
Co., par $50
Ry. Co., par $50
Bid
Haiti
$ per Share
Germantown Trust Co.,
50
2 Continental
Passenger Ry.
2 Germantown Passenger
Ask
1946
Stocks
17
Foreign Unlisted Dollar Bonds
Anhalt 7s toi
1707
of September 1,
Jersey state,
1936.
—Edward F. Van Tassell, Jr., formerly with
has become associated with
Ira Haupt &
Dominick and Dominick,
Company, members New York
Stock Exchange, in the Public Utility Bond
Department.
——
Bonds—
3 5-10
Per Cent
Tax
Bond &
Securities
Corp.
participating
Mortgage Bond Shares;
common; $3,000 St. Petersburg
500 Harrison Powell Holding Co. Bond
shares
State of New York, yielding from 1.30% to 4.00%.
S9 lot
$700 The King Edward Hotel Co.,
March 1932 4 subsequent on
Ltd., 7s, March 1944; series A coupon,
4% flat
By Crockett & Co., Boston:
S per Share
Pittsburgh & North Adams RR., par $100
25 Nashua Manufacturing Co., preferred, par $100—
1
15
Farr Alpaca Co.,
par
$50
25 Merrimack Manufacturing Co.
25 Dwight
1,000
Pine
par
$100
Products
Co
15
-
preferred, and 4 common
common, par $100
18 United Merchants & Manufacturers Co., par $1
11
The Frinck Corp.
50
Saco-Lowell
25
^aco Lowell Shops 2d preferred, par $100
64
134
-
284
Cent
Bonds—
86.50 lot
$5 lot
Shops,
$2,000 Amoskeag Mfg. Co. 6s, Jan. 1
seven
1948—>
of comparative earnings
of
89
leading
railroads
for
the
first
months of 1936.
W. Pizzini & Co.,
52 Broadway, this city, has prepared
a
circular
describing the guaranteed stocks of the Delaware, Lackawanna & Western
R. R. Co.
32
464
Manufacturing Co., par $12.50
Tree
74
17
preferred,
—John E. Sloane & Co., 41 Broad St., this city, have issued their
monthly
summary
—B.
Stocks
Shares
—Sherwood & Merrifield, Inc., 40 Wall St., New York City, are
issuing
a circular on bonds of
municipalities located in the
for free distribution
93
—Charles
Swart,
F.
Hibbard,
III,
has
joined
the
Statistical
Department of
Brent & Co., Inc., and will specialize in water works securities.
—James Talcott,
Corporation,
Inc., has been appointed Factor for Algonquin Mills
Bridgeport, Conn., manufacturers of sportswear.
—George M. Tiedeck has become associated with Weed. Hall & Co.
head of the Trading
as
Department in their Detroit office.
•—Hornblower & Weeks, 40 Wall
St:, New York City, have prepared
study of automobile accessory stocks.
a
Financial
1708
Sept.
Chronicle
General Corporation and Investment
REGISTRATION STATEMENTS UNDER
OF
SECURITIES ACT
and
Securities
The
Commission on Sept. 9
additional registration statements
Exchange)
announced the filing of 20
(Nos. 2431-2450, inclusive) under the Securities Act.
The
involved is $91,007,356.75, all of which represents
total
new
issues.
/./:
No. of Issues
19
Commercial and
•
.
The total includes the
published:
have been
'
■
<
Total
$81,007,356.75
10,000,000.00
______
Investment trust
1
'
.
Type
industrial
_
following issues for which releases
:
!■
^
,
Co., Inc.—110,000 shares of $100 par value 5%
preferred stock and common stock for conversion
of the preferred (see details in V. 143, p. 1549).
(Docket No. 2-2442,
Form A-2, included in Release No. 10135
Chain
American
cumulative convertible
Cumberland County Power & Light Co.—$9,500,000 of firfet mortgage
10,000 shares of $100 par value cumulative preferred
bonds due 1966 and
stock
capital
details
(see
Form A-2, included in
on
subsequent page).
(Docket No. 2-2445,
release No. 1016.)
Gulf States Utilities Co.—$17,300,000 of first mortgage
and refunding
bonds, series C, 4% due Oct. 1, 1966, and $4,000,000 of 10-year 4M%
debentures due Oct. 1, 1946 (see details on subsequent pages).
(Docket
A-2, Included in Release No. 1017.)
No. 2-2449, Form
total
Other issues included in the
are as
follows:
Peoples Bridge Corp. (2-2431, Form A-2) of N. Y. City, has filed a
registration statement covering $300,000 of first collateral lien 5% sinking
fund bonds, due Aug. 1, 1946.
The net proceeds are to be used to retire
first lien 6H% sinking fund gold bonds; to retire general lien 7% sinking
fund gold bonds; for advances to Peoples Bridge Co. of Harrisburg, Pa.,
for retirement of notes payable and additions and improvements to the
Walnut Street Bridge; and for other corporate purposes.
Stemmler & Co.
of N. Y. City, is the principal underwriter.
Percy Ingalls of N. Y. City
is President.
Filed Aug. 28, 1936.
(Thte)
Calif., has
are
Aeronautical Co. (2-2432, Form A-l), of San Diego,
filed a registration statement covering 208,070 shares ($1 par)
Ryan
common
193,070 shares are outstanding and 15,000 shares
company and its subsidiary, Ryan.
proceeds to the company
T. Claude Ryan of San
Filed Aug. 28, 1936.
stock, of which
be offered to employees of the
to
of Aeronautics, at $1.12 a share.
The
to be used for general corporate purposes.
School
are
Diego is President.
Compressed Industrial Gases, Inc. (2-2433, Form A-2) of Chicago,
111., has filed a registration statement covering 25,000 shares (no par)
capital stock.
The net proceeds are to be used to purchase 5,000 shares
(no par) capital stock of National Cylinder Gas Co.—Pacific Coast, to
discharge a bank loan, and for working capital.
A. G. Becker & Co.,
Inc., of Chicago, is expected to be the principal underwriter.
H. B.
Pearson of Evanston, 111., is President.
Filed Aug. 28, 1936.
(2-2434, Form A-2) of Indianapolis,
Stokely Brothers & Co., Inc.
Ind., has filed a registration statement covering 85,000 shares ($1 par)
common stock.
The net proceed^ are to be applied to the payment of
promissory notes, and to the general funds of the company.
Stokely Jr. of Indianapolis is President.
Filed Aug. 28, 1936.
National
&
Bond
Investment Co.
(2-2435, Form A-2)
Wm. B.
of Chicago,
111., has filed a registration statement covering 60,000 shares of $100 par
5% cumulative preferred stock, series A, 60,000 common stock warrants
to be attached to the preferred stock, and 260,000 Shares (no par) common
reserved for issuance upon exercise of
of which 60,000 shares-are
stock,
owned by stockholders.
The warrants
will entitle the holders to purchase, for each share of preferred held, one
share of common stock from Jan. 2, 1937,, to Oct. 1, 1939, at $30 a share
prior to Oct. 1, 1937; $33 a share from Oct. 1, 1937, and prior to Oct. 1,1939.
The net proceeds to the company from the sale of preferred stock,
and the common stock, upon exercise of the warrants, are to be used
for general corporate purposes.
A. G. Becker & Co., Inc., of Chicago,
is expected to be one of the principal underwriters, it is stated.
Melville
N. Rothschild of Chicago is President.
Filed Aug. 29, 1936.
the-warrants and 200,000 shares are
Super Mold Corp. of Calif. (2-2436, Form A-l) of Lodi, Calif., has
a registration statement covering 40,000 shares
($10 par) common
filed
stock, of which 38,400 shares are presently outstanding.
of Lodi is President.
Filed Aug. 29, 1936..
(The)
Locke
Steel
Chain
Co.
W. B. Thurman
City, is the principal underwriter.
Conn., is President.
persons as the board of directors of .the company designate, it is
The net proceeds are to be used for improvements, expansion and
modernization of the company's manufacturing facilities, or to reimburse
such
stated.
the treasury for expenditures made for such improvements.
Roemer of Pittsburgh is President.
Filed Sept. 2, 1936.
Trane Co.
D. W. Haggerty of Fairfield,
Filed Aug. 29, 1936.
,
Commercial
Banking Corp. (2-2447, form A-2) of Philadelphia, Pa.,
registration statement covering 25,000 shares ($10 par) $1.20
dividend prior preferred stock, and
106,500 shares (no par) common
stock, of which 100,000 shares are reserved for exercise of non-detachable
warrants attached to the preferred stock, 4,000 shares are reserved for
exercise of detachable warrants and 2,500 shares may be issued to the nonassenting stockholders or to the uderwriter as
additional compensation.
According to the statement, the company will, for a period of 15 days
after the effective date of the statement, grant opportunity to holders of
its 7% preferred and common stock who are entitled to vote and who do
not assent to the amendment of the certificate of incorporation at a meeting
to be held Sept. 17,
1936, to purchase units consisting of one share of
the new preferred stock, one-tenth share of common stock, a non-detachable
warrant to purchase four shares of common stock and a separate and
detached warrant to purchase one-tenth share of common stock at $20
has filed
a
a
unit.
The preferred stock with non-detachable warrants not subscribed for
by the stockholders during the period will be offered to the public at $20
a share by H. Vaughan Giarke & Co. of Philadelphia, the principal under¬
writer.
The non-detachable warrants. will entitle the holder to pur¬
chase four shares of common stock on or before Sept. 30, 1939, at $5 a
share; thereafter and including Sept. 30, 1940, at $6 a share; and thereafter
and including Sept. 30, 1941, at $7 a share.
The detachable warrants
will entitle the holder to purchase the number of shares of common stock
specified therein at the same price and during the same periods as those
for the non-detachable warrants.
The net proceeds are to be used for
expansion of business and the retirement of ail outstanding 15-year 53^ %
Walter G. Atkinson of Philadelphia
Filed Sept. 2, 1936.
,
convertible sinking fund debentures.
is President.
L.
Glenn
(The)
Martin
Co.
(2-2448, Form
A-l)
of Middle River,
Md., has filed a registration statement covering 500,000 shares ($1 par)
common stock to be offered to stockholders through rights at $13 a share.
The stock not subscribed for may be reoffered to stockholders or to the
public.
The net proceeds are to be used for working capital and for
general corporate purposes.
Glenn L. Martin of Middle River, Md., is
President.
Filed Sept. 2, 1936.
Commonwealth Telephone Co. (2-2450, Form
A-2)
of Madison,
Wis., has filed a registration statement covering $2,750,000 of first mortgage
bonds, series A, 4%, due Sept. 1, 1966.
The net proceeds are to be applied,
together with other funds, to the redemption of all outstanding bonds of
the company and of the Consolidated Telephone Co. of Wis., and to
wrorking capital.
J. F. O'Connell of Madison is President.
Filed Sept. 3,
1.936.
Prospectuses were filed for seven issues under Rule 202,
which, exempts
from registration certain classes of offering
exceeding $100,000.
The act of filing does not indicate
that the exemption is available or that the Commission has
made any findings to that effect."
A brief description of
these filings is given below:
not
Pauly Tile Co. (File 3-3-662), 1337 K St. N. W., Washington, D. C.
(Filed May 23, 1936.)
Offering 240,000 shares of 6% preferred'stock of
cent par value in multiples of three shares at a price of $1.25.
A. A.
Pauly, 1337 K St. N. W., Washington, D. C., George B. Havey, 1762
Eddington Road, Cleveland, Ohio, and A. M. Pauly, 1337 K St. N. W.,
Washington, D. C., are named as trustees.
No underwriter is named.
one
Kolor Kraft
(File 3-3-739), 900 Market St., Wilmington, Del.
class A 7% cumulative preferred stock ($1 par)
in units of four shares of class A
H. R. Sage, 4610 South Wilton
Place, Los Angeles, Calif., is President.
No underwriter is named.
Corp.
Offering 80,000 shares
and 20,000 shares of class B stock ($1 par)
and one share of class B at $5 per unit.
Keenlyte Battery Corp. (File 3-3-756), 22d St., Denver, Colo.
Offering
100,000 shares common stock of $1 par value at par.
Peter S. Morris,
1906 South Williams St., Denver, Colo., is President.
No underwriter
is named.
($5 par)
of New
Henry A.
(2-2446, Form A-l) of La Crosse, Wis., has filed
a registration
statement covering 3,000 shares ($100 par) 6% preferred
stock, to be offered at par.
The net proceeds are to be applied to the
redemption of outstanding preferred stock and to working capital.
Barney
Johnson & Co. of La Crosse and Chicago is the underwriter.
Reuben N.
Trane of La Crosse is President.
Filed Sept. 2, 1936.
(The)
:,v
;;
frfry/f.
(File 3-3-758), Suite 1433, Barium
.
General Mines
(2-2437, Form A-2) of Bridgeport,
Conn., has filed a registration statement covering 104,000 shares
common stock, all of which is outstanding.
Hedden & Co., Inc.,
York
News
UTILITY—INDUSTRIAL—MISCELLANEOUS
RAILROAD—PUBLIC
FILING
1936
12
Development Co.
.
Detroit, Mich.
Offering 50„000 shares of 8% preferred stock of
$1 par value and 50,000 shares common stock, $1 par, in units of one share
of each, at $2 per unit.
Carl T. Storm, Detroit, Mich., is President.
Tower,
No underwriter is named.
Magnolia Gold Mining Co. (2-2438, Form A-l) of Denver, Colo.,
has filed a registration statement covering 277,850 shares ($1 par) common
stock, of which 210,000 shares are to be offered at $1 a share.
The re¬
par
maining 67,850 shares are presently outstanding and the company is
offering to the holders of these shares opportunity to rescind their pur¬
chases of the stock.
All shares received by the company under the plan
are
to be offered to present stockholders at 60 cents a share, and any
such shares not taken by the stockholders are to be offered to- the public
ferred stock of $1 par and 20,000 shares of class B stock of $1 par in units of
four shares of class A and one share of class B at $5 per unit.
John Van
at $1 a share.
The net proceeds to be received by the company are to
of balance due on properties, improvements and
enlargement of plant, pin-chase of equipment, development of property,
discharge of indebtedness, and for working capital.
C. H. Wilson of
Michigan is President.
Filed Aug. 31, 1936.
be used for the payment
Hamilton
has
filed
a
Depositors Corp. (2-2439, Form C-l) of Denver, Colo.,
registration statement covering 8,333 1-3 Hamilton Trust
E. A. Jones of Denver is President.
Filed Aug. 31,
Share Certificates.
1936.
Standard
Life
Insurance
Co. of
Ind.
(2-2440,
Form A-l)
of In¬
dianapolis, Ind., has filed a registration statement covering 25,000 shares
($20 par) common stock, of which 12,125 shares are presently outstanding
and 12,875 shares are to be offered publicly at $60 a share.
Of themet
proceeds to be received by the company, $500,000 is to be used as capital,
and $619,000 will be used to operate the business.
Harry G. Leslie of
Indianapolis is President.
Filed Aug. 31, 1936.
Texas
Hydro Electric
Corp.
(2-2441,
Form A-l)
Indicating Fuse Manufacturing Corp. (File 3-3-759), 1319 F. St.,
Washington, D. O.
Offering 10,000 shares common stock of $1
value at $3 per share.
Wm. C. Linton, 1319 F St., N. W., Washington,
-J. C., is President.
Wm. C. Linton (address above) named as underwriter.
N. W.,
California
Daam, Greenwood, Calif., is President.
Around
Colo., is President.
Wolverine Tube Co. (2-2443, Form A-2) of Detroit, Mich., has filed
registeration statement covering 140,000 shares ($2 par) common stock,
of which 90,000 shares are presently outstanding.
The net proceeds to be
received by the company are to be used for additional plant equipment and
for working capital.
Charles C. Limbocker of Detroit is President.
Filed Sept. 1, 1936.
Steel Co. (2-2444, Form A-2) of Pittsburgh, Pa., has
registration statement covering 101,400 shares (no par) common
The stock is to be offered to stockholders of record on or about
Pittsburgh
filed
a
stock.
Sept. 22, 1936, through transferable warrants which expire Oct. 19, 1936,
the basis of one share for each 2)^ shares held, at $10 a share.
Shares
subscribed for by -warrant holders will be offered at $10 a share to
on
not
Grubstakes,
No underwriter is named.
Inc. (File 3-3-761), 433 United
.
No underwriter is named.
following company has been permitted to withdraw
its registration statement:
The
Rochester Distilling Co.,
Filed Feb. 25, 1936.
Inc. (V. 142, p. 1554).
The last
in
our
previous, list of registration statements was given
issue of Sept. 5, p. 1548.
,
.+.
Corp.—Earnings-
Addressograph-Multigraph
has filed
a
World
the
States National Bank Bldg., Denver, Colo.* Offering 3,500,000 shares of
common stock of one cent par value at one cent a share, and 787,000 shares
of the same class stock at Wi cents per share.
E. E. Pratt, Leadville,
of Seguin, Texas,
a registration
statement covering $1,575,000 of first mortgage
6% bonds, seT es A, due April 15, 1956, and 14,500 shares (no par) $3.50
cumulative preferred stock.
All of the securities being registered are
outstanding, it is stated.
The proceeds to be received by the company
from the sale of $89,500 of the bonds which are now held by First National
Bank, Chicago, as collateral to a demand note of the company, are to be
applied, together with other funds, to the discharge of the note.
Burr
& Co., Inc., and Swart, Brent & Co., Inc., both of New York City, and
Patterson, Copeland & Kendall, Inc., of Chicago, are the underwriters.
Hamilton Allport of Chicago is President.
Filed Sept. 1, 1936.
Mines Corp. (File 3-3-760), 900 Market St.,
Offering 80,000 shares of class A 7% cumulative pre¬
Homestake
Wilmington, Del.
Period Ending July
Net
profit
after
all
31—vl
charges
1936—Month—1935
$129,620
per
common
share
The
746,313
$0.12
$787,751
shs.
stock
$1.05-
Increased—
Dividend
directors
common
on
$91,992
$0.17
Federal tax—vEarns
7 Mos. '36
incl.
have
declared
a
dividend of 25 cents per share on the
10 to holders of record Sept. 23.
stock, par $10, payable Oct.
months from July 10, 19351935 dividend was the first
quarterly distribution of 25 cents
This compares with 15 cents paid each three
to and including July 10, last.
The July 10,
paid since April 11, 1932 when a regular
per share was
Air
made.—V. 143, p. 1063.
Reduction
Co —Larger
Extra Dividend—
dividend of $1 per share in addition
quarterly dividend of 25 cents per share on the common
stock, no par value, both payable Oct. 15 to holders of record Sept. 30.
The following extra dividends were previously paid:
50 cents on July 15,
last; $1-50 on Oct. 15, 1935; $1 on July 15, 1935; $1.50 on Oct. 15, 1934;
75 cents on Oct. 16, 1933, and $1.50 per share paid on Oct., 15, 1931, 1930'
and 1929.—-V. 143, p. 572.
v'
The directors have declared an extra
to
the regular
,
-Volume
Financial
143
Chronicle
1709
Alabama Gas Co.— Underwriters—
Underwriters of the SI,500,000 4first mortgage bonds, due 1951,
be E. H. Rollins & Sons, Inc., S475.000; Central Republic Co. and
Chandler & Co., Inc., $275,000 each; Stroud & Co., Inc., $200,000; Bond &
Goodwin, Inc., $175,000, and Burr & Co., Inc., $100,000.—V. 143, p. 1549.
will
Alaska Juneau Gold
Specialists
All
Mining Co.—Earnings—
in
Rights and Scrip
r9
Period End. Aug. 31—
Gross profit
1936—Month—1935
—1936—8 Mos.—1935
$506,500
$413,500
$3,451,000
$2,641,500
x Profit
291,100
193,000
1,702,400
1,242,600
x Includes
other income and is after operating expenses and develop¬
ment charges, but is before
depreciation, depletion and Federal taxes.—
V. 143, p. 1063.
American
Chain
McDonnell & Co.
m..l„
Co., Inc.-—Stock Reclassification
Plan
The
/N«w York Stock Exchange
York Curb Exchange
Member8|New
Voted-—
120
stockholders
approved the proposed reclassification of 140,000
7% preferred stock into 140,000 shares of serial preferred
stock, $100 par, issuable in one or more series the terms to be fixed by
BROADWAY,
unissued shares of
TEL.
NEW YORK
RECTOR
2-7815
directors.
Consolidated Balance Sheet June 30
The stockholders also approved the increase in authorized common stock
to 500,000 shares, from 357,143 shares.
In addition, stockholders approved the
•
Assets—
more
than 12.
preferred stock will be a
5% cumulative convertible preferred, and that the company will offer 7%
preferred holders the right to exchange shares for the new 5% preferred,
the basis of exchange to be announced later.
The shares which are not required for exchange may be offered to common
holders, and any remaining shares will be offered to the public.
Proceeds of preferred to common holders and the public will be applied
to the redemption
of unexchanged 7% cumulative preferred stock at
$110 and accrued dividends.
„
Liabilities—
1935
xPlants, prop.,&c.$3 ,967,227 $4,093,016
1936
y
sees. & accr.
interest..
215,418
438,186
650,819
1, 095,370
Accts. & notes
rec.
Cash
Cash
366,746
440,604
491,835
1,037,077
167,189
34,496
612,751
Inventory
167,189
39,281
575,165
deposit in
on
closed bank
Deferred assets...
Other assets
$785,600
Common stock.. 5.885,760
Accounts payable.
65,321
Unpaid pay roll...
24,427
Accr. state, county
and city taxes._
130,677
Unpaid com. stock
'
dividends
Reserves:
The directors have declared a dividend of $8 per share on account of
on the 7%
cumulative preferred stock, par $100, payable
Sept. 21 to holders of record Sept. 18.
A dividend of $3.25 per share was
paid on July 1, last, and compares with a dividend of $1.75 paid on April 1,
last, $3.50 paid on Jan. 1, 1936, and one of $1.75 per share on Oct. 1, 1935,
this latter payment being the first distribution made on the preferred
since Dec. 31, 1931, when a regular quarterly dividend of $1.75 per
stock
share
paid.
announcing the current dividend, the company stated that it would
offer to holders of the present 7 % cumulative preferred stock one and onequarter shares of new 5% convertible preferred stock for each share of 7%
preferred surrendered for exchange, including accrued and unpaid dividends
thereon, and call for redemption at $110 and accrued dividends all of the 7 %
cumulative preferred stock not so exhcnaged.
The offer to exchange will
expire on Sept. 30.
r
The conversion provisions of the preferred stock will be operative after
Nov. 15 and oh or before Sept. 15, 1946.
The plan calls for exchange into
was
In
com-
200,000
200,000
25,000
25,000
868,724
868,724
Profit & loss surp.
511,217
599,209
z
Treasury stk_.Drl,379,lllDrI,358,086
share
of
new
the
before Sept.
convertible
15,-1939;
one
one
and one-half shares of
for each
common
preferred surrendered for conversion on or
and one-third shares of common stock for each
share of preferred surrendered after that until Sept. 15, 1942,and finally
one and one-quarter shares of common stock for each of the preferred sur¬
rendered for conversion on or before Sept. 15, 1946, the expiring date.
Appropriate provisions will be made to protect the converstion price
against dilution.
.
.
The convertible preferred stock will be redeemable at $105 a share plus
accrued and unpid dividends.—V. 143, p. 1549.
American Cigarette & Cigar
See
American
Total
Cigar Co. above.
Tot. inc. of corp. & subs.
Interest charges
Depreciation...
Loss
on
The company, according to Richmond, Va., press dispatches has
changed
name to American Cigarette & Cigar Co.—V.
143, p. 1218.
its
American Sumatra Tobacco
1933
4,381
11,791
1935
$153,256
116,983
$621,605
23,635
$624,318
24,874
$565,574
Other income-
$36,273
14,691
$645,240
48,304
89,521
$649,192
48,980
93,479
$583,480
48,407
72,042
$50,964
42,123
$507,415
$506,734 "
240,772
$463,031
48,254
$8,841
$122,713
$265,962
$414,777
$8,841
192,351
$2.64
193,105
193,105
193,105
$2.63
$2.39
$0.04
Total profit
Miscellaneous charges..
Federal taxes, &c
Net profit
384,702
r
Surplus
(no par)
outstanding.
Earnings per share
for depreciation for the
1936 and $70,140 in 1935.
1936
Includes amortization of discount
x
44,602
23,891
11,000
.
&oth.prop.,
incl.livest. & eq.$2,312,898 $2,357,383
Cash in banks and
on
hand
on
1,296,813
593,606
1,163,917
421,364
1,179,182
'
155,426
Notes & accts.
1,310,279
167,856
rec.
x
1936
Orchards, groves,
oacking houses,'
&c
7%
Cash val. life ins..
Notes & accts.
4,176
1
rec.
Inventories
328,851
874,066
y
1,502,513
1,052,297
2,050
56,774
458,609
618
58,124
478,630
expenses.
Invest, in misc. cos
ventory
1,164,445
459,118
503,413
800,000
796,226
191,961
800,000
credits..
49,046
41,854
130,575
18,718
1,120,231
Capital surplus...
34,421
.
$8,560,120 $8,757,530
761,543
332,042
50,446
Unapprop. surplus 1,599,492
I
Total
494,139
123,109
13,012
1,221,941
50,446
1,558,421
$8,560,120 $8,757,530
After
depreciation of $2,594,630 in 1936 and $2,526,738 in 1935.
y Represented by 312,364 no par shares in 1936 and 312,363 shares in 1935.
—V. 141, p.1924. J
x
American
35,949
•
■Withdraws
State-
.
The company of St. Louis has withdrawn the registration statement it
filed with the Securities and Exchange Commission early in August, cover¬
ing $2,800,000 of equipment trust certificates, series I.—Y. 143, p. 1218.
American
Ship Building Co. (&Subs.)—Earnings—
Years Ended June 30—
Gross income, all prop.,
after mfg. expenses
Other income
Total income
Gen.,&c.,exp. & ord.tax
Depreciation
Federal taxes, &c. (est.).
Other
deductions
Net income for year..
Previous surplus.
Total
Preferred
dividends
Common dividends
1936
$775,358
30,297
1935
$543,718
70,456
1934
1933
$775,789
40,008
$296,194
141,921
$815,797
382,339
156,420
8,905
60,998
$438,115
376,422
215,466
25,153
$614,174
380,245
156,197
5,938
62,961
$171,546
599,209
$8,832
850,144
$207,135
1,099,600
def $241,033
$770,755
4,172
255,366
$858*976
$1,306,735
$1,358,692
$511,217
127,683
$1.31
$599,209
127,683
$0.03
$1.58
$805,655
414,397
158,559
36,000
4,326
255,441
Provision for contingency
•
30,700
29,000
taxes
91,417
93,740
25,816
1,749,342
883,418
24,455
1,749,342
760,705
Dr37,245
Dr37,245
Reserve for self-insurance..
Initial surplus
Earned surplus
8,000
Cap. stock of
11,465
corp.
retired
11,846
to
tobacco con¬
ditioning mach's
underlease
28,900
x
32,203
53,158
Unexp. insur. and
prepaid taxes.__
50,364
Total.
..$5,705,397 $5,572,181
Represented
by
192,351
shares
no
par
$5,705,397 $5,572,181
value in
1936
and
193,105
shares in 1935.—V. 141, p. 2428.
American
The. Old
Telephone & Telegraph Co.—Tenders—
Colony Trust Co., trustee,
will until
noon,
Sept.
21, receive
bids for the sale to it of sufficient 30-year 5% collateral trust gold bonds,
due Dec. 1, 1946 to exhaust the sum of $800,083 at prices not to exceed 105.
Period End. July 31—
1936—Month—1935
1936—7
1935
Operating revenues
$9,027,636
$7,627,814 $61,988,892 $53,901,237
Uncollectible oper. rev_
30,988
35,607
221,759
317,373
......
87,260
1,599,725
Operating revenues..
Operating expenses
$8,996,648
6,265,179
$7,592,207 $61,767,133 $53,583,864'
6,020,105
43,315,193
41,891,429
!,731,469
952,226
$1,572,102 $18,451,940 $11,692,'435
450,411
5,947,509
3,401,086
Operating taxes
—
Net operating income
$1,779,243
American
Water Works & Electric Co.,
259,091
,144
$1,099,600
128,238
129,018
Nil
$8,291,349
Inc.—Weekly
Output—
Output of electric energy for the week ended Sept. 5, 1936 totaled 47,899,000 kilowatt hours, an increase of 25.8% over the output of 38,072,000
kilowatt hours for the corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
follows:
Week Ended—
1936
1935
1934
1933
1932
years
Aug. 15.
.47,032,000
Aug. 22
47,441,000
Aug. 2948,272,000
Sept. 5-47,899,000
—V. 143, p. 1550.
38,696,000
39,774,000
39.805,000
38,072,000
31,342,000
30,790,000
30,787,000
29,154,000
36,370,000
36,289,000
36,471,000
33,920,000
24,000,000
24,085,000
25,727,000
25,694,000
Apex Electrical Mfg. Co.—$5.25 Preferred Dividend—
The directors have declared
....
256,591
200,000
$1,121,691 $12,504,431
-V. 143, P. 1549.
a
dividend of $5.25 per
share
on
the
7%
price pref. stock, par $100, payable Oct. 1 to holders of record Sept. 21.
Of this amount $1.75 per share is on account of current dividends for the
cum.
Sept. 30, 1936 and $3.50 on account of accruals.
Similar
payment was made on July 1, last.
Dividends of $2 per share were paid
on April 1, last, and oh Dec. 31, 1935.
After the payment of the current
dividend accruals will amount to $3 per share.—Y. 143, p. 743.
quarter ended
Profit and loss balance
com. outst.(no par)
Earns, per sh. on com—
Shs.
&
employees
30,000
arising
license
59,342
Res've for Federal
26,970
30,000
(not consol.)
of
use
8,841
56,101
taxes, &c
Provision for extra
Net oper. revenues—
Refrigerator Transit Co.-
ment—
co.
1935
21,847
and capital stock
'
Total
493,889
liabilities..
Reserves
1,073,313
40,605
oblig.
payable
Accts.
Deferred
banks
Total
money
rec.
1936
Commonstock..$2,884,000 $2,884,000
management
(not consol.)...
Cost
Notes and accepts.
Claims agsL closed
Deferred charges.
1935
pref.
7% ser. conv. notes
Accounts payable.
Notes pay., banks
Other notes, mtgs.
& accounts
1936
S2,587,100 $2,587,100
Common stock.
312,364
312,363
Pur.
13,913
Accrued revenue..
Prepaid
non-cum.
$73,779 in
compensation of
Invest, in control*d
stock
$3 792,823 53,889,708
617,452
783,359
Cash
.
Liabilities—
1935
amounted to
Accounts payable.
Accr'd pay., State
hand
from sale of prop
Consolidated Balance Sheet June 30
Assets—
x
Hogs and cattle in¬
Notes
7 % notes.
on
year
Liabilities—
1935
Plants
harvesting
$331,241 loss$169,601 loss$416,423
$41,070
17,906.
Excluding provision of $29,000 for extra compensation of management
x
and employees.
Note—Provision
Adv. to contr. co.
Net profit...
1933
Selling & general expense
$693,757
128,183
and In process of
—-—
1934
$785,067
xl60,748
Supplies.
misceil. adjust, of surp
Reduction of inventory.
1936
$776,624
xl55,019
Tobacco
5,184
4,185
Corp. (& Subs.)—Earnings
'
Years Ended July 31-
Gross profit on sales
Assets—
1934
assets dis¬
cap.
posed oL...
Misc. surplus chgs. (net)
Loss on prop. disp. of &
Cigar Co,—Changes Name—
Consolidated Balance Sheet July 31
$26,321,704 $25,771,760 $22,908,327
770,542
367,145
98,183
117,467
135,769
97.791
305,661
356,376
x381,925
392,635
93,073
249,121
.$7,181,456 $7,210,915
,
American
Growers, Inc.—Earnings—
1935
Total
Shs. cap. stock
Recapitalize—
The company has notified the New York Stock Exchange of a proposed
change in the authorized capital stock from 10,000 shares of 7% cumulative
preferred stock and 300,000 shares of common stock to 10,000 shares of 5%
preferred stock and 300,000 shares of common stock, each share of cum.
preferred stock to be exchanged for one share of new preferred stock and
two shares of common stock.—V. 143, p. 418.
•
;
Years End. June 30—
1936
Net sales.
__$29,990,370
$7,181,456 $7,210,915
Dividends
Co.—New Name—
American Colortype Co.—To
American Fruit
.
x After reserve for
depreciation of $5,253,096 in 1936 and $5,112,312 in
1935.
y Represented by 147,144 shares of no par value,
z Represented
by 7,463 shares of pref. and 19,461 shares of common as of June 30, 1936,
and by 7,260 shares of pref. and 19,461 shares of common as of June
30,
1935—V. 141, p. 2428.
,
the basis of
63,841
■
Workmen's
Capital surplus...
accumulations
on
92,834
63,841
Fire insurance.
stock
$785,600
5,885,760
40,593
7,439
pensa.insur..
,
Accumulated Dividend—-
common
1935
Preferred stock
Govt.
proposal that the board of directors
shall consist of not less than nine members and not
It is contemplated that the first series of the new
1936
Financial
1710
Anglo-American Corp. of South Africa,
of Operations for Month of August, 1936—•
Ltd.—Results
Tons
Each of which is
x
Note—Revenue has
Declared
129,000
140,400
102,000
£108,197
129,167
137,524
134,738
74,126
107,156
_
$65,471
$339,987
148,904
168,564
174,106
Total income
174,300
$103,093prof$165,881
$53,157
24,682
$13,663
24,832
49,023
22,573
_
profit
Other charges__j._
$190,712
loss$54,070
3,242
6,540
24,018
Prov. for Fed. inc. taxes
loss$28,475
4,783
$160,154
loss$57,312
135",006
90",666
$238,922
Timecertif.ofdep.
40,000
40,000
Drafts in transit..
18,887
580,198
Accts.
$256,635
423,372
Notes & accts. rec
loss$33,257
180,000
180,000
$192,312
1,712,382
1,355
$19,846
1,686,005
52,243
$223,237
1,937,027
$1,521,424
$1,718,402
$1,722,884
36,877
$80,947
1,521,424
Deficit.
Previous surplus.
9,093
$1,440,478
— .—
purch. of pf .stk
Miscell. surplus adjust.
on
'"6",020
_
90,000
Nil
•
90,000
Accts. receivable.
U. S. obligations
Inventories
Accounts
131,126
131,984
37,744
394,735
Capital surp., aris¬
ing from reduct'n
In par value of
capital stock
438,367
430,527
Earned
surplus
Capital
stock
ma¬
chinery & equip.
Pats., trade-marks,
130,522
85,340
1,484,338
1,516,715
103,312
...
income taxes
14L463
for
Reserve
con¬
500,000
900,000
1,440,478
tingencies
mach. & equip't
8,277
Ites've for Federal
_
__
Land, buildings,
x
1935
$28,753
11,226
12,806
Accrued accounts.
101,288
Copper rolls
and
contingent fund.
y
Common
stock.
Surplus
16,020
1,124,175
583,867
565,862
431,070
Dr3,766
Dr3,766
565,862
in
14,641
9,463
*....
Total....
.$2,451,304 $2,277,645
of $17,197 in 1935 and $10,584
in 1935 and $358,128
V
$2,451,304 $2,277,645
After allowance for doubtful accounts
b After allowance for depreciation of $393,002
in 1934.—V. 142, p. 1276.
1936
$550,653
2,361
treasury
149,556
4,062
Prepaid insur., &c.
in 1934.
$46,716
6,189
payable.
$412,052
2,749
141,154
71,890
161,236
Misc. accts. receiv.
10,680
1,124,175
37,743
394,735
ing Co
Land
a
Liabilities—
1935
1936
Assess—
Cash.
35,000
1936-1938..
Cap. stock (par $5)
Miscell. invests
Total
66,399
...
Street improvement
due
assessment
Invest. & advances
Nil
Balance Sheet June 30
$98,604
Canadian inc. tax
21,797
367,191
22,186
414,551
&c___
$1,686,005
1934
1935
$114,767
accrued expenses
Prov. for Fed. and
Develop, expense.
$1,712,381
90,000
$1,77
$1,521,424
$1,440,478
90,000
$0.10
Surplus, June 30
Shs. com. stk. (no par).
Earnings per share
31
payable and
assessment
ployees.....^..
Buildings,
Nil
Street improvement
Inventories
b
Total surplus.
Prem.
def$71.759
Liabilities—
1934
1935
to Ronson Hold¬
Adjustments
$21,756
$0.09
.
development expense.
Consolidated Balance Sheet Dec.
Assets—
Loans and advances
9,980
Common dividends
def$71,759
$0.90
Including $14,641 amortization of
x
to officers & em¬
$9,053
Net profit
Preferred dividends
$27,001
3,944
1,300
$200,938
$308,886
$1.38
coin, share._
Earns, per
a
Cr6,554
Adjust, of deprec. res'ves
$232,938
32,000
63,000
Cash
$8,910
6,411
Total
def $71,759
$371,886
Other income
Net income
$121,143
$135,241
Net oper. loss.
$21,001
6,000
452,774
$371,886
1933
1934
1935
1936
$213,923
19,015
x587,564
Miscell. deductions
Apponaug (R. I.) Co.—Earnings—
•
$274,915
346,674
Sell. & admin, expense..
Income taxes
Years End. June 30—
$351,856
330,855
$666,697
$959,450
Operating income
1932
1933
1934
.
profits on sales—
Gross
166,080
33,030
incorporated in the Union of South Africa.
been calculated on the basis of £6. 18d. 0s. per ounce
Gross profit
Gen. adm. & sell. exps..
Other income.
1935
Calendar Years—
Profit
Costs
£136,948
£245,145
266,691
300,818
1066.
fine.—V. 143, p.
Works, Inc. (& Subs.)—Earnings—
Art Metal
Gold
140,000
Inc.—Registers with
Grubstakes,
first page of this department.
See list given on
Value of
Milled
World
the
Around
1936
SEC—
—CIn South African Currency)
x Companies—
Brakpan Mines, Ltd
Daggafontein Mines, Ltd
Springs Mines, Ltd
West Springs, Ltd.
Sept. 12,
Chronicle
500,000
Asbestos
Profit from
$366,330
212,058
operations
$259,247
154,830
$154,271
—
general expenses
Selling, administrative and
Other
$104,417
3,255
1,729
$157,527
$106,146
'
income
1934
1935
Gross profit from sales
900,000
1,521,424
Mfg. Co. (Ind.)—Earnings—
Years Ended Dec. 31—
Improvement
Deferred charges..
Total income
37,180
Total....
$2,906,189 $2,969,680
allowance for depreciation of $1,668,136 in 1936 ($1,587,943 in
Represented by 90,000 shares of no par value.—V. 141, p. 1761.
...$2,906,189 $2,969,680
Total
x
529,655
500,000
31,482
After
1934).
y
Arcturus Radio Tube Co.-
1Q39
1Q33
1934
$76,011 loss$252,255
42,668
63,739
15,717
13,284
"07-742
84,563
64,045
year.$23,480
loss$52,004
Federal excise tax
43,769
loss$26,143 loss$464,603
Fixed
2,121
~5~943
Accts. rec., officers
& employees.
2,338
Mtge. payable—
26,140
6,000
17,000
Mtge. payable-...
Cap'l stock ($1 par) 1*200,000
167,548
Surplus...
6,000
23,000
1,200,000
143,075
Munic. taxes pay'le
Accrd.
a
544
1
36,240
_
After
for
reserves
12,400
16,900
30,500
Pref.stk. ($1 par).
15,700
Com. stk. ($1 par)
320,000
37,500
15,700
320,000
390,542
26,800
308,188
421,395
26,800
195,606
income tax
2,426
2,597
4,099,
6,133
Surp. arising from
banks...
reval.
plant
of
accounts
Ld.f bidgs., machin'y & equip.'.
795,403
999
Patents
Def.
5,495
37,971
~
819,320 Paid in surplus...
1,858 Earned surplus...
chgs., foreign
4,114
adv. & sales exp.
Contracts, options
.$1,495,833 $1,459,572
Total
...$1,495,833 $1,459,572
Total
,
_
5,495
com-
Acct. pay., officer.
4,878
13,083
__
closed
a
Paym'tsdue 1936
rights, &c_
242,106
Deposit accts. with
credit
balances
deposit in
closed bank___l
on
Deferred charges
expenses._
Customers'
Inventories
Prepaid ins., taxes,
tax
taxes,
70,870
mis., wages, &c,
201,213 Prov. for Federal
95,848
good
43,019
payable Feb. 1..
Acer,
advertising, &c_
considered
$46,811
Div. on pref. stock
4,141
cust.,
rec.,
1934
$25,000
47,948
Accounts payable.,
$8,691
$25,773
6,541
12,574
assets
reserve.
Patent
hand..
Accts.
1935
Notes pay., bank.
rec., empl.,
incl. accr'd int..
2,469
24,648
6,991
excise
payable
Notes receiv'le, less
Cash
on
18,026
9,322
Inventories
Investm'ts at cost.
$30,544
31
Liabilities-
1934
1935
Assets—r
Cash In banks and
354
2,541
479,028
21,980
24,000
$110,704
\ 35,261
91,876
10,610
412,311
38,205
813,081
Federal
35,609
788,369
Other notes rec'le.
$76,523
21,980
Balance Sheet Dec.
Royalties payable.
67,918
reserves
$132,684
—
dividends
$44,547
27,991
$15,548
$54,771
Notes, bills and ac¬
a
Common
1934
Notes pay., trade.
Accounts payable-
counts rec., less
i
1,720
12,400
'
Preferred dividends
Note
1935
Liabilities—
1934
$76,258
...
16,900
— —
-
Consolidated Balance Sheet Ded. 31
1935
Cash
10,427
...
capital assets retired
Surplus.
Other charges (net)
Assets—
on
4,299
7,689
deposit accounts with closed
Net income for the year
$9,195
43,905
18,036
$98,891
48,064
14,063
Invent, and plant valua¬
tion adjustment
Net profit for
banks
Loss
775
253
Interest paid
Discounts allowed.
Allowance for loss on
Allowance for Federal income tax
-Earnings-
1935
Calendar Years—
Net operation profit
Provision for depreciat'n
—
depreciation of $197,232 in
1935 and $151,898 in
& license agree't
5,000
Devel. exp. of Wa¬
bash
41,211
plant
1934.—V. 142, p. 452; V. 140, p. 4386-
Arkansas Power &
Light Co.-—Accumulated, Dividends—
of $1.75 per share on the $7
cumulative preferred stock, no par value, and $1.50 per share on the $6
cumulative preferred stock, no par value, both payable Oct. 1 to holders
of record Sept. 15.
Similar payments were made on July 1, April 1 and
Jan. 2, last, and on Oct. 1, 1935.
These latter payments compare with
$1.17 and $1 per share respectively, previously distributed each three
months.
(For detailed dividend record see V. 140, p. 1996.)—V. 143, p.
The
directors
1.387.
have
declared
dividends
Arnold Constable
Int. reed & sund. earns.
181,354
__
Directors fees
Executive
1,500
_
salaries
Earnings for the Year Ended Dec. 31,1935
$440,553
4,978
sales
Other income
J
a
1~25",666
$295,388
$711,376
obligations created in the year ending Dec. 31,
$69,482
prof$15,415
Includes settlement of
1933, resulting in
204", 578
125", 000
125,000
deprecia'n.
net saving to the company of
$73,364.
Assets—)I
1935
1934
$2,800,879 $3,019,679
1,587,608
1,578,321
Deferred llabiliity..
210,870
141,660
179,855
147,180 Due trustees
100,000
100,000
597,533 Reserves...
1935
1934
$4,004,588 $4,146,096
203,130
12,298
charges..
28,401
28,836
140,651
Investments
Inventories
622,087
Accts. and bills
201,783
22,994
172,788
Liabilities—
Funded debt
x
Common stock._
Bank loans
14,017
——
75,000
Accounts payable.
z222,004
190,188
Accrued liabilities.
Cash
15,540
9,118
86,783
5,992
9,330
9,557
Bond Interest
Surplus
Total
_
Balance
Sheet
1934
1935
call
Bullion in transit.
Stores
&
$142,509
39,947
1,433
.
Accts. receivable.
_
$69,246
36,371
rights
-V. 141, p.
31
1935
$18,997
2,257,477
197,206
2,257,477
191,894
payable.
450
.
4,000
Res. for conting..
Deficiency
43,892
23,837
344,560
32,191
343,721
95,798
1,500,000
....
1934
$24,205
Liabilities—•
Reserve for taxes.
Cap. stk. (par $1).
prepaid
expenses
Plant and equip.
Deferred develop't
Total
Dec.
Accounts
Cash in banks and
on
371,678
19,558
$54,295
Operating profit.
1,500,000
$2,084,477 $2,089,030
267.
$2,084,477 $2,089,030
Total
Gas & Electric Co.—Complete Report for
Released—170,848
Security
Holders
Classified—Re¬
capitalization Plan Successful with 75% of Debentures Ex¬
Associated
changed—■
The company has released its complete
the report of independent certified puolic
The principal figures in the report are a
$5,032,802 $5,309,582
final report for 1935 containing
accountants.
confirmation of those in the pre¬
liminary pamphlet report issued in May. There is also in this report a large
amount of additional and supplementary information.
It shows that the
rate of increase in gross operating revenues is accelerating, the $103,350,105
for 1934 increasing to $106,904,942 in 1935 and to $110,109,828 for the 12
months ended June this year.
The increase for the first six months of this
year was almost as much as for the whole of last year.
Operating income,
after expenses, taxes and
$5,032,802 $5,309,5821
Represented by 132,712 shares of no par value in 1935 and 130,390 no
par value shares in 1934.
y After deducting depreciation of $2,949,150 in
1935 and $2,817,242 in 1934.
z Includes bills.—V. 143, p. 1220.
x
•
expenses
1935
Balamce Sheet Dec. 31
Property
$445,532
Administration
Mining
47,802
rl Net loss
Total
$1,230,093 $1,119,679
Total
of $268,747 in 1935 and $218,110 in
Ashley Gold Mining Corp., Ltd.—Earnings—
Bullion
_
and
legal fees
Provision for
$98,259 loss$396,663
189,068
189,713
$244,208
187,490
1,200
$371,071
Bond interest.
I
|
1925.
p.
Assess—
1932
$73,448 loss$428,528
24,811
31,865
1933
1934
$148,869
x95,339
1935
$354,693
16,377
Profit from operations._
Deferred
141,
Mining, milling and development costs
cents per share on
Ltd.-—Earnings—
Asbestos Corp.,
Calendar Years—
Trustees
After allowance for depreciation
1934.—V.
Total income
Corp.—12%-Cent Dividend—
the
common stock,
par $5, payable Sept. 18 to holders of record Sept. 14.
Like distributions were made on July 15 and March 25. last, and on Dec.
20,1935, this latter being the initial dividend on the stock.—V. 142, p. 2656.
y
a
81,2o0,093 $1,119,679
'
The directors have declared a dividend of 12
x
Total
provision for retirements, was
report says this figure was increased to $33,879,750
June 30 this year, a gain of $1,456,043.
These figures
$32,423,707.
The
for the 12 months ended
include for the full periods the results of operations
were added in 1935, so that trends may be compared.
subsidiaries which
of
Volume
143
Financial
Chronicle
1711
The report
also carries a statement in which the operations of newly
acquired properties are included only since dates of their acquisition.
This
audited statement confirms that previously issued in the preliminary
report.
Both
statements
excluded
properly
exclusive
are
Percent
of
or
474
Merchandise,
471,306
of Holding—
less_>_,____.
125,701
114,250
als
stock,
received
124,563
102,524
6,747
5,238
245
670
Prepaid insurance,
taxes, &c
Miscell. lnvestm'ts
Sink, funds & other
1
July
6,625
6% pref.
payable
1936
Consumers'
238,916
519,118
22.6
for
for
$199,000,000
5,063
19,224
210,790
1,974,519
Total
,"
.12,872,822 11,908,664
Atlas
"
Total...
12,872,822 11,908,664
Imperial Diesel Engine Co. (& Subs.)
success
Replacements and allowances
Cost of sales, exclusive of depreciation
Selling and administrative expenses
21,596
A,
•
Total income
337 Companies Eliminated
...
municipal and other unincorporated plants of the Associated
Forty-four of these companies were eliminated in 1935 and 16
thus far
this year.
chart of ownership
...
Consolidated Balance Sheet Nov. 30
under way definite programs for their elimination
by the transfer of their
to other corporations.
The program of simplification, therefore, is
Inventories
not
Notes rec., custs.,
taken
in
con¬
Assets—
1935"
$120,922
Notes
a
&
nection
1934
$236,922
accts.,
481,512
649,189
405,125
514,229
conv.
Other data shown
in
which includes all properties owned in
both periods showing increases over 1934 is as follows:
v
••
Vx'v
.
Electric customers
Units
1,122,602
351,606
of electricity
(kwh.)
sold
per
ferred
2.4
new
6.1
589
7.9
31.7
.6
$7,536,027
...
41.3
System Output Up 14.1% for August—
For
net
the
month
of
August,
Associated
&
Gas
Electric
increase
an
increasing amounts to supply the rising output.—V. 143,
West
Indies SS.
Lines
xl936—Month—1935
$2,087,586
$1,898,866
1,864,727
1.784,981
12,900,051
220,839
$96,896'
$1,282,634
12,089
Interest, rentals, &C-._-
84,512
$100,126
$1,31/, 146
143.526
824,398
894,059
Accts.
Maintenance
Uncollectible
accounts
Taxes
Net operating revenues
Non-operating income—net-.
Balance
-
Invest'ts, at cost..
Provision for retirements..
Gross
—
income
Funded debt interest
Unsecured notes payable to parent company
Other interest
+
Netf income
Preferred dividends—1
Common
dividends.
$724,536
$726,366
$614,796
259,443
138,328
15,494
8,400
12,047
Amortization of debt discount and expense
Federal and State tax on debt interest
17,850
real
pay'le,trade
payable,
1935
,1934
$38,780
S15.520
146,417
427,749
'
5,854
100,703
382,594
13,153
46,219
12,436
1,600,718
129,832
27,907
19,500
14,829
1,600,718
64,528
Jan.
2, 1935-.-Fed. taxes payable
Accrued
x
expenses.
Common stock._
Surplus.
Total
x
17,101
963,968
82,703
17,059
3,300
86,600
17,498
3,300
estate,
Treas. stk., at cost
$1,827,987 $1,743,0051
Total
Represented by 18,705 no par shares,
y
$1,827,987 $1,743,005
Notes only.—Y. 141, p. 2429.
Baldwin Locomotive Works—Stockholder to Ask
in
111,569
213
$192,916
187,296
10,981
y2,801
net--.
1,830
$415,491
65,000
315,044
Liabilities—
Accts.
equip.,
Deferred charges—
48,176
7,956
102,283
141
—
$64,528
$6.23
Dividend
929,132
non-curr
Plants and
Other
$839,190
120,932
1934
$147,103
102,650
12,671
notes re¬
Inventories
1935
$718,257
249,688
23,040
_
$129,833
$9.97
Accts. & notes rec.,
$2,776,207
1,893,255
$837,935
1,255
Operation
&
less deprec
1936
—
$138,997
74,470
of $64,666.
1935
ceivable, less res.
.
$3,345,245
2,325,614
52,298
8,077
121,318
-
$ 97,651.
—
Life insurance...-
Light Co.—Earnings—
__
depreciation
U. S. Treas. bonds
or any
12 Months Ended June 30—
Total operating revenue.
592
9,022
Balance Sheet Dec. 31
ISTo provision has been made
Atlanta Gas
$116,498
21,907
$260,068
130,235
Assets—
$78,622
„
After
Cash
loss$43,399
$492,748 loss$955,613
by Atlantic Gulf & West Indies steamship
of its subsidiary companies for surtax on undistributed profits
imposed by Section 14 of the Revenue Act of 1936 as the earnings cannot
yet be determined.—V. 143, p. 1388.
x
Lines
$339,036
203,037
19,500
$186,517
64,529
Surplus Dec. 31-x
loss$61,553
Net income-
,
726,410
34,293
Earns, per share on 18,705 no par shs. com. stock-,
21,139
$189,891
111.269
Gross income
3,231
i
x$456,916
236,107
exps.
Dividends paid
loss$82,693
Other income.----
f $1,065,447
reported
>
$27,488
110,181
$177,801
Operating income
1934
.Not
J
Surplus, Dec. 31
12,238,115
$1,508,473
1935
\
;
Surplus realized from purchase for redemption of
13 shs. of capital stock at less than book value._
Adjust, of prior year taxes & other contingencies__
xl936—7 Mos.—1935
$14,403,524 $12,265,604
$113,885
16,990
$222,858
________
$2,378,208 $2,226,427
;
Administrative, sales, shipping & engineering
(& Subs.)—
45,057
Net operating revenue
Taxes
Total
Provision for Federal income tax
1550.
p.
:$2,378,208 $2,226,427
Cost of goods sold
EarningsPeriod End. July 31—Operating re venues...
Oper.exps. (incl. deprec)
19,911
308,796
Net sales
Included in the item of expenses are costs for hew business campaigns to
offset rate cuts and higher unit costs for fuel, which is of course required
&
16,614
charges._
Years Ended Dec. 31—
of
14.1% above the same month a year ago.
This is the highest percentage
over a comparable month reported since August,
1933.
I
For the twelve months ended Aug. 31, production totaled 4,016,731,594
units, or 11.3% above the previous twelve months' period.
Gas sendout of 1,433,728,500 cubic feet for Aug. was 5.2% higher than
a year ago.
For the twelve months ended Aug. 31, the sendout increased
8.5% to 21,013,059,800 cubic feet.
Gross earnings have not kept pace 'with this increase because of rate
cuts, while net earnings reflect the inroads of higher taxes and expenses.
Atlantic Gulf
996,980
Baldwin-Duckworth Chain Corp.—Earnings—
System reports
electric, output of 365,561,397 units (kwh), which is
increase
in
Capital surplus
c Represented
by 91,910 shares (no par) exclusive of 75 shares reacquired
and nela in treasury in iy35, and 6d.2uu shs. (no par) exclusive of 800 sns. re¬
acquired and held in treasury in 1934. d Par $5. e Arising from reduction
of stated capital less losses to Dec. 1, 1934 and stock dividend, 1935 to
A shareholders, f Allocated from paid-in capital by authorization of stock¬
holders at a meeting held Feb. 15, 1933.—V. 142, p. 2488.
residential
ousinass activities.
691,000
a After provision for uncollectibles of
$18,496 in 1935 and $39,240 in 1934.
b After provision for depreciation of $428,980 in 1935 and $347,069 in 1934.
Estimated
from
657,000
5,811
d505,5051 cl,250,000
d346,000j
e599,074 fl,356,372
41,565defU55,793
15,195
801,175
Total
7.8
Units of gas (m.c.f.) sold per residential customer
increased annual revenue resulting
stk.
&
prop.
Other assets
2.6
customer-
on
Over 1934
-—3,693,821,776
15,681,828
...
Customers using gas, water, or steam service
Total electric output in units (kwh.) net
Total gas sendout in units (m.c.f.)
%% notes
reserve
Prepaid exps. & de¬
% Increases
1935
65,266
7,575
year
Earned surplus
.
Plant,
equipment
the report
38,064
rec.due after'
1 year
b
is residential electricity; 11.9% from gas,
5
Gl. B com. stock..
due after 1 year.
An analysis of the sources of operating revenues shows that
79.9% comes
cruals
CI. A com.
instalment
tra,
Accts
1934
$12,008
& ac¬
Custs. credit bals_
General
con¬
1935
$60,000
163,253
pay.
Extended
with in-
stalm't sale
Liabilities—
Notes pay. to bank
Accts.
receivable......
regulatory bodies for tne merger of various operating companies, and until
other proolems with respect to some of the
holding companies are worked out
in order to make possiDle their merger and elimination.
from electricity, of which 30.9%
and 8.2% from other sources.
loss$30,412
9,191 shares at $5.
assets
Electricity
$36,885
y45,955
deducting replacements and allowances,
y Dividend of June,
1935, of 10% on A shares outstanding, payable in additional A shares,
After
x
Cash.
80 % of Revenue from
41,460
7,774
,
Dividend
A
of Associated Gas & Electric Co. shows that of
95 subsidiary companies, there are only six in which the
voting stock or
voting trust certificates are not controlled 100%.
The chart includes numerous companies for which there are at present
yet completed, but little further progress can be made for the present
until the requisite consents are received from various State and Federal
59,278
41,460
...
...
$70,599
59,551
$145,397
.
;.
Net profit
The report says that from 1922 to August, 1936 the policy of simplification
of corporate structure has resulted in the elimination of
337 companies,
System.
$49,768
20,832
$123,801
Depreciation
Interest on five-year 6 % gold notes.
Provision for income taxes.
23,551
805,325
187,434
x
948,401
234,994
Operating profit, exclusive of depreciation
Reduction in the annual interest charges of the company on the debentures
exchanged amounts to more tnan $3,000,000.
.
See
Other income
public and not exchanged. Option
of the plan, under which company debentures
were exchanged for income debentures of
Associated Gas & Electric Corp.,
expired April 7, 1936.
including
1934
$1,066,078
.x$ 1,307,195
amount of deoentures in the hands of the
option
-Earnings
1935
♦
or
later called
of
;
-V. 142, p. 3496.
:
75% of the company's debentures had been exchanged by
holders for the new debentures issued under the terms of the
plan4 which
was inaugurated in
May, 1933. This leaves less than $66,000,000 principal
2,
52,511
6,609
15,957
Donated surplus._
210,790
Earned surplus
1,972,549
of the plan of rearrangement of
At the date of the report, Aug. 26, 1936, more than
debt capitalization.
60,388
contrib's
extensions
Years Ended Nov. 30—
The report notes the continued
25,268
711,239
ble accounts-...
Res.
100.0
Rearrangement Plan Successful
25,887
828,490
long term
Reserves—Retire's
Res. for maint.
69.2
: 77.4
40,320
132,150
137,769
_
Res. for uncollecti¬
56.5
8.2
149,486
155,895
deps._
Service exten. dep.,
refundable over
64,094
208,385
.9
12.7
19,500
Due to parent and
affiliated cos
Accrued accounts
special deposits.
Def'd debit items.
20.8
35.7
-----
instal.,less rent¬
on
1,614,625
6,688,000
168,287
128,895
,
unclaimed
Divs.
7.0
13.8
-----
Matured bond int.
at cost of appl's
Cent
.9
$1,001 to $5,000-.-,
$5,001 to $10,000
$10,001 to $20,000—
$20,001 or more
Accts.
rental,
meters
6.1
________
Notes
14,039
Per
Outstanding
$101 to $500
$501 to
$1,000-.
on
Common stock—
Long-term debt
ma¬
terials & suppl's
Appli'ces
1,300,000
2,218,625
5,413,000
payable
253,850
pay., trade235,169
(par $100)
55
641,351
52,675
1935
$
6% cum. pref. stk.
Cumulative
Amount
$100
10,950,526 10,748,168
212,504
179,933
_
P|A geographical distribution of security holders, not shown in the pre¬
liminary report, says there are 170.848 registered and coupon security
holders of tne company.
They are found in every Sate and in 41 foreign
countries and their dependencies.
Among the States, New York leads with
58,317, followed by .Pennsylvania, 34,844; Massachusetts, 9,937.
States
west of the Mississippi have 16,574 holders.
There are 10,136 holders in
Holland, more than in any other country overseas.
These numbers of
security holders should not be confused with the number of holders for the
entire Associated System, which is
approximately double this figure.
An analysis of holders of all stocks of Associated Gas & Electric Co.
reveals that 92% own 100 shares or less,
indicating wide distribution among
(small investors. There are 43% who own 10 shares or less, 49% who hold
11 to 100 shares, and only 8% who hold more than 100 shares. Tnis analysis
is based upon the distrioution of holdings of class
A, common, preferred,
and preference stocks.
Distribution of the principal amount of debentures and convertible obliga¬
tions among holders is as follows:
:
Amount
Liabilities—
eq.
Cash
170,848 Security Holders
1936
1935
11
Notes receivable.
Acc'ts receivable
Due from affil. cos.
statements of consolidated income.
,
1936
A.S$CtS
Prop., plant &
of
extraordinary non-recurring expenses,
operating and non-operating expenses in the
from
Comparative Balance Sheet June 30
>
Change
Reorganization Plan—
Charging that the increasing earnings of the company have rendered
the present pian
of reorganization unnecessarily harsh upon common
stockholders, William A. Brady, the theatrical producer, on Sept. 10
announced his intention of asking for new hearings.
Representing Mr.
Brady, and the Brady Enterprises, the law firm of Loria & Martinson
have written the
common
stockholders committee and are entering a
plea before the district judge for a new hearing.
Their letter points out that when the plan, which virtually wipes out
the common stock, was written, Baldwin Locomotive Works was losing
so much money that its assets were imperilled.
Now, their letter points
out. bookings are almost 100% ahead of iast year and the vastly increased
earning power of the railways augurs for a substantial locomotive business.
Mr. Brady and his attorneys feel that the present plan of oreorganiza-
Financial
1712
tion
should
abandoned and
be immediately
new
a
one
drawn up which
Years End. June 30—
conclusions."
Although confident that the communication of the true facts of the
company's position will cause the special master to halt the proposed plan,
Mr. Brady states that he will form a committee and rally unassented
stockholders as well as causing assented stock to be withdrawn.—V. 143,
Baldwin Rubber
Co.—Earnings—
1935
Net
1934
$8,550,693
7,370,941
165,108
1933
$8,538,661
7,515,663
122,154
Crl6t725
Cr26,368
Cr25,049
538,844
323,107
748,997
344,885
12,156
5,628
830,766
376,550
5,804
$239,989
profit
$81,591
loss$58,499 loss$287,226
Earns, per sh. on 150,000
•'
y
^
1936
$9,276,518
8,179,857
157,688
1936
$10,834,506
9,595,266
Deprec. on buildings...
170,460
Profit from red. & resale
of Elbeco Realty Corp,
bonds and notes
Crl6,855
Bad accts. written off &
provided for...
477,698
Interest paid
319,007
Prov. for Fed. inc. tax..
48,941
Net sales.
a Cost of goods sold
be greater than under the present plan.
In the past few weeks, as adoption of the plan seemed imminent, Baldwin
preferred has risen sharply while there has been heavy selling of the com¬
mon.
"While our clients do not wish to level accusations at anyone,"
state Loria & Martinson in this connection, "certain facts lead to sinister
1551.
Sept. 12,
(Ludwig) Baumann & Co. (& Subs.)—Earnings—
affords greater protection for the equity of the common stockholders and
less advantage for the preferred.
They go further and state that the com¬
mon stockholders would even prefer to see the company liquidated, feeling
that under this condition the return to common stockholders would still
p.
Chronicle
shares (no
-
'
par) com.
$0.17
_
Nil
Nil
administrative and other expenses, less
Including selling, operating,
a
Nil
■
miscellaneous income.
>
Earnings for Year Ended Dec. 31, 1935
Profit from operations
Other income.
Comparative Balance Sheet June 30
$633,464
*
14,852
1936
$648,317
Gross income
Income charges..
Federal income and
excess
profits tax
Net income
i—
Earned surplus, Jan.
1, 1935
Surplus credits
'
•
-
—
:
,
Dividend paid Aug. 30, 1935—
Adjustment to 1934 depreciation
Earned surplus,
,
__
Accounts payable.
38,620
227,677
7,655
2,500
98,160
96,191
of El¬
RealtyCorp 1,804,559
259,518
1,821,601
234,945
1
1
Fixed assets
Goodwill
Cash
S339.334
313,750
291,854
_
Accounts receivable
...
chargeable
&c.,
to
2,782
customers
(less
property
res.
for
Accounts
-
$259,026
140,891
payable
Accrued accounts
•
depreciation)
Capital stock
Capital surplus
Earned surplus.
.
92,420
287,330
-553,451
Total
Total—
.$1,389,215
A
to
Bangor Hydro-Electric Co.—Earnings—
Period End. Aug.
Operating
expenses
Taxes accrued-
Depreciation.
Net operating revenue
Fixed charges
$91,597
35,967
14,481
$46,424
25,483
14,481
$617,891
305,790
173,773
The
$6,459
$138,328
meet
pref. stock-
on com.
stock-
Balance.
—V. 143, p. 1066.
Barcelona
Position in
„
25,483
Traction,
Light
Power
Montreal
Stock
capital stock.
'
790,000 shares to 800,000 shares was
company's commitments under the employees'
the
.
additional
.
„
^
authorized to
stock plan.—
1279.
Corp.—Annual Report—
Gerhard M. Dahl, Chairman, says in part:
includes an amount of $81,074
1936 and $551,197 for the year 1935 in excess of the current
preferentials to which New York Rapid Transit Corp. was entitled under
Contract No. 4 and related certificates.
These excess amounts represent
credits on account of accumulated deficiencies in preferentials for prior
years.
As of June 30,1936 the accumulated deficiency in such preferentials,
as reported
to the Transit Commission (after adjustment for _$2b5.506
of taxes and interest paid during the year 1936 under New York CityLocal Laws No. 19 of 1933 and No. 10 of 1934), amounted to $3,127,182.
These results are subject to adjustments for accrued items not previously
included and to audit by the Transit Commission as provided in said confor the year
•
.
300,000
2,034,214
Stock—
Exchange has approved for listing an
($100 par)
Brooklyn-Manhattan Transit
Ltd.—
Co.,
Spain—
R. H. Merry, Secretary states:
Since
&
1,816,601
14.—V. 143, p. 1551.
Telephone Co. of Canada—Additional
142, p.
V.
$31,663
$55,630
on
of invest,
1,799,559
Corp..
Surp. approp. for
pref. stock sink¬
300,000
ing fund
Earned
surplus.. 2,505,186
The increase from
$547,438
305,799
209,975
$15,666
Surplus
1,189,800
178,000
of Elbeco Realty
Results—Current income carried to surplus
Dividend
Dividend
1,947,500
have declared an initial quarterly dividend of $1.25 per
cumulative preferred stock, no par value, payable Oct. 1
holders of record Sept.
10,000 shares
$914,194
366,755
$965,339
347,448
$76,157
29,733
1,189,800
y Common stock.
178,000
Surp. arising from
Creamery Co.—Initial Preferred Dividend—
directors
Bell
12 Mos —1935
1936
$2,133,770
$2,066,581
745,584
711,821
261,550
291,450
161,297
149,116
1936—Month—1935
$188,756
$178,258
65,863
64,376
20,500
27,300
10,795
10,424
31—
non-cumul.
2d pref. stock..
-11,035,376 10,578,996
Total
11,035,376 10,578,996
doubtful accounts of $832,950 in 1936 and $844,409
Represented by 150,000 no par shares.—V. 141, p. 1087.
y
share on the $5
—V. 143, p. 1066.
Gross earnings
".
Beatrice
The
$1,389,215
6>£%
After allowance for
x
in 1935.
1,981
14,148
Total..
626,245
13,189
.56,095
Miscellaneous reserves
425,363
Deferred charges
Other assets
658,023
58,155
7% cumul.
1st pref. stock.. 1,947,500
reval.
worth
beco
2,050,001
349,154
2,250,000
223,446
Conv.
int.,
supplies, &c
Net
$•
$
contin¬
gent liability
8,270
2,500
life insurance—
Loan recelv'le, em¬
Prepaid ins.,
for
Prov.
Liabilities—
Inventories
Molds,
Notes payable
Prov. for taxes
ployees.
Balance Sheet?Dec. 31, 1935
Assets-
Plant
981,886
val. of
Lease deposit
$553,451
Dec. 31, 1935
6,964,838
915,618
receivable 7,533,607
Cash surr.
$619,442
65,608
383
_
.
Accts.
Inventories
174,155
11,237
.
'
'
'
Gross surplus
x
$434,049
_
---
8,208
Cash in closed bks.
Liabilities—
$
297,459
9,894
300,762
Cash.
119,431
94,836
-
1935
1936
1935
$
Assets—
tr
-
July 19 last, when the revolution broke out in, Spain conditions
Current
income
carried to surplus is before provision for
the City of New York,
have changed considerably for the worse and it has not been possible to
of the cost of properties that revert to
operations of the enterprise in a normal way.
The authorities and the syndicates have placed the business under the
supervision of interventors.
Decrees have been issued limiting the charges for current supplied and
the collection of the accounts, and control has been established on the bank¬
ing accounts in Spain of the enterprise with the result that the management
has not been able to exercise effective control over its business and its
amortization
without pay¬
ment
carry on the
finances.
Under these circumstances the board of directors has decided to suspend
for the present the publication of the earnings cards as any figures which
would be given
would be misleading and would not reflect the true con¬
existing at the present time in Barcelona and other parts of Cataluna
time goes on.
"Workers Committee" notified the management
that it had taken over complete control of the concern.
This action is
entirely contrary to the assurance of the Government in Cataluna that
British interests would be respected.
The British Government is making a
strong protest against such action.
What the outcome will be itjs not
possible to foresee.—V. 143, p. 1066.
ditions
and which may change as
On Friday Aug. 28 the
Barium Stainless Steel
Corp.—Files with SEC—
The corporation,
manufacturer of stainless and special alloy steels, has
registration statement with the Securities and Exchange Commission
for 432,400 shares common stock, $1 par value.
J. A. Sisto & Co., under¬
writer, has an option on 200,000 shares at $3 per share, which are to be
offered to the public at $3.75 per share.
The remaining 232,400 shares were issued to Barium Steel Corp. on
Aug. 31, 1936, as payment for its entire .business, property, assets, &c.
The shares received by Barium Steel Corp. are to be distributed as follows:
24,900 shares to be divided ratably among outstanding shares of class A
stock of Barium Steel Corp.; 14,000 shares to the class B stockholders of
Barium Steel Corp. on a share for share basis; 161,000 shares to Sisto
Financial Corp. in consideration of its waiving its mortgage claims against
Barium Steei Corp. and consenting to the sale and transfer of the assets of
the corporation to Barium Stainless Steel Corp.; 5,000 shares to Clarence F.
Norsworthy and 7,500 shares to W. L. Woodward on account of manage¬
filed
a
ment services rendered to Barium Steel Corp. up to the present time and
unpaid for; and 20,000 shares to J. A. Sisto & Co. on account of services
rendered Barium Steel Corp. in connection with the development of the
corporation, the proposed sale of its assets to Barium Stainless Steel, &c.
According to the registration statement, these 232,400 shares may be
offered by present holders from time to time at prevailing market price.
Company has agreed to make application to the New York Curb Ex¬
change for listing of the entire issue of stock registered.
Proceeds are to be used for payment of purchase money mortgage,
additional
equipment
Barium Steel
and working capital.
Corp.—Successor—
See Barnum Stainless Steel Corp.—V. 137, p.
Baton
3843.
Rouge Electric Co.—Earnings—
Period Ended July 31Gross earnings
Operation
Maintenance.
Taxes
Balance
Int. and amortization
1936—Month—1935
$134,542
$114,846
70,670
63,490
6,523
6,267
al9,936
16,272
$37,412
13,525
Balance
$23,887
Appropriations for retirement reserve.
1936—12 Mos—1935
$1,665,815
884,651
69,263
al91,855
$1,499,316
$28,816
13,921
520,045
165,449
$437,098
164,094
$14,894
$354,596
140,000
37,254
$273,004
129,583
37,254
$177,342
$106,166
Preferred dividend requirements
Balance for common dividends and surplus
792,302
84,936
184,979
a No provision has been made for a possible Federal tax on undistributed
profits, since the amount of such tax, if any, cannot be determined until
the close of the year.—Y. 143, p. 910.
by it, upon the expiration of Contract No. 4 in 1969 and of the related
certificates thereafter.
The transfers from surplus to sinking fund reserves,
as shown by the statement of earned surplus and by previous annual re¬
ports to stockholders, include amounts necessary to fulfill the requirements
of the amortization plan for such properties computed on a cumulative
sinking fund basis operating
The
semi-annually at the rate of 6% per annum.
approximate amounts for the respective years are as
follows: Year
30, 1935, $580,000.
the outstanding preferred
stock four quarterly dividends of $1.50 each, and on the outstanding com¬
mon stock four quarterly dividends of 75 cents each.
•
Amortization of Leasehold Investment Under Contract No. 4—At the expira¬
tion of the contract between the City of New York and New "York Rapid
Transit Corp. in 1969 the rapid transit railroads and equipment which
are leased to the company will revert to the city without compensation to
the company, except for the portion of the cost of additions and additional
equipment then unamortized in accordance with the provisions of the con¬
tract; likewise, at the expiration of the terms of the related certificates,
in the year 2000, title to the additional tracks upon and the extensions to
the company's elevated railroads will pass to the city without compensa¬
tion, except for the portion of the cost of additions then unamortized in
ended June 30, 1936, $610,000; year ended June
There were paid for the fiscal year 1936 on
accordance with the provisions of said certificates.
The surrender of these properties, upon which the company had expended
upward of $84,000,000 to June 30, 1936, requires that the company's in¬
vestment be amortized over the respective terms of the contract and cer¬
lease, such amortiza¬
approximately $69,000,000
tificates; and in relation to the term of the contract
tion
must
provide for the extinguishment of
expended by the company on the city's railroad, and approximately $2,000,000 (of the total of $15,000,000) expended on the certificates properties,
being the-proportionate amortization to 1969 in respect of the 85-year
grants thereunder.
The total amount to be amortized by 1969 is therefore
about $71,000,000; whereof approximately $6,000,000 had been reserved
to June 30, 1936, through charges to surplus, represented in appropriations
to sinking funds for the retirement of the company's funded debt incurred
capital expenditures under the contract and certificates.
The com¬
pany's accounting practice in this respect has been approved by counsel
and certified public accountants consulted on the subject.
'
Beginning July 1, 1936, upon the recommendation of the same counsel
and accountants, the continuing amortization of the company's leasehold
investment will be provided for through monthly charges to income, com¬
puted (as heretofore) on a cumulative sinking fund basis at 6% per annum,
compounded semi-annually.
This change in accounting method will be reflected in the monthly state¬
ments of consolidated income of the system beginning with July 1936 and
will affect the consolidated earnings for B.-M. T. common, stock, as com¬
pared with results heretofore reported; but neither the income received by
corporation from New York Rapid Transit Corp. nor the earnings per share
of corporation as a separate corporate entity will be thereby reduced, be¬
cause sinking fund payments will absorb the amount provided from income
for amortization of the leasehold investment.
Since Jan. 1, 1927, when its sinking funds became operative, New York
Rapid Transit Corp. had retired, to June 30, 1936, through sinking fund
operations charged to surplus, $8,958,000 of its bonds, which includes pro¬
vision for the leasehold amortization, amounting to that date to approxi¬
mately $6,000,000, as above stated.
The indicated sinking fund require¬
ment of $1,250,000 for the fiscal year 1937 will include an amount estimated
at $650,000 representing the leasehold amortization accruing for that year,
which latter amount will be charged to current income.
Under accepted systems of public utility accounting, sinking fund pay¬
ments are not charged to income or surplus.
Such payments constitute
a reduction of capital debt for which other capital obligations may be sub¬
stituted.
But where the assets of a company are all, or substantially all,
under a term lease, and such assets disappear at the expiration thereof, it
becomes prudent to set aside, from income or surplus, amounts required
for sinking fund payments.
However, inasmuch as a substantial portion
of the investment under Contract No. 4 is in company-owned properties
in which the city has no reversionary interest, there is no requirement
that income be charged with more than the amount necessary to amortize
for
t
the leasehold
investment.
Volume
Comparative Consolidated Balance Sheet June 30
providing for the refunding of the outstanding
funded debt of corporation at reduced rates of interest, which is expected to
result in a substantial cash saving over a period of years, was arranged dur¬
ing the last fiscal year.
Corporation sold $65,000,000 of its Rapid Transit collateral trust bonds,
series due May 1, 1966, and $45,000,000 of its Rapid Transit col¬
lateral trust serial bonds, due serially May 1, 1937 to May 1, 1951.
Of the
serial bonds, $11,700,000 bear interest at an annual rate of 3% and the
remaining $33,300,000 bear interest at an annual rate of 3M%.
These
bonds were sold to an underwriting syndicate of which the principal under¬
writers were JHayden, Stone & Co., Brown Harriman & Co., Inc., and
Lazard Freres & Co., Inc.
The bonds are secured by trust indenture
dated as of May 1, 1936, to City Bank Farmers Trust Co. and Brooklyn
Trust Co., as trustees, and supplemental indenture of same date to Gilbert
H. Thirkield, as individual trustee.
The net proceeds to corporation from the sale of the serial bonds and the
4^ % series bonds were $107,371,310, after deduction of estimated expenses
in connection with the sale.
Of the proceeds $99,922,800 was used to
redeem the $82,660,000' Rapid Transit security 6% sinking fund gold bonds,
series A, due July 1, 1968, and the $10,000,000 15-year secured 6% sinking
fund bonds, series A, due June 1, 1949.
There was deposited with the Brooklyn Trust Co. as custodian trustee
the sum of $10,488,450 as a fund for the purchase of $7,264,000 of New
York Rapid Transit Corp. 1st & ref. mtge. 6% sinking fund gold bonds,
series A, due July 1, 1968, and for the
purpose of financing the purchase of
new
equipment for the New York Rapid Transit Corp.
Prior to June 30,
1936, $7,627,200 of this fund had been expended for the purchase of said
bonds (which were forthwith
pledged with the custodian trustee), and
$1,408,000 of the fund had been used for the purchase of equipment for the
rapid transit lines, leaving a balance in the fund of $1,453,250 as of that
program
[lncl. Brooklyn & Queens Transit Corp. and Subsidiaries]
1936
Properties owned ,excl.
No. 4 & related ctfs. 186,309.441
Rapid Transit
Cash on hand & in banks
Materials and supplies..
Interest
Trustees'
Prepaid
mission:
'
Period
„
Year Ended Aug A '13 to
June 30 '36 June 30 '36
$
Revenue.
32,425,549 590,575,619
.
-
17,938
18,443
18,325
3,170,751
2,888,951
2,854,646
363,408
752",621
520,489
Minority int. in cap. &
surplus of subs
20,633,713
__
Real estate mortgages
87,500
916,500
1,092,000
1,274,000
147,780,297 145,631,424
24,946,800
24,946,800 24,946,800
y29,938,138 y29,938,138 y29,938,138
20,459,328
100,000
3,000,000
1,933,682
1,941,549
3,846,178
20,339,576
20,268,492
150,000
150,000
3,849,031
2,281,318
2,041,805
3,872,970
61,899
53,820
745,204
15,524,320
15,086,900
13,666,122
13,185,720
2,586,528
2,027,508
49,307,383
162,582
45,976,069
176,980
1,527,518
44,652,444
181,589
1,544,591
43,147,939
529,215
846,132
27,608,690
894,374
846,190
23,763,358
—335,889,958 327,655,758 325,001,489
324,118,555
for taxes in litiga.
conting. tax liability
reserves
Unadjusted credits
Excess of par or stated
co.
26,779,128
1,046,667
17,192
judgm.
reserves
val.
26,086,000
726,667
53,820
2,289,298
interest
Other
519,621.
71406
3,199,148
1,637,259
2,410,172
,
Dividends payable
Acer, amort, of cap.; &c.,
&
23,964,300
s
fund, dt
on
Tort claims, incl.
Res.
93,565,000
22,966,630
53,821
2,323,250
accruals
Int. accr'd
Other
90,660,000
29,215,630
9,949,031
3,181,535
1,560,237
3,938,198
90,061
54,020
734,910
Bills payable
Accounts payable——
.
92,660,000
29,683,630
debt..161,806,420 147,744,051
Total funded
Pref:stk. (249,468shs.)_ 24,946,800
Common stock
y29,938,138
over cost
sees,
222,449
of inter-
eliminated in
273,044
846,132
26,606,601
20,146,340
Surplus, June 30
Balance available for return on new money invested under contract
Corp.'s 2d and 3d preferentials, representing int. &
sinking fund on corp.'s-contribution to construc¬
665,531
846,132
(net)
Capital surplus
Operating deductions and corp.'s first preferential- 25,647,933 489,567,101
able.
Total
•
1,546,430
8,325,306
153,273
.—335,889,958 327,655,758 325,001.489 324,118,555
consolidation
$
1,546,430
9,125,499
204,236
18,318
Corp
110,000,000
N. Y. Rap. Tr. Corp.
underlying bonds.. 22,416,000
Bklyn. & Queens Trw
Corp..
26,968,400
Bklyn. Bus Corp
174,520
Bklyn. & Queens Serv.
Co., Inc..
2,247,500
Tax
Rapid Transit Corp. is entitled to deduct from the revenue from
operating expenses and certain preferential deductions, in¬
any payments to the city.
The
condensed summary below for the fiscal year ended June 30, 1936 and for
the 23-year period of operation under the contract shows the order in which
such deductions are made from the revenue and the application of revenue
thereto, together with the accumulated deficiency, subject to adjustment
for accrued items not previously included and to audit by the Transit Com¬
1,594,928
9,670,311
185,477
Liabilities-
Under Contract with City
all
400,620
Funded debt—B.-M. T.
a
cluding accumulated deficiencies, ahead of
400,620
2,742,907
2,959,211
345,518
accounts
Total
Under the provisions of Contract No. 4 with the City of New York, the
operation
400,620
re¬
Unamort. dt. disc. & exp.
installed
New Aork
for
in suspense
compare with 37,000 ties and 144,000 linear feet of guard
in the preceding fiscal year.
New rails were laid on
Results of Operation
fund
placement of equip
Accts. in litiga'n & items
total of 45,000 ties and 210,000 linear feet
on the rapid
transit lines.
These totals
timber installed
approximately 25 miles
of track in the fiscal year 1936, whereas in the
preceding year new rails
were laid on approximately 18 miles of track.
New Cars for Rapid Transit Lines—The 25 light-weight multi-section steel
cars, particularly adapted for use in local service on both subway and
elevated lines of the New York Rapid Transit Corp., have been delivered.
The new cars are being placed in operation on the 14th St.-Canarsie Line
and will also be used to provide a special rush-hour service on weekdays
between the Lefferts Ave. (Queens) Terminal of the Fulton St. Elevated
Line and the 8th Ave. (Manhattan) Terminal of the 14th St.-Canarsie Line.
1936
178,998
589,656
315,865
487,599
562,757
148,858
441,870
—City of N.Y.corp.
stk. & Liberty bds—
1,631,644
Deprec. Fund Board,
&c., sec. and cash— 11,584,873
Other special deposits.
273,054
Trustees, coll. tr. bonds:
cash
1,453,250
Trustee, equip.tr. notes,
cash
1,500,000
the same period.
year
599,950
476,015
472,108
z418,321
City of N. Y., Contr't
No. 4, &c
State Industrial Com.
car miles operated on the rapid transit lines in the fiscal year
100,860,716. an increase of 1,711,440 miles.or 1.7% over the pre¬
ceding fiscal year, and a decrease of 3,561,533 car miles or 3.4% from the
total car miles operated in the fiscal year 1930.
The decrease of 3.4% in car miles operated from 1930 to 1936 contrasts
with the decrease of 14.8% in passengers carried on the rapid transit lines
were
317,058
462.762
•152,709
z583,332
178,015
ties and cash:
was
timber
receivable
112,977,477 112,577,380 111,892,213
6,291,918
3,638,880
3,747,282
2,862,608
3,129,665
3,113,694
2,298,308
2,279,342
2,336,159
Special deposits of securi¬
over
During the fiscal
n
Accounts receivable
The total
of guard
3,573,090
3,038,858
3,217,685
389,168
428,214
89,954
z647,S07
146,897
Coupon deposit
Dividend deposit
Mtge., &c., receivableInvestments
186,294,027 187,394,319
185,839,199
exp. un¬
der Contract No. 4
and related ctfs
115,098,197
the preceding fiscal year.
The total number of fare passengers carried on the rapid transit lines in
the fiscal year 1936 was 608,909,410, an increase of 10,673,909 passengers
or 1.8% as
compared with the preceding fiscal year and a decrease of 105,531,646 passengers or 14.8% as compared with the fiscal year 1930, the
year of maximum traffic on the rapid transit lines.
m
'
of rapid transit exp.
Traffic—The total number of fare passengers carried on all lines of the
System—rapid transit lines, trolley lines and bus routes—during
1936 was 1,030,912,124, an increase of 18,519,486 passen¬
1936
$
made under Contr't
B.-M. T.
„
1933
$
1934
$
Cost of road and equip.:
the fiscal year
1.8%
1935
$
Assets—
date.
gers or
1713
Chronicle
Financial
143
Refunding—A
tion and
6,777,616
101,008,517
y
Accounts and notes receiv¬
z
Ended June 30
Comparative Statement of Consolidated Income Years
1935
1936
Deficiency, representing amount by which
rev¬
enue failed to equal int.
& sinking fund on
corp.'s
contribution
to
construction
and
equipment under the contract
*■
Revenue from
Other
184,432
3,127,181
Revenue from Transportation—
1936
1935
1 a1934""*
Passenger revenue other than Brooklyn Bus Corp
$47,184,173 $46,520,048 $47,595,960
Pass, rev., Brooklyn Bus Corp
3,519,571
3,246,561
3,241,675
Freight revenue
288,382
320,375
290,693
264
car revenue
222
264
revenue
180
Total revenue from transportation_$50,992,391 $50,087,207 $51,128,509
Other Operating Revenues—
Advertising and other privileges.....
1,182,685
1,183,346
1,162,537
Rent of land, buildings, &c
249,620
244,769
244,486
Rent of equipment
22,365
20,741
25,087
Rent of tracks and terminals
4,482
3,809
16,833
Sale of power..*.
.*
2,050
2,265
3,990
Miscellaneous revenue
11,259
12,945
17,930
Total operating
revenue,
$52,464,854 $51,555,084 $52,599,376
Operating Expenses—
Maintenance of way and structures,.
3,475,772
3,172,165
3,085,693
Depreciation of way and structures—
830,000
930,000
932,500
Maintenance of equipment
4,524,989*
4,299,085
4,387,187
Depreciation of equipment
1,660,939
1,613,682
1,666,875
Operation of power plant
4,899,091
4,546,989
4,215,295
Operation of cars
13,828,044
13,410,638
13,564,837
Injuries to persons and property
2,712,028
2,702,031
2,367,507
Traffic expenses
j....
3,769'
7,072
11 917
General and miscellaneous expenses—
1,816,320
1,850,985
1,938,436
Freight expenses.
199,002
194,076
182,310
Taxes assignable to operations
4,865,831
4,559,040
4,180,048
„
Net
Taxes
$13,649,066 $14,269,318 $16,066,766
888,850
729,976
701,253
Non-operating income
Operating income
Non-operating income (net)
Gross
income..-
Interest accrued
-
on
-
income.-
$14,537,916 $14,999,295 $16,768,020
Income Deductions—
Interest deductions
Rent
deductions
Amort. & other deduc. from income—
8,059,564
202,178
117,003
8,348,721
205,466
91,029
8,455,402
206,202
206,029
Balance of income.
$6,159,170
—
$6,354,078
$7,900,385
accruing to minority
interest of B.&Q.T. Corp
551,582
646,725
959,566
Current income carried to surplus..
Preferred dividends
Common dividends
$5,607,588
1,496,808
1,122,606
$5,707,353
1,496,808
2,206,992
$6,940,818
1,496,808
_
Earnings
common
a
The
_______—---- -
-——
35,107
-
.
$12,565,459 $12,866,823
7,014,482
6,803,736
15,608
13,635
25,100
113,087
174,939
50,205
25,100
113,891
174,859
39,013
$5,382,781
$5,485,841
'—----
and equipment—Brooklyn
Queens Transit System.
Other rent deductions—B. & Q. Transit System-
Rent for lease of road
&
Other
Amortization of debt discount and premium—netCurrent income carried to surplus.—
Condensed Consolidated Balance Sheet, June 30, 1936
[Excl. Brooklyn & Queens Transit Corp. &
$
Assets—
355,701
131,884
Reserves—
49,658,238
Corp. & subsidiaries
2,986,024
2,806,694
170,975
88,974
Coupon deposit
Dividend deposit
Securities, at cost-Accts. & notes rec. (less res.)_
reserve)*
2,013,340
Materials & supplies, at cost.
178,242
Special deposits of securities
(at cost) and cash
14,455,409
Deferred charges.--
stock
-
General and contingent.—
5,039,749
Depreciation fund
reserve.
Damages
Taxes in litigation and con¬
tingent tax liability
Other
reserves
Unamort. prem.onfund.dt.
$5.59
$5.72
$7.40
comparative purposes to eliminate
inter-company revenues and off-setting deductions between the BrooklynManhattan Transit System and the
Brooklyn & Queens Transit System,
which previously had not been eliminated in reports for
prior years and
which do not affect current, income carried to surplus.
Unadjusted credits
Other liabilities..
Earned
Total
-V.
143,
271,251,581
p.
1390.
28,808,535
12,782,203
11,577,741
1,471,174
Amortization of capital...
Mtges. & accts. not currently
receivable
$
410,267
Common
Inv. in securs. of B. & Q. Tr.
Int. receivable (less
Subsidiary Cos.]
Liabilities—
86 cum. preferred stock
24,946,800
29,938,138
Funded debt
132,423,000
Accounts payable
2,117,253
Dividends payable.,
2,219,530
Tax accruals.
968,801
Int. accrd. on funded debt..
1,840,581
Tort claims and Judgments..
31,248
Due to associated companies.
60,030
192,956,083
1934 figures are restated for
1,012,133
37,654
320,000
$14,363,891 $14,515,226
3,109,651
2,866,372
—.————$11,254,239 $11,648,853
1,311,219
1,217,970
*
per share on
735,664 shares
stock (no par)
780,000
4,588,792
6,864,434
883,896
3,505
970,545
funded debt--
Due from associated cos
Less—Amount
2,202,605
320,000
2,326,332
780,000
4,945,452
7,049,927
846,167
2,216
—
—
Other interest
Cash
Gross
2,445,616
^
& Q. Tr. System—
revenue from operations
assignable to operations—
Road & equip., at cost
Operating income
2,490,087
Traffic expenses
General and miscellaneous expenses
Miscellaneous charges from B.
222
$34,249,012 $33,534,581
Total operating revenues
Maintenance of way and structures
Depreciation of way and structures
Maintenance of equipment
Depreciation of equipment-*
Operation of power plant
Operation of cars
Injuries to persons and property
$29,913,596
^0.447,389 ^2o'ion'£!§
!—
3,801,623
3,620,763
from transportation
Other operating revenues
Comparative Statement of Consolidated Income Years Ended June 30
[lncl. Brooklyn & Queens Transit Corp. and Subsidiaries]
Other
transportation—Passenger revenue_$30,447,125
car revenue
Total
^
Subsidiary Cos.]
[Excl. Brooklyn & Queens Transit Corp. and
6,962,048 104,135,698
equipment under the contract
_
Represented by 735,664 no par shares,
Total
surplus
—
..
1,562,153
2,717,430
391,733
100,560
19,374
17,275,293
271,251,581
Financial
1714
Bethlehem Steel
of the
Bing & Bing, Inc. (&
Subs.)—Earnings—
1936—6 Mos,—1935
1936—3 Mos.—1935
Period End. June 30—
$218,745
Net loss after all charges
x $161,660
x Estimated.-^V. 143, p. 420.
x
$212,175
have declared an extra
dividend of 37 % cents per share
the common
quarterly dividend of like amount on
stock, par $5, both payable Sept. 30 to holders of record
regular quarterly dividend of 37-Ha cents was paid on June
initial dividend of 25 cents was
Sept. 19. A
30, last, and
distributed on March 31 last.—V. 143,
1552.
p.
Borne-Scrymser Co.—75-Cent
The directors nave declared a
the capital stock, par
A special dividend of
Special Dividend—
.
1
special dividend of 75 cents per share on
$25, payable Oct. 15 to
holders of record Sept. 25.
50 cents was paid on April 15, last, and on Oct. 15,
1935, this latter being the first payment made on the issue since Oct. 15,
1931, when a regular semi-annual dividend of $1 per share was distributed.
—V. 142, p. 1459.
Bralorne Mines,
The directors
have
Ltd.—Extra Dividend—
declared
an
extra dividend
of 5 cents per share in
quarterly dividend of 10 cents per share on the common
both payable Oct. 15 to holders of record Sept. 30.
Similar payments were made on July 15 and on April 15 last.
Dividends of
15 cents per share were paid on April 15 and Jan. 15, 1935; Oct. 15 and July
16, 1934, and a dividend of 12M cents was paid on April 15, 1934.
In
addition, an extra bonus of 20 cents was paid on Dec. 17, 1934.—V. 142,
addition
stock,
no
to
a
value,
par
P. 4015.
Corp.—Annual Report—
in part:
Dividends—There were paid during the fiscal year 1936 on the outstanding
$6 cumulative preferred stock, one quarterly dividend of 50 cents per share
and three quarterly dividends of 75 cents per share, a total of $2.75 per
share.
As of June 30, 1936, the cumulative undeclared dividends on the
preferred stock amounted to $5.75 per share.
The action of the directors
in declaring only partial dividends on the preferred stock was taken in
order to conserve cash so as to permit the continued modernization of the
properties of the system without increasing the bonded indebtedness.
Traffic
carried on all lines of the Brooklyn & Queens
including the Brooklyn Bus Corp. for the respective fiscal
follows:
The total fare passengers
Transit System
years were as
1936
The
1935
349,101,879 346,977,587
Trolley lines
72,900,835
Buslines
Total
financing
approving it, corporation canceled bonds previously held in
follows:
Brooklyn Queens County & Suburban RR. 1st mtge. 5s, 1941 __ $1,521,000
1st consol. mtge. 5s, 1941
181,000
Brooklyn City RR. ret, mtge. 4s, 1956
525,000
Nassau Electric RR. ISt consol. mtge. 4s, 1951
94,000
Brooklyn City & Newtown RR. consol. 1st mtge. 5s, 19395,000
Coney Island & Brooklyn RR. 1st consol. mtge. 4s, 1948
1,000
As part of this
Commission
treasury, as
Total.
prior seven years.
This increase in trolley traffic has occurred not¬
withstanding the fact that during part of the fiscal year 1936 the Inde¬
the
pendent Subway operated by the City of New York was extended into the
central part of Brooklyn and there was increased competition between
the trolley lines and the Independent Subway for local traffic.
To meet this increased competition and to offset the loss in long-haul
riders by the trolley lines, a number
of the trolley lines as feeder service
of special services to develop the use
to the rapid transit lines have been
placed in operation.
„
Also, the policy has been followed of making combinations of lines operat¬
ing to common terminals where traffic checks and studies have indicated
that the necessity of changing cars or paying second fares for short additional
rides has been a factor in diverting traffic to competing agencies of transit.
Experience has indicated that the convenience of through service, even
without fare revisions, in many cases has been effective in attracting addi¬
tional riders to the trolley lines.
The possibilities of increasing the ef¬
fectiveness of the trolley lines by breaking down the barriers to through rid¬
ing created by second fare points and artifical terminal points are being
carefully studied and single fare overlap zones with through operation
introduced where local conditions as to shopping centers, population and
traffic trends indicate that
to rasult from
increased riding on the trolley lines is likely
such changes.
The total car miles
operated on trolley lines in the fiscal year 1936, were
miles or 0.9% of the total car miles
47,482,658, an increase of 445,293 car
operated in the previous year and a
5.7% of the total car miles operated in
The decrease of 5.7% in car miles
decrease of 2,856,439 car miles, or
the fiscal year 1930.
operated in 1936 as compared with
1930 contrasts with a decrease of 24.9% in passengers carried on trolley
lines in the same period and indicates the extent to which the quality of
service has been maintained in an endeavor to render the public the best
possible service in the face of a substantial decrease in gross revenues.
New Cars and Modernization—Orders were placed in 1935 for the con¬
struction of 100 street cars of modern design and equipment for operation
on the lines of corporation.
It was expected that all of these cars would be
in service before the end of the fiscal year 1936 but it was decided to com¬
plete one car first, so that additional studies and research as to methods of
improving the design and construction of the car and its equipment might
be made and full advantage taken of the latest developments in these fields.
This procedure has delayed the construction of the cars but has resulted in
substantial improvements in their design and eqpipment.
The first car
was delivered in May and has been used for intensive tests of the motors,
controls, brakes and other apparatus with which it is equipped and also for
the purpose of training members of the operating and maintenance staffs
in operating and maintaining the equipment.
Deliveries of the remaining
cars are now in progress and as soon as a sufficient number is available one
or more lines will be completely equipped so that the public will be afforded
a more complete demonstration of their capabilities in meeting the need for
a
high-speed, smooth-riding, quiet and comfortable vehicle to provide
adequately for surface line transportation in Brooklyn.
Track Reconstruction—During the fiscal year 1936, approximately 25 miles
of surface track were rebuilt, of which 15 miles were completely recon¬
structed.
The new type of track construction without wooden ties but
consisting of grooved rail 4M inches high imbedded in a reinforced concrete
roadbed was used,on 73^ miles of track.
During the previous fiscal year
approximately 23 miles of surface track were rebuilt, of which 10
miles
were
completely reconstructed.
traffic on the bus routes operated by the Brooklyn
Bus Corp. increased 8.5% in the fiscal year 1936, as compared with the
preceding fiscal year.
The total number of fare passengers carried on the
bus routes in 1936 was 72,900,835 and the total number in 1935 was 67,179,550.
The total number of bus miles operated in 1936 was 10,841,593,
an increase of 568,362 bus miles or 5.5% over the preceding year.
On April 30, 1936, a contract providing fpr the extension of seven of the
21 bus routes of the Brooklyn Bus Corp. was entered into between the City
of New York and the Bus Corp.
The mileage of the bus system was in¬
creased from 77.1 route miles to 86.5 route miles and the guaranteed mini¬
mum payment to the city was increased from $100,000 to
$150,000 per
annum, with a corresponding increase in the security fund on deposit with
the city.
The requisite certificates of convenience and necessity authorizing
the operation of these extensions were issued by the Transit Commission
and all but one of the extensions were in operation at the end of the fiscal
Bus Routes—Passenger
Orders were placed for the purchase of 30 additional buses for
use on the extensions authorized by the April contract and also on other
routes where increased traffic required additional buses.
Financing—During the fiscal year 1936, the bank loans were retired from
the proceeds of the sale of $3,000,000 five-year 3J^% notes dated Nov. 1,
year
addition to these reductions in
pended over $377,000 for additions and betterments in the fiscal year 1936.
Also, the Bus corporation expended approximately $41,000 for additional
security deposited with City of New York, as required by the franchise
contract of April 30, 1936, extending seven of the bus routes.
The B. & Q. Service Co., Inc., all of the stock of which company is owned
by corporation, sold at par during the fiscal year 1936, $1,500,000 10-year
serial equipment trust certificates, which certificates are guaranteed as to
the payment of principal and interest by the corporation.
The certificates
were issued to finance the purchase of the 100 new street cars, referred to
above, and are dated Jan. 1, 1936.
The certificates maturing in 1937 and
1938 bear interest at 3%; those maturing in 1939, 1940 and 1941 inclusive,
bear interest at 4%; and those maturing from 1942 to 1946 inclusive, bear
5%.
Comparative Income Account for
•
Total
Street
(System)
1933
1934
$16,606,452 $17,271,899 $17,955,251
3,241,676
290,693
3,246,561
320,375
3,037,461
225,511
$20,545,002 $20,173,389 $20,804,267 $21,218,222
-
Other
Year Ended June 30
1935
1936
,
Passenger revenue
$16,737,048
Pass, revenue Brooklyn
Bus Corp
3,519,571
Freight revenue288,383
Ry.
Oper.
Revenues:
59,862
64,900
66,046
150,843
139,046
74,569
27,168
140,825
76,529
26,495
126,746
898
855
7,717
8,785
140,684
83,335
39,520
2,315
11,933
$309,261
$318,389
$343,833
$426,038
Advertising & other priv.
Rent of buildings & other
property
Rent of equipment
80,257
52,029
4,955
11,208
other street ry.
Total
oper. revenues
Total street
ry.op.revs$20,854,263 $20,491,778 $21,148,101 $21,644,260
Operating Expenses—
Maint. & deprec. of way
and structure—
Maint
&
.
1,418,029
2,521,776
1,540,256
2,917,060
2,439,876
2,807,234
2,272,889
1,488,942
2,825,686
2,244,946
2,246,545
6,779,735
6,553,750
6,712,209
7,022,605
1,865,860
845,777
199,002
1,818,135
1,640,121
1,573,217
835,345
194,099
880,753
182,310
943,603
185,630
$4,266,696
$4,430,686
$5,173,133
$5,732,852
1,756,179
1,692,667
1,517,824
1,594,388
$2,510,516
$2,738,019
$4,138,464
210,685
$4,349,149
1,566,495
35,669
deprec.of equip
Purchased power, &c—
1,579,639
Oper. of cars and traffic
expense-
Injuries
to
and
persons
property
General miscell. expenses
Freight expensesNet
Taxes
rev,
from oper—
accrued
on
;
oper¬
ating properties
180,982
188,864
$3,655,310
200,657
$2;691,499
1,392 501
36 073
$2,926,884
1,431,767
40,651
$3,855,968
1,510,091
38,294
66,797
52,016
17,437
$1,196,127
778,937
$1,402,449
991,375
$2,290,146
1,699,500
$2,661,555
1,699,500
$417,190
Operating income
'Non-operating income.
$411,074
$590,646
$962,055
$0.74
$1.20
_
Gross income
Interest deductions
Rent reductions
Amort, and oiher deduc¬
tions from income
•
Preferred dividends.
Surplus
Earns, per sh. on 800,000
Nil
Nil
shares
common
1936
$
Road.& equip..
Liabilities—
108,451,555 108,046,069
Mat'ls & suppl's
1,025,518
Accts. receivable
Coupon deposit.
292,105
410,991
Div.
deposit-..
218,194
1,065,101
1,062,092
264,648
17,489
151,789
Stocks & bonds.
980
8,041
Cash
587,066
Due from assoc.
v
of
N.
Trustees'
fund
15,012
12,708
249,972
263,053
173,770
*
132,520
of
24,509
equipment
24,130
Trustee,
662,096
posits..
569,861
7,406
27,687
22,572
218,194
22,472
151,788
249,381
17,358,631
2,837,277
17,361,139
2,615,119
2,432,195
2,092,099
3,058,645
2,798,592
1,024,375
829,499
67,623
on
claims, Incl.
judgments
Dlv. payable.
to
__
assoc.
Res. for damages
of equlpment.
1,500,000
Accr. amortiz. of
56,374
27,781
831,787
721,921
176,532
239,624
..
capital & other
reserves
debt
dLsct., &c
Prepaid accounts
614,653
accrued
Res. for replace..
Other special de-
Unamort.
funded debt..
Tax accruals
Res. for conting.
699,137
equip't
tr. notes- cash
668,457
699,712
3,000,000
1,354,149
716,688
1,081895
cos
stock &
bonds)
699,712
cos.
payable.
Due
(City of N. Y.
Lib'ty
18,800,000
27,510,421
100,000
lndebt.
Bllls payable
Tort
re¬
State Ind. Com.
corp.
18,800,000
Funded debt
31,486,420
Real est. mtge..
87,500
of
28,325,000
stk.
(800,000 sh.)
Int.-
acct.
placement
S
stk.
(283,250 sh.) 28,325,000
Common
Accts.
Y.,
for
Preferred
to assoc.
Mtge.notes.&c.?
acct. franchise
1935
Other interest.-
Int. receivable-
rec.—not curr
85,430
stock—
Capital
Ctfs.
*
58,536
cos
City
1936
1935
$
*
.
Sheet June 30
Condensed Consolidated Balance
A. xjScts
In
Taxes
litiga¬
tion & conting.
tax
liability..
Unadj. credits
62,022
__
Excess of par or
stated val.over
cost
of
reac¬
quired bonds.
Capital surplus
1936.
$345,101
169,000
13,200
;
$527,301
funded debt, there were substantial
Total.
In
1.
purchase contract
expenditures for additions and betterments to the trolley and bus properties
during the fiscal year 1936.
The corporation expended approximately
$75,000 for new loop tracks and special connecting curves required by
changes in operation on the trolley lines.
The Brooklyn Bus Corp. ex¬
0.6%
of traffic on the trolley
of the following items:
Brooklyn Bus Corp., bus purchase notes
B. & Q. Service Co., Inc., car lease warrants
Brooklyn & Queens Transit Corp., electric bus
Sale of power
Miscellaneous receipts__
8.5%
Queens Transit System also was
Brooklyn &
debt of the
Rent of tracks & term'ls.
422,002,714 414,157,137
1.9%
lines in the fiscal year 1936, as
_
increase
67,179,550
$2,327,000
—
The funded
reudced during the year by the payment
Increase
compared with the previous fiscal year, is particularly noteworthy as the
trend of traffic on the trolley lines had been consistently downward during
.
$2,523,000
400,000
97,000
27,000
5,000 shs.
and in compliance with the orders of the Transit
consol. mtge. 4s, 1951
Brooklyn City RR. ref. mtge. 4s, 1956Coney Island & Brooklyn RR. 1st consol. mtge. 4s, 1948----Brooklyn City & Newtown RR. consol. 1st mtge. 5s, 1939
South Brooklyn Ry. capital stock
Nassau Electric RR. 1st
interest at
Brooklyn & Queens Transit
Gerhard M. Dahl, Chairman, says
pursuant
and the
following
Co., Brooklyn Trust Co. and Equitable Trust Co. of New York,
to a loan agreement dated Nov.
1, 1935 between corporation
trust companies and are secured by the deposit and pledge of the
securities:
Laughlin, Inc.—Extra Dividend—
Bliss &
The directors
in addition to the regular
an
,$276,822
Manufacturers Trust
These notes were sold for cash at par to the
1935.
Corp.—Underwriters Named—
$55,000,000 3M% consolidated mortgage bonds,
series E, due 1966, to be offered shortly and the amounts to be under¬
written by each are:
Kuhn, Loeb & Co.; Edward B. Smith & Co. and
Mellon Securities Corp., $9,400,000 each; Brown Harriman & Co., Inc.,
$7,500,000; First Boston Corp., $5,000,000; J. & W. Seligman & Co.,
$3,000,000; G. M.-P. Murphy & Co., $1,300,000; Bonbright & Co., Inc.;
Goldman Sachs & Co.; Kidder, Peabody & Co.; Lazard Freres & Co., Inc.;
Lee Higginson Corp., and Dean, Witter & Co., $1,000,000 each, and
Charles D. Barney & Co.; Clark, Dodge & Co.; Field, Glore & Co.* Hallgarten & Co.; Hayden, Stone & Co.; Hemphill, Noyes & Co.; W. E. Hutton
& Co., and White, Weld & Co., $500,000 each.—V. 143, p. 1551.
Underwriters
Sept. 12. 1936
Chronicle
Surplus
Total
-V. 143. p.
114,772,042 112,699,062
1221.
Total
.
65,577
65,577
1,465,572
4,206,553
1,465,572
4,126,062
114,772,042 112,699,062
Volume
Financial
143
Brown Fence & Wire Co.
Years End. June 30—
Profit from operations.-
(& Subs.)-
1936
i
Other income
1933
1934
$478,500
23,670
loss$72,736
61,334
$187,837
54,344
~
Total income
$428,987
34,411
Depreciation
$502,170
Prov.
for
loss
oh
accts.
in closed banks
-
,
Prov. for contingencies.
Federal taxes
Net profit for period.
Class A dividends
loss$l 1,402
40,902
6,435
$242,182
39,587
6,154
36,851
10,675
Bond interest
38,000
_
$388,739
$1.01
$1.36
Earris. per sh. on 139,882
shs. (no par) class B-_
Royalite div. rec__
Royalties receiv'le
loss$96,739
$151,362
Assets—
1936
1935
$151,130
250,000
74,113
17,388
116,463
Due from empl'ees
Install, accts. rec.
Inventories
1,284,983
L'd, plant, equip¬
ment, &c
Deferred charges
Dep. in liquidating
banks..
curr.
55,000
49,111
z
537,734
86,259
551,293
77,174
3,720
66,000
142,356
14,500
990,640
139,882
881,827
CI. B
com.
6,000
990,640
139,882
881,827
350,475
stock
8,485
....
Capital surplus
Earned surplus
395,311
....$2,521,790 $2,776,9251
Total
....$2,521,790 $2,776,925
After depreciation of $901,076 in
1936 and $883,075 in 1935.
y Repre¬
x
sented by
99,064
shares,
no par
z
Represented by 139,882
no par
shares.
Changes in Class B Stock Approved—
The stockholders
B
stock,
c
p.
Sept. 8 approved
on
changed the
a,I3&~the
of the
name
1067.'
Building
Products,
no par
534,145
Ltd.- -Dividends
Increased—Extra
The directors have declared a dividend of
35 cents per share in addition
an extra dividend of 25
cents per share on the class A and class B stocks,
par value, all payable Oct. 1 to holders of record
Sept. 16. Previously
regular quarterly dividends of 25 cents per share were distributed.
In
addition extra dividends of 25 cents were
paid on Jan. 2, last, and on Jan. 2,
1935.—V. 142, p. 944.
no
Dredging, Ltd.—August Production—
August production totaled 12,484 ounces of fine gold according to th«
company's monthly report to the Montreal Curb Market.
This compares
with 13,904 fine ounces in
July and 10,001 fine ounces in August of last
year.
Estimated working profit in August amounted to
8,657 fine ounces, which
equivalent to $302,995 with gold valued at $35 per ounce in Canadian
funds.
In July this year the
working profit was estimated at $338,485
is
and in August, 1935, to $262,710.
During the month 978,000 cubic yards of gravel were dredged, as against
986,700 cubic yards in July and 652,500 in August a year ago.—V. 143,
p. 421.
'
Burroughs Adding Machine Co. (& Subs.)—Earnings—
1936
1935
1934
1933
$9,158,774
$7,400,490
201,378
$5,888,626
408,087
$3,715,562
Other income
124,943
500,337
$9,283,717
4,351,462
410,508
267,776
634,928
200,155
$7,601,868
3,834,964
331,238
270,430
404,484
183,202
$6,296,713
4,164,887
$4,215,899
3.463,904
335,245
194,772
95,601
200,492
$3,418,888
1,500,000
$2,577,550
1,500,000
$1,601,808
973,340
$455,902
973,340
$1,918,888
5,000,000
$1,077,550
Sales, gen. & misc. exp.
Taxes
Rents and royalties
Estimated income tax
Depreciation
550
442
_
(accrued)
32,307
208,329
448,348
539,354
•
3,441
2,464,296
1,231,324
733
3,200
$1,221,821 $1,246,275!
Total
$1,221,821 $1,246,275
After
reserve for bad debts of $960 in 1936 and
$561 in 1935.
y After
for depreciation of $315,847 in 1936 and
$296,508 in 1935.—V. 141,
Calumet & Hecla Consolidated Copper
Co.—Listing—
The New York State
Exchange has authorized the listing of 2,005,502
shares of capital stock
(par $5) in substitution share for share for a like
number of shares of capital stock
listed and
(par $25)
now
previously authorized to be
outstanding.
Balance Sheet June
Assets—
30, 1936
Liabilities—
Cash
Accounts payable
Deferred credits and reserves
$2,829,384
2,039,215
Notes & acc. rec
503,850
Copper on hand
1,915,131
Copper sold not delivered
1,634,773
Supplies at mine (at cost)...
870,499
Def. charges & advances
293,714
Inv. in other companies
483,306
Capital assets (net).._
28,108,999
(at cost)..
sec.
Total
$38,678,875
The balance sheet
Dec.
31,
Capital stock
Paid-in surplus.
Deficit
I
Total.
$921,367
3,359
50,137,550
23,501,548
35,884,949
$38,678,875
1935 giving effect
to proposed change in
Assets: current assets, $8,485,243.33; deferred
charges
and advances,
$355,567.25; investments in other companies, $453,326.59;
capital assets: real estate, $2,840,106; stumpage and timber lands, $1,905,916; mine lands and plant ($65,600,671, less depreciation and depletion
$40,921,095) $24,679,577; total, $38,719,736.55.
Liabilities—current liabilities, $560,234; deferred credits and reserves,
$136,983; capital stock, $10,027,510; paid-in surplus, $27,995,008; total,
reserves,
$38,719,736.—V. 143, p.
1222.
Canada Wire & Cable Co., Ltd.—Accumulated Div.—
The directors have declared a dividend of 35 cents
per share on account
of accumulations on the
6H% cum. pref. stock, par $100, payable Oct. 1
to holders of record Sept. 15.
This will be the first payment made on the
stock since Dec. 15, 1932, when a
regular quarterly dividend of
$1.62H
per share was distributed.—V.
Canada
Cement
143, p. 266.
Co.,
Ltd.—Bonds
Offered—Wood,
on Sefct. 5 offered in the Cana¬
bonds as follows: (a) $3,000,000 1st mtge. serial bonds, 3% series A; (b) $3,000,000
1st mtge. serial bonds, 3^% series A; and
(c) $10,500,000
1st mtge. 15-year bonds, 4
series A.'
Gundy & Co., Ltd., Toronto,
dian market $16,500,000 1st mtge.
Dated Nov. 1, 1936; serial bonds to mature
Noy. 1, 1937-1944; 15 year
bonds to mature Nov. 1, 1951.
Principal and int. (M. & N.) payable in
lawful money of Canada at holder's option at office of
company s bankers
in Montreal, Toronto, Halifax, St. John, Winnipeg,
Regina, Edmonton
Coupon bonds in denom. of $1,000 and $500, registerable
principal only.
Fully registered bonds in denom. of $1,000 and author¬
ized multiples thereof.
Red. in whole or in part at option of company at
apy time prior to maturity on 30 days' notice, at 101 for the 3% and 3H%
bonds; the 4bonds to be red. at 103 if red. on or before Nov. 1, 1941;
thereafter at 102 if red. on or before Nov. 1, 1946; thereafter at 101 if red.
and Vancouver.
to
as
Total
303
capital follows:
to
6 Mos. End. June 30—
Gross profits on.sales...
104
1,650
ex-em pi
P. 2431.
to $1 par.—V. 143,
Dividend—
Bulolo Gold
346
expenses
B
'
payroll..
Accrued
100
Deferred
two-for-one split-up in the class
stock to common stock and
a
class
par value of the class B stock from
317
2,196
Deferred tool rent.
14,644
Sh'holders' equity 2,464,296
Deficit
1,268,788
255
charges.
U. 8. Treas.
Total
8,195
346
Provincial corp.tax
Munlc. school tax
5,157
Deferred
$146,408
llabils.
107,237 Res. for conting..
1,298,804 y CI. Aconv.pf.stk
x
__
$48,856
Income tax
Other
1935
1936
Accounts payableReserve for Fed.
$53
7,304
Accounts payable.
Empl. &
61,698
183,107
416,591
1,429
2,672
1935
$68
750
208
Fixed assets
Total
1936
855
3,092
Miscell. advances.
Investments
reserve
Liabilities—
$228,687
350,000
110,643
44,600
Liabilities—
Workmen's Comp.
Board
$6,538
954
Accts. receivable
Acer. int. on inv__
Adv. to director._
Nil
Nil
31
375
x
x
Cash....
1935
$17,548
-
Leases (at cost)
Consolidated Balance Sheet June 30
Timectfs. of dep..
Accts. & notes rec.
1936
hand and
on
in bank..
y
30,580
65,904
$340,627
198,128
195,835
-
Assets—
Cash
Devel. account-..
14,500
53,950
Class B dividends
1715
Balance Sheet May
-Earnings—
1935
$385,644
43,343
Chronicle
prior to maturity, in each case with accrued interest to date of redemption.
Commencing Nov. 1, 1945, there will be provided for the 4)4% 15 year
fund bonds an annual cumulative sinking fund amounting to
$500,000 per annum.
Trustee, Montreal Trust Co.
In the opinion of counsel, these bonds will be a legal investment for funds
of insurance companies registered under the Canadian and British Insur¬
ance Companies Act, 1932.
sinking
Net profit
Dividends
-
Balance, surplus
Shs.com.stk.out. (no par)
Earnings per share
$0.68
5,000,000
$0.51
$628,468 def$517,438
5,000.000
5,000,000
$3.32
•
$0.09
Note—No provision has been made for Federal surtaxes
tributed profit accruing after
Jan, ,1 1936.
Balance
1936
Assets—
$
Plant, equip., &o 4,653,943 4,054,608
5,067,208
5,261,006
272,103
208,129
Govt, securities..
11,134,491 10,643,593
*
Cash in closed bks.
Notes and accts.
receivable
Inventories
Mis cell.
Loans
Invest'ts.
to
$
$
z Capital stock
25,000,000
Accounts payable566,447
Wages &
com. pay.
25,000,000
380,321
637,989
991,618
642,487
120,051
101,341
69,864
Deferred credits2,225,546
2,118,253
Prov. for inc. tax.
507,000
3,785,796
9,354,554
37,020
3,246,843
8,723,983
39,050
7,278
119,442
share¬
Real est. not used
in co.'s business
Deferred charges..
under
guaranty
for unempl.
Prov.
insurance
365,818
669,709
419,101
744,525
Res. for conting._
Other
reserves
Surplus--.'-
$750,000
750,000
750,000
750,000
1940
Canadian Pacific
25,000
1,000,000
1,000,000
488,578
4,222,827
1942
1943
1944
1
Coupon
3
H %
3H%
3M%
3H%
Amount
$750,000
750,000
750,000
750,000
Ry.—Earnings—
Earnings of System for First Week of September
1936
Gross earnings
1935
$3,094,000
487,572
3,198,305
Maturities
Due Nov.
1941
$10,500,000 4X% bonds, due Nov. 1, 1951, offered at 100 and interest.
The bankers are offering the 15 year 434 % first mortgage
bonds, due
Nov. 1, 1951, at 100 in exchange for presently outstanding Canada Cement
Co., Ltd., 5first mortgage bonds due Nov. 1, 1947, the price to be
paid for the latter bonds to be 110.35 flat (Canadian funds—cum. Nov. 1
coupon), which price is calculated to include payment for principal, premium
on redemption, full interest to Nov. 1, 1936 (from which date tne new bonds
will bear interest) and also includes an amount equal to the existing pre¬
mium on sterling exchange.
This price of 110.35 will be subject to change
in accordance with fluctuations in sterling exchange.—V. 143, p. 1552.
Res. for workmen's
compensation25,000
of
Amount
1939
1935
Repairs to mach's
holder empl's-..
Schedule
Due Nov. 1
1937
1938
1936
Liabilities—
$
Cash
y
any undis¬
Sheet June 30
1935
■
on
$2,460,000
Increase
$634,000
—V. 143, P. 1553.
Total
.35,347 920 33,460,281
Total
35,347,920 33,460,281
"x After deducting
$8,866,324 in 1936 ($8,927,836 in 1935) reserve for
depreciation. * y After deducting reserves,
z Represented by 5,000,000
shares of no par.—V. 142,
p. 1809.
Canadian
Hydro-Electric
Period End. June 30—
Operating
Hall, N. Y. City—-Distribution—
Loss
exchange
on
$2,377,330
Ltd.
(&
Subs.) —
1936—12 Mos.—1935
$8,726,848
$9,258,246
134,156
141,997
30,198
40,576
of
distribution warrants given in connection with the reor¬
ganization of Butler Hall Apartment Building 1st mtge. serial
6% coupon
gold bonds are notified that there is now available at the office of the
Continental Bank & Trust Co. of New
York, distributing agent, for dis¬
tribution, certain funds heretofore determined by the Court to be due such
holders.
This
partial distribution amounts to $1.62 on warrants
numbered
C 1 to 715; $8.10 on warrants numbered D 1 to
573, and $16.20 on war¬
rants numbered M 1 to 792, and
may be received upon the presentation
of such warrants accompanied
by properly executed ownership certificates. '
The distribution
warrants
will
be stamped and returned for
distribution.—V. 141, p. 1590.
a
further
Total
i
Oper., adm. and general
Maintenance
Taxes,
come
other
than
California Homestake Mines
Corp.- -Registers with SEC
Calmont
•
liens
Interest, debs. & other._
Deprec.
&
amort,
of
storage works
Miscellaneous
revenue
Non-recurring
1935
$2,294
7,629
11,394
765
Income from royalties
House rent
revenue
91
Administrative and general expenses.
Other charges
Loss for the year---
$3,180
6,790
6,125
535
48
762
Total revenue
Field expenses
—
47,898
45,709
279,979
184,468
864,309
250,161
870,338
264,072
3,467,637
1,029.435
3,492,209
1,069,737
149,209
86,212
42,048
165,532
87,414
49,500
627,074
347,211
x62,857
653,068
355,181
193,986
Divs.
on pref. stock of
subsidiary
first
1936
rental.
$9,359,667
892,385
206,767
2,266
------
Balance before divs. on
Oils, Ltd.—Earnings—
Years Ended May 31—
Income from investments
$8,830,807
928,808
228,701
in¬
taxes
Amortiz.of disc & expense
Prov. for income taxes.
See list given on first page of this
department.
225,965
40,867
Interest, bonds and prior
_
Tool
$2,338,929
38,359
prof.42
$2,066,615
232,162
47,966
Other income
Butler
Holders
Corp.,
1936—3 Mos.—1935
$2,034,358
39,407
7,149
revenue
$22,172
8,834
10,196
23,708
$17,443
8,392
$20,566
$55,666
14,221
50,496
x
After
preferred stock
$346,647
$627,930
$1,859,101
$2,309,596
deducting $72,677 overprovided in prior years.—V. 142, p. 4016.
Carolina Power & Light
Co.—Preferred Dividends—
The directors have
declared a dividend of $1.75 per share on the $7
pref. stock, no par value, and a dividend of $1.50 per share on the
$6 cum. pref. stock, no par value, both payable Oct. 1 to holders of record
Sept. 11.
Similar payments were made on Sept. 1, July 1, June 1, April 1,
March 2 and Jan. 2 last, Oct. 1, July 1, April and Jan. 2, 1935.
Company
cum.
Said 2, 1934 75 centsJuly share, respectively, on 1these April 2, 1934 andand
87 and and on per 1, 1933, while
Oct.
and issues on July 2
on
an.
on
April 1 and Oct. 2,1933 dividends of 88 cents per share on the $7 pref. and 75
cents per share on the $6 pref. stock were paid.
(The last regular quarterly
payment on these issues of $1.75 and $1.50 per share, respectively, were
made on Jan. 3, 1933.)—V. 143, p. 1391.
Financial
1716
Casco Products
Corp.—Earnings—
1936
1935
$886,146
$535,063
113,383
50,580
$0.73
earnings after
eral income tax
$0.32
x
depreciation and Fed¬
provision
x
_
155,000 shares capital stock
Earnings per share on
(no par)
Period End. July 31—
Oper. exps.& taxes
Prov. for retire, reserve.
'
$195,496
76,335
Int. & other fixed chgs.
$192,527
65,639
$2,893,713
852,231
on
pref. stock
.
& Pacific Ry.—Call for Deposit
$119,161
41,800
$126,888
57,751
$2,041,481
668,479
$2,050,385
693,013
$69,137
$1,373,002
of Preferred Stocks—
the 7% and 6% preferred stocks (Carter H.
that pursuant to a deposit agreement dated
The committee representing
Jr.)
Harrison,
announces
Aug. 1, 1936, deposit*of stock may now be made with either of the deposi¬
taries: Guaranty Trust Co., 140 Broadway, New York, or The Trust Co.
33 North La Salle St., Chicago.—V. 143, p.
of Chicago,
1554.
$1,357,372
Chickasha Cotton Oil Co. (&
V
earnings..$10,622,255
Sales and gin
of sales, operating
and admin, expenses..
Subs.)—Earnings—
1935
1934
1933
$6,589,506 $13,279,446 $11,550,176
1936
Years Ended June 30—
Net income
Divs.
and passenger cars, is fairly modern and
than present traffic—V 143p., 1554.
heavy retirements of locomotives
$2,887,441
837,056
$77,361
Gross income..
x
locomotives, he said, although the present equipment, as a result of retire¬
ments averaging 3,280 freight cars during the past five years and similar
Chicago Rock Island
Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos.—1935
$618,939
$547,951
$7,969,347
$7,261,907
348,442
295,424
4,220,634
3,595,971
75,000
60,000
855,000
778,495
[A subsidiary of the
Grossrevenue
laying of 50,000 tons of rail.
Likewise, he said, the road proposes if possible to maintain this rate of
maintenance during the next four years.
With substantial increase in traffic the roads will have to acquire more
Co.—Earnings—
Central Illinois Light
1936
sufficient to take care of slightly more
undistributed profits.—V. 143, p. 913.
Before surtax on
Sept. 12,
This latter amount includes the proposed
Westbrook told the Commission.
5 Mos. End. July 31—
Estimated
Chronicle
Cost
July 1, 1936, amortization of preferred stock
premium, discount, commission and expense.—V. 143, p. 913.
x
Includes, effective as of
1935
1936
,
$1,288,026
841,687
$1,607,816
Total operating revenue
1,114,154
Operation
47,822
7,813
100,352
33,634
6,277
84,186
$337,673
2,741
$322,240
$340,415
68,662
$322,299
62,849
$271,752
64,050
236,100
$259,450
64,050
236,005
10,877
Maintenance
Uncollectible accounts
—
Taxes
Net oper. revenues.
_
Non-operating income
Balance
Provision for retirements
Gross income
_
"•
Funded debt interest
Indebtedness to affiliated companies
58
7,085
Consumers' deposits.
Other interest
67
574
Federal & State tax on bond interest
447
$36,125
$51,929
Note—Provision for retirements was made during the years ended June 30,
1936 and 1935 on the basis of 8% of operating revenues (exclusive or
merchandise and jobbing), less gas purchased.
The amounts so provided
are less than the depreciation deductions claimed or to be claimed in Federal
income tax returns, which are based on a straight-line method, and the
resulting reserve is less than a depreciation reserve would be if based on such
Net loss
profit.
-
5,763,108
11,484,444
10,905,655
$430,414
$826,398
53,710
51,689
$1,795,002
25,873
$644,522
154,461
$484,124
$878,087
279,239
14,781
18,897
2791285
.,820,875
13,233
357,608
$798,983
16,438
394,553
~9l",666
186",080
55",656
32,589
19,564
391,033
35,604
$455,649
x91,999
$837,317
$332,992
$128,196
510,000
$547,648
510,000
$837,317
446,250
$332,992
127,500
def$381,804
$37,648
$391,067
$205,492
$2.15
$3.28
$1.31
.
Other income
income-
Net
Central Indiana Gas Co.—Earnings—
12 Months Ended June 30—
Net
10,191,841
$128,196
Balance
Interest paid—
Depreciation
Local taxes for prior yrs.
Federal
tax...
deductions
Other
43,011
Minority interest, &c—
Life insurance proceeds.
*
Dividends
paid-
Balance, surplus
Earns, per sh. on
255,000
$0.50
shs.cap.stk. (par$10)
x Excess of proceeds of life insurance policies paid on death of President
of company over cash surrender value carried on books.
Earned Surplus Account June 30, 1936—Balance, June 30, 1935, $4,291,-
844; net profit for year ended June 30, 1936, $128,196; other surplus credit,
$33,954; total, $4,453,995.
Cash dividends, $510,000; other surplus charge,
$16,514; balance, June 30, 1936, $3,927,481.
Balance
Cash
and
Notes
accts.
30,737
45,766
36,831
receivable, &c__
36,831
Real est. not used
Comparative Balance Sheet June 30
1936
Accts. receivable..
on
Accts.
4,018,969
1,281,000
18,783
trade
2,354
6,351
62,294
2,843
7,191
Serv. extens. deps.,
refundable over
6,322
4,057
pay.,
133,542
8
4,650
Reserves for retire. 1,083,115
4,000
4,003,700
Consumers' deps_.
126,695
accts
Def. credit items..
rentals received.
Prepaid Insurance,
taxes, «fcc
3
4
1,356
1,784
Miscell. invests...
Special deposits
8,407
Def. debit items..
13,059
value of
sur.
off. life Ins. pols.
172,091
1,691,638
Inventories
1,233,924
1,326,149
2,681,869
Organization exp.
9,320
Deferred charges.
98,651
2,912,269
9,320
88,589
x
Real estate, mills,
gins,
1,070,877
x
for
contribs.
for extensions
Sundry
$8,655,718 $9,324,2141
103
1,513
3,701
111,731
75,605
1,756
..
reserves..
(def.)
Neon
Electrical
11,213,038 11,140,401
Total
11,213,038 11,140,401
6 Mos. End. June 30—
Gross profit from
and sales
Represented by 50,000 no par shares.—V.
142, p. 3499.
State authorities.
„
,
Certain-teed Products
The directors
share
Oct.
on
Corp.—Initial Preferred Div.—
quarterly dividend of $1.50 per
cumulative prior preferred stock, par $100, payable
record Sept. 19.
have declared an initial
the new 6%
1 to holders of
Other deductions—net.
Net profit
Divs.
_
from oper.
Earnings
per
extended to Sept. 30 the time within which holders of 7%
preference stock might exchange their holdings for the new
6% stock under either option A or B of the plan of recapitalization of May
27.
In respect to exchanges effected after Sept. 19, the board authorized
payment Oct. 1 of the dividend on the new 6% stock to persons in whose
names the stock shall be issued.—V.
143, p. 1392.
The directors
1934
1935
1936
1933
$479,270
$505,619
261,276
21,698
33,665
278,089
Crl2,382
36,223
$581,310
322,333
72,490
26,880
$151,128
$162,631
$203,688
$159,607
262,193
$0.62
262,303
$0.76
262,303
$0.56
131,084
stock
on com.
Shs. cap. stk. outstand'g
share
262,168
$0.57
Consolidated Balance Sheet June 30
1936
Assets—
Cash
$594,111
196,859
281,700
Customers' oblig..
Inventory
Sundry
Invest,
in
1936
&c__
582,184
608,038 Mtge. obliga'ns
currently
Reserves
510,215
for
Fed¬
eral income tax.
511,727
54,661
53,718
Res.
good-will
for
losses
82,297
77,691
203,078
63,201
258,234
68,306
on
Neon signs
Deferred income.
Neon sign contr'ts
351666
due
oblig.
309,290 Mtge.
rental
Land, buildings &
equipment.!
Patent rights and
$61,661
65,542
purchases, exps.,
Dividends payable
equipment
$61,708
65,542
payable for
Accts.
216,288
&c
1935
10,000
25,000
Liabilities—
1935
$783,934
236,613
235,499
accounts,
investments,
Deferred
charges.
1,225,216
140,781
.
1,281,620 Neon sign contr'ts
(contra)
1,225,216
103,331
1,281,621
Minority interest.
aCom.stk.&surp.
(contra)
Exchange Time Extended—
(Del.)
$460,810
308,050
Cr22,546
24,179
„
permanent injunction is said to be of considerable interest to many
other rail carriers in New England that are now using gasoline in connection
with the interstate movement of passengers and freight.—V. 143, p. 1223.
The
Corp., Ltd.
rentals
Prov. for Fed. inc. tax._
Central Vermont Ry., Inc.—Gets Injunction on Gas Tax—
The temporary injunction granted the company against the State of
Vermont on Jan. 31 last, which restrained the State from collecting a tax
on gasoline used by the railway, had been made permanent, in accordance
with a ruling of Judge Allen R. Sturtevant, sitting as Chancellor in a Court
of Equity at St. Albans, Vt.
The injunction was petitioned for on the ground that gasoline of gasolinepropelled cars of the railway is used in interstate traffic, and according to the
constitution, interstate business is not subject to the taxing jurisdiction of
Products
1936 and $3,774,712 in
(& Subs.)—Earnings—
Selling, admin. & gen__
x
$8,655,718 $9,324,214
Total
reserve of $4,272,089 in
Includes notes.—V. 142, p. 3843.
y
Claude
18,538
30,861
accounts
Res.
&c___
After depreciation
1935.
Res. for uncollect.
Earned surp.
Total
172,436
901,362
404,122
Temporary invest.
Total
long term
585
Cash in closed bks.
Cash
6
126,212
sundry
Due to parent co._
Accrued
appl's
installed, less
4,291,845
3,927,481
24,884
Advs. & investm'ts
93,470
3,954,675
123,566
126,906
and
&
rental—
at cost of
500,000
500,000
4,018,969
1,281,000
14,154
debt:
87,030
mat'ls
supplies
Appl.
stock (par $100)
Funded
1935
sation under the
Cotton Act of '34
Com. stock
x
1936
Capital stock (par
$10)
$2,550,000 $2,550,000
Accounts payable.
219,069
246,631
Taxes accrued
,192,375
132,759
Insurance accrued
5,853
9,494
2,065,073
Capital surplus..
1,789,353
Earned surplus...
Claims for compen¬
pref.
cum.
Notes payable
companies
Merch.,
2,053
151,740
affil'd
from
Due
$
Liabilities—
$
Prop., pi. & eqpt. 10,826,465 10,818,911
72,369
Cash
67,016
1,566
209,674
1935
$
1935
1936
Notes receivable..
in operation
June 30
Liabilities—
$2,602,994 $3,357,091
y72,780
70,279
Accts. rec., current
straight-line method.
Sheet
1935
1936
Assets—
2,275,215
cumulative
$3,802,017 $4,123,771
'Total
a
Represented by 262,168 shares(no
500
2,0651976
Total
$3,802,017 $4,123,771
par) in 1936 (262,193 in 1935).—
V. 143, p. 1554.
Chesapeake Corp.—Changes in
The Guaranty
Collateral—
Trust Co. of New York, as trustee
Coca Cola
for 20-year convertible
collateral trust 5% gold bonds, due May 15, 1947, has notified
York Stock Exchange that during the period from Aug. 1, 1936 to
the New
Aug. 31,
1936, both inclusive, bonds of said issue aggregating $1,011,000, principal
amount were converted, canceled and retired in accordance with .the terms
of the indenture dated May 15, 1927, and as a result thereof, 22,993 shares
& Ohio Ry. Co. stock were withdrawn
pledged with it as trustee under said indenture.—V. 143, p.
of the Chesapeake
from the coll.
1223.
The
of record Sept.
refunding & improvement mortgage 3)4 % bonds,
1936, due Aug. 1, 1996 —V. 143, p. 1392.
listing of $29,500,000
series E, dated Aug. 1,
Authorized—
A committee of 15 officials of leading
mutual savings banks,
headed by
Henry Bruere, President of Bowery Savings Bank, was authorized by the
Interstate Commerce Commission to intervene in the reorganization pro¬
ceeding.
an
The committee represents 254 mutual savings
aggregate of $50,448,500 of
banks which hold
the road's securities.
Hearing Resumed—
C.
Comptroller of the company, resumed the stand
before the Interstate Commerce Commission to continue his
reorganization proposal.
North Western plans to spend $19,500,000 during 1936 on equipment
total of $14,500,000 on maintenance of road and structures.
Mr.
H.
Sept.
Westbrook,
10
testimony on the
The
and
a
declared
an
extra
dividend of $1.25 per share in
H cents per share on the
payable Oct. 1 to holders
15—V. 143, p. 267.
directors
common
have
declared
a
dividend of 25 cents per share on the
stock, payable Oct. 1 to holders
of record Sept. 15.
An initial
July 1 last.
The directors also declared an extra dividend of 25 cents in addition
dividend of 20 cents was paid on
to the
Ry.—Intervention in Reor¬
ganization Plan by Bankers Representing $50,448,500 Bonds
Chicago & North Western
have
Co.—Larger Common Dividend—Extra
Participating Preferred Dividend—
The
has authorized the
Bottling Corp. (Del.)—Extra Dividends—
Columbia Baking
Chesapeake & Ohio Ry.—Listing—
The New York Stock Exchange
directors
addition to the regular quarterly dividend of 62
class A and B common stocks, no par value, all
stock,
regular quarterly dividend of 25 cents on the $1 cum. partic. pref.
no par value, both payable Oct. 1 to holders of record Sept. 15.
An extra dividend of 20 cents per share was
on
paid on the participating stock
July 1, last.—V. 142, p. 4171.
Commercial Banking Corp.—Registers with SEC—
first page of this department.—V. 143, p. 915.
See list given on
Commercial Credit Co.—Listing—
authorized the listing of additional
($10 par) on official notice of issuance thereof as
a dividend on common stock; and additional shares of common stock on
official notice of issuance from time to time on conversion of outstanding
434% cumulative convertible preferred stock, said number of shares, in
addition to the common stock heretofore reserved for the purpose, being
required by reason of the 20% dividend payable in common stock on Sept.
30, 1936, to holders of common stock of record Sept. 10, 1936, whereby
The New York Stock Exchange has
shares of common stock
Volume
Financial
143
there becomes effective
Chronicle
reduction of the ratio of conversion of the 4 M %
cumulative convertible preferred stock into common stock.—V. 143, P1555.
a
1717
Consolidated Retail Stores, Inc.—Sales—
Month of—
1936
January
Commercial Investment Trust
there were
of the close of business July 31, 1936, 10 options providing
as
for the purchase of 6,120 shares of common stock of the
corporation on
April
May
the
Price per
Share
Number of Shares—
150---.
Date
$26,66 2-3
Commonwealth
Dec. 31,1936
Dec. 31,1936
$29,16 2-3
150
5,820-.V. 143, p. 1225.
July
August
—V. 143,
Expiration
$20.00
-
Dec. 31, 1937
Telephone Co.
(Wis.)—Registers with
Compressed Industrial Gases, Inc.—Registers with SEC
page*df this department.—V. 14 3,
p.
1555.
^Connecticut Light & Power Co.—Refinancing Approved
"ie preferred stockholders
have consented to the issue of $7,500,000
3)4% sinking fund debentures.
The company also plans to issue
$7,000,000 30-year 3Y% mortgage bonds.
The company's program of
refinancing will accomplish an annual saving of approximately $240,000
a£d involves the caUinS of $6,500,000 6H% preferred stock as of Dec. 1,
improvements.
new
plan for reorganization of the company has been proposed and
present common stockholders
6.3 shares of old.
The directors have declared
tions
the preferred and that
of the common..
a
cum. pref. stock, par $100, payable Oct. 1 to holders of
Similar payments have been made on April 1, last and on
April 1 and Oct. 1 of 1935,1934 and 1933, prior to which the preferred stock
received regular semi-annual dividends of
3)4% •—V. 142, p. 1812.
Consolidated Paper Corp., Ltd. (& Subs.)—Earnings—
Year End.
Period—
a Gross
profit..
Bank, other interest
Salaries
$3,305,682
581,695
of executive
expenses.^.
Directors fees
Bond interest, &c
—
r
b Other charges
$1,541,365
691,180
$2,448,849
790,137
of- f
ficers
Legal fees &
$2,017,246
632,201
155,400
12,844
2,100
44,714
Continental
Oper. prof, beforedepr $2,269,449
62,197
1,023,128
90,496
1,666,302
$1,116,983
$2,269,449
loss$22,446
From operations, income from investments,
b On properties not operated.
Interest
Consolidated Balance Sheet
loss$98,087
loss$98,087
Inventory
Invest,
sees
Held by trustee.
_.
Deferred charges..
Shares in and avs
Liabilities—
I
$162,205
25,584
62,500
4,882
bonds—
Net income
!
1
69,238
154,273
Balance, Jan. 1, 1936Total
Dividends
on
preferred stock
$223,511
44,315
1,000
:
Amortization of pref. stock commissiops and expense
Assets—
Invs. in & advs. to
7%
.$4,744,785 $4,692,514
invsjatcost)
1,922
1,922
Other
accrued charges.
Accrued Interest..
Mont. Trust
244,975
sec..
2,067,124
18,153
336,722
1
Sub. bonds
864,414
Funded debt.-...51,406,900
Conting. reserve.. 2,411,873
b Capital stock... 1,535,235
Earned deficit
120,533
Total-..-..-..69,570,613 72,027,315
Total
After deducting reserve for depreciation,
shares.—V. 141, p. 915-
Consolidated Rendering Co.
Years Ended June 30—
Inc. from opers. before deprec. & infc__
Provision for depreciation
7,003
668
67
3,000
Funded
166,826
327429
4,000
Due
1,047,350
2,500,000
to
(par
associated
companies
Accounts payable.
Accrued interest-.
85,400
1,775
43,060
2,492
52,084
52,083
326
350
22,263
19,071
20,000
taxes
Dividends payable
General reserve
Earned surplus
Total
V.
p.
Crane
178,196
Total
$5,269,177 $5,200,463
142,
20,000
36,783
36,782
154,273
...$5,269,177 $5,200,463
4018.
Co.—Listing of Securities—
York Stock Exchange has authorized the listing of 145,889
preferred 7% cumulative stock (par $100); 2,348,628 shares of
common stock (par $25), and $12,000,000 of 15-year 3)4 % sinking fund
debentures, due June 1, 1951.—V. 143, p. 1395.
The
New
shares
of
Croft Brewing
Co.—Earnings—
Earnings for the 6 Months Ended June 30,1936
(& Subs.)—Earnings—
1935
$830,392
258,037
$798,344
567,729
—
Cost of goods sold
(including Federal
revenue
tax)
1934
$1,206,744
320,537
$572,355
70,587
$886,207
132,392
$521,206
83,141
1,325
74,075
$642,942
85,959
2,409
$1,018,599
104,468
81,923
175,460
Gross operating
Selling expense
Delivery expense
...
■-
$230,615
143,708
85,099
69,429
operating loss.
$67,622
3,240
Other income
97
36,123
profit
Administrative expense.Net
...
161,943
2,641
347,213
825,000
1,047,350
debt..... 2,500,000
stock
$5)
Net sales
$448,073
73,133
Interest charges
Com.
8,003
Capital surplus
2,060,836
21,814
358,319
152,592
1,038,654
51,406,900
2,706,773
1,535,235
120,533
$500,000
825,000
69,570,613 72,027,315
$688,014
239,940
Miscellaneous charges
Provision for Federal income tax...Proportionate share of loss of con¬
trolled subsidiary
$500,000
(par $100)
Accrued
b Represented by 1,534,725
1936
Net income before deprec. & int
Other income
par)
stock
4,557,000
8,309,725
no par
-
June 30 '36 Dec. 31 *35
partic.
6)4 % cumul. pref.
comms.
in process
Other def. charges
cum.
pref. stock ($100
cos.
Debt disct. & exp.
in proc. of amort
*
Liabilities—
$
2,741,000
Spec, bank loans.. 8,309,725
Accts. payable and
36,663
$178,196
June 30'36 Dec. 31 '35
Special deposit
Working funds...
1935
$
Bank loans
100,002
3,554,312
5,048,077
1,386,752
Capital assets. .59,342,671 61,656,533
a
of March 31
Capital liabilities.
to assoc. cos
a
as
1936
$
132,224
3,442,527
5,022,137
1,386,549
6,930
237,574
$118,410
22,750
21,044
Amortization of debt discount and expense
& exp.
exchange and miscellaneous
1935
S
rec.
be effected without the consent
and taxes
expenses
on
Cash in banks
Assets—
can
Total income
Operating
212,694
revenues,
Cash
reorganization
Telephone Co.—Earnings—
of amortization.
Accts. & bills,
for every
new
Income—Dividends on common stocks.
Dividends on preferred stocks
Interest
Pref. stock
72,662
1936
no
Balance Sheet
$1,044,321 loss$235.141
Profits from sale of other
investment securities.
a
or
Earnings for the Six Months Ended June 30, 1936
associated
Profit before deproc__
share
one
Balance, June 30, 1936-2,080
53,476
285,168
239,479
...
of
adjudi¬
equity in the assets of Con¬
Shares, Inc."
The analysis by Mr. Falkenstein of the other plan of reorganization
takes vigorous exceptions to the way the receivership has been handled.
In addition to the new plan and the one
proposed by the Scott com¬
mittee, there is an organization of preferred shareholders which is headed
by George H. Charls. The latter committee has been opposing the Scott
plan but has offered no reorganization plan of its own.—V. 143, p. 1555.
Year End.
Year End.
15 Mos.End
Mar. 31 '35 Mar. 31 '34 Mar. 31 '33
Mar. 31 *36
basis
tinental
dividend of 2)4% on account of accumula¬
the 7*7
Sept. 24.
the
It also states "until certain proposed
litigation shall have been
cated no one can say that the common has no
on
record
on
The plan points out that the common stock has 7 to 1
voting power over
mined.
Consolidated Dry Goods Co.—Accumulated Dividend—
348,053
622,582
p. 1555.
share of new for 7.6 shares of old.
There would also be issued 500,000
shares of (no par) common, 100,000 shares of which would be distributed
pro rata to preferred holders as a bonus and the remaining distributed to
Putnam & Co. of Hartford and Charles W. Scranton & Co. of New
Haven will handle the
subscriptions.
The offering price is yet to be deter¬
Application for registration is pending with the Securities and Exchange
Commission.—V. 143, p. 1395.
688,832
498,125
stockholders' committee headed by Col. Frank A. Scott.
The Falkenstein plan proposes that $5,000,000 of 5% preferred ($100 par)
issued by the company to old preferred shareholders on the basis of one
/ear
1936, at the call price of $115.
Other obligations to be called will be: Northern
Connecticut Power 5Ys
at 104^, $2,100,000; Bristol & Plainville
Tramway 4Hs at par, $540,000;
Waterbury Gas Light 4)^s at 105, $1,000,000; Windsor Lock Water 5s at
105, $40,000, and Rockville-Willimantic 5s at 105, $375,000.
Proceeds from the refinancing will also permit the
purchase and installa¬
tion of a new 25,000 kva turbine at
the Montville power station, and other
545.988
418,242
688,706
Continental Shares, Inc.—New Plan Offered—
A
given on first page of this department.-—Y. 143, p. 1555.
See list given on first
$494,434
515.089
849,202
606,439
is being sent to stockholders by Edward J.
Falkenstein, an accountant of
Cleveland, on
behalf
of
shareholders.
Accompanying the plan is a
criticism of the proposed reorganization of the
company by the preferred
SEC—
See list
-
June
following bases:
1934
$517,572
527,142
759,365
717,350
672,696
644,800
835,828
735,600
765,211
601.746
507,004
686,267
March
The company has notified the New York Stock
Exchange that
outstanding
1935
$556,759
February
Corp.—Options—
Total loss
Bond discount and expense
Interest paid
Loss
on
$64,381
2,596
9,173
...
disposition of capital assets.
380
Provision for Massachusetts excise tax
$326,542
$472,652
149,186
$738,574
13,672
$326,542
150,000
$621,838
100,000
150,000
$752,246
250,000
100,000
Profit and loss adjustments.
Appropriation to general reserve
Approp. for inventory price declines.
Appropriated reserve for estimated
loss or disposal of miscell. fixed
prop
_
Adjustments of inventories to market value.
Net loss for the period.
on
$176,542
35,105
Balance.
$325,279
84,667
$402,246
173,333
$141,437
Preferred dividends.
$240,612
$228,913
e
Cash
on
1936
1935
hand and
in banks
bond interest
Marketable
35,312
securs.
778~288
Due from employes
1,474
28,267
941,612
Inventories
Prepd. ins. & taxes
65,500
Other assets
38,897
Plant and equip.
Deferred charges..
39,595
z
Total
$68,129
234,211
472,130
1,917,972
47,869
$6,329,881 $7,586,3401
1935
$99,295
214,335
pref.
19,600
Pref. stk. called for
retirement
1941
Reserves
15,058
999,600
391,260
1,359,500
1,250,000
1,499,500
1,100,000
2,340,350
468,070
594,562
Due affil. company
1st mtge. 5% bds.,
receivable
Common stock.
Capital surplus
2,340,350
468,070
453,126
Earned surplus
1,205
_
36,646
43,470
325,070
23,738
Deferred charges._
88,038
c Fixed
assets
1,604,672
40,556
85,405
customers.'
1,635,004
$2,474,174 $2,575,9921
After
containers..
Accrued
Fed.
reserve
35,894
14,147
250,000
121,000
and
10-yr.5% s. f. debs
Mortgages payable
Res. for conting._
Deferred income.
b Permanent signs
Total
29,225
39,495
246,000
Prov. for outst'd'g
317,733
bottles...
$50,000
35,522
16,307
for
depreciation,
102,500
13,271
Total
b After
34,768
«10,074
1,750,000
2,850
255,426
74
_
d Capital stock...
1,751,800
2,850
169,348
Paid-in surplus
Earned surplus
$2,474,174 $2,575,992
amortization,
c
After
de¬
preciation of $157,146 in 1936 and $123,204 in 1935 on Boston plant and
$41,543 in 1936 and $33,871 in 1935 on Baltimore plant,
d Represented
by shares of $1 par.
e After reserve of $22,369 in 1936 and $17,870 in 1935.
—V. 142, p. 4173.
Cromer-Cassel Department Store Bldg.,
ment
Miami—Agree¬
for Sale of Property—Estimated Distribution
to
Bond¬
holders—
Total
$6,329,881 $7,586,340
x Less
reserve for doubtful accounts of $225,000 in 1936
($200,000 in
1935).
y Represented by 46,807 no par shares,
z After
depreciation of
$3,533,421 in 1936 ($3,744,268 in 1935) and after reserve for estimated
loss on disposal of miscellaneous properties of $298,200 in 1936
($462,626
in 1935).—V. 143, p. 1225.
193,808
116,718
$106,884
12,727
-
Accounts payable.
State taxes..
2% % (1939)
Barrels, cases and
with
JuneSQ'ZQ Dec. 31 '35
Accrued accounts.
U. S. Treas. ctfs.,
a
Liabilities—
Bank loans
$135,958
Accts. and notes
Inventories
a
Deferred credit
y
391,332
1,777,720
_
on
stock
228,262
952,711
1,239
23,679
1,074,222
67,277
22,269
Inv. and equity in
affil. company.
Accruals..:
Accrd. dlv.
Accts. receivable
Sundry.
1936
Accounts payable-
$2,231,883 $2,778,711
Cash deposited for
x
Liabilities—
securs.
$62,185
6,824
183,715
150,623
hand
Marketable
Consolidated Balance Sheet June 30
Assets—
$89,779
Balance Sheet
June 30 '36 Dec. 31'35
Assets—
Cash in banks and
46,558
2,500
8,028
2,719
Baltimore plant expense
The Real Estate Bondholders'
Protective Committee (George E. Roose¬
velt. Chairman) in a notice to depositors of 1st mtge. 6% sinking fund gold
bonds of Cromer-Cassel Store-Building-, Inc., formerly secured by the
Cromer-Cassel Department Store, Miami, Fla., states in part:
Depositors have previously been advised by the committee that the
Cromer-Cassel Department Store property was acquired by Store Building,
Financial
1718
corporation organized by the committee for the benefit of depositors,
The Mark Store, Inc., another corporation organized by the
has been conducting a department
store business on the premises under a lease from Store Building,
Inc.
Store Building, Inc. borrowed $75,000 on the security of a new first mortgage
loan on the property for the purpose of paying delinquent real estate taxes,
of acquiring certain furniture, fixtures and equipment, of increasing the
capitalization of The Mark Store, Inc., and for other corporate purposes. .
At the present time the unpaid principal amount of this first-mortgage
loan is $70,000.
Subject to the approval of Charles E. Hughes Jr., arbiter, as provided
in the deposit agreement, the committee has caused Store Building, Inc.
and The Mark Store, Inc. to enter into an agreement dated Aug. 5, 1936,
with Oscar E
Dooly Jr.
Mr. Dooly has entered into the agreement as
agent for Florida Ketail Stores, Inc., a corporation which is now being
organized by a group of individuals which he represents.
The agreement provides for the sale to the purchaser (Florida Retail
Stores, inc.) by Store Building, Inc. of the department store property
and the furniture fixtures and equipment in the property other than that
which has been purchased by The Mark Store, Inc., in connection with the
conduct of its business. The purchase price payable for such property under
the agreement will be $350,000 in cash, if the agreement is closed within
approximately one year and three months from the date of the approval of
the agreement by the arbiter, or $375,000 in cash if the agreement is closed
approximately two years and three months from the date of such approval,
less the principal amount owing on the first mortgage on the property at
Inc.,
and
a
that
committee for the benefit of depositors,
the time of closing.
The agreement also
provides for the sale to the purchaser by The Mark
Store, Inc., of substantially all of its assets, as of the date of closing, con¬
sisting principally of inventories of merchandise and supplies, accounts
receivable, and certain equipment subject to instalment contracts.
The
purchase price payable for such assets of The Mark Store, Inc., will be
payable in cash and will be equal to the cost price of the inventories, the full
amount of the accounts receivable and the full amount of the equity of
The Mark Store, Inc.
in the equipment owned
by it.
The value of the
of the
inventories varies from time to time because of the seasonal nature
of The Mark Store, Inc., at the
time of the sale of such assets will be between $80,000 and $90,000. If the
agreement is approved by the arbiter, the closing of the sale of the assets
by The Mark Store, Inc. will take place not less than 15 days and not more
than 95 days after the date of the arbiter's decision.
The agreement permits the purchaser to close the purchase of the depart¬
ment store property on the same date as the closing of the purchase of the
assets of The Mark Store, Inc. by paying the entire purchase price, or to
close the purchase of the department store property one year from that
date by making a deposit of $25,000 or two years from that date by making
a further deposit of $35,000.
If the time for the closing of the purchase of the
department store property is extended for one year or for two years, as
above stated, the agreement provides that Store Building, Inc., shall lease
the department store property to the purchaser for an annual rental of
$35,000, from which Store Building, Inc., will be required to pay real
estate taxes and assessments and premiums on policies of insurance cover¬
ing the building.
The amount of the annual taxes and insurance premiums
is approximately $15,000.
If the agreement is approved and consummated a brokerage commission
in the amount of $12,500 will be payable to Mr. Dooly out of the purchase
price.
Store Building, Inc., has agreed that if, upon submission of the
agreement to Mr. Hughes, the agreement should be disapproved because
of the receipt by the committee of a better offer for the purchase of the de¬
partment store property and of the assets of The Mark Store, Inc., and if
such property and assets should be transferred pursuant to such better
offer, and the purchase price therefor paid, Store Building, Inc., will pay
to Mr. Dooly a brokerage commission of $6,250.
In the event that the agreement is consummated, it is estimated that the
committee will be in a position upon the sale of the assets of The Mark
Store, Inc., to distribute to all depositors of bonds of this issue approxi¬
mately $5 in cash for each $100 in principal amount of deposited bonds of
this issue and upon the sale of the department store property to make a
further distribution of between $20 and $23 in cash for each $1000 in prin¬
cipal amount of deposited bonds of this issue.—V. 141, p. 2734. v
business.
It is estimated that the net worth
Crown Cork International
Corp.—25-Cent Class A Div.
25 cents per share on account
of accumulations on the $1 cum. class A stock, no par value, payable
Oct. 1 to holders of record Sept. 12.
A similar payment was made July 1
and April 1, last, Dec. 20, Aug. 30 and May 22, 1935, and on Dec. 21, 1934,
and compares with 50 cents paid on March 20, 1934, and Nov. 1, 1933.
The last regular quarterly dividend of 25 cents per share was paid on April
1, 1931.—V. 142, p. 3504.
Sept 12, 1936
Chronicle
common
Wright Corp.—V. 143, p. 1556.
Curtiss-Wright
Crum & Forster,
directors
Delaware RR.—Stock
Offered—
Detroit Steel Products Co.—25-Cent Dividend—
directors
The
•
regular quar¬
Power & Light Co., Portland,
Me.—Files with SEC—Seeks to Issue $9,500,000 Bonds and
143,
by amendment.—V
p.
1226.
""Eastern Cuba Sugar Corp.—82% of Bonds Deposited—
Charles Hayden is Chairman, announced Sept. 9
approximately 82% of the bonds have been deposited under the re¬
adjustment plan declared operative last March.
The total amount of the
bonds outstanding is $7,500,000.
With the final foreclosure sale of the mortgaged properties act for Sept.
23, the committee calls attention to the fact that it connot assure bondhold¬
ers the right to participate in the plan unless they deposit their bonds by
Sept. 15.—V. 143, p. 1074.
that
Inc.—Weekly Input—
Ebasco Services,
1936, the kilowatt-hour system input of the
For the week ended Sept. 3,
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp., and National Power & Light Co., as
compared with the corresponding week during 1935, was as follows:
XtlCTCCLSC"
i
Nat. Power & Light Co
Corp.—Earnings—
Economy Grocery Stores
June 27 '36 June 29 '35 June 30, *34
Years Ended—
Sales
$3,886,217
91,427
$3,667,149
93,366
$4,237,534
$4,183,494
$3,977,645
$3,760,515
4,031,719
4,001,325
3,749,113
3,600,117
Deduct oper.exps. (incl.
Fed. taxes & depre.) —
$205,815
30,000
Balance, surplus
Shs. cap. stk. (no par)..
Earnings per share
$228,532
160,398
60,000
$175,815
Dividends paid
182,169
$182 169
120,000
$1.52
$228,532
$100,398
120,000
$1.34
120,000
$1.71
120,000
$1.90
on
y
$1,773,828 $1,703,498
Fixed assets
Cash
hand and
Inventories
217,654
10,391
Accts. receivable-.
Capital stock...$1,350,000 $1,350,000
31,400
Notes
414,737
30,104
1,278,694
189,162
13,380
381,366
34,000
1,422,845
in banks
Investments
of the proceeds, the interest rate on the
underwriters,
>
holding company, has filed applications with
(b) of the Public Utility Holding Company
the requirements for filing declarations
with respect to two security proposals.
One (32-37) is an issue of $9,500,000 first mortgage bonds, and 10,000
shares of cumulative preferred stock, (see above).
The other (32-38) covers the issue and sale by the company of $10,000,000 promissory notes, to bear interest at the rate of 2% per annum,
to be privately sold to not more than six banks or trust companies and to
mature not later than Dec. 31, 1936. The proceeds of the notes will be used
to assist in refunding the first mortgage gold bonds 4 y^% series due 1956.
Opportunity for hearing in the above matters will be given Sept. 24,1936.
—V. 143, p. 1556.
,
Section 6
Aeroplane & Motor Co., Inc.—To Be Dissolved—
below.—V. 143, p. 1396.
Curtiss-Wright Corp.—Plans Dissolution of Some
pay.
(bank)
public accountants.
Pending dissolution, the stockholders of certain of the subsidiaries can
Curtiss-Wright Corp.
to exchange its stock for the stock of these subsidiaries on the following
bases: Curtiss Aeroplane & Motor Co., Inc., one share of its common stock
in exchange for one share of class A and 4H shares of Curtiss-Wright
Corp. common stock; Curtiss-Wright Airplane Co. (Mo.), one share of its
50,000
41,400
Installmt contract
Trade creditors
175,000
m
„
_
m
m
m
683,389
7,887
525,655
10,148
22,907
Other accts. pay..
31,223
Accept, under let¬
Restricted balances
'
In closed banks.
ters of credit...
Cash bonds of store
86,676
79,688
operation
18,332
21,801
45,779
managers
42,704
187,000
18,477
188,400
2,050
7,617
7,381
...
Federal & excise..
taxes, &c
(not
current)
Other accrd. exps.
Mass. excise taxes
(estimated)
Int.
on
pur. money
9,752
1,477,232
obligations..
Surplus....
$3,919,773 $3,716,2521
Total
After deducting
x
Total
9,479
1,321,010
...$3,919,773 $3,716,252
depreciation of $767,792 in 1936 and $644,371 in 1935.
value stock.—V. 142, p. 4175.
Represented by 120,000 shares of no par
Inc.—Sales—
Edison Brothers Stores,
Month
1936
of—
1,725,817
1,211,919
1,375,877
1,130,346
1,603,565
March-.
April
May
2,124,966
1,968,054
-
June
-
July..
August-..--
— -
The company had 97 stores in
the same month a year ago.—V.
991,867
operation in August, 1936 against 88 in
143, p. 919.
Consolidated
Elizabethtown
1935
$733,092
867,050
1,368,964
1,829.871
1,485,785
1,409,817
$874,140
1,051,674
January
February
Gas
Co.—Dividend
In¬
creased—
The directors have declared a
Subs.—
"view of the provisions of the Revenue Act of 1936, and in order to
effect substantial savings in operations, the directors of the corporation
have decided that it is desirable to dissolve some of its subsidiaries.
To
that end notices are being sent to the stockholders of Curtiss Aeroplane &
Motor Co., Inc., Curtiss-Wright Export Corp , Curtiss-Wright Airplane
Co. (Mo.), Curtiss-Wright Airplane Co. (Del.), Curtiss Caproni Corp.
and Curtiss-Wright Airports Corp., advising them of special stockholders'
meetings called to vote upon the question of dissolution.
It is planned to redeem the preferred stock of the Curtiss-Wright Export
Corp. under the provisions of that company's charter at $105 per share,
plus accrued dividends.
Should the stockholders approve the dissolution of the subsidiaries, liqui¬
dation will be accomplished on the bases of audited balance sheets to be
pregared by Messrs. Lybrand, Ross Brothers & Montgomery, certified
In
June 27 *36 June 27' 35
Liabilities—
June 27 '36 June 29'35
Assets—
x
bonds, due 1966, and 10,000
Act of 1935 for exemptions from
July 1, *33
$4,093,447
90,045
Notes payable
continue to avail themselves of the existing offer of the
-•
105,320
$4,132,214
Gross profits on sales.
Other income, &c
Exemption from Filing Declarations—
Curtiss
17.4
27.3
16.5
$18,485,092 $17,519,611 $15,658,929 $14,972,743
14,352,878
13,426,164
11,772,712
11,305,594
-
Less cost
The company, a registered
See Curtiss-Wright Corp.
%
Amount
16,897,000
11,691,000
10,748,000
97,117,000
42,856,000
65,258,000
114,014,000
54,547,000
76,006,000
—V. 143, p. 1557.
y
under
1935
1936
Operating Subs, of—
Light Co
Elec. Power & Light Corp
Amer. Power &
shares ($100 par) cumulative preferred capital stock.
The company intends to redeem the $10,418,000 principal amount of
first mortgage gold bonds 4>£ % series, due July 1,1956, out of the proceeds
SEC,
% mortgage sink¬
committee for 15-year 7
The bondholders' protective
ing fund bonds, of which
The company on Sept. 2 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2445, Form A-2) under the Securities
Seeks
SEC—Rights—
Doehler Die Casting Co.—Files with
The Company has filed a registration statement with the SEC covering
68,732 shares of common stock and subscription warrants evidencing the
right to purchase the common shares.
The company plans to offer common stockholders the right to purchase
the new common stock in the ratio of one-third of one share of new common
for each share of common held.
Any of the common stock not taken by
common stockholders will be offered to holders of the company's preferred
and preference stock prorata.
Any of the shares not taken by either the
company stockholders or the preferred and preference stockholders will be
offered to others.
Offering prices and names of underwriters will be filed
10,000 Preferred Shares—
bonds, the dividend rate on the preferred stock, names of the
and the price to the public will be supplied by amendment.
the
on
paid.—V. 143, p. 919.
Deferred charges to
Cumberland County
the
of 25 cents per share
have declared a dividend
capital stock, no par value, payable Sept. 30 to holders of record Sept. 19.
A like payment was made on July 10, last, this latter being the first distribu¬
tion made since Oct. 1, 1930, when a dividend of 35 cents per share was
Balance Sheet
dividend of 20 cents per share on the com¬
mon stock, par $10.,
both payable Oct. 15 to holders of record Oct. 5.
Similar extra dividends were paid on July 15, April 15 and Jan. 15 last,
Oct. 15 and July 15, 1935.
A special dividend of 20 cents per share was
paid on Dec. 20, 1935 and one of 15 cents per share was distributed on
of the proposed financing.
Further details as to the purpose
Corp.
Joseph Walker & Sons are offering a block of 3,000 shares ($25 par)
capital stock of the company, dividends on which are guaranteed by the
Pennsylvania RR., at the market, to yield about 4.04%.—V. 138, p. 2572.
share in
addition to the regular quarterly
Act of 1933 covering $9,500,000 first mortgage
Dissolved—Pre"
Be
above.
Inc.—Extra Dividend—
have declared an extra dividend of 5 cents per
Dec. 24, 1934.
■
Prior to the Jan. 15, 1936 disbursements, the, company paid
terly dividends of 15 cents per share.—V. 142, p. 4018.
Corp.—To
Export
ferred Stock to Be Redeemed at $105—See Curtiss-Wright
The directors have declared a dividend of
The
of Curtiss-
exchange for two shares of common stock
stock in
Wright Corp.; Curtiss Caproni Corp., one share of its common stock in
exchange for one share of common stock of Curtiss-Wright Corp.; CurtissWright Airports Corp., one share of its stock (represented by voting trust
certificates) in exchange for 5-12ths of a share of common stock of Curtiss-
dividend of $2.50 per share on the capital
stock, par $100, payable Oct. 1 to holders of record Sept. 24.
Previously
regular quarterly dividends of $2 per share were paid. In addition an extra
divided of $2 was paid on Dec. 1, 1934 and an extra of $1 was distributed
on
Dec. 1,1933.—V. 139, p.
3639.
El Paso Electric Co.
Period End. July
Gross earnings
31—
Operation
Maintenance
Taxes
Balance
Interest & amortization.
(Del.) (& Subs.)—Earnings—
1936—Month—1935
1936—12 Months—1935
$243,210
$232,792
$2,897,256
$2,773,056
117,433
103,598
1,315,662
1,200,687
13,658
14,989
1 64,930
1 62,560
30,126
26,370
324,961
314,805
$87,834
36,126
$81,992
36,154
Balance
$45,837
$51,708
Appropriations for retirement reserve
Preferred dividend requirements of sub. company
Pref. div. requirements of El Paso Elec. Co. (Del.)
$1,091,703
433,719
$1,095,003
434,176
182,972
$660,827
316,250
46,710
189,589
$93,301
$108,277
$657,983
335,000
46,710
0
Balance for common
—Y. 143, p.
919.
dividends and surplus
„
.
Volume
Financial
143
gf Electric Power Associates, Inc.—Resumes Dividends—
The
directors
class A and
of record
have
common
Sept.
15.
declared
dividend
a
stock, both of
This
will
be
1935, when dividends of 8 cents
of 10 cents per share on the
value, payable Oct. 1 to holders
payment made since May 1,
share were distributed*
Distributions
no par
the
per
first
of 10 cents per share were made each
quarter from Feb. 1, 1933 to and
including Feb. 1, 1935; 15 cents on Nov. 1 and Aug. 1, 1932, and 25 cents
per share paid each three months from Feb. 1,
1930, to and including
May 2, 1932.—V. 142, p. 952.
El Paso Natural Gas Co.—Common Stock
Guaranty Trust Co. of New York, transfer agent; City Bank Farmers
Trust Co., Register.
It is expected that the company will make
application to list its common
stock on a national securities exchange.
Business and Property. Company and its subsidiaries are
engaged in the
business of purchasing natural gas from producers in the Lea
County gas
field in southeastern New Mexico,
transmitting it through a pipe line
system and selling it at wholesale to public utility and industrial customers
located principally in or near El Paso, Texas;
Douglas, Bisbee, Tucson,
Superior and Phoenix, Arizona; and Cananea, Mexico.
The company and
its subsidiaries own and operate over 800 miles of
pipe line.
Consolidated Income Statements (Company and Subsidiaries)
12 Mos.End.
June 30, '36
Years Ended Dec. 31
1934
1933
$2,029,769
$1,362,829
$787,273
83,484
$ 712,450
93,373
$596,822
51,106
$378,139
25,180
125,002
104,999
111,763
91,477
17,641
302,302
255,360
224,257
161,934
$1,349,812
$1,160,027
$706,099
29,018
x
—_
Net operating income,
Other income
42,063
42,034
Total gross income, _.. $1,391,875
Interest on
long term
debt
$667,169
Other interest and de¬
$1,202,061
$1,092,010
$735,117
Notes receivable
Accounts
Miscell.
$609,115
$688,524
$707,446
7,112
3,129
13,438
9,282
72,234
of
82,153
81,795
$428,255
$289,331
$63,971
Provision for Federal income tax for the 12 months ended June 30, 1936
is based on one-half of the tax paid for the calendar year 1935 and one-half
of the estimated tax for the calendar year 1936.
In estimating the tax for
x
the calendar year 1936 a deduction from net income was made for premium
and unamortized debt expense on retired securities, such expense
having
charged to surplus by the company and one of its subsidiaries.
If
such expense were not considered the estimated normal tax for the calendar
year 1936 would have been approximately $60,000 greater.
No provision
been
has
been made for surtax
1936
as
on undistributed profits for the calendar
year
the company estimates that no such tax will be applicable to the
learnings for that year.
The company's fixed charges were reduced by the issuance in June 1936
of first mortgage bonds, Series A4^%, and 4%% convertible debentures
to refund debt previously outstanding, and the greater part of other income
was eliminated, in connection with such financing, as a result of the
repay¬
ment of notes and
following
table
amortization
been
accounts receivable from affiliated
companies.
In the
requirements for interest on funded debt and
and preferred dividend requirements have
present
of debt
three
fiscal years
and the 12 months ended June 30, 1936.
Such table presents
merely a mathematical computation and does not represent an attempt
to restate the company's earnings for those periods.
In preparing such
table no adjustments were made to reflect retroactively the effect of exten¬
sions of the company's properties, higher prices now being paid
by the
company for gas, increased Federal income taxes resulting from the saving
in fixed charges or from higher tax rates and other changes
affecting the
company's business.
12 Mos.End.
[Inter-company items eliminated]
Period End. July 31—
Gross earnings
Operation
Maintenance
Taxes
1936—Month—1935
1936—12 Mos.—1935
$4,173,182
$3,771,176 $46,886,952 $44,439,260
1,658,895
1,545,289
19,225,264
18,337,382
251,464
218,704
2,703,603
2,599,601
a495,795
455,210
a5,080,515
5,428,200
Balance
$1,767,027
Inc. from other sources.
41,982
$1,551,971 $19,877,569 $18,074,076
52,211
656,307
626,750
$1,809,009
661,942
$1,604,183 $20,533,876 $18,700,826
686,867
8,222,252
8,333,600
Balance
$1,147,067 I
Appropriations for retirement reserve
Dividends
$917,316 $12,311,624 $10,367,226
5,185,233
4,979,056
2,388,322
2,229,322
1,467,146
762,288
12,520
8,192
preferred stocks, declared
Cum. pref. divs., earned but not declared
Amount applicable to minority interests.
on
of certain subsidiary companies^
Cum. pref. divs. of certain sub.
cos., nor earned
No provision has been made for
a
profits, since the
close
of
the
amount
$3,258 ,401
555 ,179
$2,388,366
1,426,181
possible Federal tax on undistributed
of such tax, if any, cannot be determined until
a
year.
Comparative Income Statement (Parent Company Only)
12 Months Ending—
July 31 *36 July 31 *35
Revenue from subsidiary companies:
Interest—Income notes.
$128,000
$91,425
Interest—Time notes
Interest—Miscellaneous
56,860
71,479
48
Dividends—Preferred
Dividends—Common
88,540
85",951
a2,431,532
872,277
$2,704,981
$1,121,132
129,531
51,881
1,752
106,692
43,666
7,376
$2,521,816
1,858,829
464,707
2,323,537
;
Total gross revenues
.'
Expenses.
Taxes
Interest
•
Balance for dividends and surplus
Dividends on preferred stock, declaredDivs. on pref. stock, not declared (cumulative)
.
.
$963,397
Balance
$198,279def$1360,139
a
Includes $972,548 declared by a subsidiary company in November,
1935, the only declaration on the common stock of that subsidiary for the
entire year 1935; also includes $1,111,484. declared
by the same company
through July, 1936.
Note—No provision has been made for a possible Federal tax on undis¬
tributed profits, since the amount of such tax, if any, cannot be determined
until the close of the year.—V. 143, p. 921.
Equitable Office Building Corp.
3 Months Ended July
Rental income.
3i—■
-Earnings-
1936
1935
$782,242
Other operating income
84,188
Total
operating income
Maintenance and repairs
x Depreciation
$866,431
;
18,408
Other operating expenses
1934
$785,867
64,736
$886,237
$850,603
19,993
$960,214
61,752
195,750
150,457
Real estate taxes
Provision for doubtful accounts
Years Ended Dec. 311935
1934
1933
June 30, '36
1,624,559
..$15,504,661
Total
Engineers Public Service Co. (& Subs.)—Earnings
expense
from net operating income as reported for the past
deducted
$15,504,661
-Y. 143, p. 1557.
52,749
$645,360
;
Earned surplus-
Net
income
(excl. of
non-recurring
in¬
come and expense),
u
—
20,935
Total
debt
expense
74,964
deficit charges
:
Accounts payable
619,972
9,126
_
$1,256,700
1,013,100
11,175,000
137,798
Accrued interest
K" *-42,968
Accrued taxes
,i
92,294
Advances by consumers
85,380
Reserve #or contingencies—
39,598
Reserve for unearned profit..
37,263,
par)
Long-term debt
253,446
expenses
stock
(100,365 shs.
no
20,226
receivable.
Prepaid
the
Amortization
cum. pref.
Common stock
Balance applic. to Engineers Public Service Co.
before allowing for unearned cum. pref. divs.
$1,045,821
46,189
ductions
7%
' 150^000
677,879
Materials and supplies
Unamortized debt expense.
Provision for retirement
reserve
receivable.."
Cash
1,000
(other than Fed¬
eral income tax)
for
Federal
Provision
Liabilities—
$13,678,110
Instalment note
Int. & amortization
$2,327,209
Operation
income taxes
Consolidated Balance Sheet June 30, 1936
Assets—
Net fixed assets
Balance
82,665,514
Maintenance
Taxes
1935
1719
Co., being all of the capital stock of that company issued and outstanding,
and on June 11, 1936 the
company acquired all the business, property and
other assets of Eddy
County Gas Co.
On June 11, 1936, the
company acquired from El Paso Gas Transpor¬
tation Corp.
(formerly El Paso Gas Utilities Corp.), a wholly-owned
subsidiary of the company, its pipe line through the City of El Paso and
a franchise from the
City of El Paso.
After the mortgage securing the
company's first mortgage bonds, Series A 4 XA%, due June 1, 1951, had
been granted, the company
reconveyed said pipe line and franchise, subject
to the lien of said
mortgage, to El Paso Gas Transportation Corp.
Offered—Public
offering of 60,000 shares of common stock was made Sept. 10
by an underwriting group headed by White, Weld & Co.
and including Stone & Webster and
Blodget, Inc., Lehman
Brothers, Kidder, Peabody & Co. and Aldred & Co., by
means of a prospectus.
The shares were priced at $20 each.
The stock offered has a par value of $3
per share, giving
effect to reclassification on a 3-for-l share basis approved
by stockholders at a special meeting held in Wilmington,
Del., on Sept. 3. This offering does not represent financing
by the company as the shares are already outstanding.
Gross operating revenue
Chronicle
73,977
17,107
68,945
200,600
148,340
12,729
67,125
204,4o0
149,652
4.330
7,938
56,546
59,247
64,565
$379,186
4,637
$342,197
4,839
$447,926
2,346
$383,823
282,420
15,000
$347,037
288,546
8,000
$450,273
293,830
21,500
$86,404
$50,491
$134,942
Other general expenses.
Net operating income (as
$1,349,812
$1,160,027
$1,045,821
$706,099
510,573
510,573
510,573
510,573
Deductions;
Annual
Net operating income.
Other income..
"T
interest require¬
ment on funded debt,
Other interest
&
deduc¬
tions (as above)
Annual requirement
of
3,129
13,438
9,282
47,698
amortization
7,112
47,698
47,698
47,698
on
...
funded debt
Provision for Federal income tax
Net income
x
From the above net income before provision for surtax on undistributed
profits ($86,403), the
Balance
$784,429
$598,627
$474,112
103,579
103,579
103,579
103,579
$680,850
dividend
quirement
$495,048
$370,533
$34,967
$138,546
re¬
;
of $59,797 will be paid from the reserve set up
for additional depreciation and charged directly to earned surplus,
leaving
$26,606 to the credit of the surplus account for the period before provision
for
surtax
The foregoing computation is based on the following
securities outstanding
In the hands of the public as of Sept. 4,
1st Mortgage bonds, Series A 4J^%
4M% convertible debentures
7% cumulative pref. stock
4,
1936 there
were
1936:
$7,393,000
$3,745,000
;
^
14,797 shs.
outstanding 308,559 shares of
common
stock,
and, in addition, 64,350 shares were reserved for issuance upon
exercise of outstanding stock purchase warrants and 224,700 shares were
reserved for issuance upon conversion of convertible debentures.
Capitalization of company and its Subsidiaries
as
1st Mortgage bonds, Series A4 H%, due June 1,1951
x
On
Sept. 4,
1936 the certificate of incorporation
was
3,745,000
14,797 shs.
308,559shs.
amended
so
(no par) to 825,000 shares (par $3) and to reclassify the shares of common
(no par) by changing each share of such stock into three shares of
common stock (par $3).
stock
Underwriters—The
names
aoove net income was
up
A cents per share on
in addition to the regular
div. of 87
cents per share, both payable Oct. 1 to holders of record
Sept. 12.
Similar payments were made in each of the eleven previous
quarters.—V. 142, p. 4020.
the $3.50 cum. and partic. pref. stock, no par,
quar.
(Marshall) Field & Co.—Sells Davis Store—
as
to increase the authorized amount of common stock from 275,000 shares
amounts
undistributed
reserve set
The directors have declared an extra dividend of 37
Outstanding
$7,393,000
$7,500,000
4H% convertible debentures, due June 1, 1946.3,750,000
7% Cum. pfd. stock ($100 par)
50,000 shs.
Common stock ($3 par)
x825,000shs
on
when the
from the
Family Loan Society, Inc.— Extra Dividend—
of Sept. 4, 1936:
Authorized
sum
profits.
(For the corresponding period last
$50,491, the sum of $49,407 was paid
for additional depreciation and charged directly to
earned surplus, leaving $1,083 to the credit of the surplus account.)
The
corporation is obligated to make in each year certain payments on account
of the principal due on its funded debt; during the three months ended
July
31, 1936, $121,549 has been accrued on the books of the corporation to pro¬
vide for such payments.
Of this amount $61,752 will be paid from the
reserve set up for depreciation and charged against operations for the
period,
in accordance with rates allowed by the U. 8. Treasury Department.
The
balance of $59,797 not so permitted as a charge against operations will be
paid as above described.—Y. 143, p. 1398.
year,
As of Sept.
of the several underwriters and the respective
by them hereunder are as follows:
See Goldblatt Bros., Inc., below.—V.
Flintkote Co.—Removed
143,
p.
1557.
from Listing and Registration—
The New York Curb Exchange has removed the
from
listing and registration.—V. 143,
p.
common
stock,
no par,
1075.
of common stock offered
"White, Weld & Co., New York, 27,000 shs.; Stone & Webster and
Blodget, Inc., New York, 12,000 shs.; Lehman Brothers, New York,
9,000 shs.; Kidder, Peabody & Co., New York, 6,000 shs.; Aldred & Co.,
New York, 6,000 shs.
(William)
Filene's
Sons
Oni June 11, 1936, the
company
Acquisitions
acquired all of the business, property
and other assets of its wholly-owned subsidiary, Western Gas Co.
In June, 1936, the company exercised an option to purchase from
El
Mortgage Corp. 9,100 shares of capital stock of Eddy County Gas
Co.—Common
Dividend
Raised—Extra Dividend—
The directors have declared a dividend of 40 cents per share in addition
dividend of 20 cents per share on the common stock, no par
value, both payable Sept. 30 to holders of record Sept. 19.
Dividends of
30 cents per share were paid on June 30, and March 31, last, and on Doc. 31.,
1935 and in each of the eight preceding quarters, regular quarterly dis¬
tributions of 20 cents per share, in addition to extra dividends of 10 cents
to an extra
Certain Property
Paso
.
for
debt
expense
Preferred
;
Net income
Interest
per
share were made.—V. 143, p. 1398.
Financial
1720
Finance Co. of America
(Bait.)—Extra Dividend—
The directors have declared an
extra dividend of 50 cents each on the
A and B stocks, payable in the 6% cumulative sinking fund pre¬
ferred stock of the Baltimore Pure Rye Distilling Co. ($25 par value), at
the rate of one share of Baltimore stock for each 50 shares of the Finance
common
Co. class A
class B
or
common
stock held by the Finance Co. stockholders.
The
regular quarterly dividend of 12 3^ cents per share on the common A
All dividends are payable Sept. 30 to holders
of record Sept. 15.—V. 143, p. 428.
and B stocks also was declared.
First Bank Stock
Corp.—Dividend Raised—
The directors have declared
a dividend of 25 cents per share on the com¬
stock, par $10, payable Oct. 1 to holders of record Sept. 19.
This
compares with 20 cents paid on April 1, last; 15 cents paid on Oct. 1, 1935,
10 cents paid on April 1, 1935, and on Oct. 1 and April 1, 1934; 5 cents per
mon
share
on Oct. 1, July 1 and April 1 1933; 12}4 cents on Jan. 1, 1933, Oct. 1,
July 1 and April 1,1932 and 25 cents on Jan. 1, 1932.—V. 142, p. 1119.
Foster &Kleiser Co.—Initial Class A
Dividend—
have declared an initial quarterly dividend of 373^ cents
the 6% cumulative class A preferred stock, par $25, payable
holders of record Sept. 15.—V. 142, p. 4177.
The directors
per share on
Oct. 1 to
Chronicle
approved by the stockholders of the two companies, General Alliance Corp,
turn over its holdings of North Star stock to General Reinsurance
will
Corp.
On Sept.
Years Ended June 30—
to the authorized amount of 400,000 shares.
up
1935
314,106
73,825
$173,319
2,195
$124,736
2,461
$175,514
Sales
$1,070,394
723,468
168,233
53,955
day of record, and no fractional shares will be issued.
There are 200,000
shares of General Reinsurance Corp. stock authorized and outstanding.
The board of directors of North Star Insurance Co. on Sept. 10 declared
a dividend of $4 a share on its
120,000 shares of capital stock, payable
Oct. 16 to shareholders of record Oct. 15, the payment, however, being
contingent upon the stockholders' authorization of the completion of the
reorganization plan and^bontingent upon the transfer to General Rein¬
surance Corp., prior to Oct. 15, of the North Star stock now held by General
Alliance Corp.
;
Besides simplifying the corporate structure of the group and effecting
operating economies, completion of the plan, according to Edgar H. Boles,
who heads the group of companies, should further strengthen the financial
position of General Reinsurance Corp. and will enable stockholders to own
the shares of an operating insurance company rather than a holding com¬
pany.
•
Net operating profit
Other income less other expenses.
Depreciation
:
i:
Provision for Fed. income and
42,413
.
v _
_
_
profits taxes.
excess
27.427
68.750
$84,784
25,000
$79,336
$59,784
$148,086
Dividend payable July 1.
Balance.
Balance Sheet
Liabilities—
1936
Acc'ts receivable.
1935
1936
1935
867,689
852,036 Accounts payable.
19,659 Accrued expenses^
$35,748
15,903
$31,526
Fed. income tax..
Assets—
Cash
27,427
7,626
11,330
Div. pay. July 1..
23,750
25,000
121,496
750,000
71,000
144,154
500,000
71,000
64,973
_
Rev. stamps & tax
warrants
10,406
Inventories
Cash
97,626
...
dep.
on
4,403
88,070
Earned surplus...
niture & fixtures
752,027
Def'd charges
prepaid
15,449
37,989
.$1,189,478
After
reserve
list
General Motors Corp .-^-August
on
Car Sales—The company
Sept. 8 released the following statement:
August sales of General Motors cars to dealers in the United States and
Canada, together with shipments overseas, totaled 121,943, compared with
124,680 in August a year ago.
Sales in July were 204,693.
Sales for the
first eight months of 1936 totaled 1,496,804 compared with
1,181,030 for
the same eight months of 1935.
Sales of General Motors cars to consumers in the United States totaled
133,804 in August compared with 127,346 in August a year ago.
Sales in
July were 163,459.
Sales for the first eight months of 1936 totaled 1,261,714 compared wich 884,826 for the same eight months of 1935.
Sales of General Motors cars to dealers in the United States totaled
99,775 in August compared with 103,098 in August a year ago.
Sales in
July were 177,436.
Sales for the first eight months of 1936 totaled 1,255,485
compared with 952,343 for the same eight montns of 1935.
1936
23,181
Total
$1,189,478
$711,301
for depreciation of $118,561 in 1936 and $72,237 in 1935.—
1933
62,506
100.848
153.250
153,954
132,837
146,881
134,324
109,278
39,152
127,054
182.754
185.698
71,888
72,050
61.037
41,594
82,117
59.614
58,018
86,967
98,205
113,701
106,918
97,614
81,148
1.240,447
—
October
_
November..-.
*
December..
Co.—Listing, &c.—
"
Total
authorized the listing of 40,000 shs.
exchange for 2,000 shs. of class B
stock now outstanding; 19,800 shs. of class A common stock upon exercise
of warrants by present class A common stockholders; 20,000 shs. of class A
common stock to be subject to a proposed option, and 2,200 shs. of class A
class A common stock upon exercise of options held by officers and em¬
ployees for the sale of same, making the total amount applied for to date
The New York Stock Exchange has
A common stock (no par) in
shares.
On July 27, last, the stockholders approved the following propositions:
(a) Appointment of H. M. Preston & Co., of Chicago, to act as fiscal
agent of the company to arrange for proper financing,
gpi 4
(b) Reclassification and reduction of certain items contained in the
balance sheet of the company relating to marketable securities, investment
280,000
goodwill, unlisted securities and the book value of
treasury shares of stock.
(c) Offer by the company and acceptance by holders of the class B
common stock of the surrender and agreement to cancel by class B stock¬
holders of 2,000 shares of class B common stock and the exclusive voting
rights incident thereto in consideration of 40,000 shares of class A common
stock proposed to be authorized and issued.
(d) Increase of the authorized capital stock of the company from 200,000
shares represented by 198,000 shares of class A common stock and 2,000
shares of class B common stock to 300,000 shares of class A common stock.
in affiliated company,
(e) Reducing the stated value of shares
(f) Negotiating the sale of additional
from $5 per share to $1 per share.
shares by means of options and
of obtaining additional working capital.
Options and Warrants—There are no outstanding options or warrants in
respect of which the company is required to issue any shares of its stock.
It is proposed that 22,200 shares of the additional class A common stock
proposed to be authorized will be subject to issuance upon exercise of
options as follows:
(1) 20,000 shares will be subject to an option proposed to be arranged
between the company and Shields & Co., New York, for purchase on or
before Nov. 18, 1936, at a price to yield the company not less than $4
per share.
(2) 2,200 shares will be subject to options to be exercised by officers and
employees of the company within such reasonable time and for such con¬
sideration as the board of directors may determine.
warrants for purpose
19,800 shares shall be subject to warrants to be exercised by holders
of present class A common stock to purchase one additional share for
each 10 shares presently held at the price of $4 per share.
Warrants will
be issued to holders of stock appearing of record as of four days subsequent
to effective date of Form A-2 Registration Statement, and shall expire as of
Sept. 1, 1936, or as of a date 20 days subsequent to date of issuance of
(3)
said warrants.
Consolidated Balance Sheet,
April 30, 1936
[Adjusted to give effect to proposed adjustment
change in capital structure]
of asset values and
Liabilities—
Assets—
Notes
payable to banks
20,000
Marketable securities
$7,745
73,190
Accounts payable
Notes and accounts receiv
54,919
Accrued
Inventories
88,045
Accrued taxes
6,002
Advs.from affil. co. not consol.
4,370
Cash
Other assets.
....
Investment in attil
company
charges
3,207
payroll and
1
Commonstock
21,412
|
expenses..
(238,000shs.).
Capital surplus
deprec.)
Total:
January
February
102.034
96.134
869.035
March
54,105
77.297
126.691
143,909
109,051
137,782
108.645
127,346
93,3
50,653
42.280
194,628
184,756
163,459
133,804
—
—
July
August
September
47.436
106,349
95.253
.112,847
101.243
86.258
71,648
69,090
62,752
41,530
71,599
85,969
101,827
87,298
86.372
71,458
63,518
35.417
11.951
1.278.996
200.117
-
98,174
68,566
136.589
122.198
181.782
April.—
May
June-..
23.438
58,911
934
935
927.493
755,778
66,547
October
November
December...
Total
Sales to Dealers in United States
150,010
131,134
116.762
162.418
194.695
187.119
186,146
177.436
99,775
March
April...
May
June
July
August
September
October
November
46,190
82,222
119,858
121,964
103.844
118,789
107,554
87.429
53.738
50,514
39.048
28,344
1933
72,274
50,212
45,098
74.242
85,980
99,956
92,546
84.504
67.733
41,982
3,483
11,191
1,370.934
1936
January....
February
959,494
729.201
1935
75,727
92.907
132.622
152,946
105,159
150,863
139,121
103,098
22,986
97,746
147,849
December
....
Total
1934
Unit sales of Chevrolet. Pontiac, Oldsmobile. Buick. LaSalle and Cadillac
and Commercial cars are included in the above figures.
passenger
Chevrolet
August Output—
Chevrolet produced 87,673 cars and trucks in the United States during
August, exclusive of Canadian production and exports, the third highest
August figure since the record was set in 1928.
The 12,000,000th Chevrolet
was assembled
Aug. 5, eight months and one day after production of the
11,000,000th
•
car.
Combined Chevrolet
and truck sales in
August totaled 95,905 units,
the second largest for August in company's history.
Truck sales of 23,249
were the highest for any August and second highest for any monttp
Chevrolet dealers sold 165,197 used cars during the months, a gain of
nearly 20,000 over August,, 1935.
Used car stocks decreased 3,527 units
in last 10 days of the month and at beginning of September were more
than 7,500 units lower than a year ago.
Bui'ck
car
Output Gains—
Buick Motor Co. has produced 173,435 cars of 1936
models for domestic
export and Canadian shipments as compared With 63,985 in the previous
model year, according to Harlow H. Curtice, President and General Manager
Payrolls for the 12 months ended July 31 increased to $24,153,000 a gain,
of 59.8% over previous year, Mr. Curtice said.
Average employment
the same period was 13,561 men, against an everage for the earlier
of 9,329, an increase of 45.3%.
Earnings per employee averaged
10% larger than for ttye previous 12 months.
over
511,693
$760,214
1936
7,050
238,000
416,624
53,054
10,384
21,295
Sales to Consumers in United States
68,165
1
Goodwill
Fixed assets (less
1934
98,268
121,146
169,302
184,059
134.597
181.188
167,790
124,680
1,715.688
July
August—_
September-.
1935
158,572
144,874
196,721
229,467
222.603
217,931
204.693
121,943
__
of class
Deferred
United States and Canada Plus Overseas Shipments
January
February
June
$711,3011
Co.—Registers with SEC—
given on first page of this department.
April
May
V. 142, p. 3508.
Gabriel
General Mines Development
See
March
and
exps
Total
x
64,817
508,501
47,272
on
the
Total Sales to Dealers in
and
trade marks
„
Capital surplus...
121,496
Ld.,bldgs.,mach.,
bbis., cases, fur¬
exps.
contr't
payable
Capital stock
& equipment
Organiz.
Construc'n
res.
for bldg. constr.
x
June 30
,
Sept. 10 declared a cash dividend of 20 cents per share on
capital stock and a stock dividend payable at the rate of one share for
each 22 shares held.
Both dividends are payable Sept. 25 to holders of
record Sept. 15.—V. 142, p. 4020.
The directors
$127,198
expense
Total administrative expense
In the case of fractional
prevailing on the
shares, cash will be paid on the basis of the market price
Stock Dividend—
1936
$1,823,648
1,262,399
Cost of sales
25 General Alliance Corp. will pay a stock dividend to holders
15 amounting to one share of its stock for each 22 shares
of record Sept.
held, which will have the effect of bringing the outstanding capital stock
(Peter) Fox Brewing Co.—Earnings—
Sales..
Sept. 12, 1936
year
Total
-
$760,214
Cadillac-La Salle Sales—
-Y. 143, p. 1076.
Sales of Cadillac and LaSalle
General Alliance
surance
Corp.—Simplification of General Rein¬
Group Proposed—
A proposal designed to simplify the corporate structure of the General
Reinsurance Group and to effect operating economies was approved (Sept. 10
by the boards of directors of General Alliance Corp. and its subsidiary,
General Reinsurance Corp., and will be submitted to stockholders on
Oct. 14.
The plan involves the dissolution of General Alliance Corp. and
the distribution to its present stockholders of one share of General Rein¬
surance Corp. stock in exchange for each two shares
of General Alliance
stock held.
General Alliance Corp. has operated only as a holding company.
owning
Besides
all of the stock except directors qualifying shares of General Rein¬
Corp., which operates in the field of casualty and surety reinsur¬
it owns directly 53% and indirectly, through General Reinsurance
Corp., an additional 42% of the capital stock of North Star Insurance Co.,
in the fire field and controls Herbert Clough, Inc.
In the event the plan is
surance
ance,
cars in August were more than 40% ahead
August, 1935, and the highest for any August since 1929, Don E. Ahrens,
General Sales Manager, stated.
Sales since introduction of 1936 models
have been 68% larger than in the corresponding period last year and are
likewise the highest in seven years.
August sales of the company's highest priced line, the Cadillac-Fleetwood
cars, exceeded July on the basis of virtually complete returns, which is
without precedent.
Increases in the Fleetwood division have brought
the company's sales up to 48.5% of all cars listing above $2,000 the highest,
percentage in history in the high-priced group.
of
Pontiac
August Sales—
Retail deliveries of Pontiac cars in August totaled 12,180 units, the largest
for August since 1929 and comparing with 10,311 in corresponding 1935
month.
July sales were 16,564 cars.
Deliveries since Jan.
1
totaled 124,356 cars compared
with 106,505 for
similar period
late last year
the first eight months of 1935 and were the largest for any
since 1929.
Deliveries of 1936 models since announcement
Volume
143
Financial
Chronicle
1721
totaled 154,244 cars compared with 106,527 for the
period from announce¬
ment a year ago.
O. P. Simpson, general sales manager, stated that dealer stocks of new
cars are showing a marked reduction
every week. Pontiac dealers,
and used
he
stated,
1399.
p.
making more money than for several
are
General Printing Ink
Inquiries Solicited in
past.—V. 143,
years
Gary Electric & Gas Co.
Corp.—Regular Dividend Doubled.
The directors have declared
Bonds and Common Stock
a dividend of
$1 per share on the common
value, payable Oct. 1 to holders of record Sept. 21.
This
compares with 50 cents paid on July 1 and April 1, last; 40 cents in each of
the three preceding quarters; 30 cents on
April 1, 1935; 15 cents on Dec. 31,
Oct. 1, July 2, April 22, 1934, and on Dec.
22, 1933; 25 cents on April 1,
1932; 50 cents on Jan. 1, 1932, and 62cents per share
paid quarterly
from July 1, 1929 to Oct. 1, 1931,-incl.
In addition, the following extra
stock,
no par
dividend disbursements were made: 50 cents on
July 1, last, and on Dec:
1935; 30 cents on Dec. 31, 1934, and 10 cents
V.
143,
757.
p.
per share on Oct.
TRADING
DEPARTMENT
Eastman, Dillon 8 Co.
31
^embers
1, 1934.—•
new york stock
exchange
15 Broad Street
-
General Reinsurance
New York
a. T. & T. Teletype n. y. 1-752
Corp.—Simplification Proposed—
See General Alliance Corp. above.—V.
142, p. 2667.
General
Telephone Corp.—Gain in Telephones—
The company reports for its subsidiaries a
gain of company-owned tele¬
phones of 1,340 for the month of August,
1936, or 0.43%, compared with
a gain of 840
telephones, or 0.28%, for the month of August, 1935.
The
gain for the first eight months of 1936 totals
13,177 telephones, or 4.22%,
compared with a gain of 7,900 telephones, or
.2.63%, for the first eight months
of 1935.
The subsidiaries now have in
operation a total of 324,495 com¬
pany-owned telephones.—V. 143, p. 1078.
General
Time
Instruments
Corp.—Resumes
Common
Dividend—
The
directors
have
declared
a
dividend
of
25
cents
per
common
share
the
on
stock, no par value, payable Oct. 1 to holders of record
Sept. 21.
This will be the first dividend
paid on the common stock since April 1, 1931
when 20 cents per share was
distributed.—Y.
143,
1399.
p.
Georgia & Florida RR.—Earnings—
—Fourth
Period—
1936
Gross earnings.
—V.
143,
p.
Week of Aug.—
1935
$41,050
—Jan.
to Aug.
1936
$37,054
31—
1935
$779,162
1558.
Goldblatt Bros.,
1
$755,052
Inc.—Acquisition—
The company has entered
chase from Marshall Field &
The inventory fixed assets
for cash.
The amount was
the State Street (Chicago) field with the pur¬
Co. of its popular-priced unit, the Davis store.
and leasehold at the Davis store were
acquired
undisclosed.
Goldblatt Bros., Inc., it is said, will meet this cash
outlay presently by
bank loans.
Whether or not these loans will
subsequently be financed by
sale of common stock is not
determined.—V. 143, p. 1558.
Gold Dust Corp.—Annual
Report—
George K. Morrow, Chairman, says in part:
The statement for the fiscal year ended June
30, 1936, shows consolidated
amounting to $1,510,467.
After providing for dividends paid
on the pref. stock
outstanding during the year, the earnings were equal to
71 cents per share on the voting trust certificates for
common stock in the
hands of the public at the close of the fiscal
year.
All of the outstanding preferred stock was
redeemed on Feb. 29, 1936,
such redemption being accomplished with funds
obtained from the sale
of the corporation's investment in stocks of other
companies and from gen¬
eral corporate funds.
Of a total of $5,213,173 realized from the sale of
stocks of other companies, $4,945,062 represented the sale
230 Park Ave., New York, each share of
7% cumulative preferred stock
has been changed into 1.4 shares of a new
5% cumulative preferred stock
without par value, and one-half share of common stock.
The plan had^the
approval of 73.9%
of
cost of
a
common
requirement of the
former
7% preferred stock.
Under the new structure the
capital stock consists of 430,386 authorized
shares of $5 preferred stock without
par value, of which 412,031.2 shares
will be outstanding; and
4,147,154 authorized shares of common stock, of
which 1,314,296 will be
issued, consisting of 1,156,101 shares now out¬
,
.
standing and 147,154 shares issued as a result of the change.
*4
Immediate declaration of a dividend on the new
preferred stock reflects
the improved earnings of the
company and carries out the intention ex¬
pressed when the readjustment plan was announced.
For the firstJ'six
months of 1936 Goodrich earned
$1.47 per share on the common stock then
outstanding, after allowance for preferred dividends and normal income tax,
but without deduction for Federal undistributed
profits tax, as compared
with 45 cents for the
corresponding period last year.
The approval of the recapitalization
plan marks the second time within
the past two weeks that the
management has been upheld in its plans for
readjustment of the financial structure of the company.
On Aug. 25 Referee John
Godfrey Saxe, President of the New York State
Bar Association, in a decision handed down in the
Supreme Court of New
York County, declared that the
management had been supported by the
votes of more than the
required 75% of both classes of its stock in a resolu¬
tion adopted last summer
authorizing a mortgage on the company's prop¬
erty.
y
Offering Delayed—
The company has filed an amendment with the Securities and
Exchange
Commission changing the proposed
offering date of its $28,000,000 4H%
143, p. 1558.
first mortgage bonds to Sept. 25.—V.
Goodyear Tire & Rubber Co.,
Company Refunds Bonds—
Akron, Ohio—British
'
,
On Aug. 1, 1936, the balance of the
outstanding 6M% debentimes of
Goodyear Tyre & Rubber Co. (Great Britain) Ltd., amounting to £307,850,
was retired by call and an issue of
£400,000 4M% cumulative preference
stock was sold, effecting an
improvement in that subsidiary's financial
Eosition Goodyear Tire & in charges prior Akron,common stock, which is all
eld by without increase Rubber
Co. of to its
Ohio—V. 143, p. 1230.
stock
(W. T.) Grant Co.—Sales—
$4,276,205.
simplification of the corporate struc¬
to determine whether such
may be
new Revenue Act or for
any other reason under changed
The liberal depreciation policy which the
corporation and its
ture of corporation and its subsidiaries
desirable under the
conditions.
of the
company to take care of the accumulated
preferred dividends and removes the annual retirement
net profits
of Beech-Nut Packing Co., purchased in 1929 at
Studias are being made of a possible
of the preferred stock and 71.2% of the common, -m
by the stockholders readjusts the capital stock
arrearage of
Approval of the plan
structure
subsidiaries have maintained in the past was continued for the last
fiscal
year, but a study is being made of this policy in the light of the new
Revenue
Act and in view of the fact that the amount of
depreciation being currently
charged to earnings is in excess of that presently allowed by the Federal
Government for income tax purposes.
Month of—
1936
February
1935
$5,753,923
6,475,347
7,648,879
8,328,257
March
April
May
June
i.8,371,061
7,074,988
July
August
6,925,305
1934
$5,578,375
6,953,195
7,662,787
7,429,574
7,654,459
6,277,423
6,767,022
1933
$4,550,096
6.774,303
5,951,919
$4,492,044
5,136,563
6,267,376
7,179.255
7,347,316
5,735,776
6.552,836
6,509,624
5,771,013
6,292,108
5,749,845
—V. 143, p. 1559.
Consolidated Income Account.
Period—
Year End.
Year End.
June 30 '36
Profit after Fed. taxes._y$2,156,766
June 30 '35
6 Mos. End.
June 30 '34
Cal.
646,299
$3,302,586
636,557
Net profit--.
_„__x$l,510,467
Preferred dividends
235,415
Common dividends
1,882,194
$2,097,477
359,976
2,146,069
$1,039,103
$2,666,029
359,976
2,130,289
Deficit
Shs.
$607,142
1,794,402
$0.71
stk. outst'g.-
com.
Earnings
per share'.
179.988
1,071,459
$408,568'
$212,344 sur$175,764
1,790,202
1,786,002
1,772,902
$0.97 ■./,
$0.48
$1.30
An amount of $235,632,
representing expenditures during the year ended
June 30, 1936 in connection with development and
introduction of new
x
Eroducts, less sales of such products, has been charged
against a reserve
eretofore provided from earned surplus for such
purpose,
y Includes
$701,443 profit from sales of securities and is after providing for invalidated
processing taxes.
Assess—
b
1935
$
1936
Liabilities—
6,076,067
1
1
6,528,380
304,868
6,398,419
6,528,380
4.908,556
7,792,575
2,117,604
5,905,331
Inv. in Best
Foods,
Inc
Stks. of other
cos.
Cash
$
$
10,367,256
16,483,256
Fed'1 taxes, &c_ 1,529,369
Processing taxes._ 2,033,320
Sundry reserve.._
801,004
2,068,159
a
Accts. & notes rec.
2,013,446
Inventories
5,928,405
126,481
Accounts
•
payable,
Co.,
inclusive.
Bondholders may, upon surrender of their
bonds, receive, without
waiting for the redemption date, the full redemption price for each
maturity
1, 1936.—V. 1,43, p. 1230.
and accrued interest to Nov.
Great West
Saddlery Co., Ltd.—Earnings—
6 Months Ended June 30—
Net profit after depreciation, interest
and other charges
Gulf Oil
charges.
135,706
1935
capital is 4,800,000 shares, authorized, par $25.
In the announcement of the increase in
capital, no reason is given for the
increase and it is understood that no statement
pertaining to this increase
will be made until the day of the stockholders'
meeting on Nov. 10.—
V. 143, p. 273.
87 L 792
Gulf
Power
Co.—Earnings—
(A subsidiary of Commonwealth & Southern Corp.)
with
develop.,
&c
470,375
706,007
Dividends payable
269,125
536,990
Surplus (earned)_.ll,998,362 13,494,031
Period End. July 31—
Gross revenue
Prov. for retirement
Corp. stocks. __cDr521,852
Oper.
expenses
and taxes
«
res.
1936—Month—1935
$127,283
$105,591
82,258
70,106
8,000
5,500
1936—12 Mos.—1935
$1,383,382
890,311
83,500
$1,178,761
746,696
$409,570
$377,315
Gross income
26,946,959 33,464,2201
Total
...26,946,959 33,464,220
Represented by 435,120 (61,160 in 1935) no par shares preferred
stock
no par common stock (incl.
treasury stock).
b After
deducting $12,321,255 for depreciation and adjustment of plant value in
1936 and $12,138,862 in 1935.
c
Consists of voting trust certificates
representing common stock, 31,475 shares (35,675 in 1935), (of which
8,400 shares are under contract for sale to voting trustees in
equal annual
instalments to 1938 at $20 per share, less an amount
equal to dividends
paid since dates of contracts—1936 average price, $7.18 per share.)—V.
143,
p. 1558.
a
$37,024
$29,984
Interest and other fixed
17,160
16,522
"207,725
199,214
$19,864
5,584
charges
$13,463
!$201,845
5,584
67,014
$178,100
67,042
$14,280
$7,878
$134,831
and 1,825,877 shares of
The
paid
on
Sept. 2. 1935.—V. 143.
1078.
(B. F.) Goodrich Co.—Declares Dividend
Vote Plan
as
Stockholders
Readjusting Stock Structure—
Taking swift action in the wake of approval by stockholders of a plan for
readjusting the capital structure of the company, directors of the company
on Sept. 9 declared a quarterly dividend of $1.25 a share on
the new $5
cumulative preferred stock.
The dividend, the first paid by the company
in six years, is payable Sept. 30 to holders of record of the new
preferred
stock on Sept. 23, 1936.
A letter is being sent to the stockholders, the directors
announced, advis¬
ing them of this action and urging them to exchange their certificates for the
old preferred stock for the new certificates on or before
Sept. 23, so that
dividend checks may be mailed on Sept. 30.
By the action Sept. 9 of the holders of more than the necessary two-thirds
of each class of stock in a special meeting called in the company's offices at
Net income 1
Divs.
on
pref. stock
"
Balance
—V. 143, P. 923.
Gulf
States
Utilities
Bonds and Debentures
Corp.—Pays Larger Dividend—
company paid a dividend of 60 cents per share on the common
stock,
no par value, on Sept. 1 to holders of record
Aug. 26.
This compares with
dividends of 50 cents per share previously distributed each three
months.
In addition an extra dividend of 10 cents was
p.
54,750
Dr696,015
Total
Goodall Securities
1934
Corp.—To Increase Capital—
Inv. in Gold Dust
Deferred
1936
'
$3,061 loss$10,661
$2,465
Company continues to hold a sound liquid position, current assets being
a little better than 6 to 1 of current
liabilities, according to F. O. Mitchell,
President of the company.—V. 142, p. 2828.
Res. for expend, in
connection
Trust
stockholders on Nov. 10 will vote on
increasing the capital to
$300,000,000 comprised of 12,000,000 shares of $25 par stock. The present
1935
Capital stock
$
Land, buildings,
&c_ 5,646,958
equipment,
Goodwill, &c
1, 1'936, at the State
Boston, Mass., all of its outstanding $1,267,000 first
mortgage 6% serial bonds maturing serially May 1, 1937, to May 1, 1944,
Street
The
Consolidated Balance Sheet June 30
1936
Co., Ltd.—Bonds Called—
The company has called for redemption on Nov.
$1,357,803
318,700
Depreciation
Great Lakes Power
Year
1933
$2,740,548
643,070
Co.—Files
with
'
$111,058
SEC—To
Issue
Aggregating $21,300,000—
The company on Sept. 3 filed with the Securities and
mission a registration statement (No. 2-2449, Form
Exchange Com¬
A-2) under the Securi¬
$17,300,000 of first mortgage and refunding bonds,
series C, 4%, due Oct. 1,1966 and $4,000,000 of 10-year
4H % debentures,
ties Act of 1933 covering
due Oct. 1, 1946.
According to the registration statement, the net proceeds to be received
from the sale of the securities, together with general funds of the
company,
are to be applied as follows:
$18,848,960 to the redemption on Oct. 31, 1936 at 104% of
outstanding
first mortgage and refunding gold
bonds, series A, 5%, due
Sept. 1, 1956, in the principal amount of $17,774,000.
2,550,200 to the redemption on Oct. 31, 1936 at 102of
outstanding
first mortgage and refunding gold bonds, series
B, 4)^%, due
June 1, 1961, in the principal amount of
$2,488,000.
The bonds
are redeemable at the option of the
company as a whole at
time or in part on any interest payment date after 30 days' notice, at
following prices, plus accrued interest:
If redeemed on or before
Sept. 30, 1941, 106%; thereafter and incl. Sept. 30, 1946, 105%; thereafter
and incl. .Sept. 30,
1951, 104%; thereafter and incl. Sept. 30, 1956,
103%; thereafter and incl. Sept. 30, 1960, 102%; thereafter and incl.
Sept. 30, 1963, 101%, and thereafter at par.
any
the
Financial
1722
the option of the company as a whole
payment date after 30 days' notice
interest: If redeemed on or before
Sept. 30, 1938, 103%: thereafter and incl. Sept. 30, 1940, 102}*%; there¬
after and incl. Sept. 30, 1942, 102%; thereafter and incl. Sept. 30, 1943,
101}*%; thereafter and incl. Sept. 30, 1944, 101%; thereafter and incl.
Sept. 30, 1945, 100}*%, and thereafter at par.
,
Stone & Webster and Blodget Co., Inc., the First Boston Corp., and
Brown Harriman & Co., Inc., all of New York City, are the principal
The debentures are redeemable at
Illinois Bell
at any time or in part on any interest
at the following prices, plus accrued
underwriters.
The price to the
Maintenance.
Taxes
$5,900,285
2,474,803
228,177
$46,691,091 $43,345,302
31,367,713 31,604,318
$2,074,891
1,082,451
$1,557,048
$15,323,378
7,382.557
$11,740,984
469,867
$992,440
$1,087,181
$7,940,821
$6,733,983
a544,490
544,460
$2,652,814
1,077,875
$1,574,938
Imperial Chemical Industries,
T-
1935
1936
$165,296
4,543
Total
.
Operation
$162,078
13,390
$169,840
—-
$175,469
105,724
8,692
108,249
■
Maintenance
9,518
273
•
Uncollectible accounts
Taxes
The directors, on Sept. 8, declared a
profits of 75 cents per share on the
837
special distribution out of realized
common voting trust certificates,
Sayable Oct. share in additionrecord, Oct. 1.
[) cents per 30 to holders of
to the regular
cents
20,
1934.
distribution is in accordance
current special
The
cash dividend of
An extra
semiannual dividend of 25
1935. Regular stock
20, 1935, and on April
paid on Jan. 31, last, and on Jan. 30,
% were paid on April 30, last; April
was
dividends of 2}*
11,754
12,076
(incl. Federal income taxes)
Distribution—
Incorporated Investor St-Special
Operating revenues:
Gas
Merchandise and jobbing, net
Ltd.—Interim Div.—
the
of
Hagerstown Light & Heat Co. of Washington County
12 Months Ended June 30—
sharei'on the $6
of accumulations
of 75»,centa per
1, and April
which regular
Accumulations
p. 113. ^
for this year an interim dividend of 2}* %, lees
of common stock resulting from conversion into
stock of the former common shares.
The directors further announced that,
contingent upon the House of Lords upholding the decision of the Supreme
Court which confirmed the reduction in capital, they declared for 1936
the interim dividend of 2}*%, less tax, on £5,434.141 of common stock
resulting from the conversion of the former 21,736,564 deferred shares
10 shillings each.—Y. 142, p. 3856.
Directors have declared
tax, on £43,764,659
$194,434
$257,755
Balance for common dividends and surplus—
value, on account
cumulative preferred stock, no par
$1,460,950
699,333
567,182
750,000
567,183
--
dividend of $1.50 per
a
5,007,001
payable Oct. 1 to holders of record Sept. 15.
Dividends
share were paid on July 1, April 1, and Jan. 2 last. Oct. 1, July
1, 1935, and on Oct. 15, July 14 and April 14, 1934, prior to
quarterly dividends of $1.50 per share were disbursed.
after the above payment amount to $7.50 per share.—V. 143,
$2,542,570
1,081,619
$192,475
have declared
directors
$46,805,266
Co.—Accumulated Div.
Telephone
Illinois Commercial
The
232,985
a No provision has been made for a possible Federal tax on undistributed
profits, since the amount of such tax, if any, cannot be determined until
the close of the year.—V. 143, p. 1559.
TTT—j.J
56,174,495
4,617,447
N et oper. revenues
$5,727,368
2,407,352
$282,329
89,854
Appropriations for retirement reserve
Preferred dividend requirements
lO
$6,654,051
4,579,160
Operating taxes
1936—12 Mos.—1935
$246,478
Balance
1936—7 Mos.—1935
$43,400,926
114,175
55,624
1936—Month—1935
Net oper. income
—V. 143, p. 1231.
$336,276
89,798
Balance
Interest and amortizat'n
7,901
Operating revenues
Operating expenses
the underby amendment to the
to be furnished
1936—Month—1935
$620,210
$558,366
211,616
214,662
17,306
18,686
47,114
a50,585
Period End. July 31—
Gross earnings.
Operation
$6,670,363
16,312
,182,396
Uncollectible oper. rev..
Operating revenues!
of other underwriters, and
public, the names
writing discounts or commissions ari
registration statement.
12, 1936
Telephone Co.—Earnings—
Period End. July 31—
,
,
„
~
Sept.
Chronicle
with the company's
treatment
policy of taking full advantage of the favorable tax
of the mutual type by the 1936 Revenue Act.
Total realized profits of Incorporated Investors for the year to date are
about $3,400,000.
The cash dividend amounting to $919,500
January from income may be credited for tax purposes against this amount,
leaving a balance to date of approximately $2,500,000 to be
The current 75c distribution will require approximately $2,100,000 and will
be followed by another special distribution in December, if there are
tributed profits available at that time.
In order to receive the
tax
treatment accorded "Mutual Investment Companies" under the Revenue
Act of 1936, at least 90% of all income including realized gains for
year must be distributed to shareholders.
These special distributions are derived from profits realized in the
of securities and not from current income.
They, therefore, are not to be
considered as regular dividends, according to a statement issued by The
Parker Corporation, general distributors of shares of Incorporated Investors.
The size of these extra disbursements will be governed by the action of the
market, the general economic and business outlook, and the policy
management with respect to taking profits.
Unrealized profits in
portfolio of Incorporated Investors amount approximately to
compared with approximately $11,000,000 at the beginning of the year.—
V. 143, p. 589.
announced
$39,722
Balance
jjoiouuo...........
x
_
100
$39,742
14,400
14,550
1,468
$48,560
14,400
14,550
4,396
211
MWmpm.t.inor income, -r.^4Non-operating jn„nma net
$48,459
19
215
9,112
8,000
Net operating revenues
$14,998
6,000
_
paid last
_
_________
_
_
Provision for retirement
Funded debt interest
;
'
Other interest
Sundry deductions.
Net income
Common stock dividends.
*vivuv
—
The provision for retirements are shown above is less than the deprecia¬
tion deductions claimed, or to. be claimed, on Federal income tax returns
which are based on a straight-line method, and the resulting reserve is less
x
than
a
depreciation reserve would be, based on such straight-line
method.
Comparative Balance Sheet June 30
Assets—
Com.
equip,
$822,649
2
2
5,689
4,008
107
107
Due to
44,574
9,736
26,138
3,290
1,583
3,221
42,978
4,530
24,651
affil.
Cash
Notes
receivable.
_
Accounts receiv
Due from affll. cos.
Merchandise, &c__Appli'ces on rental
Cash In closed bks.
Def.
$200,000
dgbit items __
$200,000
291,000
291,000
960
Funded debt
$828,836
investments
.
stock
cap.
(par $100)
(incl. in¬
tangibles)
1935
1936
Liabilities—
1935
1936
Property, plant &
Misc.
2,011
6,254
Notes payable.
6,668
Accounts
payableparent and
cos—
Consumers' depos.
Interest accrued..
2,971 Taxes accrued
1,987 Misc. accr. liabs..
5,118 Def. credit items..
Res. retirements.
.
317
214
4
6,000
6,000
150,034
138,169
6,128
6,140
6,157
212,102
5,429
220,989
$923,177
$909,004
Total
of the
the
$22,000,000,
Indicating Fuse Mfg. Corp.-—Registers
given on first page of this
Button-Hole
International
Hamilton Depositors Corp.—Registers with SEC—
of this department.—V. 133, p. 1133.
See list given on first page
Havana Electric Ry.
The directors have
addition to the regular
Oct. 1 to holders of record
are
as
International Power Co.,
Ltd.—$1.50 Pref. Div.—
dividend of $1.50 per share on account of •
1st pref. stock, par $100, payable Oct. 1
to holders of record Sept. 15.
A like payment was made on July 2, and on
April 1, last, and compares with $1 per share paid on Nov. 1, July 2 and
April 3, 1935, this latter being the first payment made since Oct. 1, 1931,
when a regular quarterly dividend of $1.75 per share was paid.—Y. 143,
The directors have declared a
cum.
114.
$1,554,759
Interstate
1935
$1,677,212
Inc.—Sales—
Department Stores,
(Walter E.) Heller & Co .—Extra Dividend—
dividend of 5 cents per share in
quarterly dividend of 10 cents per share on the
common stock, both payable Sept. 30 to holders of record Sept. 20.
Previous
extra distributions were as follows:
7}* cents on Sept. 30, 1935; 2 J* cents
on July 2 and April 2, 1935; 27}* cents on Jan. 2, 1935, and 10 cents per
share on Jan. 2, 1934.
The regular quarterly dividend was increased from
2}* cents to 10 cents per share with the Dec. 31, 1935 payment.—Y. 143,
p. 1080.
.
The directors have declared an extra
to
the regular
1936
$1,244,602
1,661,644
1,586,462
April
May.
2,022,251
2,074,793
1,832,804
1,759,907
June
2,118.996
1,716.952
July
August
—V. 143,
1,669.939
1,792,395
1,206,135
1,442,624
Month of—
February
■
.
Co., has been elected
Jr., who asked to be
relieved of this work.
Mr. Blair is President of the Holly Sugar Co.
L. G. Carleton and G. W. Repetti were elected Vice Presidents and W. M.
Trant was elected Secretary-Treasurer.
Messrs. Blair, Carleton, Johnson,
Repetti and E. P. Shove were named as directors.—V. 143, p. 1401.,
A. Johnson, President of Holly Development
President of this company, succeeding Wiley Blair,
C.
Jamaica Public Service
Howe Sound Co.—Extra Dividend—
dividend of 60 cents per share in
addition to the regular quarterly dividend of 75 cents per share on the
common stock, par $5, both payable Sept. 30 to holders of record. Sept. 22.
Previous extra distributions were as follows: 50 cents on June 30, last;
75 cents on Dec. 31, 1935, and 30 cents on Sept. 30,1935.—V. 143, p. 589.
Hudson
&
RR.—Company Denies
Railroad Retirement Tax—
Manhattan
Carrier'1 in Court Fight on
It
Is
The company asked the U. S. District Court in Washington, D. C., on
Sept. 3 to enjoin Guy T. Helvering, Internal Revenue Commissioner, from
collecting the excise tax levied on it under the Railroad Retirement Act.
In asking for injunctive relief, the road argued that it was an electric
interurban line not inter-communicating with steam railroads and carried
no
freight, and that consequently it did not come within the purview of
the
definition of "carriers" contained in the act.
Although
the
Interstate Commerce
Commission, construing a similar
& Manhattan
definition in the Railway Labor Act, held that the Hudson
"carrier," it is alleged that tnis construction was erroneous. Judicial
determination of this matter is vitally necessary, the road asserted, since
the $20,400 quarterly levy would impair its financial resources and make it
difficult probably impossible, for the road to meet obligations on its bonded
indebtedness.—V. 143, p. 1401.
was a
Ideal Cement Co.—Extra Dividend—
exps.
stock,
no
par
value, both payable Oct.
1 to holders of record
Statement
1936—12 Mos.—1935
Balance..
-V. 143, p. 926.
$873,341
523,670
$842,575
$24,658
8,635
$26,306
8,629
$349,671
103,947
$342,512
104,509
$16,023
& taxes
Net operating revenues
Interest and amortizat'n
$17,676
$245,724
$238,003
(Mead) Johnson & Co.—Extra Dividend—
dividend of 50 cents per
quarterly dividend of 75 cents per share on
The directors have declared an extra
addition to the regular
500,063
share in
the com¬
value, both payable Oct. 1 to holders of record Sept. 15.
A similar extra was paid on July 1 and on April 1 last, and one of 75 cents'
was paid on Jan. 2 last.
In each of the seven preceding quarters the com¬
pany distributed extra dividends of 25 cents per share.—V. 143, p. 1561.
mon
stock,
no par
Keenlyte Battery Corp.—Registers with
See list given on first page
The directors have declared an
common
p.
Ltd.—Initial Common Dividend—
initial dividend of $1.25 per share on
stock, payable Sept. 25 to holders
4621.
SEC—
of this department.
Kelvinator of Canada,
of record Sept. 14.—V.
the
142,
•
Key West Electric Co.- —EarningsPeriod End. July 31—
1936- Month— 1935
$12,886
$12,210
6,351
4,878
513
2,021
Maintenance
Taxes
—
1
Interest & amortization.
1,288
$5,159
2,175
$3,225
1,965
$58,599
25,886
$47,339
24,095
Balance
$1,260
$32,713
20,000
24,374
$23,243
Appropriations for retirement reservePreferred dividend requirements
Balance for
143,
$152,825
$147,665
60,932
10,733
17,399
$2,984
Operation
—V.
1936—12 Mos.—1935
1,658
Gross earnings
Balance
Sept. 15.
Extras of 25 cents were paid on July 1 and April 1, last.
An
extra Christmas dividend of 50 cents was paid on Dec. 21, 1935.
Extra
dividends of 25 cents per share were paid on Oct. 1, July 1 and April 1,
1935; 50 cents on Dec. 20, 1934, and 25 cents on Oct. 1, 1934.—V. 143, p.
1560.
1,655,310
1,203,260
1,392,659
$69,088
42,782
addition to
common
$902,342
1,125.924
1,560,191
1,527,853
$70,791
46,132
,
The directors have declared an extra dividend of 50 cents per share in
the regular quarterly dividend of 50 cents per share on the
1,391,936
1936—Month—1935
31—
Gross earnings
The directors have declared an extra
1,833,160
1,742.081
1,805,544
1,768.762
1,113.364
Ltd. (& Subs.)—Earnings
Comparative Consolidated Income
.
Operating
$1,113,812
1081.
Period End. July
Holly Oil Co .—New President—
"
1
p.
1933
1934
1935
$1,101,383
March
—V. 143, p. 924.
addition
Previous
Sept. 15.
follows: 10 cents on July 1 and April 1, last;
10 cents on July 1, 1935; 20 cents on Dec. 27,
1934; 10 cents on July 2, 1934; 20 cents on April 2, 1934, and 10 cents per
share on Dec. 27 and April 1, 1933.—V. 142, p. 4022.
distributions
extra
«
1936
.
Co.—
Machine
declared an extra dividend of 10 cents per share in
quarterly dividend of 20 cents per share on the capital
stock, par $10, both payable
P.
Co.—Earnings—
,
Sewing
10-Cent Extra Dividend—
accumulations on the 7%
-»V. 142, p. 3171.
8 Mos. Ended Aug. 30—
Gross revenues
with SEC—
department.
20 cents on Dec. 27, 1935;
ible accounts—
$909,0041
the
sale
371
9,666
4,448
Sundry reserve—
$923,177
undis¬
special
5,082
13,438
Res. for uncollect¬
Earned surplus
distributed.
See list
15,633
12,847
9,822
5,291
Service exten.deps.
Total
accorded investment trusts
p.
common
926.
dividends and surplus
_
69,295
19,032
17,158
20,000
24,500
def$ll,661 def$21,256
Volume
Financial
143
Kilburn Mills—To
Chronicle
Loblaw
Pay $1 Dividend—
The directors
have, declared a dividend of $1 per share on the capital
$75. payable Oct. 5 to holders of record Sept. 15.
Similar dis¬
were made on June 15 and March
15, 1934 and on Dec. 1, 1933.
—V. 141. p. 3694
stock,
par
tributions
Kolor-Kraft
See list
given
on
Corp.—Registers with SEC—
1930
$8,597,317
,
April
May
10.043.390
12.011.258
11.925,061
12,182.365
11,169,274
11,352,956
•-
June
July
August
1935
1934
1933
$8,488,424
$8,824,821
8,797,055
12,320,725
10.146,128
11.080.348
11,522,566
9,471,998
10,252,468
$7,700,388
8,053.868
8,491,512
10,228.412
9,941,023
10,304,867
8,975.051
10,328,161
11,518,500
10,871,686
11,048,088
10,004,027
(S. H.) Kress & Co. —Sales—
Month of—
July
1935
1934
1933
$4,761,726
4,968,306
5,472,205
6,441,416
$3,912,983
3,895,802
4,080,768
4,760.042
5,934.386
5,700,379
5,883,589
$5,106,517
5,083,475
0.330,794
5,732.389
6,095,747
5,757,198
5,335,936
6,652,396
April
May-.
5,946,257
5,574,040
5,416,829
—^143" p~'1235
Lane
4,978,301
4.830,253
4,928.805
1936
April
May---
1935
1934
565
Net sales..
Cost of sales.
$660,974
499,630
$1,065,871
767,489
$136,886
$161,344
91,653
$298,382
66,761
$3,473
41,378
$69,691
12,123
$231,621
3,145
loss$37,905
8,288
$81,814
19,031
16,063
$234,766
67,325
14,506
$29,617
12,776
6,368
$152,935
$0.37
loss$48,762
Gross profit
Selling and administrative
expense
Operating profits
Other income
$906,500
727,534
1,210,170
1,339,061
1,249,286
1,197.321
$952,055
773,387
1,321,870
1,248,454
1,269,158
1,248.414
729,939
943,869
$804,217
670,308
836,810
1,105,926
1,091,070
1,171,096
712,608
920,244
1,333.354
1,326,776
931,930
June
July
August
Total loss
Other expenses
Prov. for est. U. S. normal Federal
income tax
Net profit.
Earnings
798,643
939,231
942,031
per share on common stock
Assets—
Accts.
1936
Inventories
1935
$567,538
70,155
370,500
(net)..
rec.
$217,533
Liabilities—
66,407
198,803
Contracts
$62,029
74,372
20,613
19,236
588
payable
South'n
Customers' depos.
81~560
Wages payable—
28,691
32,043
18,462
Corp. advances.
Oth. current assets
3,755
1,818
18,129
M'berahip in Man-
Taxes*payable
Accrued liab
License
ufacturers Aircr.
Assn.
(cost)
1,000
175,988
166,064
Deferred charges..
Pats., tr. names,&c
Other Intangible..
1,000
117,737
1
25,000
$1,394,375
Total
$734,592
Fabriek
83,299
27,588
404,610
139,875
def21,966
$1,394,375
$734,592
Cap. stk. (par $1).
Capital surplus
507,546
535,468
(The) Locke Steel Chain Co.—Registers with SECLoudon Packing Co. (& Sub.)-—Earnings-—
Year End. 2 Mos. End.—-Years End. Apr. 30—
June 30.'35
1935
1934
June 30,'36
$7,160
$331,602
7,173
44,063
11,130
41,113
Interest
4.5,153
37,353
4.704
32
29
1,306
Federal taxes
35,871
577
37,086
45,516
$188,368
179,401
loss$l1,751
44,850
$209,311
$245,170
190,613
134.912
$8,967
327.832
def$56,601
$18,698
$110,258
384,433
365,734
255,475
$336,799
$327,832
$384,432
$365,734
Maintenance & repairs-
Co. and the sale of
Lawyers Mortgage Guarantee Corp.
It is further
asked in the plan that a referee be
appointed by the Court to determine
the validity of all proofs of claim which
may be filed so that the total
liabilities of the Lawyers Mortgage Co.
may be determined without un¬
necessary delay.
Lawyers
Guarantee Corp. is proposed so that its capitalization may
be increased by the issuance of $10,000,000 of
preferred stock.
It is
proposed that the proceeds from the sale of the preferred be used to pay
creditors'
_
.
Net income
r.
After such claims have been determined,
reorganization of the
Mortgage
Dividends paid
Surplus for year.
Previous surplus...
claims in addition to such proportion of cash as the creditors'
committee may declare to be feasable, without
injuring the ability of the
Profit & loss surplus..
new
company to continue in business.
Under this plan each creditor would receive for each
$50 claim allowed
approved by the Court cash and preferred stock in the aggregate
amount of $50.
It is proposed that the new company be governed by
15 directors, seven to be elected by the stockholders who contribute the
additional investment, seven to be elected by the creditors, and one to be
appointed by the Supreme Court.
It is also required that the stock¬
holders of the new company assign their shares of stock for the
Assets—
by the
Court.—V. 142, p. 3175.
by
Supreme
y
Trade accts.
Ad vs.
to
season
1936
March
April
May
V
June
July
August
—V. 143, p.
1935
1934
$1,581,308
1,587,856
2.584,812
2.225,702
2,524,854
$1,174,761
1.240,948
1,391.889
1,949,997
1,899.851
1,915,543
1,693,272
1,655,685
*
2,902,327
2.707,333
2,924.828
2.560.030
2,011,102
1,886,996
2,582,757
2,186,165
1562.
•
-
...
equip.
charges.
miscell.
accrued
liabilities
pay.
1936
45,224
21,701
19,120
Land, buildings,
&
Liabilities—
June 30,'36 Apr. 30,'35
payab e. $171,892
$54,743
Brokerage, wages &
Accounts
Div.
18,802
July
647,034
23,911
16,369
44,850
16,689
20,031
1,
(declared
May 27,1936)..
General taxes
670,514
27,863
accr.
Reserve for Federal
income and cap.
stock taxes
X35.947
37,454
Capital stock
1933
$1,789,622
1,837,678
2,371,983
30,'36 Apr. 30,'35
$88,962
$380,018
132,617
95,189
502,225
792,566
1936
crop
Deferred
$1,862,543
2,048,109
2,604,126
3,361.115
3,250,000
3,509,487
3,203,961
2,503,511
..
—
Other assets
z
Month of—
Tomato
Growers
mach.
January
February
rec.
Inventories
one
Lerner Stores Corp.—Sales—
June
Cash
purpose
elected,
•
$332,562
40,570
Consolidated Balance Sheet
and
of creating a voting trust, and of having three trustees
the stockholders, one by the creditors, and the third
.
$311,450
Depreciation
all
the
Total
See list given on first page of this department.—Y. 143, p. 1562.
rehabilitation proceedings of the Lawyers
Mortgage
to
1,000
sche Vliegtuigen
—Y. 143, p. 116.
Mortgage Guarantee Corp.,
new corporation which had been
organized by the Superintendent with
capitalization of $3,200,000.
The plan also provides for an order of
liquidation being entered in the
assets
6~646
900
Due to Nederland-
102,538
1
25,000
"
agreement
deposit
Fixed assets
The plan provides for the additional investment of
$1,000,000 by stock¬
holders and for the delivery by the
Superintendent of Insurance of all of
the outstanding capital stock of the Lawyers
its
1935
$81,405
25,000
Notes payable
Aviation
A
a
Nil
1936
Accounts payable-
Earned surplus
a
133,413
6,507
$40,213
$0.08
—
Cash
Lawyers Mortgage Co.—Plan Presented—
plan of reorganization of the company was submitted Sept. 10 by
Weinstein & Levinson, attorneys for the creditors'
committee, at a hearing
called before James A. Martin, referee
appointed by the Supreme Court
in the rehabilitation proceedings.
$137,451
Balance Sheet June 30
1933
$902,131
831,043
1.395,583
1,386,739
-
March
1934
3,296
Calif.
1936
January
February---.
1935
$1,069,168
Due from
Bryant, Inc.—Sales—
Month of—
128,787
$664,281
3,307
Depreciation
...
1936
June
$3,327,970
152,364
Returns and allowances.
9,406,816
9,920,933
$5,204,273
5,459,343
6,314.178
6,872,971
6.552,143
7,027.089
6.524,725
March
$3,808,851
47,794
in
January
February
Weeks—1935
1936—12
Lockheed Aircraft Corp.- -Earnings-
10,758,148
Aug. 31, 1936, the company had 729 stores in operation, including
the United States and 48 in
Canada, against 690 American stores
and 47 Canadian stores at the end of
August, 1935.—V. 143> p. 926.
681
55,397
6 Mos. End. June 30—
9,570,689,,
March
1936—4 Weeks—1935
$1,260,119
$1,081,529
Net profit after
charges
and income taxes
—V. 143, p. 1236.
(S. S.) Kresge Co .—SalesMonth of—
Groceterias, Ltd.—Earnings—
Period End. Aug. 24—
Sales
first page of this department.
January
February
1723
al, 156,929
336,798
1,156,929
Dr2,461
Dr2,461
Earned
surplus...
Capital stock held
in
Total
.$1,779,448 $1,667,499
treasury
Total....
384,430
$1,779,448 $1,667,499
x The Federal income tax returns are filed on
April 30 and provision has
been made herein for accrued income taxes to June 30, 1936, but no provi¬
sion is required
in respect of surtax on undistributed earnings for the two
y After reserve of $4,060 in 1936 and $6,715
reserve for depreciation of $351,304 in 1936 and $310,130
a Represented
by 360,000 shares, including 15,820 shares ex¬
changeable for 3,955 shares of old stock (no par).—V. 142, p. 790.
months ended June 30. 1936.
in 1935.
in 1935.
Lessings, Inc.—Earnings
6 Mos. End. June 30—
1936
Sales.
1935
1934
1933
$193,680
$180,261
$179,025
$175,017
178,432
Crl,536
2,929
178,819
Crl,156
180,081
Z>r2,494
Crl ,725
475
100
1,943
Net inc. to surplus
Balance, Jan. 1
Adj. to State & munici¬
pal bonds
$13,855
56,856
$2,122
54,693
105
2,285
Total surplus
Miscellaneous credits
$70,816
Cost
of sales, operation
and gen. expenses
Other charges
Prov. for income taxes.
_
$59,611
11,063
$59,100'
$70,674
6,306
$126,321
$59,095
$64,368
$61,010
65", 310
5
Balance, June30-—-Shares capital stock out¬
standing (par $5)
Earnings per share
30,519
30,744
$0.45
$0.07
31,532
Nil
31,532
$0.25
Balance Sheet June 30
Assets—
1936
Accts.
Notes
receivable-
$17,237
5,000
1,0401
secured
rec.
1935
$17,525
Cash
2,875/
Accrued Int. rec__
Federal
247
tax reserve
11,699
14,433
Capital stock
Surplus
3,058
2,150
36,868
cur.
secure,
1936
McLellan Stores
Month
Reacquired stock.
93,354
2,563
Goodwill & leases.
x
After
$171,386
reserve
March-
April
May-June
Period End. Aug. 31—
-
1935
$1,094,442
1,154,648
1,312,992
1,620,954
1,775,527
1,797,441
1,742,439
1,738,253
$1,056,813
1,068,570
1,346,646
1,539.118
1,542,407
1,585,457
1,489,857
1,724,435
Magnolia Gold Mining Co.—Registers with SEC—
first
Manufacturers
3,489
91,557
61,810
1,097
92,232
59,095
31,366
page
of this department.
Finance
Co.—Accumulated
Dividend—
The directors have declared
a dividend of 21%
cents per share on the
1st pref. stock par $25, payable Sept. 30 to holders of record
A similar distribution has been maue each quarter since June 30.
1933.
Prior to that date regular quarterly dividends of 43% cents per
share were paid.—V. 142, p. 4025.
7% cum.
Sept. 14.
Market Street Ry.—New VicerPresident—
Announcement has been made of the
94,546
as
election of Leonard V. Newton,
Vice-President in Charge of Operation of this company.
Mr. Newton
succeeds Jesse C. Yount, who died March 17 —V. 143, p. 1406.
$165,866
Total
$171,386
Marmon
$165,866
to
Motor
Car
Co.—Creditors
A modified plan of reorganization has been
1936—Month—1935
$448,640
$350,037
Propose New Plan
Pay Claims—
proposed by certain creditors
and provides for the conveyance of the title to all the company's property
to three trustees who will issue certificates of beneficial interest to the
Stores, Inc.—Sales—
Sales
-
July.-August
—V. 143, p. 1405.
State
for depreciation of $116,522 in 1936 and $142,348 in 1935.
—V. 143, p. 1082.
——
-
See list given on
—V. 142, p. 3681.
Lincoln
1936
-----
------
$13,442
1
Total
Co.—Sales—
of—
January..
February--
Land, bldgs., fix¬
tures & auto eq.
1936—Month—1935
1936—8 Mos.—1935
$3,009,526
$2,821,939 $23,704,228 $22,088,883
195
203
Listing—
1935
$14,531
3,102
Prep'dinsur.,rent,
taxes, &c
Notes rec. not
x
and
254
Inventories
Marketable
Liabilities—
_____
The New York Stock Exchange has authorized the listing of $4,552,000
15-year 5% sinking fund debentures, due May 1, 1951 (see also V. 143, p.
278)—V. 143, p. 1083. I
Accts. pay. & accr.
expenses
_
Stores operated
$63,163
63.158
$61,810
Dividends paid
Miscellaneous debits
$59,100
$70,816
9,005
Surplus
55,377
Period End. Aug. 31—
Sales.__
$7,786
63,262
After
McCrory Stores Corp.—Sales—
167,013
ioss$3,650
z
1936—7 Mos.—1935
$2,988,560
$2,530,474
creditors ratably according to their claims, entitling them to payment in
full, plus interest at 6% per annum from the effective date of the plan,
before any distribution is made to stockholders.
" "
Financial
1724
as and if claims of creditors have been satisfied in full, with
interest, then any cash balances remaining in the hands of the trustees is
stockholders.
p* Upon written demand of holders of at least 51% in amount of certificates
of beneficial interest, the trustees shall proceed after 30 days' public notice
to sell all of prop^ty in their hands and thereupon to terminate the trust
and distribute any balance remaining to beneficiaries of the trust.
► «A Special Master found the modified plan fair and equitable and also
found that the debtor is insolvent and the acceptance by stockholders of the
plan is not required.
Hearing on the modified reorganization plan and on
the Master's report will be held Sept. 25 in Federal Court at Indianapolis.—
V. 141, p.2439.
/
See list given on
March..
April
30,330,174
July
August
25,635,866
27,422,133
—V. 143, p.
Maintenance
$1.04
Meadville Conneaut Lake & Linesville RR.—Dividend
Earnings—
1936—12 Mos.—1935
$609,406
$584,393
344,979
90,597
329,002
84,825
$8,321
$173,829
$170,565
628
Crl ,204
807
71,432
8,207
74,574
10,601
$5,937
$8,717
$94,189
80,835
$85,389
87,333
$13,354
def$l,944
;J
1933
$1,129,575
1.222,990
$12,751
6,185
Balance.
$402,791
22,848,599
1936—Month—1935
$49,202
$43,402
28,911
27,343
'7,538
7,736
31—
Operation
Earnings per share on 387,792 shares common stock
—V. 143, p. 1564.
16,103,560
13,641,121
15,390,120
19,266,336
15,890,560
18,914,959
23,822,297
20,293,175
1084.
Motor Transit Co.
deplet., int. & other charges, but
after exps., deprec.,
before income taxes
inc.
-
May
June
Gross earnings
first page of this department.
Earnings for 7 Months Ended July 31, 1936
Net
1Q33
1936
1935
1934
..$17,854,609 $17,904,886 $15,421,893 $10,131,891
11,263,374
18,312,477
22,783,089
24,844,596
—
15,665,586
20,872,132
30,402.667 25,571,012
15,247,812
20,934,510
22,914,580
30,295,408
Month of—
February
Per. End. Aug.
(Glenn L.) Martin Co.—Registers with SEC—
Inc.—Sales—
Montgomery Ward & Co.,
(•When,
to be distributed among
Sept. 12, 1936
Chronicle
Taxes
Interest...
Balance
Reserves for retirements,
&c.
Increased—
have'declared
The directors
Balance
dividend of $1.25 per share on the common
a
18
Feb.
15_
...
1935
1934
1933
$1,748,419
1,421,024
1,699,250
2,516.819
3,364,128
2,985,692
2.654,9*8
1,377,870
1,596,796
$1,325,240
1,290,858
1,543,401
2,720,111
2,323,145
2,910,143
2,152,583
1,283,701
1,562,967
$1,060,914
1,017,182
1,010,003
1,945,178
1,444,198
2,054.505
1,770.716
1,242,728
1,500,476
...
Mar. 14
...
Apr. 11
Man 9
June
...
...
6
...
July
4
Aug. 1
Aug. 29
—V. 143, p.
...
„
...
1,886,886
3,812.588
2,795,262
3,601,140
3,249,480
1.807,272
...
1,708,958
May
Ltd.—Earningt
3,182,944
2,583,924
2,465,993
1,808,328
2,973.840
2,354,196
2,075,916
1,804,118
2,922,496
2,512,815
2,118,051
1,803,139
Stores in operation on Sept. 1, last, totaled 192, against 188 on Sept. 1,
1935—V. 143, p. 1084.
.......
Muskegon Piston Ring Co.—Earnings—
454,794
—V. 143, p.
,712
$183,841
Midland Steel Products Co.—Common Div. Increased—
a dividend of $1.25 per share on the common
value, payable Octl. 1 to holders of record Sdpt. 21. A dividend
latter being
of 75 cents
of 25 cents was paid on July 1, April 1, and Jan. 1, last, this
the first payment made since Jan. 1, 1932 when a dividend
share was distributed.—V. 143, p. 762..
Mid-West Abrasive Co.—Admitted to
Listing & Registra'n
The New York Curb
Exchange has admitted the
listing and registration.—V. 143, p. 1564.
Corp.—Distribution—
of
the
corporation's
participation
certificates.
Approximately
17,500 certificate holders throughout the country will share in the distribu¬
Distributions on specific series range from 5% to 21% and are pay¬
common
stock, 50 cents
tion.
holders of record Sept. 15, 1936,
Corporation is the organization that was formed as a result of the re¬
organization under Section 77-B of the National Bankruptcy Act of 20
different mortgage companies and the real estate securities issued by them
and guaranteed by National Surety Co.
In connection with the current distribution, Mr. O'Neil said that it was
the largest authorized since the formation of the corporation and brings
the total amount of cash distributions to date to approximately $13,500,000
Over 25,000 participation certificate holders in every State of the, Union
have now received distributions on 79 of the 80 series, ranging from 10%
able Oct. 6, 1936 to
96% of the designated principal amount of the
to
Milwaukee Electric Railway & Light
Co,—Bonds Called
total general average
All of the outstanding
refunding and 1st mtge. 5% gold bonds, due Oct.
1, 1967 have been called for redemption on Oct. 1, at 105 and interest.
Payment will be made at the Central Hanover Bank & Trust Co., New
York.—V. 143, p. 1238.
1
July 31—
Oper. exps. and taxes...
res..
20%
10%
10%
Central Funding—A series
series..
:.
-
-
D series
$807,418
595,834
$901,595
603,415
$63,303
49,664
$73,931
50,244
AG
series..
AH
series
series.
12%
16%
11%
B
series
5%
C
series..
5%
D series
series
C series
D series
.
Net income
on
$36,186
21,088
pref. stock
$361,584
253,142
$448,180
253,062
$26,139
21,088
Investors
Balance
$108,442
$195,118
$5,050
$15,098
series
B
Missouri Southern RR.—Would Extend Loan—
The company has applied to the Interstate Commerce Commission for
an
series
1935
$526,598
$492,231
302,425
333,848
18,021
CV17247,306
Operation
Uncollectible accounts
Taxes.
Net oper. revs, before prov. for retirements
Non-operating income, net
$127,594
1,126
:
$128,721
21,473
Gross income
13,968
3,319
46,773
$125,744
2,985
$107,247
5%
straight-line method, and the resulting reserve is less than a depreciation
reserve would be, based on such
straight-line method.
Comparative Balance Sheet June 30
1936
x
Com. capital stk.
equipt. (incl. in¬
tangibles).
$2,570,283 $2,549,496
Cash
61,058
79,744
Notes receivable..
3,695
7,820
Funded
Accts. receivable..
Consumers' deps__
113,593
92,140
2,124
2,681
1,769
2,286
24,833
24,947
11,570
Notes
Accts.
debt
20,869
1,667
11%
17%
15%
H series
11%
Miscell. investm'ts
receipts should be forwarded for exchange to the issuing depositary,
Manufacturers Trust Co. of New York or Maryland Trust Co. of
more.—V.
142,
National Casket Co., Inc.
Def. debit items..
reserves.
Interest
on
bonds
Surplus
x
Total
Phys. properties..
4,648,777
2,492,380
Accts. receivable.. 2,452,688
Cash
1,138,276
Securities
683,595
Merchandise
413,469
126,740
63,371
Nil
63,371
Nil
63,371
$10.93
$562,024
82,000
413,469
158,425
63,371
$1.05
1935
1936
1935
Liabilities—
$
$
$
6,055,309
4,684,553
196,231
2,635,184 Accounts payable90,885
2,650,225 Reserve for taxes..
6,715,238
1,205,769 Surplus
409,108
x
Capital stock
6,055,309
180,044
65,985
6,952,192
Patent rights and
trade-marks, &c
Real
estate
1,609,681
1,609,681
not
used in operation
16,688
31,048
Mortgages
Sundry invests....
6,103
380,874
15,079
4,548
15,517
4,069
_
46,581
Total
x
32,265
4,500
54,510
income
Nil
:
Nil
13,057,663 13,253,530
59,068 shares
stock.—V. 141, p. 1601.
Represented
common
$2,802,494 $2,783,603
Represented by 5,000 no par shares.—V. 143, p. 928.
413,469
190,110
$
50,876
lectible accounts
8
13,663
413,469
190,110
1936
Assets—
6,004
391,395
deposits
158
$2,802,494 $2,783,6031
$1,310,178
204,203
Comparative Balance Sheet June 30
by
13,057,663 13,253,530
Total
preferred
stock
and
63,371
shares
(Conn.) Machine Co.- •May Issue 40,000
New Britain
Common—
reported, is working on a plan for issuance of 40,000
stock which probably will be offered to share¬
There are 80,000 shares of common now
Funds thus raised will be used to retire the approximately
The company, it is
additional shares of
Total
1933
1934
1935
$289,886
65,985
share
per
(& Subs.)—Earnings—
1936
$457,509
90,885
Shs.com.stk .out. (no par)
Earnings
either
Balti¬
3516.
p.
964
Reserve for uncol¬
Sundry
8
49
16,496
(nominal val'ns)
Special deposits
1,925
16,129
exchanged their certificates of deposit
deposit receipts for the appropriate participation certificates should do
so immediately in order that they may receive their pro rata share of the
distributions authorized without delay.
Certificates of deposit or deposit
extension
Reserves, retirem't
7,672
1,833,000
series
or
16,902
30,914
Due to affil. cos
Accrued accounts.
Mdse., materials &
$430,701
536
payable
payable
Service
1935
$430,701
1,833,000
Liabilities—
1935
plant &
Appliance rentals.
—12%
Mortgage—AN series
G series..
$106,101
a
supplies
Union
F
Common dividends
Mobile Gas Service Co., for the period prior to Nov. 1, 1934.
^ The provision for retirements as shown above is less than the depreciation
claimed, or to be claimed,-on Federal income tax returns, which is based on
Due from affil. cos.
—
11%
company,
anticipation
(at cost).
series..
7%
12%
14%
series
C
A A series
Net profit
Federal taxes (est.).
Preferred dividends..
Note—In the above comparative income statement the gross income for
year ended June 30,
1935 includes the earnings of the predecessor
warrs.
B
14%
$128,729
22,628
the
Tax
-
CC series
6%
series
Years End. June 30—
Provision for retirements.
1936
CB series
5%
19%
12%
14%
10%
7%
18%
Title Investment—A series
Those holders who have not as yet
1936
Maintenance
Assets—
—
-
Southern Securities—A series
6%
Mortgage Guarantee—A series
Corp.—Earnings-—
12 Months Ended June 30—•
Total operating revenue.
Property,
series
C series..
18%
Mortgage Bond—E series
$33,000, due Oct. 7, 1936.—V. 141, p. 2121.
Mobile Gas Service
Ky-2
National Reserve—CA series
sereis
7%
9%
6%
—
series
CTA
National Mortgage—B series
D series
F
;
series
AB series
extension to Oct. 7, 1937 of the maturity of a loan from the Reconstruc¬
tion Finance Corporation of
6%
10%
5%
5%
9%
10%
7%
series.
15%
5%
—6%
Meline—A series.
—Y. 143, p. 928.
series.
Mich-3
10%
Mtge.—A series
B
G
'•
Mich-2
Mich
14%
21%
11%
series
D series
E series
Divs.
series
E
18%
10%
series.
B
445,834
453,415
37,164
37,744
——
11%
11%
14%
Instalment mtge.—A series
Investment Securities—A series
charges
10%
...
AA series
F
Net int. and other fixed
——.—14%
Mortgage Security—A series
D series
150,000
150,000
12,500
—
AT
10%
C
C series
12,500
17%
series
B
B
agreement of June 29,
1934
10%
17%
AF series
Guaranty Title—A series
Gross income
Int. & other fixed chargesi
Less
int.
canceled
per
12%
series
AE series.,
10%
12%
-
Federal Home—A series
1936—12 Mos.—1935
$2,936,267
$2,690,654
1,929,372
1,810,036
105,300
73,200
1936—Month—1935.
$255,086
$225,013
172,155
155,610
9,000
6,100
Mortgage Guarantee—AC
AD series
10%
C series
(A subsidiary of Commonwealth & Southern Corp.)
revenue
Distributions Authorized Sept. 8
series
Amortization mtge.—A
B
specific series, with a
of over 25 %.
Statement of
Mississippi Power Co.—Earnings—
Prov. for retirem't
Bondholders
C. E. O'Neil, President, announced Sept. 8 that the directors authorized
in the aggregate amount of $4,418,294 on 62 different
cash distributions
series
1237.
The directors have declared
Period End.
$0.68
1238.
National
3,198,950
$1,262,864
$1,252,724
6 Mos.—
$232,987
$1.12
—3 Mos.
$140,956
National Bond & Investment Co.—Registers with SEC—
See list given on first page of this department.—V. 143, p. 1565.
$4,461,814
3,236,645
480,271
-
Earnings per share on 207,734 shares
$664,112$4,489,369
$483,506
...
Gross
1.628.753
1,661,437
June
1936—7Mos.—1935
1936-Month—1935
earnings
from
operation.
Operating expenses and
depreciation
par, to
1,313,762
2,060,363
2,367.499
Net income after all charges
(Canadian Currency)
Period End. July 31—
per
2,246,132
2,575,710
2,420,153
—
July
August
Gross
par
2,266,253
3,001,322
3,089,387
April
1935
Period Ended June 30,1936—
Mexican Light & Power Co.,
stock, no
1934
$1,554,500
1,584,436
2,320,436
-
$1,803,350
1,890,864
March
1406.
Net earnings
—Y. 143, p.
1936
$2,003,071
2,310,918
-
February
1936
$2,121,902
1,413,889
Four Weeks Ended-
(G. C.) Murphy Co.—Sales—
Month of—
January..
Melville Shoe Corp.—Sales—
Jan.
1084.
-V. 143, p.
stock, payable Oct. 1 to holders of record Sept. 15.
This compares with
50 cents paid on April 1, last, and on Oct. 1, 1935 and $1 per share pre¬
viously each six months.—Y. 141, p. 1774.
common
holders at around $37 a share.
outstanding.
Volume
143
Financial
7,000 preferred shares
$30
a
share.
which dividend accumulations
amount to nearly
Approximately $950,000 would be needed to call the preferred
on
and pay off accruals.
A stockholders'
to vote on the plan.—V. 142,
p. 4348.
meeting has been called for Sept. 18
(J. J.) Newberry Co., Inc.—Sales—
Month of—
1936
$2,446,502
2,752,292
2,968,868
3,690.855
3,966,016
4,154,227
3.996,269
February
March
April
May
June
July
August
-—V. 143, p. 1085.
3,579,492
-
New England
Per. End. July 31—
Operating
$2,345,084
2,528,594
3,021,004
3,521.592
3,365,769
3,916,349
January
1
1935
1934
1933
$2,360,766
2,294,272
3.329,179
2.876,783
3,408,136
3,608,094
$1,883,121
1.976.225
2.117,309
3,122,802
3,241,494
3,520,541
3.428,849
2,710,174
2.740,152
2.900,065
2.934,565
2,847,365
Telephone & Telegraph Co.—Earnings—
1936—Month—1935
revenues
1936—7 Mos.—1935
$6,079,123
8,239
$5,706,875 $41,169,531 $39,223,014
18,135
89,402
132,677
Operating revenues--- $6,070,884
Operating expenses
4,373,843
$5,688,740 $41,080,129 $39,090,337
4,277,107
29,300,843
28,452,235
Uncollectible oper. rev--
Net oper. revenues—
Operating taxes-
—
Net operating income—Y. 143, p. 1239.
New
$1,697,041
575,276
$1,121,765
$1,411,633 $11,779,286 $10,638,102
466,585
4,025,190
3,338,371
$945,048
$7,754,096
$7,299,731
Rochelle
(N. Y.) Water Co.—New Rochelle Seeks
Condemn Privately Owned
Utility—
to
Corporation Counsel Aaron Simmons of New
Rochelle filed Sept. 3 in
New York Supreme Court a
petition for the condemnation of
the
that
part of the
plant of thecompany which lies in New
Rochelle.
The city
has offered $1,700,000 for the
plant.
The proceeding follows
litigation before the P. S. Commission which
resulted in an order for a
25% reduction in rates, which is now on appeal.
Several smaller communities
adjoining New Rochelle, which are served by
the water company, are
expected to join in the suit.—V.
143, p. 437.
New York Central RR.—To
Amend Leases—
The amendment to the lease of the
Hudson River
June, 1936
$546,465
Earnings of Affiliated Companies
Co.,
Month of July—
Operating
1936
revenue
-
Net income after taxes and
charges
—V. 143, p. 437.'
New
dends—
Inc.—
1935
$115,934
13,679
$103,998
4,093
Ave.
Coach Corp.
1936
$138,808
23,985
York Shipbuilding Co.—Resumes
Preferred Divi¬
Wipes Out Accruals—
The directors op Sept. 10 declared a dividend
of $7 per share on account of
accruals and the regular
quarterly dividend of $1.75 per share
ordinarily
due at this time (or $8.75 per
share) on the
7%
cumulative preferred
stock, par $100, both payable Oct. 1 to holders of record
Sept. 19.
The
current payment will clear up all back
dividends on this issue, the last
previous distribution being the regular
quarterly dividend of $1.75 per share
paid on July 1, 1935.—V. 143, p. 1409.
Mortgage Co.—Series B-K Mortgage
Holders May Realize Full Value—
Holders of $14,000,000 of the B-K series of
defaulted mortgage
cates, sold by the company, will receive 100 cents on the
dollar,
certifi¬
according
reportrby the trustees to Supreme Court Justice Albert
Frankenthaler,
Sept. 2.
The Court took under advisement the trustees'
application for
approval of their accounting and budget.
Leon Leighton, one of the
trustees, stated that operating costs of the
properties have been reduced 33 1-3% from the
55% cost which obtained
when the Mortgage Commission
and, previously, the State Superintendent
of Insurance were in
charge of the issue, while owners who were still in
possession of property up to two years behind in
interest have been ousted
in foreclosure
proceedings. He stated that the trustees, P. Walker
Morrison,
State Senator Lazarus Joseph and
himself, now are able to promise certificate
holders 100 cents on the dollar for their
investment.—V. 142, p. 4349.
to a
New York Transit Co.—Extra Dividend—
The directors have declared an extra
dividend of 5 cents per share in
addition to the regular semi-annual dividend of
15 cents per share on the
capital stock, par $5, both payable Oct. 15 to holders of
record Sept. 25.
—V. 142, P. 1480.
University Corp.—Consolidates Debts—
The corporation completed
Sept. 3 a new $5,000,000 refunding operation
through the refinancing of all
mortgages on its investment and educational
properties, Fred I. Kent, President and William M.
Kingsley, Treasurer,
announced jointly.
The operation consisted of the execution of a
new $4,500,000 first
mort¬
gage at 4}4 % to the Guaranty Trust Co. of New York as
trustee (paying
agent and registrar) to secure an issue of bonds
maturing serially from Feb. 1,
1940, to Aug. 1, 1956, and $500,000 in notes to come due
prior to Aug. 1,
1939.
The bonds have been taken
by private subscription by a group of
insurance companies.
The notes were handled
privately by local banks.
"The indenture," the joint statement
said,
"draws together
in one consolidated
mortgage 22 pieces of investment and educational
properties on which the mortgages were all past
due, and on which the
average rate of interest was approximately
5H%.
"The annual interest and amortization
payment will be borne by the
$7,000,000 budget income of the university, as was the case
in the old
mortgages, but under the new arrangement the
obligation will disappear
.
.
.
through the years."
The new mortgage, which does not include
all the property of the uni¬
will neither increase nor decrease the
university's mortgage in¬
debtedness, but puts it on a self-liquidating basis so as not to work a hard¬
ship on the annual budget.
The mortgage will be
completely amortized
in 20 years, which is the term of the loan.
versity,
New York Westchester &
Boston Ry.—Time
for Filing
unless
labor will accept a
voluntary wage reduction, or unless the taxing authorities
will give effect to our lack of
earnings by reducing tax assessments.'
"If no concessions are then
forthcoming we may fairly conclude that the
employees do not care enough about their
jobs or the municipalities do not
care enough about
the transportation facilities
furnished by the road to
justify its further operation.
It will thus be fully demonstrated
that there
is no economic
justification for the further continuance of
the road."
—V. 143, p. 1409.
Niagara Falls Power Co.—Removed from Unlisted
Trading
The New
York Curb
Exchange has removed the first and consolidated
mortgage 6% gold bonds, series A A, due Nov.
1, 1950, from unlisted
trading privileges.—V. 143, p. 1240.
Niagara Wire Weaving Co., Ltd.—Stock
Split
2-for-l—
The company on
July 20 divided each share of common stock issued at
that time into two new
no-par shares.
The total authorized issue now
amounts to 124,000 shares as
against 62,000 shares prior to the
split-up.
All of the
outstanding cumulative convertible preference shares have been
called for redemption on Oct. 1 at
$60 per share and accumulated dividends.
Payment will be made at the Royal Trust
Co., 105 St. James St. West,
Montreal, Canada. Holders of preferred
stock, may, up to and including
Oct. 1 convert each preference
share into two shares of
no-par common stock.
To Pay 40-Cent Dividend
was
filed
by Hiram Gans, attorney for the bondholders protective
committee.
Federal
Court Asks
Aid
of Employees and Municipalities
C. L. Bardo, trustee in bankruptcy, made
public Sept. 1 a letter from
Judge Carroll C. Hincks, stressing the need for reducing
expenses.
Pointing out that the company had asked employees to
accept a 10%
reduction in pay, Judge Hincks remarked that, aside from
wages and rentals,
on
The directors have declared
no par common
New Common Stock—
a dividend of 40 cents
per share on the new
stock payable Oct, 1 to holders of record
Sept. 21. Dividends
of 75 cents per share were
paid on the old common stock on July 2 and on
April 1, last, as against $1 paid on Dec. 31 and
July 2, 1935 and on Dec. 31,
1934—V. 140, p. 4075.
Noblitt-Sparks Industries, Inc.—Common Div.
The directors
stock,
Raised—
Sept. 8 declared a dividend of 50 cents per share on the'
value, payable Oct. 1 to holders of record
Sept. 21.,
cents per share
paid in each of the four preceding
paid on July 1, April 1 and Jan. 2, 1935 and on
Oct. 1,;
paid on July 1 and April 1, 1934.
'
:
'
on
no par
quarters; 30 cents
1934 and 25 cents
To
Vote
on
Stock Increase—
;
.
.
.
.
.
Directors have called a
special stockholders meeting for Oct. 10 for the
purpose of considering an increase in authorized
number of shares of
capital
stock to 300,000 from 150,000 and a
change in par value to $5 a share from
no
par.
*
-
•
•
If the plan is
approved, the present shares will be
exchanged for new
certificates on a share-for-share basis.
"The additional 150,000
shares,"
the announcement
states, "will be issuable from time to time as the
board
of directors may
determine."—V.
143,
North American Car
p.
1240.
;*
Corp.—New President—
The directors have elected L. H. S;
Roblee President, succeeding N. L.
Howard who resigned.
Mr. Roblee was formerly Vice-President
and
Secretary of the company.
Mr. Howard will continue as Chairman of the
Board—V. 143, p. 765.
North Star Insurance
Co.—Dividend, &c.—
See General Alliance Corp. above.—V.
142, p. 2677.
Northern Pacific
to
Ry.—Equipment Trusts—
The Interstate Commerce Commission
Sept.
assume
3 authorized the company
obligation and liability, as guarantor, in respect of not
exceeding
$3,000,000 equipment trust of 1936, 2H% serial
equipment-trust certifi¬
cates, to be issued by the First National Bank of New
York, as trustee,
and
sold at not less than 101.259 and accrued
dividends in connections with
the procurement of certain equipment.
(See offering in—V. 143, p. 1240.)
—V. 143, p. 1410.
Oahu Sugar
Co., Ltd.—Extra Dividend—
The directors have declared an extra
dividend of 20 cents per share in
addition to the regular monthly dividend of
like
amount on the common
$20, both payable Oct. 15 to holders of record Oct.
5.
A similar
paid on Sept. 15, last, and compares with extra dividends
of
$1.20 per share paid on Dec. 14, 1935 and on Dec.
15, 1934 and an extra
of 30 cents distributed on Dec. 15 and Nov.
15, 1933.—V. 143, p. 1241.
stock,
extra
par
was
Ohio Associated
Period End. July 31—
Operating
revenues
Telephone Co.—Earnings—
1936—Month—1935
1936—7 Mos.—1935
$57,535
$52,873
rev-_
205
604
$397,797
1,848
$366,039
4,118
Operating revenues—
Operating expenses
$57,330
34,116
$52,269
33,033
$395,949
231,212
$361,921
221,187
Net operating revs---
$23,214
4,385
$19,236
3,307
$164,737
30,695
$140,734
27,109
$18,829
$15,929
$134,042
$113,625
Uncollectible oper.
Operating taxes
Net oper. income
—V. 143, p. 767.
(The) Orange & Rockland Electric Co.—Earnings—
Period End. July 31—
Operating revenues
Oper. exps. (incl. taxes).
a Depreciation
on
Other
funded debt
interest
$64,216
37,537
6,782
$725,513
427,220
98,263
$723,843
413,935
81,243
$19,897
1,918
$200,030
35,241
$228,665
40,873
$21,815
6,115
$235,271
47,400
1,977
$269,538
63,407
83
——
Amortization deduc'ns__
Other
deductions
Divs. accr.
on
Fed'l
income
831
5,582
771
pref. stk.
—
taxes
1936—12 Mos.—1935
$64,031
42,242
12,306
$12,040
3,950
Gross income
Int.
1936—Month—1935
$9,483
2,557
Operating income
Other income
Balance
U. S. District Court Judge Carroll C. Hincks at New
Haven on Sept. 1
extended until Oct. 15 the time in which trustee
Clinton L. Bardo, may file
a plan of reorganization for the road.
The petition for extension
for Road—
be the item
"
Balance
Extended—
operating
your
Judge Hincks said that he did "not mean to suggest
plunge into a general litigation of the tax assessments."
"Indeed." continued Judge Hincks, "there is
scarcely time for this.
For it looks doubtful, to
put it mildly, whether we can keep the road
running
long enough to await the result of such
litigation.
"Instead, it is my view that we should
give all parties affected an oppor¬
tunity and the resulting responsibility each to make his
equitable contribu¬
tion to the salvation of the
road.
The Court, with your
assistance, will,
for at least a month or two
longer, keep the wheels rolling and make arrange¬
ments so that at the end of
that time we can say to the
traveling public,
to the municipalities
served by the road and to the
employees:
'Here are the irreducible
figures.
Our gross revenues, even with the
fares recently increased, amount
to so much, and we can count on
no more.
Our operating
expense are so much, and we can cut them no further
New York Title &
New York
on
prices of commodities and
securities generally,"
that you should
"
—Madison Ave. Coach—Eight
.
other items
reduction unless it
This compares with 37
Earnings for the Month of
July, 1936
$573,311
taxes."
Mr. Bardo has been unsuccessful
until now in obtaining tax reductions.
He has sent copies of
Judge Hincks's letter to "governing bodies and the
people of Westchester County served
by the road and its employees."
/ Citing a decision by the U. S. Supreme Court which
held, in respect to
an appeal
by the Great Northern Ry., that a tax board "failed to
give
reasonable weight to the
falling off of petitioner's traffic, the extraordinary
shrinkage in values of railroad properties, the
common
City Omnibus Corp.—Earnings—
Gross operating revenue
of
Connecting RR. will
a
mortgage on the property in order that the
Hudson River
Connecting RR. may issue bonds to the New York Central
in reimbursement of
advances, which amounts to $24,550,100.
Changes to ba proposed at the meetings will also
pave the way for dis¬
solution of Ohio Central's
subsidiaries.
Leases on the St. Lawrence &
Adirondack Ry. and Ottawa & New York
Ry„ expiring Jan. 1, 1937, would
be extended for 99
years, subject to termination
by the lessee on 90 days'
written notice.—V. 143,
p. 1409.
New York
1725
"there appear to me to be
absolutely no
statements that are
susceptible of further
Preferred Stock Called—
A special
meeting of stockholders has been called for Oct. 15 to extend
of two Canadian
subsidiaries, amend leases on the Ohio Central
Lines and amend the lease of the
Hudson River Connecting RR.
Approval
of two-thirds of the
stockholders will be required at the
meeting, which is
to be held in
Albany.
leases
permit its subordination to
Chronicle
250
4,356
4,335
$7,236
^
6,694
$15,450
8,695
$181,538
90,420
$195,383
102.997
$542
$6,755
$91,118
$92,386
3,886
3,600
20,886
incl.
in oper. expenses
34,000
Excluding depreciation of transportation, shop, stores
and laboratory
equipment and depreciation of non-operating
property, such depreciation
being distributed among the various operating
property, operating expense
or other accounts applicable.—V.
143, p. 1086.
a
Otis
Co.—May Offer $69.50 for Stock—
Henry G. Nichols,
President of the
company has sent to stockholders
of two plans one
involving sale of centayi of the company's
plants and fixed assets, and the other involving a tentative bid of
$69.50
per share for the company's 35,392 shares.
an
outline
Financial
1726
Sept. 12, 1936
Chronicle
Co.—Interest—
Paulista Ry.
$2%
per
Petroleum Conrersion Corporation
share
series A, due 1942, will be paid on
sinking fund gold bonds,
V. 142, p. 2513.
(Common)
Additional information on request
that date.—
(J. C.) Penney Co.—Sales1936
1935
1934
—$13,964,419 $12,924,114 $12,440,233
13,692,430
12,040,899 11,741,901
16,282,456
15,511,ol4 16,4^4,080
Month of—
January
February
March
LANCASTER k NORVIN GREENE INC.
refunding mortgage 7%
Sept. 15, 1936, on the first &
The interest due
Currently selling at about
1933
$8,689,376
8,455,073
10.234.073
r*
Hanevtr 2-0077
Boston Duck Mills,
the Swift River and other assets
to be raised if certain other assets
the company's Palmer Mills,
Under the first plan,
Bleachery, water rights on
would be sold for $450,000, this price
are also sold.
Under the second plan, a connection
Bondsville
of the buyer has expressed interest
buy shares of Otis Co. on a basis which it is estimated would
$69.50 per share, if time could be given to make necessary
properties and make necessary financial arrangements.
Otis Co. might be given the right to reserve approximately $1,000,000,
which would reduce the offer by $27 to $42.50 per share.
The directors
recommend sale of the company's shares under the second plan if the offer
in offering to
realize not less than
examination of the
is made.
A
special meeting of stockholders will
plans.—Y. 141, p. 3547.
be held Sept. 16, in Boston, to
act on the two
period is for the 9
months ended June 30 and not
Pacific Gas &
12 Months Ended June
7 months ended June 30.
Distribution
Taxes other than
Provision for doubtful accounts
Provision for insurance
and casualties
Rents
Non-operating expenses
Net operating revenue
Miscellaneous income—
*
—
funded debt
Amortization of bond discount
and expense
Miscellaneous interest
217,879
Gross oper. revenue
Oper. exps. & taxes
Int. on funded debt
9,945,553
322,298
0142,218
1,331,887
Provision for Federal income tax.
1,781,693
in dispute)--*! — -$25,833,001 x$24937,850
deducting minority interests in earnings of subsidiary companies.
Net income (incl. gas revenue
x
Before
1936—3 Months—1935
1936—6 Mos.—1935
Net income after depre¬
ciation & other charges
$438,454
$424,672
$709,081
$618,427
1087.
1934
$1,322,136
1.250,116
1935
$1,466,958
1.428,088
1,587,299
1,537.720
1,561,028
1,675,602
1933
$1,310,613
1.185,279
1,324,034
1,336,054
1.245.704
1,242.600
1,317,587
1,335,933
1.299,963
1,239,938
1.450.922
1,558.292
1,646,717
1,695,132
1,535,173
1,547.491
May
June
—
1,732,576
1,738,271
July
August
—V. 143,
p.
.
1,652,045
1.342.468
1.268.006
1,243,098
1088.
Philippine Ry.—Earnings—
Period End. June 30—
1936—Month—1935
$31,027
$25,578
34,793
1936—12 Mos.—1935
$470,164
408,971
$503,963
387,510
33,312
341,960
341,960
28,496
28,496
1,845
11,293
11,070
$32,262
-$38,076
$236,800
$291,837
exchange
account inter¬
payments.
Extraordinary
expense
est
loss
Net
for inv.
physical property.-
Income approp.
in
3,060
953
2,297
2,579
$35,322
Balance, deficit
—V. 142, p. 3866.
Pittsburgh Hotels
Greyhound Corp. (& Subs.)—Earnings—
Period End. June 30—
—V. 143, p.
1936
$1,612,984
1,651,507
of—
April
—V. 143, p. 1087.
Pacific
Inc.—Sales—
Peoples Drug Stores,
Month
January.-.
February
with SEC—
department.—V. 141, p. 2901.
March..
0116,972
construction
Interest charged to
first page of this
250,575
3,266,300
1,881,880
12,538,279
9,679,478
2,782,197
444,766
767,070
Crl0,250
$40,117,977 $41,730,754
12,297,018 14,195,508
737,368
915,848
35,674
42,072
Gross income
on
See list given on
$30,172,424 $41,408,455
depreciation
Federal income tax
and administrative expenses
Provision for
RR.—Listing—
Stock Exchange has authorized the listing of $20,000,000
general mortgage 3%% bonds, series C, dated April 1, 1920,
due April 1, 1970, making the total amount applied for $60,000,000 —
V. 143, p. 1568.
additional
217,879
New business expenses
Interest
1088.
3,730,996
12,025,555
757,145
, 4,698,193
expenses—other than
Street railway department
maintenance and repairs
13,557,830
14,211,719
Larger Cdmmon Dividend—
•
,
dirpptors have declared a dividend of $1 per share on the common
payable Sept. 30 to holders of record Sept. 18. This
compares with dividends of 75 cents paid on June 30, and March 31, last,
and on Dec. 31, 1935; 50 cents in each of the four preceding quarters;
30 cents each three months from March 31, 1933, to and including Sept.
29, 1934; 45 cents on Dec. 31 and Sept. 30, 1932, and 60 cents per share
paid each quarter from March 31, 1931, to June 30, 1932, inclusive.
In
addition, an extra dividend of $1.50 was paid on Dec. 31, 1935, an extra
of $2 on Dec. 31, 1934 and an extra of $1 on Jan. 30, 1934.—V. 143, p.
250,575
2,574,436
1,517,258
8,895,445
7,245,151
2,136,097
342,282
600,444
1,099,462
expenses
16,131,402
14,431,647
The
3,009,699
11,355,823
637,645
3,796,005
expenses
15,919,033
17,885,331
stock, no par value,
$73,850,629 $94,438,521
Commercial expenses
General
19,368,510
17,084,631
16,976,710
Peoples Bridge Corp.—Registers
Company Consolidation
30, 1936—-
expenses
Transmission
August
Electric Co.—Earnings—
Total gross operating revenue.-:
Maintenance of capital
Production
14,628,193
Pennsylvania
1567.
—V. 143, p.
14,591,329
16,796,586
13,967,193
-
The New York
cited in last week's "Chronicle" for the 1936
earnings statement
15,475,133
17,934.548
May
June
,
Corp.—Earnings—
Outboard Motors
The
17,591,998
20,639,831
21,474,807
18,475,110
April——
N. Y.
NY-1-1786
19,759,157
July
BROAD ST.,
20
A. T. & T. Teletype
$39,029
$239,097
$294,416
Corp.—Reorganization Plan—
Baltimore, Md., has
corporation.
first mortgage bonds.
holders of the securities
of the Pittsburgh Hotels Corp. as being fair and equitable, within the ability
of the property to support, and a solution of the deadlock existing between
Property Management,
formulated and
Inc. (215 N. Calvert St.),
recommended a plan of reorganization for the
The Management company represents holders of the
The plan of reorganization is recommended to the
and the junior security holders.
The first mortgage bonds are secured by a mortgage on the William Penn
Hotel, the Fort Pitt Hotel and the Service Building, located in Pittsburgh.
The original amount of the issue of the first mortgage bonds was $10,350,000.
This has been reduced by sinking fund payments to $9,915,000.
the bondholders' committee
Pacific Southern Investors, Inc.—Larger Class A Div.—
declared a dividend of $1.50 per share on the class A
common stock, no par value, payable Oct. 1 to holders of record Sept. 15.
This compares with 25 cents per share paid on Aug. 10, and on Feb. 15,
last, this latter being the initial distribution on the class A stock.—V. 143,'
p. 1087.
The directors have
Pacific
Telephone & Telegraph
Co.—Earnings-
Uncollectibleoper. rev_.
1936—Month—1935
1936—7 Mos.—1935
$5,329,628 .$4,778,674 $35,845,656 $32,535,026
17,840
20,200 •
119,199
121,328
Operating revenues—
Operating expenses-——
$5,311,788
,3,561,616
$4,758,474 $35,726,457 $32,413,698
3,346,214 24,268,623 22,448,594
Net oper. revenues...
Rent from lease of oper.
$1,750,172
$1,412,260 $11,457,834
Period. End. July 31—
Operating revenues
Net oper.
—V. 143, p.
$9,965,104
70
632,530
71
538,999
514
4,423,705
514
3,617,438
$1,117,712
$873,332
$7,034,643
$6,348,180
property
Operating taxes
income---1567.
second mortgage gold bond
$281,943 representing in¬
The properties are also subject to a 6% serial
issue in the amount of $1,650,000 and a claim for
terests advanced under
Travel
Coach
Corp.,
Flint,
secured claims, there is an issue of 15 year 6)4 %
sinking fund gold debentures in the principal amount of $2,400,000, an issue
of 7% cumulative prior preference stock of $1,000,000 and of 6% cumulative
preferred stock amounting to $3,250,000.
Notes payable and other unse¬
cured claims are outstanding for $575,000, making approximately <a total of
$9,000,000 face amount of securities junior to the first mortgage bonds and
excluding the common stock.
A summary of the important features of the plan follows:
(1) The present 5)4% bonds shall be extended for a period of ten years
or until March 1, 1958, with fixed interest at 3% from March 1, 1937, or
from date of confirmation of the plan, whichever is the earlier.
Beginning
March 1, 1939 interest will accrue at 5)4 %, 3% of which represents a fixed
obligation of the company.
The additional 2)4 % interest is to be paid from
50% of the surplus income of the property.
The remaining 50% of surplus
income is to be used by the trustee for a sinking fund for the retirement of
Mich.—Stock
Offered—R. W. Reilly & Co., Detroit on Aug. 6 offered
(subject to deduction for shares subscribed by present stock¬
holders under pre-emptive rights) 79,672 shares of capital
stock at $1 per share.
Stock offered as a speculation to
bona fide residents of Michigan only.
Capitalization—Authorized, 250,000 shs.; outstanding as of June 30, 1936,
104,828 shs.; subscribed, not fully paid for, 15,500 shs.; new offering, in and
to residents of
Michigan only, 79,672 shs.;
remaining in treasury unissued,
50,000 shs.
The corporation was incorp. in July, 1935, when the company took over
the entire plant, assets and liabilities of Arehart Bros.
Company did a very
small volume of business during the first six months of their corporate life
(July to Dec. 31, 1935).
Early in 1936 the company's 1936 line
of Palace
perfected.
Suitable changes and improvements were
company's plant.
A dealers' organization was established with
actual deliveries beginning early in March.
In order to meet the demand for Palace Travel Coaches, the company has
recently acquired by purchase option a building with over 40,000 square
feet floor space, including railroad siding, and approximately 21 acres of land,
at a purchase price of $28,500 (to be exercised on or before Feb. 1, 1937).
Directors of the company estimate that it will require about $15,000 to refit
and equip this plant to increase production to approximately 30 coaches a
day.
The management is of the opinion this plant can be made ready and
be in full production by Sept. 1, 1936.
The officers and directors are: David D. Arehart (Pres. & Treas.); Harry
M. Rogers (Vice Pres.); Earl P. Trobert (Sec. & Counsel); Arthur H. Sarvis,
Dr. Walter Z. R undies, Leo J. Regan, B. R. Scheff.
Sales for six months Jan. 1 to June 30, 1936, were $173,421.
Inasmuch as
the company made few actual deliveries prior to March, 1936, this largely
reflects sales after that date.
During the period company, while develop¬
Travel Coaches was
made in the
ing production, showed a net
profit, before Federal taxes, of $3,283, and for
showed a net profit, before Federal taxes, of
$9,436.
The proceeds from this offering is to be used by the company to complete
the month of June company
its
expansion program and provide the additional working capital.—V. 141,
Pathe Film
Corp.—Officer Resigns—
Willis C. Bright
resigned as Vice-President and Treasurer, effective Sept.
5.—V. 143, p. 1411.
Pauly Tile Co.—Registers with SEC—
See list given on
first page of this department.
the first mortgage cou¬
pons due Sept. 1,1930.
In addition to the above
bonds.
Palace
the second mortgage to pay
(2)
•
'
In order to save expense, no new bonds will be issued.
fully registered as to principal and interest.
All
bonds shall be
The present
coupons will
^0 dotBiClicd
In consideration of past due interest and interest at a reduced rate
until March 1, 1939, each holder of a $1,000 first mortgage bond will re
ceive, in addition, a voting trust certificate for 10 shares of the capital stock
of the reorganized company, representing 51% of the capital stock to be
outstanding upon reorganization.
In the event of default after termination
of the voting trust, owners of first mortgage bonds have exclusive voting
rights.
(4) In addition to retirement of bonds aggregating 3 % of the face amount
outstanding, a depreciation reserve fund of $400,000 is established and must
(3)
be
maintained at that figure to
take care of renewals, replacements
and
alterations.
All present junior securities will be canceled, and holders thereof will
be issued voting trust certificates for 49% of the authorized capital stock
on which no dividends can be paid unless the interest is paid on the full face
value of the original first mortgage bonds, at least 3% of the outstanding
bonds are retired each year and the depreciation reserve fund is maintained
at $400,000.
(6) The stock of the reorganized company will be voted under a voting
trust of five trustees to be appointed by the Court from a list submitted.
Two of the four nominations of bondholders to the voting trust must be
from Pittsburgh.
Junior interests shall be entitled to one of the five voting
trustees, who will agree to elect one representative of such interests to the
board of directors.
The voting trust will run for five years, unless the 3%
fixed interest and the 5 )4 % cumulative interest is paid and certain other
conditions are Complied with.
For the full 5)4% to be paid, the property
must earn at least $743,200.
Of this, $247,875 would go into the sinkiifg
fund for the retirement of bonds.
(5)
All surplus income in excess of that needed to meet the full 5)4%
corresponding requirements for the sinking fund must be
first mortgage bonds until the total bond retire¬
ments equal 3% of the face amounts of bonds outstanding on Jan. 1, 1938 in
each year.
These amounts are cumulative from that date.
Surplus income
above the amounts necessary to retire 3 % of outstanding bonds cumulative
from Jan. 1, 1938 and 5)4% interest from March 1, 1939 shall be available
for general corporate purposes; however, no dividends shall be paid on the
common stock until the depreciation reserve fund of $400,000 is accumulated
in cash or securities.—V. 143, p. 1412.
(7)
interest and the
used to retire additional
Pittsburgh United Corp.—Earnings—
6 Mos. End. June 30—
1936
1935
$41,603
$28,652
'
1934
1933
$44,458
$46,189
Net loss after all charges
and expenses
—V.
142, p. 3689.
^
•
,
Volume
Financial
143
Chronicle
Pittsburgh Steel Co.—Registers with SEC—
See list given on first page of this department.—Y.
Ponce Electric
Period End. July 31—
Maintenance,
.Interest
u
$9,028
Period' End. July 31—
Gross earnings
1568.
$333,204
183,111
17,242
32,363
$5,755
$63,321
1,842
130
Appropriations for retirement
25,144
$45,254
30,000
Corp. of Canada, Ltd.
1936
$935
1934
$1,576,188
$1,542,587
247,074
5,523
500,406
$1,525,470
522,489
$789,584
1,143,493
$731,207
1,012,286
$2,156,238
300,000
300,000
$1,933,077
300,000
300,000
$1,743,493
300,000
300,000
Surplus for year
Surplus forward
Div.
on non-cum.
on
pref..
Earns.persh.on
$1,556,238
common
$0.50
$1,333,077
$0.43
1933
■'
$1,485,341
266,028
5,746
sale of securities
Total surplus
$1,143,493
$0.29
Cash
Inv.
1935
$
Pullman
subs,
Accounts
Furn. & fix., &c
Deferred expenses.
Net
Total
Net
221,269
26,882
4,254
Dlvs.
5%
150,000
1,843,800
8,583,000
6% pref.. 5,000,000
150,000
1,969,300
8,749,000
5,000,000
payable*
debentures
4debentures.
def$3,557
$234,558
$$3,592
$741,156
318,825
$90,292
111,894
$3,236,2341oss$1359016
1,645,857
904,524
$422,330
def$21,602
$l,590,377def$2263,540
853,239
1st cum.
Pure Oil Co.—New Director—
...
The New York Stock Exchange
shares of capital stock (par $10).
5,000,000
389,889
5,004,440
1,333,077
of
1
director
of 927,305
•
Consolidated Income Statement for 6 Months
A.
Ended June 30, 1936
$12,910,878
.
1
10,461,915
1,372,364
61,511
Selling, general and administrative
Taxes (other than Federal)
55,651
Allowance for doubtful accounts
Gross profit
Other income
$959,437
-
;—
81,045
'---
Total income
$1,040,481
360,963
Depreciation.
Provision for income taxes: Federal, $97,893; Pa., $29,565
Net income
Note—No
127,459
$552,059
,—
estimate
has
been
made
of surtax
Pennsylvania income tax has been estimated
30, 1936.
Mining Co., Ltd.—Extra Dividend—
dividend
has authorized the listing
N et sales (exel. of inter-company sales)
Cost of sales, excl. of depreciation
a dividend of 50 cents per share on the com,
value, payable Oct. 1 to holders of record Sept. 16.
This
compares with dividends of 25 cents per share paid each three months
from April 2, 1934 to and including July
1, last; prior thereto regular
quarterly distributions of 12J4 cents per share were made.
In addition an
extra dividend of 25 cents was paid on Jan.
2, last, and an extra of 12
cents on Jan. 2, 1934.—V. 141,
p. 3701.
extra
a
Quaker State Oil Refining Corp.—Listing—
Non-cum. 6% part
Special reserve.,
_.
L.v" S. Wescoat, Vice-President and Secretary, has been named
F. S. Heath, deceased.—V.. 142, p. 3867.
Lambert, Inc.—Doubles Dividend—
on
on undistributed profits.
the basis of laws in effect
at June
cent
in
per share
to the regular quarterly dividend of 3 cents
per share on the
stock, both payable Oct. 15 to holders of record Sept. 15.
Similar
payments were made on July 15, April 15 and Jan. 15, last, and on Oct. 15,
1935.—V. 142, p. 3520.
«
Consolidated Balance Sheet at June 30, 1936
addition
common
Pressed Metals of
$936,832
to succeed
par
an
$1,117,841
883,283
revenue-
Operating income.
143, p. 1089.
The directors have declared
declared
$124,208
127,765
—V.
395
...27,848,072 27,842,447
Total
27,848,072 27,842,447
Represented by 446,264 no par shares in 1936 and 446,227 in 1935.
y Being the net profits on sale of securities and discount on
debenture
redeemed since July 1, 1933.—V. 142, p. 1301.
have
$93,850
$160,575
127,678
$32,897
'
,
Taxes accrued.
x
Premier Gold
$3,001,6761oss$1442609
$708,259
revenue
revenues
Total expenses
Total.
'The directors
$4,209,978 $32,166,687 $27,702,566
4.116,127
29,165,011. 29,145,175
Auxiliary operations:
246,346
5,000,000
510,918
x Common stock..
5,006,660
Earned surplus
1,556,238
no
1936—7 Mos.—1935
.
.
.
$5,019,015
4,310,756
Total expenses-..
1935
414
preferred
stock,
b$543,591 b$l ,404,925
'
1936—Month—1935
car operations:
Totalrevenues
t—
$1,012,286
Nil
197,041
Prov. for inc. taxes
y
Pratt &
550,000
1,583,970
-
Co.—Earnings—
Sleeping
-payable
& accr. liabils
20.176,486 20,084,940
Other investments 6,982,257
7,279,461
Accts.
rec.,
incl.
304,311
22,159
9,468
550.000
1,583,970
3,882,954
Liabilities—
225,639
and
cos
accrued revenues
1,412,192
$2,086,518
1,357,473
[Revenues and Expenses of Car and Auxiliary Operations]
Period End. July 31—
300,000
300,000
738,481
1936
$
353,389
in
affil.
$3,002,570
dividends and surplus—.i.-
common
Comparative Balance Sheet June 30
1936
Assets—
$157,307
416,800
a No provision has been made for a
possible Federal tax on undistributed
profits, since the amount of such tax, if any, cannot be determined until the
close of the year,
b Deficiency.—V. 143, p. 1089.
$2,350,767
Interest.
Total surplus
Div. on cum. preferred..
& amortization
_•
$545,067
1,805,700
Taxes
'
$5,969,472
323,310
$6,831,041
3,828,470
$480,618
34.733
Appropriation for retirement reserve.
Prior preference dividend requirements
Preferred dividend requirements
311,785
5,329
623,160
256,036
$5,552,672
$445,885
$261,047
_
Balance
Balance for
$823,161
1,333,077
-----
$6,414,241
416,800
$543,514
34,733
$578,247
317,199
sources.
Balance
Earnings—
10,348
486,643
Revenue
Expenses.
al71,795
$1,913
reserve.
Balance for common dividends and surplus.
-V. 143, p. 934.
,
Inc. from other
Int.
1936—12 Mos—1935 4
$1,112,359 $14,508,125 $13,553,970
437,906
5,486,762
5,299,619
61,687
826,766
799,003
166,881
al ,780,355
1,902,675
$1,250,433
'
456,357
78,767
Balance
$61,479
34,166
25,398
$100,398
Preferred dividend requirements
Years End. June 30—
88
-
LightTCo. (& Subs.)—-Earnings
1936—Mon*/^1935
Taxes
-
charges.
Loss
Operation
Maintenance
$316,933
202,230
24,815
26,565
$100,487
$5,886
$9,028
...
Balance
Power
p.
1936—12 Mos —1935
1936—Month—1935
$27,127
$26,827
14,006
13,128
1,131
5,109
2,961
2,703
Taxes
Balance
Puget[Sound Power
143,
Co.—Earnings—
Gross earnings
Operation
1727
[After giving effect to
new
A
—
Notes,
America, Inc.—-Removed from Unlisted
financing of July 7, 1936!
Liabilities—
Cash
trade
&
accepts.
counts receivable
Accounts payable, trade
$2,328,420
$577,725
720,575
9,273,050
5,809,514
1,381,692
Accrued liabilities.
ac¬
(net)
Capital stock (par $10)
Capital surplus..
Earned surplus
2,297,379
3,279,984
Trading—
Inventories
The New York Curb Exchange has removed the
rights from unlisted
trading privileges.—V. 143, p. 1569.
Investments
119,979
Fixed assets
8,727,836
Prudence Co.,
7,450
Patents & trade marks
Deferred charges..—
Inc.—Trustees Changed—
186,037
-
815,469
Other assets
To enable holders of certificates to reorganize their real estate equities
under
jurisdiction of the State courts, Supreme Court Justice Lloyd
on
Sept. 5 replaced the Federal Court appointed trustees of the
Co., Inc., who
controlled six large apartment buildings in
Manhattan.
In their place he named three trustees for each building.
Justice Church's action was on an application by the Brooklyn Trust
Co., which has title in a fiduciary capacity to participation ceritifcates
in bonds and mortgages on the properties.
Further, he acted, in part,
under two Circuit Court of Appeals decisions involving one of the properties,
the Fifth Avenue Hotel, 24 Fifth Ave.
Referring to the Circuit Court of Appeals decisions on which he based
his action, Justice Church said they indicated that neither the Prudence
Bonds Corp. which sold certificates secured by a mortgage on the property
at 24 Fifth Ave.,
nor the Prudence Co.,
Inc., which guaranteed the
certificates, "has a property interest in the bond and mortgage involved
in this case to justify the inclusion of this bond and mortgage in any 77-B
(of Federal Bankruptcy Act) proceedings either of the Prudence Bonds
Corp. or Prudence Co., Inc."
Justice Church said he granted the application for the appointment
of the new trustees to do away with adverse interests and added that
the trustees of the defaulting guarantor "are not, in my opinion, proper
representatives of the certificate holders."
The ruling also held there was not conflict of jurisdiction between the
Federal and State courts in this case.
Both courts, the Justice said,
were
"alike interested primarily in the preservation of the rights of the
$17,762,555
—Y. 143. p. 1569.
Prudence
certificate holders."
Total-.—.—.:
—$17,762,555
Total.
Church
Borough Gas & Eleetrie
Trading—
Queens
Unlisted
Co.—Removed from
The New York Curb Exchange
has removed from unlisted trading
privileges the refunding mortgage gold bonds, 4H% series, dueJMarch 1,
1958.—V. 143, p. 935.
R. C. A. Communications,
Per .End. July 31—
Teleg. & cable op. revs._
Teleg. & cable op. exps-_
Inc.—Earnings—
1936—Month—1935
$378,025
$329,916
337,526
311,981
1936—7 Mos.—11935
$2,570,050
$2,340,759
2,352,435
2,181,609
Net teleg. & cable op.
109,998
loss$202
48,024
$61,043
301,621
$38,964
313,671
$66,996
29,928
$47,822
38,073
$362,664
225,308
$352,635
$37,068
$9,749
$137,356
$96,897
$17,935
8,490
12,803
Uncollect, oper. revs
1,000
12,668
8,505
14,397
1,000
11,246
_
$22,518
44,478
inc.
revenues
•
$217,616
59,433
99,007
7,000
$159,150
59,718
93,787
7,000
79,117
$40,499
Other oper. revenues—
Other oper. expenses—
Taxes assign. to opers—
Operating income
Non-operating income.
.
The trustees
supplanting those of Prudence Co., Inc., are:
Fifth Avenue Hotel—James McNally, 32 Broadway; John J. Thaler,
402 W. 51st St.; Michael J. Kennedy, 427 W. 5lst St.
983 Park Ave—John T. Dooling, 37 W. 43d St.; Martin J. Kennedy,
230 Park Ave.; Joseph Grandon, 205 E. 85th St.
<
360 E. 55th St.—Frank Aranoff, 84 "William St.; John J. O'Neil, 1115
Broadway; James H. Torrens, 551 W. 171st St.
101 Central Park West—John A. Mullan, 225 Broadway; Thomas J.
O'Reilly, 51 Chambers St.; Thomas F. Howley, 59 W. 12th St.
130 W. 49th St.—James J. Dooling, 40 Front St.; James J. Mahoney,
53 Oak St.; Saul S. Berzen, 51 Chambers St.
"
27
W. 72d St.—Patrick J. Callahan, 40 Front St.; Rudolph
Stand,
160 Broadway; Albert A. Friedlander, no address given.—V. 142, p. 4189.
Public Service Co. of N. H.—Seeks
Exemption — To Issue
$3,000,000 Promissory Notes—Proceeds to Be Used to Acquire
Amoskeag Hydro-Electric Development—
The company a subsidiary of New England Public Service Co., a regis¬
tered
holding
has filed an application (32'40) for exemption
under Section 6(b) of the Public Utility Holding Comapny Act of 1935
from the requirement of filing a declaration with respect to an issue of
not exceeding $3,000,000 of promissory notes to be sold at a private sale
to not more than six banks or trust companies.
The notes
dates
for
Net income
—V. 143, p.
255,738
935.
Railway & Light Securities Co.—Asset ValueThe company reports asset value, $30.72 a share of common stuck,
compared with $28.39 on June 30, 1936, and $24.40 on Dec. 31, 1935.
—V. 143, P. 441.
Real Silk Hosiery
6 Mos. End. June 30—
Mills, Inc. (& Subs.)—Earnings—
1935
1936
193a
1934
deprec.,
int., Fed. taxes, &c.,
but before sub. pref.
Net
loss
after
$66,771
dividends
—V.
143,
p.
prof$110,285
$413,459
$7,594
1090.
company,
to
mature
not
later
than nine months from
the date or
are to bear interest at a rate not exceeding 3% per
A total of $2,225,000 of the proceeds of the notes is to be applied
are
thereof, and
annum.
Gross income
Deducts, from gross
the
purchase of all of the hydro-electric development of Amoskeag
Manufacturing Co. from Amoskeag Induesties, Inc., of Manchester, N. H.
Another $100,000 will be invested by the applicant in the equity stock
of Amoskead Industries, Inc., and the balance will be used in connection
with making additions and extensions to the properties, plant and equip¬
ment of the applicant, including particularly the erection of a new dam
at Eastman Falls on the Pemigewasset River.
Opportunity for hearing in this matter will be given Sept. 26, 1936.
—V. 143, p. 1413.
Reece Button-Hole Machine Co.—10-Cent Extra Div.—
The directors have declared an extra dividend
the regular quarterly dividend
capital stock, par $10, both payable Oct. 1
Similar extra dividends were paid on July 1,
Dec. 27 and July 2, 1934, and on Dec. 27,
addition to
of 20
of 10 cents per share in
cents per share on the
to holders of record Sept. 15.
last, Dec. 27 and July 1, 1935,
1933.—V. 142, p. 4036.
Reed Roller Bit Co.—55-Cent Extra Dividend—
The directors have declared
an
extra dividend of 55 cents and
a
quarterly
dividend of 20 cents per share on the
new no-par common stock, both payable
Sept. 30 to holders of record Sept. 19.
An extra of 10 cents in addition
to an initial quarterly dividend of 20 cents per share was distributed on
June 30, last.
The stock was on May 16, last, split on a three-for-one
basis.
The old stock was receiving quarterly dividends of 25 cents per
share.
In addition an extra dividend of ,25 cents was paid on March 30,
last, and an extra
of 50 cents
was
paid
on
Dec. 26, 1935.—V. 143, p. 1569.
Financial
1728
Reliance Mfg. Co.
The
in
the
have
directors
addition
common
Earnings for Six Months Ended June
of Illinois—Extra Dividend—
declared
an
extra
dividend
of
10
cents
share
per
regular quarterly dividend of 15 cents per share on
stock, both payable Nov. 2 to holders of record Oct. 22.
the
to
Similar payments were made on
Sept. 12, 1936
Chronicle
Net income after all charge & prov.
30, 1936
$1,554,036
for Fed. taxes (before surtax)
—V. 142, p. 2812.
Inc.—Withdrawal of Registra¬
Rochester Distilling Co.,
Aug. 1, last.—V. 143, p. 1090.
tion Statement—
Remington Arms Co., Inc.—Reorganization Plan—
a
A special meeting of the stockholders will be held on Sept. 25, to consider
plan of capital reorganization. This plan as outlined in the call proposes
amend the
to
certificate of incorporation to:—
*
(a) Create an authorized issue of 38,141 shares of preferred stock, 6%
cumulative, $100 par value, for the purpose of exchanging a share of same
and 10 shares of common stock for each share of first preferred stock, 7%
cumulative, series A, issued and outstanding.
(b) Eliminate the authorized issue of 200,000 shares of first preferred,
7% stock, of which 100,000 shares are series A and 100,000 shares are series
B.
The Securities and Exchange
Any shares of the first preferred stock, 7% cumulative, series A, not
exchanged under the terms of the plan, will be redeemed at $110 a share
plu^accrued dividends.—V. 142, p. 1830.
Reo
Car
Motor
Discontinue
Co.—To
dividend of 60 cents per share on the com¬
stock, no par value, payable Oct. 1 to,,holders of record Sept. 20.
Previously regular quarterly dividends of 30 cents per share were distributed.
In addition, the following extra dividends were paid: 30 cents on July 1
last; 50 cents on Dec. 31,1935,
was
See list
Sangamo Electric
dividend record.
Directors also
'
decided to accelerate the next
on the problems presented by the increasing demand for
efficiency in commercial vehicles if they hope to keep pace with progress.
"In the last few years, the use of the passenger bus has become more
general than ever.
More trucks are in service today than ever before.
As
business continues to improve, the demand for trucks and buses of all kinds
must inevitably increase.
"With a strong backing we are able to embark on a broad program which
calls for improvement of service facilities, rounding out of our line of com¬
mercial vehilces through the introduction of new models and engineering
improvements to be announced later."—V. 143, P. 1090.
Reynolds Spring Co.—Initial Div.
on
New Com. Stock—
Sept. 29 to holders of record Sept. 15.
A stock dividend of 100% was paid in common stock on June 29, last.
Regular quarterly dividends of 25 cents per share were distributed on the
common stock from Sept. 30, 1395 to June 29 last, inclusive; dividends of
10 cents per share were paid each three-months from Dec. 29, 1934 to
June 29, 1935, inclusive.
In addition an extra dividend of 10 cents was
paid on June 29, 1935.—V. 143, p. 1570.
Riverside Silk
Operation
1936—Month—1935
$161,616
$143,810
61,324
62,63/
9,178
8,761
al7,479
16,197
,
Maintenance
Taxes
—
-
-
...
Balance
1936—12 Mos,.--1935
$1,897,774
719,762
$1,806,289
690,205
115,907
a205,198
106,655
208,033
$73,634
31,457
--
$56,213
33,009
$856,906
401,355
$801,395
396,481
$42,176
Balance
$23,203
$455,551
179,166
149,114
60,000
$404,913
150,000
149,114
60,000
$67,270
$45,798
Appropriations for retirement reserve
Debenture dividend requirements
Preferred dividend requirements
Balance for common
a
of accumulations
a
Roan
a
the $2 cum. class A stock, no par
Antelope Copper Mines, Ltd.—Alternate Director
meeting of the board of directors held Sept. 1, Ronald Lindsay
appointed alternate director to Dr. Otto Sussman.—V. 143,
was
1090.
Roanoke
Gas
dividends and surplus
Sherwin-Williams
Dividend—
1935
$443,920
$435,727
204,319
230,697
32,323
2,159
Operation
Uncollectible accounts--
---
Taxes (including Federal income taxes)
27,171
2,049
38,794
34,248
$139,945
Net oper. revenues before prov. for retirem'ts..
Non-operating income—net-
to
holders of record
Sept.
15.
$167,938
'
quarterly dividend of $1.75 per share was
p. 3362.
Silver King
The directors have declared a
stock,
p.
1247.
4
Singer Mfg. Co.—Extra
Net income
Divs. on preferred stock
;
;
method.
Comparative Balance Sheet June 30
1936
x
375,410
13,183
56,977
Funded debt
$100,000
1,447,000
1,759
38,631
359,069
13,887
55,092
1,447,000
84
tangibles)
$2,757,087 $2,719,461 Notes payable
23,910
47,965 Accounts payable.
Accts. receivable.
110,925
127,025 Due to parent and
Due from affil. cos.
affiliated cos
10,104
9,359
_
Consumers' deps_.
47,702
on
investments
Special deposits
Accrued accounts.
26,189
8,000
rental
47,605
20,609
8,000
Service
215
Def. debit items
233
21,023
24,217
•
7,135
deposits
9,079
384", 547
Oper.
expenses
& taxes.>
Prov. for retirement
res.
118
Reserves, retlrem' ts
Sundry
accts
reserves..
Earned surplus
143,
Represented by 10,000
no
Total
par shares.—V.
Rochester Gas & Electric
an
99,388
477,006
-
13,627
112,451
506,926
$3,005,157 $3,004,477
142, p. 3186.
application for registration of
40,000 shares of new $5 preferred stock.
Proceeds would be applied towards
retirement of 40,000 shares of $7 preferred.
The corporation will call on Oct. 1 if possible 40,000 shares of 7% pre¬
ferred stock of $100 par value and substitute an issue of 40,000 shares of
cumulative 5% preferred of $100-par.
The call date is only tentative
pending approval of the SEC and arrangements with underwriters of the
issue.
If the company is unable to effect arrangements before Oct. 1, it,
will be necessary to potspone the issue three months.
14,286
$28,024
14,286
$290,623
171,438
$343,025
171,438
$13,738
$119,185
$171,587
.
936.
Co.—Earnings-
& Southern Corp.)
1936—12 Mos.—1935
1936—Month—1935
(A Subsidiary of Commonwealth
Period End. July 31—
Gross
expenses & taxes.
Prov. for retirement res.
_
$281,374
161.289
23,141
$235,182
137,483
23,141
$3,469,762
2,004,372
277,700
$3,004,111
1,689,080
277,700
$96,943
20,884
$74/557
24,462
$1,187,690
308,111
$1,037,331
319,871
$76,059
45,206
$50,095
45,206
$879,578
542,477
$717,459
542,457
$30,852
revenue.
Oper.
$4,889
$337,102
$175,002
Gross income
Int. & other fixed chargesi
Net
Divs.
income
on
preferred stock
Balance
12,960
Corp.—Files for Offering—
has filed with the SEC
$989,801
646,776
$1,192p.
$937,760
647,136
$15,479
Balance
-V.
$82,178
54,154
$68,947
53,468
Gross income
—V. 143, p.
1574.
Southwestern Bell
Period End. July 31—
$3,005,157 $3,004,477
_
346,835
Def. credit items
lictible
The company
revenue
extension
Reserve for uncol-
Total
Commonwealth & Southern Corp.)
1936—Month—1935
1936—12 Mos.—1935
$226,156
$217,611
$2,752,361
$2,644,781
139,209
122,433
1,595,601
*'498,979
18,000
13,000
219,000
156,000
(A Subsidiary of
Period End. July 31—
Gross
1935
31,463
Common stock..
Cash
Mdse. materials &
South Carolina Power Co .—Earnings—
Southern Indiana Gas & Electric
1936
$100,000
Liabilities—
1935
Ltd.—Organizes Sub.—
announced the formation of a wholly controlled subsidiary
Smith Chemicals Ltd.
The new company, whose
plant win be located at Cornwall, Ont., has been granted a Dominion
charter which gives it power to deal in chemicals, chemical products and
chemical derivatives.
It will manufacture a product to be known as
Vanillin, which will be used for flavoring purposes and is to be made from
a by-product of the parent company in the manufacture of pulp and paper.
The capital structure of the chemical company will be $100,000 of 6%
cumulative preferred stock and 20,000 shares no par value common s,tock,
presently subscribed.—V. 143, p. 1574.
to be known as Howard
Note—The provision for retirements as shown above is less than the
depreciation deductions claimed, or to be claimed, on Federal income tax
returns which are based on a straight-line method, and the resulting reserve
is less than a depreciation reserve would be, based on such straightline
Applian's
Dividend—
dividend of $2.50 per share in addi¬
quarterly dividend of $1.50 per share on the capital stock,
par $100, both payable Sept. 30 to holders of record Sept. 10.
Similar
extra dividends were paid in each of the nine preceding quarters, while on
March 31, 1934 an extra dividend of $1 per share was distributed.
In
addition a special dividend of $15 per share was paid on Dec. 31, 1935.
—V. 142, p. 4037.
4
Int. & other fixed chargest
:
debt interest
plant &
(incl. In¬
$610,452
9 6.298
$0.13
The directors have declared an extra
$28,262
Net income.
•
tion to the regular
$80
30,000
Funded debt interest
Common stock dividends
-
_. .
share on 750.000 capital shares
—V. 142, p. 3187.
$136,048
79,585
20,560
4,266
3,374
supplies
:
Earns, per
$105,587
79,585
21,660
1,291
2 ,970
Gross income
on
31, 1936
—
Net income before Federal taxes
34,820
Provision for retirements
Federal and State taxes
capital
This compares
(William) Simon Brewery Co.—Earnings—
479
equip,
of record Sept. 15.
share distributed each three months from Oct. 1, 1Q34 to
and including July 1, last, and 15 cents paid previously quarterly.—V. 143,
with 10 cents per
$168,417
32,368
Indebtedness to affiliated companies
Other interest-.
Dividend—
dividend of 15 cents per share on the
$5, payable Oct. 1 to holders
par
..
Coalition Mines Co.—Larger
$140,407
r
.
April 1 and Jan. 2, 1935, this
pref. stock since the regular
paid on Dec. 31, 1932.—V. 142,
April 1 and Jan. 2 last, and on Oct. 1, July 2.
being the first dividend paid on the
latter
-462
Assets—
dividend of $1.75 per share on account
preferred stock, par $100, payable Oct. 1
A similar payment was made on July 1,
have declared a
The directors
of accumulations on the 7% cum.
The company
1936
Maintenance
Property,
936.
of Canada, Ltd.—Accumulated
Co.
(Howard) Smith Paper Mills,
Light Co.—Earnings—
12 Mos. Ended June 30—
Total operating revenue
Balance
possible Federal tax on undistributed
tax.Jf any, cannot be determined until
provision has been made for a
Sales-
dividend of 50 cents per share on account
value, payable Oct. 1
to holders of record Sept. 12.
A "similar dividend was paid in each of the
six preceding quarters and 25 cents per share was paid on Jan. 2, 1935.
On
Oct. 1, July 3 and April 2. 1934, 50 cents per share was distributed.
Pay¬
ments of 25 cents per share were made quarterly from and including July 2,
1932 ro Jan. 2, 1934.
Prior to July 2, 1932 regular quarterly dividends of
50 cents per share were paid.—V. 142, p. 3690.
■
on
No
rofits, since the amount of such
the close of the year.—V. 143, p.
Earnings for 3 Months Ended July
Mills, Ltd.—50-Cent Accumulated Div.—
The directors have declared
x
'
,
dividend payment from the
Dec. 24, 1936.—V. 143, p. 1090.
Savannah Electric & Power Co.—Earnings—
Period End. July 31—
The directors have declared an initial dividend of 25 cents per share on
the larger amount of common stock, par $1, now outstanding payable
Misc.
,,
,
regular date of Jan. 2,1937 to
"
their entire attention
p.
Co.—25-Cent Extra Dividend—
declared an extra dividend of 25 cents per share in
quarterly dividend of 50 cents per share on the com¬
mon stock, no par value, both payable Oct. 1 to holders of record Sept. 19.
A similar extra was paid on Jan. 2 last.
See V. 142, p. 1830, for detailed
The directors have
addition to the regular
the day is past when trucks
"Truck, bus and trailer engineers have nothing to learn from the passenger
car," Mr. Bates continued.
"Today automotive engineers are concentrating
At
-
added.
Mr. Bates said company officials feel that
can be considered as sidelines.
and buses
Prain
SEC—
given on first page of this department.
Interest & amortization.
D. E. Bates, President and General Manager, announced on Sept. 4
that the company would discontinue the manufacture of passenger cars and
would concentrate exclusively on making commercial vehicles.
The change
is to be effective in 90 days.
Existing Reo cars will continue to be serviced,
and $1 on Feb. 10,1934.—V. 142, p. 4036.
(The) Ryan Aeronautical Co.—Registers with
Manufacturing
Passenger Cars—To Build Trucks—
it
Co.—Dividend Increased—
Ross Gear & Tool
The directors have declared a
Gross earnings—
balance for other corporate purposes.
and the
the withdtawal of the
mon
(c) Increase the authorized common stock from 3,400,000 common shares
of $1 par value to 7,600,000 shares of $1 par value to provide—
Additional common shares necessary to be issued in connection with
exchange of first preferred stock, 7% cumulative, series A, for the new
preferred stock, 6% cumulative.
Additional common shares which, subsequent to completion of exchange
of preferred stock, will be offered (subject to approval of registration by
the Securities and Exchange Commission under the Securities Act of 1933)
to the common stockholders for subscription at the rate of one new share for
each share then held at the price of $1.70 a share.
If the plan is adopted, the net proceeds from the sale of common stock
are to be used to retire current bank loans amounting at June 30 to $2,100,000; repayment of 4% notes issued under agreement dated Nov. 28, 1934,
due July 1, 1937, plus accrued interest to Jan. 1, 1937, amounting to
$2,703,000; to liquidate unsecured advances of approximately $286,000,
Commission upon the request of the com¬
pany received on Aug. 27, 1936 has consented to
registration statement.—V. 142, p. 4036.
Operating
revenues
Uncollectible oper. rev..
Telephone Co.
20,833
Operating revenues... $6,719,106
Operating expenses
4,305,123
Net operating rev
Rent
for
lease
of
-Earnings-
1936—7 Mos.—1935
1936—Month—-1935
,196,611 $46,055,622 $42,859,747
>,739,939
$2,413,983
27,223
200,967
191,636
$6,169,388 $45,854,655 $42,668,111
4,155,922
29,463,772
27,898,623
$2,013,466 $16,390,883 $14,769,488
oper.
prop.
Operating taxes
Net operating income.
—V. 143, p. 1091.
3,908
723,000
$1,687,075
27,508
4,953,000
48,658
4,860,000
$1,324,564 $11,410,375
$9,860,830
6,902
682,000
Volume
Southern
Ry.—Earnings—
-Fourth
Period—
1936
Gross earnings
1
Jan.
Month of—
31—*
to Aug.
1417.
July
August
—V.
Southwestern States
Telephone Co.—Files Under 77-B
has filed petition in Federal Court, Wilmington, Del.,
asking leave to reorganize under Section 77B of the bankruptcy act. The
petition states that the company is unable to meet
maturing obligations
and has more than $2,000,000 6
% bonds. Company has been in receivership
since 1932.—V. 134, p. 2523.
The directors have declared
a dividend of 15 cents
per share on the capital
value, payable Sept. 30 to holders of record Sept. 15.
This
compares with 12 M cents paid each three months from June
30, 1933 to
and including June 30,
last, and 25 cents per share quarterly previously.
The company on Sept. 4 filed with the SEC a
registration statement
(No. 2-2454, Form A-l) under the Securities Act of 1933
covering 600,000
shares ($1 par) common
stock, of which 328,147 shares are outstanding
and 78,303 shares are held in the
treasury.
The remaining 193,550 shares
are to be offered
publicly at not more than 5}4% in excess of the net asset
value per share of the shares
outstanding, or not to exceed $35 a share.
Spencer Trask & Co. of New York City are the underwriters.
Proceeds from the sale of the stock to be offered
are to be used for invest¬
no par
in connection with the company's business.—V. 139, p. 1879.
Standard
Chemical Co.,
Years End. Mar. 31—
Profits
Prov. for
taxes..
income
■
^
Net profit
1934
1933
Assets—
on
$1,960 loss$136,691 loss$177,105
18,639
$1,960 defa>136,691 def$195,744
1936
1935
$22,574
$26,241
5,596
5,640
Accts. rec., less res
198,150
Inventories
760,616
per
TJnexp. ins.
4,791
consolidated
170
12,785
Reserve for contin.
40,318
34,237
1936
1935
Capital stock—
1,336,581
Deficit
428,169
385,767
Res. for deprec. &
Municipal
1
obsol.
of
bldgs.,
mach. and equip.
mtge. at cost, less
99,278
36,582
947,535
1
Properties
cumul.
99,430
38,985
925,138
1
......
sink,
fund
stock
x
red.
253,290
278,213
'
pref.
(par $100)
Common stock.
_
1,197,800
200,000
313,058
1,191,500
200,000
344,803
131
95,691
1
497,241
482,999
$1,532,676 $1,477,214|
Total.
$2,304,585 $2,235,759
Total
$2,304,585 $2,235,759
Represented by 50,000
x
no par shares.—Y.
141, p. 448.
Standard Gas & Electric Co.—Weekly
Total
Output—
...$1,532,676 $1,477,214
for depreciation of plant of $227,500 in 1936 and $210,000
Represented by 37,277 no-par shares.—V. 140, p. 4415.
Standard
reserve
y
Standard Clay Products,
1934
27,474
xll,609
loss$5,014
27,474
9,724
$9,371
$42,212
Depreciation
Net loss
1932
$7,857
1
45,000
8,985
$59,534
30,000
2,041
Dividends
Add'l income tax, 1931
Deficit
$19,469
45,000
34,002
$46,128
•
$9,371
10,143
Previous surplus
$42,212
52,355
$46,128
98,483
$91,575
190,059
$772
$10,143
$52,355
$98,483
Profit and loss balance
Includes depletion.
Balance
Assets—
Sheet Dec.
1935
1934
$19,750
Cash
$16,003
15,859
3,291
22,000
16,175
Accts. receivable..
Bills receivable
Government bonds
investments
5,960
198,676
52*676
Common stock..
1934
$6,323
$6,263
2,290
2,289
457,900
"•
457,900
750,000
750,000
50,000
4,247
Property
x
8,127
180,453
899,267
50,000
...
1935
Funded debt.....
897,502
Inventory
31
Liabilities—
Accounts payable.
Accrued interest..
Insurance
Surplus....
Par $100.—V. 141.
n.
Standard Oil Co. of N. J.—Gets Venezuelan Lands—
covering about 1,000,000 acres, largely in Eastern Venezuela.
The com¬
has agreed to construct a large refinery in Venezuelan- territory.
Standard of Venezuela is a wholly-owned subsidiary of the Creole Petroleum
Corp., which, in turn, is controlled by the Standard Oil Co. of New Jersey.
"While Standard Oil interests have operated three small refining plants
locally," a statement by Standard of New Jersey read, "most of its crude-oil
production in Venezuela has been moved to the island of Aruba for refining.
The construction and operation of the new plant, which will be the largest
in Venezuela, will be carried through for the most part with local labor,
only the necessary technical men being supplied from the United States.
"When this is completed, it is expected that Venezuela will become an
important exporter of finished products and will do some ship-bunkering
business.
The new plant will involve an immediate outlay «of several
millions of dollars and plans contemplate its expansion later on as conditions
pany
warrant."
The Standard Oil interests have not decided yet where the new plant
However, it is understood that it will have a minimum
capacity of 15,000 barrels of crude oil daily. The three plants that Standard
Oil now has in Venezuela have a combined capacity of 9,000 barrels a
day.—V. 143, p. 604.
will be, nor its size.
772
10,143
Total.........$1,217,285 $1,226,596
Predecessor
See
.1 >6,738,972
5,141,553
279,686
329,218
x
317,598
440,017
Operating profit.
Other income (net)
Prof, transferred to assoc. company..
Fed. cap. stock tax, extimated...
$3,869,401
2,842,051
234,620
395,100
$988,515
Cr30,661
403,903
33,520
33,273
457,421
Net profit
Special changes
Loss on plant and equipment sold
101,842
$84,468
>335,801
$249,581
~~6~930
38,190
392,098
profits
&
of
x
par,
expenses,
y
Includes
amortization.
Accts. rec., contr's
$477,942
655,066
1934
$460,704
634,449
Orl'ns Levee Dist.,
progress
Pipe, supplies, &c
224,409
522,830
'
1935
Notes payable
Accounts pay able. $1,105,041
x51,000
1934
$211,841
910,093
4,796
Equal to $2.46
outstanding.
applicable
Cr2,649
to
dit'n'g of dredges
Res. for Fed. taxes
425,857
73,761
1,960,424
Dredges, plant &
equip., at cost.. 2,994,174
13,216
3,189,072
20,482
Deferred income.
was incorporated on May 1,1936 under
the result of the consolidation of The Standard Products
Consolidated Balance Sheet June 30, 1936
Liabilities—
Assets~--m
See
x
108,392
33,100
a
Accounts receivable
(cust.)
$639,223
370,892
612
Vendors debit balances
b Property,
Stand. Eq. Co..
87,971
Capital stock
3,902,442
Earned surplus
632,760
81,135
3,902,442
1,060,280
c
Unpaid salaries, wages, &c
Accrd. liabs. (incl. prov.
—
153,398
33,723
$183,684
32,904
for
Other current liabilities
455,143
Reserves
Inventories
in
Accounts payable (trade)
plant & equipment
Other assets
res..
int.
as
Cash on hand & on deposit
8,681
Minority
on
aggregate amount of $38,327.
896",253
z
share
June 30, 1936 is included in the above income and expense statement in the
36,783
439,057
36,662
_
Deferred liabilities
Acct. indem.
per
$634,322
$103,997
x$73.8,319
the 300,000 shares of common stock, $1
Co. and The Reid Products Co. (predecessor companies). The above state¬
ment has been prepared to reflect the operations of the constitutent com¬
'
for pur. or recon-
452,264
1,384,980
Deferred charges._
214,215
110,000
157,162
110,000
loss
Note—The Standard Products Co.
Notes & accts. pay.
19,100
Prepaid contr. exp.
Other assets
Liabilities—
Accrued accounts.
and
warrants, at cost
Contract work in
57,052
excess
panies for the year ended June 30, 1936.
Total depreciation provided by the companies during the year ended
Consolidated Balance Sheet Dec. 31
1935
$1,093,477
50,084
Crl6,492
profits
Net profit.
tfre laws of Ohio,
Assets—
$173,272
17,271
Cr2,399
mi nority inter est
___—prof$72,481
operating
$1,454,642
361,165
or
full accts., claims, &c., on business
of prior years
After deducting
income,
undistributed
subs,
Combined
Year 1936
$238,099
64,827
Crl4,092
taxes
Portion
June 30, '36
$920,205
32,813
—
Other income—„
Provision for Federal
for accts. rec., doubt-
Net loss
Products Co.
Cr2,649
Operating profit..
Other deductions
Special charges
$257,168
184,687
retired
bonds
Apr. 30, '36
Manufacturing profit after deducting
cost of goods sold, incl. material,
labor and factory expenses
$1,216,543
Selling, general & admin, expenses—.
296,338
140,042
173,126
15,799
Depreciation
loss$7,698
2,402
50,776
Interest
$397,629
Cr31,891
$91,059
$1,176,189
Dr54,565
462,081
...
Standard
■
10 Mos. End. 2 Mos. End.
1Q33
1934
x$l,933,804
Companies
.
1935
Operating expense
Other operating expenses
Cash
(& Subs.)—Earnings-
Year Ended June 30, 1936 Unci. Predecessor Cos.)
Dredging Co.—Earnings—
Administrative and general expenses.
res.
Income Account for the
1949
Years Ended Dec. 31—
Gross income
Allowance &
Indiana—Registers
The New York "Times" Sept. 9 had the
following:
The Standard Oil Co. of Venezuela has concluded arrangements with
the Venezuelan Government through which it has obtained a concession
Standard Products Co.
$1,217,285 $1,226,596
Standard
of
3,892
Good-will
Deferred assets
Total
Co.
See list given on first page of this
department.
1933
Bond interest
Life
with SEC—
Ltd.—Earnings-—
1935
$29,712
y
taxes..
& Provincial tax
reserve
Good will..
37,966
Pro v. for Dominion
494,081
$205,991
27,651
33,750
355,911
Co., Ltd...
Calendar Years—
La.,
$228,751
27,565
$358,367
Cash in banks and
1,336,581
131,655
Operating earnings
x
Accounts payable.
$371,194
_
Electric output of the public utility
operating companies in the Standard
x After
in 1935.
x
$1.32
1935
1936
Gas & Electric Co. system for the week ended
Sept. 5, 1936 totaled 101,852,702 kilowatt-hours, an increase of 23% compared with the correspondweek last year.—V. 143, p. 1575.
Total
Other
Liabilities—
Accounts rec., less
27,354
22,277
$313,058
$1.14
Inventories
34,270
Fire ins. reserve._
y
i Fixed assets
x
April 30
50,000 shs. common stock
Earned surplus
24,604
18,891
on
Prod¬
Wood
ucts
105,739
10,060
4,956
prep'd taxes, &c.
Invest, in cap. stk.
of
140,000
Res. for taxes pay.
a sub. co.,
prems.,
$344,804
at
as
share
Due to
not
$416,079
103,021
(no par)
$100,000
24,604
sundry invest-Fire insurance fund
Dr61,150
Dividends paid
Earnings
1,399
$447,353
102,550
Deferred charges..
liabilities
163,120
739,588
$143,875
333,355
4,500
313,Q58
Total surplus
1935
1936
$67,000
Accts. pay. & accr.
Agree, for sale and
36,421
35,206
2,752
'
Balance at credit as at May 1
Unrealized balance of claim & expenses re Church
Street dock prop, expropriation now written off
onhand.......
Bank loans
Working funds
$224,154
38,324
28,901
2,475
4,500
1,399
$134,295
Bonds, shares and
Liabilities—
hand and
in banks
$218,806
5,347
Consolidated Balance Sheet April 30
Balance Sheet March 31
Cash
1935
1936
$204,723
5,173
Provision for other Provincial taxes
Fees paid to directors
Written-off on account of preliminary expenses..
346
$35,963
(& Subs.)—-Earnings—
machinery and equipment
Provision for Dominion and Provincial income taxes
t
reserve
Surplus
667,599
Reserve for deprec. and obsolescense of buildings,
Balance at credit
1935
$19,806 loss$119,191 Ioss$159,605
17,500
17,500
17,500
$35,963
545.145
1,577,692
Income from investments
Assefs—
Dividends paid..
1,111.870
663,633
948,452
861,980
901,041
782.803
143, p. 1092.
Years Ended April 30—
Profit from operations, after provision for doubt¬
ful accounts.
Ltd.—Earnings—
1936
$58,464
17,500
5,000
Depreciation.
1,714,051
2,124,644
$927,917
1,421,846
$209,896
Spencer Trask Fund, Inc.—Dividend Increased—
ment purposes
2,732,512
2,322,133
2,193,078
1,437,008
Standard Fuel Co., Ltd.
The company
$320,710
3,169,969
June
1248, 1417.
1933
1934
$1,260,469
1,617,261
3,108,329
3,299,647
3,350,817
2,356,850
2,470.160
March
Co.—Listing—
1935
$1,457,489
1,945,122
4,044,554
3,795,637
3,729,605
2,791,924
April
May
The New York Stock Exchange has authorized the
listing of $16,000,000
1st mtge. 4% bonds, series D dated Nov. 1,1935, due Nov.
1,1960.—Y. 143,
stock,
1936
January
February...
1935
1936
$3,069,417 $81,460,167 $69,491,790
Southwestern Gas & Electric
p.
1729
Spiegel, May, Stern & Co., Inc.—Sales—
Week of August
1935
$3,536,151
—V. 143, p.
Chronicle
Financial
143
10,282
Patents
1,240
Prepaid taxes
Federal
Minority
taxes)
int.
in
237,547
1,086
47,030
outstanding
2,350
300,000
755,915
103,997
capital stock of sub.
Common stock (par $1)
Paid-in surplus.
Earned surplus
Total
..$6,291,718
$7,217,0141
Total
$6,291,718 $7,217,014
Total
Includes Federal taxes
(estimated),
y After reserve for depreciation.
x Represented by 149,930 shares of convertible
preferred stock and 404,237
shares common stock, both no par.—V. 141, p. 1949.
x
a
c
$1,664,515
After reserve of $25,000..
b After
$1,664,515
Total
reserve
for depreciation of
After reserve for amortization of $3,002.—V. 143, p. 1576.
$80,890.
Financial
1730
1936
$4,127,967
2,937,856
916,211
Cost of goods sold
Gross manufacturing profit
1935
$4,087,746
1,809,565
1,884,633
$273,900
91,340
49,905
68,785
$393,548
80,487
49,620
53,847
$63,870
Crl64,616
45,491
.
135,133
&c.
Manufacturing costs.
$209,593
Cr64,444
14,384
133,548
—
Administrative expenses
General expense
Selling
expense
Net operating
profit
Other sundry income
Income charges
Depreciation
fixed assets
on
Stromberg-Carlson Telep. Mfg. Co. (& Subs.)—Earns.
Phosphate & Acid Works, Inc.—
Standard Wholesale
Years Ended May 31—
Gross sales, less freights prepaid,
$126,105
242,949
§164,641
481,885
391,127
1,168,578
§106,856
617,307
323,078
1,226,440
309,144
551,152
Land, plant & eqpt 5,391,328
Farms
22,103
Def'd & oth. assets
184,774
283,292
550,423
5,408,630
22,042
199,332
Notes
rec.
(trade).
Accts. rec.
(trade)
Net cash value life
policies..
Investments
payable.
Accrued on unpaid
1935
§37,506
§124,647
2,451
1,267
3,246,611
3,000,000
2,364,876
3,383,319
3,000,000
Surplus
2,241,456
$807,246
$760,591
HT.074,768
$1,470,899
Consolidated Balance Sheet Dec. 31
1935
Liabilities—
1934
§382,873
60,711
675,308
§405,071
20,169
665,439
31,425
Inventories
1,244,695
36,891
Unempi. ben. fund
27,739
1,242,474
41,804
1934
Accts. pay. &accr.
Reserve for contin¬
Cash
receivable..
Accts. receivable..
41,805
69,868
67,484
1,000,000
125,435 x Common stock__ 2,732,800
Approp. for invest.
in add'ns to prop
500,000
807.246
...t
2,852,348 Surplus
to
133,075
equip..tools, &c. 2,802,865
Prepaid taxes, in¬
surance, &c
12,384
1,000,000
gencies,
Pref,
&C-...
6>i%
cum.
§5,389,2221
..§5,380,226
2,732,800
500,000
760,591
8,742
Represented by 273,280 shares (no
Studebaker
36,891
Res've for unempi.
stock
Land, bldgs., ma¬
chinery, factory,
$8,664,732 §8,737,40
§286,542
benefit
policies.
in & adv.
Inv.
§233,421
liabilities
Cash sur. value of
x
—V. 143, p. 604.
1935 and $115,221 in
$104,858 in 1932.
1935
Assets—
Total
Total
$842,595
2,313,493
provision for depreciation of $102,891 in
After
for'n affil. cos..
wage
Reserves
....§8,664,732 §8,737,402}
Total
1936
Accounts
Capital stock
Inventories
insur.
Liabilities—
1935
1936
Assets—
$396,131
1,470,899
Total surplus
life ins.
Condensed Balance Sheet, May 31
Cash
1.074,768
1934, $118,491 in 1933 and
$47,861
149,410
Net income to surplus
$777,593
65,002
sur.$46,655
760.591
Loss
Previous surplus
x
$331,129
65,002
$314,177
dividends
Preferred
1932
$265,426
48,751
prof f46,655
Net loss
1933
1934
1935
Calendar Years—
x
Notes
Dividends
Sept. 12, 1936
Chronicle
§5,380,226 $5,389,222
Total
par).—V. 143, p. 773.
Corp.—1937 Models—
models will be produced in two lines—the President
and the Dictator group.
Each group will have six body types.
Base price for the President will be $965 at the factory and $665 for the
Dictator.
Base prices on both lines are unchanged from the 1936 models.
—V. 143, P. 1093.
The 1937 Studebaker
group
Stanley Works (Conn.)—Earnings—
1935
Calendar Years—
Net earnings after Fed¬
eral taxes
1934
1932
1933
Depreciation
$2,002,011
624,311
$1,205,499
644,051
$1,333,662 def$241,674
628,911
691,234
f
$1,377,700
$561,448
203,524
603,824
203,524
484,819
$704,750 def$932,908
203,564
203,759
485,260
542,684
$570,351 def$126,896
$15,926def$1679,351
(James) Talcott, Inc.—Factoring Volume Up
20%—
that its volume of business for the first eight months
amounted to $52,085,354 compared with $43,250,331 for the cor¬
The company reports
Net profit...
Preferred dividends.
Common dividends
Balance, surplus
1935
1088 Park Avenue,
1934
$
§
Assets—
1935
-less
res.
for bad
..
debts
in
2,014,772
5,804,292
affil'd
1,071,807
& other cos
►
§347,221
4,832
121,304
§593,919
4,500
Res. for dlvs
rec.
Invents .-less res..
Invests,
$
Plant & oth. prop.,
8,794,317
b —less reserves..
Pats., trade mks. &
1
goodwill.
Def. chgs. to exp_.
105,925
Taxes, contings. &
for. exch. res... 1,049,966
1,687,825
753,158
5,300,158 MIn. Int. in sub.
companies
18,164
33,261
1,190,696 Preferred stock... 3,392,075 3,392,075
Common stock... 13,COO,000 13,000,000
8,939,085 Com. stk. held in
treasury
Z)r939,525 Dr869,625
1 Surplus, Dec. 31,
1935
4,422,767
3,799,674
112,730
Total
Total.........21,541,868 20,581,902
21,541,868 20,581,902
—V. 142, p. 1486.
Steel Co. of Canada,
Ltd. (& Subs.) —Earnings—
1933
1932
$1,902,785
427,034
396,126
411,484
$1,435,873
398,939
$2,597,068
$2,240,396
$2,314,269
$1,834,812
1935
Calendar Years—
1934
Manufacturing profits._x$2,170,033 x$l,$44,271
Income from investm't.
Total
See
See x
211,586
Bond interest
Net
Common dividends
$2,020,640
Profit & loss surplus..$13,054,244
460,000
$4.30
(no par)
Earns, per so. on com
Includes provision fo.
x
in 1934.
>
Apartments states:
1936, the Pounds committee, representing $997,167 of bonds,
of the issue, submitted a plan of reorganization for 1088 Park
Ave.
The owners of this property had filed a voluntary petition in bank¬
Ave.
On Jan. 31,
or
amend¬
6,
plan provided that bondholders waive $225,000 in past due interest, sacrifice
at least 3H % fixed interest for a 20-year period, and be deprived of the
privilege of selling the property so long as the 2 H % interest was paid, even
though par could be realized for the bonds.
All of these sacrifices went to
the benefit of the owner, who also received 52.6% of the common stock and
therefore controlled the property.
Dissents were filed by the owners of $191,567 par value.
At the hearing
on March 13, 1*936, the plan, which the Pounds committee had approved,
failed of confirmation.
Judge Knox in the U. S. District Court granted
several adjournments in order for a satisfactory plan to be submitted.
The
Pounds committee about May 22, 1936, submitted a plan providing for an
income bond and 100% of the capital stock to the bondholders.
The plan
however, provided that the property be sold if a bid of
$1,250,000 was'
received.
Through counsel we insisted upon a fixed interest provision and
elimination of the upset price, which might have forced all bondholders out
of the property at a price yielding approximately 65.
On Jan. 5, 1936,
Judge Knox ordered the payment of the July 10. 1934 coupon at its full
805,000
face
the Pounds committee that
Dr200.000
$12,884,003 $12,423,104 $12,753,772
460,000
460,000
460,000
$3.40
$0.48
Nil
Balance Sheet Dec.
$1,423,3i8
$
1935
held
in
Pension.plan fund.
Deferred charges..
Total
Furnace relining &
trust
employees__
117,981
613,967
1,151,276
44,340
..64,805,758
156,170
511,913
951,276
43,863
61,956,7061
rebuilding,
,
'i
and
1,828,651
1,991,161
573,824
Contingent reserve
570,727
Deprecia'n res've.20,989,144 19,718,159
Other reserves
2,029,674
2,029,674
Surplus
13,054,244 12,884,003
other oper. res..
64,805,758 61,956,706
Total
Represented by 460,000 shares (no par).—V. 141. p. 4026.
x
The New York "Times" Sept. 10 had the following:.
Public Utility Act, were made Sept. 9, in Supreme Court in a
stockholder's
individual officers and directors.
the plaintiff, Sophia Markowitz,-moved
to add nine defendants and to serve an amended complaint.
The plaintiff
asked an accounting for more than $500,000 allegedly wasted.
The plaintiff charged that the defendants had spent $18,000 of the.
corporation's money in lobbying against the holding company provisions
of the Public Utility Act "to protect sources of inside profit." She charged
also that excessive salaries and obnuses had been paid to officers.
In 1931, the plaintiff charged in the supplementary complaint, the
company bought 15,000 shares of its stock and resold it at cost to George
said,
interest rate cut
the
by
Mr. Muhlfeld has paid only $75,000 of the
remainder having been gradually deferred
a
series of agreements made
$562,337
and the
between 1931 and Feb.,
She charged fraud and deceit on the ground that the transaction was
maintain the market price of the stockholdings of defendant cor¬
1936.
"to
poration, stock of the individual defendants and their freinds and
—V. 143, P. 1092.
relatives."
Super Mold Corp. of Calif.—Registers with SEC—
See list
given on first page of this department.
the
the
bondholders, and we
original plan, as well as
have given us power of
attorney, to sign the assent and return promptly, so that the necessary
can be obtained and the reorganization consummated.—V. 142,
1481.
Torrington Co. (& Subs.)—Earnings—
1936
1935
y$2,333,877 y$2,027,830
2,523,000
2,240,000
Years End. June 36—
Net profit for year
Common dividends
$186,123
Deficit
1934
1933
x$2,040,668 x$l,260,994
1,540,000
1,400,000
$212,170prof$500,668
$139,006
Shares of com. stock out¬
542.350
534,216
534,216
534,216
Earned per share
$4.30
$3.79
$3.82
$2.36
x After special reserve for depreciation of $190,820 in 1934 and $100,000
in 1933; also after reserve for taxes (amounts not stated),
y After reserve
for taxes of $423,023 in 1936 and $278,326 in 1935.
William R. Reid, President, says during the year the company acquired
all of the capital stock of the Bantam Ball Bearing Co., South Bend, Ind.,
by payment in part of 8,000 shares of Torrington Co. of Maine capital stock.
The profit on the Torrington Co. of Maine stock was used to charge off
goodwill acquired in this purchase.
The assets and liabilities of the English and German companies, which
in past years have been shown separately on the statement, are this year
distributed to the various items in the consolidated figures.
They amounted
to $1,715,985, against $1,486,231 in 1935.,
standing (no par)
Consolidated Balance Sheet Jane 30
$2,722,612
chinery & equipment
Torrington Co. of Maine
399,469
capital stock
Net assets of English &
German subsidiaries
.
$1,638,046
1934
$1,335,249
1933
$1,541,441
593,127
L
_
593,127
593,127
,486,232
1,337,856
1,104,598
87,684
Deferred charges
34,538
34,632
1,739,188
1,098,277
866,448
1,353,056
910,047
U. S.& Can. Govt. sees.
Cash
72,448
2,889,612
Inventory of materials,
supplies, &c
Bills & accts. rec., less res.
2,150,215
1,371,049
3,728,788
Inves. in sund. stks., &c.
Total assets
1935
1936
.
suit against the company and 16
The suit was disclosed when
she
fair to the first mortgage
Assets—
b Real estate bldgs., ma¬
Charges that officials of Stone & Webster, Inc., a holding company
for engineering and other concerns, wasted the company's assets in "pegging
the market" to maintain the price of the stock and in lobbying against the
price,
1,400,000
1,250,000
1,100,000
two-thirds
2518.
Inc.—Suit Against Officials—
O. Muhlfeld, President.
$1,600,000
urge both those who dissented last January to the
the holders of actual bonds, whether or not they
Stokely Brothers & Co., Inc.—Registers with SEC—
See list given on first page of this department.—V, 142, p.
Stone & Webster,
of $28,000 is accumulated:
(c) Property is to be offered at foreclosure, but is only to be sold in
price is bid which will yield bondholders par and interest on
first, mortgage bonds.
This plan we consider
§
6,496,300
works....40,889,329 40,183,950 7% cum. pref. shs. 6,496,300
2,479,044 2,588,673 r Ordinary shares. 11,500,000 11,500,000
Cash
3,480,396
3,572,313
1,840,783
548,144 Funded debt.0
Secured call loans.
459,699
355,709 Accounts payable,
and income tax. 1,953,286
1,444,573
Victory bonds and
4,585
5,146
approved secur. 8,565,537
8,579,678 Unclaimed divs
441,435
BilLs receivable...
970,435
88,069
99,948 Divs. payable
511,913
Accts. receivable.. 2,911,942
613,967
2,368,267 Benefit plan res've
Inventories
951,276
5,643,791
5,569,114 Pension plan res've 1,151,276
for
has been submitted by
1934
§
Liabilities—
Invest. & advances
Shs.
pleased to advise that finally a plan
provides:
3% until the issue is reduced to._
Cost of
Benefit plan fund.
now
3K% until the issue is reduced to
4% until the issue is reduced to
4>£% until the issue is reduced to
when the rate becomes 5% until maturity.
p.
31
1934
§
are
(a) 100% of the stock to the bondholders.
(b) Fixed interest of 2M % until a reserve fund
event a
depreciation of $1 443,195 in 1935 and
1935
A. ssets
value.
We
$760,899 def$330,667def$1042,315
12,423,104
12,753,772
13.796,087
DrlOO.OOO
t
Consolidated
I
53%
ruptcy on Sept. 29, 1934, shortly after the passage of Section 77-B,
ing the National Bankruptcy Act.
We analyzed the plan and on Feb.
1936, we advised holders of certificates of deposit to dissent to it because the
$217 426
454,741
805,000
$676,074
454,741
552,000
454.741
Surplus
$470,241
Previous surplus
12,884,003
Benefit plan res. transf. DrlOO.OOO
Pension plan res. transf.
Dr200,000
com. outst.
Inc.—Amended Plan—
Baltimore, Md.f in a circular dated Aug. 28,
bonds and certificates of deposit on 1088 Park
998,014
256,106
1,402,650
235,545
x
219,756
$2,385,482
454,741
1,460,500
income
Preferred divs. (7%)
Shs.
addressed to the holders of
363,266
Sinking fund reserve
Depreciation reserve
of 20%. Volume for the month
$6,322,440 for August of 1935, an
Property Management, Inc.,
1934
$
Liabilities—
Accounts payable.
Cash, U. S. Govt.
► & Market. bonds$3,750,750 §3,351,407 Def. credits to inc.
L
responding period last year, an increase
of August was $7,493,790 compared with
increase of 18%.—V. 143, p. 1576.
Consolidated Balance Sheet Dec. 31
•
Notes & accts.
of 1936
483,408
39,994
812,119
4,606,932
1,112,208
36,144
671,974
4,180.528
1,212,894
35,705
49,678
$12,158,941 $11,682,973
$11,667,360 $10,473,176
Liabilities—
a
Common stock
Accounts payable
Res. for foreign exchange
Reserve for taxes
Surplus
$7,000,000
559,310
$7,000,000
$7,000,000
$7,000,000
273,894
238,132
369,151
426,979
180,697
130,450
177,831
3,633,099
2,984,197
262,495
161,882
634,977
407,585
3,702,159
3,839.612
$12,158,941 $11,682,973 $11,667,360 $10,473,176
a Represented by 560,000 no par shares,
b After reserves for deprecia¬
tion, including special reserve of $4,211,150 in 1936, $3,517,659 in 1935,
$3,467,277 in 1934 and $3,063,269 in 1933.—V. 142, p. 1137.
Total liabilities.!
Volume
Financial
143
Texas Hydro-Electric
See list given on first page
Texon Oil & Land
p.
939
Co.—Earnings—
Earnings for 3 Months Ended March 31, 1936
936,124 shares..
$9,564
_
$0.01
...
—V. 143, p. 1576.
dividend of $1 per share in addition
to the regular quarterly dividend of like amount on the common stock,
an extra
par value, both
extra was paid on
no
payable Oct. 1 to holders of record Sept. 21,
A similar
July 1, last; extras of 50 cents were distributed in each
of the six preceding quarters, and extra dividends of 25 cents per share
were paid on Jan. 30, April 30, July 2 and Oct.
1, 1934.
The regular
quarterly dividends was raised from 75 cents to $1 per share with the July 1,
1936, payment.—V. 142, p. 4196.
Towle Mfg. Co.—Balance Sheet Dec. 31—
.Assess—
1935
Accts. receiv.
Accrued Int.
(net)
1934
$32,631
40,360
Notes receivable..
$71,729
Accounts
31,173
375,228
Accrued
352,090
5,707
rec._
Unexpired insur'ce
7,913
336,978
970,025
Inventories
Investments
Liabilities
Federal
and fixtures
x
and
State
555,000
1,000,000
1,000,000
231,341
60,000
60,000
de¬
156,027
167,342
$1,908,6441
....$1,901,733
Represented by 40,000
no par
Total
a
Net
Earnings
Year—
....$1,901,733 $1,908,644
shares.—V. 141, p. 610.
(The) Trane Co.—Registers with SEC—
Above
as
1933.-i
$31,714
63,429
77,673
b57,068
1936 (6 months).
$81,068.
Income Account for Year Ended Dec. 31, 1935
$1,241,581
634,896
$606,684
259,041
298,845
Mill overhead applicable to non-operating periods.
Net profit from operations
Other income
'
'
■
.
Liabilities—
v',
•
Net profit before interest and other deductions
Interest and other deductions
$82,435
73,557
i
payable
payable—trade
Unpaid payroll
Accounts
($2,074)
has
been provided at an artibrary rate of one
clay quarried.
No estimate has been made of recoverable de¬
basis for depletion.
A portion of the Dallas plant, which is in
use, representing a total cost of $1,100,000, is fully covered by reserves for
depreciation and, as a result, the current annual charge for depreciation is
reduced
' 4
posits
&c.
Assets-
a
hand
Receivables
Inventories
b
c
►
$227,097
136,922
606,162
132,308
*
Notes, claims, Invest'ts, &c.
Plants, properties & quarry
lands
4,049,407
_
Prepaid insur. & other
14,463
expenses
Accounts
Total........
.....
$1,008,200
Total.
United National Corp.
(& Subs.)—Earnings—
Earnings for Year Ended June 30, 1936
Net earnings after deducting provision for State and Federal
taxes and after elimination of earnings applicable to minority
interests
Equal to SI .61 per share on
outstanding.
x
230,666
x$370,535
shares of participating preference
stock
•
•
.
Balance Sheet, June 30,1936
'
>■'
'-"i
;
■
:
■
Cash in banks
payable (trade)
7% cum. pref. stk. (par $100).
Common stock ($100 par)
Earned surplus
Par value of 2,500
Investments in stocks of controlled companies
Miscellaneous investments
450,000
Funded debt
Mortgage receivable from Peter Puget Co., Inc.,
1,750,000
1,750,000
1,340,690
shs. of com.
by trustees under
$76,930
865,204
124,773
•27,071
.
$68,575
41,835
17,706
Prov. for returnable sacks
held
$1,008,200
Assets—
Accruals
stk.
655
300,000
417,771
107,371
—V. 105, p. 1904; V. 143, p. 1097.
*
Liabilities—
on
7,600
Other current liabilities
Profit and loss
Balance Sheet Dec. 31, 1935
Cash In banks &
42,188
taxes
Accrued bonus
Capital surplus
as a
■
$40,685
88,057
3,973
Capital stock (23,564 shs.)—
Stated capital
$8,878
stone and
*■-
...
Accrued and unpaid Federal,
—
Notes—The above profit-and-loss account includes charges for
deprecia¬
tion and depletion of $255,691.
Depletion on quarry and
clay deposits
cent per ton of
vV'
Bankers accept,
$39,443
(net)177,945
Inventories
513,980
Other current asset
1,395
Other assets25,615
Fixed assets (less reserves)..
>242,258
Deferred assets..
7,563
$48,798
33,637
Net profit—
0.47
were
Accounts receiv.
expenses
0.53
0.64
paid on the company's common stock from 1930 to
year a dividend of 50c. per share was paid on the
common stock without par value then outstanding.
Prior to June 30,
1936, dividends aggregating 75c. per share were paid in that year on the
company's common stock without par value.
The management expects to be able to recommend payment for the last
half of 1936 of dividends amounting to approximately 40c. per share on the
common stock (par $1).
Disposition of Proceeds—It is estimated that the company will receive
from its sale of 25,744 of the shares offered hereunder the sum of approxi¬
mately $128,241, after deducting expenses in connection with this issue.
It is anticipated that such net proceeds will be used to increase the com¬
pany's working capital and for other corportae purposes, including possible
future plant expansion.
Assets—
Gross profit on sales
Outstanding
$0.26
1935, in which latter
Cash...
Net sales..
120,000 Shares
to Be
Balance Sheet June 30,1936
Trinity Portland Cement Co.—Earnings—
Cost of goods sold
Earnings per Share
on the Basis of
a
1936, before provision for Federal income and undistributed profits taxes
were
See list given on first page of this department.—V.
143, p. 1576.
Selling, general and administrative
Earnings per Share
on the Basis of
94,256 Shares
Outstanding
u
$0.33
0.67
0.82
0.60
a 94,256 shares
of the par value of $1 per share were outstanding on
Aug. 15, 1936.
Issuance of the 25,744 shares offered hereunder would
increase the outstanding stock to 120,000 shares.
b The earnings of the company for the six months' period ended June 30,
No dividends
56,000
60,000
530,000
201,953
...
Capital stock
Surplus...
preciated
Total
$26,698
4,605
4,062
Reserves
x
1934
,
$20,718
payable..
Dividend payable-
Real estate, mach.
dies & furniture
.
1935
payable.
payroll..
taxes
4,848
1,391
496,589
,760,343
follows:
as
Time, Inc.—Extra Dividend,—
Cash-.,.
19345
stock (no par) was changed into four shares of common stock (par $1)
the capitalization was increased by 30,000 shares of common stock (par
Net income after depreciation, depletion, taxes and other chges.
The directors have declared
(no par), of which 23,564 shares were issued and outstanding. By virtue
filing of such amended articles, each authorized share of common
and
$1).
Earnings and Dividends—Following losses of $10,138, $96,414 and $66,112
for the years 1930, 1931 and 1932, respectively, the earnings of the com¬
pany for the year 1933 and subsequent thereto, after all charges (incl.
provision for Federal income and undistributed profits taxes), have been
of the
[Including Texor Oil & Land Co. of Texas]
Earns, per share on
1731
The present capitalization of the company was effected upon the filing
of amended articles of incorporation subsequent to June 30, 1936, at which
time the company was authorized to issue 30,000 shares of common stock
Corp.—Registers with SEC-
of this department.—V. 131.
Chronicle
x
—
Contract of Northern Life Insurance Co
company
a
controlled
—......
....
250,000
31,017
35,256
11,366
_j——
Notes, accounts, accrued interest and dividends receivable
Claim for refund of Federal income taxes
Real estate..-w.,.--- ■"
1
Furniture and fixtures
voting-trust agreem't, to be
delivered to
co. upon
of agreement in 1937
Dr250,000
Cost of 34 shares of pref. stock
in treasury
Total....
a
After
serves
$5,166,360
...
reserves
for
bad
of
debts
$369,723.
c After
$3.227,550.—V. 124, p. 1682.
Dr2,448
1
Total
and
reserves
$5,166,360
of $16,557.
b After re¬
depreciation and depletion of
discounts
for
•
Twin State Gas & Electric Co.—Seeks
Issue $2,205,000
$1,421,620
Total..
expira-
Exemption—To
Promissory Notes to Refund Bonds—
►
The company, a subsidiary of New England PuFlic Service
Co., a re¬
gistered holding company, has filed an application (32-39) for exemption
under Section 6 (b) of the Public mtility Holding
Company Act, of 1935
from the requirement of filing a declaration with
respect to the issue,
without public offering, of $2,250,000 of pormissory notes.
The notes are to mature not later than nine months from the date
or
dates thereof, and $2,005,000, described as credit agreement
notes, are to
more than 3
% per annum, and $200,000,
described as affiliate notes, at not more than 6% per annum.
bear interest at the rate of not
The
proceeds of the credit agreement notes would be used to redeem
on Oct.
1,,1936, $2,005,000 of its first and refunding mortgage 5% gold
bonds, due 1953, issued and secured under the applicant's
mortgage to
Guaranty Trust Co. of New York, trustee, dated Oct. 1, 1913.
The proceeds of the affiliate notes, the applicant states, would be used
in connection with the
making of additions and extensions to the properties
of the applicant.
The applicant states it proposes to cause all, or
substantially all, of its
properties to be sold to other electric and gas utilities, and believes that the
Liabilities—
If, however, the sale does not take place prior to the maturity of the
credit agreement notes, the applicant proposes to issue and sell bonds
secured
by its first lien and refunding mortgage, dated March 2, 1925, either at
public or private sale, and to use such proceeds to retire the notes.
Opportunity for hearing in this matter will be given Sept. 26.—V. 143,
p. 1418.
Upson-Walton
Co.—Stock
Offered—An issue of 50,000
shares of common stock ($1 par) was offered
Sept. 8 at
$7.75 per share by The First Cleveland Corp. and
SoucySwartswelter
&
represent
additional issue
shares
an
Co.
Of
the
shares
and
offered
the
25,744 shares
balance
represents
previously outstanding.
History and Business—The business of the company, one of Cleveland's
pioneer enterprises in the field of shipping, was founded as a partnership in
1870 by Joseph E. Upson and John W. Walton.
The company was incorp.
in Ohio on Jan. 30, 1983.
Company is engaged in the manufacture, proc¬
essing and sale at wholesale and retail, through sales offices and
by mail
orders solicited by traveling sales representatives, various lines of com¬
modities to general industries, mines and maritime trades.
Certain of such
commodities, such as tackle blocks, turnbuckles, sundry rope fittings,
brattice cloth, tarpaulins and various canvas products, are
manufactured
by the company while others, such as wire rope, Manila rope and vessel
supplies, are purchased by the company for the purpose of resale.
At the
present time about 55% of the company's sales are to general
industry,
25% to the maritime trade and 20% to the mining industry.
Capitalization—Company is now authorized to issue 150,000 shares of
common stock (par $1) of which 94,256 shares were issued and
outstanding
as of Aug. 15, 1936.
Of the balance of the authorized but unissued shares,
25,744 shares have been underwritten by First Cleveland Corp. and con¬
stitute a part of this offering, so that, upomcompletion of this
financing, the
company will have outstanding 120,000 shares of common stock (par $1).
$1,099
$230,000
21,500
95,132
1,073,888
;
Earned surplus.
—
Capital surplus
-
-
——
Total...
$1,421,620
x Represented
as
follows: United Pacific Insurance Co., $431,609;
Drumheller,, Ehrlichman & "White, $250,000; Murphey, Favre & Co.,
$125,000; Ferris & Hardgrove, $48,587; United General Agency, $10,000;
United Medical & Dental Building, Inc., $7; United Pacific Realty & In¬
vestment Corp., $1.
Notes—Surplus includes $74,829 (earned surplus $42,661, capital surplus
$32,168) representing the excess of sales prices over ledger values of securities
sold to subsidiary companies in the previous year and still neld by them at
June 30, 1936.
The sales to subsidiary companies were at less than quoted
market prices for listed securities and estimated realizable values for unlisted
securities.
The earned surplus
also includes $56,250 interest from Peter Puget Co.,
Inc., which had an operating loss (including provision
before deduction of the interest.—V. 141, p. 451.
for depreciation)
CTas Improvement Co.—Weekly Output—
United
Week Ended—
Sept. 5, '36
Electric output of system (kwh.)_.— 8o,755,238
—V. 143, p. 1577. v/.
United Paperboard Co.,
proceeds of such sale will provide sufficient funds for the liquidation of the
notes.
»
Taxes payable and accrued
Participating preference stock ($1 par)
Common stock ($1 par)
Aug. 29 '36
Sept. 7,'35
72,259,115
86,137,090
^.
Inc. (& Subs.)—Earnings—-
Earnings for the 5 Months Ended May 30, 1936
$1,073,704
951,821
Net sales
Cost of sales
——
$121,883
37,116
Gross profit on sales.
Selling expenses
:
Administrative and general expense
Net income for the
•
28,328
period (after deducting depreciation)
a
^
Condensed Consolidated Balance Sheet May
on
hand and in banks...$1,062,890
receivable
50,000
342,523
Invested assets (at cost)
1,040,353
xl,316,035
29,977
Fixed assets (at cost).
Deferred assets and charges...
Accounts payable and accrued
232,365
Mortgage receivable
Merchandise Inventory
expenses
Preferred
stock
Xfter
....
Common stock
y
Adjustment
$109,050
1,317,200
12,000,000
Dr9,408,541
Net profit earned (after depre¬
ciation)
for
ended May
$4,074,1471
Total
x
30, 1936
Liabilities—
Ass&tS"****
Cash
Accounts
$56,438
—
the
5
months
30, 1936
56,438
Total
$4,074,147
for depreciation of $1,496,066.
y Due to revaluation
and to operating deficits incurred prior to Dec. 28, 1935.
3697.
reserve
of plant account
—V. 142, p.
Offices Corp.—Committee Warns Bond¬
Sacrifice Holdings—The reorganization com¬
mittee in a letter to holders of the 5Mj% 1st mtge. bonds
recently issued % letter warning them against selling their
bonds to salesmen on the plea that the bonds are valueless.
United
holders
not
Post
to
The committee states in part:
•
;
Financial
1732
Chronicle
Sept. 12, 1936
"
It is, of course, not the
function of this committee to advise you as to
investments, but you are urged to make careful inquiry regarding
securities which may be offered in exchange for your United Post
Offices Corp. bonds before agreeing to sell your present holdings.
In¬
your
any
formation concerning the
financial condition of United Post Offices Corp.
and bondholders can easily inform
is always available to the committee,
themselves with regard thereto.
There
are
in 10 different cities constituting
twenty parcels of real estate
the security for your
bonds.
The actual market value of this real estate
difficult to determine today, but according to the best'avail¬
able estimates, it is expected that it will produce sufficient income to enable
the corporation to pay a minimum return of 2% per annum upon the face
value of your bonds.
The cash balance to the credit of the corporation on April 15, 1936, was
is, of
course,
$401,276, and it is expected that some of this cash can be distributed to
bondholders at the time the
be dated
new
bonds
of April 15, 1936, and
to the bondholders
as
issued.
are
The
new
bonds will
earnings accruing since that date will
in 1937 and annually thereafter, in
accordance with the terms outlined in the plan of reorganization.
f
The committee has encountered many difficulties in its efforts to com¬
be
distributed
plete the plan of reorganization, due largely to the complications inherent
in conducting operations in several States.
These are being overcome as
rapidly as possible, and you will be promptly advised as soon as the new
securities
The members of the committee are Charles S.
and Edward C.
United
Sayers,—V. 142, p. 1490.
States
Garland, B. R. Gordon
"
Co.—Removed
Rubber
from
Unlisted
Trading—
The
York
Curb
Exchange has removed from unlisted trading
privileges the 6\i% serial gold notes, due March 1, 1939 and the 6H%
serial gold notes, due March 1, 1940.—V. 143, p. 937.
New
United States Steel Corp.—August Shipments—;
V
common
thereon.
See under "Indications of Business Activity" on a preceding) page.
common
stock
on
Sept. 1,
On Sept. 1,
188,277 holders.
The $1 dividend paid on the company's preferred stock last month
went to 61,426 individuals, compared with 61,879 in May and 63,469 in
August. 1935.-—V. 143, p. 1097.
'/
were
United
Stockyards Corp., Chicago—Files with SEC—
Issues—Proposes $5,000,000 of 434% Bonds,
300,000 Shares of Preferred and 770,000 of Common—
Plans
New
The company has filed a registration
with the SEC under the Securities
sinking fund collateral bonds, 15-year,
purchase warrants attached to be
offered at 98.
Company also registered 300,000 shares convertible pre¬
ferred stock to be offered at $12 per share and 770,000 shares of common
stock of which 300,000 shares are to be reserved for conversion of the pre¬
ferred, 150,000 for exercise of warrants and 320,000 to be offered at $8
per share.
Dividend rate on the preferred will be 70 cents per annum.
Jackson & Curtiss and John DeWitt of Chicago are to be the under¬
Act
$5,000,000
covering
non-detachable
with
4J4 %
stock
common
writers.
The registration statement reveals that the company, organized May 15,
1936, will acquire $8,873,385 of securities in eight stock yards companies
from Swift
its friends and associates
or
.
a large number of the approximately 15,000 motion
picture theatres in the United States are supplied.
The "Universal"
organization was one of the first American motion picture companies to
enter the foreign field, and today its products enjoy a world-wide dis¬
tribution.
f
■
<,
■
Change of Distribution in England—Until recently the distribution of
pictures in England was handled by a subsidiary company.
This business
has been sold to General Film Distributors, Ltd.
A 20-year contract,
terminable at the end of each five-year period by either party, has been
entered into with that company for the distribution of pictures in the
British Isles, the Island of Malta and Gibraltar.
Properly—"Universal City,"
a 230-acre tract in Hollywood, is believed
largest motion picture studio in the world.
This studio contains
to be the
practically
all necessary stage properties for the production of motion
"Universal City" possesses a variety of natural settings.
pictures.
There has been built at "Universal City" a number of sets, of considerable
value, which the management regards as permanent and which from time
to time are rented to other companies.
These sets although written off
with the original picture for which they were made, are available for use
in other pictures by Universal and for renting to other producers.
From
time to time there is a demand for these sets as they include scenes fre
auently called for and expensive to build.
They include a replica of the
together with pier facilities, the theatre used in "The
Phantom of the Opera," and scenes typifying almost every type of dwelling
in this country and abroad.
In the approximately 25 years of operation of Universal Pictures Co.,
Inc., and its predecessors, the organization has accumulated a large collec¬
tion of "props," sets, stories, plays and scenarios.
The ownership of
these properties should afford the new management the opportunity of
limiting the cost of some of the future pictures.
side of an ocean liner
Theatres—The organization until recently operated several unprofitable
company's
decrease of 3,382 from the 178.726 reported on June 1, last.
1935, there
;
cities, through which
Stockholders—
There were 175,344 holders of the
a
and (or)
preferred
Distribution of Pictures—Distribution of pictures in the United States is
handled principally through a subsidiary which maintains offices in 31
be issued.
can
the retirement through exchange, for preferred
stock of Universal Corp., of the outstanding 8% first
if accomplished,
stock of Universal Pictures Co., Inc., and the issuance of preferred and (or)
common stock of Universal Corp. with respect to the accumulated dividends
as
follows:
To Be
theatres.
However, during the year 1935 practically all unprofitable
eliminated, resulting in a saving of over $250,000 annually.
are now being operated by Universal in the United States
and only four are operated abroad.
theatres
were
theatres
No
Production Schedule—The production schedule for the theatrical year,
Sept. 1, 1936—'Aug. 31, 1937, calls for the release of 42 features.
Due
largely to lack of adequate working capital, the production division is
behind on its 1935-1936 schedule, which also called for the release of 42
features.
To date 28 of these features have been released; 4 are
practically
ready for release, and 10 are still to be produced.
During the last four
theatre years, Sept. 1, 1931 to Aug. 31, 1935, the organization has released
an average of 38 features ayear.
Operations of Universal Pictures Co., Inc.—Universal Pictures Co., Inc.,
subsidiary of Universal Corp.
As of July 1, 1936 Universal
Corp. owned 223,527.46 shares of the common stock of Universal Pictures
Co., Inc. (out of 250,000 shares outstanding) and all of the outstanding
(20,000 shares) 7% second preferred stock.
There are 17,864 shares,
$100 par, of 8% first preferred stock of Universal Pictures Co., Inc., out¬
standing in the hands of the public.
No dividends have been paid thereon
since Oct. 1, 1932 and as of July 1, 1936 there was an accumulation of
approximately $30 a share on such stock.
Universal Pictures Co., Inc., and its predecessors
during the past 15
years showed consolidated total income from operation of approximately
$340,300,000. or an average of about $22,688,000 per year.
Its average
annual consolidated profit amounted to
approximately $495,000.
Profits
is the principal
shown during 11 of such years, and losses were shown for the
years
1932, 1933 a^d 1935.
Earnings of Big U Film Exchange, Inc.—20% of the outstanding stock of
Big U Film Exchange, Inc., has been owned, since its organization, by
Universal Pictures Corp., a subsidiary of.Universal Pictures
Co., Inc.,
and the balance of 80% of said stock has been
acquired by Universal
Corp. from Mr. Laemmle and others.
According to company figures,
during the past 15 fiscal years, from 1921 to 1935, inclusive, Big U Film
Exchange, Inc., has never shown a'net loss, and its net profits, before
Federal income taxes, have ranged during said period from a low of
approxi¬
mately $9,000, in 1921, to a high of approximately $225,000 in 1924.
In no year since 1924, according to company
figures, have such net profits
been less than $80,000, and the mean average for said 15 years has been
approximately $128,000.
were
(1)
St. Paul Union Stock Yards Corp. common 200
outstanding..
Port Worth Stock Yards Co. common 110,000
outstanding-'—
Sioux .City Stock Yards Co. common 120,000
outstanding
Preferred 60,000 shares outstanding
Union Stk. Yds. of Toronto, Ltd., common 15,000
_
(2)
_
(3)
_
—
_
_
(4)
_
_
-
-
shares
-
_
-
1930,
93,203 shs.
shares
46,692 shs.
-
shares
62,118 shs.
36,457 shs.
_
shares
outstanding-_•
—10,203 shs.
(5) Portland Union Stk. Yds. Co. capital, stock 4,498 shares
•
outstanding
3,075 shs.
(6) Milwaukee Stock Yards Co. 4,000 shares capital stock
outstanding.4,000 shs.
(7) South San Francisco Union Stk. Yds. Co. 4,000 shares
capital stock outstanding
4,000 shs.
(8) Brighton Stk. Yds. Co. capital stock 97 shares outstanding
62 shs.
An agreement dated Aug. 11, 1936, between John DeWitt, one of the
promoters of the new company and Swift & Co. provides for the sale by the
latter of portions of the above securities at a total price of $7,324,470.
The agreement also provided that DeWitt offer to buy additional shares
of the stockyards companies from persons designated by Swift & Co. at
the same prices per share.
The company will issue to the promoters in consideration of their services
36,000 shares of preferred and 57,600 shares of common stock.
W. K.
Wright, President of the new company, will receive 6,400 shares common
and 4,000 shares preferred.
The remaining 260,000 shares preferred will
be sold by the company to the underwriters at $10.50 per share and the
256,000 shares of common at $7 per share.
The corporation plans to provide general supervisory management over
the activities of the companies in which it plans to acquire stock.
Proceeds from sale of the securities will be used as follows: $8,873,385 for
acquisition of securities, $1,500,000 for retirement of bonds, and $166,994
for working capital.—V. 142, p.. 4358.
—
—
-
_
-
—
_
Universal Corp.—Slock
Offered—Offering of voting trust
certificates for 280,869 shares of $1 par value common stock
of this corporation, which in April last acquired controlling
interest of
Universal Pictures Co., Inc., and the Big "U"
Exchange, Inc., was made Sept. 11.
The certificates,
priced at $10 each, are being offered by Hammons & Co.,
Inc., New York, and Dulin & Co., Los Angeles.
The cer¬
Film
tificates
offered
speculation.
This financing con¬
stitutes part of a program of general revision in the capital
structure of the corporation.
are
as
a
Registrar, City Bank Farmers Trust Co., New York.
Agent for voting
trustees, Chase National Bank of the City of New York, N. Y.
Management—On April 2, 1936 corporation completed its purchase of
controlling interest of Universal Pictures Co., Inc., and immediately
the
caused the reorganization of the production division.
The management is now headed by J. Cheever Cowdin,
Capitalization—
Authorized
10-year 5% conv. debs., due April 1, 1946
$4,000,000
(nopar)
100,000 sns.
Common stock (.$1 par)__
2,000,000 shs.
600,000 shs.
x Upon
completion of the sale of the shares,
y No preferred stock is
being presently issued.
It is contemplated, however, that if and when
market conditions, in the opinion of the corporation, are
favorable, 80.000
shares of preferred stock, convertible $6 series, will be offered for
cash,
in exchange for the corporation's 10-year 5% convertible debentures now
outstanding in the principal amount of $4,000,000.
Note—In addition to the above there are
outstanding warrants which
give the nolders thereof the right to purchase an aggregate of 2^2,566 shares
of common stock (voting trust certificates) at $10 a share at
any time on
or
before April 1, 1956.
Standard Capital Co. and Charles R. Rogers
hold said warrants which
.
A substantial portion of the common stock
(v. t. c.) is owned by the
management.
were
issued to them in part consideration for the
assignment to Universal Corp. of the option from Carl Laemmle and
ciates to purchase the stock hereinafter referred to.
asso¬
,
Financing Already Accomplished—To date approximately $6,067,000
of financing has been done privately by Universal
Corp. through the issu¬
ance of $4,000,000 of 10-year 5% convertible debentures at
par and 258,431
shares of common stock (voting trust certificates) at $8 a share,
including
70,556 shares issued in exchange to Mr. and Mrs. Cochrane.
Of the funds raised through the financing
approximately $5,459,000
have been useu for the acquisition from Carl Laemmle and associates
of all of the 7% second preferred stock and
approximately 89% of the
common stock of Universal
Pictures Co., Inc., and approximately all of
the outstanding stock of Big U Film Exchange,
Inc., not already owned
by Universal Pictures Co., Inc.
R. H. Cochrane, President of Universal
Corp. and Julia F. Cochrane, his wife, included among said associates of
Carl
titled
the
Laemmle, have accepted in lieu of the cash to which they were en¬
70,556 shares of common stock at $8 per share (which is included in
$5,459,000) in exchange for their holdings
second preferred stock of Universal Pictures
of Big U Film Exchange, Inc.
of
common
Co., Inc., and
stock and
common
7%
stock
Purpose of Present Financing—The
purpose of the sale of the common
(voting trust certificates^ is to provide the organization with addi¬
be advanced, from time to time, to the
subsidiary and sub-subsiaiary companies as required for production of
pictures, improvements to property and equipment and (.or) to satisfy
their indebtedness.—V. 142, p. 4041.
stock
tional working capital, which may
Chairman of the
board, R. H. Cochrane, President and Charles R. Rogers, Executive VicePresident.
xOutstanding
$4,000,000
y None
preierrecisujck
Universal Leaf Tobacco Co., Inc.
Years End. June 30—
Gross income
x
Cost of sales
Voting Trust—The common shares are deposited in a voting trust, the
voting trustees being: George N. Armsby, Paul G. Brown (also a director),
J. Cheever Cowdin (also a director), Garrettson Dulin (also a director),
Dr. A. H, Giannini, J. Arthur Rank (also a
director) and Charles R. Rogers
(also a director).
Other income-
Business—Corporation, through its subsidiaries, is engaged in the pro¬
duction and distribution of motion pictures.
The pictures produced con¬
of features, two-reel productions,
single-reel productions, cartoons
Profit
and
news
are
(& Subs.)—-Earnings
1935
1934
1933
Reserve
and
1936
$20,972,516 $18,011,822 $13,983,277 $17,361,625
19,719,396
16,759,758
12,720,827
16,374,930
sist
reels.
Features constitute the most important class of products
responsibile for between 70% and 80% of the organization's total
income from operations.
Mergers and Consolidations—In the interest of economy of operation and
simplification of the corporate structure of the organization, UniversaJ
Corp. has recommended that steps be taken to terminate the corporate
Universal Productions, Inc. and Universal Pictures Corp',
sub-subsidiary companies and such steps are now under con¬
sideration.
In addition, the respective boards of directors of Universal
Corp. and Universal Pictures Co., Inc., are considering a merger and con¬
solidation with a view to concentrating practically all operations except
distribution in one company.
Such merger and consolidation contemplates,
existence
two
of
Gross profit
$1,253,120
428,010
Depreciation
on
sale
$1,262,451
363,152
$986,696
331,084
$1,681,130
71,837
$1,679,096
107,321
$1,625,602
75,149
$1,317,780
75,658
21,704
Total income
$1,252,065
427,031
17,651
loss47,079
$1,630,996
$1,503,374
500,072
580,964
$1,589,427
500,072
432,423
501,132
435,473
$1,630,994
502,192
285,828
$549,960
145,241
$7.78
$656,932
145,241
$7.50
$566,769
145,241
$6.90
$842,973
145,241
$7.77
of capital
assets
for
inventory
adjustment at June 30,
1932, now reversed
Net
income
Preferred
dividends
Common divs. (cash)
Cr388,873
of its
Surplus.
Com. shs. outst. (no par)
Earns, per sh. on com
x
Cost of sales includes all expenses and provision for Federal taxes.
Volume
Financial
143
Chronicle
Consolidated Balance Sheet June 30
1936
Assets—
1935
996,929
972,617
1
1
1,606,919
Invest, affil. cos..
fund
1,660,084
76,409
Cash.
1,407,624
Accts. & notes rec. 5,989,352
Inventories
4,809,687
Deferred assets...
40,060
Total
After
deducting
$1,194,465 in
—V. 142, p.
132,920
5,236,342
8,328
4,686,126
Surplus...
Total
4197.
April
May
June
in
no
The property securing the bonds was
sold, subject to confirmation, at
foreclosure sale on July 9, 1936, to Forman Realty Trust for a reported
sale price of
$500,000, and the distributive share of bondholders based
upon such sale price (after deducting expenses) will be approximately 23 %
on account of
principal.
Holders of amended policies of the Metropolitan Casualty Insurance Co.
of New York
(Surety) relating to bonds of Wellington Arms Building Corp,
may either
(1) Prior to the confirmation of such sale, exchange their bonds for a
like principal amount of Forman
Realty Trust 15-year collateral trust
income registered gold bonds and one Forman Realty Trust participating
common share per $100
bond, or
(2) Accept their distributive share, after confirmation of the foreclosure
'
The company has declared an
initial quarterly dividend on the new
capi¬
talization of 40 cents
regular and 20 cents extra, payable Nov. 1 to holders
of record Oct. 15.
(& Subs.)—Earnings—
sale.
Consolidated Income Account
,
Sales, less returns, allow.
x
Year End. 6 Mos. End.
June 30,'36 June 30,'35
& discounts
:. $9,304,992
Cost of goods sold, sell-
In addition to the amount distributable on account of principal to holders
accepting their distributive share of the sale price, holders of the Aug. 30,
1930, Feb. 28, 1931 and Aug. 30,1931 coupons will receive the full amount
(6hi%) of such first two coupons and 2hi% on account of the Aug. 30,
1931 coupon, all out of income already accumulated, and holders or sub¬
sequent matured coupons will receive approximately 1 hi% based on income
estimated to be received pending confirmation of the foreclosure sale and
during the period of redemption.
Calendar Years
1934
$3,915,976
1933
$8,820,108
$8,252,656
ing, advertising & ad¬
...
ministrative expenses.
6,225,672
z2,774,366
5,719,845
5,487,335
$3,079,320
106,691
$1,141,610
47,675
$3,100,263
151,663
$2,765,321
1,186,011
$1,189,285
$3,251,926
$2,903,665
469,403
Prof, from operations.
Other income
124,291
446,817
435,225
1,853
71,692
Total income
Prov. for Fed. &
foreign
income taxes
Prov. for adjustment of
securities
to
Other losses and
Approp.
exps.
Net
Sept. 15.
Dividends of 75 cents per share were paid
on July 1, last, and each quarter since and incl. Oct. 1, 1933, prior to which
regular quarterly dividends of $1.50 per share were paid—Y. 143, p. 1420.
3,962
9,384
-
-
-
.
■
«•
charges
'
'
4*
57,452
$2,417,834
$2,339,296
July.
August
143, p. 1252.
-
Western
896,550
2,384,489
2,179,979
1,442,746
$3,224,730
840,241
$3,860,583
1,680,600
......
1,413,370
$2,384,489
$2,179,979
$1,442,746
Profit and loss
surplus
per sh. on 700,shs.
cap.
stock
$1,442,746
(par $5) ..I...
$3.86
$1.49
,$3.45
$3.34
x
Including depreciation of $56,745 in 1936; $24,632 in first 6 months
of
1935; $42,425 in 1934 and $48,612 in 1933.
y Incl. adjustment
x After
9f gold.
applying reserve (provided out of 1934 profits) for advertisement
of $325,000.
'
'
..
Note—The stockholders
fiscal year to end June 30
on
March
30,
1935 approved
a
change in the
instead of Dec. 31.
U. S. Govt, secur.
$1 302,846
4
Oth.market.secur.
Short-term
1935
415,158
350,250
$3,021,177
1,995,731
373,245
com-
merical notes at
Western
797,501
a
&c
Capital surplus...
183,299
42,366
1, 111,359
232,430
41,166
504,696
3,501,400
1,752,647
3,413,370
407,977
3,501,400
1,752,647
2,384,489
1,181,444
129,331
41,166
(trade)
Inventories
Invest. & advances
Land
b
Building.
&c.,
machnry, equip¬
—
.
30,120
440,725
30,397
$278,133
218,940
6,884
10,815
debentures
$137,282
219,964
6,892
11,082
$51,180
231,507
6,163
10,732
.
$41,495 loss$100,655 loss$197,223
543,838
* 497,758
430,458
—
15,000
92,036
232
Refund of Federal inc. tax pr. yrs
168,855
1
$613,413
-.
-
--
Period End. July 31—
Gross earnings
OperationMaintenance
Taxes..
$543,838
Note—Provision for depreciation of plant and equipment and amortiza¬
tion of leasehold improvements charged to costs and expenses amounted to
$139,972.
Consolidated Balance Sheet
1936
Assets—
$539,349
6,666
$546,016
145,291
b
$525,488
$525,488
151,200
$6,793,840
46,666
$6,411,866
$6,840,507
1,914,187
$6,411,866
1,882,765
Balance
$400,725
$374,288
Appropriations for retirement reserve.
Preferred dividend requirements
$4,926,320
1,833,333
1,171,559
common
dividends and surplus
No provision has been made for
policies
$1,921,428
966,299
Prov.for Fed. taxes
800,358
183,333
519,925
168,828
(subsidiaries)
6,884
6% conv. debens. 3,650,000
6,891
3,650,000
539,198
Minor, int. in cap.
174,246
176,253
stock
of
and
surp.
subsidiary
86,005
7% cum. pref. stk.
96,285
1,500,000
1,500,000
2,251,710
Common stock-. 2,251,710
Surplus at date of
1,270,345
67,693
y
print lists, &c._ 3,948,807
3,948,807
Surplus
_
_
-
organization
ready-
from
1,076,273
Earned deficit
$8,508,504
$8,490,.9641
Total
1,076,273
31,147
31,147
543,838
ap¬
praisal of plant,
&c.,ofsub
$4,529,100
1,800,000
1,171,632
$1,557,468
—
1,220,562
67,693
(book values)
possible Federal tax on undistributed
profits, since the amount of such tax, if any, cannot be determined until
the close of the year,
b Interest on funds for construction purposes.—V.
143, p. 1252.
a
$248,051
174,444
Plant and equip.
Total
Balance for
199,953
$518,183
Deferred charges &
Goodwill,
1935
$301,143
836,243
Other assets
x
1936
payable.
1,047,950
res.)
Inventories
Organiza. expenses
Balance
Interest & amortiz
Accounts
Accrued liabilities-
$509,745
Receiv'ls (less
Life insur.
June 30
Liabilities—
1935
35,000
Cash
Certificate of dep
prepaid acc'ts..
sources
$497,758
-
$594,611
Balance, deficit, June 30
1936—Month—1935
1936—12 Mos.—1935
$1,379,248
$1,255,793 $15,823,915 $15,195,400
562,568
491,603
6,279,697
5,888,380
102,488
85,286
1,059,255
983,847
al74,842
153,415
al,691,122
1,911,306
Balance
129,923
—
1
r—
$627,681
57,895
10,337
1,343
$594,611
loss
Sundry items
Virginia Electric & Power Co. (& Subs.)—Earnings—
a
on
Excess of par value over cost 6% conv.
debs, purchased and retired
$9,615,521 $8,313,8651
Total
$9,615,521 $8,313,865
After reserve for doubtful accounts
and discounts of $10,307 in 1936
$12,475 in 1935.
b After reserve for depreciation.—V.
143, p. 939.
Inc. fr.oth.
$30,856
20,324
_
Total
a
1,573,476
$112,212
25,070
good-
will, &c
and
1,752,479
profit.
Balance, deficit, June 30
—
Funds provided for expenses and ac¬
crued legal fees
—
Exps. in conn, with reorg. proceedings
Add. assess, of prior years Federal
income tax (sub. cos.)
Total
52,792
1934
$6,363,464
4,759,132
$260,139
17,995
—
Prov. for Fed. income taxes (sub. cos.)
Net
real
Advert, supplies &
deferred charges
Trade-mks,
Interest
-
...
549,651
Non-oper.
estate
1935
$9,711,082
1935
$7,089,871
5,225,180
1936
-
ment, &c
b
''
•
.—.$7,598,797
5,611,062
Selling, admin. & gen. expenses
1,727,596
Minority share in profits of subs—
employ.
accounts...
Jan. 1 to Aug. 31—
1936
$376,147 $10,476,817
Net sales
profit from operations-.
Other income—Int., rentals, &c. (net)
2,478
Accts. receivable
.
Newspaper Union (& Subs.)—Earnings—
Net
188,310
23,337
2,199
surplus
Week of August
1935
1936
$427,966
$267,351
717,666
Other receivables.
Officers' &
1,240,000
Maryland Ry.—Earnings—
Cost of sales
$443,406
_
Cap. stock ($5 par)
504,379
1935
Fed., State
foreign income
Earned
funds
1,835,000
Co.—Larger Dividend—
—Fourth
Acer.
taxes
Gold held
abroad,
purch. with for.
873,000
1,156,000
1,382.000
1,316.000
on
Period—
Gross earnings (estd.)...
—V. 143, p. 1421.
Western
1936
Accts. payable, ac¬
crued
expenses,
&
discounted value
1,666.000
1,590,000
1,463,000
1,638,000
no par
Years Ended June 30—
Liabilities—
&
hand
^
Sept. 8 declared a dividend of 75 cents per share on the
value, payable Sept. 30 to holders of record Sept. 21.
A dividend of 50 cents was paid on June 30, last, this latter being the first
payment made since June 30, 1931, when the company distributed a divi¬
dend of 75 cents per share.
From March 30, 1929 to and incl. March 31,
1931, the company paid regular quarterly dividends of $1 per share.
An
extra dividend of $1 per share was distributed on Dec. 31, 1929.—V. 143,
p. 448.
Consolidated Balance Sheet June 30
1936
Electric
The directors
capital stock,
$5,093,823
1,680,452
...
Dividends
on
1,946,000
2,145,000
June
1933
$666,862
651,000
670,000
—V.
Aug. 31. 1933
Previous surplus
AssetsCash In banks
1.886,000
2,743,000
2,598,000
.
1934
$870,000
882,000
1,114,000
1,137,000
1,476,000
1935
$1,116,000
995,000
1.376,000
2.540.000
April
May
325.000
$1,044,751
1936
$1,116,000
1,085,000
1,272,000
1,478,000
2,070,000
January
February
March
•
60,423
as a res. for adv.
during 1935
Total surplus
Supply Co.—Sales—
Month of—
y6,899
profit....$2,709,334
280
to holders of record
Western Auto
y7,274
Net prof, of sub. cos. for
the 8
months
ended
Earns,
West Texas Utilities Co.—Accumulated Dividend—
The directors have declared a dividend of ,$1.12 hi P©r share on account
of accumulations on the $6 cum. pref. stock, no par value, payable Oct. 1
138,344
market
quotations
Net loss on sale of secur.
Misc. adjustments
4.179.750
4,216,887
Wellington Arms Building Corp.—Distribution, &c.—
'
According to the SEC registration
statement, the net profit of the com¬
1936, after all charges and provision
making no provision for surtax on undivided
profits, was equal to $2.36 a share on common stock to
be outstanding.
This
compares with profits of $1.88 a share for
the entire year 1935 and $1.18
a share for
„
4.440.282
4,485,908
Total asset value of the fund on Aug. 31, 1936 amounted to $1,937,138,
which compares with $800,178 12 months previous, or an increase of 142%
after paying dividends
amounting to $1.10 per share during the period.-—
V. 143, p. 1578.
pany for 7 hi months ending Aug.
15,
for Federal income
taxes, but
Period—
4.742.052
4,847,541
939.
standing,
The company has acquired the A.
P. P. Machind Works of San Francisco,
manufacturers of brake drum lathes and
grinders for the automotive service
field.
Vick Chemical Co.
5.339.695
5,230,907
p.
The company reports as of
Aug. 31, 1936 a total of 99,652 shares out¬
a record high for the fund, compared with 52,243 shares on Aug.
31,1935, or an increase of 9% for the period.
The company has filed with the
Securities and Exchange Commission,
registration statement covering 72,345 shares of common
stock; the pro¬
ceeds of 33,315 shares of which are to
be used to redeem the company's
outstanding 20,000 shares of 7% cumulative
preferred stock ($25 par)
and the balance to be used for
plant expansion and other corporate purposes.
The principal underwriters of the
issue are Jackson & Curtis.
After the
completion of this financing there will be
88,829 shares of one class capital
the year 1934.
4,211,153
4,356,431
4,457.291
Wellington Fund, Inc.—Asset Value—
Financing Acquisition—Initial Dividend—
i
4.618.455
4,621,245
4.641,147
4,667,260
a dividend of 25 cents per share on the com¬
stock, par $5, payable Oct. 1 to holders of record Sept. 15.
Previously
regular quarterly dividends of 15 cents per share were distributed.
In
addition an extra dividend of 5 cents was paid on
Aug. 3 last, and an extra
of 10 cents on Jan.
1, 1936—V. 143, p. 129.
a
*,
5.032.075
Waukesha Motor Co.—Dividend Increased—
.
,
1933
$3,664,964
4,248.372
3.412.705
3,452,181
3.643.478
3,982,685
The directors have declared
Co., Springfield, Mass.—
StOCK.
1934
$4,303,469
4,079,749
mon
and
par value.
1936
•
.
Van Norman Machine Tool
1935
$4,698,604
4,637,407
July
August
—V, 143,
14,926,983 13,764,694
$1,179,480 reserve for depreciation
y Represented by 145,241 shares of
1935.
March
Reserve for exch'ge
differences
1936
$4,744,590
5,059,467
5,105,705
4,964,907
5,155,697
5.074,651
January
February
6,250,900
1,479,305
125,018
682,802
174,039
358,176
Contlng. liabilities
13,764,6941
14,926,983
Month of—
$
6,250,900
y Common stock.. 1,479,305
Pref. divs. payable
125,018
Accounts payable. 1.542,787
Tax reserve
159,711
13,900
3,919,771
3,709,812
3,432,573
55,934
Walgreen Co. (& Subs.)—Sales—
1935
•
$
Pref.Btock (8%)..
for
preferred stock.
x
1936
Liabilities—
Goodwill
Sinking
I
$
Fixed assets
x
1733
594,612
$8,508,504 $8,490,964
x
Less reserve for depreciation of $1,240,125 in 1936 and $1,251,237 in
1935.
y 150,000 shares, no par value.
Note—Surplus to the extent of $194,991 is not available for dividends
until common stock in treasury (per contra) is resold or retired.-—V. 142,
p.
2525.
1734
Financial
Western Public Service Co.
Period End. July 31—
Operation
*
-
Maintenance.
9,154
al6,471
Taxes
1936—12 Mos.—1935
$2,148,730
$1,999,187
1,103,883
1,052,172
112,777
111,020
$11,101
14,997
a!87,273
Sept. 12, 1936
(F. W.) Woolworth Co.
(& Subs.)—Earnings—
1936—Mont/t—1935 ;
$178,974
$209,325
92,513
101,647
Gross earnings
Chronicle
188,002
March-
—
$82,051
$60,362
28,710
Balance
$53,208
Appropriations for retirement reserve.'.
Preferred dividend requirements
,
$744,795
345,970
$647,992
354,167
$31,651
28,842
$398,824
221,541
119,452
$293,824
208,250
119,451
$57,830
def$33,876
1935
1933
1934
$16,983,089 $17,147,967 $18,137,412 $15,844,684
16,244.993
17,860,960
19.015,779
18,218,915
17 509,833
20.482,640
24,035,139
19,676,695
20,159.295
19,788,230
22,382.040
23,072,478
19.801,192
21,052,337
22,004,068
22,621,875
19,344.065
21,113,892
22,000,467
23,397,703
19.582,844
19,514.723
20.168,737
22,860,526
20,357,877
21,556.235
20,797,935
23,186,341
—
April
May
Balance
Interest & amortization.
Sales—
1936
Month of—
January
February.--.
June
July
August
—V. 143, p.
939.
Youngstown Sheet & Tube Co.—Accumulated Dividend,
a dividend of $1.37H per share on account
(or
$2.75 per share) on the 5j^% cum. pref. stock, series A, par $100, both
payable Oct. 1 to holders of record Sept. 19.
A dividend of $1.37>£ per
share was paid on July 1, April 1 and on Jan. 1, last, this latter being the
first payment made on this issue since April 1, 1932, when a regular quar¬
terly dividend of like amount was distributed.—V. 143, p. 1254.
The directors have declared
Balance for common dividends and surplus
No provision has been made for a possible Federal tax on undistributed
a
profits, since the amount of such tax, if any, cannot be determined until
the close of the year.—V. 143, p. 939.
Western Union
Telegraph Co., Inc.'—Earnings—
of accumulations, and one of like amount, ordinarily due at this time
Per. End. July 31—
1936—Month—1935
1936—7 Mos.—1935
Teleg.&cableoper.revs. $8,561,029
$7,445,251 $55,833,254 $51,175,801
Teleg. & cable op. exps..
6,901,173
6,237,517
45,400,848
42,609,659
CURRENT
Net teleg. & cable op.
F.
—Frank
Taxes assign, to opers—
$1,659,855
42,805
332,354
Non-operating income.
$1,284,696
166,356
TJncollectible oper. revs.
$1,207,734 .1>10,432,407
52,135
373,711
283,333
2,312,586
$8,566,142
358,231
1,983,333
Walker,
President
NOTICES
of the
Bond Club
nounced the appointment of committees for
of New
1936-1937.
York,
an¬
Members of the
committees are:
Arrangements—Irving D. Fish, Edward B. S nith & Co., Chairman.
.
$872,266
168,061
$7,746,109
875,603
$6,224,578
871,364
John D.
George N. Lindsay, Speyer & Co.
$1,451,052
681,894
$1,040,327
691,112
$8,621,712
4,797,411
$7,095,942
4,846,988
'$769,157
Deducts, from gross inc.
$349,214
$3,824,301
$2,248,954
Net income
William Harmon Brown Jr., Brown, Harriman & Co., Inc.
Gerald E. Donovan, Schroder Rockefeller & Co., Inc.
Herbert S. Hall, W. E. Hutton & Co.
1935
1934
1933
1932
$7,325,538
Net sales (less discount).
Cost of merchandise-—
$7,026,759
5,643,194
1,098,397
$6,478,223
5,238,396
968,435
$6,239,589
5,146.030
1,214,602
5,946,043
1,111,254
expense
Operating income.
R. Parker Kuhn,
$268,241
102,817
Int. and fixed charges.
.
Deprec.
on bldg. & equ.
Prov. for Fed. inc. tax..
$285,167
$371,058
44,837
33,156
41,700
.,
Total income
Laurence M.
$366,445
55,325
41,902
36,320
$271,392 loss$121,042
42,839
81),278
on
$251,364
61,246
60,504
...
pref. stock
Common dividends
$271,392
44,322
41,649
27,000
loss$78,203
44,469
Arvid E. Taube, Lazard Freres & Co., Inc.
Winslow, Bonbright & Co., Inc.
Publicity—William H. Long Jr., Doremus & Co., Chairman.
Frank E.
$232,898
$158,421 less$122,671
109,806
60,515
15.864
Gernon, Hayden, Stone & Co.
Balance
Shares of common stock
outstanding (no par).
Earnings per share. ^
$129,614
$62,578
30,261
$6.28
_
.Assets—
1935
30,272
$3.09
30,274
Treasury
1935
Accounts payable.
$284,627
Accruals...
notes,
63,239
408,500
867,400
Mortgage bonds..
& accrd. interest
580,140
937,187
478,290
Preferred
"2,937
818,774
24,603
5,203
x
945,632
970,790
y
21,280
6,778
4,800
Other assets
7,2.19
Fixed assets
1,785,590
Deferred charges..
31,200
1934
$253,497
60,343
417,500
887,000
2,150,000
136,820
420,831
21,598
13,273
4,800
11,239
1,826,118
41,152
Accts. & notes rec.,
Adv. dep. on pur__
Creditors' def. bal.
Inven. of mdse
Cash
surr.
Common stock..
2,150,000
110,618
558,777
Earned surplus
Common
stock
held in treasury.
Securities
Drl
1,532
£>7-11,398
and Company to succeed the late John J. O'Brien.
no
vice-president,
has
been
it
was one
$4,431,629 $4,314,594
The company was a pioneer in the development
Standard Gas and Electric Company which
become
with
has grown to be one of the
Byllesby and Company in later
nationally prominent
Graf, who is 54
years
has
Byllesby and Company
been
the
in
investment
1935
$773,595
632,410
47,799
55,756
4,000
$35,783
6,986
$33,630
Interest
Provision for depreciation
Prov. for Federal tax & contingencies
$752,045
598,498
60,927
56,838
$33,630
&c
$28,797
closely associated
old and
Non-operating items
Credit to surplus for year.
General Balance Sheet
Assets—
1936
1935
■
companies..
rec.
Insur. claims rec..
Dividend rec.....
Materials and supp
Deferred assets
Coll.
495,687
39,148
42,076
29,246
17,356
21,157
67,608
616,113
42,030
■32,782
note
1936
a
native of Washington, D. C., Is
$193,600
300,000
448,000
220,000
220,000
co.
Accts. pay. & accr.
born in Chicago.
—A
new
52,441
1,174,150
Common stock..
Surplus
banking in
Chicago
He became manager of the bond
wholly
or
years
He
old and was
Stuart & Co., Inc., showing
be obtained at any given level of income from bonds
partially exempt from Federal income taxes In order to
equal the net yield
(after payment of taxes)
tabulation also provides a direct
of taxable securities,
The
comparison of wholly exempt and partially
income.
exempt
"For investors
buying for income," the folder states, "the taxable status
of the securities purchased
is
now
second in importance only to safety of
The rising tide of taxes, and the prob ability of further increases,
make necessary
at
1923, is 49
,,
how much yield must
a more
careful study then heretofore of the relative yields,
the particular income
of the buyer, of the various available types of
This new tabulation has been prepared to disclose quickly
securities.
to
the
questions arising from this problem."
—Henry Clay Speer, 85 years old, founder and Chairman of the Board
in his home at
Mr.
42,805
831,553
890,000
184,234
75,810
289,703
890,000
37,500
173,533
Redlands, Calif.
:
Speer was born in Water Valley, Miss.
For
a
number of years he
lived in Topkea, Kan., where for a time he acted as state superintendent
move
to
Kansas.
He established his company in
Chicago until 1890.
1885, but did not
In 1926 he retired from active participation
in business and moved to Redlands.
Mr. Speer
equipment
x
He
enterprises and their
experience in commercial
folder has been prepared by Halsey,
of schools for
Res. from appraisal
of
property
&
Preferred stock
His first executive position
important
has been a director and vice-president since
—Wil¬
mington Tr. Co.
items
17,178
many
of the H. C. Speer & Sons Co. of Chicago, died on Wednesday of last week
$193,600
...
Res. for deprec
44,969
with
secretary and assistant treasurer.
underwriting and distribution of investment securities by the firm.
1935
bds.,
Loan, affiliated
after early
Briggs
answers
Liabilities,—
loans to affiliated
Cash
years
business
department in 1919 and was largely instrumental in greatly expending the
March 31
1st mtge. 7%
due 1944
was
joined the Byllesby Company in 1909.
principal.
Net profit for year from operations.
Investments in and
banking
financing and direction.
either
1936
Prop. & equipment$2 377,956 $2,373,620
the
particularly power and light properties, and in 1910 organized
country's largest utility systems.
Mr.
Line, Inc.—Earnings—
Years Ended March 31—
Income from all sources
•
of
J
of the original partners of the Byllesby Company when
founded in 1902.
was
of utilities,
Mr.
Total
shares,
y Represented by 593 shares
cost in 1934.—V. 143, p. 1098.
expenses,
chairman
:*
.
Mr. Graf
Willys-Overland Co.—Rights to Expire Oct. 2—
Maintenance, operating
elected
olis.
Rights of preferred and common shareholders to subscribe to stock in the
new Willys-Overland Motors, Inc., will
expire Oct. 2, according to a letter
sent to stockholders. The record date of these rights is
Aug. 27.
Under terms of the recapitalization plan each holder of one share ($100
par) preferred in the Willys-Overland Co. is given the right to subscribe
for $10 to one unit in the Willys-Overland Motors, Inc.
A unit consists
of one share ($10 par) preferred and one share
($1 par) common stock.
Each holder of 17 comrqon shares of the old
company is given the right to
subscribe to one unit, also at $10 a unit.—V. 143, p. 1579.
Notes & accts.
V
Briggs,
H.
Joseph
executive committee.
with offices in Chicago, New York, Philadelphia, Pittsburgh and Minneap¬
par
at cost in 1935 and 591 shares at
He has been first vice-
president since 1924.
has
$4,431,629 $4,314,594
Represented by 30,853
Wilson
•
Chicago has been elected president of H. M. Byllesby
widely known in the investment banking field.
Total
x
stocks.,
Capital surplus..*
val. life
insur. policies..
Empl. stock acct__
Chalres F. Ilazelwood, Estabrook & Co.
•
Nil
—Robert J. Graf of
Liabilities—
$98,751
U.S.
Donovan, Schroder, Rockefeller & Co., Inc.
George J. Gillies, Bancamerica-Blair Corp.
30,263
$5.64
1934
$108,863
Ctfs. of dep.,
Day—Percy M. Stewart, Kuhn, Loeb & Co., Chairman.
Gerald E.
$142,557 def$122,671
Co., Inc.
Wilson, Stein Bros. & Bofce.
William S.
Balance Sheet Dec. 31
Cash
Hogate, The Wall Street Journal.
R. Emerson Swart, Swart, Brent &
Unavailable
Field
*
Higginson Corporation.
Marks, Laurence M. Marks & Co.
Percy M. Stewart, Kuhn, Loeb & Co.
Pearson
Kenneth C.
Net income
The First Boston Corporation.
James J. Lee, Lee
John M. Meyer Jr., J. P. Morgan & Co.
.
Other income (net)
Divs.
1
Reception—John M. Young, Morgan Stanley & Co., Inc., Chairman.
Paper Co.—Earnings—
Calendar Years—
Operating
Lamont, J. P. Morgan & Co.
Sidney J. Weinberg, Goldman, Sachs & Co.
—V. 143, p. 1252.
Whitaker
Harrison, Lazard Freres & Co., Inc.
Thomas S.
is survived by
and two sons,
a
daughter, Mrs. Edna Speer Dow of Redlands;.
William W., President of the H. C. Speer & Sons Co., and
Henry D. of Redlands.
—L. J. Schultz & Co., Cleveland, members Cleveland Stock Exchange,
the opening of a New York office at 76 Beaver Street under
the management of Chas. W. Gibson.
—Theodore R. Goldsmith, who has been associated with Chas. E. Quincey
& Co., as head of their research department and Washington representative
announce
Total
x
.$3,090,235
Represented by 37.500
$3,126,694'
no par
Wisconsin Central
Total
$3,090,235 $3,126,694
shares.—V. 141, p. 1787.
Ry.—Equip. Trust Issue—
The receiver has applied to the Interstate Commerce Commission for
authority to issue $525,000 of 4% equipment trust certificates, series A,
in connection with the purchase of
250 box cars from Pullman Standard
Car Mfg. Co. at an approximate total cost of $700,000.
The remaining
purchase price will be made up from current funds.—V. 143, p. 779.
Wolverine Tube
Co.—Registers with SEC—
during the past four years, is leaving his present connection to establish
a Washington
letter service for banks and dealers devoted exclusively to
matters pertaining to U.
S. Government securities.
He has opened an
office in the National Press Building, Washington. D. C.
(L. A.) Young Spring & Wire Corp.—Extra Dividend—
The directors have declared
an
extra dividend
in
addition to the regular quarterly dividend of 75 cents per share on the
common stock, no par value, both payable Oct.
1 to holders of record
Sept. 21.
An extra dividend of 25 cents was paid in each quarter from
Oct. 1, 1934 to July 1, 1935 incl.
In addition the company paid a stock
dividend of 5% on Dec. 31, 1935.—V. 143, p. 608.
—Following the dissolution of Harder-Mengarelli, Inc., Syracuse, F. Wil¬
Harder announces the formation of Harder & Co., Inc., to conduct
general security business, with offices at 50 Broad Street, New York City.
Alex A. Mengarelli has formed Mengarelli &
Co., Inc., to succeed
liam
a
See list given on first page of this department.—V. 143,
p. 939.
Harder-Mengarelli,
Inc.,
Building.
of 25 cents per share
&
Co.
in
Syracuse,
,
In addition to
will
direct private
have a direct wire
a
with
offices in the State Tower
A
telephone wire to Mengarelli & Co., Harder
to the Mohawk Valley Investment Co.,
Utica.
—John
C.
Ahti
has
become
their trading department.
associated
with
Schloss &
Summerfield in>
Volume
Financial
143
Chronicle
1735
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
On the 10th inst. futures closed
strong with net gains of
points.
Cocoa soared into new high ground for the
current move in an active
.
12 to 19
Friday Night, Sept. 11, 1936
Coffee—On the 8th inst. futures closed 5 points higher to
2Jpoints lower for Santos contracts, with sales totaling 15,550
bags in this contract. Old Rio cpntracts closed 2 to 3 points
lower with sales of 2,750 bags. New Rio contracts closed 1 to
10
points lower, with sales of 4,000 bags. Rio de Janeiro
futures
were
125 to 150 reis
higher.
The
market
trading session.
There was
the part of commission houses and trade
interests throughout most of the session.
For the first time
since October 1930, all active deliveries closed at
seven cents
or higher. In the
spot market manufacturers paid the highest
prices in six years for the various required grades.
London
was
strong.
Since the bull market started in May, prices
aggressive buying
on
,
change rate improved by 30 reis to 16.870 milreis to the dollar,
have advanced almost
London has advanced
the firmest rate since
current bull market is the first witnessed in
offers from Brazil
early in the
little
were
with
On the 9th inst. futures
of
18,250 bags.
The old Rio contract closed
points lower, with sales of 12 lots, and the
contract closed 4
7
to
old
new
Rio
points higher, with sales of 5 lots.
While five notices issued against the
tion
gen¬
unchanged to 2 points higher for the Santos contract,
sales
2 to 6
ex¬
Cost and freight
year.
changed, with Santos 4s
erally offered at from 9.25 to 9.30c.
closed
open
September Santos posi¬
stopped early, the two Surinams issued against the
were
contract
depressed that September position 6 points.
The Rio futures market closed 50 reis
the spot price
higher to 25 lower, with
unchanged.
On the 10th inst. futures closed 7 to 11 points lower for
Santos
contracts,
closed
contracts
8
with
sales
of
28,000
1,250 bags.
tenders of
delivery
were
and
Surinam
promptly accepted, but failed to
16.830 milreis to
now
seven
Rio de Janeiro futures
75 reis lower, and the open market
weaker at
Rio
points lower, with tran¬
Twenty Santos and
affect the general tone.
contract,
Old
points lower, with sales of 4,250 bags.
New Rio contracts closed 6 to 11
sactions
bags.
in liquidation,
the dollar.
was
were
exchange rate
The
was
Santos
150 to 775 reis lower.
50 to
30 reis
"B"
Cost
freight offers held steady, with prices of Santos Bourbon
4s at from 9.20 to
9.23c.,
or
unchanged to 5 points lower.
Today futures closed 3 points down to 1 point
contracts,
with sales of 41 contracts.
closed 2 points down to 5 points up,
New Rio contracts closed 1 to 3
Coffee
contracts.
trading,
which
futures
reflected
were
the
Old
for Santos
up
Rio
contracts
with sales of 10 contracts.
points down, with sales of 8
steady to easier in quiet
deadlock
between
Brazilian
shippers and American roasters.
Rio de Janeiro futures
were unchanged to 25 reis higher,
while the open market
exchange rate was 30 reis better at 16.800 milreis to the dollar.
Cost and freight offers from Brazil were unchanged, with
with Santos Bourbon 4s at 9.20 to 9.30c.
Rio coffee prices closed as follows:
September..
4.051 March
December
4.15|
Santos coffee
as follows:
8.94 September.
March
May
July...
Brazil
...8.94
*
•„
has
4.26
'
prices closed
9.01
8.95
sharply accelerated the destruction
of coffee
in accordance with the plans to destroy over
11,000,000 bags
during the current season, the New York Coffee and Sugar
Exchange announced Sept. 8.
During the last half of
August, according to the Exchange, 529,000 bags were
burned, bringing the total for the first two months of the
new
crop year to 1,463,000 bags against 1,467,000 bags dur¬
ing the entire 12 months, July, 1935-June, 1936.
Since the
start of the program to eliminate surpluses
by fire, Brazil
has eliminated 38,051,000
bags, or more coffee than
has exported to the entire world
during the two
just passed, the Coffee and Sugar Exchange said.
Brazil
crop years
Cocoa—On the 8th inst. futures closed 4 to 5
points up.
Transactions totaled 265 lots, or 3,551 tons.
Wall Street
again a conspicuous buyer, and this together with per¬
buying by manufacturers, sent futures up into new
high ground for the past three years. The London market
also showed considerable
strength.
New York warehouse
stocks showed a decrease of 1,552 bags for the
day. ' Local
closing: Oct., 6.80; Dec., 6.92; Jan., 6.96; Mar., 7.05;
May, 7.15; July, 7.25; Sept., 7.33. On the 9th inst. futures
closed unchanged to 4 points
up.
Transactions totaled
445 lots, or 5,963 tons.
As a result of aggressive buying,
prices reached new highs for the three-year period. On this
bulge, however, considerable profit taking was in evidence
which caused prices to ease 4 to 6
points from the top of the
day. At one time during the session all the 1937 deliveries
was
sistent
selling at seven cents or better. With the exception
of one day in July of 1933, the market
Wednesday was at
the highest levels since October, 1930.
London was strong.
Local elosing: Oct., 6.80; Dec., 6.95; Jan.,
6.98; March,
7.09; May,,7.19; July, 7.29.
were
Transactions
200
even
.•
points on the local Exchange.
higher.
It is stated that the
cocoa
in ten years.
the local
on
Exchange were 470 lots, or 6,298
closing: Sept., 6.94; Oct., 6.96; Dec., 7.09;
Jan., 7.11; Mar., 7.22; May, 7.31; July, 7.41; Sept., 7.50.
Today prices were 18 to 22 points higher.
These proved to
be approximately the
high prices of the day. The bull move¬
ment in cocoa continued with undiminished
vigor.
Prices
advanced 21 to 25 points in the
early afternoon, with trading
tons.
Local
|
V
broader than at any previous time this
year.
Manufacturers
were the
buyers, while Wall Street speculators took profits.
The London market was also
strong, advancing 7 to 9
'
points.
Transactions totaled 950 contracts.
Local closing: Sept.,
7.12; Oct., 7.15; Dec., 7.28; Mar., 7.43; Jan., 7.32;
May,
7.53; July, 7.12.
Sugar—On the 8th inst. futures closed unchanged to 1
point lower.
Although the volume of business increased
during the last half of the session, the trading was without
feature and fluctuations confined within
very narrow limits.
No further September tenders were
made, and the spot month
sold at 2.77c., 2.76c. and then
2.75c., with 950 tons done at
the middle price.
Sales were 6,800 tons.
In the market
for
there
raws
little change over the week end.
Refiners
willing to pay 3,65c., last Thursday's sales
cargo of Cubas was offered at 2.78c. (3.68c.
was
believed still
were
price, while one
duty paid), while other Cubas and Puerto Ricos
at from 3.70 to 3.75c.
M to
l^d.
maximum
lower,
loss.
London market
with
On
the
the
9th
spot
inst.
was
were
held
dull, with futures
month registering
futures
closed
1
the
point
higher to 1 point lower, with sales of only 79 lots. Of this
total, 50 lots were in the November position.
No notices
were
issued against September, and that month held at
2.74c.
and
2.75c.
In
the
market
for
raws
an
operator
bought 11,000 bags of Puerto Ricos, clearing Sept. 24, at
3.65c.
This was unchanged from
the last paid price.
Another parcel at the same basis was available to New York
refiners, and there was interest at 3.65c. from outport
refiners.
It is reported that refiners' raws
supplies generally
are
sufficient to carry them through the better
part of
October at the current rate of
consumption. A late offering
of 8,000 bags of Puerto Ricos,
part 1936 quota and part
1937, for September shipment was available at 3.65c. and
3.40c.
The split up of the full
quantity was not known.
In the London market sellers were
asking 4s. 5Kd., equal
.83c. f.
to
__9.07
,
December
,
o,
b. Cuba.
On the 10th inst. futures closed 2
points lower to 2 points
higher.
Sales were 8,650 tons.
Trading was a trifle more
active, with the demand for January, 1937 contracts against
sales of the current year positions, the
principal feature. In
the market for raws two sales were reported,
5,100 bags of
Puerto Ricos to Arbucle, clearing September 16, at
3.65c.,
and 3,000 bags of 1937 quota Puerto Ricos
clearing Sept. 30,
to National at 3.40c.
Further 1936 sugars are believed avail¬
able at 3.65c., with refiners only interested at that level in
specific arrival dates, mostly later than Oct. 1st.
Today
futures closed unchanged to 4 points down.
The feature of
this market was the weakness of November against the rest
of the list.
November sold off 3 points to 2.65 before pressure
relaxed.
Last Wednesday November closed at 2.69c., com¬
manding a premium of 22 points over January. Today the
difference was only 15 points with January at 2.50c. Thirtynine transferable notices were issued but were soon stopped,
and September held unchanged at 2.72c.
Refiners displayed
no interest in raws, offered at 3.65c.
London futures were
unchanged to Mc. higher, while raws were offered at about
0.83 of
cent f.
a
Prices
o.
were as
b. Cuba.
follows:
2.49 January
2.46 May
2.72 November
July
March
September
Refined
first
sugar
seven
exports
by the United
months of this
year
2.48
2.47
2.64
'
States
during the
totaled 27,797 long tons as
contrasted with
year,
a
47,123 tons during the similar period last
decrease of 19,326 tons, or approximately 41%,
according to Lamborn & Co.
The
January-July exports this
period since
The
while
1933, when the
refined
last year
sugar
exports
The firm said:
the smallest or any corresponding
shipments amounted to 21,960 tons.
year
this
during the first
are
went
to
months
62
year
seven
53
different
countries
were
countries,
included
'
in
the
tively.
the
list,
The
United' Kingdom leads this year
by Holland and Honduras
Cottonseed
decline
in
Cuban
exports
of
raw
during
sugar
January—'_
February
March
against 16.31 on Friday.
actions
was
on a
higher.
Hides—On the 8th inst. futures closed 4 to 11 points
Wed.
CHICAGO
Thurs.
Fri.
11.75
11.90
11.77
December
11.92
.12.02
O
L
12.00
12.12
11.90
12.00
11.80
11.92
11.80
11.92
January..
-12.10
12.20
12.05
12.00
11.97
October
_____
nominal,
per barrel; fat backs, $22.50 to $25.50 per barrel.
Beef:
quiet; Mess, nominal; packer, nominal; family, $16.50 to
$17.50 per barrel, nominal; extra India mess, nomianl.
Cut Meats: Steady; Pickled hams, picnics, loose, c.a.f.: 4 to
6 lbs., 16^0., 6 to 8 lbs., 15H'c.,8to 10 lbs., 13He. Skinned,
loose, c.a.f.: 14 to 16 lbs.,. 23He., 18 to 20 lbs., 22c., 22 to
24 lbs., 19Hc.
Bellies, clear, f.o.b., New York: 6 to 8 lbs.,
21c., 8 to 10 lbs., 21c., 10 to 12 lbs., 20Hc.
Bellies, clear,
dry salted, boxed, N. Y.: 14 to 16 lbs., 15%c., 18 to 20 lbs.,
15Mc., 20 to 25 lbs., 15Hc., 25 to 30 lbs., 14%c.
Butter:
Creamery, firsts to higher than extra and premium marks,
34Mc. to 36c.
Cheese: State, Held, 1935, 22He. to 23c.
Eggs: Mixed colors, checks to special packs: 19c. to 27c.
Pork—Mess, $31.00 per barrel; family, $30.50,
Oils—The linseed oil inside price
of 9.5c. appears to be
adhered to closely by crushers now that seed
shown a firmer tendency .
Quotations: China
markets have
Wood: tanks,
old crop, 14 to 14He., drms., spot 14H to 15c.
Coconut:
Manila, tanks, Coast, 5Hc., Jan. forward 6c." Corn: crude,
tanks, Chicago, 9 He.
Olive: denatured, spot, Spanish,
$1.50 to $1.60; Shipment, $1.25 to $1.30.
Soy Bean: tanks
mills 8He., C.L. drms., 9.5c., L.C.L., 10c.
Edible: 76
degrees, 12c.
Lard: prime, 12He., Extra strained winter,
11 He.
Cod: crude, Newfoundland, .nominal.
Norwegian
up.
,
Transactions totaled
feature. Hogs were
the close at Chicago.
top price was $11.40, and most of the sales reported
ranged from $9.20 to $11.25. The Western hog movement
totaled 43,500 head against 33,200 head for the same day
last year.
Lard shipments from the Port of New York, as
reported Thursday, totaled 8,960 pounds, destined for Glas¬
gow and Dunkirk.
Liverpool closed unchanged to 9d lower.
Today futures closed unchanged to 3 points down. Trading
was
light and without special feature.
The corn report
appeared to have very little effect.
11.95
Spot ribbed smoked
Kingdom rubber stocks was indicated this week.
Local
closing: Oct. 16.35; Dec. 16.46; March 16.55; May 16.64.
The
Tues.
Transactions totaled 440 tons.
against 16.22 on
Wednesday.
The London and Singapore markets closed
quiet and dull, respectively, with the former unchanged,
while the latter declined l-32d to l-16d.
Local closing: Oct.
16.23; Dec. 16.33; March 16.44.
Today futures closed 11
to 14 points up.
Transactions totaled 61 contracts. London
closed unchanged, but Singapore gained 1-32 to 1-16d.
London cabled that a decrease of 1,150 tons in United
Trading was light and without special
easier and prices averageed 10c. lower at
H
14,560 tons in store at the close of
London and Singapore markets closed
sheets in New York advanced to 16.25 as
unchanged to 3d. lower.
On the 10th. inst. futures closed 5 to 10 points down.
Mon.
Wednesday.
quiet and steady, the former being unchanged, while the
l-32d to l-16d.
Local closing: Sept. 16.17;
Oct. 16.21; Dec. 16.32; March 16.43; May 16.50; July 16.58.
On the 10th inst. futures closed unchanged to 2 points
heldiairly firm. Later, rather heavy selling developed
by local packing interests and considerable selling was in
evidence for foreign account.
Under this pressure prices
broke 17 to 25 points from the highs of the day.
Hog prices
averaged quite steady, but some weights were 10c. lower
at the close.
The top price at Chicago was $11.35, and the
bulk of the sales reported ranged from $9.20 to $11.25.
Western receipts were moderately heavy and totaled 8,100
head, against 37,800 for the same day a year ago.
There
were no export clearances reported from the Port of New
York for Wednesday.
Liverpool was quiet, with futures
OF LARD FUTURES IN
No increase in factory interest
Outside prices were quoted
latter declined
time
11.82
totaled 790 tons.
spot basis of 16 5-16c. for standard sheets.
Certificated
of rubber in warehouses licensed by the Exchange
business
0
Sat.
London and Singapore markets
noted in the outside market.
decreased 450 tons to
closed 7 to 12 points down.
The
substantial advances at the opening and for
DAILY CLOSING PRICES
-
10.44®
stocks
On the 9th inst. futures
September
-10.37® 10.42
10.40 @
closed dull, with slight declines.
Local closing: Sept. 16.23;
Oct. 16.27; Dec. 16.39; March 16.50.
On the 9th inst. futures closed 6 to 7 points down.
Trans¬
closed unchanged to 5
Liverpool.
10.35® 10.45
______
—
8th inst. futures closed 1 to 7 points
Transactions totaled 790 tons.
The price of spot
ribbed smoked sheets in New York declined to 16.28 as
principal Western markets were 11,600 head, against 15,000
head for the same day a year ago.
Liverpool lard futures
the upturn in American markets on Friday and
closed 6 to 9d. higher.
There were no export clearances
from the Port of New York on Saturday.
On the 8th inst. futures closed 7 to 12 points higher.
The
market was fairly active and at one time during the session
showed maximum gains of 13 to 25 points.
On this bulge
considerable selling developed, coming principally from
packers.
This pressure sent prices off several points tern
the top, though the market was steady with substantial
gains at the close. . Hogs were easier due to the heavier
receipts than expected at the principal Western markets.
Total marketings were 63,800, against 40,100 for the same
day a year ago.
Prices at Chicago closed 10 to 15c. lower,
the top price being $11.35.
Liverpool lard futures were
fairly firm, and closed 6d. higher on the spot position and
3d higher on the distant deliveries.
Export clearances of
lard over the week-end totaled 59,540 pounds, destined
a
sales, including switches, 121 contracts.
Prices closed as follows:
Rubber—On the
followed
market showed
,
lower.
points higher.
Shortly after the opening prices advanced
7 to 10 points, but on this bulge maiiy of the speculative
element were tempted to take profits, especially over the
week-end holidays.
The result was a virtual wiping out of
hll the early gains.
Hogs were very steady on Saturday,
but the demand was rather slow.
Total receipts for the
for
Rosins:
46He.
in the article entitled "Petroleum and Its Products."
1;135,138 long tons compared with 1,153,698 long tons on
corresponding date of last year, the report shows.
5th inst. futures
to
Petroleum—The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
the
the
42He.
September
10.38®
10.39@ 10.40 October.
November10.4 '@
10.43@10.31 April
December
the
compared with 1935 is indicated in a report
to the United States Commerce Department from the Amer¬
ican commercial attache at Habana, the Department an¬
nounced Sept. 4.
Exports of raw sugar from Cuba in the
period Jan. 1 to Aug. 15 aggregated 1,899,311 long tons
against 2,014,113 long tons in the corresponding period .of
1935.
Consignments to the United States in the two periods
were,
respectively, 1,290,298 long tons and 1,433,446 long
tons, "statistics show.
The
stock of raw sugar in Cuba on Aug.
15 totaled
current year as
Lard—On
Oil
Crude S. E., 8Hc.
tons, respectively.
A
Sept. 12, 1936
Yellow,
38He.
Turpentine,
$7.17H to $8.20.
with 1,948 tons, being
with 2,064 tons and 1,948 tons, respec¬
Last season the Unitedl Kingdom, with 13,732 tons, also headed
while Uruguay and Norway followed with 5,491 tons and 4,566
list.
followed
Chronicle
Financial
1736
1,000,000 pounds. Certificated stocks
of hides in warehouses licensed by the Exchange remained
unchanged at 844,401 hides in store.
Local closing: Sept.
11.30; Dec. 11.60; March 11.95; June 12.25; Sept. (1937)
12.55.
On
•
the
/
„
9th
inst.
V
futures
.
closed
unchanged to 4 points
advance.
In the domestic spot markets sales totaled about
16,000 hides, with light native cows at 11H c., up ye. In
the Argentine spot market sales of 11,000 hides were reported
including frigorifico steers at 12 11-16 and 12 He. against
the last sales at 12 13-16c.
Local closing: Sept. 11.34;
Dec. 11.64; March 11.95; June 12.25; Sept. 12.54.
On the 10th inst. futures closed unchanged to 1 point
advance.
Transactions totaled 720,000 pounds.
In the
domestic spot markets sales totaled 42,800 hides, with light
native cows unchanged at 11 He. and heavy native steers at
14He., up He.
In the Argentine market 4,500 frigerifico
light steers sold at 11 ll-16c. to 11 13-16.
Local closing:
Sept. 11.34; Dec. 11.64; March 11.95; June 12.25; Sept. 12.55.
Today futures closed ,4 to 5 points up. Trading was fairly
active, jvith the undertone firm.
Transactions totaled 44
contracts.
Certificated stocks in warehouses were reported
as 844,401 hides, unchanged from yesterday.
Local closing:
March 12.00; June 12.30; Sept. 12.60; Dec. 11.68.
Ocean Freights^—The market for ocean freights was
fairly active.
Chartering for wheat was active down to
early November.
,
Charters
Atlantic trip across, $2.10.
West
Canada, 70c.
Grain booked:
Heavy grain: Fort Churchill,
Sept. 25 to Oct. 10, United Kingdom basis, 3s.
10, St. Lawrence, middle
Oct., to United Kingdom-A.R.A. basis, 2s. 3d. minimum.
10, same, late
Oct. early Nov., to same, basis same, 2s. 3d.
Oil: prompt United States
Gulf to N.H., 18c.
Indies
or
included:
Trips:
South
Canadian round, $1.15.
Trip down
2 loads to Copenhagen, 13c.
This includes
Coal—Business in anthracite and bituminous is
to be
reported
Production now is about 8,000,000
tons soft and 1,000,000 hard, weekly.
Industrial consump¬
tion in July incresed 1,100,000 tons over June.
At the end
of July industrial inventories totaled 28,748,000 tons, a
month's gain of 1,500,000 tons.
The emergency freight rate
of 10c. a ton on long hauls expires at the end of 1936 and may
picking
up
slowly.
This will cause many to postpone a stock¬
until after the first of the year and create a high
demand for coal during the first quarter of 1937, so observe
claim.
In that event, it is claimed, production may climb to
10,000,000 or 11,000,000 tons a week during that period.
not be renewed.
ing
program
Copper—The outstanding development of the week as
the red metal was the increase of quotas up to 80%
by foreign producers.
Foreign copper producers who are
members of the world agreement, principally those in South
America and Africa, agreed Wednesday to increase product¬
ion 5 % on October 1, raising their quota to 80 % of standard.
This is on top of an increase of 5% which went into effect
on
August 1.
The action is in line with the supposed advance
in production in the United States on September 1.
As a
result of this announcement prices on the European Exchange
declined.
Up to this announcement the foreign price had
reached a level of 9.82He. per pound.
This was a new high
since April, 1931.
Following the announcement the price
concerns
V olume
Financial
143
Chronicle
In the second place there is a stong
possibility, according to observers, that pig iron will yet be
per pound.
In view of the healthy
prevails for copper, especially abroad, this
regarded as but temporary, and opinion prevails
that new heights will yet be reached within a short time.
Not only is demand abroad active for armamen s, but large
quantities of blister copper have been sold to Italy recently
for conversion into copper sulphate for spraying vineyards.
Russia has also been buying large quantities.
Meanwhile
dropped to 9.77 Yc.
demand which
raised before the end of the year.
be a world shortage of pig iron
decline is
Further, there seems to
developing. It is also asserted
quarters that less foreign pig iron will be coming into
the United States over the rest of the
year, but will rather go
to countries nearer at hand.
It is furtherjpointed out that
high price of steel scrap, which is now $4 per ton above the
year's low point—has caused a wholesale turning to pig iron
in place of scrap.
There has even been inquiry here for
American iron to be exported.
in
the domestic market has become
more active.
Anticipation
August, which will be issued early
next week—is reflected in rather substantial buying recently
on
the part of domestic consumers.
According to trade
interests, a rise in the domestic quotation in the near future
would not be Regarded as an over-optimistic prediction.
of favorable statistics for
side lines.
Prices are not at the high point of the recovery.
Average 12 months' Texas wools bring 85c. to 86c., good lots
around 87c. to 88c., and choice lots of well
grown staple are
estimated at 90c., scoured basis.
Western territory wool
in original bags is
strong, with better prices paid on mostly
staple wool.
Average to good French combing fine territory
wool in original bags, sells at 84c. to 85c., scoured basis, ask¬
ing prices ranging to 87c.
Fine territory of good/French
combing and staple lengths in original bags sells around 88c.,
Tin—Notwithstanding the fact that consumers have not
supporting the metal the past several days, the market
goes forward apparently of its own momentum.
The upward
is
which has been in evidence for
presximed to be based largely
on
some time past,
the idea that the tin
restriction agreement will be renewed at the end of the
year.
In view of the apparently
strong position of the market and
the bullish sentiment that
prevails generally, especially as
concerns
the situation abroad—a sudden
development of
buying would find the market most sensitive and
quick to respond in a most substantial way, it is generally
believed.
Tin afloat to the United States is 7,045 tons. Tin
arrivals have been: Atlantic
ports 1,104 tons; Pacific ports,
20 tons.
Warehouse stocks are unchanged at 255 tons.
Stocks in the United Kingdom at the end of last week were
745 tons.
Straight tin shipments so far this month have
scoured basis, and in
consumer
to 90c.
the
half
largest buying for a long time.
Wools
a cent
higher in the grease than they
Lead—The
sharp advances in lead prices on the London
Exchange during the past month, amounting to 33c.
per 100 pounds, has attracted considerable attention on this
side, as should the movement go much further, it will allow
American producers to sell their lead abroad.
Prices have
been very firm and the
strong situation would seem to
presage a rise in prices in domestic markets.
Domestic sales
there
were
bales.
market
week, the latter itself being considerably above
While demand has been largely for October
delivery, there is still considerable lead being sold for Sep¬
tember shipment, which would indicate that the metal is
still going into consumption
rapidly.
was exceptionally
active,
showing considerable underlying strength.
were
sold at 4.80c. and the bal¬
at
area.
Steel—The sharpest
change in several weeks
was
enced in steel operations for
estimated at 68.2% of
experi¬
the current week, which are
capacity.
This is a drop of 3.3
points, or 4.6% from tonnage standpoint, this announce¬
ment coming from the American Steel Institute.
The cur¬
rent rate of
ago
68.2%
the industry
compares
with 71.5 last week.
A month
operating at 70% of capacity, and a
49.7%.
The present week's curtailment is
attributed entirely to the Labor
Day shut-down. With order
backlogs in most classifications still large, and increasing
incoming business, it is expected that September operations
will at least equal the August
rate, which in turn was moder¬
ately ahead of the 70% of capacity operations in July. The
surprising breadth and strength of current demand appear
to have effectively
dispelled all doubts concerning the steel
industry's ability to maintain high rates of activity during
the third and fourth
quarters.
It is reported that the Jones
and Laughlin Steel
Corporation, leading independent steel
maker in the
Pittsburgh district, will follow the lead of the
Carnegie-Illinois Steel Corporation in advancing prices on
year
ago
was
at
semi-finished steel and certain finished steel items for
the
fourth quarter.
Production of 4,195,130 gross tons of
openhearth and Bessemer steel
during August was the greatest
of any month since
March, 1930, when 4,254,331 gross tons
were
produced, according to the American Iron and Steel
Institute.
The output in
August was 7% above the July
production of 3,922,731
and 44% above the output
August, 1935.
Pig
Iron—The recent startling change in the
pig iron
industry has been one of the outstanding features of the
metal trade.
Up to a short time ago business was dull and
It is
now
estimated that the sales for last week will
probably total between 20,000 to 25,000 tons, sold
through
New York offices.
This is the largest for a week in
several
years.
The New York office of one merchant producer sold
4,000 tons, while some of the steel producers who sell iron in a
merchant manner, are estimated to have booked
even more
than that total.
Several reasons are given for this
sudden
buoyancy.
The general realization on the part of
foundrymen that they are destined, to need
futures closed 1 to 23^c. higher.
fairly firm, with transactions totaling 410
were
14 to 17 yen up,
while at Kobe the market was
Grade D was 10 yen lower at Yokohama, and
Kobe, the price being 715 at both centres.
The yen rose to 29%e., a gain of %c.
Cash sales at both
centres were 675 bales, while transactions in futures totaled
2,750 bales.
Local closing:
Sept., 1.63; Oct., 1.60; Nov.,
1.58)4; Dec., 1.58*6; Jan.,;1.58; Feb., 1.57; Mar., 1.57;
April, 1.563^.
On the 9th inst. futures closed *£c. to 3c.
higher.
Transactions totaled 790 bales.
Japanese cables
reported Grade D 10 to 12 3^ yen higher at 720 in Yokohama
and 722*6 yen at Kobe.
Bourse quotations were 7 yen
higher at Yokohama and unchanged to 7 yen higher at Kobe.
»
Cash sales for both centres
both
markets
totaled
1.66; Oct., 1.613^;
Mar., 1.58.
were 1,300 bales, and futures at
3,800 bales.
Local closing:
Sept.,
Nov.,
1.61;
Dec.,
1.59; Jan.,
1.58*6;
On the 10th inst. futures closed *6 to l*6c. lower.
Trans¬
actions totaled 340 bales. Crack double extra in the New York
spot market advanced 2*6c. to $1.71.
The Yokohama Bourse
closed 1 to 6 yen higher, while the price of Grade D in the
outside market advanced 12*6 yen to 732*6 yen a bale. Yen
exchange remained unchanged at 29*6. Local closing: Sept.
1.67*6; Oct. 1.62y2; Nov. 1.61*6; Dec. 1.60; Jan. 1.59; Feb.
1.59*6; Mar. 1.58*6; Apr. 1.58.
Today futures closed lc.
to 3 Yd. down.
Trading was fairly active, with sales totaling
85
contracts.
market
Crack
double extra in
the
New York
spot
unchanged at $1.71. Yokohama Bourse closed
2 to 5 yen lower, while the price of grade D silk in the outside
market advanced 5 yen, to 7373^ yen a bale.
Local closing:
Sept. 1.64; Oct. 1.60;*6 Nov. 1.58; Dec. 1.57; Jan. 1.57;
.Feb. 1.57; Mar. 1.57; Apr. 1.57.
was
COTTON
Friday Night, Sept. 11, 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 271,456
bales, against 201,842 bales last week and 141,365 bales the
previous week, making the total receipts since Aug. 1, 1936,
778,068 bales, against 788,208 bales for the same period of
1935, showing a decrease since Aug. 1, 1936, of 10,140 bales.
The
Movement of
Receipts at—•
the
Mon.
Sat.
Tues.
Wed.
Thurs.
Fri.
Total
gross tons
of 2,915,930 gross tons in
routine.
likely with Japan out
6 to 13 yen up.
5 yen lower at
Zinc—Trading in this metal
4,823^c. and 4,85c. per pound.
Among the sales
tons of brass
special.
Unfilled orders of prime
Western zinc at the end of the week stood at
60,941 tons, an
increase of 25,813 tons.
Total unfilled orders stood at 63,633
tons.
Slab zinc was in a very quiet state
recently, which
was to be expected in view of the
unprecedently large sales
of the preceding week.
This is suposedly the last week of
the ten-week curtailment program in the tri-State zinc ore
much better than believed
The price of crack double extra in the New York
spot
declined Yc. to $1.66.
Prices on the Yokohama
Bourse
Total sales of slab zinc last week were 31,784
tons, showing
that even the most optimistic estimates were not out of line.
375
a
Silk—On the 8th inst.
ceding
were
in
are
The market held
not far from double those of the pre¬
Of this amount 29,573 tons
conservatively
were a
of the market.
average.
ance
are
week ago.
strong position, though the maximum
price is obtainable only in choice wools. It is reported
difficult to buy wool in the West, as it is held in
very strong
hands and supplies are now
becoming depleted.
Australia
opened its new wool selling season in good shape.
Prices
Metal
with the market
the scoured basis estimates
v
Fleece wools
were
some cases
Prices of graded wools are showing a hardening
tendency all along the line.
Medium wools are particularly
strong, notably half-blood and three-eighths-blood.
Halfblood territory is now held
firmly at 85c., one house reporting
up
been 1,137 tons.
of lead last week
some
Wool—A steady demand is reported for raw wool, with
prices holding firm.
It is reported that buying is confined
largely to the so-called vertical mills, with topmakers on the
been
movement
1737
the fourth quarter.
large tonnages during
Galveston
11,989
3,728
5,024
7,023
New Orleans.
7,490
8,113
Mobile
3,397
Houston
Corpus
Christi..
&c—
Pensacola,
—
25,941
1,596
_
3,112
_
12.062
5,364
5,414
1°,501
5,l/74
2,311
68,659
49,958
906
13,264
5,865
23,753
62,931
8,176
608
608
2.325
4,659
17,161
13,203
8,191
_
8,191
*.
-
—
-
5,877
4,078
-
-
-
-
2,525
2,819
1,769
2,250
-
-
322
278
149
749
26
287
7
320
183
183
Lake Charles
-
Wilmington
—
«
-
-
»
_
..
Baltimore
Totals this week.
The
11,013
2.1,675
3,475
8,886
-
940
__
„
7,751
5,728
4,934
—
_
Charleston
Norfolk
_
2,091
Jacksonville
Savannah
25,844
5,740
9,906
35.680
15,136
51,983
53,195
47.520
67.942 271,456
following table shows the week's total receipts, the
1936 and stock tonight, compared with
total since Aug. 1,
last year:
Financial
1738
This
Since Aug
This
Week
1, 1936
Week
with prices
Since Aug
a
1935
1936
1, 1935
•
It
bale.
August 23,
Texas
129,154
54,481
4
29
50
107",795
28,753
100,062
168,452
6,731
62", 931
209,124
2,074
164,871
29,762
17,745
52",482
154,561
205,146
108,802
27,188
348,889
13",264
28~t653
16", 317
8,176
7,279
17,161
22,687
1,661
47,287
31,028
21,324
2,260
75,369
15,687
3,347
179,262
59", 299
24,714
4,772
126,193
13",253
30", 657
7~,4l4
18",217
.52~,609
~35", 516
8,191
28,698
1,998
1,210
6,919
29,371
11
65
33,022
9,858
23,004
32,732
10,031
19,602
""155
"4",977
City
Houston
Corpus Christi--.
Beaumont
—
New Orleans
Gulfport
Mobile
Pensacola
608
Jacksonville
Savannah
334
22,143
Brunswick
Charleston
-
-----
Charles
Lake
370,724
2,051
322,455
89,074
7,499
335,307
425,047
175,754
68,659
49_, 2 58
Galveston
Wilmington
749
Norfolk
320
97",281
3,744
N'port News, &c.
New York
Boston
1,775
"126
2 ,249
695
700
"
"183
Baltimore
1,225
"1,241
Philadelphia
Totals
comparison
In order that
788.208 1,531,767 1,446,866
778,068 215,017
271,456
.
be made with other
may
Mobile
2,763
4,474
11,119
12,206
11,646
3,403
9,691
22,143
"7",414
~l"0", 893
749
-
Savannah
11
•
Brunswick
Charleston
Wilmington.
_
34
N'port News-
112,388
8,767
2,712
22,197
52,630
9,466
~6"i22
17,44 i
1,729
1.108
918
211
320
Norfolk
42,542
28,183
74,858
42,097
72,197
19,059
13",20 3
Orleans-
New
t
54,944
105,819
24,907
54.481
29,762
52.482
16,317
68,659
49,258
62,931
13,264
17,161
Houston
1931
1932
1933
1934
1935
1936
Receipts at—
Galveston.
years,
for six seasons:
give below the totals at leading ports
we
1,387
683
902
"45,911
32",407
32", 268
.59", 106
38", 900
45",497
Total this wk_
271,456
215,017
191,728
276,295
235,434
241,800
Since
778,068
788,208
646,182 1,028,292
881.171
703.427
All others-
—-
Aug. 1__
for the week ending this evening reach a total
66,207 bales, of which 5,349 were to Great Britain, 6,698
to France, 14,213 to Germany, 1,655 to Italy, 25,157 to
Japan, 600 to China, and 12,535 to other destinations.
In
The exports
of
corresponding week last year total exports were 59,998
For the season to date aggregate exports have been
315,436 bales, against 333,322 bales in the same period of
the previous season.
Below are the exports for the week:
the
bales.
Exported to—
Week Ended
Sept. 11, 1936
Ger-~
Great
Exports from—
Britain France
Houston.
Italy
many
4,424
4
New Orleans.
142
Total
358
689
16,721
16,397
13,237
5,286
2,727
10,334
9,628
973
2,064
__
Corpus Christi..
Other
China
Japan
5,347
1,304
1*847
Galveston
4,081
2,337
6.945
100
1,655
"828
Mobile
Pensacola,
828
6,065
&c._
—
6,065
—
2", 132
Savannah
142
12,535
66,207
2,468
325
5,3.49
6,698
14,213
1,655
1935.__
8,102
8,881
6,720
13,600
Total
1934.__
5,706
8,515
3,461
19,263
5,401
600
25,157
Total
30,307
Total
2,132
1,089
2,793
520
427
Norfolk
Los Angeles
19,234
l'ooo
59,998
9,781
80,023
Exported to—
From
Aug. 1, 1936, to
Ger¬
Sept. 11, 1936
Great
Exports from—
Britain
Houston
Corpus Christi.
Italy
many
14,721
3,616
12,065
24,368
6,038
3,297
3,595
.
4,476
3,663
Lake Charles..
Mobile
Savannah
6,231
•
-
1
-
>.u
•
-
•
3,086
mi
-
_
-
*•
-
-
-
-
725
«,
--
-
50
9,387
11,415
12,615
361
-
-
-
.
-
-
m
«
-
-
650
«.
«,
-
-
12
3,212
142
416
2,989
'''
■1,200
Wilmington
1,200
■
-
142
Norfolk
427
•
•
-
96,112
46,602
5,507
"166
'
897
-
66,287
700
10,215
-
M
..
-
256
2,784
Charleston
«
54,239
2,172
69
5,015
11,068
Pensacola, &c_
.
255
..
105
Jacksonville
«
358
33,414
Total
11,764
8,621
12,706
142
10,559
19,403
4,747
9,820
818
14,258
1,119
6,347
Orleans..
«
Other
China
Japan
6,907
7,151
700
Beaumont
New
France
6,530
15,392
15,736
Galveston
-•a
_
-
2,278
'
Gulfport
Francisco
50
-
300
.
-
•
-
133
-
-
22
81,499
47,978
47,301
30,946
43,188
83,330
778
3,981
19
51
755
69,608
15,255
55,254
59,760
70,416
Total.
-
-
3,124
10
557
Los Angeles...
San
99
496
45,137
315,436
333,322
425,857
1
Total
-
1935-.
Total
1934,.
37,240
{
74,902
200
70,731
28,223
115,374
24,827
72,741
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
soaring 71 to 74 points, or
The latter end of the week prices
As the report became more freely circulated through¬
a fresh wave of buying occurred, foreign buy¬
ing being especially conspicuous:
This heavy combined
demand from domestic and foreign sources shot prices to the
points.
out the
world,
high level of 71 to 74 points above previous close.
At this
point heavy selling was encountered, the South and New
Orleans being the conspicuous sellers.
Heavy selling in the
form of hedges became increasingly large as the session
progressed and with this pressure fairly persistent, prices
eased off considerably, though showing net gains at the close
of approximately $3 a bale.
A month ago the Government
Crop Reporting Board estimated the eotton crop prospect at
12,481,000 bales.
On Tuesday this same Bureau placed the
output at but 11,121,000 bales.
I'he 1,360,000-bale crop
was the,largest ever reported during any month of August.
It seemed to take the trade completely by surprise. The cut
appeared to be regarded in the trade as an admission of error
in the original Government report.
Fears are now prevalent
that perhaps the crop eventually might fall short even of to¬
day's Government figure of 11,121,000 bales, particularly
in the event of an early frost in the late sections of- the
Eastern cotton belt;
On the 9th inst. prices closed 4 to 14
points lower.
Trading continued on a large scale, but it
did not quite equal that of Tuesday's volume.
Notwith¬
standing the sensationally bullish character of the Govern¬
ment crop report, outside buying was comparatively limited.
This failure of a substantial speculative interest to develop
was
a
disappointment to many in the trade.
However,
there are so many uncertainties in the air that speculators
and the trade generally are inclined to be more or less cautious.
The effect of the new crop movement and resulting hedges
is being watched quite closely.
The political situation both
domestic and foreign is coming in for no little consideration
on the part of traders.
Despite a moderate amount of hedge
selling, futures in the early dealings ran up to gains of more
than 50c. a bale.
Hedging was moderately heavy through¬
out, but particularly heavy in the extreme early and late
portions of the day.
Considerable profit taking was in
evidence.
Under this pressure prices dropped to the lows
of the day, at about which level the market closed.
Average
price of middling based on the 10 designated spot markets
Wednesday, was 12.26ccompared with 12.30c. Tuesday.
On the 10th inst. prices closed 9 points down to 3 points
up.
Trading was fairly active, with the buying confined
largely to trade sources.
Outside interest was very limited.
Cooperative brokers were heavy sellers throughout the day.
This selling was regarded as hedging against purchases of
.
spot cotton in the
the
most
active
Shipboard Not Cleared for—
ber to later positions.
released
Leaving
Sept. 11 at—
r
Great
Britain
Galveston
3,700
2,208
Houston
New
Orleans.
1,100
3,417
702
4,214
_
Savannah
Charleston.
Ger¬
France
many
2,800
1,118
2,205
Other
Foreign
wise
16,000
1,878
Total
1,500
5
2,028
7,000
_
Stock
Coast¬
i_
2",280
Mobile
"595
2,875
Norfolk
Other
2",789
ports
Total
1936-_
Total 1935.
Total 1934.
.
.
15,890
5,562
9,867
8,731
6,123
2,895
8.981
4,256
20,501
13,752
4,294
5,290
7,625
52,80?
2,345
influence
but
25,100
8,626
9,149
7,000
2,789
399,947
196,520
339,740
172,262
52,609
94,406
23,004
197,740
55,539 1,476,228
31,755 1,415,111
81,621 2.447,637
on
Speculation In cotton for future delivery
in
many
months,
following
the
was
the most
government crop report, which proved to be sensationally
or
sentiment,
mostly for the long
April of 1937, had
which
pull.
based
is
friendly
to
a
wholesome
the
market,
Average price of middling,
spot markets Thursday, was
on
the 10 designated
12.27c., compared with 12.26c. Wednesday.
Today prices closed 3 to 9 points up.
Trading was rather
active, with good-sized lots changing hands on the opening
bulge.
There were signs of increasing outside interest in a
substantial way.
Wall Street and the trade
were
good sup¬
porters of December, March and May, while Liverpool and
the Continent were also quite conspicuous on the
buying
side.^ Most of the early demand
and
publication of the
Reports from Washington that gov¬
will, in all probability, not be
cotton
before March
hedging and
active
South.
October and December seem to
positions.
These months were heavily
bought by the trade and spot houses. There was consider¬
able transferring of short hedges from October and Decem¬
ernment-controlled
On
eased off con¬
selling.
On the 5th inst. prices closed 11 to 15 points down.
In th©
early trading the market held up fairly well at the opening
prices.
Subsequently there was a sharp reaction on the de¬
velopment of substantial hedge selling, which sent prices off
approximately $1 per bale.
There was nothing worth while
in the way of support, the market closing at the low levels of
the day.
There was so much uncertainty concerning the
forthcoming Government crop report, to be issued at noon,
that traders appeared wary.
The 2-day holiday was also a
factor in keeping many traders on the side lines.
The aver¬
age opinion, based on a number of private crop estimates,
appeared to be that the Government crop figure would be in
the neighborhood of 11,720,000 bales.
This would indicate
approximately a decrease of 400,000 bales from the previous
month's average estimate put out by these same concerns.
The August average of these same forecasters was 12,024,000
bales.
On the 8th inst. prices closed with gains of 51 to 63
points.
On a great volume of trading prices soared to
unusual heights for one session.
As has been the custom for
many years, the market closed at 11.55 o'clock and reopened
at 12.i5 p. m. for the Government report.
As soon as the
Government crop report was issued an avalanche of buying
orders flooded the market.
Prices rose quickly 31 to 47
siderably as a result largely of heavy hedge
be
In addition to above exports, our
time.
one
flooded the market,
approximately $3.50
was the largest move in either direction since
1935, when prices declined about $4 a bale at
An avalanche of buying orders
bullish.
Stock
1935
1936
Receipts to
Sept. 11
Sept. 12, 1936
Chronicle
selling by
was supplied by scattered
cooperatives, locals, New Orleans
the
South.
The Cotton Exchange Service estimates
consuption of all cotton by domestic mills during August at
571,000 bales against 603,000 bales in July and 408,000 bales
in
August, 1935.
Daily rate
in
August
was
about
27.200
Volume
bales
Financial
143
against 26,200 bales in July and 18,500 bales in Au¬
Staple Premiums
60% of average ol
quotln
Differences between grades
for deliveries
S'.vt
established
on
15-16
1-inch &
inch
longer
.26
.49
Middling Fair
.26
.49
.26
.49
Strict Good Middling.,
Good Middling
.26
.49
Strict Middling
.74
do
.64
do
do
55
do
.34
do
.26
.49
Middling
.21
.42
Strict Low Middling
.19
.35
'
do
Low Middling
do
.26
do
1.89
2.39
.49
Extra White
do
do
Strict Middling..
.49
Middling
Strict Low Middling
.19
.35
Low Middling.
.25
.46
♦Good Ordinary
Good Middling
.25
.46
.19
.38
do
.64
do
do
oO off
do
1 *'
do
.01
do
do
do
on
.35
do'
do
-
♦Strict Good Ordinary.
1.21
do
Egypt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
do
do
1.89
do
Stock in U. S. ports
do
_
do
2.39
do
Stock in U. S. interior towns
U. S. exports today
.Spotted
Strict Middling
.17
08 off
do
do
.64 off
do
Middling
do
on
do
Total visible supply
♦Strict Low Middling...
do
1.27
do
1.97
do
Of the
.30 off
do
.51
do
Liverpool stock.
.33
Good Middling
Strict Middling
Tinged
do
♦Middling
Good Middling
♦Strict Middling
.32
.32
Good
Bremen stock
Havre stock
1.24 off
do
Other Continental stock
American afloat for
U. S. ports stock.
do
Middling....
do
175
do
do
do
..2 23
do
68,000
.60 off
do
do
do
U. S. exports
today
Total American
*
Not deliverable
on
future contract.
quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
Mon,
Tues.
11.91
Hoi.
12.54
Wed.
Fri.
12.55
Thurs.
12.50
12-50
Market and Sales at New York
The total sales of cotton
week at New York
For
the
on
the spot each
indicated in the
day during the
following statement.
of. the reader, we also add .columns
glance how the market for spot and futures
day.
a
on same
Futures
•
.
Spot Market
Saturday...
Monday
Tuesday
Wednesday.
Thursday
Friday..
Closed
...
...
Spot
Quiet, 13 pts. dec— Barely steady
HOL)
...
...
SALES
Market
Closed
:
Contr'ct
Total
200
■
..
200
DAY
Quiet, 4 pts. dec___. Barely steady..
Steady, unchanged- Steady
.2
Steady, 5 pts. adv. Steady
30C
*300
20C
200
7nr
6.653
700
—
Total week.
Since Aug. 1
Futures—The
highest, lowest and
New York for the past week have been
Sept. 5
'200
closing
6,853
prices
at
as
follows:
Tuesday,
Wednesday,
Thursday,
Friday,
Sept. 8
Monday,
Sept. 7
Bremen stock.....
Havre stock..
Other Continental stock.
Sept. 9
Sept. 10
_.
Closing
.
12.14/1
11.51-11.73
76,000
85,000
93,000
228,000
700,000
Continental imports for past week have been 50,000 bales.
above figures for 1936 show an increase over last
week of 241,684 bales, a gain of 629,600 bales over 1935, a
.decrease of
1,654,886 bales
2,261,924 bales from 1933.
1934, and
over
decrease
a
detail below:
11.51-11.52
12.14
12.12n
12.12W
12.17/1
Towns
Movement to Sept. 13, 1935
10, 1936
12.10-12.11
Ship¬
Receipts
Week
Season
Stocks
Sept.
Week
10
Receipts
I
Ship¬
Season
Stocks
ments
Week
Sept.
Week
13
12.10-12.12 12.15
229
Ala., BIrming'm
346
1,151
130
29,762
10.192
II
7911
1,326
Eulaula...
11.52/1
12.14W
12.10/i
12.12n
12.16/1
Closing
_
11.49-12.27 12.10-12.27 12.12-12.24 12.11-12.22
12.15-12.16 12.11-12.13 12.-1412.15 12.17-12.18
11.53-11.55
Jaw. 1937—
.
11.57
924
876
2,676
8,080
10,330
17,729
12,304
1,547
1,470
1,060
1,717
67,078
8,888
8,121
19,024
1,074
1,188
69,711
664
747
6,530
312
372
I,905
7,045
1,187
3,602
Jonesboro
Closing. 11.57/1
12.16/1
12.07
12.04W
12.10/i
11.58-11.80
11.58-12.32 12.04-12.25 11.99-12.11 12.01-12.09
12.15 —
12.05-12.06 11.99 —
12.08
Closing. 11.58-11.60
11.60/1
_
11.63-11.85
12.16/1
12.04w
12.06/i
_
11.63
June—
Closing
.
_
12.15n
12.02w
11.95/1
12.01/i
11.61
Closing
11.63-12.32 12.00-12.22 11.90-12.04 11.94rl2.02
12.12 —
12.00 —
11.91 —
11.98
-
Aug.—
Range..
Closing
58
10,804
3
4
59,092
14,294
6,420
574
31,663
2,387
8,834
32,122
557
.
:
300
10,988
54
"727
18,023
l",666
"*8*216
200
200
18,337
5,640
6,793
550
7,277
34,962
1,366 69,990
5,212 103,624
2,850
7,422
15,939
20,070
44,774
400
33,625
839
4,039
599
3,775
2,207
27,289
5,856
13,010
55
93
250
19,777
45
21,051
24,908
4,797
45,130
13,693
2,227
29,329
899
24,128
3,926
8,628
15,605
191
3,783
21,614
42,018
1,375
543
Greenwood..
790
1,617
2,634'
13,0241
"222
6,200
359
1,877
17,576.
1,952
1,437
327
2,211
783
46
8,538
11,319
2,138
19,749
5,988
Rome
La., Shreveport
Natchez
Vlcksburg
Yazoo City..
Mo., St. Louis
N.C.,Gr'nsboro
.
714
583
300
Jackson..
Range— 11.61-11.82
19,613
707
Columbus
11.62/1
July—
5,368
12,779
Miss.Clarks dale
.
*604 47,646
675
Macon
12.52-12.35 12.03-12.25 11.95-12.12 12.00-12.08
12.17 —
12.03 —
11.98-12.00 12.04-12.05
-
9
10,760
4,820
Columbus
May—
Closing
2
565
Augusta
11.99W
800
403
'
_
.
10,590
12,734
9,437
462
Atlanta
_
5
779
374
1,762
Athena
Athens
April—
Closing
6,072
5,757
4,118
Walnut Ridge
Ga.,
51,574
74,279
16,957
I 13,256
22l| 16,289
1,525 22,859
25
250
Pine Bluff
March—
6,256
30,634
6,619
Newport
n
17,179
172
—.
Little Rock..
Range..
55,859
3,750
Hope
DAY.
4,762
230
89
Ark., Blythville
Forest City—
11.54-12.30 12.08-12.26 12.05-12.14 12.08-12.17
12.16-12.19 12.08 —
12.08 —
12.12
HOLI¬
-
Feb.—
_.
2,120
5,010
...
Helena
Range__ 11.57-11.78
Closing
1,281
Montgomery.
Selma.
.
of
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
£or the
corresponding period of the previous year—is set out in
11.50-12.23 12.09-12.25 12.09-12.23 12.09-12.20
Range.. 11.53-11.74
106
11,114
J
11,009
10,573
27,369
33,774
4,336115,177
300 13,300
1,098 23,564
350 18,184
1,197 28,480
533 35,451
257 12,806
2,888
6,965
300
l/853
1,831
28,523
17.193
2,397
12,746
1,500
293
357
9
3,854
1,622
73
13,153
3,706
2,368
7,613
50,837
15,792
3,395
5,840
117
18,014
1,379
7,995
1,379
158
329
410
178
2,173
3,871
Oklahoma—
Nominal.
n
•
'
Movement to Sept.
11.59n
Range..
Closing
Range
353,000
47,000
Total visible supply
5,101.666 4,472,066 6,756,552 7,363,590
Middling uplands, Liverpool...*
6.99d.
v 6.17d.
7.10d.
5.47d.
Middling uplands, New York
12.55c,
10.75c.
13.05c.
9.60c.
Egypt, good Sakel, Liverpool
11.04d.
8.56d.
8.87d.
7.90d.
Broach, fine, Liverpool
5.78d.
5.24d.
5.44d.
4.58d.
Peruvian Tanguis, g'd fair, L'pool
7.79d.
C.P.Oomra No. 1 staple, s'fine.Liv
5.79d.
Dec.—
Range
625,000
38,000
52,000
41,000
49,000
67,000
148,000
137,000
841,000
1,625,000 1,249,000 1,998,000. 1,582,000
3,476,666 3,223,066 4,758,552 5,781,590
ments
_
307,000
34,000
74,000
24,000
58,000
29,000
148,000
65,000
510,000
Sept. 11
Nov.—
Range
667,000
Total East India, &c
Total American
Oct.—
Range
42,006
160,000
71,000
11.90-11.90
Range..
Range
;
Indian afloat for Europe
Egypt, Brazil, &c., afloat.
Stock in Alexandria, Egypt
Stock in Bombay, India
Sept. (1936)
Closing
467,000
46,000
52,000
44,000
76,000
Manchester stock
The
3teady, 63 pts. adv. Steady
Saturday,
•
Liverpool stock
convenience
which show at
closed
are
726,000
359,000
,097,202
,152,214
31,174
3,476,666 3,223,066 4,758,552 5,781',590
East Indian, Brazil, cfee.—
The official
Setp. 5toSept. 1L—
Middling upland
follows;
368,000
48,000
are
do
...
do
45,000
152,000
1,531,767
1,339,682
20,217
Europe
U. S. interior stock
.76
1.27
Gray
Strict Middling
♦Middling
202,000
27,000
91,000
Manchester stock
do
do
...
Yellow Stained
♦Middling
.16
do
1.15
do.
Middling
as
120,000
269,000
14,000
40,000
89,000
315,000
48,000
100,000
61,000
100,000
166,000
164,000
1,446,866 2,529;258 3
1,274,081 1,226,568 1
4,119
14,726
■
.bales.
2.42
do
♦Low
.16
166,000
164,000
160,000
148,000
148,000
65,000
71,000
137,000
667,000
510,000
841,000
1,531,767 1,446,866 2,529,258
1,339,682 1,274,081 1,226,568
20,217
4,119
14,726
above, totals of American and other descriptions
..1.89
do
♦Strict Low Middling
.
802,000
1,618,000
85,000
359,000
93,000
228,000
700,000
3,097,202
1,152,214
31,174
ATticricciTi—
.33
.32
657,000
829.000 1,629,000
29,000
67,000
5,101,666 4,472,066 6,756,552 7,363,590
do
♦Low Middling
.16
354,000
Total European stocks
1,118,000
India cotton afloat for Europe
42,000
American cotton afloat for Europe
152,000
.....
.42
.16
816,000
438,000
172,000
25,000
66,000
101,000
376,000
Total Continental stocks
do
.26
.16
972,000
367,000
141,000
24,000
58,000
44,000
12,000
11,000
do
do
.21
'
9,000
55,000
41,000
6,000
7,000
475,000
164,000
72,000
14,000
31,000
56,000
8,000
9,000
742,000
146,000
412,000
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
do
♦Strict Good Ordinary..
♦Good Ordinary.
Good Middling
.49
1933
721,000
95,000
Mid.
123
do
1934
894,000
78,000
Stock at Venice and Mestre
Stock at Trieste
do
Basis
61 off
;
do
1935
427,000
48,000
669.000
73,000
•
Total Great Britain
Stock at Bremen
Stock at Havre
Mid.
on
bales.
Stock at Manchester.
Agriculture.
..White
1936
Stock at Liverpool
the
are
11,1936
.26
brought down to Thursday evening.
To make
complete figures for tonight (Friday) we
add the item of exports from the United
States, for Friday
only.
are
Sept. 11—
contract to
Sept. 17, 1936
average quotations of the ten
markets designated by the Secretary of
for deliveries on
figures
1739
the total show the
gust a year ago.
six markets
Chronicle
15 towns *._
Range for future prices at New York for week ending
Sept. 11, 1936, and since trading began'on each option:
Range for Week
Range
Since Beginning of Option
Brenham
Dallas
Sept. 1936— 11.90 Sept.
11.90
Oct.
12.25 Sept.
1936— 11.50 Sept.
Sept.
Nov. 1936..
10.42
Dec.
1936— 11.49
Sept.
Jan.
1937— 11.54
Sept.
12.27 Sept.
12.30 Sept.
Feb.
12.32
3 1935 12.32 July
9 1936 12.78 July
8 1936
1,634
6,303
II,861
1,182 106,871
3,151 30,566
7,734 314,042
1,384
Paris
4,408
1,612
432
1,541
649
59,509
1,352
1,551
924
348
2,178
890
2,766
689
13,500
11,113
10,719
3,041
5,207
3,501
8,422
599
871
204
8.330
310
5,268
1,638
2,868
4,852
458
7,992
844
615
921
331
2,647
634
989
8.331
401
435
1,815
11,380
8,195
2,943
8,542
3",107
9,649
10 1936
Robstown
618
23 1936
San Antonio.
587
9.76 Jan.
3 1936 12.25 July
9 1936 12.78 July
10 1936
Texarkana
9.94 Feb.
25 1936 12.76 July
10 1936
Waco
10.20 Mar. 27 1936 12.78 July
10 1936
10.48 June
Mar.
1,106 84,650
3,903 41,906
20,665 346,499
3,720
20,518
1,352
106,398
6,051
2,379,
*684
3,207
5,132
6,202
10,607
4,926
1937..
Sept.
Sept.
9.80 Jan.
10.12
7,133
23,318
7,231
5,143
Texas, Abilene.
Austin
Option for—
4,994
4,504
35,714
4,744
1,373
347
S.C., Greenville
Tenn.,Memphis
Mar. 1937— 11.58
Sept.
April 1937..
May 1937—
June
July
1937—
11*63 Sept."
12*35 ~Sept"
lUi'Sevt.
12.32
Sept.
July
10 1936
8 11.50 Aug. 29 1936 12.55
July
27 1936
The Visible Supply of Cotton
cable and telegraph, is as follows.
as
afloat
are
this week's returns, and
4,455
11,756
Total, 56 towns 193,046
475,741
♦
1 1936 12.78
1937..
3,467
73,1951339682135,026'
363,138
39,8241274081
Includes the combined totals of 15 towns In Oklahoma.
The
tonight, as made up by
Foreign stocks as well
consequently all foreign
2,493
7,043
—
above
totals
show
increased
that
the
interior
stocks
have
during the week 119,851 bales and are tonight
65,601 bales more than at the same period last year. Tho
receipts of all the towns have been 58,020 bales more than
the
same
week last year.
Financial
1740
New York
12.55c.
1935
10.85c.
1927
1934
13.30c.
1926
1933
1932
9.05c.
1925
8.10c.
1924
6.75c.
1923
11.30c.
18.75c.
1922
1931
_
1930
1929
—
1921
31.75c. 1 1912
29.25c. 11911
36.45c.()1910
21.75c. 1909
15.15c. 1908
18.25c. 1920
22.80c. 1919
18.05c. 1918
23.95c. 1917
-24.10c. 1916
29.45c. 1915
21.70c. 1914
21.10c. 1913
on
11.65c.
10.10c.
1907
11.00c.
1906
11.80c.
14.00c.
12.65c.
9.40c.
-12.90c.
9.80c.
13.15c.
1905
10.75c.
Overland Movement for the Week and Since Aug.' 1—
We
give below a statement showing the overland
for the week and since Aug. 1, as made up from
movement
telegraphic
The results for the week and since
reports Friday night.
Aug. 1 in the last two years are as follows:
Sept. 11—
Shipped—
Via St. Louis
Via Mounds, &c
-
8,070
2,566
1,379
10,960
150
""457
3,524
4,023
1,645
20,742
18,111
3,126
3,000
20,572
24,271
--12,739
Via Virginia points.
Via other routes, &c
70,375
7,655
55,936
183
126
—
Total Gross overland--
Deduct Shipments—
Overland to N. Y., Boston, &cBetween interior towns
,
—
4,830
4,153
1,299
1,376
31,859
--
5,311
48,254
4,451
34,534
7.428
Inland, &c., from South
Total to be deducted
2,249
1,775
44,230
22,121
3,204
21,402
--
298
--
Leaving total net overland *
172
Including movement by rail to Canada.
foregoing shows the week's net overland movement
has been 7,428 bales, against 3,204 bales for
the week last year, and that for the season to date the
The
this
year
aggregate net overland exhibits an increase over a year ago
of 719 bales.
1935-
-1936-
Since
Since
In Sight and Spinners'
Week
Aug. 1
Week
Takings
Aug. 1
215,017
3,204
80,000
778,068
22,121
750,000
Receipts at ports to Sept. 11_.---271,456
Net overland to Sept. 11
7,428
Southern consumption to Sept. 11-125,000
In Washington
advices, Sept. 8, to the New York "Journal
of Commerce" it was stated:
This is the first exchange to
be designated a contract market since the
law was enacted on June 15 last.
new
■>.
organizations which have applications pending are New York
Cotton Exchange, New York Mercantile Exchange and Chicago Mercantile
Exchange.'
Early action on these applications is expected, although there
have been unconfirmed reports that approval of the New York Cotton
Exchange's petition will be somewhat delayed due to "technical diffi¬
Other
culties.
Applications from the Chicago Board of Trade and the Kansas City
in cotton and mill feed futures, respec¬
tively, have not yet been filed and it is anticipated that these boards
defer action until legislation testing validity of the new commodity law
been decided, in that they are sponsoring this litigation.
Reference is made elsewherejn our
will
has
issue of today to several
challenging the constitutionality of the Commodity
Exchange Act.
In our issue of Aug. 29, page 1326, we
reported the application of the Chicago Mercantile Exchange
for designation as a "contract market."
suits
900
170
90
Via Louisville
*
Aug. 1
18,017
1,952
2,980
Via Rock Island
Since
Week
Aug. 1
Week.
\
1936.
15,
Board of Trade to continue trading
1935-
1936
Since
,
of the act.
This is the first exchange to be designated a
since the amendment of the Grain Futures Act on June
The designation is effective Sept. 13, 1936. when the amend¬
ments to the Grain Futures Act become effective.
The act of June 15
amended the Grain Futures Act by changing its name to the Commodity
Exchange Act and by amending the regulatory provisions governing trad¬
ing in grain futures and extending provisions of the act to cotton, butter,
eggs, Irish potatoes, and rice.
contract market
York
New
follows:
1928
1936
1936
12,
the requirements
Quotations for 32 Years
quotations for middling upland at
The
Sept.
Chronicle
788,208
21,402
507,000
Agricultural Department's Report on Cotton Acreage
and Production—The Agricultural Depart¬
ment at Washington on Tuesday (Sept. 8) issued its report
on cotton acreage, condition and production as of Sept.
1.
The production of cotton is placed at. 11,121,000 bales, which
is 483,000 bales more than last year's crop, but 1,360,000
bales less than the estimate on Aug. 1, 1936.
The area
indicated for harvest is given as 29,720,000 acres which is the
area in cultivation July 1, less the abandonment after that
date.
None of the figures take any account of linters.
Comments on the report will be found in the editorial pages.
Below is the report in full:
Condition
A United States cotton crop
of 11,121,000 bales is forecast by the Crop
Reporting Board of the United States Department of Agriculture, based
on conditions as of Sept.
1, 1936.
This is a reduction of 1,360,000 bales
from the forecast as of Aug.
1, and compares with 10,638,000 bales in
1935, 9,636,000 bales in 1934, and 14,667,000 bales the 5-year (1928-32)
The indicated yield per acre for the United States of 179.2 pounds
with 186.3 poundsin 1935 and 169.9 pounds, the 10-year (1923-32)
average.
It is estimated that 2.9% of the acreage in cotton on July 1 has
been, or will be, abandoned, leaving 29,720,000 acres remaining for harvest.
During the month of August material changes took place in the prospective
average.
compares
excess
Came into sight during
1,550,189
298,221
1,316,610
133,265
1403,884
119,851
Total marketed
Interior stocks in
95,202
149,744
393,423
523,735
week
1,683,454
TotalinsightSept.il
Movement into.sight
Week—
88,043
9,673
134,815
20,448
North, spinn's's takings to Sept.11
in previous years:
Since Aug. 1—
Bales
-
Bales
1,292,611
1,639,403.
1,316,310
348,398 1934
421,247 1933
397,720 1932
1934—Sept. 14
1933—Sept. 15
1932—Sept. 16
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
of the week:
Closing Quotations for Middling Cotton on-
Wed'day Thursday
Tuesday
Saturday Monday
Sept. 11
Generally speaking, moderate improvements in
of the belt were much more than offset by
United States cotton crop.
1,466,354
-...
Friday
conditions in the eastern part
damage to the crop caused by drought in the western portion.
In the territory from Mississippi and Tennessee to western Texas and
Oklahoma, very drastic deterioration occurred during August, caused by
extremely hot, dry weather. The damage is most serious in Oklahoma and
northwest Texas, where many fields are almost a complete failure.
The
has been affected by the drought, however, as far east as eastern
Mississippi. In most of this area, on the first of August, the cotton plants
were in excellent growing condition and gave promise of setting a heavy
crop.
The unusually high temperatures and lack of moisture, however,
caused excessive shedding of squares and young bolls, and also prevented
the full development of the bolls remaining on the plants.
The heat also
caused many of these bolls to open prematurely, which results in further
reduction of the yield.
Since Aug. 1, prospects have improved in all States from Alabama east,
with the exception of Florida, where prospects remain the same.
During
August, weather conditions in these States have been very favorable to
cotton, but the crop in this area is in various stages of development due to
unfavorable weather during the first part of the season.
For this reason
the outturn in the eastern part of the belt is unusually dependent on the
crop
date of first frost.
12.51
12.48
12.52
ditions.
12.19
12.15
12.15
12.20
from this
12.51
New Orleans.
11.91
Mobile..
11.56
.
12.44
12.41
12.45
12.20
12.25
12.30
12.10
11.70
.
12.41
12.20
11.82
Savannah
Norfolk
Weevil damage in most areas is relatively light because of weather con¬
In south Texas, however, weevils are very numerous, and losses
source have been quite heavy in many localities.
12.47
12.52
12.47
12.48
11.88
Galveston
12.00
12.10
12.15
Montgomery
Augusta
Memphis
11.45
HOLI¬
11.76
DAY.
12.39
12.35
12.36
12.55
11.50
12.15
12.10
12.15
12.15
Houston
11.86
12.50
12.47
12.47
12 51
Little Rock
1.1.47
12.09
12.06
12.07
12.10
Dallas
11.46
12.09
12.05
11.96
11.46
12.09
12.05
11.96
REPORT AS OF
SEPT. 1, 1936
12.00
Fort Worth,_
COTTON
The Crop Reporting Board of the United States Department of Agricul¬
following report from data furnished by crop correspondents,
field statisticians, and cooperating State agencies.
The final outturn of
cotton will depend upon whether the various influences affecting the crop
during the remainder of the season are more or less favorable than usual.
12.00
.
ture makes the
New Orleans Contract Market—-The
week have been
Saturday,
Sept. 5
Tuesday,
Sept. 8
Monday,
Sept. 7
'
1936
Indi¬
For
Aban¬
donment
Har¬
vest
{Pre¬
cated
1935
Crop
1936
Crop
Indi¬
a
Av.
Av.
b
lim.)
Wednesday,
Thursday,
Friday,
After
July 1
Sept. 9
Sept. 10
Sept. 11
{Prelim.)
1923 1935 1936
1923-
1935
32
-32
12.12-12.13 12.08
11.51-11.52
12.09
'1,000
12.15
Jan.
121361215a 120861210a 120561207a 12.076-.09a
Bales
%
%
Lb.
Lb.
Lb.
55
72
78
74
270
273
250
30
29
N. Carolina.
S. Carolina..
2.0
948
67
74
69
269
294
280
572
556
56
67
64
208
261
240
744
705
176
235
Acres
%
Virginia.
12.11-12.12 12.09-12.10 12.10
1,000
Bales
%
1.4
12.12-12.13
December.
cated
Sept. 1
1,000
Sept (1936)
October
Bales
Total
State
November
Wt.
Gross
follows:
as
nings) 500-Lft.
Acre
Condition
closing quotations
fofr leading contracts in the New Orleans cotton market for
the past
Production Win¬
Yield per
Sept. 1
1936
Acreage
—__
_
12.10-12.11
12.00-12.01 11.95
12.03
April
12.00
11.94-11.95 12.02
11.62
12.15
1159i»1161a
May
120861210a 11.94-11.96 11.84-11.86 11.95
1.5
1,403
Georgia.-
DAY.
_
1.5
2,289
56
69
64
Florida
1.5
88
61
71
72
125
165
165
31
30
Missouri
HOLI¬
(1937)
February
March
0.6
349
66
72
56
256
280
280
177
204
Tennessee
0.5
776
63
64
60
197
206
235
317
381
0.8
59
1,093
205
.
982
1,059
72
172
226
225
1,059
58
65
74
191
228
265
1,259
54
64
67
192
218
235
556
656
68
Louisiana
Texas
Tone—
Strong.
Steady.
Steady.
Spot
-
J
Steady.
Steady.
Steady.
Steady
Barely stdy
Steady.
Steady
Agriculture Wallace Designates New
Orleans
Cotton
Exchange ."Contract
Market" for
Cotton—First Under New Commodity Exchange Act—
Secretary
The first
of
"contract market" for cotton
Commodity Exchange Act was
accorded the New Orleans Cotton Exchange on Sept. 8
by Secretary of Agriculture Henry A. Wallace.
The
designation, which is effective as of Sept. 13, when the
Commodity Exchange Act is scheduled to bjecome effective,
was recommended to Secretary Wallace on Sept. 3 by the
Commodity Exchange Administration of the United States
Department of Agriculture.
The designation of the New
Orleans Cotton Exchange by the Secretary was made known
as follows by the Department of Agriculture:
designation
under the terms of the
as
11,838
55
61
52
139
133
123
2,956
3,036
11.0
2,290
56
58
24
149
117
50
567
239
Arkansas....
1.8
2,438
59
61
52
188
191
180
853
1.8
109
86
88
88
318
398
440
75
100
Arizona.,
0.5
cl97
86
92
90
327
405
375
135
cl54
California
0.5
368
88
82
97
386
524
555
239
427
.
application of the Cotton Exchange and
Mississippi
..
Oklahoma
All other
U. S. total-
0.5
.
25 d73
1.2
2.9
29,720 57.7
73
58
225
193
59.1
169.9
186.3
179.2
82
95
242
304
917
9
11
10,638
11,121
72
69
207
64.5
1,601
238
a
new
Secretary of Agriculture Henry A. Wallace today issued an order desig¬
nating the New Orleans Ootton Exchange as a contract market for cotton
under the Commodity Exchange Act
This action was taken in accordance
with
3.6
New Mexico.
"
August
Options
0.6
2,323
2,890
1,334
Alabama
June..:
July
upon a
showing that it met
Lower
Calif.
(Old Mex.)e.
0.7
139 d87
Indicated Sept 1 on area remaining for harvest,
b Allowances made for interstate movement of seed
a
c
cotton for ginning,
Including Pima Egyptian long staple cotton, 40,000 acres
and 20,000 bales,
d Short-time average.
e
Not included in California figures, nor in
United States total.
of 1936 Prior to Sept. 1—
Sept. 8, compiled from the
individual returns of the ginners, shows 1,373,868 running
bales of cotton (counting round as half bales and excluding
linters) ginned from the crop of 1936 prior to Sept.. 1, com¬
pared with 1,135,090 bales from the crop of 1935 and 1,402,835 bales from the crop of 1934. Below is the report in full:
Cotton Ginned from Crop
The
census
report
issued
on
Volume
Financial Chronicle
143
REPORT
ON
COTTON
Number of bales of cotton ginned from the growth of 1936 prior to Sept. 1,
1936, and comparative statistics to the corresponding date in 1935 and 1934.
Week
Receipts at Ports
RUNNING
BALES—(Counting Round as
Half Bales and Excluding Linters)
1935
5-
12_.
1934
1935
3,178
559
60,609
6,669
59,558
1,070
6,663
125,626
93,730
82,562
7,953
14,410
4,890
936,758
2,337
*1,373,868
*1,135,090
*1,402,835
137,348
77,863
163,222
2,634
12,227
624
Arizona
493
4,913
-
Arkansas
.
California.
Florida
10,260
10,329
Georgia
194,839
Louisiana-
181,092
247,191
13,463
259,295
107,104
149,273
Mississippi
1
i
Missouri
.
Oklahoma.,.
6
«
47
14,541
28,498
460,168
South Carolina.:!
Texas—
All other States
United States.
l__
46,312
383,589
*
Includes 41,130 bales of the crop of 1936 ginned prior to Aug. 1
counted in the supply for the season of 1935-36, compared with 94,346
which was
and 99,787
bales of the crops of 1935 and 1934.
The statistics in this report include 9,267 round bales for 1936; 7,162 for
1935 and 19,216 for 1934. Included in the above are 191 bales of AmericanEgyptian for 1936; 14 for 1935; and 203 for 1934.
The statistics for 1936 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
CONSUMPTION,
IMPORTS
STOCKS,
AND
EXPORTS—UNITED
47,072
32,597
39.972
26-
1936
1934
Interior Towns
1936
1935
Receipts from Plantations
1934
1935
1936
1934
June
19-
State
Stocks at
Ended
1936
Alabama
1741
GINNING
21,698
18,907
14,317
13,466
8,706
Nil
Nil
34,989 1,554,3131,269,6641,312,579
34,833 1,517.9331,244,8201,284,177
47,623 1,465,3621,218,931 1,262,078
59,054 1,424,6121.201,295 1,236,729
Nil
25,524
Nil
33,705
Nil
,
,
6,431
Nil
35,853
16,112
27.222
35,787
43,693
July
3_.
17-
21,952
13,381
16.973
20,715
24-
28,419
37,205
31-
39,742 46,866
10-
9,188
60,199
34,622
51,435
50,608
62,636
13,918
1,384.154 1,181,353 1,222,383
1,349,502 1,161,421 1,203,873
1,301,7651,145,008 1,179,660
Nil
4,302
25,760
3£,849
1,255,3641,133,563 1,164,839
1,206,417,1,121,54611,145,796
Aug.
7—
38,915 56,583 55,632 1,167,4011,111,5321,128,283
46,569 38,119
52,891 61,492 50,645 1,144,6501,097,2831,117,581
47,243 39,943
76.336 96.074 71,884 1,132,176 1,094,1241,104,626
92,915 58,929
28- 141,365 159,138 122,533 1,140,7811,119,6861,102,173
184,700 120,080
Sept.
4- 201,842 188,943137,0901,219,8311,178,8791,152,815280,892 248,136187,732
11_. 271,456 215,017'191,7281,339,682 1,274,0811,226,568 391,307 310,219265,481
14—
21-
The above statement shoWs:
(1) That the total receipts
plantations since Aug. 1, 1936, are 916,171 bales;
in 1935 were 937,892 bales
and in 1934 were 720,013
bales.
(2) That, although the receipts at the outports the
past week were 271,456 bales, the actual movement from
plantations was 391,307 bales, stock at interior towns
having increased 119,851 bales during the week.
from
the
STATES
Cotton consumed during the month of July, 1936, amounted to
603,203
898,084
bales, and in public storages and at compresses 3,924,101 bales.
The
number of active consuming cotton spindles for the month was 23,249,572.
The total imports for the month of July, 1936, were 20,305 bales and the
bales.
Cotton
on
hand in consuming establishments on July 31, was
exports of domestic cotton, excluding ilnters, were 156,262 bales.
25,894,000 bales, counting American in running bales and foreign in bales
og 478 pounds lint, while the consumption of cotton (exclusive of linters in
the United States) for the year ending July 31, 1935, was 25,283,000 bales.
The total number of spinning cotton spindles, both active and idle, is
about 154,000,000.
Weather Reports by
Telegraph—Reports to us by tele¬
graph this evening indicate mostly dry weather prevailed
in Alabama and North and South Carolina, which condition
those States needed for the most part.
It is the opinion of
most observers that the indicated yield today for the whole
of the cotton belt is much lower than it was on Sept. 1.
In
the central part of the belt, Texas, Oklahoma, Arkansas
and the northwestern and north central portions of Louisiana
have been as dry as ever and damage to the cotton crop of
continued unabated.
areas
Rain
Texas—Galveston
Amarillo
2 days
1 day
...
Austin
Abilene
__
Brenham
dry
1 day
Brownsville
0.12 in.
dry
Corpus Christie
Dallas
Del
El
dry
dry
0.16 in.
dry
0.04 in.
dry
Rio._
___1 day
Paso
Henriette.
Thermometer
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
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
_
_
1 day
Kerrville
Lampasas
Tayior
dry
dry
0.08 in.
0.61 in.
dry
dry
dry
Weatherford___.
dry
Longview.
Luling
Nacogdoches-
-
—'
1 day
1 day
—
Palestine
Paris.
San \ Antonio
Oklahoma—Oklahoma City: 1 day
1 day
Arkansas—Eldorado
Fort
__2 days
Smith
Little Rock
1 day
1 day
Pine Bluff
Amite..
2 days
6 days
N ew Orleans
2 days
Shreveport
Mississippi—Meridian
Vicksburg
1 day
3 days
2 days
5 days
3 days
2 days
Louisiana—Alexandria.
Alabama—Mobile.
Birmingham
Montgomery
Florida—Jacksonville
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
dry
Miami
1 day
3 days
Pensacola
Tampa
Georgia—Savannah
2 days
6 days
Atlanta
.2 days
Augusta
2 days
Macon
__2 days
South Carolina—Charleston4 days
Greenwood
2 days
Columbia
.2 days
North Carolina—Asheville_-1 day
Charlotte
1 day
Newbern
0.06
0.39
0.74
0.04
0.29
0.73
1.87
0.68
0.03
0.22
0.03
0.97
0.96
0.82
;
Raleigh
2 days
Weldon_
__1
Wilmington.
Tennessee—Memphis
Chattanooga
day
2 days
^
3 days
Nashville
2 days
0.14 in.
0.35 in.
2.28 in.
2.04
0.31
0.28
0.72
0.95
2.15
0.80
in.
in.
in.
in.
in.
in.
in.
0.04 in.
0.08 in.
dry
2.84 in.
0.07 in.
0.58 in.
dry
0.11 in.
0.03 in.
93
92
96
100
96
92
90
98
94
90
102
94
100
102
96
94
96
102
96
98
102
102
104
100
98
101
05
100
92
101
94
04
02
92
94
90
90
90
90
93
90
92
00
86
94
00
86
90
93
92
03
56
91
92
94
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
78
mean
66
72
70
mean
mean
mean
86
79
84
65
84
mean 82
mean
76
66
70
64
mean
63
mean
72
mean
62
64
mean
82
82
77
87
78
mean
62
70
mean 86
70
68
70
mean
83
mean
8l
72
74
mean
mean
mean
83
87
85
mean 82
mean 87
mean
mean
mean
mean
80
67
72
mean
68
69
69
mean
66
76
mean
74
mean
70
mean
82
70
72
68
mean
82
80
80
83
81
83
82
81
81
79
mean
mean
mean
mean
mean
86
83
85
82
83
84
88
1935
72
mean
72
76
mean
mean
74
mean
72
69
68
70
70
mean
mean
8l
mean
80
71
65
65
60
64
mean
70
80
78
mean 73
mean 77
68
mean
mean
mean
mean
6l
60
mean
76
mean
75
78
mean
mean
mean
mean
81
80
81
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8a. m. on the dates given;
Sept. 11, 1936
amounts gone
or
1936
out
of
1935
Week
Season
4,859,982
Season
4,316,690
4,899",258
523",735
4,295,259
1,466,354
61,000
57,000
15,600
1,683,454
91,000
47,000
57,200
48,000
393",423
5,000
10,000
33,000
12,000
4,000
29.000
5,443,717
6,825,912
4,731,113
5,924,213
5.101,666
5,101,666
4.472,066
4,472,066
342,051
214,051
1,724,246
259,047
175,047
1,452,147
1,030,547
84.000
421,600
11
Bombay receipts to Sept. 10-_
Other India ship'ts to Sept. 10
Alexandria receipts to Sept. 0
Other supply to Sept. 9 *b
Total supply
Deduct—
Visible supply Sept. 11
Total takings to Sept. ll_a__
Of which American
ll",060
1,298,046
426,200
128,000
Of which other
6,000
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug.
1 the total estimated consumption by
mills, 750,000 bales in 1936 and 507,000 bales in 1935—takings
being available—and the aggregate amount taken by Northern and
foreign spinners, 974,246 bales in 1936 and 945,147 bales in 1935, of
which 518,046 bales and 523,547 bales American,
ft Estimated.
Southern
not
India Cotton
Movement from All
Ports—The receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
of India cotton at
1936
1935
1934
Sept. 10
Since
Receipts—
Week
Since
Week
Aug. 1
Since
Week
Aug. 1
Aug. 1
■
5,000
Bombay
91,000
6,00C
61,000
For the Week
15,000
138,000
Since August
Exports
Great
From—
Conti¬
Great-
| Conti- Jap'n&
Britain
Japan &
China
ment
Total
12,000
16,000
11,000
21,000
3,000
16,000
27,000
49,000
111,000
78,000
4,000
26,000
100,000
130,000
20,000
Britain
nent
,
Totalt
China
Bombay—
1936
4,000
3,000
8,000
15,000
•
2,000
92,000
i~66o
1934
5,000
1,000
9,000
10,000
2.000
I5"66O
I7~66O
12,000
27,000
33,000
54,000
26,000
11,000
38,000
23,000
43,000
92,000
158,000
26,000
16,000
60,000
80,000
49,000
100,000
135,000
India:
Oth.
1936
..
.
1935. ■____
1934
24,000
47,000
57,000
66,000
all—
Total
1936
1,000
1934
20,000
12.000
13,000
3~666
1935
3,000,
8,000
15,000
196,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
1,000 bales.
Exports from all India ports record an increase
of 15,000 bales during the week, and since Aug. 1 show an
increase of 23,000 bales.
mean
56
70
70
68
68
from which statistics
sources
Week
Visible supply Sept. 5
Visible supply Aug. 1
American in sight to Sept.
a
—•
72
72
06
72
76
70
from all
Cotton Takings,
Week and Season
*
Rainfall
0.21 in.
2.50 in.
dry
dry
seasons
obtainable; also the takings
sight for the like period:
The preliminary estimate of the world's production of commercial cotton,
exclusive of linters, grown in 1935, as compiled from various sources, was
those
for the last two
are
STATISTICS
WORLD
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
Sept. 13, 1935
Feet
Feet
1.7
1.4
2.2
Alexandria Receipts and
Alexandria, Egypt,
Sept. 9
.
Receipts (cantars)—
This week
Since Aug.
1936
This
Week
Since
Aug.
&c
.__
1934
55,000
77,680
This
1
Week
5,000
Liverpool
To Manchester,
1035
165,000
285,234
1
Exports (bales)—
To
Shipments
5,500
24,149
85,000
126,162
Since
Aug.
This
1
3,900
5,952
35,466
Week
Above
zero
of gauge-
Memphis
Above
zero
Nashville
Above
zero
of gaugeof gauge-
8.9
8.7
Shreveport—
Vicksburg
Above
Above
zero of gauge-
1.8
—0.7
9.2
6",666
6",66O
8,772
9",000
46,213
2,592
9,000
61,977
10.0
of gauge-
To Continent & India—
1
4,400
15.5
New Orleans
Since
Aug.
Receipts
from
the
zero
•
Plantations—The
following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports..
600
To America
Total exports.
6.000
35.249
500
6,000
45,818
Note—A cantar is 99 obs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the wfeek ended Sept. 9 were
165,000 cantars and the foreign shipments 6,000 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 yarn is improving.
We
give prices today below and leave those for previous weeks of
this and last year for comparison:
Financial
1742
Chronicle
Sept. 12,
Prices of futures at
Middl'g
to Finest
Upl'ds
32s Cop
Twist
d.
d.
Twist
d.
s.
d.
.
d.
8.
to Finest
d.
8.
to
9
9^@11 %
9%@11H
10H@11^
10%@11»A
5
12.
19
26
9
9H@u%
8 6
7.00
9%@11%
8
9%@U%
7.18
@93
9 1
.
+
@11%
@11 %
86
@
90
6.94
10
@11M
8
6
@90
7.33
10H@U%
8
6
@90
10
8
6
@90
6.68
8 7
@91
8 7
@91'
@94.
@94
6.21
9
7
@10 1
10
3
@10 6
@10 5
7.02
9%@10%
10^@11J* 10 3
@10 5
6.92
10% @11% 10 1
I
@11
@90
6
2
mm
mm
-
6.61
■6.52
-
6.49
;6.6i
mm
6.23
6.19
6.50
6.53
6.50
6.49
6.48
6.24
6.20
6.49
6.51
6.48
6.47
6.46
6.46
mm
6.24
6.20
6.47
6.47
6.44
6.43
6.42
6.41
6.42
mm
mm
mm
6.23
6.19
6.45
6.41
6.39
6.37
6.36
6.35
mm
mm
6.03
6;05
#.36
#.04
6.00
15.99
-
6.19
-
6.10
6.15
«•.
6.06
—
«.«•
-
6-47
6.74
9%@U
9
10
1
@10 3
6.70
9% @11
9 2
10%@11%
10%@12
10
1
@10 3
@10 5
6.70
954 @11
9
2
@94
Friday Night,
6.11
6.99
954 @11
9
2
@94
5.99
6.03
BREADSTUFFS
6.33
@10 3
10%@11%
28
6.50
m
-
mm
6.56
11
Aug.—
6.17
21
—
•
mm
6.48
9%@10%
-
6.48
6.80
7.10
24
@10 0
.6.07
6.50
6.22
d.
d.
6.59
6.58
6.58
6.59
6.39
d.
d.
d.
d.
d.
6.60
6.25
7.02
1
14
December
10
@10
10 3
6.94
July
October
6.27
@90
7.58
7
7—T 10% @12
86
7.18
9
@12%
6.28
7.47
@97
9 4
10% @12
6.85
May
8
11%@12%
31
6.29
6.30
mm
6.28
March..
-
6.27
January (1937)--
.
10H @11H
11
@12%
9 6
December
6.76
6.79
@90
6
10
17—w
3
6.83
@90
@90
6
9%@ll%
6.82
July—
10
8
6.68
@93
1
-
d.
d.
d.
6.35
October (1936)--
@92
@93
0
9 1
d.
New Contract
d.
June—
>
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Sept. 11
Upl'ds
d.
8.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Sept. 5
Cotton
8% Lbs. Shirt¬
ings, Common Middl'g
Cotton
834 Lbs. Shirt¬
ings, Common
32s Cop
Liverpool for each day are given below:
1935
1936
Flour—The
business
of
volume
Sept. 11, 1936
remains com¬
flour
in
■
Sept.
h*
4
11
10 3
in detail:
|| Shipping News—Shipments
1
Bales
48
GALVESTON—To Antwerp—Sept. 5—Nevada, 48
To Ghent—Sept. 5—Nevada, 269To Havre—Sept.
5—Nevada,
1,991—Sept. 4—Aquarius,
,
1,790
To Dunkirk—Sept. 5—Nevada, 100—Sept. 4—Aquarius, 543
To Bremen—Sept.
5—Minden,
3,261—Sept. 5—Kersten
Miles, 2,086To Japan—Sept. 5—Venice Maru, 721; Tenyou, 2,006
To China—Sept. 5—Venice Maru, 142
To Rotterdam—Sept. 4—Aquarius, 352
To Copenhagen—Sept. 10—Stureholm, 304—
To Oslo—Sept. 10—Stureholm, 150
To Gdynia—Sept. 10—Stureholm, 2,548
To Gothenburg—Sept. 10—Stureholm, 410HOUSTON—To Bremen—Sept. 3—Kersten Miles, 1,004
To Hamburg—Sept. 3—Kersetn Miles, 300
:
To Japan—Sept. 4—Venice Maru, 2,725; Tenyou, 4,112—
Sept. 8—Katsuragi Maru, 3,497
To China—Sept. 4—-Venice Maru, 358
To Copenhagen—Sept. 7—Stureholm, 414
To Oslo—Sept. 7—Stureholm, 150
To Gdynia—Sept. 7—Stureholm, 782
To Gothenburg—Sept. 7—Stureholm, 431
To Porto Colombia—Sept. 1—Ruth Lyjes, 468
To Buena Ventura—Sept. 1—Ruth Lykes, 92
To Liverpool—Sept. 10—Hartismerc, 2,064
I
NEW ORLEANS—To Bombay—Sept. 5—Atlantic City, 200
To Port Colombia—Sept. 5—Tela, 1,150
To Porto Barrios—Sept. 2—Sixaola, 250
To Ghent—Quistconck, 117---Sept. 4—Leerdam, 100
To Bremen—Sept. 1—Frankenwald, 4
To Rotterdam—Sept. 4—Leerdam, 1,327
To Genoa—Sept. 5—Joles, 836
"To Venice—Sept. 5—Jolee, 563
To Trieste—Sept. 5—Jolee. 256
To Gdynia—Sept. 5—Tortugas, 400
To Oporto—Sept. 5—Jolee, 1,140
To Gothenburg—Sept. 5—Tortugas, 342
269
_
3,781
-
643
5,347
2,727
142
352
304
150
2,548
410
1,004
300
10,334
538
414
150
782
431
468
92
2,064
200
1,150
250
217
4
1,327
836
,
i—Contessa, 130; Cefalu, 130
CORPUS CHRISTI—To Ghent—Sept. 8—Nevada, 189
To Havre—Sept. 8—Nevada. 1,747
—
100
8—Nevada, 100
To Dunkirk—Sept.
11—-
4,016—Sept.
6—Katsuragi-Maru,
Japan—Sept.
To
563
256
400
1.140
342
260
iJ
189
1,747
To Havana—Sept.
9,628
Venice Maru, 5,612
100
To China—Sept. 6—Katsurgai, 100.,
To Bremen—Sept. 11—Mishmaha, 973
973
Gdynia—Sept. 11—Mushmaha, 200
To Finland—Sept. 11—Mishmaha, 1O0
-.
To Reval—Sept. 11—Mishmaha, 200
SAVANNAH—To Liverpool—Sept. 4—Eldwick Park, 657
To Manchestr—Sept. 5—Eldwick Park, 1,475
PENSACOLA—To Bremen—Sept. 9—Koenigburg, 200—Sept. 10
—Kersten Miles, 5,865-*
NORFOLK—To Antwerp—Sept. 10—Black Osprey, 34
To Hamburg—Sept. 11—City of Havre, 520
—
To Havre—Sept. 10—Collamer, 427
To Sweden—Sept. 11—City of Havre, 108
:
LOS ANGELES—To Liverpool—Sept. 4—Quebec City, 325
To Japan—Aug. 31—President Hoover, 2,468
MOBILE—To Liverpool—Sept. 3—Comedian, 525;
To Manchester—Sept. 3—Comedian, 303
—
200
To
Total
100
200
647
1,475
6,065
34
520
427
108
325
2,468
525
303
66,207
—
—
Freights—Current rates for cotton from New
furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Cotton
York,
as
Standard
Density
ard
Density
ard
High
Stand¬
High
Stand¬
High
Density
.30c.
.45c.
Trieste
.50c.
.65c.
Piraeus
.85c.
1.00
Manchester.300.
.45c.
Flume
.30c.
,45c.
Salonica
.85c.
1.00
Liverpool
,45C.
Barcelona
.27c.
.42c.
Japan
Rotterdam .30o.
.45c.
Shanghai
.65c.
*
*
Copenhag'n.42c.
.57c.
*
.30o.
Havre
*
*
Antwerp
*
Naples
.40o.
.40c.
.42c.
.550.
,50c.
Venice
Genoa
.45c.
.60o.
Bombay z
.50c.
.65c.
Leghorn
Oslo
.460.
.610.
Bremen
.30o
.45c.
Gothenb'g
.32c.
,55c.
.47c.
Stockholm
Hamburg
.57c.
.42c.
z
♦Rate Is open.
.570.
follow¬
stocks, &c., at that port:
Aug. 21
Sept. 4
Sept. 11
42,000
656,000
219,000
59,000
9,000
178,000
54,000
666,000
214,000
70,000
21,000
154.000
45,000
669.000
202,000
46,000
31,000
44,000
670,000
203.000
52,000
6,000
171,000
57,000
Aug. 21
Forward
•
Total stocks.
Of which American
Total imports...
Of which American
Amount afloat
Of which American
considered a standoff.
was
41,000
11,000
149,000
53,000
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
strength of foreign markets, especially
the
Tuesday
the normal demand for Canadian
season
is approaching when
wheat
by other countries will be in full swing.
early January, the Dominion may
tion to command better
was
P. M.
Quiet.
{
Quiet.
Quiet.
[
6.79d.
Mid.Upl'ds
6.63d.
enced largely by
Bearish weather reports
mand for spot wheat
influence
on
appeared to have
•
opened
Very stdy.,
paratively good showing.
The strength ill the Canadian
was attributed largely to pessimistic reports from
abroad.
It is stated that the quality of wheat in practically
all European .producing countries has suffered materially
because of rains during the harvest season.
On the 9th inst.
prices closed He. to He. down.
As a result of strong Liver¬
pool cables prices of wheat held fairly steady around the
opening.
The Winnipeg market however, proved much of
an offset,
with prices there declining lHc.
This together
with rather
ago.
year
On the
closed H to He. higher.
10th inst. prices
official crop reports
released after the close of the session
generally in line with expectations.
Winnipeg was
relatively firm.
No important export sales were reported.
were
spot wheat market re¬
to induce tenders
contract. Direct sales for shipment were
small, but offerings from the country increased slightly.
Today prices closed strong, 1 to lHc. up.
Pronounced
strength of the Winnipeg market, in which prices at that
center were carried above $1 a bushel, was responsible for
the buoyancy of the Chicago wheat market.
Late estimates
were that more than 1,500,000 bushels of Canadian wheat
had been bought today for overseas.
Reports of less favor¬
The
trading basis in
the Chicago
unchanged or slightly too high
the September
able
moisture
conditions
were
Market,
I
4^
P. M.
f
6
to
9
pts. 4
advance.
to
decline.
advance.
decline.
4 pts.
decl.
from
Argentina.
OF WHEAT IN NEW YORK
DAILY CLOSING PRICES
,
Sat.
No.j2 red-,,
WHEAT
December
DAILY
FUTURES
CHICAGO
IN
Wed.
Thurs.
llltf.
111% 111%
110 %
110%
115
.116
O
L
110K
110%
100%
110%
109%
^
V
Mon.
Tues.
100%
Fri.
110%
109%
Season's Low and When Made ^ ^
82 %
Aug. 19, 1936 September
Aug. 3, 1936
3, 1936
Aug.
CLOSING ^PRICES
85
December
May_-_____„ 105%
Apr.
3, 1936
May 28, 1936
Sept. 2, 1936
Wl'NNI PEG
Y)F YVHE AT^UTURTE
Mon.
Tues.
December
0%%
96541
H
O
99%
9834
May—.
98
L
10034
October
Fri.
111%
109 K
May.
Thurs.
Wed.
H
Season's High and'When Made
September
Tues.
,--111M
May
H
Moil.
-.125 iJ^HOL 124^ 124H 124H 126
-
doing.
9 pts. dec.
received
Open interest in wheat was 90,593,000 bushels.
Sat.
i
As is
prior to the issuance of a government crop report,
dulness prevailed in the various grain pits Thursday.
Price
changes were insignificant, the range for the day being
confined to a
cent.
The United
States and Canadian
usual
December
Steady; un¬
Steady,
Very stdy., Steady, un¬
5 pts. 12 to 25 pts changed to 1 to 6 pts. changed to
caused prices on the
bearish weather reports
Chicago Board to ease off approximately a cent from the highs
of the morning, which level proved to be the low range of the
day.
Winnipeg estimated Canadian wheat export sales
Wednesday at 1,500,000 bushels.
On the other hand, rural'
marketings of Canadian wheat were tremendous, approxi¬
mating 3,386,000 bushels.
Domestic primary receipts of
wheat amounted to but 335,000 bushels, against 1,740,000 a
business
Steady,
temporary adverse
market
business
Steady,
a
prices, but at the close the market made a com¬
More
doing
recorded.
together with a reported light de¬
September
6.99d.
session, influ¬
market, where advances of as much as 2He. were
t>AlLY~vCLOSING~PRICES~OF
6.98d.
The wheat market
the strength displayed in the Winnipeg
A fair
7.02d.
level was a drop of
relatively firm throughout most of the
Friday
Steady; un¬
Quiet,
Quiet,
un¬ Irreg.,
un¬
2 to 4 pts. 5 to 6 pts. changed to changed to 1 to 4 pts. changed to
2 pts. decl.
decline.
8 pts. dec.
1 pt. dec.
advance.
decline.
Steady,
Futures.
Market
6.70d.
On the 8th inst.
prices for its grain.
prices closed He. to %c. higher.
This
almost a cent from the highs of the day.
Sat.
12:15
With com¬
curtailed until
find itself in a strong posi¬
petition from Australia and Argentina greatly
Thursday
Wednesday
Liverpool, where
prices closed with gains of 2 to 2He.
In Rotterdam wheat
advanced 2 cents.
Attention is called to the fact that the
demand.
Monday
attributed largely to
the Chicago Board was
on
A fair
Saturday
Spot
Market,
closed He • to 1 He. higher.
Wheat—On the 5th inst. prices
The firmness
on
Liverpool—By cable from Liverpool, we have the
The government crop report on grains
capacity in October.
mained
Only small lots.
ing statement of the week's imports,
•
Shipping directions, however, are active.
Reports from Buffalo indicate that flour mills are grinding
at capacity.
With shipping directions for spring wheat
being filed at this center entirely, because of the strike in
Minneapolis, some anticipate that the Buffalo mills will
run
100% the rest of the current month, and close to
paratively light.
Wed.
99
9734
Thurs.
•
00%
9834
Fri.
101%
100*4
9934 100 >2 102 3
Volume
Financial
143
Corn—On the 5th inst. September corn
with the deferred positions unchanged.
was
1 cent higher,
The spot month
reflected the tight statistical position, many shorts
endeavor¬
largely
centered in this delivery, the other months receiving rela¬
tively little attention for the time being. Many corn trading
centers reported a good demand for the actual
grain. Reports
were current that local industries were
buying corn from
points in Ohio, indicating terms there to be better than those
prevailing on the local exchange.
On the 8th inst. prices
closed l/2 to l%c. down.
There were a number of bearish
influences responsible for this weakness in corn, chief of
which were reports of a better feed supply outlook.
It was
stated that the area surrounding the Chicago market was
faring especially well as a result of recent favorable moist
weather.
Favorable corn curing weather in Argentina also
encouraged selling on the part of speculators here. Improved
pastures and a brighter soy bean crop outlook encouraged
the belief that corn as fodder may prove too high priced
before long.
On the 9th inst. prices closed unchanged to
ing to
their commitments.
cover
Interest
seems
The extreme decline took place in the September
delivery, which from an early top of $1.12, dropped at one
time
to
$1.09%.
One of the principal factors operating
values this session was the announcement that
corn
directors
The
•commitments
delivery
because
Trade
in
of
actual
fluctuated
limited
the
corn
erratically
on
On the 10th inst. futures closed
the
other
grain markets,
interest
this
in
con¬
steady to easier as the
Offerings from the country
were
light.
A government notice urging farmers to use
imported cane molasses as a substitute for corn, not only
because it is much cheaper, but because it equals the fat¬
tening qualities of the grain, attracted considerable atten¬
tion.
Today prices closed % to 1*4 e. up. The government
report had
number of bearish features, in the opinion of
in this respect was reflected
a
the
trade, and its influence
in
drop of
December
more
than
a
cent a bushel in the early trading.
seemed to feel the brunt of the
corn
However, in the later trading some substantial
buying appeared, and this, together with some local short
•covering, caused prices to recover and close with some
substantial net gains.
Open interest in corn was 50,364,000
bushels.
OP CORN IN
Sat. Mon.
127% HOL
No. 2 yellow
Winnipeg markets.
DAILY
CLOSING PRICES
-
,
OP
FUTURES
RYE
Sat. Mon.
83%
H
81%
O
78%
L
,
September..
December
May
...
IN
Tues:
Sat.
September
May
.
High and
September
119%
December
102%
May—
99
Mon.
112%
96 %
91%
■„
December
Wed.
126%
125%
Thurs.
Fri.
126%
127%
H
Tues.
Thurs.
Fri.
110%
94%
90%
111
Wed.
111%
94%
90%
112%
O
94%
95
L
90%
90%
When Made
Season's Low and When Made
Aug. 19, 1936 September
56%
June
2, 1936
Aug. 19, 1936 December
52%
June
2, 1936
Aug. 3, 1936 May
85%
July 29, 1936
Oats—On the 5th inst.
prices closed unchanged to %c. up.
Trading in this grain was light and without special feature.
On the 8th inst. prices closed % to %c. down.
There was no
particular reason given for this heaviness outside of the
weakness in corn and rye.
On the 9th inst. prices closed
%c. to%c. down. In view of the downward tendency of other
grains, it was only natural that oats should sell off.
There
little
or
feature to the trading or news in connection
no
with this grain.
inst.
futures closed
unchanged.
There
was
virtually no interest in this grain. Today prices closed
34
to y2c. up.
This was largely a sympathetic move with the
•other grains.
DAILY CLOSING PRICES
OP OATS IN
Sat.
f
No. 2 white
Mon.
56% HOL
DAILY CLOSING PRICES
OP OATS
^September
_
Mon.
42%
H
43
Season's High and When Made
September
45%
December
46%
48%
O
43%
_
May
new
Tues.
56%
82%
80%
78%
78%
Fri.
83%
81%
80
,
daily closing prices
op rye
futures
Sat. Mon.
67% hol
65%
,
^
October
December
in
Tues.
winnipeg
Wed.
67%
65%
Thurs.
66%
65%
67%
Fri.
68%
66
67%
"daily closing prices op barley futures in
Chicago
Sat. Mon. Tues.
Wed. Thurs. Fri.
September....
79
h
79%
81
81
81
December
:
71
O
72
72
72
73
May.....
L
Daily
closing prices op barley futures in
Winnipeg
Sat.
July
October.
Mon.
Tues.
54% HOL
Closing quotations
54%
53
Wed.
53
53%
were as
L
Tues.
Thurs.
56%
Wed.
'42%
42%
43%
56%
Thurs.
41%
42%
42%
40%
56%
41%
42%
42%
Fri.
41%
42%
Oats,
No. 2 yellow, all rail.
56
55j»
New York—
No
.127%
FLOUR
Spring pats.,high protein
Spring patents
Clears,first spring
Soft winter straights
Hard winter straights...
Hard winter patents.
Hard winter clears
7.25@7.551 Rye flour patents.
4.85@5.25
6.80@7.00! Seminola, bbl., Nos. 1-3. 9.55@9.65
6.00@6.30 iOats, good
3.25
5 10@5.301 Corn flour
3.35
6.20@6 50 Barley goods—
6.35@6.65
Coarse..
5.75
5.30@5.50
Fancy pearl,Nos,2,4&7 8.60@8.90
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
ports
for the week ended last
Saturday and since Aug. 1 for each
of the last three years:
Flour
Receipts at—
Wheat
Corn
Oats
Rye
July
Chicago
198,000
248,000
Minneapolis..
"22,606
Detroit
59,000
48,000
195,000
17,000
509,000
221,000
51,000
172,000
7,000
Indianapolis..
St.
Louis
130,000
47,000
18,000
Peoria
Kansas City.
847,000
106,000
40,000
118,000
41,000
525,000
411,000
4,000
125.000
Duluth
Omaha.;
St. Joseph...
Wichita
Sioux City...
222,000
222,000
"
90,000
54,000
50,000
51J00
8,000
83,000
44,000
114,000
78,000
42,000
82,000
75,000
34,000
2,000
304,000
119,000
408,000
199,000
123,000
26,000
1,000
1,000
28,000
2,000
41%
42%
43
360,000
387,000
327,000
1,187,000
5,000
64,000
5,000
120"666
36,000
47,000
2,000
5,000
5,000
349,000
4,000
"MOO
2,198,000
11,000
558,000
177,000
4,790,000
12,264,000
6,882,000
2,906,000
1,446,000
5,580,000
1,107,000
6,592,000
1,074,000
406,000 2,851,000
505,000 1,548,000
167,000 2,234,000
2,597,000 60,229,000
2,098,000 96,887,000
2,058,000 48,433,000
24,990,000
9,570,000
58,814,000
25,772,000
39,348,000
3,293,00023,113,000
3,431,00010,127,000
1,414,00012,766,000
Buffalo
Total
wk.
'36
Same
wk.
'35
Same
wk.
'34
421,000
360,000
359,000
Since Aug. 1—
1936
1935
1934....
10,799^000
Total receipts of flour and grain at the seaboard
ports for
the week ended
Saturday, Sept. 5, 1936, follow:
Flour
Receipts at—
Wheat
Corn
Oats
Rye
Barley
=*
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.mbs.
bushASlbs.
New York
Philadelphia.
133,000
26,000
19,000
22,000
_
Baltimore
New Orleans *
289,000
29,000
37~O6O
Boston
27,000
220,000
16,000
43:660
"moo
10,000
256:666
12,000
25:566
28,000
1,037,000
206,000
"17:666
3 3" 000
Ft. William..
60,00
24,000
17,000
125,000
Galveston
18,000
Halifax
6,000
Total
wk.
'36
Since Jan. 1*36
Week 1935.
_.
Since Jan.1'35
"5,000
19:666
"moo
—4--
572:666
Churchill....
u
294,000
10,183,000
2,283,000
83,257,000
364,000
71,000
3,406,000
4,824,000
185,000
8,318,000
1,437,000
32,071,000
161,000
11,986,000
295,000
25,000
3,367,000 3,494,000
305,000
34,000;
127,0 0
10,516,000 4,000,000 2,393,00
*
29, 1936
Rye—On the 5th inst. prices closed }4 to ^c. up.
At
one time during the session this market slid off a
cent as a
result of evening up operations over the week-end
holidays.
However, the firmness displayed by wheat and corn proved
more than an offset, prices of
rye rallying and closing with
fractional net gains.
On the 8th inst. prices closed % to
13sC. down.
The heaviness in this grain was attributed
to a lax spot demand and bearish weather
reports.1 On the
•'9th inst. prices closed l/ia. down to 3£c. up.
The relative
^weakness of September was assumed to be due to an easier
Barley
bbls.WOlbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.mbs.
bushASlbs.
on
Fri.
2 white
56%
Rye, No. 2, f.o.b. bond N. Y__ 76%
Barley, New York—
47% lbs. malting
91%
Chicago, cash
110-140
Corn, New York—
43
DAILY CLOSING PRICES OP OATS FUTURES IN
winnipeg
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
October
43% HOL
43%
43%
43%
44 £
December
42%
42%
54%
537^
53%
GRAIN
Sorel
Fri.
Season's Low and When Made
25%
June
2, 1936
26%
May 27, 1936
Aug. 19, 1936 September
Aug. 19, 1936 December
Aug. 3, 1936 May
Thurs.
52%
follows:
Wheat, New York—
No. 2 red, c.i.f., domestic... 126
Manitoba No. 1. f.o.b N.Y.108%
Montreal
york
Wed.
FUTURES IN chicago
Sat.
May
Thurs.
82
80
1
On the 10th
December
chicago
Wed.
82%
80%
78%
Season's High and When Made
Season's Low and When Made
September
85%
Aug. 18, 1936 September
49%
May
4, 1936
December
85%
Aug. 19, 1936 December.... 55%
June
3. 1936
May
84
Aug. 4, 1936 May
75%
Aug. 11, 1936
Toledo
new york
Tues.
DAILY CLOSING PRICES OP CORN FUTURES IN
chicago
^
As in
report,
strength of wheatjn the Chicago
and
Milwaukee..,
DAILY CLOSING PRICES
„
was
government
early selling
pressure.
Season's
% to %c. higher.
prior to the
dulness prevailed, though prices held firm.
Today prices
closed % to l%c. up.
There was nothing to explain this
firmness of rye outside of the
upward movement in the
other grains, especially the
small
was
demand for shipment fell off.
a
was
spot
month to the distant deliveries.
a
September
tract.
spot position and larger offerings of actual rye.
There
believed to be considerable switching from the
....
of
the Chicago Board of Trade have formally
petition to exclude Argentine corn from being
acceptable on future delivery contracts here.
The directors
took the ground that they were powerless in the matter,
grain standards being fixed by the Federal Government.
Another bearish factor was in the form of reports that Ohio
farmers were offering corn to the East at 5c. under a Chicago
parity. Further, there was a disposition on the part of many
traders to await the U. S. Government crop report due after
Thursday's close.
V
On the 10th inst. prices closed unchanged to 134c. higher.
refused
1743
also
to be
13^c. down.
against
Chronicle
Receipts do not include grain passing through New Orleans for
foreign porta
through bills of lading.
The exports from the several seaboard
ports for the week
Saturday, Sept. 5, 1936, are shown in the annexed
ended
statement:
New York
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
480,000
38,065
1,000
Baltimore
206",666
Sorel
Montreal
Churchill
37"! 000
1,037,000
572,000
;
Ft. William
17,000
19,000
17,000
20,000
25,000
~6"oo6
Halifax
18,000
....
Total week 1936..
Same week 1935
2,295,000
1,082,000
100,065
43,000
33,990
241,000
19,00,0
Financial
1744
The destination of these exports for the week and since
July 1, 1936, is
below:
as
Sept.
Chronicle
12,
1936
2% decline in crop prospects
the country as a whole, recent rains
to have been sufficiently widespread to prevent further deteriora-,
tion of crops from drought this season.
On the basis of the condition on September 1, the Crop Reporting Board
estimates the corn crop at 1,458,295,000 bushels.
This would be 1.3%
more than was expected a month ago, but would be the sraallast corn crop
in 55 years.
Due to the extreme drought condition in portions of the
South Central States throughout August, the forecast of grain sorghum
conditions in the Southwest caused nearly a
during the month, but, considering
appear
_
Wheat
Flour
Corn
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
Sept. 5,
July 1,
Sept. 5,
July 1,
Sept. 5,
July 1,
1936
1936
1936
1936
1936
1936
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
United
Continent.
So. & Cent. Amer.
26,930
10,500
Wesfrlndies
2 >,500
__
,
Brit. No. Am. Col.
807,000
14,000
161,000
276,000
11,000
3,000
16,939,000
11,048,000
1,347,000
462,393
145,013
36,135
Kingdom,
~i~666
90,000
7,000
1,000
3,000
25,558
126",000
509", 666
100,065
33.990
1,080,964
628,162
2,295,000
1,082,000
28,593,000
12,849,000
Other countries
Total 1936
Total 1935
1,000
43"66O
45,000
visible
The
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Sept. 5, were as follows:
at
granary
GRAIN
STOCKS
Wheat
Corn
Oats
Bushels
United States—
Bushels
Bushels
"
afloat
m
'
y
1,000
32,000
119,000
New York
108,000
V
------
-
-
1,023,000
...
Fort Worth
103,000
Kansas City
-
-
-
-
2,000
-
20~666
253,660
39,000
3.000
18,688,000
306,000
2,000,000
113,000
5,808,000
...
Omaha
2,000
1,000
-
-
-
87,666
...
3,000
452,000
4,683,000
63,000
66,000
238,000
25,000
1,594,000
...
_
-
260,000
5,425,000
...
St. Joseph
-
135,000
...
Hutchinson
34,000
-
1,960,000
...
Wichita
—
30,000
9,000
575,000
3,647,000
Galveston
—
—
-
549,000
67,000
New Orleans
.
736,000
64,000
484,000
25,000
73,000
4,739,000
2,144,000
157,000
1,209,000
39,000
134,000
624,000
991,000
14,000
Sioux City
St. Louis
...
Indianapolis
...
18,000
19,000
Peoria
On Lakes
Minneapolis
Duluth
1,758,000
430,000
45,000
25,000 20,242,000
1,901,000
1,824,000
5,926,000
7,208,000
1,802,000
2,097,000
_
65,000
6,437,000
..
1,910,000
125,000
566,000
Milwaukee
u
1,248,000 10,760,000
10,845,000
309,000
Chicago
60,000
^
4,705,000
104,000
3,000
15,000
12,000
115,000
7,046,000
...
436,000
1,709,000
636,000
736,000
Detroit
Buffalo.
_
...
afloat
262,000
On Canal
28,000
^
Total Sept. 5,
78,232,000
Total Sept.
78,445,000
61,449,000
7,245,000 13,054,000
6,615,000 12,125,000
6,889,000
7,762,000
4,063,000 50,504,000
1936
7, 1935
4,293,000 50,702,000
5,870,000 30,080,000
Total Aug. 29,
1936...
Note—Bonded
grain
Included
not
above:
Buffalo,
Barley,
52,000
bushels^
Wheat,
6,406,000;
2.874,000;
18.651,000
Duluth, 713,000: total, 765,000 bushels, against 226,000 bushels in 19 35.
New
1,535,000 bushels; New York afloat, 174,000; Buffalo,
afloat, 520,000; Duluth, 5,727,000; Erie, 1,673,000; Albany,
York,
Buffalo
112,000; Canal,
Chicago,
550,000;
total,
19,571,000
bushels,
against
bushels In 1935.
Wheat
Corn
Oats
Bye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
310,000
117,000
181,000
27,324,000
1,995,000
1,226,000
4,043,000
24,955,000
1,786,000
253,000
569,000
4,091,000
1,596,000
1,496,000
4,793,000
3,342,000
1,930,000
Montreal
5,538,000
Ft. William & Pt. Arthur
Other Canadian
water
& other
points
Total Sept. 5,
Total Aug.
1936
29, 1936
Total Sept.
57,817,000
—_
__
52,606,000
120,567,000
7. 1935
3,893,000
—
2,770,000
3,999,000
Summary—
78,232,000
American
'Canadian
57,817,000
Total Sept. 5,
Total Aug. 29,
Total Sept.
1936—.136,049,000
131,051,000
182,016,000
1936
7, 1935
The world's
7,245,000 13,054,000
1,596,000
4,793,000
4,063,000 50,504,000
4,091,000
4,063,000
shipment of wheat and
17,847,000
8,841„000
54,595,000
8,111,000 15,467,000
4,293,000 54,595,000
5,870,000 33,998,000
9,659,000
9,692,000
furnished by
corn, as
Broomhall to the New York Produce Exchange, for the week
ended Sept. 4,
shown in the
and since July 1, 1936, and July 1, 1935, are
following:
Corn
Whecit
Week
Since
Since
Week
Since
Since
Sept. 4,
July 1,
July 1,
Sept. 4,
July 1,
July 1,
1936
1936
1935
1936
1936
Bushels
Bushels
Bushels
Bushels
Bushels
Exports
1935
|
1,000
4,865,000
3,937,000
44,948,000
Black Sea...
1,336,000
806,000
7,576,000
5,192,000
25",000
9,356,000
23,996,000
7,067,000
1,349,000
40,000
10,838,000
536,000
6,712,000
14,269,000
7,0~64~666
485,666
2,996~66O
5,925*666
79,966,000
73,262,000
7,577,000
65,431,000
71,832,000
Australia
India
616,000
Oth. countr's
Total
8,084,000
.
22,741,000
Bushels
1,000
2,467,000
North Amer.
Argentina...
Department's
Agricultural
57,569,000^ 63,439,000
Official
Report
on
The Crop Reporting Board of the United
Cereals, &c.
States Department
of Agriculture made public late Thurs¬
day afternoon, Sept. 10, its forecasts and estimates of the
grain crops of the United States as of Sept. 1, based on
field
cooperating State Boards (or Departments)
This report shows that the production of
reports and data furnished by crop correspondents,
statisticians and
of
Agriculture.
winter wheat is
as
the
with
a
now
placed at 519,097,000 bushels, the same
Department's estimate
a
month
harvest of 464,203,000 bushels
bushels harvested in
vested in 1933 and
ago,
and comparing
in 1935, 465,552,000
1934, with 351,608,000 bushels har¬
production
of 241,312,000 bushels.
The production of spring wheat
is estimated as of Aug. 1 to be only 111,144,000 bushels,
which compares with a production of 159,241,000 bushels
in
1935
and
241,312,000
a
a
five-year (1928-32)
five-year
bushels.
will be found in
our
(1928-32)
Comments
average
average
production of
concerning
editorial department.
the
The improved prospects for fall pastures and for late hay and forage crops,
together with the continued heavy marketings of cattle, indicate that,
outside of a limited area, only a moderate shortage of roughage is in prospect
for next winter.
On the other hand the reduction in the estimates of grain
sorghum and cottonseed production further accentuates the shortage of'
grain.,
Present indications are that this year's production of feed grain, including
all corn, grain sorghums, oats and barley, will be only about 58,000,000 tons
compared with 54,000,000 in 1934 and a yearly average of about 100,000,000
tons during the 1923-32 period.
By utilizing a considerable share of the
reserve of old corn and oats carried over from
last year, the amount of
these feed grains used for all purposes during the current 12-month period
may be increased to about 66,000,000 tons compared with about 62,500,000
in 1934.
Present indications are that this shortage of grain and the result¬
ing high prices are causing a rather heavy liquidation of brood sows and
will necessitate early marketings of most spring pigs and the close culling
of poultry flocks.
•
"
For many scattered localities and for two extensive areas, one centering
in eastern Oklahoma and the other in southwestern North Dakota, the
drought has not yet been broken, but the drought, as a threat to this
year's crops, appears to be passing.
Of course, the feed shortage will not
be relieved till new crops can be harvested and two or three years will
probably pass before livestock numbers are back to normal.
The Wheat
Belt still lacks the reserve of subsoil moisture that would give assurance
of a good crop next year, but, on the whole, growing crops, except those
of the Southwest, are showing definite signs of recovery.
Now that one can look back without worrying about losses still to come,
the drought appears to have been a less serious national calamity than
was that of 1934.
This year's corn crop is expected to be slightly smaller
than that of 1934 but the shortage is much more than offset by larger
crops of other feed grains.
Apples, potatoes and various other fruits
and vegetables are in lighter supply than in 1934.
With these exceptions
no important crops are expected to show as low a production as was har¬
vested in 1934.
The total acreage of crops harvested will probably be
found to be about 10% below average but still about 10% greater than
in 1934 and crop yields, while perhaps 16% below average, will probably
be 2 or 3% greater than in 1934.
By next spring numbers of livestock and reserves of grain and roughage
on farms may be almost as low as in the spring of 1935 and the production
of milk and eggs may be almost as seriously affected by the shortage of
grain but farmers are not being compelled to sell off as large numbers of
their livestock now at as low prices as was the case at this season in 1934.
There is also no such shortage of hay and roughage as there was in 1934
and the ranges west of the Rockies are in much better shape for wintering
the cattle and sheep on hand.
Potato prospects show considerable improvement over a month ago.
The late crop made substantial gains, especially in Colorado, Idaho, Maine,
and Michigan.
Although a short crop is inevitable, closer utilization of
the lower grades should provide nearly enough potatoes for the usual food
requirements, for shipments from the Southern States usually increase
in the spring immediately following a short crop in the late potato States.
Present indications point to an average sweet potato crop.
August rainfall was of some benefit to other vegetables.
Supplies of
vegetables from farm gardens are generally short due to the prolonged
drought but the condition of commercial vegetable crops in the Northern
and Eastern States shows a general improvement over a month ago, and
commercial supplies of fresh vegetables during the next few weeks may equal
the quantity which was available during the Fall season last year.
Due
to the drought, the production of domestic cabbage for fresh market and
kraut is far below usual requirements.
The present high cabbage prices
have resulted in many inquiries from growers in the southern States, who
reveal a tendency to increase their planted acreage this fall.
Growing con¬
ditions have also been unfavorable for the late beet and carrot crops in
the North Central States.
Celery, onion, and tomato production, on the
other hand, is expected to be somewhat greater than in 1935.
Supplies
of vegetable crops for manufacture have been generally shorter than usual,
and tne pack of snap beans, sweet corn, and green peas will fall considerably
below the results in 1935.
In contrast, the September 1 indications point
to a tomato crop for manufacture that is fully as large as that processed
last year and considerably above average.
production of 311,951,000 bushels is indicated by
69.2% reported Sept. 1.
This is 17,414,000 bushels
on
Aug. 1.
The present forecast compares with
387,678,000 bushels harvested in 1935, 406,105,000 in 1934, and a 5-year
(1928-32) average production of 372,115,000 bushels.
Average yield indidications on Sept. 1 were 97.0 bushels per acre compared with 109.2 bushels
in 1935 and a 10-year (1923-32) average yield of 112.7.
The development
of late blight in Maine potato fields was apparently checked during the
third week of August.
Timely rainfall during the past month has bene¬
fited the late potato crop in Pennsylvania and most of the North Central
States, with Ohio, Michigan, and Minnesota showing the greatest improve¬
ment.
Potato vines are thrifty and have a fair set of tubers in important
areas in Colorado and Idaho.
On account of the drought in many Northern
States, considerable acreage was planted later than usual; consequently,
the length of the growing season will be an important factor in the final
Potatoes—A
the
condition
more
than
outcome
total
of
indicated
of this
crop.
For the group of 18 Surplus Late States, the indicated production on
Sept. 1 is 224,351,000 bushels compared with 272,722,000 bushels harvested
in 1935 and the 5-year (1928-32) average production of 260,473,000 bushels.
In the 30 Late States the Sept. 1 forecast is 260,068,000 bushels, or about
6% above the Aug. 1 estimate of 244,253,000 bushels.
The 7 Intermediate
States, with a considerable portion of the crop already harvested, now
indicate a production of 26,333,000 bushels, which is an increase of 7% over
the Aug. 1 forecast.
In the 11 Early States, where the harvest is practically
completed, the production of 25,550,000 bushels indicated on September 1
is about the
Sweet
indicated
same as
forecast
a
month ago.
Potatoes—A sweet potato production of 67,594,000 bushels is
by the Sept.
1 reported condition of 61.0%.
Although the
indicated
production is about 19% below the 1935 crop of 83,198,000
bushels, it compares favorably with the 5-year (1928-32) average pro¬
duction of 66,368,000 bushels.
The indicated yield on Sept.' 1 of 75.9
bushels compares with 85.8 in 1935 and the 10-year (1923-32) average
yield of 88.5 bushels per acre.
Growing conditions were generally favorable in North Carolina, South
Carolina, Georgia, and Alabama.
In most of the other important States,
however, there has been no improvement since last month.
In the South
Central States it has been too dry, with Kentucky, Tennessee, Arkansas,
Oklahoma, and Texas showing the sharpest decrease in condition.
report
GENERAL CROP
We give below
the report:
The continuation of the drought and hot weather through most of
August in the Central States and the increased severity of the drought
•
for that date.
4,000
-
23,000
21,000
Baltimore
Bushels
•
25,000
--
2,000
Philadelphia
"
-
Barley 1
Bye
Bushels
57,000
Boston..
production has been reduced to less than 59,000,000 bushels, a decrease
of 28% from expectations a month ago, and, as previously reported, the
forecast of cotton production shows a decrease of 11% during the month.
These large decreases in cotton and grain sorghum were only partially
offset by an improvement in prospects for nearly all other field crops,
particularly for those grown in the northern and northeastern States,
where late field and garden crops showed substantial recovery with the
cooler weather and more liberal rainfall at the end of the month.
The rains of late August and the first week of September, while too
late to help most crops, have caused a change for the better in the general
situation and have brought new hope to thousands of farmers.
Much
more rain will
be needed from North Dakota to North Central Texas
to really end the drought there and to give average prospects for the 1937
crop of winter wheat, but a rather large part of the recent drought area has
now had partial relief and in perhaps two-thirds of the area,
including
most sections from central South Dakota eastward, the rains appear to
have largely relieved the shortage of water and to have put the land in
condition for fall plowing;
In most of this area the rains will start suffi¬
cient grass and weeds to provide considerable fall pasturage, but on Sep¬
tember 1 little actual improvement had taken place and the reported
condition of farm pastures in the country as a whole was the lowest on record
The
REPORT AS
OF SEPT.
1, 1936
Crop Reporting Board of the United States Department of Agri¬
culture makes the following report from data furnished by crop corre¬
spondents, field statisticians and cooperating State agencies.
Revised
estimates are shown for crops for which 1935 Federal Census data are
Volume
Financial
143
Chronicle
available.
Crops which have not been revised include all tame hay, dry
edible beans, soybeans, cowpeas, peanuts, velvet beans and all fruit crops.
UNITED
Production
corn
in
the
North
Aver¬
Indicated
1935
1936 is forecast
at
1936
1-—Percent
Production—Thousand Bushels
State
Average
age
1923-
in
(in Thousands)
Condition Sept
Crop
States
CORN *
Total Production
(Per Cent)
Central
875,007,000 bushels compared with the 1935 production of 1,593,040,000
bushels, the 1934 production of 913,093,000 bushels, and the 5-year (193832) average of 1,907,044,000 bushels.
'
STATES
Condition Sept. 1
of
1745
Indicated
Averaqe
1928-32
1935
Sent.
Aug. 1,
1932
1936
1936
1,
1923-32
1935
1935
1928-32
1936
74
1936
a
Maine
Corn, all, bushels
71.0
67.9
Wheat, all, bushels__
Winter, bushels.._
All spring, bushels
67.3
68.8
Durum, bushels.
Other spring, bus b64.5
Oats, bushels
77.1
74.5
Barley, bushels...
44.4
40.5
31.2
58.5
18.9
42.3
33.0
75.2
55.7
70.4
47.9
Rye, bushels
Buckwheat, bushels.
Flaxseed, bushels
78 T
80~8
64 T
64.6
64.8
28.8
Rice, bushels
81.7
86.6
85.5
Grain sorghums, bus.
70.5
53.9
33.1
Hay, all tame, tons..
Hay wild, tons
78.5
82.5
55.4
Hay,
all
clover
78
New Hampshire
84
87
87
551
697
672
Vermont..
82
89
80
Massachusetts
2,553,424 2,291,629 1,439,135 1,458,295
630,241
623,444
632,745
863,564
519,097
622,252
519,097
464,203
111,144
113,648
241,312
159,241
8,640
54,020
22,957
9,031
102,504
187,292
104,617
136,284
776,661
1,215,102 1,196,668
771,703
144,847
281,237
282,226
145,027
38,212
27,095
58,928
27,095
5,793
8,277
8,220
5,606
6,310
14,123
15,996
6,342
44,137
42,826
38,132
43,638
97,760
58,850
97,823
81,588
62,997
69,533
76,146
61,853
7,197
11,338
10,719
6,934
82
82
82
84
2,604
1,621
3,276
1,640
2,886
1,638
Rhode Island
341
378
369
83
88
82
2,024
New York
77
85
69
20,033
2,067
24,956
8,700
1,989
21,152
6,790
87
89
90
New Jersey
79
87
70
6,755
Pennsylvania
75
88
76
Ohio..
75
89
62
45,487
129,257
74
82
47
77
42
Indiana
......
Illinois.
75
Michigan
70
86
55
Wisconsin
77
85
155,968
336,738
39,171
69,926
47
Minnesota
71
76.8
54.1
Pasture...
71.5
74.3
40.3
78
38
Iowa
79
76
33
143,136
438,792
Missouri
77.8
71
43
14
146,489
74
17
20,512
North Dakota
68
25,058
25.081
South Dakota
57
51
12
67
41
11
Kansas.
26,263
28,726
21,592
Nebraska
30,545
23,604
59
24
11
Beans,dry edible, 100pound bag
Soybeans
69.2
68.7
59.8
76
83
86
80.6
80.0
59.6
Maryland
72
80
80
18,522
78,447
223,843
126,756
3,680
14,431
Cowpeas
69.9
69.3
61.2
Virginia
72
88
69
Peanuts (for nuts),lbs
72.6
76.3
71.6
Apples, total crop,bus
Apples,
commercial
crop, bushels
Peaches, total crop,
57.3
63.3
41.5
60,896
157,608
160,474
318,510
60,846
81,430
148,962
373,388
72,890
22,838
30,388
11,858
13,799
Delaware
10,771
10,200
64.5
43.6
97,895
60.3
51.6
Pears, total crop.bus
Grapes, tons.e
64.4
58.7
61.8
74.4
79.1
63.3
Pecans, pounds
Potatoes, bushels...
50.3
61.8
37.0
102,487
West Virginia
74.3
93,866
72.9
59.2
Sweet potatoes, bus.
71.9
73.7
61.0
Tobacco, pounds
74.2
81.5
65.7
Subar beets, tons
Broomcorn, tons.
Hops, pounds
83.9
80.8
80.0
69.2
42.4
34.0
47
63
41
83.5
51.9
28,011
d47,746
22,216
quantities not harvested,
some
e
Production
is
the
68
74
45
60,301
71
69
63
71
70
68
68
59
69
64
53
50
Louisiana
66
74
60
58,519
35,533
32,192
31,540
18,756
______
_
Oklahoma
/
49
19
51,842
Texas
66
81
60
Montana
62
54
23
Idaho
85
80
86
Wyoming
74
61
31
62
14,872
47,082
23,150
48,500
7,496
62,238
56,040
45,539
38,532
26,196
27,676
25,872
89,368
1,944
52,206
109,620
111,900
197,434
36,000
43,225
82,950
196,200
40,032
3,366
11,935
27,627
14,718
4,118
16,335
29,946
12,078
44,918
21,671
37,298
6,842
43,710
53,238
40,288
39,830
26,196
20,111
11,310
66,061
64
41
44
80,574
1,401
1,322
2,341
20,847
New Mexico
70
61
42
3,528
2,260
10,761
2,700
Arizona
For certain crops, figures are not based on current
indications, but are carried
forward from previous reports,
b Short-time average,
c Excludes sweet clover and
d Includes
62
75
73
Arkansas
a
for fresh
75
77
Mississippi._ i
23,482
lespedeza.
71
39,420
4,118
17,544
36,774
38,415
20,240
36,288
6,506
Alabama
39
84.4
70
50,044
106,630
11,054
82
77
Tennessee
66,452
64,500
43,131
43,873
52,808
23,519
22,035
23,914
1,875
2,455
1,831
95,340
33,330
372,115
387,678
311,951
294,537
66,368
83,198
66,357
67,594
1,427,174 1,296,810 1,106,801 1,142,887
8,118
7,908
8,808
9,056
63
82
67
Kentucky
d56,451
d23,146
d2,200
59,983
79
77
Georgia.
1,237,295
105,856
74
North Carolina
Florida.
59.7
d60.3
bushels
,.j_
South Carolina
938,880 1,264,455
dl61,333 dl67,283
444
Connecticut
and
timothy, tons.c.
Hay, alfalfa, tons...
456
508
83
81
75
474
630
528
540
Colorado
total
fruit, juice and raisins.
Utah.L...
912
675
1,058
1,001
9,751
2,750
Acreage (in Thousands)
Yield per Acre
82
90
465
451
88
85
84
51
48
50
80
79
81
84
75
86
1,246
1,902
1,044
Oregon
STATES
86
Nevada
Washington.
UNITED
85
83
83
71.0
67.9
40.5
......
California
Harvested
For
Average
Wheat, all, bushels
Winter, bushels.
All spring, bushels
Durum, bushels
1935
103,341
60,115
39,701
95,333
51,348
33,353
17,995
2,262
15,733
39,924
12,243
4,196
20,414
4,805
15,610
Other
spring, bushels
Oats, bushels
Barley, bushels.
40,015
12,645
3,3.15
Rye. bushels..
of
1935
bushels
1923-32
J 1935
Sept. 1,
103.3
25.4
24.0
Hay, wild, tons
99.4
14.4
12.1
12.3
113.6
15.2
13.9
13.7
Cowpeas. c_
Peanuts (fur
nuts), lbs...
1,458,295
13,184
73.3
12.4
8.8
8.4
1,505
11,679
34,440
66.5
11.7
10.1
74.2
12.6
8 7
8.8
86.3
30.2
30.0
22.6
8,827
72.1
22.6
23.1
16.4
is
1935
5.7
71.9
12.0
14.0
9.0
495
398
80.4
15.7
16.6
14.6
2,014
1,698
84.3
6.9
7.0
3.7
895
112.9
49.3
927
793
43.1
48.1
7,016
54,340
13,288
9,335
7,884
84.5
14.7
10.5
7.5
53,672
56,341
105.0
1.29
1.42
1.12
12,300
11,563
94.0
.82
.92
.62
20,230
13,781
22,425
14,333
110.9
1.15
1.30
.96
Average
104.0
2.06
2.08
1.75
1923-32
1,843
5,211
1,567
1,642
1,732
94.0
670
749
622
4,380
1.870
84.1
119.3
1,744
106.2
DURUM
State
26,864
11,754
1,760
2,635
1,491
1,346
Velvet beans.c
81
'
79
Average
1935
1936
60
46
,
98
109
111.2
3,327
3,551
3,217
90.6
112.7
109.2
771
970
890
91.8
88.5
85.8
1,872
1,437
1,472
102.4
770
902
201
231
215
93.1
...
158
146
92.4
Sugar beets, tons
717
763
819
107.3
diY.6
io" 4
Broomcorn, pounds
511
376
73.6
311.9
247.7
39
31
79.7
1,274
1,227
46
17
68.8
58.5
18.9
206.2
23
64
758
1936
808
7,260
472
iY.I
319
15
1,261
17,280
4,060
...
111
18
62
75.9
Tobacco, pounds
Sorgo for sirup, pounds..
57
69
Indicated
1935
97.0
Sweet potatoes, bushels._
68
South Dakota
Montana
716
770
1928-32
2,912
38,167
12,607
North Dakota
707
Production—Thousand Bushels
.
Minnesota-
...
WHEAT
Condition Sept. 1—Percent
-
Hay, all clover and tim¬
othy, tons.b
Hay, alfalfa, tons
Beans, dry edible, lbs
Soybeans.c
2,040
2,291,629
Wheat—The indicated United States production of all wheat in 1936
630,241,000 bushels, compared with 632,745,000 bushels produced in
and the 5-year (1928-32) average of 863,564,000 bushels.
Prospective production of all spring wheat is 111,144,000 bushels,
compared with 159,241,000 bushels in 1935 and the 5-year average of
241,312,000 bushels.
A durum wheat crop of only 8,640,000 bushels in the 4 durum wheat
States is indicated by Sept. 1 condition and preliminary yield reports.
The- 5-year average production in these States is 54,020,000
bushels.
Condition on Sept. 1, 1936 was reported at 18.9% of normal, compared
with the lOryear (1923-32) average of 68.8%.
14.8
51,059
37,875
3,015
2,620
2,553,424
♦Grain equivalent on acreage for all purposes.
1936a
568
-
Grain sorghums, bushels.
Hay, all tame, tons
United States
cated
age
1936
98,517
r
Indi¬
Aver¬
2,772
Buckwheat, bushels
Flaxseed, bushels
Rice,
Percent
vest,
1928-32
Corn, all, bushels
1936
Har¬
-
Crop
1,152
1,767
1,920
1,736
Potatoes, bushels
_
Four States
cane
for sirup, lbs.
Hops, pounds.
a
For certain crops, figures are not based on current
SPRING WHEAT
indications, but
Corn—United States
is
indicated
by
are
is
2,533,424,000
c
1923-32
Grown
production of 1,458,295,000 bushels in 1936
condition.
This is slightly above the pro¬
a month ago.
The 5-year (1928-32) average production
bushels.
This year's crop is even smaller than that
corn
1
\
an
allowance for the equivalent value of corn utilized for
silage, forage, grazing,
&c., as well as the grain produced on the acreage harvested for grain.
Condition of the crop on September 1, 1936, was
reported at 40.5% of
normal, compared with 67.9% on Sept. 1, 1935, and the 10-year (1923-32)
Sept. 1 condition of 71.0%.
The present figure is the lowest
average
Segt. 1 condition on record.
The previous low was 43.5% in September,
Growing conditions in the Corn Belt continued generally unfavorable
during most of August.
However, beneficial rains occurred in parts of the
Belt early in August and these,
together with more general rains and a
return of more nearly normal
temperatures toward the end of the month,
checked the deterioration of the crop and even
brought about improve¬
some areas.
In the western tier of the North Central
group of States, and in Missouri,
only a small proportion of the corn-acreage will produce grain in 1936.
Areas of grain production in these States are
largely limited to irrigated
sections, river bottoms and areas favored by local showers.
During the
latter part of August, a considerable proportion of the corn
Production—Thousand Bushels
Average
1935
1936
90
74
1928-32
89
Indicated
1935
55
1936
170
133
New York.
80
70
54
174
132
98
Pennsylvania
79
78
75
203
234
198
Ohio
76
70
72
279
120
166
Indiana
76
73
63
274
Illinois.
77
65
72
2,509
364
629
Michigan.
78
68
55
?64
320
350
56
1,269
14,875
1,720
15,760
1,050
13,736
762
284
Wisconsin...
82
Minnesota-
75
Iowa
*15.6
69
41
47
*10.5
*16.0
84
•
100
480
Missouri
73
64
79
136
86
117
North Dakota
64
28
13
64,672
36,575
South Dakota
62
44
13
19,725
38
20
22,696
2,350
15,890
2,344
1,269
Nebraska
72
3,055
Kansas
*9.2
*9.0
*6.5
364
108
78
Montana
62
47
18
35,829
Idaho
82
76
77
13,546
23,175
8,930
10,630
11,375
30
73
Wyoming
56
828
68
53
48
2,024
4,204
1,397
Colorado
4,152
4,358
New Mexico
74
66
58
428
308
252
Utah
87
83
Nevada.
87
92
86
311
280
325
Washington
Oregon
69
76
91
65
80
12,600
4,504
29,820
79
14,255
3,601
42.3
33.0
187,292
136,284
102,504
acreage in
harvested for forage or silage or livestock were turned into
attempt to salvage as much feed as possible from the
crop.
only the stalks of uncut corn remain, the leaves and tassels
these States
an
79
2,196
2,201
2,184
6,094
was
the fields in
1--Percent
Average
carried
this report relate to is
Sroduced in 1934 and thethe smallest since grain production, including
1881. The figures contained
total equivalent
ment in
Condition Sept.
State
Maine.
September
duction indicated
-100
8,640
(OTHER THAN DURUM)
.
forward from previous reports,
b Excludes sweet clover and lespedeza.
alone for all purposes,
d Short time average.
356
22,957
776
'
Sugar
333
54,020
In
some areas
having been stripped by grasshoppers.
In Illinois, Wisconsin, Minnesota and
Iowa, an unusually large pro¬
portion of the corn acreage will be utilized for silage and forage.
Many
farmers who do not have silos are erecting
temporary silos or digging
trench silos.
In these States, most fields of corn
produced ears ranging
from a few bushels per acre to good
yields.
Conditions vary widely in
a single locality and, in many
cases, in a single field.
As a result of damage
from drought, heat,
grasshoppers and chinch bugs, a good deal of the
grain will be chaffy.
Many fields show a large proportion of poorly filled
ears, the result of poor pollination.
However, field investigations during
the latter part of August indicated that the
proportion of barren stalks
was less than
had been expected earlier.
Harvesting will be somewhat
United States
♦
Yield per acre,
1929
...
1930
...
1931
...
1932
...
...
...
During August favorable conditions in the Eastern States resulted in
some
improvement in prospects, while increasing dryness in the South
1935
Central
States
Belt
were
caused
deterioration.
of little significance.
Changes elsewhere
outside
of
1936
...
a..
Winter
Spring
Spring
Hard
Soft
Hard
Durum*
(Winter and
Red
Red
371,076,000
403,609,000
509,411,000
280,450,000
176,997,000
207,860,000
202,824,000
269,670,000
164,400,000
179,692,000
261,787,000
159,214,000
162,313,000
188,602,000
203,872,000
207,369,000
145,621,000
157,378,000
72,439,000
189,939,000
106,469,000
53,279,000
107,653,000
54,410,000
the
a
(BUSH.)
White
Red
Year
1933
Corn
average.
Winter
1934
corn was
Short-time
WHEAT (PRODUCTION BY CLASSES) FOR THE UNITED STATES
still green on Sept. 1.
later in these States than in those further west because much of
the
a64.5
a
Indicated 1936.
Total
Spring)
57,117,000
59,522,000
22,099,000
42,252,000
17,816,000
6,891,000
23,878,000
9,229,000
85,003,000
86,269,000
71,095,000
85,072,000
88,088,000
69,761,000
85,217,000
823,217,000
886,470,000
936,831,000
756,927,000
551,683,000
526,393,000
623,444,000
99,563,000 630,241,000
Financial
1746
102,504,000
wheat other than durum is forecast at
Production of spring
136,284,000 bushels in 1935 and the 5-year average
of 187,292,000 bushels.
Sept. 1 condition was 33.0% of normal, compared
with the 7-year (1926-32) average of 64.5%.
Prospective production of wheat by classes is as follows: hard red winter,
259,670,000 bushels; soft red winter, 207,369,000 bushels; hard red spring,
54,410,000 bushels; durum (including an allowance for certain States for
PRODUCTION,
RYE:
AND
WHEAT
(THOUSAND BUSHELS)
1933-1936
bushels, compared with
shown), 9,229,000 bushels; white (including
99,563,000 bushels.
which separate estimates are not
both winter and spring varieties),
Oats—Production of oats in the
United States is indicated at 776,661,000
1 forecast.
than the 1935
busheis, which is about 5,000,000 bushels more than the Aug.
The 1936 production as now estimated will be 35% less
production of 1,196,668,000 bushels, and 36% below the
average production of i,215,102,000 bushels.
The condition of the crop on Sept. 1, 1936, was 55.7%
5-year (1928-32)
of normal.
This
be compared with the Sept. 1, 1935, condition of 75.2% and the 10(1923-32) average condition on Sept. 1 of 77.1%.
September con¬
dition reports and threshing returns indicated some improvement in the
crop during August in many of the East North Central, East Central and
Northeastern States, while yields somewhat below earlier expectations are
indicated in some of the West North Central States.
Production in the North Central States is forecast at 611,960,000 bushels,
1936
12
Sept.
Chronicle
1936
1935
•
1934
1933
Country
Wheat—
United States.....'.........
551,683
526,393
623,444
630,241
Canada
281,892
12,122
275,849
277,339
10,712
(225,000)
13,007
Mexico
10,950
845,697
813,192
911,495
868,248
30 countries
countries
countries
1,745,248
1,547,875
134,170
1,489,451
97,082
509,237
Total, 43 countries
2,964,018
Total, 3 countries
Africa, 4
110,037
Asia, 6
517,030
524,956
1,576,580
113,324
538,115
3,218,012
3,020,193
3,139,514
21,418
619,498
13,430
17,070
58,928
27,095
527,855
520,143
529,417
9,590
8,508
7,544
654,346
554,515
587,579
564,056
Europe,
may
year
is an increase of 3,661,000 bushels over the
608,299,000 for the region.
.
Much of the oats in the worst drought area ripened
which
Europe, 14
.
Total, 16 countries
of
OATS
Production—Thousand Bushels
Indicated
Average
Average
1928-32
1936
1935
1936
76
85
93
90
267
333
304
81
87
1,853
1,980
1,856
86
80
78
149
210
198
87
1923-32
90
Maine
Hampshire
89
.
90
Vermont
Massachusetts
.
s
1935
4,068
4,068
4,346
66
66
63
90
82
Connecticut...
85
90
80
216
198
210
New York...
82
82
53
25,590
1,536
17,913
81
25,637
1,181
27,585
60,392
63,810
26,535
Rhode Lsland...
—
84
83
82
76
69
Ohio...
79
71
70
Indiana
74
63
61
Illinois
76
63
65
Michigan
78
75
56
New Jersey
Pennsylvania
—
Minnesota
51
81
81
...
*29.5
*34.5
*35.6
Iowa
51
79
84
Wisconsin
56
74
Missouri
71
North Dakota
64
70
13
South Dakota
70
72
24
Kansas
—
25
77
77
Nebraska
85,527
148,841
218,730
39,595
38,397
59,033
68,421
*19.0
*26.5
*22.9
152,009
43,854
34,515
50,652
38,610
1,350
23,770
37,158
in
1936
production in 16 foreign countries reported, which
of the estimated Northern Hemisphere total, is
1935 raised about 17%
5% above the harvest in the same countries last year.
The produc¬
tion in the 13 European countries reported is 5% above that of 1935, while
the two Northern African countries show an increase of nearly 42% over
the small harvest of a year ago, and the principal regions of Turkey a
3% increase.
1936 corn production
Corn—The
99,608
46,967
86,548
181,189
208,380
59,455
90,489
168,150
29,502
52,392
65,342
72,704
40,810
28,858
5,380
12,188
17,752
28,386
93
58
FEED
GRAINS:
97
Maryland
81
74
72
1,560
1,288
1,640
1.089
1,414
5,160
10,552
3,600
.
South Carolina.
*21.5
*23.5
*18.5
Georgia
*18.2
*19.0
*17.0
2,837
2,883
3,572
8,076
5,741
*14.0
*16.5
116
112
*16.8
*16.0
*13.0
2,992
936
Kentucky
Tennessee
*16.5
*14.0
*12.5
Alabama
*17.4
*19.0
*17.0
1,871
1,919
1,040
1,078
1,843
1,564
*19.8
*20.0
*25.0
837
860
Mississippi
Arkansas..
*18.5
*17.0
*16.0
2,358
Louisiana
*22.4
*22.5
*28.0
481
2,737
1,125
Oklahoma
*20.8
*25.0
*16.0
25,434
35,825
1,175
2,320
1,260
20,640
*23.0
*18.5
39,032
38,410
7,830
5,215
.
54
74
79
*17.6
*21.5
*15.0
1,155
7,807
6,103
7,182
Crop and Countries
78
67
43
74
67
63
3,302
5,043
2,730
Colorado..
4,480
68
68
61
667
546
450
New Mexico
84
84
65
304
260
300
83
86
*26.1
64
27
7,214
75
83
4,820
—
Wyoming
Arizona
--
89
Utah
1,480
1,368
1,648
88
95
82
91
76
108
82
82
88
7,513
8,650
85
Nevada
71
88
7,878
11,270
4,030
776,661
....
*25.0
*32.0
*31.0
2,394
9,120
9,164
5,536
a77.1
a75.2
a55.7
1,215,102
1,196,668
Washington
Oregon
California
United States
*
54
83
Montana..
Yield per acre,
a
Allowance made for condition at
harvest in Southern States.
Barley—The production of barley in 1936 is forecast at 144,847,000
bushels which is about 52% of the 5-year (1928-32) average of 281,237,000
bushels and 51% of the 1935 production of 282,226,000.
With a reported condition of 47.9% of normal on Sept. 1, the crop is
expected to produce an average yield of 16.4 bushels per acre.
With
the exception of 1933 and 1934, the reported condition is the lowest Sept. 1
condition on record.
In the principal barley-producing area, much or the
grain will be of poor quality and light weight.
,
;
The present forecast differs but slightly from the production indicated
by Aug. 1 condition.
.
Buckwheat—Though a little larger than
indicated a month ago, the
prospective buckwheat crop of 5,793,000 bushels is the smallest oh record.
The condition of 64.1% of normal on Sept. 1 indicates an average yield
of 14.6 bushels compared with 16.6 bushels last year and a 10-year (1923-32)
average of 15.7 bushels.
This year's small buckwheat crop arising from
a
combination of reduced acreage and yield is only about 70% of last
year's production or the 5-year (1928-32) average.
Foreign
Crop
1934
1933
Reported in 1935
1936
1935
Barley—
116,680
503,440
Europe,
130,499
149,987
97,661
141,603
962,014
900,606
1,003,174
Hemisphere total- 2,161,000
2,073,000
2,267,000
733,166
542,306
808,644
13,782
144,847
500,101
101,885
282,226
481,684
102,982
142,048
1,196,668
United States
153,767
—
563,217
16 countries
North Africa, 4 countries
...
Asia, 2 countries
...
Total, 23 countries
Estimated Northern
Prospects—The latest available infor¬
133,941
880,774
Oafs—
10,939
15,983
776,661
806,600
11,815
*16,456
1,720,821
1,375,671
1,988,140
1,611,532
Hemisphere total. 4,106,000
3,927,000
4,619,000
2,396,525
1,478,027
2,291,629
211,768
1,458,295
18,173
*19,917
United States.
Europe, 13 countries —
North Africa, 2 countries
961,780
.........
11,586
14,289
Turkey
Total, 17 countries
962
25,326
3,105
4,716
1,260
4,420
Texas
1932-1935
(THOUSAND BUSHELS)
116
Florida
*14.1
*16.5
*20.0
*19.4
— ...
SPECIFIED COUNTRIES,
IN
PRODUCTION
1,066
Delaware
73
North Carolina
reported,
last year
29,800
94
Virginia.
West Virginia
in three foreign countries
raised 8% of the estimated Northern Hemisphere total,
2% from the 1935 harvest in those countries.
There is
a decrease of 8% in Roumania,
but an increase of 10% in the principal
regions of Turkey and in Manchuria.
which
shows a decrease of
34,736
106,372
80
Idaho
.
about
State
New
'
countries reported to date,
which last year accounted for 32% of the estimated Northern Hemisphere
total is 2% above the 1935 production in the same countries.
The Euro¬
pean and the North African countries both show an increase of about 4%,
while there is a net decrease of about 5% in the Asiatic countries, due to
a considerable decline in the Japanese crop.
The barley crop in Canada
has suffered from drought and unfavorable weather conditions.
Barley—The 1936 production in 22 foreign
Oat?—The
1-—Percent
'
GRAINS
FEED
(1928-32) average production for those States
Condition Sept.
....
—
countries..
Turkey..
August 1 estimate of
prematurely, resulting
in below average quality.
In the leading producing States, however,
quality is generally good.
The leading oats producing States of Illinois,
Minnesota, and Iowa will produce only 358,247,000 bushels this year as
compared with the 5-year
519,580,000 bushels.
1 ;
Rye—
'
United States
Estimated Northern
Corn—
.
United States.........
767,140
8,349
,
•
_.....
195,500
179,298
190,783
Turkey.
22,426
Manchuria*...
73,551
19,255
58,208
73,382
80,940
2,671,800
1,746,273
2,594,952
1,754,652
total. 3.862,000
2,986-,000
3,702,000
Rumania
Total, 4
countries.*.
Estimated Northern Hemisphere
M
Compiled from official sources.
♦Thirty seven chief vilayets.
Weather
Report for
the
Week Ended Sept. 9-—The
general summary of the weather bulletin issued by
Department of Agriculture, indicating the influence of
weather for the week ended Sept. 9, follows:
the
the
Abnormally warm weather continued from the Mississippi Valley west¬
Rocky Mountains, but in the eastern States mostly seasonal
ward to the
temperatures prevailed.
The data in the table on page 3 show
that the
weekly means ranged from 6 degrees to more than 10 degrees above normal
generally from northern Louisiana and northern Texas northward.
In the Lake region the temperature averaged from 3 degrees to 5 degrees
above normal, while in the Ohio Valley the plus departures were mostly
2 to 3 degrees. In most sections from the Appalachian Mountains eastward
the week was 1 to 2 degrees cooler than normal, and it was decidedly cool
in the Great Basin of the West, with minus temperature departures of
rather
3 to 5 degrees.
Rainfall for the week,
as
shown in the table and many
reports, was substantial over most
in the Southeast. The Ohio Valley
supplemental
of the northern half of the country
and
States had weekly totals ranging mostly
from about 0.5 inch to 1.5 inches, and similar amounts were reported
from the Lake region and much of the Northeast.
Moderate to heavy
rains were general in the central and upper Mississippi Valley and most
of the central Missouri Valley.
There were good rains over a large area
extending from western Kansas southward over extreme western Oklahoma
and western Texas; also in much of the far Northwest.
The amounts
were generally light in the middle Atlantic aroa, central Gulf States, and
from
western
Arkansas, southeastern Kansas, and central
Oklahoma
pertaining to cereal crops in foreign countries, as
reported by the Foreign Service of1 the Bureau of Agricul¬
tural Economics to the United States Department of Agri¬
culture fit Washington, and given out on Sept. 10 is as
southward.
follows:
northeastern Arkansas, and most of Missouri,
the Canadian border.
Late crops have been helped by the
mation
of wheat production, as reported for 43
Hemisphere, indicate a decrease of about 6%
1936 estimates
of the Northern
■
,
.
.
drought became even more widespread in Canada during
but extensive areas were partially relieved near the end of
month.
In the Prairie Provinces harvesting was generally interrupted
by showers, but is now practically completed.
Wheat is generally
good quality with extremely high protein content.
The first
estimate has not been issued but acreage and condition indicate a pro¬
duction of about 225,000,000 bushels.
Estimates for 30 European countries, excluding Russia, total
1,489,-
from last year.
,
Continued
the
August,
of
official
451,000
1935.
for
bushels
as
Downward
1,576,580,000 bushels harvested in
Germany and Czechoslovakia account
compared with
for
reported during the last month.
revisions
most of the decrease
the North African countries reporting is revised downward,
due to a new estimate for Algeria, and is now 14% less than in 1935.
The
total of six Asiatic countries shown, is 5% less than production last year.
It is too early for official estimates in Southern Hemisphere countries
but indications now point to a crop of about 215,000,000 bushels in Argen¬
tina.
In Australia parts of the country are said to be in urgent need of
rain.
Present
conditions suggest a production of about 150,000,000
bushels.
The total for
14
Rye—Estimates of the European rye crop, as represented by
coun¬
tries, total 529,417,000 bushels, compared with 520,143,000 bushels
vested in these countries last year.
This increase is accounted for largely
by
most
widespread, drought-relieving rains of the 1936 crop season
of the country between the Appalachian and Rocky
Mountains, though temperatures
continued high and rainfall scanty, with
unabated, over considerable
In fact, the topsoil is now in good
the drought
west.
areas/principally in the South¬
condition rather generally from
Tennessee,
Wheat—The
countries
The
occurred over much
increased production in
Germany and the Danubian countries.
har¬
northward to
rain, pastures
greening in many places, and the soil has been conditioned for plowing
and fall seeding. The most substantial rains were reported from the central
and upper Mississippi
Valley, where the weekly totals ranged around
three inches in many localities.
In some States, such as Illinois, it was the
first general good rain of the season.
are
In addition, other areas,
including parts of North Dakota, the western
and northwestern and extreme western
half of Kansas, western Oklahoma,
Texas, had substantial and beneficial rains.
The outlook in the interior
of the far Northwest has also been greatly improved by substantial moisture,
especially parts of eastern Washington, where one incn or more of rain
occurred during the week.
Droughty conditions remain unabated in a considerable southwestern
area,
including Mississippi, northern Louisiana, southern and western
Arkansas, most of Oklahoma, and northern Texas.
In these sections
late crops continued to deteriorate.
Fairly complete records for Oklahoma
show an average of less than one inch of rain for July and August, com¬
bined, or only about 15% of normal.
In the central and northern Plains
scattered showers were helpful, but more rain is needed, especially from
eastern Kansas northwestward to Montana.
In the Eastern States rains are needed in a few areas, including parts
of New
York, and locally in the middle
Atlantic States and the
South¬
general, however, favorable conditions continue in these more
Also the outlook remains favorable from the RQcky
Mountain States westward, except in a few limited areas, such as north¬
east.
In
eastern
sections.
eastern
Wyoming and parts
of New Mexico.
Rather generally in this
Volume
western
area
143
Financial
irrigated
have done well, and pastures and livestock
crops
are
good.
Small Grains—In considerable northern
rains have conditioned
recent
rapidly.
the soil
Some winter wheat has been
areas east of the Great Plains
for plowing which is being pushed
in northern sections and much
sown
rye and
barley seeding is reported from some central valley States. Con¬
ditions-for seeding and germination of winter
grains in these States are
rather generally satisfactory,
though some local areas in the Ohio Valley
and the Northeast need more rain.
In the Plains States, from Nebraska northward and northwestward,
showers
were helpful locally,
but a good general rain is needed for fall
seeding.
In much of the western half of Kansas the soil is now in fine
shape and seeding has begun, but the southeastern portion of the State is
too dry.
Conditions are favorable in western Oklahoma, and northwestern
Texas, but unfavorable in most other parts of these States.
Rains have
been especially
helpful in eastern Washington.
Corn—With the better moisture conditions, late corn shows some
improvement in the central and eastern Ohio Valley and the northern sec¬
tions of the country, especially in the former area.
In Illinois, the rains
came too late to be helpful,
except to some late corn in the north, which
is promising if frost is
delayed.
In Missouri and the Plains States the
crop was too far gone to be materially helped.
In Iowa late ears show
material improvement, but much of the best corn is
just beginning to
dent, and a late fall will be necessary for maturity.
It is estimated that
about 40% of the corn in this State will be safe from frost
by the 15th of
the month, and about 70% by the first of
October, both cases being less
than normal.
In more eastern States the crop continues to make mostly
satisfactory progress.
Cotton—In the cotton belt temperatures for the week ranged from
slightly below normal In the northeast to abnormally high in tne north¬
west, the weekly means in the latter area running 10 to 12 degrees higher than
the seasonal average.
There was very little rain, except in some eastern
and north-central districts.
of cotton,
with
No material change occurred in the progress
the east and unfavorable
conditions mostly favorable in
in the west,
In Texas
especially the northwest.
cotton
damaged
was
deterioration
continued
along
in
the south
north-central
coastal
plains
districts
where
and
open
recent
rains
heavy; elsewnere the crop continued fair to good, with rainfall favor¬
able in the northwest.
Picking made rapid advance and is now in full
swing well to the northern portion.
In Oklahoma cotton condition con¬
tinues poor to very poor, with picking mostly complete in some localities
because of the very light crop; much is being snapped.
In Arkansas rains were helpful in the northeast and north-central portions,
were
but
elsewhere
unfavorable
weather
continued,
with
premature
open¬
ing no
new fruiting.
Continued dryness is unfavorable also in most other
central portions of the belt, but rains in western Tennessee were decidedly
helpful.
In the States from Alabama eastward and northeastward cotton
continued to make satisfactory progress in most sections, though there
was too
as
much rain
far north
as
locally which favored weevil and rust; picking has begun
eastern North Carolina.
August, like the preceding month, was hot and dry.
Chart I shows
that only limited portions of Texas and Florida, and northern New Eng¬
land, were cooler than normal; elsewhere temperatures were 2 to 8 degrees
above the
over a
August average.
large
area
Maxima of 100 degrees or higher were reported
reaching frofh Winnipeg, Man., and Havre, Mont., south¬
ward to tne Gulf States, and in most States from West Virginia westward.
Aug. 10
was the hottest day in Oklahoma's history, with an average maxi¬
of 114 degrees. Records were broken in several other States, including
Texas, Arkansas, Missouri, and Iowa.
At Oklahoma City, Okla., there
were 22 consecutive days with maxima of 100
degrees or more; at Wichita,
Kans., 20; at Fort Smith, Ark., 10, and at St. Louis, Mo., 13 days.
The
highest maximum reported by a first-order station was 116 degrees at
Concordia, Kans., on the 12th, wmie 114 degrees was reacned at Forth
Smith, Ark., and Oklahoma City, Okla. In contrast, light frosts occurred
during the month in oregon, Montana, and Aroostook County, Maine.
Chart- II gives the percentage of normal precipitation for the month.
Several marginal areas, portions of Colorado, much of the Great Basin
and Plateau region, and portions of the upper Mississippi and Ohio Val¬
leys and Lake region had above normal rain, but over more than half the
country amounts were markedly deficient—in large central and western
areas amounting to 10% or less of normal.
Comparison of this chart with that for August, 1934 shows that the
month just ended was considerably drier over much of the interior of the
country.
For example,-most of Oklahoma had 150 to 200% of normal
rain in August, 1934, while this year the totals were from 10 to 25%.
Similar conditions prevailed in portions of Nebraska, Missouri, portions of
the Ohio Valley, the Southeast, and much of the Southwest.
mum
The
Weather Bureau
furnished
the
following
resume
of
conditions in the different States:
Virginia—Richmond:
Temperatures slightly below normal; light rains.
favored harvesting and plowing.
Cotton bolls well set; slight
damage.
Cutting corn continues; late plantings still green.
Cut¬
ting and flue curing of tobacco well along.
Southeastern truck poor to
fair.
Meadows and pastures improving; early fall plantings of former
being resown. Peanuts reduced somewhat by dry weather. Apples doing
Weather
weevil
North Carolina—Raleigh: Favorable for growing crops and harvesting
those matured.
Progress of cotton good; condition fair to good though
late; picking beginning in east; some ginning in southeast.
Good progress
in curing tobacco, which is aoout two-thirds done.
Late corn, pastures,
meadows, and truck mostly improved.
South Carolina—ColuniDia: Mostly cloudy, cool, and showery.
Weather
favored weevil activity; considerable cotton rust.
Other crops generally
good progress and development.
Tobacco grading and selling active.
Cotton opening slowly in north, but picking and ginning made good ad¬
vance
in south.
More sunshine and warmth needed.
Georgia—Atlanta:
Normal warmth; good rains over large areas, but
too dry.
Generally favorable for cotton picking, but opening late in
north-central and northeast; local rain damage in north and east.
Gen¬
eral improvement in, pastures and vegetables, including sweet potatoes
which nearly mature in south.
Mostly favorable for peanut harvest.
some
Florida—Jacksonville:
Normal temperatures and light rain.
Condition
of cotton good; picking well advanced, ginning active. Sweet
good; some harvesting.
Cane and peanuts good.
Some early
potatoes planted.
Citrus excellent; ripening; some grapefruit picked.
Alabama—Montgomery: Normal temperatures; light to moderate rains.
Condition and progress of cotton very good; picking and ginning made
excellent progress.
Rain beneficial to all crops; ample, except locally, for
corn, vegetables, pastures, and miscellaneous crops.
Mississippi—Vicksburg:
Progress of cotton in scattered localities,
mostly in extreme north, good to fairly good, but elsewhere generally
badly deteriorating with blooming practically ended throughout and much
premature opening; progress of picking and ginning good, with unusual
seasonal advancement.
Progress of corn mostly deteriorated, with occa¬
sional localities rather poor to fair.
Progress of forage, gardens, pastures,
and truck mostly poor.
Louisiana—New Orleans:
Continued warm; local rains, mostly in cehtral and southeast generally favored harvesting.
Cotton opening rapidly;
picking made good advance in all sections, nearing completion locally in
southwest.
Plants still deteriorating in some dry localities, but average
condition generally fair.
Corn about all matured. Rice harvest progressing
rapidly.
Cane making excellent growth.
Pastures and minor crops poor,
except in central and southeast.
Fall plowing and planting delayed by dry
and progress
potatoes
weather.
Texas—Houston:
Temperatures much above normal in north and
slightly above in south; good rains in northwest and extreme west and light,
widely scattered elsewhere.
Cotton deterioration continued in northcentral districts, due to continued dry weather, and along south coastal
plains where rain of previous week damaged open cotton; elsewhere con¬
dition fair to good; rain over northwest beneficial; picking made rapid
advance and now in full swing well to northward.
Seeding winter wheat
made good progress in northwest.
Ranges drying rapidly in north and
west-central districts, but condition of cattle generally fair to good.
Oklahoma—Oklahoma City:
Rain in extreme northeast portion and
two western tiers and Beaver Counties relieved drought, at least tempo¬
but elsewhere unabated.
Corn gathering nearly completed; very
yield.
Rain too late to benefit cotton and condition poor to very
poor; picking good advance; nearing completion locally due to light crop
much being snapped; ginning good progress; some gins will not open account
light crop in some localities.
Planting millet in western areas.
Winter
wheat planting will be rushed where rain sufficient.
Pastures reviving
„lowly in moist areas, but gone elsewhere.
Stock water very scarce in dry
sections. Many trees and much shrubbery dying. '
rarily,
poor
Chronicle
1747
Arkansas—Little
Rock:
Cotton
opening rapidly; picking more ad¬
vanced than usual;
ginning well under way; continued hot, dry weather
in south-central
and
west-central causing premature opening; no new
bolls; rains in northeast and north-central beneficial to green bolls, but
too late for new bloom.
Late corn mostly beyond recovery, but some
benefited by rains in northeast.
Rice being harvested; low yields in some
localities. Late gardens and truck crops being planted in rain area.
Tennessee—Nashville:
Rains highly beneficial to growing crops.
Very
late corn
improving; medium-late fired badly during drought and condition
rather poor to fair;
early being cut.
Cotton opening prematurely and
rapidly and much shedding prior to rains which damaged lint, but helped
young bolls. Tobacco matured too rapidly and fired badly; much early cut;
late growth
improving.
Hay, pastures, and forage improving; conditions
good for fall seeding.
■
Kentucky—Louisville:
Good rains.
General improvement
and pastures,
except in north-central where rains too light.
of late crops
Tobacco cut¬
general; favorable for curing.
Progress and condition of late
corn fair to
very good in northeast; otherwise rather poor to fair, but
doing better; early drying rapidly; cutting pushed.
Late potatoes and
field tomatoes much improved.
Considerable plowing.
Late-sown forage
good growth; early mostly cut.
More rain needed immediately in about
half of State to maintain
growth; moisture loss rapid account warmth.
ting
more
THE DRY GOODS TRADE
New York, Friday Night, Sept. 11, 1936.
Although high temperatures in many sections of the
country interfered to some extent with active consumer buy¬
ing of regular Fall merchandise, retail trade, nevertheless,
gave
a
satisfactory account, and gains
over last year con¬
figures.
While country-wide
department store sales during the month of August, according
to the survey of the Federal Reserve
Board, increased only
7 % over 1935, it should be taken into consideration that in
tinued
to
reach
substantial
cities the month
most
had
one
business
day less than last
Gains in the New York district amounted to 3%.
The Dallas district made the best
showing with an increase of
18%, while the poorest results were reported by thedrought-
year.
stricken middle Western districts where sales
those of last year.
just equaled
Early private estimates of September
averaging better than 10%.
Trading in the wholesale dry goods markets continued to
make a rather good
showing.
Although the post-holiday
influx of out-of-town buyers so far fell short of
expectations,
an
appreciable increase in mail orders, particularly on acces¬
sories which had met with
good consumer response, as well
as a gain in re-orders on
juvenile apparel because of school
openings, • put'total commitments substantially above last
year.
A further increase in post-holiday buying activity is
anticipated for the coming week when larger numbers of
buyers are expected to arrive in the market.
Stocks in
sales forecast increases
retailers' hands
Wholesalers,
on
reported to be rather low, while the
distributive channels continued excellent.
their part, following the extremely bullish
were
flow of goods in
Government report on the cotton crop, increased their com¬
mitments considerably as prices advanced
steadily, and the
acute
it
delivery situation showed a further tightening making
extremely difficult in some lines to obtain nearby ship¬
>
Business in silk goods showed
ments.
some improvement as
prices, compared with other fibres, were considered increas¬
ingly attractive.
Trading in rayon yarns continued at a
very brisk pace.
The present tight delivery situation and
the amount of unfilled orders
appear to assure record oper¬
ations for the remainder of the year, and forecasts for next
Spring's business predicted unabated activity as the carry¬
of stocks will be
one of the smallest on
record, and the
development of new fabrics is expected to serve as a
stimulus to consumer buying.
over
constant
Domestic
Cotton
Goods—Following the release of the
Government cotton crop report which showed a reduction
from the previous figure in the amount of 1,360,000 bales,
trading in
gray
advanced
their
cloths turned extremely active.
Most mills
quotations while some of them withdrew
entirely from the market.
Buyers, although at first reluctant
to pay the higher prices, nevertheless soon took
goods on a
large scale, and total sales exceeded production by a wide
margin.
Later in the week, activity subsided considerably
but prices held strong.
Business in fine goods expanded only
moderately.
Mills advanced quotations on several numbers
after the publication of the cotton crop report, but buyers
appeared unwilling to pay the higher prices, for the time
being.
Closing prices in print cloths were as follows: 39-inch
80's, 8^c.,* 39-inch 72-76's, 7%c.; 39-inch 68-72'c, 7^ to
734c.; 3834-inch 64-60'c, 634c.; 3834-inch 60-48'c, 534®.
Woolen
Goods—Trading in men's wear fabrics took on a
cheerful character.
Although clothing manu¬
facturers still refrained from covering their needs for
Spring
goods, most of them their selections, and actual initial orders
are expected to be placed at an
early date.
Several mills
which had closed their plants for the purpose of
repairing
machinery, resumed operations on a limited scale.
Retail
clothing centres reported continued satisfactory consumer
demand.
Trading in women's wear expanded moderately,
especially in dressy materials.
Coatings and fleeces con¬
tinued to move in good volume.
Garment manufacturers
also reported increased sales to their retail accounts,
reflecting
the satisfactory flow of goods in distributive channels.
little
more
Foreign
Dry Goods—Trading in linens continued quite
price advances were reported to be imminent in
view of the limited supply of the raw material.
Interest
widened in higher-priced dress goods, to be used for the
active
as
season.
Business in burlaps was
negligible,
prices held steady, due in part to the strength of sterling,
and partly under the influence of Calcutta advices to the
effect that August shipments exceeded
production during
that month.
Domestically lightweights were quoted at
Winter resort
but
4.05c., heavies at 5.35c.
Sept. 12,
Financial Chronicle
1748
Estimated
Docket
<
Cost
Loan
Grant
No.
Description
Location
1936
Mississippi—
Specialists in
19,722
8,875
W-1046
School
Clarksdale
Missouri—
St. Louis..
Illinois & Missouri
Bonds
W-1179
.Asylum...
Harrisburg
School
...Sewer system
Clayton
Lamar..
School addition
'
" 81,622
W-1228
W-1256
...
8,597
3,869
18,034
W-1207
.W-1224
.....
20,937
13,909
Guilford.
Schools.
Higginsville
School.
L
W-1260
10,863
Kinloch
School...
W-1276
28,636
40,075
181,382
46,526
30,909
24,140
....
_
....
63,636
....
Nebraska—
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
46,000
21,825
W-l 149
W-1218
33,591
21,600
W-1054
W-1055
60,273
22,478
113,940
W-1059
W-1070
45,000
44,122
100,000
W-l 196-2
W-1256
19,637
11,454
W-l302
50,400
112,000
..W-1002
W-1057
W-1094
W-l 130
21,273
47,273
29,000
14,363
7,364
11,564
25,699
Bend
Water works
W-l008
Bridge.
W-1064
Auditorium & gymnasium.W-1104
11,430
25,401
Brookings.
North Powder
W-1152
16,757
Auditorium & gymnasium.W-l 153
9,000
Saunders
Qounty.Flood control.
.
.Storm sewer
Columbus
Recreation center
Kearney
ST. LOUIS
WIRE
CHICAGO
102,222
W-1103
W-1104
Disposal plant
Lincoln
314 N. Broadway
DIREGT
48,500
74,647
48,000
■
....
New Hampshire—
Manchester
PUBLIC
School improvement..
Manchester
School improvement
Roswell
Allotments Approved by President
on
Harold L. Ickes announced that allotments
had been approved by the President for 140 Public Works Administration
work-creating projects throughout the country.
By granting $4,855,142,
the PWA is making possible permanent construction estimated to cost
$10,936,233.
Local, county and State applicants are furnishing the
Public Works Administrator
balance of the funds.
The grants approximate 45% of the cost of each project.
The PWA
loaning $950,100 to 12 of the applicants.
This money is loaned on
good security at 4%.
The 140 projects have been allotted from the money which remains for
the "second" PWA construction program, inaugurated under the Emer¬
is
Belief Act of 1935.
The allotments by States follow:
gency
Estimate4
No.
Loan
Grant
Cost
Alabama—
W-l 085
County....Schools
W-l 132
.Stadium
Tuscaloosa
Community building
Weldon
Fayettevilie.
.
_
.
.Schools.
W-1222-1
West Blocton.,...Water works
$32,277
$71,727
36,589
__L_
81,308
178,364 $318,000
496,364
•
22,000
9,900
Street Improvement.
Bridge
School improvement.
Sewer system
Valley City
Watford City
Regent
Oakridge
California—
W-1016
...School addition
Greenfield
San Pablo
...
Jackson
W-1220
69,545
9,000
...School building.
W-l 244
W-l 389
_
..
Sewerage system
W-l 394
Talmage
W-1436
...School building
Covina.
....
154,545
School-
19,090
....
16,364
5,100
37,238
20,000
14,727
High school
34,927
14,727
Reading
School addition
Westmoreland
High school addition
W-1490
Lykens
Spring
...
Hospital..
;...
67,909
35,614
W-1496
Grove....Auditorium & gymnasium.W-1540
Municipal building
32,727
21,318
47,272
150,909
9,593
W-1259
W-1292
W-l308
Millcreek
70,909
18,000
21,272
-
School
Dealsburg
31,909
W-1215
^..W-1217
.School addition
81,818
36,818
W-l 198
.School
Turbotville
35,000
79,142
77,616
32,727
Mound City..
31,905
70,900
..W-1023
Court house.-
38,000
W-1086
.W-1090
W-1151
W-1164
64,732
3,272
84,000
143,850
8,591
19,091
90,900
202,000
222,601
School.
Sanitary sewers
Watertown
Milbank
8,100
18,000
Sisseton
34,473
3,375
.54,450
121,000
School building
7,272
4,000
JVctl'ttCSS
76,607
7,500
.
....Bridge
Wilson
W-1219
100,170
School
W-1220
60,739
134,976
School
W-1019
W-1338
W-l556
W-2003
28,636
102,150
33,750
17,640
227,000
75,000
39,500
W-1057
•
County...Schools
Lebanon
Texas—
Fairplay
W-l 073
...Court house.
El Paso
...Bridge
.....W-l 132
36,000
23,652
80,000
•
52,560
Connecticut—
Lubbock,
Wichita Falls....Hospital
.Hospital
School improvement
C larks vllle
O'Brien...
W-l 124
...Fire house
Thomaston
...Streets
Weston
...Road improvement
—
._
W-l 166
47,182
...Library.
W-l 182
8,002
17,781
16,463
36,586
W-l 242
17,139
38,087
W-1260
......
36,000
80,000
95,000
...
Water works...
W-l087
Water works
VtTQlTliQr—
-
4
W-1089
..Street improvement-..
W-l 093
..School building
W-1294
42,750
11,475
28,553
..School building
W-1295
15,300
...Paving.
Thomson
-..
Dudley
63,453
Idaho—
W-1093
..School addition
65,453
145,450
•
W-1066
...
W-1222
....W-1344
.Water works
__Sub way
Chicago
..Street markers
__
96,000
21,236
W-l 186
Decatur..
Lincoln
205,454
43,200
W-l 182
Madison City.. ..Highways
_
92,454
W-1257
W-l 162
..Paving.
Granite City... ..Paving
Lombard
36,363
16,363
15,546
29,454
14,786
22,500
W-l 245
..Highways
Du Page
Paving
County- ..Highways
65,454
50,000
....
47,191
W-l 385
Riverside
..Paving—
11,417
58,050
18,450
W-1090
..Highways.
Ames
57,600
81,000
..Dormitory
Elkaden
..School
W-l 175
..Clinic buildings
Vinton
W-1234
Leitchfield.
School.
Covington
Jefferson County.High way
V.
81,000
180,000
4,909
35,308
10,909
148,000
60,770
28,000
50,909
78,462
Water works
.Water works
...
Water works.....
Mooringsport
W-9328
9335
9353
22,090
17,181
16,363
27,000
21,000
20,000
49,090
38,181
36,363
315,000
35,206
385,000
700,000
Maine—
Toll bridges
Deer Isle
Portland..School
W-1010
W-1072
Michigan—
Monroe
Garage
Milan
Bridge
Clair County.Bridges
Dearborn
..Bridge
Dearborn
Sidewalks
Detroit
Street improvement
Sewerage plant
Highland Park...Water works
Saginaw
School addition
Wyandotte
Warehouse
Ruby
Bridge
Spring Lake
W-1056
W-1062
W-1974
W-1102
W-l 103
W-l 119
W-1153
W-1218
W-1226
W-1296
W-1324
78,237
25,638
37,977
56,973
25,728
22,950
51,000
17,090
35,190
65,430
18,818
83.830
57,100
78,200
145,400
W-1020
Litchfield
School improvement
W-l032
Onamia
School addition
W-1056
Faribault
;
Asylum
W-l 069
Mountain Lake.-Municipal improvement...W-1976
Cambridge
.Warehouse—
W-1147
Mendota
School
W-1265
Lester Prairie
School addition
...W-1284
High school
- _
-
W-1036
W-1037
38,097
40,650
84,662
90,500
172,727
41,818
186,290
as
p.
1435.
Flood Control District, Calif.—$967,000 of 4^%
$1,100.20 to $1,112,799; highest by Lazard
and associates.
Prescott, Ariz.—$60,000 water works improvement bonds: Five bids, $980
to $1,032.66; highest by Bosworth, Chanute, Loughbridge & Co., Denver.
Hot Springs County, Ark.—$74,000 courthouse and jail bonds:
Four bids,
$960 to $990; highest by Walter B. Bass Co., Little Rock.
Lakeside School District No. 9, Garland County, Ark.—$30,250 school
bonds:
Two bids, $940.80, and $1,000; higher by Arkansas National
Bank of Hot Springs, Hot Springs, Ark.
Siloam Springs, Ark.—$20,000 sewer revenue bonds:
Bid of $1,002 by
Bratt-Wasson Bank, Siloam Springs, Ark.
Seal Beach, Calif.—$29,000 water works system bonds of 1935:
Bid of
$1,003.10 by Redfield, Royce & Co., Los Angeles.
Louisville, Colo.—$21,500 waterworks improvement bonds:
Six bids,
$972.50 to $1,035.60; highest by Coughlin-McCabe & Co., Denver.
'
Angeles
bonds:
County
12 bids, ranging from
Freres & Co.,
Inc., New York
Bid of
Downey, Idaho—$15,500 water bonds series of March 1, 1934:
$950 by Sidio Simons, Day & Co., Denver.
Aurora, 111.—$123,000 water revenue bonds: 15 bids, $1,070.10 to
highest by the First Cleveland Corp., Cleveland.
Lawrenceburg, Ind.—$42,000 sewage works revenue
Two
134,200
12,160
13,068
27,022
29,040
58.831
130,725
5,175
30,690
24,500
20,437
11,500
Des
68,200
54,500
45.416
Linn?'kanf—$23!oOO
26,100
58,000
23,400
52,000
18,000
40,000
Received for Municipal Issues—The
reported in detail in these columns recently—
Bids were opened on 51 of these blocks of
bonds.
A tabulation by the Corporation showed that there
were 15 bids for less than par value.
Only one issue bore
4M% interest, the remaining bonds all bore 4% interest.
The following is a list of the high bids received, the prices
quoted being for $1,000 face value of .the bonds:
143,
60,390
Minnesota—
Two Harbors
115,000
of. 55 issues of bonds,
Los
Louisiana—
Bernice
127,150
51,750
77,727
51,000
Corporation had scheduled for sale on Sept. 10, a total
those of States, counties and muni¬
cipalities,
90,000
27,347
22,909
W-1231
bridge
said
180,000
W-l 347
W-1153
Water tank
Carlisle
34,576
30,000
RECONSTRUCTION FINANCE CORPORATION
128,000
W-1134
Stadium
School addition,
Bellevue _•
Armory.
Wailuku
....
33,750
66,600
Kentucky—
Franklinton
.Court house Jail
High school
Territory of Hawaii—
Lihue
...Court house
41,000
W-1046
W-1070
jL-.
W-1001
W-l006
W-1049
...Street improvement....
Greybull
....
Iowa—
Ringgold
13,500
22,950
^
Wyoming—
Report on High Bids
18,050
8,100
W-l 369
..Library.
_
Worland
r
W-l 134
..Electric plant
Gary
27,517
W-1329
W-1380
University buildings
Sheridan
61,150
W-l 168
Cottages
Madison
170,620
129,000
Indiana—
Bremen..
113,636
25,370
76,779
W-l 590
_.Storm sewers.
Jacksonville
W-1467
..Paving
Galesburg
92,727
51,136
36,500
96,364
270,909
29,090
13,090
...
32,857
41,727
W-l 113
Swimming pool
.School
_
Chippewa Falls.-Asylum
34,546
....
11,818
58,182
Wisconsin—
Menominie
Illinois—
5,318
26,182
16,425
43,364
121,909
West Virginia—
Wheeling
Marinette.
Nampa
W-1066
.W-1066
School
Sewer system
Roanoke County .Sewerage system..
32,000
5,818
12,727
W-1096
W-1131
systems
25,500
....
4,090
W-1067
.W-1070
Tappahannock-__Municipal building
Tappahannock... Water works and sewer
Bland County
2,618
•
Waverly
Georgia—
63,636
Utah—
Toquervllle
Junction
40,197
W-1217
.Streets.
New Britain......Paving
Manchester
25,196
W-l 180
..Street improvement...
Norfolk
Morris
21,800
11,338
21,231
18,088
—
..Highways
Trumbull
9,810
W-l 157
Ansonia.
St.
W-1076
Schuylkill Haven.High school addition
20,000
Colorado—
South
13,050
6,463
8,590
Pennsylvania—
Sioux Falls..
Safford
Daly City
Adams
25,454
South Dakota—
W-l 033
Moline
43,637
14,000
Oregon—
Eagle Point
Arizona—
Conyers
Waynesboro
98,048
North Dakota—
Bloss.
Description
Location
Swimming pool
Ralphton
Docket
Butler
School
North Carolina—
Wilson
Langdon
Federal agency:
,
Stables..
Portales
Roosevelt for
Projects—The following is the text of a press release (No.
2067) which was made public on Sept. 9 by the above named
Report
49,952
New Mexico—
WORKS ADMINISTRATION
$1,135.20;
$1,019.06 and $1,031.42;
Moines,
$1,002.52
bonds:/
bids,
Indianapolis.
higher by City Securities Corp.,
Iowa—$58,000 swimming pool revenue bonds: Two bids,
and $1,023.48; higher by Shaw, McDermott and Sparks,
waterworks bonds:
Six bids, $1,012.50 to
City.
highest by Baum, Bernheimer Co., Kansas
Onaga, Kan.—$11,000 water filtration plant
to
$1,040.94; highest
$1,080.58;
bonds: Five bids, $1,010.30
by Baum, Bernheim Co., Kansas City.
Volume
Financial
143
1749
Chronicle
Bessemer, Mich.—$51,000 serial
sewer improvement bonds:
Two bids,
$1,020.90 and $1,039.10: higher by William R. Stuart & Co., Chicago.
Ludmgton, Mich.—$19,000 sewage disposal system bonds.
Two bids,
$1,035.17 and $1,045.60; higher by Stranahan, Harris & Co., Inc., Toledo.
2"; Minn.—$6,000 water works plant bonds:
Five bids, ,$1,015.60 to
$1,060; higher by Southern Ohio Savings Bank & Trust Co., Cincinnati.
Hernando, Miss.—$37,000 sewer bonds:
Six bids, $985 to $1,005,716;
highest by Union Planters National Bank & Trust Co., Memphis.
Sardis, Miss.—$13,000 water works improvement bonds: Seven bids, $985
to $1,010.39.
Highest by the First National Bank, Memphis.
Consolidated School District No. 4, Dunklin County, Mo.—$33,000 bonds:
One bid, $900, by Baum, Bernheimer
Co., Kansas City.
State Board of Education of
Montana—$57,000 Montana State Industrial
; School bonds:
One bid, $986.26, by Brown, Schlessman, Owen & Co.,
Denver.
v
Cedar Bluffs, Neb.—$9,000 water bonds:
Five bids, $1,007.47 to $1,034.60;
highest by Kirkpatrick-Pettis-Loomis Co., Omaha.
"Five bids, $1,001 to $1,029.20;
highest by United States National Bank of Omaha, Omaha.
Nehawka, Neb.—$14,000 water bonds:
Middlesex
County, N. J.—$193,000 turberculosis hospital bonds: 11 bids,
$1,120.40; highest by H. L. Allen & Co., New York, and
$993.85 to
associate.
Board, of
Education of Borough of Ridgefield, N. J.—$46,000 school
district bonds: Three bids, $987.90 to $1,013.90; highest by H. L. Allen
&
Co., New York.
Board
Six
•
,
of Education of Teaneck, N. J.—$407,000 school district bonds:
bids, $995.60 to $1,028,199; highest by Edward B. Smith & Co.,
"NTpw Vnrlr
qtiH
juMApistA
Capitan Union High
School District, Lincoln County, N. M.—$39,000
Two bids, $1,010 and $1,011.76; highest by Brown,
Schlessman, Owen & Co., Denver.
/
San Miguel County, N. M.—$32,000 court house and
jail bonds:
Four
bids, $992.70 to $1,020; highest by Southern Ohio Savings Bank & Trust
Co., Cincinnati.
Common School District, No. 9, Babylon, N. Y.—$66,000 school building
bonds:
Three bids, $1,031.50 to $1,067; highest by George B. Gibbons
& Co., Inc., New York, and associate.
Union School District 1, Harrietstown, N. Y.—$23,000 school building
bonds:
Five bids, $1,000 to $1,073.50; highest by George B. Gibbons &
Co., Inc., New York, and associate.
Mount Pleasant, N. Y.—$15,000 waterworks improvement bonds:
Seven
bids, $1,030 to $1,064; highest by Rutter & Co., New Vork.
Vorktown, N. l ,-r-Town hall bonds, $18,000:
10 bids, $1,017.91997 to
$1,044; highest by Rutter & Co., New York.
Granite Falls, N. C.—$96,000 water works and sewer bonds:
One bid,
$920, by Kirchofer & Arnold, Inc., Raleigh, N. C.
Board of Education of Norton Township Rural School District, Ohio—
$54,000 school improvement bonds: Nine bids, $1,028.70 to $1,095,599;
school district bonds:
highest by Saunders, Stiver & Co. .Cleveland.
Board of Education of St. Clairsville Village School District,
school improvement bonds:
Four bids, $1,005.70 to
Ohio—$11,500
$1,050.45733;
highest by Saunders, Stiver & Co., Cleveland.
•
Board of Summit County Commissioners, Ohio—$428,000 county road
improvement bonds; seven bids, $1,053.10 to $1,057.92; highest by
Assel, Goetz & Moerlein, Inc., Cincinnati.
Toledo, Ohio, acting through directors of University of City of Toledo—
$166,000 university improvement bonds:
One bid, $980.10, by Siler,
Carpenter & Roose, Toledo.
Hinton, Okla.—$15,000 water bonds of 1934: Three bids, $960 to $932.65;
highest by J. E. Piersol Bond Co., Oklahoma City.
Shawnee, Okla.-—$555,000 water works bonds of 1934: Two bids, $976.12
and $986.40; higher by C. W. McNear & Co., Chicago.
Dayton, Ore.—$15,500 water bonds; one bid, $1,005.80, by E. M. Adams
& Co., Portland, Ore., and associates.
State of Oregon, by Department of Higher Education—$34,000 Oregon
Normal School gymnasium bonds:
Three bids, $952.70 to $993.80;
highest by Blyth & Co., Inc., New York.
School District of Borough of Chalfant, Pa.—$27,000 elementary school
bonds:
Four bids, $970 to $1,022.72; highest by Singer, Deane & Scribner, Pittsburgh.
Sykesville, Pa.—$37,000 for water plant extension bonds: Three bids, $980
to $1,012.72; highest by Singer, Deane & Scribner, Pittsburgh.
Clemson Agricultural College of South Carolina—$216,000 agricultural
bonds:
One bid, $980 by R. S. Dickson & Co., Charlotte, N. C. and
.
associates
,*
>
■
Brownsville; Tenn.—$66,000 sewer bonds of 1935: Three bids, $978.20 to
$996.01; highest by Cumberland Securities Corp., Nashville.
Camden, Tenn.—$25,000 sewer bonds of 1935: Two bids, $962 and $973;
higher by C. H. Little & Co., Jackson, Tenn.
Lake County,
Tenn.—$§9,000 public building bonds: Three bids, $988.33
to $995.70; highest by Burch, Sternberger & Hicks, Inc., Memphis.
Smithville, Tenn.—$25,000 water works bonds of 1935: Two bids, $961.50
and $967.50; higher by C. H. Little & Co., Jackson, Tenn.
Road District No. 26 of Drazoria County, Texas—$37,000 road bonds,
second series:
Three bids, $973.60 to $990.38; highest by Fenner &
Beane, Washington, D. C.
Hardeman County, Texas—$61,000 hospital bonds:
Seven bids, $1,003.30
to $1,040.70; highest by Jas. Stayard & Davis, Inc., Dallas.
Kilgore, Texas—$15,000 sewer bonds:
Five bids, $995 to $1,028.70;
highest by James Stayard & Davis, Inc., Dallas.
Weismar, Texas—$6,500 water revenue bonds, series 1934:
Two bids,
$1,011.10 and $1,035.50; higher by Hill Bank & Trust Co., Weimar,
'
Texas.
Report on Loans Authorized and Rescinded—The following
statement was made public on Sept. 9 by the above-named
Federal agency:
A
loan
for
refinancing
drainage district in Missouri,
and an addi¬
Colorado,
aggregating $228,500.00, have been authorized by the Reconstruction
Finance Corporation.
This makes a total to date of $122,909,613.62
authorized under the provisions of Section 36, Emergency Farm Mortgage
Act of 1933, as amended.
tional
construction loan
one
for
a
reservoir
and
canal
company in
The district and company are:
Drainage District No. 16
Drainge District No. 16, Pemiscot County, Mo >
Twin Lakes Reservoir & Canal Co., Crowley County, Colo
-
_
-
—
-$28,500.00
$28,500.00
200,000.00
to issue bonds to
acquire sites for the new industries.
Ample safeguards
placed around the bill to prevent promiscuous issuance of bonds by
over-enthused sections.
are
Municipal Bond Club Field Day to Be Held Sept. 18
Municipal Bond Club of New York will hold its
fifth annual field day on Friday, Sept. 18, at the Winged
Foot Golf Club, Mamaroneck.
George J. Gillies of Bancamerica-Blair Corp. heads the field day committee, which
also includes Augustus W. Phelps, Frank J. Adams, Thomas
F. Adams, Davit T. Miralia, and Henry L. Harris.
—The
,
Golf competition will feature the day, with silver cups as
prizes for first
and second low gross, first and second low net, first and second winner
in match play vs. par, kickers handicap, longest drive and "nearest-the-pin."
Luncheon will be served in the club grill from noon on and a dinner will
be held in the evening, at which gold prizes will be awarded.
During the
dinner
the
stock
exchange
will
be
opened.
Shares
have been printed,
applicable to the ownership of a 1936 Ford V-8 convertible sedan and are
available for subscription from Mr. Phelps of the field day committee.
Municipal Bonds Finding Increased Favor as Private
Investments—"Citizen ownership" of municipal bonds is
a
growing trend in
Lebenthal,
head
this
of
the
country, according to Louis
odd-lot municipal bond firm
S.
of
Lebenthal & Co.
Just returned from an 11-week tour of the nation, Mr. Lebenthal points
out that more and more people are investing in the bonds of their local
municipalities.
He notes also that investment dealers everywhere are
showing greater interest in municipal bonds, and that many have con¬
siderable demand for that class of security.
Even the moving picture
colony on the Coast, he notes, has abandoned its speculative proclivities
and is now investing substantially in municipal bonds.
Mr. Lebenthal
also found a new spirit of econotny prevailing among municipal officials,
and because of this fact, coupled with the natural impetus given to the
municipal bond market after the vacation period, he predicts a rising price
level for municipal bonds.
New
Jersey-—-State
Commission
Plans
to
Expand Relief
Commission,
recognizing the fact that the demands of local governments
for aid in meeting relief obligations have not been as heavy
as anticipated, on Sept. 4 yielded to the insistent demands of
municipal officials for more liberal apportionments, accord¬
ing to a news dispatch from Trenton on that date, which
Funds to Cities—The State Financial Assistance
continued
At
as
follows:
conference with
a committee from the State League of
Municipali¬
ties, the Commission, of which Governor Harold G. Hoffman is Chairman,
agreed to reduce by half the monthly municipal contribution to relief
quotas.
This purpose will be accomplished by revising the base used by
the Commission in distributing funds.
The Commission agreed to consider .the total relief need for the half year
until Jan. 1 to be $9,750,000, a reduction from the original figure of $10,500,000 and to include the $1,500,000 balance remaining after liquidation
of the State Emergency Relief Administration in computation of disburse¬
ments with the $6,000,000 appropriated by the Legislature from the Dorrance inheritance tax.
'
Transfer of this ERA balance from a special relief administration account
to the use of the Commission will require legislative action, which will not
a
be taken until after the
New
November election.
York
City—Comptroller Taylor Reports on Status of
City's Rapid Transit Debt—Comptroller Frank J. Taylor
made public, in pamphlet form, on Sept. 9, data which he has
submitted to the Transit Commission showing the city's rapid
transit.debt as of June 30, 1936, and which includes, among
other items, a detailed statement of the estimated debt
service requirements—the amount needed for interest—as
well as the sinking fund instalments and redemption of serial
bonds for the years 1936 to 1988 inclusive.
Comptroller Taylor's statement shows, in other words, the vast sum,
$900,000,000, to which the city has committed itself, for contracts
Interborough and B. M. T. private systems; as well as the amount
included in its investment in its own independent subway.
Close to $160,000,000 of the debt has been redeemed, so that there still remains, out¬
standing, as of June 30, about $740,000,000 of rapid transit debt.
Here is the exact set-up, as submitted by Comptroller Taylor:
close to
with the
The total amount of debt issued by the city for rapid transit,
that is, for contracts Nos. 1, 2, 3 4 and the City Inde¬
pendent System was
There has been redeemed, however, up to June 30, 1936---
$899,116,888.77
159,435,000.00
Note—Loan
Butte
previously authorized to the Rich vale Irrigation District,
County, Calif., in the amount of $113,500.00 for the purchase of
additional water rights
and works has been rescinded and
$90,000.00 authorized for the same purpose.
a
new
loan of
Loans authorized to the following districts have been rescinded:
Salt Bayou
Drainage District, Jefferson and Arkansas Cos., Ark_$76,000.00
County Drainage District No. 1, Decatur, Miss
11,500.00
Creek Drainage District, Marshall and DeSoto
Counties, Miss
27,000.00
Drainage Improvement District No. 10, Benton Co., Wash
9,500.00
Newton
Red
—
__
Banks
_
News Items
Mississippi—Special Session Expected to Convene on Sept.
15—Formal issuance of a proclamation for the convening
of an extra session of the Legislature on Sept. 15 was expected
on Sept. 8, on Governor White's return to the State
Capitol,
according to a Jackson news report of Sept. 7.
It was pre¬
viously stated by the Governor that the session will be
convened and he indicated the date would be Sept. 15, at
2 p. m.
No specific time must elapse between the issuance
of the call and the convening of the Assembly.
Subjects outlined for consideration are:
1. Governor White's program for the balancing of agriculture with industry.
Amendments to the $42,000,000 highway paving act.
3. Provision for State purchase of rights-of-way for the Natchez Trace
Parkway through 15 counties.
,
Probably the most important of the subjects is the Governor's plan for
encouraging the industrialization of agricultural Mississippi.
His program
calls for authorization to municipalities, supervisors' districts and counties
2.
So that the total rapid transit debt, as at June 30, '36
was.$739,681,888.77
Continuing, Comptroller Taylor says:
"Of the total amount of rapid transit debt outstanding, almost 55%
represents securities issued to finance the city's Independent Subway
System.
The total amount, outstanding, for the city's system, is $405,078,000.
Of this amount $12,504,000 was issued to the United States of
America Public Works Administration.
There was also sold, to the Federal
Government, securities in the sum of $12,000 for account of rapid transit
contract No. 3, so that the total amount furnished by the Government to
the city on account of the rapid transit system was $12,516,000.
"Included in the total outstanding rapid transit debt is the sum of
$171,525,294.44 issued to finance what is known as contract No. 4.
This
is the contract between the City of New York and the New York Municipal
Railway Corporation, more commonly known as the B. M. T.
"Contract No. 3* that is the contract between the Interborough Rapid
Transit and the City of New York, accounts for $104,360,816.99 and
contracts Nos. 1 and 2, also between the city and the Interborough Rapid
Transit Co., account for $58,717,777.34 more of the outstanding rapid
transit debt."
One of the statements included in the pamphlet shows that $247,343 548.71 will require to be paid into the sinking funds ultimately to redeem
the debt and in addition thereto the sum of $88,456,000 will be required
to redeem serial bonds issued for rapid transit purposes.
The same state¬
ment shows that the interest requirements up to and including 1988 on the
present debt will be $1,131,125,738.37, so that the interest costs will be
more than three times the amount required to redeem the
outstanding debt
The pamphlet also shows that the amount necessary for
sinking fund
instalments for the year 1936 is $5,681,585.99.
The amount required to
redeem serial bonds during the year 1936 is $1,616,000.
The amount
required in 1936 to pay interest on the outstanding rapid transit debt is
$29,032,625.38.
The total for amortization; for redemption of serial bonds
and for interest during the year 1936 is shown as $36,330,211.37.
Of the amount required for the year 1936, $28,785,193.02 is shown to be
provided in the budget of 1936.
It is estimated that there will be received
from the Interborough Rapid Transit Co., as payments on account of
contracts Nos. 1 and 2, $2,622,975.67 and from the capital reserve fund
Financial
1750
the city's Independent Subway
addition, there is to be provided in
of
System the sum of $3,900,000.
In
1936 for amortization instalments the
CALIFORNIA MUNICIPALS
of $1,022,042.68 from existing surplus assets of the rapid transit sinking
fund for account of the Independent Subway System requirements, or a
sum
total provision of $36,330,211.37.
In other words, $28,785,193.02
care
bureau be created for mortgage
California
investigated mortgage companies following their
collapse after the bank holiday of March, 1933.
The State
Insurance Department began taking over the mortgage con¬
cerns on Aug. 4, 1933.
A large number of these companies
are now either in the process of liquidation or rehabilitation.
Texas—Special Legialative Session Called—Governor James
Y. Allred has called a special session of the State Legislature
to convene on Sept. 28, for the initial purpose of enacting
tax laws to provide a fund for old age pensions, according to
a press dispatch from Austin on Sept. 10.
Wisconsin-—Dividends Tax Held Deductible from
Taxable
Treasury ruled on Sept. 3 that the
2^% levied on dividends declared by
Wisconsin corporations or out of income derived in the
State, may be deducted by the stockholder from his taxable
income in computing his Federal income tax, according to
Washington advices.
The Federal Department, however,
made it clear that only the stockholder, not the corporation,
might claim the deduction, it is said.
Income—The Federal
566
of
OFFERINGS
San Francisco, Calif.
Teletype-S F 396
Telephone Exbrook 7067
CALIFORNIA
yield
to 3.10%,
from 0.50
according to maturities ranging from 1937
to 1955.
SAN
Calif.—CITY ORDERED
DIEGO,
TO PAY BONDS IN DE¬
a
decision which may have far-reaching effects in other
cities, Superior Judge Haines recently ordered San Diego to
FAULT—In
California
pay a series of 1915 delinquent street improvement
The city was held responsible for the bonds and
bonds.
delinquencies in a suit
brought by Mrs. Rose De Pareq, executrix for the estate of David W.
Beldon.
The Beldon estate owns approximately $4,000 of a delinquent,
street improvement bond issue.
The court ordered the city to pay off the entire bond indebtedness,
amounting to about $14,000.
Mrs. De
asked the city to pay the bonds out of the
to satisfy the
Pareq in her mandamus action
general fund or sell the property
obligation.
FRANCISCO (City and County), Calif.—BOND ISSUANCE
is reported that the Harbor Commission has approved
SAN
APPROVED—It
selling a $700,000 issue of harbor bonds, to
a Public Works Administration grant.
JOAQUIN COUNTY (P. O. Stockton), Calif— BOND SALE—
SAN
The
be used in connection with
District bonds offered for sale
$10,000 issue of 5% Terminus School
Sept. 8—V. 143, p. 1437—was awarded to the Farmers Mutual Insurance
Co. of Stockton, paying a premium of $1,100, equal to 111.00, according
to the Clerk of the County Board of Supervisors.
The second bidder was
on
& Loan Bank, offering $101.00 premium,
the Stockton Savings
SAN
ELECTION AUTHORIZED—The City
providing for an election to have
of $1,250,000 in poft development
if the Public Works Administration approves a grant for the project.
JOSE,
Calif.—BOND
Council is said to have passed a resulution
the voters pass on the proposed issuance
bonds,
WATSONVILLE SCHOOL DISTRICT, Calif.—BOND ELECTION—
which a proposal to issue $100,000
bonds will be submitted to the voters.
An election will be held on Sept. 19 at
school building and improvement
WANTED
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONT ANA
NEW MEXICO
Francis, Bro. & Co.
ESTABLISHED
1877
—
WYOMING
DONALD F. BROWN & COMPANY
Investment Securities
DENVER
TULSA
LOUIS
Telephone:
and Negotiations
Keystone 2395
•—
Teletype: Dnvr 51
COLORADO
ARKANSAS
BONDS
County & Town Issues
FORT COLLINS,
Colo.—BOND SALES—We are informed that a $13,Improvement Districts Nos. 40 and 41 bonds was pur¬
Co. of Denver.
Due on or before
500 issue of 4 %%
chased by the J. K. Mullen Investment
five years.
,
KIOWA COUNTY SCHOOL DISTRICT NO.
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST.
LOUIS, MO.
Colo.—
$2,000 school
Denom. $500.
CACTUS RIDGE SCHOOL DISTRICT (P. O. Henderson),
BONDS SOLD—It is reported by the District Secretary that
building bonds have been purchased by a local investor.
Due serially over a four year period.
Markets in all State,
plus accrued
interest.
MUNICIPAL BONDS
Bond Proposals
& CO.
DONNELLAN
Arkansas—Illinois—Missouri—Oklahoma
ST.
teletype la
Municipals
111 Sutter St.
supervision and licens¬
which
tax
L°S ANGELES
Control Over Mortgage Business
State—State
ing and that the business law be strengthened to give the
Attorney General necessary powers to prosecute mortgage
frauds, it was agreed upon Sept. 9 at a meeting in New York
City of the Joint Legislative Committee to investigate in¬
vestment companies and bondholders' committees.
It is said that these far-reaching recommendations are a
result of the conditions revealed by various State committees
Wisconsin
Playground
MEMBER LOS ANGELES STOCK EXCHANGE
Urged—Recommendations will be made at the next session
Legislature that the mortgage business will be
placed under the supervision of the Department of Insurance,
a
&
@ 3.45%
CBootheC/illcitc & Co.
634 SOUTH SPRING ST.
of the State
that
Park
Beach
5's 6-1-62
of existing debt.
York
New
Long
$5,000
of the total requirements for 1936 were
provided in the budget and related tax levy for the year 1936 and the
balance, or $7,545,018.35, came from the other sources shown hereinabove.
The amounts required for sinking fund purposes, for the redemption of
debt and for interest increase each year until the peak is reached in 1939,
when $40,243,904.40 is estimated to be required.
Thereafter, to and in¬
cluding 1943, over $40,000,000 is required each year and for the next seven
years, that is through 1950, over $39,000,000 will be required each year.
Not until 1959 will the amount required be less than the amount pro¬
vided in 1936.
In 1959 over $35,500,000 will be needed to take care of
debt service, predicated, of course, on the present outstanding debt.
If additional funds are provided for rapid transit purposes in the future,
provision, of course, will require to be made for.the redemption and interest
costs which, in turn, will add to the totals now indicated as necessary to
take
1936
12
Sept.
Chronicle
9 (P. O. Eada), Colo.
—BOND CALL—It is reported that the following bonds are
for payment at the International Trust Co. of Denver:
being called
each, Nos. 26 to 35, for $500 each,
$32,000 of school bonds.
Dated
Aug. 15 1921.
Due on Aug. 15, 1951, redeemable on Aug. 15, 1936.
On Nov.
15—Nos. 56 to 64, for $1,000 each, and 65 to 72, for $100 each,
totaling $9,800, of school bonds.
Dated Nov. 15, 1921.
Due on Nov. 15,
On Sept. 27—Nos. 1 to 25, for $1,000
and Nos. 36 to 55, of $100 each, total
1951, redeemable
on
Nov. 15, 1936.
KREMMLING, Colo.—BONDS SOLD—It is stated by Horace W.
Brown, Town Clerk, that the $21,500 4% semi-annual water refunding
bonds authorized in July, as noted here—V. 143, p, 955—were sold through
ARKANSAS
Amos C.
State & Municipal Bonds
Sudler &
Co. of Denver, at par.
City). Colo.—BOND OFFER¬
District Clerk, until 7 p. m.
District No.l
be approved
by Pershing, Nye, Tallmadge, Bosworth & Dick, of Denver.
SOUTH CANON CITY (P. O. Canon
ING—Sealed bids will be received by the
Sept. 22, for the purchase of a $3,000 issue of 5% Sidewalk
bonds.
Denom. $500.
Dated July 1, .1936.
Legality to
on
WALTON, SULLIVAN & CO.
LITTLE ROCK, ARK.
ST. LOUIS, MO.
$6,500 issue of water system improvement bonds to Gray B. Gray,
Inc., of Denver, as noted in these columns recently—V. 143, p. 1268—
it is stated by the Town Clerk that the bonds Eire due in 1951, and optionEil
$500 from 1939 to 1950.
ARKANSAS
MISSISSIPPI
NO. 17 (P. O.
COUNTY
DRAINAGE
WESTMINSTER, Colo.—MATURITY—In connection with the sale
of the
IMPROVEMENT
DISTRICT
CONNECTICUT
Osceola), Ark.—BOND REFINANCING PLAN OFFERED
-—Drainage Improvement District No. 17 of Mississippi County, north¬
east Arkansas,
,which has $3,700,000 of bonds outstanding is offering a
52% refmancing plan, and Clifton H. Scott, receiver, believes the plan
will be made operative by Jan. 1.
Acceptance has been recommended
by the Bondholders' Protective Committee, St. Louis.
The District has
been granted conditionally a loan of $1,172,500 by the Reconstruction
Finance Corporation and this will be supplemented by $445,000 from pro¬
ceeds or delinquent tax collections,
including $250,000 cash on hand.
When the refinancing plan is accepted by holders of
95% of outstanding
bonds, receivership will be terminated.
NEW
BRITAIN,
Conn.—BONDS
AUTHORIZED—'The
Common
the purpose of financing
Council recently voted to issue $50,000 bonds for
an addition to the Israel Putnam school building.
FLORIDA
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 8
(P. O. Pensacola), Fla.—BOND SALE—The $30,000 issue of school bonds
on Sept. 4—V. 143, p. 1438—was purchased by the Public
as 4s at par.
No other bid was received, it Is re¬
offered for sale
Works Administration
CALIFORNIA
DINUBA HIGH SCHOOL
voters on
Aug. 28 approved
ing bonds.
LOS
ANGELES
a
ported.
DISTRICT, Calif.—BONDS VOTED—The
proposition to issue $85,000 high school build¬
^
COUNTY FLOOD
CONTROL
DISTRICT
(P. O.
OFFERED FOR INVESTMENT—Public
Los .Angeles), Calif.—BONDS
offering of $967,000 4}i% bonds, purchased from the Reconstruction
Finance Corporation was made on Sept. 10 by a banking group composed
of Lasard Freres & Co., Inc., California Bank, Los Angeles, the Milwaukee
Co. and Brush, Slocomb & Co., San Fransciso.
The bonds are priced to
LEESBURG, Fla.—BOND ELECTION—It is reported that an election
on Sept. 28 in order to vote on the issuance of $50,000 in sewer
will be held
construction
approved
a
bonds.
The
Public Works
Administration is said to have
loan in that amount.
MELBOURNE,
Fla.—BOND
DETAILS—In
connection
with
the
$30,000 in 4% hospital revenue bonds to be submitted to the voters on
Sept., 15, as reported here recently—V. 143, p. 1594—it is stated by the
City Manager that the bonds are dated Dec. 1, 1935, and mature on Dec. 1
as follows: $1,000. 1938 to 1948; $2,000, 1949 to 1956. and $3,000 in 1957.
Volume
Financial
143
1751
Chronicle
V. 143, p. 1595—was awarded to the
White-Phillips Corp., of Davenport
,
2^8, paying a premium of $1,051, equal to 101.812, a basis of about
2.33%.
Dated Sept. 1, 1936.
Due from Sept. 1, 1945 to 1952.
The second highest bid was an offer of $1,050 on 2Ms. submitted by the
as
FLORIDA
Iowa-Des Moines National Bank & Trust Co. of Des Moines.
BONDS
BUENA VISTA COUNTY (P.
O. Storm Lake), Iowa—BOND SALE
—The $400,000 issue of primary road bonds offered for sale on Sept. 3—
V. 143, p. 1269—was awarded to the Carleton D. Beh Co. of Des Moines,
2Ms, paying a premium of $6,401, equal to 101.60, a basis of about
1.97%, to optional date. Dated Sept. 1, 1936.
Due from May 1, 1938 to
1947, optional on May 1,1942, or on any payment date thereafter.
as
PIERCE-BIESE CORPORATION
JACKSONVILLE
Orlando
Tampa
FAIRFIELD, Iowa.—BOND SALE—The $9,500 water works revenue
Miami
bonds offered for sale
on Sept. 1—V. 143, p. 1269—were awarded to the
Carleton D. Beh Co. of Des Moines, as 2Ms, at a price of 100.01, a basis
of about 2.746%.
Due in from one to 10 years.
HUMBOLDT COUNTY (P. O. Dakota City), Iowa—BOND SALE—
The„$400,000 issue of primary road bonds offered for sale on Sept. 4—V. 143,
1269—was awarded to a syndicate composed of the Harris Trust &
Savings Bank of Chicago, the Iowa-Des Moines National Bank & Trust Co.
of Des Moines, and the White-Phillips Corp. of Davenport, as 2Ms, at a
P.
Srice of 101.25, a1947; optional on and after May 1, 1942.
basis of about 2.03%. Dated Sept. 1, 1936. Due from
lay 1, 1938 to
IOWA, State of—COUNTY PRIMARY ROAD BONDS OFFERED TO
PUBLIC—Brown Harriman & Co., Inc.; Jackley & Co.; Wells-Dickey Co.,
and First of Michigan Corp., on Sept. 9 offered to the public $500,000
Cherokee County and $400,000 Calhoun County 2M % primary road bonds.
The bonds are dated Sept. 1, 1936, and will mature serially from May I,
Orlando, Fia.^^^HJacksonville, Fla.
Bell
System
10
Orlando
Teletype
Jacksonville
No.
96
1938 to
1947 incl.
(These sales are reported under their individual cap¬
tions.)
,
The bonds
FLORIDA
SEMINOLE COUNTY (P. O. Sanford), Fla.—REFUNDING NEGIOTIATION COMPLETED—The following report is taken from an Associated
Press dispatch out of Sanford on Sept. 2:
y
"County Commissioners and a Chicago and Orlando bond compano
completed negotiations today for refunding Seminole County's $2,238,00
bond
E.
debt.
"The plan goes into effect in one year if 75% of the bondholders agree.
F. Householder, County Attorney, said maturity dates of all out¬
standing bonds
advanced 30 years."
were
maturing from 1938 to 1942 are priced to yield from 0.75 to
1.60%.
Bonds maturing 1943 to 1947 are priced to yield from 1.70 to
2% to first redeemable date, and 2M% thereafter.
Bonds due 1938 to 1942 incl. are not redeemable prior to maturity while
the bonds due 1943 to 1947 incl.
on
DISTRICT
SCHOOL
(P. O. Statesboro), Ga.—BONDS
SOLD—It is reported by the Secretary of the Board of School Trustees that
$6,000 school construction bonds were purchased recently by the Public
Works Administration as 4s at par.
Due $500 serially over a period of
12 years.
PARKER
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Lyons),
Ga.—BONDS SOLD—A $3,000 issue of 4% semi-ann. auditorium bonds
has been purchased at par by the Public Works Administration, according
to report.
Due
Denom. $1,000.
on
June 1, 1943,
(P.
O.
Soda
Springs),
INDEPENDENT SCHOOL
DISTRICT
NO.
6
Ida.—BOND
OFFERING—Sealed bids will be
Sept. 26, by Minnie Horsley, District Clerk,
for the purchase of a $33,000 issue of gymnasium bonds. Interest rate is
not to exceed 6%, payable M. &
S. Denom. $1,000.
Dated Sept. 1,
1936.
Due $3,000 from Sept. 1, 1938 to 1948 incl.
Prin. and int. payable
at the District Treasurer's office in Soda Springs.
A certified check for
5%, payable to the Board of Trustees, must accompany the bid.
received
until
2
p.
m.
redeemable at 100 and accrued interest
annual tax and from the annual allotment to each county of the State
primary road fund.
These bonds, in the opinion of counsel, are also general
obligations of the respective counties payable both as to principal and in¬
terest from ad valorem taxes which may be levied on all of the taxable
property therein without limitation as to rate or amount.
POCAHONTAS COUNTY (P. O. Pocahontas), Iowa—BOND SALE
issue of primary road bonds offered for sale on Sept. 3—
The $400,000
V.
Trust &
1269—was awarded to a syndicate composed of the Harris
Savings Bank of Chicago, the lowa-DeS Moines National Bank
& Trust
Co. of Des Moines, and the
143,
p.
White-Phillips Corp. of Davenport,
2Ms, paying a premium of $5,401.00, equal to 101.35, a basis of about
2.01%.
Dated Sept. 1, 1936.
Due from May 1, 1938 to 1947; optional on
and after May 1, 1942.
'
"
as
COUNTY (P.
SAC
O. Sac City), Iowa—BOND OFFERING—Sealed
on Sept. 23, by Iva Bilbrey, County
a $500,000 issue of primary road bonds.
Bids should be made on the basis of par and accrued interest or better for
all of the bonds bearing the same interest rate, such interest rate to be a
multiple of M of 1%.
Dated Oct. 1, 1936.
Due as follows: $15,000,
1938 to 1942; $30,000, 1943; $80,000, 1944; $225,000, 1945, and $45,000
in 1946 and 1947.
Open bids will be entertained after all sealed bids are
received.
Required bidding blanks may be obtained from the above
Treasurer or from the State Highway Commission at Ames, Iowa.
The
purchaser will be required to accept delivery and pay for the said bonds
at the County Treasurer's office, or through a county seat bank when
bonds are available.
The purchaser must agree to furnish the blank bonds
and the county will furnish the approving opinion of Chapman & Cutler
of Chicago, and all bids must be so conditioned.
These bonds are the
first portion offered for sale of the total $1,100,000 bonds approved by the
voters at the election held on July 8, 1936.
Interest payable annually.
A certified check for 3% of the amount of bonds offered, payable to the
County Treasurer, must accompany the bid..
bids will be received until 2 p. m.
Treasurer, for the purchase of
IDAHO
CARIBOU COUNTY
are
interest date thereafter.
or any
legally
binding obligations of the respective counties and provision has been made
for payment of both principal and interest from the proceeds of a voted
GEORGIA
NEVILS
May 1, 1942
These bonds will constitute, in the opinion of counsel, valid and
on
MONTPELIER, Idaho—BONDS NOT SOLD—It is stated by J. S. RobiCity Clerk, that the $56,000 water works bonds offered for sale without
Aug. 6, as reported in these columns—V. 143, p. 1118—have been
Equipment Co. of Salt Lake City as 4s at par.
Dated July 1, 1936.
Due from July 1, 1938 to 1956.
son,
success on
sold to the Water Works
TWIN FALLS. Ida.—BOND ISSUANCE NOT CONTEMPLATED—
It is stated by W. H. Eldridge, City Clerk, that no action regarding the
authorization of the $300,000 in water supply bonds mentioned in these
Assessed
taxable
and
Official Financial Statement
of property within said county
value
$30,052,364
equalized for the year 1935
Assessed and taxable value of moneys and credits for the year
$2,483,745
17,641
1935, not included in the above figure
Present population of said county, estimated
columns last May, has been taken as yet.
proposed issue of primary road bonds to be dated
Oct. 1, 1936, not included in the following debt statement - _
Total bonded indebtedness as of the 2nd day of September,
1936 at the time of passage of resolution providing for the
issuance of primary road bonds
Amount of
ILLINOIS
CHAMPAIGN, 111.—BONDS VOTED—At
a
of the city gave their approval to the issuance of
The vote was 579 "for" to 205 "against."
recent election the
voters
$25,000 city building bonds.
call for redemption of various 1935 corporate, 1934 and 1935
public library and 1933 municipal tuberculosis sanitarium tax anticipation
warrants.
Interest on the warrants will cease to be paid after Sept. 10
a
SIOUX
that
Iowa—BOND ELECTION PROPOSED—It is reported
the
$3,000,000 in dock bonds.
CITY,
election has been proposed in orders to have the voters pass on
an
issuance of
The warrants should be presented for payment through any bank to the
City
Treasurer's office or the Guaranty Trust Co., New York City.
OTTAWA
SCHOOL
DISTRICT, 111.—PRICE PAID—The H
C
Speer & Sons Co. of Chicago paid a price of par for the $25,000 3
% bonds
purchased by them as reported in these columns recently—V. 143
Due $5,000 on Dec. 1 from 1939 to 1943 incl.
•
p
1595
INDIANA
DECKER
SCHOOL
TOWNSHIP,
Knox
County,
Ind.—BOND
OFFERING—Sealed bids will be received by the trustee until 7 p. m on
Oct. 1 for the purchase of an issue of $4,585.83 school funding bonds.'
HAMMOND, Ind.—BOND SALE—The $49,000 3% judgment funding
bonds offered
Sept. 8—V. 143, p. 1438—were awarded to A. S Huyck
Co. of Chicago at par plus a premium of $1,989.43, equal to 104 06 a
basis of about 2.53%
Dated Sept. 1, 1936 and due $7,000 on Dec. 1 from
on
&
.
1945 to 1951 inclusive.
LAKE COUNTY
(P. O. Crown Point), Ind.—BOND OFFERING—
Joseph E. Finerty, County Auditor, will receive sealed bids until 11a m
on Sept.
19 for the purchase of $65,000 bridge bonds.
Denom. $1 000*
Due semi-annually from July 1, 1941 to Jan. 1, 1946.
Principal and in¬
terest (J. & J.) payable at the County Treasurer's office.
A certified check
for 3% must accompany each bid.
Legality approved by Matson Ross
McCord & Clifford of Indianapolis.
(The date of sale was previously reported as Sept. 18.)
PORTLAND, Ind.—ACCEPTS FEDERAL GRANT—'The City Council
by resolution accepted
municipal light plant.
Federal grant of $87,000 for improvements to the
The program will cost about $193,000, with the
to be furnished by the city.
SCHOOL
KANSAS
.
Kan.—BOND OFFERING— Sealed bids wiU be
received until 10 a. m. on Sept. 14, by James F. Clough, City Clerk, for
the purchase of a $20,000 issue of 2% coupon refunding bonds.
Denom.
$1,000.
Dated Oct. 1, 1936. Due $1,000 on April and Oct. 1 from Oct. 1,
1937 to April 1, 1947.
Interest payable A. & 0. Bidders may bid on the
first six bonds and on the last 14 separately.
Bonds will not be sold for less
than par and accrued interest.
Bids will be subject to purchase of the
bonds by the State School Fund Commission.
The city will prepare the
transcript and print the bonds, which will be ready for delivery on or about
Sept. 14. A certified check for 2% of the bid must be enclosed.
ARKANSAS
BONNER
held
CITY,
SPRINGS,
Kan .—BOND ELECTION—An election is to be
Sept. 22 at which a proposed $17,000 city
on
hall bond issue will be
submitted to the voters.
SCHOOL DISTRICT (P. O. Burrton), Kan.—BONDS
SOLD—-It is stated by the Clerk of the Board of Education that the $45,000
grade and high school building bonds approved by the voters last May,
as noted here, were purchased recently by the Dunne-Israel Co. of Wichita.
BURRTON
ELKHART,
Kan.—BONDS PARTIALLY SOLD—It is stated by the
City Clerk that of the $10,000 3% semi-annual city hall bonds offered
on Sept. 8—V. 143, p. 1596—a block of $7,000 was sold at par.
for
sale
GOODLAND
BOND
DISTRICT
SCHOOL
O.
(P.
Goodland),
Kan.—
ELECTION POSTPONED-^-It is now reported that the election
the proposed issuance of $165,000 in school building
to be held to vote on
previously scheduled
postponed to Sept. 19.
bonds,
for
143,
Aug. 29—-V.
1269—has
p.
been
a
balance of the amount
UNION
$67,000
None
All other indebtedness of any sort
CHICAGO, III.—WARRANT CALL—R. B. Upham, City Comptroller,
has issued
$500,000'
TOWNSHIP
(P.
O.
Chesterfield), Ind .—BOND
OFFERING—Sealed bids will be received by the Trustee until 1
Sept. 22 for the purchase of $15,000 school building bonds.
p
m
on
McLOUTH,
Kan.—BONDS
waterworks bonds was approved
VOTED—A
proposal
to
issue
$26,000
by the voters at a recent election.
SCHOOL
DISTRICT,
Kan.—BONDS
VOTED—The
residents of the district voted recently in favor of the issuance of $33,000
school building improvement bonds.
MERRIAM
RUSSELL, Kan.—BONDS SOLD—It is stated by the City Clerk that
$35,000 refunding bonds authorized recently, as noted here—V. 143,
1439—have been purchased by L. C: Atkins & Co. of Topeka.
the
p.
Iowa
Municipals
SEDGWICK
is stated
Polk-Peterson Corporation
Des Moines
Ottumwa
A.
T.
&
in
KENTUCKY
Teletype: DESM 31
IOWA
*
O. Waterloo), Iowa—BOND SALE—
of warrant funding bonds offered for sale on Sept. 10—
Nationalequal to
Bank &
$10.59,
Sioux City
Sioux Falls, S. D.
Ky.—BOND EELECTION—It is reported that at
election in November the voters will pass on the issuance of
$149,000 in refunding bonds.
LOUISVILLE, Ky.—BOND OFFERING—Sealed bids will be received
until 1:30 p. m. (Central Standard Time), on Sept. 15, by E. H. West,
Secretary of the Bridge Commission, for the purchase of a $4,400,000 issue
HOPKINSVILLE,
BLACK HAWK COUNTY (P.
Kan.—BONDS SOLD—It
CITY, Kan.—BONDS VOTED—A recent election resulted
approval of a proposal to issue $20,000 waterworks bonds.
the general
The $58,000 issue
Wichita),
STRONG
Davenport
T.
O.
100.026.
Iowa City
Cedar Rapids
(P.
?oor relief bonds has been purchased recently premium of
'rust Co. of Kansas City, Mo., paying a
by the City
Building
DES MOINES
Waterloo
COUNTY
by Claude N. Cartwright, County Clerk, that a $40,000 issue of
'
Financial
1752
Chronicle
Sept. 12, 1936
refunding bonds. Denom. $1,000.
Dated
1, 1955, redeemable on any interest pay¬
in 1937, 1938 or 1939, at
if redeemed in 1943, 1944
or 1945, and thereafter at par.
The bonds are registerable as to principal
alone.
Prin. and int. (M. & N.) payable in Louisville or New York City.
The approving opinion of Masslich & Mitchell of New York, will be
furnished.
Bids to be on forms furnished by the above named Secretary.
A certified check for 2% of the bonds bid for, payable to the Bridge Com¬
First National Bank of Boston.
The favorable opinion of
Storey, Thorndike, Palmer & Dodge, of Boston, as to the validity of this
issue will be furnished without charge to the purchaser.
The original
opinion and complete transcript of proceedings covering all details required
in the proper issuance of the bonds will be filed with the First National Bank
of Boston, where they may be inspected.
mission, is required.
Water debt, included in
of 3% coupon bridge revenue
Nov. 1, 1936.
Due on Nov.
prior to maturity at 102 if redeemed
101 if redeemed in'1940, 1941 or 1942, at 100H
ment date
The bonds are to be issued to provide funds, with other moneys in the
sinking fund available for such purpose, for the redemption of all of the
outstanding Bridge Revenue 3H% Refunding bonds, dated Nov. 1, 1935,
which will be called for redemption on Nov. 1, 1936.
The bonds herein offered will be delivered and payment therefor must be
made at the Louisville Trust Co., Louisville, Ky., on Nov. 2, at nine
o'clock, a. m.
The principal and interest of the
by the
ness
Financial Statement, Sept. 1, 1936
total debt
Sinking funds, other than water
Net debt
Population, 100,701.
solely from the net revenues of the Louisville Municipal Bridge. The bonds
will be secured by a Trust Indenture to be executed by and between the
Louisville Bridge Commission and the Louisville Trust Co. as trustee, and
Tax Collections
•
1934
*--—
Uncoil. Sept. 1,36
,14.067.20
-W-----
.
$8,469.58
„
*4,777.054.62
1936
'•*
Levy
$4,736,406.22
4,786,148.74
Year
1935-
bonds herein offered Will be payable
$138,854,295.00
6,044,100.00
457,500.00
98,060.23
5,488,579.77
1936 assessed valuation (incl. motor vehicle excise)
Total bonded debt (present loan not included)
8.3% collected to Sept. 10. 1936;
NEWTON, Mass.—BOND SALE—The $28,000
years
coupon street improve¬
Sept. 9 were awarded to Washburn & Co., Inc.
IKs, at a price of 100.274, a basis of about 1.16%.
Dated
Jan. 1, 1936 and due Jan. 1 as follows: $4,000 from 1937 to 1940 incl. and
$3,000, from 1941 to 1944 incl.
Tyler, Buttrick & Co. of Boston, second
high bidder, offered 100.133 for l}£s.
D&rdiST3iI)llS'
Newton, Abbe & Co
Whiting, Weeks & Knowles, Inc
First Boston Corp
/
the
Trust
will contain substantially
Indenture
covenants as the Trust Indenture
the same provisions and
securing the bonds to be redeemed, in so far
provisions and covenants shall be applicable.
operations and comparative balance sheet for the first six
of operation of the bridge and statement of earnings for the first 10
months of the fiscal year ending Oct. 31, 1936, together with copies of the
Trust Indenture securing the bonds to redeemed, will be furnished by the
undersigned Secretary upon request.
Bidders may submit bids for bonds described in any one of the following
as
such
Statement of
For the entire $4,400,000 bonds having no series designation and no
as to redemption privileges.
(2) For $2,400,000 bonds, designated series A, which will not be subject
to redemption until all of the bonds designated series B shall have been
paid or called for redemption or provision shall have been made for their
payment.
(1)
distinction
(3) For $2,000,000 bonds, designated series B.
(4) For the $2,400,000 series A bonds and the $2,000,000 series B bonds
(3) above.
Any separate award of the series A bonds or of the series B bonds is
contingent upon a simultaneous award of the bonds of the other series.
mentioned in paragraphs (2) and
If the bonds shall be issued in two series, the sinking fund for the bonds
be used in the purchase of bonds of either series in the open market
notwithstanding the distinction in redemption privileges.
Other bids were as follows:
Ky .—BOND ELECTION CONTEMPLATED—'The
OWENTON,
City
Council is said to be planning to call an election in the near future in order
to vote on the issuance of $75,000 in power plant bonds.
SCOTTSVILLE,Ky.—BONDS TO BE SOLD—It is said that a $35,000
by the Bankers Bond Co.
issue of 4% city bonds will be purchased at par
of Louisville.
Dated Sept. 15, 1936.
STAMPING GROUND, Ky .—BOND SALE
Rate Bid
Int. Rale
Bidder—
R. L. Day &
100.039
100.54
100.53
100.206
100.05
114%
IH%
1H%
1
1M %
Estabrook & Co
1H%
Co
SALEM, Mass.—TEMPORARY LOAN— The $200,000 revenue antici¬
pation notes offered on Sept, 10 were awarded to the Salem Five Cents
Savings Bank of Salem at 0.23% discount.
Dated Sept. 10, 1936, and due
Dec. 17, 1936.
The Merchants National Bank of Salem, second high
bidder, named a rate of 0.24%.
SPRINGFIELD, Mass.—TEMPORARY FINANCING—City Treasurer
sold privately an issue of $100,000 notes at 0.15%
year's all-time record low cost.
An additional
$300,000 of longer dated obligations was placed at the same time at 0.30%.
George W. Rice recently
discount, a rate equal to last
may
MIDDLESBORO, Ky.—BOND ELECTION— Edward L. Johnson, City
Clerk, states that at the general election in November, the voters will be
asked to pass on the proposed issuance of $175,000 in power bonds.
bonds offered on
ment
of Boston as
QUINCY,
SALE—The $30,000 coupon water bonds
Mass.—BOND
1596—were awarded to Faxon, Gade & Co.
0.80%. Dated
$10,000 on Sept. 1 in 1937, 1938 and 1939.
Other
bids, all for 1% bonds, were as follows:
Bidder—
' Rate Bid
offered on Sept. 8—V. 143, p.
of Boston as
Is, at a price of 100.395, a basis of about
Sept. 1, 1936, and due
•
100.303
Newton, Abbe & Co_
Tyler, Buttrick & Co
Merchants National Bank
.100.301
.
—
Whiting, Weeks & Knowles
L. S. Carter & Co
First National Bank of Boston
2
•
j—100.115
i — .100.115
100.113
..100.011
DETAILS—In connection
$15,000 water system bonds, noted in these
143, p. 305—it is now stated that they were
with the sale last June of the
columns
at
that
time—V.
We Buy
for Our Own Account
purchased by the Bankers Bond Co. of Louisville, as 5s, at a price of 97.50.
Due in 20 years.
MICHIGAN MUNICIPALS
Immediate Firm Bids
on
Cray, McFawn & Company
—
k-
LOUISIANA MUNICIPALS
DETROIT
-
Scharff L Jones
INCORPORATED
MICHIGAN
TELEPHONE RAYMOND 1189
A. T. T. TEL. N. O. 180
BRECKENRIDGE, Mich.—BOND ELECTION—An election has
Sept. 15 at which the voters will pass on a proposal to
$31,000 water system bonds.
New Orleans
called for
LOUISIANA
authorized
CONSTANT!NE,
CAMERON
PARISH
(P.
O.
Sealed bids will be received until
Cameron),
10
a.
m.
on
La.—BOND
OFFERING—
12, by J. W. Doxey,
$66,000 issue of court house
payable M. & N. Dated
1, 1936.
Due from Nov. 1, 1937 to 1951 incl.
These bonds were
approved by the voters at the election held On Aug. 25—V. 143, p. 1596.
he right is reserved to reject any and all bids.
A certified check for 3%,
payable to the Police Jury, must accompany bid.
j
La .—BOND
to cover
Oct.
Oct.
BARRE,
ELECTION—It,
reported
is
that
an
election will be held on Oct. 6 in order to have the voters pass on the pro¬
Mich;—BONDS AUTHORIZED'—The voters have
to proceed with plans and specifications for a
and to issue revenue bonds of $100,000
Council
the
SULPHUR, La.—BOND ELECTION—A special election is said to be
$20,000 in paving
scheduled for Oct. 2 in order to pass on the issuance of
and city hall bonds.
•
the cost.
Mich —EXCHANGE
FERNDALE,
FLINT, Mich.—BOND CALL—Harry W. Calbert, Director of Finance,
described bonds have been called for payment on
16, 1936, at the Chase National Bank, New York City:
General obligation, series A of 1933, 4Ms, Nos. 5 to 12, 63 to 102, and
states that the following
Oct.
"
Me.—BOND
OFFERING—John R. Gilmartin, City
Treasurer, will receive sealed bids until 11a, m. (Daylight Saving Time)
on Sept. 15 for the purchase of $150,000 coupon permanent improvement
bonds of 1936.
Dated Sept. 15, 1936.
Denom. $1,000. Due $10,000 on
Sept. 15 from 1937 to 1951 incl. Bidder to name one rate of interest on the
issue, expressed in a multiple of
of 1%. Principal and interest (M. & S.
15) payable at the First National Bank of Boston.
These bonds will be valid general obligations of the city, exempt from
taxation in Maine, and all taxable property in the city will be subject to the
levy of unlimited ad valorem taxes to pay both principal and interest.
They will be engraved under the supervision of and authenticated as to
genuineness by The First National Bank of Boston; their legality will be
approved by Ropes, Gray, Boyden & Perkins of Boston, whose opinion
will be furnished the purchaser.
The original opinion and complete tran¬
script of proceedings covering all details required in the proper issuance of
the bonds will be filed with The First National Bank of Boston, where they
be inspected. Bonds will be delivered to the purchaser on or about
Friday, Sept. 25, 1936, at The First National Bank of Boston, 17 Court
Street, Boston, against payment in Boston funds.
may
MASSACHUSETTS
ESSEX COUNTY (P. O. Salsm), Mass.—NOTE SALE—The $10,000
flood emergency loan notes offered on Sept. 11—V. 143, p. 1596—were
awarded to the Gloucester National Bank at 0.249% discount.
Dated
LOWELL,
The Gloucester Safe Deposit & Trust
Mass.—PRICE PAID—In connection
with
the report in
of New York
these columns recently of the purchase by Phelps, Fenn & Co.
and
Tyler, Buttrick & Co. of Boston, jointly, of $300,000 2H% relief
bonds—V. 143, p. 1596—we learn that the bankers paid a price of par for
the loan.
Dated Aug. 1, 1936 and due $30,000 on Aug. 1 from 1937 to
1946, inclusive.
LYNN,
Mass.—BOND OFFERING—Joseph Cole,
City Treasurer, will
(Daylight Saving Time) on Sept. 17 for
the purchase of $60,000 coupon or registered land and building bonds of
1936.
Dated Sept. 1, 1936.
Denom. $1,000.
Due $4,000 on Sept. 1
from 1937 to 1951 incl.
Bidder to name one rate of interest, expressed in a
multiple of M of 1 %.
Prin. and int. M. & S. payable at the First National
Bank of Boston, or, at holder's option, at the City Treasurer's office.
The bonds will be valid general obligations of the city, exempt from taxation
ih Massachusetts, and all taxable property in the city will be subject to the
levy of unlimited ad valorem taxes to pay both prin. and int.
They will
be engraved under the supervision of and authenticated as to their genuine¬
receive sealed
bids until 11
a.
m.
City
interest.
to 48 and 97 to
PORTLAND,
NAMED—The
for the exchange
Special assessment refunding,
MAINE
AGENT
Municipal Investors Association to act as agent
of refunding bonds and certificates of indebtedness under
the proposed refunding plan.
Application for permission to refund $2,168,200 in general obligation and special assessment bonds over a 30-year
period at interest rates ranging from 2% a year for the first three years
to 4K% for the last 15 years was filed with the State Public Debt Com¬
mission Jan. 22.
The city also sought to refund $100,000 in over-due
Commission authorized the
posed issuance of $10,000 in water works bonds.
Sept. 1, 1936 and due May 1, 1937.
Co. bid 0.25%.
been
issue
municipal power and lighting plant
Clerk of the Police Jury, for the purchase of a
and jail bonds.
Interest rate is not to exceed 6%,
PORT
A. T. T. Tel. DET347
Telephone CHerry 682$
series B of 1933, 4^8, Nos. 18 to 25, 41
105.
v.
All of the bonds are dated
*
April 15, 1933, and due on or before
*
•,
April
15,1948.
Mich.—BONDS VOTED—At a recent election the
$25,000 water works improvement bond issue by a
HARBOR BEACH,
voters
approved
count of 175 to
a
16.
Mich.—BOND SALE—The issue of $93,000 refunding
10—V.143, p. 1440—was awarded to the Harris
plus a premium of $369,
equal to 100.39. a basis of about 1.91%.
Dated Oct. 1, 1936, and due
Oct. 1 as follows;
$10,000 from 1937 to 1944 incl., and $13,000 in 1945.
Stranahan, Harris & Co. of Toledo, second high bidder, named a premium
PORT HURON,
bonds offered
Trust &
on
Sept.
Savings Bank of Chicago as 2s, at par
of $334.80 for 2s.
SAGINAW,
Mich.—BONDED
DEBT
AT
NEW
LOW—The mity's
$3,746,000, the lowest figure in years. At the end of the
the total bonded debt was $3,959,000, but payments
month have accounted for $213,000 of this amount,
and the remainder of the year will trim off another $199,000 so that the
total of city bonds outstanding June 30 next year will be down to $3,547,000.
The last of the city's $685,000 of outstanding street improvement bonds
will mature in the fiscal year 1944-45, with $155,000 being cut off that total
during the present fiscal year.
The water plant, which accounts for the long end of the city's bonded
debt, will not be entirely paid for until the fiscal year 1958-59, and even
then there will be a tag-end of $90,000 bond issue spent on investigation of
the Clare water proposal in 1925-26. This Clare project issue> spread over a
30-year period, matures at the rate of only $3,000 a year, and the last of
these bonds will not mature until 1964-65.
The city itself holds in investment, trust and endowment funds ap¬
proximately $250,000 worth of its own bonds.
bonded debt is
now
old fiscal year June 30
made during the past
SHIAWASSEE
COUNTY
The county has sold an issue
(P. O. Corunna), Mich.—NOTE SALE—
of $30,000 delinquent tax notes as 3Hs.
MINNESOTA
COUNTY (P. O. Carlton) Minn.—BOND OFFERING—
Bids will be received until 10 a. m. on Sept. 21, by Alfred C. Grunig,
CARLTON
County Auditor, for the purchase of a $7^,000 issue of poor relief bonds.
Interest rate is not to exceed 3%, payable F. & A.
Due from Aug. 1, 1938
to 1946.
.
(P. O. Alexandria), Minn.—CORRECTION—
It is stated by P. L. Hintzen, County Auditor, that the report given in
these columns last April, to the effect that the County Supervisors had
approved the issuance of $167,000 in highway bonds, was incorrect as no
such proceedings had been taken.
DOUGLAS
COUNTY
Volume
1753
Financial Chronicle
143
ST. LOUIS, Mo.—BOND OFFERING—Sealed bids will be received
a. m. (Central Standard Time) on Sept. 17 by Louis Nolte, City
Comptroller, for the purchase of a $382,000 block of refunding bonds.
Denom. $1,000.
Due on Oct. 1, 1953.
These bonds are part of an
$882,000 issue, the remaining $500,000 being reserved for purchase by the
Police Retirement System.
Interest rate to be determined after bids
are
received, payable semi-annually.
Prin. and int. payable at the
Guaranty Trust Co. of New York.
These bonds are coupon bonds, registerable as to principal, or as to
principal and interest, and said refunding bonds are exchangeable for fully
registered bonds in any denomination of not less than $10,000, as may be
requested.
Fully registered bonds may again be exchanged for coupon
bonds in the denomination of $1,000 on payment of $2 per thousand.
,The full faith, credit and resources of the City of St. Louis are pledged to
the punctual payment of the principal and interest of these bonds, which
are payable from the
proceeds of an unlimited ad valorem tax, authorized
by ttte Constitution of Missouri, to be levied upon all the taxable property
until 10
Northwestern Municipals
Minnesota, North and South Dakota, Montana,
Oregon, Washington
WELLS-DICKEY COMPANY
Teletype—Mpls287
Telephone—Minneapolis Atlantic 4201
MINNESOTA
KANDIYOHI
INDEPENDENT
SCHOOL
DISTRICT
(P. O. Atwater) Minn.—MATURITY—The District Clerk
reports that the $6,000 3% semi-ann. school improvement bonds purchased
by the State of Minnesota, as noted here—-V. 143, p. 1597—mature $500
from 1943 to 1954.
'
NO.
COUNTY
37
MINNEAPOLIS, Minn.—BOND AND CERTIFICATE OFFERING—
by George M. Link, Secretary of the Board of Estimate and
Taxation, that the said Board will offer for sale by sealed and auction bids
It is stated
at 11 a. m. on
Sept. 24, the following bonds and certificates:
$750,000 public relief bonds.
Due $75,000 from Oct 1, 1937 to 1946, incl.
13,750 permanent improvement (school) bonds.
Due on Oct. 1 as
follows: $1,750 in 1937. and $2,000, 1938 to 1943, incl.
57,645 certificates of indebtedness.
Payable on April 1, 1937.
.
(The certificates will be sold separately from the above bonds.)
The bonds will be coupon in form, in denomination of $1,000 as nearly as
practicable, and may be registered as to both principal and interest on ap¬
plication to the City Comptroller.
Dated Oct. 1, 1936.
Said offerings
will bear interest at a single rate per annum, any such rate to be a multiple
of
ji or l-10tb of 1%, and not to exceed 6%, payable semi-annually.
addition
to the
be required
of Estimate and Taxation $1.25 per bond to
SHERBURN, Minn.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on Sept.
22, by John F. Yurcek, City Clerk, for the purchase
of a $14,000 issue of community building bonds.
Interest rate is not to
exceed 3%, payable semi-annually.
Denom. $1,000.
Dated Oct. 15,
1936.
Due $1,000 annually over a period of 14 years.
These bonds were
approved by the voters on Aug. 22.
SPRING VALLEY, Minn.—BOND SALE—The $25,000 issue of sewage
disposal plant bonds offered for sale on Aug. 31—V. 143, p. 1121—-was
awarded on Sept. 3 to M. H. Bishop & Co. or Minneapolis, as 3Ms, paying
a preinium of $252.00,
equal to 101.08. according to the Village Clerk.
Dated Sept. 1,1936.
Due from 1939 to 1956.
The second highest bid was
an offer of $202.00 premium on
3^s, submitted by Kalman & Co. of St.
Paul.
SWIFT COUNTY (P. O. Benson) Minn.— WARRANTS NOT SOLD—
It is stated by Leo E. Engleson, County Auditor, that the $30,000 issue of
not to exceed
sold
there
until Oct. 6.
as
4% warrants offered*on Sept. 8—V. 143,
were no
1271—was not
p.
bids received.
The warrants
are
He states that action will be deferred
divided as follows:
$3,000, dated Oct. 1,
"
a
form to
.
be furnished by the above
be accompanied by a Cashier's or Certified Check for 1%
amount of bonds bid for, payable to Comptroller.
at less than par and accrued interest will be considered; said
of the par
No bid
bonds will be awarded to the bidder making the highest bid therefor at the
lowest rate of interest in multiples of M of 1%.
All of said bonds are to
bear the same rate of interest.
The right is reserved to reject any or all
bids.
If no bids are received at the advertised sale the Mayor and Comp¬
troller reserve the right to sell said bonds at the best price obtainable at
Purchasers will be furnished the legal opinion of Messrs.
Charles & Trauernicht of St. Louis, approving these bonds as valid and
binding obligations of the City.
Delivery of the said bonds will be made
at the office of the Comptroller in the City Hall at St. Lpuis on or before
Oct. 20, but the number of Refunding Bonds so to be delivered will not
exceed the number of outstanding bonds (thereby to be refunded) which
shall then have been surrendered for payment.
private sale.
MONTANA
In
to pay the Board
apply on the expense of the
Board in issuing and delivering these obligations, and $75.00 to apply on the
expense of issuing the certificates of indebtedness.
Any additional cost of
preparing and delivering the obligations will be borne by the city.
Delivery
will be made by the City Comptroller at the office of the City Treasurer,
or elsewhere in the United
States, at the option of the purchaser.
Principal
and interest payable at the city's fiscal agency in New York, or at the office
of the City Treasurer, at the option of the holder.
The city will furnish
the approving opinion of Thomson, Wood & Hoffman of New York City.
Said obligations will be issued pursuant to the terms of Sections 9 and 10
of Chapter XV of the City Charter, and will be payable in legal tender.
These bonds are without option of prior payment.
Bids offering an amount
less than par cannot be accepted.
A certified check (or bank cashiers
check), payable to the City Treasurer, for 2% of the amount of bonds bid
for, is required.
purchase price, purchasers will
in the city.
Each bid must be submitted on
comptroller and
BILLINGS. Mont.—BOND SALE DETAILS—It is now reported
by
City Clerk that the $60,000 refunding bonds purchased by Brown,
Schlessman, Owen & Co. of Denver, as 3Ms, as reported here recently—;
V. 143, p. 800—were sold at par, ana mature on Aug. 1, 1946.
the
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Helena), Mont.—MATURITY— In connection with the sale of the
$100,000 3M % semi-annual school bonds to the State Board of Land Com¬
missioners, at par, as noted here recently—V. 143, p. 1598—it is stated by
the District Clerk that the bonds mature $5,000 from July 1, 1937 to 1956
inclusive.
LINCOLN COUNTY (P. O. Libby), Mont.—BOND SAL&—We are
informed by Samuel Carpenter, County Clerk, that the $25,500 warrant,
funding bonds offered for sale on Sept. 9—V. 143, p. 1271—were awarded
to H. P. Pratt & Co. of Seattle, as 4s, at a price of 100.29, plus accrued
interest from date, of issue.
He also states that the second highest bid was submitted by Richards &
Blum, Inc., of Spokane, offering a premium of $16.00 for $12,750 of bonds
maturing in 1941 at 3M%, the remaining $12,750, maturing in 1946, at
3M%«
MONTANA, State of—PWA ALLOTMENT APPROVED—It Is reported
by H. H. Swain, Executive Secretary, that the Public Works Administra¬
tion made a formal offer to the State Board of Education for a loan of
$99,000 and a grant of $81,000 for the erection of a journalism building
at the State University.
He says that this offer was accepted by the
Board on Sept. 2.
Bonds to be issued as security will bear 4% interest
and will be dated as of April 1, 1936.
Denom. $1,000.
Due on April 1
as follows: $2,000,
1937 and 1938; $3,000, 1939 to 1946; $4,000, 1947 to
1953; $5,000, 1954 to 1958, and $6,000, 1959 to 1961.
Prin. and int.
(A. & O.) payable at the State Treasurer's office in Helena, or, at the option
of the holder, at the Chase National Bank in New York.
RED LODGE, Mont.—BONDS SOLD—In connection
985.32 refunding bonds that were authorized recently—V.
we are
1936; $3,000, dated Nov. 1, 1936; $3,000, dated Dec. 1, 1936; $3,000, dated
1, 1937; $3,000, dated Feb. 1, 1937; $3,000, dated March 1, 1937;
$3,000, dated April 1, 1937; $3,000, dated May 1, 1937; $3,000, dated
June 1, 1937, and $3,000, dated July 1, 1937.
informed by the City Clerk that
with the $25,143, p. 1441—
the bonds have been sold.
Jan.
UNION
(P.
MUNICIPALS
NEBRASKA
WANTED
OFFERING
O.
Caledonia, R. F. D.), Minn.—PRICE PAID—The
Town Clerk states that the $10,000 road bonds sold on Aug. 29 to local
investors, as 2s, as noted here—V. 143, p. 1597—were purchased at par.
Due $1,000 from July 1, 1938 to 1947 incl.
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
OTHER
NEBRASKA
ISSUES
THE NATIONAL COMPANY
MISSISSIPPI
BLUE
OF OMAHA
First National Bank
MOUNTAIN, Miss,—BONDS TO BE SOLD—A. M. Donnell,
Bldg-
*
A
T. & T. Teletype OMA 81
Town
Clerk, states that $20,000 water works system bonds will be pur¬
by the Public Works Administration, as 4s at par. Due as follows:
$500, 1939 to 1944; $1,000, 1945 to 1959, and $2,000 in I960.
Principal
and interest (M. & S.) payable at the office of the Town Treasurer.
chased
HAZLEHURST, Miss.—BOND SALE—The $40,000 4%% semi-annual
refunding bonds discussed in these columns recently—V. 143, p. 1440—are
said to have been purchased at public auction on Sept. 1, by Kenneth G.
Price & Co. of McComb, for a premium of $425.00, equal to 101.06.
It is
said that these
new
bonds refund all unpaid bonds maturing in 1936 and
1937, and insures payment by the city of all 1936 and 1937 obligations.
Legality to be approved by Charles & Trauernicht of St. Louis.
ADDITIONAL BOND SALE—We were later advised that the above
named purchaser was also awarded a $6,000 issue of certificates of indebted¬
ness, at the same time, and the premium
of $46,000, giving a price of 100.
100.92.
of $425 applies
the full
on
amount
ISSAQUENA COUNTY (P. O. Mayersville), Miss.
We
are
chased
-BOND SALEinformed by Scharff & Jones, Inc., of New Orleans, that
they pur¬
NEBRASKA
BLAIR, Neb.—BOND SALE—The City Council has sold $28,000 3H%
refunding bonds to Wachob, Bender & Co. of Omaha.
BRIDGEPORT, Neb.—BOND OFFERING—It is stated by F. F. Hamil¬
sealed bids until 7.30 p. m. on Sept. 11,
bonds.
ton, City Clerk, that he will receive
for the purchase of an $8,000 issue of water department building
Due 20 years from date.
Prin. and int. payable at a local bank.
approval by the City
Legal
Attorney.
NORFOLK SCHOOL DISTRICT
(P. O. Norfolk), Neb.—BOND
SALE DETAILS—It is now reported by the District Secretary that the»
$50,000 refunding bonds sold as lj£s, for a premium of $75.00, as noted
here in August—V.
143, p. 1272—were purchased by the GreenwayRayhor Co. of Omaha.
Denom. $1,000.
Dated Sept. 1, 1936.
Due
$10,000 from 1937 to 1941 incl., giving a basis of about 1.20%.
Sept. 9 an issue of $100,000 4% semi-ann. rehabilitation bonds
a price of 100.50, a basis of about
3.90%.
Dated Oct. 1, 1936.
Due
$5,000 from Oct. 1, 1937 to 1956 incl.
It is expected that these bonds will
be offered to the public in about two weeks.
PLATTSMOUTH, Neb".—BOND DETAILS—It is stated
$68,000 4% semi-ann. refunding bonds authorized recently by
Council, as noted here—V. 143, p. 1598—are dated Aug. 1,
mature on Aug, 1, 1956.
They are said to be optional after five
MONROE COUNTY SUPERVISOR'S DISTRICT NO. 5
(P. O.
Aberdeen), Miss.—BOND SALE—We are informed by Scharff & Jones,
Inc., of New Orleans, that they purchased on Sept. 9 a $69,000 issue of
4M % refunding bonds, paying par and legal expenses.
Due in from one
Wilkinson, City Clerk, that an election will be held on Sept. 21 to vote on
the issuance of $22,500 in water system bonds. ■
on
at
WEEPING*
to 20 years from date.
It is expected that these bonds will be offered for
public investment within the next two weeks.
YAZOO COUNTY (P. O. Ya*oo City), Miss.—BOND SALE— The
$25,000 issue of 4% semi-annual jail bonds offered for sale on Sept. 7—
V. 143, p. 1271—was awarded to the First National Bank of Memphis,
paying a premium of $1,050, equal to 104.20, a basis of about 2.36%.
Dated Sept. 1, 1936.
Due from Sept. 1, 1937 to 1939.
It is said that
the purchaser agreed to pay all expenses on the bonds.
NEW
J .—DISTRIBUTION OF BOND INTEREST
a resolution adopted on Sept. 4, the
Municipal Finance Commission declined to approve the city's petition for
BOONVILLE, Mo.—BONDS VOTED—It is said that at
the voters approved the issuance of $75,000 in water works
CITY,
Mo.—BOND ELECTION—It
near
is
future in order to vote
a recent
election
bonds.
reported that an
the issuance of
on
$1,000,000 in airport bonds.
MISSOURI, State of—PRIVATE SALE OF BONDS—It is reported
that
a
$2,000,000 issue of 1H% semi-annual building
BONDS PLACED—It
offered at from 0.70% to
bonds
has
been
reported later that the above bonds, re1.00%, has been placed in investment account.
......
of St. Louis
as
noted here recently—V. 143, p. 1598—were sold at par and
1 from 1940 to 1953.
PARK,
COURT
N.
RULING—In
permission to pay to bondholders a total of $310,000 on account of defaulted
bond interest, until the city had obtained a judicial ruling as to how the
distribution shall be made, according to press reports from Trenton.
A
similar question, it is said, is before the State Supreme Court in litigation
involving Fort Lee.
In the resolution, the Commission stated that Ft had
been advised that the city has more than $1,000,000 available for payment
on its debts.
The Commission, the report says, considered it preferable
that, instead of part distribution, all funds available as of a given interest
date should be disbursed.
The city adopted resolutions on Aug. 11 and
Aug. 25 authorizing two payments of $155,000 each.
It w£s provided,
however, that the payment would be made only with the approval of the
Municipal Finance Commission.
was
NORTHVIEW SCHOOL DISTRICT OP. O. Northview), Mo.- -BOND
SALE DETAILS—The Secretary of the Board of Education now
Board of
reports
that the $3,500 5% semi-ann. school bonds sold to E. A. Gessler & Son
mature on April
HAMPSHIRE
NEW JERSEY
AWAITS
MISSOURI
election will be held in the
years.
WATER, Neb.—BOND ELECTION—It is stated by H. A;
MANCHESTER, N. H.—PROPOSED BOND FINANCING—The city
plans to issue $160,000 bonds, including $100,000 for highway improve¬
ments and $60,000 for expansion of the airport.
ASBURY
KANSAS
that the
the City
1936 and
.
BAYONNE, N. J.—MAYOR'S POWERS CUT—The City Commission
adopted on final passage on Sept. 2 an ordinance stripping Mayor L. F.
Donohoe of his former power to negotiate and execute contracts pertaining
to the port terminal development.
This power has now been vested in
City Commissioner Horace K. Robertson.
The Commission also author¬
the issuance of $3,000,000 bonds, of which $800,000 will be sold publicly
on Sept. 15, as previously noted in these columns.
A further $200,000
ized
Financial
1754
Chronicle
Sept. 12, 1936
All of the bonds will be dated Oct. 15, 1936.
Coupon bonds, registerable
to principal and interest, will be issued in $1,000 denoms. and may be
exchanged for bonds in the denom. of $1,000 or multiples thereof registered
as to principal and interest, at the option of the holder.
Bidder to express
the interst rate in a multiple of 34 or l-10th of 1 %.
Only two rates may
be named on the
entire offering, one to apply on all of the $2,500,000 re¬
funding issue and the other to be the same for the two other issues of $2,000,000 and $500,000.
Principal and interest (A. & O. 15) payable in
lawful money of the United States at the office of the City Comptroller
or at the Central Hanover Bank & Trust Co., N. Y. City, at the option of
the holder.
A certified check for $100,000, payable to the order of the
City Comptroller, must accompany each proposal.
Delivery of the bonds
will be made at the City Comptroller's office or at the Central Hanover
Bank & Trust Co., N. Y. City, as specified in the bid, on or about Oct. 15,
1936.
Legal opinion of Caldwell & Raymond of New York will be furnished
as
H. L. Allen & Company
New Jersey
mimpipal Bonds
Telephon^R^:|ior 2-7333
N. Y. 1-528
A. T. & T.
100 Broadway
New York
"
thse successful bidder on delivery of the bonds.
All proposals must
conditional.
The bonds are eligible for Postal Savings deposits.
MUNICIPAL BONDS
SEWER
BUFFALO
New
Jersey and General Market Issues
AUTHORITY
(P.
SALE—A syndicate composed of B. J. Van
B. J. Van Ingen & Co.
WILLIAM STREET,
A.
T.
&.
T.:
Y
N.
Telephon
N. Y.
s
Inc.
John 4-6364
Newark Tel.: Market 3-3124
1-730
Bergen County, N. J., Bridge 4s
Due
Aug. 1, 1939, to yield 1.40%
Colyer, Robimon# Company
INCORPORATED
1180
MArket 3-1718
Raymond Blvd., Newark
New York Wire:
A. T. & T. Teletype
REctor 2-2055
NWRK 24
NEW
JERSEY
■will be sold to the Public Works Administration.
The Commission's action
with respect to Mayor Donohoe is said to have been dictated by the latter's
continued opposition to the port project.
•
GARFIELD, N. J.—BONDS PUBLICLY OFFERED—E. H. Rollins &
Sons, Inc.; A. C. Allyn & Co., Inc.; Schlater, Noyes & Gardner, Inc. and
MacBride, Miller & Co. of Newark made public offering yesterday of
$180,000 5% % coupon or registered school bonds priced to yield from 2%
to 5.10%, according to maturity.
Dated Dec. 1, 1929 and due serially
on Dec. 1 from 1936 to 1969 incl.
Denom. $1,000.
Principal and semi¬
annual interest payable at the Central Hanover Bank & Trust Co., New
York City.
The municipality, the bankers report, is operating pursuant
to Chapter 60, P. D. 1934 of New Jersey.
HOBOKEN,
PANY
J.—SEEKS LARGER SHARE OF
N.
TAX REVENUE—A
reduction
UTILITY COM¬
of Newark's appraisal on public
service property is asked by the City of Hoboken in an application to the
State Board of Tax Appeals for a more equitable distribution to municipal¬
of Public
ities
Service
Electric &
Gas
Co.
tax
State Senator
revenue.
Stout, in filing the application for the city, said that Newark's public
service appraisal, raised from $29,000,000 in 1934 to $60,000,000 in 1935,
would give that city nearly a third of the $3,624,525 of the utility tax
revenue to be distributed by the State.
Should the Tax Board direct the
downward revision of Newaric's appraisal, Mr. Stout says that Hoboken,
Bay nne, and Jersey City would receive twice
as
much as was originally
Rutty & Steele of Rochester, purchased privately $3,392,000 334% series
1936 bonds.
Dated June 1, 1936.
Coupon bonds of $1,000 denom.,
registerable as to principal only or interchangeable for fully registered
bonds upon payment of a fee.
Due June 1 as follows:
$84,000 from
1940 to 1944, incl.; $105,000 from 1945 to 1949, incl.; $128,000 from
1950 to 1954, incl.; $169,000 from 1955 to 1959, incl.: $210,000 from
1960 to 1963, incl., and $122,000 in 1964.
Principal and interest (J. & J.)
of
payable at the Manufacturers & Traders Trust Co., Buffalo, or at the
option of the holder, at the Continental Bank & Trust Co., N. Y. City.
Legality to be approved by Caldwell & Raymond of N. Y. City.
The
bankers made public reoffering of the bonds at prices to yield from 2.25<7
to 3.40%, according to maturity.
The Buffalo Sewer Authority, established by Chapter 349 of the Laws
of New York State of 1935, undertakes a program for relieving the Niagara
River, Buffalo River and Lake Erie from pollution by sewage and waste,
has been authorized to issue $15,000,000 bonds for the purpose of financing
tne project.
To date the Authority has authorized $8,250,000 bonds, all
but $500,000 of which have been sold.
Proceeds received through sale of
the bonds, together with a Public Works Administration grant of $6,750,000,
will be sufficient to cover the entire cost of the program, according to the
Authority's engineers.
The Authority is authorized by Act of the Legislature and has covenanted
by resolution adopted June 1, 1936, authorizing these bonds, to establish,
upon completion of this project, a schedule of charges on all real property
using the facilities of the Buffalo Sewer Authority an amount sufficient
to pay operating charges, certain reserves and to provide for payment
of principal and interest on its bonds.
These charges shall constitute a
lien upon all the real property served by the facilities of the Authority and
such liens shall have the same priority and superiority as the lien of the
general tax of the City of Buffalo, and if delinquent for a period of 90 days
the Authority may in an action in the Supreme Court foreclose such liens
in the same manner as the lien of the general tax of the city may be fore¬
closed by the city.
The Authority has covenanted to file a certificate of
completion of the project riot later than Sept. 1, 1938.
Y.—BOND OFFERING— Carrollton A. Roberts, City
3 p. m. (Daylight Saving Time) on
exceed 4% interest coupon or
registered special appropriation bonds.
Dated April I, 1934.
Denom.
$1,000. Due April 1 as follows: $7,000, 1954; $11,000, 1955; $12,000 in
1956 and $5,000 in 1957.
Principal and interest (A. & O.) payable at the
office of the City Treasurer or, at holder's option, at the Guaranty Trust
Co., New York City, with New York exchange.
Bidder to name a single
interest rate on all of the bonds, expressed in a multiple of 34 or 1-10th of
1 %. A certified check for $700, payable to the order of the City Treasurer,
must accompany each proposal. The bonds, issued for the construction of a
sewage disposal works, are general obligations of the city, payable from
unlimited taxes.
The approving opinion of Clay, Dillon & Vandewater of
J .—BOND SALE—The issue of refunding bonds
offered on Aug. 28—V. 143, p. 1598—was awarded to J. B. Hanauer & Co. of
Newark.
The Borough awarded $115,000 bonds as 434s at a price of
97.311, a basis of about 4.54%. C. A. Preim & Co. of Newark bid $111,265
for $114,000 bonds at 434% interest.
Dated Aug. 1, 1936. Due on Aug. 1
as follows:
$4,000, 1937 to 1941; $5,000, 1942 to 1947; $6,000, 1948 to
1956; $7,000, 1957 and $4,000, 1958.
HOPATCONG,
Sept. 16 for the purchase of $35,000 not to
Financial Statement
N.
JERSEY CITY, N. J.—BONDS PUBLICLY
OFFERED—Lehman Bros,
in account with Stone & Webster and Blodget,
Inc.; Graham, Parsons &
Co.; Hemphill, Noyes & Co.; B. J. Van Ingen & Co., Inc.; Morse Bros. &
Co., Inc.; Schlater, Noyes & Gardner. Inc., and MAcBridge, Miller & Co.
and are offering for public investment, at prices affording yields of from
2.25% to 4%, according to maturity, various blocks of city bonds having
an aggregate par value of $1,808,000.
The bonds bear interest rates at
from 3% % to 6% and, in the opinio!) of the bankers, are legal investments
for savings banks and trust funds in the State of New York.
PLAINS, N. J.—BOND OFFERING—Sealed bids will be
received by the Borough Council until 8 p. m. (Daylight Saving Time)
on Oct.
1 for the purchase of $1,000 334% serial funding bonds, dated
Oct. 1, 1936 and due Oct. 1, 1937.
MORRIS
PALMYRA, N. J.—iOND OFFERING—Sealed bids addressed to the
Borough Council will be received until 8 p. m. (Daylight Saving Time) on
Sept. 24, for the purchase of $1,000 434% general refunding bonds, dated
Sept. 1, 1936 and due Sept. 1, 1941.
NEW
MEXICO
SCHOOL
DISTRICT
The assessed valuation of the property
(P.
of said fiscal years was respectively $66,016.88, $59,413.71, and
$49,748.69. The amount of such taxes remaining uncollected as of Sept. 4,
1936 is respectively $3,679.49, $8,989.80, and $23,147.60. The taxes of the
fiscal year commencing Jan. 1, 1936, amount to $371,053.48, of which
$306,493.57 has been collected.
of each
N. M.—BOND CALL—It is reported that Nos. 1 to 20 of
Albuquerque),
5% school building
bonds, dated April 1, 1913, are being called for payment at the Central
Hanover Bank & Trust Co. in New York on Oct. 1, at which time interest
Due
on
April 1, 1943; optional on April 1, 1933.
GALLUP, N. Mex.—PRICE PAID—In connection with the sale of the
$60,000 hospital building general obligation bonds to Sutherlin & Scranton,
of New Orleans, as 4^s, as reported in these columns recently—V. 143,
p. 1441—it is stated by P. G. Vidal, Town Clerk, that the bonds were sold
at par. not 101.00, as we had previously noted to be the price.
$55,000 issue of coupon
hospital bonds offered for sale on Sept. 7—V. 143, p. 959—was awarded
jointly to Bosworth, Chanute, Loughridge & Co. of Denver, and J. S.
Curtiss & Co. of El Paso, Texas, as 4s, paying a premium of $750.20,
equal to 101.364, a basis of about 3.82%. Dated Aug. 1, 1936.
Due from
Aug. 1, 1937 to 1956, incl.
The only other bid was submitted by Sutherlin
& Scranton, Inc., of New Orleans, an alternate offer of par on 434s, without
an expense allowance, or 4s, with an expense allowance.
SILVER CITY, N. Mex.—BOND SALE—The
Offerings— Wanted
IRONDEQUOIT COMMON SCHOOL DISTRICT NO.
Irondequoit), N. Y.—BOND OFFERING—Sealed bids will
Gordon Graves & Co.
MEMBERS NEW
YORK
STOCK EXCHANGE
Whitehall 4-5770
N. Y.
NEW
YORK
BUFFALO, N. Y.—BOND OFFERING—William A. Eckert, City Comp¬
troller, will receive sealed bids until 11 a. m. (Daylight Saving Time)
on Sept. 22 for the purchase of $5,000,000 not to exceed 6% interest bonds,
divided
as
follows:
,
$2,500,000 refunding bonds.
Due Oct. 15 as follows: $50,000 from 1937
to 1941, incl., and $150,000 from 1942 to 1956, inclusive.
2.000,000 work relief and (or) home relief bonds.
Due $200,000 on
Oct. 15 from 1937 to 1946, inclusive.
500,000 city contribution-relief project bonds.
15 from 1937 to 1946, inclusive.
5 (P. O.
be received
by Clarence H. Harding, District Clerk, at the law office of Robert W.
Lochner, 45 Exchange St., Rochester, N. Y., until 3 p.m. (Eastern Stand¬
ard Time) on Sept. 18 for the purchase of $36,000 not to exceed 6% interest
school bonds.
The bonds will be dated Oct. 1, 1936.
Denom. $1,000.
as
follows:
1956 incl.
$2,000 from 1937 to 1952 incl. and $1,000 from 1953
a single interest rate on all of the bonds,
Bidder to name
expressed in a multiple of H or l-10th of 1%.
Principal and interest
(A. & O.) payable in lawful money of the United States at the Union Trust
Co. of Rochester in Rochester, N. Y., with New York exchange.
T*10
bonds are direct general obligations of the District, payable
A certified check for $700, payable to the order
taxes.
from unlimited
of Charles E.
The approv¬
be furnished
Snyder, District Treasurer, must accompany each proposal.
ing opinion of Clay, Dillon & Vandewater of New York will
the successful bidder.
LINDENHURST, N. Y.—BONDS DEFEATED—At an election
Aug. 25 the voters rejected the proposal for an issue
plant bonds.
on
held
of $290,000 water
COUNTY (P. O. Mineola), N. Y.—BONDS PUBLICLY
Harris & Co., Inc., and Schoellkopf, Hutton &
Pomeroy, Inc. offered $558,000, 2M% bonds, dated July 15, 1936 and due
July 15, 1946-47. The bonds are priced to yield 2.40% to 2.50%, and are
legal investment, in the opinion of the bankers, for savings banks and trust
fund? in New York State.
They are exempt from all present Federal and
►►NASSAU
OFFERED—Stranahan,
New York State income taxes.
par to
County—City—Town—School District
WALL ST.,
O. South
T
r NEWPORT, N. Y.—BOND SALE—'The $5,400 4% coupon water system
extension bonds offered on Sept. 8—V. 143, p. 1273—were sold at a price
New York State Municipals
1
FREE SCHOOL DISTRICT NO. 9 (P.
DAYTON UNION
Dayton), N. Yv—BOND SALE—The $16,000 coupon or registered school
bonds offered on Sept. 10—V. 143, p. 1599—were awarded to A. C. Allyn
& Co., Inc. of New York
as 2.90s, at a price of 100.15, a basis of about
2.88%.
Dated Oct. 1,1936 and due $1,000 on Oct. 1 from 1939 to 1954 incl.
Due Oct. 1
O.
subject to the taxing power of the
city is $19,533,501.00. The total bonded debt of the city including the above
mentioned bonds is $599,000.00.
The population Of the <jity (1930 census)
was 16,010.
The bonded debt above stated does not include the debt of
any other subdivision having power to levy taxes upon any or all
of the
property sbuject to the taxing power of the city. The fiscal year commences
Jan. 1. The amount of taxes levied for the fiscal years commencing Jan. 1,
1933, Jan. 1, 1934, and Jan. 1, 1935, was respectively $375,220.35, $393,763.44, and $347,049.18. The amount of such taxes uncollected at the end
to
ALBUQUERQUE
cease.
N.
GENEVA,
Treasurer, will receive sealed bids until
New York will be furnished the successful bidder.
apportioned them.
shall
O. Buffalo), N. Y.—BOND
Ingen & Co., Inc.; Stevenson
Sons, Inc.; George B.
New York, and Sage,
Co.; Roosevelt & Weigold, Inc.; E. H. Rollins &
Gibbons & Co., Inc.; A. M. Kidder & Co., all of
&
57
be un¬
Charles L. Fellows, the only bidder.
$50,000 on Oct.
on
July 1 from 1938
YORK, N. Y.—CHANGE IN CREDIT AGREEMENT DIS¬
CUSSED—Mayor F. H. LaGuardia and Comptroller Frank J. Taylor
conferred on Sept. 9 with representatives of the local banking group which
finances the city's temporary financing, under the provisions of the socalled bankers' pact, at the first of series of conferences to be held in an
effort by the administration to obtain further modification of the credit
agreement, particularly as it affects the tax reserve required in the municipal
budget for 1937.
Under the present set-up, the city is required to set aside
$20,000,000 next year as a reserve against tax delinquencies.
In view of
the current strong position of municipal finances, which was emphasized
in the recent report by the Comptroller that the amount required for debt
service in 1937 will be $5,000,000 less than in the current year and the further
disclosure that there will be increase of $8,000,000 in general fund revenues,
NEW
sizeable reduction in next
relief obtained by the city
toward at least a partial
restoration of the pay cuts imposed on city employees in 1932.
In a state¬
ment issued at the conclusion of the first meeting on Sept. 9, the Mayor
is expected that the bankers will agree to a
year's tax reserve item.
It is expected that any
in concessions by the bankers will be devoted
it
said:
"We
Due
Due $300
to 1955 inclusive.
had
a
very
satisfactory conference.
Naturally no final decision
had and the committee
various banks party to
could be reached today.
A frank discussion was
will refer the substance of the conference to the
Volume
the
143
Financial
with this city.
The Comptroller and the Mayor expect
to hear in a few days from the committee
after they have done so.
The
discussion was based on the report submitted
by the Comptroller, which
was made public on Sept. 4, the
Comptroller having with him all figures
and data to substantiate his estimates."
agreement
NEW YORK
CITY—COMPTROLLER REPORTS ON TRANSIT DEBT
—Comptroller Frank J. Taylor in data submitted on
Sept. 9 to the New
York Transit Commission
regarding the city's rapid transit debt as of
June 30, 1936, said that the close to
$160,000 of the debt has been redeemed
so that there still remains
about $740,000,000 of debt
outstanding,
NEW
LOW
YORK
(State
of)—SELLS $55,000,000 BONDS AT RECORD
COST—^The National City Bank of New York and associates were
awarded the issue of
$55,000,000 emergency unemployment relief bonds
°£fer™ on SeP&* 9, paying a price of 100.7514 for 1 Ms, the net interest cost
of 1.3636% being the lowest at
which the State has ever effected
long-term
financing.
Associated with the National
City Bank in the
purchase
the
were
First National Bank of New
York, Bankers Trust Co.; Edward B.
Smith & Co.,
Inc.; Brown Harriman & Co., Inc.; First Boston
Corp.;
Stuart & Co., Inc.; Lazard Freres &
Co., Inc., and Goldman,
Sachs & Co., all of New York.
The bonds are dated Sept. 10, 1936 and
Halsey,
mature
$5,500,000 annually on Sept. 10 from 1937 to 1946, incl..
The
bankers made immediate
re-offering of the bonds at prices to yield, accord-
1^«t0^tFity'.as follows:
1937, 0.25%; 1938, 0.45%; 1939, 0.85%;
1.05%; 1941, 1.15%; 1942, 1.25%; 1943,
1.35%; 1944, 1.40%;
1.45%, with the yie d on the 1946 maturity
being 1.50%.
The
volume of
1940,
1945,
orders for the bonds from banks and
other institutional investors
indicated the early
closing of the
syndicate account.
Only two bids were submitted for the issue.
The other tender was an
offer of 100.557 for
lj^s, or a cost basis to the State of 1.3987%.
This
was submitted
by a syndicate managed by the Chase National Bank of
New York and
including:
.
Hallgarten & Co.
Barr Brothers &
Co., Inc.
R. W. Pressprich & Co.
Geo. B. Gibbons & Co., Inc.
G. M.-P. Murphy & Co.
Roosevelt & Weigold, Inc.
Hornblower & Weeks
Salomon Bros. & Hutzler
Chemical Bank & Trust Co.
Hannahs, Ballin & Lee
Bancamerica-Blalr Corp.
Kidder; Peabody & Co.
Wells-Dickey Co., Minneapolis
Schaumburg-Rebhann & Lynch
Schoellkopf, Hutton & Pomeroy, Inc.
The Marine Trust Co. of Buffalo
Manufacturers Trust Co.
Lawrence
Hayden, Stone
A. C.
&
Co.
Blyth & Co., Inc.
&
Traders
Trust
Buffalo
New York State Nat.
Kean, Taylor & Co.
Stone <fe Webster and
Co.
Co.,
193-564
Boston
Seligman & Co.'
& Tr.
Co.,
Graham, Parsons & Co.
Childs & Co.,
E. H. Rollins & Sons
Michigan Corp.
First National Bank at Pittsburgh
Bank & Trust Co.
National- Commercial Bank & Tr. Co.
R. H. Moulton & Co., Inc.
Lee Hlgginson Corp.
Inc.
Dougherty, Corkran & Co., Philadelphia
William R. Compton &
Co., Inc.
Charles H. Newton & Co., Inc.
1952 incl.
noted," Mr. Tremaine said, "that for the first
time
since the economic
emergency set in, receipts for general purposes in
fiscal
year ended June 30 ran considerably ahead of
general fund expenditures
It is reasonable to expect this trend to
continue as the rising tide of
business
becomes further accentuated.
Thus, the necessity for
temporary loans for
budgetary purposes will correspondingly decrease."
ORANGETOWN JUNION FREE SCHOOL
DISTRICT NO. 4 (P. O
Nyack), N. Y.—BOND OFFERING—-D. B. Furman, District
Secretary,
Time)
on
Sept
Denom. $1,000.
17
Due
$1,000 annually from 1937 to 1941 incl. Bidder to
name the rate of
interest
Principal and interest (M. & S.) payable at the
Nyack National Bank &
A certified check for 2% is
required.
Legality to be
approved by Hawkins, Delafield & Longfellow of New
York City.
;
Trust Co., Nyack.
COMMON
SCHOOL
DISTRICT
NO.
3
(P. O. Salina),
N.
Y.—BOND OFFERING—Wilhelmina
Kinne,
District
Clerk,
will
receive sealed bids at the school house at
Mattydale (Syracuse, R. F. D )
until 2 p. m.
(Daylight Saving Time) on Sept. 14, for the
purchase of
$24,000 not to exceed 6% interest coupon or
registered school bonds
Dated Sept. 1, 1936.
Denom. $1,000.
Due $1,000 on Sept. 1 from
1939
to 1962, incl.
Bidder to name one rate of interest on
all of the bonds
expressed in a multiple of M or l-10th of
1%.
Principal and interest
(M. & S.) payable at the Merchants National Bank & Trust
Co., Syracuse
with New Y ork exchange.
The bonds are general obligations of the
schooi
district, payable from unlimited taxes.
A certified check for
$500, payable
to the order of Albert
Selenske, District Treasurer, must
accompany each
proposal.
The approving opinion of Clay, Dillon &
Yandewater
5 Ms, paying a premium of $150, equal to 102.72,
Due from March 1, 1951 to 1956 incl.
as
Board of Commissioners
FUQUAY SPRINGS, N. C.—BOND OFFERING—Sealed bids will be
11 a. m. (Eastern Standard Time) on Sept. 15, by W. E.
Easterling, Secretary of the Local Government Commission, at his office in
Raleigh, for the purchase of a $65,000 issue of water and sewer bonds.
Denom. $1,000.
Dated Oct. 1, 1936.
Due on April 1 as follows:
$3,000,
1939 to 1949, and $4,000, 1950 to 1957, all incl.
Coupon bonds, registerable as to principal only.
Prin. and int. (A. & O.) payable in New .York
City in legal tender.
Delivery on or about Oct. 5, at place of purchaser's
choice.
There will be no auction.
The approving opinion of Masslich &
Mitchell, New York, will be furnished the purchaser.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of one-fourth 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 in his bid the amount of bonds of each rate.
The bonds
will be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the .town, such cost to be determined by deducting the
total amount of the premium bid from the aggregate amount of interest
upon all of the bonds until their respective maturities.
No bid of less than
par and accrued interest will be entertained.
Bids must be enclosed in a sealed envelope marked "proposal for bonds
and be accompanied by a certified check upon an incorporated bank or
trust company payable unconditionally to the order of the State Treasurer
of North Carolina for $1,300.
received until
,
Financial Statement, Sept. 2,1936
Population 1930 U. S.
963; estimated present, 1,200.
census,
Taxes
1933-34
-
Amount collected,
1935-36
$733,267.00
.45
3,152.64
$774,300.00
93.4
Rate per $100
Amount levied
1934-35
$703,760.00
i
-45
3,199.15
2,987.71
Assessed valuation
89.6
Percentage collected
2,824.22
Estimated actual property valuation
—
.55
.
.
•<
4,424.25
3,799.18
85.9
$1,300,000.00
Fuquay,Springs has no outstanding debt and has never issued any bonds.
The town was incorporated in 1909 and is located in the southern section of
Wake County, 18 miles south of Raleigh, on U. S. Highway No. 15A.
MECKLENBURG COUNTY (P. O.
Charlotte), N. C.—BOND ELEC
TION—We are now informed that the $1,169,000 in school bonds, men¬
tioned in these columns in August—V. 143, p. 1443—will be submitted to
the voters at the November election.
NORTH
DAKOTA
ISBEN COMMON SCHOOL DISTRICT (P. O. WahpetonL N. Dak.
BOND OFFERING—Mrs. Florence Ness, Clerk of the Board of Education,
will receive bids until 7:30 p. m. Sept. 11, for the purchase of $3,000 bonds.
OHIO
Financial Statement and Tax Data
The assessed valuation of the
property subject to the taxing power of
the
district according to the 1935 assessment roll is
$2,245,743. The full valua¬
tion is $3,034,787.
The total bonded debt of said district
including the
abvoe mentioned bonds is $177,200.
The population of said
district is
approximately 6,000.
The bonded debt above stated does not
include the
debt of
MUNICIPALS
MITCHELL, HERRICK & CO.
700 CUYAHOGA
any other subdivision having power to
levy taxes upon any or all
of the property subject to the
taxing power of the district. The school
year
commences
premium of $375, equal to
Due from March 1, 1938 to
a
,
said to have approved recently the issuance of $60,000 in swimming
pool
bonds.
of New
York will be furnished the successful bidder.
APPROVED—
basis of about 5.26%.
be
will receive sealed bids until 3
p. m. (Daylight Saving
for the purchase of $5,000
coupon stadium bonds.
PLAN
CHARLOTTE, N. C.—BONDS AUTHORIZED—The City Council is
Starkweather <fc Co.,
give Information to those interested in
investing in State obligations, the
SALINA
$14,500 public imp. bonds as 5H&, paying
102.586, a basis of about 5.14%.
CARY, N. C.—BONDS AUTHORIZED—The
report also was for the information of
any citizen who was interested in
State finances from a civic point of view.
He said he felt that so
long as the citizen was kept informed as to the
condition of public finances it is
fairly certain that conditions will never get
out of hand.
also
REFUNDING
ordinances recently, providing for the issuance of
$120,718.51 in bonds, divided as follows: $107,000 water and sewer refund¬
ing, and $13,718.51 in interest funding bonds.
,
will
CAROLINA
C.—BOND
is said to have passed
total net
debt in both bonds and notes amount to
only 2.5% of the assessed value
of the property subject to taxation for
State purposes.
While the total of the net bonded debt as of
Aug. 1, was $484,580,869
and the temporary debt was
$145,262,088, Mr. Tremaine pointed out that
practically all the bonds authorized to date had been
issued, with the ex¬
ception of those for grade crossings, and the schedule of
bond maturities
over the next 10 years calls for
paying off at that time a total of
$258,797,000.
"In all liklihood," he
declared, "this is far in excess of probable new issues
over the same period."
In the four-page circular
setting forth the condition of the States finances
and in a covering letter the
Comptroller emphasized that besides
intending
"It
N.
ELM CITY, N. C.—BOND SALE—The two issues of bonds
aggregating
$20,000, offered for sale on Sept. 8—V. 143, p. 1599—were awarded to
Kirchofer & Arnold of Raleigh, as follows:
a
NEW Y°RK (State
of)—COMPTROLLER REPORTS FINANCES IN
EXCELLENT CONDITION—In a statement
concerning the conditions of
State finances issued in
anticipation of the sale tomorrow of $55,000,000
emergency employment relief bonds, authorized
by the voters last Novem¬
ber, State Comptroller Morris S. Tremaine noted that the
State's
to
BOND SALE—The city is expected to make
offering this month of a total of $1,300,000 relief, water, public improve¬
equipment bonds.
5,500 funding bonds
Co., Inc., Philadelphia
Dean, Witter & Co.
Schlater, Noyes & Gardner, Inc.
Robinson, Miller & Co., Inc.
Jenks, Gwynne & Co.
Granbery, Safford & Co.
'
Laurence M. Marks & Co.
of
Co., Kansas City
Gregory & Son, Inc.
Newton, Abbe & Co., Boston
Schwabacher & Co.
Dominick & Dominick
Statement
YONKERS, N. Y.—PLANS
an
Equitable Securities Corp.
Dick & Merle-Smith
First
Inc.,
*
Edward Lowber Stokes & Co.
Stern Brothers &
Battles &
The Public Nat.
Financial
The
The Local Government Commission is said to have
approved a refinancing
plan for the above city, calling for the issuance of $20,974,500 in refunding
bonds.
The plan contemplates the major refinancing in Buncombe
County,
as plans for the
county and Asheville School District already are in opera¬
tion.
It is reported that the city will refinance $5,654,832 of water bonds
and $15,319,667 of general bonds.
A. G. Becker & Co.
Inc.
Darby & Co.
Appel, Director
assessed valuation of the
property subject to the taxing power of the
city is $154,495,533.
The total bonded debt of the city including the above
mentioned bonds is $15,326,306, of which amount
$1,661,000 is water debt.
The population of the
city (1930 census) was 35,830.
The bonded debt
above stated does not include the debt of
any other
subdivision
having
power to levy taxes upon any or all of the
property subject to the taxing
power of the city.
The fiscal year commences Jan. 1.
The amount of taxes
levied for the fiscal years
commencing Jap. 1, 1933, Jan. 1, 1934 and
Jan. 1, 1935 was,
respectively, $4,031,298.37, $3,912,138.76, and $4,036,247.47.
The amount of such taxes uncollected at
the end of each of said
fiscal years was,
respectively, $1,180,173.64, $960,700.26, and $771,701.10.
The amount of such taxes
remaining uncollected as of Sept. 9, 1936 is,
respectively, $106,620.58, $264,820.62, and $455,647.18.
The taxes of
the fiscal year
commencing Jan. 1, 1936 amount to $3,469,441.63, of which
$2,671,435.79 has been collected.
NORTH
Co.
Spencer Trask & Co.
Whiting, Weeks & Knowles,
Moseley & Co.
St. Louis
F.
&
PLAINS, N. Y.—BOND OFFERING—Richard
4% interest coupon
registered debt equalization bonds, series of 1936.
Dated Sept. 1, 1936.
Denom. $1,000.
Due Sept. 1 as follows: $30,000 from 1943 to 1945 incl.
and $50,000 from 1946 to 1948 incl.
Bidder to name a single interest rate
on all of the
bonds, expressed in a multiple of W or 1-10th of 1 %.
Prin. and
int. M. & S. payable at the Citizens
Bank, White Plains, with New York
exchange, or, at the option of the holder, at the Central Hanover Bank &
Trust Co., N. Y.
City.
The bonds are general obligations of the city,
payable from unlimited taxes.
A certified check for $5,000, 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 successful
bidder.
or
ASHEVILLE,
Mason-Hagan, Inc., Richmond
Mercantile-Commerce Bank
WHITE
of Finance, will receive sealed bids until
10 a. m. (Eastern Standard Time)
on Sept. 17 for the
purchase of $250,000 not to exceed
York
Shields & Co.
R. L. Day & Co.
C.
New
Rutter & Co.
Reynolds
Blodget, Inc.
Hemphill, Noyes & Co.
J. & W.
of
COVINGTON,
ment and
Baker, Weeks & Harden
Green, Ellis & Anderson
Bank, Albany
White, Weld & Co.
S.
Co.
1755
BETHANY,
—CERTIFICATE SALE—The Manufacturers & Traders Trust Co. of
Buffalo obtained the award of a new issue of
$18,000 registered school
certificates of indebtedness as
2.20s, at a price of 100.099, a basis of about
2.16%.
Due Sept. 1 as follows:
$3,500 from 1937 to 1940, incl. and
$4,000 in 1941.
The issue includes the $17,810 certificates which were
originally offered for sale on Aug. 31.
Sterling Nat. Bank <fc Trust Co.
Eldredge & Co., Inc.
L. F. Rothschild & Co.'
F.
&
PAVILION,
MIDDLEBURY
AND
YORK CENTRAL SCHOOL DISTRICT NO. 1
(P. O. Pavilion), N. Y.
,
Aliyn & Co., Inc.
The Commercial Nat. Bank & Trust
Estabrook & Co.
The Northern Trust
Co., Chicago
Harris Trust &
Savings Bank
Manufacturers
Stern
Chronicle
CANTON
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
July 1st.
'
_
■
Year—
.
Taxes Levied
$26,997.50
21,939.28
20,720.32
i
Uncollected at end
of Fiscal Year
$9,957.68
8,234.55
6,998.87
Taxes uncollected for said years were reported to
the County
Treasurer
by the Board of Trustees and have been paid by the
County Treasurer to
the Treasurer of the school district.
The amount of taxes levied
fiscal year 1936-1937 is $20,552.32, and such taxes
Fiscal year ends June '30.
are
not
for the
yet payable
OHIO
CLEVELAND
HEIGHTS.
of $210,758 refunding
offered for sale.
issue
Ohio—BOND OFFERING—On Sept. 9 an
to 1946, will be
bonds, maturing from 1940
CONCORD RURAL SCHOOL DISTRICT
(P.
O. Urbana), Ohio—
BONDS VOTED—The district recently voted 246 to
38 in favor of a proposed
bond issue of $30,500 to finance the construction of an
addition to a school
building.
Financial
1756
CINCINNATI, Ohio—BOND OFFERING—Henry Urner, City Auditor,
until noon on Sept. 29 for the purchase of $5,955,000
will receive sealed bids
2M% coupon bonds, divided as follows:
$4,595,000 Cincinnati Southern Ry. refunding bonds, being a general
obligation of the city, payable from unlimited taxes and from
earnings of the railway system, insofar as the same are suf¬
ficient to meet debt service requirements. The issue will mature
Interest payable M. & N.
475 000 street widening bonds.
Due $19,000 on Sept. 1 from 1938 to
1962 incl.
They were authorized at the Nov., 1926 general
election and payable from unlimited taxes.
Interest payable
May 1, 1956.
M. & S.
crossing elimination bonds.
Due $12,000 on Sept. 1
1967 incl.
They were authorized at the Nov.,
1928 general election and payable from unlimited taxes. Interest
payable M. & S.
275,000 street widening bonds.
Due $11,000 on Sept. 1 from 1938 to
1962 incl.
They were authorized at the Nov., 1925 general
election and payable from unlimited taxes.
Interest payable
360,000 grade
from
1938 to
M. & S.
250,000 street widening bonds.
Due $10,000 on Sept. 1 from 1938 to
1962 incl.
They were authorized at the Nov., 1927 general
election and payable from unlimited taxes.
Int. payable M. & S.
dated Nov. 1, 1936 and, at the request of the owner,
All of the bonds will be
be exchanged for fully registered bonds. Denom. $1,000. An interest
of 2 A% may be named by the bidder, but such frac¬
shall be M of 1%, or multiples thereof.
Different
rates may be named on the respective issues, but all of the bonds of each
loan must bear the same rate. Bids may be made separately for each lot or
for "all or none."
Principal and semi-annual interest payable at the Irving
may
rate other than that
tional rate of interest
Co., New York City.
Approving opinion of City Solicitor will
furnished the successful bidder and any other opinion must be obtained
Trust
be
of the first
given in a previous issue.)
(Preliminary notice of the above offering was
DAYTON, Ohio—BOND SALE—E. E. Hagerman, Director of Finance,
reports the purchase by the Sinking Fund Trustees of an issue of $250,000
bridge bonds.
LIVERPOOL, Ohio—APPROVES $1,500,000 POWER BOND
ISSUE—City Council has adopted an ordinance providing for the issuance
of $1,500,000 bonds to finance the purchase or construction of a municipal
power plant.
Mortgage bonds will be issued on the same basis as that
followed by the City of Piqua, which was approved by the State Supreme
EAST
Court.
GIRARD, Ohio—BOND ISSUE APPROVED—County Tax Commission
approved the issuance of $35,000 city building bonds without approval
issue at the November election.
The Commission advised that
there is still sufficient margin to issue the bonds within the 10-mill limitation
has
McDonald-Coolidge & Co. of Cleveland as 3s, at a price of 100.42, a
2.93%.
Dated Oct. 1, 1936 and due $146,800 on Oct. 1
1945 incl.
Second high bid of 100.41 for 3s was made by an
account composed of Mitchell, Herrick & Co., Otis & Co., Johnson, Kase
& Co. and Hawley, Huller & Co., all of Cleveland.
and
basis of about
TOLEDO, Ohio—BOND SALE—The
DISTRICT, Wayne County,
Ohio—BOND ELECTION—The Board of Education has ordered a special
election for Sept. 10 at which a proposal to issue $51,000 high school build¬
ing bonds will be submitted to the voters.
I
RONTON, Ohio—BOND SALE—The $6,000 storm water sewer bonds
awarded to Grau & Co. of Cincinnati as 3 Ms, at par
a premium of $37.80, equal to 100.63, a basis of about 3.40%.
Dated
Oct. 1, 1936 and due $500 yearly on Oct. 1 from 1938 to 1949 incl.
Seasongood & Mayer of Cincinnati also bid for 3 Ms, offering a premium of $18.85.
offered on Sept. 9 were
plus
Other Dius
were
as
follows:
Int. Rate
Bidder—
COUNTY
(P. O. Newark),
relief bonds offered on Aug.
$20,500 poor
awarded to the
First Cleveland Corp.
$18.85
23.00
434 %
"
Middendorf & Co
LICKING
Premium
3M %
4%
Seasongood & Mayer
Saunders, Stiver &,Co
10.00
Ohio—CORRECTION—'The
29—V. 143, p. 1275—were
of Cleveland
2s, at a price of
100.78.
It was previously reported that the award had been made to
Prudden & Co. of Toledo.—V. 143, p. 1600.
OFFERING—Clyde Welty,
Ohio—BOND
LIMA,
receive sealed bids until noon on Sept.
as
and Hawley, Huller &
issue of $490,000 as 2Ms
Co
$490?000 park
209 ' 000
City Auditor,
will
$12,000 from 1945 to 1950, incl.
Prin. and int. (A. & O.) payable at the
Sinking Fund Trustees.
An interest rate other than 4M%
may be named, provided it is expressed in a multiple of M of 1 %.
A certi¬
fied check for $1,200, payable to the order of the City Treasurer, must
office of the
accompany each proposal.
Delivery of bonds outside of Lima and cost of
approving opinion of Peck, Shaffer & Williams of Cincinnati to be paid for
by the successful bidder.
City will pay the cost of printing the bonds.
(Preliminary notice of the above offering appeared in these columns
some time ago.)
bonds.
composed of Mitchell,
Co., Johnson, Kase &
Co., all of Cleveland, on a bid of 100.184 for the
and the balance of $269,000 bonds as 3s.
The
Due $35,000 on Oct. 1 from 1938 to 1951 incl.
Oct. 1 as follows: $15,000from
Summit St. extension bonds.
Due
ig38 tQ 1Q49 .ncl and |17 000 in
1950>
30,000 public comfort station bonds.
30,000 fire station and site bonds.
All of the bonds are dated Oct. 1, 1936.
Harris & Co., Ipc.; Ryan, Sutherland &
'
A group composed of Stranahan,
Co.; Prudden & Co.; Provident
Savings Bank & Trust Co. and Weil, Roth & Irving Co. offered to pay
100.0215 for $490,000 3s and $269,000 2%s.
NOT SOLD—W. A. Horky,
received at the offering on
143, p. 1124. Dated Oct. 1,
1949, incl. Callable in whole
or in part at par on Oct.
1 in any year beginning with 1940.
Mr. Horky
states that the refundings will be exchanged for old indebtedness.
UNIVERSITY HEIGHTS, Ohio—BONDS
informs us that no bids were
Village Clerk,
Sept. 5 of $485,000 4% refunding bonds—V.
1936 and due $48,500 on Oct. 1 from 1940 to
DISTRICT, Ohio—BONDS VOTED—At
approved an issue of $85,000 bonds for the
building.
The count was 476 to 54.
WAYNESFIELD SCHOOL
recent election the voters
construction of a new school
a
VILLAGE
EXEMPTED
WYOMING
SCHOOL DISTRICT
(P. O.
Wyoming), Ohio—BOND OFFERING—L. L. Townley, Clerk of the Board
receive sealed bids until noon on Sept. 28 for the purchase
of $165,000 3% school building improvement bonds. Dated Oct. 1, 1936.
Due Oct. 1 as follows: $8,000 from 1938 to 1957 incl. and $5,000 in 1958.
of Education, will
be named, although in
fraction must be expressed in a multiple
different interest rate may
rate, such
the case of a fractional
of M of 17
•
Interest
payable semi-annually.
Bids may be made for all or part of the loan. A
certified check for 10% of the amount bid for, payable to the order of the
Board of Education, must accompany each proposal.
OKLAHOMA
BARNSDALL, Okla.—BOND ELECTION—At an election scheduled
for Sept. 15 a proposed $40,000 water bond issue will be submitted to the
voters.
BETHANY, Okla.—BOND SALE—The $30,000 issue
of city hall bonds
2—V. 143, p. 1444—was awarded to the Brownof Wichita, according to report.
Due over a period of 19 yrs.
offered for sale on Sept.
Crummer Co.
ELK
offered
Okla.—BOND SALE—The $55,000 water-works bonds
143, p. 1444—were awarded to R. J. Edwards, Inc.,
the first $27,000 bonds to bear
the balance of the issue 3%%.
CITY,
Sept. 4—V.
on
City at a premium of 98 cents,
interest at 3M %, the next $24,000 4%, and
Due on Sept. 1 as follows:
$3,000, 1939 to
of Oklahoma
1955; and $4,000 in 1956.
FAIRVIEW, Okla.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on Sept. 15, by J. C. Nicholson, City.Clerk, for the pur¬
chase of a $20,000 issue of water works bonds.
Bidders to name the rate
of interest.
These bonds were approved by the voters at the election on
Aug. 18, as previously noted—V. 143, p. 1601.
Dated Sept. 15, 1936.
Due on Sept. 15 as follows: $3,000, 1939 to 1944, and $2,000 in 1945.
A certified check for 2% must accompany the bid.
KONAWA, Okla— BOND OFFERING— Sealed bids will be receive
Sept. 15, by H. W. Courtney, Town Treasurer, for the
purchase of a $15,000 issue of water system bonds.
Bidders to name the
rate of interest.
Denom. $1,000.
Dated Aug. 1, 1936.
Due $1,000 from
Aug. 1, 1941 to 1955 incl.
Principal and interest payable at the fiscal
agency of the Town.
until 2 p. m. on
DEFEATED—At the election held on
defeated the proposal to issue $30,000
Okla.—BONDS
NOWATA,
16 for the purchase of $115,000 4M %
refunding bonds.
Dated Sept. 15, 1936.
Denom. $1,000.
Due April !
as follows:
$4,000 from 1938 to 1941, incl.; $9,000, 1942 to 1944, incl.;
$750,000 bonds offered on Sept. 9
y. 143, p. 1275—were awarded to an account
Herrick & Co., McDonald-Coolidge & Co., Otis &
of the
GREEN TOWNSHIP RURAL SCHOOL
1936
12,
from 1941 to
at
Proposals must be accompanied by a certified check for 3%
$100,000 bonds bid for and 1 % of all bonds in excess of the initial
$100,000 bid for; said checks to be payable to the order of the City Auditor.
bidder's cost.
Sept.
Chronicle
Sept. 1—'V. 143, p. 1601—the voters
municipal hospital bonds.
in
SPIRO,
Sam Jones,
Okla.—BOND SALE DETAILS—We are now informed by
Town Clerk, that the $8,000 refunding bonds purchased by
here recently—V. 143, p. 802—
Spiro State Bank of Spiro as noted
were sold as 6s, and mature in 20 years.
the
STRONG CITY, Okla.—BOND
SALE—It is reported by H. V. Jobe,
$3,000 issue of 4% semi-annual water
purchased at par by the Public Works
Due $500 from 1939 to 1944.
Town Clerk, that a
bonds
been
has
works extension
Administration.
MAHONING COUNTY (P. O. Youngstown), Ohio—BOND OFFER¬
refunding bonds on which sealed bids
Lancaster, Clerk of the Board of Commissioners,
ING DETAILS—The $535,000 6%
will be received by F. E.
(Eastern Standard Time) on Sept. 21, as previously noted in
approved as to legality by Squire, Sanders & DempAn interest rate other than 6% may be named as pro¬
vided in Section 2293-28 of the General Code of Ohio.
until 11
m.
a.
Oregon Municipals
these columns, will be
sey
of Cleveland.
MILTON VILLAGE SCHOOL
DISTRICT, Ohio—BOND ELECTION
Board of Elections has authorized the Board of Education
special election on Sept. 22 for the purpose of voting on the ques¬
—The County
to hold a
tion of issuing $135,000
CAMP & CO., INC.
school building bonds.
LEBANON,
Ohio—BOND
OFFERING— O. F. Brumbaugh,
Village Clerk, will receive sealed bids until 7.30 p. m. (Eastern Standard
Time) on Sept. 26 for the purchase of $10,000 4% water works plant and
distributory system construction bonds.
Dated Sept. 1, 1936.
Denom.
Due $500 on Sept. 1 from 1939 to 1958 incl.
Interest payable
$500.
M. & S.
A certified check for $100, payable to the order of the village,
must accompany each proposal.
Porter
NEW
OSBORN,
Ohio—BOND
vote at an election
sewage
ELECTION—The residents of Osborn will
scheduled for Sept. 22
on a
proposition to issue $48,000
system and sewage disposal plant bonds.
PHILLIPSBURG VILLAGE SCHOOL DISTRICT
burg),
(P. O. PhillipsOhio—BOND SALE—-The $15,000 gymnasium-auditorium con¬
struction
bonds
offered
on
Sept.
5—V.
143,
p.
1275—were awarded
as
3Ms to Ryan, Sutherland & Co. of Toledo.
Dated April 1, 1936 and due
$750 each six months from April 1, 1937 to Oct. 1, 1946 incl.
POWHATAN POINT, Ohio—BIDS RECEIVED—We give below a list
bids received on Sept. 1 for the $11,000 special assessment street
of the
improvement bonds awarded on that date to the First National Bank of
Powhatan:
'
Price Bid
Name-?-
First National Bank, Powhatan
Seasongood & Mayer, Cincinnati^
Saunders, Stiver & Co., Cleveland
Fox, Einhorn & Co., Cincinnati
Bliss, Bowman & Co., Toledo
Magnus & Co., Cincinnati
;
SHELBY, Ohio—BOND SALE—The $2,050
$11,000.00
11,033.40
11,097.00
11,021.00
11,018.70
11,005.00
coupon
Int. Rate
4%
6%
5M%
4M%
5M%
5M%
street improvement
bonds described below, which were offered on Sept. 1—V. 143, p. 962—were
awarded to the Mansfield Savings & Trust Co. of Mansfield at par for 4s:
$900 street improvement bonds.
1937 to 1946, inclusive.
700 street improvement bonds.
1937 to 1946, inclusive.
450 street improvement bonds.
1937 to 1946, inclusive.
Denom. $90.
Due $90
Denom. $70.
Due $70 on Sept. 1 from
Denom. $45.
Due $45 on Sept. 1 from
Each issue is dated Sept. 1, 1936.
on
Sept. 1 from
STRUTHERS, Ohio—BONDS AUTHORIZED—The City Council has
passed an ordinance providing for an issue of $30,000 4% refunding bonds.
They will be dated Oct. 1, 1936, in $1,000 denoms. and mature $3,000 on
Oct. 1 from 1938 to 1947 incl.
SUMMIT COUNTY (P. O. Akron), Ohio—BOND SALE—The issue
refunding bonds offered on Sept. 9 was awarded to a group
composed of Stranahan, Harris & Co., Inc.,. Toledo, Provident Savings
Bank & Trust Co., VanLahr, Doll & Isphording, Inc., both of Cincinnati
of $734,000
OREGON
COOS COUNTY SCHOOL DISTRICT NO. 29 (P.
O. Bandon), Ore.
receive bids
OFFERING—Ethel M. Kranick, District Clerk, will
—BOND
Sept. 11, for the purchase of $1,000 6% refunding bonds.
Denom. $500.
Dated July 1, 1936.
Certified check for $100, required.
until 8 p.
m.
GRANT COUNTY (P. O. Canyon City), Ore.—BOND OFFERING—
Sealed bids will be received until 2 p. m. (Pacific Standard Time), on Sept.19
by Ala Q. Mosier, County Treasurer, for the purchase of an $89,000 issue
of coupon or registered refunding bonds.
Interest rate is not to exceed
4M%, payable M. & N.
Denom. $1,000.
Dated Nov. 1, 1936.
Due
on Nov. 1 as follows: $3,000, 1937 to 1939: $4,000, 1940 to 1944; $5,000,
1945 to 1950, and $6,000, 1951 to 1955.
The bonds may be issued with
the county reserving the right to call and redeem any or all, on any interest
paying date, on and after Nov. 1, 1938.
Bids are invited on both types of
bonds.
Principal and interest payable at the fiscal agency of the State in
New York City.
The approving opinion of Teal, Winfree, McCulloch,
Shuler & lvelley, of Portland, will be furnished the purchaser.
BONDS
CALLED—It
is
by the above County Treasurer that
and 26 to 100, bearing 6% interest,
5% interest, aggregating $98,000. are being
stated
road bonds numbered 8 and 9, 13, to 23,
and Nos.
101 to 110, bearing
called for payment.
MALIN, Ore—BOND OFFERING—Sealed bids will be received until
Recorder, for the purchase of
8 p. m. on Sept. 14, by C. R. Beardsley, City
$16,000 issue of sanitary sewer bonds.
Interest rate is not to exceed 5%,
payable M. & S.
Denoms. $500 and $100.
Dated Sept. 1, 1936. Due on
Sept. 1 as follows:
$500, 1940 and 1941, and $1,000, 1942 to 1956.
Prin.
and int. payable at the office of the City Treasurer.
The approving opinion
of Teal, Winfree, McCulloch, Shuler & Kelley, of Portland, will be furnished.
A certified check for 5% of the bid, payable to the city, is required.
(These are the bonds offered on June 22, for which no bids were received.)
a
PORTLAND,
Interest payable M & S.
Portland, Oregon
Building,
Ore.—SINKING
FUND
BOND
OFFERINGS—It
is
City Treasurer, will receive sealed bids until
Sept. 15, for the purchase of 34 issues of various Portland and
Multnomah County bonds, with the exception of one $10,000 issue of
Oregon Veterans' State Aid, Series No. 2 bonds, aggregating $300,000, all
which bonds are the property of the city sinking fund.
The legal opinion
of Storey, Thorndike, Palmer & Dodge of Boston will be furnished on all
bonds.
Bidders will be required to submit unconditional bids except as to
legality of the bonds and to submit with their bids a certified check on a
bank in the city, equal to 5% of the par value of bonds bid for, payable
to the city.
,
stated that William Adams,
11
a. m.
on
"
'
'
'
'
1
,
'
Volume
Financial
143
Chronicle
Internal
name of
$200,000 Allegheny County, Pa.
Date
Municipality and Purpose—
Borough, Cambria County—Paying
2M% Bonds due Dec. 1, 1962 and Dec. 1, 1965
Prices:
To
Net
Borough School District, Schuylkill County—
Erecting and equipping a Senior High School
Building.
Tioga County—Paying
operating expenses
Philadelphia
City of Philadelphia Bonds
Lehigh Valley R. R. Annuity 434»
Gsj.
Buffalo & Susquehanna R. R. 1st 4s, 1963
Phila.
Electric
Common
t
A. T. & T. Teletype
Walnut
22
BOND
SALE—The
an offering of
$140,000 2%
serially in from 1 to 10 years.
city will come to
funding bonds, to mature
BRADDOCK, Pa .—PROPOSED BOND ISSUE—The Borough Council
on Sept. 8 referred for consideration
of the water and light committee a
proposal to issue bonds for the construction of a new filtration and water
plant which would cost about $160,000.
COPLAY, Pa.—BOND OFFERING—John McGinley, Borough Secre¬
tary, will receive sealed bids until 7 p. m. (Eastern Standard Time) on
Sept. 21 for the purchase of $40,000 2, 2H, 2*$, 2%, 3, 3X, 33%
or 4%
coupon street paving bonds.
Denom. $1,000.
Due as follows:
$5,000 in 1941, 1946, 1951, 1956; $10,000 in 1961 and 1966.
Interest
payable M. & S.
Bidder to name one rate of interest on the issue.
A
must accompany each
proposal.
DURYEA,
Pa —BONDS
AUTHORIZED—'The
Borough
Council
recently adopted a resolution authorizing the ssuance of $50,000 funding
bonds.
FALLS TOWNSHIP SCHOOL DISTRICT (P. O.
Fallsington), Pa.
SALE—The issue of $31,000 coupon or registered school bonds
offered on Sept. 4—V. 143, p. 1276—was awarded to W. H. Newbold's
•—BOND
Son
&
of Philadelphia
Co.
equal to 100.43,
Oct. 1 as follows:
incl.
a
as 2%s, at par plus a premium of $133.61,
basis of about 2.65%.
Dated Oct. 1 1936 and due
$2,000 in 1937 and 1938 and $3,000 from 1939 to 1947,
Other bidders
were as
for
registered form and the former type may be exchanged at any
registered certificates, at the option of the holder.
The bonds
part of an original issue of $4,156,000 authorized by Chapter
are
2258 of State laws of 1935 and represent the third instalment to be sold.
The balance of the bonds will be issued from time to time in accordance
with the requirements of the Emergency Public Works Commission of the
State.
A certified check for $12,000, payable to the order of the General
Treasurer, must accompany each proposal.
Copy of opinion of State
Attorney General with respect to legality of the bonds will be furnished
the successful bidder.
$60,000 City of Charlestown, So. Car.
3% water bonds due Sept. 1, 1965 to 1972 inc.
at par when issued
3M%
3>i%
...
DISTRICT, Pa.—BIDS RECEIVED—We give
complete list of the bids received
on
McALISTER, SMITH & PATE, Inc.
Sept. 1 for the $250,000 bonds
awarded to E. H. Rollins & Sons and Yarnall & Co. of Phila.:
Name—
Price Bid
E. H. Rollins & Sons and Yarnall & Co.,
Philadelphia..
LONDON GROVE
67
100.539
2Y%
2Y%
2Y%
2 H%
2%%
2 H%
3%
101.537
100.638
100.796
DISTRICT
(P.
O.
GREENVILLE,
$4,000 from 1951 to 1955 incl.
Bidder to
YORK
S.
C.
CHARLESTON, S. C.
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
West
KIRCHOFER
Time) on Sept. 21 for the purchase of $59,000 2, 2H. 2H, 2%, 3,
3H or
3H% coupon, registerable as to principal only, refunding bonds.
Dated
Oct. 1, 1936., Denom. $1,000.
Due Oct. 1 as follows: $3,000 from 1938
on
NEW
Telephone WHlteball 4-6765
Grove;, Pa.—BOND OFFERING—Sara M. Gould, Secretary of the Board
of School Directors, will receive sealed bids until 7 p. m. (Eastern
Standard
to 1950 incl. and
STREET
2Yi %
101.21
100.2976
101.607
TOWNSHIP SCHOOL
BROAD
Int. Rate
101.329
Supplee, Yeatman & Co., Philadelphia
Edward Lowber Stokes & Co., Philadelphia
Halsey Stuart & Co., Philadelphia
Bancamerica Blair Corp., Philadelphia
Singer, Deane & Scribner, Pittsburgh
Brown, Harriman & Co., Philadelphia
Mackey, Dunn & Co., New York
of interest
ISLAND
coupon or
time
offered
3>£%
HAZELTON SCHOOL
a
RHODE
RHODE ISLAND
(State of)—BOND OFFERING—Percival De St.
Aubin, General Treasurer, will receive sealed bids until noon (Daylight
Saving Time) on Sept. 15 for the purchase of $1,200,000 3%public works
loan of 1935 bonds.
Dated Dec. 2, 1935.
Denom. $1,000. Due $150,000
annually on Dec. 1 from 1944 to 1951 incl. Bonds will be issued in either
3 M %
Bank
Stroud & Co
were
MacGregor and S. K. Cunningham & Co., all of Pittsburgh.
Dated
Sept. 1, 1936 and due as follows: $2,000, 1945 and 1946; $4,000, 1947 and
1948; $5,000, 1949 and 1950; $6,000, 1951 and 1952; $8,000 in 1953 and
1954 and $9,000 in 1955 and 1956.
This issue was originally offered on
Aug. 24 and, after no bids had been received, the above group accepted a
20-day option on the loan.
3%
..
Morrisville Bank
Farmers National
below
&
Rate of Int.
Bros., Inc
Bentley H. Pope, lnc
which
WASHINGTON SCHOOL DISTRICT, Pa.—BOND OFFERING RES¬
CINDED—The cad for sealed bids until Sept. 21 for the purchase of $68,000
2Y or 2% % coupon school building bonds has been canceled.
The bonds,
according to Ella R. Stewart, District Secretary, have been sold as 2%s
at par through a
group composed of Singer, Deane & Scribner, Inc., Glover
follows:
Bidder—
Leach
133,000
resurfacing
sewer;
1950 incl.
Philadelphia
Pa.—PLANS
certified check for 2%
constructing
CLAIR
„
Phila.
St.
with
soon
125,000
50,000
SOUTH UNION TOWNSHIP SCHOOL DISTRICT (P. O. Hopwood),
Pa.—BOND SALE—The $68,000 4%
coupon, registerable as to principal,
funding bonds of 1936 offered on Sept. 8—V. 143, p. 1445—were awarded
to Glover &
MacGregor of Pittsburgh at par plus a premium of $3,416,
equal to 105.023, a basis of about 3.25%.
Dated Oct. 1, 1936, and due
Oct. 1 as follows: $6,000 from 1937 to 1942 incl. and
$8,000 from 1947 to
PENNSYLVANIA
BETHLEHEM,
market
Sept. 4
accompany each proposal.
Stock
Sugar Common Stock
YARNALL & CO.
1528
Sept. 2
SCHOOL DISTRICT (P. O. St. Clair), Pa.—BOND
OFFERING—John J. Jacoby, District Secretary, will receive sealed bids
until 8 p. m. (Eastern Standard
Time) on Sept. 25 for the purchase of
$125,000 4% coupon school bonds. Dated Dec.. 1, 1936. Denom. $1,000.
Due as follows:
$1,000 from 1937 to 1941 incl.; $3,000 from 1942 to 1949
incl ; $7,000 from 1950 to 1959
incl.; $6,000, 1960; $5,000, 1961; $3,000 from
1962 to 1966 incl. Interest
payable J. & D. A certified check for 2% must
interested in
Penna.
$10,000
Connellsville, City of Fayette County—Refunding
bonded indebtedness, $83,000;
paying cost of ma¬
ST.
are
Amount
Sept. 4
St. Clair
terials and
tools;
street, $50,000
We
Approved
operating
expenses.
2.35%
Street
'
Sept. 2
Dale
Moncure Biddle & Co.
1520 Locust
1757
Affairs, Bureau of Municipal Affairs.
The details include the
the
municipality, amount and purpose of issue and date of approval:
name one rate
RALEIGH, N. O.
all of the bonds.
Principal and interest (A. & O.) payable
Trust Co. of Kenneth Square in Kenneth
Square.
interest thereon will be free of all taxes
except succession and
taxes under any present or future law of the
Commonwealth.
bonds to be paid for by the district.
Delivery will be made
1, 1936.
Issue to be refunded is dated April 1, 1928.
A
&
ARNOLD
INCORPORATED
A
T.
T.
TELETYPE
RLGH
80
at the National Bank &
Bonds and
inheritance
Printing of
about
Oct.
certified check for 2% of the bonds bid for,
payable to the order of the
District Treasurer, must
accompany each proposal.
Bonds will be sold
subject to favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia.
McKEESPORT, Pa .—BOND OFFERING—W. V. Campbell,
City
Comptroller, will receive sealed bids until 2 p. m. (Eastern Standard
Time)
on Sept. 28 for the purchase of
$400,000 2Y % improvement bonds. Dated
Sept. 1, 1936.
Due $20,000 each Sept. 1 from 1937 to 1956 incl. Interest
payable M. & S. A certified check for 1% must accompany each proposal.
(This issue was originally proposed for sale on Sept. 14—V. 143, p.
1276.)
NORTH
East
VERSAILLES
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
McKeesport),
bonds offered
on
&
Pa.—BOND SALE—The issue of $20,000 coupon
Sept. 4—V. 143, p. 1276—was awarded to Singer, Deane
Scribner, Inc. of Pittsburgh.
Dated Sept. 1, 1936 and due Sept". 1 as
$3,000, 1944 to 1946, incl.; $2,000 from 1947 to 1951, incl. and
$1,000 in 1952.
follows:
READING, Pa.—BIDS RECEIVED—The following is
the bids received
on
complete list of
Sept. 2 for the $500,000 coupon or registered improve¬
a
ment bonds offered on that date:
Rate
Bidder—■
of
Int.
Phelps, Fenn & Co., N. Y.; Mackey,
Dunn & Co., Inc., N. Y.; George E.
Snyder & Co., Phila
Par & Accr'd
Int. Plus
Equiva
Premium of
lent to
2.20%
2M%
*$24,375.00
*43,075.00
2.20%
2K%
100.4875
100.8615
100.41
4,245.00
100.849
2X%
3,582.00
(P. O. Anderson), S. C —BOND SALE—
The $420,000 issue of coupon road bonds offered for sale on
Sept. 10—V.
143, p. 1602—was awarded jointly to the Trust Company of Georgia, of
Atlanta, and the Milwaukee Co. of Milwaukee, as 2Hs, at a price of 100.636
a basis of about 2.38%.
Dated July 1, 1936.
Due from Jan. 1, 1938 to
1946.
The second highest bid was an offer of 100.53 on 2^s, tendered by the
Robinson-Humphrey Co. of Atlanta.
CONWAY, S. C —BOND CALL—C. H. Snider, Town Clerk and
Treasurer, states that the following 5% bonds are being called for payment
on
Nov. 1, on which date interest shall cease:
2H%
3,290.00
100.658
Bancamerica-Blair Corp.,N. Y
The First Boston Corp., N.Y
2H%
2 H%
Suplee,
*
3,075.00
2,780.00
100.615
100.556
Stokes &
Yeatman
&
Stroud & Co., Phila
W. H. Newbold's Son &
Co., Phila.;
Co.,
Phila.;
Co., Phila
2H%
2%%
2,150.00
1,945.00
100.43
100.389
The
premiums shown, although mentioned in the bids, were offered
unintentionally through the misplacing of a decimal in computation.
The
premiums offered should have read $2,437.50, equal to 100.4875,,
$4,307.50, equal to 100.8615, for 2.20s. and 2.25s., respectively.
PENNSYLVANIA
following is
a
and
(State
of)—BOND
ISSUES
APPROVED— The
list of bond issues recently approved by the Department of
,
$10,000 water works bonds, numbered 1 to 10.
20,000 sewerage bonds, numbered 1 to 20.
Denom. $1,000.
on
Nov.
1, 1936.
Dated Nov. 1, 1916.
Due on Nov. 1, 1956, optional
Bonds will be redeemed at par and accrued interest on
City.
date called, at the Chase National Bank, N. Y.
HORRY COUNTY (P. O. Conway), S. C.—BOND SALE DETAILS—
now reported by the Clerk of the County Board of Education that t he
$20,000 school bonds purchased by the Conway National Bank, at a price
of 10?.275, as noted here recently—V. 143, p. 1602—were sold as 4s, and
mature serially in 10 years, giving a basis of about 3.54%.
These bonds are
obligations of the Myrtle Beach School District No. 13.
It is
ORANGEBURG COUNTY
(P. O. Orangeburg), S. C —BONDS OF¬
3% highway bonds was made on Sept. 9 by Blyth & Co., Inc., and R. S.
Dickson & Co., Inc.
The bonds are priced to yield from 2.60 to 2.85%
for maturities ranging from 1946 to 1955.
The bonds are general obligations of the county and, in addition, the
South Carolina State Highway Commission agrees to reimburse the county
the entire principal amount in annual payments corresponding in time
and amount to the maturities of the bonds, together with all interest ac¬
cruing on the bonds after five years from the date of issuance.
100.7164
Halsey, Stuart & Co., Inc., N. Y.; East¬
man, Dillon & Co., N. Y
E. H. Rollins & Sons, Inc., Phila.;
Edward Lowber
CAROLINA
COUNTY
FERED FOR INVESTMENT—Formal offering of a new issue of $450,000
Edward B. Smith & Co., N.Y.;Graham,
Parsons & Co., N. Y.; Singer, Deane
Moncure, Biddle & Co., Phila.; Lazard
Freres & Co., Inc., N. Y
Brown Harriman & Co., Inc., Phila.;
Kidder, Peabody & Co.; Yarnall &
-
SOUTH
ANDERSON
SOUTH
EDGEMONT
INDEPENDENT
DAKOTA
SCHOOL
DISTRICT,
BOND ELECTION—A proposal to issue $40,000 warrant
will be voted upon at an election to be held on Sept. 18.
S.
Dak.—
funding bonds
ELK POINT, S. Dak.—BOND ELECTION—A special election has been
ordered for Sept. 10 at which a proposal to issue $50,000 electric light plant
bonds will be submitted to the voters.
SIOUX FALLS, S. Dak.—BOND OFFERING—Andrew Norstad,
City
Auditor, will receive bids until 10 a. m. Sept. 18 for the purchase at not less
than par of $50,000 3% general obligation, coupon, registerable as to
principal, electric light refunding bonds. Denom. $1,000. Dated Sept. 15,
1936.
Interest payable March 15 and
Sept. 15.
Due $5,000 yearly on
Sept. 15 from 1937 to 1946, incl.
Principal payable at the Chase National
Bank, in New York. Purchaser is to pay the cost of printing the bonds, and
any expense in connection with legal opinion.
,
Financial
1758
WAUBAY, S. Dak.—BOND OFFERING—It is reported
that sealed bids
Sept. 14, by Geo. Carlson, City Auditor,
will be received until 8 p. m. on
for the purchase of a $4,000 issue of 4% semi-ann. water
bonds. Denom. $1,000. Dated Aug. 25, 1936. * .J&d
main extension
WEBSTER, S. Dak.—MATURITY—The"$14,000 4% semi-ann. storm
sewer bonds that were sold at par to the Security Bank of Webster, as
noted here recently—V. 143, p. 1445-5-r-are said to be due on Aug. 1 as
follows: $500, 1939 to 1946, and $1,000, 1947 to 1956.
Sept. 12, 1936
Chronicle
order, according to Mr. Larrabee.
$1,000 from 1937 to 1966.
"
is now in
TAPPAHANNOCK,
Dated Sept. 1, 1936.
Va .—BONDS VOTED—At
Due
the election held on
Sept. 1—V. 143, p. 964—the voters are said to have approved the issuance
$40,000 in water, sewer and municipal building bonds by a very
wide margin.
"
"
"
"
•
of the
NORTHWESTERN MUNICIPALS
TENNESSEE
Washington
Tenn.-BOND ELECTION—It is reported that an
have the voters pass on the
proposed issuance of $250,000 in electrical distribution plant bonds.
—
Oregon
—
Idaho
—
Montana
CLARKSVILLE,
election has been called for Oct. 8 in order to
Ferris & Hardgrove
COLUMBIA, Tenn.—BONDS VOTED—At tfie election held onSept. 1—
143, p. 635—the voters are said to have approved the issuance of the
$100,000 in municipal power plant bonds by a substantial margin.Wit is
understood that the city is under an injunction restraining the issuance of
these bonds until final determination of their legality.
m*
Y.
PORTLAND
SEATTLE
SPOKANE
^teletype—SEAT
Teletype—SPO 176
191 Teletype—PTLD ORE 160
_
III GALLATIN.
Tenn.—BOND SALE NOT CONSUMMATED—It~Ts
stated by W
A. J. Simpson, Town Recorder, that the sale of the $45,000
auditorium and market house bonds on July 24 to the Cumberland Securi¬
WASHINGTON
.
Corp. and Robinson, Webster & Gibson, both of Nashville, jointly,
as reported in these columns at that time—V. 143, p. 803—was not consum¬
mated.
\ ■
ties
bids will be received by the above Re¬
for the purchsae of the said bonds.
Inter¬
4%, payable J. & J.
Denom. $1,000.
Dated
BONDS REOFFERED—Sealed
corder until 11 a. m. on Sept. 24
est
is
rate
not
to
exceed
July 1, 1936.
Due on July 1 as follows: $1,000, 1937 to 1940: $2,000, 1941
to 1949; $3,000, 1950 to 1955, and $5,000 in 1956.
Prin. and int. payable
at the office of the Town Treasurer or at the Chemical Bank & Trust Co.,
N. Y. City.
Rate of interest to be in multiples of K of 1 %.
These bonds
are said to be full faith and credit obligations of the town.
A certified
check for 2% of the bonds bid for is required.
ABERDEEN, Wash.—BOND CALL—Tom Freeman,
is said to be calling for payment from Sept. 2 to Sept. 20,
City Treasurer,
various local im¬
provement district bonds and coupons.
CONTEMPLATED—In
election would be
$100,000 in bridge
bonds, it is stated by the City Clerk that it has been finally
EVERETT,
Wash.—BOND ELECTION NOT
connection with current reports to the effect that an
held in the near future in order to vote on the issuance of
approach
decided to issue no bonds for this purpose.
will go to the
issuance of $15,000 city hall and fire equip¬
GRANDVIEW, Wash.—BOND ELECTION—'The voters
polls on Sept. 23 to vote on the
ment bonds.
-
SEATTLE, Wash.—BONDS CALLED—H. L. Collier, City Treasurer,
Sept. 3 to Sept. 16 various local im¬
is said to be caling for payment from
provement district bonds.
TEXAS BONDS
Bought
—
Sold
—
WISCONSIN
Quoted
KENOSHA, Wis.—BOND SALE—The $61,000 school refunding bonds
described below, which were offered on Sej t. 4—V. 143, p. 1278—were
.60s, at a premium of $109.80,
awarded to A. G. Becker & Co. of Chicago as
H. C. BURT & COMPANY
equal to 100.18, a basis of about 2.58%:
$12,000 bonds, series of 1928
15,000 bonds, second series of 1923
22,000 bonds, series of 1924
■
12,000 bonds, series of 1928
Denom. $1,000.
Dated Sept. 15 1936.
Due Sept. 15, 1950.
and semi-annual interest (March 1 and Sept. 1) payable at the
Incorporated
Houston, Texas
Sterling Building
TEXAS
CROSBY COUNTY ROAD DISTRICT NO. 1 (P. O. Crosbyton),
Texas—BOND CALL—It is stated by G. S. Bond, County Judge, that the
Commissioner's Court is calling for redemption on Oct. 10, at par and ac¬
interest, Nos. 11 to 60, of 5% road bonds, dated Nov. 13, 1916,
aggregating $50,000.
Denom. $1,000.
Said bonds are payable at the
County Treasurer's office or at the Cen5ral Hanover Bank & Trust Co.,
New York, or at the State Treasurer's office in Austin.
Interest shall
crued
cease
on
date
called.
GALVESTON
COUNTY
Galveston), Tex.—BOND CALL—
the County
breakwater
bonds, are being called for redemption at par and accrued interest at the
office of the County Treasurer on Oct. 10, on which date interest shall
(P.
O.
It is stated by I. Predecki, County Auditor, that by order of
Commissioners' Court, Nos. 5982 to 6040, of sea wall and
Dated July
cease.
NUECES
10, 1902.
COUNTY
(P. O. Corpus Christi), Tex.—BOND CALL—
Wilde, County Auditor, is reported to be calling for payment on
following 5H % bonds:
$3,000 road, series B bonds.
Dated Aug. 1, 1919.
Due on April 10, 1937.
6,000 road, series_£Lbonds.
Dated Feb. 10,1922.
Due on April 10,1937.
Bonds and interest will be paid at the Capital National Bank of Austin,
and the holders of said bonds are to present same for redemption at that
P. J.
Oct. 10, on which date interest shall cease, the
bank,
,
on date called.
POINT ISABEL INDEPENDENT SCHOOL DISTRICT (P. O. Port
Isabel), Tex.—BOND OFFERING-^-It is stated by J. R. Wait, Secretary
sale a $10,000 issue of
payable semi-annually.
Denom. $1,000.
Due from 1966 to 1976 incl. These bonds are said to be
part of a $40,000 issue, of which $30,000 has been purchased by the Public
of the Board of Education, that he is offering for
bonds.
Interest rate is not to exceed 5%*
school
Works Administration.
WHEELER INDEPENDENT SCHOOL DISTRICT (P. O. Wheeler),
Tex.—BONDS SOLD—It is stated by the Secretary of the Board of Educa¬
tion that $20,000 school building bonds have been sold to the State Board
of Education, Permanent School Fund.
The
Principal
City Trea¬
*
surer's office.
Bancamerica-Blair Corp. of Chicago was second high,
offering a
premium of $777.75 for 2M% bonds.
MILWAUKEE, Wis.—BOND OFFERING—It is stated
by William H.
Wendt, City Comptroller, that the Commissioners of Public Debt will
ceive sealed bids at his office until 11 a. m. (Central Standard Time)
re¬
on
Sept. 25 for the purchase of an issue of $1,265,000 4% coupon water works
mortgage bonds.
Denom. $1,000.
Dated July 1, 1934.
Due $115,000
from July 1, 1937 to 1947. incl.
The city reserves the right to call and re¬
deem the bonds herein authorized, in whole or in part, in the inverse order
of maturity
(selection as among bonds of the same
maturity to be made by
lot), on any interest payment date after three years from the date of the
bonds, upon payment of principal and interest accrued to the date of re¬
demption, plus on each bond a premium in an amount tqual to
of 1%
of the principal amount of such bond for each year or fraction thereof from
the redemption date to the date of maturity.
Prin. and int. (J. & J.)
payable at the office of the City Treasurer, or at the option of the holder at
Northern Trust Co., Chicago, or at the Guaranty Trust Co., New
York.
The unqualified approving opinion of Chapman & Cutler of Chi¬
cago will be furnished without additional expense.
In the opinion of coun¬
sel these bonds and the issue of which they form a part will be payable only
from and secured by the pledge of a portion of the revenue of the water
works system of the city, which pledge will constitute a first and prior lien
against said portion of said revenue, and will be additionally secured by a
valid and subsisting statutory mortgage lien upon said water works system,
as provided and permitted by Chapter 162 and Chapter 261, Laws of W isconsin, 1933.
These bonds are part of an authorized issue of $3,675,000,
of which $1,949,000 have been sold.
Bids are requested for all or none.
The Commissioners of the Public Debt reserve the right to make allot¬
ments on tie bids.
Bonds may be registered as to principal only.
All
bids to be addressed to the Commissioners of the Public Debt, City Comp¬
troller's office, Milwaukee, Wis.
A certified check for \7 of the amount
of bonds bid for is required.
the
,
.
.
Bay) Wis.—BOND ELECTION—
It is said that a special election will be held on Sept. 17 in order to have
the voters pass on the proposed issuance of $100,000 in water works and
PREBLE TOWNSHIP (P. O. Green
distribution system bonds.
OFFERINGS
MILWAUKEE, Wis.—BOND OFFERING—Sealed bids will
(Central Standard Time) on Sept. 18, by Elmer W.
of an issue of $150,000 coupon
storm sewer and intercepting sewer bonds.
Interest rate is not to exceed
4%,payable A. & O. Denom. $1,000. Dated Oct. 1, 1936. DueonOct. 1
as follows:
$5,000, 1938; $10,000, 1939: $15,000, 1940; $20,000, 1941, and
$25,000, 1942 to 1945, inci.
The bonds will not be sold for less than par
and the basis of determination shall be the lowest rate of interest bid by the
successful bidder, provided that the maximum rate of interest to be borne
by the bonds shall be 4%, and to be expressed in multiples of n of 1%.
Bidders to pay accrued interest to the date of payment.
The call for bids
is on this basis:
A par bid with the rate of interest which the bidder will
accept over the period stipulated by the bonds.
Prin. and int. payable at
the City Treasurer's office.
The approving opinion of Chapman & Cutler
of Chicago, will be furnished.
A certified check for $7,500, payable to the
city, must accompany the bid.
SOUTH
WANTED
be received until 2 p.m.
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
Welbes, City Treasurer, for the purchase
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Bell Teletype: SL K-37
Phone Wasatch 3221
UTAH
OGDEN, Utah—BONDS AUTHORIZED—The City Commissioners are
reported to have approved an ordinance providing for the issuance of $2,600,000 in light and power revenue bonds.. It is said that a referendum
will be held
on
this proposal.
WYOMING
MOORCROFT, Wyo.—BONDS NOT SOLD—'The $20,000 issue of 6%
coupon municipal light and
power plant bonds offered on
Sept. 7—V. 143, p. 1126—was not sold as no bids were received, according
semi-annual
to the
$62,000.00
City Treasurer.
PORTSMOUTH, Va. 5% bonds
September 1954
Canadian Municipals
@ S.75% basis
Information and Markets
F. W. CRAIGIE '& COMPANY
Richmond, Va.
Phone
A. T. T. Tel. Rich.
3-9137
BRAWLEY, CATHERS & CO.
Va. 83
25
KING
ST. WEST,
ELGIN
TORONTO
6438
VIRGINIA
BLACKSTONE, Va .—BOND SALE—The $35,000 issue of 3 H% semi¬
funding bonds offered for sale on Sept. 7—V. 143, p. 1446—was
W. Craigie & Co., both of
Richmond, paying a premium of $951, equal to 102.717, a basis of about
2.95%.
Dated Sept. 1, 1936.
Due from 1937 to 1956, incl.
The next
highest bid was an offer of $945.05, submitted by Scott & Stringfellow of
CANADA
annual
awarded jointly to the Richmond Corp. and F.
Richmond.
BONDS
OFFERED
FOR
INVESTMENT—The
successful
bidders
re-
the above bonds for general subscription at prices to yield from
1.50% to 3.00%, according to maturity.
offered
PHOEBUS
Va .—BONDS NOT SOLD—We
are
informed by F. O. Lar-
(Province of)-^CITIES ASKED TO ACT ON BOND
REDUCTION—Immediate action by Alberta cities to take
advantage of Provincial legislation approved at the special session of the
Alberta Legislature providing a maximum of 3% for interest on municipal
securities was urged recently by Mayor Clarke in a letter sent to Mayors of
Calgary, Lethbridge, Medicine Hat and Drumheller.
Claiming huge savings to cities will result, Mayor Clarke has invited these
Mayors to get together in Edmonton "as soon as possible" to meet re¬
presentatives of the financial and mortgage interests with a view to reaching
ALBERTA
INTEREST
a
settlement.
rabee, Town Recorder, that the $30,000 issue of not to exceed 5% semi-ann.
general obligation town bonds scheduled for sale on Sept. 8—V. 143, p.
1126—was not awarded.
He states that due to an adverse legal opinion
all the bids were returned unopened.
A re-advertisement of the offering
PRESTON,
Scully & Co. of Toronto
of which $17,000 mature in_10
Ont —BOND SALE— Stewart,
recently purchased $29,000 3}^% bonds,
instalments and $12,000 in five payments.
@FedFRASER