The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Issued Weekly, 35 Gents a
1 dO
„
IHO,
Copy—
SEPTEMBER 19, 1936.
NEW YORK,
$15.00 Per Year
TRUST
BROOKLYN
CHASE
THE
NATIONAL BANK
COMPANY
Chartered
OF
Kidder, Peadody & Go.
1866
George V. McLaughlin
The
BOSTON
NEW YORK
For
BROOKLYN
Member Federal Deposit Insurance
YORK
tra-
bankers' bank.
a
years
many
served
NEW
chase is
ditionally
PHILADELPHIA
OF
CITY
THE
President
NEW YORK
NO. 3717
w^"rcorsru^"v
it has
large number
a
;
Corporation
of banks and bankers
as
New York
correspondent
and
COMMERCIAL BANKERS SINCE 1852
depository.
reserve
Member Federal
Deposit Insurance Corporation
and
PREFERRED
UnionTrustCo.
SAN
Member Federal
STOCKS
FRANCISCO
United States
Deposit Insurance Corporation
Government
RESOURCES OVER $200,[jkijjjW!
77
1
Securities
I
<j>he
FIRST BOSTON
Hallgarten & Go.
Brown Harriman & Co.
Incorporated
CORPORATION
Established 1850
63 Wall
BOSTON
NEW YORK
NEW YORK
Boston
AND OTHER PRINCIPAL
London
Philadelphia
Chicago
San Francisco
SAN FRANCISCO
PHILADELPHIA
Chicago
Street, New York
Telephone: BOwling Green 9-5000
"
CHICAGO
Representatives in other leading Cities
throughout the United States
CITIES
WERTHEIM & CO.
120
State and
Broadway
New York
NewYorkTrust
Amsterdam
London
CARL M. LOEB &
61
Municipal Bonds
Company
CO.
Barr Brothers & Co.
BROADWAY
Capital Funds
NEW YORK
$32,500,000
.
INC.
Chicago
New York
Berlin
Amsterdam
Paris
London
IOO
BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON
AVE.
United States Government
SECURITIES
EDWARD B. SMITH & CO.
PHILADELPHIA
Cleveland
New York
•
.
Pittsburgh
(5th Ave.)
•
State
New York
31 Nassau Street
European Representative's Office:
London
Allentowo
•
-
Municipal
;
Industrial
BOSTON
•
*
NEW YORK
8 KING
WILLIAM STREET
Railroad
-
Public Utility
BONDS
.
Eaaton
LONDON, E. C. 4
•
Minneapolis
CHICAGO
R.W.Pressprich&Co.
♦.
Correspondent
Edward B. Smith & Co.,
'
'A;
,
;
'
4'
.
Inc.
Members New York Stock Exchange
Member Federal Reserve
St, Louil
N. Y.
J
.44M
»
System and
Clearing House Association
New York
Chicago
Philadelphia
San Francisco
Financial
XI
Sept.
Incorporated
& HARDEN
Established 1893
Investment Securities
J. & W.
Seligman & Co.
Members
New York Stock Exchange
Investment Securities
New York Curb Exchange
52 WALL
New York
No.
Philadelphia Stock Exchange
Chicago Board of Trade
Commercial Paper
Chicago
London
Lothbury, London, E. C. 2
Bourse Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
NATIONAL BANK OF NEW ZEALAND, Ltd.
NATIONAL BANK OF INDIA, LIMITED
Established 1872
AND
BONDS
Bankers
Sir James Grose, General Manager
Head Office: 8 Moorgate, London,
Subscribed Capital.....
Paid up Capital
Reserve
NEWARK
The
Bank
Head
£500.000
Correspondents throughout the World
London Manager, A. O. Norwood
INDIANA
PIPE
26
J. S. RIPPEL & CO.
undertaken
LINE
COMPANY
Broadway
Dividends
New York, September 15,1936.
A dividend of Twenty (20) Cents per share and
dividend of Twenty (20) Cents per share
have been declared on the Capital Stock ($10.00
an extra
R.
OOMPANY
dividend
an
share
extra
have
of
been
($5.00 par value)
October 15, 1936
Co.
Fifteen
Cents per share
(5) Cents per
declared on the Capital Stock
of this Company, both payable
to stockholders of record at the
September 25, 1936.
dividend
close of business
J.
(15)
of
Five
R.
earnings of the Company,
a
dividend
for the three months ending September
30, 1936.
one
and three quarters (l%%)
per centum
of
Broadway
New York, September 4, 1936.
A
September 17, 1936.
out of surplus
26
and
COMPANY
BROADWAY, NEW YORK
The Board of Directors has this day declared,
FAST, Secretary.
NEW YORK TRANSIT
&
65
November
J.
St/X
CITY INVESTING
of
this
Company,
both payable
14, 1936 to stockholders of record at
the close of business October 23, 1936.
value)
par
St. Louis Securities
exchange business
Trusteeships and Executorships also
Dividends
LOUIS
£2,000,000
.£2,200,000
The Bank conducts every description of
banking
and
ST.
£4,000,000
Reserve Fund
Newark Bank & Insurance Stocks
Newark, N. J.
Kenya Colony
Bishopsgate, London, E. C.
Subscribed Capital...
Paid Up Capital
description of banking
business connected with New Zealand.
Jersey State & Municipal Bonds
Office: 26,
in India, Burma, Ceylon,
Kenya
Colony and Aden and Zanzibar
£1,000.000
every
the Government in
and Uganda
Branches
—-—£2,000,000
Reserve..
conducts
to
E. C. 2, Eng.
£6,000,000
Fund
Currency
18 Clinton St.
BROTHERS
Foreign
Chief Office In New Zealand: Wellington
CORPORATION
Correspondents
SELIGMAN
Foreign
MARX & CO.
MUNICIPAL
Street
Graybar Building, New York
BIRMINGHAM
SOUTHERN
Wall
NEW YORK
6
BIRMINGHAM, ALABAMA
54
STREET, NEW YORK
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
And Other Cities
New
19, 1936
BAKER, WEEKS
Becker & Co.
G.
A.
Chronicle
upon the issued and outstanding Preferred Capital
stock of the Company, other than preferred stock
owned
by the Company, payable October 1st.
1936, to holders (other than the Company) of the
Preferred Capital stock of record on the books of
FAST, Secretary.
the
Company at the close of business
ber 24,
on
Septem¬
1936.
G.
F.
GUNTHER, Secretary.
BA/NT LOU IB
009 OUVK St
Members St. Louis Stock Exchange
WHO ARE THE OWNERS OF
Missouri and Southwestern
THE ASSOCIATED SYSTEM?
Stocks and Bonds
Smith, Moore & Co.
St. Louis
registered and
©WNERS of the Associated System are its 337,738
security holders. Of
coupon
/
The First Boston
St. Louis Stock
Corp. Wire
these 256,251 are registered holders—this is 1,286
Exchange
more
than last year.
These
registered security holders live at rural
as well as within
sight of the Empire
State Building. About 241,000 reside in the United
States—24,941 of them in States west of the Mis¬
crossroads
DETROIT
sissippi. There
are 90,332 in New York, 51,895 in
Pennsylvania and 15,194 in Massachusetts. Sub¬
MICHIGAN
stantial
MUNICIPALS
CORPORATION BONDS
There
Members
334 BUHL
BLDG.,
of securities
are
held in every State
are
also 10,499 institutional and individual
fiduciary investors who are owners of the Associated
System. Institutional investors include banks and
WATLING, LERCHEN & HAYES
New York Stock Exch.
Detroit Stock Exchange
amounts
of the Union.
and
trust companies, investment funds, schools and col¬
leges, fraternal and benevolent organizations, and
New York Curb Assoc.
Chicago Stock Exch.
DETROIT
insurance companies.
Nearly 126,000 are customers who use services
supplied by Associated operating companies. The
bulk of the owners are clerks, laborers, sales¬
teachers, professional people, and other aver¬
Americans.
great
men,
DETROIT REAL ESTATE BONDS
age
ASSOCIATED GAS &
Charles A. Pa reel Is &, Co.
ELECTRIC SYSTEM
Members of Detroit Stock
Exchange
PENOBSCOT BUILDING,
DETROIT, MICH,
/
(? ™
vU^ramcl?
SEPTEMBER 19,
Vol. 143
No. 3717
1936
CONTENTS
Editorials
page
Financial Situation...
Labor Unions and the
German
-.-..-1759
Campaign
_._1771
....
1773
Policy and World Peace
Comment and Review
Week
the
European Stock Exchanges.
1763
Foreign Political and Economic Situation
1764
on
Foreign Exchange Rates
and
Comment
1768 & 1813
Course of the Bond Market
Indications of Business
1774
1775
Activity
Week
on
the New York Stock Exchange.
Week
on
the New York
1761
Curb Exchange
1812
News
1788
Current Events and Discussions
Bank and
General
Trust
.1811
Company Items
Corporation and Investment News
..I860
Dry Goods Trade.
State and
.1908
Municipal Department..
...1909
Stocks and Bonds
1812 & 1859
Foreign Stock Exchange Quotations.
Dividends Declared...
Auction Sales
1817
...
1859
....
New York Stock Exchange—Stock Quotations
—1827
New York Stock Exchange—Bond Quotations.. 1826 &
1836
New York Curb
Exchange—Stock Quotations
...1842
New York Curb
Exchange—Bond Quotations
1845
Other
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
1848
1852
Over-the-Counter Securities—Stock & Bond Quotations. 1855
Reports
1767
Foreign Bank Statements......
Course of Bank
Clearings
.....
...
1813
——1823
Federal Reserve Bank Statements
General Corporation and Investment News
...I860
Commodities
The Commercial Markets and
Cotton
Breadstuff s
Published Every
the
Crops...
—
;
—1898
1900
1905
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
of the Board and Editor: William Dana Seibert, President and Treasurer; William D. Biggs, Busines
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle 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
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year; $9.75 for 6 months
South and Central America, Spain, Mexico and Cuba, $18.50 per year. $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia. Australia and Africa, $20.00 per year; $11.50 for 6 months.
Transient display dvertising matter, 45 cents
per agate line.
Contract and card rates on request.
Herbert D. Seibert, Chairman
Interest exempt
Sept. 19. 1936
Chronicle
Financial
from all present Federal Income
Taxation
$19,952,000
City of Detroit, Michigan
and V-/\% Refunding Bonds
%
2%%, 3
of counsel will
constitute valid and legally binding obligations of the City of Detroit, and
the City has power and is obligated to levy ad valorem taxes for the pay¬
issued for Refunding purposes, in the opinion
These Bonds, to be
ment
all property within the
of the bonds and the interest thereon upon
City subject to taxation by said City
$16,533,000 3*4% General and Street Railway
Prices to
Prices to
are
October 1, 1959 to 1962, inclusive
yield 3.20%
$819,000 2%% Water Bonds, due
These bonds
Bonds, due October 1,1937 to 1959, inclusive
yield 0.70% to 3.25%
$2,600,000 3% General Bonds, due
Prices to
without limitation of rate or amount.
October 1, 1937 to 1962, inclusive
yield 0.60% to 2.70%
received by us and subject to the
Wood, & Hoffman.|
offered for delivery when, as and if issued and
legality by Messrs. Thomson,
of
approval
FIRST NATIONAL BANK
HALSEY,
STONE & WEBSTER
'
'
J.
& W.
DICK
&
LADENBURG, THALMANN & CO.
INC.
STUART & CO.
SHIELDS & COMPANY
KIDDER, PEABODY & CO.
AND BLODGET
incorporated
.4
.
STIFEL, N1COLAUS & CO., INC.
SELIGMAN & CO.
.
incorporated
BACON, STEVENSON & CO.
THE
MARINE TRUST
THE ANGLO CALIFORNIA NATIONAL BANK
OF SAN FRANCISCO
i
/
•
SPENCER TRASK & CO.
BRAUN, BOSWORTH & CO.
MANUFACTURERS AND TRADERS TRUST CO.
COMPANY OF BUFFALO
BUFFALO
.
OTIS & CO.
"
HEMPHILL, NOYES & CO.
GEO. B. GIBBONS & COMPANY
MERLE-SMITH
■
ADAMS, McENTEE & CO.
SCHLATER, NOYES & GARDNER
inc.
BURR & COMPANY, INC.
incorporated
(incorporated)
BOSWORTH, CHANUTE,
CHARLES H. NEWTON &
LOUGHRIDGE & CO.
'•
incorporated
SUPLEE, YEATMAN & CO., INC.
R. S. DICKSON & COMPANY
CO.
McALISTER, SMITH & PATE
RUTTER & CO.
incorporated
incorporated
CO.
MISSISSIPPI VALLEY TRUST
PIPER, JAFFRAY &
SINGER, DEANE & SCRIBNER
HOPWOOD
ROBINSON, MILLER & CO., INC.
EQUITABLE SECURITIES CORPORATION
MINNEAPOLIS
CAMPBELL, PHELPS & CO., INC.
BALLOU, ADAMS & WHITTEMORE
WILLIAM R. STAATS CO.
incorporated
Dated October 1,
1936.
Principal and semi-annual Interest, April 1 and October 1, payable In New York City.
Coupon bonds In the denomination of 51,000, registerable as to
New York,
September IB, 19S6.
principal and Interest.
The Financial Situation
ACONFERENCE early in of insurance company
the week between the
and
President
a
served
executives
group
tion at
and
bank deposits to the headlines where it had been
placed two or three weeks ago when the Republican
Vice-Presidency
the
for
candidate
have asserted that under
the
statement is
and
nation-wide
gave
attention
have
Corn
escaped
"Their
is
and
standard
These
surance
and,
execu¬
planning
of
take
to
still
the
were
believe,
to
various
ments
by
their
opponents
about
situation
Now if
likewise
any
state¬
business
general
and
under
is
be
true
of
the
any
faced
all this may
of
course
took
given
men
giving the
of
of shoes he
year,
just
as
such
before
dis¬
careful
this
of
cussion
of
a
subject is
has
occasion
any
arisen to cause
a
and
panic,
crisis
a
number
a
of
of
his
guests
con¬
executives
figures
situation has
proceeded
virtually im¬
possible
correct
some
insurance
all
that
insisted
vague
had nothing to
do
three
be set apart
been
have
would
in this way-—except
American
been
it
the
if
people could
persuaded
really
to
searching
inquiry into such subjects and a convincing answer
to
such
questions several years
before
the
crash
of 1929 !
What
Are
the
Facts?
in
had
their
govern¬
for the
occasions
with the
our
How fortunate
citing the growth in the volume of such policies or
Spokesmen
or
whole
down about
today?
that
whole affair,
earlier theyi had reiterated that the President's
without bringing the
structure
evils
exist
to
agencies
formal statement to the public,
two
found
quite
discussion of cooperation
happened.
on
to
are
about the
companies and certain
a
that
so
Just
government
already
or
before the
far that it is
was
and that the
supposed to
large number of votes?
sort of "fireside chat"
company
for
time
The
and
candid
demand
number
agencies, plus
politics
holders
or
day but for the years
come.
heads.
such
and
President
to
as
executives information
a
doubtless
about
the
for the fact that he is
possession.
is
policies
deposits who build not for
determine for him¬
to
generally available to the public, the President in
ment
such
the
to
assurance
of
afford real
To
as
way
have
insurance
President
the
between
being managed in such
are
a
a»
public has been permitted to learn
which, the
is
at issue
question
on
place
in¬
or
failures.
us say
why should the farmer
represent
sisted for the most part in a
This
bank
company
are
manufacturer
.
.
from other business
be, the "con¬
Tuesday morning, and
which
The
question is to answer it.
the
at
However
time.
operations
likely to bring
rather whether our affairs
which
shoes. What
claim by the Sec¬
that a maker of shoes
Commerce
is
surance
the
the
amount
necessary to
maintain himself, his
factory and his family according to some
standard
arbitrarily devised?
To ask the
Just
turn
is threatened. No
suggesting that to¬
devastating
the farmer it ought
of
of
true
is
morrow
seems
essential product, let
.
handed
given.
panic abroad
no
none
one
take the shoes at his price or to pay him
difference
between
that
price
and
and
during
this
to
produce in
to
find
the
circumstances
self the number and the type
particular
as
the
ought to be permitted
un¬
companies
far
and
like a scarlet
the
New
Deal
the
banks
ference"
remarks
can¬
reasonably
a
answer
is
There
run
retary
insurance
present
from
arid
definite
would the farmer say to a
problems with which
themselves
a
with
question
be faced
farmer owed it to the manufacturer either to
in
in
taken
are
with
pace
whole."
a
political
of the
soundness
keeps
There
in the
reason
no
why this
didly
their
living determined by arbitrary computation.
of the Demo-
Party
sentences
as
right to
families,
which
really
deposits
not.
or
should not
able to sell such supplies and that required
to enable them to keep their farms in good
condition and
to
maintain
a
standard of
reply of the board
of strategy
the
and
"conferences"
these
that
their
for
living
a
maintain
to
the amount for which the farmers
tween
apparently
"safe"
world
made, and what the
to come down to
this:
The farmers have a right to decide for
themselves just what supplies of food and
fibers ought to be produced in any given
year,
and to have the government tax the
rest of
us
to make good any difference be¬
most
concluded,
is
this pronouncement Was
similar
leading bankers,
observers
income
Secretary is saying
number
a
Shoes
they have
return
care
of
Consider
semi¬
to
regarding
President express it,".
the defenders of the
of
some
paternalism.
official announcement, was
action
not
are
or
typify certain fallacies that
thread
through
much of
in¬
White House
according
whether
importance is the question
policies under existing conditions are
"the safest securities in the world ", as
lating a "conservation program" for 1937.
They have been selected because they seem to
had
certain
company
tives to the
of
by the Secretary of Agriculture in an¬
nouncing "community meetings" of farmers
throughout the land for the purpose of formu¬
general
President
"summoned"
is
made
it became known
the
that
But the
political implications.
really of relatively little importance.
What
vs.
that for the Nation
When, with all this fresh
public,
In
enough
farms
Chat
in the minds of the
no
(the farmers') responsibility to con¬
to provide ample supplies of food
fiber.
and
gen¬
expect
Fireside
A
had
it
to
otherwise
eral notice.
/
if
and whether bank
sumers
might
community^ are thus left
of all
are
thus
that
matter
business
the
the
against
implica¬
Thoughtful ele¬
acquiesced.
life insurance
the
have been made, threatened
alleged to
action
speaker,
a
existing conditions neither
Pennsylvania, within whose boundaries
State of
court
this
matter is
nor
that effect.
in
have
puzzled to know just what was the purpose
the deposits were safe, or words to
The Superintendent of Banking in the
policies
least to
ments
alleged to
was
In this general
wholly non-political.
areas were
assertion, the President himself seems by
of the
question
the
restore
to
security of life insurance policies
soundness and
so-called
drought-ridden States and the
visits to the
flood
what, then, is the situation in these respects
Of
course, 110 answer
is afforded merely by
deposits outstanding or the increase in the
book value of the assets of banks and insurance
panies.
the vast volume of government
such institutions at
one
com¬
Nor is the answer provided by pointing to
obligations held by
present, and adding, as
some->
did, that insurance policies (or for that matter
bank
deposits)
Neither is
are
as
safe
as
government bonds.
anything helpful afforded by
vague assur-
Financial
1760
of assistance from the government
ances
in the future.
of
Chronicle
if needed
tives
Calling attention to the "insurance"
deposits by the Federal Deposit Insurance Cor-
poration is equally beside the point, for,
York asserted
of
assets
this
long
serious
without
can
loss, the banks have
help (or most of them have none).
sold
be
cannot
what
help could the Federal
through assessment
are
relatively inactive, but
how long
need
they will remain
of
funds
to
the banks themselves,
upon
If it be asserted that the government
.
active in the
itself is
mor-
so
no
one
can
say
today
just how serious the
or
be should they
quences may
conse-
become normally
once
future.
near
Our foreign trade is certainly not in
Insurance
access
volume and transferred by the govern-
enormous
be sold
As
sacrifice, of
Deposit
Its only other
in
If such obliga-
without serious
tions
Corporation be?
no
fide balanced budget,
bona
a
ment to the general public. These deposits
at present.
government obligations
the
as
course
Meanwhile deposits have been artificially created
class of securities of which the
banks themselves have far too many
The
to hold on.
go as
rather the beginning of any solu-
or
which certainly is hardly in immediate prospect,
corporation consist of government
same
is of
tion,
during the week, practically all' the
obligations, the
The banks of course now
hazardous to let
as
only solution,
Superintendent of Banks of the State of New
mer
is
equally
for-
as a
taking place.
was
have the proverbial bear by the tail; it is about
a
healthy
state, thanks partly to our own shortcomings and
partly to other factors.
arriving
almost daily
Gold in large amounts is
enlarge the already re¬
to
ally obligated to come to the assistance of the Cor-
dundant supply and to exhaust the slender supply
poration, the
of other countries.
is found in the fact that in
answer
the circumstances
supposed the government would
find it difficult to raise funds.
The so-called
.
huge
fund, would not bulk
could not be utilized in any
intensifying the
moreover
such way without
Reserve
situation
which the Reserve authorities themselves
pressed
The
concern.
culty would of
such
to the support
huge scale.
a
enor-
about
have
ex-
general type of diffi-
same
course
in
government
on
large,
very
that would then be needed, and it
mously
come
now
it is, in comparison with the amount of
as
money
unbalanced
gold, profit, most of which is
in the stabilization
be encountered should the
circumstances
of its
own
undertake
to
bonds with this fund
The whole operation, however
ducted, would be nothing
Fully
more
con-
less than
nor
an
as
important, this
stant inward flow of gold is
and
in general.
This too is
hazardous international situation
a
matter largely beyond our
control, but it is likewise partly
tions that
we
con-
reminder of the.
a
a
result of condi-
ourselves have imposed.
Encouraged,
by reckless relief and kindred disbursements of the
Federal Government, the rank and file of the
pie
seem
and
peo-
to be buying consumption goods, comforts
luxuries at
even
rate
a
that
can
hardly be
maintained under non-inflationary conditions.
various points "booms" of
At
distinctly unwholesome
a
sort have long been under way, such, for example, as
the farm land speculation to
some
which, according to
witnesses, the President referred ih his talk
with insurance executives,
market-rigging affair wholly lacking in
ability to solve the underlying difficulties of the
enormous
-
.
{Problems such
situation.
discussion
cies
"sound"
analy-
have the simple fact that insurance poli-
we
bank
and
or
deposits
"safe"
as
These assets
are
the
as
are
the
.
as
.
.
N—
these should be the topics of
now,
always,
as
behind
assets
as
them,
obligations of the Federal Gov-
with
leading business executives if the
President really
TheJReal Question
Reduce the whole matter down to the final
sis, and
.
desires to inquire carefully into the
"soundness" of life insurance policies or the ultimate "safety" of bank deposits. As far as the publie has been taken into the confidence of those
en-
gaged in these conferences, questions of this sort
had scant attention, if
eminent, the various States and municipalities and
Candor,
however,
any
at all.
requires
the
admission
that
daily to
grow
privately owned corporations and business enter-
the business community itself
prises.
less interested in these fundmental questions of the
These obligations
ernmental units and
.issue them.
ness"
or
In
the
the
other
are as
sound
business
as
the gov-
enterprises that
words, the value, the "sound-
"safety" of insurance policies and bank
deposits is to be measured, not by mechanisms
tablished
avowedly to make them safe,
bookkeeping entries carried
eminent
or
individual
on
or
es-
merely by
the ledgers of
gov-
enterprises, but by the solid-
day which
to the
seem
appears
to many to be of vital importance
It is
country.
to hear that business
more
and
recovery
more
will
common
continue vig-
orously regardless of the outcome of the fall elec-
tions, and by implication, it would
regard-
seem,
less of public policies.
It may be true that the
reelection of President Roosevelt, and the conse-
ity and the balance existing in the whole business
quent
community.
would be something short of disaster, but it
The question at issue, then, not only
leads
directly to, but is virtually identical with, the
larger problem of the fundamental soundness of
the
existing business situation,
we
have
refer
on
more
a
or
Probably
subject to which
number of occasions
less at
no
a
good
had
reason
to
of
approval
put
his
upon
to us that this could be true only
upon
the
policies,
very
seems
assump-
tion that the Republican party if placed in
would do nothing
power
different from what is
now
being done.
.
As to this latter'point, there is difficulty in
length.
purpose
stamp
would be
served
by
ar-
riving at positive conclusions. Governor Landon in
again setting forth the details of the budget situa-
his Maine address again had
tion
general terms about liberty, individual initiative
and
as
it bears upon the government
consequently
the country.
upon
bond market
the position of the banks of
This aspect of the situation
was
ably
a great
deal to
say
and the typically American form and spirit of
ernment.
Planned
economy was
denounced
as
in
gov-
well
expounded before the National Association of Su-
as
pervisors of State Banks at Detroit,
its opportunity to take constructive action in for-
on
the
House
very
as
it happens,
day that the much publicized White
conference
with
insurance
company
execu-
the failure of the Administration to make good
eign affairs.
goes,
All this, naturally, is good
as
but generalities at times like these
far
are
as
it
not
Volume
Financial
143
The Governor, moreover, in
altogether convincing.
about
as
vague
proval, mentioned
many
most
and
but with apparent ap¬
manner
a
long list of regulatory laws
a
of which, in their present form at least, are
strongly to be condemned in our judgment,
of which have
some
eral statute book.
ernor
no
There
place in the Fed¬
proper
reports that the Gov¬
are
plans presently to be more specific in reveal¬
ing his attitude toward public questions.
that these
a
reports are true, for in our view it makes
difference
vast
others of
We hope
a
more
New
whether
Deal
constructive sort
are
increase
of
changes,
deposit liabilities more than offset such
that the
so
noted in other aspects of the
Discounts
statement.
$22,000
dropped
$107,000 to
the
by
system
fell
industrial advances
while
$8,011,000,
to
Only the usual
Sept. 9.
on
minor changes are to be
bank
ratio fell to 79.3% on
reserve
Sept. 16 from 79.5%
market
Open
$28,521,000.
holdings of bankers bills increased $1,00 to $3,096,but
000,
policies or
of
holdings
securities
Government
States
United
quite unchanged at $2,430,227,000.
were
Corporate Dividend Declarations
to be in ef¬
the first of next year.
fect after
1761
Chronicle
CORPORATE again the current week. generally
dividend actions were Consoli¬
favorable
Federal Reserve Bank Statement
dated Oil
EXTENSIVE variations of banking statistics now
the quarter-dates of the United
are
common
States Treasury,
on
owing to the steady emission of
securities and the
the
Reserve
are
heavy income tax payments.
condition statement of the
current
In
12 Federal
Banks, combined, the Treasury operations
reflected by an
increase of $363,241,000 in the
with the banks, while
Treasury's general account
member bank
for the
new
balances
reserve
period of
one
are
off $265,598,000
week ended Wednesday night.
share
of like
reserves
more
that
than
reserve
are
degree
2%%
$469,000,000
preferred in most
on
a
regular quarterly
Utah Copper Co.
share
on
the common
share
paid June 30 and 50c. a share March 31 last.
Bangor Hydro-Electric Co. directors voted a dis¬
tribution of 25c.
Oct.
on
share
a
10, and
the
on
common
compares
stock, to be
with distributions
only 20c. a share on July 10 and May 1 last, and
regular quarterly dividends of 20c. a share from
Electric
May 1, 1935, to and including Feb. 1,1936.
Auto-Lite Co. declared a dividend of 60c. a share on
stock, payable Oct. 15, which is double
amount
paid in the four preceding quarters.
to
which Treasury operations
bonds
to
It is obvious that
now
10c.
Baking Co. declared an extra dividend of
share, in addition to the regular quarterly
a
dividend of 15c.
Treasury
by the
payable Nov. 2.
cash, rather than set
involves
General
issue of
new money
sold
pay
method
the
clared
pay¬
for the decline of
The drop would have been
were
the
on
common
stock, both
American Crystal Sugar Co. de¬
initial dividend of 50c.
an
common
share
a
a
share
on
stock, payable Oct. 1.
the
.
heavy
together with the income tax
precipitate,
a
the
common
member bank balances.
gold receipts,
as
the
ments, accounted almost entirely
more
well
dividend of 75c.
a
The New York Stock Market
charges of the Federal Deposit Insurance Corporation.
even
as
the
cases
This circumstance,
share
Aug.
on
their books in favor of the Treasury,
latter
the
still
a
noted chiefly as further indica¬
member bank subscribers to the
since
course,
requirements were raised 50%
the
deposit
excess
ample, especially when it is considered
dominate the financial structure.
up a
fall of
The latter Total is, of
15, and the facts
tions, of
a
legal requirements by $300,000,000, to
over
$1,700,000,000.
far
for
stock, both payable Nov. 16.
divi¬
stock, payable Sept. 30, which compares with 65c. a
of
responsible
common
amount, payable Oct. 31.
declared
made
are
the
dend of 25c.
these
.
on
extra dividend of 25c. a
an
regular quarterly of 15c. a
Continental Oil Co. of Del. declared an extra
Together with other but less important alterations,
changes
Corp. declared
share in addition to the
it not for further large
drop of $21,000,000 iu the total of all
THERE market this activityand price New York
was little week, on the movements
stock
also
small
were
and
The
inconclusive.
political
campaign appeared to affect the market to a degree,
as
it is
now
in full
favored
swing.
the
Although the Maine elec¬
traders were
not
currency
in circulation, and a $45,000,000 fall in non-
tions
member
bank
greatly impressed by this expected result, which was
deposits and other Federal Reserve
accounts.,
followed
■
Monetary gold stocks of the country advanced
$26,000,000 in the
week ended Sept. 16, and the
aggregate of $10,762,000,000 represents
high mark.
still another
The Treasury deposited $14,040,000 of
golf certificates with the 12 banks, raising that fund
to
$8,386,071,000.
currency,
Because of a return of holiday
total reserves increased even more than was
indicated by the gold
certificate addition, with the
aggregate $8,661,702,000 on Sept.
242,000
on
Sept.. 9.
16, against $8,632,-
Federal Reserve notes in actual
trend by decreasing
by
an
Republicans,
actual decline in most equities.
The
European outlook still is considered unfavorable,
and
some
hesitancy was occasioned by the threaten¬
Spanish
ing statements of the German leaders, the
revolt, and the further strike troubles in France.
In
these
lower
circumstances the market drifted
during the first half of the week.
followed
ment
on
Thursday, and it
slowly
Improve¬
extended
was
yesterday to a degree that wiped out virtually all
the earlier recessions.
Stock
Turnover
on
the New York
Exchange averaged 1,000,000 shares in the
circulation reflected the currency
full
$10,513,000 in the week to $4,045,458,000. Aggregate
figure in any trading period.
deposits with the 12 banks increased $77,535,000 in
the
period to
$6,874,358,000,
changes quite pronounced.
in
member
bank
balances
with the individual
The drop of $265,598,000
reduced
that
total to
sessions, and varied only a little from
The dulness was
quiet session.
business
good
figure to
$417,924,000.
Foreign bank deposits were > off
$2,473,000 to $56,762,000, and non-member bank
balances fell $17,635,000 to $193,937,000. Although
reserves were up and circulation liabilities lower, the
On Monday the market turned defi¬
nitely downward, despite indications of continued
Almost
Treasury general account raised that
already in evidence last Satur¬
day, when mild irregularity marked equities in a
$6,205,735,000, while the increase of $363,241,000 in
the
that
issues
all
activity in
groups
drifted
lower,
but only
favorites showed recessions of
The market
prominent lines.
some
with the exception
opened firm
on
a
a
few
full
of the oil
speculative
point
or more.
Tuesday, owing to indi¬
cations that Maine election results
were
favorable
1762
Financial
Chronicle
Sept. 19, 1936
"
.'
to the
Republican
tained
only briefly, however, and profit-taking
started stocks
Net
changes
they
but
Better levels
cause.
once more on
of favorite
A turn-about
A slightly
speculative vehicles,
vulnerable
more
finally occurred Thurs-
likewise
dealers
the
rated
ent
The up-
mild fashion.
a
improved, but utility
and
idle and soft,
were
were
uncertain
United States Government
investors and
as
refunding issue of 2%% bonds.
corporate bonds likewise followed
Highly
indiffer-
an
trend, mainly because several important/
issues
were
bonds
and
available.
the main trend
ment
Among
issues
other
with
occasioned for
was
trend of
equities.
and not
valuations
not
were
made
,
the
compared to
as
previous weeks, and the net
In the foreign
pressure
daily
on
touched
Stock
engagements
low
new
levels.
New
at
York
Ster-
low
new
Stock
year
while 29 stocks
On
Exchange
the
New York
shares;
Stock
Monday they
on
on
1,273,870 shares.
the
sales
last
Saturday
Exchange the sales at
494,700
were
1,004,560 shares;
on
Wednesday, 1,038,354
on
Friday,
on
were
141,235 shares ;
on
Tuesday, 290,665 shares;
Wednesday, 304,930 shares ; on Thursday, 236,400
shares, and
on
on
Friday, 366,615 shares.
There is little of
ment about
Price movements in most sessions
volume, too,
were
was
were
irregu-
for the most part lower.
Sales
somewhat curtailed.
prices, with the close steady.
definite trend toward
a
Thursday, in
firming
Yesterday
higher levels
was
a
up
of
more
discernible
day's transactions, but prices failed to rally
sufficiently,
weeks
of
an
light trading, the market witnessed
in the
com-
concerning the stock market this week,
lar nature and
was
and
thus
arrested.
the
Consolidated Edison
advance
of
preceding
General Electric closed
yester-
day at 45% against 46%
Co.
Schenley
Distillers
at
46%
and
National
Distillers
at
29%
45%,
against
Canada Dry at
17%;
against
against 29%.
,
The steel stocks show irregular changes for the
United States Steel closed yesterday at 71%
week.
against 71%
114%
Friday of last week; Inland Steel at
on
112%;
against
Bethlehem
Steel
69%
at
against 71%; Republic Steel at 23% against 24%,
and Youngstown Sheet & Tube at 80% aganist
82%.
on
Motors
at
against 67% ;
67%
Chrysler at 114%
against 114%, and Hupp Motors at 2% against 2%.
In the rubber group, Goodyear Tire & Rubber closed
yesterday at 24% against 24%
on
Friday of last
week; United States Rubber at 30% against 32%,
and B. F. Goodrich at 22% against 23.
shares
road
closed
The rail-
fractionally lower this week,
39%
on
Friday of last week; Atchison Topeka &
Santa Fe at 82% against 83;
New York Central at
44% against 44%; Union Pacific at 137% against
Friday of last week;
of N. Y. at
Railway at 23 against 23, and Northern Pacific
at 27% against 28%.
Among the oil stocks, Stand-
62%
Friday of last week; Shell Union Oil at 22%
on
against 21%, and Atlantic Refining at 27% against
28%.
In the
copper group,
Anaconda Copper closed
yesterday at 40% against 39%
week;
Kennecott
Copper
at
42% against
on
49%
Friday of last
against
48%;
American Smelting & Refining at 82% against,84%,
and Phelps Dodge at 39% against 39.
Trade and industrial reports continue favorable,
with
some
indications
of
the
already visible here and there.
noteworthy character to
a
17%
ard Oil of N. J. closed yesterday at 61% against
On the New York Curb Exchange
Monday, 249,745 shares;
on
the
unchanged
Thursday, 773,570 shares, and
on
22% against 23; United States Indus-
trial Alcohol at 34 against 34%;
140; Southern Pacific at 43% against 43%; South-
remained
were
Tuesday, 1,127,990 shares;
shares;
Lorillard at
ern
Saturday last
on
173% against 177; Standard Brands at 15 against
Call loans
.
half-day session
against 37%; Conti-
nental Can at 70 against 72%; Eastman Kodak at
high levels and 42
new
levels.
1%.
the
Gulf Sulphur at 37%
Texas
Pennsylvania RR. closed yesterday at 39% against
stocks
\On the New York Curb
Exchange 58 stocks touched
stocks touched
of
ago.
Exchange 85
high levels for the
new
ex-
the French
well supported and held close to
high levels attained two weeks
touched
60 against 56%; National Dairy Products at 26%
against 27; National Biscuit at 31% against 31%;
at 31 against 31% on Friday of last week ; General
important.
On the New York
v
Allied
In the motor group, Auburn Auto closed yesterday
were
gold for shipment from Paris to New York.
was
of last week;
quiet
possible large
ling exchange
Friday
Grains, cotton and other
change market continued
franc
by the downward
relatively stable,
the wide movements of
carrier
some unsettle-
Foreign dollar bonds
were
new
speculative tinge
a
while
a
greatly changed.
commodities
secondary
upward, although
was
on
Chemical & Dye at 227 against 226; E. I. du Pont de
15%; Westinghouse Elec. & Mfg. at 143 against 144;
busy with final arrangements covering
were
new
dull.
were
In the listed bond market trends
throughout the week.
long-term issues
Western Union closed yesterday at
89% against 91
ister at 25% against 25%; International Nickel at
almost motionless.
were
against 178%.
Nemours at 161 against 164%; National Cash Reg-
a
of industrial securities did well, and
stocks
carrier
& Co. at 49% against 497s; Wool worth at 53%
against 55%, and American Tel. & Tel. at 175%
few
continued yesterday in
was
Threshing Machine at 155% against 156%;
Railroad, rail equipmotor and food stocks showed
results, while utility issues
issues
a
quite pronounced.
ment, steel, copper,
swing
in
save
day, with the gains well distributed and in
Most groups
Public Service of N. J. at 45% against 47%; J. I.
Case
Roebuck & Co. at 87 against 88; Montgomery Ward
Utility and steel stocks appeared
instances
e
throughout the list.
pronounced recession developed Wednesday,
than others.
;
43%; Columbia Gas & Elec. at 19% against 21;
International Harvester at 79 against 78%; Sears,
scattered selection
the
soon
slow downward drift.
a
again it was confined to fractions
best
main-
were
•
•
mostly of the minus variety, but
were
small
were
more
'"w
.
tion
for
the. week
autumn
upswing
Steel ingot produc-
ending today Was estimated by
the American Iron and Steel Institute at
72.5% of
capacity against 68.2% last week, when production
was
curtailed to
a
degree by the Labor Day holiday,
and 48.3% one year ago.
energy
Production of electrical
for the week ended Sept. 12 is reported by
the Edison Electric Institute at 2,028,583,000 kilowatt hours
against 2,098,924,000 kilowatt hours in
the preceding week and 1,827,513,000 kilowatt hours
in the corresponding week of last year.
ings of
revenue
Car load-
freight for the week to Sept. 12
are
reported by the American Association of Railroads
at 699,859
cars.
Since that week included Labor
Volume
Financial
143
Bay, this
reduction of 61,821 cars from the
was a
previous week, but a gain of 73 cars over the same
indicating the course of the commodity mar¬
Chicago
kets, the September option for wheat in
yesterday at 114%c. as against 112%c. the
closed
close
September corn at
Friday of last week.
on
Chicago closed yesterday at 116c. as against 112%c.
the close
Friday of last week.
on
September oats at
11%C-
Chicago closed yesterday at 42%c. as against
the close
The
closed
spot price for cotton here in New York
yesterday at 12.38c. as against 12.55c. the close on
The spot price for rubber
Friday of last week.
yesterday was 16.50c. as against 16.31c. the close
Domestic copper closed
Friday of last week.
on
yesterday at 9%c., the prevailing quotation on Fri¬
19
7/16
New York closed
against 19% pence per
yesterday at 44%c., the close on
the
transfers
of
matter
the
cable
exchanges,
foreign
London closed
on
yesterday at $5.06 7/16
against $5.06 the close on Friday of last week,
as
transfers
cable
and
quotations
of the Re¬
Paris
on
closed yesterday
6.58%c., unchanged from the close on Friday
at
of
and lower.
European Stock Markets
stock
than
steadier
was
London
those
on
market,
the
usual,
as
Continent, but
a
good deal of irregularity prevailed even in the Brit¬
The international
ish center.
improved.
and small
situation
gains
issues.
ternational
marked
their
by
were common
some
Dealings
Gold min¬
alike were firm,
also among the in¬
on
Thursday were
uncertainty. British funds retained
good tone, but almost all industrial
securities
softened, and gold mining issues also were dull.
In
the
international
section lower prices were
general improvement was
Gilt-edged issues and
Distinct and
noted at London
yesterday.
industrial stocks alike advanced.
Prices
the Paris Bourse
on
comfort to
cold
almost all French
but steadily, while
equities also were offered at low¬
dications that
an
In¬
irregular.
International issues were
levels.
early settlement might be reached
strike troubles caused a better tone
textile
the
traders and in¬
French
Rentes receded slowly
vestors.
the
by Chancellor Hitler
speeches
inflammatory
afforded
er
slipped lower in the
trading period of the week, as textile strikes
initial
weak, ow¬
New York,
French equities showed improvement for
Bourse, Tuesday. Rentes remained
ing to further large gold shipments to
UNCERTAIN conditions prevailed thisEuropean
exchanges in all the principal week on
The
British funds again found buyers,
Wednesday.
on
while most industrial stocks
on
centers.
but profit-taking cut
gains, while other foreign issues were dull
The tone was cheerful in most sections
these
in
last week.
financial
a
publican victory in Maine,
and
Friday of last week.
In
material advance in
Anglo-American favorites on reports
of
Friday of last week, and spot silver in
on
ounce
price of bar silver yesterday was
pence per ounce as
The international
equal proportions.
section witnessed
general.
day of previous weeks.
In London the
British funds were firm, while
issues showed gains
Tuesday.
on
home rail stocks and industrial
ing securities and base metal issues
Friday of last week.
on
ings
and losses in
week of last year.
As
1763
Chronicle
again
once
but many
The mid-month settlement was
the session.
effected
easily with money at 2%%, against 2%% at the
August, and the market was aided a little by
end of
the
International issues tended to
was
general and pro¬
ready transfers.
advance.
Improvement
by Chancellor Adolf Hitler, over the week-end, and
nounced, Wednesday, owing to assurances by Fi¬
nance Minister Vincent Auriol that the French So¬
the
cialist
assumed
on
dominance, owing to flamboyant speeches
growing strike difficulties in France.
the Paris Bourse moved
upward,
Prices
violently downward and
views changed regarding continuance
as
of Premier Blum in
office, and
as
prospects for set¬
tlement of textile strike troubles varied.
In Berlin,
vate
regime has no intention of confiscating pri¬
Investors were encouraged by the
activities/and advances
property.
'
.statement to resume their
followed
in
French
rentes.
industrial
bank,
and
utility issues also were in keen demand, making the
in recent weeks. But
also, sharp alterations were the rule for a time,
Bourse session one of the best
although steadier conditions finally prevailed.
the
situation
Spanish
everywhere,
is not
The
continued perturbation
the possibility of foreign intervention
yet to be dismissed lightly. In the meanwhile,
it appears
ress
as
caqsed
is
that British trade and industrial prog¬
continuing, with indices of output, rail earn¬
improvement was short-lived,
as
most of the
gains were cancelled in a general downward move¬
ment
on
Thursday.
Dealings in that session were
small, with rentes slightly lower, while larger losses
French equities. Most international
ground. Rentes and French bank
appeared in
issues also lost
stocks
industrial
improved
sharply at Paris
ings, retail trade and other reports all reflecting the
and
sustained recovery.
yesterday, but international securities were soft.
In France prices are rising,
as
might be expected in view of the social "reforms"
inaugurated by Premier Leon Blum,
business
conditions
Germany
a
are
somewhat
but French
uncertain.
In
shortage of skilled labor is reported, al¬
though the unemployed at the end of August still
reported officially at 1,098,000, down 72,000
were
for the month.
Trading on the Berlin Boerse was quiet, Monday,
but the tone was
German
Exchange the initial trad¬
were
end
that Hitler's
was
to
were
keep commitments to a minimum.
were
easy.
well
British
maintained, but home rail stocks
There were firm spots among the indus¬
trials, but also some liquidation. German obligations
were
in
demand, but most other international
rities declined.
secu-.
Uncertainty again marked the deal¬
Fixed-
The upswing was halt¬
Tuesday, when a firm opening was followed by
ed
profit-taking
funds
Heavy indus¬
recorded in other German issues.
irregular. International news reports over the week¬
disconcerting and the tendency at London
German Govern¬
1 to 3 points, and sizable gains
interest issues were lifeless.
ing of the week was quiet, with prices somewhat
were
other firms would benefit
develop internal resources.
trial stocks moved up
also
On the London Stock
to
and
announced plans of the
from the
ment
good, owing to expectations that
industrial
on
a.
sizable scale.
It
was
rumored
four-year plan would involve consider¬
able financial
sacrifices, and
many nervous
holders
preferred to take the profits rolled up in preceding
sessions.
Losses of a point or two were common
among
even
heavy industrial stocks, and some issues fell
more.
The
market
turned
Wednesday, but movements
i
were
about
again
small in that
on
ses-
1764
sion.
Gains
general and
were
Very little business
at
was
in
for the
day
day
with
were
spheres.
j
0
the Congressional resolutions
as
providing for the licensing of
arms
shipments and
the prohibition of such shipments to belligerent na¬
tions, it was indicated. Mr. Hull explained that the
Trading yester-
small scale at Berlin, and price
:
Some of the main essentials of a wise
legislation, such
resolutions prohibit the flotations of loans and
same
the establishment of credits in our markets by bel-
irregular and inconsequential.
were
and activities as may
peaceful rights
our
anticipatory policy already have been embodied in
were
extremely small. The general ten-
and international
Sept. 19, 1936
take place."
stagnant session
subsequent dealings and net changes
was on a very
changes
a
to await further developments in the
was
il ati on al
mostly fractional,
done in
Small gains at the start
Berlin, Thursday.
cancelled
dency
Chronicle
Financial
ligerents. "The problems arising during a period of
.
foreign Relations
neutrality
great that they constantly renew
are so
THAT thepreoccupied with foreign relations is in one the determination to spare no reasonable the
Administration in Washington is fort to play full part in the encouragement of efdeeply
a
evident
has
enough, and Secretary of State Cordell Hull
chosen
on
frequent occasions of late to make
clear the official views
He discussed the
in
on
this all
problem at
address in New York
an
City before the Good
inclined to value the "Good
are
but
also
devise
to
States out of any
velop
means
for
ternational situation lies in the
tions
particularly the
,
countries
are
but
ternational agreements their force and
of the
ure
sided combat of national
In many
mas.
been
to what
as
mean.
a
energy
though
peace
preparations
or
end is
frightened
or
be
tered with
tiation.
has
increased
Our
own
maments
elsewhere.
United
States
in
attempts to
all
But
the
Al-
by
stay
occur
among other
of
their
•
•'
of visits
and
as a
result of
the
reported
a
four-day visit to the Polish
Franco-Polish
economic
cooperation,
The Little Entente countries—
customary
territory last Saturday for
surveys
of
the
one
international
Dispatches respecting this meeting indicate
scene.
is lacking.
a
will require great vigilance, poilse and
judgment in dealing with such interferences
war
rea-
well based,
plainly that the unanimity which marked the Little
mutual
great countries of
are
Czechoslovakia, Rumania and Yugoslavia—met at
policy in the post-war
The Prague regime
appears
years
now
determined
to stick by its French and Russian allies, but Ru-
*
world, Mr. Hull remarked that "we must squarely face the fact that to stay clear of a widespread
careful
that
Entente foreign
should
future, and there is
The French Minister of Commerce, Paul
Bratislava in Czech
the
major
exchange
should be extended.
ar-
Turning to the question of foreign relations if
near
expectations
capital last Sunday, and he indicated during his
accord.
war
recent
Bastid, concluded
this policy seemed
armaments
t
regime.
always stands ready to participate
limit
further gains in military and diplo-
French promises of financial aid to the Warsaw
Hull added that the
Mr.
on
nego-
that the two Fascist Powers
partially back into the French orbit
entangling alliances,
as
intimation that more time
Poland unquestionably has been drawn at least
ac-.
defense forces have been
substantially of late,
an
seem
to believe their
son
greater
essential in the face of the universal increase of
Germany promptly coun-
declaration that preparations could
It would
counting
are
conflicts, and in this situation it is plainly advisable
Mr. Hull stated.
a
inatic strength in the
questions
ever
a neu-
The London Government suggested last
cliately followed with
being made everywhere for great
for the United States to avoid
flirting
should be allowed for preliminary diplomatic
means.;
crushed."
is desired by all peoples,
are
are
not be completed within one month, and Italy imme-
sure
increasing
Under these conditions the individual who
means
working agreement,
France is taking active
coalition.
second half of October.
These flare
ceptance of the idea that the end justifies all
either
her
quite plain
the Locarno problem might take place in the
ers on
as
great fail-
no one can
an
a
now
week that the long-delayed conference of five Pow-
years
from in-
ambitions, fears and dog-
There is
new
tral stand.
mu-
come a many-
lands the whole national
they
problems,
steps to counteract the spreading influence of the
reliability
have been
distant fire in the hills and
It is
members of the Little Entente
with the
organized to support absolute aims, far-reach-
a
new
Fascists, but Great Britain obviously prefers
ing in character but vaguely defined.
like
some
nations," the Secretary
spirit and out of this has
first-class Power.
as a
facing
again has resumed
Such condi-
dread, he admitted. "In less than twenty
continued. "There appears to
are
once
the contrary
on
excited and haunted by
basis of relations between
Germany
that the Reich and Italy have
prevailing in
events have occurred that have taken away
a
being
now
The smaller countries of the
the other.
on
that
place
nu-
campaigns
with Austria in tow of these Fascist countries, while
world, Mr. Hull warned.
or secure,
are
us
hand, and the Left governments of the Con-
one
now
indications
as
of the conditions
tranquil
must live, if it can
alignment of Fascist Powers, on
new
Baltic and Balkan regions
re-
rela-
our
the
tinent,
relations with other countries necessarily
not
are
in many
tual
„
diplomatic
European
waged by the
mu-
desired, he
are
reciprocal trade agreements
outside
the
we
QOME fresh moves were reported this week in the
^
The
genuine desires of this country.
our
elsewhere
European Diplomatic Maneuvers
disturbed in-
marked, while in the cultural spheres also
But
war
concerned."
"willingness to be
tually beneficial trade relations
must take account
full abilities if
the worse the world in which
should de-
one
friends, but not allies," he said. Extensive and
of the
Surely this endeavor must conour
Neighbor" doctrine,
American contribution in the present
He cited
interested in
are
threaten the civilization with which all of
keeping the United
further conflict, if
tions should increase.
we
have
"We
declared.
he
create difficulties for us, if it can change for
can
with foster-
the great Powers of the world.
among
merous
tinue to command
peaceful relations with all countries that
our
peace,"
everywhere.
peace
length, Tuesday,
Mr. Hull made it clear that the
Neighbor League.
of
sought to demonstrate that
important subject,
some
Administration is concerned not only
ing
maintenance
mania
now
has
a
pro-Fascist Government, while
Yugoslavia looks longingly toward German markets
.
for agricultural products.
meeting
ended,
'iH
U
Monday,
When the Little Entente
a
communication
was
Volume
Financial
143
issued which
Austria
of
it
treaty provisions on
not able to agree on
were
suggested
was
Germain
St.
it
The inference is that the three coun-
armaments.
tries
Certain consultations on monetary .questions, nevertheless appear inevitable, the committee finds, and
protested the unilateral disregard by
the
Italian, Austrian and Hungarian Foreign Ministers
would be held in
soon
tral
.
tvi War
OIGTITING in Spain
1
League of Nations
the rule.
are
panis
;
V
-
,
control and restriction of interna-
•
Vienna, to examine the Cen-
European diplomatic situation.
negotiations wherever practicable in cases
currency
tional payments
meeting of
a
urges
where
much else. In Rome
Wednesday that
on
1765
Chronicle
now has been in progress for
months, and still the issue between the
two
duly elected government at Madrid and the coali-
ORDINARY sessions of the Council of the League remains rebel fascists,Inmilitarists week monarchists
tion of undecided.
yesterday, while the
the last and the tide of
of Nations
were
started
Assembly will meet on Monday for its usual annual
warfare definitely favored the rebels, for they dis-
discussions.
posed of the
These
gatherings are sure to arouse keen
interest, for they mark the end of a League year
that
proved deeply disappointing to all advocates
international,;
of
furnishing
while
cooperation,
plenty of arguments for those who hold that such
experiments
cil
Coun-
premature, to say the least.
are
meetings usually are perfunctory when they pre-
cede
by
only
few
a
days
conclave
The
sessions.
Assembly
the regular
that
starts
next
Monday
from the Basque provinces of
menace
the north and
able to concentrate on an en-
were
circling movement about Madrid.
Accordingly, the -
theater of greatest military activity now is the val-
leys south of the capital, up which huge rebel armies
are
There is still a great deal of
striving to march.
uncertainty regarding the effectiveness of the tenta-
tive agreement among the munitions making countries of Europe to maintain an attitude of neutral-
Portu-
may
well provide dramatic moments, for the League
ity toward the Spanish loyalists and rebels.
has
not
of the Ethiopian
gal, through which the rebels apparently are receiv-
Because of the abject failure of the inter-
ing supplies, refused again to send delegates to the
disposed
yet officially
question.
national
organization with regard to Ethiopia,
gestions
were
sug-
solicited from all member States
re-
specting suitable reforms of the League covenant,
and such
problems
Assembly
the list of 24 items
and
on
received fall information from all the countries in
attendance regarding the neutrality measures actu-
the agenda of the Council,
they will naturally flow
over
into the Assembly
Sure to influence the
discussions.
gatherings
are
the German denunciation of the Locarno accord and
the
Spanish civil war.
What steps
either of those situations
a
be taken in
can
by the League,
such, is
as
indeed, in view of the dreadful fiasco in the
poser
relatively simple Ethiopian affair.
It is
the second time in London, Monday, and reputedly
Such reforms head
others.
any
The committee met for
neutrality understanding.
the Council and the
may occupy
than
more
London conference which aims to implement the
ally taken.
refusal of that country to send a delegate to Lorn
takes
; don
re-
curious
aspect.
American diplo-
consular officials in
Spain continued
on
and
matic
a
their efforts for the evacuation of all American citi-
Washington
still known to be in the country.
zens
announced
interesting to note, meanwhile, that two
Since Portugal usually is amenable to
suggestions from the London Foreign Office, the
on
Monday
a
temporary
reestablish-
ment of a European patrol by the Navy Department,
ports on the world economic situation were pub-
with the aim of keeping vessels on hand for repatria-
lished
tion of Americans, in the event of need,
by the League in the last few days,
liminaries to the Council and
In
Assembly gatherings.
General Emilio Mola and his contingents of rebel
report to the Assembly,
to the annual
annex
an
as pre-
troops made rapid progress along the northern coast
Secretary-General J. A. C. Avenol declares that
and
sistent
accelerating, if
the world economic
of,recovery
now
per-
progress
ist defenders fled westward with the obvious inten-
is flowing
so
a
single country from which the signs of improvement
Because of these gains,
wholly absent, he adds.
M. Avenol
This
suggests that the time has come to
for
efforts
international
an
report was followed
and
another
apparently
economic
renew
agreement,
almost immediately by
far
more
They took San Sebastian
last Saturday, without much trouble, as the loyal-
strongly that it is difficult at present to find
are
after the fall of Irun.
from
recovery
depression has been in
The tide
since 1932.
uneven,
authoritative
tion of reinforcing the more important seaport of
Bilbao.
Important rebel contingents continued to
work westward, and a battle is expected to develop
So serious is the threat to that port that
Part
of the rebel army north of Madrid was dispatched
for Bilbao.
the American Consul was ordered to leave.
to the attack on the capital, which was
a
on
broad front.
resumed
The rebel armies now form a
study, presented to the Council by the League Eco-
half-circle about the capital, from points about 40
nomic Committee.
miles north and 60 miles south, with the arc to the
Signs of international economic
improvement are discerned also by this
the influence of rearmament activities
is
group,
on
but
recovery
given ample notice in the report, while the slow
of
revival
world economic
idea
of
that
such
a
diversities
aims
of
from
must
ures,
be
the varios
the
also
caused
be that of
set
aside, owing to
countries'
would
own
*
constitute
price levels and monetary
the report indicates, but it holds that
unilaterally
the
interests,
an
The very first problem to arise
ference could settle such
handled
some
conference, but it holds
beginning
obstacle to success.
would
trade
Some attention is paid in the study to the
dubiety.
which
international
by
meas-
no con-
questions, which "must be
each
interested
State."
westward.
General
Francisco
Franco,
nominal
head of the rebellious forces, commands the southern
army
in the Talavera region, where the drive
currently is intense.
It is conceded both in Madrid and at the rebel
headquarters that the fighting in the Talavera seetor may easily prove
decisive in the
war.
General
to have concentrated 175,000.
rebel troops for the drive from the south.
The
Franco is reported
Madrid Government, now headed by the Socialist
leader, Largo Caballero, sent heavy reinforcements
from the capital to halt the rebel advance.
The
battle began in deadly earnest on Thursday, with
the rebels intent on capture first of Toledo, where
'
•
1
.
(1766
Financial
1,500 of their sympathizers
Alcazar.
,
from
•
•
"Times" sent
tacks
subjected to heavy shell-fire
were
don
From Caceres, Spain,
England toward German aspirations
by
the
shevist
a
that the Reich
Madrid and
the
its
the
loyalist defenders and drive from
national
"This is
winning for
one
the
personal hatreds appears to serve him well
Germany.
STRIKE troubles Socialist Premier, Leon rule in
continue to beset the Blum.
on
of the
Starting in Lille, 10 days
rever¬
through all sessions of the German Nazi
impressive military displays.
before,
Chancellor
Adolf
beginning of the Socialist Government.
occasion, however, the difficulties
made
for
plain his utter abhorrence of Bolshevism and what
prefers to regard
its Jewish origin.
as
of the vitriolic attacks
on
considerable international
it
began
Sept. 8, with
on
Nazi leaders desire
man
workers
resources.
The
ex¬
of
anyone to suppose
by envious nations.
of the Russian Jewish
prepared.
list
German
Formal
that the Reich might
onstrations
in
the
taken to
measures were
struggle against
alleged spread of Communism.
final
two
of the
country.
"that
the
among
on
welding
able
has
completed
be
can
no
decision
achieve
to
gathering
described
as
receive
a
6%
the
labor
a
compromise.
wage
feed
the
as
much
Russian
by these
pressure
on
territory
the
French
state
the
tremendous
National
wheat
Socialist
plenty," the German
official
was
say,
version of this
made
but
as we,
ocean
and
fields,
can¬
a
that
confiscation
no
of
private property is
Foreign Central Banks
THERE have been no changes during theforeign
week
of the
in
the
discount
rates
of
from
the
materi¬
raw
leadership
would
and
swim in
dictator declaimed.
In
the
speech, which subsequently
was
•shown in the table which follows:
CENTRAL BANKS
•
.
Prer
Rate in
Effect
cious
Sept 18
Argentina.
Date
Established
Rate
Austria
3X
3H
Batavla
4
_
Mar.
July
July
1 1936
10 1935
1 1935
Holland
4~
Belgium
2
May 15 1935
4H
2X
Bulgaria
Canada
6
Aug. 15 1935
7
2H
Mar. 11 1935
Chile
4
Jan.
24 1935
Colombia..
4
July
18 1933
3
Jan.
1 1936
5
Oct.
21 1935
Danzig
Denmark..
Effect
Sept 18
3
Pre¬
Dale
vious
Established
Rate
July
6 1936
3^
Hungary...
4
Aug. 28 1935
India
3
Nov. 29 1935
4K
3H
3M
...
Ireland
3
June 30 1932
Italy.
4K
Japan
3 29
Apr.
6 1936
3.65
4^
June
2 1935
3H
5
Feb.
1 1935
5H
6H
3H
July
1 1936
May 28 1935
4X
May 23 1933
4
5
Oct.
25 1933
6
5
Dec.
13 1934
5X
7 1934
6
4
4^
Java
May 18 1936
5
Jugoslavia
3^
Morocco
6
Norway
Poland
South Africa
4H
3H
Deo.
May
15 1933
Czechoslo¬
vakia
Rate in
Country
.
Lithuania..
...
5
6\i
6
posses¬
speech, nevertheless, created
3^
Aug. 21 1936
England
2
June 30 1932
Estonia
5
Sept. 25 1934
Finland
made to
"If I had within Germany" the Russian
The
any
Present rates at the leading centers are
few
Germany
available, Chancellor Hitler
sions mentioned.
The
contemplated * by the Blum regime.
Discount Rates of
als, Siberia with its vast forests and the Ukraine
its
occa¬
Germany,. bn the
tains, with their incalculable stores of
with
The alarm
Ministry of Finance found it advisable to
"If I had the Ural Moun¬
he declared.
cer¬
reflected in further
markets, and by large daily gold engagements.
Country
swamps,
an¬
the French franc in foreign exchange
central banks.
people."
from
was
the designation of
as
occurrences was
DISCOUNT RATES OF FOREIGN
kilometers
a
by Chancellor Hitler
contrary, must struggle desperately to wrest
square
It
increase, while surrendering
delegates within the plants.
sioned
doubt
ridiculous failures "the Bolshevik Jews
who hold 18 times
time it ap¬
a
regarding State operation of
prerogatives, such
a
made last Saturday, when he
was
For
Thursday that the Lille strikers would
on
tain minor
speaks for Germany and
The most notable utterance
not
days to persuade them to conduct
industry in France, but the indefatigable M. Blum
Germany is solidly behind him."
at this
advances previously
the hundreds of thousands who have looked
here that Herr Hitler
that
some
momentous
days of the meeting
There
process.
the
were
some
peared that the government might have to make
the
Huge military dem¬
success
overtaken
occu¬
nounced
"The Congress has shown," said
prestige of
They asked still further
en¬
dispatch to the New York "Times" at its conclusion,
national
30,000
the plea that the rising cost
their demonstrations elsewhere.
evidence of the rapidly increasing armaments
gave
strike.
But all references
the Reich will find it
in, the
women
In
able after
Bolshevism, and declara¬
on
work¬
very
some
instances the workers again
was
well
o
Soviet attack
a
At Lille,
pied the factories, but members of the Cabinet
by "Der Fuehrer," nevertheless, bristled with defi¬
tions that
on
living had
granted.
picture he painted would
be attacked
ance
reported
were
hardly lead
regime, which had pledged itself to
occupation of factories by the
increases of wages, on
poverty of the German nation and its lack of
natural
this
50,000 additional textile workers in other cities also
were
something else is
On
intensified
were
duplicated their June performances, while
as
Chancellor Hitler pleaded at great length
pected.
Paris
who voted it into power.
ers
that the Ger¬
assurances
only peace, but there
incidents which indicate that
the
Because
It ended
the
resist the
Russia, the meeting has
importance.
once
again in the "fold-arms" strikes that marked the
More
Hitler
textile workers in
ago,
parts of the country decided to engage
many
Congress at Nuremberg, which ended last Monday
he
Bolshevist
France
VIOLENT verbalsavoring on Communism and
attacks of Soviet Russia
anything
ever
"international
Oddly enough, this coupling of the Chan¬
France
than
again
side in the Spanish uprising," the
Hitler and Communism
with the usual
the Bol¬
over
will be permitted to fall under
dispatch states.
berated
upon
and
within
literally
are
of
length
over
was
his addresses,
all
cellor's
amazing inter¬
an
situation, for foreign airmen
In
declared
never
influence
Jews."
loyalist airplanes that have hampered
insurgent advance.
and
menace
huge air base filled with German aviators who bomb
the skies the
address.
Chancellor Hitler dilated at
report states categorically that Caceres, Gen¬
headquarters, has been turned into
apprehension within Russia of at¬
suggest that some of the sympathy recently
alienated
dispatch, Monday.
the long-run policy of German leaders.
as
by Germany and Japan, and reports from Lon¬
shown in
correspondents of the New York
most informative
a
eral Franco's
it reminded the world inevitably of
as
nach Osten" which appears to emerge
It increased the
able
the
sensation,
invariably
of the Guadar-
passes
loyalist artillery units.
The
a
the "Drang
while rebels attempting to advance
Mountains
of
one
in the
up
Sept. 19, 1936
through the
from the north
rama
bottled
Directly west of Madrid the struggle also
in progress,
was
are
Chronicle
4
Dec.
4 1934
2%
2%
5H
4H
France
3
July
9 1936
4
Spain
5
July
10 1935
4
Sept 30 1932
5
Sweden
2H
Dec
1 1933
3
7
Oct.
7M
Switzerland
2
Sept
9 1936
2^
Germany
Greece
._
13 1933
Portugal...
Rumania
..
5H
Volume
Financial
143
1767
Chronicle
Bank of Germany
Foreign Money Rates
Statement
of bullion
ber shows
further loss in gold
IN bills
LONDON open market 9-16@^%, as for short THE statement for the second quarterand Septem¬
discount rates against
Friday
on
9-16%
three
Friday of last week, and
on
months7
last week.
K%.
a
were
bills
Money
as
on
At3 Paris the
9-16@i^% for
against 9-16%
Friday of
on
of
maturing obligations shows an increase of 6,872,000
Switzerland on the
Statement
THE statement ofstill Bank for gain of £321,872
the further the week ended
Sept. 16 shows
a
in
gold holdings which raises the total to £247,940,825*
held, which compares with
the largest amount ever
only £194,315,231 a year ago.
attended
was
£729,000,
the
in
rose
large
£2,354,968
was
Of the latter
last year
it
48.18%.
was
curities decreased
curities
Loans
marks.
Below
se¬
Of the latter amount £1,364,904
No
securities.
change
are
£56,371
was
made in the 2%
the figures for five years:
1936
Sept. 19,
Sept. 20,
Sept. 21,
1935
1934
1933
Reichsmarks
Reichsmarks
74,973,000
94,817,000
65,978,000
20,851,000
29,620,000
21,500,000
3,822,000
5,436,000
5,555,000
—123,000
—102,427,000 3,470,917,000 3,838,111,000 3,428,951,000
243,378,000
164,811,000
all9,247,000
*
*
13,410,000
11,528,000
98,499,000
43,866,000
41,423,000
—7,913,000
755,296,000
665,920,000
527,709,000
—375,000
597,878,000
687,511,000
•566,445,000
Reserve in foreign curr.
Bills of exch. and checks
Notes on other Ger. bks
Investments
Liabilities—
—86,000,000 4,300,528,000 3,907,344,000 3,662,270,000
722,827,000
782,418,000
669,473,000
+ 6,872,000
Notes in circulation
Other daily matur. oblig
Sept. 18,
Reichsmarks
—1,465,000
No change
Of which depos. abroad
a229,591,000
241,978,000
208,313.000
1.66%
liabilities
Other
Sept. 16,
Sept. 15, 1936 Sept. 14, 1935 Sept. 15, 1934
Reichsmarks
Assets—
Silver and other coin
was
COMPARATIVE STATEMENT
BANK OF ENGLAND'S
comparison of the various
Changes
for Week
Other assets
Below
discount rate.
a
REICHSBANK'S COMPARATIVE STATEMENT
Advances
from
furnish
we
Gold and bullion......
other
on
from discounts and advances and
was
The reserve ratio is now
items for three years:
week ago;
government se¬
on
£1,905,000 and those
£1,421.275.
94,817,000 marks and the year
at
74,973,000 marks.
The reserve pro¬
to 40.50% from 39.20% a
up
stood
addition to £2,354.968
an
£890,638 to other accounts.
portion is
amount
Public deposits fell off £5,519,000 and
deposits increased £3,245,606.
amount
and
contraction
a
reserves
£1,051,000.
other
by
The total of gold a year ago
65,978,000 marks.
As the gain in gold
in circulation of
market rate was raised on
Sept. 14 from 3% to 3^2% and in
same day from 2% to 234%.
Bank of England
total down to
the
bringing
marks,
1,465,000
before at
1.66%,
as against 2.60% last year and 2.15% the previous
year.
Reserve in foreign currency, bills of exchange
and checks, advances, and investments record de¬
creases, namely 123,000 marks, 102,427,000 marks,
7,913,000 marks and 375,000 marks respectively.
A decline also appears in note circulation of 86,000,000 marks, bringing the total down to 4,300,528,000 marks.
Circulation last year stood at
3,907,344,000 marks and the previous year at
3,662,270,000 marks.
The item1 of other daily
call in London on Friday was
open
of
2.60%
2.15%
Propor. of gold and for'n
1932
,
curr. to
note clrcul'n.
*
1
£
£
£
£
£
Validity of notes on other banks expired March
latest available.
444,862,000 398,149,572 376,379,746 370,469,756 350,265,655
18,218,506 23,915,204
14,841,000 17,464,679 20,449,059
Other deposits
140,841,906 129,599,723 137,338,177 149,109,377 115,490,377
Bankers' accounts. 102,182,958
92,018,504 99,837,219 105,687,990 82,586,050
Other accounts
38,658,948 37,581,219 37,500,958 43,421,387 32,904,327
Govt, securities
81,598,310 83,159,999 81,679,164 80,655,963 70,908,094
30,532,656
Other securities
29,253,479 26,012,308 18,365,803 23,641,091
12,005,785
9,192,227
6,137,838
Disct. & advances.
9,184,302 11.852.658
Securities
20,069,177 14,159,650 12,227,965 14,448,864 18,526,871
Reserve notes & coin
63,078,000 56.165.659 76,053,970 81,262,684 56,110,262
Coin and bullion
247,940,825 194,315,231 192,433,716 191,732,440 140,375,917
31,1936.
a
Figures of Aug. 31
.
1
Circulation
Public deposits
New York Money
Market
...
Proportion of reserve
'
Bank rate
48.56%
2%
disturbed
was
ments
early this week contingent upon the Treasury
The turnover
financing.
on
Tuesday was fairly
40.24%
2%
48.18%
2%
38.19%
2%
40.50%
2%
to liabilities
.
THE dull routine ofonly New York moneyarrange¬
the faintly by the market
Bank of France Statement
large, but not sensational, as the Treasury bor¬
rowed only 1469,000,000' in new money, while income
tax
THE statement for the gold holdings, this 11 again
week ended Sept. time of
shows
a
decline in
652,796,508 francs, which brings the total outstand¬
Gold a year
ago
totaled 71,995,893,967 francs and the year
before 82,153,449,918 francs.
The reserve ratio
stands now at 58.03%, compared with 75.72% last
year«and 80.67% the previous year. Credit balances
abroad, advances against securities, and temporary
ing down to
53,532,188,178 francs.
advances to State show increases,
namely 135,000,000
francs, 29,000,000 francs, and 1,500,000,000 francs,
respectively.
Notes in circulation record a loss of
456,000,000 francs, bringing the total down to
84,155,914,210 francs.
Circulation a year ago ag¬
gregated 81,523,726,295 francs and two years ago
80,440,372,035 francs.
Decreases also appear in
French commercial bills discounted, in bills bought
payments and Treasury outlays for interest on
the
public debt also swelled the total to a degree.
No effect
on
of
reduction
BANK
OF
is furnished below:
FRANCE'S COMPARATIVE
Credit bals. abroad,
a
Sept.
c
11,
1936 Sept.
Francs
13,
1935 Sept.
Francs
14,
1934
Francs
French commercial
bills discounted.,
—158,000,000
—3,000,000
bought abr'd
Adv. on treas. bills —1,300,000,000
Adv.
against securs.
Note circulation
+29,000,000
—456,000,000
—88,000,000
State + 1,500,000,000
Credit current accts
d Tern. adv. to
Propor'n of gold on
hand to sight liab.
6,685,556,235 3,272,700,865
6,521,308,611
1,236,194,730 1,228,624,308 1,009,218,042
1,605,091,000
3,596,753,966 3,143,046~758 3,f2~8,886~il8
84,155,914,210 81,523,726,295 80,440,372,035
8,101,943,332 13,560,986,559 21,399,447,042
13,328,218,000
0.36%
58.03%
•75.72%
80.67%
b Includes bills discounted abroad,
c Pre¬
viously included in French commercial bills discounted,
d Representing drafts
of Treasury on 10-billion-franc credit opened at Bank.
a
Includes bills purchased in France,
reserves,
the $300,000,000
which probably will
Bankers' bill and commercial
temporary.
paper
rates were unchanged, with business on a
Call loans on the New York Stock Ex¬
small scale.
change held to 1% for
renewals
or
available at
The
new
all transactions, whether
loans, and time loans still were
1%% for all maturities to six months.
Treasury
sold last Monday an issue of $50,-
000,000 bills, due in 273 days, and awards were
made at
on
an
an
average
discount of 0.146%, computed
annual bank discount basis.
New York Money
Rates
was
—652,796,508 53,532,188,178 71,995,893,967 82,153,449,918
8,245,687
10,429,835
143,520,346
+ 135,000,000
b Bills
excess
ruling quotation all through the week for both new
Francs
Gold holdings..
caused by the turnover, and
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
STATEMENT
Changes
for Week
was
prove
abroad, in advances on Treasury bills and in creditor
current "accounts.
A comparison of the different
items for three years
rates
the market also took in its stride
The market for time
loans and renewals.
still
at
a
standstill,
reported this week.
for all maturities.
in
no
transactions
money
is
having been
Rates continue nominal at 1J4%
Prime commercial paper has been
sharp demand this week, and with an increasing
supply of paper available, trading
heavy.
has been
Rates are %% for extra choice
ning from four to six months and
less known.i
\
very
names run¬
1% for
.
names
1768
Financial Chronicle
Bankers'
Sept. 19, 1936
amount
represents the search of French funds for a
haven.
Acceptances
It is reported
in the market that at least a
THE market for prime bankers' acceptances have
improvement this week. Bills have
portion of the capital fleeing from Paris is being
been
routed
shown
in
some
better
supply and the demand has been
brisk.
Bates show
issued
This
by the Federal Reserve Bank of New York,
no
Official quotations,
change.
as
New York for refuge in
through
procedure results
British
London.
from the reluctance of the
,
equalization fund, which is the chief sup¬
for bills up to
porter of sterling in the Paris market, to buy francs
and
in unlimited
and including 90 days, are 34% bid
3-16% asked; for four months, 5-16% bid and
Thus dollar balances have
quantities.
34% asked for five and six months, 34% bid and
been created in New York with which to
5-16% asked.
The
This demand for exchange on
York Reserve
Bank is
1 to 90
for
of the
New
34% for bills running from
to
bills.
180-day
The
Federal
Reserve
holdings of acceptances increased from $3,-
095,000 to $3,096,000.
concerned,
European investment demand for American securities.
It is
own
180 Days
Bid
Days—
Bid
Prime eligible bills
DELIVERY
Eligible member banks
WITHIN
British
>.•
....
X% bid
.....
.
destinations.
record
THERE have beenofno changes this week banks.
rediscount
th^ Federal Reserve in the
rates
The
following is the schedule of rates
the
various
classes
of
and industrial
feature
operative
since
increase in the gold
is
Date
Rate
2
Feb.
8 1934
Feb.
2 1934
Jan.
17 1936
May
IK
May
Jan.
14 1935
2
Jan.
19 1935
2
Jan.
.
2
May
Kansas City
Dallas
2
2
May
May
San Francisco
2
Feb.
long
2
2K
,
3 1935
credit
2K
2K
8 1935
16 1934
2K
in gold
2K
Exchange
years.
important respects the foreign exchange situa¬
break
of the
Spanish civil
war
on
since the out¬
Julf 18.
focal center of the market is the critical
financial situation in
by the
European
Spanish
the
and
fears
strife
regarding
the
It is
was
aggrevated
has
French
Sterling is in worldwide demand and
continues to flow to
ment.
The
which
with
expansion policy designed for
beyond the reach
intensified
situation.
uneasy money
London for safety and invest¬
generally believed that only the inter¬
£47,132,000.
The
Bank's gold
at record high level of £247,940,825,
are
with £194,315,231
compares
£150,000,000
recommended
committee, and with
statement
a
year
by the
earlier,
Cunliffe
£136,880,252 in the
Bank's
just prior to the supsension of gold in
September 1931.
Currently the Paris crisis and the generally dis¬
political and
of the Popular Front in the May
success
elections,
France, which
The mount¬
relation to the
a
bars, bringing its total purchases since Jan. 1
approximately
holdings
than at any
all-time high.
which is expected to pla.ce the
needs,
range
an
developments.,.
This week the Bank of England bought £457,893
IN firmer past two weeks during the last two ruling
THE
time sterling has been
In all
became
This increase
of all adverse
2K
14 1935
10 1935
tion follows closely the trend apparent
of
weekly
steady
Bank's gold
financial power of Great Britain
2K
2K
Lo
Course of Sterling
the
undoubtedly bear
reserves
Government's
2K
11 1936
9 1935
2
future
gold holdings cannot be attributed entirely to the
2
2
-
is
1932,
policy of increasing the
ing gold
2K
IK
Philadelphia
2
great
holdings of the Bank of England.
expected to reach
Previous
Richmond
at
steady expansion of circulation which, by Christmas,
Established
Cleveland
the
the
The
Atlanta
are
market, which has
sharply intensified since January last.
New York
Chicago
St. Louis
affecting
money
in effect
Rate in
Boston
offer in
activity of Great Britain.
outstanding
sterling and the London
in
by Con¬
on
deposits is also due to the trade
different
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Effect on
Sept. 18
Undoubtedly
market.
the
Reserve banks:
Federal Reserve Batik
the
now
at
paper
in
money
been
gold
Deposits in the London banks
H% bid
Discount Rates of the Federal Reserve Banks
demand
high, due largely to the great quantity of foreign
An
for
weeks,
market is also taken for similar
open
increase in British
DAYS
....
Eligible non-member banks
Asked
H
bank notes continue in
London
Days
Bid
»,«
THIRTY
H'
30
Asked
H
Asked
»i«
Days
Bid
* is
Bid
*i«
60
Asked
H
120 Days-
Asked
H
90
FOR
——ISO Days—
Asked
H
cooperation with the
tinental hoarders and much of the
the
Bid
active
gold in the Bank's vaults.
rates.
follows:
-
been in
has
London and Paris authorities in the past two
providing dollars here for the Bank of France against
The nominal rates for open market acceptances are
Prime eligible bills....
generally believed that the American stabiliza¬
tion fund
are
the dealers
as
they continub to fix their
as
buy sterling.
London largely offsets
ac¬
Open market rates for
ceptances are nominal in so far
as
<
days, %% for 91- to 120-day bills and 1%
121-
banks'
bill-buying rate
turbed
in
the
political situation in Europe is being reflected
cautious
attitude
apparent in the
London
security markets.' From all quarters evidence
tinues
arrive
to
revival
is
that
pursuing
an
British
the
domestic
uninterrupted
con¬
trade
Un¬
course.
employment returns for August show another reduc¬
tion of
38,132 in the number of unemployed, bring¬
vention in the market of the British exchange control
ing the total down to 1,613,940, the lowest in six
during the past few weeks has kept the franc from
years.
The
collapse.
between
range
$5.0534 and $5.06 11-16 for bankers' sight
bills, compared with
$5.0634 lasf week.
been
with
between
a
for sterling this week has been
range
week ago.
,
a range
The
range
$5.05 13-16
of
of between $5.0334 and
between
for cable transfers has
and
$5.06^4,
compared
$5.0334 and $5.0634
a
London, Amsterdam, Berne, and Brussels.
gold
now
reports
Much of
moving out of France is for the settle¬
ment- of adverse
commercial
balances, but
a
large
another substantial rise in railway
was
clear indication
output
units,
of increased
ot electricity in
an
spending
August
increase of 12%
for the first
sion of
A feature of the recent railroad
is the rapidly rising passenger receipts,
over
eight months of this
amounted to
■
French capital is still leaving
Paris, as is evidenced
by the heavy flow of gold from Paris to New York,
the
There
receipts last week.
was
a
The
power.
1,382,000,000
August 1935, while
year
the producton
12,626,000,000 units, showing an expan¬
15.7%
over
the corresponding 1935 period.
Money rates in Lombard Street continue easy and
unchanged
from recent
supply at 34%.
weeks.
Call money is in
Two- and three-months' bills are
9-16%, four-months' bills 19-32%, and six^months'
J
Volume
bills
Financial
143
11-16%.
Gold
•
week
this
market
£151,000,
on
£75,566, and
Tuesday
on
Thursday £246,959.
gold movement for
Port of New York the
At the
Bank of New York, was as
Reserve
Federal
Sept, 16,. as reported by the
the week ended
follows:
Exports
Imports
$14,178,000 from France
3,896,000 from England
Continental and Other Foreign
L
is
franc
Gold Earmarked for Foreign Account
received from San Francisco, of
of gold was
which $287,000 came from Australia
and
$167,000 from China.
figures
are
On Thursday, $3,577,600 of gold waS
received of which
$2,860,100
from France and
exports of the
were no
foreign
Friday, $2,359,100 of gold was received
There were no exports of the metal
change in gold held earmarked for
or
On
account.
from France.
but
came
There
$717,500 from India.
metal,
week ended on
for the
decreased
gold earmarked for foreign account
$1,125,200.
Canadian exchange
tween
rate
discount of
a
The
ranged during the week be¬
1-64% and
premium of 3-16%.
a
following tables show the mean London check
price,
price paid for gold by the United States:
Paris, the London open market gold
on
and the
MEAN LONDON CHECK RATE
Sept. 14
Monday,
Tuesday, Sept. 15
Thursday,
Sept. 18
Tuesday, Sept. 15
Friday,
Monday,
Sept. 14
Tuesday,
Sept. 15__
PRICE
STATES (FEDERAL
$35.00
35.00
35.00
Thursday,
Sept. 17
Friday,
Sept. 18-.
Referring to day-to-day rates sterling exchange on
Saturday last
Bankers'
was
sight
extremely light market.
$5.05%@$5.06; cable transfers
firm in
was
an
On
$5.05 13-16@$5.06 1-16.
Monday,
European demand sterling touched the
since Aug. 28,
1934.
in strong
$5.06%@$5.06%
On Tuesday the pound continued
$5.06 5-16@$5.06 9-16 and cable
$5.06%@$5.06%.
were
On Wednesday
firm.
The range was
1-16@$5.06% for bankers' sight and $5.06%@
exchange
$5.06
highest price
demand abroad, with trading here light.
Bankers' sight was
transfers
on
London was
for cable transfers.
$5.06%
continued
to
into
move
$5.06 1-16@$5.06 11-16
for
bankers'
transfers
tations
sight
were
on
was
$5.06%@$5.06%,
$5.05 13-16@$5.06%.
Friday
ditions
were
Closing
quo¬
$5.06% for demand and
ninety-day bills at $5.05%, documents for payment
f
miracle economic con^
some
sharp turn for the better.
seem
strongly of
opinion that devaluation of the franc must occur
within
It
is
short time
a
said
or
that
severe
inflation must
ensue.
openly that only the irresolution of the
Rightist leaders, especially the leaders of the Croix
de
thus
has
Feu,
far
aggression against the
headed
prevented
violent
physical
The present
by Premier Leon Blum has
Government.
undoubtedly taken wise and heroic measures in an
effort to rehabilitate the country,
situation inherited
but the gravity of
by. the Government, which
dates in effect from the close of the European war,
is almost
insuperable, and with the outbreak of the
Spanish strife
on
M. Blum
July 19 whatever expectations of
might have had
made
were
a
vain
The difficult position of the franc was further
hope.
aggravated last week when the Council of Ministers
approved
a new
four-year plan for the expenditure of
It is believed
14,000,000,000 francs for armaments.
that during
British
the
the past few weeks only the assistance of
exchange
prevented the total
control
.collapse of the French unit.
Since the
beginning of the
new
gold movement
on
Aug. 7, total engagements for the United States alone
have
approximated $80,000,000.
levels French
gold stocks
are near
available supplies for national
be
seriously considered.
ment
a
The present
defense
purposes
the country without
statement of the Bank of France shows
in gold
holdings of 652,796,508
During the four previous weeks the
loss was
must
question causing anxious speculation.
additional loss
gate
At their present
the point at which
How long the Blum Govern¬
will allow gold to leave
hinderanee is
francs.
cable
a
London and Amsterdam bankers
the
and
and
Bankers and conservative
direct clash between right and
by
promptly take
an
$5.06% for cable transfers.
Commercial sight bills
finished
at
$5.06%, sixty-day bills at $5.05%,
what is to prevent a
was
On Friday
by the Rightist
everywhere feel that it is not easy to see
left extremes unless
range
pound was firm and trading here was limited.
Bankers'
interests
sight
The
The Blum
Rightist elements.
factors, but from within the ranks of the radicals it is
On Thursday funds
London.
$5.06%@$5.06% f°r cable transfers.
the
strong
In fact, however,
actually represent a struggle for power
supposed to represent.
The range was $5.06 11-16@
$5.06 7-16 for bankers' sight and
for cable transfers.
on
establishing
agreements
recent
Government is threatened not only
success
Wednesday, Sept. 16__
$35.00
35.00
35.00
Saturday, Sept. 12
the
between Leftist and
the
Sept. 17—137s. 4d. '
' Sept. 18. —137s. 5Hd.
Thursday,
FOR GOLD BY THE UNITED
RESERVE BANK)
PRICE PAID
_76.876
Wednesday, Sept. 16___137s. 6^d.
137s. 6d.
137s. 5d.
__..137s. 4d.
Sept. 14
76.876
76.946
Sept. 17..
Friday,
LONDON OPEN MARKET GOLD
Saturday, Sept. 12
Monday,
with
administration
ON PARIS
Wednesday, Sept. 16
76.855
76.890
76.915
Saturday, Sept. 12
apparently spreading
now
labor demands for full compliance by em¬
on
strikes
the
The
disorders.
the tension.
shorter hours and increased pay.
Decrease: $331,000
The
few weeks have
French industrial centers are based
many
ployers
Note—We have been notified that approximately $454,000
above
acute and threatens
more
in Spain has heightened
war
solely
$22,949,000 total
from all
rather than better.
worse
Ostensibly the strikes
»
which appears
France
greatly aggravated the situation and the difficulties
of the Government.
The internal social tension is
through
10,000 from Guatemala
The
in
•
ex¬
economic
A most unsatisfactory
market.
signs to be growing
809,000 from India
None
foreign
in the
influence
dominant
condition exists
328,000 from Chile
Wednesday.
the
change
civil
1,443,000 from Holland
185,000 from Switzerland
Exchange
AS INDICATED impending crisisof sterling, the
weakness pad in the resume
in the French
becoming
2,100,000 from Colombia
Net Change in
grain for payment closed at
recrudescence of strikes in the past
10-SEPT. 16, INCL.
MOVEMENT AT NEW YORK, SEPT.
$5.05%.
$5.06%.
(60 days) at $5.05%, and seven-day bills at
Cotton and
on
England bought £135,368 in gold bars, on
Bank of
GOLD
Tuesday
Thursday
On Monday the
£313,000,
Friday £93,000.
on
Saturday
£52,000,000, on
Wednesday
£77,000, and
On
follows:
as
Monday
on
£283,000,
offer in the London open
on
was
1769
Chronicle
$803,717,688 francs.
aggre¬
It should be
recalled in this connection that in the
crisis which
developed in the French franc during April, May, and
June,
when the
new
Popular Front
Government
gained ascendancy, the Bank of France lost
mately 11,138,000,000 francs
in
gold over a period of 14 weeks.
France is still in a
approxi¬
(about $727,000,000)
The Bank of
relatively strong position,
as
its
1770
total
gold holdings
and its ratio is
are
1928, and the legal
35%.
reserve
However, what
few years
a
ago
stabilized in June
was
requirement
reserve
.
with the
all-time
Dec. 2, 1932.
considered
was
a
Friday at 6.58, against 6.56% on Friday of last week;
mercial
Present gold holdings
"baby
or
bring
issue
trade has failed to show
the unfavorable
for other markets and there has been
removal of
tinental
at
or
the
against
foreign funds and
to Brussels for
of
refugee
The
even
mark
currency
and growing harder.
Crops
shows
are
improve-
no
Germany
difficult
are
not good this year,
a
shortage of fats is threatened for the winter, and the
exchange
Only
&
a
position
few days
Wilson,
that
dealers
buying
of
in
rubber,
rubber
tighter.
reported
continues
to
be
by shortage of sterling exchange.
The recent statements made
Nuremberg
the
constantly
the London firm of Symington
important
German
retarded
growing
is
ago
congress
of the
.
by Mr. Hitler at the
Nazi Party respecting
necessity of regaining German colonies,
be regarded
seem
18.88, against
Czechoslovakia
at
4.13%,
Bucharest at 0.74, against 0.74;
on
Poland at 18.85, against 18.84; and on Finland at
Greek exchange ; closed at
#
on
liabilities of 86.29%.
Holland guilders are relatively steady, firm in
terms of European currencies, and ruling at comparatively heavy discount with respect to the
United States dollar. This weakness is due partly
seasonal influences on commercial account and
to the decline of tourist traffic, but more especially
the movement of Dutch funds into American
securities. Money is abundant in Amsterdam and
rates incline to further ease. Improvement in the
Dutch East Indies trade is noticeable and helpful
to the home situation in Holland. Dispatches from
The Hague on Sept. 15 stated that Holland will have
a deficit of 47,734,995 guilders for the next year,
3,707,800,000 belgas,
situation
40.22.
abroad and rule only slightly under par in terms of
United States dollar.
The Swiss position is
exceptionally strong and money rates there are
easy. On Sept. 15 the Swiss National banks had gold
sf°eks of 1,528,200,000 Swiss francs, a ratio of gold
to notes of 120.35%, and a ratio of gold to sight
gold to notes of 82.05%, and the ratio of
German
and
the countries neutral during the
war presents no new features of importance,
The Scandinavian currencies are firm in:sympathy
"^h sterling.
Swiss francs are relatively firm
safety. On Sept. 10 the National Bank
Economic conditions in
on
•
gold to total sight liabilities of 68.96%.
ment.
exchange
EXCHANGE
the
upon
The belga has,
a
40.21
transfers, against 0.93% and 0.94%.
no
great deal of money has moved
a
of Belgium showed gold stock of
ratio
practically
is the firmest of the Con-
slight discounts.
very
marks
0.93% for bankers' sight bills and at 0.94% for cable
units, with future belgas ruling either flat
only
with
Austrain schillings closed at
2.23%, against 2.23%.
of exported capital.
owners
particularly since March, become
for
on
con-
Government to apply severe
currency
comparison
in
against 4.13%;
held abroad for
restrictions: placed
French
Belgian
18.87;
Internal
capital from France, the cajoling and
threats of the
The
Government's
Money continues to leave France
security, despite
Berlin
7.87.
the
now
Final
for
40.23 for bankers' sight bills and 40.24 for cable
and at 7.86% for cable transfers, against 7.86 and
improvement since June and
repatriation of French funds
quotations
16.90%.
were
on
nationals,
new
import balance of foreign trade
tinues to grow.
measures
bills and at 16.90 for cable transfers, against 16.90%
"popular"
own
out of hoarding.
money
6.55 3-16.
Italian lire closed at 7.85% for bankers' sight bills
its
despite
against
virtually impos-
not coming in for the
bond"
efforts to
from
money
6.55%,
at
and
compare
high of 83,350,000,000 francs
bills
sight
Antwerp belgas closed at 16.89% for bankers' sight
transfers,
are
on
cable transfers at 6.58%, against 6.58%; and corn-
•
borrow
to
Subscriptions
the French center finished
on
placed
hardly be considered
can
The French Government finds it
sible
In New
bills
Paris closed
on
safe gold
was
undertaken by the European nations in the
programs
past year and a half.
Friday at
York sight
adequate at this time in view of the heavy rearmament
<•
on
The London check rate
compared with 28,935,-
as
Sept. 19, 1936
76.89, against 76.86 on Friday of last week.
53,532,188,178 francs
now
58.03%,
000,000 francs when the unit
at
Chronicle
Financial
according to budget estimates. The statement does
n°t refer to the gold standard, but declares that the
Government is confident that good results must
to
by financial interests in Germany and
elsewhere
as having a political rather than an eco-V
significance. Although the population of the
flow from a continuance of the present policy. Dutch
colonies was 25% of the population of the Reich,
foreign trade is showing improvement.
Germany shipped to them less than 0.6% of her total
•
Bankers' sight on Amsterdam finished on Friday at
exports and received from them cmly 0.5% of her
67 g7
a am3t
67.85 on Friday of last week; cable
total imports of raw material.
The colonies had
^
indeed a potential economic value.
While too poor
f
^
against 67.87, and commercial
to buy the so-called consumption goods, they could
S1&h. bills at 67.75, against 67.75. Swiss francs closed
nomic
.
,
.
,
±
•
j
c?
i
67.89,
have absorbed capital goods for the construction of.
railroads, highways, and public works, as has been
done in fact in colonies held by powers under mandate,
Today German business is indifferent to this lure
at 32.57% for checks and at 32.58% for cable transfers, against 32.58 and 32.59. '^Copenhagen checks
finished at 22.61 and cable transfers at 22.62, against
22.58 and ,22.59.
Checks
abroad and to
be
in
acquire foreign exchange, but it will
a
long time before Germany can again float loans
foreign markets. Therefore her foreign exchange
situation threatens to
become
even
more
dollar:
Old Dollar
r,
„
„
New Dollar
Parity
StaS)'::::::::
13.90
16,95
Holland
40.20
Range
Parity
_
—
This Week
apinst » «8»d 26.0?;
on Norway finished at 25.44 and cable
transfers at 25.45, against 25.42 and 25.43. Spanish
pesetas
are
not quoted in New York.
i
—♦—
EXCHANGE
JQj
steady,
on
with
inclined to firmness.
are,
however,
held
the South American countries is
Argentine
paper
pesos
strongly
The South American currencies
steady
by
exchange
The free market in the Argentine
peso
controls.
is tending to
3lfs
iS
(guilder)__,
whue checks
serious.
The following table shows the relation of the
leading currencies still on gold to the United States
Sweden closed at 26.10
on
-»"»26.11,
68.06...
:3S
rise to the level of the official rate. Ti'ie monetary
67.87
to 67.90
and
banking
structure
of
Argentina
is
basically
,
Financial
Volume 143
inrhis
sound, Prime Minister RobertoJM. Ortiz said
recent annual
report reviewing the operations of the
Central Bank.
Cash
reserves
of the banks affiliated
with the Central Bank increased from
14% to 23%
and interest rates for commercial paper were
The Central Bank has handled
lowered.
great deal of gold
a
1771
Chronicle
The American Federation of
favorable to Mr.
the
still
official
neutrality and
part,
as an
adheres
foreign exchange prevented wide fluctuation in the
value of the peso.
and
exports,
the
foreign trade during the past three or
has been showing steady improvement in
has been growing steadily less
favorable to Brazil for the
development of Brazilian
increases in
Meanwhile, however,
at higher prices.
now
export balance
that the extensive
reason
necessitated large
resources
imports of capital goods, with the result
that the Brazilian Government finds it
difficult to provide the necessary
resumption of service
Argentine
paper
on
increasingly
exchange for early
closed
Friday, official
on
quotations, at 33.75, against 33.72
Friday of last
on
week; cable transfers at 33.75, against 33.75.
unofficial
against
free
or
28.55.
close
market
Brazilian
The
28.55@28^,
was
the
milreis, official rates
are
in various States.
has refrained from
laration
it
was
close
Chilean exchange is nominally
quoted at 5.19, against
Peru is nominal at 25.10,
5.19.
Governor
to
which most of these currencies
to
either
legally
controls.
are
closely allied
through the activity of exchange
or
Japanese
firm
yen are
it is always the
as
policy of the Bank of Japan, to keep the
alignment
they
as
with sterling.
29.63, against 29.60
closed
Shanghai
at
at
on
be pressed
may
Meantime,
organized labor the breach be¬
tween the American Federation and John L. Lewis's
,i
Committee
Industrial
for
signs to indicate that it will
no
When
the
on
Industrial
•
be closed
soon
Organization became ef¬
Sept. 5, the heat which had been
gener¬
by the controversy between the Committee and
and the contest had
trial
a
of
prolonged.
tion
'
either side.
the American Federation had
to
'
suspension of the ten unions of the
Committee for
on
•
Organization continues,
was
strength which evidently
might be
Tactically, the position of the Federa¬
the
The Executive Council did
stronger.
not condemn industrial
the
considerably lessened,
already begun to settle down
or
vertical* unions
as
such;
firm
were
gust 12, declared that "both craft and industrial
Hong¬
plans have their merits" and that the Federation
against
against
on
contrary William Green, president of the
Federation, in
Friday of last week.
31J^'@31%,
Manila at 50.15, against
which
checks yesterday
yen
3034@30%,
one
disadvantage.
are
rupees
attached to sterling by law.
are
Closing quotations for
kong
Indian
in close
yen
obviously
Landon's
within the ranks of
ated
EXCHANGEfirm owing Farthe firmnesscountries is
on the to Eastern of sterling,
generally
strongly denounced by
Republican candidate it is not possible to say,
but the issue is
fective,
against 25.10.
was
support which might otherwise have been given to
5.95@6.00.
against
5.95@6.00,
was
made
prominent labor leaders, has alienated labor
some
by concessions
market
allying itself formally with the
regarding collective bargaining, which at
the time
fers, against 8x/i and 8.44.
free
labor support
To what extent Governor Landon's dec¬
Democrats.
with
or
in
The immediate aim of
Roosevelt, but in endorsing his candidacy it
8J4 for bankers' sight bills and 8.44 for cable trans¬
The unofficial
Labor party,
a
to insure substantial
party is
for Mr.
unions, however, have^ given their
unofficial endorsement to
organization of the party is actively
progress
the
its foreign debt.
pesos
the
refrains from taking any
organization, in the campaign. A num¬
official
or
policy of
to its traditional
cerned,
foreign currencies and through buying and selling of
four years
Roosevelt, it is believed, as far as
opinions of its officers and members are con¬
ber of affiliated
Brazilian
Labor, while generally
31M@31%;
303^@30 7-16;
50.10; Singapore at 503^,
a
speech at Rochester, N. Y.,
Au-'
on
"applies and will continue to apply industrial
ganization to
mass
practicable."
What
or¬
production industries wherever
condemned
was
was
the at¬
against 59.40; Bombay at 38.27, against 38.21; and
tempt of Mr. Lewis and his supporters to organize
Calcutta at 38.27,
within
against 38.21.
Gold Bullion in
\
the
proval
European Banks
Federation, but without its formal
the approval of the Council,
or
for industrial
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
par
of, exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable
yesterday (Friday); comparisons
shown for the
are
corresponding dates in the previous
four years:
1936
1934
1935
1933
England
Germany b.
Spain
Italy,..
Netherlands
Nat. Bleg__
Switzerland.
Sweden
Denmark
_
.
Norway
Total week.
Prev. week.
a
£
247,940,825
428,257,505
France
,
2,223,900
88,092,000
a42,575,000
56,846,000
105,707,000
54,159,000
24,132,000
6,552,000
6,604,000
194,315,231
575,967,151
3,259,850
90,777,00,0
53,013,000
49,976,000
97,621,000
46,612,000
19,900,000
7,394,000
6,601,000
£
to be in rebellioii
bound
were
192,433,716
£
191,732,440
658,092,791
3,026,000
12,214,400
90,402,000
75,960.000
58,921,000
77,158,000
61,461,000
13,994,000
7,397,000
15,486,000
7,397,000
6,579,000
6,569,000
140,375,917
•
660,063,535
35,892,700
90,277*000
62,050,000
86,114,000
74,335,000
89,165,000
11,444,000
7,400,000
7,911,000
1,063,089,230 1,145,436,232 1,253,936,515 1,263,901,631 1,265,028,152
1,064,147,780 1,148,145,515 1,252,480.038 1,264,698,401 1,163,629,764
Amount held
Oct.
29,
1935; latest figures available,
b Gold
holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which
the present
year
v
is £1,226,850.
Unions and the
Organized labor
appears
different role in the present
the
one
it has
held
put upon the Committee of organizing
the
under the
handicap
of
suspension
Federation, while the Federation itself
ground.
The battle is still
have ceased to hold
news,
being waged, but its incidents
a
prominent place in the daily
and the outcome,
as
far
as
the Committee is
concerned, is far from clear. The initial drive which
launched
was
against the steel industry, the indus¬
try which above all others the Committee hoped to
capture, was already lagging by the middle of Au¬
gust and the results achieved up to that time
Campaign
to have been cast for
years.
were
Suggestions that Mr. Roosevelt might
influence to bring the two factions
together
dispute.
use
a
political campaign than
usually played in presidential
were
authority which they
by their charters to recognize, and the
movement
stood its
in
Labor
an
£
,
64,968,000
was
against
revo¬
For this
1932
657,227,599
90,597,000
68,577,000
71,951,000
75,694,000
or even
action the unions of the Lewis Committee
from
£
far-reaching
a
lutionary effect upon Federation policy.
its
Banks of—
organization which, if it succeeded,
could not fail to have
burden
ap¬
movement
a
his
proved
than
to
have
wishful
no
more
thinking
on
foundation, apparently,
the part of
Democrats, and Mr. Lewis himself took
some
a
labor
six weeks'
.
Financial Chronicle
1772
-V:
■
7'v !■
.
:•
Europe from which he returned on
\
vacation
in
Sept. 3.
,/
Carnegie-Illinois Steel Corpora-
States
tion, the largest subsidiary of the United
Corporation, presented a formal demand for
Steel
the employee
of
abandonment
the
representation
Lewis industrial organplan, but their position was challenged by
plan and recognition of the
ization
employee representatives who declared that
other
spoke only for a minority. The New
the dissenters
York State Federation of
Labor, at its annual meet-
ing at Syracuse, N. Y., voted on
lution
August 27 a reso-
which, while deploring "the cleavage in the
ranks of
organized labor," favored a "hands-off pol-
icy" in this or any other dispute involving the constitutional authority
of the American Federation,
hand, there has been no evidence of
On the other
weakening among the ten unions of the Lewis Com-
general executive committee of the In-
The
mittee.
ternational Ladies Garment Workers
Union, in
a
Aug. 28, vigorously op-
letter to William Green on
posed the action of the Federation Council, and on
Sept. 1 its president, David Dubinsky, who as a
member of the Council
championed the cause of the
Committee, resigned his Council membership.
announeement on
not intend to
organize unions to rival the ten unions
of the Lewis Committee was
hand,
as
An
Sept. 4 that the Federation did
interpreted,
on
the one
meaning that the dispute was regarded
by the Federation as temporary, and on the other
as an admission that the mass industries of steel,
mining were virtheir approximately 10,000,000 workers would be left to the
oil, rubber, automobiles and coal
tually lost to craft unionism and that
Committee.
Sept. 19, 1936
. , . •••/,■;,
- ;
State conventions, national and State platforms and national
and State candidates, and for that the next four
years will be a period of preparation.
Those who are directing the organization of the
Labor party may well hope for an early settlement
of the Green-Lewis controversy, since to take sides
in the matter would be embarrassing. The fundamental issue, - however, cannot he avoided. If the
party is to seek the support of American labor as
a whole, and at the same time approve of labor
organization and collective bargaining, it will have
to recognize as a fact the soundness of the Lewis
Committee's contention that craft organization is
inapplicable to mass production industries, while if
it relies for support mainly upon the unions represen ted in the American Federation, it will be handicapped in its appeal to the great numbers of workers whom Federation methods do not reach. It will
tional Labor party, with national and
On August 25 a group of employee rep-
resentatives of the
..
,
the problem of a
The Berry organization
have also to deal very early with
presidential
candidate.
known as Labor's Nonpartisan League, which seems
to have had a good deal to do with crystallizing the
new Labor party movement, is exerting itself to
marshal labor support for Mr. Roosevelt in November, but it is also looking forward to 1940. There
is no assurance that Mr. Roosevelt, if he is re-elected in November, could be elected again in 1940.
There have already been heard, in American Federation circles, intimations that Mr. Lewis, who is a
member of the Berry League as are a number of the
moving spirits in the Labor party movement, has his
eye on 1940, not necessarily as a presidential aspirant but as a controlling force in the labor ranks,
as well as in the Democratic party if it can be cap-
'
Organized labor in this country is not so strong
membership of the American Federation in
—the
July was only 3,547,858—that a controversy
kind
the
can
continued without
be
organized labor cause.
of this
serious injury to
The recognition of this
intimations
compromise is likely to be reached before
danger probably accounts for the recent
that
a
the annual convention of the
Green
easily
cannot
agreement
Federation at Tampa,
Yet the difficulties in the way of an
in November.
be
aside.
brushed
Mr.
claim that the Federation is not op-
may
posed to industrial or vertical unionism, but the
full force of the Federation has in fact been thrown
the side of craft or horizontal
for years on
organiza-
tion, and any large tolerance of industrial unions
now would mean a radical change of policy which
the
Committee for
Industrial Organization would
interpret as a defeat. The Committee, on
hand,
tical
seems
the other
equally determined to push the ver-
whose
Green has
publicly shown, and who is widely credited
plan, while in Mr. Lewis it has a leader
hostility to the Federation and to Mr.
been
with
an
ambition to win the leadership
labor for himslef.
generally. According to the Associated Press the
employee was discharged for cause,
but the em-
ployee contended that he was discharged because
of his activities as a member of the American Newspaper Guild. In challenging the Act creating the
Board as an unconstitutional restraint upon freedom of contract and violative of the due process
clause of
the Fifth Amendment, the
Associated
Press has claimed "the right to discharge any em-
V
State candidates favorable to organ-
members" and has pointed out that "if the validity
of the Act is upheld the Board will be able to force
the Associated Press to employ men even though it
feels such men cannot write accurate and impartial reports." The contention, of course, applies
particularly to the freedom of the press, but the situation is not essentially different from that which
or
ticket in the
is not unrelated to the program
new
Labor party. By restricting
field, the Labor party managers have
signalized the existence of the new party while at
role
York office had discharged, has wide importance
not only for the press but for industry and business
labor, but without putting a separate party
of national
the
appeal of the Associated Press, which on Monday
reached the United States Supreme Court, against
an order of the National Labor Relations Board
directing it to reinstate an employee whom its New
present campaign to the endorsement
policy of the
itself in the
ized
lar workers makes substantial gains. Some of the
strikes are for higher wages or shorter working
hours or both, but the most significant are those
which involve recognition of unions and the claim
of unions to dominate collective bargaining. The
ployee whenever it feels that his viewpoint has become so colored that he is unable to write the unbiased type of news story it attempts to provide its
The controversy
and
of organized
tured for labor or in the Labor party if it is strong
enough to take a national stand.,
Meantime American industry continues to be
vexed by strikes, and the unionization of white col-
same
time preparing for the more
which the party is expected to
If all
goes as
planned,
we
important
play in 1940.
shall have in 1940 a na-
Volume
Financial
143
whenever, under the legal provision® for col¬
arises
rather
union seeks to dictate to a
crease
lective
bargaining,
business
a
than
in
ture is
German
;
No
which
weigh
the significance of the events which attended the
fourth congress of the German National Socialist
party, held at Nuremberg last week, and of the
speeches which Chancellor Hitler made on that oc¬
likely to take in the near future should fail to
As
casion.
exhibition
an
of
party solidarity the
surpassed any of the huge mass demon¬
.congress
strations that the Hitler regime has
time that the
same
staged, at the
spectacular display of air forces
of
illustration
impressive
an
gave
the
Reich's
strength in that department of its armament. More
significant of future developments, however, were
two
the
speeches in which Chancellor Hitler re¬
viewed the
accomplishments of the past four years,
his
outlined
economic program for the
next to come,
Russia
in
•
be
four years
arraigned and challenged bolshevism
and
leadership
four-yehr
be
produced through German capability, through
be
chemistry, machine and mining industries. The
our
creation of this
will
great German raw material industry
employ productively those masses freed by the
which he
opened the congress
Hitler gave an
the
proclamation, with
Sept. 9, Chancellor
on
enthusiastic and laudatory review of
four-year achievements of National Socialism
which
emphasized, among other things, the reduc¬
tion in the number of
million,
unemployed from six to one
rise in the national income from 41,000,-
a
000,000 to 56,000,000,000 marks, 640,000 tons of ship¬
ping under construction in 1936,
tomobile
250,000
now,
increase in
au¬
the establishment of the national rail¬
sound financial basis, 1,000 kilometers of
ways on a
new
an
production from 45,000 in 1932 to nearly
roads in
use
and
4,000 kilometers under construc¬
tion, and the erection of hundreds of bridges and
many
large buildings. He passed quickly from this
We hope thus to in¬
completion of rearmament.
national
crease
reserve
the
food and
production in
proceeds of
fields
so as
to
materials, which we will still lack.
raw
relinquish her demand for
demands.
is
many
exports first of all for
our
Independent of this, Germany cannot, however,
...
just
The
solution of her colonial
a
right of the German people to live
the people of other
great as that of
as
nations."
If this
large
program
tional economic self
or
his new
wholly independent of foreign countries in re¬
keep Germany on the side of peace.
speech,
announced
"In four years Germany mu$t
spect to all those materials which can in any way
elsewhere, emphasized the need of
elaborate
materials, fuel, &c. can
Chancellor
the
program.
have
the
"to investigate thor¬
was
raw
produced within Germany."
Thereupon
Germany for colonies, and declared his intention to
In
"and
exports in the near fu¬
improbable," the great task of National So¬
oughly what essential
relations, particularly in Europe, a,re
in
increase
cialist economic
Policy and World Peace
who is concerned about the course
one
international
restricted, but since a substantial in¬
agricultural production is impossible
substantial
a
industry whom it shall employ.
or
1773
Chronicle
is carried out, Germany will
joined Italy in the deliberate pursuit of na¬
sufficiency. It will still of ne¬
cessity import both food and
will do its utmost to
intensive
materials, but it
raw
supply its needs through the
development of its
own resources,
the extent that it is successful both its
its
and to
imports and
The program runs di¬
exports will be cut down.
rectly athwart the views of those who believe that
world recovery
extension
concern
is
of
depends
to every
important.
trade, and is of vital
country whose trade with Germany
To what extent the plan can succeed
must remain for
the
general revival and
upon a
international
a
time
a
matter of
conjecture, but
extraordinary industrial development of Ger¬
before the World War,
many
sive recovery
of the past few
of what may,
as
well as the impres¬
years, are a
reminder
perhaps, be expected if the German
congratulatory review, however, to the fundamental
mind has not lost its power or
economic needs of
its skill.
square
"The 136
persons per
kilometer in Germany," he declared, "can¬
not find
the
Germany.
complete sustenance of their
with
own even
greatest efforts and the most ingenious exploita¬
tion of their
existing living room." In spite of what
had been done
by the peasants in "the cultivation of
the last heath and the last
will
always remain in
cover
the
cause
of
moor," the food supply
some
respects deficient.
deficiency by imports will be difficult be¬
lack of
a
"German economy
number of
a
raw
industrial
was
materials, and
is, therefore, compelled to
pensate for its lack of foods and
It
To
raw
com¬
materials by
export."
say
that Germany
compensation in the importation of
raw
materials, for imports must be paid for in exports,
and exports cannot be produced by a
people that
lacks food.
One of the roots of the
the lack of colonies.
as
had
Under
already been set
materials
can
difficulty
was
planned economy such
a
up
be increased
raised the income of
we
are
tart
serious difficulties in the way,
replies to Germany's critics abroad tended to
obscure." It is not
clear, for example, how the
posed development of natural
financed.
field
are
production in
any
higher prices without a corresponding increase in
wages or
other income will depress the already low
standard of
to
living. It will be
necessary,
presumably,
protect the new industrial development by tariff
the production of
raw
somewhat, but "even if
our
people
ever
so
much
will
operate to retard the general lowering of tariff
which
barriers
a
revival
international
of
The
at
four-year, plan, apparently, is to be set going
once.
The demand for
carried with it
the way
colonies,
suggestion of
in which the demand
England,
some
no
would not grow
the job, the German grain
bigger thereby."
The growth
population, Hitler remarked, is to be encouraged
on
a
was
the other hand,
time limit
or
of
to be pressed. In
however,
hostile
the demand promptly evoked
expressions, natural enough since most
The
on
trade
requires.
of the former German colonies
put the last man
pro¬
is to be
always likely to be relatively high, and
and
of
resources
The costs of marginal
through the strongest economic recovery at home
area
however,
peremptory tone of Hitler's order and his
duties, and the continuance of discriminating tariffs
idle, he continued, to
could find
There
which the
the German hand
London
"Times,"
which
are
in British hands.
has
lately shown
sympathy for Germany, after recalling the
hope expressed by Foreign Secretary Eden that
marked
League, remarked that
claim to possess
colonies, would never* be
during which each
could
now
any
by
Moody's Daily
other European Power
of Staple Commodity Prices declined
closing at 185.7 this Friday, as com¬
pared with 186.9 a week ago.
The principal individual changes were the decline in hogs
and the advance in hides.
The prices of cocoa, cotton, wool
moderately this week,
the four-year plan was fol¬
declaration of Germany's desire for the
preservation of European peace, but also of "our
.
.
.
stability, in
bolshevism, and against bolshe-
great enemy of peace and national
The
Hitler's
view, -was
in
vism
Moscow Communist propay
and
general
ganda in particular he delivered a violent
attack.
Charging that Moscow was "using the radio and
available financial and other agent to accom¬
every
and sugar were
not to let Germany become
victim of any foreign military power."
grim determination
the unarmed
price of silver, copper, lead and coffee.
of the Index during the week,
the
1
The movement
Sept.
Sept.
Sept.
Tues.,
Sept.
Wed.,
Sept.
Thurs., Sept.
Fri.,
Sept.
Fri.,
Sat.,
'
Mon.,
made, among them the introduction of a two-
been
make
nation
the
that it will be able
strong
so
to face this doctrine of world
.
.
.
service, were designed "to
term of military
year
victoriously
foreign
every
hate and resist
Three
attack."
days
later, in another speech at the Nuremberg congress,
"how Germany has to work to
he commented upon
wrest
a
kilometers from the ocean and
few square
while others are swimming in a
from the swamps
superfluity of land," and added that "if I had the
Ural Mountains with their incalculable store of
in
treasures
Siberia 'with its vast
materials,
raw
forests and the Ukraine with its tremendous
wheat
11—
12—
14—
15—
16—
17—
18—
------
1§5.5
186-2
l§b.4
--185.7
prices liave
reflected in
and
desired
attack
the
neither
Russian
the
Moscow
on
could
reference
territories
was
mentioned,
not repeated, but
possibly
unnoticed.
pass
Speaking at Kiev on Thursday, at the conclusion
of Russian
when
the enemy
not
Commissar
Defense
White Russia
we
or
.
.
war
most
seen
"that
other part of the Soviet Union,
only will prevent his invasion of our country
The
the
announced
attacks Soviet Ukraine or Soviet
any
but will beat him in the
.
the western front,
army maneuvers on
Soviet
the
will be
awful
a
territory whence he comes.
cruel and terrible
fight, using
methods, such as never have been
before."
With all allowance made for what in controversy
is
commonly described
as
"blowing off steam," it is
hard to reconcile such heated
the
was
pronouncements with
protestations of peaceful intent with which each
accompanied.
dismissed
as
a
The Hitler attack
mere
rhetorical
can
hardly be
declamation, evoked
by the enthusiasm of a great popular demonstration.
the
bonds are virtually unchanged. New
closed at 101%, down 1; Balti¬
more
& Ohio 4s, 1948, advanced % to 108%; Cincinnati
Union Terminal 3%s, 1971, closed at 107%, up %.
Lower
Central 3%s, 1997,
York
ground during the latter part of the week.
4%s, 1963, advanced % to 86%; Mis¬
grades lost some
Illinois
Central
jt.
souri-Kansas-Texas 4s, 1962, were
new
and
at
of
issue
the
off % to 74%; Southern
1981, closed at 94%, off %.
Pacific 4%s,
Union
close
Pacific 3%s, 1970,
On Friday the
quickly sold,
was
quoted at a
of trading the bonds were
offering price of 99%.
Developments in the utility bond market have been lack¬
premium over the
erately.
Hitler
the Bond Market
High-grade railroad
ing, and action has been
suggestion in this latter speech that
148.4
188.9
162.7
18
Low—May 12
continued strong, with many of
ship would swim in plenty."
was no
1936 High—Aug.
offering.
Sept. 15
its
1935 High—Oct. 7 & 9
Low—Mar. 18.
United States Governments
A decline of $290,000,000 in excess re¬
part the Treasury's receipt of cash for
slightly.
declined
serves
185.7
188.9
171.6
175.3
2 Weeks Ago, Sept. 4
Month Ago, Aug. 18
Year Ago, Sept. 18
making new highs.
averages
fields, Germany and the National Socialist leader¬
There
186.9
—
The Course of
Bond
with com¬
follows:
parisons, is as
Germany was not afraid of a Bolshevist inva¬
sion, but that the military preparations that had
also lower, while there were gains for silk,
and steel. There was no net change in
rubber, wheat, corn
plish revolution on this continent," Hitler declared
that
Commodity Index Declines Moderately
Moody's Daily Index
accept.
a
and the world.
general anxiety for Europe
Cabinet, holds out no hope of
The announcement of
lowed
ward its
Germany except on terms which
for
the Reich nor
neither
is ready, but the period
side is vigorously pushing for¬
preparations can only be one of increasing
moment, for neither Power
rejoinder, if it voices the opin¬
of the Baldwin
eventually have to choose between Russia
There is no likelihood of war at the
and Germany.
day would be merely to invite larger demands to¬
As Germany is not a member of the
satisfaction
also to
they will
At present war mentality is being fos¬
and to make concessions to it to-,
weighty obligation, and a
Czechoslovakia and Poland that
turn out to be a
sia may
reminder
morrow."
ion
has now been sharp¬
Moscow branded as, in Hitler's opin¬
ion, the great enemy of European peace. The episode
is a reminder to France that its alliance with Rus¬
tered in Germany,
League, the "Times"
toward Spain. The issue
a
Germany's reluc¬
agreement for a neutral
joint
to
course
seriously except in relation
to a general settlement and in return for practical
renunciation by Germany of war as an instrument
policy.
1936
ly joined and
willing to consider it
of
enter
tance
tended, but meantime British public opinion, even
in so far as it is theoretically sympathetic to the
German
the chief reason for
known to be
"some day, per¬
mandates may be widely ex¬
haps, the system of
19,
Opposition to Communism has been from the first
one of Hitler's leading principles, and it was well
question of better general access to the world's
raw materials might be taken up at the coming ses¬
the
sion of the
Sept.
Chronicle
Financial
1774
off fractionally, while even
were
suffer
International
down
2%.
Gas Co.
medium-grade issues
speculative issues did not
Larger losses were recorded by Associated
greatly.
Gas- &-Electric
A
listless, with prices softening mod¬
Prime investments, high- and
which declined 3 to 45%,
4%s, 1949,
Tel.
&
Tel. 5s, 1955,
which closed at
and
73%,
New financing was limited to $1,500,000 Alabama
4%s, 1951.
1
■
lethargic trading atmosphere has been reflected
in a
industrial bonds,
although the week closed with many issues unchanged in
price.
Fractional recessions have been the rule among the
obligations of rubber and liquor companies.
The steels
drift
have
toward
slightly
lower
been steady with
most of which lost
for
the exception of convertible issues,
ground, U. S. Pipe & .Foundry conv. 3%s,
1946, declining 5% to 123%.
have ranged up to
levels
Losses among the equipments
7 points, although Pressed Steel Car 5s,
a new high at 105.
Securities in the con¬
have been mixed, while the coals have
shown firmness, and there have been some advances in the
group.
Outstanding among high grades has been the buoy¬
1933, rallied 7 to
struction
ancy
group
of Liggett & Myers 5s, 1951, which rose 1% to 126%.
Foreign
bonds
have
been
fairly
side.
stable,
with
changes
Italians, in the European
mostly
on
group,
Dominican Republic, Uruguayans and Peruvians,
South Americans, and Japanese and Australians
among
have
as
the downward
been for the
the obligations
man
most
part lower.
Polish bonds as well
of Panama registered gains, while Ger¬
issues have also been
fractionally higher.
Moody's cemputed bond prices and bond yield averages
are
given in the following tables:
Volume
Financial
143
MOODY'S BOND
(Based on Average
120 Domestic
120
S
V
Govt.
Daily
Bonds
#*
(Based on
Corp.*
p.
RR
Baa
Aa
Aaa
120
U.
Indus
Averages
tic
For-
Baa
4.01
RR
U.
Indus
4.70
A
Aa
Aaa
.
,
30
Corporate by Groups
Domes¬
.
tt
120 Domestic
Corporate
by Ratings
1936
Daily
AVERAGESt
Individual Closing Prices)
120 Domestic
All
120 Domestic
Corporate* by Groups
tic
Averages
YIELD
MOODY'S BOND
Yields)
Corporate*
1775
,
PRICESt
by Ratings
Domes¬
1936
Chronicle
4.11
4.03
3.54
P
etgns
5.68
113.07
111.16
112.69
3.89
3.33
123.10
Sept.18—
115.41
127.33
122.67
Sept.18.. 110.86
100.81
3.52
3.52
4.12
4.03
3.53
t
112.69
3.33
4.70
110.98
4.01
110.81
3.89
127.33
113.07
17„
115.41
123.10
122.89
17- 110.82
4.12
4.04
t
16- 110.88
115.21
126.88
123.10
110.98
112.50
122.67
4.71
100.65
3.35
4.02
112.88
3.90
3.52
3.54
16..
126.65
123.10
112.69
100.65
110.79
3.36
15- 110.96
1150.2
112.50
4.03
t
3.91
4.04
3.55
15—
4.13
122.46
4.71
3.36
3.53
4.72
4.13
4.05
110.79
112.31
4.03
100.49
3.91
126.65
112.69
14..
115.02
122.89
122.46
14.. 110.96
3.36
3.53
3.56
3.91
4.04
12..
4.13
122.24
4.71
110.79
112.50
4.03
100.65
122.03
11
3.36
3.54
4.73
4.13
110.79
112.31
4.03
3.57
3.92
4.05
4.03
4.73
4.13
4.06
3.58
t
3.52
3.55
t
t
5.67
12- 110.01
115.02
126.65
122.89
122.69
111.04
114.82
126.65
122.67
112.69
100.33
110.79
112.11
3.92
126.19
112.69
10—
13.38
114.82
122.46
121.81
10— 111.05
100.33
3.55
3.55
4.14
4.07
3.58
t
13.38
4.74
110.61
111.92
4.05
100.17
3.93
126.19
112.31
9„
114.63
122.46
121.81
9— 111.10
4.07
126.42
122.67
112.31
100.17
110.61
8—
4.14
122.03
4.74
111.92
4.05
t
3.37
3.54
4.57
3.93
4.14
4.09
3.59
110.61
121.60
4.77
99.68
111.54
4.05
112.31
4.12
3.61
11
.
—
8„ 111.05
114.63
7— Stock
Exchan ge
5- 111.10
114.43
Clos ed
125.97
122.46
Weekly—
28- 110.91
110.71
21-
—
Exchan ge
7— Stock
3.39
3.94
5—
Clos ed
3.55
Weekly—
121.81
111.54
98.73
109.31
110.98
113.26
111.16
98.09
108.57
110.79
21
121.60
120.54
124.86
110.79
120.11
5.71
3.98
14..
—
3.41
3.58
4.09
4.83
4.21
4.87
4.25
5.76
3.59
4.11
3.64
3.44
4.13
4.00
Aug. 28—
125.52
121.17
113.65
•
'
4.12
4.86
4.24
4.13
3.66
5.75
3.45
4.01
3.60
5.82
14- 110.59
113.07
124.64
121.38
110.98
98.25
118.75
3.60
4.14
108.57
3.47
4.25
98.09
4.02
4.87
110.98
7—
124.19
121.38
120.11
7— 110.42
112.88
110.61
4.12
3.66
5.75
3:62
3.68
4.04
3.48
4.15
July 31—
4.28
119.69
4.90
108.03
110.42
4.14
97.62
24—
4.06
4.30
107.67
119.07
4.92
97.31
110.23
4.17
5.75
3.64
3.71
3.50
4.16
4.96
4.33
4.17
3.74
5.77
110.13
112.50
123.97
120.96
110.61
24- 109.92
112.11
123.53
120.54
110.05
109.68
96.70
107.14
4.08
3.50
3.65
120-3L
17—
123.53
118.45
17- 109.76
111.73
110.05
4.19
96.08
106.60
4.09
3.51
3.65
4.21
109.31
10—
123.32
120.33
118.45
111.54
110.05
10-
106.07
109.49
118.04
4.12
3.52
4.23
95.48
3.67
118.94
3„
119.90
July 31.
110.05
5.00
4.36
4.17
3.74
5.82
5.04
4.39
4.20
3.76
5.80
5.03
4.38
4.23
3.77
5.77
'
110.98
123.10
95.63
106.25
4.13
3.55
3.69
108.75
June 26—
3.70
4.24
3.78
106.60
3.55
4.36
95.63
4.13
5.03
108.94
19—
110.79
119.27
117.63
3.71
3.76
4.12
3.54
4.24
12..
4.37
106.42
118.04
5.01
95.93
109.75
4.23
5.95
19- 109.93
122.46
108.75
4.23
5.85
110.79
119.48
117.84
June26.. 109.88
122.46
108.94
4.24
5..
4.15
3.55
4.41
117.84
5.06
108.39
4.24
3.77
105.72
3.73
4.26
4.23
5.06
4.40
4.25
5.91
4.14
3.72
3.78
3.56
4.16
4.24
5.08
5.92
3.73
3.79
3.57
4.25
22—
4.42
4.23
5.06
4.41
4.25
5.89
3.74
3.80
3.58
5.09
4.44
4.26
3.82
5.84
3.86
5.96
3.
110.04
12.
10.98
122.67
119.07
108.94
110.42
122.46
118.66
108.75
95.18
108.94
95.18
105.89
108.57
117.63
94.88
105.54
108.57
117.43
110.01
5— 109.99
•
May 29—
110.01
110.61
122.24
118.86
22- 110.20
110.23
122.03
118.66
108.75
95.18
105.72
15—
118.45
117.22
110.42
121.81
108.57
109.98
108.94
4.15
108.39
116.82
8—
4.18
3.59
3.76
4.26
105.20
May 29.
15-
'
6.06
8„ 109.70
109.86
121.60
118.04
108.38
94.73
3.80
5.14
4.48
104.51
4.21
4.28
93.09
1—
117.22
116.01
109.31
121.38
108.03
4.27
3.84
3.60
4.46
104.85
4.19
5.08
94.88
3.80
108.21
Apr. 24..
109.68
117.22
116.42
4.40
4.27
3.83
110.05
105.89
3.60
5.02
95.78
4.17
3.79
108.57
17-
117.43
116.62
121.38
108.21
4.25
5.83
Apr. 24-. 109.80
121.38
108.21
4.27
5.86
1— 109.69
108.03
3.60
4.28
4.26
5.83
106.42
4.15
117.63
108.57
9—
4.37
116.62
4.99
108.39
4.25
96.23
3.78
3.83
3.59
5.83
4.16
3.59
4.25
3.83
108.21
3.78
4.27
3-
4.38
116.62
5.01
4.24
5.03
4.39
5.85
4.17
3.61
4.28
Mar.27—
3.79
3.84
4.23
5.04
4.39
4.26
3.83
3.85
5.94
17- 109.96
9.. 109.75
110.42
121.60
3- 109.64
110.23
121.60
117.73
108.57
95.93
106.25
108.75
95.63
106.07
108.03
110.05
117.43
116.42
121.17
106.07
108.39
116.62
20-
4.16
3.60
3.77
13-.
4.17
3.63
3.78
4.24
5.03
4.39
4.28
4.90
4.25
4.26
3.85
5.87
3.76
4.20
4.26
3.87
6.00
Mar.27.. 109.66
20-
109.51
110 23
121.38
117.84
108.94
95.48
110 05
117.63
108.75
95.63
106.07
116.22
109.11
120.75
108.03
13
97.62
108.57
108.39
116.22
6—
4.12
3.61
5.80
6-
109.46
118.04
109.49
3.77
4.93
107.67
3.64
4.23
97.16
4.14
4.25
3.87
3.62
4.25
108.57
4.13
4.87
98.09
3.79
109.12
21..
120.96
117.43
108.94
3.62
4.96
4.36
4.25
4.16
4.26
106.60
8„
117.02
115.61
120.96
108.57
3.82
3.89
4.19
3.63
4.25
1—
4.42
105.54
115.41
5.02
95.78
108.57
4.28
6.15
110 23
96.70
3.81
3.88
6.10
110.61
97.62
3.79
3.87
4.14
3.62
4.24
15—
4.29
115.81
4.90
107.85
108.75
4.23
6.05
110.79
117.43
115.81
2l„ 108.95
120.96
108.57
4.22
5.92
110.61
117.84
115.81
108.98
120.54
108.39
Feb. 29..
108.94
Feb. 29..
4.30
4.28
6.13
108.57
115.41
5.03
105.37
3.82
3.89
3.63
4.25
4.19
4.43
4.27
5.02
4.43
4.25
6.11
4 19
3.83
3.89
3.64
4.47
4.26
3.91
6.17
15- 108.52
121.17
110.98
1„
107.96
109.68
120.75
116.82
108.39
108.03
31..
108.03
109.68
120.75
116.82
108.03
95.63
108.21
95.78
105 37
108.57
115.41
24„
104.68
108.39
17—
4.21
3.66
3.83
4.29
95.18
115.02
5.06
5.14
4.54
6.26
10-
4.33
3.96
3.67
3.89
4.27
4.26
5.24
4.63
4.29
4.03
6.23
5.67
6.31
8-
Jan.
108.22
Jan.
I
31..
»
107.89
109.68
120.54
116.62
17.. 108.34
109.31
120.11
116.62
107.85
107.14
93.99
103.48
108.21
108.39
115.41
114.04
119.90
101.97
107.85
112.69
3_.
4.32
3.70
3 93
4.39
3.89
3.33
4.01
4.03
Low 1936
4.11
122.89
4.70
112.69
3.52
3.53
3.94
4.39
5.28
4.65
4.29
4.05
4.30'
4.06
6.78
6.13
4.35
6.97
24„
10..
108.02
107.94
107.31
119.27
114.63
106.07
92.53
High 1936 111.13
Low 1936 107.77
115.41
127.33
123.10
113.07
100.81
111.16
High 1936
4.33
3.71
114.43
101.64
112.31
119.07
91.96
107.85
107.14
106.07
3.94
6.30
101.31
3.68
4.41
91.67
4.34
114.43
107 67
106.96
119.69
112.11
High 1935 109.20
105.72
Low
4.67
90.69
106.78
3.82
5.37
98.73
4.80
6.40
94.14
4.83
77.88
4.25
4.40
4.23
6.51
105.89
4.51
3.81
4.90
97.62
108.94
5.60
87.56
4.10
103.48
5.27
5.52
4.56
7.19
3..
Low
1
99.20
116.82
108.57
103.91
117.02
111.35
94.29
113.46
1935 105.66
Yr.
2 Yrs.Ago
Septl8'34 102.34
104.51
High 1935
1
Ago
Septl8'35 106.63
1935
Yr. Ago
Septl8'35
4.54
2 Yrs.Ago
92.25
74.36
92.10
88.63
103.15
3.99
5.12
Septl8'34
6.73
5.26
4.48
,
of each week.
OF
STATE
THE
TRADE—COMMERCIAL EPITOME
Friday Night,
Business
Day
interval,
merce"
93.9
activity fell off slightly as a
being
result of the Labor
the index figure of the
Journal of Com¬
91.1 as compared with a revised figure of
The heavy industries continue at an
week.
last
for
Sept. 18, 1936.
with steel the outstanding feature.
There
backlog of orders with a number of mills
that many orders cannot be shipped until late in October.
One large steel producer states that with the automobile
business that is certain to flow in, sheet backlogs will un¬
excellent
is
pace,
such a heavy
be sufficient for at least two months' near
operations.
Reports coming from executives of
three leading steel manufacturing concerns are most opti¬
mistic, these authorities declaring that the industrial skies
have brightened, that labor and management have attained
doubtedly
capacity
a
"firm foundation of
collective cooperation," and that
being offered to the country $11 a ton
was in 1923.
The President of Bethlehem
is
steel
cheaper than it
Steel Co. made
industrial develop¬
ment which has taken place in America is certain to con¬
tinue, and that our people will achieve an even higher
standard of living," provided that the sound principles upon
which our country has developed and grown great are con¬
tinued."
Secretary of Commerce Roper also predicts a
long-term upward swing to business.
He visualizes "one
of the greatest eras in American history, if it is handled
right."
In the automotive industry it is estimated that
production of new automobiles and trucks in domestic and
Canadian plants will easily exceed 300,000 units in Octo¬
ber.
During the same month a year ago 280,000 cars and
"I believe that the vast
this statement:
trucks
were
assembled.
Production of the new models
is
levels. Private
engineering construction awards totaling $30,^513,000, the
highest volume in more than five years, raise this week's
expected to increase rapidly from current
volume
total
reported by
"Engineering News Record"
to
income of the
above
cars
of
a
the
Labor
year ago.
Day
holiday,
although
it
was
11%
Car loadings for the week declined 64,821
but gained 73 cars over
from last week to 699,859 cars,
the corresponding
1935 period.
The aggregate net operating
railroads to report for t^month of
ago for the same period.
sustaining their v°h
weather news
of the week, of course, was the terrific hurricane that
struck the Atlantic Coast around Virginia and the Carolinas, and, according to latest advices, was heading north¬
ward with increasing velocity.
Winds of 60 to 90 miles an
hour tore along the coast, causing great damage to cities
and towns in its path.
Dozens of small towns were cut off
from communication with the interior as telephone and tele¬
umes
are
The outstanding
well above last year.
graph wires were ripped away.
High waters swept in
the Atlantic, flooding many areas along the coast.
from
Two
calls, and Norfolk headquarters of the
United States Coast Guard sent out cutters.
Increasing
wind and driving rain in New York this morning heralded
the approach of the tropical storm whose center was moving
slowly up the coast from the Virginia capes.
The New
York area was almost exactly half way between the center
sent
ships
SOS
high-pressure area over Canada and the low-pressure
the center of the hurricane.
The barometer meas¬
ured 30.4 in Canada, and at the center of the storm was
of
a
area
at
below 29.
of
this
These were the latest
report.
advices up to the writing
Today it was raining and cool here,
with
temperatures ranging from 58 to 70 degrees.
The forecast
was for rain
tonight and Saturday, probably heavy rains
Overnight at Boston it was 62
tonight.
Continued cool.
to 74 degrees; Baltimore,
66 to 84; Pittsburgh, 48 to 74;
Portland, Me., 54 to 76; Chicago, 56 to 64; Cincinnati, 52
to 70; Cleveland, 50 to 62; Detroit, 44 to 64; Charleston,
70 to 88; Milwaukee, 54 to 68; Dallas, 70 to 86; Kansas
City, 60 to 70; Springfield, Mo., 62 to 68; Oklahoma City,
62 to 64; Salt Lake City, 42 to 78;
Seattle, 54 to 70;
Montreal, 50 to 68, and Winnipeg, 34 to 66.
Decrease
$56,382,000.
Public contracts make up the remaining $25,869,000 of this volume.
Production of electricity for the
week showed a decline from the two preceding weeks as a
result
first six
August was 46.1% over a year
The retail and wholesale trades
Index
Week
of
of
0.2
Point
Noted
Wholesale
Ended Sept.
in
"Annalist"
Commodity
Prices
,
WeeklyDuring
15
rather indeterminate week, a loss of 0.2 point carried
the "Annalist" weekly index of wholesale commodity prices
down to 128.2 on Sept. 15 from 128.4 Sept. 8.
In reporting
In
a
this, the "Annalist" also said:
&
Financial
1776
While the grains (except
leather,
tin and rubber,
oats), steers, eggs, coffee and coca, hides and
higher, hogs and lambs declined sharply,
were
along with potatoes, lemons and cotton and cottonseed oil.
THE
INDEX
WEEKLY
"ANNALIST"
OF
Sept. 15,
Farm products
WHOLESALE
COMMODITY
1913=100
PRICES.
1936
Sept. 8,1936
125.6
—
Sept. 17, 1935
126.3
122.8
129.5
129.6
135.7
*111.9
allO.9
111.4
165.7
Food products
Textile products
165.7
Fuels
112.8
110.4
111.8
35.6% over those for the corresponding week of 1934.
Loadings for the week ended Aug. 29 showed a gain of 10.7%
when compared with 1935 and a rise of 16.4% when com¬
parison is made with the same week of 1934.
The first 18 major railroads to report for the week ended
Sept. 12, 1936, loaded a total of 323,741 cars of revenue
freight on their own lines, compared with 356,351 cars in
the preceding week and 328,772 cars in the seven days
ended Sept. 14, 1935. A comparative table follows:
111.5
97.3
--
112.8
111.8
Metals
97.3
98.4
Chemicals
Miscellaneous
REVENUE FREIGHT
87.8
87.0
127.9
76.0
76.3
76.0
*
old dollar basis-.
on
'
■
-
Loaded
'
.
on
a
Revised,
b Based
exchange
on
quotations
for
Received from Connections
Weeks Ended—
Own Lines
Weeks Ended—
5 Sept. 14 Sept. 12 Sept.
Sept. 12 Sept.
Preliminary,
.
82.5
128.4
,
b All commodities
-
FROM CONNECTIONS
AND RECEIVED
LOADED
(Number of Cars)
128.2
—
All commodities
Sept. 19, 1936
and
162.1
-
Building materials
Chronicle
France,
1936
1935
1936
5 Sept. 14
1935
1936
1936
Switzerland, and Holland.
♦
—
Selected
Income
and
Atchison
Balance
Sheet
Items
of
I
Class
Topeka & Santa Fe Ry.
20,377
Baltimore & Ohio RR—
—
Steam Railways for June
The
Bureau
Statistics
of
Commission has issued
the
of
statement
a
Interstate
Commerce
showing the aggregate
totals of selected income and balance sheet items of Class I
steam
railways in the United States for the month of June.
revision and were cpmpiled
144 steam railways.
The
present statement excludes returns for Class I switching and
These figures are subject to
from 138 reports representing
terminal
companies.
The report in full is
as
follows:
15,496
Chic. Milw. St. Paul & Pac. Ry__
19,433
Chicago & North Western Ry.__
15,438
2,184
Gulf Coast Lines
Internat. Great Northern
RR.._
UNITED STATES
THE
New York Central Lines
Chicago & St. Louis Ry.__
For the Mlnth
Norfolk & Western Ry
1936
For the
Six Months
1935
1935
'
$
Net railway operating income
$
$
50,312,580
14,615,582
Total incomeMiscell. deducts, from income
Income avail, for fixed charges.
63,135,695
fixe/1 charges
Income after fixed charges
41,713,831 249,486,725 252,051,503
11,177,718
67,052,625
216,700
999,832
a
8,902,459
Depreciation (way & structures &
equipment)
1,318,886
66,594,119
5,300
5,202
8,969
10,110
8,927
999,831
23,461
4,229
4,519
3,862
60,679
39,560
5,790
4,353
43,967
5,163
37,899
5,624
7,911
31,930
5,737
6,506
7,070
26,690
*7,159
*7,252
6,084
5,662
7,636
8,125
6,031,691
6,016,690
*6,031
8,046
Co.
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
'
16,301,419
1,298,704
96,779,537
97,529,073
11,506,782
7,945,066
9,118,053
37,496,595
13,202,911
8,126,902
34,334
14,247
15,361
20,324
31,585
13,978
70,332
74,986
65,887
,
'
i
The Association of American
week ended
Railroads in reviewing the
5 reported as follows:
Sept.
Loading of revenue freight for the week ended Sept. 5 totaled 764,680
This
increase of
was an
172,739
an
corresponding week in 1934.
cars, or
29.2% compared with the
increase of 200,797
Loading of
10,938
cars
cars
1935
revenue
freight for the week of Sept.
$738,204,562
Cash.
$417,822,431
$379,874,552
'
5
cars, an
increase of 11,316
above the preceding week, 87,859 cars above the corresponding week in
cars
above the corresponding week in 1934.
corresponding week in 1935, and 30,658
Coal loading amounted to
130,167
cars
cars,
above the
a
week in 1934.
same
decrease of 1,990 cars below
3,801,151
week in 1935, and 29,078 cars above the same week in 1934.
77,407,063
2,726,699
61,349,852
4,100,782
56,449,962
44,760,595
137,820,974
301,923,076
33,338,659
2,243,177
6,351,289
4,502,775
50,875,534
142,150,010
_
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
24,715,593
2,308,553
Traffic and car-serylce balances receivable-Net balance receivable from agents & conductors.
Miscellaneous accounts receivable
"
11,200,532
the preceding week, but an increase of 19,521 cars above the
32,368,706
Loans and bills receivable.
297,537,842
27,247,270
;
Grain
3,877
and
cars
week in
grain
products
loading
$1,173,187,097
$1,078,337,740
$138,929,438
$160,255,348
an
increase of 746 above the
Loans and bills payable c
Traffic and car-service balances payableAudited accounts and wages payable
Miscellaneous accounts payable.
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
.
$244,724,766
80,019,353
237,459,390
97,459,081
.498,686,834
11,409,201
462,312,209
$342,192,107
72,301,371
224,156,713
64,439,422
381,174,617
13,915,655
332,215,336
1*0,940,942
10,763,360
Unmatured interest accrued.
92,011,959
25,235,795
92,543,135
25,753,467
23,268,507
Total current liabilities.
cars,
$1,785,835,415
23,367,198
$1,580,515,003
decrease
a
week in 1934.
Sept. 5 totaled 20,897
cars,
a
of
In the
decrease of 3,060 cars below the preceding
week this year, and 5,357 cars below the same week in 1935.
Live stock loading amounted to
It was,
however,
the Western
Sept.
5 totaled
a
16,952 cars,
districts
13,551
alone,
cars,
an
an
increase of 1,133
1,857 cars above the
decrease of 18,898
week in
same
week in 1934.
loading of live stock
increase) of 798
cars
Forest
products
loading totaled
below the preceding week,
but
an
34,344
cars,
for the
1935.
week ended
above the preceding
1935.
decrease of 1,790
a
cars
same
below the
cars
week this year and 2,205 cars above the same week in
Unmatured dividends declared
Unmatured rents accrued..
Other current liabilities.
32,679
same
Western districts alone, grain and grain products
loading for the week ended
In
Selected Liability Items—
Funded debt maturing within six months b.
totaled
corresponding
below the preceding week, and 3,970 cars below the corresponding
1935, but
above the preceding week, and
Total current assets.
cars,
increase of 4,978 cars above the preceding week, 31,898 cars above the
128,647,760
'
Special deposits
increase of
was an
Loading of merchandise less than carload lot freight totaled 171,870
an
$687,858,373
35.6% above the
The 1936 figure does not include the Labor
of 1.5% above the preceding week.
1935, and 106,791
Investments in stocks, bonds, &c., other than those
of affiliated companies
cars, or
cars.
corre¬
Day holiday; the figures for 1935 and 1934 do.
Miscellaneous freight loading totaled 312,774
Balance at End of June
Selected Asset Items
1936
25.291
32,698
46,685,339
281,420
On preferred stock
23,387
Illinois Central System
St. Louis-San Francisco
sponding week in 1935, and
16,085,104
2,838,533
On common stock
increase of 7,467 cars above the
cars
same
week in 1935, and 14,815 cars above the same week in
1934.
Ore
loading amounted
to 56,098 cars* an increase of 308
cars
above the
preceding week, 24,258 cars above the corresponding week in 1935, and
32,938 cars above the corresponding week in 1934.
Coke
loading amounted to 9,796
cars,
preceding week, 3,849 cars above the
above the
same
increase of 860
an
same
week in
1935,
cars
and
above the
4,669
cars
week in 1934.
All districts reported increases in the number of
cars
loaded with
revenue
freight, compared with the corresponding weeks in 1935 and 1934.
Tax liability:
United States Government taxes
Other than United States Government taxes
a
4,995
6,287
Weeks Ended—
d5,354,012 d23 756,134 d61 548,889
Dividend appropriations:»
Demand loans and deposits
Time drafts and deposits
7,818
1,305,886
9,408,940
437,500
Federal income taxes..
38,866
interchanged between S. P. Co.-Paclfic Lines and Texas <fc New
cars
•
53,108,249 317,858,236 319,951,508
c4,354,181 dl7 724,443 d55 532,199
Contingent charges
Net income
9,138
42,386
323.741 356,351 328,772 184,907 205,627 183,671
Excludes
Total
Total
37,051
48,754,068 300,133,793 264,419,309
53,233,404
•9,902,291
Other deductions
16,349
39,352
71,502
Chicago Rock Island & Pacific Ry
Interest deductions
2,691
17,033
42,357
Sept. 12,1936 Sept. 5, 1936 Sept. 14,1935
11,168,386
41,839,311
225,707
road?
1,357
1,533
3,109
3,022
8,456
50,303,690 309,758,131 273,255,948
1,549,622
9,624,338
8,836,639
Fixed charges:
Rent for leased
7,961
8,031
9,944
1,054
1,544
23,848
TOTAL LOADINGS AND
34,102,698 238,243,936 194,776,453
16,200,992
71,514,195 78,479,495
64,928,172
1,792,467
Other income
1,892
2,078
4,987
8,771
8,769
11,218
5,440
Orleans RR.
$
2,166
10,182
6,920
28,637
1.
Total
of
7,745
9,867
1,273
1,534
5,402
Wabash Ry
1936
of June
8,053
4,921
14,612
62,448
4,837
Pere Marquette Ry
x
Income Items
15,706
21,502
16,585
2,639
4,822
23,480
Pennsylvania RR
Pittsburgh & Lake Erie RR
(ALL REGIONS)
9,270
5,296
15,948
36,536
Missouri Pacific RR
N. Y.
31,665
24,806
2,351
Missourl Kansas-Texas RR
Southern Pacific Lines
TOTALS FOR
33,126
5,823
16,869
10,448
5,498
14,726
24,586
17,123
21,614
17,042
30,835
23,263
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
20,629
21,064
The net Income
as
61,112,360
$135,995,580
34,800,427
$137,487,517
Loading of
revenue
freight in 1936 compared with the two previous years
follow;
reported.includes charges of $1,472,056 for June, 1936 and
$8,620,018 for the six months of 1936 on account of accruals for excise taxes levied
under the Social Security Act of 1935; also $3,704,605 for
June, 1936 and $15,772,458
for the six months of 1936 under the requirements of an Act
approved Aug. 29,
1935 levying an excise tax upon carriers and an income tax upon their
employees,
and for other purposes.
(Public No. 400, 74th
1936
1935
1934
2,353,111
2,169,146
3,135,118
2,418,985
2,544,843
2,302,101
2,183,081
2,920,192
2,461,895
2,340,460
3,026,021
.
Four weeks in
Five
January
weeks in February
.
Four weeks in March
Congress). The net income for June,
1935 includes credits of $1,087,941 and for the six months of 1935 credits of
$5,517,768, on account of reversal of charges previously made for liability under the Railroad
Four weeks in
Retirement Act of 1934.
Four weeks in June
Four weeks in July
2,825,547,
Five
3,701,056
2,927,453
2,408,319
3,351,801
2,787,012
b Includes payments which will become due on account of
principal of long-term
debt within six months after close of month of report.
c Includes obligations which mature not more than two
years after date of issue,
Five
April
weeks in May
weeks in August
Week of Sept. 5
2,887,975
2,465,735
2,504,974
2,224,872
-
2,351,015
3,072,864
3,098,001
764,680
591,941
563,883
23,882,153
21,075,543
21,424,385
d Deficit or other reverse items.
Total
Revenue
Freight Car Loadings Total 699,869 Cars for
Holiday Week
Loadings of
freight for the week ended Sept. 12,
This is a falling off of 64,821
cars, or 8.5% from the preceding week, a gain of 73 cars or
0.01% over the total for the like week of 1935, and an
increase of 52*374 cars, or 8.1% over the total
loadings for
the corresponding week of 1934.
For the week ended Sept.
5 loadings were 29.2% above those for the like week of 1935
revenue
1936 totaled 699,859 cars.
.1
...
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
Sept. 5, 1936.
During this period a total of 129 (out of a
grand total of 138) roads showed increases when compared
with the same week last year.
The most important of these
roads, which showed increases, were the New York Central
Lines, the Pennsylvania System, the Baltimore & Ohio RR.,
the
Southern System, the Atchison Topeka &
System and the Illinois Central System:•-
Santa
Fe
Volume
Financial
143
RECEIVED FROM
REVENUE FREIGHT LOADED AND
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED SEPT. 5
Total Revenue
from Connections
1936
1,081
1,222
495
648
582
1,346
8,462
1,695
Boston A Maine
891
997
299
262
6,462
6,185
1,144
9,916
2,414
7,822
1,776
Chicago Indianapolis A Loulsv
1,228
32
22
38
79
83
1,215
5,233
954
802
Delaware & Hudson
3,716
Delaware Lackawanna & West
9,045
6,793
4,368
7,899
2,089
7,226
6,654
1,673
5,771
4,743
138
129
1,383
2,554
14,755
6,877
1,978
1,278
7,291
2,151
1,059
2,285
11,864
5.838
1,587
252
213
69
36
42,386
11,551
1,690
10,110
6,913
5,163
33,136
34
21
Central Indiana
Central Vermont
-
368
336
2,637
1,654
1,489
295
Detroit & Mackinac
300
260
142
.
Detroit Toledo & Ironton
Detroit A Toledo Shore Line..
13,534
10,466
3,057
2,204
10,602
2,454
208
151
145
700
b New York Central Lines
1,490
9,380
2,991
3,851
2,445
42,272
N. Y. N. H. A Hartford
11,013
Erie..
Grand Trunk Western
Lehigh A Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
1,567
5,300
8,068
5,624
-
Monongahela—
Montour.
N. Y. Chicago & St. Louis....
Pittsburgh & Lake Erie......
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut A North.
Pittsburgh & West Virginia...
4,289
4,888
5,178
287
New York Ontario A Western.
1,365
6,392
2,436
3,087
2,065
30,749
8,440
2,061
4,280
3,733
3,482
125
257
/
5,390
2,451
2,788
2,235
31,810
8,518
1,404
Group B {Concluded)—
Georgia
1,620
418
269
450
1,740
19,293
18,135
1,060
17,613
15,417
876
874
11,341
4,708
9,752
3,728
821
'895
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
Macon Dublin A Savannah
306
370
113
208
213
311
314
191
162
319
287
1,875
2,990
1,702
2,313
1,611
2,387
1,779
2,219
1,408
1,677
456
334
294
702
563
62,248
51,898
44.822
30,117
24,561
104,834
85,650
77,319
61,049
49,168
2,168
11,218
3,131
8,769
3,598
1,679
10.334
2,832
7,358
Mississippi Central...........
Mobile A Ohio
Nashville
Chattanooga A St. L.
Tennessee Central
Total.
Grand total Southern District
'
985
5,558
1,458
9,854
1.839
7,545
4,394
4,106
Northern District—
Belt Ry. of
Chicago
Chicago
Chicago
Chicago
858
Great Western
Milw. St. P. A Pacific.
St. P. Minn. A Omaha
Duluth South Shore A Atlantic.
Elgin Joliet A Eastern
1,135
7,705
Ft. Dodge Des Moines A South.
Great Northern
431
283
315
146
126
21,383
21,386
14,064
3,435
2,718
401
216
126
878
1,562
1,201
587
964
845
Wabash
6,084
4,898
4,654
3,696
4,511
2,430
8,125
6,870
Minn. St. Paul A S. S. M
3,358
2,611
Northern Pacific....,
126,771
538
416
377
765
33,126
6,343
24,980
3,283
22,894
3,047
16,869
2,859
,604
13,229
1,893
364
295
277
11
8
1,326
6,146
957
822
33
14
4,189
5,052
11,001
8,652
44
49
8,321
1,198
5,173
3,509
130
277
697
445
381
3,059
5,475
3,957
599
234
577
160,697
3,640
468
564
609
3,552
1,809
6,871
11,499
2,209
1,724
5,850
1,024
2,224
5,479
9.637
115
77
1,739
2,528
1,738
2,150
2,625
Green Bay A Western
225
1,177
114,047
16,534
2,933
18,358
3,630
7,137
2,185
18,012
21,614
4,117
15,400
672
155,824
664
16,214
Duluth Missabe A Northern...
456
155,468
580
20,631
2,722
Chicago
A North Western
1,395
Total
1,162
745
545
1,925
23,991
21,778
Georgia A Florida
Rutland
Wheeling & Lake Erie
1935
1936
1934
1935
1936
Eastern District—
Ann Arbor
Bangor & Aroostook—
from Connections
Freight Loaded
Railroads
1935
1936
1934
1935
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroad
1777
Chronicle
Lake Superior A Ishpemlng
Minneapolis A St. Louis
-j.
10,506
3,426
307
260
222
345
193
1,470
1,609
1,718
1,722
1,030
122,103
99,618
88,059
49,146
41,238
21,064
2,993
17,743
2,410
20,430
2,591
5,823
2,437
4,165
2,116
325
216
212
83
41
17,123
1,543
13,337
2,858
1,118
3,902
13,736
1,577
10,086
2,430
14,809
1,599
11,457
2,337
1,085
2,654
8,771
7,916
1,038
8,958
624
Spokane International..
Spokane Portland A Seattle
Total.
Allegheny District—
Akron Canton A Youngstown.
Baltimore & Ohio.
Bessemer & Lake Erie
Buffalo
Qreek & Gauley
Cambria A Indiana
Central RR. of New Jersey...
Cornwall
929
532
10
Cumberland A Pennsylvania..
349
306
258
Ligonier Valley
130
71
77
20
27
Long Island
Penn-Readlng Seashore Lines.
826
593
743
1,792
71,502
14,567
13,995
867
51,223
9,400
7,327
1,203
48.321
10,955
4,203
2,608
1,505
43,967
15,886
6,145
2,154
2,218
31,402
12,733
3,093
Pennsylvania System
Reading Co
.........
Union (Pittsburgh)
31
56
40
61
60
2,884
2,741
6,099
155,309
107,384
101,040
107,869
Western Maryland...
Bingham A Garfield
Chicago Burlington A Qulncy..
Chicago A Illinois Midland....
Chicago Rock Island A PacificChicago A Eastern Illinois.....
Colorado A Southern
Denver A Rio Grande Western.
Fort Worth A Denver
4",815
79,922
3,471
Illinois Terminal
...
North Western Pacific
35
20
1,147
1,658
1,182
1,514
1,046
981
888
66
114
a
•
841
,
566
398
297
204
65
94
53
16,857
4,555
3,530
1,097
7,632
19,008
24,147
Included
565
945
1,864
133
Southern Pacific (Pacific)
St. Joseph A Grand Island
6,461
1,957
1,104
2,302
2,241
1,489
3,342
841
1,231
1,976
1,722
1,128
City....
Peoria A Pekln Union
Total.
916
937
Denver A Salt Lake.,...
Nevada Northern
1
3,336
West Virginia Northern
Central Western District—
Atoh. Top. A Santa Fe System.
Alton
in U.
System
P.
„
268
272
246
14,734
13,065
13,298
1,255
9,852
481
393
262
10
5
1,948
1,538
1,398
2,740
2,035
112,968
92,537
93,236
55,931
43,355
Alton A Southern
230
202
130
4,713
3,789
Burlington-Rock Island
211
166
160
"177
Fort Smith A Western
150
144
324
175
208
2,166
2,639
1,823
1,939
2,047
2,796
1,225
1,547
Toledo Peoria A Western
Union Pacific System
Pocahontas District—
Chesapeake A Ohio
24,586
...
23,848
Norfolk A Western
18,112
15,303
20,410
18,349
7,674
3,584
10,448
4,519
862
644
735
1,125
3,886
3,546
808
489
53,360
43,289
37,696
16,900
12,716
Norfolk A Portsmouth Belt Line
Virginian......
Total.
Western Pacific.
969
4,064
Utah....
Total.
Southwestern District—
Southern District—
Group A—
7,021
1,029
4,217
3,322
1,822
1,217
International-Great
347
310
1,011
738
Kansas Oklahoma A
137
203
357
437
Kansas City
6,859
1,016
Charleston & Western Carolina.
418
Durham A
147
Clinch field
Southern
42
39
49
117
130
1,022
1,038
1,378
1,242
1,030
1,150
2,648
3,601
14,205.
1,921
2,897
Gainesville Midland
Norfolk
Southern
417
296
276
8,333
21,429
Seaboard Air Line...
Southern System
Winston-Salem
329
375
473
Piedmont A Northern
5,979
17,507
5,757
16,004
201
159
141
Richmond Fred. & Potomac...
Southbound...
—
748
11,269
882
778
219
...
..
Northern.
Gulf
Southern
Louisiana A Arkansas.
163
145
2,196
1,554
Gulf Coast Lines
8,897
1,207
Atlantic Coast Line
1,553
1,229
1,376
1,260
221
1,357
1,532
1,301
1,931
1,110
836
1,473
753
Louisiana Arkansas A Texas...
261
141
97
462
300
Litchfield A Madison
325
192
304
976
820
Midland Valley
846
753
750
129
135
217
190
192
4,933
14,042
3,109
9,138
2,402
7,662
Missouri
A
Arkansas
5,402
17,033
Missouri Pacific
Natchez A Southern
4,288
13,817
51
MIssoUri-Kansas-Texas Lines..
41
183
278
30,932
32,497
33,752
24,607
36
:
27
36
Quanah Acme A Pacific
117
66
109
86
104
St. Louis-San Francisco
42,586
Total..
9,041
2,661
7,783
4,931
2,427
7,129
1,867
5,809
3,951
2,010
7,880
2,149
6,468
4,624
2,129
2,697
3,585
4,781
2,287
3,707
19,231
244
202
168
65
57
22
19
27
37
26
60,638
47,639
52,486
59.061
45,701
St. Louis Southwestern
Texas A New Orleans
Group B—
Alabama Tennessee A Northern
228
166
104
Texas A Pacific
Atlanta Birmingham A Coast..
776
724
573
668
486
Terminal RR. Ass'n of St. Louis
Atl. A W. P.—W. RR. of Ala..
871
772
509
4,363
4,355
3,244
1,311.
2,780
1,093
2,262
505
295
230
302
254
369
429
516
294
1,293
2,040
2,847
14,111
322
Central of Georgia..
Columbus A Greenville....
156
*
429
Florida East Coast
Note— Previous year's figures revised,
*
Previous figures.
a
-
Wichita Falls A Southern.
Weatherford M. W. A N. W—
Total
Not available.
b Includes figures for the
Boston A Albany RR.,
the C. C. C. A St. Louis RR.
and the Michigan Central RR.
Progressive Improvement in Manufacturing, Mining,
Construction, Trade and Transportation Reported
by Col. Leonard P. Ayres of Cleveland Trust Co.—
Political Campaign Viewed as Having no Important
Activity—No Increase in Loans
Despite Increased Production
Effect
on
Business
Noting that "there has been progressive improvement in
manufacturing, mining, construction, trade and transporta¬
tion," Colonel Leonard P. Ayres, Vice-President of the Cleve¬
Trust Co. of Cleveland, adds that "'the single major
land
exception is agriculture, and there the effects of the drought
have been so very severe that many crops will have seriously
These comments are made by Colonel Ayres
the company's "Business Bulletin," issued Sept. 15, in
small yields."
in
which he
also
observes that
"perhaps a further exception
should be made with respect to our foreign trade, but the
figures which would enable us to be sure about that are not
yet available.
At the same time, Colonel Ayres says:
The
steadiness
with
which
progress
has
important than the amount of the advance.
been
made this year
Until
now
is
more
the recovery that
in 1932 has been most irregular, with encouraging advances being
largely canceled by disheartening reversals.
This time the advances have
been
largely held, and they have become important almost throughout
our
whole economy instead of being largely confined to the automotive
began
and
related
The
industries,
as
was
formerly the
case.
having no important effect, either
favorable or adverse, on the course of business activity.
The same thing
has been true so far of the unsettled and threatening conditions of affairs
in
political campaign seems to be
Europe.
is the
Probably the most unfavorable factor in the near-term outlook
advance
in
the prices of agricultural commodities due to the short
to increase the cost of living by raising the
decreasing the spending power of workers for other
is operating
This
crops.
prices of food, and so
goods.
Agricultural prices have«moved up so far that the total incomes of the
year will probably exceed those of last year, but they will be
unevenly distributed.
Corporation earnings as a whole have increased
farmers this
most
in even greater degree than the volumes of business have ex¬
Probably there will be many irregular and unpredictable changes
in dividend payments between now and the close of the year as manage¬
ments and boards
of directors and legal advisers and bankers reconcile
this
year
panded.
judgments
.their
as
to
the
wise and
prudent disposals to be made
of
corporate earnings.
It is pointed
out by Colonel Ayres that "one of the un¬
period is that while indus¬
usual features of this recovery
trial
production has increased until it is now back at the
of early 1928, just before the depression, there has
no corresponding increase in the commercial loans of
levels
been
He further says, in
banks."
volume
The
of such loans
is
now
part:
not much greater than
it averaged in
1934, which was their low year, and it is not much more than a thirdl of
it was in 1928.
This is a very different record from the one that
what
was
made"in
of
the recovery from the depression of
loans of
mercial
1923.
the
The
10
new
1921,
for then
the
high records by the
com¬
summer
the
place has been in the Chicago and
Since last December the loans
in
those two
districts
by 174 millions, or by 33%, while the loans in the other 10
advanced
have
increase in
other
increase that has taken
districts.
Cleveland
have increased
districts
banks had reached
...
of
Most
all
by 109 millions,
two districts
is almost
or
nine
only
times
3.8%.
as
The percentage
great as that in the
districts.
most
plausible explanation would
industry is concentrated
seem
to
be that the
automobile
in the Chicago and Cleveland districts,
and that
Financial
1778
Moreover,
durable goods, such as
ments, and most of our iron and steel products.
The
goods in general is now rapidly increasing, and! it
industry is having a most prosperous year.
produce
for the
accounts
sorts of
other
many
loan increases in
those two districts
agricultural imple¬
output of durable
may be that this
Chronicle
Increase
Three-year Average 1923-25—100
1935
Retail
in
Prices
Publications—Index
As
following.
tended fractionally higher, with the greatest
Women's apparel, however, recorded the
compared with
and women's apparel
wear
still show the greatest
advance
an
year
show the greatest gains.
with
ago
the year's low
both
10.6%
of
since the
other items showing gains during
the month.
beginning of the
Furs have
Blanket
year.
hosiery, corsets and brassiers, furs, womens' shoes, mens' shirts
Index is
the
He points out that the tendency
lower
prices
wholesale
at
74.7
98.7
100.6
76.7
126.9
83.0
79.6
76.5
72.7
65.0
101.9
the
before marking
quotations further,
up
A
63.0
67.8
99.5
56.7
73.4
66.3
111.0
55.1
112.6
80.7
85.2
55.3
74.0
81.9
87.1
52.4
Canned
80.4
78.8
78.3
83.5
72.4
98.6
Dried.
63.4
59.3
58.4
62.9
54.8
104.6
67.5
67.0
66.9
69.4
73.7
110.4
__
•
Beverages and chocolate
Fats and oils
74.5
73.0
73.0
85.0
50.8
93.6
Sugar and sweets
65.0
64.9
64.5
66.4
57.7
75.0
"
♦Preliminary.
The cost of
dairy products
cities except Boston.
Central Area.
51
4.3% with advances in each of the 51
rose
The increases
cities reported higher prices for
3.2%.
rose
and evaporated milk 4.3%.
North
0.9 cents
was
quart or more and in two cities it amounted
a
Thirteen of the 19 cities in which increases occurred were in
Central
Boston
areas.
cities reporting lower milk prices.
Egg prices
10.6%
rose
of any year since 1930.
in Milwaukee
and
Maine,
Portland,
were
Cream increased 6.6%.
to the highest level for the corresponding date
Increases ranging from 2.3% in Houston to 19.3%
reported by each of the 51 cities included in the index.
were
Fruit and vegetable costs declined
8.2% during the five weeks' period
This reductiop. was due entirely to a 9.7%
combined cost of the fresh items.
fruit
and
vegetable
drop in the
The cost of canned fruits and vegetables
2.0% and the cost of the dried items advanced 7.0%.
in
the only
The price of cheese advanced 6.0% as
result of increases in 50 cities.
decline
costs
throughout
general
quite
was
Although the
England,
and
Middle
Atlantic
lower in 46 cities,
New
JANUARY, 1931=100
areas.
Potato
12.9%,
dropped
prices
England
Prices
with the largest reductions in the Mountain and
sections.
Apple
prices
prices were reported by 42 cities.
Copyright 1936, Fairchild News Service
the
country, the greatest decreases were in the cities of the Mountain, New
were
PUBLICATIONS RETAIL PRICE INDEX
All
Fresh milk prices
both these items.
In 19 of the 22 cities where the price of milk was increased,
the advance
to 2.0 cents.
a
largest in the cities of the North
were
Butter prices rose 6.2%
continuing the seasonal decline which began in the middle of June.
closer movement between wholesale and retail prices is likely.
THE FAIRCHILD
75.1
74.1
super¬
on
part of distributors thus far has been to liquidate merchandise purchased
at
67.1
92.6
94.0
rose
W. Zelomek, Economist, under whose
compiled.
79.6
90.4
94.9
ending Aug. 18.
Only a few items showed declines during the month.
of the year according to A.
83.8
90.7
95.4
Fresh
Among
the month are included cotton wash goods
Retail prices should tend conservatively higher during most of the rest
vision
84.0
91.7
Fruits and vegetables.
andHeckwear, mens' hats and caps, infants' socks, furniture, floor coverings
and luggage.
108.1
84.0
the
advance from the 1933 low.
prices have followed with an advance of 4.6% since the year's low.
worn ens'
home
infants'
Piece goods, however,
The rising trend in fur prices continued during
shown
Aug. 15
Meats
Eggs
advance above the corresponding period a
greatest
furnishings
1929
Aug. 15
Cereals & bakery prods.
All foods
Rose
prices gained 0.4 of 1% during August as compared
with July, according to the Fairchild Publications Retail
Price Index.
Quotations during August show a gain of 3.2%
as
compared with August, 1935.
Prices have advanced
0.6 of 1% above the year's low recorded on July 1. Current
levels are also 27.5% above the May, 1933, depression low.
An announcement issued Sept. 14 by Fairchild Publications
also had the following to say:
gain recorded in infants' wear.
June 16
July 14
Dairy products
August
During
groups
1932
Aug. 13
Commodity Group
Retail
major
Corresponding Period in—
1936
those two districts.
Reported by Fairchild
0.4 of 1% in Month
Most of the
GROUPS
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY
Aug. 18*
Continued
1936
19
Sept.
Lower
17.8%.
declined
apple
Lemons fell 15.3%.
Among the fresh vegetable items, spinach rose 22.7%, cabbage 10.6%,
lettuce
May 1,
1933
June
Sept. 1,
1935
July 1,
Aug. 1,
Sept. 1,
1936
1936
1936
1936
1,
5.6%,
fruits and
18.5%
Composite index
69.4
85.7
88.1
87.9
88.1
88.5
Piece goods
Men's apparel.
65.1
84.8
84.6
84.9
85.0
85.2
87.5
87.6
70.7
Infants'
88.4
87.5
•
87.4
89.9
90.2
90.4
rose in
2.0%,
peas
and
90.4
92.8
92.6
92.6
94.4
1.3 and 1.1% respectively.
89.3
89.2
89.4
89.4
fell
57.4
——
-
93.4
87.8
64.3
•
64.2
64.2
64.1
82.1
82.8
82.9
83.1
83.1
68.6
107.9
106.7
107.7
107.9
108.7
0.4%.
the
:.
'
.
Sheets
65.0
Blankets & comfortables
'
96.8
99.2
99.4
99.3
99.1
advanced 4.5%,
corn
Canned
1.7%.
asparagus,
Coffee and tea increased
Cocoa, however, dropped 1.2% and chocolate
.
items
seven
which
rose
"
Domestics:
Canned
tomatoes
The cost of fats and oils advanced
63.9
69.2
Cotton wash goods
beans.
navy
canned
canned and dried
16
of the
The most significant change was an
The beverages and chocolate index rose 0.8%.
76.4
Woolens
Fifteen
price.
drop of 1.4%, was the only item which showed a price decline.
a
70.2
wear..
Home furnishings
Piece goods:
Silks.
87.1
71.8
Women's apparel
3.4%.
oranges
rise in the price of
canned
with
and
vegetables
in
3.5%.
the
and peanut butter moved up
2.0%.
Prices increased for six of
made by lard
The largest advance was
group.
Lard compound
and
1.3%.
1.8%
each rose
oleomargarine,
Mayonnaise, with a drop of 0.4%,
showed the only price decline in this group.
72.9
95.8
98.5
98.7
99.7
101.3
Hosiery..-
59.2
74.8
75.2
74.5
74.5
75.5
Aprons & house dresses-
75.5
102.9
103.9
105.3
105.0
103.7
Corsets and brassieres--
83.6
92.1
92.1
91.7
91.5
92.2
Furs
66.8
93.0
99.7
100.3
102.0
103.0
69.2
85.9
86.3
87.5
87.5
85.0
in the Mountain
76.5
81.7
82.4
82.1
82.3
82.6
the West South Central.Area.
The sugar and sweets group rose
Women's apparel:
.
Underwear
Shoes
-
•
■
Men's apparel:
level.
same
Sugar prices continued at the
0.1%.
Corn sirup advanced 1.5% and molasses
declined 0.6%
Although the food cost index for all 51 cities combined did not change,
the regional indexes showed variations which ranged from
•
Food costs
'
area
rose
and
64.9
86.8
87.0
86.8
86.8
86.8
69.6
91.8
91.6
91.4
91.3
91.3
were
Shirts and neckwear
74.3
85.8
86.2
86.2
86.1
86.4
The largest increase, 2.5%, was reported for Dallas and
69.7
82.6
—
-
Hats and caps
81.3
82.4
82.6
Clothing incl. overalls--
70.1
86.7
87.6
87.6
88.1
88.1
Shoes
76.3
90.0
90.2
90.2
90.2
90.2
Infants'
82.7
areas
affected by the drought.
Springfield, Illinois.
In Springfield there was a sharp increase in the price of eggs,
and dried
vegetables.
The cost of food in Dallas
was
dairy products,
largely influenced
by the rise in the price of bread, flour, eggs, and dairy products.
wear:
Socks
74.0
96.9
94.8
94.8
94.9
100.3
Underwear—
74.3
92.8
93.1
93.1
93.0
93.0
Shoes
80.9
9Q.4
90.4
89.8
89.8
89.8
69.4
93.1
92.2
91.5
92.1
92.6
Floor coverings-
79.9
100.5
102.6
Musical
Furniture
reported by practically all cities in the
of 1.9% in
Higher costs
in 28 of the 51 cities and declined in 22.
Underwear
Hosiery
decreases of 1.8%
1.7 in New England to an advance
•
-
.
102.1
102.0
102.2
50.6
57.9.
59.4
59.2
59.4
60.1
75.3
73.8
73.8
73.8 '
72.5
78.4
80.4
80.4
80.2
92.5
93.2
93.1
93.0
was
most
in
Buffalo
the principal
and
(—4.9%)
Lake City
Salt
for the change in costs.
reason
80.0
81.5
prices
declined
In both of these cities the large decline in potato and apple
74.1
Elec. household appliances
China
costs
59.4
Luggage
Food
(—4.5%).
90.8
instruments
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
Three-year Average 1923-25=100
.
.
Corresponding Period in—
1936
Regional Area
1935
Aug. 18*
Index of Retail
ment
of
1932
1929
"Aug. 13
June 16
Aug. 15
Aug. 15
Unchanged During
Month Ended
of
Lubin continued:
83.8
79.6
67.1
108.1
82.9
82.6
78.8
68.1
108.7
84.2
84.6
80.3
69.1
108.2
East North Central
85.7
85.4
85.1
80.2
66.3
110.1
West North Central
89.3
88.2
87.3
82.0
65.2
108.0
South Atlantic
84.3
83.4
82.4
79.8
66.6
East South Central
80.8
81.0
78.5
76.6
62.6
107.3
West South Central
82.4
80.9
78.4
79.0
63.1
104.6
Mountain
87.0
88.7
90.1
83.3
65.5
105.9
Pacific
Labor
Statistics, United States Depart¬
ment of Labor, showed an advance between July 14 and Aug.
18, 25 showed a decline, and two no'change, United States
Commissioner of Labor Statistics Lubin announced Sept. 4.
"The sharp decline in fruit and vegetable prices offset the
advances that occurred in the cost of the other food groups,"
he said.
"As a result the index for food products as a whole
remained unchanged
over
the
month."
Commissioner
84.0
81.5
83.9
79.6
79.6
80.3
74.4
64.7
104.2
United States.
The cost of 57 of the 84 food items included in the index
Bureau
84.0
New England
Middle Atlantic
Labor
Aug. 18
of the
July 14
Food of United States Depart¬
Costs of
♦
Aug.
18
84.0% of the 1923-25
was
>
107.2
Preliminary.
Wholesale Commodity Price Average Advanced During
Week Ended Sept. 12, Reaching New High Point
for
The composite index for
*
average.
Recovery Period,
According
to
National
Fer¬
tilizer Association
This is 5.5% above the level for the corresponding date last year when the
index
an
79.6.
was
To raise the index to
The
cost
of
and Aug. 18.
1929, level
(108.1),
The
cereals
largest increases
prices,
bakery products
made
were
51
The advances
Bread prices rose
four.
and
cities
were most
0.5%
Dallas, with
by
included
an
in
the
index
reported
higher
4.0%.
flour
pronounced in the North Central Area.
advance of 0.9
more
cents
than 0.2
hominy
10 cities and decreases
per
cents.
grits, 1.3% for rice, and 1.1% for
important price changes in this group.
Meat
between July 14
5.2%, and flour,
meal,
corn
as a result of increases in
city with a price change of
more
1.0%
rose
Prices advanced for eleven of the thirteen items in this group.
Forty-four of the
in
the August,
additional increase of 28.7% would be necessary.
pound,
was
the only
Increases of 2.2%
cornflakes
were
among
2.7%
rose
0.5%, due to higher beef and pork prices.
All the
advanced, the price increases ranging from 0.6% for bacon
for chops.
Four of the six beef items showed higher prices.
(2.1%) and sirloin steak
was
due largely to higher
prices for foods, cotton, and grains, the general trend of prices was upward
with
costs
The largest increases were made by round steak
Although the rise in the all-commodity index
for
the
pork items
to
Resuming its upward trend, the weekly wholesale com¬
modity price index compiled by the National Fertilizer
Association moved up to the highest level during the week
ended Sept. 12 attained since the price recovery began in the
spring of 1933. Last week the index registered 80.4% of the
1926-1928 average, as against 79.7% in the previous week.
A month ago it stood at 80.3% (the previous high point)
and a year ago 77.9%.
seven
of the
principal group indexes advancing and none declining.
The index of food prices at
83.1% of the 1926-1928
average
was
at the
highest level reached since last December; 20 items included in this group
rose
in price last week while only seven declined.
Rising prices for cotton
and grains failed to raise the farm product index to the level that was reached
(1.6%).
Plate beef prices dropped 1.5%.
The cost of lamb declined 2.2%.
Lamb chuck and leg of lamb prices fell 3.8 and
3.1% respectively.
The
in
price of roasting chickens dropped
leadership of cotton and cotton textiles, following the publication of the
0.8%.
•
•
1.0%
and veal cutlet prices
declined
last month; lower quotations for hogs helped to offset the upward movement
other
farm
products.
Textile
prices
Government Sept. 1 cotton crop estimate.
advanced
last
week
under
the
A continued rise in the price of
.
Volume
Financial Chronicle
143
1779
/
steel scrap
to
a
together with
advance in tin quotations took the metal index
an
high peak for the recovery period.
new
was
responsible for
rise in the fertilizer material index to the
brought about by
was
Advances
were
and declines
An advance in lumber prices
A small
slight increase in the building material index.
a
highest point reached this year
three dollar advance in the price of cottonseed meal.
a
registered last week by 44 price series included in the index
by 16; in the preceding week there were 29 advances and 28
declines; in the second preceding week there
15 advances and 34
were
to
82.4.
of
August.
This group is 0.2% above the index for the corresponding week
That the recent fluctuations in the general index have been principally
the result of marked Variations in prices of agricultural commodities is
shown
by the fact that the group of all commodities other than farm
products
and
foods,
representing industrial
changed at the level of
Compared with
ago.
remained
commodities,
ago, industrial commodity prices are 2.1%
year
higher.
declines.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
The
1926-1928=100
The
Per Cent
Latest
Preced'g
Month
Week
Ago
Ago
Sept. 5,
Aug. 15,
1936
1936
largest
Year
Week
Pears to the
Croup
Sept.
Total Index
12
1936
82.6
82.9
79.9
80.7
73.9
lemons,
97.1
97.4
96.4
current farm
79.9
77.5
69.0
59.2
102.4
81.5
alfalfa
hay,
tobacco,
dried
and
onions,
65.3
98.0
"Other foods" including copra, lard, edible tallow, and vegetable oils rose
1.5%.
75.7
75.5
79.7
79.3
73.5
Miscellaneous commodities
77.5
77.3
77.4
69.7
7.7
Textiles
69.4
68.6
70.0
66.2
6.7
Metals
84.9
84.7
84.6
82.2
5.8
Building materials
82.1
81.9
81.8
77.3
1.3
Chemicals and drugs
Fertilizer materials
95.1
95.1
94.6
95.4
67.5
67.3
67.2
64.7
.3
Mixed fertilizers
73.7
73.7
73.1
73.0
.3
Farm machinery.:
92.6
92.6
92.6
92.0
for last month and 4.2% above the corresponding index for
Wholesale food prices advanced 1.6%.
Meats
All groups combined
80.4
79.7
0.7%
and
for
which
higher prices
were
veal, and dressed poultry.
fruits and
week's food
The
Reports Slight Setback in Monthly Index
Activity During August
year.
0.1%
products Were
reported
Lower prices
last
were up
index, 83.5, is 1.1% above
higher,
butter, cheese, milk,
bananas, fresh beef, lamb,
reported for oatmeal, fresh
were
month ago.
a
although underlying conditions remained generally favor¬
able, according to the monthly review by H. E. Hansen in
"Annalist"
(New York) of Sept. 18.
The "Annalist"
Index of Business Activity accordingly declined to 101.5
(preliminary) in August from 102.0 in July, but was still far
above the June figure of 97.6.
It was also stated:
sharp drop in the adjusted index of cotton consumption.
importance
shoe
was
decrease in the preliminary index of boot
sharp
a
production.
Next in
Substantial losses
were
also
recorded
and
by the adjusted
chemicals and
drugs group increased
due to higher prices
1.2%
Average prices of fertilizer materials
Advancing prices of hides, most skins, and leather caused the index for
the
hides
and
leather
averaged lower.
products
0.5%.
rise
to
group
Goat skin
prices
and
zinc
production.
Activity in the iron and steel industries increased
stantial gain was also recorded
production.
Smaller
A sub¬
by the preliminary index of electric
occurred
increases
in
the
adjusted
indices
power
of
Shoes and other leather products remained steady.
Rising prices of furniture accounted for the 0.2% advance in the index
the
for
housefurnishing goods
nishings
were
70.2
as a
raw
A
as a
whole
of fur¬
fractionally to
rose
Raw silk
and woolen and worsted goods, burlap, manila, hemp,
jute prices were slightly lower.
minor
increase
materials group
California
lower.
products group
result of continued advances in prices of cotton goods.
declined sharply,
and
Average wholesale prices
group.
stationary.
The index for the textile
was
reported in the index for the fuel and lighting
because of" strengthening prices for bituminous coal and
Prices
gasoline.
of
Texas
and
Pennsylvania
gasoline
were
Anthracite coal and coke remained unchanged.
The metals and metal products group declined 0.6% as a result of lower
indices of automobile production, freight carloadings, rayon consumption
sharply, rising to the highest level since the beginning of 1930.
a
and mixed fertilizers remained firm.
The most important single factor in the decrease of the combined index
a
This
Compared with
however, it is lower by 3.4%.
'
Business recovery suffered a moderate setback in August,
5.6%.
Additional food
1%.
were
vegetables, cured and fresh pork, pepper, and raw sugar.
for fats and oils and ethyl alcohol.
Business
cereal
flour, canned fruits and vegetables, prunes,
77.9
80.3
advanced
Dairy products
Fruits and vegetables, on the other hand, declined
items
year ago,
was
,
The
potatoes.
78.9
79.7
of
beans,
product index, 84.6, is 1.2% above the corresponding index
68.5
75.4
"Annalist"
Grains
Lower prices wefe
81.6
81.5
100.0
the
79.8
Livestock
.3
hops, fresh milk, and seeds advanced 3.8%.
oranges,
3.5% and livestock and poultry increased 1.9%.
rose
by
reported for hogs, live poultry and fresh apples in the New York market
Fuels
10.3
registered
101.1
products
Cotton
Grains
16.4
week—3 %—was
the
83.7
Cottonseed oil
Farm
Chicago,
at
during
The sub-group that includes cotton, eggs, apples
83.1
Fats and oils.
22.3
14,
1935
increase
farm products group.
108.8
Foods
28.6
following is also from the announcement issued by
on Sept. 17:
Mr. Lubin
Each Croup
the
un¬
week ago which was also the level of a month
a
a
prices for motor vehicles, nails, and barbed and
wire fencing.
woven
steel, track equipment, quicksilver, and pig tin advanced.
Scrap
Agricultural
implements and plumbing and heating fixtures remained firm.
A
silk
0.2%
decline
was
registered in the index for the building materials
due to lower prices for yellow pine lumber and certain paint materials.
consumption and lumber production.
group
TABLE
Average wholesale prices of brick and tile, cement, and structural steel
I—THE
"ANNALIST"
INDEX
COMPONENT
OF
BUSINESS
ACTIVITY
AND
were
GROUPS
steady.
Crude rubber prices declined 0.9%.
(Revised Series)
seed
August 1936
June 1936
July 1936
caused
meal
linseed meal
and
and paper and pulp
Freight
car
93.0
i
Electric power production
92.3
90.7
89.9
99.4
r_—
Other
95.1
89.8
loadings
Miscellaneous
104.0
97.2
*102.6
*101.3
97.0
95.5
91.3
X131.6
Pig iron production
113.5
100.0
...
activity
133.3
Cotton consumption
Wool consumption
the average for
on
118.8
145.4
129.8
the
year
1926
as
Sept.
100.
14,
1935, Sept.
15,
1934,
Commodity
Groups
X126.3
Sept.
Sept,
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
12
5
29
22
15
14
15
16
17
1936
105.7
X112.5
84.6
(1926=100.0)
1936
1936
1936
1936
1935
1934
1933
1932
82.7
64.2
62.6
89.0
88.0
All
81.5
87.3
84.7
81.2
81.5
81.1
80.8
77.5
70.5
65.4
82.1
83.3
84.6
83.6
81.2
73.7
55.9
49.2
83.5
82.2
82.5
82.8
82.6
86.4
76.2
65.1
62.1
95.0
94.5
94.3
94.3
94.2
91.6
84.8
92.0
72.4
70.2
70.1
70.3
70.4
70.6
71.2
70.6
75.5
55.2
77.0
Foods
*102.0
x97.6
Hides
JANUARY,
Farm
products...
and
76.9
76.9
77.0
76.9
74.7
75.5
72.5
71.8
leather
products..
Textile products.
Fuel and lighting
1931
.
(Revised Series)
materials
Metals
W-
1934
80.9
84.6
commodities..
*1~01~.5
TABLE II—THE COMBINED INDEX SINCE
,
86.9
89.8
83.4
1935
784 price series
70.3
X118.9
Cement production
Mining.
Zinc production
Lead production
1936
Statistics includes
table shows index numbers for the main groups of com¬
108.4
77.2
*108.3
Lumber production
Combined Index
Bureau of Labor
'
141.5
86.6
...
although
tire and tube,
Sept. 16, 1933, and Sept. 17, 1932:
112.9
*113.4
Boot and shoe production
Automobile production
Thbautomobile
sub-groups remained unchahged.
of the
The following
126.7
Rayon consumption
Higher prices for bran and cotton¬
sub-groqp to advance 0.4%
modities for the past five weeks and for
83.2
"
Silk consumption
feed
weighted according to their relative importance in> the country's market
and is based
xlOO.9
100.3
108.9
Steel ingot production
Textile
X99.7
X109.5
Manufacturing
The index
cattle
the
middlings were lower.
1933
1932
1931
and
metal
86.4
86.3
86.3
86.0
85.9
81.7
79.6
86.8
87.0
86.9
86.9
86.9
85.3
85.9
82.0
70.4
January
92.2
87.2
"79.6
67.5
73.4
84.1
Chemicals & drugs
81.5
80.5
80.3
79.5
79.2
78.9
.76.5
72.1
73.0
February
88.9
86.7
83.2
66.1
71.4
85.7
Housefurn'g goods
82.8
82.6
82.6
82.6
82.5
81.8
83.0
78.7
74.6
March..
89.4
84.4
84.6
62.5
69.8
87.5
Miscellaneous
71.3
71.4
71.6
71.6
71.1
66.9
70.7
64.8
65.1
April
94.1
82.8
85.9
69.2
66.8
88.7
Raw materials
81.8
80.2
81.0
81.8
81.1
*
#
*
95.8
81.8
86.4
77.3
64.3
87.7
X97.6
May.
82.0
83.8
87.5
63.9
82.7
78.0
94.0
62.9
85.3
84.9
75.1
87.5
64.4
81.6
68.5
July
X102.0
AugU8t__
*101.5
-
-
-
-
_i
November
-
-
-
—
_____
December
♦Preliminary.
86.1
71.4
82.0
89.1
74.6
78.5
92.0
76.0
75.3
96.7
September...
October.
'.
82.4
77.5
Semi-manufac'd
.
,
76.1
75.7
75.7
75.6
75.5
*
*
Finished products
All commod's other
82.4
82.3
82.4
82.5
82.2
*
*
80.8
80.7
80.7
80.8
80.6
80.7
79.6
79.6
79.7
79.7
79.6
78.0
articles
.
78.5
than farm prod's
75.5
75.6
than farm
68.8
75.2
and foods
*
*
*
*
78.3
73.6
68.9
78.5
76.1
70.4
■
All commod's other
69.2
x Revised.
*
Wholesale
Commodity Prices Up 0.7% During Week
Sept. 12, According to United States De¬
partment of Labor
Ended
.
*
!
69.8
,
86.4
85.9
85.1
___>
June
products
Building materials
The Bureau of Labor Statistics' index number of wholesale
commodity prices rose 0.7% during the week ending Sept. 12
to equal the level of the latter part of
August, according
to announcement made Sept. 17 by Commissioner Lubin.
"The all-commodity index advanced to 81.5% of the 1926
average," Mr. Lubin said, "representing an increase of
0.5% over a month ago and 0.9% over a year ago."
He
added:
prod's
Not computed.
Level
Cleveland
in
Conditions
of
Change
Industrial
Federal
Reserve
Operations
During Late July
or
District-
Little
Showed
Early August
the Federal Reserve Bank of Cleveland
evident in the general level of industrial
operations or trade in the latter part of July or the first three
weeks of August so far as the Fourth (Cleveland) District
According to
"little change was
was
concerned.
When allowance is made for seasonal varia¬
the time of new automobile model
introductions," the Bank said, "it would appear that fur¬
tions and changes in
gains had been made in the trend toward recovery."
is also from the Bank's "Monthly Business
Review" of Aug. 31:
s
ther
The advance in the all-commodity index was largely the result of sharp
increases
in
reported
in
prices of farm products and foods.
the
hides and leather products,
Smaller increases
textile products,
fuel
were
and
The following
Industrial production
lighting materials, chemicals and drugs, and housefurnishing goods groups.
Metals
and
metal
products, building materials,
and miscellaneous
com¬
The
level.
of a
raw
materials group advanced 2%
and is 0.9%
over
last month's
Semi-manufactured articles rose 0.5% to a point 0.8% above that
month
agp.
The large group of finished products increased 0 1%
but there generally is a
*
modities declined slightly.
This
did not show much change between June and July
faUing-off in operations in the summer months.
,
condition of relative stability, continued in August except in the
automobile industry
where rapid preparation for
falling off in assembly plant operations.
new
models
The actual changeovers
caused,
a
were post¬
poned in several instances to later than previously announced dates because
Financial
1780
of active demand for new cars,
Chronicle
DATA
and the shutdown period therefore is ex¬
pected to be relatively short.
...
Smaller cities of the District reported manufacturing activity at a high
not uncommon.
and double shift operations were
.
Ch'ge
than
in
1,945,018 1,724,491 +12.8
1,989,798 1,742,506 --14.2
2,005,243 1,774,654 --13.0
6..
June
June 13_.
June 20..
increases from last year.
2,029,639 1,772,138 --14.5
1,956,230 1,655,420 --18.2
2,029,704 1,766,010 --14.9
2,099,712 1,807,037 --16.2
2,088,284 1,823,521 --14.5
June 27..
District did not worsen, particularly
in July, they did not improve, according to the latest reports of the De¬
partment of Agriculture, and in some sections the situation is quite dis¬
tressing.
In others fairly good crops are evident.
Wheat was not seriously
affected by the dry weather, and while the harvest is smaller than last year,
higher prices made the total value of this cash crop somewhat greater in
July
While
bad
as
in some sections
as
July
Aug.
improved somewhat in August as a result
8-.
Aug. 15..
Aug. 22
Aug. 29..
Pastures and late crops
of the country.
2,079,137
2,079,149
2,093,928
2,125,502
2,135,598
2,098,924
2,028,583
1..
Aug.
Other crops are poor, but local conditions are
this District than in 1935.
not
4..
11..
July 18..
July 25..
agricultural conditions in this
5..
Sept.
Sept. 12_.
of more favorable weather.
DATA
Rise 14.81%
According to a compilation made by Merrill, Lynch &
Co., 26 chain store companies, including two mail order
companies, reported an increase in sales of 14.81% for
August, 1936, over August, 1935. Excluding the two mail
order companies, 24 other chains reported an increase in
1934
1935
1936
than the usual amount in July
level of June, but dollar volume was still 15.5%
July, 1935.
Other lines of retail trade showed large
Department store sales declined by more
from the relatively high
greater
Weekly Data for Previous Years
in Millions of Kilowatt-hours
P. C.
Kilowatt-hours)
Week of-
.
.
FOR RECENT WEEKS
(In Thousands of
Employment has held up very well this summer
rate in most instances.
1936
19
Sept.
1,821,398 --14.2
1933
1932
1931
1930
1929
1,655
1,665
1,675
1,688
1,556
1,648
1,542
1,578
1,598
1,656
1,539
1,648
1,654
1.662
1,650
1,627
1.435
1,442
1,441
1,457
1,342
1,416
1,434
1,440
1,427
1,415
1,432
1.436
1,621
1,657
1,707
1,698
1,704
1,594
1,626
1,667
1,686
1,678
1,692
1,677
1,690
1,699
1,703
1,723
1,592
1,712
1,727
1,723
1,725
1,730
1,733
1,465
1,424
1,476
1.636
1,691
1,688
1,762
1,664
1,684
--14.3
1.658
1.659
1,674
--14.3
1,819,371
1,832,695
1,839,815
1,809,716
--15.5
1,648
--18.0
1,627
1,752,066 -19.8
1,650
1,630
1,565
1,634
1,827,513 + 11.0
1,637
1,583
1.663
1,610
1.635
1,607
1,604
1,645
1,651
1,644
1,643
1,629
1,643
1,638
1,750
1,630
1,675
1,727
1,582
1,663
1,806
(THOUSANDS OF KWH.)
FOR RECENT MONTHS
August Sales of 26 Chain Store Companies
sales of
P. C.
Month
4
10
August.
Sept.-.
Oct
Total
2
$147,323,580
3
Auto supply chain
2
Total, 24 chains
Mail order companies
Total, 26 companies
$133,712,975
50,762,101
$211,793,223
Shoe chains.
1
+10.18
6+469,643
Drug chains
$42,331,908
$184,475,076
188,718,460
Apparel chains
2
Drug chains
54,028,254
3
Shoe chains
1
Auto supply chain
42,228,302
14,923,000
Total, 24 chains
$1,169,284,834
2
Mall order companies
519,272,809
$1,061,618,471
426,272,804
of
Sales
Total 26 companies
$1,688,557,643
$1,487,891,275
i
Electricity
SOURCE
AND
DISPOSAL OF ENERGY AND
Percent
1936
+ 15.80
+ 18.75
1935
Change
6,219,551,000
2,819,093,000
4,501,297,000
3,195,497,000
—11.8
9,038,644,000
7,696,794,000
+ 17.4
167,875,000
194,011,000
—13.5
+77.1
Kilowatt-hours Generated (Net)x:
By fuel
By water power
generated
'
Sixth
district "dedirjed from June to July by about
Atlanta Federal Reserve
increases in wholesale trade,
two-thirds the usual amount," the
were
building and construction activities, in
life insurance sales,
operations at textile mills, and in coal mining."
The Bank
Review" of Aug. 31, from which
noted this in its "Monthly
compared with
sales
were
level
for
trend
the
a
July index
and
was
life
insurance
in July
usual decrease at that time of year of about 22%.
since
Wholesale
1929.
declined 15.4%
by 57 reporting retail firms
1928,
was
trade in
July
and at the highest
ago,
and after adjustment for the usual seasonal
higher than for any other month since March,
district
the
31.4% greater than
increased
year ago.
a
increased
sales
a year
from
June
8.9%
from
+8.9
42,179,000
—0.3
.115,489,000
—1.7
Supply—
Energy used in electric railway departments
Energy used in electric and other depts
157,668,000
—1.3
7,796,665,000
+ 17.5
Energy lost in transmission, distribution, &c.
155,555,000
9,163,490.000
1,644,387,000
1,531,293,000
+7.4
Kilowatt-hours sold to ultimate consumers.-
7,519,103,000
6,265,372.000
+20.0
1,159,479,000
1,317,098,000
1,051,873,000
1,127,634,000
3,468,026,000
+10.2
Total-...
Total energy for distribution
—
Sales to Ultimate Consumers (Kwh.)—
Domestic service
Commercial—Small light and power
(retail)
.
4,361,677,000
171,263,000
342,253,000
98,843,000
68,490,000
Municipal street lighting
18.2% greater than in that month
July
Deductions from
63,528,000
257,539,000
42,036,000
113,519,000
—
Large light and power (wholesale)
following is also taken:
sales
112,526,000
280,401,000
Imports
Total
July
reporting that t!he volume of retail trade in the
"there
Railroads—Street and interurban
Electrified steam
Municipal and miscellaneous—
7,519,103,000
Total sales to ultimate consumers
Total
revenue
8167.671,900
from ultimate consumers
170,435,000
329,322,000
67,214,000
50,868,000
6,265,372,000
$151,214,800
has
trade
and
For the second time in 15 years
July, and the July total was
+ 10.9
Percent
1936
1935
Change
while life insurance sales have been 7.6%
Tennessee
slightly
were
more
than outweighed by decreases
in
+
Electric
Production
.
Edison
Electric
a
in
Week 11%
Latest
Year
Above
Ago
Kilowatt-hours Generated (Net)x:—
63,282,150,000 52,769,683,000
36,346,527,000 34,980,435,000
By water
power.
Total kilowatt-hours
Purchased energy
generated
(net)
+19.9
+3.9
99,628,677,000 87,750,118,000
By fuel
+ 13.5
+5.0
2,888,876,000
1,973,662,000
Total energy for distribution
100719 255,000 88,665,332,000
Energy lost in transmission, distribution, &c. 16,563,397,000 15,279,127,000
Kilowatt-hours sold to ultimate consumers.. 84,155,858,000 73,386,205,000
...
3,032,449,000
Energy used in electric railway & other depts.
1,491,871,000
Total
revenue
...
from ultimate consumers
$1,998,104,900 $1,879,108,800
its
weekly statement,
Per cent of energy generated by water power
Domestic Service (Residential Use)—
36.5%
*
electricity by the electric
light and power industry of the United States for the week
ended Sept. 12, 1936, totaled 2,028,583,000 kwh. or 11%
above the 1,827,513,000 kwh. produced in the correspond¬
ing week of 1935.
Electric output during the week ended Sept. 5 totaled
2,098,924,000 kwh.
This was a gain of 19.8% over the
1,752,066,000 kwh. produced during the week ended Sept. 7,
The Institute's statement follows:
INCREASE OVER
PERCENTAGE
—1.6
+ 13.6
+8.4
+ 14.7
+6.3
Important Factors—
Institute in
disclosed that the production of
1935.
+20.0
to
Florida, Georgia and Louisiana.
The
+25.8
+0.5
+3.9
+47.1
+34.6
Twelve Months Ending July 31
than in July, 1935.
For the seven months of 1936, retail
been 12.7%
and wholesale trade 16% greater than in that
smaller.
.
.
.
Employment statistics compiled by the United States Bureau of Labor
Statistics show a further slight decline in both employment and payrolls
at
reporting firms in this district in June.
Small increases in both
number of workers and the amount of a week's payroll in Alabama, Missis¬
sippi
+ 16.8
June to July,
12.5% larger
part of 1935,
+38.2
Additions to Supply—
Net international
in Trade Noted in
of
SALES
TO ULTIMATE CONSUMERS
District—Gains
Conditions in Atlanta Federal Reserve
Volumes
During
Edison Electric Institute:
Total kilowatt-hours
the
based on reports covering approxi¬
Ultimate Consumers
a Year Ago
to
Energy purchased from other sources..
that
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
7,288,025
The following statistics covering 100% of the electric
light and power industry were released on Sept. 15 by the
+13.49
said
6,678,915
July 20% Above
+10.14
+2+82
Bank
7,370,687
7,184,514
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
+27.00
4
(Atlanta)
6,771,684
Month of July
Grocery chains
5 & 10-cent chains
In
6,831,573
7,009,164
7,435,782
of the electric light and power industry and the weekly figures are
+ 11.17
+7.46
+ 13.60
+7.71
56,786,473
22,453,351
6,499,586
3,496,657
2,145,000
6,931,652
7,094,412
7,011,736
6,494,091
85,564,124 80,009.501 77,442,112 86,063,979
93,420.266
.
+14.81
$369,215,819
427,087,131
166,121,977
50,159,753
36,466,791
12,567,000
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7.538,337
Sales—8 Months
4
10
7,056,116
1931
1932
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
based on about 70%
+ 13.93
+7.50
+9.59
+7.22
+ 10.78
+21.12
$48,228,269
61,048,054
24,606,447
6,969,178
3,873,632
2,598,000
-
Apparel chains.
7,249,732
+17.5
Note—The monthly figures shown above are
Change
$410,446,864
458,939,954
Grocery chains
5 & 10-Cent chains
4
7,198,232
6,978,419
8,521,201
July...
mately 92%
P. C.
1935
6,608,356
+ 11.7
+ 12.9
+13.1
+ 16.7
Dec
May-..
June...
companies showed an increase of 13.49%
for the eight months of 1936 over the eight months of 1935.
Excluding the two mail order companies, the 24 chains re¬
ported an increase of 10.14%.
.
The following table shows the amount of sales and the
percentage of increase, by groups, for the month of August
and for the eight months ended Aug. 31.
1936
+ 13.9
Nov
.
1933
7,131,158
7,048,495
7,500,566
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7.795,422
8,388,495
8,197,215
Feb
March
10.18%.
1934
Ch'ge
7,762,513 +11.6
8,664,110
8,025,886
8,375,493
8,336,990
8,532,355
8,640,147
9,163,490
April-
Sales of these 26
Sales—August
1935
1936
of—
Jan
•
39.9%
6
652
+7.5
Average revenue per kwh. (cents)
4.84 c
5.17c
—6.4
Average monthly bill per domestic customer
$2.83
$2.81
+0.7
Avge.
ann.
701
consumption per customer (kwh.)
Basic Information
as
of July 31
1936
Generating
capacity
Waterpower
(kw.)—Steam.
24,052,100
1935
9,011.800
499,400
33,563,300
Internal combustion
23,712,020
8,955,693
499,939
33,167,652
(632,150)
(549,494)
(215.057)
20,859,006
3,749,769
506,076
67,403
PREVIOUS YEAR
Total generating capacity in kilowatts
y
Number of Customers—
Major Geographic
Regions
2 Weeks Ended
Sep
.
12, 1936
Week Ended
Week Ended
Week Ended
Aug. 29, 1936
Aug. 22, 1936
Aug. 15, 1936
Farms in Eastern area (included with
Farms In Western area
Domestic service.
domestic) z
(included with commercial, large)
-
New England
14.0
14.7
Commercial—Small light and power
Middle Atlantic
12.8
16.7
14.6
13.3
Central Industrial
18.5
21.5
18.4
17.1
Large light and power
Other ultimate consumers
West Central
13.7
18.5
16.4
13.1
Southern States
23.4
23.3
21.3
18.7
Rocky Mountain
14.0
13.8
14.1
12.8
9.7
11.4
10.6
8.6
15.3
18.0
15.5
14.3
(234,738)
21,356,627
3,779,743
509,072
Pacific Coast
13.7
15.0
...
61,781
Total ultimate consumers
xAs
reported
to
the Federal
25,707,223
Power Commission,
with
plants not considered electric light and power enterprises,
Total United States.
y
Old series both years—subject to revision.
deductions
25,182,254
for certain
Volume
Conditions
Federal
Richmond
in
Volume
Trade
of
District—
Reserve
During July and Early August
37 Eastern States and the District of Columbia the figures
follow:
In its "Monthly Review" of Aug. 31 the
of
mond)
Richmond
states
than
district's
usual
industries
recent months."
that
at
trade
that
in
Federal Reserve
the Fifth
(Rich¬
<fwas in larger
year, and the
operating time over
and early August
District in July
volume
further
of
season
increased
the
July 1936
$71,993,700
and the first
of August, and workers were much better employed than at any other
in several years.
Production of bituminous coal in July was larger
usual for that month, and stocks of coal in consumers' and retailers'
half
time
than
bins
all
nearly
July
industries in
textile
mills in the Fifth District increased operations in July by 6% over June
this year and by 56% over July last year, and the district showed 51% of
total spindle hours of operation in the United States in June, although
July
on
district had
the
Tobacco
were
and
much
as
Retail trade
in
above
of
all
lines for which
in
trade
and
poor
the
early
incomes
in
North
1935
.
last
year,
and
than
that
figures
Corolina,
distributed
geographically, with each major area in the territory east of
Rocky Mountains sharing in the general advance.
crop
probably be
nearer
shown for the Rocky Mountain and Pacific
The
total
undertaken
volume
in
281,400: this
year
the 37
St.
^
covering all types of work,
and represents
a
July of this
$168,557,200
gain of about 63% over the figure of
projects under the Public
decreased contract lettings for civil engineering
Works Administration program of the
CONTRACTS
Federal Government.
STATES
AWARDED—37
ROCKY
Aug. 13
and opening
of
The decline from July was chiefly the result
reported for August 1935.
CONSTRUCTION
to $275,-
during August amounted
Eastern States
in contrast with $294,734,500 reported for
was
OF THE
EAST
MOUNTAINS
________
No. of
New Floor
Projects
Space (Sq. Ft.)
'7,982
3,504
1,426
24,392,900
15,503,500
388,700
$100,522,500
12,912
40,285,100
$275,281,400
5,808
3,307
1,540
11,753,400
9,631,700
160,300
$40,528,300
58,488,500
10,655
21,545,400
$168,557,200
54,463
25,989
140,826,700
124,390,300
10,959
3,710,500
$507,360,800
666,238,400
633,757,500
Valuation
the increase in most stores
figure.
Wholesale trade in
Month of August—
1936—Residential building
Non-residential building
Publio works and utilities
crops
in
improved in July to
agriculture than it
normal in the fall than
Total construction
month in the
is the only outstanding unfavorable
a
was
crop
1935—Residential building
Non-residential building....
Public works and utilities
a
Total construction
80,379,900
94,379,000
Federal
Louis
Reserve
69,540,400
First Eight Months—
yields.
~
Public works and utilities
in
Coast districts.)
awards,
of construction
1936—Residential building
Non-residential building
Conditions
(On less perfect
data, i.e., building permits, striking advances over a year ago were likewise
on
considerable
month or
forecasts of production are below 1935 yields, and
virtual failures, but price trends indicate that farm
better
Gains
operations.
compared with totals for August 1935, were well
as
.
.
As was pointed out last
crops
situation, but
is
but the bulk of resi¬
dential work undertaken in August represented private
in residential work,
available also showed materially larger
are
condition of
crops were
will
crop.
higher
was
outlook
All
earlier.
some
v
high level, and cigarette
a very
markets
July than in July, 1935.
factor in the present
two
the
July
in
Baltimore
"Review," the
extent
at
department stores in the Fifth District in July averaged
14.5%
sales
was
Auction tobacco markets opened
border
as
outside
five
Cotton
earlier.
year
$40,528,300
attributable to accelerated activities under
the Public Works Administration housing program,
sufficiently high to indicate that this year's smaller crop may
about
sell for
record.
new
a
Carolina
South
prices
a
only 44% of total spindles in place.
manufacturing in July
production set
in
much smaller than
1 were
Part of the current gains are
the
The Bank also had the following to say:
broadened in
Employment
August 1935
August 1936
$100,522,500
Larger than Usual
Bank
1781
Financial> Chronicle
143
District—
91,411
268,927,500
$1,807,356,700
41,292
24,231
9,100
82,498,900
61,460,700
1,056,800
$297,096,700
374,301,800
352,923,000
74,623
Total construction
145,016.400
$1,024,321,500
Industry and Commerce Continue at High Levels
Industry and commerce in the Eighth (St. Louis) District
during July and the first half of August, according to the
St. Louis Federal Reserve Bank, "continued at or about the
levels of the similar period immediately preceding, which
marked the high point in the recovery movement."
In
noting this in its Aug. 31 "Monthly Review" the Bank also
1935—Residential building
Non-residential building
Public works and utilities
Total construction
NEW
CONTEMPLATED
ROCKY MOUNTAINS
1935
1936
drought
This favorable general status was obtained in face of the severest
experienced in broad stretches of the terriory and a
of record high temperatures.
lesser
degree
of all descriptions
power was
than
prolonged spell
during
past
Demand for
years.
merchandise
continued on a broad scale and apparently purchasing
sufficiently high to permit of filling requirements.
The improve¬
whole, coupled with greater confidence in the price
ment in business as a
structure, was reflected in a marked increase as compared with a year ago
infadvance buying of both wholesale and retail merchants.
In heavy indus¬
tries, which have figured prominently in business betterment since the first
of the year, activities were
material supplies were
Of the
well sustained, and substantial additions to raw
reported.
No. of
No. Of
Valuation
Project*
Valuation
9,627
3,019
$104,292,700
6,803
Non-residential building..
80,980,500
4,564
Public works and utilities
1,277
147,875,800
2,367
$69,183,000
143,255,300
197,217,500
13,923
$333,149,000
13,734
$409,655,900
$776,696,100
786,831,900
Projects
In the production and distribution, of com¬
modities the usual summer slump failed to materialize, or was present in a
much
REPORTED—37 STATES EAST OF THE
'■
:.v
stated:
ever
WORK
The general trend of prices was upward.
wholesaling and jobbing lines investigated
Month of August—
Residential building
Total construction
...
First Eight Months—
$751,728,800
Non-residential building
67,195
27,484
Public works and utilities....
11,713
848,181,600
49,841
32,359
13,925
1,049,074,800
1,657,727,700
106,392
$2,411,709,600
96,125
$3,458,531,300
Residential building
Total construction
.
by this Bank, July
sales of all but furniture showed increases over June, several contrary to the
ordina y seasonal trend, while all recorded increases over
than the usual seasonal
decreases
was
July, 1935.
July, and the volume was measurably higher than a year ago.
As
an
effects
which
Less
offset to very favorable exhibit made by
.
.
.
persisted with only spotted interruptions in July and through the
first weeks of
Deterioration of crops from June to July in many
August.
important farming areas was the most drastic for the period on record.
Hardest hit of the several productions were corn, pas trues,
hay, legumes
and fruit and vegetables.
Conditions in San Francisco Federal Reserve District-
July Level of Business
changed from June
Activity
Practically
Un¬
"Business
activity in the Twelfth (San Francisco) District
in July was practically unchanged from the June level after
allowance for the usual seasonal influences," the Federal
Reserve Bank of San Francisco announced Aug. 26.
"In¬
dustrial output increased sharply, but the advance took
place principally in extremely seasonal industries in which
activity customarily expands greatly in July."
The Bank
continued:
Excluding the fruit and begetable canning industry, industrial employ¬
other
recent
occurred at
although little change has taken place in July
years.
seasonally adjusted basis.
payrolls
There has been considerable improvement
status of American wage earners
in the economic
since 1914, according to a
published by the National Industrial Conference
on
Sept. 16.
The Board's study, "Wages, Hours,
and Employment in the United States, 1914-1936," shows
that average hours of work in manufacturing are approxi¬
mately 23% lower than they were in 1914, while average
weekly earnings in June, 1936, after adjustment to take into
account changes in the cost of living, are shown to be 39%
higher.
The Board's study also reported:
study
Board
The status of women workers has improved more than that of men accord¬
ing to the Board's figures.
Women have benefited from a reduction of
about 30% in hours of work since 1914,
compared with a reduction of 23%
and
The "real" weekly earnings of women have increased 39%
for men.
those of men 37 %.
There
ment
of
are
also indications that women suffered less from curtailed employ¬
during the depression.
women
In the spring of 1933 the average work-week
had declined only 22.9%, while that of men had declined 35.4%
from the 1929 leveL
By June, 1936, however, the number of hours worked
by female labor increased only 2.3%, although the average work-week of
ment increased moderately,
of most
Status
siderable
trade and industry were
devastating drought and long spell of searing hot weather
of the
of Wage Earners Has Shown Con¬
Improvement Since 1914, According to
Study of National Industrial Conference Board
Economic
shown in retail trade from June to
Payrolls
were
also somewhat
higher on
male
women
The usual large increases in employment and
Value of building
awards for en¬
In general, seasonally ad¬
justed measures of trade were unchanged.
of severe drought did not
in July as a result
extend to the Twelfth District, and official estimate
of most district crops were
about the same on Aug. 1 as a month earlier.
Prices of farm products continued to
stantially higher than a year ago.
advance and in most cases were sub¬
The higher prices and relatively large
supply of farm products to be marketed are
were
expected to result in considerable
expansion in district farm income this year.
"""
of
In
June,
1936,
the
"real" weekly earnings of
IP Residential building started during August attained a
level of activity not seen since March 1931, according to
figures just relased by F. W. Dodge Corp.
Not only did
the August volume exceed the figure for July by about 41%
but last month's record of residential building contracts
Was 2
times the size reported for August 1935.
For the
Increase
0.5% in Living Costs from July to August
Living costs of wage earners in the United States again
increasing 0.5% from July to August, according to the
rose,
National Industrial Conference Board.
Increases
were
noted
in the cost of each major group
of wage-earner expenditure,
except in the cost of food.
The cost of living in August was
3.9% higher than in August, 1935, and 19.4% higher than
in April, 1933, the low point during the depression, but still
15.3% below the level of August, 1929. In an announcement
issued Sept. 14 the Conference Board also stated:
Food prices
Construction Contracts Awarded in August
26.8%.
0.2% above, and those of men, 0.3% below, the 1929 levels.
National Industrial Conference Board Reports
permits issued was about the same as in June but contract
Deterioration of crops in many parts of the country
rose
a
fruit and v getable canneries.
gineering construction were somewhat higher.
labor
averaged the same in August
as
in July, but they
were
5.5%
higher than in August, 1935, 40.4% higher than in March, 1933, and 22.3%
lower than in
Rents
In
continued their upward
August,
J
August, 1929.
trend, rising 1.5%
1936, rents were 10.9%
higher than
a
over
year
the July level.
ago,
and 26.5%
higher than in January, 1934, when they had reached their low, but 13.8%
below the level Of August, 1929.
Clothing prices advanced 0.3% from July to August, the first increase
since
December.
They were, however,
1.3%
lower than
a
year
ago
and
Financial
1782
The
Since
1935, there has been a rise of 0.7%
August,
1929.
only 4.6% lower than in August,
was
The purchasing value of
100 cents in 1923.
,n"
.y
-
.
26.4 in
registered
July to 40.4% in August and that of payrolls fell from 31.3 to
the
In comparison with a year ago thees indexes
period.
same
increases of about 7 and
Detailed comparisons follow:
11% respectively.
Prepared by the Department of Research and Statistics, Federal Reserve
of Philadelphia.
1923-25 Average—100
Bank
Payrolls
Employment
121.4 cents in August, 1935, and
•.
1933
1934
1935
1936
1933
1934
1935
1936
January
51.1
62.3
61.1
57.9
36.3
59.4
48.1
45.8
.
y'
'■
*4
of the 1923-25 average
dropped from 47.5%
the dollar in August, 1936, was 116.8 cents, as
compared with 117.4 cents in July, 1936,
/.
and since the low of
In August, 1936, the cost of sundries
1933, an increase of 4.8%.
June,
July to August.
increased slightly, 0.1%, from
showed
compared with a month before.
decline of nearly 16% in August as
The index of employment
in
but still 7.2% lower than in August, 1929.
sundries
of
cost
a
-
seasonally, 0.6%, which made them 2.1% higher than
Coal prices rose
1936
19
Sept.
Employee-hours actually worked in the collieries of 26 companies
Since the low of April, 1933, clothing
26.4% lower than in August, 1929.
prices have risen 20.6%.
in August, 1935,
Chronicle
Indexes of the
^
Relative
57.2
61.4
62.7
60.1
47.7
53.9
64.7
March
53.1
65.7
50.0
51.5
40.9
69.2
32.7
35.9
April
50.3
56.6
51.5
48.9
31.3
43.3
42.0
24.1
May........
42.0
62.0
53.9
25.2
53.7
41.8
47.5
to
June
38.5
56.0
55.6
50.3
28.8
44.7
55.5
35.3
July.
1923=100b
1
.
42.7
52.2
48.5
47.5
32.0
35.4
31.6
31.3
46.4
48.2
37.9
40.4
39.0
33.3
23.8
26.4
Per Cent of
Cost of Living
importance
•
February..
(+)or
Decrease (—)
from July 1936
August
'1
Increase
in
Item
Family
August,
July,
1936
Budget
Aug. 1936
1936
52.4
55.2
33
85.8
85.8
55.2
55.4
45.2
50.9
39.4
32.2
20
79.3
78.1
October...
55.3
56.9
57.7
51.6
40.4
47.1
Housing
12
73.2
73.0
+ 0.3
November
69.4
59.0
45.7
40.1
42.8
23.9
Clothing.....
78.0
77.8
+0.3
December
53.0
59.8
56.3
37.2
43.9
46.7
68.5
68.1
+0.6
85.0
84.7
12197654 932 193045
46.7
39.9
a
Food
...
Men's
Women's
5
Fuel and light
0 +: '
+ 1.5
83.5
83.0
Gas and electricity
88.0
88.0
94.5
94.4
85.6
85.2
+0.5
116.8
117.4
—0.5
30
Sundries
Weighted average of all items
Purchasing value of dollar.
Based
a
.
100
_.
0
+0.1
Levels in Several Years
Aug. 18, 1936, and July 14, 1936.
series.
b Revised
1936, are
revised basis for dates prior to July,
Industrial Conference Board.
Figures on
38.4
52.0
Employment and Payrolls in New York State Factories
Increased from Mid-July to Mid-August to Highest
of Labor Statistics,
food price indexes of the. United States Bureau
on
+ 0.6
58.0
50.4
Average...
+ 0.4
Coal
September
available at the offices of the National
The number of factory workers employed in New York
State factories increased 2.7% from the middle of July to the
middle of August, according to a statement issued in Albany
Sept. 11 by Industrial Commissioner Elmer F. Andrews.
factory payrolls advanced 4.9% during the same
period.
In the years 1932 through 1935 employment gains
ranging from 1 to 6% have been recorded in the July to
August period.
The statement made available by Com¬
on
Total
Pennsylvania Factory Employment Up 3% from MidJuly to Mid-August—6% Gain Noted in Payrolls—
Delaware Factories Also Report Gains
number
The
of
factories
in Pennsylvania
earners
wage
3% from the middle of July to the middle
increased nearly
6% higher, according to
indexes compiled by the Federal Reserve Bank of Phila¬
delphia from reports received from 2,271 manufacturing
plants which in August employed over 489,000 wage earners
with a weekly payroll of $11,398,000.
These changes repre¬
sent about the usual seasonal gains, the Philadelphia Re¬
of August, and payrolls were over
Bank announced
on
index
in August
serve
The
or
week.
about
in
and
the
and
from
July
every
line showed
in
the
payrolls
tions,
iron
that
was
substantial
higher
were
steel
and
expected.
comprising
than
products
the
steel,
heating
is
August
whole
a
1923-25
for
in
the
of
industries,
to seasonal expecta¬
as
large as was to be
reported
brick,
index
this
far
base
the
to
for
and terra cotta,
tile
and
about
pottery,
mills
planing
in
20% higher than last
•
:
~
.
consumers' goods industries
durable
goods industries
Despite the
payments.
wage
73%
were
level
lower
employment in the durable goids industries
been nearly 13% higher than in the same period
consumers'
in
and
years,
has
year
while
1935,
77%
and
of
and 91%, respectively, relative to the
the
for
than
employ¬
more
comprising structural iron
1923-25 average
those
while
Fabricators
..
in employment,
gain
The
payrolls.
where
and payrolls.
August.
equipment
an# lumber
elate
reached1 98%
August
average,
relative
thus
and
plumbing supplies,
and
for
to be quite
employment and payrolls in the
employment
of
seem
textile
usual
goods
industries
there
fU" decline
was
of
Employee-hours,
fall
in
the
The
1930.
nearly
were
in average
August
average
figure
in
increase
hours,
of
number
July to 39.4 in August, about
this
to
3%,
only
of
and
the increase
Although
been
90% of the companies, increased about
32% higher than in August, 1935.
hourly earnings over the past year has
reportedl by
as
month
the
in
average
59.5c.
the
was
highest
of hours worked increased
13% above last
weekly earnings
year.
rose
since
from
the
38.1
Reflecting chiefly
from $22.45 in July
Bank's
According
August
of
to
over
volume
24%
to
last
had
announcement
year.
abeve
canning
although
and
wage
Wage
August,
and
the
following to
factories
81
earners
with
a
disbursements
23%
manufacturing
leather
and
rubber
and
were
in
10%
Working time
higher
contributed!
employment
resumed
increase in working
temporary
closings in
these statements.
383,829 workers
on a
total weekly payroll of $9,928,331.
The
State
The reports are
analyzed in the Division of Statistics
and Information, under the direction of Dr.
this August
and payrolls.
During August these factories employed
E. B. Patton.
v
was
higher than for
1930.
month since November,
any
The index of factory payrolls was 70.7, above that for any
April, 1931.
months since
Compared with August of Last year, the index of employment
Both
7.7% higher and the index of factory payrolls was 13.2% higher.
was
100.
are
79.5
Labor Department's index of factory employment was
and
computed with the
for the three years 1925-1927 as
averages
',
.
The percentage changes in employment from
July to August in the last
23 years are given in the following table:
Decreases—July to August
:
—4.8%
Increases—Julv to August
1916—;
+ 1.4%
1928
+ 1.2%
1919
+ 2.1%
1929
+ .04%
1922
+
2.3%
+ 3.4%
1917
+0.1%
+ 5.7%
:_.__ + 0.3%
-
+ 1.0%
1920
1935.
+2.0%
1921.
+ 0.7%
x
—2.1%
—■—2.0%
1934...
+ 0.8%
-
—0.7%
—1.7%
1918..
19,36
+ 2.7%
1923
—
.x
—0.1%
—0.9%
..—0.8%
.—0.6%
Preliminary.
Increased Forces and Payrolls in Most Localities
Reports from up-State cities indicated increased employment and pay¬
rolls in most industries
In Syracuse, some reductions
throughout the State.
in employment were reported but these were offset
by the re-employment of
several hundred workers who had been laid off in June and
Albany-Schenectady-Troy district, vacations for
cuased
State
a
net reduction in the number of
districts,
a
In the
July.
large number of workers
people at work...
In all other up-
manufacturing industries generally Were employing more
Large increases in both forces and payrolls occurred in New York City
factories, due to seasonal activity in
industries.
than
largely
metal
also
last
greater than
increased
these
products,
9%
10% higher
in July
from
increases
transportation
from
products also
reported substantial
gains
in
sylvania
Anthracite
and
July
in
July,
the clothing,
forces
were
also
millinery
reported
and allied
by
manu¬
Some of the advance
in employment in the metal industries was due to the reopening
of several
plants which had been partly closed in July.
The percentage changes from July to August in employment
are
and payrolls
given below:
*1
July to August, 1936
Payrolls
New York City.».•.»—......
+ 6.3
+8.9
Rochester
+ 3:7
+4.9
Buffalo:
+ 3.5
+3.8
Utica
+ 2.4
+6.7
Binghamton-Endicott-Johnson City
Syracuse
+ 0.6
+ 0.6
—3.6
j
+ 1.1
Albany-Schenectady-Troy
;
—4.4
+4.0
equipment,
gains
in
both
Employment in Steel Industry Reported 10% in Excess
of 1929 Level
Collieries
Payrolls in Penn¬
Mid-July to
from
Mid-August
The number of wage earners on the rolls of Pennsylvania
anthracite companies and the amount of wage disbursements
decreased about 15% from the middle of Julv to the middle
according to indexes compiled by the Federal
Philadelphia from reports to the Anthra¬
cite Institute by 33 companies employing some 57,500 work¬
ers whose earnings amounted to
approximately $1,280,000
August,
Reserve Bank of
The Reserve Bank further announced:
working
in
the
Seasonal expansion
year.
to
was
Net
facturers of shoes, gloves and other leather goods.
Employment
employing
Delaware,
Decreases Noted in Employment and
week.
after
1,710 representative factories throughout the State form
Reports from
the basis for
.
a
operations
City
payrolls.
of
this August in the clothing
re¬
say
weekly payroll of $278,000,
increased 14% in the month and
1935.
was
industry
plants
from
reports
13,000
employment
August,
the
factories
of the net advance in both employment
garding employment conditions in Delaware factories:
than
on
July for annual vacations, inventory taking or repairs; this accounted for
some
by districts
$23.30 in August, and compared with $20.11 in August, 1935.
The
.
taken
Most other industries reported some net
Many
forces.
were
people in August than they did in July.
nearly 1%.
6%
number of workers
industries.
indexes
of the general increase
the highest since the latter part of 1930.
of
to
all Pennsylvania
in
measure up
customary
employment
granite
reached 71%
and
Indexes
as
both
and
According
employment
about the
reported
building materials industries,
marble,
cement,
year
in
gains
in
the
increases in both
Manufacturers of transportation
ment
81% of the
was
1935.
$20,783,000 a
employment was 5% .above
large portion
a
but the advance in payrolls did not
seasonal
average,
approximately
of
Although textile employment did not quite
of
August,
wages
volume
accounted for
August
1923-25
approximately 19% greater.
were
which
to
above
A large
collected and tabulated and the results
the
of
the payroll index
ago;
received
date
to
year
payrolls
group
year
a
84%
was
011,000 wage earners were employed
August
For
Sept. 17, adding:
about '27%
and
average,
estimates,
factories
The
employment
10% higher than
over
three-year
1935
of
missioner Andrews continued:
Current employment in the steel industry is more
than
10% above the 1929 level, and the average wage is nearly
cents an hour higher than in 1929, according to data
collected by the American Iron & Steel Institute showing
that 514,700 employees were on the payrolls of the industry
during July.
Hourly earnings of wage earners averaged
67.3 cents.
In an announcement issued Sept. 14 by the
two
American Iron & Steel Institute it
The figures show that the industry is
earners
or
nearly 48,000
more
than in
facturers recorded 419,500 wage earners
was
also stated:
providing work for 467,100
wage
1929, when the Census of Manu¬
In that year warge-earning^em-
ployees of the industry received an average of 65.4 cents per hour.
Volume
Financial
143
These statistics
amounted
industry in the first seven months of 1936
Total payrolls of the
period of
last year and nearly 90% of total steel payrolls for the whole year 1934.
Although the steel industry in July furnished work for more men than
before the depression, the output of the industry in July was 13% below
almost
to
above the corresponding
about 30%
$409,000,000,
1783
Chronicle
Bureau
the
of
345.
page
Figures for months
reported in the "Chronicle" of July 18,
of Commerce.
Department
prior to those shown below
1936,
William J. Austin,
released this week by Director
were
Census,
were
^
FINANCING
AUTOMOBILE
monthly production in 1929.
the average
"Wage-earning employees worked an average of 39 hours per
wage earners
Retail Financing
week during
Wholesale
worked per week by
July, which compares with the average of 55 hours
1929.
in
ing
and
14% Over
Cars
Volume
Volume
Volume
in
Number
in
Number
in
Number
in
of
Thou¬
of
Thou¬
of
Thou¬
Cars
Thousand
sand
Cars
sand
Cars
sand
Dollars
Year Ago
a
Unclassified
Volume
Ended Aug. 29,
Weeks
Four
for
Production
New Cars
Total
Year
Month
Lumber
Used and
Financ¬
Dollars
Dollars
Dollars
data om identical mills for the four-week
period ended Aug. 29, 1936, as reported by the National
We give herewith
Summary for
June*
ended Aug. 29, 1936:
Barometer for the four weeks
Total
,
7
(In 1,000 Feet)
1936
1935
1936
869,613
44,949
817,584
43,260
975,730
46,530
772,035
34,587
1,024,507
Total lumber.
902,622
914,562
857,018 1,022,260
806,622
7
Total
303,334
111,8^3
126,207
6 9 <409
324,633
119,372
134,054
74,489
896,536 1,877,767
692,586
799,077 435,257 1,078,690 257,330
269,656
265,147
103,450
99,630
128,794
123,552
648,715 1,490,338
July
555,403
665,714 367,100
1934—
June.
mills,
comparable mills during the same
56% above the record of
Shipments during the four weeks
Total 7
32,550
32,596
824,624 188,304
Orga nizations
282 Ident ical
1936—
ended Aug. 29, 1936, were 7% above
174,276
.
July
217,354 125,916
d413,923
60,634
55,890
238,109
195,299 112,794
186,550
168,685
455,463
162,404
June*
6% and
218,624
,
27%
the four weeks ended Aug. 29, 1936, were
Orders received during
Total
Softwoods in 1936 showed gain in orders of
7
mos.
July 1,093,677 2,532,195 1,023,866 1,179,707 677,757 1,352,488 346,109
ended
weeks of 1935 and 70% above similar weeks of
above those of corresponding
26% and hardwoods gain
1935—
1935.
by 461 softwood mills were
3,604,753,000 feet, the equivalent of 142 days' average production as
compared with 3,121,444,000 feet on Aug. 31, 1935, the equivalent of 123
above the corresponding weeks of
163,091
66,913
71,665
284,723
304,742
106,174
113,125
121,632
128,876
875,294 1,766,725
657,901
770,696 419,705
102,706
255,449
99,113
90,294
251,611
95,484
637,920 1,407,688
531,204
June
118,731
119,099
July
29, 1936, gross stocks as reported
On Apg.
July
Summary for
corresponding weeks, of 1935, softwood showing gain of
hardwoods, gain of 14%.
of 35%
140,862
141,595
70,900
67,034
mos.
ended
of the 1935 period.
and hardwood cut was 18% above output
1934.
92,069
during the same weeks of 1935
Softwood cut in 1936 was 13% above that
those of
104,422
July
and
period of 1934.
above that of corresponding weeks of 1935,
14%
was
i
mos.
ended
weeks ended Aug. 29, 1936, as reported by
Production during the four
these
42,484
44,883
177,127
190,579
121,779
122,238
:
;
July..
859,362
39,434
235,320
July 1,121,799 2,677,165 1,072,479 1,216,160 698,862 1,461,005 373,616
June
973,266
51,241
Softwoods—
Hardwoods
65,274
60,137
256,466
223,864 129,693
200,903 116,065
1935—
1935
1936
1935
b436,223
mos.
ended
Orders Received
Shipments
Production
a
194,968
176,201
480,330
177,448
166,018
July
Lumber Trade
559 mills reported as follows to the National
Orga nizations
1936—
Lumber Manufacturers Association:
An average of
456 Ident ical
Total 7
39,261
41,460
175,866
mos.
ended
July
996,029 238,196
days' production.
1934—
reported by 461 softwood mills were
794,046,000 feet, the equivalent of 32 days' average production compared
with 659,825,000 feet on Aug. 31, 1935, the equivalent of 26 days' pro¬
On
Aug. 29, 1936,, unfilled orders as
June
July
Total 7
duction.
mos.
ended
Movement,
Lumber
of
Report
Week
of
70%
Ended
number, 47.2% were new cars, 52.2% used cars, and
weekly average of production
1929
the
First Official Estimate for 1936
Dominion Bureau of Statistics in
Ottawa, confirms earlier opinions that this year's drought
was one of the most serious in the history of Canadian grain
issued
largely because the 1935 week contained the
and
new
only are
than
ing the week ended Sept. 5 was 1% above production; ship¬
ments
Reported new business of
the previous week, ended Aug. 29, was 1% above produc¬
tion; shipments were 4% below output.
Production in the
week ended Sept. 5 was shown by reporting softwood mills
18% above the corresponding holiday week of 1935; ship¬
ments were 24% above, and orders 47% above shipments
and orders of last year's short week.
The Association fur¬
7%
were
below output.
ther reported:
During
of
hardwoods
orders
of
Mills,
588;
orders,
Sept.
softwoods
production,
269,318,000
the
ended
and
ended
pine,
only
Sept.
mills
544
Revised
produced
shipped
256,484,000
237,340,000
feet;
preceding week
shipments, 257,986,000
feet;
were:
feet;
reporting
Southern pine,
above
orders
production
in
the
combined
The
the
1930-34
with
11.5
lowest
with
Lumber orders
wood
mills
same
mills.
feet,
or
or
1%
as
91
or
or
1%
for
feet,
reported
hardwood
above production.
9,959,000 feet,
1935;
production above last year's week.
246,866,000
Shipments
from
of
reported for the week ended Sept.
totaled
7% below production.
Reports
week
the
Production
mills
give
Shipments
as
5, 1936, by 472 soft¬
above the production of the
was
new
business
reported
8% below production.
week were 227,381,000
245,706,000 feet.
same
for the
Production
10,872,000 feet,
as
same
week
week's
and
tively,
270,000
a
production of 451 identical softwoodi mills
year
222,117,000
feet
ago
it
feet
was
and
and 164,539,000
203,756,000
179,841,000
feet;
was
shipments
feet, and
orders
239,996,000
were,
The
quality
amounting
the
of
the
to
the
average
compared
acre
however,
crop,
232,-
to
July 31,
on
108,747,000
only
1936,
received,
242
-
said
is
the
were
compared
bushels
bushels the year before.
The average carryover of
July 31 for the five years, 1930-34, was 156,550,000
on
Canadian
bushels
1930-34
of spring and
crops
with
compared
fall
rye
last
The July 31
bushels compared with
estimated at
are
bushels
9,606,000
of 8,939,000 bushels.
average
3,211,000
at
1936
with
pared
year
carryover
3|137,000 bushels the
and
was
year
of oats
production
is estimated
bushels
418,995,000
376,462,000 bushels.
in
291,617,000 bushels
a,t
and
1935
The quality of the
with
crop
is
the
1930-34
said to be
com¬
average
poor.
The
placed at 42,975,000 bushels compared with
28,125,000 bushels the year before.
The 1936 barley crop,
also said to be poor in quality, is placed at
31
carryover
was
74,376,000 bushels compared with
the
1930-34
estimated
average
at
83,975,000
of 82,083,000 bushels.
bushels
last
The carryover
bushels compared with
9,896,000
5,560,000
and
year
on
July 31
bushels
with
was
the year
before.
The
with
flaxseed
1936
crop
bushels
1,472,000
in
is
estimated
1935.
at
While
1,855,000
this
bushels
represents
an
compared
increase
2,225,000 bushels.
The July 31 carryover amounted
269,000 bushels compared wiht 313,000 bushels a year earlier.
respec¬
of
Clover
tons
and
other
hay
production
this
year
is
estimated at
to
of
aver¬
only
13,619,000
compared with 13,788,000 tons last year.
feet.
Automobile Financing for July, 1936
Sugar Interests of Cuba and Dominica to Hold Parley
for Restriction of Production
The dollar volume of retail financing for
July, 1936, for
456 organizations amounted to $176,201,992, a decrease of
9.6% when compared with June, 1936; an increase of 47.6%
compared with July, 1935: and an increase of 76.8% com¬
pared with July, 1934.
The $166,018,288 shown for whole¬
sale financing for July, 1936, is a decrease of 6.4% from
June, 1936; an increase of 35.8% compared with July,-1935;
and an increase of 80.3 % compared with July, 1934.
The
For all Canada
bushels
9.2
at
and with
ago
before.
age
Last
bushels.
only
at
estimated
year
12.6% compared with the 1935 crop, it is 16.6% below the 1930-34
Identical Mill Reports
feet,
1935.
years,
Canada
4,982,000
with tiie
were
10,778,000 feet.
was
eight
combined
The
only
July
(holiday)
a
bushels.
the
corresponding
is
stocks of wheat in Canada
203,273,000
in
crop
,
carryover
in
in
wheat
277,339,000 bushels
high.
very
Total
fall
and
with
estimated
bushels
be
to
hemlock
above
is
year
of
orders
spring
of 348,560,000
average
this
All reporting softwood regions but Northern
showed
1936
yield
shipments above production.
all reported shipments and
announcement
973,000 bushels compared
week
redwood and Northern hardwoods reported
but also lower than the 1930-34 average,
issued by the Bureau on Sept. 11,
ago,
year
estimated
California redwood and Northern hardwoods
Coast,
of Agricultural Eco¬
the Bureau
according to
which added:
•
booked
figures for the
267,382,000
feet
feet.
West
regions
5.
5,
combined;
257,738,000 feet.
Southern
were
an
wheat
week
the
a
said
hardwood and softwood mills.
the
United States Department of Agriculture.
Not
the 1936 wheat, rye, barley and oats crops lower
nomics,
associations covering the operations of important
Reported new business dur¬
regional
11 by
Sept.
production,
below that week, according to reports
Lumber Manufacturers Association from
orders 4%
National
1936 grain crops in Canada,
The first official estimate of
Labor Day
holiday.
Reported production during the week ended
Sept. 5, of 8% few mills, was 4% below revised production
figures of the preceding week; shipments were 8% below,
was
the
* Revised
0.6% unclassified.
Large Reduction in Canadian Grain Crops Shown in
67% of 1929 shipments.
Reported new orders slightly
exceeded output hnd were appreciably above the new busi¬
ness of the corresponding week of last year,
but the gain
and
to
761,020 174,599
646,668 356,605
during the week ended Sept. 5, 1936,
The lumber industry
at
July
37 have discontinued automobile financing,
b Of this
number, 46,0% were new cars, 53.4% were used cars, and 0.6% unclassified,
c Of the 282 organizations, 24 have discontinued automobile financing,
d Of this
Sept. 5, 1936
stood
131,594
Of these organizations,
a
Weekly
30,272
30,392
130,376
68,842
65,092
125,073
120,017
It
was
announced
on
Sept. 13 by Andres Pastoriza, Do¬
States, that during the next
minican Minister to the United
four weeks
a
series of conferences between sugar interests
of Cuba and the Dominican
Republic will be held in order
output to present levels in the hope of stabiliz¬
ing the industry.
In noting the issuance of the announce¬
to
restrict
ment,
said:
the New York
"Journal of
Commerce"
of
Sept
14
Financial
1784
Mr.
of
conference
world-wide sugar
The
stabilization plan.
with Cuban representatives was held last week at the
the Dominican Chamber of Commerce, Mr. Pastoriza dis-
first meeting
The
local
world-wide
a
interests in England before the end of the year is
goal of such a gathering would be to evolve a
sugar
discussion.
under
for the calling of
that a proposal
disclosed
Pastoriza
offices
of
'
closed.
Arturo
present at the meeting were M. Aurelio Portuondo
of the Cuban Stabilization Institute, who
Among those
and
Dr.
Manas, members
conditions in Europe and who discussed
possibilities of a world sugar conference.
They informed the representa¬
tives of the sugar industries of the two nations of their findings.
of
recently made a study
Stocks
Coffee
Brazilian
sugar
New
in
York
Warehouses
Reported Near Low Level of Year—Stocks of Other
Growths at New High Point
coffee in licensed warehouses in the
Stocks of Brazilian
York are very near the low of
of New
Port
the year, the
Exchange announced Sept. 15,
New York Coffee and Sugar
while, on the other hand, stocks of other growths are at
a
The Exchange's announcement of Sept. 15
high point.
new
said:
Brazilion
in store
coffees
159,326 bags todlay,
were
Jan.
on
326,698
bags,
American
heavily
Brazil
demand.
during the
bags
against
frotn
of
price,
at
Indicative
United
of
this
of
States
bags
1,365,000
crop
from
shippers and
when
year
the
for
up
the
demand
in¬
from
July-August,
year,
Brazil
during
the
roasters have drawn
slower
the
of
Brazilian
in
the
of
stock
reached
point
Brazilian
time
a
result of this condition,
a
bags
low
The drop
roasters
as
were
148,258
have
now
the
in store.
were
284,047 bags
were
growths
deadlock between
two months
the
to
bags
the largest,
stocks.
first
figures
export
bags
matter
As
warehouse
on
1,237,000
the
usually
Brazilian
125,176
of
the virtual
on
are
than
201,522
to
roasters
sales
winter
creased
of
when
is attributed
Brazilian
other
of
increase
an
Jan. 27,
year,
stocks
the
Stocks
6.
decline of 124,721
a
bags from the high point of the year, May 11, when
in
stock.
The lowest stocks registered during 1936
which
are
stressed at the
organization's annual meeting in Atlantic City.
commenting on the code, C. L. Suhr, of Oil City, Pa.,
president, said that "leaders of our industry, with the co¬
operation of various marketing organizations," have been
working on the program for two years. The code, now before
the Federal Trade Commission, will be submitted to the
industry
"I
am
conditions,
Coffee
Late
in
August,
Government
sacrifice
quota
the
leading
maximum
on
House
from
influence
in
that
Coffee
from
Department,
plantation
Payment to be
hardly
enough
estimated
at
favor
Santos
market
Deputies
asking
for
quota
the
at
cover
21,508,000
the
necessarily have to be given
destruction,
crop
of
five
cost
of
the
up
for
nearly
said:
bill
a
of
the
At
asked
suspension,
market
the
to
suspension
was
perturbing
a
rate
bags,
for
Paulo
planter to
present
the
Sao
measure
was
every
presented
unconstitutional.
was
of
the
eventual
during
it
State
of
requires
made
to
the
the
under question
quota
of
the grounds that
Deputy
claiming
group
The Exchange's announcement
traders in the
Federal
to
the
time
his
use
the
Santos
factor.
The
relinquish to the National
30^>
bag.
of all
which
year,
milreis
With
6,500,000
the
bags
coffees moved
July 1.
(about 30c.),
started
bag
per
Brazilian
of
coffee
crop
would
to the National Coffee Department under
the present arrangements.
August
Flour
Output
Totaled
6,138,800
Barrels
General Mills,
Inc., in presenting its summary of flourmilling activities for approximately 90% of all flour mills
in the principal flour-milling centers of the United States
reported that during the month of August 1936 flour output
totaled 6,138,800 barrels.
This was an lincrease over the
5,222,632 barrels produced in the corresponding month of
1935.
Cumulative production for the two months ended
Aug. 31, 1936 amounted to 12,295,575 barrels.
This com¬
pares with 10,075,232 barrels produced in the like period a
year ago.
The corporation's summary further disclosed:
PRODUCTIONS OF FLOUR (NUMBER OF
Month of August
BARRELS)
2 Mos. Ended. Aug. 31
1936
Northwest
Southwest
Lake.
Central A Southern
Pacific Coast
Total for mills reporting
1935
1936
1,455,742
2,200,073
1,912,106
570,879
1,308,778
1,867,419
2,922,145
4,437,663
3,900,552
1,035,215
2,440,451
3,696,809
6,138,800
5,222,632
12,295,575
10,075,232
1,636,318
410,117
-
1935
3,219,153
718,819
'
.
Petroleum
and
•«
A
Its
Products—Michigan Crude Cut
10
Cents a
Barrel—Texas Postpones Action on
New Spacing Rules—Temporary Plan
Suggested
by Thompson—Louisiana
Tightens
Control
in
Rodessa Field—Daily Average Crude
Output Again
Above 3,000,000 Barrels
Michigan crude oil prices were lowered 10 cents a barrel
Thursday by the Pure Oil Co. and the Simrall Pipe Line
Co.
Pure Oil, major purchaser in the State, cut the
price
for the one grade which it
purchases to $1.32 a barrel from
$1.42 previously.
Simrall, which buys the lower grades
also, set the new range at $1.16 to $1.32 for top-grade, the
on
latter the
same
as
Pure Oil.
The South Penn Oil Co.
Sept. 18 lowered the price for
corning grade crude oil 10 cents a barrel to $1.32. Neither
of
The sentiment in favor of a
voluntary return to a code of
fair business practice by the National Petroleum Assn. was
at
the
previous announcements, the Commission
the question of the 10-acre spacing rule
at the meeting and no indication as to when the matter
would be taken up was given at the meeting.
Other develop¬
ments at the conference were a report from V. E. Cottingham,
Chief Petroleum Engineer of the Commission, that during
the Aug. 12 to Sept. 3 period the bottom-hole pressure of
the wells in the East Texas field showed a slight drop per
square inch,
and that producing conditions there were
satisfactory.'
'
Purchasers failed to file nominations for their September
purchases with the Commission at the meeting, but it is
understood that they will be below those during August
and the Commission will order a slight reduction in the Texas
allowable during the month.
On Sept." 17, incidentally,
the Commission posted increases of allowable production
in four oil fields in West Texas, aggregating 4,000 barrels
daily, to meeting increased market demand in those areas.
Reports from Austin on Sept. 16 disclosed that Ernest O.
Thompson, Chairman of the Railroad Commission, has pro¬
posed that the new temporary spacing rule for new oil fields
in Texas be one well to each 40 acres, as a basis for reduction
of the acreage plan as the field develops.
Little hope of
the adoption of a 10-acre spacing rule by the State was held
forth by Chairman Thompson.
He pointed out, however,
that the courts have upheld the spacing of wells upon the
principles of preventing fire hazard and physical waste.
"We cannot write an economic order," he continued,
"and if those who propose the change want it only for the
purpose of limiting drilling, they are out of luck.
The Com¬
mission is interested in the conservation of oil and gas and
it had not been disapproved that the more wells drilled the
more
oil
consider
can
be recovered."
Following a conference at the State Capital on Monday
attended by representatives of 30 oil operators in Louisiana,
Governor Leche the following day, through the Louisiana
Conservation Department,
ordered that production of
natural gas be restricted to 12,500 cubic feet per barrel of
oil in the Rodessa field, where the well is
operating to its
full quota of 240 barrels daily.
The order, which will reduce the gas flow by aboujt half,
followed the protests of the major oil companies that 600,-.
000,000 cubic feet of gas a day was being blown into the
air over Rodessa during the production of
60,000 barrels
of oil.
Owners of distillate wells had proposed a ratio
twice as high.
Daily
average
crude production of the nation continued
above the 3,000,000-barrel level in the week ended
Sept. 12,
reports compiled by the American
disclosed.
Sharply lower production
Petroleum Institute
in Texas was offset
by substantial gains in other major oil-producing States.
Production was 3,020,850 barrels, up 12,300 barrels from
the previous week and compared with estimated market
demand of 2,864,000 barrels set by the Bureau of Mines
and actual production in the like 1935
period of 2,749,850
barrels.
Crude oil price changes follow:
Sept. 17—Pure Oil reduced Michigan crude oil 10 cents a barrel to $1.32.
Sept. 18—South Penn Oil cut Corning grade crude 10 cents a barrel
to $1.32.
Prices of Typical Crudes per Barrel at Wells
the
two reductions are believed to
possess any market
significance as both areas produce low gravity crude, not
generally used for the manufacture of gasoline. Prices in both
areas have fluctuated in the
past with no effect upon the
general crude oil price structure.
representatives
indicated
to
partent of Brazil is constitutional, the New York Coffee and
Sugar Exchange announced, Sept. 16, that it learned by
cablegram that day.
much concerned with the immediate formrof
code," Mr. Suhr sajjL/'The important thing is that the
industry has come,To rec4g»*ze the soundness of the principle
of setting up rules "df
-T^^uct. We shall have , the oppor¬
tunity to demonstrate, on the behalf of all American in¬
dustry, that we are fully capable of self-government. If we
should fail, we may expect government regulation, which is
better than no regulation at all."
;
,
Representative Wright Patman, D.Tex., told the delegates
attending the convention that the new law prohibiting dis¬
crimination between small and large purchasers was aimed
at the "Captain Kidds of business," and that "those seeking
a loophole will find a noose instead#'
C»M
Contrasting the new law with the NIRA, Representative
Patman pointed out that under the latter, "the real big boys
had a few people to contend with, and if they could get those
few to accept their rules the little fellows had no recourse."
Under the new Robinson-Patman Act, however, he con¬
tinued, there are several agencies through which disputes
can be adjusted.
Only one small field asked for an increase in production
at the regular monthly State-wide proration hearing of the
Texas Railroad Commission held in Austin on Sept. 11.
The 523 fields in the Lone Star State are operating under
satisfactory
Brazil, has found
of the National Coffee De-
the sacrifice coffee quota
so
meeting.
Contrary
Federal Court in Rio de Janeiro,
The
that
whole if the former approves it.
as a
not
the
did not
Federal
Court
Upholds Sacrifice
Quota of National Coffee Department
1936
In
months
two
1935.
Brazilian
Sept. 19,
but
totaled
similar
Chronicle
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
$2.45
1.25
Darst Creek
1.23
Illinois
Eldorado, Ark., 40
Rusk, Texas, 40 and over
1.32
Central Field, Mich
Western
Kentucky
1.23
Mid-Cont't, Okla., 40 and above.- 1.18
Winkler, Texas
Smackover, Ark.. 24 and
.85
over---
.75r.80
-
$1.10
1.15
.97
Kettlemen Hills, 39 and over.-
1.32
1.15
.95
1.43
Petrolla. Canada
1.10
Sunburst, Mont
Huntington, Calif., 30 and over.--
Volume
Financial
143
SOARS
RATE
PRODUCTS—REFINERY
REFINED
According to the Bureau of Labor Statistics, the price index for petroleum
RECORD
TO
HIGH—GASOLINE STOCKS DIP 575,000 BARRELS
IN LABOR
products in July, 1936 was 58.1 compared with
in
RUNS ALSO HIT NEW HIGH
DAY WEEK—DAILY CRUDE
1785
Chronicle
SUPPLY AND DEMAND
in refinery operations to a new all-time
high, inventories of motor fuel, finished and un¬
finished, dipped only 575,000 barrels in the week ended
Sept. 12, according to the American Petroleum Institute.
Total holdings on Sept. 12 were 57,918,000 barrels, against
the record high of more than 70,000,000 barrels set last
April.
Current stocks are approximately 3,700,000 barrels
57.7 in June, 1936 and 52.9
July, 1935.
Offset by a spurt
OF ALL OILS
(Thousands of barrels of 42 gallons)
'
record
-V'* ;'--'y:
above the like 1935 date.
;
•
:
1936
half-dozen times in the history of the industry have
refineries operated above 80% of capacity.
Several other records were broken during the second week
a
September in the refinery branch of the industry, the
I. report shows.
Daily average runs of crude oil to
stills rose 70,000 barrels to cross the 3,000,000-barrel level
at 3,095,000 barrels, in sharp contrast to daily* runs in the
like 1935 period of only 2,516,000 barrels.
Production of
cracked gasoline also set a new top at 700,000 barrels daily,
up 10,000 barrels on the week.
Fourth reduction since Aug. 20, the Standard Oil Co. of
Ohio Friday lowered the tank-car price of all grades of
gasoline }/% cent a gallon. Total reductions since the down¬
ward trend started aggregate lA cent a gallon.
Current
price is 8.25 cents for third-grade, 8.50 cents for regular
and 10.50 cents a gallon for premium, respectively.
The gasoline price-war continued unabated in Northern
New Jersey and repercussions in the metropolitan New York
area,
already weakened by scattered price-cutting, are
feared unless the war ends.
Other refined product markets
Supply—
Domestic production:
2,970
210
218
144
93,620
88,767
23,339
1,398
652,726
3,085
3,121
2,863
3,064
2,757
1,566
16,583
3,917
14,005
3,355
__
Total production
Daily average
Imports: b
187
156
479
2,460
2,493
2,041
Receipts in bond
Receipts for domestic use
Refined products:
Receipts in bond
7,245
10,249
1,237
1,956
1,677
397
348
467
3,531
5,605
100,364
98,573
92,991
684,655
615,220
3,238
3,286
3,000
3,214
2,902
c4,851
c4,127
c2,041
3,745
1,864
105,215
102,700
95,032
680,910
3,394
3,423
3,066
3,197
613,366
2,893
4,458
6,297
4,792
5,832
27,079
28,264
6,606
7,093
45,271
40,698
44,630
267,653
28,495
Gas oil and fuel oil
29,659
29,475
1,969
41,209
2,885
24,770
240,767
Kerosene
46,692
3,019
230,660
204,279
1,655
13,096
11,405
Receipts for domestic use
Total new supply, all oils
Daily average
Increase in stocks, all oils
Demand—
Total demand
Daily average
;
Exports:
Crude petroleum
Refined products.
Domestic demand:
Motor fuel d
Lubricants
3,075
2,123
25,804
81
114
70
636
476
543
552
3,660
3,783
Asphalt
2,564
2,118
10,795
Road oil
1,488
4,951
8,455
3,272
4,831
2,034
1,204
4,814
31,037
151
206
177
1,296
3,256
3,122
2,737
17,190
94,460
91,302
3,043
82,107
2,649
608,560
2,857
544,394
3,047
329,351
Wax
Coke
Still gas
Miscellaneous
Losses d
Total domestic demand
Daily average—
1,219
530
4,042
'
28,837
1,263
15,999
2,568
Stocks—
306,390
5,816
306,390
5,792
329,351
5,829
233,421
230,845
233,263
230,845
545,445
550,296
566,012
545,445
566,012
161
Refined products
311,046
5,792
233,263
Crude petroleum
Natural gasoline
third-grade, 8.50 for regular and
1,012
584,448
Crude petroleum:
161
185
171
196
lowered tank-car prices of all grades of
18—Standard of Ohio
561,670
2,649
21,766
627,989
2,948
95,643
Natural gasoline.
Benzol a
were
gasoline % cent a gallon to 8.25 cents for
85,485
2,758
3,138
90,185
3,006
3,217
92,078
Daily average
A. P.
Sept.
.
Crude petroleum
of
quite.
Representative price changes follow:
1935
•
Jan.-July Jan.-July
1936
1935
New
1
Refinery operations broke through to set a new peak at
81.3% of capacity, against 80.5% in the previous week.
The record operating rate was due to increased production
of gas and fuel oil as refiners sought to build their stocks up
in anticipation of the heavy winter consuming season just
ahead.
Gas and fuel oil stocks were up 933,000 barrels.
Only
1
July,
June,
1936
July,
Total, all oils—
Days' supply
5,816
10.50 for premium, respectively.
of Mines; imports
of refined products from Bureau of Foreign and Domestic Commerce,
c Decrease,
d Beginning January, 1936, natural gasoline losses are included in motor fuel
a
U. S. Gasoline (Above 65 Octane), Tank Car Lota,
F.O.B. Refinery
$.05%-.05%
Chicago
New York—
Standard Oil N. J_.$.07%
New
Orleans.
Socony-Vacuum
.07 X
Colonial Beacon. .$.07 X
Tide Water Oil Co..
.07%
Texas
07 X
Los Ang., ex.
Richfield Oil (Calif.)
.07 X
Gulf
07 X
Gulf
Warner-Quinlan Co.
.07 X
Republic OU
07 X
Tulsa
Shell East
.06
-.06)4
From Coal Division,
07
J.04%
(Bayonne)
J
Los Angeles. .
I Tulsa
.04%-.05
Orleans.?.03^-.04
.04%-.04%
N. Y. (Bayonne)
Bunker C
Diesel 28-30
i
|1.101
$.04-.04%|
1.05
$.184
.23
Philadelphia
.215
Camden
.168
Detroit
.16
Jacksonville
.20
San
.19
175
.195
Pittsburgh
.165
St. Louis
Houston
.165
...
175
Chicago
^os
8,551
2,420
78.0
78.2
17,295
13,043
2,076
67.0
68.0
14,425
1,374
10,836
44.3
1,322
44.1
349.6
10,652
355.0
17,810
574.5
17,445
581.5
14,934
9,628
76,291
125,970
Francisco....
.16
.17
Springs
147
4.8
147
4.9
972
897
402
13.0
383
12.8
2,536
2,452
73
2.3
74
2.4
461
434
Kansas
4,968
160.3
4,559
152.0
32,552
32,002
Kentucky
Loui8ianaLGulf Coast...
15.9
463
15.4
3,156
4,557
147.0
4,313
143.8
3,091
21,721
1,732
55.9
1,667
55.6
29,680
10,163
4,593
Indiana
492
Rodessa
Decline
monthly petro¬
leum statement reported that the daily average production of
crude petroleum in July, 1936 was 2,970,300 barrels, a
decrease of 35,900 barrels from the daily average in June.
This marked the second successive month in which production
has shown a small decline.
The Bureau further reported:
decreases.
Daily
average
State
showed
a
small
523
391
12.6
380
8.6
270
9.0
....
72
2.3
77
2.6
—
338
10.9
347
11.6
Oklahoma—Okla. City..
4,423
142.7
4,196
139.9
4,223
136.2
8,306
16,952
267.9
4,280
8.419
16,895
280.6
in
20,000 barrels to 1,158,700 barrels.
Texas field dropped
444,700 barrels. The remainder of the
the State's average declining
Total Ohio
Siminole
Rest of State
Total Oklahoma
1,474
7,452
Pennsylvania
Texas—Gulf Coast
barrels to 574,500 barrels.
was
offset by
Louisiana showed
a
decreases in other fields in Oklahoma.
1,447
48.3
7,091
236.4
171.2
1.178.7
11.1
35,920
1,158.7
337
10.9
333
444.7
1,889
61.0
Rest of State
7,357
237.3
Total Texas
•
West Virginia
Wyoming—Salt Creek
Rest of State
Total Wyoming
Other
Production in the Oklahoma City field increased
but this
47.6
a.
Total T7. 8
Production in
* Includes Missouri,
slight increase, as small gains in the coastal fields and
,
520
22.3
1,212
39.1
61.3
243.2
510
16.8
692
..
466.6
•
17.0
633
21.1
1,143
38.1
.5
90,185
2,970.3
551
2,401
33,688
■
55,849
116,754
9,642
48,349
36,773
99,052
12,959
48,716
244,849
2,241
3,562
-
27,690
47,047
108,425
9,321
36,026
31,827
102,892
12,640
43,056
226,441
2,314
3,664
4,273
4,126
7,835
7,790
31
5
92,078
458
2,259
31,016
29,889
142.7
175.3
1,850
1,801
''
563.2
240.4
Panhandle
Most of the fields in California showed
July, the State's average decreasing from 581,500
546.8
5,135
13,999
1,839
7,297
35,361
5,435
13,787
West Texas
output,
small declines in output in
2,430
12.7
266
.»
26,597
8,015
2,512
11,524
2,616
73.0
New York
-
4,876
44,436
7,410
3,158
14,838
17.4
2,189
fairly well distributed among the
production in the East
increase
32.4
13.9
Texas, California, and Oklahoma showing
about 22,000 barrels to an average of
971
32.6
73.6
East Texas
was
22.0
221.4
431
The United States Bureau of Mines in its
July
662
6,642
2,280
—
New Mexico
Northwestern
The decline in production in
20.9
223.8
Ohio—Central & East...
Continues
During July
States, all the three leaders,
.
648
Total Louisiana
Petroleum
Crude
k
6,937
1,010
Rest of State
Montana
of
8,119
64,406
108,544
Illinois
Michigan
Production
6,456
Colorado
15
Angeles
7,822
Santa Fe
city sales tax.
sNot Including 2% duty
6,273
36.2
Total California
Minneapolis
Boston
Buffalo..
29.3
1,085
2,345
2,041
Rest of State
New Or leans
.....
878
35.6
California:
.$.02%-.02%
.175
Denver
.168
!
29.0
Arkansas
|
$.175
Cleveland
899
1,104
Long Beach
iTulsa...
Cincinnati
.177
Newark
f
Kettleman Hills
.90
$
Terminal
32-36 G0-$.02%-.02%
$.182
^Brooklyn
1935
p,
Gasoline, Service Station, Tax Included
xNew York
JUiy
1936
Daily Ac.
Huntington Beach
I Chicago,
(Bayonne)
27 plus
Terminal
New Orleans C
California 27 plus D
$1.15-1.25 Phlla., Bunker C
Gas Oil, F.O.B. Refinery or
N. Y.
Total
DailyAv.
Jan.-
JlUf/t
1.651
D...
Jan.-
June, 1936
July, 1936
Total
Fuel Oil, F.O.B. Refinery or
BY STATES AND
PRODUCTION OF CRUDE PETROLEUM
PRINCIPAL FIELDS
F.O.B. Refinery
Texas.$.03%-.03% |New
(North
demand.
,05%-.04%
.06
-.06 X
06
-.06%
(Thousands of barrels of 42 gallons)
Kerosene, 41-43 Water White, Tank Car,
New York
ports
b Imports of crude as reported to Bureau
3,006.2
24
627,989
561,670
Mississippi, Tennessee, and Utah.
Rodessa offset the declines elsewhere.
Daily average crude runs to stills were 2,958,000 barrels, or 9,000 barrels
below
the
average
in June.
Despite this decline, the withdrawal from
storage increased as the decrease in
crude production was greater.
4,656,000 barrels, which
withdrawal from refinable crude stocks in July was
left them at 306,390,000 barrels on July 31.
The percentage
A
new
being 44.6% compared
in June.
high mark for indicated consumption of motor fuel was set in
July, when the indicated domestic demand was 46,692,000 barrels, a daily
average of
1,506,000 barrels.
demand of a year ago.
This represents a gain of nearly 13% over the
Exports of motor fuel were 2,369,000 barrels, or
slightly above the total in June.
declined 4,931,000
about 10,000,000
Stocks of finished and unfinished gasoline
This total is
barrels to a total of 62,446,000 barrels.
barrels over the economic level for Oct. 31, 1936; in other
words, it would be desirable to have the
and October approximate
As
withdrawals for August, September,
10,000,000 barrels.
expected, the respective daily average indicated domestic
for kerosene and fuel oil declined and those
oil increased.
in
Week
The American Petroleum Institute estimates that the
daily
crude oil production for the week ended Sept. 12,
1936 was 3,020,850 barrels.
This was a gain of 12,300
barrels from the output of the previous week.
The current
week's figure was also 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. 12, 1936 is estimated at 3,032,750
barrels.
The daily average output for the week ended
Sept. 14, 1935 totaled 2,749,850 barrels. Further details, as
reported by the Institute, follow:
average gross
yield of gasoline continued to increase in line with the
approach of the peak demand, the average for July
with 44.4%
Daily Average Crude Oil Production Rises 12,300 Barrels
The net
'
■
Imports of petroleum for domestic use and receipts in bond at principal
demands
for lubricants, asphalt, and road
United States ports for the week ended Sept.
a
12 totaled 1,436,000 barrels,
daily average of 205,143 barrels compared with
a
daily average of 174,286
Financial
1786
weeks ended Sept. 12.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
daily average of 32,714 barrels for the week ended Sept. 5,
'
estimated
companies had in storage at refineries, bulk terminals, in transit and in
PRODUCTION AND
57,918,000 barrels of finished and
as
STOCKS OF NATURAL GASOLINE
(In Thousands of Gallons)
unfinished gasoline and 113,109,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 95.9% of the potential
s
Stock*
Production
charging capacity of all cracking units indicates that the industry as a
on a
decline in
first
the
as
1,554,000 gallons, was all in plant and terminal stocks,
refinery stocks increased.
basis, 3,095,000 barrels of crude oil daily during the week, and that all
whole,
gasoline showed
increased
City
Oklahoma
the refinery demand began to respond to
influences.
The decrease, which amounted to
seasonal
daily potential refining capacity of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines
pipe lines as of the end of the week,
natural
several months
Reports received from refining companies owning 89.8% of the 3,941,000
barrel
of
Stocks
and ended Sept. 12.
and 22,536 barrels daily for the four weeks
and
producer,
second-ranking
materially.
ended Sept. 12 totaled 150,000 barrels, daily average of 21,429 barrels, com¬
a
Sept. 19, 1936
Panhandle showed little change from June, but the output
at Kettleman Hills, East Texas, now close to being the
barrels for the week ended Sept. 5 and 164,143 barrels daily for the four
pared with
Chronicle
Bureau of Mines basis, produced an average of 700,000 barrels
June 30, 1936
July Zl, 1936
daily during the week.
July,
June,
Jan.-
Jan.-
1936
1936
July,
July,
At
Plants
At
Plants
1936
1935
Refin¬
& Ter¬
Refin¬
& Ter¬
eries
DAILY AVERAGE CRUDE OIL PRODUCTION
minals
eries
minals
(Figures in Barrels)
B.
Actual Production
Average
Week Ended
of M.
4 Weeks
Dept. of
Int. Cal¬
Ended
Sept. 5,
Sept. 12,
Sept. 14,
1936
1936
1936
1935
558,750
575,450
164,700
493,350
147,400
(Sept.)
Oklahoma
563,000
—
565,450
162,850
160,000
Panhandle Texas
156,500
Kansas
56,300
62,200
26,500
171,900
65,150
61,750
26,500
178,400
178,400
59,900
58,450
60,100
434,600
88,550
253,350
433,800
88,100
258,250
433,750
257,800
1,153,300
1,170,400
1,168,700
82,900
152,100
81,500
153,300
235,900
235,000
234,800
147,600
30,500
107,100
28,150
113;850
30,350
28,200
115,300
31,450
40,450
19,100
5,050
18,250
4,950
71,600
41,700
18,000
5,050
78,350
78,050
78;,100
56,800
2,328,800
2,432,950
2,438,250
2,459,450
2,112,950
535,200
587,900
570,300
573,300
636,900
2,864,000
3,020,850
3.008,550
3,032,750
Louisiana.
2,749,850
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas—
Coastal Texas
i.
Total Texas.
1,123,900
—.
Coastal Louisiana
Mountain
62,850
61,650
26,500
52,750
59,300
25,950
154,100
47,150
442,700
87,650
California..
Eastern.
'
31,300
Michigan
37,200
_
13,500
4,500
Montana
Colorado
1-
New Mexico-
Total East of CaliforniaCalifornia—
Total United States
5,500
48,410
Total
Daily average
(thous. of
—
28,650
46,450
36,900
13,400
41,100
-
4,350
.
Crude Runs
Daily Refining
Capacity
1936
Stocks of
Finished and
Unfinished Gasoline
*
Finished
Daily
Total
P.
C.
P.
Aver¬
Reporting
tial
Oper¬
age
612 100.0
542
C.
At Re¬
fineries
612
Appalachian.
Ind., Ul.,Ky.
88.6
154
146
94.8
99
67.8
462
444
96.1
423
95.3
Terms., Nap'tha
<&c.
statement follows:
ESTIMATED UNITED
927
916
288
2,694
669
384
84.8
295
76.8
3,095
2,076
160
48.5
112
70.0
192
688
96.9
230
1,955
1936
La. Gulf
169
163
96.4
117
71.8
854
444
268
489
72
90.0
41
56.9
57
45
97
60
61.9
49
,81.7
739
106
852
789
92.6
513
65.0
8,565
2*228
1,101
3,540
89.8
2,879
81.3
30,152
2,061
18,648
32,213
19,287
32,331
19,722
y27,166 yl8,458
y5,710 yll0141
380
1936 d
1935
As of Sept. 30. 1935.
z
1929
e
1,291,000
1,160,000
1,668,000
531,000 34,628,000
106,200,
165,300
728,000 1,084,000
121,300,
180,700
37,500
35,157,000
47,143,000
168,600,
226,100
943.700
581,700
2,731
4,721.800
22,168
30,600
5,100
average-
6,250
15,900
2,650
Includes lignite, coal made into coke,
Sullivan County, washery and dredge coal,
by truck from authorized operations,
(c)
justed to make comparable the number Of
a
ESTIMATED
4,431
local sales and colliery fuel,
b Includes
local sales, colliery fuel, and coal shipped
Subject to revision,
d Revised, e Ad¬
working days in the several years.
WEEKLY PRODUCTION OF COAL, BY STATES
NET TONS)
THOUSANDS OF
(IN
California.
1935
1936
1,373,0001,333,0001,390,000,
Total for period
6,040 110,799
378
2,310
639
c
Beehive coke:
U.S.B. of M.
y
Sept. 7,
8,235,000 7,996,000 6,948,000 271,835,000 243,055,000 351,525,000
average.
v
Bureau of Mines basis currently estimated,
*
a
Daily average
x
Week
Calendar Year to Date
Aug. 29,
Daily
6,418 113,109
6,440 zl 12176
151
2,778
(IN NET TONS)
Total for period
73,268
Sept., 1935
(The current weekly estimates are baded on railroad carloadings and riyer ship¬
subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
ments and are
Revised
1
.
August
Week Ended—
'
August Anthracite Shipments 21.91% Above
State
Year Ago
a
Shipments of anthracite for the month of August 1936,
reported to the Anthracite Institute, amounted to 2,917,377 net tons.
This is a decrease, as compared with
shipments during the preceding month of July, of 427,932
net tons, or 12.79%, and when compared with August 1935,
Aver¬
-
1936 p
an
increase of 524,232 net tons, or
Shipments by originating carriers
follows:
'
..
July
1936
AuguJst
1935
Central RR. of New Jersey.__
Dela. Lackawanna & West. RR
Delaware & Hudson RR. Corp.
Pennsylvania RR
Erie RR
N. Y. Ontario & Western Ry_.
Lehigh & New England RR...
Total
292,080
260,360
203,680
178,456
105,710
246,004
83,447
438,588
472,904
176,354
279,464
232,916
287,950
248,969
143,391
112,609
2.917,377
3,345,309
2,393,1145
703,533
651,941
217,287
304,330
769,783
745,044
263,020
409,545
319,415
305,575
203,476
2
2
3
208
197
167
345
63
58
57
100
80
120
97
1
1
1
1
800
750
736
865
1,189
1,363
270
255
270
270
354
440
43
33
68
60
72
126
110
113
120
126
145
751
726
673
662
978
765
136
135
•
Georgia and North Carolina
.
Iowa
Kansas and Missouri
July
1935
Maryland
Michigan
-
.
(s)
397
81
176
173
(s)
(s)
100
587,554
New Mexico..
22
470,047
251,246
377,886
271,002
356,438
344,558
189,688
North and South Dakota
16
3,031,987
183,568
Ohio
Pennsylvania bituminous
/
290
217
27
45
44
2
6
17
60
43
74
50
31
22
50
49
14
61
1
157
28
24
.
3
54
3
181
29
29
-
18
21
16
20
•
372
383
370
336
498
871
2,047
1,934
1,589
2,867
3,734
99
101
ipo
74
106
118
24
Texas
14
14
16
14
26
Utah
46
36
42
44
84
83
236
214
221
160
261
248
33
31
23
26
49
47
1,850
1,719
1,658
1,469
2,276
1,515
494
501
438
398
752
875
100
95
81
129
154
Virginia
Washington
West Virginia—Southern, a
Northern, b
81
Wyoming
*
*
1
July Production of Natural Gasoline Again Higher
production of natural gasoline continued to increase
July, according to a report prepared by the Bureau of
Mines for Harold L. Ickes, Secretary of the Interior.
The
daily average in July was 4,545,000 gallons compared with
4,504,000 gallons in June. Daily average production in the
21
2,098
Tennessee
Other Western States.c
The
(s)
.
Montana
Reading Company
Lehigh Valley RR
age,
,1923
117
Colorado
Western
1936
1929
75
-
Arkansas and Oklahoma
Kentucky—Eastern
August
1935
2
Alabama
Indiana
arenas
p
Aug. 31
221
Alaska
Illinois
21.91%.
(in net tons)
1936
Sept. 1
1934
Aug. 29 Aug.. 22 Aug. 31
...
as
shows
2,973
Penna. anthra.: b
829
California.—
3,095
3,025
2,856
Daily
3,526
Rocky Mtn.
3,941
3,889
2,867
Total for period
9,068
2,429
216
2,925
Week Ended—
1,719
97.0
1,050
4,446
112
710
n
1,869
6,290
732
3,941
2,102
42
103
Sept. 5.
652
4,940
330
401
21,766
110
COKE
12,638
Texas Gulf—
3,889
2,688
91,770
.
Oil
Distil.
9,804
1,003
5,396
Inland Texas
xEst.tot.U.S
Sept. 12/36
Sept. 5/36
143
1,816
2,081
Fuel
Bltum. coal:
Reported
Estd.unrepd.
84
3,570
92,190
9,408
STATES PRODUCTION QF COAL AND BEEHIVE
Gas
Kan.,
80
141
1,286
73,651
11,898
and
in
ated
East Coast..
No. La.-Ark.
42
7,896
168
weekly coal report of the United States Bureau of
Stocks
Unfin'd
23,339
107
108
of
to Stills
District
453
342
126
84
'indicating a gain of 239,000 tons, or 3.0%, over the pre¬
ceding week.
In 1935, Labor Day occurred in the first week
of September.
Production for the week, curtailed by the
holiday, amounted to 6,948,000 tons.
Anthracite production in Pennsylvania during the week
ended Sept. 5 is estimated at 728,000 net tons.
Compared
with the preceding week, this shows a decrease of 356,000 tons
or 32.8%.
Production in the corresponding week of 1935—
with but five active days—amounted to 531,000 tons.
During the calendar year to Sept. 5, 1936, a total of
271,835,000 tons of bituminous coal and 34,628,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 243,055,000 tons of soft coal and 35,157,000 tons of
hard coal produced in the same period of 1935. The Bureau's
(Figures in thousands of barrels of 42 gallons each)
Mo
29,144
Mines showed that the total production of soft coal during
the week ended Sept. 5 is estimated at 8,235,000 net tons,
105,200
30,900
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED SEPT. 12,
Okla.,
4,431
3,234
3,696
Soft Coal Output Higher in Past
—Anthracite Declines
30.050
113,850
3,217
3,355
barrels)
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
Rate
378
253
29,637
1,662
69,986
10,889
140,910 135,114 980,238 914,210 122,850 120,414 119,952 124,866
4,602
4,312
4,545
4,504
Daily average-—
Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
Poten¬
3,949
3,024
Total
The
Total Louisiana
Arkansas
Wyoming
1,016
25,500
122,100
186,200
Texas
504
4,284
1,031,450
81,300
154,600
North Texas
North Louisiana
760
Arkansas
59,650
189,850
4,254 38,877 36,923
707
5,940
5,562
32,231 232,470 210,250
2,606 19,361
18,093
38,771 279,010 294,458
4,022 31,582 26,079
7,806
7,020
1,014
5,375 34,817 30,031
46,134 331,161 285,008
3,954
33,540
2,589
40,878
4,263
Oklahoma
Rocky
8,484
11,130
Appalachian
111., Mich., Ky„
Ended
Sept. 12,
culations
Kansas
East Coast
Week
At
At
Total bituminous coal
Pennsylvania anthracite
*
s6
s4
661
7,456
1,088
6,769
1,094
10,886
1,613
11,538
1,926
8,294
8,544
7,863
12,499
13,464
7,996
1,084
7,633
9,080
in
Grand total
Includes operations on the N. & W.; C. & O; Virginian; K. & M.; B. C. &
and on the B. & O. in Kanawha, Mason and Clay counties,
b Rest of State,
cluding the Panhandle District and Grant, Mineral and Tucker counties,
c
a
G.;
in¬
In-
Volume
Financial
143
Chronicle
eludes Arizona,
California, Idaho, Nevada, and Oregon,
p Preliminary,
s Alaska,
Georgia, North Carolina and South Dakota ineluded with "other Western States."
♦Less than 1,000 tons.
meager reflection in New York of
day.
Supplies in New York
Tin Committee
Bureau
American
The
of
Metal
The
The
Upward
250,000
States' during
Canada
317,000
Copper
Bureau
the
in
ounces
the
of
of
gold
current
States,
period©last
same
of gold! in July,
ounces
totals
few esceptions
a
show
South
Africa
estimates
968,000
Fourth
First
Second
Quarter
Year
Quarter
Quarter
1935
gold production
in
Russia
is
the
lacking,
1935
1935
1936
1936
U. S. (from foreign ore) a.
Mexico b
output for that country at 460,000 ounces, the same as a
300
300
4,600
64,600
3,700
64,200
38,700
45,400
193,600
285,700
31,800
61,700
69,400
88,500
76,500
7,700
1,000
17,800
293,900
281,700
Canada
289,100
96,367
3,142
1211,700
100,975
3,320
9,600
10,600
46,300
59,400
8,300
16,800
18,000
23,300
18,000
1,900
;
Chile—.
Peru
Germany
Domestic Copper
Stocks Reduced—Base Metals Higher
Abroad—Lead Again Active
and
Mineral
Markets"
in
its
issue
zinc
moderate.
was
Producers
of
base
Other Europe c
Japan d
of
metals
in
India
further
v
requiring their products.
Africa
Totals
Monthly average-
copper
situation reached
"were announced
it
seemed
to
observers
most
that
the
Steel Ingot
market
wise, was more artificial than real.
On Sept. 16 all producers limited their
Sales during the week amounted to 17,386 tons, which
The "Iron
steadily during the week, with most European
London Metal Exchange.
Russia
reported
was
heavy buyer
a
coun¬
A summary of the lastest statistics of the Copper Institute, in short tons,
.
August
39,201
43,193
11,078
8,695
64,995
70,318
7,045
8,607
122,319
130,813
—'
Foreign scrap, etc..
Production refined:
United States
53,985
55,410
Foreign
65,465
73,220
119,450
128,630
59,807
64,140
86,235
91,236
146,042
4,239
Foreign
—
Totals
-
—-
U. S. exports, domestic copper only
-
with prospective additions to
of
218,705
-
205,736
213,617
199,840
432,322
Foreign
—
(
405,576
Lead
•
the motor car industry prepares for volume production of 1937
as
Large sheet tonnages
Heavy sales of lead continued a feature of the market during the week
ended
16, as they have weekly since the beginning of July.
Sept.
The
are
expected from some of the automobile
companies this week.
which
has
a
decline in orders from the railroads for
car
repair work,
recently been hastened to provide needed equipment for the
bulge in carloadings, usually occurring in October.
For the longer
term, however, the railroads are more actively concerned with new equip¬
ment
purchases, which are expected to increase progressively.
The Kansas
City Southern has come into the market for 750 box cars and 200 hopp'er
cars
and the Missouri Pacific has ordered 200 box cars.
Seven locomotives
purchased and there are inquiries for several more.
Rail buying
probably will gain materially before Nov. 1, when protection of the present
The "Wabash has ordered 5,000 tons of rails.
Structural steel lettings, at 20,540 tons, are well below the
price expires.
for the year to date and new projects are mostly small.
awards
in
are
weekly
Included
5,800 tons for New York Central track covering in New
York; 2,670 tons for
a
State hospital at Orangeburg, N. Y.; 1,775 tons for
building at the Jersey City Medical Center, and 1,260 tons for an ad¬
a
dition to the gymnasium at West Point Military
The steel
except for
wire products, on which no announcement has been made.
.be in effect Oct. 1 on semifinished steel, hot-rolled
carbon bars and the lighter gages of
in
Acadeihy.
price situation for the fourth quarter is now fairly well defined,
The higher prices to
•
ahead.
backlogs
~
-
work
models.
average
Stocks, refined:
United States...-.
con¬
lighter products, particularly
have been
-
building
However,
amount
155,376
4,290
Apparent consumption, refined:
_-
continuance of the present rate of
little better, to the end of October at least.
a
sheets, are in exceptionally good demand,
autumn
Totals
while running
the upgrade, and there is
Age" further stated:
There has been
——
-
on
Business in the heavy products, principally those used in
large
U. S. mine—
U. S. scrap, etc
'
a
business,
Incoming
struction, has experienced a lull/which may be temporary in view of the
blister):
Foreign mine
The "Iron
i,.
of
assurance
production,or
The price lowered abroad at the close of the week.
July
Recession
shipments, is again
ample
the
on
follows:
Totals...
283,400
94,467
3,114
Age" in its issue of Sept. 16 reported that steel
70% last week.
behind
tries in the market for metal.
United States.
286,500
95,500
3,148
ingot output has rebounded to 72 % of the country's capacity
from
compares
with 4,896 last week.
Totals—.
300
3,900
61,800
Output Higher After Labor-Day
Week
sales of metal to important customers only, and in some cases in but small
Production
300
3,900
63,800
tight position at the close of
a
One large producer, however, believes that the present
Abroad copper rose
8,100
15,800
20,000
22,900
20,500
1,800
matte smelted in Belgium is credited to Africa,
price level is consistent with demand and that the situation abroad, price-
quantity.
60,000
9,800
9,200
46,400
59,400
9,200
14,600
f22,500
23,200
21,200
1,900
Sweden, Italy, Yugoslavia, Rumania, and Belgium ex Katanga; copper from Katanga
d Japanese production is given in
which includes a certain proportion of reworked scrap and
perhaps some other duplication,
e Partly estimated; comprises Belgian Congo,"
Rhodesia, and South Africa, f Partly estimated.
The publication
The foreign price rose above the domestic level, and when the
was'headed to 10c.
49,100
12,100
5,000
48,500
64,700
9,000
16,800
20,000
20,000
20,300
3,100
a Copper content of ore and
matte imported at 95% including receipts from
Cuba, admitted duty free, b Imports of blister copper into the United States from
Mexico,
c Partly
estimated; Includes Great Britain, Spain, France, Norway,
this
Copper
statistics
93,900
3,062
Daily average
reported: I
the'week.
e
10,600
12,100
terms of refined copper,
,
The"domestic
...
Other Asia...
Australia..
country believe that the third quarter will continue to be
active in all lines
...
Russia
Sept. 17
stated that the August statistics for copper are very good,
and the industry believes they definitely place the metal in
a
strong position for higher prices.
The foreign market
continued active midst the tense political situation, and all
base metal registered gains in London during the week.
Buying of lead here was again in large volume and demand
for
*
Quarter
during July against
ounces
ago.
"Metal
ac¬
months.
or
Third
to
came
on
The
be
which cannot
which compares with
^
precise information
blister
as
noted).
hereinafter
revisions,
some
curately allocated by quarters
year.
in June.
ounces
according to countries where .produced
(with
annual
2,304,000
was
States
copper
United
the
in
year
United
Outside
following accounting of production oL,'eopper in the world
(in short tons) from or© originating outside of the United
in June
ounces
10th, 44.250c.;
Bureau of Metal Statistics furnished the
month previous.
a
in
Production
months
seven
1,584,000
ounces
Since
first
1935.
Production
The American
reported:
for July against 340,000
ounces
July,
produced 320,000
Production
945,000
year
the
against
ounces
in
ounces
The meeting of the National
ample.
11th, 43.875c.; 12th, 43.875c.; 14th, 44.625c.; 15th, 44.250c.; 16th, 43.875c.
Statistics
monthly compilation credits the United States, including the Philip¬
pine Islands, with 428,000
and
further
Bureau
£5 spurt in the British market on the
a
were
Sept. 23 is awaited with interest.
on
Chinese tin, 99%, was quoted nominally as follows: Sept.
reported that
world production of gold in the first seven months of 1936,
excluding Russia, was 15,784,000 ounces as against 14,001,000
ounces
in the same period last year.
Entering Russia's
production at the same rate as last year, total world pro¬
duction for the January-July period this year was 19,004,000
ounces.
•
spot Straits fluctuated from 44.5c. to 45.25c., the latter being Monday's
same
Trend in Gold Production Continues
1787
considerable
tonnage
at
the
hot-rolled annealed sheets have driven
third quarter prices.
Owing
to
heavy
seven-day total of almost 18,500 tons reported is the third largest of the
backlogs, some sheet orders cannot be shipped until late October.
period mentioned, rivaling those for the weeks ended Sept.9 and July 29,
large producer set Sept. 15 as the deadline for acceptance of orders at third
The price remained firm at 4.60c.
respectively.
its?premium
Joseph Lead receiving
sumers'
and to
needs
an
for
September
are
on
be
almost
York,
with
St.
Con¬
wholly covered
extent of 75 to 85% for October.
dates by customers, as
Frequent advancing of shipping
well as wide distribution, is taken to indicate that
much of the lead is going into consumption.
tinuance of
heavy sales
have influenced
one
New
its brands sold in the East.
thought to
many
near-capacity operations.
Whether the candid statement of the President of the
the steel wage issue for the time being probably cannot be predicted
until the outcome of the conferences with employee representatives at
same time, long con¬
possible advance in price
to buy ahead, a situation that caused
even
Pittsburgh this week has been announced.
company
Empire producers are said to be ratibning supplies and the civil
is
Spain is said to be hindering shipments of lead.
up
war
in
Mexico has been supplying
the deficiency in shipment
During the last seven-day period zinc was in moderate demand.
postponed until late in .the year when the outlook for 1937, both
nomically and politically, will be more clearly defined.
steps may be assumed to
The
calendar week closed with unfilled orders on producers' books amounting
56,934 tons, or a decrease of 4,007 tons.
Sales during the week amounted
865 tons, of which 600 were for September delivery.
zinc continued firm at
be
4.85c., St. Louis.
hopes for a higher price here.
eco¬
In any event,
News
on
Prime "Western
The rising price abroad sustained
Cartel negotiations continues
Heavy melting steel has been sold at $18 in the Pittsburgh
Philadelphia. The
Age" scrap composite price has gained 25c. a ton to $16.50. The
prices higher.
district and there has also been a moderate advance at
"Iron
pig iron and finished steel composite prices are unchanged.
to
THE "IRON AGE"
Following the substantial sales of last week, inactivity characterized the
market of the seven-day period ended yesterday, prospective
evidently^waiting to see what would happen in London.
COMPOSITE PRICES
Finished Steel
Tin
Barring unexpected developments, both
be likely around the first of the year.
Scrap markets are still experiencing a flurry of activity that is driving
be indefinite.
w
Although this leading steel
stated that it "wants very much to grant a wage increase," it
steel industry that action should
fair reflection of the general view in the
panied by steel price increases.
Zinc
to
a
it has been made plain that a wage advance must of necessity be accom¬
from Spain.
to
United States Steel Corp., definitely dis¬
poses of
them, thereby diverting orders to others who readily took care of them.
thereby helping to make
Carnegie-Illinois
Steel Corp., the largest unit of
a
large producer to restrict sales to regular customers and to limit
lead to Germany,
probably will allow their customers only
With the automobile business that is certain to flow
in, sheet backlogs will undoubtedly be sufficient for at least two months'
At the
and anticipation of
consumers
quarter prices and other mills
another week or so.
One
buyers here
Quotations
on
Sept. 15.1936, 2.159o. a Lb.
One month ago...—
2.159c.
—2.159c.
One year ago........
2.124c.
One week ago
—
(Based
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
85% of the United States output.
Financial
1788
•
Low
High
1935
—
11992372480
1934
1933
1932
1931
1930
-
1929
1928
119932845
for
the
one
<
July
7
2.084c.
Mar. 10
Oct.
1
2.124c.
Jan.
Apr. 24
2.159c.
2.130c.
2.199c.
2.015c.
1.977c.
2.037c.
2.273c.
2.317c.
2.286c.
2.402c.
1936
8
2.008c.
Jan.
2
Oct.
3
1.8670.
Apr.
18
Oct.
4
1.926c.
Feb.
2
Jan.
13
1.945c.
Deo.
29
Jan.
7
2.018c.
Dec.
9
Apr.
2
2.273c.
Oct.
29
Dec.
11
2.217c.
July
17
Jan.
4
2.212c.
Nov.
week ago,
1927
-
1
Pig Iron
Based
Ton
Sept. 15, 1936, $18.73 a Gross
One month ago.
One year ago
of basic Iron at Valley
furnace and foundry Irons at
$18.73
18.73
17.84
One week ago
on average
Philadelphia,
Chicago,
Valley
and
Buffalo,
Birmingham.
$18.84
18.84
17.90
16.90
14.81
15.90
18.21
18.71
18.59
19.71
—
1935
-
Low
-
.....
1929
$18.73
Jan.
7
Nov. 5
May
1
Dec. 5
Jan.
5
Jan.
6
Jan.
7
May 14
Nov. 27
Jan.
4
Aug. 11
17.83
16.90
13.56
13.56
14.79
15.90
18.21
17.04
17.54
May
Jan.
Jap.'
Dec.
Dec.
Dec.
Dec.
July
Nov.
14
27
3
6
15
16
17
24
1
Steel Scrap
Sept. 15, 1936, $16.5, a Gross
One week ago
One month ago
-
12.751
-
i
.
8.50
11.33
15.00
17.58
16.50
15.26
1930.
-
1927
Low
8ept.
Dec.
Mar.
Aug.
Jan.
Jan.
Feb.
Jan.
Dec.
Jan.
15
10
13
8
12
$12.67
10.33
9.50
6.75
6.43
8.50
11.25
14.03
13.08
13.08
6
18
29
31
11
Iron and Steel Institute
The American
on
Sept.
14
9
23
25
3
5
29
9
3
2
22
an¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 72.5% of capacity
beginning Sept. 14, compared with 68.2%
72.2% one month ago, and 48.3% one year
ago.
This represents an increase of 4.3 points, or 6.3%
from the estimate for the week of Sept. 7.
Weekly indicated
week
rates of steel
operations since Aup\ 5, 1935, follow:
Aug.
53.7%
.46.0% Nov. 18
55 4%
12
48.1% Nov. 25
2
56.4%
19.
48.8% Dec.
9. ....55 7%
26
47.9% Dec.
2
45.8% Dec. 16. ....54.6%
9.....49.7% Dec. 23.....49.5%
5
Aug.
Aug.
Aug.
Sept.
Sept.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
24
52.9%
2
53.5%
9
55.8%
16.....60.0%
23
53.7%
30
62.0%
6.....64.5%
Apr. 13
67.9%
70.4%
49.2% Apr. 20
71.2%
49.4% Apr. 27
49.7% Jan. 13
4
70.1%
49.9% May
50.4% Jan. 20
69.1%
.49.4%, May 11
51.8% Jan. 27
3
69.4%
50.0% May 18
51.9% Feb.
67.9%
50.9% Feb. 10.....52.0% May 25
1
68.2%
51.7% June
52.6% Feb. 17
48.3%
Sept. 16
Dec
30
46.7%
Apr.
1936—
Sept. 23.....48.9%
6
Sept. 30
50.8% Jan.
7
Oct.
Oct.
14
Oct.
21
Oct.
28
5
Nov.
Nov. 11
June
on
Far from
a
Sept. 14, stated:
more
June 22
70.2%
74.0%
67.2%
6
13
69.0%
July
20
70.9%
July
27
7J.5%
3
71.4%"
Aug. 10
70.0%
Aug., 17
72.2%
Aug.
Aug.
24.....72.5%
Aug. 31.
71.5%
7
68.2%
Sept. 14
72.5%
Sept.
and steel
More steel is being produced
Steel ingot production in August was
7% higher than in July, a gain of 272,399 tons to
March,
the same total, 3,827 tons for last week and
1930.
the highest level since
In eight months of this year total production of ingots is
1935.
'
Shipment of finished steel by the United States Steel Corp. in August
was at the rate of 35,527 tons daily and in July 35,216 tons, indicating
only 4,000,000 tons less than in all of
acceleration of output and
steel have been placed in the past week or
pending, offering substantial support to
for
a
to
5,040
15,000 tons of hull steel will be
Taking of bids on a
Several builders submitted bids
Government dry dock for Honolulu, T. H.,
required.
placed 10,000 tons of rails and a large tonnage of ac¬
With one day less work
needs of consumers.
August showed a slight decline in total
An inquiry is out for 150 all-steel auto¬
mills are heavy for
Steel specifications from carbuilders to
cars.
already under contract.
.
4,878 for the week, to 26,750.
Automotive assemblies declined
an
advance of 50 cents per ton on heavy
"Steel's" scrap composite has
of advance.
week
consecutive
$43,
on
melting steel at Chicago
advanced eight cents to $15.87, the eleventh
The finished steel composite dropped 40
the September reduction of $4 per ton on
and steel composite remains
The
wire nails.
unchanged at $34.10.
Steel ingot production for the week ended Sept. 14, is
placed at 71% of capacity, according to the "Wall Street
Journal" of Sept. 16.
This compares with 69% in the
previous week and 723^% two weeks ago.
The "Journal"
further stated:
U. S. Steel is estimated at 68%, against
66>^% in the week before and
Leading independents are credited
69two weeks ago.
The
with 73H%.
and 75% two weeks ago.
compared with 71% in the preceding week,
of production
with the
in points, from the week immediately preceding;
following table gives a comparison of the percentage
with the nearest corresponding
approximate changes,
weeks of previous years, together
+1H
73 J+
71
+2
68
1935
52
+2
42
21
+1
19^
+1
+ 1H
60
1934
1933
40
—2
38
—2
41
1932
15
14
1931
30
+ 1J4
1930
58
+2
65
1929.
84 X
+ 1^
+2
52
+2
+1
81
—1
79
+2
81
+2 H
64
+2
62
j
—3
•
—3
60
—3
•
amounted to $2,495,000,000, an
increase of $13,000,000 for the week.
This increase corresponds with an
increase of $369,000,000 in Treasury cash and deposits with Federal Re¬
serve banks, offset in part by decreases of $265,000,000 in member bank
reserve balances, $21,000,000 in money in circulation, and $45,000,000 in
non-member deposits and other Federal Reserve accounts, and an increase
of $26,000,000 in monetary gold stock.
Member bank reserve balances on
Sept. 16 were estimated to be approximately $1,710,000,000 in excess of
(+)
or Decrease
SiflCC
Sept. 9, 1936
Sept. 16, 1936
Monetary gold stock
Treasury currency
(—)
Sept. 18, 1935
$
*• ''
+23,000.000
+1,522,000,000
—1,000,000
+117,000,000
$
$
2,495,000,000
+ 13,000,000
10,762,000,000
2,507,000,000
Total Reserve bank credit
Money in circulation
—2
—3
88
—IX
80
1928.......
22
28
Increase
16 total Reserve bank credit
+2V*
+2^
+ ^
15,M
33 X
1936
Banks
daily average volume of Federal Reserve bank credit
outstanding during the week ended Sept. 16, as reported by
by the Federal Reserve banks, was $2,487,000,000, an in¬
crease of $8,000,000 compared with the preceding week and
of $2,000,000 compared with the corresponding week in
1935.
After noting these facts, the Board of Governors of
the Federal Reserve System proceeds as follows:'
Independents,
U. S. Steel
Industry
-
1927.
shipments. \
The Week with the Federal Reserve
Sept.
Ten locomotives have
will rebuild 300 box cars in its own shops,
awarded and one road
requiring a fair tonnage of steel.
The
On
& Railroad Co.
cessories with Tennessee Coal, Iron
On
Sea¬
restricted, with promise of large orders later.
Railroad buying is
board Air Line has
cars
figured in that
United States liner for which
deferred from Sept. 30 to Nov. 22.
40,000 tons of steel, has been
mobile
Chicago fabricators
pending.
is
tons
90,000 tons of structural work is being
Bids have been taken again on the
this time.
Contract has been
production.
of General Motors at Linden, N. J., 6,550 tons,
section
subway
estiihate close
been
3,935
preceding period.
Several unusual tonnages of
area.
In reinforcing bars
week.
11,129 tons reported the preceding
experiencing a summer lull the steel industry shows statistically
finished steel shipped.
,
week at over 19,000 tons, was nearly
shapes last
of structural
double the
and
No price
September only, with limit of delivery Oct. 15.
quarter has been announced.
for fourth
Award
This has been done without announce¬
and several other items.
•
forward movement from July to August.
and
ton on nails
for the
bars remain
reinforcing
and
ment and is for
iron
June 30
July
"Steel" of Cleveland in its summary of the iron
markets
prices have been reaffirmed. Cold-drawn
to be announced for fourth quarter.
Seamless tube rounds are automatically increased $2 per ton by the bar
advance, as these are sold on the bar card.
Considerable opinion exists
to the effect that reinforcing bars will be advanced, following carbon bars.
Adjustment of prices on wire products has been made by a cut of $4 per
alloy steel and ferromanganese
8
69.5%.
June 15.....70.0%
July
72%.
Pennsylvania 1 to 47J-3; Youngstown
cents to
1936—
1936—
1935—
1935—
.
6 points to 81 %; and in the
Cleveland was down 2\\ to 79XA%\
12 to 67; New England 10
to 70 and Cincinnati 4 to 76.
Others were unchanged.
Following announcement of fourth-quarter prices a week ago by the
leading interest on a number of items independent producers are sending
out announcements to the same effect.
Additionally, cold-rolled strip,
Operations in the Buffalo district were up
eastern
let for the assembly plant
June
Apr.
Sept.
Jan.
July
Dec.
Dec.
Dec.
July
Nov.
telegraphic reports which it had received indi¬
nounced that
week is down two points to 69}/% %.
A rebound next
the rate higher than during August.
Pittsburgh district 2 points to
are
H Igh
$16.50
13.42
13.00
12.25
1936..
and incidence
national steel
week is indicated, which may carry
lettings were almost
Ton.
f Based on No. 1 heavy melting steel
-$16 251
quotations at Pittsburgh, Philadelphia
15 42
and Chicago.
One year ago....
Labor Day holiday in some producing centers
repair work on furnaces at Youngstown the
operating rate for the
bars
High
1936
Because of the
of considerable
1936
Sept. 19,
Chronicle
+26,000,000
—21,000,000
+623,000,000
6,206,000,000 —265,000,000 +1,070,000,000
6,255,000,000
.
Member bank reserve balances
Treasury cash and deposits with Fed¬
2,789,000,000
eral Reserve accounts
Returns of
+369,000,000
—50,000,000
514,000,000
eral Reserve banks
Non-member deposits and other
—45,000,000
+20,000,000
Fed¬
...
Member
Banks in
New York City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
System's holdings of bills
An increase of $53,000,000 in holdings of United States bonds was offset by a decrease of
System for the New York City member
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:
$53,000,000 in holdings of United States Treasury notes.
ASSETS AND LIABILITIES OF WEEKLY
legal requirements.
Relatively small changes were reported in the
discounted, purchased bills and industrial advances.
The statement in full for the week ended
Increase
(+)
or
Decrease
(—)
9,
1936
Government securities
Industrial
advances
Other Reserve bank credit
for
CENTRAL
—2$000,000
REPORTING MEMBER BANKS
RESERVE CITIES
(In Millions of Dollars)
New York City
Sept. 16
1936
Assets—
Loans and investments—total..
Sept. 9
1936
Sept. 18
1935
—Chicago
Sept. 9 Sept. 18
1936
1935
Sept. 16
1936
$$$$$$
8,758
7,852
2,083
2,025
1,799
8,803
Loans to brokers and dealers:
Outside New York
on
securities
938
75
City
to
977
75
817
55
1
40
36
1
29
others
—.2,000,000
29,000,000
25,000,000
+ 13,000,000
+28,000,000
709
706
142
143
156
114
111
131
16
19
21
Loans
—1,000,000
709
Accepts, and com'l paper bought
2.430,000,000
(not
including
$24,000,000 commitm'ts—Sept..l6)
18, 1935
3,000,000
Bills bought
S.
Sept.
8,000,000
Bills discounted
also
IN
Loans
$
U.
Reserve
and
In New York City
Since
Sept.
banks
Sept. 16, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 1824 and 1825.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Sept. 16, 1936, were as follows:
Sept. 16, 1936
Federal
133
65
132
56
1,321
1,291
123
54
1,191
15
5
367
15
5
361
15
6
233
(except banks)..
on
real estate
Loans to banks
Other loans
-
Volume
Financial
143
New York City
Sept. 16
Assets—
Sept. 18
1936
1935
S
$
$
$
S
$
TJ. S. Govt, direct obligations._
Sept. 9
1936
1935
1936
In
Chicago
Sept. 18 Sept. 16
Sept. 9
1936
3,832
3,326
1,111
1,063
450
372
92
91
94
1,131
1,125
1,077
294
292
277
2,118
598
their
2,265
2,388
654
486
Cash in vault
51
53
47
33
35
Balances with domestic banks—
74
70
96
191
190
36
215
77
•.
453
465
495
68
70
6,307
6,334
5,583
—
567
571
586
1,533
448
1,533
449
United States Govt, deposits..-
193
190
297
101
101
Other assets—net
the committee
classes of
Danzig
967
454
Other securities
Reserve with F. R. Bank
fact,
two
s
Austria
1,352
405
65
Inter-bank deposits:
Domestic banks
2,405
2,387
376
370
Foreign banks
630
633
5
2,175
239
5
528
4
24
35
-
The
29
Capital account
21
10
434
269
2
....
344
_
21
1,425
1,427
222
229
235
1,449
The'condition statement of weekly reporting member banks in 101 leading
cities
and
in
Sept. 9 shows increases for the week of $170,000,000 in total loans
on
investments, $51,000,000
in demand deposits—adjusted, $41,000,000
deposit balances standing to the credit of domestic banks, and $27,000,000
in reserve balances with Federal Reserve banks.
banks in New York
City and at all reporting member banks.
Loans to
brokers and dealers outside New York City increased $8,000,000, and loans
on
securities
others
to
and
she
'
The
position
ances
and commercial paper
increased
creased
bought declined $3,000,000.
Real estate loans
banks $23,000,000, and "other loans" in¬
$1,000,000, loans to
$22,000,000
in
Holdings of accept¬
New York district,
the
and
$49,000,000
all
at
reporting member banks.
Holdings
United
of
In
April-May,
$10,000,000 in
York and
the San
Cleveland
district, and
Government
$13,000,000
and
declined
all reporting
at
obligations
due
both
on
$39,000,000 in the Chicago
member
Holdings
banks.
of
obligations fully guaranteed by the United States Government increased
$1,000,000, and holdings of "other securities" increased $9,000,000.
Demand
deposits—adjusted increased $15,000,000
the
in
district,
banks
and
$51,000,000 at
increased
all
Atlanta
district,
banks,
and
declined
$11,000,000 in the
reporting member banks,
all
and
declined $17,000,000 in the New York district.
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Sept. 9, 1936, follows:
Increase
•
(+)
or
Decrease
Since
(—)
Sept. 9, 1936
Sept. 2, 1936
Sept. 11, 1935
$
$
$
Assets—
Loans and
investments^—total--—22,433,000,000
+170,000,000
In New York
Loans
City—
City.
The
1,028,000,000
213,000,000
—
+ 70,000,000
+ 8,000,000
+150,000,000
+ 25,000,000
—22,000,000
+48,000,000
others
to
315,000,000
1,146,000,000
88,000,000.
Other loans..
3,798,000,000
U. S. Govt, direct obligations.... 9,250,000,000
Obligations fully guaranteed by
United States Government
1,237,000,000
Other securities
3,319,010,000
Accepts, and cora'l paper bought.
Loans on real estate
Loans to banks.
—
.
—3,000,000
+1,000,000
+1,000,000
+10,000,000
+23,000,000
+14,000,000
+49,000,000
+ 491,000,000
—13,000,000 +1,410,000,000
5,109,0 0,000
394,000,000
2,275,001,000
Cash in vault
+1,000,000
+ 9,000,000
+137,000,000
+ 220,000,000
+ 27,000,000
+736,000,000
+47,000,000
+ 36,000,000
Balances with domestic banks
Liabilities—
Demand deposits—adjusted
Time deposits
United States Govt,
14,918,000,000
5,036,000,000
821,000,000
deposits
Inter-bank deposits:
Domestic banks.-
Foreign banks.:
—....
Borrowings
5,901,000,000
406,000,000
22,000,000
+ 23,000,000
+ 3,000,000
+ 51,000,000 +1,628,000,000
+4,000,000
+195,000,000
+1,000,000
+ 294,000,000
+41,000,000
—1,000,000
+18,000,000
+733,000,000
+140,000,000
+ 21,000,000
League Loans
Summary of Fourth Annual Report of
Committee (London)
As noted in
table
A
Towards
The
in
London
on
The following is the summary
Aug. 31)
as
made available Sept.
(published
10 by the
Speyer firm:
SUMMARY
OF
REPORT
when
Bulgarian
for
DATED
In
THE
CHIEF
THE
AUGUST,
POINTS
LEAGUE
IN
LOANS
THE
FOURTH
COMMITTEE
Loans
Comlmittee,
after point¬
ing out that they do not think League loan bondholders have, as a whole,
suffered
again
as
much
as
the
bondholders
of
many
non-League
draw attention to the differences between the various
countries
in
the
manner
in
which
they
are
fulfilling
loans,
once
League Joan
their obligations.
April,
1935,
provided!
was
until six months
later.
and this operation was thus com¬
made to bondholders under the
limit
Minister
obtain sufficient of the free exchange yielded
Finance
will
admitted
had
to the
this connection the Bulgarian
32%% of the interest would not
In
allow.
that
with which the committee had to deal
far the most serious matter
By
to Satisfy public obligations
budget's capacity.
during the past
end
budget
should not be impossible for
that it
increased trade,
and
the
of
the
previous
to take place.
are
the opinion
of
are
markets
which
not be induced to offer
and there was thus no
year.
A further 11%
interest,
the
of
transfers of the
in cash levas and there terms are to continue until next
committee
new
of comparative dearth of foreign exchange.
21%%
the Bulgarian Government to
by
make an improved offer
approximately 6%%
to
way
interest plus
Government could
fresh discussions
December, when
The
their
current
for
year
a
the
over
be provided
to
15%
than
increase
effective
took
see
Bulgarian
the
more
recovery.
exchange position.
It was therefore
place in March,
1936, that the
and
trade
would
during 1935,
arrears
transfer
Bulgaria experienced a measure of
fairly good, and there was a definite improvement
year
had
it
until
the Greek default, which was not brought to
was
lasted;
for
less
no
than
months.
18
In
view
an
the
of
prolonged struggle which was necessary before agreement could be reached
and
the
of
detail
refusal
persistent
consideration
committee have
their
felt
Agreement
35%
finally reached this month
was
undertaking to
transfer
the
that
that
this
that
a
of the
offer
better
of
the
interest
the
is
is
offer
and
interest
1935.
for 1935-36 and 1936-37
representatives
Greece
most
at
not
in
regards their
have
and
between
examine
afford,
can
but
present obtainable.
view
the Greek
of
endeavored
divergent
creditors.
continued
to
the
In
they
creditor
On
all
principal
point of their policy,
will
they have
loans.
machine
ment
concerned
wuth
League loans
between
also
of
matters
which
have
debtors
the
policy
been
and
committee
the
described
in
previous
only to repeat
necessary
the
they
which
form
say,
has
done
part
of
a
powerful
indispensable
work
and
in
the
both far-sightedly and fairly if they accord special treat¬
the League loans,' for by so doing they will be helping to
the reconstruction machine which they themselves, as well as
acting
to
preserve
their
beyond
the committee
exists, though impaired, and the debtor countries
this machine still
be
concilia¬
advance
namely, the claim to special treatment for
These loans,
reconstruction
convinced
are
the offer of 40%.
therefore thought it
and
League
but
interests
the
follow the lines
to
satisfied
promote understanding and collaboration not only
cardinal
useful
on
the
Com¬
Loans
not
spirit of
a
Government's
bodies
various
reports,
the
them
with
the committee describe how they have
general policy,
with
contact
their
the
which
by the Greek Government's
35% for 1935-36, which they had consistently rejected,
As
give
permanent settlement during the remaining portion of the
a
therefore,
tion,
40%
bondholders'
to
bondholders,
covered' by this temporary arrangement.
The League
and the other bondholders' associations concerned are
period
mittee
creditors, may need again.
The appendices to
ments
the report contain for reference
published during the past
by
announcements
bankers
and
Government
which
the
is
League
the
the
the
have
third
United
Loans
took,
set
of
due
since
on
and
to
also
addressed
include
to
the
the
British
a
the
committee's
began,
on
as
are
all
the
loans
various
ways
of
coupons
well
as
the
securedl.
report of the committee
Closes
memorial.
graphs giving statistical data
new
table which, sets out in
bondholders
default
outstanding claims
annual
States
documents
receiving
tables
issue of June 22,
Americans
These
Committee
including
loans,
payments
fallen
full set of the docu¬
League of Nations in July, 1932, and the resolution
Council
League
actual
our
itself.
League
usual
bondholders'
which
The
the
a
regarding the League loans, compris¬
governments, the trustees-, the paying
year
diebtor
the
committee
the
and
also
regarding
to in
the
which
memorials
in
external
report to set out in considerable
in this
rejecting the offer of
condition
ing
Governments
Greek
their
of
originally made by M. Pesmazoglou in, February,
was
the
claims
necessary
for
reasons
successive
by
the
to
it
was
referred
1935, pages 4142-4143.
Consulate
Withdrawn
ANNUAL
(LONDON),
1936.
their fourth annual report the League
1935,
payments
discussions
further
transfers of
the
1935
Government
Unfortunately,
is
of
was
foreign
country's
hoped
over
end
the
Is to Be Mined
OF
in
transferred
not
was
all
showing
harvest
cereal
the
in
detail
issue of Sept.
of the committee.
transfer
for
but
duly transferred during October,
pleted.
which
12, page 1638, Speyer & Co.,
New York, announced the receipt of a summary of the
Fourth Annual Report
of the League Loans Committee
(London) from Eliot Wadsworth, the American member
our
due
date
arrangement will he found in the report.
There
—...
due
the
at
postponed and the final instalments for the redemption of arrears were
past;
—-
Reserve with Fed. Reserve banks.
Nations Financial
instalment
have
(exceptbanks)..
this
15%.
beyond
arrears
levas
in
The
+ 2,459,000,000
2,039,000,000
securities
-on
transferred
maintained
Outside New York
32%%
interest provided was maintained at
32%% only 15% was transferred in
current
of
The League of
have recommended.the bondholders to accept
Loans to brokers and dealers:
to
undertakings.
out
possibilities of
A summary
loan
League
undertook
Bulgaria
foreign
Committee, who investigated
conditions in Bulgaria in January, 1935, were not prepared to say that
the transfer of 32%% was beyond Bulgaria's capacity, but, nevertheless,
the Bulgarian Government, at negotiations with the League Loans Com¬
mittee1' in April and October, 1935, refused to increase the percentage
but
exchange.
Deposit balances of other domestic
$41,000,000 at
and
member
reporting
the Chicago district,
$14,000,000 in
on
these
percentage of
reasonable
Philadelphia
district, $14,000,000 in the Chicago district, $10,000,000 in the Cleveland
$20,000,000 in the New York district.
of
levas,
increased
$8,000,000 each in the New
Francisco district,
districts,
direct
remaining
two
1934,
from the
arrears
exceed
States
v'
•
debtors has been so.
detail.
transfer 32%% of the
current coupons and certain sums in final settlement of
years 1932-34, but by November, 1934, she was in default
the
of
unsatisfactory that it has been necessary to describe it in greater
(except banks) increased $17,000,000 in the New
York district and $25,000,000 at all reporting banks.
the bondholders
undertakings to the com¬
During the past year she transferred 50% on current coupons,
has recently undertaken to prolong that arrangement for another
year.
to
Loans to brokers and dealers in New York City increased $70,000,000 at
of her League loan during
League of Nations was thus
whole
the
Hungary has again punctually carried out her
The
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simultaiieously with the figures for the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business Sept. 9:
off
or
original responsibility of the
discharged, Austria having at no/ time been in default to
the service of either interest or sinking fund.
in
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
paid
service of
the full
maintain
to
on
amounts
Borrowings
Other liabilities—
continued
loans.
converted
1934-35.
1
deposits—adjusted
Time deposits
,
that the contrast between the
become more marked during the
regret
have
Estonia
and
League
mittee.
TA oJbi
Demand
with
note
good and bad debtors has
past year.
3,863
Obligations fully guaranteed by
United States Government—_
1789
Chronicle
After
at* Bilbao,
Spain—
Report that Harbor
by Rebels
Secretary of State Hull on Sept. 14 directed William E.
Chapman, United States Consul, and Manuel J. Codoner,
Vice-Consul at Bilbao, Spain, to close that office
tempo¬
rarily and depart with the American members of the staff
and any
other Americans who wished to leave.
sular officers left Bilbao on
destroyer Eane
for
France.
Sept 14
Mr.
on
The
con¬
the United States
Chapman
was
the
first
Financial
1790
United States Consul to close his office in Spain and leave
the
country
which
was
since the outbreak of the Spanish revolution,
last referred to in the "Chronicle" of Sept. 12,
Sept. 19, 1936
Chronicle
and
should be left unchanged or amended to
give the Government complete ownership and control.
such an extent as to
Opening of the Bank of Canada was referred to in our
1740.
Mr. Hull acted after the receipt of a report
conditions from Mr. Chapman.
A Washington dispatch
Sept. 14 to the New York "Times" described the report
issue of March 16, 1935, page
part as follows:
Financial
1G3S-39.
pages
on
of
in
that it was not going far
branches of the Opposition argued
other
enough and that the Act either
Disclosed
Australia
of
Position
Budget
in
'
In
that
Rebel
which
report,
danger
there
entering
of
be
would
Santander and Bilbao.
Mr.
also
Hull
leaving
or
them
that funds
number
limited
telegraph
destitute
of
.
1
in
by
Chapman
except
by
if
there
leave
to
desti¬
were
any
their
if
fares
were'
and
names
destinations
home.
passage
nationals
in
ordfer
The funds would
Red
to
Cross
be
to
brought
enable
home
leave Spain.
.
To One Year For Holding
on Constitution
Edward VIII
Day
George Andrew McMahon was sentenced in London on
Sept. 14 to one year at hard labor for the revolver incident
on Constitution Hill July 16, according to wireless advices
to the New York "Times" from its London correspondent,
also said:
which
He
convicted
was
only
on
one
of three counts—that of "unlawfully and
willfully producing near the person of the King a pistol, with intent to alarm
HisjMajesty."
tures at
The
urer's
FINANCIAL
POSITION
OF
Excess
The
original
is
There
favorable
a
Sept. IT assumed control
acquired 100,200 class B
shares and appointed six additional directors to represent
those holdings.
It was stated in Canadian Press advices
from Ottawa on Sept. 11 that the action is in accordance
with legislation adopted at the last session of the Canadian
Parliament and represents final steps in the partial na¬
tionalization of the Bank.
The Canadian Press reported
commodity
the
directors
new
Robert
Rock
a
City
Tobacco
Ltd.
Co.,
1935
to
a
Claude Brown, London,
Quebec, Vice-President of
Picard,
George
G.
Coote,
Nanton,
The original
could own more than 50 shares, and at the last
Canadian
of the additional directors,
capital stock shares,
control
of
the
board.
The
original
than 50 shares, and at the last
1,100 holders of stock.
Finance
and not traded
in,
shares
capital
was
annual meeting there were about
is
privately owned stock.
The Bank of Canada was created by
the recommendation of a
opened
its
in
vain
March
11,
1934, the principle of
Liberals joined the
effort
to
Act of Parliament passed in 1934,
induce
the
a
1935.
House of Com¬
central bank was adopted by all parties,
Progressive group on the opposition side in
Government
to
make
Bank
the
a
publicly
Progress of the Act
then
Conservative
Government
concluded,
however,
that
the
Government
provided that the
set-up as proposed—private ownership with a large measure of
supervision—was
Governor
the
most
efficient.
The
statute
and Deputy Governor be appointed only with
Governor-in-Council, and the policies of the Bank
to be
approval of the
were to a
large measure
subjected to Government approval.
Party obtained power he would bring about
made it plain that If his
a more
complete form of public
ownership as well as control of the Bank of Canada.
}».When at the last session of Parliament the Government Introduced
measure
that
has
now
been
£7.8.9.
now
per
£9,097,000, and for the
sinking fund payments will
of
of
the States
the
Commonwealth
showed
for
1935-36
surplus
a
of
(Federal
and
carried
allocate
to
proposes
the
excess
receipts
of
defence
States.
program.
reduction
the
of
accumulated
deficit
of
past
years.
Surplus,
allowing
for
remission
of
taxation,
£81,550,000.
£81,505,000.
£45,000.
Taxation
Relief
The budget provides taxation relief at the
following annual values:
Sales tax ( £3,000,000) reduction from 5% to
4%, £2,000,000, further
exemptions
£1,000,000;
reduced
rate
tax
applies
on
and
after
Sept.
11,
1936.
Primage duty remissians,
relatives,
tax
£170,000.
in
respect
allowances
of
for
wife
of special
Reduction
of
property tax
10%
property),
in
of
rate
5%,
of
normal
£1,300,000.
income
tax
(personal
the
cost
this
year
will
be
New expenditure
£5,275,000,
£3,868,000.
New Expenditure
•
•
exertion
£435,000.
Allowance of statutory exemption to
non-residents, £50,000.
The total value of all remissions on an annual basis will be
and
female
or
£320,000.
Abolition
and
remissions,
proposals at
Proposals
annual
cost of £2,571,000 will include
an
increase in the weekly rate of old age and invalid
pensions from 18
shillings to 19 shillings; additional benefits in war pensions and maternity
allowances ;
complete
an
of
restoration
cluding cost of living reduction;
salaries
and
(Federal
increased
Public Service),
provision
ex¬
for defence.
Defence Expenditure
the
estimated
highest
expenditure
in the
history
for
defence
the
of
Commonwealth of
Final Stages
of
in
1936-37
for the amount required to
program,
form
the commencement
The Treasurer
could
claim
convincing
ment
had
all
of
(Mr. Casey)
credit for all
demonstration,
a
very
to
be
a
£8,766,000,
Three-Year Program
The government is not only making
provision
cover the final
stages of the three years'
to
totals
Australia.
new
but also for
£1,480,000
program.
said he did not pretend that the government
the
but he
improvement, of which the budget
claimed
that
the
policy
of the
was
a
govern¬
great influence in
bringing about the desirable results.
Artificial
speeding up of activity through credit expansion, Mr. Casey
pointed out, might have had temporarily beneficial results, but would
have introduced probability of dangerous
repercussions.
The government
was
glad
section
of
expressed
the
able, by
community.
reasonable
hope
this budget,
to
On the basis
that
this
improve
the
position
of
every
of past experience the Treasurer
budget would be
the
beginning
of
a
period of greater prosperity for the people of Australia.
♦
In the campaign of last fall Mackenzie King
the
after
and financial authority
owned institution.
The
the
Royal Commission on Banking and
When the Bank of Canada measure was debated in the
the
towards
The
Graham Ford Towers, former
Manager of the Royal Bank of Canada, is Governor.
on
Assistant General
a
but this
Organization was completed in February, 1935, and the Bank
doors
interest
1930-31.
Commonwealth
non-recurring grant to
as
the Government receives all
Currency headed by Lord MacMillan, leading jurist
of England.
States
the
as
Government
in
Revenue,
profits of the Bank in any event.
following
but
They will
A shares held by the public,
will be only a matter of bookkeeping, since
mons
$5,000,000,
No one person could
$50.
by the Government through the Minister
as
draw the same dividend as the class
excess
is
of
Proposals for 1936-37
The appointment
ownership as well
L
The class B shares will be held
of
in
debt
public
rates
totaled
£9,717,000
six'
the
but
£1,067,000
coupled with acquisition of a majority of the
gives the Government majority
divided into 100,000 shares with a par value of
own more
Provinces ndt
to those
enabled to give representation
was
already represented by the seven directors now serving.
as
in
£2,000,000
Income
Press
public's representatives on the board of directors, the
In selecting the
(ster¬
follows:
as
.£500,000
1,100 shareholders.
advices from Ottawa Sept. 11
to the New York "Times" stated:
*
Government
Federal
Ependiture,
capital was $5,000,000, divided into 100,000 shares with a par value
Further
deficits
net
The
leading industrialist.
a
ownership and majority control on the board of directors.
one person
Australian
average
Erie Mortgage Corp. and
majority of the capital stock shares, gives the Government majority
No
the
exchange,
£9.10.1.
1935-36
estimated,
£2,430,000,
1935-36
member of the House of Commons.
Ltd., and
annual meeting there were some
including
in
£22,000,000
Debt
£67,954,000, but the
fund
of
1934-35.
£3,567,000, the aggregate result of all Australian budgets
six Stated) was a surplus of
£1,137,000.
(Canadian Press) advices of Sept. 11 also said:
The Ottawa
of $50.
The
were
Alta.,
Appointment of these additional directors, coupled with acquisition of
share
is
balance
in
Financial Position
Fred Magee, Port Elgin, N. B., President and
General Manager of Fred Magee,
trade
aggregate of
compared with
J. Leroy Holman, Summerside, P. E. I., Vice-President
of the R. T. Holman Co.
a
it
year,
of
£17,000;
was
made.
Ont., war-time Assistant Director of
Services Overseas, director of Huron &
Dental
Canada Trust Co,
FISCAL
Appropriation of Excess Receipts
Auguste C.
and from 1921
farmer,
Lieut.-Col.
population,
the
in
Interest,
follows:
as
University of Manitoba.
the
be
"Winnipeg, head of the Department of Economics,
McQueen,
years
steadily.
Payments to sinking
current
THE
*
(sterling)
Public
increase
ah
was
fallen
head of
of the Bank of Canada, when it
FOR
1936
\
receipts
excess
£16,000,000
the last four
over
30,
£3,567,000.
estimate of
against
as
JUNE
£78,636,000.
receipts,
There
ling)
have
on
Can¬
£82,203,000.
Expenditure,
»
The Canadian Government
of the Treas¬
summary
COMMONWEALTH
ENDED
•
Acquires 100,200 Class B Shares and Names
a
statement received from
a
THE
YEAR
came,
Six Directors to Board
from
are
speech, contained in
berra/Australia, Sept. 10, by David M. Dow, official Secre¬
tary for Australia, in New York (all figures, unless other¬
wise stated, in pounds Australian):
Canada Assumes Control of Bank of Canada-—Govern¬
ment
on
£81,505,000, and excess receipts at £45,000.
following details
Revenue,
said the account, after McMahon
had told a lurid story that "a foreign power" had offered
Him £150 to shoot King Edward.
The incident was referred
to in these columns July 18, page 352.
delivered
Casey,
Casey estimates the revenue of the Commonwealth during
the coming fiscal year of 1936-37 at £81,550,000, expendi¬
The court's leniency showed that the authorities regarded
sentence
G.
R.
Australia,
10 liis budget speech in the Australian House of
Representatives
at
Canberra,
disclosing
t'he
financial
position of the Commonwealth for the fiscal year ended
June 30, 1936.
The Treasurer reported that during the
year the Commonwealth showed excess receipts of £3,567,000
(in pounds Australian), expenditures of £78,636,000, com¬
paring with revenue of £82,203,000.
In his budget speech
of a year ago, given in our issue of Oct. 19, page 2510, Mr.
Casey estimated that expenditures during the fiscal year
ended June 30, 1936, would total £77,173,000 and revenue
£77,190,000, a surplus of £17,000.
In his latest report Mr.
Sept.
harmless crank, not a dangerous plotter.
a
as
The
of
Treasurer
The
that
stated
safety
the Philippines, he should take
or
American
to
...
Near King
Revolver
him
Speech of R. G. Casey, Treasurer—Surplus of
£3,567,000 Noted in Fiscal Year Ended June 30
said
warned of the
were
consul
of
the American
McMahon Sentenced
A.
G.
prepared
their
provided
otherwise be unable
would
The
place
a
Chapman that
were
Puerto Rico
allotment
an
All ships
port.
to
might be allocated to pay their
from
come
and
Kane
the
on
either
departure
Mr.
who
paid to tire United States,
a
Mr.
instructions whether he should leave.
instructed
nationals
American
of
means
no
warship, and requested
who
night,
last
headquarters had! broadcast that after midnight tonight mines would
he laid in the ports of
tute
dispatched
was
into
action,
the
Conservative
Bolivia Decrees New Import and Exchange Regulations
A new decree governing exchange and importations was
published in Bolivia on Sept. 5, according to a cable from
American Minister R. Henry Norweb, La Paz, made public
Volume
Financial
143
by the United States Commerce Department on Sept. 14.
An announcement by the Commerce Department also said:
All exchange transactions are to be concentrated in the Banco
the Banco Mercantil, and the Banco Naoional.
rate
bolivianos
of 50
the pound sterling,
to
Central,
Official exchange, at the
and the equivalent in other
and
Other
currencies, is to be furnished for the requirements of the Government
for the importation of prime necessities, which are to be rationed.
necessities
are
to be
imported at
exchange rate somewhere between the
an
official and the banking rates, the exact rate to be set by the
Minister of
Finance.
Articles not in these two categories, and not contained in a
of articles
(not yet drawn up) whose importation is forbidden, may also
imported at the banking rate,
Ministry of Finance.
list
be
subject to regulations to be issued by the
Persons
drafts to be delivered to the Government by 10% over the scale
in the Decree of March 31, 1936.
to
the
of
established
Drafts covering the exportation of tin
be delivered at 40 bolivianos to the pound, and those
covering the
exportation of other minerals at 50 to the pound.
term
of
mean
Act
of
prior
scriptive of such
the
date
time
which
by
the
of
Two"
Czechoslovak
demption
State
Loan
of
Bond
1922
of
Issues
Drawn
Re¬
for
drawn bonds will
to
cease
accrue on
and after Oct* 1.
Section 10, to
requirements of
of re¬
provided that
request,
their
upon
the purpose
for
underwriter,
any
exchange
fide offered to the
(exclusive of the
stop order issued under Section 8 is in effect as to
a
have
security shall
by
or
through
or
bona
been
underwriter
an
"principal under¬
Regulation O),
from time to time, such number of copies of such prospectus as may have
appeared reasonably necessary to comply with the requests of its members,
and shall have delivered from its supply on hand a copy to any member
request shall
writer"
(as
exchange
may
have
not
that term
making
with
is
been
of
complied with,
defined
Rule
in
a
Article 3,
455,
written request therefor; and
a
or
shall theretofore have furnished
underwriter
any
such
reasonable
such
of
copies
of
number
such
prospectus
as
have been requested by the exchange for the purpose stated above.
"national
term
securities
securities
Kuhn, Loeb & Co., The National City Bank of New York
and Kidder, Peabody & Co. announce that there has been
drawn by lot for redemption for the sinking fund on Oct. 1,
1936, $170,900 principal amount of 8% secured external
sinking fund gold bonds due April 1, 1951, comprised in the
first portion of the Czechoslovak State Loan of 1922, and
$111,200 principal amount of 8% secured external sinking
fund gold bonds, series B, due Oct. 1, 1952, of the same loan.
The bonds so drawn will be paid at their face amount at the
offices of Kuhn, Loeb & Co., Kidder, Peabody & Co. and
The National City Bank of New York on presentation of the
bonds and coupons maturing after Oct. 1, 1936.
Interest on
copies
of
security):
The
Oct. 1
on
or
such
such exchange, shall
of a prospectus de¬
security effected! on
a
transaction,
securities exchange,
(1) Such exchange shall theretofore have requested of the issuer or, if
theretofore
6% External Gold
issuer
such
issuer
during which
such
in
5(b)(2) of
in Section
national
a
transaction occurring during the period of one year after the first
upon
public
member of
a
used
as
in respect of any requirement of
amended,
as
and meeting the
security
exchange by
to any
as
prospectus,"
a
such
to
delivery to members of
(2) The issuer
Portions
by
1933,
transaction
a
delivery,
such
of
prospectus to
a
account
on
"preceded
Securities
delivery
such
The decree also provides that miners are to increase the percentage
are
The
engaging in illegal exchange transactions
subject to heavy penalties.
are
1791
Chronicle
exchange registered
Securities
Exchange Act of
Examination
exchange,"
as
national
a
1934,
used
as
herein, shall mean a
exchange under the
securities
amended.
as
Investment Trusts by SEC—-Indica¬
Legislation Will Be Recommended to
Congress for Segregation of Investment Trusts from
Banks—H. W. Davis Reported as Advocating Sev¬
erance—Hearings on Operations of Central Trust
Co. of Illinois and City National Bank & Trust Co.
of Chicago
of
that
tions
With the. resumption in
Washington
on
Sept. 14 by the
Securities and Exchange Commission of the examination of
investment trusts, David Schenker, SEC counsel, according
to
Washington advices to the New York "Herald Tribune,"
initial indication that the SEC will recommend to
next Congress segregation of investment trusts from
commercial banks and possibly from private banking firms.
gave an
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
The New York Stock Exchange issued on Sept. 17 the
monthly list of companies listed on the Exchange reporting
changes in the reacquired holdings of their own stock.
A
previous list appeared in these columns of Aug. 15, page
1000.
Ihe following is the list made available by the
Exchange on Sept. 17:
Shares
Previously
Reported
Name
Aliis-Chalmers Manufacturing Co., capital
26.262
American Chain Co., Inc., 7% preferred
American Color type Co., common
American Snuff
common
Co.,
(111.),
7% preferred
13
Commercial Investment Trust Corp., comihon
Congress Cigar Co., Inc., capital
Consolidated Oil Corp., common
.......
...
Detroit Edison Co., capital
Eureka Vacuum Cleaner Co., common
Florshelm Shoe Co., common...
48,600
291,378
1,536
35,188
This would amount to radical alterations in the present financial setups,
Mr. Sch« nker's implicatioi s brought no objections from those representing
the Dawes Interests in CI icago, who were on the witness stand at revived
public hearings
ment of the functions
of commercial
the
business
......
common
Tide Water Associated Oil
Co., common
United Drug, Inc., capital
U. 8. Leather Co., prior preferred...
Utilities Power & Light Corp., class A
Testifying in
Wheeling Steel Corp., common
the two
trusts,
as
from its members, was
996,399 shares
as
306,085
36,643
17,612
13,068
14,572
Sept. 12 that
of the opening of busi¬
compiled from information secured
974,338 shares.
This compares with
31
of July
and with 998,872 shares
on
Aug. 30, 1935.
In
the
it
of the bank
where officers
cases
added,
was
investors
securities held
the opening of
the
^hort interest
the
shown
last, business day of each
month since the beginning of 1935:
1935—
Jan.
28
764,854
741,513
760,678
772,230
768,199
840,537
870,813
Mar. 29
Apr.
30
May 31
June 28
July
31
Mr.
Dawes
Sept. 30
Oct.
31
Nov. 29
Dec.
Mar. 31
30
Apr.
1,032,788
927,028
1,103,399
31
May 29.
Aug. 31
1936—
Jan.
28
Feb.
June 30
31
July
31
1,246,715
1,175,351
1,132.817
1,117,059
1,138,358
996,399
974,338
Securities and
Exchange
of
members
a
Commission announced
on
of
rule under the
an
exchange.
The rule is ap¬
plicable only to transactions on an exchange and relates
only to the duty of the delivery of prospectuses to members
of the exchange.
The rule follows:
5(b)(2),
153.
in
Definition
of
"preceded by a prospectus,"
relation to certain
their views
on
the question in
While
the
Banking Act of
1933
prohibited establ shment of security
the
purp se of engaging
in primary or
secondary distribution of security issues the subject of commercial banks
untouched in the law.
Mr. Clarke, who served both as head of Central Trust Co. of Illinois and
Central Securities Corp., said that as a result of his experiences
could
ever
"No
there
induce
me
to function in that dual capacity
bank should organize an investment
commercial
between
be interlocking directors
I
should confine itself to banking service.
mercial bank engaging
a
should
trust or
trust
company,"
added
that,
ter the affairs of
am
absolutely opposed to
in the investment trust business in any way,
should confine itself strictly to taking of
as
bank and
"I lean over backwards to the theory that a commercial bank
he asserted.
long
a
"nothing
again."
of course,
a
a com¬
A bank
deposits and making of loans."
conscientious officer will try to adminis¬
the bank and the trust to the best interests of both and so
the security markets are stable the situation is "endurable."
But
added, when the market breaks he then is placed in an embarrassing
detriment of another.
He sail
that
the same arguments
bankers sponsoring investment trusts,
would apply to private investment
although with less force.
While he
would not act in such a dual capacity himself, he stated, he knows of two
instances where the trusts are
being "splendidly run."„
♦
Resumes
Examination
of
Investment
Trusts—
Opposition Voiced by Gayer Dominick to Legisla¬
Which Would Bar Such Trusts from Partici¬
tion
pating in Underwriting
Securities Act
of 1933 providing that prospectuses for registered securities
may, under certain conditions, be delivered to an exchange
Rule
investment
an
period of declining prices of
situation because he has the power to favor one set of stockholders to the
1936—
998,872
913,620
930,219
Aug. 30
Sept. 10, the adoption
to
expressed
affiliates by commercial banks for
Adopted by SEC
than
a
recommendations for rem dial legislation to Congress.
Prospectuses for Registered Securities May Be Delivered
to
Exchange Instead of Members
Under Rule
rather
of
the other institution are almost
during
inquiry for the Commission which must make a report cf its findings with
SEC
The
officers
banking
illogical."
inquiries propounded by David Schenker, who is directing the
response to
he
1935—
31
Feb.
depression,
by the trust.
Clarke and
Mr.
also
are
of one or
certain to be treated with less favor
Ha
following tabulation is
existing at
called to trace operations
and investment trust operations creates a situation that is "very
Stock Exchange announced
31,
Aug.
on
were
sponsoring investment trusts and the officers of the banks serving as heads
short interest existing as
total
the
ness
York
who
Chicago financiers,
of these enterprises was left
New
the
the Congressionally ordered investigation of investment
said that in.their opinion a bank which engages in both commercial
32,018
Drop. Reported in Short Interest on New York Stock
Exchange During August
The
before
of Central Illinois Securities Corp. during the early period of the
In
125
banking from that of
advocated
Philip R. Clarke, President of the City National Bank &
Chicago.
In part the "Journal of Commerce
likewise reported from its Washington bureau the following:
trust
44,296
was
Trust Co. of
131
2,140
16,498
trust
and
14,607
(Ind.), capital
investment
Commission by Henry W. Dawes, President of Pure Oil
Co. and brother of former Vice-President Charles G. Dawes,
31,318
1,510
23,166
51,296
2,200
308,572
31,278
16,212
13,061
...
New York Shipbuilding Corp., 7% preferred..
Shell Union Oil Corp., 5)4% preferred
the SEC investment trust investigation.
on
To quote from the advices from Washington Sept. 14 to
the New York "Journal of Commerce," complete divorce¬
644,801
14,475
164,405
1 92
Son, Inc., capital
International Harvester Co., common.
McGraw-Hill Publishing Co., Inc., common
Co.,
4,944
81,026
1,771
189,735
5,900
The account likewise said:
628,420
13,475
164,404
General Motors Corp., common
A. Hollander &
Thermold
14
4,544
81,085
1,793
190,335
46,800
273,948
1,631
35,183
,
Standard Oil Co.
25,062
13,890
40,000
...
Columbia Gas & Electric Corp., common
5% preferred
Report
25,000
6,900
common
Armour & Co.
18,364
Shares per
Latest
the
transactions.
as
used in Section
Before
this
the
Securities
week resumed
its
and Exchange Commission, which
of investment trusts,
examination
Gayer Dominick, of the New York Stock Exchange firm of
Dominick & Co., expressed opposition to legislation which
would prevent investment trusts from participating in the
underwriting of security issues.
This was noted in advices
Sept. 16 to the New York "Journal of Commerce," from
which the
following is also taken:
Testifying in connection with the operations of National Bond & Share
Corp.,
New
York investment
trust
sponsored
by
the
brokerage
irm.
1
Financial
1792
Mr. Dominick held that nothing should
the underwriting of
counsel
trusts in
investment
views
his
Views
on
in¬
of
Austin,
character formerly
Dominick said:
Mr.
"But
if
participating in under¬
writing activities I favor such participation.
.
-
;
"Anything that interferes with the underwriting of the capital markets
is
a
thing from the standpoint of the national economy
serious
very
of the
seem
Ail of
country.
would
to
would
what
you
investment
to
say
the
"To curtail functions of an honorable dealing is to my mind a
replied.
is
a
The old saying 'you cannot legislate morals'
iertaking.
un
In vault
of collection
1,219,326
4,933,277
5,041,890
4,522,053
54,870
76,221
11,842
55,389
With foreign banks
$14,036,922 $13,850,104 $11,467,982
Total cash and funds due from banks
and securities:
Govt, securities and securities fully
S.
$14,771,767 $13,274,965 $12,351,669
guaranteed by the U. S. Govt
of. States, their political sub¬
2,579,983
2,657,957
2,777,782
divisions, territorial & insular possessions.
295,598
293,453
297,665
Foreign securities
3,662,200
3,759,086
4,204,522
Other bonds, stocks and securities
146,382
130,317
130,810
Stock in Federal Reserve banks.
14,697,208 14,494,675
15,105,131
Loans and discounts (including overdrafts)
Obligations
-
And to attempt that
that should never b3 done.
take away the thing you are trying to
you
will
encourage—responsibility and in¬
I thini you should go very slow in that direction.'
tegrity of the individual.
$37,287,677 $34,812,986 $33,530,507
Total loans and securities
"I think that to disturb the responsibility of a man managing anything
is something
$705,263
With United States Treasurer
true one.
very
14,173
$869,380
2,303,987
5,579,977
5,613,478
5,258,679
With Federal Reserve banks
With other domestic banks
U.
trusts participating in
dual functions in all kinds of businesses," Mr. Dominick
ar3 many
rather serious
'35 June 29, '35
14,121
_
The banks had loans
Austin asked.
Mr.
trust?"
investment
"There
_
14,055
$915,338
2,194,038
-
cash and funds due from banks:
The banks had
looking for big capital issues soon and it
us are
underwriting of a security sponsored by the company which sponsored
the
Number of banks
that participation in the underwriting of these issues
me
by investment trusts is perfectly legitimate."
"But
STATES
DEC. 31, 1935, AND JUNE 29, 1935
1936,
(Amounts in thousands of dollars)
\
In process
have in mind investment trusts
you
OF INSURED COMMERCIAL BANKS IN THE UNITED
AS OF JUNE 30,
June 30, '36 Dec. 31,
of the kind and
engaged in are no longer carried on as a result of the Securities and Exchange
Act,
ASSETS
advisability of
Underwriting
trading accounts
that
underwriting activities
upon
his opinion regarding
asked
who
summary:
engaging in trading accounts.
trusts
Asserting
Corporation's
The following is the
Preliminary
to an inquiry propounded by James
response
SEC,
the
for
1936
Sept. 19,
the capital markets in any manner.
voiced
Dominick
Mr.
vestment
be done that would interfere with
Chronicle
banks had—
/
Guarantees and securities of customers a nd
$159,267
banks on account of acceptances
1,194,534
Bank buildings, furniture and fixtures.^....
In addition the
$158,934
$180,495
1,196,200
1,209,874
574,019
320,043
550,723
324,584
507,573
374,474
$2,247,863
$2,252,002
$2,250,855
settlement of
bank premises
Other real estate, acquired in
debt: not used as
Other assets
Value
Commercial
of
Paper Outstanding as Reported
by New York Federal Reserve Bank"—Total of
$205,200,000 Aug. 31 Highest Since Oct. 31, 1931
The following announcement, showing the total value of
commercial paper
outstanding
on
Aug. 31, 1936*
was
Total miscellaneous assets
$53,572,462 $50,915,092 $47,249,344
Total assets
OF
LIABILITIES
INSURED
Reports received by this Bank from commercial
total of
$205,200,000 of
open
paper
market paper outstanding
on
dealers show
is
the
highest since
Oct.
reported at $210,000,000.
above
of
that
July 31
paper
outstanding
1931,
31,
when
a
Aug. 31
on
furnish
a
the
value
record of the figures since they were first
1936
June 30,
§205,200,000
Dec.
31
$187,600,000
Nov. 30
168,700,000
Oct.
May 31
184,300,000
Apr. 30
173,700,000
Mar. 31.
Sept. 30
Aug. 31
July 31
31
Feb.
28.....
Jan.
31
30
Mar. 31
132,800,000
Feb.
29
31.....
177,721,250 May 31
June 30
Apr.
31--...
Nov. 30
171,500,000
.
...
deposits of—
14,055
.
Dec.
31, '35
June
29, '35
30
Mar. 31
14,173
14,121
•.
Below
Domestic banks, certified &
cash
outstanding,
letters
cashiers' checks
of credit and
7,064,921
travelers' checks
475,053
$64,000,000
71,900,000
84,200,000
84,600,000
5,646,321
6,862,328
452,978
280,691
$46,629,498 $44,123,385 $40,298,169
Total deposits
Apr.
Jan.
.
Foreign banks
187,700,000
192,000,000
188,100,000
168,400,000
151,300,000
141,500,000
139,400,000
The banks were also liable for—
Currency
of
$222,045
National banks outstanding-
31.....
81,100,000
109,500,000
113,200,000
Sept. 30-.... 110,100,000
Aug. 31
108,100,000
July 31100,400,000
$38,558
$35" 019
Outstanding acceptances & bills of exchange
1932—
Dec.
'36
UNITED
1935
,
$21,462,550 $20,073,268 $18,029,033
payable on demand
Individuals, partnerships and corporations,
12,253,0Q2
12,494,352
13,002,949
deposited for periods of time—
1,176,963
1,161,173
1,301,550
U. S. Government and postal savings
2,912,259
3,079,286
3,313,465
States and their political subdivisions
reported
Oct. 31, 1931:
$166,200,000
177,900,000
31-*—
180,200,000
175,600,000
1935—
The banks had
1933
June 30
July
Dec.
on
1934
Aug. 31
was
of $187,600,000, and $28,400,000
by the New York Reserve Bafik
THE
Individuals, partnerships and corporations,
Thd Aug. 31 figure is $17,600,000
higher than that of Aug. 31, 1935, of $176,800,000.
we
IN
Aug. 31, 1936
"NTiimt^pr of banks
The value of commercial
BANKS
(Amounts in thousands of Dollars)
Sept. 15 by the Federal Reserve Bank of New York:
on
COMMERCIAL
STATES AS OF JUNE 30, 1936, DEC. 31, 1935 AND JUNE 29,
issued
180,299
198,718
46,299
175,659
Other liabilities
435,184
347,778
294,215
$654,041
$581,515
$738,218
1
Borrowed money.
I
'
Nov. 30
Oct.
31
178,400,000
Feb.
28
Jan.
31
Aug. 31
180,400,000
183,100,000
176,800,000
31
108,700,000
Apr.
30
103,300,000
111,100,000
107,800,000
July
31
163,600,000
Nov. 30
133,400,000
Mar. 31
105,606,000
June 30
159,300,000
Oct.
29.,...
102,818,000
173,000,000
Sept. 30
129,700,000
122,900,000
Feb.
May 31
Jan.
31
107,902,000
Apr.
30
173,000,000
Aug. 31
107,400,000
Mar. 31
181,900,000
July
31
96,900,000
Dec.
31
Total miscellaneous liabilities
$47,274,539 $44,704,900 $41,036,387
Total liabilities, excluding capital
117,714,784
173,684,384
210,000,000
Oct.
31
-_u__
Sept. 30--
— .
117,300,000
,108,400,000
1923—
Dec.
June 30
May 31
31-.--.
1931—
Feb.
28_i..__
176,700,000
June 30
72,700,000
31
170,900,000
May 31
60,100,000
Oct.
a.
of—
\
$3,300,071
$3,365,184
1,945,945
415,125
548,051
1,892,580
628,432
$6,297,923
Capital stock, notes and debentures
Surplus (paid In, by stockholders or accumu¬
lated from earnings as an added protect!
for depositors).
Amounts set aside for contingencies, &c
$6,210,192
$6,212,957
$3,212,140
on
2,041,929
415,422
Undivided profits
Nov. 30
Jan.
The banks had capital funds
31
Total capital funds
Total liabilities, including
capital
425,783
529,410
$53,572,462 $50,915,092 $47,249,344
Condition
of
Banks
Insured by
Deposits of 14,055 Institutions
FDIC—Assets and
of June 30, 1936,
Reported Above Those of 14,173 Banks'Year Ago
•
as
The Federal Deposit Insurance Corporation, in a summary
of the June 30, 1936, reports of condition of 14,055 insured
commercial banks, notes that total assets and deposits of
the banks increased
compared with Dec. 31 and June 29,
The assets at the latest date, according to the Corpo¬
ration, amounted to $53,572,462,000, as against $50,915,092,000 and $47,249,344,000, respectively, on Dec. 31 and
June 29, last year, while the deposits were in amount of
$46,620,498,000 on June 30, 1936, as compared with $44,123,385,000 at the close of 1935 and $40,298,169,000 on
June 29.
In stating that the summary includes the reported
condition figures of banking institutions holding "over 97 % of
the total deposits of all commercial banks in the United
States," the FDIC noted:
as
1935.
On June 30, 1936, total assets of insured commercial banks amounted to
about $53,600,000,000, an increase of 13%
Bank
loans
and
$15,000,000,000,
which
was
decreased
The
discounts
an
evident
on
June
30,
since June 29,
1935.
1936, amounted to
increase of 4% in 12 months.
more
than
This reversed the trend
during the preceding year when loans and discounts
5%.
mount
Government
of
was
securities
other
than
$7,500,000,000,
an
obligations of the
increase
of
11%
United
during
States
the
year
Bankers' Acceptances Declined
August—Total at $308,112,141 Aug. 31—
Represents Falling Off of $7,416,299 as Compared
with July 31—Also Below Year Ago
Volume of Outstanding
During
Declining $7,416,299 during August, the volume of out¬
standing bankers' acceptances on Aug. 31 were reported on
Sept. 14 by the Acceptance Analysis Unit of the Federal
Reserve Bank of New York at $308,112,141, as against
$315,528,440 July 31.As compared with Aug. 31, 1935,
when the volume totaled $321,807,411, the figure for the
end of August, this year, represents a drop of $13,695,270.
As noted in our issue of Aug. 22, page 1157, there has been
since October 1935, a steady narrowing of the decline in
the year-to-year comparison, so that the figure for last
month (July 31) was only $5,362,306 below that for the
corresponding month of a year ago.
The drop during
August this year is attributed to. a falling off of bills drawn
to finance exports, dollar exchange, and goods stored in or
shipped between foreign countries; acceptances in the other
classifications are greater than last year.
It is stated that
that slow cotton movement is largely accountable for the
drop in export acceptances.
TOTAL
On June 30,
ernment) amounting to about $14,800,000,000,
an
increase of 20% over a
Cash and funds due from banks increased during the year by
22%.-
DOLLAR
COUNTRY
Total deposits of insured banks
on
June 30,
1936, amounted to nearly
1935, and
30% since June 30, 1934.
The rate of growth in
ACCEPTANCES OUTSTANDING
RESERVE DISTRICTS
FOR
FEDERAL
2.
(New York)
was
approximately the
same as
for the year
1935.
Demand deposits continued to increase at
savings deposits.
During the
year
a more
rapid rate than time and
8.
(St. Louis)
9.
10.
(M)nneapolis)
(Kansas City)
(Dallas)
12.
-
(San Francisco)
Aug. 31, 1935
$30,884,662
228,989,993
11,283,794
3,493,600
641,618
$28,214,716
239,818,010
12,852,126
2,759,868
189,234
1,179,901
16,791,495
368,204
635,330
$308,112,141
$315,528,440
942,746
17,707,722
307,131
2,515,648
9,312
654,138
18,098,076
ending June 30, 1936, demand deposits
of individuals, partnerships and corporations increased
savings deposits by 6%
(Philadelphia)
4. (Cleveland)
5. (Richmond)
6. (Atlanta)
7. (Chicago)
July 31, 1936
$29,349,635
220,400,272
12,273,427
4,156,845
226,706
947,367
18,658,654
473,039
2,855,352
2,710
691,023
18,077,111
(Boston)
11.
deposits, and in holdings of securities during the
ending June 30, 1936,
ended June 29,
BY
Aug. 31, 1936
Federal Reserve District
1.
3.
$47,000,000,000, representing increases of 16% since June 29,
year
BANKERS'
1936, the banks reported United States Government obli¬
gations 'including obligations fully guaranteed by the United States Gov¬
year ago.
OF
ENTIRE
ending June 30, 1936.
by 19%, time and
Grand total
^
Decrease for month, $7,416,299; decrease for year, $13,695,270,
767,156
18,231,371
$321,807,411
Volume
Financial
143
classified according to
1793
Chronicle
1936, all, tenders received at the
Aug. 31,
1936
Aug. 31, 1935
July 31, 1936
receipt of tenders on Sept. 21,
Federal Reserve banks or branches thereof
and public announcement of the
Immediately after the closing hour for
nature of credit
the closing hour will be opened
to
up
possible thereafter, probably on
Treasury expressly reserves
the right to reject any or all tenders or parts of tenders, and to allot less
than the amount applied for, and his action in any such respect shall be
final.
Those submitting tenders will be adivsed of the acceptance or re¬
jection thereof.
Payment at the price offered for Treasury bills allotted
must be made at the Federal Reserve banks in cash or other immediately
acceptable prices will follow as soon as
$104,438,637
62,645,714
9,763,985
50,183,313
1,933,032
Imports..
Exports
:
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based
$104,720,895
68,127,602
9,644,915
47,488,986
1,714,538
$101,526,848
81,425,823
8,96 >,657
43,022,127
3,988,422
83,831,504
82,874,534
goods stored In or shipped
on
79,147,460
between foreign countries
BILLS HELD
$139,600,494. Bills of others,
for month $581,147.
Own bills,
Increase
available funds
BANKS
BY ACCEPTING
$139,386,731.
Total,
on
Sept. 23, 1936.
The Treasury bills
$278,9^.^25.
The Secretary of the
the following morning.
<
SEPT.
Dealers'
Dealers'
Dealers'
Rate Selling
Buying
Days—
60
180
Dealers
Selling Rate
that Treasury bills are
possessions.
M
%
Vs
...
and inheritance taxes.
Treasury Decision 4550, ruling
5-16
150
3-16
Rate
5-16
120
3-16
$
90
Buying
Days—
Rate
3-16
30
ACCEPTANCES
PRIME BANKERS'
12, 1936
\
disposition thereof will
(Attention is invited to
not exempt from
the gift tax.) No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes
of any tax now or hereafter imposed by the United States or any of its
all taxation, except estate
CURRENT MARKET RATES ON
principal and interest, and any
also be excempt.fTom
will.be exempt, as to
gain from the sale or other
Department
Treasury
Circular No. 418, as
prescribe the terms of the Treasury
5-16
amended, and this notice
conditions of their
bills and govern the
issue.
.
♦
31, 1936, as made
available by the New York Federal Reserve Bank:
The following table, compiled by us, furnishes a record of
the volume of bankers' acceptances outstanding at the close
of each month since Aug. 31, 1934:
The following is
the report for Aug.
1935—
1934
$520,002,718
Sept.30..... 539,420,386
Oct. 31
561,601,752
Nov. 30
561,380,541
Dec. 31
543,385,189
Aug. 31
Apr. 30.....$413,372,771
1935—
Jan.
July
31
Aug. 31
Sept. 30
Jan.
374,755,247 Feb.
343,285,933 Mar.
320,890,746 Apr.
321,807,411 May
327,834,317 June
362,984,286 July
515,812,657 Oct. 31
387,373,711 Aug.
492,764,805 Nov. 30
465,860,016 Dec. 31..... 396.957,504
31
Feb.
June 29-..-.
28
Mar. 30
$981,826,050—$469,965,250 Cash Subscriptions Al¬
lotted—Exchange
Subscriptions of $511,860,800
1936—
,
May 31
Treasury's Sept. 15 Quarterly Finan¬
cing—$5,129,722,700 Received to Cash Offering of
$400,000,000 of 2 %% Bonds—Total Allotments
Final Figures on
$384,146,874
29
376,804,749
31
359,004,507
30-.... 343,694,299
330,531,460
30
30
316,431,732
315,528,440
31
308,112,141
31
31
Allocated in Full
The final figures
1956-59
of
savings, building and
loan associations of the country in July made over $100,000,000 available for mortgage credit to home-owners, the
United States Building and Loan League reported in Chicago
on Sept. 12.
July advances by these institutions registered
a new high for 1936, being estimated on the basis of reporting
associations at $114,626,000 to some 52,500 different bor¬
rowers
the League said.
The increase over June was 4.03 %.
The League's announcement continued:
For the fourth successive month the
,
Of all purposes,
the greatest percentage of increase was shown in
the
homes, being 14.7% greater in
July than in June, and amounting to $32,421,000, for the building of
dwellings.
10,000
were
homes continue to play an increasing
building and loan associations,
he emphasized.
They totaled $34,500,000 in July as contrasted with
$32,000,000 in June.
Modernization and repair loans also continued their
uptrend from June to July, showing an increase of 7.2% and a total volume
of $8,307,000.
It was emphasized that very little of this modernization
part in the total credit advanced by savings,
credit has been advanced under Title I of the
his
Accustomed to making modernization loans and to
modernization loan.
judge risks for
Housing Act where the Govern¬
losses to the creditor up to 10% of the total amount of
ment guarantees
many
decades the associations do not look upon such addi¬
tional guarantees as Accessary for
their safety.
...
Estimated July
Purpose of Loans
Sept. 12, pages
8,307,000
34,579,000
24,919,000
14,400,000
Repair and modernization
Home purchase
Refinancing
_
Other purposes.
•
$400,000,000, or thereabouts, of the 2%%
totaled $5,129,722,700, Secretary Mor¬
genthau said.
It had been earlier reported that the cash
subscriptions totaled $5,200,000,000.
The Treasury allotted
$469,965,250 of the cash subscriptions.
In addition to being
offered for cash, the 2%% bonds were also offered in ex¬
change for $514,066,000 of two-year 1 y2% Treasury notes of
Series D-1936, which matured on Sept. 15. • The exchange
subscriptions of the maturing notes for the new bonds were
in amount of $511,860,800, which were allotted in full.
The
right had been reserved to the Secretary of the Treasury
to increase the
notes tendered in payment and
The cash
the Treasury were
The new Treasury bonds are dated Sept. 15,
Sept. 10.
per annum,
and the Treasury as
28
Total
Total
Cash
Cash
Subscriptions
Total
Subscriptions
Received
Subscriptions
Allotted
{Allotted in Full)
Allotted
Total
District
7
30
22
$496,377,150
2,703,503,200
302,554,350
265,343,050
160,703,950
122,892,300
427,875,850
140,758,800
63,016,800
94,683,150
86,422,550
262,285,700
3,305,850
Boston
13
New York
Cleveland
offering of $50,000,000, or thereabouts,
of 273-day Treasury bills, to be received at the Federal
Reserve banks, or the branches thereof, up to 2 p. m.,
Eastern Standard Time, Monday, Sept. 21, were invited on
Sept. 17 by Henry Morgenthau Jr.,Secretary of the Treasury.
The tenders will not be received at the Treasury Department,
new
Washington.
St. Louis
Kansas City
bills will be sold on a discount basis to the
They will be dated Sept. 23, 1936, and
will mature on June 23, 1937, and on the maturity date the
face amount will be payable without interest. An. issue of
similar securities in amount of $50,070,000 will mature on
Treasury
They (the bills) will be issued in bearer form only, and in amounts or
and
$1,000,000
(maturity value).
must
be in multiples of $1,000.
the basis of 100, with not more
Each tender
The price offered must be expressed
on
than three decimal places, e. g.f 99.125.
Fractions must not be used.
Tenders will be
accepted without cash deposit from incorporated banks
and trust companies
ment securities.
Tenders from others must be accompanied by a deposit
R.
N.
Sims,
35th
$511,860,800
'
22,177,050
20,509,350
39,932,150
1,048,500
$981,826,050
23%
in
Excess
of
Those
of
Secretary-Treasurer of the National Asso¬
on
States the
of
Secretary Sims, it is stated, gives the only available
and detailed data of State banking institutions
accruate
comparable with the report of the Comptroller of the Cur¬
which covers the National banks,
Mr. Sims said:
rency,
This report is
1936.
distressing
'
7,425,500
75,877,100
7,130,900
12,179,000
6,662,800
3,251,000
17,174,300
750,000
Sept. 14 a statement which shows in detail by
capital, surplus and undivided profits, deposits,
loans and discounts, stocks,
bbnds and securities, and
total resources of all State banking institutions of the
United States, together with totals of these items of the
National banks, and all as of June 30, 1936.
The report
Mich.,
most
-
11,099,500
34,502,500
$51,024,200
507,601,750
44,691,700
39,208,750
52,406,750
25,928,000
125,527,750
30,357,650
21,412,450
of
accompanied by an express guaranty of payment by an incorporated
company.
17,821,000
Supervisors of State Banks, submitted to the
annual convention of the Association, in Detroit,
ciation
30,
or trust
Reported
Deposits
June
bank
$469,965,250
$10,904,500
307,082,700
National Institutions
the face amount of Treasury bills applied for, unless the tenders
of 10% of
are
and from responsible and recognized dealers in invest¬
$40,119,700
200,519,050
26,870,700
28,109,250
17,904,250
18,502,500
49,650,650
23,226,750
9,233,450
15,514,250
17,258,350
22,757,850 s
298,500
Compilation of Capital, Resources, &c., of State and
National Banks by R. N. Sims of National Asso¬
ciation of Supervisors of State Banks—State Bank
The Treasury
Sept. 23. In his announcement of Sept. 17 Secretary Mor¬
genthau stated:
$5129,722,700
Total
highest bidders.
$500,000,
*
Received
of Total
San Francisco
$100,000,
follows:
Subscriptions
/
Dallas.
$10,000,
Federal Reserve districts
divided among the several
were
Minneapolis
amount less than $1,000 will be considered.
1936,
2%%
option of the United States on and after Sept. 15,1956.
cash and exchange subscriptions to the new bonds
at the
1936
$1,000,
the rate of
payable semi-annually on March 15 and Sept. 15.
Sept. 15, 1959, but may be redeemed
Chicago
an
date at
They will mature on
of 273-Day Treasury Bills to Amount of
$50,000,000, or Thereabouts—To Be Dated Sept. 23,
of
the
interest from
will bear
and
2%% TREASURY BONDS OF 1956-59
New Offering
No tender for
of
closed, as noted in our item of a week
on Sept. 8, the day they were opened.
The books for
receipt of the exchange subscriptions were closed on
ago,
the
Richmond.
denominations
accepted.
subscription books to the Sept. 15 financing
Atlanta
a
all exchange subscriptions of
accept
Per Cent
$114,626,000
Tenders to
2%% bonds by an
amount of the offering of
sufficient to
amount
Philadelphia
Total
both
bonds offered for cash
Federal Reserve
$32,421,000
Pre¬
made
scriptions for the
Loans Made by
All Associations
in United States
New construction
showing that the cash
1645-1646.
cash and exchange, totaled
$5,641,583,500, of which $981,826,050 were allotted.
Sub-,
The
business by the associations, according
which the loans were granted follows:
A breakdown of the July lending
to purposes for
announced on
subscriptions,
The
the 1 V-2%
...
Loans for the purchase of existing
subscriptions to
of 20-23-year 2%% bonds
Sept. 15 by Henry Morgen¬
Jr., Secretary of the Treasury,
thau
in our issue of
$100,000,000 Advanced
credit granted for the construction of new
cash and exchange
subscriptions were slightly below preliminary figures.
vious reference to the Sept. 15 quarterly financing was
by Savings, Building and
Loan Associations During July for Fourth Consecu¬
tive Month, National Body Reports
Over
on
Treasury's Sept. 15 offering
the
made up from figures covering the close of business on
when we consider the
confronted the business of the
The figures are very gratifying
conditions which
whole w>rld during the last
several
have
years.
1794
Financial
On June 30, 1936, there was a total of 15,996 banks, of
which 10,622
State banks and 5,374 were National banks, and in round numbers
a
of $67,305,591,227.
resources
surplus and undivided profits
of all
were
Total resources of all member Federal Reserve banks
above,
total deposits of all banks were $7,035,486,894 above, and total resources
$6,872,368,776 above, figures of June 29, 1935.
were
On June
30, 1936, in round numbers, the capital, surplus and undivided
profits of the State banks
were
$5,478,526,364, and of the National banks
$3,010,807,000, showing the capital
82% in
deposits of the State banks 23%
The
total
27% in
of the
resources
National banks
in
excess
State banks
were
$29,702,839,000, showing the
be
of the National
resources of the State banks
ended June 30, 1936, there
total increase in the loans and discounts in all of our banks of only
000,000,
and
during the
and securities
of
banks.
$37,602,752,227, and the
National banks.
excess of the
It is significant that during the year
a
of the State banks to
The deposits of the State banks
same
period
an
increase in the
bonds,
was
$329,stocks
$3,693,000,000, being an increase of $1,927,000,000 in
the State banks, and $1,766,000,000 in the National banks.
of Government securities by our banks are
1936
19,
on
June 30,
1936,
$46,587,849,000.
of the
Total resources
5,374 National banks
$29,702,839,000, or 64% of the total;
Total resources of the
These
on
an average of
June 30,
$5,527,137
1936,
per
were
bank.
1,032 State member banks June 30, 1936, were
$16,885,000,000, or 36% of total;
an average of $16,361,434 per
bank.
figures show our banks to be in a strong position and emphasize
the important part which the State banking institutions play in our great
Federal Reserve System, through their voluntary
I repeat
$32,273,262,967, and of the National banks $26,200,453,000, showing
were
the
resources
of the National banks.
excess
were
Total capital,
banks were $1,048,684,738
Sept.
Federal Reserve Batiks
total
capital, surplus and undivided profits of $5,489,333,364, total deposits of
$58,473,715,957, and total
Chronicle
and emphasize what I said last
year,
membership.
i.e.:
"The preponderating volume of State bank resoucres, as late as June 30,
1936, should warn our National authorities that further banking legislation,
pointed in the direction of our State banks, must be cautiously pursued
so as to guard against injury to this great element of our financial structure.
The State banks are closest to the producers of this country.
They are
controlled by more safety legislation than ever before in the Nation's
history, and I believe that there should be a halt in further
national
legislation, and that our banks should be permitted to pursue their way
without uncertainty, so that we may move more swiftly to
complete
national recovery."
The holdings
The detailed statement
large.
presented by Mr. Sims follows:
STATEMENT SHOWING AGGREGATE RESOURCES, &0., OF ALL BANKING INSTITUTIONS UNDER STATE CONTROL, COMPILED FROM STATE¬
MENTS FURNISHED BY HEADS OF STATE BANKING DEPARTMENTS.
ALSO AN ADDENDUM COVERING AGGREGATE RESOURCES, &c.,
OF ALL NATIONAL BANKS TAKEN FROM REPORrS OF THE COMPTROLLER OF THE CURRENCY AND FIGURES EXHIBITING TOTAL BANK
RESOURCES OF THE UNITED STATES.
BY R. N. SIMS, SECRETARY-TREASURER NATIONAL ASSOCIATION OF SUPERVISORS OF STATE
BANKS, FORMERLY BANK COMMISSIONER OF LOUISIANA, NEW ORLEANS, LA.
Date
States
No.
of
Insti¬
OS
Report
Capital,
Surplus
Undivided
Surplus
and Undivided
Profits
Capital
tutions
Profits
Loans
Deposits, Incl.
Certified and
Cashiers
$
$
Alabama
4-29-36
148
Arizona.
Arkansas.
6-30-36
7
6-30-36
174
145
California
6-30-36
Colorado
6-03*36
76
Connecticut.
6-30-36
144
Delaware
6-30-36
41
Florida..
6-30-36
104
Georgia
6-30-36
226
Idaho..
6-30-36
34
Illinois
6-30-36
i
589
6-30-36
417
6-30-36
Indiana,
543
Iowa.
Kansas
6-30-36
531
Kentucky
Louisiana...
6-
3-36
342
6-30-36
119
Maine..
6-36-36
63
Maryland
6-30-36
Bonds,
Stocks,
Securities, &c.
and
Discounts
Checks
8,535,146.38
1,075,000.00
7,770,350.00
76,651,190.00
3,362,500.00
22,346,600.00
10,157,530.00
6,667,588.43
16,346.000.00
2,670,000.00
53,816,550.00
34,315,052.06
23,306,500.00
16,038,500.00
24,373,090.00
14,018,430.00
9,466,600.00
14,755,138.21
2,862,537.87
900,600.00
1,606,576.67
33,920,435.03
1,603,944.65
62,937,521.56
21,653,207.39
2,586,562.65
7,543,636.46
823,800.00
27,445,328.31
12,329,515.01
8.284.905.08
6.645.063.11
10,325,210.51
3,113,953.69
11,500,500.12
3,357,453.96
274,340.12
1,404,888.22
18,914,620.03
1,446,333.14
30,128,845.23
5,572,035.29
565,852.02
2,736,152.04
28,Q00,139,12
13,836,373.05
2,249,840.12
10.781.814.89
129,486,245.06
6,412,777.79
115,412,966.79
37,382,772.68
9,820,003.10
26,625,788.50
3,981,504.37
96.227.724.90
51,976,378.59
38,464,475.79
25,432,402.39
40,120,114.21
18,753,307.02
v
29,291,568.59
66,914,528.17
183,062,868.00 117,754,202.00
342,071,970.00
139
25,078,016.00
481
31,254,900.00
47,609,725.00
15,719,400.00
12,073,560.00
6.136.230.76
6,364,950.00
2,683,226.18
62,576,276.77
20,049,527.98
487,704.37
14,965.846.59
5,331,811.52
6,873,070.71
2.748,839.28
5,421,813.70
1.620,923.33
8,324,468.47
66,610,531.80
22.985.204.58
$
27,797,876.82
6,537,625.74
21,914,634.36
491,342,451.35
16,888,773.32
489,387,367.88
59,190,283.94
1,134,118,652.22
48,428,828.62
947,912,884.06
147,639,185.30
66,538,729.96
119,526,451.47
46,265,093.52
1,049,656,783.88
365,066,299.13
346,713,047.19
165,595,660.68
Total
Resources
64,335,876.32
17.004.533.36
60,331,512.66
12,848,595.46
222.923.242.95
140,273,355.49
139,769,128.73
71,136,072.81
108.543.452.96
41,939,150.23
74,496,993.28
27,710,357.04
7,767,195.26
18,039,900.49
541,760,839.35
16 754,382.90
82,221,454.32
25,235,044.70
71,083,816.02
1,320,033,824.07
55.413.124.92
1.074.826.681.75
186,858,318.59
77,984,685.78
148,578,365.80
52,924,564.83
1,178,619,167.68
421,648,606.35
385,437,951.44
192,784,415.63
410,647,406.34
81,945,344.71
27,755,730.02
32.297.484.28
20,642,531.62
611,797,069.55
142,112,407.53
145,293,298.03
124,316,116.63
50,227,728.30
74,071,572.13
42,731,292.30
124,745,508.39
280,649,672.00
3,057,548,349.00
1,662,173,218.00
1.255,358,654.00
3,407,711,339.00
555,915,880.72
245,840,011.00
105,117,266.60
749,610,072.06
50.842.500.40
98,673,958.58
81,759,092.00
36.900.184.57
226,515,130.42
16.205.828.38
31,093,494.31
308,096,563.14
126,482,371.00
40,080,479.76
335,453,683.06
21,949,846.39
20,604,103.02
2,289,501.59
133,626,098.16
628,802,679.10
273,162,296.00
122,644,872.99
865,768,809.77
62,010,606.04
84,723,588.45
6.487,665.07
227,942,798.77
850,115,081.87
1,427,127,764.16
185,266,569.53
111.428.276.55
202,403,790.50
479,724,839.21
250,997,016.66
132,863,767.59
248,268,360.49
553,640,746.57
Mass.. \
Trust
cos..
Other bks.
J 6-30-3 6
6-30-36
378
Minnesota...
6-30-36
488
Mississippi..
6-30-36
Missouri
182
60S
Michigan..
Montana....
6-30-36
6-30-36
Nebraska
6-30-36
Nevada
6-30-36
8
New Hampsh
6-30-36
58
New Jersey..
6-36-36
187
New Mexico
76
299
6-30-36
19
New York...
6-30-36
453
No.
207
_
Carolina
6-30-36
Dakota
Ohio-__L„__
6-30-36
144
6-30-36
468
Oklahoma...
6-30-36
Oregon
6-30-36
55
Pennsylvania
6-30-36
429
No.
190
Rhode Island
6-30-36
So. Carolina.
6-30-36
132
So. Dakota..
6-30-36
144
Tennessee
6-12-36
246
23
Texas.
6-30-36
434
Utah.
6-30-36
46
Vermont
6-30-36
49
Virginia
Washington.
West Virginia
6-30-36
195
6-30-36
128
6-30-36
106
Wisconsin
6-30-36
Wyoming
(Territory of
Hawaii)...
...
505
6-30-36
33
6-30-36
13
4,858,564
4,228,465
1,320,536
11,936,371
785,448
1,304,462
74,549
7,838,705
4,703,000.00
1,283,375.80]
7,899,500.00
2.007.874.79
365,000.00
120,452.36
1,256,200.00
15,714,370.03
87,477,357.88
62,150,239.38 11,123,188
770,000.00
186,800.00
91,915
575,469,450.00 *2524740,627.00
4 "340,604
19,871,804.00
8,854,588.00
2,670,000.00
229,286
1.016.634.77
64,347,245.00
30,970,271.00 10,820,245
4,050,000.00
975,786
1,344,680.55
498,472
2,762,000.00
1,317,421.22
145,095,695.76
266,103,875.23 57,892,955
12,155,000.00
6,871,886
33,953,687.29
3,679,646.88
1,194,566
1.696.759.09
833,512
4,740,500.00
974,445.63
12,956,584.81
2,477,260
2,983,322.07
18,595,500.00
3,466,974
5,786,145.05
1,286,233
6,993,000.00
1.906.107.12
2,244,648
18,056,008.30
2.115.373.80
21,748,747.51
3,343,064
7,434,426.28
2,508,394
7,454,000.00
4,573,449.00
3,092,181
12,090,000.06
7,423,864.62
43,584,612.06
9,539,194
6,659,879.09
1,551,500.00
153,928
587,215.33
6,488,700.00
58,604,519
26,312,815
16,077,312
94,556,176
6,771.824
11,211,837
560,002
24,809,275
160,750,785
1,048,715
3,100,210,077
33,066,896
3,915,821
106,137,761
6,370,467
4,577,894
469,092,526
52,980,573
6,570,972
6,548,457
18,417,167
27,848,619
10,185,340
22,416,030
32,526,237
14,535,843
22,606,1.46
59,783,685
2,292,644
73,019,086.31
5,862,413.96
74,373,443.69
223,190,339.52
3,610,825.69
6,109,787,319.00
92,471,763.00
10,934,085.53
488,524,992.00
16,928,702.75
12,764,499.63
747,077,032.91
138,516,008.81
16,833,637.77
15.607.870.09
10,360,604.18
14,525,077,153.00
278,098,407.00
20,733,384.72
1,205,876,704.00
49,279,986.10
38,335,435.65
2,442,900,083.32
379,195.055.84
62,047,923.25
36.542.051.41
107,987,009.74
173.484.369.56
71,271,405.68
120,170,397.27
198,019,484.49
147,860,059.00
130,527,814.39
363,397,868.76
16,277,383.43
11,578,715.55
*5,090,015.55
1,347,961.90
203,123,166.96
1,229,309,957.24
55.828.753.39
70.673.032.58
28.048.571.10
62,178,368.62
112,474,066.72
63,560,167.00
59.798.490.37
132,452,046.60
7,982,645.39
54.560.560.59
11.438.076.93
3,087,121.79
6,999,845,948.00 17,021,642,445.00
114,227,227.00
317,297,051.00
6,898,296.26
26,551,846.67
478,561,746.00 1,368,871,626.00
13,939,568.46
55,786,163.60
43,135,249.63
17.583.810.29
1,494,076,820.28 2.979.788.836.76
436,523,805.13
227,809,525.19
70,256,217.76
21,341,340.82
11,003,846.43
43,334,663.14
128,422,863.45
27,272,354.42
218,832,243.47
51,894,708.18
82,176,074.57
29,558,680.67
150,402,351.89
53,089,891.79
237,593,582.22
55,336,828.61
163,217,292.00
57,066,539.00
158,741,315.42
40,556,834.86
426,355,489.87
186,413,741.28
18,772,844.55
3,328,267.11
.
28,428,681.73
26,545,012.59
77,810,055.67
Totals
(avge.
date).
Comptroller's
report (Nat
banks)
6-30-36 10,622 1,622,053,546.83 3,459,375,940.20
5,374 1,691,375,000.00
6-30-36
397,096,877.03 5,478,526,364.06 32,273,262,957.77 12,876,297,263.30 15,652,637,920.36 37,602,752,227.17
973,393,000,00 346,039,000.00 3,010,807,000.00 26,200,453,000.00
7,763,342,000.00 12,482,625,000.00 29,702,839,000.00
Exc's of State
bkg.
5,248
insts.
Totals—
State banks.
6-30-19
Nat. banks..
4-12-26
Nat. banks..
3-23-27
21,028
21,923
22,705
22,302
22,084
21,350
21,122
20,289
19,597
18,965
18,357
17,298
15,865
13,882
11,513
10,903
10,742
10,622
7,785
8,030
8,143
8,197
8,229
8,115
8,016
8,000
7,828
Nat. banks..
3-28-28
7,734
Nat. banks..
3-27-29
7,575
Nat. banks..
3-27-30
Nat. banks..
3-25-31
7,316
6,935
6.373
5,887
5,422
State
banks.
6-30-20
State
banks.
3-10-21
State
State
banks.
3-10-22
banks.
4- 3-23
3-31-24
State
banks.
State
banks.
4- 6-25
State
banks.
4-12-26
State banks.
3-23-27
State
banks:
2-28-28
State
banks.
3-27-29
State
banks.
3-27-30
State
banks.
3-25-31
State
banks. 12-31-31
State
banks.
6-30-33
State
banks.
6-30-34
State
banks.
6-29-35
State
banks ^
6-30-36
Nat. banks..
6-30-19
Nat. banks..
6-30-20
Nat. banks..
2-21-21
Nat. banks..
3-10-22
Nat. banks..
4- 3-23
Nat. banks..
3-31-24
Nat. banks..
4- 6-25
Nat. banks.. 12-31-31
Nat. banks..
6-30-33
Nat. banks.:
6-30-34
Nat. banks..
6-29-35
Nat. banks..
6-30-36
5,431
5.374
2,485,982,940.20
1,307,888,585.00
1,595,243,703.89
1,734,909,385.20
1,794,110,615.82
1,855,237,769.73
1,915,334,597.03
1.990.525.694.76
2,065,024,071.43
2,146,819,043.02
2,184,487,497.14
2,018,061,210.99
2,166,931,918.96
1,998,703,493.43
1.791.643.006.77
1,447,040,110.46
1,701,426,345.36
1,678,353,292.89
1,622,0$3,546.83
1,118,603,000.00
1,224,166,000.00
1,273,205,000.00
1,289,528,000.00
1,319,144,000.00
1,335,572,000.00
1,361,444,000.00
1,410,434,000.00
1,460,491,000 00
1,537,214,OOC.OO
1,633,271,000.00
1,704,408,000 00
1,716,254,000.00
1,621,449,000.00
1,633,525,000.00
1,738,792,000.00
1,813,970.000.00
1,691,375,000.00
All banking institutions of the United States
Total banks
on
1,332,891,448
1,450,494,206
1,533,327,012
1,584,458,465
1,450,746,035
1,547,908.798
1,652,290,607
1,798,466,761
1,949,198,673
2,091,822,178
3,000,462,075
3,447,"454,292
3,421,015,492
3,030,422,391
2,282,256,186
2,287,419,357
2,478,505.691
3,459,375,940
872,226,000
986,384,000
1,029,406,000
1,036,184,000
1 067,652,000
1,073,363,000
1,106,544,000
1,188,704,000
1,239,810,000
1,330,096,000
1,528,326,000
1,553,544,000
1,529,896,000
1,381,612,000
940,598,000.
854,057,000.
831,946,000
973,393,000.
562,358,698
340,006,641
397,096,877
372,649,000
411,525,000
431,204,000
508,560,000
486,172,000
507,905,000
490,457,000
500,519,000
519,670,000
558,647,000
538,744,000
541,195,000
532,759,000
351,597,000
235,600,000
257,311,000
297,967,000
346,039,000
_
2,899,662,677 .73
3,341,012,552 18
3,587,081,143 .56
3,700,677,924 .31
3,641,444,001 .50
3,809,603,398 .41
4,029,394,489 .82
4,288,361,903 .09
4,547,270,050 .89
4,739,284,004 .43
5,573,901,341 .84
6,164,175,456 .31
5,950,593,736 .43
5,231,389,767 .59
4,347,001,993 .18
4,551,204,401 .72
4,496,865,625 .73
5,478,526,364 .06
2,363,478,000 .00
2,622,075,000 .00
2,733.815,000 .00
2,834,272,000 .00
2,872,968,000 .00
2,916,840,000 .00
2,958,445,000 .00
3,109.657.000 .00
3,219,97*1,000 .00
3,425,957,000 .00
3,700,341,000 .00
3,799,147,000 .00
3,778,909,000 .00
3,354,658,000 .00
2,809,723,000 .00
2.850 160,000 .00
2,943,783.000 .00
3,010,807,000 .00
6,072,809,957.77
21,632,822,011
23,954,838,611
23,780,750,818
23,510,877,185
27,013,525,116
28,402,756,641
31,114,361,942
34,116,035,973
34,662,024,564
34,435,434,860
35,737,701,757
35,805,022,535
34,266,550,658
30,969,845,615
25,642,739,879
26,807,167,858
28,919,983,063
32,273,262,957
15,924,865,000
17,155,421,000
15,478,354,000
15,390,438,000
17,036,281,000
17,598,696.000
19,382,947,000
20,175,798,000
20,912,209,000
22,279.082,000
22,872,880,000
21,640.978,000
22,344.166.000
19,244,347,000
17,802,462,000
19,932,660,000
22 518,246,000
26,200,453,000
5,112,955,263.30
12,257,134;526.40
15,334,616,394.62
15,449,134,595.23
14,108,585,847.71
15,547,076,777.07
16,264,679,542.27
15,836,362,018.96
18,832,589,370.81
18*975,015.724.66
19,374,343,741.27
24,787,946,990.65
25,139,287,003.42
22,794,530,611.00
15,344,574,234.94
11,270,099,320.13
13,743,332,131.00
12,941,899,804.32
12,876,297,263.30
10,588,801,000.00
12,396,900,000.00
11,680,837,000.00
11,293,874,000.00
11,679,621,000.00
11,963,102,000.00
12,480,246,000.00
13,312,259,000.00
13,660,302,000.00
14,411,603,000.00
14,862,183,000.00
14,658,696,000.00
13,729,109,000.00
11,926,828,000.00
8,116,972,000.00
7,697,743,000.00
7,368,717,000.00
7,763,342,000.00
Total deposits
June 30, 1936, showed:
1
Total capital, surplus and undivided profits—
51,057,877.03 2,467,719,364.06
258.882.640
295.274.641
318,844,745
319,108,843
335,458,195
346,360,002
386,578,187
424,871,070
451,252,333
462,974,328
555,378,055
549,789,244
530,874,750
409,324,369
617,705,696
15,996
♦Includes
unidlvided
profits.
.
.
7,899,913,227.17
—$58,473,715,957.77
67,305,591,227.17
—
Total resources
$8,489,333,364.06
3,170,012,920.36
8,497,623,011.46 25.965.675.836.30
8,235,427,676.40 29.191.455.648.43
8,877,828,333.49 29,412,657.029.82
9,414,104,361.97 28,808,553,358.84
7,438,708,895.68 32,081,329,235.59
8,055,053,931.93 33.641.174.127.53
8,471,967,470.89 36,679,382,463.73
9,368,247,394.43 39,106,787,890.95
9,910,820,131.68 40,046,661,611.28
10,644,546,769,40 41.865.784.224.54
11,473,648,518.46 43.644.840.001.44
10.875,944,008.73 44,690,068,270.82
11,804,090,092.22 42,686,420,579.72
9,640,471,533.74 38,468,264,964.10
9,381,023,262.83 31,727,245,993.28
12,309,850,913.77 32.621.179.428.31
13,725,353,393.59 34,372,157,450.40
15,652,637,920.36 37,602,752,227.17
5,047,521,000.00 20,799,550,000.00
4,498,771,000.00 22,196,737,000.00
4,028, 59,000.00 20,307,651,000.00
4,118,160,000.00 19,815,402,000.00
5 041,122,000.00 21,612,713,000.00
5,005,950,000.00 22,062,888,000.00
6,753,440,000.00 23,832,463,000.00
6,074,916,000.00 24,893.665,000.00
6 323,680,000.00 25,699,147,000.00
7,080,900.000.00 27,573,687,000.00
7,070,755,000.00 29,021,912,000.00
6,555,672,000.00 27,348,498,000.00
7,662,377,000.00 28,126,467,000.00
7,201,425,000.00 24,662,286,000.00
7,371,631,000.00 22,301,925,000.00
9,348,553,000.00 23,901,592,000.00
10,716,386,000 00 26,061,065,000.00
12,482,625,000.00 29,702,839,000.00
'
Volume
Tenders
Financial
143
of
$104,697,000 Received to Offering of $50,000,000 of 273-Day Treasury Bills Dated Sept. 16—
$50,022,000 Accepted at Average Rate of About
Chronicle
various
1795
mints
and
during the
offices
assay
week
ended
Sept. 11.
RECEIPTS OF
GOLD
BY
THE'
AND ASSAY OFFICES
MINTS
0.146%
Henry Morganthau Jr., Secretary of the Treasury, an¬
on
Sept. 14 that tenders of $104,697,000 were re¬
ceived and $50,022,000 accepted to the offering of $50,000,000, or thereabouts, of 273-day Treasury bills, dated Sept. 16,
1936, and maturing June 16, 1937.
The offering was re¬
ferred to in our issue of Sept. 12, page 1646, and the tenders
nounced
thereto
received at the Federal Reserve banks and the
were
branches
thereof
2 p.m., Eastern Standard Time,
Sept. 14.
As to the accepted bids, Secretary Morganthau,
in his announcement of Sept. 14, said:
Except for
a rate of
about 0.125% per annum, to 99,881, equiva¬
0.157%
per annum, on a
Only
bank discount basis.
part of the amount bid for at the latter price was accepted.
The average
price of Treasury bills to be issued is 99.889 and the average rate is about
0.146%
per annum on a bank discount basis.
The average rate of 0.146% compares with rates on recent
of 273-day bills of 0.130%
(bills dated
issues
Sept. 9),
0.149% (bills dated Sept. 2), 0.170% (bills dated Aug. 26),
0.194% (bills dated Aug. 19), 0.213% (bills dated Aug. 12),
and 0.230% (bills dated Aug. 5).
$3,794,850
of
Denver
Government
Securities
Purchased
by
The following tabulation shows the Treasury's transac¬
Government
securities
by
months
since
the be¬
ginning of 1935:
1935—
$5,420,800 purchased
February
41,049,000
21,990,000
23,326,525
8,765,500
33,426,000
April
May
June...
December
1,300,000 purchased
—
March..-
Total for week
Receipts
sold
$5,275,200 purchased
32,702,150 purchased
19,025,000 purchased
April..
15,794,000 purchased
30,465,400 purchased
15,466,700 purchased
June
July
i.
August..:
3,794,850 purchased
A
Two Additional Fiscal Agencies to Sell "Baby Bonds"—
Federal Savings and Loan Associations and Federal
Credit Unions to Receive
Applications
Treasury Department announced on Sept. 16 that
United States savings bonds or so-called "baby bonds,"
are to be offered for sale
through two addtiional fiscal agencies
—Federal Savings and Loan associations and Federal Credit
unions. Any of these organizations which duly qualifies and
which has a membership of 500 or njore, will be authorized to
receive applications and remittances for savings bonds and to
make delivery of the bonds, the Treasury said.
These
transactions are to be handled only in connection with
purchases by members of the respective organizations. The
Treasury's announcement continued:
292
are
organizations
within
this
category,
United
States,
upon
the mail.
Silver amounting to 1,289,615.42 fine
ounces, purchased
by the Treasury in accordance with the President's proclama¬
tion of Dec. 21, 1933
(which authorized the Treasury De¬
partment to absorb at least 24,421,410 fine ounces of newly
mined silver
annually) was turned over to the various mints
during the week ended Sept. 11.
A statement issued by the
Treasury on Sep
14 indicated that the total receipts from
the time of the issuance of the
proclamation and up to
Sept. 11 were 100,759,665.92 fine ounces.
Reference to the
.
President's proclamation
was made in our i
ue of Dec. 31,
1933, page 4441.
Below is the statement issued Sept. 14,
by the Treasury Department:
(Under Executive Proclamation of Dec. 21, 1933) as amended
Week Ended Sept.
as
application filed direct
or
fiscal
agents
of the
Government
conferred
was
on
the
Secretary of the Treasury by the Home Owners Loan Act and the Federal
of
Bonus
Cashed Bonds
Bonds
Redeemed—Value
of
Represents 70% of Amount Issued
Announcement was made by the Treasury Department on
Sept. 16 that bonus bond redemptions up to Sept.. 12 had
amounted to $1,227,647,100, or 70% of the amount of the
bonds issued to the World War veterans last June in payment
of adjusted service certificates.
Reference to the issuance
of the bonds to the veterans
was
made in
our
issue of June 20,
4101.
In reporting the Treasury's announcement of
Sept. 16, Washington advices, that day, to the New York
"Herald Tribune" of Sept. 17 also said:
*
page
The proportion of bonds
creasing since payments
of Sept.
July 25
presented for payment has been gradually in¬
were
authorized in June.
12. The week before the ratio
was
was
The latest figures are
69% redeemed.
The ratio
received
There
entitled
their
were
on
65% redeemed.
to
_
840,745.26
438,667.29
10,202.87
_
Denver
Total for week ended Sept.
_'_
11, 1936
1,289,615.42
100,759,665.92
______
Total receipts through Sept. 11, 1936
The receipts of newly-mined silver during the week ended
Sept. 4 were noted in these columns Sept. 12, pasge 1647.
Silver Transferred
to
the
adjusted
compensation
bonds
service
and
compensation
their
checks
35,275,827 bonds issued to the veterans, with
3,374,967
for
a
World War
odd
have
amounts.
value of $1,763,-
791,350.
announced on Sept. 14 that $10,725,344.39
of gold was received during the week ended Sept. 11 by the
various mints and assay offices.
It stated that of this
amount
$7,148,922.71 represented imports, $223,282.43
secondary and $3,353,139.25 new domestic gold. According
to the Treasury the gold was received as follows by the
United States Under Nationaliza¬
Transfer of silver to the United States under the Execu¬
tive Order of
Aug. 9, 1934, nationalizing the metal, was in
3,504.23 fine ounces during the week ended
Sept. 11 it was made known in a tabulation issued by the
Treasury Department on Sept. 14.
Total receipts since the
order of Aug. 9 (given in these columns of "Aug. 11, 1934,
page 858) was issued amount to 112,974,538.55 fine ounces,
the Treasury announced.
The tabulation made available
on Sept. 14 by the
Treasury follows:
amount
of
SILVER
TRANSFERRED
UNITED
TO
STATES
(Under Executive Proclamation of Aug. 9, 1934)
Week Ended Sept. 11,
Philadelphia—
1936—
Fine Ounces
-
—
New York.
2,444.65
San Francisco
I
Denver
59.58
New Orleans
Seattle
____
Total for week ended Sept. 11, 1936 —
Total receipts through Sept. 11, 1936
3,504.23
112,974,538.55
"Chronicle" of Sept.
In the
made to the silver transferred
12, page 1647 reference was
during the week ended Sept. 4.
President
"Returning
Basis
Roosevelt
Cites
Increased
for
tions—Addresses
Private
300
Prosperity"
Charitable
Leaders
of
as
Contribu¬
Mobilization
for
Human Needs
As
result
of
"returning prosperity," private financial
charity should be much greater this fall,
President Roosevelt on Sept. 17 told about 300 membbrs
of the Mobilization for Human Needs.
Speaking at the
White House, the President said that private organizations
are now in a better position than for many years past.
He
a
contributions
to
said that the national income will
soon
be
double what it
at the low
point of the depression, and added that confi¬
dence has returned to the great mass of the people, "confi¬
dence on the part of all except a small minority who seek to
profit from the preaching of fear." Gerard Swope, President
of the General Electric Co., responded on behalf of the dele¬
gates, incident to the annual drive for private contributions
which will be launched nationally on Nov. 6.
Mr. Roosevelt said that almost 6,000,000 more persons
are now at work in private industry than at the low point
of the depression.
His address is given below:
was
Chairman
for
Swope, Ladies and Gentlemen:
the representatives of our great annual Mobilization
Needs.
Human
We are all heartened
are
by clear evidences of returning prosperity.
of that fact and because of that fact.
here in spite
You
Returning
pros¬
perity means that you have a right to expect greater assistance for
splendid work in every community.
ever,
Gold Receipts by Mints and Assay Offices During Week
Ended
Sept. 11—Imports Totaled $7,148,923
The Treasury
to
During Week Ended Sept. 11 Amounted
3,504.23 Fine Ounces
Once more I greet
The Treasury said that of the estimated total of 3,518,191
veterans
_
______
through
Credit Union Act.
$1,227,647,100
Fine Ounces
_
_
San Francisco
•
unions
11, 1936—
Philadelphia
Authority to designate Federal Savings and Loan associations and Federal
Credit
from
having
aggregate membership of more than 500,000.
Heretofore, savings bonds
have, been sold only through post offices, Federal Reserve banks, or by the
an
of the
$3,353,139.25
of
The
Treasurer
$223,282 43
$7,148,922.71
tion Order
May.
there
11
134.95
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 1,289,615.42 Fine Ounces During Week Ended
Sept. 11
18,546,850 purchased
4,500,600 purchased
;
March
purchased
purchased
August—....... 35,439,100 purchased
September
60,085,000 purchased
October
17,385,000 purchased
November
18,419,000 sold
Altogether
ended Sept.
Offices
1936—
January
February
purchased
purchased
July
405,151.21
Seattle
♦
1935—
January
8,542.59
10.298.94
$765.55
25,519.20
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES
purchases of Government securities for Treas¬
ury investment accounts for the calendar month of August,
1936, amounted to $3,794,850, Secretary of the Treasury
Henry Morgenthau Jr. announced Sept. 17. As noted in
our issue of
Aug. 22, page 1159, the Treasury during July
purchased $15,466,700 of the securities.
in
12,282.79
38,300.00
2,340,362.26
568,425.28
New Orleans
Net market
#
$83,938.91
82,700.00
273.85
San Francisco
Treasury During August
tions
$13,661.24
6,641,200.00
480,473.99
13,313.63
New York.
to
up
rate of about
a
New Domestic
Secondary
Imports
v
Philadelphia
bid of $50,000, the accepted bids ranged in price from
one
99.905, equivalent to
lent to
'••••'
Returning prosperity
means,
your
how¬
that a vast amount of important work, which all of us had to defer
during the depression years, can and must be taken up anew.
As
that
I told you in former years,
when human distress reaches the point
Government assistance is necessary,
its local, its State
Government
up
to the limit of
and its Federal resources must and does act.
Happily,
private organizations are now in a better position to accomplish greater
things
than for
many
years
past.
Increase in prosperity heightens the
obligation of every individual to aid in the relief of distress in his
own
or
her
community.
.Through you I appeal to every man,
States
for
a
revival throughout
woman
the length
and
and child in the United
breadth
of
the
land
of
1796
Financial
But "revival" is not the right word, for in the dif¬
the spirit of charity.
ficult
have passed that spirit of charity showed itself
which
years
selfishly "and
Increase of the spirit of charity
generously.
better way of putting it, for I am very
would
un¬
be
a
proud of the support of the country's
welfare services of all kinds in the last seven years.
I resent and you resent,
which from
sneers
I
those supercilious and qnchari table
am sure,
have been directed against
small element among us
a
those in need and against
those who were honestly seeking to help those
cooperation
controversy,
been
has
of the depression
will
national income
The
made.
great
and substantial
be
soon
double
progress
what
it
assisted
Factory payrolls the first quarter of this
by Government.
than
more
were
others are engaged in useful work provided
Three million
industry.
$70,000,000
or
year
the
in
were
and
chants
Confidence has returned
orders to, manufacturers.
brought
to the great mass of our
and
Personal
people; confidence on the part of all except
undertaken at least to
has
Social
the
of
Security Act
State public welfare,
the
To
a
1929
last
few
miles of
the
seaway
the
to remain uncompleted,
the people which could not be reconciled with
belonging to
of
siderations
governmental
con¬
economy.
velt—Statement
State and Federal
and
local
Government helps in
to that extent private welfare activities are freed from these
therefore,
enabled
are
ef¬
more
are
the relief rolls; efforts of private agencies to continue and extend medical
of all kinds; efforts of private agencies to minister to the hundreds of
thousands of cases which present
build
tasks
special problems; efforts of private
recreational opportunities—all of these and
up
agen¬
many
more
fitted to private than to government administration.
more
with
Assets
Says
Increased by $3,000,000,000
Had Intimated
Insurance
Fiscal
tion's
Suffered
Had
Accounts
public assistance, unemployment compensation
Efforts of private agencies to encourage private reemployment of those
to
Confer
Executives
Insurance
dissipate in part by the
best fitted to carry out.
The generosity of our American people is a fine
we
President
of
I know that the
of the nation will accept their local
May
responsibilities
readily than
even more
have the success
you
you
a
and women
men
deserve.
In "Herald Tribune" advices from Washington on
Have
Since 1933—Col. Knox
Policies
Because
and
of
Savings
Administra¬
conferred with
Sept. 15 later announced that be¬
tween Jan. 1, 1933 and June 30, 1936 the combined assets
of all life insurance companies in the country increased more
than $3,000,000,000.
It was said at the White House thatthe conference had been arranged on Aug. 24, but public
interest was concentrated on the meeting as the result of
made
remarks
on
by Colonel Frank Knox, Republican Vice-
Presidential nominee, who said at Allentown, Pa., on Sept. 5,
that as a result of the policies of the Administration "today
life insurance
policy is secure, no savings account is safe."
amplified that assertion on Sept. 14, when he
said that it referred solely to the value of the money in which
insurance is paid and savings are kept, and that life insurance
policies and savings accounts are unsafe "because the present
spending policy leads straight to inflation."
Colonel Knox
The insurance executives who conferred with the President
Sept. 17
Sept. 15
stated that upon the completion of the President's
address Mr. Swope expressed also his conviction that pros¬
on
perity was returning, and that contributions to this year's
charity chests would be substantially increased. A goal of
$80,000,000, it is said, has been established, compared with
the $76,157,000 of last year's gifts.
western Life Insurance
was
Roose¬
Companies
Program
President Roosevelt
no
have never
Human Needs will strike
be launched for this fifth Mobilization for
responsive chord throughout the country.
they have ever done before.
tradition;
I have confidence that the appeal about
failed to heed the call of distress.
it
in
than 2,000,000 horsepower of potential hydro¬
would represent a form of reckless waste of a great natural
energy,
resource
small
fectively and extensively to do those things which private activities
to
Lawrence
St.
unharnessed more
providing for cooperative Federal
appropriately public responsibilites and,
are
the
of
cheap current
peak.
the
the
development
serious shortage of
above
already
permit
the
that
a
Six executives of insurance companies who
that
extent
these fields,
cies
prevent
electric
and old age benefits.
care
States
the United
where production of power must be increased to meet
leaving
family insecurity—that difficult problem of past years—
Government
enactment
on
to
New York,
demands
minority who seek to profit from the preaching of fear.
and
by
of wage earners and farmers have increased the business of mer¬
power
your
approved
Systematic and successful efforts to ra,ise the buying
1933.
first quarter of
each week than they
greater
have shown
needed!
is
To
been
and has
York
surveys
Recent
was
Nearly 6,000,000 more men and women are now at work in private
then.
public power rights and
between the Federal Government
Representatives and the Senate Committee on Foreign Relations.
of
power
point
New
State of
the
and
State of
low
simultaneously
would
It
establishing
accord
complete
a
of costs has recently been reached
division
ties for local relief.
the
Basin.
abundance of cheap power, exceeding the output at Boulder
Dam, in the heart of the greatest market for electricity in the world.
Feasible engineering plans have been perfected.
Every item of cost
has been fixed by detailed surveys in the field.
Finally, after years of
activities extends rather than contracts the responsibility of private activi¬
Since
Lakes
Great
the
provide an
Government in social welfare
Federal
by the
given
Sept. 19, 1936
throughout
cities
and
House
in need.
The
Chronicle
Charles
F.
were:
Williams of Cincinnati, President of the Western &
South¬
Co.; Michael J. Cleary of Milwaukee, President of
the Northwestern Mutual Life Insurance Co.; Thomas A. Buckner, Presi¬
dent of the New York Life Insurance Co.;
Leroy A. Lincoln of New York,
President of the Metropolitan Life Insurance Co.; L.
Edmund Zacher of
Hartford, President of the Travelers Insurance Co., and Guy W. Cox of
Boston, President of the John Hancock Mutual Life Insurance Co.
Mr. Williams acted
spokesman for the
as
Roosevelt Hopes Next Senate Session Will
Ratify Pact Providing for St. Lawrence Waterway
—Letter to National Seaway Council Says Project
Would Aid World Peace
today.
Roosevelt believes that the Senate at its next
President
with Canada providing for
the construction of the St. Lawrence waterway, he indicated
session will ratify a new treaty
Sept. 16 in
on
letter to Fred J. Freestone of the National
a
had expressed
the hope that the Senate at its January ses¬
ratify the treaty to permit the project to pro¬
sion would
ceed
without
President
have
I
delay.
National
In
replying
said:
received
letter of
your
which
date in
this
advise that the
you
to the St.
of the world1
neighboring na¬
tions to cooperate in the constructive development and use of their fron¬
tiers," is particularly timely and I am glad indeed that you give it such
will
emphasis.
to all
hope
"the
statement that
by the
capacity
the
declaration
this
to
year
addition, there
It is
may
my very
The
pronounced
marked falling
treaty and the Canadian Government took no further action
The present Canadian Government is under¬
in the matter.
stood not to desire the conclusion of such a pact.
Roosevelt's letter
made public on
was
a
conference with the President on that date by a delegation
which included, besides Mr.
National
the
in
Government,
Grange;
F. Malia, secretary, representing the
R.
of
the West
executive
of
Great
the
Lakes-St.
Lawrence
Tide¬
water
Association; Joseph Winterbotham Jr., representing
Champlain Valley Council; Chester H. Gray, represent¬
ing the American Farm Bureau Federation; R. G. Sucher
the
of
Washington,
Herman
and
L.
Ekern
of
Wisconsin
the
York
on
the
"Times"
Washington
farm
the
views
of
Sept.
National
the
16 to the New
Seaway Council
St. Lawrence project were set forth in
President, part of which follows;
Great
natural
Lakee-St.
resource
navigation
electric
power
confer
incalculable
the
North
for
on
and
by
Lawrence
the
public
agencies
benefits
upon
in
Continent.
and
the
Its
distribution
United
producers
States
and
of
development
cheap
and
hydro¬
Canada
consumers
in
will
both
countries.
national
Rapids
impetus
to
of
the
last major
section
recovery
of
and
the
to
barrier to
St.
the
ocean
navigation in the Inter¬
Lawrence River
economic
would
development
the companies.
Owners
Loan
Farm
$291,972,500
refinanced
Corporation
small homes held by life insurance companies.
on
•
of the Government were very instrumental
The
I'resident
complimented
the executives
on
their successful stew¬
ardship for the 63,000,000 of American life insurance policy holders.
of life insurance
to
is fortunate in having developed the in¬
greater degree than anywhere else in the
a
world, and that insurance has made; and continues to make,
tribution
toward
security,
which
is
one
the
of
a
great con¬
Administration's
prime
objectives.
There
can
be
no
doubt, all the reports to the contrary notwithstanding,
but that American citizens who hold life insurance policies issued by insur¬
ance
companies in the United States possess the safest of all possible securi¬
ties.
A
Washington
15 to the New York
dispatch of Sept.
"Times" added:
Mr.
Williams
also
summed
that he made to the President
"The
progress
toward
slowly, but yet it
pronounced;
very
was
up,-in the following language,
recovery
of
our
business
new
decreased sharply, due especially to a
company
began in
1933
very
In 1934 the forward trend was
definite progress.
although
the report
the condition of his own company:
on
sales
were
terminations
low,
lessened demand for cash surrenders
and loans.
feel
that
relief and
been
the
fight of the Federal Government through its various
public health
agencies
effects of the depression and
At
against want,
great factor in helping this and
a
his
press
speculation
in
conference later
land
disease and despair has
other companies to overcome the
make continued progress."
in the day,
Mr.
Roosevelt said that he
discussed, among other topics, the dangers of local
Some insurance
values.
Farm Credit Administration,
companies,
as
well as the
advanced too much money on farms in some
areas,
misled by the high sale prices of the properties during
it
boom periods,
said.
was
Current land surveys in the
to
administration's farm program should be of
the insurance companies,
the President said, and the Government
hoped to profit from the experience and tabulations of the insurance com¬
The companies also have been aided, he said, by surveys of city
give a
panies.,
of
real estate whidh have been made by the Federal Housing
miighty
the States
agencies
The
enabling the companies promptly to fulfil their contracts with policy
use
The removal
helpful to
Home
The
mortgages.
and the company heads
full
a
holders throughout the depression.
letter to
a
is the most valuable and uuseful
system
American
production
were
These stabilizing activities
"I
advices
the
The
for
to
in
of the companies' assets, whereas at the
companies $42,800,000.
Deep Waterway Commission.
According
reflected
is
The Reconstruction Finance Corporation advanced to various life insurance
Michigan Legislative Council; A. O. Moreaux,
director
which
$188,600,000 of mortgages
Freestone, who represented the
Great Lakes Harbors Association; J. C. Beukema, secretary
conditions
Credit Administration purchased from life insurance companies
President
Sept. 16, following
general
The President referred to the activities of the various lending
He pointed out that America
March 14 1934 rejected the
on
in
improvement
present time they are approximately 14%.
stitution
Senate
States
The United
total approxi¬
now
off in loans to policy holders, which at the beginning of
1933 totaled approximately 18%
earnest
be carried forward
These assets
2,000,000 more policies in force than there were
are now
four years ago.
and final conclusion.
successful
a
Seaway Council
the
of
particulars set forth in your letter.
coming
In
in
\
wholeheartedly to
other
that negotiations for the St. Lawrence project
within
peace
of great
"
subscribe
I
Your
determined!
be
active support
gives unqualified and
Projet.
Seaway
ultimately
and
Council
Seaway
Lawrence
all life insurance companies in this coun¬
try increased more than $3,000,000,000.
mately $23,915,000,000, against $20,900,000,000 at the beginning of 1933.
of
o
They advised the President that between Jan. 1, 1933 and June 30
of this year the combined assets of
communication,
this
to
group
A group of leading life insurance executives called at the White House
The Council in a letter to the President
Seaway Council.
the
and later
issued the following statement:
President
Administration.
Volume
Financial
143
Social Security
have
Endorsed,
brought
him that total insurance business has gone up $3,000,000,000 in the last
three years.
He was especially gratified by their announcement that the
average size of the policies they issue is declining, interpreting that to mean
The President
cheered by the news that insurance experts
was
that persons of smaller means are availing
Chronicle
themselves of insurance pro¬
been given
his insurance
thoroughly in favor of the adminis¬
conferees
tration's social security program, Mr.
It is, I am confident, of the inner essence
the challenge of the event; they have seen in
met
to fulfill the
end the university exists to serve.
As the Chief Executive
I bring you the solicitation of our people-
the American nation I venture to ask you to
Roosevelt to
2—Will
and
Medical
It
Speak
Va.—Also
W.
Oct.l
Deliver Three Addresses
to
Center in Jersey
Elkins,
and
Pittsburgh
in
Plans
of
Dedication
Attend
opportunities.
like Charles William Eliot,
City
made known at the White House in Washington
was
Sept. 16 that President Roosevelt will make three speeches
the first two days of next month.
The President plans to
deliver a major address in Pittsburgh on Oct. 1, the subject
of which was not disclosed. En route to Pittsburgh, from
Washington, President Roosevelt will apeak at Elkins,
W. Va., also on Oct. 1, and the following day, Oct. 2, he
plans to attend the dedication of a new medical center in
Jersey City, N. J.
His remarks at Elkin and Jersey City,
it is said, will be non-political.
without
were
hatred; malice
never
the
common
I
am
University
Harvard
and
Mind
and
Celebration
Tercentenary
at
To
Is/The
It
Declares
America
Rather do we here search for the atmosphere
there is vision there is tolerance; and
but
virtues
I
active and
as
the
of
the
was
positive principles.
Part
of
compels
of
is its most
.
I
that it cannot be instinct with that ambi¬
indifferent to what may affect our neigh¬
Coleridge said, to put truth in the first
the second."
The following is the Presi¬
I
here today in a
am
Tercentenary
joint and several capacity.
Second,
as
First,
as
is
composed
of five
members
of
the
and one of the Navy, and two representatives
of the universities of the United States, the distinguished presidents of the
Universities of California and North Carolina.
of
truth
Finally,
I
am
here
as
a
Harvard, who gladly returns to this spot where men have sought
for
300 years.
The roots of Harvard are deep in the past.
today that
It is pleasant to remember
being held in pursuance of an
this meeting is
adjournment
At that time many of the alumni- of
cerning the state of the nation.
anniversary,
I
am
Harvard
were
Andrew Jackson
250th anniversary of the founding of
Grover
Cleveland
sorely troubled
President.
was
On the
Harvard College, alumni again
was
President.
Now,
on
con¬
the
were
300th
President.
find it difficult
ambition a man can
follow, and to know that there is no calling so humble that it cannot be
instinct with that ambition; never to be indifferent to what may affect
There may
neighbors; always
our
or
It is
In spite of fears
and
their
new
Harvard and the nation of which it is a part have marched
to
meet
new
changing their formations
conditions, but marching always under
the old banner of freedom.
'
In the olden days of New
ideals.
was
Increase Mather who told the
"pledged to the word of
master," that they should "above all find a friend in truth."
no particular
That became
Behind the tumult and the shouting it is still the
In this day of modern
witch-burning, when freedom of thought has been
exiled from many lands which were once its home, it is the part of Harvard
and America to stand for the freedom of the human mind and to carry the
For centuries that grand old saying
support for persecuted men.
The truth is great and will prevail.
has
been
a
rock of
Truth
But it depends on
Depends on- Tolerance
,
men's tolerance, self-restraint, and devotion to free¬
dom, not only for themselves but also for others, whether the truth will
prevail through free research, free discussion and the free intercourse of
civilized men,
none care
Love
will prevail only after suppression and suffering—when
or
whether it prevails or not.
of liberty
of Harvard.
New
and
freedom of thought is a most admirable attribute
But it is not
other university in America.
an
exclusive possession of Harvard
or
of any
Love of liverty and freedom of thought
are
profound in the homes, on the farms and in the factories of this country
as
in any
civilized
Liverty is the air Americans breathe.
Our Govern¬
the belief that a people can be both strong and free, that
university.
men
need
abuse of freedom.
every
not
her success in the
Commodity Exchange Act in Effect—Trading in
"Privileges" on Foreign Commodity Markets Pro¬
Ruling—Foreign Futures Trading Per¬
Given
in
Case of Winnipeg
hibited by
Market
at the last
13. Besides
grains, the Act extends Federal control of futures trading
on commodity exchanges to cotton, butter, eggs,
Irish pota¬
toes, and rice.
Regulation of grain futures trading was
provided under the Grain Futures Act, which the new Com¬
modity Exchange Act amends.
The title of the Grain
The
Exchange Act, passed
Commodity
new
session of Congress,
became effective on Sept.
changed to that of the new Act.
Futures Act is
Act was given in
4245-4248.
Reference is
made elsewhere in our issue of today to the designation of
several
commodity exchanges as "contract markets" for
of
text
the Commodity Exchange
the "Chronicle" of June 27,
pages
specific commodities as required under the terms of the Act.
also requires the registration with the Secretary
no
restraint but that imposed
by themselves against
Nevertheless, it is the peculiar task of Harvard and
other university and college in this country to foster and maintain
only freedom within its own walls but also tolerance, self-restraint,
fair-dealing and devotion to the truth throughout America.
Many students who hfive come to Harvard in the past have left it with
inquiring and open minds, ready to render service to the nation.
.
Agriculture, Secretary of Commerce
General, was created to carry out the pro¬
visions of the Act. Jn Washington advices, Sept. 14, to the
it
New York "Times" of Sept. 15,
were
was
stated:
floor brokers and commission
received by the Commodity Exchange Administration this
registration
applications for
Seventy
as
morning, it was reported, in accordance with the
Act's provision requiring
registration of all individuals other than those engaged in executing futures
transactions solely and exclusively for one clearing member.
Under this
executing orders
individuals
in
the pit or ring for
a
single
clearing firm need not be registered under the Act as floor brokers.
Mr. Duvel said today that the Act would have no immediate effect on
over a long period it would tend to eliminate wide
commodities futures and would give the Administration knowledge "of what's going on."
According to a digest released by J. M. Mehl of the Department of
Agriculture, the Commodity Exchange. Act rests upon the power
of
Congress to regulate interstate commerce; the Act requires any Board of
Trade desiring to conduct a futures market in commodities named in the
Act to be designated as a "contract market" by the Secretary of Agri¬
but
consumers,
They
The
culture.
chants
whom
as
ment is based on
that
measure
justified of her effort, her purpose, and
that
price fluctuations in
truth.
of
the
then America can accomplish her
Fourth Century of her life.
provision,
creed of Harvard.
torch
To
Harvard will be
merchants
England, it
students of Harvard that they were
the creed of Harvard.
When America is dedicated to
will of all her citizens,
common
and Attorney
and successful achievements,
strategy
philosophy that we can "above
that end by the
highest
Harvard participates in that dedication,
only when we have attained this
all find a friend in truth."
ing of the Secretary of
So hath it fallen here.
steadily to
by which the
"nominal" scholar..
Agriculture of futures commission merchants and floor
accepting and executing orders for commodity
futures.
A Commodity Exchange Administration, consist¬
path is there where no man sought ^
a
I would affirm are the qualities
"real" is distinguished from the
brokers
fear;
And the end men looked for cometh not,
And
Coleridge said, to put truth in the first place
as
and not in the second; these
of
be shapes of mystery.
makes to be,
And many things God
hope
philosophies we do not accept and hopes we
share; to account the service of mankind the highest
to
The Act
In the words of Euripedes;
Past
only to the
To pay ardent
of Harvard to dedicate themselves not
but to recognize no less the direction of the future;
the past
to understand
The
taken 100 years ago on motion of Josiah Quincy.
sorely troubled.
sons
perpetuation but also to the enlargement of that spirit.
the President
chairman of the United States Harvard
which
Senate, five members of the House of Representatives, a representative
son
significance
choose ways to achieve which do not
mitted—Opinion
Commission,
of the United States Army
high Athenian sense which
neighbors.
asking the
am
dent's address in full:
of the United States.
to be citizens in that
men
live his life unceasingly aware that its civic
abiding, and that the rich individual diversity of the truly civilized
reverence to
...
calling so humble
tion; never to be
bors; always, as
place and not in
sense—man.
a man to
hurt one's
Tercentenary Celebration of Harvard University at
Cambridge, Mass.—where rain prevented the delivery of
his speech in the outdoor theatre.
The President in his
address declared that "in this day .. .
when freedom of
thought has been exiled from many lands which were once
its home, it is the part of Harvard and America to stand
for the freedom of the human mind and to carry the torch
of truth."
The President further said: "I am asking the
sons of Harvard
to pay ardent reverence to the past but
to recognize no less the direction of the future; to understand
philosophies we do not accept and hopes we find it difficult
to share; to account the service of mankind the highest
ambition a man can follow, and to know that there is no
all of us,
and businessmen merely; here is to be trained
state is born only of the wisdom to
at the
university as a mere spec¬
Here are to be trained not lawyers q,nd
involved.
are
Harvard should train
speaker yesterday. (Sept. 18)
a
fullest
indifferent and neutral
national and international drama in which
great
despite ourselves,
Where
Where there is tolerance there is peace.
not, you will observe, conceiving of the
am
tator
But to
produced who have either the rare quality of vision or the
men are
And I beg you to think of tolerance and peace not as
of
"Carry Torch of Truth"
President Roosevelt
those judged successful by
the ultimate justification that you
sure,
ability to appreciate the significance of vision when it appears.
Freedom
For
Stand
This university
Of such the world has need.
standard of success.
would make for Harvard.
in which
been deeply distinguished.
has
fail to produce its due proportion of
produce that type is not,
in
Roosevelt
Harvard
They were civilized
selfishness.
or
i
of Harvard
past
will
doctors merely, not teachers
President
wisdom and human understanding.
courage,
gentlemen.
The
on
minds swords in the
of American freedom.
They served America with
They
In the name of
cherish its traditions and to
The nation needs from Harvard today men
service
They have
the challenge opportunity
William James and Justice Holmes, who made their
President
They
of Harvard that its sons have
fully participated in each great drama of our nation's history.
fulfill its highest
Roosevelt told the newspaper men.
them much has been expected.
much and from
have rendered great service.
of the nation,
tection.
He found
1797
\
1
,.
.
Act,
deal
to
received,
conducted
Mehl explained, requires
margin
as
moneys
futures
belonging
to
commission mer¬
the
customer from
and fixes limitations on the amount of speculative trading
the speculative net
It expressly prescribes limitations on hedging transactions.
by
one
position.
The Commodity
ture
Mr.
with
noted,
is
person
and
Exchange
authorized to
commodity futures
exchange,
on
the
amount
of
Administration, the Department of Agricul¬
issue "cease and desist" orders against any
officer or agent who violates the Act.
"Journal of Commerce" of Sept. 15 had the
The New York
following to say:
Members of the cotton and mercantile
exchanges yesterday said that the
regulatory law occasioned no changes in mode or manner of trading; also,
that no alterations could be made or proposed in their by-laws governing
trading practices until the Commodity Exchange Administration
ington
promulgates
rules, regulations
or
orders for the
at Wash¬
guidance
of the
*
Financial
1798
exchangee.
markets
but
accordance with the terms of the law the two New York
registered' by the Commission as "contract markets,"
In
been
have
merchants
is
pointed
in
execution
the
orders
of
others.
for
Exchange
members
orders and trading exclusively for their own account
required to register.
But the correspondent of a commission house,
not
according to
Chief
will
not
that
ceased
indemnities
in
trading
M.
to
futures
a
customers,
Mehl, Assistant
on
or
Members of the Chicago grain market will be permitted to engage
trading at Winnipeg directly, but transactions of this nature
such
held
be
cannot
responsible
as
"puts and calls" in the Act
In this connection it is learned
the Chicago Board of Trade last
located! here.
to markets
apply
Friday.
in
directly
against "indemnities,"
prohibition
in
by representatives of either the
Chicago
fix
to
or
may
place on
upon
the
day,
one
mined.
are
has
It
.cretton
trading engaged in by a
vital regulations in the Act which remain to be
the
in
amount of speculative
the
net
shown
been
that
of fixing
matter
Administration
the
limits of
is
given
where
carries
An
the
*
exception
who
brokers
market
for
future
delivery
in
orders
"at
the
at
floor
that
authorizing
Bond & Share Co.," the brief stated, and "waives, impairs, or
of their rights to set up at any time the
none
the
under
Such
price."
exchange
.
.
of
cotton
for
public outcry across the ring."
at
.
quantity
execute
to
Fought Passage of Act
exchanges, it is said.
The exchange
as well
as members must provide a record giving details and terms
of all
cash and futures transactions entered into by them and consummated on an
made,
in
be kept
open
All
tary
ceased
which
period
for a
trading in
future month
a
days,
has
period, is not to
be fixed by the
This
by delivery.
business
to
Agriculture after notice and hearing if he finds it necessary
a measure "to prevent squeezes and market congestion."
take such
Responding to a request of the Commodity Exchange Ad¬
ministration
commission
fqr legal opinion as to whether or not a futures
merchant
in Chicago might lawfully solicit
for trading in privileges to be executed
Exchange, the Solicitor of the
Department of Agriculture, Mastin G. White, on Sept. 11
gave it as his opinion that such solicitation would be in
violation of Section 4-c of the Commodity Exchange Act.
In his opinion addressed to Dr. J. TV; T. Duvel, Chief of
or
orders
accept
the. Winnipeg Grain
upon
the
Commodity
Exchange
Administration,
under
date
of
Sept. 10, the Solicitor said:
Your
communication
merchant
commission
for
future
ada,
trading in
market,
accept
and
whether
orders
for
such
not
execution
privileges
,
The
commission
by
any
"in
person
merchant
living
of
may
foreign
a
.
.
is
for¬
interstate
Act,
commerce
in
commerce
who
sends
orders
to
In
"privileges"
cannot
In
from
my
as
a
(B), be
futures
course,
in
Section
whole.
He
entering into
and
2-a
would,
a
Sectiqn
in
transaction
merchant
is
lawfully do
answer
to
accepting
any
on
not
courts and
it "could
the Winnipeg market,
it is
my
their rights
forfiet
672.
page
futures orders for
opinion that he is not barred
the
■
execution in
from
so
before this court and
power
of Congress all
Electric Bond & Share companies
constitutionality in the
the Act's
appeared in
our
issue of Aug. 1,,
"Cv"
V■,
■»
•
.—
Judge Martin in Memphis Federal Court Upholds
Validity of Securities Act of 1933—In Passing on
Penal
Provisions
The
penal provisions of the Securities Act of 1933 were
upheld on,Sept. 12 by Judge John D. Martin in the Federal
District Court at Memphis, Tenn. Judge Martin's ruling it
is stated was given on opinion overruling a demurrer to in¬
dictment of Benjamin A. Bogy, Thomas J. Coyne and J. O.
Spalding on charges said to allege violation of the Securities
Act, and the alleged use of the mails to defraud. Horn the
Memphis "Commercial Appeal" of Sept. 13, we take the
following:
In
addition
attacking
to
the
constitutionality of
Bryan's demurrer maintained that there
was
no
securities
laws, and that
conspiracy to violate the Securities Act was shown.
Holding that the Securities Act by its terms
Judge Martin overruled all allegations of
the demurrer before turning to the question of
Congress
do
Mr.
Mr.
question
Bryan
no express power
so
the
under
not
are
attempts and offers
covers
and is not limited to completed sales; and the other con¬
tentions to be unfounded in law,
themselves
duplicity
charging violations of both the securities act and postal
no
to sell securities,
this
Mr.
act,
completed sale of stock,
and that the Securities Act therefore did not apply; that there was
constitutionality.
that the Constitution gives
maintained
to regulate securities, and that Congress could
interstate
commerce
powers
because
inherently part of interstate commerce.
securities
in
The States,
Bryan maintained, through "blue sky laws," have power to regulate
by Congress in this field is usurpation of State
he said.
'
Pointing out that
regulate
long line of decisions has upheld the right of Congress
He pointed to the action of Congress in barring lottery
the
from
a
of the mails. Judge Martin held the Securities Act "plainly
use
constitutional,"
tickets
mails,
and prohibiting the interstate transportation of
impure foods and drugs, women for immoral purposes and stolen cars.
for
Declaring that it is the function of Congress to fix the policy of national
opinion that
law, and of courts merely to pass on their application and constitutionality,
merchant is barred
same
test
'•
powers,
so.
to whether
now come
proceed with administration and enforcement of the entire Act.'
Judge Martin said:
as
to
A reference to the action
the
futures
regula¬
added that the commission would welcome such a test so that
sale of securities and action
the Act from accepting orders
prohibited by
question
your
would
in interstate
to whether a Chicago
to your question as
for execution
The SEC asserted that by registering
the
foreign markets is not prohibited! by the Act,
any proper
provisions of the Act."
to
on
opposed to
unreasonable, arbitary and beyond the
as
of
violation
are not
for the protection of either investors or rate
necessary
of
2-b
he meets with all of the requirements thereof.
therefore,
answer,
commission
he
forth
"privileges."
His trading in
provided, of
section
Section 4-c
provisions of
,
the
construing
set
as
be
"But," the SEC said, "the defendants
not
.
Winnipeg market is trading in "interstate commerce" under the definition
of
House committee that "we
a
payers."
On
commerce"
interstate
Chicago
in
Electric Bond & Share, representing
pointed out that S. E. Inch, the company's President, testified
The brief
before
tion which may
;V."
(B) of the Act referred to.
by Section 4-c
a
Can¬
merchant
markets
:
Trading in
not
or
the Winnipeg,
upon
the
on
holding companies.
10% of the utility industry, operates in 32 States, serves 2,487,500
the brief said.
accept orders
or
commission
a
country.
bidden
whether
solicit
may
fot execution
or
(1)
questions:
City of Chicago
"privileges"
(2)
futures
any
the
,
,
in the counts in
two
presents
in
>
the utility companies which fought
50 suits attacking constitutionality Of the Act
SEC officials said about
and the parties thereto, and the
completed.
Such records must
after
10
than
more
or
among
have registered.
were
settlement
make
to
three
than
Secretary of
to
of persons for whom the transactions
transfers
transactions
of Federal officials.
'
markets also must provide, when so directed by the Secre¬
Agriculture,
in
less
be
such
at all times for the inspection
contract
of
and
assignments
which
manner
was
charging it provided a "death sentence" for some companies.
on
This will include names
exchange.
were
Share
&
of the Act designed to break up certain types of holding companies,
passage
contest
provision of the Act requiring records of all transactions will not
change the bookkeeping procedure
the defendants have refused to file a simple
applied to them,
as
electric consumers and derives an annual income of more than $214,000,000,
like
a
prejudices
unconstitutionality of any
notification of registration as required by the act "
have been filed by
such buying and selling
execution must take place "on the
month,
same
for
or
provision of the Act or the invalidity of any rule, regulation or order there¬
futures
principals
and
subsidiaries
communication
of
Although the process of registration "puts no burden upon the Electric
they
hand, simultaneously, buying and selling orders
different
market
the
the
of
That
by
have in
over
channels
Despite the fact that the deadline for registration expired last December,
practices has been made in
commission merchants; and
rules governing trading
to
cotton
of
instance
floor
Federal
through
only about 65 companies, representing about one-tenth of the industry,
dis-
Cotton
for
Exemption
;
These sections state that
control
its
the controlling company must register.
commerce
about
v' r':;'. '
business
its
on
maintains
company
deter¬
be imposed only when it is deemed necessary.
may
holding
a
person
wide
furthermore,
traders;
"because their
before the court, the brief said, is validity of Sections 4A
Chicago or
short position of any person at any time, also limitations which it
long
in
authorized
is
brief said,
one
5 of the Act as applied to the defendants.
Electric Bond
Administration
the
hands,"
for affirmative relief is predicated upon the fact that they have
The only issue
and
,
which
"Limits"
have unclean
defendants
"The
refused without legal justification to register."
interests.
Canadian
before the
Validity of the registration sections of the act, another brief was
is
prayer
Administration.
the
of
The
is
interpretation of the law by J.
recent
a
he
because
merchant
commission
is required to register
in his own name,
soliciting business
While one brief filed yesterday contends that the only issue
to com¬
as
executing their own
are
Sept. 15 discussed the briefs
,
devoted entirely to the support of constitutionality of the law.
floor brokers, apply only to persons who are engaged
handling
or
follows:
court
Requirements
registration requirements, both
that the
out
mission merchants and
Sept. 19, 1936
York "Journal of Commerce" of
as
com¬
also required
brokers,
and
New
It
fixed for the registration of
by the Act.
charges have not yet been
and
fees
mission
Chronicle
foreign markets,
it is
trading.
Trading in privileges or, indemnities, Dr. Duvel says, has
But
for
in
what
'
•
manner
could
.
Congress have manifested greater concern
the
general welfare in the protection of property than in providing
criminal punishment for those offenders who would use the mails and
instrumentalities of interstate commerce to sell securities to the unwary
by "device, scheme or artifice to defraud," or who would obtain money
property by untrue or misleading statements, or by methods operating
fraud or deceit upon purchasers of securities?
or
as
long been in disrepute among substantial interests in the
grain trade, and the rules of the cotton exchanges and other
commodity exchanges
the
prohibited such
Commodity Exchange Act
was
trading
even
before
passed.
United Press accounts from Memphis
say
had the following to
in part regarding the decision:
•
Judge Martin based his reasoning on liberal quotations from a second
Court
of
Appeals'
opinion upholding the
Securities Act in a civil case,
Justice Holmes' Supreme Court opinion upholding Congress' right to prose¬
SEC Files
Briefs
Upholding Constitutionality of Reg¬
Public Utility Holding Com¬
Act—Prepares Way for Decision in Test Case
istration
pany
Sections of
The Securities and Exchange Commission on Sept. 14 filed
briefs with Judge Julian W. Mack of New York City, incident
to the test suit to force utlities to
comply with the registration'provisions of the Public Utility Holding Company Act
of 1935. The SEC charged that the Electric Bond & Share
Co. and 12 affiliates entered court with "unclean hands" and
asked dismissal of the petition that the entire Act be declared
unconstitutional.
The briefs, which prepare
the way for an
eventual Supreme Court decision, state that the only issue
before the court is the constitutionality of the registration
sections.
was
The suit
selected by
was
started about 10 months ago^ and
the Government
as
a
test
case.
The New
cute mail
State in
frauds, and
an
an
opinion by District Judge Patterson of New York
equity case involving the Securities Act.
Martin held that Congress, in federal
regulate securities
as
jurisdiction, had the same right to
States have already well established under their "blue
sky" laws.
The
true
penal provisions exclude securities from use of the
statement
describing them is filed at
claimed such registration
Washington.
mails unless a
The demurrers
violated the due process amendment.
«+»
Suit
Challenging Constitutionality of Commodity Ex¬
change Act Dismissed in Chicago—Permission to
Appeal Granted to Seven Members of Chicago
Board
of
Following
James
H.
Chicago,
Trade
the
dismissal
Wilkerson,
of
an
in
on
injunction
Federal Judge
Court in
restrain the Chicago
Sept. 11 by
United
suit
States
to
District
Volume
Board
Financial
143
Trade
of
and
Federal
officials
from
Mr.
enforcing the
Mr.
Judge Wilkerson did not pass upon the
From
made
was
by
Judge
Reeves
in
written
a
In the
tion
of
by the
placed
that
the
are
so
the
onerous
Mr.
fall
to
Congress
exercised
a
within
power
or
its
Exchange that there
would
be
attack
carried
to
on
the
the validity
"The New York Curb
United States
Circuit Court
pleased if over-the-counter
on our
was
dealers,
that the first intimation of the Curb
'
<
Exchange," Mr. Lockwood said, "has
are
come to the
shown by the applicant to the end that
Exchange is against the public interest."
If facts to his end
presented, he explained, the Curb Exchange seeks the opportunity to
are
answer
them.
"There is nothing on the record," he declared,
way
that
a
stockholder
"which indicates in any
member of the public has been injured.
or a
The
New York Curb Exchange says that we do not see what is here that we
should refute."
The S. E. C. took the two
petitions of Tweedy & Co. under advisement.
According to the "Times" Mr. Goldstone, at the opening
of the hearing, explained that, under the Securities Exchange
Act as amended, application for termination of unlisted
trading privileges could be granted by the Commission only
if it found that, because of inadequate public distribution of,
or inadequate public trading in, a security in the vicinity of
the Exchange or because of the character of the trading,
termination or suspension was necessary or appropriate in
the public interest.
In part the "Times" added:
as
constitutional
•
He also put into the record a letter from
the Piedmont & Northern Rail¬
waiving opportunity to be heard and asserting it did not oppose termi¬
nation of the unlisted trading
Commodity
more
petition for the delisting of two of its securities
hearing to find out what facts
trading
Court
of the
was a
from the S. E. C.
came
Mr.
•
the
today
First, he gave indication that
by Tweedy & Co.
Exchange would be
Mr. Lockwood pointed out that Tweedy & Co. had not consulted Curb
Attorneys for the Kansas City Board of Trade and officials of the Board
said
accompanied by Fred Moffatt, President of the
petitioning the commission, consulted with the Curb Exchange on
are
way
United States Appeals
was
was
>
...
rather emphatic in his statement of the belief that
Exchange officials, and the result
sphere,
To
under the securities
burden of proof
their objections to certain Curb trading.
pro¬
is it using such power arbitrarily?
It is the law that when the
Congress properly enters the field of its authorized activity it may not only
adopt means necessary, but, in like manner, means convenient to the
exercise of its power."
»
was
had been made
Curb
who
under the condemna¬
Assuming,
Lockwood, who
case
the
memorandum
regulations prescribed
as
provision of the Fifth Amendment.
the over-the-counter firm.
on
Curb Exchange,
no
Reeves ruled:
Congress
due process
the
must,
we
Judge
only other question is whether
for
stated:
was
The S. E. C. must make the findings and it must be con¬
exchange law.
invalidity of the Act."
"The
advices it
same
vinced that the delisting is in public interest—thus the
In reaching the conclusion, Judge Reeves said:
"Without going into further details,
it must be ruled that the Act
challenged by the plaintiffs (Kansas City Board of Trade) is constitutional,
and that the plaintiffs are not entitled to
any order predicated upon the
Continuing,
11 the New York
Sept.
Washington bureau
Mr. Landis pointed out that such was not the case,
opinion.
vided
its
"Herald Tribune" reported that Mr. Bell indicated his belief
that if the Curb Exchange did not oppose the petition of his
client the securities would be delisted amost automatically.
the grounds that the
decision
Rooney said it came largely from
the brokers and the newspapers.
on Sept 11, but dismissed the
plaintiffs had not made a case.
The suit was filed on Sept. 5 in behalf of four - Chicago
futures commission houses and three floor brokers, all mem¬
bers of the Board of Trade, who, besides seeking the in¬
junction, also sought to have the Act declared unconstitu¬
tional.
Filing of the suit was noted in our issue of Sept. 12,
page 1641.
Judge Barnes also figured in another suit against the
Commodity Exchange Act, brought by a member of the
Chicago Mercantile Exchange.
In this case Judge Barnes
denied a plea for an injunction to restrain enforcement of
the Act, but later granted a petition of the plaintiff to
bring his case to the higher Federal Circuit Court of Ap¬
peals ' Reference to this suit was made in our issue of
Sept. 5, page 1492, and Aug. 29, page 1326.
In the "Chron¬
icle" of last week (page 1640) we noted the denial by Fed¬
eral Judge Albert L. Beeves in the United States District
Court of Kansas City of an application for a temporary
injunction sought by the Kansas City Board of Trade to
prohibit the enforcement of the Commodity Exchange Act
Regarding Judge Reeves's decision we take the following
from the Kansas City "Star" of
Sept. 11:
The
Landis wanted to know just where the public got its information
about over-the-counter prices and Mr.
constitutionality of the Act
on
The over-
said the prices quoted showed that the firm
interested in transactions at around that figure.
was
sitting in the absence of Judge Wilkerson, on Sept. 12
granted an appeal of seven members of the Chicago Board
of Trade to carry their case to the United States Circuit
suit
Lockwood contended that the bids were actual prices.
the-counter representatives
Commodity Exchange Act, Federal Judge John P. Barnes,
Court of Appeals.
1799
Chronicle
Rooney
privilege on the Curb.
testified that only fifty shares
of Piedmont
& Northern
had been traded on the Curb in the first seven months of 1936.
Exchange Act
&
of
Appeals and later
to the United States Supreme Court.
Attorneys today had not decided
what form would be followed1 in an appeal to higher Federal courts.
Evidence in the
case of
period.
...
stock of the City and Suburban Homes Company
covered chiefly the quantity of
Judge Reeves cited several higher court decisions in the opinion today.
Tweedy
Co., he said, had in the over-the-counter market bought 387 shares and
sold 387 shares in the same
trading.
As noted elsewhere in our issue of today, the Commodity
Exchange Act, passed at the last session of Congress, became
effective on Sept. 13.
Secretary HulLDeclares Kellogg Pact Has Failed—Says
United States Is Ready to Enter New Agreements
Preserve Peace—Warns of Disturbed Conditions
to
Abroad and Cites Need for Increased Armaments
Hearing Before Chairman Landis and Other Members
of
SEC
Over-the-Counter
on
Concerned
International faith in the Kellogg Treaty renouncing war
Trading—Hearing
greatly impaired, Secretary of State Hull said
Sept. 15 in a speech before the Good Neighbor League in
New York City.
Mr. Hull warned of the disturbed political
situation abroad, and said that the United States wished to
be the friend of all nations, but would hot enter into any
has become
Application of Tweedy & Co. for Delist¬
on
ing from New York Curb Exchanges of Two Issues
•
In
Washington
on
Sept. 11 the Securities and Exchange
Commission held its first hearing on an application by an
over-the-counter dealer, for the removal of securities from
unlisted trading on the New York Curb Exchange.
The
application was filed by Tweedy & Co., in whose behalf
Stephen M. Bell appeared before the Commission as counsel
for the firm.
At the hearing, James M. Landis, Chairman
of the SEC and commissioners William O. Douglas, George
C. Mathews and Robert E. Healy, sat with Charles S.
Moore, the examiner; Abner Goldstone appeared as counsel
for the Commission. The hearing had to do with the request
of Tweedy & Co. for the removal from the Curb (we quote
from Washington advices Sept. 11 to the New York "Times")
of the $100-par value capital stock of the Piedmont & North¬
ern Railway Co. and the $lQ-par value capital stock of the
City & Suburban Homes Co.
The "Times" account con¬
tinued in part:
In both
asserted
instances, lack of
activity
in the stocks
by the over-the-counter house, and in the
on
the Exchange
case of
time the bid
was
the Piedmont
Railway particular emphasis also was placed on the statement that at
one
were
in
a
were
the over-the-counter
The only witness
called
contending
Landis took
an
active part in the proceedings, questioning
Rooney at great length concerning operations in the over-the-counter
He
asked
whether
prices
quoted
by
over-the-counter
in fact actual prices at which shares could be
witness said that when a price was quoted
tomers it was
a
bought
even
policies of the government must rest upon the support
people.
•
large country which provides the basis for satisfactory and
We do not seek
or
threaten the territory
or
Great oceans lie between us and the power of Asia
Though these are now crossed much more quickly and easily
they used to be, they still enable us to feel somewhat protected against
possessions of others.
and Europe.
than
physical impacts from abroad.
Thomas F. Rooney, trader for Tweedy &
Co.
Chairman
the
improving conditions of life.
house had not established that public interest
was
in the short run the
We inhabit
Opposes Applications
This is particularly true in a democracy, where
stances of the times.
of
required the removal of the securities from the Curb.
or
dealers
sold.
by his firm to prospective
The
cus¬
We
are
a
numerous,
strong
and active
people.
We have lived
and
developed in deep traditions of tolerance, of neighborly friendliness, persona)
We have had long training in the settle¬
freedom and of self-government.
ment of differences
of opinion and interest among ourselves by discussion
and
The winds of doctrine that
compromise.
many
are
blowing
so
violently in
other lands are moderated here in our democratic atmosphere and
tradition.
not an actual commitment but was subject to confirmation.
Lockwood regarding the
over-the-counter quotations and the bid and asked prices on the
Extensive and Mutually
Mr, Landis also questioned Mr. Bell and Mr.
basis for
shaped by the physical geography of
actions to these underlying facts with due regard to the shifting circum¬
possible to obtain the security at the quoted price from investors
tion of evidence in both cases, for dismissal of the applications,
were
are largely
country, the characteristics of our people, and our historical experience.
less favorable position than if there was no Exchange market.
Curb
market.
Our foreign relations
Those who are in charge of the conduct of foreign policy must suit their
Mr. Lockwood, for the Curb, made formal motions, after the presenta¬
Mr.
policy, which, he said, includes non-interference in the affairs
of others and the assumption that others will not interfere
in the business of this country.
He pointed out that arma¬
ment increases abroad and distrubed political conditions
have forced the United States to increase its defense forces,.
and said that America is "ready to participate in all attempts
to limit armaments by mutual accord."
He continued,
however, that we must be sure that we will not appear to
any other country "weak and unable to resist the imposition
of force or to protect our just rights.'
Secretary Hull's address follows in full:
situation, it was held by Tweedy & Co. that the investors
a
and dispose of it over the counter.
that
war.
Mr. Hull redefined the Administration's "good neighbor"
our
The lower price quoted on the Curb, it was held, opened the way for profit,
if it
sulted in
price on the Curb was only 35, although, the over-the-counter
quotation was around 53.
In such
•
entangling alliances.
He urged the negotiation of new inter¬
national agreements for the peaceful settlement of differ¬
ences, but he added that the United States would not par¬
ticipate in "collective arrangements" which obligated signa¬
tories to resort to force when disputes between nations re¬
Curb.
Our
Beneficial Trade Relations'Desired
contribution must be in the spirit of
ceptions.
our
own
situation
It lies in the willingness to be friends but not allies.
and
con¬
We wish
scientists' and thinkers' study contribute to heighten
led the world in promoting this sort of
classroom, and the
I have watched the malicious attempts
judgment or distortion of the facts.
such a way as to
of some to juggle a few minor figures in the trade returns in
life and understanding; we have
do
mis-
be partisan in this remark, that the criticism represents
not wish to
which art, the stage, the
number of attacks on this or that sched
a
In virtually every instance I have found, and I
ule of the agreement.
by the constant American travel
We would share and exchange the gifts
Sept. 19, 1936
I have had to reckon with
year.
"We have the impulse to
beneficial trade relations.
extensive and mutually
multiply our personal contacts as shown
abroad.
Chronicle
Financial
1800
interchange among students,
prejudice the minds of particular groups against an agreement which was
human contacts
the first step taken within the last
teachers and artists.
Our wish that natural
be deeply and fully realized is shown by the great number
of international
which
in
conferences
the conditions prevailing there.
occurred that have taken away from
have been
great failure of the spirit
a
made it clear that it would not intervene in any of
international agreements their force
relations between nations.
a
many-sided
the Piatt Amendment contained in our treaty with
character but vaguely defined.
There
is
increasing
an
the end justifies all
of the idea that
acceptance
compulsory subordination to
has
and shops
which
instruments
away
beings
human
though
as
they
and operating destructive machines above the earth.
earth,
and striven
in
The
They have
and that there may
It
is
these
in
is
these circumstances
also
achieve
that
shape
in battle
up
Close to
of
a
to
think
the
that
tried to
We have
policy.
In
but I would add
give full meaning
The good
term.
He
is
discord
of his
utmost
his
not include
does
toleration
elsewhere.
from
observes
He
his
In
than
welfare.
economic
between
in
neighborliness obviously is
the
nations
individuals
the local
of law and respect for agreements,
the rights of
our
It con¬
observ¬
and reliance upon peaceful processes
countries in a common determination against
Trade
sought to maintain the vitality of the international agreement
which was signed by virtually all countries of
also
The
of employing
force,
collective arrange¬
if necessary, in case
That respon¬
disputes between other countries brought them into war.
direct
carrying
the
in
participation
whole world outside, we cannot accept, eager as we are
the
prevention
is
of
For
war
the possibility that
or
current
broken.
be like
prove
we
to support means
indicates
how
more
to
durable than
welcome
can
refrain
those
that have been
that achievement.
It would
It is difficult to see how
pushing
from
compromise
to
its
accomplish that result.
have increased
our
not serve the cause of peace
powers
of self-defense.
not appear
which
I have alluded.
This has
We would
by living in the world today withput adequate
We must be
sure
that in
our
desire for peace we will
to any other country weak and unable to resist the imposition
of force or to protect our. just rights.
At the
same
time, I would make clear
with the utmost emphasis that we stand ready to participate in all attempts
to limit armaments
by mutual accord and await the day when this may be
The
American people and the Canadian people have lived in unbroken friend¬
ship.
A new index of that friendship is the trade agreement signed last
it should be clear, even to those
ex¬
It should
that they can thrive only when other branches of pro¬
thrive, including those that habitually dispose of a large part of
rebuilding of international trade offers
splendid opportunity for
a
the conditions of their people and to assure them
well-being and the
of dissension and possible war would
be weakened
now appear
in
except
military
await
a
An improvement
formation.
would guarantee another
place.
be made
can
still exists.
A
even
removed.
The
to have no place
Terms have been found by which
in the face of the monetary uncertainty
which
great leadership.
opportunity awaits
great
or
of economic conditions
Advancement in this direction need not
solution of all political difficulties.
advance
raw
If this result can be achieved, one of the fertile
Efforts to Maintain Peace Through Prevention of Shipments of Arms
-
In
trade
interchange
arms, ammunition and
baleful elements
enter
incidental to the preparation for war.
particularly
trade in
the
This trade is at present mainly
implements of war.
However, in
some
times and circum¬
stances, it may itself be an element in stimulating or provoking war.
fore,
we
have
established
a
system
full
requiring
disclosure
plan.
Whether and to what extent it
trade
between
ourselves
and
may
But,
as
our
current
other
experience.
in the present
utmost to prevent arms
or
nations,
for reasons other
which
we are
than
constantly
Our existing legal authority is limited.
Spanish situation,
we
assert our influence to the
shipped from this country from thwarting national
international efforts to maintain peace or end conflict.
that character cannot
license
be wise to regulate or restrict
the protection of military secrets, is a matter on
weighing
There¬
regarding
American trade in this field by placing those engaged in it under a
best be
But action of
governed by inflexible rule, for, to a large
extent, it must be determined in the light of the facts and circumstances of
each situation.
This much is certain—we
to the utmost the traffic in arms when
are
always ready to discourage
required in the interest of peace.
Legislation Enacted to Deal with Issues in Event of War Among Other Countries
Cites Friendship of American and Canadian People
Canada.
willing to leave this judgment to
now
that this alone will not bring them propsperity.
realized.
I need say little of our relations with our great neighbor
pursuing fits well into our domestic
am
plans and hopes of millions of individuals
such
defense forces substantially.
appeared essential in the face of the universal increase of armaments else¬
where and the disturbed conditions to
>
un¬
effort to effect security by new
overcoming dense darkness.
governments
utmost limits
Of late
will
Government would
full light
responsible
the
activities of other countries from which war might come. "
which
This
experience
of
by our action, could vitally influence
we,
It is for the statesmen to continue their
agreements
relations
political
I
Certainly by
materials for production.
other countries when they have arisen".
the obligation
have been alert to the problem of protecting
the necessary means of acquiring the essentials of
causes
At times there has been criticism .because we would not depart from our
of
management
extends to management of domestic pro¬
country is
governments to improve
We have tried to soften quarrels between
traditional policy and join with other governments in
we
system
their products in foreign markets.
to
the world when
proceed in disregard of that agreement, and this basis for international trust
has thus been greatly impaired.
policy this
be apparent
duction
But strong nations have chosen to
Kellogg was Secretary of State.
time
government
a
Policy of United States Fits Into Our Domestic Economic Situation
cessive tariffs,
In that connection we
have
certain
have negotiated.
we
engaged in industries that have been the most direct beneficiaries of
the use of force for the settle¬
for other national purposes.
or
same
direct
requires
soon
economic situation and policies.
and opinion in other
of
the policies
which
trade interests against the incidental disadvantages that we might suffer
the arbitration of facts.
ment
disputes
and
sterile
trade, which
At the
The trade
We have tried to bring together American opinion
for
vigorously striving to secure similar equality of
are
from the practice of such a system by other countries.
Efforts of United Stales Against Use of Force in Settlement of Disputes
sibility,
brings the greatest
be drawn into
duction.
issues, we have resolutely pursued this course.
carrying
We
balancing between pairs of countries
international
work of the Department of State dealing with critical
In the everyday
ments
the principle of equality has been
the part of otlier countries with
comparatively
less direct
templates liberal economic relations on the basis of mutual benefit,
'
increased purchasing power.
our
because this system is
when controversies arise.
Mr.
American
In connection with this program we have refused to
Its expression takes
community.
the form of just and fair dealings, without encroachment upon
renounce war
conditions
benefit, has the greatest possibilities of expansion and involves
treatment on
energies, the friendliness and the self-restraint
others, or oppression of the weak or envy of the more fortunate.
ance
This has been
Our imports of foreign
the improvement of productive
materials, arising from
raw
the least conflict.
nation.
affairs
The trade records
by $671,000,000.
extremely wholesome factor in the improvement in our own
of bilateral
calls upon the
between
During 1935 our sales abroad ex¬
In the negotiation of these agreements
But the role of the good neighbor is a positive and active
man or
that have come into existence
A substantial
foreign trade has ceased.
our
being recorded.
activity in the United States and
and in his resistance to change, decays in a mean and
of
and assurance of various kinds against
maintained in the belief that trade conducted on this basis
bitter isolation.
which
barriers imposed against
of the
reductions
of the trq.de control systems
The vast decline in
demand for
All of this is in contrast with the hermit who isolates himself, who ignores
one
have seemed
we
goods have similarly increased, reflecting chiefly the enlarged
ability; he adjusts by friendly methods any troubles that
the community,
whereby most
agreements
and in building up the world's purchasing power.
the
to
Have Been Made in Tariffs
Trade Agreements Act of 1934,
commercial
numerous
ceeded those of 1932, the lowest year,
arise; he mingles freely in the give and take of life and concerns himself
with the community
return,
an
those who would
agreements
smaller need.
no
of 1936 to date indicate that this figure will be surpassed.
He mends his fences but does not
He firmly expects that others will not seek to disturb
but
tolerant,
into
and steady increase is
his affairs or dictate to him.
introduce
entered
elsewhere.
description of that
to that
Many branches of American agriculture
revival of our trade with other countries if they
American goods by other countries
neighbor in any community minds his own essential business and does not
willfully disturb the business of others.
put up spite fences.
have
we
In addition, we had
continued depression, idleness of resources and unemploy¬
The other countries had
the operation
"good neighbor" is an apt
term
escape
sale of
carefully selected and limited reductions have been made in our own tariffs.'
It is danger¬
instrument of national policy.
I
other governments.
Under the authority conferred by the
by peaceful means,, renunciation of war as an
disputes
completely
We had repeatedly increased the
Trade Agreements Entered Into Whereby Reductions
expression—"peace, commerce and honest
take liberties with the great words of a great man,
ous to
coincided
subjected to increasingly drastic retalia¬
jeopardy.
industry required
were
Thomas Jefferson
friendship with all nations, entangling alliances with none."
—settlement
have
foreign countries which our previous policy
and
I review the line of foreign policy we have followed, that we
close to Thomas Jefferson's
come
situation
international
everywhere.
serious emergency had arisen in our
a
with other countries.
had thrown into great
Expressed Principles
I find as
1933
tion and restriction on the part of
It
foreign relations.
present to us the problem of seeking to
Policy Followed Comes
of Foreign
Line
domestic
own
most substantial investments in
our
ment.
Says
our
American goods abroad wqs being
change in the dominant trend that is so full of menace.
a
This Government
to bring about changes in the
barriers to the entry of foreign products into this country, and the
need not be yielded
must
we
of
undertaking. ; By
trade relationships
be peace, at least in our time.
circumstances
needs
this
with
You may be sure that in most human hearts there
is the steady murmur of prayer that life
of the main causes of the disturbance
years are one
in trying
trade situation which would improve conditions
concrete
negotiations since the war to dispel that
many
the maintenance of peace on this continent.
assure
during these last few
vision, but it appears to grow clearer and clearer.
The world waits.
Later this year there will
conference between the American republics, which
a
be found to
has taken the lead
chambers below the earth and concrete and steel forts and tanks upon the
strained
Argentina
the
and that we believe in
of spirit and upset of relations that have taken place.
When foreign offices engage in discussion with each
they have an inescapable vision of men living in
today,
wish to dictate to other coun¬
no
Certainly the economic troubles that have pressed so hard on the world
were
increasing number of young men whom their leaders dedicate
an
to the horrors of war.
have
we
recognize equality of nations
warmly welcomed, and there is general confidence that further
been
ways can
thunderstorm; and these instruments have been placed in the
mites in a
hands of
blow
can
producing
are
have shown that
we
we
be held in
autocratic will, and the ruthless pressure of
Behind this lies the knowledge that laboratories
that
possibility of full cooperation between nations.
The result is dread and growing confusion.
might.
previously possessed to interfere
we
republic.
In all this
tries,
For he encounters two controlling rules,
crushed.
end is frigntened or
other
operate the canal, eliminate the rights
in that
and
while fully safeguarding our rights to protect
Panama, which,
with
fare
Under these conditions the individual who questions either means
means.
or
These
and no one can be sure as to what they mean.
distant fire in the hills
a
Cuba; it has withdrawn
Haiti; it has negotiated new treaties
the American occupying forces from
lands the whole national energy has been organized to support
In many
absolute aims, far-reaching in
like
the Inter-
and duties of States; it has abrogated
American Convention on the rights
combat of national ambitions, dogmas
It has
those republics.
endorsed this principle by signing at the Montevideo conference
There appears to
and out of this has conie
and fears.
This Administration has
with the American republics to the south of us.
excited and haunted by mutual dread.
and reliability as a basis of
neighbor policy by our actions in dealing
We have confirmed our good
These,
but on the contrary in many countries
In less than 20 years events have
today, are not tranquil or secure;
work and
American Republics
Good Neighbor Policy in Dealing with South
the character of our political relations with the outside
In deciding upon
world naturally take into account
and
century to enable the American
to obtain greater mutual benefit from their
trade.
In such ways we would have our relations grow.
inter-governmental.
are
Canadian peoples
both private and
participate,
we
Up to this point I have dealt with the principles of our policies and re¬
lationships
with, other
countries
when
peace
prevails.
Lately,
after
a
lapse of almost 20 years, we have been called upon to consider with great
Financial
Volume
143
seriousness the question of
Chronicle
what these relationships shQuld be if war were
a
world.
widespread major
require great vigilance, poise and careful judgment in dealing
unhappily to
again among the other great countries of the
occur
will
with
such
with
interferences
No. 4
I
policy.
anticipatory
have in
pounds
all
prohibit
resolutions prohibit
1936 which, in addition to providing for the licensing of
of 1935 and
their
shipment
belligerent
to
Those same
nations.
the flotation of loans and the extablishment
laws.
On some of
other vital aspects of
strengthen
manner
There
problems
during
arising
The original
Under the
the world in which
which all of
I
us are
desire since
democracy
evolution
live, if it
those
world
the
has
decades
great
of our
I
civilization.
do
of liberty
believe
that
with
the
their individual libertise
judgment it is not
my
led to their decline in
and indifference,
fear
great and
Would Formulate
places, bur rather the onset of weariness,
many
which
and must be dispelled.
can
These are the
They must not be permitted to bring
Sound Foreign
another.
on
The
return
me
direction
of
to
remark
a
policy must
foreign
our
I
in
the
sound
policy
foreign
will insure
In the conduct of that task
prosperity.
between
which
the
sharp voice of excited
beginning—that the
be acceptable to
task is to formulate out of the wishes and wisdom of
a
or
and
peace
we
a
the
time
time
to
the
arise
and
We must be
of our nation.
the
on
fundamental
and
Dakota
Ohio,
corn
and
in the states extending
crop
Missouri
and
badly hurt in the
were
New
western
York,
also
in
portions of
same areas
and
and also
Kentucky.
central
result of recent rains.
as a
the exception of 1934,
drought
to have been much more
appears
As drought did not start as early in the season this year as in
settled.
of the
our
western
1934, it had
the qualities of pa¬
much less serious effect
a
drought
on
and there is
same
tience, of sympathetic understanding, of steady poise and of assured inner
strength among the people. In the past crises of
to
Oklahoma
to
Pastures
on
northern hay grasses and has
probably reduced crop acreages less than did that of 1934, but the effect
quick upsurge of passing emotion.
upon
made under the 1935-36 pro¬
were
destructive to crops this year than in any previous season since the country
may
guard against the hasty, excited impulse,
Satisfactory foreign policy must be able to count
bushels
drought seriously damaged the
With
lasting welfare
more
Every dollar advanced
but pastures and such crops as are still growing are expected to show some
favor progress and
prejudiced minorities which
than 20,000,000 bushels.
about 30,000,000
on
improvement
be able to distinguish
must
a
•
Most other crops grown in this drought area also were affected seriously,
Our
people.
popular democracy
was
from
more
surrounding States.
made
;
the rate of 45c. per bushel.
eastward
that
slightly
on
North
from
Policy to Insure Peace and Favor Progress
and Prosperity
Let
the rate of 45c.
crop—at
corn
The Bureau of Agricultural Economics, of the United States
Department of Agriculture, said on Sept. 12 that the drought
of 1936 reduced crop production in the United States 20 to
25% of what would have been produced had usual weather
conditions prevailed. The Bureau added:
In
political rights.
basic defect of democratic institutions that has,
a
so
heritage of the last war.
and
annual
average
advanced to 55c. a bushel in 1934, when $11,041,000
was
Government to about 213,000 farmers under these two programs
gram at
growing facilities for education and for personal development people will
permanently abandon
tke
Loans
and
I believe that this was a natural
not
about $120,500,000 oil
farmers borrowed
program,
of the
has been repaid with interest.
completely changed in mentality
when the principles
one-tenth
lent
was
by
extending their reign.
were
market¬
farm-stored corn and to assist them in
.
with
civilization,
threaten the
can
1933-34
enable farmers
made in the Fall of 1933 to
was
orderly fashion.
a more
The loan rate
change for the worse
concerned.
believe that
cannot
and
must
we
The previous
the right of purchase of corn for
bushel.
full abilities if war
our
create such difficulties for us, if it can
drought measure
be conducted in much the same
which over 267,000,000 bushels of corn were pledged as collateral—more
than
We have sought to demonstrate that we are interested in peace everywhere.
can
loan
corn
ing their crop in
they constantly renew in one the determination to spare no reasonable
Surely this endeavor must continue to command
as an emergency
the corn-loan programs of the past three years.
as
to obtain low-cost credit on
of Peace
effort to play a full part in the encouragement of the maintenance of peace.
elsewhere
Former Plan is Followed
,
programs, however, did not provide for
period of neutrality are so great that
a
'
seed purposes.
careful attention and study of the Department of State.
The
April 1, and the loan will mature
for the seed-deficient drought areas, it will
this problem which will continue to receive the
Determination to Encourage Maintenance
The option will expire on
ear corn.
Though the 55c. corn loan is designed
our
Government in times of war abroad.
by this
formerly pursued
are
otherwise
right-to-purchase provision will be at $1.50 a bushel of 70
(
by
of credits in our market
existing neutrality
these matters the Congress by law has modified policies
and
countries
will
cribs and sealed in
will be stored in permanent
corn
corn,
1936, which, if shelled, would grade
harvested in
corn
The
June 1, 1937.
on
imports and exports of arms, ammunition and implements of war,
belligerent
ear
better.
or
The option
of Congresss
the resolution
mind
*
seed
accordance with State warehouse laws.
Legislation recently passed provides some of the main essentials in a
wise
April 1, 1937.
The 55c. loan, designed to assure a secondary supply of
take place.
•
procedure provides for the release of the option right of the Government.
be limited to
and activities as may
peaceful rights
our
If the borrower desires to repay his loan,
corn.
Both the option and the note will mature
We must squarely face the fact that to stay clear of a
war
1801
pounds of sacked shelled
production and
corn
pastures was very nearly the
on
striking resemblance between the areas affected in the
a
two years.
history Americans have
shown that they possess these qualities in full measure. I do not doubt that
they are still present
as a
firm support. Against the walls of
our
institutions storms from elsewhere beat violently.
Let
us
of spirit, weakness of body,
our
own
shall have nothing
we
us
dissent within
grave
to fear from these storms.
democratic
Gross Farm Income for 1935
avoid flabbiness
We must keep before
The Bureau of
the knowledge that our democracy was builded on the solid qualities of
hardihood,
individual
self-reliance,
full
willingness
to
general
put
bearance
in
the
every
direction
necessary
and
relations will continue to
bring
abiding
that
assurance
peace
leadership appropriate to
fail in that
a
our
patriotism.
They
foreign policy and
alone
our
annual
its
000,000.
country as great as ours.
an
on
field selected
corn
can
be sorted for seed at
a
The
■
'
which
to be the most
with
corn
loans, a seed
corn
practicable approach to the seed
farm
able seed
from other areas of the Corn Belt.
program
be
money
note
agreement
carries
an
option
which
provides
the grain at the rate of $3.50
a
the
(3)
and
and livestock.
$7,201,000,000,
were
production
is
the
economic
expenses.
highest
position
"Because of the moderate
the
contrast to
the
such
return
to
farm
the
farmer
is
more
of
1935
by the
was
this
of
increase
over
in
expenditures since
increase
pronounced
more
significance
extent
some
living, after
two
farm
income
and
in
gross
three times
advance
in
income
income,
large
as
the
as
in 1932.
been
has
affected
increase in
for
an
one-half
operators
in
times
great
as
1935
difference
the
"The
of
farm
marked
was
in
only
the
as
in
1932.
80%
level
as
of
Although
large
prices
the
income
in* 1929,
as
paid
by
after
farmers
for
for the family living in 1929 and in 1935 the real
operators was 2% more in 1935 than in 1929.
in farm income in the past year has been
further increase in the value of farm property, and at
beginning of 1936 total value of all farm property was $41,811,000,000,
accompanied by
the
or
improvement
a
15% above the low point of $36,235,000,000
income
from
in
in
1933."
1935,
excluding government payments, was
$3,425,179,000 compared with $2,977,041,000 in 1934.
Rental and benefit
payments on crops in 1935, including cotton price adjustment payments,
be
crops
amounted to $430,688,000
Gross
331,000
the
of
commodities purchased
"
that
in
farm operators in
allowing
To
bushel of 56
This
to
than
under this phase of the program is to be advanced
•Government may purchase
crops
prices of commodities farmers buy for
allowance is made for this advance in prices, the
exchange value of the income available to farm operators was still more
'be asked to determine the counties where advances are to be made.
loan
improvement
report said.
family
only on such seed corn, agronomists from the various drought States will
The
payments,
of
total
slightly less than 6% of the total
10% of the income available to
were
their
family.
operator's
Gross
to
paying
in
of
areas.
a
expenses of production in 1935, including cost of commodities
production, wages to hired labor, rent, taxes, interest and deprecia¬
the
to
Large quantities also will
$1.75 loan will be made is
sale
in
total
in
"While
Kansas, Nebraska
1,000,000 bushels adaptable for seed in the drought
that
payments
production, but
after
operators
1932,
of credit on corn collateral from this year's corn crop.
sure
benefit
farm
return
would not only encourage the proper selection, storage and dis¬
but also would provide producers with a
limited to
the
results
.
the
In
Secretary "Wallace said that the loan
The quantity of corn upon which the
adjustment
from
3
clearly indicated by the estimates of income available to the farm operator
for his labor, capital and management than by estimates of
gross income,"
tribution of seed corn supplies,
source
and
"The
by the Secretary on the new loan pro¬
gram, is taken from the following Washington advices,
Sept. 16, from the New York "Times" of Sept. 17:
purpose,
cotton
and
operators since 1929 and is 31% larger than in 1934.
Further comment
major
from
realized
2
on
buildings and equipment amounted to $3,970,000,000.
After
deducting these expenditures there remained $4,538,000,000 as a return to
farm operator for labor, capital and management audi the
unpaid labor
be needed in parts of Iowa, Minnesota and North Dakota.
In addition to its
under
tion
Dakota will require approximately 2,000,000 bushels of adapt¬
corn
and
cash income
the
problem.
indicate that drought affected areas of Missouri,
and South
payments
income
from
The
Preliminary reports from directors of State Agricultural Extension Serv¬
ices
(1)
payments in 1935.
Rental
used
income for 1935 of $8,508,000,000 was derived from
$1,307,000,000 representing the farm value of products
on
farms; (2) $498,000,000 the income from rental
gross
consumed
the
income
loan program appears
corn
bear¬
It is
represents total cash income to farmers from production andi govern-
ment
The chief purpose of the seed loan program is to guard against an acute
view of past experience
and
"
of
areas.
total
sources:
Adding
Secretary Wallace said that each loan agreement will carry
an option for purchase by .the Government "at a rate con¬
siderably above the loan value rate." He added:
deficiency of seed corn adaptable for growing in the drought
income since 1930, said
gross
by the Department of Agriculture
Bureau's report.
$6,703,000,000
/
.
.
the
benefit
and
which meets proper
later date.
This is the highest
on
raised
Loan of 55c per bushel on good quality and properly stored cribbed
which
production of 1935 and from government
announcement
three
germination and storage requirements.
corn
report Sept. 12, announced
income, Showing that gross
17% greater than the
estimate of gross income for 1934 of $7,276,000,000 and 59%
greater than for 1932, the low point of the depression, when
gross farm income was $5,337,000,000.
The Department of
Agriculture's announcement continued:
Drought-stricken farmers were assured on Sept. 10 of
.adequate supplies of seed corn for planting in 1937 when
Secretary of Agriculture Henry A. Wallace announced the
inauguration of a $10,000,000 seed corn loan program. The
funds to carry out the program will be advanced, as needed,
by the Reconstruction Finance Corporation, and will be
•distributed through the Commodity Credit Corporation. The
program, which was recommended by the Agricultural Ad¬
justment Administration, and which received the approval
of the CCC on Sept. 16, provides two types of loans on farm
stored corn, as follows:
•
Loan of $1.75 per bushel
a
farm
payments applying to 1935 production programs was $8,508,-
with the whole world and will not
$10,000,000 Seed Corn Loan Approved—Secretary of
Agriculture Wallace Announces Program to Assure
Drought Sufferers Adequate Plantings Next Year—
Crop Production Reduced 20 to 25% by Drought
1.
of
summary
income from farm
can
foreign
ing
2.
Agricultural Economics, United States De¬
Agriculture,- in
partment of
wel¬
fare above personal interest in any great matter of national interests, for¬
furnish
Reported at $8,508,000,000
—Highest Since 1930
numbers, and
income
from
compared with
$67,105,000
for
stock
income to
gross
compared with $392,027,000
livestock and livestock
hogs
$3,704,144,000
for
1935
and
in
products
1934.
$202,797,000
$4,652,436,000
and
in
1934.
in 1935
Government
for
1934
$3,906,941,000,
was
$4,585,-
payments of
increased
live¬
respectively-
1802
Financial
Frofri the standpoint
of
income cotton
gross
was
the leading crop,
Chronicle
with
Bureau
the 1935 crop and $115,422,000
brought the total for cotton to $861,312,000 and $822,respectively.
What with a total of $482,796,000, corn with
$349,830,000, and tobacco with $250,323,000 followed in order for 1935.
1934
now
as
in mid-August, the Bureau of
Agricultural
Economics, United States Department of Agriculture,
reported Sept. 17, in a statement on the trend of such prices
during the past month.
Prices of cotton, dairy products,
same
crop
452,000,
Gross
for
income
1934
income
and
the
1935
in
providing
a
in
$1,680,625,000
for
for
livestock
was
$920,463,000,
Milk,
was:
payments),
any
1935
and
$1,478,177,000
product.
from
eggs
$1,478,177,000;
hogs
$840,870,000;
cattle
$557,843,000.
(including
and
For
and cattle are somewhat higher whereas
prices of grains,
hogs, lambs, and potatoes are slightly lower than a month
ago, the Bureau said, adding: *
1934
Wheat prices in the United
$202,797,000
calves,
above
$712,815,000,
$417,195,000.
eggs,
which
report,
United
of
1935
income
The
of
largest
For hogs
gross
$868,808,000 and government payments of $67,105,000,
total gross income of $935,913,000.
Gross income from cattle
government
and
milk
was
calves
-gross
from
was
States
in
is
entitled
"Income
from
Farm
Production
a
in
week of
the
States
pig crop to be marketed unusually early.
However, the market effect of
larger supplies during the next few months is likely to be somewhat offset
by a strong demand for storage.
Commercial banks have shown the largest increase in the
of farm mortgage financing
during the past two
according to the second-issue of the "Farm Credit
Quarterly" released Sept. 17.
Figures on current farm
mortgage financing, available now for the first time as a
result of a reporting system begun by the Farm Credit
Administration in 1933, show that the volume
of farm
mortgages recorded by commercial banks amounted to
$79,200,000 in the first five months of 1936 compared to
$47,900,000 in the corresponding period of 1934, or a 65%
increase.
In an announcement issued by the FCA
bearing
on the publication, it was also stated:
amount
The fairly strong cattle market in August in
spite of record slaughter
supplies for the month indicates that
years,
Among institutional lenders,
tinuing to improve.
The prices of slaughter
Federal
land
banks
and
Land
banks
Federal land banks, showed the largest relative increase—from
in the first five months of 1934 to
Farm prices of chickens have continued
than average rate.
large gains in farm mortgage financing, individuals have
Farm
mortgages
amounted to $115,900,000 in the first five
or
by
of 1936.
amount in
individuals
This figure,
the like period
mortgage credit
being extended currently by other lenders.
It
was
that
were
proximately 40%
ap¬
The figures are
obtained from various county offices, secretary-treasurers of
national farm
loan associations, title and abstract companies,
attorneys, and others.
The figures cover the period since 1933 when the Federal
Land banks
and Commissioner tremendously increased their loan value
to reopen farm
mortgage credit channels closed by the depression.
Land bank and Commissioner loan volume not
In 1934-35, the Federal
only far exceeded previous
land bank business, but for a time
was
more
than double the loans of all
other creditors combined.
For the two years
missioner
amounted
chased
with
$1,727,000,000
compare—to
$1,027,000,000
by
all other creditors.
The
peak of emergency farm mortgage financing through
Land banks
1934.
and
Land
Bank
Commissioner
was
reached in
Since then, loans by these agencies have declined to
the Federal
the
spring of
more
gradually reentered the farm mortgage lend¬
ing field.
During the first five months of 1936, private lenders accounted
for $273,300,000, or nearly 73% of the estimated total
amount of farm
mortgages recorded during the period compared to $102,300,000, or
27%
by the Federal Land banks and Commissioner.
Farmers' cash receipts from the sale of their
principal
products in July, 1936, averaged for all regions 49% higher
than in July last year, the Bureau of
Agricultural Economics,
United States Department of
Agriculture, reported Sept. 16
in making public figures
covering' the month of July and
the first seven months of this
year. The gains in July ranged
from 22% in the North Atlantic States to
75% in the West
to
register
a
were
decrease for the month.
The
the
only
Bureau
continued:
This year, as in 1934, the earlier
marketing of grains and other crops at
advanced prices has offset for the time
being the effects on farm income of
smaller production resulting from the
drought. Cash receipts from the
July averaged 107% higher than in July last year. The
receipts from livestock and livestock products showed a
gain of 22%.
Unusually heavy marketing of hogs and cattle, together with the higher
prices received for dairy products and all meat animals other than
cattle,
chiefly responsible for the gain in livestock recipts.
were
Total receipts from the sale of
principal farm products covering the first
months of 1936 averaged for all
regions 20% higher than for the same
and
was
the highest for the period since 1930.
Government
payments to farmers during the first seven months of 1936 were
$112,431,000
less than in the same period of 1935.
Nevertheless the total cash receipts
from the sale of principal farm products, and from
Government payments,
for the seven months' period averaged
15% higher for all regions than the
corresponding total
a year ago.
The total
was
higher in each region except
the South Central States, where it was about the
same as
a
year ago.
For the month of July, 1936, Government
payments to farmers amounted
to
$23,798,000, compared with $19,391,000 in July, 1935.
mid-August
about 126% of the prewar average in August.
was
125%
was
in
The index of prices paid by farmers for commodities pur¬
in August 1935.
This compares
The ratio of prices received to prices paid
Government Securities
Discussing "Ilecent Political and Economic Aspects of
Banking," George V. McLaughlin, President of the Brooklyn
Trust Co. of Brooklyn, N. Y., declared that "it is safe to
say
that
ing
from
it
indefinite prolongation of government borrow¬
will eventually produce inflation because
an
banks
dollars
puts
individuals
into
the
deposit
accounts
of
millions
of
and
enterprises, and when the owners of these
deposit balances begin to use them at which is considered
normal rate of
and
turnover, shortages of goods and services
prices are bound to appear sooner or later."
higher
"It is only a question of
time," he added, "and when that
time comes, if ever, you may
easily guess what will happen
to the government bond market."
Among other things, Mr. McLaughlin, who spoke before
the annual convention of the National
Association of
visors of State Banks, in
Detroit, pointed
question of preservation
Here
the
Federal
Deposit Insurance
papers)
must have
ment securities.
ment
fund
dominates in
Now,
I
market
two
in
itself
which
it
is
call
of
into
buying.
does
peg
a
be
largely
consisted
of
of govern¬
value of govern¬
meaningless,
the
news¬
because
the
which
pre¬
asset
same
fact
that
that
there
the
is
a
it.
government
strong
very
The
security
"peg"—a
* Treasury
has the
control, not to mention miscellaneous
different
governmental
instrumentalities,
whenever needed.
use
This
the
and
under its
market
peg,
will
prove
could,
would
Any ordinary break in the
doubt, be effectively stopped by
to indicate that so
long as the
no
seem
hand,
just
as
futile
I
what
on
let
us
the government security
to
know
can
situation.
it
so,
the
unsound
question
done
In
if
we
it
opinion,
my
wait
would
stock
markets
about
part of banks
to
that
it?
buy
is
It
in
is
it
fairness,
is
been
would
will
How
futile
to
this
sound,
to
to
is
and
long,
guess
continue
is
how
rise.
now.
minds
your
idle
if
not
long enough.
have
market
about government bonds
guess
the
be
naturally.
ourselves, in all
ask
A few years ago
fundamentally
think
namely,
refusal
would
fact—underneath
get out of
no
guess.
our
is
I
of
many
financial
time
anyone's
It
or
sound
a
think
long
assets
steady to firm—artificially if not
But,
really
not
in
Fund
hands
government
held
composed
peg,
security
situation
insurance
unmindful
dollar
may
published in the
was
its
portfolios.
not
the
of
anything should happen to the market
Stabilization
funds
(which
90%
over
"pegged" market,
a
billion
so-called
Corporation
that
deposit
bank
am
is
noted
If
securities,
insurance
I
"the
of government
again their security is dependent upon the value of
government
Anyone who took the trouble to read the recent statement of
bonds.
be
Super¬
that
out
security values is
important aspect of the subject of 'Deposit Insurance'."
went on to say, in part:
an
seven
year
in
in July and 106%
Inflation—Urges Balanced
Budget"—Tells
Supervisors
Convention
Deposit Insurance is Dependent on Market Value
crops in
period last
makes it probable that
year
farmers
compared with 115%
prewar average
government
a
principal
by
received
Will Eventually Produce
He
Receipts of Farmers from Sale of Farm Products
in July Above Year Ago,
According to Bureau of
Agricultural Economics
Florida and Alabama
prices
Federal
Cash
States
of
V. McLaughlin Warns That Indefinite Pro¬
longation of Government Borrowing from Banks
normal
levels and other agencies have
North Central States.
thereafter, particularly
George
a
1934 and 1935, loans by the Land banks and Com¬
to
advance
mortgage
being received from
of the counties in the United States.
substantial
a
increased from 93 in July to 98 in August compared with 85 in August 1935.
of
farm
on
make
index
August 1935.
receiving from individuals,
are now
general
124% of the
generally known that
the FCA began to collect data
recordings in October 1933, and reports
they will
Similarly, the samall supply of apples this
The
commercial banks, insurance companies and other lenders.
need,
demand it
consumer
apple prices will average higher this winter than last.
mortgage credit had been severly restricted
during
or no actual data were available to indicate the
mortgage credit which farmers
this
and better
during the latter part of the winter months.
depression, but little
meet
faster
a
exceeding
so.
It is expected that potato prices will reach the low point of the season soon
and
$18,000,000
The "Farm Credit Quarterly" points out that in
1933, when the FCA
undertook the task of refinancing a large part of the farm
mortgage debt,
was very little information on the amount of farm
To
greatly
are
likely that they will average considerably higher this coming winter
they did a year earlier.
than
now resumed their
recorded
months
decline of $6,000,000 from the
sources of farm
re¬
Butter and cheese prices continue at a high level and in view of the
pros¬
the
lending field, the "Farm
there
the
seasonal decline but at
a
likely they will continue to do
pects for relatively low milk production
Bank
of 1935.
private
year.
Market receipts of sheep and
Shipments of poultry to market
those of last year and it is
$46,800,000 in the like period of 1936.
former front-rank position in the farm mortgage
amount of
during the balance of the
lambs have been running lower than last year or
average.
While life insurance companies and commercial banks have
recently made
states.
con¬
sustaining
a
seems
the
although lower in volume than either commercial
a
be
to
lambs declined steadily during August but
covered rather sharply early in September.
Commissioner continued to rank first during the five months of this
year,
Farm mortgages recorded by insurance com¬
was
demand for meats is
consumer
This better demand is expected
factor in the price of slaughtered cattle
with loans of $102,300,000.
Quarterly"
August and prices have since declined slightly.
The relatively high
as a result of the drought is
expected to cause the 1936 spring
cost of feed
Loans by Commercial Banks Showed
Large Increase During Past Two Years
however,
rain fell in many sections
Under prospective conditions they are
expected to make
The seasonal up-trend in hog prices which started in
May was checked
Mortgage
Credit
Prices of feed grains con¬
little, if any, seasonal decline this fall.
and
in late
panies,
expected to continue to average
are
August, but receded slightly the last
August and early September and favorable
of the corn belt.
summary
by commodities.
Farm
States
export basis during the 1936-37 season.*
an
tinued sharply upward during early
1935," also shows income for other years andi
cash income, and government. payments by
income,
gross
Economics
Prices
adjustment payments of $163,458,000 for
the
Agricultural
Reports .Farm
Holding to Level of Mid-August
The general level of prices of farm
products is about the
$590,124,000 for lint ami $107,730,000 for seed for 1935, and $595,615,000
for lint and $111,415,000 for seed for 1934.
Benefit payments and price
for
Sept. 19, 1936
of
at
talk
about
this
a
point,
general
government securities.
If such
were
adopted by any important number of banks, they would
themselves and other banks, and would
accomplish little in the
more
course
injure
way
of
reforming
adopted
(and
I
the
hands
the
government
"money."
of
-
public
am
the
sure
fiscal
it
"greenback
will
policies.
not)
bloc"
in
it
Should
6uch
a
rash
would be playing
course
directly
be
into
Congress, who would like to have
finance itself by» the simple expedient of
printing so-called
Volume
The
opinion,
Sound
the
are
it,
indirect
do
demanding
different
creates
because
attitude,
of
it.
budget
the
it
is
withdrawn
We
in
larger
who
the
why
light
the
base
in
of
the
will
debt
not
will
to
appeal
as
can
spends
have millions of
we
such
European
as
about
Only
If
family
one
is
reason
be
cannot
let
then
but it
evil,
an
real
no
expenses
claim,
some
be
to
appear
balanced.
as
taxation
finances
private
held
to
have
us
is
a
bulk
Private
inflation
they create.
gov¬
take
they
out
banks purchase
created
is
of
purchases
because
But when
power
Federal
the
of
its
soon
as
the
as
3.
simple
of
sequence
which
public psychology turns optimistic.
Iifcreases in actual purchasing power cause rising prices as soon as demand
overtakes practical productive capacity and shortages appear.
5. Higher prices cause larger borrowings from banks.
6. Larger borrowings will mean higher interest rates and lower Government bond
prices as soon as the margin of excess reserves and the Stabilization Fund are
4.
Taking
broad view of
a
conclusion
has
maneuvered
duty
protecting
unsound
banking
advise
to
depositing
If
banks
of
bankers
you
in
it.
public
of
that
the
what
to
from
present
is unsound,
paper
supervision
your
States
respective
your
corner.
charged with the
are
top-
is
it
your
do.
"politics and economics
part, he further
are
At
the
nomic
less political influence in
or
rather
more
than
banking, and in
less.
increasing emphasis has been placed upon the.
banking policy.
What each bank ■ does affects
of
eco¬
not
only itself but often affects other banks, and if many banks follow similar
policies the entire economic life of the country is affected.
As the
degree of concentration
in
banking increases, so does the ease with
which
political control
large
banks
thousands
at
of
increases
with
be applied,
can
bar
the
small
of
public
banks.
greater
for it is
opinion
Likewise,
concentration
the
easier to
than
it
discredit
would
importance
be
debt
into
The
economic
of
attack
policy
of
banking.
And the trend toward
concentration, which has already brought 54% of the total deposits of all
commercial
signs
It
banks
and
reversal.
of
is
true
trust
companies
that
the
business.
prise
the
first
It
for
Because
themselves
venture
100
institutions,
6hows
no
partly
were
to blame
for
the
of the Reconstruction Finance Corpo¬
the
government into the banking
of
for tile government to embark
necessary
main
the
this enter¬
upon
reasons:
of
resources
the
National
Credit
Corporation, a co-operative
were inadequate to meet the emergency.
2. Because the Federal Reserve banks were not
permitted by law to lend upon
the type of assets which comprised the bulk of
banking portfolios at that time.
banking organization,
These
be
overlie
reasons
unprepared
to
the
the
meet
remembered
that
would
have
not
burdened
if
thousands
dition
tion
have
that
it
as
it
of
that
reason
major
a
the
bankers
depression.
But
banks
uneconomic
it
had
due
the
to
into
the
the need for government assistance probably
If the country's banking structure had not
demands
for
thousands
may,
temporary banking assistance.
banks needed loans, and the
of
The outflow, of government cash in
depression,
further
accentuated
receipts and disbursements,
market
for
and
large amounts of
the
of
which
First,
rates
the Federal
new
would
help
had
bought
of the
larger commercial banks,
in
government
These
to
in
easy
whatever
the
so-called
of
ington,
gov¬
coming
that
force
scale.
low
interest
interest
Second,
rates
many
the economic wind
reinvesting
the
was
they
losses
and
get into
a
Federal
the
absorbed
System
been
figures
of all
City the
of
Banks
government
Government
last, banks which
35%
about
the
at
present
members
are
the
of
retained
show
by
that
member- banks
been
some
individuals receiving therm
the
including both direct
42% of total loans and invest¬
securities,
government
of the
of
increase in
net
Federal
Reserve System.
In New York
50%.
is
Holdings of all types of government securities
approximately five times as great as the combined surplus,
undivided
profits
and
reserves
of
all
banks
holding
Federal Reserve
membership.
Assuming that such securities are carried at market value,
are
average
now
decline
a
of
20%
the
think
levels.
say?
you
is
maturities,
Let
has
that
true
That
is
something
in
also
is
the
remind
me
the
of
would
the
impair
for banking supervisors
the
that
true
of
below
present
securities held .by
depreciate less than
short-term
The
banks
the
securities
banks.
city
large
20%
than
more
government
and would
portfolios
that in January, 1932, several
you
quoted
were
some
and bills,
notes
but it
concentrated
bank
security market
government
bank.
government bonds
It
short-term
are
the
in
average
about.
Impossible,
long-term
longer
largely
are
country
average
05% long-term and 35% short-term securities in its government
Recent figures released1 by the Comptroller of the Currency
definite
a
securities
securities
occurs,
trend
toward
larger holdings
of long-term government
among
National banks.
Whenever and if a serious decline
close
he
what
the
can
permit banks to
can
value.
I
think
there
When
and
if
is
market
little
bank's
of
reasons
doubt
value
of
do ?
First,
supervisor
at par instead
which
to
as
suggested that it sell
As
Willis
Dr.
has
to
some
pointed out, ; the
would1
except
money
at
at a
5%
It
is
6% in the
lavish
the
that
true
its
reason
example,
the
such
large volume of
a
general
undoubtedly
it could,
heavily
market?
What would
as
government
all probability,
in
I
level
higher
mean
borrow
would
term
price
happen
lend
to the
banks under your supervision?
States
structure
post-war
the
raise
probably
open
United
economic
of
that
be
perhaps it will
situation, would buy 2%%
a
capital structure of thousands of
that
hold
would
That
heavy discount, when
or
will
"inflation"—and by that
really
speculators
What bank, in such
bonds,
banks
Suppose
develop.
because
rates,
rose.
of market
alternative
they can only sell to each other whenever they
which
more—should
or
interest
prices
inflation,
can
preferred stock!,
more
liquidate large blocks.
active
mean
he
Second,
capital structure becomes impaired through
decline in the market value of its government securities-;
be
government
capital impairment.
government paper
carry
a
the
in
banking
large number of banks for
a
chosen!
is
will
Germany
borrowing and spending of
or
the
big and
a
stand
even
rich
much
France.
and
country,
abuse
more
That
Federal Government
for
why
the
is
has
for
than,
not
raised
level
price
goods and
to any' appreciable degree thus far.
We have plenty of
margin of unused capacity in both goods and services.
Until
a
operations
capacity,
did
from
the
at
same
time,
made
1931.
and
of
the
the basic trend of
to
productive, system
our
cannot
productive capacity
our
appear,
prices
in
few
a
higher prices.
almost certain to
are
could
they
important
tions.
easily
course,
finance
that
years
but
the
merely
government
before such
a
a
can
price
cue
"fuel
an
for
it
as
an
situation would
Total
increase
develop.
we
level.
bank
we
overstep
begin to
deposits
in rate of turn¬
Shortages
to
begin
of
any
opera¬
flames."
am
ultimate
show
continue to
once
which
shortages
speculators
the
to
point out that I
pointing' to
But
and
practical
to
up
inflation
decisively.
higher
a
would add
At this point I should like to
inflation,
rise
and with
goods might be
of
type
which, of
stepped
technical
important lines
practically back to 1929 levels,
over
bo
in
are
the
and
occur,
find reflection
to
red
not predicting active
possibility.
figures
It may
for another
six
'*
was
all of
us
will recall,
the
creation
present
of
a
public
1931-32
toward
government
was
demand
a
for
was
a
partial
deposit
.
"New
Deal"
Administration
in
Wash¬
enlargement of bank investment
accelerated rather than diminished.
reduce
First of 15 Giant Generators of Boulder Dam to Begin
Turning in Early October—Dam Officially Placed
in Operation Sept. 11 by President Roosevelt
In the
early part of October the first of the 15 giant gen¬
begin turning, producing 115,000
horsepower of electrical energy.- The Dam, located near
Boulder City, Nev., on the Colorado River, was
officially
placed in operation on Sept. 11 by President Roosevelt, when,
erators of Boulder Dam will
the close of his address before the Third World Power
Conference in Washington he pressed a button s'arting the
at
and the flow of water from the valves
generation of
power
of the Dam.
The President's address
issue of
Sept. 12,
pages
was
referred to in
our
1649-1650.
Construction of Boulder Dam to
bring the Colorado River
The dam backs up water
in
natural
reservoir
forming the greatest lake made by
man.
The resevoir began filling last Feb. 1 when the gate
on the last remaining open tunnel was closed.
The project,
which was authorized by Congress in 1928, was turned over
a
to the Federal Government
as
but about all it accomplished
'
debt
of
shortages
have fails
now
more
for the Treasury to postpone balancing its budget and
it needed in the open
market—or rather, from the
of the trend toward heavier bank investment
"banking holiday" of 1933,
advent
attempt
requirements.
purchases
.
fully-guaranteed obligations, constitute
ments
proceeds
beginning
banks
weak
the
in government
worthy
way
avoid
as
insurance.
With
to
huge
a
securities,
order to
coming
trying and exciting interlude,
purge
decided
order
on
noting which
private
securities dates
eovernment
The
in
developments,
Thus
of
under control, was started in 1931.
obligations
surprisingly
borrow
sold
the
was
liquid position.
two
banks.
and
between
Treasury
for government borrow¬
way
had
and in
securities
government
called loans
technically
it
end the depression,
the
money.
Reserve authorities
down,
blowing,
..
ended1 June 30
year
Reserve
have
Recent
RFC
the form»of RFC loans
distance
soon
Meanwhile, two other factors had paved the
ing.
.
interest-bearing debt of
During the
Federal
been
not
served
to
inflate the Treasury's deficit,
which at that, time was just
beginning to attract attention.
The sharp reduction in income tax receipts,
ernment's
result
the Federal
debt during that period.
The percentage would have
higher had it not been for the issue of the so-called "bonus bonds,"
were
should
banks which were mostly in frozen con¬
quite probable that the National Credit Corpora¬
is
all
met
granted them.
legal
of
excess
a
uneconomic
that time,
at
could
Be
developed.
with
general
more
exigencies of
chartered for political reasons,
been
in
as
longer maturities.
standing
are
1.
far
reserves
a
banking system (including Federal Reserve banks and
savings institutions) holds approximately 51% of the total out¬
time.
the
bankers
major
was
two
reserves
excess
like
grew
...
conditions that required) the formation
ration,
into
debt
American
mutual
few
a
to
public
gold imports through sale of their government security holdings, but
they did not do so—presumably in fear that such sales would depress the
prices of government bonds and make it more difficult for the
Treasury to finance its continuing deficit and to refund its large floating
100%
time,
same
was
agencies
lending
market
wish
it has tended to be
influence
bank
The
government securities that
said:
We have always had more
recent years
McLaughlin stated that
fundamental in banking."
In
its prede¬
budget
Federal
by Federal Reserve banks, but the new expansion dwarfed any¬
thing previously- known.
The Reserve banks might have offset the effect
a
At the outset of his address Mr.
beyondi
far
The
Government
balance.
securities
conditions,
uncomfortable
You
convinced
are
government
under
by economic
rather
a
get out of
us
practices.
investment
duty
the
into
system
help
it is difficult to escape
abetted
influences,
banking
can
banking situation,
our
political
our
gentlemen
of
heavy
that
of
out
went
soon
credit.
government's
of
indicate
the
Administration
the
ever
rabbits.
up
held
portfolio.
exhausted.
Deal
than
like
piled
already
to
effects:
and
causes
New
stretching
further
capital of
money.
1803
snowball rolling
downhill, and more than half of the new borrowings came from banks.
After stabilization of the dollar at its present gold value in January,
1934, shifting international capital movements caused large gold imports
power whenever
But you
the
in
multiplied
and
Bank purchases of Government securities create increases in bank
deposit
Increases in bank deposits mean increases in potential
purchasing power.
Increases in potential purchasing power become increases in actual purchasing
2.
office,
cessor
pulled
lesser
a
basis,
sound
a
the
and
by the banks.
produce
purchasing
new
restored
are
investors
as
of
spend
to
indefinitely unbalanced Federal budget.
never
the
would
be
High
remember this
to
try
there
dollars
securities,
1.
and
War.
of the
some
have
Chronicle
the
income,
an
be
many
government
us
that
when
much
as
not
taxation
of
World
cannot
to
to
government
Let
facts,
with
need
circulation
weight
the
do
We
neighbors,
our
the
meet
taxation.
securities
ernment
of
credit
or
money
buy
compared with
as
respects:
of
since
government's
securities
but it
A balanced
buy.
the best assurance
will
a
government
«True enough,
over-issue of
dollar
fortunate,
two
fear
felt
iiis
the
will
money
is, therefore,
take
Why
creditor.
"Because
them
before
deposited.
are
in
for
these
comparison
When
It
that
was
budget
sufficiently
broader
evil
things that
of
most
moment
a
income tax here.
of
Federal
reduced
it
ever
17. pays any
of
other
any
hence
and
banks,
of
although
hesitate
government?
the
States
never
borne
creditors
would
insurance against
nations,
have
have
masses
when
as
United
the
balanced
government,
from
have
can
armaments
on
people
In
the
European
billions
out
depositor
the
are
of the government.
part
bank
a
of the radical economists.
some
labor that creates
budget is the best known
the
of
banker
the
and the remedy, in my
namely, a balanced
budget because the
government.
Bank depositors
origin,
simple remedy,
a
the
No
toward
say
is
demands
they
creditors
balanced
money,"
It
creditors
realize
not
a
human
on
political in
banking
principal
demand
the
probably
is
essentially
budget.
should
are
is
is likewise political.
Federal
banks
Financial
143
problem
expenses
at
After
the start
of
a
praise¬
its
tenure
on
Feb. 29 bv the construction
companies, to which the Government paid $54,500,000.
As to the initial operation of Boulder Dam, Associated
Press advices from Boulder City, Sept. 11, said:
Compared
to
its
ultimate
production of the power plant
A
mere
erator to
energy
of
was akin
1,850,000
horsepower,
to the twitching of
3,500-horsepower generator started humming, just
a
a
today's
finger.
house gen¬
supply needs at the dam and the Federal construction city here.
Financial Chronicle
1804
A great
stride will be taken on Oct. 9 when one of the 15 giant generators,
producing 115,000 horsepower each, starts
300 miles
some
In addition to these there will be two
Angeles.
Los
to
That will send power
turning.
55,000-horsepower generators in the ultimate installation.
/ As
the machinery started a double waterfall,
13 feet higher than Niagara,
poured from the two opposite canyon walls below the power house.
The first test was made of the complete outlet works consisting of 12
needle valves, each 84 inches in
highest dam in the world, 727 feet, thousands witnessed
From atop the
Ralph Lowry, construction engineer of the Reclamation Service,
the scene.
project, said the opening of the 12 valves in the future
In charge of the
would be
concrete structure, Boulder Dam creates a reservoir
The project was started in 1928
capacity of 30,500,000 acre feet.
a
Congressional Act as a means of flood control, power generation,
under
vast
area
project
over a
"of
means
Grand
Coulee
the
will ultimately
was
made in these columns
1567, and Feb. 16, page 1087.
and all distribution systems,
managers;
would be supplied at rates uniform for
John
of
Haskell,
and
Clearer
New York Stock Exchange, Urges
Simpler Reports by Companies to
Address
Stockholders—In
Accountants
Before
Natural
Supports
Rhode
electric
be
to
Year
Mr. Haskell said:
business
year
primarily interested in the advantages which the
may
bring to accountants and corporations in the
of savings and operating efficiencies.
practical advantages
It is deeply interested in two
adoption should bring to stock¬
which its general
holders and the investing public.
In the first place, annual reports pre¬
pared on the basis of a natural fiscal year should be more accurate and
contain less factors of estimate, since the accounts are
at the time that the
transactions
are at a
the publication
the
after
around
of reports
close
would be in
the
of
Second, its general adoption should permit
to stockholders at a
period,
fiscal
since
the
Dec.
31,
accountants
concentrated
I. Any practical policy of this nature which aims at more informative and
the support and sympathy
'prompt reports to stockholders can be sure of
desirability
the
of
simplified
stockholders'
Representatives of the accounting profession have
art of accountancy.
In
service, although much
so
educational work must be done before the
more
the accountan
into
an
in his attempt to translate the
uncommon
so
results of all types of activities
denominator of dollars and cents of different
values,
It seems almost cruel to suggest
simplify the result of his complicated work, which is
sound judgment and common sense.
that the accountant
difficult of simplification.
The Committee on
the annual reports of
statements in
listed companies will show the same detail as
those
disclosure of the usual
It does
non-essential data.
complicated
reports to stockholders.
key items and any Item of an unusual or non-recurrent nature.
us
to be cluttered up with extraneous
expect .them
Let
hope that the accountants can show the way away from
statistics towards clear, informative and simple
Chairman
of
the - Special
Committee on Cooperation with Stock Exchanges of the
American Institute of Accountants, also spoke at the meeting,
which was attended by members of the local bar association,
credit men's association, bankers' association, and the local
Frederick
H.
Hurdman,
chapter of the National Association of Cost
in addition to the State Accounting group.
——+
Accountants,
and
SEC
advices from Washington, he asserted that it
"the best solution of the numerous problems created by
ciated Press
an
Patman Act
development of large blocks of hydroelectric power as
to the construction of Federal Public Works
-
At the
the American
of
power"
which
to
Mr.
Patman
Act."
Congress enacted in June, 1936."
Montague,
"this
same
time, George N. Tidd, President of
Gas & Electric Co., objected to "wide grants
already given the Power Commission and
the
Ac¬
belief is un¬
happily contradicted by the Supreme Court's decision in
the Sugar Institute case and by the terms of the RobinsonThe
ditions,
provisos
defense
to
Since
parture
and
seller
a
it
part, Mr.
it
ments
to
adhere
plans
a
or
that
investigation,
will
prices
de¬
a
be
necessarily
a
other "infraction of positive
any
the
Robinson-Patman Act agree¬
prices will still be within the zone of
the
there
filing
are
be in
and
successful
in
now
violation of
prices
of
reporting
operation
open
and
past
on
the Supreme Court endorsed in these cases.
as
there
are
in successful
now
operation bid depositary
legal
guidance
disclosed
are
insure that
until
after
under these bid
the
transactions
depositary
and
past
are
...
Suppose,
support
bureau
the trade
trade
a
impartial
transaction
instead
that
now,
an
competition
of
afford
may
within the bounds of legal safety because competent super:
careful
prices
no
closed.
for
industries
come
and
con¬
numerous
possibly
in danger of being held to
industries
of
transactions, such
In several
of
current
Act
current
are
associations
plans that
filed
notwithstanding
price
vision
advance
in
his
filed
to
which,
of
Act.
number
a
each
assumed1,
legality, and
Sherman
Montague added:
charged with violating the Act.
from
that
widespread
long statute, containing
a
Robinson-Patman
follows
debatable
is
exceptions,
be
seller
a
of the
Act
who is
cannot
by
violation
In
In
Robinson-Patman
and
is
association
ably
directed
ready, willing
competently
and
investigate transactions
to
investigates is
impartially,
same
violation of
a
effectively
and
care
and
legal
ing the Robinson-Patman Act that
and! able
to
unfair
advised
complained of
association, and that this bureau will not
it
will
by members
assume
that every
the Robinson-Patman Act, but
competently
the Federal
in
exercise
each
interpreting and apply¬
in
accuracy
Trade
Commission
the
and
Attorney General exercise in their investigations, and will, when requested
by the trade association, report the facts and circumstances to the Com¬
mission
the
and
indicates
that
Attorney General
violation
a
of
Any industry
competitors
unfair
an
section
or
ready,'
are
competition
of
requested
degree
price stabilization
and
of
obtain
with,
and
these
in
and
to
which
in
their
themselves
profit
wholly
that
the
preponderance of
the
parties
and
protection
lawful
and
such
records'to it
business
their
customers
a
heretofore
unrealized,
strictly in
accordance
the Robinson-Patman
Act and
all
the
Supreme Court decisions interpreting them.
N. H.,
men
and
wholeheartedly to support
submit
for
furtherance of,
other anti-trust laws and all the
that business
able
and
manner
a
indeed in
industry
an
obtain
may
occurred
recalcitrant.
bureau and
whenever
has
Act
are
willing
investigation
for final action when such
the
participating in such violation
on
Sept- 15, Mr. Montague stated
who pay little attention to the Robinson-
Patman Act pending
interpretation of its disputed sections
by the Federal Trade Commission and the courts are risking
great
danger of damage suits in the next six to 10
He pointed out
Section
the
4
Clayton
of
the
Act
anyone
"injured
bidden
in
the
Clayton Act
years.
that the Act "enlarges the anti-discrimina¬
prohibitions enacted in 1914
Clayton Act," and added:
as
Clayton
Act,
enlarged
by
in his business
anti-trust
laws
which
the
or
in old
applies to
now
Robinson-Patman
property"
(which
Section 2
now
by.
new
Act,
reason
include
new
the
of
Section
2
provides
of anything
Section
2
of
of
that
for¬
the
enlarged by the Robinson-Patman Act) may sue and recover
"threefold the damages by him sustained, and the cost of suit,
including a
reasonable
incident
projects."
Supreme Court Decisions."
Montague said that -"today there
tion
proposal'for the pooling of electric power, both govern¬
under Federal
agencies was made on Sept. 4 by Basil Manly, Vice-Chair¬
man of the Federal Power Commission.
According to Asso¬
A
the
Atlantic
and
cording
ment-owned and private, in regional systems
■was
Laws
At New Castle,
Government
of
address before the National
City, on Sept. 16, in
an
in
Opportunities Under
In his re¬
marks
Mr.
is a wide¬
spread belief that agreements for filing and adhering, as
in the National
Recovery Administration days, to one's
own current prices
were legalized in March, 1936, by the
Supreme Court decision in the Sugar Institute case, and
that such agreements are further protected by the RobinsonRecent
—
and Private Owned Electric
Power Under Federal Agencies Proposed by Basil
Manly of Federal Power Commission—George W.
Tidd Objects to Wide Powers Given to Commission
Pooling
in
which he discussed "Trade Association
investigation the
...
Stock List expects that the financial
contained in the listing application, with separate
not
Bar,
Association
Petroleum
which confront
impressed by the difficulties of his task and his dependence
the more one is
upon
professional advisers fully appreciate these
The more one sees of the practical problems
limitations.
the
doing they have already performed a great public
small investor and even some
York
New
the
spared no effort in
point out to the public the fundamental limitations of
recent years to
legality thousands of trans¬
of doubtful
the Robinson-Patman Act would have
been wholly lawful" was made by Gilbert H. Montague, of
closed
reports, Mr. Haskell said:
Robinson-Patman Act has now
<fthe
that
zone
actions which prior to
the
of the Committee on Stock List.
Discussing
Legality Trans¬
Previously Lawful
Were
Which
statement
The
law,"
the full year
over
Robinson-Patman Act
Declares
Montague
drawn into the
considerably earlier date
independent
position to spread the great volume of work, now
a
H.
actions
prepared and audited
company's turnover is at its lowest ebb and its open
minimum.
the
Has Drawn into Zone of Doubtful
Committee on Stock List
of the New York Stock Exchange, in an address Sept. 15
before the Rhode Island Society of Certified Public Ac¬
countants, in Providence, R. I., urged that company reports
to stockholders be made clear, informative and simple, and
not
"cluttered up with extraneous non-essential data."
Mr. Haskell in his talk also assured the accounting group
of the support of the Committee on Stock List in the move¬
ment, sponsored by the Natural Business Year Council,
to secure a more general adoption by corporations of a fiscal
and accounting period which fits the seasonal current of
their business.
Pointing out that the great majority of
listed corporations still use the /calendar year, whether or
not it is appropriate to the cyclical flow of their operations,
The Exchange is not
power
with
grouped."
Gilbert
John Haskell, Secretary to the
way
electric utili¬
in the hands of a
workings and complexities of
systems the authority to determine how electric systems are
1935 Act "definitely places
unfamiliar
totally
Island
Business
for Annual Statements
natural
whether
similar
o
,
given the Securities Commission over
power
Tidd charged the
Mr.
commission
transmission lines
their generators,
place
would
pool
privately owned,
Attacking the
ties,
Valley,
Federal
a
the entire area of the region
cover
communities.
Previous reference to the Dam
of March 7, page
Manly said,
Mr.
Dam,
It
to operate."
is
the
in
substations under pool
or
Boulder
and1
created.
pool
those
public
a
as
development
would represent national and regional
would have "power to acquire control of or construct a trans¬
be
network which
which
All
the
out his plan,' in connection with projects like Tennessee
interests and
in
through
would
agency
„
maintain, Boulder Dam will have paid for itself.
a
utility systems."
Bonneville,
and
\
.
In 50 years, engineers
be
the Nation
private
reaching 300 miles into metropolitan areas of
of the Southwest,
California.
perhaps
and
except
mission
Construction began in 1931.
Eventually electric power and water will flow from the
would
agency,
regions,
To carry
reclamation and water supply.
were
securing for large geographical
whole, benefits that could not be
by the Federal Government of
the potentialities of our vast water resources and the utilization of the
energy thus created in proper coordination with the energy resources of
Federal
a rare occurrence.
The world's largest
with
"t-
They are 180 feet above the river,
six on the Nevada side.
of 1935.
Public Utility Act
the
presented in papers for the World Power
Conference, said the press advices, from which we also
quote, in part, as follows:
Commissioner
Manly said the plan for power pools, operated by a
Both views
secured
Six are on the Arizona side and
diameter.
Sept. 19, 1936
*
in
Commission
Securities
>
as
attorney's
R is relatively
difference between
"discriminated
payment
fee."
...
easy to prove damages where they are measured by the
the price paid or the service payment received
by one
against"
received by
as
contrasted
someone
with
the
price
paid'
else who is not "discriminated
or
the
service
against."
*
Volume
Financial
143
Standards in Sales Finance Affect Country's Business,
'S.
G.
of
Bradlee
of
Association
National
Curtis
&
Jackson
^
panies
In
construct
address delivered
an
ciation
of
Sept. 14 before the National Asso¬
Finance Companies,
at their thirteenth
Sales
partner in Jackson & Curtis, New York, investment bankers,
stated that the
country's business
whole is profoundly
as a
affected by the standards prevailing in sales finance.
"Un¬
your business is operated properly and successfully,
prosperity will be severely handicapped, for, as you all so
well know, major lines of industry, in many cases, have
become dependent for volume upon time sales," Mr. Bradlee
less
He added:
In
other
words,
of
portance
Palliative
fully
and
recognize
companies
as
economic im¬
factor in
the
appreciate
sustaining and
a
accelerating
business activity.
general
"Government control and operation of the
public" said Robert W. Sparks, Vice-President of the Bow¬
Savings Bank of New York, in addressing the Financial
ery
Advertisers'
Association in
his
Tenn.
American
"Yet," he
banker."
in
the
public
for
It
is
be
if
they
If it
handle
they
now
to 6ay
volume
a
have.
I
I anticipate that it
of
Government
through
the
its
year
for
then
ago,
the
on
business
which
to
or
plan has decreased
is
true
due
that
to
given amount of capital
a
real problem
a
is
company
securities
equal
paper.
it
have
you
average
of
issuance
of
will
allow
borrowing capacity and enable it to take
to solve.
the
on
The
by
company
more
volume.
voters.
their
Years
Three
on
Everything for Next Two
Sign
posts
that
mecca
public
Except Democracy—Before Adver¬
Declares
Taxes
Undistributed
on
it
ticket
his
Nov,
on
effect"
intention
of
3,
the
of
voting
took occasion
the
straight
refer
to
recently-enacted tax
Republican
the
to
"harmful
undistributed
on
earn¬
ings, saying:
Of
all
business
than
the
their
former
All
is
there
man,
the Revenue
Act
perhaps which
none
of
been
1936, with
enacted
have
may
its high levies
to
rob
the
average
harmful
more
effect
undistributed
on
earn¬
ings.
The sound practice of building reserves fpr a rainy day by plowing
part of earnings is thus heavily penalized.
Virtually confiscating
surtaxes strike at the very heart of American business and hit the
smaller,
newer enterprises
the hardest.
Is there any way out?
back
.
a
On
Sept.
14 an announcement, issued
showed that business has at last
ports
statistically,
according
first time in 14
ment
normal,
This
is
the vTay upward.
on
the
curve
seven
It
Babsonchart business
Fundamental
is
business
not
good
normal line
Mr.
the
normal
the
in
downward
finally
the
for
and
a
situation
preface
of
period
hard
Growth
recognize
along
this is
and
will
be
also true
the
best
automobile
that
of steel."
since 1929,
year
Commenting
on
not
industries
would
be
worry
unemploy¬
would
even
unemployment
now
of
made
a
shortage
today
the
on
■'./
about unemployment
If pew
come
back, employment would
population
portant
fact—25 years
working
were
are
reported
as
unemployment
for
ago
women
unemployed.
is not
lines.
many
has
often
and
be
The
been
the
normal.
if
heavy
There
percentage
forecasts
of
were
in the past.
For instance, the Department
place the jobless at 9,550,000.
The increase
14%
not reported
today
in
soon
as
when
1922,
accounts
not
workers
greater than
estimates
since
going upward,
of
no
basis
same
Commerce's latest
in
is
building
as
business
this
of
last
crossed
number.
in homes and
But
boys
on
the
normal
here
farms
is
line
the
who
im¬
wree
unemployed.
Hence,
Today such young people
repeat that the percentage of
protect
other.
stocks
which
will
as
"especially optimistic
on
profit from the coming recovery in the
America
the
new
industries which
during, the next
are
his address to
"some
coming into the forefront
few years," mentioning, among these, air
"so-called trailer industry," the plastic
industry and the Chemical industry.
conditioning,
the
credit
insurance,
from
will
bankers
when
that
the
result
must
only
recon¬
of
knocking
of deposit
learn,
to
must
opportunity
make
they
banks
its
are
will
of
progress
kept under
to the
to
to
is
public
and
fundamental
help
I
closing.
would
to
like
When
story
regardless.
.
the
to
.
.
It has financed! everything
The
banking
part
which
played
has
had
has
its
light
Banking can do no greater service to-the
banking itself than to remove the bushel.
done to
banking
Advertisers
Politicians
apt to crowd
are
banking's
contribution
a
do
and
depositors.
bring
story
of
Consequently,
watchfulness.
protect
must
their
should
welfare.
the protestors
flying machines.
Comparatively little has been
Financial
desire
machinery
Public dependence
searchlights
public
government
spread
too long.
the
run
group,
same
nation
our
bushel
a
to
be proud of its banking system.
can
banking to protect
upon
to
Government
essential
Bankers
the
and
would have chaos.
we
therefore,
sewing machines
In
anxious
subject to
are
Politicians
depositor.
inform the
has given
lay
to
Association
this
and,
people of the romantic
American progress.
simple
two-fold
through
it,
.
plan
before
.
.
before
the
banks
the
of
country:
First, efficient management that makes the banks of America something
we
are
proud to have discussed far and wide.
that
Second,
intelligent
cracker barrel
And
its
bring
to
that
counterpart, the
American
great
make
to
effort
its modern
or
the
when
public
contribution
to
discussion
the
to
Nation's
radio and public forum.
press,
decides,
American
banking
can
public welfare.
Towner Phelan of St.
Louis Union Trust Co., Discus¬
sing Financial Advertising Before Financial Adver¬
tisers' Association, Declares Fundamental
Purpose
Discussing "Financial Advertising" before the Financial
Advertisers' Association, in convention at
Nashville, Tenn.,
on Sept. 14, Towner
Phelan, Assistant Vice-President of the
St.
Union
Louis
"there
two
are
advertising."
One
other
regards
Trust
Co.
of
He
public
the
very
confidence
selves.
The
Louis,
Mo., noted
that
added:
financial
advertising
as
looks^ upon it as a sales tool.
confidence is
St.
schools of thought in reference to financial
basis of
the
phase
a
of
public relations—the
The first school believes that public
sale of
financial
services,
is successfully cultivated sales will take
school believes that since
financial
and that
care
of
if
them¬
other
institutions, like
have something to sell the public, therefore
is the'direct promotion of the sale
of the services which the institution has to
offer.
merchants
the
and
function
manufacturers,
of
financial
advertising
.
In
considering these
into
consideration
differences
between
tions.
Financial
trust
are
very
the
primary
alone,
goal
the
viewpoints
of
.
.
it
is
financial
necessary
institutions
to take
the
and1
and
life
subject to
the
insurance companies
public
conditions
existence—are
siderations
divergent
characteristics
manufacturing and merchandising organiza¬
institutions are
peculiarly dependent upon public opinion.
companies,
are
chartered,
two
them
^
heavy industries," and he alluded in
•of
be
voters.
Bankers,
Banks,
I
abnormal.
declared himself
will
to
and
confidence,
deposits
security
American
people depend
their
services
and depositors
nation,
and
He
funds
Public
of
the back of
upon
and
is
public
of
public
watchfulness.
on
desire
the
This
management.
The
manage
voters
insiitutions
Mr. Babson
to
banking always
in
safety
only
safety
way.
dollars
administrators
safety
bad
a
burden
new
founded
fundamental
in
responsibility.
new
The
faith is
the
billion
19
a
banking.
Without these services
themselves
each
the
is indispensable.
government
direct
insures
financial
willing
belief in
America is
places
a
bankers cannot afford to
we
restoration of
fundamental
the
that
public,
a
that
rebuilding
in
reserves,
means
and
that
appears
They have resumed
Should Be Creation of Public Confidence
asserted
ment, he said:
Do
their
confidence,
impregnable.
exchange.
the
business are equal or exceeding even the
Among these I might mention retail trade,
production, cement shipments and electrical appli¬
1936
and
But
the
banks.
efficient
duty
Banking
excess
lines of
ances.
solid
It is a
insurance.
weakened
On the surface it
public
on
private
American
and
to
If
with
in
under
reserves
their
weakened
a
line.
When
peaks of 1929.
power
do
prosperity.
15,
deposit
of
direction
the
in
replacing
the
normal
Speculative
times.
Sept.
on
upward,
X-Y
of prosperity.
ideal.
is
condition of permanent
his address
struggling
back to its
come
all set
now
line
be the
Babson,
^'many
are
times—just
would
has
curve
conditions
at
crashing
of
banking.
with central
is
ailment,
cause.
reserve
him
faith
doors of
known
of
leaves
America's
the
and not
insurance
upon
banker.
continue
of
years
the
the
then private banking in
$300,000,000
over
people's
the
The official state¬
form
a
takes
make-believe.
insurance
built
with
of
banks,
our
re¬
said, in part:
After
is
reached
Babsonchart
the
with
It
behind
from
out
come
speeding
government
the banking Potomac.
on
land
a
deposit
on
the
Babson's
it is pointed out, the business
years,
has crossed normal
to
by
banking
by bankers but by
the voters.
experiments
more
once
The
except
everyone
banking habits.
is quiet
live in
from
laws which have
numerous
are
decided
bankers to
depositors,
been debated
banking has
deposit insurance has restored the people's confidence.
intelligent
pull," he said, adding:. "Democracy will be the ultimate
form of government.
But today, due to unprincipled and
selfish
politicians, Democracy has collapsed throughout
pretty much the entire world. Only a spiritual revival can
prevent such a collapse in America.."
Mr. Babson, who
we
...
But almost
be
not
several
magic.
palliative.
themselves,
Speaking before the Advertising Club at Boston, on
Sept. 15, Roger W. Babson stated that "for the next two
or
three years I am bullish on everything except Democ¬
racy.
Of course, I am bullish on Democracy for the long
in
their
without eliminating
Babson Chart Finds Business
Way Upward
abandoned
money
will
confidence in
humanics of
the
Today
the economics.
time for
meet
has
of
faith
on
on
high
issue
public confidence
of
public
Building
for generations.
it
is
problem
a
government
versus
the
indicate that
questionable
soothes
private
and
country
Earnings Strikes at Heart of American Business—
indicated
say,
humanics.
of
alongside
that
see
economics
This
struct
Club
tising
of
place
banking, brains
can
is
economics.
problem
a
its
Therefore,
faith,
Roger W. Babson "Bullish"
best
banking
financial
is
take
economics
our
bankers
us
additional
obtain
to
banking
banking must
of
or
to
on
"It is difficult to know whether or not
private
versus
than
more
American
capital
referring- particularly
am
if
and
be done today
can
say, a
solution
the
handled,
public has
raise additional
to
the
to
companies.
investing
that the initiation of the 6%
volume
of
less volume
the case,
was
increase
to
to
which
the
companies.
companies
continue
dollar
per
believe
money
major
to
is correct
longer terms
than
which
finance
of
companies which handle largely automobile
earnings
I
the
other
confidence
more
securities
in
manner
of
many
in
that
desire
than
those
issues
for
given,
splended
This
securities.
your
has
funds
of
shown by the
well
for
apparently
investment
necessary
greater
to
and
the recent
accepted
•may
give,
the
quite
outlook
investment
should
went
banking is speeding on a one-way street to gov¬
ernment control," he said, adding, in part:
even
showing made through the depression by properly managed finance
companies was such, in our opinion, as to confirm and add to our con¬
record
week at Nash¬
this
convention
"the usurping of
management by government is the secret fear of the
ville,
The
fidence
American bank¬
time of the American
ing system is not the desire at this
American
,
we
finance
Faith in Security Under
Insurance Questionable
Depositors'
Private Banking—Deposit
annua1 meeting in Hot Springs, Va., Stanwood G. Bradlee,
said.
of American Bank¬
System Not the Desire of American People,
Says R. W. Sparks at Convention of Financial
Advertisers' Association—Says Banker
Must Re¬
ing
Com¬
Finance
Sales
of
Government Control and Operation
Meeting
Tells
1805
Chronicle
regulation.
under
which
and
they
advertising, in
cultivation
of
other
operate—in
determined by public opinion.
financial
most
The laws under
my
they
fact,
their
Because of these
opinion,
favorable public
financial
which
should
have
con¬
as
its
opinion.
According to Mr. Phelan, "the fundamental
purpose, the
principal objective, the true goal of financial
advertising—
and particularly the
advertising of banks and trust com-
.
presented his conclusions as follows:
Phelan
1.
That
2.
long
order
confidence-building
spasmodic.
.
trust
com¬
getting business.
public.
advertising
entire
the
reach
to
That
4.
and
to create confidence and only secondarily
be placed in mass media
building advertising should
should
continuoys
be
and not
FDIC Assessment—Before
Supervisors of State Banks Says Hasty Action
Would Jeopardize Future of Deposit Insurance
supervisory powers."
the question which has been agitated of
assessment rate paid by banks under the Fed¬
eral insurance of deposits, Leo T. Crowley, Chairman of the
Federal Deposit Insurance Corporation, stated on Sept. 15
that "such agitators lose sight of the fact that a favorable
loss experience is to be expected immediately following the
epidemic of closings prior to the banking holiday."
Accord¬
ing to Mr. Crowley, "it would be a serious indictment of
bank supervision if we should be required to collect $40,000,000 annually for an extended period of years in order
Referring
to
that
institutions
from point of view
numbers
both
Improvement of bank management.
(c)
(d)
Prompt closing of banks which become insolvent.
(e)
Unification
of
supervisory
policy
and
1
procedure.
r
take losses currently.
(f) Requiring banks to
Reynolds Declares Advertising Creates Con¬
and Eventually Builds Future Business—
President of Albert Frank-Guenther Law,
Inc.,
Frank J.
and supervision have clearly
fidence
has been put on a
banking system
the
control of chartering new
and adequate capital.
(b) Proper
given to adjusting the assessment rate,
but not until bank management
banking experience.
Surveys of past
(a)
must turn are:
The FDIC is anxious
losses of the future.
that consideration be
demonstrated
lems to which our attention
of
'
that among the prob¬
supervisors
told the
Crowley
Mr.
reducing the
to meet the bank
policies and legislation.
empowered to issue is in excess of $1,200,000,000. The Cor¬
poration thus has potential funds amounting to approxi¬
mately 20% of its maximum possible losses, assuming all
its risks had to be paid simultaneously.
The probability
of a large number of banks closing in the near future is
slight, owing to the recent thorough house cleaning of the
banking system and to increasingly effective exercise of
Continuance of Present
National Association of
Advocates
Crowley
T.
Leo
be
essential that all banks
is
stated that "the total funds available to the
FDIC from its capital stock and from the debentures it is
«
.
failures spread from
important that there
more
even
It
Mr. Crawley
can
we
confidence.
create
to
although
advice and assistance in shaping
your
,
learn a great deal about the technique of
advertising from the mail order advertisers, we cannot successfully adopt
their methods and test that portion of our advertising which is designed
That'
5.
is
currently, rather than to let them accumulate
until
they suddenly find themselves insolvent.
...
Substantial
progress
has been made toward accomplishing a desired
uniformity through the cooperation of your association with the Federal
Deposit Insurance Corporation.
Your Executive Committee has been par¬
ticularly active and helpful in an effort to establish adequate standards
of supervision.
However, there are still many opportunities for a con¬
tinuation of this activity, and we hope that we may continue to count on
the institution which is successful in creating
run
be successful in
That confidence
3.
in
the
in
will
confidence
it
banks,
supervision.
of bank
fact that
and the
concentration
larger
the
to
uniformity
a
required to take their losses
banks
particularly
and
advertisers,
financial
That
panies, should advertise primarily
to
secure
immediate 6ales.
smaller
the
be
this
of
view
In
panies—should be the creation and maintenance of public
In offering his opinions and theories, Mr.
confidence."
1936
19
Sept.
Chronicle
Financial
1806
The answer rests with the super¬
bankers themselves."
Mr.
Crowley, whose remarks were addressed to the National
Association of Supervisors of State Banks, in annual con¬
vention at Detroit, Mich., said, in part:
permanently sound basis.
Speaker at
visory authorities and with the
Association
the
of
future
the
continue
deposit insurance.
rate
present
President
to
the
and
income
It
intrusted
with
and
that
for future planning.
from
1929
1933
to
it
than
this
of
structure
position
the
of
many
country
been
has
the
at
been
and
are
did
insist
not
construction
rehabilitations
being absorbed.
Federal
The
as
supervisory authorities.
efforts
concerted
was
funds
and
State
at
a
thus
funds.
these
both
capital
and
State
so
long
intelligently direct our
we
as
Previous attempts to
end.
insure bank deposits
a
failed
plans
there
when
time
was
ability
decreasing
on
The most
an
increasing number of bank failures
. banks
to provide the
the part of the
..
essentiol
system
procedure.
problems
is
factor,
It
is
concerning
to
determine
a
smaller
extent
policy
which
the
that
small
in
the
system
with
any
degree
of
What
»
be
would define the intangibles as results which cannot
to
more
they then spread to the larger banks.
The
constitute a part of the banking system
banks
emphatically demonstrated than ito consider the
following analysis:
Ratio
Banks with Deposits of:
64 years of
dence in the
or a
is that the
as
consumer or
We find that one of the troubles
public has become so accustomed to advertising that they accept
hardly realize to what extent it actually serves
Unquestionably,
be
cannot
establish a reputation, an intangible which
definitely can
traced
over
It does create confidence in the audience
night.
appealed to and eventually builds future business.
by
experimental
advertising has long passed its
...
course
advertising is not
character
or
a
will
service
.
.
.
the
I
product or using the service.
am
eventually.
a
.
confident, while much has been
Advertising can
great selling
.
.
accomplished in financial advertis¬
job is still to be done.
There are great merchandising
The human side
possibilities in the financial field straining at the leash.
of finance must be brought to
backed
only be
purchasing
cure-all—any advertising that is not
fail
productive in proportion to the confidence the public feels after
Class
Publications
Number of
Banks
Percent
of
Total
sured.
In¬
of
to
Total
Deposits
$100.000 and under
1,513
10.7%
SI00,000 to $500,000
6,708
47.7%
83.1%
S500.000 to $1,000,000
2,421
1,631
17.3%
11.6%
77.6%
$1,000,000 to $2,000,000.
12.273
87.3%
79.0%
74.6%
at
the attention of the public.
•
.
as
a
Medium for Trust Advertising
Convention of Financial Advertisers
Association by
McGraw-Hill
John H. Stevenson of
Publishing Co., Inc.
publications from an
obvious because they attract
readers on the basis of specific and selective interests,"
said John H. Stevenson of the McGraw-Hill Publishing Co.,
Inc., in addressing the Financial Advertisers' Association in
convention at Nashville, Tenn., on Sept. 15.
Mr. Steven¬
son
described a class publication as a "periodical whose
"The economic
advertising
editorial
basis of
What better means can bring the name of a
service to the public at large?
Advertising
Of
.
establish favorable reputation better than honest,
matter of course and
a
business.
.
.
at Albert Frank-Guenther
proven to us,
straight-forward advertising.
92 0%
Total
today without the aid of advertising?
Law, through our
experience, time and time again, that nothing will assure confi¬
It has been
product
be directly
of any kind has
well-known organization
What
advertising.
reached its reputation
stage.
Broadly speaking, the popular
advertising ?
the intangibles of
are
concept
traced
that bank failures occur first in the
fact that
in the insured banks having deposits of $2,000,000 or less, which constitute
88% of all insured banks, the depositors are insured to the extent of
80% of their deposits.
This situation is shown in greater detail in the
cannot
de¬
that
demonstrated
institutions, and
advertising who believed in it
veloped it, and to all forms of advertising media.
ing,
continuance of a sound
the 19th
advertising
The reputation gained for adver¬
dollars to prove it; to advertising agencies that
and spent millions of
Discussed
experience has
to
Only when mass production became a reality did
know it today come into its own.
we
accuracy.
Past
advertising began in 1759, adver¬
of productiveness goes back only to
and
position
their
for
and standardization of supervisory
we use uniform standards with all
that we use the same standards in
individual banks; otherwise it will be im¬
necessary
supervision
determining the soundness of
possible
in my opinion,
unification
a
as
it
...
banking
and
that
to
case
of
because of several fundamental weaknesses.
spreading of the risks involved was necessarily confined to the respec¬
States.
The plans were inadequately financed at the outset.
There
no
accumulation^ of reserves.
They contemplated the collection of
through
tive
only
depositors
to
every
efforts
the
sound only so long as we exert con¬
Federal deposit insurance can continue
it sound, and
keep
protection
a
The
to
of
...
will remain
banking system
effort
stant
result
direct
almost
In
Corporation.
the
were
It is interesting to note that although
tising coasidered in terms
Century.
The
circulation
and educational constructive force.
tising is principally due to the pioneers of
upon
Finance
advertising fraternity, but of all
and other forms of advertising media.
newspapers
and in breadth and vitality of its news
a
corrective measures.
This recent absorption of
losses was possible in a majority of cases only by adding to the capital
structure
of the banks through local subscriptions and through the Re¬
that
magazines and
for many years.
During the period
banks which should never have been
Furthermore, ^ld losses in
removed.
were
recognized
would be totally inadequate to supply advertising rev¬
result of this, of course, would be a greatly limited press both in
is
in
is
time
present
direct results, including those of the
upon
for the maintenance not alone of the
enue
their responsibilities
operating banks have
These losses had been carried
for years as sound assets because of a refusal on the part of the bankers
to face the facts and because of a laxness in the old order of supervision
chartered
mail order variety,
especially
them
face
which depend
Those accounts
thus built up will serve
The Corporation's resources
alive to
be
banks
advertising is "The Intangible."
The most important tangible thing in
but it is not enough that their sufficiency be
that the authorities who have been
supervision of
In part he went on to say:
advertising."
no
level.
fearlessly.
In so doing, the risk which
insurance of deposits will be reduced to a minimum.
they
banking
stronger
reserve,
were
important
more
the
in the
involved
The
far
is
of the Corporation
reserves
important,
are
assured.
substantial
a
present low
continue at the
excellent foundation
an
and
capital
accumulated
have
losses
insurance
The
as
will
Corporation
if the
more
a
deposit
perpetuate
that
subject of his remarks he said: "I feel it is safe to say that
it not for the intangibles in advertising there would be
accurate annual charge against the banks in order
insurance.
What that experience will be depends
entirely upon how well all supervisory agencies perform their duties and
upon how well the bankers themselves respond to our earnest efforts.
It
will be soon enough to consider the question of changing the assessment
rate after we have had some normal loss experience.
In the meantime,
determine
may
observed
Reynolds
Mr.
"rarely is an advertising agency man given a subject for a
public address which is so vital to the advertising business
and to all those who work in advertising."
Taking up the
should
period
That
made.
is
Financial
Convention of the
National
the
Association.
Advertisers'
time before any
be sufficiently long to test fairly
the effectiveness of an improved quality of bank supervision.
The experi¬
ences
of a few more years will provide us with a basis upon which we
change
before
York,
„
reasonable period of
for a
"Intangibles of Advertising" was the subject of an address
Nashville, Tenn., on Sept. 16, by Frank J. Reynolds,
of Albert Frank-Guenther Law, Inc.', of New
at
the present assessment would seriously jeop¬
It seems only logical to me that
reducing
in
action
Hasty
ardize
we
of Financial Advertisers'
Convention
or
character
some
drama
usefulness of class
standpoint
or
is
^
a group of readers on the
interest, such as business or finance
segregates
common
sports or
fashions, &c."
"People buy these
publications," he said, "because, the editorial content is
complete and authoritative in a limited field in which the
reader interest is intense and insatiable." Mr. Stevenson
"
Volume
Financial
143
devoted his remarks
for Trust
Sound,
well planned
investment
for
trust
company performs
it
Medium
a
as
We quote in part from his address:
advertising becomes
trust
but
companies,
also
only a profitable
not
trust
The
responsibility.
a
real public service in safeguarding investments,
a
and
world; but—unless we put the right
shall stand among the wonders of the
in
man
the right place—unless
executives alike
enjoy
to
workers and
make it possible for our
we
their jobs, as well as that
well-being of society which springs
good job well done—unless we do all these things,
of satisfaction in
a sense
feeling of personally contributing to the
from the
knowledge of
a
efforts will have been in vain.
our
public to tell them how it can serve and conserve
it to the investing
owes
Publications
"Class
to
Advertising."
1807
Chronicle
their interests.
because it has proved
I say it can be a thoroughly profitable investment
to be sound in other businesses where it has
most
unprofitable when there
it becomes highly
Bank and
trust
connections.
,
Says It Lives on Utterances of President
Roosevelt—Republicans Win in State Election
Nominee
,
proud of their banking
believe that their bank is sound, and they
customers like to be
company
They like
Sweeping Aside Private Enterprise in Favor of
Government
Control — Republican
Presidential
only a few trust accounts, and yet
are
profitable with increased accounts.
to
They want the approval of their business
want others to believe it also.
associates and contemporaries of their
judgment in the selection of a trust
Gov.
take into consideration these human desires on the part of
desires
identified
be
to
with
institution
an
that is
not
Me.,
publication,
highly selective in
though
even
class
that the circulation of a national
you
its
readership, might con¬
ceivably contain considerable waste, geographically, because of the
normal
limits for trust company operations.
experiences•tajs+demonstrate
that carefully selected class publications will influence more real prospects
in large metropolitan centers in proportion to advertising investment than
I submit,
however, that there are practical
local media in those centers.
gives
Prospective
inflexible.
customers
by
inhibited
not
are
being
this
point of view.
narrow
know
that
trust
one
the advertising
points.
This
produced
publications, and those results show that
number of worthwhile accounts from distant
a
metropolitan trust
a
was
accounts
secured from
were
has been able to trace definitely the
company
results of its advertising in class
trust
companies towards national
They are inclined to regard their area of usefulness as
circulation.
I
vision taken on the part of trust
narrow
relatively
reputation to all local sales
It is my belief that there has perhaps been an
and advertising contacts.
all too
of a national
the prestige
as
company
far west
as
and very satisfactory
California and south to
Florida.
Another consideration is the added value derived from winning respect
and recognition from men
served
may
climbing
Men
There is constant change in the business
up
through
City.
At least
executive
positions
place.
of this business, and possibly even more than that
a part
bo replaced by men who are new arrivals in the community.
may
Trust
successive
Every trust company loses
time because business has carried them to another
frequently move from place to
customers from time to
lost,
who may become members of the community
by the trust company.
community.
company
advertising in class magazines also may be considered
good institutional or goodwill advertising, because it adds to the reputa¬
tion
the
of
in
company
the
eyes
of correspondent
banks
strengthen that relationship with those institutions.
that
trust
known.
in their
as
clients like
company
The
own
same
to
and tends to
I have said before
deal with institutions
that are well
It enhances their prestige
thing is true of bankers.
localities if they can refer to a nationally
known institution
their big city correspondent.
E. R. Stettinius Jr. Urges Business Men to Give
Attention to Factor of Executive
ing
at
Harvard
Tercentenary,
Greater
Personnel—Speak¬
Suggests
Creation
of Personnel Officers
American business management has failed to introduce an
orderly and methodical system for the discovery, develop¬
ment and assignment of executive personnel, Edward R.
Stettinius Jr., Chairman of the Finance Committee of the
United States Steel Corporation, told the Harvard Graduate
School of Business Administration on Sept. 17, in an address
made during the Harvard Tercentenary Celebration, which
began on Sept. 16. Mr. Stettinius said that industry gener¬
ally is concerned with "men, money, materials, machines
and merchandising."
All of these factors except men, he
said, are handled with scientific methods, while the quest
for executive man power is not conducted "with anything
approaching the same degree of orderliness and precision
employed in the other functions of industry."
Mr. Stettinius suggested the use of, men who would
specialize in executive personnel, and who would have the
following duties:
.
<kFirst
or
to maintain a
,
complete, progressive record of all employees, actually
Among other things, the
potentially eligible for rating as executives.
record
educational history;
should include the individual's
his record of
employment before joining the organization and with his present employer;
a
complete salary record; a periodic systematic rating by his immediate
superiors and the executive personnel officer; a detailed description of his
physical characteristics and social status, as well as a health history cur¬
Second, to maintain organization charts on which would be registered all
Third, to develop lines of promotion whereby opportunities for advance¬
ment would be
specially prepared organization chart and to insure that qualified under¬
are
in training for promotion to
antedate by as long a
period
as
those positions, such selection to
Fifth, to make available information concerning courses of study, books,
to
evaluate each
position through the use of job analysis and
specifications as the base for a salary
committee composed of
further application of the
appropriate group of principal executives as a
salary-standardization plan.
an
*
fact-finder and adviser to the president and other
principal executives in all matters pertaining to executive employment,
compensation, advancement, retirement and the like.
^ Finally, to act
as
Mr. Stettinius added, in part:
We can achieve the utmost
can
conquer new
in economies by engineering knowledge; we
fields by research; we can build plants and machines that
It will be a victory
victory for the Nation.
That means something this year.
the Nation."
every
It means just as much in
State in the Union.
i
.,
That is why I am so happy to
tonight.
here to close your notable and successful
be
campaign.
Americans everywhere are waiting for the
majorities that you will pile
You will start a victory
the Republican candidates next Monday.
up for
parade
that
will
the
span
will lift the hearts of millions
Nation—that
everywhere—be they Republicans, Independents or
You point the way to success in
Gov.
State
Landon's reference
Democrats.
November.
to
Maine
had
do with the
to
Monday, Sept. 14, when a Republican,
Lewis 0. Barrows (Secretary of State), was elected Governor
by more than 40,000 votes, over F. Harold Dubord, Demo¬
crat.
Besides the election of a Republican Governor, three
Republican Congressmen were elected by large majorities,
and Wallace H. White Jr. (Republican) was returned to the
United States Senate by a plurality of more than 5,000 votes
over his Democratic
opponent, Governor Louis J. Brann.
Maine, ordinarily a Republican State, went Democratic
in the Gubernatorial and September
1932 Congressional
elections; Maine's Presidential vote in November 1932 was
however cast for the Republican candidate, Herbert Hoover,
when the National vote was Democratic.
Following the
election
on
early returns indicating the Republican victories this week,
Gov. Landon sent the following telegrams to Arthur E.
Sewall, Chairman,
Republican State Committee, Port¬
land, Me.
candidates for all offices in
Please extend to the successful Republican
Their election
victories in Maine.
Maine has proved that
success.
their danger
life.
congratulations on their significant
was something more than a mere partisan
yesterday my heariest
election
your
the people of the country are aroused to
and determined to preserve their system of government and of
The people of Maine have sounded a
response
call that will find an immedate
throughout the Nation.
In his Portland address on Sept. 12, Gov. Landon, de¬
voting his remarks to "the relationship of Government to
business" told the gathering before which he spoke that
"in this country, government in its relation to business
always followed the principles underlying a free enterprise
system." He went on to say that "under this system Amer¬
icans have been free.
They have been free, provided they
did not infringe upon the similar rights of others, to do any¬
thing that would bring them an honest, and profitable
livelihood. They have been free to plan for their own future,
knowing that their goal was limited only by their own
ability."
Gov. Landon continued:
As the years went
Federal
by conditions became more complex, and gradually the
Government
became
active
As
and the welfare of our citizens.
banking,
public health,
a
in protecting
the economic freedom
result we have our laws on pure foods,
transportation, workmen's cappensation, safety
appliances, monopolies and unfair trade practices, and
right
the
commerce
of
no
the
did it attempt to direct
Landon continued:
Then
our
recently our
time did the Federal Government
States to regulate industry and
within their own borders," he added, "at no time
Declaring that "at
usurp
more
utilities and the issuance of securities.
laws regulating
NRA.
the
came
without
Government,
and
manage
Governor
business."
I
With
1933,
the enactment of this measure in
mandate
of the
people,
adopted
a
and
new
When I say "new," I mean new only
to this country.
It was a philosophy well
completely different philosophy.
in the sense that it was new
known under the autocratic governments
in the misery of the depression
us
we
by
a
It
of Europe.
was
foisted upon
Federal Administration that used
absorb the powers of the States—an Administration that
the emergency to
assumed
had suddenly outgrown American institutions.
philosophy decreed that prices should be regulated, not by demand
and supply,
but by Government edict; that wages and hours of employees
be fixed,
not
by free and
under
fair negotiations
equality, but by officials in Washington; that
rules
assuring
the sort of competition which
be fostered, as the lifeblood of free enterprise, should in future
be
prohibited by law.
This was a philosophy which denied that the more we produce, the more
we
can
have; that the more efficiently we produce, the higher will
must not be
Or in
today if we had adopted this philosophy in 1890 7
How many automobiles and telephones would there be in
1900?
How many moving picture theaters?
How
many
What the NRA really undertook to do in this country was to
our
system of free competition,
ment-created
and
the
world,
has
been
radios?
terminate
and to substitute for it a system of Govern¬
Government-protected monopolies.
The NRA was the beginning in
out
be our
It declared that the existing facilities of production
increased.
the country?
standardization plan.
Seventh, to serve as secretary of a salary
a
does here.
it
Where would we be
periodicals and other activities of an educational nature.
Sixth,
something in
as
standard of living.
possible the actual promotion.
It will be
That is why I am with you
must
company-wide in every department of the business.
Fourth, to prepare and maintain job specifications for all positions on a
studies
means
Kansas
should
eligible executives qualifying for this special analysis.
address, delivered at Portland,
Saturday, Sept. 12, opened his remarks by stating:
meeting here on the eve Of a great victory.
are
This
rently maintained by periodic physical examination.
Republican Presi¬
of Kansas,
Landon,
"As Maine goes, so goes
publications of a national
There also is the fact that advertising in class
circulation
M.
not for Maine alone.
It
reputation.
on
We
only sound, pro¬
gressive and reliable, but that is well known in name and
The thought may occur to
their clients—
Alfred
dential nominee, in his Maine
company connection.
Therefore, the public relations policy of a bank or trust company must
NRA
Address Declares Against
Landon in Maine
as
It is quite obvious that a trust company
thereby decreasing unit cost.
is
Gov.
helped create mass production,
.
.
.
America of the movement which, through¬
sweeping
aside
private
enterprise in favor
of
been substituting arbitrary
personal authority for constitutional self-government.
government control—a movement which has
But—you may say—the NRA is dead.
True
enough.
to the courage
The National
Industrial Recovery Act is dead, thanks
and integrity pf the Supreme Court.
•
v
1808
But
Financial
the spirit
laws.
It lives
NRA lives
of the
platform.
It lives
on.
in recently enacted
on
in the efforts of this Administration
on
decisions of the Supreme Court.
It lives
It lives
Chronicle
in this Administration's 1936
on
Delegates Form Permanent Organization, Headed
by Senator La Follette
his spokesmen.
If this does not
that the present Administration wants to establish
mean
domination
government
of indstry and
mean?
agriculture, what does it
If the President has changed his mind and recognizes his errors, let him saY
Let him say so in plain language.
so.
before
error, the choice
On
side
one
the system
is
not perfect, at least does
mental
Until
we
have such
an
admission of
is clear.
us
yardstick—a system under which
this country is still
freer,
a
a
any
other country in the world—a system under
which the humblest citizen
can
still rise to the
the
a
system under which the minutest doings of every
scrutinized and regulated; under which the privacy of our homes
are
is invaded—our fields lie idle
and breadth of America
There is
by governmental edict—and
million signs spring up
a
half-way house between these two systems.
no
history of the past four
instance, what has happened
the
production
too
were
across
the length
"By Order of the Govern¬
Off."
Keep
ment,
to look at our
of
farms?
turned
The
We have only
know that his is true.
years to
on our
Farmers
cotton.
peanuts.
many
The Government
to
Government
restricted
the
For
restricted
growing peanuts.
There
growing
of
knew, it
was
secured from
criminal offense to grow potatoes unless
a
the
even
is constantly on guard to defend
enterprise system tends to
an
a
free enter¬
become
competition against abuse,
free
a
tangle of vested interest and rigid
a
who
not
were
that is
direct
and
practices
monopoly.
given Americans
people in the world.
If
This will allow the American people to
their steady march of progress.
generations has
.
.
It will restore the system which for
the
highest standard
of living
of any
.
Government
central
a
at
Washington is to
variety of factors which go to make
moving
direct all
the
infinite
power in the Executive.
This will not be
In
easy.
many
already become pampered by special privilege, and dependent
upon Government where we should be dependent upon ourselves.
of the American
public is
no
longer complacent.
It has
definitely set its face against monopoly and unfair trade practices.
pledge in
platform is not
our
mere
It does not
words.
mean to me
inquisitions that impede recovery and delay re-employment.
not
means
who aid in dividing those
motives,
result."
Father
this was
regarded as a direct warning to the liberals of the West and Northwest to
continue their fight under the generals they have followed heretofore and
not to be tempted off by the glittering promises of Mr. Lemke and his
Although the resolutions at
associates.
To
it
me
And it
tional legislation as is necessary
practices and all special privilege.
the enactment of such
means
to put
an
addi¬
end to monopoly, unfair trade
Only if
follow this
we
course
can
when they first convened this
appeared for awhile
join with the President's own party in his support.
that they would
walk of life, to
They urged "all progressive-minded citizens, in every
United States," and
Roosevelt for President of the
Franklin D.
vote for
then proceeded to set up their own forces.
The
final
character
Representative
He suggested,
the
of
organization
new
Amlie of Wisconsin,
Thomas
a
credited largely to
was
La Follette Progressive,
bad as Republicans.
Democrats in many ways were as
who insisted that
that the time might come very soon
moreover,
when the
crusade
Progressives would want to stand out alone in continuing their
for economic freedom.
we
the system of Government-regulated monopolies sponsored by this
Administration.
escape
might indicate
Progressives likewise avoided any language which
The
support for the Democratic party, although
The
fruitless
only the steady relentless enforcement of existing laws but the
strengthening of those laws.
place mentioned the Union party,
no
morning the pro-Roosevelt trend was so strong that it
We must return to sound principles.
temper
of good
regardless
Coughlin and Representative William Lemke of North Dakota,
ways we have
The
resolutions adopted by the
!
opposed to reaction must share responsibility for the
Nation's business, it stands to
up our
that this cannot be done without extreme concentration of quickly
reason
that might divide
has only one result, and
Avoid Party Alignment
The solution is to free the forces of competition—to stamp out unfair
trade
of liberals
support of reaction," said the
conference.
Government monopolies.
resume
from any
their liberal colleagues
present today to beware of any movement
"In this critical situation division
"Progressives,
free enterprise system for a system of
a
time they issued a warning to
same
their ranks.
prices.
But the solution is not to abandon
permanent
when they regarded political realignment
the future,
to
eye
At the
...
appeared to forget that under modern conditions,
a
assured, the Progressives specifically kept themselves separate
as
prise system will not automatically maintain itself;—that unless Govern¬
ment
they formed
A Chicago dispatch of Sept. 11 to the New York "Times"
reported the conference in part*as follows:
;
we
license was
a
We recognize that in the past we have been too lax—that at times we
have
time
resolutions committee.
party.
Government.
same
organization to be known as the National Progressive Con¬
ference, and elected Senator La FolleLte^^m^JVisconsin as
Chairman.
He was empowered to appoint a committee of
15 members to organize the Progressive-for-Roosevelt move¬
ment throughout the country.
Among those who attended
the conference were two Governors, four Senators, 12 mem¬
bers of Congress, and 27 labor leaders, including John L.
Lewis, President of the United Mine Workers of America,
and Sidney Hillman, President of the Amalgamated Clothing
Workers.
Mayor La Guardia of New York headed the
With
The farmers turned to raising potatoes and the first thing
peanuts.
we
highest office in the world,.
Presidency of the United States.
On the other side is
At the
which while
happier place to live in than
citizen
progressive leaders, meeting in
Chicago on Sept. 11, unanimously adopted a resolution en¬
dorsing President Roosevelt for reelection, and declaring that
he was the only progressive candidate for the Presidency who
More than 100 liberal and
could be elected.
of free competitive enterprise,
not dole out opportunity according to a govern¬
100
Reelection—More Than
Roosevelt's
President
Leaders Supports
Progressive
Chicago Conference of
to get around the
the recent public utterances of the President and
on in
Sept. 19, 1936
committee put the declaration
He succeeded in having the resolutions
of
principles
the
of
Roosevelt.
endorsement of President
of its
ahead
conference
..
Keynote in Norris Message
Gov.
Landon, Republican Presidential Nominee in
Addressing- Young Republicans Declares Belief of
His Party that America is on
Upgrade and Will
Senator Norris, who was unable to
the
session
Once More be Nation "Where Youth Can be Con¬
terms
fident of Its Future"
Kans. yesterday (Sept. 18) Gov. Landon of
Kansas, Republican nominee for President, declared in
speaking before the National Conference of Young Re¬
publicans, that "this is no ordinary campaign in which we
are
engaged. It is not" he said "a campaign based upon the
party lines.
the kind of
It is
a
campaign that cuts
across
for the most part,
our
all
campaigns have dealt chiefly with
issue in this campaign, and a
very important one.
we are
faced by a far greater issue.
has.
This is also
an
But now, in addition,
This is, what powers the Government
shall have and what powers it shall not
have.
The
question raised by this issue—what powers the
have and
what
powers
it
shall not
have—can
Government shall
be the difference between
representative government and organized
authority wielded by one man.
Once that is clearly understood
by the voters of this
country,
doubt
no
to the results.
as
issue is not drawn
as
I know that in the minds of
sharply
as
some
I have
it should be and that other factors confuse
the issue.
We
for
see
example,
unemployment.
to get
a
down.
have found it impossible to
ranks
of the
families,
To
the
or
horrible suffering
and
they look around they find
to have broken
seems
the
distress
of
continued
It is especially hard for our young people who are
trying
As
start.
unemployed—forced either
to seek aid
on
to
the relief rolls.
remain
.
.
Third
many
dependent
upon
their
tinction
much to
so
and neighbors
and
outlook
which
you
Just
before
Executive
in
again,
bad.
The present Administration apparently
What
future:
German
term
of
Last
1940.
we
office,
the
fining itself to the expanding field of regulation in the
public interest.
The Republican party, on the other
hand, utterly rejects this philosophy.
geographic
that
America
still is
on
the upgrade, that
we
can
America will
once
again be
,
a
nation where youth can be confident
of
of its
,
we
President
Boulder
the
Conference,
ex¬
others
and
who
From his further remarks
of
Tuesday
[Sept.
So
that
Now,
the
tific
creation
and
the
with,
its
as
creative
frontier,
which
invitation
of
the
Engineering Congress
in
part today
greater
dramatic
has
open,
Coolidge,
generation..
engineering
its
existence.
climax,
had
so
the
President
The
much
us
and
there
Langmuir,
a
abundance is
achievements
very
the
on
the
as
recalled to
But
much
better
on
for
of
this
Millikan,
as
to
the
whether
further
organization
us
this r
if the
even
outposts
and
pertinent question
dependent
as
on
Kettering
when
moment
significance
it reached the Pacific Coast.
remain
like
President put to
of
Chemical
to
had the great privilege of listening to the stirring address
men
the
will
the
accepted
we
a
as
Mr. President.
began
our
8]
hold
First,
looking forward to meeting '
have hopes that other meetings may be held during your
frontiers
pioneers of
to
we
country, and its close when
are
in the few minutes that remain?
Committee
Roosevelt,
Dam
shift
country
eliminate
unemployment, that the Government should tighten the rules governing
business, but should not attempt to manage business; that, in a word,
future.
Sir Harold
•
say to you
National
Yesterday
It has accepted the idea
we
believes
of
executive capacity.
I to
am
have reached our peak—that ahead of us is a
large standing army
of unemployed; that, in
consequence, the Government must play a greater
and greater part in
managing the details of our daily lives instead of con¬
It
Committee
an
and
that
the
quote:
Berlin
it is this:
cannot age."
close of the conference
years
appreciation of the officers sitting around
the table—to Morris Cooke, who acted as Chairman of the
the
future for this country.
freshness of
experience of a long life with a
to
We know
no
We
man's achievements.
tended personal
served in
I ask
The issue is not whether the intentions of the
present Administration
we see
of the greatest of
one
wisdom
them.
as
all the
modern
join in paying tribute to one who combines so happily the
that there are such abuses and we propose
to do all that is within the
constitutional power of Government to eliminate
The real issue
to apply
by helping
fields, who
many
of
engineering science to the new^ prob¬
lems in the construction of Boulder Dam has contributed
need to be corrected.
believes that there is
to
were
in
we
or
President
extended to Dr. Durand by Sir Harold Hart¬
ley, who said:
"We are proud to have as President of the
World Power Conference an engineer of such great dis¬
Greetings
Tell them the choice before this country, in this cam¬
paign, is not whether there have been abuses in the economic
system that
good
Washington, on Sept. 12, of the
Dr. William F. Durand
succeed Dr. Julius Dorpmueller.
Conference,
.
take this message:
are
Power
World
elected
was
economic system that
Many have been forced into the
voters among your friends
young
an
Regardless *of their training and skill,
get a job.
in Wash
Electrification
Rural
resources
people this
with the pulsations that, come
ington—Dr. William F. Durand Eletted President
of Conference Succeeding Dr. Julius Dorpmueller
——Remarks of Sir Harold Hartley
Discussion of
At the closing session in
Government should exercise the powers it
I'residency of his illustrious
the
Conclusion of Third World Power Conference
Today the issue is the kind of government and
country we are to have in the years to come."
the past,
since
President
only
The letter urged in the strongest
reelection of Mr.
Follette.
"take a firm stand" for the
conference
"the
from the breast of the common man."
In part he continued:
how the
La
Senator
that the
namesake whose heart beats in sympathy
,
usual partisan issues.
In
by
Roosevelt,
At Topeka,
•
received from
be present, and read at the opening of
keynote for the meeting was contained in a message
The
scien¬
of
our
Volume
existing technical
alternatives,
different
in
nature.
can
arise.
the
on
industry in
who
Here
different
what
say
this
in
of
brains
many
called to life
and
But
Today nations
difficulties
problems,
meetings here cannot fail
better
the power
of
forces,
new
and
undying,
is
whence it may
or
with the
conference like ours,
a
impulses
new
are
with them.
with their
regardless
men's
turn
spirit
idea,
new
a
useful have
very
outward
once
again towards
these
background of
minds, there
our
other abiding recollections
are
this
fully the warmth of the welcome of their American hosts, whose
wonderful
like one vast,
happy family.
For there has been a marvelous feeling of unity amongst
us,
which will have gone far to strengthen and perpetuate the great
traditions and the purpose of the World! Power* Conference and the Inter¬
hospitality
has
made
national Congress
and
conference
this
seem
congress
Large Dams.
on
will
Fourth World Power Conference
The meeting of the
1942, the place to be determined later.
Japan
is understood to have invited the conference to meet there.
held
be
in
of
Some
the
in
ferred to
1654-1657,
the
our
from
Tribune"
a
quoted
we
its account
of
Sept. 12, the New York
Washington,
Carlisle, Chair¬
Consolidated Gas Co. of New York,
L.
that Floyd
observed
prepared in advance of the speech on cheaper
delivered by the President, argued, in effect, that
government
setting
was
putting the cart before the horse in
hydroelectric
vast
up
projects
utility companies.
The
Tribune" continued, in part:
private
No
market,
he said, exists today
denied that
of
industrial
modern
countries
lodged with
Mr.
Carlisle
told
utilities
been
has
ownership
was
distribution."
In
erated and sold
the
of
delegates
"our
this
were
Moreover,
output.
power
true yardsticks for guaging
companies'
confined
enterprises
to
is
private ownership
of
exclusively
productive
and
States."
from
abroad that
philosophy of power production and
he said, 94% of the electricity was gen¬
American
country,
by privately owned companies.
that
municipally
companies,
private
my
I am
part
owned
convinced," Mr.
Carlisle said,
"that if any great
definitive national policy, it will have to
by constitutional amendment.
The fact that work is now under way
certain projects carries no warranty that such projects are not in¬
change which looks toward a
be
on
States and the freedom of citizens, until
fringements on the rights of the
tested in the highest courts."
they have been
with poten¬
$1,073,000,000, Mr.
Remarking that the government's hydroelectric expenditures,
tial
capacity
Carlisle
first
that
argued
produced,
to
sav
magnitude."
contended,
6,897.000
of
there
horsepower,
was
no
will
market
post
for
the
power
already
being
development of "the
the government does develop, Mr. Carlisle
nothing of the government's power
•
What power
should be sold to the private utilities for distribution.
evoked discussion—one prepared by Hud¬
and the
W. Reed of the United Gas Improvement Co.,
son
of
Monarchy Served Six Times
Harcourt A. Morgan, a director of the Tennessee
Authority.
It is stated that delegates agreed in
terming rural electrification a powerful factor in overcom¬
Zaimis, who was President of Greece for six
years up to October, 1935, when the Republic was re tored
to a Monarchy, died on
Sept. 15 in a sanatorium in Vienna,
Austria.
He was 81 years old.
Mr. Zaimis held the office
of Premier of Greece at six different occasions, serving both
the
11-year Republic and the pre-war Monarchy.
He
became the Republic's second President in October, 1929,
serving until King George II was restored to the Greek
Throne in October of last year.
Vienna advices, Sept. 16,
to the New York "Sun" of that
day, had the following to
say regarding the career of Mr. Zaimis:
Mr.
Zaimis
born of
was
Thrasyboulos Zaimis,
Oct. 28,
was
time
shortly
before
his
In
in
operation.
that most farms which
not understand those who seem to think
be
eco¬
"I
this
1906,
he
office
that
he
Greek
National
1915, he
taken
a
they have
stressed
the
fact
that
their
hand in the promotion of rural electri¬
of American farms have central station electric
service, it was pointed out.
That further
depletion, not compensated by
new
storage
facilities, will eventually mean inevitable exhaustion of all
our
small water reservoirs, as well as large, was the
ing
sounded bv Henry Eakins. Division
Conservation, United States.
of
Small Water
Powers."
warn¬
of Research, Soil
The subject was "Utilization
Coordination of erosion
control
and water conservation was called a fundamental necessity
if
our
they
reservoirs are to be preserved for the
were
designed.
was
Commissioner
was
first-hand
knowledge
of
away
It
the
while
was
When
once more
the
Venizelos
fell
government
of
prowess
In 1914 Mr. Zaimis received the governship of
Bank.
and
protecting
the
of
in
the
March,
offered the premiership, but refused to accept it,
He held office for
a
month.
to
following June he became Prime Minister for the fourth time, only
resign in September, and in May, 1917, he once more took over the post.
Upon the abdication of King Constantino Mr. Zaimis made
way
for Mr,
After the King's second abdication in 1922 he turned down the
office, but accepted it again four
chosen for another term, which ended with the
Mr. Zaimis had also
some
He
was
1934,
was
later, holding it until 1927.
years
first named to the presidency for a five-year term and in October,
Republic.
years ago
served
,
as
Governor
of the Greek National Bank.
of
Magnus
Senator
and
Johnson, Former United States
Representative—Minnesotan
Was
Leader of Farmer-Labor
Party in Northwest
Magnus Johnson, former United States Senator and
Representative from Minnesota, died on Sept. 13 in a
hospital in Litchfield, Minn.
Mr. Johnson was stricken
with pneumonia on Aug. 23 and brought to Litchfield from
his home in Kimball, Minn.
He would have been 65 years
old today, Sept. 19.
A native of Sweden, Mr. Johnson held
the distinction of being the first "dirt farmer" to serve in
Congress.
In a summary of his career, the New York "Times" of
Sept. 14 said in part:
"dirt farmer" from Minnesota,
Magnus Johnson, the booming voiced
flashed into national prominence in 1923 when he was elected to the United
Senate to fill the vacancy
States
Mr, Johnson considered himself the spokesman for the wheat-belt
and
farmer
caused by the death of Senator Knute
campaigned against
Gov.
A.
J.
O.
Preus,
the
Republican
nominee, as the Farmer-Labor candidate pledged to aid the farmer.
was
elected with 95,000 plurality.
Johnson
Mr.
came
Varmland, Sweden,
As
.
on
Sept.
He
.
.
to this country as
19, 1871.
a
youth of 20.
.
He
was
born in
.
neighborhood leader Mr. Johnson became interested in the Farmer-
a
and
gravitated
naturally
politics.
He
was
elected
State Senate.
In 1922 he ran for Governor against
he wiped out a year
to
Representatives in 1915 and 1917 and served
the following four years in the
Mr. Preus, but was defeated,
later in the Senatorial race.
a
defeat
In 1924 in the Coolidge
landslide Thomas D. Schall defeated Mr. Johnson, who entered a protest to
the Senate,
which
was
disallowed after
a
hearing.
Mr. Johnson returned to Congress in 1933 as a Representative at Large,
He
ton.
"Reservoirs,
once
use
was
eclipsed by newer reformers.
to run in 1936 as Governor after Gov.
He had announced his intention
Floyd B. Olson had declared that he
would be
to which
filled, cannot
a
condidate for the Senate.
H. H. Heimann Elected Chairman of Natural
Business Year Council
govern¬
reported percentages of farms served ranging
from 50% in Sweden to as high as 98% in Holland.
Less
12%
High
finally assuming the post in October of that year.
divine
a
fication and
than
His political prestige dwindled
became
received
Eleutherios Venizelos.
right to exploit farmers for profit," Mr. Lincoln said.
ments had
premiership
first
can¬
can
nomically electrified have already been connected.
delegates
His
this time without the fanfare which greeted him on his first trip to Washing¬
Murray D. Lincoln of the Ohio Farm Bureau challenged
Foreign
birthday.
Crete, holding the position until September, 1911.
powers in
in
following elections.
September,
Minnesota House of
statement
42d
He
at 35 and Prime Minister for the
1899 he resigned but two years later returned to the post, only to
retire at the
movement
Reed's
born in Athens on
was
kingdom.
to the
Mr.
The son
marked by his treaty with Turkey which restored Thessaly to the Hellenic
Labor
of private
His father,
wealthy and patrician family.
a
twice Premier.
Deputy at 30, Minister of Justice
a
first
was
1855, and studied law there and in continental universities.
Valley
ing the drift of rural population into cities. They centered
their attention upon ways and means of spreading its bene¬
fits.
Nearly 400 followed with lively interest the speakers
who were about evenly divided between proponents of public
Premier
as
Alexander
other by
and
Tennessee Valley,
developments."
Death of Alexander Zaimis, Former President of Greece
—Last Executive of Republic Prior to Restoration
Nelson.
Experiences of a dozen countries in promoting rural elec¬
trification came under scrutiny on Sept. 11 at the World
Power Conference session on farm electric service.
Two
American papers
"Seventeen hundred small water powers of
100 h.p. are still active in the
center of one of the greatest power
vigorously.
change is to take place in the American philosophy of power development,
a
definite place, and that they are holding their
very
less than
plants
operated
and
Carlisle challenged
subsidized'.
otherwise
instances
"For
Mr.
property
He said:
Death
undersold the
Municipal plants
were
able to make it appear that they were selling power cheaper than
private companies, he said, only because they were tax free and in some
claim
The
a
own.
Venizelos.
rates.
almost
lands
citizens and not with the
public
the
in
general proposition that the "development of
civilization
the
where
have
The
for the vast
utility
private
laid down the
Carlisle
Mr.
with
"Herald
compete
to
account
government power projects
reasonableness
the
of
paper
power
he
remarks
the
In
the conference.
Roosevelt at
of the Board of the
man
the
1649
page
on
conference
"Herald
in
presented at the conference were re¬
issue of a week ago (Sept. 12), on pages
papers
and
President
practical cost.
Not only the reservoirs,
values as well are permanently
destroyed by silting," Mr. Eakins said.
Clarence S. Jervis, United States Department of Agri¬
culture, supported the contention that small water powers
dependent
experiences, whatever they may be, will gradually merge
of
meeting which will always remain fresh in our memories.
We shall
remember these sunny days in Washington, this beautiful city, which has
made such an ideal setting for our conference and congress.
We shall
remember the new friendships we have made and the old ones we have
strengthened.
The visitors to the United States will remember so grate¬
into the
reexcavated at any
but
fixed on their own
neighbors', and our
eyes
their
of
eyes
1809
Chronicle
the
understanding.
while
But
in
come
often
to
of
another,
one
and
regulation
creative
the
that
looking inward
are
and
upon
ideas will
new
alternative,
be the outcome
these two are
sense
respective progress are so
have concentrated our
we
organization and
countries.
may
real
any
conference
second
the
on
This, however, is certain,
impact
a
wonder if in
President's
deliberations
our
I
resources.
the factors that determine their
as
discussions
been
Financial
143
be
The election of
Henry H. Heimann, Executive Manager
Chairman of
The Natural Business Year Council, was announced by the
Council Sept. 17 from its headquarters at 135 Cedar Street,
New York City. The election of Alexander Wall, Secretary
of the Robert Morris Associates, as Vice-Chairman of the
Council, and Harry Meixell, a Director of American Trade
Association Executives, as Secretary, was also announced.
of the National Association of Credit Men, as
The Council's announcement said:
The
Natural
Business
Year
representatives of bankers,
countants, trade
purpose
association
Council
credit
is
a
bankers,
executives
and
national
body
business
men
of
cost ac¬
generally.
Its
is to encourage business enterprises to adopt as their fiscal years
the 12 month periods which most closely coincide with the
their
consisting
public accountants,
operations.
During the past
year
natural cycle of
it has been conducting an extensive
Financial
1810
campaign of education through the organizations represented in its mem¬
Sept.
Chronicle
Chosen for Newly-Organized Society
Stability in Money and Banking
Governors
bership.
for
E. Goodbar, President of the Society for
Sta¬
Dr. Joseph
United
Sail
Delegates
States
International Conferences
for Europe to Attend
Highway Development
on
Pyke Johnson, Vice-President and Highways representa¬
tive* of the Automobile Manufacturers Assn., New York,
sailed
Sept. 9 with Thomas H. MacDonald, Chief of the
on
United States Bureau of Public Roads
attend
to
highway development which are to be held in Europe this
month, it has been announced by the Automobile Manu¬
The announcement said:
/■
Government.
be
will
conferences
These
devoted
to
of
Abroad
States
Tariff
for Hull Trade
of
Policy
United
United
Hoover
Commission
by former President
office by
continued in that
ministration, returned
the
He had been abroad since early in July.
With his return to
this country, Mr. O'Brien indicated that he favors the
Mr.
Secretary of State Hull,
Sept. 16, which added:
of
"Times"
pointing
said
that
tariff
question
on
was
and
policies
the
while he
that the
"The
am
foreign
have got to
We
done
am
Republican
disap¬
President of
Bank
National
First
the
be
to
serious," he
on
added.
"I
elected
as
because of their broad achievements
governors
and because of their belief
essential element of modern economic life, may readily
an
as
fact ought to
in
perform
it is
its
Society for Stability in Money and Banking, which
on Aug.
6, lias a comprehensive program for
The
formed
was
reform.
monetary
Goodbar
Dr.
listed
its
To
I.
'
improve and perfect the American
order
in
the
increase
to
system of money and banking,
activities
security of business
employment.
to
economic
To
4.
business,
in
and their important
employment.
finance and
of
use
banking
the sensitive
structure.
point out to the public mind
security of
activity and
business
and
money
,
public, including bank officers and lawmakers, regard¬
stability
and
stability
'
•
ing the true functions of money and of bank credit,
relation
the
and)
.,
To educate the
2.
as
purposes
follows:
the tariff question.
do something to loosen world trade."
Co.,
& Trust
13. To prevent the laying of unskilled or radical hands on
continues
Conn.
be, improved in practice and in. the methods
controlled.
They also believe that banking, when caused
function of public service more adequately and construc¬
tively, will deserve and occupy again a position of honor and of power.
and
which
to
Hyll'e
was
he would vote Republican this
Secretary Hull's side
on
plank
so.
situation
trade
Republican but I
a
felt
Secretary
New Haven,
■'-./v:'.
were
banking,
by
of
.
sympathetic with
foreign trade,
of
because he had always
fall
the
of
O'Brien
reciprocal
said
trade
New York
Steele,
men
Roosevelt Ad¬
Austria.
Administration,
Ark.
Fayetteville,
Hastings of Yale University,
public service, or in banking and finance,
that
Sept. 15 aboard the Cunard White
on
Star liner Aquitania from a vacation in France and
policy
in
be,
Commission
Tariff
States
and
Expresses Favor
O'Brien, who was appointed Chairman of
Robert Lincoln
the
O'Brien—Chairman
L.
R.
Virginia,
of
Bank
Plan
Business
of
announcing the appointments, Dr. Goodbar said:
In
from
Morris
the
College
Conn.
Haven,
These
Return
of
the
Kincaid of University of Virginia,
A.
M.
Thomas
New
facilities throughout the world.
tration of highway
B.
of
Charlottesville, Va.
George E. Roberts of New York, banker and economic adviser.
President C. R. Sattgast of Sioux Falls College, Sioux Falls, S. Dak.
Professor E.
Minister
consideration of
a
Hudson
Professor
Transport of Great Britain and with Highway Officials of the German
of
President
Fichtner
C.
of Arkansas,
University
proposals for the more efficient development, maintenance, and adminis¬
Boushall,
Charles
Dean
International Chamber of Commerce which are to be held in Paris.
Their plans also call for participation in conferences with the
C.
Richmond,, Va.
They will participate in meetings of the Highway Transport Committee
of the
Willis, Professor of Banking of Columbia University.
H. Parker
Thomas
the
Law School.
Pound of Harvard
Roscoe
Dean
•
facturers Assn.
is being
on
in the name of banking reform," announced
Sept. 15 the election of the foUowing economists to
society's board of governors:
spread
the SS. Manhattan
on
formed
bility in Money and Banking, which was recently
to "combat the unsound, dangerous propaganda that
International Conferences relating to
series of
a
1936
19.
of
bank
that
important advance in the
an
credit
directed!
is
the
be expected when
employment may
into
legitimate
economic
channels.
Bullitt Takes
C.
W.
Former
Envoy
Post
Oath
Ambassador
as
France—
to
Plans
to
Sail
for
New
To
5.
which promote constructive
To
6.
States
Ambassador
to
France,
Sept. 15
on
which
to
as
post he
United
was
7.
of
Ambassador to Russia, which post is now vacant.
to sail for his new duties in Paris on Sept. 23. *
and
Aug.
on
He plans
To
the
French
Paper
of
Finance
Paul
Minister
Departs for Paris—
Read
Before Harvard
Reynaud
Tercentenary
Reynaud, former Finance Minister of France and now
a member of tile French Chamber of
Deputies, who came to
this country last week to present a paper before the Harvard
Tercentenary celebration, in Cambridge, Mass., on Sept. 16,
sailed for France that day on the Normandie due to the illness
of his wife in Paris.
The paper which Mr. Reynaud had,
prepared in advance was read to the celebration by his
friend George R. Doriot, of the Harvard Business School
Alumni Association.
While in this country Mr. Reynaud
paid what was termed a social call on President Roosevelt.
Final
of
1936 Edition of
Bankers'
The
1936
final
edition
of
Rand
McNally
To
Rand
McNally Bankers Direc¬
Sept. 15s This
new edition of the "Blue Book," as it is known, shows an
unusually large number of bank changes have occurred in
the past six. months—or since the first 1936 edition of the
directory was issued.
The changes which have taken place
tory
was
made available for distribution
The
121st
edition
consecutive
information
about
every
the
of
bank
"Blue
in
the
Book"
United
contains
States
and
all
the
foreign
countries.
June 30 (and! later) bank statements are broken down into 11
items,
making them easily understandable.
1936 officer and director lists (not
previously available) are given, with the • bank transit' number.
All
data
Federal
A
arranged in
18
Insurance
parallel columns,
for easy comparison.
membership is indicated.
dealers, and a five-yehr list of discontinued
Corporation
selected list of investment
bank titles
are
bank
nearest
all
is
Deposit
only two of the special features of the "Blue Book."
to
Reserve
banks,
non-bank town
every
information
the
on
bank
various
association
is
given
government
officials
and
in
a
banking
The
the
is
headquarters,
especially
I
maps
of
everj'
throughout
State
"Blue
the
in
the
Union,
Book''
are
andl
useful
foreign countries,
for
many
many
which
purposes,
and
The
Attorney Section, containing the name of a bank recommended
for every county in the United States, and foreign countries, is,
instances, of inestimable value to users of the "Blue Book."
final 1936
edition
pages
of vital statistics
banks
and
commercial
of Rand
for the
concerns.
McNally Bankers Directory contains 2437
more
efficient
and
in
our
banking
own
proven
to
policy
as
full
an
promoting
of
extent
as may
stable
effective operation
of
>
system
successful,
as
in
a
evolution
far
eo
as
stable gold
be consistent with the major
conditions
To
10.
including
bring about the creation of
American
in
business
Banking and Currency.
details
out
the
and
thus
To
11.
from
bankers, lawyers,
Committees on
economists,
Senate
House
and
The function of this commission shall be,to work
legislation
needed
American
the
to
the
to
accomplish
people
a
the
banking
purposes,
that
will
banking policies
and economically sound.
with
work
above
system
employment and business activity through
practical
are
strictly
of
give
stable
promote
that
to
non-partisan Monetary and Banking
a
of technically trained
representatives
non-partisan
all
groups,
manner,
for
political
and
interests
the
realization
of
the
parties,
purposes
in
a
above
forth.
set
"In
order
is
that
to combat
the unsound,
dangerous propaganda
being spread
in the name of banking reform, the
society was formed as a strictly non-partisan or, more
accurately pan-partisan, organization to include all groups
from
the
stable money,
defects
Goodbar said.
and for sound banking, free
that contributed
to
the
depression,"
Dr.
Formation of the society was referred to in
our
issue of
Dr.
Murray Butler Heads Committee of 10
by Mayor La Guardia to Serve on
New York City's World Fair Commission—Grover
Whalen, President of New York World Fair, 1939,
Inc., Announces Plans for the Fair
Aug. 8, page 855.
-
Nicholas
Citizens Named
Headed
by Dr. Nicholas Murray Butler, President of
University, 10 prominent citizens were appointed
on Sept.
1)5 by Mayor La Guardia as a committee to serve
on New York
City's World Fair Commission, it is learned
from the New York "Times" of
Sept. 16. Other members
of the committee are: Fannie Hurst, writer;
Surrogate George
A. Wingate, Miss Mary Dillon and former Senator William
M. Calder of Brooklyn; George
Meaney and Mrs. George A.
Wyeth of the Bronx, Warren Ashmead and Mrs. Peter Sammartino of Queens, and Mrs. Bertha Elizabeth
Dreyfuss of
Columbia
Richmond.
The "Times" added:
The local law under which the committee
eight members of the Board bf Estimate and
special
attorney
in
and
Federal
agencies,
indexed.
appear
The
separate section,
changes
activities.
in the
essential
in wisely
he adapted to American conditions.
in cooperation with other countries, towards
for money,
banking
on
membership of the Federal Deposit Insurance Corpo¬
ration up to August are noted in the new edition. The fol¬
lowing summary of the features of the new directory was
issued by Band McNally & Co., of
Chicago:
Reserve System
work,
which stand for
Directory
for the use
exercising their
definite principles and standards
other countries have
in
Commission, composed
Paul
Issuance
such
promote
may
value
Former
taking»into con¬
farmers,
the people, labor,
business.
and
of the Federal
development
9.
bankers
the government,
of control over bank policies and' the volume of bank credit.
To
they
needs of
develop and support
Governors
powers
8.
varied
the
investors,
industry,
ap¬
25 by President Roosevelt following the
resignation of Jesse I. Straus.
The appointment was noted
in our issue of Aug. 29, page 1337.
Mr. Bullitt was formerly
pointed
stability in business activities.
develop improved standards of banking practice,
sideration
W. C. Bullitt took the oath of office
the early development of American banking along those
encourage
channels
Sept. 23
on
Russia
to
of Aldermen be named
In
on
\
was
appointed required that
seven
members of the Board
the commission.
addressing the Advertising Club at a luncheon meeting
on
Sept. 17, Grover Whalen, President of the New Yofk
World's Fair, 1939, Inb., announced that preliminary
opera¬
tions would be completed in two weeks and the World's Fair
committee will be ready to proceed on a large-scale basis
with plans "which will give the city the finest fair ever held
this side of the Atlantic.". Mr. Whalen
on
Second
added (we quote
18) that
from the New York "Journal of Commerce" of Sept.
he expected the fair to draw 50,000,000 people from
George
O.
Everett, of First Citizen's Bank &
Stephen
H.
Fifield, of Barnett National Bank,
Vice-President:
Trust Co., of Utica, N. Y.
Third
all parts
Vice-President:
'
Treasurer: Fred W. Mathison, of the
Our last reference item
regarding the 1939 World's Fair
City appeared in the "Chronicle" of Aug. 15,
in New York
'
Jacksonville, Fla.
of the world.
111.
;
■
,
.
President
of
the
National Security Bank, Chicago,
'
'■
t
During the past
1016.
page
1811
Chronicle
Financial
Volume 143
year Mr. Neal had served as Second ViceAssociation, while Mr. Everett held the
Preston H. Reed, Executive
office of Third Vice-President.
G. C. Johnson Elected Chairman of Group V of Savings
Secretary of the Association, was continued in office, although
was changed to Executive Vice-President.
Reference to some of the addresses before the convention
of the Financial Advertisers Association appears elsewhere
Bank Association of State of New York—Treasurer
of
Savings Bank, Brooklyn, Succeeds G.
Dime
his title
S.
Downing
George C. Johnson, Treasurer of the Dime Savings Bank
in
issue of
our
today.
of Brooklyn, New York* was elected Chairman of Group V
of the Savings Bank Association of the State of New York
on
Sept. 15, at the annual meeting of the group which em¬
braces
the
ITEMS
Brooklyn, Long Island and
He succeeds George S. Downing, President
banks
savings
Staten Island.
of
ABOUT
COMPANIES,
TRUST
BANKS,
&c.
Arrangements were made for the transfer of Seymour
Guggenheimer's N. Y. Stock Exchange membership
Donald C. Appenzellar Jr. at $130,000.
of the Jamaica Savings Bank.
Other officers and members
of the Executive Committee named for the coming year in¬
S.
to
♦
clude
Daniel
T.
Kings High¬
Rowe, Vice-President of the
Arrangements were made Sept. 11 for the transfer of a
membership in the New York Curb Exchange for $30,000,
the same price at which the last sale was recorded.
Savings Bank, as Secretary and Treasurer; Richard
J. Wulff, President of the Fulton Savings Bank, Chairman
way
of the Executive
Committee; Jarvis S. Hicks, President of
the Long Island City Savings Bank;
Vice-President
of
the
♦
and Charles H. Place,
Williamsburgh
membership of James F.
P. Manfred Schwarz for another
$13,000, off $1,500 from the last previous sale.
The New York Cotton Exchange
Bank.
Savings
The group unanimously endorsed the work of the retiring
officers and committee, noting particularly the economy
and efficiency of their administration.
These included, in
at
addition to Mr. Downing and Mr. Wulff, who was re-elected,
Ray C. Shepherd, of the Dime Savings Bank, Secretary and
Treasurer; David H. Lanman, President of the Brooklyn
Savings Bank, Chairman of the Executive Committee; and
sold his New York Cocoa Exchange
membership Sept. 15 to E. A. Can^lizo, for another, for
$2,700, an advance of $200 over the last previous transaction.
Frank Harlow,
Bank.
Price
•
G. R. Siedenburg has
-
Vice-President of the Green Point Savings
Cahn Retained
At
the
Chicago
Cahn
were
Clearing
as
Vice-President,
Thaddeus
and
Assistant
Treasurer,
son
of
J.
O'Brien
Sept.
16,
Morton
quarters occupying the
Morton
A.
Lamson,
Charles C.
Gwynne
coming
of
Cahn,
participate
Bankers'
Monday,
week
R.
Benson,
Arthur
will
F.
Morton
Lindley,
Thaddeus
D.
Leeds
Cahn,
Robert
Mitchell,
in
the
all
the
gathering
sections
of the
Convention
annual
of Manufacturers Trust Co. New
The Board of Directors
Ben¬
R.
held Sept. 14, declared a regular
quarterly dividend of 50c. per share on common stock, which
is at the annual rate of $2 per share. This compares with a
J.
Michael
its
at
meeting
which the company
The payment declared
regular annual payment of $1 a share
witness
from
Association.
21.
Sept.
Monday,
——•
Chairman;
Renshaw.
bankers
on
Sundelius.
D.
Annual Convention of American Bankers' Association
to be Held in San Francisco in Next Week
Francisco
During
under the direct
full-time assistant.
will be his
Prosser
A.
will start
Classes
Nelson.
York,
Thaddeus
45 courses will be offered
has been
and
E.
entire fourth floor of the Wool-
233 Broadway, in New York City.
supervision of Columbia University. Dr. Ralph Alexander
appointed Educational Supervisor for the Chapter
Other officers and directors
paying since January, 1934.
had been
The
Institute of
the fall semester,
D.
O'Brien.
Directors:
and
held
Benson.
Martin
Robert T.
Committee:
Fischer/Warren
J.
Corp.,
R.
Treasurer,
and .Michael
Board
new
follows:
Secretary
Executive
the
D.
President
meeting of the Board of Directors of the
re-elected President.
was
elected
Elects Officers—M.
*
school year of t!he New York Chapter of
Banking, educational section of
American Bankers Association, opened on Sept. 14 in
American
worth Building,
annual
Stock
as
*
The thirty-sixth
the
Chicago Stock Clearing Corp.
sold Sept. 12 to
was
The
of
Convention
Sept. 21, and will conclude
San
at
dividend
the new $2 convertible preferred stock,
payable" Oct. 15, 1936, to stockholders of record as of the
close of books Oct. 1, 1936.
American
open
Sept. 14 also declared an initial quarterly
on
of 50c. per share on
Country to
the
will
Sept. 14 will be made Oct 1, 1936, to stockholders of record
of the close of books Sept. 19, 1936. The Board of Direc¬
as
tors
on
♦
Sept. 24.
Full
details of the program of the general Convention and the
various Divisions and Sections, were given in these columns
Sept. 5, page 1499-1500.
Among the speakers at the
general sessions will be Jesse H. Jones, Chairman of the
England
Reconstruction Finance Corp., Lindsay Bradford, President
of the City Bank Farmers Trust Co., of New
York,
went
on
Maynard L. Harris has become associated with the New
Trust Co. of Boston, Mass., as Manager of the
real
Leroy A.
Lincoln, President of the Metropolitan Life Insurance Co.
of New York, Gilbert T. Stephenson, Vice-President of the
Equitable Trust Co., of Wilmington, Del. Clarence Francis,
President of the General Foods
of Nation's
He
has
Business, Leland Whitman Cutler, President of
New York Federal Reserve Bank
Submit
Data
Sought at
on
Request of
to
Board of Governors of Fed-
widfe experience in
a
the
Hartford
15%
a
dividend,
Institute of
Technology,
1924,
and
the real estate and mortgage field.
"Courant"
of
will
which
Sept. 12 it is learned
mean
a
distribution
of
the savings depositors and of $25,000 to the
commercial depositors of the defunct Windsor Locks TYust
& Safe Deposit Co., Windsor Locks, Conn., was approved on
Rates—Information
eral Reserve System
say:
graduate of Massachusetts
a
$121,500
University.
Requests Members
Interest
had
that
department, it was announced on Sept. 14, ac¬
the Boston "Transcript" of that date, which
to
on
is
From
Corp., Merle Thorpe, Editor
the Board of Trustees of Leland Stanford
to
estate
cording
*
to
Sept 11 by Superior Court Judge John Rufus Booth on
application of the receiver, Bank Commissioner Walter
Perry, through Joseph A. Levy, special Assistant Attorney
General.
At the request
Reserve System,
of the Board of Governors of the Federal
George L. Harrison, President of the
Federal Reserve Bank of New York, forwarded under date
of Sept. 16 a questionnaire to all member banks in the
Second (New York) District requesting data on the rates of
interest being paid on savings and time deposits and thq rates '
of interest or discount being charged on various classes of
loans.
The information sought is as of Oct. 1, and the
member banks are requested by Mr. Harrison to submit the
same to the New York Reserve Bank
"promptly" after that
date (Oct. 1).
♦——
According to the Hartford "Courant" of Sept. 10, stock¬
holders of the Meriden National Bank, Meriden, Conn., have
approved the recommendations of directors to reduce com¬
capital from $100,000 to $50,000, changing par value
mon
from
ferred
ing
$50 to $25, and at the same time reducing the pre¬
stock outstanding from $150,000 to $100,000, reduc¬
par
Tho
assets
value from $50 to $37.50.
thus
$100,000
and
for
released
will
be
The paper continued:
employed
to
write
down
certain
charge-offs.
——♦
In addition to the
T.J. Kiphart Elected President of Financial Advertisers
Association—Succeeds R.
W.
Sparks of New York
At the 21st annual convention of the Financial Advertisers
Association, held in Nashville, Tenn., Sept. 14 to 17,
Thomas J. Kiphart, of the Fifth Third Union Trust
Co., of
Cincinnati, Ohio, was elected President on Sept. 16 for the
coming year.
Mr. Kiphart, who was First Vice-President
of
the
Association, succeeds Robfert W. Sparks, VicePresident of the Bowery Savings Bank, of New York
City.
Other officers
were
elected
as
follows:
First Vice-President: William H. Neal, of Wachovia Bank & Trust
Co.,
of
Winston-Salem, N. C
.
regular quarterly dividends of $1 per
payable Sept. 30 to stockholders of record Sept. 23 and
$1 per share payable Dec. 31
to stockholders of record
Dec. 24, the Board of Directors of The First National Bank
of Jersey City has declared an extra dividend of $2 per share
payable Sept. 30 to stockholders of record Sept. 23.
share
«
William
President
L.
Butcher has
of the
Central
been
appointed Assistant
Trust Co.
of
Vice-
Cincinnati, Ohio, in
charge of the department of business development.
In
noting this, the Cincinnati "Enquirer" of Sept. 10 stated
that Mr. Butcher joined the Central Trust Co. last February.
Financial
1812
Repayment
nine
the $1,490,000 of preferred stock
Finance Corporation in 1934 by
Bank Stock Corp.'s affiliated banks
full of
in
the Reconstruction
sold to
79
of the
First
completed Sept. 15 when the National Metals Bank of
Hancock, Mich., paid off its $250,000 issue, according to
an
official announcement.
This concludes a program of
was
gradual
retirement
this preferred
of
stock,
began
which
early in 1935.
We
from
learn
Charles
H.
the
Mich.,
Kalamazoo,
mazoo,
"Michigan Investor" of
Schutz, receiver of the closed
has
Sept. 5 that
Bank
that
announced
funds have been made available to permit a
of
Kala¬
sufficient
20% pay-off to
depositors,
through
and
approximating $900,000.
The payment comes
loan from the Reconstruction Finance Corporation
a
brings
tinued
60%
to
the
funds
released.
The
paper
con¬
:
connection with this announcement Receiver Schutz
published a report
the condition
of the Bank
of
Kalamazoo.
Deposit liabilities total
In
of
$2,591,022
and
$352,291.
collected
There
Aug.
15,
assets
has
stock
on
$2,181,564
The
income
paid
net
to
from
the
income
earnings
RFC
from
and
Dec.
4,
totals
$254,684
1933,
to
$38,669.
is
1936,
Gross
$3,329,094.
been
assessments.
Election of J. W. Entz to the office of Junior Vice-Presi¬
dent of the Citizens National Trust &
Savings Bank of Los
Angeles,
by
Calif., has been
President.
Mr.
announced
Herbert D. Ivey,
Manager of the Central Manufac¬
Entz is
turing District branch of the Citizens, located at the Union
Stock
Yards.
served
Formerly engaged in banking in Arizona, he
special Deputy Superintendent of Banks for that
as
State from 1930 to 1935.
paper.
Announcement has been made by L. M.
Giannini, Presi¬
of the Bank of America National Trust &
Savings
dent
Association, (head office San Fraicisco) that arrangements
have
been completed for the
purchase of the Westwood
National Bank, Westwood, Calif.
Officers of the purchased
bank will remain in charge when the bank becomes a branch
of the statewide institution.
The affiliation of the Westwood
Branch brings the total number of branches to 451.
A branch of the Bank of America National Trust & Sav¬
ings Association (head office San Francisco; Calif.) was to
be opened at Saratoga,
Calif., on Sept. 10, according to an
announcement by L. M. Giannini, President of the institu¬
tion, it is learned from the San Francisco "Chronicle" of
E. T. Peters is to be Manager of the
THE
Price movements
fairly
branch,
steady
on
CURB EXCHANGE
on
the New York Curb
Monday
and
gradually turned downward
part
new
said.
was
profit
to
of
tracted
stoqk
a
taking
point
some
.
and General Gas & Electric B working up to new tops
as
that
Tuesday,
Exchange
but
the
were
trend
the week progressed due in
developed
or
among
the
public
Specialties and industrials
more.
buying and there
was
an
while Electric Power & Light A second pref.
slipped back several points. The advances included among
others Alabama Power $7 pref., 234 points to 81; Brill Corp.
pref., 3 points to 50; Crane Co. pref., 4 points to 138; St.
Regis Paper pref., 2% points to 9334, and Tubise Chatillon
A, 234 points to 4534Moderate improvement was apparent all along the line
as the curb market came to a close on Friday.
The advances
were small and without special significance, but they extended
to nearly every active group. Industrial stocks and specialties
were in demand and substantial gains were recorded in the
late trading.
These included such active stocks as Singer
Manufacturing Co., 434 points to 338; Ken-Rad Tube, 2
points to 1734; Aluminum Co. of America, 2% points to 133;
Brown Co. pref., 234 points to 1434, and Driver Harris,
234 points to 3034- As compared with Friday of last week,
the range of prices was lower, American Cyanamid B clos¬
ing last night at 32%, against 34% on Friday a week ago;
American Gas & Electric at 42, against 43%; American
Light & Traction at 22, against 23; Cities Service at 3%,
against 434; Consolidated Gas of Baltimore at 9034, against
92%; Cord Corp. at 4, against 434; Electric Bond & Share
at 21%, against 2334; Hollinger Consolidated Gold Mines
at 14, against 1434; International Petroleum at 34%, against
34%; Niagara Hudson Power at 14%,, against 16; Standard
Oil of Kentucky at 19, against 1934, and Wrighl Hargreaves
at 7%, against 8.
occasional
at¬
strong
Sept. 18 1936
Shares)
$1,225,000
1,859,000
2,027,000
2,291,000
1,602,000
1,660,000
1,589,590 $10,664,000
$182,000
Monday
249,745
290,665
304,930
236,400
366,615
Tuesday
Wednesday
Thursday
Friday
Foreign government..
A few of the
more
active stocks
were
able to hold
close to their best
prices of the day, but a number of others
equally popular showed losses of a point or more as the market
closed.
Gulf Oil of Pennsylvania ran into some profit taking
and slipped back 1 % points to 94%.
Specialties were again
the best performers, Childs Co. pref. gaining 2 points to
56; Tubize Chatillon A moving ahead 1 % points to 43 and
United Shoe Machinery, 1% points to 89.
There were a
number of other small gains but most of these were in minor
fractions.
Transactions
on
A
on
the curb
Tuesday, and while
a
were
in
*.
slightly larger volume
was apparent, many
firm undertone
17,000
14,000
50,000
58,000
28,000
$1,277,000
1,898,000
2,087,000
2,398,000
1,715,000
1,744,000
$273,000 $11,119,000
Jan. 1 to Sept. 18
Week Ended Sept. 18
Sales at
Total
$37,000
22,000
46,000
57,000
55,000
56,000
$15,000
141,235
Domestic
largely to the occasional periods of
irregularity that occurred during the final hour.
Public
utilities were quiet and showed little or no* reaction either
way to President Roosevelt's speech before the World Power
Conference.
The best gains were among the specialties,
Brillo Manufacturing Co. moving up 2 points to 11; Alumi¬
num Co. of America
advancing 3% points to 136; Diamond
Shoe, 1% points to 28%, and Mead Johnson, 1% points
to 106%.
Gulf Oil was in active demand and advanced
5 % points to 96.
The tone of the market was fairly easy on Monday but
trading was dull and price changes generally in minor frac¬
Government
Domestic
Saturday
Total
Foreign
Corporate
Foreign
of
side of the decline due
among
Bonds (Par Value)
Stock*
(Number
Week Ended
the oil shares, but the market, on the whole,
has been dull and without special feature
during the greater
part of the week.
The curb market was fairly steady during the abbreviated
session on Saturday, and while there were a few issues that
registered new tops at the close of the day, most of the
changes in the general list were in small fractions and on the
tions.
CURB EXCHANGE
DAILY TRANSACTIONS AT THE NEW YORK
utilities, most of the preferred stocks in the group showing
losses
1936
for the year,
Thorburn, since 1933 Third Vice-President of
the Bank of America National Trust &
Savings Association
(head office San Francisco) in charge of advertising and public
relations, has resigned to become associated in New York
with the "Wall Street Journal," it is learned from
the San
Francisco "Chronicle" of Sept. 11.
Mr. Thorburn was
formerly connected with the Pacific Coast edition of the
Sept. 5.
19,
active issues failed to hold their gains.
Some profit taking
cropped out among the public utilities and the declines in
this group ranged from small fractions to a point or more.
Industrial stocks were moderately active, Cooper-Bessemer
again reaching new high ground at 24%; Shenandoah Corp.
pref., 3% points to 55, and United States Radiator pref.,
4% points to 35.
Public utilities were slightly firmer,
Louisiana Power & Light pref. (6) showing an overnight
advance of 2 points to 102; New York Water Service pref.,
3% points to 51; Virginia Public Service pref., 234 points
to 9534, and General Gas & Electric conv. pref.'B, 234 points
to 50.
.; \
' A
"'■"Y '
Irregular price movements were again in evidence on
Wednesday, and while there were a few trading favorites
that moved against the trend, there was also autrong down¬
ward tendency apparent throughout the session.
Electric
Bond & Share was under pressure and slipped back 134
points to 21; New Jersey Zinc was off 2% points at 7634;
Gulf Oil of Pennsylvania dipped 2 points to 93; Safety Car
Heating & Lighting declined 234 points to 9534; Western
Maryland pref., 2 points to 100; Aluminum Co. of America,
134 points to 130, and American Hard Rubber, 1 point to
3034The transfers for the day were 370,670, against
288,535 recorded on the previous day.
Low priced specialties attracted most of the speculative
attention on Thursday and modest advances were recorded
in this group.
In other parts of the list, substantial gains
were registered
by individual issues, but there was little
group movement in evidence and the transfers were below
the previous day.
Some irregularity was apparent at times,
particularly in the public utilities, Long Island Lighting
com.
Donald B.
it
Sept.
Chronicle
New York Curb
1935
1936
1935
1936
Exchange
1,589,590
1,561,685
93,301,213
44,500,086
$10,664,000
182,000
273,000
$16,512,000
$597,942,000
13,023,000
$852,817,000
236,000
235,000
9,321,000
12,051,000
9,311,000
$11,119,000
$16,983,000
$620,286,000
$874,179,000
Stocks—No. of shares.
Bonds
Foreign corporate
Total
THE BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks
as
received by cable
each day of the past week;
Sept.
12
Sept.
14
Sept.
15
Sept.
16
Sept.
Sept.
17
18
Per Cent of Par
36
37
36
36
35
36
(6%)
119
153
120
153
121
154
121
154
120
155
120
154
G
100
100
100
100
99
99
105
105
104
104
104
104
98
98
98
97
97
97
126
7% 123
128
123
127
123
130
124
129
123
129
123
Allgemelne Elektrizitaets-Gesellschatt
Berliner
Handels-Geseilschaft
Berliner Kraft u. Llcht
(8%)
Commerz'und Privat-Bank A.
Dessauer
Gas
(7%)
Deutsche Bank und Dlsconto-GeseiischaftDeutsche
Erdoel
(4%)
Deutsche Relchsbahn (German Rys) pf
Dresdner Bank
Farbenindustrie I G
98
98 '
162
98
97
97
163
134
162
134
162
145
14
134
145
14
145
14
145
14
134
145
15
106
104
105
104
106
13
184
14
184
14
182
15
181
16
181
-222
176
188
225
177
189
14
181
224
176
188
134
-145
13
Mannesmann Roehren
Norddeutscher Lloyd
Relchsbank (8%)__
Salzdetfurth (7M%)
Siemens & Halske (7%)
164
135
106
Hamburg Elektrizitaetswerke..
Hapag
Rheinische Braunkohle
98
162
(7%)
Gesfuerel (6%)
(8%).
—
—
176
186
—
177
188
177
186
Volume
Financial
143
Chronicle
1813
SILVER
A
Foreign Exchange orders transacted in all
currencies
attract
*
appears
MANUFACTURERS TRUST COMPANY
It
important change is anticipated in the near future.
the President of Mexico issued a decree on
currency.
The old silver coins or
be released from the valuts of the Bank of Mexico and
steady and
was
no
that
announced
Aug. 30 restoring the Mexican silver
HEAD OFFICE AND FOREIGN DEPARTMENT:
55 BROAD
.720 fine
to
are
returned to
circulation, whilst the one peso notes, issued when the hi8«
price of silver made it profitable to export coin as bullion, will be withdraw11TIfe following were the United Kingdom imports and exports of silv®r
registered from mid-day on Aug. 24 to mid-day on Aug. 31:
STREET, NEW YORK
Member Federal Reserve System
Member New York Clearing House Association
Exports
Imports
Member Federal Deposit Insurance Corporation
Manchuria
-
FOREIGN
EXCHANGE
Netherlands
British India
RATES
requirements of Section 522 of the Tariff
_
United States of
-£114,344
86,038
28,200
14,518
x6,381
2,833
—
Japan
Pursuant to the
British India
Egypt
__
British West Africa-Other countries
cable transfers in the different countries of the world.
a
America..-£39,350
36,055
1,750
Canada
1,130
2,820
2,115
1,876
1,700
1,140
x2,500
France
Portugal
Denmark
Act of 1922, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
give below
earlier
enquiry from America, support was given by this Quarter
in the week, and this encouraged a continuation of the demand from the
Indian Bazaars.
The Indian Bazaars and speculators made resales and
moderate offerings continued to be made on China account.
The market
quoted in the New York market.
S
steady tone has been maintained and prices had shown little change
until yesterday, when 19 ll-16d. for both deliveries was quoted—a rise of
Hd. as compared with the previous day.
Although this level did not
Sweden
_
Norway
Liberia.
We
Other countries
693
record for the week just passed:
FOREIGN
EXCHANGE RATES CERTIFIED
BY
FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1930
SEPT. 12, 1936 TO SEPT. 18, 1936, INCLUSIVE
.
Unit
Sept. 14
Sept. 12
Europe—
Sept. 15
Sept. 16
Sept. 17
Sept. 18
$
.188516*
.188450*! .188466*1
.188483*1 .188433*!
.188583*
.169007
.168992
.168930
.168957
.168911
.012875*
Austria, schilling
Belgium, belga
Bulgaria, lev
.013000*1 .013000*1
.013000*
.013000*1
.015000*
.041333
S
$
$
.168965
S
x
Com at face value.
Quotations during the week:'
in
London
IN NEW YORK
Bar Silver per Oz. Std.
Cash
2 Mos.
Noon Buying Rate for Cable Trans/ere in New York
Value in United States Money
Country and Monetary
£91,129
£252,314
$
Aug.. 27
Aug. 28
Aug. 29
Aug. 31
Sept. 1
Sept. 2
Average
-19 9-16d.
19 9-16d.
-19Hd.
19%d.
-19 9-16d.
—
(Per Ounce .999 Fine)
19 9-16d.
-19 9-16d.
-19 ll-16d.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
19 9-16d.
19 ll-16d.
-19 ll-16d.
19 1l-16d.
-19.594d.
26
272829
31
—
_
_
_
_
.45 cents
45 cents
45 cents
_45 cents
45 cents
45 cents
19.594d.
1
koruna
.041333
.041330
.041325
.041326
.041332
Denmark, krone
England, pound sterl'g
Finland, markka
France, franc...,
Germany, relchsmark.
Greece, drachma
Holland, guilder
Hungary, pengo
.225781
.226004
.226070
.225841
.226112
The highest rate of exchange on New York recorded during the period
from the 27th ultimo to the 2nd instant was $5.03 % and the lowest
.226000
.058750
>.063750
>.065250
.060625
$5.02 H.
.066125
>.061958
.022283
.022290
.022315
.022260
.022305
.022275
Czecjoslo'kla,
.065833
.065834
.065835
.065833
.065834
.402192
.402214
.402200
.402221
Statistics for the month of August:
—Bar
.065828
.402200
.402214
.009402
Highest price
.009395
.009400
.009409
.678632
,678735
.678721
.197750*
.197750*1
.197750*
.197750*! .197750*
.078610
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
.009391
.678728
.197800*1
—
.009387
.678721
.078593
.078615
.078587
.078601
.254395
Lowest price.
.678742
.254437
,254220
.254479
Bar Gold
Oz. Std.—
2 Mos.
per
19 ll-16d.
19%d.
19.4900d.
19 ll-16d.
19%d.
_19.4900d.
Oz. Fine
138s. 8d.
138s. 2d.
.188200
.188200
.188175
.188250
.188150
.045700
.045815
.045815
.045840
.045840
;007308*j .007308*!
007308*
.007316*
.007308*
___
138s. 4.24d
.045890
.007329*
Average
.254345
.188100
Spain, peseta
per
.078602
.254177
Italy, lira
Silver
Cash
FINANCIAL MARKET—PER CABLE
ENGLISH
.136500*
.136500*! .136500*!
,136500*
.136500*
Sweden, krona
.136500*
.260790
.261016
.SJ61079
,260862
.261125
Switzerland, franc...
Yugoslavia, dinar
.325885
.325842
325789
.325782
.325785
.022930*!
.022920*
.022910*1
022910*
.022930*
.022916*
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
.260987
.325828
The
as
Chefoo (yuan) dol'r
.300675
.300608
.300608
.300191
.300500
Hankow(yuan) dol'r
.300675
.v300608
.300500
.300675
.300675
.300608
.300608
.300608
.300191
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar. 1
India, rupee
Japan, yen
.300191
.300500
.300675
Fri.,
Tues.,
Wed:,
Thurs.,
Mon.,
Sat.,
Sept. 18
Sept. 16
Sept. 17
Sept. 15
Sept. 12
Sept. 14
19 7-16d.
19 7-16d.
19 7-16d.
19%d.
19 7-16d.
Silver, per oz__ 19 7-16d.
137s. 4d.
137s. 5d.
137s.5%d.
137s.6%d. 137s. 4d.
Gold, p. fine oz.137s. 6d.
84 15-16
84 15-16
85
84 15-16
85%
Consols, 2)4%_ Holiday
British 3%%
107%
War Loan.— Holiday
107%
107%
107%
107%
.300675
.300608
.300608
.300191
.300500
.300675
British 4%
.311508
.311575
.311675
.311408
.311908
,.311708
.381990
.382255
.382335
.382175
.382455
.382275
.295790
.295930
.296131
Singapore (S. S.) dol'r
.295770
.296312
.296134
.593525
.593675
.593537
.593675
.594087
.593675
Asia—
China—
Australasia—
Australia, pound.....
New Zealand, pound
South Africa, pound..
North America—
|
'
|5.001000*5.006458* 5.016041*j5.005208* 5.008958*5.007187*
Canada, dollar
Cuba, peso
1 000039
1.000260
.000260
1.000455
1.001067
.999000
.999000
.999000
.999000
.999000
.277500
.277500
.277500
.277500
.277500
.997687
.997625
.997625
.997750
.998812
.997968
.337320*
.337480*
.337580*1 .337502*
.337500*
.086265*
dollar
South America—
Argentina, peso
Brazil,(official) milrels
.
(Free) milrels
Chile, peso
.086264*1
.086265*1
.086265*
.337620*1
.086265*!
.059200
.059160
.059140
.059180
.059140
.059300
.051733*
Colombia, peso
Uruguay, peso
.051733*
.051733*1 .051733*1
.051733*
.051766*
.569000*
.569000*
.569000*!
.569000*
.569000*
.569000*
.796875*
.796875*
.796875*
.796875*
.796875*
.798750*
*
Nominal rates; firm
reprint
.086265*
rates not available.
THE ENGLISH
We
U. S.
the
GOLD
AND
SILVER
MARKETS
following from the weekly circular of
The Bank of
England gold
the 26th ultimo
as
reserve
against notes amounted to
compared with £243,789,154
on
£244,-
the previous
Wednesday.
Purchases
amounted
to
bar
gold
as
announced
by the
Bank
during the week
£650,164.
Conditions in the open market have been
quiet.
About £1,100,000 of
bar gold was
disposed of at the daily fixing and was absorbed by a general
demand which maintained
prices at a small premium over dollar exchange
parity.
Gold continues
to
leave Paris
for
the
United
States
and
Holland,
comparatively moderate quantities.
Quotations during the week:
Equivalent Value
of £ Sterling
Ounce
Aug. 27
Aug. 28
138s. 2Hd.
138s. 4%d.
Aug. 29
12s. 3.52d.
12s. 3.35d.
138s. 2%d.
138s. 3d.
138s. 2%d.
12s. 3.52d.
12s. 3.48d.
12s. 3.52d.
12s. 3.48d.
138s. 3d.
138s. 3d.
-
12s. 3.48d.
The following were the United Kingdom
imports and exports
registered from mid-day
on
Aug. 24 to mid-day
on
Imports
Aug. 31:
Netherlands
Australia
Finland
—
__
New Zealand—
Venezuela
-
France
-
—
Netherlands
Germany
-
—
-
14,823
15,178
16,709
6,567,137
20,842
34,800
63,709
12,251
United States of America
..
France
Switzerland
Other countries
£8,474,154
The SS. Carthage which sailed from Bombay on Aug
the value of about
of gold
Exports
British South Africa.... £1,288,734
British India
425,675
British Malaya
14,296
Other countries
44%
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
77.57
OF BANK CLEARINGS
telegraphic advices from the chief cities of the,country
today (Saturday, Sept. 19),
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 12.5% above
those for the corresponding week last year.
Our preliminary
total stands at $6,888,782,490, against $6,123,844,590 for
the sariie week in 1935.
At this center there is a gain for the
week ended Friday of 8.2%.
Our comparative summary for
upon
indicate that for the week ended
the week follows:Per
Clearings—Returns by Telegraph
Week Ending Sept. 18
1936
Chicago
.......
-
—
Boston.
Kansas City.
St
LOUIS
—
„
_
San Francisco.------
_
—
Pittsburgh
Detroit
Cleveland
£439,000 consigned to London.
NeW Orleans
—
£227,825
70,198
41,536
22,475
1,935
2,471
£366,440
29 carries gold to
Other cities, five days—
Total all cities,
live days.,——.
All clties.one day
Total all cities for week
*
—
1935
83,491,555,905
266,712,703
324,000,000
201,765,000
91,396,416
91,500,000
*140,000,000
115,367,257
98,146,414
89,452,983
71,977,650
42,802,000
New York
Twelve cities, five days.
Per Fine
Switzerland
44%
50.01
Baltimore
but in
Aug. 31
Sept. 1
Sept. 2
Average
44%
44%
50.01
50.01
Philadelphia
of
the United
44%
(for.) 44%
COURSE
,
on
in
Bank clearings this week will show an increase compared
with a year ago.
Preliminary figures compiled by us, based
gold
755,170
*118%
118%
118%
Treasury
(newly mined)
Samuel Montagu & Co. of
London, written under date of
Sept. 2 1936:
1
118 %
.999000
.277500
Bar N. Y.
U. S. Treasury.
1.000598
Mexico, peso
Newfoundland,
118%
price of silver per ounce (in cents)
States on the same days has been:
The
059531*4.064626*4 ,064250*4.063593*! 4.064875*4.066625*
I
Holiday
1960-90
030234*14.034625*4 ,035375*4.031875* 4.035875*4.035750*
Africa—
.
.300675
$3,225,850,467
232,038,328
$5,024,676,328
715,975,747
$4,485,325,571
778,939,930
$5,740,652,075
1,148,130,415
$5,264,265,501
859,579,089
$6,888,782,490
$6,123,844,590
.
Cent
+8.2
+ 14.9
+ 17.8
275,000,000
173,000,000
80,831,677
78,500,000
120,801,000
82,123,311
74,958,003
58,051,750
51,853,135
32,318,000
+ 16.6
+ 13.1
+.10.6
+ 15.0
+40.6
+30.9
+ 54.1
+38.8
+32.4
+ 12.0
—8.1
.
+9.0
+33.6
+ 12.5
Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly in the above the last day
until
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. 12.
For that week there was a decrease of 8.5%, the aggregate
of clearings for the whole country having amounted to
$4,950,289,283, against $5,407,970,916 in the same week
in 1935.
This falling off, however was due to the fact that
the Labor Day holiday fell in this week this year, while a
year ago
this holiday fell in the previous week.
Outside of
1814
Financial
Chronicle
Sept. 19, 1936
this
city there was a decrease of 8.6%, the bank clearings
having recorded a loss of 8.4%. We group the
according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District (including this city) the totals show a
decrease of 8.8%, in the Boston Reserve District of 10%
and in the Philadelphia Reserve District of 13%.
In the
Cleveland Reserve District the totals are smaller by 0.9%,
in the Richmond Reserve District by 11.1% and in the
Atlanta Reserve District by 0.7%.
The Chicago Reserve
District shows a loss of 5.9%, the St. Louis Reserve District
of 2.6% and the Minneapolis Reserve District of 18.8%.
In the Kansas City Reserve District the totals register a
decline of 13.8% and in the San Francisco Reserve District
of 11.9%, but in the San Francisco Reserve District the
totals record an improvement of 14.8%.
Week Ended Sept. 12
at this center
Clearings at—
cities
Inc.
1936
OF BANK CLEARINGS
Inc.or
1936
Week End. Sept. 12, 1936
1935
Springfield..
207,566
75,202,473
2,307,817
1,313,189
906,255
14,722,000
1,003,416
4.412.750
16,123,645
1,061,465
6,841,686
3,103,766
363,539
244,765,777
881,638
3,808,034
1,034,639
1.024.751
379,084,406
Detroit
Grand
Rapids
Lansing
Ind.—Ft.
-
Wayne
Indianapolis—
South Bend
Haute.
Terre
-
Wis.—M ilwaukee
la.—Ced.
Rapids
'
Des Moines.
.
Sioux City—
•
111.—Bloomingt'n
Chicago
Decatur
Peoria
Rockford
-
SUMMARY
Eighth Federal
Dec.
1934
1933
Mo.—St. Louis..
$
Ky.—Louisville
Tenn.—Memphis
.
Federal
Reserve
S
Dists.
$
1st
Boston
2nd
New York. 12
3rd
Philadelphia 9
4th
Cleveland.
6
"
6th
Richmond.
6
"
98,289,754
6th
Atlanta
10
"
125^177,703
7th
Chicago
18
8th
St. Louis
12 cities
S
%
190,401,378
211,575,710
"
3,054,561,938
"
286,568,928
237,831,382
—10.0
191,238,965
197,332,931
3,347,978,936
—8.8
3,199,168,224
3,031,700,193
329,225,854
*-13.0
272,787,963
240,019,512
—0.9
194,982,685
185,381,222
110,521,216
—11.1
102,199,765
*
—0.3
+16.6
+7.7
+2.4
+23.6
+1.1
—9.7
•
593,776
3,670,909
14,746,071
840,158
-
+ 11.4
+8.0
195,387
4,162,373
2,255,635
5,521,040
1.5
455,797
505,606
•10,493,000
447,155
3,052,561
11,978,900
13,057,000
603,953
3.4
2,967;029
546,978
261,052,181
—6.2
236,250,522
618,236
3,098,072
863,494
1,159,777
,+42.6
+22.9
557,404
2,517,538
201,307,407
524,766
2,166,615
—11.6
599,434
875,492
505,727
766,310
402,650,115
-5.9
354,561,088
305,674.051
—9.9
65,800,000
—1.5
24,317,599
15,826,755
60,100,000
21,254,942
11,432,453
ti
351,670
Reserve Dist rict—St. Lo
70,100,000
27.279,826
19,740,773
+19.8
410,549
uis—
77,800,000
27,696,492
14,855,531
+32.9
—0.7
105,214,992
b
b
b
b
b
459,000
Qulncy
411,000
+11.7
407,000
316,000
117,579,599
120,763,023
-2.6
106,351,354
93,103,395
2,702,619
67,240,487
21,100,348
2,700,350
62,128,063
16,681,323
1,657,185
470.228
300.229
86,227,395
Total
(4 cities)
"
379,084,406
402,650,115
—5.9
354,561,088
305,674,051
"
117,579,599
120,763,023
—2.6
106,351,354
93,103,395
"
"
86,812,836
106,950,635
—18.8
95,945,377
85,725,497
Minneapolis—
114,547,000
132,832,364
—13.8
122,373,905
90,362,417
St. Paul..
11th Dallas
6
"
56,744,077
52,989,661
41,257,371
N. D.—Fargo.
12th San Fran..11
"
202,690,282
187,412,611
179,630,439
49,425,026 +14.8
229,972,226
—11.9
Ninth Federal
Minn.—Duluth.
S. D.—Aberdeen.
Billings.-
Mont.
109 cities
4,950,289,283
5,407,970,916
—8.5
4,985,226,590
Outside N. Y. City.....
4,628,862,708
1,976,861,649
2,162,508,584
—8.6
1,875,108,368
Reserve Dis trict—Minn eapolis
2,446,328
55,766,485
22,982,867
2,075,025
669,754
755,658
2,216,719
2,718,138
74,180,875
23,345,068
2,014,563
—10.0
+3.0
937,451
572,775
—0.5
740,900
3,378,316
+2.0
—34.4
531,675
461,647
2,971,150
86,812,836
106,950,635
-18.8
95,945,377
85,725,497
1,747,072
21,763,852
1,267,652
1,827,471
59,934,658
2,730,816
—24.8
—1.6
1,684,044,923
Helena
(7 cities)
Total
Canada
32 cities
We
add
now
303,044,513
our
—4.2
316,400,095
detailed statement
334,287,292
Tenth Federal
—11.4
2,528,861
27,482,166
2,044,183
2.409,530
75,562,900
2,668,764
755,234
862,762
2,497,826
34,148,335
2,063,721
3,868,115
85,306,181
+1.2
Colo.—Colo. Spgs
Pueblo
years:
(10 cities)
114,547,000
Lincoln
First
Federal
Portland
Mass.—Boston..
Fall
River....
Lowell
New Bedford..
-
Mo.—Kans. City
$
Me.—Bangor
.
Wichita
Clearings at—
Reserve Dist rict—Boston
649,762
1,610,208
162,440,187
609,411
298,133
644,910
2,634,460
1,708,575
513,907
1,984,142
181,711,136
712,192
299,510
603,974
or
St.
Dec.
1934
1933
_%
+ 26.4
+ 18.8
+10.6
+ 14.4
City
—14.0
138,841
Omaha
Inc.
as
127,411
Kan.—Topeka
1935
Reserve Dis trict—Kans
109,601
122,999
Neb.—Fremont..
Hastings
Week Ended Sept. 12
1936
1,788,119
255,999,961
showing last week's
figures for each city separately for the four
Joseph
Tota
570,894
1,419,123
166,765,751
173,000,000
581,392
40,057
3,357,366
—20.5
99,996
94,562
2,051,228
29,428,032
3,343,593
2,555,062
80,095,577
3,467,831
692,821
631,747
+9.0
+36.6
575,455
563,553
487,486
132,832,364
-13.8
122,373,905
90,362,417
872,951
41,377,585
5,412,473
2,937,000
757,038
31,213,944
4,531,532
2,800,000
—19.5
—0.9
—37.7
—11.4
b
662,569
439,073
1,437,939
574,101
227,840
—0.5
+6.8
211,644
Conn.— Hartford
8,238,123
1,324,683
9,855,709
New Haven—
N. H.—Manches'r
3,071,833
8,085,200
410,576
2,991,088
8,456,500
339,788
+20.8
521,105
2,514,696
1,073,897
7,850,797
2,392,838
6,909,900
418,023
Total (12 cities)
190,401,378
211,575,710
—10.0
191,238,965
10,206,012
796,907
27,061,193
675,097
465,467
3,110,118,222
5,252,644
2,931,000
2,385,665
314,727
14,392,200
24,669,090
10,797,445
Eleventh Fede ral Reserve
Texas—Austin
..
District—Da lias—
1,114,454
38,356,750
1,267,302
44,602,809
6,518,589
1,997,000
+13.7
+16.3
—1.8
+40.1
2,389,652
1.954,857
+14.8
52,989,661
41,257,371
197,332,931
Springfield
Worcester
R. I.—Providence
2,783,081
—5.3
+29.0
Second Federa 1 Reserve Dls trict—New
N. Y.—Albany..
Buffalo
566,081
—5.4
580,322
—6.7
2,973,427,634 3,245,462,332
6,093,759
6,451,229
2,971,404
3,550,847
Conn.—Stamford
2,566,182
2,768,359
N. J.—Montclair
273,320
400,000
Newark
14,031,500
17,368,375
Northern N. ,J.
22,699,015
26,955,659
Rochester
Syracuse
Total (12 cities) 3,054,561,938 3,347,978,936
Federal
320,837
a
Philadelphia—
Reading.
Scranton
246,759
1,243,463
277,000,000
993,210
2,034,929
—7.3
—31.7
—19.2
—15.8
—6.3
.
297,080
b
334,958
972,344
—26.3
225.321
+27.9
318,000,000
—12.9
1,028,068
264,000,000
1,122,592
—11.5
838,755
—6.6
1,869,352
974,465
1,130,922
2,424,000
2,001,000
—44.5
329,225,854
—13.0
1,312,232
23 468,161
Ohio—Canton.
Columbus
Mansfield
b
50,075,030
72,822,280
14,364,700
1,210,191
Youngstown...
Pa.—Pittsburgh.
Total (5 cities).
Fifth Federal
+ 18.9
—8.3
b
+3.1
+31.4
1,361,064
—11.1
b
b
—7.1
237,831,382
240,019,512
—0-i
Reserve Dist rict-
164,370
1,988,000
35,465,450
C.—Washing'n
17,556,611
Total (6 cities).
98,289,754
110,521,216
S. C.—Charleston
1,284,287
41,734,619
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Reserve Dist rict—Atlant
2,914,043
12,989,878
—
44,600,000
Augusta..
Macon
1,181,747
1,138,930
...
Fla.—Jacksonville
Ala.—Birm'ham.
11,058,000
15,612,735
Mobile
Miss.—Jackson.
Vicksburg
1,843,263
3,263,989
+58.7
Wash.—Seattle--
Spokane
Yaklima
Ore.—Portland.
Utah—S.
,944,817,785
6,060,484
3,286,451
2,374,744
392,718
14,172,638
24,662,143
Calif.—Long Bch
Pasadena
San
San Jose
Santa Barbara.
.....
b
b
256,842,780
—6.2
11,821,655
23.353,316
5,250,000
450,847
—14.5
2,691,998
—5.6
—5.8
2 ,379,974
101,504,030
2,394,158
1,080,278
1,529,787
19,055,088
9,912,495
3,592,209
3,046,093
111,654,622
1,148,484
1,032,093
1,136,192
-11.9
187,412,611
179,630,439
—8.5 4,985,226,590
4,628,862,708
2,856,309
128,503,529
2,791,426
—9.4
1,042,261
1,519,659
1,179,490
—11.6
1,612,738
202,690,282
229,972,226
Week
Clearings
—15.8
—8.6
1,875,108,368 1,684,044,923
57,890,647
7,491.700
1,130,677
Ended
Sept.
10
at—
Inc.
or
1936
Toronto...
1935
Dec.
S
S
%
86,612,427
74,121,076
63,682,769
14,102,223
22,937,610
2,690,785
2,214,876
Vancouver
Ottawa
Quebec
Halifax
100,340,379
—13.7
79,616,632
60,307,386
—6.9
13,786,397
18,204,095
5,236,203
+5.6
+2.3
+26.0
—48.6
1933
o w rf*
$
117,500,110
84,780,461
71,309,953
14,194,238
3,842,804
3,730,851
2,369,503
3,245,769
6,569,436
1,603,692
$
;
83.605,742
80,416,556
37,860,197
13,143,010
3,461,326
3,683,608
1,829,564
3,655,859
4,922,406
1,411,668
1,384,570
2,156,661
3,189,357
4,564,876
331,128
'
194,982,685
185,381,222
—12.4
2,763,484
3,419,123
4,743,596
265,995
—27.7
596,461
—28.7
493,580
356,387
1,491,805
573,622
758,866
+ 10.6
+22.3
1,458,938
—9.8
672,795
+ 13.6
+41.9
491,235
255,096
598,154
513,954
359,894
—29.1
267,021
615,427
740,647
—16.9
Sherbrooke..
b
81,547,690
2,527,188
4,267,337
5,434,393
1,536,188
1,523,283
Peterborough
b
83,024,326
545,645
603,805
871,715
2,077,174
—9.6
683,550
520,144
851,821
Hamilton
3,612,916
Calgary
5,138,336
St. John
1,473,922
1,486,774
1,998,908
3,459.742
6,917,616
376,820
425,420
1,650,493
701,711
684,361
679,423
729,243
Victoria
__
London
—
Edmonton
108,841
—3.9
—11.1
102,199,765
75,625,017
861,891
Reglna.
___
Brandon
Lethbridge
Saskatoon
Moose Jaw...
Brantford
Fort William
New Westminster
a—
b
3,014,391
2,695,587
—10.7
28,977,022
9,111,000
755,062
25,167,647
108,252,000
4,950,289,283 5,407,970,916
Winnipeg
b
37,320,508
37,003,033
10,918,905
—10.7
+28.6
232,350
703,008
246,000,000
1,098,619
1,920,328
1,315,660
1,150,009
4,111,000
46,916,799
13,501,661
+21.7
—19.0
1,109,422
31,042,846
13,754,992
3,526,008
(109
Montreal
41,987,271
60,392,521
8,436,900
1,141,667
—6.7
1,426,614
27,727,353
12,902,467
SCO
—4.0
10,084,000
Outside New York 1,976,861,649 2,162,508,584
1,750,000
24,982,347
—8.0
—5.1
total
Canada—
272,787,963
33,511,467
2,530,397
Francisco.
Stockton
Franci
32,167,553
9,412,000
b
b
311,806
2,544,504
3,326,086
11,856,466
10,447,309
38,900,000
895,058
763,012
32,600,000
10,023,000
15,892,521
8,299,000
9,969,950
1,065,369
1,239,036
b
1,066,615
599,011
b
La.—NewOrleans
147,915
29,768,748
+30.2
+ 13.0
105,844
22,995,551
18,748,731
Total (10 cities)
126,056,299
—0.7
105,214,992
86,227,395
.
L. City
+3.2
—4.5
3,031,700,193
122,682
1,989,000
38,716,832
952,791
—4.9
13,661,060
—3.9
46,400,000
1,232,751 / —4.1
1,007,037 I +13.1
13,574,000 —18.5
15,389,581
+ 1.5
1,611,218
+ 14.4
b
(5 cities)
454,480
Richm ond—
260,787
Md.—Baltimore.
D.
b
106,897,730
2,160,000
37,371,089
1,054,939
51,504,737
18,266,081
Richmond
b
—0.3
50,213,344
70,611,774
10,935,600
99,359,181
W.Va.—Hunt'ton
Va.—Norfolk..
49,425,026
Total
495,359
Fourth Federa 1 Reserve Dis trict—Clevel and—
Cleveland
56,744,077
Galveston
cities)
—17.1
286,568,928
York..
Cincinnati..
a729,639
3,358,377
Worth
Total (11 cities)
-8.8 3,199,168,224
2,179,202
1,191,410
1,431,356
3,607,000
1,416,498
(9 cities).
—8.4
—5.5
—16.3
386,992
a426,678
*400,000
Wilkes-Barre--
N. J.—Trenton..
—17.0
Wichita Falls..
La.—Shreveport.
5,621,183
1,935,000
a763,838
2,397,639
Ft.
Twelfth Feder al Reserve D istrict—San
727,785
Reserve Dis trict—Phila delphi
—
Lancaster
+2.3
Dallas
Grand
Pa.—Altoona
Bethlehem
631,612
2,139,041
1,261,886
7,047,961
2,720,091
7,538,200
324,092
York—
—54.7
New York
Total
—4.4
13,651,564
824,168
29,400,000
Jamestown
Chester
+2.7
6,178,441
843,206
24,400,000
Elmira
Third
—16.4
535,779
541,698
Binghamton...
•
1,126,131
841,678
14,378,000
811,806
4,362,822
17,849,421
952,694
6,337,491
3,057,922
324,694
64,526,621
1,594,948
303,619
68,161,712
1,834,986
913,467
—9.5
75,625,017
126,056,299
■
III.—J'ksonvllle..
4
Total
43.2
365,349
83,109,613
2,313,958
256,842,780
Minneapolis 7
10th Kansas City 10
9th
1933
1934
%
Seventh Feder al Reserve D istrict—Chi cago—
Mich.—Ann Arbor
Total (18 cities)
districts:
or
Dec.
$
In the following we furnish a summary by Federal Reserve
.
1935
105,324
Medicine
Hat
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia-
Sud'ury
Total (32 cities)
a
—15.3
—5.4
—4.1
—2.4
+ 1.2
+45.8
+ 41.7
1,463,352
2,166,707
3,335,740
6,458,254
323,455
—7.1
596,962
—12.0
394,816
391,130
745,219
524,653
401,938
477,100
857,650
—1.8
550,622
434,327
—18.0
413,894
—13.1
760,290
1,183,290
486,945
708,250
455,736
426,963
235,445
586,725
593,480
770,819
1,876,929
239,809
662,910
533,598
350,000
332,031
584,116
303,044,513
316,400,095
—4.2
334,287,292
255,999,961
clearings available.
♦Estimated.
824,094
2,133,158
377,202
603,741
461,534
Not included in totals,
331,250
649,728
b No
—5.5
+2.7
+ 13.9
495,033
652,315
1,741,312
309,128
Volume
143
Financial
Chronicle
1815
Condition of National Banks June
30, 1936—The statement of condition of the National banks under the Comp¬
trollers' call of June 30, 1936, has
just been issued and is summarized below.
For purposes of comparison, like details
for previous calls back to and
including June 29, 1935, are included.
ABSTRACT OF REPORT OF CONDITION OF
DEC.
31,
NATIONAL BANKS
IN THE
UNITED STATES ON JUNE 29,
NOV. 1, AND
1935 AND MARCH 4 AND JUNE 30, 1936
June 29 1935
Assets
'
Loans and discounts
Overdrafts
Nov. 1 1935
Dec. 31 1935
Vlar. 4 1936
(5,431 Banks)
(5,409 Banks)
(5,392 Banks)
(5,381 Banks)
(5,374 Banks)
$7,365,226,000
$7,301,371,000
$7,759,149,000
6,233,061,000
$7,505,321,000
3,463,000
6,554,770,000
$7,430,864,000
3,491,000
6,077,724,000
4,235,000
6,480,438,000
7,072,979,000
1,257,342,000
3,665,424,000
89.101,000
647,677,000
183,242,000
3,436,909,000
493,839,000
4,209,574,000
12,058,000
1,305,541.000
3,803,037,000
85.774.000
647,194,000
184,211,000
3,637,060,000
469,042,000
4,092,344.000
7,689,000
7,136,000
4,647,000
547,000
140,396.000
June 30,
1936
»
(including rediscounts)
United States government securities, direct
obligations.;
Securities guaranteed by United
States government as
i
4,193,000
interest
to
and principal
Other bonds, stocks, securities, &c
Customers' liability account of acceptances
1,095,283,000
86,753,000
651,463,000
171,455,000
3,092,178,000
405,513,000
1,260,535,000
3.684,778.000
80,906,000
650,478,000
180,629,000
3.453,672,000
404,379,000
b3,370,530,000
b4,007,999,000
c3,543.379,000
'
Banking house, furniture and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Balances with other banks and cash items in
process of collection
Cash items not in process of collection
Redemption fund and due from United States Treasurer
"12,060",600
Acceptances of other banks and bills of exchange or drafts sold with
endorsement
Securities borrowed
Other assets
5,190,000
4,592.000
795,000
180,623,000
j.
Total.
8,565,000
537,000
158,630,000
547,000
158,298,000
,
1,374,385.000
4,035,261,000
81,395,000
641,550,000
184,123,000
3,520.901,000
531,694.000
4,328,831,000
7,501,000
•
6.083,000
388,000
154,406,000
$26,061,065,000 $27,430,730,000 $28,224,701,000 $28,293,019,000 $29,702,839,000
Demand deposits of individuals, partnerships and
corporations.
Time deposits of individuals,
partnerships, and corporations
State, county, and municipal deposits
United States government and postal
savings deposits
Deposits of other banks, certified and cashiers' checks, and cash
of credit and travelers* checks
letters
$9,674,923,060 $10,549,984,000 $10,911,717,000 $10,863,696,000 $11,665,872,000
6,646,982,000
6,761,989,000
6,816,676,000
6,878,346,000
7,074,544,000
1,845,315,000
1,924,867,000
1,979,040,000
1,953.679.000
2,108.486,000
679,655,000
632,467,000
772,683.000
586,905,000
829,903,000
outstanding
3,671,371,000
Total deposits.
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments
Circulating notes outstanding
Agreements to repurchase U. S. government and other securities sold..
Bills payable
4,367,617,000
4,576,829,000
4,521,648,000
$222,095,000
4,194,000
3,989,000
654,000
37,000
$2,301,000
2,233,000
769,000
41,000
$1,585,000
4,330,000
843,000
38,000
8,565,000
75,193.000
11,953,000
537,000
58,938,000
7,136,000
84,627,000
13,066.000
547,000
42,744,000
4,647,000
84,289,000
10,282,000
547,000
50,343,000
6,083.000
81,865,000
13,794.000
388.000
21,004,000
62,936,000
1,809,503,000
831,846,000
297,967,000
143,951,000
3,151,000
Obligations on industrial advances transferred to the Fed. Res. Bank..
Acceptances of other banks and bills of exchange or drafts sold with
$2,251,000
3,833,000
1,174,000
44,000
4,592,000
85,599,000
8.171.000
795.000
42,335,000
Rediscounts.
6.910,000
98,152.000
•25,686 ,000
92,657 .000
1,758,450 .000
887,934 ,000
302,395 .000
151,381 ,000
5,001 ,000
8,985 ,000
137,460 ,000
1,750,246 .000
895,242 ,000
327,782 ,000
151,056 ,000
5,889 ,000
28.043,000
155.449.000
1,691.375,000
973,393,000
346,039,000
147,219,000
7,702,000
,
endorsement
Acceptances executed for customers
Acceptances executed by other banks for account of
repoting banks
_
Securities borrowed
4,163,929,000
$22,518,246,000 $24,033,236,000 $24,847,733,000 $24,859,455,000 $26,200,453,000
2,115,605,000
2,122,628,000
2,121,816,000
2,366,543,000
2,604,598,000
20,402,641,000 21,911,420,000 22,481,190,000 22,736,827,000 23,595,855,000
:
•
Interest, taxes, and other expenses accrued and unpaid
Dividends declared but not yet payable and amounts set
dividends not declared
aside
'
47,316,000
for
Other liabilities..
Capital stock (see memorandum below)
Surplus
Jndividea
Undivided profits, net
Reserves for contingencies
Preferred stock retirement funds.
Total.
1,776,591,000
865,955,000
337,452.000
147,282,000
2,664,000
$586,000
2,425.000
447,000
262,000
$26,061,065,000 $27,430,730,000 $28,224,701,000 $28,293,019,000 $29,702,839,000
Memorandum:
Par
value of capital stock:
A preferred stock..
Class
Class
B
$503,914,000
21.208,000
1,288,848,000
$503,529,000
21,198,000
1,257,586,000
$487,683,000
21,021,000
1,257,034,000
$481,708,000
21,021,000
1,254,381,000
$423,228,000
20,261,000
1,254.762,000
$1,813,970,000
$1,782,313,000
$1,765,738,000
$1,757,110,000
$1,698,251,000
$2,004,611,000
720,798,000
52,627,000
$1,847,522,000
$2,056,526,000
685.274,000
31,894,000
,871.796,000
638,774,000
26,061,000
$2,352,584,000
680,056.000
31,152,000
$2,778,036,000
$2,558,730,000
$2,773,694,000
$2,536,631,000
$2,993,604,000
$225,444,000
805,797,000
1,067,782.000
$752,252,000
1,069,257.000
$705,160,000
1,166,324,000
393,639,000
159,676,000
preferred stock..
Common stock
Total
Loans and investments pledged to secure liabilities:
U. S. government obligations, direct and/or
fully guaranteed
Other bonds, stocks, and securities
!
.
'
Loans and discounts
(excluding rediscounts)
Total.
.
611.070,000
29,950,000
Pledged:
Against
Against
Against
Against
Against
Against
circulating notes outstanding
United States government and postal
savings deposits
State, county, and municipal deposits
deposits of trust department
other deposits
6,673,000
$858,188,000
1,188,515,000
447,324,000
171,022,000
4,490,000
6,680,000
$888,956,000
1,247.125,000
596,785,000
152,612.000
3,347,000
86,722,000
17,110,000
86,944,000
17,403,000
87,393,000
16,762,000
87,181,000
17,281,000
87,838,000
16.941,000
$2,778,036,000
$2,558,730,000
$2,773,694,000
$2,536,631,000
$2,993,604,000
411,138,000
157,685,000
6,358,000
borrowings
With State authorities to
powers
For other purposes
qualify for the exercise of fiduciary
Total.
470,989.000
155.212,000
Details of demand deposits:
Deposits of individuals, partnerships, and corporations
States government deposits
State, county and municipal deposits
Deposits of other banks in the United States (except private banks
and American branches of
foreign banks)
Deposits of private banks and American branches of foreign banks
Deposits of banks in foreign countries (Including balances of
foreign
branches of other American
banks, but
$10,911,717,000 $10,863,696,000 $11,665,872,000
585,289,000
436,656,000
692.527.000
1,670,364,000
1,668,095,000
1,786,484,000
United
due to own,
excluding
3,507,044,000
82,163,000
202,413,000
account)
Details of time deposits:
State, county and municipal deposits
Certificates of deposit
Deposits evidenced by savings pass book
Christmas savings and similar accounts
Open accounts
Postal savings
Deposits of other banks in the United States (except private banks
and American branches of foreign banks)
l
Deposits of private banks and American branches of
foreign banks j
Deposits or banks in foreign countries (including balances ol
foreign branches of other American banks, but
reserves to net
365,238,000
353,644,000
249,791,000
637,126,000
5,799,725.000
55,611,000
269,527,000
193,699,000
308,676,000
644,178,000
5,905,975,000
12,081,000
254,442,000
187,394,000
285,584,000
654,061,000
5,911,688,000
27,962,000
284,635,000
150,249,000
322.002,000
667,621,000
0,067,704,000
105,685,000
104,798,000
121,736.000
206,000
114,990.000
8,163,000
121,640,000
2,942,000
4,320,000
4,157,000
3,433.000
4.202,000
4.905,000
11.90%
7.51%
9.27%
4.77%
7.76%
11.97%
50,829,000
288,390.000
137,376,000
excluding
....
demand plus time deposits:
Central Reserve cities
Other Reserve cities
11.81«
7.4U
All Reserve cities
9.13'
4.99'
Country banks
Total United States
7.60'
b Includes cash items not in process of collection the
amount of whiph
©Includes Home Owners' Loan Corporation 4%
194,184,000
246,326,000
677.721.000
5,685,539.000
40,969,000
242,753,000
242,834,000
...
Ratio of required
167,986,000
450,622,000
of credit and travelers' checks sold for
cash, and amounts due
to Federal Reserve Bank (transit
foreign branches)
3,772,714,000
71,619,000
amounts
foreign branches)
checks (including dividend
checks), letters
Certified and cashiers
amounts due to own
3,864,604,000
51,646,000
bonds, which,
are
was
not
called
7.51%
4.80
7.80
7.84%
for separately prior to Dec. 31
guaranteed by the United
States
12.01
7.51
9.30
4.80
as
9.34
70
1935.
to interest only.
11.99%
7.55%
9.36%
4.87%
7.87%
Sept. 19, 1936
STATEMENT SHOWING APPROPRIATIONS AND EXPENDITURES
TREASURY
RELIEF
AS
OF
AUG.
agencies of the Federal Government, it is shown in
The various
of
Chronicle
Financial
1816
FOR
RECOVERY AND
31, 1936
a
tabulation given in the Treasury's "Daily Statement"
Aug. 31, appropriated $19,231,462,804 for receovery and relief up to the
end of August, which compares with $19,247,-
The figure for Aug. 31 does not include amounts advanced under the Kerr-Smith
Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were repealed by Congress
067,425 appropriated as of July 31, 1936.
Tobacco
in
Adjustment Act unconstitutional. A report
"Chronicle" of Sept. 5, page 1506. The Treasury's
February, after the United States Supreme Court had held the Agricultural
of the
Treasury covering appropriations up to July 31 was given in the
tabulation for Aug. 31
follows:
FUNDS APPROPRIATED AND
BALANCES
ALLOCATED FOR RECOVERY AND RELIEF. EXPENDITURES THEREFROM, AND UNEXPENDED
AS
OF
AUG. 31,
1936
,•
Expenditures
Sources of Funds
AvvrovHations
Statutory and Executive Allocations
National
Specific
Industrial
Act
Recovery
June
June
1936 and
1937
Prior Years b
Approved
1934
1933
April 8 1935
June 22 1936
S
$
3,000,000
60,000,000
d
37,554,000
131,079,959
20,000,000
128,387,688
£66,406,100
£5,710,431
233,912,892
390,172,291
200,000,000
375,362,723
220,620,012
£846,495
4,818,398
123,912,630
7,872,359
48,571,912
1,933,865
57,219,944
26,505,727
305,854,000
f539,869,515
316,376,913
200,000,000
Corporation...
187,461,008
542,869,515
605,081,872
200,000,000
125,000,000
169,000,000
82,950,000
c268.300.000
77.625,000
Commodity Credit Corporation.e
Farm Credit Administration .e
Federal Farm Mortgage
16
19
Unexpended
Fiscal Year
Total
Acts
1935,
Approved
Act
Approved
Agricultural aid:
Agricultural Adjustment Administration
Fiscal Year
Reconstruction
Emergency
Finance
Relief
Emergency
Appropriation Appropriation Corporation
Organizations
£9,994,^
Federal Land banks:
Capital stock
Paid-in surplus
Reduction in int. rates on mortgages.
125,000,000
169,000,000
82,950,000
106,961,657
Relief:
Federal Emergency Relief Admin — .1
Federal Surplus Commodities Corp.../
h605,000,000
152,078,148
Civil
h337,700,000
93,101,630
400,005,000
317,746,732
Works Administration
...
Emergency conservation work
...
605,984,951
44,093,000
3,000,000
132,607,484
11,500,000
358,812,288
1,098,132,672
255,488,217
504,025,069
146,020,625
16,031,976
2,087,951,283
356.010,296
74,250,066
1,197,557,250
494,948,022
16,031,976
2,087,951,283
1,281,212,080
438,041,725
255,019,911
Rural Electrification Administration
Works Progress Administration
72,0bb"ooo
All other
826,665,000
1,336,846,313
606,712,900
13,339,960
Loans & grants to States, munic., &c.e.
Loans to railroads.e
Public highways
River and harbor work
88,960,000
320,013,000
85,320,000
Department of Agriculture, relief......
Public Works (Including Work Relief):
Boulder Canyon project
911,040,000 3,083,714,286
935,005,625
480.590,512
778,951,717
85,320,000
71,932,960
2,239
93,907,485
5,436,988 2,937,059,721,
124,788,689
758,209
817,126,351
72,623
42,812,037 1,253,730,688
83,443,698
122,331
15,670,678
9,466,024
40,303,588
1,753,969
53,289,599
397,507,814
15,118,995
655,051,609
800,334,539
61,713.762
372,693,870
28,389,700
1,419,475
650,299
314,680,469 1,263,661,490
865,973,581
67,674,731
335,508,949
93.864,451
13,962,201
509,609,323
99,342,000
23,158,000
3,524,366
45,573,248
347,563,768
Aid to /home owners:
Home-loan system:
Home-loan
bank
125,000,000
200,000,000
29,344,239
1,000,000
21,382,680
6,404,224
Resettlement Administration
Subsistence homesteads'..
107,975,483
d44,000,000
3,389,487
280,746^263
50,000,000
137,319,722
45,000,000
£4,248
4,957,692
2,346,018
305,518,430
6,404,224
k50,000,000
Emergency housing
Federal Housing Administration
2,500,000
125,000,000
200,000,000
stock
Home Owners' Loan Corporation....
Federal savings and loan associations.
23,429,757
200,000,000
49,930,642
73,606
31,755,610
100,606,419
12,185,508
30,468,473
139,669,386
6,142,514
142,419,287
261,710
Miscellaneous:
19,619,285
150,000,000
24,240,593
36,250,000
150,000,000
£466,446
4,993,468
24,371,468
5,006
25,000,000
d3783337,949 3,783,337,949
75,000,000
£199,961,994 2,031,195,725 1,952,104,218
75,000,000
2,299,504,808 3,221,962,279 1,354,153,704 5,430,063,859 6,243,584,379 18549269,031
Federal Deposit Insurance Corporation.
Administration for Industrial Recovery.
Reconstruction
Finance
333,947,588 13119386,142 5,095,935,300
35,000,000
1,250,000
Export-Import Banks of Washington.e.
1
150,000,000
T~9,378~66o
17,097,161
125,869
Corp.—direct
loans and expenditures.e
Tennessee Valley Authority
50,000,000
Total.
681,359,257
682,193,773
682,193,773
2,299,504,808 n3221974,000 ol354 976,500 P6111423.116 6,243,584,379 19231462,804
333,947,588 13119386,142 5,778,129,073
11,720
Unallocated funds.
Grand total..
822,795
b The
emergency expenditures Included In this statement for the period prior
1934 include only expenditures on account of the Reconstruction
Corporation, and subscriptions to capital stock of Federal Land banks
under authority of the Act of Jan. 23 1932.
Expenditures by the several depart¬
lo the fiscal year
Finance
ments and establishments for
public works under the Emergency Relief and Con¬
Recovery Act, and, under the provisions of the Emergency Relief Appropriation
Act of 1936, not to exceed $300,000,000 of the proceeds of the sale of such securities,
in the discretion of the President, are available for the making of grants.
The
amount of
obligations which the Reconstruction Finance Corporation is authorized
increased by the sums necessary for such
to have outstanding at any one time is
and, therefore,
are not susceptible to segregation from the general
expenditures of such depart¬
ments and establishments on the basis of the dally Treasury statements.
purchases, not to exceed $250,000,000.
The purchase of such securities by the
Reconstruction Finance Corporation is reflected as expenditures of the Recon¬
struction Finance Corporation and as credits against expenditures of the Federal
c The sum of $268,300,000 includes appropriations under the Acts of May 12,
1933, May 25, 1934, June 19, 1934, and Aug. 24, 1935, totaling $360,000,000, less
the
$91,700,000 carried to the surplus fund from the appropriation of $100,000,000
penditures."
struction Act of 1932
were
made from general disbursing accounts,
Emergency Administration of Public Works.
provided by the Act of June 1Q, 1934.
d There are
no
made available by
statutory limitations on the amounts of funds which may be
the Reconstruction Finance Corporation for carrying out the
for the purchase by
or capital notes of
banks and trust companies under the Act of March 9 1933.
The Reconstruction
Finance Corporation is required to make available to the Federal Housing Admin¬
of oarrylng out the
provisions of the National Housing Act.
The amounts Included In this column
tor the purposes specified are based upon checks Issued therefor from time to time
by the Reconstruction Finance Corporation.
The authority of the Reconstruction
Finance Corporation to Issue Its bonds, notes, and debentures has been increased
by such amounts as may be required to provide funds for such purposes.
as
funds
of
k Includes
purposes of Sec. 5 of the Agricultural Adjustment Act, and
the Reconstruction Finance Corporation of preferred stock
istrator such funds
The amount by which the available
funds on account of such transactions has been increased Is, therefore, Included in
he may deem necessary for the purposes
Expenditures are stated on a net basis, I.e., gross expenditures less repayments
and collections, details of which are set forth in the supplementary statement below.
by
Sec.
11
I Under
the
"Reconstruction
$700,000
of the
Act
allocated
of
Finance
Corporation—direct
for
April 27
savings and loan
1934.
Sec. 3 of the Act of June 16
loans
promotion
as
and
ex¬
authorized
1934 the Reconstruction Finance
Corpo¬
ration is authorized to purchase at par obligations of the Federal Deposit Insurance
Corporation In a face amount of not to exceed $250,000,000, and the amount of
obligations which the Reconstruction Flnanoe Corporation Is authorized to have
outstanding at any one time Is increased by $250,000,000.
The amount to be
Included In this column will represent the proceeds deposited with the Treasurer
of the United States on account of the sale of suoh obligations by the Federal
Deposit Insurance Corporation to the Reconstruction Flnanoe Corporation.
m
The appropriation of $500,000,000 for subscription to oapital stock
In the figures shown in the oolumn for Reconstruction
kf Included
Finance Corporation.
f
Net, after deduotlng repayments to the Reconstruction Finance Corporation.
£
Excess of credits, deduct.
hThe appropriation of $950,000,000 provided In the Act of Feb. 15 1934 was
by the President as follows: Federal Emergency Relief Administration,
$605,000,000; and Civil Works Admin. $345,000,000. of which amount $7,300,000 has
been transferred to the Emergency Relief appropriation.
allocated
j Under the provisions of the Emergency Appropriation Act, flsoal year 1935,
Reconstruction Finance' Corporation Is authorized to purchase marketable
acquired by the Federal Emergency Administration of Publlo Works
but the amount which the Reconstruction Finance Corporation may have Invested
at any one time in such securities may not exceed $250,000,000
Moneys paid
for such securities are available for loans under Title II of the National Industrial
the
securities
n
Exclusive of the $78,026,000 transfer referred to In note (p).
o
e
Exclusive of the $26,455,000 and $42,193,500 transfers referred to In note (p).
p Includes $4,000,000,000 speclflo appropriation under the Act of April 8, 1935,
$1,425,000,000 specific appropriation under the Act of June 22, 1936 and transfers
of unexpended balances
^ follows: From the Reconstruction Finance Corporation,
$500,000,000; from the appropriation of $3,300,000,000 for National Industrial
Recovery,0 $78,026,000; from the appropriation of $525,000,000 for relief In stricken
agricultural areas provided In the Emergency Appropriation Act of 1935, approved
June 19, 1934, $26,455,000; from the appropriation of $899,675,000 for emergency
relief and public works provided In the Emergency Appropriation Act of 1935,
approved June 19, 1934, $42,193,500; from the appropriation of $950,000,000 for
emergency relief and civil works provided In the Act of Feb
15, 1934, $7,300,000;
.from unobligated moneys referred to in Sec 4 of Act of March 31, 1933, $19,527,113.76; and moneys transferred pursuant to Sec. 15 (f) of the Agricultural Adjustment
Act, $12,921,602.64.
DETAILS OF REVOLVING FUNDS INCLUDED IN THE TABLE ABOVE
This Month
Fiscal Year 1937
Organizations
Repayments and
t
Payments
■
Commodity Credit Corporation
Farm Credit Administration..
Loans and grants to
States, municipalities, &c
....
Loans to railroads
Export-Import Banks of Washington
Reconstruction Finance Corporation—direct loans & expenditures
a
Excess of repayments and collections (deduct).
$1,062,580.40
1,822,088.44
33,954,562.07
45,825.63
491,987.59
38,224,905.22
Collections
Expenditures
Repayments and
Net
$254,687.25
4,678,802.46
18,077,179.06
627,219.39
515,189.92
62,614,323.34
$807,893.15
a2,856,714.02
15,87,7,383.01
a581,393.76
a23,202.33
a24,389,418.12
Payments
$6,588,449.02
3,362,701.00
73,763,438.43
830,990.17
843,132.30
92,306,962.64
Net
Collections
Expenditures
$72,994,549.53
9,073,132.59
28,338,140.24
673,039.39
1,309,578.90
292,268,957.39
a$66,406,100.51
a5,710,431.59
45,415,298.19
157,950.78
a466,446.60
al99,961,994.75
Volume
143
Financial
Chronicle
1817
NATIONAL BANKS
The
Per
following information regarding National banks is
Comptroller of the Currency, Treasury
from the office of the
Department:
Sept. 5—Bank
Association, San
Francisco, Calif.
Location:
Unincorporated Town of San Dimns, Los Angeles County,
Calif.
Certificate No. 1265A.
are:
,
Per
Share
Acadia Sugar Refining Co.,
6% pref. (qu.)
Aetna Insurance Co.
(Hartford, Conn.) (quar.)_
Ainsworth Mig. Co.
(special)
Co. (Pitts, Pa.)
.
.
Holders
When
Payable of Record
Oct.
Oct.
1 Sept. 19
1 Sept. 18
60c
Oct.
5
25c
5c
dept. 28
Sept.30 Sept. 19
h$3
25c
Sept.30 Sept. 19
1 Sept.22
Oct.
Oct. 24 Oct.
1
5UC
Oct.
i
8Mc
Oct.
1
25c
Oct.
1 Sept. 21
loc
Alliance Investment Corp.,
6% pref. A
Sept. 30 sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
25c
$1)4
40c
,
sept. 2o
50c
SIM
$1 )4
>,t 5c
25c
7% pref. A (quar.)..
Attleboro Gas Light Co.
(quarterly)
Automooile Finance Co., Initial (quar.)__
Nov. 30 Nov.
Oct.
Oct.
31 Oct.
31 Oct.
Oct.
15 Sept. 20
15 Sept. 30
Oct.
15 Sept. 30
25c
25c
Oct.
1 Sept.
16
Nov.
2 Oct.
10
Bankers 'Itust Co.
1 Sept.
(quarterly)
i
50c
Oct.
Bank Stock Trust Shares, series C-l
1 Sept.
registered-- 16.5683c Oct.
Series C-2 registered
17.914c
Oct.
1 Sept.
Bensonhurst National Bank,
(Bklyn, N. Y.)
76o
Sept ,30 sept.
Bickfords, Inc. (quarterly)..
25c
Oct.
1 Sept.
Preferred (quarterly)
62 Mc
Oct.
1 Sept.
Bird Machine Co.
(quarterly)
25c
Sept. 28 Sept.
son, Inc.
(quarterly)...
Birmingham Electric Co., $6 preferred
$7 preferred
Bon Ami, class A
(quarterly)
Boston Herald-Traveler
Corp. (quar.)..
Brantford Cordage Co., Ltd., $1.30 1st pref
Bridgeport Hydraulic Co. (quarterly)
25c
SIM
$1M
Oct.
50c
32Mc
Oct.
30 Oct. 15
1 Sept. 19
40c
Oct.
$1M
Oct.
1 Sept. 21
r20c
Oct.
Sept. 15
Oct.
Oct.
Sept. 19
Sept. 30
Oct.
Oct.
Oct.
Oct.
1 Sept. 30
10 Sept. 30
*1 sept. 16
Oct.
1 Sept. 16
Oct.
15 Sept. 25
Oct.
Extra
Burger Brewing Co., 8% preferred (quar.)
Sept. 26
Sept. 30 sept. 23
Sept. 30 Sept. 23
Oct.
Sept. 18
Burco, Inc., $3 preferred (quar.).
Oct.
—
Canada Bread, class B
1st preferred (quarterly)
Sept. 15
Oct,
Oct.
Canadian Cottons, Ltd. (quarterly)
Preferred (quarterly)
Sept. 19
Sept. 19
Sept. 22
Oct.
Oct.
Sept. 22
Oct.
15 Sept. 30
Oct.
Canadian Fairbanks-Morse, Ltd., pref.
(quar.)_
Canadian Westinghouse, Ltd., (quar.)
21
19
19
10
10
10
23
30c
Nov.
Oct.
15
25c
Nov.
Oct.
15
Oct.
Oct.
/i87J4c
Oct.
hi 6c
Oct.
hi 5c
(Richmond) (quar.)
Central Ohio Steel Products
_
Oct.
Sept.
Sept.
Sdpt.
Sept.
Sept.
Sept.
Sept.
35c
Carthage Mills, Inc., class A (quar.)
Class B (quarterly)..
Central Maine Power, 7 % preferred
6% preferred
$6 preferred
-
Chemical Bank & Trust (N. Y.) (qu.)
Cherry-Burrell Corp. (quar.)
5% preferred, initial (quar.)
Preferred (quar.)
Chicago Daily News, Inc., $7 pref. (quar.)
Cincinnati, Newport & Covington Lt. & Traction
Quarterly
(quarterly)
45c
62 Mc
SIM
SIM
SIM
SIM
$1,125
Oct.
Oct.
Sept. 19
Nov.
Oct.
Oct.
Oct.
15
15
Nov.
Oct.
15
Oct.
Sept. 19
Oct.
Sept. 30
Sept. 30
Oct.
Cincinnati Postal Terminal &
Realty Co.—
SIM.
Cincinnati Union Stockyards (quar.)
City Investing Co., preferred
Clark Controller Co., increased--;
Cleveland Electric Illuminating (quar.)
40c
VAll
i
50c
(quarterly)
$1,125
Celeveland Graphite Bronze (quar. increased),
Claude Neon Electric Products (quar.)
Columbus Auto Ports, $2 conv pref
Commercial Discount Co. (Los Angeles) 8% pfd-
7% preferred (quarterly)
<
50c
25c
h25c
20c
17Mc
Commercial National Bank & Trust (quar.)_-_
Conn. General Life Insurance (Hartford) (quar.)
Consol. Aircraft Corp. $3 conv. pref. (initial)
—
Consol. Bakeries of Canada, Ltd. (quar.)
Consolidated Oil Corp. (quarterly)
Extra
Sept. 30 Sept.
Oct.
1 Sept.
Sept.18 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
1 Aug.
Sept.
Oct. 10 Oct.
Oct. 10 Oct.
3
19
24
14
18
24
24
20
20
I
1
$2
Oct.
1
Jan.
2 Dec. 23
Oct.
Oct.
1 Sept. 15
1 Sept. 19
37Mc
—
6)4% preferred (quar.)
Cresson Consol. Gold Mining &
Milling (qu.)
Davenport Hosiery Mills (quarterly)
Co., extra
Deposit Bank Share series NY
(quar.)__
Diamond Shoe (increased)
6)4% preferred (quar.)
Dome Mines, Ltd. (quarterly)
Dow Drug Co
Preferred (quar.)
Eastern Steel Pro 1 acts, Ltd., pref. (guar.)..
Edmonton City
Dairy Co.,
—
—
45c
15c
Ltd".— "
Sept. 23
Sept. 30 Sept. 16
1 Sept. 18
(quarterly)
8% 1st preferred (quarterly)
Preferred
$2
».
$5 preferred
(quarterly)
Electric Auto-Lite
%
(increased)
(quar.)
-
Fear (Fred) & Co.
Fedders
(quar.).
Manufacturing Co
Fifth Avenue Bank
(N.
First National Bank of
Extra
25c
$6
_
lUc
-
Oct.
$1.62)4 Oct.
Oct.
SIM
$1|4
25c
$1
Oct.
1 Sept. 15
1 Sept. 15
1 Sept. 25
1 Sept. 20
Nov. 15 Oct. 31
Oct.
1 Sept. 23
Sept. 30 Sept.
Oct.
1 Sept.
lMc
$1
Oct. 15 Sept.
50c
Oct.
1 Sept.
1 Sept.
$1.62)4 Oct.
50c
Oct. 20 Sept.
15c
SIM
SIM
19
1
30
21
4
30
Nov. 16 Nov.
5
Oct.
1 Sept. 19
Oct.
1 Sept. 15
10c
SIM
(quar.)
$2
50c
$134
(quar.)
40c
10c
preferred!!!!!!!!!!!!!
Globe Discount &
Finance 7% pref. (quar.)
Gordon Oil Co. class B
(increased)
Gorton Pew Fisheries
Great Lakes
h$l M
8734c
8734c
80c
Co., Ltd
Steamship
Great West Life
Assurance (quar.)
75c
! " ~ !__
_
Greenfield Tap & Die, $6
preferredGreyhound Corp. $7 pref. A
(quar.)
Common (quar.)
r$5
$2
("quar".)!!!!!!!!!
1 Sept. 21
Oct.
1 Sept.17
Sept. 30 Sept. 26
Sept. 30 Sept. 19
Sept. 30 Sept. 19
Oct.
1 Sept. 15
Sept.30 Sept. 20
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 19
Oct.
Sept. 26
Sept. 30 Sept. 21
Oct.
1 Sept.19
Oct.
1 Sept. 19
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Sept.15 Aug. 31
Sept. 15 Sept. 15
Oct.
1 Sept. 21
Oct.
1 Sept. 18
1 Sept.19
Oct.
Oct.
20 Oct.
1
Oct.
1
1 Sept. 21
Oct.
Oct.
Oct.
Oct.
1
Sept. 21
Oct.
1
1 sept. 21
15 Sept. 28
1 Sept.16
1 Sept. 15
50c
12
25
12
15
21
21
21
19
21
18
15
15
15
24
24
Nov. 14 Oct.
23
20c
Nov. 14 Oct.
23
42c
Oct.
25c
Humboldt Malt &
Brewing Co., 8%
Sept.15 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
20c
(quar.)
Oct.
50c
Common (extra)
Hinde & Dauch Paper Co. of
Canada (quar.)
Hollinger Consolidated Gold Mines
Hook Drugs, Inc.
(quar.)..
Extra
Oct.
SIM
50c
1234c
5c
1234c
1234c
pref."A~(~q~u.j
20c
Corp.(London.Ont.) (quar.)
r$lM
1234 c
Hunter Steel Co.,
6% preferred (.quar.)
Huron & Erie Mtge.
30c
Ideal Finance Assoc. ciass A
(quar.)___
$8preferred (quar.)
$2
$2 convertible preferred
(quar.)
Independent Pneumatic Tool (quar.)
50c
$1
Extra
.
Indiana Pipe Line Co
!!!_!!!
!
!
!._
Extra..
Industrial Rayon Corp.
(quar.)
lnterlake Steamship Co.
u
(quar.)
►
International Nickel Co. preferred
(quar.)
International Nickel of Canada
7% pref. (qu.)_.
lnterstate Department Stores
(resumed)
Preferred (quar.)
Investment Foundation, Ltd.,
6% conv. pref.__
6% conv. preferred (quarterly)
1
Investors Mtge. &
„
Guaranty Co. (Conn.)
7 % preferred (quarterly)
Investors Royalty 8% preferred
(quar.)
Common (quar.)
Jamaica Public Service, Ltd.
(quar.)
Jamestown Telephone Corp.
6% pref. (quar.)
50c
1 Sept. 24
1 Sept. 18,
Oct.
Sept. 18
SIM
Nov.
2 Oct.
8Mc
Nov.
2 Oct.
50c
SIM
13c
37c
3734c
SIM
50c
134c
43 Mc
Oct.
Nov.
Oct.
15 Sept. 30
Oct,
15 Sept. 30
.
Sept. 30
Sept.30
Sept.30
Sept. 30
Oct.
1
$134
Oct.
1
Oct.
1
$2
$7 preferred (quar.)
Kellogg Switchboard & Supply Co. (quar.)
1
Oct.
1
VIY4.
Preferred (quar.)
Kansas Power Co. $6 preferred
(quar.)
1
Oct.
25c
(quar.)
Oct.
SIM
734c
7% preferred (quar.)
3
3
6 Sept. 26
1 Oct. 20
50c
Jenkins Bros, (increased)
Foui Jers shares (increased)
Oct.
1
$134
$1M
Oct.
1
Sept. 25
Oct.
1
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 23
Sept. 15
Sept. 24
Sept. 24
Sept. 24
Aug. 31
Sept. 21
Sept. 21
Sept. 19
Sept. 19
Knott Corp
-
Extra
12
12
Oct.
Sept. 30 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
Oct.
1 Sept.
Oct. 15 Sept.
Nov, 2 Oct.
Oct.
Sept.
Oct.
Sept.
60c
12c
70c
25c
-
•
Loomis Sayles 2nd Fund, Inc.
(quar.)
Oct.
10c
$134
Oct.
Oct.
50c
Oct.
50c
MacAndrews & Forbes (quar.)__
Preferred (quar.)
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
50c
Oct.
Oct.
Oct.
50c
(quar.)
$2 conv. preferred (initial)
Marconi International Marine—
15 Sept. 25
1
15 Oct.
-
McKay Machine Co
Extra
15c
35c
Quarterly
Quarterly
Quarterly
$2
75c
$1
$1
$134
Oct.
Sept. 25 Sept.
1 Sept.
Oct.
Oct.
1 Sept.
1 Sept.
Oct.
1 Sept.
Oct,
Oct.
1 Sept.
Sept. 30 Sept.
25
30
30
30
19
1
15
21
20
20
20
22
26
Dec. 31 Dec. 28
1 Sept. 21
20c
Oct.
Oct.
$134
Oct.
lc
Oct.
25c
25c
25c
1 Sept. 21
1 Sept. 19
1 Sept. 16
Sept. 30 Sept. 15
Dec. 24 Dec. 14
45c
Mar. 31 Mar. 15
June 30 June 15
Oct.
1 Sept. 25
15c
Oct.
25c
(Bait., Md.) (quar.)__
19
,14
,14
234%
25c
Preferred (quarterly)
McQuay-Norris Mfg. (quarterly)
Mercantile Trust & Saving Bank (Chic.)
quar.__
Quarterly
Merck & Co., 6% preferred (quarterly)
Common (increased)
Minneapolis Gas 5% pref. (quar.)
M. J. & M. & M. Consolidated
(increased)
Montgomery (H. A.) Co. (initial quar.)
25
19
15
18
29
Oct.
15c
Extra
Lorain Telephone Co., 6% preferred
(quar.)
Monumental Radio Co.
Extra
31 Oct.
50c
Lawyers Trust Co. (quar.)
Leonard Refining, Inc. (initial)
Life Insurance Co. of Virginia (quar.)
Lincoln Printing Co. (resumed)
Preferred (quar.)
Loomis-Sayles Mutual F'ind, Inc. (quar.)
12
Oct.
10c
-
(monthly)
31 Oct.
31 Oct.
50c
Kentucky Utilities 6% preferred (quar.)
Oct.
Oct.
$134
$134
Preferred (quar.)
10c
40c
„*
Koloa Sugar Co.
Sept.19
50c
(semi-annual)
Joliet Heating Corp. 6% pref.
Kahn (E.) & Sons
1
Oct.
SIM
$134
h$ 7
$2
Savings Bank (quar.):
Hartford Fire Insurance Co.
(Conn.) (qu.)
Extra
Dec. 31 Dec. 24
SIM
—
Griggs Cooper & Co. 7% pref.
Gull Power Co.,
$6 preferred (quar.)
Gulf States Steel
Co., 7% preferred
Harris Trust &
Hickok Oil common
7 % preferred
Sept. 15 Sept. 9
10 Sept. 26
Oct.
1 Sept. 30
Sept. 30 Sept. 23
Sept. 30 Sept. 23
Oct.
80c
_
Amer. dep. rec. ord. register
(interim)
Mascot Oil Co. (quar.)
Master Electric Co., (quarterly)
Sept. 30 Sept. 22
Oct. 31 Oct.
5
Oct. 31 Oct.
5
«34%
General Paint
Corp. new conv. pref. (quar.)
General Tire & Rubber Co.
pref. (quar.)
Gibson Art Co.
$334 preferred (quar.)
Nov.
15 Sept. 30
8734c
Preferred (quar.)
!!!!!!!!!!!!!!!!!!!!!!
General Baking $8 preferred
Extra
1 Sept. ,18
2 Oct. 15
2 Oct. 15
2 Oct. 15
15 Sept. 30
15 Sept.. 30
60c
Extra
Gilbert (A. C.) Co.
$334
Oct.
Oct.
(Atlanta,~ Ga.)—""
.
1
1 Sept. 23
1 Sept. 19
Oct.
Oct.
75c
25c
25c
______
7 % preferred
(quar.)
General
Fireproofing Co
15 Oct.
Nov.
$1,125 Oct.
Oct.
234 %
(monthly)"""!I!!!!!!!!!!!!!!!
Nov.
25c
25c
$1
Extra
Corp.
Oct.
•IS
-
fulton Trust Co. of New
York (quar.)
Fundamental Investment, Inc
Gair (Robert) &
Co., $3 preferred (quar.)
Garlock Packing Co.
common (quar.)
Gas Securities
General Discount
Sept. 30 Sept.15
Oct.
7 Sept.19
Oct.
7 Sept. 19
Oct.
7 Sept.19
25c
_
_
Manufacturers Trust Co. (N. Y.)
15
$1
$2
____
!!!!!!!!!!!!!!!!!!!!!!!!!!!
Fisninan (M. H.), A & B
preferred (quar.).;
1 irst Cleveland
Corp. class A&B pref. (quar.)
food Machinery
Corp. (quar.)
434 % preferred (quar.)
Nov. 16 Oct, 15
Nov. 16 Oct. 15
Oct.
1 Sept. 15
1 Oct.
50c
8734c
^
Quarterly
Sept. 30 Sept. 21
Sept. 30 Sept. 21
Oct. 15 Sept. 30
uct.
i rtept. 21
Sept. 30 Sept.12
Sept. 15 Aug. 31
Oct.
1 aept. 21
Nov.
fc$6.60
h$7.20
"!!!!!!!!!!!!!!__
Y.) (quar.) 1111111
Jersey City (quar.)
When
Holders
Payable of Record
Oct.
$1*4
50c* Oct.
Electric Controller &
Mfg. Co
Empire Trust Co. (quar.)
I
Engineers Public Service
Co., $~5~preferred
$5M preferred
$6 preferred
Magma Copper Co
Continental Telephone 7% partic. pref. (quar.).
Corcoran-Brown Lamp Co., 7% pref. (quar.)
Cottrell (C. B.) & Sons Co., 6% pref. (qu.)
S3 34
r3734c
Oct.
50c
Extra
36c
6% preferred (quar.)
20c
$2M
37 Mc
Continental-Diamond Fibre Co_
Detroit Edison
15 Sept.
75c
20c
25c
Continental Oil Co., Delaware
Manufacturing,
Economic Investment trust
15c
-
Consumers Gas Co., Toronto (quar.)
Consolidated Chemical Industries A&B
Dentists Supply
Oct.
$2
.Quarterly.
Conn. Gas & Coke Security pref. (quar.)
SIM
East Missouri Power
7% pref. (semi-annual)
Eaton & Howard
Mgt. Fund A-l (qu., increased)
Echlin
Extra
6)4 % preferred (quarterly)
Preferred
19
1
1
15
24
24
15
19
18
18
15 Sept. 19
15 Sept. 30
6% preferred (quarterly)Broadway & Newport Bridge Co. (quar.)
5% preferred (quarterly).
Brooklyn Borough Gas Co. (quarterly).
6% partic. preferred (quar.)...
6% partic. preferred/extra
Bruck Silk Mills, Ltd. (interim)..
Bucyrus-Erie, 7% preferred (quarterly)
Buffalo Insurance Co. (N. Y.) (quar.)
Preferred
aept.28 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Si
British American Assurance
(semi-annual)
British Amer. Oil Co., Ltd. (no
par capital)
British Columbia Electric Power & Gas Co.—
Extra
9
Sept. 30 Sept. 18
Oct.
1 Sept. 21
1 Sept. 22
Oct.
1 Sept. 16
Oct.
Oct.
1 Sept. 15
5Mc
43 Mc
(quarterly)
Central Natl. Bank
9
Oct.
Backstay Welt Co. (quarterly)
Bangor Hydro-Electric Co.
&
6
4 )4 c
Extra
Bird
19
15
17
25
$1.31 M Sept. 30 Sept. 25
Atlanta Gas Gignt Co., $0 cum.
pref. (qu.)
Atlantic Sugar Refineries,
Preferred
,
7J4c
40c
(qu.)
Alpha Portland Cement (quarterly)
Amalgamated-Leather Co., preferred
American Beverage Corp.,
7% pref. (quar.)
American Coach & Body, extra
American General Insurance Co.
(Houston)
Amer. State Insur. Co.
(Indianapolis) (qu.)
American Superpower Corp., 1st
pref
American Brake Shoe &
Foundry
5M% preferred (quarterly)..,
American Smelting &
Refining Co
1st preferred
(quarterly)
2nd preferred (quarterly)
Angostura-Wupperman Corp. (quarterly)
Arundel Corp. (quarterly)
Preferred
Eastern
„,6M% preferred (quarterly)
Name of Company
Extra
Early & Daniel Co
Elder Mfg. Co.
DIVIDENDS
Dividends are grouped in two
separate tables.
In the
first we bring
together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends
previously announced, but which
Allemannia_Fire Insurance
Share
(quarterly)
Township Telephone Co
BRANCH AUTHORIZED
of America National Trust &
Savings
have not yet been
paid.
The dividends announced this week
Name of Company
1 Sept. 25
Financial
1818
Moore
Share
Company
2
Oct.
Oct.
1 Sept. 25
15 Sept. 30
Oct.
pref. (quar.)
Oct.
Oct.
15 Sept. 20
15 Aug. 31
8c
Mutual Telep. Go., Hawaii (monthly)
National Bond & Share Corp
2 6c
Co. (quar.)___,
Casket Co. (semi-ann.)
12>*c
$1>*
81X
National Casn Register
National
Preferred (quar.)
National Power & Bight Co.
$6 pref. (quar.)
2c
(Md.). voting shares..
10c
(quarterly)
$1
New England Power Assoc., 6% pref
33 1-3 c
$2 preferred
40c
New Hampshire Fire Insurance (quar.)
$2 >*
New London Northern RR. Co. (quar.)
New Orleans ColdHtorage & Warehouse (quar.)_
New York Hauseacic Corp. (quar.)
New York Power & Light Co., 7% pref. (quar.)
nx
6% preferred (quarterly)
—
5%
New York Trust Co. (quar.)
UK
Niagara Alkali 7% preferred (quar.)__
Nationwide Securities Co.
Navarro Oil Co.
f1^
50c
N iles-Bemen t-Pond
Norfolk & Western RR., 8%
pref. (quar.)
7% pref. (qu.)»_
Northern States Power (Del.),
6% preferred (quar.)
Northland Greyhound Lines, Inc.—
Convertible preferred (quar.)
North Star Oil Co., Ltd., 7 % pref
Northwest Yeast (quarterly)
Northwestern National Casualty
Northwestern National Insurance (quar.)
Norwich & Worcester RR., 8% pref. (quar.)
Oahu Ry. & Land Co. (monthly)
Ohio Brass Co. (quar.)—
Preferred (quar.)
Ohio Steel Products, increased
Western
1 Sept. 25
5c
Murray Ohio Mfg. Go
$2
$1J*
$13
Sept. 20 Sept. 10
Oct. 15 sept. 30
Oct.
15 Sept. 30
Nov. 14 Oct.
31
Sept. 30 Sept. 16
Nov.
2 Sept. 29
Oct.
1 Sept. 15
Sept, 30 Sept 20|
Oct.
I Sept. 18
Oct.
1 Sept. 18
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 21 Sept.10
Sept. 15 Sept.10
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 19a
Oct.
1 Sept. 21
Sept. 30 Sept. 22
Oct.
1 Sept. 15
Oct. 20 Sept. 30
Oct. 20 Sept. 30
Share
Name of Company
Payable of Record
30c
50c
(Wm. JR.) Dry Goods (quar.)_
Teleg. (quar.)
Mountain States Telep. &
Mutual System, Inc., 8% cum.
Common (quarterly)
Per
Holders
When
Per
Name of
Sept. 19, 1936
Chronicle
2*Jc
Exploration Co. (quar.)
Steel Co. of Calif, (quar.)
37 *ic
Western Fipe 6c
12*jc
Extra
Westinghouse Air Brake
Westinghouse Air Brake
25c
Oct.
10c
—
Sept. 19
sept. 18
Sept.12
Sept. 21
Sept. 21
Sept.15
Sept., 10
Sept. 30
Sept. 30
Oct.
Oct.
82
Sept.
10c
Sept.
$1 *i
$2
Sept.
Oct.
15c
Sept.
25c
Oct.
$l*i
Oct.
m
10c
$2
16c
$1J*
$15*
(quar.).
Preferred (quar.)
Yukon Gold Co
8c
give the dividends announced in
1 Sept.
Oct.
Virginia Pulp & Paper Co. (quar.)
Wheeling Dollar Sav. & Trust (W. Va.) (qu.)
Whitaker Paper Co., 7% pref. (quar.).
Will & Baumer Candle Co., Inc., common.
Preferred (quarterly)
Williams (R. C.) & Co.—
1 Sept.
Oct.
1
dept. 17
Oct.
1
>ct.
1
Sept. 20
^ept. 19
Nov. 15 Nov.
Per
Share
Abbott Laboratories, new
1 Sept. 15
1'T dept. 24
Oct.
1 Sept. 18
Oct.
1 Sept. 18
Oct.
Oct.
New
Sept. 15
Sept. 15
(quar.).
Sept. 21
Sept. 20
Sept. 20
preferred (quar.)
6 >* %
Acme Steel Co. (quar.)
Extra
—
Nov.
Oct.
15
Oct.
15
Oct.
Sept. 21
25c
Oct.
Oct.
Aetna Casualty & Surety
Extra
25c
Nov.
Nov. 20
Quarterly
25c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Otter Tail Power Co. (Minn.) $6 preferred
h72c
Oct.
$5>* preferred
Pacific Greyhound Corp—
h66c
Oct.
Preferred
50c
87*jc
Lives &
on
nuities
Oct.
25c
(quarterly)
Packer Corp. (quar.)
Penna. Co. for Ins.
Oct.
40c
Oct.
$1
Oct.
15 Sept. 30
60c
Oct.
Adams Royalty
30c
15c
$1**
1
1
New common (extra)
Agnew Surpass Shoe Stores, preferred (quar.)..
Agricultural Insurance Co. (N. Y.) (quar.)
Air Reduction Co. (quar.)
Extra
$7 pref. (quar.)
...
preferred (quar.).
Allegheny & Western Ry.
Allied Laboratories, Inc.
$3>* conv. preferred
Allied Products, class A
Sept.
2 Dec.
gtd. (semi-ann.)
(quar.)
1 Sept.
loc
Oct.
1 dept. 23
(quar.)
5% pref.
Allis-Chalmers Mfg. Co., common (increased)
25c
Oct.
*IK
Oct.
1 Sept. 23
1 Sept. 23
Aloe (A. S.) Co. 7% pref. (luar.)
Aluminum Co. of Amer. 6% pref
Aluminum Goods Mfg. (quar.)
Aluminum Industries Inc. (quar.).....
Extra
Oct.
1 Sept. 23
15c
Oct.
20c
Oct.
1 Sept. 21
1 Sept. 21
75c
*
Extra
sept. 10 dept.
Wabers Products (resumed)
pref. (quar.).
Providence Gas Co. (quar.)
Provincial Paper Co. 7% pref. (quar.)
Public Service N. J., 6% pref. (monthly)-—.
Ponce Electric, 7 % preferred (quar.)
Pullman, Inc. (quarterly)
Preferred Accident Insurance (quarterly).
Pullman, Inc. (quar.)
Rath Packing Co..
Rex Hide, Inc. (increased)
Rochester Trust & dare Deposit (N. Y.) (quar.)
Richman Bros. (quar.).
Rossia Insurance Co. (semi-annual)
Extra
20c
1 Sept.15
;
10c
Oct.
17*Sc
50c
10c
1 Sept.19
Sept. 21 Sept. 16
Oct.
1 Sept. 25
Oct. 10 Sept. 19
Oct.
1 Sept. 19
Oct. 15 Sept. 30
Oct.
1 Sept. 19
Oct.
1 Sept. 18
l£}*c
6% preferred (quarterly)
6.6% preferred (quarterly)
:
Oct.
15 Oct.
25c
Oct.
$1>*
15*%
15*%
Oct.
15 Sept. 10
15 Sept. 30
1.65%
.
Oct.
Oct.
Oct.
1 Sept. 22
1 Sept. 22
k
1 [Sept. 22
Sept. 30 Sept. 16
Sept. 30 Sept. 25
$15*
Sept. 30 Sept. 25
$i
-
Stearns (Frederick) & Co
5% preferred (quar.)
Sterling Brewers, Inc
Sterling Securities, 1st preferred
Strawbridge & Clothier, 7% preferred
Sun Ray Drug Co. (initial, quar.)
20c
Oct.
h$3
75c
20c
Oct.
10c
Extra.
37>*c
Preferred (initial, quar.)
Superior Oil of California preferred
Preferred
Superior Portland Cement, class A...
Swan Finch Oil Corp. 7% preferred
Texas Electric Service Co. $6 pref. (quar.)
Textile Banking Co. (quarterly)
Tilo Roofing Co., Inc., common
^ Extra
—
$2cumul. conv. preferred, series A.........
Toledo Trust Co. (Ohio)
Toronto Elevators, Ltd., pref. (quar.)
Torrington^Co. (Me.) (quarterly)
Union Ainer. Invest. Corp. (liquidating)
1
Union Investing Co. 7 6%^preferred (quar.)
........
/i4%
h4 %
27>*c
43 J*c
$15*
50c
125*c
50c
Oct.
Oct.
Oct.
10 Sept. 25
16 sept. 30
1 Sept. 17
1 Sept. 25
1 Sept. 25
Oct.
1 Sept. 25
Sept. 25 Sept.10
Oct.
25 Oct. 10
1 Sept. 23
Oct.
Oct.
1 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
Oct.
15
24
21
21
21
1 Sept. 19
15 Oct.
1
$37
Sept. 11
95c
Oct.
Sept. 28 Sept.19
Sept. 28 Sept.19
Oct. 15 Sept. 24
Oct.
1 Sept.19
$15*
(quar.)
75C
(quar.)
United Gas Public Service Co., $6 pref.
(qu.)
$15*
13.8c
1.8c
(quar.)
United Shirt.Distributors (quar.)
Oct.
50c
Class C registered
United Securities, Ltd.
Oct.
75*c
10c
—
875*c
Oct.
15 Sept. 30
15 Sept. 30
15 Sept. 25
Sept. 23 Sept.19
Sept. 23 Sept. 19
Oct.
1 Sept.15
Shares,
2-5c
30c
75c
Nov.
$2
75c
Oct.
5c
...
15c
h$l5*
preferred
10c
Vlchek Tool Co
1 Sept. 15
Sep.tSO Sept. 19
Oct.
Preferred (quar.)
1 Oct. 19
1 Sept. 23
Sept. 30 Sept. 18
Sept. 30 Sept. 19
Sept. 30 Sept. 19
Oct.
1 Sept.19
Sept. 30 Sept. 22
Sept. 30 Sept. 22
...
(semi-annual)
(s.-a.)
Western Commonwealth Corp. class A
$15*
20c
$3 5*
r$l
20c
Nov.
2 Oct.
15
Sept. 20 Sept. 15
Oct.
1 Sept. 22
Oct.
1 Sept. 26
Oct.
1 Sept. 20
—
pref. (quar.)
pref
(quar.)
Co., preferred (quarterly)
Amer. Cities Power & Light Corp.—
n685*c
$2.75 class A opt. series of 1936 (initial)
'50c
American Crystal Sugar (initial)
$1.50
6% preferred (quarterly)
15c
American Cyanamid Co.. com. class A & B (qu.)
$1.00
American District Telegraph (N.J.) (quar.)
$1.75
$7 Preferred (quar.)
—
American Chain, 7%
American Chicle
American Enka
50c
A (quar.)
Ltd. (monthly)
American-Felt Co., 6% preferred (quar.)
American Fork & Hoe 6% pref. (quar.)
American Gas & Electric Co., common (quar.)__
Preferred (quarterly)
American Hard Rubber Co., 8% pref. (quar.)
American Hardware Corp. (quar.)—
Quarterly
American Hawaiian Steamship (quar.)
American Hide & Leather, preferred (quar.)
American Home Products Corp. (monthly)
American Factors,
American Insur. Newark, N. J.) semi-annual
Co., 7% preferred.
Americah Machine & Metal, Inc.American Mfg. Co. preferred (quar.).
American Investment
Preferred
!
(quar.)
7% preferred
American Paper Goods, 7% pref. (quar.)
American Power & Light Co., $6 preferred
$5
Nov. 25
im
Sept. 18
Sept. 30
Sept. 16
15c
$L5(S
Oct.
9
Oct.
8
Sept. 16
Sept.12
25c
12
25c
Dec.
25c
Sept. 15
75c
Sept. 18
Sept. 14
Sept. 14
20c
25c
Aug. 25
Sept. 15
Sept. 15
$15*
15c
ilif
Dec.
15
Sept. 19
Sept. 19
$1.75
$15*
$15*
Dec.
5
Sept.
Sept.
preferred.
8
8
3
(quar.)
1
Sept. 10
Sept. 10
$15*
;
*
American Snuff Co. (quar.)
Preferred (quar.)
preferred
American Stores (quarterly)
American Sugar Refining Co.
Oct.
15
Oct.
15
Sept. 10
Sept. 10
sept. 15
Sept.15
Sept. 5
Sept. 5
3ept. 15
Sept. 10
$15*
$15*
50c
(quar.)
(quar.)
American Tobacco Co., prer.
50c
$7
75c
Co. (quar.)
Preferred (quarterly)
American Telep. & Teleg.
Sept.
Sept. 15
Oct.
50c
American Safety Razor (new)
Old (quarterly)
American Ship Building
Preferred (annual)
•30c
$15*
American Radiator & Standard Sanitary Corp..
American Rolling Mill (quar.).
Preferred
5
Sept.
35c
$1>*
$2.00
50c
American Optical Co., common..
15
Sept.10
Sept. 21
Sept. 21
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
25c
Corp. (quar.)
Extra
American Envelope Co.. 7% pref.
American Express Co. (quar.)
(quar.)
50c
$15*
$2 5*
15*%
American Water Works & Electric Co.—
1st $6 preferred
Anaconda Copper Mining Co
Anchor Cap Corp., common (quar.)
$6>*
conv.
preferred (quar.)_.
Anheuser Bush, Inc.
(quarterly)
Quarterly
Apex Elec. Mfg., prior pref. (quar.)
Prior preferred
$15*
Oct.
1 3ept. 14
25c
Oct.
19 Sept. 12
15c
$160AC
50c
$1.75
/i3.50
$15*
Appalachian Electric Power, $7 pref. (quar.).—
$15*
$6 preferred (quarterly)
h$1.50
Arkansas Power & Light, $6 pref
h$1.75
$7 preferred
$15*
Armour & Co. of Del., 7% pref. (quar.)
'
Virginian Ry. 6% pref. (quar.)
Wailuku Sugar Co. (monthly)
Wells Fargo Bank & Union Tr. Co. (quar.)_
Dec.
Capital Corp. $3 preferred
American Steel Foundries,
United Investment Shares, Inc.—
Class A registered
7% preferred (quar.)
United. States Electric Light & Power
Inc. (Md.) voting shares
United States Guarantee Co. (quar.)
Universal Leaf Tobacco (quar.)
Preferred (quar.)
Utah Copper (increased)
1 Sept ."25
(quar.)
15
Sept. 10
Sept. 10
••ept. 17a
Sept. 15
Sept. 18
dept. 12
Sept.
5
—
American Cigar
1 Sept. 18
25c
UnionjTwist Drill Co
Preferred
American
1 sept. 24
Oct.
Oct.
.....
American Bank Note Co
American Can Co.,
15
Sept. 14
jept. 15
•tept. 15
Agricultural Chemical
class A (resumed)
7% preferred (quar.)
—
7% preferred (semi-ann.)—
1
2oc
...
Standard Screw
20
Sept. 30 Sept.15
Oct.
1 Sept. 23
Oct.
1 Sept.19
$1>*
Southern Counties Gas Co., 6% pref. (qu.)
Western Assurance (Toronto)
2 Oct.
15 Sept. 30
Dec.
American
24
30c
r7 c
Dec.
American Bakeries Corp.,
24
Sept. 28 Sept. 16
Oct.
h$7
Southern Indiana Gas & El. Co., 7% pref. (qu.).
Valve Bag Co. 6%
Nov. 16 Oct.
Nov. 16 Oct.
Nov.
-
_
Utah-Idaho Sugar
Preferred A (quarterly)
Oct.
8
19
Sept. 15
(quarterly)
50c
Railway (semi-ann.)
Shawmut Assoc. (quar.)
Soss Mfg. Co. (initial, quar.)
Extra.
7% preferred
50c
Sharon
United Fruit Co.
1 Sept. 15
1
31 Oct.
1 Sept. 15
37**c
San-Nap-Pak Mfg. preferred (quar.)
Second Twin Bell Syndicate (monthly)..—
Preferred
Oct.
Oct.
15c
Inc. (quarterly)
(quarterly)
Oct.
M
_ _
—
Quarterly
7 % preferred
50c
...
Southern Acid & Sulphur Co., Inc
Aluminum Manufacturing.
5
15 Sept. 25
$15*
Royal Typewriter 7 % preferred
St. Louis National Stockyards (quar.)
San Antonio Gold Mines, Ltd—
Allied Stores Corp.,
Oct.
Procter & Gamble, 8%
15
Sept. 25
Sept. 25
1 dept. 15
1 Sept. 21
30 Sept. 14a
Sept. 19
Sept. 15
^ept. 19
Sept. 30
Sept. 15
(quar.)
Oct.
15
Sept. 15 j
Sept. 15
Sept. 19
sept. 23
Sept. 15
Sept. 15
Sept. 8
Sept. 8
Sept. 30
Sept. 30
Sept. 15
>ept. 20
Sept. 30
Sept .30
^ept. 15
Sept. 15
Oct.
$5 preferred (quar.).
Alabama & Vicksburg Ry. Co. (semi-ann.)
50c
Pie Batteries, Inc
7% preferred (quarterly)
2nd preferred (quarterly)
Pioneer Mill, Ltd. (monthly)
1
1
Affiliated Fund, Inc., new
Alabama Power Co.,
1 Sept. 26
Oct.
1 Sept. 12
1
Oct. 26 Oct.
1
Nov.
2 Oct.
10
h
(quar.).
(quar.)
(initial).
Aetna Life Insurance
1 Sept.16
Granting An¬
J
(Phila.), quarterly
Pennsylvania Salt Mfg. Co. (quar.)__
Pennsylvania Warenousing & safe Deposit Co.
(Philadelphia)
;
Peoples Pittsburgh Trust (Pittsburgh) (quar.)
Philadelphia Co. (quarterly)
L 6% preferred (semi-ann.).
Phoenix Insurance Co. (Hartford, Conn.) (qu.)_
Prentiss
Sept.
19
15
15
26
16
20
Holders
When
Payable of Record
Straus, Inc. (increased).
Acme Glove Works Ltd. (quar.).
Nov.
20
8
previous weeks
(extra)
25c
$1>*
(quar.)
Ontario Manufacturing (extra)
21 Oct.
Abraham &
35c
'.
Extra
Ontario Loan & Debenture
2
Oct.
This list does not include dividends an¬
nounced this week, these being given in the preceding table.
Co. (quar.)...
Addressograph-Multigraph (quar. increased)
Aero Supply Mfg
Co., class A—
Class A (quarterly)
___
17
17
paid.
and not yet
Name of Company
$1H
hSHc
lent. 30
4-30-37 3-31-37
7-30-37 6-30-37
10-30-37 9-30-37
1-30-38 12-31-37
25c
West
we
30
Oct.
25c
25c
Extra
Below
Sept. 30 Sept. 15
Oct.
6 ^ept. 25
Oct.
5 Sept. 25
25c
(quar.)
Co. (quar.).
QuarterlyQuarterly
Quarterly
West Point Mfg. Co. (quar.),
Young (J. S.) & Co.
Holders
When
Payable of Record
pref. (quar.)..
7% preferred
Art Metal Works, Inc. (quarterly)
Armour & Co. of 111., $6
1 Sept. 18
Oct.
1 Sept. 18
Sept. 30 Sept. 20
Dec. 30 Dec. 20
Oct.
Oct.
1
Sept. 21
Sept. 21
Sept. 2
Oct.
Sept. 2
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 10
Oct.
1 Sept.10
Oct.
1 Sept.10
Sept. 25 Sept. 11
Oct.
Oct.
'
Volume
Financial
143
Name
Per
Share
of Company
35c
35c
rl5c
Asbestos Mfg. preferred (quar.)
Preferred (quar.)
Associated Breweries of Canada (quar.)
Preftrred (quar.)
Associates Investment Co. (quar.)
r$i
-----
Extra
-
37||c
—
-
$1
5% preferred (quar.)Atlantic City Fire Insurance (quar.)
Atlas Plywood Corp
Automatic Voting Machine (quar.)
Automobile Insurance (Hartford)(quar.).-Axton-Fisher Tobacco Co,, class A (quar.).,—
Class B (quarterly)
Preferred (quarterly)
K
°
$1.
25c
12 He
25c
80c
40c
63c
$1K
(quar.)
Sept.
1 Sept.
,1 Sept.
15 Sept.
1
Sept.
1 Aug.
1 Aug.
1 Sept.
1 Sept.
UK
UK
Oct.
1 Sept.
1 Sept.
Oct.
1
o
Bank Stock Trust Shares C-l reg
Series 02 registered.
Barnsdall Oil Co. (quar.)-,
Oct.
m
Oct.
1
20c
(N. Y.) (quar.)
Oct.
37 He
$3.50
$3
50c
Bangor Hydro-Elec. Co. 7% pref. (quar.)
6% preferred (quar.)
Bank of Manhattan Co. (quar.)-,—
Bank of New York & Trust Co. (quar.)
Bank of Nova Scotia (quarterly)
Bank of Yorktown
1
Oct.
Bangor & Aroostook RR. Co. (quar.)
Preferred
Sept. 15
Oct.
Oct.
Oct.
18C
—.
20
2
Nov. 16 Nov.
Oct.
|1 Sept. 19
Oct.
Sept. 8
Oct.
Baldwin Co., 6% preferred A (quar.)Bancohio Corp. (quar.)
20
Sept. 30 Sept. 15
Got.
•iept. 15
Sept. 30 Sept. 19
Sept. 30 Sept. 19
Sept. 30 Sept. 19
Sept. 30 Sept. 19
Oct.
Babcock <fc Wilcox
Oct.
Jan.
Nov.
Feb.
Oct .J
Nov.
-
—
Oct.
Oct.
UK
25c
Oct.
—
—
Bayuk Cigars, 1st preferred (quar.)
Beatrice Creamery common
1 Sept.
1 Sept.
Oct.
$1.25
Sept.
Sept.
15
15
19
30
29
31
31
10
10
15
18
15
29
1
1
10
2 Oct.
15
Oct.
Sept. 30
1 Sept. 14
1 Sept. 14
UK
Oct.
Oct.
Beech Creek RR. Co
50c
Oct.
1
Beech-Nut Packing Oo. common
Extra
75c
50c
Oct.
$1
$1K
Oct.
Oct.
1 Sept. 15
1 Sept. 15
25c
Oct.
30 Sept. 25
(initial)
w.
*—
(quar.)
—
Belding-Corticelli, Ltd. (quar.)—
Preferred (quar.)—
——
Belding Keminway Co. (quar.)
—
Belgian National Ry., Amer. shs. preferred-.—
Bell Telephone of Canada (quar.)
Bell Telephone of Penna.. 6H% pref. (qu.)
Bernard Schwartz, see Schwartz— Bethlehem steel Co. 5% preferred (quar.)
7% preferred (quar.)
—
Black & Decker Mfg. Co.. 8% pref. (qu.)
Bliss & Laughlin, Inc. (quar.)
—
_
$3.24
r$lH
UK
1
Oct.
25c
1 Sept.
Oct.
1 Sept.
37 He
Nov. 15 Nov
————
Oct.
Oct.
Oct.
Oct.
Oct.
Chartered Trust & Executor (Toronto) quar—.
_
-
75c
Chesapeake & Ohioliy. (quar.).—..——.——.
Preferred (semi-annual)—-———.—.
Chesebrough Mfg. Co. (quar.)
Extra.
;
Chicago Flexible Shaft Co. (quarterly)
pref. (quar.)
Oct.
M
—
10c
Bridgeport Brass Co. (quar.)
15c
Extra
Bridgeport Gas Light Co
—
Bridgeport Machine Co., pref. (quar.)
Brillo Manufacturing class A (quar.)
-----Common (quar.)
■
British-American Tobacco Co., ord. (interim)
British-Amer. Tob. Ltd. 5% pf. reg. (semi-ann.)
5% preferred bearer shares (semi-annual)
British Columbia Power, class A (quar.)
Broad Street Investing Co. (quar.)
Brooklyn-Manhattan Transit, preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Brooklyn & Queens Transit pref. (quar.)_
Brooklyn Union Gas Co. (quarterly)
—
Brown Fence class. B (semi-annual) - — ———Brunswick-Balke-Oollender preferred (quar.)-—
50c
50c
15c
tolOd
___
2H%
2H%
r40c
20c
$1H
$1H
$1H
„
Bucyrus-Monighan Co., class A (quar.)
Budd Realty Corp. (quar.)
Budd Wheel Co., preferred
Preferred (partic. div.)
(quar.)
Oct.
Oct.
45c
$^c
Sept. 21 Sept. 3
" Sept. 15
Oct.
sept. 18
Oct.
15 Oct.
±
Oct.
1 Sept. 26
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Nov.
Oct.
Oct.
Oct.
25c
70c
—
Oct.
Sept. 30
12
Oct.
6 an's Oct.
Oct.
Oct.
$25.17
Oct.
40c
——
Oct.
Extra-Calumet & Hecla Oonsol. Copper Co.————Cambria Iron Co. (semi-annual)
$1.60
35c
50c
12 He
25c
Oct.
25c
Sept. 30
30c
Oct.
Oct.
Oct.
26
Oct.
1
Oct.
1
Oct.
1
1 K%
7% cum. pref. (quar.)J
———
r75c
Canada Packers, Ltd. (quar.)
—»——
$2
Canada Permanent Mtge. (quar.)
7i$3.25
Canada Wire & Cable. Ltd. 6 H % prefCanadian Oanners, Ltd., 6%lstpref. (quar.)—r$lH
■
Canadian Celanese Ltd-—.-.—-—
—
7% part, preferred (quar.)
Canadian General Electric (quar.)
Canadian Industries, Ltd., com. A & B (qu.)—
r40c
r$1.75
$1.25
r«l K
Preferred (quarterly)--—————
—
Canadian Oil Cos.. Ltd., 8% preferred (quar.).
rUK
Canadian Wirebound Boxes, class A
37
—
(quar.)
Cannon Mills Co. (increased)
Capital Administration Co., Ltd., class A-
$2
$3 preferred (quarterly)---.
——
Carnation Co., 5% preferred (quarterly).
7% preferred (quarterly)
7% preferred (quarterly) —
—...
Carolina Power & Light $6 pref. (quar.)—
$7 preferred (quar.)
— -———
Carolina Telephone & Telegraph (quar.)—
Carriers & General Corp,, common (quar.)
Case (J. I.) preferred--—-—
—
Preferred (quar*)—
—
Oct.
15
1
Sept. 30
Sept. 30
Oct.
Oct.
Oct.
Oct.
Oct.
Sept. 30
Canfield Oil. 7% pref.
Class B
Oct.
Oct.
Oct.
Oct.
Oct.
$1
25c
,
Cambridge investment Corp. A & B (semi-ann.)
Campbell, Wyant & Cannon Foundry (extra) —
Canada Northern Power Corp., Ltd. (quar,) —
Oct.
50c
Oct.
.128c
75c
Oct.
Oct.
Oct.
Oct.
Jan.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
15
Sept. 15
16
16
16
16
Sept. 15
Sept. 30
Aug. 27
Sept. 15
Sept. 15
Sept. 25
Sept. 15
Sept. 15
Sept. 15
Sept. 21
Sept. 21
Sept. 1
Sept. 15
Sept. 21
Sept. 12
Sept. 30
Sept. 30
Sept. 15
Sept. 15
Sept. 15
Sept. 18
Sept. 18
Sept. 18
Sept. 15
Sept. 30
Sept. 30
Sept. 20
Sept. 15
Sept. 21
Sept. 18
Sept. 16
Sept. 16
Sept. 16
Nov. 10
1
Sept. 21
65c
62 He
Sept. 19
Sept. 20
Dec. 20
Sept. 11
Sept. 11
Sept. 23
Sept. 21
Sept. 12
1 Sept. 12
Oct.
1 Sept
Oct.
1 Sept. 19
1 Sept. 15
1 Sept. 15
Oct.
19
Oct.
1
62 He
Oct.
1 Sept. 16
50c
Oct.
1
$4
Oct.
Oct.
$1.25
,
Jquar.)
-
...
—
$3
UK
$1H
$2K cumul. preferred
1 Sept. 21
1 Sept . 21
1 Sept. 21
Sept. 30 sept. 12
Oct.
1 Sept. 15
25c
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 28 Sept, 14
Oct.
1 Sept. 18
Sept. 30 Sept.10
Sept. 30 Sept.10
25c
Sept. 30 Sept. 10
$1.06K Sept. 30 Sept.10
25c
50c
25c
e2°tl
Oct.
Oct.
Oct.
Oct.
1 Sept. 15a
1
Sept. 15a
1 Sept. 11
1 Sept. 15
Sept. 30 Sept. 25
Dec. 31 Dec
25
Oct.
1 Sept. 15
nept. 23 sept.
1
Oct.
1 Sept. 24
Oct.
1 Sept. 15
Oct.
1 Sept. 10
Oct.
Oct.
1 Sept. 15
1 Sept. 15
Oct.j
Oct.
,
Oct.
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Oct.
1 Sept.
Sept.
Sept.
Sept.
Sept.
Sept
30 Sept.
1 Sept.
1 Sept.
1
1
1
1
1
15
15
15
15
15
15*
15
21
18
1 Sept. 15
Sept. 26 Sept. 12
Nov. 30 Nov
Oct.
15
1 Sep*. 21
1 Sept. 15
Oct.
1 Sept. 21
Sept. 24 Sept. 14
)ct.
Sept. 24 Sept. 14
1 Sept. 12a
Oct.
8 Sept. 21
Oct.
—_
_____—......
—
Oct.
—
preferred
Crucible Steel Co. of Amer., pref
Crum & Forster (quarterly)
10 Oct.
1
—
Oct.
1 Sept. 14
Sept. 30 Sept. 16
Oct.
5c
;
8% preferred (quar.)
Preferred (qqar.)_
Curtis Publishing Co., 7% pref-Dayton & Michigan RR. (semi-annual).
8% preferred (quar.)_
Deisel-Wemmer-Gilbert Corp. (quar.)
Oct.
$2.00
$2
/
h$l
20c
...
_
1
Oct.
Oct.
Oct.
Oct.
Sept. 15
Sept. 12
1 Sept. 12
1 Sept. 5
1 Sept
8
25c
31c
———
Crown Drug Co., common
Crown Willamette Paper 1st
-
Sept. 30 Sept. 12
Oct.
1 Sept. 16
Oct.
1 Sept. 16
Oct.
Extra..
Extra
4
1
•Jpi
Crown Cork International Corp., cl. A (qu.)
Crown Cork & Seal Co—
Sept.
Sept.
Sept.
Sept.
Oct.
r50c
rl.75
Sugar Estates (quar.)
Extra
2 Oct.
Sept. 30 Sept.
>ct.
6.6% preferred (quar.).———
7% preferred (quar.)
....
6% Preferred (monthly)—.
6.6% preferred (monthly).
Continental Assurance Co. (Chicago) quar„
Continental Baking, 8% pref. (quar. increased)
Continental Bank & Trust Co. (quar.)
Continental Steel Corp., preferred (quar.)
Coon (W. B.) Co. (resumed)—
Copper weld Steel (quar.).-—
Coronet Phosphate Co. (quar.)
Courier-Post, 7% pref. (quar.)
Cream of Wheat Corp. (quar.)
Crowell Publishing Oo. (quar.)-
1
Sept. 15
Sept. 1
19
Dec.
50c
50c
——
Class A 5% preferred (quar.)
Consumers Power Co. $5 preferred (quar.)
6% preferred (quar.)
—
2
Dec.
12 He
20c
—
Common
Sept. 19
sept. 30 Sept. 15
Sept. 30 Sept 15
87 He
—
1
15 Jan.
25c
35c
w
50c
10c
11
Apr. 15 Apr.
4uc
Burt (F. N.) & Co., Ltd.
Oct.
Jan.
15c
-
4
Jan.
35c
25c
Preferred (quarterly)—
California Ink Co. (quar.)———,
Sept.
5
5
Oct.
_
15 Sept. 30
1 Sept. 16
Oct.
$1H
Buffalo, Niagara & Eastern Pow.. 1st pref. (qu.)
$1.60 preferred (quar.)
—
—
Building Products Ltd. cl. A (quar. increased)Class A (extra)--
7% preferred (quarterly)
—
Cache La Poudre Co. (liquidating)
7
8
Dec. 31
1 Sept. 15
Sept. 19
4ept. 30 Sept. 19
-
Extra.
Oct.
Feb. 28 Feb. 15
Oct.
Sept. 20
Oct.
sept. 19
$2.00
Corp., Ltd., Am. dep. rec. reg. (final)—
(quar.)
Oct.
8
Sept.
Oct.
Oct.
—
4H% preferred, initial (quar.)
$1
Commercial Invest Trust Corp. (increased quar.)
Conv preference $4 K series of 1935 quar.)
$1.06 K
Commonwealth & Southern Corp., pref
75c
Commonw. Telep. (Madison, Wis.) 6% pf. (qu.)
$1.50
Confederation Life Association (quar.)
Quarterly
Connecticut Light & Power (quar.)
75c
Consolidated Biscuit Co. (quar.)
15c
Consolidated Dry Goods Corp., 7% pref
h$2.50
—
Consolidated Edison Co., $5 pref. (quar.)
UK
Consolidated Film Industries preferred
25c
Oonsol. Gas, El. Lt. & Pow. Oo. of Baltimore—
26
15
20
16
16
16
21
15
15
4
4
75c
$1
— — _
Class B (quar. increased)
Class B (extra)
—;
Bullard Co
Burdine's Inc., $2.80 preferred (quar.)
Sept. 30 Aug.
Oct
Sept.
Sept. 25 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Oct.
7 Sept.
15
15
4ept. 30 Sept,
•*ept 30 Sept
—
6% preferred (quar.)
Chicago Title & Trust Co
Chicago Towel Co.. pref. (.quar.)
Churngold Corp. (quar.)
Cincinnati Gas & Elec. Co., 5% pref. A (quar.)
Cincinnati & Suburban Bell Tel. (quar.)
15
15
Sept. 29 Sept. 19
Sept. 29 Sept. 19
Oct.
Sept. 15
Chicago June. Rys. & Un. Stockyards (quar.)
—
1
75c
;-
Oct.
Jan.
.
Extra
Columbia Broadcasting A & B (quarterly)
Columbia Pictures Corp. com. & v. t. c. (quar.)
Commercial Credit Corp
Quarterly.
1
15 Sept. 30
15 Sept. 30
31 He
Brandy wine Corp. (increased)—
Brazilian Traction Light & Power,
Brewer (O.) & Co. (monthly)
24 Oct.
Oct.
5c
'
Oct.
10c
(increased)
.
Oct.
Oct.
Columbia Baking common (increased)
$1 partic. preferred (quar.)
$1 partic. preferred (extra)
Sept. 15
Sept. 15
15 Sept. 25
Sept. 30 Sept. 23
Sept. 30 Sept. 23
Sept. 3d Aug. 31
Oct.
Sept. 10
Oct.
Sept. 21
Sept. 16
$2.12 H Oct.
(quar.)-—-—-—-—---.
•>ept.
sept.
1 Sept.
Sept.
1 Sept.
Oct.
$7 cumulative preferred (quar.)
...
Cumulative preferred series B (quar.).
Colt s Patent Fire Arms Mfg. Co. (quar.)
$2
—
Sept. 19
-»ept. 2b
4ept. 25
Champion Paper & Fibre Co., 6% pref. (quar.)
Coca-Cola Co. (quar.)
Coca Cola International Corp., com.
Acceptance Co.. Inc., 7% pref—--— hl7Hc
17 He
7% preferred (quarterly)—
.——
Boston
Oct.
-,
(Initial)
Class A (quarterly)
Class B (extra)
Sept. 18
Sept. 15
Oct.
;
_
Boston & Albany RR
Boston Elevated Ry. (quar.)
Boston Insurance Co. (quar.)
Boston & Providence RR. (quar.)
Centrifugal Pipe Corp. (quar.)
Certain-teed Products, 6% pref. new (initial)
Chamberlain Metal Weather Strip (extra)
—
Class B (quarterly)
Sept. 15
50c
75c
15 Sept. 19
15 Sept. 19
iept. 2i Sept.15
Nov. 16 Nov
5
^
Sept. 28 Sept. 18
Oct. 23
75c
,
Oalamba
6% preferred
Central Tube (monthly)
Colgate-Palmolive-Peet, Preferred (quar.)__...
...
Preferred (quarterly)
Borne-Scrymser Co. (special)---
Burma
-
Collateral Loan (Boston) quar
Colonial Ice Co. common
Extra
Extra,
Oct.
Oct.
Oct.
.
Dec. 31 Dec. 24
Borg-Warner Corp. (quar.)
Bra 1 ore e Mines Ltd.
Oct.
—
Clorox Chemical Co. (quar.)
Cluett. Peabody & Co., Inc., pref. (quar.)
Coca-Cola Bottling Corp. (Del.) A (extra)
11
75c
Bohn Aluminum & Brass Corp
Bon Ami. class B (quar.)__
Bower Roller Bearing Co.
Central Hanover Bank & Trust Oo. (quar.)
Central Illinois Lb?ht, 4H% pref. (quar.).
Central Illinois Public Service $6 preferred
Sept. 30 Sept. 25
$1.62
Preferred
.
Oct.
$1H
$1H
—
Sept. 18
Sept. 18
Sept 22
Sept. 22
3ept. 19
Sept.17
Sept. 15
Oct.
„—
45c
(quar.^
6% preferred (quar
Bloomingdale Bros
s
i
Holders
Oct.
Oct.
_
Sept. 30 Sept. 21
Sept. 30 Sept. 19
Sept. 30 Sept. 19
Sept. 30 Sept. 19
50c
37 He
Extra
When
Payable of Record
Oct.
Central Canada Loan & Savings
Extra
4
4
37 He
37 He
5% convertible preferred (quar.)
Bloch Bros Tobacco (quar.)
6% preferred
Oct.
Oelanese Corp. of Amer. prior pref. (quar.)—_
Centlivre Brewing class A (quar.)
Central Aguirre Associates (quar.)
-
— — —
Sept. 21 Sept. 14
Oct. 15 Sept. 23
Oct. 15 Sept. 19
UK
Share
of Company
5% preferred (quar.)—
5% preferred (quar.)
City Auto Stamping (quarterly)
City Ice & Fuel Co. (quarterly).—.
Clayton & Lambert Mfg. Co. (increased)
Cleveland & Pittsburgh Ry. reg gtd. (quar.)—
Cleveland Union Stocicyards (quar.)
Climax Molybdenum Co. (quarterly).....
Clinton Trust Co. (N. Y.) (quar.)
—
Sept. 15
%
Extra
Per
Name
Cincinnati Union Terminal Co.—
1 Sept. 12
1 Sept. 12
$5 preferred w.
7% preferred
1819
Holders
When
Payable of Record
Oct.j
—-—
Chronicle
Oct.
15 Oct.
15 Oct.
15 Oct.
5
5
5
Sept. 30 Sept. 21
h%\K
87 He
$1
25c
50c
Extra...
Oct.
Sept. 25 Sept. 15
Sept. 25 Sept. 15
Oct.
Oct.
20c
Oct.
75c
50c
Dejay Stores, Inc., initial (quar.)
De Long Hook & Eye (quar.)
Dentist's Supply Co. of New York (quar.)
Quarterly.
Oct.
50c
$1.00
Sxtra
7% preferred (quar.)—
——........
7 % preferred (quar
Denver Union Stockyards (quar.)
.
1 Aug. 31
1 Sept. 15
7 Sent. 15
UK
UK
l
Sept. 15
2 Sept. 20
Sept. 30 Sept. 19
Dec. 21
Dec
11
Sept. 30 Sept. 19
Sept. 30
Dec. 31
50c
Oct.
1 Sept. 20
$1.37H Dec. 1 Nov. 20
5H% Preferred (quarterly)
——
3 He
Oct.
1 Sept.
1
Deposited Bank Shares (N. Y.), series A
Deposited Insurance Shares, ser A& B........ s2H% Nov. 1 Sept. 15
Jan
$2
5 Dec
Detroit Hillsdale <& South Western RR
19
25c Sept. 30 Sept. 19
Detroit Steel Products
$1.75 Oct.
1 Sept. 19
Devoe & Raynolds, pref. (quar.) —
50c
Oct.
1 Sept. 19
Class A & B (quar.)
25c
Dec.
1 Nov. 14
Diamond Match (quarterly).
—
...—
Diamond State Telep., 6H% pref. (quar.)
UK Oct. 15 Sept. 19
37 He Oct.
Dixie Vortex Co. (quar.).................. ..
1 Sept. 10
62 He
Oct.
1 Sept. 10
Class A (quar.)
................
35c
Dec.
1
Doctor Pepper Oo. (quar.)
..............
150c
Doehler Die Casting (resumed)
—
Sept. 30 Sept."! 5
1 Sept. 21
UK Oct.
$7 preferred (quar.)
—
Oct.
1 Sept. 21
7% preferred (quar.)_
—
Oct.
1 Sept. 15
Dominion Bank of Canada (quarterly)
r37c
Oct.
1 Sept. 15
Dominion Coal Co., pref. (quar.)
r$1.25 Oct.
1 Sept. 15
Dominion Glass, Ltd. (quar.).
r$1.75 Oct.
Preferred
1 Sept. 15
Dominion Rubber,"Ltd? 7 % pref ."(quar.)—IIII r$1.75
Sept. 30 Sept. 18
r$1.25 Oct.
Dominion Textile Co. (Ltd.) quarterly
1 Sept. 15
r$1.75 Oct. 15 Sept. 15
7% Preferred (quarterly)
Dover & Rockaway RR.. 6% gtd. (s.-a.)—.
1 Sept. 30
$3 Oct.
—
—
....
-»———
Financial
1820
Per
Name of
Draper Corp. (guar.)
—Driver-Harris Co., 7% pref. (quar.)
—
Duke Power (quar.)
Preferred (quar.)
Duplan Silk Corp., 8% pref. (quar.)
—Du Pont de Nemours (B. I.) & Oo.—
Debenture stock (quar.)———————--
-
Duquesne Brewing Co., pref. A (quar.)___
Duquesne Brewing (Pittsburgh) con v. A pref—
Duquesne Light Co., 5% cum. pref (quar.)
Eagle Fire Insurance (Newark, N. J.)
Eagle-Picher Lead Co
6% preferred (quarterly)
-
Eastern Canada Savings So Loan (Halifax) (qu.)
Eastern Gas So Fuel Association, 4X% Pref
$6 preferred B (quar.).
—
El Paso Electric Co. (Texas) $6 pref.
(quar.)
Emerson Drug Co., 8% preferred (quar.)
Empire & Bay State Teieg. Co., 4% guar, (quar.)
Empire Power Corp., participating stock- ...
$8 cumulative preferred (quarterly)
— Empire Safe Deposit Co. (quarterly)
—
Emporium CapwelJ
Emsco Derrick So Equipment (quar.)
Endicott Johnson Corp., 5% pref. (quar.)
Common (quar.)
Equitable Office Building
Equitable Trust Co. (Bait.) quar
Erie & Pittsburgh RR., 7% guaranteed
Guaranteed betterment (.quar.)
Oct.
Oct.
Aug. 29
Sept. 19
Goebel Brewing Co. (quar.)
Oct.
$154
Oct.
Oct.
Sept. 15
Sept. 15
Goldblatt Bros.
Goodrich (B. F.) Co., new $5 pref. (initial)
Goodyear Tire So Rubber Co.. 1st pref
$2.00
life
10c
loc
10c
...
Oct.
>. $134
r$1.50 Oct.
$1425 Oct.
1 Sept. 15
1 Sept. 19
1 Sept. 15
1 Sept. 15
1 Sept. 18
Oct.
Oct.
Oct.
3c
75c
10c
10c
50c
50c
$2.50
$1
$1*4
MX
MX
MX
50c
$1
50c
$1)4
$1.50
25c
8734c
6c
—
$234
25c
25c
25c
—
734c
3734c
8734c
25c
634c
1 Sept.
1 Nov. 21
Oct.
1 Sept 15
Oct.
1 Sept. 15
Sept. 29 Sept. 19
Oct.
5 Sept. 26
Sept. 21 nept. 9
Oct.
1 Sept. 18
Oct.
1 Sept. 18
Oct.
1 Sept. 15
Oct.
1 Sept, 24
Dec. 10 Nov. 30
Dec.
1 Nov. 30
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
3 Sept.
Oct.
1 Sept.
Sept. 21 Sept.
Sept. 21 Sept.
Sept. 29 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
Oct.
Oct.
Faultless Rubber Co. (quar.)
Federal Motor Truck
—....
——-—.
Felt man So Ourme preferred (quar.)——
Ferro Enamel Corp. (quar.)
Fidelity Trust (Baltimore, Md.) (quarterly)__
Filene's (Wm.) &. Sons (increased)
(Extra)
-
Dec. 31 Dec
Oct.
s7m
14
21
10
10
10
12
12
12
19
1
15
Sept. 10
$1.25
40c
20c
$154
1.3645
;.0729
1234c
p50c
$234
Finance Co. of America (Bait.), 7% pref—
7% preferred class A
Common class A and B
Common class A and B (extra)
Finance Co. of Pennsylvania (quar.)—
Frst Bank Stock Corporation (increased)
First National Bank of Chicago (quar.) —
25c
$134
Quarterly
First National Bank of Philadelphia (quar.).—
First National Bank (N.. Y.) (quarterly)
5c
...
-
...
—
—
_
Haloid Co. (quarterly)
Hamilton United Theatres 7%
Hammermill Paper, 6%
25c
(quarterly)
Freeport Texas Co.. preferred
—
(quar.)———
Fuller Brus hCo. 7% pref. (quar.)
Gachin Gold Ltd., 70c. preferred.
—...
preferred (quarterly)
Gar Wood Industries, Inc
General Alliance Corp
15c
—
(quarterly)
—
—.—
—
—
one share
(quarterly)
Helme (Geo. W.) Co., common (quarterly)
Preferred (quar.)
Hercules Motor Corp. (quarterly)
—
General American Investors Co.,
General Baking (quarterly)
Extra
—
(quar.)
pref. (quar.)—
Oct.
1 Sept. 21
15
8
8
8
liSept.
Sept. 30 Sept. 21
15
15
15
15
15
15
1 Sept. 19
Oct.
1 Sept. 15
Nov.
Nov.
Nov.
1 Sept. 15
15
2 Oct. 15
2 Oct. 15
Oct.
1 Sept. 25
2 Oct.
Sept. 30 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
5 Sept. 20
Sept. 25 Sept. 15
Sept. 25 Sept.15
Oct.
1 Sept. 18
15c
.
Nov.
2 Oct.
17
2 Oct.
17
Oct.
Nov.
1 Sept. 10
2 Oct.
5
Oct.
1 Sept. 21
$1.50
Oct.
$1X
Oct.
1 Sept. 21
1 Sept. 21
25c
Oct.
Preferred (quarterly)
General Refractories Co. (increased)
General Telephone Corp., $3 conv. (pref. quar.)
General Time Instrument (resumed quarterly) —
$1.50
$1
75c
25c
$1.50
75c
$114
$1 n
$1.25
Oct.
—
6% Preferred (quar.)
General Water, Gas & Elec., $3 pref, (quar.)
Georgia Power, $6 pref. (quar.)
$5 preferred (quar.)
Gillette Safety Razor, $5 pref. (quar.)
Common (quar.)
Gimbel Bros, $6 preferred (new)
Girard Trust Co. (Phila.) (quarterly)_________
Glidden Co. (quar.)
Convertible preferred, new (initial)
...
Glens Falls Insurance Co. (quarterly)
Globe Wernecke Co., pref. (quar.)
Preferred (quarterly)
1
Godchaux Sugars, class A
$7preferred (quarterly)
25c
Sept. 15
Sept. 30
Sept. 19
Sept. 19
Sept. 21
Sept. 15
10 Sept. 30
Co.. Ltd. (mo.)
Hygrade Sylvania Corp. (quarterly)
;
$634 preferred (quarterly)..
Idaho Maryland Mines.
Ideal Cement Co. (quarterly)
1 Sept. 10
1 Sept. 10
Sept.30 Sept.
Oct.
1 Sept.
1 Sept.
1 Sept.
Oct.
1 Sept.
_
Oct.
Oct.
1
15
21
21
12
_
Oct.
Oct.
1 Sept. 15
1 Sept. 15
Nov.
2 Oct.
1
Sept 30 Sept. 18
$4 H
$1
50c
Oct.
56)4c
Oct.
40c
50c
50c
Oct.
1 Sept. 15
1 Sept. 20
Jan*
1 Dec. 20
50c
Oct.
$1V
Oct.
1 Sept. 18
HSeDt.18
Oct.
Oct.
Oct.
25
—
1 Sept. 15
1 Sept. 17
1 Sept. 17
—
—
Extra.. 1
Illinois Bell Telephone (quar.)...............
—.
Illinois Commercial Tel. (Madison, Wise.) $6 pf.
Imperial Chemical Industries—
American deposit rets for ordinary regis
Imperial Life Assurance of Canada (quar.)
Quarterly
'
Imperial Paper & Color
Imperial Tooacco Co. of Canada Unterim)
Preferred (special)
Incorporated Investors, vot. trust ctfs. (special)
Indiana General Service Co. 6% pref. (quar.)—.
Indiana So Michigan Electric Co.—
7% preferred (quar.).
6% preferred (quar
•.).
Indianapolis Power So Light, 634% pref. (quar.)
6% preferred (quar.)
_—
Indianapolis Water Co., 5% cum. pref. A (qu.).
Inland investors, Inc. (quarterly).
.
Insurance Certificates, Inc
International Business Machines
Sept. 30
Sept. 30
Sept. 30
Sept. 30
Sept. 30
Oct.
1
Oct.
1
10c
Oct.
50c
Oct.
$1|4
5c
Oct.
50c
Oct.
$2
^$1.50
234%
$334
$334
$3
8Xc
3%
75c
$134
$154
$134
*1 X
$134
20c
10c
$134
20c
10c
International Cement Corp. (increased)
International Harvester Co. (increased quar.)__
50c
—
Mining
35c
r$l.60
—
3734c
—
Intertype Corp;, 1st preferred (quar.)__
Investment Co. of America (quar.)..
iron Fireman
50c
10c
International Vitamin Co. (quar.)
Interstate Hosiery lVlills, Inc. (quar.J)
Investors Corp. of R. I., $6
$1.60
15c
*
50c
—
pref. (quar.)
Mfg
(quar. >
Irving Air Chute Co.. lnlc. (quarterly)
Irving Trust Co. (quarterly)
Jacobs (F. L.) Co. (quarterly)
—
Jefferson Electric Co. (quarterly)
Jersey Central Power & Light, 7% pref. (quar.).
6% preferred (quarterly)
5 34 % preferred (quarterly)
—
—
Jewel Tea Co., Inc., common (quar.)
Johns-Manville Corp. (quarterly)
Extra-.—........
7% preferred (quarterly)
—Joliet So Chicago RR., guaranteed com. (quar.).
Kalamazoo Vegetable Parchment Oo. (quar.)..
Quarterly...
Kansas City Power So Light, B 1st pref. (quar.).
Kansas Elec. Power, 6% pref. (quar.)
7% preferred (quar.)
Kansas Gas So Electric, $6 pref. (quar.)
$7 preferred (quarterly) j.
:
Kansas Utilities, 7% pref. (quar.)
Sept. 30
Oct.
$2
Sept. 19
1
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
20
22
22
1-
1
30
10
10
31
15
15
19
15
Nov. 26 Oct. 11
Oct.
Sept. 30
Jan.
Dec. 31
Oct.
Sept. 19
Sept. 30 Sept. J l
Sept. 30 Sept. 11
Oct.
Oct.
30 Oct.
Sept.
Oct.
Sept.
Sept.
Sept.
Oct.
Oct.
Corp. (quar.).
—
Oct.
Sept. 30
50c
International Buttonhole Machine (quar.).—...
Extra—.
—
1
1 Sept. 19
Sept. 20
Sept. 20
25c
Humble Oil So Refining (quar.)
Extra
^
—
25
21
1 Sept. 19
60c
25c
Hutchinson Sugar Plantation
.
Oct.
Oct.
Oct.
Oct.
75c
(Extra).
International Nickel Co
International Power Co., preferred
International Salt Co. (quar.)
International Sboe Co. (quarterly)
$6 preferred (guar.)
General Public Utilities $5 preferred (quar.).—.
General Railway Signal
_
15
25
25
30
21
19
19
11
11
$1.50
$1.50
6% preferred (quarterly).
Sept. 21 Sept. 10
Dec.
1 Nov. 22
Mar.
1 Feb. 19
June
1 May 22
Oct. 26 Sept. 25
25c
$1)4
$1
$1.00
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
$1.75
$1.75
Howe Sound Co. (quarterly)
International
$1%
General Mills preferred (quar.)
General Motors Co., $5 preferred (quar.)__
General Printing Ink Corp. (increased).
10
3734c
6234c
6234c
preferred (quarterly)..—
Howes Bros. Co., 7% 1st preferred (quar.)
7% 2nd preferred (quarterly)..
Sept. 21 Sept. 10
$1X
Nov. 16 Oct.
Nov. 16 Oct. 10
Oct.
Sept. 19
Oct.
Sept. 15
Oct.
Oct.
50c
Class A
.
15c
$1.50
25c
Nov.
MX
10c
15c
(quarterly)
30c
—.
30c
1234c
1234c
$2
50c
*
10c
General Cigar, Inc., preferred (quar.)
Preferred (quar.)
——
Preferred (quar.)
General Electric CO. (quarterly)
*1*
lc
Honokaa Sugar Co. (initial). ..
Honolulu Gas Co., Ltd. (monthly)
15c
r
General Candy, class A (quar.)
Class A. extra
25c
$134
$1.05
31
2 Dec.
Oct.
$1 J4
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 sept. 18
Sept. 25 Sept. 14
Oct.
1 Sept. 22
Sept. 25 Sept. 15
Sept. 25 Sept. 15
5c
•1£
HolophaneCo
Preferred (semi-ann.) —
Holly Development Co. (quar.).
Homestake Mining (monthly)
Houdaille-Hershey, class B (quarterly)...
Class B (extra)
20c
25c
Sept. 30 Sept. 28
10c
$134
Extra
19
19
21
15
15
15
15
25
19
30
6234c
$134
$134
$134
20c
MX
MX
—
Hercules Powder Oo. (quar.)
Heyden Chemical Corp., preferred (quar.)
Hiooard, Spencer, Bartlett So Co. (special) .—
Hibbard, Spencer, Bartlett So Co. (monthly)—
Hollander (A.) So Son. (quarterly)
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept
Oct.
1 Sept.
Oct.
1 Sept.
3734c
for each 22 held.___
Sept. 30 Sept. 21
Oct.
1 Sept. 17
43 Xc
Preferred
Hoskins Manufacturing Co.
Extra
*.
Oct.
Oct.
75c
Sept. 30 Sept. 24
Sept. 21 Sept. 15
25c
$1 H
Sept. 21 Sept. 10
Sept. 30 Sept. 19
1 Sept.
1 Sept.
$1.50
—
1 Sept. 23
20 Oct.
7
15 Sept. 30
Sept. 30 Sept.
1 Sept.
■
1 Sept.
1 Sept.
Sept. 26 Sept.
Sept. 26 Sept.
Oct.
rl8c
Galland Mercantile Laundry (quar.)
Gannett Co., $6
Oct.
Oct.
20c
Hazel-Atlas Glass Co tquar.).
Heath (D. O.) So Co. 7% pref. (quar.)
Holland Furnace, $5 preferred
Oct.
$134
$134
Horn & Hardart Baking Co. (N. J.)
(quarterly)
Horn & Hardart Baking (Phila.) (increased) —
Oct.
stk..(s.-a.)_
Sept. 15
Sept. 21
Sept. 17
1 Sept. 21
1 Sept
1
$1.60
Franklin Teleg. Co., 2X% gtd.
1
Oct.
Oct.
121!
—
Sept. 15
Sept. 14
Sept .15
Oct.
Sept. 15
Sept. 30 Sept. 16
Oct.
1 Sept. 15
Sept. 30 Aug. 31
Oct.
Foreign light & Power Co., 6% 1st pref. (quar.)
Formica insulation Co
Foster So Klesier Co., 6% class A pref. (initial).
Franklin Rayon Corp., $2)4 pref. (quar.)
Oct.
Oct.
Oct.
10c
1 Sept. 15
25c
Sept. 15
Sept. 15
Oct.
15c
1234c
...
1 Sept. 15
1 Sept. 21
Class B (quar.)
Extra..
Fohs Oil Co., Inc
Extra....
Oct.
Oct.
Oct.
2 Dec.
25c
Oct.
Oct.
Sept. 18
Sept. 30 Sept. 10
Oct.
l Sept.
4
Honolulu Plantation Co. u(hionthly)
Oct.
25c
Sept. 19
Sept. 15
Sept. 15
Sept. 16
Honomu Sugar, Ltd. (monthly)
Hoover Ball So Bearing (quarterly)
Sept. 26 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 25 Sept.
■
(quar.)
Oct.
Oct.
Oct.
Oct.
40c
Harrisburg Gas Co., 7% pref. (quar.)
Hawaiian Agricultural Co. (monthly)
Hawaiian Elec. Co., Ltd. (monthly)
Hawaiian Sumatra Plantations, Ltd
Extra
8
16
Sept. 14
Oct.
Oct.
Mrs
(quar.)
(quar.)
Harbison-Walker Refractories Co., pref. (quar.).
Heller (Walter E.) & Co.
Extra
1
15
15
19
25c
Hanes (P. H.) Knitting Oo. pref.
Hanover Fire Insurance (N. Y.)
Harbauer Oo.
$1
preferred
preferred (quar.)
9
9
10
23
Oct.
1 Sept. 15
Jan.
$134
common
Florsheim Shoe Co. A
Si, 1
...
1 Sept.19
J4
$25
$25
20c
«JM 'AO
Oct.
$ik
7% 1st preferred (quarterly).—
8% preferred (quarterly)
i
First State Pawners Society (111.) (quar.)..
ill
—
Goodyear Tire & Rubber, Ltd. (Canada) (qu.). r6234c
r6234c
6% Preferred (quar.)
15c
Grand Rapids Varnish (quar.)...
—
5c
Grand Valley Brewing Co
25c
Granite City Steel Co. (quarterly)
Grant (W. T.) Co. (quar.)
35c
Great Western Electro Chemical Co,, 6% pref.
30c
(quarterly)
•
....
60c
Great Western Sugar Co. (quar.)——
Preferred (quar.)
$134
Green (Daniel) Co., 6% preferred (quar.)
$1.50
50c
Greif Bros Cooperage, class A
$50
Group No. 1 Oil Corp. (decreased)
$3
Guaranty Trust Co. of N. Y (quar.)
Guardian Bank Shs. Invest. Tr. (Hartf'd, Conn.)
Series I preferred (special)
"3734c
Guardian Rail Shares Invest. Trust (Hartford,
40c
Conn.) non-cum. series I special
45c
Guardian Investment Trust (Hartford) cum. pf.
Guardian Public Utility Invest Trust—
40c
(Hartford. Conn.) special
35c
Gulf Coast Water, 7% pref. (semi-annual)
25c
Gulf Oil Corp
h$334
Guif States Steel 7 % 1st preferred
Hackensack Water Co.. 7% pref. A (quar.)—
4334c
Sept. 30 Sept.
Sept. 30 Sept.
Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept. 30 Sept.
Sept. 28 Sept.
Sept. 30 Sept.
Oct.
Oct.
62 34 c
Quarterly
First National Stores.
Payable of Record
10c
Extra.
Jan.
Preferred (quarterly)
Stock div. of
15
Sept. 30 Sept. 15
fig
50c
10c
35c
15c
16
20 Oct. 15
1 Sept. 14
1 Sept. 14
$234
$5 preferred (quar.)
Farmers So Traders Life Insurance (quar.)
5
1 Sept.
1 Sept.
Dec.
be
$5 pref. (quar.)..
15 Dec.
5
5
5
Oct.
1 Sept. 10
Oct.
1 Sept. 19
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 30 Sept. 8
Sept. 30 Sept. 8
Oct.
1 Sept. 24
Oct.
1 Sept. 21
Oct.
1 Sept. 21
Oct.
15 Sept. 30
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 15
1234c
1234c
,1*
Special
25c
$1*4
20c
Quarterly..
—
Fanny Farmer Candy Shops (quar.)_;
Federated Dept. Stores—
Dec.
80c
$3.50 partic. pref. (quar.)
Common (quar.)
Famise Corp., common class A (quarterly)
Fansteel Metallurgical Corp.
Oct.
$1*4
10c
Family Loan Society $3.50 part. pref. (extra)
Co.,
1 Sept. 19
1
Oct. 15 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 15
10c
Evans Products Co. (quar.)
Fairbanks Morse So Co., resumed (quar.)
Extra..
Ealcoln bridge Nickel Co
—
Flintkote
Oct.
10
$134
75c
European So North American Ry. (semi-ann.)-.
.
Oct. 24 Oct.
Oct.
$1.25
Eureka Stand Consol. Mining (resumed)
Eureka Vacuum Cleaner (quar.)
Extra
Sept. 21
kl2c
25c
(quar.)-
Share
Company
75c
Oct.
Elizabethtown Cdnsolidated Gas (increased)-Elizabeth & Trenton RR. (semi-ann.)
Preferred (semi-annually)
El Paso Electric Co. (Del.) 7% pref. A (quar.)—
Name of
Holders
When
Per
Holders
Payable of Record
87 Hh
Extra.-....—...-——.-—---—--—-—Preferred (quar.)
....—.............
Ecuadorian Corporation, ordinary shares
Electric Controller Manufacturing
Electric Power Associates, Inc., cl. A (resumed)Common (resumed)
— Electric Storage Battery Co. (quar.).—.....—
Preferred (quar.).—
—
——
Sept. 19, 1936
60c
$1.75
6% preferred (quarterly)
Eastern steamship Line, pref (quar.)
East Mahoning RE. Co. (semi-annual)._——
Eastman Kodak Co
...............——-
,
When
Share
Company
Chronicle
2
2
5
Oct.
Sept. 5
Sept. 12a
Sept. 30 Sept. 18
Oct.
7 Sept. 30
Oct. 10 Sept. 22
Oct.
Oct.
sept. 15
15
Oct.
Sept.
Sept. 29 Sept.
Oct. 15 Sept.
Sept. 21 Aug.
Sept. 30 Aug
Oct.
11
19
31
31
1 Sept. 15a
Oct.
1 sept.15
Oct.
1 Sept. 1
Nov. 16 Oct. 31
Oct.
Sept. 15
60c
Oct.
$1.50
Oct.
Sept. 19
Sept. 19-
25c
Dec.
Nov.
25c
Oct.
Oct.
Oct.
Sept. 15
Sept.14
Sept. 21
Sept. 15
Sept. 10'
Sept. 10
Sept. 10
Sept. 16
Sept. Id
Sept. Id
Sept. 17
Sept. 23
Sept. 20
Dec. 21
Sept. 14
Sept. 15
Sept. 15
Sept. 14
Sept.14
Sept. 21
15c
25c
50c
$134
$134
$1H
Sept. 30
Oct.
1
Oct.
Oct.
1
1
$1
Sept. 30
50c
Sept. 24
Sept. 24
Oct.
1
50c
J*1#
$1.75
15c
15c
$1.75
$1.50
$1.75
$134
.
sept. 15
Oct.
Oct.
6
Sept. 30
Dec. 31
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
5
Volume
143
Financial
Share
Katz Drug, preferred
(quarterly)
25c
Preferred (quarterly)
Keith-Albee Oroheum Corp.. 7% preferred..__
Kekaha Sugar Co., Ltd. (monthly)
Kel vinator Corp
Kelvinator of Canada (initial)
Kennecott Copper
Kilburn MiU
■
$14
$1%
20c
12^c
.
r$1.25
.
Corp.
30c
$1.00
Kimberly-Clark Corp. (quar.)
124c
Special
6% preferred (quar.)
Kings County Lighting Co., common (quar.)__
7% preferred
■___
Series O 6% cum. preferred
Series D 5% cum. preferred
Klein (D. Emil) (quar.)
*
:
Koloa Sugar Co., Ltd. (monthly)
Koppers Gas & Coke Co. 6% preferred
Kresge (S. S.) Co. (quarterly)
25c
$1*1
$1)1
$1**
$14
$14
25c
50c
«...
Extra
—-
^0
30c
-
Preferred (quarterly)
Kroehler Mfg. Co., class A preferred (quar.)...
Class A preferred (quar.)
$14
$1*4
$1*4
Oct.
$1*4
$1*4
5
r$1.25
37*4c
37*4c
_
.
50c
Lord & Tavlor (quar.)..
Lorillard (P.) & Co. (quar.)
Preferred (quar.)
$1*4
Nov. 16 Nov.
Dec. 15 Dec.
Oct.
Nov.
Oct.
Oct.
Sept. 15
Dec.
Nov. 25
Nov. 25
Dec.
Sept. 30 Sept. 30
Oct.
Jan.
30c
lc
Sept. 15
Nov.
Oct.
Oct.
Oct.
37*4c
$14
70c
434c
_
.
Meadville
Conneaut
and
Oct.
Oct.
Oct.
Oct.
50c
.
Lake
Linesville
Oct.
Oct.
Oct.
Oct.
Oct.
Merchants Bank ot N. Y. (quar.) increased
Merchants & Mfrs. Securities, class A (resumed)
Class A (increased)
15 Oct.
1
1
Oct.
(qu.)
8% preferred (quar.),
Oct.
Oct.
_
Oct.
.
—
Monroe Chemical Co
Class A
(quar.)
$1.75
Oct.
/i50c
Oct.
$1.50
Oct.
/t50c
Oct.
$1.50
Oct.
$1 4
Oct.
$1,164 Oct.
$14
Oct.
h$14
Oct.
Oct.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
16
31
31
31
31
31
31
21
21
.
Quarterly
....
....
Morrell (lohn) & Co
Morris (Philip) & Co. (quarterly)
Morris Plan Bank (Hartford) (quarterly)
Morris Plan Bank (New Haven) (quarterly)
Morris Plan Insurance Society (quar.).,....
Motor Products..
Extra
'
Mueller Brass Co. (quarterly)
..........
....
........
Murphy (G. O.) Co., 5% pref. (quar.)
Mutual Chemical Co. of Am. 6% pref. (quar.)..
6% preferred (quar.)
Myers t^F. E.) & Bros. (quar.).
Extra
:
1
National Battery, pref. (quar.)
,
...
12*4c
Nov.
75c
50c
15c
_
20c
IVi
Newark & Bloomfield RR. Co.
(semi-ann.)
Newberry (J J.) Co. (quar.).
60c
Newberry (J. J.) Realty, 6*4% pref. A (quar.)
2
19
Sept. 21
Sept. 11
Sept. 11
Sept. 11
Sept.11
Sept.11
Sept. 11
Sept. 15
Sept. 21
Sept. 15
Sept.15
Sept.15
Sept. 15
Sep*. 15
Sept. 11
Sept. 18
Oct.
Sept. 10
Sept. 10
Oct.
Oct.
Jan.
Oct.
Jan.
2
Nov.
Oct.
10
Oct.
Oct.
Oct.
Sept.
Sept. 30 Sept.
Dec.
1 Nov.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 28 Aug.
Oct.
1 Sept.
1
1
28
20
26
19
19
31
15
Oct.
2 Sept. 21
Sept. 28 Sept.17
Dec. 28 Dec. 17
Sept.30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 21
2 Oct.
16
Sept. 30 Sept. 21
Sept. 30 Sept. 21
Oct.
1 Sept.15
Oct.
1 Sept.15
Oct.
1 Sept.
1
Oct.
1 Sept.14
Sept. 30 Sept.12
Nov.
2 Sept. 30
Oct.
Sept. 20
Oct.
Sept. 16
50c
_________
National Sugar Refining
(quar.)
National Tea Co.
(quarterly)
Natomas Co (quarterly)
Nevada-California Electric 7% pref. (quar.)
_
$1.62*4
Nov.
Oct.
16
i
6% preferred B (quar.)
New England Gas & El. Assoc.
$5*4 pref
New England
Telep. & Teleg. (quar.)
New Jersey Power &
Light, $6 pref. (quar.)
$5 preferred (quarterly)
$1.50
Nov.
Oct.
Oct.
16
Aug. 31
25c
Sept. 30 Sept. 10
Oct.
1 Aug. 31
Oct.
Newport Electric Corp., pref. (quar.)
New Rochelle Trust
(quar.)
New York Lackawanna & Western
Ry.—
5% guaranteed (quar.)
New York
Shipbuilding, 7% preferred
7 % preferred
(quarterly resumed)
New York Steam,
7% preferred (quarterly)
Aug. 31
Sept.15
Sept. 15
Oct.
Oct.
$14
Oct.
h$ 7
$1.75
Oct.
$14
$1*4
$14
6% preferred (quarterly)
New York Telephone
6*4 % pref. (quar.)
New York Transit Co
(semi-annual)
Sept. 11
Sept. 19 '
Sept. 19
Sept.15
Sept. 15
Sept. 18
Sept. 25
Oct.
Oct.
Oct.
Oct.
15c
Oct.
5c
Oct.
Extra
40c
Sept. 25
Sept. 24 Sept. 9
Oct.
1 Sept. 21
50c
Nov. 14 Oct.
31
50c
Niagara Share Corp. of Md. class A pref. (qu.)_.
Niagara Wire Weaving (initial)
Nineteen Hundred Corp.. class A
(quar.)
Noblitt-Sparks Industries, Inc. (increased)....
Norfolk & Western Ry.
(quar.)
North American Co., common
(quar.)
Preferred (quar.)
North American Investment
Corp., 6% pref
5*4% preferred (quarterly),,
Nortnern RR. Co. or N. J., 4% PL. iquar.)
gtd.
North Oklahoma Gas Co.,
6% pref. (quar
:.).—
North Star Insurance
(special)
Novadel-Agene Corp., common (quar.)
Oahu Sugar Co., Ltd.
(monthly)
Oct.
1 Sept.
Sept.19 Aug.
Sept.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept
21
31
15
15
30
30
$1*4
$2
25c
75c
/i$3
$24
Oct.
.
$1
Dec.
$1*4
Dec.
$4
Oct.
50c
)ct.
Oct.
Oct.
20c
Oct.
Oct,
r$2.00
Ogilvie Flour Mills. Ltd. (quar.)
Ohio Edison Co. $5 pref.
(quar.)
Oct.
Sept. 17
5
5
Sept. 19
Oct.
$14
$1*4
$1.65
$14
$1.80
$14
Oct.
Sept. 10
58 l-3c
Oct.
6% preferred (monthly)
50c
Oct.
5% preferred (monthly)
412-3 c
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
$6 preferred (quar.).:.
$6.60 preferred (quar.)
$7 preferred (quar.)_
$7.20 preferred (quar.)
,
;
Ohio Finance, 6% preferred
(quarterly)
Ohio Public Service Co.—
7 % preferred (monthly)
Oct.
Oct.
Oct.
15c
Oct.
Oct.
20c
15c
6% preferred (quar.)
$14
80c
r
Preferred
Ottawa Traction Co., Ltd. (quar.)
Paauhau Sugar Plantation Co.
$1.50
] 5
21
Sept. 15
Sept. 15
Oct.
Oct.
10c
25c
Sept." 15"
Sept. 30
Sept.30 Sept. 15
45c
Oct.
$1
30c
Oct.
$14
75c
Oct.
Oct.
Sept. 19
Sept. 19
Sept. 15
15 Sept. 30
25c
Oct.
Sept.
Sept.
Sept.30 Sept.
Oct. 16 Sept.
Oct.
Sept.
Sept. 26 Sept.
Sept. 26 Sept.
$1
40c
Class A
Sept. 30 Sept. 19
$1.50
Pacific Tel. & Tel. (increased)
Preferred (quar.)
$2.00
$1.50
Page-Hersey Tubes, Ltd. (quar.)
Paraffine Cos., Inc. (quarterly)
Extra
r75c
50c
...
4% preferred (guaranteed initial)
Parke, Davis & Co
r
Pathe Film. $7 conv pref.
(quar.)
Peninsular Telephbne (quarterly)
»$1 4
Oct.
Oct.
15
15
15
19
30
15
10
10
let.
1
Oct.
Sept. 21
25c
Oct.
Sept. 15
25c
...
7% preferred (quarterly)...
7% preferred (quarterly)
Jan.
$1.75
$1.75
Penn Central Light & Power. $5 pref.
(quar.)
$2.80 preferred
Penney (J. C.) Co. (increased)
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)
$14
70c
$1.00
Dec. 15
Nov. 16 Nov.
5
Feb. 15 Feb.
5
Oct.
Sept. 10
Oct.
Sept. 10
Sept. 30 Sept. 18
$14
Sept. 15
Oct.
Sept. 19
55c
Penn Valley Crude Oil. class A pref.
(quar.)
1 Sept. 21
Oct.
55c
_
Oct.
$14
$14
$6.60 preferred (monthly).
Pennsylvania Power & Light, $7 pref. (quar.)r__
$6 preferred (quarterly).
$5 preferred (quarterly).
Pennsylvania Water & Power Co. (quar.).
$5 preferred (quar.)
Nov.
Dec.
Oct.
Oct.
Oct.
Oct.
55c
$1.75
1.50
1.25
$14
l2m
Peoples Drug Stores, Inc. (quarterly)..
Special
Peoples Natural Gas Co., 5% pref.
Perfect Circle Co. (quarterly)
15
15
15
Oct.
50c
Pacific Indemnity Co. (quar.)
Pacific Lighting Corp. $6 pref.
(quar.)
Pacific Southern Investors, $3 pref.
(quar.)....
,
-
Sept.20 Sept. 10
Oct. 15 Sept, 25
Oct. 15 Sept. 25
Oct.
Sept. 15
Oct.
Sept. 15
$14
(monthly)
Sept. 15 |
Sept.15 i
Sept. 15
Sept. 15
Oct.
$2.00
Ottawa Electric Ry. Co
Ottawa Light, Heat & Power, Ltd.
(quar.)
„
1 Sept. 15
~
50c
....
Quarterly
Oct.
Oct.
$2.00
Old Colony Trust Associates—
1st series trust shares (quar.)
50c
62 4c
50c
(quar.)
Perfection Stove Co. (quar.)
Peterboro RR. (Nashua, N. H.)
Dec.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov. 20
20
Nov. 20
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 8
Sept. 8
Sept. 15
Sept. 17
Sept. 20
Sept. 25
Sept. 25
Sept. 10
Sept. 10
Sept. 15
Sept. 19
Sept. 19
Sept. 1
Sept. 1
Sept. 1
Sept. 10
374c Sept. 30
(semi-ann.)
SI .75
Oct.
1
Peteroorough RR. Co. (semi-annually)
Oct.
$14
1
Pet Milk Co. (quarterly)
25c
Oct.
Petroleum Corp. of America
25c
Sept. 30
Petrol Oil & Gas, Ltd
r2c
Oct.
Pfaudler Co. (quar.)
$1
Oct.
1
Pfeiffer Brewing Co. (quar.)
J
30c
Oct.
2
Philadelphia Co., $6 preferred (quar.)
Oct.
1
$5 preferred
(quarterly)
Oct.
1
6% preferred (semi-annual)
Oct.
1
$14
Philadelphia Elec. Power Co., 8% pref. (qu.)..
50c
Oct.
1
Philadelphia National Insurance Co. (s.-a.)
30c
Oct. 15 Sept.
Philadelphia & Trenton RR. Co. (quar.)
Oct. 10 Sept.
Phillips Packing 54 % pre<\ (quar.)
Oct.
1 Sept.
Phoenix Finance Corp., preferred
50c
(quarterly)
Oct. 10 Sept.
Preferred (quarterly)
50c
Jan. 10 Dec
Plnchin & Johnson Co., Ltd. ordinary
(initial).. w7H% Sept. 29 Sept.
Pioneer Gold Mines of B O., Ltd.
(quar.).
r20c
Oct.
sept,
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Oct.
Sept.
Quarterly
Jan.
Dec.
7% preferred (quarterly)
Oct.
Sept.
7% preferred (quarterly)
Jan.
Dec.
!iS
«•§&
..
...
...
Nov. 21
Nov. 15
Oct. 15
20c
Extra
...
Oct.
.
preferred A <fc B (quarterly)..
Moore (Wm. R.) Dry Goods (quar.)
Oct.
Oct.
conv.
Munsingwear, Inc...
Oct.
h5 9c
Oct.
_
Moore Corp., Ltd., common
7%
$1.50
Oct.
Preferred (quarterly)
Montgomery Ward & Co
1
Sept. 30 Sept. 21
Oct.
(quarterly)
*6 cum. preferred (quarterly)..
$5curaul. preferred (quarterly)
_
12
15 Oct.
Oct.
_
12
15 Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
_
15
Oct.
Oct.
_
25c
$14
12*4c
20c
Pacific Can (initial)
20
30c
30c
Pacific Finance Corp. of Calif, (quar.
increased)
Extra
Sept. 30 Sept. 19
15 Oct.
1
„
Minneapolis-Honeywell Regulator—
6% preferred ser A (quar.)
Minnesota Power & Light, 7% pref.
7% preferred (quar.)
;
$6 preferred
$b preferred (quar.)
6% preferred
6% preferred (quarterly)
Mississippi.River Power Co.. pref. (quar.)..
Missouri Edison Co. $7 preferred
Mock, Judson, Yoehringer Co., pref. (quar.)
Monarch Knitting. Ltd.. 7% preferred
Monongahela West Penn Public Service, 7%
preferred (quarterly)
Sept.
Sept.
Sept.
Sept.
Sept. 15
Sept. 15
Sept. 15
Sept. 9
Oct.
Sept. 9
>ept.30 •Jept. 18
Oct.
Sept. 19
Oct.
Sept. 19
Sept. 30 Sept. 11 '
Sept. 30 Sept.11
$1
6()o
......
15
15
15
15 Sept.11
Oct.
Oct.
Oct.
Oct.
$14
Class B preferred
(quar.)
i
National Oil Products Co.
Extra
National Standard Co. (increased
quar.)_____
Extra
2Q
Oct.
Participating preferred
Participating preferred (special)
Transportation (quar.)
Mesta Machine (increased)
Metropolitan Edison Co., $7 prior pref. (quar.)
Common (increased)
Midvale Co. (increased)
20
Oct.
Merchants & Miners
Midland Steel Products $2 non-cum. pref.
Sept.
Sept.
Sept.
Sept.
Sept.
RR
(increased)
Memphis Natural Gas Co., preferred (quar.)
Memphis Power & Light $6 pref. (quar.)
$7 preferred (quar.)
_.
8
Oct.
I Sept. 19
Nov. 30 Nov. 30
75c
McKeesport Tin Plate Co. (quarterly)
Mead Johnson & Co. iquar.)
(Extra)
*
8
Oct.* 15 Sept. 30
$l.o0
25c
25c
...
Sept. 11
Sept. 19
Sept. 19
Sept. 30 J Sept.
Sept. 30 Sept.
$1
Extra
2i
Nov. 1
2 Oct. 15
Oct.
r50c
r44c
(quarterly)
Preferred A & B
(quarterly).,
National Enameling &
stamping Co. (quar.)..
National Gypsum 2d pref.
(quar.)
1st preferred
(quar.)..
National Lead Co. (quar.)
Extra
Holders
Payable of Record
40c
.
Omnibus Corp., 8% pref. (quar.)
Onomea Sugar (monthly)
Otis Elevator Co. (quar.)
10c
McClatchy Newspapers, 7% pref. (quar.)
National Biscuit Co.
(quarterly)
."...........
National Breweries, Ltd.
(quar.)
Preferred (quar.)
National Can Cd., Inc., common
(quar.)
National Dairy Products
Ohio Service Holding Corp., $5 non-cum.
pref..
Old Colony Insurance Co. (quar.)
50c
McColl Fronteriac Oil, Ltd., pref. (quar.)
McKee (Arthur G.) class B (quar.)
Share
Sept. 30 Sept. 14
Sept. 30 Sept. 21
Sept. 18 Sept. 18
Oct. 10 Sept. 19
40c
Preferred (quar.)
2 Dec.
Nov. 15
Marlin-Rockwell
Maui Agricultural Co
31
Sept. 15
Marsh
Corp. (quarterly)
(M.) & Sons. Inc. (quar.)
Mathieson Alkali Works (quar.)
1
Sept. 30 Sept. 15
Mahoning Coal RR. (quar.)
:
Manufacturers Finance (Baltimore) 7% pref—. /1214c,
25c
1 Oct.
2 Dec.
Sept. 30 Sept. 12
Sept. 30 Sept. 12
Sept. 30 Sept. 1
Jan.
Manufactures & Traders Trust Co. (Buff.) (qu,
27
_
25c
Manvvaring Boston. A (initial)
Mar gay Oil Corp. (quar.)
Marine Midland Corp. (quarterly)
5
Sept. 15
Sept. 30 Sept. 10
Sept. 25 Sept. 15
Oct.
Sept. 15
Oct.
sept.14
Oct.
Sept. 25
Oct.
Sept. 25
Oct.
Sept. 30
Oct.
Sept.10
Sept. 18a
Oct.
Sept. 17
Oct.
Sept. 15
Oct.
1 Sept. 15
Oct.
Sept. 16
Sept. 25 Aug. 31
Oct.
1 Sept. 21
12*4c
37 4c
$1*4
$6.25
5
1
Oct.
Oct.
IVi
M
30c
Preferred (quar.)
Mack Trucks, Inc. (quar.)
Magnin (I.) & Co., $6 preferred (quar.)
Oct..
Oct.
$14
........
Loudon Packing Co. (quarterly)
Louisville Ga.s «v, Electric, class A & B (quar.).
Lunkenheimer Co., preferred (quar.)
Sept. 5
Sept. 19
Sept. 15
Jan.
...
........
18
20
Oct.
Oct.
,
,
1 Sept.
Nov.
Oct.
Oct.
Landis Machine Co. (quar.)
2oc
Preferred (quarterly)
$14
Lang (J. A.) & Sons, Ltd
rl74c
Lava Cap Gold Mining Corp. (.initial)
2c
Lazarus (F. & R.) Co. (increased)
30c
Loath & Co., $2*4 preferred (quar.)
62*4c
Lehigh Portland Cement Co., 4% pref. (quar.)_
$1
Lehman Corp. (quarterly)
75c
Special
$1
Lexington Telephone, 64% prior pref. (quar.) $ 1.62*4
Liggett & Myers Tobacco, pref. (quar.)
Lincoln National Life Insurance (quar.)
Link Belt, preferred (quar.)
SIX
Little Miami RR., special guaranteed
50c
(quarterly)
Original capital
$1.10
Lockhart Power, 7% pref. (semi-annual)
$3.50
Lock-Joint Pipe Co. 8% preferred (quar.)
$2
8% preferred (quar.)
$2
Loew's, inc. (quarterly)
50c
Lone Star Gas Corp
6% conv. pref. (quar.).
Long Island .Lighting Co., $7 pref. ser. B (quar
6% series B cumul. preferred (quar.)
Loose-Wiles Biscuit Co., 5% preferred (quar.).
Dec. 31 Dec. 23
Name of Company
...
Kroger Grocery & Baking Co., 6% pref. (quar.)
7% preferred (quar.)
Lackawanna RR. of N. J., 4% gtd. (quar.)—_
Lambert Co. (quar.)
Landed Banking & Loan (Hamilton) (quar.)
Landers, Frary & Clark (quarterly)..
Quarterly
Extra.
Oct.
1 Sept. 15
Oct. 28 Oct. 10
Sept. 30 Sept.19
i>Ct.
1 .sept. 15
Oct.
1 Sept. 25
Oct.
1 Sept
15
Sept. 25 Sept. 14
Sept 30 Sept. 4
Oct.
5 Sept. 15
Oct.
Sept. 12
Oct.
Sept. 12
Oct.
Sept. 12
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 21
Sept. 30 Sept. 25
Oct.
1 Sept. 12
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Sept. 30 Sept. 24
When
Per
Payable of Record
;
Kaufmann Department Stores (quar.)
1821
Holders
When
Per
Name of Company
Chronicle
25
30
15.
30
31
5.
l
1010
10
10
i
Financial
1822
Share
of Company
Power Corp. of Canada,
Ltd.—
.
Oct.
1 Sept. 10
1 Sept. 15
Southwest Gas & Elee
Oct.
1 dept. 15
Southwestern Bell Telephone, 7% pref. (quar.).
Southwestern Lt. 6c Br., $0 cum. pref. \.quar.)__
Oct.
r75c
Oct.
50c
Oct.
3c
37Hc
3%
Properties (A P. W ), Inc., class B
Providence-Washington Insurance (quar.)
Providence 6c Worcester KK. <.quar.)
Prudential Investors, 6% preferred (quar.)
Publication Corp. 7% original pref. (quar.)
Public National Bank & Trust Co. (quar.)
15 Sept. 15
15 Sept. 15
$1H
MX
Oct.
37 He
37 Xc
*»—
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Public Service Co. of Texas, 7% pref.
Oct.
1
Public Service
Sept. 30 Sept.
Sept. 30 Sept.
7% prior lien preferred (quarterly)---
...
(quar.)..
Electric & Gas Co., 7% pref. (qu.)
$5 preferred (quarterly)
Pure Oil Co., 5X %
Oct.
Oct.
Oct.
Oct.
Oct.
1 Sept.
$1H
Oct.
60c
Dec.
50c
Oct.
50c
15c
Nov.
10c
Nov.
5c
f
55c
Reed Roller Bit (extra)
Quarterly.
Reliance Mfg.
Extra
Co. (111.) quarterly.
$1.75
el%
15c
(quarterly)
Remington-Rand, Inc
Quarterly
5% preferred (quar.)
$6 preferred (quar.)
[Oct.
Oct.
31 Xc
Preferred
Oct.
3c
5c
Republic investors Fund. inc. (increased)
Republic Steel Corp. preferred A (quar.)
Rev it >jus Metals Co., 5H% preferred (quar.)
Oct.
MX
Oct.
MX
Reynolds Spring new (initial)
Reynolds (R. J.) Tobacco Co. (quar.)
Class B (quar.)
Rice-Stix Dry Goods Co.. 1st and 2nd pref. (qu.)
Rich's, Inc., preferred (quarterly)
Oct.
25c
Sept. 29
75c
Oct.
75c
Oct.
MX
MX
Oct.
Sept.30
15c
Oct.
MX
(quar.)
'
Inc. (quarterly)
Root Petroleum. $1.20 preferred (quar.).
Ross Gear & Tool Co. (increased)
Extra
Oct.
10c
(quar.)..
Oct.
15c
Rochester Teleo. Co., preferred
Roeser & Pendleton
Oct.
10c
Extra
Oct.
15c
Roberts Public Markets, Inc. (quar.)
Oct.
37 He
30c
...
60c
Roos Bros.,
Ruuu Manufacturing Co. (quarterly)
S-M-A Corporation (quarterly)
Safe Deposit & Trust (Baltimore)
—
Sept.
Dec.
Oct.
$5.00
(quar.)
$1
$1
50c
Safeway Stores, Inc. (quar.)
6% preferred (quar.)
MX
$1.75
7% preferred.
St. Joseph Lead
St. Joseph South Bend & Southern RR
-—
20c
87 He
$2.50
Pacific" com~(quarl
Preferred
—
—
..........—
....
i
San Francisco Remedial Loan Assoc. (quar.)
Quarterly
Sangamo Electric (quar.)
Extra
—
—
7% preferred (quar.)
—
7% debenture C (quarterly)
6X% debenture D (quarterly)
6% preferred (semi-annually)
6% preferred
Schenley Distillers Corp., 5X% preferred (qu.)
Schwartz (Bernard) Cigar Corp
Preferred (quar.)
Scovill Manufacturing Co. (increased)
Scranton Electric Co., $6 pref. (quar.)
Seaboard Finance Corp. $2 pref. (quar.)..
Second Standard Royalties, pref
Selected Industries, Inc.—
---
§6.50preferred allotment certificates (quar.).
IX Full paid
Servel, Inc., 7% cum. preferred (quar.)
7% cum. preferred (quar.)
I
Shattuck (Frank G.) (quarterly)
Sheep Creek Gold Mines (quar.)
Shell Union Oil Corp. 5H% cum. conv. pref
Sherwin Williams (Canada) preferred
Silver King Coalation Mines (increased)
Singer Mfg. (extra)
Quarterly
Skelly Oil Co., 6% preferred
Smith (8. Morgan) Co. (quar.)..,
Sonotone Corp., common
Preferred
(quarterly)
South Carolina Power Co. $6 pref. (quar.)
Southern Acid & Sulphur Co., Inc., 7% pf.(qu.)
Sou. Calif. Edison Co., Ltd., orig. pref. (quar.)
Nt 5X % preferred, series C (quar.)...
Southern Calif. Gas. 6% pref. (quar.)
6% preferred A (quar.)
Southern CanadaPower Co., 6% cum. pref.(qu.)
31
Dec. 31 Dec.
Oct.
$2
Oct.
MX
MX
MX
Oct.
Oct.
$3
Oct.
h% 1H
MX
75c
Oct.
Oct.
Oct.
50c
Sept. 25
Sept. 25
75c
Oct.
1
$1H
Oct.
1
Sept. 30
Oct.
1
Oct.
S1.37H
A50c
IIS
13c
2c
KMX
rh% IX
15c
$2.50
$1.50
$6
$1
Oct.
Oct.
15
Sept.19
Sept. 19
Sept. 19
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept! 15
Sept. 16
Sept. 15
Sept. 15
Sept. 15
Sept. 2
Sept. 15
Sept. 15
1 Sept. 16
1 Sept. 16
1 Sept. 19
Jan.-*,. 2 Dec.
Sept. 21 Sept.
Oct. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
19
1
30
10
15
Oct.
1 Sept. 15
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Nov.
2 Oct.
Nov.
Nov.
5c
Oct.
15c
Oct.
1
1
Oct.
Oct.
Oct.
37 He
34 He
37Hc
37 He
1H%
37 He
22 He
40C
20c
25c
luc
__
5c
50c
__
50c
$1H
68Hc
$2
MX
r$1.7o
(quar.)
__
1 Sept. 10
Sept. 30 Sepc. 15
Sept.30
Sept. 30
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept.
1.
1 aept. 15
Dot.
Sept. 301 Aug. 17
aept. 30 aept. 15
Sept. 30 Sept. 15
1 Sept. 17
Nov.
...
~
Dec.
1 aept 15
1 Nov. 20
l.Nov. 20
Oct.
llSept. 19
1 Sept. 10
1 Sept. 10
Oct.
Dec.
25c
Oct.
rlOc
Texon Oil & Land Co.
Oct.
US
Sllb
10
1 Sept. 15
Oct.
,1 Sept. 15
Oct.
1 Sept. 15
—
*
Oct.
1 Sept. 15
Oct.
1 Sept. 15
60c
Oct.
25c
25c
Oct.
15c
(quar.)
25c
30c
Products
(quar.)
Preferred
1 Sept.
Oct.
50c
Thatcher Manufacturing Co
Thompson
-
Oct.
25c
M
Tide Water Assoc. Oil 6% pref. (quar.)
Time Inc., common (quar.)
Sept. 30 Sept.
Sept.
1 Sept.
Oct.
Oct.
.Sept.
"
Toledo Edison Co., 7% pref.
—
25c
12Hc
oOc
58 l-3c
(monthly)
[Sept. lO
Oct.
aept. 21
I
DCt.
—
—
4
10
15
18
18
Oct.
25c
Tintic Standard Mining (increased)
Todd Shipyard Corp
(quar.)
Sept
.
Oct.
$1.00
Timken-Detroit Axle Co. .resumed quar.)
Extra
Sept. 15
Sept. 4
1
Oct.
$1.00
Extra.
II Sept. 21
Sept. 21, 4ept. 10
Sept. 21 Sept. 10
Sept. 3011 Sept. 16
5
aept. 21 aept.
1 Sept. 15
Oct.
1
41 2-3 c
Oct.
Sept. 15
Sept. 15
Toledo Light & Power Co. 6% pref (quar.)
Toronto Mortgage (Ontario) (quarterly)
$1.50
Oct.
1
Sent. 15
$1.50
Oct.
Torrington Co. (quar.)
$1.00
15c
Oct.
1 Sept. 15
1 aept. 18
50c
6%-preferred (monthly)
5% preferred (monthly)
Transue & Williams Steel
Extra
A
.-
Oct.
increased)
$6 cumul. preferred (quarterly)
Trico Products Corp. (quarterly)
Triplex Safety Glass. Amer dep. rets. ord. shares
Extra cash bonus
Truscon Laboratories, Inc
Tubize-Chatillon 7% preferred (quar.)
—
Tuckett Tobacco Co., Ltd., preferred (quar.)_
Twentieth Century-Fox Film Corp., pref. (qu.)_
1 Sept. 15
Oct.
1
Oct.
1
$1 H
62 He
-
Oct.
5c
25c
Forging.
,
Tri-Continental Corp., common
Oct.
1 Sept. 15
1 Sept. 10
«>30%
wsii
1 x
IX
37Hc
Oct.
Sept. 15
Sept. 15
Sept. 26 Aug. 26
Sept. 26 Aug. 20
Sept. 30 Sept 18
1 aept
Oct;
10
Qct.
15 Sept.30
Sept. 30 Sept. 12
208 S. La Salle Street Bldg. Corp. (Chicago)
•
Quarterly
Quarterly
Oct.
...
Jan.
....
Underwood Elliott Fisher Co., common
Union Carbide & Carbon
Union Elec. Lt. & Pr
Corp. (increased)
Co
of 111., 6% pref. (qu.)_
Union Elec. Lt. & Pr. Co. of Mo.,
Union Investment Co.
7% pref. (qu.)
(increased)
Preferred (quarterly)
Union Pacific RR
Preferred (semi-annually)
1 Sept. 19
19
4 Dec.
Sept, 30 Sept. 12a
1 sept.
Oct.
4
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 25
Oct.
Sept. 25
Oct.
Sept. 1
Oct.
-
|Sept.
1
15
Nov.
Oct.
United Carbon Co.
Oct.
Sept. 14
United
preferred (quar.).
(quarterly increased)-.
Corp., $3 preferred (quar.)
Preferred
,
Oct.
4
1 Sept. 15
1 Sept. 11
Oct.
7% preferred (quarterly)
(quar.)
United Gas Improvement
Preferred (quarterly)
United Light & Ry. Co., 7% pref.
11
<
Oct.
15 Oct.
5
Oct.
6.3% preferred (monthly)
6% preferred (monthly)-.
United Loan Industrial Bank (Bklyn.) (quar.)_Extra
1 Sept. 15
1 Sept. 15
Oct.
(monthly)—
1 Sept. 15
Oct.
Oct.
Oct.
1 Sept. 21
1
Sept. 21
Oct.
(s.-a.)
10 Sept. 21
Oct.
J. RR. & Canal Co
United Profit Sharing Corp., 10% pf.
United Shoe Machinery Corp. (quar.)
1 Dec.
Sept. 24 Sept. 4
Sept. 25 Sept.15
1 Sept. 15
Oct.
Sept. 30 Aug. 31
30 Aug. 31
Sept.
increased)
United Gold Equities of Canada, Ltd.—
Standard shares (quar.)
1 Sept. 11
Jan.
(quarterly)
Preferred (quarterly)...
United Elastic Corp. (quarterly
United Gas & Electric Corp
31 Sept. 30
Oct.
5
Oct.
5 Sept. 15
United States Foii, class A & B
Preferred (quarterly)
Oct.
1
Oct.
1 Sept. 15
United States Gypsum Co. (quarterly)
Oct.
1 Sept. 15
1 Sept.15
6% preferred (quar.)
7 % preferred
—
Oct.
Oct.
(quarterly)
United States National
Corp. (liquidating)
Jan.
Liquidating
United States Pipe & Foundry Co. common
Common (quar.)
United States
(qu.)
Playing Card Co. (quar.)
Co., common (quar.) —
United States Tobacco
Sept. 15
United States Trust Co. (quar.)
Universal Insurance (Newark, N. J.) (quar.)
Preferred
Sept. 15
Sept. 15
1 Sept. 23
2 Dec.
23
20 Sept. 30
Dec. 21 |Nov. 30
1 Sept. 19
Oct.
Oct.
Oct.
Extra
1
SeDt. 15
Sept. 10
Oct.
Sept. 20
Oct.
Sept. 20
Oct.
Sept. 30
Oct.
Sept. 30
Oct.
Sept. 19
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept.
Oct.
Oct.
United Drug, Inc. (initial)
United Dye wood Corp. (quar.)
United N
Oct.
5c
8Xc
^ept. 19
1
Oct.
United Biscuit Co. of Amer.,
Sept. 30 Sept. 15
Oct.
rlc
10
Dec.
75c
50c
5
1 Sept. 19
Oct.
ept. 15
Oct.
68j&
Texas Corp. (quarterly)
Extra
_,
Sept.
Sept.
Sept.
Sept.
Sept.
$1.75
.
7 X % debenture B (quarterly)
Extra.
75c
,
12 He
7% preferred (quar
7.2% preferred (quar.)
6% preferred (monthly)
7.2% preferred (monthly)
15
15
18
18
1 Sept. 18
21 Sept. 9
21 Sept. 10
21 Sept. 10
30, Sept. 15
30 sept. 15
50c
Savannah Electric Power, 8% deb. A (quar.)
South Penn Oil (quar.)
25c
$1X
MX
1 Sept. 13
Oct.
1
e,,t. 15
Sept. 30 Sept. 18
Sept. 30 Sept. 18
Sept. 30 Sept. 18
Sept. 30 Sept. 19
1
Dot.
sept. 15
Teck-Hugbes Gold Mines, Ltd
Tennessee Electric Power Co. 5% pref. (qu.)__6% preferred (quar.).
30,Sept. 15
Oct.
15 Sept. 30
15 Sept. 30
43 He
Extra
Sept. 21
sept. 10
Sept. 10
Sept. 10
Sept. 10
Sept. 10
Sept. 19
Sept. 12
sept 21
Sept. 15
Sept. 18
Sept. 18
Sept. 15
Sept. 15
sept. 25
Sept. 12
Sept. 25
Sept. 20
Sept. 20
Sept. 19
Sept. 20
Sept. 20
Sept. 10
Sept. 19
Sept. 20
15lDec.
MX
75c
(qu.)
_
22
22
Sept. 241Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
25c
;
1
1
Oct.
15c
Extra.
&
Oct.
20c
____
Safety Car Heating & Lighting Co
MtT
Sept. 21
25c
Ruberoid Co. common (quar.)
10
Oct.
$1.75
preferred.
(Sabin) Paper, 7% pref. (quar.)
Oct.
7i50c
rai'er (Jo
Riverside Silk Mills, $2 partic.
St. Louis Rocky
Preferred
Oct.
Oct.
Oct.
MX]
(quar.)..
Reno Gold Mines, Ltd.
2 Oct.
Oct.
$1H
5% preferred (quarterly)
(.James), inc., 5H% pref.
Tampa Gas Co., 8% pref. (quar.)
7% preferred (quarterly)
TamDlyn (G.), Ltd., pref. (quar.)
Taylor Milling Corp. (quar.)
1 Sept. 1
1
15 Dec.
1 Sept. 21
20c
(quar.)
Hoc
15c
Talcott
Sept. 17
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Sept. 30 Sept. 19
Sept. 30 Sept. 19
20c
Quarterly
Reece Folding Machine
4
Oct.
35c
Swift & Co. (quar.)
increased)
Sylvanite Gold Mines, Ltd. (quar.)
Tacony Palmyra Bridge Co. (quar. increased)
Class A (quarterly increased)
Oct.
10c
Oct.
Phosphate & Acid Wks (qu.)
Swiss Oil Corp. muar.
9
s
4
15
~»6Dt. 15
1
Oct.
Extra
15
1 Sept.
25c
25c
[Sept.
1 Sept.
Oct.
Mining (quar.)
Sussex Fire Insurance (Newark, N. J.)...
7% preferred (quar.)
Sutherland Paper Co., common (quarterly)
1
Oct.
1
15 Oct.
Oct.
(1.62 H
iept. 20
Sunray Oil Corp., 5H% conv. pref. (initial)
2
87 He
"
Robbins
Oct.
Nov. 30 Nov.
Oct.
Oct.
Sunshine
1
Oct.
1 Sept. 15
Stix, Baer 6c Fuller, 7% pref. (quar.)
Storkline Furniture Corp
1
1
1 Sept. 10
Sept. 10
Sept. 10
Oct.
preferred (quar.)
6% preferred (quarterly)
8% preferred (quarterly)
Quaker Oats Co. (quar.)
Special
6% preferred (quar.)
Queens Borough Gas & El. Co., 6% pref. (quar.)
Radio Corp. of America—
$3 X cumulative conv. 1st preferred-—
Railway Equipment & Realty Co.—
1st preferred (quar.)
Rapid Electrotype (quarterly)
Ray-O-Vac Co., 8% pref. (quar.)
Reading Co., 2nd preferred (quarterly) __
Reece buttonhole Machine (extra)
River Risin
Oct.
2 n »< 1
Sept. 30 Sept. 20
.....
Stein (A.) 6c i'o., preferred (quar.)
Sterchi Bros. Stores, Inc., 6% 1st pref.
30
30
30
30
30
15
l\OV.
Oct.
55c
Preferred (quar.)
Sept. 15
Sept..
Sept.
Sept.
Sept.
Sept.
1 Sept. 21
1 Sept. 21
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
aept. 3b
Starrett (L. S.) C.o
Extra
Sept. 15
Sept. 15
Oct.
58 l-3c
7% preferred (monthly)...
50c
6% preferred (monthly) —
41 2-3c
5% preferred (monthly)
60c
Public Service Corp. of N. J. (quarterly)
8% cumulative preferred (quar.)
7% preferred (quar.).
ly).
6% preferred (month)
$5 preferred (quar.)
Public Service of Oklahoma 6% pref. (quar.) —
1
Jot.
2oc
5% Preferred (quarterly)
Standard Products, Inc. (initial)
Standard Wholesale
Sept. 15
^epi. 15
Sept. 19
Oct.
aept. 15
Oct.
ll Sept. 15a
Oct.
1 Sept. 16
Sept. 30 Sept. 15
Sept. 30 Sept. 15
1
$1.25
Standard Oil of Ohio (quarterly)
2 Dec. 21
l.Sept. 15
Oct.
Oct.
20c
$7 cum. preferred series A (quar.)
Standard-Coosa-Thatcher Co., 7% pref. (qu.)_Standard Fuel Co., Ltd., 6H% pref. (quar.)
r
9
15 Sept. 30
1 Sept. 21
1 Sept. 21
8 sept.
Jan.
15c
$1»/»
$1.75
Standard Brands, Inc. (quar.)
Colorado—
Public Service Co. of
40c
(quar.)
Class A preferred
1 Sept. 15
ljMar. 31
Sept. 26 Sept. 10
Oct.
25c
7i$ 3
Springfield Gas & Elec. Co., $7 pref. (quar.)—
Square D Co., class B (increased)
Oct.
$2.p0
$1
-
15 Sept. 30
15 Sept. 30
1 Sept. 16
Oct.
Extra.
Pressed Metals of America
West Pennsylvania Pipe Line
$1.75
$1.12o
Spang Chalfant, 6% preferred
Spencer Kellogg & Sons, common (quar.)
Spencer Trask Fund, Inc. (increased)
Spiegel May Stern <1o., $6X "referred (quar.)..
Oct.
lc
South
MX
Co., 7% cum. pref. (qu.)
Oct.
Sept. 30 Sept. 10
Oct.
1 Sept. 15
25c
,
lc
25c
1 Sept.
1 Sept. 15
1 Sept. 15
(quar.)
Special
30c
$1.75
Oct.
Oct.
Oct.
Preferred
1 Nov. 20
Dec.
15
$2
50c
ctfs.)_.
Extra
Sept. 30 Sept. 10
$1X
Pratt & Lambert (increased)
Premier Gold Mining (quar.)
Quarterly
Southern Ry. Co. (Mob. & Ohio stk. tr.
South Porto Rico Sugar Co. (quar.)
1 Sept. 15
Oct.
rlH%
6% 1st preferred (quarterly).
6% 2nd participating pref. (quar.).
rs
Payable of Record
75c
$ih
17Xc
Pittsburgh. Bessemer & Lake Erie (semi-ann.)..
Pittsburgh Plate Glass (increased)
PittsDurgh Tnrift Corp. (quar.)
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quarterly)
Plough, Inc. (quarterly)
Plymouth Fund, class A (special).
Plymouth Oil Co
Porto Rico Power Co. 7 % pref. (quar.)
HolcU
When
Per
Name
Sept. 19, 1936
Chronicle
Quarterly
Quarterly
Upper Michigan Power & Light Co.—
6% preferred (quar.).
6% preferred (quar.
Utah Power & Light $7 preferred.
$6 preferred.
1 Sept. 19
Oct.
1 Sept. 14
1 Sept. 14
Oct.
Oct.
(quar.)
—
Dec.
1 Sept. 19
1 Nov. 14
Mar.
1 Feb.
June
1
Nov.
1 Oct.
Feb.
1|Jan. 26
Oct*
1 Sept.
1 Sept.
Oct.
15
May 15
26
1
1
Volume
143
Financial
Per
Name of Company
Universal Products Co. (increased)
Van de Kamp s (H.
D.) Bakers (quar.)
Extra
75c
Preferred (quar.)
Van Norman Machine Tool Co.
(initial)
Extra.
Wagner Electric
Nov.
1
Oct.
25
Nov.
1
Oct.
25
Oct.
$2.50
$1H
$1*4
$1*4
$1*4
Oct.
...
7 Sept.
20 Oct.
Walgreen Co., 6H % preferred (quarterly)..
1.6234
Walt-ham Watch CoA prior preferred
#1 H
(quar.)
Ward Baking Co. 7% preferred
h$lH
Warren RR. Co.
(semi-ann.)
$1*4
,....
Washington Ry. & Eiec. Co., 5% pref. (quar.)..
$13*
5% preferred (semi-ann.)
Waterbury Parrel Fdy. & Mach. (quar.)
Oct.
1 Sept. 20
Sept. 9
1 Sept. 14
1
Oct.
Oct.
c
The following corrections have been
made:
Nov.
16
1
Oct.
1
Oct.
15
r$ 1.75
Oct.
15
1
Tan.
2
Dec.
Kootenay Pow. & Light, 7% pref. (quar.).
Westmoreland. Inc. (quar.)
Weston (George), Ltd.
(quar.)—
$1.75
Oct.
1
30c
Oct.
Oct.
1
Sept. 22
Sept. 16
Sept.19
Nov.
2 Oct.
Sept. 30
Kc
7i20c
h$1.25
50c
Jet.
pref. (quar.)..
1
20
Sept.21
Nov.
2 Oct.
2 Oct.
5
Oct.
1
Oct.
>ct.
1
■<ept. 15
1
Sept. 30 Sept.15
$1.75
$1.75
Oct.
$1
35c
■
Weekly Return of the New
Clearing House
weekly statement
issued
by
the
Payable in scrip,
h On account of
k Entire issue called at
$5.50 per share and the above dividend
on
1936.
m
accu¬
Oct.l,
$0.165683
a
share, payable semi-annually, amounts
vary.
Initial dividend, payable in cash or at the
option of the holder in class B
stock at the rate of l-16th of a share.
n
$0.179140 payable semi-annually, amounts
vary.
o
p Extra dividend payable in the
the Baltimore Pure Rye
6%
cum.
Distilling Co. at the
sinking fund pref. stock of
rate of
one
shares of the Finance A and B common held.
share for each 50
Payable in Canadian funds, and in the case of non-residents of
Canada,
reduction of a tax of 5% of the amount of such dividend will
be made.
r
a
Deposited Insurance Shares; ser. A & B stock div. of 234
% payable in
Holders have option of div. in cash based on
liquidating value
s
trust shares.
of shares.
■'
;
■
u
Payable in U. S. funds,
x
Less tax.
Less depositary expenses.
to
A deduction has been made for
y
expenses,
t
Per 100 shares.
1 Sept. 21
Condition of the Federal Reserve Bank of)
New York
York City
Clearing House is given in full below:
:
g
) Payable In preferred stock.
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.
1 Sept. 15
Sept. 15
Oct.
-■
common stock,
mulated dividends.
Sept. 30 sept. 15
Oct.
1 Sept. 12
Oct.
1 Sept. 21
Oct.
1 Sept. 21
White Rock Mineral
Springs Co. (quar.)
7% preferred (quar.)
5% 2d preferred (quar.)
/ Payable in
5
Nov.
75c
Wheeling Steel Corp. S6 preferred
The
1
15
Sept. 30 Sept. 17
$1H
$1*4
$134
h $1.1234
Westvaco Chlorine Products Corp.
7% pf. (qu.)
$1*4
West Virginia Water
Service, $6 pref. (quar.)
$1.50
Weyenberg Shoe Mfg. Co
i
25c
West Penn Power Co.,
7% preferred (quar.)
6% preferred (quar.)
West Texas Utilities $6 preferred
Extra
1
Payable in stock.
e
15
Oct.
Sept. 30
.
Crown Cork & Seal,
$234 pref. dividend previously reported as 5634cshould have been 56 3* c.
16
2 Oct.
Oct.
Weston Elec. Instrument, class A
(quar.)
West Penn Electric Co.. class A
$
■3734
$ 1 3734
24
15
23
Sept.
Sept.
Sept.
Sept. 30 Sept.
Sept. 30 Sept.
1
1
r50c
5% preferred (quar.)
Tube, pref. (quar.)..
Sept. 8
Sept. 8
Sept. 19
Sept. 10
Sept. 21
Sept. 21
Sept. 19
Sept.19
Oct.
Oct.
Oct.
Oct.
Oct.
25c
_
31
31
31
10
Sept. 16
Oct.
75c
..
Extra
Aug.
Aug.
Aug.
Sept.
Oct.
15c
Young (L. A.) Spring & Wire (quarterly)
1
Oct.
*114
West
Yale & Towne Mfg. Co.
(quar.)
Sept. 21
Transfer books not closed for this
dividend.
$1.62
$1.50
sdoc.
Wrigley (Wm.) Jr. Co. (monthly).-
Accumulations
gtd. (s.-a.)_...
6% preferred
West, Jersey & Seashore6%
Extra
1
Sept.
Oct.
10c
5c
25c
a
)ct.
43
25c
3
Nov. 16
10c
Western Light & Telephone,
pref. (quar.)
Western United Gas & Elec.,
6H% pref. (quar.)
Sept.
Sept.
Sept.
10c
Nov. 16
12Hc
87 He
75c
(quar.)
7% preferred (quarterly)
1
1
$1*4
$1%
$134
1
Sept.15
Sept 15
Sept. 21
Sept. 20
Sept. 20
Sept. 15
Sept. 15
Sept.15
Western Electric Co. (increased)
Western Grocers. Ltd., common
Oct.
Nov.
(quarterly)
&
Oct.
50c
(quar.)
<>ept. 12
Sept. 24
Nov.
Wood ley Petroleum Co.
(quar.)
Youngstown Sheet
1 Sept. 24
1 Sept. 21
50c
1
Oct.
15c
;
...
Wiser Oil
Oct.
$1.75
$1H
Wrlght-Hargreaves Mines, Ltd. (quarterly)
15 Oct.
Oct.
25c
Wentworth Mfg. Co. (quarterly)
75c
(quarterly)
cum. preferred
Oct.
Oct.
1
25c
Wisconsin Public Service Corp.—
7% cum. preferred (quar.%.
6H% cum. preferred (quar.)
6%
Holders1
Payable of Record
$1*4
—
Dec.
30c
Wesson Oil & Snowdrift Co., Inc.
(quar.)..
Extra
Whitman (Wm.) &
Co., Inc., 7% pref. (quar.)
Wieboldt Stores, Inc.
(quar.)
6% preferred (quar.)
Winn & Lovett
Grocery, class A (quar.)
7% preferred (quar.)
Winstead Hosiery Co.
Extra
When
Share
Dec.
Oct.
30c
Waukesha Motor Co. (quarterly increased)
Weinberger Drug (quar.)
Wellington Fund, Philadelphia (quarterly)
10
Sept- 21 Sept.
1
Oct.
1 Sept. 20
1 Sept. 20
Oct.
30c
10c
Name of Company
1
8
1 Sept.
Oct.
8
Oct.
1 Sept.
8
1 Sept. 30
Oct.
Sept. 21 Aug. 31
1 Sept. 12
Oct.
$2.50
_ .
10 Dec.
Dec.
$1*4
$3,00
25c
(quarterljftyncreased)
Extra
18
10
10
10
20c
...
Waldorf System, Inc.
Extra
Sept. 30 Sept.
1 Sept.
Oct.
Oct.
1 Sept.
Oct.
1 Sept.
40c
Vapor Car Heating Co., preferred (quar.)
Vermont & Massachusetts RR.
(semi-annual)
Vicksburg Shreveport & Pacific Ry Co. (s.-a.)_.
Preferred (semi-annually)
Victor-Monoghan, 7% preferred (lauar.)
Virginia Electric & Power $6 oref~"Tquar.')
Virginia Public Service Co.
7%fpref. (quar.)
Vulcan Detinning, preferred
(quarterly)
Per
Payable of Record
12Hc
1234 c
$1%
1823
Holders
When
Share
Chronicle
New York
The
City
<
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED
SATURDAY, SEPT. 12, 1936
following shows the condition of the Federal
Reserve
Bank of New York at the close of business
Sept. 16 1936,
in comparison with the previous week and the
corresponding
date last year:
*Surplus
Clearing House
*
Capital
Net Demand
Time
Deposits,
and
Deposits,
Average
Average
Undivided
Members
Profits
.
Sept. 16, 1936 Sept.
•
S
Bank of N. Y. A Tr. Co.
Bank of Manhattan Co..
£77,500,000
20,000,000
90,000,000
/42,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
103,964,300
500,000,
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
5,775,000
Manufacturers Trust Co.
Cent. Hanover Bk. A Tr.
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Continental Bk.
A Tr. Co
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
Title Guar. A Trust Co..
Marine Midland Tr. Co.
New York Trust Co
Com'I Nat. Bk. A Tr.Co.
Public N. B. A Tr. CoTotal
*
As per official
reports:
companies, June 30, 1936.
e
11,748,000
33,779,000
163,078,000
10,456,000
36,450,000
96,339,000
12,681,000
22,452,000
3,500,000
355,000
2,419,000
48,891,000
526,174,300
National City Bank
Chemical Bk. A Tr. Co..
Guaranty Trust Co
10,955,200
137,138,000
25,431,700
394,155,000
653,577,400 al,454,032,000
52,685,400
458,334,000
177,649,400 61,435,864,000
/34,011,900
483,239,000
63,661,200
773,184,000
16,662,900
248,449,000
90,750,600
517,970,000
59,102,000
549,270,000
3,871,500
49,007,000
122,927,400 cl,954,417,000
3,440.500
45,889,000
69,091,300
<J790,856,000
2,724,200
17,792,000
8,385,100
87,138,000
22,744,400
323,890,060
7,873,900
79,178,000
8,595,100
80,909,000
834,141,100
564,216,000
9,880,711,000
49,161,000
563,000
3,021,000
23,426,000
1,381,000
44,516,000
National, June 30, 1936; State, June 30, 1936; trust
As of Aug. 1, 1936. / As of July
21,1936.
Includes deposits In
foreign branches:
000; d $29,004,000.
a
$243,040,000; 6 $83,144,000;
c
hand and due from
Sates Treasury.*
Redemption fund—F. R. notes
Other cash t
—
Total reserves
—
3,164,955,000 3,194,147,000 2,682,402,000
1,279,000
1,283,000
1,593,000
64,184,000
61,414,000
48,021,000
3,230,418,000 3,256,844,000 2,732,016,000
.4.
Bills discounted:
Secured
by
U. S. Govt, obligations,
direct and (or) fully guaranteed
1,760,000
3,372,000
Total bills discounted
6,140,000
7,077,000
1,800,000
7,310,000
88,263,000
406,823,000
165,475,000
79,866,000
519,712,000
144,739,000
660,561,000
744,317,000
673,863,000
674,591,000
759,567,000
83,000
Industrial advances.
1,102,000
660,561,000
...
5,851,000
1,103,000
7,067,000
———
Bills bought in open market
2,150,000
3,990,000
5,132,000
......
2,270,000
3,581,000
102,766,000
392,320,000
165,475,000
Other bills discounted
84,000
9,431,000
128,074,000
10,855,000
35,137,000
United States Government securities:
Treasury notes
Treasury bills
Total U. S. Government securities-
$96,249.-
The New York "Times"
publishes regularly each week
of a number of banks
apd trust companies which
are not members of the
New York Clearing House.
The
returns
are
on
«
.
following
$
Gold certificates
United
1936 Sept. 18,1935
$
ASS€tSm^mm
6,000,000
20,000,000
9,
«
the figures for the week ended Sept. 11:
INSTITUTIONS
NOT IN CLEARING HOUSE WITH
THE
BUSINESS FOR THE WEEK ENDED
FRIDAY, SEPT.
Total bills and securities
....
foreign banks
Federal Reserve notes of other banks.
Due from
Uncollected Items
Bank premises
—
All other assets..———
CLOSING
...
;■
7,749,000
187,761,000
10,856,000
27,857,000
258,000
6,953,000
167,216,000
12,029,060
29,460,000
OF
11, 1936
NATIONAL AND STATE BANKS—AVERAGE
FIGURES
Total assets
4,138,587,000 4,115,016,000 3,707,499,000
Liabilities—
Loans,
Other Cash,
Disc, and
Including
Investments
1
Manhattan—
Grace National
*
Sterling National
Trade Bank of N. Y.
$
Bank
Res.
Dep. Other
Banks and
Cross
Elsewhere
Trust Cos.
Deposits
$
Notes
$
Dep.,
Y. and
$
N.
23,707,900
21,227,000
5,810,823
85,000
540,000
198,973
6,743,700
5,774,000
1,298,340
2,262,700
442,000
72,292
3,821,000
92,000
994,000
915,000
Brooklyn—
People's National
TRUST COMPANIES—AVERAGE
$
29,368,600
24,650.000
5,347,815
5,290,000
F. R. notes in actual circulation
835,848,000
829,484,000
736,106,000
Deposits—Member bank reserve acc't— 2,692,862,000 2,822,809,000 2,433,590,000
U. S. Treasurer—General account139,741,000
14,630,000
123,660,000
Foreign bank...
20,641,000
22,614,000
7,205,000
Other deposits
144,014,000
162,585,000
117,494,000
Total deposits
2,997,258,000 3,022,638,000 2,681,949,000
Deferred availability items—
Capital paid in—.............——
Surplus (Section 7)
—
Surplus (Section 13b)
..........
FIGURES
—
Loans
Disc, and
$
Banks and
Cross
Trust Cos.
Deposits
S
$
Dep. Other
Elsewhere
Cash
Invest.
jfcanhattan—
$
57,880,800
8,821,091
12,058,291
20,106,200
28,608,200
70,746,423
Federation
Fiduciary
Fulton
Lawyers
United States
*8,359,800
190,282
*1,036,498
*4,447,400
*8,915,100
17,404,704
11,459,600
1,373,078
681,389
1,064,900
3,630,400
16,342,485
Kings County.
♦
a
88,140,000
34,847,736
2,874,000
2,538,951
36,869,000
8,681,312
Includes amount with Federal Reserve
as
558",900
69,589,400
10,607,695
11,337,396
21,673,100
38,754,900
75,402,384
81,000 120,332,000
41,094,831
follows: Empire,
clary, $695,812; Fulton, $4,227,300; Lawyers, 3 6,070,300.
$
2,391,600
2,146,611
Brooklyn—
Brooklyn
Reserve for contingencies
Res. Dep.
N. Y. and
All other liabilities
-
Total liabilities
total reserves to deposit and
F. R. note liabilities combined
Commitments to make industrial adRatio
181,068,000
50,179,000
50,825,000
7,744,000
8,849,000
6,816,000
122,846,000
50,179,000
50,825,000
7,744,000
8,849,000
22,451,000
166,775,000
51,087,000
49,964,000
6,957,000
7,500,000
7,161,000
4,138,587,000 4,115,016,000 3,707,499,000
of
8.43%
84.5%
9.490,000
a ana nnn
79.9%
Q
8QO
rtftO
Reserve bank notes.
x
These are certificates given by the United States
Treasury for the gold taken
from the Reserve banks when the dollar was on Jan.
31, 1934, devalued from
59.06 cents, these certificates being worth less to the
extent of the
over
100 cents to
$6,869,200; Fidu-
difference, the difference Itself having been appropriated
under the provisions of the Gold Reserve Act of 1934.
as
profit by the Treasury
Chronicle
Financial
1824
Sept.
19, 1936
System
Weekly Return of the Board of Governors of the Federal Reserve
Board of Governors of the Federal Reserve System on Thursday afternoon, Sept. 17,
The following is issued by the
The first table presents the results
with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of " Current Events and Discussions."
showing the condition of the twelve Reserve banks at the close of business on
for the System as a whole
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
Sept. 16, 1936 Sept.
on
1936 Sept. 2,
$
1936 Aug. 26, 1936 Aug. 19, 1936 Aug. 12, 1936 Aug. 5,
$
$
$
1936 July 29, 1936 Spe.t 18,1935
$
$
SEPT. 16. 1936
$
$
8,274,032,000 8,255,038,000 8,225,038,000 8,211,040,000 8,185,529,000 6,551,132,000
20,503,000
13,720,000
11,663,000
13,720,000
14,070,000
13,070,000
12,625,000
218,048,000
289,980,000
288,635,000
303,084,000
282,936,000
282,433,000
268,885,000
hand & due from U.S.Treas.i: 8,386,071,000 8,372,031,000 8,334,034,000
12,102,000
12,145,000
263,529,000
Redemption fund (F. R. notes)
Other cash •
Total
9,
$
ASSETS
Gold ctfS.
Wednesday.
in comparison with the figures for the seven preceding weeks and
248,066,000
8,661,702,000 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 6,789,683,000
reserves
Bills discounted:
Secured
by
U.
S.
obligations,
guaranteed
Govt,
5,552,000
2,311,000
1,856,000
2,104,000
1,676,000
7,238,000
6,477,000
7,863,000
3,960,000
3.608,000
9,638,000
3,095,000
3.095,000
3,094,000
4,682,000
28,554,000
3,092,000
28,888,000
3,092,000
28,522,000
3,094,000
28,662.000
t29,584,000
30,230,000
4,059,000
3,681,000
4,352,000
4,561,000
4,041,000
3,600,000
Total bills discounted
8,011,000
8,033,000
8,602,000
3,095,000
28,628,000
direct and (or) fully
3,952,000
3,096,000
28,521,000
Bills bought In open market
Industrial advances
,
28,782,000
1,992,000
238,978,000
324,721,000
324,721,000
324,721,000
324,721,000
324,721,000
324,721,000
324,721,000
378,077,000
1,692,227,000
1,443,363,000 1,496,719,000 1,496,719,000 1,496,719,000 1,496,719,000 1.496,719,000 1.496,719,000 1,490,719,000
499,068,000
608,787,000
608,787,000
608,787,000
608,787,000
608,787,000
608,787,000
608,787,000
608,787,000
U. S. Government securities—Bonds
Treasury notes
4,690,000
4,948,000
3,405,000
3,072,000
3,638,000
Other bills discounted-
—
Treasury bills
Total U. S. Government securities
__
2,430,273,000
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
181,000
181,000
Other securities
Foreign loans on gold
—
181,000
181,000
.
181,000
181,000
-
t2.400,752000 2,474,823,000
2,469,855,000 2,469,983,000 2,470,627,000 2,469,295,000 2,468,641.000 2,470,147.000 2,468.348,000
Total bills and securities
Gold held abroad—
2i9~666
Uncollected Items
Bank premises..
All other assets
219T666
""220" 066
26,320,000
780,969,000
48,058,000
37,888,000
Due from foreign banks
Federal Reserve notes of other banks
26,775,000
554,757,000
48,055,000
45,139,000
2197555
.
"""2! 9" 000
25,093,000
25,346,000
544,120,000
48,056,000
44,581.000
21,540,000
689,851,000
48,054,000
43,644,000
528,322,000
48,055,000
43,586,000
""221" 566
""22T660
23,348,000
22,540,000
598,183.000
547,616.000
48,058,000
24.185.000
553,019.000
"~219~56O
48,055,000
44,152.000
44,190,000
"643,000
20,369,000
619,461,000
50,071,000
48,055,000
145,282,000
43,061,000
9,998,111,000
12,025,011,000 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
Total assets
LIABILITIES
3.951,101,000 3,426,791,000
4,045,458,000 4,055,971,000 4,020,920,000 3,993,664,000 3,988,055,000 3,983,473,000 3.979.814,000
F. R. notes In actual circulation
6,016,170,000 5,136,134,000
Deposits—Member banks' reserve account 6,205,735,000 6,471,333,000 6,440,622,000 6,331,502,000 6,228,518,000 6,116.084,000 0,004,796,000
224,496,000
400,210.000
338,062,000
439,391,000
143,424,000
215,424,000
54,683.000
107.236,000
U. 8. Treasurer—General account-417,924,000
19,108,000
57,158,000
71,040,000
86,438,000
98,174,000
90,126,000
50.267,000
59,235,000
56,762,000
Foreign banks
225,299.000
240.676,000
249,675,000
250,309,000
238,258,000
251,437,000
229,285,000
211,572,000
Other deposits—
193,937,000
•
<
------
—
5,605,037,000
6.874,358,000 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
Total deposits
756,014,000
130,185,000
145,501,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Total liabilities
Ratio
of
total
x
34,240,000
34,236,000
44,159,000
532,971.000
130,170,000
'
145,501,000
27,088,000
34,235,000
10.621,000
601,610.000
130,169.000
145,501,000
27,088,000
34,236,000
10,326,000
591,154,000
130,177.000
145,501,000
26,513,000
34,141,000
10,990,000
550,985,000
130.205,000
145,501,000
26,513.000
559,363,000
130 170,000
623,209,000
145,501,000
144,893,000
26,513,000
34,105,000
10,347,000
34,105,000
10,824.000
23,164,000
30,694,000
131,586,000
12,737,000
9,998,111,000
12,025,011,000 0,777,170,000 11,748,494,000 U,685,608,000 11,722,490,000 11,712,842,000 11,642,372,000 11,637,790,000
-
reserves
27,088,000
145,501,000
12,167,000
Reserve for contingencies
All other liabilities
552,398,000
130,163,000
145,501,000
27,088,000
34,236,000
10,778,000
543,220,000
130,172,000
27,088,000
Deferred availability Items.
to
deposits
and
79.3%
F. R. note liabilities combined
23,721,000
79.4%
79.3%
79.4%
79.2%
79.2%
79.2%
75.2%
23,699,000
t23,355,000
23,271,000
23,394,000
23,453,000
23,711,000
26,840,000
79.5%
23,543,000
■
Commitments to make Industrial advances
Maturity Distribution of Bills and
$
$
s
9
1
9
%
9
9
Short-term Securities—
16-30 days bills discounted
31-60 days bills discounted
7,108,000
5,320,000
157,000
600,000
34,000
233,000
587,000
379,000
234,000
803,000
163,000
1,094,000
339,000
381,000
141,000
593,000
463,000
256,000
624.000
873,000
205,000
654,000
i
6,324,000
-
-
61-90 days bills discounted
Over 90 days bills discounted
6.097,000
6,718,000
91,000
1-15 days bills discounted---
-
338,000
642,000
239,000
,
4,534,000
28,000
2,028,000
31,000
7,887,000
332,000
813,000
673,000
1,233,000
207,000
622,000
278,000
058,000
129,000
3,960,000
'3,668,000
9,638,000
1,452,000
1,083,000
2,290,000
57,000
8,011,000
61-90 days bills bought In open market
Over 90 days bills bought In open market-
Total bills bought In open market
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days industrial advances
8,033,000
8,602,000
7,238,000
6,477,000
1,623,000
.473,000
726,000
274,000
1,598,000
427,000
122,000
978,000
880,000
768,000
1,616,000
1,598,000
68,000
477,000
495,000
233,000
236,000
4,000
880,000
133,000
1,002,000
880,000
24,000
122,000
283,000
1,809,000
1,857,000
2,075,000
352,000
769,000
244,000
1,727,000
3,096,000
Total bills discounted
1-15 days bills bought In open market
16 30 days bills bought In open market—31-60 days bills bought in open market
7,863,000
3,095,000
3,095,000
3,095,000
3,094.000
3,094,000
3,092,000
3,092,000
4,682,000
1,395,000
1,434,000
294,000
674,000
279,000
1,550,000
179,000
575,000
1,556.000
1,317,000
Total Industrial advances
876,000
930,000
1,645,000
25,267,000
25,155,000
799,000
25,413,000
589,000
948,000
'25,543,000
25,638,000
26,214.000
26,207,000
28,628,000
28,522,000
28,554,000
28,662,000
28,782,000
28,888,000
29,448,000
30,230,000
1,539,000
459,000
696,000
28,521,000
Over 90 days industrial advances
499,000
1,493,000
297,000
750,000
711,000
25,303,000
1,524,000
1,592,000
398,000
612,000
737,000
25,182,000
•„
1,648,000
352,000
709,000
767,000
682,000
1,472,000
294,000
684,000
505,000
30,800,000
28,459,000
28,580,000
31,956,000
37,930.000
36,956,000
81,016,000
85,786,000
41,439,000
27,512,000
31,950,000
36,956,000
37,930,000
81.016.000
85,786,000
48,443.000
44,489,000
39,009,000
47,360,000
123,716,000
129,459,000
130,275,000
79,282,000
87,452.000
70,804,000
71,480,000
65,816,000
132,923,000
79,282,000
70,804,000
85,659,000
72,006,000
76,383,000
66.816,000
88,216,000
200,919,000
Over 90 days U. 8. Government securities 2,083,044,000 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 2,191,678,000
1-15 days U. 8. Government securities.
16-30 days U. 8. Government securities..
31-60 days U. 8. Government securities.61-90 days U. 8. Government securities._
.
<
2,430,273,000
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
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
Over 90 days other securities
18i~666
Total other securities
„
"~1~81~666
isiTooo
isi~6oo
i8i~666
i 81,606
181,000
181,000
181,000
181,000
181,000
181,000
Federal Reserve Notes—
3,718,559,000
4,349,616,000 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
291,768,000
340,572,000
305,060,000
309,244,000
278,553,000
309,465,000
309,425,000
286,708,000
304,158,000
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
3,951,101,000 3,426,791,000
4,045,458,000 4,055,971,000 4,020,920,000 3,993,664,000 3,988.055,000 3,983,473,000 3,979,814,000
In'actual circulation
Collateral Held by Agent as Security for
*«.■ Notes Issued to Bank—
Gold ctfs.
on
hand & due from U. 8. Treas.
By eligible paper
U.„S. Government securities
Total
3,747,350.000
4,415,249,000 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
collateral
••'Other cash" does not Include
x
Jan
These
are
4.313,023,000 3,569,768,000
4,325,838,000 4,328,838,000 4,306.338,000 4,306,338,000 4,301,338,000 4,299,338,000 4,289,838,000
8,182,000
2,378,000
2,634,000
5,777,000
6,922,000
6,507,000
5,038,000
6,130,000
6,411,000
169,400,000
53,000,000
73,000,000
73,000,000
73,000,000
73,000,000
73,000,000
73,000
83,000,000
Federal Reserve notes,
t Revised figure.
certificates given by the U. d. Treasury for the gold taken over
from the Reserve banks when the dollar was devalued from 100 cents to 59.00 cents on
31,1934. these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profits by the
of the
Gold Reserve Act of
1934
*
Treasury under the provisions
Volume
143
Financial
Chronicle
1825
Weekly Return of the Board of Governors of the Federal Reserve System (
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
.7.
Two
••
y
'
SEPT. 16
193*
'
-
Ciphers (00) Omitted
Federal Reserve Bank of—
)
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
Total
Boston
New York
Cleveland Richmond
Phila.
Atlanta
St.
Chicago
Dallas
San Fran*
$
Louis Minneap. Kan. City
$
'
RESOURCES
8
Gold certificates on hand and due
from U. S. Treasury.
Total
%
-
reserves
$
$
$
$
$
$
-;f
8,661,702,0 582,876,0 3,230,418,0 478,237,0 664,348,0 295,436,0 247,072,0 1,691,727,0 243,416,0 182,238,0 266,516,0 170,393,0 609,025,0
Bills discounted:
Seo. by U. S. Govt,
obligations,
direct & (or) fully guaranteed
Other bills discounted
•
3,952,0
4,059,0
Bonds
22,0
1,760,0
3,372,0
370,0
28,0
743,0
5,132,0
3,096,0
28,521,0
bought In open market
Industrial advances
U. 8. Government securities:
721,0
8,011,0
Total bills discounted
Bills
226,0
1,103,0
378,077,0
1,443,363,0
608,787,0
Treasury notes
Treasury bills
Total bills and securities
Due from foreign banks
219,0
26,320,0
780,969,0
48,058,0
37,888,0
All other resources.—
42,0
128,0
50,0
398,0
128,0
170,0
317,0
5,048,0
294,0
121,0
522,0
20,0
292,0
"~7~0
64,0
236,0
545,0
7.0
84,0
528,0
123,0
87,0
61,0
87,0
87,0
218,0
1,657,0
35~0
23,0
118,0
35,0
108,0
525,0
1,180,0
902,0
20,213,0
77,166,0
32,548,0
13,472,0
51,433,0
19,124,0
73,009,0
21,693,0
30,794,0
68,0
85,0
38,0
1,432,0
3,668,0
583,0
387,0
1,750,0
19,915,0
76,028,0
32,067,0
15,301,0
58,416,0
24,639,0
44,977,0
171,707,0
72,423,0
660,561,0 211,180,0 235,795,0 128.010,0
98,356,0
289,107,0 129,927,0
86,598,0 122,927,0
93,570,0 212,483,0
673,863,0 216,943,0 237,649,0 131,969,0
99,165,0
291,279,0 131,084,0
87,846,0 124,000,0
95,724,0 214,481,0
7,067,0
25,158,0
96,045,0
102,766,0
40,510,0
2,469,855,0 165,852,0
Fed. Res. notes of other banks
Uncollected Items
Bank premises
90,0
38,0
32,853,0 36,684,0
392,320,0 125,425,0 140,043,0
165,475,0 52,902,0 59,068,0
3,170,0
Total U. S. Govt, securities. 2,430,227,0 161,713,0
Total
$
$
8,386,071,0 547,413,0 3,164,955,0 443,338,0 639,441,0 281,078,0 235,512,0 1,660,289,0 232,569,0 174,705,0 252,674,0 162,942,0 591,155,0
740,0
1,867,0
722,0
12,102,0
354,0
1,279,0
2,784,0
a 307,0
173,0
335,0
883,0
789,0
1,869,0
263,529,0 33,596,0
64.184,0 34,177,0 24,167,0 14,004,0
8,776,0
31,131,0 10,058,0
12,959,0
7,360,0
7,116,0 16,001,0
Redemption fund—F. R. notesOther cash *
$
17,0
83,0
7,749,0
187,761,0
10,856,0
27,857,0
377,0
74,546,0
3,113,0
421,0
10,0
8,0
26,0
2,448,0
70,319,0
5,079,0
20,0
1,721,0
75,212,0
6,525,0
2,993,0
114,826,0
4,833,0
3,244,0
1,677,0
1,125,0
1,671,0
24,723,0
2,284,0
1,405,0
21,0
792,0
54,999,0
2,919,0
557,0
4,0
3,0
6,0
2,195,0
34,235,0
2,452,0
221,0
1,236,0
22,637,0
1,531,0
326,0
1,633,0
38,853,0
1,539,0
14,557,0 33,057,0
55,573,0 126,198,0
23,440,0 53,228,0
.
"3,360,0
360,0
6,0
539,0
33,888,0
1,526,0
235,0
15,0
2,966,0
48,970,0
3,580,0
460,0
resources-—.^,...—,.— 12025011,0 827.202,0 4,138,587,0 759,315,0 987,152,0 504,226,0 376,328,0 2,106,241,0 413,607,0 295,817,0 434,728,0 302,311,0 879,497.0
LIABILITIES
F. R. notes In actual
circulation.
4,045,458,0 357,817,0
835,848,0 296,946,0 398,370,0 190,123,0 182,005,0
916,451,0 171,423,0 127,357,0 154,234,0
88,340,0 326,544,0
Deposits:
Member bank reserve account.
6,205,735,0 323,483,0 2,692,862,0 347,870,0 440,385,0 203,039,0 138,746,0
U. 8.
Treasurer—Gen'l acc't—
417,924,0
56,762,0
Total deposits—.—
36,937,0
4,209,0
193,937,0
Foreign bank
Other deposits
6,295,0
139,741,0
20,641,0
144,014,0
20,794,0
33,944,0
5,290,0
2,270,0
5,233,0
4,336,0
23,835,0
2,503,0
3,437,0
13,718,0
1,991,0
2,365,0
976,555,0 157,676,0 120,901,0 213,888,0 150,014,0 440,316,0
52,685,0 28,854,0
11,525,0
16,297,0 14,390,0 25,204,0
6,598,0
1,707,0
1,365,0
1,650,0
3,925,0
1,650,0
1,624,0
8,137,0
4,303,0
707,0
1,662,0 14,787,0
6.874,358,0 370,924,0 2,997,258,0 376,224,0 483,898,0 232,814,0 156,820,0 1,037,462,0 196,374,0 138,094,0 232,542,0 167,716,0 484,232,0
Deferred availability Items.--—.
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
756,014,0
130,185,0
145,501,0
27,088,0
34,240,0
12,167,0
Reserve for contingencies.—
All other liabilities
Total liabilities
74,532,0
9,408,0
9,902,0
181,068,0
50,179,0
50,825,0
2,874,0
7,744,0
1,513,0
232,0
8,849,0
6,816,0
52,940,0
12.221,0
73,365,0
12,575,0
13,406,0
4,231,0
3,000,0
347,0
14,371,0
1,007,0
3,111,0
'
455,0
66,468,0
4,723,0
5,186,0
3,448,0
1,284,0
24,122,0
4,246,0
108,573,0
12,161,0
21,350,0
1,391,0
7,573,0
1,280,0
5,616,0
754,0
2,564,0
201,0
180,0
35,412,0
3,758,0
4,655,0
546,0
894,0
545,0
21,167,0
2,952,0
38,254,0
35,101,0
3,955,0
3,149,0
1,003,0
1,435,0
3,613,0
3,825,0
3,783,0
660,0
1,142,0
840,0
148,0
1,252,0
1,328,0
966,0
45,012,0
10,182,0
9,645,0
1,696,0
1,849,0
337,0
12024,011,0 827,202,0 4,138,587.0 759,315,0 987,152,0 504,226,0 376,328,0 2,106,241,0 413,607,0 295,817,0 434,728.0 302,311,0 879,497,0
Commitments to make Industrial
advances*
23,543,0
...
2,640,0
"Other cash" does not Include Federal Reserve
9,490,0
349,0
FEDERAL
Two Ciphers (00) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
Issued to F.R. Bk. by F.R.
Agt
Held by Fed'l Reserve BankIn actual
Boston
%
.1,358,0
2,368,0
307,0
49,0
1,517,0
82,0
383,0
508,0
4,492,0
notes.
New York
$
$
RESERVE NOTE STATEMENT
Phila.
Cleveland Richmond
$
%
Atlanta
$
Chicago
$
St.
$
Louis Minneap. Kan. City
$
$
$
Dallas
San Fran.
%
.
*
4,349,616,0 378,131,0
304,158,0 20,314,0
949,816,Q 180,765,0 133,152,0 166,300,0
33,365,0
9,342,0
5,795,0
12,066,0
97,248,0 375,055,0
8,908,0 48,511,0
4,045,458.0 357,817,0
835,848,0 296,946,0 398,370,0 190,123,0 182,005,0
916,451,0 171,423,0
127,357,0 154,234,0
88,340,0 326,544,0
4,325,838,0 396,000,0
721,0
935,706,0 314,000,0 427,000,0 203,000,0 161,000,0
3,798,0
370,0
157,0
101,0
93,0
45,00,00
966,000,0 151,632,0 129,000,0 165,000,0
536,0
72,0
30,000,0
s.obb'o
3,000,0
98,500,0 379,000,0
462,0
101,0
4,415,249,0 396,721,0
circulation.—
Collateral
927,249,0 311,463,0 425,929,0 202,363,0 202,145,0
91,401,0 14,517,0 27,559,0
12,240,0 20,140,0
939,504,0 314,370,0 427,101,0 203,157,0 206,093,0
966,000,0 182,168,0 134,000,0 168,072,0
98,962,0 379,101,0
held by Agent as se¬
curity for notes issued to bks.
Gold certificates on hand and
due from U. S. Treasury
Eligible paper
U. 8. Government securities-
6,411,0
83,000,0
Total collateral
,
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks
themselves.
The comment of the Board of Governors of
the Federal Reserve
System
upon
the figures for the latest week
appears
in
our
immediately preceding which
department of "Current Events and Discussions
we also give the figures of New York and Chicago
reporting member banks for a week later.
beginning with Nov. 6, 1935, covers reporting banks In 101 leading cities, as It did prior to the
banking holiday In 1933. Instead of 91 cities, and haa
also been revised further so as to show additional Items.
The amount of "Loans to
The statement
banks" was lnoluded 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 oredlt of
Individuals, partnerships, corporations,
associations, States, counties, municipalities, Ac.} minus the amount of cash Items
reported as on hand or In process of collection.
The method of computing the Item "Net
demand deposits,"
furthermore, has been ohanged in two respects In accordance with provisions of the Banking Aot of 1935:
First, It includes United States Government
deposits, against which reserves must now be carried, while previously these
deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to
banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23,1935.
The Item "Time deposits" differs In that It formerly Included a relatively small amount of time
deposits of other banks,
which are now Included In "Inter-bank
deposits,"
The Item "Due to banks" shown heretofore Included only demand balances of
domestio banks.
The Item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve
banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net," and "Other liabilities."
By "Other assets—net" Is meant the aggregate of all assets not otherwise
specified, less cash Items reported as on hand or in prooess
of collection which have been deducted from demand
deposits.
i
,
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON SEPT. 9 1936
(In Millions of Dollar 8)
Federal Reserve District—
Total
ASSETS
Loans aDd Investments—total
New York
8
Phila.
Cleveland Richmond
8
'
1,185
1,816
1,234
9,645
12
992
9
213
27
77
22
10
148
846
148
214
22,433
St.
Louis Minneap. Kan. City
638
558
8
2,976
655
Dallas
San Fran.
8
398
8
678
€78
2,172
okers and dealers:
In New V ork
City
Outside New York City
Loans onmi rltles to others
Acceptances and oom'l
9
1
2
3
41
7
3
12
(except
banks)
on
Chicago
8
1,028
—
Atlanta
$
2,039
Loans to
Loans
Boston
$
kought.
67
55
203
71
31
47
315
47
119
24
5
6
5
37
8
10
28
2
1,146
paper
real estate
Loans to banks
82
244
62
24
184
25
24
70
44
6
18
S3
364
7
3
1
1
40
169
88
3
56
2
4
1
1
9
309
1,441
4,068
191
208
106
139
504
123
115
143
142
377
867
296
207
1,543
228
173
252
182
697
Other securities
3,798
9,250
1,237
3,319
Reserve with Federal Reserve Bank-
5,109
232
394
124
68
15
35
18
11
64
11
5
12
2,275
1,311
113
164
10
147
21
236
144
137
434
115
92
77
280
177
539
89
236
113
39
41
105
24
17
24
27
216
Other loans
U. S. Govt, direct obligations
---
Obligations fully guar, by U. 3. Govt.
Cash In vault
Balance with domestio banks
Other assets—net
426
311
♦
18
485
101
63
60
40
147
58
15
162
49
36
1,317
315
165
261
74
82
413
108
46
133
48
360
2,497
233
325
144
89
865
119
73
§6
281
LIABILITIES
Demand
deposits—adjusted
14,918
5,036
—-
Borrowings
Other liabilities
Capital account
-.
6,861
773
1,026
403
309
2,238
393
260
479
362
971
274
839
713
197
177
822
179
124
14
147
120
230
71
76
43
52
148
11
1,025
3
22
37
114
238
2,454
299
358
221
203
855
246
137
406
Domestic banks--
975
287
821
5,901
Time deposits
United States Government deposits—
Inter-bank deposits:
Foreign banks
155
410
186,
294
10
371
3
1
1
12
"~23
447
"24
15
'"30
9
30
233
"~4
2
5
1,557
225
336
89
85
"320
345
56
89
77
322
22
920
3,498
1
1
22
-»o-
Sept. 19, 1936
1826
York Stock Exchange
Stock and Bond Sales—New
DAILY, WEEKLY
AND YEARLY
Pages—Page One
Occupying Altogether Sixteen
sales are disregarded In the day's range, unless
for the year.
NOTICE—Cash and deferred delivery
computing the range
of such sales In
United States Government
Securities
Daily, Weekly and Yearly
York Stock Exchange
■
daily record of the transactions in
Federal Farm Mortgage Corporation's
bonds and Treasury certificates on the New York Stock
Below
we
furnish
a
of
a
decimal point represent one or more 32ds
.
Daily Record of U. S.
High
—■
119.7
119.8
119.5
119.7
119.7
119.3
119.2
119.8
119.7
119.3
119.3
119.7
mmmm
11
6
2
15
2
High
108.29
108.25
108.23
108.25
108.20
108.21
Low.
108.29
108.24
108.23
108.22
108.19
108.20
Close
108.29
108.25
108.23
108.25
108.19
108.20
2
51
1
8
5
5
Total sales in $1.000 units
High
Low.
4s. 1944-64
'
mrn'mm
■
mmmm
mmmm
mmmm
•» mm
m
114.4
■mmmm
'mmmm
112.13
High
Low.
rnrn'mm
mm.
mm.
112.12
112.12
Close
3Ms. 1946-56
•»«,«.
mmmm
m-rnmm
112.12
112.12
m
1
15
Total sales in $1,000 units
_
—
+
$67,378,000
$2,457,292,000
$2,386,177,000
mrn
mmmm
Total
mmmm
mmmm
.
mmm
........
I
mmmm
■mmmm
mmmm
mmmm
109*9
mmmm
109.11
109.8*
109.12
109.9
mmmm
109.10
"mmmm
109.8
109.12
Close
109.9
mmmm
109.10
mmmm
109.8
36
'mmmm
1
Total sales in $1,000 units
-
mmmm
1
Below
105.4
105.9
105*9*
105.8
105.8
105
Low.
105.8
105.6
105.5
105.3
105
105.1
105
105.2
105.4
105.8
105.6
105.8
Close
daily closing averages
the
are
stocks and bonds listed on
36
3
3
4
22
25
Total sales in $1,000 units
Stock and Bond Averages
109.12
1
High
High
106.6
106.6
106.8
106.7
106.4
106.6
106.3
106.8
106.7
106
106.6
106.3
106.8
106.4
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
106.4
Close
as
106.6
Low
3s, 1946-48
$57,843,000
•
mmmm
—
Low.
3s. 1951-55
$570,124,000
278,593,000
1,537,460,000
Railroad and Industrial
■
High
■
3%a. 1943-47——
224,161,072
$211,639,000
231,650,000
2,014,003,000
State and foreign
«
-
339,497.523
$20,080,000
8,367,000
38,931,000
5,713,044
mmmm
m
5
6
112.12
9,538,550
$4,695,000
5,373,000
47,775,000
Stocks—No. of sharesGovernment
114.3
mm. mm.
mmmm
►1936
Exchange
18
1935
1936
1935
mmmm
114.2
114.4
mmmm
■
Close
Total sales in $1,000 units
New York Stock
Bonds
114.3
114.4
mmmm
Jan. 1 to Sept.
Week Ended Sept. 18
Sales at
Total sales in $1,000 units—
3^s, 1943-45.
$57,843,000
337,000
.
119.3
119.8
Close
4Ms. 1947-52
119.9
Low.
$4,695,000
$47,775,000
Friday
Total
Treasury
852,000
$5,373,000
5,713,044
Wednesday
Sept. 16 Sept. 17 Sept. 18
Bond Prices Sept. 12 Sept. 14 Sept. 15
776,000
1,124,000
1,626,000
$237,000
595,000
924,000
1,189,000
1,054,000
641,000
Thursday
Sales
■
$5,888,000
9,659,000
9,471,000
10,470,000
9,597,000
12,758,000
1,004,560
1,127,990
1,038,354
773,570
1,273,870
Monday
Tuesday...—.
point.
Bond
States
Bonds
$713,000
$4,938,000
8,140,000
7,945,000
8,640,000
7,832,000
10,280,000
494,700
Saturday
Total
United
Mis cell. Municipal A
For'n Bonds
Bonds
Shares
18 1936
Sept.
and
Number of
Week Ended
State,
Railroad
Stocks,
Home Owners' Loan,
Exchange.
Quotations after
No account Is taken
Stock Exchange,
Transactions at the New York
the New
on
they are the only transactions of the day.
106.4
.
3Ks. 1940-43
106.7
102
2
1
—
-
«
-
Close
Total sales in $1,000 units...
Bonds
Stocks
10
108.9
108.9
108.8
108.9
108.8
108.8
108.9
108.9
108.8
108.8
10
108.9
108.8
....
Low.
•
108.8
108.8
High
•
101
5
Total sales in $1,000 units
108.9
«...
Total
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
■4
3
2
1
3
10
30
Indus¬
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Date
109.10
109.12
109.11
109.8
mmmm
109.6
109.8
mmmm
109.6
Sept.
55.68
34.11
61.84
107.20
109.8
'mmmm
109.6
Sept.
166.25
55.20
33.82
61.29
107.28
104.58
109.11
106.51
109.12
92.58
109.10
111.94
Close
18
17
167.76
104.65
109.11
106.48
109.8
92.98
109.10
111.95
Low.
4
Sept.
16
165.16
54.65
33.67
60.86
107.26
111.90
92.70
104.59
5
1
106.50
166.44
55.26
34.41
61.52
107.15
111.96
92.73
106.60
166.86
55.46
34.54
61.71
107.25
111.98
92.79
106.64
104.67
168.02
55.83
34.95
62.18
107.23
111.96
92.70
106.69
104.65
High
3%s, 1941-43
Total sales in $1,000 units...
Close
107.1
107
106.30
■mmmm
106.30
Sept.
107.1
107
106.30
■mmmm
106.30
Sept.
12
mmmm
1
16
mmmm
106.19
106.15
106.20
Low.
106.20
CIobc
106.20
'
5
.
.
..
.
106.19
106.14
106.17
106.19
106.14
106.17
25
88
mmmm
mmmm
.
109.9
109.8
mmmm
....
mmmm
109.5
Low
109.7
109.8
mmmm
....
mmmm
109.5
Close
109.9
109.8
mmmm
...
mmmm
.
108.18
108.15
108.16
108.16
Low.
108.18
108.15
108.15
108.12
108.9
Close
108.18
108.15
108.16
108.16
108.9
108.11
3
103.2
103.2
103.3
3
102.30
High
103.6
Low.
103.4
103
103
102.29
102.25
102.25
Close
103.4
103.1
103
102.29
102.27
102.30
38
84
134
Total sales in $1,000 units...
44
133
20
High
104.17
104.16
104.16
104.14
104.12
104.13
Low.
104.13
104.13
104.14
104.11
104.9
104.11
Close
104.17
104.16
104.14
104.14
104.12
104.13
2Mb. 1945-47
„
31
203
Total sales in $1,000 units...
11
32
12
55
High
102.27
102.27
102.27
102.27
102.24
102.24
Low.
102.27
102.27
102.27
102.25
102.21
102.21
Close
102.27
102.27
102.27
102.27
102.22
102.24
2Kb, 1948-51
units...
5
9
2
31
12
5
High
101.29
101.27
101.28
101.26
101.25
101.25
Low.
101.26
101.24
101.26
101.23
101.20
101.22
Close
101.26
101.24
101.28
101.24
101.23
101.25
Total sales in $1,000 units...
13
48
97
292
139
218
Total sales in % 1,00
2«s. 1951-54
[High
Low.
2%B, 1956-1959...
Close
101.9
101.9
101.6
101.7
101.5
101.5
101.3
101.4
mmmm
101.9
101.5
101.6
MM*-.
—
...
mmmm
105.8*
105*16
105.8
105.4
105.2
•
Low.
105.8
105.10
105.8
105.4
105.2
105.2
105.8
105.10
105.8
105.4
155
185
25
mm
105.3
105.2
6
1
10
3
1
101
103.27
103.30
103.26
103.24
Low.
103.28
103.27
103.26
103.25
103.23
103.27
103.27
103.26
103.24
103.26
4
10
51
101
51
Total sales in $1,000 units...
50
High
Federal Farm Mortgage
■
104.7
104.9
104.11
104.7
104.9
104.11
0.10%
7 1936
0.14%
Feb. 17 1937
Feb. 24 1937
0.17%
Oct.
Oct.
14 1936
0.14%
Mar.
1937
0.17%
Oct.
21 1936
Mar. 10 1937
0.18%
28 1936
0.14%
0.14%
Mar. 17 1937
0.18%
4 1936
0.16%
Mar. 24 1937
0.18%
Nov. 10 1936
0.16%
Mar. 31
1937
Nov. 18 1936
0.16%
Apr.
1937
Nov. 25 1936
0.16%
1937
0.18%
0.16%
0.16%
2 1936
0.16%
0.16%
7
Apr. 14
Apr. 21
Apr. 28
May
5
1937
0.16%
Oct.
Nov.
Deo.
Dec
.
9 1936
Dec. 16 1936
Jan.
6 1937
Jan.
13 1937
Jan.
20 1937
104.7
104.9
104.11
104.11
16
0.20%
19 1937
0.20%
0.20%
1937.
0.20%
0.20%
June 16 1937.
0.20%
June
2 1937.
June
9
Quotations for United Statest Treasury Certificates
Indebtedness, &c.—Friday, Sept. 18
Figures after decimal point represent one or more
a
of
32ds of
point.
63
....
2
3
Total sales in $1,000 units..
Int.
int.
Rate
Maturity
Bid
Asked
Maturity
Rate
Bid
Asked
104.2
10*3*4*
103.2
m^mm
103.2
Dec. 15 1939...
1H%
101.9
101.11
2X%
104
High
Sept. 15 1938.
103.1
mmmm
103.2
June 15 1941...
1H%
IX %
IX %
IX %
IX %
100.29
100.31
Feb.
1 1938.
2 X%
103.11
103.4
103.9
Low.
Federal Farm Mortgage
101.19
101.21
Deo.
15 1936.
2 H%
101.19
101.9
101.11
June
15 1938.
2%%
101.17
104.14
101.16
101.18
Feb.
15 1937.
101.23
101.25
101.12
101.14
Apr.
15 1937.
3%
3%
102.6
102.8
m%
101.30
102
Mar. 15 1938.
3%
104.2
104.4
Sept. 15 1937.
3X%
103.12
103.14
2^8. 1942-47
Close
103.2
103.2
103.4
Total sales in $1,000 units...
35
Mar. 15 1941.
103.19
June 15 1940.
19
1
103*21
10*3*21
Mar. 15 1939...
10*3.16
103.19
High
103.19
103.19
103.20
103.19
103.15
103.15
Dec.
Close
3s, series A, 1944-52
103.19
Low.
Home Owners' Loan
103.19
103.21
103.21
103.18
103.16
103.19
Mar. 15 1940
26
62
20
Total sales in $1,000 units...
Home Owners' Loan
High
23
36
101.31
102
101.28
101.30
101.29
101.26
101.31
101.29
101.27
23
101.31
101.30
101.31
101.30
35
65
133
June 15 1939
102.1
101.29
102
101.30
101.31
101.28
101.30
Close
102.1
101.31
101.29
101.30
225
48
Total sales in $1.000 units
3
52
x%
103.9
103.11
307
102.1
Low.
1942-44
2
.
101.30
66
..
101.27
High
Home Owners' Loan
15 1940...
104.16
101.30
Low.
Total sales in $1,000 units
'
101.31
2
102
Close
2Hb, series B, 1939-49..
2 Ms.
0.16%
0.20%
12 1937.
0.17%
3 1937
Feb.
1937
1937.
May 26 1937.
0.16%
Jan. 27 1937.
0.17%
May
0.16%
0.16%
0.16%
0.16%
0.16%
Dec. 30 1936
3
May
0.16%
Dec. 23 1936
104.10
mmmm.
Close
.
0.10%
Sept. 30 1936
104.11
mmmm
Low.
■
-3s, 1942-47
8ept. 23 1936
103.24
103.28
High
■
0.17%
103.26
Close
3s, 1944-49..—
1937
Feb. 10
136
103.29
ital Sales in $1,000 units
Federal Farm Mortgage
Asked
Bid
Asked
Bid
105,4
Close
33^8. 1944-64
for discount at purchase.
101.6
mmmm
High
Total sales in $1,000 units...
Federal Farm Mortgage
are
108.11
102.30
15
2
1
1
quoted
108.11
[High
Total sales in $1,000 units...
Rates
2
■
mmmm
108.10
2HB. 1955-60
Bills—Friday, Sept. 18
109.5
....
mmmm
5
12
Total sales in $1,000 units...
3XB. 1944-46.
United States Treasury
101
High
3Ms. 1941
Sept.
106.17
mmmm
2
High
.
104.61
7
Total sales in $1.000 units
Total sales in $1,000 units.
106.30
....
.
107
107.2
—
'
3Hs. 1949-52
2
mmmm
15
14
».«*
Low.
3Hs. 1946-49
8
107.3
mmmm
High
•
FOOTNOTES FOR
•
Bid and asked prices; no
NEW YORK STOCK
PAGES
sales on this day.
t Companies reported In receivership
only sales
Transactions in registered bonds were:
Note—The
bonds.
1
1
3
1
1
above
table
1947-1952
Treasury 4s, 1944-1954
Treasury 3%s, 1941-1943
Treasury 3Ms, 1941
Treasury 2Ks, 1955 1960—
Treasury
includes
4Ks,
;
;
__
-
of coupon
a
Deferred delivery
n
119.1 to 119.1
114.3 to 114.3
109.6 to 109.6
109.5 to 109.5
102.27 to 102.27
New stock.
r
Cash sale.
x
Ex-dlvldend,
V
Ex-rights.
***
Proctor
Abbott,
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
Stocks, Bonds, Commodities for institutions and individuals
NEW YORK
CLEVELAND
MONTREAL
CHICAGO
INDIANAPOLIS
•
RICHMOND, VA.
NORFOLK, VA.
I
Volume
LOW
AND
New York Stock
143
SALE PRICES—PER
HIGH
SHARE,
Record-Continued—Page
Sales
NOT PER CENT
STOCKS
NEW YORK
Saturday
Sept. 12
Monday
Sept. 14
Tuesday
Sept. 15
Wednesday
Sept. 16
Thursday
Sept 17
Friday
the
Sept. 18
$ per share
S per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan% 1
STOCK
Shares
♦Seig 6I84
*llli4 HI58
*63
64is
13*2
1358
*56*2 6I84
*56i2 6134 *56*2
6184
111*4 111*4 *111*4 1115a *111*4 11158
*62*8
64*8
63*4
*62is
62*8
62*8
13i2
1358
13*4
13*2
1338
13*8
*56*2 6134
111*4 111*4
6212
13
13*8
*56*2
6134
mmmmmm
11114 111*4
100
*59
*60
100
62*2
Lowest
Par
Abraham & Straus
No par
..100
Preferred
Acme Steel Co
25
_.
6,200 Adams Express
22
1,400 Adams Mtills
No
4,000 Address Multlgr Corp
No par
Preferred
21l2
*2612
*214
22
77
77
21*4
26*2
*23s
27*4
2*2
4
101
1558
*
1534
182
414
44
*98
*
•
2*2
4412
42*8
46
41l2
46
4U2
42
42
42
35
4212
35*2
....
*34l2
28
*6914
63l2
13*8
64l2
60
6212
623s
104l2 105ifi *104l2
29
27
*28
115s
14
*1214
67s
20
25a
*18i4
12
mm
37
578
37
19
16
26*4
4
4
14
*12
37
25s
1884
12
65s
35*2
15*2
3038
1534
*15*4
32
*30
20
57s
36*2
4578
25s
2234
31
32*4
45
~28l~4
28*2
37i2
2414
*2834
8334
38
z27%
3778
2434
*24*4
29*2
2884
84
82*4
♦147
1493s
*10714 108
*61
62l2
*14112
4214 43*2
*12914
*27
27*2
mmmm
*.. ..
58
59
*139
140
*147
28*8
3778
2478
101
147
147
135s
1378
28
278a
*3 684
27*2
37*4
243a
24*2
28*2
2834
82
29*2
8384
83
1493s *147
25s
*8734
225s
10*2
3778
1493s
160
2778
*150
275s
6
70
2134
160
28
3678
245g
2438
245s
2834 30*2
2834
2834
83
81*8
8214
815s
*147
148
148
1493s
36
37
*36*8
24bs
*107*4 108
*107*4 108
*107*4 108
6234
*61*8
63l2
617S. 6178
*61*8
63l2
*141*2
♦141*2
*141*2 'mmmm *141*2
42
43"
42
41*4
41*2
41*2 42l2
mm
mm
.
*129
*130
130
27
27
*265a
57*4
59
69
140
140
13*4
148
.
6234
.
130
*129
130
678
*129
534
6*8
37*4
46*2
42
130
70
70
21
22
*150
160
2734
3678
2434
28
3678
25
31
32l8
8234
84
148
148
*107*4 108
*61*2
*141*2
4212
*129
63*2
....
43l2
130
*26*2
265s 2658
27*8
*57*8
5784
57*2
5734
142
142
*140
145
*140*4 144
*140*4 14334
*24
24
24
2334
2334
2414
24*8
24*8
17414 175
174l2 17538
174*4 175*2 174*4 17584
98
98
99
99
*98
99
98*4
98*4
101
100*2 101*4
101*4
10034 10II4 10034 101
100*2 10034
*142
.
13
36
37
3634
4534
46*4
25g
2i2
2l2
*18
1834
18*2
1138
1158
11*2
3178
3158
33*2
8978
89*2 90
23
2284
2234
1034
10*2
1058
38*4
38l2 3912
133*2 *124
133*2
*5634
56*2
5912
12
115s
1178
81*2 8I84
8H2
*107*4 108
24
24*8 24*4
24*4
1781a 179*2 *175*4 176*4
98
98i2 98l2
9834
101
*150
161
634
59
*146
148
13*8
1334
27*2
1358
*26l2
27*8
58
58*4
*146
13
148
133s
146
13*8
146
133s
*142
133s
148
14*8
7% preferred
200
50
Preferred
100
1,000
°
par
100
600
Preferred
Chain
..No par
7% preferred.:
2d preferred
Ice.
No par
^
400
6% non-cum pref
3,100 Amer Internat Corp...No
6,900 American Locomotive.-No
1,400
Preferred
3,200 Amer Mach A Fdy Co-No
2,700
19,400
Amer Power A Light..No
2,300
$6 preferred
No
3,800
$5 preferred
No
22,600 Am Rad A Stand San'y.No
mmmmmm
13,000
700
2,100
1,220
11,300
20C
mmmmmm
200
......
9,500
10
300
Mill
—100
..No par
Preferred
American Stores
2,700 Amer Sugar Refining
400
100
100
Preferred
1,000 Am Sumatra Tobacco ..No par
6,000
Amer
1,000
American
2,000
200
23,600
Telep A Teleg—...100
Tobacco.......-25
Common class B_...
25
Preferred
-—100
Am Type
Founders Inc
...
100
Preferred
2514
26i8
♦10412 108*2
8U
8*4
56
56*4
1
78
7
7*4
43s
f*50
j,*26l4
v
3934
4*2
53
2784
40
1 6778
6778
I884
I884
*10612 108*2
*1134
12*2
334
il 334
4018
*119
40*8
120
2434
25*2
253s
2484 2534
24*8
*105
109
108*4 108*4 *108*4 109
8
8
8
8
8*4
778
55
5412
78
5558
78
*684
4*4
7*8
6
78
6*2
4*4
4*8
4*4
53*2
27*2
3984
*50
1
55*2
*50
5312
*26*2
39*8
67
*66*4
*62*4
18*4
18*2
18*4
*106*2 108*2 *106*2 108
1212 *lis4
12*2
*11*4
33s
3*2
3*4
312
40*8 41
*40*4 41
*26*2
3878
*119
27*2
3912
6734
18*2
120
*119
120
55
*78
6*8
4*8
55
24
778
*55
1
1
6*2
4*4
4*4
6*2
*50
63*2
*50
*26*2
3938
*62l2
*18*8
27*2
2634
♦3958
6634
Zl8*2
40*4
67
1834
245g
10734 108
77s
5534
1
73g
4*4
53*2
3634
40*4
4034
120
For footnotes see page
1826
400
2,400
55*2
56
3,900
U8
7*8
4*8
*50
6634
18*2
1*8
2,500
778
4*4
8,400
5312
2634
5,500
......
200
63,800
66
4034
6734
18*2
1938
1,400
108*2 108l2
12
35s
12
334
40
40
39
40
*119
120
120
120
109
109
108
108
109
108
*108
108
*108*8 110
558
53s
53s
558
5*2
55s
53s
5*2
5*4
5*2
79
80
80
79
79
79*2 80
79*2
79*8
79*8
*105i2 108
♦104*2 108
*104*2 108
*104*2 108
*105*2 108
51
50
50*4
50*4
50*4
50*4
50*2 51
50*2
50*2
14
1384
133s
13*2
1378
1384
1378
1334
13*2
13*4
*108*2 110
27,200
8
2634
403s
108*2 *10634 109i2
12
12
*11*4
*11*2
4
3*4
334
*3*2
25
109
778
40*2
108
*119
2414
*105
5*2
80*4
108
50*2
13*4
534
81*4
108
615s
13*2
800
.10
Am Water Wks A Elec.No par
1st
No par
preferred..:
712 July 10
2012 July
I6I4 Jan
89
Apr
312 Apr 30
9®4
Jan
2
6*2 Apr 30
2984 Jan 2
12
5*8 July 7
325s July 11
37
8
4
136
Sept 12
10518 Sept 12
88i2Sept
60i2Sept
34
Jan
46
Jan tf
6^8 Jan 14
24
May 9
10
Apr 28
27
Apr 30
124
Apr 2
z35i2 Jan 3
Jan 14
133s Apr 11
36i4 Feb 28
95i2 Feb 27
2978 Jan 14
15
Feb 13
3912 Sept 18
134
7i2 Feb 20
157
Feb 20
Jan
7
23>4 July
7
34
36
Aug 28
18
Apr 30
253s Jan 2
104
Jan
57i2 Mar
13338 Jan
20'2 Apr 30
107«4 Jan 4
2434 Sept
129
Jan
36
1
48U Apr 30
6
205g Mar 21
2638 Jan 28
17978Sept 11
102i2 Feb 6
87
Mar 13
88I2 Mar 13
136
Jan
2
104
150
92®4 Jan
3
Anaconda W A Cable.-No par
35
Jan
1512 Jan
*—No par
100
Armstrong Cork Co—No par
4,300 Arnold Constable Corp
5
97
Jan
66
Feb
96
June
30
Mar
23s Mar
Feb
6
Mar 17
Deo
34U Aug
9U Deo
3534 Nov
2212 Mar
612 Feb
72 - Aug
1918
9234
Deo
Deo
84 May
378
Deo
234 Apr
2
Mar
14
•
Mar
378 Mar
12
Mar
814 Apr
3
Oct
28
Oct
/29*s Apr
914 Deo
914 Aug
Aug
17
Aug
3814 Aug
15*8 Oct
42
678 Nov
40
478
1414 Oct
412 Mar
3734
113s
2784
7514
3314
125s
32 >4
13012
36 U
9
Mar
32
Mar
18ia Mar
414 Apr
13i2 Mar
lijj Mar
10i8 Mar
83s Mar
IOI2 Mar
134i2 Mar
1534 Mar
159
645s
Feb
1015s Dec
Deo
Deo
Deo
Sept
323s Nov
2178
26>4
121
Nov
Nov
4912 Aug
4lia Aug
25>8 Deo
Mar
4ia Mar
Jan
Feb
Nov
Nov
Nov
95s Nov
315s Apr
20
Nov
38*8 Nov
Oct
178
144
Deo
Jan
Deo
May
117*4 Aug
63
Jan
76
June
125
Feb
143
July
12
Mar
88
Feb
113
Deo
32ia
6018
Dec
43
Jan
25U Nov
72ia Apr
70i2 Feb
140ia May
2778 Nov
160*2 Nov
IO414 Nov
7484 Mar
107
Nov
141
Nov
124
Dec
Dec
18ia Jan
9878 Mar
12918
35
Jan 11
9
Jan
27
July 28
2
48
Mar
784 Mar
2
3
Mar
7312 Mar
31
Apr
2
31
Mar
38*2 Deo
2234 Deo
9414 Nov
1084 Sept
6834 Nov
25s Deo
II84 Deo
578 Deo
49
Aug«
8
10934 Sept
lli2 Feb
7034 Feb
2
10
2
Feb
1
1
7ig Mar
sjj
5
Jan 10
Mar
47s Mar
3512 Mar
Mar
214 Mar
2
Mar
30
Deo
8
4118 Aug 13
70i2 Aug 31
1618 Apr
37
Deo
2
2684 Mar
5
107s Sept
175s
111
Jan 30
Jan
Apr
15
Feb 17
96ia Oct
3*s Mar
lia June
May 13
9
June
9
3
July
1
53a Jan 27
37
Apr 30
118 May 11
IO514 Jan 3
45sJune 10
66I4 Jan 2
104
Aug 18
4714 Feb 24
712 Jan
Nov
33U
1418 Sept 18
878June 30
20 May 13
19ig Apr 28
Jan 20
7% preferred
100
Armour&Co(Del)pf 7% gtdlOO
Jan 29
635s Aug 29
142
Sept 15
May 18
Armour of Illinois new—i—5
Aug
149i2 Apr 30
28
Anchor Cap
Apr
108i2May
73i2 Jan
l43i2May
4478 Sept
130
115
Jan
Aug
Deo
Jan
Jan
Mar
Mar
Deo
38
72
4
11
8
20
11
28
22
28
8
24
65
Jan
z24
Feb 19
3378
8
July 16
395s Sept
28I4
3314
9112
15234
2512 Mar
3
1334 Feb 13
325s Mar 6
32
Aug 29
101
Sept 12
5
May 2
145s Feb 17
934 Mar 26
4314 July 11
I8I2 Apr 7
3778 July 10
2U2 July 20
83s Mar 6
2i2 Aug 26
1714 Apr 23
24
Preferred
5
8
4778 July 24
44
$6 conv pref
Sept
2
Jan
25
$5 prior pref
400
3,000
3
25
Mining. .50
Preferred
Anaconda Copper
19,100
100
Jan
50
«4May 19
4*8 Apr 30
312 July 3
1,600 Archer Daniels Mid'ld.No par
2,400
575a Apr 27
31
1
par
Lead A Smelt— .1
No par
100
$6.50 conv pref erred. No par
400 Andes Copper Mining
20
4,900 A P W Paper Co
No par
10
Oct
May
54i2Septl4
No
Preferred
Zinc
168
784 Apr 28
tAm Writing Paper
Amer
Jan
Mar
——100
Preferred
5734 Feb
473s Nov
10
..No par
American Woolen
Jan'
15184
169i2Sept
4
Amer Steel Foundries..No par
Deo
Deo
165i2 Aug
25
Deo
80
1495s
4
100
Deo
40
Jan
Feb
273a Jan
cum—100
4ia
June
26
110
13612 Jan
Preferred..
2*a Mar
4812 Jan
4H2 June
1312 Jan
NOV
100
2d preferred 6%
Oct
2284 Nov
70
6684 Jan
American Snuff
Oct
3778
Mar
42 ia
Refg-No par
Preferred.
Nov
Mar
18«4 Apr 30
Shipbuilding Co.No par
Deo
9
14
par
_
Amer
Amer Smelting A
Sept
245s
12
365s Feb 20
25
173
7514
43
Safety Razor new. 18.60
American Seating Co
.No par
Mar
22*2 Dec
3*8 Mar
June
par
Amer
Deo
/49
par
100
Preferred
American Rolling
32
June 17
57i2SeptlO
143s July 28
87i2Sept 2
7 412 Sept 3
par
Jan
125
55s Jan 24
6638Septl8
125i2Mar29
63i4 Feb 11
6512 Apr 15
21
par
Deo
21
Mar
par
6% conv preferred
.100
Amer News, N Y Corp .No par
Deo
21
100
par
Deo
Deo
593s Aug 12
28i2Mar 11
95a Apr 30
23i« Apr 28
66
Apr 28
par
Amer Mach A Metals..No par
14,200 Amer Metal Co Ltd...No
200
100
Deo
64i2Sept 11
Jan 20
50
Jan
Apr
138i4 Sept 14
13712 July 17
Apr 28
May 1
11534 Feb 24
162i4May 29
30
Apr 30
Apr 30
Apr 30
-.1
187
40
13
6% conv pref
Amer Home Products
65s Apr
*20*8
124
25
1
Mar
I84 Mar
Deo
Sept
43
10
7,200 Amer Hide & Leather..
2
23s
74
4
No par
No par
$6 preferred
1458
14*8
143s
3314
72
875»May 11
29
July 3
Amer Hawaiian S S Co
23s Mar
84
Jan
No par
American Chicle
2,100 American
July 17
July
37
65
11434 Jan 14
Am Coal of N. J (Alleg Co) .25
1,200 Amer Color type Co
10
2,500 Am Comm'l Alcohol Corp..20
1,800 American Crystal Sugar
10
660
6% 1st pref
100
1,900 Amer Encaustic Tiling New.l
100 Amer
European Sees.-No par
4,700 Amer A For'n Power..-No par
2,000
Preferred
No par
800
49
6
100
mm
1,900
Jan
338
Sept 10
245
Aug
29
Sept
1384 July 28
1934May 13
23g Aug 26
Apr 20
Nov
84 Mar
4578 Feb ~
3914 Feb 11
35®g Jan 21
75
173
106
Jan 31
34
Preferred
American
69
.50
6,200 American Car & Fdy...No
2,900
1,100
Aug 14
6®4 Jan 7
No par
Amerada Corp
2,600 Am Brake Shoe A Fdy.No par
250
SH % conv pref
100
3,400 American Can
25
700
11
11*8
36*2 37*8
37*2
♦126
133*2 *126
133*2 *124
133*2 *124
133i2 *124
57
67
56*2
*55*4
59*2
*55*2 59*2 *55*4
59*2
125g
1234
11*2
12*8
12*2
12*8
125s
1134
12l2
81
84
84
8334 8384
82*2
83*2
8034
81*2
69
70
70
7114 71*4
705S
69*4
6884
69*2
22
22
2178
213s
2218
2134
22*8
2I84
21*2
*150
13
36
Alpha Portland Cem..No par
Amalgam Leather Co
1
1,700 Am Agrlc Chem (Del).No par
4,200 American Bank Note
..10
......
900
*36
*86*4
22*2
105s
37*4
634
1,900
600
32*4
8978
2234
1034
38*4
91
225s
107a
3634
161
7,100
2,100
15
31
90
23
*
700
1934
*18
92
14
36
7
30
*11*4
313s
32
29
Jan
23
IOOI2 Deo
3714 Nov
2438 Dec
203g Deo
838 Feb
Mar 25
Sept
4612 Sept 10
45U Sept 10
45
Sept 10
2
2
157
15
II84
225g
*28
27
4ij Mar
6I2 Sept
Mar
Oct
7434 Nov
1178 Deo
45s Jan 31
7
par
Jan
5212 Nov
116
10488 Mar
84 Apr
74
Sept
1314 Oct
186
Apr
195
Jan 2
Apr 28
8
105
10*2
1034
107s
27
26*4
27*2
29
29*4 X29
101
1007s ZlOl
4
4
4*8
par
Jan
Jan
Feb
*19
18
91
105
2H% prior conv pf..No
Allegheny Steel Co
No
5
Apr 28
Aug
212
123$
1214
1212
1,900 Allied Chemical & Dye.No par
5,300 Allied Mills Co Inc
No par
16,600 Allied Stores Corp
No par
1,000
5% pref
100
16,000 A Ills-Chalmers Mfg
No par
85*2
56*2
8512
57*4
126*2 126*2
Pref A with $30 warr
100
Pref A with $40 warr... 100
Pref A without warr
100
9
June
8
8184 July 22
6is Apr
2
2678 July
*29*4
45*4
25s
47
par
Jan
98
15*4
45
2»8
29
167
tAllegheny Corp......No
2
Alleg A West Ry 6% gtd._100
19*4
18
31
162
900
30
11*4
91
37
1,500
'------
15*4
19*4
578
36*4
1134
32
*
800
29*4
19*4
578
19*4
684
3512
18*4
23*8
113s
XL1
*12*4
678
36*2
65s
20
36*2
45*4
212
18*4
*1158
14
4
36
7
584
29
28*2
1007s 1007s *100
4
91
*1H8
363s
*10*4
101
23
315s
*28
1034
26*4
*30
1958
578
36*4
453a
11*2
.
67s
36*2
15*2
7*8
12*8
29*2
29
1034
26*8
2812
*28
11
*12*2
14
31
36*8
45*4
2*2
*18*4
46*4
234
29"
4
37*2
16
1,100
42
.
100
4
31
Z1958
684
43*2
42
123
26*2
178
42
-
28
17i8 Jan 23
Albany A Susque RR Co.. 100
12578
16734
4878
1078
26*2
29*4
July 17
43
124
*28
13
15,300
4,800
138
m
29
4
4*8
7*8
37*4
16*2
31*2
*4512
135*2
11*2
26*2
29*8
2978
10012 1007s
3OS4
100l2 101
584
*363s
57
10
42
123
124
12312
*168
170
*166*8 168
*166*4 168
47
,45*4
4738
4838
4534
46*2
87
86
8414
8684
87*4 '84
56
57
57
56*2
56*2
56*2
135
135
*126*2 127
1341a 135
105
105
10478 10478
*104l2
11*2
26*8
30
138
98
Vlcksburg RR Co.. 100
Jan 14
June
414 Mar
8484 Jan
29i8Septl8
2H2 Jan
7% Jan 2
Apr 28
Jan
51
100*2 Jan 10
3534 Feb 14
1778June 9
22is Jan 21
Mar 25
4112
41l4
3434
mmmm
95a Apr 30
10038 Jan 2
Apr
110
91
42l2
138
138*8 138*8
123*4 124
169*2
47*2
87*2
-
3434
32
Aug25
Feb
Ala A
42
104
61
Highest
$ per share $ per share
7484 Feb 10
137s Feb 21
zl>8
24,200 Alaska Juneau Gold Mln
4*4
138*8
138*4 *138
57
135
20
58*4
124l2 125*2
58
16i2
3H2
2*2
55*2
40
136
7
545g
2434
*6884
58
37U
83
7134
623s
59*4
4034
118
58
182
4~
110U Aug 3
69
Apr 28
Air Reduction Inc new.No par
Air Way El Appliance.No par
2,700
-
13
40*2
136
*13i8
~
283s
91*2
6884
403a
7134
♦1685s I69I2 *168
46
47l2 48*s
87
*875s
883s
4
34l2
93
138
125*2 12578
*28
225
*41*2
*
10
$ per share
Advance Rumely
No par
Affiliated Products Ino.iVo par
■mmmmmm
16*2
*40*4
4084 41
34
34
*3358
*104l2
*10412
222
225* 225*2 *220*8 223
227
27*2 2734
273s
27*2
2784 28*4
13
125g
123s
1238
125g
1234
82
82
8H4
Z80*2 80*2
8H4
53
5234
535s 5434
5334
53*2
♦24
25*2 25*2
25*2
2484
25*2
2*2
238
212
2i2
25s
258
55
5534
55*4
563s
5512
5512
91
91
*91
93
91*2 93
57
57
58
57*4
5734
5734
41
40*2 4212
4178
403s
40*4
71
*6834
70*2 *6834 70*2
*6884
61
61
61
5934 60
60*8
40*4
*
*58*2
40*2
*6834
....
115s
*2684
405g
40*4
53
234
55*2
4034
41
16*8
par
$ per share
42
Mar31
300
358
mmmm
100
Lowest
Highest
|
3,100
23g
358
1638
4
76
*97
99
182
"4"
42 &8
4058
*24*4
2l2
55*2
91*4
54*4
25
*
29*8
75*2
2*4
16
4*8
4112
35
277s
1278
*8134
83
182
283s
*214
75*2
334
*97
1658
40 s8
*91
7134
♦138
28*4
1278
8IS4
53*2
*24i2
2l2
5512
378
4178
4134
224
2*4
101
*2158
2H2
28
7458
3i2
2*2
76
~~378
♦104
226"
21*2
27*4
2134
27
42
35
35*4
224
22578 226U
28is 28is
13
1318
*81
8I84
543s
545g
2434
2434
2l2
25s
5512 6534
*9012 92
*58
59*2
4O84 40S4
*
4*8
4312
41l2
41*2
4U2
♦105
16*8
182
42
41l2
*97
16*4
"4"
4378
41*2
*42
4
*
4*4
7412
1
384
101
15*2
182
"4"
2*2
7678
*98
1534
*42
*103
238
378
2134
*26*2
*2*4
21*2
27
76*4
37s
101
15*2
43s
21l2
*2612
77
75*2
334
4
*98
21*4
27
Year 1935
EXCHANGE
13*8
1278
Range for Previous
On Basis of 100-share Lots
Week
.
1827
2
9
7
36
Jan
Jan 13
117
IIOI2 Jan 20
73s Jan 25
97
Aug
Apr
Apr
50
122
Jan
••
314
84
Jan 28
5512 May
125
Jan 28
85
625s Mar 23
15
Mar
4
109
125s
4
Deo
Deo
52
Aug
122U July
109
6>8
Deo
Jan
Jan
Jan
703s
110
255s July
50'4
Dec
4
Mar
Jan
95s Dee
m
New York Stock Record—Continued—Page 3
1828
AND
SALE PRICES—PER
HIGH
Monday
$ per share
$ per share
17%
1634
*93
Sept. 14
1634
*93
108
1714
108
$ per
share
1658
*93
203s
SHARE, NOT PER CENT
Wednesday
Sept. 16
Tuesday
Sept. 15
1714
Thursday
Sept. 17
Friday
Sept. 18
$ per share
$ per share
$ per share
16%
*93
108
2114
20%
16%
*16%
17
*93
108
108
20%
2034
16%
STOCKS.
NEW YORK STOCK
EXCHANGE
the
Highest
Lowest
Highest
Shares
% per share
$ per share
% per share
% per share
3,900
110
*105
110
*105
109
*105
109
*105
*109
117
*10812 117
*109
117
*109
117
*109
*40
42
*40
40
40
*40
42
*40
83
8II2
102l2 102i2
80
82
*105
40
40
83
20%
83
102
3314
26U
39
8U2
2078
102l2 102l2
32% 33l2
10212
34
281?
26i2
39
43
2912
4512
275s 275s
27ig 277s
111
*11014 111% *109
*6612 68I4
*6612 69
,
123
*123
123
1858
*3112
3812
514
185s
3134
7ig
39
53s
3%
3%
52%
3%
3%
53%
7
..
53
53
25%
37%
25%
38%
45
45
111
111
12412
1734
29%
634
1734
3114
714
38
42i2
42
8OI4
325s
33%
80%
81
102% 102%
32%
33%
26% 27%
26% 28%
42% 44
39% 41%
27%
27%
27% 27%
*109% 111% 109% 109%
66%
68
*66% 68%
124% 124% *123% 124%
17%
17%
*16%
18
30% 31
30% 31
7%
7%
7%
7%
39% 39%
42% 42%
5%
5%
5%
5%
120
42
81% 83%
102% 102% *102% 103
32% 34%
34% 36%
27% 28
26% 28
44
44
43
44%
27
27%
27% 27%
109
109
109% 109%
69
68%
68%
69%
*123% 124% *123% 124%
*16
18
*16%
18
30% 30%
30% 31
*7
7%
*7%
7%
*38% 41
*38% 42
5%
5%
5%
5%
•
93%
514
53s
3%
3%
52%
52%
3%
3%
3%
3%
3%
3%
3
3
14%
*83%
29%
21%
62
-
-
-
....
29%
21%
62
53%
54%
52%
25%
53
53
53%
*53%
24
53%
54%
24%
37
37%
36%
47%
37%
47%
24%
37%
45%
25%
38%
45%
111
*39
*93%
14%
4534
111
4534
111
*83%
28%
21%
61%
*41
3%
3%
24% 25%
36% 37
45% 47
110% 111
18%
18%
94
14%
14%
86%
29%
21%
*8384
28%
21%
62
*90
*90
43
.....
28%
28%
43%
43%
28%
*43
93
29%
43%
92
92
92
41%
29%
41
29
29%
41%
29%
80
81
*90%
41%
*8%
*78
8%
2
•*1%
16
15%
57%
57%
8%
*1%
15%
56%
61
68%
18%
3%
111
111
43
17%
18%
27
3%
54%
54%
25%
54%
24%
37%
47%
111
38
48%
28
4234
92
92
41
42
41%
29%
29
78%
78%
8%
2
16
79
8%
58
49
8
8
41
53
30%
27%
5%
13
13%
18%
104
49
48
47
47
*47
12%
16%
12%
15%
12%
14%
*18
1
1%
10%
11
35%
30%
27%
5%
13%
27%
5
13%
*18
4%
4%
22%
23%
4%
22%
75
75
75
18%
4%
23%
76%
29%
40%
1%
29%
28%
29%
40%
1%
7%
*38%
53%
54%
49
3434
*30
8
41
104
115% 115% *115% 120
1%
10%
35%
52%
46
47%
107% 108
1%
7%
*39
4684
*1%
15%
*47%
*47%
49
*107
10%
35%
30%
27%
4%
'
16
56%
*38
13%
2
*1538
102% 102%
14%
8%
57%
*102% 102%
*48% 49
*47% 48
12% 12%
16%
17%
14
28%
42%
*90%
29%
78%
*8%
*1%
*46
109
29%
42%
40%
40%
1%
1%
108
13%
16%
108
14%
*11534 120
1
1%
10%
10%
*35%
29%
27%
4%
1338
16%
35%
4%
22%
763s
*28%
39
1%
30
27%
5
13%
104
12%
16%
108
13%
113
1
10%
35
29%
2738
4%
13%
29%
43
92
41%
29%
79
8%
59%
69%
18%
122
70%
18%
122%
1%
16%
50
45%
8
8
41%
55%
*39%
53%
*47
48
12%
12%
16%
108
108
16%
108
13%
13%
112% 113
13%
115%
%
10%
35%
28%
27%
*4%
*12%
*16%
4%
23%
81%
27%
38%
1%
1
10%
35%
29%
27%
5%
13%
24%
78
78
83
28%
27%
39%
39
28%
39%
4%
1%
.%
10%
35%
29
28%
5
13%
18%
4%
24%
83%
28%
38%
1%
*45
54
Baldwin Loco Works—No par
800
33,700
7,200
2,100
1,700
760
7,800
1,900
20
1,400
......
500
Assented
Preferred
Pref
100
assented
100
100
Baltimore & Ohio
Preferred...
Bangor & Aroostook
50
100
Preferred
Barker Brothers.
No par
6H% conv preferred
100
Barnsdall Oil Co
6
No par
Bayuk Cigars Inc
1st. preferred.....
Beatrice
100
8
30
30
49% Feb 28
118
July
2
20% Mar
105% Sept
*20
Apr
19% July
114% Jan
19
17
26
8
Dec
3
Mar
6
Mar
20%
8
13
15
Mar 11
lll%May 29
105
4
Mar
15
Mar
5% May
35% May
32
5% Mar
14
Oct
Jan
"33"
June
89%May
5
1,700
80
220
80
24,500
1,500
50
830
(Del)-No par
l8%May
100
109% Jan
77% July
16% Apr
41
Aug
80%June
Pref erred..
....
Blumenthal & Co pref
Boeing Airplane Co
5
Bohn Aluminum & Br
No par
Bon Ami class A
No par
Class B
3,600
1,300
300
3,700
9,600
Borg-Warner
25% Jan
10
Corp
64
8.10Q
17
17,100
107% 108
320
45,500
800
10,500
7,000
2,000
2,000
10,800
4,200
•
29%
5
13%
18%
700
4%
2,600
24,200
220
84
1,850
99
Bruns-Balke~Collender.No par
5
7% pref. new
..—100
7% preferred
100
Budd (E G) Mfg......No par
7% preferred
...100
Second paid rights
100
No par
Burroughs Add Mach. .No par
JBush Term
No par
Debenture
100
Bush Term Bldg gu pf
Butte Copper & Zinc
ctfs.100
.5
No par
Byers Co (A M)
Preferred
100
Byron Jackson Co.....No par
No par
1%
2,500
2,600
10,300
11%
34%
17%
10,000
2,100
27,700
12%
m
12%
Calumet & Hecla Cons Cop..5
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale
-6
Canada Southern..
100
20,200
Canadian Pacific
50
50
800
Cannon Mills..
1584
300
Capital Adminis cl A
52
100
California Packing
Callahan Zinc-Lead
57% Nov
17
Nov
114
Dec
90
Deo
22% Deo
59% Jan
100
Dec
47% July
21
Mar
27»4 Nov
Apr 7
56% Jan 31
65% Jan 15
13% Sept 18
17% Sept 10
110
Aug 25
123
Mar
July 22
15%May 5
115%Septl6
Jan
% Jan
Oct
22«4 Dec
38
1% Aug
%Sept 17
883 Apr 30
11% Jan 10
1
24%
90
.
8
20% Apr 28
25
Apr 27
2% Jan 2
8% Jan 2
14% Apr 29
2% Jan 2
16% Apr 29
54%June 15
22
Apr 30
30% Apr 30
14% Nov
117% Mar
Jan 15
104
9% Jan
85
.
No pn
..No par
Bullard Co
39% July
45
97% Feb 4
44%May 11
46% Sept ,18
8%May 19
8% Jan 2
107%Sept
33% Sept
95
Sept
32% Aug 10
83% Mar 4
11% Jan 30
2
No par
May
20% Nov
108% June
27% Sept
7
12% Mar 5
51% Mar 5
55% Sept 10
33% Jan
Deo
115
23% Aug
6% Mar
50% July 24
par
14%
Nov
14% Mar
9% Mar
6
Jan 17
40% Jan
Bulova Watch
Feb 28
47%June 30
4% Jan
Dec
15% Nov
88
100% Apr 13
Jan 21
41
116
16% June
103% Jan
28% Mar
63% Mar
6
No par
Budd Wheel
6
par
5
Jan
31% Aug
2
Bklyn Manh Transit—No par
Bucyrus-Erle Co
Jan
par
par
$6 preferred series A.No par
13%
113
4
7
Brown Shoe Co..
34
3% Feb 14
18% Feb 13
64% Mar 6
69
Apr 4
tBotany Cons Mills class A.50
Preferred
8
Apr 27
1% July 16
yl2%July 2
43% Apr 30
100
Bridgeport Brass Co...No
Briggs Manufacturing.No
Briggs & Stratton—__.No
Bristol-Myers Co
Brooklyn & Queens Tr.No
8
8
24
11
30
20
12
June 30
39
15
Boston & Maine
300
,
100
5
Sept
25% Dec
49% Aug
123% Sept
Jan
14% July
Borden Co (The)
11,000
23
No par
Bloomingdale Brothers.No par
Blaw-Knox Co..
5
Sept
72%8eptll
19% Sept 1
2
48
Apr 6
20% Feb 19
29% Aug 25
45«4 Apr 30
7,400
200
24% Mar
16% Apr 28
107% July
new
5%
7%
Feb
62
preferred—
..20
preferred
100
Bigelow-Sanf Carp Inc.No par
Beth Steel
Nov
11% Mar
79
Sept
11% Mar
15% Mar
31% Apr 15
Jan
48
Jan
100%
72
Beneficial Indus Loan..No par
No par
Jan
Deo
July 30
4
58,700
4,800
.
June
107%
4
Best & Co
6%
"Is"
Sept
21% Jan 20
20
Jan 18
Jan
Mar
9% Mar
36% Mar
106% Mar
3% Feb
16% Mar
83
Jan
5% Dec
~~7%
97
6
14
63
"io"
39% July 16
8
Nov
Sept
19% Deo
45% Oct
Apr
Feb 28
Aviation....
May
116
1% Feb
Feb
Bendlx
28
"48%
"*7%
13% Jan
100
92% Dee
37% Jan
17% Dec
19% Deo
2% July
35
15,800
7,700
1,200
Oct
32% Apr
106% Jan
85
Brooklyn Union Gas...No par
29%
38%
6% Feb 24
3% Apr 22
Sept 8
58
Sept 8
26% Sept 10
40 Sept 8
58
Jan
Jan
Deo
60
50
100
25%
Apr 18
Feb 14
Mar 5
Jan 15
46% Jan 24
,7% Mar 18
Aug 18
Deo
44
Beldlng Heminway Co .No par
Belgian Nat Rys part pref..
500
4%
23%
81%
28%
38%
1%
126%
30%
54%
10%
26
8
100
Feb
29%
Beech-Nut Packing Co—__20
400
*16%
18
107
1,500
*4%
May
100
47
28
110
100
49
*13
2
10
Mar
35% Mar
66% Mar
19% Apr
48
"600
6,300
13%
13%
112% 112%
%
%
10%
10%
35%
35%
29
2984
Feb 18
9% Oct
3% Mar
Nov
Apr ^-90
7% Mar
18% Nov
Sept
80% Apr 109
70
1,400
"
104%
16%
33% July
15% Apr
Apr
41% Jan
110% Sept
13% Jan
82% Jan
14% Jan
16%June
21
No par
$5 pref w w
Beech Creek RR Co
46%
.
73
•
June 12
2% July
2% July
29% Apr 30
25
Creamery.—
Preferred
48
12%
Jan
,35% Apr 10
115
5
5%June 30
29%June 30
3
Apr 9
...No par
Prior A
9,400
2,200
2,600
55%
*103
48
Avlat Corp of Del(The)new_3
41
*40
Preferred
10,400
45%
8%
8
106%June11
36% Sept 18
29% Sept 14
45% Sept 14
9034 Jan 2
21% Apr 24
11
Apr 22
13% Apr 24
26%June 4
109
Sept 17
26%June
49%
48%
47%
12%
16%
48%
48%
49%
2
Auburn Automobile—No par
Austin Nichols...
No par
310
58
104
104
104
57%
49%
45%
8%
41%
54%
*47%
46
57
Atob Topeka & Santa Fe--100
Preferred
100
Jan
2,400
3,800
700
57
Feb 21
May 21
59
June 19
Jan 17
16,100
50
16%
4%
1%
59%
98
36
Oil
June 26
....
22%
1%
28%
21%
42%
42% 42%
17%
18%
17%
27%
27% *25%
111% 111% *111% III84
*90
90%
90%
29
28%
28% 28%
42
42
42% 423j/
92
*91
92
94%
41%
41%
$40% 41
29% 29%
28% 29%
78
79%
78%
80%
8%
8%
8%
8%
2
2
*1%
1%
16
16
16
15%
93
23
4%
69%
18%
122
.
103
25
Associated
14
500
94%
14%
83%
29%
22%
22
100 *112
42%
18%
17%
21%
59%
..
94%
14%
83%
108
Atlas Tack Corp......No par
20
111
*41
22% Feb 27
May 13
Sept 8
109% Apr 2
119
Aug 18
51% Feb 10
88% Aug 8
3
Jan 20
12% Apr 30
95
100
Associated Dry Goods
1
6% 1st preferred
...100
7% 2d preferred
100
400
3%
"54"
800
17%
*25%
111% 111%
*90
■
29
122
27
*89
14%
84%
68%
18%
18%
*42
111% 111%
95"
*59
70%
18%
47
16
68%
18%
27
*45'
47%
12%
18%
43
46
*48%
70%
17%
*2534
46
52%
60
2984
21%
60%
*42
49
8%
40%
53%
6138
14%
84%
122
50
8
21%
28%
21%
...
*9384
14%
*83%
28%
*21%
95%
*121
*49
53
29%
*41
....
122
51
40%
....
*93%
1438
*83%
122
*49
'
'
94
17%
18%
*25% 27
111% 111%
*42
*4138
-V
95%
1434
68% 70
18%
18%
120% 122%
*42% 43
17%
18%
*25% 27
111% 111%
70%
71%
18% 18%
120% 120%
,
3
52%
51%
24%
3%
53%
3
62%
52%
111
94%
14%
9,800
8% Jan
No par
28,400 Atlantlo Coast Line RR
100
7,060 At G «fe W I SS Lines—No par
5,700
Preferred
100
6,900 Atlantlo Refining.........—25
2,200
4% conv pref ser A—.100
1,100 Atlas Powder
No par
*
18
18
18
19
18%
*18%
18%
193* *18
18%
103
101
101% 103
105% 105% 105%
100% 100% 100% 100% 101
17%
17%
17%
17%
1734
17%
17%
17%
17%
17%
17% 17%
18%
18%
17%
17%
17%
*17%
17%
18%
18%
17%
17%
18%
*112% 115
*112% 115
*112% 114
*112% 114
112% 112% *112% 115
22
21
21
23
21%
21%
21%
21%
21%
*20% 21%
21%
*111% 111% *111% 111% *111% 111% *111% 111% *111% 111% *111% 111%
100
100
*99
100
100
*99
*99
101
*99% 100
100% *99
*40
6,000
117
,
Tar
^
Artloom Corp
Preferred
108
*10812 117
21
Year 1935
Lots
Lowest
20%
20% 20%
108% *105
108%
2038
On Basis of 1(Khshare
Week
16%
*93
Range for Previous
Range Since Jan. 1
Sales
for
LOW
Saturday
Sept. 12
Sept. 19, 1936
14
Mar
Jan
28%
Jan
3% Mar
% June
8% Apr
24% Feb
23% Jan
30% May
1% Apr
14
May
36% Mar
90
Jan
43
Mar
63
Mar
July
70%
8%
,
Deo
Dec
2»4 Dec
17% Nov
553s
Oct
55
Oct
42
Dec
5%
38
Deo
Deo
4634 Aug
100
Aug
71% Aug
6384 Aug
3% July
11%
Deo
4% Mar
8%
Deo
62% Mar
3% Mar
23
Mar
100
Deo
9% Nov
97% Deo
6
5
37% Aug 20
2% Mar
3% May
31% Sept
8% Mar
5
33% Feb 13
13% Mar
14% Nov
14% Nov
24% Nov
28
Nov
9
Mar 23
1
Apr
3%
Jan
19
<
Mar 24
5% Apr
10%
Jan
24% Mar
6% Mar
25% Feb
84
Sept
30% Aug
43>4 Aug
23
20
13
18
22
Mar
22% Jan
1% Mar
11% Mar
3% Nov
20% Jan
10
Deo
30% Aug
"42%
% July
1%
Feb
Jan
14
Apr 13
40% Apr 2
18% Sept 10
60
Aug 20
2
66
10
1% Feb 10
2% Mar
32
Mar
'
11%
34%
11%
34%
17%
59%
17
*57
12%
50%
*15%
*50%
*99
12%
50%
16
51%
.
.
.
.
101% 101%
7%
8
11
34%
16%
*57
12
50%
15%
*50%
11%
34%
17%
5934
12%
50%
15%
51%
*99
11
11%
11
11%
11%
11%
11%
34%
34%
17%
34
34
34
34
16%
16%
16%
34%
16%
59%
12%
50%
*57
15%
*14%
15%
16%
59%
12%
50%
15%'
50%
50%
16%
*57
12%
50%
*1484
*50%
52
12%
50
*99
*99
*57
59%
12%
50%
-
12%
*49%
15%
*50%
52
15%
*50%
L
*99
*99
.
*57
*101
102
*101
102
*100% 102
7% z7%
7%
*7%
7%
7%
7%
7%
148
149% 152% 156%
152
151% 148
152%
101% 101% *1005« 102
8
7%
155
156% 156% 154
*
*
*
*
133%
135
133%
134
*126% 135
*126% 135
"74"
73%
73%
"73% 74% "7414 75% ~75% 76
73%
74%
74%
27
2738
26%
25%
26%
26%
27%
26%
26% 26%
26% 27
29
28% 29%
28%
29% 29%
28%
29%
29% 29%
29%
2934
79
79
79
79%
79%
79
80%
79% *78% 79%
*78%
79%
32
3284
33
33
32
32% 32%
32% 32%
32% 32%
32%
42
42
*42
*43
44%
44%
44% *43
*41%
44%
*42% 43%
884
*8%
8%
9
*8%
8%
9%
8%
9%
9%
*834
8%
*100
107%
107% *100
107% *100
107% *100
107% *100
107% *100
54
53
53
53%
53%
53%
53% 53%
52%
53%
53% 53%
9%
9%
10
9%
9%
9%
9%
9%
9%
9%
10%
9%
112
118
*114
*107% 115
111% 115% *11384 117
65
63
67
65
67
62% 63%
67%
66% z64
104
104
103% 103% *102% 104
*103% 104
10334 103%
19%
19%
19%
19%
19%
19%
19%
19%
19%
19%
111
*40
79%
66%
*1%
5
2%
11%
*6%
*29%
*1%
4
3%
*10
48
80%
67%
2
6%
2%
11%
11%
30%
1%
4
3%
10%
19
19
60
60
2%
6%
6%
*25%
2%
6%
6%
27
*40
48
79%
65%
*1%
79%
66%
5%
2%
10%
*7%
5%
*29
2
2%
11%
11%
79%
66%
*1%
5%
2
40
40
79%
79%
79%
80
67%
66
66%
79%
67%
*1%
2
2
5%
5%
2%
1%
1%
3%
4
3%
10
19
59%
2%
6%
6%
26%
*3%
10%
18%
58%
*2%
6
6%
25%
For footnotes see page 1826.
19%
38
78%
65%
*1%
4
1034
*7%
*2834
19%
36
3%
2
9%
*7%
2884
1%
3%
3%
10%
18%
*9
59%
58
18%
2%
2%
6
6
6%
2%,
-
5
2
10%
11
*784
*28%
1%
3%
3%
11%
28%
1%
3%
3%
9%
18%
59%
2%
6
2%
5%
2%
11
11%
11%
29%
1%
3%
3%
*7%
28%
1%
*3%
3%
*9%
*9
.
10
18
18%
59%
2%
5%
*58%
*2%
5%
6
6
534
26
26
*25%
5
2%
6
26%
67%
2%
5%
2%
11%
11%
28%
1%
No par
Preferred A
..10
Carolina Clinch & Ohio Ry .100
740
1,500
200
Case (J I) Co
6
16
52
43$ Mar
14
32% Feb
48
82%
Feb
88
Aug
85
Mar
95
July
7
Dee
Aug 20
102
Aug 21
9% Feb 19
June
June 22
45% Mar
July 15
83% Apr
36% Jan
19% Apr
78% Apr 15
Celanese Corp of Am—No par
JCelotex Co
No par
21%May 22
19
Apr 30
54
May 1
32% Jan
preferred..
..100
Central Aguirre Assoc .No par
Central RR of New Jersey.100
25% Jan
35
6
57
3,200
Pref erred.......
100
Cerro de Pasco Copper.No par
47% Jan 21
Certain-Teed Products.No par
7%
preferred
6% prior pref
100
.100
97%May
8%June
80% Feb
4
57% Sept
8
140 Champ Pap & Fib Co 6% pflOO
Common
1,000
No par
..5
1,000 Checker Cab
101
1,900 Chesapeake Corp
No par
14,500 Chesapeake & Ohio
25
400 tChic & East 111 Ry Co
100
4,100
6%
preferred
..100
3,100 Chicago Great Western
100
59
Jan
2
51
Jan
2
Preferred
3%
tChlo
Western. 100
Preferred
...100
2,900 Chicago Pneumat Tool-No
59
59%
1,900
par
Conv
preferredNo par
Rock Isl & Paclflo—100
1,100 JChlc
900
7%
preferred
1,000
6%
preferred
400 Chicago Yellow Cab
...100
100
.No par
19
Mar 13
Aug
22% Jan
3
2
l%May 19
2% Jan 4
1% Apr 28
Jan
2
May
25%May
1% Apr
2% Apr
2% Apr
6%May
12% Apr
40%May
12
13
30
27
29
1
30
4
4
6
107
2
4
Feb 21
9% Jan 17
6% Apr 29
0,200
6
3U2 Feb 19
81
Sept 10
35% Mar 13
Apr 28
on Mllls.No par
17% Dec
56% Oct
1384 Jan
40% Oct
30
143
Jan
Century Rlbb
500
Oct
99
4
2,800
12,100
Apr
8%
684 Oct
3338 Nov
Sept 9
18% Feb 24
52% Apr 18
5434 Jan 16
5%
50
186
116
Jan
Feb 19
7
100
18%
5%
26%
Jan
10% Jan 20
37
Apr 30
12%May 8
45% Jan 8
87
jan 4
No par
Caterpillar Tractor
2,600 Chicago & North
2%
54
7% Mar
8% Sept
6%May 22
92% Jan 6
4
5%
534
27%
6
1
100
Carriers & General Corp.
18
2%
534
6
Jan
91
.100
Ind & Loulsv pref.. 100
200 Chicago Mail Order Co
5
1,900 JChlc Milw St P & Pac.No par
Preferred
100
1,900
9%
Jan
10% Apr 30
100
Stamped
Preferred certificates
4,500
11,300
2,800
240
44
5%
1,700
4,700
1,040
79
2
50
64
63
103% 103%
40
67
-—.
111% 112
48
2%
11%
11%
29%
1%
30
1%
3%
3%
9%
18%
57%
2%
6%
*6%
*25%
*40
_
25
6
30
.
Mar
7
68
Apr 14
19% Mar 24
115%Sept 14
67% Sept 15
104% Mar 7
*21
Apr 29
69% Apr 17
86
Aug 13
69% July 15
3% Jan 13
6% Jan 15
2% Feb 5
12
Sept 11
12
Jan 31
31% Jan
6
2% Feb 11
5% Feb 11
4% Feb 21
12% Feb 21
20% Jan 2
16% Nov
55
22%
34
Nov
Feb
Mar
6% July
96% Mar
38% Jan
Nov
Nov
8% Dec
111% Nov
126% Nov
60
35%
Nov
Jan
21% Nov
6284 Nov
29
May
62% Aug
12% Jan
3% Mar
109% Jan
65% Dec
15% Deo
Mar
88% Deo
23
4% Mar
36
Mar
37% Mar
1
Apr
% June
%
1%
Feb
Feb
21
Deo
61% Nov
53% Dec
2% Jan
3% Deo
2% Jan
5% Deo
Mar
9
Deo
19% June
% Mar
*35
Nov
3
Jan
1
s4 Mar
1% June
3% July
4% Mar
Mar
20
4% Jan
6% Jan
10% Jan
20% Deo
54%
2%
Deo
Jan
60
Sept
9
Apr 23
3
Feb
8
% July
3% Apr 24
3% Apr 28
19% Jan 2
8
Jan 11
1% Mar
4% Dec
8
July 15
31% Apr 1
1% July
9% July
1984 Deo
1%
4
Jan
Volume
LOW
AND
New York Stock
143
HIGH
SALE PRICES—PER
Tuesday
Sept. 12
Monday
Sept. 14
Sept. 15
$ per share
$ per share
$ per share
20%
9%
19
193s
9
9%
*33
35
1734
82%
35
35
35
*96
40
59
*120
123
*56%
14%
15%
17
17*4
33,000
3,400
230
7*2
3334
8
784
333s
Preferred....
City Stores
33%
*96
113
38%
28
57,
27%
30%
27%
27*4
26%
31
3134
30
*27%
29
*28
29%
*
27%
*28*2
*
29
*4934
57%
5734
15
1438
*126
127% *124
39
39%
127
387,
103
6
6
26
26%
30
30%
29
55*4
26%
26i8
2734
*27
30
28
*27
29
29
♦
*
28%
38%
39%
2834
12014 12434
385s
3834
46
46
*
*45
*46
123%
*46
46*2
46%,
21
2034
20*2 2078
105% 105% *105% 106
21
20%
105% 106%
101
100
100
101
2038
34
78%
79%
114% 1143s
80
*79%
34
*1934
16%
20*2
16%
10%
33%
*1934
10%
82
10%
*70%
110
5
16%
10%
82
*78
82%
*78
5%
18%
6%
3312
3312
20%
16%
*1934
2012
1638
10%
978
73
*70%
82
82
110
*78
5%
4%
4%
19%
18%
42%
43%
18%
107
6%
12%
12%
*105
*106% 107%
6%
6%
6%
12%
123s
12%
106
*105
6%
6%
*67,
**2
4%
19%
*2034
17%
%
%
58
4
4
17%
19%
20%
7
106
6%
6%
%
%
*3%
17%
20%
20%
17%
2%
16%
17%
97
99
99% 100
4%
19%
21%
17%
203,
17%
2
2%
97
2
3%
17%
2
72
71%
72
70%
71%
22
22
21%
387,
22
21%
21%
39%
39%
39*2
2%
30
67
68
68
39
300
106*4 *105*4 106*2
39
3058
30%
31
31
31
31%
67i4
5
5
36%
*36%
36%
53%
*123*2 125
*1%
8%
52%
*122
1»4
*1%
20 84
19%
51
53
5414
1%
*1*2
1058
1034
10%
10%
10
10U
*60
*39
20
64
105% 105%
*37%
38%
20%
20%
*60
110
6%
20%
213g
38*2
2%
30*8
30*2
21*2
39
1»4
105*2 105l2
*37*8
39i2
203s
2078
110
llOU
634
7%
1934
2058
21*2
39
200
2,700
7,000
2,000
9,000
3,300
.3,500
7,100
28,400
30%
30*2
1,700
66
66
66
68*2
66*2
69%
11,000
450
100
5
36%
33
33
79%
79%
52
52%
33%
80%
53*4
*105
884 "87s
8% "9%
5234
5334
5334
55*2
*123*2 125
*123*2 125
*1*2
1%
1%
1%
al0%
1*0%
10%
10%
10
10*4
10*4
10%
IO584 10534 *10212 IO584
37
37
37
38*2
20*4
20*4
20*2 21
ib".3o6
10,500
100
300
•
20
64
*60
64
*62
20*4
64
6%
20
*60*2
10934
790
.
300
.3,200
1,000
7
67,500
20%
64,900
64
Preferred series A
-.100
..10
conv pref..
.100
Comm'l invest Trust—No
par
Conv preferred.
No
par
$4.25conv pf ser of '35No par
Commercial
Solvents..No par
Commonw'lth & Sou...No par
$6 preferred series...No par
Conde Nast Pub Inc...No par
20%
100
Prior preferred..
100
Prior pref ex-warrants
Consol Film Indus
Preferred
..
100
1
No par
Consol Ed Co of N Y..No par
$5 preferred....
No par
July 22
7
16
8
15*4 Apr 30
27% Apr 30
102
No par
Preferred.
...100
Continental Can Ino
...20
Continental Diamond Fibre. .5
Continental Insurance—.2.50
Continental Motors
1
Continental Gil of Del—.
5
Continental Steel Corp.No par
Corn Exch Bank Trust Co .20
Corn Products Refining
25
JaD
6
6*2 Aug 17
%May
2
June 18
12%June 18
15»4May 14
10% Jan 6
1% Jan 2
67% Jan 3
67%May 7
17%June 30
35% Apr 30
2% Apr 30
28%June 6
27
July
9
55% Apr 30
63% Aug 22
158
par
4
Aug 20
July
par
35
Mar 27
par
15% Mar 16
43% Jan 7
46*4 July 22
par
par
Cr W'mette Pap 1st pf.No par
v t c.No par
Crown Zellerbach
Crucible Steel of America.. 100
Preferred
100
Cuba Co (The)..
CubaRR6% pref.
83
Jan
58
Oct
Feb
72
Aug
Dec
115%
56*4
110%
97% July
16%
Oct
84 Mar
5% Feb 17
82
Feb 17
29*8 Jani
5% Mar
Deo
105
Jan
Oct
23%
3
Jan
Nov
71
Oct
11
Deo
Mar
Nov
82
Feb
85
Mar 25
72*2
Oct
80
Mar
7% Feb 13
20% Feb 13
4434 Sept
109
July 14
7% Sept 10
15% Mar
106% June
11*2 Feb
1% Jan
4% Apr
20% Apr
30
5
16
18
17
26% Mar 9
19% Mar 3
284 Feb 21
102%Sept 17
87%
Jan 13
24% Mar
Feb
72*8
Feb
Feb 11
4
69
Jan 14
82%June 18
168% Apr 15
73s Mar 6
3734june 19
35% Sept 1
8034 Sept 10
5334 Sept
109
Sugar
Preferred
Curtiss-Wright—
Class A
22
Dec
%
Apr
23*8 Deo
11% Deo
1% Deo
46%
6234
Jan
69
jan
99% Nov
7
Jan
20% Dec
4% Mar
28% Mar
34
Jan
15% Mar
"41%
60
Mar
Oct
148% Oct
4% Mar
35% Jan
1134 Sept
23*2 Mar
74% Mar
3% Mar
14
Mar
47% Apr
4
1
Jan
5
Jan
10
6% Jan 7
63% Jan 7
35%May 26
16% June 4
14% Mar
9
109%Sept 5
44% Jan 14
24% Apr 13
37
Dec
15
Mar
99% Mar 13
110% Sept 16
89% Mar
....—1
700
Inc
No par
1,500
72%
2934
*24%
463,
Davega Stores Corp
...5
72%
71
72
7134
72
4,600
Deere &
30
29%
29%
29*2
29*2
2538
,24*2 24*2
47%
46*2 47%
19
20
1934
*6
634
*5*2
6*4
*147
14912 150
14834
*29
1734
73%
29%
25%
47%
20*4
preferred
No par
No pat
-
20
...
Deisel-Wemmer-Gilb
Corp.lo
Delaware & Hudson
100
13,600
Delaware Lack & Western..50
200
Denv & Rio Gr West pref .100
500
Detroit Edison
10*2 Jan
6
59
Sept 9
36%May 17
43% Jan 6
7% Apr 27
I?
ti I
19% Apr 28
3684 Jan 20
14% Apr 30
4% Jan 4
9% Mar 11
21% Mar 9
90
5% July
40*2
2
Mar
73
70*2 Jan 27
65*2 Aug 28
18% Sept 10
89% Apr 6
61
: t
Feb
7
26%S*»rfc
')
Fee 20
23% Feb 20
"9% Feb 7
Jan
6% Mar
Jan 21
52
Deo
8% Deo
138 Nov
4
Jan 15
Deo
44%
Deo
Deo
2s4 Nov
35
Deo
69% Deo
7838 July
165
May
7% Deo
39% Mar
1938 Deo
48% Nov
8
July 22
7%May 4
1034Mar 4
28
Apr 30
55% Sept 18
95*2 Apr 29 arl2334Sept 15
4
63s
12%
2% Jan
38 Aug
2% Feb
1
Jan
Feb
101% Deo
18% Feb
No par
7%
22i8
3434 Nov
105*8 Nov
1*2 Mar
Mar 20
38% Feb 11
46
Apr 8
Jan
6% Mar
100*2 Dec
5
46
74
3% May
14% May
15%
1% July 13
Cudaliy Packing
50
Curtis Pub Co (The)—.No par
Preferred
62
69
10% Apr 28
'.100
Co
Jan 27
Jan 15
Mar 24
100
Preferred
Cutler-Hammer
102
Mar
7
78
85
No par
64*2
900
101
100
...
45
2,800
3
Jan
3% Apr 28
64*2
17%
13,000
24
27
13
30
11% Apr 30
No par
8%
June
6584June
72% Jan
73% Feb
4% Apr
5
Class B
Preferred
Jan
Aug 28
No par
45
6*4
July 22
24% Feb 21
Mar
4584 Nov
1734
19%
123
122
14*4 June 26
2*4 Apr 30
59% Apr 28
31
21% Nov
68*2 Sept
11*4 Nov
6384
*5%
9
Jan 10
97
35% Mar
39*2
Feb
43*2
20%
20%
6%
6%
6%
149
147% *145
110% Jan
Deo
1534 Oct
90% Det
Mar
1784
71%
6%
9
Deo
60
Nov
6334
684
Jan
49%
9
41
20%
55
40% Dec
48*2 Dec
3% Mar
27
1778
*6%
7
107% July 13
Aug 24
81%Sept 8
118
Sept 8
82%May 8
103
Deo
17*2 Deo
101% Nov
Jan
24
64
25
100*4 July
23% July 28
7
33% Jan
133s Jan 22
41
4634
9
6
21
44% Jan
2534 Mar
175s
46%
19%
2
Jan
22% Dec
Feb
7
64
24%
90*2 Jan
8O84 Jan
44
Feb
7
6% Mar
Deo
15
*3812
47%
2
1034
4
29
30% Aug
17%
24%
Jan
Mar
Connecticut Ry & Ltg pf._ 100
Consolidated Cigar
No par
41
20
May 20
Jan
5
12*4 Feb 27
65
47*2
14
Deo
5%
3
*64
71%
29%
*24%
45%
19%
31
42%May 26
De(
9% Nov
July
*38%
26
Mar
100
Deo
9% Deo
38
Deo
105% Deo
2*s Deo
14
Deo
8*2 May
8O84 May
47% Jan
2484 Nov
105% Jun
4%
Deo
12% Deo
295
Nov
Juue
75
Nov
16
Mar
47
Deo
6
June
2234 Mar
10% Deo
6834 Nov
19'
Jan
28
IS%
Dec
24*2 Deo
43% Jani
19% Jan
23% Mar
11
Mar
Sept
147
*4
5%
5%
*10
17
*10
17
*52
55
*51
54%
33
33%
*39%
24%
40
247,
*39%
24%
*19
21
*19
*5684
57
57
57%
10
10
73%
74%
9%
72%
743»
33%
33%
*4
5%
*10
17
52%
*33
52%
*4
*10
53l2
33%
40
39%
25%
19%
24%
*19
33
39%
24%
19%
*39
24%
*1858
5*2
*4
5*2
147
*4
147
5
Deo
128
May 12
153
Feb 17
65
Mar
130
Dec
60
Jan 24
65
May 12
45
Apr
45
Pet & Mackinac Ry Co... 100
5*2
Feb
100
Det Hillsdale & SWRR ColOO
149
*4
4
Apr 29
10
3
2
Aug
6
Jan
13
June 12
21% Jan 31
Oct
19
Deo
No par
.No par
42
Jan 10
58% July 27
33
Aug
6
40*2 Jan 25
38
Jan
8
43
Aug
34% Jan
17
*10
17
*10
17
53l2
33*4
*52*2
55
*52%
55
33*2
33*2
3334
3938
2434
19*4
39%
24*4
39*8
*38%
39%
400
Participating pref erred.. .25
24%
24%
25%
5,700
Distil Corp-Seagr's Ltd No par
19*4
19*4
20%
200
*19
34
5%
200
1,500
non-cum
preferred—100
Devoe & Raynolds A
Diamond
Match
Dixie-Vortex Co
Class A
97«
*41
44
*41
44
23
23
*22%
2338
1
*%
*%
1
56%
57%
10
10
5634
934
72%
74%
74
*42%
22%
*%
44
22%
1
*1%
17,
*1%
178
6*2
1434
6%
6%
*137,
678
1%
6%
14%
*13%
14%
58
5734
10*4
76*2
10
10
74*8
75*2
-
-
-
-
*115
1%
8%
19
*16
18
8
8
8
8
*175
177
174
174
175% 175%
161
161
163% *159
163%,
36
36%
36
36%
36*2
35%
12
11%
12%
11%
11%
11%
42
41%
42%
41%
40%
41%
112
112
*112
113
*112% 113
13%
1334
1378
13%
13%
13%
*159
For footnotes
see
page
1826
„
74*2
58
10%
75*2
3,800
Dome Mines Ltd
..No par
No par
No par
700
Dominion Stores Ltd..No par
60,600
Douglas Aircr Co Inc—No par
Rights
*42*2
43*2
*43
22*4
*22
2234
22
*58
*1*2
1
1
*13%
1458
1%
61o
17g
*%
*1*2
6*2
*137g
14%
*115
*16
'
57%
*10
44
*115
159
16134 162%
159% 160%
160%
*129% 130
1297, 130
*129% 130%
11334 113S4 *113% 113%
113% 113%
19
5734
*42*4
22*4
6%
143,
8%
100
preferred
18
47
*16
7
64%
26
*115
Jan
41
73
109
36
136% Aug 11
z45% Jan 22
51*4 Jan 23
De«
60
107% Deo
2
17%
29%
25%
47%
Jan
Jan 11
Mar
Det
58% Deo
Mar
Jan
Cushman's Sons 7% pref—100
""l70
93
21
V 9
16
No par
Aug
5284 Deo
126
May
101
94
64
203,
Aug 14
39% Apr 30
t c No par
100
100
73*2
72%
*29%
100
Aug
72*2 Nov
53% Apr
15% June
100
177,
17%
June 30
110
49
v t c
3,700 Cuban-American
47C
Sept 8
57%June 5
20*2 Jan 6
106*2 Feb 28
5884 Sept 8
55% Jan 16
32% Sept 10
36% Feb 20
37% Mar 11
3,300 Coty Inc
No
1,300 Cream of Wheat ctfs
No
4,800 Crosley Radio Corp...No
8,400 Crown Cork & Seal
.No
$2.25 conv pref w w.No
1,600
36
109
July
7
July 28
28% Sept 17
21% Jan 2
19% Jan 2
6% preferred vtc
100
Container Corp of America.20
Continental Bak CI A ..No par
3034
109*2 109*2
7
684
20
tConsolidated Textile.-No par
Consol Coal Co (Del) v t c_25
4,800
89
% Mar
260
160
June
Feb 20
70*2 Feb
9% Feb 19
2,600
1,500
31
4%
Oct
48
May 18
50
Apr 28
3% Mar 16
23% Sept 2
Preferred
2%
36
87
87
Mar 30
Consol RR of Cuba pref... 100
30*2
160
Mar
June
Feb 26
48
69'4 Mar
684 Jan
"i'.ooo
234
5
80
48
82
28% July 20
Consol Laundries Corp
Consol Oil Corp
6,400
30*2
161
48% Dec
112% Sept 14
56,600
234
Dec
July
3
Commercial Credit
4M%
2
Mar
6
Preferred
""160
21%
39%
80
"27%
48
13
93% Deo
24% May
May
6*2 Nov
27% Deo
100
,12% May
_
8% Jan
$2.75 conv pref
No par
Columbia Gas & Elec__ Aro par
5%
Oct
46
July
Dee
Nov
Congoleum-Nairn Inc..No par
Congress Cigar
No par
100
1,100
Corp
v
Mar
12
107% Jan
64%
*64%
1734
*146
54
*123% 123% *123*8 125
6%
19%
*78
*105
10%
6%
*10*4
110
*160
"914
1%
21
16%
66*8
r
834
10%
6%
19%
64
40
*105
9
10934 109% *109% 110
193,
*60
8%
1%
11%
20%
109% 109%
6%
6%
*19
71*
77
8%
38%
130
10
3,600
84
52
52*4
106
16%
10*2
1934
.17*8
*70*2
33
77
52%
1038
105
4,900
2,800
6734
*82
52 s8
33%
10%
*37%
8*4
3334
1934
71
478
36*8
75%
52%
*103%
53
8*4
82
5
32%
54
67
33%
82
3618
3234
76i2
76%
52%
125
6684
8*4
337g
*70*2
5
5%
11%
10%
10%
107% 107%
*37%
38*2
20
234
36*8
32*2
7578
*103%
11
10%
21%
38%
2%
5
87,
5434
47,300
1
2112
3018
*36%
.......
1,000
11,800
3
3*8
1,300
1534
3%
15*2
,
2%
5
8%
117% II784
11634 117
"
30%
36*,
3434
*103%
8,100
7834
6,400
34,200
2%
33%
75%
51%
600
"9,700
29%
5
76*4
113*2 113*2
4%
4*2
4%
4*2
4%
18
18
18
183s
18%
41
42l2
4I84
41*2
42%
*106*4 10734 *106*2 10734 *10612 107%
684
7
7
6%
7
684
13
12*4
12%
12i2
13*4
13%
*105% 106
*105*8
*105*8
6%
678
634 ~~6%
6*2 "7%
I
%
*2
*2
%
*2
4
*334
384
3*2
3%
3%
18
18
16
*165s
16*2
16%
20
20
20
2014
20*8
20*4
17
1638
16l2
16*2
17%
17*2
2
2
2
2
1?8
IV
100
10012 100*2 102%
"99*2 101*2
71
6934
70
7134
70*4
70*2
2%
36%
34%
53
10,300
45a
67
67
66%
66%
66
68%
65
65%
66
*158% 161
*158% 161
*160*2 161
76*4
117%
155g
330
80%
1784
66
53
117*2
1,000
100*8 100%
Columbian Carbon
Col Pict
2,900
41
30%
34
""766
50,600
78*4
100
Southern..
4% 1st preferred
4% 2d preferred
20
785s
No par
Colorado &
90
38%
113*2
....100
Preferred...
30
*78
66%
*158% 161
28
28%
2834
12434
79%
_
No par
No par
Colonial Beacon Oil
No par
5,600 ^Colorado Fuel & Iron.No par
Preferred
2,720
100
Colo Fuel & Iron Corp.No par
10,600
30*4
31
6984 Sept
3% Apr
May
Deo
9
26
Feb
7
30
47
79*2
preferred
Collins & Aikman
19%
10
110
2%
31%
*66%
39
6%
37%
33*2
1934
*1638
1038
7H2
82i8
297,
30%
2%
30
Colgate-Palmolive-Peet
8,900
'
96*2
7134
30
163s
82
43
107
106
2
33%
187,
.
6%
12%
*105
10%
*70%
28*2
*122"
101*4
33
31>4
9
125
46*2
106
106i2
*78
82%
110
47,
43%
10734
*107
73
33%
*19%
16%
129
19%
79
417,
19*2
42%
22
16%
73
*70%
34
78%
*26*4
97
Sept
3*2 Mar
111*4 Aug 13
4
Jan 31
Sv's
101
101*4
79
78i8
78%
113% 113% *11158 11358 *112
81
81%
79
78
78%
79%
7778
*120
122
*11$
119% *117
119%
116i2 11612 *117
*120
122
2118
118% *117
117
117
119% *116
16
15%
15%
16
157S
1558
1512
1534
15*2
3%
3%
3%
3
3%
3
3%
3%
3%
68
68% 69%
68
67
68%
68
67%
66*2
8
8
8
8
8%
8%
8
834
7938
79*2
114% 114%
107% Jan
Jan 15
200
26
*
Feb 10
84
46*2
19*2
90
124
.
Class A
11,800
6
29*2
7
2384 Jan 21
Coca-Cola Co (The)...No
par
*37%
100
102%
1934
484 Jan
Nonpar
_.__50
80
26
121*4 122
5
Equipment
Cluett Pea body & Co.. No
par
Preferred.
100
200
15
.534
28
85*2 Jan 21
15*4 Jan 2
72% Jan 2
25
30*4 Jan
11% Jan
36% Aug
124% July
19% Feb
8684 Aug
8*4 Sept
46% Mar
"i",io6
28
29*2
30
5
Special
57*2
*27%
2858
8
2,300
..
60*4
*112
57g
3
Jan
Clev Graph Bronze Co
(Tbe).l
Clev & Pitts RR Co
*45
106
102
—
*103% 104*4
56*8
58
—
Jan
No par
100
.
14*2
56
7
T.SOO
39
120*2 121
*56*4
15
18% Sept 18
25
par
*126
57*2
% per share
7%gtd 50
5978
28
*534
25*4
28*4
*26*4
*2734
26l8
*4934
103
*11212
5%
2514
...
Clark
Highest
$ per share
par
C C C & St Louis
pref
100
Clev El Ilium Co pref..No
113
*38%
120
103
2614
123
393s
103
3,000
*87
...
120
*56*4
14*8
1434
38*4
587S
*126
.
56%
29
28%
58
12012 121
*56l4
5712
57%
34%
100
—
*4934
58%
*127
vl21
578
29
38*4
*87
55l2
6%
26%
*108
4,000
*96
38^8
112% 112% *11212
26% 26%
2614
112% 112%
*27
97
113
*87
-.11
34
97
*108
113
38i2
91
34
...
*108
8
Lowest
$ per share
25
Chrysler Corp
City Ice & Fuel
8278
11234
Highest
$ per share
10
...No
Chile Copper Co
*82*2
104% *101
104% *101
104%
55%
56*s
55*,
56%
55%
56%
6
115*4
Childs Co
40
17
*102
28
113
Chickasha Cotton Oil
6,400
9,700
10*4
83
*56%
14%
15%
5%
18*2
36
17
121
57
*24%
10
*35
82*2
*49%
5778
112% 112%
18%
10*8
35
112
IIH4 11318
*127
121
56*2
14%
1878
978
35
17
*87
58
121
5634
I884
10%
35
Range for Previous
Year 1935
Lowest
82l2
8
38%
.
_
193s
934
7%
34%
Range Since Jan. 1
Par
17
34
39%
58
18%
*33
*96
*127
Shares
19%
9%
1829
On Basis of 100-share Lots
Week
$ per share
8212
7i2
*108
91
Sept. 18
$ per share
17
75S
*49%
----
*127
Sept. 16
$ per share
35
4
EXCHANGE
83
35
*87
STOCKS
NEW YORK STOCK
the
Friaav
17
_
39
91
67%
Salts
CENT
Thursday
Sept. 17
83
113
*96
*109
Wednesday
1123s 113%
8
734
*111%
*4984
*33
rl7
8%
*87
9%
35
112% 114%
17%
82%
84%
18
8234
7%
19%
9%
*33
114% 114%
40
NOT PER
for
Saturday
193s
SHARE,
RecorcMContinued—Page
*16
160
19
*16
43%
22
19
*13%
14%
100
162%
12934 12934
11334 II384
"6,866
13*8
13%
*112
13*4
3,300
113
13%
113
13*2
Preferred
900
40
19
113
13%
""600
700
50
3,600
9,500
18,500
20
14,700
100
Dunhill International—...-.1
Duplan Silk
Preferred
161
8
8
8
8
*7%
174
172l2 172% 173
173%
163*2 *159
163l2 *159
163%
3534
35*2
3578
3534
36
35%
11*8
1178
11*4
11%
11%
11%
41*4
40*2
40*2 41%
41%
42%
113
""loo
1%
6*2
*16
Convertible class B—No par
Duluth S S & Atlantic....100
*1*2
*6*4
*778
112
Dresser(SR)Mfg conv ANo par
700
1
*115
159% 16~1%
130
130
12934 129%
'113*8 13334 *113*8 11334
159
*%
Du P de Nemours(E
No par
18% Apr 30
19% Aug 28
40
Aug 10
41% Jan 2
734 Apr 28
50% Jan 6
2% July 10
29
Jan
6
5*2 Jan 10
%May 20
1% Jan 6
4% July 10
13% Aug 27
100
114
Feb
D&CO.20
133
Apr 30
8
6% non-voting deb
100 129
Feb 7
Duquesne Light 1st pref—100 xlllUJune 12
Durham Hosiery Mills pf. 100
13
Aug 11
Eastern Rolling Mills
5
5% July 1
Eastman Kodak (N J) .No par
156
Apr 28
6% cum preferred
100 152
July 24
Eaton Mfg Co
No par
28% Jan 6
Eltingon Schild
No par
584 Apr 28
Elec Auto-Lite (The)
5
30% Apr 27
Preferred
100
110% Jan 23
Electric Boat
3
10
Apr 30
21
Jan
6
2
1%
5%
35*2 Aug
Apr
5038 (Jan
26*2
3438
Jan
41
Jan
33
Dec
41% May
38% Deo
Jan
44% Deo
634 May
12% Jan
5838 Deo
Nov
June 19
4034July 18
61%June
4
11% Jan 23
?4*8
79% July 30
6*3,6 July 30
42
Sept 11
25% Aug 7
,134 Jan 15
17% Mar
3
9
18% Jan 17
11534 July 28
18734 July 29
133% Apr 1
11534 Feb 14
Jan 13
9% Feb 11
185
Aug
166
Mar 13
37% Sept
13
Sept
8
5
8
44% Feb '9
114
32
% June
1
Jan 15
8% Mar
25
13*2 Mar
638 Mar
Feb
6
17% Feb
4
*4 June
2
June
1234 May
103
Mar
86% Mar
Nov
17% Deo
Deo
13s Deo
8%
19
Deo
Aug
116
Nov
146% Nov
Feb
132
104
Feb
115
12
Nov
Aug
27% Deo
384 Mar
110% Jan
172% Nov
141
Jan
164
Jan
30% Oct
83a Nov
3834 Oct
113% Sept
126%
16%
3% Mar
193s June
107
Jan
378 Mar
8
1434
Oct
Jan
July
Deo
\
New York Stock Record—Continued—Page 5
1830LOW
AND
SALE PRICES—PER
HIGH
NOT PER CENT
SHARE,
f/11"
Sept. 15
Week
$ per share
$ per share
$ per share
$ per share
Shares
Sept. 14
% per share
$ per share
558
the
Lowest
*5*2
15*8
534
15*4
5*2
1434
5*2
.558
55g
55g
15*8
1458
15*2
14*8
15
14
1434
5*2
14i2
73*4
75
72
72
72
75
72
74
71*2
73
72
1478
7258
67*2
47*4
66*4
67
47*8
47*8
1,100
67*2
4834
13
69
66
4778
34
134
47
2
*17g
2
*55*8
58*8
*55*8
58
*55
116
*113
34
178
178
57i2 57*2
*113
*11234 116
*113
116
13
*13
78*s
8012
76
*80
*84
87
7
678
17*4
173g
2978
2358
*1412
3038
2434
1434
2934
534
2934
>:;
534
80
84
#6*2
1634
634
1738
2878
2234
*14%
29*4
558
2978
2234
58
17g
547g
115*2
400
Endicott-Johnaon Corp
"700
115*2 *113
*12
13
13
77
77
7134
81
81
82
82l2
83
87
87
87
88
88
400
678
1658
7*8
1678
7
7
7
29
30*8
67g
16%
29*2
2258
14*4
1634
2934
1678
2934
23*2
I4i2
8,200
5,600
6,000
1,200
800
23
*2258
14*8
29*4
.
14*8
30*8
534
534
1458
29*2
29
•
6
534
3
27g
27g
1334
12l2 125s
57
58
57
58
57
57
58*4
57*4
57*2
57*8
*165
174*8 *165
174*8 *165
174ig *165
1741s
175*8 *165
48
*48
49
4738
47*4
47%
46*2 47*2
47*4
48*8
24
237g 24
2358
2312 2334
2334 24
24*8 24*8
3
*234
12i2
1234
278
234
125g
234
12l2
95
94
*42
447g
42l2
89
*9
*358
4*2
*37
*42*4
40*8
*11158
2778
9*4
*82
96
96
*95
96
44
43
43
*41
43*2
85
85
86*2
86*2
*84
90
9
9*4
95
*42l2
90
9*8
*35S
234
127g
13
95
4212
*82
13
94
95
3
23
9
9
4
358
358
4*2
4*2
45g
412
38
37*2
37*2
*36*2 38
42
42
42*2
4112 4238
397S
3978
40*8
*36*2 387g
*11158 112
*11158 112
112
28
275s
2734
2734 2778
4*8
458
30
*29*4
*4*2
38*2
*106
*4*2
38*8
38*2
38*8
39
107
77
77
64
14
14
*100
110
6*4
57
25
1412
*140
8
1658
3958
*115
*5538
*145
11*2
773s
"64"
*
6
'
6*4
11
4*2
38
*106
383S
10734
90
145*2 *145
4678
39*2
23g
2*8
*46*4
*48*4
*54l2
6078
145
145*2
4658
46*8
39
39*2
2%
2*s
30
465s
2*8
2*8
*48
50
48
50
*48*4
50
50
50
«....
61
*55
*55
\m~mm
7*8
15*4
105
1078
107g
*99*2 103*2
150
46
*55
*34
*77
17
107
107
43
43
53*4
53*4
4*2
43g
7
7*8
14
14
2258 23
7578
75*4
24*2 2434
♦102*4 103
1058
11*8
*93
93*2
234
25g
3*4
334
3*2
334
3478
1478
*34
7934
165s
1634
106*4 106*4
*77
14l2
42
1634
107
7*8
7
7
14
39
2i4
2*8
22*8
753s
243g
76*4
25*8
24*2
103
*102
1378
2278
76
25
103
.
10
—
*55
..
*55
....
-
1312
217S
7558
24*4
103
43g
7*8
1384
22*2
76
247g
104
2%
234
3%
3%
177g
18
18
27
4234
21U
44*8
21*2
43
43
43
21*2
2058
42*4
20%
43
21*4
43*2
21*8
41
4158
397g
41
3934
40781
40*2
3678
3678
2:36
36
41*41
35%
65
*55
56
31*4
79*2
30*2
*69*4
54%
*2
32i2
*30*2
1658
*16*4
129
31
79*2
*69*4
*69*4
2
56
79*2
5412
2
*2
32l2
54
2*8
32
54
3138
79*2
54*4
2*4
105
43*2
4,200
52*4
43g
52*4
400
4i2
1,300
7
7
3;soo
13%
1358
2278
7634
5,500
76
100
10*4
2,900
90
25g
93*2
234
258
25g
3*2
3*2
35S
334
*358
17*2
27*4
42*4
20*2
334
3*2
35g
17*2
21
21
2134
40%
40
4078
3538
41*2
12,900*'
353s
359s
29*8
43
36
145
145
65
*55
65
30*2
3034
3134
*69*4
79*2
31*8
*69*4
55
*5434
*2
5434
2*8
3212
33*2
55
*2
2*4
53
*50
52*2
55
*51
56
56
56
*118
128
127
127
*122
128
*122
128
*122
36*2
10*2
36
34%
3212
*3558
3212
32*2
16*4
34
*327s
......
79*2
56
*325s
*3258
60
145
*55
55
3458
1,800
*141
59
16
1826*
3,300
300
.
1
40
800
16
53
300
56*8
500
128
10
34
100
*327S
■
For footnotes see page
......
16
•
_
12,400
*51
36
36
36
36
36*2
36
*35%
10
10*2
105s
10
10*4
105g
103g
10*8
1034
*10*4
19
20
19*4
19*2 20*4
20
20
20*4
20*4
19i2 20
117
*115
115
117
116*2 115
117
117
115*2 115*2 117
104
104
*10312 105
105
104*8 104ig *104*2 105
*104*2 105
45
4334
46
45
4434
447S
437g
45*2
45*2 4634
455s
*127*4
*12738
*12738 128*2 *12738
*127%
15*4
15"
1534
15*2
15*4
147g
15*8
15*4
1578
15*2
15*8
*105
107
105
105
*1033s 107
107
*1033g 107
*103% 107
—...
10,300
4,500
1,200
1,200
2,700
2,000
5,700
51
16*2
110
18
275s
*4234
51
1634
1,900
90
18
27*2
42*4
8,000
16,100
*10*8
*91
17,300
2458
102*4
10*8
10*8
*55
*30*2
900
* 105
4234
24*8
m
_
106
Aug 21
24i8 Apr 30
9534 July 1
10
Fourth Nat Invest
No par
w
1
w
30i8June
F'kin Simon & Co Inc 7%pfl00
Freeport Texas Co
10
Preferred
100
Fuller (G A) prior pref. No par
$6 2d pref
No par
5
July
3
63
Gabriel Co (The) cl A..No par
Gamewell Co (The).—No par
GannettCoInc conv$6ptNopar
Gen Amer Investors
No par
105i2 Aug 27
8i2May 20
Preferred
97
No par
General Bronze
Class A..
17
100
General Electric
Jan
2
7012 Jan
52*2 Aug
100
.No par
7% preferred
2
2
140
6
Jan 21
...No par
34i2 Apr 30
..No par,
Gen'l Gas & Elec A—No par
33S8 Feb 18
78 Jan 2
General Foods
60
1,800
4,200
40
20
1*,700
......
2,400
50
Aug
Apr
12U Mar
4
578 Mar
6
3S34Sept
49*2 Feb
4018 Sept
1137s Apr
33i8 Feb
105i2July
Feb 17
43i2Septl8
83
Sept 18
5312 Feb 29
7h Aug
15
Sept 10
Glmbel Brothers
No par
Preferred
100
Glldden Co (The)
4^%
Goodyear Tire & Rubb.No
1st preferred
par
No par
Qotham Silk Hose
..No par
100
Preferred
Greyhound Corp (The)
Guantanamo Sugar
No
Preferred
Gulf Mobile & Northern
Preferred
Gulf States Steel.
Preferred
150
Aug 21
483g Aug 10
43'8Juue 22
43s Feb
55
5
Sept 18
3
Feb 24
70*2 Jan 6
Aug 24
723s July 27
122'4 July 3
123
Feb 17
105
Jan 17
110
3i2 Apr 28
32*2 Apr 28
50
.
106
Jan 10
28
25
30
30
June 20
63s Feb
Feb
6
4
118i2 Mar 14
378 Jan 21
43
Feb 21
48*2Sept 16
60*2 Feb 7
2578 Aug 3
135gJune 25
3678 July 25
185s Jan 16
70
90
Aug 21
684 Jan
69
Jan
6
6
1258 Aug 17
136s Jan 21
74
Sept 11
216s July 8
87
Jan
2
8*2 Apr 28
77
Jan
6
16
24l2 Aug 4
28*2 Jan 16
127*2
Jan
20*2 Jan
30
Sept
*4 Feb
8
Oct
11
Mar
1584
Jan
6978
Feb
116
Aug
1038 Nov
63s Nov
Nov
6.*4 July
145l2
Oot
407s Nov
3778 July
1*2 Aug
151* Aug
18
Aug
18
Apr
72*2
Oct
Jan *120*2
265s Mar
Deo
593s Nov
7
6
33
6
14
Apr
25*s Aug 31
7634Sept 17
3178 Apr 15
104
Sept 16
12*s Mar 11
96
July
47
4
June 10
Jan
9
Jan
2
100
June 22
30*8
1
12
39
3
Mar
109
3*s
Oct
Deo
39*8 Deo
33*2 Deo
51
Nov
19*2 Aug
Aug
884 Deo
63
7584 Deo
49*2 Deo
1488 May
7*2 Mar
484
"22"
14*2 Deo
"1534
Mar
2678
70
Apr
92
2i2 Apr
20
1*4
6*4
2*4
143s
Apr
June
Mar
Jan
Nov
Jan
Jan
10*2 Deo
85
Deo
4i2 Oot
36s Nov
Mar
5
Jan
May
2984
Jan
18*8 Mar
353s Nov
26
38*4 Sept
Mar
8
8
9*4 Mar
16
Feb 21
95s Mar
35*8 Deo
3478 May
Mar
9
149*2 Aug 14
5934 Aug 10
3134 Sept 18
95
18
Oct
4i2 Nov
41*4 Deo
Sept
Jan 23
80*4 Jan 27
266s
119
Jan
Jan
21
60
285s
34
95
Feb
6*s July
7
1
Feb
19
Feb
4
140
Apr
255s Nov
Mar 19
3*2 Feb
1984 Mar
May 19
120
Mar
Jan
2i8 Mar
109
4
Mar
74*2
284
43*4
1112
34*4
33*2
Deo
May
Lite
Dec
Deo
Nov
May
May
Deo
Deo
65
109
ioo
12
Dec
425s Nov
Jan
3
Jan
3
Jan 20
1041s Feb 17
Mar
3
6
Apr
63
Jan 24
Jan
Jan
Apr
1*8
7*2 Feb 28
10*4 Feb 17
213s Jan 6
39
July
14
Feb
44
Jan
1634
6*4
July 27
22*4 Sept
Jan
Jan
84 Apr
1484 Mar
235s
55
6
31
80
70*2
2
136
175s Feb
63*2 Jan
lis Mar
1558 Mar
Jan 24
Jan
16
25
100
46*2 Nov
I8I4 Aug 25
112
Aug 25
55*4 Jan 14
3214 Jan
7% preferred class A
Hall Printing
6preferred....
June 30
138 July
30
Hat Corp of America cl A
146
Deo
38
914 Jan
par
Jan
5*4 Mar
Nov
30*2 Jan
283s Jan
par
100*8 Sept
48*2 Deo
22i2 Nov
*133,} Oct
21
25
__
Mar
Mar
120
Hackensack Water
Preferred
Jan
Mar
Deo
Jan
105
Hanna (M A) Co $5 pf. No
Harbison-Walk Refrao.No
1078
Aug
100
io
Mar
Mar
100
ioo
512
8434
3258
1134
73s
3
100
Preferred
Mar
10
24
Hamilton Watch Co.—No par
Deo
7
*107*2
100
No par
Deo
538 Nov
13*4 Deo
78 May
1038Sept 18
57*2 Aug 6
par
5
Nov
55
47'?
5U2Septl8
50i2 Mar 9
22
Apr 28
65
May 21
48«4May 11
158 July
Greene Cananea Copper... 100
Mar
484 Mar
Nov
306s Nov
18*2 Nov
236g Jan 15
35*2 Apr 2
loo
15
70
125
76
Apn29
Preferred
Apr
Mar
June
Mar
63g Jan 15
Green Bay & West RR Co. 100
Green (H L) Co Ino
l
Deo
Deo
36*s Nov
Mar
4*2 Feb 19
11*4 Mar 20
par
30
111
4
6
Gt Nor Iron Ore Prop .No
Mar
Mar
Mar
978
603s
1984
30*4
17*4
112i2
19
3*8 Apr 30
Great Northern pref
100
Great Western Sugar..No par
Deo
Deo
Mar
2
No par
Jan
984
2
Grand Union Co tr ctfs
1
Conv pref series
No par
Granite City Steel
.No par
4
63s
115
Graham-Paige Motors..
1
Gr'by Con M S & P 2d stpd 100
Grant (W T)
3038
J&n
2
52*4 Sept 18
378 Jan 2
678June 30
1
Feb
2*4 Mar
20*4
3
Jan 27
3934 June 11
1
Gold Dust Corp v t c.._No par
Goodrich Co (B F)
No par
$5 preferred___.____No par
"l9"
Aug
534 Jan
60
Gobel (Adolf)
Goebel Brewing Co.
13*8 May
84i2 Apr
443s Nov
3*s Aug
25
45*4 Deo
25
Sept
114
July
25*2 Deo
10278 Deo
587s Aug
183s jan
118
No par
conv preferred
16*8 Mar
28*2 Mar
16
Apr
106*4 Mar
8*2 Deo
4*2 Jan
17*2Sept 10
4114 Sept 10
118i2Septll
59*2June 20
3
100
Feb
150*8 July 29
lia4 Jan 11
19i2 Jan
No par
78
5
18U Jan 27
105i2 Aug 27
12*2 Feb 19
104l2 Apr 21
No par
Gen Railway Signal
Preferred
5
llli2 Apr 21
3S34 Feb 17
127
$8 pref class A
General Mills..
Gen Public Service....No par
3
14
11
22
11
17
3734 Aug 31
3258 July 31
1184 Mar 2
6178 Aug
....No par
384 Mar
2
July
65s July 24
55
$6 preferred
NOV
May
3
No par
Gen Outdoor Adv A—No par
Common
No par
General Printing Ink..No par
"215s
95
3
10
Mar
Deo
54
Jan
General Motors Corp
$5 preferred....
~"53a
Deo
125
6
Jan
July 29
Dec
Mar
19
58
115
35s Deo
15
39*2 Deo
101
14
U7i2 Jan 13
5378 Jan 6
Jan
72
No par
100
Mar
Nov
*85
Conv pref series A ...No par
No par
68 Mar
4
17
Aug
Dec
6
Jan
$7 pref class A
Preferred
Apr
Deo
Apr
Apr
6
2
May
2
Deo
40
5
Jan 23
15
Jan
19*2
13*2
1478
40*s
48
Feb
7i2 July
534 Jan
10i2 Mar
14
6
63
2
684 Mar
Mar
3484 Feb
141
—No par
7% cum preferred
3
1084 Apr 28
5
-No par
General Cigar Ino
Jan
July
7*8 Mar
8*2 Mar
92
21
5
General Cable
5078 Sept 4
26l2 Aug 8
99U Aug 11
4214 Apr 30
5
10
par
2
3558 Feb 4
2312 July 15
Apr 14
llS^June 3 *135
75
Feb 20
473g Jan 17
3H2 Apr 30
334 Jan 6
lH2May 11
Gen Amer Trans Corp
General Asphalt
General Baking
$8 preferred
No
Sept
47i2 Mar
June 26
7
133s
22*4
223g
7578
763g
24*8 24*4
102*4 10234
100
conv pref
Preferred
176
4834June 23
30i8July
7,600
7
22
4H %
8U Mar 19
584 Mar 25
18i8 Mar 26
5934 Sept 3
32
t Follansbee Bros
No par
Food Machinery Corp new-.10
Foster-Wheeler
;
Apr 30
3234Septl6
25*2Mar 21
378 Aug 29
Gen Time Instru Corp No par
Gillette Safety Razor
No par
Conv preferred
No par
1334
412
40
First National Stores—No par
Flintkote Co (The)
No par
6
5234
32i2
16*4
53l2
*36
*103*2
44*2
*127*4
1534
♦1033s
3034
65
1053g
4234
33*2
16*4
5212
*325g
19
*55
42*8
100i2 Feb 26
July
*51*4
43g
67g
*30*2
16*2
*51*2
34%
10*2
21
35*2 35*2
35*2
*142
145
14478 2:14434 145*2 *142
145
*32l2
*115
27*4
*105
110
17
8,400
53
10
100
Gen Theatres EquipCrpNo par
'1778
427g
100
Preferred series A
80
5,800
16*4
106
6H % preferred
Firestone Tire & Rubber
2OI4
11,000
16*2
1634
3378
Fllene's (Wm) Sons Co .No par
2
Apr
26*2May
33*4 Apr
32*2 Apr
200
48*4
4634
25
50
Gen Realty & Utilities
1
$6 preferred..
—No par
General Refractories
No par
Gen Steel Castings pf..No par
7,600
23g
3334
300
93*2
305g
20
115
5,200
*91
31*8
800
1,800
7834
X27
51
60
34*2
143g
18
60*8
106*2
4*8
44l2
78
27
61
100
3334
14*4
18
*55
57*2
600
2,000
12,600
14i4
27
2*8
65,500
7834
18
56
68*8
12118
51*2
103g
*73*2
16*4
27*2
32*2
1658
140
*33*4
18
*69*4
*55*2
2*8
1,600
*14
93*2
234
55
......
61*2
H85g
145g
*91
*5334
7,700
6,600
670
27
31
38,900
55
3*4
35s
1734
27*4
*54*4
80
60
92*2
•
300
400
50
92
3*2
334
10
1,700
7,500
2,900
*47
10*8
25g
'
53
10
358
8,500
60
1038
338
3,000
50
10
334
3,100
*47
10*2
234
358
Ml
60
103s
2%
3*4
358
-
......
2*4
2*8
...
2,000
7834
z42%
*51*4
*4*4
67g
43S
135g
2234
1334
22*4
7538
.
34
106
42l2
5234
4*2
42l2
52*2
4%
63
7
102
107
42%
*5234
*43g
*i
14%
7834
16%
7934
16*2
850
34
3434
1434
1412
6,000
50
*48
....
*146*2 150
4534
45*4 46*4
3934
393«
39*4
45*8
39%
2*4
20
*146*2 150
119
7978
100
5,700
634
15*8
*60*2
3478
1434
6,500
120
61
61*2
61*4 613g
61*2
61*2
60*2 61*4
118*2 118l2 *117*8
119*4 *117*2 118%
11912 *117
67
67
67
6634
6734
6638
657g 665g
663s
67*8
6534
121
12 Us *121
121
*12058 121
12034 121
*12034 121*4 *121
48
48
48
4834 49
497S
483s 48%
*47*2
4734
48*2
9
9
9
9
93s
938
99s
9*2
9*4
834
9*2
57
57
*55
58
58
*56
*55
*55*4
*52*4 58
5734
110
*108
*108
110
*108
110
110
109
*109
109
*106*2
*4
*4
4*4
418
4*8
43s
4*4
4*8
4*4
4*8
4*8
44
44
44
43*8
4234
42*8 43
43*2 43*2
42*2 42%
115
*110
*110
108*2 10834 *109*2 115
*109*2 115
*109*2 115
23s
2*4
2*4
2%
238
2*2
2%
2*2
2*4
23g
2*4
34
34
*34
35
3334
*34*2 35
34*2 *337g
3478
*3378
48
47
46
4734
4534 4534
48%
4434 4578
47*2 48*2
45
48
48
48
4634
*47*2 48
47*2 *4434 47
4734
23
~2378 24*4
2358 24
24*8
23*4
24*4
23*2 2334
24*4
3478
145s
*767g
*1634
50
150
45*4
3878
2*8
4912
39
60
2,100
10734 108
*100
■
Florsheim Shoe class A .No par
700
250
149
145
4534
3858
38
64
107g
2
Fidel Phen Fire Ins N Y
39
105
4
2i2
20i2
38
107g
Jan
z247g Jan
100
3
64
*100
10
30
9
28
2
9
30
27
Federal Water Serv A.-No par
Federated Dept Stores-No par
38
107g
Aug
Mar
Jan
Apr
Jan
Jan
Apr
Jan
Federal Screw Works.-No par
64
105
37
Federal Motor Truck..No par
38
1078
3
300
64
*100
Jan
1,800
50
15
Preferred...
84
2,700
65
15*4
1221a Jan 7
315g Feb 24
1834 Apr 30
6978
78g
38
14
11
50
*119*2 122
*120
400
45g
38*2
76g Feb 21
18i4Sept 8
3l38Sept 8
25i4SeptlO
1578 Aug 10
407s Jan 8
3
8i2 Apr 29
3484 Jan 7
Federal Min & Smelt Co... 100
103*2 *101
103l2 *101
103*2 *101
10312 *99*2 103*2
55
57
57
57
55
57
56
5634
5578
56*4
56*4
25
25
25
24*4
24%
24% 2458
24% 25*4
24% 25*4
14
14
1434
1438
14*8
14*4
14*2
14*4
1434
14*4
1458
148
*140
148
148
*140
148
*140
148
147*2 147*2 *140
8
8
8
8
8*4
8*4
8*4
8*8
8*4
8*4
8*s
17
1738
16*4
16*2
1634
1634
1658
16*2
16*4
1678
16*8
39
37
38
3734
4034
377g
38*2
3834
38*2 3934
38*2
*112
117
115
120
115
115
115
*115*4 116
118*2 *115
5434
5434
55*2
55*4 55*4
55*2
55*2
5434 5434 *5434 55*4
4658
39*2
*140
300
3,500
67g
25
100
43*2
33
3334
*101*4 109
4U4
41*4 43l2
78*2
79*2 83
25
2434
25*2
684
1434
12
•
Federal Light & Trao..
.15
Preferred
No par
38
634
1134 Jan
5
70
*110
6*4
11
5
4,700
2,900
*64
63g
14*2
Eureka Vacuum Cleaner
Evans Products Co..
25*2
120
65
16
preferred
preferred
Second
4758
33
39*2
77*2
245g
100
100
Firt
24
108
3278
108
55l2 Nov
7i2 Deo
4618
458
38*2
Nov
55
6% conv preferred
100
Fajardo Sug Co of
o Rico.20
*29
Nov
14*2, Feb
100
2,600
7,700
Deo
8*4 Nov
50
15*2 Mar
4*2 Aug
3
90
134
Mar
June 30
25sJune
400
Jan
178 Aug
Sept
66
97
Preferred
10,100
14
78
89i2June 30
7
Apr 30
Apr 29
Fairbanks Co
20
June 30
68 Apr
5234 Jan
12534 Jan
U8 Mar
Deo
6884 Nov
4
7
300
July 22
1558 Apr 17
84
31»4
6
2
3
*110
39
105
33%
30
4*2
116
Mar
*4 Mar
Jan
Jan
1,700
7
Feb
2*2 Mar
39
Jan
43g Jan
120
39
105s
108
3234
120
6*4
38*2
11034 11034
39*4
4012
*773g 80
2434 25
120
14
1458
145S
*100
*98*2 105
11
*106
34
~64"
64
40
39*2
38
108l2
39
39*2
773s
773s
25
2534
2534
120
108
33*4
4i2
4*2
108
39*4
2538
3934
*106
34i2
113
38*2
25*2
3934
6*4
*101
107
34
*108
120
*11*4
3234
*29
38*2
34i2
104
4634
434
114
"64"
104
69
5U Apr
Fairbanks Morse & Co.No par
*84
7
5
6
Mar
55
23i8July
96
July 27
5514 Jan
158 Feb
378 Feb
li8 Mar
3
48
3,900
43*2
78
9
No par
$53^ preferred
58I2
173*8 173*8
*95
July
$6 preferred
No par
Equipable Office Bldg.lVo par
Erie
100
560
57
*29
*36*2 38*2
111% 11158
2734 2778
30
434
106i2
38*2
*75*4
25*2
*
*29
30
434
38*2
34
*108
*29
434'
42
41*2
1
280
278
1234
30
*37
104*2 *104
104l2 *104
104*2
47
4634
4634
473s
46*2 47
34
34
34
3434 2:33*4
333s
*234
1258
47*8
33%
4l2
3734
2
4
5312 July 25
110
Aug 18
7i2 Jan 3
4512 Jan 14
Exchange Buffet Corp.No par
5,400
1,600
'
6
578
9
9
878
9*8
*3*2
378
*35g
37g
*412
45g
45s
45g
*37
37
*36*2 37
4U2 4U2
415g 4134
38 58
*3578 385a *3578
11158 11158 *110*8 1105s
28
29
2778 277S
104
10418 *104
10438
4634 4634
4678 47
33
3212 33*8
3312
9*8
37g
37g
4%
*104
X29
85
12 Jan
li2 Jan
$5 conv preferred—-No par
700
17
23*2
1458
29l2
838 Feb
7*2 Aug
3468 Dee
2
2
2
291s Jan
423g July 13
-100
Engineers Public Serv
400
3034
558 Sept
784 Feb 21
1784 July 14
5*4 July 28
6% Jan
3234 Jan
50
6% Pref—.
13*4
75
i per share
'
t Elk Horn Coal Corp.No par
6% part preferred
50
400
*82
17*8
3058
22*2
14*4
2958
534
*14*8
29*8
*5*2
'
534
58
*78
7
634
1634
2212
145g
1212
I per share
Elec Storage Battery ..No par
178
5414
77
Highest
$ per share
$7 preferred
No par
$6 preferred.....—.No par
178
*70
Lowest
Elec & Mus Ind Am shares...
Electrio Power 4 Light .No par
500
55
Highest
% per share
Par
%
87
29
2934
12*2
4,100
25,100
4,700
2,300
81
8034
.
*113
7g
55g
77
*82
•
*s8
13*8
*72
80
84
116
13
13*4
*68
*74
67
47*8
67
47*2
»4
1%
58
48*4
*58
*134
*5678
34
66
4634
%
17g
67
48*4
67
483s
*58
534
Year 1935
EXCHANGE
Friday
Sept. 18
Tuesday
Range for Previous
On Basis of 100-share Lota
STOCK
NEW YORK
JOT
Thursday
Sept. 17
Monday
67
Range Since Jan. 1
STOCKS
Sales
Wednesday
Sept. 16
Saturday
Sept. 12
Sept. 19, 1936
Aug
8
12
Mar
129i2 Sept
34*4 July
9
48
Mar
3
4
21*4
Jan
30»4
Deo
30
Jan
35
Deo
4
Mar
37
Aug
1178 Aug 20
2138 Feb 4
119
Feb
8
105*2 Mar 18
6*2 Apr
108
8
Nov
Deo
Oct
14*2 Nov
Jan
112
Deo
100*2 Sept
105
Nov
63
16
Mar
303s
Deo
4634Sept 18
Apr 23
9984
Jan
121
Deo
163s Mar 25
6*2
Feb
14*8
113*2
Deo
126
115
Jan
9
81
Feb
Deo
,
Volume
LOW
AND
143
New York Stock
HIGH
SALE PRICES—PER
SHARE,
Tuesday
Wednesday
Sept. 12
Monday
Sept. 14
Sept. 15
$ per share
5 per share
$ per share
*102
6
578
103
6
534
Friday
the
Sept. 16
Sept. 18
$ per share
$ per share
Shares
578
5%
6
102
103
136is *125
137
164
164
*162
5%
103
*102% 10338 *101
*125
132
*124% 132
*160
28
164
28
27%
11434
*126i4 127
*60is
61
*107
108
38
38
*112
115
*428
440
*4U2
2978
*73
*62l4
9
9i8
6258
438
53i8
107
41%
29%
*73
*62%
878
52
41%
2978
75%
63%
13
*132
28
...
3
18
*9%
*25i8
1038
*5%
15
3%
12
26
25
5534
168%
54%
*427
42
*40%
28%
29
2834
73
73
*71
62%
62%
*62
834
52%
12
12
1634
2%
17
26%
51%
*68%
53%
4%
1234
1634
17
18
*9%
3234
52%
4%
4%
*11%
16%
238
2534
*49%
*68%
16%
27%
51%
69
53%
1234
16%
*11%
10%
33%
10
2%
27
52
69
16%
10%
16%
2%
•*87
115
12434
114%
40%
*117%
*2234
45%
25%
2578
*95
*2238
20
23
20
20% 20%
♦100% 101
4734
48
21%
*19%
20%
21%
21
27%
*26%
*434
3978
40%
2684
27
5
*101% 102
634
634
...
100
*6834
69
17
17
"""376
10
10
1,100
22
22
*22
19%
20%
20
19%
20
101
*24
*4%
39
27%
26%
19%
*100% 101
48%
21%
21
2134
27
5
48%
20%
27
*
*24
434
39%
*4%
39
26%
101% 101%
*6%
6r
101% 102
6%
6
*93
44
43
20%
29%
20%
2034
25
45%
18%
11%
12%
28%
45%
45%
19
19
*11%
12%
2878
28%
13%
12%
117
1734
18
234
234
1234
13%
109% 109%
1534
1534
59
68%
9%
2534
*11%
1234
28%
117
13%
1234
29%
118
17%
2%
18%
12%
116
12%
109
1534
58%
67%
9
17%
234
1234
234
109
109
1534
1534
56%
67%
58%
68%
9%
9
25%
2534
*104% 106%
106% 106%
106% 106%
106
9%
25%
106
168%
168% *167
*20%
2034
20%
20%
167
*10%
12%
28%
1534
58
68%
9%
25%
106
167
19%
20
33
33
33
33%
32
33
47
4634
4634
46%
47
41
41
41
41
41
41%
59
6I84
58%
*
145
29%
28%
90%
•28%
*36
29%
28%
90%
28%
37%
50%
*11%
48
38%
50%
11%
48
2%
*4%
2%
4%
40
41
40
113
59%
106%
2%
4%
41
100
43%
20%
2,500
7,800
4734
75,700
Int Printing Ink
Preferred
6%
360
Internat Rys of Cent Am. .100
25%
4734
49%
11%
47%
37%
49%
50%
11%
48
*11
For footnotes see page
48
1826
""730
300
116
17%
284
12%
110
15%
56%
67
Intertype Corp
700
Island Creek.Coal..........1
"""266
2,200
30
1,170
"l",906
1,100
20
20%
20%
1,500
10,700
10
4934
29,882
21%
7,000
5
"""760
40
350
*93
45
1,000
100
25
25
*24
*25
45
*25
45
40
17%
17%
*10%
18
5,700
13%
12%
13%
14%
28%
116
*113% 115% *113
115%
17
17%
18
1734
18%
234
*2%
234
284
234
13
*12%
13
12%
13%
110
110
110
109% 110
15%
*15%
1534
15%
1534
57
55%
56
57.
57
67%
6584
67
66% 67
1234
28%
*
*130
38%
49%
11%
48%
11
11
*11
48
48
48
39%
4934
39
49
30
100
48
13
19% Jan 2
17
Jan 27
5
Kelth-Albee-Orpheum pf_.100
Kelsey Hayes Wheel con vol A1
1
Class B
Kelvlnator Corp
No par
3,900
1,600
800
20
May 20
18
June
4
14s4 Jan
2
No par
..No par
28% Jan 7
1734june 4
18% Jan 7
3%May 11
30
Apr 28
10
20% Apr 28
No par
Kinney Co..
No par
...
Preferred
Kresge
(S S) Co
100 zlOl
7% preferred
Kresge Dept
Stores—No par
100
Kress (S H) & Co new_.No par
Kroger Groc & Bak
No par
Lacelde Gas Lt Co St Louis 100
4% conv preferred
Lehigh Valley RR
Lehigh Valley Coal
32
12
.100
—50
No par
50
Preferred
Lehman
Corp (The)—No par
Lehn & Fink Prod Corp
5
Sept
9|
4% Apr 29
74% Feb 26
5
Lane Bryant
Feb 28
3534 Aug 31
19% June 30
20% Apr 27
—100
No par
No par
5% preferred.
Lambert Co (The)
Lehigh Portland Cement—.25
90
24% Sept 18
80
Jan 7
Kennecott Copper
Keystone Steel & W Co No par
Lee Rubber & Tire
1,200
2
87
1,300
13,400
Jan
Kendall Co pt pf ser A. No par
4,100
June 10
15% July 29
7% Jan 2
July 15
15% Apr
94% Apr
8% Jan
2
July
9% Apr
89 May
12
Jan
30
30
2
6
29
11
2
Lerner Stores Corp..
No par
38%May
47% Jan
9%
2,200
Libby McNeill & Llbby No par
7
26%
105% 105%
105% 105%
1,800
Life Savers Corp
——5
25
May
Liggett & Myers Tobacco—25
Series B—.......—..25
97
Mar 16
166
20%
600
1,000
100
2
May 19
7
9734 Mar 13
100 xl60%June
Preferred
4
9
700
Lily Tulip Cup Corp ...No par
19
34
1,500
Lima Looomot Works--No par
25% Jan
2
47
47%
1,300
Link Belt Co
No par
36
3
40
41%
2,100
Liquid Carbonic
No par
59%
60%
47,000
Loew's Ino
No par
32%June 3
43
Apr 21
106% 106%
2
2%
4%
4%
40% 4034
113
2234
*
113
2234
146
29
29
27%
27%
*90
30
36%
92
700
39%
49%
*11
48%
Preferred
....—No par
No par
3,800
Loft Inc
1,200
Long Bell Lumber A—No par
Loose-Wiles Biscuit
25
1,400
50
3,600
50
160
100
5% preferred
Lorlllard (P) Co
10
100
100
7% preferred
t Louisiana Oil pref
1,000
Louisville Gas & El A—No par
500
Louisville & Nashville.....100
30%
36%
15,400
39%
49%
11%
49%
"0", 700
100
*130
39%
49%
11%
100
100
$12.50
Llbbey Owens Ford Gl.No par
*9
47%
47%
40%
40%
59%
60%
59%
5934
106
106
*106% 108
2%
2%
2%
2%
438
4%
4%
4%
41
41
*40
4034
49
City Southern
Preferred
6,000
26
46%
41
*130
Kansas
Ludlum Steel
6% preferred
7,800
400
2,400
.........1
MacAndrews & Forbes
10
100
Apr 29
July
104% Feb 28
2
Apr 23
3% Jan
40
2
26
34% Mar
Mar 26
46% July
29% July
53% Feb
23% Jan
Deo
88
129
Deo
4%
Jan
Oct
5
Jan
July
28
78
Oct
14
Deo
8
Sept 11
70% June
Ap»jp 2
Sept
Dec
6% Mar
24%
Oct
110
Sept
Aug 28
Feb 21
Sept 10
Jan
49
Mar
38% Mar
117% Mar
50
Apr
115% Mar
384 Mar
6% Mar
7% Feb
33% Feb 25
1534
96
34
Mar
6
Jan
Sept 3
28% Jan 2
24% Jan 2
25% Mar 20
Aug
3
4934 Sept 18
22%June 22
Jan
3% Mar
10% Aug
84
Mar
1384 Mar
29% Apr 24
73$ Jan 8
10
43
23
2%
Mar
Oct
Jan
8
2838 Aug
6
1984 Mar
110% Feb 10
7% Sept 18
93
Aug 31
4634Septl8
103% Apr
Jan
Mar
2
May
42
Jan
8
22% May
33% Jan 31
50% July 13
2034 Feb 6
19% Mar
21% Oct
13% Sept 5
16% Mar 17
30
4284 Deo
110
16
.43% July 30
Apr 6
26
Apr 2
48% Aug 8
26% Sept 8
28
Deo
Deo
2% Deo
28% Dec
56% Dec
5% Mar
8% May
*
Feb 17
126% Feb 24
101
5
3%
42% Mar
30
2934 Feb 19
126
Oct
47% Deo
130% Nov
21
Sept
3
119% Sept
12
5
Mar
May
8% Mar
10% Mar
Jan
16% Sept
90
Aug
16
Nov
30
Jan
120% Apr
37
Aug
99% Nov
126% Deo
93
Nov
120% Deo
14% Deo
22
Deo
20% Nov
30
Oct
90% Oct
31% Nov
28% Nov
18% Jan
96
July
30% Deo
21
Nov
6% Deo
41
Deo
"27% Nov
113
Apr
6% Nov
80
Oot
32j8 Aug
27% Deo
46
Aug
28% Jan
9
Jan
14% Deo
17% Jan
3
"5"
19
Sept
8
Mar
"11% "jan
4
Feb
6
1% Mar
16% Feb 6
111% Sept 8
1034 July 15
60% Aug 31
70% Aug 10
11% Jan 6
31% Jan 29
5% May
3% Aug
1584 Nov
9584 Nov
115
Jan 16
116% Jan 15
169
Aug
23% Feb
39% Feb
50% Feb
44% Apr
62%8ept
108% July
3% Feb
8% Mar
19
Mar
6% Sept
21
Mar
Apr
9334 Apr
94%
17
17%
Jan
"49%
Oct
10% Nov
29% Nov
120
122
Aug
Aug
102
11
1
6
24
Jan 17
Jan 30
Aug
"21%
11
19
Sept 1
26% Jan 27
151
67% Mar
10% Oct
151% Jan
15% Oct
13% Mar
17% Mar
24% Mar
31% Feb
5
21
7
2
93
July 22
8
35
Feb 19
May 14
42
Jan 21
2
36% NOV
65% Nov
154
Oct
9% May
July 27
51%May 25
6
42'4 Jan
190% Deo
25
30
8% Jan
Jan
21
3
34% Jan
5
20% Deo
36% May
49% Nov
4
40% Apr 30
10
Jan
13% Deo
1'4
31
13
Macy (R H) Co Ino...No par
3
Oct
2
July 31
20
127% Jan
Jan
4% Mar
21% Jan
98% Jan
45
9
27% Jan 30
Madison Sq Gar v t c..No par
135
4734 Sept 18
44
113
35
Jan
22% Mar
112
Sept 10
Jan
May
57% Jan
22% July
June
149%
% May
107 May 19
21% Apr 28
142
Jan 7
Mack Trucks Ino—...No par
Magma Copper—
1% May
4% Mar
2% July
121
2,100
*162
*163% 168% *163% 166
20
20%
*19%
*20
20%
32%
33
33%
*33
33%
39%
3,200
Feb 14
% July
ll6%June 29
Co
Stove
Preferred
"Y.Ioo
117%
*10%
28
5
•23% Sept
Maris
10
Kalamazoo
Kimberly-Clark
18%
1284
20%
12134 Feb
7% Deo
3% Feb 10
117
Kayser (J) & Co
900
27
4
75%May 27
39% July 15
1,400
23
49
.100
Kaufmann Dept Stores
100
101
No par
Preferred
1,000
20%
20%
Johns-Manvllle.
Nov
8%
22% Jan
123% July
1% Mar
2234
Jones & Laugh Steel pref..100
108
Mar
60% Sept 18
Sept 17
7% Sept 18
2
68% Jan 18
88 May 7
July
Mar 11
131
2
No par
130
6%
Jan
Jewel Tea Inc
Oct
Jan
434 Aug
Jan
2438 Aug 14
Apr 29
Deo
Nov
1% June
15
113
36%
1% Mar
82
1
Deo
5%
Feb 21
100
10% Apr 30
15
834 Mar
Mar 23
No par
Preferred
,
Jan
2% Feb
90%June 12
Apr
5% Jan
Kan City P & L pf ser B No par
900
23
*100
8
3%
22% Dec
38% Dec
59% Dec
4
185% April
5634 Aug 8
6734
19%
26%
10134
Preferred
*95
9
9
*834
9
25%
26
*25%
26
10534 10534 *104% 10584
10534 106
105% 10534
46%
*40%
Sept 18
200
*4%
*38%
12%
12
5,300
4%
39%
26%
28
Inter Telep & Teleg;
No par
Interstate Dept Stores.No par
25%
27
12%
June
32,600
21
28%
50
Mar
Mar
7
100
international Silver
180
Nov
121
Jan 11
9
100
200
300
Nov
46% Mar
7% Jan 18
7
Jan
73
~~7~"
5% Jan
1384 Deo
17% Oct
9% Mar
Apr
109
Sept 9
8%June 26
19% Jan 9
23
Apr 28
47% Jan 2
15
Apr 29
18
4634
2034
29%
27
100
62%
12%
180
Apr 27
July
Feb
4% Mar
2% Mar
23% May
60% Mar
Aug 24
11484 Sept 18
1334 Apr 13
41
Deo
42
31% Dec
60% Dec
15
40
Feb 14
3
International Salt.....No par
International Shoe
No par
7% preferred
Feb 18
19% Sept
13% Apr 17
3434 sept 18
334 Jan
No par
Preferred
2'4
■
22% Deo
495"
Jan
6% Mar
6% Mar
»4 Apr
3% Feb 19
29% Sept 8
54% Sept
107
100
170
42
5% Jan 23
18%
5%
1534
5%
Jan
1% Mar
1934 Mar
100
900
Certificates
6% Mar
17% Feb
par
Inter Pap & Pow cl A. .No par
Class B
No par
Class C
No par
Corp. .No
4
43
8
40
6
8
"11" *Jan
19% Dec
57% Feb 19
4% Jan 2
43%May 8
125% Feb 6
334 Apr 30
2% Jan 6
1% Jan 9
20% Apr 30
37 May 22
100
Preferred
6% Mar
Jan
49
70
8H4
584 Mar
160
25
Preferred....
Mar
36% Deo
Jan
118
July
3084 Deo
76% Aug 27
70% July 25
12% Jan 15
148% Jan 23
234 Apr 30
11134
*24
——
38%
65,600
2
56% Jan
100
Int Mercantile Martne.No par
Int Nickel of Canada..No par
...
44%
20%
35% Jan
No par
Preferred
10034 101
*1834
1934
100
2234JulylO
Apr 28
160
Dec
104
127
9% July 1
2% July 10
100
Int Business Machines.jVo par
Feb
147
No par
Internat Harvester
6
2
131
30% Mar
May 12
No par
Internat Agricui
Prior preferred
25%
48%
43%
20%
No par
Interlake Iron
Jan
May 12
5%June 10
11% Apr 30
2% Jan 2
C..100
Int Hydro-El Sys cl A
21
*93
1
5,100
27
2638
v t
6
Oct
Feb
73% Apr
44% Feb 20
Aug 24
88% July 7
6% Jan 6
Inspiration Cons Copper...20
12
20
106
125
100
t Interboro Rap Tr
Interconti Rubber
2
25%May 21
No par
Ctfs Inc
Jan
June
4% Jan
No par
8,900
17,300
*17%
62%
22%
20%
*112
113
*111% 113
*111% 113
22% 22%
22%
2234
22%
2234
*
145
145
145
145
14534 14534
29
28
29%
28%
28% 28%
28%
28%
29
29
28
28%
2734
28%
27%
27%
*90
*90
91%
90% 91
91%
89%
89%
2734 28%
27%
28%
27%
28%
28%
29%
*36%
36% *36% 3634 *36% 3634
*36% 36%
*37%
100
7%
6%
*5%
41%
25%
4734
22%
*130
6,300
21
*4%
Ingersoll Rand
*38
113
x22%
*130
*130%
38
106%
2%
*438
106% *106
700
1,600
*24
38
68
11
9,100 International Cement—No par
45
*24
*
11%
12%
28%
*4634
61%
62
*105% 106%
2%
2%
4%
4%
40
40%
*110% 113
22%
23
43%
2034
~18%
106% 106%
*167
*93
19%
17%
2%
13
109%
1,200
60
100
116
4734
....100
111
100
101
100
17,000
30
RR Sec ctfs series A
100
Indian Refining
10
Industrial Rayon
No par
Insuranshares
1,900
4,800
25
45%
*24
47
434
39%
26%
*100
500
1
18% Apr 30
100
Inland Steel
3,400
27%
21
29
26%
49
21%
27
19%
19%
6% pref series A
6% pref..
"2",800
*101% 10134 *101% 102
*101% 102
7%
7%
7%
7%
7%
7%
43%
"l834
300
3%
2%
..
1934
20%
20%
*24%
.
....
22
40
20%
12,900
3
44%
No par
Leased lines
100
2
19
1934
4%
300
6%
101
22
100
*25
*129
6
19
22%
20
*41
106
79
*149% 153%
3%
4
334
5%
*5%
6
58%
58% 60%
101
*95
*93
68
76%
151
2%
2%
1%
2
41% 44%
*37%
40
11134 11134
*5%
*6%
*5%
6
40
42%
25%
25%
47%
47%
17%
18
61% 62
12%
12%
24%
25%
95
3934
2634
17,500
100
Motor Car
7
4834 Jan 21
3%June 10
8% Apr 27
13%May 4
Hupp Motor Car Corp..... 10
Illinois Central
100
9%
33%
95
44
•59
Hu
69
100
100
*113
200
7,200
17
*95
*4178
♦
27
131
5
100
5,700
son
4
63g Jan
June
90
338" "Feb
33
5434June
162
122
5
Feb
544
July
Jan
Jan
Mar
8
3
5
25'
1234
*
Dec
June
11
_
44% Feb 19
116
Aug 15
23%Sept 4
3784 Aug 1
114% Aug 21
2
65% Jan 14
No par
17%
2%
27%
2
Feb 17
39% June
22% July
par
v t c new
Jan
19% Jan 13
50
Hudson & Manhattan
Preferred
16%
2%
77
414
Howe Sound Co
1,400
27
100% 100% *100
48
47%
48%
21%
*24%
*93
8,000
4%
*11
9
119
Oct
120
141
71
Jan 13
June 13
6%
Jan
Jan
142%
Aug
3534 Jan
Sept
Apr 17
...100
Class A..
164
80
108
Household Fin partlo pf
1% Mar
85
127
.
Jan 27
135
108
.No par
Houston Oil of Tex
Mar
116
No par
.100
5334
4
26%
534
No par
53%
:
...
*95
100
Mar
Jan 23
60
No par
$5 conv pref
No par
Hollander & Sons (A)..
.5
300
9
133
141
Highest
$ per share $ per share
Aug 13
Sept 16
102
Sept 16
V 30% Jan 2
100
Conv preferred
per
84
126
No par
11,200
1634
9%
32%
131
preferred
Hershey Chocolate
Class B
52
5%
57%
der
Houdallle-Hershey cl A No
*50
3%
cum
>
9%
26% 27% *2634 27%
2634
2634 *27
27%
27
*122% 126
*122% 126
*122% 126
*122% 126
*122% 126
*87
*87
88%
*86
88%
88
8734
85
85
*84
87%
115
114
*113% 115
11434
113
11334 114
114
11334 114
*124
126
12434 *124
12434 *123
123
123
124%
122% 122%
112
115%
113%
111% 112% 10934 111*4
107% 109
109% 111
4034
40%
41
41%
41%
*40%
41%
41%
41% *41% 42
*117%
*117%
*117%
*117%
*117%
22
23%
2234
22%
22%
22% 22%
22%
22%
22%
22%
45
45
45%
45%
4538 *44
45%
*44% 45%
45%
4538
25
25%
*25
25%
25%
25%
25%
25%
25%
25%
25%
2578
25% 25%
25% 25%
2534 26
25%
26
24%
25
100
300
52
151
Preferred
Holly Sugar Corp
7% pref...:
Homestake Mining
1,900
...
....
*26%
6,000
$ per share
25% Apr 30
25
63%
34
32% 3338
3434
*130
134
134
134
132
132
13134 13134
*127%
*127%
*127%
*127%
112
113
113
112
113
112% 11434
110% 111%
10%
10%
1034
1034 10%
10%
10%
1034 11%
5%
5%
5%
5%
5%
f 5%
534
*5%
534
"
15
15
1434
14%
1434
*14%
14%
1438
14%
3%
*3%
3%
*3%
3%
*3%
3%
*3%
3%
12%
11%
12
12%
12
11S4
12%
11%
12%
3
3
3%
3
3
*3
3%
3%
3%
25
25
25
25%
25
*25
25% 26%
25%
168
168
168%
169
170
16734 168
*170
172
55
54%
55%
54% 55%
54%
55%
55%
55%
•
27
90
*50%
*6034
374%
No par
No par
2
25
Holland Furnace
1,400
12,700
76
•
2%
26
100
Hercules Motors
Hayes Body Corp
Hazel-Atlas Glass Co
$7
"""960
%
share
4% Apr 30
102
Aug 10
117
May 14
150% July 8
8%
8%
52%
4%
2%
*74
300
"Too
42
29%
*62
7534
63%
834
9
1,500
1,000
440
*40%
•
27
440
42
78i8
79
78% 79
77
7734
79%
7734
*151
153% *151
153% *151
153% *151
153%
334
378
334
3%
334
3%
334
3%
5i8
5%
5%
6
5%
634
5%
5%
56%
57l8
56%
57
6684
57%
57%
58%
*129
*129% 131
*128% 131
*128% 131
*512
534
5%
5%
5%
5%
5%
5%
3
3
*2%
3
*2%
2%
2%
2%
1%
1%
2
1%
2
2
1%
2
41
4214
40% 4134
40% 41%
41%
42%
40
4012
39% 40%
*39%
40%
39%
40
iin2 iin2 *111%
*111%
*111%
*6i2
6
*6%
6%
5%
6%
5%
6
*5
6
*5
*534
6
6
*5%
6
41
41
42
4li8
41%
41%
40% 41%
*28% 28
*25% • 28
*25% 28
*25%
28
*48% 48i2
*47%
48
*47%
48
*47%
48
*17
18
*17
17%
17%
17% *17%
18
6312
63%
61%
63%
*61%
62
*61% 62%
12%
1234
12%
1234
12%
1234
12%
12%
2558
2534
24%
25%
2434 25
24% 2434
101
10H2
10034 101
100% 100% *100% 101
*19
*19
1912
20
19%
*19
19%
20
*26%
440
30
52%
'438
2734
52%
69
18%
10%
440
Year 1935
Lowest
Highest
Hercules Po
60
103
42
9
...
112
3
168
55i8
102
29%
8%
3234 33
*132% 134
*127%
3
168
102
62%
62%
2%
*68%
134
102
42%
30
•
12%
52
*127%
11234 H3l2
1012 10i2
*538
578
15i8
1512
*314
3%
1218
1214
162
75
42%
2934
438
27%
54
1938
1012
33l2
102
*430
17
12%
1634
2%
33
102
440
*73
53%
17
*10
105
*430
9
1678
238
2734
*52i4
69
105
440
*12
*6812
*1812
162
' Par
Helme(GW)
300
2734
438
212
164
Lowest
2,200
37%
37%
*37
*37%
37%
3634 37%
37%
37%
37%
11134 11134
112
11134 111% *111
£111% 111% 111% 111%
22% 2234
22%
22%
21% 22%
21%
2134
21%
22%
34
34%
34%
34
34
34% 34%
*34
34%
34%
*112
*112
115
115
*112
115
*112
*112
115
115
4
■
5%
6
*102% 103
*124% 137
*158% 162
114
*430
42i2
2978
7514
63l2
164
5%
102
Range for Previous
On Basis of 100-share Lots
EXCHANGE
_
*27%
28%
28
28
27% 27% x27% 28
*112
115
115
*111% 115
115% *113% 115%
*126% 127
*126% 127
*126% 127
*126% 127^ *126% 127
60% 60%
60
60
*59
60%
60%
60
60%
60
114
107
*110l2 111%
2212 2278
3412 3412
164
102
*124% 132
1831
Range Stnce Jan. 1
STOCK
Week
$ per share
6
STOCKS
NEW YORK
Thursday
Sept. 17
*125
*113
Sales
CENT
for
Saturday
*5%
NOT PER
Record—Continued—Page
130% Mar 16
40% Sept 4
52% Sept 8
14% Apr 18
49% Sept 18
167% May
2834 Nov
27% Nov
43
Oot
37% Deo
55% Nov
Feb
10834 Oct
Mar
2% Oot
1% Mar
4% Deo
33
Apr
41% July
Deo
IO784 Nov 112
18% Mar
26% Nov
124
Apr xl49% Dec
15
Deo
4% June
23
10% Mar
Aug
34
Mar
64
Deo
1284 Mar
37% Nov
20
Sept
113
Feb
18% June
30% Apr
5% Jan
18% Jan
46
Feb
130
May
3084
Deo
67% Nov
11%
Deo
3784
Dec
LOW
Sept. 15
Thursday
Sept. 17
Sept. 12
$ per share
$ per share
$ per share
Sept. 14
S per share
$ per share
2%
1358
11%
*43
*lli2
*43
46
*178
1912
*384
11%
*1%
43
*40
11
*7
*19
3%
*23s
3%
48l2
48%
*4612
163S
9%
16
16%
16
I6I4
*35
353g
34%
59
16
16
46
*45
50
109
109
*108i2 109
3414
*333g
18
18i8
*108% 109
20l2
240
2%
30
18%
1778
18
99
20%
4134
*19%
2012
4112
42ig
89i4
88
88
JMcCrory Stores Corp new..1
J
6% conv preferred
100
McGraw-Hill Pub Co.-No par
92
June 19
16
June 16
39% Mar 25
85
Aug 6
20%
*19%
20%
200
41%
41%
4134
42%
8,600
87%
934
88
44
1458
14%
14%
14%
14%
I4i4
14
14
10
78
78
*3614
6238
38
6212
9%
4758
*124
12434
*107
110
9%
22%
46%
46
McKesson & Robbins
700
2,400
"4",300
6% conv pref
Mead Corp
22%
46%
46%
3,000
7i8
*595s
58
*13g
*3
*4i2
19i2
85s
2958
*238
6
85g
87g
8%
2914
212
2934
2838
258
638
6
63s
*6i4
2
2l2
8 %cum 1st
5»4 Jan
6
100
pref
23
23
2334
23
9734
9734
9734
*96%
4934
483g
4912
48
*46%
*46i8
*67
68
*4618
95
3158
3158
20%
28%
28%
2%
2%
287g
2%
9,100
2%
6%
6
6%
23%
977g
49%
1,200
49%
47%
*46%
9734
1
%
97%
97%
48%
48%
*46%
67
68
*67
68
23%
48%
23%
#7g
1
48
23%
100
Preferred series A
100
X Missouri Pacific
Conv preferred
3,100
Mohawk Carpet Mills
1,100
100
—20
Monsanto Chem Co
39,500
48
.10
19,900
Mother Lode Coalltion.No par
s4 Jan
28% Apr
3,100
24,500
Motor Products Corp. .No par
23%
39%
22%
2734
13,900
Mullins Mfg Co class B
i
94%'
93%
94%
94%
94%
96%
31%
*30%
31%
31
31
1778
18ig
1234
125g
...5
Wheel
96
96%
610
Preferred
No par
70
May
1
30%
*30
31
700
Munsingwear
Inc
No par
21
Jan
7
70%
*69
70
700
Murphy Co (G C)
No par
*103%
20%
*103%
19%
20%
20
20%
i5~, 500
53
53%
53%
*53
53%
400
16%
16%
16
16%
7,900
30%
30%
30%
210
17%
18%
17%
29%
1734
16%
30%
16
29
16%
29%
17%
17%
17%
177g
5,600
National Acme
12%
13
13
13%
1278
1278
1284
13%
3,000
4
102%July 3
14
Apr 30
44%May
100
10
5% preferred
Murray Corp of Amer
1934
28%
Nat Aviation Corp
Myers F & E Bros
No par
43
Nash Motors Co
No par
15
Jan
30%
3078
31%
30%
157% 157% *157% 158%
25
25
25%
257g
27
2634
27%
26%
31%
30%
3H2
3U8
*157% 158%
*15714 159
*157U 160
2534
25
25%
253g
25%
25%
27%
27
2714
2678
267g
27%
112
112
*109
111
111
*1083s 111
*1083s 112
109% 10978 *109
10978 1097g
10978 1097g
*10634 1097g
17
1634
29%
*2912
31
28'
28
I7I4
2914
29l2
275g
1738
295g
295g
*165
12
2934
29%
277g
14112
1134
12
20%May 4
12% Apr 30
Nashv Chatt & St Louis...100
*1
6934
69i8
*58
60
5734
5714
*116
119i2
*116i2 120
9
9%
9ig
878
1034
1034
10i2
1034
52
52
5134
5134
59%
5978
5934
595s
68
13g
%
*12
*1
112
*107
*26
3378
15i8
155g
*107
*26
1484
58
58
57
44%
4514
45
4512
8412
43g
4312
4478
84l2
*3i2
11
11
84%
384
12
1%
%
%
*12
68
112
3334
69
57%
55%
116
'
116
9
1
9%
277g
3,100
""20
66%
55%
667g
5534
116
9%
1034
5134
59
108
3334
16
%
*%
68
57%
4434
43%
44%
45
43%
44%
847g
334
*3%
4%
12
84%
3%
11
3%
11%
*94
84%
*3%
84 34
8584
1178
12
4%
3%
12
139
*134
139% *134
*135
160
*135
160
334
334
4i8
10lg
10i8
103g
534
*314
584
33g
137g
14lg
*3U
13l2
9434
95
358
10
*5U
9434
*100
100l2
£98
*94
1%
99%
4%
4
4%
41
4%
13%
95%
*98
106
107i2 xl06
2
2
*U4
*1U
282
11%
10%
5%
534
5%
*3%
13
13%
98
99
100%
*105
282
10%
95%
3%
*105
*275
283
*275
10934 110
1067g
*1%
2
282
3%
*275
282
£31%
32%
31%
32%
3034
3Y84
5612
£55%
8
56%
8%
55%
8ig
55%
8%
*55%
8
55%
8%
10412 *103
104%
*100
28l4
-
2834
*100
*100
27%
*52
5212
52
*2l2
*1914
1234
2%
25i2
1234
3934
*23g
*19
12%
39%
52%
52
*2%
2%
25%
12%
39%
28%
52%
2%
8
*275
103% 1037g
30%
*56
3%
13
92%
*100% 10134 *100
27%
28%
27%
*52
2%
52%
2%
*52
*2%
*19%
25%
1234
12%
1234
*19%
12%
*37%°
3834
39
*37
*37
282
No par
Bros
..No par
Newberry Co (J J)....No par
5% preferred series A... 100
t New Orl Tex & Mex...100
Newport Industries
N Y Air Brake
1
No par
No par
...
New York Central
N Y Chic & St Louis Co—100
Preferred series A
100
4%
11
*5%
3%
13%
*81
30
1%
99%
1,200
4%
11,900
11%
13,800
1,000
57g
*275
% Jan
% Jan
57% Apr
19% Jan
74% Jan
7% July
10%June
32«4 Apr
41
Apr
104% Apr
10% Feb
9
Apr
32% Jan
2784 Jan
1784 Jan
36% Jan
1234
39
*19%
12%
39
6
108
43
2% Jan 7
9% Apr 27
100
100
210
Adjust 4% pref
100
North American Co...No par
105
6% Mar 4
17% Feb 17
139 June 27
50
1
No Amer Edison pref. .No par
No German Lloyd Amer shs
60
2% Feb
Sept
Mar 17
2
23% Apr 30
5234 Feb 6
6% Jan 6
109% Aug
2% Jan
Mar
16%
112
Mar
114% Mar
% May
96
•
Nov
139
Deo
Deo
June
114% Mar
1% Dec
99
May
8%
Jan
2%
Oct
5%
Oct
16% Aug
2% Mar
% Mar
6% Nov
334 Deo
16%
Jan
87
6% Mar
Jan
51
Oct
69
June
92% July
79
May
102% Dec
2% Dec
% Aug
Dec
108
June
28
Nov
59
June
9
55
35% Mar
>.
Deo
1084Mar 19
2
Mar
2
106% July 21
57
Jan
4% Jan 17
97% Apr 7
23% July 7
12% Feb 21
102
Aug 5
3% Nov
86% Mar
3684 Feb 20
13% Mar
3578 Jan
25%
Deo
Mar 24
52%
Deo
6
1% July
2%
Mar
32%
Jan
9% Mar
14%
27%
Deo
98
Jan
2
Aug 18
Jam
6
19
Aug 28
30
Oliver Farm Eq new..No par
4
218
Northwestern Telegraph...50
900
Deo
6%
Jan
Norwalk Tire & Rub..No par
.
Dec
Mar
Mar
40
..No par
6
7
24
24
13
16
22
12
14
19
39
2
Mar
600
Ohio Oil Co
5
5
Mar
978 Mar
6
9
2%
lV.Ioo
11% Deo
1078 Dep
36% Nov
2934 Deo
99
57
13
40%
3% July
4% Mar
158
50
25%
Oct
61% Deo
July 14
15,700
50
Dec
Aug
Aug
111% Aug 12
35% July 27
300
28%
52%
100
Sept 14
July
27
13%
AI84
7%
12% Mar
9
8534Sept 14
99
Jan
Jan
Jan
21%June
43% Jan
Sept 10
46% Sept
100
May 12
11%
46
May 21
1 % Aug
t Norfolk Southern...
Mar
18% Mar
7% Feb
5% Feb
15% Mar
Norfolk & Western
Preferred
Apr 14
14% Feb
57
Mar
£8% Mar
Sept 12
9
100
9
36
68
138
Nov
Nov
Nov
1%
84
83*4
2078
77%
40% Mar
July 15
7% Apr 28
No par
8
4
16% Sept 16
6% Feb
93% Apr 23
Central
13% Jan 24
53% Sept
59% Sept
Apr 24
July
2
69% Aug 10
126% Aug 26
11% Jan 17
99% Sept
4
Northern Pacific
Jan
Jan 10
100
North
75
1
83
600
% July
% Mar
90
N Y Ontario & Western
14% Aug
478 Mar
Feb 11
No par
100
3
Preferred
34% Nov
32% July
1% Feb 11
3
Jgn 20
Jan
2
100
100
North Amer Aviation
14% Feb 17
125
No par
*100
2%
8
10
29
2
6
10
18
29
15
7
4
30
8
2
2
2
7
16
No par
600
Jan
May
23% May
140% July
9%May 11
$7 1st preferred
12,000
4%
21
162% May
N Y Steam 56 pref
33,900
Deo
Deo
113% Nov
108
Aug
22%
Jan
70
8%
10334 10334
Deo
23%
Jan
X N Y N H & Hartford
Conv preferred
preferred
36% Nov
158%
121%
30
557g
Feb
Jan
31%May 26
50
N Y Shlpbldg Corp part stk__l
8
*52
X N Y Investors Inc
7%
6
.50
non-cum pref..
N Y Railways pref
31%
2%
25%
10%
8
Jan
130
5534
6%
12% Mar
108
Sept
£166.
Sept
1% Mar
4
Sept
119
1,000
3034
27% Jan
14% Deo
14% Deo
150
3% July
8,600
140
Mar
4% Mar
Aug 28
10%May
3%
""ioo
19%
14
47%
Mar 17
100
14%
281
Apr
168
.100
Preferred.
92%
56%
27%
,
N Y Laoka & Western.
31%
27%
52%
New York Dock
N Y & Harlem
139%
160
*110%
8%
103% 103%
25%
1826.
5%
8
*19%
12%
For footnotes see page
..
27%
27%
11
*110
*56
104% 104%
4%
1%
*94
180
640
99%
99%
*99
100%
100%
*105
106
106
106% 1067g *105
2
2
2
*1%
*1%
*1%
10934 10934 *109%
8
3%
13
*90
1%
99%
*135
4%
1234
*98
IO984 10934
32l2 3234
*103
*94
3%
13%
534
96%
98%
1%
11%
578
11
14
1
1%
99%
65,800
Jan
11
144
June
'
*134
1%
2,400
No par
Natomas Co..
2,600
160
*94
34,800
3,500
139
99l4
200
4634
*135
J1*
Neisner
45
*134
Us
1,300
600
25
100
National Tea Co..
85
138
*94
100
...25
Preferred
200
46
139
9914
preferred...
5,800
3,400
44%
138
~*1% ~T%
National Supply of Del
'
44%
4434
43%
43%
13912 *134
*134
2,203
59
*56
59
*56
59%
110%
110% *107
110% *107
*26
*26
3334
*26
3334
3334
16
16%
1534
15%
15%
16%
56
56
56
56%
56
56%
44%
12
National Steel Corp
58%
43%
12
5,200
*107
56
84%
"l",606
59
56
.56%
*1187g 120
*1187g 120
9%
9%
9%
9%
9%
107g
1078
1078
1034
107g
51
51
50%
*49%
5134
56
National Pow A Lt... .No par
%
June
18
33% Mar
21% Nov
Oct
434 Mar
30
2
Nat Rys of Mex 1st 4% pf. 100
116
15i8
5714
44l2
45%
8534
84%
67
..100
2d
112
Deo
13734 Jan 21
158
100
Preferred B
6734
%
%
10
National Lead
Preferred A
1%
51
1434
27%
-.100
26%
22% Apr
7
2
Deo
Deo
81% Nov
Sept
13% Mar
37% Apr 14
*165
*1%
62
28% Sept 17
26%June 30
*14034 141% *14084 141%
1%
1584 Nov
Nat Enam & Stamping.No par
300
*1%
*%
15%
25% June 11
3034
1%
33%
No par
Nat Distil Prod
*1%
Dec
9% Aug
8
1
1
6
31
19
8
11
9
28
9
28% July
Feb
7% Mar
3184
11284 Mar
No par
9,600
8,500
Aug
21% Feb
32% Sept
18% Sept
15% Mar
Deo
66
1% May
13% Mar
2934
1134
3234 Sept
79% Aug
105% Sept
2284 Mar
407#
65% May
141% Mar
29%
*27%
27%
2734 Sept 18
94% Nov
% Apr
1% Feb 10
41% July 28
2234 Sept 15
Deo
Nov
Dec
60
Feb 11
7% pref class B
100
1 Nat Depart Stores...No par
*165
Feb 25
July 31
Nat Dairy Prod
23
Feb
30
7% pref class A
29%
28%
2734
71
Deo
Jan
4%
21% Mar
417# Dec
164
90
29%
28%
55
7
9
Jan
21
3
July
1% Mar
6
Deo
Deo
16%
6% May
1
July
6% Nov
2% July
Apr 30
21
Apr 30
108% Jan 4
107% Jan 6
10
Apr 28
153
4
4%
17%
Mar
8
Mar
July
100
No par
84 Nov
2% Dec
1% Mar
10% Apr
103
38% Jan
20
112
1
Nov
68
Mar
% Mar
34 Apr
£28% Apr
July 15
7% cum pref....
7% Nov
IO84 Mar
9% Apr 30
Nat Cash Register.:
200
109% 109%
7
Feb
734 Feb 11
30%Sept 15
9,000
17
4
10
Biscuit
17%
10978
11%
67
National
'
11%
107g
*26
13,100
11%
5134
108
27%
2634
1134
1034
*58%
7,600
11%
12
11%
157% 157%
25%
25%
8
26% Apr 14
9% Feb 21
32% Aug 10
No par
17
277g
140
140
140
1%
*1
27%
*165
140
14,000
*110
112
16%
167g
29%
31
*28
29
27%
*165
141% *140
1134
16%
29
2912
277g
*165
*140
17
16%
29%
31%
3034
31
Oct
Jan £111% June
3% Mar
234 Feb
54
2
Aug 12
Rights
31ig
76% Mar 24
1% Feb 10
96%Sept 18
93%
53
*10334
■20%
15% Jan
Apr
11
1
30%
16%
165g
30
18
125g
16l2
29i2
Motor
53
20
*52%
May 19
1%
26
*10334
3
19% Aug 24
%
39%
22%
53
Dec
6
2
30
2
30
26%
20l2
150
58
105
60% Jan
22%
'
Jan
Aug 10
109% Mar 16
12% Mar 23
5934 Feb
217g
69%
Nov
4
23%
69%
85
Jan
2234
71
NOY
44
.No par
50
24%
*68
85
Morrel (J) & Co
Morris & Essex
22
70
Sept 16
50% Sept 11
24
70
Sept 15
3% Jan
1
39%
116%
109
7
38%
£39
5% Jan
14% Jan
67
10
131% Mar 30
6% Feb
1684Jnue 10
*46%
*65%
67
20%
5% Feb 10
2% Aug
234 Jan
79
6% Oct
Dec
24% Sept
2% Mar
8% Mar
60% Mar
3584 Jan
2234
24%
39%
l%July 14
2
Deo
Deo
9% Mar
Mont Ward & Co Inc. No par
39
30S4
3984
700
21%
24
20%
31
18
27%
2%
39
£53
53i2
1658
*1212
28%
217g
*10314
*10314
1612
100
7% preferred
Mo-Kan-Texas RR—..No par
50
30%
70
72
*30
""166
94
247g
9414
2034
% Jan
£31%
2178
*53
No par
X Minneapolis & St Louis_.100
Minn St Paul & SS Marie. 100
3858
2II4
23i2
3934
72
100
1,400
1
1
%
Preferred
200
2,500
*67
67%
*67
1
*78
*3914
21l2
2378
48
6% Jan
57% Jan 17
8%
48
47%
48
106%June 19
6% pref series A
8%
23%
97%
98%
49%
2314
Apr
No par
Minn Moline Pow Impl No par
27%
2%
23%
9734
4912
£65
9
Mar
1,700
8%
*578
23%
97%
88
"8",800
Mllw El Ry & Lt 6%
42%
98
£17% Apr 30
21% Jan ~
110
Feb 21
10
Oct
33%
Jan
24%
6034
Apr
22
No par
Dec
Deo
65% Nov
8% Nov
20% Mar
3784 Apr
64% Sept
12% Apr 13
2334 July 21
48% Sept 10
8%
6
97%
31% Jan
8%
.
97% Dec
Sept
40% Jan
4% leased line ctfs
100
Mission Corp
...No par
5%
Dec
5
8%
884
29%
2%
6%
8
30
1484
82
pref. 100
Minn-Honeywell Regu.No par
10
94
Dec
Dec
11
Mar 24
100
140
110
112
Jan
115%
Nov
10«4 Deo
Jan
Midland Steel Prod
91
90%
9134
92%
92%
93
*90%
92% *90%
92i2
*108% 112
*108% 112
*108% 112
*108% 112
*108i4 112
7
7
7
7%
7
6%
7
7
7
7l8
7]8
59
59
60
*5734
58%
58%
60
*58%
59%
*5814
60i2
*%
*%
%
%
*%
%
*%
34
34
*5g
58
1%
*1%
1%
*1%
1%
*1%
*1%
15g
*138
158
37g
*3%
*3%
3%
4
3%
3%
4
*3%
*314
4%
4%
*4%
434
434
4%
434
4%
*412
4%
*19
19
19 19%
19
19%
19i2
19%
1934
1912
1912
94
*107
15%
85% Mar
15% Mar 26
Apr 23
45% Sept
Mar
Mid-Continent Petrol
Deo
1984
40
Merch & Mln Trans Co.No par
£123% 123%
35% June
38% Dec
8% Apr
19
Miami Copper
Oct
Feb 17
46
3
6,900
Z4434
Mar
41
7,800
*107
Oct
June
^
3,400
110
55
10% Mar
78
Sept 12
9%
Nov
103
10834 Apr 14
46%
125
5784 Nov
131
1238 Jan
7% preferred
Dec
Nov
54
6%May 22
30 May 13
22%
125
11
33% Nov
156
20
28
108
4
109
109
45% Deo
14% Nov
90% Jan
5% May
9738 Jan
Mesta Machine Co
Deo
2384 Deo
3% Dec
Jan
97% Jan 10
55% Jan 31
3~300
Deo
1% Deo
7% Mar
3384 Nov
No par
No par
62%
*107
124% 12434
*107% 109
*107%
9%
10
32% Jan
84%. Jan
Jan 31
3734 Jan
Mengel Co (The)
490
~
19% Nov
3
May
Jan
5%
33
...No par
Melville Shoe
Oct
Sept
30
118% Jan 3
II84 Feb 14
11% Apr 29
.
35% Mar
Deo
66%
49% Jan 24
100
$6 pref series A.
30
Jan
May
12%
July 21
24
June
23«4 Mar
Feb 28
100
8% Apr 30
5
McLellan Stores
500
2%May
Mar
6% Mar
136
No par
$3 conv pref
22
9%
22
38
<
Mclntyre Porcupine
61%
9%
61
60%
934
21%
9%
9%
9%
22%
22%
23ig
46
46%
47%
4584
124%
124% 1245g *123
*36
38
*36
61%
61
62
62
23
23
47l2
77%
63
8,500
14%
14%
*101% 104
16%
17%
16%
16%
106
106
107% 107%
*79
80
*79%
80%
10
9%
934
934
78
75
76%
75%
16%
16%
I6I4
107%
10712 *106
7934
7934
8OI4
9%
9%
97g
934
75%
76%
75%
7612
38
*36
*32% , 38
38
1,400
10
44
9%
44
14
14
16%
10
89
88%
10
Mines.-5
McKeesport Tin Plate.No par
*101% 104
80
7934
6212
93g
9i2
9i2
2278
88
*106
107
7934
934
7534
*3258
Jan
200
*19%
Mar
20
50% Apr
110%June
3434 Aug 26
18%Sept 18
Feb 24
29
8,800
*43%
107
103
No par
No par
Prior preferred
McCall Corp
18%
10
7978
10i8
""360
Feb 13
98
44
10734
45
3334
97g
16i2
ex-warrs.-No par
1
4
Mar
55
3
Sept
98
*43%
*101% 104
46
Preferred
107% 108
No par
No par
Feb
2% Oct
334 Mar
59% Aug 27
21% Feb 28
4
13% Apr 30
43%May
Preferred
Maytag Co—
18
978
43%
7978
47%
600
3334
934
*107
600
18
43%
*101% 104
16%
1634
16i4
16
1
10
6% Apr
% June
161
99
10
*101% 104
May Department Stores—10
58%
16
Mar
37% Aug 13
Aug 12
27% Apr 27
153% Jan 17
34%
44
*101% 104
1,800
1,800
1734
34%
435g
£87%
978
10
30
9%
10
5
12
500
4438
91
984
6% Apr 28
50
4438
*90
5
May
11% Jan 22
Martin-Parry Corp
*93%
2034
42
2034
4178
41
No par
Marlin-Rockwell
Jan
Apr
29
Apr
13% Mar
17
7
19
18
6
18
5
19% Mar 5
7
2% July
No par
Mathleson Alkali Wks._iVo par
Preferred
..100
3434
46%
100
100
preferred
2d preferred—
Marshall Field & Co...No par
6,200
2,100
58%
108%
108
200
Prior
3
684 Mar
1284 Aug
3% Mar
10% Mar
3084 Apr
4% Mar
5084 Mar
8% Apr 30
1% Jan 7
6% July 27
1884 Jan 10
——100
Preferred
161
50
.
Market
4734
16
161
1
Corp (Del)_5
Street Ry
100
Marine Midland
178
157g
8%
34%
46
46
33%
18
99
*93%
33%
15%
46%
33%
1778
*93%
33%
£47%
109
98
34
41%
4H2
41l2
28%
4
2%
*47
2%
*2%
47%
1534
8%
8%
9%
34
34%
34%
*158% 161
161
*5634
5734
58
1534
1534
157g
109
1778
*193g
28
50
98
*33
99i2
20i2
28%
11%
2% May
Feb
4
67% Jan 10
23% Feb 3
23
Mar 17
32%May 27
14% Apr 30
17%May 4
2% Jan 3
Maracalbo Oil Explor
28
16
*
50
50
*98
34%
*158%
161
161
*15812 161
5634
58ig
59i2
5834 •' 6878
1578
1584
1534
*1584
16
46
46
*45%
46,
46
*15814 161
59
3414
11%
8
48
*8%
85g
3412
8%
8
35
8S4
19%
*7
3%
*2%
15%
19
29
.
*45
17%
1%
*28%
4878
40
17%
8
*7
*23g
40
7
Aug 19
13
June 30
7
% per share % per share
%
3% Feb
17% Feb
2
2
7% Jan
L—No par
X Manhattan Ry 7% guar. 100
\ Mod 5% guar
100
Manhattan Shirt
25
Mandel Bros
*7
*1%
*46%
16i8
*884
12
1% Jan
100
Preferred
1434
*11
*1%
178
8
11%
Highest
% per share
100
X Manatl Sugar
2
*13%
8
334
11%
178
29
3l8
49
Par
Highest
Lowest
Lowest
5 per share
Week
*3%
11%
*1%
3S4
11%
*7
8
2
1%
15
11%
^43
Range for Previous
Year 1935,
Lots
EXCHANGE
the
$ per share
*16% j; 17%
*19
19%
*3%
4
1934
4
*li2
28
*11
\ 17%
1,13s
*35s
28l2
*2%
29
*28
*40
17
1714
1984
1634
*19
28
8S4
41
384
1138
178
384
*7
*11%
1934
*19
'
U84
17g
lli2
*H2
11%
1%
*13%
42
13%
11
18
17l2
1784
19l2
e17S4
*13i8
2
13%
12
*178
2%
14i2
*178
2i4
14i2
12
46
in2
*13i8
On Basis of 100-share
STOCK
NEW YORK
for
Friday
'Sept. 18
Wednesday
Sept. 16
Tuesday
Monday
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
Saturday
*1%
135s
Sept. 19, 1936
New York Stock Record—Continued—Page 7
1832
12% Aug 25
24% Jan 6
4% Mar
Jan 22
17% Jan 15
54%May 5
£20
16%
Oct
*
738
102
Deo
Nov
10% Nov
99
Aug
Jan
Deo
New York Stock
Volume 143
LOW AND
HIGH
Saturday
Sept. 12
Monday
Sept 14
Tuesday
Sept. 15
Wednesday
Sept. 16
Thursday
Sept. 17
8 per share
$ per share
$ per share
$ per share
$ per share
SALE PRICES—PER
Record—Continued—Page
8
1833
*126
133
19
28
17%
*94%
55%
*52
55%
16%
8
7%
8
*38
139
*133
18%
*52
55%
*115
142
*52
141
141
17
163s
7%
13%
7%
12
37%
38
37
52%
22%
51%
634
36%
5134
37%
12%
22
78
139
*141
142
140
12%
12%
14
58
12%
*12%
*2%
2%
58
14
79
106
1334
*51%
59%
78
58
79
107a
11%
10%
10%
11
87
83
85%
83%
85%
11%
12%
11%
12
11%
83%
11%
26%
26%
26
26%
26
3%
41%
26%
3%
41%
3%
41%
26%
26%
3%
41%
11%
26%
5%
87,
11%
2%
11%
8%
91%
91%
4%
6%
4%
2%
61%
90%
4%
6%
6%
*61
62%
*120
39%
45
*115
116
54%
6%
'
42
105
*85
'<
52%
*5%
*39%
6
42
*39%
105
*99
87%
24%
85
87
.24%
25
25
13%
13%
13%
13%
11%
39%
52%
11%
39%
11%
38%
*51%
*96%
5%
*8%
*99
11%
3878
52%
97%
5%
*96
52%
97%
5%
5%
9
*8%
2%
2%
11%
38%
*51%
*96%
5%
*8%
2%
2%
90%
89
89
*97,
11%
*9%
11
*72
80
40%
..
..
80
*73
40
41
40
"l6
%
*70%
7
1%
31%
*31
*62%
*10%
*52%
11%
79%
*1%
*18%
7%
95%
37%
*2
16%
*20
21
6%
*1%
10%
3%
75%
79%
2%
7%
95%
38%
2%
16%
22%
21%
6%
77
75
16%
*20'
21
6
*9%
75%
134
*30%
*62%
11%
52
37g
33%
46%
.31%
46%
327g
46%
118%
*115
116
52
6
41
41
105
*100
2%
19
52
*8%
9lo
2%
2%
90
*9%
80
40%
*73
39%
11
1%
11%
l".606
2%
21,600
30%
500
*62%
70%
11%
*10%
11%
53%
12
11%
79
78%
*1%
53%
1134
78%
95
7
9634
36%
36%
2
2
16%
*21
20%
x 2
16%
2234
21%
5%
*18%
7
2
19
73%
7%
48
48
*48%
*42%
43
*12%
13
*70
75
*2
*15
49%
2%
*70%
2
2%
*70%
,
2%
18%
20%
*83%
20%
20
20%
19%
20
86
86
86
*83%
86
21%
22
22
22
22
*103
107
5%
23%
111
1878
48%
99%
19%
50%
129% 129%
26
26%
110% *109
110%
31%
31% £32%
32%
57
56%
57
5678
61
*58
65
*59%
*8
12
*45%
*11
12
28%
*28
45%
46
*83%
*21%
103
103
5l->
5%
24%
111%
23%
111
105
138
*135
157% *154
75
*70%
2%
15%
18%
*15%
1934
85
2134
103
5%
24
2
18%
19%
*83%
21%
103
75
2
17
200
5,600
100
158%
103
30
2%
300
22%
*100
22%
1,100
103%
160
16,700
*110
32
32%
57%
£55%
32%
56%
*108% 111
*97% 99
19%
19%
51
50%
*126
130
25%
25%
£110% 110%
1,200
210
1,700
200
32%
2,900
55%
56%
9,000
58%
*55
65
*55
65
12
*11
12
*11
12
*27
28
*26%
27%
*26%
27%
*46%
47
47
2
2% Feb
37% Jan
49
4
Real
Silk Hosiery.....
47
47
100
*""266
700
Feb
5
Sept
8
12% Sept 18
85% Mar 5
Jan
2
4
3
June 20
21
3
Jan 17
Jan
8
Jan
Jan
Jan
2
4% Jan
1% Jan
2
April
Reis (Robt) & Co
7
36% Jan
2
16
Aug 21
May 1
91%May 4
9%May 9
9%May 12
83% Jan 2
68% Apr 28
5
Mar
Nov
Nov
1
Mar
2
Reo Motor Car
4% July 8
16% Apr 30
5
Class A
10
...
—100
Reynolds Metals Co..-No
par
bYx% 6onv pref
Reynolds Spring new
100
1
Reynolds (R J) Tob class B.10
77
26% Deo
53% July
Jan
2
122% Feb 26
49% July 22
113
July 15
130
July 14
144% July 14
July 14
114
Apr 1
58% Sept 8
24% Mar 20
164
133% Apr 17
117% Mar 27
17% Jan 6
14% Jan 17
108%June 18
114
113
20
9
53
Apr 28
22%May 25
105
Apr 27
130
25
50
July
3
Apr 15
8% Mar 25
26% Feb 19
100
90
Jan 14
19% Sept 5
23% Jan 15
99% Apr 15
24% Jan 23
4
24*4June
Feb 17
3% Jan 14
78%May 4
10
Apr 20
May
2% Aug
6% May
42% Jan
37% Sept 18
49
115
Jan
20% Mar
62%
73
Feb
34
117
34
Sept
Aug
Sept
Sept
11
15
11
10
Sept 11
Feb
5
Jan 13
Sept
Deo
578 Nov
4% D 0
121
NOV
46% Nov
104% Deo
Mar
117
85% Mar
132
Deo
Deo
100
Mar
148
Deo
99
Jan
113
July
29%
Oct
5% Mar
5278
Jan
17
Deo
49% Mar
1197s Deo
65
103
8%
4
June
Feb
Mar
35% Mar
22
99% Sept
3% Sept
2% Nov
16% Jan
4
1% Apr 28
12%May 7
Rensselaer & Sar'ga RR Co 100
2% Nov
16% Deo
% Feb
4% June
%May
9% Mar
16% Jan 30
9
Oct
62
88
July
Dec
25
4
21
10
55
Apr
Mar
2
25
76% Jan
1278 Aug
44% Aug
June
9% Jan
Aug 21
17% Aug 21
85% Sept 3
Nov
Apr
33
16
Nov
1% Deo
10%
1%
24%
6%
43% Sept 18
Jan
8
38
Mar
49% Aug 11
70
10% Deo
78% Nov
1
7
1
Dec
12% Nov
3
2
6
25
...
Deo
40
13
80
July 15
9% Feb 19
38% Apr 14
49
Sept 18
Jan
28% Jan
35% Jan
7
4
No par
85
6% Mar
1% Mar
3% Jan 11
Jan
65% Aug
26% June
5% Mar
22% Mar
Jan
100
4% Jan
£68% Deo
14% Deo
6% Mar
"12% Feb 6
5% Jan 16
39
Apr 29
103% Feb 21
113% Apr 3
128
Apr 4
146
Apr 14
Apr
Jan
No par
preferred
Deo
Deo.
22%Sept 18
2
2% Apr 29
31
39
10
Deo
17% Aug 28
26% Mar 3
6%May 21
18
Apr 30
40% May 12
117% Apr 7
July
2% July
% July
37
100
Reliable Stores Corp
Preferred
12
54
50
50
•
Preferred
1st
62% Aug 26
l%May
14
5
6
Mar
50
preferred
Republic Steel Corp...No par
1,300
6% conv preferred
100
700
6% conv prior pref ser A. 100
4,300 Revere Copper & Brass
5
32
*11
*46%
1% Jan
3
1% Mar
16% Mar
29% Mar
36
Apr
par
41,000
25
46%
600
71%
par
par
50
2d preferred
5%
127
1826
1st
200
23%
25
46%
200
23%
127
46%
Reading.
23%
127
27%
Radio Corp of Amer...No par
Preferred B
No par
2,400
23%
127
■
Jan 15
103
13.50 conv 1st pref.No
t Radio-Kelth-Orph
No
Raybestos Manhattan.No
5%
50
12
17
8% conv preferred
100
6% preferred
100
Purity Bakeries
..No par
1,800
5%
50
64
3",400
11,500
5%
49
28
Feb 21
2
112
$6 preferred
Prior preferred
49
*587,
"
9% Jan 10
84
Jan
Pub Ser El & Gas pf $5-No par
Pullman Inc
No par
Pure Oil (The)
No par
Remington-Ran d
51
*11
1,300
5,900
48,300
100
10C
19%
56%
58%
100
100
5,900
99
57%
No par
No par
7% preferred
preferred
19%
18%
57
3
July 13
9%
6% preferred.
85
97%
110% 110% *109
32
32%
3134
5% July
97% Sept 18
41% Apr 4
3% Feb 6
par
5% Mar
53% Apr
13% Mar
14
3
7
5% pf (ser of Feb 1 *29). 100
*84
19
25%
No
Pub Ser Corp of N J
$5 preferred
19%
109% 11034 *108% 111
25%
%Sept
2
...100
Gamble
85
21%
97%
26
Preferred
Procter &
800
97%
1834
127%
5
2
2
..No par
200
19%
26
Class B
17
99%
127
*2
540
7
Mar
49% Apr
58% Jan
$ Postal Tel & Cable 7% pf 100
t Pressed Steel Car...No par
18%
99%
49
70%
27,200
15% Feb
88
6
May 29
38% Jan
21
Porto-Ric-Am Tob cl A.No par
Feb
38% Mar
35% Mar
100
8%
13,200
Mar 13
100
*15%
18%
19%
18%
*18%
see page
15%
18%
19%
23%
28%
For footnotes
*2
5%
24
111
99
103
5%
*109
*27%
105
100
17
99
2,600
300
18%
19%
19%
51%
51%
129% 129%
26%
26%
30,800
140
17
99
37%
46%
118% 118%
44% 45%
*105
106%
119
17
24%
112% 113
36%
46
138
19%
24
25,000
34
46%
117% 118% *117
*15
5%
4%
100
*154
*18%
5%
9,700
158
17
107
600
2
9%
140
18%
21%
6%
*1%
8%
4%
*137
18%
*103
2
12
16% Mar 13
3% Jan 13
7% Apr 29
68
98
Oct
101% July 24
12
6%
54
Mar
7
Pond Creek Pocahon..No par
*1%
13
Nov
18
Mar 13
Poor & Co class B
*5%
Nov
10
66
Jan
5
4
34% Nov
64% Deo
1% July
3% July
1% Mar
7% June 8
35% Apr 28
7% Apr 30
No par
43% Aug
2% Feb
9% Mar
16% Mar
23
5,600
16%
22%
22%
32% Dec
39% Apr
116% Mar
54% Aug 19
July 15
2b~200
16%
Feb
3
7
3
2
16%
22%
21%
5%
88
Aug 7
25% Aug 31
17% Mar
30
108% Oct
17% Mar
45% Jan
81% Jan
3% Jan
8% Jan
l%July
16%
*21
Mar
Mar
Deo
July
Nov
Nov
1% Apr 24
11% Jan 6
20 May 18
21%
3
18
19%
28%
45%
85%
4%
50
No par
July
84% Sept
6% Aug
5% Aug
30% Nov
12% Mar
Pittsburgh Coal of Pa
25
81
11
Pirelli Co of Italy American shs
Preferred
4% Deo
8% Dec
May
1% Nov
15
4
Aug 14
100
% Apr
4% Oct
8% Feb
% July
64% Feb
67% Apr
2% Mar
19% Mar
30
6% preferred
Pittsburgh United
21% Nov
6
Apr
40% Apr 11
par
Pittsb Screw & Bolt. .No par
Pitts Steel 7% cum pref
100
Pitts Term Coal Corp....
1
May
2% Mar
7
8
100
9% Aug
25% Jan
70
,100
Nov
19% May
25
Preferred
20
807g Dec
13% Oct
7% Mar
.100
No
Oct
Deo
17# Dec
6
5
Mills
21
Feb
Pittston Co (The)
Plymouth Oil Co.
158% *154
75
6
200
113% *111
113
*112
113
113% *111
*112
113
56%
57%
56%
57%
57%
5734
56%
57%
57%
58%
1678
17%
1678
17
17%
16%
16%
16%
16%
17%
106% 107
107
107% 107% 107
107
108
107% 107%
94
95
95
95%
96
96
96
95
9534
95
16
16
16%
16%
15%
16%
15%
16%
16%
16%
1078
11%
1078
11
11%
10%
10%
11
10%
10%
*88% 109
*97% 109
*97%.
*97%
*97%
73%
73%
73%
74%
73% 74%
73% "74
73%
78%
7
7
7%
7%
7
7%
7%
7%
7%
7%
34
34
34
34
34
34
33% 33%
34% 34%
48%
48%
47
47%
48%
48
47% 47%
48%
49
48% 48%
*48%
49%
48%
*48% 49%
48% *47% 49%
43
43
*42
*42%
43%
43%
*42%
43%
43%
43%
13
12
12
*12%
*10
11
10%
10%
11%
11%
75
Jan 13
2
*111
*70%
*2%
Jan
16
100
Flour
Deo
7%
12%June 2
10% June 30
*1%
36%
46%
118% 118%
44%
44%
34%
56
2
20%
9
46% Aug 10
104% Aug 29
Pittsburgh & West Va
*21'
7
56% Sept 9
7% Feb 19
Jan
380
630
49% Ang
116%June
2
.4
4,200
32%
32% 35
46%
46%
46% 46%
*118
119% *118
118
118% 118% 118
46%
46
46%
4578
45
46%
46%
45%
*103% 105
*103% 105
*10378 105
*104% 105
*117% 119% *118
119
119% *118
118% 118%
140
Apr 27
Aug 19
40% Sept 8
■
25% Apr 28
64% Jan 3
7%
97%
4%
73%
7%
320
2
5
36%
4%
34%
7
26,900
78%
Mar
96%
3%
U
11%
*88% 109
19
12%
Feb 19
36%
3%
*112% 113
57%
57%
17%
17%
*105% 106
94
*93%
16%
16%
*15
7
8%
*137
500
38
% June
6% Mar
71% Dec
14
135
Aug 19
28% Apr 29
110
3% Mar
10% Jan
27% July 17
94
2
140
""160
52
48% Mar 24
36%
9%
159% *154
11
Pillsbury
2
2
June 30
135
30
Feb 21
Sept 4
6% Jan 28
10% Mar 24
94
5%
*137
70%
17
6% July
11
ya sept 17
Pierce Oil Corp pref
Pierce Petroleum
142% Deo
Nov
"l2~ Sept
2
Apr 1
11% Apr 2
17% Jan 24
2% Mar 17
Mar 13
4% Jan
28% Jan
Rights
Preferred
"
*51%
11%
78%
*1%
11
No par
Phoenix Hosiery
Deo
Jan
111%
56
101% Sept
14% Sept
10
3%June23
36%
*1%
8%
31%
300
75
54
2%
% 170,500
11%
1%
30%
*62%
*10%
19
26,000
*71
2
159% *154
11
80
11%
57S
140
Phillip Morris & Co Ltd....10
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum
No par
75
1%
50
Phila & Read C & I
7%
31
6%
"*
...No par
50
X Phlla Rapid Tran Co
7% preferred.
2,800
*6%
10
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
2~600
7%
9%
*154
9%
7%
*71
100
No par
Petroleum Corp. of Am
5
Pfeiffer Brewing Co ...No par
2%
40%
10
Preferred
Pet Milk
90%
39%
%
75
....100
$6 preferred
"""226
5%
40%
"16
2%
*138
*73
600
98
2%
*9%
80
4,700
4,100
8,400
11%
*8%
90
300
14%
*5
*30%
*1%
"""260
52
578
46%
104,
*96%
9%
3%
31%
100
100
52
7%
95%
16%
22%
21%
Peoria & Eastern....
Pere Marquette.
Prior preferred
98
5
G L & C (Chic)...100
100
39%
5
.100
400
39%
52
50
6
11%
*96%
par
No par
Preferred
Jan
123
Aug
Feb
92
Peoples Drug Stores..Noo par
~3~900 People's
21
Jan
Nov
73
Pennsylvania
June
8
69
41
39%
-1%
31
72
*18
600
521
*5%
41
*17g
2%
11
51%
78
79
S7 conv pref
45
Mar
12
27% Sept
6%June 20
10
Preferred series A
100
Penn G1 Sand Corp v t c No par
14~9o6
39%
45
116
51%
39%
45
19
70
67
No par
3
Deo
31% Deo
28% Sept 8
5% Jan 23
47% Mar 10
8% Aug 19
17% Jan 13
2% July 7
4034May 4
23
Apr 28
4% Jan 2
No par
Ford....,
3% Deo
6
12
3
June
17% Nov
10
90% Sept 18
12% Jan 3
7% Aug 22
59
10%May 20
1% Jan 2
60
Aug 17
Penn Coal & Coke
Corp
Penn-Dixie Cement
No
132
*120
39%
1
No par
Peerless Motor Car
Penick &
600
84
37%
16%
132
38%
*44%
11%
12
21%
6
3%
600
400
*4%
6%
39
20%
*49
31
*20
2%
10%
37,
*71
1%
'
9%
2,200
4%
26
2
2%
16%
22%
217g
*17fi
6%
38%
20%
90
*25%
13%
11%
7
95%
36%
96
.
6%
*36%
20%
*4
62%
*81
11
i
Penney (J C)__
.
13%
2%
90%
10
3,500
1,200
3,000
90
%
10%
*1%
37%
*2
*73
*634
*16
7%
95
37%
80
7
*77
2%
19
7
.
2%
*10
11%
12
*17%
*9
89%
11
30%
*62%
*10%
51%
53%
*1%
19
9
2%
1
100
2%
63%
91%
4%
2%
26
97%
534
9%
Jan 3
Apr 28
Pathe Film Corp
No par
Patino Mines &
Enterpr No par
12%
9
4% Apr 6
74% Apr 4
97% Feb 13
109
Aug 31
July 30
9,000
6,700
84
52
67
103
5,100
11%
2%
62%
Jan
100
5
13%
£11%
38%
52
100
Aug
No par
8i
*25%
*96%
584
preferred
Rust Proof Co...2.50
Parmelee Transporta'n.No par
*77%
52%
conv
conv pre!
Parker
13%
97%
5%
4%
64,200 Paramount Pictures Inc
First preferred
11,400
Second preferred
17,800
1,300 Park-Tilford Inc
4,200 Park Utah CM
3%
85
12
8%
Parafflne Co Ino
4,600
*5%
39
90
26
26
1134
3834
1%
75%
.11%
77
11%
12
39
*97g
31
53%
11%
26
*99
40%
105
*77%
*25%
13%
*71
978
1%
*62%
*10%
11%
53%
13%
40%
"16
75
31
85
25%
6
*5%
40%
11%
90%
12%
Panhandle Prod & Ref.No par
9
Nov
5% Deo
'
2
4
7
Jan
Deo
129
Mar
Feb 10
26%
*115
5234
*99
40%
%
7%
*71%
9%
1%
10%
1%
6%
42
7
»%6
*7
75
*9%
*9%
*73
41%
7
*89
116
51
105
*82%
25%
13%
9
2%
89
*115
53
152
26%
4%
8%
11%
2%
*120
39%
45
44%
8
Deo
55
115% Mar
13% Mar
22% Sept 12
Jan
26%
61
132
38%
*41
116
*115
54
6
42
*100
116
527,
*120
39%
100
1
58% July 22
140
Parke Davis & Co
6%
*36%
*20%
136
38%
44%
2,400
70
3% Apr
H 9% Feb 10
41
July 20
100
1,100
6%
37%
2034
37
Aug
Mar
July
17% Sept
Mar
Sept 11
July 16
41%
18 9
20%
""160
Mar
1
Feb 11
142
3
91%
4%
6%
2%
58%
38
114% Mar
14
17
3
41%
61
39%
20%
8
2
8% July 8
4% Jan 3
30% Jan 11
47% Apr 30
14%May 15
Jan
3
61
4%
6%
14
88%
12%
26
91
4%
12%
92
80
118
41%
91
6%
134
44%
2%
July
3% Jan
13
125
4
164% Mar
Nov
11% Nov
26% Deo
Jan
22s4
18% Sept 18
9% Feb 11
2
100
3
62%
39
38%
2%
Telep & Teleg
6% preferred..."
~n%
5%
207g
*122
*
8%
40
45
26
8%
11%
2%
par
No par
Pacific Mills...
141%
3%
4134
5
20%
39%
11%
834
11%
2%
40
39%
84%
5%
90%
4%
par
2d preferred
No par
Pacific Gas & Electric
25
Pacific Ltg Corp
No
Pacific
80%
80
106%
"10% 11%
84%
87%
11%
12%
8%
11%
20%
*53
100
106%
*52
79
79
it
2%
58%
5%
42
45
106%
1034
12%
*12%
2%
14
8%
21%
*115
2,900
3,200
5
__10
Jan
13% Sept
20% Jan
26
*61
128
July2^
18
2634
11%
Co...25
114
6%
12%
1%
18%
41%
26%
*39%
134
22
7
July 22
20% Deo
107
4% Mar
Jan
96% Sept 11
66
Sept 10
11% Apr 30
41%
26%
5%
*20%
*122
3,700
Jan
106
20% Mar
7
47
No
June 12
2
July
114
Pacific Amer Fisheries Ino
136
12% July
100
Pacific Coast
1st preferred
11% Apr
70
No par
Glass
2
Jan
Jan
4% Apr
32% Feb 24
24% Apr 27
123
3% July
76
Mar 25
Packard Motor Car...No
par
Pan-Amer Petr & Trans...5
8%
11%
87«
11%
2%
61%
91%
4%
6%
100
14
Pac Western Oil
Corp..No par
*52
26
3
3%
.No par
Outlet Co
25% Mar 30
115% Feb 24
2
2
100
_
preferred.*
Owens-Illinois
7
Jan
Jan
88,300
12%
41%
26%
5%
26%
5%
5%
8%
11%
2%
3
"l6%
Prior
July
8
"l~500
*12%
*2%
2%
79%
*
'
Preferred
Otis Steel
17
107
12%
12%
86
.
700
per share
150%
150% *150
14%
14%
14%
14%
*12%
*2%
2%
106
78%
107
12%
11
5%
,
*150
107% *106
26%
970
139
22
140
*2%
*51%
78%
2%
78
51%
22
*12
59%
*106
52
*133
142
12%
14
*2
51%
16,900
1,330
18%
7%
13%
7%
36%
52%
152
154% *150
*150
152
14%
14%
14%
14%
143s
15
15%
*50
36
52%
22%
22
17%
6%
12%
7%
36%
7
12%
7%
3634
141
142
12%
*12
*6%
""900
Highest
$ per share
par
No par
Preferred
—
*135% i40
17%
6%
12
150% *150
*14%
*6
7%
20
55%
*115
140
17
17
634
52%
22%
21%
140
13
*52
5534
...
700
Lowest
$ per share
100
__
Otis Elevator
22,000
18%
*52
Preferred A
2,700
95
634
38
52
21%
17%
94%
Highest
8 per share
Omnibus Corp
(The) vtoNo par
Oppenhelm Coll <fc Co..No
120
18
94
14212 142l2
16%
13%
7%
200
1,000
139
17%
93%
*115
*7
*128
139
18%
9312
5534
*115
52%
22%
142
*150
*128
Par
4,400
1878
18%
18%
18%
18%
110%
108% *107
110% *107
*12
12
12%
1234
12%
27%
27%
27% 27%
27%
139
17%
93%
96
38%
52%
22%
*11%
27%
28
17%
140% 142
16%
16%
7%
7%
13%
14%
7%,
7%
14%
108
12%
*94
96%
55%
*115
16%
7%
14
*133
18
18%
111
11%
27%
133
18%
96%
19
*108
12%
133
18
96%
*114%
*140% 143
187g
111
Range for Previous
Year 1935
Lowest
Shares
share
per
On Basis of 100-share Lots
EXCHANGE
Week
Sept. 18
S
Range Since Jan. 1
NEW YORK STOCK
the
Friday
STOCKS
for
19%
19%
18%
*108
♦110% 111
13
*12%
12%
28
*27%
27%
Sales
SHARE, NOT PER CENT
17%
Deo
Oct
13% Deo
92
Deo
6
Oct
30% Deo
43%
Jan
43% Nov
Apr
3% Apr
38
Deo
11
Aug
20% Apr
72
Nov
1
Mar
3
Oct
8
Mar
18
Nov
7
June
69
Aug
21%
Oct
98% June
2% Mar
20% Dec
88
Nov
25% Nov
110
Mar
Mar
5% Deo
20% Nov
28% Mar
78% Oct
95% Nov
9
5% Apr
97
16
Nov
Deo
13
Apr
75
Apr
115
Nov
17% Apr
32
Deo
101
June
37%
Deo
113% Deo
8
Apr 29
58% Feb 28
43% Mar
58% Nov
58% Sept 16
10% Jan 3
19% Feb 2
65% Feb 10
35
MarlO
55% Apr
11% Dec
5% Mar
67
Rhine Westphalia El & Pow._
Rltter Dental Mfc
No par
Roan
32
47
Sent 18
217*
33
Class A
Anfplono
10
nonn«r
Mlnoa
Jnn
3
13% Jan
9
Feb
Nov
13% Mar
20% Deo
D*c
New York Stock Record—Continued—Page 9
1834
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
STOCKS
Sales
NEW YORK
for
Saturday
Sept .12
Monday
Sept 14
$ per share
$ per share
*77
87
*678
714
271?
238
283s
258
25fl
5
12
*1012
*24
337s
*24
514
2934
297s
*110l2 111
112
112
12
337s
297s
2934
*1105s in
112
112
$ per share
$ per share
*238
85
85
634
29
*6U
7
28U
29i8
2i2
2i2
*478
*1034
1134
*1058
*25
2i2
5
5
*10i2
*24
*24
33%
30
30
111
111
112
112
13
13
*12%
13%
44
45iS
44
45%
9934
9934
99%
1*2
15s
12 ig
6158
x99%
1*2
1
234
32i2
658
87
87
"
33g
338
1218
*6112
7«
234
*3 Us
1
234
3134
638
6
85U
*33g
87
3l2
70
6912
70
26i8
2638
26
267s
1678
17
1612
17
2414
241?,
94U
24
2458
*6912
•
*9334
7i8
7i8
5734
*56i2
341?
3412
2118
2U?
12378 124
*10l4
3812
4
1038
39
26
*5518
92
5314
\ *2158
1312
7
56i2
34i2
2012
53s
3478
21i«
124
124
51?
35i«
85i2
86?8
851s
338
70
*338
312
70%
2678
26
3%
71i4
2638
25i2
16l2
167s
16
24
24i2
24is
9414
*9334
7
*57
58i2
343s 34%
2034 21%
124
12414
*9334
634
678
72
634
*57
58
*57
*33i2
3458
2138
*33i2
2012
122
123
10
10
10%
38i4
375s
38i2
4i8
*93
95
*93
53
87
8634
358
7414
1 358
7414
26i2
1638
2478
94U
: 634
58i4
3458
263g
16i8
24l2
9334
67g
2i2
6i8
1134
30
113*8
514
*32i2
5i2
5238
2112
1358
111
514
33
'151
23
4OI4
41is
4314
2234
3934
557s
22
387s
22
1378
1131s
5%
32
42i4
934
934
10
741?
7412
76
*107l2 110l2 *1093411012
758
758
734
73g
20*8
'20i2 201?
20i8
*80is
*8018
*32
321?
*3U2 321?
4
32%
155
3012
4H2
2134
385s
30l2
95
-53s
32
*151
155
30l2
41%
2134
307s
425g
3984
39
39i2
54l2
1018
*50
43%
2258
*50
978
2258
55
5i8
31
31
*151
39
5358
87i2
358
79i2
2658
14,600
1,500
810
14,700
4,400
I6I4
100
100
90
700
2,600
200
....
32
32
21
2138
21
223g
29
28
28i4
28l4
22%
287g
21U
29
28
2834
5U?
51
511?
51%
8434
51i2
51*4
51%
32
*3114
21&s
28
323g
22
433s
2318
13,300
403s
52l4
10U
7.900
~8~800
880
1~3~666
1,700
3112
"""306
22U
37,000
2934
3,900
60%
200
84
86
*84
84
85
85
85
8434
109
*107
*106i2 109
* '107
109
*107
109
*107
109
303S
3034
*29i2
301?
29l2 30
2978
2978 x29%
29i4
2912 29i2
15
1538
1538
15*8
15
15
1514
15
15%
153s
15i8
1514
12434 12434 *12414 12434 124% 12434 *12434 126i2 126l2 126l2 *12334 126i2
I,400
*10612 109
1034
8i2
IO34S
83s
IH4
225s
2278
22%
11%
8I4
2312
55
53
5334
60%
3%
*54
5914
8
60
3i8
58l2
*3
365s
37i8
36i8
375s
377s
*26
6212
2634
62%
*3
37&s
*26
37%
3734
2634
*3334
34
6178
3334
35
*717g
72
7138
717s
3ig
'
12i2
12
318
*12
*50
19l2
19
1334
*7834
*121
5118
19i2
19l2
137g
81
122
3%
*50
193s
51%
1934
1834
1918
13i2
78 s4
137s
7884
121
122
37*s
4l8
185s
36i2
34l2
*10l2
22l2
34i2
IU4
2284
31
*214
167s
23s
17is
7*4
7*8
3714
3778
1U2
97s
7*8
7
37*4
377s
11*2
97s
*925
1100
415s
42
37
37
♦61
62i4
•10
IO84
*75
90
884
*6
29
884
612
30
3i8
12
*36i2
4I8
1778
31
62%
934
1100
934
8,900
36%
36
3%
363g
2,800
14,200
37%
3734
2634
3734
38
*26
3734
61%
35
35%
71
71
6034
234%
70%
3
51%
19&s
*50
19%
135g
78l2
18
12%
51%
19%
185s
133S
1358
19
19
18
13%
7138
6238
26~000
36%
2,400
71%
1,600
3
12%
52
19%
5,700
18%
19%
133g
51%
19%
18%
13%
3
12%
51%
19%
3%
12%
14%
II,900
28,600
78
78
78
78
78
*121
122
*121
600
1,100
'
78
121
122
36%
17%
17&S
33i2
11*8
2234
33
33
4
36%
4
*10l2
22
30%
*2%
16%
11%
223s
30%
2%
*34%
3%
7%
3658
373s
113s
95s
35%
4
4
900
50
600
3534
4
5,300
3734
37%
375s
II84
11
958
113s
934
11%
95g
15,300
123g
9%
4,300
*925
*39
40
*38%
42%
"""900
37%
37
37
36%
37
37
38
3634
3634
1,800
,6214
6214
*61
63
834
*6
*35
65%
*61
*10
11
*10
65%
105s
*87
90
*88
90
87S
6
31
1134
29
5i2
2778
17
54
22
13l8
1318
195g
147g
65
13
19
18%
*1414
*9%
al08
*11H8 1115s *10934
*734 >7%
784
10
*978
*978
31%
315s
30i4
39
397s
39%
14
*13
1334
*88
334
7778
78
465g
45
14
85s
*6
*29*4
*10%
29
538
*2538
16%
*103
*35
2U8
6412
13%
19
14
9*4
108
9
6%
31
11%
29%
5%
28%
17%
104%
5434
21%
65%
13%
19%
14%
934
108% 109
1095s 10958
734
10
31
393
*97s
30 %
3838
734
10
30%
39
85S
85g
89%
834
8%
31%
10%
29
53s
*26
1634
104
*35
*6
6%
Third Nat Investors
1
25
*28%
29%
2,700
Thompson (J R)
Thompson Prods Inc
2,200
Thompson-Starrett Co-No
1033s 103%
5%
53s
*24% 28
17%
17%
10334 10334
*35
*35
x28%
2834
28
5434
21%
64%
13%
18%
21%
21%
6434
64
13%
1958
13%
14
14
18%
*13%
53s
17%
54
21%
64%
13%
2134
18%
15
93s
9%
9%
9%
*108
109
108% 109
109% 109% *10934110%
734
734
*7&s
7%
9%
10
9%
*934
30%
30%
3058
3038
38&s .39%
383S 3834
13%
15%
14%
1434
14
90
4%
7734
*77
7734
45
4534
45
45%
90
4%
97
43g
64
$3.50
15",500
500
22%
64%
14,200
13%
13%
11,800
19
1934
2,800
14%
700
9%
4,500
109
109
109% 109%
7&s
7&s
4,400
2,000
31
11,000
39%
7,100
1534
11,300
983s
710
4
7734
4%
7734
4434
45
par
100
Tri-Continental Corp
6%
preferred
Truscon Steel
Twin
City Rap Trans—No par
Preferred
100
42
Apr
107
59i2 Apr
3ig Mar
3U June
Deo
Deo
8U
Deo
8i,
"31
Nov
Oct
"~36U~May
18i8
151,
Feb 24
1225s June
2i2
U*
134
434
191,
130
Jan
Apr
121, Deo
914 Aug
113, Aug
26i8 Deo
287s Deo
2i2 Nov
Mar
Mar
Mar
Mar
6
Oot
105is Nov
12i2 Sept
1334 Mar 17
97s Feb 17
2438Sept 8
56i2Sept 8
6334Sept 8
Oct
Nov
84
IOI84 July
129
Deo
48
Mar
475g Feb
40i8 Feb
8
7s July
2734 Mar
407s
5
23
Mar
3338 Deo
30
6
20
Oct
334 Jan 17
Feb
Dec
32
Feb
Deo
Nov
4
Deo
10
Deo
50
Deo
65s Mar
187s
Deo
2i2 Mar
2U Apr
15i8 Deo
IO34 Nov
July 21
4i8 Jan 28
1284 Jan 8
53i2 Jan 28
24% Apr 16
2134July 27
145s Mar
91
4
Mar 12
Jan
2
Jan
2
12434May 15
ill
5
Jan
2
40% Mar 18
6S4 Mar 12
8
185s Sept 12
Jan
3
36
July 27
65s Jan
4
12
Sept 18
20% Apr 28
25
684May 14
55s Apr 27
287s Jan 6
33
59
'
Jan
6
Mar 25
884 June 16
89
36
Jan 11
June
4
8%May 23
3% Jan 2
2334June 5
8% Jan
245$ Jan
3
2
478 Jan 21
Apr 30
1484 Jan 6
1005s Jan 3
51
July 8
26
56
Jan
6
1095s Sept 15
20th Cen Fox Film Corp No par
Preferred
....No par
3334 Deo
834 Nov
701, Nov
Mar
68
93
10
21&8
July
3i8 Mar
No par
No par
July
74
No par
No par
Transcont A West'n Air Ino__6
Transue A Williams St'l No par
7
5
7
Jan
12i8 Jan 6
Apr 27
11
Apr 30
147S Jan 2
103sMay 19
7% Jan 3
Preferred called
30%
38%
1434
96
Transamerica Corp
Truax Traer Coal
200
953s
No par
..No par
No par
...No par
Timken Detroit Axle—
10
Timken Roller Bearing.No par
300
10
4
Tidewater Assoc Oil
Preferred
1,000
10
95
pref
Tide Water Oil
I
635s
14%
9%
cum
5i2 July
15
321, Nov
10
300
Nov
283, May
25i2 Deo
161, Jan
Feb 24
95s July
No par
"2" 300
Deo
27
523,
3
5
100
152
12i2 Mar
5834 Jan
li8 Mar
8%May 8
48 May 18
25
Third Avenue
6%
Jan
Feb
105s Mar
1234 Mar
35«4 Mar
23gMay 21
__5
l
20
18
357s Jan 30
Co
Oot
132
7U Mar
9
109
Aug 27
313s Apr 13
478 Jan
6
Jan
6
284 Feb 11
17% Sept 11
98s Jan
8
10% Mar
July
39i8 Aug
15U Feb
14% Mar
11
22
40
7% Jan 6
Texas Pacific Land Trust9%June 30
Old
100 1000
July 15 1375
Texas & Pacific Ry
49
28
Jan
2
Co. 100
Thatcher Mfg.
...No par
44
3378 Apr 27
Thermoid
Nov
1534 May
112
8i2 Mar
33U Feb
437s Mar
28% Apr 28
H8 Jan 3
578 Jan 2
10%
5%
*24%
16%
104
*6
2,300
8%
30
15»4 Apr
105s Aug
1071* Jan
4
Aug
No par
No par
.100
Jan
65
No par
Preferred.
Deo
Jan
Deo
Deo
6i2
July 27
Mar 20
25
33%
53s
17%
858
2
Mar 27
Jan 25
23
$3.60 conv pref—...No par
No par
Apr
Mar 19
27
The Fair
193s
20i2
1834
20i2
116*4
65i2
Oct
36% Sept 18
72
32%
10%
32%
10%
29%
28
334
77%
89%
30
11%
14
46l4
100
313s
90
For footnotes see page 1826.
100
10
89
31
14
334
63
10
89
6%
*10%
*61
1100
10
*934
*6
90
78
46%
*61
1034
90
1100 *925
Feb
Mar
434
70
118
Texas Pacific Coal «fc Oil
Deo
Nov
6
100
A,
6
111
9
—No par
Class
83g
July
16i2 Deo
5% Mar
6318 Mar
5Us Jan
Superheater Co (The)..No par
Superior Oil
Superior Steel
100
Telautograph Corp
2,300 Tennessee Corp
14,300 Texas Corp (The)
4,000 Texas Gulf Sulphur
37%
37%
Feb 26
Aug 21
16% Apr 30
\ 145s Jan 2
1
9% Jan 6
Symington Co..
7%
12
...No par
600
34U
Dec
2434May
v
..No par
Convertible preferred
60
Stewart-Warner
5
1,200
1,900
37
Mar
2
...
2%
50
295g
2
89% Sept
35
Sterling Products Inc..:
10
Sterling Securities cl A.No par
Swift Internat Ltd
73s
13
3234 Jan
1,700
Aug 13
Mar
25
30%
*
22
10
30%
2%
*16%
112
Jan
25
Oil
Mar 26
32% July 28
44% Sept 10
24
Sept 8
4214 Aug 8
55
Aug 6
IIS4 Feb 6
78% Sept 17
3634
2418
29%
5384
Standard Oil of Indiana
30%
40
*934
$7 cum
No par
Stand Investing Corp..No par
Standard Oil of Calif
No par
Swift & Co
37
160
8
5i8 Apr 30
9i2 Jan 3
2434 Apr 28
2634 Apr 30
No par
1,200
7%
7i2 Feb 29
35i2 Aug 28
22% Sept
84%Sept
par
—No par
8,800
3638
1
6
9% July 29
12
73g
4
984 Mar
1
225g
37%
3784
Feb
July
99
No par
11%
22%
7%
73g
6
17
63
100
*32%
1634
28% Jan
114
44
1
par
11%
22%
*7
1
4
2934May
1578 Apr 30
133g Jan
Sutherland Paper Co.
10
Sweets Co of Amer (The)...50
■
Mar
678 Jan
4
7358June 10
par
600
7
Sept
63%June 12
101% Mar 18
534 Apr 30
par
33%
1100
*75
par
No par
Spiegel-May-Stern Co..No par
Preferred
684 Nov
3% Mar
40% Nov
Dec
70i2 Nov
23% Jan
2
1234 Apr 27.
Conv preferred A
Sun
Mar
68i2 Deo
7
100
t Studebaker Corp (The)
9
463s Nov
378July 29
26
Apr 27
Spang Chalfant & Co Inc pf 100
Sparks Withington
No par
Spear & Co
1
Stone & Webster
Dee
127, Deo
2584 Nov
Jan 31
8
Preferred
Nov
17
7% Mar
72
20
Standard Oil of New Jersey.25
Starrett Co (The) L S__No par
70
758 Mar
40
Jan
684 July
prior pref
prior pref
U8 May
Apr
Jan
Mar
3
cum
697s Nov
4i8 Nov
Mar
Mar
Jan
33%
2%
3478 Sept 18
2234Septl8
124i4Septl5
21
Preferred
3
31
47s
13
Jan
Preferred
Mar
5
3678 Deo
24
Feb
*32%
*10%
22%
303s
16%
45g Feb
Deo
2034 Mar
27g Oct
60
Jan
$6
Jan 17
Apr 11
25
6,800
7
7
Apr 17
Aug 14
19
$5.50 preferred
No
Spencer Kellogg &' Sons No
Sperry Corp (The) vtc
Spicer Mfg Co
No
Nov
1U Deo
3
75
34
1st preferred
91
% June
5s Aug
132
100
Spalding (A G) & Bros .No
4i8 Nov
201, Jan
Jan
7
12i2May 20
100
-
184 Apr
Apr
40% June 30
100
Southern Railway
Preferred
Deo
Nov
105
Mar
150
18%
*2%
I84 Feb
8
684 Jan 15
3134 Mar 30
25
Southern Pacific Co
June
4i2 Feb 7
435s Mar 12
14% Jan 25
100
18
16
934
Preferred
Southern Calif Edison
17%
7%
7l2
35%
400
8
55
Jan
June
55
July 16
6578 Jan 2
100
No pa
1734
16%
*7
9%
*50
6134
3538
71%
121
36%
4%
18*4
37%
37%
11*4
*2%
*12
61%
35
112
100
7%
Standard Oil of Kansas
8,600
2634
40
64l2
13i8
334
11
60%
3
36
60%
7
73s
3634
3758"
1,700
*925
215g
90
7
*2%
20,700
36%
*26
3
30%
2i4
1634
59%
3
8%
40
2278
*88
175s
60%
58%
Preferred
9004 Stand Comm Tobacco
No
9,800 t Stand Gas & El Co
53
2634
*12
122
4
*26
3%
80
7
40i2Sept
143g Apr 19
1207s Jan 10
23%
53
25
Mar
7
884 July
1934 Jan
*3%June
19% Jan
10
Skelly Oil Co
2
2184 Apr 27
1100
65
110
*121
22%
53
7%
Petroleum
110i2 Jan
No par
40
65
978
19*8
18i2
1314
78i2
23%
61%
Conv preferred
100
Silver King Coalition Mines.5
Simmons Co
No par
No par
*925
22l2
*109
*50
22
No par
;?Jan
Mar 31
87s July 15
July 12
Standard Brands
3%
*3
36%
37l2
12%
.
12*4
5934
*10%
8%
Shell Union Oil
6
22
4% Feb
76
60
8
14s4 Apr 30
par
113%
114%
13&s
56%
Oct
97%May 29
434 Jan
43% Jan
30% Apr
par
6)4% preferred
Square D Co
11%]
11%
8%
par
No par
preferred ser A .No
Sheaffer (W A) Pen Co-No
25,700
4138
16i2
1043s 104
10
*3
6134
3434
71%
58%
•103s
.No
Conv
~i~66o
4038
*36%
17
145s
6058
3434
7118
7%
7i8
3734
5i2
*2538
*19
2634
1634
55g
28%
54%
38
7i8
2978
*35
3758
1634
*925
52
61
*26
2234
3034
214
11
23
52
3
22i2
30i2
2U
3758
III4
978
22%
54
3678
33i2
*10i2
22i4
30l2
2i8
16i2
37l2
10%
8%
3
3314
lli8
7iS
10*2
7%
36i2
*33%
*10i2
37
8*2
237s
5312
5834
177s
4
5%
♦26i8
*103i2 10412
8
2214
36i4
30%
*1038
2834
1678
10h)
36i2
4%
1838
*1084
29i2
IU4
1034
$5 conv pref
Sharpe & Dohme
46
10434 Mar
109
20i2 Feb
32
Mobile & Ohio stk tr ctfs 100
SOU
861?
No par
No par
11,600 South Am Gold & Platinum..1
2,800 So Porto Rico Sugar
No par
51
8612
(F G)
Sharon Steel Corp
21
28
51
Shattuck
7
23i2 Nov
Dec
7
79%Sept 18
2678Sept 14
1714 Sept 11
110
10
Feb 29
315s
10134Mar
155g Jan
IDs Jan
2034 Jan
89
July
Snider Packing Corp
No par
Sooony Vacuum Oil Co Inc._15
7,700
31,400
Jan 20
6U4Mayl3
Solvay Am Invt Tr pref... 100
31
Mar
1
;
.
Jan
12
1
Preferred
Servel Inc
Nov
Apr
Apr
114i2Mar 11
163s Jan 13
52
Jan
3
14
1
8
Deo
2584 Dec
2
6
35i2 Jan
113
10
Apr
34 June
4
8858Sept 11
200
31%
217s
28i2
*51
33
3
10% Mar
July 21
July 27
595s Jan 21
234May 25
67,400
—
32
2U4
14
Highest
$ per share $ per share
82
Nov
102
I)eo
4
1
Second Natl Investors
preferred...1
Smith (A O) Corp
1,300
6
2
Apr 23
30i2 Aug 22
3% July 24
Sloss-Sheff Steel & Iron... 100
2,900
8
2
No par
90
5i2
31i4
358 Mar
638 Mar
.
Sears, Roebuck & Co..No par
Simms
June
53% Jan
% Jan
100
20
95
10
10
1018
1078
10l2
75
76
76
75
75i2
78i4
76
78i2
"104l2 11012 *10412 110i2 *106
110i2 *10612 110
7%
758
7%
7i8
738
7U
7i8
714
1978
197s
20
21
19i2
193S
19l2
1978
*80%
*80iS
*80%
*80i8
21
1
100
No par
No par
1,300 Seagrave Corp..
155
*50
11
3778 July 15
97% Feb 1
13gMay 26
75gJune 4
2,400 Seaboard Oil Co of Del-No par
4278
2234
3978
3978
*50
Aug 5
110% Sept 18
...100
56,700 t Seaboard Air Line
Preferred
8,200
303s
3034
4234
2234
preferred
5M%
90 Scott Paper Co
38,100
4,700
3,000
10,400
155
30i2
4112
2178
108
10i2 Feb 19
Jan 24
July 29
2234
31
2
18
3,300
*151
2
7% Jan
27
67g
5814
3478
514
238 Jan
4,400 Schulte Retail Stores
Preferred
1,600
122%
934 roi8
38
387g
5U
2
100
800
5414
5314
53U
53U 54
2158
2134
2114
2114
21U 213g
1312
1378
13i2
1334
1334 14
110i2 HI
*110i2 112 , *110i2 112
5%
313s
2934 Feb 28
U2 Jan
No par
5,300
*92
117&S Feb 19
7
6% preferred
...100
7% preferred
...100
400 Savage Arms Corp
..No4>ar
15.90C Scheniey Distillers Corp—-5
122
93
$ per share
July
120
*4i8
92
share
7434 Apr 28
53sJune 1
310
4
414
4i8
26
26
2612
26i4
26i2
26i2 26i2
122
122% *12H2 12434 *12H2 12438 *121l2 12434
*55i8
5858
585s
5858 *55i8
60
*55i2 60
L55
*50
4%
per
22
2,800 Safeway Stores
22
21U
12214 12212
10
10i2
37U
38i4
$
St Joseph
Preferred
2934
3458
207s
Par
7% pref
100
Lead
10
1,300 t St Louis-San Francisco. .100
1st preferred
1,900
100
J St Louis Southwestern...100
2514
9334
*57
Year 1935
Lowest
Highest
Rutland RR
Is'eoo
52
4414
2338
74
87
1612
2412
94%
2958
Lowest
200 Ruber'dCo (The) cap stkiVo par
7
111
IIOI4 HOI4 *109
*109
111
112
112
*11014 112
llOU HOI4
12i2
13
*125s
13
13U
1314
44
4434
435s
44l8
44U 56&s
*9 9
99%
99k
9938
1%
ll2
H2
158
112
158
12
1212
*1158
12l2
12l2 13
61U 615s
*6138 6H2
.61% 6H2
1
1
1 f.'.
1%
li8
lis
3i8
3i2
318
3
3i8
3i8
31
31
31
3134
3114 3134
*578
638
*578
6I4
6i8
6i8
10
305s
*95g
85%
338
6934
2578
1578
24%
*9334
678
297s
Range for Previous
100-share Lots
EXCHANGE
Shares
29i2
5
26
12934
37%
4%
*26%
30
57
32
6i4
*24
3OI4
IOI4
*151
*54
3H2
5%
*6i4
28i2
2i2
5
337s
2978
38i2
*4
31
3012
4314
33g
III4
38
L55
155
1%
1234
6IS4
1%
12i2
*61b8
78
234
212
538
XlOig
113*8 *111
*111
9414
7
56l2
*33i2
4I4
26
26is
261?
*121
125
12434
61
6012
*55i8
92
95
*9212
54
52
5434
215g
215s
211?
135s
137s
1334
4i8
*121 V-
*9334
5
*1012 ■.< 12
131?
1*2
$ per share
*85
88i8
85
Range Since Jan. 1
On Basis of
STOCK
Week
85
4558
997s
12
Sept. 18
*6%
2734
2i4
*13
62
the
85
4514
*99i2
1*2
1134
*61*4
78
234
3214
k 6i2
Friday
6%
28%
*6%
27
21JJ
5
5U
*10l2
Sept. 16
Thursday
Sept. 17
*80
90
*80
7*2
Wednesday
$ per share
.
2834
*7i8
28
Tuesday
Sept. 15
,
Sept. 19, 1936
25
29
6
177s
8i2
5
Feb 28
1258 Mar
5
9% Feb 18
33% Sept 18
12% Feb 14
May
514 Apr
6U8
Jan
2i2 Mar
Mar 11
237sSept
72i2
1434
2758
16i2
12
8
Feb 18
Feb 25
4
Apr
Jan
2
Feb
4
1097s Aug 12
11138Sept 3
8i8Sept
1
7% Apr 30
22%June 1
313s Apr 27
107s Feb 18
323s Mar 2
41
Mar
2
884 May 20
1534 Sept 18
9838Septl8
85g Jan 20
Dec
281, Deo
443, Deo
61
125^
100
Nov
Oct
Oct
,101, Deo
Jan
16
Mar
29
Nov
5i8
Jan
133g Mar
60
Deo
Feb
Oct
121, May
5
17
3
Dec
June
8i2 Mar 23
3984 Feb 25
4
884
30U
3634
914
2
3284 July 31
19i8 Feb
106% Mar
'
Dec 1075
Apr
13is May
50
Sept
2284 Dec
331, Deo
U, Nov
6*4 Deo
97s Jan
Mar
Jan
Deo
9
Oct
Jan
Deo
25
6U Sept
314
Deo
123, Aug
Mar
32i2 Dec
14 Apr
U4 Apr
4
Mar
3i,
Jan
16i2 Mar
2884 Apr
Nov
305,
3U Mar
Sept
14
14% Mar
Jan
Apr
15
1050
62% July 27
110
15*
Feb 18
8
77
121
60i2 Mar
115i2
July 21
Jan
Mar
15, Mar
Apr
75, Mar
84
26»4
458
283s
47s
Jan
Mar
Mar
87s Nov
268, Nov
5
Deo
28
Dec
157s
Deo
1041, Nev
48
Deo
Mar
13i8 Deo
721, Nov
Mar
14
Deo
714 Mar
1514 Nov
5i8 Mar
16
Deo
l7s Mar
8I4 Nov
Apr
97i8 Nov
""358 "Oct
Aug
67s May
814 Nov
247s Deo
Oct
33i, Deo
69
3i2 Mar
13
245s
2i2 June
18
Mar
4
4,100
Ulen A Co
No par
65% Jan 22
27gJune 30
78
78%
3,000
Under Elliott Fisher Co Na par
745gJune 29
99
Jan 13
125
Dec
6,000
125% Apr 23
38%May 21
Jan 17
4534
Preferred
.100
Union Bag A Pap Corp.No
par
133
4434
5234 Feb 19
29
May
Us June
5334 Mar
125, Nov
73
Deo
5i8 Nov
87U Dec
133
50i,
Apr
Jan
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
143
HIGH
SALE PRICES—PER
Sales
SHARE, NOT PER CENT
STOCKS
NEW YORK
for
Saturday
Monday
Sept. 14
Tuesday
Wednesday
Thursday
Sept. 15
Sept. 16
$ per share
$ per share
$ per share
Sept. 12
$
per
share
96%
97%
22
22
96%
95%
22%
22%
140% 140%
94%
94%
27%
27%
24% 25%
*138% 140%
95
*94%
*27% 2734
25
2434
17
17
16%
17
96%
22%
95
96%
22
22%
94%
27%
24%
94%
27%
27%
27%
25%
25%
26%
17
17%
17%
31
30
758
734
47
758
47
1534
47%
15%
24%
25
23
*102% 103
*102
5%
4534
*14%
47
78%
79
16%
*112
5%
*538
46%
78%
16
16%
112»4 *112
*9%
31
7%
47%
16%
15%
16%
11234 *112
11234
10%
934
934
17%
17%
9884
2%
14%
30%
9934
*99
99
99
2%
2%
14
30%
30%
*9934 100
*165
17
7
7%
47%
46%
16
15%
15%
99%
*97%
112
112% 112%
*938
934
*97
*9%
16%
16%
99
*2%
2%
*2%
*97
14
14
*2%
13%
30
13%
2934
2%
13%
30
30
29%
99%
99
9934
99%
*21
900
1,100
37,600
5,300
23%
"""700
2734
2734
11434 11434
600
400
31
31
7%
50
86
85
52
*51%
33%
6%
34
14
*51%
3234
6%
13%
--
-
-
1534
16%
*5284
33%
6%
5334
*51%
53%
34%
6%
52
14
34
3334
14
6%
14%
6%
13S4
95
96
53%
54.%
10%
31%
10
31%
75
*96
52%
934
30%
74%
75%
75
77
77
*70%
71%
*70
71%
72%
70%
*137% 140
138
*125
*165
6%
6%
95
*87
79
78%
79%
164
164
11034 112
4%
4%
2%
2%
47
111
2
46%
23%
253s
42%
*112% 116
45
41%
45
....
*79
....
*434
32%
53%
10%
31%
74%
77
71%
71%
138
«••••.
700
99%
200
U S & Foreign Secur.._iVo par
Preferred
;
..100
*95
52
9%
30%
73%
7784
*70
70%
6%
98
53%
934
31
74%
78%
72
138
*165
13%
9%
30%
2,300
6%
*87
........
6%
94
30
7434
73%
7734
71%
7834
71%
70%
200
5,600
78.
72
72
300
71
72
90,000
71%
138
*125
138
*163
m — «• -
"3466
16%
52%
72
137
138
7%
mmrnm
4,000
12,300
1,400
13%
52%
934
30%
74%
9%
72
*165
6%
3
8%
8%
*5
41%
45
4134
4134
*112% 115
45
45%
6,700
3,800
16,300
4,300
5,500
138% 138%
.
*125
1,400
138
45
4434
*82
*79
*82%
4%
31%
434
4%
32%
434
434
*70
*17%
1734
*5
17%
33%
34%
*115% 116
8%
8%
116
8
39%
*1834
27%
4%
18%
27%
.
38%
1834
27%
4%
4%
100
*90
14
13%
64
*58%
%
8%
*23%
26
29
29
*23%
28%
2334
*23
%
834
73
*163
*6%
*80
1%
*1%
*40
42%
83
107
82%
*5
7
290
*79
45
83%
mm.
mm
44%
*82
8,000
10,400
30
10,600
41
600
115
~1~405
44%
83%
4%
3134
2,000
26%
28%
23%
*23%
25%
23%
1%
41%
82%
*28
29
23
*6%
*1%
40%
7
*6%
mmrnm
1%
107
107
a99%
*116
-
1934
21%
21
22
2%
2%
6%
2%
*2%
634
634
88%
42%
34%
*102
21%
*15%
*3%
*19%
*3%
8%
*77%
65%
31
79%
*69
112
149% *145
26
38%
25
32%
....
105
34%
104
25%
*37%
*24%
3234
38%
24%
*67
*103
34
21
1534
3%
15%
*3%
20
19%
*3%
8%
8%
33%
mm
105
3434
10234 103
21%
3%
148
25%
21%
15%
334
19%
3%
8%
78%
54%
78
78
56
54%
30%
77%
31
69
69
32
79%
69%
113%
79
111% 12084
65%
41%
19%
*1%
39%
41
82
107
99%
-
*80
1%
39
*80
99%
107
7
....
1%
39%
83
107
2%
684
90
43
*115
10%
*20
*2%
107
100
100
*124
125
9934
123% 123% *123% 125
21%
143% 144%
1%
7
rnrnmm
*102% 102% *102% 104
*2%
6%
43%
*80
82
40%
20%
•
%
834
2334
*22%
*634
107%
100%
89% 9034
4234 43%
14034 143%
61
23
82
116
%
*8%
2334
28%
*80
mm
m
*115
3
6%
42
140%
145
145
145
145
26
26
34%
27%
38%
24%
*38
24%
32%
33
*80
105
3434
♦10234 10434
20% 21%
15
15%
*3%
3%
*19% 20
3%
3%
8%
8%
*7734 78%
54% 55%
30% 3034
77% 79
68% 68%
119% 131
38%
24%
3258
*81
105
105
*106
33
34
34
lTo"
34
.
15
15
*3%
3%
19%
8%
7734
54
29%
15
*3%
838
19%
*3%
8%
7734
*77%
54%
29%
29%
338
54
15
3%
20
3%
8%
78%
54%
29%
77%
67%
138%
66%
41%
77
77
77%
67%
67% *66%
132
131% 14034
*65%
66% *65%
413g 4138
40%
19
19
19%
19%
137% 137% *137% 139
51
50%
50% 50%
66
66
66
66
65%
41% *40%
4134
40%
41%
19
19%
19%
18%
19%
*136% 140
*137
138
*136% 140
51
51
51%
51%
5034
51%
81
80% 82%
79
79
79%
81
80
80%
81%
*121
121
121
*120
121% *121
121%
1118
121
118
3734
38%
37
3734 38%
37% 383s
38%
37%
38%
7
7
7%
7%
7%
7%
7%
73s
7%
7%
100
8
110% Feb 15
6
169% Feb 18
73
Jan
1434 Mar
3
Mar
9% Mar
24% Mar
9134 Dec
62%
Jan
9% Sept
16% Sept
22%
Sept
Deo
11% Dec
17% Jan
48
Deo
124% Apr
7334 July
50% Nov
160s4 Feb 6
5
Apr 30
6734May 1
57% Apr 29
168
July 10
100
153
165
Universal Pictures 1st pref.100
Utilities Pow & Light A
1
50
100
No par
Preferred
Mar 23
Jan
7
3% Jan
2
Vadsco Sales
No par
1
July
9
Preferred,.
100
30
June
9
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
7% 1st pref
Va-Carolina
16% Apr 30
2834 Jan 16
....100 *110% Feb 17
Vlck Chemical Co
5
100
Chem
No par
40
Apr 30
72 May
84 Sept
4% Jan
2
2834 Aug
6
7% Mar 26
Aug 28
93
84% Sept
Aug
5
51
7
133%
115
Apr 24
6% Mar 18
2% Jan 18
50
Jan 19
27% Feb 23
45
July
3
116
Aug 8
48% July 21
80
Aug 20
84
Sept 2
Mar
78
Oct
73% Nov
Feb xl59%
Dec
29
Aug
1
Mar
4% Aug
% Mar
19% Apr
11% Apr
11% Feb
56% Nov
2184 Jan
73
2
Nov
Nov
33
Nov
114
Nov
91
Feb
34
May
63
Dec
63
Deo
68
Dec
70
Aug
44%
Deo
5% preferred
Virginia Ry Co pref..
100
14
100 zll4% Jan 16
30% Feb
7
15
Feb
33
Nov
Vulcan
100
63% Mar
83
May
preferred
6%
100
_
Detlnning—
100
Preferred A.
100
Preferred B
100
Waldorf System
Walgreen
..No par
Co
No par
6preferred
t Walworth Co
Walk (H)
100
No par
Good & W Ltd No par
Preferred
2,800
Ward Baking
3,800
500
30,800
300
600
27
100
t Wabash
1,000
200
Class
No par
class A...No
par
No par
B
Preferred
100
Warner Bros Pictures
6
$3.85 conv pref
t Warner Qulnlan
..No par
Warren Bros
..No par
Convertible
5
No par
100
30' Wells Fargo & Co.
1
2,700 Wesson Oil & Snowdrift No par
400
Conv preferred
No par
83
100
200
99%
340
124%
40
10
"ll"
5,300
23
3,000
2%
6%
4234
300
2,300
12,900
12,500
441*
140% 143
146%
27%,
*37
32%
13,200
70
4,100
38
*24%
32%
.
25
"""600
3,800
no"
10
34%
1.800
1434
4%
22%
3%
8%
79%
54%
30%
77%
68
139%
lOOf
100
preferred
100
Western
2d
Maryland
preferred
Western
100
.....
800
7,000
60
50
-No par
A
Westvaoo Chlor Prod.-No par
-30
5% pref
5K% conv preferred
100
Wheeling Steel Corp...No par
100
Preferred
60
Motor
900
White Rk Mln Spr ctf-.No par
White Sewing Mach...No par
8,200
1,100
12,700
1,800
340
800
4,960
Conv preferred
Wilcox Oil & Gas..
No par
Wilson & Co Inc
No par
$6
5
700
700
10,400
Yellow Truck & Coach cl B.10
19%
50%
8O84
118
38%
7%
30
2,100
26,000
500
18.400
5,300
Jan
Preferred
100
Young Spring & Wlre_.No par
Youngstown S & T.
No par
5preferred
Zenith
100
Radio Corp....No par
Zonite Products Corp...:
1
2
Apr 30
Apr 29
%June 18
4% Jan
2
1578 Jan 7
21
Apr 30
19% Apr 28
Deo
112% I >eo
784 Nov
19
Sept
Feb
1
Apr
1% Mar
1
May
4% Mar
26% June
114
1%
Jan
Feb
II784 Deo
3% Nov
534 Deo
438 Deo
97g Nov
33% Dec
Apr
120
63g Nov
2
Feb 25
30% Sept
4% Sept
92% Sept
14% Feb
62
Sept
2% Feb
10% Mar
26
109%
18
18
18
19
18
29
31
Aug 14
2934 Aug 28
29% Jan 2
Mar
5
11
Deo
Feb
3
Deo
28% Jan
2% Mar
47
Dec
10%
Deo
14% Mar
52
1%
% Mar
2%
778
20%
25%
Mar
1%
6%
Deo
Deo
Jan
Mar
17
Aug
Aug
32
Sept
Dec
30% Deo
784 Nov
4
Mar
85
Apr
90
Feb
1
Jan"
3
Nov
Feb 20
2% Jan 13*
46% Jan 2
83% Aug 11
107
Sept 9
110
Apr 21
102
Sept 10
Jan
6
124% Sept 18
Jan
6
27
30
25
26
4
13
78
Feb 25
91'4 Jan 7
96
37
Deo
6
9
May 26
1
Aug 21
33%June 30
87
116%
111«4
8%
15
Jan
478
June 23
6% June
83
Jan
Apr
Apr
Apr
2
6
11% Feb
85
116
Mar 23
30%
Jan
72
Jan
34
Mar
3978 Mar
36
Mar
104%
Jan
95
Jan
12% Feb 21
5% Mar
23% Sept 11
7% Mar
1% July
2% Feb
20% Mar
4
Feb
7
978 Feb
95
7
Feb 13
48% Mar
147
3
Aug 10
7
22%June 8
36% Jan 14
1934june 29
150% Aug 10
3334 Jan 25
32%Sept 17
34
Jan 14
99 July 21
21% July 1
18
Mar
32% Mar
55% Nov
84% Oct
91% Deo
99% Nov
92
120%
11434
10%
1984
33g
7%
77%
3584
98»4
Nov
Dec
Deo
Dec
Deo
Jan
Jan
Nov
Dec
Nov
33% Sept 14
84
July
8
18% Feb 3
1384 July 7
3% Apr 28
16
Apr 28
234 Jan
7
6%June 19
47
66
139
Apr 29
100
42
3
Sept
34%June 24
40
100
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del)-No par
Yale & Towne Mfg Co
25
6
18
5
3
26% Apr 17
17% Apr 17
1078 Jan 4
Preferred B
10
100
4% Feb
10% Mar
7% Mar
Jan 16
Preferred A
Co
Worthington P&M
137%June10
Feb 28
70 June
4434 Apr
23% Apr
56
Apr
100
preferred
Woolworth (F W)
Feb 19
10
72%May
34% Jan
94% Jan
123% Jan
preferred
86
118
2i8
47%
9%
44
2% Mar
17% June
131% Aug 26
3
5% Jan
Telegraph.100
2,000
2,900
400
4%June 29
9% Jan 7
Apr 30
115
Aug 17
2
Weston Eleo Instrum't.No par
2
30.
5% Aug
Westlnghouse El & Mfg
White
Jan
8
120
Aug 31
2i4 Aug 21
100
Westlngh'se Air Brake.No par
1st
5
7
Aug
100
Pacific
Preferred
Western Union
100
Wheeling & L Erie Ry Co.. 100
34
21%
—.100
Preferred
6% preferred
West Penn Power pref
Class
*106
10434 105
West Penn El classi A..No par
6%
70
No par
Preferred
90
37%
7%
53
June
3,000
88%
118
50% Nov
2
10
10634 1073*
79%
8
35% Mar
3% Mar
7% Mar
72%
8,900
3,200
40%
19
9
10% Nov
8
34
40%
139
75% Apr
73% Sept
Dec
Feb
9% Feb
60
*102% 104
X50
96% Jan 24
Nov
Jan
5
119% Nov
14034 May
165
Aug
7% Jan
Preferred
1%'
66
Apr 15
8084 Apr 9
87
165
143
114%May 15
834
*1%
*41%
35
3% Oct
203S Oct
3938 Dec
73% Mar
Webster Elsenlohr
77
4
Nov
27% Mar
700
67
,
Jan
4% Mar
Deo
Nov
96
119% Jan
14934 Feb
3% Apr
46
Apr
7
131
2
13
Mar
Nov
15
3
7
3%
8%
78%
53%
30%
54% Sept 8
59
Apr 2
978 Jan 27
18% Jan 28
100% Sept 18
56
Sept 9
8
72i4 July 30
68% Jan 3
463s Jan 21
8
July
11%
6
*80
20%
*1484
3%
19%
1778Sept
5
ll
18%"Nov
110
July 30
No par
26%
Jan 23
Jan
9284 May
Apr 27
May 4
5,800
62
145
5
Dec
144
No par
*2%
6%
Mar
7%
Deo
140% Sept
pref
99%
Jan
Feb 17
Deo
11512 Jan 7
Apr 27
.100
No par
Warren Fdy & Pipe
124
9% Mar
87% Mar
2% Jan
4% Mar
65% Mar
% June
96
Nov
131
Preferred
Waukesha Motor Co
*81%
47
Oct
Nov
Mar 24
*81
10234 10234 *10234 10484
20% 21%
20% 20%
19%
3%
U S Steel Corp
700
89
138
*103
50
900
88
6%
32%
50
23
23
2%
6%
148
33%
100
Preferred
28%
2284
14034
32%
1st preferred
U S Smelting Ref & Mln
23
11
148
*67
%
8%
*2334
28%
21%
2%
6%
89%
42%
*37%
24%
62
10%
10%
21%
2%
87%
42%
25%
No par
60%
9
1978 Jan 23
39% Jan 2
21*2 Jan 6
7% Apr 30
1638 Jan 2
3% July
Deo
784
4534
1384
20%
4
"woo
*115
139
25%
38%
24%
No par
Jan
Mar
7
4
8% Jan 2
49
Aug 18
31% Aug 28
5% Sept 1
10
Aug 17
71
4% Mar
65
24%
109
*122% 135
"ll"
42%
138% 13984
25%
*37%
24%
20
U S Realty & Impt
U S Rubber
May
17% Oct
1% Feb
2084 Mar
834 June
8
5
9
Apr 29
160
5
Feb 17
Aug 4
1278 Feb
4
Jan
Sept
Virginia Iron Coal & Coke. 100
10
7
28
10%
*103
2
Nov
1938 Jan
113% July
7
99
10
78
1
91
24i4June
80%May
Jan
2
20
Jan
46
Va El & Pow $6 pref—-No par
300
73
7
23
10%
3284
Jan
Jan
Aug
Aug 28
June
6i8 Apr 30
13
Apr 30
Nov
20
3%
8%
28
1034
*70
1488 Apr 30
109
20
26%
118
47% Sept 14
85% Aug 8
2
Mar
10
8%
23
10%
25
66% Jan
7
20% May
Oct
7% Apr
4 July 10
32%June 18
Oct
9% Mar
4% Mar
Dec
Jan
July
July
Deo
Deo
420
1,000
25
7
23
11%
43%
*18
8%
28
105
123% 123%
6%
91%
*58
59
%
884
23%
82
116
7
%
8%
107
....
8%
*5%
%
8%
105
*115
73
*122% 135
3
*2%
h
8%
107
100
90%
*70
71
%
8%
107
*107% 108
100% 100%
*123% 125
*37%
105
20%
7534 Nov
24
111%
90%
26%
3038
1334
838Mar 16
48% Mar 19
900
7
100
5% non-cum pref
2,200
mm'mm
No par
Vicks Shr & Pac Ry Co comlOO
*79
*17
17%
17%
17%
17
17%
17%
3384
34
33% 3334
33%
34
33%
116
*116
118
*115% 118
*116
*114% 118
118
8
8
8
8%
8%
734
8
7%
7%
38
37
38%
38%
37% 3784
3734
3734 38%
1884
1834
1884
1834 /1834
*1834
18%
*1834
18%
26
27
27
27%
26%
28
27% 27%
30%
4%
4%
438
4%
4%
4%
4%
4%
4%
91% *89% 91% *89% 90%
90%
90%
91% 92%
13%
13%
1384
13%
13%
13%
13%
13%
1384
59
t c
Universal Leaf Tob
10
17%
64
v
Prior preferred v 10
U S Pipe & Foundry
900
3384
*59
Class A
Preferred
17%
64
U S industrial Alcohol-No par
U S Leather v t c
No par
United Stores class A..No par
Preferred class A
No par
*82
83%
7
50
100
4%
4%
4% "4%
32
*31% 32
31%
112
112% *112% 113
*112% 113
*4%
5%
*4%
5%
5%
5%
71
5H % conv pref
U S Tobacco
34
8%
7
107
7
*84
....
*82
*70
100
4,400
*44%
*12212 135
*122% 125
*122% 135
3
3
2%
2%
*278
2%
8
8
8
9
884
8%
34%
39
73%
preferred
U S Hoffman Mach Corp...5
6
90
41
41%
41%
41% 41%
*113
115
*112% 115
*113
*79
-
7
2534
—100
*88
6%
90
*79
73%
*234
*148
U S Gypsum..
No par
20
34%
6%
14%
98
100%
51%
53%
934
934
30% 30%
74
74%
77%
78%
51
135% 137%
*79
4%
*122% 135
11
No par
U S Freight...
140
33%
6%
96
31
78
52%
6%
96
9%
73%
16
13%
52%
51
*125
*164%
98
70
138
*130
'
*71
72
137
*164%
*70
*1%
U S Dlstrib Corp
Preferred
1,200
12734 12734
42
100
9
Jan
14% Feb
82% Mar
79% Mar
111
16% Feb 4
29% Aug 10
Jan 15
17%
200
10»4 Apr 27
6
6
44
Jan 11
87%
33%
9%
4878
538 Apr 30
40% Apr 29
Jan
United Electric Coal—-No par
United Eng & Fdy
1
United Fruit
No par
Paperboard
2834Mar
28% Jan
117
68
Jan 21
22% Jan 6
15
June 10
31% Feb 7
32% Feb 18
21% Apr 4
16% Apr 27
24% Mar 18
112i2July 23
93
7
Aug
100
Highest
$ per share $ per share
28% Feb 7
149% Aug 12
2
Jan
10
t United
*70
*6%
5
13
100
United Gas Improve— .No par
Preferred..—
No par
.
*80
No par
400
31
32% *31%
31%
112% 112% *112% 112% *112% 112%
*4%
5%
4%
4%
*4%
5%
*18
20
18
18
*18
*18
25
25
25
*18%
129% 129% *129
130
128% 128% *127% 128% *127% 128%
*23%
United-Carr Fast Corp .No par
No par
400
26,400
15%
6%
6% "6%
9434
*85% 9434
80
80
79%
79%
79%
*79% 82% *7934 82
164
*163
163% *163
163% *163
163% *163
163%
110
111% *109% 111
111
110
110% 111
111%
4
4%
4%
4
4%
4%
334
334
3%
2
2
2
2
2%
2
2
2%
2
46%
46
46%
46% *42
*43
47
*43% 47
2434
23% 24%
23% 24%
23% 2434
24%
2434
6%
95
*112% -116
45
*79
*58
....No par
Preferred
'
4%
47
24%
*41%
98
13734 138
....
6%
*87
1334
100
United Carbon
100
3
'
•
1634
*89
No par
United Drug Inc
United Dyewood Corp
5,600
71% Jan
205s Apr 30
Preferred
8,500
1,300
2%
14%
2934 2934
99% 100
16%
52%
33%
1334
32%
6%
13%
*95%
52%
33%
6%
United Biscuit
United Corp
Preferred
2%
*12%
99%
'mmrnm
Car
United Aircraft Corp
Un Air Lines Transp Corp.. .5
United Amer Bosch
No par
*97
2%
13%
2934
16%
Tank
$ per share
5
100
_
4,700
111
934
16%
99%
99%
Preferred
Union
I per share
No par
__100
52,400
4,300
Year 1935
Lowest
Highest
2034 Aug 26
108% Jan 7
90% Jan 2
22% Jan 2
Union Pacific
10%
15%
111
934
*164%
Union Carbide & Caib.No par
25
Union Oil California
17
15%
112
16%
Par
7%
"1466
Range for Previous
Lowest
46%
1434
7%
46
4634
14%
23%
16
*164
*163%
163s
*163
31
7%
47
*16%
16%
*165
84%
17
16%
*125
84%
9.600
3,400
1,300
14%
14%
14%
15%
14%
23%
23%
23% 23%
*22%
2334
2334
*102% 103
*102% 103
*102% 103
*102% 103
5%
5%
5%
5%
5%
5%
5%
5%
*5%
47
47%
45
46
47%
45% 45%
46% 47
78%
75
77
77%
78%
7334 74%
77%
75%
*934
14
734
47%
15%
15%
23%
27%
115
31
31
7%
47
23%
2738
115
9634
21%
95%
2134
136% 137%
94% 9434
28
2734
25% 26%
17%
16%
103
10%
1784
*17%
9834
*23g
*13%
*2934
31
*21
Shares
94% 95%
21% 21%
136% 136%
9434 9434
2734 2734
25% 26%
17
17%
*21
23%
28
*27%
*11434 115
84% 84%
*30% 31%
137%
94%
94%
1634
$ per share
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
EXCHANGE
Week
$ per share
137
*21
*20
*21
2334
23%
23%
*27%
27%
2734
2734
27% 2734
114% 114% *114% 115
*114% 115
*84%
8534
8534
*84%
84% 84%
*29
Sept. 17
137% 13834
95%
22%
the
Friday
Sept. 18
1835
Jan
20
23
30
30
4
62% Jan 6
63
Aug 21
3338 Apr 28
8«4 Jan 3
83% Jan 6
42% July 1
41% Jan 6
105
Jan 6
11% Jan 28
584 July
7
39
32
Jan
3
July 29
80
June 24
105
90
Feb
10
Mar
29
Jan
1684 Mar
126
Dec
33% Deo
38% Deo
25% Nov
Sept 16
37% Jan 10
109% Feb 19
28% Mar 4
17
Mar
6
5% Jan 13
24% Jan 10
5% Mar 30
11
Jan 14
87
Jan 15
563g Feb
5
35% Mar 23
81
Sept 8
72
Sept 8
14034 Sept 16
79
Feb 10
45
Jan 23
21% Aug 4
July 29
145
18
*14%
Jan
35% Sept
Mar
"32%
Nov
46% Jan
678 Mar
12% Oct
1% Mar
102%
19%
24%
434
20%
3%
9%
Nov
Deo
Jan
79
Nov
6
Jan
1
Mar
37g Apr
58
Apr
61
Jan
Deo
Dec
Dec
Nov
65% June
25% Nov
1184 Mar
25% Mar
20
Apr
35% Mar
7334 Mar
1784 Apr
2% June
8284 Apr
35% Nov
9% Deo
61
Nov
51% Nov
68
Deo
31% May
96
6
18
Mar
843sSept 9
122
Aug 7
39% July 31
13
Mar
53% Deo
46% Deo
55
Apr
9% Jan
4
38% Apr
1% May
2% June
105
Nov
Deo
H84 Nov
7»4
Deo
New York Stock Exchange- Bond Record, Friday, Weekly
1836
On Jan. 1,
1909 the Exchange method of quoting bonds
NOTICE—Cash and deferred
regular weekly
range are
shown In
delivery sales
a
Friday
Friday
Week Ended Sept. 18
U.
S.
Price
Treasury 4s
Treasury 3%s
1947-1952
1943-1945
1944-1954
1946-1956
15
15
15
15
15
15
15
15
15
15
15
-Dec
Mar
Treasury 3%s...June
1943-1947
Treasury 3s
Sept
1951-1955
Treasury 3s
June
1946-1948
Treasury 3%s
June
1940-1943
Treasury 3%s
Mar
1941-1943
Treasury 3%s...June
1946-1949
Treasury 3%s
Dec
1949-1952
Treasury 3%s
Aug 1 1941
Treasury 3%s.__Apr 15 1944-1946
Treasury 2 %s—Mar 15 1955-1960
Treasury 2%s.._Sept 15 1945-1947
Treasury 2% s... Sept 15 1948-1951
Treasury 2%s..
1951-1954
Treasury 2 % s—Sept 15 1956-1959
Federal Farm Mortgage Corp—
3%s
Mar 15 1944-1964
3s
May 15 1944-1949
2 %s
-
-
-
O
O
J
D
M
J
112.12
109
106.17109.12
102.20105.16
102.29106.10
109.6
i09.6
109.12
J
106.30 106.29
s
f 7s series C.
♦External
s f
♦External
s
D
106.17 106.14
106.30
F
A
109.5
109.5
7s series D
O
108.11
108.9
M
8
102.30 102.25
104.13 104.9
102.27
J
D
101.25 101.20
101.6
103.3
105.3
105.2
105.10
122
103.23
103.30
J
267
104.11
104.7
104.11
8
103.2
103.1
103.4
103.19
103.15
103.21
A
101.30
s
Extl
s
A
O
20%
97%
97%
98%
13
8%
9%
10
8%
S
D
A
1955 J
J
..1957 M S
1956 M N
J
1957 J
1955 J
J
100%
100%
100%
100%
101%:
108%
108%
100%
108%
108%
102%
102%
97%
A
O
D
D
A
O
A
O
J
D
M
s
7
26
101
39
101%
48
101
15
101%
101%
48
65
14
101%
101%
101%
101%
101%
108%
55
30
23
33
66
109
23
102%
97%
73
29
25
1
107%
19
105%
10
113
16
105%
100%
9
6
24%
24%
33%
25
5
24%
34%
4
27%
27%
27%
27%
27%
69
27
27%
27%
25
27
34
103%
15
31
49
A
105
19
D
*28%
30
102%
99%
*98
'
100
82%
82%
68
"70%
1
4
70%
64%
67
67
2
70,%
64
37
68%
49
50
•62
.
7
15
5
10
J
19
10-year
103.16
100.31104.19
103
100.23102.5
101.7
101.5
101.9
102.20105.14
100.26 104.5
101.20104.15
100.15103.7
♦Farm Loan
s
♦Farm Loan 6s
99.17102.6
17%
17%
21
21%
97% 100%
7%
11%
8
11%
8%
11%
7%
7%
11%
7%
10
10
10
7%
95% 101%
97% 101%
97%
97%
97%
97%
97%
97%
97%
97%
94%
104%
104%
98%
90%
22%
105
101%
101%
101%
101%
102
101%
101%
101%
101%
109%
109%
103%
97%
32
110
101% 109%
109
118%
105% 109%
98% 102%
22
21%
95
95
30
29%
30%
103%
103%
25
93
38%
100%
100%
92% 100
70
83%
55
69%
55%
72
58
68
57%
67%
59%
68%
61%
39%
71%
50
♦Guar s f 6s
♦Chilean Cons Munic 7s
♦Chinese (Hukuang Ry) 5s
42
35%
36
4
34
35
41
27
35
38
38%
10
28
38%
1961 J
1961 A
1962 M N
13%
.1960 M S
12%
53%
(Republic of)
1935 coup on.Oct 1961
♦6s July 1 1935 coup on. Jan 1961
For footnotes see page
1841.
D
36
S
22%
22%
15%
13
14
16
14%
15%
36
13%
14%
14%
14%
14%
14%
13%
13%
13%
13%
12%
53%
15%
11
14
15%
15%
15%
15%
13%
13%
13%
13%
12%
53%
30
15%
15%
15%
15%
15%
26
O
1951 J
27%
15
D
♦6s Apr 1
29
m
O
♦Cologne (City) Germany 6%s.l950 M
Colombia
105%
111%
15 1938 A O
26
21%
21%
22%
22%
38
12
19
56
if*
if*
15%
♦Greek Government«f
13£
8
12
13%
9
12
13%
12%
53%
18
1
1
114
79
76
92
96%
100
102%
101
37%
7
90
3
60%
105%
89
105%
104% 106%
28
48
100% 102%
93% 100
98%
99%
111
37
48%
"77%
17
66%
78%
76%
6
78
76%
18
61%
61%
21%
30%
75%
*23%
68
30
11%
40%
19%
19
19
27%
25%
25%
68%
6
96
65%
2
96
w*'
•
109
108%
78
41%
70%
93
97%
105% 109
100',6 104%
2
w
■
23%
160%
24
9
162
18
162
162
2
174%
174%
172
176%
174%
11
172
•26%
25%
33%
36
28%
28%
39%
41
-
-
-
-
-
-m
162
mm
25%
25%
m m
33
ao
1949
ser
♦7s part paid
♦Sink fund secured 6s
♦6s part
......
paid..
1958
JD
m
mm
18
27
149% 183
151
172%
167
190
9
166
182%
22%
29%
1
20
29
6
29%
39%
3
25
34
27%
28%
25%
45%
*30
*28%
1968
"7
External sec s f 7s ser B
1947 M
Italian Public Utility extl 7s... 1952 J
m m
mmm
mm
m
rn'mim
17
30
21%
17
18%
20
2
17%
16%
32%
25%
26
38
50
80
81
60%
87%
83% 100
98
1
75%
77
11
53
83
68%
69%
16
51%
77
100%
100%
91% 100%
86%
100%
86%
51
86%
-
29
78
89%
28%
26%
19
25
32%
m'm'm
98
mm
77
104%
9%
10
mmmmrnm
*4%
*6%
*6%
9
22%
■
41
9%
m'mmm
1
....
10%
6 %
mmmmmm
m,m
j"~D 3—:_.
7%
4
7%
5%
7%
-
«.
m'm*
mif'm
"5%
m
31%
101,
10%
7%
10%
12%
12%
4%
mmmmmm
*5%
7%
^
68%
1958 M S
1959 m S
(City) 7s...1952 j d
16%
16%
61%
59%
55%
Mlnas Geraes (State)—
Sec extl s f 6%s
1963 M
M
j
d
f
2
14%
19%
19%
7
47
61%
8
15%
7
57
50
43
57
23
14
100%
105%
106%
106%
19
101
106%
36
104% 107%
101
101%
101%
37
105
58
100% 104%
99% 102%
96%
97h
102% 104
mm
mm
101
101
97%
97%
A
S
17%
17%
61%
.
104%
o
M
9
77
24
104%
S
A
4%s.—.1956
1965
Municipal Bank extl s f 5s... 1970
♦Nuremburg (City) extl 6s
1952
Oriental Devel guar 6s—_
1953
Extl deb 6 %s
1958
Oslo (City) 30-year s f 6s..
1955
Sinking fund 4%s...
1955
Panama (Rep) extl 5%s
1953
4%s
*
104
"101%
S
External sink fund
-
69%
104
•
a
External
-
7%
7%
7%
9%
105%
O
A
-
....
104%
104%
a
.....1944 f
17%
57
1959 m n
New So Wales (State) extl 5s. .1957
External s f 5s
Apr 1958 A
Norway 20-year extl 6s
1943 F
68
17%
f 6%s—
F
mm
4%
4%
6%
6%
1
4%
mm*m
4%
-
mmmmmm
j
y'l" "5%
m'
3
5%
.
-
mmmmmm
O
"24%
129
97%
*102%
-
-
-
-
23%
24%
8
83%
83%
19
77%
78%
9
100v 100^32
98
97%
""78%
9
18%
106%
105
108
M N
«■
—
m-rn
m'mrn'm
27
m
m
-
105%
AO
J
d
1963 M N
5
78%
86%
72%
82%
1009,6 104
96% 98%
3
104
174
67
90%
58
mn
81
61
105%
72
70
72
63%
61
63%
♦Stamped...
Pernambuco (State of)—
♦7s Sept coupon off.
98
10%
....
*
A
f 5s ser A
112% 115
104
82
.
j
f
.
2
110
.....
♦{Small.
_•
(Ci^y, Italy) extl 6 %S— 1952
External sink fund 5s
...
49
115
*5
..1954
Milan
20-year external 6s
27
49
*97%
D
1954 j
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
♦STreas 6s of '13 assent (large) '33 i~*5
s
104
D
♦Assenting 4s of 1904
s
6
13
a
J
16%
21
F
.1945 Q
26%
24%
105%
j
J
99
19%
....
27%
26%
♦Mexico (US) extl 5s of 1899 £.1945 Q
93%
7
19
*112%
m
j
♦Medellln (Colombia) 6%s
1954 j D
♦Mexican Irrig assenting 4%s.l943 mn
6s series A
14
24
*20%
mmmm--
-
28%
20%
mm
-
31%
21%
20
m m m
mmm'm
34%
37%
26
4
99
98%
23%
20%
'w
....
....
27%
■
105
Extl sinking fund 5%s
s
34
*17
a
♦4s of 1904...
32%
26%
"~
99
s
♦Leipzig (Germany) s f 7s
..1947
Lower Austria (Province of)—
♦7%s June 1 1935 coup on ..1950
•
....
w
'
mm'mmmm
mm'rnmmrn
1960 mn
19
*25
1964
Italy (Kingdom of) extl 7s
1951 j D
Italian Cred Consortium 7s A.. 1937 M S
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 6s small
m
1968 FA
J
♦Heidelberg (Gferman) extl. 7%s *50 j
Helsingfors (City) ext6%s
1960 A O
Hungarian Cons Municipal Loan—
J
♦7%s unmatured coup on
1945 j
J
♦7s unmatured coupon on...1946 j
♦Hungarian Land M Inst 7%s_1961 mn
M N
♦Sinking fund 7%s ser B
1961
♦Hungary (Kingdom of) 7%s..l944 F a
Irish Free State extl sf5s
m
m
7s„1964 mn
Haiti (Republic) s f 6s ser A... 1952 a o
♦Hamburg (State) 6s...
1946 a o
♦Extl
12%
12%
14
staihped.1949
♦(Cons Agric Loan) 6%s
Sec extl
99% 103%
32% 47
♦External sinking fund 6s... 1963 MN
♦Chile Mtge Bank 6%s
..1957 J D
18
10
103
German Prov & Communal Bks
Montevideo
59
♦Sink fund 6%s of 1926
♦Guar s f 6a
♦5%s unstamped..
♦German Rep extl 7s
♦7s unstamped
13
103%
46%
J
♦Ry ref extl s f 6s
♦Extl sinking fund 6s. .Sept 1961 M S
♦External sinking fund 6s... 1962 M S
75%
d
37%
103
14%
14%
14%
14%
1965
1965
♦5%s of 1930 stamped
J
27%
22%
103%
A
.
""76%
..1965 MN
Jugoslavia State Mtge Bank—
♦7s with all unmat coup
1957 A O
96% 101 %
Feb 1961 F
Jan 1961 J
34%
99% 103
99% 101
German Govt International—
28%
10
♦Extl sinking fund 6s
86
*40%
76%
75%
98%
j
1967 J
1945 m s
External sink fund 6%8
1956 m S
♦Frankfort (City of) s f 6%s
1953 M N
French Republic 7 %s stamped. 1941 J d
7 %s unstamped
1941
External 7s stamped
1949 j~~D
7s unstamped
1949
27%
36
♦Chile (Rep)—Extl s f 7s
.1942 M N
♦External sinking fund 6s._.1960 A O
99%
99%
104%
.
(Republic) ext 6s
13
J
»
70%
28
55%
99%
99%
105%
100%
•
101
Estonia (Republic of) 7s
19
45
15 1960 A
»
105%
J
Japanese Govt 30-yr s f 6%s._1954 F
101%
Apr
-
-w",
20%
22
20%
23
3
102%
100%
96%
102%
53%
54%
B...
19
115%
ser A
ser
j
Finland
112
f 6s. .Oct
9
102
mm
.1951 A o
1952 A O
j
1942 J
External gold 5 %s
1955 f A
External g 4%s
Apr 15 1962 A O
Deutsche Bk Am part ctf 6s—1932
m s
§ ♦Stamped ex td to Sept 1 1935..
Dominican Rep Cust Ad 5%s—1942 M s
1st ser 5%s of 1926
1940 a o
2d series sink fund 5%s_—1940 a o
Sinking fund 8s
5
"9
14
27
High
92% 100
88% 97
94% ..22
96%
96%
A
Czechoslovakia (Rep of) 8s
2
42
98% -.65
86
100
100
Denmark 20-year extl 6a.
17
41
17%
17%
25
102%
a
f
cl9
*39%
17
20% ...2
94
S
F
99.16 102.5
114%
J
M
Low
24
85
mn
111
J
No.
High
26%
External 5s of 1914 ser A
19
S
Since
100.17103.29
100%
25-year 33*8
1961 J
♦Carlsbad (City) s f 8s
.1954 J
♦Cent Agile Bank (Ger) 7s .—1950 M
♦Farm Loan s f 6s—July 15 1960 J
Range
Jan. 1
(Republic of)—
♦7s Nov 1 1936 coupon on...
Cuba (Republic) 5s of 1904....
j
..Aug 15 1945 FA
2~%s
Costa Rica
97%
94%
86
j
d
114%
111
d
J
100%
O
J
-
J
J
..1952 M N
gg
a 'm'L
-
M N
17
J
N
—
•3
0)$
Aske
&
*19%
20%
*19%
97%
m'mm.mmm
F
109.12
95
82%
68%
68%
50
12
o
mn
103.19106.22
100
Bid
Price
Low
a
105.12108.21
108.5
101% 105
100
66%
64%
.1961
58
99%
101%
66
.1961
f 4%-4%s
1977
Refunding s f 4%-4 Ha
1976
Extl re-adj 4%r-4%s
1976
Extlsf 4%-4%s
^1975
3% external s f $ bonds.....1984 J
Bulgaria (Kingdom of)—
♦Sink fund 7s July coup off—1967 J
♦Sink fund 7 Ha May coup off 1968 M
Canada (Dom of) 30-yr4s.
1960 A
s
8
98
103%
103%
1960
♦6%s stamped....
6
102%
104%
6s...1961
Extl
7%
4
112%
100%
f 6s ser C-2__—1960
f 6s ser C-3
.
10
105%
113"
(City) 6Ha B-2..1955
s
7%
4
107
105
S
F
97
25
107%
M S
1950 J
External
7%
97%
100%
Budapest (City of)—
♦6s July 1 1935 coupon on...1962
External
3
.100%
D
♦Buenos Aires (Prov) extl
♦6s stamped..
5
101
1956 M N
Buenos Aires
12
9
100%
J
1955
-
.
9%
100%
100%
100%
Stabilization loan 7s
f 6s.
109.13
103.24107.8
9
8%
100%
100%
100%
100%
100%
100%
External 30-year s f 7s
s
108
.
5
8%
100 %
Austrian (Govt) s f 7s
♦Bavaria (Free State) 6%s
1945 F, A
Belgium 25-yr extl 6%s.__.—1949 M S
20-year
328
20%
97 %
1962 F
Bergen (Norway) ext s f 5s
1960
♦Berlin (Germany) a f 6%s
1950
♦External sinking fund 6s... 1958
♦Brazil (U 8 of) external 8s._.1941
♦External s f 6 Ha of 1926
1957
♦External s f 6%s of 1927—1957
♦7s (Central Ry)
1952
Brisbane (City) s f 5s..
1957
Sinking fund gold 6s_.
1958
629
102.1
20%
7%
f 6b of May 1926
1960IM N
s f 6s (State Ry)...1960,M S
6s.:.
102
7%
Extl 6s Sanitary Works
1961 F A
Extl 6s pub wks May 1927..1961 M N
s r
169
9
External
External
55
20%
1958) J
External g 4%s of 1928
84
a20%
f 6s series A.....1957
Public Works extl. 5%s
Australia 30-year 5s
External 5s of 1927
101.26
101.30 101.28
6s of Oct 1925-.1959
External 6s series B
601
103.26
Antwerp (City) external 5s
1958
Argentine Govt Pub Wks6s—. 1960
Argentine 6s of June 1925
1959
External
807
107.19109
A
8
M N
f 7s 3d series. 1957
8 f
64
101.9
M
453
344
101.29
MS
17s 2d series. 1957
External
19
25
104.17
102.24 102.21
.219
103.6
M 8
M S
1945
s
27
108.18
1957
sec s
20
109.9
A
1945
f 7s 1st series
♦External sec
♦External
...
13
107.3
1945
♦External
221
Foreign Govt. & Mun. (Concl.)
♦Colombia Mtge Bank 6 %s—194
112.20
16
108.9
la.
18
114.12
39
106.8
S
111
109.12
106
D
High
115.3 119.11
105.24108.29
112.13
108.8
J
Low
105,9
93
5
Week Ended Sept.
105
106.4
M
Jan. 1
105.2
108.9
1963 M N
J
f 7s series B
U
Friday's
N. Y. STOCK EXCHANGE
109.12 109.8
♦Anttoqula (Dept) coll 7s A—1945 J
s
72
114.4
D
♦Sink fund 6s Feb coupon on. 1947 F
♦Sink fund 6s Apr coup on—1948 A
♦External
30
108.29
D
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
Akershus (Dept) ext 5s.
114.2
o
No.
119.9
J
1 1939-1949 F
—1942-1944
2%s series G-
©
outside of the
Week's
Range or
Sale
BONDS
Since
High
119.2
J
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N
2 Jis series B__Aug
Range
Asked
dk
108.20 108.19
S
D
M 8
1 1942-1947 M
Mar
-
A
A
15 1942-1947 J
—.Jan
Bid
Loto
Government
Treasury 4%s...Oct
Treasury 3%s—Oct
3s
Range or
Friday's
Sale
EXCHANGE
Last
Week's
Last
BONDS
STOCK
N. Y.
and Yearly
changed and prices are now "and interest"—except for income and defaulted bonds
was
disregarded In the week's range, unless they are the only transactions of the week, and when selling
footnote In the week In which they occur.
No aocount Is taken of suoh sales In computing the range tor the year.
are
—.1947
M
s
14%
14%
14%
9
16
15
.
2
12%
13%
♦Peru (Rep of) external 7s
1959 m s
♦Nat Loan extl s f 6s 1st ser--1960 j
D
12
11%
11%
12%
124
11%
12%
27
♦Nat Loan extl s f 6s 2d ser.1961 A O
Poland (Rep of) gold 6s....^..1940 A O
Stabilization loan s f 7s
.1947 AO
j
External sink fund g 8s
1950 J
62%
60
64%
85
83
88
50
37
61%i
61
66
45
44
10
15
10
'
1
106
(
40
17%
19
16%
16%
80%
111%
96
/J
ft
New York Bond Record—Continued-Page 2
Volume 143
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 18
Last
Foreign Govt. &Munle. <[Concl.)
Porto Alegre (City of)—
♦8s June coupon off
♦7*3 July coupon off
Prague (Greater City) 7*s
D
>.1966 J
J
A
No
16
17 X
15
97* 101*
18
29*
21
18
28*
1,12 H
6
109
3
109
1959 J
J
1
15
21
Atlantic
1937 J
30
14
19*
Auburn Auto conv deb
4*s.— 1939 J
Austin A N W Is gu g 5s
1941 J
J
17
16
14
19
14*
21
15
20*
5s assented
1940
Bait A Ohio 1st g 4s
July 1948 A
Refund A gen 6s series A
1995 J
1st gold 5s
July 1948 A
Ref A gen 6s series C
1995 J
P L E A W Va
Sys ref 4s—1941 M
17
17
1966 M N
1959 F
18*
*17*
113*
112*
24*
38
2
23
19*
23*
73 H
112
"15
111*
26*
27*
7
22*
27
"72"
27
1
25
72
A
♦Saarbruecken (City) 6s
L.1953 J
J
Sao Paulo (City of
Brazil)—
♦8s May coupon off
.1952 M N
♦Extl 6*s May coupon off—1957 M N
*18
3
54*
110
18*
16*
♦Exter ai 6s July coupon off-1968 J
♦Secured s f 7s
1940 A
♦Saxon State Mtge Inst 73—1945 J
J
O
30
30
20H
"l7~~
17*
1935 coupon on—1962 M N
1946 F
A
1971 J
J
f 5 Ha guar
1961 A
O
26*
34
25*
68
55*
15
31*
165
105H
79
....
75
33
51*
150
166
101
7
78
78*
100*
"_9
9
95*
100* 105*
91
73*
68*
73*
83
76*
82*
100
102*
39*
58*
59*
37*
55
56*
29
f 6s
1960 M N
53 *
53*
55*
55
s
f 6s
1964 IVI N
54 H
54*
55*
15
37*
68
73
73
1
53*
74
4s
1961 J
96
51H
95*
50*
96*
53*
D
85
84*
85
13
68
5
89*
33*
96*
78
89
71*
J
1951 J
stamped..
1951
1948 J
1 at A ref 5s series C
1960 A
Belvldere Delaware cons
3*s._ 1943 J
♦Berlin City Elec Co deb
6*s._ 1951 J
♦Deb sinking fund 6
1959 F
*s
♦Berlin Elec El A
57 H
54*
102
96
57*
104
Coll trust 4s of 1907
1947 J
D
1952 A
O
74
1st
cons
4s
ser
1943 J
B
1943 J
♦6s with
warr
assented
Coll A
conv
79
A
D
94
1950 A
♦Alplne-Montan Steel 7s.
Am A Foreign Pow deb 5s
O
102
110*
110*
A
O
100
100*
152
156
1955 M
S
J
111
105*
105*
116
115
106*
106*
111*
113*
113*
J
Am Type Founders conv deb—1950 J
Amer Water Works A Electrlo—
111*
113*
.
111*
114
91
106
141
220
J
110
111
50*
47
46*
106
106
*28*
Armstrong Cork deb 4s
106
J
4s.--1995 A O
72
106
20
111*
51* 1422
50*
164
106*
73
"29* "79
73
112* 115
109* 119*
111* 114*
107*
141
50*
99* 106*
23*
34*
28*
67
111*
1955 J* D
*
110
1955 J
D
110
Conv g 48 Issue of 1910
1960 J
D
Conv
1948 J
D
*108*
*106*
110*
1965 J
J
112*
101*
113*
40
102*
126
104
102*
104*
106*
104*
32
106
98*
91
*114*
108*
7
113
129*
*107*
......
88
99*
236
74*
61*
91
80*
160
74
115*
....
7
108*
53
52
76*
——
...
122
125
130*
26*
6
26
6
26
9
A
O
25*
1
-
-
.
76*
119
25*
25*
104*
.
118
100*
7
25*
-
116*
109*
....
_
26-
80*
91
113*
103*
109*
68*
98*
18
121*
129*
26
.
99* 106*
21
26
D
105
102* 108*
75
92*
108* 114*
84* 102*
100* 105
158
113*
121
"I29*
107*
103*
90*
74*
*102*
......
100* 105*
98*
-
90
__j
113
70
91
80
90*
57
106*
-
98*
89*
79*
200
105
23*
22*
20*
29
23
33
32*
30
104*
......
Boston A Maine 1st 5s A C
1st M 5s series II
1967 M S
84*
82*
84*
326
1955 M N
85*
80*
83
85*
171
73
94
78*
80*
87
68
23
23
4
20
19*
24
154
89*
31*
26*
26*
1st g
4*s
4*s
ser JJ
1961 A
O
(♦Boston A N Y Air Line 1st 4s 1955 F
A
{(♦Botany Cons Mills 6*s.— 1934
♦Certificates of deposit
O
Brooklyn City RR 1st 5s..
Bklyn Edison
A
*111
......
24
J
1941 J
1950 F
J
23*
92
28
88
65
102
103*
77*
146
77
77*
92
8
92
17*
69
85
75
17
109
120
.
2
113*
121
16
130*
104*
130*
2
104*
3
119* 122
124* 130*
104
105*
109
109*
4
108
.....
.
.
-
-
-
D
104*
109*
A
*105*
105*
J
104*
A
110
103
F
*103*
J
108*
103
102*
90*
89*
95*
115
105
1938 J
1981
1937 M S
1957 M N
.-
-
-
•
~~~6
108*
103
12
91
253
22
22
1
■■7 20
21
27
A
O
......
A
O
......
J
J
66*
65
82*
69*
A
O
56*
56
58
82*
98
M N
98
M N
......
1940 J
J
1942 A
1962 A
O
6s A
100*
102*
100* 103*
112*
.
1957 IVI N
„
cons gu
17*
1950 F
3*s..
4*s
102* 106*
109* 110*
71* 93*
102*
1945 IVI N
1947 IVI N
f deb
....
100*
A
1950 J
s
.
19
gtd 5s. 1941 M N
con
.
102*
103*
103*
5s stamped
.
100
Bklyn Manhat Transit 4*s.— 1966 Ml N
1st
.
......
102*
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
.
23 #
1941 J
mtge 3*s.i. 1966 M N
cons
104
15*
......
116*
O
1
121
19
98
*104*
104
Guaranteed gold 5s
Guaranteed gold 5s
Guaranteed gold 5s
Guar, gold 4*9
5
25
107*
111
62
107
107
1
5
105*
104*
15*
3
117
7
1
J
114
114
S
111*
111*
1
20
Oct
115*
J
119*
O
121*
1970 F A
June 15 1955 J D
Guaranteed gold 4*s
1956 F A
Guaranteed gold 4*s._Sept 1951 M S
Canadian Northern deb 6 *s.. 1946 J
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4*s
1946 M
_
115*
119*
121*
121*
119*
121*
5
119*
7
117*
117*
39
128*
117
......
......
128*
96*
96
equip trust ctfs
1944 J
J
"U6*
Coll trust gold 5s
Dec 1 1954 J
D
108*
1960 J
1949 J
J
105*
105
Collateral
trust
(♦Car Cent 1st
4*s
4s
guar g
Caro Clinch A O 1st 5s
cons g
S
J
1938 J
(♦Central of Ga 1st
g
5s. _-Nov 1945 F
A
32
37
41
51
1
110,*
8
107*
88*
*36*
......
... ..
106*
10
107
D
Carriers A Gen Corp deb 5s w w 1950 M N
Cart A Ad 1st gu g 4s
D
1981 J
♦Cent Branch U P 1st g 4s
1948 J D
5
106*
no*
D
6s ser A.-Dec 15 1952 J
27
247
103*
116*
108*
105*
51
51
10
97
103*
116*
108*
6s
18
128
119*
J
6
122
116*
.......
J
9
116*
119*
106*
'
103*
108* 111
102* 104*
65* 91
19
30*
17
29
80*
90
48*
69*
67
55*
92* 101*
104* 107*
103* 105*
19
9*
111* 118*
38
71
.
7
D
26
S
......
Cent 111 Elec A Gas 1st 5s.—1951 F
A
104*
(♦Cent New Engl 1st
Central N J gen g 5s
General 4s
gu
4s
-
1961 J
1987 J
J
58
J
92*
1987 J
107*
104*
54*
91*
83*
J
114
105* 107*
110* 114
110* 113*
.
102* 108*
90
•
39
73
•
107*
104*
11*
20
12
20
21
29
...
20
24
....
15
23
20
28
.
21*
32
54*
1
26
27
*23
J
105*
36*
♦Chatt Dlv pur money g 4s..1951 J
♦Mac A Nor Dlv 1st g 5s
1946 J
"*5""
108*
1
16
*_
116*
23
23
......
97*
106
62
....
J
129
106* 108*
108* HI*
27
17*
J
112* 120
117*
U7*
110*
110*
122*
87*
102*
113*
105*
100*
49*
15
30*
♦Mid Ga A Atl Dlv pur m 5s. 1947 J
♦Mobile Dlv 1st g 5s
1946 J
Cent Hud G A E 1st A ref 3*s_1965 IVI
115* 121*
73
73
16
29*
122
115
10
29
—1945 M N
108* 116*
113* 119*
....
88*
*16
103* 105*
99
•
94*
109
J
1969 J
1969 A
1957 J
July
i
For footnotes see page 1689
202
91
O
110* 115*
104* 113*
104* 113*
106* 110
105 >
110*
102* 107*
Conv 4s of 1905
92*
83
61
103* 106*
103
2
O
48
111
110*
52
♦Consol gold 5s
104* 106*
114*
108*
92*
112*
♦Ref A gen 5*s series B....1959 A
♦Ref A gen 5s series C
1959 A
51
1995 Nov
103*
108*
103*
106*
......
84*
154
1995 IVI N
10
31
103
98*
Stamped 4s..
Conv gold 4s of 1909
107
111*
51*
"38
Adjustment gold 4s
no*
32*
32*
105*
111
114*
12
97
96
106*
115*
7
J
1st A
*103*
105
104*
98*
98*
Trans-Con Short L 1st 4s.-. 1958 J
Cal-Ariz 1st A ref 4 Hs A—1962 M
101* 106*
108* 134*
90
146
J
deb 4Ha
Rocky Mtn Dlv 1st 4s
80
111*
111*
g 4s
1995 Q J
Ark A Mem Bridge A TerSs-.. 1964 M S
Armour A Co (111) 1st 4 Hs_—.1939 J D
1st M s f 4s ser B (Del)
1955 F A
-.1950 J
66
110* 117*
110*
113
(♦Ann Arbor 1st
Atch Top A S Fe—Gen g
98*
83*
106
112
140
90*
66*
54
111*
130*
Anaconda Cop Mln s f deb 4 Hs 1950 A O
♦Anglo-Chilean Nitrate 7s
1945 M N
1967 J
13
112
111*
J
81*
106*
O
Underg 6*s. 1956
M
Canadian Nat guar 4*s
107
112*
deposit
S f Income deb..
56
66
J
50*
J
54
A
1975 M N
g 6s.-1947
80
111*
105*
116*
«*
.
D
Canada Sou
219
10
80
mi-
3
A
♦Camaguey Sugar 7s ctfs
2
172
111
L
6
60
83
103*
26
70
D
Convertible debenture 4 *8—1939 J
Debenture 5s
1965 F
of
94*
68*
79*
69
.
J
O
Cal Pack conv deb 5s
"l05
95
1949 M N
1953 J
conv deb 4*8-1945 M
S
Telep A Teleg coll tr 5s—1946 J D
35-year s f deb 5s
1960 J
J
20-year sinking fund 5Ha.-.1943 M N
Certificates
100*
155*
S
Rolling Mill
Deb g 6s series A
65
102
Am Internat Corp conv
5Hs._1949 J
♦
164
S
M N
3
108
O
79,
103*
77*
105*
♦Consol 5s
1955
Bush Term Bldgs 5s gu tax ex.-I960
By-Prod Coke 1st 5*s A
1945
Cal G A E Corp unf A ref 5s.—1937
6
99*
—
.55*
{(♦Burl C R A Nor 1st A coll 5s 1934
♦Certificates of deposit.
(♦Bush Terminal 1st 4s
1952
4
87*
63~~
"64*
,
95
A
Am
(♦Am Writing Paper 1st
*__
103*
M
2030 M
American Ice s f deb 5s
Amer I G Chem conv 5Ha
69
98*
93*
98*
1949 J
105* 112
95* 101*
76
90*
81* 94*
95* 102*
40* 60*
33* 55*
1944 J
Consol
107*
80
103*
O
1944 F
5s
♦5s stamped
1950
Allegh A West 1st gu 4s
1998
Allegb Val gen guar g 4s
1942
Allied Stores Corp deb 4*s.—1950
Allls-Chalmers Mfg conv deb 4s 1945
Am
*111*
*107*
67
1946 A
conv 5s
♦Coll &
D
1948
Alb&Susq 1st guar 3 Ha
(Alleghany Corp coll tr6s
"74"
O
D
High
118
118*
103* 107*
ser D__ 1960 J
cons
Bruns A West 1st gu g 4s
Buffalo Gen Elec 4*s ser B
Buff Roch A Pitts
gen g 5s.
25
*102*
Adriatic Elec Co. ext 7s
Ala Gt Sou 1st cons A 5s
♦Albany Perfor Wrap Pap 6s.. 1948 A
l
Big Sandy 1st 4s
1st lien A ref 5s series B
104
-
92
25
60
1955 A
♦Debentures 6s
Brown Shoe
♦{(Abltlbl Pow A Paper 1st 58.1953 J D
Adams Express coll tr
g 4s
1948 M S
-
206
102*
55
-
......
1st lien A ref 6s series A
AND INDUSTRIAL
COMPANIES
.
J
Debenture gold 6s
RAILROAD
-
202
350
*104
D
1943 J
Bklyp Qu Co A Sub
A
—
N
Bell Telep of Pa 5s series B
23
s
1958 F
....
101*
90*
94*
93*
101*
58*
103*
O
ref 4s
Con
.
—
.
Southwest Dlv 1st 3*-5s
J
1950 J
Tol A Cln Dlv 1st ref 4s A—1959 J
J
Ref A gen 5s series D
2000 IVI 8
Conv 4*a
i960 F A
Ref A gen M 5s ser F
1998 M 8
Bangor A Aroostook 1st 5s
.
.
D
35
32*
♦Externa!
1952 M N
.....
.....
89
59
O
Battle Creek A Stur 1st gu 3s. .1989 j*D
Beech Creek ext 1st
g 3*s
1951 A O
♦External
Yokohama (City) extl 6s
....
.....
*110*
100*
101*
90*
93*
102*
J
90*
22*
79*
J
20*
33
12
1948 J
15*
51
100
Venetian Prov Mtge Bank 78-1952 A
No
Hioh
*107*
.
......
J
14
29*
29
54
1948 J
81*
25*
,
25*
105*
78*
*74*
78*
~78*
—
Jan. 1
Since
*118
...
-
May 1 1945 M N
Refining deb 6a
Beth Steel
52*
104
Trondhjem (City) 1st 5 *s
1957 M N
♦Uruguay (Republic) extl 8s.-1946 F A
Vienna (City of)—
♦6s Nov coupon on
Warsaw (City) external 7s
10-yr coll tr 5s
Atl A Dan 1st g 4a
2d 4s..
23*
21*
165
*38*
A
1955 F
f 5*8
s
32*
50
51H
Tokyo City 5s loan of 1912—1952 M S
s
1
24*
24*
25*
f 5*s
28
*26*
26 *
♦7s Feb coupon off
7
4
28
coupon on.. 1962 M N
Silesia (Prov of) extl 7s
1958 J D
♦Slleslan Landowners Assn 68.-1947 F A
Solssons (City of) extl 6s
1936 M N
8tyrla (Province of)—
18
19*
16*
9
18*
89
23
22*
23
21
17
D
♦Sinking fund g 6*s
—1946 J D
Serbs Croats & Slovenes
(Kingdom) —
♦8s Nov 1 1935
6
88*
89
28*
30
14*
12
31
20*
17*
81*
122*
17*
San Paulo (State of)—
{*8s July coupon off
1936 J
J
♦External 8s July coupon off. 1950 J
J
♦External 7s Sept coupon offl956 M S
.
.
(Baldwin Loco Works 1st 5s—1940 IVI N
26*
17*
D
.
.
Range
05
Asked
A
27*
6
25 H
15*
.
J
24
19*
15*
1968 J
♦7s August coupon off
External
J
Atl Coast Line 1st cons 4s July 1952 M 8
General unified 4*s A.*
1964 J D
LAN coll gold 4s
Oct 1952 MN
1
5
19*
15*
1967 J D
Rome (City) extl 6*s
—1952 A O
Rotterdam (City) extl 6s
1964 M N
Roumanla (Kingdom of
Monopolies) —
Taiwan Elec Pow
J
97 X
O
.11946 A
♦8s June coupon off
♦7s May coupon off
♦7s June coupon off
s
19*
D
112*
112 H
Bid
Low
Atl Knox A Nor 1st
g 5s...... 1946 J
Atl A Charl A L 1st 4
1944 J
*s A
1st 30-year 5s series B
1944 J
112
24
-
Sydney (City)
22
<9
Range or
Friday's
Sale
Price
Hioh
24 H
28 H
coupon
1
Last
11
97*
23*
23*
112H
28*
off—,—1953 F A
Rio Grande do Sul (State of)—
*8s April coupon off
1946 A O
♦7s Nov
N. Y. STOCK EXCHANGE
Week Ended Sept. 18
Tjow
18 *
1950 M S
A
Rio de Janeiro (City of)—
♦8s April coupon off—..
♦6*8 Aug
*17
24
O
1947 F
♦Rhine-Main-Danube 7s
Hioh
18*
BONDS
Since
Jan. 1
Atl Gulf A W I SS col tr 5s
f 7s__1941 A
s
18*
1952 M N
♦Prussia (Free State) extl 6*s.l951 M S
♦External s f 6s
1952 A O
Queensland (State) extl
25-year external 6s
Range
Bid
Low
1961 J
Week's
Friday
Range or
Friday's
A
Asked
Sale
Price
1837
*•
Week's
Friday
....
"26
15
105* 108
99* 104*
58
63
92*
77
nu
84*
30
81
77*
103*
93*
Sept. 19, 1936
New York Bond Record—Continued—Page 3
1838
—»
Week's
Friday
BONDS
K
l
—*
,
fMcmbcri
STOCK
>
18
|
J
F
{{♦Col Indus 1st
%AlLROAD (BONDS
A
G
F
&"coll 6Vgu"
4-
T el type
Week's
Last
BONDS
Ranoe or
Sale
N. Y. STOCK EXCHANGE
C
Week Ended Sept. 18
N&,
Price
Friday's
Bid
&
Low
F
A
110%
Through Short L 1st gu 4s. 1954 A
O
107 %
Guaranteed g 5s.
1960 F A
Cent RR & Bkg of Ga coll 58.-1937 Nl N
Central Steel 1st g s f 8s
1941 M N
Certain-teed Prod 5%s A
1948 M S
101%
Cent Pac 1st ref gu g 4s
1949
Champion Pap & Fibre deb 4 %sl950 M S
Chesap Corp conv 5s
1947 IVI N
10-year conv coll 5s
—.1944 J D
Ches & Ohio 1st
con g
1939 Nl N
5s
1992 M
General gold 4%s
S
Ref & lmpt 4 %s
1993 A O
Ref & lmpt mtge 3 %s ser D..1996 IVI N
J
Craig Valley 1st 5s
May 1940 J
110%
107%
101%
85%
85%
*125%
'"93%
Asked
!i
cq cq
High
111
107%
102
85%
Since
9
103
6
102
89
102%
88
67
121% 127
"55
105%
92%
105%
106%
149
154
135
132%
135%
92
109%
110
13
125"
125
125%
14
102% 106%
115% 157
110% 138%
109% 112%
118% 126%
110
110
110%
40
110
100%
71
100%
108% 111
100%
*110%
60
110
89% 100
113%
*110
R & A Dlv 1st
*115
4s
110
J
*112
S
*110%
110
41
58%
108%
O
1949
J
108
1949
J
111%
113%
112
3
114
.25
113%
114
8
115%
116%
4
112
2
82
23%
24%
223
14
1958 M
1st & ref 4%s ser B
1st & ref 5s ser A
1977
111'
A
..1971
57
57
A
8
O
{{Chicago & East 111 1st 6s
1934
{♦C & E 111 Ry (new Co) gen 5s.1951 Nl N
♦Certificates of deposit
Chicago & Erie 1st gold 5s
1982 M N
1937 J
Ch G L & Coke 1st gu g 5s
24
12
42
{♦Chic Ind & Loulsv ref 6s
1947 J
♦Refunding g 5s ser B.1947 J
♦Refunding 4s series C
1947 J
%
14
2
116
1
43%
465
103% 105%
26%
43%
23%
42%
19
1
44
24%
"*45
24%
25
15
1956 J
J
102%
103
48
D
*110%
J
♦Gen 4%s series C__May 1 1989
♦Gen 4%s series E__May 1 1989
♦Gen 4 % series F___May 1 1989
J
56%
55%
57
57
J
J
~59%
22%
7%
58%
58
"57"
51%
59
58%
20%
7%
44%
44%
:59%
22%
8%
133
5
11
651
657
non-p Fed inc tax. 1987 M N
♦Gen 4 %s stpd Fed lnc tax. 1987 M N
45
45
3
May 1 2037 J D
♦1st & ref 4%s stpd.May 1 2037 J D
♦1st & ref 4%s ser C.May 1 2037 J
D
♦Conv 4%s series A
1949 MN
♦1st ref g 5s
23%
"14%
38%
1988
♦Certificates of deposit. .1
{♦Refunding gold 4s
1934 A Q
J
W
JL
—
■>« <■
Xv*U
Copenhagen Telep 5s Feb 15—1954
Crown Cork & Seal
Crown
s
.Dec 11960 IVI
5s.
Crown Zellerbach deb 5s
Cuba Nor Ry 1st 5%s
w
28
S
29
46%
65%
58%
47%
68
47%
49%
17%
68
6
36
69%
25
con
4s.-.1952
J
108%
4%s
1st <fe ref
1943 A
O
"85%
Chile Copper Co deb 5s
1947 J
J
102%
J ♦Choc Okla & Gulf
cons
5s
Cln G & E 1st M 4s A
J
J
1st mortgage 4%a
1969
Den Gas & El 1st & ret at 5s... 1951 Nl N
Nl N
Stamped as to Penna tax
1951
J
J
{♦Den & R G 1st cons
g 4s
1936
{♦Consol gold 4%s
i_1936
{♦Den & R G West gen 5s.Aug 1955
♦Assented (subj to plan)
♦Ref & lmpt 5s ser
B___Apr 1978
{♦Des M & Ft Dodge 4s ctfs.__1935
'
53
13%
15%
19%
22%
14%
20%
7
11%
105
111%
"83%
94%
74
95%
61
Cleve Cln Gkl & St L gen 4si_.1993
D
1993
1941
Ref & lmpt 5s ser D__
Ref & lmpt 4%s ser E
J
J
i.1977
Cairo Dlv 1st gold 4s...
1939
Cln Wabash <fe M Dlv 1st 4s_1991 J
103%
120
105
""9
6
102
103
35
Spr & Col Dlv 1st g 4s
1940 M S
102%
30
"~13
W W Val Dlv 1st g 4s
J
1940 J
Cleve-Cllffs Iron 1st mtge 4%s_1950 M N
Cleve Elec Ilium 1st M 3%s___1965 J
J
Cleve & Pgh gen gu
103
102
'l02%
97%
164
106%
*105%
106%
110%
*112%
ser B.1942 A
O
Series B 3%s guar
Series A4Hs guar..
1942 A
O
Series C 3%s guar
Series D3^a guar
1948 M N
107%
105
96% 104%
111% 119
103% 105%
89
103%
78%
97%
106%
93% 102
105
96
104%
104
94% 101%
101% 107%
108% 111%
106%
110%
*106%
Gen 4%s ser A
113
*110%
1950 A
108%
104
*100%
106%
110%
47
106
101%
1990 M N
99% 105%
73
86%
100% 103%
109%
J
St L Dlv 1st coll tr g 4s
109
ioe
J
■"97"
107
1003,6 106
101% 103
102%
96%
*105%
J
105% 109
105% 108%
108% 112
104
*96%
104%
D
..1963
Ref & lmpt 6s ser C
.103
1977
4%s
1942 J
Gen & ref mtg 4%s ser B.
1981
Cleve Short Line 1st gu 4%s_..1961
Cleve Union Term gu 5%s
1st s f 5s series B guar
1st
s
f 4%s series C._
For footnotes see page
1972
1973
1977
1841.
111% 112%
*104%
111%
110%
111%
110%
108
107%
103%
103%
*102
105
....
*107%
108
....
107%
108
11
110
105
105% 108%
105% 108%
117
30
38
9
30
38%
20%
20%
31%
98
13
27%
126
23
8%
8%
22
15%
*
S
A
------
mmmmmm
116%
A
O
111%
D
7y*
*42
10715,6
116%
108%
110%
*35%
*35%
66%
108%
116%
108%
----
4
D
mmmmmm
1995
Detroit Term & Tunnel 4%s..l961 Nl N
A
O
Dul & Iron Range 1st
5s......1937
J
J
Dul Sou Shore & Atl g 5s
1937
mmmmmm
113
108
110%
108% 111%
50
50%,
mmmmmm
mmmmmm
108
45
45
----
35
35
45
40
----
116
6
25
28%
81
15
104% 107
52%
85%
15
107
108%
25%
17
12%
28%
25
108
O
11
104%
15%
35
112% 116%
108
81
107%
24%
116%
----
*30
115%
104%
3%
66
107»316110
14
70
50
13%
10
37
111%
*30
J
5s stamped
Erie & Pitts g gu
3%s ser
Series C 3%s
240
16%
108
29%
29%
1
104% 108
1
B—!
113%
106%
128%
114
113
Series B
Gen
conv
4s series D
_
Ref & lmpt 5s of 1927
Ref & lmpt 5s of 1930
Erie & Jersey 1st s f 6s
-----
135%
135%
2
mmmmmm
112%
112%
5
110
110
111%
7
101% 111%
100% 109%
111%
J
------
J
J
------
J
J
------
J
J
F
A
1953 A
O
O
91%
1967 Nl N
1975 A O
1938 Nl
*109%
*106%
*106%
104%
*
92%
------
86%
86%
—
—
—
-
«...
-
----
....
-----
105%
10
91%
86
91
*106%
O
A
1953
J
1955 J
J
Genessee River 1st s f 6s.... 1957 J
N Y & Erie RR ext 1st 4s... 1947 Nl N
3d mtge
*106%
mmmmmm
1940 J
1953 A
.....
114
mmmmmm
------
1965
1940
Erie RR 1st cons g 4s 4s
prior.. 1996
1st consol gen lien
1996
g 4s
Penn coll trust gold 4s
1951
Conv 4s series A
114
1956 MN
Ed El 111
4%s.._
...1954 F
Fairbanks Morse deb 4s
Federal Light & Tr 1st 5s
5s International series
.1956 J
1942 Nl
-----
92
....
138
105% 107%
105% 107
99% 105%
77%
91%
105% 106«
74%
92%
92%
*81%
35
18
75
925
92%
74
88»
92
86
87
211
70
873
85%
86%
315
69%
87
118
118
1
118
------
108
92%
118%
7
*111%
112%
116% 119
116% 119%
111
111
103
------
S
95
104
D
S
103%
------
102%
103%
65
103%
103%
•1
39
1
*101%
-----
103%
103%
1
103%
104
4
R
Nl
S
Nl
S
J
D
*102%
103%
....
s f g 7s
1946 J
{♦Fla Cent & Penin 5s
....1943 J
{♦Florida East Coast 1st 4%S—1959 J
J
*87
87%
....
J
*59
65
Flat deb
♦1st & ref 5s series A
70
1974 M S
12
10%
12%
385
9%
11%
248
*8%
9%
by owner
♦Certificates of deposit
♦Certificates
of
14
69%
11%
104%
J
------
D
------
J
------
f 7%s—1942 Nl N
42%
74
101% 103%
98
103%
r 101%
97% 103%
99
101% 104%
104
95
60%
52%
56%
7%
87%
61
70
12%
7
11%
8
11
5
------
J
Fort St U D Co 1st g 4
%s
1941
Ft W & Den C 1st
g 5%s
-.1961 J
Framerican Ind Dev 20-yr7%s 1942 J
s
----
70
^Certificates of deposit
Fonda Johns & Glov
4%s
1952
{{♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s
1982
M N
{{♦Proof of claim filed
{♦Francisco Sug 1st
------
D
——————
5
1
*3%
106%
4
----
106%
8
105
1057,6
1
105
108
6
106
81
13
35%
106%
110%
86
1
"75%
95"
9
101% 104%
101
106%
105716
107%
79%
*70
deposit
Galv Hous & Hend 1st
A
5%s A—1938
O
95
Gas & EI of Berg Co cons
J
g 5s. .1949
Gen Amer Investors deb 5s A—1952 F
Gen Cable 1st s f
5%s A
1947 J
D
m
4
6%
3%
6%
106%
mmm.
*121
♦Gen Elec
(Germany) 7s Jan 15 1945
♦Sinking fund deb 6%s
.1940
♦20-year
s
f deb 6s
Conv deb 6s
102
102
102
J
105%
36%
105%
105%
5
36%
36%
36%
36%
103%
10
29
1
30
5
30%
87%
20%
43
J
J
D
------
1948 Nl N
...1945 J
Goodyear Tire & Rub 1st 5s... 1957
J
♦{♦Gould Coupler 1st 8 f 6s
1940
Gouv & Oswegatchle 1st 5s
1942 J
GrR&Iext 1st gug4%s—-1941 J
F
------
J
86%
J
------
J
36%
36%
103%
86
20%
25%
35%
1
32
35%
1
30
36
108%
108%
48
105
105
105%
41
104%
104%
104%
53
S
100%
100%
A
131%
131
100%
135%
J
—
*100
109
98
12
20
108%
»-
36%
36%
104
3
J
D
76
.
2
------
D
102
36%
26
O
Nl N
Gotham Silk Hosiery deb 5s w wl946 Nl
95
A
J
106
105% 111%
65
A
Nl
1942
s f 58
stamped....
1942
1st lien 6s stamped
...1942
30-year deb 6s series B
.1954
1st Hen
113
105% 112/
100% 109'
93
102%
106%
100% 105
26%
{{♦Ga Caro & Nor 1st ext 6s__1934 J
♦Good Hope Steel <fe Ir sec 7s..1945 A
Goodrich (B F) Co 1st 6%S—.1947 J
5
104
98
105
J
Gen Pub Serv deb
5%s
1939 J
Gen Steel Cast 5%s with warr.1949 J
{♦Ga & Ala Ry 1st cons 5s
1945 J
8
41
1
104% 107%
78%
90%
O
113
111%
111%
108%
102%
107%
mmmmmm
mmmmmm
O
♦2d 4s assented
28
A
.1965 A
1995
101%
J
..1952 A
♦Second gold 4s
38
308
87
46%
41
106
*110
mmmmmm
9
101%
107%
61
75%
70%
101% 104%
49%
49%
16%
16%
111% 113
*112
J
F
103%
85%
84%
35
*105%
106%
64%
56
37
41
107
1st mtge guar 3%s series D..1971 Nl N
Clearfield & Mah 1st gu 4s
J
1943 J
37
15%
14%
26%
♦Ctfs of deposit
East Ry Minn Nor Dlv 1st 4s—1948 A
17
107%
109%
107%
57%
34
54%
54%
20
161%
-----
104
33%
J
♦Detroit & Mac 1st lien
g 4s...1995
♦1st 4s assented
1995
■
mmmmmm
J
Duquesne Light 1st M 3%s_._1965 J
♦{East Cuba Sug 15-yr s f 7%s.l937 M S
16
107%
109%
Cin H & D 2d gold 4%s
J
...1937 J
Cln Leb & Nor 1st con gu 4s... 1942 M N
Cin Union Term 1st gu 5s ser C.1957 IVI N
103% 106%
32%
20%
*"III
102
96
31%
43%
41
105
103
31%
15
*37
1952 IVI N
103% 106
mmmmmm
31
22
62
109%
107%
100% 103%
mmmmmm
46%
96
42%
101% 103
J
32
26
31
30%
31%
20
A
207
84
19%
J
39%
102%
30
32
20
F
{♦Des Plaines Val 1st gu 4%s..l947 Nl
Detroit Edison gen & ret 5s ser C '62 F
F
Gen & ref 4%s series D
1961
Gen & ref 5s series E
Gen & ref M 4s ser F
87
J
17
..1968 AO
General 5s serial B
1971
....1969 J
4%s.
80
104%
J
Chllds Co deb 5s
22%
105% 109%
102
'
56
101%
10%
13
32
106%
85%
100%
*107%
102%
70
52
*103%
56%
....
101%
1
24
106%
106
107%
360
108%
105
85%
102%
*106%
J
76%
108
19
1937 J
16
J
101
Dayton Pow & Lt 1st & ref 3 %s 1960 A O
Del & Hudson 1st & ref 4s
1943 Nl N
Gold 5%s
1937 Nl N
J
J
Del Power & Light 1st
55
1963 J
,
12
4
23%
15%
1963 J
1944 J
1st mtge 4 s series D
1st mtg 3%s ser E
Chic & West Indiana
102
101%
100%
7
11
25%
25%
14
47
64
16
105^32 1052*32 105«32
J
106%
106%
111
J ~iii%
111%
75
105%
104%
62
37
D
106
105%
56
9%
48%
Chicago Union Station—
1944 J
112%
104
105%
62
23%
95%
110
109i5t6112%
104% 104%
105% 110%
105% 108
104% 105%
103% 105%
107
61
27
84%
80%
105%
99% 105%
98% 105%
10
62
17
"95"
....
108%
64
30
83%
43
51%
101
108
55%
25
94%
83%
99
20%
....
J
J
Bklyn 1st cons 4s
1939 J
Ed Elec (N Y) 1st cons
J
1995 J
g 5s
Elgin Jollet & East 1st g 5s— 1941 IVI N
El Paso & 8 W 1st 5s
1965 A O
*94
D
25
105
105
3
29
*21%
*21%
49%
D
92% 103
*90%
D
24%
24%
24%
14
D
East T Va & Ga Dlv 1st 5s
111%
mmm.rn.~m.
-
26
J
57%
*110
mmmmmm
— — —
1936 J
...
61%
7
31
106%
25%
1936 J
1st ref 7%s series A
1st lien & ref 6s ser B__
42
116
59%
"
20
152
17%
5
37
54
49%
10%
101%
1942
58%
132
3
69
105%
105%
104%
w—1940 Nl S
J D
38%
19
105%
105%
Willamette Paper 6s—1951 J
Ernesto Breda 7s...
Guaranteed g 5s_,
Guaranteed 4s
A
40%
9%
D
3%s
gu
F
..1950 M N
J
f 4s
....
105%
"*98
D
1
17%
M~N
June 15 1951 J
Memphis Dlv 1st g 4s
1951 J
hie T H & So East 1st 5s
1960 J
Inc
46%
15%
16%
19%
16
D
Gold
J
66
39
51%
mmmrnm.~
D
58%
"17%
------
M N
45%
*
"15"
M~S
1951 J
Ch St L & New Orleans 5s
J
J
J
Consolidation Coal s f 5s
J
D
Consumers Gas & Chic gu 5s..
Consumers Power 3%s.May 1 1965 Nl N
Nl N
1st mtge 3%s
May 1 1965
'
85%
48% 100
110% 111%
....
107
106
24%
O
38%
24%
...
♦Certificates of deposit
{♦Secured 4%s series A.
1952
♦Certificates of deposit
♦Conv g 4%a
...1960
J
A
48%
23%
22%
22%
14%
"49%
-----
107
*22%
J
76%
.
*102%
105%
mmrnmrnrn
1956 J
....
81
l»>"
47
3
-----
mm-i
106%
J
♦Debenture 4s
—- —
-----
J
45%
58%
46 %
-
-----
D
45
.
♦Gen 5s stpd Fed lnc tax
1987 M N
♦4%s stamped
...1987 M N
{♦Secured g6Hs
1936 IVI N
4s
28%
35%
25
gen
48%
33%
46
{♦Chic R I 4 P Ry
49
29
28
45
§ J ♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
28%
46
1987 M N
Stpd 4s
23
122%
43
"22
'.
*112%
J
Consol Gas (N Y) deb 4%s
1951
{♦Consol Ry non-conv deb 4s..1954 J
110% 111%
*46
J
A
{♦Chic Mllw St P & Pac 5s A.. 1975
♦Conv adj 5s
.Jan 1 2000 A O
{♦Chic & No West gen g 3%s..l987 M N
♦General 4s
25%
65
1969 J
J
117%
22
43
mmmmmm
54
104%
104%
*112
105
114
103%
*41
J
♦Chic M & St P gen 4s ser A..1989
♦Gen g3Ks ser B__May 1 1989
114
122
42%
42%
J
1966 M N
1966 J
113
21
43
Chic Ind <fe Sou 50-year 4s
Chic L S & East 1st 4%s
104%
108%
107%
106%
122
{♦Chicago Great West 1st 4s..1959 M S
♦1st & gen 5s series A
♦1st & gen 6s series B.May
36
103%
40%
21%
J
J
58%
108%
mmmmmm
J
£m
105%
Cumb T & T 1st & gen 5s
1949
mm~m.rn.mm
J
—
105
110%
Chic & Alton RR ref g 3s
O
m
O
108% 113%
1941 M
Chic Burl & Q—111 Dlv 3%S
Illinois Division 4s
A
—
High
110% 111%
65%
85%
98% 105
111%
1989
1989 J
General 4s.._
104%
J
A
A
3%s debentures
19
♦Consolidated Hydro-Elec Works
J
of Upper Wuertemberg 7s
19^u
112% 118%
con g
2d consol gold 4s
8
105%
108
Potts Creek Branch 1st 4s.-.1946
Warm Spring V 1st g 5s
105%
105%
O
High
103% 111
153%
100%
104%
A
Low
80
127
94
Ranoe
Jan. 1
106
105
O
1951
1951 J
4%s
Consol Edison (N Y) deb 3%s.l946
1
Friday
guar
77%
104%
A
Stamped
3
99
.....
105
J
Conn Ry & L 1st & ref 4 %s
1
78
F
Cgo. 543
Low
....
84%
-----
75%
A
%endolph 7711
81
77
F
Connections
T. 1-741 *¥ 9ell System
.
Since
79%
105
-----
O
J
135 So. Le Selle St.
<Prhte Who
<DIgby 4-5200
—
82%
Nl N
Chicago, Itt.
Jiew York, 1\£. T»
'
IVI N
A
Range
Jan. 1
am
-----
105
A
m.
<2
Asked
&
*110%
79%
D
A
One Well Strut
Bid
Low
J
1
Friday's
Price
Nft,
J
T'ork St0ck &*ch*n**
^(ir York Curb Sxchange
f
t
Range or
Sale
-5s
jj
EXCHANGE
Week Ended Sept.
& Johnson
Wtos.
Bennett
Y.
Last
5
<0
N.
-----
109
19
21
107% 108%
104
105%
103% 106
98
100%
17
56
----
100
104%
1
108
110
138
Volume
New York Bond Record—Continued—Page 4
143
Week's
Friday
bonds
Week Ended Sept.
Last
Inter st Period
N. Y. STOCK EXCHANGE
18
d
5s —1947 J
gu
Gt Cons El Pow (Japan) 7s
1st & gen s f 6%s
1944 f
—1950 J
96
j
89 M
"WA
J
6
24
"ill""
111
112
14
General 4 %s series D--General 4%s series E
1976 J
1977 J
j
105%
104 M
105%
j
Gen mtge 4s ser G—
Gen mtge 4s ser H
1946 J
j
117M
117
1946 J
J
107%
33
106% * 107%
75
*12%
♦Green Bay & West debt ctfs A
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s__
Gulf Mob & Nor 1st 5%s B
Feb
Feb
1940 M n
A o
104
"l2~"
\
102 %
"98%
J
*80 M
*80 M
Gulf States Steel deb 5%s
-1942 j
D
103 M
Hackensack Water 1st 4s.——1952 J
j
1949 j
J
g
J
"123"
1937 M n
{♦Housatonlc Ry cons g 5s
H & T C 1st g 5s lnt guar
"~74%
"102
52 M
48 %
122 M
83 %
A
84
36
1st gold 3%s
Extended 1st gold 3%s
1st gold 3s sterling
Collateral trust gold 4s
o
107 %
J
*107
1951 j
J
*104
S
1952 A
Aug 1 1966 F
A
j
w——
d
90%
d
86 M
s f
106 %
8
J
72%
89%
123
26%
39%
108%
110%
28
104
108%
105% 112
————
87%
79%
81%
69%
68%
"58
93%
94%
103%
81%
105%
"ii
91% 100%
72%
87
99
100
71%
92%
135
67%
88
106% 108%
7
105
mmmm
"~94%
56%
93 M
56 M
94
100% 101
mmm
103
106 %
87%
82
"14
87
75
6
— — —
108
M
94 %
87
86%
85M
87
84%
103% 106%
3
87'
86
64%
79
100%
89%
93%
94%
103%
90
36
91
89 %
105%
94%
_
196
"~2
46
12
106%
105
108%
102% 104
8
104
"27
106%
95
105
99% 103
21%
47%
103% 107
o
93%
31
89%
87%
59%
61
48
56
15
45%
95%
94
65%
60%
93%
92%
41
90
97
92%
93%
29
52 M
93
----
M S
$ 93
100
99 M
158
155 M
36
138
37%
78
11
12%
59
11
32%
46%
35 M
36%
36%
13
33
45
56%
53 M
56%
373
j
O
A
o
74 %
16%
J
99%
99 M
s
92 M
91
1941
16
158%
35M
35M
1944 A
1955 ivi
100
96%
86%
97%
96% 102%
115% 160%
34
47%
9
14%
12
36M
j
& B_—1947 j
87%
60
35%
1956 J
1956 J
lnt Rys Cent Amer 1st 5s B
1972
1st coll trust
6% g notes——1941
1st lien & ref 6
Ms
1947
lnt Telep & Teleg deb
g 4%s--1952
Conv deb 4%s
1939
77
ivi N
91
M N
100
74%
36%
59%
65%
79%
90% 101
75%
92%
31
100
74
92%
86
91
91
1
80
3
100%
88% 100%
81%
94
-
f
A
j
J
71%
70
74%
117
68
91%
j
J
82
81%
84%
217
80%
99%
Debenture 5s
1955 f A
{♦Iowa Central Ry 1st & ref 4s.l951 M S
73 M
3
12
77
238
72
95
2
1%
James Frank & Clear 1st 4s
Jones & Laughlln Steel
97
96 M
97%
29
84%
104%
53
1959 j
94
D
93%
94
3
13
3
4%s A—1961 M S
Kan & M 1st gu
g 4s
1990 A O
{♦K C Ft S & M Ry ref g 48-1936 A o
♦Certificates of deposit
A o
K C Pow & Lt 1st
f A
103%
103 %
106 M
"58 H
51%
59
31
53 M
53%
54%
27
mtge 4%s.-1961
Kan City Sou 1st gold 3s
1950 A
Ref
<fc
Kansas
lmpt 6s
City Term
♦Ctfs
w
w w
w
O
"89 M
J
J
94 M
1960 j
1980 j
J
Apr 1950
1st 4s
Kansas Gas <k Electric 4%s
♦Karstadt (Rudolph) 1st 6s
♦Ctfs
*110
108M
D
1943 mn
(par $925) -.1943
Keith (B F) Corp 1st 6s
Kendall Co5%s
S
J
j
"95%
j
J
J
J
j
o
*104%
*103M
101
d
-
A
j
160M
~106%
----a.-
j
J
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 5s_1939 AO
Coll A ref 5 Ms series C
1953 f A
Coll A ref 5 Ms series D
1960 f A
—1942 F
A
1942 F
1937 j
~iio%
107
109%
102% 106%
2
40
1997 j
D
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st Arefsf5sl944
M S
j
j
35
J
A
O
' 39
32
22
103%
114%
38%
32
10
92
3
102
96%
104%
-
—
107
115
102
-
89
20
98
-—-
102
102
103%
107
103% 103%
104% 106%
105%
160%
""3
106%
11
155
119
i20
101 %
101%
110
163
103% 108%
112% 116%
116%
122
"~5
99% 102%
16
104% 113%
111
42 M
43
44
42%
99M
68M
68M
101
68
98% 102%
66
80%
68%
70
69
68M
70
*70
101M
*102%
-
-
-
-
.33%
32 M
J
j
43
42 M
j
J
104 M
32%
"l"02M
—
-
-
-
101%
104%
34
102
105M
85 M
98 M
43
6
64%
80%
7
65
87
67%
77
---
"~7
101
"l
21
174
2
32%
9
32%
104%
102%
105%
87%
98%
98
18
2
37
104
100% 104%
99% 105%
~
32 M
103%
"S6%
70%
69%
51
98
35%
32%
104%
104%
104% 105%
57
87%
f 5s
General
cons
126%
Little Miami gen 4s
Loews Inc
s
f deb 3
Lombard Elec 7s
series A"Il962
Guar ref gold 4s
Lorillard (P) Co deb 7s
see
page
1841
99
121%
98%
110716 110716
*109%
*103%
109%
108%
M n
S
ni
ni N
j
15
64
131
6
118
99
84
20
----
-----
104
32
O
*102
O
110
110
O
108%
O
103%
101%
108%
103%
21
a
102%
109%
34
A
O
"I02%
Paducah A Mem Dlv 4s
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4 Ms
1946 f
A
109%-
1980 ni
S
South Ry Joint Monon 4s
Atl Knoxv A Cin Dlv 4s
1952 J
1st A ref 4s
ser
—11—2003
D
1945 M S
s
1955 ni N
A
{{♦Alanatl Sugar 1st
f 7M8— .1942 a
s
101
"50
O
50
•Certificates of deposit
{♦Manhat Ry (N Y) cons g 4s_1990 ao
•Certificates of deposit-
55%
D
2013 j
Manila Elec RR A Lt
s
60%
-
.
♦2d 4s.
1953 ni
f 5s
*35
mmmmmm
100
S
Manila RR (South Lines) 4s„ .1939 ni N
1st ext 4s
82%
48%
47%
59%
54%
1943 j
97
21
93
1H% 114
86
98%
108% 113%
„
94%
1
11
103% 103%
36
102% 104%
102
42
99% 102
83%
31
76
83%
50
25
23
53
50
23
22
61%
55%
38%
14
58%
30
53%
34%
62%
71%
68
50%
3
100
88
91
99
100
74
61
89%
36
34%
36%
ni N
mmmmmm
ni
S
109%
a
O
mmmmmm
F
100%
105%
100%
a
109
104
*14
*1%
1977 M S
j
J
96%
1940 a
O
1961 j
1971 j
D
j
-----
106%
D
J
rntm'm
105
mmm
95
91
•
104
103%
104%
104%
J
{♦Mil Spar A N W 1st gu 48—1947
{♦Milw A State Line 1st 3Ms—1941
{♦Minn A St Louis 5s ctfs
1934
ni
j
S
J
mmmmmm
11
100% 104%
11
102% 104%
95
34
,
25
105
27
-----
47
5
20
2%
1
1%
2%
37%
76
32%
46%
4
29
42%
38
52
31
33
6
28%
91%
30
25
23%
18%
81%
30%
93%
31%
28%
mmmmmm
*93
92
9
83
46%
95%
23
36
49%
93%
64
76
96
85%
86
'
56
74%
76%
75%
16
78
16
60%
8
285
59%
49%
52%
30%
27%
26%
10%
71
40%
62%
42%
149
41%
J
J
83
45
94%
85%
74%
76%
61%
347
27
43
26%
27%
26%
7%
27%
26%
41
43
-----
--
-
-
61
1mm
39
16%
41%
16
40%
39%
17%
42%
39%
39
40
40%
39%
41%
33
39%
13%
41%
193
mmm
ivi's
S
-1978 MN
mmmm
♦Certificates of deposit
mmmmmm
13
1949 MN
♦Conv gold 5Ms
♦1st A ref g 5s series H
♦Certificates of deposit
1980 a
12%
40%
41%
O
40%
40%
40%
41%
.1981 FA
*39
♦Certificates of deposit
♦Mo Pac 3d 7s ext at 4 % July. .1938 MN
{♦Mobile A Ohio gen geld 4s. -.1938 M S
*
*
4
71
6
40%
42
227
40%
~28~~
27
27
—
97
mmmmmm
mmmmmm
15
100
mmm
♦Montgomery Dlv 1st g 5s„1947 f A
♦Ref A lmpt 4 Ms
1977 M S
—
—
82
89
76%
80%
42%
39%
17%
40%
14<y
42%
40%
43
41%
100
""
28
2
~14%
28%
19%
19%
20
39
9
20
20
19%
20%
69
9%
20%
93%
♦Sec 5% notes.
1938 M S
Mohawk A Malone 1st gu g 4s_1991 M S
ser
39
45
A
♦Certificates of deposit
♦1st A ref 5s series G
6
4
19
O
1977 ni
11%
35
J
♦1st A ref 5s series F
79
11%
4%
45
D
1975
95
88
49%
60%
34%
j
♦General 4s
32
70.
"56
36%
1941 MN
J
1959 j
1965 f
71%
85
43%
S
Jan 1967 A
38%
,
37
j
1962 J
1978 j
67%
95
101% 105%
101% 106
104
94
9%
j
Mo Kan A Tex 1st gold 4s
1990 j
Mo-K-T RR pr lien 5s ser A—.1962 j
94
98% 106%
105%
mmmmmm
j
1978 J
90
104% 109%
11
2%
j
1949 ni
3%
29%
** '•
4%
f
4s lnt gu.1938 J
18%
1%
nn
iJ\J
*63
11%
4%
S
1938 J
5s gu as to Int...—1938 J
1st A ref 6s series A
--.1946 J
oons
{♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit
110%
4
*82%
36%
mmmmmm
M n
1949 ni
1962 Q
40-year 4s series B
105%
108
107
*88%
1939
25-year 5 Ms
1st ref 5 Ms series B
1st Chicago Term s f 4s
{♦Mo-Ill rr 1st 5s series A
102 1
11
-----
*KO
ou
1939
♦1st A refunding gold 4s
♦Ref A ext 50-yr 5s ser A
103
14
*104%
mmmmmm
106%
Milw El Ry A Lt 1st 5s B
1st mtge 5s
{{♦MllwANorlst ext4 %s(1880)1934
95% 100
78% 97
100
23%
J
1979 J
1st ext 4 Ms
2
0m%M1
1952 ni N
■Con ext 4 Ms
17
n
1951 M S
Sug 3M8
9
97%
97
101%
105%
109%
104%
18%
2%
XJ
1940 j
City Air Line 4s.
Monongahela Ry 1st M 4s
57
98%
113%
81
95%
J
Q
1st gold 3Ms
Ref A lmpt 4 Ms series C
Mid of N J 1st ext 5s
♦1st A ref 5s series I
81
m
mmm mm
95%
97%
O
♦Mlag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
Prior lien 4 Ms series D.
♦Cum adjust 5s ser A
103% 107%
101% 104%
105
109%
*34
D
1947 a
♦Mex Internat 1st 4s asstd
1st
1
107% 109%
103
105%
107% 109%
102% 106
107% 111%
103% 110%
*
Market St Ry 7s ser A...April 1940
Mead Corp 1st 6s with warr„.1945
Metrop Ed 1st 4 Ms ser D
1968
Metrop Wat Sew A D 5 Ms
1950
{{♦Met West Side EI (Chic) 4s. 1938
M St P A S3 M con g
1st cons 5s.—
mmmm
2
99%
110% 113
*71%
|*Man G B A N W 1st 3Ms—1941
Mfrs Tr
Jack Lans A
2
133%
122%
*90
mmmmmm
1959 ni N
j
J
Co ctfs of partlc in
A I Namm A Son 1st 6s
Marlon Steam Shovel s f 6s
109%
103%
99% 105
103%
104%
103%
103%
d
J
—I960
m
101%
McKesson A Robblns deb 5 Ms. 1950 ni N
Maine Central rr 4s ser A
d
1945 J
mt£e 4Ms ser A
mm
103%
103%
ni N
f deb 5sl951
—
m
mmmmmm
j
♦Lower Austria Hydro El 6ms-1944 F
MoCrory Stores Corp
m.
109%
*92%
*113%
97%
98%
113%
112%
94%
99%
103% 105%
101
104%
98
102%
105
2003 a
93
93%
40
85%
96
110%
A'60 M N
111
13
105% 111
106%
106%
17
106% 106%
1
107% 107%
12
103% 105%
Monongahela West Penn Pub Serv
1st mtge
4Mb
Montana Power 1st 5s A
100,
"l22%
j
96
137
111
45%
74%
104% 106
132%
122%
99%
110%
2003 a
68
82% 101%
a
5
2003 a
53%
98
F
J
4
104%
101%
1st A ref 4 Ms series C
Gold 5s
10
9
132
o
104%
1st refund 5 Ms series A
1st A ref 5s series B
;
Mont Cent 1st gu 6s
44
*103%
104%
101%
104%
—
1940 J
72%
69%
.
D
gold 4s
101%
99
3
1951
54%
101%
96
1944 A
6s«-,
97
98%
108
99%
Louisiana A Ark 1st 5s ser A—1969
Louisville Gas A El (Ky) 5s—1952
IxjuIs A Jeff Bdge Co gu 5 4s_—1945
Louisville A Nashville 5s.
1937
60
100 M
121% 122
69%
_
125
131
10
98%
104%
115
15
69
S
34
73%
40
82%
103% 107%
134%
*105%
1937 ni N
1949 ivi S
8
"99 "
1
High
81% 100%
33%
68%
127
1938 j
deb 5s
5
100%
3
d
A
1949 M
Unified
57
O
1946 f
-,.1952 J
A
Unified gold 4s
p m
96
125
134%
125%
*108%
"99
271
107%
125
M n
20-year
t
107
107
Low
60
100%
68%
73%
82%
1950 a
Ms
ser
Long Dock Co 3%s ext to
Long Island gen gold 4s
3
A
81%
134%
a
72
1954 f
72
72%
81%
O
67%
67%
Leh Val Harbor Term gu 5s
66%
o
72
J
99%
67%
_1951 F
66%
1938 j
100%
2003 M N
-2003 ivi N
o
Since
High
j
1940 j
5s
A
Secured 6% gold notes
Jan. I
Price
Liggett A Myers Tobacco 7s—-1944 A
A
67
Range
Friday's
Bid
<fc
Asked
2003 ivi N
5s
A
A
Range or
Sale
Leh Val Term Ry 1st gu g 5s—.1941 A
Lex A East 1st 50-yr 5s gu
1965 a
f
-1974 f
—
Week's
Last
js -S
Low
Leh Val N Y 1st gu g 4 Ms
Lehigh Val (Pa) cons g 4s
General cons 4 Ms
1954 f
-1964 f
1st A ref s f 5s
For footnotes
49
100%
.
J
1941 J
106%
*115%
*118
--
A
♦Lautaro Nitrate Co Ltd 6s
1954
♦Certificates of deposit
Lehigh C A Nav s f 4Mb a—-1954
Cons sink fund 4Mb ser C
1954
Lehigh A New Eng RR 4s A—1965
1st A ref s f 5s.
108%
105%
*106M
Kinney (G R) <fc Co 7 % % notes 1936 J
Kresge Foundation coll tr 4s.-1945 J
Kreuger A Toll secured 5s
m
s
96
96
j
mmmmmm
O
1st A ref
90
28%
1961 J
1937 A
-
74%
67
95
*113%
100%
*104M
Purchase money 6s
1997 A
Kings County Elev 1st g 4s—1949 F
Kings Co Lighting 1st 5s
1954 J
First and ref 6 Ms
1954 J
Lake Erie A West 1st g 5s
2d gold 5s
Lake Sh A Mich So g 3 Ms
"94
30
103 M
54%
110% 113%
«
44
1961 j
Coll tr 6s series A
Coll tr 6s series B
-
59
42
28%
—-
S
'
4%s unguaranteed
Kings Count 7 El LAP 5s
-
107
95%
*28
-
1948 M
Plain
-
40%
37%
*32
-
1946 ivi
Kentucky Central gold 4s
1987
Kentucky & Ind Term 4%s—1961
Stamped
1961
102
4
110=32
89%
*41
__
warr
94
104%
stmp (par $645)-.1943
stmp (par $925)
1943
♦Ctfs with
88 %
108 M
107
4
97%
102% 104%
Friday
3*
bonds
N. Y. STOCK EXCHANGE
Week Ended Sept. 18
101% 104
---•-
92
deposit
7% notes——1932
of deposit
ser A
123
"l2
*103%
A
of
6s series A
85
99
42
{♦Int-Grt Nor 1st 6s ser A
J
1952 j
♦Adjustment 6s ser A.-July 1952 A O
Ref
5
94
*104
----
f 6s
109
-
103
1966 j
Internat Hydro El deb 6s..
100%
38%
52%
119% 123
14
52%
123
93 %
42 M
J
IVI
1932 A
Internat Paper 5s
100 %
86 M
"103"
1961 f
of deposit
s
105 %
*94%
108
108
Interlake Iron 1st 5s B
1951 ivi N
lnt Agrlc Corp 5s
m N
stamped 1942
Internat Cement conv deb 4s—1945 M n
lnt Merc Marine
80
j
1965 j
H—1986
♦1st 5s series B
102 %
102%
37%
124%
81
89
105
105%
103%
102% 105
*90 M
92 %
J
j
1956
♦1st g 5s series C-_
3
*100 %
98 M
-
A
O
♦Certificates
{♦10-year 6s
♦Certificates
{♦10-year conv
♦Certificates
----
102%
102 M
"94"
Ind Bloom & West 1st ext
4s„ 1940 A
Ind 111 & Iowa 1st
g 4s_—
1950 J
ser
64%
102%
141
"86 M
O
Imp mtge 3%s
4
"l05~~
*86
1940 A
Ref <fc
116
44 %
87
------
J
3%s—1951
Inland Steel 3%s series D
{ Interboro Rap Tran 1st 5s
12
49
81
85 M
j
J
Western Lines 1st g 4s
1951 F
ni Cent and Chic St L & N O—
Joint 1st ref 5s series A
1963 J
1st & ref 4 %s series C
1963 J
{♦Ind & Louisville 1st gu 4s
Ind Union Ry 5s series B
31%
_---
123%
"§6%
81M
105%
107% 110%
110
5
j
1951 J
j
Illinois Steel deb 4 %s
7
103%
77%
82%
101
_
_
-A——--
1951 J
3%s
—
a. T. a T. Tele. N. Y. 1-1598
98%
69
'
85
d
1953 J
1951 F
Omaha Dlv 1st gold 3s
St Louis Dlv & Term
g 3s
Gold 3%s
81%
75%
——
YORK
NEW
St.
Telephone Whitehall 4-2900 '
103
90
67
86
93 M
85
A
1950 J
1951 j
Litchfield Dlv 1st gold 3s
Loulsv Dlv & Term g
g
94 %
1955 M n
Springfield Dlv 1st
"93"
1953 M n
Refunding 6s
40-year 4 %s
Cairo Bridge gold 4s
O
1955 M n
j
1952 J
Purchased lines 3%s..
Collateral trust gold 4s
1
102%
98%
Members New York Stock Exchange
Wall
63
7%
14%
106% 107%
*104
O
1951 m
-
47
12%
D. H. SlLBERBERG & Co.
72
60
36%
35
1951 A
Refunding 4s
173
----
74%
122 M
♦Adjustment Income Ss.Feb 1957 A O
Illinois Bell Telep 3%s ser B—1970 A
Illinois Central 1st gold 4s
1951 j
73
102 %
102
_
1949 M n
1957 f
143
*102 M
Houston Belt & Term 1st 6s—1937 J
j
Houston Oil sink fund 5%s A—1940 Ml N
Hudson Coal 1st 8 f 5s ser A—1962 j D
Hudson Co Gas 1st g 5s
Hud & Manhat 1st 5s ser A
122 %
.13%
j
1937 J
97%
*108 %
*30
j
1999 J
1944 A O
4 %8
♦Hoe (R) & Co 1st mtge
102
*107%
""
1950
o
♦Harpen Mining 6s
Hocking Val 1st cons
105%
104%
118%
11
1st mtge 5s series C
1950 A
Gulf & S 11st ref & ter 5s Feb 1952 j
j
Stamped...
.
17
114%
115%
114%
FOR BANKS AND DEALERS
88%
99
91
81%
107% 115
107% 116
103% 112%
96% 105%
96% 105
109% 122H
99% 108%
15
90
115
J
95
90
mmmm
96
BROKERS IN BONDS
High
Low
97
95 M
j
Great Northern 4%s series A—1961 J
General 5%s series B
1952 j
General 5s series C
1973 j
Since
Jan. 1
High
*95
A
Range
Bonds Sold
Friday's
&
Asked
Bid
Low
Grays Point Term 1st
\
\
Range or
Sale
Price
1839
6s debentures
1st guar
gold 5s
1960 A
o
1965 A
j
1943 J
j
Deb 5s series A.
1962 j
Montecatlnl Min A Agrlc deb 7s '37 j
m'rn
m
mmm
107%
107%
104%
104%
*103%
J
1937 J
"l07%
o
1937 J
w
103%
107%
mmmmmm
107„%
D rnlmmmrn
103%
93%
90%
J
■
104%
93%
-
-
-
-
4
14
6
102% 104%
106% 108%
97% 104%
66%
97
New York Bond
1840
BONDS
N.
Y.
Last
Inter st. Period
EXCHANGE
STOCK
Week Ended Sept. 18
&
s
Gen & ref
s
1955 A
s
A
O
f 5s series D....
a
t 4%s
1939
J
•
D
1937 F
1951 J
Nash Flo & S 1st gu g 5s
Nassau Elec gu g 4s stpd
Nat Acme 1st s f 6s
—1942 J
116%
......
96
m
& rets No 4 on '57
♦4s April 1914 coupon on —1951 A
♦4s April 1914 coupon off—1951 A
warr
106%
105%
{♦Naugatuck RR 1st
g
4s
1954
106%
J
89
J
O
O
47
J
99%
O
J
J
.m m
-
-
"93%
F
A
F
A
O
101%
O
104%
M S
94%
97
—
O
—
-
97%
A
A
—
F
NY Edison 1st & ref 6 Ha A...1941
1st lien A ref 3 % s ser D
1
N Y & Erie—See Erie RR.
97%
*107%
*108%
-
O
A
J
F
A
1
IVI N
5
IVI N
N Y Lack A West 4s ser A....]
4 Ha series B
]
N Y L E & W Coal A RR 5HsJ
IVI N
N Y L E & W Dock & Impt 5s.l
N Y & Long Branch gen 4s
]
J
{*N Y & N Eng (Bost Term) 4s 1
(♦NYNH4H n-c deb 4s
1
A
♦Non-conv debenture 4s
]
♦Non-conv debenture 4s
]
i
J
IVI N
J
♦1st A ref 4Ha ser of 1927--]
J
♦Harlem R & Pt Ches 1st 4s J
F
...
N Y Telep 1st A gen s f 4%s—.
A
) M N
3
D
S
3 A
60
101H 104 %
82
104%
70 H
88
99
105%
^
m
±
^
109
106 H
-
1
125%
10
116%
22
1
-
35
100%
107
3
108 H
103%
"33"
•
*m»
J
31%
mm
Guar 3 Ha trust ctfs C
Guar 3 Ha trust .ctfs D
Guar 4s ser E trust ctfs
1942 J
37%
A
60%
J
95%
104%
58%
93%
102%
*36%
J Lrnmmmm
—
92
Penn-Dlxle Cement 1st 6s A.. .1941
O
F
A
_
17%
I Ml N
3 O
1 J
1
F
392
104
37%
69
15
69%
110%
106%
99% 102
93
101%
36 %
34 %
61H
59%
55
61%
83
32 H
49 H
J
~
—
-
77%
4s sterl stpd dollar May 1 .1948 Ml N
Gen mtge 3%s ser C
.1970 A O
101
mmmm
104 H 106
119H 122%
60
-
*
-
~
-
mmmm
-
107
104%
mmmm
35
104%
17
121
32
98
122% 126 H
O
108%
109%
42
113% 117
108%
108%
120%
114%
94%
120%
114%
95%
17%
92 H 100H
102
106
94 H 101
108
103
H 103
24
37
Refunding gold
Peoria A Eastern 1st
♦Income 4s
J
Ml
51H
15%
26 H
40 %
32 H
82 H
M N
F
J
.1981 J
D
J
M N
lst A ref 4s
.1971 F
Phlla A Reading C A I ref 5s.
Conv deb 6s
Philippine Ry 1st s f 4s
Plllsbury Flour Mills 20-yr 6s.
PirelU Co (Italy) conv 7s
56 %
49%
J
A
m
m
m
«
•
•
^
-
104
A
29
105%
107 H
Ml N
1
106
107 H
J
D
120%
54
92 H
A
O
120
87
J
llO
80
11
129
mm-mmm
J
108%
mmrn+ imm
A
O
A
O
J
22 H
2
105%
57
.47
88
165
19
106%
13
....
D
m
rn
—mm
m
100 H
94%
109
76
9
89
89
124%
115%
103% 107
105
37
55
15%
25%
32%
105%
70
6
111
114
5
111
113%
25
110
mmmmm
112%
105% 106%
111
111
109
114%
108% 108%
15
121
*121
122%
118
3
120'%
119%
120%
121
21
108%
108%
24
*110
115% 121%
111%
8
94%
94%
94%
94%
16
94%
21
112%
116
121%
107
110
109% 110
73
94%
75
94%
74
110
F
A
D
j
n
123%
34
113%
F
A
103%
103
103%
18%
79
12 H
22 %
F
A
104
7
13
12%
21H
63H
M
S
102%
77%
102%
17
78
298
106%
78%
106%
106%
77%
78%
34
37
957
64%
27%
105
160
80
....
J
J
58
115
122
J
J
105%
107 H
J
J
35
10%
106%
107%
44
J
J
105
105
17
107
32
101% 107
4 Ml
S
*118
11
Ml N
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)J
120
121H
112H 115
rnmmmmm
S
J
'mmmm"
75
98%
15%
113
)J
J
114
104%
J
-
.
-
97%
1
6
3
•-«-
-
-
-
102
6
104%
98
-
10
15%
92
*86%
"113%
iJ
{♦Radio-Kelth-Orph pt pd ctfs
for deb 6s & com stk
(65% pd)..
119% 119%
w-
*108
18
105%
94%
110
'
J
104%
121
115% 121%
108
106
85
112%
106%
105
109
111
96% 104
103% 107%
102% 105%
103H 106
34
5
105%
1st 5s 1935 extended to 1950
109
103% 108%
105 H
51
113
118
2
62%
99%
103%
113
39
1
95%
19%
120
60
Port Arthur Can & Dk 6s A...
.
108% 112
98% 106%
103%
155
114
115% 121%
99% 106
105% 111%
105% 111%
115% 121
106% 114%
112%
121
*111%
*119%
115%
102%
118% 123
111%
113%
113%
94%
D
111 H
96
12%
„
M N
J
93
80
108
*111
-
22
72
36
*111
mmmmm
99
90%
105
105%
103% 107%
108% 108%
106
107%
110% 113%
111% 115
107%
*121
105
102% 107%
110
107
*111
rnmmktmm
M N
103%
111%
3
mmmm
31%
D
F
46
mm
28%
A
111
45
rn'm
116%
113%
112%
*104%
108%
8
102%
101% 105%
111
25%
30%
O
10
100
41
124%
113
M N
J
41
94
M N
F
34
mmmm
35
m
111%
A
-
105%
28%
-
O
Series D 4s guar...
107
124%,
*117
mm*.
O
-
rnmmmrn
*114%
106%
107%
104%
104%
46%
44%
rnm
m
35
99%
102%
99%
*112%
Ml N
Series B
104J4 108%
31H
53H
-
3
29
106
107
S
J
rn
16%
*111%
mm~mmm
J
Ml
m
77
109%
101%
124%
A
J
A
103%
93 H
102
«
mmmmm
106
mmmmmm
D
4%s..
mmm
rnm'mmmm
A
J
5s series A
m
106
S
sec
m
114%
95%
16%
J
J
General g 4Hs series C
General 4 %s series D
mm
A
1st g 4 Ha series C
35 H
103
mmm
Apr
F
1st 4s series B
27
36
O
J
Phlla Bait & Wash 1st g 4s
General 5s series B
68
101
S
April
Peoria & Pekin Un 1st 5%s_.
Pere Marquette 1st ser A 6s_.
41
84 H
O
A
4s..,
m
109%
J
A
M
cons
23%
26%
28
J
5s
16
37%
.1981 A
Qs_.
cons
149
65
102
106
m
A
A
90%
14%
106%
10
113
Phlla Elec Co 1st & ref
89%
115%
101%
119%
F
110%
10
21
105%
37 %
9
96
114%
105%
■
66%
m
120
25
85
m
D
m
D
108%
90%
-
O
40
65
*
106%
112%
•
A
Phlla Co
48%
•»'
13
J
38 %
1
11
+
Debenture g 4 Ha
General 4Ha series D
Gen mtge 4%s series E!
37 %
12
mmmm
General 5s series B
A
99 %
1 Ml
82
mmmm
mm mrnm
120
107
73
mmmm
106
101H 103
75
24%
70
«.
106%
S
42
mmmm
95%
106%
A
97%
102% 151%
mmmm
105%
119"
7 Ml
104 %
mmm+m
*102%
*105%
*105%
*105%
94%
*105%
104%
*108%
106%
106%
111%
114%
114%
114%
101
100%
*121%
112%
112%
"106%
_
102
102 H 104 %
105
108%
79%
94%
Pennsylvania P A L 1st 4%s. .1981 A O
.1943 Ml N
Pennsylvanla RR cons g 4s
Consol gold 4s
.1948 Ml N
105 %
*
73
104 H
■mmmmm
104%
D
D
9 M N
34
77% 103%
79% 104
66%
80%
104% 108
82
41%
105
9
21%
92%
110% 131%
102% 105%
79
91% 103
'
J
D
J
104%
A
A
3 F
pageA1841.
58
95%
55
101%
106 H
105 %
17
tm
103%
♦Certificates of deposit.
see
mmm'mmm
O
1
89%
13%,
106%
107%
103%
120%
60%
106
98 H 103 %
100% 104
16
MI N
) A
For footnotes
mm
mmmmmm
M S
Penn Glass Sand 1st M 4 %s_. .1960 J
24H
1
110
106%
mm'mm
mmmmrnm
A
Pa Ohio A Det 1st A ret 4 Ha A .1977 A
.1981 J
4Hs series B
9
107%
*84
«...
90
'
D
4
*75
34
....
"36%
107%
66%
*103%
12
101%
104%
34%
107
"66%
101%
104
m<~ m — m
"36%
D
1944 J
1952 Ml N
F
18
.
141
89
—
2
"36%
109%
107
el07%
106%
106%
"Ho""
5
100
1053,6 109 H
•
5
31"
108%
-
106%
102
100
41
Consol sinking fund 4 Ha— .1960 F
J
General 4 Ha series A
100
32
89
52
4
106%
101%
104%
m
'
176
O
J
No Am Edison deb 5s ser A
101
224
50%
42%
103%
j" J "14"
3 M
N A W Ry 1st cons g 4s
96 H
48%
i Ml N
3 J
98
13
A
) F
5s
80 H
98
102%
100
107 H
47
50%
J
22
*77%
102%
104%
94%
97%
91%
i M N
64%
101%
110%
*121%
86
47%
1.06
107%
11
33
121
93%
90
48%
101%
102%
69%
86 %
34%
T07%
123H
108 H
mmmrnmm
74%
90
J
119
105
mmmmmm
103
41%
103%
91%
107%
118
10
S
90
36%
42%
103
1UH 114
1
114%
114%
107
O
17
36%
46%
21%
36%
O
113H
113%
102
9
1
A
52
20
111
....
1
♦Paullsta Ry 1st ref s f 7s
1942 Ml S
Penn Co gu 3Ha coll tr A—..1937 M S
Guar 3 Ha coll trust ser B
1941 F A
59
44%
5
112%
102
112
2
Pat & Passaic G A E cons 5S..1949 Ml
loi%
106%
2
113
120
119
56
34%
Ml N
gold
1944
1
39 %
109 %
109 %
104 H
112
110
96%
32
Ml N
Terminal 1st gold 5s
{♦Park-Lexington 6 Ha ctfs
47%
1955 F
103
24
■mmmmm
102
S
97
30
Apr
General
1955
1968 Ml
1953 J
134
30
O
J
Paramount Pictures deb 6s
102%
107%
93%
33%
"20%
50
99 %
119%
109
11
•
mmmm
m
106%
D
206
29%
29%
30%
"36%
15
} 45
110
mmmmmrn
J
Paris-Orleans RR ext 5H3
104 H 107 H
107% 109
....
110
J
43%
32 %
33 H
107
63%
101%
"101%
A
§ {♦Pan-Am Pet Co (Cal) conv 6s '40 J
♦Certificates of deposit.
100 H 100 H
39
25H
M N
J
1937 J
106
102
mm
100%
102%
D
Paramount Broadway Corp—
♦1st M 8 f g 3s loan ctfs
99%
31%
D
IVI N
....1938 J
37%
46%
97 % 101H
74 H
93 H
30%
30%
M S
A
*2d extended gold 5s
Pacific Tel A Tel 1st 5s
97
80 H
24 H
*29%
Ml N
A
*
108
103
106%
100%
mmm
m
O
104 H 105%
105 % 106H
"30%
D
J
1st A ret mtge 3 Ha ser H...1961 J
Pac RR of Mo 1st ext g 4s
1938 F
108
104%
119%
J
Ref mtge 3%s series B—
1966 A
Paducah & 111 1st s f g 4H8---1955 J
89 *
*105
O
♦Debenture 4s
92
80
*107%
J
A
75
88 H 100
100
89
148
107
J
J
i
102
112
99% 109
112
m
M>
D
123
5
3
103%
120
112
D
203
100%
IVI N
]
1946 J
Pacific Gas & El gen & ref 5s A.1942 J
1st A ref 4s series G
1964 J
93%
107
J
]
Pacific Coast Co 1st g 5s
77%
126%
105H 108%
23
*102
s
]
83H
58
45H
101%
101%
14
2
34
m
104 % 112H
74 H
85 %
1UH. 115
109
113%
109
100
s
♦Conv debenture 3 Ha
♦Conv debenture 6s
S
32 H
*106
J
♦Collateral trust 6s
S
205
100
O
J
1963 Ml
Otis Steel 1st mtge 6s ser A...1941 Ml
21
122 H
30
O
A
Oslo Gas A El Wks extl 5s
....
-
106%
114%
m
Peop Gas L A C 1st
M S
IVI
J
74
115%
"115%
IVI N
IVI
120
125
IVI N
♦Non-conv debenture 3Ha__]
♦Non-conv debenture 3%s__]
1961 J
102%
103
D
N Y Greenwood L gu g 5s
N Y & Harlem gold 3 Ha
»
65%
•59%
1053,6
65
O
N Y Gas El Lt H & Pow g 5s..l
Purchase money gold 4s
1
J
m
mmm
114
J
1946 J
mm
76
73
93
33
112%
*101%
114%
76%
100
101
106
114%
Guar stpd cons 5s
Ore-Wash RR & Nav 4s
58%
1053,6
O
A
mmtmrnmrn
High
65
107
18
mmmmm
113
A
64
29
10.9
*105%
1937 A O
1943 F A
Ontario Transmission 1st 5s... 1945 Ml N
Oregon RR A Nav com g 4s—1946 J D
Low
66
107
*109
Ohio River RR gen g 5s
Since
65
105%
105%
31%
106%
Ore Short Line 1st cons g 5s...1946 J
103 % 107 H
77 H
61H
':m
100
mm
56
95
81
106
33
J
1943 M S
1947 F
116%
103%
111%
109%
108%
108%
*106%
6H
242
118" "256
101%
103%
93%
A
A
•
»
—
NY Dock 1st gold 4s
Serial 5% notes.
20
«.
106%
4%
52
-
56
M. -
w
2%
47%
107%
92%
96%
95%
-
A
F
105%
6%
46%
102
mmmm m m
m
AO
F
"6%
43%
98%
N Y Connect 1st gu 4 Ha A
1st guar 5s series B
5
90
101%
92%
A
~~2%
6H
119% 123
79
100
93%
A
2%
100
100
116
101
1
mmim,
~
mmmm
110%
80%
102%
111%
108%
108%
*107%
105%
105%
M N
2H
18
39
*110%
117%
101%
Oct
O
O
O
Ohio Edison 1st mtge 4s
1965 MN
Ohio Indiana A West 53.-Apr 11938 Q J
Ohio Public Service 7 Ha A
1946 AO
122
—V-
107%
44
A
Ha series C
3-year 6s
A
4H
20
,
122%
43%
41%
45%
O
Ref 4
4
61%
72
O
Refunding 5 Ha series A
1
68
126
103
A
Lake Shore coll gold 3%s
J
111%
109%
108%
Og A L Cham 1st gu g 4s._ ...1948 J
120 H
97
A
Mich Cent coll gold 3 Ha
1
m
37%
46%
10-year 3%s sec s f
Ref & lmpt 4%s series A_._.
Ref & Impt 5s series C
N Y Chic & St List g 4s
J,
100
F
J
41
66
36%
46%
45%
O
J
1
96
43%
M N
Ref & lmpt 4%s ser A
J
J
Norweg Hydro-El Nit 5H3---1957
m
99%
99%
Consol 4s series A
N Y Cem & Hud River M 3 Ha.
Debenture 4s
+
106%
m
*76
-
-
A
A
J
J
80%
3%
97
A
A
J
3
1st A ref 7s series B
1
99%
J
F
103
4H
m
89
'm
«.
99%.
O
F
J
Parmelee Trans deb 6s
«» «
D
A
J
-
2%
68
O
1954 A
-
4
61%
125%
122%
*102%
106%
106%
A
J
N A C Bdge gen guar 4%s
conv 6s
--
66
J
J
J
F
Ref mtge 4%s ser B_
..1961 A O
Ref mtge 5s
1964 M N
Northwestern Teleg 4 Ha ext..1944 J
J
5%
*121%
m
N Y Cent RR
3%
106%
mmrnmmm
D
A
Q
2H
2%
<*
*2%
D
J
Q'J "IIo%
J
Range
Jan. 1
69
*72%
1941 A
A
3
*75
1941 A
ser
B
Ohio Connecting Ry 1st 4s
-
*2%
O
D
J
ser
No.
72%
72%
3
*3%
O
F
i._
41
1st & ref 6s
1
High
Low
♦Oct 1935 and sub coupons.. 1945
♦Stpd as to sale of April 1 *33 to
April 1 1935 lncl coupons..1945
North Pacific prior lien 4s
1997
Gen lien ry A Id g 3s Jan
2047
Ref & lmpt 4 Ha series A
2047
Ref A lmpt 6s series B._
2047
Ref A lmpt 5s series C.I
2047
Ref A lmpt 58 series D..
2047
Nor Ry of Calif guar g 5s
1938
Sol
Bonds1d
Friday's
&
Asked
Bid
{Northern Ohio Ry 1st guar 5a—
♦April 1 1934 A sub coupons.1945
Ontario Power N F 1st g
J
A
♦1st 5s series B
105%
Range or
Sale
Price
1936
19
Week's
Last
Inter st. Period
EXCHANGE
Nor States Pow 5s
23
2%
78
1961 IVI N
1st g 4 %s series B
126
..
STOCK
Week Ended Sept. 18
1
AS
J
N J Junction RR guar 1st 4s—.
107%
*2%
*2%
O
O
J
R4-
109 H 116%
108 H 110H
*2%
IVI N
J
105 H
76
104
2%
J
5
96%
103%
68%
*2%
*2%
& rets No 4 on '51
J
102
*3
......
mmmmmm
Nat RR of Mex prior lien 4%s—
♦Assert warr & rets No. 4 on. 1926 J
99 H
92 H
106%
105%
mmmm
....
♦4s April 1914 coupon on —1977 A
♦4s April 1914 coupon off.-.1977 A
♦Assent warr & rets No 5 on *77
94%
90
104
J
D
3%s w W..1951 M N
Nat Distillers Prod deb 4%s...1945 IVI N
Nat Ry of Mex pr Hen 4 %s
1957
J
♦4%s Jan 1914 coup on
1957 J
J
♦4%s July 1914 coup on....1957 J
J
♦4%s July 1914 coup off
1957 J
90
103%
67%
"103%
A
104
50
*110%
A
86
44
104%
94%
96%^ 99%
90%
91%
116%
116%
94
91
83
25
104%
93%
>99%
Nat Dairy Prod deb
warr
88
H
84
88
mm.
.104%
Y.
High
100 % 104 H
83 H
87
85
M N
Namm (A I) A Son—See Mfrs Tr—
Nash Chatt A St L 4s ser A
1978 F
Low
80
M N
Constr M 4%s series B
Mutual Fuel Gas 1st gu g 58—1947 M N
Mut Un Tel gtd 6s ext at 5% -.1941 IVI N
♦Assent
11
:
*
J
J
Morris A Co 1st
♦Assent
No
Hioh
102%
O
C..1955
•
N.
Jan. 1
O
A
f 4%s series
Sept.
"
BONDS
Since
Asked
102%
O
Gen & ref 8 f 5a series B
Gen & ref
102 %
f 5s series A>..>1955 A
Range
la
Friday's
Bid
Low
Gen & ref
5
Friday
Range or
Sale
Price
J
1941 J
Montreal Tram 1st & ref 5s
Record—Continued—Page
Week's
Friday
D
*100%
"78%
76
158
_
78%
9
63
158
82%
99
New York Bond
Volume 143
Friday
Last
*«Nft,
Week Ended Sept. 18
Range or
Range
Sale
<2*0
&
bonds
N. Y. STOCK EXCHANGE
Friday's
Since
Bid
Price
a
O
Gen A ref 4 %s series A
1997 j
Gen A ref 4%s series B
1997 j
Remington Rand deb 4%s w w.1956 m
J
Rensselaer & Saratoga 6s gu
1941
Republic Steel Corp 4 %s ser A.1950
Gen mtge 4%s series B
1961
Purch money 1st M conv 5 %s *54
Revere Cop A Br 1st mtge 4 #8-1956
♦Rhelnelbe Union
s
M
S
f
f 7s
♦Rhlne-Westphalla El Pr 7s
♦Direct mtge 6s
11
108%
105% 108
106%
107%
60
106
♦Certificates of deposit
U7%
115
99 %
108
24H
104%
*29%
24%
J»R!o Grande West 1st gold 4s. 1939
82 %
♦1st con A coll trust 48 A....1949 a O
Roch G AE4Hsseries D
1977 M S
Gen mtge 5s series E
1962 m s
45%
lt*R I Ark A Louis 1st 4^8—-1934
Rutland RR 1st
24
28
2
23
8
23
23%
33%
33%
41%
32
37
49
40%
225
35%
47%
102%
2
*90
107%
23%
27%
"*3
33
37%
103
103%
"ii
*96
95%
102%
95%
4
102
1
1942
Toronto Ham A Buff 1st g 4s..1946 j
Trenton G A El 1st g 5s
1949 iv
Trl-Cont Corp 5s conv deb A.. 1953 j
82%
83%
54
83
83
39%
40%
82%
34
Union Elec Lt A Pr
(Mo) 5s...1957 a
Un E L A P (111) 1st g
5%s A—1954 j
o
105%
J
107%
1st Hen Aref4s_.
1st Hen A ref 5s
June 2008 m
gu
6s...1948
Rocky Mt A P 6s stpd—1955
^♦St L-San Fran pr lien 4s A
♦Certificates of deposit
j"i
160
27%
142
28
29%
15
28%
32
27%
365
27
298
26%
m's
1978
26%
26
j
"~69"
j
61%
j
..1990
46
101%
1937
1937
St Paul A Duluth 1st
20%
105
s
1946 J
101%
111%
f 6Hs series B
1946 A
19
A
7
1059 A
O
1945 MS
1933
m's
^♦Seaboard All Fla 6s A ctfs.. 1935 A
♦Series B certificates
O
1935 F
102
41
111
111%
10
38%
a
8%
13%
11%
10
11%
Gold 4 Hs
Gold 4 Hs—
5%
6%
San Fran Term 1st 4a
5%
6%
108%
98%
108%
108%
98%
.88%
6
Devel A gen 6%s
Mem Dlv 1st g 6s
B
or
s f g
95
115
93%
94%
226
93%
94%
98%
113%
134
94%
94%
94%
j
98
o
*112%
53
276
*104%
105%
105%
165"
105%
114
107%
108%
77%
"73
93%
97%
76
77
76%
93%
97%
92
96
101%
97
43
"35
85%
"86%
108
107%
108%
28
20%
105
'166%
100
28
105%
100%
115
105%
"164%
99
110%
105%
99
98%
104
99%
51
125
104%
104%
99%
98%
109%
116%
109%
109%
107%
106%
lol'i
lODis
103%
103%
*105%
116%
1951
D
Tex A N O con gold 5s
Texas A Pac 1st gold 6s
Gen A ref 6s series B
1943
j
—2000
D
1977
O
104%
Gen A ref 5s series C
1979
O
104%
105%
o
6
137
115%
106%
125
Gen A ref 5s series D
D
1980
Tex Pac Mo Pac Ter
5%s A—1964 M S
Third Ave Ry 1st ref 4s
j
1960 j
26
119
*104
J
a
1
*103
S
a
150
101%
97%
86
D
D
199
126
109
70%
37%
104%
104%
105%
109
70%
37%
109%
116%
109%
107%
101%
104
13
99%
104% 107%
104% 107%
17%
21
119
122%
7
----
8
16
111
114%
114%
115
39
109
108%
109%
110%
103%
100%
107%
102%
11
111% 115%
107% 111%
14
109
53
100% 105
99
100%
106% 109%
8
110%
"102%
107%
133
1
171
98
103%
111
113%
33
36
25
35%
127
54
108
106%
123%
106%
J
106%
29%
64
29%
♦Sec
*29%
m«.
104%
1947
103%
104%
71%
1959
68%
^
'
29%
66%
mi
mm
■m
m,
118
123
33
j
4s—1934 J
deb 3 %s—1946 m N
123
32
102%
*113%
g
5%s
72
62%
47%
100% 102%
101% 102%
Vanadium Corp of Am conv Ss.1941 a o
Vandalia cons g 4s series A
1955 f A
Cons s f 4s series B
1957 MN
|*Vera Cruz A P 1st
5*July coupon off
132%
103% 107%
27
33%
27%
33
10
m
9
29%
103%
103
27
46
33%
95% 104%
97% 105%
91
105%
71%
69%
41
64
78
69
60
75
93%
27
93
im-mmmm
+
rn
J
b
w
-
MN
8%
.108%
6%
13%
3
Virginian Ry 3%s series A
1966 m
S
J Wabash RR 1st gold 5s
1939 m N
♦2d gold 5s
1939 f
1st lien g term 4s
Det A Chic Ext 1st 6s
Des Moines Dlv 1st g 4s
"
105%
106%
102%
94%
42%
82
*102
1941
4.
1
60
77
99
6
89
99
36
37
26%
38
26
34
99
99
S
35%
35
34%
34%
35%
*
1976 F
a
———
"52
♦Certificates of deposit
1978 A
*30%
1980 AO
34%
34%
*
♦Certificates of deposit
105%
4%sl945
Walworth Co 1st M 4s
1955
79%
77%
1955
88%
88%
1939
6s debentures..
Warner Bros PIct deb 6s
97%
96%
69%
68
69
♦Deposit receipts
Warren RR 1st ref gu g 3%s._2000 F A
Washington Cent 1st gold 4s._1948 Q m
Wash Term 1st gu 3%s
1st 40-year guar 4s
rn'mrn'mrn
1945 f
1939 J
1945 f A
f 5s
1st mtge 3%8 series I
Western Maryland 1st 4s
*77
*124%
122%
109%
125%
122%
108%
102%
102
108%
102%
m
m
— «.
84
71
86
98%
76
28
22
41%
41%
46%
70
\77
mm
m
1
92%
69
83
94% 101
105% 108%
109% 110%
109%
112
121% 125
mm, mm
119
2
33
123
108
36
109
10.8
m
76
1
52
-
108%
m
-.1966 j
1952 A
42
14
122
36%
33
103% 109%
81%
10,9%
Westchester Ltg 5s stpd gtd__.1950 J
West Penn Power 1st 6s ser E.1963 m
1st mtge 4s ser H
1961 j
26
"97
79%
88%
97%
31%
69%
*100%
*108%
*110%
32%
25
35%
109
69
68
.1941
"78
32%
35%
24%
32%
33
105%
36%
26
"35" "58
33
34
O
♦Certificates of deposit
♦Ref A gen 5s series D
s
27
25
,
♦Ref A gen 4%s series C
Walker (Hiram) GAW deb
100% 102%
72
82%
mm
7
♦Warner Bros Co deb 6s
110
107% 108%
96% 102%
74
1st A ref 5%s series A
1977 J
107%
107%
108
7
106
West N Y A Pa 1st g 5s
Gen gold 4s
1937 j
101%
101%
101%
3
101% 104%
31%
56
mm
80
68%
9%
13%
11%
23%
„
80
68%
S
♦Ref A gen 5s series B
98% 104%
84%
96%
67%
82
2
1941
.1941 M
29
70
_
90
96% 100%
103% 106%
114% 127
106% 108%
102% 106%
80%
87%
99%
95
76%
77
76%
94%
94%
97%
106% 118
^♦Western Pac 1st 5s
105
106%
101% 101%
99% 106%
92%
63
68%
109"
78%
95%
*110%
...1943 a
37
S
1946
1
Western Union coll trust 5s
1938 j
J
85
78
.
99
102%
97%
97% 103
57% 88%
104% 108%
34
14%
104% 106
98% 100%
81% 117
105
38%
59
38
40
32%
32%
109
110%
44
42%
105%
107%
105%
109
109
18
106
105%
106%
21
103
109%
103% 106%
109
108%
109
45
104
mmmrnrnim
Funding A real est g 4%s._.1950 ivi N
d
25-year gold 5s
1951 J
30-year 5s
...I960 (vi
7
105
107
109
♦Westphalia Un El Power 6s. .1953 j
26%
26%
26%
2
22%
33%
-.2361 j
94%
94
94%
40
85
96
7
81
West Shore 1st 4s guar
Registered.
90
2361
Wheeling A L E Ry 4s ser D„ 1966 M
1949 M
Wheeling Steel 4 %s series A
1966 f
White Sew Mach deb 6s
1940 MN
A
t*WIckwIre Spencer St't 1st 78.1935
♦Ctf dep Chase Nat Bank
♦Ctfs for col A ref
conv
102
100%
100%
1942
Will ASF 1st gold 5s
1938
Wilson A Co 1st m 4s series A. 1955
Winston-Salem S B 1st 4s
1960
j
J*Wis Cent 50-yr 1st gen 4s...1949
♦Certificates of deposit.
f*Sup A Dul dlv A term 1st 4s *36
103%
j
^Certificates of deposit
♦Wo? A Conn East 1st .4%s__.1943
-
65
*106
.
D
29
64%
29
D
j
100%
«»
»
»
-
29%
103%
112
112
83
99
102
2
90
101%
23
18%
18%
5
31
31%
45
116
67
106% 107%
99% 103%
28
12
107
60
17
27%
26%
17%
59
9
15
15%
3
9
23%
ivi n
23%
17%
j""j
*15
107%
107% 112%
_
107
102%
25%
mm *
92
104
mmm
111%
28%
27%
29
J
7s A. 1935 MN
Wilk A East 1st gu g 5s
90
89%
*105%
*111%
101%
101%
.
71%
106
36%
35%
1946 ivi
ser A
♦5s assented
112
15%
16%
5
25
21
28
26%
17%
15 %
21
Youngstown Sheet A Tube—
1951 f A
1961 ivi N
Conv deb 3%s
1st mtge s f 4s ser C
128%
126%
103%
103
131%
103%
728
214
'
105% 134%
98% 104
107%
74% 100%
9
120
125
10
103
105
37
94
102
7
109% 111%
2
116
32
12
27
125
106
*3
126%
104%
44
105
105% 111%
87% 107%
1011,6 105
101% 104%
99% 105
117% 126%
98
24
97
105%
8
97
109%
71%
38%
11
16
33
e
105%
105%.
105%
105% 109%
67%
71%
43
22%
Cash sales transacted during the current week and not included In the yearly
range;
118%
Bulgaria 7%s 1968, Sept. 14 at 22%.
N. Y. Steam 5s 1951, Sept. 17 at 108.
r
Cash sale only
transaction
transaction during current week,
a Deferred delivery sale only
during current week,
n Under-the rule sale only transactioa during
current week.
§ NegotiabiUty impaired by maturity,
t Accrued interest payable
at exchange rate of $4.8665.
t Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price.
No sales transacted during current week.
♦ Bonds
selUng flat.
Deferred delivery sales transacted during the current week and
In the yearly range;
z
No sales. '
.
.
99%
103% 106%
10
82
82
5%8 A. 1975 m
gen
70
110
81
41
1939
Omaha Dlv 1st g 3%s
Toledo A Chic Dlv g 4s
t♦Wabash Ry ref A
A
58
67
102%
93%
1954
m «it 4m m
104
99% ""64
102%
93%
106
30
105% 109
94%
98%
81%
88%
59% 103%
4
69
110
98
t*Warner-Qulnland Co deb 68.1939
24%
7%
6%
11
20%
106% 109%
17
69
m
10%
4%
7%
mm mm
109
*108
66
114% 120%
13
20%
21
11%
2
^
— ^
19
„
16%
J
66
66
-
.
15%
S
111%
114%
62%
28
*3
-
15%
108%
o
102
25%
-
2%
a
31
25%
4, •«'
•
2%
j
j
:
85%
95%
106% 108
107% 107%
2%
6%
*109%
♦Certificates of deposit
89
*109%
j
27
16%
103% 107%
108
70%
j
4%S—1934 J
♦Vertlentes Sugar 7s ctfs
1942
Virginia EI A Pow 4s ser A
1955
Va Iron Coal A Coke 1st g 5s..1949
Va A Southwest 1st gu 4s
2003
1st cons 58
1958
107
102% 104%
104% 107%
117% 124%
gu
RR 1st consol 4s
"108%
j
"II
94%
O
X„ Jan 1960
108
11
S
a
26
127
107%
192
O
tax-cx N
21
60
95%
99%
1953
♦AdJ lnc 5s
106
75
100%
106%
106%
Texarkana A Ft 8 gu 5%s A.. 1950
Texas Corp conv deb 5s
1944
Debenture 3%s
"l9
95
1944
4s
70
99
4%s_. 1939
1st cons gold 58
105
106
1947
Tenn Coal Iron A RR
gen 58—1951
Tenn Cop A Chem deb 6s B...1944
Tenn Elec Pow 1st 6s ser A
1947
Term Assn of St L 1st g
32
s
1951 j
♦Studebaker Corp conv deb 6s. 1945 j
Swift A Co 1st M 3%s
1950 m
267
D
1938 M S
Mobile A Ohio coll tr 4s
1938 M S
S'west Bell Tel 3%s ser R
d
1964 J
j
^♦Spokane Internet 1st g 6s... 1955 J
Staley (A E) Mfg 1st M 4s
1946 f A
Standard Oil n j deb 3%s
1961 j D
Gen refund
"62%
J
1943 j
62%
100
.1996 J
Staten Island Ry 1st 4 %s
98
93%
122%
115%
99%
Wash Water Power
*125
.1956 a
St Louis Dlv 1st g 4s
East Tenn reor Hen g 5s
Terr Cent 1st 6s A
65%
106%
1st 4s stamped
l. .1955
Southern Ry 1st cons g 6s.. 1, .1994 J
Devel A gen 4s series A
.1956 a
Devel A gen 6s
.1956 a
97%
39%
28%
33
"l08*
So Pac of Cal 1st con gu g 6s_. .1937 mn
So Pac Coast 1st gu g 4s..
.1937 J
So Pac RR 1st ref guar 4s
.1955 j
76%
50
177
A
...1946 j
1950 a
27
553
24
*75
..1969 m N
1981 MN
-
10-year secured 3%s
13%
361
100
j
28%
27%
79
a
A
14%
206
8%
13%
11%
*102
Slleslan-Am Corp coll tr 7s....1941 F
Skelly Oil deb 4s
1951 j
15
27%
30
20%
j
lst4Hs (Oregon Lines) A...1977 m
Gold 4 Hs
J
1968 m
303
10%
1935 j
So Pac coll 4s (Cent Pac
coll) .1949 J
7%
'"21
19%
88
1946 F
4
24
20%
6%
6%
D
M S
18%
30%
34
20
120%
8%
7%
1952 J
s
44
28%
17%
112
35
19
Shlnyetsu El Pow 1st 6%s
♦JSiemens A Halske s f 7s
♦Debenture s f 6 Ha
Silesia Elec Corp 6 %s
1951 m
116
16%
6%
1951 mn
Socony-Vacuum OH 3%8
1950
South A North Ala RR
gu 6s„1963
South Bell Tel A Tel 1st 8 f 5s. 1941
Southern Colo Power 6s A.....1947
14
101
Sbaron Steel conv deb 4Hs
Shell Union Oil deb 3%8
1951
53
11
10
♦Certificates of deposit
6s series A
21
39%
44%
15%
14%
17%
105
.
51%
86
121
100%
Util Power A Light
79
89%
....
23
*20%
_
99%
83%
75
8
166%
67%
83 *.•;
105%
107%
130
90% 100
84%
97
114%
122%
.
s f 6%s series C—
1951
♦Sink fund deb ft %s ser A...1947
Utah Lt A Trac 1st A ref 5s—.1944
Utah Power A Light 1st 5s__—1944
71
8
D
U S Pipe A Fdy conv
U S Rubber 1st A ref 6s ser A—1947 j
♦Un Steel Works Corp 6%s A—1951
34%
97%
1971 MN
..1968 j
42%
105
29
121
*118%
17%
Oct 1949 F
♦Certificates of deposit
l*Atl A BIrm 1st g 4s
107"
107
40
O
41%
5s
•
4
102%
35
1989 MN
|*RefundIng 4s
cons
20%
33%
f f*Seaboard Air Line 1st g 4s__ 1950 a o
5*Gold 4s stamped....
1950 a o
♦1st A
63
*112%
j
Stamped..
♦Adjustment
47%
101%
45%
101%
*101%
120%
Stamped....
Guar
35
*105
S A A Ar Pass 1st gu
g 4s..
1943 j
San Antonio Pub Serv 1st 6s__ 1952 j
Santa Fe Pres A Phen 1st 6s.. 1942 M S
Scioto V A N E 1st gu 4s
3
70
61%
105
tPaclflc ext gu 4s (large)....1940
St Paul Un Dep 5s guar
1972
Schulco Co guar 6Hs
95%
68%
*101%
1937
6
60
28
1943
'
26%
26%
25%
107
con g 4s. .1968
^♦St Paul E GrTrk 1st 4 %s—1947
**St Paul A K C Sb L gu 4 Ha. 1941
St Paul midd A Man 5s
Mont ext 1st gold 4s
27%
95
1989 un
♦2d g 4s lnc bond ctfs..-Nov 1989 j
♦1st terminal A unifying 58—1952
Guaranteed 5s
28%
26%
28
j
...
1950
♦Certificates of deposit
♦Con M 4%s series A
♦Ctfs of deposit stamped
J»St L SW 1st 4s bond ctfs
81
27
1950 J
♦Prior Hen 5s series B
♦Gen A ref g 6s ser A
St Paul City Cable cons 5s
81H
27%
8
92%
97
115"
":
>
S
June 2008 m
Gold 4s
35-year 3%s debenture
6
*91
tl»Unlon Elev Ry (Chic) 5s...1945 A O
Union OH of Calif 6s series A—1942 F A
12-year 4s conv deb
1947 m N
Union Pac RR 1st A Id gr4s._.1947 J
j
Debenture 5s
t*St L Peor A N W 1st
St L
6
s
24%
92
5
96
A
^♦United Rys St L 1st
105%
.
1945 m
7s
43
78
.
.
—1952 f
s f
United Biscuit of Am deb 5s—1950 A O
United Drug Co (Del) 5s
1953 m S
U N J RR A Can gen 4s
1944 m S
85
5
f 7s
35
107% 110%
99%
95%
.
----
120
95%
conv 6%s_..1943 M N
♦Tyrol Hydro-Elec Pow 7%s..1955 m N
Truax-Traer Coal
seo s
101% 106"
120% 122
'
*121%
119%
99%
"l20r
♦Guar
77%
86%
99% 107%
96% 102
'
*104%
......
J
Uljlgawa Elec Power
High
*109
D
25%
103
79%
Tol W V A Ohio 4s ser C
24
~~~6
*110%
♦JRlv A G Dlv 1st g 4s ...1933 m N
♦Certificates of deposit
66
106%
13
18
36
95%
80%
106
102
80%
24%
41
31%
Low
100% 103%
1953
54
109
No.
High
102 %
102%
1950
90
107
5
Since
imp 3%s 1960
112% 113%
28
Range
Jan. I
Tol A Ohio Cent ref A
Tol St L A W 1st 4s
94%
76%
37%
76
61
90
82%
35
""l9
118
22%
27%
36%
St Joe A Grand Island 1st 4s.__ 1947
J
St Jos Ry Lt Ht A Pr 1st 58—1937 MN
St Lawr A Adlr 1st g 5s
j
1996 J
2d gold 6s
1996 A O
St Louis Iron Mt A Southern—
102% 107%
3
45%
81%
44%
*115%
"33"
J
.
94
107
j
1937 j
.3
Asked
&
Tokyo Elec Light Co. Ltd—
1st 6s dollar series...
33%
27%
27%
1
Bid
Price
sft.
Low
Third Ave RR 1st g 5s
34
61
o
j
6
4
60
d
1949
1941
4%s
con
33
39
22 %
Rut-Canadian 1st gu g 4s
102% 105%
34
27%
21%
28%
109%
24%
27%
102%
S
25
105%
106
27%
40 %
J
1948
95% 100%
16
40
II
j
f 6s
126
106
164
27%
O
mn
"l78
27%
27 %
A
s
110
28
"28
a
117%
99%
108%
99%
108
Rlchm Term Ry 1st gu 5s.....1952
♦Rima Steel 1st s f 7s
..1955
♦Rio Grande June 1st gu 6s
1939
♦Ruhr Chemical
96% 102
106
*111
J
1950 M N
.1952 m n
1944 mn
6s
48
J
1953 j
♦Cons mtge 6s of 1928—
1953 F
♦Cons M 6s of 1930 with warr '55 a
^♦Richfield Oil of Calif
42
107%
107%
J
1946 j
♦Rhine-Ruhr Water series 6s
102
106%
106%
'I07"
Range or
Friday's
Sale
High
100
A
j
Low
106H
m n
MN
High
No
Week's
Last
bonds
N. Y. STOCK EXCHANGE
Week Ended Sept. 18
Jan. 1
102
J
s
1841
6
Fridat
Asked
<fc
Low
Reading Co Jersey Cent coll 4a. 1951
Record—Concluded—Page
Week's
not Included
1842
New York Curb Exchange—Weekly and Yearly Record
sept. 19, me
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In a footnote In the week In which they occur. No account Is <aken of such sales in computing the range for the year.
In the
following extensive list
week beginning on
we
furnish
a
complete record of the transactions
the New York Curb Exchange for the
on
Saturday last (Sept. 12, 1936) and ending the present Friday (Sept. 18, 1936).
from the daily reports of
the Curb Exchange itself, and is intended to include
every
It is compiled entirely
security, whether stock
or
bond, in
which any dealings occurred during the week covered:
Sales
Friday
Last
Par
>t*
Acme Wire
for
of Prices
Price
Low
250
13%
300
58%
3%
13%
58%
59
500
2%
300
.28%
300
%
%
200
1%
Mar
64%
66%
150
67%
81
10
84
Sept
July
71
71%
70
76
Feb
116
July
"25%
'""960
27
Aug
47%
113%
10
Air Investors com
Conv preferred--
i
•
Alabama Gt Southern __-50
Ala Power $7 pref
$6 preferred
71 %
Allegheny Steel 7% pref 100
"24 %
com
24"
'
17
Aluminum Co
25
com
22
22%
130
*00
136
150
54
57
995*
99%
99%
2%
American Beverage com__l
American Book Co
100
American Capital—
Class A
2%
Aug
Feb
Class B_
200
4%
4%
9u
400
Jan
Jan
9
Feb
2
Jan
Jan
Feb
48%
42%
200
45
32%
47%
1,100
6%
2,400
32%
45
34%
14,600
133"
""l25
3%
20%
300
29%
19%
19%
Jan
7
Feb
2%
150
Sept
July
Sept
5
Feb
19
Jan
24%
Feb
33%
Apr
47%
Jan
114%
Aug
July
44
111%
4,900
American General Corp 10c
$2 preferred
1
9
9
9%
3,200
7%
35
35%
250
30 %
"30% "30%
'""150
$2.50 preferred
35
325
108
1
Amer Laundry Mach—20
26
Amer Lt & Tr
22
25
com
6% preferred
Amer Mfg Co com
25%
21%
26%
23
29
800
Amer Maracaibo Co
*
15,
1
Amer Meter Co
"36"
26
"35
'516
1st preferred
*
2%
Amer Thread Co pref
Anchor Post Fence
1
*
com
Common class A
Arkansas P & L $7 pref-—*
Art Metal Works com
.5
Elec
Option warrants
Assoc Laundries of Amer.*
...
V t c common..
Cent & South West Util—1
Cent States Elec com____l
99%
Jan
6% pref without
63%
4%
Feb
7% preferred
Feb
Jan
32
"l",506
May
June
1%
400
Jan
Aug
7% June
Jan
112
Aug
4,200
%
Jan
4
Feb
32%
Sept
4,700
3%
Jan
7%
Mar
3%
7%
Jan
Jan
7%
Mar
9%
Aug
"l3" "12%
13%
"11900
83
June
9%
300
10%
1%
1%
1%
600
2%
64,100
11%
11%
700
Jan
*16
3 32
26,200
'32
Jan
100
400
13%
13%
Preferred
com
8%
July
Apr
11
Aug
12%
Aug
1
40
40
200
70
pref
Black & Decker Mfg Co„*
July
Jan
4%
16
Sept
1% Sept
55%
103
Mar
Jan
Jan
Mar
May
%
2%
Feb
6
Aug
75
Aug
4%
Jan
Jan
Feb
4%
2%
Aug
%
19%
Mar
9,500
1%
,316
3,800
%
July
July
13%
Jan
25
35%
Jan
40
June
Aug
.Feb
27
Feb
3%
43%
22%
3%
1,300
44%
1,200
1,600
Apr
2%
43% June
14% July
53
24%
9%
9%
125
5
50
34
50
12%
Bridgeport Gas Lt Co
Bridgeport Machine
July
May
Apr
3
Aug
20% May
4%
Preferred
Feb
18
Feb
6%
Feb
29%
Aug
7% preferred.-—--.100
3%
500
9%
Jan
15%
18%
20%
9,800
8,300
"52%
Jan
Feb
Jan
Mar
63%
Sept
34%
Apr
53%
27%
,S16
"l~,550
64*
4,925
4%
58%
5%
40,300
53%
5%
56
m
10
68
*
150
70%
Aug
July
Apr
53%
3%
97
Sept
Sept
Feb
Aug
37
Aug
Jan
21
Mar
108
Aug
Aug
2%
,
47
47
101%
500
1,400
1% May
Sept
Feb
7%
64
66
2,300
100
June
6%
63
Feb
June
July
Feb
Aug
Feb
1
6
Feb
3%
8%
""300
Jan
Apr
600
4
73
5,500
105% 108
3%
2% Sept
100
100
%
1,200
1,725
93
Jan
%
Jan
Consol Min & Smelt Ltd..5
Consol Retail Stores.....5
Mar
Jan
116%
July
5%
Mar
36
516
%
1%
40
Mar
45
Jan
97
Jan
117
July
8,100
100
%
1%
39%
14%
4%
18%
4%
90%
90%
58%
57%
375
53% June
7%
[1,000
3% May
500
1% June
13
Jan
28%
2
w___100
Sept
400
1%
Jan
14%
19%
1,100
11%
Jan
4,700
14%
4%
9,700
2
92
1,900
58%
7%
101
10.1
2%
2%
.
July
3% June
84 ;
%
Feb
1%
Sept
Aug
Apr
40
18%
Consol Copper Mines
5
Consol G E L P Bait com.
Mar
12
14%
Compo Shoe Machinery.
Consolidated Aircraft
w
2%
47
100% 106
3
3%
16
8% preferred
%
._*
Jan
44%
29
3%
16
23%
6%
94%
58%
8%
Aug
Mar
Feb
Jan
Apr
Aug
Sept
Aug
10
90
Jan
700
2
May
3%
Jan
25
88
Jan
101%
June
105
Mar
Consol Royalty Oil.____10
Cont G & E 7
% prior pf 100
Continental Oil of Mex... 1
Cont Roll & Steel Fdry...*
14%
14
15%
23
23
25
50%
7%
200
6%
Jan
9
Apr
4%
4,400
3%
Aug
8
Mar
4%
July
8
Feb
*
com
*
7%
50%
7%
5
4%
4%
Corroon & Reynolds—
Common
6%
$6 preferred A
Courtaulds
% May
.*
Copper Range Co.,.
Cord Corp
75
com
1.100
Preferred
101% 101%
5%
2%
13%
"ll",200
9,600
6%
75
72
2%
13%
*
2%
14%
800
1,500
500
4,300
300
Am
dep rets ord reg
1
Cramp & Sons Sh & EnglOO
Crane Co
11%
Sept
2
Feb
15% Sept
Jan
25
Sept
Jan
9%
34
51%
Sept
Jan
77%
Feb
1 %
Jan
4%
Feb
6%
Jan
65
17
Feb
Ltd—
25
com
Preferred
—100
38%
138
J-
1%
Jan
4%
Feb
Creole Petroleum
5
3
Jan
8%
23%
11%
1,750
29
Jan
55
Crocker Wheeler Elec
Croft Brewing Co
*
46%
Feb
Sept
1
916
9%
11%
1,200
7%
26%
Apr
11%
Sept
Mar
29%
Mar
Crown Cent Petroleum.!.
%
36%
138
200
38%
6,500
23%
11
%
11% May
% June
24
175
120%
Jan
24%
11%
4,600
1,500
19%
Jan
Apr
916
ni6
4,200
9i6
9
5
1%
Apr
138 *
Crowley, Milner&Co...
10
22
...—
1,900
51
6%
100
Feb
56
6%
51
5%
For fo »t mt^ <e« oage 1817
Sept
50
*
12
26%
,S16
62
Warrants
Sept
%
500
"53%
*
Commonwealths Distrib"!
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv.. 1
56%
570
6
Jan
124%
Commonwealth Edison 100
Commonwealth & Southern
Aug
3%
12%
3
4%
12
1 sh
Columbia Pictures
12
9%
13%
*
$3 preferred A
Aug
108
5%
com"*
Conv 5% preferred. .100
Columbia Oil & Gas..
..1
Cooper Bessemer
2%
2%
2
1
*
Rosenberger
Development
Oil Corp com
Jan
310
108
100
Class A
Brillo Mfg Co com
Class A
Claude Neon Lights Inc
Cleve Elec Ilium com.
Mar
9%
35
Brill Corp class B
20
3%
City Auto Stamping
—*
City & Suburban Homes. 10
25%
12%
19%
""2"
Cities Serv P & L $7
pref
$6 preferred
Cosden oil
H
2%
"~6%
30
2%
6,600
Sept
"*6%
Jan
2d preferred
100
Brazilian Tr Lt & Pow...
2%
2%
Jan
17%
86
100
July
5
75
475
13%
100
2,600
1%
Bowman Biltmore Hotels
7% 1st preferred
17
84
3%
June
1,700
16%
83
1%
123
3%
102
17
83%
""!%
151
28
Jan
Jan
Jan
Club Alum Utensil Co
18%
27
July
5i>
25
Sept
1,800
5
30%
July
2%
3%
Bower Roller Bearing
30%
16%
Jan
100
"30%
1,000
Jan
16
Sept
Sept
July
16%
9%
142
16
113%
8%
2%
100
25
Sept
9
1,500
BourJoi8 Inc
9
Cleveland Tractor com
*
Clinchfield Coal Corp.. 100
Aug
Borne Scrymser Co
Jan
40
5,500
lM
2
55
Mar
200
Aug
Apr
52%
51
55
16%
16
300
10
100
9%
19%
56%
800
200
1,500
7% 1st preferred
9
July
94%
18%
"16
50%
19%
*
53
"""9%
102
Sept
Apr
"l6
27
Bohack (H C) Co com
Jan
Apr
7%
50
19%
23%
86
75
18,300
50
25%
"44"
10
30
18%
18%
54%
17%
Mar
*
19%
*
16%
Feb
5
27%
Jan
19%
"26%
*
Feb
18%
65%
37%
1
101 s 101%
94 i 94%
200
50
37%
$3 opt conv pref.
Blumenthal (S) & Co
*
18%
17%
27%
2,700
3%
Bliss (E W) & Co com
Blue Ridge Corp com
4%
21
16%
121
*
Aug
64%
Apr
Aug
July
300
1%
15%
2,400
15
5,700
Mar
64%
16
3%
%
2%
22
15%
2%
2
Aug
Columbia Gas & Elec—
7%
14%
94%
54%
Feb
500
2
14%
27%
*
Colt's Patent Fire Arms.25
1,700
".6
14%
100
Feb
16%
Jan
2% May
*
com
Colon
10,500
:„*
14%
"2%
Preferred B
."""—*
Preferred BB__
*
Colon
1%
Berkey & Gay Furniture. 1
Feb
12%
64
Cities Service
Aug
Jan
7%
151
2%
14%
1
100
Feb
9%
Purchase warrants.
Chief Consol
Mining
Childs Co pref.
Feb
1%
150
July
Feb
16%
Jan
7%
151
1%
30%
55
June
9
100
Bell Tel of Pa 6%% pf.100
Benson & Hedges com
*
Jan
800
..
25
11% May
9%
75
11 %
1 %
1%
4,100
51
28
6
2
July
5%
Cohn &
.1
75
5%
20%
Cockshutt Plow Co
7% May
2%
Aug
July
45% Sept
6%
100
20%
Centrifugal Pipe
*
Charis Corporation
10
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet & Mach.—*
Jan
1,900
1
37%
400
6%
5%
Feb
June
14%
100
10
6%
6%
1%
43
43
6%
44
16%
38%
2% May
Baumann (L) & Co com
Aug
Sept
50
94
21,100
11
Mar
5%
29
3%
48%
3%
47
22
28
Jan
3
89%
Mar
Conv preferred .—100
Conv pref opser '29..100
%
%
14
16
14%
Aug
Jan
96
3%
14%
1%
86
Jan
Aug
56
Feb
Feb
Feb
37,100
"19% 11%
32
24%
5%
29%
Jan
Jan
875
%
15%
100
'""450
July
May
50%
Jan
Sept
54
29%
5
48
Feb
13%
100
100
Feb
Feb
53
■
%
1,400
3%
3%
31%
.2%
3%
Jan
92
Apr
8% June
5
250
14%
3,200
47
Feb
%
%
5
21
Jan
11%
36%
86%
1%
9i«
5%
1
20
100
warr
May
warr.
May
300
Feb
Jan
9%
36%
Bell Tel of Canada
t c.—*
Jan
%
Automatic-Voting Mach.*
Mar
1
—•
v
1
11%
36%
com
1st preferred..
1
Atlanta Gas Light pref. 100
7% 1st pref
*
5%
1%
conv
2%
104%
Jan
Mar
26%
$2.50
Feb
50
4%
13
100
BickfordsTnc
4%
Feb
400
350
Bellanca Aircraft
$7 div preferred
Aug
3%
Baldwin Locomotive
*
29%
48%
Axton-Flsher Tobacco—
Class A common
10
Babcock & Wilcox Co
*
Products
Cent Hud G & E
3%
Automatic Products
....
CentP<fcL7% pref ——100
46%
*
Sept
2%
*
Jan
3%
Warrants
Class B
Carnation Co com
Carolina P & L $7 pref.—*
$6 preferred
*
Carrier Corporation __.__*
Feb
48%
Atlas Plywood Corp
Austin Silver Mines
13%
Jan
Sept
2,500
15%
Jan
%
116
11,200
*
25c
2%
Associated Rayon com...*
$3 preference A__
7%
1,500
Convertible class A—__*
39%
Associates Investment Co *
Atlantic Coast Line Co__60
Atlas Corp common
*
8,800
1%
Feb
Carman & Co—
Jan
*
Atlantic Coast Fisheries
Mar
116%
5
2%
Apr
2%
100
5
11%
33Z
3
200
250
9%
*
Aug
Feb
%
110
9%
1
40
102% 106
4%
l
Jan
Jan
106
4%
Common
Mar
3%
110
5
$5 preferred
Sept
85
Jan
7% 1st partic pref.—100
9%
Class A.
76%
Jan
»16
*
82
900
13%
Jan
61%
1%
33%
100
7% prior preferred... 100
Celluloid Corp com
15
5%
31%
13%
48
925
107% June
Jan
5
£1
300
Jan
July
Industries
Amer deposit rets
Assoc Gas & Elec—
Sept
103
Mar
1%
■f
Jan
26
Apr
100
30%
"T%
10
Capital City Products
Carib Syndicate
Jan
9i«
800
1%
23%
Mar
July
50
Jan
25%
'•
110% 110%
*
Preferred
5%
30%
"1
40%
1%
18
19,700
44
"~2% "2%
31%
39%
27%
Jan
4
_*
Arcturus Radio Tube
Associated
"42%
2%
94
41%
Canadian Marconi.
1% May
21%
Apr
2
Apr
700
5
Angostura Wupperman..1
Apex Elec Mfg Co com
*
Appalachian El Pow pref.*
Arkansas Nat Gas
2%
z92
*
Preferred
Jan
Jan
46
Jan
Feb
3,000
1
26
Amer Pneumatic Service.*
Amer Potash & Chemical.*
Am Superpower Corp com *
Jan
Mar
14
425
25%
Aug
2%
13%
*
Castle (A M) & Co
10
Catadn Corp of Amer
1
Celanese Corp of America
39%
43%
19%
17%
B non-voting
Casco
Jan
25%
2,400
25
100
600
10%
12%
Aug
8
1
Calamba Sugar Estate. .20
Canadian Canners Ltd
*
Feb
12
Jan
Aug
Apr
37
.50
com
Feb
133
126%
111
Amer Hard Rubber
Jan
Mar
Jan
42
40%
300
34%
Sept
6%
Jan
Sept
Sept
Mar
16
2%
11%
Am dep rets A ord sh.£l
Am dep rets B ord shs.£l
Amer dep rets pref shs £1
43
Feb
Ill
.
2~400
100
44%
26
106
106%
75%
76
80
82%
3%
3%
12%
1%
6% preferred
100
Canadian Indus Alcohol A*
116
*
_L
36%
40%
*
Jan
Feb
9
♦:
10
Feb
47% Sept
Sept
5% May
31%
Jan
*
com
8
44%
25%
2%
19%
3%
3%
75%
Canadian Car & Fdy pfd 25
Canadian Hydro-EIeo—
115
133"
3%
31%
Jan
7% May
%
Butler Brothers
Sept
Amer Foreign Pow warr
Amer Fork & Hoe Co com*
Preferred
82
25%
106
*
com
Cable Elec Prod vtc
41%
133"
Sept
Cables & Wireless Ltd—
Amer Dlst Tel N J com—*
ATher Gas & Elec
Bunker Hill & Sullivan. .10
Burco Inc
Mar
41%
10
n-v
Feb
30%
28%
18
""44%
Mar
Amer Cyanamid class A. 10
Class B
32%
Mar
100
1,650
"8% "o"
8
Buckeye Pipe Line
50
Buff Niag & East Pr pref25
$5 1st preferred
*
Bulova Watch $3% pref..*
Mar
91%
7% conv preferred. ^.100
Amer Equities Co com.—1
16
"~8%
75
Jan
6%
11%
*
101
86%
6%
30%
Brown Fence & Wire cl B__
Brown Forman Distillery .1
Bruck Silk Mills Ltd
100
Mar
1
30%
Jan
Jan
27% Apr
26% June
Jan
2% May
Burma Corp Am dep rets..
36%
46
High
28
Warrants..
Jan
25
31
$3 convertible pref
27
25
Low
16
28
Apr
Sept
*
warr
31
14%
Mar
*
Class A
31
100
6% pref
121%
Am Cities Pow & Lt—
Clas A with
23%
Amer dep rights reg.
Brown Co
152
100
1%
10c
23%
100
1,100
23%
British Col Pow cl A—
77%
10c
com
Common class B_
S3 preferred
$5.50 prior pref
Mar
Feb
Range Since Jan. 1 1936
Shares
British Celanese Ltd—
13%
100
High
21
,000
54
com
6% preferred
Low
Tobacco—
Amer
Am dep rets ord bearer £1
Am dep rets ord reg..£l
18%
100
Aluminum Goods Mfg—
Aluminum Ind com
Aluminum Ltd
Feb
Price
Registered
British
Mar
June
25%
2,p50
a:118% 119
133
common..
6% preference
22 %
Week
Feb
4%
1%
pref
conv
Aug
Mar
35
Allied Internatl Invest.,
$3
for
of Prices
British Amer Oil Coupon. »
Mar
4%
15%
62%
4%
1,700
com
Allied Products cl A
Sept
25
4 '
Week's Range
Sale
Par
45%
47%
Last
High
100
Agfa Ansco Corp com
Alnsworth Mfg Corp
Alliance Invest
Shares
47%
Class B
Allen Industries
High
STOCKS
(1Continued)
Range Since Jan. 1 1936
81
Adams Minis 7% 1st pf
Aero Supply Mfg cl A
Warrants
Low
Sales
Friday
Week
2%
27%
com...20
v t c
Week's Range
Sale
STOCKS
1%
2
9,300
1 %
151
2%
39%
138
34%
16
Jan
Feb
Sept
Sept
Feb
Feb
Sept
1%
Feb
May
7%
July
Jan
2%
Jan
*Volume
143
New York Curb
STOCKS
Sale
Par
Preferred
of Prices
Low
Price
Crown Cork Internat A--*
Crown Drug Co com—25c
4%
25
Crystal Oil Ref
Week's Range
Last
(Continued,)
....
Cuban Tobacco com vtc__*
Cuneo Press com
*
6k% preferred
Curtis Mfg Co (Mo)
8)4
7%
46%
3% Sept
22% June
100
900
8%
47
%
4%
37%
2,100
108% 108%
50
200
Aug
Jan
5%
July
Feb
""%
Feb
11%
Feb
10%
Sept
Apr
Sept
Gulf Oil
1%
Apr
Mar
12
"'600
47
109
Apr
"15"
~~3% "~3% "3%
"MOO
Apr
Aug
30
Sept
Haloid Co
19%
Mar
70
Mar
Feb
10%
36
VilblssCo7% pref...10
"*27*
Diamond Shoe Corp com.*
21
29%
Jan
4H
Aug
Mar
72k
July
Aug
18k
19
300
Aug
200
8%
1,700
7%
34%
"H,7 00
19k
21
1,800
11
Jan
Aug
Aug
9% Aug
16
May
5% Mar
600
11
Dictograph Products
2
Distilled Liquors Corp...5
1%
16k
200
July
21 % June
19% Aug
10%
Apr
37%
9%
Aug
Aug
29^ Sept
25
June
Jan
12 %
Jan
Mar
27% May
27%
35K
Sept
Sept
Dominion Steel & Coal B 25
4% June
7%
Dominion Tar & Chem com *
Douglas (W L) Shoe Co—
8
8
FeD
July
11
£1
"_33k
34%
*
25
100
20%
74%
30%
10
25
15H
25
Jan
x94%
Aug
Apr
124%
Mar
10
65%
Jan
74%
Sept
27%
30%
1,400
110
3%
76
7
200
900
"~3%
12%
Julv
117%
74%
110
100
Corp.l
Duke Power Co
100
Durham Hosiery class B..*
Duval Texas Suplhur
*
Eagle Picher Lead
10
East Gas & Fuel Assoc—
23H
~i1666
74%
117
117
*
34k
50
"~6% "7%
12
12%
6
*
4 k % prior preferred. 100
73
6%
59%
preferred
..100
Eastern Malleable Iron.25
Eastern States
Corp
*
6%
74%
62%
H
"~2% "2%
15
Easy Washing Mach "B"_*
Economy Grocery Stores.
Edison Bros Stores com..*
Elsler Electric
Corp
1
17
4
preferred
Eleo P & L 2d pref A
21
iVlU
42%
/e.'
23%
July
1% May
24 %
Jan
Jan
44%
\||C
Jan
15% June',
15%
23%
Mar
36
63
July
3,800
6%
Jan
3%
>an
Jm?
Sept
300
25k
25
68
1
~
T'3%
3k
16k
13k
"4 k
4l800
17
14%
800
17k
15
5,400
44"
""160
14k
""14" **14*
"11666
■
"36 k ~~35~
'"*675
"36 k
65
24 k
65
62 k
12,800
3,800
%
200
22
Common
716
1
Chem
and
k
450
3 k
"I"
9 k
"11666
39k
39%
50
53
57%
2,450
55%
56
3k
56
2k
32
9k
"20 k "20k "20 k
"moo
41k
Ireland..£1
Indiana Pipe Line
..10
Indiana Service 6% pref 100
7% preferred
..100
9k
20 k
500
42
33 k
33
33 k
'
Feb
Apr
14 k
Mar
37
1 800
9 k
8k
33
24 k
10
90
14
Corp com
10c
Eureka Pipe Line
50
European Electric Corp—
Option warrants
Aug
100
Aug
k
Sept
6k
Jan
Aug
'6k
Jan
Indian Ter Ilium Oil—
Non-voting class
A
2k
3
*
2%
100
2
3
*
Class B
3
300
3
lk
200
Industrial Finance—
Apr
12
Mar
450
18%
Jan
July
July
5%
100
Internal Holding & Inv
*
Internal Hydro-Elec—
Pref $3.50 series
..50
Intl Metal Indus A
*
lk
9%
75%
8%
V t c common
19%
Jan
38^
Apr
Aug
63%
July
1,300
5,400
65
July
34k
5k
July
200
31
Class A
21%
3%
3,900
1,100
17
16%
2,500
Feb
5
10
Apr
Feb
Aug
3k
35k
3
July
5k
Feb
4,900
Aug
Aug
3 k May
64 I
Jan
k July
39 k
38 k
Apr
35
7k
Jan
1,800
7
600
6,300
5k
k
32 k
33 k
200
1
1
»i6»
64
Jan
Feb
Jan
2k
Jan
14 k
%
Aug
9i6
20
87
Feb
2k
Jan
Feb
Sept
"1,200
5 k
Sept
100
27 k
Feb
22
22
Feb
22 k
340
20
k
"~6%
•
k
23 k
15
25k
28
800
18
400
lk
Feb
21
Feb
14 %
Apr
Jan
Jacobs (F L) Co
4%
4%
13%
Sept
23 <%
10 k
Jan
Apr
Jan
Sept
May
k May
31k
Feb
Jan
26k
lk
Mar
Mar
Feb
Jersey Central Pow & Lt-
9%
Feb
33 k
k May
200
lk
9k
32
May
1,700
k
£17 k
Feb
k
Jan
31
5k
...
90
Sept
31
6
Jan
5
•
89
Jan
3i6
Feb
H
1%
4
1,700
lk
87
Apr
Jan
500
9
New warrants.
27k
2,800
15%
18%
5%
Sept
14 k
50
8k
Sept
10
14 k
9k
Jan
1,800
9k
4k
Feb
72
15
Feb
12 k
preferred...;
Internatl Safety Raa
July
66%
50
%
3 k
Internat'l Utility-
250
%
34
11
6%
Jan
Jan
July
Sept
3k
34k
3k
Registered.
Jan
Jan
Feb
11
Jan
Feb
3k
20 k
84
Ilk
9k
12k
1
Feb
98
294*
Jan
May
Apr
lk
35
Internal Mining Corp
25
16
Aug
38
Jan
Apr
%
Sept
June
9%
%
Evans Wallower Lead
Aug
9%
37 k
k
6%
44
Equity
42k
Jan
92
Ind'po-ls P & L 6k%pfl00
300
2
Feb
Feb
Mar
5 k
60
2,100
20
June
24 k
Jan
9%
58%
1%
10
Jan
Jan
11%
19%
Jan
20 k
8%
28%
Feb
40k July
20
100
28k
2
k
7k
Jan
May
Feb
Feb
Apr
13 k
20 k
International Cigar Mach *
66
19%
9
Jan
'
Sept
Sept
July
63
k
66 k
88%
67%
28%
2
30
59k
Jan
67%
40 k
Jan
74 %
58
Sept
Aug
June
Feb
Feb
9
59
Mar
62 k
400
cl A..*
69
59
6% preferred...
100
6)4% preferred
100
7% preferred
100
8% preferred..
100
Empire Power Part Stk..
70 k
Sept
175
"""166
Aug
60
800
'61% "62
July
Jan
11
15
Jan
39 k
111k
28 k
36 k
38 k
74 k
30 %
42
Aug
Aug
13 k
22 k
Industries
Registered
*
Imperial Tob of Canada. .5
Imperial Tobacco of Great
Britain
15
13 k
6
Hygrade Sylvania Corp..*
Illinois P & L $6
pref
*
6% preferred
100
Illuminating Shares
716
13 k
7% pref
8tamped.|...100
7% pref unstamped.. 100
Hydro Electric Securities.*
Hygrade Food Prod
5
lk
9%
Jan
12k
Jan
k
57
10
Jan
17 k
Jan
73 k
May
May
Feb
Mar
Mar
Jan
June
105
"~24k ""23"
Jan
Aug
14 k May
29k
Apr
lk
5
Aug
July
73 k
10
17k
17k
35
21k
13 k
9k
13 k
1
88
Jan
July
Jan
7% preferred
100
Insurance Co of N Amer. 10
50
Mar
Feb
Mar
1,200
Mar
Jan
6k
55
July
Mar
2k
Jdne
42
27
Jan
25k
72 k
3
79
2
8%
July
Apr
4%
Sept
Aug
Sept
Apr
Apr
3k
10 k
10 k
Feb
"l8~% "19% ""766
com.l
preferred
...100
Ex-cell-O Air & Tool
25
Apr
6
6%
a96% a96%
Elgin Nat Watch Co
15
Empire District El 6%. 100
Empire Gas & Fuel Co—
7%
Sept
Api
Sept
2%
53
*
Emsco Derrick &
Equip
July
10k
Ilk
Elec Shovel Coal $4
pref..*
Electrographic Corp
80
15 %
5%
ww
Jan
9k
6k
64%
warrants
pref
Aug
23% 106,000
700
73%
82%
2,700
72
Mar
Shareholding—
conv
95
.1.200
9%
1
Common
$6
15%
45
Apr
81
73
*
Option
Mar
|jjun
400
21%
1
Electric
11%
85
83
200
3
*
Elec Power Assoc com
Class A
Jan
Jan
25
*
Amer deposits rcts._.£l
Imperial Oil (Can) coup..*
Jan
Mar
Jan
17
Humble Oil & Ref
Feb
Mar
Huylers of Delaware Inc—
Jan
1%
10%
15%
41%
59%
3%
*
7% preferred
100
Hud Bay Mln &
Smelt
*
Mar
lk
98
76
Hormel (Geo A) & Co....*
Horn & Hardart
3 k
Jan
Jan
""866
..*
Imperial
59 %
17
"3%
Elec Bond & Share com..5
{5 preferred
*
$6
14%
Horder's Inc
Jan
Jan
k
Jan
72
*
Sept
75
59
500
5% "6 k
44
5
Mar
600
""666
400
9,400
2 k
(Henry) & Co cl A..*
6
Aug
7%
2,600
Hires (C E) Co clA..
Holllnger Consol G M
Holt
80
23
2%
,S16
96 k
10
111
July
5
3,700
$7 preferred series A
*
$6 preferred series B.__*
k
*
Jan
66
'2*166
Jan
'
Common
2k
90 k
......
..25
Heyden Chemical
Feb
6 k
81
*
Hecla Mining Co
Helena Rubenstein
10 k
3,000
Mar
lk
1
Feb
%
25
39
July
105%
400
3%
76
June
25
July
lk June
9k
2k
5
Harvard Brewing Co
Hazel tine Corp
July
8k
Hartford Electric Light-25
Hartman Tobacco Co
*
-
36k
24 k
*
16%
15%
25 %
Detroit Steel Products—*
7% preferred
Dubllier Condenser
preferred
Gypsum Lime & Alabast.*
Hall Lamp Co...
__*
Jan
130 k
128
Jan
Feb
124
250
Gulf States Util $6
pref..*
$5.50
High
Apr
110%
75
31k
k
96 k
1
Corp of Penna.25
10% June
22
May
"moo
17k
18k
19k
19k
16k
16k
9k
10k
35 k £36 k
6% pref ww......—20
Detroit Gray Iron Fdy—5
Detroit Paper Prod
1
Driver Harris Co
Guardian Investors
Low
150
114% 116
125k 126
9%
Grocery Sts Prod com__26c
15%
Feb
-
Shares
High
31k
*
60
15%
Detroit Gasket & Mfg coml
7% preferred
Dow Chemical
Draper Corp
125%
25
X9
900
Class A
-.35
De Havill Aircraft Ltd—
Am Dep Rec ord Reg_£l
Casting
114%
Gt Northern Paper
Greenfield Tap & Die
16% May
Dayton Rubber Mfg com.*
Doebler Die
*
7% 1st preferred
Aug
Range Since Jan. 1 1936
for
Week
of Prices
Low
Price
100
25
2%
Mar
"3*266
'15%
10
Darby Petroleum com...5
Davenport Hosiery Mills.*
Distillers Co Ltd—
Amer deposit rets
Great Atl & Pac Tea—
Non-vot com stock
Sept
Aug
106
5
Dennison Mfg 7% pref.100
Derby Oil & Ref Corp com*
Preferred
*
16%
Week's Range
Sale
Par
12
100
Cusl Mexican Mining._50c
De
Jan
11%
2,200
1
,
1843
Sales
Last
(Continued)
High
Low
300
23%
1
STOCKS
Range Since Jan. 1 1930
for
Shares
14%
4%
2
Friday
Week
High
13%
3%
23%
*
com..
Exchange—Continued—Page
Sales
Friday
Fairchlld Aviation
Falstaff Brewing
j......
Fanny Farmer Candy
1
17k
18
Fansteel Metallurgical...*
Fedders Mfg Co com.
*
Ferro Enamel
Corp com..*
12%
34%
12%
36%
1,600
23 % June
36 %
Sept
34%
21%
%
36
1,400
28%
40%
300
22
-
15 k
£l5k
...
Mar
22
Warrants
15k
2,600
85 k
225
k
14k
k
Apr
Aug
17
Feb
Aug
Sept
5%
*36"
35%
Flat Amer dep
rets.......
22
Fldelio
916
78%
Brewery
1
Fire Association
(Phlla)_10
4%
9
78%
9
1,400
1,500
~!
916
79%
1,200
100
7% 1st preferred
Flsk Rubber Corp
$6
preferred
100
1
.100
Florida P & L $7 pref
Ford Motor Co Ltd—
Am
112%
7%
61 %
Jan
May
%
Jan
July
50
7%
61%
3,400
61
50
'
175
450
112
Apr
4%
Apr
46
May
40% May
8%
Ford Motor of Can cl A._*
Class B
-.-*
Ford Motor of Frances-
~25%
8%
22%
25
8%
23
4,600
2,400
25%
75
7% May
19
July
22% June
2%
30
18
2k
*
Gen Electric Co Ltd—
Am dep rets ord
Sept
Gen Investment
$6 preferred
Warrants
9
Feb
76
Jan
120
86
May
4k
k
4k
3,200
5k
62
2,700
300
151«
2,300
17 k
1,000
2%
2 k
700
2%
Kingsbury Breweries
Kings County Lighting—■
70
Feb
60
Feb
9%
28%
Feb
4k
Feb
4k
32
lk
30
Feb
10
4k
lk
Jan
4%
Aug
Jan
17k
2k
18
750
2k
900
Jan
10
2%
19
Mar
Jan
23
23 k
300
18 %
Jan
18
18
19 k
1,200
12%
Jan
.-*
53
lk
..1
49'
lk
17k
$3 convertible pref.
*
General Tire & Rubber..25
52
$5 preferred
com
Preferred
Glen Alden Coal
200
8
300
3 k
15k
99k
87
53
500
lk
4,400
"l7"
Jan
53
»3j6 May
Apr
't6 Jan
76
13
Sept
2%
Feb
57k
2%
Jan
*
8k
12%
Jan
k
Jan
July
Mar
5
47
19 k
52 k
17k
18%
2,000
52
52
"15"
99
86 k
200
"16%
'8*100
99%
89%
40
250
68 % June
13 %
Aug
85
79 %
6%
8
1,100
5
47%
180
40
3,800
Apr
Apr
Apr
Apr
July
Apr
16%
17%
34
50
24
Jan
18
200
8
; Jan
%
1,800
4%
200
13%
18%
20
16%
17%
4%
%
%
Feb
93
16 k
102
90 k
Class
Jan
Feb
Class B
19
Preferred
*
Lit Brothers com
*
14k
Lockheed Aircraft.
1
9k
♦
13k
Feb
Jan
5ie
Feb
2%
Jan
18% June
4 k
Sept
150
25k
Feb
800
16 k May
21k
Jan
1847
12%
20%
12%
21%
15,400
2%
July
100
10
Jan
200
17
July
4%
16
32 k
Sept
Apr
Jan
Sept
Apr
107
Feb
12k Mar
Jan
51
5k
z25
Jan
78
Mar
Jan
14
60
May
Mar
Sept
June
8k
19
100
9
2,300
%
2,700
*31666
5k
2,000
4k
Mar
90
Aug
15 k
Jan
Aug
3k
Aug
9k
13k
July
lk June
Ilk July
6 k
Jan
k
Jan
107 k
Feb
7 k
Jan
3
9 k
2,300
13k
4,900
4
k
25
Ilk
Jan
Jan
2
Feb
111
Apr
15
Mar
Mar
5k
Jan
22k
Apr
May
9k
Jan
18k
10 k
17 k
6 k
Jan
14k
Apr
Sept
Aug
Jan
Mar
Long Island Ltg—
Common
7%
preferred
♦
10i 3
*
Loudon Packing
Louisiana Land & Explor. 1
Louisiana P & L Co—
$6
preferred
6k
93
6k
12k
*
Lynch Corp common
5
Mangel Stores Corp
♦
3
4k
7
63,700
91k
95
210
6k
12k
102
)
4
Apr
8k
10k May
18k
Lone Star Gas
Mar
100
"13% "l~4%
.
Feb
July
2k
_
Aug
Corp
8k
k
5
*
Loblaw Groceterias cl A__
ClassB
Sept
20
2%
2k
:
8k
39 k
k
Ilk
Mar
: '
1
Lefcourt Realty com
47 k
18 k
74k
•
A
Jan
Sept
1,100
5k
Mar
3
Jan
""166
Gorham Mfg Co—
Gray Telep Pay Station..*
5%
Jan
k May
24
11
1
"l%
%
"4%
4,200
96
5k
70
Jan
4%
V t c agreement extended
Grand National Films Inc 1
Grand Rapids Varnish...*
"55% "57 k
1
1
June
17
18%
5,800
Lane Bryant 7% pref._10(
Langendorf United Bak—
71
99% Sept
84k Aug
100
Ilk
24k
5k
475
Sept
25
106
5 k June
Jan
74 k
]
Lake Shore Mines Ltd
99k
34
*
Sept
Sept
95
41%
*
For footnotes see page
Ilk
23k
40
68%
8
*
Goldfleld Consol Mines.10
Gorham Inc cl A
*
$3 preferred
102 k
100
*
*
*
23^
20k
102 k
6%
Feb
76
lk
Godchaux Sugars class A.*
Class B
4%
67
99k
5
k
7i6 May
18 k
Jan
8k
7k
Lakey Foundry & Mach..]
—
6% preferred A
100
Georgia Power $6 pref...*
2
10k
8k
76
*
New common
2,000
21
'
Knott Corp common.
3k
Mar
Aug
Sept
Mar
74
"Jan
July
Jan
10
Feb
-
Mar
96
4
100
17k
Sept
Sept
July
"2I266
4%
lk
6k
114
July
95
"~4k "4%
5%
Mar
Jan
Jan
Aug
62
Jan
k
lk
Aug
Aug
105
Jan
111k
5
~"l7% "~14~%
Jan
Jan
23
,
Gen Outdoor Adv
6% pflOO
Gen Pub Serv $6 pref
*
Gen Rayon Co A stock.. *
General Telephone com.20
Gilbert (A C)
117
20
99
57
61
Feb
30
*
com
com
4k
2.1
93k
97 k
Jan
92
99
..
Feb
Jan
reg._£l
Fireprooflng
Naumburg
70 k
91
-—..
24k
15
General Alloys Co
Gen
Jonas &
85
1(
1(
1C
21
American dep rets 100 fes
Fort Worth Stk Yds Co__*
Froedtert Grain & Malt—
Gen Gas & Electric—
$6 preferred
1%
89
6k% preferred
6% preferred
7% preferred
74
dep rets ord reg__£l
Conv preferred
Jan
74%
112%
7%
17
40
49
*
Sept
Sept
1,200
First National Stores—
112
19
18
May
12
Jan
Jan
lk
39k
39
7k
75,
6k
300
12k
4,000
102
25
3
k
72 k
Apr
7
Sept
Jan
96
July
Feb
6
July
Jan
94
May
July
k
9k
8 k
15k May
102
lk
300
40 k
300
34
Jan
65 k
7 k
200
4
Apr
9k
50
42
79
lk
k
k
Apr
2k
79
Sept
Mar
Feb
Jan
Sept
New York Curb
Friday
STOCKS
Last
Week's Ranee
Sale
of Prices
Low
High
Price
Range Since Jan. 1 1936
Shares
Low
20
*
Marconi Internatl Marine
»
*
15
Masonite Corp common-
*
87
Mass Util Assoc v. t c—
2%
Massey-Harris common.
4
Mayflower Associates—
153%
July
9%
22%
5
Apr
Jan
15
Sept
100
50
June
64
Apr
50
42
Feb
50
Sept
}■ 1%
800
50
11%
*
4
500
8%
39%
Sept
106% 106%
5%
5%
200
79%
1,100
5%
Feb
Aug
"33"
"loo
Apr
July
76
"~5%
"33"
Apr
43%
106%
8%
82%
20%
Jan
Feb
104%
Aug
8%
31%
10%
Mar
Apr
27
5%
5%
56
%
3%
1,200
6%
56
6%% A preferred—100
-*
Metrop Edison $6 pref—*
100
700
40
Jan
Jan
29,500
2%
Aug
5%
5%
100
5%
4%
3%
%
4%
1%
3,100
2%
July
24%
24%
500
19
150
39% July
3% Sept
1% May
1%
214
3%
....
1%
2%
3
16%
1
50
Apr
800
1%
16%
%
1,300
300
Jan
Aug
Jan
$2.80
Feb
Pa Pr & Lt $7
Mar
*
*
t c
ClassB vtc
1%
1,800
*
*
Apr
Sept
4
Sept
63
x66
Minnesota Mining & Mfg.*
32
pref-. 100
115
Miss River Pow
Mock, Jud., Voehringer Co
New common
2.50
Moh & Hud Pow 1st pref.*
2d preferred
*
.
Molybdenum Corp.——1
%
100
3%
2%
*
Mining Corp of Can
266
3%
Mid-West Abrasive com50c
1,900
2%
32%
31
2%
525
22
Jan
70
115
115
109
Jan
2%
33%
115
Jan
Feb
97%
84
Sept
Mar
July
conv
7%
32
42
Mtge Bk of Col Am shs
Mountain Producers—..10
1
'1%
"5% "5%
Nat Auto Fibre A v t c—*
National Baking Co
com.l
Nat Bellas Hess com
1
"35%
35
8%
7%
2
2
%
$2 conv preferred
500
400
National Gypsum cl A—5
National Investors com—1
1%
Providence
100
19%
<20%
2,000
50%
1%
500
$6
*
88
88%
25
National Refining Co
Nat Rubber Mach
8
200
4%
5
2,300
*
4%
Nat Service common.....1
%
2,400
100
27%
12.50
Nat Union Radio Corp..
11%
*19%
Calif Elec
7%
com
preferred
"15% "19%
'""266
76
85
26
2%
87%
600
104% 104%
10%
17
...»
"""'16
5%
600
150
200
5%
210
52
50
14%
%
Class B opt warr
*
Noma Electric
6% May
14%
116%
4%
48
14
20,400
3,700
16%
%
2%
S16
2%
100
Apr
Jan
Aug
Aug
11%
v20%
125
$6
13%
13
43%
41%
.....
2%
8
*
60
No Am Utility Securities
Nor Cent Texas Oil
Nor European Oil com
7%
7%
preferred
3%
59%
1,400
1,900
1,400
13%
43%
2%
8
-
%
83
100
5,800
"35%
Ohio Brass Co cl B com...*
Ohio Edison $6 pref—;
*
Ohio Oil 6% pref
.100
Ohio Power 6% pref
100
6%
75%
316
83
88%
8%
8%
34% ;36%
28% 130
35
136
34%
35%
7% Apr
% Sept
1
May
7% Jan
28%
Apr
2% July
3%
Jan
41
Jan
%
Aug
',«
%
8%
9%
Aug
Apr
1%
15
1,500
9%
10
600
Apr
8% May
98%
Apr
Feb
Sept
July
600
14%
Sept
Jan
3%
4,800
32%
Sept
Feb
Feb
15
Sept
11%
11%
Sept
Feb
103
July
29%
Sept
July
com—*
48
Apr
70
July
111
Apr
119
Sept
92
Jan
101
98
Jan
110
20
60
59
60%
910
26
100
25
26
200
<
100%
110% 101
2105
105%
1% June
Sept
Feb
7%
July
84%
43%
87
46%
575
50%
Jan
87%
Sept
42%
450
22
Jan
47%
Sept
20
—
18%
20
225
14
Jan
20
Sept
9
Mar
7%
83%
7%
7%
400
20%
21%
"20% "21%
21
*
•
"650
}
1
14
14
13%
4%
11%
29%
4%
5
10% .11%
29%
31
""%"
Jan
200
%
100
»1«
Aug
July
5%
50
1847
137%
149
Jan
Apr
21%
23%
2%
Sept
July
Jan
1%
Feb
%
Feb
Feb
500
1,400
1,100
3%
Feb
8
Sept
5%
Feb
Jan
21
June
July
Jan
"%
r,2o6
516
5%
3,100
1,600
4%
Jan
*
25
9%
200
8
May
%
9%
%
Rad com..—1
4%
4%
800
3%
Aug
July
Root Petroleum Co
900
15%
17%
19
20
19
""%
%
73%
24%
25
6%
5%
"95%
3%
95%
*
Safety Car Heat & Lt—100
St Anthony Gold Mines.. 1
100
4
%
%
36% Apr
3%
Jan
3%
Jan
% May
63
20
71
Apr
85
July
Scoville
10
77%
Apr
90
July
Sept
2
Jan
Jan
16,400
400
14%
5
Jan
Jan
%
1,100
400
26$
38$
June
74%
25
6%
3%
99%
%
200
8
Mar
•
500
275
Jan
Jau
7,900
1$
Jan
Apr
70
500
*1*
Jan
2
Ltd.
St Regis Paper com
Sept
7
4
16%
*
Jan
6
113
Royalite Oil
Royal Typewriter
,
Jan
3
2%
2%
Roosevelt Field Inc......5
Feb
Feb
Feb
2%
5%
Ryan Consol Petrol
5
100
"5
"4% "5
91
Aug
55
May
7",700
93%
300
7%
Jan
3,400
Scranton-Spring Brook
200
1,700
100
2,500
400
800
175
4% June
21%
15%
33%
Jan
Jan
Sept
26% May
Sept
6%
8%
71S
9%
7%
preferred
Jan
Salt Creek Producers... 10
"6%
6%
Jan
Savoy Oil Co
......_5
Schiff Co common
*
34%
34%
35
600
26
May
43.
42%
44
450
30
Apr
75
Jan
Feb
Manufacturing.25
Water Serv $6
pref---*
48
35%
Seeman Bros Inc
Sept
July
114%
July
$5.50 prior stock
109
July
Allotment certificates.-
100
13%
Jan
Jan
15%
Feb
14%
Aug
33%
Aug
72%
41%
Apr
46%
Jan
4,300
1%
Jan
3
3
2
Jan
4%
4%
Mar
Feb
700
34%
300
3
3%
2,200
x30%
Jan
2%
Jan
40
Sept
Mar
4%
Feb
92%
25
Feb
101%
10% June
26% June
Jan
300
3%
72%
34
1
Common
110
300
42
44%
Selected Industries Inc—
July
10
1,600
Jan
2%
.
67%
44
72%
Segal Lock & Hardware
Selberling Rubber com—*
Selby Shoe Co—
*
Feb
Sept
1%
,.*
Mar
Sept
38
100
For footnotes see page
Jan
%
2
Inc....—-10
1
Jan
109%
110%
10%
30%
17
6%
Mai
Jan
14
Jan
25
3%
Jan
10%
Jan
400
preferred..—..*
44%
104%
14
141
125
21%
%'
Rustless Iron & Steel—.*
101%
109
Jan
June
14%
—
.
10
125
125
%
Aug
200
109
5%
115
15%
400
29
Jan
May
%
103% 104
Rossia International...—*
107 *4 109
10%
preferred
1%
37
-M6
10
17% Aug
% May
3% Aug
108% 109
111% 111%
29
$3
6,000
9%
18%
Jan
July
July
$1.20 conv pref
109
5
Oklahoma Nat Gas com. 15
3%
RochesterTel6% % IstpflOO
Rogers-Majestic A
-*
'
108"
Ohio P S 7% 1st pref—10c
Oilstocks Ltd com
2,700
400
60
88%
34%
Northwest
Engineering._*
Novadel-Agene Corp...
3%
5
5
1
Nor Ind Pub Ser 6% pf.100
Northern Pipe Line
.10
Nor Sts Pow com cl A..100
Aug
11%
30
15
—
St Lawrence Corp
3%
preferred
8
775
400
-100
B
Richmond
Jan
Jan
July
Nor Amer Lt & Pow
Common
1,700
60%
Russeks Fifth Ave..
6
9%
15%
32
Apr
Jan
Jan
Goods
Richfield Oil pref
Niagara Share-
Niplssing Mines..
3%
20% June
6%
Jan
37%
14%
Rice Stlx Dry
1,800
11%
17%
123
122
Class A opt warr
Nlles-Bement-Pond
6,300
Sept
Jan
*16
....———
Reybarn Co
'4
5
17%
19%
(Daniel) com—
Relter-Foster Oil
100
26%
Niagara Hudson Power—
common
Jan
600
3%
.
Reynolds Investing
N Y Water Serv6% pref 100
Class B
June
37%
Raytheon Mfg v t c—50c
Red Bank Oil Co
*
Reed Roller Bit Co.
1,350
600
78%
"T% "4% """266
17%
15
Jan
300
5%
15
3%
Sept
1,900
5%
230%
31
90
Feb
18%
18
9%
"15%
May
Jan
July
1%
1%
Reeves
11%
Common
180
Feb
May
Okla—
Common
20
132
2%
*87%
1
5
90
133
Sept
Jan
Raymond Concrete Pile—
300
3%
A
$3 conv
76%
N Y Steam Corp com
*
N Y Telep 6%% pref—100
New York Transit Co
88
18%
5%
preferred
100
Quebec Power Co
—*
Ry & Light Secur com—.*
Ry & Util Invest cl A
1
Rainbow Luminous Prod-
'"206
130
*
N Y Shipbuilding Corp—
Founders shares
14%
11%
11%
130
6%
MOO
7% pref..100
preferred
42
Jan
1%
Pyrene
Quaker Oats com
2,000
1%
Class
N Y & Honduras Rosario 10
$6
1
3%
1
Newmont Mining Corp. 10
New Process common
.*
N Y Auction Co com
*
10%
Apr
90
-5
Manufacturing.. 10
MOO
Class
New England T & T Co 100
New Haven Clock Co....*
N Y Pr & Lt
*11% "12"
"I % "1%
5
25
Jan
25
1,700
18%
5%
12%
109
preferred...
Pyle-National Co
100
New Jersey Zinc..
New Mex & Ariz Land
2,200
42
92
Sept
Sept
105
$5 preferred.
200
28
100
New Bradford Oil
8%
8
133
6% prior lien pref—100
7% prior lien pref—100
Pub Util Secur $7 pt pf—*
*
Nestle-Le Mur Co cl A...*
Nev
Aug
Apr
Feb
16%
Jan
6% preferred
Pub Service of
300
316
"l3% "13%
Nelson (Herman) Corp.—5
Neptune Meter class A
11%
*
-*
$6
*
Nehl Corp common
Nelsner Bros 7% pref—100
7%
June
7%
40
Mar
$6
1%
Nebel (Oscar) Co com
2,400
7%
Jan
103%
pref—
preferred
Pub Serv of Nor 111
100
5% % pref—10
Transit
Apr
Jan
Sept
Puget Sound P & L—
National Sugar Refining—
National
Jan
2%
'
9%
Indiana—
$7 prior
Conv part preferred
National Steel Car Ltd—*
Nat Tea Co
7%
800
42
6% 1st preferred
100
7% 1st preferred..-.100
750
8
National P & L $6 pref
""■ioo
5%
7%
4%
34
Colo—
Public Service of
600
4
*
"12% "l3"
500
preferred
Pub Serv Co of
2,500
1%
5%
26%
Nat Mfg & Stores com
National Oil Products
3,100
~7%
Prudential Investors.—*
%
1%
5%
26%
*
16%
4%
B—-*
200
35
$5.50 preferred
Nat Leather common
300
15%
Gas..———*
21%
1%
1,200
5%
36%
%
50
Warrants...
11%
5%
Hos'y
Prosperity Co class
50
"166
85
12%
Amer..*
Royalty——!
Producers
35
"26"
720
"17"
Pressed Metals of
18,200
200
21
*
-
—*
National Fuel Gas
400
91%
35%
16"
com..*
35%
8%
22
Propper McCallum
21
95
11%
*
Premier Gold Mining——1
Prentice-Hall Inc
--*
Nat Bond & Share Corp—*
National Candy Co com..*
National Container com..*
93
5%
Co
Pratt & Lambert
6,900
40%
■
75
25
17"
5
6
2%
20
Nachman-Springfilled.... *
40
90%
—*
Corp of Can
146%
42
8%
Powdrell & Alexander
2,000
Power
37%
40
210
146
94
—10
Potrero Sugar com
39%
100
42
com——*
Plough Ino
1,000
Mountain Sts Tel & Tel. 100
Mueller Brass Co com
23%
111
107% 2108
146"
ALE RR-60
Pittsburgh Forgings.-- - -1
Pittsburgh & Lake Erie. 50
Pittsburgh Plate Glass—25
Pleasant Valley Wine Co.l
""8% "8%
23
900
11,000
109% 2109% 111%
Meter
42
m
~40" "i~250
"58%
21,000
Pitta Bessem
32
com...-*
300
""400
5%
preferred.
100
com——*
Co
5
Pioneer Gold Mines Ltd—1
Pitney-Bowes Postage
4%
149
300
6,100
1,100
200
5%
111
Pines Wlnterfront
16%
150%
Montgomery Ward A
*
Montreal Lt Ht <fc Pow—*
4%
23%
Pierce Governor
8%
4
15%
600
'
pref ser A
Pie Bakeries Ino
85
7%
Preferred A
100
Moore (Tom) Distillery.-1
"5%
———1
Common
15%
99%
85
38%
"57"
7%
15
99
Monroe Loan Society A. -*
Montana-Dakota Util..10
Moore Corp Ltd
39%
Phoenix Securities—
Jan
28%
400
"7% "7%
preferred
266
6
Jan
1%
Hioh
Low
1,900
107% 108
2.50
Pa Water & Power Co.—*
Fepperell Mfg Co.....100
Perfect Circle Co
—*
Philadelphia Co com
*
Phlla Elec Co $5 pref—.*
Phila El Pow 8% pref—25
Phillips Packing Co
*
Feb
Jan
«1S
29
29
6%
Penn Traffic Co
1%
6%
Midland! Steel Products—
$2 non-cum dlv ah*
Mid vale Co
29
32%
*
*
A
pref
Aug
Middle States Petrolv
7%
5%
32%
5%
—*
Penn Salt Mfg Co
60
Pennsylvania Sugar Co..20
$6
2% Sept
4% Mar
18
17
7%
4%
31%
Range Since Jan. 1 1936
for
Week
Shares
preferred.'—..—*
Pa Gas & Elec class
Feb
4%
"
Sept
Apr
Mar
Apr
%
102
Aug
Sept
July
62
Aug
700
%
100%
1%
Sept
Jan
101
36
Apr
May
716
101%
1%
2%
3%
17%
1%
5%
Mesabi Iron Co
*
10
13%
90%
'""306
5%
Michigan Steel Tube.-2.50
Feb
Jan
'"39% ~4l"
A—1
Michigan Bumper Corp—1
Michigan Gas & Oil
*
4
Jan
Jan
89%
*
Mar
Aug
100
Participating preferred.*
Merrltt Chapman & Scott *
100%
6%
1%
16%
"7%
Overseas
7% Jfan
16%/Tlug
700
59
*
Memphis Nat Gas com—5
Memphis P & L $7 pref.—*
Mercantile Stores com—*
14%
10%
41
New
100
62%
High
6%
1 %
00m..*
*
Securities...—*
Pacific Eastern Corp
1
Pacific G & E 6% 1st pf-25
5%% 1st preferred—26
Pacific Ltg $6 pref
*
Pacific P & L 7% pref—100
Pacific Public Service.—*
$1.30 1st preferred.—*
Pacific Tin spec stock
*
Page-Hersey Tubes Ltd..*
Pan Amer Airways
10
Pantepec Oil of Venez
1
Parker Pen Co.—
10
Pender (D) Grocery A.—*
Class B
-*
Peninsular Telep com
*
Preferred
100
Penn Mex Fuel Co
1
Pennroad Corp v t c_..—1
Penn Cent L & P $5 pref—*
Sept
950
Week's Range
0/Prices
Low
Class A conv pref
Jan
Mar
3,500
50
May Hosiery Mills pref- McCord Rad & Mlg B—*
MoWllliams Dredging-.—*
Class A
Distillers——1
Oldetyme
Feb
53%
4
,14%
Preferred
27%
15
87
3
4%
14%
13%
85%
2%
Master Electric Co
Michigan Sugar Co..
Aug
Price
Outboard Motors B
Marlon Steam Shovel.
Mexico-Ohio Oil
High
June
7%
*
Merchants & Mfg cl
Par
12
Amer dep rights
Margay Oil Corp
preferred
Sale
(Continued)
Mapes Consol Mfg
Mead Johnson & Co
Last
STOCKS
Week
Par
Sept. 19, 1936
Sales
Friday
for
(Continued)
7%
Exchange—Continued—Page 3
Sales
94
95
100
81
Jan
95
Aug
92
94
1,700
78
Jan
97
Sept
r
Volume
New York Curb
143
stocks
Last
(Continued)
Sale
Par
Price
Exchange—Continued—Page 4
Sales
Friday
for
of Prices
Week
Amer dep reo
Sentry Safety Control
£1
*
com
4%
Seversky Aircraft Corp—1
Shattuck Denn Mining.. .5
Shawl nlgan Wat A Pow__*
Shenandoah Corp com—1
$3 conv pref
25
8%
"~2 H
Sherwin-Williams com..25
134 %
5% cum pref ser AAA 100
Sherwin-Williams of Can
Shreveport El Dorado Pipe
Line stamped.;
-25
Simpsons Ltd 6% % pfd 100
Singer Mfg Co
....100
Singer Mfg Co Ltd—
Amer dep rec ord reg..£l
Smith (L O) A Corona
Typewriter vtccom—*
Sonotone Corp
.1
2%
2%
%
%
13
U%
5
4%
7%
8%
21% 22H
2%
2%
51% 55
133% 135
110% 110%
19% 20%
2%
H
Apr
7%
Jan
6,400
3%
Aug
5%
Sept
9,200
4%
18%
8%
23%
4%
Sept
1,500
Feb
July
700
300
1%
47%
Apr
Jan
June
20%
6%
27 %
6H
27%
2%
1,000
38%
39
Aug
3%
100
26%
2%
116
Aug
Sept
328
19
Feb
Jan
Apr
16
350
10
338
55
110
10
Mar
Feb
Apr
145%
117
%
338
1%
15
May
July
750
■"*
Jan
83%
338
2%
100
700
300
Apr
Apr
Sept
%
July
"27% "27%
Southern Colo Pow cl A.25
4%
4%
4%
Jul
Jan
7%
Jan
34%
Mar
1%
Jan
3%
Fob
34%
Feb
Mar
""600
25%
Jan
41%
29%
28%
Apr
July
July
July
100
Southern Union Gas
1%
7%
Southland Royalty Co
5
South Penn Oil
—25
39%
39
1%
8%
39%
800
400
6%
32%
'16
9%
31%
9%
31%
500
9%
33
1,800
450
%
%
9%
29
%
33
*
*
Apr
July
Jan
16%
50
3%
12%
35%
31%
5% preferred.
100
106
106
Standard P A L
1
4
4
4%
4
4%
Common class B
"57
2,800
300
12
2,100
250
107
15,300
2,100
17%
11
8%
50
Stutz Motor Car........*
2%
7
3
%
12%
6%
3%
8%
38
12%
7%
3%
2,900
3%
29
4%
3%
Sept
Sept
pref
—50
Sunshine Mining Co.—10c
Swan Finch Oil Corp..—15
oonv
"mi
8%
70%
100
70%
5%
.....
5%
8%
9,100
100
71%
650
5%
6,500
Syracuse Ltg 6% pref..100
"~9 %
"39"
"§9"
2
Technicolor Inc common.*
28
27
Teck-Hughes Mines
5%
71%
5%
71%
%
4%
..1
Tenn El Pow 7% 1st pf. 100
Tenn Products Corp com.*
Texas Gulf
Producing.
_
"5%
.
Texas P AL7% pref...100
Texon Oil A Land Co —.2
"1%
.
Thermoid 7% pref.——100
Thew Shovel Coal Co..—*
4%
2%
4%
28%
6
72
*
*
1%
31%
34%
19%
8%
54%
19%
8
54%
1%
34%
20%
8%
57%
110
100
7,600
600
600
200
370
110%
100
98% 110
27% 27%
c„*
v t
27%
*
.*
9% May
80%
40
81%
*
—-*
82
100
—100
1
Sept
Sept
7% May
3
q
14%
1
1
6%
6%
33
33
3%
1,300
q
15
1%
100
2,500
400
700
6%
200
33
May
2% June
7%, Apr
10% May
1
6%
Apr
Aug
8%
9%.
900
36%
7%
36%
Woodley Petroleum.'
36%
200
30
July
80
Amer deposit rets
Jan
Mar
5s
Wright-Hargreaves Ltd.
Youngstown Steel Door.
—5
7%
36%
3%
2%
8
38%
3%
Feb
3%
5%
Aug
104% Mar
5%
10
16%
3
15%
40
91%
Feb
Apr
July
Feb
Feb
Jan
July
Jan
Jan
7
Jan
10,100
2,300
26,900
29
11
Mar
Jan
37%
Aug
Feb
Sept
7% Mar
36% Sept
1% June
9%
39
4%
Feb
BONDS—
$
1942
107
107
107
1,000
1st A ref 5s—
1946
1st A ref 5s
1951
106%
102%
106% 107
102% 103
29,000
11,000
Aug
Apr
Apr
Aug
19",600
1st A ref 5s
1968
96
1st & ref
1967
90
f deb 5s '52
101% 101%
96
95%
1956
1st A ref 5s
107
4%s
89
90
300
Aluminium Ltd deb 5s 1948
«13%
12%
7%
13%
7%
16% Aug
11% July
% June
65
Jan
Amer G & El deb 5s...2028
108"
107% 108%
Am Pow A Lt deb 6s—2016
100%
Amer Radiator
2,200
100
June
2,400
4
20%
"47% "49%
2%
19%
Mar
"""266
*$
Aug
10
Jan
Apr
107
Feb
21%
5%
50%
104
103%
103% 104
Amer Seating 6s
105%
105% 105%
Aug
106
Apr
Apr
%
1%
12,000
19,000
Feb
Feb
4%s—1947
16
105
3,000
106%
—2024
U8%
118
118%
104%
103% 104%
84,000
Associated Eleo
4%s..1953
106
106%
*107% 108%
55,000
59%
70%
46
48
45%
48%
48
108%
119%
104%
65%
61% 112,000
69%
60
Feb
Sept
Feb
Mar
June
Jan
Mar
107% Feb
106% May
ii"66o
Arkansas Pr A Lt 5s.. 1956
Debenture 6s
Sept
28%
108%
103%
105%
14,000
stp...1946
Appalachian El Pr 5S.1956
Appalachian Power 5s. 1941
Aug
Mar
106%
65,000
Am Roll Mill deb 5s—1948
113
Jan
16
22
96.
91%
108%
19,000
Jan
Jan
'it
14
21%
14
3,000
28,000
169,000
41,000
Feb
Mar
'""600
106% 108
105% 106%
107% July
104% Aug
102% Aug
100% 101% 129,000
104
6,000
104%
107
June
s
Amer Com'ity Pow 5%s'53
Am El Pow Corp deb 6s '57
Mar
200
Aluminum Co
103
108%
10#
Alabama Power Co—
27
'l08%
10
100
200
6%
25%
Jan
Aug
Sept
Feb
•Associated Gas A El Co—
3%
Tri-Contlnental warrants.
2%
.
Triplex Safety Glass CoAm dep rets for ord reg.
Tri-State T A T 6 % pref. 10
3%
2%
1,400
2,800
Jan
30%
200
Mar
~~8%
'""260
8
11%
6
48
9,600
3,300
8
12%
~~8~
11%
Sept
23%
Jan
48
Sept
2,00.0
1,200
7%
11%
15%
8,400
11%
Sept
Sept
Apr
"2% "2%
""366
14%
13%
7
25
Unexcelled Mfg Co
.10
Union American Inv'g...*
Union Gas of Canada....*
12
12%
500
Union Stock Yards—..100
Union Traction Co
...60
June
2% July
25% May
8%
Jan
94% Aug
4%
Conv deb
Conv deb
Aug
14%
16%
16%
7
Feb
Feb
Feb
Mar
June
4%
37%
14%
94%
Sept
July
Aug
7%
Mar
Feb
5% a
1938
4%s C—1948
4%S——1949
Conv deb 5s
..—1950
48%
1968
48%
Debenture 5s.
om.__*
8%
51
Am
dep rets ord reg
£1
United N J RR A Canal 100
8%
51
1977
1950
Assoc T A T deb 5%s A '55
Atlanta Gas Lt 4%s—1955
Atlas Plywood 5%s
1943
5%s
7%
35%
Apr
1%
Apr
July
100
1%
6%
7%
52,800
117
120
2,700
3,900
55
55
95
95
86
86
104%
w_.1938
112%
112%
112% 114
111% 112%
111%
110
1938
111%
109% 113
Bell Telep of Canada—
1st M 5s series A
1955
115%
115% 116%
122
121% 122%
122% 122%
6s with
warrapts—.1938
6s stamped w
6s stamped x w
1957
1960
140%
Jan
Broad River Pow 5s.-1954
%
Jan
106%
85%
10
Canada Northern Pr 5s *53
105"
6s—1942
56%
3,500
Carolina Pr & Lt 5s... 1956
20
20%
50
"56%
56%
56%
75
Cedar Rapids MAP 5s.'53
Cent Ariz Lt A Pr 53.1960
6%
6%
6%
400
5%
Jan
255% 255%
20
255%
Sept
7%
157%
7
100
Canadian Pao Ry
6%
257
Jan
June
Jan
80% July
54
54
67%
57
July
July
July
July
July
29
Mar
3,000
33
Mar
75
Jan
96% Sept
41,000
20,000
7,000
78
Jan
91%
59
Mar*
96%
Jan
104% Sept
104% Sept
113
77%
Apr
120%
Sept
79
Apr
Apr
75
Apr
120%
117%
119%
Sept
73%
39,000
33,000
2,000
8,000
117
Mar
142
145
Mar
2
135
Sept
16,000
8,000
78,000
183,000
135
107%
12,000
96%
85%
60,000
84%
98%
96%
8,300
_
Jan
Mar
Mar
51,000,
{97%
Jan
81%
Buffalo Gen Elec 5s...1939
Gen & ref 5s
..1956
6%
7%
30
135
1%
91%
7%
7%
61%
7
35%
28%
27%
16,000
42,000
51,000
107
6s registered
1998
Blnghamton L H & P 5s '46
Birmingham Eleo 4%s 1968
Birmingham Gas 5s
1959
4
104% 104%
103% 104
6s without warrants 1938
Bethlehem Steel 6s_..1998
Feb
50%
50%
56%
95%
87%
12,000
5,000
100% May
Baldwin Locom Works—
5s series C
Apr
2,000
1%
91%
1847
12
8
7%
120
A..*
*
2,200
100
17%
1%
United Gas Corp com
1st $7 pref non-voting _*
Option warrants
United G A E 7% pref. 100
$6 conv 1st pref
*
United Milk Products....*
$3 preferred
*
United Molasses Co—
17
48%
'
Conv deb
Assoc Rayon 5s
1st M 5s series B
$17%
$3 cum A part pref
*
United Corp warrants
United Elastic Corp.....*
see page
Sept
Mar
13
7%
11%
1
80c dlv pref.....
Twin Coach Co
Common class B
Feb
30%
11%
Sept
May
9%
41%
7%
11%
48
...
United Aircraft Transport
Warrants
Jan
Jan
Mar
8
11%
1
.
3%
2%
Conv deb
30
—.*
Tubize Chatlllon Corp
For footnotes
1,700
26%
Common.:
com
26
6
200
1%
95%
...*
_
Abbott's Dairy 6s
"5% "5% "moo
20%
450
3%
Woolworth (F W) Ltd—
Jan
100
"4% "5%
3%
200
Wise Pr & Lt 7% pref..100
Wolverine Port! Cement. 10
2,800
6,400
1,500
Trans Lux Pict Screen-
United Lt A Pow
Vogt Manufacturing.....*
Waco Aircraft Co
*
Conv preferred
Mar
4%
2,400
25
26
Va Pub Serv 7% pref—100
Wilson-Jones Co
July
5%
1%
2%
24%
3%
1%
95%
3%
Feb
2%
Jan
47% Sept
52
900
iy*
2%
1%
2%
25
1
.
300
52
7% preferred A.
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev.
s
Venezuelan Petrol
1
4%
3,300
Toledo Edison 6% pref. 100
United Chemical
Venezuela Mex Oil Co.—10
75
1
4
150
dep rets ord reg...£1
dep rets def reg
£1
Todd Shipyards Corp——*
7% % pref
100
40
500
"39"" ""300
Am
Ulen A Co
1
—
—
100
101%
3%
3%
80
82%
71
Am
.
Class B
7% preferred
West Va Coal & Coke
Tobacco Securities Trust
Tung-Sol Lamp Works.
Util Pow & Lt common... 1
775
100
15%
12%
100
4
70
Tobacco Prod Exports..
Class A
1,300
4
70
Tilo Roofing Inc.
1
Tlshman Realty A Const-*
Tobacco and Allied Stocks *
Trunz Pork Stores
1%
70%
1
64
70%
4
Yukon Gold Co
2
1,100
Universal Products
7% preferred
"s'% "9% T.900
Tampa Electric Co com..*
Tastyeast Inc class A....1
Taylor Distilling Co
9%
Wil-low Cafeterias Inc
102
Taggart Corp common.—*
Talcott (J) Inc 5% % pf-50
9%
Jan
600
16%
8%
1
...
1%
2,200
200
100
8
Universal Pictures Com
3%
3%
23 %
3%
48%
17%
11,000
2,800
11,000
"14%
18
3%
47%
3%
4%
*
15%
100
500
16
14%
21%
Williams (R C) & Co
*
Williams OU-O-Mat Ht—*
425
1,125
3%
Feb
17
1,900
3%
14%
21%
3%
10
West Texas Utll $6 pref—*
Westvaco Chlorine Prod—
Jan
26%
50
4%
38%
'16
4
...
Westmoreland Co
June
4,900
2,300
1,100
""% "l" "l~80C
United Verde Exten...50c
Westmoreland Coal Co
May
6
300
2%
x28
3%
30%
'16
United Wall Paper
Universal Consol Oil.
Universal Insurance
Western Tab A Sta
Jan
Jan
25
26%
2%
23
""3 %
....
2%
"37%
3,500
1,400
90
X28
*
7% 1st preferred..—100
Jan
100
16
Sullivan Machinery ...._*
Swiss Am Eleo pref
8
38
*26%
Swiss Oil Corp
United Stores vtc
15%
2%
2%
Western Grocery Co
20
Western Maryland Ry—
Mar
13%
....20
Sterling Brewers Ino.....l
Sterling Inc...........
Stetson (J B) Co com....*
Stroock (S) A Co...
*
14%
88
10
Western Auto Supply A..*
West. Cartridge 6% pf.100
59
2d preferred..
15
"96"
..*
Jan
Steel Co of Can Ltd
5% %
U S Lines pref
U S Playing Card
2% May
2% Apr
97
Stein (A) A Co common..
Sterchl Bros Stores......
500
*
1
Wayne Pump common... 1
Apr
1,500
%
110
Walker Mining Co
Apr
Aug
Sunray Oil
1
1st pref with warr
Class B
July
Jan
20%
%
650
57
23%
Standard Silver Lead....
825
39
.—.100
Went worth Mfg Co.—...5
Western Air Express
1
21%
25
22 %
54%
22%
%
Standard Products Co...
89%
39
U S and Int'l Securities..*
Wahl (The) Co common.
Waltt A Bond class A
Jan
11%
30%
Feb
Feb
10% June
33% Aug
4%
Jan
1% Feb
41%
Feb
Mar
July
50
19
19
~30%
Preferred
Feb
Jan
Sept
41%
19%
16%
41%
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
Jan
July
Jan
2%
Stand Investing $5.50 pf-*
Standard Oil (Ky)
10
87%
39
pf 100
Utility Equities Corp
*
Priority stock
Utility & Ind Corp*com..5
Conv preferred
7
Jan
High
L200
.
89%
Utlca Gas A Elec 7%
Jan
Low
Finishing common...*
Preferred
U S Foil Co class B
1
48
Line... .50
Spanish A Gen Corp—
Am dep rets ord bear..£l
Am dep rets ord reg
£1
Spencer Chain Stores
*
Square D class A pref...-*
Stahl-Meyer Inc oom.
*
Standard Brewing Co....*
Standard Cap A Seal com .5
Standard Dredging Co—
1st preferred..
U S
Utah Apex Mining Co
5
Utah Pow A Lt $7 pref.—*
May
Range Since Jan. 1 1936
300
1%
"l% "I
1%
for
Week
Shares
U S Dairy Prod class A...*
Class b
1
*
Utah Radio Prod
400
So'west Pa Pipe
Conv preferred
25
3% June
*
Common
6%
2% May
76% July
141
Preferred
7% preferred
100
U S Rubber Reclaiming..*
U S Stores Corp com..
*
$7 conv 1st pref.
50
100
7% preferred
Preferred
United Shipyards com B..1
United Shoe Mach oom—25
High
1%
U S Radiator Corp com..*
2,100
Southern N E Telep
100
Southern Pipe Line.....10
Low
Price
*
__10
Feb
27%
2%
39
Sharing
83% Sept
365
Southern Calif Edison—
5% original preferred.25
6% preferred B
25
6% % pref series C—25
of Prices
Sale
Par
United Profit
Week's Range
Las
(Concluded)
High
Low
High Shares
Selfridge Prov Stores—
Seton Leather
stocks
1 1936
Range Since Jan.
Week's Range
Low
1845
Sales
Friday
106% 107
32,000
122% Sept
123% May
107% Sept
97% Aug
87%
Feb
103% June
lb'ooo
109
77,000
105%
116%
21,000
8,000
17,000
113%
Aug
Mar
Sept
Feb
107%
Mar
108
105%
11 lYs
111
111%
104%
103%
105
113%
113
113%
106%
106% 107
Sept
21,000
{104%
105
Sept
105
Jan
Feb
Low
Hygrade Food 6s A
1981
'
Cent Maine Pr 4%s E. 1957
Cent Ohio Lt & Pr 58.1950
-
60,000
101% 101%
104
16,000
101% 102%
104
104%
102%
4%s ser F.1967
1968
6s series G
4% s series H
104% 105
104%
1966
10,000
9,000
fl03% 103%
-
....
103% 104%
104%
7,000
Cent Power 6s ser D..1957
91%
90%
91%
30,000
Cent Pow & Lt 1st 63.1956
95%
69
95%
68%
96
70
88,000
64,000
74%
73%
1948
Cent States Elec 5s
105
4%s '70
Chic Dist Elec Gen
1961
6s series B
1950
77%
104%
104%
Apr
111 Pow & L 1st 6s ser A '53
Sept
1st & ref 5%s ser B. 1954
Jan
95
61
Apr
62% May
65
Apr
104%
Apr
Sept
105
„
Feb
'96
88% June
82%
Jan
Aug
7554
78%
80%
106%
Feb
Jan
Feb
Jan
111%
Apr
109%
101%
104
87,000
41,000
77%
77%
53
5,000
110% 111%
26,000
110%
110% 110%
6,000
112
111% 112
103% 103%
17,000
77%
Mar
6534
Jan
6634
Jan
34
Feb
11034
11034
110%
110
78%
66,000
100% 100%
4,000
126% 126%
7,000
Apr
Mar
Jan
'July
10534
103%
102%
6334
99%
124
77%
1960
1956
1962
107
107%
3,000
106
106
106%
19,000
1111% 113
1939
Jan
Feb
17
Feb
72
5,000
50
Jan
83
July
3,000
54
Feb
85%
July
8,000
53%
Feb
85%
July
International Salt 5s. .1951
Jan
109%
Feb
Aug
International Sec 5s..1947
113
June
Jan
11334
113%
Mar
113
Mar
Jan
108
May
Jan
10634
Apr
Jan
Aug
7934
100%
Sept
May
127%
Mar
Jan
Feb
105
Aug
10634
106
Mar
1957
109
.1952
Debenture 6s
,
110%
July
..1956
5s series D
loo*"
434a series F
1958
98%
Aug
103
Feb
76% 138,000
43,000
64%
69%
Aug
88
Feb
61%
73%
62%
59
Aug
79%
Jan
91
90
91
20,000
81%
Apr
92
Feb
84
86
99%. 100
76
84%
Without
101
warrants
1957
106
"58%
Mar
33
4,000
94
94
94% 197,000
102%
97%
------
-
-
-
-
1,000
102% 102%
97%
179
1,000
97%
79%
70
2,000
105% 105%
1107% 108%
-
104
-
—-
-
7,000
103%
106%
9,000
7,000
105% 106%
28,000
1108%
106
106
48
Jan
Jan
95
Aug
Aug
Jan
Jan
Mar
--
104
102J4
Apr
June
83%
Apr
107% June
Apr
110
Jan
Sept
10234 May
10734 May
108
May
106
104%
103
10534
Jan
•
1105% 107
4
2934
8534
10134
88%
105
Stamped
9934
105%
10234
Jan
Jan
Jan
1961
1947
Kansas Power 5s
1st mtge 5s ser H..1961
6%s series D
5%s series F
4,000
6%
6%
6%
6%
6%
1%
2
17,000
1%
Aug 1 1952
6%
2
Aug 1 1952
....1969
5s... 1943
Koppers G & C deb 5s. 1947
1%
1%
11,000
Lone Star Gas 5s
1942
103
103
Eastern Gas & Fuel 4s 1956
93
93
Elec Power & Light 5s.2030
Elmira Wat Lt & RR 5s '56
89
88%
38,000
103
93% 218,000
182,000
89%
109
109%
1104% 105%
103% 103%
85%
86%
85%
.1950
Empire Dist El 5s.__.1952
_
Empire Oil & Ref 5%s. 1942
Ercole Marelll Elec Mfg—
2.00Q
.
26,000
77,000
74
99%
102%
98%
80%
Feb
Manitoba Power
Jan
Aug
Jan
104
93 %
Jan
Aug
Sept
9234 June
"105%
58%
1953
58%
107
107
129
39
Farmers Nat Mtge 7s. 1963
Federal Sugar Ref 6s..1933
128%
------
3
93
5%s '54
92
5,000
8,000
------
3%
19,000
32,000
93
4034
10534
27%
5%s_1951
Sept
Aug
Metropolitan Ed 4s E.1971
Jan
104
July
Middle States Pet
Jan
92
Jan
28
134
7534
69
June
108
June
Aug
39%
July
Apr
28% June
5%
Feb
Jan
93%
Jan
Aug
101%
stpd___196l
101% 101 %
Firestone Cot Mills 5s. 1948
104
Firestone Tire & Rub 5s '42
104
28,000
104%
10,000
94
First Bohemian Glass 7s '57
104%
Fla Power Corp 5%s.l979
Florida Power & Lt 5s_ 1954
98
4,000
104%
102%
Feb
July
July
4,000
94
104% 104%
98
9934
102
91
Jan
9,000
100
Jan
98% 165,000
9034
Apr
6%s '45
99
101%
99
99%
46,000
88%
101% 102%
81,000
35,000
9234
83%
98
98
1955
99%
Mississippi Rlv Fuel 6s '44
Miss River Pow 1st 5s. 1951
5%s '55
94
101
93%
102%
87%
....1953
82%
(Adolf) 4%s___1941
103%
104%
102%
Feb
Jan
Mar
Sept
Sept
Sept
106
102%
Feb
105
Apr
104%
107%
Mar
106%
May
1103% 104
105% 105%
2,000
19,000
"moo
40,000
103%
3,000
105%
39,000
85
Jan
Sept
75%
Jan
94%
33
'
24
98
98%
93
107%
102% 103%
105% 105%
93
94%
99%
99%
106% 106%
108
108%
107% 107%
3,000
4,000
June
58
50
June
Jan
Feb
104%
July
103%
91%
Feb
Jan
107%
May
103%
Sept
Mar
106 %
Aug
95%
Feb
Sept
62,000
78
21,000
5,000
105
107
Feb
1,000
106
June
Jan
10,000
5%s...
Munson SS
1944
6%s ctfs.. 1937
Nassau & Suffolk Ltg 5s '45
9%
9%
105% 105%
19,000
2,000
106
103% 104%
23,000
107
Nat Pow & Lt 6s A...2026
2030
Aug
23,000
96%
36% 333,000
33%
"35%
14,000
108% 108%
108%
1123
123%
97
July
Nat Pub Serv 5s ctfs. 1978
Nebraska Power
4%s_1981
6s series A
2022
9
104"
57%
Jan
101% May
10
95%
37%
Feb
100
Sept
119
July
75%
75%
75%
New Eng Pow Assn 5s. 1948
97%
74%
97%
97%
39,000
33%
1,000
29
May
Mar
Apr
May
89%
113,000
85
Apr
83%
2,000
79
Aug
102% 103%
9,000
90
Jan
106
7,000
75
6,000
88%
82%
57
69
------
71%
104% 104%
102% 102%
11,000
17,000
1,000
------
10534
64
44
5654
10434
10234
10834
10534
Sept
July
95
104%
93
38%
9034
Aug
Sept
Feb
103%
Sept
108
82%
Feb
Mar
60
Mar
75
Feb
Jan
10654
103%
11034
Feb
Mar
July
Jan
10754
Jan
62,000
72
Jan
25
May
97%
43%
Sept
3,000
Jan
2134 June
10134 Sept
103% May
9734
Jan
32%
63,000
Feb
Feb
Feb
Mar
Mar
90%
91%
84%
85%
1103% 103%
28,000
17,000
74%
Jan
69
Jan
97
May
July
91%
86%
Sept
July
4%s stamped.. 1950
N Y P&L Corp 1st 4%s '67
N Y State E & G 4%s. 1980
1st 5%s
1962
N Y & Westch'r Ltg 4s 2004
Debenture 5s
108
103
Mar
107%
Mar
107
114
Mar
101%
Aug
106% 106%
Niagara Falls Pow5sA1959
87%
lLOOO
1,000
1,000
87 %
87%
3,000
95%
63%
96
65%
19,000
16,000
Apr
111%
Apr
105% May
84% Mar
104
Apr
July
108%
105%
112%
Mar
Jan
Feb
109
Jan
90
Feb
No Amer Lt & Pow—
5%s series A
Nor Cont'l Util
1956
95%
5%s__1948
64%
J106% 107%
90%
53
106%
97
Mar
Apr
67
July
Mar
108
Jan
Jan
Jan
108
Jan
105%
Aug
111% June
106% Apr
102%
Mar
4,000
104
105
38,000
103%
Feb
Mar
Mar
3,666
58,000
103
101% 101%
111% 111%
1954
Nippon El Pow 6%8._1953
106% 107%
1107% 107%
110%
107%
July
Mar
103%
105
July
10434
107
1,000
Jan
103%
107% 107%
Ext
104
Jan
104%
107%
Jan
105%
105% 105%
4,000
1,000
10,000
103%
103% 103%
1,000
27%
90%
5%s *50
No Indiana G & E 63.1952
26%
99%
100
79%
79%
79%
99%
102%
New York Penn & Ohio—
97%
101% 101%
100
Income 6s series A1.1949
Mar
28%
2,000
1942
103
96
106
1954
5s stamped
N Y Central Elec
Jan
Aug
5%s
117% 118%
76%
75%
New Orleans Pub Serv--—
Mar
Jan
Jan
Aug
Debenture
June
109
75%
79
May
125
"8*000
175%
9534
Aug
112
131,000
Conv deb 5s....... 1950
27%
,27
118%
Feb
98% 100
July
Apr
102%
July
107% 108
1948
86
107% May
109% June
108% May
80% Sept
29,000
Conv deb 5s
39,000
100
99%
N E Gas & El Assn 5s. 1947
25,000
103%
83% May
89% Mar
New Amsterdam Gas 5s '48
88%
Aug
101
102%
Aug
94
Mar
10,000
41,000
Aug
93
Aug
62
Jan
Aug
July
86%
27
102%
Aug
96
25
Feb
Sept
95%
70
June
Apr
107%
Jan
20
Apr
Aug
Jan
Jan
2234 June
88
June
102% May
98%
Jan
May
26%
107%
June
30,000
17,000
17,000
30
28%
Rubber 7s
Jan
105%
79
102% 103% 167,000
106
96%
103%
105
98
1108% 109%
Hamburg Elec 7s
June
37^000
104%
106%
112%
104%
4,000
155
70%
Apr
103% May
108%
Feb
102%
Jan
35,000
74
89
Gobel
102%
Aug
Sept
80%
99%
106
Glen Alden Coal 4s... 1965
Apr
12,000
94%
72
33%
1978
104%
101%
93%
120
120
1967
Jan
3,000
39,000
18,000
99,000
168
Certificates of deposit
Gen Wat Wks & El 5s. 1943
103%
99%
108"
101%
6%s A. 1956
99%
6,000
78%
Nevada-Calif Eleo 5s. 1956
General Pub Serv 5s..1953
103
Apr
99%
Nelsner Bros Realty 6s *48
July
Feb
90
"79%
Mar
Jan
96
Feb
95%
36,000
Apr
Montana Dakota Utilities
Sept
82
5,000
General Rayon 6s A..1948
Gen Vending Corp 6s. 1937
"108"
Sept
35,000
99%
101
31,000
99%
107
92
102%
99%
99
99%
2,000
Apr
100%
108%
107
100
97%
90
11,000
100%
97%
44,000
106% 106%
Miss Pow & Lt 5s._..1957
Mississippi Pow 5s
Missouri Pub Serv 53.1947
102%
99%
Sept
July
10,000
106%
93%
Feb
100
1941
Mar
Aug
102%
7,000
105%
Aug
Jan
1940
Mar
106%
119%
103%
101% 101%
103% 104
Jan
Deb 6s series B
Deb gold 6s. June 15 1941
Jan
Jan
106
125%
102%
5s
105%
106%
95%
105%
98%
Jan
General Bronze 6s
61
108
Jan
1
1955
Minn P&L
102
Gary Electric & Gas—
5s ex-warr stamped. 1944
47% May
105% Aug
Jan
Feb
101%
4%s__1967
4%s
.1978
Deb 5s series B
Gatlneau Power 1st 5s. 1956
June
Apr
105% 105%
Midland Valley 5s....1943
Missouri Pow & Lt
Finland Residential Mtge
Feb
71
115%
100%
104% 104%
85
Memphis P & L 5s A..1948
105%
Jan
75
90
Jan
103%
103%
110% 111%
7s without warrants. 1941
McCallum Hosiery 6%s '41
McCord Rad & Mfg 6s '43
110
Jan
Jan
May
39%
1,000
105% 106
Milw Gas Light
Erie Lighting 5s.
1967
European Mtge Inv 7s C'67
44
Mansfield Mln & Smelt—
Jan
Mar
June
Feb
65
1104% 105%
Louisville G & E 4%s C *61
Jan
234
Sept
106%
42,000
55,000
99
Louisiana Pow & Lt 5s '57
Feb
Jan
106
Jan
2,000
102% 103
104
Sink fund deb
July
3
Jan
101%
103% 103%
103% 104'
103%
5s series I
Kimberly-Clark
10734
10634
Jan
Feb
July
14,000
107
99%
10%
%
%
101%
92%
106%
106
99% 100%
'162%
11
4,000
101
53
103
100
1948
1955
Long Island Ltg 6s...1945
Certificates of deposit-
Apr
July
104% May
104%
Apr
107
Kentucky Utilities Co—
Aug
Feb
1,000
99
104%
105% 106%
102%
Mar
109
Jan
Apr
119% 119%
103%
105%
103%
Apr
Yi.bbo
107
5%s '55
5%s_1950
Til"
Lehigh Pow Secur 6s..2026
104%
Lexington Utilities 6s. 1952
Llbby McN & LIbby 5s '42 .105%
105%
87%
102%
103% 104
Kansas Gas & Elec 6s_2022
31
1,000
"10,000
52%
53
Sept
31
Apr
Mar
Jacksonville Gas 6s...1942
100%
Jan
1,000
18,000
67%
67%
.73%
169
58%
58%
1942
107
88
78
100
106"
106
Isarco Hydro Elec 7s. 1952
Isotta Fraschlnl 7s
Aug
2,000
33,000
1105%
4%s._1958
Iowa Pub Serv 5s
101
105% 106
105% 105%
1961
5s series B
10634
1,000
94%
-
tioo% 101%
Iowa-Neb L & P 5s... 1957
Jersey Central Pow & Lt—
5s series B
1947
.107
107
16,000
1947
5s series A w w
Jan
11254 May
12434 July
6,000
Invest Co of Amer—
Feb
94%
-
107% 107%
Interstate Public Service—
Jan
109
May
Detroit Internat Bridge—
Hood
Jan
77%
96%
106%
76
110
1952
;
Jan
75
Mar
Det City Gas 6s ser A. 1947
Gesfurel 6s
Sept
73
Jamaica Wat Sup
.1940
__
Jan
69
Feb
Feb
Sept
Sept
74
106
7%s 1941
__
63
104%
4%
78
70
10,000
1958
Georgia Pow & Lt 5s
60,000
Jan
73
107% 107%
w.1943
Georgia Power ref 5s
55,000
111%
65
74.
107%
Derby Gas & Elec 5s.. 1946
Gen Pub Util
48,000
109% May
1955
Jan
Delaware El Pow 5%s_ 1959
Denver Gas & Elec 5s. 1949
Banks 63-53
29,000
25,000
1952
120
A..1943
6%s series A
77%
78
72%
105% 106
11%
12%
"oiodo
1957
4%8 series C
Certificates of deposit
Dixie Gulf Gas 6%s..l937
77
78
7s series F
3,000
107
1950
7734
iii%
Apr
Feb
International Power Sec—
122% 123%
4s 1981 called
Cumberl'd Co P&L 4%s '56
Dallas Pow & Lt 6s A. 1949
111%
x76%
76%
107
Feb
7s series E
Consol Gas Util Co.—
Federal Water Serv
1963
122%
1981
El Paso Elec 5s A
1950
1st lien & ref 5s
Italian Superpower 6s. 1963
Gen mtge 4%s
.1954
Consol Gas El Lt & P (Bait)
Deb 7s
Indiana Service 5s
111 %
108%
101%
July
July
80%
8034
53%
Consol Gas (Bait City)—
6%s
j...1957
5s
97
104% May
fl06%
Indiana & Mich Elec 5s '55
Iowa Pow & Lt
1951
1944
L
96%
86%
May
105
Connecticut Light & Power
5s 1st series B
Jan
Interstate Power 5s
103%
5s series C
91
102
Community Pr & Lt 5s '57
Cuban Tobacco 5s
14,000
'95%
33,000
19,000
Cuban Telephone
107
11%
45,000
Crucible Steel 5s
1,000
Intercontlnents Pow 6s '48
106%
Cont'l Gas & El 5s
Aug
108% 108%
77 %
107%
w
Sept
105%
111%
ser
Sept
Sept
104%
96%
Serv 5s__1948 /108%
95%
1951
Ind'polls P L 6s ser A. 1957
106
6%s
98%
104
8634 June
85% June
103% July
107
1st & coll 6s
103%
Jan
Jan
May
Jan
111
Conv deb
Jan
86
Jan
69
111%
f 4s
95
Jan
Indianapolis Gas 5s A. 1952
107%
8
Aug
96
Aug
106%
"1st ref
June
100
Aug
1965
Com'wealth Subsld 5% 8 '48
5g_
Feb
106
105%
Jan
17,000
98
1st M 4s series F...1981
5s series D
81,000
23,000
109
Jan
Jan
-
17,000
100
3%s series H
4%s series C
99
101%
54,000
Jan
17,000
4,000
7s series A
106
14,000
96%
Jan
53
1956
1957
Community P S 5s
Aug
Janl
82%
104%
Apr
76%
1954
4%s series C
1st 4%s series D
99%
17,000
4,000
15,000
104
93
Jan
Sept
104
8634
Jan
98%
Feb
109%
103
67
693
97 %
Feb
81%
Mar
104
11,000
Jan
Jan
Jan
107
103%
20,000
•
101 % 102%
lo'ooo
1947
22,000
80
109%
98%
98%
107% 107%
105% 106
104% 105%
1953
Indiana Gen
June
56%
82
58
*77
109
98
High
Low
6s series A
5s series C
Aug
8,000
6%s series B
96%
76
75%
75%
1st M 5s series A...1953
1st
5%s—May 1957
June
106
105%
104%
102
98
1st & ref 5s ser C... 1956
S f deb
77%
Indiana Electric Corp—
Jan
Commonwealth Edison—
1st M 5s series B
111 Northern Util 5s... 1957
99 %
102% 103%
1949
5%s '37
5%s
Illinois Central RR 6s. 1937
102
Sept
Aug
76%
%
6%s series C____
Pipe
1943
Cities Serv P & L 5%s.1952
Commerz & Prlvat
Sept
10434
28,000
79%
360,000
76%
78
58,000
101% 102%
102%
Line 6s
102%
Apr
May
96
109
98 %
107 %
1947
Jan
High
J75
1949
Jan
99JHJ
93%
102%
Low
76%
1949
6s series B
Idaho Power 5s
96%
78%
5%s '42
Gas
Mar
Range Since Jan. 1 1936
Week
99
96%
1966
Service
6,000
75
76
1927
Conv deb 5s
Cities
14,000
103% 103%
Cincinnati St Ry 5%s A '62
6s series B
...1955
Cities Service Gas
10534
Jan
94
Indiana Hydro-Elec 5s '58
111% 111%
111%
Chlo Pneu Tools 5%s_1942
Cities Service 5s
1,000
105% 105%
— —
Chic Jet Ry & Union Stock
Yards 5s
1940
Chic RysSsctfs.:
71% 165,000
63,000
74%
105
5,000
70%
5%s ex-warrants—1954
Cent States P & L 5%s '53
100H
for
of Prices
Price
High
Central 111 Public Service—
68 series E
Week's Range
Sale
{Continued)
S
Low
Price
Last
BONDS
Range Since Jan. 1 1936
Week
of Prices
High
Sale
{.Continued)
for
Week's Range
Last
Sales
Friday
Sales
Friday
BONDS
1st & ref
Sept. 19, 1936
New York Curb Exchange—Continued—Page 5
1846
Houston Light & Power—
1105
1st
1st
104%
4%s series D
4%s series E
Hydraulic Pow 5s
104% 105
105% 105%
-
1111%
1106%
For footnotes see page
VE
106
.....
.
..
...
1847
=3V
BE
Volume
New York Curb
143
Friday
BONDS
Last
{Continued)
Week's Range
Sale
:
Price
Exchange—Concluded—Page
Sales
of Prices
Low
for
5s series G
1966
105
1055*
8,000
5s series D
1969
1970
No States Pow
53*s...1940
1053*
102J*
1033*
10,33*
106
103 3*
1033*
17,000
43*s series E
1043*
713*
1023* 102 3*
1073* 1083*
1053* 106
1063* 1063*
1053* 1053*
3,000
N'western Pub Serv 5s 1957
Ogden Gas 5s
1945
71
102 J*
108
Ohio Edison 1st 5s
1960
Ohio Power 1st 5s B..1952
1st & ref
43*s
1063*
ser D_1956
<
11,000
6,000
20,000
Low
1953
.
*
5s series D
110
110
1954
1053* 1053*
1961
53*s series E
107
Okla Gas & Elec 5s... 1950
6s series A
105
105
1940
102 3*
Okla Power & Water 5s *48
923*
Oswego Falls 6s
1941
Pacific Coast Power 5s '40
Pacific Gas & El Co—
1st 6s series B
Pacific Invest 5s
1941
ser
Palmer Corp 6s
.1938
Penn Cent LAP
1203*
91H
1023*
43*8.1977
5s
Deb
1950
120
1203*
51
Jan
73
Aug
1053*
104
1053* 1Q5 3*
1033* 104
1083* 1083*
1954
112
Feb
107
May
Terni Hydro-El 63*8..1953
Texas Elec Service 5s. 1960
1,000
1,000
28,000
6,000
37,000
1085*
1043*
July
July
107
Jan
106
112
112
J104
1981
983*
1979
Phlla Electric Co 5S..1966
223*
Phlla Elec Pow
53*s._1972
Phlla Rapid Transit 6s 1962
Phil Sub Co G A E 43* '57
24,000
Jan
Feb
105
Feb
Texas Power & Lt 5s.. 1956
;
6s
2022
86
Apr
943*
Jan
Aug
*
933*
1055*
1195*
Jan
101
Apr
108
98
Jan
Apr
114
Jan
80
Mar
1013*
Apr
»
Aug
1213* Mar
1023* Mar
1163* May
943*
Feb
104
May
1095*
98
Elec 6s._1953
1939
813*
Potomac Edison 5s E. 1956
1961
Potrero Sug 7s stpd..l947
Power Securities 6s...1949
Prussian
973*
983*
203*
23
105
Jan
Feb
1085*
Sept
Feb
863*
Jan
100
Mar
Jan
245*
1133*
112 V*
985*
1083*
Sept
Jan
1065* June
107
49,0,00
23,000
6,000
107
*253*
6
142,000
15,000
3,000
12,000
1,000
13,000
5i"666
2,000
26
1113* June
1083* Aug
865*
Jan
1053* Mar
413*
Jan
July
July
Aug
1145*
Jan
1083* June
75
140
6% perpetual certificates
1413*
10,000
Mar
July
Sept
Jan
June
..1956
1113* 1113*
107
1966
1st
s
f 6s
1023*
1975
63*s
53*8
1952
6s series A
.1973
Utah Pow & Lt 6s A..2022
43*8...
1944
Utlca Gas & Elec 5s D. 1956
5s series E
1952
Valvollne Oil 7s
1937
Jan
1063*
Mar
108
Mar
Va Public Serv
963*
Jan
203* May
1035* Feb
105
65
273*
106
June
00x4.
1055*
1065*
Mar
1073*
Jan
663*
905*
975*
Jan
1083*
913*
Jan
Jan
223* June
833*
Apr
Mar
Jan
Jan
Aug
1325*
Jan
53*8 '57
53*8 A. 1946
1st ref 5s series B ..1950
63....
1946
warrants^..1954
Ward Baking 6s
..1937
Wash Gas Light 5s___1958
Wash Ry & Elec 4s..1951
101
Mar
Mar
Aug
July
32
Feb
West Penn Traction 5s '60
West Texas Util 5s A. 1957
1455* May
West Newspaper Un 6s '44
West United G & E 53*s '55
100
17,000
2,0.00
1085*
Jan
104
Feb
107
Jan
1,000
1013*
Jan
105
Aug
1043*
15,000
102
Jan
1053*
1033*
1053*
23,000
102
Jan
1043*
39,000
1033*
Apr
106
12,000
1053*
July
1125*
Sept
Wash Water Power 5s. 1960
West Penn Elec 5s
2030
116
1966
Sept
Yadkin Rlv Pow 5s
63,000
63,000
6,000
33,000
York Rys Co 5s
.1937
Mar
Aug
Jan
Jan
1063
Apr
Apr
Aug
89
Jan
98
Feb
773* May
413*
Jan
993*
Jan
90
Feb
105
~2~666
Apr
Aug
53
29
Jan
Feb
743* June
1053* Sept
Mar
40
Jan
Jan
1033*
26
51,000
1,000
Apr
1063*
104
lo'ooo
1043*
Jan
111
Sept
90
July
100
Mar
1033*
Sept
983*
Jan
24
34
Mar
108
Mar
190,000
Apr
Jan
90
Aug
126,000
1023* 1023*
3,000
373*
July
1073*
873*
89
27,000
52
100
Mar
Jan
843*
102$*
Aug
Feb
1063*
6,000
110
2,000
1073* May
116
1163*
643*
88
~8~666
1163*
15,000
72
47,000
92
35
893*
,114
94
10,000
12,000
943* 151,000
1133* 114
103~~
1013*
1023*
1003*
22,000
863*
873*
1013* 103
2,000
38,000
14,000
1003* 1013*
108
$105
$1063* 1083*
$993*
$1013*
1013* 1023*
1003* 1003*
973*
973*
29
9Q
303*
95
June
Jan
114
Sept
Jan
903*
1033*
July
Mar
10131
June
1063*
May
1053* Apr
963* Jan
1003* May
953* Jan
913*
Jan
1073*
1003*
June
1045*
753*
905*
923*
105
45,000
20,000
15,000
Jan
107
"97"
743*
105
1053*
110
1053*
110
97
743*
106
1003*
973*
773*
106
$1073* 1073*
1063* 1063*
1003* 1003*
1073* 109
1033*
1033* 1033*
Aug
104
Apr
Aug
Aug
101
973*
Jan
Sept
Sept
107
1,000
107
Aug
303*
833*
167666
1063* 1063*
July
103
26,000
1063* 1063*
Jan
Jan
June
97
July
106$* May
$1033* 104
"1063*
Sept
June
323*
333*
92
943*
1053* 1053*
"94~~
Feb
1073*
$273*
88
1941
July
July
42
104
65
603*
483*
1063*
1063*
1103*
1093*
June
643*
$273*
Wheeling Elec Co 5s. .1941
Wisc-MInn Lt & Pow 5s '44
Wise Pow & Lt 4s
Aug
Sept
Apr
104
Waldorf-Astoria Corp—
7s with
Feb
Aug
Sept
July
1063*
763*
106
Vamma Water Pow
May
78
1053* 1053*
1974
6s series A...
Jan
$1063*
1959
Un Lt & Rys (Del)
53*s '52
United Lt & Rys (Me)—
84
49
8,000
61,000
463*
50
...1945
United Lt & Pow 6s
103
1043*
* 107
United Elec N J 4s... 1949
United EI Serv 7s ex-w 1956
United Industrial 63*s 1941
105
Pub 8erv of Nor Illinois—
1043*
43*8 series D_...
1978
.104
43*8 series E
1980 .104
1033*
1st A ref 43*s ser F. 1981
1033*
1053*
43*8 series 1
1960 1053*
1944
Union Amer Inv 5s A. 1948
Union Elec Lt & Power—
1083* July
1063*
1043*
1113*
1053*
"3~, 660
stamped
1957
2,000
1093* 1093*
97 4 983*
♦
68 3d
High
May
43
2,000
Ulen Co—
1967
Mar
Mar
1055*
26
1954
1013*
983*
18,000
1053*
36
Low
623
463
63
5,000
96
107
City Rap Tr 53*8 *52
18,000
367666
633*
1063* 1063*
103
Twin
2,000
$1103*
1073*
883*
5s series B
14,000
29,000
1,000
11,000
1003* 1003*
Electric 6s__ 1954
1st A ref 5s
105
83,000
110
1073* 1073*
933*
85
833*
35
1063*
59
Range Since Jan. 1 1936
$
56
48
45
453*
1053* 1053*
1053* 106
1033*
1962
43*s
Public Service of N J—
6s series C
105 ""
73*8.1946
Apr
Aug
1053*
1073*
102
1053*
993* 100
B '59
a
47
Tide Water Power 5s.. 1979
Tietz (Leonard)
Sept
Jan
1043* 1043*
*24 4
1045* 1045* ~4~66o
773*
813* 146,000
107
1073* 27,000
1083* 1083*
1,000
893*
*883*
Corp (Can) 4
75
623*
1945
5s series A
Jan
Pittsburgh Steel 6S...1948
Power
943*
6~s~stpdll937
Thermoid Co
82?*
$109
-.1957
107
Apr
107
43*s series F__.
5s series B
1954
1073*
Apr
1043*
973*
112 3* 1123*
63*s '60
Poor A Co 6s
Syracuse Ltg 53*s
Mar
33,000
Piedmont A Nor 5s... 1954
Pomeranian
1970
102
i6"6oo
Pittsburgh Coal 6s... 1949
Portland Gas A Coke 5s '40
43*8
1033* June
100
1075* 1075*
623* 62 3*
1053* 1055*
Pledm't Hydro-El
1st
Texas Gas Util 6s
106
Peoples Gas L A Coke—
Peoples Lt A Pr 5s
453*
Tennessee Elec Pow 5s 1956
Tenn Public Service 5s 1970
Mar
1033* Aug
1093* June
81
583*
$53
7s stmp ctfs dep. 1946
Super Power of 111 43*s *68
Mar
Jan
59
"47""
Mar
Jan
High
743*
813*
.1946
107
tlO,63* 1073*
112
1968
4s series B
1936
7s stamp ctfs dep. 1936
1073*
1003* 101
17,000
1153* 1163*
14,000
913* 92 3* 202,000
1023* 1023*
1,000
106
5sseries D__„
7-4% stamped
1043*
1043*
Apr
3,000
Penn Pub Serv 6s C..1947
43*s series B
7-4% stamped
Mar
Aug
Aug
Mar
Apr
3,000
107
Pennsylvania Power 5s *56
Penn Water & Pow 5s. 1940
1023*
1005*
Sept
June
1033*.
1003* 1003*
f 1053*
tl05 *■ 1063*
1013* 1013*
1971
53*s series B...1959
June
1063*
104
104
Penn Ohio Edison—
6s series A x-w
106
Jan
7,000
35,000
107
105
1979
Penn Electric 4s F
1053*
1023* 1033*
92
933*
Jan
Jan
98
Week
Low
Toledo Edison 5s
'167"
A. 1948
Pacific Ltg & Pow 5s
1942
Pacific Pow & Ltg 5s..1955
«
107
1023*
1023*
Standard Pow & Lt 6s_1957
Standard Telep 53*8.. 1943
Stlnnes (Hugo) Corp—
for
of Prices
Price
983*
1033*
1053*
2,000
1847
Sales
Week's Range
Sale
High
7,000
51,000
21,000
Ohio Public Service Co—
6s series C
Last
{Concluded)
$
Northern Indiana P S—
N'western Elec 6s stmpl945
N'western Power 6s A. I960
BONDS
Range Since Jan, 1 1936
Week
High
6
Friday
Jan
1073*
107
3,000
Feb
Mar
1073*
Feb
20,000
1053*
2,000
111V*
Sept
Aug
Sept
Sept
78,000
973*
42,000
773*
9,000
1063* Mar
107$* June
~2766o
107
28,000
5,000
41,000
1003*
109
Feb
Sept
Sept
104$*
Jan
Pub Serv of Oklahoma—
1966
1063*
Puget Sound PAL 53*8 *49
1st A ref 5s series C. 1950
953*
953*
923*
92
953*
923*
87
4s series A
1063* 1063*
Sept
Feb
Jan
Feb
Apr
1063*
963*
933*
893*
1063*
Jan
1063*
Sept
863*
Jan
Jan
873*
833*
785*
1063* 1063*
1st A ref 43*8 ser D. 1950
Quebec Power 5s
1968
Queens Boro Gas A Elec—
53*s series A
1952
68.000
21,000
71,000
5,000
103
103
106
Rochester Cent Pow 5s *53
89
Ruhr Gas Corp
Ruhr Housing
6V*B-- 1953
63*s___1958
4$*s *79
275*
27
8t Louis Gas A Coke 6s '47
173*
1063*
7,000
100
Reliance Manag't 5s..1954
100
3,000
833*
89
9,000
275*
273*
27
27
Jan
985* May
San Joaquin L A P 6s B '52
Sauda Falls 5s
Schulte Real
Sept
71
73
73
6,00C
1,000
9
9
555* Jan
673*
Jan
75* May
723*
743*
1,000
243* May
333*
Jan
263*
4,000
33
Jan
Prov Banks 6s B...1951
6s series A
1952
Danish
223*
1015*
233*
223*
213*
103
1033*
303*
$653*
1003* 1003*
$1053* 1063*
1053* 1053*
1948
Shawlnlgan WAP 43*8 *67
43*s series B
1968
30
Feb
6,000
104
Jan
723*
T.ooo
103
Sept
Medellln 7s series E..1951
Mendoza 73*8
1951
109
72
101
Feb
July
July
Aug
Sou Calif Edison Ltd—
106
1063*
1065* 107
1063* 1063*
1945
May 1 1960
Ref M
16,000
1033*
40,000
101
24,000
13,000
33*s B.July 1 '60
1960
43*s_ 1961
Sou Counties Gas 43*8.1968
Sou Indiana G A E 53*s '57
Sou Indiana Ry 4s
.84
Mar
1065*
107
Sept
1003*
Jan
1065*
Sept
1065*
Mar
111
Aug
Sept
110
1103*
107
6,000
1055*
104
104
7,000
103
Feb
105
105
2,000
105
Sept
853*
59,000
1033*' 103 3*
1951
Southern Nat Gas 6S..1944
33,000
S'western Assoc Tel 5s.1961
1013* 1023*
7,000
S'western Lt A Pr 5S..1957
1033* 1045*
23,000
So'west Pow A Lt 6s..2022
100
S'west Pub Serv 6S...1945
$105
Stand Gas A Elec 6s..1935
853*
100
Russian Govt
Jan
86
Sept
Jan
104
Jan
923*
Jan
102 3*
99
Jan
1045* Sept
1013* June
1053*
Feb
86
Sept
863* Sept
863* Sept
863* Sept
855* Sept
853* Sept
1023*
Feb
853*
0~2~665
853*
36,000
8,000
91
Jan
100
1053*
84
Certificates of deposit.
1,000
565*
101
Parana
Jan
May
69
Jan
'673* May
1935
843*
Certificates of deposit.
1951
843*
853*
6,000
'843*
833*
843*
37,000
64
843*
833*
843*
1013* 1013*
54,000
633* May
Convertible 6s
Debenture 6s
Debenture 6sDec 1
1966
Investgl53*sl939
843*
4,000
69
May
66
May
May
97
Jan
(State) 7s
63*8..1959
63*8...1919
63*8 certificates
1919
53*8
1921
53*s certificates....1921
Sept
Santa Fe 7s
7s
24
123*
May
34
Jan
953*
893*
Jan
102
July
Jan
100
Aug
11,000
7,000
19,000
60
Aug
73
1,000
21
8,000
193* May
12,000
123*
"823*
15,000
203*
213*
203*
"2,660
133*
183*
15
15
8,000
1,000
2,000
13*
21,000
13*
1945
9
13*
28$*
.283*
32$*
26$1
13
Apr
Feb
Feb
Jan
Jan
Sept
Jan
173*
143*
Feb
95
July
63
Feb
88
July
Jan
203*
22
July
Apr
143*
123*
Sept
175*
Jan
Mar
ix
13*
7,000
Jan
123* Sept
923*
Jan
103*
Jan
123*
Jan
99
Jan
Aug
Jan
Sept
Apr
X May
39,000
$1
May
12
13*
"l3*
May
18
133*
183*
15
183* May
183* May
133*
93*
713*
$943*
813*
99
Feb
Mar
25
2,000
173*
$133*
Sept
Aug
8,000
$133*
1958
Rio de Janeiro
24
$203*
Mtge Bk of Chile 6s.-.1931
6s stamped
1931
Mtge Bk of Denmark 5s *72
108
243*
25
11
2,000
$113*
823*
"203*
Issue of Oct 1927....
243*
123*
Mtge Bk of Bogota 7s. 1947
Issue of May 1927
1073*
1045* June
Apr
..1951
603*
$173*.
1958
4s stamped
Aug
Jan
107
1st A ref mtge 4s..,.
Sou Calif Gas Co
"24"
Maranhao 7s
25
243*
243*
243*
243*
Hanover (Prov) 63*8-.1949
Lima (City) Peru 63*3.1958
1063* 1075* 203,000
3$*s
60
German Cons Munlc 7s *47
Secured 6s
1947
Hanover (City) 7s
.1939
Mar
Southeast P
Ref M 3 3*8.
Danzig Port & Waterways
External 63*3
1952
Mar
108
1055*
^ L 6s...2025
Feb
30
293*
100
1003*
983*
99
1953
1055*
Sou Carolina Pow 5s. 1957
43*8 series D...1970
Feb
$283*
283*
1955
1053*
li'ooo
1,000
1053* 1053*
1053* 1053* -.4,000
703*
2,000
703*
993* 1003*
18,000
Sheridan Wyo Coal 6s. 1947
Mar
40,090
68
Second Int'l Sec 5s...1948
Servel Inc 5s.
53*s..-
58
1935
6s ex warrants
Standard
71
1947
July
110
$223*
Scrlpp (E W) Co 53*8.1943
Seattle Lighting 5s... 1949
Debenture
..1952
Cauca Valley 7s
1948
Cent Bk of German State &
Jan
Jan
Feb
(Province)—
7s stamped
73*s stamped
Estate—
6s with warrants... 1935
1st
May
Buenos Aires
1293*
265*
Saxon Pub Wks 6s...1937
Jan
20
Feb
1075* 1075*
..1955
17
5,000
Feb
106
213
213
263
2,000
24
June
4,000
1,000
1,000
Jan
20
24
Baden 7s
Jan
183*
20
Feb
1083
193
$203*
1947
1951
20-year 7s....
Jan
27
30,000
San Antonio P S 5s B..1958
Agricultural Mtge Bk (Col)
20-year 7s
1946
104
33
25,000
183*
173*
1053* 1053*
1293* 1293*
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
95
5,000
1,000
1063* 1073*
Safe Harbor Water
Mar
2351
175*
254
23i
June
251
Jan
Sept
23*
Jan
1
May
1
13*
Ji
Jan
Jan
Jan
$513*
513*
123*
58
Feb
71
Mar
6,000
49
June
60
Apr
123*
4,000
1961
7s
513*
513*
—1949
stamped
Santiago 7s
$123*
113*
Jan
12$* May
123*
113*
Jan
123*
1945
Jan
*
No par value,
a Deferred delivery sales not ncluded m year's
range,
n Under
the rule sales not included in year's range,
r Cash sales not Included in
year's
range,
x Ex-dividend.
$ Friday's bid and asked price.
e
No sales
were transacted
during
curren
week.
Cash sales transacted during the current week and not
included in weekly
yearly
or
range:
No sales.
y Under-the-rule sales
weekly
or
yearly
transacted during the current week and
not included In
range:
No sales.
t
Deferred
weekly
or
delivery sales transacted during the current week and not 1
ncluded
yearly range:
No sales.
Abbreviations Used Above—1"cod," certificates of
deposit; "cons," consolidatedcum," cumulative: "conv," convertible "m," mortgage;
"n-v," non-votlne stockt 0." voting trust certificates; "w i," when
issued
"w w " with warrants'"x-w," wlthou warrants.
..
'
w
'
"v
Financial
1848
Sept. 19, 1936
Chronicle
=33
Other Stock Exchanges
Sales
Friday
Range Since Jan.
Last
New York Real Estate Securities
Stocks'(Concluded)
Closing bid and asked quotations, Friday, Sept. 18
Par
United Shoe Mach Corp.25
Unlisted Bonds
>-
Bid
Unlisted Stocks
Ask
Bid
Ask
Preferred
25
Utah Apex Mining
7)4
Oliver Cromwell ctfs
67
69
31
103 East 57 St Bldg 6s. 1941
Pennsylvania Bldg ctfs
61 Bway Bldg 5)4s...l950
10)4
4)4
Utah Metal & Tunnel
4)4
Waldorf System Inc
*
7
Warren Bros Co
35
39 Bway Inc units
•
.
89)4
38)4
39
1
1,350
Aug
h,6
)4
Jan
Jan
154
9)4
454
Jan
Jan
18)4
1054
Feb
Aug
Sept
Apr
70
Jan
84
Aug
70
Jan
90 54
Aug
225
854
310
83)4
83)4
$1,000
87
87
100
1
854
Orders Executed on
455
2)4
1948
....1948
Established 1853
Louisville, Ky. ;
Listed and Unlisted
Paeif H.Davis &
Stock Exchanges
York and Baltimore
Chicago Board of Trade and Commodity
SECURITIES
CHICAGO
39 Broadway
NEW YORK
Yoik,Pa>
BALTIMORE, MD.
Hagerstown, Md.
-
Baltimore Stock Exchange
STEIN BROS. &> BOYCE
Exchange, Inc.
Members;
New York Stock Exchange
Baltimore Stock
Sale
Arundel Corn
*
Atl Coast Line
(Conn)..50
Price
1st
official sales lists
of Prices
High
Low
19)4
18 54
Chicago Stock Exchange
Week
37
1,219
115
2
2)4
17
4 54
3)6
High
Low
Shares
1954
34)4
Range Since Jan. 1 1936
for
1654
2254
Friday
39
Feb
Last
Week's Range
for
5
Feb
Sale
Feb
of Prices
Low
High
Week
7)4
Apr
26)4 July
54 June
"494
454
*
Black & Decker com
2654
25)4
2654
28)4
28)4
91)4
112)4
2754
36 H
38)4
11794 123
43 H
44)4
17
194
88
Jan
123
Sept
125
39 X
Apr
50
Jan
22
9)4
Jan
12
July
256
14)4
Aug
20H
Jan
Armour & Co common.;
754 May
11H
3)4
37 M
Jan
Associates Invest Co
com
Aug
Automatic Products
com
Mar
25
Preferred
26
38
Preferred
Fidelity & Deposit
20
Fidel & Guar Fire Corp. 10
Finance Co of Am cl A...*
123
"il)4
100
16H
25
—1
8)4
254
Merch & Miners Transp..*
36)4
Houston Oil pref
303
July
30
27
May
36
Feb
21
84
Jan
24
111
July
1,860
1,865
23)4
11)4
1654
11
Jan
11)4
17
Aug
94)4
Feb
116
2754
Jan
Par
Stocks—
Cas
New Amsterdam
5
Northern Central Ry—50
15 X
100
2
15
254
36)4
254
390
37
223
3
56
59 H
60
13)4
1554
5,100
100
10054
14
154
200
154
Owings Mills Distillery.. 1
U S Fidelity & Guar
8)4
2H
95
Penna Water & Pow com. *
Seaboard Comm'l com A 10
8)4
59
100
Preferred
11)4
23 54
95
16
11
11)4
56
20 H
2354
8,883
31
Jan
3)4
9)4
Jan
101
Jan
95
Jan
Aug
16)4
Apr
Apr
17
9)4
9)4
4,710
15)4
16)4
23)4
1,150
10
—
Class A
1654
25
Common
23)4
Amer Pub Serv Co pref. 100
56
554
com—1
3)4
48
Bait
Transit 4s flat..1975
flat..J
A 5s
...1975
36)4
36)4
99)4
North Ave Market 6s. 1940
Par
Stocks—
for
of Prices
Low
High
Amer Pneumatlo Service 25
...100
Amer Tel & Tel
100
100
Boston & Albany
175)4
143
"~67~
25
16)4
32
1494
July
3
Jan
10 54
July
31)4
Sept
8
Jar
26
100
26
25
*
.
4)4% prior pref.
100
6% cum pref
100
Eastern Mass St Ry—
Common
*58
100
19
Sept
11)4
July-
754
Jan
13)4
Aug
33
41
July
53
53
5454
500
38)4
Jan
56
July
100
Apr
Castle & Co (A M) com..10
Central Cold Storage com20
13)4
1354
13)4
70
13H
Sept
17
63
Apr
Central 111 Sec—
1)4
650
101)4 June
Common.
1
1
High
■254
Apr
Sept
180
117)4
Jan
144
Sept
May
Aug
70
Feb
31)4
Sept
Apr
1054
Jan
150
12
July
18
Jan
580
57
Jan
71
Aug
15)4
16
*
69
6754
6954
2)4
6,900
1
*
*
254
2)4
90
90
1.210
55)4
12)4
13
40
8
Jan
22)4
*
com
55
55
360
35
Jan
55
Sept
51)4
53
90
40)4
Jan
53
Sept
5)4
52
Mar
Cherry Burrell Corp com.*
Chicago Corp common...*
Preferred
*
Chicago Electric Mfg A._
Chicago Flex Shaft com..6
Chicago Mall Order com .5
Chic & No W Ry com..100
Chic Towel Co
conv
pref.*
Chic Yellow Cab Inc cap
"4)4
4)4
49
20
52)4
53)4
29
"53)4
8,200
45.
4954
20
49
29
400
30
650
£0
3
3
50
105
105
106
110
Feb
10
30)4 June
38
Feb
105)4 107
650
96)4
Jan
116
350
42
Aug
72)4
July
Aug
1054
July
11)4
Aug
820
)4 June
JaD
5)4
1)4
12)4
150
2)4
Jan
650
2794
July
20
97)4
394
Aug
117)4
Aug
8
24
Apr
39)4
138)4
45
1154
1154
3,600
5
54
9)4
54
10 *
1,600
100
54
9)4
Jan
83
Mar
100
*
Eastern SS Lines com
2d preferred
*
Economy Grocery Stores.*
Edison Elec Ilium
.-100
45
50
"l7"
16454
Jan
33
Apr
Apr
45)4
1354
870
Jan
15
July
5554
955
50
June
60
Jan
17
17
20
16
May
23)4
1354
16254 16554
606
Gillette Safety Razor—
46
....
Mar
6% prior pref A
Common
*
Preferred
100
Cord Corp cap stock
Crane Co common
Preferred
1)4
"36"
*
2)4
Linotype..*
New England Tel & Tel 100
4554
131)4
Curtis Lighting Inc com.
1454
365
July
19)4
160
26)4
May
65
554
Jan
10
1)4
May
'"4)4
3154
100)4 101)4
"4)4
4
138
3854
138
138)4
290
120
Jan
107
3854
3,550
1,750
107)4
110
106
36)4
454
23)4
Pacific Mills Co
*
50
25
1
_
7
*
50
7
70c
2)4
1554
29)4
500
10)4
Jan
50
19)4
Jan
6)4
654
60
4)4
Jan
152
Aug
Deep Rock Oil
15
15
(The)
com
5
"l7~~
17
17)4
110
954
Jan
18
Aug
Aug
Dixie-Vortex Co
com
*
19)4
19)4
19)4
250
18)4
July
21
June
*
39
39
39
50
38)4
May
41)4 June
pref..*
30
1)4
54
Jan
954
18)4
Jan
13
Aug
Econ Cunnghm Drug com *
18
18)4
750
16)4
Jan
20
Jan
45
Mar
Eddy Paper Corp (The) ..*
*28~"
27
2854
290
23
Apr
30
Feb
Elec Household Utll cap_5
1354
13
1454
4,950
13
June
38
36)4
38
13
151
35
36
357
2)4
210
4554
4554
130)4 132
37
354
75
335
25
454
360
154
38)4
117)4
73
2)4
354
Apr
51
Feb
Elgin Nat Watch Co.-.15
Mar
132
Sept
May
87
Apr
554
58c
19
19
50
16)4
Jan
23
Apr
51
53
80
39
Jan
60
July
16)4
16)4
50
11)4
Jan
18
Sept
Jan
Aug
70)4
Mar
May
Sept
3954
237
28)4
Apr
70c
7,878
21)4
40)4
154
2)4
200
2)4
Sept
182
52c
Sept
2
Sept
Jan
23
SeDt
Feb
com.*
6
*
1354
1254
1 354
21,050
794
Aug
1454
Aug
Class A
*
150
2294
Jan
600
July
42)4
42
Jan
46
Sept
Great Lakes D & D com..*
29)4
29)4
7,100
1,900
8)4
22)4
Jan
Goldblatt Bros Inc com..*
18)4
4454
31H
39)4
20)4
Mar
*
34)4
17)4
34)4
Class B
34)4
18)4
Common
(new)
Godchaux Sugars Inc—
1354
965
11
Jan
15)4
Hall Printing Co com...10
10
10
10
50
18
19)4
523
14)4
Feb
21)4
July
Harnischfeger Corp com .10
14)4
14)4
15
210
6)4
415
1)4
Jan
8)4
Sept
Sept
Heileman Brew Co G
For
tooinoteti
see
page
554
44
101)4
554
44
48
101)4 102
30c
30c
"24)4
24)4
26
754
654
1851
754
15)4
10)4
26 X
26
15
104
30c
Sept
Horders Inc com
21)4 June
28)4
Mar
Hormel & Co
Jan
9)4
Mar
Houdaille-Hershey
4
Mar
Without warrants
_
(Geo)
*
com A*
18
18
1854
clB__*
29
29
30
6
994
33)4
Apr
Jan
11)4
Aug
Jan
17
Apr
Apr
.
8)4
Jan
1394
2094
Feb
100
26)4
14)4
Jan
Jan
July
250
23
15c
26
1,700
10 H
22
90)4
471
1,000
205
10)4
22 54
48
25
150
cap.l
Heller (W E) pref wow..25
Jan
300
Jan
Jan
Aug
General Candy Corp A
Gen Household Utll—
1454
23
Mar
Gardner-Denver Co
10
2
Jan
June
Fitz Sim & Co D & D com*
243
52c
27)4
Mar
Jan
1,360
May
280
18)4
3854
Sept
Feb
32c
19
Class A
Jan
23)4
2154
30c
26c
Jan
2)4
conv
13)4
1
18
60
24
13)4
1854
United Gas Corp
Feb
Jan
*
*
10
9)4
16 H
July
Aug
15 H
29)4
*
Union Cop Ld & Mining 25
Union Twist Drill Co
5
15 54
30)4
1554
Stone & Webster
Torrlngton Co
Mar
""6)4
Shawmut Assn tr ctfs
*
Jan
9
Dayton Rubber Mfg com.*
Cum class A pref
35
Aug
July
__*
110
Jan
Decker (Alt) & Cohn com 10
22
com
July
3)4
40c
22
Jan
Apr
Sept
Sept
Jan
Sept
22
2d preferred
Apr
Sept
Reece Buttonhole Mach.10
Sub Elec Sec Co
47
8)4
3854
32c
100
Feb
Sept
30
254
Feb
7
254
47)4
'
2154-
*
Old Colony RR
preferred
29)4
.
7
40
1)4
Jan
Feb
47)4
854
1)4
29)4
Cudahy Packing pref.. 100
Aug
43
75
100
N Y N H & H RR (The) 100
100
-
Feb
11)4
13
Loews Theatres (Boston) 25
Mergenthaler
6
25
27)4
Dexter Co
25
5)4
*23)4 *23)4
--1
Int Button Hole Mach__10
pf 100
105)4
7 % prior preferred
Continental Steel—
Jan
75
1
169
Jan
Common
Apr
707
10)4
.1)4
155)4
Mar
32
Consumers Co—
5)4
1354
23)4
8.)4
8)4
3)4
20
23
13)4
2354
Gilchrist Co
Hathaway Bakeries pref--*
Class A
—*
Class B
.*
3)4
62)4
55)4
1354
10)4
*
Employers Group
Jan
Jan
32
43
41)4
Aug
Apr
1154
29
Feb
106)4
7)4
43
Jan
4)4
Jan
3)4
Compressed Ind Gases cap*
Mar
Jan
Aug
31)4
Apr
1154
Jan
Mar
9)4
85
31
Feb
Sept
1)4 May
CommonweaIthEdison.100
Jan
19)4
2)4
53)4
100
Apr
354
2)4
100
May
25
950
Jan
60
26
Jan
,
6,600
Coleman Lp & Stove com.*
24
33)4
Apr
Apr
June
4)4
Jan
6)4
18
2754
26
1554
14)4
com
4
43)4
Feb
1H
27 54
Cities Service Co
Club Aluminum Uten Co.*
x73)4
63)4
Feb
54
Feb
Jan
Sept
54)4
Feb
Jan
Sept
56
55)4
Feb
6)4
90)4
*
15
139
3)4
Jan
Central States Pr & Lt—
14)4
5)4
1)4
Feb
Apr
49
41
386
50
2)4
20)4 May
July
12)4 May
1H
1,020
90
July
June
685
9
Feb
Jan
1)4
15)4
Prior lien preferred
Chain Belt Co
7)4
58
Mar
1
*
Common
Apr
5
Mar
Central 8 W—
6
9
100
Preferred
6
Aug
Mar
550
73
7)4
Sept
30,500
July
29
«
23
12)4
Consolidated Biscuit com.l
Copper Range
Assoc
16)4
19
East Gas & Fuel Assn—
Qulncy Mining
50
13)4
1)4
14954
11)4
Pennsylvania RR
Mar
2254
64
19
Low
10)4
7)4
Butte
111)4
22?4
*
Preferred
13)4
North
Mar
Feb
26
Preferred
13)4
New River pref
83)4
107)4
12)4
11)4
Jan
454
Copper
Jan
40
13
Apr
31
Maine Cent5% cum
Mass Utilities vtc
300
10
Sept
174
25
Apr
30)4
8054
108)4
Butler Brothers
84
145
Calumet & Hecla
22)4
78
108
Bruce Co (E L) com
47
12
Isle Royal
850
Apr
Apr
July
100
13
Helvetia Oil Co
29 H
170
8
Sept
118)4
10554
Apr
13
Common
8
July
30)4
34)4
1894
July
Jan
17
1,193
405
Jan
Jan
118
65
1
Feb
Brown Fence & Wire—
11)4
pref stpd. 100
Tr
11
Jan
Sept
Class A 1st pref
Class C 1st
Feb
Jan
23)4
Prior preferred..-
Boston Personal Prop
754
Jan
Apr
5)4
17)4
100
stpd. 100
Aug
7)4
1354
596
20
48)4
6)4
Sept
854
31
100
Jan
2154
12
Boston & Maine-
Common
1,300
Jan
July
1,350
1,650
Feb
854
29)4
30
254
27)4
2,700
854
30
Boston Herald Traveler..*
800
12)4
80)4
67
31)4
Boston Elevated
65)4
52
1,500
15
29)4
Range Since Jan. 1 1936
1,677
144
3)4
48)4
Feb
754
5)4
29)4
7% preferred
100
Brach & Sons (E J) com..*
Shares
1)4
1)4
174)4 17954
4)4
12
Bliss & Laughlin Inc cap
XVpp lt
Price
3,600
Aug
Sept
13)4
28)4
Borg Warner Corp com. 10
Sales
Week's Range
Sale
May
June
12)4
Aug
Exchange
Last
3
47
16)4
25)4
56
Jan
20
554
14)4
Aug
Sept. 12 to Sept. 18, both inclusive, compiled from official sales lists
Friday
June
21
530
29)4
Cent 111 Pub Serv pref
Boston Stock
1154
Aug
Mar
Sept
Bendlx Aviation com—
July
15)4
5,000
2,000
1,000
57)4
18)4
9)4
Jan
Berghoff Brewing Co
1
Binks Mfg Co A conv pref *
2
21,000
11,800
47
554
Bastlan-Bleasing Co com.*
98
10254
100)4 100)4
5)4s'45
July
June
554
450
56
9)4
Conv preferred
Read Drug & Chem
54
9)4
Jan
300
99)4
47
1975
B 5s
36
$200
*22
9)4
Class B
118)4 118)4
10454 10454
30)4
31
ctfs..
15
54)4
16)4
954
July
1)4
87
Bonds—
Balto City 4s Conduit .1962
High
Allied Products Corp—
60)4
1)4 June
40
51)4
52)4
16)4
Aug
38)4
Feb
1)4
800
52)4
Advance Alum Castings.
Class A..—
Atlantic Cst Line 5%
Low
300
*
Mfg com...*
Common (new).
Adams (J D)
Asbestos Mfg Co
Mt Ver-Wood Mills com 100
Range Since Jan. 1 1936
Shares
Abbott Laboratories—
Sept
Mfrs Finance—
1st preferred
Mar Tex Oil
Price
Sales
Feb
100
*112
100
preferred
Jan
2)4
19)4
90)4
Consol Gas E L & Power.*
Eastern Sugar Assoc com.l
inclusive, compiled from official sales lists
Sept. 12 to Sept. 18, both
Jan
*
pref v t c
5%
Week's Range
37
Bait Transit com v t o__
10 So. La Salle St., CHICAGO
Sales
Friday
Par
Chicago Curb Exchange
Exchange
Sept. 12 to Sept. 18, both inclusive, compiled from
Last
Chicago Stock Exchange
New York Curb (Assoolate)
Stocks—
Feb
42
37)4
854
17
17
Feb
90)4
Jan
83
85
333
1)4
1)4
1754
Ry—
Series B 5s
New
88)4
39
Bonds—
Series A 4)4s
Members
89)4
High
Low
Skares
'
V
Eastern Mass St
d> S.Calvert St.
Price
*
5
1,1936
Week
1
Lincoln Bldg Corp vtc...
53
.
for
of Prices
Low
High
6
City & Suburban Homes..
32
Dorset ctfs of deposit
Week's Range
Sale
Exchange
20)4
Feb
26)4
26)4
150
11
Apr
15
450
1694 May
22
2294
329<
1,150
May
Feb
Feb
Sept
Jan
Mar
Volume
143
Financial
Friday
Week's
Sale
Par
Illinois Brick Co
25
111 North Utilities
pref.100
1
21H
Ky Utii Jr
cum
1*4
6*4
*
IK
6
26
11*4
46
10
com.
li;950
10
Apr
180
34*6
20
76
500
850
Feb
43*6
Jan
A
Sept
Crystal Tissue...
Aug
Jan
Formica Insulation
Feb
Gibson Art...:
70
21
Apr
7
May
Jan
3,450
7
Jan
13*6
July
Jan
Apr
50
Jan
35*6
Jan
15
July
33
July
Apr
Jan
58
100
50
June
1*6
15*6
IK
16 K
130
1
July
16
600
19
Mar
87
11*6
62*6
Jan
87
National Pumps
Jan
100
Mar
6*6
1,550
27
5*6
18
40
8*6
3*6
12)6
5*6
Aug
Meteor.
Rike-Kumler
Sept
Feb
U S
Playing Card
U S
Printing
July
7*6
*6
Jan
*6
5*6
6*6
1,500
1
Mar
5*6
1.
Mar
9
5
200
6
3
140
Jan
Apr
1*6
Jan
50
*6
Feh
500
3*6
38*6
13
Jan
JaD
■
8K
4*6
11*6
55
46
51
51
80
49
May
20*6
46
6*6
46*6
21
300
11
Jan
28
Apr
33
38*6
Jan
65
Monroe Chemical Co-
Preferred
.*
Nachmau Sprlngfliied com*
National Battery Co pref.*
30
200
52
24*6
20
300
1*6
300
17*6
550
13
100
5*6
32*6
Jan
10
7% prior lien pref..
Jan
49
Oshkosh Overall Co—
Jan
Apr
1*6
37*6
July
7*6
150
1*6
900
36*6
1,100
556
6
"'9*6
9*6
9*6
26
350
3*6
1,150
Jan
7*6 June
14
Jan
30*6
28*6
32*6
540
7*6
Jan
32*6
Sept
64
52*6
64
200
Apr
64
25
11*6
11K
50
9
Jan
29
29
10
27
Mar
25*6
250
19
Apr
25
17*6
4*6
4*6
5
3*4
3*6
3*6
1*6
..*
com.
*
1*6
260
17*6
250
1*6
1*6
17
*
70
Mar
3,450
2*6
Mar
2*6
Jan
300
IK
.
49*6
Apr
11*6
30
27k
3*6
22*6
5*6
5*6
Sept
500
1!
70
71
119
120
40
123*6 125
100
Jan
/V, 400
ill-
Common
*
Preferred
-.100
124
420.
115
143
Rath Packing Co com... 10
25*4
112*6
143
to
39
22
Schwltzer-Cummins cap.-l
21*6
Slgnode Steel Strap com.. *
Preferred..
30
30
108
6
July
Jan
Feb
Apr
Sept
Apr
Mar
72*6
July
Jan
123
Mar
June
140
Jan
10
142
Jan
150
July
22
May
26
Jan
4*6
200
Feb
11
May
62
50
35
Jan
22
400
11*6
11*4
250
29
92
30
140
20
21*6
392
-----
___*
93
85
*
Stocks-—
Par
4
3*4
40*6
22
115
16
7*6 /
27*6
350
7*4
27*6
33
15
35
100
Preferred
100
*
Cleve Elec 111 $4.50 pref..*
Cleveland Railway
100
....
Ctfs of dep
14*6
14*6
Wisconsin Bankshares com*
Zenith Radio Corp. com..*
6*6
37 K
6*6
Feb
Sept
36*6
7
4
700
30
Apr
Apr
30
142
Jan
19*6
50
16
Apr
14*6
6*6
38*6
350
10
Mar
750
i!"
8,700
Apr
18*6
Feb
*6 May
2*6 May
'850
,
82*6
12*6
1,000
12*6
Sept
2
Jan
5*6
6*4
Jan
.
Cincinnati
378
82*6
79*6
112*4
10
594
165
71
214
72
186
26*6
"27"
73
70
28*4
18*6
18
1,702
90
Apr
Jan
12*4
15*6
Sept
79
July
54
107*6
61*4
59*4
17
Jan
Jan
Mar
40
Mar
26*6 Aug
32*4 Sept
106*6 June
13*6 Sept
19*4 Feb
84
Aug
Sept
80
112*4
Sept
Jan
75
July
Jan
73
July
Sept
July
28*6
18*6 Sept
18*6
77*4
76*6
80'
6*6
76*6
Sept
80
65
65
20
45
May
70
32
32
101
25
July
35*6
Jan
48
48
30
41
Feb
55
Jan
16
400
215
Feb
Sept
Jan
,
16
15*4
100
Murray Ohio Mfg
National Refining
*
100
14*6
Sept
16
Aug
Sept
115
12
Jan
30
Mar
51
51*6
85
36
Jan
51*6
Aug
104*6 104*6
16*6
16*6
56
54*4
21*4
22*6
25
24*4
30
100
June
105
Sept
26
Mar
Jan
56
Sept
Jan
22*6
Sept
193
180
15*6
34*6
155
32*6
10
685
19*6 June
16
32*6
25
8
Jan
26
Feb
16
Sept
32*6
Sept
Mar
25
Sept
June
135
20*4 May
15
24
255
31
2,215
Apr
32
8
325
5
Jan
9
July
122
55
Jan
112
Sept
8
110
25
28
"30*4
100
Preferred
Jan
16
23
32*6
25
North American Securities
10
16
23
16
7*6
102
154
.
112
Sept
^
2
1*4
18*4
125
1*6
July
Jan
Ohio Brass B
July
Packer Corp
*
Patterson-Sargent
*
Richman..'
*
Seiberling Rubber.
S M A Corp
*
Jan
16
July
8*6
Jan
Jan
39*6
July
35
12*6
35
67
27
18
35*6
18*4
:■ 165
26
26*4
250
9*6
17*4
July
27
Jan
59
55
59
709
54
Aug
68
Feb
3
3
3
45
2
Jan
Feb
15*6
16
12
15*4
4*6
19*6
15*6
Sept
1754
19
19
June
18
1
*
14
*
19
226
Apr
Jan
14
May
1,597
9
May
56
;
17
Jan
35*6
18*4
Sept
Sept
Feb
Sept
Watling, Lerchen Sl Hayes
Members
New York Stock
BLDG., CINCINNATI
Detroit Stock
New York Curb Associate
Chicago Stock Exchange
Exchange
Buhl
Stocks and Bonds
Exchange
Building
DETROIT
Randolph 5530
Telephone
Wire System—First Boston Corporation
A. T. & T. Tel. Cln. 291
Detroit Stock
Cincinnati Stock Exchange
Exchange
Sept. 12 to Sept. 18, both inclusive, compiled from official sales lists
Sept. 12 to Sept. 18, both inclusive, compiled from official sales lists
Sales
Friday
Last
Friday
Last
Sale
Par
Price
Week's Range
of Prices
Low
High
for
Range Since Jan. 1 1936
Stocks—
*
20
page
.....
1851
9*6
25*6
Par
Week's Range
for
Sale
Sales
of Prices
Low
High
Week
Price
Shares
Range Since Jan. 1 1936
Low
High
Week
Shares
Low
High
Auto
City Brew com
Baldwin Rubber com
see
Feb
65
Stock Exchange
Cherry 6711
46
579
18
78
"25"
June
35
156*6
22*6
Jan
Sept
Mar
13*6
111
71
Weinberger Drug Inc
12*6
106
82*6
78
104*6
16*6
54*4
4*6
34
18*4
11*6
130
17
51*6
Specialists in Ohio Listed and Unlisted
hor footnotes
Feb
High
Mar
12*6
1UK
Low
25
70
25
30*4
101
Greif Bros Cooperage A._*
BALLINGER & CO.
Industries
Sept
10
25
106"
Vlchek Tool
Aluminum
Sept
Feb
Range Since Jan. 1 1936
Shares
35
30
Aug
Bends—
Amer Laundry Maoh
Sept
Mar
12*6
150
High
35
91
20*6
100
19*6
Low
93
Jan
8*6
2*6
450
5*6
Jan
Aug
1
5*6
Feb
Price
Foote-Burt
*
General Tire & Rubber..25
Great Lakes Towing... 100
Mar
Mar
Mar
4
com*
Stocks—
Jan
33
35*4
8*6
28*6
•
for
June
14*6
32*6
18
250
10,550
33*6
105
Apr
Clark Controller
Electric Controller & Mfg. *
Faultless Rubber.
*
Federal Knitting Mills...*
2,160
4*6
150
Feb
*
Commercial Bookbinding. *
McKee (A G) class B
*
Medusa Portland Cement *
10*6
UNION TRUST
48*6
Apr
Sept
Sales
100
Jan
1
Members
Aug
Aug
Jan
Wppk
W Con.
_*
25
20*6
3
'381
Jan
9
Exchange
of Prices
13
City Ice & Fuel
2,600
10*6
33*6
July
Exchange
Week's Range
Leland Electric
750
4
*
common
8
48*6
22
Jan
25
350
4*4
Sept
16*6 Aug
40*6 June
Jan
26*6
26*6
3*4
13*6
308
Feb
33
13
— -
4*4
100
,
Sept
Sept
Aug
A, T. & T. GLEV. 565& 566
25
Kelley Isid Lim & Tras.
18*6
Ward (Mont) & Co cl A..*
Wieboldt Stores Inc com.*
•
25
28
3*4
13*6
8
33
27*6
*
Jan
10*6
*
com
May
Feb
11
197
1
Jan
22*6
*
29
5*6
Apex Electric Mfg
Apr
22
4*6
Jan
36
Allen Industries Inc
Prior preferred
Akron Brass
18*6
22*6
20*6
com
25
Utah Radio Products com.*
Utll & Ind Corp..
*
Sept
Aug
3*6 Mar
12*6 June
50
Thompson (J R)
23*6
July
79*6
200
25
July
61
150
16 K
Sundstrand Mach ToolCo*
67*6
26*6
4,250
7*6
31*6
30*6
6
Jan
46*6
y
3*6
35
10*6
35*6
4*6
16*6
16 K
15
Feb
1
4*4
Jan
7
36
Airway Elec Appl pref.. 100
16*6 Sept
5*6 June
28*6 Apr
20*6 Apr
4*6
7*6
30*6
pref_25
2
127
Sale
Hanna (M A) $5 cum pref *
Harbauer.
*
Interlake Steamship
*
Jaeger Machine
r*
14*6
conv
Apr
Aug
99
40
June
7*6
109
,24*6
18*6
2*6
640
83
4*6
Swift International
Swift & Co
Convertible pref
Jan
108
104*6 105
Convertible preferred..*
Stein & Co (A) com
2*6
10
1,000
22*6
62
Southwest G & Ei 7% pflOO
Southwest Lt & Pr pref
*
St Louis Natl Stkyds
cap.*
108
21*4
-
18
2,518
32*6
3*6
Last
July
50
4*6
Preferred.
..100
Reliance Mfg Co com
10
Sangamo Electric Co
*
Jan
7
Sept. 18, both inclusive, compiled from official sales lists
Cliffs Corp vtc...
Met West Side Bl ext 4s
125
Jan
46*4
21*6
28
27*6
Sept
4
Sept
25*4
Raytheon Mfg—
50c
July
125
Cleveland Stock
Sept. 12
Cleve-Cliffs Iron pref
Common
19*6
2
65
Friday
11*4
*25
Williams-Oil-O-Matic
73
7
Telephone CHerry 5050
Sept
"17 K
,
20*6
125
.
"'
Jan
15*6
Parker Pen Co com..... 10
Standard DredgeCommon
July
Union Trust Building# Cleveland
Feb
400
Peabody Coal Co B com..*
Penn G & E A com
..*
Pines Winterfront com
5
Common vtc
Aug
14
Apr
GILLIS
Jan
29
*
7% preferred—
Quaker Oats Co—
50
June
17*6
Sept
27*6
*
Public Service of Nor
Feb
11
14*6
*
/
Potter Co (The) com
40
24
33*6 June
Sept
June
1*6
35*6
2*6
17*6
32 *6
Conv pref
Jan
259
Members Cleveland Stock
Feb
Jan
July
28 K
Common
Sept
25
Jan
1,
14*6
*
Sept
*6
49
•
1*6
100
.
June
7
7
May
100
7% preferred
Mar
114
Feb
8
7*6
49
IK
15
105*6 May
18
July
5
Sept
31
pfd. *
36
Jan
Jan
17
17k{
June
8
Ohio Listed and Unlisted Securities
Jan
51
,
1*6
114*6 July
6
15
...10
Feb
49*6
1*6
49 *4
Mar
11*6
50
13
Feb
Sept
Sept
Sept
Sept
June
13
"7*6
....
Sept
Sept
25
50
.
3*6
50
3*6
500
7
9
94
303
12
■__*
"B"_.
Jan
Jan
10
20*6
'A".....—
June
2*6
2*6
6*6
5*6
""6k"
Northwest Bancorp com ..*
Northwest Eng Co com. *
Northwest Utii—
Randall
4*6
14,750
13,550
2,400
6*6
Ind com..*
North Amer Car
com....*
Jan
Aug
28
*
Aug
107*4
Mar
<■
47
Rapid
4 *6
5
National Standard com
*
National Union Radio coml
.
Jan
4
50
...25
29*6
Feb
138
12
*
8
Jan
Feb
4*6
10
.....2.50
Nash
Feb
17*6
Jan
31*6
32
62
12*6
6*6
*6
A.HI"*
Noblitt-Sparks
"50"
*
.
4
7
105
Apr
20
*
Magnavox
Manischewltz.
Apr
65
20
7
Feb
Sept
Jan
21
125
July
3*6
603
*
45
Lunkenheimer
9
Jan
10
....
38*6
*6
6
Natl Gypsum cl A com..5
National Leather com... 10
Natl Pressure Cooker Co.2
2d preferred
Leonard
Preferred.
4 *4
12*4
Midland Utll
7% prllenlOO
6% prior lien
..100
50
6*4
27
*
150
Jan
Mar
Mar
4*6
31*6
P & G
6*4
7% preferred A
100
Miller & Hart conv
pref..*
Modlne Mfg com
_.._*
"26"
*
27
6" '
6*6
Feb
12*6
1*6
100*6
5*6
198
12*4
109*4 109*4
20*6 .20*6
*
Kroger
160
4
736
6*6
25
102
25
165
12
100
1,050
400
1,900
Jan
94
7
13
100
Kahn com.
Jan
8
24*6
11*6
*
_
11
92
11*6
Hatfield part pref.....100
Hobart "A".
*
35*6
11*6
June
24
8*4
91*6
_*
7
145
14
8
6
430
3*6
106*4 107*4
107*6
..20
Mar
Eagle-Picher Lead
Early & Daniel pref
Jan
1,400
150
Aug
90*6
3*6
3*6
,
May
IK
1*6
336
180
17*6
100
June
5*4 May
19*4 Aug
45
3*6
High
3
8
6*6
7
13
13*6
_•_*
Cin Street Ry_._.
50
Cin Telephone...
50
Cin Union Stock
Yard...*
Cohen (Dan)
*
3536
i
Walgreen Co
Aug
Aug
Sept
44*6
Corp cap
5
Stock purchase warrants
Midland United Co—
Wahl Co
May
12*6
125
87
Middle West
Storkllne Fur
42
Apr
July
34*4
4*6
13*6
6*6
Metrop Ind Co allot ctfs...
Mickelberry's Food Prod—
Prima Co
Feb
4*6
75
43 H
comll
Common
32
40
58
Marshall Field common..*
Masonlte Corp com
_..*
Common
Sept
35*6
*
McQuay-Norris Mfg com.
Manhatt-Dearborn com..*
conv
Cin Ball Crank
pref
Cin Gas & Elec
pref
4*6
14*4
6*6
43*6
._
McCord Rad & Mfg A
McGraw Electric com..
100
Churngold
Aug
Low
8
19*6 20
102*6 103*6
19*6
104*6
Range Since Jan. 1,1936
Shares
4
6*6
106
Mar
12*6
46**
4K
14*6
11K
._*
First preferred
Mar
9*6
9
4
*
Champ Coated..
Feb
24
FeD
18*6
Mar
31
44
26
*25*4
9
24*6
70
90
5
Sept
May
31*6 June
6,700
2**
IK
6K
Price
7
39
150
2
Week
Baldwin
-
41**
Refining Co com.*
Packing com
*
Nat Rep Inv Tr
Feb
68
160
12*6
13 H
41*6
*
Conv preferred
July
300
119
88
com
Mer & Mfrs Sec cl A
60
1,600
42
11*4
1
Common
London
Jan
14
"l7H
Cumulative preferred..*
Libby McNeil & Llbby__l0
Lincoln Printing Co—
Lion Oil
109*6
24
114
50
*3*6 preferred
LindsayLt & Chem
Feb
40
..100
cap
La Salle Ext Univ
Leath <fc Co com
100
Amer Prod prior
pref
Part pref
420
17*6
41*6
pref
6% preferred
Kingsbury Brew
Jan
800
41K
"12"
for
of Prices
Low
High
7
12*6
50
21*6
*39*6
41**
Week's Range
Sale
Par
May
14
V
Stocks {Concluded)
8
28
20 H
High
150
66
39;
10
com
Low
K
41
1
Kellogg Switchboard
Shares
Sales
Last
1
25*4
"28
Kalamazoo Stove com...*
Preferred (new)
100
Ken-Rad T & Lamp com A*
Range Since Jan. 1,1936
14
Jefferson Electrlo Co com.*
Katz Drug Co com
High
63
Friday
for
Week
9*4
105*4 106
"66
Interstate Pow $6 pref...*
Iron Fireman Mfg v t c
*
Jar vis (W B) Co cap
Low
9*4
Indep Pneum Tool vto..*
Range
of Prices
Price
1849
Sales
Last
Stocks {Concluded)
Chronicle
10
53
26
68
9*6
19*4
1*6
11*4
11
1*6
11*6
28
28
28
1
1
Jan
13*6
Mar
Burroughs Add Mach....*
Jan
27
Mar
Burry Blscutt*12*4c part—
9*4
8*6
9*4
610
3,929
369
4,168
1*6
Jan
9*6 July
25*6 May
6*6
Aug
3*6
14
32*4
9*4
Feb
Apr
Feb
Sept
Financial
1850
Last
Week's Range
Sale
of Prices
Low
High
Prile
Par
Consolidated Paper com .10
Detroit & Cleve Nav comlO
14
Aug
18X
250
16
24
150
19
Graham-Paige com.
Grand Valley Brew
Hall Lamp com
3GX
IX
35X
20
Feb
20k
7k
4k
15k
15k
100
13k
40c
11,400
2,000
1.10
1,700
2kc 107,000
22c
Mar
28
July
July
40c
28k
Aug
Jan
Jan
22
10
1
13k
8k
Mining Stocks—
Alaska Juneau Gold M..10
7X
Apr
15k
Black Mammoth Cons. 10c
40c
Gold Mines..10c
3c
3c
Aug
10X
Apr
Mar
23
2,200
3,300
2,200
25
Universal Cons Oil Co
Wellington Oil Co
High
Low
22k
163
16k
8k
21k
12k
Union Oil of Calif
9k
37 X
Aug
Calumet
200
X
Feb
4
Mar
Cardinal Gold Mining
1
1.05
1.05
230
Feb
36
Mar
Imperial Develop Co..25c
2kc
lkc
17k
Jan
Jan
63c
Feb
3c June
7k c
Jan
1.00
Feb
1.45
Aug
lc
Jan
3c
4c June
Jan
20
Sept
Tom Reed Gold Mines...1
44c
44c
45c
600
3lc
July
48c
Sept
1,605
261
7k
Jan
12
Mar
Zenda Gold Mining Co...l
6c
6c
6c
9,000
6c
Jan
15c
Jan
9X
2
500
IX
Aug
21k
21k
100
33k
July
174k 175 k
299
Jan
6X
Jan
July
1,151
3,555
2X
1,493
2
2X
ex.
2X
2,110
2
Sept
2X
75
July
6
Amer Rad & St
Feb
Amer Tel & Tel Co.
July
Cities Service Co....
Mar
Commonwealth & South..
12
4k
X
Mar
Continental 011 Co (Del).5
Mar
Curtiss-Wright Corp
General Electric Co
1,180
376
11
Jan
3X
8X
15 k
847
14
Apr
10 X
4X
4k
4
1,995
Aug
July
20 X
588
27
27
5X
Apr
21k
Feb
12X
6
Unlisted—
4X
ox
2
July
10}*
17
2k
1
10
54 X
67 X
7
67 X
17"
5X June
28
Aug
Sanitary...
175k
100
3k
1
Loew's Inc
X
X
9,516
Sept
Sept
1
IX
July
Pacific Eastern Corp
3 k
July
Packard Motor Car Co
3k
3k
30k
6k
46k'
58k
8k
5k
12k
10k
North Amer Aviation Inc. 1
3k
30k
6k
46k
57k
8k
5
4
20k May
7k
3k
1,000
300
3k
30k
Apr
1,000
Aug
200
7
46k
58k
8k
5k
12k
Ilk
Sept
ii
57k Sept
7k
Apr
4k Aug
700
100
400
McClanahan Refiners...
Michigan Sugar com
"|6
5X
22 X
22 X
566
15X
Jan
22X
Tide Water Assoc Oil.....
i7k
16k
17k
500
20
20 X
917
15
Apr
22 X
U S Steel Corp
71
71
71
100
58k
3X
150
3
July
13k
13k
13k
400
iex
270
12X
3,657
Preferred
com
20k
Murray Corp com
3k
Hone
16
Parker Wolverine
100
,3j6
Jan
IX
Feb
161
5
Jan
6X
Feb
15 X
Aug
OX
Jan
Sept
Mar
4X June
18 X July
13X
America
Radio-Keith-Orpheum
Radio Corp of
12k
iok
5
Warner Bros Pict Inc
12 k
12 X
42
42
42
506
41X May
50
26 X
26 X
353
23X
June
*~3k
2k
Sept
July
6x
Aug
OX
Sept
5k
4%
5k
6X
5X
4k
5X
Reo Motor com
1,875
1,499
2,019
k
Prudential Investing
3X
6X
28X
3X
4X
4X
4X
July
8X
Mar
Sept
7 X
7
Feb
...
Peninsular Metal
Rickel (H W) com
River Raisin Paper com.
Scotten-Dillon com
5X
5X
6X
1,265
2,705
28 X
.....
28 X
110
5X
Jan
Feb
30
10'
United Shirt Dist com...
Universal Cooler A
Wayne Screw Prod com.
4X June
July
Jan
23}*
Sept
PHILADELPHIA
NEW YORK
Jan
11X
80 Broad Street
24
Apr
Sept
1513 Walnut Street
July
Mar
10 X
808
7 X
Jan
12 X
100
Apr
4X
July
15)6
Jan
3
Mar
7X
X
785
5k
Sept
July
4
6X
X
34 X
36
Wolverine Tube com
Jan
Jan
870
7X
3X
IX
X
Wolverine Brew com
OX
2X
OX
1,262
IX
7X
6k
New York Stock Exchange
Philadelphia Stock Exchange
3X
305
lk
Members
Jan
July
12 X
24
.....
DeHaven & Townsend
410
5X
18
B
Warner Aircraft com
Established 1874
Apr
845
10
Union Invest
36
900
X
15
1,370
Jan
11X
IX
M ar
36
Philadelphia Stock Exchange
Sept. 12 to Sept. 18, both inclusive,
Sept
Mar
compiled from official sales lists
Sales
Friday
Range Since Jan. 1 1936
Last
LOS ANGELES SECURITIES
100
American Tel & Tel
Listed and Unlisted
Week
26k
175k
---*
American Stores
for
of Prices
Low
High
Price
Par
Stocks—
Week's Range
Sale
pref..50
pref—100
Bankers Securities
Bell-Tel Co of Pa
124"
13k
Budd (E G)
Mfg Co.....*
Rights 2d paid
Dobbs-Crowe-Wagenseller & Durst
Member Los
626 So.-
Angeles Stock Exchange
Curtis Pub Co
113k
20k
*
com
47
Electric Storage Battery 100
10
General Motors
10
GImbel Bros
Angeles Stock Exchange
Sept. 12 to Sept. 18, both inclusive,
Sales
Friday
Last
Week's Range
Sale
Par
Stocks—
Price
of Prices
High
Low
Range Since Jan. 1 1936
for
Week
Berkey & Gay
Warrants..
2k
2X
1
100
Barker Bros pref.
IX
77k c
7X
2k
lk
83
77k c 82k c
Aug
5
Jan
105
Sept
lk
Sept
2k
Aug
900
75c
Aug
90C
Aug
5k
Sept
10
July
8
800
2
2
2
100
2
Apr
Broadway Dept St pref. 100
Buckeye Union OH com.. 1
103
103
103
10
98
Jan
3k
104k
Apr
Jan
16c
Feb
Salt Dome OH Corp
100
20
28
Apr
4k
32k
16k
15k
5k
Apr
Scott Paper
Sun Oil Co..
B.
Central Investment
6
7k
■V
6c
6c
1,000
'
20
20
6c
19
10
Chapman's Ice Cream Co.*
3
3
3
100
Citizens Natl T & S Bk. .20
29
29
29
100
■
Sept
1
Jan
26k June
11
Aug
Claude Neon Elec Prod..*
11X
Ilk
Ilk
700
Consolidated Oil Corp
*
13y8
12k
13k
1,900
Consolidated Steel
*
3X
3k
3k
600
Ilk June
Jan
3k
Co..5
10X
62Xc
19k
19k
600
14k
Feb
55c
65c
8,800
70c
com
—.1
Exeter Oil Co A
Farmers & Mer Nat Bk 100
Gladding McBean & Co.
430"
17
*
.
430
430
15
17
17
300
10
600
5
Jan
Jan
Feb
Mar
Apr
Reo Motor Car Co
9
39k
146k
115
34k
;
21k
...1
*
34
Tacony-Palmyra Bridge..*
Ilk
8
...
United Corp com
'"7k
*
Mar
July
Aug
1,376
10
iok
131
20
130
Apr
Jan
357
19
Sept
2k
3k
126
8
Mar
Ilk
12k
663
4k
5k
'38k
39k
146k 146k
,114k 115
j4.34k 35
|5
5k
8k
9
5k
5k
21k 23
61k
61k
77k 78k
,34
x34k
8,473
2,827
25
Jan
14k
Feb
"l5k
440
Westmoreland Inc
*
Westmoreland Coal
*
Jan
Mar
20
Mar
4
69
445
191
170
50
1,942
30
44
30
'*16
1
'*16
500
5k
7k
47k
16k
787
7
47k
*
Feb
Aug
Jan
34k
72k
17k
July
>S16
United Gas Imp com
Preferred
19k
13k
24k
55k
132
38k
Ilk
50
20k Apr
87kc July
Jan
24k
217
4k
1
Tonopah Mining
Union Traction
Feb
430
200
260
"ilk
Preferred
Emsco Der & Equip
337
35k
8k
18k
:
*
Pennsylvania RR^
50
Penna Salt Mfg
50
Phila Elec of Pa $5 pref... *
Phila Elec Pow pref
25
Phila Rapid Transit.
50
7% preferred
50
10
10
Bolsa Chica Oil A
305
*
4,800
2
232
35k
8k
16k
18k
High
Jan
2k
1,100
123
105
104
105
Sept
32k Sept
127k Aug
15k May
lk Aug
14k Mar
124k July
292
67k
10k
Pennroad Corp v t c
Bandlni Petroleum Co
66
130
*
Horn & Hard (N V) ,com__*
Lehigh Coal & Nav
*
Lehigh Valley.
50
Mitten Bk Sec Corp pref 25
Natl Power & Light—..
Low
Shares
Jan
180
200
10k
111k 114
20k 20k
47
48 k
24k 24k
'"67k
Horn & Hard (Phila) com.
compiled from official sales lists
36
602
26k 27k
174k 179k
32
32k
124
126k
13k
14
*
com...
High
165
104
5
Chrysler Corp
LOS ANGELES
Spring St.,
Low
Shares
11*
*
Budd Wheel Co
General Asphalt
Los
May
9k May
2,142
23X
Tivoli Brewing com
Feb
14k June
7k
Apr
18k
Feb
72k Sept
14k
Feb
8X
21X
8X
21k
July
25
Sept
13
Jan
4X
21X
4
Standard Tube B com...
Timken-Det Axle com...
2
100
Apr
5k
Sept
Packard Motor Car com.
Parke-Davis com
Parker- Rust-Proof com2
700
7
7
7
7
800
Sept
10
9k May
5k July
14k
Jan
2
Feb
July
200
X
2X
,516
5X
500
Sept
180
2
McClanahan Oil..
Micromatlc
Apr
23 X
9 X
7
Hudson Motor Car com..*
Motor Wheel
1, 1936
Range Since Jan.
Shares
Feb
Apr
Price
Par
OX
*67 k
—
Products..
7X
7X
971
335
4X
4
of Prices
Low
High
IX
1
..1
1
*
Kresge (S S) Co com
Jan
7
9k
Hoover Ball & Bear com. 10
Kingston
July
Sept
Aug
18 X
20
10
—
24
X
10
-.1
Goebel Brewing com
19 X
Apr
2X
IX
35k
Federal Motor Truck com*
General Motors com
Jan
Aug
1,100
1,279
9X
36
24X
1,013
OX
9 k
-*
*
*
Frankenmuth Brew
2X
X
2k
X
.....
Detroit Paper Prod com_.l
Detroit Steel Prod com—*
Dolphin Paint B
High
125
18k
"2%
Detroit-Cripple Creek
1
Detroit-Mich Stove com__l
Eaton Mfg com
Federal Mogul com
Low
Shares
Stocks (Concluded!)
for
Week
Week's Range
Sale
24
18 k
Casco Products..
Last
Range Since Jan. 1, 1936
for
Week
14 X
14k
Capital City Prod com...*
Sales
Friday
Sales
Friday
Stocks (Conlcuded)
Sept. 19, 1936
Chronicle
..*
111k
*
15k
111k H2k
12k
12k
8k
8k
2,578
120
8,066
107
10
60
Feb
_*
9
23k
24k
4,600
18k
Holly Development Co...l
*
80c
80c
80c
200
46c
Jan
1.50
Apr
1,95c
95c
1.00
600
95c
Sept
1.45
Aug
10c
1 9c
80
9c
8c
Sept
16c
Feb
July
95c
Feb
Feb
29c
Feb
6k June
Ilk
116k
4k
6k
6k
Sept
4
Feb
Globe Gr & Mill Co
25
Hancock Oil A com
Int Cinema
,
21k
Lincoln Petroleum Corp_.l
15c
14c
16c
5,000
5,200
18,200
Lockheed Aircraft Corp. .1
ox
loox
k4 H
■5k
9k
9k
500
Jade OH Co
Kinner Airpl & Mot
L A Gas & El
Corp. 1
6% pref. .100
L A Industries Inc
-.2
L A Investment Co
110
1
*
14
IX
►
1
35c
1
..1
70c
Menasco Mfg Co
Mills Alloy Inc
A._
Occidental Pet Corp
Oceanic Oil Co
Olinda Land Co...
*
Pacific Clay Products
Pacific Finance
Preferred C.
Corp...10
-10
'
Pacific Gas & Elec Co—25
25
•-•6% 1st preferred
Pacific Indemnity Co—10
Pacific Lighting pref
*
Pacific Public Service
*
Pacific Western Oil
*
Republic Petroleum Co..l
Rice Ranch Oil Co
1
*
Samson Corp B com
'*>6%
fSOc
10
prefann.^..
Secur Co Units orBen Int *
I lie
i 37c
50c
129
..4k
5k
14
W
A
\
4k
5k
4k
2
184
10,600
400
2,300
200
31c
■'I 70c
35c
70c
600
11c
lie
13
12
13
27k
Ilk
36k
31k
27k
27k
29k
Ilk
37k
31k
27k
1,900
700
Feb
12k
$1,000
10
Jan
Tel
J Pittsburgh Stock Exchange
j
New York Curb Exchange (Associate)
BANK
PITTSBURGH, PA.
BLDG.,
A. T. & T. Tel. Pitb-391
Court-6800
BROADWAY, NEW YORK
120
Feb
31c
Jan
14
Jan
29k
Ilk
40k
32k
28k
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Mar
Aug
Jan
17k
13k
July
25c
400
10c
Jan
40c
Apr
I 60c
50c
60c
30
50c
Feb
75c
July
lk
Jan
2
46
2
45k
2
130
46
280
22k
29k
300
31
500
Orig preferred
-.25
25
5X % preferred
25
So Counties Gas 6% pf.100
39
39
39
6% preferred
28k
27k
109
100
43
36 k
*
13k
85c
25c
30k
.
*/r.mK»«i
Members
UNION
57k c July
J 25c
29k
_
8
Jan
June
29k
30k
page
8c
2k
Signal OH & Gas A com...*
So Calif Edison Co
25
_
Jan
50c June
12k
900
-»ee
25c
12k
H. S. EDWARDS & CO.
Jan
Mar
100
950
foulaoter-
Jan
Bonds—
Elec & Peoples tr ctfs 4s *45
Jan
100
52
ror
5
Jan
2k
lk June
Jan
11,500
30
20k
Taylor Milling Corp
Jan
9k
200
200
51k
Transarnertca Corp
2k
14k
ox
14k
(7X
31k
27k
107k 108
500
22
*
July
14k
k7k
108
Ilk
36k
100
51k
Standard OH of Calif
105
Sept
18k
10k
31k
29k
18k
105k
5k
1,400
Shell Union Oil Corp
Southern Pacific Co.
8c
3,000
Security-First Natl Bk. .20
*
37c
Jau
1851
28k 28k
27k 27k
109k 109k
41k
43k
36k 36k
18k
18k
13
13k
10
1,000
300
10
700
1,300
200
9,900
Jan
Feb
Jan
Mar
Mar
Pittsburgh Stock Exchange
July
Aug
Aug
Jan
108
Sept
Jan
July
Last
Feb
Sale
Stocks—
Par
Price
Feb
Blaw-Knox Co
*
Apr
Carnegie Metals Co..;
1
2k
50k
15k
Ilk
25k
Jan
60
Jan
Central Ohio Steel Prod.,.*
Jan
22k
Sept
19 k
4
Jan
32
Judy
Jan
32k
38k
July
July
Consol Ice Co pref
...50
Crandall Mck&Hend...*
29
Judy
Duquesne Brew Co com..5
July
Electric Products
Aug
Follansbee Bros pref
Fort Pittsburgh Brew
26
106k
Jan
Mar
Jan
Feb
28k
109k
Jan
44
35k Aug
14k May
47
24
11
Apr
19k
14k
Sept
Feb
*
...
*
1
1
28
Koppers G & Coke pref. 100
Feb
Lone Star Gas Co
*
High
18 k
370
13k
2k
3,570
2,660
19 k
Julv
62 k
20 k
2
July
4k
Jan
9
July
19k
Sept
3 k June
Jan
14
6
Apr
Feb
Jan
4
175
21
786
1
10
50c
2k
7k
Jan
Jan
15
July
3
Apr
iok
July
Jan
40
Mar
7k
25
14 k
2,002
9k
310
27
28 «
190
lk
13 k
Low
Feb
9
7k
14k
i5k
Apr
23 k
July
ik
Jan
8k
July
Jan
104
13 k
5,558
1
July
44
ik
Harb-Walker Refrac com.*
Feb
Shares
Range Since Jan. 1 1936
47 X
2k
18k
4
for
Week
65
51
19k
*
100
of Prices
High
Low
17 k
3k
54k
Clark (D L) Candy Co
Columbia Gas & El Co
Week's Range
50 k
Armstrong Cork Co com..,*
Jan
27k
Sales
Friday
8
44
35
official sales lists
Sept. 12 to Sept. 18, both inclusive, compiled from
46
675
31
Jan
103
106
195
97
Jan
107 k
Sept
3,422
10
Jan
14k
Mar
lk
13 k
13k
lk
46
Sept
Volume
143
Financial
Friday
Par
McKinney Mfg Co
for
of Prices
Low
High
5
Supply Co.
Flreprooflng pref.100
Corp pre!
100
Pittsburgh Brewing Co_._
1%
60%
6%
6%
Natl
*
Plymouth Oil Co
5
Renner Co—
"1%
1
_
Shamrock Oil & Gas.....*
Standard Steel
Victor
Brewing
4%
200
Westing house Air Brake. _*
126
595
25
20
2%
64%
July
7%
Aug
4
30
190
2,500
1
2,327
3
K
270
17
St.
31
2,460
60c
456
June
34 %
5
K
Sept
Jan
1%
47%
145%
Jan
6% preferred
Transamerica Corp.:
206
50
99%
108%
300
3 K
Sept
Aug
106%
July
5%
Feb
Portland
Honolulu
Sacramento
Stockton
Chicago
Chicago
Francisco Stock
Stocks—
Par
Alaska-Juneau
Gold
Price
10
16%
Anglo Cal Nat Bk of S F-20
Assoc Insur Fund Inc
Board
of
Stock
Calamba Sugar com.__.20
Calaveras Cement com
*
Calif Cotton Mills com.100
Calif Ink Co A com
*
California Packing Corp__*
Caterpillar Tractor..
*
Claude Neon Elec Prods..*
Consol Chem Indus A
*
Crown-Willamette pref
Crown-Ze'lerbach v t c— *
18
28%
29%
6%
31
Fireman's Fund Indem__10
Fireman's Fund Insur
Food Mach
25
Corp com—10
Foster & Kleiser
10
com
Preferred
296
772
39%
75
73%
75%
1,364
1,609
11%
32%
11%
11%
715
15%
14
64%
22%
23%
July
17 %
San
to
60
22%
25
Jan
45
Feb
44
June
51
Feb
30% June
55
43%
78%
Sept
Jan
105
July
91
Apr
105
July
Jan
645
3%
32%
210
22
Aug
14
Mar
35
19%
427
33
50
99%
190
.
100
23%
75
30%
24
38%
54%
Aug
12
12%
17%
939
10
July
585
14%
8%
14%
July
Hancock Oil Co.
Hawaiian
_*
Pineapple.^—5
Home F & M Ins Co
10
Honolulu Oil Corp Ltd—*
Honolulu Plantation
20
Hunt Bros A
*
com
Preferred.
Island Pine Co Ltd com.20
Preferred.
__25
Langendorf Utd Bak A—*
B
*
Leslie-Calif Salt Co
*
9%
24%
38%
23%
38%
42%
29%
Los Ang Gas & El pref__100
Lyons-Magnus Inc A
Magna vox Co Ltd
2 %
*
I Magnin & Co com
Marchant Cal Mch
*
com.
10
Market St Ry pr pref__100
•Natl Automotive Fibres. _*
Natomas Company
*
No Amer Inv 5 % % pref 100
North Amer Oil Consol. .10
Oliver United Filters A—*
B
310
30
30%
42%
29%
30%
3%
6%
1,530
24%
38%
42%
30%
3%
6%
3%
6%
15%
15%
35
650
526
11%
3
3
37%
36
40%
9%
106%
7%
3%
21%
26%
28%
35%
10%
87%
54
Feb
32
27%
1%
5%
Jan
30%
4%
7%
July
Sept
300
70
495
200
415
25
125
3%
21%
26%
8,616
300
11,366
29
60
35%
10%
2,660
87%
50
.14
190
15
21
26
39
300
3
15
24%
22
2,220
350
6%
July
July
Aug
Sept
Apr
11
16
35
16%
5%
2% May
25%
25
Jan
June
6% June
6% May
105% Aug
5%
Apr
July
2
16
Jan
19%
Aug
20
Jan
32%
Aug
10% June
Jan
65%
14
June
19
Aug
6%
6%
7%
762
5%
Aug
18%
16%
12%
Jan
Pacific Can
1,366
2,460
13%
20%
July
21%
19%
17%
21%
37%
30
Pacific American Fish
19%
17%
25
36%
31
Feb
31%
20%
36%
31%
861
6% 1st pref
...25
5%% pref
25
Pacific Lighting Corp com *
6% preferred__*
32
829
29%
Jan
29
28%
29
704
26%
Jan
52
53
com
Pac Pud Ser
53
108
(non-vot)com*
(Non-voting) pref
*
25
Pacific Tel & Tel com._ 100
6%
107% 108
6%
7%
25
25%
1,769
315
•
1,727
1,192
138
138
142
100
150
150
150
10
_*
80
80
80
153
106
6% preferred
Paraffine Co's com
106
106
Preferred
Phillips Petroleum
Rights
Pig'n Whistle pref.-
*
'
135
20
*
4
4
4
50
Railway Eq & Rlty com__*
5%
*
6
5%
6
670
6%
100
I
23%
21
23%
785
90
88
90
165
10
Jan
Jan
Jan
Feb
3%
Feb
21%
26%
29%
47%
Aug
Aug
Jan
56%
MONTGOMERY STREET
Sales
Week's Range
of Prices
Price
100
175 %
73c
1
Low
174% 175%
72c
Jan
Mar
68
1,300
39c
15%
185
Jan
Mar
4%
7%
7%
4%
12
10%
5%
8%
7%
5,515
7%
Feb
July
Jan
24
Feb
91%
Apr
Aug
Aug
Sept
75c
Aug
Aug
Jan
7%
Feb
Feb
75c
435
65c
Jan
1%
1.55
85
1.50
July
1.75
Jan
2.25
2.25
250
65c
Jan
2.50
July
12%
2.25
...
"86%
Curtlss-Wright Corp
1
12%
87%
150
11% May
15%
Mar
86%
z
Holly Development..-.1
Honoka Sugar Co
20
Idaho-Maryland
7
250
42
10
1.00
1.10
June
4%
;
31
700
83c
80c
Jan
1.10
Apr
150
17
Jan
26%
20
59
June
Apr
Aug
Apr
July
July
80C
85c
700
50c
Feb
1.55
70
6%
4.50
Jan
3.15
Jan
16%
6%
90c
1.05
12%
12%
55
50c
48c
50c
2,330
22c
4.05
3.85
4.05
1
48c
Feb
4.10
Aug
5,421
8,000
1.60
Jan
50c
37c
July
95c
Feb
20c
130
15c
Jan
58c
Feb
16c
1,000
10c
Mar
2.8c
31c
4,300
13c
Jan
9%
48%
15
6%
Jan
12
75
36%
Jan
50
7%
9%
48%
7%
4.10
Jan
8
8%
Occidental Pete
31c
20c
35c
7%
Jan
27%
Jan
8%
10%
42%
1,000
31c
21c
Jan
54c
Aug
July
Jan
18%
22%
July
14
Mar
3.25
Aug
250
6%
14%
15%
625
8
June
12
410
10
Aug
2.90
2.90
3.00
2,063
2.50
5%
5%
5%
4,124
3%
Aug
Apr
Feb
50
50
12%
Radio Corp (Del)...
12%
11%
11%
Feb
60
12
Pacific PtldCement
pref 100
Packard Motors..
Apr
July
Sept
July
100
18
17%
Olaa
2,315
8%
42
41%
O'Connor-Moffatt
Richfield Oil pref
Riverside Cement A
Feb
Feb
75c
29c
Montgomery Ward
Sugar
....20
Pacific Clay Products
Pacific Coast Aggregates..
Pacific Eastern Corp....
2.95
19
Jan
38c
15c
T_1
Mountain City Copper.._
North American Aviation *
Oahu Sugar
20
90c Sept
12% May
3,150
20c
10
1
70
570
16
1
Lincoln Petroleum
Aug
Mar
Sept
21
1
MJ&M&M Oil
McBryde Sugar
9%
42
70
15%
6%
International Cinema
1
International Tel & Tel.._.
Preferred
z Kinner Air &
Motor
Kleiber Motors
89
Jan
Jan
70
1
i
75C
21
70
z
41
27
485
,
6%
10
165
Jan
Apr
•
6%
Mar
Sept
Feb
51
Aug
13%
14%
Sept
Jan
80c
5%% pref
6% preferred
25
Texas Consol Oil..
1.00
Title Guaranty pref.....
United States Pete
United States Steel
z Victor Equipment
Aug
2.50
Jan
9
Jan
13%
Mar
17%
45
17
Mar
19
Jan
45
31
May
30%
27%
28%
57
27%
25
SoPacGoldGate6% pref 100
40c
300
30%
....
600
11%
45
Shasta Water
South Calif Edison.....25
80c
11%
17
11%
Schumacher Wall Bd pref
64%
72
West Coast Life Insur
5
included
July
25%
Feb
27%
Mar
28%
28%
Aug
Aug
Jan
64%
Sept
177
125
37
'
1.00
1.05
620
50
33c
50
41c
5%
13%
17%
13%
17
stock
for
tin default.
CURRENT
Feb
2.10 June
58
Aug
Jan
55c
48%
Jan
70%
Apr
3.10 June
5%
14%
14%
Sept
20
17%
e60%
Sept
25c
33
13
range
90c
25
2,300
72
13
in
Sept
32%
830
5%
13%
13%
cCash sale.
45
Feb
24%
28%
70%
5%
15
1,016
27%
50
33c
Preferred
.___5
Warner Bros Pictures
sale—Not
72
125
7
42
Fields
Dumbarton Bridge
10
z General
Metals
Great West Elec-Chem__20
Italo Petroleum
80c
1.55
1
Coen Co's A
Columbia River Packers
Consolidated Oil
Crown-Will 2d pref
zListed,
4%
Jan
42 c
Jan
1.45
45c
t Company In bankruptcy, receivership
Jan
Feb
3
July
July
Aug
Apr
Sept
Aug
1.00
Aug
Sept
1,200
Sept
65c
4,600
3,400
4.50
1,252
40%
32%
29%
58%
48%
89
55c
23
107
Apr
May
Apr
July
Mar
4%
rCash
Feb
18%
75
85
45c
Mar
Apr
May
2.00
10
Jan
4
Claude Neon Lights..
17%
97%
12
10
63c
♦No par value.
152
50
2.75
1.15
Sept
8%
8%
16%
1.10
20
108
9%
75
45c
z
Jan
Mar
89
Mar
Jan
«
1.10
Jan
Jan
7%
Feb
62
Aug
14%
6%
Jan
5% May
150
Sept
20
80
16%
19%
32%
14%
Sept
2
8%
7%
Calif Art Tile A
zB__
179 %
76c
Jan
225
Aug
Jan
High'
Apr
18
Central Eureka
Mining
Preferred
Cities Service
z
73c
150
11%
89
142
Apr
July
2
Low
174
11%
Jan
Jan
139%
1
Range Since Jan. 1 1936
Shares
17%
18
5
Bancamerica-Blair
for""
Week
High
13
J an
119
4%
16%
80%
11%
116%
Aug
Aug
26
Jan
Jan
60c
65c
11
Jan
July
July
Sept
July
Aug
Sept
Mar
101%
38%
40%
60c
38
45%
Jan
Jan
50
122
40%
65c
•
July
104%
,
4%
18%
2,835
40%
Aug
July
Mar
__15
Pacific G & E
Aug
Jan
27
*
Paauhau Sugar
Sept
Sept
Jan
379
11%
22
19% May
Jan
Jan
2,936
3%
18%
11%
21%
Sept
1,119
2,558
21%
23%
28%
35%
10%
86%
14
Jan
July
Aug
Aug
Aug
30
9%
.
Jan
37%
42%
37%
45%
9%
9
Apr
73
'
21%
9%
106% 107
7%
7%
9
48%
Jan
Sept
30
35
11%
May
1,229
15%
35
45
Letourneau
Libby Mc Neill & L com..*
Lockheed Aircraft
1
10
21%
Mar
4%
20
Aug
37
17
Feb
47%
Sept
197
21
Feb
3% June
616
Feb
Sept
Apr
36
May
32% June
37
9%
23%
Par
Dominguez Oil
Aug
Aug
21
97
18
Mar
112,
Feb
14%
30% June
135
25
10%
J an
68
17
Feb
Apr
Apr
42
21
Aug
16
Jan
11
66
*
125
Arkansas Natural Gas A...
Feb
Mar
7%
41
_*
Aug
7
37
Gladding-McBean.
54
2.75
32%
Jan
68
Golden State Co Ltd
53
89
Jan
37
Hale Bros Stores Inc
54
Francisco Curb Exchange
July
91%
41
12%
38%
Calif-Ore Pow 6% pref.100
z Cardinal Gold
1
7%
30%
Jan
Gen Paint Corp A com—*
*
Jan
80
Galland Merc Laundry—*
General Motors com.
.10
B common.
26%
10
5,157
4%
18%
2,130
10
65
19%
32%
98%
38%
4%
18%
63
38
Bolsa-Chica A
7,165
19%
32%
98%
38%
4%
18%
Aug
Sept
July
Aug
Apr
July
Aug
28
37%
Bunker Hill-Sullivan
Aug
22%
290
37%
Aug
Sept
38%
85
July
34
24
327
3,585
50
24
112
65
■22 %
Feb
38
Jan
7%
50% June
Apr
Feb
25
Jan
62
203
Sept
Apr
60
Feb
Mar
Sept. 18, both inclusive, Compiled from official sales lists
Anglo-National Corp
Argonaut Mining.
Jan
July
2,217
Jan
309
Apr
Aug
29
15%
Aug
10
23
60
Sept
100
.
20%
Sept
19
484
307
22%
5%
25
9%
Apr
61
Last
Jan
1,748
8%
48
106%
14%
28%
2,390
Friday
High
34
103% 104%
103% 104%
11
Jan
,
(Associate)
American Tel & Tel
American Toll
Bridge
108
31%
107
9%
104
Emporium Capwell Corp.*
Emsco Derrick & Equip. .5
205
'•
50
104
10
200
5%
15%
23%
4%
38
*
com
18
187
50
*
Giorgio Fruit
6%
33,636
2,047
309
July
3%
150
1,340
1,276
Jan
Jan
14%
101
Feb
Direct Private Wire
Sept. 12
Jan
50
29%
31
107
17
31
27%
>
13%
1,018
6%
27%
31%
6%
38%
Preferred A
$3 preferred—_.___100
Eldorado Oil Works
*
19%
40
160
Mar
47%
(Since 1880)
Exchange
Low
200
192
5%
5
2,930
Jan
9
Jan
Aug
Members: New York Stock Exchange—San Francisco
Stook
Exchange—San
Francisco
Curb
Exchange—Chicago
Board of Trade—New York Curb Exchange
Stocks—
1,398
190
13%
6%
35
July
Aug
Sept
4%
2%
SAN FRANCISCO
Trade
Range Since Jan. 1 1936
960
18
Preferred B______
Di
16%
190
21%
24%
37
Sale
Shares
22%
5%
6
*
for
Week
16
5%
Bishop Oil
Byron Jackson Co
High
13%
25
48
32
44 %
1% May
125
1,901
16%
17%
103% 104%
13%
13%
21% 22%
23% 24%
36% 37
12%
16%
133
Exchange
21%
5%
j
22
10
Atlas Imp Diesel Eng A. .5
Bank of Calif N A
100
Low
17%
8%
CurbExchange
Sales
Week's Range
of Prices
2
36%
48
48
104
25
Sept. 12 to Sept. 18, both inclusive,
compiled from official sales lists
Friday
1,634
3,089
1,033
4%
36%
New York Coffee <fc Sugar Ex.
Commodity Exchange, Inc.
Honolulu
Stock
Exchange
Seattle
Fresno
Sale
41%
3%
1%
8%
14
Sept
22% Sept
Apr
23%
Jan
2
May
STRASSBURGER & CO.
New York Curb Ex.
(Asso.)
New York Cotton Exchange
Tacoma
Last
Apr
8%
Western Pipe & Steel Co .10
Yel Checker Cab Co
A. .50
•
San
May
15%
23%
Feb
July
Feb
1859.
page
San Francisco
Los Angeles
Oakland
2%
425
York Stock Exchange
San Francisco
StockExchange
PRIVATE LEASED WIRES
Beverly Hilla
400
2,289
Sept
13%
1%
Jan
22%
New
Bond*
14
%
29%
43%
2
*
7% preferred
25
Universal Consol Oil
10
Waialua Agriculture
Wells Fargo Bk & U
T.100
Mar
115
Feb
Jan
100
Union Oil Co of Calif
Union Sugar Co com
Mar
Members
New York
12
35
7% June
20%
4%
Telephone Inv Corp..
*
Tide Water Assd Oil
com.*
Sept
5,370
2,100
1%
May
29
1,010
9%
45
29
Jan
Sept
47
Jan
5
Dean Witter & Co.
San Francisco
12
Spring Valley Water Co..*
Standard Oil Co of Calif. *
26
Jan
97
25
Exchange—See
Municipal and Corporation
37
7%
1%
High
Jan
34%
22%
Southern Pacific
Co...100
So Pac Golden Gate
A____*
B.
*
47%
Jan
115
4 K
Louis Stock
36
Low
730
29%
43%
*
2
May
300
99K 100
115
__*
45
7%
1%
I".
Apr
Sept
Sept
12
Jan
Aug
22 K
139K 143
100
c
44
Range Since Jan. 1, 1936
Shares
High
36
..100
com
Signal Oil
Low
45
com.. *
17
„
Jan
432
IK
43%
42 K
6% pfd 100
6%% preferred^
Pennroad Corp v t
& S B F
Preferred
Shell Union Oil
Unlisted—
Lone Star G Co
Price
*
___
Schlesinger
May
140
for
Week
Republic Petroleum
Feb
Apr
Par
B
Feb
Sept
Sept
25
(Concluded:)
of Prices
Rainier Pulp & Paper A.. *
Mar
Sept
7
Jan
Jan
98 %
Jan
7 % May
12%
Jan
1,154
45
IK
Westinghouse El & Mfg.50
4%
IK
11%
2%
17
4%
18%
47%
1%
Jan
5,791
45
.1
Apr
Stocks
Week's Range
.
18
*
1
41
7
45%
Spring.___*
United Engine &
Fdy
Vanadium Alloy Steel
High
100
2%
2%
25% 27 K
130% 130 K
12
11%
16% 16%
1
IK
27%
Low
328
25
Sales
Last
Sale
7
25
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
Range Since Jan. 1, 1936
Szares
IK
63K
7
Penn Fed
Preferred
Friday
Week
Price
*
Mesta Machine Co
Mountain Fuel
Week's Range
Sale
(Concluded)
1851
Sales
Last
Stocks
Chronicle
4,470
2,325
350
10% May
9% May
260
15
Jan
Feb
Sept
Feb
Jan
dividend
year,
x
paid Aug. 15. 1936.
Ex-dividend,
y Ex rights,
•
or reorganization.
NOTICES
—Bond & Goodwin Incorporated announce the
opening of a
Cisco Office in the Russ Building under the
management of
San Fran
Philip T. Holden.
—H. Lewis Company announces the change of name to Lewis
Widder Co
with offices at the same address, 39
Broadway, New York.
—Schatzkin, Loewi & Co., members New York Stock
Exchange, announce
a general partner in the
firm.
that Joseph F. Trounstine has become
—W. E. Hutton & Co., members New York Stock
Exchange,
the removal of their New York offices to 14 Wall Street.
announce
Sept. 19, 1936
Financial Chronicle
1852
Canadian Markets
LISTED
Province
5s..
of Alberta—
Jan
1 1948
4HS
67
5 Ha
Jan
3 1937
66
5s
Oct
1
96 J*
5s
93
94 H
4s...
4Hs
4 Ha
4 Ha
4 Ha
6a
1
Jan
lio'H
Consolidated Smelters. .25
116
117
Consumers
104
15 1965
Gas
Mar
2 1950
Feb
1
May
1 1961
109 H 111
1958
113H
Coal
Dominion
June
15 1943
87
90
15 1946
87
89
Eastern Theatres
Oct
85 H
87
46
46
46 H
40
*
24 H
24 H
175*
55*
255*
175*
2,880
175*
55*
662
105*
875
"lOH
Easy Washing
1 1951
*
*
pref
Goodyear Tire
225*
Preferred
85
Feb
Apr
4
Sept
May
30
Sept
Aug
Aug
Jan
23
20
85
10H
45
7 H
2,950
135*
22 H
23 H
8,169
90
5
88
260
3
June
Gt West Saddlery
18H
&
3H
Hamilton Utd Theatres .25
Inc.
Pacific Ry—
96 H
96
perpetual debentures.
111 H
6s
..Sept 15 1942 /111
1005* 101
4Hs
Dec 15 1944
1165* 1165*
5s
July
1 1944
Canadian
Canadian
Pacific
Sept
1 1946
5s
Dec
1
4 Ha
July
1 1960
1954
105>*
105
'
Massey-Harris
Canadian Northern Ry—
1 1951
Sept
Ha
45*s
1165* 1175*
1195* 119H
June 15 1955
1 1946
July
6Hs
Grand Trunk Pacific Ry—
1 1956
1 1957
117
1155* 1165*
4s..—
Jan
1 1962
110
1 1969
1 1969
1 1970
1195* 1195*
421H 121 %
1215* 1215*
3s.
Jan
1 1962
101H 1025*
6s
5s
Oct
5s
..Feb
117H
105
875
40o
Jan
2.25
Feb
19
20
1,440
6 H
Jan
21H
Sept
1055* 106
123
Aug
107
29H
31
405
11
Jan
32
Sept
66 H
5
65
Jan
70
July
21
215*
1,115
18 5*
Jan
21H
195*
20
2,291
17 5*
Mar
Sept
Sept
2.00
1.95
2.00
1,627
1.00
Jan
2 25
45*
4H
162
2
Apr
4
45*
445
3 5*
Aug
6H
7H
28H
285*
40
14
145*
1,388
106
31
*
"215*
*
com
100
14
"41H
B
41
Duncanson, White & Co.
of Prices
High
79
45*
5
7,150
55*
5J*
3,400
2.00
6% preferred
Alberta Grain
100
1.90
2.00
12
-
.*
145*
15H
355
_....*
305*
30 H
31
315*
170
31
20
17
Metals
17
200
14H
15
268
14H
9
93
88
94
12H
125*
Sterling Coal.
com
Range Since Jan. 1
1936
com..
Was tons
105*
12
19
Bathurst Power B_
12
*
10
Beatty Brothers
Preferred.
2H
Brewers & Distillers
Preferred
British American Oil
Jan
450
12
Sept
145*
Jan
15
Jan
107
Aug
151
.
12 H
90
15
65
289
Jan
9H June
93
Jan
15* June
Sept
27
Sept
Feb
25
25 H
June
95*
Jan
*
83c
Aug
15*
15*
185
115*
125*
148
1%
115*
Aug
Sept
23 H
235*
31H
6,223
165*
20
28 H
Jan
May
33*
July
90c
31
Brit Col Power A
1.05
Jan
151
125*
235*
90c
35*
Apr
141
4,251
2,580
27
125*
25*
15*
Brewing Corp. of Canada..
-
"12 H
Jan
25*
1505*
27
.*
*
July
6
39
105
2H
150 H
100
Brantford Cordage pref-25
Bell Telephone
14
Aug
65*
15 5*
1.40
Feb
Mar
Apr
Mar
Jan
70
Aug
94
Sept
125*
Sept
41
Aug
695*
615*
Sept
6 J*
95
35
50
27
68
57
Jan
61H
322
49 H
Jan
Sept
4
85* June
125*
37
395*
3,308
265*
185*
19
2,841
17 5*
9
Jan
145*
2H May
45*
Feb
405*
Sept
56
10
65
Jan
56
135*
July
Apr
98
6,014
38
25*
15*
Jan
Apr
May
May
Sept
Sept
Sept
45*
10
19 H
175
25*
15*
Feb
19
49H
295
105 H
105
Apr
Mar
36
203
8
59 H
185*
195*
"2%
Sept
July
1,413
6,692
4
58
100
Sept
May
15
3
12
8
Jan
10
69H
56
(Geo) common..*
Sept
June
50
"59"
17
15
4
186
*
June
Jan
Apr
35*
Feb
Sept
31
320
385*
*
pf__10G
2%
1 5*
388
19H
105 H
45*
Jan
Sept
.
Mar
15*
Sept
Banks—
58
145
100
159
149
207
1585* 160
H 209
142
.100
207
21
190
Imperial../
100
205
206
207
200
197 H
Montreal
100
200
2005*
152
280
284
177
180
226
Canada
Dominion..
57
57
__50
Commerce
280"
Nova Scotia
.....100
Royal
-....100
100
227"
100
Toronto
Jan
4H
185*
27 5*
325*
93<*
3
Feb
Sept
105*
105
100
Beauharnois Power
Brazilian
125*
2H
19
10
19
12
Jan
Jan
125*
35*
Winnipeg Electric...
10
810
25*
25*
*
100
Preferred
1.25
18H
32 H
Aug
17
Sept
10H Sept
15
185*
Western Can Flour
New preferred
High
Jan
19
3
....
Western Can Flour
Sept
28J*
15
Preferred
sales lists
Apr
5 5*
60 5*
100
Feb
6H
68 H
685*
Twin City
Union Gas
(Hiram)
95
35
*
125
Aug
Mar
20
1,831
9
Preferred
Week
1,220
Feb
July
Jan
Sept
5H
11H
A
Abltibi
Sept
7.H
July
3 5*
85*
155*
Standard Steel pref
Low
Sept
45
Jan
45*
Western Grocers
for,
June
16 5*
246
Steel of Canada
WA. 3401-8
Shares
0
210
Standard Chemical
Sales
Week's Range
1,479
19
Exchange
Low
7H
Jan
Mar
H
1.00
Jan
91
Walker
Sale
39
75*
18H
United Steel
Last
5
90
Simpsons Ltd pref..—.100
Toronto Stock Exchange
Price
425*
Feb
175*
Apr
185*
B
Exchange, Inc.
New York Curb (Associate)
Par
25
91
Canadian Commodity
Stocks—
Jan
250
26
Page-Hersey
Simpsons A
STOCK BROKERS
Friday
Jan
60c
National Grocers..
National Sewer Pipe A.l
Root Petroleum.
inclusive, compiled from official
42
Jan
Mar
5
Jan
Jan
105
Jan
425*
Riverside Silk A..
Sept. 12 to Sept. 18, both
Jan
3
27 H
175
60c
Pan tepee Oil
Toronto Stock
20
97,
5
Feb
40
12 J*
727
250
250
loo
Potreco Sugar
Power Corp
.16 King Street West, Toronto.
425*
Feb
145*
.
Sept
Jan
28
10
4
4
100
1025*
185
105
104
100
Corp common....*
Pressed
Members
Sept
95
National Breweries
July
4 Ha
60
Jan
129
-Feb
July
4Ha
Feb
1055*
May
Muir heads..
1285*
June
3 5*
*
Monarch Knitting
Ask
Bid
Ask
Bid
National Ry—
101
43 H
.100
Preferred
4
27
Apr
Sept
250
565*
Record
Moore
Canadian
20
32.369
McColl-Frontenac
Guaranteed Bonds
Jan
20
Preferred
Dominion Government
10
10
Maple Leaf Milling
Maple Leaf Milling pf.100
108 H 108H
Aug
145*
60
B
103 H
20
Apr
"~95~~
*
Loblaw Groc A
1025*
Sept
13 H
20
Laura
Ry—
4 Ha
4s
July
14
9
59 5*
...
Lake of the Woods
Ask
2.00
18
1,000
145*
1025* 103 H
103H
240
Feb
66 H
Kelvinafor
Bid
42
20
Intl Milling pref
.100
Internatl Nickel com....
Internatl Utilities B
Ask
1,920
10
14
14
5
Preferred
Bid
June
Jan
75c
Apr
12 5* May
4 5* June
50
1.15
18
9
Internatl Utilities A.....*
Railway Bonds
Sept
4
2 5*
540
175*
18
Internatl Coal & Coke.-.l
Private wires to Toronto and Montreal
35*
1.15
Hinde & Dauch........
Co..
11
13
10
5,775
Hunt8 A
New York
30
53 H
10
Imperial Tobacco
Jan
54
Harding Carpets
Gundy
Mar
6H May
57
18
Jan
55*
Mar
56
9
Feb
100
69
64 H
18
Feb
28 H
July
Sept
162
.....
Sept
90
85
56
pref. 100
Feb
H
18
Jan
80
Gypsum
Feb
12
Sept
5
80
50
Feb
Aug
112
8H
4H
Feb
11H
May
18
85*
"45*
*
Aug
8
15*
175*
_100
*
Jan
18H
35
90
A
Frost
General Steel Wares.
34 H
72 H
85*
175*
*
June
4H May
8
Sept
Sept
56
18 H
Apr
14 \May
465
Sept
27
Jud
Apr
23H
Farmer
Ford
Wood,
30
223*
*
English Electrlo B
Bonds
35*
30
50
17 H
30
20
80
35*
English Electric A
Canadian
95*
80
pref..100
Economic Investment
Fanny
Jan
89
Dominion Stores
Nov
189
585*
2055*
May
68
205
51
25
pref
4 Ha
14 Wall St.
High
Low
4,497
26 H
Dominion Steel & Coal B 25
5Hs
111 H 112H
118 H 120
201
585*
26
100
5s
1115* 112H
Shares
26H
Distillers-Seagrams
114 5*
57 H
203
*
Crow's Nest
1125* 1135*
57 5*
..100
Cosmos
Prov of Saskatchewan—
1135* 115
Week
Price
Par
109H
45*s
102
Range Since Jan. 1, 1936
for
of Prices
Low
High
1225*
4 Ha
101H
Brunswick—
Apr 15 1960
Apr
15 1961
of Nova Scotia—
Sept 15 1952
Mar
1 1960
Stocks (Concluded)
Week's Range
Sale
1959
4s
100
Sales
Last
Province of Quebeo—
100
Exchange
Friday
1015* ioi 5*
113
1135*
118 H 1195*
1 1962
May
June
99
1942
16 1943
95H
Prov of New
Province
....Sept
6s
Ask
Bid
Province of Ontario—
Ask
/65
/64
Oct.
1 1956
Prov of British Columbia-—
5a
July
12 1949
4Hs
Oct
1 1953
Province of Manitoba—
4 Ha
Aug
1 1941
6a...
..June 15 1954
6a
Deo
2 1959
\
Toronto Stock
Issues
Provincial and Municipal
Bid
UNLISTED
AND
139
585* June
Jan
51H
Feb
Jan
170
Jan
222 H
Feb
July
221
Feb
182 H
Apr
213
Feb
32
271
Jan
300
Feb
86
164
Jan
182
Feb
230
74
220
July
235
Mar
*
Loan and Trust—
139
143
47
137 H
.100
150
150
15
150
79
79
10
70
July
.100
55
55
5
Central Canada
Huron
&
Erie
Landed Banking
National Trust
Feb
160
Jan
Sept
...100
Canada Permanent
Jan
90
Mar
Feb
525*
165
58
Mar
,
210
1
196
Apr
214
Sept
45H
435*
45 H
282
Jan
55*
D45H
210
Building Products A...—*
Burry Biscuit
50c
Sept
Ontario Loan
50
114
114
116
50
109
Jan
119
July
95*-
85*
365
65*
"Aug
95*
Sept
Toronto General Trusts 100
75
75
82
54
75
Sept
95
Feb
Burt (FN)..'
.25
41
95*
44 H
605
37 H
Jan
475*
Mar
*
6
65*
Aug
4
B
Canada Bread
B
preferred
Canada Cement
Preferred
Canada North Power
"75*
Dredge
Cockshutt..
Consolidated Bakeries
88
Sept
Mar
27
May
90
Aug
July
205
4H
*
1015*
"85*
25
20
*
46
45
7
253
40
10
5
115
175
101H 101H
21H
1,571
2,170
1,190
47 H
496
7H
*
8
8H
95*
195*
46
"65*
125*
65*
7
1,770
55*
12 5*
138
"l2H
12
6H
175*
12 H
138
12 H
50
'
55
60
6,178
23 5*
80
65* June
15
40
885*
5
May
5H
1033*
Sept
June
Par
85*
10
Feb
Beath & Son
Bissell pref
Bruck
3
*
22
Jan
50
June
Canada Bud
*
Jan
175
Sept
Canada
*
*
Biltmore Hats Ltd
1
1
1
1
•
1
CO
3
35
—100
Silk
35
75*
39
Week
High
Low
Shares
July
125*
Feb
5
July
11
Jan
Canadian Wire Box A
8H
85
5
175
43
140
9
2H
33
75*
30
195* May
21
Jan
Sept
35
Apr
90
18
Jan
Consol Sand pref
100
32
32
10
32
Sept
Corrugated Box pref
100
81H
81H
5
77
Feb
Crown Dominion Oil
*
15*
15*
90
Feb
DeHaviland
*
""5H
4
5H
755
Dominion
*
43 H
43 H
330
180
65*
Aug
895
155*
Apr
Bridge
Feb
Mar
,
* No par value.
/ Flat price.
10H June
120
15H
35*
102 H
8H
185*
Sept
Sept
35
410
138
Sept
43
23
Jan
June
Feb
Mar
May
22
Jan
2
Mar
21
23
Aug
101
Mar
16 H
6H
12
5
50
Sept
30 H
123
40
July
560
.105*
25*
5
295
335*
42 H
15*
2
345*
Aug
Apr
34
215*
85*
34
21
6H
Malting
Canada Vinegars.
150
of Prices
High
Low
Price
_*
Sept
Sept
Apr
6H
13H May
37 )*
Sale
Stocks—
Range Since Jan. 1 1936
for
Feb
Jan
Week's Range
Last
lists
Sales
Friday
Sept
4
Exchange—Curb Section
Sept. 12 to Sept. 18, both inclusive, compiled from official sales
Feb
Jan
205*
1015* 1015*
6H
65*
165*
175*
25*
*
100
*
*
15
171
100
25
175
55*
Canadian Oil
Canadian Wineries
Jan
89 H
B
Carnation Co pref
Feb
68
26
Cndn industrial Alcohol A*
Canadian Pacific Ry
8
89 H
Canadian Gen Electric..50
Preferred
44
Jan
100
Toronto Stock
Jan
May
6
25 H
6H
Apr
30
26
40
45*
Feb
110
*
6H
33
774
87
Car
Preferred
585
86
Canadian Canners 1st pref.
Canadian
75*
86
Canada Steamships pf.100
Conv preferred
6
44
100
Canada Wire & Cable A..*
Canadian
75*
100
137
Canada Packers
Canadian Cannera
55*
42
50
*
41
4
Aug
Jan
Apr
Feb
275*
Jan
26 5* June
25*
7
43 H
June
Jan
Jan
Mar
Aug
Volume
143
Financial
Chronicle
1853
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange—Curb Section
Friday
Last
(Concluded)
Par
Week's Range
of Prices
Week
Price
Low
Dominion Fdry & Steel... *
Dom Tar & Chemical
*
Preferred.
60
...100
Hamilton Bridge
Hamilton Bridge
.
_.
97
*
_
„
.
*
205*
m
Int Metal Indust
,__■*
Int Metal Indust pref..100
4
30
15
7
Mar
200
28
Aug
UH
32
11,439
Sept
12
Mar
35
Feb
24}*
"5
IIII~*
*
Northern Canada"MiiiIngI *
Northern Gold
1
O'Brien Gold
31}*
15}*
3.75
1.35
6.85
7.00
1
7.65
7.55
7.65
Hi
3.24
3.10
3.47
10,725
1.80
Jan
3.56
*
1.32
1.30
1-75
75,050
3,500
21c
Mar
2.25
1.95
Sept
1.44
Jan
4.35
July
50o
Jan
2.55
Sept
13,000
1.00
Mar
23o 33 He 190,730
5 He
Mar
76o
Aug
27c May
1.60 Aug
39Hc
Feb
Sept
Preston (new)
Jan
117}*
7}*
Sept
Sept
Prospectors Airways
Read-Authier
Mar
Red Lake-Gold Shore.
Reno Gold
18}*
3}*
740
1.15
20
20
•*
2}*
loo
...
Jan
27
2
Feb
10
66
Pickle Crow
Pioneer Gold
32
59
387
32
115
2
95
'
San Antonio
41
Aug
Shawkey Gold.
41
Sheep Creek
Sherritt-Gordon
59
Sept
Sept
1
Aug
5
Feb
Siscoe Gold
34
July
May
39
Feb
Sladen-Malartic
Feb
South Tiblemont
110
20
Apr
2
95
Aug
Sept
119
Stocks—
Par
Range
for
Price
*
Low
Afton Gold
...
Aldermac, Mines Ltd
11c
Shares
High
10 He
1.04
1
.
nil
Alexandria Gold
10c 12Hc
18,900
10c 13 He 524,950
1.00
1.07
58,320
5c
•
Algoma Mining
Anglo Huronian
*
6Hc
#
6.60
Argosy Gold Mines...
*
6c 226,800
7c
18,500
45*c
0Hc
1.55
1.00
1.07
10c
10C
14c
4HC
5c
Bagamao Rouyn
...i
8 He
8}*c
95*c
Barry-Holilnger
—.1
6Hc
6 He
65*c
*
37c
33c
41c
Beattie Gold Mines... in*
1.32
1.30
1.40
nil
1.60
1.50
1.70
55c
53c
58 He
1.05
'
Base Metals
Bldgooe Kirk
Big Missouri
Bobjo Mines
...
26c
26c
*
8.10
8.00
B R X Gold Mines
.50c
...1
12Hc
8.20
12Hc
Buffalo Ankerite
8.00
8.20
4Hc
4}*c
12}*c
45*c
Bralorne Mines
*
Buffalo Canadian
Bunker
Hill-
*
*
Calgary & Edmonton.
1.31
1.25
73c
Mar
Sudbury Contact
Sullivan Consolidated..
Sylvanite Gold
Tashota Goldfields
Teck-Hughes Gold
10c
Jan
Jari
7.50
Apr
65c
Apr
6}*c May
Jan
2?*c
Jan
5}*c
3}*o Mar
1.75
Sept
1.20
Aug
July
12 He May
31c
6Hc
115*c
Aug
Aug
2.00
July
51c
76c
Jan
13o
Apr
36 Ho
5.55
Jan
9c
Jan
3.80
Jan
2c
Jan
60
Aug
8.60 June
25 He Mar
Jan
8.95
July
13c May
I80
Feb
1.89
1.98
1.15
Jan
2.10
Aug
1.33
1.46
1.24
Jan
1.69
Jan
4.15
36c
90c
1.98
1.85
1.51
Jan
1.60 June
18c June
Wlltsey-Coghlan
Ymlr Yankee Girl
Sept. 12
Stocks-
Jan
4.25
Pend Oreille
Jan
2.75
1.50
1.62
12,159
1.22 May
1.40
22,238
2,515
1.25
Sept
1.40
Sept
42
Jan
61}*
June
13,150
4}*C
Jan
9}*c
Sept
88c 156,750
1.32
82,345
53C
July
90c
1.38
10c
Feb
1.19
1.40
1.16
Sept
2.22
33c 169,070
1.04
31c
36c
Gold Belt.
.50c
20c
20c
20c
Goodfish Mining
Graham-Bo usquet
...1
32 He
3 He
Parkhill
Pawnee-Klrkland
85c
lOHc
Ritchie Gold
7Hc
Robb Moutbray
7c
•
Sudbury Mines
Temlskaming.
20 He
10
Sept. 12
to
24c
17c May
Aug
40c June
,
150 July
860 Aug
Stocks—
Par
Acme Glove Works Ltd..*
Agnew-Surpass Shoe
*
Alberta Pac Grain A
-----
*
500
80
Feb
13,600
75c
Jan
1.20 May
Amal Electric Corp pref-50
Associated Breweries
*
4Hc
5Hc
9,700
2c
Jan
3.10
2.74
96,553
18c 20 He 110,900
14HC 145*c
5,850
37c
Jan
10 Ho June
3.63 July
Assoc Tel & Teleg pref...*
Bathurst Pow & Paper A.*
7o
Jan
26c
13 }*
Mar
17H
11c
Jan
810
55 Ho
Mar
29e
Jan
30c
Jan
-
80c
83c
J M Consolidated
.1
Kirk Hudson Bay.... ...1
57c
57c
61c
1.15
l.U
1.35
...1
59c
59c
61c
1
57 He
88
56c 575*c
23c
28c
1.00
90o
1.05
24c
19c
25c
Lee Gold Mines
...1
8}*c
6H0
10c
Little Long Lao
._.*
6.05
5.80
6.15
160
Sept
17,300
36,070
37,190
20,983
20,050
48,500
4,200
90,700
25,900
183,940
195,767
14,485
41c May
55
Aug
515*0
Jan
100
Sept
...1
July'
Bawlf N Grain
July
94c May
88
Sept
60o
Mar
47c
July
pref
Bell Telephone
Brazilian Tr, Lt & Pr
British Col Power Corp
4.85
4.50
5.05
20 He
25c
19HC
22c
25o
27c
49o
60c
16,915
64,630
140,600
19,750
119,415
42 He 42}*c
1,217
1.80
1.94
34,705
He
8Hc
69,750
.
Silk Mills
Building Products A
5c
Jan
Aug
12o
Jan
295*o
Mar
Can Iron Fdrles pref. .100
Can North Power Corp
*
2t*c
5.70
Mar
15o
Aug
Canadian Steamship._..!_*
Aug
7.75
Feb
Canada Steamship pref. 100
3.12
1.38 May
Preferred
4.90 June
Canadian Bronze
3.50 June
5.05 May
Canadian Car & Foundry. *
40
*
48o
Jan
July
Sept
lie June
1.20
Feb
15c
Mar
13Hc May
9HG Sept
7 He
Mar
23o May
Feb
10
10
30
110
150
25
50h
12h
622
13
15
104
May
110
Feb
34
Jan
55
July
Jan
Feb
10h
Mar
17h
1.05
22h
15
20
Sept
Sept
38
Jan
773
141
Mar
151
Sept
1
60
3,317
381
95*
28
Jan
Jan
4}|
80
85*
45h
75*
660
7
269
33
Jan
1,325
6
May
3h May
July
4.50
Jan
155*
37 h
Feb
55*
Feb
16
45h
8
Feb
Jan
Sept
Feb
389
58
Jan
88h
53
5
51
Mar
615
22 h
27 h
July
1.55
115
1.25
Aug
Jan
Apr
60
26
6m June
7
7h
39
20
8h
19h
95*
21h
27h
27
28
716
124h 126
95
9h
3.25
Sept
50
Feb
425
4,291
4,014
15h
Feb
9
817
37h
Canadian Foreign Invest. *
Jan
July
95*
1.55
39
Feb
Jan
17
31
Jan
41
Aug
Apr
Apr
May
22
5h
13
25 h May
112
Mav
10
31}*
128
Sept
Sept
Feb
Jan
22
60
22
Aug
30
101
------
23
101
10
97
May
105
Jan
35
23}*
Jan
34
Mar
Apr
48
Jan
12 H
11H
Feb
Jan
'
Sept
Canadian Paclfio Ry
1.00
Mar
Cockshutt Plow
97c 382,030
65*c
Jan
Sept
Con Mln A Smelt new.., 25
Jan
Jan
,14
15
15
15c
5*c
6
15
2 Ho May
54c June
July
53
7
Canadian Cottons pref-100
2.75
23,475
2
25
—
------
July
Apr
Jan
70c
-
------
2.24
1.11
8 Ho 662,600
5
88
Mar
7 Ho
34c
Jan
Mar
3
75*
23
20,260
14,680
2.45
June
10
75*
126
Feb
26c
21
107
86
-
100
24c
2.25
High
Low
14h June
7h June
150h 151
13
12h
30h 31h
26
Canadian Converters ..100
Jan
2.36
—
Jan
19c
,
Jan
86
-
Sept
1.22
25
43
60c
Preferred 7%
20
45h
75*
49}*
*
Range Since Jan. 1 1936
for
100
4
Aug
25
July
Apr
71c
Jan
Apr
7o
5
20
8
Mar
Preferred
Canadian Celanese
13c
65c
2o
26c
18
120
12h
150h
12h
31h
Aug
Aug
1.19
5Ho
Jan
9
60h
------
30c
500
70c
4o
Feb
July
106
1
30o
15,358
28,500
68c
lOo
7
70
42o
6MC May
Week
Shares
110
-
12h
Jan
14c
27 He
-
Jan
27c
*
—
100
Jan
5Ho
5Ho
37o
—
*
70o
High
15
------
*
Canada Cement
1.42
7 Ho
Jan
Aug
July
Exchange
10
------
*
14c
...i
Jan
3
------
A. *
22c
-..1
12c
lHo
31o May
21c June
9
*
1.30
*
...1
Moneta-Porcupine
Jan
Jan
106
------
100
23c
in*
Mining Corp
Mlnto Gold.*........
M orris-Kirkland
4.70
20
------
*
B
Bruck
100
1.33
McWatters Gold
Murphy Mines..
4.30
Low
Price
Bawlf Northern Grain.._*
May
1.00 July
80 Ho Aug
1.75
Preferred..
Can Wire & Cable cl B— *
McVittie-Graham
3o
lHo
Feb
Sales
*
Preferred
13c
80c
Merland Oil
14}*o
27c 160,050
Friday
95c
7
Jan
Jan
Sept. 18, both inclusive, compiled from official sales lists
13c
...1
8c
20c
Montreal Stock
Sept
90c
Howey Gold
...i
500
Jan
Mar
52c
6H0 May
22 Ho
18o May
25Hc 35 He 102,300
4C
45*c 48,760
2Ho
Jan
82C
92c
6,370 \ 70c July
10 He 12Hc
4c
Jan
34,282
8c
7c
lo
Jan
39,800
8c 103,550
7c
4o
Apr
4c
3Hc
34,700
3}*o
Jan
4Hc
...
14c
28c 32 He
3 He
lie
28c
;»
4Hc
5c
Jan
21c
McMillan Gold
22c
lie 13 He
6c
505,150
1.83 1
20c
4 He
3}*0
72c
.
21c
11 He
4 He
6,866
13,161
12,100
74,800
25,150
51,500
2,400
9,500
54c May
26HC Feb
01c
40c
McKenzie Red Lake
4,500
24}*c
Sept
68c
42}*c
Feb
75*c
23c
20c
Jan
-;:*
Feb
13Hc
28Hc
7}*c
of Prices.
5}*c
36c
_
Mar
Week's Range
9,800
_
Feb
4c
Sale
18,416
36c
_
July
Ho May
78o
Last
11c
—.1
M aoLeod-Cockshutt
July
57o
9
4.50
Jan
9c
nil
Maple Leaf Mines
May Spiers Gold Mines...
Mclntyre Porcupine.. —.5
Jan
Jan
2.25 May
July
/9c
lie
Homestead Oil
Manitoba & Eastern.
11 He
3 Ho
145*c
1 Ho
Jan
38c June
400
18c
4.30
Jan
200
48c June
36c
*
High
2c
3,520
1.45
17c
...1
Low
22,500
Jan
...1
Macassa Mines
36,300
44,150
9,500
55 c
Aug
32c
23c
10c June
3.25
Mar
17c
Cap Gold
Jan
85*c
75c
32c
Lebel Oro
3c
Sept
Feb
6c Sept
3.25
Ostsko Lake...
,
Lava
1.85
205*o
2}*c
30o
...1
Lamaque-Contact,
33c
4Hc
4 }*c
29,526
23,500
1,000
25,800
8,325
78
13c
27c
Nordon Corp
Oil ^elections.
Aug
78
10c
24}*c
...
Mar
Jan
Laguna Gold
Jan
Aug
July
98c
Lake Shore Mines
Feb
Jan
9c
Range Since Jan. 1 1936
"7 He
Porcupine Crown
Apr
2.18 May
Jan
—
2.50
1.60
1.00
Shares
14c
Jan
34c
Klrkland-Lake
Aug
\Veek
45*c
Mandy Mines
Night Hawk
3o
Aug
18c
Sept
1.17
2}*c
nil
Malrobic Mines
1.80
3c
2.83
Apr
2.98
Jan
Sa>es
27c
_
Lake Maron
2.80
14c May
June
e
4Hc
1
East Crest Oil.......
Hudson Bay..
Kirkland Townsite... -..I
6,675
82o
14}*c
Jan
2.50
Jan
200
54c
3,400
6.90
...1
71o
Sept
1.20
July
~3~25
37,050
19,000
88,020
Hollinger Consolidated ...5
Mar
10c
...
8c
22,920
Hard Rock
38c
Dalhousie Oil
2.00
65*c
4Hc
76,700
Price
Coast Copper
Cobalt Contact
3.20
10H
...1
53c
1.45
680 May
6.70
'
Brett Trethewey
Central Manitoba..
Churchill Mining
1.85
99c
Harker Gold..
Par
3.00
6c
Haloro w-Swayze
_*
Friday
July
13c
Feb
46c
Jan
Mar
Sept. 18, both inclusive, compiled from official sales lists
to
2.46
■
9.00
45c
4Hc
28o
4.30
Toronto Stock Exchange—Mining Curb Section
1.95
1.24
4
Mar
4Hc
1
21,795
...1
Jan
7.55
2.28
Wr ight-Hargr eaves
2.15
9.30
Gunnar Gold
3c
9,916
91c
13c
Feb
6c
Greene Stabell
...1
Grull Wlhksne....... —.1
7c
8.10
2.90
1.79
July
July
1.28
*
July
7c
1.69
83c
2.28
59c
nil
Grandoro
Feb
7.95
1.45
2.70
90c
1.65
1.60
10c
Jan
7c
1.55
2.15
4.95
11c
3.50
10Hc
4}*c
Mar
Goldale
Granada Gold
Mar
'3.00
6,495
20,100
13,595
14,250
19,643
19,553
30,710
11,688
70,600
31,500
14,100
1.79
Aug
Sept
Sept
30c
2.25
37c
105*c
85c
30c
3.35
6.00
2.90
*
33c
God's Lake
Sept
Sept
5.90
I.II~~*'
65*c
'
Feb
3.22
Consolidated-50c
White Eagle
*
2.41
Francoeur Gold Mines Ltd.
Glenora Gold........ ...1
Aug
38 Ho
4.95
25o
'
1
_
Wayside
630
9.75
...1
Feb
75c
Jan
8.00
*
24,500
*
Falcon bridge j
8 Ho
Jan
31c
1
90c
1
Eldorado
Federal-Kir kland
Mar
2.50
1
Exploration
38c
75c
3 He
18 Ho
18c
3.22
1
Toburn Gold
4.30
8lHc
Aug
1.85 July
5,10 Sept
1.16 Sept
6.00
*
1,685
17,915
26.915
Eastern Malartio Gold M.l
Jan
87c
Jan
1.50
Feb
75*0
Jan
43o June
Jan
1.15 June
Mar
Feb
1.40
Explorers.. nil
1.00
3.45
•Jan
2.87
Jan
1.30 May
60
1.84
Jan
8c
56o
Sept
July
3.25
83C
1.20 June
Mar
58
Apr
Jan
31,325
of Prices
Low
High
5c
1.26
75c
25c 160,850
Week's Range
73c
565*
12
2.35
Sa
95 ho
1.31
Aug
4.75
Last
2,840
7Hc
July
7.25
1 95. Aug
4.50
Sept
7,720
51,127
58
7.60
20 He
2.18
10c June
7 }*c
3.00
....
Mar
22c
42c
1.99
Dome Mines
Feb
3.95
1.25 May
"
14c June
90 c
nil
4Ho
4.75
1
Feb
38c
*
July
Feb
4.20
Coniagas
Jan
Aug
Sept
Aug
1,45
in*
Chromium Mining... in*
Clericy Consolidated.. in*
Darkwater Mines Ltd.
88c May
1.07
1.91
.
Chemical Research
Dominion
185*c
19,675
212,640
64,920
123,410
37,930
9,385
5.20 June
Jan
2o
18,595
55,475
4,600
67,202
Mar
1.12
790
Mar
50o
2.18
1
Ventures
Feb
15c
nil
Cons Chibougamau
13c
5Hc
28c
1.32
1
Trethewey
Central-Patricia...... ...1
Central Porcupine
._.*
Coniaurum
2,750
25,300
9,220
45*c
64c
1.35
1.28
Castle
15c
1.14
23c
13c
-
*
;
31c
8.20
1.70
4.85
81c
23c
1.20
nil
Calmont Oils
Canadlan-Malartlc
Cariboo Gold
■
13,250
7,970
22,500
37,100
39,000
87,300
11,200
30,389
13,402
34,000
7,613
4,800
1.61
4.65
1.13
69c
High
1.00
4Hc
1.77
4.80
45*c
Jan
7,920
...i
85c
*
Sept
1.65
-.1
82o
*
97c
1.55
nil
85c
.III
I*
l}*e
3}*c
4.10
Astoria-Rouyn.
1.12
2}*
Low
3,502
Arnt field
1.00
1
Texas-Canadian
6.75
Ashley Gold
1.00
St. Anthony Gold
Sudbury Basin
To wagamao
6.45
-
1.92
Stadacona-Rouyn
Range Since Jan. 1 1 936
95*c June
4c May
1.65
II..1
IIIIl
Waite-Amulet
Acme Gas & Oil
1.68
Feb
Week
of Prices
27Hc 28Hc
July
Sales
Week's
Sale
25Hc
------
34}*
35*
Exchange—Mining Section
Last
-
1.18
Hill
....I*
..„Il50c
225
Friday
1.22
.I*---
Ii
I.Ill
79
Aug
Sept. 18, both inclusive, compiled from official sales lists
'
1.17
40o
15c May
85o June
3.50
4.15
4,730
2,44 106,275
"♦
20
1.00
2.05
Roche-Long Lac
110
2
3.95
2.26
Royalite OH
175
31}*
2
1.00
Toronto Stock
115
31
31}*
Walkervllle Brew......,*
Waterloo Mfg
*
2.06
4.00
*
July
5
35
1.95
._i
Sept
Sept
2%
5
m
35
.Ill*
.
Jan
30
15
m
Toronto Elevators
*
Toronto Elevators pref. 100
United Fuel pref..
100
i
Jan
80
41
51
*59"
*
39
41
.
Aug
*
Jan
79
I*
com
Jan
11
5
2 5*
38
39
July
23}*
4}*
79
*
June
50
22
2 5*
4
Sept
July
6.90
2.50
111H
7.00
25*c
Aug
119
18
Aug
2Hc
Mar
1,372
1,283
Jan
60
2Hc
4.00
7}*
Sept
34o
IIIIl
..III
Jan
22 H
14
1.95
17}*
6 5*
Jan
1.70
Peterson-Cobalt.
21H
7c
17
Aug
63o May
1.82
Feb
Feb
21 h
3
5.70
6c
Jan
65}*
1
34 H
1.25
5.20
Aug
Jan
44 H
28 Ho
68c
Perron Gold.
175
14
5.25
6Hc
1.40
3.05
1.03
Aug
,2H
117H Ii7h
14
July
July
4.10
56
3.15
55c
------
July
1.00
2.30
98c
June
110
64 H
57c
5 He
64c
35
3.75
64
1.30
2.45
Jan
3.85
Paymaster
155
-
High
2c
66c
Pamo ur-Porcuplne
Aug
161*
1.15
2.40
625*
-
Low
1.00
Sept
37}*
30}* June
13
May
-
-
21,200
5,215
2,775
6,478
2,600
49,000
28,380
17,800
34,300
18,331
115,278
172,110
8,000
11,368
2,355
3.85
72
558
-
4 He
*
10
Jan
Aug
32
-
Shares
1
Jan
33
15
35*c
------
Range Since Jan. 1,1936
High
Consolidated! 11
4
30
55
Low
4Hc
IIIIl
80
35 H
Week
Olga Oil & Gas New....
Omega Gold
625
68
34}*
*
\.
45
1
N1 pissing..
Noranda
for
of Prices
*
Apr
Sept
"m
100
Super Petroleum ord
Super Petrol com....
Tarnblyn
'
Jan
Newbec Mines
New Golden Rose..
4,851
10
85*
65*
Jan
20}*
Sept
Sept
Sept
Week's Range
Price
Par
Premier Gold
Supers ilk
'I
3%
100
Jan
20}*
60
May
3.75
5
Standard Paving
Preferred
;
Jan
30
15}*
Robt Simpson pref
100
Roger Majestio Corp Ltd..
Shawinigan
*
to
56
100
67
"32"
Prarie Cities Oil
Sept. 12
Jan
5
55
Montreal Lt m & Pow Con
National Steel Car.
*
Thayers
4
45
34}*
100
North Star pref
v. Mar
60
2H
Langieys pref.....
37
635
98
67
International Petroleum.. *
Preferred
38
85*
Stocks (Concluded)
High
11H
31}*
205*
*
*
;
Imporial Oil
Low
Last
Sale
45*
44}*
pref__100|
Honey Dew pref
Humberstone
_
60
8%
Range Since Jan. 1, 1936
Shares
High
Sales
Friday
for
Sale
Stocks
Toronto Stock Exchange—Mining Section
Sales
42o
Jan
pandn Hydro-Elec pref 100
1.78 June
Candn Industrial Alcohol. *
1.12
8O0
Feb
8 He
Sept
Class B
* No par value.
*
25
*
------
43h
65*
55*
125*
------
57}*
26h
27h
43
46
735
7
1,673
6h
5h
12
6h
475*
55*
12h
6h
585*
390
3,711
30
6,772
26
6m
July
5h June
10h
Jan
5h
51
Jan
Feb
Aug
15h
95*
Feb
May
585*
Sept
1854
Financial
Chronicle
Sept. 19, 1936
Canadian Markets—Listed and Unlisted
Montreal Stock
Exchange
Friday
Week's Range
Sale
Stocks (Concluded)
Crown Cork & Seal Co
Dist Corp Seagrams
Dominion Bridge
Low
*
24%
110
Dominion Steel & Coal B 25
42%
17%
6
17%
Dominion Textile
108
,
70%
*
English Electric A
English Electric B._
Famous Players C
7
23
--*
23
8%
7
2
24
Feb
45
Jan
10%
4
4,290
June
40
10
60
18,700
56%
3
36
36
29%
.100
3%
94%
30%
161
*
*
Sept
Jan
17%
Mar
14%
119
Mar
14%
45
Jan
60
Sept
3
July
6
Feb
Jan
95
Sept
33
Jan
36
16%
Jan
32
Jan
161
Sept
123
n
Arno Mines_
_
_
__
May
5%
Sept
Aug
7%
Jan
Jan
96
6
86
Jan
100
Feb
Duparquet Mining
5,950
30
May
34
Jan
90
85
Apr
103
Jan
Jan
45
June
Mar
44
July
43
Preferred
...25
Nat'l Steel Car Corp
*
43%
43
42
43
125
15 %
16
30
Niagara Wire
15%
13
31%
&
34
563
29
July
34
63
245
56
Jan
63
-
*
64
62
62%
2,604
64%
Feb
Feb
2%
Aug
5%
5
Apr
Apr
8
Jan
2
2
Apr
24
9
JaD
9%
Aug
140
96
79
Sept
10
18
36
97%
60
1.90
18%
10 %c
10 %c
12 %c
Jan
Sept
June
7
Sept
Jan
50c
Feb
103
July
95o
Apr
Sept
Apr
July
1.90
25
26%
17%
126
3
Jan
98
1,200
1,395
2%
38%
18%
27
104
1.50
42
75c
Feb
94%
Jan
Mar
4
505
101
65c
38
39
39%
May
17%
Feb
Sept
Sept
Aug
Oglivie Flour Mills
4,691
44%
Jan
*
214% 215
18
199%
Jan
240
I
Preferred
Ottawa Lt, Ht & Pr
Preferred
Mar
Feb
3%
40
Sept
19
Feb
165
10
152
Jan
165
June
100
99
63
88
Feb
101%
Ottawa Traction.
100
-
-
.
7,600
21c
4c
4c
5,000
9%c June
3%c Mar
5%c Sept
8.00
8.10
5,800
7.65
8.90
«
»
------
Mar
Feb
Feb
5%c
5c
5%c
3,700
12c
12 %c
1.29
1.22
1,33
2,300
5,100
1
4.25
4.20
4.35
.1
5%c
5%C
6%c
Eldorado Gold Mines
1
1.28
1.25
1
82C
82c
Jan
U %c
Apr
25 %c
July
98c
Mar
2.43
9,225
32,134
1.42
Feb
Mar
4.75
July
4c June
1.30
Howey Gold Mines
2c
8%c May
10%c
Jan
Mar
80c
Aug
1.38
25c
400
Feb
93c
Sept
93c May
5.00 July
Kirkland Lake Gold Min.l
Macassa Mines Ltd
1
San Antonio Gd M Ltd
1
61c
61c
61c
300
4.40
4.40
4.65
2,950
1.68
1.68
1.80
300
Aug
3.40
Jan
Sherritt-Gordon Mines
1
1.75
1.63
1.75
9,100
1.00
Jan
1.90
July
Stadaconna-Rouyn Mines *
70c
65c
74c
84,175
18%c
Jan
77c
Aug
3.25
3.27
600
2.38
Mar
3.55
July
2,417
1.30 May
2.50
Feb
875
6% June
13%
July
Jan
13%
July
43 %c May
3.18
Jan
1.64
Mar
100
-
1
96
*
5
22
101
—
Ashley Gold Mining Ltd.l
100
Preferred
1
Noranda Mines Ltd
W
m
1.90
_____*
Cndn Malartic Gold
Central Patricia Gold
new
May
Unlisted Mines—
35
"43"
Feb
2.50
13%
Jan
105
9%
18%
*
...
Jan
*
i
38%
.
*
Wright-Hargreaves
26
92
3
White Eagle Silver M
4
1,640 y
31%
14%
Jan
June
J
500
9
30
90%
101
mm
Wayside Con G M Ltd_50c
Aug
25
90
Apr
Apr
June
25
31%
24%
39%
Mines—
18
31 %
3
•7 ¥
102% 103%
7
6%
3
2%
7
Walker-Gooderb & Worts *
Walker-Good & Worts pf.*
35
Montreal LH&Pr Cons.*
Montreal Tramways
100
Aug
Aug
4
200
22
Sarnia Bridge Co Ltd B__*
35
National Breweries
91
pref.100
Rogers-Majestic Ltd A
*
100
Preferred
20%
33%
1,050
9%
Feb
1.46
Mar
Jan
57
1 0
5
1.05
9
cum
Sou Can Pac Ltd pref.. 100
43% May
2,045
4%
Power of Can
United Distillers of Can..*
Walkerville Brewery Ltd.*
Mar
13%
25
95c
v
.
9%
Page-Hersey Tubes Ltd..*
Paton Mfg Co Ltd
*
Jan
50
161
5
Mar
43
.
4
4%
Jan
Sept
Apr
m
.__*
6%
Mar
14
Sept
Sept
10%
June
45
Voting preferred
45%
9%
88
-
3
Jan
13.60
1,343
2,885
2,596
-
B
May
2,294
12
98%
94%
30%
4
25%
9
•
Jan
Feb
12%
25
5% June
15
13%
_59%
-
100
45
Jamaica Public Ser Ltd.
Lake of the Woods
.100
Montreal Cottons
(Robt) Ltd *
Mtl Ref & Stor voting tr__*
9
*
95c
High
70c
'
Jan
8%
*
Preferred
Mitchell & Co
Feb
Aug
International Power pf.100
Lindsay (CW)
Aug
6
14
20%
34%
7%
June
100
20%
34%
79
3
Imperial Tobacco of Can.5
*
*
28%
831
14%
11%
5,686
1,950
Imperial Oil Ltd
*
5
95
20%
35%
Low
1,205
*
20%
5%
14%
1.1%
91c
Int Petroleum Co Ltd..
«
Range Since Jan. 1, 1936
Shares
90c
1
120
370
9%
4%
45%
14%
91c
Inter Utils Corp cl A
Jan
4%
*
for
Week
High
Inter Util Corp class B
Mar
44
Home Oil Co Ltd
Low
Melchers Dist Ltd A
18
45
Price
Par
Feb
4%
*
Jan
(Concluded)
4% May
Jan
19%
551
848
60
Range
of Prices
Feb
13
98 %
M assey-Harrls
Aug
6%
Week's
8
25
*
International Power
18%
9
Market
Sales
Last
V-'
•*
,
115
925
9
i-
Jan
25
100
Intercolonial Coal
Apr
71
5%
.*•
v
4% May
60
July
106
20
_'_*
Int Nickel of Canada
14%
17
1,270
4
Hamilton Bridge pref--100
Hollinger Gold Mines
5
Preferred
Aug
Sept
18
Gypsum. Lime & Alabast.*
Howard Smith Paper
44
18
25
:
*
Hamilton Bridge
34%
Jan
Mar
~19~"
*
Gurd, Charles
Apr
510
6
8%
Corp..*
Foundation Co of Can.,.*
General Steel Wares
18%
32
18
23
22
il\
Stocks
High
1,080
2,556
44
7%
23%
7
22
'V'•
Sale
Low
15
110
5%
69%
1
Range Since Jan. 1, 1936
40
25
*
44
*
Dry den Paper
Eleetrolux Corp
18
17%
Dominion Coal pref____100
Dominion Glass
100
for
Shares
High
Curb
Friddy
Week
of Prices
Price
Par
Montreal
Sales
Last
.
100
_____
Penmans
21
53
15%
'14%
20
20
100
"17 %
*
St Lawrence Flour Mills
100
St Lawrence
Paper pref.100
Shawinigan W & Power..*
Sherwin Williams of Can.*
Preferred..
Simon (H) & Sons
Simpson pref
...100
18%., Feb
Jan
21
6
155
144
4,425
100%
6%
Feb
80
"25"
Aug
Aug
100
20%
Jan
42
Sept
23%
Mar
1,605
16
21
Sept
126
219
114
June
127%
9%
35
93%
120
75
May
11%
69%
61%
143
11
June
14
Mar
69%
10
9%
277
1
200
20
10
25
48
60
2%
Jan
285
157
Mar
150
10
1.25
Aug
Aug
Aug
15
Apr
15c
Sent
60c
Jan
Jan
5%
July
6%
6%
7%
3,754
6%
*
27
19%
Apr
4%
9%
Feb
526
2%
Jan
7%
July
1,125
18%
July
28%
Feb
7
23%
68%
62%
104% 104%
7
6%
46
48%
27
27%
61
2
75
45
100
June
96%
7,540
Jan
65
Jan
104%
Jan
7
Sept
Sept
265
2% May
22
May
26%
Apr
39%
Feb
300
13%
19%
Sept
670
49
Sept
*
32
Jan
Feb
60
' Sept
15
15
10
10
Aug
July
63
75
5n
May
No par value,
19%
Apr
f Fiat price.
Feb
Aug
May
2%
Feb
6
22%
Weston Ltd
61%
35
Jan
7
104%
Feb
86%
Apr
4%
12
48
Royalite Oil Ltd
Jan
Jan
75
30%
100
7,302
100
57
5
Jau
315
6
15c
100
Preferred
Sept
49%
63
63
93%
Feb
Mar
4%
7%
McColl-Frontenac OilpflOO
Price Bros Co Ltd
4%
18%
23
General Steel Wares pf 100
Jan
Jan
12
652
15
2%
Sept
543
•
157
*
9%
58%
1.40
Aug
Sept
July
15c
Ford Motor of Can A....*
21
July
May
Mar
1.75
11
4%
4%
Donnaconna Paper A....*
Donnaconna Paper B
*
18%
24
100
6
Consolidated Paper Ltd..*
7,216
60
100
""34%
•
80c
385
250
34%
Canada Malting Go Ltd..*
Can Pow & Paper Inv pref*
Claude Neon Gen Ad Ltd.*
6%
1,230
80
34
Calgary Pow Co Ltd pf 100
July
July
July
Jan
1.00
1.90
3%
14%
40
86
12%
101%
Jan
95c
1.90
5,996
15
*
95c
11%
Aug
8
10%
1.90
1.50 May
7,070
2.00
12
12%
May
18%
104
-
*
22%
1.10
Woods Mfg pref
Jan
1.80
10%
10%
2.00
11%
•
.*
Preferred
42
157
"15"
.III*
Feb
11%
68%
60%
*
Winnipeg Electric
Preferred...
12%
97
89
68%
*
4% May
75
30
Brewing Corp of Can
Sept
55
9%
*
City
Jan
Jan
14%
19
25
Wavasso Cotton
Western Grocers Ltd
57
11%
771
117
126
*
Viau Biscuit
Mar
1,440
■
1.100
pref
33
■21%
20 %
Tuckett Tobacco pref..100
Twin
48
Cum 6%
Cert of dep 6% pref.100
Brew & Distillers of Van..
2Q%
"42"
loo
Preferred
Jan
1
Unlisted Stocks—
Abitibi Pow & Paper Co..*
Jan
21
Sylvanite Gold Ltd
55
;__*
Southern Can Power
Steel Co of Canada
110
June
101%
21
17%
100%
100% 100%
2%
2%
12
14%
T4
Aug
Feb
15
30
56%
15%
17%
2%
..50
65%
35
100
To'0%
Corp
preferred
38
21
6
25
Rolland Paper pref
Saguenay Power pref
St Lawrence
A
20
56 %
Power Corp of Canada...*
Quebec Power
*
Regent Knitting
Preferred
99%
103% 106
104%
*
165
3%
Amiii,
18
Mar
Government
Jan
67%
i
CANADIAN
Mar
4%
* dfc
mWk±
Municipal
•
+ + m
SECURITIES
•
Corporation
Private wire connection betiveen New York, Montreal and Toronto
Banks—■
Canada
50
Canadienne
Commerce
57
100
..100
140
158%
57%
141
38
1
Jan
51%
58% June
50
133
Jan
141%
120
158% 160
148
Apr
170
Royal Securities Corporation
Feb
Aug
Imperial
100
208
208
Montreal
10
204
Aug
208
Mar
100
199
200
233
184
May
214
Feb
280
281
58
271
Jan
300
Feb
178
179
206
164
Jan
181
Feb
229
229
9
229
June
234
Mar
Nova Scotia
100
Royal,
100
j
Toronto
"281~"
100
"227"
30 Broad Street
New York
•
ESTABLISHED 1883
56 Sparks St
,
Ottawa
330
to
Sale
Stocks-
Par
Price
cum
pref 100
Brit Amer Oil Co Ltd
Brit Col Packers
(new)
64
57
3%
2%
140
*
10%
112
Dom Tar&Chem
cm
pf 100
Foreign Pow Sec Corp Ltd*
2,202
3%
22
2%
646
5
24
2,745
Low
106
29%
7%
12
1.25
16%
8
107%
Jan
Jan
May
5%
3%
145
27%
13
Feb
Jan
Sept
Apr
Jan
1.50
Feb
112%
80
.«
20
May
27%
37
Jan
49
July
Feb
4.00
Mar
50c
July
19
35c
60
3%
2,225
32
135
112
7%
12
20
1.40
90
75c
75c
350
2%
75c
Mar
Sept
125
47
3
3
65
...
107
2%
10
1.00
10c June
1.50
Apr
4
11%
Jan
2% June
11% Aug
1.25 Sept
32
55c June
2
8%
15
3.00
1.35
Aug
Jan
108%
93%
93%
105
105%
101% 102%
_
8%
96
mm~mm-
89
113%
Feb
4
Feb
100
26%
Jan
36
Feb
135
7%
July
12
107% 108%
4%
Feb
8%
1.00
1,015
*
18
16
18
Votlne trust ctfs
*
16%
15%
16%
150
„
10
8%
99%
2%
Sept
Sept
65c June
50
Jan
75%
98
100
77
79
5s
Dec
1 1957
Provincial Pap Ltd 5%s '47
Quebec Power 5s_
1968
Saguenay Power 4%s_1966
Shawinigan W & P 4%* '67
90
70%
-
_.
'89%
51
88
Ottawa Valley Pow 5%s '70
Power Corp of Can 4%s'59
71%
70%
71%
106
108
109"
102%
mm
78
99% 100
,
102%
—
m
102% 103%
105% 106
103
103%
105% 105%
103
Simpsons Ltd 6s
101% 101%
Smith H Pa Mills
5%s '53
107% 108%
105% 106%
/56%
56%
102% 103%
Southern Can Pow 5s_1955
Steel of Canada Ltd 6s '40
United Grain Grow 5s_ 1948
105% 106%
United Secure Ltd 5%s *52
WInnlpge Elec 6s_Oct 2 '54
Feb
1 1942
/
Feb
1 1947
1949
108
109
113
mm
95
96
85
86
87
88
111% 112%
78%
CURRENT
and
NOTICES
Philip Liberman, Inc., both New York City manufacturers of silks.
—Swart, Brent
Jan
97
Certificates of deposit.
50%
102% 103
—James Talcott, Inc. has been
appointed factor for Lincoln Silk Mills
Feb
Jan
10
8%
par value) 3s
1939
Montreal Tramway 5s 1941
New Brunswick Pr 58.1937
Northwestern Pow 6s. 1960
Sept
36
1.00
39%
105
Nova Scotia L & P 53.1958
Ottawa Lt Ht & Pr 5s. 1957
Ottawa Traction 5%s. 1955
114
74%
Sept
May
35
96
38%
■
90%
108
Feb
10
_
+
107
Minn & Ont Paper 6s. 1945
50%
97%
6%s_1945
6%s
6%s
89%
_
Montreal Island Pr 5%s '57
105
Int Pr & Pap of Nfld 5s '68
Lake St John Pr &
Pap Co
85%
Montreal L H & P ($50
109%
1956.
87%
74%
1947
McColI Frontenac Oil 6s *49
75
1940
General Steelwares 6s. 1952
Gt Lakes Pap Co 1st 6s '50
Massey-Harris Co 6s_
99%
Dominion Coal 5s
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Fraser Co 6s...Jan 1 1950
Gatineau Power 5s...1956
2%s to '38—5%S to '49
70
/50
s
Asjfc
86
85
Maple Leaf Milling—
98%
Vlckerp Co 6s *47
3
Bid
MacLaren-Que Pr 5%s '61
Manitoba Power 5%s.l951
96
106% 107%
Cedar Rapids M & P 5s *53
Consol Pap Corp
Dominion Tar 6s...... 1949
High
Jan
1.95 June
130
372
112
21
17%
106
10%
Fraser Cos Ltd—
Can Lt & Pow Co 5s..1949
Canadian
Dom Gas & Elec
140
20%
35c
3
29%
*
Eng Works
Dominion Stores Ltd
*
D( m Tar & Chemical Ltd *
10%
1.50
*
D( minion
Range Since Jan. 1 1936
Shares
65
46%
Catelli Food Products B__*
Catelli Food Prod pref A.30
City Gas & Elec Corp Ltd*
Commerical Alcohols Ltd *
David & Frere Ltee A
23%
111
20%
mtm
Can Int Invest Trust Ltd. *
Can Pow & Paper Inv Ltd*
Canadian Vickers Ltd...*
Cum pref
100
2%
140
23%
*
Can Nor Pow Ltd
pref.100
Canada Vinegars Ltd. ._*
Can Dredge & Dock Ltd. *
Week
High
..Mar 1 1960
58
Donnaconna Paper Co—
Asbestos Corp voting tr__*
Bathurst Pr & Paper cl B. *
Beauharnois Power Corp. *
Beld-Corticelli
of Prices
116%
5%s_1961
for
Low
47%
Canada Bread 6s
1941
Canada Cement Co 5%s *47
Canadian Inter Pap 6s '49
Can North Power 5s__1953
Sales
Week's Range
47
116
__
Sept. 18, both inclusive, compiled from official sales lists
Last
101%
5s.
Bay St., Tiruti
Friday
BeauhornoisLH&P 5%s '73
Beauharnois Pr Corp 5s '73
94
Burns & Co 5%s-3%s.l948
Calgary Power Co 5s
1960
Industrial Bonds
Montreal Curb Market
Sept. 12
/57%
.
5%s._1960
Public Utility and
255 St. James St., Montreal
Ask
Abitibi P & Pap ctfs 5s '53
Alberta Pac Grain 6s_ 1946
Bell Tel Co of Can 5s. 1955
Brit Col Power
Municipal
HAnover 2-6363
Industrial and Public Utility Bonds
Bid
HANSON BROS Canadian Government
•
Bell System Tele. NY 1-208
Apr
803
9
Jan
19%
Feb
3.629
8
Jan
19
Feb
has prepared
an
& Co., Incorporated, 40
Exchange Place, New York,
analysis of Roanoke Water Works Co.
—Peter P. McDermott &
Co.,
for
distribution
—Edward
a
bulletin
on
Wyckoff Harris,
James Talcott, Inc.
3§ Broadway,
New York, have prepared
Allied Stores Corp.
attorney,
has
been
elected
a
director
of
Volume
143
Financial
Quotations
Bid
a3%s
a3%s
a334s
a3%s
a334s
July
a39|s
o4s
July
May
1 1975..
1 1957
a4s
Nov
1 1958
a48
May 1195r
May 1 1977.
a4s
a 4s
1 1975
Mar
Jan
1 1960
...
15 1976
Oct
New York Trust
...
1 1980
a4%s Sept 1 1960
a4%s Mar 1 1962
a4%s Mar 1 1964
11694 11734
o6s
11694 11734
117
11794
11734 118
11734 118 34
11934 120
11934 12034
11994 12034
121
12034
12134 12234
12234 12334
Par
Bank of
Sicilly
Bid
Highway Imp 434s Sept '63
Canal Imp 434s Jan 1964..
Can & Imp High 434s 1965
World
1
434s April 1940 to 1949.
Highway Improvement—
13594
.:
*
13594
Port of New York
Bid
Gen & ref 3d
ser
Brooklyn............100
121
126
132 3^
13534
6734
69 34
85
Clinton Trust..
Colonial Trust
50
ser
434s
B
1937-50..J&D
ser B
60.25%
1910-53.M&N
113
78
25
14
100
355
360
16
17
1700
Lawyers
1750
5334
Manufacturers...
20
5634
5034
Preferred
5234
52
New York
16
2794
265
25
Title Guarantee
c
54
141
144
Tr—20
1034
Continental Bank & Tr. 10
18 34
20
Underwriters
Corn Exch Bk & Tr
100
66 M
6734
United States
1134
100 2045
^20
Par
33 1-3
80
90
2095
Bid
As*
Par
First National
210
146
Bid
As*
—100
281
286
Harris Trust & Savings. 100
Northern Trust Co.—100
230
420
440
810
840
150
Hartford Insurance Stocks
Ask
Bayonne Bridge 4s series C
1939-53
J&J 3
106
Inland Terminal 434s ser D
1937-1941
M&S 60.75
1942-1960
M&S
110
Holland Tunnel 434s ser E
1937-1941
SOLD
—
QUOTED
—
PUTNAM & CO.
to2.10%
11094
M&S 60.50
1942-1960
11394
BOUGHT
107
.
George Washington Bridge
4s
Guaranty
Irving
Kings County—
12
Authority Bonds
Bid
10834
10694 10534
105
10534
334s *76
72
10
Trust
Ask
108
70
Ask
2694
250
Barge C T 4s Jan '42 to '46
Barge C T 434s Jan 1 1945
--
133
Port of New York—
Gen & ret 4s Mar 1 1975.
Gen & ref 2d ser
394s '65
Fulton
9
American National Bank &
Trust
100
Continental Illinois Bank &
Bonus—
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J'60 to '67
-
514
Chicago Bank Stocks
1
less
3s 1981
b 2.50
Canal & Highway—
5s Jan & Mar 1946 to
'71 b 2.80
507
Bid
Empire
10
Ask
less
War
Par
115
7
10134 102i,«
Ask
b 2.40
Ask
105
20
Bronx County
New York State Bonds
3s 1974
Bid
Banca Comm Italiana.100
Bk of New York &
Tr__100
Bankers
lo
Central Hanover...
20
Chemical Bank & Trust. 10
11794 11834
11834 119
11934 11994
Jan 25 1937
Companies
As*
Bid
10594
a434s Apr 11966
10834 10934 o434s Apr 15 1972
108% 10934 0434s June 1 1974
108 34 10854 o434s Feb 15 1976
10734 10794 0434s Jan
1 1977
10934 11034 0434s Nov 15 1978
11334 11434 o434s Mar 11981—
113 H 11434
o434s May 1 & Nov 1 1957
11334 11434 a434s Mar 1 1963...
11334 114
a434s June 1 1965...;
11434 114% 0434s July 1 1967
11694 11734 04348 Dec 15 1971.
11694 11734 o434s Dec 1 1979........
1 1954
1855
Securities—Friday Sept. 18
City Bonds
Ask
105
May 1 1954
Nov
Over-the-Counter
on
New York
Chronicle
M&S 114
Members New
6 CENTRAL
to 1.75
Tel.
11494
York Stock
Exchange
ROW
5-0151
HARTFORD
A. T. T.
Teletype
—
Hartford 35
United States Insular Bonds
Phillippine Government—
Bid
4s 1946...
Ask
Bid
434s Oct
4348 July
1952
100
10134
10634 107 34
10634 10734
5s
April
1955
102
104
5s
Feb
1952
109
111
1959
534s Aug
1941
434s Oct 1956
Hawaii
6
Honolulu 5s
tr S Panama 3s June 11961
Govt of Puerto Rico—
Insurance
3.00
Par
3.75
5s July 1948
U S conversion 3s 1946
3.50
3.25
b
3.00
113
Companies
119
11834
434s July 1958
11334 115
3.00
2.75
Ask
3.50
11354
Aetna Casualty & SuretylO
Aetna Fire
..10
Aetna Life
10
Agricultural...
Bid
As*
Par
-
10334 10334
5134
5334
33 34
3134
Home
5
Home Fire Security
Homestead Fire
10
10
M&N
Ask
105
10534
434s 1957 opt 1937...J&J 10111,6 10113,6
434s 1957 opt. 1937..M&N 102916 10211,6
434s 1958 opt 1938..M&N 107
10734
334s 1955 opt 1945—M&N
4s 1946 opt 1944.....J&J
48 1 957 opt 1937
M&N.
St., Chicago
State 0540
Land
Atlantic 5s
100
-
«
-
-
/734
...
-
Denver 5s
78
80
87
First of Fort Wayne 5s
First of Montgomery 5s...
-
86
Lincoln 5s
As*
-
95
9734
95
100
Maryland-Virginia 5s
Mississippi-Tennessee
100
5s.
.
9834
'
—
100
New York 5s
99
34
*a
9834
98
99
60
Pacifio Coast of Portland 5s
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s
100
_.
Pennsylvania 5s
.
100
10134
/34
100
80
/24
Union of Detroit 6s...
98
Illinois Midwest 5s
77
Illinois of Monticello 5s._.
Iowa of Sioux City 434s...
97
*
97
100
■-
94
Bid
-
-
-
100
-
96
Joint Stock
.
22
30
100
36
100
64
68
100
134
97.94
...100
North Carolina
•»
100
-
-
—
65
70
100
3
6
3
100
9894
2
Ask
4
24
San Antonio
5
13
FIC lHs—Nov 16
1936 b
FIC
1936 b
134s—Dec 15
54
25c
50c
45
55
As*
.30%
.30%
.35%
.35%
Bid
FIC I34s_. ..Jan 15
FIC 1%S_. ..Feb 15
FIC 134s.. ..Maris
Bid*
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
3134
33 34
55
70
50
City (National)
13.55
1234
Commercial National.. 100
Fifth Avenue
100
4634
4134
194
995
First National of N Y—100 2145
Flatbush National
100
34
Kingsboro National—100
49
126
7834
1194
98
7934
1334
100
934
1134
13334 139
1434
1534
3334
35%
4234
4334
43 34
4634
1934
2234
2
20
2
New Brunswick Fire
10
New Hampshire Fire...10
New Jersey
—.20
New York Fire
2
Northern
93
12.50
North River
Northwestern
2.50
98
2534
2734
National.25
121
126
Pacific Fire
25
123
127
Phoenix
10
8334
5
1934
3634
8734
2134
3834
10
2534
27
10
30
Preferred Accident
Providence-Washington. 10
2934
3134
Republic (Dallas)
Rochester American
2194
23
Rossla
5
13
10
24
26
St Paul Fire & Marine. .25
210
43
Seaboard Fire & Marine..5
10
13
Seaboard Surety...
10
Security New Haven...10
3034
32 34
36 34
25
3734
Georgia Home.
Glens Falls Fire
5
41
5
"18
20
Globe & Rutgers Fire
15
5094
5234
2d preferred
Great American
15
72 34
77
5
2794
2934
Springfield Fire & Mar. .25
11
Stuyvesant
■.
Southern Fire
10
134
33
1434
21534
27
137
Great Amer Indemnity... 1
Halifax Fire
10
2334
25
Sun Life Assurance
100
450
480
20
2734
Travelers
100
533
543
Fidelity & Guar Co..2
23
24
—10
8
10
3334
3534
U S
10
2534
27
US Fire
10
71
74
U S Guarantee
80
83
Westchester Fire
-
634
5
734
10
57
58 34
59 34
2.50
34
36
4
5634
60
Surety Guaranteed Mortgage Bonds and Debentures
Allied Mtge Cos Inc—
All series 2-5s
1953
Arundel Bond Corp 2-5s '53
Ask
78 34
80
53
Corp 2-6s '53
Associated Mtge Cos Inc
Debenture 2-6s
1953
—
Series B 2-5s
Potomac
46
48
/5634
41
39
41
2-6s
1953
Inc 2-5s
.1953
80
ture
Nat Bondholders part ctfs
(Central Funding, series)
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-6s_1953
Corp 2-6s
Potomac
/30
74
3834
Realty
Bid
Par
Am Dist Teleg (N J) com.*
■
deb 2-6s._
41
40
1953
Bid
Ask
Par
131
134
100
133
135
New York Mutual Tel. 100
N'west Bell Tel pf 634 % 100
149
151
Pac & Atl
124
126
Clncin & Sub Bell Telep. 50
92
94
46
50
Peninsular Telephone com*
Preferred A
100
Roch Telep $6.50 1st pf 100
Preferred
Ask
Cuban Telep 7% pref. .100
90
105
Emp & Bay State Tel. .100
63
30
44
1434
1634
■m
m
1134
50
64
Lincoln Tel & Telegraph.*
117
4934
1025
5134
Sterling Nat Bank & Tr.25
Mtn States Tel & Tel.. 100
3434
36
145 34 148 34
2185
Trade Bank
New England Tel & TellOO
30
13034 13234
38
1234
39
43
Realty Bond & Mortgage
40%
Union Mtge Co 534s&6s'37
Universal Mtg Co 6s '34-'39
25
10
70
1953
Atlantic
Debenture Corp 2-6s '53
25
10
.
Potomac Maryland Deben¬
Peoples National
Exchange
41
39
—
Mortgage Bond Co of Md
Public National
4834
43 34
39'
Potomac Franklin Deb Co
Franklin Telegraph
100
Gen Tel Allied Corp S6 pf.
Int Ocean Telegraph... 100
200
7534
Potomac Cons Deb Corp—
2-6s
1953
Bell Telep of Canada.. 100
Bell Telep of Pa pref—100
Merchants Bank
100
National Bronx Bank...50
National Safety Bank. 1234
78
(all
...1953
/5634
Z6634
Telephone and Telegraph Stocks
1937 b .45%
Par
Penn
..1954
Corp
Ask
5034
Potomac Deb Corp 2-6s '53
7634
42
1934-43
Bond
issues) 2-5a
Contl InvDeb Corp 2-6s'53
Home Mtge Co 534 s &
6s..
Bid
Nat Union Mtge Corp—
Series A 2-6s......1954
Ask
Bank Stocks
Ask
Bensonhurst
Chase
121
794
69
1
1937 b .45%
1937 b .45%
FIC 134s- ..Apr 15
FIC 134s- ..July 15
New York
National-.50
534
46
66
5
1937 b .40%
1937 b .45%
FIC 134s— -Dec. 15, 1937 b
.50%
Par
634
46
10
29 34
434
44
5
2834
10
61
18
26
47
Virginia-Carolina
1936 b
2734
Cont'l Inv Bd Corp 2-5s '53
Bid
21
Virginia....
1.
Bid
15
5
234
Arundel Deb
.
Federal Intermediate Credit Bank
Debentures
F I C 134s_..Oct
4034
Bid
26
99
22
—
Potomac
100
b
27 34
38 34
13
20
—
100
Par
Pennsylvania
-
-
Bank Stocks
Lincoln
41
Dallas
8ept^l5 1936
2694
2594
10
11
1834
75
100
Ask
...100
38
•
72
Virginia-Carolina 5s
Virginian 5s
Land
Denver
134s
10
10
57
109 34
San Antonio 5s
FIC
National Union Fire
New Amsterdam Cas
58
102
108
St Louis 5s
Carolinas....
National Liberty
23
„
100
Southwest 5s
Southern Minnesota 5s
Tennessee 5s
Des Moines
102
633
21
534
534
56
10
Hartford Steam Boiler. .10
^
Phoenix 5s
80
Fremont.
98
623
5
1634
5
Merch Fire Assur
com_234
Merch & Mfrs Fire New'k5
Hanover Fire
.
Potomac 5s
75
Atlantic
25
100
75
434
National Casualty
National Fire.
6134
Harmonia
100
100
100
Atlanta.
934
28
7334
1434
5
Hartford Fire
100
100
Par
834
.25
834
Hamilton Fire
100
/57
Greenbrier 5s
First
«.
J
_
97
Greensboro 5s
Kentucky of Lexington...
La Fayette 5s
234
10
American Surety
534'
6
5
....
Globe & Republic...
90
Louisville 5s
100
Chicago 5s..
Fletcher 5s
36 34
American Reserve
Automobile
Ins Co of North Amer..10
3634
General Alliance
100
First Trust of
Fremont 5s
2634
5934
3434
2134
Franklin Fire
Pac Coast of San Fran 5s
-
88
92
10
Re-insurance. 10
Firemen's of Newark
5
Fireman's Fd of San Fran25
Bonds
Ohio-Pennsylvania 5s
Oregon-Washington 5s
89
100
First of New Orleans 5s...
First Texas of Houston 5s.
Bank
North Carolina 5s
834
100
First Carolinas 5s.
Teletype CGO. 437
Bid
99
100
Chicago 5s
Dallas 5s
77
American
Fidelity & Dep of Md__.20
Fire Assn of PhiladelphlalO
'
97
...
74
Maryland Casualty
1
Mass Bonding &
Ins..1234
Federal
Ask
9994 10094
Burlington 5s..
1534
Newark...234
Excess
MUNICIPAL BOND DEALERS
California 5s
1394
American of
Continental Casualty
Eagle Fire...
(ont/tati//,
"
Bid
Lincoln Fire
Employers Re-Insurance 10
IP
Atlanta 5s
Knickerbocker
14
Carolina....
Bought—Sold—Quoted
Joint Stock
2534
3534
11
10
City of New York
Connecticut Gen Life
MUNICIPAL BONDS
■
2394
3234
..5
Camden Fire
JOINT STOCK LAND BANK BONDS & STOCKS
120 So. LaSalle
10
Ask
34%
434
2034
Importers & Exporters...5
American Home
Bid
4s 1958 opt 1938
88 34
American Alliance—
American Equitable
Federal Land Bank Bonds
3s 1955 opt 1945.
J&J
3s 1956 opt 1946.*...J&J
3s 1956 opt 1946
M&N
86
Boston
11334 114
25
Baltimore Amer
Bankers & Shippers
Conversion 3s 1947
Bid
For Footnote
see
page
98
—
%
102
1858.
—
101
105
Telegraph.
25
So & Atl Telegraph
25
Sou New Engl Telep...100
S'western Bell Tel pref. 100
Tri States Tel & Tel—
Preferred
10
Wisconsin Telep 7% pf.100
Bid
As*
25
117
19
21
22
23%
11034 112%
110%
22
25
154
156
124
125%
10%
115
1134
117
1
Sept.
Chronicle
Financial
1856
19, 1936
! SC
Quotations on Over-the-Counter Securities—Friday Sept. 18—Continued
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3o$epb Walkers Sons
Members New York Stock
DUNNE&CO.
Exchange
Members Neio York Security Dealers Ass'
.
Dealers in
120 Broadway
Tel* REctor
JOhn 4-1360
20 Pine Street, New York
GUARANTEED
NEW YORK
2-6600
STOCKS
Since 1855
BONDS
RAILROAD
Bought
Guaranteed Railroad Stocks
jln Dollars
Asked
Bid
Members J^ew York Security
6.00
100
10.50
175
180
6.00
105
40
42
.
...
—50
98
8.75
143
-.100
8.50
146
-.100
Central)
Carolina Cllnchfield & Ohio (L & N-A C L) 4%._ —100
3.00
57
100
5.00
Chicago Cleve Cinn & St Louis pref (N Y Central) 100
—50
Cleveland & Pittsburgh (Pennsylvania)
5.00
(New York Central)
(New Haven)
Boston & Albany
Boston
....
& Providence
Canada Southern (New York
Common 5%
stamped
100
—
—
—— —
_
_
—
88
48
90
49%
5.50
88
92
190
195
4.00
74
77
100
Michigan Central (New York Central)
50
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western (D L & W)__ —100
50
Northern Central (Pennsylvania)
50.00
950
1100
—
66
3.875
95
22
4.50
64
Pittsburgh Bessemer & Lake Erie (U S Steel)
50
1.50
40
76
- -
42
80
50
Preferred
Preferred
(Delaware & Hudson)
St. Louis Bridge 1st pref (Terminal RR)
Second preferred
Rensselaer & Saratoga
—
100
6.90
101
6.00
150
Hoboken Ferry 1st 5s, 1946
Canal (Pennsylvania)
__
3.00
10.00
256
100
Valley (Delaware Lackawanna & Western).
'
-
78
6.00
5.00
105
100
5.00
83
5.00
85
88
Warren RR of N J (Del Lackift Western)
50
3.50
51
54
West Jersey & Sea Shore (Pennsylvania)
--.50
3.00
68
70
_
Preferred....
—
...
-
103%
/34
104%
Springs Western 1st 4s, 1939
1965
Portland RR 1st 3%s, 1951
78
56
,.
—
95
_
A'
103%
103%
77
80
77%
78%
94%
93%
—— ——
94
93
1957
St Clair Madison & St Louis 1st 4s, 1951
Rock Island Frisco Terminal 4 %s,
93
Shreveport Bridge & Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955
———„—-i
V;V;
•
+,m
87
—
70
68
—,
93
91%
Bridge 1st 4s, 1951
1957
Toronto Hamilton & Buffalo 4%8, 1966--.-.--..
Southern Illinois & Missouri
112%
....
111%
.......
96%
........
71%
Toledo Terminal RR 4%s,
Quotations-Appraisals Upon Request
40
106
93%
— — -
Consolidated 5s, 1945.
104%
76%
Montgomery & Erie 1st 5s, 1956- — — —
New York Chicago & St Louis 4s, 1946
New York & Hoboken Ferry general 5s, 1946
EQUIPMENT TRUST CERTIFICATES
'
km
90
Kansas
Minneapolis St Paul & Sault Ste,Marie 2d 4s, 1949
85
-.100
Vicksburg Shreveport & Pacific (Illinois Central)
'
8S%
Maryland & Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
90
.
67
66
101
101%
Little Rock & Hot
260
100
100
00
5s, 1955
Oklahoma & Gulf 1st 5s, 1978
Macon Terminal 1st 5s,
86
..100
Susquehanna (DL&W)
-
102%
101 %
Kanawha & West Virginia 1st
150
100
-
76
3.00
69
/ 67
.......
—
87
84
—
1978
Goshen & Deckertown 1st 5%s,
105
100
—
Georgia Southern & Florida 1st 5s, 1945—
170
90
85
103
-
-
.
184
100
Tunnel RR St Louis (Terminal RR)
Utica Chenango &
7.00
100
—
....
—
United New Jersey RR &
3.00
7.00
100
Pittsburgh Fort Wayne & Chicago (Pennsylvania)
83%
—
68
'•
67
81
1942.
1944.................
Convertible 5s, 1940-45-——————
...—
Buffalo Creek 1st ref 5s, 1961i' .......
^
Chateaugay Ore & Iron 1st ref 4s, 1942...
Choctaw & Memphis 1st 5s, 1952
Cincinnati Indianapolis & Western 1st 5s, 1965
Cleveland Terminal & Valley 1st 4s, 1995—
24
60
106
G4
...
Prior Hen 4%s,
102
-.100
Hartford)
101%
105%
1950
98%
look
—-
79
97%
Prior Hen 4s,
98
101
Oswego & Syracuse (Del Lack & Western)
Old Colony (N Y N II &
76
Station
1st 4s, 1953—
Birmingham Terminal 1st 4s, 1957
Boston & Albany 1st 4%s, April 1, 1943
Augusta Union
Boston & Maine 3s,
68
5.00
4.00
75
72
—
1945.
6s
'
-
10.00
1945
Akron Canton & Youngstown 5%s,
'
100
—
__
Asked
Bid
-
100
97
50
—100
Jackson pref (N Y Central)
Georgia RR & Banking (L & N-A C L)
Lackawanna RR of N J (Del Lack & Western)
Bonds
Railroad
„
-100
Fort Wayne &
Bell System Teletype NY 1-424
103
100 %
3.50
Delaware (Pennsylvania)
•
60
2.00
—————
HAnover 2-2455
•
145
98
4.00
41 Broad St., New York
'■
2.00
Betterman stock.
& Co.
108
2.00
Request
Dealers Association
101
..100
-.100
Central)
Albany & Susquehana (Delaware & Hudson)
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central):
on
Sloane
E.
John
Dividend
Alabama & Vicksburg (Illinois
Quoted
—
Earnings and Special Studies
(Guarantor in Parenthesis)
Par
Sold
—
Washington County Ry 1st 3%s, 1954
73
Stroud & Company Inc.
Private Wires to
PACKING COMPANY
GARLOCK
Philadelphia, Pa.
New York
Quotations and Analysis
Railroad
Equipment Bonds
robinson, miller & co.
INC.
Bid
Line 4%s.
61.75
1.00
Baltimore & Ohio 4%s_„.
62 75
2.00
62 75
2.00
Atlantic
Coast
Ask
Bid
Ask
64.25
3.00
5s
63.50
2.60
5%S-.
N.^'f-eos
HAn^h§-T282 52 William Street, N.Y.
Missouri Pacific 4%s
63.50
2.60
63.50
2.50
New Orl Tex & Mex 4 %s._
64.25
3.50
5s
63 50
2.50
62 70
2.00
3%S Dec. 1 1936-1944..
63 25
2.25
New York Central 4%S—_
5s—
62.70
2.00
62.85
2.00
2.00
N Y Chic & St. L4%s
5s
62 85
2 00
5s
Boston & Maine 4%s
Canadian
National
62.80
4%s_.
—
62.80
Pacific
Chesapeake & Ohio 5%s_.
6%s—
N YNH&Hartf4%s
5s.__
64.25
61.75
1.00
1.00
Pennsylvania RR 4 %s
62.00
1.00
61.00
0.50
5S
4%s
62.60
2.00
58
62.00
1.00
64.60
3 25
64.60
3 25
66.25
5 50
66 25
5.50
*
*
5.50 preferred
*
»
4s series E due
Chicago & Nor West 4 %s_\
Chic"MiIw"&
St Paul
5s
4%sl'
•_
74
*
1936-49
62.85
2.00
call Dec. 1 1936-50
62.70
2.00
Pere Marquette 4 His
62 80
2.00
Reading Co 4%s
62.65
2.00
Jan & July
non
5
77
62.66
5s
91
St. Louis-San Fran 4s
65 00
5S
65 00
i
95
91
95
St Louis Southwestern 5s„
3 75
62.75
5%s
2 00
5s.
Southern Ry 4%s__L
2.0U
61.75
5s
5%S
84
106% 108
62.65
1.75
2.25
2.00
62 25
1.50
62 65
—_
Texas Pacific 4s
2.00
61.75
1.00
4%S
62.65
5s
62.50
0.75
1.00
Union Pacific 4%s
5s
61.60
62 00
61.60
3
7%
106
107
3
100
102
3
Continental Gas
3.00
Virginian Ry 4%S—
61.75
1.00
1.50
62.60
1.75
62.50
1.75
61.75
5s
Wabash Ry
61.75
]
113
115
67
69
3
193
1.00
5s
100
5%s
100 %
102%
6s
100
46%
2.50
64.75
3.75
3.75
Western Maryland
4%s_—
0
-
122
78
0
2.00
4.00
107% 109
2.00
65.00
193
*
62.50
62.50
5s.
Western Pacific 5s
7%
preferred
)
110
Illinois Pr & Lt 1st pre:
Interstate Natural Gas.
111%
Realty, Surety and Mortgage Companies
53%
*
27%
54%
29%
22
23
0
4.00
*
*
65.00
5%s
55
0
0
Par
Empire Title & Guar -.100
|
Bid
11
Ask
—
j
Par
Lawyers Mortgage
20
Bid
%
JE
1858.
95%
0
X
80%
preferred
__1C 3
Los Ang G & E 6% pf-.lC 0
*
Memphis Pr & Lt $7 pref.
7%
For footnotes see page
98% 100%
111
0
Ark
'
-
42%
.
43%
78%
79%
48%
49%
105
-
-
58
-
59
102
104
7% cum preferred...100
N Y & Queens E L P pf 100
Nor States Pr S7 pref..100
112% 114%
Ohio Edison $6 pref
107
108%
.*
j_*
109
94%
-
-
97%
113
115
111
112
101
103
108
109%
$7
46%
46%
48%
95
102
63.25
4%s
cum
102
1.00
2.50
61.75
5%s
Minn St P & SS M 4s
preferred
preferred
-
*
63.25
4%s
5s
N Y Pow &
pf--*
Lt $6 cum pf.*
preferred
6% pref...100
6% pf—100
7% preferred
100
Okla G & E 7% pref...100
Pacific Pow & Lt 7 % pf 100
Penn Pow & Lt $7
cum
122
Ohio Pub Serv
---
45%
45%
-
$6.50
$7
101
99
4%s
1.00
61.75
Louisv & Nash
Essex-Hudson
111% 113%
Ohio Power
&"e1—
preferred
0.75
64 25
Maine Central 5s
54%
104% 105%
105% 106%
1.50
5s
110%
3
6%
2.00
2.00
Long Island 4%s
New Orl Pub Serv $7
109
*
32
G&E5H% pf-*
N E Pow Assn 6% pref.100
New Eng Pub Serv Co—
$7 prior lien pref
—*
New Jersey Pr & Lt $6 pf-*
84
3
47%
30%
New Eng
78
75
82
3
6%
44%
Nebraska Pow 7 % pref.100
Newark Consol Gas....100
95
21
4%
100
26
81
1.75
19
.100
25%
100% 102%
)
3.50
_
74%
78%
82%
113% 115
Nassau & Suff Ltg pref .100
97%
62.65
pref.
preferred...
79
10 3
preferred
Mo Pub Serv $7
7%
-
88%
71
6% pref .100
77%
Cent Pr & Lt 7% pref..10 J
Columbus Ry Pr & Lt—
$7
Miss Riv Pow
Ask
87%
Mississippi P & L $6 pf—*
Mississippi Power $6 pref—
$7 preferred.
Mountain States Pr com.. *
-
3
62.75
62.25
-
3.50
Illinois Central 4%s
5s
5%S
11%
112% 114
64.50
Hocking Valley 5s
Internat Great Nor 4%s_.
11%
12%
*
5s.
1.00
1.00
95%
6%
93
62 50
2 0u
61.75
Great Northern 4%s
*
62 80
l.uo
62 75
-
Southern Pacific 4%S——
5s
62.75
Ms.-.:
5
10%
*
preferred
64.50
5%S
62.00
Erie RR 5 %s
6s
4
3.75
91
5s._
3.76
94%
Bid
Par
81
79
)
6%
2.00
95
4%s__
65 00
Denver & R G West 4%s_.
Carolina Pr & Lt $7 pref.
Utility Stocks
Ask
Bid
124
2%s series G
77
74
Chicago R I & Pac 4%s._.
,5s...
*
*
1.00
62.00
Alabama Power $7 pref..
3.75
Northern Pacific 4%s
Par
3.60
64.40
1.25
*61.60
,
2.00
61.75
4%s
Cent RR New Jer 4 %s
2.00
62.75
5s
Canadian
Public
91
113
97%
'82
93
106% 108
83
86
pref..
Philadelphia Co S5 pref..*
Pub Serv of Colo 7% pf 100
109% 112%
86%
88%
109% 110%
91
107
93
---
Queens Borough G & E—
6%
preferred
100
Rochester G & E 7% B.100
6% preferred C
100
Sioux City G & E $7 pf.100
Sou Calif Edison pref B.25
South Jersey Gas & El .100
92%
106
105
...
106
97%
99
28%
29%
193
65%
pref 100
72
7% preferred
100
109
Texas Pow & Lt 7% pf.100
108
Toledo Edison 7 % pf A 100
United G & E (Conn) 7% pf 1
92%
73
United G&E(NJ) pf.100
69
Utah Pow <fe Lt $7 pref..
101
Utica Gas & El 7% pf—100
Virginia Ry
—100 135
Tenn Eleo Pow 6%
93%
---
66%
73
110%
109%
94%
70
102%
140
Volume
143
Financial
Quotations
on
Over-the-Counter
Chronicle
Securities—Friday Sept. 18—Continued
Securities of the
Specialists in —
Associated Gas & Electric
System
S. A. O'BRIEN &
Members New York Curb
150
BROADWAY, NEW YORK
.
Water Works Securities
Complete Statistical Information—Inquiries Invited
CO.
Exchange
75
COrtlandt 7-1868
Swart.Brent&Co.
FEDERAL ST., BOSTON
HANcock 8920
INCORPORATED
Direct Private Telephone between New York arid Boston
Bell System
Teletype—N.Y. 1-1074
Public
Ariz Edison 1st 5s
1st 6s series A
89 M
102
1948
Ark Louisiana Gas 4s. 1951
Ark Missouri Pow 1st 6s '63
100
ma 4:
92 M
100 M
Kan Pow & Lt 1st 4Ms '65
Keystone Telep 5 Ms. 1955
Los Angeles G & E 4s 1970
106 %
103 H 103%
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
108 M
70 M
37 M
38 M
38%
Income deb 4s
Income deb 4 Ms
1978
41 %
1978
45%
42%
46 M
Conv deb 4s
Conv deb 4M8
1973
Narragansett Elec 3 Ms '66
Newport N & Ham 5s. 1944
77
77 M
New Eng G & E 5s
1962
New York Cent Elec 5s '52
Northern N Y Util 5s .1955
84 M
Old Dom Pr 5s May 15 '51
41
43
Parr Shoals Power 5s. 1952
100
103
46
Pennsylvania Elec 5s 1962
105
106
49
Penn
56
Peoples L & P 5Ms—1941
Potomac Elec Pr 3Ms. 1966
106 M 107 M
90 M
/88M
104 M 104%
106 M 107%
47
54
104 %
Bellows Falls Hy El 5s 1958
Blackstone V G & E 4s '65
105 %
Telep Corp 1st 4s '65
Public Serv of Colo 6s.1961
Pub Serv ofNH3^sD '60
Pub Util Cons 5Hs—.1948
104 M
110M
111
106
98
San Diego Cons G&E 4s '65
109 %
80
81
Sioux City Gas & El 4s 1966
100 M
84%
85 %
Sou Calif Gas 1st 4s...1965
Sou Cities Util 5s A... 1958
106 M
60 M
100
107% 107%
94
96
105 %
106
S'western Gas & El 4s. 1960
Tel Bond & Share 5s_U958
102 %
102 M
Utlca Gas & El Co 53.1957
106%
106% 107 M
-
Columbus Ry P <fc L 4s '65
Conn River Pr 3%s A. 1961
106
-
106 %
82 M
81M
Central G & E 5Ms._.1946
1st lien coll tr 6s
1946
Cent Ind Pow 1st 6s A 1947
110M
100 %
106 %
61M
103 % 104M
84
86
125% 126%
-
Virginia Power 5s
106 M
1942
107
62
107
Federal Pub Serv 1st 6s '47
Federated Util 5 Ms... 1957
63
107 %
/45
84
-
mmm
86
Wash& Suburban 5 Ms 1941
Western Pub Serv 5 M8 '60
100 M 102
91
93
104 %
Wisconsin G & El 3 Ms 1966
Wise Mich Pow 3Ms--1961
103M 104 M
104
104M
Wisconsin Pub Ser
1st mtge 4s
Green Mountain Pow 5s '48
Iowa Sou Util 5Ms_—1950
105
1961
104 M 104 H
.-is*
Alabama Water Serv 6s '57
Alton Water Co 5s
1956
101% 103 %
105%
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '58
103%
103%
'
'mmm
Monmouth Consol W 5s '56
mmm
Monongahela Valley Water
5 Ms
A
Morgantown Water
5Ms series A
..1954
103 %
mmm
Butler Water Co 5s___1957
105 M
mmm
5Ms
1951
New York Wat Serv 5s '51
91
Calif Water Service 4s 1961
Chester Wat Serv 4 Ms '58
103 % 104%
103 M 105
Newport Water Co 5s 1953
99
Ohio Cities Water 5 Ms '53
Ohio Valley Water 5s. 1954
91M
Ohio Water Service 5s .1958
Ore-Wash Wat Serv 5s 1957
Penna State Water 5 Ms '52
Citizens Water Co
■
tmmm
:
mmm
(Wash)
5s
1951
102
5 Ms series A
1951
103 M
mmm
105
City of New Castle Water
.1941
City W (Chat) 5s B..1954
1st 5s series C
102%
mmm
101
mmm
1957
105 %
101M
5s series C
1957
5 Ms series A
1947
105 M
103
mmm
mmm
*
Community Water Service
Real Estate Bonds and Title Co.
47
Majestic Apts 1st 6s._1948
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 68.1941
52
54
Metropolitan Chain Prop—
35
Bid
6s
B'way & 41st Street—
i__1948
/28
89
Ask
29M
93
42
6s
1947
103
108
Roch & L Ont Wat 5s. 1938
101
1958
1958
92 M
96
94 M
98
105
71M
73
63 M
76
78
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s.. 1948
95 M
Court & Remsen St Off Bid
1st 6s
Apr 28 1940
50
53
32
34
Sfdeb 5s.
1945
Munson Bldg 1st 6^8-1939
N Y Athletic Club—
1st mtge 2s stmp & reg'55
1st & gen 6s
..1946
7M
6%
Eqult Off Bldg deb 5s 1952
81
81
82 M
83
51
52 M
N Y Eve Journal 6
Ms.1937
N Y Title & Mtge Co—
70%
28 M
1942
1960
102
103 M
103 M 104 M
104 M
1952
101
1952
103
100
105
..1977
1954
1962
Illinois Water Serv 5s A '52
34M
44 M
34
37
27 M
29 M
/50
1400 Broadway Bldg—
1st 6Ms 8tamped_..1948
/44
Fox Theatre & Off Bldg
1st 6 Ms
Oct 1 1941
/10
—
102
5s series A
102 M
102%
104 M
...
...
11
5s Income
1949
/45M
70 M
63
65
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s___1950
89 M
55
-
6MS.1940
Savoy Plaza Corp—
Realty ext 1st 5Ms.1945
-
1945
Sherry Netherland Hotel—
1st 5 %8—May 15 1948
56 M
60 Park PI
77
616 Madison Av 1st 6Ms'38
61 Bway Bldg 1st 5 Ms 1950
Keith-Albee Bldg (New
75
1943
1st fee & l'hold
6s
91
(Newark) 6s '37
105M
Texarkana Wat 1st 58.1958
103 %
102
101 % 103 M
Union Water Serv 5 Ms '51
Water Serv Cos Inc 5s '42
W Va Water Serv 4s.-1961
102
103
Western
98
100
mmm
N
Y
mmm
103
102
103 M
98
mmm
mmm
'mmm
mmm
m
m
104~%
101
100
101M
99% 100 %
Water Co—
5s series B
102 M
106
.
...
104 M 106
104 M
99 M
97
99
1951
97 M
99M
1st mtge 5 Ms
.
1950
1st mtge 5s
.
1950
101M
Westmoreland Water 5s '52
Wichita Water Co 5s B '56
5s series C
1960
101M
6s series A
1949
102 M 104M
102
104 M
,103
103 %
mmm
m
m
104M
51
Textile Bldg 1st 6s
Trinity Bldgs Corp—
97 M
53
2 Park Ave
69
51
5
conv
_*
Securities
(H C) common. _*
7% preferred
100
Diamond Shoe pref
100
Edison Bros Stores pref 100
19
124
26
52
55
Fishman (M
Preferred
Ask
16
mm
5M
H) Stores
*
14 M
15%
37
pref
Bohack
38
9%
45
9%
55
104 M 106 M
175
••
18M
100
Green (H L) 7% pref..100
*
107
Katz Drug preferred
Rose
100
m
.
mm
*
12
100
7% preferred
4M% preferred
100
Miller (I) Sons com
*
6M% preferred
100
Murphy (G C) $5 pref.100
Nelsner Bros pref
88
Bid
Bid
H%
100
Melville Shoe—
Reeves
Par
M
Par
Kress (S H)
6% pref
Lerner Stores pref.
Ask
12%
108 M 110M
120
123
8
9
38
42
103M
100
105
(Daniel) pref-.100
105
112M
—
20
103
Kobacker Stores
5-10-25C-Stores
Schlff Co preferred
100
United Cigar Sts
6% pf.100
6% pref ctfs
U 8 Stores preferred
100
Ask
15
6
100
105
98
Oct 19 1938
1st fee & leasehold 4s '48
—
20 M
23M
20
23
6
9
Sugar Stocks
153
Cache La Poudre Co
/29
/73
1
26"
27M
.1
37 M
39
Haytian Corp Amer
•
20
Eastern Sugar Assoc
Preferred
63 M
Westlnghouse Bldg—
--
com
19
117
117
22
$2.50
14
99
45
143
1958
Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 6 Ms
/49M
Bid
*
100
Bickfords Inc
1939
1st 5 Ms
70
Boston
166
/49
70
-
15
Lewis Morris Apt Bldg—
1st 6 Ms
Apr 15 1937
Ludwig Bauman—
Berland Shoe Stores.,
B-G Foods Inc
/II
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
/51
NEW YORK
-
Store
Par
67
55
1945
67
General 7s.._
96 M
65 M
/53
55
64
1960
Terre Haute Water 5s B '56
6s series A
1949
mm
83
Chain Store Stocks
/54
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
66
Chain
/7M
Roxy Theatre—
Graybar Bldg 5s
1946
Harriman Bldg 1st 6s 1951
1942
1936
.1960
5s series B
...
108
—
81
103
57 William St.
Realty Assoc Sec Corp—
67 M
/59M
1961
46
65 M
Chicago
7% preferred
5 Ms double stpd
47 M
72
(Bklyn)
(LI)
1967
Sedalia Water Co 5 Ms '47
South Bay Cons Wat 5s '50
Sou Pittsburgh Wat 5s '55
BURR & COMPANY INC.
100 M 102
Prudence Co
1st 6 Ms
104 M
68
80
1st 6s
Lexington Wat Co 5 Ms '40
35 M
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
1 Park Avenue—
2nd mtge 6s
1951
72
Apts 6s '40
102 % 104 M
101M 103
102 M
f30
71
London Terrace
.1958
Jamaica Water Sup 5 Ms '55
Joplin W W Co 5s....1957
Kokomo W W Co 5s..1958
35 H
33 M
19th & Walnut Sts
(Phila)
1st 6s
July 7 1939
75
1947
1961
Water Serv 5s
1st & ref 5s A
W Va Water Serv 4s__1961
1966
Interstate Water 6s A. 1940
46 M
59
1939
1st 6s
103
72
/45M
/58M
143%
1958
Lincoln Bldg Inc 5Ms.1963
Loew's Theatre Realt Corp
105 %
1958
54%
42
1936
mmm
93
29M
f53
40 Wall St Corp 6s
Rochelle) 1st 6s
Ms
mmm
91
95
5 Ms series C-2
5 Ms series F-l
5 Ms series Q
103 E 57th St 1st 6s... 1941
165 Bway Bldg 1st 5 Ms '51
1944
4
W'msport Water 5s...1952
5 Ms series BK
Deb 5s 1952 Legended..
50 Bway Bldg 1st 3s inc '46
500 Fifth Avenue—
Fuller Bldg deb 6s
5 Ms unstamped
St Joseph Wat 4s ser 19A'66
Scranton Gas & Water Co
...
mmm
105M
Scranton Spring Brook
...1942
5s...
5s
Metropol Playhouses Inc—
1948
Bway 1st 6s
102
102 M 104 M
107 M 109 M
98
100
'58
Metropolitan Corp (Can)—
Chanln Bldg Inc 4s... 1945
52d & Madison Off Bldg—
6s
Nov 1947
Film Center Bldg 1st 6s '43
09% 101M
100
Prior lien 5s
...1948
Phila Suburb Wat 4S..1965
Pinellas Water Co 5 Ms *59
Indianapolis W W Secure—
Ask
6 Ms unstamped
1949
502 Park Ave 1st 6s... 1941
100 M 102 M
1948
Pittsburgh Sub Wat
6s
44
1947
108
Plalnfield Union Wat 5s '61
Richmond W W Co 53.1957
Roanoke W W 5s
1950
5s
Bid
95 M
106
84
5s series B
Mortgage Certificates
101M
M
105
89
Huntington Water 5s B *54
Alden lst6s_.._Jan 1 1941
1st & ref 5 Ms
93
103
102
5Ms series B
Broadway, N. Y.
99 M
93 M
108
87
82
Hackensack Wat Co 5s '77
Bell System Tel.
N Y 1-588
93
102
100
100
5s series A._
BAKER & CO.
92
97 M
1946
1st mtge 3M8
Dorset (The) 1st 6s...1941
East Ambassador Hotels—
mmm
90
1946
Indianapolis Water—
6s stamped
1950
1948
104 M
102
104
5M8 series B
6s series B
INCORPORATED
/40
1st & ref 5s
1st consol 4s
1st consol 5s
Commonwealth Wat (N J)
5s series D_.
Utilities—Industrials—Railroads
leasehold 6Ms.-1944
Broadway Motors Bldg
Penna Water Co 5s._.1940
Peoria Water Works Co—
mmm
Greenwich Water & Gas—
Reports—Markets
1st
Muncie Water Works 5s '65
New Jersey Water 5s. 1950
New Rochells Wat 5s B '51
mmm
Clinton W Wks Co 58.1939
5s series A
Estate Securities
m>mm
103 M
10k
E St L & Interurb Water-
2360
'
1954
1st mtge 5s
150
103
1957
Davenport Water Co 5s '61
AMOTT,
5s 1965
5s series C
4 Ms
BArclay 7
103
5s series B.I
Consol Water of Utlca—
Public
99M 100 M
1950
68 series A
104
102 M
Ask
104 M 106
107
109
Connellsville Water 5s. 1939
103
101
Real
Bid
Long Island Wat 5MS.1955
MlddHsex Wat Co 5 Ms '57
■
Birmingham Water Works
5s
Western Mass Co 3 Ms 1946
Consol E & G 6s A...1962
Water Bonds
72"
70
Cent Ark Pub Serv 5s 1948
Cent Maine Pr 4 s ser G '60
Cinn Gas & Eleo 3 % s. 1966
Colorado Power 5s...1953
Tel. 2-3761
Bid
103 M
1966
PORTLAND, MAINE
93
44
1940
Est. 1854
101M
103 Ji 104 %
106 M 107 M
74 M
76 M
101% 102
102 %
91
Sink fund income 5s 1983
Sink fund inc 5MS--1983
H. M. PAYSON & CO.
98 M
75
Sink fund income 4s 1983
Sink fund inc 4 MS--1983
Cent 111 Light 3 Ms
108%
76 M
83 M
1973
Conv deb 5s.......1973
Conv deb 5 Ms
1973
American Water Works & Electric
Co., Inc.
Consumers Water Co. (Maine)
t—
38
1st & gen 4 Ms
.1960
Mtn States Pow 1st 6s 1938
Mortgage Bonds of Subsidiaries
75%
46
Corp—1
Income deb 3 Ms..-1978
Income deb 3^8...1978
First
109 M 109 %
101
102 M
106 H
74 %
70
Assoc Gas & El Co 4 Ms '58
Assoc Gas & Elec
Participating 8 s
53%
Louisville Gas & El 3 Ms '66
103
97
53 %
WANTED
Ask
City Pub Serv 3s. 1951
Kan
44
Associated Electric 5s. 1961
40 EXCHANGE PLACE, NEW YORK
HAnover 2-0510
Teletype: New York 4-1073
OFFERINGS
Ask
91M
90 M
95
1945
Tel.
Utility Bonds
Bid
Amer States P S 5Ms.l948
Amer Wat Wks & El 5s '75
1857
*
%
1
--
For footnotes
see
page
18581
Par
Savannah Sugar Ref
7% preferred
West Indies Sugar
Bid
*
139
Ask
139
100
Corp__l
3M
144"
4M
*v
Chronicle
Financial
1858
Sept.
1936
19
Quotations on Over-the-Counter Securities-Friday Sept. 18-Continued
SYLVANIA INDUSTRIAL CORP.
Specialists in all
Bought, Sold & Quoted
Investment
QUAW & FOLEY
Members New York Curl) Exchange
Kneeland 8C Co.—Western Trading
REORGANIZATION SECURITIES
Investing Companies
M. S. Wein & Co.
Established
*
18.21
19.37
Investors Fund of Amer...
2.05
2.25
Invest Co of Amer com. 10
26%
27%
BROAD
25
Amerex Holding Corp
*
Investment Tr of N Y_._*
6%
1.24
Keystone Cust Fd Inc B-3.
23.98
4%
4%
Assoc Stand Oil Shares. .2
Teletype N Y 1-1397
1.30
12%
1.11
Am Insurance Stock Corp *
6%
4%
7%
Major Shares Corp
*
Maryland Fund Inc com..
9.80
10.65
4%
Mass
Trust.. 1
28.14
29.86
16.54
18.08
4.69
1
Molybdenum Co.
61
4.59
Voting trust certificates.
2.00
21%
4.30
4.70
No Amer Bond Trust ctfs
46
41
__
No Amer Tr Shares 1953..
63%
4%
6%
Series 1955.
3.59
26.65
28.66
Series 1956.
3.54
13%
14%
Series 1958
3.57
72
80
43
45
Class A
*
16%
18
Blass B._
2.87
Northern
Series AA__
2.78
Pacific Southern Inv
2.78
Series
mod.
3.54
Series ACC mod
3.54
AA
Crum & Forster Ins
8%
.
COMPREHENSIVE SERVICE
com
10
10
Deposited Bank Shs ser A
Deposited Insur Shs A....
Over-the-Counter Market
Deposited Insur Sh
Bristol & Willett
D
1920
4.90
14.09
4.90
5.20
%
%
1.74
1.90
3.93
10.08
Selected Income Shares.
Selected Industries
10%
C
13.59
Selected Cumulative Shs__
3.91
3.52
1.91
Selected American Shares.
3.62
ser B__
Diversified Trustee Shs B
1.09
1.74
Selected Amer Shares Inc.
2*86
4%
.98
Royalties Management...
2.55
3%
Republic Investors Fund.5
6.24
*
Representative Trust Shs.
38
36
110
Cumulative Trust Shares. *
pref. *
Quarterly Inc Shares. _25c
30%
28%
..100
Securities...100
Plymouth Fund Inc A. 10c
100 all5
preferred
Common B shares
7% preferred
in the
conv
__
5.30
pf
24
22%
5.25
.
Spencer Trask Fund
*
21.11
21.98
8.15
7.35
Standard Am Trust Shares
4.25
4.50
Standard Utilities Inc...*
1.07
1.16
Bell System Teletype
1.97
34.67
39%
42%
Fidelity Fund Inc
Tel. BArclay 7-0700
Broadway, N. Y.
1.81
32.26
*
29.13
31.38
AA
2.73
Fixed Trust Shares A
115
25c
Eqult Inv Corp (Mass)..5
Equity Corp conv pref___l
*
12.69
B._
4.22
10.63
BB
2.73
Dividend Shares
Members New York Security Dealers Association
NY 1-1493
B
Industrial Stocks
Amer Air Lines Inc v t c._
American Arch
*
American Book
1Q0
Bid
9%
10%
73""
70
82
8%
44%
20%
46%
22
New Haven Clock pf
100
100
52%
53%
Northwestern Yeast
100
92
8%
preferred
Norwich
Ohio
122
126
*
40
8%
__*
...
Columbia Broadcasting A *
Class B
*
*
Petroleum
1
Publication Corp com
14%
24%
26%
57%
59
Remington Arms
.*
$7 1st preferred
com
100
*
25
100
57
58%
Scovill Mfg
*
53%
55%
..100
108%
Singer Manufacturing.
Sparta Foundry common._
com
$7 preferred
Dentists' Supply Co of N Y
Dictaphone Corp
*
100
Preferred
56
59""
62%
65%
120
Dixon (Jos) Crucible...100
54%
Doehler Die Casting pref. *
_--
101%
Preferred
50
---
51%
•
...
Douglas Shoe preferred. 100
23
72
75
*
Flour Mills of America...*
_
Standard Cap & Seal
Standard Screw
;
5
100
com
Tublze Chatillon
Foreign shares _*
*
*
shares.__
*
*
pf
1%
1%
5
United Merch & Mfg com *
5%
Un Piece Dye Wks pref.
8%
Warren Northam—
4%
6%
cum
pf_100
10
*
com
100
Preferred
Great Lakes SS Co
com...
Great Northern Paper. .25
Kildun Mining Corp
1
Lawrence Portl Cement 100
Lord & Taylor com
100
_
5%
7
*
100
West Va Pulp & Pap com. *
Preferred
100
67%
70
West Dairies Inc com v t c.
41
43
31%
34%
102
40%
1%
25
260
43%
...
$3
cum
preferred
---
2%
41
96
~
47""
23%
15%
104
2.26
1.56
1.69
Trusteed Amer Bank Shs B
1.15
1.96
2.12
Trusteed Industry Shares.
1.47
1.60
1.74
Trusteed N Y Bank Shares
1.72
1.96
1.05
1.15
U S El Lt & Pr Shares A..
19%
20%
Investing shares
1.46
1.59
B
3.02
3.12
Voting trust ctfs
1.23
1.31
Trustee Standard Oil Shs A
Group Securities—
shares
shares
Merchandise
shares
3%
1.60
1.74
Un N Y Bank Trust C3_.
3%
1.25
1.36
Un N Y Tr Shs ser F
2
RR Equipment shares..
1.37
1.49
Steel
1.73
1.35
4
41%
334
shares
shares
Tobacco shares
....
Guardian Inv Trust com.*
1
Preferred
22%
Huron Holding Corp
Incorporated Investors.a*
23%
.45
.60
26.03
27.99
10%
30%
Bid
11%
29%
19%
9%
10%
43%
44%
106% 111%
12%
2%
13%
12
2%
6%s
100
40
50
7% gold rouble
86.62
1943
River Bridge 7s
l1
t Now listed
on
Chicago Stock Yds 5s. 1961
33% s
1951
Consolidated Oil 3%s_1951
Debenture
a
limited number of copies
copies,
in convenient
the
Chairman of the board
60
Constitution and
by famous critics.
all
15
1937
101.11 101.14
Aug
15
1938
102.15 102.18
1 1939
June
3%s___
Deep Rock Oil 7s
1955
1937
Federal Farm Mtge Corp—
l%s___..__Sept 1 .1939
Gen Mtrs Accept 3s..1946
Debenture
3%s._-_1951
101.5
80
Martin
(Glenn L)
108% 110%
110% 111%
amendments,
99%
99%
Nat Radiator 5s
1946
46%
Shipbuilding 5S..1946
N Y
Reynolds Investing 5s 1948
76
Scovill Mfg
5%s
Std Tex Prod 1st
101.5 101.8
102%
102% 102%
1945
6%s as'42
6%s '43
Struth Wells Titus
Witherbee Sherman 6s
Woodward Iron 5s
'44
1952
48%
106
/10
12
89
/18
/67
—James
20
pamphlets excited such widespread
45,000 copies were received
from individuals and
of the
of Abbott, Proctor & Paine
of Penner & Beane, members
F. Shaw, for 12 years a partner
and its predecessor
New York
firms, joined
Stock
the firm
Exchange, as
a
general partner on Sept.
Mr. Shaw withdrew from his former firm last
the
development of New England public
He
years
was
as
also formerly
—Clarke,
known
office.
as
May.
15tb.
Long prominent in
utilities, Mr. Shaw served for
President of the American Electric
Railway Association.
member
active in politics and for three years was a
Mr. Shaw will make his headquarters
of the Massachusetts State Senate.
is now
20
connection with the observance
stockholders, depositors
for distribution to
organizations in many parts of the country.
90%
107%
United States.
contain the complete text of
foreword by "William P. Gest,
of/Fidelity-Philadelphia Trust Co., and comments
in the New York office of Penner
96
89%
a
Prepared originally in
interest that requests for
three
1937
102% 102%
102%
85
1948
convert
Merchants Refrig 6s
/74
101.8
1939
Conv deb 6s
97%
18%
.Aug
2s
103% 103%
1st
Ask
has available for dis¬
of the Constitution of the
pamphlet form,
and other customers of the bank, the
Bid
l%s
Cont'l Roll & Steel Fdy
(serial) •
on New
77.4234 grams of pure gold.
—Fidelity-Philadelphia Trust Co. of Philadelphia
The
35%
104""
104% 104%
99%
98%
rouble—1942
NOTICES
CURRENT
36
lOl"
Commercial Invest Trust—
10% gold
91.22
New York Stock Exchange.
30
123
103
103
As*
Bid
87.49
No par value,
a Interchangeable.
5 Basis price, c Registered coupon
d Coupon.
/ Flat price,
w i When issued,
x Ex-dividend,
y Now selling
York Curb Exchange.
33%
m
Bear Mountain-Hudson
7%
Union of Soviet Soc Repub
*
tribution
55
As*
52
6%
Ask
Union of Soviet Soc Repub
10%
18%
102% 104%
6%
5%
118
111
98%
45%
103
-.100
preferred
1%S
.1941
Schoelkopf, Hutton &
Pomeroy Inc com
t Quotations per 100 gold rouble bond equivalent to
Miscellaneous Bonds
f
9
8
44
40
of Constitution Day a year ago
s
Corp..
JSoviet Government Bonds
24%
38
125
1st
Bancamerica-Blair
First Boston Corp
5~"
Young (J S) Co com.__ 100
7%
Arnold Print Works—
Wellington Fund
42%
19%
WJR The Goodwill Station
Am Wire Fabrics 7s..1942
4%
2%
21.00
Investm't Banking Corps
1%
23%
19.19
339
18%
Worcester Salt
Bid
1.63
1.88
1.24
1.27
102
z99%
common.
110
American Tobacco 4s_1951
1.52
1.40
7.09
6.33
B._
45
.50
Wilcox-Gibbs
120
*4
2.09
D
36%
Mfg.20
100
8% preferred
2.96
7.53
Mining Shares
White Rock Min Spring—
$7 1st preferred
100
2
27
15.70
3.03
6.92
General Investors Trust-
Petroleum
35%
White (S S) Dental
100
preferred
5~"
20
10
100
S3 conv preferred
Welch Grape Juice pref.
39
'
Gen Fireproofing $7
Golden Cycle Corp
*
10
10
4
36
Trustee Standard Invest C
*
Unexcelled Mfg Co
American
14%
100
18
"
■
Trico Products Corp
Foundation Co—
Gair (Robert) Co com
Preferred
*
*
Taylor Milling Corp
Taylor Wharton Iron &
7.92
14.44
Supervised Shares
5.80
Stromberg-Carlson Tel Mfg X150
Steel
26
Draper Corp
i
Sylvania Indus Corp
58
£45
21%
7% pref
Conversion
41%
12%
Columbia Baking com
Knight
Leather
Pathe Film
18
5
Ohio Match Co
.100
Crowell Pub Co
3%
Pharmacal
10%
29
Climax Molybdenum
1st 6%
5%
50
109
Nat Paper & Type com_
B
7.92
D
Food shares
102 %
46
Preferred
27
100
Canadian Celanese com..*
2d
National Casket
7.00
4.02
Chemical
85
100
6.35
C
5%
25.47
Fundamental Tr Shares A.
Super Corp of Am Tr Shs A
Automobile
Mock Judson & Voehringer
Preferred
23.93
* 112.34
Agricultural shares
2%
33
115
76
20%
5
State Street Inv Corp
Building shares
2
113
37%
Beneficial Indus Loan pf.*
Bowman-Blltmore Hotels
preferred
69%
X31
35
Art Metal Construction. 10
Preferred
12%
*_1
100
1st preferred
Ask
100
preferred
35%
American Republics com.*
Andlan National Corp...*
Graton &
11%
67%
100
Mfg
cum
Maytag warrants
6%
109
Bid
34%
18%
*
Preferred
$1
*
Merck & Co Inc com
25
Amer Maize Products
American
Macfadden Publica'n com *
Preferred
36
105
8% cum preferred
Hardware
Par
Ask
American Hard Rubber—
American
Foundation Trust Shares A
Fundamental Investors Inc
Par
67%
2.72
*
Accumulative series
•
2.16
4
Corporate Trust Shares..
Exchange, Inc.
Established
N Y Bank Trust Shares.
Continental Shares pref...
fNew York Security Dealers Association
Broadway, New York
Nation Wide Securities..1
Century Trust Shares...*
UNTERBERG & CO.
j Commodity
"".45
35.32
19%
*
Class B
.
.25
Canadian Inv Fund Ltd.l
Central Nat Corp cl A
1
26.28
3%
33.02
1
Bullock Fund Ltd
Investors
Mutual Invest Fund
4.93
*
Broad St Invest Co Inc..
Sylvania Industrial Corp.
_
112.01 114.27
Investors Fund C
1.19
British Type Invest A
Members
50
12%
Basic Industry Shares
_
1.12
50
48
7% preferred
Amer General Equities Inc
Bankers Nat Invest Corp *
E.
Ask
.98
48
Amer & Continental Corp.
ST., N. Y.
2-8780
Climax
Bid
Amer Business Shares._.l
1919
York Security Dealers Assn.
Members of the New
Par
Ask
Bid
Par
.
Affiliated Fund Inc com..
Administered Fund
C.
Correspondent
ISSUED SECURITIES
RIGHTS
Tel. HAnover
Incorporated
BOwIing Green 9-1420
Street, New York
63 Wall
.
Telephone HAnover 2-9030
WHEN
GROUP.
DISTRIBUTORS
NEW YORK
BROAD STREET
30
Company Securities
& Beane.
Co., Inc., investment counsel firm formerly
Young & Co., Inc., has announced that Joseph N. DuBarry
Sinsabaugh &
C. W.
associated with the firm as
'
Resident Manager of its Philadelphia
Volume
143
Financial
Quotations on Over-the-Counter SecuritiesFriday Sept. 18—Concluded '
Chronicle
1859
By Barnes & Lofland,
Philadelphia:
Shares
Slocks
100 Mono Service
2 Corn
Exchange
7
% per Share
Corp. of Newark, N. J., 8% pref., par $100
National Bank & Trust
Co., par $20
15 Tradesmen's
National Bank & Trust
Co., par $100—10 at 201; 5 at 201,
5 George B. Newton
Coal Co. first
preferred, par $100
9233
54
-
Foreign Unlisted
bid
f22
Haiti 6%
1953
Hansa SS 6s stamped. 1939
Housing & Real Imp 7s '46
/20
21
A85*
/24 J*
5
34
21
25X
Cit 7% to
5
5
/20
fi 45*
/15
7
7s
f7X
3
7s
i
f5%
sm
8s.
63
)
1
6s
(Germany) 7s '£
5
1940
British
Water 7%
/25
/20
.
19( 2
Brown Coal Ind
26X
/31
7s
--
/50
52
3 /111
114
s
fioy$
7
f 12
*
12 X
\
f 10
10X
3
f 10
.
f!4%
.
fXX
67
7
7
/105*
f23X
105*
3
25X
5
/22
24
5
/22
24
3
/22
24
)
/245*
65*83" /24 Xi
European Mortgage & In¬
vestment 75*8
3 725
_
26
26
_—
5
/23
r
loo
25
144
149
I
AO
78
3
/28
30
1968
Church
f23X
July 1934 to June 1936..
July to Aug 1936
German scrip
German
26
Rio de Janeiro 6%
1933
Rom Cath Church 6338 '46
R C Church Welfare 7s '46
Royal Dutch 4s
1945
Saarbruecken M Bk 6s '47
Salvador 7%
-.1957
Salvador 7% ctf of dep '57
Salvador 4% scrip...
Catharina (Brazil)
8%
1947
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
633s.
f29
f 28
305*
29X
fix
/20 50
8
—
Dawes
fox
--...
Serbian 5s
Serbian
£
Toho Electric 7s
15
Tolima 7s
Stinnes 7s unstamped. 1936
7s unstamped
.
Tucuman City
108
108>*
1185* 11954
/41
--
/23
2833
42
1633
2533
/22 5*
2433
15.33 16733
/23
/39
/34M
m
Tucuman
11634
7s
Prov
Wurtemberg 7s
to
1945
auction
on
Mfg.
Co.
common
Cos
a
c
Z22 34
65.10
68.10
68.25
69.20
69.25
70.30
319*
50J*
1633
5033-51
15
4433
169*
3*
a
9-16-59*
341*
433
613*
98
70.40
86.75
87.75
88.00
89.00
3,117
1,149
3,150
3,130
3,120
1,175
1,150
795
815
819
30
30
32
88
89
91
91
904
931
979
952
,
70.40
71.60
"33
31
63
64
62
325
327
37
39
>40
40
x
Ex-dividend.
.
500
V*"
500
500
'
'
"
ST. LOUIS MARKETS
I. M. SIMON & CO.
Business Established 1874
Enquiries Invited on all
Mid-Western and Southern Securities
MEMBERS
New
York
Chicago
315 North Fourth
Curb
Sales
Last
Par
pref
Week's Range
for
of Prices
Low
High
Week
Price
24 H
26
*
com
Burkart Mfg pref
Common
1st preferred..
Falstaff
Brew
Griesedieck
29)*
1
com
Brew..*
Hussmann-Llgonier
com
17
par
$100
$1.75 lot
$13 lot
pref., par $10; 200 Automatic Merchan10 F. & W. Products Corp. 2d
pref., par $100
-__$1 lot
3 American Founders Corp.
common, par $1; 1 United States Electric Power
24 X
29 X
Lopo
638
135*
Mar
Sept
Sept
Aug
29
47
Sept
Sept
32 X
159
32
July
295*
645*
325*
25 X
28 X
580
21
Aug
285*
79%
79 X
10
305*
Feb
81
"28 X
7
•
22
118
8H
19%
17 X
2H
2X
8X
7
80
22 X
65*
July
23
Aug
Apr
120
Aug
Sept
Sept
215
9X
20
4%
Jan
95*
1,481
16
Aug
375
2%
2
June
3?*
65*
95*
Jan
145*
July
Jan
15
June
484
14
250
160
IX
20
50c June
100
14
12
14
126
International Shoe com..*
Key Boiler Equip com... *
Laclede-Chr Clay Pr com. *
48
47H
48 X
344
12 X
9
12 X
75
9%
40
65*
23 X
23 X
23X
62
225*
July
25
21
21
McQuay-Norrls com
*
Mo Portland Cemcom.,25
59
59
15*
Jan
Laclede Steel com .1
Landis Machine com
20
Natl Candy 1st pref
Common
a
National Oats
117 X
*
11X
com
Rice-Stix D Gds
165*
100
a
23
.
_*
com
St Louis Bk Bldg Eq com.*
St Louis Car pref
.100
Scruggs-V-B D G com. .25
0%
2
*
com
Stlx Baer & Fuller
com
—
~~7X
7
75
"6%
45
165*
6
11X
23 X
9%
Sept
535*
145*
Mar
125*
305*
July
Jan
28
Mar
July
61
July
535
4
95*
116
June
175*
119
Mar
95*
Feb
15
May
302
135*
Jan
25
60
75* June
20
7 X
297
105*
25
52
790
45
41
385*
33 X
34J*
60
52
80
80
80
30
30 5*
12
565
315*
7 5*
75
Mar
Aug
123
10
9X
19
2
Feb
15*
170
127
Sept
July
35* May
12
75
345*
July
Jan
177
31X
19
Feb
June
2
65*
Feb
19
45
9X
14
Jan
52
300
2
Feb
Jan
475*
85*
10
127
*
Title Insurance Corp com25
Wagner Electric com
15
2
31X
100
.*
155*
4
Feb
35
i
117 X 117 X
11
Apr
17
116
14
IX
95*
Jan
10
*
Hydr Pressed Brick comlOO
Aug
Feb
90
118
14
Preferred
285*
150
14
Preferred
High
Jan
1,000
com.*
1st preferred
233
343*
Range Since Jan. 1 1936
Shares
47 X
32 X
47
..100
West
235*
"47"
*
*
Scullin Steel pref
17
preferred,
Trade
Exchange
Friday
Securities Inv
Trust
of
St., St. Louis, Mo.
St. Louis Stock
South west Bell Tel pref 100
par $100
(Associate)
Board
Sept. 12 to Sept. 18, both inclusive, compiled from official sales lists
4133 flat
$ per Share
7%
65.90
69.30
....
Ely & Walker D Gds com25
53*
Lighting Properties, preferred, par $50
51
22 Public Indemnity Co.
common, par $2.50; 10 United Investment Assur¬
ance Trust Founders
Shares; 50 Insurance Securities Co.,
Inc., par $1; 10
Wendell Phillips Co. 1st pref., par $100; 10 P. O.
Square Co. 1st pref.
deposit agreement ctf. dep., par $100; $1,000 New York
United Hotels,
Inc. (Roosevelt), deb. 6s, Feb.
1, 1947
dizer, Inc.,
64.75
63.75
>
Dr Pepper common
*
Chic & So Airlines pref__$l
14 North Boston
600 Automatic
63.50
63.90
87.10
26
429*
Alpaca Co., par $50.
Investment
65.10
63.80
69.20
25*
f 24
86
Alpaca Co., par $50
Amoskeag Mfg. Co, common
Colony
65.25
62.50
62.70
11
H
9f H 1003*
/2533
5
a
Farr
Old
342
13
1,087
Wagon-Llts
97
7%
Stocks
Co.
342
14
1,092
303
Per Cent
preferred,
340
14
1,078
64.90
95J*
By Crockett & Co., Boston:
3
340
.
890
Telephone Central 3360
H
....10633
Apartment, Inc., 5s, 1942
Power
654
60
2433
38
5 New England Public Service Co. $6
preferred..
20 Lynn Gas & Electric Co. v. t.
c., par $25
Bonds—
Electric
656
650
62.75
New York Stock Exchange
St. Louis Stock Exchange
$ per Share
preferred, par $100..
5 Empire Power Corp. 6% preferred
National
656
500
Hamilton-Brown Shoe
Hampshire. $6 preferred.
Corp. common A
25 Nashua Mfg. Co.
636
630
62.80
/. 9
(N. Y.). par $50
50 Arlington Mills
15 Public Service Co. of New
3 Bond J Share Trading
50 Farr
658
292
55
$ per Share
Brookline, Mass., par $10..
Merrimack Manufacturing Co.
preferred, par $100
30 Farr Alpaca Co., par $50
20
860
V
3933
9
15
460
3,120
1,115
Ford
28 33
3833
Wednesday
S. Trust Co. (Boston), par $10.
100 First National Bank,
Boston, par $12.50
57
475
464
870
Tubize Artificial
Silk, pref
Union d'Electricitie
Convertible
par $12.50
23 Western Massachusetts Electric
200 National Protective Cos
4 Dennison Mfg. Co.
4,190
1,030
792
SocieteFrancaise
Brown Shoe
38 U.
Shares
490
850
65.00
>
1947 7 0'.
1951
97X
7s..-1950
20 Norfolk County Trust
Co.,
Court
450
445
Societe Generale Fonciere
Societe Lyonnaise
Societe Marseillaise
UH
163*
/2433
/26
94
/
Bank, Boston,
$1,000 Barrington
450
820
14
/2533
By R. L. Day & Co., Boston:
Knight
950
72
240
1,029
/ 8
United Steamship 6s. 1937
Unterelbe Electric 6s. 1953
Vesten Elec Ry 7s
1947
were sold at
50 Willcox & Gibbs Sewing Machine Co.
&
1,150
990
264
342
60
1955
Stocks
Graton
1,170
930
238
630
213*
/5933
A5
f OH
By Adrian H. Muller & Son, New York:
200
1,120
70
900
..DAY
Stocks—
following securities
6 First National
355
12
f20H
-aj1946
of the current week:
Stocks
365
232
Saint Gobain C & C
3533
AUCTION SALES
Shares
140
356
69
425
American Inv "B" com..*
Shares
142
Sale
25
624
'
1,090
Rentes 433%, 1932 B
Rentes 5%, 1920......
For footnotes see page 1858
The
604
70
"
Schneider & Cie
/1533
/235*
/44
coupons
125*
■100
48...
fifji
If 10
289
625
"940
880
291
346
Royal Dutch
Siem & Halske deb 6s.2930 f 25
7s
1940 /100 33
Stettin Pub Util 7s___ 1946
/23
fl2
mx
'36.
1951
..1956
95*
195*
Young
June 1 '35 to June
—
Saxon State Mtge 68.1947
f!8X
German
1633
25
910
17
Santa
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s. 1945
/56
/38
/1533
/23fiO
198
19,700
675
135
6%
67
196
19,700
71
Pechiney..
6,400
197
130
Pathe Capital
9733
5433
Francs
680
265
•
604
HOLI-
Lyon (P L M)__
Nord Ry
Orleans Ry
(Ger¬
Scrip
July to Dec 1933
Jan to June 1934
53 5*
Francs
19,500
>
820
....
Kuhlmann
/22
/55
many) 7s
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
Rhine Westph Elec 7% '36
644
<
Rentes, Pepetual 3%
Rentes 4%, 1917.
Protestant
19,700
\
Rentes 4%, 1918.........
Rentes 45*8, 1932 A
50
66
258
266
L'Air Liquide
24
24
3
/86
/84
25
45
260
197
810
Eaux Lyonnaise
cap
Energie Electrique du Nord
Energie Electrlque du Littoral..
/22
n2
AO
240
V
/9533
[
65*8..
/2333
/245*
Oldenburg-Free State 7%
535*
668
.
Courrieres.....
.1945
680
195
Credit Commercial de
France..
Credit Lyonnaise
to...
6,000
660
629
2533
mm
6,100
220
Transatlanttque
Citroen B
Oberpfak* Elec~7 %"Il946
76
Francs
5,900
640
Comptoir Nationale d'Escompte
Coty S A
North German Lloyd 6s '47
4s
1947
62
Francs
19,600
24
Panama 5% scrip
Porto Alegre 7%
3
Cie Generale
68
66
t~
by cable
5,700
Canal de Suez cap
Cie Distr. d'Electricitie
Cie Generale d'Electricitie
/24
/2433
^
received
as
Francs
Banque de Paris et Des Pays Bas
Banque de l'Union Parisienne..
Canadian Pacific....
t~-
1
5s.
Francs
.
Bank of France
/27
BOURSE
Sept. 12 Sept. 14 Sept. 15 Sept. 16 Sept. 17 Sept. 18
3933
Hungary 733s
1962 728
National Hungarian & Ind
Mtge 7%
1948
/28
70
AO.
A8
/52
5
40~
Nat Central Savings Bk of
145*
145*
/28
/-4
3
1934 4%.
THE PARIS
/24
(A & B)
1946-1947
CC&D7- —1948-1949
6
$1 lot
Quotations of representative stocks
each day of the
past week:
/22
105*
/3
3
Corp.,
1952
Municipal Gas & Elec Corp
Recklinghausen 7s__1947
Nassau Landbank 65*8 '38
Natl Bank Panama
633%
10J*
7
3
$ per Share
International
78 to.
1945
Munic Bk Hessen 7s to '45
/28
.
Cundlnamarca
1948
-.
Munich
19' 3
Issue of
1943
Mannheim & Palat 78.1941
Merldionale Elec 7S..1957
Montevideo 6s...
1959
22
Corp—
6>*s
1956
Leipzig O'land Pr 65*s '46
Leipzig Trade Fair 7s 1953
Luneberg Power Light &
Hungarian Bank
75*s
1948
Land M Bk Warsaw 8s '41
X
Angel
7225*
/29
/20
/29
/26
3833
/44 5ij
/23 33
/35
/27
Coupons
;
Koholyt 65*8...
24
67
15
Stocks
/2 9
llseder Steel 6s
Jugoslavia 5s...
/69
.
Bremen
155*
165*
7%
OX
ex
;8X
fox
f22X
665*
1
Ask
97
change Bank 7s
1936
Hungarian defaulted coups
Hungarian Ital Bk 75*8 '32
215*
Shares
/40
Hungarian Cent Mut 7s '37
Hungarian Discount & Ex¬
205*
Palatinate
53*
By A. J. Wright & Co., Buffalo:
Bid
24
/31
/20
.Bavarian
Dollar Bonds
Ask
Jan
95*
.
65*
45
Aug
Jan
Sept
Sept
Sept
Sept
Sept
Sept
127 5*
Mar
105*
Mar
June
18
285*
19
Aug
Sept
Apr
35
Aug
Bonds—
tScullin Steel 6s
1941
<St Louis Car 6s extd
United Railway 4s ctfs_.
*
No par value,
60
22
Jan
60
Sept
4,000
69
July
80
Sept
13,000
27
Jan
34
Apr
$9,000
t ln default.
CURRENT
NOTICES
Merchandizer Inc.
common;
Corp. (w. w.),
par
$1
$1.50 lot
Bonds—
$1,000 Central Public Utilities
Per Cent
reg.
income 533s, Aug. 1, 1952
53* flat
—The Continental
Bank &
Trust Co. of New York will supervise the
preparation and certify to the genuineness of signatures and
se
of $112,000
refunding bonds of the City of Elizabeth, N. J.
—Hemphill, Noyes & Co., 15 Broad St., New York,
fied list of State and municipal bonds.
are
offering
a
diversi¬
General Corporation
RAILROAD—PUBLIC
Sept. 19, 1936
Chronicle
Financial
1860
and Investment News
UTILITY—INDUSTRIAL—MISCELLANEOUS
Inc. (File 3-3-768), Wilmington,
Standard Canning Co.,
FILING
UNDER
REGISTRATION STATEMENTS
OF
SECURITIES ACT
Exchange Commission on Sept. 16
10 additional registration statements
and
Securities
The
announced the filing of
refiling), under the
$47,022,013, all of
One refiling amounting to
(Nos. 2451-2459, inclusive, and 2384', a
Securities Act.
The total involved is
represents new issues.
$1,875,000 is included in the total.
which
No. of Issues
10
The total includes the
has been
Total
——$47,022,013.00
'
Type
Commercial and industrial
Del. Offering
and 20,000
and
80,000 shares of class A 6% cum. pref. stock of $1 par value
class B stock of $1 par value in units of four shares of class A
one share of class B at $5 per unit. M. W. Pivitz, 7729 Euclid Ave., Chicago,
111., is President. No underwriter is named.
shares of
following issue for which a
release
published:
Columbia Systems,
Inc. (File 3-3-770), 1425 Eye St.,
N.W., Washing¬
of preferred stock of $50 par value at par
of no par value at $10 per share. E. V.
Wilcox, 33 W. Irving St., Chevy Chase, Md., is President. Columbia Co.,
Southern Building, Washington, D. C., is named as underwriter.
Literature & Arts Publishing Co. (File 3-3-769), Excelsior Building,
36 Toronto St., Toronto, Canada.
Offering 100,000 shares of common
stock of $1 par value at par. H. J. H. Shorse, 36 Toronto St., Toronto, Ont.,
Canada, is President.
No underwriter is named.
v--
ton, D. C.
Offering 1900 shares
and 500 shares of common stock
Butlers, Inc. (File
950 shares of 6%
3-3-771), 60 East Flagler St., Miami,
pref. stock of $100 par value and
cum.
Fla. Offering
950 shares of
stock of $1 par value in units of five shares of preferred and five
shares of common stock at $525 per unit.
Bernard Feldman, Venetian
Arcade, Miami, Fla., is President. Sayre & Co., Inc., 120 Broadway, New
York, Ni Y,, named as underwriters.
common
Spencer Trask Fund, Inc., 600,000
(see details in V. 143", p. 1729).
included in Release No. 1020.)
stock
shares of $1 par value common
(Docket No. 2-2454, Form A-l,
E. Hurl but Shoe Co., Inc. (File 3-3-772), 147 Dowling
Ont., Canada. Offering 10,000 shares class A stock of $10
at par.
Clayton E. Hurlbut, 147 Dowling Ave., Toronto, is
No underwriter is named.
The Clayton
included in the total are as follows:
Distilling Co., Inc. (2-2451, Form A-l) of Frankfort,
Ky., has filed a registration statement covering 50,000 shares ($1 par)
cumulative convertible preferred stock and undetermined number of shares
of $1 par value common stock to be reserved for conversion of the preferred.
The proceeds are to be used to reimburse the company for expenditures for
warehouse facilities, a steel and concrete bridge and other capital improve¬
ments, and for other corporate purposes.
F. S. Yantis & Co., Inc., of
Chicago, is the underwriter-.
A. L. Hinze, of Frankfort, is President.
Other issues
The K. Taylor
Filed Sept.
Barium
3, 1936.
;
Stainless
Steel Corp.
,
Ohio,
(2-2452, Form A-l) of Canton,
has filed a registration statement covering 432,400 shares ($1 par) co n a)a
stock, of which 200,000 shares are to be offered at $3.75 and the
232,400 shares are to be offered at the market. The proceeds are to be
for working capital.
J. A. Sisto & Co., of New York City, is the under¬
writer.
W L. Woodward, of Canton, is President. Filed Sept. 3, 1936.
remaining
used
Van
Machine
Norman
Tool Co.
(2-2453, Form A-2) of
Springfield,
($5 par)
Mass., has filed a registration statement covering 72,345 shares
common stock, of which 39,030 shares are presently outstanding.
The
outstanding
plant
proceeds to be received by the company are to be used to redeem
preferred stock of the company, for the construction and expansion of
and equipment, and for working capital.
Jackson & Curtis, of Boston, is
the underwriter.
Charles E. Van Norman, of Springfield, is President.
Filed Sept. 4, 1936.
filed
registration statement covering 40,000 shares ($25 par) preferred stock
and 80,000 shares (no par) common stock, to be offered in units consisting
of one share of preferred and one share of common at $25.25 a unit.
»The
remaining 40,000 shares of common are to be issued to W. W. McLellan, of
New York City, President of the company, as part consideration for the
transfer of certain contracts to the company. The proceeds are to be used to
organize the company, to purchase stores and open new stores, and for other
Williams Stores Co.
(2-2455, Form A-l) of New
Ybrk City, has
a
corporate purposes.
Filed Sept. 4, 1936.
Ave., Toronto,
par value
President.
is President.
National Credit Co. (File 3-3-776), Gay and Monument Sts.,
Md.
Offering 75,000 shares of class A non-voting common
value and 10,000 shares class B voting common stock of $1
par value in units of 15 shares of class A and two shares of class B
at $17 per unit.
A. G. W. Fritz, 3019 St. Paul St., Baltimore, Md.,
President. No underwriter is named.
The
Baltimore,
initially
is
Screw Co. (File 3-3-774), Vancouver National Bank Bldg.,
Wash.
Offering to the stockholders of the corporation 2,500
value common stock at $22.50 per share. If any of the above
shares are not taken by the stockholders, the shares not so taken will be
offered in whole or in part for sale to the public for cash at a price not
exceeding $30.50 per share.
John A. Zehntbauer, Portland, Ore., is Presi¬
dent. The offering is to be made through Hess & Butchart, Inc., American
Bank Building, Portland, Ore.
Phillips
Vancouver,
shares of no-par
registration statement also was filed with
will be found on a subse¬
quent page under the company mentioned.
United Air Lines Transport Corp. of Chicago (No. 2-2464, Form
A-l), covering issuance of $5 par value capital stock. Filed Sept. 11, 1936.
The following
the SEC,
details regarding which
Container Corp.
320,000 shares are to be offered at $8 a share, 300,000 shares are
for conversion of the preferred stock, and 150,000 shares are
reserved for exercise of the warrants.
The warrants will entitle the holder
of which
stock for each
The preferred
The proceeds
are to be used to purchase capital stock of stockyards companies, to retire
bonds, and for working capital. John DeWitt, of Chicago, and Jackson &
Curtis, of Boston, are the underwriters.
W. K. Wright, of Chicago, is
permitted to withdraw
companies have been
registration statements.
The following
their
Stockyards Corp. (2-2456,
registration statement covering
reserved
Drive, Calgary, Alta., Canada,
•stock of $1 par
Form A-l) of Chicago, 111., has
$5,000,000 15-year 4)4% sinking
fund collateral bonds, with non-detachable common stock purchase warrants
attached, 300,000' shares of no par value convertible preferred stock to
be offered at $12 a share, and 770,000 shares of $1 par value common stock
a
Canada.
J. M. Armstrong, 4240 Elbow
No underwriter is named.
value at par.
United
filed
Ltd. (File 3-3-775), No. 3 Alberta Block,
Offering 100,000 shares common stock of $1 par
Gold Mines,
Vee
&
Bee
Calgary, Alta.,
North Bangor
of America (V. 142, p.
Filed July 2, 1936.
906). Filed July 22, 1936.
Regal Textile Co., Inc. (V. 143, p.
previous list of registration
issue of Sept. 12, p. 1708.
The last
in
our
1936.
3504). Filed May 14,
Slate Co. (V. 143, p. 416).
statements was given
purchase on or before Sept. 1, 1951, 15 shares of common
$500 principal amount of bonds at a price of $10 a share.
to
stock is convertible into common on a share
President.
for share basis.
Filed Sept. 5, 1936.
(2-2457, Form A-2) of Toledo, Ohio has filed a
registration statement covering 68,732 shares (no par) common stock
and subscription warrants evidencing rights of common stockholders to
purchase the common stock on the basis of one-third of a share for each
share held.
Holders of the preferred and preference stock of the company
will be offered the right to exchange their stock for the new common stock
not taken by the common stockholders on a pro rata basis, and any shares
remaining are to be offered publicly. F. J. Koegler, of Toledo, is President.
Filed Sept. 5, 1936. .
Doehler Die Casting Co.
(2-2458, Form A-2) of Rochester,
N. Y., has filed a registration statement covering 40,000 shares ($100 par)
series E 5% cumulative preferred stock.
According to the prospectuss
the net proceeds together with other funds are to be used to redeem 40,000
shares of outstanding series B, 7% cumulative preferred stock at $106 a
share. Herman Russell, of Rochester, is President. Filed Sept. 8, 1936.
Rochester
Gas
Monthly Gross Earnings of
are
Railroads—The following
comparisons of the monthly totals of
all the
to the
Interstate Commerce
Commission:
A-l) of Los Angeles,
covering 50,000 shares ($1 par)
participating preferred stock and 50,000 shares ($1 par) common stock,
to be offered in units consisting of two shares of preferred and one share of
common at $2.50 a unit.
The remaining 25,000 shares of common are to be
issued to the promotors of the company.
The proceeds are to be used to
Hollywood Famous Pictures, Inc. (2-2459, Form
Eroduce motion pictures. John Charles, of Los Angeles, is President.
ept. 9, 1936.
,
Mergraf Oil Products Corp.
(2-2384, Form A-l, refiling)
Mich., has filed a registration statement covering 1,000,000
class A common stock and 375,000 shares ($1 par) class B
Filed
of Detroit,
shares ($1 par)
common
stock.
stated,
Only 500,000 shares of class A stock are to be offered at present, it is
but the underwriters reserve the right to market a larger number of shares
at their discretion.
The initial public offering price is $1.50 a share. Of the
class B stock being registered, not more than 250,000 shares are to be issued
to the underwriters, Falvey, Waddell & Co., Inc.; Charles C. Chaffee, and
New York City, and Edwin A. Sweet, of Pittsford,
New York, as additional compensation, and the remaining 125,000 shares
are to be issued over a period of five years to Edwin A. Taylor and William
M. Stedman as additional compensation under employment contracts.
The net proceeds from the sale or 500,000 shares of class A stock are to be
used to develop the business of the corporation, to pay current obligations,
and to provide working capital. Hubert G. Holmes, of Detroit, is President.
Filed Sept. 9, 1936.
Month
inc.
(+)
Rule 202 which
exempts from registration certain classes of offerings not
exceeding $100,000. The act of filing does not indicate that
the exemption is available or that the Commission has made
any finding to that effect.
A brief description of these
filings is given below:
Consolidated Mining Co.
(File 3-3-764), California Building,
$1 par value at par.
Denver, Colo. Offering 75,000 shares of class A stock of
A. Lamb, Idaho Springs, Colo., is President.
William
No underwriter is
named.
Lake, Ont., Canada.
Offering 100,000 shares of common stock of $1 par value at par.
Stanley
Kuhareki, Kirkland Lake, Ont., Canada, is President.
No underwriter
Armour Lake Gold Mining Co. (3-3-767). Kirkland
is named.
Per
or
1935
Cent
(—)
February..
263,877,395
254,566,767
257,728,677
248.122,284
March
280,492,018
292.798,746
April
May......
265,037,296
July
274,185,053
279,153,707
280,975,503
274,963,381
275,610,064
+6,148,718
+6,444,483
■—12,306,728
+9,147,757
—2,489,273
—1,431,003
—646,683
August..r.
293,606,520
282,324,620
+ 11,281,900
September.
306,566,997
275.158,450
October
340,591,477
292.495,988
256.637,723
257,201,455
+31.408,547
+48,095,489
+44,278,559
January
June
...
November
300,916,282
.
281,642,980
282,406.506
+38,679,418
December..
295,880,873
January
298,704,814
300.049,784
307,833.663
263,862,336
April
May
312.908,137
274,144,735
June
330,212,333
July
349,256,586
1935
1936
.
February
..
..
March
320,487,420
1934
Miles
Dec.
1934
1935
Miles
+2.39
r2.60
238,01 J
+3.45
237,995
237.951
—0.88
—0.51
t—0.23
238,162
280 484.056
279,133,293
280,967,649
274,921,824
238.629
+ 13.20
+ 17.87
237,078
238,393
237,051
237,054
238.280
237,431
237.385
237,306
237.074
1934
$51,351,024
$62,258,639
59,927,200
83,942,886
65,252,005
72,083,220
74,529,254
67,586,762
71,686,657
72,390,908
81,039,275
54.896,705
.
67,659,321
April
May
65,305,735
June
64,920,431
57.478,685
70,416,370
July
72,794,807
88,955,493
August
September
108,551,920
82,747,438
70,445,603
October
November
December
1936
+9.75
March
April
May
July
_
65,214,202
70,331,577
80,729,491
88,872,678
101,398,055
238,226
237,028
237,012
+27.04
236,672
236.814
238,208
238,159
238,019
237,892
(+) or Dec. (—)
Amount
—$10,907,615
—5,030,495
—16,283,565
+53,730
—1,666,850
—9,608,823
-10,108,077
+ 1,108,150
+ 16,564,585
+27,512,645
+22,685,802
+7,658,607
Per Cent
—17.50
—8.30
—19.40
+0.08
—2.31
—12.89
—14.96
+ 1.55
+22.88
+33.95
+37.77
+ 12.20
1935
51,905,000
78,326,373
February
June
60,061,636
62,786,896
67,383,511
64,601,551
71,711,908
January
1935
+ 14.14
+ 14.82
+ 17.53
Inc.
Net Earnings
March
239,020
239,000
238,955
238,819
238,791
238,668
238,436
237,800
237,700
1936
+34,842,478
+45,494,779
+27,349.607
+38.763,402
+ 41,354,127
+49,244,684
+ 74,334,762
1935
Ffihruary
239,246
239,129
238.980
+4.00
+11.41
+ 16.44
+ 17.25
+ 15.04
Month
January
239,506
239,433
238.245
—4*0
•
2.54,555,005
Cecil A. Young, all of
Prospectuses were filed for 10 issues under
of Road
Length
Gross Earnings
& Electric Corp.
Calif., has filed a registration statement
Bruce
railroad earnings,
and net (the net before the deduction of taxes), of
Class I roads in the country reporting monthly returns
both gross
55,402,531
68.205,090
+ 15,478,511
+9.199.020
+3,506,818
+ 13,112,171
+29.82
+ 16.60
+5.14
+20.11
+ 10,397,914
+ 14.78
64,826,419
+24,046,259
+37.09
57,345,375
+44,052,680
+ 76.82
Volume
Financial
143
Abitibi Power & Paper
George E. Challes,
a
1861
Co., Ltd.—Obituary—
director, died
Aeolian American Corp.
Years End. April 30—
Net income
Chronicle
on
Sept. 9.—V. 142, p. 3661.
Specialists
(& Subs.)- -Earnings—
1936
1935
$157,473
1933
1934
$80,674
$158,969
All
loss$37,424
Consolidated Balance Sheet April 30
Assets-
Cash
1936
Liabilities—
hand and
on
and
$284,838
$149,275
197,790
138,419
notes:
receivable
__
Accts. rec.y parent
co.
b
and subs
Inventory of
45,957
■
825,594
901,057
11,172
13,324
656,250
681,250
capital assets.
Idle plant exps.
•
Contingencies..
Profits since Aug. 1
1932.
Capital surplus
..
23,730
84,692
675,000
52,219
675,000
$2,021,603 $1,907,0661
cost
Total...$2,021,603 $1,907,066
or
The directors have declared a
dividend of 3 cents per share on the common
stock, par 25 cents, payable Oct. 15 to holders
of record Sept. 30.
This
compares with 2 cents paid on
July 15, last; 3 cents on April 15, last; 2 cents
on Jan. 15.
last, and on Oct. 15, 1935; 3H cents on
July 20, 1935 and 3
cents per share distributed on
Jan. 5, 1935.
\
Since
the 25-cent par stock is
exchangeable for
time before Oct. 15, on the basis of one
$1.25
new $1.25 par stock
par share for each five
shares, stockholders will receive 15 cents per share on the new
stock instead of 3 cents
per share on the old stock.—V. 143, p. 1063.
25-cent
par
Ainsworth Mfg. Corp.—50-Cent Special Dividend—
directors
have
declared a special dividend of 50 cents
per share
the common stock, par
$10, payable Oct. 5 to holders of record Sept. 28.
A like payment was
made on July 10 and April 10 last.
A
on
special dividend of
$1 was paid on March 2,
1936, and on Dec. 28, 1935; 75 cents was paid on
June 28 and March 4,
1935; $1.25 on Dec. 27, 1934 and 50 cents per share
Dec. 27, 1933 and
on
on
March 15, 1932.—V. 142, p. 4010.
Akron, Canton & Youngstown Ry.—Time Extended—
The time for filing a
reorganization plan for the Akron Canton & Youngs¬
Ry. and the Northern Ohio Ry. has been extended to Nov.
25 by the
Jederal District Court for the Northern
District of Ohio at the request of
the trustees, the committee for the
Northern Ohio first mortgage 5s of 1945
reported Sept. 14.
town
''Pending the delay, your committee has succeeded in
obtaining a new
unpaid coupons annexed to the Northern Ohio
Ry. first mortgage 5% gold bonds," the committee said
in a letter to
bondholders, "which offer will yield to all accepting holders of
certificates of
deposit for said bonds and to all
accepting bondholders a sum equal to the
offer for all past due and
entire amount of their interest
coupons now past due and unpaid.
"The transaction will again constitute
coupon sales and will not operate
to cancel the
coupons sold or the debts evidenced
by them.
The present
Offer
supersedes all prior offers and the offerer
revoke at any time."—V.
143, p. 1384.
has reserved the right to
.
TEL.
^;
1
NEW YORK
RECTOR
2-7815
theretofore issued and outstanding under the mortgage and deliveredTto
the trustee by the company during the 12-month
period ending on such
April 30 for surrender and cancellation; provided, that such bondable
an
4lA% series due
16 through an underwriting group
Sons, Inc., Central Republic
Co., Chandler & Co., Inc., Stroud & Co.,
Inc., Bond &
Goodwin, Inc., and Burr & Co., Inc.
The bonds were
priced at 98 A plus int., to yield about 4.64% to
maturity.
was
headed
made
by E.
Sept.
H.
Rollins &
Dated Aug. 1, 1936; due Aug.
1, 1951.
Principal and semi-annual
(Feb. 1 and Aug. 1) instalments of int.
payable at principal office of Central
Hanover Bank & Trust Co. in New York in
such coin or
currency of the
United States as at time of
payment shall be legal tender for payment of
public and private debts.
Red. as a whole at any
time, or in part from time
to time, at option of
company, on not less than 30 days nor, more than 90
days published notice at following pricesand int.; 105 if red.
on or before
Aug. 1, 1940; 104 if red. thereafter on or before
Aug. 1, 1941; 103 if red.
thereafter on or before Aug. 1, 1942; 102 if
red. thereafter on or before
Aug. 1, 1943; 1013^ if red. thereafter on or before
Aug. 1, 1944; 101 if
red. thereafter on or before
Aug. 1, 1945; 100M if red. thereafter on or
before Aug. 1, 1946; 100H if red: thereafter
on or before
Aug. 1, 1948;
100 if red. thereafter before
maturity, provided that in the event bonds
shall be called for
redemption through the bond retirement and
property
improvement fund, such bonds shall be redeemable at
following prices
and accrued int.: 10133 if red. on or before
Aug. 1, 1939; 101 if red. there¬
after on or before Aug. 1, 1942; 10033 if red. thereafter
on or before
Aug.
1, 1945; 100H if red. thereafter on or before
Aug. 1, 1948; 100 if red. there¬
after before
maturity.
Coupon bonds in the denom. of $1,000,
registerable as to principal only.
Company will agree to reimburse the holders
of the
bonds, upon proper application, for Penn. personal
property taxes
exceeding 5 mills and Mass. taxes based on or measured
by income
exceeding 6% per annum on the interest payable thereon.
Issuance—Authorized by the Alabama Public Service
Commission
A
bond retirement and property
improvement fund is to be provided in the
mortgage for the benefit of these bonds.
History and Business—Company was
incorp. in Alabama March 20, 1929
Company was incorp. under the name of Alabama Utilities
Service Co.,
which name was
changed, by
not
not
an
amendment
to
its
certificate
of incor¬
poration, to Alabama Gas Co. on Aug. 10, 1936.
Company owns property
only in the State, of Alabama and is qualified to do business
only in that
State.
Company has been engaged in business since 1929 at which time it
acquired its property (excluding the property of
Tri-Gity Gas Co., acquired
by merger in 1934) from predecessor companies which
had been engaged
in the
manufacturing and distribution of gas for a number of years
prior to
that date.
On
May 1, 1929, the company acquired the physical
property then
by Alabama Power Co. for gas manufacture
and(or) storage
vicinity of, the Cities of Anniston, Decatur, Mont¬
gomery,
Selma, and Tuscaloosa, Ala., respectively, together with
the
gas distribution and (or) transmission systems and all
franchises, easements
contracts and all other property,
including materials and supplies and
accounts receivable, used
exclusively for gas purposes in connection with
such physical property and such distribution and
(or) transmission systems
The Tri-City Gas Co., which operated
in, and in the vicinity of, Gadsen
Ala., was merged with and into the company as of Nov.
30, 1934.
Shortly after it acquired the above properties, the
operated
purposes in, and in the
company commenced
the distribution of natural gas in certain of the
communities formerly served
with manufactured gas and at the
present time natural gas service is fur¬
nished in the following cities, suburban
communities, and rural and suburban
territory continguous thereto, all within the State of Alabama:
city of
Anniston and the suburban communities of Oxford
and Blue Mountain
in Calhoun County; city of Gadsden and the
suburban
Attalla in Etowah
community
further, that during the 12-month period ending April 30, 1937, and during
each of the four succeeding 12-month periods
ending April 30, at least
$30,000 in cash and(or) principal amount of bonds of the 433% series
due 1951 will be delivered to the trustee pursuant to the
provisions of the
bond retirement and property improvement
fund, and that during each
the next five succeeding 12-month periods
ending April 30, at least
$50,000 in cash and (or) principal amount of bonds of the 433% series due
1951 will be delivered to the trustee pursuant to the provisions of the bond
retirement and property improvement fund,
and/that during each of the
five following 12-month periods ending April
30, at least $70,000 in cash
and (or) principal amount of bonds of the 4 33% series due 1951 will be
delivered to the trustee pursuant to the provisions of the bond retirement
and property improvement fund.
V;
Any cash so received by the trustee pursuant to the provisions of the bond
retirement and property improvement fund shall be
applied by the trustee
in the purchase of bonds of the 433% series due 1951 in the
open market
at any time at or below the
redemption price then in effect with respect
to the redemption of bonds of the
433% series due 1951 through the bond
retirement and property improvement fund.
If, after 90 days from the
receipt of any such money, the remaining amount then held by the trustee
is sufficient to redeem $10,000 or more in
principal amount of bonds, such
balance shall be applied by the trustee in the
redemption of bonds of the
433 % series due 1951.
All bonds purchased or redeemed by the trustee
pursuant to the provisions of said fund shall be incinerated.
Purpose and Proceeds—The estimated net proceeds to be received by the
company from the sale of the bonds of the 433 % series due 1951, exclusive
of accrued interest, and after deducting estimated
expenses in connection
with the issue and sale thereof will be $1,389,300.
Out of such proceeds, the company will deliver to Consolidated Electric
& Gas Co., the parent of the
company, $127,000 in cash, in consideration
of
of the surrender to the company for cancellation and retirement
of the
$127,000 of the first mortgage 6% gold bonds, due July 1, 2025, of TriCity Gas Co., assumed by the company.
Company will deliver to Con¬
solidated
Electric
Management Co.,
&
a
Gas Co. (as the nominee of
Safety Engineering &
subsidiary of Consolidated Electric &. Gas Co., the
parent of the company). 8,500 shares of the no
of the company, a $200,000 633 % income note
par
value
common
stock
(unsecured) of the company
Safety Engineering & Management Co., $1,100,000 in cash, out
of the proceeds of the bonds, in consideration of the surrender to
the com¬
for cancellation and retirement of the $1,631,300 first mortgage
6% gold bonds, due May 1, 1936, of the company. $90,000 o: the proceeds
of the bonds will be applied in part payment of bank loans of the
company.
On June 30, 1936, bank loans aggregated $100,376 but will be reduced
prior to the sale of the bonds and in the event bank loans exceed $90,000
pany
,
at that
time, the balance of bank loans will be paid out of the general funds
of the company.
The balance of the proceeds from the sale of the bonds, which balance is
estimated as $72,300, will be used by the company for the construction
of
additions
and
betterments
its
to
plant,
property
and
facilities.
The $1,300,000 8% income note of the
company now outstanding and
owned by Consolidated Electric & Gas Co., the parent of the
company,
will be refunded by the delivery of a new $1,300,000
633% income note,
be unsecured, to be dated July 1, 1936, and to mature
July 1,1956.
The $200,000 633% income note of the company to be delivered to
Safety
to
Engineering & Management Co., as above provided, will be in like form
Safety Engineering & Management Co. will assign and transfer
and tenor.
said $200,000 633% income note of the
company to Consolidated Electric
& Gas Co. and the company will issue and deliver to Consolidated
Electric
& Gas Co. its $1,500,000 633% income note to be
unsecured, to be dated
July 1, 1936, and to mature July 1,' 1956, in lieu of the delivery of the two
income notes for $1,300,000 and $200,000, respectively, as above described.
Part of the proceeds from the sale of the bonds will
be used to retire
$1,631,300 first mortgage 6% gold bonds of the company and $127,000
of first mortgage 6% gold bonds of Tri-City Gas
Co., assumed by the
company.
Capitalization—The capitalization of the
company as
of June 30, 1936,
and
as
adjusted to reflect the issue of the first mortgage bonds, 433%
series due 1951, the issue of new income notes, due 1956, the authorization
and issue of common stock, and the retirement of the
outstanding indebted¬
ness
for which provision is to be made,
requirements thereon, are as follows:
Y
•
together
with
annual
Outstanding
As Of
Alabama Utilities Service Co 1st mtge 6s, 1936--
Tri-City Gas Co. 1st mtge. 6s, 2025—
8% Income note (unsecured) due Oct. 1, 1944—
1st Mtge. bonds, 433% series due 1951---.
6 33% Income notes (unsecured) due 1956
x Common stock (no par)
__
—
June30,'36
$1,631,300
127,000
1,300,000
51,500 shs
interest
To Be
,
Outstanding
$1,500,000
1,500,000
60,000 shs
x Owned by Consolidated Electric & Gas
Co., the parent of the company.
Consolidated Electric & Gas Co. will acquire the 8,500 shares of additional
stock to be issued, simultaneously with or
shortly after the issue
thereof by the company.
common
Earnings—The operations of the company, including Tri-City Gas Co.
Nov. 30, 1934, when it was merged with the
company, for the years
1935, and for the 12 months ended June 30,
1936, and the annual interest requirements on the bonds of the 433%
series due 1951 to be outstanding upon completion of the present
financing,
as shown in the preceding statement of capitalization, are as
follows:
to
ended Dec. 31, 1933, 1934 and
—
.
■
Gross oper. revenues
12 Mos. End.
June 30 '36
Net oper. revenues
Non-oper. income
-
$1,138,690
922,920
$1,430,167
1,145,088
$1,687,314
1,359,446
$159,176
163
Operating expenses
Balance-
12 Mos. End. Dec. 31
—
1934
1935
1933
$969,040
809.864
$215,770
$285,079
343
$327,868
252
$159,339
$216,022
$285,422
$328,196
75,000
Provision for retirements-—
—
—
328
of
County; city of Montgomery in Montgomery
Countycity of Selma in Dallas County; city of Tuscaloosa in Tuscaloosa
County'
The company continues to manufacture, distribute
and sell artificial
gas in the city of Decatur in Morgan County for the reason
that the ex¬
tension of the natural gas pipe line to
Decatur, a distance of approximately
67 miles, has not been deemed economically advisable.
Bond Retirement and
Property Improvement Fund—Company will covenant
in the mortgage that, so long as any of the bonds of
the 433% series due
1951 remain outstanding, it will, on or before
April 30 in each
year (com¬
mencing April 30, 1937) pay to the trustee, in cash, as a "bond
retirement
and property improvement fund," the sum
resulting after deducting from
$100,000, all or any part of the following amounts which the
company
may elect to subtract or take as deductions from such sum of
$100,000:
(1) any or all bondable property additions (as defined in the
mortgage)
completed or charged on the books of the company during the period from
Jan. 1, 1936, to the Dec. 31 immediately
preceding each aforesaid April 30;
and (2) 100% of the principal amount of bonds of the
433 % series due 1951
been and shall not thereafter be used as the
basis of the issuance of any additional bonds or as a subtraction or deduc¬
in determining the amounts of
payments to such fund; provided,
tion
and, to,
Alabama Gas Co.—Bonds
Offered—Public offering of
issue of 11,500,000 first
mortgage bonds,
1951,
/New York Stock Exchange
New York Curb Exchange
j
BROADWAY,
32,947
24,183
Affiliated Fund, Inc.—Extra Dividend—
paid
120
56,250
31,250
32,947
market, whichever is lower,
c After deducting
$1,490,665 in 1936 and $1,512,419 in 1935 for reserves.—V.
141, p. 2426.
The
.
Members
1
'
Inventory at
some
McDonnell & Co
125,000
property additions have not
Total
b
Dividend payment
Reserves for—
Future deprec. of
Plant & equipm't
taxes,
c
23,739
prepaid
&c__,
Pat'ts, trademarks
'l
&C-u—-
1935
1936
$50)
$1, 000,000 $1,000,000
Accounts payable258
28,087
Accrued liabilities48.726
38,379
raw
materials, &c:__
Unexpired insur'ce
prem.,
Rights and Scrip
Capital stock (par
in banks.-—__
Accts.
1935
in
Balance before interest and other income charges
Miscellaneous interest and other income charges
$253,196
6,915
Balance before interest on long term debt and Federal and
State income taxes
Annual int. require, on 1st mtge. bonds, 433 % series due 1951
Number of times such annual interest requirements earned on
basis of above earnings for 12 months ended June 30,1936:
-
Before provision for requirements
After provision for retirements
$246,281
67,500
4.75
3.65
Management & Control—All of the common stock of the company is
owned by Consolidated Electric & Gas Co., all of whose
common stock is
owned by Central Public Utility Corp. (Del.)." All of the
common stock
of Central Public Utility Cprp. is held by Christopher H.
Coughlin, William
T. Crawford and Rawleigh Warner, as voting
trustees.
Consolidated
Electric & Gas Co. has outstanding 183,008 shares of preferred
stock entitled
to vote because of default in payment of dividends, and
74,494 shares of
Financial
1862
such
stock
are
owned by Central Public
Utility Corp.
Giving effect to
of such preferred stock Central Public Utility Corp. owns
90.83% of the voting power of the outstanding securities of Consolidated
Electric & Gas Co.
Central Public Utility Corp. has outstanding approxi¬
mately 320,400 shares of preferred stock entitled to vote because of default
in payment of dividends and after giving effect to the voting power of
such preferred stock, the voting trustees hold 80.20% of the voting power
of the outstanding securities of Central Public Utility Corp.
Underwriting—The name of each underwriter and the respective amounts
severally underwritten, are as follows:
the voting power
E. H. Rollins & Cons, Inc., New York
$475,000
A
Central Republic Co., Chicago
Chandler & Co., Inc., Philadelphia
275,000
275,000
Strout & Co., Inc.. Philadelphia
^v,.,
^., x
Bond & Goodwin, Inc., New York
Burr & Co., Inc., New .York
200,000
175,000
100,000
~
&
motor
cars.—V.
143, p.
The New York Curb
Crystal Sugar Co.—Initial Common Dividend
American
1935
Income from.oper. (after prov. for deprec. of fixed
assets
but
before deducting the
undernoted
charges)
$171,522
$144,261
—
18,608
This
company
161,822
1,000
10,000
500
-
Prov. for Dom. & Prov. income taxes (estimated)-
(Ga.)—Larger Dividend—
American Discount Co.
declared
directors have
dividend of 30 cents per share on the
a
A
in
1,
1934 to July 1, 1935, inclusive; 10 cents on April 1, 1934 and 7^ cents
per share paid each three months previously.—V. 142, p. 4165.
$178,813
164,284
Bond interest and exchange;
Directors' fees-
was
V. 143, P. 98.
7,290
$162,869
Total income-...
declared an initial dividend of 50 cents per share
$10, payable Oct. 1 to holders of record Sept. 21.
formerly known as the American Beet Sugar Co.—
the common stock, par
on
common
1936
Income from investments
Exchange has admitted to listing and registration
$25 par, with non- *
stock, no par value, payable to holders of record Oct. 1.
dividend of 25 cents was paid on July 1, last, as against 20 cents paid
each of the three preceding quarters: 15 cents each three months froin July
Ltd.—Earnings—
Years Ended June 30—
12,000
American Maracaibo
Co.—Earnings—
account
$12,415
-
sur.
$4,491
Note—The provision made for depreciation of fixed assets amounted to
$351,332 in 1936.and $352,614 in 1935.
Balance Sheet June 30
1936
115,062
x
Aocts., &c., rec
grain & coal (net) 2,940,140
Acer, taxes
Saskatchewan Gov.
James
Stewart
Sundry creditors
&
140,000
Co., Ltd
Memberships
.
587,558
Total
x
After
38,455
32,504
444,423
38,455
26,361
Exchange..
Investments
in 1935.
Bond redemp. res.
Contingency res've
on
Deferred charges.
__
10,527,4421
9,475,998
35 U 2 58
Profit and loss
1935
866,403
18,376
1,994
46,114
85,961
27,069
378,441
receivable..
$57,715
Inventories
------
y
90,033
J,778,415
2,473,725
ven¬
Cap.stk. ($1 par). 1,778,415
2,280,939
Capital sur plus..
.
for depreciation of $2,047,815 in 1936 and $1,722,335
Represented by 80,000 no-par shares class A stock.—V. 141,
After
Alliance
for depreciation, depletion and
reserves
amortization.—V. 141,
2267.
p.
American National Co.-
-Earnings1935
dividend of $3 per share on account of
accumulations on the 6% cum. preferred stock, payable Oct. 1 to holders
of record Sept. 22.
A similar payment was made on April 1, Feb. 14 and
Jan. 9 last, this latter being the first distribution made on the preferred
stock since April 1, 1931, when a regular semi-annual dividend of $3 per
paid.—V. 142,
p.
—
profit after depreciation
2142.
Preferred dividends..
America—Preferred Dividend—
of life insurance.
■
•
ury
cipal requirem'ts
bonds
809,555
of other cos.
,
American Brake Shoe & Foundry
dividend of 40 cents per share on the com¬
mon stock, no par value, payable Sept. 30 to holders of record
Sept. 25.
A like payment was made on June 30, last, and compares with 30 cents
paid on March 31, last: 25 cents paid on Dec. 31, Sept. 30 and June 29,
1935; 20 cents in each of the five preceding quarters, and 15 cents per share
paid each three months from June 30, 1932. to and incl. Dec. 30, 1933. In
addition an extra dividend of 25 cents was paid on Dec. 31, last, and an
extra dividend of 5 cents per share on March 30, 1935.
a
Vice-President.- -V. 143,
American Chain Co.—Common Stockholders
InTa letter to the
common
stockholders
p.
573.
Offered Rights
President William T. Morris
stated:
lia'Tt is contemplated that the underwriters -will offer the holders of com¬
mon stock the privilege of subscribing for and purchasing subject to allot¬
ment at price of $100 per share such of the 110,000 shares of 5% convertible
preferred stock as are not required for issuance in exchange for the 7%
cumulative preferred stock in accordance with the offer which it is expected
will be made to the holders of such 7 % cumulative preferred stock on or
about Sept. 21, and which will be underwritten when made.
,
► "The offer to holders of common stock, if made, will be made on the
same date on which the offer is made to holders of the 7% cumulative pre¬
ferred and will expire on the same date as the offer to holders of the 7 %
cumulativejpreffered stock, Sept. 30."
for
con¬
929,828
1
1
10,458
17,790
tingency & losses
12,000
12,000
pref. stk.
8100)
189,900
240,000
7% cum. pref. stk.
ser. B (par $100)
110,600
451,000
Surplus
719,845
118,900
504,350
1,035,146
Dr39,699
31,968
851,733
7%
Unamortized bond
dlsct. & expense
cum.
ser.
A (par
Treas.stk. at cost.
After
a
for depreciation
of $1,010,399 in 1935 and
American Piano Corp.
(& Subs.)—Earnings1936
1935
$66,215
$56,120
1934
,
crediting dividends
after
profit
$1,099,462
142, p. 2814.
Years Ended June 30—
Net
,
.—.$2,894,473 $2,853,237
Total
$2,894,473 82,853,237
reserves
in 1934.—V.
loss$64,852
Consolidated Balance Sheet June 30
a
Accounts payable.
225,183
Accrued liabilities-
$27,522
27,524
103,258
104,618
5-yr. 6 % gold debs
176,440
$26,975
20,158
264,660
46,353
Accts.& notes rec
from
67,947
Liabilities—
1935
Deferred credits.
finance
companies
.....
13,405
14,568
1
1
Other investmentrec., incl.
accrued interest
34,669
&
20,054
def.
since
244,104
Surplus from July
66,215
14,138
1,000,000
charges
1,000,000
fixtures,
29,696
Factories
to
36,209
333,500
1
stores
329,500
be
sold
Leasehold impts..
1
$1,907,249 $1,926,532
Total...
a
Earned
190
92,874
1,200,000
371,344
194,433
Aeolian
American Corp.
b
Capital surplus.
1 1935
Prepaid expenses &
Furn.
1,680
36,523
1,200,000
371,344
June 6 1930
Mtges.
in
Class A stock
d Class B stock
Am.
Corp
deferred
_
Reserves
c
consigned
Aeolian
to
1935
$$9,695
1936
Inventoried
Invent,
1936
$108,156
252,825
Assets—
Cash....
Invest,
Vice-President.
5,745
702,000
593,150
payable
Com. stk. (par $25)
42,363
&c_.
marks
Due
a
William E. Crocombe has been elected
Bonds
Reserves
Patents and trade¬
•
Co.—40-Cent Common
93,148
5,663
stock
from Aeolian American Corp
*
The directors have declared
55,610
67,436
prepaid
r
Dividend—
391,987
payable..
Divs. payable, pref
(at
Land, bldgs., ma¬
chinery & eq* .&c
of accumulations on the $7 cum. pref. stock, par $50,
holders of record Sept. 25.
Similar distributions were
The special stockholders' meeting called to approve a recapitalization
plan has been adjourned to Sept. 30.
The adjournment was taken to secure
a larger stockholders' approval to the plan.—V. 143, p. 1385.
78,350
..._
Accts. and accrued
•items
55,610
14,818
insurance,
a
Amalgamated Leather Cos., Inc.—Accumulated Div.—
payable Oct. 1 to
made each quarter
since April 1, 1934, this latter payment being the first made since Oct. 1,
1920, when the regular quarterly distribution of $1.75 per share was made.
in 1936
2,535
684,122
Investments—Stks
Total..
dividend of 50 cents per share on account
330,000
Sinking fund prin¬
treas-
Mdse. inventory..
Supplies,
dividend of $1.50 per share on account
preferred stock, par $100, payable Oct. 1
to holders of record Sept. 15.
Previously regular quarterly dividends of
37
cents per share were distributed from April 1, 1933 to and including
July 1, last, and 75 cents per share were paid in each of the four preceding
quarters.
In addition an accumulation dividend of 50 cents per share was
paid on July 1, April 1 and Jan. 1, last, and accumulation dividends of
25 cents per share were distributed in each of the four preceding quarters.
—V. 143, p. 1063. "
$11,975
Notes pay., banks.
42,408
741,187
46,492
965,788
Notes & accts. rec.'
on
$181,648
payroll drafts..
Cash surrender val.
Coupons
1934
Bank overdrafts &
$358,444
S19.557
1935
Liabilities—
1934
1935
Assets—
Cash
a
Meeting Adjourned—
sur$80.629
Balance Sheet Dec. 31
Other assets
a
4,616
$337,828
—
Dey Brothers at Syracuse—
the 6% cum.
The directors have declared
$312,028prof$l 17,235
21.184
36,606
.
Common dividends..
Deficit
_
The directors have declared
98,436
21,994
Federal income tax
cost)
.,
on
Interest, discounts, &c., net—
.
The corporation has purchased Dey Bros., a leading Syracuse depart¬
ment store.
The store was operated under the new ownership Sept. 16.,
according to B. Karl Puckett, President of Allied Stores.
The Allied Corporation has purchased all of the common stock and has
agreed to purchase all of the preferred stock of Dey Bros.
The deal in¬
cluded the real estate occupied by the store, which is said to be one of the
key retail locations in Syracuse, and is valued by outside interests at
$2,000,000.
It is understood that the transaction was between Allied Stores
Corp. and Robert and Donald Dey, the founders of .the business, and that
it was an all-cash deal.
The amount involved was not revealed.—V. 143,
1217.
$771,171
533,504
a
Allied Stores Corp.—Buys
Aluminum Co. of
$828,283
57,112
$296,201
520,635
87,594
Depreciation—
Administrative and selling expenses.
Corp.—Accumulated Dividend—*
1934
$365,297
69,096
Years Ended Dec. 31—
Gross
Investment
of accumulations
$6,468,937 86,643,625
Total
86,468,937 $6,643,625
Total
x
142, p. 4165.
New
int.
reserves
The directors have declared
I
on
notes
1,445
9,475,998 10,527,442
Allemannia Fire Insurance Co.—Extra Dividend—
have declared an extra dividend of 5 cents per share in
a regular quarterly dividend of 25 cents per share on the capital
stock, par $10, both payable Sept. 30 to holders of record Sept. 19.
A
similar extra dividend was paid on June 30 and March 30, last, and on
Dec. 30, 1935.
The company paid extra dividends of 10 cents per share on
Jan. 2, 1935 and in each of the four quarters prior to this latter date.—
p.
191,864
4,409
coll.
dors' lien notes.
Total-
353
42,556
281,303
on
int.
Acer.
The directors
share was
278
38,301
Unearned income-
3,575
2,909
2,054,143
2,070,836
Foreign taxes
6,562,664
Acer.
Prepaid taxes, in¬
surance, &c
$9,624
$12,222
2,231
payable.
domes.
debt
Funded
1934
1935
Taxes pay.,
1,751
Properties, plant
and equipment. 6,378,587
x
Accounts
20,048
addition to
V.
-
Liabilities—
1934
Assets—
Acc ts
1924.
p.
.
off—
Consolidated Balance Sheet Dec. 31
Cash
203,702
$126,666
-
Loss for the year--
3,308,155
21,774
260,239
86,656
estimated)
129,872
48,061
...
payable
2,678,000
(partly
3,277
157,759
22,746
$137,531
:
—
Total income
800,000
$184,579
127,461
3,934
148,072
—
3,000,000
_
Stocks on hand of
Relief Coram'n.
$
$158,739
25,839
$137,783
123,307
operating income
Other income
Depletion and depreciation
Development and equipment written
1935
S
Liabilities—
5,940,080 7% pref stock.... 3,000,000
800,000
38,282 y Common stock.
205,686 6% 1st mtge. bds. 2,678,000
Bank accounts
2,162,000
116,070
3,558,138 Current balances.
5,605,277
32,869
197,276
Properties
Cash-.
1936
$
113,265
$134,785
2,997
—
Sundry charges
1935
$
Assets—
$272,005
$249,848
operating income
Operating expenses, &c
Interest on notes
1934
1935
Years Ended Dec. 31—
Gross
Net
Bal.loss transf. to surplus
Corp.—Admitted to
Light
&
Power
class A stock, optional dividend series of 1936,
detachable stock purchase warrants.—V. 143, p. 1549.
the
The
.
Cities
Listing and Registration—
1217.
Alberta Pacific Grain Co.,
Nil
Nil
$0.83
undistributed profits.-?—V. 143, p. 1709.
Before surtax on
American
$244 ,500 Ioss$656,753
$517,706
$3.69
(no par).
x
The directors have
Alabama Tennessee & North. RR.Corp.— Trustee's Ctfs.
11 authorized the com¬
pany to issue not exceeding $30,000 trustees' certificates of indebtedness,
to be sold at par and the proceeds used to purchase two gasoline-electric
1935
1936
profit after deprec.
prov.. for
Fed. &
foreign inc. taxes
x$l ,221,335
Earnings per share
on
250,000 common shs.
6 Mos. End. June 30—
1933
1934
Net
—V. 143, P. 1709.
The Interstate Commerce Commission on Sept.
1936
Sept. 19,
Chronicle
Total
81,907,249 $1,926,532
b After deducting mortgage outstanding
$10,500 in 1935. c 240,000 no par shares, d 742,688
shares.—V. 141, p. 1083.
After
deducting reserves,
of $6,500 in 1936 and
no
par
American
Ship Building Co.—-To
is to the
Liquidate Subsidiaries
report for the year ended June 30,
of this company deciding that it
advantage of the company that its subsidiaries be liquidated and
President W. H. Gerhauser, in annual
1936 stated* "The officers ahd directors
Volume 143
Financial
Chronicle
-*->he ownership of their
properties be transferred directly to this
company,
°n July 23,
last, took appropriate action to
acocmplish this.
It is ex¬
pected that liquidation will
be completed within the next few months."
—V. 143, p. 1709.
submitted
cash bid of $5,000,000 for the
physical assets of the company,
less the stock in the
Delta Land Co., which was
judged of no value.
Of
this amount
$500,000 has been paid.
Attorney Lothrop Withington,
American Service
Co. (&
who respesented Eliza S. Leland in the
proceedings, asked the trustees what the assets of the
company
other than the
$5,000,000 cash in sight from Amoskeag Industries.
Mr. Peabody
replied that the company had cash of
approximately $8,800,000
iwhich it later
developed included the $500,000 down payment received
from
Amoskeag Industries) plus $500,000 of receivables. This
gave a total
of $9,300,000.
from which should be deducted less than
$100,000 of debts
of
Amoskeag Manufacturing Co. at the time it filed its
bankruptcy petition.
The $4,500,000
remaining to be paid by Manchester interests would give a
net total of
$13,700,000, which Mr. Peabody said, in his opinion, should
pay all claims,
including the $11,379,000 bonds, plus accrued interest, and
allow for
bankruptcy
Subs.)—Earnings—
were,
Consolidated Income Account for Year Ended
Dec. 31,1935
Sales (net)—
——————
$2,828,157
Cost pf sales
Other operating costs
1,237,683
-
„
I
Operating income
Otherincome—
...
1,281,429
$309,044
——————
————,1-——l.
43.575
*
Total income
Other
deductions
Provision for depreciation
-
Net income
Proportion of losses
—
„
....
_
_
expenses of
$352,619
21,623
271,016
_
....
.
....
of sub. cos.
Net income accrued to
Previous deficit
applic. to minority interests.
$59,980
1,231
_
company———.————
I
.
prepared
and
1
statements
American
of
Amoskeag Industries
7,002
:
_
earned surplus, Dec. 31
Note—In prior years
consolidated
Liabilities—
..
on
hand...
$598,603
receivable
169,524
119,520
32,082
Inventories
Other assets
Invest, in & current
operating
accts. with affiliated
cos
b Fixed
5,627
5,216,751
15,938
-
assets
Deferred charges
Net operating income
Interest on loans, bank
money
S27.700
maturing in 1936
Accounts payable..
8,744
23,022
12,701
34,996
64,863
360,859
Ice & mdse.
coupons outst'g..
Accrued liabilities
Other liabilities
Reserves...................
e
Common stock
Capital surplus
Earned
Total
$6,158,046
.
Assets—
Cash on hand & bank
bals...$12,733,755
Loan against collat.
security
with accrued int.
thereon..
receivable
surplus..:
Accounts
Investments-
After
Lands, pipe line, bldgs.,
plant, &c___:_
Prepaid & deferred charges..
Earned
$873,918
88,563
25,500,000
2,589,040
reserves.
surplus
Proportion of earned surplus
reserved in accordance with
Colombian
law
5,197,399
4,342,579
10,536
|
.$34,248,922
Total
After reserves for
depreciation and amortization of
b Represented
by 2,550,000 no par shares.—V.
$34,248,922
a
142,
Archer-Daniels-Midland
Pears End. June 30—
Net sales.
Balance
dividend of 50 cents per share on
the
stock, no par value, payable Nov. 30 to
holders of record Nov. 6.
similar distribution was made on
Aug. 31, last, and compares with
40 cents paid
pn May 29 and Feb. 28
last, this latter payment
first dividend distributed on
being the
the common stock since
Feb. 1, 1932, when
12H cents per share was paid.—V.
143, p. 743.
a
$20,732,792.
p. 3332.
(& Subs.)—Earnings—
fc
zl935
yl934
1933
65,596,282
615,005
Depreciation
$4,805,197
522,390
Other oper. revenues..,
common
Co.
zl936
..$71,016,484]
Cost of sales, &c
American Smelting &
Refining Co.—50-Cent Div.—
directors
have declared
__
Total
Insurance
Capital stock
21,413
1,029,025
924,680
64,466
—
a
Total......
reserve for
The
—
currency)
Liabilities—
222,194
Inventories
Long-term loan
Special trust funds
10,200,000
——
Accounts payable..
14,900,271
—_
$6,158,046
uncollectible accounts and notes of
$34,984.
b After
reserve for
depreciation of $521,303 and excess
of company's
net worth of
equity in
subsidiaries over book value of its
investments therein of
$68,484.
c
Authorized, 80,000 shares of no par value.
shares in accordance with
Registered, 78,175
plan of reorganization, with a
declared value of
$50 each, and a liquidation
value of $100, plus
dividends in arrears,
d
Authorized, 16,000 shares of no par value.
in accordance
Registered, 14,615 shares
with plan of
reorganization, with a declared value of $50 each
and a liquidation
value, subject to the priority of
preferred stock, of $100
plus dividends in arrears,
e
Authorized, 105,000 shares of no par value.
Issued, 101,627 shares to trustees in
accordance with plan of
reorganiza¬
tion, with a declared value of $7
each.—V. 142, p. 1455.
:
a
1,069,409
—
3,908,750
730,750
711,389
219,175
54,209
.
$6,530,617
——
Balance Sheet Dec. 31, 1935
(Stated for convenience in terms of
United States
886
_
c$3 cum. pref. stock
d $3 cum. class A
stock
——.
.Net income for the
year-—-————.—————— $7,600,026
Cash dividends.—
obligations
Minority interests
/
—
balances, &c
■■
Notes payable
(banks)
Purchase
1550.
p.
_
Consolidated Balance Sheet Dec.
31, 1935
Asseti—
143,
Ltd.—Earnings—
Income
Service Co. adjusted its
earnings to reflect its
equity in the combined
earnings.
The above is a consolidated statement
of operations for
1935 and for the
foregoing reason corresponding figures
for 1934 are not
presented.
Cash in banks and
a Acc'ts & notes
confirmed.—V.
Net
not
were
,
Account for the Year Ended Dec. 31. 1935
(Stated for convenience in terms of United
States currency)
operating income
$8,037,678
Solicitors' fees, salaries of
counsel, executive officers' sals., &c__
83,195
Payment to Colombian Govt, in lieu of
free transportation of oil
123,003
Provision for depreciation and
amortization.
607,183
Provision for Colombian
income tax
693,679
$54,209
operations
•
Andian National
Corp.,
$61,211
:
■
:
Balance,
liquidation.
Mr.
Black asked fpr additional bids
for the property, but none was made.
Neither was there
objection from the large gathering in the court room to
the sale to
Amoskeag Industries, Inc., and after paying a brief tribute to
the people of
Manchester who submitted the bid, Mr. Black
declared the
sale to
.
-
1863
a
Not available.
A
Subs.)—Earnings—
1934
$1,262,418
340,604
$1,157,143
340,992
368,277
property
390,088
$531,725
15,293
Grass income..
Interest on funded debt—
Amortization of bond discount,
expenses, and
Federal income tax paid on tax
free
prem
covenant
Documentary tax stamps used
Other income charges
Federal income tax...
on new
bonds
bond issue..
$1,459,127
$2,754,132
241,613
$2,601,390
116,699
$1,265,899
178,394
$2,995,745
470,000
$2,718,089
400,600
$1,444,293
235,000
216.020
1,096,966
$2,525,745
216,408
1,096,805
$2,317,489
219,870
545,402
$1,209,293
224,938
537,219
Net profit
$1,212,532
$1,552,217
548,578
$3.05
548,458
$4.21
549,546,
15,638
Property.
$66,920
Certificates of deposit
deposit-
Accounts receivable (less
res.).
Cap. stks. of Am. Toll-Bridge
Co. of California....
Due from Calif,
company..
assets
Deferred charges......
out-
Capital stock ($100 par)
$3,719,593
1
1st intge.
5y2% serial bonds.. 3,950,000
80,700 Accounts payable (trade)
11,719
106,998 Int. accrued on serial bonds..
98,541
125,000 1st mtge. serial bds., due 1936
350,000
316,626 Federal income tax
(1935)
15,638
12,310 Other taxes accrued
43,057
Reserve for taxes
204,219
85,610 Deferred credits
72,227
7,255 Earned surplus
345,437
4,338
823,395
1936
Assets—
Oil
x
cars
p.
&
tank
(less depr.). 9,823,705
16,980,981
Inventories
and
Electric
Out-put—•
3,353,101
1,331,373
835,117
Cash..
3,297,772
2,859,974
1
1
138,897
108,072
—
patents,
Comparative table of weekly
output of electric energy for the
last five
1936
1935
Aug. 22
47,441,000
39,774,000
Aug. 29. —.48,272,000
39,805,000
Sept. 5
47,899,000 x38.072,000
Sept. 12
46,010,000
41,051,000
1934
1933
30,790,000
30,787,000
29,154,000
32,158,000
1936.—V..143,
p.
payable
24,085,000
25,727,000
25,694 000
26,007^000
1709.
American Woolen Co.—New Director—
was
Hayden has resigned
elected John E.
as
director of the
company.
p. 1065.
Rousmaniere,—V. 143,
Long-term debt
Accrued expenses.
ce
at hand when at
a
crowded
Sept. 15, Referee Arthur
Black confirmed the sale of the
pnysical assets of the
company to Amoskeag
Industries, Inc., for $5,000,000.
No other bid for the
property was made.
The price to be paid is one
that, coupled with net quick assets now on
hand,
should permit payment of par and
accrued interest on the
company's bonds,
and leave a moderate balance
for the common stock.
the referee served as the
In accepting the bid,
court, and his action is
not subject to the
approval of Federal Judge Sweeney, unless a
disgruntled
creditor takes an appeal, which is not
likely in view of the
probability of settlement of claims at 100 cents oh the dollar. overwhelming
Acting as counsel for the trustees of
Amoskeag
Manufacturing Co.,
Attorney W. Rodman Peabody reported to Referee Arthur
Black tnat, as
previously announced, the newly-formed
Amoskeag Industries, Inc. had
79,000
266,512
436,813
546,924
9,838,288
Z>r 17,153
482,310
9,192,444
Drl9,279
Total
,.34,925,831 26,033,203
Total
.34,925,831 26,033,203
x After
deducting $6,655,019 in 1936 and $6,208,172 in 1935 reserve for
depreciation,
y Represented by'549,546 shares of no par value,
z Repre¬
sented by 968 in 1936 and
1,088 in 1935 no par shares,
a Reserve for
v
determined
V.
un¬
liabilities
arising
from
invalidation
143, p. 909.
of
processing
taxes.—
Mining Co.—Registers with SEC—
See list given on first page of this
department.
Arnold Constable Corp. (&
6 Mos. End. July 31—
prof, after deprec.,
Fed.inc.taxes min.
—.
Earns, per share
_—
on
109 shs. cap. stk.
Amoskeag Manufacturing Co.—Sale Approved—
Liquidation of the company was brougnt near
hearing in the Federal Budding, Boston, on
27,500
358,368
221,142
zTreasury stock.-
int., &c
In his pla
1,443,171
582,597
607.962
for conting..
Prov. for Federal
Armour Lake Gold
1932
36,289,000
36,471,000
33,920,000
34,738,000
746,636
Processing taxes._
1936
Subs.)—Earnings—
1935
1934
Net
Charles
5,900,000
mined llabs., etca3,601,476
Accounts payable. 1,018,325
Res.
Inc.-
years follows:
Week Ended—
Notes payable
for undeter¬
3,086,000
9,736,999
Res.
Drafts
Deferred charges..
$
tax, &c
Surplus
Co.,
Output of electric energy of the electric
properties of American Water
Works & Electric Co. for the
week ended Sept.
12, 1936 totaled 46,010 000
kwh.t an increase of 12.1% over the
putput of 41,051,000 kwh.
for'the
corresponding period of 1935.
Labor Day, Sept. 2,
9,598,683
9,(53,470
3,577,887
Notes & accts. rec.
Other assets..
G'd-will,
1935
$
7% cum. pref.stk. 3,086,000
y Common stock.. 9,736,999
1266.
Works
$1.79
1936
Liabilities—
tank
&c
Water
1935
$
mills,
stations
Total
acquisition.—V,,141,
549,546
$3.81
Consolidated Balance Sheet June 30
-
....$8,810,4331
Total.
$8,810,433
a After reserves
for depreciation and
amortization of $2,775,540.
b Mar¬
tinez Benicia
Ferry & Transportation Co. over net worth
of that company
at date of
$447,136
•
-
Commander-Larabee Corp,
..$7,248,197
Franchises
stock
66,918
126,310
x Included in
income for the year is
$932,562 representing a portion of
the amounts released to the
company by the invalidation of the
processing
tax, the balance being carried as a reserve
for all undertermined liabilities
arising from such invalidation,
y Includes Commander-Larabee
Corp.,
since Sept. 30, 1933.
z Includes
Liabilities—
bExcess of cost of capital stock
Cash on demand
com.
stand, (no par)
Earns, per share
11,234
$132,038
,
Surplus
Shares
4,300
•
.x$l,891,612
Preferred dividends
Common dividends...
325.680
52,052
3,776
.
$2,395,512
503:900
.
Fed. & state inc. tax..
Consolidated Balance Sheet Dec.
31, 1935
x
$3,084,281
403,141
79,750
$2,106,423
289,089
.
Profit
~Y,453
Net income for the year
American
$3,140,981
234,253
152,596
$578,626
Balances -----,
$461,115
'
...
Miscellaneous
182,667
131,097
.
Other income
$447,874
13,242
$547,019
324,435
67,634
2,973
-
on
$2,420,187
.
—_
Miscell. charges..
1935
Profit from operations.
Other income
Cash
$5,327,587
2,907,400
.
.
--
Operating revenues.
Operating and general expenses..
Prov. for deprec. & amortization
of
a
—...
Operating profit
Interest.
American Toll-Bridge Co.
(&
Calendar Years—
Total-..-
Sell. gen. admin, exp...
$5)
-
$26,987
loss$79,963
loss$l 1,752
337
1933
loss$22,796
(par
-------
$0.08
Nil
Nil
Nil
Sales for the 6 months ended
July 31, 1936, totaled $3,112,592; 1935,
$2,746,784; 1934, $2,730,067; 1933, $2,547,988.—V. 143, p. 1710.
Associated Apparel
Industries, Inc. (& Subs.)—Earns.
Nine Months Ended Aug. 31—
Net profit after int., deprec., Fed. inc.
taxes, &c_Earns, per share on216,812 shs. com. stk.
<
1936
x$224,539
(no par).
$1.03
x No mention was made of
any provision for Federal surtax
tributed profits.—V. 142, p. 4329.
Associated Gas & Electric
1935
$152,805
$0.70
on
undis¬
Co.—Weekly Output—
For the week ended Sept. 5, Associated Gas &
iMectric System reports
net electric output of 83,630,246 units
(kwh.), which is 21.1% above the
same week of last year.
The output for the current week and a
year ago
are not truly comparable, as the decline
due to the Labor
Day holiday is
Financial
1864
When the results for the subsequent
to obtain a more accurate picture of
,,
,
Atlantic Ice & Coal Co.-
Badger Paint & Hardware Stores, Inc.—Earnings-
Total cost of sales
Selling and delivery expenses.
_
—
Other deductions (net)..
1934
$6,476,327
3,146,475
1,901,700
v
229,170
399,976
12,000
331,193
Provision for income taxes (estimated).
384,410
Provision for depreciation
Previous surplus.
Cost of sales
gross profit
Total selling and
$2,077;304
$115,048
14,996
$90,145
7,462
$2,075,235
$151,086
6,342
8,700
17,408
8,741
$130,044
$97,608
"6,950
23",358
19,924
8,738
3,864
—
225,000
Total income
————
—
31
—
—■!—-a—
Provision for bad debts
;
—
Federal income taxes.
Sheet Dec.
Balance
210,485
38,746
stores' expense
general & admin, expenses
Discounts allowed—.
--
$339,377
4,086
256,510
47,464
:
,
$2,300,236
—
—
$423,109
31
profit on instal. sales adjusted
Def.
1,844,422
!,327.304
250,000
surplus.—
Dividends on 7K% preferred stock
Surplus, balance—Dec. 31
$923,727
584,350
$127,450
23,636
.
Other income
Total
Nov. 30 '33
$1,188,629
765,519
334,321
57,663
..
—
$455,814
$252,069
2,075.235
profit.—.
Nov. 30 '34
$519,434
Sales
'35
$1,488,263
968,829
Dec.
Period—
Total
Net
_
_____
.
860
'
ASS6tSi~mmm
.'
Invest,
in
co.'s
own
bonds
42,300
125,547
75,336
614,907
448,577
Cash
Notes receivable..
Acc'ts
a
receivable
Inventories
Due from
subs.
affiliated
300,500
101,359
118,443
591,923
497,890
5, 000,000
5,000,000
6% class A pref.
stock ($50 par). 10, 113,950
Common stk. ($50
302,426
472,899
108,000
280,979
100,000
90,000
243,137
17,350
118,056
15,850
60,151
Deferred charges..
Accts.
co.
on
Inventories..—__
1-—_
2,360
x99,483
_
personal property
Accrued commissions—-----
Res. for income taxes—Federal
Res. for income taxes—Wise..
125,000
125,000
Res. Wise, unempl. insurance.
7,178
6,900
4,954
313,340
27,758
11,396
20,352
27,401
186,400
38,678
Commonstock
20~4l5
Capital surplus
Earned surplus
.
liabil.
cos...
666",673
After
2 ,077,304
^
Atlantic Sugar Refineries,
Income Account for
1935
Total income
.....
Provision
for
-
-—-
-
-
$1,036,013
5,788
—
•
—
—
45,555
285,221
—
_..
depreciation—
•
—
--——
Provision for Dominion and Provincial income taxes
102,877
Net profit for year
on cumulative preferred stock.
$596,570
77,777
Dividend
Renumeration
of
legal advisers and executive officers, $59,420, and
directors' remuneration of $6,645, are included in operating expenses.
x
Balance Sheet Dec.31.
Land,
1935
Liabilities—
Assets—
a
buildings,
wharves,
plant and equipment
Cash in banks and
on
$911,102
5% debenture stock.....
7%
$3,444,908
Franchises and leases
1
hand
Call loan (secured)
Accts. & bills receivable.—___
preference
cum.
stock
1,111,100
($100 par)
160,000
b Common stock
64,011
1,062,023
Interest-bearing deposits
141,
Accts. pay. & accr'd charges.
Baldwin
Dom., Provln. & other taxes..
244,088
Inv. in marketable securities._
Prepaid taxes, insurance, &C—
6,443
Total
a
$5,613,727
After
reserve
28,244
861,209
surplus.--.-—-.---- 2,282,198
135,
p.
E.
I
16 as counsel
stockholders,
for Mr. Brady and his company the right to
later.
Sept. 9 Mr. Brady announced in New York his intention of asking for
new hearings on the Baldwin reorganization plan with view to obtaining
better terms for the common stock.
On
Bookings—-
'
1
Total
Bandini Petroleum Co.-—Earnings-—
Earnings for the Year Ended Dec. 31,
Sales of crude oil and
casinghead gas..
1935
:
—
.
Other income
-
—
9,141
—
—
Gross income
-Initial and Extra Dividend on
New Stock—
The directors have declared an extra dividend of 53^ cents per share in
addition to an initial quarterly dividend of
cents per share on the larger
amount of no-par common stock now outstanding, both payable Oct. 15 to
holders of record
Sept. 30.
-
Administrative and other expenses
Gross profit
Federal income & capital stock
900% on the common stock on
Sept. 15, last. An extra dividend of 5 cents per share in addition to the
regular quarterly dividend of 45 cents per share was paid on the old no-par
common stock on July 15, last.—V.
143, p. 1221.
tax—estimated
Automotive Gear Works,
Inc.—Earnings—
on
Net income.---
the year ended Dec. 31,
$156,077
Gross profit on sales
Commercial expense.
92,597
,
;
Deductions from income—net
Net operating loss
43,730
29,031
-
2
-
$9,281
12,007
I
Amortization of axle development expense incurred in year 1932
39,671
Net loss
Earned surplus, Jan. 1, 1935
$21,288
362,265
Earns, per share on
$340,976
19,496
L
.$321,480
1934
$496,598
Co.,
(affiliated)
48,384
(net)
from
affiliated
cos___
41,299
1,084
1,006,937
121,075
847
871,456
144,820
$6,993
46,885
Accts. receiv.—trade
Working
fund
with
distributor
Inventories
Cash value of life Insurance
Deposit accts. of plant insur
Miscellaneous assets
1,200
299,668
13,068
2,239
Prepaid taxes and
5,679
premiums
25,943
Land, bldgs. & equipment
pay.,—trade
Accrued wages and taxes
——
$64,719
11,520
141,
curr.
for
p.
584.
no par
int.
for
y
Claim
Oil
20,984
----- -
—
$775,808
a
Includes
$1,382,691 $1,580,9651
California
corporation
20,984
'
662,500
567,718
662,500
755,088
$1,382,691 $1,580,965
Total
franchise
b After reserve for
and $1,167,064 in 1934.
tax.
depreciation and depletion of $1,196,847 in 1935
—V. 143,p. 1551.
39,760
of' Wilshire
Co., Inc., In
dispute
102,693
Represented by 24,000 no par
"3,879
year
Earned surplus—
Total
a52,200
5,600
liabil.-
Cap. stock (par$l)
shares,
17,000
.
conting.
1932, in dispute.
y40,239
Total...T
shares.—V.
tax, estimated..
&
387,810
8775,8081
Represented by 11,969
5~448
66,250
Fed. inc. tax assess.
Surplus earned
320,635
Appraisal surplus, original $300,311 unamortized
"
14,581
appl. to yr. 1929
liabilities..
x236,000
Commonstock
1934
$14,615
assessment & int.
Fed. inc. tax, est—
16,985
Total.
x
payroll..
payable
Dividends
Res.
956
Deferred charges
6,556
1,778
37,516
Other
Preferred stock
Canadian
$8,694
Federal capital stk.
Liabilities—
Notes & accts.
payable.
Federal income tax
other
Cr. oil Inventories.
1935
Liabilities—.
Accounts
Accrued
Inc.
Balance Sheet, Dec. 31, 1935
Assets—
$0.26
Royalties payable.
$199,532
Oil
insur.
Cash on deposit & on hand
$567,718
-
-
662,500 shs. cap. stk. (par $1)
1935
Assets—
Cash in banks
b Fixed assets
Surplus earned, Dec. 31, 1935
$966,495
Balance Sheet Dec. 31
Due
preferred stock
------
397,500
1,277
Due from Wilshire
on
prior to
1935
—--1_„
Surplus Dec. 31, 1935
$214,636
22,600
16,580
3,719
Surplus per last report
Revaluation of crude oil inventories affecting periods
•
$260,980
46,343
$171,736
755,087
-
—
Dividends paid...
Miscellaneous adjustments
Earnings for the Year Ended Dec. 31, 1935
Total
Dividends paid
—
recission of lease.
Field retirement and abandonment costs
Loss
Total
Depreciation.:
—
.
The company paid a stock dividend of
$621,491
369,652
Grossprofitonsales-.i.i.----j(----—$251,839
$5,613,727
—_
b Represented by 160,000
:
.
August by the Baldwin Locomotive
amounted to $1,844,545 as compared with $1,170,348 for August, 1935.
The month's bookings brought the total for the consolidated group for
the first eight months of 1936 to $21,372,767 as compared with $11,734,643
in the same period last year.
'
Consolidated shipments, including Midvale, in August aggregated $2,343,426 as compared with $1,347,398 in August of last year.
Consolidated
shipments for the first eight months of 1936 were $15,114,063 as compared
with $15,361,591 for the first eight months of 1935.
On Aug. 31,
1936, consolidated unfilled orders, including Midvale,
amounted to $12,971,610 as compared with $6,689,081 on Jan. 1; 1936, and
with $5,744,964 on Aug. 31, 1935.
,
All figures are without intercompany eliminations.—V. 143, p. 1711.
The dollar value of orders taken in
Works and its subsidiaries, including the Midvale Co.,
3001.
Automobile Finance Co.-
$763,219
York attorneys, filed their
Martinson, New
Cost of sales.
for depreciation of $994,546.
shares.—V.
—,
file written objections
Reserve for contingencies
no-par
S.
appearance in the U. S. District Court at Philadelphia, Sept.
for William A. Brady and Brady Enterprises, Inc., common
Dlvs. & deben. stock interest.
372,181
400,071
Earned
—
Works—Reorganization—
Locomotive
Loria and
Waiter J.
51,448
208,426
_
20,000
Inventories
Total.
3683.
p.
the court's records preserves
$1,013,700
—22,312
... -
__
_
206,850
45,348
109,978
the purpose of opposing the company's plan for reorganization under
Section 77-B of the National Bankruptcy Act.
No other papers or reasons
for the opposition were filed, but the entry of the lawyers' appearance in
Ltd.—Earnings-—
Year Ended Dec. 31,
Net earnings from operations
Income from investments
Debenture stock interest-
—
for
x
Bond interest-
5763,2191 '
Total.:
-V.
2,075,235
—23,276,365 23,892,432
for losses.—V. 142, p. 4167.
reserve
—
1,033,788
Reserves
a
stock—
40.001
136,172
250,000
Notes pay.(special)
—
payable.--—.
Land contracts
Preferred
subsidiary co...
Total
860
1,563
17,407
Res. for inc. taxes.
Accrued interest.
Surplus.
900
Wisconsin income tax
Current account of
23,276,365 23,892,4321
61 v
600
...—,
48,000
12.000
Dividends declared
accr.
1,358
10,717
6,775
Deposit on Belolt store.-----Accrued capital stock tax
225,000
531,649
$28,427
41,107 Accr'd int. on land contracts..
286,082 Accrued rental
.
on contr.
Due to sub,
±
441,055
due in 1935....
Total
$59,179
1935
31,
Liabilities—
receivable
Goodwill.
Prov. for inc. tax
Other
$93,203
671
$50,784 Accounts payable- - - -—— —
47,099 Accrued payroll...--. —
236,3Q1 Accrued taxes, real estate &
hand and in banks
Accounts
Other assets & investments.
discounted..
Payments
Sheet Dec.
of affil.
rec.
1,795
$104,100
Fixed assets
payable for
purch.,exps.,&c.
Notes
800
4,046
—
profit.
City orders & tax ctfs
-12,000
1936..-——:
of life insurance.
—
Assets—
Cash
—
Note pay.(sub.co.)
Other notes due in
Cash surrender val.
_
142
Balance
4,000,000
term
Notes pay. (bks.)_
106,500
479,610
Other assets
*-
debt..
&-!.
cos...
,3, 987*500
debt..
Net
2,500
par), old issue._
Other long
_
i nsurance.
Unemployment
10,111,450
Funded
— _
Discount on sale of baby bonds
cum.
pref
stock ($100 par)
1,564,329
1,729,441
Capital stock yax
Loss on sale of assets
$
714 %
19,518,738 19,866,661
in subs. &
other affU. cos..
Inv.
Liabilities—
$
Property accounts
1934
1935
1934
7,502
1,664
746
State income taxes
'
1935
-Year Ended-
Dec. 1 '34 to
1935
16,950,892
3,550,284
2,215,037
231,543
317,548
—
General administrative expenses.
$1,144,634
$195,408
$174,270
__
1934
1935
1936
Net loss after deprec., taxes, &c.
—V. 143, p. 99.
-Earnings-
31—
Total sales
Corp.—Earning s-
6 Months Ended June 30—
...
.
..
week are available, it will be possible
the trend of production during this
period.—V. 143, P. 1710.
Years Ended Dec.
Aviation
it did not occur until the following
reflected In last year's figures, wheneas
week of this year.
1936
19
Sept.
Chronicle
Volume
143
Financial
Chronicle
directors have voted that in
lieu of
cents
per share on the
common stock,
Nov. 2 to holders of record
Oct.
a
par
dividend a distribution of 25
$25, be declared, payable on
143,
Barium Stainless Steel
See list given
p.
1712.
Assets—
Accts.
Investments,
a
Corp.—Registers with SEC—
a
ttmw^mnts^a^attached. The warrants become wholly void after July
1935
y$7,324
.
all
expenses,
Asse/s—
In
1935
1934
Accts. receivable.
Acer, int .rec
§190,549
$64,537
$122,252
7
151,544
Adv. to employee.
1,320
1,039
Prepaid Insurance.
Deferred
Federal
capital stock tax
pref. stock
Adjust, of
750
net of allowance
for loss..'
40,473
Tax
6,429
est., plant
equipment. 1,139,035
Pat'ts, net of amort
449
Goodwill
140,501
Total
a
276,295
ations
After
in 1934.
< &
W. D. Beath & Son, Ltd..
W
.
D. Beath & Son
Loss
Subs.)
Assets—
1935
'
'
& Son
23,828
99,482
110,500
18,339
97,000
Mdse. inventory..
Sundry deposits &
advances
119,142
1,7451
Prepaid expenses &
insur.,
$6,419
41,455
within
a
45,189
one year.
1934
675
902,484
911,227
1 ,526,481
1,526,481
Pat'ts, leases, good¬
will & organ, exp
Total..
..$2,740,922 $2,738,347
Total
$2,740,922 $2,738,347
a After reserve for
depreciation of $137,290 in 1935 and
$138,755 in
1934.
b Represented
by 10Q.000 shares class A and 50,000 shares
class
B stock, both of no
par value.—V.
141,
Bee & Vee Gold
p.
425.
Mines, Ltd.—Registers with SEC—1
See list given on first
page of this department.
Belden Mfg. Co.—To
Split Stock—
The directors have authorized the
calling of a special meeting of stock¬
holders shortly to vote upon
splitting the stock 10 for 1 and reducing the
par
value of each share from $100 to
$10.
There are at present 30,000 shares of
$100 par capital stock authorized
of which 18,680 shares
are issued.-^-V.
141,
p.
2877.
Berghoff Brewing Corp.—Earnings—
Earnings for Year Ended, Dec. 31, 1935
Net
sales..
Cost of sales
Gross profit on sales
general
$729,316
398,660
expenses
Net profit from
operations
income
$330,655
633
Total
Interest
1935
Liabilities—
1936
Reserves
9,156
630,651
1,000
2,971
1935
1st mtge. 6% gold
bonds
&
notes
reserve
for
royalties,
&c._l
1,196,896
71,611
176,393
$86,478
J42,019
155,933
158,149
108,111
......
1st pref. stock
2d pref. stock
Common stock
330,500
1,000,000
Surplus.
Treasury stock...
499,134
Drl5,400
Total
$106,341
134,878
Accrued taxes.../
$2,851,523 $3,495,3391
After
Accounts payable.
Accr'd wages, int.,
660,000
844,800
375,000
1,000,000
660,000
352,818
Dr51,900
$2,851,523 $3,495,339
doubtful
made
&
Co.
and
denom.
.
of $1,000,
as to principal, and registered bonds
without coupons in the
$1,000, $5,000, $10,000 and authorized multiples of
$10,000.
bonds and registered bonds without coupons, and the
several
Coupon
of
denoms. of registered bonds without
coupons,
interchangeable in like
aggregate principal amounts upon payment of the
charge and otherwise as
provided in the consolidated mortgage.
Sinking fund, sufficient to retire on April 1, 1938, and on each
April 1
thereafter, 2% of the total principal amount of the series E bonds
au¬
thenticated and delivered.
Red. for sinking fund on first day of
April in
any year beginning with the year 1938, on at least 30
days' notice by publica
tion, at principal amount thereof, plus a premium which shall be
1%, if
red. on or before April 1, 1947; % of 1%, if red.
after April 1, 1947, and on
or before April 1, 1952; H of
1%, if red. after April 1,1952, and on or before
April 1, 1957, M of 1%, if red. after April 1, 1957, and on or before
April 1,
1962; and without premium, if red. after April 1, 1962.
Also redeemable at the option of the
corporation, otherwise than for the
sinking fund, as a whole at any time, or in part (selected by lot) from time
to time in principal amounts of not less than
$5,000,000 at any one time, on
at least 30 days' notice by publication, at the
principal amount thereof and
accrued thereon to the date of redemption, plus the
following respective
premiums on such principal amount: 5%, if red. on or before Oct. 1,
1950;
4%, if red. after Oct. 1, 1950, and on or before Oct. 1, 1953;
3%, if red.
after Oct. 1, 1953, and on or before Oct. 1, 1956;
2%, if red. after Oct. 1,
1956, and on or before Oct. 1, 1959; 1%, if red. after Oct. 1, 1959, and on
or before Oct. 1,
1961;- %% of 1%, if red. after Oct. 1, 1961, and on or
before Oct. 1, 1962; Yi of 1%, if red. after Oct.
1, 1962, and on or before
Oct. 1, 1963; M of 1%, if red. after Oct. 1, 1963, and on or
before Oct. 1,
1964; and without premium, if red. after Oct. 1, 1964.
Application of Proceeds—The net proceeds to be derived from the sale
of the series E bonds, which after deducting the estimated
expenses of the
corporation in connection with the sale of said bonds will
approximate'
$52,420,000," are to be devoted to the following purposes:
•
(a) To retirement of $4,143,500 1st mtge. 5% 20-year sinking
fund gold bonds of Penn Mary Steel Co. (due Jan.
1, 1937)
outstanding in the hands of the public at not in excess of
100% of such principal amount, or approximately-__
$4,143,500
(b) To redemption on or before Jan. 1, 1937, of $3,155,000
purchase money mtge. 5% 30-year sinking fund gold bonds
of Finch Run Coal Co. outstanding in the hands of the
public
at not in excess of 102M%
of such principal amount, or
>.
approximately
3,233,875
(c) To redemption on or before May 1, 1937, of $2,461,000
1st mtge. 40-year 5% sinking fund gold coupon bonds of
i
Pittsburgh-Westmoreland Coal Co. outstanding in the hands
of the public at not in excess of 102
of such principal
amount, or approximately
2,522,525
(d) To redemption on or before May 1, 1937, of $1,634,000
1st mtge. 30-year 5% sinking fund gold bonds of Union Coal &
—
$2,695,620
1,966,303
Shipping, advertising, selling &
Miscellaneous
,
registerable
1935
$21,957
$14,795
Accrued expenses.
1,096
1,016
b Capital stock...
2,687,500
2,687,500
Surplus
(deprec'n
not
fully
pror
"
"
•
v
videdfor)
30,368
35,035
39,691
1,638
1936
Interest
Accounts payable.
5.586J
Fixed assets
'
payable A. & O.
Principal and interest payable at office or
agency of corporation in N. Y. City in such coin or
currency of the United
States of America as at the time of
payment shall be legal tender for the
payment of public and private debts.
Coupon bonds in denom.
$35,035
cash
surrender value.
Notes rec., not due
$168,550
Edward B. Smith & Co. and
including
Corp., Brown Harriman & Co., Inc., The
First Boston Corp., J. & W.
Seligman & Co., G. M.-P.;
Murphy & Co. and other associates.
The bonds are priced
at 98f$%, to yield over
3.83% to maturity.
A proscpectus
dated Sept. 14 affords the
following:
347
$4,667
8,192
accr. revenue...
Life
$207,889
$352,819
Mellon Securities
2,263
6,740
Liabilities—
,
less reserve..
Dom. of Can. bds.
,134
160,675
Accts.
Loeb
depreciation)
1934
$17,600
Cr551
19,388
Steel
Co.p.—Bonds Offered—The offering
Sept. 15 of an issue of $55,000,000 consolidated
mortgage 30-year sinking fund 3%% bonds, series E, due
Oct. 1, 1966, by an
underwriting group headed by Kuhn,:
$2,309
3,763
955
$23,985
83,606
52,500
Bethlehem
1934
35,035
Accts. & notes
rec.,
*503
468'
173,638
Insurance deposit.
9,722
Mdse. inventory..
746,297
Investments
1,000
Def. & prepd. chgs.
2,324
y Fixed assets
1,193,915
z Patents
63,732
Goodwill
176,393
Earnings-
Surplus Dec. 31, (deprec. not fully provided
for)
$30,369
Consolidated Balance Sheet Dec. 31
Cash in banks
3,881
308,121
$326,432
907,624
11,928
was
prof$5,292
(Western), Ltd
Deficit for year (without
prov. for
$480,469
716
surplus"
receivable....^.
$765,887
1935
Surplus Jan. 1
$209,108
$184,502
300,000
x
144,483
$2,028,239 $2,198,437
sale of equipment.
on
$372,206
190
TJ. S. Treas. bills..
Tax antic, warr'ts.
depreciation)
Carrying charges of idle plant, W. D. Beath
(Western), Ltd
Loss on
dismantling of buildings
"""498
"
accounts and notes of
$9,249 in 1936 and
$14,468 in 1935.
y
Less reserve for depreciation of $929,513 in 1936
($956,441 in 1935).
z Less reserve for
depreciation of $123,423 in 1936
($122,875 in 1935).—V. 141, p. 2878.
Total
Years Ended Dec. 31
56,229
$39,151 loss$282,162
168.550
762,631
1,407
bonds
Assets—
211,647
151,807
allowance for depreciation of
$823,487 in 1935 and
b 2,935 shares 1st
pfef. stock at cost.—V.
Ill, p. 738.
(W. D.J Beath & Son, Ltd.
on
Cash.
567,000
100,000
276,295
Loss for year (without
provision for
158*478
53,098
val. of patents
Total
$2,028,239 $2,198,4371
124,183
-
Comparative Balance Sheet March 31
1,460,700
x
capital stock...
1933
loss$67,456
(prop.)
Profit and loss
1,186,239
193,643
140,500
Sinking fund for
retire't of 1st pf.
$635,430
1934
cum,
5,790
and
3^1,655
$216,432
$163,819
207,889
"¥,157
deprec'n.
purchased
$3,573
44,610
Real
a
$279,455
352,819
1st pref. divs. pd. & accr.
2d pref. dividends.
Prem. on 1st pref. stock
1934
Deficit from oper¬
1,050
Dep. in closed bks.,
Sees, owned, net of
allow, for est.loss
1935
$17,552
pref.
stock ($100 par)
45,514
1,433,700
8% 2d cum. pref.
stock ($100 par)
113",456
451,400
Common stock...
100,000
"L089 Capital surplus...
177,395
53,642
_
Inventories
of
1935
$369,164
32,479
121,625
51,240
53,869
92,333
54,881
42,500
Total surplus
"~
Fed'l taxes (prior
years)
Comm'n & disc't on 1st
1932
liabilities...
7% 1st
1936
...
Adjustment
1,
1933
Liabilities-—.
Acer,
surplus..a...
Total.....
$523,039
income
"
Previous surplus
Refund. Fed'l inc. tax..
including depreciation and patent amortization
expenses including depreciation and
patent
$216,456
95,000
270,000
722,647
surplus
_
xl934
$34,714
bank and
134,616
for
purchase of hops
Capital stock ($1 par)
..$1,716,365
depreciation of $395,538.—V. .143, p. 1221.
Net
Balance Sheet Dec. 31
On hand
reserve for
Federal income tax
Depreciation
Interest, incl. bond int..
Reserve for contingencies
totaling $97,398.
y After all
amortization of $99,534.
Cash
After
held
contracts
on
$18,727
2,544
58,053
83,120
Benjamin Electric Mfg.
Co.—Earnings—
America—Earnings—
Calendar Years—
u...$1,716,365
Years End. Mar. 31Profits for period-.
price of
of
for loss
Earned
Total
Pier
Hltii July 1, 1938, at $20 per share thereafter until July 1,
and at $22.50
per share thereafter until
July 1, 1945.
Warrants may
be exercised, apart
from the rpeferred
stock, prior to March 1, 1937,
except in the event of prior
redemption of the preferred stock to which
Bearings Co.
Liability for containers
by customers
Res.
Paid-in
stock purchase warrants
entitle the holder of one preferred
purchase two shares of the company's common stock at a
After
Plant properties
'
not
x
8,066
253,037
1,040,121
first page of this
department.—Y. 143, p. 1712.
on
Loss for year
&c._._
cases
& bottles
(inch
those held by
customers)
common
rf°
11111II11
$134,342 Accts. payable—trade creditors
105,031 Customers' credit balances...
134,134 Contracts for constr. in prog..
41,631 Accruals..
Kegs,
Co.—Stock Offered—Vublie Offering of
6,500 shares of $5.50 cumulative
preferred stock, with com¬
mon
stockjpurchase warrants attached, Was made
Sept. 15
by Sills, Troxell & Minton,
Inc., and Harrison, O'Gara &
Co* of Chicago.
The shares were priced at $102.
fnln
1940
Liabilities—
on hand
from customers
rec.
Inventories
Prepaid expenses
Bastian-Blessing
The
Balance Sheet Dec. 31, 1935
Cash in banks and
10 out of the premium on the
company's
c2I^on stoclc ^
appears on the books on Aug.
31, 1936.
Distributions
of 20 cents per share
were made on
July 10 and on May 1 last.
Regular
dividends of 20 cents per share had been paid each quarter from May 1,
1935 to Feb. 1, 1936.
A dividend of 30
cents was paid on Feb.
1, 1935,
Nov. 1 and Aug.
1, 1934; 37
cents each quarter from
May 1, 1933 to
May 1, 1934, incl., and 50
cents per share
paid each three months from
May 1, 1929 to and incl. Feb.
1, 1933.—V.
b
1865
Bangor Hydro-Electric Co.—25-Cent Distribution—
The
-
$331,288
8,104
45,400
16,772
1,977
paid.
Provision for Federal income tax
Provision for loss on material
purchase contracts
Loss on property retired
(net)-
Coke Co.
outstanding in the hands of the public at not in
of 105% of such principal amount, or
approximately.
)
(e) To retirement of $1,173,000 4H% serial gold bonds of the
corporation (due Jan. 1,1937) outstanding in the hands of the
public at not in excess of 100% of such principal amount, or
excess
_
Net
profit
Earns, per share
$259,034
270,000 shs. capital stock (par $1)
$0.95
Notes—The net profit shown above is after
deducting provision of $69,549
for depreciation of plant
properties, and is after charging $50,590 for de¬
preciation, losses and breakage of kegs, cases and bottles.
on
Earnings
for
Month
Period End. Aug. 31—
Net income after deprec.,other charges & Fed.
inc. taxes
and
8
Months
Ended
1936—Month—1935
x$75,265
"
$51,334
xBefore surtax on undistributed profits.
August
31
1936—8 Mos.—1935
x$401,917
$164,917
approximately
(f) To redemption or or before Jan. 1, 1937, of 18,040 shares
(total par value $1,804,000) 6% cum. pref. stock of Johntown Water Corp., all the shares thereof
outstanding in the
hands of the public, at not in excess of 105% of such
par
value, or approximately
(g) To provide for the cost of future betterments and improve¬
ments at certain of the steel plants owned by the
corporation
or one or more of its subsidiaries, the exact
nature of which
...
has not been determined
(estimated)
1,715,700
;
1,173,000
1,894,200
3,000,000
Financial
1866
steel
plants owned by the
gross tons are
dolomite limestone.
corporation or one or more of its
of which has not been deter-
(estimated)
(i) To be deposited with the
Railroads—Seven short line
20,000,000
above-mentioned trustee to be
time (in accordance with the provi¬
consolidated mortgage) to provide for the cost of
future betterments and improvements at certain of the steel
withdrawn from time to
sions of the
plants owned by the corporation or one or more of its sub¬
sidiaries, the exact nature of which has not been determined,
and, to such extent, if any, as may hereafter be deemed de¬
the
14,737,200
(estimated)
Total
$52,420,000
incorporated July 1, 1919 in
(estimated)
and Business—Corporation was
On Feb. 26, 1936, pursuant to an agreement of merger dated
1936, Bethlehem Steel Corp. of New Jersey, and three other
corporations, all of the outstanding shares of the capital stock of each of
which on Feb. 26, 1936, was owned by the old New Jersey corporation, to
History
Delaware.
Jan.
at Sparrows
1923670
Capitalization—As of Aug. 31, 1936, [but giving effect
16,
wit, Bethlehem Mines Corp., Kalman Steel Corp. and Union Iron Works
Co., were merged into the corporation (the name of which was formerly
Pacific Coast Steel Corp.), all of the outstanding shares of the capital stock
of which was on said date also owned by the old New Jersey corporation.
The business of the corporation consists chiefly of holding and owning
stocks and obligations of subsidiaries all of the capital stocks of which
(except directors'. qualifying shares in the case of a few of the subsidiaries)
and also of holding and owning some physical properties which are
operated by subsidiaries.
It does not operate any physical properties.
The corporation also owns, directly or indirectly, more than 50% of the
voting stocks of nine inactive corporations, which do not have any assets
other than some claims of small or doubtful value.
None of them has had
any income since Jan. 1, 1933, the stocks thereof so owned are not carried
on the books of the corporation.
The corporation also owns, directly or indirectly, a substantial percentage
of the voting stocks of seven other corporations engaged in the mining of
iron ore, but it does not own more than 50% of the voting stock of any of
such other corporations.
The remainder of the voting stock of each of
such other corporations is controlled by not more than four other stock¬
holders, each of whom takes an active interest in the affairs of such other
corporations.
Accordingly, the corporation disclaims actual existence of
effective control by it, directly or indirectly, of any of such other corpora¬
tions and does not regard them as subsidiaries.
All of the properties of Cambria Iron Co. (only 3-100ths of 1 % of the out¬
standing capital stock of which is owned by the corporation or any of its
subsidiaries) are leased to Bethlehem Steel Co. (Pa.), a wholly-owned
subsidiary of the corporation, under a 999 year lease dated Dec. 1, 1898.
The subsidiaries of the corporation are engaged chiefly in the businesses of:
(1) the manufacturing and selling of iron, steel and certain other products,
Including: structural shapes, rails and rail accessories, piatas, sheet piling,
bars, rods, blooms, billets, slabs, sheet and tin bars, skelp, pipe, tubes,
sheets, strip, black and tin plate, wire and wire products, bolts, nuts, rivets
and spi kes, car wheels, railroad frogs and switches, armor plate, gun forgings,
sheel forgings, axles, prassed, hammered and drop forgings, steel, iron and
brass castings, pig iron, ferro-manganese, ferro-silicon, ingot moulds, stools
and bottom plates, machinery, coke and by products produced in the
it owns,
bonds].
and sale of the serise E
to the issuance
cost
railroads located in the vicinities of plants at
Lebanon and Steelton, Pa.; at Lackawanna, N. Y.;
Point, Md.; and at Quincy and Braintree, Mass.
Vessel Transportation—Eight vessels operating between the United States
and Chile or Cuba carrying chiefly ore and (or) coal; 13 general cargo vessels
operating in coastwise traffic and between Atlantic, Gulf and Pacific Coast
ports of the United States; and 13 vessels (five of which are owned by sub¬
sidiaries not consolidated) operating on the Great Lakes, carrying chiefly
ore, coal and (or) limestone.
Bethlehem, Johnstown,
Funded Debt and
replenish working capital which has been applied
of betterments and improvements made since
Jan. 1, 1935, and to provide additional working capital, the
amount of such net proceeds which may be required for work¬
ing capital being dependent, on the requirements of the busi¬
ness as to amounts of inventories and of accounts receivable
sirable to
to
located at Cornwall, Pa., 1,850,000 gross tons of chrome ore,
70,000,000 gross tons of calcite and
630,000,000 gross tons of coal and
subsidiaries, the exact nature
mined
Bethlehem Steel Corp.—
Outstanding
Consolidated mortgage bonds (2)
25-year sinking fund 4M% bonds, series D, due July 1,1960-$54,384,000
30-year s. f. 3M % bonds, series E, due Oct. 1,1966 (this issue) 5.5,000,000
serial gold bonds, maturing serially 1937-1941
4,690,000
Bethlehem Steel Co. (Pa.) purchase-money mortgage 6% gold
bonds, due Aug. 1, 1998—
7,500,000
Subsidiaries Consolidated—
Bethlehem Steel Co. (Pa.) 1st lien & ref. mtge. 5% 30-year gold
gonds, due May 1, 1942
12,759,500
Lackawanna Steel Co. 1st consol. mtge. gold bonds (5%) due
March 1,1950
6.492.000
Penn-Mary Coal Co. 1st mtge. 5% s. f. gold bonds, due April
196,000
I 1939
_
957,315
Miscellaneoils"real estate mortgages of subsidiaries
_II
Prior Stock Interests—
8,465,625
stock—169,312M shares ($50 par)
Common stock of a subsidiary consolidated in hands of public,
98,716
incl. $93,116 surplus applicable thereto as of June 30, 1936-_
Bethlehem Steel Corp—7% cum. pref. stock ($100 par)
93,388,700
5% cum, pref. stock ($20 par)
—
18,677,740
Common stock (3,194,314 shares no par)
303,459,830
Consolidated Earnings for Calendar Years
Cambria Iron Co.
and
Net
Depreciat'n
Income
$304,361,805 $45,405,253 $12,532,421 $12,626,665 $20,246,167
271,502,891
40,378,899
11,456,261
13,096,496 15,826,142
1928--.-- 294,778,287
43,521,136
11,276,879 13,658,335 18,585,922
a
Year—
Income
342,516,207
258,979,253
186,541,195
bl00,672,389
1933-.--bl20,944,984
1934
bl68,207,394
1935.
bl92,836,148
14,009,085
14,217,741
13,844,910
13,101,589
13,506,256
21,134,032
26 090,919
14,581,899
550,571
4,291,253
15,380,710
3,324,922
8,021.332
4,034.456
'
11,472,584
and miscellaneous merchandise between Atlantic and
Pacific Coast ports of the United States; (7) the operation of short line
railroads in the vicinities of plants operated by certain subsidiaries; and
(8) the operation of public water supply systems in the vicinities of certain
plants and other properties operated by certain subsidiaries.
Incidental to the businesses of the subsidiaries of the corporation some of
such subsidiaries operate warehouses primarily for the distribution of
products manufactured by subsidiaries and some subsidiaries own housing
facilities which are held primarily for rental to employees or in some cases
for sale.
•
Properties and Plants—The iron and steel producing and manufacturing
plants of the corporation and its subsidiaries have an estimated combined
annual capacity of 6,375,600 gross tons of pig iron and ferro-manganese
and 9,360,000 gross tons of raw steel and are equipped with rolling, forging,
casting and other finishing facilities capable of converting such steel into
certain semi-finished and finished products.
The principal plants and
other important units of the corporation and its subsidiaries are:
(a) Bethlehem plant, located at Bethlehem, Pa.; (b) Cambria plant,
located at Johnstown, Pa.; (c) Maryland plant, located at Sparrows Point,
Mdj (d) Lackawanna plant, locatedjat Lackawanna and Blasdell, N. Y.;
(e) Steelton plant, located at Steelton and Danville, Pa.; (f) Seattle plant,
located at Seattle, Wash.; (g) South San Francisco plant, located at South
San Francisco, Calif.; (h) Los Angeles plant, located at Vernon, Los Angeles,
Calif.; (i) Lebanon plant. Ideated at Lebanon, Pa.; (j) Coatesville plant,
located at Coatesville, Pa.; (k) Harlan plant, located at Wilmington, Del.
Structural fabricating works located at the Bethlehem and Steelton plants,
at the Alameda Works of the Union plant and at Pottstown, Rankin,
Carnegie and Leetsdale, Pa.; at Dunellen and Newark, N. J.; at Buffalo,
N. Y.; at Chicago, 111., and at Los Angeles, Calif.
Such works in the
aggregate have an estimated annual capacity for fabricating 863,000 gross
tons of steel for
bridges, buildings, tanks and other structures.
The figure
notes
t
Raw
located
Properties—Iron ore properties equipped for operation
Gogebic and Menominee Ranges, Mich.; at Cornwall, Pa.;
Material
on
the
Santiago on
the South Coast and near Nipe Bay on the North Coast in the Province of
Oriente, Cuba.
Also interest (based upon stock ownership in five sub¬
sidiaries not consolidated), ranging from 51 to 66 2-3%, and interests
(based upon stock ownership in esven other corporations not subsidiaries),
ranging from 22 2-9 to 50%, in iron ore properties equipped for operation
located on the Gogebic, Marquette and Menominee Ranges, Mich., and on
the Cuyuna, Mesaba and Vermillion Ranges, Minn.
An iron ore concentrating and sintering plant located at Lebanon, Pa
This plant comprises approximately 136 acres of land, on which are located
facilities having an estimated annual capacity of 1,200,000 gross tons of
concentrates and 750,000 gross tons of sinter.
Undeveloped iron ore properties located at Romeral, in the Province of
Coquimbo, Chile; in the Provinces of Camaguey and Oriente, Cuba; in the
State of Michoachan, Mexico; and in the State of Bolivar, Venezuela.
Chrome ore properties located near Camaguey, in the Province of
near
Cruz
Grande in the Province of Coquimbo, Chile; near
Camaguey, Cuba.
.
Coal properties equipped for operation located in the vicinities of Ells¬
worth, Ileilwood, Johnstown, Marianna and Slickville, Pa; and of Fairmont
and Morgantown,
W. Va.
Undeveloped coal properties located in Kanawha County, W. Va., and in
Cambria, Blair and Bedford counties, Pa.
Limestone properties equipped for operation located at Bethlehem,
Bridgeport, Hanover, Naginey and Steelton, Pa.
Limestone properties undeveloped and (or) not equipped for operation
located at McAfee, N. J.; in Center County and at York, Pa.; at Pekin,
N. Y.; and at Felton, Cuba.
The above-mentioned raw material properties which are equipped for
operation
the property on the North Coast of Cuba) were
approximately 138,000,000 grosS tons
(excluding tonnages applicable to interests not owned directly
(excluding
estimated to contain on Jan. 1, 1936,
of iron ore
13,779,639
adjusted to eliminate provision for doubtful
make such figure comparable with corre¬
for 1932 has been
and accounts, in order to
periods, c Loss.
of the several underwriters and the
sponding figures for subsequent
Underwriters—The
names
principal amounts underwritten by them,
Kuhn, Loeb & Co., New York
Edward B. Smith & Co., New York---
Pittsburgh—
Co., Inc., New York
New York
J. & W. Seligman & Co., New York...
G. M.-P. Murphy & Co., New York
Bonbright & Co., Inc., New York
Goldman, Sachs & Co., New York
Kidder, Pea body & Co., New York
Lazard Freres & Co., Inc., New York-.
Lee Higginson Corp., New York--Dean Witter & Co., San Francisco, Calif
Chas. D. Barney & Co., New York.
Clark, Dodge & Co., New York—■Field, Glore & Co., New York
Hallgarten & Co., New York-Hayden, Stone & Co., New York...
Hemphill, Noyes & Co., New York.
W. E. Hutton & Co., New York
White, Weld & Co., New York-..—V. 143, p. 1714.
several
respectively, are as follows:
$9,400,000
;
9,400,000
9,400,000
7,500,000
5,000,000
3,000,000
1,300,000
The First Boston Corp.,
'
"
"
-
1,000,000
—i1,000,000
1,000,000
1,000,000
—--
—
1,000,000
1,000,000
"
500,000
500,000
500,000
500,000
-
-
—-
-
600,000
500,000
500,000
——
500.000
.
B-G Foods,
Inc. (& Subs.)—Earnings
$1,566,858
672,523
*34
1,293,711
564,205
$1,079,902
1,008,871
$894,334
903,799
$729,505
823.856
$71,031
11,057
loss$9,464
3,728
loss$94,350
8.475
$1370,743
-
Cost of sales-
-
Gross profit from sales
Operating expenses
Net
790,840
Aug. 14' 36 Aug. 9 1935 Aug. 10
Weeks Ended—
32
Net sales
-
-
-
profit from operation—---.
Other charges.,
$59,974
4,676
Profit
-—
Adjust, of rentals applic. to prior years
Prov. for Federal & State income taxes
loss$13,1931oss$102,825
3,105
3,057
$64,650
Total profit.
Other income.
loss$10,087
loss$99,767
900
100
8,727
loss$9,987
Ioss$91,040
Dr9,800
$55,750
Net profit.
Consolidated Balance Sheet
Cash
on
rec.
$125,218
Notes payable,
(net of
1,390
65,947
reserve)
Inventories
Prepaid insurance,
13,551
6,665
rents, &c._.
Other assets
Fixed
Liabilities—
Aug. 9 *35
5201,079
hand and
in bank
Accts.
Aug.li'36 Aug. 9'35
due
$4,037
$8,467
Accounts payable95,405
113,603
819 Dividends payable
8,799
2,284
3,194
61,607 Meal coupons outAccr. taxes & exps.
17,359
37,467
11,448 Notes payable (due
•after 1 year)
5,500
4,000
6,064
Aug. 14 *36
Assets—
.
Shipbuilding and Ship Repair Plants—Baltimore plant, located at Balti¬
more, Md.; Shipbuilding Division of Maryland plant, located at Sparrows
.Point, Md.; Boston plant, located at Boston, Mass.; Fore River plant,
located at Quincy and Braintree, Mass.; Union plant, located at San
Francisco, Alameda and San Pedro, Calif.
115,745
Excluding billings to subs, consolidated, after providing for doubtful
notes and accounts,
b Before providing for doubtful notes and accounts.
Brown Ilarriman &
lumber
23,843,406
c19,404,431
c8,735,723
a
Mellon Securities Corp.,
(6) the transporting of ore, coal, limestone and grain on the Great Lakes,
of ore from Chile and Cuba to the United States, of coal in coastwise traffic
on the Atlantic Coast of the United States and from the United States to
Cuba and to the Panama Canal Zone, and of iron and steel products in
coastwise traffic between ports of the United States, and of iron and steel
42,242.980
11,217.180
7,172,517
7,426,039
6,896,980
6,702,051
6,80.3,822
7,217,767
67,469,245
45,233,664
21,386,694
594,138
1936 (1st 6.
months) bl 23,484,600
(2)the construction and selling of steel passenger-train, freight-train and
(3) the fabricating and(or) selling and(or) erecting of steel for
buildings, bridges, tanks and other-miscellaneous structures; (4) the con¬
tracting for, and the building and repairing of, naval and commercial vessels;
(5) the mining and quarrying of ore, coal and limestone chiefly for the use
of one or more of the subsidiaries;
mine cars;
Depletion
Interest
A Other
Charges
Total
Net
Billings
Cal.
manufacture of coke;
products,
1936
19
indirectly by the corporation, of which approximately 54,800,000 gross
tons are located in Michigan and Minnesota and approximately 52,000,000
or
(h) To be deposited with the trustee under the consolidated
mortgage to be withdrawn from time to time (in accordance
with the provisions of the consolidated mortgage) to provide
for the cost of additional finishing facilities at certain of the
,
Sept.
Chronicle
within 1 year
Res.
(net
assets
457,366
value)
&
415,716
will,
holds, &c
(deficit)
22,502
494,277
$762,518
$641,427
lease¬
1
1
6,598
10,279
$762,518
$641,427
Deferred charges—
Total
x
28,662
*558,325
.
stock and
surplus
10,271
9,921
(less reserve)
Good
for insurance
contingencies
Capital
Fixtures in storage
Arrived at
as
Total
follows: Pref. stock, $502,800; common
total, $610,781.
Capital surplus,
$76,154 after deducting $55,750 net
$6,892.—V. 143, p. 1067.
Binks Manufacturing
stock, $107,981;
total, $641,372; less earned deficit,
profit for year; treasury stock at cost,
Co.—Application Approved—
Exchange has approved the application of the com¬
list 20,000 additional shares of capital stock, $1 par, to be admitted
to trading on notice of issuance and registration under the Securities Ex¬
change Act of 1934.
The company in an amendment filed with the Securities and Exchange
Commission, states that its issue of $250,000 5% 15-year first mortgage
convertible bonds will be offered publicly at $100 per unit by Fusz-Schmelzle
The Chicago Stock
pany to
&
Co., the principal
underwriter.—V. 143, p. 1551.
Birmingham Electric
Co.—Accumulated Dividends—
a dividend of $1.75 per share on the $7
$1.50 per share on the $6 cum. pref. stock,
no par,
both payable Oct. 1 to holders of record Sept. 18.
Similar dis¬
tributions were made in each of the eight preceding quarters and on Aug. 1
1934.
Distributions of $3.50 per share on the $7 pref. stock and $3 per
The
cum.
directors
have
declared
pref. stock, no par', and
Volume
share
143
Financial
the $6 pref. stock
Effective with the current
on
were
made to holders of record
May 1,
1934.
payments, arrears on the $7 pref. stock will
share and on the $6 pref. stock to
$3 per share.—V.
amount to $3.50
per
143, p. 1389.
<
Chronicle
per share was
paid
Birtman Electric Co.
(&
'
Subs.)—Earnings—
Years Ended Dec. 31—
Operating profit
Provision for depreciation
1935
$181,464
55,871
$352,060
12,545
$125,593
30,588
$364,605
69,960
$156,181
30,448
Operating profit
Other
income....
.
*'A'1
v[t,:*' ''
""
' •- "
n
Total income.
Other deductions, incl.
prov. for Fed. inc. tax...
■
_
r
$294,644
1,042,673
$125,733
1,003,598
$1,337,317
Dividends paid
220,499
Adjust, of pref. stock purchased
to declared value.
11,792
Reserve for
contingencies
10,000
Depreciation on appreciation
23,912
$1,129,331
58,032
3,100
—
Total surplus
Surplus Dec. 31
25.526
$1,071,113
Consolidated Balance Sheet Dec. 31
$1,042,673
...
Assei?—
1935
Cash
1934
$312,276
Customers' notes,
Liabilities—
$304,405
accts.
receivable
Mdse. inventories.
208,911
531,482
Other assets
153,066
486,978
19,239
25,000
8,116
Pat'ts, licenses, &c
and
1934
$84,407
Accounts payable.
$64,299
25,000
taxes...
7%
66,852
cum. pf. stk.
Com. stk. (par $5)
Surplus
equipment.
829,662
12,594
expenses.
record
Sept. 19—V. 142,
Brewers & Distillers of
.....
841,567
14,173
$1,928,044 $1,844,428
Brewing Corp. of Canada
Period End. July 31—
Profit from
operations..
Taxes.
Profit
Other income
68,670
627,000
$279,483
26,751
92,665
1,071,113
627,000
1,042,673
Cash
affiliated
1935
$82,357
124,996
303,787
investments
$459,150
174,756
125,647
16,785
.
Depletion and depreciation
Provision for Federal income
taxes
$434,634
167,622
101,953
$141,962
637,517
Surplus Jan. 1
....
554,754
312,650
5,705,239
Miscell. assets....
429,396
$779,479
Dr2,139
36,998
Dividends paid
Earned surplus Dec; 31
$740,341
$149,857
824,488
$974,345
Dr289.611
47,217
$637,517
Consolidated Balance Sheet Dec. 31
1935
1934
188,638
6,094,737
536,818
Investments
Accts. receivable..
38,667
Other lnv. at cost,
23,388
Props. & develop 1,094,354
Prepd. & del. chgs.
11,923
a
1935
$66,552 Dlvs. pay. Jan. 15
216,233 Loan payable (sec.
38,814
by inv. pledged)
44,132 Accts. & royalties
901,845
payable
10,936
Taxes accrued
Fed. income taxes.
Reserve
for
Earned surplus
After
a
and
$1,407,458 $1,278,515'
deducting $2,038,871
$2,025,394 in 1934.—V. 143,
Booth Mfg. Co., New
Calendar Years—
p.
Total_.u
depletion
and
745.
Minor. Int. (sub.).
Capital stock
4,908,744
Capital surplus. .1 1,991,376
c
in 1935.
Brillo
c
Manufacturing Co., Inc.—Earnings—
Period End. June 30—
Net earns, after all
1936—3 Mos—1935
deprec.,
Fed.
&
After depreciation of
$15,000.
No provision
Current assets
liabilities were
x$114,125
$51,214
$0.13
$0.61
$0.18
was
as
made for Federal surtaxes
of June 30,
1936, amounted
$109,799,
on
$31,508
$0.27
per sh. on 145,310
shs. common stock
Real est. <fc
Dec. 31 '35
Dec. 29 '34
mach_$2,033,269 $2,020,632
Merchandise
433,028
98,885
30,000
15,295
10,845
Cash & accts. rec.
Investments
1935
x$298,834
320,865
200,000
3,000
profits
Bond interest
_
_
£
Directors'fees..
585,525
8,251
637,517
Legal fees & executive
Prepaid items....
Treasury stock
Profit & loss deficit
Total
120,525
$2,741,847 $2,698,577
268.
—V. 141, p.
Bolsa Chica Oil
Calendar Years—
•Gross income..
Total
from
1934
$898,373 $1,027,012
212,320
339,637
Govt. guai. bonds
130,500
226,300
Cash..
45,015
38,997
x Properties.
6,448,661
6,426,160
Investments
195,273
221,090
Deferred charges
52,030
67,238
Receivables
.
$344,100
852,800
300,000
225,000
63,638
1934
1933
$287,199
126,093
71,407
112,616
$288,254
121,648
28,210
132,190
1932
$253,093
$292,676
135,357
6,177
152,416
183,959
prof $6,206
$59,572
$32,818
Balance Sheet Dec. 31
Assets—
Cash
on
in
1935
bank
hand
$82,557
$131,338
40,075
1,625
23,406
1,133
22,136
Inventory,
crude
oil in storage...
Investments
and
Liabilities—
58,092
Notes A accts. rec.
Lands
1934
and
!-
leases
(cost less depl.)_
Accrued payable..
Deferred credits..
2,250,145
2,248,947
36,392
27,754
depreciation)...
Pipe lines (cost less
58,265
8,048
Liabilities—
168,651
less
(cost
(tang,
109
116
2,296
1,826
115,622
123,253
2,397,553
2,397,569
common
deprec.)
—Y. 143, p.
522,176
362,716
522,192
336,805
Total
$9,070,550 $9,150,973
no
par
shares.—V. 141.
Co.—-Merger Petition—
extra 'dividend of 6
\i cents per share in
regular quarterly dividend of 75 cents
per share on the
pref. stock, par $50, both
payable Oct. 1 to
An extra dividend of
6M cents per share has
been paid each quarter
(except on April l) since and including
July, 1927.
to
an
the
An extra participating dividend of
56 l/i cents
April 1 since 1932.—V. 142, p. 4169.
per
$hare has been paid each
'
Mining Co.—Registers with SEC—
See list given on first page of this
department.
Brompton Pulp & Paper Co., Ltd. (&
1935
Depreciation
Depletion
Directors' fees
Executive salaries
Legal fees
$2,696,888 $2,722,505
Corp.—On Quar. Div. Basis—
The directors have declared a
dividend of 50 cents per share
on
the
common stock, no
par value, payable Oct. 1 to
holders of record
Sept. 19.
The company announced that it
intends to pay dividends
quarterly instead
of semi-annually in the future.
On July 1, last, a
semi-annual dividend
of 60 cents in addition to an
extra dividend of 15
cepts per share was dis¬
tributed.
A semi-annual dividend of
50 cents was paid on Jan.
2, last,
.and on July 1,1935; 60 cents was
paid on Jan. 2, 1935; 40 cents on
556,200
Common stock._ 3,000,000
10,000
422,923
cum. and participating
holders of record Sept. 16.
Loss
-
Inventories written off--
Boston Herald-Traveler
Preferred stock
12,000
50,073
3,321,000
1,445,400
556,200
3,000,000
10,000
333,634
Brooklyn Borough Gas Co .—Extra Dividend-—
Years End. Dec. 31—
Net operating profit
Total
27,333
31,800
3,180,000
Gen. mtge. bonds.
1,445,400
$210,000
212,666
The Public Service Commission of
South Carolina has taken under
advise¬
petition of the company for permission to
merge with Lexington
Water Power Co.
The companies, controlled
by General Gas & Electric
Corp. (Associated Gas & Electric
subsidiary), seek approval of sale of
property and assets of Lexington Water
Power to Broad River Power
and issuancee of Broad River
Power common stock to
complete the trans¬
action.—V. 143, p. 745.
Bond and mtge. interest
$2,696,888 $2,722,505
1067.
tax
Bond Int. accrued.
lst mtge. bonds
by 100,000
Bruce Consolidated
costs
charges
1934
$160,000
236,893
6%
less
Deferred & prepaid
Total
stock
Deficit
_
ment the
$14,354
11,014
Wells
(cost
deprec.)
$9,070,550 $9,150,973 I
$21,848
174,658
9,706
less
1935
Bank loan
After reserve for depreciation
and depletion of
$2,668,000 in 1935 and
in 1934.
y Represented
x
The directors have declared
7,182
Equipment
Piers
804,538
$2,595,583
p. 2270.
addition
58,265
depreciation)...
B
258
Accounts payable.
Res. for Prov. inc.
y
1934
com. stock
(8% cum.)
Class
$ 379,853
Contingency res..
Deferred liability.
1935
Accounts payable.
Dividends payable
Class A
1,088,377
—
Broad River Power
$22,917
Net loss.
Deficit-
-
Total
913" 039
....$2,741,847 $2,698,577
131,584
28,664
1932
loss$76,205
303,389
$260,717
$21,620
investments, &c.
1935
._
1935
Fixed charges
Earnings—
1933
$404,072
314,789
350,000
12,000
$256,738
Including income
Inventories
Corp.—•Earnings—
Operating charges
Development expense._
res pec-
June 30
Balance Sheet Dec. 31
Dec. 31 '35 Dec. 29 '34
$344,100
852,800
300,000
225,000
83,808
8,100
928,040
on
31,707
Net loss..
x
1934
x$706.833
317,553
395,000
3,900
'
re-
numeration
Income taxes
Assets—
$77,155
Preferred stocks..
$93,072,
British Columbia
Pulp & Paper Co., Ltd.-
Calendar Years—
Depreciation
$18,933
377,526 Common stock...
132,687 Mortgage payable.
30,000 Notes payable--—
12,302 Accounts payable.
10,845 Suspense account.
114,584 Deprec. reserve...
and
against $221,169
.
Operating
1932
Liabxlities-
undistributed profits,
$461,568 and current
compared with $415,949
Cash was $257,018,
June 30, 1935.
of previous
year.
—
Assets—
to
18,759
3,970
15,203
18,594
7,514
16,784
Comparative Balance Sheet
•
on
$9,289
$9,247
1933
$72,715
x$52,018
Earns,
x
1936—6 Mos.—1935
Chgs.
incl.
20,000
1,200
585,525
8,251
740,341
Total
$9,871,000 $9,267,752
reserve of $3,673,855 in
1936 and
Represented by 163,428 (162,737 in
shares preferred stock
1935) no par
and 664,463 (663,050 in
1935) shares no par common
stock.—V. 142, p. 4331.
$3,458,248
.$1,407,458 $1,278,515
depreciation in 1935
1934
x$5,940
365,000
450,000
16,730
4,896,890
2,242.228
1,400,000
Above current assets
exclude company's own
securities held at cost.—
V. 142, p.3665.
Bedford, Mass.- -Earnings—
1935
Net loss before
deprec..
x
for
1934
em¬
ployees' benefit.
Cap. stock (par $5)
Capital surplus
Total......
765,339
31." 523
5% serial notes..
..$9,871,000 $9,267.752«
b After
deduction of depreciation
tively,
Liabilities—
|
791,031
20,000
Purch. agree. Bee_
Total
Total
Cost of shares of stock
charged to surplus
$20,327
218,796
1935
$500,042
'
Mtges., &c., pay..
3-yr. 7% guar. deb.
State taxes
deposit..
1936
$759,848
liabilities
1,936,419
b Fixed assets
15.203
Net profit
Assets—
$203,513
Bank loans, &c
Payables & accrued
cos
Prepaid expenses..
1934
$430,654
3,979
Total income
_
$206,307
July 31
Distrib. cap.
surpj
1935
$452,951
6,199
deducting royalties)
expenses
$644,340
75,851
364,975
Liabilities—
$33,465
Inv. in & advs. to
Sheet
$607,047
37,292
$661,759
76,865
378,586
$167,043'
631,701
305,669
1,898,126
Investments
Receivables (net).
Inventories
$608,208 ;
53,550
20,018
90,519
Balance
1936
1936—12 Mos.—1935
$3,059,352
$2,832,202
2,451,144
2,225,154
$277,581
$160,067
Consolidated
Assets—
Subs.)—Earnings—
$270,417 :
7,164
30,982
...
Profit.
70*710
Total
Years Ended Dec. 31—
Net oil sales (after
on
Ltd. (&
$248,501
Total income
Interest
39,746
.
on
4169.
p.
1936—3 Mos.—1935 "
$1,034,074
$1,016,345
785,572
745,928
Bishop Oil Corp.—Earnings—
Cash
was
The directors have
decided to convert the authorized
capital of the
company, presently
consisting of 7,500,000 share (no par), into
750,000
(par $5).
A special general
meeting of the shareholders will be
held in Vancouver
on Oct. 26 to
consider the decision of the directors.
—v. 141, p. 2110.
•
10,000
$1,928,044 $1,844,428
After allowance for
doubtful accounts of $9,798 in
1935 and $9,599
in 1934.
b After allowance for
depreciation of $631,109 in 1935 and
$693,020 in 1934.
c
Represented by 4,578 no-par shares in
1935 and 4,714
shares in 1934.—V.
143, p. 1067.
Operating
dividend of 25 cents
p. 1552.
Vancouver, Ltd.—To Change
Capital—
a
Dividends
extra
The directors have
declared an initial
quarterly dividend of 32 Yx cents
$1.30 first preferred stock, no
par value, payable Oct. 15
per share on the
to holders of
Prov. for depreciation
Res. for conting..
c
plant
Total
1935
Accrued exps., incl.
prov. lor Federal
trade accepts. &
Prepaid
an
July 1. 1935.—V. 143,
,
:
.
Property,
In addition
on
shares
Previous surplus
b
distributed.
Jan. 2. 1936 and
_
Net profit
a
on
Brantford Cordage Co., Ltd.—Initial
Pref. Dividend—
1934
$399,643
47,583
1867
1934, and 50 cents per share on
Jan. 24, 1934, this latter
being the first
dividend paid since Jan.
2, 1932, when a quarterly dividend of 10
cents
July 2,
Deficit
Previous deficit
Prof,
on
bonds redeemed
written off
Invest,
Fire loss
Loss
on
$310,580
281,384
65,260
1,635
29,100
2,500
19,361
1934
1933
sur$14,288
803,491
1.260
$377,315
$780,691
648,326
$377,315
$1,429,017
459,776 surl,328,900
33,600
14,360
Dr317,431
Dr56,586
...
sale of assets
Deficit, Dec. 31
—---
Drl35,8l9
$1,014,548
1932
24,730
$88,660 prof.$14,288
$88,660
787,943
Dr2,125
Subs.)—Earnings
$303,611 loss$262,350
loss$670,930
175,683
51,919
101,131
82,009
63,046
8,630
6,900
$787,943
$803,491
$459,776
Financial
1868
31,
Consolidated Balance Sheet Dec.
llB"
'A"
»
Assets-
Fixed assets
18,198,045
292,122
Deferred assets
8,422,721
292,122
-51,206
51,206
Inv, in assoc. cos.
Inv.
in
'A"
sub.
x
co.
(Dominion Lime
:
89,270
89,270
Bank loan secured.
358,650
34,081
bills
&
863,520
863,520
362,237
39,067
887,174
Inventories
Investm'ts
at
39,067
887,174
128,240
Deficitl...
Total
Corp. as a separate and distinct organization from H. M. Byllesby & Co.
the investment banking house.
' ♦ ■
Members of the board of directors of Public Utility Sendee Corp. consist
of the presidents of the operating companies (who were elected at the time
•
these companies acquired Byllesby Engineering & Management Corp. last
(Domin¬
co.
ion Lime
Co.)..
45,199
19,877
Deferred credits..
128,240
22,155
1,014,548
Prepaid insurance,
taxes, &c—
Sub.
Taxes accrued
cost
follows:
F. R. Phillips, President, Philadelphia Co., Pittsburgh;
Pack, President, Northern States Power Co., Minneapolis; J. F.
President, Oklahoma Gas & Electric Co., Oklahoma City; T. B.
Wilson, President, Louisville Gas & Electric Co., Louisville; J. P. Pulliam,
President, Wisconsin Public Service Corp., Milwaukee; <D. M. Brewer,
President, California Oregon Power Co. and Mountain States Power Co.,
Medford, Ore.; W. F, Raber, President, San Diego Consolidated Gas &
Electric Co., San Diego; W. N. Clark, President, Southern Colorado Power
Co., Pueblo, and B. W. Lynch, R. J. Graf, M. A. Morrison and H. C.
Cummins, all of Chicago.—Y. 142, p. 1552.
year)
45,199
19,877
271,541
•
R.
...21,585,350 10,719,9041
271,541
21,585,350 10,719,904
Total
"A" Actual.
"B" The figures in this column show the position after
giving effect to the reduction in capital,
x Represented by 300,000 no
par shares.—V. 142, p. 2659.
Calaveras Cement Co.
,
.
Calendar Years—
Brooklyn-Manhattan Transit Corp .—Collateral—
The
Co. has notified the New York
Brooklyn Trust
under
trustee
Stock Exchange
as
trust
;
l"
balance
a
Preferred
extra dividend of
Bulova
Watch
for
Sept.
25
to
which
be formed
will
with
a
Delaware
Calendar Years—
x$401,556
163,718
$325,445
182,428
$311,686
190,840
26,500
15,666
"12,700
$420,316
192,730
23,979
24,000
$211,337
4,117
215,294
$128,017
4,277
'215,112
$108,146
4,298
215,088
$179,607
4,328
274,191
$8,074
837,312
$91,372
845,386
$111,240
936,758
Written off patents
Reserve for Fed. taxes
Net profit
Preference dividends.
Common dividends
___
Deficit
Profit & loss surplus
Shs.
of common
stock
outstanding ($25 par)
Earnings per share
x
Including profit of $5
"
„
107,544
$1.63
1935
Cash in banks &
1934
$527,360
82,508
76,072
municipal
Call loans
Accts. & bills
In
&
735,541
other
companies
b Land
36,500
190,220
240,388
722,115
rec
Inventories...
Invests.
1934
$77,518
54,853
29,193
443,877
,
7%
cum.
prel. stk.
54,848
71,134
(S100
par)
58,800
Com. stk. ($25 par) 2,691,200
Surplus
.A.,-—.
837,312
banks
tract.
•
113
Terminal
58,900
2,691,100
845,386
4,494
rec.
under
contract for sale
of railroad
147,991
Investments..
205,966
187", 737
_
1,368,679
charges.
5,923
1,315,554
8,324
b
Land, buildings,
mach. & equip.
Development
9,526
exps.
Total
......
$2,620,548 $2,531,812'
Total
..$2,620,548 $2,531,812
a Accounts
receivable
only,
b After reserve for depreciation and
depletion of $1,043,043 in 1935 and $932,342 in 1934.
c Represented by
shares of $100 par.
d Represented by 125,250 no par shares.—V. 143,
p. 746.
Camaguey Sugar Co.—Reorganization Plan—
See Yertientes
Sugar Co. below.—V. 143,
p.
101.
Campe Corp.—Earnings—
Years End. July 31—
1936
Profits from operations.
Gen. admin. & sell. exps.
1935
x$435,629
268,630
56,111
for depreciation..
sale of cap .assets
on
Prov.
reduce
to
sec. to
1934
$453,093
1933
•
257,182
$685,540
273,747
$438,047
248,365
58,713
profl9,207
prof3,084
27,881
4,285
22,000
,
market
mkt. price
(net)
Prov.for Fed.& State tax
19,673
17,693
60,922
$91,214
15,764
50,436
$138,712
39,177
100,963
$353,955
75,081
25,241
$135,516
93,744
$25,014
75,940
def$l,428
130,000
$0.99
$0.76
$253,633
130,000
$2.15
$41,772
130,000
$0.32
*——
Common dividends
Balance, surplus
Shs.com.stk.out. (no par)
per share
•
Includes interest received
1936
,
net of $36,021.
$3,748,876 $3,744,492
Total..
b After
reserve
Co .—Decision
Reserved
for depreciation
121.
on
Plea
Terminal
Accounts receiv...
Ad vs. to
$399,544
392,756
$367,925
408,337
667*885
306,198
1,278,302
339,883
mills, &c.
Markertable
securs
Inventories.
to
Pay
5% Bonds—
Bush
1935
,
*
268,167
Land, bldgs.,ma¬
chinery & equip. 1,375,802
Deferred
charges
to operations
24,317
Prov.for Fed.
Buildings Co.,
the payment of the arrears of interest
have been adjudicated.
Judge Inch reserved decision also
a
subsidiary, opposed
against the parent
until its claims
z
24,437
31,931
Com. stk. at cost
1935
$294,504
and
State taxes
19,972
19,859
stock
6K%
25,241
pref.
conv.
stock
14.651
y
24,947
Initial surplus
29,115
Earned surplus...
Total.........$3,184,838 $4,140,156
$117,009
Divs. pay. on com¬
mon
1,370,797
1936
incl.
pay.,
sundry accruals
x
Sund. loans & inv.
Liabilities—
Accts.
,
Judge Robert A. Inch, in the U. S. District Court in Brooklyn,reserved
decision Sept. 15 on a motion by counsel for the company for permission
to pay $1,164,000 of accumulated interest due on $6,629,000 of the comr
pany's 5% consolidated mortgage bonds which will mature in 1955.
The
company proposes to take the money from the $2,380,000 in cash now in
the
2,262,500
52,750
165,359
Consllidated Balance Sheet July 31
After providing for doubtful accounts,
its treasury.
Counsel for
con¬
159,500
'
.....
Assets—
of $2,347,917 in 1935 and $2,433,361 in 1934.—V. 142, p.
on
and
153,173
...
Cash
Interest
sack
Deposits in closed
x
Total.........$3,748,876 $3,744,492
Bush
19,467
for
Property sales con-
71,592
a
Reserves
tingencies
4,562
c'7% pref. stock.. 2,262,500
d Common stock.
52,750
and ctfs. od dep.
ex¬
pd.in adv
2,330
cap.
Dividend payable-
losses
5,956
1
penses
and
stock taxes
receiv. past due.
1,744,642
1
deps. &
-.
income
289,613
Earnings
1,601,701
»
officers
escrow
597
13,307
4,093
285,328
8,833
2,194
__
Net profit for period..
Preferred dividends
conv.
362,562
machry. & equip
7,184
971
1934
$39,442
and
wages
property taxes..
Notes and accounts
in
1935
$95,118
and employees
Prov. for Federal
15,665
payable.
bldgs.,
Goodwill & pats..
Insur.
Acer,
Payable to officers
Bank savings accts.
$78,593
Res. lor Fed. taxes
5587,150
bonds
a
'
Dividends payable
Accounts
on
hand.
Govt. &
from
Rec.
Loss
1935
Liabilities—
Liabilities—
1934
5,214
Inventories
Prov.
Balance Sheet Dec. 31
Assets—
$346,038
90,837
Deposit on bid...
$98,912
1,047,999
107,648
107,644
107,544
$1.92
$1.15
$0.96
i,573 on disposal of Drake Department,
_
$173,947
a74,380
3,942
1,800
11,311
reciv.
accts.
Deferred
1932
1933
1934
1935
The
of stock
charter.
Canadian company will receive as consideration the entire amount
of the United States corporation.
Profits for years.
Reserve for depreciation.
$165,359
Accts. payable
(trade).....
Misc.
Balance
authorize
Inc., a
transferof company's assets in the United States to F. N. Burt & Co.,
organization
$486,862
140,824
Notes & accts. rec.
Listing and Reg-
(F. N.) Burt & Co., Ltd.—Forms New Company—
called
$314,077
140,129
S317.556
Notes receivable..
24, 1936, which provides that,
upon consummation of the pian, for each share of preferred stock deposited
thereunder, the holder will be entitled to receive (a) one share of common
stock; (b) $22.50 in cash and (c) an additional amount in cash equal to
dividends accrued and accruing on such share of preferred stock to Dec. 1,
1936, amounting to $17.50, and remaining unpaid at the date of exchange.
—V. 143, p. 1552.
been
$165,359
$494,374
and employees..
of shareholders' has
$222,289
58,823
.
1935
hand
011
issued under plan of exchange dated Aug.
new
—_
Consolidated Balance Sheet, Dec. 31
The New York Curb Exchange has admitted to listing and registration
the deposit receipts representing $3.50 convertible preferred stock, no par,
meeting
_
Cash in banks and
istration—
A
$64,141
551,004
dividends...
Assets—
per
-Admitted to
Inc.-
Co.,
$31,961
346,038
x Arrived
at as follows:
Net sales, $804,179, less cost of goods sold,
ananotirxna
I
$410,082; gross profit from operations, CQQA HQ7
$394,097.
share in addition
to the regular quarterly dividend of $3 per share on the capital stock, both
payable Sept. 30 to holders of record Sept. 23.
Previous extra distributions
were as follows:
$2 on Dec. 31, 1935: $1 on Sept. 30, 1935; $2 on Dec. 31,
1934; $1 on Sept. 29, 1934; $2 on Dec. 30, 1933, and $1 per share on Dec. 31.
1931.—V. 141, p. 4012.
$1
$8,589
173,947
Surplus, Dec. 31-
have
new
an
_prof$56,930
165,359
12,910
__
Total surplus
hand of $543,250.—V. 143, p. 1712.
The directors have declared
148,911
111,524
9,593
and
Previous surplus..:
Buffalo Insurance Co.—Extra Dividend—
i
$205,887
157,411
109,655
$163,466
inc.
Net loss.
declared an initial quarterly dividend of $1.75 per
7% cumulative preferred stock, par $100, payable Oct. 1
holders of record Sept. 26.—V. 143, p. 1222.
•
the
on
$235,105
178,687
120,805
12,197
•
227,565
111,143
capital stock taxes
Bucyrus-Erie Co.—Initial Preferred Dividend—
The directors
share
to
on
Fed.
for
Prov.
New York Rapid Transit Corp. demand note
4, 5%, dated Sept. 14, 1936, payable to its own
demand at Brooklyn Trust Co.
a total of demand notes held of $2,318,000.
The Brooklyn Trust
Co. further advised that, in order to accomplish the above, it was necessary
for the trustee to release $353,000 cash from the deposited cash account,
leaving
$303,101
$408,548
Experimental charges
making
•
$186,521
19,365
Prov. for deprec. & depl.
amount
on
1932
$219,411
15,694
expenses
No. R. T. D. N.
order
1933
$291,757
11,344
Sell,, adminis. and gen.
principal amount rapid transit collateral trust bonds, 4H% series, due
May 1, 1966, of the Brooklyn-Manhattan Transit Corp., are issued and
outstanding, the following:
$353,000 face
1934
$394,097
14,451
Total income
May 1, 1936, under which $45,000,000 principal amount rapid transit
collateral trust serial bonds, due serially to May 1, 1951, and $65,000,000
(& Subs.)-—Earnings—
1935
Gross profit from opers.
Int. and miscell. income
additional collateral, to be held by it as custodian
indenture and supplemental indenture, both dated
that it has received
as
F.
Owens,
22,155
Cr75,574
plus accr'd int..
-y
name from Byllesby Engineering & Management Corp. to Public Utility
Service Corp. is to more clearly indicate existence of Public Utility Service
362,237
dation..
rec.
(less reserve)
insurance deposits
Electric Co. and the corporation then functioned as a service organization
a cost basis to the companies acquiring it.
The purpose of the change
on
in
258,651
34,081
Acc'ts payaDle and
accr'd charges..
hand and
on
1936
poration was sold without profit to these companies by Standard Gas &
1,982,316
1
in banks..
Acc'ts
7,500,000
246,000
246,000
deprec.
and depletion.. 5,222,763
Cap. surplus aris¬
ing from consoli¬
Res've for
1
Co.)
Cash
Capital stock ...15,
,025,000
Bonds and mtge__
19,
Byllesby Engineering & Management Corp. was organized in 1919 to
engineering and managerial services to public utility and other
companies but particularly for those companies comprising the Standard
Gas & Electric system.
In Sept., 1935, the stock of the management cor¬
$
.
Sept.
render
"B"
Liabilities—
$
$
Chronicle
1935
Common stock.
Total.
_
800,000
1,492,723
577,638'
530,800
1,300,000
1,594,622
552,624
$3,184,838 $4,140,156
x After depreciation of
$457,093 in 1936 and $400,982 in 1935.
y Repre¬
sented by 80,000 no par shares in 1936
(130,000 shares in 1935).
z 4,060
shares in 1936 and
3,796 shares in 1935.—V. 142,
p.
1632.
company
a
Butlers, Inc.—Registers with SEC—
Byllesby Engineering & Management
Changed—New President Elected—
board of directors
Corp.—Name
Sept. 16 voted to change the name of the
organization to Public Utility Service Corp. and elected B. W. Lynch as
President of the new corporation,
succeeding John J. O'Brien, formerly
President who died on Aug. 7.
Mr. Lynch is also President of Standard
Gas & Electric Co.
on
The directors have declared
a
dividend of 50 cents per share
on
of accumulations on the
5% cumulative preferred class B stock,
payable Oct. 1 to holders of record Sept. 19.—V. 143, p. 1222.
account
par
$50,
Canadian National Rys.—New Directorate—
Six
of the
announced
seven
directors
who
will in future
control
the system
were
Sept. 10 by Prime Minister Mackenzie King at the conclusion
The seventh director, who will represent labor, will
by chosen by agreement among the railway workers acting
through their
of
a
on
Cabinet Council.
various
See list given on first page of this department.
The
Canada Bread Co., Ltd.—Accumulated Class B Div.—
motion by C.
Walter Randall,
trustee for the Bush Terminal Co., for directions as to whether he, in the
name of the
company, might file a petition for reorganization of the Bush
Terminal Buildings Co. under Section 77-B of the Federal Bankruptcy
Act.
Mr. Randall said that gradually decreasing earnings for the last two
years indicated
that a reorganization was inevitable.
The motion of
Mr. Randall was opposed by counsel for the Bush Terminal Buildings Co.,
who said it is in a good financial condition.—V.
143, p. 1391.
on
unions.
Legislation authorizing restoration of the director system will be pro¬
on Oct.
1, when the new board will take office.
In the meantime
claimed
the Government will reach a decision as to the status of the board
of three
trustees who have been
administering the road since Jan.
1, 1934.
S. J.
Hungerford, who worked his way up from an apprentice mechanic
become head of the Canadian National
System, will continue in that
capacity as Chairman of the new board.
to
Appointments for three-year periods went to Mr.
Murdock and Wilfred J. T. Gagnon.
Hungerford, James Y.
Volume
143
1
Financial
Chronicle
For the two-year
period, as provided in the Act, the directors will be
Herbert J. Symington and the
representative to be chosen by labor or¬
President of the company, stated that:
corporation to refund the 6% preferred stock with
f H % preferred stock reflects the advantage to the company of conservative
financing of its new capital requirements over a
long period of years. This
was
demonstrated in 1935 by the
company's refunding of its 5% mortgage
bonds with
ganizations.
For one-year periods the
appointees are Donald H. McDougall and
Robert J. Moffatt.
The board will be asked to
consider the advisability of appointing
regional
advisory committees to cooperate with the
directors in each of the Atlantic
new
bonds with
and Western regions.
Mr.
Hungerford
Chairman will receive
as
while the other directors will
each receive
salary of $30,000
$5,000.
a
1936
1935
-
1936
$3,659,392
Gross earnings....
—V. 143, p. 1553.
-
Canadian Pacific
$422,808
1935
$3,127,368
Increase
$532,024
Ry.—Earnings-
Earnings of System for Second Week of September
1936
1935
$3,281,000
$2,949,000
„
Gross earnings
—V. 143, p. 1715.
^
Capital City Products Co.
Years Ended June 30—
Mfg. profit after deducting cost of
goods sold, but excl. of depreciation
Increase
$332,000
1936
1935
$1,211,068
$371,268
54,653
98,691
33,662
$558,068
82,309
104,652
62,581
$308,525 loss$131,539
17,600
$154,262
$308,525
Provision for Federal income tax
Dividends paid
-
1934
$533,059
500,455
653,000
on
1936
1935
hand and
Liabilities—
$149,139
1936
$37,204
$41,730
Accounts payable
Accrued
h rec., less reserve
647,824
570,088
Accrued int.
Inventory (certlfd.
by management)
965,278
821,182
1935
$150,000
411,172
52,212
Notes payable
deposit
$250,000
396,328
Unpaid sinking fd.
accts.
of lite insurance.
9,929
87,618
20,351
Other assets
funds
62,667
yCommon stock..
17,621
Paid in surplus
Earned surplus...
for
redem. of bonds,
2,178
of life ins. policy
held by trustee,
60,464
195,434
1,000,000
417,890
162,035
880,000
351,890
412,421
616,842
15,894
13,585
42,500
un-
54,250
67,787
S2,586,3451
143,
p.
$2,891,147'$2,586,346
under the
name of the above subsidiaries will
hereafter be done directly
by
Carrier Corp., which now becomes an
operating company.—V.
143, p. 1068.
Caterpillar Tractor Co.—Earnings—
Period End. Aug. 31—
Net sales.
Net profit after
deprec.,
inc. taxes,
x851,657
.
502,366
for
1936
Federal
$3.29
surtax
on
$2.05
undistributed
For 12 months ended Aug. 31, 1936 net
profit was $8,288,075 after
charges and Federal income taxes, equal to $4.40 a share, comparing with
or $2.57 a share in 12 months ended
Aug. 31, 1935.
Net sales
for 12 months totaled $49,119,081
against $31,687,076.
Current assets as of Aug. 31, 1936
including $3,114,217 cash, amounted
to $27,756,397
and current liabilities were $3,391,194.
This compares
with cash and marketable securities of
$3,464,007,
443,479 and current liabilities of $1,747,459
p. 1222.
on
current assets of $23,Aug. 31, 1935.—V. 143,
'
■
<
Trustees have declared
charter.
of
This
declared
stock,
no
a
par
compares
Chesapeake Corp.—Bonds Called—
J. P. Morgan & Co. and
Guaranty Trust Co. of New York, as sinking
fund trustees, are notifying holders of
20-year 5% convertible collateral
bonds, due May 15,
1947, that $786,000 principal amount of these
bonds have been drawn by lot for
redemption as of Nov. 15, 1936, out of
in the sinking fund, at their principal amount and accrued
interest
to the redemption date.
The drawn bonds will be paid on and
after
Nov. 16 upon presentation at the office of J. P.
Morgan & Co.. or the
principal office of the Guaranty Trust Co., interest
ceasing to accrue from
the redemption date.
Any of the drawn bonds may be converted on
.
Apart from the change in dividend rate, the proposed new stock will
substantially the same rights and preferences as the present stock
except that the call price is to be $112.50 per share to Oct.
1, 1946 and
$107 per share thereafter as compared to $105 per share for the
present
stock.
Formal announcement is expected to be made to the
company's stock¬
holders early in October, at which time they will be advised as
to the method
of making the exchange and other details of the
plan.
The entire plan, however, is subject to
approval by the P. S. Commission
and to registration of the issue under the Eederal
Securities Act prior to
any public offering of the new 4^ % stock.
stock of the
Chesapeake & Ohio Railway Co.,
The sinking
Chicago City Railway Co.—Application Approved—
The Chicago Stock Exchange has approved the
application of the
com¬
Interstate
Commerce
was
adjourned,
subject to
the
Chicago Flexible Shaft Co.—Earnings—
Years Ended—
Dec. 28,
'35 Dec. 29, '34
$1,103,791
$596,199
116,280
132,375
Maintenance, repairs and replacements of tools, &c
170,044
128,199
Real estate, personap prop. & other general taxes.
26,305
10,086
Royalties
12,568
8,494
•
Profits from operations
Provision for depreciation
_
the
have
or
common
provided in the indenture.
fund trustees call attention to the fact that on Sept.
1, last,
$100,000 principal amount of bonds of this issue previously drawn for
redemption had not been presented for payment.—V. 143, p. 1716.
as
taken under advisement and the hearing
call of the commission.—V. 143, p. 1716.
•'
In the event that one-half or more of the
6% stock should be exchanged
in accordance with this plan, the
company proposes to sell any balance of
new 4^% stock not so exchanged at not less than
$102.50 per share
and to call the remaining 6% stock for
redemption on Jan. 2, 1937 at $105
per share.
before Nov. 16 into
banks, in requesting the commission to order a complete study of the
company's prospective earnings as well as of all other factors involved.
Their request for an exhaustive study of the railroad's
potentialities was
Commission for authority to substitute therefor an
identical
4>£% preferred stock and to make certain amendments to its
have
common
15.
companies,
The company proposes to give to the
present holders of its preferred
stock, a large majority of whom are residents of the Central Hudson
Valley,
an opportunity to
exchange their 6% stock for new 4J^ % stock on the basis
of one share of the new 4^
% stock and $2.50 in cash for each share of
6%
stock now held.
.
the
Oct.
Said the plan was intended to preserve stockholders' interests
at the expense
of the bondholders.
He joined Fred N. Oliver of New
York, who repre¬
a
S.
on
record
sents
18 that the corporation is planning to refund its
as
P.
directors
quarterly dividend of 62 H cents per
value, payable Nov. 1 to holders of
with 50 cents paid in each of the three
preceding quarters; 37Y2 cents paid on Nov. 1, 1935; 25 cents in
each of
the three preceding quarters, and 15 cents
paid on Nov. 1 and Aug. 1,
1934.
This latter payment was the first made
since May 1, 1931, when
37 Yi cents per share was paid; previous thereto the
company made regular
quarterly distributions of 62 Yj cents per share. In addition an
extra dividend
of 12^ cents was paid on Nov. 1, 1935.—V
143, p. 1553.
share
Commission was told Sept.
12 that the
reorganization plan submitted to it by the road was "wholly
unacceptable"
to banks and insurance companies
holding $72,000,000 of the company's
bonds.
Kenneth F. Burgess of Chicago, attorney for insurance
Eresent 6% preferred stock 6% preferred % preferred stock. The company
outstanding $7,030,000 with new 43^ stock and has filed
petition with
the
par stock on the basis of
Chicago & North Western Ry.—Hearing Adjourned—
Central
Sept.
exchanged for the $1
25,
last, this latter being the first payment made since
July 15, 1930 when 20
cents per share was distributed.'—V.
143, p. 1392.
The
Hudson Gas & Electric
Corp.— To Refund
'Exchange 6% Pref. With New Issue of 43^% Pref.—Present
Holders To Be Given Echange
Offer—
learned
Larger
1
p.4065.
extra dividend of 50 cents
per share in addition
cents per share on the common
payable Oct. 1 to holders of record Sept. 22.
on April 1, last.—V. 142,
p. 1632.
an
both
Like paymems were made
was
.
,
and
deposit
trading on notice of issuance
and registration under the Securities Exchange Act of
1934.—Y. 140,
the regular quarterly dividend of 37
H
value,
Co.—Extra
pany to list $2,523,000 additional principal amount of certificates of
for 5% 1st mtge. gold bonds, to be admitted to
Central Aguirre Associates—Extra Dividend—
par
Products
moneys
'
made
was
3,862,039
$4,843,885
amount
Steel
new $1 par shares for each one old
no-par share.
A dividend of 50 cents per share was
paid on the no-par stock on Feb.
trust
x6,200,807
^
.
profits.
'
Ohio
.
<
&c_.
no
V
the $0 cumulative prferred stock
payments represent one-half of the regular
on
f
1936—Month—1935
1936—8 Mos.—1935
$4,712,789
$3,071,653 $37,516,434 $24,844,546
Earns, per sh. on 1,882,240 sks. capital stock
It
on
Cherry-Burrell Corp.—Dividend Increased—
national, Inc., and Carrier Engineering Corp. of California.
This move has been made in order to effect a
simple corporate structure
and to accomplish administrative
savings.
All business formerly conducted
to
aoove
The
announced the discontinuance and
liquidation of three
former subsidiaries—Carrier
Engineering Corp., Carrier-Brunswick Inter¬
(no par)
No provision
to
266.
Corp.—Liquidates Three Subsidiaries—
X
1
stock (par $100).
the 6% cumulative
preferred stock (par $100).
The old no-par stock was
Total
company
Fed.
following dividends payable Oct.
The directors have declared an extra
dividend of 25 cents per share in
addition to a quarterly dividend of 35 cents
per share on the common stock,
par $1, both payable Nov. 1 to holders of record
Oct. 15.
A dividend of
25 cents per share was paid on this stock on
Aug. 1, last, this latter being
the initial payment on the $1 par stock.
*
reserve
1935.—V.
.stock,
75 cents per snare
75 cents per snare
tne
7% cumulative preferred
four
Carrier
int.,
Central Maine Power Co .—Accumulated
Dividends—
The directors have de. lared
holders of record Sept. 10:
87 Yi cents per snare on the
•Dividend—Stock Split—
42,500
S2,891,147
After
The
be issued for the purpose of
acquiring 200 all-steel
cars
Central
for depreciation of $774,565 in 1936 and
$582,166 in 1935..
y Represented by 100,000 no par shares in 1936 and
88,000 no par shares
in
are to
cars, title to which will be vested in the name
of the trustee.
will be leased to the receiver for an
amount sufficient to
pay prin¬
cipal and interest of these certificates.
The security of these certificates
will be the 200 cars, the lease and
unconditional guarantee of the receiver.
—V.
143, p. 1553.
These
.
&exp., &c.
Total
x
These certificates
hopper coal
920,206
amort. bond dis¬
count
can
(April 1 and Oct. 1) payable at office of Citizens &
National Bank,
Savannah, Ga., trustee.
Certificates issued
$1,000 denom. in bearer form, or at
option of the holder, in registered
form.
Callable as a whole or in
part on any int. date on three months'
notice.
Guaranteed
unconditionally as to principal and interest by
receiver of Central of
Georgia Ry.
Issued under Philadelphia plan.
The
supply
prems.,
capital
Principal and int.
brands,
inventory,
refunding reflects
(par $100).
quarterly dividends
ordinarily payable.
Similar distributions were maue in each of the
eight
preceding quarters.
Regular preferred dividends had been
paid quarterly
from time of issuance
up to and including July 2, 1934.—V
143 p. 1391.
19,050
1 ,006,676
trade-marks, for¬
mulae, &c
Unexpired insur'ce
the first
were
in
1,787
buildings,
mach'y & equip.
Good will,
bonds
of Georgia
Ry:—Equip. Trusts Offered—John¬
Lane, Space & Co., Inc., Savannah, Ga., are
offering
$400,000 4% equipment trust certificates, series S of
1936,
at 1013^ and int.
Dated Oct. 1, 1936; due
serially, $22,000
Oct. 1, 1937 and
$27,000 each Oct. 1 thereafter to and includ¬
ing Oct. 1, 1951.
'
•
int. require., &c.
Cash surrender val.
Land,
235
46,066
1,146
Funded liability..
Long term indebt¬
edness..
ceivable, &c
x
385
11,373
iniscell.
71,184
1st
requirement
notes & accts. re¬
Special
on
.
mtge. bonds
Cash surrender val.
Invest'ts,
new
Central
$32,604
59,630
104,513
Balance Sheet June 30
Assets—
Customers'
These
issued by a gas or electric
utility
substantial premium.
The proposed
also the low yield which
ever
a
Southern
Surplus June 30.
on
quoted at
son,
Oper. profit before depreciation.__
Other deductions—net
Provision for depreciation
Cash
interest rate
operated public utility
company.
For this reason the management has
sought in the preparation
refunding plan, not only to make possible the continued investment
of |»cal funds in Central Hudson securities
but also to offer very fair and
favorable terms in the
light of present conditions."—V. 142, p. 1460.
$1,201,978
830,710
expenses.
an
now
of this
-Earnings-
$184,262
30,000
Selling, adminis. & general
stock
are
obtain at the
present time.
This condition is clearly indicated
by the
lower rates of interest now
paid by savings banks and insurance companies.
The Central Hudson Co.
during recent years has been able to make con¬
tinual reductions in the
rates charged for its
service, only by constant
economy and by the development of new uses and
wider application of
those services.
Faced now with higher taxes and
rising prices, the com¬
pany must consider every
possibility in connection with its financing and
its operations
generally, which will assi'st in maintaining a sound financial
position and in continuing its
long established policy of furnishing a high
grade of service at
continuously lower cost to its customers.
The management of the
company has a strong sense of obligation and
responsibility to the large number of stockholders in the Central
Hudson
territory who have from time to time invested their funds in the
securities
of the
company.
It recognizes also the continued confidence which these
stockholders have shown in a
locally controlled and
Increase
$4,145,164
$3,722,356
Earnings of System for First Week of September
3Y*% mortgage bonds.
low
and
preferred
year,
Earnings of System for Second Week of September
Gross earnings.
so
company
a
1869
Mr. Ernest R.
Acker,
The ability of the
•
Profit from operations
$778,591
28,223
$317,042
26,366
Provision for Federal taxes
$806,815
138,500
$343,408
54,049
Profit and income of parent company for the year
Profits of foreign subs, for the year at average of U.
$668,315
$289,358
Other income (incl. int. charged to foreign subsid..
Total profits
S. rate of Australian and Canadian exchange
Combined prof, and inc. of parent & subs
Dividends declared and paid
Earns, per share on
x After provision
x64,220
x78,681
$732,535
287,811
$368,040
179,882
179,882 shs. (par $5) cap. stock
$4.07
for United States income taxes thereon.
$2.04
Financial
1870
Chronicle
Balance Sheet
Gleaner
wholly
3 Mos. Ended
x
365,850
616,688
34,944
393,137
675,812
34,615
foreign subs
yLd., bldgs., maoh
Deferred charges..
$1,208.
y
After
reserve
8 Mos.
6 Mos.
,'36 Mar. 31'36 June
3
Aug. 31 *36
'36
$331,716
$49,303
$381,019
$406,752
$2.77
$0.41
$3.18
$3.39
Cleveland Graphite Bronze Co.—Regular Div. Increased
$3,495,856 $2,569,640
Total
.$3,495,856 $2,569,640
After deducting cost of 118 shares (par $5 each) held in treasury amount
g to
Corp.—Earnings—
June 3
after deprec.,
exps. & other charges.
Earnings per share on
119,810 shares
—Y. 142, p. 3345.
owned
Total
Harvester
inc.
Net
Inv. In & advs. to
$0.21
1224.
—V. 143, p.
Period—
80,175
$100,231
$0.39
Earn, per sh. on 475,239
shs. cap stk. (par $50)
1,326
39,498
$184,062
$7,408
$8,886
deprec., &c., charges.
Due from CooperStewart
Engi¬
neering Co., Ltd
1936— 8 Mas.—1935
1936—-Month—1935
Period End. Ju,y 31—
Net inc. after int., taxes
Claims agst. closed
861
1936
19,
Cincinnati Street Ry.—Earnings—
Liabilities—
Dee. 28, »35 Dec. 29, '34
Dec.28,'Z5 Dec. 28, *35
$51,977
$529,571 Accounts payable. $189,816
$1,027,506
136,711
39,500 Miscell. accr. Uab.
88,003
Time deposit.....
134,750
386,174 Reserves
147,250
Aocts. receivable..
652,451
138,352
Inventories
473,054 Res. for Fed. tax's
55,000
671,974
xCapital stock
898,792
898,792
Cftih value of life
lnsur. policies..
42,358 Surplus...
1,997,435
1,328,618
Assets—
Cash
banks
Sept.
for depreciation.—V. 143, p. 1393.
declared a dividend of 50 cents per share on the
stock, par $1, payable Oct. 1 to holders of record Sept. 24.
Pre¬
viously regular quarterly dividends of 25 cents per share were distributed.
In addition an extra dividend of 25 cents was paid in each of the five preced¬
ing quarters.—V. 143, p. 915.
The directors on Sept. 11
common
.
Chicago Nipple Mfg. Co.- -Earnings—■
Sales
1934,
1935
Calendar Years—
$242,126
$288,942
(net)
Net loss after
1933
$278,355
30,606
36,678
1934
1935
Assets—
Accts. receivable..
Accounts
15,421
Accrued
80,306
to subsidiaries..
357
336,387
y
Properties
Notes receivable
z
Treas. stk. issued
payable.
_.
Goodwill, pats.,&c.
...—
Sept. 17 announced that the 10-year
Tne New York Stock Exchange on
$1,967
33,500
.
dealings at the opening of business on aept. 19, 1936.
The securities for
which these debentures constitute a receipt are now listed and available for
trading upon another
8,564
350
232
316
CI. Astk. (par $50)
CI. B stk. ($50 par)
See list given on first page
-...y.
132,485 defl61.484
of this department.—V. 143,
p.
424.
The company paid a dividend of 25 cents per share on account of accumu¬
pref. stock, no par value, on Sept.l to holders
1,842,600
......
274,950
Inc.—Registers with SEC—
Columbus Auto Parts Co.—Accumulated Dividend—
2,002,950
Cap. stk. ($5 par).
Surplus
exchange.—V. 143, p. 1069.
Columbia Systems,
1,260
Accrued payroll.
1,883
$4,984
30,000
6,073
taxes
Accr'd insurance:.
550,159
445,626
6,250
271,300
8,598
2,330,655
Invest, in & advs.
Deferred charges..
1934
Accrued interest..
90,337
Inventories
1935
Notes payable
240
Trav. funds & adv.
1048.
p.
Corp.—Dealings Suspended—
convertible 6% gold debentures, due July 1, 1938, will be suspended from
Liabilities—
$9,743
$9,840
21,644
Cash
Vanadium-Alloys Steel Co., below.—V. 138,
Colon Oil
65,659
102,537
Comparative Balance Sheet Dec. 31
x
See
$166,747
expenses,
depreciation, &c
Co.—Merged-—
Colonial Steel
1932
lations on the $2 cum. conv.
A like payment was made on June 1 and March 2, last.
paid on Dec. 2, 1935, this latter being the first
issue since Dec.. 1, 1933, when a regular quarterly
dividend of 50 cents per share was distributed.—V. 142, p. 3502.
of record
Aug. 20.
A dividend of 10 cents was
payment made on the
$450,418 $3,728,329
Total
x
I
Total
$450,418 $3,728,329
$686,349 in 1935 and $584,453 in 1934.
y Pay¬
1,564 shares of class A
After depreciation of
able if, as and when back dividends are declared,
z
stock and 3,862 shares of class B stock.—V. 141, p.
Combustion Engineering Co., Inc. (&
Subs.)
Earnings
1935
Calendar Years—
9l2.
1934
$848,469
Chickasha Cotton Oil
special dividends of 50 cents per share on July 1, last, and in each of the
paid special dividends of 25 cents per share.
Tne company's letter to the Exchange follows:
"While tne payment of dividends from 1933 hsa been continued in the
form of special dividends instead of regular quarterly payments at the
same time we give you a copy of the resolution which was passed.
'Whereas the government estimate forecasts an exceedingly small cotton
crop for the State of Oklahoma;
"
4Be it resolved, in order to preserve and maintain the excellent financial
condition of the company, that we declare no dividend at the present time.' "
—V. 143, p. 1716.
"
China Development
Finance Corp., Ltd.—Earnings—
Earnings for 6 Months Ended June 30,
on
interest, commission, invest., prof., misc. income, &c$l,407,287
31,243
$1,438,531
94,038
12,256
101,986
Total earnings
General expenses
Operating expenses for banking premises
Interest paid on acceptances, &c_
—
_
Net profit.,
......
*
$1,230.250
Condensed Balance Sheet June 30. 1936
510,000,000
226,824
3,313,125 Acceptances
7,000,000
383,270 Foreign funds borrowed
389,485
513,134
1,454,525 Trust fund payable (contra)
$12,424,858 Reserve
1
__1
Secured loans
purchased
Investment In securities
Trust
fund
$700,021
banks (contra)...
513,134
347,269
Bills for collection (contra).
Loans made on behalf of syn¬
(contra)..
347,269
General participation of syn¬
dicate loans (contra)
62,497,105
.103,517
32,605,699
47,288
62,497,104 Guaranty deposits
32,521,216 Accounts payable
8,703 Accrued interest payable...
1,443,096 Profit for half year ending
June 30. 1936...
23,931
30,340
dicates (contra)
Accounts receivable
Accrued interest receivable.
Banking premises
Furniture...
39,314
3,061
$703,082
and expenses include provision for depreciation on plant
equipment in the amount of $214,145 in 1935 and $209,605 in 1934.
Note—Costs
and
Consolidated Balance Sheet Dec. 31
1935
Assets—
Cash...—
—
a
219,994
1.238,039
Receivables
Inventories
1.560,291
168,636
67,822
—
_
_
Prepaid expenses and deferred charges—
b Property, plant and equipment..
Patents, trade marks and goodwill
...
2,724,560
....
$6,744,638
Liabilities—
1935
Accounts
payable—
.....
Accr. wages, commissions, State & local taxes, &c.«
—
$982,920
620,744
892,272
1,371,856
45.853
53,395
2.852.379
1
Total
$263,991
155,874
ih-ovision for current Federal income t
5,000
3,823.000
17,471
3.823 BOO
461
..
1934
$218,027
98,013
3,061
99,259
ax
contracts
$6,819,419
47,117
—
Advance payments by customers
Reserve for losses on
installation
.
in
and additional costs on completed con¬
tracts
Long-term debt
.
Reserve for contingencies
Minority interest in capital stock deficit of sub¬
sidiary companies consolidated herein
Capital stock (par $1)
Capital surplus
....
99.895
________
....
Total...
unearned
150,517
3,150.338
862,864
$6,819,419
92,597
installation contracts and reserve for bad
reserve for depreciation of $3,147,147 in
1935 and $2,959,864 in 1934.—V. 140. p. 4395.
a
debts
and
billings
92.248
150,613
3,250,079
1,143,641
$6,744,638
Earned deficit
After
1934
$765,293
...
Marketable securities—
1,230,250
...
Other assets
------
$331,647
Net loss
— ...
Bills received for collection
with
deposited
.
Provision for Federal income tax.
progress,
Capital
hand and due from
banks
Bills
$331,647
Liabilities—
Assets—
on
$739,335
Other assets.
1936
Rent collections
Cash
1,184,382
$411,564
79,917
.
On May 1, July 1 and Oct. 16, 1933 the company
preceding quarters.
Earnings
1.260.034
Net loss from operations
..
Other income (less miscellaneous deductions).....
the New York Stock Exchange that in order to
The directors notified
preserve and maintain the financial condition of the company no dividends
will be de dared at the present time.
The company had been distributing
10
$415,046
administrative expenses and
prov.tor doubtful accts
belling, general and
Co.—Postpones Dividends—
allowances,
on
b After
Commercial Credit Co.—To Obtain
Long-Term Funds—
To File $30,000,000 Debenture Issue—
Total
Total
...$114,960,574
$114,960,574
Chippewa Power Co.—Tenders—
,
With its business this year running at a record volume, the
company will
obtain new long-term funds through the issuance of $30,000,000 15-year
3H% debentures, it
was
announced Sept. 17 by A. E. Duncan, Chairman
for the sale to it of sufficient 1st mtge. gold bonds series A, due June 1,1947,
to exhaust the sum of $26,310 at prices not exceeding 105K and interest.
of the Board.
A registration statement covering the issue Will be filed with the Securi¬
ties and Exchange Commission in Washington within the next few days.
—V. 141. p. 2881.
Mr.
The National Shawmut Bank of Boston, will until Oct. 1 receive bids
Cities Service Co.-
-II. L.
Duncan stated.
A group of investment houses headed by Kidder,
Peabody & Co. and the First Boston Corp. will underwrite the debentures.
Kidder,.Peiabody & Co. and the First Boston Corp. and others underwrote
an offering of $25,000,000 4H%
cumulative convertible preferred stock
on June 15,1936, in connection with the retirement of the
5H% convertible
preferred stock, which resulted in the obtaining of more than $12,000,000
of additional equity capital, which has been advantageously employed in
the company's expanding volume of business, according to Mr. Duncan.
Do(ierty and 21 Others Sued by
Stock Owner—
Henry L. Doherty and 21 others were sued in New York Supreme Court
Sept. 16 by Morton Marks, owner of 61 shares of common stock of Cities
A general denial was entered for all defendants.
The charges in substance are that Mr. Doherty dominates Cities Service
Co. and its affiliates and subsidiaries and that he, with the 21 others, made
$18,000,000 profits by manipulating the company's stock after 1927.—
V. 143, p. 749.,
Service Co.
City & Suburban Homes Co.—Earnings—
Years Ended April 30—
Income—Net
Expenses..
Net income
$1,127,203
1,024,751
$72,481
-
1935
$1,125,313
1,890
$1,175,759
1,103,278
-
Total income...
$102,452
(subject to additional depreciation
and taxes, if any)
—
1936
Assets—
$71,413
1935
(at cost)
11,612
1,477
19,056
7,430
Contracts receiv'le
1,550
Mtges. receivable.
220,066
11,612
3,834
29,707
9,401
1,783
228,030
7,972
9,564,119
16,731
78,334
7,972
9,160,366
18,900
172,396
Acc'ts receivable..
Inventories
Real estate
Equipment
Deferred charges..
Total
1936
$9,998,763 $9,976,560
-V. 136, p. 4017.
1935
$22,115
33,231
15,230
$19,006
33,889
24,168
1,512,500
1,607,500
221,616
2,740,657
2,539
Cap. stk. ($10 par) 4,255,690
Surplus
1,195,182
229,813
2,506,325
.
Accruals
Acer. int. receiv..
Securities
Liabilities—
$332,555 Accounts payable
U. 8. Govt, bonds
Deferred credits..
Mtges. payable on
land & buildings
Def'd credit on sale
of
property
Reserve for deprec.
Other reserves
Total
proceeds to be received by the company from the sale of the de¬
"During the past three years," Mr. Duncan said, "we have diversified
business by entering the factoring field through the purchase of Textile
Banking Co., Inc.. in 1933 and Edmund Wright Ginsberg Corp. in 1934,
and by adding credit-insurance through the acquisition of American Credit
Indemnity Co. of New York in June, 1936.
In addition, we have greatly
simplified our capital structure through the elimination of high dividend
rate preferred stocks.
Giving effect to conversions through Sept. 10, 1936,
Commercial Credit Co. has outstanding approximately $15,000,000 4
cumulative convertible preferred and $48,000,000 book value of common
stock.
The proposed offering of debentures is being undertaken in order
to take advantage of present low long-term interest rates.—V. 143, p. 1716.
Connecticut Light & Power
Balance Sheet April 30
Cash
The net
bentures will be used to retire outstanding short-term notes or to purchase
receivables in the ordinary course of wholesale and retail financing or to
make advances to subsidiaries for such purchases.
our
1936
$1,173,815
1,944
rents
Other..
'
500
4,255,690
1,299,668
..$9,998,763 $9,976,560
12 Months Ended Aug. 31—
Gross revenue
Net income
Balance to
—V.
143,
common
p.
stock
Co.—Earnings—
1936
1935
-$18,322,901 $17,242,781
4,622,709
4,583,477
3,824,034
3,763,123
1717.
Connecticut
Utilities
Corp.—Sale
of
Securities
Approved.—
Sale of securities held by the Connecticut Utilities Corp. (defunct
F. E.
Kingston & Co. subsidiary) to the New Haven & Shore line Ry. for $55,130
approved Sept. 11 by Superior Court Judge John Rufus Booth of Con¬
necticut upon applicatibn of the receiver, Arthur L. Shipman Jr.
The sale will complete the liquidation of the Connecticut Utilities Corp.
and result in termination of the receivership.
The money from the sale,
together with $18,277.90 in cash on hand, will allow distribution of a divi¬
dend to holders of class A shares of the corporation, this class having a
was
Volume
143
Financial
Chronicle
preference to the extent of $30 a share over
class B. There are 24,000 shares
of class A stock.
During the receivership $100 has been paid on the pre¬
ferred stock.
stock
onequarter share of the new common stock.
Holders of the
present common stock will
receive two-thirds of a share of new common
stock for each old share
held.
t
Included in the sale are
$159,000 par value 6% 20-year income gold bonds
of the Groton &
Stonington Traction Co., 4214 shares of the same company
and 513 shares of the New
The new preference
stock carries
share per annum, and as a class
Haven & Shore Line Ry.
Net
1935
480,278
$900,742
64,604
$565,775
67,050
$965,346
633,784
$632,825
396,673
$331,562
CY21,245
1,712
60,276
$236,152
GY12,707
_
Total operating profit
Selling, distributing and administrative
Net
expenses._
operating profit..
Other income
;
Other deductions.
;
Provision for Federal and State income
taxes
Net income
Depreciation incl. in above
new common
Calendar Years—
.
$225,168
Notes & accts. receivable
310,698
a
5,200
Inventories...
Accrued
int.
Ins.,rent, tax., &c.
Fixed assets.
Cash in hands. of
trustees for sink.
Def'd &
Accrued capital
local taxes
prepaid charges
Other assets
Accrued
1,045
26,173
;
unearned
1,177,318
Due
Patents...........1
to
rental
stockholders
Oil
Corp.—Extra Dividend—
Sept. 17 declared
an extra dividend
of 25 cents per share
quarterly dividend of 15 cents per share on the
stock, both payable Nov. 16 to holders of
record Oct.
common
71,071
88L998
470,981
..:....
$1,953,697
Total
$1,953,697
After allowance for doubtful notes and
accounts of $45,233.
b After
allowance for depreciation of
1934
1933
$6,046,304
4,528,614
$5,192,693
$2,062,727
Drl4,318
192,344
$1,949,975
Drl4,941
428,904
$1,446,999
$2,240,752
97,332
25,941
$2,363,939
78,781
26,746
$2,083,887
26,627
26,627
2,161,088
12,897
134,236
Non-operating income--
a
Listing Application Approved—Stock
The
at
Chicago
by
76,398
Consolidated Aircraft Corp.—Initial
Preferred Dividend
37H
cents per share for
pref. stock, payable
and expense
Int. on funded debt.
Other interest
Other tax accruals
Consolidated
Bakeries of
Years glided—-
Net loss transferred to
profit and loss
Credits to profit & loss
1
—
Dec. 38 '35 Dec. 29 *34
$305,466
$197,972
Investm't in stocks
984,504
74,826
Trade and sundry
acc'ts
receivable
239,941
155,582
15,319
Mtge. receivable..
F'ds prov. for pur.
by trustee of co.'s
fully paid shares
held
for
benefit
of employees
L'ns to employees
26,950
...
Total
$223,427
2,665,177
24,000
117,600
CubaRR
Consol. RRs.
333,805
206,766
64,046
9,495,547
39,859,733
1,484,702
40,002,733
1,555,043
y278,551
484,026
12,753
108,709
3,926
44,177
899,846
42,066
790,216
deposited
of
$86,227
CubaNor.Rys
Int.
$93,678
subsidies
over cost
8,946
stock reqcq'd.
Res. for extrord.
76,688
4,667,976
109,441
108,595
Pref. stock divs.
unclaimed
334,603
380,041
Accrued taxes..
disct. & exp_.
On acct. of dam¬
on
town lots sold
ers'
deposits
Reserve for div
78,350
95,533
x
Capital stock
3,184,430
Surplus account..
223,979
63,688
contlhg.,&c_-
Res.
ages due from
3,184,430
223,426
Cuban
611,910
611,910
Operating
Depos.
premiums
86,203
121,771
100,814
debts—
65,415
440,728
388,430
res...
.
Other def .credits
Earned surplus.
$3,725,847 $3,679,684
Capital surplus.
Consol. Chemical
Total
Industries, Inc.—Larger Class
The directors have declared
B stock payable Nov. 1
class
a
quarterly dividends of 12H cents per share
Consolidated
Plan—
Film
were
Industries,
on
the
Previously
distributed.—V. 143,
p.
Inc.—Recapitalization
A special meeting of stockholders
will be held on Oct.
9, to vote upon a
proposed plan of recapitalization which
provides for the
elimination of
accumulated dividends on the
present preferred
stock, partly through a
payment, and reduces the fixed annual
cumulative dividend on
the
preferred stock now outstanding from $2 to $1.
The directors propose to declare a
dividend of $1 a share on
the preferred
stock on account of unpaid dividends
which, on Oct. 1, 1936, will
amount
to $5 per share,
promptly upon the stockholders' approval of
the plan.
The plan, as set forth in a letter
sent to stockholders on
Sept
11 by
Herbert J. Yates, President,
provides in brief that holders of
the present
outstanding 400,000 shares of preferred stock will receive
in
exchange for
their shares together with
unpaid accumulations in excess of
the $1
share to be paid in
per
cash, one and one-quarter shares of the
cash
new
1 '
Total
preference
129,814,972 129,570,927
Total
Represented by 400,000 no par shares,
1395.
Consolidated Retail Stores,
B Div.
dividend of 37 H cents
per share
holders of record Oct.
15.
to
19,972
12,371
26,243,881
1,851
25,677,292
81,452
66,440
611,910
32,103
3,232,605
0,771,025
611,910
44,869
3,363,738
6,771,024
10,438
due
Cuban
1,953,361
x
418,536
12,045
17,984
damages
from
Government
p.
618,536
of const.
& transport n_
Res. on acct. of
deoubtful
Other assets
.-$3,725,847 $3,679,684
x
Represented by 318,440 ordinary shares of no
par, at a value of $3 184,400 and 3 preferred management shares
of no par at a value
of $30.
y After reserve for depreciation of
$2,120,375 in 1935 and
$2,070,433 in
1934.—V, 141, p. 3857.
112,007
for deprec.
of property—
Govt..
Prepaid insur
Other
112,607
retire., onsol.,
Unamortiz. debt
rec.
1,100
of-of
4,770,111
28,826
611,187
1,841
on
Excess of parval.
311,839
and
50,891
Mtges.
598,282
way bills
for
services
40,000
funded
Excess chges.
136,076
Cuba
on
debt
In
6,435
Dom.
Inc., &c., taxes.
Salesmen's & driv¬
Equipm't
trust
5ctfs. of
Due from Govt,
unre¬
tickets.
payable
con¬
vances
10,000,000
30,307,563
9,495,547
payable
Traffic balances
46,594
313,126
247,573
10,000,000
of Cuba...
30,307,563
Common stock
Fund, debt, &c.f
long-term debt
Govt, of Cuba.
Notes and accts.
13,489
Notes and accts.
Agents and
1935
$
Preferred stock:
-
crow
*
1930
es¬
escrow
37,200
Land, buildings,
plant, &c_,
1,896,634
1935
Cash and secure,
18,480
38,874
'$297,286
Work'g fund adr
2,590
Prepaid insurance,
taxes, &c
x
for
deemed
$243,640
53,646
$433,522
14,483
from
rec.
Sheet
Reserve for
192,365
127,067
16,742
__
Reserve
$304,968
128,554
$49,958
sfec.
$287,115
63,689
Dec. 29 '34
39,495
$1,068 271
824,631
96,108
x
Traffic bals.rec.
Liabilities—
Dec. 28 '35
Acc'ts payable and
131,864
51,972
$131,133
2,962,392
5,800
121,574
transit
$192,724
94,391
accrued charges.
1,121,747
Account receivable
Inventories
Balance
142", 636
.
sur$l,298
51,256
in
$139,239
50,883
2,601
$ 223,979
Consolidated
bonds
.
Mat'l & supplies
Earned surplus
and
Remittances
.
ductors
Dividends
"
.
$287,152
223,427
_.
surplus..
Assets—
—"
*
Due from affil.co
receivable
Net profit for year..
Previous earned surplus
52,059
2,181,547
$407,238
102,270
Ii8,557,775 118,560,820
Cash..
-
$214,889
68,480
3,782
—
39,510
2,164,296
Liabilities—
$510,578
286,598
Rents
70,228
22,483
Consolidated Balance Sheet June 30
Investments
793,978
$1,427,898
71,468
19,736
92,539
1936
Property invest.
$663,709
Dr29,789
Dr37,009
673,896
$81,580
49,554
Deficit for the year—
Marketable
year
Dividends and interest from investments
70,691
$94,809
'34
32,750
1,859
Operating profit for the
Cash
29
$306,039
138,244
27,855
700
720
salaries.
Solicitors' fees
Total
Dec.
$437,282
134,735
52,328
Provision for income taxes
Directors' fees—
Executive
28 '35
4,443,873
85,111
18,372
$174,119
Total loss.
Debits to profit & loss
Canada, Ltd. (& Subs.)—
Dec.
2,155,135
2,761
89,699
17,378
Miscellaneous
Sept. 30 to holders of record Sept. 16.—V.
143, p. 1070.
Operating profitProvision for depreciation
rentals
Admin. & gen'l expenses
Amortiz:of debt discount
The company in an amendment filed
with the Securities and
Exchange
Commission states that it will offer its
25,000 shares of capital stock at
$42 per unit through A. G. Becker &
Co., Inc.—V. 143, p. 1717.
cum.
Equipment
'
$42—
■
The directors have declared an initial
dividend of
the period Aug. 16 to Sept. 30 on the
$3 conv.
Gross income
no
Stock Exchange has approved the
application of the com¬
pany to list 25,250 additional shares of
capital stock, no par, to be admitted
to trading on notice of issuance
and registration under
the Securities Ex¬
change Act of 1934.
'
1935
$7,008,439
4,984,329
74,135
Railway oper. income.
Miscell. oper. income
381,990
$1,481,834.
c
Represented
shares after deducting 3,509 shares held in
treasury.
Cuba—Earnings—
1936
Railway oper. revenues- $7,151,764
Railway oper. expenses.
5,023,353
Railway tax accruals
-65,684
13,185
7,500
surplus
15 cents on Aug. 15,
1935; 14 cents on Oct. 31,
April 7, 1934.—V. 143, p. 1070.
[Including Subsidiary Companies]
.
Years End. June 30—
Welders'
Total....
par
on
Consolidated Railroads of
Capital stock
Capital surplus
15.
Previous dividend distributions were
as follows:
on April
7, last, and on Oct. 10,
1934 and 28 cents per share
distributed
former
c
Earned
on
last; 25 cents
and
Supply Co
Reserve for contingencies
.
2,174
206,587
300,141
3,712
of
701,700
105,000
cum.
stock
in addition to the
regular
2,067
interest
1st pref.
Common stock.
...$1,833,227 $1,782,419
Total
$1,833,227 $1,782,419
xRepresented by 21,000 shares ($5
par).—V. 141, p. 1091.
19
for
7%
1934
$42,062116,307'
146,350'
671.00CV
701,700
105,000
Bonds
281
1,613
1935
Total
11,056
trustees
43,284
9,804
1,502,477
286
Deficit..
stock, State &
Deposits, deferred
3,859
$21,109'
$50,127
159,921
145,478
671,000
Accounts payable.
Bond interest
Reserves
conv.
Consolidated
interest
1932
$58,678
*
Liabilities—
$6,389
11,424
x
fund
$110,117
Prov. for Fed. & State
inc.taxes
9,004
.Security investm'ts (at cost)..
b Laud, bidgs. &
equipment..
1,456,555
Deferred expenses.
The directors
payable
Acer, salaries, wages & com'ns.
195,230
receivable
Accounts
1933
$66,649
1934
$1,742
10,519
54,848
7,521
Accts. & bills rec._
Inventories
Liabilities—
hand and in banks
Marketable securities
1935
Cash
,
on
taking the
Balance Sheet Dec. 31
taxes, etc.
Due
necessary to adjust 1934 net income and the
Assets'—
class
a
Ltd,—Earnings-
1934
$50,670
39,643
Consolidated Balance Sheet Dec. 31,
1935
Cash
1935
Net loss for year...
v
Assets—
was
as
preference stock and the
stock.—V. 143, p. 1225.
1.595
costs and
accounts.
common
Consolidated Oka Sand & Gravel
Co.,
.
to these examinations it
$1, the
corporation will be $15 in respect
of each
outstanding share of preference stock, and $1 in respect of each
outstanding share of common stock, a total of
$7,949,982 of capital in
lieu of the
$6,524,973 of capital heretofore declared.
An application will be
made to list the new
$290,818
x$207,620
expenses..115,187
80,293
Dividends paid....
140,061
Shares capital stock
outstanding
76,398
53,810
Earnings per share
$3.81
$3.86
x The bet
income previously reported for
1934, amounting to $219,827,
included the entire year's
earnings of subsidiaries acquired as at Oct.
31,
1934.
The above stated net income of
$207,620 for 1934 includes the earn¬
ings of such subsidiaries only since dates of
acquisition.
During 1935
examinations by revenue
agents of federal income tax returns for
prior
years and audits by independent accountants
resulted in certain adjust¬
ments of depreciation
rates, bad debts, federal income
surplus
of such
Under the
$1,046,054
807,289
Gross profit..
Other operating income
excess
plan the authorized capitalization of the
company will become
500,000 shares of preference
stock, all of which will be outstanding, and
600,000 shares of common stock, of which
449,982 shares will be out¬
standing and the declared capital of the
1934
$1,708,031
sales
Cost of sales
a fixed cumulative dividend of
$l"rper
takes one-half of all dividends declared
by
the corporation in
other half.
Compressed Industrial Gases, Inc. (&
Subs.)—Earns.
Calendar Years—
1871
and
y
-.129,814,972 129,570.927
Accounts only.—V. 143,
Inc.—Earnings—
[Including "Wholly-Owned Subsidiary Companies]
Calendar Years—
Sales
1935
1934
1933
$8,001,035
3,045,656
$7,793,891
2,930,048
$7,766,954
2,955,416
218,320
254,108
--$3,045,656
$3,148,368
$3,209,524
x2,684,549
2,867,837
3,196,069
99,465
35,784
121,560
18,973
158,955
Gross profit on sales
Income from leased departments and
other rentals
Total income
Operating exps., exclusive of charges
for amortization and depreciation..
Provision for amort, of leaseholds and
depreciation of equipment
Provision for income taxes
Operating
&
liquidating
losses
sus¬
tained by units discontinued in 1935
Profit for the year
Earnings
per
share
on
of common stock ($5
x
16,132
$209,724
—
298,355 shares
par)
•
$0.25
$139,998 loss$145,501
$0.01
Nil
After applying thereagainst income from
leased departments and other
rentals.
Financial
1872
Comparative Balance Sheet Dec.
.
Accts. receivable.
from
Due
5227,317
1,054,726
_
$259,660
969,146
102,267
811,211
Cash
In
owned
partly-
799,895
46,800
717,315
26,636
1,700,000
1,491,775
219,771
25,000
1,700,000
1,491,775
10,047
for unadjust.
claims
8% pref. stock.__
store furn. & fix.
x
Common stock-
Surplus.:.
Def'd charges and
$3,842,088 $3,818,9281
shs.
shs.
shs.
shs.
Capitalization—The capitalization of the company, giving effect to the
$3,842,088 $3,818,928
Total
Represented by shares of $5 par value,
y After depreciation and
amortization of $992,981 in 1935 and $900,751 in 1934.
Note—29,970 shares of the unissued common shares are reserved to meet
warrants evidencing the right to purchase such unissued shares.—V. 143,
p. 1717.
a
of America—Withdrawal
of Registration
Statement—
the 15 preceding
and Oct. 1, 1932
accrued (net)., — — — —
_—
Interest and penalties on unpaid property taxes waived by
Chapter 5, Oregon Laws, special session 1935
—
Depreciation
Depletion (including fire loss of
a
dividend of $2 per share on account of
Continental Department Stores,
Years Ended Jan.
Inc.- -Earningt
Net income after expenses,
and other charges
for the year:
Bay Point
Loss on disposal of capital assets
Taxes, interest, depreciation, &c. (net).
b Loss of Coos Bay Land Co.
Fire loss, wharf and crane.
Liabilities—
$203,937
receivable
inventories
Accounts
338,130
'324^147
$173,212
payable.—
Accrued
7,796
27,166
^
Federal income tax
Other assets
117,987
Sinking fund debentures
326,300
Property, plant & equipment-
290,291
Deferred
10,751
595,800
44,810
Leaseholds
1
22,092
__ _
Deferred charges
income.
Series A stock
Common
stock
Total
$1,296,586
Total
$1,296,586
-
140.
$349,662
1,397,738
—T
Dec. 31, 1934.
Dec. 31, 1935
:
. $1,048,076
and penalties on properties of Coos Bay Lumber
Co., were waived as
1935, but are subject
in 1936 and subsequent
$5,587, on the property taxes of Coos Bay Land
provided by Chapter 5, Oregon Laws, special session
to
to reinstatement
non-payment of taxes due
upon
years.
_
Liabilities—
$6,004
31,300
195,874
4,705
hand...
(trade) — —
trade (less res've).,
sundry (less res' ve)
Note
Acer.
Cash in banks and on
Notes receivable
Accts. rec.,
Inventories...
Inv. in Coos Bay
(bank)..
1935
taxes due in
162,615
177,458
and 1936, plus interest
Bal.
payable
payable
on
contract for
30,000
69,781
purchase of equipment
113,630
675,045
—
prop,
Accounts
8,094,113
Land Co..
$1,000,000
261,752
payable (bank)
Open account
245,162
———
Plants, properties, &c
Deferred charges.
a
31, 1935
Balance Sheet Dec.
Assets—
Accts. rec.,
Continental Oil Co. of Del.—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
addition to a regular quarterly dividend of like amount on the common
stock, no par value, both payable Oct. 31 to holders of record Oct. 5.
Accrued payroll
Accrued property taxes
1071.
for the
266,151
1929 to 1933, incl
Capital stock.
years
Offered—Lehman
Brothers, Stern Brothers & Co., Lawrence Stern & Co.:
(Inc.) and Mitchell, Hutchins & Co. offered on Sept. 4
50,000 shares of common stock at $14 per share.
Cook
Paint
&
Varnish
stock being initially offered, 30,000 shares
conditions, to be purchased by the underwriters
The balance, 20,000 shares, are now issued and out¬
standing and are, subject to certain conditions, to be purchased by the
underwriters from Charles R. Cook, and the company will therefore receive
no proceeds from the sale thereof.
Company hasbgreed, upon request of the uhderwriters, to make appli¬
cation for the listing of the common stock on the New York Curb Ex¬
change and for its registration under the Securities Exchange Act of 1934.
Company—Incorp. in Del. May 27, 1927.
Company is now engaged in
the manufacture and sale of paints, varnishes, enamels, lacquers, synthetic
resins used in the manufacture of enamels, shellacs, inks, stains, putty,
polishes, waxes and allied products.
Company's manufacturing opera¬
tions are carried on in its plants at North Kansas City, Mo.; Houston, Tex.,
and Detroit, Mich.
Company purchases from others, for resale, painting
tools and supplies, wall paper and wall papering supplies, glass, artists'
materials and other similar merchandise.
The company's products and the products of others which it purchases
are sold through its 38 retail and wholesale branches, through
approxi¬
mately 897 independent paint, hardware and general stores, acting as
exclusive agents for the company's products, and through approximately
2,000 retail dealers who do not handle these products exclusively. The
company employs a force of salesmen who operate out of certain of its retail
and wholesale branches, selling the company's products and the products
it purchases from others directly to contractors,
painters and others.
Company also employs a force of salesmen who sell the company 's products
directly to industrial concerns for their use in finishing their products.
/The major part of the company's products is sold in the Middle Western
Of the 50,000 shares of common
are,
subject to certain
States of the
b
Co.—Stock
from the company.
a
Gross sales
__
152,629
Netprofit
1
a
Less discounts,
Use
$3,480,790
$36,568; cash in bank, $249; total, $718,849; less, accrued property taxes
and interest, $43,803; net, $675,045.
b Represented by 63,500 no par
257 shares held in treasury.—V. 137, p. 144.
shares after deducting
Copperweld Steel Co.—Earnings—
Income Account for
Profit from operations
Net income for the year
Balance Sheet Dec. 31, 1935
U. 8. Treasury notes (at
Accounts
The company
receivable
Non-current receivables
other
of
stock
com¬
panies (less reserve)
a
175,055 Earned surplus, accumulated
since Jan. 1, 1935
61,104
231,884
....$3,829,789
Total
a
After
for
reserve
Credit Alliance
Gross earnings.
Discount
3 ike.
f
$3,829,789
Total
$1,338,957.
by
b Represented
of
on
..
$1,236,117
—
Oper.exps. (excl. int. and discount)__
provision for losses—
Federal excise tax on capital stock—
Interest and discount charges
Reserve for Federal income taxes....
$758,928
571,430
1,029,155
410,732
Cr64,845
2,725
140,662
4,860
163,954
5,101
311,960
$311,960
221,516
5,372
4,192
108,380
6,602
pf$263,053
$538,383
Net loss for period
to
$5,716,467
059,939
debentures retired..
•Gross income
1933
1934
1935
.$32,731,290 $14,679,770
1,176,178
758,928
purchased
—
Net losses and
$27,502
Balance Sheet Dec. 31, 1935
general funds to be used as working capital to purchase
arid supplies and to pay for labor, taxes and otner general oper¬
amount to be applied to each such purchase cannot
a
,
Corp.—Earnings—
Calendar Years—
Gross receivables
Lehman
the
and Charles R.
Cook have entered into an agreement dated Aug. 26, 1936, with Lehman
Brothers, in which the company has agreed, subject to certain conditions,
to grant to Lehman Brothers an option to purchase from it, at $14 per share,
10,000 shares of unissued common stock, such option to be exercisable in
whole at any time or in part from time to time within a period of one year
from and after the effective date of the registration statement.
By said
agreement Charles R. Cook has agreed, subject to certain conditions, to
grant to Lehman Brothers an option to purchase from him, at $14 per share,
number of shares of common stock, now owned by him, equivalent to
the difference between lO.OOQ shares and the number of shares purchased
from the company under its option above referred to, such option to be ex¬
ercisable in whole at any time or in part from time to time during the period
beginning one year after the effective date of the registration statement and
-ending two years after such effective date.
Such option price and number
of shares are subject to adjustment in the event of stock dividends, sub¬
division or combination of shares, issuance of warrants, declaration oi cash
(dividends in exces§ of a specified maximum, capital reorganization and the
I
depreciation
178,500
213,991 shares after deducting 127 shares in treasury at par.
c Of which
$1,270 has been appropriated to purchase of treasury stock.—V. 142, p. 780.
276,718
principal under¬
Reserves
Deferred charges...
net proceeds which it may receive
Options—In consideration of the purchase by the several
writers of the 50,000 shares of common stock, company
$40,432
23,632
91,975
293
24,861
Accrued Interest
Patents...
add them to its
materials
accrued...
Accrued taxes
b Capital stock ($10 par)
2,139,910
219,360
8,641 Surplus from apprec. of prop'y
1,110,825
1,552,184 c Paid-in surplus
Processes and trademark
$3,076,640
ating expenses; the exact
now be determined.
payable
Salaries and wages
...
Property..
June 30 '36
the sale by it of shares of its common stock under option to
Brothers to the further reduction of its' indebtedness to banks.
To
extent that such proceeds shall not be so applied, the company intends
cost).
Inventories
Capital
Accounts
$548,578
101,640
172,053
768,824
209,823
Cash
...
•upon
Liabilities—
Assets—
by
.
$288,252
for depreciation on cost of property, but
which has been charged to
appreciation,
surplus from appreciation.
estimated at $32,185), to the
This indebtedness aggregated
of sales.
intends to apply any
75,577
Cr5,990
—
*After provision of $73,130
of depreciation on
&c.
volume
$357,838
—
ihcome taxes.
miscellaneous income (net).
exclusive
reduction of its.
$550,000 as of
Aug. 1, 1936.
Of this, $150,000 was owed to National City Bank, New
York; $150,000 to National Bank of Detroit;- $100,000 to Commercial
National Bank & Trust Co., New York; $100,000 to Mississippi Valley
Trust Co., St. Louis, and $50,000 to First National Bank in St. Louis.
$450,000 of tnis indebtedness was inucrred within the past year and the
proceeds thereof were used for working capital.
This additional working
capital was necessary to enable the company to increase its inventory of
materials and supplies and customers' accounts receivable resulting from
increased
*
Interest, discount, and
of Proceeds—Company intends to apply the net proceeds received
30,000 shares of common stock ^estimated at $324,815
deducting expenses
indebtedness to
banks.
•
Year Ended Dec. 31, 1935
Provision for Federal and State
it from the sale of
after
-$9,365,835
Total
Represented on the books of that company by the following assets and
Timber lands and timber rights, $682,031; sundry properties,
a
6 Mos. End.
393,885-
232,868
returns and allowances,
_—$9,365,835|
Total
the three years
1934
1935
$4,118,442 .$5,222,701
1,048,076
liabilities:
and six months ended
1933
I. 6,350,000
Capital surplus
United States.
Earnings—Earnings of the company and subsidiaries for
June 30, 1936 have been as follows:
Years Ended Dec. 31-
11,777
8,308
10,868
Co., exclusive of those on Eastside mill, amounting at Dec. 31, 1935, to
$47,816, were waived as provided by Chapter 5, Oregon Laws, special
session 1935, but are subject to reinstatement upon non-payment of taxes
due in 1936 and subsequent years,
b Interest and penalties, amounting
110,750
Surplus
•
— — —
— .
Property tax interest
a
31, 1936
,
Capital surplus balance,
$119,020 loss$103,714
A QC/tfC——•
Cash
Notes & acceptances
Net loss.
V
Capital surplus, balance
Federal income taxes
Balance Sheet Jan.
$316,095
2,612
of capital assets
Loss on disposal
;
1935
1936
31—
<7r.a47,816
192,627
363,576
$31,814)
Loss from operations.
Oct. 1 to
in each of
quarters, as compared with $1.50 per share paid on July 1
and regular quarterly dividends of $2 per share previously.
—V. 143, p. 751.
—V. 143, p.
$228,671
96,379
Profit from operations
Corp.—$2 Preferred Dividend—
declared
directors have
—V. 130, p.
Year Ended Dec. 31, 1935
Income Account for
Interest paid or
Continental Baking
Merchandise
Lumber Co.—Earnings—
Coos Bay
accumulations on the 8% cum. pref. stock, par $100, payable
holders of record Sept. 21.
Dividends of $1 per share were paid
,
34,577% shs.
178,774 shs.
60,000 shs.
300,000 shs.
dividends cumulative at rate of $4 per share per
1226.
143, p.
annum.—V.
Exchange Commission upon the request of the com¬
pany received on Sept. 10, 1936, has consented to the withdrawal of the
registration statement.—V. 143, p. 426.
k
—
stock
stock,
Outstanding
Without par value,
a
The Securities and
The
before the issuance and
Authorized
Preferred stock
Common
4,500
9,500
4,000
2,000
shs.
shs.
shs.
the underwriters of 30,000 shares of common
the company to
follows:
as
I.
sns.
by stockholders June 23,1936, but
changes approved
sale by
x
Container Corp.
6,750
.14,250
6,000
3,000
Brothers & Co.. Kansas City
Lawrence Stern & Co., Inc., Chicago
Mitchell. Hutchins & Co., Chicago
Stern
is
180,864
181,033
other assets
.
from Chas. R. Cook
from Company
New York
Lehman Brothers,
of lease obliga'ns
799,895
665,638
subs
Total
32,200
settlement
from
Res.
Leaseh's, impts.t
y
$218,850
326,456
Notes pay.
Inventories
Invest.
$371,705
payable—
result'g
Acc'ts
Underwriters—The names of the principal underwriters and the respec¬
of common stock to be purchased by each are as follows:
No. of Shares
No. of Shares
to Be Purchased
To Be Purchased
tive amounts
1934
1935
Notes payable
90,578
8 1,469
depart¬
leasors
ment
31
Liabilities—
1934
1935
Assets—
Sept. 19, 1936
Chronicle
Liabilities—
Assets—
$2,530
Cash
Motor
5,960,304
lien
wholesale
2,718,905
1,819,160
Open accts., notes & accepts.
a
Assets
Dec. 31,
•
acquired
prior
39,780
725,331
1929
6,968
in company's
possession at deprec. values
Sundry marketable securities
(at or under market)
Furniture and fixtures
a
Less
349
ceivables are collected)
and
possible
1,777
29,750
4,375
losses
133,799
Deferred income and charges
Class
A
and
387,319
common
stock
Earned
surplus
4,225,488
152,241
1
$11,304,858
receivables are collected, $95,185
Total...
margin due customers only when
losses,
for
contingencies
(528,186 shares no par)
$11,304,858
Total
and reserves for
(margin due to
when re¬
only
(unearned)
Repossessions
Interest & dlsct. prepaid, &c_
$6,274,500
(incl. all
127,135
customers
Reserve
to
Sundry accts. & notes rec
pay.
taxes)
Contlng. res.
Industrial lien retail time sales
notes
Sundry accts.
accruals, Federal and other
notes
and acceptances
payable to Commercial
Credit Co. (secured)
/Motor lien, retail time sales
notes
Notes
$579,838.—V. 141, p. 3858.
Volume
Financial
143
of
Creameries
Inc.—Application Approved—
America,
Stock Exchange has approved the application of the
company to list its voting trust certificates representing common stock,
no par.
The company applied to list 516,178 shares, of which 390,508
shares are outstanding.
The balance has been reserved for the conversion
The Los Angeles
feature
The Charles Schweinler Press has a contract for the printing of a num¬
ber of magazines, inclu ding the "Literary Digest" and the
Boys Weekly.
It is understood the Cuneo Press will retain most of the contracts.—V. 143r
107.
P.
;
-
:
'
attaching to the series "A" preferred stock and for the exercise of
<
Inc.—Sale Confirmed—-
Cretona Print & Dye Works,
Corporation on Sept. 14 came into possession
of this company's plants when John Grimshaw Jr.* referee in bankruptcy,
confirmed the sale of the,assets of the company, to the governmental agency.
At a receiver's sale Sept. 9 the RFC, which holds a mortgage of $450,000
on the plant, entered the only bid for the purchase of the property as an
entirety, offering $385,000 for the real estate, machinery and equipment.
Subsequently the machinery and equipment was offered for sale piecemeal,
but the total bid for this portion of the plant was but $129,206.
There was
The Reconstruction Finance
suggestion of
estate.—V. 143, P. 1396.
Grimshaw confirmed the sale of the plant at the
Referee
Crown Zellerbach
A. Bankus
elected
was
of directors held
meeting
Aug. 27.—V. 143,
Cuba Northern Rys.
1396.
p.
Gross Earnings—
Passenger
Net
rev.
from oper
Express and baggage
Freight
Sleepingcar
Other transportation
Gross income
$729,261
331,499
Pastelillo terminal
378.439
$997,543
936,301
952,857
Amort, of debt discount
and expenses
Other tax accruals.
...
Equipment rentals
Miscellaneous
Net loss for the year.
3,959
34.150
49,132
16,710
4,415
$52,188 prof$27,581
$59,722
49,934
22.074
3,916
$109,156.
_
23,982
51.940
11,098
11,099
29,786
24,076
3,917
v
16,996
Assets—
$
$
Marketable
rec.
Cash
from escrow
on spec.
escrow........
27,298
62,723
-
taxes—i
Reserve for deprec.
7,690,507
&
11,406
137,460
Res.
for
$1,183,434
$717,739
121,579
234,380
341,706
Transp. for investment.
Railway
income.
oper.
Otherincome
—
Def'd credit items.
Surplus
1,587,742
ating
Drl4,941
Dr37,009
$1,402,872
1,421,905
$1,022,435
1,431,119
$422,422
1,419,013
$19,033 /,
$408,684
$996,591
150,000
$42,003
$19,033
$408,684
H. 146,591
73,18%
expenses
74.24%
80.74%
96.99%
~
$42,003
"
revenues
Balance Sheet June 30
Cost road & eq't__72,194,713 72,184,150
Cash...
Remit, in transit..
Duefrom affil. cos.
703,411
balances..
Working fund adv.
Traffic
Due
for
^s 3,285,000
1st lien & ref. 6s._
1,012,000
Impt. & equip. 5s.
4,000,000
249,431
178,403
24,989
and
accts.
payable..
Traffic bal.payable
loans
Notes,
Int. on fund, debt-
Cuban
from
bds. 5% .14,415,000
1st lien & ret. 7
97,302
26,580
Notes & accts. rec.,'
1st mtge.
5,383
4,549
55,717
250,403
220,275
Agents &conduc._
Common stock__19,800,000
x
10,837
Accrued taxes
sub.
3,204,675
3,080,234
109,441
108,595
Excess
581,089
83,078
110,848
Res.
299,013
81,622
388,430
314,541
47,089
way
Prepd. insur.
prem.
Unamortized
debt
discount & exp..
440,728
charges on
bills.
for
•"
&c__
Pref.
-
—
and
tion
Donated props.sur.
79,121,036 78,789,790
Represented by 700,000
1396.
V.
x
p.
no
par
Total
.■
shares,
y
1934
$207,838.
184,558
69,929
$4,194
1,105
$46,649
$5,299
8,697
$46,749
6,993
$3,397
,
loss$39,756
...
—
operations.
Income credits
profit
on
i,
99
Lighting
of Curtis
of
,
-
10,305
Profit from
;
operations
Other income
$3,397
loss$50,061
Cash
b
—
Notes
rec.
&
—
$29,153
$39,043
Notes
62,740
277,243
50,568
237,317
Accts. pay. (trade)
$2,153
32,696
$17,743
Acct. pay. (officer)
34
164
Accts. pay. (empl.)
44
sub. & affil. cos.'
147,865
on
on common
Earnings
per
116,183
132,958
1
receivables.....
1
Patents
tools & dies, &c.
Deferred charges..
on
72,751
22,569
13,894
21,086
stock
share on 75,000 shares com. stock._
1935
■
Cash
$97,577
Acct.s rec., less res
Misc. accts. rec...
(lower
of cost or mkt.)_
5,105
5,000
300
stock tax
Other accrd. accts.
1934
$31,557
Other
curr.
assets.
13,343
300
Invest., at cost...
xLand, bldgs., machin'y & equip..
Deferred charges..
290,000
313,005
640
425,000
217,994
2,755
286,890
10,614
16,914
4,000
on
c
844,182
7,298
899,377
11,134
16,914
4,000
7,099
-----
Total..
x
demand
25,250
1, 264,500
651,799
25,250
1,264,500
711,447
Inc.—Bonds of Subs. Called—
of Oct. 1 roundly $750,000 of bonds of Cuneo
Cuneo Printing Industries, Inc.
Retirement
of corporate funds and will leave company free of funded debt.
The company is calling as
Eastern Press, Inc., and of
will be out
To Purchase Schweinler Press—
The company on Sept.
Schweinler Press, it was
15 closed a contract for the purchase of the Charles
stated by President J. F. Cuneo.
The purchaser
plans to remove the presses and other
4,947
4,592'
& cap.stk. tax.
7% pref. stock
Common stock &
27,500
736,100
12,600
808,700'
y
initial
surplus..
654,867
Pref. stock sinking
fund reserve
13,265
Capital
surp.
654,867
;
33,700'
aris'g
pref. stk. at less
reserve
Cuneo Press,
*
$14,13$
23,344"
liabil—
than par value.
$728,508
$606,615
Total..
$728,508
$606,615
for depreciation of $136,992 in 1935 and $138,378 in
1934.
b After reserve for doubtful notes and accounts of $3,982 in 1935
and $7,891 in 1934.
c Represented by 150,000 no-par shares.—V. 143,
p. 426.
After
z$58,342
and
wages
accr.
"
1934
commissions
Other
Earned surplus
Total
a
1935
from purchase of
of Europe,
A.—payable
Common stock..
Acer,
300,933
28,090
ferred):
Deficit
'
Liabilities—
Accounts payable-
Prov. for Fed. inc.
,
payable
Bal. of subscr. price
of stock of Curtis
S.
$1.01
Payroll drafts pay.
to
stockholders (de¬
Ltg.
$57,988
57,291
150,000
$0.01
*
75,000
.
lessor's bldg.
Notes
$130,184
53,979
preferred stock (7%)
providing for depreciation in the amount of $125,027 in 1935
$121,406 in 1934.
*
Bal. In closed bks.
(estimated).
57,836
$70,57012,583
21,312
After
and
Inventories
Accrued Fed. cap.
Mach'y & equip.,
$151,496
I
Net profit for the year
Cash dividends
and notes at par
Ass'd real est. taxes
99,379
.
10,883
U. S. Govt, bonds
pers. prop, taxes
67,806
$72,418
Dr 1,848
(net)
providing for Federal income and
capital stock taxes
1
Provision for Fed. inc. and capital stock taxes
Acer, real est. and
Other investm'ts &
a
to
stockholders
Inv. in & rec. from
(not consol.).—
1934
1934
accts.
(customers)
Inventories
1935
1935
payable
$362,056190,259'
Condensed Balance Sheet Dec. 31
Liabilities—
*
1,533,044
Profit before
Assets—
,
'
$455,842
217,888
97,341
General and administrative expenses
x
——
!
1934
$1,895,101
$140,613
sales
Balance Sheet Dec. 31
Assets—
54,711
1935
Cash dividends
—
Net income for the year
4,692,010
653,301
$2,314,252
1,858,410
Selling expenses
1935
$330,284
268,252
66,226
.
profit on sales
Shipping .selling, and engineering expenses.
Administrative and general expenses
loss from operations
Canada, Ltd
73,022
4,738,597
653,302
....79,121,036 78,789,790
Accounts only.—V. 143,
Net sales.
Gross
Calendar Years—
Gross
Net
11,341
612,272
trans¬
portation
Cost of sales
Inc.—Earnings—
Net income from operations
11,230
610,211
Davenport Hosiery Mills, Inc.—Earnings—
—V. 142, p. 3672.
Gross loss from
200,000
divs.
stock
Calendar Years—
Other income charge..
550
dinary
retire.,
obsol., conting.,
Earned surplus—
Total
51,493,555 51,534,651
Total...
51,493,555 51,534,651
Net loss on sales
1,100
8,105
1,841
__
extraor¬
Deferred items
125,426
Curtis Lighting,
14,017
18,304,329
1,051,576
Deps. for construc¬
11,728
7,371,686
418,536
418,536
44,506
33,802
10,455,241 10,610,001
1,129
461,077
,
462,660
13,450
Operating reserves
Damages due from
Cuban Govt..—
412,818
y212,179
5,520
Deprec., &c., res..18,552,037
Due to affil. cos— 1,074,437
581,090
lots sold
10,000,000
19,800,000
14,415,000
3,285,000
1,012,000
4,000,000
Preferred stock—10,000,000
652,755
712,772
896,134
"
12,543
$
$
Liabilities—
Mat'l and supplies
1936
1936
1935
1936
4 *?'?/»/"
Total deferred deb.
Total
$44,605
407,605
Dr29,789
Drl4,318
Gross income
Non-oper.
113,981
Cr2,326
$1,363,437
1,405,440
Miscell. oper. income.—
extraord.
retire.,
obsolesc.,
conting.,&c
Cuba for subsid.
88,584
$1,256,176
Pastelillo terminal...
21,235
unclaimed
8,430
1,565,436
188,593
173,994
Cr3,613
a..
Dep. for construe.
13,077
items
29,346
43,280
196,556
119,161
Cr1,482
—
Antilla terminal.
150,110
5,830
2,332
1,301
transportation
8,328
187,074
30,824
43,267
171,551
145,666
Cr2,299
$656,397
772,209
995,882
433,887
21,502
52,869
149,416
General expenses.—
Traffic
Other assets
40,000
135,623
4,534
——.
fund. debt-
Operating reserves
Agts. & conductors
$2,238,421
$604,386
759,431
L095.788
352,979
„
Taxes
Other def'd items.
104,856
28,363
84,374
13,597
and services....
on
Accrued
Working fund adv.
Materials & supp.
Due from Govt, of
1,
Int.
y
Accts. receivable..
%
ctfs. due Aug.
206,982
Secur. deposited in
Traffic bal. rec...
5j^
Equip, trust
1936 i
46,594
136,076
dep.
$3,954,276
$686,187
833,032
1,284,140
388,367
—.
v
secur.
14,000,000
debt.17,147,733 17,290,733
Govt, of Cuba.
1,555,643
1,484,702
Accounts payable
70,745
65,914
Traffic bals. pay'le
2,798
7,233
—
3,262,460
.
21,008
6,962
273,972
132,067
99,646
$4,762,030
Mtges.rec.on town
Total funded
equipment).46,473,687 46,487,295
Investments.
121,574
117,600
Due from affll. cos.
771,756
762,749
Cash..
1,988,889
1,864,664
Remit, in transit..
1,940
2,652
11,614
9,788
186,724
188,793
88,783
$513,736
109,839
62,135
2,233,416
21,810
5,180
134,051
98,601
59,652
$676,270
808,941
1,280,914
433,285
Conducting transport'n.
and service
$
Common stock.— 14,000,000
and
1933
1934
$524,448
97,288
55.701
2,791,138
M
Operating Expenses—
1935
$
Liabilities—
Prop, invest, (road
Cubana]
Ended June 30
$4,844,595
Total
'
Govt,
1936
1935
i
...
Maint. of way & struct—
Maint. of equipment.—
Comparative Balance Sheet June 30
1936
—
Miscellaneous
$619,103
$1,060,760
$967,929
933,093
$886,861
928,140
Int. on funded debt
...
88,657
90,382
Antilla terminal.
$1,954,272
1,335,168
>
•
.
107,528
3,268,227
28,954
21,278
223,493
174,318
105,166
—
Deficit
$2,092,028
1,362,766
$766,542
201,387
$806,550
80,311
Non-oper. income
,
Ratio oper. exp. to oper¬
1933
1934
$2,246,408
1,479,867
•
1935
$769,727
;
117,034
Balance, loss
1935
1936
from opers.—
'
Preferred dividend-
Co.—Earnings—
$2,307,169
Expenses, incl. taxes-—*1,500,619
rev.
1936
$815,744
Mail.
llncl. Compania de Fomento de Puerto Trafa]
Years End. June 30—
Gross
s
.
[Incl. Compania Industrial y Naviera
Corp.—New Vice-President—
Vice-President of the corporation at a
a
•
Operating Statement for Fiscal Years
bid offered for the real estate alone.
no
John W. Griggs 2d, trustee for the bankrupt
•
Cuba RR.—Earnings—,■ '
warrants issued in connection with the
company's debentures.
Incorporated under the laws of Delaware on Feb. 29, 1936, Creameries or
America, Inc., was organized as a consolidation of Creameries of America,
Inc. (old), Crown City Dairy, Inc., Grays Harbor Dairy Products Co.,
Midwestern Dairy Products Co., Peacock Dairies, Inc., and Protected
Milk Products Co.
The corporation is both a holding and an operating
company.
The products handled by the company and its subsidiaries
consist principally of dairy and agricultural products and supplies, ice
cream, orangeade, ice and beer.
Through the corporation and its subsidiaries either branches or distrib-.
uting agencies for its products are maintained in Texas, New Mexico,
Missouri, Illinois, Kansas, Utah, Idaho, Washington, California and the
Hawaiian Islands.
Annual net sales of the corporation's constituent com¬
panies and subsidiaries since 1931 have ranged from $5,755,609 to $7,592,812.—V. 143, p. 1226.
,.
,
1873
Chronicle
equipment to Chicago, it is added
y
Lees
$1,871,125 $1,916,7651
reserve
Total
141, p.
22,769
358,282
21,735338,146-
$1,871,125 $1,916,765
for depreciation of $803,254 in 1935 and $714,913 in 1934,.
Represented by 75,000 no-par shares,
V.
_
z
Including accrued
expenses —-
1271.
Inc.—$600,000 Bonds Offered—B. E. Buek^
Madison, Wis., announce the offering of
$600,000 1st mtge. bonds, 5%, due 1946, at 97 and int.
A
prospectus dated Aug. 31, 1936 affords the following:
Dairyland,
man
&
Co.
of
Company—Incorp. in Texas Feb. 19. 1936.
Company operates modern
plants for the manufacture, sale and distribution of ice cream and frozen
products, milk and milk by-products, along with ice.
Approximately
90% of the company's revenue is derived from the sale fo milk products and '
ice cream products, while about 7% is derived from the sale of ice
The
territory served includes three of the leading cities of the Southwest
Houston, Dallas and San Antonio, Texas.
The right to use the trade name
"Dairyland" was purchased with the property acquired by the newicorboration.
This trade name has been advertised extensively for a number of
years and is well and favorably known in the' territory served
1874
Financial
Chronicle
Bonds—Dated March 1, 1936; due March 1, 1946.
First National Bank
In Dallas, Texas, trustee.
Principal and int. (M. & 8.) payable at First
National Bank of Dallas in such coin and currency of the United States as at
time of payment they will be legal tender for public and private debts.
Denoms.: $1,000, $500 and $100.
Coupon and fully-registered bonds are
registerable as to principal.
Red. at option of the trustee on any int. date
upon at least 30 days' prior notice at 102 plus int. to date of payment.
The indenture provides that the company will deposit with the trustee,
as per sinking fund requirements, on Feb. 28, 1938,
$15,000; Feb. 28, 1939,
$20,000; Feb. 28, 1940, $25,000; Feb. 28, 1941, $30,000; Feb. 28, 1942,
$35,000; Feb. 28, 1943, $40,000; Feb. 28, 1944, $45,000; Feb. 28, 1945,
$50,000, and $340,000 on Feb. 28, 1946.
All money in sinking fund will
be used by trustee for the redemption or purchase of bonds.
It is obliga¬
tory for the trustee to buy bonds at the open market at a price not greater
than the redemption price.
The redemption price is 102% plus int.
Bonds
are chosen for redemption by lot.
mtge. bonds
priority or preference with respect
of the debtor which shall have been allowed by the Court
and then remain unpaid, and except the claims of Union Guardian Trust
Co., as trustee, representing the 2% Federal tax on bond and debenture
interest assumed by the debtor; (b) will issue and deliver new
securities,
issuable upon the consummation of this plan; and
(c) will pay the items of
expenses (indicated below).
to any property
The
Common stock (no par)
Capitalization—The capitalization of the company, after giving effect to
financing, consists of $600,000 10-year 5% first mortgage bonds
$454,560 ($10 par) common stock, represented by 45,456 shares.
the present
bank indebtedness
on
(3)
__
Provision for Federal and Provincial taxes.__
selected
by
committee,
the
-i
authorized
135,000 shs.
amount
stock.
common
Payment of Costs—All costs of administration in the court proceedings
reorganization of the debtor and compensation for services rendered
for
and
reimbursement
connection
$176,219
37,277
1,940
106,785
11,902
Interest and dividends on securities of subsidiary companies held
by public (less adjustment of minority interests' equity)
be
General unsecured claimants:
Each general unsecured claimant for
$1,000 principal amount of his claim as allowed by the Court shall
each
$151,527
12,254
12,438
_
to
new
receive three shares of
Consolidated Income Account for 15 Months Ended March 31, 1935
Mortgage interest—
for depreciation
corporation will initially consist of
1st mtge.
Dairy Corp. of Canada, Ltd. (& Subs.)—Earnings—
Provision
new
Distribution of Securities
(1) Holders of present 1st mtge. bonds:
Each holder of a $1,000 present
bond accompanied by coupons maturing on May 1, 1932 and
subsequently, now outstanding, shall receive:
(a) $300 principal amount
of 1st mtge. 5% bonds and (b) 12 shares of common stock.
(2) Holders of present debentures:
Each holder of a $1,000 debenture
accompanied by all interest coupons maturing Nov. 1, 1931, and subse¬
quently, shall receive three shares of common stock.
Earnings—Company for the six months ended June 30, 1936 reported
sales of $683,930, resulting in a net income of $64,220.
The esti¬
mated charge coverage, on an annual basis and based on six months' earn¬
ings now recorded, will be approximately 4.28 times interest requirements.
Office—Principal business office of the company is located at 102 East
Josephine Street, San Antonio, Texas, where the company maintains its
executive office and where annual meeting of the stockholders is held.
Company is now operating plants and retail outlets in the cities of Houston,
Huntsville, Beaumont, Port Arthur, Cleburne, Dallas and San Antonio,
Texas.—V. 113, p. 918.
gross
*
of the
authorized, $750,000; to be held in the treasury
corporation to be used in the discretion of the board of directors
for the purpose of acquiring, by lease or
otherwise, and developing additional
cross-river transportation franchises, rights and facilities.
and
Interest
Additional
a
of the
Total income
of directors
Capitalization of New Corporation After Plan Is Effective
1st mtge. 5% bonds, immediate issue (to be distributed to the
owners of the present 1st mtge.
bonds)
_a$2,550,000
issue
Sundry income (net)
board
five members, such initial members
subject to the approval of the Court.
Purpose—Company intends to apply the net proceeds from the sale of
Operating profits (before depreciation, interest, &c.)
Interest on bonds of Mount Royal Dairies, Ltd
trustee
and debentures) found to be entitled to
these bonds to defray and discharge purchase obligation as part of
purchase
price in connection with acquisition of its properties, the balance of $120,600
therefrom to be used to provide working capital and to defray the expenses
of
Sept. 19, 1936
of the debtor in the aforesaid
reorganization proceedings,
except to the extent that the new corporatino may, in good faith, contest
the validity or.amount of any of said taxes, and will also
promptly pay in
cash all claims (other than claims based
upon the present 1st
of the
66,533
debenture
with
for
said
holders'
the
actual
proceedings
protective
and
and
necessary
expenses incurred, in
plan, by the committee, the
depositaries, and attorneys
the
committee and
for any of them, and ali expenses of either the committee or
the debenture
holders' protective committee
properly chargeable under the agreements
whereby they are constituted, shall be paid in cash by the trustee of the
debtor or assumed by the new corporation
provided the Court finds such
compensation and expenses reasonable.—V. 142, p. 4336.
Detroit Edison Co.—Sets Interest Rate
of 33^%—
The company in an Amendment filed with the Securities and
Exchange
that the interest rate on its $20,000,000
gen. & ref.
mtge. bonds, series G, due Sept. 1, 1966, will be 3 M %. Coffin & Burr,
Commission states
Inc.,
Net loss for the 15 months ended March 31, 1935
$48,218
Deficit at Dec. 31, 1933
Less—Net deficit at Dec. 31, 1933, of cos. not incl. in
consolidation at March 31, 1935
$96,782
-
Balance
Add—Adjustments applicable to prior periods
Capital surplus transferred (Edmonton City Dairy,
Ltd.)
in
sustained
connection
with
settlement
Michigan
Corp., $1,400,000; Harris Hall & Co., Inc., $1,200,000; Brown Harriman &
Co., Inc., and Edward B. Smith & Co., $1,050,000 each; Blyth & Co.,
Inc., and Bonbright & Co., Inc., $950,000 each; Kidder, Peabody &
Co.,
Lazard Freres & Co., Inc., Lee Higginson
Corp., Stone & Webster and
Blodget, Inc., and White, Weld & Co., $400,000 each.—V. 143, p. 1396.
77,751
$19,031
11,098
30,646
—
Loss
Spencer Trask & Co. and First Boston Corp., principal underwriters, will
underwrite $3,300,000 each. Other underwriters and amounts to be
under¬
written are as follows: Dillon, Read & Co.,
$1,500,000; First of
Detroit Gray Iron
of
claim made against Canada Dairies, Ltd., by the
Bank of Toronto—
Years Ended Dec. 31—
,
Foundry Co.—Earnings—
1935
•
Ltd
194,000
64,000
Dairy Corp. of Canada, Ltd
Cost of
s
Sundry
$180,338
$116,470
11,551
15.154
$220,906
143,455
4,705
$191,888
135.992
8,421
$131,624
$72,746
$0.72
..
$392,993
276,523
$47,474
$22,534
T
$0.47
$0.23
revenues
$366,994
Less—Deficits written off against surplus created by re¬
organization of companies—
Dairy Corp. of Canada, Ltd
Subsidiary companies
Total
v
-
..
$53,550
Net earnings
Earn, per sh. on 100,000 shs. cap. stk.
$170,840
by reorganization of
Dairy Corp. of Canada, Ltd., transferred
48,911
—
-
Balance Sheet Dec. 31
Assets—
1935
1934
U.S. Treas. bills..
$94,779
296,338
$51,448
100,031
Marketable sees..
46,379
Notes & accts.rec
Inventories
38,564
17,210
Serv-O-Draft Corp
61,411
85,038
24,923
55,049
23,202
30,322
219,751
Cash
Deficit at March 31, 1935—
-
—
Assets—
a
Liabilities—
hand and in bank....
Accounts & bills receivable.
Notes pay. to bankers & accr.
interest (partly secured)
3,413
Shareholders' balances
1,803
76,652
2,865
Inventories
on
Notes pay. to bankers & accr.
Interest (secured)
3,151
_
Due from subsidiary companies
Due from directors
Accrued income
investm'ts.
Mount
7,306
.8,911
Prepaid expenses
Life ins.—cash surrender value
sale of
900
refrig.
year)
Inv. In subs. & dther
b Fixed
one
cos.
assets
:...
Goodwill
Sundry accrued charges
on
of subsidiary companies
Dlvs. payable (sub. cos.):.
Prov. for Fed. & Prov. taxes..
Prov. for other liabilities,
Reserves
Special contingency
reserve
Equity of min. int. in sub.
cos.
6% 20-year s. f. debs, of Dairy
Corp. .of Canada, Ltd.
c Capital
stock.....
Capital surplus
Consolidated deficit
$2,935,5941
Total
i
Mortgage Indebtedness
48,954
361,416
1,926,626
242,314
Total
$408,718
Notes:
9,619
4,125
11,902
5,528
22,000
588,400
38,612
133,121
551,692
employees
12,500
660,000
307,418
5,972
Drl47,242
of Reorganization—
A plan of reorganization has been filed in the U. S. District Court for
the Eastern District of Michigan (Southern Division) by the bondholders'
for the 1st mtge. 6% sinking fund gold bonds.
the plan has been set for Oct. 29.
protective committee
on
A
Payment
of
qn
20-year 6 Yt % conv. sinking fund gold debentures
Accrued interest to Sept. 1, 1936
General unsecured claims as allowed by the Court—
Common stock (no par)
First
plan asserts the insolvency of the debtor and asusmes the findings
of suchlnsolvency by the Court prior to its confirmation.
Accordingly the
common
stock will
be eliminated and the holders thereof will receive
no
securities or any other recognition.
Method of Reorganization
»
A new corporation shall be organized, under the laws of such State as
the committee shall determine and
the Court approve, to
acquire the
and properties of the debtor
(or in the discretion of the committee
corporation may be used).
y
Tne new corporation in consideration of the transfer to it of the assets
of the debtor, (a) will promptly pay in cash all bills, real estate and personal
property taxes and all instalments of special assessments then due, and
will assume and agree to pay all other tax liabilities of the debtor and (or)
assets
500,000
273,709
270,251
12,500
_
6,565
6,360
Stk. in other cos._
Fixed
assets
(at
cost)
Total
a
12,500
Nat'l
Bank.
630,492
14,914
„
659,394
17,256
$1,273,360 $1,067,1881
After
resented
reserve
Detroit International
Years End. Dec. 31Gross
Net operating loss
before
1934
$247,379
98,848
$34,973
1,319
•
•
$33,654
Dec.
31
1935
Assets—
,
hand
on
'245.521
1,583
7,733
7,661
1,212
1,543
Prop., &c., taxes,
due
&
incl.
$69,445
4,424
601
■
.
$49,487
$
314,428
Prepaid ins &sup.
Prepaid Mich, cor¬
$47,714
:
$47,113
$65,021
Wholly-Owned Subsidiary)
1934
S
$320,661
131,389
258,716
110,179
183,055
773
'
(Including
Cash in banks and
Accts. rec., consid¬
ered good
b Rep¬
1932
$245,521
$50,261
inter-™
Consolidated Balance Sheet
1933
$231,896
106,598
175,559
^183,505
"
Other income
loss
$1,273,360 $1,067,188
p. 1093.
Bridge Co. (& Subs.)- -Earnings
1935
from tolls
rev.
Oper. & admin, exps
Taxes (other than Fed'l)
Net
Total
for losses of $18,336 in 1935 and $12,733 in 1934.
by 100,000 shares ($5 par).—V. 141,
porate taxes
$8,500,000
2,465,000
8,491,000
2,943,547
57,314
2,251,125 shs.
The
new
b Capital stock
279,945
500.000
purch.
property
Rec'r,
Securities, Claims, and Stock Interests to Be Dealt with Under the Plan
1st mtge. 6% sinking fund gold bonds
Accrued interest to Sept. 1, 1936. —
487
291,282
assets
10,570
est, deprecia'n, &c.
has been
8*421
deprec. of
8,157
Outside investm'ts
RR.—Hearing Set for
designated as the date for the Interstate Commerce
the management plans for the reorganization of the
Hearings will be held in Washington.—V. 143, p. 1556.
hearing
fixed
accruals..
12,500
Dep. in closed bks.
$2,935,594
Detroit & Canada Tunnel Co.—Plan
Res. for
$8,084
"
12,144
Commission hearings on
road.
Sundry
(est.L
Dep. in closed bk.
Oct. 20—
20
Income tax
1934
$1,984
200,000
4,705
1,679
&
Deferred charges._
issued, 90.316 shs.; less, held by sub. cos., 14,567 shs.; held by public,
35,749 shs.
Class B stock, no par value—Authorized, 75,000 shs.; issued
31,800 shs.; less held by sub. co., 2,000 shs.; held by public, 29,800 shs.—
V. 143, p. 107.
Oct.
Officers
1935
Accounts payable.
Notes pay., bank.
Surplus..
& sundry
assigned
a After reserve for bad debts of $37,219.
b After reserve for deprecia¬
tion of $497,586.
c Class A stock, no par value—Authorized, 72,000 shs.;
Denver & Rio Grande Western
Liabilities—
.
hand & in
Officers, employees
195,695
14,101
115,624
10,307
bonds & mtges.
Bonded indebtedness
equip., props., &c. (not due
within
overdrafts
Accounts and bills payable...
4,175
United Dairies, Ltd. (for diva.)
on
Bank
Int. accrued
Royal
Dairies, Ltd.
(accrued bond interest)—.
Receivables
a
$20,388
226,718
on
banks
$147,242
Consolidated Balance Sheet March 31,1935
on
105.653
3.437
117,290
Distributable surplus created
Cash
1933
446,463
$206,747
..
$626,800
14,159
ales.
Gross profit
318,776
Total
1934
$653,989
447,242
-
Canada Dairies,
1935
1934
$
Liabilities—
$
Accounts payable.
Accrued taxes....
$559,791
$458,202
10,419
10,419
Funded debt
.19,978,000 19,978,000
Deferred income..
13,148
13,234
x
7% cumulative
preferred stock. 1,405,30Q
1,405,300
z Common stock..
100,000
100,000
Deficit
3,220,725
2,845,747
in
accts. pay., por.
applic. to current
period
59,999
x
Bridge s'ruc.
equip.,
65,188
2,718;215
Land
2,718,215
&
aut. eq.
& furn. & fixt's.
12,728,808 12,951,340
Franchises, rts.,&c 1,840,077
1,840,077
Fds. in closed bks.
793
Claims against re¬
ceiver of closed
bank
2,412
Deferred charges..
1,172,752
1,287,781
the present
Total../.
x
no
18,845,934 19,119,4081
18,845,934 19,119,408
Total...
After allowance for depreciation of
$1,431,414 in 1935 and
in 1934.
Represented by shares of $100 par.
par shares.—V. 141, p. 1093.
y
x
$1,209,621
Represented by 100,000
Volume
143
Financial
Chronicle
1875
Consolidated Balance Sheet Dec. 31
Calendar Years-
1935
1934
$1,309,836
Cost of sales
Selling expense
Administrative expenses
Net operating profit..
Miscellaneous income.
Miscellaneous expenses.
.
_
Deposits in closed banks
charged off
1935
63,697
$730,710
540,250
102,025
62,409
$61,807
Cr22,166
16,018
9,007
$26,026
Cr24,676
17,326
4,145
Assets—
$507,441
400,450
86,381
74,372
loss$53,762
CY22.883
9.191
135,251
$131,189
Cr24,869
21,973
15,980
Federal income tax
1932
1933
$989,916
.729.160
927.470
181,000
70,177
$58,948
60,000
$29,230
20,000
loss$40,070
$0.59
$0.29
Nil
1935
Marketable
bonds
Receivables
Land, buildings &
equipment
1934
§77,052
Liabilities—
&c.,
1935
Res. for taxes
84,177
137,023
Com. stk.
Other
133,835
59,594
1,392
$764,902
2,191
$709,715
210,994
$709,715
...
Funded debt
non-current
Res. for
223,283
Cap. stk. Klamath
Lum. & Box Co.
12,500
15,000
$3 cum. partic.
pref. stock
5,862,700
e
7% pref. stock.,
545,500
f Common stock..
1,608,080
5,330,000
1,078,200
d
189,472
Total...
Calendar Years—
1935
Admin. &
gen.
1934
1933
16,471,117 16,362.0801
Total
16,471,117 16,362,080
After reserve of $15,359 in 1935 and
$17,314 in 1934.
b After reserve
$5,272 in 1935 and $4,399 in 1934.
c After reserve for
depreciation of
$2,006,223 in 1935 and $1,834,185 in 1934. and
special reserve created by
transfer of capital surplus of
$3,680,533 in 1934 and 1935.
d Represented
by shares of $100 par. ' e Represented by shares of
$100 par.
f Repre¬
sented by shares of $10 par.
g Represented by 932 shares of $3 cum. partic.
pref stock at par in 1934 and 1,046 shares at
par in 1935; 30 shares of 7%
a
?ref. at par in 1934, and 1,150 sharesp. 1272.
of common
,175 shares at par in 1935.—V. 141,
Doctor
$580,535
407,501
191,018
$523,951
232,284
$975,161
599,276
225,596
$11,612
Cr7,019
pf$150,286
Crl2,275
$17,984
16,591
$50,247
10,119
$4,593
29,861
pf$162,563
$1,393
$40,128
633,905
expenses./
Net loss from oper
Oth. inc. & deduct, (net)
Net loss for year..
Dividends
'
1935
1934
deposit
Receivables
Marketable secure.
on
$139,051
370,850
42,987
308,655
4,500
Mdse. inventories.
Cashforredei pt.stk
Deferred billings..
78,728
52,465
Investments
Land, buildings,
equipment, &c_
Patents,
$105,917
532,174
31,935
251,965
480,628
93,570
Balance, surplus
Earnings per share on 172,407 shares
Deferred income..
Reserves
Capital
stock
Cash
U. S. Govt. sec...
receivable
Sundry receivables
2,460
59,292
Inventories
accts.
Total
After
51,992
194,387
400,000
724,048
reserve
Prepaid
respect
51,991
$1,489,167 $1,643,260
for depreciation.
Dictaphone Corp. (& Subs.)—Earnings—
1935
Res. for income tax
1934
$509,466
56,338
61,846
Net income
Cash div. on pref. stockCash div. on com. stock-
$561,463
70,628
38J.608
$391,282
78,914
284,899
$138,236
80,834
31,656
$27,469
804,220
$25,746
779,474
def$76,410
857,393
Balance, surplus
$110,227
805.135
38,180
Previous surplus
Prem. on pref. stock red.
Appr. for stock retirem't
1932
$104,771
60,380
6,493
58,113
21,207
33,000
584,889
—
«.
34,338
6,331
6,331
$797,351
$798,889
$774,652
127,252
126,891
126,622
126,622
$3.86
Capital surplus...
1,408,884
303,202
1,408,884
303,202
1,093,041
895,724
806,669
406,899
fran¬
Total
$2,897,497 $2,674,661
x
Including cash value
depreciation.—V. 143, p.
of life
on
Dominion
$2,897,497 $2,674,661
policies,
$2.46
$0.45
1935
1934
Liabilities—
$331,931
201,514
U. S. Treas. notes-
$325,822
252,648
529" 705
53,186
463,104
742,049
Marketable secure,
Accounts rec'ble
Inventories
756,820
9,826
Land, buildings,
mach'y & equip.
for'n inc. taxes.
102,905
par)
Common stock..
Earned surplus
Loss
Engineering Works, Ltd.- —Earnings—
1935
operations
on
Directors'
fees
"
„
319,091
1
978,300
1
843,755
1
Pafts & tr'marks.
12,664
Total loss..
Revenue from investments
Profit on investments realized
Operating
pref. stock
255,474
$2,130,992 $2,168,565 [
1935
Giorgio Fruit Corp. (& Subs.)—Earnings—
Calendar Years—
1935
Cash.
Govt,
and
other bonds....
Call loans
Accts. receivable.
1933
$851,855
511,274
$1,194,393
481,807
$1,025,679
450,499
$851,294
Profit from operations
Other income
$340,581
214,541
$712,586
205,283
$575,180
228,286
loss$49,729
232,666
Total income
*
Interest paid or accrued.
Prov. for depreciation..
Prov. for bad debts
Loss on sale of fix.assets.
Loss on investments
$555,122
210,081
170,793
34,196
$917,869
254,117
166,813
85.560
5,178
$803,466
289,908
162,033
26,917
Miscellaneous deductions
6,743
Cr226,449
20,647
4,489
6,042
34,462
2,500
3,750
Admin., sell. &
gen. exps.
Dep.
_
on
tenders..
10.797
Work in
progress.
108,617
166,970
Credits arising
Prov. for Fed. taxes
Div. to minority stock¬
x
holder of sub.
Expens. incident
co
to
15,043}
26,225/
1932
124,114
113,318
116,790
27,844
Total
63,100
$4,555,353 $4,685,7831
Total
$4,555,353 $4,685,783
After depreciation reserve of $2,626,318.—V.
143, p. 919.
Dominion Steel & Coal
Arthur Cross,
Corp., Ltd.—New President—
Vice-President, has been appointed
President, succeeding
Sir Newton Moore, who resigned because of
illness.
H. J. Kelley succeeds
Mr. Cross as Vice-President and will
continue as General
V.
Manager
142, p. 2496.
8
Dominion Foundries &
Profit for year
Remuneration to directors
35,652
Credit
$295,341
$327,849
$281,133 def$445,231
arising from exchange of wine, at 30 cents a gallon, for
3,000
of capital stock of the Italian Swiss
Colony, valued at $450,000,
$106,949, and credit arising through liquidation and discount of
contract
in the face amount of $597,500
previously carried at 80% thereof, $119,500.
shares
—
Steel, Ltd.—Earnings—
Income Account for Year Ended
Dec. 31, 1935
"21
Legal fees
Depreciation
Reserved for dominion and provincial income
taxes
Net profit
for the year.
Dividends paid on preference shares.
•
""
Salaries, bonuses and fees to executive officers
Profit for year
*
insurance
and taxes
a
1,303,591
293,316
111,864
3,729
58,742
88,641
2,501
116,791
1034
1935
.$2,900,050 $2,900,050
250,000
250,000
419,376
506,253
..^
985,926
1,029,480
for conting..
Accts. payable, &c
3.110
readj
of capital structure
companies
Prepaid
901,023
$182,937
290,739
167,379
166,941
$90,632
Capital stock-
Res.
Surplus
1,165,578
85,000
284,286
Other investments
Investments in sub.
1934
Liabilities—
y
$2,523,359
154,737
120,148
Inventories
Gross profit from oper..
1934
Real est., plant,
mach. & equip.$2,434,729
Total
$2,130,992 $2,168,565
a After reserve
for doubtful accounts of $88,281 in
1935 and $87,376
in 1934.
b After reserve for depreciation of $728,736 in
1935 and $674,927
in 1934.
c Represented
by 127,252 no-par shares in 1935 and 126,892
no-par shares in 1934.—V. 142, p. 3340.
-
$43,554
Assets—
Dom.
Total
$275,792
90,564
94,596
10",050
45,094
92,491
Consolidated Balance Sheet Dec. 31
x
285,850
transferred
$128,157
68,102
6,239
240,000
...
Net loss
797,350
Approp. for red. of
reserve
-
-
1934
$169,797
24.740
10,100
1,946
29,644
121.668
$357,895,
;
Legal fees
Expenditure for development and research
Reserve for depreciation and renewals
61,357
1
for
[Including Wholly Owned Subsidiary
Companies]
cum. pref. stk.
c
285,758
15,436
Deferred charges..
$17,472
58,610
Prov. for Fed. and
8%
($100
;
1934
$20,211
90,869
787,400
■
Net assets in for'n
countries
1935
Accounts payable.
Accruals
reserve
Co.—Registers with SEE—
Consolidated Balance Sheet, Dec. 31
Assets—
Cash.
After
first page of this department.—V.
143, p. 1718.
Executive salaries
Nil
y
1074.
Doehler Die Casting
See list given
Total
insurance
.
ing (no par)
per share
Earnings
&
510
Calendar Years—
33,426
Shs. com. stk. outstand¬
1936
of
777,131
_
$843,755
Surplus Dec. 31
—due
33,000
571,262
406,899
'
-
46,364
assessm ts
for
development
$37,898
82,652
31,656
1933
$217,556
5,098
75,982
&
taxes
6,120
chises
$712,156
57,957
92,735
Depreciation
6,211
inc.
stock
value)
64,622
16,280
good will
Calendar Years—
Profit for year
for
Earned surplus...
55,065
held in escrow.,
&
1934
$14,879
1937.
Plant prop. & eq.
Formulae
1935
$10,176
salaries,
Common stk. (172,4(7 shs., no par
Certificate of dep.*
director of the company.—V. 141;
cap.
ac¬
counts, &c
Investments
y
a
Paving
bot¬
Expenditures
4164.
Prov.
rec. in
of
Liabilities—
Acer, tax.,
46,392
37,989
Cash surrender val.
of life ins. pol_.
New Director—
Howard O. Coffin has been made
$895,724
$1.28
$2.32
Accounts payable.
42,055
28,397
tlers' past-due ac¬
x
Total
$1,093,041
interest, &c
expenses.
Notes & trade
400,000
853,331
244,206
$1,489,167 $1,643,260
$92,187
835,555
Dr32,018
common stock
$291,987
339,268
600,062
60,219
ceptances
1
135,707
$258,552
Customers' notes <fe
($2
370,304 Surplus
$193,441
895,724
CY3.877
...
1934
50,947
25,206
23,102
22,038
72,905
160,421
goodwill,
and trademarks.
Other assets
1935
1934
$59,050
29,861
comm., taxes, &c
Other liabilities
par)..:
356.220
Assets—
1935
Acer, sal., wages &
52,465
1934
$221,492
129,305
Balance
Previous surplus
Adjustments applicable to prior years
$56,790
Accounts payableDividend payable.
54~292
1935
$400,329
206,888
Dividends paid
Consolidated Balance Sheet Dec. 31
Liabilities—
hand and
•
Net income for
year
Consolidated Balance Sheet Dec. 31
Assets—
stock at par in 1934 and
Pepper Co.—Earnings—
Calendar Years—
1932
$854,576
Gross prof, from sales..
Direct oper. expenses
x
2,126,689
2,038,469
X>rl07,703
of
Dictograph Products Co., Inc. (& Subs.)—Earnings—
Di
1,608,080
restatement and
directors have declared a dividend of 50 cents
per share on the
stock, payable Oct. 1 to holders of record
Sept. 21.
This com¬
with 25 cents paid each three months from Oct.
1, 1935 to and in¬
cluding July 1, last; 15 cents paid each quarter from Jan. 2, 1933 to
July 1,
1935, inclusive, and 25 cents per share
paid previously each three months.
—V. 142. p. 2496.
b
284,036
contings.,
incl. def'd items
retire, of cap.stk. 2,134,925
Earned surplus._. 2,162,225
g Treasury stock.. £>rll6,350
pares
a
2,766,042
348,008
Customers' deps..
Surp. arising from
Diamond Shoe Corp.—Dividend Doubled—
p.
3,750
34,462
38,627
Prov. for Fed. tax
500,000
174,698
$764,902
Earned surplus
1,903
20,670
49,452
2,686,842
12,056
1,339
500,000
20,882
1,293,173
(100,000
The
a
3,388
1,715,229
183,966
618,922
635,839
689,896
Property acc'ts.. 13 ,084,871 12,242,994
Prepd. ins., taxes
common
a
emplovees
stkhldra. sub.co.
$19,651
14,027
reserves
345,406
Total
Total
on
Div. pay. to minor.
c
—V. 143, p. 753.
Cash
100,312
50,000
1934
$30,248
21,468
Accounts payable.
216,642
153,373
22,759
1,614
Misc. & def. cbgs.
86,335
officers
& def'd charges.
shares)
Patents
356,849
Investments
$0.94
186,434
734,963
wages,
&c
Notes & mtgs. pay.
Notes & accts.
rec.,
'
$
225,029
int.,
Dividend payableDue to officers and
from
co
employees
Inventories
$93,950
80,000
taxes,
345,188
220,727
139,118
receivable
receiv.
affiliated
&
837,024
220,109
167,738
162,284
Inventories..
accts.
accts.
by
Acer,
1934
$
Accounts payable.
538,527
400,000
241,047
Note
Balance Sheet Dec. 31
Assets—
&
receiv. (trade).,
Other notes &
b
Owing
Dividends
Earns, per sh. on 100,000
shares common stock.
Cash
Notes
a
1935
Liabilities—
S
;
244,374
Debenture notes.,
24,155
Net income.
1934
$
Cash
2
2
...
$495,653
260
53,777
6,750
190,662
51,571
$192,632
72,000
Financial
1876
1935
Balance Sheet, Dec. 31,
Liabilities—
Assets—
a
6% cum. pref.shs. (5100 par)
Common shares (5100 par)__
Land, buildings, plant and
53,307,189
equipmentCash
on
422
325,299
589,261
Inventories
reserve)
-
..
Earned
232,043
hand
Accounts recelv. (less
Reserve
273,625
199,983
and
Domonion
profit after deducting
operating, management & selling
expenses, exclusive of the earnings
applicable to minority interests
sales taxes........
2,789
assets
Net operating
55,785
...
1
...
$966,012
292,771
3,192
54,457,0061
After depreciation
x
54,457,006
Total
of $2,371,555 in 1935 ($2,276,990 in 1934).
resented by 125,000 shares (no
Dominion Rubber Co.,
1935
$9,121,233
8,155,637
$1,222,235
18,282
3,272
12,519
26,287
7,382
37,818
arising through revaluation of marketable
.
Excess of par val. over cost of bonds purch. for red
Amts. transferred from sundry res., no longer req_.
from
trasferred
doubtful accts., no
for
res.
longer required
bonds
on
Bond discount written off
Provision
for
depreciation
x574,018
...
47,184
Executive remuneration
I
Directors'remuneration
-
Provision for contingencies
Amount written off investments
Provision for income taxes
7,652
27,492
....
Net
_
755,272
113,073
46,465
co.
699,547
46,386
26,777
Cos.
pref.
&
Fixed assets
Goodwill..
6,233,485
3,694,927
Pref.
1935
companies
$
Cash
5813,674
Accts.
749,548
135,933
153,157
Secur. & mtges
from
rec.
sub.
not consol..
4,214,052
57,700
57,700
3,000,000
3,000,000
2,805,500
1.506,240
2,089,759
par)
& formulae
b
Capital surplus
Earned surplus
2,805,500
1,506,240
2,211,275
in
depreciation of $7,206,552 in 1935 and $6,706,955
b Represented by 112,220 no par shares.—V. 139, p. 440.
After
a
..16,572,858 16,558,730
Total
..16,572,858 16,558,7301
reserve
1934.
for
of
Amort,
May 31—
Divs., int. & other inc..
Rent, salaries, office and
general expenses
Executive salary
Legal expenses.
$136,313
9,639
2,500
.
$110,151
_
-
-
3,000
3,000
3,000
654
910
331
606
_
1,583'*
1,632
5,066
1,678
x6,67l
2,607
6,523
6,014
lbb'bbo
92,000
1,395
Provincial inc.taxes..
x After providing for repairs and renewals,
after charges of $23,966 for salaries of executive
and $1,920 for directors' fees.
$111,566
104,475
Net income
Cash
Balance,
surplus.'
$4,352
364,928
$7,843
272,714
1,057,215
4,500
957,840
in banks
.
Accts. receivable.
.
Accts. & bills pay.
Bills pay.,
property
Inventories
$86,414
59,700
Mtges. receivable.
$26,714
Balances due under
Accr.
1936
Assets—
a
Investments
Cash at bankers.
Sundry
_
1935
$3,169,470 $3,106,454
17,809
41,474
Prov.
Domin-
for
ion &
502
508
p.
; *
payable-
59,700
2,985,000
stock
60,000
Revenue
a
Bondhldrs.'
account.
75,929
3,693
29,850
1,985,000
60,000
68,838
'
$3,187,788 $3,148,431
May 31, 1936, $2,843,531 against
Dominion Stores,
Ltd.
211,700
1
1934
1933
Mar. 21
April 18
16
1,510,891
1.517.152
$1,373,111
1.481.037
1,528,273
1,505,736
1,543,288
$1,398,267
1,501,638
1,555,614
1,505 417
1,544,037
1.350,741
1,340,440
1,313.961
1.557.863
1.584.054
1,488,014
1,372,530
1,349,203
1.512.522
1,441.312
Dep. in susp. bks.
1,470,398
Slnking fund
June
July
13
1,463,362
1,511,080
—
11
1,484.725
Aug.
8
Sept. 5.
—V. 143, p. 1226.
Dominion
—
1,467,762
1,290,685
&
Chemical
Co.,
Ltd.—Debentures
Offered—Wood, Gundy & Co., Ltd., and Greenshields &
Co., Inc., offered in the Canadian markets on Sept. 9, at
100 and int., $5,000,000 debentures, consisting of $1,600,000
serial
debentures,
33^% series A, and $3,400,000 15-year
debentures, 4^% series A.
To be dated Nov.
Nov.
15, 1936.
Plant & fixtures.
$588,061
Goodwill
933,033
Cash
42,022
Accts. receivable..
325,059
Inventories
2,307,654
Cash
surr.
Serial debentures to mature $200,000 each
debentures to mature Nov. 15, 1951.
Principal and int. (May 15 and Nov. 15) payable in lawful money of Canada,
option, at principal office of company's bankers, in Montreal,
Toronto, Halifax, St. Lohn, Winnipeg, Calgary, Edmonton and Vancouver.
Coupon debentures in the denom. of $1,000, registerable as to principal
only.
Fully registered debentures in denom. of $1,000 and authorized
multiples thereof.
Red. in whole or in part, at option of the company, at
any time prior to maturity, on 60 days' notice, at 101 for 3H % bdeentures;
the 4%% debentures to be red. at 103 if red. before Nov. 15, 1941; there¬
after at 102 if red. before Nov. 15, 1946; and thereafter at 101 if red. prior
at holder's
maturity, in each case with accrued interest to date of redemption.
Commencing Nov. 15, 1945, there will be provided for the 4Yi% 15-year
an
annual sinking fund amounting to $250,000 per annum.
Trustee: Montreal Trust Co.
•
.
to
debentures
On orders accepted
stk.
acquired
23,737
Reserve for sinking
36,760
715,929
fund
holders of pres¬
in payment, the price to be
for debentures on the above basis,
36,760
764,060
19,937
510
be
under
contract
Prepaid expense..
$4,287,203 $4,025,297
Total
a
Current
36,760
5,000
25,876
1934
Common
19,939
36", 760
policy
to
1935
stock...$3,747,700 $3,747,700
stock
435,551
435,533
liabilities.
783,122
569,364
Preferred
Deficit
val. life
insurance
Dec. 31
Liabilities—
1934
5611,313
933,034
41,782
292,151
2,069,871
1932
loss$69,1281oss$l,300,000
After reserves for depreciation.-
$4,287,203 $4,025,297
Total
V.
143, p. 1074.
Driver-Harris Co.—-Earnings—
1935
Calendar Years—
15, 1937-1944 and the 15-year
ently outstanding debentures may tender same
1935
Assets—
a
Com.
Tar
$50,297
Balance Sheet
1935
$1,226,611
1,352.553
1.417.909
1,385,259
1.360.939
1933
1934
1935
$48,357
profit
perating
-Sales-
.
$4,581,408 $4,529,979
Total.
(W. L.) Douglas Shoe Co.—Earnings—
1936
May
Earned surplus
$4,529,979'
$4,581,408
$1,413,478
1,452.088
1.513,367
25
Feb. 22
519,625
3,660
1
OCalendar Years—
143, p. 1226.
Four Weeks Ended—
Jan.
855,860
Common stock..
x After reserves for depreciation and property of $1,587,375 in 1936 and
$1,507,202 in 1935.
y Represented by 85,855 no par shares,
z After
giving effect to the scheme for reorganization.—V. 141, p. 1932.
Total....
Market value of investments as at
y
1,270,200
855,850
519,625
ticip. pref. stock
(par $20).
211,700
Total
1,270,200
par-
Capital surplus
reorg.
agreements
Common
$2,223,741 in 1935.—V.
46,620
6% non-cum.
<
1,058,500
25,217
sink. fd.
6s
to
Good-will.
6,069
;
Preference stock..
^.$3,187,788 $3,148,431
8,175
chgs.
operations
.
provincial
taxes j..
Dividend
Total
$1,050
$1,090
Sund. creditors, &c
accounts
receivable
Deferred
1935
1936
3,840
2,910,071
Fixed assets
x
'
4,672
3,002,456
46,610
1,058,500
25,218
liabilities..
1st mtge.
4,464
46,205
&c
wages,
Res. for bad debts.
agreem'ts.of sale
of prior years (net), $1,281.
Liabilities—
18,090
3,540
17,545
3,580
prepaid taxes...
22,314
and sales tax
accr.
$6,744
Balance Sheet May 31
secured
*1935
$502,000
243,216
4,294
Dom. & Prov. inc.
sale of
$71,419
64,675
After deducting taxes recovered on account
x
1936
$607,000
172,835
Bank loans, secur,
$7,150
$7,091
officers and solitcior's fees
Liabilities—
Z1935
1936
hand and
on
$81,775
74,625
■
$117,944
Profit from operations
i
Balance Sheet June 30
Unexpired ins. and
Preferred dividends
$1,327
$238,756
prof$3,660 '
Accts. rec.,
auditor's fees
1,440
charges
Assets—
„
129,560
3,339
See y
Provision for deprecia'n.
Prov. for Dominion and
-
..
3,000
Interest, exchange, &c_.
Trustees', registrar's and
3,338
leases..
Directors' fees..
11,000
-
604
Directors'fees
Income taxes
$94,022
11,439
x$44,94S
33,332
power
,
11,675
$103,822
$241,786
13,932
137,181
water
Net loss
1933
1934
1935
1936
Years End.
1933
1934
1936
y$109,546 loss$224,007
1,153
9,971
Investments, Ltd.—Earnings—
Dominion Scottish
Ltd.'—Earnings—
1935
Years End. June 30—
Profit from operations. .
Provision for bad debts.
Interest
Total
12,443,855 12,497,720
for.depreciation of $2,515,902 in 1935 and $2,165,741 in
no par shares.—V. 141, p. 111.
reserve
Represented by 272,500
Dominion Woollens & Worsteds
b Common stock..
patents
After
1934.
cap.
stock of sub. co.
741,410
Total..-..
12,443,855 12,497,720
Total.
a
7 %pref.stock (5100
4,214,052
153,894
Goodwill,
in
int.
Mln.
53,858
8,362,275
146,826
72,384
7,870,104
Prepd. & def. assets
.
2,444,000
147,718
681,905
stock-
Earned surplus
,
298,900*
681,905
518,098
274,200
b Common
4,000,000
bonds
red.
cum.
par)
6% coll. trust gold
bonds
Prop. & plants..
cos
4,000,000
2.436,200
Res. for conting..
145,439
1,982,920
secur.
5,035,000
pref. stock ($100
39,000
payable
1st & ref. 5% gold
Shares in & accts.
a
57,062
39,000
188,735
Loans
227,067
2,094,438
240,246
157,511
.
Inventories...
Marketable
7%
Accrued Int. on bds
00
,
serving Co., Ltd.
8260,525
86,770
5247,221
53,703
53,605.
Alberta Wood Pre¬
accr.
&c.
Accrued taxes
339,431
co
Loans receivable-
pay.,
wages
from
rec.
affiliated
Accts.
5312,906
837,305
Accts.rec. (less res.)
5
Co., Ltd. 6^%
cum. pref. stock
($100 par)
: 5,025
5
Liabilities—
,605
61,246
-
Gen. <fc conting. res
1934
1935
1934
$
of sub.
res.
Dom. Tar & Chem.
Consolidated Balance Sheet, Dec. 31
Assets—
229,971
sink,
stock
fund
1,357,000
sub.
companies
738
2,377
5,904,732
3,692,679
in
int.
3,618,000
227,112
Series B
Min.
holders—
a
3,478,000
1,305,000
Series A
64,625
67,325
of
deb.
for
trustee
5,230=
4,798
debs.due 1949:
___
hands
in
of
6% sink, fund gold
18,650
75,687
investments
advances.
Cash
on
stock
Albert Wood Pre¬
serving Co.,. Ltd
cost)
Sund.
declared
44,350
debs, (at
own
142,553
74,852
Div.
28,427
58,912
488,941
151,612
5,752
364,171
payable
value
surr.
to min.
pay.
Taxes
<fc defd. charges.
$
sub.
a
Accrd. int. on debs
insur.
Unexpired
of
interests)..
banks
1934
(Incl.
pay.
divs.
(less res.)..
rec.
Accts.
1,666,584
bills
&
22,960
/
«
Liabilities—
$
$
747,018
$306,778
210,000
! >92,523
i 110,000
profit for the year
_
Dividends on preferred stock.
x
Including a provision of $63,358 for idle plants.
__
25,000
34,960
...
...
21,456
31
1935
Cash on hand & in
"6",399
—
loss$64,022 Ioss$292,475
19,692
....
1934
1935
Assets—
Accounts
5,221
3,460
1
$243,563
,
__
of life ins.policies
$1,315,277
372,398
28,103
495,172
313,189'
24,802
424,064
5,475
3,460
pref. shares of Alberta
on
Inventories
Cash
$1,101,780
346,265
6,645
301,801
3,118
Consolidated Balance Sheet Dec.
100,000
.
...
Total income
Interest
profit
$9,005,393
7,783,158
operations
$478,517
304,050
accrued
Wood Preserving Co.,Ltd
7,736
_.
securities..
Amt.
Net
—
fees
Dividends
1934
:
:
$965,596
15,928
allow., discts. & transportation)
sold, sell. & gen. expenses, &c
Income from investments
Profit realized on investments sold
Profit
Directors'
Year Ended Dec. 31, 1935
i
Profit from
Income taxes paid and
Ltd. (&Subs.)—Earnings—
Consolidated Income Account for the
Sales (after all
Cost of goods
Rep¬
y
par).—V. 140, p. 2532.
Premium paid on coupons
Provision for depreciation
$553,629
350,214
72,630
3,640
Interest on debentures
Total
1933
1934
1935
Years Ended Dec. 31—
327,613
salaries and charges
for
paid for the latter debentures with all unmatured coupons attached to be$109.25 flat, (Canadian funds) which price is calculated to include payment
for principal, premium on redemption, full interest to Nov. 15, 1936 (from
which date the new debentures will bear interast) and also includes an
amount equal to the existing premium on sterling exchange.
This price of
$109.25 flat will be subject to change in accordance with fluctuations in
sterling exchange.
Provincial Income taxes and
unexpired and sundry
Insur.
Goodwill, patents, &c
2,400,000
—
payable and accrued
Accounts
wages,
rondack Steel Found. Corp.
_
Company s bankers (secured)
In shares of Adi¬
Investment
surplus
51,200,000
Sept. 19, 1936
Chronicle
Profit, before provision for depreciation,
and exp. & Federal income tax
Provision for depreciation
Bond interest and expense
bond int.
.
Federal income tax
Net profit for year
Previous surplus
Discount on purchase of preferred
Total surplus
$429,840
93,996
52,247
-
Preferred dividends
-
49,070 shs. of common stock (holder of
4b,100 shs. waived right to dividend)
Adjustment of prior years Federal income tax- — -
Divs.
38,100
$245,496
764,307
capital stock—
1.067
$1,010,870
—__
71,809
1934
$298,185
84,603
52,575
22,200
$138,806
721,141
1,622
$861,570
72,544
on
$10).
24,535
$900,597
Balance Dec. 31
Earnings per sh. on 89,170 common shs. (par
36,802
1,661
$764,307
.$0.74
$1.95
183
Volume
143
Financial
Chronicle
1877
Balance Sheet Dec. 31
Assets—
1935
1934
«Cash & ctfs of dep.
Notes & trade ac¬
§301,620
cept. receivable,
Accts. receivable
3,199
358,543
1,019,633
533,562
a
Inventories
Other assets
b
.
Liabilities—
$295,331
,,
Balance Sheet Dec. 31,1935
11,271
241,960
905,624
560,118
Def. royalty pay..
1st mtge.sink.fund
Prop., plant and
6%
1,618,335
71,479
Deferred charges..
Pats. & tr. marks.
40,288
18,114
16,173
10,625
1
759,500
703,500
Common stk.
on hand
Notes and accounts recelv..
Raw materials &
supplies &
15,472
expenses
1st mtge.
payable In 1936
6% bonds on Shanandoah Mill, payable in 1936
1st mtge. 6% serial gold bonds
on Rockford plant...
$142,690
43,584
9,212
$133,592
44,310
Cr233
Cr235
Cr 1,586
44,943
42,513
1,592
45,027
971
"1466
1,559
$9,331
loss$999
loss$12,738
1934
-
Gen. & admin. expenseOther income.
Depreciation
Bond int. & expense
Prov. for Fed. inc. taxes
Other deductions
Net profit.
Assets—
1935
•Cash
depos.
$29,244
1st
of bonds
28,000
27,000
140
50
Permanent assets
1,710,469
Deferred charges..
1,239,235
1,755,251
1,234,581
x
....$3,015,338
After allowance for
$5,259
$3,721
931
988
598,500
644,500
2,391,670
9,646
2,391,670
Surplus
18,977
Total
$3,015,338 $3,050,525
p.
..$6,764,506
-----
-
Calendar Years—
Net sales
(& Subs.)—Earnings—
1935
-
1934
.$16,295,595 $14,125,387
15,366,438
13,329,680
Gross income.
Deprec. of fixtures
Other
charges
$929,157
147,195
63,411
$795,707
122,887
12,544
$718,551
109,493
$660,275
92,314
$609,057
43,372
150,884
108,235
$5.23
& amort, of leashld improve'ts.
(net).
$567,961
41,820
80,310
107,080
$4.90
6
mtge.
serial gold bonds
depreciation.—V. 140,
Total
1934
1935
Capital stock
$3,050,5251
$6,764,506
Cost of merchandise sold &
oper. epxpenses
bond interest
trustee for retire.
Total
a After reserve for
bad debts of $21,404.
b After reserve for depreciation
of $5,596,931.
c
Represented by 177,904 shares, no par after deducting
96 shares in treasury at $2,197.—V.
141, p. 2735.
Edison Brothers Stores, Inc.
$2,573
31
Accounts payableAcer. Fed. tax on
with
Total
Dec.
80,500
6%
mtge.
762
Liabilities—
4,398
Dep. in insur. pol.
x
44,799
47,466
"
1934
$33,288
4,204
...
Acc'ts receivable..
$149,680
44,599
10,399
Cr3,074
44,719
49,702
9,783
44,935
Balance Sheet
•Cash..
1932
1933
21,500
bonds on Shen¬
andoah Mill..
67,200
c Capital stock
...
4,071,303
Paid in surplus
1,311,222
Surplus earned since Dec. 31
1934
442,355
Dumbarton Bridge Co.—
Earnings—
1935
'
$155,005
46,522
9,365
56,250
2d
427.»
expenses..
21,600
Purchase money notes—.—
$3,906,373 $3,684,291
Total
....$3,906,373 $3,684,291
After allowance for doubtful
account of $20,000.
b After allowance
of $2,327,362 in 1935 and
$2,233,365 in 1934— V. 143,
Operating
6% bonds on Shen¬
andoah Mill,
Total.
Calendar Years—
15,000
2d mtge.
for depreciation
"Tolls
payable
in 1936
891,700
764,307
891,700
900,597
Surplus
p.
3,600
Purchase money notes,
4,597,937
' 53,957
($10
par)
a
and Interest
in 1936
4,948
Land, buildings, machinery
Prepaid
$604,964
72,067
97,043
payable
expenses
1st mtge. 6% serial gold bonds
on Rockford plant,
payable
1,516,990
_
and equipment
1,034,500
Accrued
Provision for Fed. inc. taxes..
stocks finished and in
process
b
Accounts
$134,335
440,866
a
Investments
1,584,725 7% cum. pref. stk.
($100 par)
85,260
1,023,200
1
Liabilities-
Cash in banks &
Cash value of life insurance.
gold
bonds
equipment
Assets—
$159,708
$280,107
66,470
30,173
Divs. declared
15-yr.
1934
1935
Accounts payable.
Accrued accounts.
3892.
1
Profit...
Prov. for Fed. inc. & cap. stock taxes
(est.)
Net profit
Dividends on preferred stock
Dividends on common stock
Shares
common
stock outstanding (no par)
Earned per share..
(E. I.) du Pont de Nemours & Co.—To Build New Plant
Construction of a plant to cost $2,800,000 'will be started
just north
Rouge, La., on Oct. 1 by the company, it was announced on
Sept. 11. The plant will produce monthly 1,200,000 pounds of tetra-ethyl
fluid, for use in gasoline of certain types.
The site of the plant,
approximately 35 acres, is adjacent to properties
of the Standard Oil Co. of Louisiana and the Semet
Solvay Co. There will
be a main building, alloy plant,
ethyl blending units, storage, maintenance
shops and railroad trackage.—V. 143, p. 1226.
Consolidated Balance Sheet Dec. 31
of Baton
Assets—
Cash
1934
.1935
Liabilities—
hand & in
on
Municipal tax
Duquesne Brewing Co. of Pittsburgh (& Predecessor
Merchandise inv__
Other assets
Customers' dep
Rentals accr. under
;
5,291
1,481,073
55,797
warr
Vendors' debit bal.
15,038
percentageleases
1,082,269
56,121
Salaries, wages, &c
Sundry
Consolidated Income Account for Year Ended Dec.
31, 1935
Gross profit on sales..
$1,545,891
1,987
7,213
Fed.
2,722
2,145
Other income
14,343
Total income..
_i_$l,560,234
717,' 05
1,296
54,535
136,703
108,696
...
Selling, administrative and general expenses..
Loss (assets sold and scrapped)
Interest
Depreciation
Provision for Federal and State income taxes
Store
fixt.,
office
Net profit from operations
on class A cum. conv. pref. stock
Dividends
Divs.
on common
*
stock
,
$541,998
36,966
65,544
1,875 shs. com. stock set aside to exchange for Inde¬
pendent Brewery Co. preferred and common stocks
on
703
Note—Net
profit applicable to common stockholders amounted to
$505,032, after providing for dividends declared on the class A preference
stock, or approximately $2.78 per share on the 181,509 shares in the hands
of the public Dec, 31, 1935.
to
on
Accts. receivable
$515,458
98,717
(trade)
Accts. recelv. (Commonwealth
ofPenn.)
Advances
34,392
salesmen
to
2,195
Inventories.
342,967
2,885,621
70,795
Prop., plants & equipment..
Deferred charges...
a
Sink,
fund,
cash in hands of
trustee
1,463,613
253,790
1,040,782
"
$185,911
...
Accrued pay roll
Accrued taxes
1,359
32,844
8,074
Accrued expenses
Accrued Interest on bonds
Dividend payable
27,195
9,138
108,696
Prov.for Fed.& State inc.taxes
Reserves
1st mtge.
of
6%
Indep.
251,067
108,235
no
cum.
906,500
pref.
($5 par)
Balance, deficit-
After
reserve
Eastern
17,000
$16,300
sur29,180
sur$2,210
sur$12,880
9,190
41,590
y35,000
$74,478
$32,790
2
$118,788
z
On notes and accounts receivable which resulted from sales of
prior years.
Consolidated Balance Sheet Dec. 31
Assets—
Cash
a
1935
1934
$66,251
;
$57,740
Customers' notes
accts.
184,675
3,483
rec_.
3,000
257,230
7,482
10,289
274,624
3,000
leasehold impts.
13,146
Prepaid ins., &c__
8,604
Liabilities—
Acer.
5,627
12,840
266,638
securities^
Equipment and
Fed.
tax
532
on
$558,639
allowance
for
(estimated).
conv.
Total
......
compared with the corresponding week during 1935,
was as
as
Operating Subsidiaries of—
1936
1935
Co.__111,947,000 101,207,000
Light Corp.. 56,099,000
43,761,000
National Power & Light Co
72,505,000
66,038,000
—V. 143, p. 1718.
Electric Power &
Amount
Pet.
10,740,000
12,338,000
28.2
6,467.000
9.8
10.6
Eddy Paper Corp.—Earnings—
Calendar Years—■
1935
Net sales
$6,984,287
5,456,001
Cost of sales
General expenses
Other expenses
1935
administrative,
$1,161,944
710,042
&c
Oper. profit, before deprec. & charges.
...
Depreciation.
Provision for income tax
;
Net income..
i
Earns, per sh. on 178,000 shs. (no par) cap. stk
1934
306,494
93,000
$566,826
$3.18
$360,648
$2.03
31,551
—
$2,986,903
1,935,993
$1,050,910
610,541
$451,902
13,560
$440,368
17,349
$465,463
Selling,
1934
$3,490,631
2,328,686
Cost of sales
$457,717
Depreciation, provision for losses, amortization of
lease
and
plant expenses,
&c
134,444
148,722
$331,018
63,379
8,058
$308,994
49,684
10,335
$259,581
215,036
88,200
59,372
Net profit for the year
Income and other taxes
Proportion of net prof, of sub. apple, to min. int._
Consolidated net income for the year
Previous earned surplus.Dividends paid on preferred stock
Dividends paid on common stock
Adj. of dividend of prior year
:
;,5*
>88,803
5,292,750
472,636
84,212
318,557
60,000
530,414
„
$633,476
$248,975
def146,998
89,876
follows:
Increase
American Power & Light
$558,639
Electrographic Corp. (& Subs.)—Earnings—
Calendar Years—
1936, the kilowatt-hour system input of
Light Co.
203,000
9,312
217,525
241,011
74,478
losses,
Net sales.
Other income
10,
2,621
176,000
8,889
213,275
243,854
118,788
b After allowance for depreciation and
1935 and $40,312 in 1934.
c Represented by
8,531 shares in 1935 and 8,701 shares in 1934.—V. 141, p. 112.
a
Services, Inc.—Weekly Input—
Sept.
250
3,513
gold
amortization of $45,519 in
Co.—Subsidiary Dissolved—
the operating companies which are subsidiaries of American
Power & Light
Co., Electric Power & Light Corp. and National Power &
1,107
capital stock
debentures
$633,476
238
953
debs.
Paid-in surplus
Deficit
Total
$29,355
3,784
and
comm.
Unearned interest.
Net
'
State sales taxes
%
1934
$24,967
5,192
bonuses
Accr. int.
cCap. stk. (no par)
to simplify its corporate structure and to cut down
taxes, the
has dissolved its New York subsidiary, and all work will be taken
by Eastman Kodak Co. of New Jersey.—V. 143, p. 1074.
For the week ended
1935
Accts. pay. (trade)
Cust.'s credit bal.
17,483
Adv. pay. on pur.
Off. & empl. accts.
..$4,000,149
a move
Ebasco
sur$3,690
Includes $385 gain on debentures purchased for retirement in
1935,
in 1934, $7,440 in 1933 and $5,355 in 1932.
y On notes and
accounts in excess of amount estimated as
applicable to current operations,
company
over
1932
$1,481
sur3,690
$32,888
$87,089
841,229
Total
Sugar Corp.—Deposits Now 88%—
Eastman Kodak
par
$5,600
b
The protective committee for the 15-year
7M% mortgage sinking fund
gold bonds, of which Charles Hayden.is Chairman, announced Sept. 16
that they had
approximately 88% of the bonds on deposit at the close of
of business Sept. 15.
Deposits can now be made only with the approval
of the committee.—V. 143, p. 1718.
As
no
32,790
Dividends paid
for
Cuba
1933
$98
Provision for losses...z31,699
Invest,
depreciation of $305,843. b Authorized, $2,500,000;
less, unissued 255,711 shs., $1,278,555; set aside to provide for
exchange of
Independent Brewing Co. of Pitts, pref. and common sotcks not yet
deposited under poan of reorganization, 1,875 shares, $9,375;
treasury
stock, 60,905 shares, $304,525.—V. 143, p. 1556.
a
107,080
Subs.)—Earnings-
1934
$12,611
74,478
Previous earned deficit..
365,550
Paid-in surplus
Earned surplus
$4,000,149|
1935
Net loss
907,545
338,040
b Common stock ($5
par)....
-
1935 and
'
Edwards Dental Supply Co. (&
Calendar Years—
x
Inventories
conv. stock
Capital surplus
Total-..-.-
$3,189,594 $2,680,474
Total
shares in
par
shares in 1934.—V. 143, p. 1718.
and
coupon gold bds.
Brewing Co. of
Pittsburgh.
Class A
par) _:
Common stock...
a
$3,189,594 $2,680,474
Represented by
a
619,600
107,080
282,635
Earned surplus—
Total
617,100
108,235
701,190
24,203
x
Accounts payable
50,000
100,000
10,599
cap.
(est.)
32,540J Capital surplus...
821,082
Deficit Dec. 31
Liabilities—
hand & in banks
110,000
&
_
leased premises.
Deferred charges__
Consolidated Balance Sheet, Jan. 1, 1936
Assets-
Cash
15,084
45,933
7%
cum.
conv.
pref. stock ($100
equipment & im¬
provements
inc.
stock taxes
H
Dividends
22,308
18,274
&
Res. insurance
__
1,655
39,502
24,283
State
life of officer.
$485,948
1,540
local taxes—
corporations.
Cash val. of ins.
on
1934
$502,104
$782,057
1,899
Stocks of domestic
Company)—Earnings-—
1935
Accts. payable
$795,705
1,732
banks
Good-will
and organization
expense
437
of subsidiary
written off
10,674
Adjustment—subsidiary accounts
Balance
231
.»•
.
-«*
$326,608
$1,194
3,754
210,087
$326,608
$215,036
$1.81
$1.65
Adjustments applicable to prior years
Transferred from capital surplus
Earned surplus,
Dec. 31 j(consolidated)
Earns, per share on 119,178 common shares, par I
Financial
1878
Consolidated Balance Sheet, Dec. 31
'
Accts.
a
&
Liabilities—
1934
1935
Assets—
Cash
Accts.
$156,053
$221,647
rolls
notes
&
1934
1935
»-
pay¬
pay.,
expenses
'
receivable
in
Inv.
adv.
&
affiliated
accrued
495,104
87,732
533,848
95,634
Inventories
82*2,769
34,798
49,670
663
23,797
630,700
Bank & Trust Co., 30 Broad St., N. Y. City, for payment on account o
principal of $71.96 per $1,000 bond, and $35,98 per $500 bond, in ac¬
cordance with the judgment of the N. Y. Supreme Court, signed by Justice
William T. Collins on July 27. 1936.
Pursuant to the terms of the judgment, any moneys unclaimed or un¬
distributed in the possession of the trustee at the expiration of 90 days
from July 29, 1936, may be deposited with the Chamberlain of the City of
New York, to the credit of holders of bonds who shall not then have ob¬
tained payment due them.—V. 143, p. 921.
753,800
2,020
.
— ..
Froedtert Grain & Malting Co.,
Common stock ($1
(less res.)
119,178
*
5,569
88,490
07,986
1935
1934
590,434
$9,263,552
7,881,999
544,242
$6,327,205
4,930,782
474,392
$1,119,988
26,278
$837,310
20,825
$922,031
$1,146,266
changes
18,459
and capital stock taxes.._—
z212,678
$858,135
88,848
*144,953
$940,985
83,853
171,119
$915,129
252,000
$624,335
114,000
$686,013
192,800
$663,129
1,112,451
$510,335
722,116
$493,213
1,145,670
3,233
$1,775,580
$1,232,451
$1,642,116
sold.
x
Cost of malt
Selling & administrative expense..
_
1
97,986
sales— .
Net profit from malt
After
a
Total...
$1,858,093 $1,799,826
Total
1,858,093 $1,799,826
b After depreciation.—V.
reserves,
declared
have
directors
a
Gross income
Doubled—
Income
of 60 cents per share on the
dividend
Other income..
1227.
143, p.
Electric Auto-Lite Co.—Common Dividend
The
stock, par $5, payable Oct, 15 to holders of record Oct. 1.
This
with 30 cents per share paid each three months from Oct. 1, 1935
July 1, last.
The Oct. 1, 1935 dividend was the first
paid since Jan. 2, 1933 when a similar distribution was made.
In addition
an extra dividend of 50 cents per share was paid on Aug. 15, last.—V. 143,
Income
common
compares
to
and including
P.
1075,
—
the year..
Net income for
Net income added to
Gross surplus
Surplus charge
1934
1935
$1,309,448
140,509
160,874
$1,449,958
124,482
$937,769
__
Elgin Watchmakers'College loss
i
_
Employees' gymnasium expense
Loss on sales of capital assets & mdse. scrapped-_
36,654
1,924
960
11,053
19,520
8,476
2,047
203,227
50,000
from
operations
Other income
—....
—
—
1
.
__
-
Earn, per
Provision for
-
—
premiums paid on securities.__ —
Provision for Federal income tax
...
121,367
profit for year
$1,071,655
—
<
—
—
—
_
Cash on
deposit &
1,238,042
1,209,867
1 117,331
2 610,838
Marketable secur.
3 495,550 \
Inventories
2 512,948
1
process
_
18,938
17,522
.
Ld., fact'y, bldgs
mach'y & equip. 4 044,442
Total
x
—
284,847
taxes
14,290 General reserves.. 1,500,000
16,519 Cap. stk. ($15 par) 6,000,000
Earned surplus
1,382,522
4,000,000
4,084,032 Capital surplus.
_.
y
13,817,570
Treasury stock..
12,299,343
13,817,570 12,299,343
Total.
in
of $3^93,875 in 1935 and $3,796,091
Represented by 3,000 shares at cost.—-V. 143, p.,584.
After depreciation reserves
1934.
y
Engineers Public Service Co .—Preferred Dividends—
The directors on Sept.
17 declared
a
45.833
1,016
90,347
16,366
Common stock
23,146
Earned surplus
14,281
1,451,523
84,336
x
x
follows:
$6 per share on the $5 dividend convertible pref. stock; $6.60 per share
the $5.50 cumulative dividend pref. stock, and $7.20 per share on the
on
$6 cumulative dividend pref. stock.
This payment will bring the total dividends paid on the
during the year J 936 to two full years' dividend
the cdmpany
After the payment
pref. stock of
requirements.
of this dividend, the cumulative dividends accrued and
including the dividend normally payable Oct. 1, 1936, which
has been deferred, will amount to $6.25 per share on the $5 dividend con¬
in
arrears,
pref. stock, $6,875 per share on the $5.50 cumulative dividend
pref. stock, and $7.50 per share on the $6 cumulative dividend pref. stock.
143, p. 1719.
vertible
Sales
The company had
1936—8 Mos.—1935
$3,238,392
$2,807,956
191 stores in operation at end of August, 1936, com¬
87Yi cents per share on the
stock, payable Oct. 10 to holders of record Sept. 26. Divi¬
dends of 37XA cents per share were paid on July 3, April 2 and on Jan. 2
last and an initial distribution of 25 cents per share was made on this issue
on
Oct. 10, 1935—V. 142, p.
Foote-Burt
Allowance for deprec.
Other deduc'n—net
_
profit.
_
Previous balance
1933
1934
,
$106,519
148,860
63,042
Crl,096
1932
$315,330
160,509
78,312
,
523
•
$70,024 loss$109,905 Ioss$104,287
318,533
270,070
403,526
..
.
Total surplus
$75,985
266,562
$214,246
$342,547
$293,621
$340,094
-
i-
e
212,880
I
23~554
23,552
23,600
24,014
Balance, Dec. 31. - Earns, per sh. on 97,457
shs. cap. stk. (no par)
$316,540
$270,070
$403,526
$318,533
$0.72
Nil
Dividends
...
1934
$13,959
319,207
337,678
319,207
62,828
285,034
receivable
a
Notes
payable
1934
1935
to
$50,000
banks
Accts. payable for
accts.
Inventory
c
50,508
Other assets
107,030
176,554
60,694
purchases,
832,516
24,181
1,165,780
41,268
9,950
1,165,780
316,540
270,070
$64,741
Capital stock
Surplus
Pat., trade marks,
good will, &c
Deferred charges..
829,625
1
1
7,188
6,277
57th
$1,571,242 $1,537,068
Street
&
Madison
Total
Avenue
Office
Building—
share
on
the
declared an extra dividend of 25 cents per share in
regular quarterly dividend of like amount on the common
value, both payable Sept. 30 to holders of record Sept. 19.
addition to
a
stock, no par
Similar payments were made on
June 30, last.
An extra dividend of 12H
Dec. 31, 1935; 10 cents on
of 15 cents on April 2, 1934. See also V. 140.
2006, for detailed dividend record.—V. 143, p. 1076.
►
cents was
paid on March 31, last; 25 cents on
July 2, 1934, and an extra
p.
Co.,'Inc.—Pref. Stk. Called
General American Investors
shares of $6 cu nulative preferred stock has been called
redemption on Oct. 15 at $100 per share and accrued dividends. Pay¬
ment will be made at the Commercial National Bank & Trust Co., New
York City.—V. 143. p. 1076.
A total of 2,000
for
General Baking
Co.—10-Cent Extra Dividend—
declared an extra dividend of 10 cents per share in
dividend of 15 cents per share on the com¬
$5, both payable Nov. 2 to holders of record Oct. 17.—
addition to the regular quarterly
stock, par
143, p. 428.
mon
V.
Sharing—
of profits of this company to its employees,
general profit sharing plan set up by the company a year
ago, will be made soon after Oct. 1, President Gerard Swope announced on
Sept. 18.
In making this announcement Mr. Swope stated the profit
sharing for the first six months of 1936 would be approximately double the
under the new
rate for
1935.
the new semi-annual plan of distribution, Mr. Swope said;
employees have requested that the amount under the
general profit sharing plan be paid semi-annually instead of annually and
that the payment for the first six months of 1936 be made as promptly as
possible.
"The company stated that it was entirely willing to do this.
"The general profit sharing fund for the first six months is approximately
double the rate for 1935.
It is our hope that business will continue to
improve, which will further increase the amount for future distribution to
the employees.
•
"The distribution will be made as promptly as possible, which, because
of the work involved,
will be soon after Oct. 1.
"Payments will be made in cash, but employees
for accumulation for the purchase of G. E.
share
Corp. bonds when next offered, may do so by
Paymaster and the interest thereon will be at
p. 429.
General Fireproofing
desiring to leave their
Employees
Securities
notifying the Treasurer or
the rate of 5%."—V. 143,
The holders of the 6% leasehold
addition to
a
Co.—Extra Dividend—
dividend of 10 cents per share in
like amount on the "common
of record Sept. 15.—V. 142, p. 1985.
regular quarterly dividend of
General Gas & Electric
Corp.—To Increase Stock—
The company has notified the New York Stock Exchange of
increasq in authorized capital stock by 100,000 shares $5 prior
a proposed
cum. pref.
1228.
General Motors
Corp.—Buick to Expand Plant—
Harlow II. Curtice, President and General Manager of the Buick Motor
Co., announced on Sept. 11, that an additional appropriation of $14,500,000
was
being spent to carry out the production and factory improvement
inaugurated two years ago with a $15,000,000 expenditure, making a total
of about $30,000,000 over the two-year perid for this General
Motors
quantity production was under way on the new
1937 models.
,
covering every phase or manufacturing activities, was
designed not only to increase plant capacity but also to inject the most
modern and efficient methods into engineering and production.
The
program,
construction of new factory
into machinery, tools and a
to step up production.
Except for about $1,500,000 devoted to
buildings, the new appropriation is going
complete rearrangement of departments
Overseas Sales—
Distribution—
serial coupon gold bonds dated
1925, are notified that funds are now
per
Dividend—
Garlock Packing Co.—Extra
division.
Mr. Curtice added that
$1,571,242 $1,537,068
a After
reserve
for depreciation,
b Represented by 97,457 no par
shares,
c Includes 3,241 shares in 1935 and 3,251 shares in 1934, of capital
stock purchased for re-sale to employees, at cost of $31,883 and $31,957,
respectively.—Y. 143. p. 1399.
Total
dividend of 60 cents
The directors have
stock.—V. 143, p.
ex¬
penses, &c
Accrued taxes
b
Land, buildings,
mach.,
equip¬
ment,
&c
a
stock, both payable Oct. 1 to holders
Liabilities—
1935
Cash
U. S. Govt, secur.
Customers'
declared
The directors have declared an extra
$0.77
Ni
Balance Sheet Dec. 31
Assets—
have
"A number of the
$84,387
133,490
54,075
6,719
$304,943
162,326
49,110
12,283
11,200
Prov. for Fed. inc. tax..
directors
In announcing
1935
Calendar Years—
Net
1983.
Co.—Earnings—
Manufacturing profit
Sell., gen. & adm. exps.
Inc.—Larger Dividend—
Fundamental Investors,
The
A semi-annual distribution
Co.—Dividend Increased—
The directors have declared a dividend of
no-par common
$4,808,087 $5,152,564
capital stock, par $2, payable Oct. 1 to holders of record Sept. 17.
This
compares with 25 cents paid on July 1, last, and 20 cents paid on April 1,
last.
The latter dividend wras the first paid on the $2 par shares.
See
V. 142, p. 1983 for dividend record of old 25 cent par value shares.—V.
143, p. 756.
General Electric Co.—Profit
pared with 177 at close of 1935.—V. 143, p. 1557.
Fedders Mfg.
Total
payment of additional income taxes for prior years.—
The directors have
Fanny Farmer Candy Shops, Inc.—Sales1936—Month—1935
$387,3o6
$350,805
To guarantee
V. 143, p. 921.
—V.
Period End. Aug. 31—
2,100,000
420,000
1,112,451
'
$4,808,087 $5,152,564
Total
2,100,000
420,000
1,775,580
2,926
fd.
Dep. with State
dividend on account of cumulative
of the company,
payable Nov. 2 to holders of record Oct. 15, to be divided pro rata (in
accordance with the charter) between the different series of pref. stock
as
pref. stock
76,792
dividends accrued and in arrears on the preferred stock
outstanding
2,926
reserve.
Cum. conv. partic.
Wise, unempl.
137,271
131,977
880,000
6,000,000
1,023,826
4,000,000
Drl7,898
lib~308
218,858
Wise, unempl. ins.
R.
W.
Messrs.
of Wisconsin...
240,348
Accrued
K.
Froedtert &
Investments _..i.
144,167
409,851
tions
Other assets
Deferred charges
$
1,453,680 Accts. & wages pay
Accts. & wages pay
salaries,
1,482,892 Accrued
wages & pension
3,423,098
fund
contribu¬
1,824,830
in
partp.
Accrued accounts.
Income taxes est..
of
lives
on
42,000
1,096
102,837
214,900
Stockholders' accts
14,281
Fixed assets
1,670,617
Deferred charges..
67,911
Liabilities—
Liabilities—
$
$
Assets—
Ins.
51,100,000
88,021
$151,674
val. of
surr.
Notes & accts. rec.
1934
$
1935
1934
Accts. & notes rec.
1,439,494
1,862,932
A. Telpel
Balante Sheet Dec. 31
Cash
S211.725
Accounts payable-
Dividends declared
$439,214
hand
Cash
1935
1936
Notes payable
Inventories.
*
1935
Liabilities—
1935
Notes & accts. rec.
depreciation of $265,978 in 1935 and $261,165 in
After providing for
1934.
x
$722,116
$1.40
July 31
Balance Sheet
1936
Assets—
$1.84
$2.68
400,000 shares cap. stock....
Earns, per share on
$736,358
920,000
_
$1,112,451
$1.09
vision for doubtful notes
on
400,000
$L78-
share on 420,000 com. shs.
—trade
Dividends
$1,775,580
Including provision for depreciation at usual rates,
y Including pro¬
and accounts,
z Income taxes only.
x
Total income
Pension fund contributions
x
,
120,000
_______
—
Earned surplus at end of the year.
$776,895
Sundry
surplus
Previous surplus
Elgin National Watch Co.—Earnings—
Profit
Net
....
Dividends declared
18,954
Surplus credits
Calendar Years—•
x
Inc.—Earnings—
1936
$10,179,756
8,469,334
Net sales of malt
y
Earned surplus.__
Electro-
graphic Corp
purch..
567,704
215,036
Years Ended July 31—
119,178
603,327
326,608
par)
Capital surplus
682
Stocks of other cos.
of
26,155
7% cu. pref. stock
($100 par)
787,735
Cash in closed bks.
Good-will
49,684
Min. in. in sub. co.
79,529
cos..:.
b Fixed assets
Stock
$70,626
68,808
accrued
to
Deferred charges.
$83,317
Fed. & State taxes
Sept. 19, 1936
Chronicle
Feb. 9,
available at the office of Continenta
Sales of General Motors cars
during August totaled 24,966
and trucks to dealers in the overseas
units.
markets
This figure represented the largest
Volume
143
Financial
Chronicle
August volume in any year since
1928, and was 16.4% over the volume in
August of last year, and 2.0% under the
volume in July of this year.
In the first
eight months of 1936, sales totaled
223,927 units, repre¬
senting an increase of 15.9% over sales of
193,153 for the first eight months
ROBERT GAIR COMPANY
of 1935.
These
figures include the products of the
corporation's American,
Canadian, English and German factories sold
outside of the United States
and Canada.—V.
143, p. 1720.
COMMON—$3.00 PREFERRED—6% NOTES
Analysis
General Paint
Corp.—Initial Preferred Dividend—
General Stockyards
Corp.
30
A. T. & T.
$220,291
z Equal
to $1.95
stock, including 12,824 shares paid
1933
$305,413
15,000
9,000
1932
$222,380
9,000
A.
-
-
........
697
-
revenue
-
Assets—
on
Tax-anticipa'n
7,514
hand
Expenses
Taxes
a
Net income
$226,930
1,049,683
$305,888
976,679
$1,282,567
136,884
96,000
.,209,563
136,884
96,000
yr.
Prepaidinsur., rentals, &c___
$356,385
20,004
1,920
■
$206,984
965,320
37,259
$1,276,613
Surplus, beginning of
Profit pref. stock red___
Other assets.
b Fixed assets...
con v.
pref. stock.
Common dividends.
130,135
64,000
Res. to reduce invests, to
$334,461
965,466
Earns, per sh.
on
.,299,927
142,606
192,000
a
$1,049,683
976,679
$2.64
$1.10
1935
393,556
656,127
1934
Golden State Co., Ltd.
393,557
583,124
...
$4,133,064 $4,196,914
reserve—to
reduce
356,296
609,024
b Preferred
1935
Operating
ury
expenses
(cost)
Common stock..
Dividends declared
laxes accrued
c
JDrl29,915
1,408,297
48,040
3,199
393,556
2>rl0,117
1,408.297
Dec.
31,
_
Other
int. expense,
of interest income
_
Net income
Shs. cap. stk. (no par)
Net
$3,590,064 $4,196,914
319,174
336,332
Dividend receivable
13,120
36,235
Total
$3,922,359 $4,569,482
Total...
$3,922,359 $4,569,482
a After
reduction of $112,360
representing dividends declared from
capital surplus by Saint Paul Union
Stockyards Co.
b Represented by
22,814 shares of no par value.
(Entitled in liquidation to $100 per share
if
involuntary otherwise $107.50 per share.)
c Represented
by 64,000
shares, of no par value.—V. 142, p. 2157,
v
General Tire & Rubber Co.—Accumulated
Dividends—
The directors have declared a dividend
of $1.50 per share on account of
accumulations on the 6% cum.
pref. stock, par $100, payable Sept. 30 to
holders of record Sept. 21.
A similar payment was made in each of the six
preceding quarters as against $3 per share paid on Dec.
31, 1934 and $1.50
per share on each of the four
preceding quarters, prior to which no dividends
had been paid since March
31, 1932, when a regular quarterly payment of
$1.50 has been made.
Accruals after the current
payment will amount to
$7.50 per share.—V. 143, p. 1558.
Georgia & Florida RR.—Earnings—
1935
$19,800
$17,750
—V. 143, p. 1721.
Dr4,680
Crl3,213
Dr92,310
76,779
$167,013
92,545
$104,526
100,643
$151,883
114,912
Drl3,708
31,473
03.103
7,536
0*6,963
0*16,151
15,319
$70,036
479,334
$10,846
479,334
$0.02
$37,803
480,719
$0.15
a.
1935
a
to
$798,962
Sept.
7—
1935
$772,802
1934
$567,724
Liabilities—
receivable
1,387,156
1,152,565
Inventories..
Notes, incl., cabinet
& equip, contr'ts
(non-current)
Invest. in cap. stks
1,316,189
1,191;572
d$905,307
200,000
217,907
150,000
6,731
7.536
Accrued liabilities.
Prov. for Federal
Land
cash
50,828
43,765
Bonds pay. within
40,514
bond
savings acct
38,434
Land, bldgs. &
equipment
5,435,119
Deferred charges..
237,191
routes
30,981
5,447,772
205,928
p. 4340.
Gibson Art Co.—Extra Dividend,—
6% serial
gold bonds
Land
trade¬
mtges.
4,642
5,548
958,000
contracts
Empl.
cash
of 10 cents per share in
40 cents per share on the com¬
mon stock, no par
value, both payable Oct. 1 to holders of record
Sept. 19.
Like payments were made on
July 1 and April 1, last.
An extra dividend
of 5 cents was paid on
July 2, 1934.
For detailed dividend record see
V. 141, p. 4014.—V.
143, p. 1400.
Brothers, Inc.—New Vice-President—
Louis Broido, a
director, has been elected an Executive Vice-President
company, according to an announcement
by Bernard F.
of the
Gimbel,
President.—V. 143, p. 1558.
Glidden
Co.—Earnings—
Month of August—
Sales.
1936
—V. 143, p. 1558.
$8,500,940
$9,791,871
8,310,693
$8,656,892
7,234,245
$1,481,178
$1,422,647
168,381
9,259
41,655
3,544
146,648
„
disposal of subsidiaries
Federal income taxes
on
Total
30,981
13,261
$8,948,949 $8,729,556
c
$5,128,358 in
Represented by 478,326 no par shares in 1935 and
479,334 no
1934.
d Includes accrued expenses.—V. 141, p. 598.
par shares in
Gold Hill
Operating Co.—SEC Suspends Statement—
The Securities and Exchange Commission has issued
the effectiveness of the registration statement of this
an order
suspending
company, filed June 11,
proposed public offering of 600,000 shares of common stock.
The Commission says that it has found that the
registration statement con¬
covering
a
tains untrue statements of material facts and fails
required to be stated.—V. 142,
p.
to state material facts
4340.
(B. F.) Goodrich Co.—Cancels Atlas Tire Contract—
James B. Tew, President, has announced that the
company canceled the
tire contract with Atlas Tire Supply Co.,
subsidiary of Standard Oil of
N. J.t and that it will no longer make tires for Atlas.
The contract called
for 4,000,000 tires equally divided between Goodrich
and U. S. Rubber.
Since 1930 both companies made tires for
Atlas,
starting with
tires and running up
Dividends paid in stock
Including depreciation of $249,458 in
Act.—V.
to 4,000,000.
The tires
were
handled at
1,000,000
more
than
9 768
12 913
180~647
$1,120,638
$1,072,670
5,355
y$l,114,226 z$l 067 315
27,647
816,060
1935 and $189,836
y Equal to $1.86 a share on
596,233 no par shares of capital
stock,
14,108 shares issued as a stock dividend
payable Jan. 2, 1936. but
IIIIII
in
1934
including
excluding
canceled, it is said, because of the Robinson Patman
143, p. 1721.
was
Goodyear Tire & Rubber Co.—Dividend Plan—
A plan for the adjustment of accumulated
unpaid dividends on the
$7 first preferred stock has been approved by the
directors, it was an¬
nounced on Sept. 15.
The plan provides for the issuance of a new $100
par 5% convertible
preferred stock, senior to the present first preferred stock.
Under the
plan, each share of the present first preferred would be exchanged for one
share of the
senior
preferred, plus one-third share of common stock.
on the present $7 stock will amount to $11.25 a share
The new senior preferred will carry dividends from Feb.
23,
1936.
Preferred stockholders who exchange their stock would thus
re¬
ceive, in addition to the regular dividend of $1.25 for the last
quarter of
1936, an extra dividend of $2 on the new stock.
The conversion provision of the new senior preferred would
The
6,412
Net profit
Net profit carried to earned
surplus
Dividends paid in cash
155,952
Cr52,520
190,220
Minority interest in profits of subsidiary disposed
of in 1935
1934
$9,686,286
105,584
Net operating profit
Interest paid (net)__
Amortization of bond discount &
expense
Loss on building demolished
Other deductions (net)
4,793,340
1,075,112
292,555
a After
provision for losses of $204,272 in 1935 and $232,505 in 1934.
b After provision for depreciation of
$5,637,142 in 1935 and
The contract
$32,049,951 $28,509,915
22,363,665
20,008,974
Total gross profit
Store & operating expenses
x
67.610
1935
returps & allowances)
-
Profit
$3,582,493
Subs.)—Earnings-
Gross profit from
trading
Commissions from concessions
x
Earned surplus
_
20,000 service stations.
Calendar Years—
Net sales (less
Cost of sales
1935
$4,074,630
267,729
,
..
Net profit after taxes and
charges
Goldbiatt Bros., Inc.
(&
Capital stock
Capital surplus
|
258,842
38,434
10,632
4,783,260
1.099,762
512,250
bond
Deferred credits.
$8,948,949 $8,729,556
934,200
230,250
&
payable.
c
1934.
The directors have declared an extra
dividend
addition to the regular
quarterly dividend of
24,866
173,500
Products Co. 1st
mtge.
good¬
Total
60,000
Golden State Milk
purr
marks
10,054
75,000
31,038
Bonds pay. held by
bank
will
&
65,475
one year
Res. for comp. ins.
b
Patents
&
year
investments
See d
mtge. due within
50,828
of affil. cos
&
contracts
' 54,413
.
Empl.
1934
$720,206
34,772
_.
Misc.
1935
Accounts payable.
Income tax
(A. C.) Gilbert Co.—Clears Up All Preferred Accruals—
The directors have declared a
dividend of $1.75 per share on account
of accumulations and the
regular quarterly dividend of 87 H cents
per
share ordinarily due at this time on the
$3.60 cumulative preference stock,
no par
value, both payable Oct. 15 to holders of record
Sept. 30.
The
current payment will wipe out all
accumulations on this issue.
For detailed
record of dividend payments see V.
142,
$0.08
Notes pay. bank..
$382,557
Accounts & notes
liability
Gimbel
x
Consolidated Balance Sheet Dec. 31
Assets
Cash
chased
Jan.
1
1936
$37,431
281,624
the year.
Trade
*
$131,223
222,536
Depreciation amounting to $718,860 has been charged
against income
x
or
of Sept.
531,532
$88,168
259,861
$341,656
Earned per share.
Cash
1936
540,272
net
__
Pro v. for Fed. inc. tax..
Period—
Gross earnings
1932
'
$0.46
656,127
543,000
Week
1933
$219,695
393,555
145,922
^
—First
1934
541,178
_
Total income.. 1
Bond int. and expense__
2,138
1935,
bid quotations..
(& Subs.)—Earnings—
66,221
_
over-the-counter
.$12,564,917
—
$21,718,442 $18,606,902 $15,115,337 $17,267,282
20,860,822
14,065,383
10,979,048
12,292,377
4,089,415
3,735,980
5,012,336
Loss from oper
prof$316,442
Income from misc. oper.
Other
income,
net
of
other expenses—.—
Cr25,214
Pref. stock in treas¬
approx.
the
—
1934
stock_$2,053,260 $2,053,260
Paid-in surplus
Earned surplus..'.
invests,
to
Total
11935
.
Pro v. for depreciation
Liabilities—
Investments, com.
stocks (cost)..a$3
,984, llla$4,047,960
Investments, pref.
stocks (cost)
*148,953
148.953
Total..
$12,564,917
for doubtful accounts of
$76,511 and Federal income
instalment collections of $28,500.
b After reserves for
reserves
future
on
Calendar Years—
Net sales.
Cost of products
Balance Sheet Dec. 31
Lcsh:
2,142,872
6,457,848
2,840,790
.—
depreciation of $1, )70,903.
c Authorized, 650,000
shares; issued, 585,769
including the 3,644 purchased shares, $5,246,228.
Stock dividend
declared Nov. 18, 1935, payable Jan.
2, 1936, 14,108 shares at stated
value of $15, $211,620.
d After deducting $73,306, cost of 3,644
purchased
shares of company's capital stock to be
applied thereagainst.—V. 143.
p. 1721.
$3.00
393,566
145,922
;
Assets—
Common stock
Earned surplus..
$965,320
$1.51
64,000
Earned
After
tax
543,000
Paid-in
x
c
1
A*
$539,477
__
shs. common stock
x
'
shares
approx. Dec. 31,
1931 over-the-counter
bid quotations
Balance, surplus.
545,473 shares of capital
on Jan. 2, 1935.
term liabilities..
19,201
Goodwill.———————„
the
x
.—
Unamor. discount & expense
on mtge. bonds
Total...—
Total surplus.
$6 div.
$232,077
24,078
1,015
on
dividend
Liabilities—
_
Receivables
a
$320,571
12,308
2,375
share
a
as a
$487,055 Accounts payable.
$1,273,736
35,267 Maturities of instal. notes &
other long-term lia. in 1936
1,185,478
224,628
4,531,596 Dividends payable in cash.
6,921
113,868 Accrued expenses
613,727
68,585 d Employees' bonuses pay
4,393
6,123,864 Instalment notes & other long
^
(at cost)
war.
Inventories—
$237,695
7,365
3,400
Hanover 2-0077
-
.
Cash in banks &
-
158
Total revenue
N. Y.
Consolidated Balance Sheet Dec. 31, 1935
$333,871
15,000
8,404
_
Interest revenue
Sundry
1934
BROAD ST.,
Teletype NY-1-1786
treasury shares,
-Earnings—
•
1935
Request
on
LANCASTER & NORVIN GREENE INC.
The directors have declared
an initial dividend of
50 cents per share on
the
new
class
A $2 dividend convertible
preferred stock, no par value,
payable Oct. 1 to holders of record
Sept. 26.
A capital readjustment plan
which wiped out accruals on
the old class A stock
recently went into effect.
—V. 143, p. 757.
Calendar Years—
Div. revenue—com.stks.
IVeferred stocks
Profit on sale of seems
1879
Oct.
new
arrearages
1.
holder the right to
give
the
exchange it
as follows: In the first two
years, three
share of senior preferred ($33.33 a
share); in
the next two years, five shares of common for two shares of senior
preferred
($40 a share); in the next two years, two shares of common for one share
shares
of
common
for
one
of senior preferred ($50 a share); in the next two
years, three shares of
for two shares of preferred ($66.66 a share); the next
two years,
four shares of common for three shares of senior
preferred ($75 a share).
A special meeting of the stockholders will be held on
common
Nov. 2
plan.—V. 143,
p.
Gorton-Pew Fisheries Co.,
The directors have declared
stock,
no
par
to act on
the
1721.
a
Ltd.—Larger Dividend—
dividend of $1 per share on the
common
1 to holders of record
Sept. 21.
This
value, payable Oct.
Financial
1880
compares
with 75 cents paid
each three months from Sept. 30, 1935 to
cents paid each quarter from March 31,
and 75 cents per share each quarter previ¬
and including June 29, last; 50
1932 to June 29, 1935, inclusive,
Net income
Mining, Smelting & Power Co.,
Meeting—May Reopen Mines and Reduce
Granby Consolidated
Dividends..
Balance
of shareholders of the company will be held
Sept. 29 for the following purposes:
(a) To cohsider the re-opening of the Allenby and Copper Mountain
properties of the company, in view of improved copper prices and possible
reductions in operating costs and, if deemed advisable, to authorize the
liquidators to apply to the Supreme Court of British Columbia for an order
that all further proceedings in relation to the winding up of the company
be stayed;
(b) If it be deemed advisable by the shareholders to authorize an applica¬
tion to stay proceedings in the winding up as aforesaid, to elect directors to
fill the vacancies now existing upon the board and to appoint auditors for
of the company:
"That a petition
■
$1.71
Before Federal income tax.
x
Cash & ctf. of dep.
Investments
Accts. & notes rec.
105,207
29,249
Inventories
Cash in closed bks.
Liabilities—
1934
$228,265
330,741
$43,442
598,327
242,822
"
31
Sheet Dec.
Balance
1935
Assets—
274,110
132,644
30,434
637,358
1
exps.
&
reserve
for taxes
$97,906
Capital stock.— 1,700,000
Surplus
350,027
$107,056
1,700,000
338,188
492,037
22,067
1934
1935
Acc'ts pay., accr'd
637,358
469,460
19,654
Land-..-.-——
Bldgs., machln'y
x
equipment.--
&
(c) If it be decided by the shareholders at such meeting to authorize an
application to stay proceedings in the winding up, then to consider, and if
deemed advisable, to pass the following resolution as a special resolution
8127,592
-
170,000 shares capital stock.
on
the ensuing year;
$41,396
$1.24
the year
Earnings per share on
extraordinary meeting
55,921
$291,217
163,625
.—
Net income for
$347,137
52,873
$211,396
170,000
Depreciation
x
1934
1935
$264,269
Calendar Years—
Judge John Knight has signed an order in U. S. District Court, Buffalo,
approving the transfer of assets of the company to a new corporation formed
under the plan for reorganization approved May 21.—V. 142, p. 4180.
An
Engineering Works—Earnings—
Great Lakes
Transferred.—
Coupler Co.—Assets
Ltd.—Special
Capital—
quarter of 1935
each
in
25 cents per share
share distributed on March 28 last and
and 1934.—V. 142, p. 4341.
of 50 cents per
1936
19
with dividends
made on June 29, last; and compares
A like payment was
ously.—V. 142, p. 3853.
Gould
Sept.
Chronicle
Misc. assets & def.
charges-———.
Total
Total ———$2,147,934 $2,145,244
$2,147,934 $2,145,2441
—
,
be presented to the Legislature of the Province of
first session thereof at which same may properly
be presented, Praying, That the Act of incorporation of the company
be amended in such manner as may be necessary to reduce the authorized
capital stock from 850,000,000 divided into 500,000 shares, par 8100 each
to 82,500,000 divided into 500,000 shares par 85 each, and the officers of the
company are hereby authorized to present such petition in the company's
name and to take all such proceedings as may be necessary for the purposes
British Columbia at the
Represented by shares of $1
y
1935 and $1,083,371 in 1934.
of $1,126,869 in
depreciation
After
x
par.—V. 142, p. 4341.
Co., Ltd.—Earnings—
Great West Saddlery
18 Months Ended Dec. 31, 1935
Income Account for
$135,994
Profit from operations
1,392
Additional non-recurring revenue.
8»forGS3;id "
(d) If the meeting should decided against applying to stay the winding up
proceedings, to instruct the liquidators if the Allenby and Copper Mountain
properties are to be sold, and if so, at which price and upon what terms;—
V. 143, p. 1558.
8337,548
2,823
for Fed. income tax..
before int. charges and prov.
&c_.------ —
—
— -w---.-- —
_4'
sinking fund 5}4 % bonds and amortiza¬
and expense.
66,668
40,320
—. _
Provision for Federal income tax
8227,737
for the year
Including net profit of Graton & Knight, Ltd., London, of 84,544
reflected on books of parent company,
y After deducting excess of par
value over cost of bonds purchased and held in treasury in anticipation
of sinking fund requirements of 85,640.
Note—The provision for depreciation of plant and equipment charged
to costs and expenses for the year 1935 amounted to 867,169.
x
Consolidated Balance Sheet
aAccts.¬esrec
Inventories-
32,515
135,021
133,881
7%
72,235
63,840
.
s.
f.
Com.
for
40,320
-
_
_
9,856
6,973
——
-
cEquity—
Bank
2,056,560
1,037,222
652
281,134
429,977
281,134
202,241
overdraft-—
Accts. pay. & accr'd
charges..
Bond interest pay. & accrued,
lst mtge. 20-yr. 6% gold bonds
Res. for deprec. of fixed assetssurplus
1st pref. stock ($100 par)
2d pref. stock ($100 par)—
d Common stock..
$2,668,1651
Total
insurance
par
v
1934
$2,481,665
1,635,797
1,606,662
$1,007,754
$875,003
—
profit from sales..
$1,026,598
2,763
$877,767
319,746
$706,852
178,827
82,732
$626,798
192,534
63,653
$445,292
$370,611
18,844
—,
-----
Total income
-----
operations
—
—
Depreciation
—
"
Net profit.
- — .
,
115,704
277,040
Balance, surplus
Balance Sheet Dec. 31
reserves
banks
in
1935
Liabilities—
1934
1935
Assets—
Cash
Accounts payable-
&
by 52
58,087
34,282
82,732
—V. 140, p. 4235.
•
Pref. div. payable.
28,926
Great Lakes Dredge &
x
Net
Dock Co.—Earnings—
82,097,998
190,173
8925,451 loss8249,262
182,459
203,672
8115,514
158,167
82,288,172
operating profit--
Other income
100,000
hand
on
certificate,.
60,047
"
3"290
Acer. int. receiv._
1932
1933
1934
1935
Calendar Years—
Deposits refund.
Accruals
,
Time
.,107,910
loss845,590
212", 170
Accounts receiv.
575
8273,681
360,706
50,151
71,983
to
for
em pi.
325,000
25,000
120,000
81.796,208
8937,760
Other prop.
Divs.
received
on
8248,681
def845,590
x
Plant
Dividends
y822,852
y546,070
Cr9,483
552,120
552,120
Surplus
Shs. of capital stock out¬
standing (no par)
Earns, per sh. on cap. stk.
8973,356
8391,690 def8588,227
def$303,439
pany's stock owned—
Licenses,
process
Defer.
552,120
552,120
.
552,120
Nil
$0.45
$3.25
$1.70
x Net profit (loss in 1933) after depreciation of physical properties, $610,804 in 1935; $597,606 in 1934, $498,314 in 1933, $475,528 in 1932.
y Divs.
paid less divs. received on investment in company's own common stock.
552,120
27,148
1935
Liabilities—
$
Assets—
y
surplus
703,072
4,835,649
664,783
Accounts
2,725,801
Investments.
Accrued interest
Cash
Notes receivable.*.
Deposits on bids..
Accts. receivable.
_
Inventories.
Advances
&
24,578
464,892
5,000
88,000
450,223
249,002
29,160
600,002
5,000
$
Capital stock and
8,228,358
U. S. securities—
1934
$
1934
xPlant, tools,
equipment, &c. 8,271,796
14,540,447 13,589,301
payable,
302,341
&c
Prov. for taxes...
202,219
355,555
142,750
State unemploym't
insurance
res've
2,755
45,620
33,869
State
Deferred assets
r__.$3,509,383 $3,286,926
Gulf States Steel
Co.—Accumulated Dividend—
of $7 per share on account of
cumulative preferred stock, par $100, payable
A dividend of $3.50 per share will
be paid on Oct. 1 to holder .of record Sept. 15 and like payments were
made on July 1, April 1 and Jan. 15, last, this latter being the first dividend
paid since April 1, 1931, when a regular quarterly distribution of $1.75 per
share was made.—V. 143, p. 1230
accumulations
Oct.
have declared a dividend
on
the 7%
15 to holders of record Sept. 28.
.
Greenfield Tap
& Die Corp.—Preferred Dividend—.
The directors have declared a
77,562
15,201,099 13,934,270
x After reserve for depreciation of $7,541,267 in 1935 and $7,356,606 in
1934.
y Represented by 552,120 shares of no par value.—V. 142, p.l 122.
Great Lakes
stock,
no
par
Total
Steamship Co.—75-Cent
Dividend—
declared a dividend of 75 cents per share on the com¬
value, payable Oct. 1 to holders of record Sept." 18.
The directors have
dividend of $2 per share on the $6 conv.
Net profit from sales
Other income
295,123
Income Account
2,755
60,510
.—$3,509,383 $3,286,926
1935 and $2,396,071
Total
63,213
1,2*4*5*266
..15,201,099 13,934,270
Total
42,772
depreciation and obsolescence of $2,566,903 in
1098.
Unem-
ploy. Insur. Res.
mon
,
in 1934.—V. 141, p.
Deposit in respect
of
1
conting.
Total
After
2,170,658
1
preferred stock, no par value, payable Oct. 20 to holders of record Oct. 1.
Dividends of $1 per share were paid on Aug. 15 and on May 15, last and
compare with $1.11 paid on March 2, last; 50 cents paid on Jan. 6, last;
$1 per share paid on Nov. 1, 1935; 75 cents paid on Aug. 1, 1935, and 50
cents per share distributed on May 1, 1935, this latter being the initial
payment on the pref. stock.
other
receivables
patents,
rights..
assets
x
1,928,400
234,790
901,317
87,686
2,162,193
The directors
Balance Sheet Dec. 31
1935
&
887,714
branch
&
warehouse
com¬
Common stock
88,383
1,928,400
234,790
& se¬
curity invest...
Net income
for damages,
insur., &c
6% cum. pref. stk.
113,348
87",696
Real estate
94,980
plant costs written off
Federal taxes
8*167
63,653
28,926
996
5,717
home pur
Investments
unallocated
of
One-half
7,706
stk. purchases..
Adv.
sale and aban¬
donment of equipment
on
"
11,553
Devel. Co
Res.
Earned surplus
Inventory.
Ad vs. to em pi. for
Gross income-
Loss
.
1934
$110,119
Accts pay. to Inyo
121,312
Advances
384*244
$166,067
Fed. inc. tax accr.
$67,828
250,000
60,047
250,000
U. S. Treas. secur.
shares, assigned value 812.50 each.
$186,295
Other bonds..
d Represented
share,
117,054
263,188
def $9,631
—
—
Common dividends
in 1935 and 851,991
per
250,968
$52,548
Preferred dividends
$5,292,161 $5,062,445
for cash discounts and doubtful accounts of 860,673
in 1934.
b After reserve for depreciation of 81,532,000
in 1935 and 81,493,892 in 1934.
c Represented by 82,978 no-par shares
after deducting 199 shares held in treasury, at an assigned value of 812.50
1935
$2,643,551
—---_
goods sold.
Profit from
by
Electro-Chemical Co.—Earnings—
Great Western
Calendar Years—
652
.
$2,668,165
In
Total
Acquired through liquidation of collateral,
c
exchanges operating revenue,
d Represented
shares.—V. 143, p. 1721.
b
Non-current,
a
reciprocal
40,003 no
Federal income tax
stock res.
9,870
478,500
287,623
31,506
336,003
699,200
144,700
542,532
Sundry reserves
Capital
$56,000
31,336
50,893
-----
Expenses-..---.
exchange
Total.
$5,292,161 $5,062,445
24,864
1,119,081
Goodwill1
Deficit
365,051
1,196,500
2,056,560
1,037,222
par)
Earned surplus
After
25,634
—
Miscellaneous revenue.-
1,148,500
Capital surplus
a
sale &
assets..
Deferred charges
5y2%
Common stock..
d
— --
Properties acquired
Fixed
Gross
pref. stk,
cum.
($100
c
Total
b
158,134
222,793
gold bonds
in
of amort.
proc.
Mtges., agreements for
sundry securities.
Cost of
income tax
1st M.
receivable.---.
Accounts receivable—-----
a
I
Bank loan (secured)...
Gross revenue from sales__
interest,
commissions, &c
1,511,366
1,467,363
——
Bd. dsct. & exp.
accr.
$6,238
427,949
588,019
94,497
—
Inventories-.-.—----------
Provision for Fed.
buildings,
mach'y, equip.,
b Land,
&c_
pay.,
wages,
42,904
Prepd. ins., int.,&c
Other assets
Accts.
1935
Liabilities—
hand.
on
Accounts
5,000
Note payable
$2,753
A SS6tS~~~-"
Cash
$125,000
$75,000
Bank loan.
$212,233'
432,001
2,949,187
2,831,290
Cash....
Dec. 28 '35 Dec. 29 '34
Liabilities—
'34
$139,439
331,329
Dec. 28 '35 Dec. 29
Assets—
2,484
......
profit-------.--—
Balance Sheet Dec. 31,
4,796
(84,941)
Interest on bank loans,
Net profit
;
depreciation
Dominion and Provincial income taxes. —
for
the Year Ended Dec. 28, 1935
x8332,752
from operations
Miscellaneous income less deductions
tion of bond discount
:
interest
Net
Net profit
Net profit
Bond
Provision
Ltd.]
[Exclusive of Graton & Knight,
Consolidated Income Account for
Interest on 1st mtge.
Executive salaries
$137,386
33,619
44,490
54,039
--
-
Co. (& Subs.)—Earnings-—
Graton & Knight
y
Total income
for the Year Ended Dec. 31,
$109,915
14,792
-
$124,707
12,661
'-
Total income.-.
Interest and other deductions.
Federal income tax
Dividends
on
12,629
(estimated)
Net prof it for year
Dividends on 8% pref.
1935
- -
stock.
$6 pref. stock
,
$99,416
5,505
65,818
Volume
143
Financial
Chronicle
Balance Sheet Dec. 31
Assets—
1935
Cash
1934
$116,339
Notes & accts. rec.
Liabilities—
$101,120
1935
Notes payable
305,386
171,210
reserves)
Mtge. notes recelv.
828,289
20,044
25,375
968,049
20,083
7,931
Investments
plant &
equip, (less dep.
reserve)......
2,594,017
27,458
3,500,7C5
250.912
.
expenses..
5,327
323,608
-
Operating loss.
$3.20
directors
Total
.
dividend of 50 cents per share on the
class A common
stock, no par value, payable Oct. 1 to holders of
18.
A like payment was made on
cum.
record
a
Sept.
July 1 and April 1, last,
dividends of 25 cents paid in each of the
eight preceding
quarters and on Dec. 20, 1933.
Quarterly distributions of 40 cents per
share were made from Jan.
2, 1931 to and incl. April 1, 1932, as compared
with regular
quarterly dividends of 80 cents per share previously paid.
9 Mos. End.
July 31
1936
1935
1934
1933
Mfg. profit after deduct,
materials used,
labor,
mfg. exp. & depletion.
$943,432
$748,008
$816,251
$504,143
Depreciation
137,687
142,561
153,741
142,582
Sell., gen. aclm. exps
395,840
355,260
339,305
229,097
Interest paid
8,197
12,073
and compares with
Interest on gold notes
Red. in bk. val. of land-
30,081
deductions—net
Discount
on
gold
Cr4,193
CY245
41,174
26,998
31,909
__
Sundry
Assets—
75,000
Cr24,938
36,000
30",000
$333,725
995,107
$231,429
701,678
$212,335
477,791
$2,439
353,746
$1,328,832
80,000
$933,107
48,000
$690,126
48,000
$356,185
Balance July 31..
$1,248,832
Earns, per sh. on 64,000
$885;107
$642,126
$356,185
Net prof it.
Balance Oct. 31-_
A
on cl.
I
coin
.
CVll,167
$3.61
$3.32
$0.04
1935
Liabilities—
Customers' notes &
accts.
receivable
643,878
Inventories
1 ,937,454
Cash surrender val.
1936
expenses, &c.._'
Accrued
interest,
471,626
1,891,056
taxes,
1935
20,858
Min.
53,240
106,429
127,745
440,105
misc.
notes
Accts.
rec.
155,110
308,940
211,006
383,492
Int.
in
cap.
11,274
and
12,573
67,429
(affil.
companies)
Timber propertiesGoodwill
1
..$5,015,838 $4,733.4071
Total
$5,015,838 $4,733,407
a
Represented by 64,000 shares class A stock and
54,000 shares class B
stock, both of no par value,
b Accrued taxes only.—V. 142, p. 4180.
Co.—Earnings—
Years Ended June 30—
Profit from operations
Depreciation
on
1936
•
i
$78,987
15,970
„
Federal income tax
Loss
i._
sale of deposit in restricted bank account
8,880
__
Net income
$54,137
1935
$127,350
14,485
14,410
9,753
42",026
Surplus.
$88,701
2,551
51,250
$12,111
Preferred dividends.
Common dividends
$34,900
Balance Sheet June 30
Assets—
Cash
1936
■;
Inventory.
Value of life insur.
Other assets
1935
$119,020
Accts.rec. (less res.)
...
62,322
359,366
42,716
17,938
Liabilities—
$169,082
58,117
323,833
38,358
18,512
"..
1
1
buildings &
equipment.
Prepaid exp. and
289,361
281,910
50,523
Notes
1936
payable
Accounts payable.
Accrued
payroll,
Land,
taxes, &c
....
supplies
Total...
x
26,748
$941,248
$939,068
no par
30.35S
Dividend declared
11,275
Res. for
conting...
25,000
Common stock..
418,000
25,497
10,250
25,000
418,000
426,297
415,392
$941,248
$939,068
x
Represented by 41,000
1935
$14,570
"33",927
49,253
Trade-marks
Capital
surplus &
undivided profits
Total
shares.—V. 142, p. 3854.
Haytian Corp. of America—Protective Committee—
A protective committee for holders
of the 8% notes of the
corporation
has been formed and is
comprised of
Arnol4 Hanson of Hanson & Hanson
Chairman, and Sanford Griffith, a member of the New York
Stock Ex¬
change firm of Thomas & Griffith.
Erie Lane, 25
Broadway, New York
is Secretary.
A letter sent to stockholders states
that the committee has been
formed
anticipation of reorganization or liquidation of the
company, which is
inevitable before 1938, when the
principal amount of the notes falls due.
The face amount of the notes and
interest accumulated since
1930 will
exceed $4,500,000 by 1938,
according to the announcement, which points
out that the company not
only has not the funds to meet this
obligation,
but, on the basis of past performance, will have
substantially less assets
in 1938 than it has
today.
"The committee, already atithorized to act for
holders of over
$600,000
of the notes, feels that an
attempt by noteholders to unite for cooperation
after institution of reorganization
proceedings would be ineffective and too
late and that noteholders, who are the sole
creditors of the
company,
should be prepared to protect their interests
by united action either on
their own initiative or at the time of
institution of proceedings.
"It is the opinion of the committee that
the company's notes have sub¬
stantial value and that,
properly managed, the business
should
earn
funds sufficient to pay a fair return 011
the notes.
The committee's sole
purpose at present is to contact with the noteholders.
No deposit of notes
is being requested at this time.
Noteholders, however, may communicate
with the Secretary."—V.
141, p. 2278.
in
Hickok Oil,,
Corp.—Pays Extra Dividend—
The company paid an extra dividend of
50 cents per share on the class A
stock, par $10, on Sept. 15 to holders of record
Sept. 12.—
common
V.
142,
p.
2501.
8,131
$251,147
Total
$251,147
on
first page of this department.
Horn & Hardart
Baking Co.—Dividend Increased—
The directors have.declared a dividend of
$1.50 per share on the common
stock, payable Oct. 1 to holders of record Sept. 19.
This compares with
dividends of $1.25 per share
paid each three months from Oct. 1, 1933 to
and including July 1, last, and
$1.75 per share paid quarterly previously.
—V. 142, p. 128.
Hudson Motor Car
Co.—August Shipments—
With factory shipments of 4,906 Hudson and
Terraplane cars in August,
shipments of the company's 1936 models passed the
100,000-mark,
according to W. R. Tracy, Vice-President in Charge of Sales.
Shipments
of 101,704 of the 1936 cars as of
Sept. 1 compare with shipments of 74,056
of the 1935 models on the
same date last year.
"Our retail sales," said Mr.
Tracy, "continue to be unusually large
despite the fact that the peak of the automobile selling season is
past.
Retail sales of Hudson and
Terraplane cars in the United States for
the
of August totaled
7,878, which was 25% greater than in August
of 1935.
Sales to date are 34% greater than last
year."—V. 143, p. 924.
month
terms
have
of which
8%
guaranteed
submitted
to
the company
issue put out
holders
of preferred stock
would buy at $11.50
about three years ago.
a
a proposal
by
share the $100,000
Payment would be
by,promissory
notes bearing 6% interest and direct obligation
would be paid off in partial
payments, "at
according to the company statement, which
says that earnings have been such that the
preferred dividends have always
been paid.
If stockholders approve, authority to substitute notes for
stock will be asked of the California
Commissioner of Corporations.—
V. 138, p. 2094.
'
(Clayton E.)
Hurlburt Shoe Co.,
SEC—
See list given
on
Inc.—Registers with
first page of this department.
Independent Pneumatic
The directors have declared
addition to the regular
an
Tool Co.—Extra Dividend.—
extra
.
dividend of 50 cents per share in
quarterly dividend of $1 per share on the common
stock, no par value, both payable Oct. 1 to holders of record
Sept. 24.
Previously the following extra dividends were distributed; 25 cents on
April 1, last; 50 cents on Dec. 31, 1935, and 25 cents
per share on Oct. 1
and July 1, 1935, and on Dec. 31,
July 2 and Jan. 2, 1934. In addition the
regular dividend was increased from 75 cents to $1
per share with the
July 1, last, payment.—V. 142, p. 4180.
Indiana Central Telephone
Co.—Reorganization Plan—
37,660
Total
Harbauer
277,810
year
»_.._
Hollywood Famous Pictures, Inc.—Registers with SEC—
1
41,620
Deferred charges._
1936..
1
See list given
b75,232
contlng.,
stock of subs
receivable
."
loss—fiscal
ended May 25,
1,601
Total.
135,495
48,851
Officers, employ. &
accts:
for
&c
28,588
&c...:_^
178,365
327,227
Res.
24,050
17,798
Invest's (affil.cos.)
Operating
6,225
tithe company.
The notes
once or twice a
year,"
Consolidated Balance Sheet July 31
Miscell. securities.
Deficit—adjusted
least
Land,bldgs.,mach.
a
Com. stock and
and equip., &c,
surplus
$3, 918,861 $3,555,136
less depreciat'n_$l
,045,753 $1,005,578 Notes payable for
Cash
424,071
424,628
money borrowed
425,000
646,030
Marketable securs.
153,693
142.633 Accts. pay. for pur.
of life insurance.
Reserves
Capital stock
38,125
92,310
Goodwill..
($10 par)
$5.21
1936
,
Taxes
947
Automobile and trucks
Deferred expenses
payable
Humboldt Malt & Brewing Co.—To
Buy Pref. Stock—
Interest earned only.
Assets—
Notes
1,291
Buildings, machinery & equip.
:
Accounts payable.
$6,203
46,243
58,198
...
Hobbs Battery B stock
Real estate
Directors
.
shs. cl. A stk. (no
par)
x
Cr6,018
reserves
on marketable
secur..
Prov. for est. Fed. taxes
Divs. paid
Liabilities—
hand and in bank
total
xCr4,132
of
on
Deposits
•
CV2.099
xCr2,823
Elimination
Cash
Accounts receivable
Inventories
ioo~,oi9
notes
purchased
Divs. received & interest
earned..
1,131
Balance Sheet May 25, 1936
$3,894,779 $3,865,167
Cooperage Corp.—>50-Cent Class A Div.—
have declared
4,202
Net loss.
«rA£!ep,rosent.ed by 1.029 shares 8% pref. stock (par $100 per share);
$1UU
snare);
23,937 shares $6 pref. stock
(no par) callable at $100 per share. 23,401 shares
$1.50 pref. stock (no
par) callable at $32 per share; 131,025 shares common
stock (no par).—V.
143, p. 1079.
Tbe
$12,333
Other income
2,592,298
4,475
Total........ .$3,894,779
$3,865,167
Greif Bros,
$363,453
238,443
98,476
35,441
3,424
Cost of sales
Selling expenses
Administrative expense.
Shipping expense
Res. for sink, fund
Surplus
-
Earnings for Fiscal Year Ended May 25,-1936
Sales
46,091
Res. lor Fed. taxes
Property,
1934
$90,040
12,541
14,784
1881
Battery Co.—Earnings—
$40,000
Accounts payable.
Dividends payable
8% pref. stock..
Capital stocki
x3,453,805
(less reserves)..
Inventories
(less
Prepaid
Hobbs
•
„
A plan of reorganization was filed in the
U.S. District Court in Delaware
by the company on Aug. 20 last, pursuant to Section 77-B of the
Bank¬
ruptcy Act.
The company was incorp. in Delaware
Feb. 23, 1928 for the purpose of
owning and holding stocks, bonds and other obligations and securities of
companies owning and operating telephone lines and systems.
Company
began operation with the acquisition of all of the securities of two
telephone
operating companies in' Indiana.
The first lien bonds
($1,700,000) and
common stock
were issued
in connection with the acquisition of
these
securities, which were pledged to secure the first lien bonds.
During 1931
company sold such securities
to Associated Telephone Utilities
Co., free
pledge, and acquired from Associated Telephone Utilities Co.
of the three telephone
operating companies constitut¬
ing its present direct subsidiaries, which were pledged in turn to
secure the
first lien bonds.
The difference in price between the common
stocks
acquired and the securities sold was represented by 5,000 shares of
common
stock and a demand note to Associated
Telephone Utilities Co., which,
as modified
by certain additions and deductions, is now represented
by a
note in the amount of
$2,166,572.
The first lien bonds and its promissory
note constitute
virtually all of its liabilities.
Income is derivable exclusively from dividends on the
common stocks of
the three telephone
operating companies which it owns.
The note of $2,166,572 is owned
by General Telephone Corp.,.which
acquired it as successor to Associated Telephone Utilities Co.
upon the re¬
organization of that company.
General Telephone Corp. also owns all
the outstanding shares of common stock and
$567,500 of the first lien bonds.
Owing to the continued loss of business, the subsidiaries all
eventually
found it necessary to cease
paying dividends on the common stocks and the
company s income ceased entirely.
It became impossible to meet the pay¬
ment of interest charges on its
outstanding indebtedness or to meet any
obligations as they matured, and on May 1, 1933 company defaulted on the
semi-annual instalment of interest of $46,750 due on its first lien
bonds.
Receivers were appointed on May
1, 1933 by the Chancery Court of
Delaware.
Upon the petition of the debtor under Section 77-B of the
Bankruptcy
Act, filed on June 21, 1935, Christopher L. Ward, Jr., was appointed
from such
tne
common stocks
trustee.
As of June 1, 1933 a first lien bondholders'
protective committee was
formed for the purpose of
working out a plan of reorganization.
This com¬
mittee consisted of Lee J. Schimberg, Josiah
Macy and Laurence H. Sloan;
as of Aug.
1, 1935 this committee was reorganized and now consists of
Lee J. Schimberg, E. E. Patterson and G. VV.
Thompson.
No plan of
reorganization has ever been proposed by the protective committee.
The principal assets consist of the common stocks of three
telephone
operating companies—Southwestern Associated Telephone Co.
(operating
in Texas, Oklahoma, Louisiana and New
Mexico), Interstate Telephone
Co. (operating in Washington, Idaho and
Montana), and Michigan Asso¬
ciated Telephone Co. (operating in
Michigan).
These common stocks are
pledged to secure the first lien bonds.
The bulk of the preferred stocks of
these operating companies, which have voting
rights due to default in the
payment of dividends, are owned by General Telephone Allied
Corp., a
subsidiary of General Telephone Corp.
The
were
common
stocks
appraised at
an
of these
three
subsidiaries
aggregate of $560,000 in
a
owned
by the
debtor
report by Day & Zimmer-
mann, Inc., appointed by the U. S. District Court for the Southern Dis¬
trict of New York to appraise the assets of Associated
Telephone Utilities
Co. in the reorganization proceedings of that
company (report dated Oct.
18,
1934).
.
These
common
j
stocks were reappriased as
of June 30,
1936 by Day &
Zimmermann, Inc., and in their report dated Aug. 19, 1936 they
they find
state that
to change the values found in their previous appraisal.
In addition to the common stocks of these three
companies, the-debtor's
remaining assets consist, as of June 30, 1936, of cash in the amount of
$13,517 and a special deposit in the amount of $3.85.
No dividends have been paid on the common stock of two of these
sub¬
no reason
sidiaries—Southwestern
and none have been
Associated
paid
on the
and
Interstate—Hsince
October,
third—Michigan Associated—since
1932,
Janu-
Financial
1882
No dividends have been paid on the preferred stock of South¬
1932, and none were paid on the pre¬
April, 1933, and December, 1935, and
none on the preferred stock of Michigan from February, 1933, to November,
1935.
On June 30, 1936 there were unpaid dividends accrued on the pre¬
ferred stocks of these three companies aggregating $689,319, of which
$343,283 was on the preferred stock of Southwestern, $146,925 on that of
Interstate and $199,112 on that of Michigan.
The gross income of the debtor's estate from all sources since May 1,
1933, the date of its receivership, to June 30, 1936 has been only $668.13.
This amount represents interest on government securities formerly owned
by the estate.
Purpose of the Plan—The two groups of persons principally interested in
the estate of the debtor are (1) the holders of the first lien bonds and (2) the
holders of the general indebtedness—-virtually all of which is represented
by the note for $2,166,572 owned by General Telephone Corp., which also
[Estate of Company and Subsidiaries]
Associated since October,
western
ferred stock of Interstate between
....
„
(Unaudited) June 30, 1936
Consolidated Balance Sheet
1933.
ary,
Liabilities—
Assetsa
Telephone plant equip.
Pref. stock of subsidiaries:
814,872
65,725
expense.'
Prepaid accts. & def'd charges
Cash (incl. ctfs. of deposit of
$263,000)
Working funds
Southwestern (15,257 shs.,
no par)
Michigan (14,749 shs., $100
par)
1,339,327
98,533
Interstate
3,890
122
U. S. Government securities.
receivable
a
United States for taxes and any other
of first lien bonds
;
1,700,000
46,750
2,348,914
1,394
Deferred credits.
will be entitled to one vote per share and will
.
entitled to receive
payment of their claims as finally allowed and established, in cash in full.
First Lien Bonds—Holders of the first lien bonds will be entitled to receive
one share of new preferred for each $100 of such bonds held by them,
respectively.
General Creditors—General Telephone Corp., as the holder of the note in
the principal amount of $2,166,572, will be entitled to purchase 14,443
shares of new common for an aggregate purchase price of $1,227,655, or
$85 per share.
Holders of other general claims will be entitled to purchase
new common at the same ratio, i. e., for each full $150 principal amount of
their claims as finally established and allowed they will be entitled to pur¬
chase one share of new common at $85 per share.
This right shall be ex¬
ercisable only if a notice of election to purchase the new common, specifying
the extent to which such election is made, is delivered to the new com¬
pany not later than ten days following the date of mailing of a notice, that
will be sent out by the new company announcing the confirmation of the
plan (if confirmed).
Payment in full of the purchase price of such hew common must either
accompany such notice of election or be made thereafter on demand of the
new company after confirmation of the plan not later than 10 days after
the mailing of such notice.
Stockholders—The holder of the stock of the debtor shall be entitled to
no participation in the new company by reason of the ownership of such
stock.
Acceptance of Plan by General Telephone Corp. and Its Agreement
to Subscribe
to New Common
1
.
Total
$21,633,405
$21,633,4os
Approximately 60% of the properties are stated at cost of reproduction
1928 and 1929 (including intangibles) as determined by independent
engineers plus subsequent additions.
The remaining properties are carried
at book value, including $560,787 representing excess of cost over under¬
lying book value of securities of subsidiary companies at dates of acquisition
(at June 30, 1936 going concern value, organization expenses and other
intangibles included in the property accounts as shown by the books of the
subsidiary companies amounted to $1,356,192).
Balance Sheet
(Unaudited)
June 30,
1936
[Estate of Indiana Central Telephone Co.]
Liabilities—
Assets—
a
Inv. in com. stock of subs..
Special cash deposits
—
Debt discount and expense..
Cash
Common stock
$6,346,905
4
' 82,334
13,517
(100 shs., no
$1,000,000
par)
Surplus at date of receivership:
Capital surplus
Earned
Earned
since
General Telephone Corp. has approved of and accepted this plan and
has undertaken to purchase shares of new common.
By such undertaking
not later than
all the shares of new common
entitled under this plan to purchase, on the comdition,,
among others, that this plan shall have become finally confirmed and shall
have become finally effective, and that the transfer of the assets to the new
company shall have been made.
The undertaking also provides that Gen¬
eral Telephone Corp. shall have the right at any time to waive any of the
conditions subject to which its undertaking is made, but that such waiver
Telephone Corp., in substance, binds itself until
Dec. 1, 1936 to subscribe for and purchase
of
date
...
Amounts due to affll.
Current
$6,442,760'
Total
883,895
478,470
surplus..
deficit
Funded debt & accr'd Interest
cos
18,279
1,746,750
2,350,573
1,351
liabilities
Total
$6,442,760
a
Stated at the underlying book value thereof at date of acquisition.
pledged as collateral to company's first lien collateral
5>^% bonds: Southwestern Associated Telephone Co., 42,000 shares (no
par), $2,584,684; Interstate Telephone Co., 23,000 shares (no par), $1,595,955; Michigan Associated Telephone Co., l7,l$4 shares ($100 par), $2,166,265—V. 142, p. 129.
These securities are
Indiana
be subject
/
.
Priority Claims—Holders of priority claims will be
558,750
2,689,971
in
The
n
Distribution Under Plan
liabilities
Reserves
receivership
The holders of the new preferred will be entitled to one vote
Basis of
General
2,000,000
Accrued int. to Apr. 30 '33
Amt. due to Gen. Tel. Corp.
°
The authorized capital stock of the new company will consist of:
17,000 shares of cumulative preferred stock (no par).
15,000 shares of common stock (par $1).
The new preferred will be preferred both as to assets and dividends.
Holders will be entitled to receive dividends payable quarterly, when and
as declared by the directors out of funds legally available for such dividends,
at rate of $6 per share per annum.
Such dividends will be cumulative
from first day of July, 1936.
New preferred will be redeemable as a whole
or in part at any time at $62.50 per share plus divs., and will also be re¬
deemable at option of any holder thereof at any time at $62.50 per share
rights of the holders of the new preferred.
176,519
3,250,000
a
oj General Creditors—Claims of general creditors in the principal
amount of $2,166,572 on the note held by General Telephone Corp. and
other claims, estimated on information available at present at not over
$3,000, making an aggregate estimated total of $2,169,572.
Interests of Stockholders—The interest of General Telephone Corp, as
owner of all the capital stock of the debtor—100 shares of common stock.
New Company—A new corporation will be organized in Delaware, or such
other State as may be determined.
New company will acquire all of the
assets of the debtor.
Upon such acquisition the new company will assume
liability for all unpaid administrative expenses.
' : V
A majority of the first board of directors will consist of persons represent¬
ing the interest of General Telephone Corp. or interests affiliated with it.
to the
1st 5s
Company 1st lien 5Hfl------
Total
Claims
new common
"
2,500,000
Current
claim entitled to priority.
The
stk.
Interstate 1st 5s
Outstanding Securities and Claims to Be Dealt with Under Plan of
Reorganization '
plus divs.
per share.
common
Michigan 1st 5s..
should not participate in any way
Description of Securities of New Company
659,877
Southwestern
-
of First Lien Bondholders—Claims of holders
outstanding in the principal amount of $1,700,000.
881,550
Minority Int. in
andsurplus
be given the right to purchase for cash
first lien bondholders in the reorganized
Claims
1,474,900
no
In arrears
530,362
.
Priority Claims—Claims of the
shs.,
115,778 Undeclared pref. stock divs.
Accounts receivable (net).
Materials and supplies
of the first lien bondholders should be recog¬
(3) The holder of the common stock
by reason of ownership of such stock.
(9,795
1,395,080
(par)
,
nized.
company.
$1,000,000
883,895
65,803
Surplus since dates of acquis'n
reorganization of the debtor must be for the pri¬
mary benefit of the first lien bondholders.
Accordingly, the plan of reorganization proposed is based on the follow¬
(2) The general creditors should
participation junior to that of the
(100 shares,
Capital surplus
It is apparent that any
ing propositions:
(1) The paramount rights
stock
par)
no
72,249
4,860
Special deposits
Unamortized debt discount &
Notes
Common
&c.$18,587,685
investments..
Miscellaneous
the common stock.
owns
1936
19
Sept.
Chronicle
Pipe Line Co.—20-Cent Extra Dividend—
directors
have
declared
an
extra
of 20 cents per share
dividend
addition to "a semi-annual dividend" of 20 cents per share (or 40 cents
capital stock, par $10, both payable Nov. 14 to holders
An extra dividend of 5 cents was paid on Nov. 15, 1935
and on Nov. 15, 1934 and an extra of 10 cents was paid on Nov. 15, 1933.
The regular semi-annual dividend of 20 cents per share was increased
from 15 cents per share with the May 15, last, payment.—V. 142, p. 2162.
per share) on the
of record Oct. 23.
Interlake Steamship
Co.—50-Cent Extra Dividend—
of 50 cents per share in
quarterly dividend of 25 cents per snare on the
common stock, both payable Oct.
1 to holders of record Sept. 18.
An
extra dividend of 60 cents per share was paid on Dec. 31, 1935.—V. 143,
p.1560.
*
V
The directors have declared an extra dividend
addition
to
the regular
International Hydro-Electric
System—Interest Payment
meeting of the board of directors held Sept. 15 the company
$797,040 due Oct. 1,
1936 on its 6% convertible debentures.
Cash on hand in the System's
treasury at Aug. 31, 1936 amounted to $2,408,510.
Improved business conditions in New England have resulted in increasing
New England Power Association's earnings despite major electric rate
reductions made effective in 1935 and the substantial expense incurred as
a
result of the March, 1936 flood.
The System, however, is currently
receiving no dividends on the common shares of New England Power
Association owned by it.
The
income of the System's Canadian subsidiary, Canadian HydroElectric Corp., Ltd., is now on the minimum basis specified in its new
contracts with the Hydro-Electric Power Commission of Ontario.On
this minimum basis no income is available to International Hydro-Electric
System from this source.
Income being received from the System's other subsidiaries is running
at the rate of about $400,000 per year, which is $1,350,000 less than is
required to meet the System's expenses and fixed charges.—V. 143, p. 1560.
Following
a
announced that it will pay the interest amounting to
which it may become
International
ance
and Participation in Plan—Holders of first lien bonds
who shall not have filed individual proofs of claim with respect to their
bonds may accept the plan by depositing their bonds with Delaware Trust
Co., Wilmington, Del., depositary, accompanied by an acceptance of the
plan.
If this plan shall not have been finally confirmed and shall not have "
become effective prior to Dec. 1, 1936, either in its present form or as
amended and modified, the bonds for which any such receipt shall have been
issued may be thereafter withdrawn without the payment of any compensa¬
tion for or expenses of such depositary, unless the Court shall by order
provide a different time at which the right of withdrawal shall become
Assets—
1,319,096
Notes & accts. rec. 2,088,240
Acer. int. receiv..
7,818
Mdse. inventories.. 3,479,398
Adv.
an
form which will be sent to them.
acceptance in the
Subsidiaries of Company,
Michigan
,
Assoc. Tel.
Year Ended June 30, 1936
contra
121,459
1,466,646
Due from officers.
65,268
b Fixed assets
4,429,989
Patents, goodwill,
$762,617
$602,030
$485,470
$1,850,118
263,499
445,194
273,248
981,942
14,061
15,961
14,121
44,144
$1,040,177
$1,063,186
$772,841
$2,876,205
Exchange revenues
Toll revenues
Miscell. oper. revenues.
Total
Telep. Co.
Combined
1,871
1,550
2,635
6,056
$1,038,306
279,173
$1,061,636
349,708
$770,206
239,707
$2,870,148
868,589
179,805
139,524
103,915
income......
59,502
11,203
71,889
14,590
226,735
38,543
Net operating income-
$471,233
$501,698
$340,103
$1,313,035
def206
697
614
1,105
$471,026
185,000
134,082
$502,396
183,846
186,924
$340,718
141,050
109,638
$1,314,140
509,897
430,646
$151,943
$131,625
$90,028
$373,597
88,494
91,542
58,770
238,806
$63,449
$40,083
$31,258
$134,791
1
1
portion
formulae, patents
and goodwill...
Prepaid exp., &c.
134,314
223,480
148,940
214,040
2,811,830
6,287,600
payable.
446,708
Accounts
Accrued liabilities.
on
154,847
31,'35
$
2,755,130
6,287,600
616,409
137,296
contr.
125,000
:
Divs. declared, pay
-220,846
190,744
224,776
c Employees dep..
80,524
Reserves
266,283
Pref. stock of subs.
41,400
Subs. pref. div. pay
724
Capital surplus
1,738,377
Earned surplus... 1,061,793
212,351
142,651
Aug.
Res. for
13,335,708 13,338.6961
1,
1936...
Fed., &c.,
taxes
228,367
41,400
.1....
1,684,964
916,784
13,335,708 13,338,696
Total
a Represented
by 281,183 no par shares in 1936; 2,75,513 shares in 1935.
Land, buildings, machinery and equipment, after deducting reserve for
depreciation of $2,767,480 in 1936 and $2,691,964 in 1935.
c Under stock
purchase plan.
The earnings for the 6 months ended June 30 were published in our issue
Aug. 15, page 1082.—V. 143, p. 1560.
b
International Telephone &
Telegraph Corp. (& Subs.)
423,244
95,344
12,750
48,644
4,394,670
of recent pur. of
Total...
Co. & Subs.
301,547
712,627
June 30,'3d Dec.
$
a.
Preferred stock...
projects
Misc.. investments
Southwesl'n * Interstate
Assoc. Tel.
Co. c& Subs.
Co.
Common stock
Payable
&c
Income Statement of
Liabilities—
$
1,958,416
1,962,741
4,651
3,592,421
purchase.
Unamort.
•
31, '35
on raw
pay.
mat.
effective
Holders of general claims affected by the plan may accept the plan by
filing with the trustee an acceptance in the form which will be sent to them.
Holders of common stock may accept the plan by filing with the trustee
Corp.—Consolidated Bal¬
.
June 30,'36 Dee,
$
Cash....
be in writing.
Method of Acceptance
shall
Ink
Printing
Sheet—
Prov. for uncollec. acc'ts
6 Months Ended June 30—
Balance
Operation
Maintenance
Taxes—State,
.
local
and
miscellaneous
Federal
Other income
Net
earnings
Prov. for depreciation..
Fixed charges
Net
income.
/
Annual
pref. stock div.
requirements
Balance—
1936
Earnings.
Oper., sell. & gen. exps., taxes and depreciation._
Net earnings
Charges of associated companies
1935
$27,084,510 $24,566,527
18,910,696
17.213,570
$8,173,814
1,935,126
$7,352,956
2,339,501
Net income before deducting int. on deb. bonds.
on debenture bonds
tZ-
$6,238,688
2,884,875
$5,013,456
2,884,875
Net income
$3,353,813
6,399,002
$0.52
$2,128,581
6.399,002
$0.33
Interest
Shares of stock outstanding June 30
Earnings
per
sh.
on
stock outst'g June 30
..
The interest rate was reduced from 4 3^% to 4% per annum, effective
May 1, 1936, on the notes of certain telephone operating subsidiaries
payable to New York banks, which notes are endorsed by International
Telephone & Telegraph Corp.
Volume
Financial
143
Chronicle
The number of shares of capital stock
(without par value) of corporation
outstanding at June 30, 1936 remained the same as at Dec. 31,1935, namely
(F. L.) Jacobs Co.—25-Cent Dividend—
Jamaica
management and service fees accruing from Compania Telefonica Nacional
Espana (Spanish Telephone Co.), a subsidiary not consolidated, to¬
gether with net income accruing from other Spanish subsidiaries consoli¬
dated.
No provision has been made in the consolidated income account
y309,310
12,455
shs.
com.
stk. (no par)
x Before Federal taxes,
distributed profits.
The directors have declared a dividend of 50 cents per share on the com¬
stock and a dividend of $2 per share on the founders' shares, all payable
Oct. 1 to holders of record Sept. 24.
Previously regular quarterly dividends
of 12 )4 cents per share were
paid on the common stock and 50 cents per
mon
Share
$1.01
xl28,498
Nil
directors
have
declared
,
dividend
a
of
50
cents
Interest
Nil
Other
share
per
on
the
Year End. Dec. 31-
1935
revenue
.
Exchange
1933
$110,413
7,682
34,696
107,575
499
281
deben. int.
on
1934
$101,931
7,809
14,748
98,875
Prov.for inc. & excise tax
267
$86,754
141,743
Dr 1,006
$43,718
53,984
Previous balance
Prior yeajr adjustments.
Income tax adjustments
Loss on exchange
Cr3,195
def$9,063
$8,010
lv.879
$589,198
1,180,506
$ 0.6J9
1,3b j33?
$2,180,861
720,000
3,429
$1,785,860
$1,769,704
360,000
3,047
360,000
5,236
$1,450,506
270,000
$1,422,814
$1,404,468
$30,192
239,495
Assets—
1935
1934
plant,
$1,499,725 $1,549,471
Growing crops
1*071,325
1,070,081
in
~~Cr50
411,190
254,036
708,901
1935
Interest accrued
Amts.
13,681
35,119
debentures-_.
U. 8. A. ino. tax
x
Deficit
546
1,347,418
900,946
-$4,410,273 $4,536,5401
Market value $1,853,003
in
■
Total
550,000
Investment
1934.—V.
141,
preferred stock, par $50, both payable Oct. 15 to holders of
Sept. 30.
Previous distributions were as follows: 12 and 38 cents
on July 15. last; 63 and 37 cents on
April 15, last; 12 and 38 cents on Jan. 15,
last: 13 and 37 cents on Oct. 15; 12 and 38 cents on July 15; 38 and 37 cents
conv.
record
Jan. 15, 1935.—V. 142, p. 4023.
Johnson, Stephens & Shinkle
S^oe
Co. (& Subs.)—
Years Ended Nov. 30—
\
1935
Net sales of shoes after deduction of returns and
allowances, discounts and freight
$2,371,267
Cost of shoes sold, after charging operating exps.,
maint.
of
phys.
prop.,
selling
exps.
and
debts, less discounton purchases
Advertising
Depreciation of physical properties
2,386,883
i/
r.
'
Net loss..
4
Before additional
r
■'
...
i
.
reserve
x After reserve for
depreciation
in 1934.—V. 141, p. 3383.
'
profits
$52,548
104,252
$107,427 prof$51,703
39,872
39,872
$4,842,008 $4,631,493
Kelsey-Hayes Wheel Co.—To Refinance—
Ken-Rad Tube &
Net
Lamp Corp.—Earnings—
1935
1934
$2,830,312
2,287,408
102,866
277,568
Selling expenses
Assets—
1935
1934
Cash in banks and
hand.
$69,710
$55,989
State, mun. & Lib.
Interest
33,303
receivable
officers
rec._
Inventories
Prepaid
248,484
9,510
32,811
expenses.
Unearned
4,342
10,456
638,272
33,892
3,741
6,227
542,452
29,041
acc'ts
in
receivable
Btocks
pref. stk. of
24,733
6,238
1934
$255,647
259",048
$77,591
22,476
158,980
$78,132
514,695
8,951
7,257
9,199
7,916
8,783
9,432
$514,695
$259,047
$158,980
$0.44
$0.45
$1.27
(no par)
1935
Mo
cum. pref. stk.
Common stock..
5,318
500,000
400,702
68,663
481,716
41,949
500,000
400,702
33,607
667,397
Earned surplus...
$187,451
a
Accts. receivable
Investorles at cost-
val., life Ins ur
from
25,437
555,984
b
progress
.
1,459
21,636
$61,692
46,859
91,747
280,193
551,836
41,486
c
Common stock._
Surplus
305,849
sales,
875,000
7,710
875,000
738,417
d514,694
6,949
1,122
13,081
16,621
626,662
516,163
5
2
2
1
475
buildings
•
Licenses (cost
$222,500)
Total
$1,637,686 $1,733,862
a After reserve for discounts and bad debts of
$29,965 in 1935 and $37,609
in 1934.
b After reserve of $79,951 in 1935 and $38,634 in 1934.
c After
reserve for depreciation of $8,482 in
1935 and $4,024 in 1934.
d After
deducting $538,830 for reserve for depreciation, in 1935 and $511,139 in
1934.
e
Represented by 94,207 shares no par, ,^fter deducting 10,793
shares held in treasury.—V. 141, p. 1440.
142,201
223,941
628,739
2,233
.
equipment-
Goodwill
..$1,637,686 $1,733,862
for
1934
$75,934
176,169
contra contlng..
1
expenses
Patents
1,180
9,229
expenses.
officers
investments
Land,
and
1935
Accounts payableReserve
5
Prepaid
Other
24,937
532,907
After provision for de
Accrued
at cost and
accrued interest.
and employees..
Constr'n
y
Liabilities—
$252,688
A other mktable
sees,
Due
1.520
$1.46
1934
U. S. Govt, bonds
Rolla,
8%
80,848
Consolidated Balance Sheet Dec. 31
Assets—
Com.
of
"
-
X Net figures after deducting other income,
preciation of $101,920.
Cash
1,520
$738,417
•
shs. combined A and B
13,237
co._
Deferred charges.
1
stock
Mach. A equip.
d Plant A equip..
work
In
Surplus end of year..
Earns, per sh. on 175,000
_
$63,659
Cash...
of
leased to others,
Total
$115,502
37,371
$284,378
x28,731
$223,723
Net profit
Surplus adjustments
Surplus beginning of year
contrib.
Capital surplus
other cos., Ac..
Inv. in 16) shs. of
c
$179,056
81,833
19,632
$284,378
$254,743
x31,020
deductions—
from Chamber of
e
13,707
1935
$106,295
50,000
license
fees covering eq.
leased to others..
292,835
Officers' A empl's'
A misc. notes &
Inv.
$82,623
32,879
118,994
167,014
y$254,743
Other income.
taxes,
Res. for Inc. taxes.
Unearned
A
employees
accts.
126,757
notes
b Salesmen's advs.
Liabilities—
Accounts payable.
Note payable.....
Acer, wages,
Ac.
bonds, lncl.accr.
Misc.
$1,549,591
1,180,960
$162,470
16,586
Cost of goods sold..
Gen. & admin, expenses-
•
Consolidated Balance Sheet Nov. 30
fr.
1932
1933
'
sales
Income taxes
Due
in 1935 and $1,532,960
The directors are considering refinancing of the company's entire funded
debt, according to reports in the financial district.
The company has
outstanding $3,042,200 15-year first mortgage 6% bonds due Jan. 1, 1948,
and $1,804,600 of 15-year convertible 6% debentures which also mature in
1948.
A subsidiary, Kelsey-Hayes Wheel Co., Ltd., of England, has
$1,459,980 of 5% first mortgage debenture stock outstanding.
The proposed financing, according to the reports, would be between
$8,000,000 and $10,000,000 and Goldman Sachs & Co. is mentioned as
possible underwriters.—V. 143, p. 760.
for salesmen's and other notes and
accounts
investments, all of which originated prior to Nov. 30. 1934
Total
of $1,605,841
V. 143,p. 431.
Other
&
5,243
2,679
1,422,814
mon stock, no par value, both
payable Oct. 31 to holders of record Oct. 12.
An initial dividend of 10 cents was paid on this issue on
July 31, last.—
Calendar Years—
Note—As shown above the parent company expended
$70,707 in adver¬
year ended Nov. 30, 1935.
This amount is approximately
excess of the usual appropriation and the
greater portion of the
expense was incurred in connection with "Rhythym Step
Shoes," a new
product of the company.
Accts.
4,728
2,791
1,457,432
Kellogg Switchboard & Supply Co.—40-Cent Extra Div.
$52,600 in
a
196
The directors have declared an extra dividend of 40 cents
per share in
addition to the regular quarterly dividend of 10 cents per share on the com¬
tising during the
on
26
213
Drafts outstanding
Tool deposits
i
$115,112
7,685
Preferred dividends...
10,066
26
relief tax accr'd.
26,030
"
'
Miscellaneous income
x
2,618,335
70,708
28,788
Net operating loss
receivable and
of $38,808.
1934
$2,591,817
bad
.....
14,296
accr.
energy
250,000
$4,410,273 $4,536,540
1935 and $1,604,518 in
on
21,109
37,133
accrued
Unidivided
a
April 15 and 12 and 38 cents
54,719
excise
accrued
Territorial unempl.
8,240
1,977,500
1,750,000
dividend of 13 cents per share on account
of accumulations in addition to a
payment of 37 cents per share on the 6%
on
tax
68,938
accrued
Cap. stk. tax
Foundation, Ltd.— Accumulated Dividend—
The directors have declared
cum.
tax
Electrical
1772.
P.
104
Territorial
Total.......-...$4,842,008 $4,631,493
Total
x
1934
23,934
400,000
consum¬
Def'd income, 1936
Territorial income
un¬
8,240
Debs., ser. A 5%. 1,977,500
6% cum, pref. stk. 1,750,000
Common (140,000
shs. (no par)...
250,000
3,613,773
6,747
_
;
on
56,812
2,474
ers' tax
252,539
686,000
$800
debentures
(1934-35)
6,831
Invest., at cost.. 2,996,692
Accts. receivable.
due
/•
$600
Bankl'n (secur'd).
Acer. int. on 5%
Claim for refund of
488,178
119,026
tax
Territorial
408,653
account.
tax
1935
delivered securs.
20,119
income tax
Territorial gross In¬
31
Liabilities—
Accounts payable.
$1,155
on
bonds
5%
1934
$3,785
Rea've for Federal
411,190
259,828
402,383
come
Special
$141,743
1934
1935
$3,000,000 $3,000,000
20,666
21,695
Accounts payable11,332
10,808
Rentals accrued-_
43,415
84,755
Wages due laborers
American Factors,
Ltd.:
Dr67,609
Balance Sheet Dec.
Assets—
$1,180,506
Capital stock
other
companies
Miscell. assets
Current account
Cash
52,510
Liabilities—.
Real est.,
Ac
x
Sink, fund invest.
$53,984
336
,
Balance Sheet Dec. 31
33,291
124,325
Dr2,255
Bal., surplus, Dec. 31.
years.
Balance, surplus
Invest,
Balance, deficit
45,704
$364,896
1,404,468
16,496
$135,151
7,726
3,896
$20,268
8,010
charges prio-
83",488
$1,457,432
Dividends paid
1932
$79,656
8,123
33,639
116,050
7,456
1,142
$575,992
1,422,814
182,055
36
Total surplus
Sur.
73,424
21,109
56,813
$328,267
168,650
$978,823
173,692
180,516
39,154
93,292
Sur. adjust, prior years.
Investment Bond & Share Corp.—Earnings—
Gen. expenses & taxes.
Interest on loans
Interest on 5% debens__
37,930
54,719
119,026
Net profit
Previous surplus
stock, payable Oct. 6 to holders of record Sept. 26.
This will
be the first dividend
paid on the common stock since Dec. 29, 1931, when
50 cents per share was also distributed.—V. 143,
p. 1722.
$696,758
i
charges.
Acer, territorial inc. taxes
Res. for Fed. inc. tax
.
1932
1933
1934
$978,159
190,492
Depreciation.
on un-
-Earnings-
1935
Gross profit
common
Total
In addition, an extra dividend of 12]4 cents
respectively, were paid on these stocks on July 10,
1402.
143, p.
Kekaha Sugar Co., Ltd.-
loss260,205
Nil
Resumes Common Dividend—
The
the founders' stock.
on
and 50 cents per share,
last.—V.
$9,828,261
Before provision for Federal surtaxes
y
1722.
p.
Bros.—Dividend Increased—
Calendar Years—
Earns, persh.on 219,592
Co., Ltd.;—Dividend Increased
dividend of 43 %
cents per share on the
value, payable Oct. 1 to holders of record Sept. 23.
a
1933
1934
-—$12,842,365 $11,188,118 $11,233,847
Net profit after deprec..
Fed. income taxes and
other charges
no par
143,
Jenkins
Interstate Department Stores, Inc.
(& Subs.)—Earns.
1935
stock,
This compares with
'6714 cents paid each three months from Oct. 1. 1935,
to and including
July 2 last and 25 cents per share paid each quarter from
Oct. 1, 1930, to July 1, 1935, inclusive.
The Oct. 1, 1930, dividend was
the initial distribution on the issue.—V.
Spanish
suDsidiaries aggregated approximately $788,000,
including payment for
certain materials purchased as well as on account of
earnings during the
period.
No remittances, however, have been received in New York from
Spanish subsidiaries since July 17, 1936, and transfers of funds from Spain
are not possible at the
present time.—V. 142, p. 3857.
,
Public Service
The directors have declared
common
for the six months ended June
30, 1936 for any loss^r damage which may
be sustained by any of the Spanish subsidiaries as a result of the
present
disturbances in Spain which began on
July 19, 1936, as it is impossible to
ascertain or to estimate at this time the extent of such losses or
damages.
Since Jan. 1, 1936 cash remittances received
in New York from
1936
-
mon
de
6 Mos. End. July 31—
:
The directors have declared a dividend of 25 cents per share on the com¬
stock, par $1, payable Oct. 1, to holders of record Sept. 21.
A similar
payment was made on July 15, last.—V. 143, p. 1233.
6,399,002 shares.
Note—Consolidated net income for the six months ended June 30, 1936
and 1935, as shown above, includes the amounts of
$1,691,439 and $1,576,577, respectively, representing dividends declared by and interest and
Sales.
1883
$1,865,522 $1,764,947
Total
Total
After reserve for possible losses of
$1,865,522 $1,764,947
$24,277 in 1935 and $31,132 in 1934.
for depreciation of $613,133 in 1935 and $511,624 in 1934.
c Represented by
150,000 shares class A and 25,000 shares class B stock,
both no par.
d Includes surplus from appreciation of fixed assets at
a
b After
reserve
Dec. 31,
1928, of $30,701.—'V. 143, 431.
Financial
1884
Chronicle
Keystone Steel & Wire Co.—Earnings—
Years End. June 30—
Net sales
Cost of sales
-
Sept. 19,
Kilauea Sugar Plantation
1935
$7,911,973
z5,528,392
1934
$8,211,091
z5,732,149
$4,604,284
3,206,970
Molasses sales (net)
$2,895,048
a86,346
$2,383,581
47,116
$2,478,942
$1,397,314
Amts.
43.Q74
30,618
$2,981,394
$2,430,697
714,297
294,767
1933
,
Revenue from operations
Other revenue.
Gross profit
Other income
-
-
-
-
777,612
292,902
59,676
42,628
272,442
Selling expense
General
expense
Law suit expenditures
Interest
Income tax
_
_
—
—
Prov. for
contingencies
Depreciation
—
Amort, bond disct., &c.
Arising'from purch. and
!,522,01^
338,942#"
66,002
168,278
103,082
223,382
35.000
.
See
See
z
See
z
17,916
11,816
,
$1,427,932
651,484^1
486,752
259,997
344,332
15,261
z
—
—
income.
Other expenses
Federal income tax
—
$321,079
Cr21,081
i;647
22,827
profit from oper
.
$1,501,493 y$l,167,790
b64,340
138,593
568,224
568,224
_
Preferred dividends
Common dividends
$868,929
$460,973
x
757,632
$1.90.
189,408
$5.62
189,408
$5.35
accumulations
per
for
—
_
Includes
months
six
(or 33^%).
$195,559
189,408
$0.30
San
Includes depreciation,
787,296
787,579
Territorial
tax
Unexpired insur'ce
232
3,202
premiums.-----
tax
Cash
on
tax
y
&
Accrued
receivable
1,168,101
1,787,406
928,778
1,208,645
Inventories
2,061,682
ad vs., &c._
911,126
Land, buildings,
In vs.,
y
furn.
eqpt.,
5.372,293
Capital stock.
1,000,000
308,787
49,599
__
x
$1,414,793 $1,270,7131
After
—V.
reserve
141,
for depreciation,
Total
y
....$1,414,793 $1,270,713
Represented by shares of $25 par.
2280.
p.
Kirby Petroleum Co.—Stock Purchase—New Directors—
93,196
Oil & Industries, Inc., an investment company specializing in oil securities,
has purchased 63,000 shares of this company's stock.
•
Arthur S. Kleeman and J. A. MacDermott, a director of Oil & Industries,
118,332
56,137
Inc., have been elected directors of Kirby Petroleum Co.—V. 143,
21,600
21,690
To" 277
150,000
4,342
18,000
19,971
20,000
18,000
Res. formanagem't
partic. in profs.
p.
1235.
Prov.for employees
Notes pay. to bks.
&
8,479
1,000,000
308,788
def80,834
207,583
&
bonuses
fixtures, &c
5,305,865
Pat., trademarks,
&c
21,856
Deferred charges.
102,590
1,228
2,167
105,322
wages
commissions
accts.
2,520
excise
accrued
267,409
& oth. creditors.
933,243
1,049,230
11,452
__
Notes
$
4,412
accrued
Surplus
1935
8
20,904
Income
Paid-in surplus
Accts. pay.—trade
hand & in
banks
TJ. S. Gov't securs.
x
1936
Liabilities—
13,595
"
Total
1935
2,535
2,674
accrued
Territorial
Balance Sheet, June 30
S
3,000
Federal cap. stock
a
1936
Assets—
2,576
._
sales in suspense
Fed. inc.tax accr'd
Includes prior year's dividends received on
investment in preferred stock of W. A. Laidlaw Wire Co. and premium
received on redemption of said stock of $10,861.
b Paid at rate of $7 per
annum ot dates of purchase or date of redemption, Jan. 15, 1936.
z
~~5~189
drafts
hoe deposits
Charges on sugar
<216,198
credit being amount of reserve for contingencies provided out of earnings
for year ending June 30, 1934 not required and now restored to profit and
loss,
Fran,
Electric meter and
16,710
250,694
1934
$11,346
outstanding
89,411
24,239
22,665
16,710
—
Growing crops.—
x Land,
buildings,
equipment, &c_.
Before special
y
1935
$18,539
drafts
Sundry creditors
Inventories
Investment
<
Liabilities—
1,824
6,848
L824
11,321
.
pense
$195,559
$711,453
share._
Balance, surplus.
Corns, shs. outstanding.
Earnings
1,152,640
x346,483
94,704
loss$41,937
31
Honolulu
$127,672
Sugar sales in sus¬
Net
$537,817
576,060
3,694
outstanding.
plantation
Acc'ts receivable.
Dec.
Sheet
1934
1935
Assets—
'
$130,434
(1935)
Balance
Cash
$505,153
1,186
31,478
$736,817
578,067
7,412
20,904
Net profit for year
Notes receivable at
retirement of 1st tntge.
Miscell. deductions
$587,115
6,127
21,263
122,312
Cost of operations
130,988
16,125
17,486
—
1934
1935
,
—
from Sec. of Agriculture (net)
rec.
Total
Total income
Co.—-Earnings—
Years Ended Dec. 31—
1936
$10,598,645
z7,703,596
1936
Accr. int.
Res.
for
on notes
com pens,
(B. B. & R.) Knight Corp. (& Subs.)—EarningsYears Ended—
Dec.
Gross sales, less returns and allowances
Rentals and other income.
28
*35 Dec.
29
'34
$4,268,471
28,504
$5,449,710
21,674
$4,296,976
$5,471,384
4,235,089
x5,394,318
$61,886
60,392
54,513
$77,066
140,217
70,128
74,052
190,877
67,918
due empl'ees for
injuries.
17,529
.
Acer,
real
&
est.
Gross income...
Cost
pers. prop, taxes
of goods
tax of
(including Federal processing
sold
$334,127)
Res. for Fed. social
security
Res.
taxes._
for Fed.
14,805
inc.
& cap.stk. taxes
10-yr.
serial
288,227
192,984
notes
200,000
Selling
payable
34,648
Reserves
78", 013
83,222
Long-term debt.. 1,800,000
350,000
Preferred stock
2,023,000
z Common stock._
3,156~800 3,371,400
Earned surplus
4,573,661
3,747,871
Pref. stk. in treas.
Dr32,645
Com. stk.dn treas.
Drl34,050
Total
10,672,447
10,207,3501
profit on sales
D epreci ation..
Taxes (local and miscellaneous)
...
r
General and administrative expense
due Nov. 1, 1936
Divs.
Gross
expense
42.655
».
172,399
...
Interest paid
29,770
$297,843
3,928
Maintenance of idle plants
Loss on plant assets sold or scrapped-...
Plant liquidation expense.
$466,125
10.823
182,091
1,775,657
19,524
------
$2,096,952
4,192,992
$659,039
4,852,032
$2,096,041
$4,192,992
10,672,447 10,207,350
Total
Consolidated capital Dec. 29...
x After reserve for doubtful balance and discounts of
$113,670 in 1936 and
$110,223 in 1935. y After reserve for depreciation of $4,044,650 in 1936 and
$3,706,165 in 1935. z Represented by 757,632 no par shares in 1936 and
202,284 shares including reasury stock in 1935.—V. 143, p. 1561.
x Includes
Federal processing tax of $334,127.
Note—All inter-company accounts have been eliminated in this statement.
Consolidated Balance Sheet
Kildun Mining
Corp.—Earnings—
Earnings for the
Assets-
Cash
Year Ended Dec. 31, 1935
$17,031
_
1935
Amer.
1934
& depreciation.
31,236
rec.
70,164
2,868
67,577
1,635
Warehouse suppl's
177,057
Total
1935
$54,424
1,015,967
204,292
1935
Total production and miscellaneous sales._
Profit before int. charges and depreciation Interest charges
^
Gains
_
$1,351,504
50,389
$1,833,179
182,411
29,195
_
_
1934
$1,875,055
Dr41,877
-
Inventory
reserve to bad debts
1,401,893
127,788
38,500
9,576
_
bonds bought and retired
on
xO~5,446
$158,661
110,381
6,591
_
l.
Reserve for Federal income tax
Net profit
x
$100,954
109,528
Cash
Notes & accts.
Finished
Cash
rec.
books
1934
$35,514
with
trustees
rently
175,476
$10,634
$53,958
fd.
3,707
124,891
trustees
&
em pi's*
Cash
1,991
130,348
281
1,157,634
accts_
surr.
23,377
19,106
9,300
__
8,450
Def'd
charges and
supplies for pl't
11,454
2,257
1,120
20,982
x
cum.
pref. stk.
Common stock.-
Deficit
30,589
324,000
1,250,000
500,000
4,693
347,000
1,250,000
500,000
46,382
x
Interest
on
$495,368
1,814
8,674
$156,518
1,641
5,011
$167,227
9,559
$505,856
146,486
41,674
$163,170
139,843
47,387
$171,138
244,318
97,098
...
_
on notes
& loans
Profit for year.
J
Shs .com.stk.out. ($1 par)
_.
Earnings
per
$856,950
186,782
16,104
7,581
share
terms or lease rentals.
5,423
9,000
110", 171
165.274
31,193
y$43,612
$1,539
165,276
164,607
$0.26
-
loss$24,060 loss$179,279
163,612
xl65,117
$0.01
Nil
Nil
Such losses amounted to $209,460 for which Knott
1935
Assefs—
Cash
1934
$126,276
$99,978
1,288
Accts. receivable..
Inventories
Investments
130,686
41,775
71,595
117,780
37,287
69,242
Liabilities—
1935
Notes payable
Accounts payable.
$56,252
116,714
92,452
21,996
14,167
432,052
34,334
2,711,047
Tenants' dep., &c.
Notes payable, due
after one year..
3,005
8,030
8,980
2,000
4,082,768
49,031
7,292
security
Rent payable
Other loans pay..
Bond&mtge.
on
454,786
53,000
7,572
2,734,114
164,607
720,710
State taxes
and
receivable
20,095
11,935
688,341
Res. for Fed'l and
cos..
notes
1934
$120,891
115,769
17,044
86,824
R'l est. taxes pay.
Accruals
Inv.in & advs. to
2,000
3,943,860
Deferred charges..
37,102
Total
4,095
296,382
107,746
161,792
31,275
Corp. is not considered accountable.
Fixed assets
no par.
3,911
x No par.
y Exclusive of net losses sustained by subsidiaries not con¬
solidated, whose properties are involved in default of bond and mortgage
leasehold
1932
$5,145,453
4,978,226
Treas. stk. pledged
369,070
.$2,208,845 $2,254,503
1Q33
$3,025,547
2,869,029
Real estate taxes
as
Represented by 20,000 shares,
$2,517,104 $4,533,991
$847,391
mortgages.
Sec.dep.by tenants
goodwill & bond
Total
6,007,803
Total.....
5,675
60,573
70,878
tion.—V. 143, p. 115.
42,529
1934
State taxes.
Other
365,468
$4,533,9911
earned
33,595
46,524
b Capital stock
Cap.tal surplus
Deficit
$2,912,804
2,417,436
Bad accts. written off..
acc'ts
lnsusp.
Organlza'n, devel.,
22,601
$3,123,410
2,276,019
Operating income.
Interest
60,573
in Newark, N.J.
6,925
8,061,314
42,529
3,910,854
4
1935
expenses—__
Notes & loans rec.
Stk.of realty corp.
discount
Operating
other sub.
Accts. rec.,
9,727
8,061,314
and
(& Subs.)—Earnings—
from oper—
40,074
maintenance
225
& res'd
Consolidated Balance Sheet Dec. 31
ma¬
turing Aug. 1 *39
7%
T-
earns,
6,591
Other liabilities
6int.,
value
29,353
Deb. bonds outst.,
advs.,
life insurance.
2,466
10,389
and notes
Accts. pay. of sub.
Res.
for
Federal
42,926
43,327
Income tax
1,688
1,109,580
Gross
Int.
$49,959
6,033
Accr. exps. & taxes
Accr. int. on bonds
with
Fixed assets
Mtges.
1934
$85,976
pay. (trade
and. others)
Credit bal.. of ac¬
counts receiv
for bond
redemp'n,
1935
Trade accept, pay.
of
subsidiary
Inventory
$124,660
Accts.
8,053
Knott Corp.
Calendar Years—
Rents
$48,451
9,262
4,375
accr.
a After reserve
for depreciation of $509,708 in 1935 and $1,442,859 in
1934.
b Capital stock is represented by the following no par shares: 6H %
pref. stock, 69,130 shares; common class A stock, 11,791 shares; common
class B stock, 26,974 shares; common class C stock, 5,000 shares.—V.
141, p. 3231.
Prov. for Fed. inc. tax—
131,143
214,929
cur¬
assets
1933
31
Liabilities—
bond
for
accr. lnt.
Current
Sink.
$55,953
182,968
$2,517,104
Depreciation.
1935
1934
discounts..
Taxes
loss$8,575
1936
1935
14,604
Total income
Balance Sheet Dec.
Assets—
int.
Miscellaneous income
Includes dividends received of $1,280.
6 Mos. End. June 30—
Net loss after deprec. &
other charges.-
y
_Cr21,241
$41,689
Profit before depreciation
Depreciation charges..
ins.,
and expense
Total...
Kingsport Press, Inc.—•Earnings—
55,254
94,879
(new machinery)
Res. for allowances
$1,582,272 $1,274,683
Years Ended Dec. 31—
Net sales billed
16,423
Coll. notes payable
105,902
G'dwill, trade-mks
*
153,709
expenses
Res. for commit'ts
&c
Total
Represented by $1 par shares.—V. 141, p. 1935.
Special
Prepaid
$30,000
$390,537
Res. for credit risk
Plant
764,496
21,040
3,282,125
Mach. purch.under
contract
320,537
17,031
Net loss for year..
Dec. 28 '35 Dec. 29 '34
Accts. pay. & accr.
287,616
conditional sales
63,596
1,194,805
_
Capital stock
Capital surplus
$50,209
685,583
802,471
18,440
899,973
rec.
Sundry stocks
a
x
$1,582,272 $1,274,683!
1934
$20,365
Accounts payable.
Reserve for deple.
Smelting &
Refining Co
Sundry accts.
x
Liabilities—
$1,355,821 $1,130,825
16,523
3,248
Cash
Notes & accts.
Liabilities—
Notes pay. (banks)
$96,030
Inventories
Consolidated Balance Sheet Dec. 31
Properties
Dec. 28 '35 Dec. 29 '34
hand and
in banks
Net loss after taxes, depletion, depreciation, &c
Assef?—
on
x
pay.
Common stock.
.
Surplus.
165,276
$2,208,845 $2,254,503
y
After
reserve
for deprecia¬
Total
x
$4,364,331 $4,475,648
Total
Represented by shares of $1 par value.—V. 142,
$4,364,331 $4,475,648
p.
2163.
Volume
Financial
143
Chronicle
Kirkland-Hudson Bay Gold Mines, Ltd.—Earnings—
Years Ended April 30—,
Total
revenue
21,300
5,474
6,883
_
Legal
May 16
404
257
2,693
expenses
The company had an average of 4,217 stores in operation during the
four weeks ended Sept, 5, 1936, as against 4,294 the corresponding period
662
113
Directors' fees
""840
1,700
Depreciation..
;
109
year ago.—V.
a
$3,185
$10,642
1936
141,
Deductions from income—net
Provision for depreciation
1,764,417
1,764.417
93,670
66,809
.
Total....
$1,953,723 $1,831,850
1936 and $296 in 1935 —V
1935
$778,555
secure.
gen
5,393
$717,005
$540,552
535,227
21,072
expense.
_
Profit for the year
Assets—
1935
Shs.
in
288.004
69,345
cost
accrued
interest
15,286
90
12,021
payable
167,499
11,455
3,105
Del. chgs. toopers.
20,055
16,366
com p.
2,190
343,569
2,488
334,014
Workmen's
38,403
1,275
3,326
receivable.
Total
__$5,841,258 $5,770,947
Total
$5,841,258 $5,770,947
—V. 142, p. 1820.
End.
Dec. Si-
1935
1934
352,998
2,466,072
57,803
After
La
for
reserve
82,978
020,032
84,006
023,633
97,103
France
104,003
26,000
80,000
22,650
...
3,000
1935
2,781
deceased
now
,
Dividends
Shs. com. stk. (par $10)-
Earnings
x
share
No par shares.
$158,958
17,201
171,715
$263,128
),7181oss$248,415
.
174,139
$1.51
xl81.539
$0.38
1934
$613,182
Trade accts. rec'le
Due from
employees &
290,687
$598,943
326,686
Accrued
62
243
1,778
2,961
2,777
795
795
795
$1,535
$1,464
$12,366
86,190
6,936
93,830
4,292
Prepaid
& suppl's
expenses.
Inv. & oth. assets.
x
Fixed assets
1,063,951
40,201
335,767
768,799
927,978
38,385
375,899
795,414
$81,324
54,069
Chicago—Earnings-
1934
1933
1932
$3,223,391
1,444,708
$2,371,992
1,107,587
$2,687,302
959,273
Corp. service sales, &c,
Sales of books, &c
$1,928,067
246,228
12,017
$1,778,683
300,858
$1,264,405
325,741
$1,728,029
272,180
12,531
9,334
10,552
905
626
261
297
$2,187,217
2,135,324
34,781
$2,092,700
1,910,338
44,956
$1,599,741
1,419,276
40,180
$2,011,057
1,907,721
44,028
$17,112
$137,406
$140,284
$59,308
-
-
Total gross income—
Net income.
Balance Sheet Dec. 31
121,356
9,446
Res've for conting.
y
Capital stock
1,900,000
1,129,189
Surplus..
z
Treas.
stock
cost
—
165,41725,245
18,703
1,900,000
1,017,236
Notes
y
Drl25,100
&
1934
$51,968
receivable
1,528,496
42,207
Tax warrants, &c_
1,011
359
136,725
121,140
Inventories
in
Total.........$3,205,714 $3,161,428
for depreciation of $1,388,194 in 1935 and $1,329,257 in
1934.
y Represented by 190,000 no par shares,
z Represented byl8.285
shares in 1935 and 15,861 shares in 1934 —V. 142, p. 2503.
reserve
1934
$424,901
87,413
$368,151
76,666
19,465
21,267
15,756
11,230
375,773
380,622
34,517
703,000
35,972
839,400
1,100,000
642,669
Undelivered steno-
types
Res've for student
152,236,,
3,864
1,551,299
863
25,885
Other assets
Fixed assets
x
1935
payable..--
1,555,7981 Accrued int. and
taxes not due
2,713
LaSalle
Bldg. Corp
Drl08,380
1
Liabilities—
Notes
Accounts payable.
accts.
Value of life insur.
Invest,
at
—
1935
$92,611
Assets—
Cash
ployees & related
$3,205,714 $3,161,4281
After
prof$9,763
$3,447,887
1,519,820
—
Insur. and interest
x
1935
4,800
G'dwill, trade-mks
Total
12,069
__
La Salle Extension University,
$82,897
55,510
35,429
Sundry creditors..
and patents
_
$13,578
1934
expenses.
interests
Finished g'ds, work
in
process, raw
mat'ls
securities sold-.
Total of enrollment fees,
less refunds
Due to officers,em¬
re¬
...
1932
$3,522
795
Net loss for year
—V. 141, p. 1772.
Nil
1935
Accrued taxes
lated interests..
1933
120
2,177
Expenses.
Int. & exch'ge &c.(net)_
Liabilities—
Trade accts. pay..
officers,
Sundry debtors
on
1934
xl83,739
Consolidated Balance Sheet Dec. 31
1935
Cash
Hearing—
$1,229
Miscellaneous income
$0.92
per
Assets-—
$206,707 in
120
0224,119
...
Net income for year..
1936 and
Res. for cancel. & losses.
Net proceeds of 1 i fe i nsur.
policies on life of of¬
ficer
16,128
$1,558
Calendar Years—
losses
200,000
1,767,894
678,605
Co.—Earning.
__
Depreciation
8,500
Unrealized foreign exch.
89,777
35" 164
$4,045,749 $3,255,040
Total
Industries—Reorganization
Int., land rentals, &c
Loss
Prov. for losses of foreign
subsidiaries
Federal income tax
87,225
50,000
84,473
y Capital stock...
200,000
Capital surplus... 1,705,797
Earned surplus
1,192,503
Res. for contings..
93,997
depreciation of $323,457 in
Office and mine taxes
loss$61.631
custs...
payable.
Judge William H. Kirkpatrick in the U. S. District Court at Phila¬
delphia has set Sept. 22 for a hearing to determine the legitimacy of the
proceedings for reorganization under Section 77-B of the Bankruptcy Act.
The Manufacturers Trust Co. and Hayden, Stone & Co., each holding
53,141 shares of the outstanding capital stock, have demanded dismissal
of the proceedings, asserting that company does not need any reorganization
and that its court action was designed to save certain officers from being
removed because of unsatisfactory services.
These two companies acquired the stock through a public sale July 30.
The stock, it is said, had been pledged as collateral by Bernard Davis,
President of La France, for loans.—V. 143, p. 1235.
ing inanuf., sell., adm.
& gen. exps., &c., chgs
Adjust, of branch assets
i n respect of foreign ex¬
change
i
Depreciation
$177,688
$467,470
Par value $1.—V. 143, p. 276.
y
Mine maintenance.
$105,983
$631,753
return¬
Res. for inc. taxes,
$4,045,749 $3,255,040
Net income after deduct¬
$264,586
ac-
boxes &
46,427
Total
La Salle Copper
1932
&
1935
1,927,331
fixtures
Prepd. ins., taxes,
licenses, &c
Calendar Years—,1
1933
$1.01
1936
able to
339,258
(I. B.) Kleinert Rubber Co.—EarningsYears
$202,131
$2.04
_
exps.
on
Dlvs.
Ld., bldgs.,mach.
equip., furn. &
1934
14.219
40,472
Mine stores...
Accts.
1935
-
bottles
443,209
268,567
x
224,297
Accts.
&
hand
1935.
Wages payable...
390,855
235,907
62,690
Deps.
548,024
349,694
$137,214
Profit & loss acct._
Bullion
at
$141,720
-
pay.
crued
$197,028
Containers (barrels,
boxes & bottles)
409,982
20,578
13,070
26,117
Res. for deprec...
391,544
$257,159
stamps
19,477
Cap. stock (par $1)55,239,123 $5,239,123
cos.
at cost
Cash
Bonds
20,443
15,235
26,930
Sheet Dec. 31
55,033,408 $5,024,271
other
336.224
Liabilities—
Accts.
hand
on
Due fr. customers,
after res., &c
$606,961
27,454
1934
banks, in
rev.
Inventories
$163,513
$166,729
Balance
Capital assets
495,592
19,899
10,546
18,495
56,798
--
stock
Liabilities—
1935
27,740
x
Taxes
_
13,749
1,782
on
.
expense..
Administration
12,502
Unused
$524,330
68,121
14,510
.
.
Total profit
Oper., developing &
$521,410
$798,322
sale of
$702,720
in
1936
trans. &
1932
1933
11,560
8,207
Exchange on bullion....
Rents, int., divs., &c..«
Depreciation.
-Earnings-
1934
___
24,327
49,560
35,164
16,128
Balance Sheet July 31
Cash
Kirkiand Lake Gold Mining Co., Ltd.
Calendar Years—
Bullion production
_
Net profit for period.
i.
Earns, per sh. on 200,000 shs. (par $1) cap.
Assets—
on
1935
1,935,703
1,125,838
482,551
$408,885
__
-
Provision for Federal income taxes
Provision for contingencies
3230.
p.
Profit
-
Selling, delivery and administrative expenses-
95,000
Capital stock
Surplus account.
for depreciation of $351 in
reserve
Cost of goods sold.
$623
$635
Bank loans
...51,953,723 $1,831,850
After
1936
!
$2 ,903,654
1 ,586,460
723,646
12,643
59,150
84,473
28,397
252
Pro. pecting eqpt.
& ofllce furn
Total
1935
1936
Accounts payable.
S102.476
21,249
254,537
1,453,335
549
Investments
x
Liabilities—
20,722
477,243
1,453,335
Mining properties.
x
1935
SI,874
-Earnings—
6 Months Ended July 31—
-
(
Cash in bank
Accounts recei v'le.
1235.
p.
Krueger Brewing Co.
Income from sales after excise taxes, discounts &
allowances
Balance Sheet April 30
Assets—
143,
54
....
(G.)
Net profiti
—
July 11
Aug. 8
Sept. 5-_.
3,279
5,795
1,327
Taxes
Apr. 18
June 13--
1933
$16,633,230 $17,182,877 $15,401,157 $14,628,143
16,692,181
14,844,670
17,534,229 "17,609,448
17,380,973
15,231,342
17,939,108
18,072,214
17,354,758
15,314,935
18,545,165
18,300,976
17,135,060
18,562,984
18,801,918
15,952,289
18,303,943
18,032,395
17,483,570
16,026,489
16,792,328
17,000,963
18,729,438
17.203,177
16,083,491
16,167.308
18,914,446
16,639,694
16,894,082
18,087,827
16,602,117
15,159,341
Mar.21
$ 26,445
12,354
3,118
$53,747
Prospecting and exploration.
Reports and examinations.
Expense general
Expense, transfer agency
Traveling expenses
1934
1935
1936
Jan.
_
$5,495
48,252
Dividends
Kroger Grocery & Baking Co.—Sales—
Four Weeks Ended—
25
Feb. 22
1935
$4,169
22,276
1936
Interest
1885
,
Advertising
157,965
service & collec6,912
tion costs (est.).
1,552,801 i Res. for unearned
3,255'
comm. (est.)...
21,416 Preferred stock
i
Due from banks in
1,558
liquidation
z
Common stock
1,649. Surplus
__
1,100,000
775,929
,
Koloa Sugar
Co.—Earnings—
Calendar Years—
1935
Total income
Operating expenses.....
Depreciation
81,801
88,087
1932
$381,576
120,327
64,721
$62,615
60,054
62,864
$196,529
loss$60,302
in 1934.
z
.'
Earns. per sh.
on cap
.stk.
$86,768
$8.67
16,211
$3.62
$19.65
Nil
Comparative Balance Sheet Dec. 31
Assets—
x
1935
Real estate,
1934
Liabilities—
plant
1935
Outstanding drafts
& perm, impts..$1,334,434 $1,300,732 Accounts payable.
Growing crops
423,749
434,419 Am. Factors, Ltd.,
Stock & securities.
mdse. dept
200,440
200,440
Miscell. assets
239,034
250,320 Bango deposits...
Bond disc. &exp__
Hawaiian Tr.
1,964
10,937
1934
$2,856
3,550
Int.
254,505
on
2,480
2,072
858
bonds rec.
accr.
Reserve
1935
income taxi
5,890
11,377
5,237
350,000
16,021
Miscell.
liab
3~78~506
Capital stock
Undivided profits
1,000,000
1,022,071
1,000,000
923,079
Total
x
in
.
..$2,452,163 $2,361,8201
reserves
1934.—V. 141,
for depreciation of
p.
1598.
1932
378,271
$301,934
377,851
def$75,915
4,905,374
$236,409
3,779,458
$4,015,868
630,000
$4,829,458
1,050,000
Profit & loss surplus
$3,224,062
Shs. of capital stock out¬
$3,270,033
$3,385,868
$3,779,458
420,000
$1.39
420,000
$1.22
420,000
$0.56
420,000
$584,030
3,270,033
$3,854,062
Dividends
630,000
standing
(par $25)
Earns .per sh. on cap.
stk
Nil
Balance Sheet Dec. 31
1935
i
Q
5s
opt Q
Plant, mach.&eq. 3,745,798
Inventories
2,662,395
Cash
1,686,405
U.
S.
and
bonds
notes.
4,634,056
Inv. in other sees.
630,002
119,207
1,286,894
Treasury
Total
$2,452,163 $2,361,820
$1,325,492 in 1935 and $1,254,362
1933
$614,681
361,555
$514,165
3,385,868
„
-
Invest, in subs
Accts. & notes rec.
104,224
Prepaid expenses.
...
After
1934
$875,720
.
$3,900,033
630,000
Total
3,486
25,630
Bonds outstanding
$922,061
338,032
.
Net earningsSurplus on Jan. 1
481
~5~053
Territorial taxes
accrued
adjust
23,885
Fed'l
for
res.
Depreciation
744
1,254
14,470'
Cap. stk. tax
171,188
After
Landers, Frary & Clark Co., New Britain, —Earnings—
Profit after
_
1,339
deposits
terest, &c
Factors,
Ltd
$2,709
Accrued wages, in¬
Co.,
Ltd., trustee
American
Meter
2,755
y
Represented by shares of $5 par.—V. 141, p. 1772.
Calendar Years—
Net profit
;
.$3,536,754 $3,475,978
allowance for cancellations and lossas of $1,613,253 in 1935 and $1,830,814
1933
$198,978
81,551.
81,216
Total
$3,536,754 $3,475,978
After depreciation of $650,201 in 1935 and $636,856 in 1934.
x
1934
$256,656
Total...
Total
-
1934
$
14,868,981 14,758,1191
-V. 141, p. 1599.
1935
Liabilities—
1934
$
3,872,084 Capital stock
...10,500,000 10,500,000
2,265,745 Accounts payable,
1,428,296
accrued taxes &
expenses
594,919
438,086
5,041,043 Reserve for con803,531
tingencies
550,000
550,000
120,530 Surplus
3,224,062
3,270,033
1,140,858
86,032
Total.
.14,868,981
14,758,119
Financial
1886
La Salle-Wacker
Corp.—Earnings—
1936
1935
•
$60,766
& other charges_
$79,116
—V. 141, p. 1936.
Langendorf United Bakeries, Inc.—Earnings—
June 29, '35
$5,991,420
June 27, '36
Total net sales
$6,636,432
220,742
x281,738
Gross profit-
Depreciation
311,681
x268,895
37,495
of bond
469,267
265,647
44,973
21,000
55,681
14,325
14,965
Cr5,423
1,139
15.600
Crl6,158
6,724
12,210
2,722
$44,524
$29,035prof $114,7 56
85 J 46
42^220
$44,524
$71,255
sur$29^610
sur$8,870
£>r342
of
assets, net of gains
5,243
7,991
3,621
8.507
expenses.
Net loss
—
diyidends.
Balance, deficit
84,000
Nil
standing (no par)
Earnings per share
84,029
85,146
$1.70
Nil
85,146
$1.10
Includes amortization of leasehold improvements.
Liabilities—
June 27 *36 June 29 '35
$231,490
Accts. receivable..
Inventories:
12,190
34,018
50,893
contracts
580,000
24,011
28,017
33,483
580,000
21,180
Capital stock
2,5~58~286
2,559,075
Paid-in surplus
6,831
9,115
10,954
20,867
Plant & equipment
Deferred charges..
2,287,739
62,561
152,248
b
879
reserves..
Earned surplus.
2,335,964
62,987
.$3,450,486 $3,468,103
$2,994,550
$2,921,643
$2,874,397
Surplus
$2,994,550
Shs.com.stk.out.Cnopar)
828,356
Earnings per share—$1.11
$2,921,643
830,631
$1.08
$2,874,397
830,631
$1.03
$2,776,038
838,026
Adjustments
$1.35
Comparative Balance Sheet May 31
$537,639
Bonds.....!
Accrued interest..
Guar, invest, ctfs.
850,000
on
mdse. pur.
$542,799
$588,353
33,852
29,965
167,000
143,000
207,658
200,000
red revenue
10,604
investments
1935
1936
payable
defer¬
Accr. exp. &
Prov. for inc.tax.
700,000
100,368
1,609,185
3,021
295,621
89,843
50,459
1,711,268
5,646
297,804
Deferred charges.,
79,352
x Capital assets
2,930,888
Adv.
Accts.
$544,131
440,333
369,149
13,062
rec.
Liabilities—
1935
1936
Cash
Total
Dividends
207,089
Reserve on Invest.
200,000
y Capital stock
2,654,422
Surplus
2,994,550
payable
2,696,094
2,921,643
-
2,948,053
$6,845,265 $6,741,159
Less
....$6,845,265 $6,741,159
Total
for depreciation of $1,960,089 in 1936 and $1,708,182 in
Represented by 445,056 (447,331 in 1935) shares of class A stock,
no par value, and 383,300 shares of class B stock of no par value.—V. 143,
p. 1723.
x
1935.
reserve
y
London Canadian Investment
72,900
Corp.—Earnings—
Years End. Dec. 31—
159,757
x
!
Total
$3,450,486 $3,468,103
1935
1934
Income from invest'ts.
y$268,924
x$287,076
Bond int.
(84,029 in 1935)
(111,926 in 1935). both of no par
Lehigh & New England RR.—Equipment Trust Ctfs.—
The Interstate Commerce Commission
on Sept. 12 authorized the com¬
obligation and liability in respect of not exceeding $410,000
equipment-trust certificates, series J, to be issued by the Pennsylvania
Co. for Insurances on Lives & Granting Annuities, as trustee, and sold at
not less than 103.035 and dividends in connection with the procurement of
certain equipment.
v
The certificates were offered for sale through competitive bidding.
In
response thereto nine bids were received, and the highest, 103,035 and
accrued dividends, made by Lazard Freres & Co., Inc., has been accepted,
On this basis the annual cost of the proceeds to the company will be approxi¬
mately 2.32%—V. 143, p. 1562.
investments
.
.
Lehigh Valley RR.—Would Switch $3,000,000 RFC Loans
to Banks—
at
to
pay off by Nov. 1 Reconstruction Finance
amount to effect annual interest savings of at
Corporation loans of that
least $30,000.
In connection with the application, the carrier estimated its 1936 net
income would total $1,222,441.
This would compare with a net deficit of
$1,843,801 in 1935. For the seven months ended with July this year, net
income was reported $289,891.
Upon payment of the $3,000,000 of loans, the road will owe a balance
of $5,500,000 to the RFC.
The collateral to be released under the plan upon payment of the $3,000,-
1932
x$303,242
'
prices
657
5,328
5,485
4,306
$269,582
$292,403
x200,677
$247,109
x200,678
$307,547
17,405
19,042
24,428
18,155
21,555
16,768
652
649
645
601
1,534
2,070
1,655
1,922
2,141
3,015
1,959
1,672
1,529
16,167
42,233
9,596
7,000
7,903
4,500
3,966
4,440
$37,251
z70,721
$30,984
loss$17,826
loes$2,951
t
-
Int. paid & accr. on debs.
Exchange on corp.'s de¬
benture interest...
y173,678
Miscellaneous
x211,275
1,355
..
Int. on loans & carrying
charges
Management expenses.Prov. & municipal taxes.
Trustee,
registrar
and
transfer agents' fees..
expenses.
37,888
10,431
'
,
•
Exchange paid on curren¬
cies other than Can'n.
Dominion, British & oth.
income
'
taxes
Directors' fees
The company, in an application to the Interstate Commerce Commission,
has outlined a plan for borrowing on short-term notes from banks $3,000,000
1933
x$241,623
ctfs. &
Total
pany to assume
-
arrears
stock divs. taken into
b Represented by 84,000 shares class A stock in 1936
and 111,900 shares class B stock in 1936
value.—V. 141, p. 2438.
/
73,948
11,420
Long-term liabil..
Miscell.
950
7,791
Res. for self-insur.
val. life
insurance
Leasehold deposits
$161,149
Real estate purch.
43,118
50,893
10,209
taxes, &c
Total...
$248,577
Federal taxes
Miscell. assets
Goodwill
3,464
res.
$2,929,617
153,579
Other
expenses.
Prepaid insurance,
surr.
$293,475
2,292,194
270,000
requirem'ts
Inventories
June 27 '36 June 29 '35
Accts. pay. & accr.
$172,397
148,390
466,255
12,396
159,842
448,346
Bond int. fund....
Cash
- --
- -
838,377
"
l",069
1933
$14,219,053
1,131,852
$94,895
2,776,038
$47,245
2,874,397
$71,837
2,921,643
Total surplus
Sundry accts.
Comparative Consllidated Balance Sheet,
Assets—
Cash
to present
Assets—
Shares class A stock out¬
x
Surplus
Reduction of invest,
.
„
Previous surplus
Proceeds of life ins. pols<
Profit on sale of bonds..
16,500.
_
Class A
1936
1935
*g34
$16,292,497 $15,497,356 $14,780,558
Net profit
1,084,354
1,039,876
1,061,299
Prov. for Fed. inc. taxes
167,000
143,000
134,000
Add'IFed'l inc. taxes...
16,910
19,000
-----Common dividends _i__
828,607
830,631
832,404
prof $94,160
85,290
10,730
.
Idle plant expenses
Loss
on
disposition
cap.
Ltd.—Earnings—
Years End. May 31—
Sales
disct.
and expenses
Gain on bonds.
Miscellaneous
452,812
277,583
38,841
6,700
—
-
Federal income taxes—
Amortiz.
June 30, '34 July 1, '33
$5,202,310
$4,440,078
Cr78,446
Non-oper. income.Interest
Sept. 19, 1936
Loblaw Groceterias Co.,
6 Months Ended June 30—
Net loss after expenses, deprec.,
Years Ended—
Chronicle
..
-
Net profit for year
—
Securities received, &c Reserve not required—
18",850
244", 135
213,151
212,128
215,079
$352,107
$244,135
$213,151
$212 128
Previous surplus
Rev. surplus Dec. 31.
x
on
Includes interest of
$16,629 in 1934, $4,508 in 1933 and $5,691 in 1932
corporation's gold debentures, series A 4}^%,-1948, repurchased during
the year and canceled,
y Includes $1,437 interest on corporation's deben¬
tures owned by it.
Discount on corporation's debentures purchased and
000 of loans is the following:
canceled has been credited
$5,000,000 Lehigh Valley gen. consol. mtge. 5s; $2,000,000 Lehigh-Buffalo
first 4j^s; $26,000 Buffalo Creek ref. 5s; $250,000 Easton &
Northern 1st mtge. bonds; $1,164,500 Lehigh Valley Coal Co. 6% notes
due 1938; $2,910,150 Coxe Brothers & Co., Inc., stock; $400,000 Ironton
RR. stock; $7,500 Beck Brown Real Estate Co. mtge.; $486,000 Lehigh
Warehouse & Transportation Co. mtge., and $100,000 Roebling Coal Co.
respect of interest and dividend arrears, applicable to prior periods, at
realized values in respect of those sold and at prices ruling at date of re¬
Terminal
mortgage.
on pledge with RFC to secure the
remaining loans would be the following:
$6,000,000 Lehigh Valley gen. consol. 5s; $3,000,000 Lehigh-Buffalo
Terminal first 4Ms, and $1,000,000 Lehigh Valley Coal 6% notes.
Total
market value of these securities was placed at $8,780,000, which the road
said would constitute adequate collateral for the balance of loans.
The road has been in negotiations with bankers, the application states,
and has been advised that one or more of them will lend it $3,000,000 at
a rate of interest at least
1% lower than that of the RFC.
The RFC loans bear 4 % interest. The remaining loans mature $4,000,000
on Jan. 1, 1938, and $1,500,000 on
April 29, 1938.—V. 143, p. 1404.
Lincoln
Printing Co.—Resumes Common Dividends—
The directors have declared
a
dividend of 25 cents per share on the com¬
stock, payable Oct. 15 to holders of record Sept. 29.
the first distribution to be made on this issue since Feb. 1,
mon
regular quarterly dividend of 50
Years Ended Feb. 28—
Net operating loss
Interest and discount
_
Net loss_--Bond interest
-
_
_
1934
1933
$98,725
42,301
_
1935
$135,388
50,279
$161,392
65,115
.prof$12,008
•
25,683
$56,424
38,535
$85,108
49,686
$96,277
58,719
14,184
14,713
16,548
17,622
500
500
500
$28,359
$110,172
$151,843
$172,618
39,951
$28*359
$110,172
$151,843
$212,569
.
V
•
_
investment.
Cash
x
1934
1935
$18,508
31
.
'
'
1935
Int. accr. on
$2,088
cost, less Invest,
1934
$14,216
$14,473
4K%
debentures
Pay. on sec. pur..
9,807,132
reserve...
Accounts recelvie.
3,146
bonds
1,060
650,000
3,791,000
725,000
3,859,500
tingencies.
100,000
5% cum. pref. sha. 3,934,400
y Common shares1,000,000
Revenue surplus..
352,107
4,000,000
1,000,000
Gold debentures..
23,425
Rec.
Reserve
32,237
$9,879,469
_
dividends
_
_
Deficit transf. to surp.
Comparative Balance Sheet Feb. 28
Assels—
1935
1936
Cash
Accts. receivable
$16,007
1,325
60,000
508,901
Other accts. rec'le.
2,131
Accrued interest.Call loans
Inventories
for
con¬
-
$9,946,5481
Total..
Liabilities—
1936
100,000
547,151
Bonds
1,226
133,268
Preferred stock
143,518
1,054,986
accruals
1935
Reserves..
$27,408
400,000
120,494
498,300
829,134
12,000
14,498
$22,385
500,000
107,101
515,200
11,050
Deferred charges..
Loomis-Sayles Second Fund, Inc.—15-Cent Extra Div.—
The directors have declared an extra dividend of 15 cents per share in
addition to the regular quarterly dividend of 10 cents per share on the
common stock, both payable Oct. 1 to holders of record
Sept. 14.
Similar
payments were made on July 1, April 1, and Jan. 2, last.—V. 142, P. 4024.
Los
Angeles Ry. Corp.—New President—
,
Lucius S. Storrs has been elected President of this company,
succeeding
Saimuel M.
Haskins, resigned.—V. 143,
p.
1236.
Loomis-Sayles Mutual Fund, Inc.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 50 cents per share on the
common
stock, both payable Oct. 1 to holders of record Sept. 14.
Like
were paid on July 1, last.
An extra dividend of 25 cents was paid
April 1, last; $5 per share on Jan. 2, 1936 and an extra dividend of 50
cents was distributed on Jan. 2, 1935.
dividends
y
Common stock--
Accrued interest--
Surplus
i
829,134
15,000
23,536
Earnings for the Fiscal Year Ending June 30, 1936
Income—Dividends
Interest
on
$35,624
4,757
bonds
Total income
$40,381
11,005
Management fees
Custodian & transfer agent fees & expenses
Balance of organization expenses charged off during the year..
Miscellaneous expenses
Total
$1,901,834 $2,012,357
Total.
...$1,901,834 $2,012,357
After deducting reserve for cancellation of
$64,720 in 1936 and $66,433
1935.
244,135
$9,879,469 $9,946,548
x On the basis of market
quotations in the case of quoted securities and
of prices considered fair by the directors in the case Of securities not cur¬
rently quoted, the value of the securities owned by the corporation at the
close of the year 1935 was $6,231,795, and in 1935 was $5,309,876.
y Rep¬
resented by 350,000 no par shares.—V. 141, p. 1773.
Accts. payable and
2,096
Fixed assets
n
100,000
on
$19,830
1,325
113,003
143,518
1,054,852
Investments.....
x
~
3~440
Accounts payable.
Demand loan (sec.)
18,445
in respect of
securities sold..
36,685
Accrued liabilities.
9,916,057
4,978
on
Total...
Dec.
Liabilities—
Bonds & stks. at
Accruetfinterest
Securities received in
z
-
Total loss
Preferred
x
Assets—
adjustment
Reserve for depreciation
i
Prov. for floating insur.
as
Balance Sheet
-Earnings-
1936
$33,525
45,533
_
_
-
This will be
1932 when a
paid.—V. 142, p. 3858.
cents per share was
(C. W.) Lindsay Co., Ltd.-
Tax
ceipt in respect of those held
,
The collateral which would remain
to investment reserve,
y
Represented by 33,088
no par
shares.—V. 141, p. 1442.
See list given on first page of this department.
deprec., amortiz., &c.
—V. 143, p.
116..
1936—3 Mos.—1935
$2,995,205
$3,290,656
101,302
41,006
10,136
Net profit
on
securities sold
Total profit
Provision for Federal income &
Dividends paid
Loft, Inc.—Earnings—
Period End. June 30—
Net sales...
Net
loss
after
taxes,
430
taxes
Excess of income from dividends & interest
Literature & Art Publishing
Co.—Registers with SEC—
2,980
3,488
Provision for Federal capital stock and Massachusetts excise
i
over
...
expenses—
$12,341
147,110
$159,451
excess
profits taxes.
18,606
37,994
1936—6 Mos.—1935
$5,497,465
325,800
$5,984,701
'
•
93,205
Excess of inc. & realized prof, over exp. & divs. paid for year
$102,850
Note—The value of securities held, based on market quotations, was
$250,342 in excess of cost as of June 30, 1936, as compared with an excess
of $12,055 at June 30, 1935.
Volume
143
Financial
Chronicle
1887
Comparative Balance Sheet—June 30
Assets—
1936
1935
Liabilities—
Securities at cost—
Common
5184,517
Preferred stks..
Bonds
205,669
122,111
Fed.
1935
1936
$14,958
$778
&
State taxes, &c_
144,187
14,958
5,326
2,025
for
1,338
343,030
28,150
2,040,908
778
Capital stock
P. R.
4,234
deposit for
on
div.
Prov.
6,930
Cash in bank
Cash
.
Div. payable
stks..$1,733,925
payable-.,
Dlvs.
receivable.Acer. int. receiv.--
427
Mallory & Co., Inc.
Indianapolis, Ind.
.
584
Organiz. expenses-
■>'.
Total-.*.
$2,084,016
-V. 142, p. 4024.
3,488
8345,148
Total
COMMON
$345,148
$2,084,016
STOCK
Louisville Gas & Electric Co.—Bonds Called—
:• *
All of the outstanding 1st and ref.
mtge. 4^% gold bonds series G and
1st and ref. mtge. 30-year
5% gold bonds series A have been called for
redemption.
The series O bonds will be redeemed on Nov. 10 at 105 and
interest and the series A on Nov. 1 at
110 and interest.
Payment on both
issues will be made at the Harris Trust &
We liave prepared an analysis of the above
Savings Bank, Chicago, 111., or
Bank, of New York City.—V. 143, p. 1405.
at the Chase National
Louisville & Nashville
RR.—Definitive Bonds Ready—
The
McGraw-Hill
whose special electrical appliances
company
and services
company announces that on and after Sept. 16 it will exchange
definitive 1st & ref. mtge.
3%% bonds, series E, dated Aug. 1, 1921, due
April 1, 2003, for outstanding
temporary bonds of the same series and issue*
upon surrender of temporary bonds at the office of
the company, Room 90i«
71 Broadway, New York
City.—V. 143, p. 1564.
\
•
.
,vv*f
Bought—Sold—Quoted
are
used in the manufacture of
automobiles, radios, refrigerators and rail¬
road
signals.
^
.
,
'•
Publishing Co., IncEarnings—
8 Months Ended Aug. 31—
Net income after all
1936
1935
$565,225
$374,330
Analysis
charges including provision
__^rnornml Federal income tax-____.
...
_
upon
request
McKay Machine Co.—Extra Dividend—Larger Reg. Div.—
on
The directors
Sept.
15 declared
an
extra
share in addition to
dividend of 35 cents per
a quarterly dividend of
25 cents per share on the com¬
stock, both payable Oct. 1 to holders of record
Sept. 20.
Previously
regular quarterly dividend of 20 cents per share were
paid.
In addition an
extra dividend of 20 cents was
paid on Aug. 1, last,—Y. 143, p. 593.
Campagnoli & Company
mon
Incorporated
(Arthur G.) McKee & Co. —Extra Dividend—
41 Broad Street
New York
The directors have declared an extra
dividend of 25 cents per share in
addition to the regular
quarterly dividend of like amount on the no par
class B stock, both payable Oct. 1 to
holders of record Sept. 20.
Similar
were
V. 142, p. 4183.
paid July 1 and Jan- 1. 1936 and
Oct. 1, 1935.—
on
(P. R.) Mallory & Co., Inc. —Status, &c.—
Campagnoli & Co., Inc., New York, have issued a circular
describing
this company, whose special
appliances and services are used in the auto¬
motive, radio, electrical and industrial fields.
The circular affords the
following:
loans outstanding under the so-called $1,400,000 extention
agreement, which
amounted on April 30, 1935 to $599,880.
This was made possible by the
large cash surplus realized from the sale of the 1934-1935 crop.
Such
liquidation was completed on Feb. 21, 1936, shpwn in the following
schedule:
Indebtedness:
,
•
>
„.
Principal of loans outstanding April 30, 1935
Interest accrued from April 1,1935 to Feb. 21, 1936---
$599,880
31,498
....
Histo/jj—Organized in 1916
as a New York corporation.
In 1925 the
Elkon Works of tne General Electric Co. were
acquired and a subsidiary,
Elkon Inc.., was formed.
Knapp Electric, another subsidiary, was or¬
ganized to manufacture fans, motors and electrical
toys and appliances.
Until 1929 manufacturing was carried on in
plants at Port Chester,
N. Y., and Weehawken, N. J.
These facilities were found inadequate
and in March 1929 the
company consolidated all manufacturing at Indi¬
anapolis, Ind., in a plant acquired from the General Electric Co. In 1931
the Yaxley Manufacturing Co.
(111.) was purchased and another subsidiary,
Yaxley Manufacturing Co. (Ind.), was formed. In 1935 P. R. Mallorv &
Co., Inc. (Del.) was formed, taking over all subsidiaries. Thus P. R. Mal¬
lory & Co., Inc., became both the holding and operating
company.
In 1929, for the purpose of
plant expansion, moving expense and equip¬
ment invastment, the
company did some financing through the sale of a
block of stock which was offered
publicly by bankers at $45 per share.
Prior to that, the company stock was held
by a small group.
The company is one of the
leading manufacturers of electrical and ignition
contacts, rectifiers for railway signal and industrial
purposes, vibrators,
and special electrical parts used by the
automotive, radio, electrical refrig¬
erator and kindred industries. *
Company also specializes in the field of
welding alloys and electrodes used in the automotive
industry, and in the
construction of streamlined trains, &c.
Directors-—P. R. Mallory (Pres.), J. E. Cain
(Vice-Pres.-Treas., R. C.
Hunt, C. D. Mallory, E. C. Munson, J. B. Smull and R.
F. Sparrow
(Vice-Pres.).
Capitalization
"
Authorized
Outstanding
Capital stock (no par)..
200,000 shs.
144,430 shs.
♦Collateral 6%, 1939 (owned by General
Elec.).$696,000
$419,000
♦Original amount of bonds outstanding $696,000; of these
$550,000 were
given to General* Electric in payment for the plant now
occupied in In¬
dianapolis.
:
*
,
Note—It is understood that this indebtedness will be reduced to
approxi¬
;
mately $320,000 by Dec. 31, 1936.
Transfer agent, City Bank Farmers Trust Co.,
National City Bank, New York, N. Y.
Net sales
,
New York; registrar.
Consolidated Income Account for Calendar Years
1935
1934
Sales costs, administration & gen.
exp.
$4,165,361
3,618,518
•
$3,131,241
2,794,735
1933
52.313,973
2,308,413
Fee of trustee—
500
Expenses of trustee
21
.
Total indebtedness-
—
—
*
$631,899
Paid Off by Application of:
on hand April 30, 1935
J
Cash
Realizations from pledged "Sugar Stabilization" bonds
Surplus coll. transfd. from 1934 dead season loan agreement
$1,107
8,817
621,975
$631,899*
As
the
a
result of the repayment of the $1,400,000 extension agreement loans,
between the $3,994,600 of subordinated bonds and the
distinction
$1,506,300 of unsubordinated bonds outstanding under the company's
1st mtge. has been eliminated, and all bonds now stand on an equal footing.
1935-1936 Crop Operations and Outlook—The financing of the 1935-1936
crop was accomplished by means of the usual two agreements, a 1935 dead
season loan agreement with the 7-member
banking group known as the
lending banks, and a 1935-1936 sugar acceptance credit agreement with the
6-member banking group known as the accepting banks, both of which were
made as of May 15, 1935.
The dead season agreement provided for ad¬
vances not in excess of $535,000 for the expenses of
operating the company's
business during the 1935 dead season.
The acceptance credit agreement
provided for borrowing on drafts, secured by the pledge of sugars, up to
a maximum of $980,000 at any one time
outstanding, to finance the expenses
of grinding and selling the 1935-1936 crop.
It also provided for advances
for original and variation margins, but, as no sales were made on the
sugar
exchanges against the 1935-1936 crop, no borrowings for margins were re¬
quired.
The dead season loans bore 6% interest, as in previous years, but
tne interest rates under the 1935-1936 sugar acceptance credit agreement
were reduced from 6% to 5% on drafts, and from
6% to 3 H % on margin
advances.
The loans under these two agreements outstanding as of June 1,
1936, were refunded in connection with the 1936-1937 financing.
Terms of New Financing—By its order entered on May 28, 1936, the
Court authorized the receiver to continue the operation of the business of
the company until July 1, 1937.
By the same order the Court approved the
agreements with the banking groups, entered into by the receiver for the
purpose of financing the dead season and grinding season expenses of the
1936-1937 crop.
Such agreements, a
1936-1937 sugar acceptance agreement and a 1936
lien agreement, depart substantially from the financing agreements
Because of the improved financial position of the re¬
ceiver, its obligations under the 1935-1936 sugar acceptance credit agree¬
ment and the 1935 dead season loan agreement being secured (as of
May 31,
1936) by collateral with an estimated realizable value of more than $500,000
in excess of such debts, it was not necessary to make a dead season
agree¬
ment in the usual form.
Arrangement was made in such agreements
whereby this excess collateral value was made available as security for drafts
drawn to meet the receiver's expenses during the 1936 dead season, to the
extent that such collateral value is sufficient for that purpose.
The re¬
mainder of its expenses during said dead season will be secured by notes
issued under the 1936 crop lien agreement.
The 1936-1937 sugar acceptance agreement provides for a maximum of
$2,600,000 of drafts at any one time outstanding, of which not more than
$1,000,000 shall represent the refunding of 1935-1936 obligations, not more
than $600,000 are available in respect of borrowings during the dead season,
and not more than $1,000,000 may be drawn in respect of borrowings after
the commencement of the 1937 grinding season.
The 1936 crop lien agree¬
ment provides for advances up to $200,000 at any one time outstanding to
be made during the 1936 dead season, subject to the condition that the
total of such advances and of the drafts drawn during the dead season under
the sugar acceptance agreement (other than the refunding drafts) shall not
exceed $600,000. 1 If the collateral value of the 1935-1936 sugars now
pledged proves to be sufficient to permit borrowings under the sugar ac¬
ceptance agreement during the dead season to an amount sufficient to pro¬
vide for the receiver's expenses in the dead season, it will not be necessary
to borrow under the 1936 crop lien agreement.
On the basis of present
market prices, however, it seems likely that the collateral value of sugars
now on hand will not be sufficient to permit all of the dead season borrowings
crop
Operating profit
$546,844
Miscellaneous deductions (net)
Federal taxes—
:
_
Surplus for
$336,506
19,362
46,000
$271,144
year
$462,036
$3,19
Earned per share.-
$4,632
$2.05
1,787
83,021
_
$5,560
$0.04
928
It is understood that current earnings are
satisfactory and that sales and
earnings for the first six months of 1936 showed an improvement over those
of the corresponding period for 1935.
Dividends—The
dividend policy has been a conservative one as the
management has deemed it advisable to build up a
strong cash position,
reduce bonded indebtedness and make plant improvements.
This has been
done.
During 1936, and including the third quarter of 1935, the
company
has paid a quarterly dividend of 10 cents
per share.
This 40-cent annual
rate, of course, represented but a small portion of 1935
earnings, therefore
with an increased business and
continuing earnings it seems reasonable
to
expect larger dividends at
an
Parly date.
Consolidated Balance Sheet
Assets-
Cash In banks and
of Dec. 31, 1935
Liabilities—
hand.--
$176,831
Notes and accts. receiv. (net)Inventories
355,218
395,304
60,261
Prepaid
as
on
exp. & deferred chgs_-
Due from officers & employees
Sundry accounts receivable
Investments
78,226
1,082
155,681
Property, plant and equipment
Notes payable—bank
Notes payable—other
$100,000
40,450
Accts. payable & accrued exp.
Reserve for Fed. income tax__
6%
10-year collat. trust gold
bonds due Feb.
Interest
accrued
1, 1939
on
419,000
funded
debt due Feb.
727,735
(less depreciation)-.
Patents, licenses & trade
names
1, 1939
Res. for inventory obsolescence
1
Common stock (144,430
shs.).
Capital surplus
Earned surplus
Total.—
203,568
86,000
$1,950,341
64,300
20,000
144,430
519,951
352,641
of previous years.
to be made under the sugar
drafts drawn under the
Total
$1,950,341
-V. 141, p. 3541.
Manati Sugar Co.—Receiver's
Report
on
Operations—
receiver of the company recently submitted to the
report (No. 12) on the conduct of the business of the
company and the condition of its properties.
The report covers operations for the 13 months ended
U. S. District Court
as
a
May 31,
1936,
brings up to date the general summary of the results of the receivership,
and deals with the problems connected with future
operations and reorgan¬
ization.
(
•.
•
,
Liquidation of $1,400,000 Extension Agreement—The most important
development of the past year was the paying off of the
pre-receivership
some
borrowings
1936-1937 sugar aaceptance agreement are to be
discounted at the rate of 4%
per annum, a reduction of 1% from last
reduction of 2 % from that of the years prior to 1935.
The
rate on advances for original and variation margins has been reduced from
3 Ms to 3%.
The 1936 crop lien agreement notes bear 5% interest, a re¬
duction of 1% from the rates for dead season loans of the preceding years.
For the purpose of making these interest rates effective as to all of its out¬
standing obligations, and also for the purpose of simplifying the receiver's
debt structure in anticipation of a reorganization, the 1936-1937 sugar ac¬
ceptance agreement provides for the refunding, by drafts drawn thereunder,
of ail drafts outstanding under the 1935-1936 sugar acceptance credit agree¬
ment and of all notes outstanding under the 1935 dead season Joan agree¬
ment.
These refunding drafts bear interest at the rate of 4%, and thus
the refunding effects a reduction of 1% in interest on the acceptance credit
year's rate and
Irving Trust Co.,
acceptance agreement, and that
under the crop lien agreement wili be necessary.*
Because of its improved position and the better condition of the sugar
market, the receiver again attempted to secure lower interest rates from
the banks; this year it was successful in securing substantial reductions.
All
a
1888
Financial
drafts and of
2% on the dead season notes.
In prior years the better se¬
cured acceptance drafts were paid off prior to liquidation of the dead
season notes.
Under the new arrangement, provision has been made for
refunding of the crop lien notes, bearing interest at 5%, by acceptance drafts
bearing interest at 4%, as soon as sufficient sugars have been manufactured
in the 1937 grinding season to afford the necessary collateral for such re¬
funding drafts.
The receiver contemplates that it should be in a position
to effect such refunding by April, 1937, with a consequent saving of interest
thereafter until liquidation of the crop.
On June, 1, 1936, there were outstanding under the 1935 dead season
loan agreement notes aggregating $478,588, and there were outstanding
under the 1935-1936 sugar acceptance credit agreement drafts in the ag¬
gregate principal amount of $386,700.
On that date, the receiver drew
drafts in the aggregate principal amount of $386,700.
On that date, the
receiver drew drafts under the 1936-1$37 sugar acceptance agreement in
the amount of $863,533 and applied the proceeds thereof to the satisfaction
of such notes and drafts and thereby liquidated said agreements.
The
discrepancy of $1,755 represents the amount credited on account of prepaid
interest on the refunded obligations. «
Reorganization of the Company—In report No. 10 the receiver discussed
various problems bearing on reorganization, and stated that, subject to
continuation of the favorable conditions in the sugar market, the time was
close at hand when serious consideration should be given to the working
out of a plan of reorganization.
The receiver is advised by the bond¬
holders' protective committee that it has been at work for some time on a
reorganization plan which it expects to submit to the security holders as
soon as the committee is satisfied that it is in agreement on a
plan which
can be worked out from a procedural standpoint, in view of the
complica¬
tions introduced by the Cuban law.
It is hoped this plan will be submitted
at an early date.
Consolidated
Profit
Loss
and
Account
Year
Ended
Oct.
Chronicle
Sept. 19,
Merck & Co., Inc.-—Dividend Doubled—
directors have declared a dividend of 20 cents per share on thestock, payable Oct. 1 to holders.of record Sept. 21.
Previously
regular quarterly dividends of 10 cents per share were distributed.—V. 142,
p. 3859.
The
common
Mergraf Oil Products Corp.—Registers with SEC—
See list given on first page of this department.—V. 143, p.
Miami
Valley
b. basis
Molasses sales...
__
•-
__
Miscellaneous income.
Operating
expenses,
f.
—
o.
b. basis....
1934
Profit on operations—Ms
action
new
his bonds
to
profit
170,214
Balance of profit, before interest, &c_
Interest on bank loans
Other interest
$476,395
...
83,216
17,100
412,568
:
on^first mortgage bonds....
Proportion of discount and expenses on bonds
Interest
Interest
Loss
on
21,813
U. S. income tax claim
4,808
property retired from service:
Manati Sugar Co.
93,740
loss$8,84387,776
are
a
part.
Operating revenues __—
Uncollect, oper. rev..;..
1936—-Month—1935
1936—7 Mos.—1935
$3,094,441
$2,710,074 $20,917,290 $18,727,258
1,540
93
22,361
37,062
$1,900,441
357,046
Period Ended July 31—
4,808
119,401
10,287
4,530
6,249
104
2,917
8,525
4,012
195,384
87,381
206,943
88,101
1934
liabilities:
300
pending
43,766
13,873
_
101,453
14,351
molasses contr..
33,085
on
hand...
921,130
138,317
7,124
342,371
1,876,257
20,530
Special deposit...
Mat'ls & supplies.
Advs. to Colonos.
Co. owned
cane
Sinking fund de'fd
charges, j.
177,645
4,684,778
Deficit
Total
s
6,159
66,939
172,782
6,695
109,681
7j^s._ 5,500,900
5,500,900
liabilities:
1st mtge.
21,029
487,860
658,099
3,171
1,131,383
138,317
7,416
362,081
1,949,639
interest
1,890,935
336,555
Pur. money mtges.
Secured
notes
7%
614,915
148,554
3,500,000
payable.
cum.
pf. stk...
641,341
158,516
3,500,000
207,755
4,213,599
Total
22,631,662 23,000,303
....22,631,662 23,000.303
-V. 142, p. 1822.
1936
1935
1933
1934
$500,216
1,962
Total income..
Gen.', adm. & sell,
exps
.
Prov. for Fed. inc. tax..
Net profit
Preferred dividends *
...
Surplus.
$429,754
14,166
$499,632
9,333
$442,745
8,780
$502,178
392,670
14,600
$443,920
411,580
3,500
$508,965
425,072
7,800
$451,525
$94,908
7,985
$28,840
8,325
$76,092
8,911
loss$3,682
$86,923
Other income
1936
Fixed assets
§579,436
234,950
Cash
$20,515
$67,181
notes receivable.
life insur.policies
Processing tax
fund
57,039
39,814
41,610
34,260
_
Common stock.
$107,300
371,506
_
Accts. & exp. pay.
Reserve for Federal
27,834
$117,300
371<506
27,140
income tax
Real estate mtge..
Earned surplus...
533,087
3,500
22,500
450,042
Donated surplus..
300
300
$1,069,627
$992,289
14,600
15,000
Represented by 53,072
32,607
$992,2891
no par
Total
shares.—V. 141, p. 2120.
Maryland Fund, Inc.—Net Asset Gain
Net assets of $9,524,054 for the quarter ended Aug. 31,1936, are reported
by the company.
This is an improvement of $1,675,806 over net assets
at close of previous quarter, and a $6,625,000 gain over total net assets
of $2,899,054 reported for the quarter ended Aug. 31, 1935.
The Fund's investments had a market value of $9,266,500, as .against
a cost figure of $7,850,695.
The difference represents unrealized appre¬
ciation of $1,415,804.
estimate
of surtax
Power & Light
Co.—Accumulated Divs.—
have
Missouri-Kansas-Texas
RR.—Bond Interest—
Interest on the adjustment bonds, which has not been paid since Oct. 1,
1934, will not be paid on Oct. 1, it was announced Sept. 15.—V. 143, p. 1406.
i
H.
A.) Montgomery Co.—-Initial Dividends—
The directors have declared an initial dividend of 25 cents per share
and
dividends of like amounts on the common stock,
These dividends will be paid on Sept. 30, Dec. 24, March 31,
1937 and June 30, 1937 to holders of record Sept. 15, Dec. 14, March 15,
1937 and June 15, 1937, respectively.—V. 143, p. 1407.
three additional quarterly
par
$5.
Monthly
Income
Shares,
Inc.—-Court Proceedings—
The following is taken from the Newark "News" of Sept. 8:
Willingness of new officers of Monthly Income Shares, Inc., to buy
back at substantial price shares sold to the public probably does not entitle
them to lifting of a restraint against doing business in or from New Jersey,
Vice Chancellor Stein ruled today.
Mr. Stein reserved decision after pointing out to John Milton, counsel
for the concern and some other defendants, that charges of fraud made
by Assistant Attorney General Kesselhaut had not to date been denied.
He also directed Air. Milton to have his clients file answers or affidavits,
if any, by Sept. 11.
Air. Milton proposed
the Court permit his clients to do business on the
that they would repurchase for 75 cents a share stock sold to the
public at $1.20.
Mr. Stein replied he doubted the Court's authority to
basis
accept any such proposal.
Air. Milton said his clients were new in the company and knew nothing
alleged fraud in the sale of the stoek.
Mr. Stein raised the question
clients hadn't known when they bought into the concern
whether these
that it was paying dividends from some source other than earnings.
Air. Milton pointed out the present book value of the stock is
68 cents
a
about
share, and added he doubted the receiver could realize 40 cents
share
Samuel I. Kessler, appointed receiver for the concern by Mr. Stein
July 30, admitted he could not realize 68 cents a share in liquidation.
Mr. Milton said his clients were willing to put up the money to repurchase
shares at 75 cents, provided the money would be returned to them in
case the Court did not approve their plan for reorganization.
Air. Stein
told him to deposit the money with the receiver as evidence of good faith.
Air. Alilton then offered to dissolve the concern so there wuold be noneed for a restraint.
Mr. Stein replied Mr. Milton's clients had no right
to act in any corporate capacity, whether to dissolve or not,
while the
restraint was in effect.
He directed Air. Milton to let the record show the
doubted his
authority to avoid restraining the sale of securities by the defendants if
the fraud in the sale of stock is proved.
The company has offices at 15 Exchange Place, Jersey City.
Mr. Milton
represents the concern and Kenyon & Co. and Donald P. and CharlesRussell Kenyon, who also are defendants.
Murray Ohio Mfg. Corp.—(S0-Cent Dividend—
a
dividend of 30 cents
per
share
on
the com¬
stock, payable Oct. 1 to holders of record Sept. 25.
A like distribution,
on July 1, last, this latter being the first distribution made on.
the common stock since Oct. 1, 1930.—V. 142, p. 4028.
was
made
Narragansett Electric Co.—Files Recapitalization Details
1935
2,541
-—$1,069,627
$3,959,899
$3,658,892
on undis¬
Revenue Act of 1936.—V. 143, p.
for
with SEC—
1936
Preferred stock
x
directors
The directors have declared
48,200
re¬
Deferred charges.
x
76,642
61,886
claims
Other assets
Total
69,028
53,304
$479,831
above
mon
Liabilities—
1935
$597,105
133,492
$447,438
included
declared dividends of $2.34 per share on the 7%
pref. stock, par $100; $2 per share on the 6% cum. pref. stock, par
$100, and $2 per share on the no par $6 cum. pref. stock, all on account
of accumulations and all payable Oct. 1 to holders of record Sept. 11. Similar
payments were made on July 1, last.
Dividends at the regular quarterly
rate were paid on April 1 and Jan. 2, last, and on Oct. 1, 1935.
For detailed
record of dividend payments see V. 141, p. 1774.—V. 143, p. 1406.
loss$3,G82
Customers' accts.&
Mdse. inventory..
Cash surrender val.
Minnesota
455,208
Consolidated Balance Sheet July 31
Assets—
——
deduction
1936—7 Mos.—1935
$7,709,954
$6,695,084
96,905
677,467
Dr452,315
Drl72,587
382,106
250,429
3,125,476
3,235,874
present and old officers, and also to note the present offer.
Even if the creditors might benefit, Mr. Stein said, he
(B.) Manischewitz Co. (& Subs.)—EarningsYears Ended July 31
Gross profit
Net deficit
Note—No
tributed profits as imposed under the
ct
accrued int
Accts.
1,478,367
286,062
&
Com. stk. (100,-..
000 shares)
10,000,000- 10,000,000
63,031
1936—Month—1935
$1,225,389
$1,153,499
203,241
135,147
61,522
34,594
Other income, net—Dr.
54,977
33,425
Int. on funded debt, Dr.
475,535
459,448
revenues
Net railway revenues
Net after rents
of the
Unpaid 1st ratge
sugar contracts
Sugars
2,637
51,537
Delivery exps.
Ba ance pending on
Notes receivable..
512,531
sugars
Accts. payable
Sal. & wages.
Co.
on
notes
Against
14,014
122
Accts. receivable.
$
Secured
Cash.
1934
liabtl.:
Current & accr'd
14,772,761
3,478
_
Investments
Bal.
Liabilities—
Receiver's
stabiliza¬
tion bonds.
[Excluding Wisconsin Central Ry.]
$990,716
Consolidated Balance Sheet Oct. 31
1935
sugar
$4,084,733
$5,449,686
cum.
168
$483,356.
Property & plant. 14 ,369,183
Rep.of Cuba 5}4 %
$588,183
Period End. July 31—
Total
784
Consolidated Deficit Account as at Oct. 31, 1935—Deficit: balance, Nov. 1,
1934, $4,213,599; add: Colonos accounts written off, $17,513; adjustment
rent on lands covering period 1933-1934, $7,292; Net loss for year ended Oct.
31, 1935, per profit and loss account, $483,356; total, $4,721,760.
Deduct:
cancellation of Cuban public works tax on bond interest, $24,004; addi¬
tional proceeds from sugars delivered to the National Sugar
Exporting
Corp., $2,986; additional proceeds of sugars, 1933-1934, $7,476; Excess
reserve to cover handling charges on sugars, crop
1933-1934, $2,216; income
of the Cia. Terrateniente y Urbanizador del Puerto
Manati, S. A., ap¬
plicable to past fiscal years, $300; balance, deficit Oct. 31,1935, $4,684,778.
$
$835,414
operating income.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.
120,212
178
...
$
$1,797,896 $12,964,057 $12,398,835
323,902
2,481,186
2,206,628
143, p. 762.
The
_
Assets—
..
762, 1406.
Ferrocarril de Tunas, S. A
Adjustment in the value of 393 shares of the capital
stock of the Cuban Sugar Finance & Export Corp
Depreciation of company owned cane not ground.
Expended out of trust deposit with bondholders'
protective committee
Adjustment in valuation of materials and supplies
and working capital assets—net of income.
Loss on company Colonos written off
Reserve for depreciation of plant and equipment:
Manati Sugar Co
Ferrocarril de Tunas, S. A
1935
Net
-Y.
19,978
412,568
21,813
on
.
Ohio—
throw
Michigan Bell Telephone Co.—Earnings—
19,079
$301,335 loss$103,743
4,846
1,160
Ferrocarril de Tunas, S. A.
1564.
Franklin,
allegedly is in default of interest since May 1, 1932.
In a suit filed Aug. 28 Mr. Leyes included as a defendant the Ohio
Citizens Trust Co., Toledo,. Ohio, as trustee under a mortgage executed,
by the paper company to secure $70,000 in 1st mtge. gold bonds of which
$1,318,551
1,422,294
Interest earned
Co.,
the company into receivership was entered in
U. S. District Court at Cincinnati Sept. 2 by James B. Leyes, Detroit,
Mich., who says he is the holder of eight $1,000 1st mtge. serial 6% gold
bonds, executed by the company Nov. 1, 1927, upon which the company
A
$1,176,895
122,577
$2,053,120
1,751,785
_
Paper
Bondholder Files Ne% Suit—
_ _
1935
$1,884,788
160,564
7,768
■
,
o.
Coated
Operating expenses.
Operating taxes.-..—
31
■
Sugar sales, f.
1936-
During the quarter, initial investment was made in the common stock
of Pullman, Inc. (1,100 shares), and holdings of Standard Brands, Inc.,.
were eliminated (4.100 shares).—V. 143. p. 1406.
a
The company (controlled by New England Power Association) has filed
declaration with the Securities and Exchange Commission under the
Public
Utility Holding Company Act of 1935 in connection with the
company's plan to divide its existing 482,487 shares of capital stock into
two classes, consisting of 200,000 shares preferred ($50 par) and 282,487
shares common ($50 par).
In this connection, company will issue $10,000,000 preferred stock in
substitution for a like par value of its existing capital stock.
Company
states it plans to register the preferred under the Securities Act of 1933
but not under the Securities Exchange Act, as no listing of the stock is
planned at this time.
Upon division of the company's securities, its capitalization will consist
of 282,487 shares common and 200,000 shares of preferred.
In addition
there will be $34,000,000 3H % 1st mtge. bonds now outstanding.
The declaration points out that the dividend requirements on the pro¬
posed preferred stock will be $450,000 annually.
Earnings for the 12
months ended July 31, 1936, available for dividends were $2,309,727,
which amount is over five times the dividend requirements on the proposed
preferred stock issue.
The declaration points out that such earnings
reflect only in part the reduction in interest charges by reason of the
issue in July, 1936, of mortgage bonds at a lpwer coupon rate than bonds
theretofore outstanding.
1
Company states that it understands Rhode Island Public Service Co.,
the sole holder of its present capital stock, proposes on creation of the
,
,f
^
,
Volume
143
Financial
■
Chronicle
preferred issue either to exchange it for outstanding preference stock of
Rhode Island Public Service Co. or to use the
proceeds to retire such
preference shares to the extent of the proceeds and that the Rhode Island
Public Service Co.
proposes through a bank credit to obtain other
to complete the retirement of its
preference stock held by the public.
1936—Month—1935
1936—7 Mos.—1935
$16,539,433 $15,536,544$115,945,384$109,297,076
Uncollectible oper. rev..
74,294
76,910
466,772
549,876
Operating expenses
11,771,870
11,766,485
79,348,996
78,948,511
Operating taxes
2,084,331
1,655,859
14,342,076
11,605,917
Rhode
with
Island Public Service Co., an intermediate holding company,
view to the ultimate liquidation of this
company.
Such elimina¬
a
tion, it states, will lead to
ciation.—V. 143, p. 929.
a
Net oper. income
-V.
simplification of New England Power Asso¬
Co.—Registers with SEC—
National Distillers Products
p.
__
_
.$55,734,906
38,207,853
___
Niles-Bement-Pond Co.—50-Cent Dividend—
The
__$17,527,052
directors have declared
common
9,399,298
_____
Provision for douotful accounts, claims and allowances
stock,
ment made on the
Balance—
share
$7,996,475
665,753
Total income
.V.
Debenture interest and amortization
expense.....
Other interest charges_____________
__._L.__ $8,662,228
____________
Provision for Federal income and
whiskey and other commodities.
the same date total assets of the
$10,540,715
8,259,883
were
As
Gross profit on sales.
$2,280,832
Selling, advtg., gen. & admin, exps. of parent and affil. cos.
paid by parent company, less charged to affiliated companies
1,343,789
Provision for doubtful accounts, claims and allowances
124,028
__
Balance.
;
_•
$813,014
16,894,325
Other income.
Total income.
...
_
Debenture interest and amortization expense.
Other interest charges.....
Provision for Federal income and capital stock taxes...
Net income for period
_
$17,707,340
755,659
11,750
192,025
'
...$16,747,905
143, p. 595.
National Steel Corp.
(& Subs.)—Earnings—
Earnings for 12 Months Ended June 30,
1936
Gross sales.
$107,179,841
Costs, expenses, ordinary taxes, &c
Depreciation, depletion and amortization:.
89,911,576
Other
on
funded debt
deductions
per
share
The directors have declared
of accumulations
$10,003,171
on
2,156,977 shares capital stock (par $25).
Note—No provision has been made
for possible Federal tax
$4.64
on
undis¬
-Withdrawal
of
Registration
New Jersey
p.
a dividend of 8 H cents per share qn account
cumulative preferred stock, par $5, payable
guarterly dividend 142, p. 4030. issue was the 8M cent payment made on
>ct. 2, 1933.—V.
paid on this
Northern Indiana Public Service
Co.—Earnings—
Seven Months Ended July 31—
Net income after deprec., int., Fed. inc. taxes, &c_
764.
1936
1935
$772,091
$498,857
Note—No mention is made of undivided profits tax.—V. 142, p. 4349.
Bankers Securities Co.—Sale Approved—
Northern Ohio
Vice-Chancellor Alfred A. Stein approve^, Sept. 15 the sale of the re¬
maining assets of the company to the Manhattan Empire Corp. of New
York for $29,600.
The company has been in receivership since August.
1929.—V. 133, p. 3638.
due Oct. 1, 1935, and April 1, 1936, (as well as the coupons due
April 1, 1934, to April 1, 1935, inclusive, heretofore unsold) from the
Northern Ohio Ry. guaranteed first mortgage 5% gold bonds, due 1945,
are now being purchased:
The Committee on Securities rules that the bonds dealt in "with Oct. 1,
1935, and subsequent coupons," option (b), be quoted ex-interest 5% on
Sept. 14, 1936;
That the bonds will continue to be dealt in "flat" and to be a delivery in
settlement of transactions made beginning Sept. 14, 1936, must carry the
coupons as follows:
(a) "with April 1, 1934, and subsequent coupons"
(b) "with Oct. 1, 1936, and subsequent coupons;" and
That bids and offers shall be considered as being for bonds "with Oct. 1,
1936, and subsequent coupons," option (b), unless otherwise specified at
coupons
the time of transaction.
The Committee on Securities rules that the certificates of deposit dealt
"stamped as to sale of April 1,1933, to April 1, 1935, coupons, inclusive,"
JvCl C30U U /O
option (b), be quoted ex-interest 5% UJJI DDjJI/t JLTi 1936;
on Sept. 14,
That the certificates of deposit will continue to be dealt in "flat" and to be
ieposit
a delivery in settlement of transactions made beginning Sept.
14, 1936,
must be stamped as follows:
(a) "stamped as to payment of April 1, 1933, and Oct. 1, 1933, interest"
(b) "stamped as to sale or payment of April 1, 1933, to April 1, 1936,
coupons, inclusive;" and
That bids and offers shall be considered as being for certificates of deposit
"stamped as to sale or payment of April 1, 1933, to April 1, 1936, coupons,
inclusive," option (b), unless otherwise specified at the time of transaction.
—V. 142, p. 4187.
in
,
•
Improved business conditions and the excellent support received from the
shipping and traveling public in the State of Ohio have prompted the
management of the road to open an office in Cleveland to better serve the
requirements of its patrons. The new office was opened in the Union Trust
Building on Sept. 15. Herbert A. Gigger, District Traffic Agent, is in charge.
Assisting Mr. Gigger is Edward E. Foley, Traffic Representative.
These
men have been representing the New Haven and its subsidiaries in Ohio
and neighboring States for many years.
The new office will cater to the needs of both freight and
passenger
business.—V. 143, p. 1409.
Shipbuilding
Corp.—Allis-Chalmers
;
•
on
obligations of the railroad trustees.
Opens Cleveland Office—
-
Notice having been received that the above payments are also being made
that part of the bonds represented by certificates of deposit, on pre¬
sentation Of certificates for stamping:
The new
equipment securing these trust certificates is estimated to cost
approximately $3,850,000 and comprises 10 Diesel electric 100-ton switching
locomotives, 10 steam passenger locomotives and 50 light-weight steel,
air-conditioned passenger coaches.
All of the equipment is standard and
of latest design.
*
Choate, Hall & Stewart of Boston, counsel for the banking group have
rendered an opinion which outlines the prior position of these certificates
Ry.:—Interest Payments—■*
Notice having been received by the New York Stock Exchange that the
New York New Haven & Hartford RR.-—Equipments
Offered—A banking group beaded by Whiting, Weeks &
Knowles, Inc., and including also Estabrook & Co., Stone &
Webster and Blodget, Inc., Coffin & Burr, Inc., Jackson &
Curtis and Stroud & Co., Inc., are offering an issue of $3,075,000 3% equipment trust certificates,- due $205,000 each
Sept. 1, 1937 to 1951, inch, at prices to yield 0.75% for the
one year maturity to 3.25% for the 15-year
maturity.
•
York
the 7%
payment was made on July 2 and April 1, last, while dividends of 17H cents
share were paid on Dec. 20 and on March 1, 1935,
The last regular
England Power Association—Preferred Dividends—
quarters.—V. 143,
on
per
The dirwtors have declared dividends of $1 per share on the 6% cumu¬
New
Co.-
Oct. 1 to holders of record Sept. 18.
This dividend is payable in Canadian
funds and in the case of non-residents is subject to a 5% tax.
A similar
lative preferred stock, par $100, and 33 1-3 cents per share on the $2 cumu¬
lative preferred stock, no par value, both payable Oct. 1 to holders of
record Sept. 18.' Similar payments were made in each of the six preceding
as
Slate
North Star Oil, Ltd.—Accumulated Dividend—
1,815,285
tributed earnings.—V. 143, p. 763.
New
Bangor
The Securities and Exchange Commission, upon the request of the com¬
received on Sept. 8, 1936, has consented to the withdrawal of the
registration statement filed July 2, last.—V. 143, p. 437.
498,917
profits taxes
excess
income....
Earnings
North
$14,351,473
2,034,100
;
Provision for est. Fed. income and
Net
result of substantial profits from bonds which have been redeemed
pany,
Total income.
Interest
fund, carrying security holdings at cost,
$6,266,340.
a
Statement—
$13,144,367
1,207,106
L_
Report—
or have matured, the report points
out, a total of $105,066 in such profits
has been distributed to certificate holders since the inception of the fund.
During the semi-annual period ended Aug. 31, the proceeds received from
the redemption and sale of bonds over and above the cost of such bonds
amounted to an additional $39,998, and this sum is included in the current
uistribution payable Sept. 15.
Of a total of $410,000 principal amount of bonds purchased for the fund
during the last semi-annual period, approximately 70.3% comprised public
utility bonds, 11.7% were railroad obligations and 18% industrial issues.
Emphasis was placed on public utility bonds, according to the reports, in
order to maintain proper diversification of the portfolio and also because
more advantageous
buying opportunities were found in this class than
among the railroad and industrial obligations.
Accompanying the report, City Bank Farmers Trust Co., as trustee
of the fund, is sending a letter to certificate holders explaining that a reserve
has been set up to provide for a contingent Federal tax liability for the full
year ended Aug. 31, although it has been advised by counsel that the trust
is not subject to the tax for that year and the alleged liability for the tax
will be contested.
Under the Revenue Act of 1936, the trust, as a "mutual
investment company," will not be subject to any Federal income tax after
Aug. 31, 1936, in the opinion of counsel.-—Y. 142, p. 1651.
4,123,898
Operating profit.
•
North American Bond Trust—Semi-Annual
Income Statement (Parent Company), 12 Months Ended June SO, 1936
Cost of goods sold
distributed.
Secretary—
The semi-annual report for the period ended Aug. 31, 1936 shows that
market value of bonds neld in portfolio exceeded cost by $651,334.
At
$6,886,979
......
was
Miss B. E. Johann, Secretary since 1929, has resigned.
E. L. Morgan,
formerly Assistant Secretary and Assistant Treasurer, has been made
Secretary.—V. 142, p. 4186.
755,659
13,698
1,005,890
capital stock taxes
Net income for period...
was
New
a dividend
of 50 cents per share on the
value, payable Sept. 30 to holders of record Sept. 22.
paid on July 15, last, this latter being the first pay¬
common stock since March 31, 1932, when 15 cents per
no par
A similar dividend
131,279
Other income..
Other income
$21,787,540 $18,192,772
announced that the first issue of 100,000 copies
wa^sold out in 24
horns, breaking all newsstand records for first issues of magazines selling
at five cents or more and also the record for
subscriptions by Western
Union,' The initial issue of the magazine, said to be the first weekly
publication financed by public subscription, contains over 23 pages of
advertising from 57 accounts.—V, 143, p, 120.
Corp.—Earnings—
Gross profit on sales.
............J
Selling, advertising, general and administrative expenses.
—V.
!,037,290
Brown, Young & Co., Inc., who recently sold 300,000 shares of stock
whiskey and other commodities
Cost of goods sold__
Net sales of
$2,608,938
1409.
has
Consolidated Income Staterhent, 12 Months Ended June'SO, 1936
Net sales of
143,
(The) New York Woman, Inc .—First Issue Sold Out—
National Credit
See list given on first page of this department.-—V. 142,
p. 1128.
V
Co.—Earnings-
Period End. July 31—
Operating revenues
funds
Declaration further states that the creation of the preferred stock is
preliminary step looking to the elimination of certain outstanding securities
>
a
pf
1889
New York Telephone
Northwestern
listed
Power
Co.,
Ltd.—Removed
from
Un¬
Trading—
The New York Curb Exchange has removed from unlisted trading priv¬
ileges the certificates of deposit for 6% 1st mortgage sinking fund convertible
gold bonds, series A, due Jan. 2, 1960.—V. 141, p. 1104.
Stock
Sold—
The
Co.—Debentures Offered—An offering of
15-year 5% convertible debentures was made
Sept. 18 by means of a prospectus by an underwriting group
headed by Mitchell, Herrick & Co., McDonald-Coolidge &
Co., Ritter & Co., Whitaker & Co. and Stevenson, Vercoe,
Fuller & Lorenz.
The offering price was 98 and interest.
Ohio
that it has disposed of 14,200 shares of the
Manufacturing Corp. out of a total of
27,000 shares owned at the beginning of the fiscal year, realizing a net
profit of $423,356.35 on the sale of said stock.
Also that 2,140 shares out of a total of 20,000 shares of the corporation's
7% cumulative preferred stock have been purchased, leaving outstanding
17,860 shares of said preferred stock.—V. 143, p. 1725.
company
common
stock
reported
New York State
Proceeds of the offering will be used to reduce short
Rys.—Earnings—
exps., deprec., taxes &
other deductions
Period End.
Net
Aug. 31—
income, after
1936—Month—1935
$17,962
$298
Syracuse Lines
1936—Month—1935
1936—8 Mos.—1935—
$218,838
$75,776
1936—8 Mos.—1935
oper.
exps., deprec., taxes &
other deductions
—V. 143, p. 1409.
$3,346
$2,364
$100,231
$64,515
.
term
loans
from
The debentures are callable through the sinking fund at prices
ranging from 105 during the first year to 102 during the sixth year and
thereafter.
Holders may convert debentures into common stock at the rate of 16 2-3
per share until Aug. 1, 1939, $20 per share thereafter until Aug. 1, 1942,
and $25 per share thereafter until Aug. 1, 1951.
Common stock is currently
quoted 13 bid, 13H asked.
The company conducts a loaning business through 22 offices in 17 cities
in Ohio, Michigan
Illinois, New York, Indiana, Pennsylvania and Wis¬
consin.
Loans are made on, various types of notes and loaning contracts,
the most important operation being the lending of money in so-called
"small loans."
The company also transacts a considerable volume in auto-
banks.
Rochester City and Suburban Lines
Period End. Aug. 31—
Net income after oper.
Finance
$1,500,000
of Allis-Chalmers
Financial
1890
mobile
andlin the discount
loans,
Chronicle
field purchases accounts and notes
Pacific
receivable
reported as $185,085 for 1933, $154,606 for
1934, $338,259 for 1935 and $190,853 for the first six months of 1936.
Net corporate income was
Balance sheet
of June 30 indicated $6,985,807 of current assets and
as
current liabilities
$7,341,067 total assets, with
$873,075.—V. 143, p. 1566.
Oil & Industries,
on
declared regular quarterly dividend of 87
cents
a dividend of 50 cents per share on the
Common dividend is payable Sept. 30 to holders of record
have
the preferred stock and
stock.
common
Sept. 26.
Preferred dividend is payable Oct. 1 to holders of record Sept. 16.
Payment of common dividend brings to $1.50 a share or
the amount paid to Greyhound Corp., 61% owner, and
above.—Y. 139, p. 1248.
39%
owner,
Paraffine
The protective committee of the shareholders headed by Francis R.
Hart, which has now been authorized by the Interstate Commerce Com¬
mission to solicit deposit of shares and to act in behalf of shareholders in the
pending reorganization proceedings, has sent a letter to shareholders
urging them to deposit and to become parties to the agreement.
The letter states that there are outstanding 250,776 shares of which the
New Haven owns 125.768 shares, a bare majority, substantially all of which
have been pledged by it as security for various loans. The remaining 125,008
shares are in the hands of the public, distributed among more than 4,000
shareholders.
Funded indebtedness of the old Colony consists of mortgage
bonds in the principal aggregate amount of $16,448,000, of which $2,100,000
are pledged as security for bank loans to Old Colony totaling $1,400,000.
The members of the committee themselves represent, through ownership,
individually or as trustees, or through affiliated oiganizations, some 14,000
shares of Old Coiony stock.
The committee says:
"The value of Old Colony stock will to a large
extent be determined by the outcome of the reorganization of the New
Haven.
With the disaffirmance of the lease a relationship of 43 years
standing has been fundamentally changed, and Old Colony shareholders are
vitally concerned with any new arrangement that may be made.
"The future must depend in large measure on the result of further in¬
vestigations as to earning capacity and strategic value of the Old Colony
properties. A thorough study must be made to the end that full credit may
be given in the preparation of any reorganization plan to the real value of
those properties and the possibilities of future development. The committee
has already engaged well qualified experts to make such a study, and they
have been at work for several weeks.
"The reorganization proceedings present many
and cannot be completed for a considerable time.
questions of complexity
During their pendency
many problems will arise in which the interests of the Old Colony share¬
holders will be involved.
Adjustments may have to be made between the
various interests, which are tb some extent conflicting, of shareholders,
bondholders and creditors of the Old Colony, and between these interests
and those of creditors and security holders of the New Haven.
The share¬
holders of the Old Colony are widely scattered and obviously it will be
impossible for many of them to follow the proceedings in detail.
Their
interests should be represented. A majority of the shares are owned by the
New Haven itself, and this committee has been formed especially for the
purpose of undertaking to protect the interests of the holders of the remain¬
ing shares. So far as we are advised there is no other such committee."—
V. 143, p. 1567.
Additional Dividends—
The directors have declared the regular quarterly dividend of 25 cents per
share and two additional dividends of 25 cents per share each on the com¬
stock, no par value.
The regular quarterly dividends will be paid on
Sept. 30 to holders of record Sept. 19.
The additional dividends will be
paid on Oct. 30 and Nov. 30 to holders of record Oct. 20 and Nov. 20,
respectively.—V. 142, p. 1300.
of
common,
Companies, Inc. (& Subs.)—Earnings—
Years End. June 30—•
Profit
1935
1934
1933
$10,736,702
sold, ex¬
cluding depreciation..
7,318,882
See y
Provision for deprec
$8,499,555
$7,666,666
$5,476,936
5,475,938
4,464,524
311,288
310,379
3,557,393
317,320
$3,417,820
$2,712,329
$2,891,764
$1,602,223
1936
Net
Cost
sales
of goods
Proportionate share of
net profits of cos. over
50% owned (not con1,273,342
for
Fed.
&
taxes
15,000
2,061
36,557
_
_
$59,800
51,588
$0.67
_
Miscell. deductions
Net profit._______
com
.stk .out. (no
_
par)
Earnings per share.,
■
Includes net
x
50
$12,910
51,588
Nil
Prov.
Bad debt written off.
Shs.
4,114
5,572
12,088
loss$27,170
9,317
14,268
revenue
from investments
loss$50,756
51,588
Nil
and interest of $11,873 in 1936
$549
51,588
$0.01
2,431,432
1936
1
rec__
174,670
4,968
49,355
4,717
1936
Preferred stock
x
Common stock.
1935
$360,300
.
$360,300
865,158
865,158
155,400
26,139
Bonds.
Accounts
Bond
Adv. to trustees of
payable.
9,595
4,974
interest
Mtge. due July 1,
employees' stock
10,500
1943
125 000
Investments
17,085
16,426
Reserves
809,102
796,545
Bills & accts. rec_.
93 555
130,372
Prov. for taxes
18,280
102^608
165,531
Surplus
4,773
93,288
42,807
26,418
distrib.
fund...
Inventories
Other assets.*
_
10,500
Sink, fund assets..
Invest,
in
&
Inv. in other cos..
Deferred charges..
x
147,428
26,950
$2,334,863
113,610
3,523
91~033
36,148
151,427
$2,071,649
102,025
$1,376,886
108,859
$1,919,682
109,020
$295,456
110,929
Total income
$2,173,674
Divs. paid on pref. stock
of The Cott-a-lap Co.
$1,485,745
$2,028,701
$406,385
9,718
10,581
11,026
$2,173,674
$1,476,027
185,658
952,015
$2,018,120
162,947
714,010
$395,359
153,904
$338,355
6,428,544
$1,141,162
5,287,382
$241,455
5,045,927
$7,910,021
$6,766,899
$6,428,544
$5,287,382
$7,333,281
$6,166,795
$5,572,967
$4,781,667
195,002
260,466
192,250
62,321
300
22,427
2,542
assets
Other income.
Net addition to surplus
$968,635"
6,766,899
174,487
(Cr.).
Misc. adjust.
Earned surplus,
x
bal-
x
The above earned sur¬
plus is comprised of:
$2,306,5781
par
Wholly owned domes¬
tic cos. (consol.)
Foreign cos, (over 50%
owned—controlled).
Fibreboard
Products,
Inc. (50% vot. int.,
not controlled)
y
381,438
317,211
660,785
443,394
$7,910,021
$6,766,899
$6,428,544
$5,287,382
Provision for depreciation charged to profit and loss during .the year
amounted to $306,245.
,
$
Assets—
Total
as
of 35,392
Plan 2, which involved a possible offer
although there was a chance that it might later
be revived.
"X
After the sale the company will have, stated Pres. Henry G. Nichols,
assets other than plant assets (mostly quick assets) with a net value equal
to $65 to $70 per share on Otis Co. stock, the difference largely depending
on whether Palmer mill machinery is sold.
In addition, it will retain its
Ware and Columbian mills.
Directors will probably consider a special
distribution to stockholders after the sale, Mr. Nichols stated.
Included in the sale are the water rights on the Swift River.
At some
time the Commonwealth of Massachusetts will, it is expected, make a
taking of the company's water power there, for which it will have to pay
damages.
Attorney Ketchum said these rights were several times as
valuable as the rights on the Ware River, for which the Commonwealth
recently made a settlement, of about $190,000, but it is not known when
the State will make the taking, or whether the basis of settlement will be
the same as in the case of the Ware River rights.—V. 143, p. 1725.
meeting,
Otter Tail Power Co.
(Minn.)—Preferred Dividend—
a
dividend of 72 cents per share on the $6
cumulative preferred stock, no par value, and a dividend of 66 cents per
share on the $5.50 cumulative preferred stock, no par value, both payable
Oct. 1 to holders of record Sept. 15.
Similar payments were made on July 1
1, last, and in each quarter of 1935.
Dividends of $2.16 and
$1.98 per share, respectively, were paid on Jan. 2, 1935.
On July 1, 1934
dividends of $1.08 and 99 cents per share, respectively, were distributed on
the above issues.
Distributions at the regular quarterly rates had been
both issues up to and including
April 2, 1934.—V. 143, p. 598.
Owens Illinois Glass Co .—Sales—
The company has notified the New York Stock Exchange that it has
disposed of its entire stock interests in Tavorn Rock Sand Co. by the sale
of all the shares of that company to Pennsylvania Glass Sand Corp.—
V. 143/, p. 1087.
•
1935
$
$
Liabilities—
510,327
462,629
8,000
Trade, less res.. 2,149,719
For'n sub. cos..
24,507
1,867,774
Marketable secur.
Notes & accts. rec.:
250,000
1,355,000
liabilities.
744,015
465,942
Prov.for Fed. taxes
hand
Notes pay. to bks.
Accts. payable and
173,195
105,689
accr.
Notes
Deferred
notes rec..
180,730
Sundry accts. rec.
45,272
42,815
3,481,060
Empl's' accounts.
57,674
Investments
8,746,806
a Fixed assets
5,031,784
2,646,072
104,197
For
8,722,944
For
Inventories
to bk.
300,000
(non-current)
11,524
419,433
pay.
17,278
44,375
42,329
credits..
44,761
Reserves:
compensa'n
insurance
prod. guar,
conting..
and
5,012,643
93.203'
104,444
Cash subs, ree'd fr.
trademks,,
amortiz'n..
stockholders
71,222
64,445
1
2
133,924
172,784
20,426,253
19,542,039
pref.
stock
for
to
218,800
1936..
.10,666,170 10,666,170
Earned surplus
6,766,899
7,910,021
June 30,
b Common stock.
Total
20,426,253 19,542,039
After depreciation of $3,898,106 June 30, 1396 and $3,827,316
1935.
b Represented by 476,009 no par shares.—V. 143, p. 1241.
a
of $69.50 a share for the company's stock, was not in all probability to be
this time, Attorney Phillips Ketchum stated at the special
The directors have declared
$
$2,334,863 $2,306,578
of Plant Approved,—
offer, described
1936
Cash in banks and
on
(Incl. Domestic Sub. Companies)
1935
shares.—V. 143, p. 598.
submitted at
on
of
share
undistributed profitsI
since acquisition of:
Prepaid & deferred
Outstanding thus being voted) to approve the sale of the Palmer mill, the
Boston Duck Mill and Bondsville bleachery to Textile Industries, Inc.,
for $450,000, this price to be raised by $93,500 if machinery at the Palmer
mill is also sold.
The company's Ware, Mass., and Columbian plants (the
latter at Greenville, N. H.) are not involved in the transaction.
The above sale was described as Plan 1 in a recent letter to stockholders.
made
253.021
952,018
Charges to earned surp.
Dividends paid
Goodwill
1,731
.
103,444
capital
Total
Otis Co.—Sale
and April
18,868
.
62,853
on
sold and scrapped
Prov. for Fed. inc. tax..
less
5,573
373,930
The stockholders have voted 31,924 to 37 (31,961 shares out
stockholders'
14,379
31,126
9,690
39,765
14,689
154,524
Loss
Pats. &
8,575
373,930
5,738
Represented by 51,588 no
An alternative
14.607
52,441
::::::
Sundry expenses.
charges
Total..
1,648,151
10,535
Interest, funded debt dis¬
count and expenses
Instal.
adv.
to sub. co......
1.859,233
9,615
1936
Liabilities—
1935
Good will.
Spec'l accts.
2,028,098
20,809
Patent
and
trademark
amortization
Consolidated Balance Sheet June 30
$1,500,425 $1,495,070
Cash
$2,116,780
ministrative expenses.
Balance Sheet June 30
Assefs—
514,557
$4,146,599
general and ad¬
Selling,
and $9,211 in 1935.
Property, &c
1,254,835
$3,629,135
Patent & trade mark exp.
1933
$34,689
21,983
12,108
26,238
8,491
Bond interest.
916,806
$4,691,162
Proportionate
1934
x$79,830
35,198
9,948
x$l48,147
Depreciation
Prov.
1935
1936
Years Ended June 30
[Including Domestic Subsidiary Companies]
The Paraffine Cos., Inc.
Ltd.—-Earnings-
during
Consolidated Income Account for
mon
Ontario Steel Products Co.,
total of $630,000
Southern Pacific
1936.
During 1935 company paid
a total of $7.87)^
a share on preferred, clearing all arrearages, and $1.50
on common.—V. 143, p. 1726.
RR.—Stockholders Urged to Deposit—
Ontario Mfg. Co.—Declares
share
Co..
Inc.—Stock Purchase—
See Kirby Petroleum Co.,
Old Colony
$2,466,046 and surplus
Greyhound Corp.—Dividends—
directors
The
a
Sept. 19, 1936
$
%
Peerless
The New
»
June 30,
'
Corp.—Listing—
York
Stock
Exchange has authorized the listing of 242,984
stock (par $3), on official notice of issuance
additional shares of capital
pursuant to the terms of an offering to stockholders and on official notice
of issuance to certain creditors pursuant to an agreement as to all or part of
said shares, making a total of 750,000 shares to be listed.
Issue—Pursuant to resolutions of the directors adopted Aug. 25,
1936,
of capital stock will be offered to the stockholders of record on
Oct. 6, at $2 per share in the ratio of three shares for each five shares held.
The shares so to be offered consist of 22,226 shares in the corporation's
shares
treasury and the 242,984 additional shares
or
an
aggregate of 265,210
for which listing is applied for,
shares.
Under date of Aug. 17, 1936, the corporation entered into an agreement
with its wholly owned subsidiary. Brewing Corp. of America and certain
creditors of the Brewing Corp.
Such agreement provides in general effect
among other things, that the corporation will offer to its stockholders the
right to subscribe at $2 per share for 22,226 shares of its treasury stock and
242,984 shares of its authorized but unissued stock and will pay the net
proceeds from such offering into the treasury of the Brewing Corp. as a loan
to it; that a payment of 20% of the principal amount of the indebtedness
extended by said agreement dated Aug. 17, 1936 will be made from funds
in the
treasury of the Brewing Corp. (including the moneys so loaned
by the
corporation) in excess of the amount of outstanding indedbtedness not ex¬
tended and which was subject to an extension agreement dated Sept. 1,1934;
that such creditors will accept from the stock so offered and not subscribed
by the stockholders, stock at $2 per share to the extent of and in full payment
of a further 20% of the aforesiad principal amount of indebtedness; that,
upon the expiration of the time within which the stockholders may so sub¬
scribe, the corporation will offer to such creditors the right to subscribe at
$2 per share within a period of 10 days for stock not subscribed by stock¬
holders or issued to such creditors as aforesaid, first, to the extent of and in
full payment of such principal balance of the aforesaid indebtedness as re¬
mains unpaid after crediting thereon the aforesaid cash payment and stock
distribution, and, second, to the extent of and in full payment of interest
on the aforesaid indebtedness accrued to Oct. 1,1936.
i
In addition to the above provisoins relating to the shares of the capital
stock, the agreement ddted Aug. 17, 1936 provides further, in general effect,
that such creditors will extend the time of payment by the Brewing Corp. of
the principal balance, if any, of the aforesaid indebtedness remaining unpaid
after crediting thereon the aforesaid cash payment and stock issued on
account thereof as aforesaid so that such balance will be payable in instal-
Volume
ments
143
Financial
Chronicle
follows: 10% on April
1,1937; 10% on Oct. 1,1937; 10% on April 1,
1938; 10% on Oct. 1,1938; 10% on April 1,
1939; and the balance on Oct. 1,
1939; with interest thereon at 6% per annum
payable quarterly commencing
on Jan. 1,
1937; and further will extend until Oct. 1,
1939, the time for
payment of interest accruing on said indebtedness
prior to Oct. 1, 1936,
except to the extent such interest shall have been
extinguished by applica¬
tion of stock issued on account
thereof as aforesaid, the creditors waiving
interest on such deferred
interest; that the Brewing Corp. will issue its notes
to such creditors in the
respective amounts so extended as
1891
as
surrender
aforesaid
PORTLAND (ME.) RAILROAD
1st Lien & Cons. A 5s due 1945
aforesaid, upon
evidencing the
be guaranteed by the
by thq creditors of their
outstanding notes
now
indebtedness, payment of such new notes to
corporation.
The present aggregate
principal amount of the indebtedness owing to
creditors of the Brewing
Corp. who are parties to the agreement dated
Aug. 17, 1936 is $195,431; and the
present aggregate principal amount of
indebtedness owing to creditors of the
Brewing Corp. who are parties to the
extension agreement dated
Sept. 1, 1934 (which expired Sept. 1, 1936) but
who are not parties to the
agreement dated Aug. 17, 1936 is $165,149.
It is contemplated that this last
mentioned indebtedness will be paid from
the aforesaid loan in amount of
the net proceeds of this stock
offering and
(or) from other resuorces of the
corporation and its wholly owned subsidiary.
If all of the shares offered are
subscribed for by the stockholders, the gross
proceeds will be $530,420.
Pursuant to the aforesaid agreement, the net
proceeds from such offering, after
payment by the corporation of its ex¬
penses in connection with the issuance
of such shares, will be paid into the
treasury of the Brewing Corp. as a loan to it.
The Brewing Corp. will also
become indebted to the
corporation to the extent of the claims of creditors
of the Brewing
Corp. which will be acquired by Peerless
TRADING DEPARTMENT
Eastman, Dillon & Co.
MEMBERS NEW YORK STOCK EXCHANGE
16 Broad Street
plan of reorganization dated June 1, 1936, to do so
prior to Oct. 6, 1936,
when a hearing on the
plan is scheduled in the U. S. District Court at
Wilmington, Del. Depositaries for the first lien bonds are New York Trust
Co., New York, and Provident Trust Co. of
Philadelphia, and for the
debentures and notes, New York Trust
Co., New York, and Tradesmen's
National Bank & Trust
Co., Philadelphia.
Harvey A. Basham Jr., 100
Broadway, is Secretary.—V. 143, p. 439.
Corp. through the
issuance of stock at $2
per share to such creditors as above
specified.
All
such indebtedness of the
Brewing Corp. to the corporation will at all times
be subordinate to the
balance of the indebtedness
owing by the Brewing
Corp. to the above described creditors under
said agreement dated Aug. 17,
1936, except to the extent of such amounts as
may be reasonably required
from time to time for the current
corporate requirements of the corporation.
Such funds, if
received, and when so advanced by the corporation to the
Brewing Corp., will be applied by the latter to the
Philadelphia Co .—Common
The
directors have
acquisition of additional
stock,
no par
Phillips Screw Co.—Registers with SEC—
See list given
on
the shares sub¬
scribed for must be received
by Chemical Bank & Trust Co., 165 Broadway,
N. Y. City, Oct. 26, at which
time rights will expire.
Pie
Profit from operations
Other income
Carrying charges
on
Month of August—
Miscellaneous deductions
3-
Net income.
Cash & cash Items.
Notes,
accts.
$9,392
Inventories
Adv.
&
due
officers &
Other
$50,126
189,142
87,387
95,758
&c.
receivable (net),
from
em
security
pis.
in¬
plant
1,252
200
able
Taxes
1
1,209,878
1,905,737
for¬
mulae, processes,
$408,575
232,583
136,674
$408,575
275,507
144,343
147,262
62,340
containers.
&
125,000
Prepaid
penalties
16,825
Reserve for conting
22,305
Capital stock (par
$3)
1,521,048
1,521,048
220,913
386,260
71~5~546
Deficit from opers.
Treasury stock (65,-
40,969
101,706
15,927
4,956
000
$1,639,726 $2,246,467
shares).
$1,639,726 $2,246,467
'
Penn Valley Crude Oil
Corp.—Earnings—
Revenue, oil sales...
Expenses
Development expense and interest charges
$279,230
136,094
57,081
Net cost from operations
$86,054
1,016
revenue
....
Net income before providing for
1935-36 Federal income taxes..
Tax reserve, accrued 1935-36 Federal income
taxes
Net income
$76,798
18,750
$58,048
Balance Sheet June 30,1936
Assets—
Liabilities—
Current assets.
$24,847
Investments and deposits.
Fixed assets
75
*211,086
reserves
602,796
17,106
Deferred charges
Total..
$855,911
Current liabilities
Long-term obligations
Deferred Income
;
Capital and surplus
140,150
per share on the com¬
stock, both payable Oct. 1 to holders of record Sept. 21. A similar
paid on Dec. 2, 1935, while an extra of 5 cents was paid
Dec. 1, 1934, and extra dividends of 30 cents
per share were distributed
Oct. 2, Nov. 1 and Dec. 1, 1933.—V.
141, p. 3236.
extra dividend was
on
on
Pittsburgh
Cincinnati
Chicago
&
St.
Louis
Ry.—
Geo. H. Pabst Jr., Treasurer of the
company, will until Sept. 29 receive
bids for the sale to it of sufficient consolidated
mortgage bonds to exhaust
the sum of $5,116,515 at
prices not exceeding par and interest.—V. 141,
p.
1779.
Pittsburgh Hotels Corp.—Earnings—
Corporation, owner of the William Penn and Fort Pitt Hotels of Pitts¬
burgh, earned 4.7% per annum during the first half of this year on its
$9,915,000 first mortgage according to a new compilation by Amott,
Baker & Co., Inc., of New York and
Philadelphia.
The figures, on an accrual basis, show a net before
interest of $234,650
for the 1936 half year, compared to
$89,945 for the same period of 1935.
Reorganization Plans Now Awaiting Confirmation by Court—
Several reorganization plans for the
corporation are now before the Federal
the company having been in default on its first mortgage since
March
1933.
a
press dispatch from Pittsburgh on Sept. 11, the directors
special meeting authorized withdrawal of the plan of reorganization
which the corporation had filed in U.
time approved the plan drafted
Rumored—
Plans, it is stated,
are now under way
$467,269
80,520
•
2,635
305,486
$855,911
Central Air Lines
for consolidation of
Pennsylvania
Airlines and Central Air Lines.
While no official comment is
available,
it is believed that the procedure called
for under present plans entails
the
creation of a new company which would
absorb the two existing
concerns.
Such a changed corporate structure
would have the effect of
merging two
overlapping air transport services.
The Post Office Department's
approval is neoessary to consummation
of such a move, as each line
operates an air mail route.
Both Pennsylvania and Central are at
present
among
Pennsylvania
Stinsons.
uses
Boeing
transports.
the privatelyCentral
uses
Pennsylvania Salt Manufacturing Co.—Common Divi¬
dend Increased—
The directors have declared
dividend of $1 per share on the
common
stock, par $50, payable Oct. 15 to holders of record
Sept. 30. Previously
regular quarterly dividends of 75 cents per share were
distributed.
In
addition the following extra and
special dividends were paid: $1 per share
on July 15, April
15, last; and on June 28, 1935 and Oct. 15,
1088,
a
1929.—V.
Peoples Light & Power Corp.—Deposits Urged—
District Court and at the
same
reorganization to be consummated without further delay.—V. 143, p..1726.
Pittsburgh Steel Foundry Corp .—Earnings—
Income Account for the Year Ended Dec. 31, 1935
Sales (less allowances, discounts, &c.)
!
under
the
$1,204,584
Cost of sales (excluding depreciation)
profit
on
sales
974,844
$229,740
124,519
26,796
80,755
10,960
....
Selling, administrative and general expenses.
Interest and bond expense
Allowance for depreciation (Glassport and Sharon
plants).
Sharon non-operating plant expense..
Loss for the year
$13,291
^
Balance Sheet Dec. 31, 1935
Liabilities—
$7,246
Notes payable
$195,591
Notes and accounts rec'ble..
Inventories
171,802
Accounts
139,394
Accrued wages, taxes, &c
Prepaid insurance, interest, &c
Inv'ts at non-oper. plant
2,827
7,811
a
Investments
b Glassport plant and equip..
b Sharon plant and equipment
Patents—
Deferred bond expense
payable
is;
Workmen's comp. claims
1st mtge.
6% sinking fund
gold bonds, due April 1,1950
17,225
1,727,829 Res. for claims agst. guar., &c_
182,702 5% cum. pref. stock ($100 par)
1,237 c Common stock
1,603 Capital surplus
Deficit from operations
d Common stock in treasury..
-112,500
38,988
8,246
261,000
25,000
579,800
900,000
720,505
526,531
Dr55,420
Total
$2,259,679
Total
$2,259,679
b After allowances for depre¬
Represented by 60,000 no-par shares,
d Represented by 2,285
shares at cost.—V. 137, p. 2118.
a
After
ciation.
allowance for losses of $10,000.
c
Pratt Food
Co.—Earnings—
Years Ended May 31—
Net sales.
1936
Cost of sales and expensesAccts. written off & prov. for doubtInterest
_
Processing taxes refunded
Interest earned and sundry income._
Settlement & cost of patent litigation
Depreciation
1935
1934
$4,325,929
4,238,958
22,130
16,987
Cr5,674
Cr2,900
$4,187,209
4,142,715
48,065
12,125
$3,199,786
3,099,147
20,507
7,085
38,592
Provision for Federal taxes
view of expediting the
proposed reorganization of the
corporation,
the reorganization managers are
urging holders of the company's bonds,
debentures and notes who have not
deposited their securities
a
S.
by Property Management, Inc., for the
company's reorganization.
According to C. F. C. Arensberg, counsel for the corporation, 'the plan
proposed by Property Management, Inc., accords adequate recognition
to the senior position held
by the first mortgage" and also "seems to treat
the junior security holders as fairly as
existing conditions permit."
Mr.
Arensberg further said he hoped Property Management, Inc., can also
prevail upon the first mortgage bondholders' protective committee to
withdraw its plan in similar manner so as to permit a fair and reasonable
Cash
Total
Pennsylvania Airlines- -Merger with
airlines.
at
Assets—
-Y. 143, P. 1088.
With
196,180
The directors have declared an extra dividend of 20 cents
per share in
addition to the regular monthly dividend of 15 cents
Gross
Balance.
p.
206,000
mon
$87,070
10,272
Dividends
143,
123,000
.
Earnings for Fiscal Year Ended June 30, 1936
owned
1933
$202,150
courts,
Dr130,000
.Total
—V. 143, p. 1568.
Oil
1934
$262,300
According to
Total
Other
1935
Pioneer Mill Co., Ltd.—20-Cent Extra Dividend—
on return¬
Capital surplus...
&c_
exps. and
deferred charges
Other assets
to
deferred
&
equipment (net)
Trade-marks,
payable
sundry creditors
Accounts payable.
Accrued liabilities.
Deposits
vestments (net).
Property,
.48,761
Notes
June 30 '36 Sept. 30 '35
143,
-Earns.
$271,000
Tenders—
Liabilities—
com¬
1936
deprec. & depletion
Consolidated Balance Sheet
June 30 *36 Sept. 30 '35
the
Sept. 23.—V.
per share on
of record
—Y. 143, p. 1243.
$41,463
Assets—
dividend of 25 cents per share in
extra
to holders
$198,000
Gross
25,160
15,366
1,026
idle plant & equipment
1
Net after exp., but before
$83,015
Interest paid
both payable Oct.
Pioneer Gold Mines of British
Columbia, Ltd.-
$40,421
42,594
Total income
an
quarterly dividend of 15 cents
stock,
P.121.
mon
333,258
18,166
93,548
26,001
49,206
93,410
25,580
Other operating expenses
Selling, general and administrative expenses
Provision for doubtful
accounts..
first page of this department.
Bakeries, Inc.—Extra Dividend—
The directors have declared
addition to the regular
Consolidated Income Statement 9 Months Ended
June 30, 1936
Gross sales, less discounts, returns
and allowances.
$1,273,892
Less Federal and State taxes
594,303
Cost of goods sold
Taxes
Dividend Reduced—
declared
a
dividend of 15 cents per share on the
value, payable Oct. 26 to holders of record Oct. 1.
This compares with 20 cents
paid on July 25 and April 25, last; 25 cents on
Jan. 25, last; 15 cents
paid on Oct. 25, 1935; 20 cents each three months
from April 25, 1934 to
July 25, 1935, incl.; 17 Vx cents paid on Jan. 25, 1934;
12^ cents on Oct. 25, 1933; 25 cents on July 25 and April 25, 1933; 35 cents
per share each quarter from
April 30, 1932 to and including Jan. 25, 1933,
and 55 cents per share on Jan.
25, 1932.—V. 143, p. 1568.
common
refrigerating, tank, bottling, and boiler house
equipment, at an estimated
cost of
approximately $138,000, and also to the payment of indebtednes
as aforesaid, and to
general corporate purposes.
Rights to Subscribe—The corporation will issue to
the stockholders of record
Oct. 6,1936, warrants
representing rights to subscibe to additional stock as
aforesaid.
Warrants accompanied by payment in full for
Maintenance and repairs
Depreciation of buildings and
equipment
New York
A. T. A T. Teletype N. Y. 1-752
Net profit
Dividends paid.
Balance,
deficit
12,435
36,435
42,572
4,472
$17,836
7,500
1oss$64,565
52,500
60.000
sur$10,336
$117,065
$33,997
$26,003
Financial
1892
Balance Sheet May 31
$190,816
z303,445
337,507
60,453
Accts. receivable—
Inventories
Sub. cos." accts
8,364
4,903
Acer,
missions,
assets_.l—
Land, bldgs. and
Other
for
Res.
taxes,
812,618
22,695
tax
100,000
35,688
payable
72,000
loan
Common stk.
Surplus
..$1,867,215 $1,826,695
Total
Less allowance for
x
>
depreciation,
500,000
763,863
500,000
775,136
$100)
$1,867,215 $1,826,695
Includes notes receivable and after
allowance for
Total
y
doubtful accounts, &c., of $45,450.
z After
doubtful discounts, &c. of $30,353.—V. 141, p. 1943.
allowance for
Pond Creek Pocahontas
1935
156,017
158,677
March
100,721
'
1934
116,772
110,812
141,264
118,586
122,320
88.374
104,331
April
May
97.035
112,663
June
149,142
138.335
,148,077
156,388
120,547
138,916
July
August
r
—V. 143, p.
149,099
131,655
109,743
120,674
1244.
Products Co.—Pays $1.25 Dividend—
Prentiss Wabers
paid a dividend of $1.25 per share on the common stock,
Sept. 10 to holders of record Sept. 5.—V. 143, p. 1244.
The company
$10, on
par
Public Service Co. of
Indiana—Earnings1935
$246,750
x$33,440
Public Service Corp. of N. J.—10% Pay Cut Restored—
15 voted a 10% wage restoration to all employees,
This action affects 20,000
annually. Last year the
The directors on Sept.
5%
pay cut.
agreement with the Amalgamated
Railway Employees.
The corporation employs
about 4,500 members of this union to operate its street car and bus lines.
—V. 143, p. 1244.
restored
a
The directors also signed a three-year
Brotherhood
of
of
Street
_
in California on June 5, 1931 under the
School of Aeronautics.
Name changed to present title on
May 26, 1934.
The company is engaged in the business of manufacturing,
repairing and selling of airplanes, airplane parts and equipment, and through
its wholly-owned subsidiary conducts a government-approved airplane
and engine mechanics school.
,
_
The company has an authorized capital of 300,000 shares (par $1) or
capital stock.
The balance sheet of May 31, 1936 shows current assets,
of $128,411 and current liabilities of $22,322, and total assets are carried
at $264,304.
Total sales of the company for the year ended Dec. 31, 1935
amounted to $41,067, and for the first five months of this year were $30,735.
—V. 143, p. 1728.
& Lighting
Heating
Car
Co.—Vice-President
Herbert A. May has resigned as Vice-President of this company to become
Vice-President of the Union Switch & Signal Co., with headquarters in
Pittsburgh.—V. 143, p. 1416.
4
Inc.—Sales—
Safeway Stores,
Jan.
25
Feb.
22
Mar. 21
25.100.634
Sept.
21,321,010
21,477,565
17,630,191
17.981,737
16,256,403
21,911,168
26.941.226
27,476,807
23,038,026
23,434,823
19,080.864
18.535.453
17.825.083
17,287,318
28,176,503
-
23,960,355
25.441,542
13---
3,404
-
5
a year
Schiff Co.—Sales—
January-..--,
February
the present time.
Officials of the company
May
believe that present prices of copper and silver
The mine has been kept in con¬
is planned to resume operations
No 8 at present is entirely free of water
will permit Quincy to operate at a profit.
dition during the five year shutdown.
It
through No. 6 and No. 8 shafts.
on Nov. 6 it is stated that it will be necessary to unwater only two
levels.—V. 139, p. 2372.
Denial
General
—1,231.591
1,124,284
1,051,595
788,797
966,291
769,515
-
Earnings for Month of August,
Net sales
and four other defendants on Sept. 15, filed in New York
Supreme Court a general denial to the charges made by the Philco Radio
& Television Corp., in their application for an injunction restraining the
defendant from alleged unfair and illegal business practices.
R. C. A. admitted conducting "an investigation for the purpose of
obtaining information as to the relations and connections between Philco
Radio and Philadelphia Storage Battery Co., and as to the corporate set-up
of the two corporations, including particularly information with respect to
the attempt to affect an alleged corporate reorganization for the purpose
of evading the payment of royalties."—V. 143, p. 935.
The corporation
of America—Earnings—
Radiomarine Corp.
1936—Month- -1935
Period End. July 31—
1936—7 Mos. —1935
,
250
250
5,046
2,413
$15,065
$10,971
$98,336
$80,333
66,699
'
Lt
'
Operating income
Non-operating income. _
$530,495
441,887
1,750
$583,041
457,234
1,750
25,721
$87,766
67,405
148
$15,213
685
$99,021
'
Gross income.
x
Sears, Roebuck &
income
$15,213
...
$11,330
$99,021
$71,264
1089.
Mar. 26
Apr. 23
May 21--June
-
143,
-----
1934
' 1033
$20,395,895 $15,826,847
22,362,353
23,731,274
27,485,073
31,435,278
32,171,804
36,034,157
41,450,978
14,215,630
18,519,608
21,050,502
32,294,789
30,065,381
20 284.116
19,935.951
19,442,052
19,179,932
27,913,502
39,841,752
33,765,215
37,047,510
25,023.393
21,641,512
24.587.644
40.697.901
18---
July 16.
Aug. 13
Sept. 10
—V.
1935
1936
-
23,609,935
22,584,264
p.. 1571.
Simpsons,
Ltd.—Refunding Plan Approved—
The directors have
approved
a
the outstanding first
5H% and 5% interest, and
The present bonds are to be
and payable in Canada only.
plan for refunding of
mortgage & collateral trust bonds, carrying
payable in Canada, New York and London.
replaced by a new issue at lower interest rates
—V. 143, p. 1573.
Singer Manufacturing
Co.—Earnings—
-
$11,596,689
326,736
_
$7,230,968
496,733
$11,269,953
Merchandise profit
Costs of patents & exp.
1933
*932
$5,772,1871oss$2828431
280,767
136,158
1934
1935
$6,734,235
1,308,463
5,791,219
192,164
Exchange loss
Co .—To Pay 50-Cent Common Dividend—
Rath Packing
dividend of 50 cents per share on the commont stock, payable Nov. 2, to holders of record Oct. 20.
Similar pay¬
ments were made on July 1 and April 1, last, this latter being the first
dividend paid on this issue since July 1, 1935 when a similar distribution
was made.
Dividends of 50 cents per share were paid each three months
from Oct. 1, 1931 to July 1, 1935, inclusive.—V. 142, p. 1830.
Profit
The directors have declared a
Regal
.
Textile
Co.,
Inc.—Withdrawal
of
Exchange premium
5,021,253
Other income
$16,291,206 $13,833,917
27,900,000
13,050,000
Netprofit
Dividends-
Registration
$11,608,794
Deficit
The Securities and
$10,830,833
5,400,000
sur$783,917sur$5430,833
$2,412,698
7,200,000
$4,787,302
935.
See list given on first page
& stocks & bds
ol subsidiary.
Tools,
2842.
mach.
Period End. July 31—
Uncollectible oper. rev
1936-—Month—1935
34,324
314,796
29,800
$63,325
$34,800
$478,318
$380,225
829
_
Operating expenses
Operating taxes
Net operating income.
—V. 143, p. 1090.
1936—7 Mos.—1935
$2,748,811
3,909
2,033,125
233,459
$394,320
Operating revenues.
296",671
Reat estate
$374,646
9,098
2,051,171
208,661
11,524,465
51,903,320
11,313,003
63,927,132
—V. 143, p.
10,569,22*
14,233,862
9,652,517
Total-
163,360,163 175,809,357
Total
$2,643,576
90,000,000
9,932,378
42,967,976
12,424,564
9,367,278
Accts.
&
merchandise—
Telephone Corp.—Earnings—
41,292,912
Capital stock
payable.
90,000,000
Insurance res've
13,873,848
95,081,154
Bills & accts. rec.
Corp.—Registers with SEC—
of this department.—V. 143, p. 1728; V. 142
Rochester Gas & Electric
$
$
Surplus..-.
4,063,370
96,212,039
Cash
1934
1935
Liabilities—
$
$
Assets—
Investments
Rochester
88,513
5,288,774
-
5,531,577
1934
1935
Exchange Commission, upon request of the company
received on Sept. 4, 1936, and confirmed on Sept. 5, 1936, has consented to
the withdrawal of the registration statement of the company.—V. 143,
p.
$5,299,256 loss$2964589
Balance Sheet Dec. 31
Statement-
p.
$326,987
x55,495
Co.—Sales—
$25,541,825 $23,147,066
29,007,986
33,965,053
-
Calendar Years—
Net
1936
——
-
4 Weeks Ended—
Deductions
—V. 143, p.
655,486
886,114
depreciation but before bond charges
Depreciation amounted to $17,785.—V. 143, p. 123.
Feb. 26...
$71,264
359
$11,330
$68,415
2,849
1,131.682
Operating profit after
18,443
•
844.512
1 <186,297
1,273,394
675,667
866,580
Scullin Steel Co.—Earnings—
to
Charges of Philco—
441.916
664,335
833,852
877.446
1,143,763
750,907
July
August
—V. 143, p. 1571.
$357,030
$ 486.507
515,158
1,147,818
1,306,138
-
-
June
and
America—Makes
811,356
1,190,426
1,554,911
March..
April
1933
1934
1935
$590,039
592,019
1936
$656,620
611,867
Month of
payable in two instalments viz., $1.25 a share on Oct. 20 by
stockholders of record Sept. 18, and $1.25 on Jan. 16, 1937, by stockholders
of record Dec. 15, 1936.
With payment of this latest assessment the stock
will be $24.50 paid; par is $25.
There are 219,823 shares outstanding at
Teleg. & cable oper. revs.
Tel eg. & cable oper .exp_
Uncoil, operating revs—
Taxes assignable to oper.
------
„
1936, as against
had 3,367 stores in operation on Sept. 5,
ago.—V. 143, p. 1246, 1090.
assessment is
of
16.943.735
of $2.50 a share for the pur¬
of resuming operations at the company's mine which were suspended
Sept. 22, 1931, because of unfavorable copper prices.
The $2.50
pose
Corp.
17.203,321
19,000.462
The company
Radio
1933
25,946,986
Apr. 18
May 16.
June
'
1934
1936
1935
$23,106,110 $18,842,638 $16,486,586 $14,995,855
23,470.722
20,281,505 17.508,289 15,375,851
...
24,776,706
20,770,761 17,810,088 15,885.577
4 Weeks Ended—
Quincy Mining Co.—Stock Assessment—
Service Corp.—New Name—
See Byllesley Engineering & management Corp. above.
Directors have voted to call an assessment
<
Ryan
July 11
Aug.
4
on
v
the company employees.
The company was incorporated
name
Public Utility
„
Approved—
has approved the application of the
stock, $1 par. Company has applied to list
208,070 shares, of which 193,070 shares are outstanding, the balance,
15,000 shares, has been reserved for a stock purchase plan for the benefit
Angeles Stock Exchange
Resigns—.
thus returning salaries to pre-depression levels.
workers and will cost the company $3,000,000
directors
paid.—V. 143, p. 1090.
to list its common
Safety
1936
Ended July 31—
Net income after Federal income taxes, deprecia¬
tion, interest, amortization, &c
x adjusted.—V. 142, p. 2840.
Seven Months
distribution
Aeronautical Co.—Application
Ryan
The Los
140,532
122,975
1936
January
February
dividend of $7 per share on
Rustless Iron & Steel Corp.—New Directors—
The company announced that Calvin Verity, Executive Vice-President
of the American Rolling Mill Co., has been elected a member of the board
of directors of this corporation to fill the vacancy created by the death
of George M, Seaman.—V. 143, p. 1416.
.
company
Co.—Coal Output-
account of
payable Sept. 21
on June 1, last,
1935, this latter
made since Jan. 18, 1932, when a regular seml-
dividend of $3.50 was
ann.
(par
Co.—$7 Dividend—
have declared a
accumulations on the 7% cum. prf. stocks, par $100,
to holder's of record Sept. 16.
A like payment was made
while a dividend of $3.50 per share was paid on Dec. 24,
being the first
350,000
Deferred notes pay
Call
formu¬
Deferred charges..
4,050
income tax
820,020
100,000
47,425
equipment
Royal Typewriter
The directors
Windfall
Reserve for Federal
lae, &c
Rossia Insurance Co. of America—Extra Dividend—
have declared an extra dividend of 10 cents per share in
to a regular semi-annual dividend of 30 cents per share on the
capital stock, par $5, both payable Oct. 1 to holders of record Sept. 19.
Like distributions were made on April 1, last.—V. 142, p. 2339.
The directors
addition
15,199
com¬
wages,
&c
employees...--.
Franchise,
payable.
$478,863
64,720
27,152
Accounts
Notes & accts. rec.,
x
$35,804
84,427
Notes payable
$117,208
y362,547
318,209
59,756
7,400
7,550
Cash
'
1935
1936
Liabilities—
1935
1936
Assets—
Sept. 19, 1936
Chronicle
163,360,163 175,809,357
1728.
Sioux City
Stock Yards
8 Months Ended Sept. 1—
Net income after exps., Fed.
Co.—Earnings—J
taxes & other chgs—»
Earnings per share on 120,000 common shares
1936
$185,897
$1.03
1935
loss$9,193
Nil
—V. 143, p. 1091.
Rose's, 5, 10 & 25 Cent Stores,
Month
of—
January
February.
March
April
May
June
July
August
—
—V. 143, p. 1090.
Inc.—Sales—
1936
1935
$257,051
$213,387
295,556
308,669
350,704
397,643
338,465
353,428
394,875
310,872
307,797
275,933
345,376
241,914
295,556
315,913
(L.
1934
$186,000
199,420
237,260
206.861
235,262
233,004
C.)
Smith
&
Corona
Typewriter,
Inc.
-New
Director—
meeting of stockholders Louis P.
of Harry S. Lewis.—V. 143, p. 124.
At the recent annual
a
director in place
Soss Manufacturing
Smith was elected
Co.—Initial Dividend—
initial quarterly
209,640
The directors have declared an
249,359
per share on the new capital stock,
record Oct. 1.—V. 143, p. 1091.
par
dividend of 12 K cents
$1, payable Oct. 15 to
holders of
r
Volume
143
Southern
Financial
Indiana
Gas
&
Electric
Chronicle
Co.—$5,500,000
Southern Pacific
Lines—Earnings—
Bonds Placed
Privately—The company on Aug. 31 sold pri¬
vately to two institutions for their investment portfolios,
at 100, $5,500,000 1st
mtge. bonds, 3.35% series of 1936.
Period End.
Aug. 31— 1936—Month—1935
1936—8 Mos —1935
Railway oper. revenues.$17,434,856 $14,454,267 $124821,286
$104070,067
Railway oper. expenses. 12,704,487
10,935,798
94,634,852
80,998,262
Railway tax accruals...
985,747
1,161,153
8,771,064
8,380,603
Equipment rents
769,692
626,479
5,843,173
4,736,719
Joint facility rents
44,793
defl3,623
462,190
159,459
A discription of the issue follows:
Dated Aug. 31, 1936, due Oct.
1, 1961; int. payable A. & O., at office of
Commonwealth & Southern
Corp., 20 Pine St., New York, N. Y., Trustee,
Bankers Trust Co., New York.
Denoms.—Coupon $1,000; registered,
$1,000, $10,000, $100,000 and $500,000.
Coupon and registered bonds
interchangeable.
Callable at the option of the
company as a whole or in
part on any int. date on 30
days' notice at 106% if red. on or before April 1,
1939; at 105H% thereafter and on or before Oct.
1, 1941; at 105% there¬
after and
Net
ry. oper. income:
After depreciation
Before depreciation..
—V.
on
Operating profit__...
Other income
Profit on sale cap. assets
Prof.
subsequently be
restored
as
unfunded
to
credit, if any
to the
company of such property
deposit with the trustee of a
the
by the
and outstanding under the
mortgage or of
outstanding prior lien bonds equal to the cost or then fair
value to the
company, whichever is greater, of such property additions. If
within three
years from the date of deposit of bonds issued
under the mortgage as
the
basis for restoring funded
property as unfunded property additions
the
bonds deposited for such
purpose, or if within three years from the
date of
filing of any maintenance certificate showing a maintenance
deficit
the
bonds issued and outstanding under the
mortgage shall not have
withdrawn by the utilization of a
maintenance credit shown in
anv
maintenance certificate filed for any of the three
calendar years
succeeding
that in which such bonds were
deposited or in which occurred the mainte¬
nance deficit on account of which such cash
or bonds were
deposited then
any such cash shall forthwith be applied
by the trustee to the redemption of
bonds issued and outstanding under the
mortgage.
Security—Secured by a direct first mortgage on all the
fixed property
of the company now
owned, excepting that used or useful only in
connection
with the street railway or bus business of
the company; and
secured bv a
direct mortgage on such property hereafter
acquired by the company sub¬
ject to prior liens (if any) and excepted encumbrances
cash
or
been
defined
as
mortgage.—V. 143, p. 1728.
loss$52,901
$1.01
„
Period—
Gross earnings (.est.)——
—V.
—First
Week
1936
$2,416,168
14o, p. 17^9.
The present capital structure of the road consists of
$4,200,000 of common
and $4,200,000 of 1st
mtge. 5% bonds, together with $544,000 of
&
stock and $544,000 of 1st mtge.
5% bonds of the Coeur D'Alene
Pend D'Oreille Ry. which it leases.
Under the plan, the
outstanding 1st 5s of the
Spokane would be
ex¬
changed
as follows:
For each $1,000 of bonds, $250 par of new 1st 4s,
$500 of unsecured 4% non-cumulative income debentimes and
2M shares
of $4 preferred stock non-cumulative.
Because of the lease of the Pend D'Oreille it is
proposed to give to their
holders treatment identical with that accorded to holders of
Spokane bonds.
All present common stock of the
Spokane would be surrendered and
canceled
and there would be issued instead 13,000 new shares, to be
delivered to general creditors in accordance with the
priority of their
claims.
"
The
new
structure would consist of 13,000 shares (no par) common stock,
new 1st mtge. 4s, $2,372,000 of 4% income debentures and
$1,186,000 of 4% preferred stock, together with $544,000 of Pend D'Oreille
$1,186,000 of
common
stock.
In connection with the new capital structure, it is
proposed to establish
sinking fund, into which would be paid surplus income of not more than
$100,000 a year after payment of interest on the 1st mtge. bonds and
debentures and dividends on the preferred stock.
This sinking fund would
be used for the purchase of 1st mtge. bonds and debentures
outstanding.
However, it is proposed to provide for the suspension of this sinking
fund arrangement, so long as the amounts which would be deposited therein
"shall be subject to a surtax as provided in the Federal Revenue Act of
1936 or as may be provided by laws of like import enacted in the future."
During such suspension, it is proposed to distribute to the holders of
common stock as dividends, such
surplus income as would otherwise be
paid into the sinking fund.
As a part of the plan of reorganization the trustee for the road has
arranged with the Canadian Pacific Ry. whereby the Canadian Pacific is
willing to enter into a 10-year contract with the reorganized Spokane
company for the interchange of freight and passenger traffic, between
the two companies.
Among other things the arrangement includes a
provision for the payment by the Canadian Pacific to the Spokane semi¬
annually an amount not exceeding $25,000, as may be necessary to meet
its operating expenses and interest on the 1st
mtge. bonds.—V. 143, p. 1575.
a
Standard Canning Co.,
Inc.—Registers with SEC—
See list given on first page of this department.
•
Standard Commercial Tobacco Co., Inc.—Bank Loan—
Ery Kehaya, President, has announced that the
company has obtained
$4,500,000 bank loan,, proceeds of which would be used for expansion
by the Acton-Fisher Tobacco
Co., Inc., one of the Standard Commercial Tobacco group of companies.—
V. 143, p. 287.
a
of operations and working capital purposes
Standard Screw Co.—Dividend Increased—
The directors have declared
a dividend of $1.75 per share on the common
stock, payable Sept. 30 to holders of record Sept. 16.
This compares with
$1.50 per share paid on June 30, last; $1.25 on March 31, last; $1 per share
paid each three months from Dec. 31, 1934 to and including Dec. 31, 1935.
and 50 cents per
share distributed each quarter from April 1, 1932 to Oct. 1,
1934, inclusive.—V. 142, p. 4355.
'
-
Sterchi Bros.
■
Stores—August Sales—
The company reports August sales amounted to $480,058,
an
increase
of
15.8% over August, 1935.
For the first eight months sales totaled
$3,291,061, a gain of 20.6% over the like period of last year.—V. 143, p.
1418.
in
the
'
Standard Gas & Electric Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Sept. 12, 1936 totaled
97,300,751 kilowatt hours,
responding week last year.
Statement
an
increase of 12.2%
compared wi*h the cor¬
of Income and Surplus Account
(Exclusive of capital surplus created by reduction of capital on or about
June 5, 1933)
12 Months Ended—
July 31
Income from dividends and interest, &c.:
Dividends from affiliates
Dividends from others
'36 Dec. 31
on
indebtedness of affiliates
on
bank balances
—
$6,224,616
301,538
165,000
441,051
1,117
$7,133,323
248,637
$6,896,089
4,418,970
125,836
60,157
funded debt of affiliate
on
Interest
$6,884,686
4,418,970
122,695
59,295
_
Profit
on
'35
$6,257,061
302,143
158,029
431,252
110
28,125
$7,176,721
280,632
Interest
Interest
redemption of securities by an affiliate
Total
Expenses and taxes
of Sept.
1935
-——
Interest on funded debt
Other interest
Jan.
1
to
Sept.
1936
7—
1935
$2,033,058 $83,876,335 $71,524,848
Federal and State tax
Southwestern States Telephone Co.—Trustees—
Judge John P. Nields of the U. S. District Court,
Wilmington Del
on
Sept. 12, appointed William H. Heald of Wilmington and
Charles H. Loveland of Los Angeles, trustees.
Company, a Delaware
corporation
has
asked to reorganize under Section 77-B of
the National
Bankruptcy Law
Judge Nields fixed Oct. 9 for a hearing to determine whether
the trustees
should be made permanent or others
named.—V.
143, p. 1729.
on
interest on funded debt._
of debt disct. & exp. (incl. amortiz. of
in connection with proposed extension of
Amortiz.
exps.
notes due Oct.
Nil
•
Ry.—Earnings—
,
Nil
common
Gross income
Southern
$0.85
maintenance
value
or
loss$83,835
stk.
stock
previously outstanding, and except bonds
for, or in lieu
the
fair
$360,335
330,-
a plan of reorganization under Section
77 of the Bankruptcy Act.
Under the plan fixed
charges would be cut 80% from $237,200 annually
Maintenance Fund—Within four months after the
close of each calendar
utilizing
$412,181
on
common
to $47,440.
acquiring,
then
9,059
The company, which operates 140 miles of railroad between
Spokane,
and Eastport, Idaho, has filed with the Interstate Commerce
constructing unfunded property additions,
provided, however,
thereafter, there
any cash, then the trustee shall
forthwith apply such unwithdrawn balance of cash to the
purchase of bonds
of the 3.35% series at the lowest price or
prices, upon the basis of yield to
maturity, at which such purchase may be made, but at a price not
exceeding '
the redemption price thereof.
The trustee may purchase such bonds
from
tbq company at a price or prices not in excess of the
principal amount of the
bonds so purchased, or the cost of such bonds to
the company whichever is
less.
On any Feb. 15 succeeding
any such Dec. 31, if the trustee holds at
least $1,000 unapplied to the purchase of
bonds, it shall call by lot for
redemption on the next interest payment date as many bonds of the
3.35%
series as may be necessary to exhaust such
fund, as nearly as may be, at the
redemption price specified for such date.
by
57,115
116,522
Wash.,
that if on Dec. 31, 1939 or on Dec. 31 of each
third year
shall remain on deposit with the trustee
or
5,655
Commission
authenticated and delivered
under any of the provisions of the
indenture). The company may withdraw
any money to reimburse it in full for expenditures incurred in
cost
36,975
17,137
of busi-
Spokane International Ry.—Reorganization Plan Filed
of such series upon transfer
of, in exchange or substitution
of which other bonds of such series have been
the
expense
18,101
with ICC—
3.35% series authenticated and delivered by the trustee
(except
bonds of such series authenticated and delivered
thereunder upon retire¬
additions
loss$28,991
14,851
(no par)..
^
—V. 142, p. 4039.
of the
of
$109,653
19,851
reorganization...
392 shares
certain
extent
13,877
$372,636
6,646
foreign exchange
Net profit
Earns, per share
conditions) may be authenticated against property additions
subject to
prior liens.
Sinkinq Fund—The mortgage provides that the
company will, on or
before May 1, 1937 and on or before each
succeeding May 1 thereafter, so
long as any bonds of the 3.35% series of 1936 due 1961 are
outstanding,
deposit with the trustee a sum in cash at least equal to the
greater of (a)
$110,000, or (b) 2% of the maximum aggregate principal amount of bonds
property
$473,647
7,354
loss$80,744
33,652
Loss due to flood...
the mortgage.
No property additions subject to
prior liens (as defined in the mortgage)
may be made the basis for the authentication of bonds under the
mortgage,
if the amount of such prior liens exceeds
50% of the cost or fair value, which¬
ever is less of such
property additions unless such prior liens have been
deducted in connection with a prior application. Not
more than 15% of the
bonds authenticated under the
mortgage (and a lesser amount under
additions, whichever is greater,
principal amount of bonds issued
&
ness
$347,786
10,973
$16,501
40,858
38,290
14,004
Interest
Cost
requirements on the principal
amount of, and at least
10%, of all bonds of the company authenticated and
outstanding under the mortgage, including those proposed to be authenti¬
cated, and all outstanding prior lien bonds and indebtedness
(as defined
in the mortgage).
Not more than 15% of such net earnings shall consist
of the aggregate of (1)
non-operating income, and (or) (2) net income which
is directly derived from the
operation of property not subject to the lien of
mainte¬
nance certificate ahows that the
aggregate of the amounts set forth in
(b)
(c), (d), (e) and (f) is less than 15% of (a), the company
covenants that it
will deposit with the trustee an amount in cash and
(or) in principal amount
of bonds issued and
outstanding under the mortgage and (or)
outstanding
prior lien bonds, equal to the amount of the deficit. Any cash or bonds
issued under the mortgage so
deposited may at any time (1) be withdrawn
by the company in amounts equal to the excess of items
(b), (c)
(d)
(e) and (f) over 15% of item (a) as shown by the last filed
maintenance
certificates; or (2) in the case of cash, may be withdrawn
by the company
by deposit with the trustee of a principal amount of bonds
issued under the
mortgage or of outstanding prior lien bonds equivalent to the
amount of
cash so withdrawn; or (3) in the case of
bonds, mav be withdrawn by the
company by deposit with the trustee of an amount in cash
equivalent to the
principal amount of bonds so withdrawn. Any unfunded
property additions
which have become funded
property oy being certified in any maintenance
certificate filed with the trustee may
on
$408,764
18,712
38.290
7,881
'
Profit
,
the month in which any
application for issue is made, snail have been at
least equal to twice the annual interest
any
31—
1936—3 Mos.—1935
1936—9 Mos.—1935*1
$4,656,487
$4,275,714 $10,571,592
$9,882,400
4,130,599
3,803,598
10,197,131
9,599,335
Depreciation & amortiz.
117,124
124,330
357,960
363,809
2 consecutive months within the
?ose, unless net earnings of the company, as defined in the mortgage, for
15 calendar months immediately preceding
year, the company will furnish to the trustee a maintenance
certificate
showing: (a) the amount of gross earnings for the
preceding calendar year;
(b) expenditures during the preceding calendar year for
repairs to and
maintenance of mortgaged property; (c) expenditures
during the preceding
calendar year for replacements; (d) the amount
deposited with the trustee
in the preceding calendar year
pursuant to the provisions of the
sinking
fund mentioned above; (e) the cost or fair
value, whichever is less
of
unfunded property additions it has elected to
certify for the purpose of such
maintenance certificate; and (f) the
amount, if any, of credit remaining in
the previously filed annual maintenance
certificate not theretofore used
under any provisions of Section 36-B of the
mortgage. In case
$9,795,021
14,891,802
Costs;and expenses
Additional bonds may not be
authenticated, except for refunding pur-
or
$1,744,457 $15,110,005
2,403,632
20,344,787
1574.
Net sales
(b) property
useful only in the street or interurban
railway or bus business of the
company; (c) properties used in the ice or
refrigerating business; and (d)
properties outside the State of Indiana.
making
p.
Period End. July
^
or
ment of other bonds of such series
143,
'
$2,930,134
3,575,468
(A. G.) Spalding & Bros.—Earnings—
or before
April 1, 1944; at 104 H % thereafter and on or before
Oct. 1, 1946; at 104% thereafter and on or before
Oct. 1, 1948; at 103^%
thereafter and on or before Oct.
1, 1950; at 103% thereafter and on or
before Oct. 1, 1952; at
10234% thereafter and on or before Oct. 1, 1954;
at 102% thereafter and on or
before April 1. 1956; at 10134 % thereafter
or
t?efore Oct- 1. 1957; at 101 thereafter and on or before Oct. 1,
1958 and without premium after Oct.
1, 1958 and prior to maturity.
Additional Bonds—The mortgage
permits the issuance of additional bonds
(a) for refunding an equal principal amount of bonds of
any series authenti¬
cated under the
mortgage, or prior lien bonds (if any), as defined in the
mortgage, on property hereafter acquired; (b) in a
principal amount not
exceeding cash to be deposited with the trustee; (c) in a
principal amount
not exceeding
75% of the cost or fair value, whichever is less, of property
additions, as defined in the mortgage, made subsequent to Dec.
31, 1935.
The definition of
property additions excludes among other things (a)
natural gas wells or leases and
pipe lines for the transmission of natural
gas to the point of connection with a distribution
system;
used
1893
1, 1935)
202,952
Surplus account beginning of period
Adjustments for investment reserve
Refunded of Federal income tax paid at
funded debt interest for prior year
Surplus account, end of period
—
166,677
$2,088,172
13,673,596
—
Net income
$2,117,048
12,649,821
55,384
7,004
7,004
—
source on
$15,768,773 $14,829,259
Financial
1894
Ended Aug. 15—
profit after depreciation,
State and county taxes
—V. 143, P. 1092.
Consolidated Income and Surplus
companies.)
(Exclusive of Standard Gas & Electric Co.'s capital
by reduction of capital on or about June 5, 1933, and
accounts of subsidiaries eliminated in consolidation.)
declared a dividend of $3 per share on account of
6% convertible first preferred stock, par $50, payable
Oct. 15 to holders of record Sept. 30.
A likepajmentwas made on Aug.
17, May 15 and Feb. 18, last, and on Nov. 15, 1935, this latter being
first dividend paid on the issue since Sept. 1, 1931, when a regular quarterly
disbursement of 75 cents per share was made.—V. 143, p. 773.
the
4
and
45,983,892
48,143,653
(before approp. for retirement
depletion reserves)
*
..$45,523,441
Profit
$43,626,618
308,965
262,777
Appropriation for retirement and
deducting interest,
before
and State income taxes
Interest
rev.
Net oper. rev. & other income (before
for retirement and depletion reserves)
Ended Jan. 31, 1936
depreciation and provision
Earnings for the Year
Other income—net.....
•
ClotHier—Earnings—
Strawbridge &
for Federal
oper.
approp.
-
$33,805,696
Gross income
1,229,986
properties
12,929,217
1,124,720
122,657
funded debt
Amortization of debt discount and expense
Interest
on
Other interest
Divs.
on
pref. capital stock of the
Consolidated Gas
Depreciation
taxes—estimated
and State income
profit
—-jSurplus Jan. 31.1935
—
-4--- --Surplus credit disct. on prior pref. stock and pref.
income deductions
Balance
Dividends
500,000
407,553
3,112
Cr48,899
Cr50,250
construction
Interest charged to
Surplus Jan. 31,
income
public
of sub.
applicable to Standard Gas & Electric
Income of non-utility subsidiary
to Standard Gas & Electric Co
$8,051,356
Co
146,618
302,143
428,434
110
Total
$7,470,418
280,632
248,637
$8,648,030
$7,221,781
4,418,970
125,836
60,157
a
4,418,970
Expenses and taxes of Standard Gas & Electric Co.
Oonsol.
net income before
Co
Electric Co.:
Other interest
Accts.
Federal and State tax
on
interest on funded debt
122,695
59,295
.
(incl. amort, of
proposed extension
Amort, of debt discount & exp.
exps. in connection with
of notes due Oct. 1,1935)
202,952
166,677
$3,840,114
$2,454,143
18,707,671
Consolidated surplus account beginning of period._
Transfer of excess bal. in res. for transportation
24,477,787
98,502
equipment expense
$22,547,785 $27,030,433
Total....
Propor. amts. of adjusts, of charges prev.
made by
sub.
35,995
$2,000,000
743,758
513,572
26,937
4,059,753 Empl. and sundry deposits..
Reserve for Federal and State
3,338,686
customers (after
of $235,000 for
rec.,
doubtful)
-
500,000
10,191,000
debt.
Funded
55,807
-
337,893
Reserve
equip. 23,681,476
Property, fixtures &
70,000
taxes
Mortgage payable
and advances
at cost.
accounts
Income
306,342
Other assets
Capital stock
payable to banks
payable—trade
Accrued
1,721,000
9,464,200
1,801,847
1,505,721
3,808,380
6% prior pref. stock
414,034
7% preferred stock
b Common stock
Earned
surplus
$32,684,310
Total
After
a
allowance
of $3,424,571
—
30,000 no-par shares.—V. 142, p.
Total
for depreciation,
$32,684,310
-
b Represented by
3528.
Securities Co.—Pref. Stock Called—
The company has called for redemption on Oct. 1 all its first preferred
shares at $105 and accrued dividends, amounting to $1 per share.
The
company owns the entire capital stock of Middlesex & Boston Street Ry.
Suburban Electric
Norumbega Park Co.
On July 1, Middlesex & Boston redeemed $180,000 5H% bonds, leav¬
ing outstanding but $211,000 of an original issue of $1,981,000.
Suburban Electric during the past few years has purchased and holds in
its treasury 14,483 of its own second preferred shares of an original issue
of 31,203 shares.
cos.
from manufactured to natural gas
Net prem. & exps. on retirement of
,
declared
April 1 and Jan. 2, last, and
Sunray Oil
a
July 1.
1,1935.—V. 142, p. 4355, 2004.
Corp.—Semi-Annual Report—
end of period....$21,284,909
of the operating subsidiary,
full: the amount necessary for the payment
$625,000; this mortgage has been released.
indebtedness upon any of the property of
The moneys required to pay the balance of this mortgage
to carry on the development necessary in the newly
acquired State lands around the Oklahoma City capitol, was obtained
through the sale of the new 5H% cum. conv. pref. stock, supplemented
by loans from the company's banking connections on open credit at 4%
indebtedness
150,054
78,028
123,254
264,427
—
Sundry adjustments—net
459,543
of net surplus adjustments applicable to
minority interests
Cr2,452,554
was made on
the corporation.
364,906
1,081,090
86,857
account
value, payable Oct. 1
dividend of 50 cents per share on
Oct. 1 and July
Sunray Oil Co., v ere paid in
of this balance was the sum of
There is now no mortgage
5,559,941
2,980,748
Cr76,145
funded debt
'
Portion
Consolidated surplus account,
The directors have
of accumulations on the $4 cum. pref. stock, no par
to holders of record Sept. 21.
A similar payment
C. H. Wright, President, says in part:
On July 31, 1936, the 6% 1st mtge. notes
against surplus arising from
reval. of prop., representing expired debt disct.
and exp., debt disct. and exp., and prems. on
bonds red., and commis., net prems., exps. and
divs. on redemption and sale of pref. stocks
Adj. of approp. for retirement reserves, prior years
Appropriation from surplus for special reserves
Unamortized balance of expenses for conversion
certain
$5,314,101
Accumulated Dividend—
Consolidated net income
and construction
110,157
Liabilities—
allowance
and
j
-
—
Capital and appreciation sur.
deduction of income
charges of Standard Gas & Electric
Income charges of Standard Gas &
Interest on funded debt
-
Accounts
Co.:
Other interest
70,000
.$428,766
4,959,302
stock acquired
72,185
$5,460,255
—
values
Notes
$828,210
Cash
580,837
301,538
427,658
1,117
$8,928,663
Other income of Standard Gas & Electric
Dividends from nop-affiliated companies
Interest on indebtedness of affiliates—
u
-
Balance Sheet Jan. 31, 1936 '
$6,159,267
companies applic.
460,126
-
-
Deferred charges
utility cos.
-
—
-
1936
Assets-
a
of
Balance
-
------
-
Cash dividends, prior preference stock-.
Amortization of appreciation of building
Merchandise inventories
$17,478,966 $15,165,474
8,664,912
8,540,368
762,696
465,838
capital stocks held by public
Minority interest in undistributed net income
on
Total
-
----
—
—
—
Provision for Federal
69,192
69,192
500,000
373,511
27,695
Pittsburgh guar, by Phila. Co.
Appropriation for special reserve
Federal and State tax on interest on funded debt
Co. of the City of
Other
$32,156,997
1,229,09813,572,997
1,053,320
205,148
_
$1,604,254
°£5,361
Net
.$45,786,219 $43,935,584
depletion reserves 11,943,523 11,741,586
expenditures—
37,000
37,000
-
-
Amortization of contractual capital
Rents for lease of
$lo»,oi2
$445,652
Corp.—$3 First Preferred Dividend—
Sterling Securities
—$93,667,095 $89,610,511
Net
®iqq«i<>
The directors have
accumulations on the
surplus created
capital surplus
July 31 '36 Dec. 31 *35
12 Months Ended—
Subsidiary Public Utility Companies—
Operating revenues.
Oper. exps., maint. & taxes (incl. $83,338 for the
12 mos. ended July 31,1936, and $200,000 for the
12 mos. ended Dec. 31, 1935, for amort, of
extraordinary oper. exps. deferred in 1931)----
,
,
,
Federal income,
Net
such
1935
1936
32 Weeks
Account
r
(Exclusive of Deep Rock Oil Corp., debtor under Section 77-B of the
Federal Bankruptcy Act as amended, and Beaver Valley Traction Co.
(subsidiary of Philadelphia Co.), in receivership, and the subsidiaries of
Statement of
1936
19
Sept.
Chronicle
and
interest.
The outstanding stock of the
corporation at this time consists
of common
5H % cum. conv. pref. stock.
All of the previously
series A pref. stock has been converted by the holders
of such pref. stock into common stock, with the exception of a small
number of shares which were called and paid.
stock and the new
Cr488,816
$20,161,974
—V. 143. p. 1729.
outstanding 6%
Twenty thousand shares of the new 5H% cum. conv. pref. stock have
$50 per share, netting the corporation $940,000.
Approxi¬
mately 25% of this pref. stock was subscribed by the holders of the common
stock.
The remaining shares of the pref. stock are now being publicly
offered and the proceeds thereof will be used in paying off such open
been sold at
Sterling Motor Truck Co., Inc. (& Subs.)—Earnings—
Earnings for Year Ended Oct.
Net
31, 1935
$1,960,218
sales
Cost of sales, exclusive of
1,488,803
depreciation charges
$471,415
316,142
Gross profit, before depreciation charges
Selling and administrative expense
shop expense
151,515
Branch
Net profit from operations,
Miscellaneous income—net.
$3,757
24,665
before depreciation charges.
$28,422
28,349
Net income, before depreciation charges
Depreciation of plant and factory and branch equipment
Net
Dividends received from
La
31, 1934
France-Republic Sales Corp., in
Oct. 31,1935
Consolidated Balance Sheet Oct.
Assets—
.
$40,996
31,1935
31, 1935
Liabilities—
„
Cash in banks and
on
hand...
Notes rec. for sale of trucks.
b Accounts receivable
•
Inventories
Prepaid expenses
Investments
c
12,358
of amount earned in year ended
Capital surplus, less operating deficit, at Oct.
a
70,848
42,283
Property, plant & equipment
$55,112 Notes payable—trade
378,851 Loans made by financei cos. &
others, secured by notes rec.,
145,915
($257,900, per contra)
381,953
Cust's* deposits & credit bals.
7,783
42,867 Accounts payable
Acc'ts pay., La France-Repub¬
111,781
—atjcost
Wisconsin unemployment com¬
3,878
pensation fund—cash
Real & personal property
local
11,179
58,774
32,621
and
73,262
taxes
for
186,015
4,346
lic Sales Corp
Accrued salaries, wages, com¬
missions and expenses
Reserve
$586
Wisconsin unem¬
3,878
ployment compensation
7,000
Miscellaneous reserves
676,954
Preferred stock (par $10)
Common stock (par $1)
32,526
organization surplus
Deficit from operations..
70,848
29,851
Paid in at
for
Total
b After reserve of $19,824.
depreciation of $378,033.—V. 137, p. 1595.
a
After reserve of $66,5
Sterling Brewers,
0.
c
$1,128,142
After reserve
Inc.—Dividend Again Raised—
have declared a dividend of 20 cents per share on the
stock, par $1, payable Oct. 10 to holders of record Sept. 25.
This
compares with 15 cents paid on Aug. 15 last, 10 cents paid on May 15 last,
and 73^ cents per share distributed oh Nov. 14 and July 20, 1935, and on
Dec. 30, 1934, this latter beingjihe initial payment on the issue.
r
The
directors
common
have and to increase the
working capital
with the Phillips Petroleum
Co. involving the disposition of our Moore County, Texas, holdings con¬
sisting largely of gas wells and a gasoline absorption plant, for additional
producing properties in the South Extension of the Wilcox Area in the
Oklahoma City Field was consummated, resulting in an increase of daily
production and minimizing our cost of operation due to other holdings
in this field.
In making the exchange, company is to receive $600,000
from the Moore County leases, payable to Sunray if, as and when oil
production is found at a greater depth than the present producing horizon.
The management believes that this transaction will be very oeneficial
to the
1, an exchange of properties
corporation.
Condensed
•
Operating Statement
6 Months Ended June 30—
iGross operating income
iOosts (incl. oil sold to refinery),
general expenses, taxes, &c
Net operating income
Other income (interest, discounts,
{Corporation and Subsidiary)
1936
1935
$1,892,284
$1,376,051
operating and
1,158,529
bonuses, &c.)--
787,046
$733,754
13.874
$589,005
26,324
$747,629
$615,329
discount)—
91,391
78,557
depl., deprec., and other cpital
extinguishments, & Fed. & State inc. taxes)..
Capital extinguishments, leases abandoned, &c—
Depletion and depreciation (approximate)
$656,238
83,310
271,756
$536,772
83,893
253,711
Total income...
Non-oper. charges (incl. interest and
Net inc. (before
State
Federal income taxes (approx.).
No
has been made for surtax on undis. earns..
and
prov.
Net profit for period
Requirement for preferred stock dividends
40,000
35,000
$261,172
x2,496
$164,167
3,969
$258,676
$160,198
1,910,248
1,583,401
$0.13
$0.10
x Applicable to series A preferred stock retired prior to June 30,
1936.
New 5^2 % cum. conv. pref. stock not outstanding during first six months'
Net profit
Shares
applicable to common stock
stock ($1 par) outstanding
common
Earnings
per
share.
period.—V. 143, p. 1576.
Sun Ray
$1,128,142■
Total
the company may
as
of the company.
Effective Aug.
$73
income
Capital surplus—paid in at organization
Deficit from operations—Balance at Oct.
excess
indebtedness
Drug Co.—Sales—
Period Ended Aug. 31—
2
Sales
...
1936—Month—1935
$478,300
$394,758
1936—8 Mos.—1935
$2,388,632
$3,394,233
Extra and Initial Dividend—
The directors have declared an extra
addition to
an
dividend of 10 cents per share In
share on the common stock,
initial dividend of 20 cents per
25.
par $1, both payable Oct. 1 to holders of record Sept.
The directors also declared an initial quarterly dividend
share
on
preferred stock, par $50,
15.—V. 143, p. 1093.
*
the 5H% cum. conv.
holders of record Oct.
of 37 H cents per
payable Nov. 1 to
«
Volume
143
Financial
Chronicle
Superior Portland Cement, Inc.—Accumulated Div.—
The
Navigation Co. and St. Joseph & Grand Island Ry. (whose accounts,
together with those of Los
Angeles & Salt Lake RR., are consolidated with
those of the
company in the financial statements) of which $71,141,780
principal amount is guaranteed by the
company.
Earnings—The consolidated income of the
company and the subsidiaries
for the year ended
Dec. 31, 1935, applicable to the payment of interest
on funded debt
and other charges, amounted to $34,061,789, while such
charges amounted to $15,433,536.
For the seven months ended July 31,
1936, consolidated income applicable to such
charges was $13,164,642
(as against $12,581,125 for the
corresponding period of 1935) while such
charges amounted to $8,825,347.
directors have declared a dividend
of 27 H cents per share on account
accumulations on the $3.50
cumulative class A participating stock,
value, payable Oct. 1 to holders of record
Sept. 23.
A like payment
was made on
Sept. 1, Aug. 1 and July 1, last.
Dividends of 55 cents per
share were paid on
May 1, March 2 and Jan. 1 last, and on Nov. 1, 1935;
of
no
par
27*4 cents
55 cents
was
on
1,11934, and
paid on Sept. 3, July 1 and
May 1, 1935, and dividends of
March 1 and Jan.
on
2, 1935, Nov. 1, Sept. 1, July 1 and May
Dec. 1,1933.—V.
143, p. 1093.
Swan-Finch Oil
Corp.—Accumulated Dividends—
The directors have
declared two dividends of 43 H cents
per share each
on account of accumulations on
the 7 % cumulative
The properties of the
subsidiaries named above have been leased to the
company (effective Jan. 1, 1936) for a period of one
year and thereafter
from year to year until
terminated by either party on three months' notice.
The rental payable includes interest on
funded debt, depreciation and other
items as set out in the leases
and, in the case of St. Joseph & Grand Island
Ry., dividends (amounting to about $3,200 per annum) on stock now
outstanding in the hands of the public.
(a total of 8714 cents)
§j£$a£J?ay2nents were made on June 29Oct. 1 to holders
referred stock, par $25, both payable and March
of record Sept. 24.
17, last, and
1935.
on
Dec. 16,
The first of the current
dividends applies on the quarter ended Dec. 1.
on the quarter
ended March 1,1933 —V. 142, p. 4193.
1932, and the second
Swiss Oil Corp.,
The
Inc.—Regular Dividend Increased—
Consolidated General Balance Sheet July 31, 1936
directors have declared a
dividend of 10 cents per share on the
capital stock, payable Oct. 1 to holders of
record Sept. 15.
An extra divi¬
dend of 5 cents per share in
addition to a regular quarterly dividend
cents per share was
paid in each of the three
preceding quarters.—V.
p.
Assets—
of 5
143,
Sinking funds
Deposits in lieu
(James) Talcott, Inc.—Tenders—
has been
set aside out of net
preference stock purchase fund of $25,097
earnings to repurchase at a price not to exceed
agents and conductors
Ky., stockholders approved an
providing for
$1 par value.
cumulative
172,065,321
Loans and bills
receivable..
Traffic and car-service bal¬
ances receivable
Net bals. receivable
from
Miscell. accts. receivable..
amendment to the articles of
incorporation of the company
the issuance of
50,000 shares of convertible preferred
stock,
The preferred stock will be
entitled to
Material and supplies
Int. and divs. receivable
Rents receivable
dividend of
60c.
per
capital will reimburse the company's treasury for capital
expenditures previously made from
earnings and provide additional working
capital.
Upon completion of this
financing, the outstanding capitalization
will consist of 50,000 shares
of convertible preferred
stock, $1 par value,
and 340,000 shares of common
stock, $1 par value.
Net earnings of the
company for the seven months ended July 31, 1936, after provision for Fed¬
eral income tax, amounted to
$260,920.
The convertible
preferred stock is to be underwritten by F. S. Yantis
& Co., Inc., of
Chicago and it is expected that public offering will be
made late
The
82,111
2,703,574
50,921,999
13,779,128
400,000
Special deposits
143, p. 1730.
annum.
cos...
Time drafts and
deposits._
(K.) Taylor Distilling Co., Inc.—New Stock—
special meeting held at
Frankfort,
property
Cash
$52 per share such shares of the
b)4% participating preference stock which
be tendered to the company.
Tenders will be received until noon of
2, 1936 by the company, which reserves the
right to determine the
manner in which the fund
shall be used in making
repurchases and to
accept or reject any tenders.—V.
a
of mtged.
278,948
Investments in affil.
Other investments
a
may
Nov.
At
Liabilities—
Investment in road &
equip. $897,999,549
property sold
Miscell. physical
1094.
The company announced that
1895
and
new
79,138
34,262
1,268,615
4,019,318
18,433,754
1,088,532
$254,051
54,121
$234,140
55,299
$199,929
1,295
$178,841
& local taxes
Total income
Provision for retirement
$201,225
33,765
Bal.
before int., amortiz. of bond discount &
expense and Federal income tax
—V. 143, p. 1731.
104,279,405
13,352
10,358,851
35,083
Additions to property thru
income and surplus
30,643,636
prem¬
iums paid in advance
funded debt..
Other unadjusted debits...
Funded
1,613,349
7,238,232
>■;
$167,459
847
$179,689
31,157
.
thru
536,828
278,948
not
.
Co.—Dividend
Stock—
.
.
Increased—May In¬
Union Pacific RR.—Bonds
Offered—Kuhn, Loeb & Co.
Sept. 18 offered at 99lA% and int. to date of
delivery
$20,000,000 34-year 3lA% debenture bonds.
on
Dated Oct. 1, 1936; due Oct.
1, 1970."
Coupon bonds in $1,000 denom.,
registerable as to principal, exchangeable for
fully registered bonds and
re-exchangeable under conditions to be provided in the
indenture.
Interest
payable April 1 and Oct. 1.
Red. as a whole but not in
part at the option
of the company, upon not less
than 45 days' published
notice, on Oct. 1,
1941, or on any int. date thereafter up to and
including Oct. 1, 1946, at
103%; thereafter up to and including Oct.
1, 1951, at 102*4%; thereafter
up to and including Oct. 1, 1956, at
102%; thereafter up to and including
Oct. 1, 1961, at 101*4%; thereafter
up to and including Oct. 1,
1966, at
101 %, and thereafter at
100; in each case with accrued interest.- Chemical
Bank & Trust Co., trustee.
Issuance—Issue and sale of these bonds
subject to approval of Interstate
Commerce Commission.
Legal Investments—In the opinion of
counsel, these bonds are legal in¬
vestments for savings banks under the
laws of New York,
Pennsylvania,
California and Rhode Island.
Data from Letter of F. W.
Charske, Chairman, Executive
Committee,
Dated Sept. 17
•
be the direct
obligation of the company.
Indenture will provide among other
things that, so long as any of the bonds
are outstanding, the
company will not create any new
mortgage or other
lien (except to extend or refund
existing liens). upon any of the lines oi
railroad now owned by it (not
including lines of railroad leased to the com¬
pany or lines of railroad owned by a
subsidiary of the company), unless
effective provision be made in such new
mortgage or in the instrument
creating such lien that the bonds shall be secured
by such mortgage or
other lien ratably with the other
indebtedness secured thereby, all as
will
be provided in the indenture.
Purpose—The proceeds of the bonds will be used, together with
treasury
funds to the extent required, to redeem on
Dec. 1, 1936 at 100% and
int.,
the company's 40-year 4% bonds due June
1, 1968, now outstanding in
the principal amount of $20,000,000.
Capitalization—Company had outstanding in the hands of the public on
July 31, 1936, $235,180,510 funded debt (not
including $16,179,163 of
non-negotiable debt to affiliated companies), $99,543,100
4% preferred
stock and $222,291,000 common stock.
Company has paid dividends on its preferred stock
uninterruptedly since
1898 and on its common stock since 1900.
Dividends paid on the common
stock for the year 1926 to 1935 were as follows: For
each of the years
1926 to 1931, in.lusive, 10%; for 1932,
7%; and for each of the years
1933 to 1935, inclusive, 6%.
For 1936 dividends of 1*4% were
paid on
the common stock on April 1 and
July 1, and a dividend of 1*4 % has been
doclcirBd payable Oct)* X*
The company has never been indebted to the
Reconstruction Finance
Corporation or to the Railroad Credit Corporation and has no
\
outstanding
bank loans.
Subsidiary Companies Funded Debt—There was also outstanding in the
hands of the public on July 31, 1936,
$110,909,280 of funded debt of the
company's subsidiaries, Oregon Short Line RR.,
Oregon-Washington RR.
7
34,972,571
248,810,041
39,563,299
.....
companies are not included.
The
difference between the par and face value of such securities
as carried on
the
books
of the Los
Angeles & Salt Lake RR. and St. Joseph & Grand
Island Ry. (less
unextinguished discount on the bonds and discount charged
loss but added back in
consolidating the accounts) and the
to profit and
amounts
at
which
the securities
carried
are
on
the
books
of the
owning
companies is set up here to balance
$39,563,299.—V. 143, p. 1249, 1419.
Holders
$148,531
The directors have declared a
dividend of $1 per share on the common
stock payable Oct. 1 to holders of
record Sept. 25.
Previously regular
quarterly dividends of 25 cents per share were
distributed.
In addition an
extra dividend of 25 cents was
paid on July 1, last.
The directors also adopted a
resolution contemplating an increase in the
number of common shares and the
exchange of two shares of common
stock for each share of common now
outstanding.
The increase of the
number of shares will not
change the capital of the company and will not
become effective until the
necessary legal steps are accomplished.
7 Months Ended July 31—
1936
1935
Net prof, after charges & Fed.
inc. taxes
$206,040
$151,907
Earns, persh. on 50,692 shs.com.
stock.
$3.40
$2.34
—V. Pf2, p. 4196.
to
Balance.
$1,178,680,292
Total
$1,178,680,293
x As
this consolidated balance
sheet excludes all intercompany items,
securities of the Los
Angeles & Salt Lake RR. and St. Joseph & Grand
Island Ry. owned
by other system
-
Roofing Co., Inc.—-Extra Dividend—
retired
Union Sugar Co.—To Retire
Preferred Stock—
The directors on
Sept. 14 declared an extra dividend of 7)4 cents per
share in addition to the
regular quarterly dividend of 12 H cents per share
on the common
stock, par $1, both payable Oct. 1 to holders of record
Sept. 21,—V. 143, p. 937.
-
debt
income and surplus
Sinking fund reserves
Appropriated surplus
are
on
are
865,141
Miscell. physical property
Other unadjusted credits..
Total
Dec. 31, "35
Non-operating income (net)
Security—These bonds
depreciation:
2,026,141
Other deferred assets
Rents and insurance
x
June 30, '36
Operating income
crease
Insurance & casualty res'ves
Accrued
Profit and loss
Hydro-Electric Corp.—Earnings—
Investment
Other deferred liabilities...
Tax liability
specifically invested
12 Months Ended—
Union
unpaid..
Equipment
Registers with SEC—
Tilo
payable
Dividends matured unpaid.
Funded debt matured unpd.
346,089,790
5,295,144
1,253,967
8,451,139
1,088,958
250,783
284,613
1,680,100
2,737,808
29,147
403,243
156,724
7,247,687
7,297,497
Road
6,188
335,897
172,823
See list given on first
page of this department.—V. 143, p. 1094.
Texas
Miscell. accts.
Interest matured
Unmatured int. accrued—
this month.
Operating revenue
Oper. expenses, incl. maint.
Funded debt unmatured
Non-negot. debt to affil.cos.
Traffic & car-serv.bals. pay.
Audited accts. & wages pay.
rents accrued..
Other current liabilities
Other current assets
on
-
4,098,327 Unmatured
Working fund advances
Discount
Capital stock
$321,835,600
St. J. & G. I. Ry. stocks
74,380
Grants in aid of constrtion.
4,181,637
of
the company's
7% cumulative preferred stock, par $25,
being advised that it intends to retire all of such stock outstanding
Nov. 10, 1936.
Holders are offered the choice of 1*4 shares of common
stock for each share of
preferred stock held, or $26 plus accumulated divi¬
dends to Nov. 10, 1936 of
$9.63, or a total of $35.63 for each share of pre¬
ferred stock.—V.
142, p. 3873.
United Air Lines
Transport Corp. of
Chicago—Files
with SEC—
The
corporation on Sept. 11 filed with the Securities and
Exchange
a registration statement
(No. 2-2464, Form A-l) under the
Securities Act of 1933
covering the issuance of $5 par value capital stock
in connection with a
plan to increase the authorized capital stock of the
company from 1,200,000 shares to 2,000,000 shares.
The stock is to be
Corporation
offered to stockholders of the
company and to capital stockholders of
National Air Transport, Inc.
The number of shares being registered and
the price at which
they are to be offered to the stockholders are to be
furnished by amendment to the
registration statement.
In addition to the
shares being offered to
stockholders, it is stated that 50,000 shares of the
capital stock being registered are authorized for sale to officers and
employees
of the company and its
subsidiaries on or before Feb. 1, 1937 at a price to be
supplied by amendment.
In connection
•
with the application of the
proceeds, it is stated that:
"In order to effect economies in
operation and improve its existing air
transport service, the issuer has contracted to purchase 20
Douglas twinmotor airplanes, powered with
twin-row Wasp engines, at a cost of approxi¬
mately $110,000 each, for delivery
commencing in October 1936.
It is
Slanned that 10 such airplanes will have
cabin arrangement 14
accommodat-
a
lg 21 passengers, and that the other 10 will accommodate
with a relatively greater
cargo capacity.
"The issuer also has under consideration the
passengers
purchase of four-engine
airplanes for delivery commencing late in 1937.
Specifications therefor
provide for a four-engine low-wing monoplane
designed to carry a maximum
of 40 passengers in seats or a maximum
of 30 passengers in berths; actual
passenger capacity on particular trips may be limited by length of
flight
and mail and express loads.
One experimantal four-engine airplane of the
type above described is now being manufactured
by Douglas Aircraft Co.,
Inc.
The number of such airplanes, if
any, which may be purchased by the
issuer is dependent upon results of
demonstration and test flights and the
price at which such airplanes will be obtainable.
Other air lines are parti¬
cipating with the issuer in the development and in payment of the engineer¬
ing costs of the experimental airplane.
The prices at which such fourengine airplanes will be obtainable will be very largely dependent upon the
number of such airplanes which
may be purchased by the issuer and by
other
air
lines.
"The operation of the new
flying equipment will necessitate changes and
improvements in the ground facilities of the issuer.
"The net proceeds realized from the sale of this issue will be used to the
extent of approximately
$2,200,000 to pay the purchase price of the said
20 twin-motor airplanes and
engines which have already been ordered.
The estimated balance of $000,000 of the net
proceeds will be added to the
general funds of the issuer, which may be used in whole or in part for addi¬
tional
working capital, additional airplane equipment
facilities."
The names of the underwriters
are to
or
additional ground
be furnished by amendment to the
registration statement.
W. A. Patterson of Chicago is President of the
company.—V. 143, p. 1419.
United Dyewood Corp.
(& Subs.)—Earnings—
Six Months Ended June 30—
Net sales.
1936
1935
1934
$2,896,755
2,678,666
38,392
$2,903,728
2,758,707
35,086
$3,039,745
2,946,180
37,848
Other income.
$179,697
58,809
$109,935
44,114
$55,717
63,252
Federal and foreign income tax.
$238,506
38,997
6,704
$154,049
$118,969
5,967
7 ,247
x$192,805
105,000
139,000
$148,082
107,082
$111,722
110,446
$51,195
sur$41,000
sur$l,276
$0.63
$0.29
$0.01
Costs and expenses
Depreciation.
-
Minority interests
Preferred dividends.
Common dividends.
Deficit
Earns, per share on 139,183 shs. (par
$10) common stock
x
No provision has been made for Federal surtax
—V.
143,
p.
1250.
"
on
"
undistributed profits.
Consolidated Balance Sheet June 30
Union Switch & Signal Co.—New Vice-President—
& Lighting Co., above.—V. 143, p. 606.
y
Co.—Weekly Output—
United Gas Improvement
Sept. 12 '36
82,003,604
(kwh.)
83,755,238
Repairs and maintenance—'
Depreciation
Amortization of remodeling and sign expense
—
Rents
Store
Advertising
•_ j
98,732
income
Other
1-—
Total income
Loss
on
—
94,762
$91,249
16,181
$95,119
64,230
liquidation of subsidiary company
$159,349
79
79
Accr'd gen. taxes.
Accr'd Fed. taxes.
12,786
125,910
Misc. accr. liabils.
71,024
Surplus.----345,023
z Treasury stock.. Dr501,056
14,706
76,061
32,107
58,319
Dr500,723
$6,376,700
$5,965,170
11,480
|
Total
-
Represented by 210,000 no par shares,
y After depreciation of $1,512,1935.
z Represented by 7,864 shares .at
Co .—Preferred Dividend—
Valve Bag
have declared
a
the 6%
dividend of $1.50 per share on
record
1 to holders of
cumulative preferred stock, par $100, payable Oct.
Sept. 19.
Similar distributions have been made quarterly since and in¬
cluding April 1, 1933, this latter payment being the first to be made on
this issue since April 1, 1932. when a regular quarterly payment of $1.50
$77,552
35,004
$112,556
5,000
20,826
22,500
___
payable.
wages.
1,099
$6,376,700 $5,965,170
The directors
983
1,401
12.297
Provision for Federal income tax
62,691
67,831
755 in 1936 and $1,397,271 in
cost.—V. 143, p. 776.
$90,266
$111,300
Balance
x
5,667
126,121
91,775
employees..-
Unclaimed
1,703,941
305,847
3,974
1,142,701
314,972
1
Total
4,240
compensat'n
Accounts
14,102
1 ,460,601
472,319
6,746
Mktable securities 1 ,555,915
Cash-----497,234
991
Cash in closed bks.
Deferred charges.1-2,658
90,274.
115,070
$110,243
1,057
General and administrative expenses
employees
purch. of stk.
Notes & accts. rec.
~4~568
140,572
34,525
expenses
of
Acer. int. rec
5,930
2,568
7,095
118,695
J
Taxes
20,800
settlem't
expenses
Add'l
3,993
9,431
Inventories-——
for
23,700
for personal
Prov.
purch. of real
Duefr.
4,077,095
4,127,632
investment
injury
estate
$400,870
$521,227
1,560
7,237
_—
Empl. 7% ctfs. of
for
10 cents per share in
addition to the regular quarterly dividend of 7Y* cents per share on the
common stock, no par value, both payable Sept. 23 to holders of record
Sept. 19.
A similar extra was paid on Dec. 23, 1935, while an extra divi¬
dend of 23^ cents per share was distributed on Oct. 10, 1935.
Years Ended Dec. 31—
1935
1934
The directors have declared an extra dividend of
Gross profit on sales
1
151,569
52,225
Mtge. receivable. _
Due from
empl's
Inc.—Extra Dividend—
United Shirt Distributors,
Capital surplus-..
1
146,749
47.699
Investments
76,193,444
stock._$2,000,000 $2,000,000
Common
Land, buildings,
mach'y & equip .$2 152,252 $2,273,366
Patents
Sept. 5 '36 Sept. 14 '35
x
1935
1936
Liabilities—
1935
1936
Assets—
See Safety Car Heating
Week Ended—
Electric output of system
—V. 143, p. 1731.
Sept. 19, 1936
Chronicle
Financial
1896
share was made.
Accruals after the payment of the Oct.
per
Net profit
Previous surplus.
Total
surplus
—-
Provision for loss
on
deposit in closed banks
5,813
42,500
Preferred dividends
dividends
Common
per
Vertientes
1935
$1,441,692
ylossl,698
Net income..
x
1934
$1,947,535
y323,408
1933
$1,400,187
46,875
Net income after all operating expenses, income taxes, bond interest
reserves,
y Includes credit of $21,049 in 1935 and $33,568 in 1934
adjustment of prior years tax provisions, &c.
x
Condensed Consolidated Balance Sheet Dec. 31
$486,917
883,115
Rec. (less reserve)
-
$626,427
761,849
14,784
453,023
Cash
702,938
727,126
82,351
550,031
4,823,096
Tax anticip. warr.
Notes receivable.
-
Inventories
Prepaid
Invest.
x
Fixed
86,958
& adv., &c
615,538
assets.-— 4,912,978
expenses
_
1934
1935
principal amount o i $7,738,000 of Vertientes and $4,481,500 of Camaguey.
The committee is informed that holders of certificates of deposit represent¬
ing more than 75% of the bonds of Vertientes and more than 79% of the
bonds of Camaguey (which are included in the plan of reorganization)
have also assented to the plan and agreement.
It is believed, therefore, that the plan will be declared operative by the
reorganization committee, and holders of the bonds of the Vertientes and
Camaguey, who have not deposited their bonds with the committees should
do so promptly in order to participate in the benefits of the reorganization.
Further deposit of bonds of Vertientes will be accepted by the Manu¬
facturers Trust Co., as depositary, and of Camaguey by Chemical Bank &
Trust Co. as depositary, until the close of business on Sept. 30, after which
no further deposit of bonds will be received unless the time so limited be
further extended by the committee.—V. 143, p. 128.
Total curr. & working llab
$606,776 $1,208,292
Bonds & notes.—- 2,368,680
2,419,500
Deferred liability.
33,053
18,714
7%pref.stock
1,897,500
y Common stock. 1,855,850
Capital surplus...
593,083
76",772
Reserves
Earned
Bond disc't & exp.
in
Liabilities—
1934
1935
Assets—
surplus..r
1,897,500
1,855,850
593,083
334,670
151,404
of
process
86,531
amort
97,065
$7,525,060 $8,385,6671
Total-..-
Total-...
$7,525,060 $8,385,667
for depreciation of $1,599,117 in 1935 and $1,463,066 in
Represented by 74,234 shares (no par value) in 1935 and 1934.
—V. 141, p. 4178.
Less
x
1934.
Sugar Co.—Plan—
Co. (Arthur W. Loasby, Chairman) have approved and adopted a plan and
agreement dated as of April 3,1936, for the reorganization of the Vertientes
Sugar Co. in connection with the reorganization of the Camaguey Sugar
Co. (see digest of plan in V. 142, p. 2521).
Prior to the adoption of the plan of reorganization more than 75% of the
outstanding bonds of Vertientes and 7.9% of the outstanding bonds of
Camaguey had been deposited with the depositaries for the committees,
and substantially all of the holders of certificates of deposit have assented
to the plan, there being now deposited as assenting thereto, bonds of the
1932
$1,687,546
41,568
and
as
of
of stockholders
and loss deficit
The committee for the 1st mtge. sinking fund 7% gold bonds of the
Vertientes Sugar Co. (Thomas L. Chadbourne, Chairman) and the Com¬
mittee for 1st mtge .sinking fund 7 % gold bonds of the Camaguey Sugar
United States Cold Storage Corp.—ReportCalendar Years—
Gross income..,<■
Sept. 14 due to lack
will be held Sept. 28 at 3 p. m. A special meeting
to vote on the proposed adjustments to eliminate the profit
will follow at 4 p. m.—V. 143, p. 1420.
quorum,
$64,230
$110,082
Earned surplus
-V. 142, p. 2521.
$4.50
America—Meeting Postponed—
Vanadium Corp. of
The annual stockholders' meeting, postponed on
954
Miscellaneous charges
1 dividend will amount to
share.—V. 142, p. 1837.
reserve
A revision
of the financial structure of the corporation
by stockholders at
a
Income Account
Manufacturing profit
Radiator Corp.—Plan Approved—
United States
was
1936
for Year Ended June 30,
$368,339
50,725
—
Other income—
a
approved
special meeting in Buffalo Sept. 16 (see V. 143, p. 775).
$419,064
15,050
150,000
Total income
—V. 143, p. 1097.
Interest
Provision for depreciation
United Stockyards Corp.—Registers with SEC—
See list given on first page of this department.—V. 143, p. 1732.
Utah
Monaghan Co.—Earnings—
Victor
y
Net profit
*
Dividends
Copper Co.—Dividend Again Increased—
Earnings per share on 49,372 shares common
The directors on May 19 declared a dividend of 75 cents per share on
stock
42,266
$4.29
—
1936
Balance Sheet June 30,
common stock, par $10, payable Sept. 30 to holders of record Sept. 18.
This compares with 65 cents paid on June 30, last; 50 cents on March 31,
last, and $1.50 paid on Nov. 18, 1935, this latter being the first dividend
$254,014
—
—
the
Inventories
Deferred charges
Utility & Industrial Corp.—Admitted to Unlisted Trading
a
common
-
Investments
The New York Curb
new
Properties
Exchange has admitted to unlisted privileges the
stock, $5 par, in lieu of old common stock, no par, and new
22,000
7,978
—-
New common stock and new convertible preferred stock are issu¬
able share for share in exchange for old common and old convertible pre¬
p.
a
1578.
Gross
Federal taxes and
x
1.002.174
Surplus
Total
of $1,499,254.—V. 143, p.
special meeting of stockholders the merger of this company and the
The latter company had been a wholly-
for
538,198
$882,026
472,761
$397,862
from operating
$479,507
y$409,265
$1,017,706
—8,284
12.627
18,719
$406,146
$406,146
$492,135
$427,985
54,975
Excess
subs,
Trade Commission had ordered that VanadiumAlloys divest itself of the stock of Colonial Steel, claiming such ownership
a violation of Section 7 of the Clayton Act,
At the time, however, the
of
68,925
60,050
$312,475
175,000
152.187
$423,210
$358,405
179,719
151.837
62,831
uef.»l4,712
101,458
$ho,3/3
5>aio,8O5
100.058
$1.78
734
miscell. expenses
Federal & Canadian
income tax
Colonial Steel Co. was approved.
owned subsidiary. .
In 1934, the Federal
—
invest, in wholly-owned
net assets of such subs.
over
37,962
acquisition in 1935.
"9",529
Other deductions
indicate just how this should be done.
The approved
submitted to stockholders upon advice of counsel and with
Commission faijed to
merger
plan was
Net income
the favor of the company's directors.
_•
Class A dividends..'
1936
1935
1934
$4,029,156
2,354,797
$2,767,105
1,586,812
$2,895,571
1,779,033
$1,180,294
69,551
44,476
$1,116,537
24,099
$309,284
21,316
$1,743,910
685,350
134,142
$1,224,770
600,387
118,612
$1,140,636
542,074
130,917
$330,600
396,201
69,289
126,121
17,194
;
Common dividends—
$936,610
627,326
$1,674,359
Years End. June 30—
62,691
1933
Balance
Common shares outstanding
$1.35
Earnings per share.
Other income
Gross income
Gen., adm. & sell. exps_
Provision for deprec'n..
Add'lcomp. to directors,
officers & employees.
_
Loss
on
sale of securities.
provision for depreciation of plant and
tion of patents, &c.
x
hand
a
104,796
est.,
on
notes
payable—
Combined net
profit-
Dividends paid
Earnings per share
Includes capital
6,083
18,026
6,119
2,063
$592,216
50,536
Shs. cap. stk. (no par)
x
1,812
54,354
Inventories
2,219
to salesmen, &c_
Cash in closed bks.
(less reserve)
—
$541,680
202,136
$2.93
stock taxes.
$357,377
151,409
$205,968
202,136
$1.77
3,188
1,135
Accounts
&
goodwill
1935
payable.
$571,566
$719,221
arnortiza-
71,896
249,683
4,726
1934
$39,645
Prov. for Federal &
11,168
1 1
$39,462
Accrd. taxes, wages,
79,034
336,605
royalties, &c—
Canadian taxes.
32,312
32,705
*
60,098
At.' 78,768
Contract
6,853
5,324
916,795
1,502,885
due
c
858,556
1,525,613
payable,
$10,000May
1, 1936 & 1937-Class A stock (no
Earned surplus
$293,280 loss$147,495
253,423
e
1.500,000
525,000
628,851
734,972
117,710
525,000
628,851
749,683
117,710
stock
(no par)
Capital surplus..-
10", 385
20,000
1,500,000
par)
d Common
Patents, trade-mks
"9",080
101,458
$2.45
and
equipment
Liabilities—
1934
Prepaid Ins. ad vs.
b Plant & equip..
16,185
2,326
2,313
1935
Accounts & notes
receivable
Fed. un¬
employment tax
Research expense
Loss from sale of prop..
Int.
64,877
175,000
Consolidated Balance Sheet Dec. 31.
I
Assets—
42,893
cap. stock taxes
Prov. for
xl 13,703
After
Cash in banks & on
Int.—Employees' invest.
certificates
Federal income taxes—
Prov. for est. Pa. inc. &
1933
1934
1935
Total profits & income.
Provision
1252.
613,114
$1,010,976
Other income
Interest paid &
$7,246,388
— -
(& Subs.)—Earnings
profit from operating
Net profit
168,631
603,800
4,937,200
pref. stock
$116,719 loss$171,652
Vanadium-Alloys. Steel Co .—Merger Approved—
a
»•••»»«•«•
"for contingencies, in¬
taxes, &c
come
Sell., admin. & general expenses..-.-
Van Norman Machine Tool Co.—Registers with SEC—
See list given on first page of this department.—V. 143, p. 1733.
At
Reserve
Calendar Years—
1935
1936
profit after depreciation,
all charges
—V. 143, p. 128.
After reserve for depreciation
Vortex Cup Co.
Valspar Corp. (& Subs.)—Earnings—;
9 Months Ended Aug. 31—
Net
Accruals
$7,246,3881
Total
no par.
respectively.—V. 143,
Pref. 7% cum.
Common stock
$475,000
59,583
4
Bills payable
Other assets
convertible preferred stock, $7 par, in lieu of old convertible preferred stock,
ferred stock,
$202,792
83,368
1,100,485
21,857
5,807,906
———
Accounts receivable..-
gaid since Dec. 31, 1931, when $1 per share was distributed.—Y. 142, p.
Liabilities
I
Assets—
■Cash
—
Treasury stock. _
„
$39,857 def$147,495
202,316
203,052
$1.45
Nil
Total....
$3,423,378 $3,436,550
of $8,000 in 1935 and $10,000 in
1934.
b After reserve for depreciation of $614,142 in 1935 and $558,878
in 1934.
c Represented
by 75,000 shares,
d Represented by 105,000
Total.
a
$3,423,378 $3,436,5501
After reserve for doubtful receivables
Volume 143
shares.
e
Financial
Represented
6,542 shares
by:
5,000 shares class A stock at
stock at $17,710.—V. 142,
p. 2690.
common
$100,000
Chronicle
and
.
Wabash Ry.—Omaha Division Interest—
The receivers have been
authorized by Federal Judge George H. Moore
to pay semi-annual
interest of $55,308 due Oct. 1 on the
$3,160,500 Omaha
Division 1st mtge.
3y2% bonds.—V. 143,
p.
1578.
Waverly Oil Works Co.—Earnings—
Earnings for 2 Months
Ended June 30,1936—
Net loss
after expenses,
interest, depreciation & other deductions
—V. 141, p. 291.
$11,347
West Point Mfg. Co.
—$1 Extra Dividend—
The directors have
declared an extra dividend of $1 per share in addition
to a regular
quarterly dividend of $1 per share on the common stock, both
payable Oct. 1 to holders of record
Sept. 17. An extra dividend of $2 per
share was paid on
July 1, last; $1 on April 1, last; 50 cents on April 1, 1935,
p° 404iraS
PeF S^are in each
CURRENT
The directors have declared a
dividend of $1.50 per share on account of
on the $6
cumulative preferred stock, no par value,
of
was paid.
Accruals after the payment of
the Oct. 1 dividend will amount to $16.50
143, p. 778.
one
Western Maryland
Ry.—Earnings—
Week of Sept.— —Jan.
1
1936
1935
1936
to
Spet.
7—
Aug. 25, but
were
and
the
auditing
of
collectors'
tax
and
officials'
department will be in charge of Ellsworth C. Palmer, certified public
Pennsylvania, and registered municipal accountant, New
accountant,
Jersey, who for
work.
the past
Mr. Palmer
Co., auditors and
postponed until
1578.
in
1928, and is
Accountants.
The directors have declared
consultant
a
was a
15
has confined his activity to municipal
Degen, Palmer &
Easton, Pa. since the inception of the firm
years
member of the firm of Eckert,
accountants of
member of the Pennsylvania Institute of Certified Public
Having acted
in
the
capacity
of municipal
auditor,
tax
and
financial adviser to a large number of communities in
Pennsylvania and New Jersey, Mr. Palmer's abilities are widely recognized,
an extra dividend of 75 cents
per share in
quarterly dividend of 25 cents per share on the common
stock, no par value, both payable Sept. 30 to holders of record
Sept. 15.
Quarterly dividends of 25 cents per share were paid on June 30 and March
30,
last, while in Sept. 1935, a dividend of 50 cents
per share was distributed.
This latter dividend was the
first paid since 1930.—V.
143, p. 1422.
to
budgets,
,
This
Weyenberg Shoe Mfg. Co.—Extra Dividend—
addition
of
accounts.
$9,996,137-
The stockholders'
meeting scheduled for Sept. 15 to vote on its reor¬
ganization plan, was adjourned until
Dec. 15.
Hearings on the plan were
have been held in
Washington on
p.
well, constant attention and study
administration, and
prepared to install and supervise the adoption of general
accounting
together with budgetory controls, tax collection systems, pre¬
paration
1935
$285,054 $10,766,286
Western Pacific RR.
Co.—Delays Vote—
Sept. 28.—V. 143,
as
systems
■First
to
municipal bonds, but to devote,
problems of public management and finance.
The establishment of this new
department is an innovation in the activi¬
ties of firms
dealing in municipal bonds as a result of which there will be
available to public officials an organization
equipped to render general
consulative advice respecting
municipal finance and
share
$289,470
The opening
sequel to the previously expressed intention of this
to the
per share.—V.
'
a
firm not to confine its business
solely to negotiating the purchase and sale
payable
A similar payment was made in each
preceding quarters and compares with $1 paid on July 1, April 1
and Jan. 1,
1935, this latter being the first distribution to be made on this
issue since
April 1, 1932, when the regular
quarterly dividend of $1.50 per
Sept. 15.
Period—
Gross earnings (est.)
—V. 143, p. 1733.
department is
the
announce
municipal administration.
of this
accumulations
1 to holders of record
of the four
NOTICES
—The firm of
Dougherty, Corkran & Co., Philadelphia,
organization of a department of
the s*x preceding quarters.—V. 142,
West Virginia Water Service
Co.—Accumulated Div.—
Get.
1897
1936 Revenue Act will be
distributed in the form of dividends to stock¬
holders
This will be effected by the present dividend and another
dividend
in
December, by which time it will be possible to estimate more accurately
the adjusted net
income for the year.
If Yukon Gold
Co. continued to apply all its earnings to the reduction
of its
indebtedness to Pacific Tin Corp., it would be,
required to pay a
heavy surtax on undistributed profits, and Pacific Tin
Corp., as owners
or 81.7
% of the stock in Yukon Gold, would suffer heavily from such surtax.
If, on the other hand, Yukon Gold Co.
distributes its adjusted net income
in the form
of dividends there will be no such surtax.
It will be possible
for the
company notwithstanding distribution of its adjusted net income
in the form
of dividends to continue to
pay substantial amounts, estimated
at about
$300,000 for the year 1936, in reduction of its indebtedness to
Pacific Tin Corp.—V.
143, p. 1254.
a
and under his direction, the new
department of municipal administration
to be conducted
by Dougherty, Corkran & Co. should be capably managed,
affording those in official and private life, who are interested in better civic
government,
(R. C.) Williams & Co.—15-Cent Dividend—
matters
The directors have declared a dividend
of 15 cents per share on the com¬
stock no par value
payable Oct. 1 to holders or record Sept. 24.
A
like payment was made on
July 1; last, this latter being the first dividend
paid since May 1, 1935, when a quarterly payment of 25 cents was
made.
V. 143, p. 1578.
a
means
of obtaining
experienced advice and assistance in
pertaining to public affairs.
_
mon
—The association of two
Co.—Registers with SEC—
r Period
Central
Chicago and New York, has become sales
Ry.—Earnings—
$6,941,672
1,957,779
784,891
488,244
"Walker, who for the past 11
$5,796,381
1,279,256
127,106
214,428
1,101,922
.
$30,287
Dr$34,057
1,019,903
City, has been brought here to head the investment manage¬
ment department of Schwabacher &
Co.'s Los Angeles office.
During
recent years, Mr. Walker has headed the research
department of Lazard
Dr$723,256Dr$1189,244
Power
&
Light
Co.—Admitted
to
Registration—
Listing
The New York Curb
Exchange has admitted to listing and registration
the 1st mortgage bonds, series A
4%, due June 1, 1966.—V. 143, p. 1422.
Wolverine Tube
—Major Angas, well-known Investment Consultant, whose recent book,
■
"Investment for Appreciation," is having such
returned from England.
$246,279
has attended the
America, with
freely
Admitted to
the common stock,
no
par.—V. 143,
D.
Yosemite Portland Cement
to
&
higher level of
attendant dislocation caused in
by bankers
pros-
the stock
lending
too
new
to its
men
sales
organization
this
represent the firm in New York State with
Ernest R. Grauer, formerly of L. F. Rothschild
will
as
sales representative and Robert P. Henderson who formerly
—Dick
announce
Corp.—Earnings•—
&
George Jaquemot has joined the wholesale staff
headquarters in Cleveland.
Merle-Smith, members of the New York Stock Exchange,
the return to their Boston office of Evans Dick
Jr., who originally
established this office in 1930.
1934
loss$34,080
ner
A brother of Fairman R. Dick, senior
part¬
of the firm, he will serve with Thomas "W. Storrow as
joint manager of
the Boston office.
During the last several
years
Mr. Dick has been
asso¬
ciated with the New York office of the firm,
specializing in the railroad
bond field.
,
$289,619
from
trustees
bonds
on
1 1936-..
Customers receivables.
Others receivables
!
Inventories
b Notes rec. (partially
secured)
Investments (at cost)
c
Govern¬
of the next few years
held this post has been transferred to New York
City to assist Leon Abbett
listing and registration
Liabilities—
called prior to Jan.
a
Co.
in sales executive work.
1422.
1935
Cash
Due
Spencer Gooding will
territory
Balance Sheet Dec. 31, 1935
Assets—
the
which
be associated with the metropolitan retail sales
department.
Harry H. Cook, previously with Amott Baker & Co. will be in the Buffalo
$399,184
$1.20
$64,733
even
over-enlarged position facilitated
and will make his
Calendar Years—
Net profit after charges
as to
success
speculative accounts.
on
headquarters in Rochester.
Listing and Registration—
Exchange has admitted
Questioned
—Lord, Abbett & Co., Inc., distributors of American Business Shares and
Earnings for 4 Months Ended April 30, 1936
United States and
stock
an
the
course
an
serious
more
major war in Europe,
on the part of the British
similar policy, would attain
Affiliated Fund, has added four
Youngstown Steel Door Co. (& Subs.)—Earnings—
The New York Curb
by
a
1929~without
perity than
market
wqek.
common
managed credit policy
ment, it seemed to him probable that within the
"
332,960 shares
a
American situation, he stated that in view of the remarkable
$2.02
Net income after expenses,
amortization,
Canadian income taxes.
per share on
wide circulation, has just
view taken by Americans concerning the outlook for
Each debenture so drawn is convertible, if
presented for conversion on or
be fore Oct. 15,1936 at the office of the
Guaranty Trust Co. into 16 common
shares as provided in the Indenture.
Upon such conversion an adjust¬
ment in cash will be made in accordance
with the provisions of the inden¬
ture on account of the interest accrued on such
debenture to the date of
Earnings
a
He expressed surprise at the much
than that taken by the financial
community in London.
Youngrstown Sheet & Tube Co.—Bonds Called—
1734.
undertaking the management of large invest¬
rendering a management service for clients of the
brokerage and investment departments.
A total of $3,000,000 conv. 3
debentures, due Feb. 1, 1951 have
been called for redemption on Oct. 15 at
104 and interest*
Payment will
be made at the Guaranty Trust
Co., of New York.
143, p.
management department throughout the country, it is pointed
the department is
ment accounts as well as
Co.—Earnings—
Earnings for 6 Months Ended June 30, 1936
Net income after expenses, taxes, interest and other
deductions
Earnings per share on 115,297 common shares
—V. 143, p. 1734.
conversion.—V.
In announcing the expansion and
development of the firm's in¬
vestment
out that
Wisconsin
Theron W.
years has been associated with Lazard Freres
of New York
Freres.
Net income
—V. 143, p. 1734.
and
national investment firms in Chicago over a
period of 10 years.
1936—7 Mos—1935
revenues
Net railway revenues
Net after rents
manager of Schwabacher & Co.,
Mr. Livingstone previously had been connected with two
Los Angeles.
End. July 31—
1936—Month—1935
$1,218,246
$995,217
441,588
309,195
248,713
137,148
Other income, net—Dr_
85,627
11,478
Interest on funded debt
132,798
159,727
Total
Angeles office of
enlargement and further development of the investment management
branch of the firm's business here, in New York and San Francisco is an¬
nounced. Willard H. Livingstone, who
formerly headed his own firm in
See list given on first
page of this department.
Wisconsin
executives with the Los
Schwabacher & Co., members of the New York Stock
Exchange, and the
*
Williams Stores
new
Fixed assets
Intangible assets
...
Deferred charges
Total
Accounts
payable....
Accrued taxes, estimated
63,000
89,272
5,926
Customers' sack redemp. acct
Mtges. & street lmpt. bonds
$32,444
14,319
1,981
payable on real estate
8,142
134,760 8% cum. class A participating
com. cap. stock ($10
33,248
par)._ 2,214,510
281,662 Class B common capital stock
1,259,244
($10 par)
1,408,000
1,678,229 Earned surplus
213 335
57,769
$3,892,7311
Total
a After reserve for doubtful
accounts of $11,095.
doubtful notes receivable of $26,180.
c After reserves
depletion of $618,048.—V. 143,
p.
1254.
$3,892,731
b After reserve for
for depreciation and
Yukon Gold Co.—To Pay S-Cent Dividend—
—At
meeting of the Board of Governors of the New York Security
15, 1936, F. William Harder of Harder &
Co., Inc., 50 Broad St., New York City,
The surtax on undistributed profits has forced the
company to reconsider
policy whereby in the past all available earnings of Yukon
Gold Co
been applied to reduction of its indebtedness
to Pacific Tin
Corp*
This indebtedness as of Sept. 1 last was
$2,719,200.
As a result it was
decided in order to avoid heavy additional taxes to
distribute the adjusted
elected to membership in the
—Edward J. Davis has been admitted to general
partnership in the New
York Stock Exchange firm of Slepack & Co.,
following the retirement of
Joseph F. Trounstine from general partnership in the company.
—Frank
C.
Masterson
&
Co., New York, announce they will have a
private telegraph wire to the offices of Minnich, Bradley & Associates,
Inc.,
11 South LaSalle St., Chicago.
—Farson & Co., Ill Broadway, New
bond circular with
110 municipal
York, are distributing a municipal
bond offerings, and quotations on 500
municipal bond issues.
—Fenner &
Beane announce
on
will
was
association.
The directors
on Sept.
17 declared a dividend of
eight cents per share
the capital stock, payable Oct. 21 to holders
of record Oct. 8.
This
be the first dividend paid on this issue
since June 29,
1918, when
2H cents per share was distributed.
The reason for declaring a
dividend
at this time is explained as follows:
a
Dealers Association, held Sept.
pletely reconditioned
Fenner
&
the reopening of their office in
Beane
Building,
818
—F. Eberstadt & Co., Inc., 39 Broadway, New
York, has issued
sis of common stocks of automobile parts and
accessories
a
had
net income of Yukon Gold Co. in the form of
dividends.
Further it was stated that prior to Dec.
31, 1936, all that portion of
the year's earnings which constitute
adjusted net income as'defined in the
Gravier
Orleans.
&
Willett, 115 Broadway, New York,
current offering list of baby bonds.
a
are
com¬
New
an
analy¬
manufacturers.
—Homer & Co., Inc., 40 Exchange Place, New
York, has issued
discussing the market for high grade railroad bonds.
—Bristol
the
St.,
a
bulletin
distributing their
—Outwater & Wells, 15 Exchange Place,
Jersey City, N. J., have issued
current list of New Jersey investment
suggestions.
Financial
1898
Sept. 19, 1936
Chronicle
The Commercial Markets
and the Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
of what
COMMERCIAL EPITOME
.
Coffee—On
Friday Night, Sept. 18, 1936
the 14th inst. futures
bags. New Rio contracts closed 7 to 8 points up, with sales
of 5,250 bags.
Rio de Janeiro futures were 25 to 75 reis
higher, while the open market exchange rate remained at
16.800 milreis to the dollar.
Cost and freight offers were
points higher to 5 points lower, with Santos 4s generally
a range of from 9.20 to 9.30 cents, or substantially the
same as has held for the past few weeks.
Peaberry 4s were
offered at 9 cents.
Havre futures were 1 to 1J^ francs
5
in
On the 15th inst. futures closed 7 to 9 points down
with sales of 20,250 bags.
Old Rio
contracts closed 2 to 3 points lower, with sales of 1,500 bags.
New Rio contracts closed 1 to 5 points lower, with sales of
higher.
for Santos contracts,
Rio de Janeiro futures were 50 reis higher to
Cost and freight offers from Brazil were little
changed, with Santos Bourbon 4s at from 9.15 to 9.25 cents
generally.
Havre futures were % francs higher.
On the
16th inst. futures closed 4 points lower to 2 points higher
for Santos contracts, with sales of 16,250 bags.
There were
issued 18 further tenders for Santos contracts, but they
were promptly accepted.
Old Rio contracts closed 4 points
lower to 2 points higher, with sales of 3,000 bags.
One
further Surinam notice circulated for some time.
New
Rio contracts closed 1 to 3 points higher, with sales of 3,750
bags. Rio de Janeiro futures were 25 to 50 reis higher, and
the official No. 7 spot price was up 100 reis, while the new
"C" contract in Santos was unchanged to 400 reis lower.
In addition to the cable on the sacrifice quota, the Exchange
was
informed that the National Coffee Department had
resolved to accept bills of lading on old crop coffees covering
the sacrifice quota on the new crop.
Cost and freight offers
from Brazil showed little change from the previous day.
Havre futures were l1^ to 1M francs lower.
On the 17th inst. futures closed 3 to 4 points down for
Santos contracts, with sales of 59 lots.
Old Rio contracts
closed 1 to 3 points off, with sales of 16 lots, while new Rio
contracts closed unchanged to 2 points lower, with sales of
39 lots.
The Santds spot month proved an exception tq the
general trend, closing a point higher, after two notices had
been stopped.
The Rio futures market was 50 reis lower to
25 reis higher, with the open market dollar rate unchanged.
Today futures closed 9 to 11 down for the Santos contract,
3,500 bags.
25 reis lower.
exception of the September delivery, which closed
Sales of Santos totaled 119 contracts. Five
additional transfer notices were issued for this contract. The
Old Rio contract closed 11 to 12 points down, with sales of
26 contracts.
The New Rio contract closed 4 to 8 points
down, with sales of 26 contracts. Rio de Janeiro futures were
unchanged.
The open market exchange rate was 20 reis
weaker at 16.800 milreis to the dollar.
Cost and freight
offers from Brazil were 10 to 20 points lower * with Santos
Bourbon 4s at 9.10 to 9.15.
Havre futures were % to 1
franc lower.
Rio coffee prices closed as follows:
with the
points
up.
September.
4.18
.3.931 March
December.
.4.051
Santos coffee
prices closed as follows:
8.79
March
.8.78
8.80
May
July
September.
8.95
December
8.82
Cocoa—On the 14th inst. futures
closed 18 to 21 points
heavy, with the upward movement the
broadest in some time.
On this move forward prices reached
the highest levels touched in six years.
Spots were very
firm, while spot offerings were extremely light.
What sell¬
ing took place was mostly in the nature of profit taking,
which was quite heavy at times.
All offerings appeared to
be well taken, however, prices closing at virtually the high
levels of the day
Transactions on the local Exchange were
the largest in volume in three years.
Total sales were 1,051
lots, or 14,083 tons.
New York warehouse stocks dropped
2,727 bags, and now total 706,778 bags compared with
827,569 bags a year ago.
Local closing: Oct., 7.33; Dec.,
7.48; Jan., 7.53; Mar., 7.63; May, 7.73; July, 7.82; Sept.,
7.91.
On the 15th inst. futures closed 25 to 28 points
lower.
Volume of transactions was the third largest in the
up.
Trading
was
.
history of the Exchange.
For the first time in four months
of steadily climbing prices, the bull market had its first real
reaction.
Profit taking on a large scale developed and
prices eased off so rapidly that many stop loss orders were
uncovered.
The execution of these orders greatly accelerated
the decline, which finally registered an extreme loss of 35
points. From this level a recovery followed, though very
substantial losses were registered at the close.
This was
regarded as a healthy reaction that greatly improved the
technical position of the market.
There appeared nothing
in the cocoa situation to warrant this sharp break outside
regarded
as a
top heavy market.
New York
showing a decrease of
Volume of business was 1,082 lots, or 14,499
closing: Dec., 7.22; Jan., 7.26; Mar., 7.36;
May, 7.46; July, 7.56; Sept., 7.66.
On the 16th inst.
futures closed 4 to 6 points higher.
The market appeared
to have
a
much healthier appearance after the violent
break and shake-out of weak holders.
Apparently the
steadiness of the English market had a stabilizing effect and
checked any tendency to further heavy sales.
Transactions
totaled 307 lots or 4,114 tons.
London was only 3d. lower
on
the outside, and l^d. higher to 43^d. lower on the
Exchange, with 1,570 lots traded in futures.
In the local
market commission houses were conspicuous on the buying
side Wednesday.
It is the general belief that the technical
position of the market has been greatly improved, and
greater stability of price movement is looked for.
Local
closing: Sept., 7.10; Dec., 7.26; Jan., 7.30; Mar., 7.41;
May, 7.51; July, 7.61; Sept., 7.71.
On the 17th inst. futures closed 2 to 5 points up. Transac¬
tions totaled 224 contracts or 3,002 tons.
Trading was dull
and routine, a general disposition being evident to await
further developments in the actual coffee situation. London
outside prices ruled unchanged, but futures recovered 13^ to
4d, with a turnover of 740 tons being reported. Local clos¬
ing: Sept., 7.14; Oct., 7.15; Dec., 7.30; Jan., 7.35; Mar.,
7.44; May, 7.54; July, 7.64; Sept., 7.73.
Today futures
closed 23 to 24 points down.
This range was slightly above
the lows of the day.
The wide break in the cocoa market
today was influenced largely by the weakness of London, for
which no explanation could be had up to the writing of this
report.
Trading was relatively light in the local market,
both in futures and actual cocoa.
In view of the pronounced
weakness in futures, manufacturers withdrew their bids for
actual cocoa.
Stocks decreased 230 bags.
They now total
1,892 bags.
closed 4 to 6 points
higher for Santos contracts, with sales of 7,250 bags.
Old
Rio contracts closed 4 to 7 points higher, with sales of 3,500
4
was
warehouse stocks continued to decline,
Local
tons.
702,200 bags. Local closing:
7.21; May, 7.31; July, 7.41;
Oct., 6.91; Dec., 7.06; Mar.,
Sept., 7.49. Sales were 340
contracts.
closed unchanged to 1
4,450 tons.
In the
market for raws offers ranged from 3.65 to 3.68 cents gen¬
erally, with refiners showing little interest.
Both Cubas
Sugar—On the 14th inst. futures
point lower.
Transactions totaled
and Puerto
Ricos
were
understood to be available at the
London futures were unchanged to l/i&> higher,
were reported quiet and unchanged.
On the
inst. futures closed unchanged.
Sales totaled 10,000
In the market for raws offers at 3.65 cents included
inside price.
while raws
15th
tons.
15,000 bags of Puerto Ricos September shipment, about three
of Puerto Ricos second half September—first half
October shipment, and one or two cargoes of Cubas at the
cargoes
equivalent of 2.75c. price before duty.
Refiners were re¬
ported not interested above 3.60 to 3.62c.
London futures
closed unchanged to 3^d. higher, while raws were reported
unchanged. On the 16th inst. futures closed 1 to 4 points
lower.
The December option, however, was 1 point higher.
Sales totaled 14,200 tons. Over 5,000 tons was in November,
which dropped to 2.60c.
September was also active and
sold down to 2.68c.
The trading was the best since late
raws, the spot price dropped 5
of 21,000 bags of Cubas prompt
2.70c. before duty.
Savannah
purchased 25,000 bags of Cubas
the sales, a parcel lot of Puerto
Ricos was offered at 3.62c. and about 4 to 5 cargoes at 3.65c.,
but it was believed further sugars would become available
on a bid of 3.60c.
Offers of 1937 quota sugars held steady,
with Puerto Ricos October shipment at 3.42c. and Cubas
January shipment at 2.55c.
London futures closed 3^d.
July.
In the market for
points to 3.60c. on a sale
shipment to Arbuckle at
was also reported to have
at that price.
Following
higher to %d. lower.
17th inst.
On the
futures closed
unchanged to 3 points
higher.
In the early trading the September delivery eased
off a point to 2.66c., a new low for the move, but the market
was otherwise steady.
Sales were moderate, totaling 157
lots, or 7,850 tons.
The weakness of the September delivery
was ascribed to the 27 notices issued against this contract.
These notices were issued by Thompson McKinnon and
stopped by Rionda.
In the market for raws the price
dropped a further 5 points from the previous day, this price
representing a 10 point decline for two days.
At this level
of 3.55c. a considerable volume of business was done.
In
the London market parcels of raws were sold to Liverpool
at 4s 53^d, equal to 82Kc. f.o.b. Cuba. There were additional
sellers at that level.
Today futures closed 3 to 8 points
down on the near months and 1 points down on the distant
Heavy liquidation of November contracts was
feature of the trading in sugar futures.
The selling
attributed to an easier market for raw sugar.
Both
deliveries.
again
was
a
September and November went to new lows for the move¬
Sales in the raw market were made Thursday at
ment.
3.55c.,
a
5 point drop, and these
sales included 26,000 bags
Volume
143
Financial
Chronicle
of Puerto Ricos in three lots and
kets
37,000 bags of Cubas for
October shipment at 2.65c.
ex-duty.
In London the market
was
easy, with futures 34 to 134d lower, and raws offered at
about 0.81 of a cent f.o.b.
Cuba, or near the lowest point of
the year.
Prices
July--
were as
Sep tember
to
basis of 16 9-16c. for standard sheets.
2.47
2.46
2.58
at
fairly heavy, and prices ranged higher during
Hogs at Chicago were nominally steady.
Receipts were light at the principal Western markets, totaling
8,700 head, against 6,600 for the same
day a year ago.
Liverpool lard futures were quiet > with the close unchanged
from previous day's finals.
Export shipments of lard from
was
most of the session.
16.61; Mar.,
On
portion
of
the
The demand
sales
was
ranging from
marketings for the Western
slow, with the major
$8.95
to
Total
$11.
62,000 head, against
38,800 for the same day a year
ago.
Liverpool lard futures
were quiet, with
prices 6d. lower on the spot position and un¬
changed on the other deliveries.
Shipments of lard over
the week from the Port of New
York were light and totaled
22,400 pounds for Antwerp.
On the 15th inst. futures closed
7 to 10 points lower.
There was little feature to the
trading.
Hog prices declined further, due to the continued
heavyreceipts.
The total marketings at the
principal Western
centers were 54,700
head, against 40,500 for the same day a
year ago.
Closing prices at Chicago were 10c. to 15c. lower.
Lard stocks at Chicago for the first half of
September showed
a decrease of
735,000 pounds.
The trade was looking for a
decrease of over 1,500,000
pounds.
Total stocks now are
64,608,000 pounds, against 17,176,380 pounds on
Sept. 15,
1935. Liverpool closed
unchanged to 3 points lower. Export
run
were
clearances from the Port of New York
Tuesday were 152,630
On the
16th inst. futures closed
unchanged to 7
pounds, for London, Southampton and Aberdeen.
points higher.
light and without special feature.
The demand
reported to be slow and prices at Chicago de¬
clined 10c. to 25c.
The top price for the day was
$10.80,
and the bulk of the sales
reported ranged from $8.90 to $10.70.
Export shipments of lard Wednesday were fairly heavy and
totaled 232,800 pounds destined for
Liverpool, London and
Trading
hogs
for
was
was
Glasgow.
Liverpool was again
changed to 3d. lower.
On
the
17th
inst.
very
quiet, with prices
un¬
futures
closed 7 to 12 points lower.
little in the news that could be construed
friendly to prices.
Hog prices at Chicago declined 10c.
to 15c., due to the
fairly heavy receipts at the principal
Western markets.
Total marketings for the Western run
were 43,600 against
28,300 for the same day a year ago.
The top price of the day was
$10.75, with major portion of
sales ranging from $8.90 to $10.55.
Liverpool lard futures
were easier, with the
price on spots unchanged, while October
and January closed 6d lower.
Today futures closed 7 to 10
points down.
The weakness in this commodity was ascribed
There
was
very
as
to
a
continued heavy hog movement and
of lard.
increasing stocks
DAILY CLOSING PRICES OP LARD FUTURES IN
CHICAGO
Sat.
September
Mon.
Tues.
Wed.
October.
December
11.85
11.85
11.95
11.85
11.85
11.97
11.75
11.87
11.75
11.80
11.87
January
12.05
12.02
11.92
11.97
11.75
Thurs.
Fri.
11.70
11.70
11.80
11.90
11.62
11.60
11.70
11.82
Cottonseed Oil sales, including switches, 101 contracts.
Prices closed as follows:
Crude S. E., 8J4c.
December
10.36
September..;
January
February
10.37( >10.38
10.35 (
October
10.32@ 10.40
10.36 @
November
March
10.35 @
10.45(
April
10.45@
Pork—Quiet.
Mess, $31.00 per barrel; family, $30.50,
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 nominal.
Cut meats quieter.
Pickled hams, picnics, loose, c.a.f.;
4 to 6 lbs.,
163^c.; 6 to 8 lbs., 1534c.; 8 to 10 lbs., 1334c.
Skinned, loose, c.a.f.: 14 to 16 lbs., 2234c.; 18 to 20 lbs.,
20%c.; 22 to 24 lbs., 1834c. Bellies, clear, f.o.b., New York:
6 to 8 lbs., 2024c.; 8 to 10
lbs., 2024c.; 10 to 12 lbs., 2024c.
Bellies, clear, dry salted, boxed, N. Y.: 14 to 16 lbs.-,
1524c.;
18 to 20 lbs., 1534c.; 20 to 25
lbs., 1424c; 25 to 30 lbs., 1434c.
Butter: Creamery, firsts to higher than extra and
premium
marks: 36c. to 3624c.
Cheese: State, held, 1935, 2234c. to
23c. Eggs: Mixed colors, checks to
special packs, 19c. to 28c.
Oils—Linseed oil business light, with an occasional sale at
934c. per pound in tanks. Quotations: China wood:
Tanks,
oil crop, 13.5c.; new
crop,
13.0c.; drums, spot, 1434c.
Cocoanut: Manila, tanks, Coast, 524c., Jan.
forward, 5 34c.
Corn: crude, tanks, Chicago,
924c. Olive: denatured, spot,
Spanish, $1.40 to $1.50; Shipment, $1.25 to $1.30.
Soy
bean: tanks, mills, 834c., Nov
.-Dec., 834c., C. L. drums,
9.5c., L. C. L., 10c. Edible: 76 degrees, 12c. Lard:
Prime,
1234c., extra strained winter, 1134c.
Cod, crude, New¬
foundland, nominal. Norwegian yellow, 3834c. Turpentine:
41c. to 46c.
Rosins: $7.30 to $8.35.
Rubber—On the 14th inst. futures closed 4 to 5
points
higher.
Sales were 680 tons.
The price of spot ribbed
smoked sheets in New York advanced to 16.44 as
against
16.31
on
Friday.
The London and Singapore rubber
mar¬
for
Sept., 16.50; Oct., 16.53; Nov., 16.57; Dec.,
16.69; May, 16.80; July, 16.87.
the
17th inst. futures closed
unchanged to 4 points
Sales totaled 1,370 tons.
Thirty tons were tendered
lower.
_
10c. to 25c. lower.
spot
ribbed smoked sheets advanced to
16.56 from 16.47.
Lon¬
don and
Singapore closed unchanged to l-16d. higher.
Local closing:
the Port of New York
on
Saturday totaled 22,400 pounds for
Antwerp.
On the 14th inst. futures closed 2 points lower to
2 points higher.
Trading was light, with fluctuations nar¬
row. Western
hog receipts were heavy, with prices at Chicago
a
London closed quiet
unchanged prices, while Singapore closed dull.
Local
closing: Sept., 16.43; Oct., 16.43; Nov., 16.46; Dec.,
16.51;
Mar., 16.63; July, 16.81.
On the 16th inst. futures closed
6 to 11
points higher.
Sales totaled 1,350 tons.
Spot
Lard—On the 12th inst. futures closed 5 to 7
points higher.
Trading
the former unchanged, while the latter
fractionally. Local closing: Oct., 16.40; Dec.,
16.50; Mar., 16.61; July, 16.77.
On the 15th inst. futures
closed 1 to 8
points higher.
Transactions totaled 810 tons.
Outside prices were advanced another l-16c.
follows:
2.48 January
2.48 May
2.60 November
„
March
1899
closed quiet,
advanced
delivery against September
contracts.
Outside prices
spot basis of 1624c. for standard
Singapore closed quiet and steady,
prices ranging unchanged to l-16d
higher.
Local closing:
were
quoted unchanged,
sheets.
London
on a
and
Sept., 16.47; Oct., 16.49; Dec., 16.60;
Mar., 16.68; May,
16.78; July, 16.87. Today futures closed
irregular 2 points
down to 1 point
up.
The market was fairly steady and
moderately active during the session, sales totaling 105 con¬
tracts.
London closed
unchanged to l-32d lower. Singapore
closed unchanged to l-32d lower.
London estimated that
United Kingdom rubber stocks had
decreased 1,200 tons this
week.
Local closing:
Sept., 16.48; Oct., 16.48; Dec., 16.58;
Jan., 16.61; Mar., 16.69; May., 16.76;
July, 16.85.
Hides—On the 14th
inst. futures closed 5 to 7
points up.
Transactions totaled 1,000,000
pounds.
There were no
important transactions during the
day in the spot hide
markets, and prices for the -basic descriptions were un¬
changed at last week's firm levels.
Prices then were 1134c.
for light native cows and
1434c. for heavy native steers.
Local closing:
Sept., 11.55; Dec., 11.71; Mar., 12.05; June,
12.36; Sept., 12.66.
Oh the 15th inst. futures closed 5 to 8
points down.
Transactions totaled 1,600,000
pounds, com¬
pared with 1,000,000 pounds the
day before.
The spot
hide market was
quiet.
The last business in the Chicago
market
was
on
a
basis of
1134c. a pound for light native
Certificated stocks of hides in warehouses'
licensed by the
Exchange remained unchanged at 844,401
hides.
Closing:
steer
hides.
Sept., 11.37; Dec., 11.67; Mar., 12.00;
June, 12.30; Sept., 12.61.
On the 16th inst. futures closed
23 to 26 points
higher.
Transactions totaled 3,800,000
pounds.
Domestic spot sales totaled
13,200 hides, with
heavy native steers selling at 15c. in the Chicago market
and 1534c. in the New York
market, reflecting an advance
of 34c. and lc.,
respectively.
In the Argentine market
4,000 frigorifico steers sold at 1334c.
Local closing: Sept.,
11.32; Dec., 11.93; Mar., 12.25; June, 12.53;
Sept., 12.85.
On the 17th inst. futures closed 15
to 17 points up. Transac¬
tions totaled 3,320,000
pounds.
Business in the domestic
spot markets aggregated 80,000 hides, with
September light
native cows selling at
1124c. a pounds an increase of 34c over
previous sales. In the South American spot market
there were 4,000
Uruguay frigorifico steers sold at 1334c.
the last
a
pound.
The stocks of certified hides in warehouses licensed
by the Exchange remained unchanged at 844,401 hides. Local
closing: Sept., 11.79; Dec., 12.09; Mar., 12.40; June,
12.70;
Sept., 13.00. Today futures closed 10 to 15
points down.
Transactions totaled 25 contracts.
in warehouses licensed
by the
at
844,401 hides in
native
cows
Certified stocks of hides
Exchange remained unchanged
store.
In the domestic spot market
light
scored another advance of
34c. against the last
previous sales.
cents.
sold
at
It was reported that 5,000 were sold at 12
Argentine spot market 4,000 frigorifico steers
1324c.
Local closing:
Dec., 11.94; Mar., 12.27;
In the
June, 12.60.
Ocean
for
full
Freights—Reports
cargo
are
to the effect that inquiry
freight is active and
results meager.
just half over and there appears no appreciable
from the present tightness of
tonnage and no real
is expected much before October.
is
Sept.
change
change
Charters—included: Grain booked: 3 loads,
Copenhagen, 12c.; 80 loads
ex Albany, New York and
Montreal to W. Italy at 14c.
Heavy grain:
Vancouver United Kingdom Continent,
prompt, 24s. 6d. f. i. o.
Grain
fixed: 10, Sept., 22-30, Montreal-United
Kingdom-A.R., 2s. 3d., option
Mediterranean, 2s. 7Md.
Trips: Trip across via Chile, re-delivery United
Kingdom, 3s. 3d.
Prompt Canadian round about, $1.30.
Coal—It is
reported that in the Western markets dealers
begun to anticipate the October advance prices
by
increased buying.
At the sea,board bituminous trade is a
have
trifle
larger than around Labor Day.
were
about 425
ings
are
cars
at New York.
slightly heavier than they
domestic trade householders
are
Dumpings on Monday
Hampton Roads dump¬
were.
still
In the anthracite
holding off.
They have
a large way.
There will of course be
change of attitude in this quarter as soon as steady
cool weather sets in.
With other October
price advances, it
seems quite certain that there will also be
an
advance in
not
yet taken hold in
quite
a
smokeless domestic sizes
as
well
as
mine
run.
Copper—As a result of the strengthening statistical
position and rising foreign markets domestic consumers were
becoming apprehensive lest a substantial rise take place in
the domestic price.
This tense situation appeared to be
relieved
in a measure Wednesday when consumers
were
assured that plenty of copper will be available for the rest of
the year, despite the talk of a supply
scarcity earlier in the
Financial
1900
There was
week.
considerable easing up in the European
selling there developing on a
markets also,
scale, with sentiment there
rather substantial
being not as bullish as heretofore.
Moreover, France was buying less copper in what has been
described as a hedge in commodity commitments against
The volume of domestic sales continued steady
substantial.
European markets eased off somewhat
inflation.
and
price around 9.87 He. to 9.92He. per pound, c.i.f.,
European ports, with demand over there reported as light,
this slack demand prevailing for several days.
One of the
with the
interesting phases of the copper situation is the tightness of
offerings of copper scrap, which is now disposing refiners to
raise their bids at the start of next week, so it is stated.v
Scrap dealers in Europe are securing the equivalent of 8.75c.
per pound for No. 1 copper wire scrap, as against the Ameri¬
quotation of 8.45c.
The feeling prevails among
trade that the situation is not
current
can
not
few in the domestic
a
altogether settled and another flurry among consumers
might again develop should producers in some quarters again
show a reluctance to, take on additional orders.
metal, both foreign and domestic,
semblance of buoyancy. There appears to
be very little support at most centers, and as a consequence
tin is sagging of its own weight.
The general feeling here is
that the tin market is destined to be quiet until after the
meeting of the International Tin Committee on Sept. 23.
Straits tin shipments for the first half of the month have
been 2,758 tons.
Tin arrivals so far this month have been:
Atlantic ports, 1,993 tons; Pacific ports, 75 tons.
Tin afloat
to the United States is 7,949 tons.
Warehouse stocks are
unchanged at 255 tons.
Tin—The markets in this
lack the slightest
Lead—An
abnormal
demand has prevailed for
several
tapering off of
natural reaction or
Producers commented recently on the
days, and as yet there are no indications
this demand, though producers expect a
of
a
let-up very soon.
that there is considerable purchasing for
fact
September
delivery, which would imply that consumers are using up
their supplies faster than they had expected.
Statistics for
August are expected early next week, and are calculated to
be the most favorable in several years.
The price of lead at
London recently was equivalent to 4.19c., as against 4.18c.
earlier in the week.
Zinc—Influenced by the rising prices on
the London Metal
domestic
at 4.85c.
per pound, East. St. Louis.
Sales of slab zinc last week
were 1,015 tons, consisting of 865 tons of prime western and
Exchange, there has been a marked improvement in
demand the past several days. The price was firm
Unfilled orders of prime western
stood at 56,934 tons, making
total unfilled orders, with brass special included, of 59,464
tons.
All sales were made on the basis of 4.85c. per pound,
East St. Louis for prime western,
Sales were about evenly
divided between the September and more distant positions.
Unfilled orders of prime western declined 4,000 tons, indi¬
cating shipments of 4,900 tons.
150 tons of brass
special.
slab zinc at the end of last week
Steel—The steel price rise
due Oct. 1 was responsible in
large measure for the increased activity in the steel industry
the past week.
The "Iron Age" estimates ingot output for
the current week at 72% of capacity, against 70% a week ago.
The
price structure for the fourth quarter is now
fairly well
products, on which no announcement
has yet been made.
The higher prices going into effect Oct. 1
are on semi-finished steel, hot-rolled carbon bars and
the
lighter gages of hot rolled annealed sheets.
This price rise
has been quite an incentive to buyers anxious to cover their
requirements before the third quarter prices expire.
Sept.
15 was generally regarded as the deadline for acceptance of
orders on third quarter terms, though some mills may allow
their customers another week or so.
"Owing to heavy back¬
logs, some sheet orders cannot be shipped until late October,"
the "Iron Age" States.
"With the automobile business that
is certain to flow in, sheet backlogs will undoubtedly be
sufficient for at least two months' near capacity operations."
The steel wage question appears to be still active, notwith¬
standing the announcement of the president of the CarnegieIllinois Steel Corporation that no action would be taken at
this time.
The general view of steel officials appears to be
that action should be postponed until late in the year when
the outlook for 1937, both economically and politically, will
be more clearly defined.
It is pointed out, however, that a
wage advance must of necessity be accompanied by steel
price increases. Barring unforseen events, it is quite likely,
according to authoritative opinion—that both these steps
will be taken.
The Kansas City Southern has come into the
market for 750 box cars and 200 hopper cars, and the Missouri
defined except for wire
Pacific has ordered 200 box
cars.
Pig Iron—Business in this metal is reported as spotty.
However, the opinion prevails quite generally that business
during the fourth quarter will be the most active in years.
up their supplies and will
the best rounded tonnages in years, it is
claimed.
Cast iron business is expected to fall off soon, as
the time is approaching when it cannot be laid in the ground
in northern climates.
It is reported that several steel
Consumers
are
carry
^
gradually building
makers and merchant
producers are giving
serious thought
capacity, either by building
new furnaces or remodeling old ones.
Several more imports
of pig iron were reported this week including 151 tons from
Rotterdam, consigned to W. H. Mueller and 398 tons of
British Indian iron consigned to Philadelphia on order.
to
increasing their iron making
Wool—It would
seem
that the heavy
demand that
pre¬
has run its course, at least for
the
time being.
According to observers, another and
broader surge is apparently on the way, though doubt
prevails as to whether this anticipated new demand will
push prices to a higher position.
Buying of the raw material,
mostly by manufacturers, covers broadly the wools available,
fleece, Texas and territoi^, without any advance in values.
Fine wool prices on territory seem pegged around 85c. for
ordinary down to 83c. for less desirable and up to 88c. for
choice wool.
A moderate mill demand for graded wools is
being made at steady to firm prices, with the territory
quarter and three-eighths bloods lc. to 2c. per clean pound
higher than at the beginning of the month.
Some action is
seen in fleece medium wools, the three-eighths blood Ohio
selling at from 38c. to 39c. and the quarter blood at from
37c. to 38c., most of the sales at the lower figure.
The
Australian opening was regarded very generally as satis¬
factory.
Opening prices at the London Colonial sales were
maintained.
Firm limits led to the withdrawal of about
2,500 bales.
Otherwise the offerings met with brisk sale at
full opening levels.
Compared with July, best washed and
greasy wools sold at 14Hd and 13%d per pound, respec¬
vailed for several weeks past,
V''
tively.
futures closed 1 to 2He. higher.
The price of Crack XX in the New
Silk—On the 14th inst.
Sales totaled 220 bales
unchanged at $1.71. The Yoko¬
7 yen as compared with Friday,
price of Grade D in the outside market declined
to 735 yen a bale. Local closing: Sept., 1.66; Oct.,
York spot market remained
hama bourse advanced 4 to
and the
2H yen
1.63; Nov., 1.60H; Dec., 1.59; Jan., 1.58H; Eeb., 1.58;
Mar., 1.58; Apr., 1.58.
On the 15th inst. futures closed
unchanged to He. higher.
Transactions totaled 930 bales.
Spot declined 1H to 1.69 Ho • Yokohama and Ko be
grade D 10 yen lower at 725 yen.
Bourse quotations at
Yokohama were 7 to 11 yen lower, and at Kobe 4 to 9 yen
lower.
Cash sales for both markets were 1,050 bales, while
transactions in futures at both centers were 3,750 bales.
reported
higher, being quoted at
in Yokohama moved He.
The yen
29He.
Local closing: Sept., 1.66; Oct., 1.63H; Nov.,
1.60H; Dec., 1.59H; Jan., 1.58H; Feb.,, 1.58HOn the
16th inst. futures closed H to 2He. higher.
Sales totaled
of raw silk
of August.
change in
price.
Yokohama Bourse quotations finished the day 4
to 9 yen higher, while the Kobe Bourse was unchanged to
7 yen stronger.
Cash sales for both centers were 1,025 bales,
while total transactions in futures were 2,125 bales.
Local
closing: Sept., 1.68H; Oct., 1.64; Nov., 1.62H; Dec., 1.61;
Jan.. 1.60; Feb., 1.59H; Mar., 1.59H; April, 1.59H-
1,390 bales.
It was reported that consumption
by domestic mills was running 10 to 15% ahead
Grade D in the Japanese markets showed no
5 He. higher. Trans¬
Grade D was 15 to 20 yen higher
in the Japanese markets, the Yokohama price being 740 yen
and the Kobe pricq, being 745 yen.
Yokohama Bourse quo¬
tations were 15 to 18 yen higher and Kobe Bourse quota¬
tions were 14 to 18 yen higher.
Cash sales for both centers
were
1,675 bales, with futures transactions totaling 5,850
bales.
Kobe yen rose He-, being quoted at 29%c.
Local
closing: Sept. 1.72; Oct. 1.69H; Nov. 1.66H; Dec. 1.65;
Jan. 1.64H; Feb. 1.64H; Mar. 1.64; Apr. 1.64.
Today futures closed 2 to 2HC' down. Trading was fairly
active, with sales totaling 106 contracts.
Crack double
extra in the New York spot market was He. lower at $1.74 H»
The Yokohama Bourse closed 3 to 6 yen lower, while the
price of grade D silk in the outside market advanced 2H
yen to 7.42H yen a bale. Local closing: Sept. 1.71; Oct. 1.67;
Nov. 1.64; Dec. 1.62H; Jan. 1.62; Feb. 1.62; Mar. 1.62;
On the 17th inst. futures
actions totaled 1,620
closed 3'H
bales.
April 1.62.
'
■
COTTON
Friday Night, Sept. 18, 1936
z
The
of the
Movement
Crop, as indicated by our
tele¬
from the South tonight, is given below.
For the
week ending this evening the total receipts have reached
340,815 bales, against 271,456 bales last week and 201,842
bales the previous week, making the total receipts since
Aug. 1, 1936, 1,118,883 bales, against 1,053,229 bales for
the same period of 1935, showing an increase since Aug. 1,
1936 of 65,654 bales.
grams
Seven locomotives have
purchased and there are inquiries for several more. It
is expected rail buyng will gain impetus before Nov. 1, when
protection of present price expires. The Wabash has ordered
5,000 tons of rails.
Steel prospects continue excellent.
been
probably
Sept. 19, 1936
Chronicle
Thurs.
Wed.
Mon.
Tues.
14,412
9,153
3,651
13,198
1,146
31,551
11,012
4,464
17,436
2,052
8,015
18,808
15,827
2,357
25,190
1,667
Savannah
2",125
2",944
Charleston
2,105
1,555
"78
133
186
6
Fri.
"99
280
Receipts at—
Galveston
Houston
Corpus Christi__
New Orleans
Mobile
Sat.
Pensacola, &c
8,944
5,241
1,341
8,326
4,726
14,378
6,677
2",926
1~,808
1,904
2,429
1,767
837
'580
Jacksonville
Lake
Charles
Wilmington
Norfolk.:
857
7,055
1,329
11,630
46,148
580
1,504
7,740
4,533
13,211
16,433
4,533
310
'362
'735
Baltimore
Totals this week.
79,029
Total
17,145 105,238
24,019 71,929
913
13,583
10,389 81,594
1,270 12,190
19,645
69,523
32,258
45,029
834
735
68,828 340,815
Volume
The
143
Financial
following table shows
the week's
Chronicle
total
receipts, the
Aug. 1, 1936 and stock tonight, compared with
total since
last year:
1901
Speculation
in
active, with price
cotton
for
trends
future
generally
delivery
downward;
was
in
fairly
fact,
a
pronounced
1936
Receipts to
Sept. 18
1935
Stock
This
Galveston
Since Aug
This
Week
Texas
1,1936
Week
1,1935
105.238
_
234,392
71,929
13,583
__
Corpus Christi
81,594
Mobile
12', 190
13,211
16,433
4,533
Savannah
Lake
25,231
Wilmington
310
Norfolk
834
Newport News
53,194
37,357
2,748
100,600
106,416
19,724
3,927
175,584
80,486
26,009
5,260
144,033
11,633
4,053
29", 850
33,424
"53", 775
61
33,231
2,308
2,044
Charles
238,466
91,930
25,816
401,356
420,788
3,262
351,099
81,275
7,499
,377,198
126
4~2~, 425
29,941
9,790
19,602
22", 166
47",040
580
1935
1936
241,872
1,905
143,872
185,790
6,731
210,559
55,998
40,843
42,332
2,241
60,498
19,645
Brunswick
Charleston
66,118
1,876
43,810
17,338
179,724
222,707
2,074
246,465
Beaumont
New Orleans
Gulfport
Pensacola, &c
Jacksonville
hedge
selling.
Since Aug
City
Houston
heaviness prevailed in the market
during most
of the week, due
largely to almost persistent heavy
16,033
488
491,237
50
*
32,331
10,018
23,733
3,744
/
the scale
on
the
higher.
a
time.
interest
On
*
offerings
down, there
dence at any
lative
these
in
12th
range of 8 to
.
""845
Baltimore
735
2,984
Philadelphia
216
4,877
3,879
725
1,325
was
340,815 1,118,883 265,021 1,053.229
1,679,812 1,605,613
In order that
comparison may be made with other years,
we give below the
totals at leading
ports for six seasons:
Receipts at—
1936
Savannah
1934
46,118
43,810
55,998
22,166
25,231
46.557
79,592
33,857
13,484
7.772
82,331
125,274
37,659
6,313
16,713
44,243
101,008
54,425
7,329
6,913
71,654
145,144
18,218
4,788
26,300
11,633
13", 387
ll",815
310
Orleans.
Mobile
1935
105,238
71,929
81,594
12,190
13,211
16", 433
Galveston
Houston
61
*~7",876
120
321
~9~, 527
1,396
1,813
1,219
1,738
1,747
3,235
Brunwsick
Charleston.
Wilmington
__
Norfolk...
834
1933
Newport News
1932
1931
.
All others....
3*9", 076
"40,604
34,980
45,431
30,376
42,085
Total this wk.
340.815
265,021
230,070
328,745
255,127
outside specu¬
no
prices closed unchanged to 7 points
quite active with fluctuations covering
16
during the last
few minutes of
especially
in
in the
new
the
trading.
connections
a
big
serve
as
an
were
reported
as
stability in values in the face
nothing
Houses with
good buyers.
in values between New York and
show of
was
and nothing
incentive for aggressive
either side.
way on
There
of developments,
way
that could
news
operations in
ences
Total?
or
points.
There was considerable hedge
selling; this appeared to be fairly well offset
by foreign buying.
The close was
steady, with Bombay a conspicuous buyer
744
1,457
absorbed
aggressive demand in evi¬
little
was
well
cotton.
inst.
Trading
was no
There
fairly
were
"
New York
Boston
New
While
foreign
The wide differ¬
Liverpool and the
of the
heavy movement,
appeared to attract considerable buying from
foreign sources.
Bombjay interests were believed to be closing out spreads
between the two
markets, which included covering in the
local pit.
Trade buying was active by the mills and was
thought to be a direct result of recent heavy sales of textiles.
Reports from the dry goods markets indicated that business
during the week had been the most active in several months.
Export demand has been quiet, and it is believed that
political
Conditions abroad have had
The
influence in this direction.
some
322,698
markets
On
Since Aug. 1__ 1,118.883
1,053,229
876,252 1,357,037 1,183.802 1,026,125
The exports for the week
ending this evening reach a total
178,548 bales, of which 56,092 were to Great
Britain,
32,227 to France, 21,592 to Germany, 7,284 to
Italy, 46,304
to Japan, 100 to China and
14,949 to other destinations.
In
of
the
corresponding week last
total exports were 93,530
bales.
For the season to date
aggregate exports have been
493,984 bales, against 426,852 bales in the same
period of
the previous season.
Below are the exports for the week:
year
Week Ended
Exported to—
.
Sept. 18, 1936
Exports from—
Great
Ger¬
Britain Franct
Galveston
4,326
4,358
14,249
13,232
Beaumont
1,172
New Orleans....
1,852
5,76f
3,07£
Italy
many
J
Japan
China
Other
20C
Houston
Corpus Christi..
Lake
Charles...
5,614
4,33*
892
Mobile«
Pensacola, &c_..
7,339
10,354
Norfolk
1,496
1,869
10,457
14,766
5,622
31060
*350
2,502
15*259
"151
747
3~219
""12
655
325
1,300
55
56,092
32,22/
21,592
7,284
255
46,304
1935.
10,913
25,250
700
Total
1934
27,258
12,953
10,171
7,636
11,383
16,071
31,765
From
100
14,949 178,548
13,340
23,122
93,530
97,030
Exported to—
Aug. 1, 1936, to
Sept. 18, 1936
Great
Exports from—
Britain
Galveston.
Ger¬
France
10,856
Italy
many
19,750
Cospus Christi
.
Orleans._
Lake Charles..
Mobile
Jacksonville
20,139
12,765
29,985
28,704
1,872
Houston
Beaumont
16,110
2,011
6,347
10,242
6,742
12~322
818
Savannah
"*69
18,407
Charleston
16,217
13,934
6,038
13,138
1,200
Los Angeles.._
San Francisco.
Total
...
Total 1935....
1934
China
21,016
34,169
39,036
142
358
355
Other
Total
18,276
13,255
13,974
'
5",097
18"345
IO",366
1,472
50
"427
99
"112
655
975
"l42
27,023
28,764
18,479
1,200
3,013
133
778
1,312
"2*278
496
2,072
72,482
10,225
12,442
50
612
300
194
'"3^324
137
22
~~19
4,236
372
137,541
80,205
76,846
22,539
115,912
855
60,086
493,984
87,018
83,369
58,212
68,438
90,966
37,940
39,606
90,973
147,139
200
41,117
24,827
84,071
95,863
426,852
522,887
In addition to above
exports, our
telegrams tonight also
give us the following amounts of cotton on
shipboard, not
cleared, at the ports named:
On
Sept. 18 at—
Shipboard Not Cleared for—
Great
Britain
Galveston
Houston
New Orleans..
4,000
2,292
1,201
Ger¬
France
5,400
3,848
10,101
Other
Foreign
wise
Leaving
Coast¬
many
Stock
Total
1,100
31,000
700
3,302
2,731
43,500
10,142
14,937
"695
2",022
904
Savannah
2,000
Charleston
Mobile
1,327
Norfolk
Other
ports
Total 1936—
Total 1935—
Total 1934—
8,820
6,684
7,471
19,349
9,097
10,088
2,704
6,416
14,346
37,728
31,142
52,304
447,737
228,324
386,419
175,584
53,775
104,394
23,733
189,245
1 2,000 70,601
1,609,211
1,358 54,697 1,550,916
1,000 '85,209 2,569,422
was
the
price of middling at the 10 designated spot
12.33 cents.
14th
inst. prices closed 6 to 14
points down.
fairly active, but irregular throughout the
session.
The principal factor
operating against prices was
the heavy hedge
selling.
Reports of heavier, receipts at
Trading
was
interior points
of the South also had
Large August consumption figures and
stocks did little to counter
the
market
was
a
a
bearish influence.
falling off in mill
the bearish influences
concerned.
New
Orleans
as
brokers
far
as
were
prominent sellers of the March option in the closing minutes
of trading.
A good portion of the hedge selling during the
day centered in the October and December posistions.
One
prominent spot house was credited with purchasing about
20,000 bales of October.
Liverpool and the Continent also
bought.
After this demand had been satisfied, the market
fell away again under hedge
selling.
It was estimated that
Wall Street brokers bought 10,000 bales of December
the
during
day.
Wall
This buying
Street
was
believed to be for a well-known
speculator.
Average price of
commodity
middling based on the 10 designated spot markets was 12.23
cents, compared with 12.33 cents Saturday.
On the 15th
inst. prices closed 3 to 6 points down.
Trading was quiet,
with prices fluctuating within a
very narrow range and closing
at the lows of the day.
There was a steady flow of hedge
selling, which appealed to be well absorbed.
This pressure
became increasingly heavy as the session
progressed, it being
most pronounced in the October and December
options.
Trade interests bought moderately on the scale down and
short covering played a considerable
part in absorbing hedge
sales.
market.
90,262
100,588
121,687
361
3*219
7,331
8,727
4,029
166
...
3,616
6,357
3,595
256
16,292
Wilmington
|
"5,227
105
Norfolk
Japan
200
Pensacola, &c_
Total
25,880
4,718
3,055
15,608
16,149
15,267
321
Total
Gulf port
36,023
34,301
25,575
1,372
24
"266
"127
194
P Total...
New
1,268
24
LosfAngeles
San Francisco...
Total
6,512
4,634
"166
....
3,055
1,100
7,830
3,613
ll",277
Savannah
Charleston
average
There still appears to be little outside interest in the
March and May, as well as
July were below the
12-cent mark at the close.
Reports were received of a
heavy rainfall in Texas, but although attracting Considerable
attention, this weather news had little effect marketwise.
Average price of middling in the 10 designated spot markets
was 12.17 cents,
compared with 12.23 cents Monday.
On
the 16th inst. prices closed unchanged to 3
points lower.
Trading was light, with price fluctuations very narrow.
There
was
little in the
news
to
serve
as
an
incentive for
substantial operations on either side.
For the first time this
Reason domestic exports rose above last
year.
The season's
total Wednesday was 439,318 bales, against
424,575 bales
the corresponding period last year.
Advices from the South
reported the spot cotton markets doing the largest business
in
several
point to
seasons.
It
was
also
stated
that
indications
much earlier peak of the crop movement this
season.
The weekly weather report was regarded
by many
as a standoff.
According to advices received by the New
York Cotton Exchange Service, the
Commodity Credit
Corporation held 2,995,080 bales of cotton under loans of
the 1935-36 season on Sept. 10, 1936.
Total amount of
loan cotton held by the corporation on that date was
3,027,253 bales.
Average price of middling in the 10 designated
spot markets Wednesday was 12.13 cents, compared with
12.17 cents Tuesday.
On
a
17th inst. prices closed unchanged to 6
points
Trading was active, with heavy hedge selling by
the South the feature.
In the early session
prices advanced
4 to 8 points on the strength of
Liverpool cables and some
active domestic and foreign buying.
As the session wore on
increasingly heavy pressure developed in the form of
hedg¬
ing operations on the part of the South.
Under the weight
the
higher.
Financial
1902
prices fell 8 to 10 points. Towards the
buyers appeared to be getting the upper hand again,
market recovering 3 to 8 points from the lows and
of these offerings
close
the
closing unchanged to 6 points up from previous finals. De¬
mand for spot cotton in the South was active for domestic
account, and sales ran into large volume.
Part of this
demand was believed to be against old contracts, although
mills
also
recent large
against
bought
sales
of
textiles.
Export demand was less active, foreign buyers apparently
not being willing to meet the high basis demanded by sell¬
ers
and paid by domestic mills.
Weather reports were
more
of
less
or
character.
unfavorable
an
Texas
was
with
torrential
rains.
These
heavy
regarded as more harmful than beneficial by
Chronicle
Sept. 19, 1936
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for 'Friday
only.
-
....
at Rotterdam..
Barcelona
at
at Genoa
at Venice and
Mestre..—
Stock at Trieste
.
drenched
again
rains
are
with cotton culture.
those familiar
middling
at
cotton
10
the
The
price of
average
designated spot markets
was
12.13c.
Today prices closed 1 point down to 2 points up.
The
market opened steady at 4 to 5 points higher, on improved
cables from Liverpool and unfavorable weather reports.
Trading was fairly active, with buying coming from spot
interests and Liverpool.
The weather reports later became
more
favorable, advices stating that conditions in Texas
were clearing and that the tropical storm
apparently would
not
harm the crop.
Leading spot interests purchased ap¬
proximately 10,000 bales of October and December at the
opening calL
The principal sellers included commission
houses, the South and New Orleans, with the latter liqui¬
dating the March option in fair-sized quantities.
Hedge
sales were rather light
The official
quotation for middling upland cotton in the
day for the past week has been:
New York market each
I
Sept. 12 to Sept. 18—
Middling upland
Sat.
1936
Tues.
12.55
New York
Mon.
11.45
12.40
11.00c.
12.95c.
1933 -—10.15c.
1932
6.80c.
1931
6.40c.
Fru
12.38
1927
1926
1925
1924
21.25c.
16.85c.
24.45c.
22.50c.
1923
29.75c.
1922
21.40c.
1921 ---18.60c.
1920
31.00c.
1919
30.40c.
34.10c.
1918
1917
1916
1915
1914
449,000
163,000
62,000
14,000
30,000
61,000
10,000
841,000
436.000
176,000
24,000
58,000?
91,000
6,000
993,000
358,000
140,000
23,000
48,000
39,000
11,000
9,000
346,000
628,000
785,000
Europe—
55,000
233,000
American cotton afloat for Europe
U. S. exports
28,380
today.
Total visible
11.90c.
11.65c.
13.90c.
12.85c.
9.50c.
12.25c.
9.75c.
10.75c.
1910
21.70c. 1909
——15.85c. 1908
10.70c. 1907
11.00c, 1906
13.40c. 1905
—
—
215,000
Egypt, Brazil,&c.,afl't for Europe
176,000
Stock in Alexandria, Egypt
117,000
Stock in Bombay, India
—
654,000
Stock in U. S. ports
1,679,812 1,605,613 2,654,631
Stock in TJ. S. ulterior towns
1,499,275 1,414,604 1,339,176
12,913
3,238,257
1,231,502
5,781
36,629
..5,541,467 4,791,130 7,013,588 7,567,388
supply
Of the above, totals of
American and other descriptions are
follows;
as
American—
Liverpool stock...
bales. 196,000
108,000
Manchester stock
34,000
12,000
Bremen stock....
—
83,000
88,000
Havre stock
,—
69,000
40,000
Other Continental stock
38,000
57,000
American afloat for Europe
233,000
215,000
UTS. ports stock
1,679,812 1,605,613
U. S. ulterior stock
1,499,275 1,414,604
U. S. exports today
—.—
28,380
12,913
268,000
398,000
37,000
304,000
108,000
77,000
205,000
51,000
....
708,000
361,000
2,654,631 3,238,257
1,339,176 1,231,502
5,781
36,629
3,860,467 3,553,130 4,998,588 6,024,388 1
Total American
East Indian. Btazil, &c.—
Liverpool stock
Manchester stock.
466,000
295,000
643,000
40,000
59,000
43,000
34,000
75,000
22,000
64,000
49,000
45,000
54,000
32,000
53,000
63,000
144,000
75,000
480,000
149,000
830,000
—
Bremen stock.........--------------
71,000
55,000
176,000
Other Continental stock....——
1912
1911
--
—
795,000 1,621,000 1,626,000
49,000
63,000
77,000
205,000
361,000
144,000
146,000
84,000
75,000
149,000
230,000
480,000
830,000
683,000
Total European stocks........1,099,000
India cotton afloat for
Havre stock
Quotations for 32 Years
.12.38c. 1928 —17.65c.
1935
1934
Wed. Thurs.
12.37
12.38
Total Continental stocks
911,000
82,000
363,000
Total Great Britain
403,000
46,000
736,000
141,000
112,000
7,000
52,000
38,000
7,000
6,000
.....
Stock at Bremen
at Havre
743,000
k 98,000
662,000
74,000
bales.
Stock at Manchester-...
Stock
Stock
Stock
Stock
Stock
1932
1934
1935
1936
Sevt. 18—
Stock at Liverpool
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
117,000
654,000
345,000
47,000
...
-
--
77,000
77,000
84,000
230,000
683,000
146,000
11.00c.
1929 —18.60c.
1913
'Market and Sales
at
New York
Futures
SALES
Spot Market
Saturday
Monday
Tuesday
WednesdayThursday
___
Friday
Market
Closed
Closed
Steady, unchanged.
Quiet, 10 pts. dec
Steady, 5 pts. decSteady, 3 pts. decSteady, 1 pt. adv
Steady, 1 pt. adv
Steady.
Barely steady.Barely steady..
Steady
Steady
Steady.
Spot
Contr'ct
Total
500
500
"400
"400
....
250
300
200
—
—
250
300
200
>
Total East India, &c
Total American
1,681,000 1,238,000 2,015,000 1,543,000
3,860,467 3,553,130 4,998,588 6,024,388
Total visible
1930
5,541,467 4.791,130 7,013,588 7,567,388
6.98d.
6.53d.
7.05d.
5.42d.
12.38c.
10.95c.
13.00c.
9.80c.
10.58d.
8.87d.
8.80d.
7.88d.
5.76d.
5.52d.
5.31d.
4.53d.
7.78d.
. _
.....
5.77d.
....
supply
Middling uplands, Liverpool
Middling uplands, New York..._
Egypt, good Sakel, Liverpool—_
Broach, fine, Liverpool—.—-.
Peruvian Tanguis, g'd fair, L'pool
O.P.OomraNo.1 staple,s'fine.Liv
-
Continental imports for past
above
The
1936 show
figures for
——
week have been 40,000 bales.
increase over last
bales over 1935, a
and a decrease of
an
week of 439,801 bales, a gain of 750,337
decrease of 1,472,121 bales over 1934,
2,025 92.1 bales from 1933.
Total week.
1,650
8,303
Since Aug. 1
Futures—-The
highest, lowest and
New York for the past week have been
Saturday,
Sept. 12
Monday,
Sept. 14
Tuesday,
Sept. 15
"§56
closing
1,650
8,503
prices
as
follows:
Wednesday,
Thursday,
Sept. 16
Sept. 17
at
Friday,
Sept. 18
Movement to Sept.
12.01ft
Towns
.Closing. 12.15-12.16 12.04
—
12.00
—
11.97
11.98
—
Receipts
Week
Ala., Blrming'm
Range.
Eufaula
_
Closing. 12.16ft
12.05»
12.01ft
11.98ft
11.99ft
12.00 ft
Dec.—
Montgomery.
Selma
12.12-12.20 12,06-12.22 12.02-12.11 12.00-12.08 11.98-12.07 11.00-12.08
..
12.17-12.20 12.06
Closing
—
12.02-12.03 12.00-12.01 12.01-12.02 12.02
(i937)
Ark., Blythville
Forest CityHelena
Range.. 12.05-12.16 12.05-12.21 12.02-12.10 11.99-12.06 11.96-12.06 11.98-12.07
12.16
Closing
12.05
—
—
12.02»
11.99
—
11.99
—
12.01ft
Feb.—
Hope..
Range.
12.03ft
11.99ft
11.97ft
11.99ft
12.00ft
March—
12.02-12.11 12.01-12.18 11.95-12.06 11.94-12.03 11.93-12.01 11.98-12.06
Range.
Closing. 12.09-12.10 12.01-12.02 11.95-11.96 11.94-11.95 12.00
t-
12.00
Ga., Albany...
840
12.01ft
■
11.95ft
11.99ft
11.94ft
11.99n
—
11.95-11.96 11.94
—
11.99
-
11.98
June—
Range..
_
14,932
200
3,050
6,566
240
333
La., Shreveport
8,870
II,399
3,001
20,485
8,400
1,040
2,911
7,230
2,633
29,921
36,307
Rome
Columbus.
12.06ft
11.96ft
11.9 In
11.94ft
11.91ft
11.93ft
July—
Greenwood..
Jackson
11.95-12.05 11.91-12.09 11.86-11.96 11.85-11.93 11.83-11.91 11.85-11.94
Range.
_
12.05
11.91
—
-
11.87-11.88 11.87
-
11.89
-
11.88
Aug.—
Natchez
Vicksburg
Yazoo City-
Range..
Closing
6,670
Miss.Clarksdale
12.07-12.11 12.01
Closing
Closing
1,941
2,791
...
Columbus
Macon
Range.. 12.00-12.11 12.00-12.16 11.95-12.05 11.94-12.01 11.91-12.00 11.97-12.04
3,403
10,827
10,978
I,515
8,402
49,894
1,125
Mo., St. Louis.
N-C^Gr'naboro
_
117
554
23,515
25,345
952
5,616
1,429
I,850
271
1,175
1,604
2,437
22,649
1,915
12,036
1,986
Athens
Augusta
.
Closing
Pine Bluff
Atlanta
Range.
Closing. 12.08ft
May—
18
2,332
3,143
14,411
578
Walnut Ridge
April—
Receipts
|
Ship-
Stocks
ments
Week
Sept.
Week
Season
7,798
65,615
22,093
1..830
5,545
20,254
20,209
1,948
125
661
30,672
10,661
58,765
73,090
78,485
8,261
14,684
16.014
10.015
57,634
150 11,855
1,625 35,654
109 12,308
750 19,123
350 18,827
1,989 69,126
4,765 113,791
300 33,525
995 29,085
225 19,792
3,093 35,106
1,740 33,787
2,905 21,710
6,885 55,618
2,759 22,834
1,893
"In
6,654
603 19,780
2,712
1,358
201
2,127
L901
615
I,055;
11,760
7,883
2,453
697i
3,255
'
500
1,941
3,731
28,939
26,907
3,200
I,069
5,160
1,083
15
24
2,656
22,269
20
21
7,686
16,520
2
2
1,000
7,250
9,344
14,043
29,414
9,216
63,026
5,539
19,876
135
181
7,263
II,279
3,360
14,982
6,953
18,377
26,884
7,231
43,505
13,918
472
829
1,469
3,837
II,226
9,619
612
3,613
1,524
202
a
392
5,377
6,919
41,103
57,096
1,291
2,361
109, 76,623
23 17,661
145! 16,366
200 16,589
2,328 20,546
352
17
18,252
1,600
6,866
....
61,396
14,311
39,651
11,011
l'.OOO 10,573
3501 34,269
1,529 41,589
8,399 125,030
300 14,500
1,140 29,290
18,319
2*670 33,073
2,027 44,703
1,167 14.999
4,980 60,839
1,728 21,017
3,867
""52
7,257
640 20,987
158
1,524
161
2,214
"l57
Oklahoma—
Nominal.
Range for future prices at New York for week ending
Sept. 18, 1936, and since trading began on each option:
16ibwns
S.C.,Greenville
Tenn., Memphis
Range Since Beginning of Option
Range for Week
3 1935 12.32 July
8 1936
10 1936
Nov. 1936—
10.12 Mar. 3 1936 12.25 July 23 1936
Dec. 1936.. 11.00 Sept. 18 12.22 Sept. 14
9.76 Jan.
9 1936 12.78 July 10 1936
Jan. 1937— 11.96 Sept. 17 12.21 Sept. 14
9.94 Feb. 25 1936 12.76 July 10 1936
Sept. 1936—
1936— 1L95
Sepiri7 1Y21 "sepirii
10.42 Sept.
9.80 Jan.
9 1936 12.78 July
II,615
6,576
67,701
8,838
1,326
18,748
29,894
174,099
14,889
476
Texas, Abilene.
Austin
Option for—
Feb.
Sept. 20, 1935
Sept.
Week
Season
II,889
1,201
Jonesboro
Newport
12.13ft
I,181
1,023
4,081
7,616
11,211
I,866
4,755
5.221
Little Rock..
Closing
Stocks
11.98
Nov.—
Oct.
Movement to
18, 1936
Ship¬
ments
12.05ft
Range— 12.09-12.16 12.04-12.21 12.00-12.09 11.97-12.05 11.95-12.05 11.96-12.02
ft
the
*
Oct.—
Range
is,
_.
Closing. 12.17ft
Jan.
movement—that
detail below:
Sept.(193j3)
Range
the
Towns
Interior
the
At
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
1,400
20,812
Brenham
Dallas
7,312
7,035
1,090
Paris
Robstown
San Antonio.
Texarkana
Waco
..
625
3,026
8,990
2,938
6,073
90,192
4,208 44,274
29,398 384,802
6,258
6,988
1,105
1,762
346
2,308
6,251
9,483
4,843 10,522
1,014
4,928
433
1,113
1,570
9,787
6,303 10,882
4,565
4,000
46,683
959
1,139
10,868
15,861
106,192
2,311
7,165
2,690
3,649
2,382
5,349
8,296
2,735
1,310
15,707
746,072110,7381499275 202,311
565,449
18,148
II,809
3,666
7,481
20,746
883
1,511
81
304
88
875
2,598 108,838
2,000 32,566
12," 148,303
63
2,280
411
3,935
582
5,433
957
"823
481
347
3,862
6,756
10,688
4,407
1,422
11,908
12,952
1937..
Mar. 1937.
.
11.93 Sept. 17 12.18 Sept. 14 10.20 Mar. 27 1936 12.78 July
10 1936
1 1936 12.78 July
10 1936
Aug. 29 1936 12.55 July
27 1936
April 1937..
June
1937
July
1937— 41.83 Sept. 17
12.0*9 Sept.
14
11.50
61,7881414604
Includes the combined totals of 15 towns in Oklahoma.
The
The Visible Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat axe this week's returns, and consequently all foreign
Total, 56 towns 270,331
♦
May 1937— 11.91 Sept. 17 12.16 Sept. 14 10.48 June
above
totals
show
that
the
interior
stocks
have
increased
during the week 159,593 bales and are tonight
84,671 bales more than at the same period last year.
The
receipts of all the towns have been 68,020 bales more than
the
same
week last year.
"
.
Volume
Financial
Chronicle
Overland Movement for the Week and Since Aug. 1—
We give below a statement
showing the overland movement
for the week and since Aug. 1, as made
up from telegraphic
nounced the
143
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1936
Sept. 18—
Shipped—
1935-;
Since
Week
Via St. Louis
Via Mounds,
2.712
3,100
Since
Aug. 1
,
Aug. 1
Week
9,594
3,496
3,735
4,576
300
3,216
3,000
757
23,788
27,271
.14,760
85,135
8,970
64,906
735
4,414
2,984
2,016
48,644
5,390
9,370
&c
20,729
14,060
1,172
2,010
24,477
22,687
__
Via Rock Island
Via Louisville
Via Virginia points
272
365
Via other routes, &c
Deduct Shipments—
Overland to N. Y., Boston, &c
.
Total to be deducted
Leaving total net overland *
*
-
216
1,515
183
4,261
1,559
36,120
53,644
4,660
39,194
31,491
241
.
1,524
930
4,310
25,712
..
Including movement by rail to Canada.
The
foregoing shows the week's
this
year
the
week
net
overland movement
has been
9,370 bales, against 4,310 bales for
year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 5,779 bales. <
In
last
1936
Since
Sight and Spinners'
Takings
Week
Receipts at ports to Sept. 18
Net overland to Sept. 18
340,815
9,370
485,185
159,593
over
Came into sight during week
Total in sight Sept. 18--
339,331
140,523
.
*150,471
1,625,941
290,267
479,854
-
1,773,533
2,177,761
20,592
All of the designations were made under the
provisions of the Commodity
Exchange Act, pursuant to the application of each of the exchanges and
showing that each of the applicants met the conditions set forth in
upon a
the
Act,
Under the orders the exchanges are permitted to conduct future
tradings in commodities named in the respective designations as provided
Commodity Exchange Act as passed by the last session of Cno-
for in the
gress.
The
Commodity Exchange Act, which amended the Grain
Futures Act, became effective on Sept. 13; reference to this
is made elsewhere in this issue of the "Chronicle".
Census Report on Cotton Consumed and on
Hand,
&c., in August—Under date of Sept. 14, 1936, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton
spindles and
imports and exports of cotton for the month of August, 1936
and 1935.
Cotton consumed amounted to 574,289 bales of
lint and 65,382 bales of linters, compared with 603,203 bales
of lint and 70,246 bales of linters in
July, 1936, and
bales of lint and 59,102 bales of linters in
August, 1935. It
seen that there is an increase in
August, 1936, when
will be
compared with the previous
combined of 172,244 bales,,
statement:
155,407
14,054
EXPORTED,
ACTIVE
AND
COTTON
SPINDLES
(Cotton in running bales, counting round as half bales, except foreign, which is in
500-pound bales)
102,097
Cotton Consumed
Cotton
During—
on
Week—
Bales
1934—Sept. 21—
1933—Sept. 22
1932—Sept. 23
Since Aug. 1—
Bales
1,564,610
2,158,359
1,817,961
..405,834 1933
518,956 1932
454.147,1931
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:
on—
Saturday Monday
Galveston
12.51
12.40
New Orleans
12.52
12.42
Mobile
12.20
12.10
Savannah,
12.45
12.35
Norfolk
12.35
12.15
Tuesday
12.30
i.
_
______
Houston
Little Rock
Dallas
Fort Worth
12.35
12.38
12.05
12.30
12.30
12.00
12.40
11.90
12.29
11.95
11.85
11.85
i
12.05
12.44
12.55
12.15
12.05
12.51
12.10
12.00
12.00
12.36
12.00
11.89
11.89
Wed'day Thursday
<
12.25
Ended
(bales)
Cotton-growing States..
12.25
12.38
12.28
12.30
11.95
12.38
12.03
12.28
12.25
12.30
12.38
(bales)
(Number)
580,818 4,300,101 17,269,442
481,354 5,765,393 16,273,926
138,263
34,208
5,441,726
133,801
122,613
5,138,900
33,138
2,415
722,490
33,378
7,406
633,360
f 1936
5,557
4,700
6,740
[1935
[1935
3,830
1,703
1,957
.(1936
65,382
59,102
[1936
11.90
12.24
11.83
11.83
11.83
11.82
(bales)
752,219 4,336,724 23,433,658
648,533 5,895,412 22,046,186
66,905
82,249
62,963
37,714
25,755
24,846
15,884
13,558
21,457
5,793
74
11,343
5,665
1,896
731,490
719,028
153,062
164,342
29,693
17,169
19,838
15,753
7,872
Not Included Above—
11.95
12.38
11.90
12.24
11.82
11.82
t
11.95
12.37
11.90
12.24
(bales)
August
574,289 6,348,423
\ 1935 408,325 5,360,867
[1936
Amer.-Egyptian cotton.
11.83
11.83
Linters.
27,845
Imports of Foreign Cotton
Country of Production
August
11.83
1936
Egypt
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
1935
5,905
Peru
1936
1,142
Mexico
Monday,
Sept. 14
Tuesday,
Wednesday,
Sept. 16 '
Sept. 15
Thursday,
Friday,
Sept. 17
12.02-12.03 11.96-11.97 11.94
1,125
25,915
3,386
2*884
57,655
1,134
1,192
3,185
5,137
24,903
1,438
8,002
154,817
107,031
419
Sept. 18
11.96
71,176
8
o
4,843
Total
12,671
Exports of Domestic Cotton, Excluding Linters
(Running Bales—See Note for Linters)
Sept(1936)
12.12
65,602
319
British India
1935
5,110
43
China
All other
Saturday,
Sept. 12
(500-lb. Bales)
12 Mos. End. July 31
t Not available (storm).
New Orleans Contract Market—The
Active
During
presses
/1936
(1935
Other foreign cotton
Spindles
ments
(1936
Egyptian cotton
Public
Storage
[1936 480,546 5,334,284
1935 342,899 4,305,950
76,044
831,241
11935
52,528
818,191
(1936
17,699
182,898
236,726
[1935 12,898
.
New England States
In
Establish¬ & at Com¬
July 31
11935
Friday
12.03
12.33
«12.02
12.27
suming
Included Above—
Week Ended
Sept. 18
In Con¬
Aug.
All other States..
Closing Quotations for Middling Cotton
12
Months
United States.
October
Hand
Aug. 31
Cotton
Year
Movement into sight in previous years:
.
,
CONSUMED, ON HAND, IMPORTED AND
Decrease.
Montgomery
Augusta.
Memphis
in the total lint and linters
36.8%. The following is the
year
or
■•■.Vv'V
AUGUST REPORT OF COTTON
*142,675
644,778
North, spinn's'takings to Sept. 18
*
1,053,229
25,712
547,000
70,000
2,035,374
292,858
takings
consumption to Sept. U__
Aug. 1
265,021
4,310
designation of the Chicago Board of Trade as
the Kansas City Board
of Trade as a contract market for mill feeds; these
designa¬
tions are in addition to the
previous designations of both
these markets as contract markets for grain under the Grain
Futures Act.
As noted in our issue of Sept. 12, page
1740,
the New Orleans Cotton
Exchange was designated a con¬
tract market for cotton on
Sept. 8.
The Department of Agriculture said:
contract market for cotton and
a
408,325
Since
1,118,883
31,491
885,000
South'n consumption to Sept. 18--135.000
Total marketed
Interior stocks in excess
Excess of Southern mill
-1935
Week
Aug. 1
1903
11.96
November.
December. 12.13-12.14 12.02-12.04 11.98
11.98
11.98
Jan.(1937) 121161213a 12.02
11.98
Country to Which Exported.
12
August
Mos.
End
July 31
119861199a 11.97
February
11.98
11.98
—
1936
March
12.06
April
May
12.04-12.05 119661198a 11.93
11.98
119161192a 11.95-11.96 11.96
11.93
11.90
United Kingdom.
France
11.95
Italy
July
12.01
—
11.81
11.82
11.86
118361185a 11.83611.85a
August
Spot
Options
Steady.
Steady.
Strong.
Steady.
Steady.
Steady.
Steady.
Steady.
York
Cotton
Member
of
New
Steady.
Very
st,dy.
Exchange—At
commission
business.
He
is
also
India Cotton Association, Ltd.
Commodity
Markets
Under
a
membfer
of
the
279
Exchanges
Designated
Contract
Exchange Act—Include
Exchanges
this week designated as
contract markets under the Commodity Exchange Act in
orders issued by Secretary of Agriculture Henry A. Wallace.
The Department of Agriculture made known on Sept. 12
that the New York Cotton Exchange had been designated
as a contract market for cotton, the New York Mercantile
Exchange as a contract market for butter and eggs, the
Chicago Mercantile Exchange as a contract market for butter
eggs and Irish potatoes, and the St. Louis Merchant's Ex¬
change as a contract market for mill feeds in addition to
its present designation as a contract market for grain under
the Grain Futures Act.
On Sept. 15 the Department an¬
were
738,154
680,927
372,656
474,106
379,896
765,485
207,114
157.236
559.237
341,850
240,235
3,038
241,484
5,972,566
4,798,539
31,137
57,220
9*443
10*882
All other
2,745
182,487
China
East
1,409,547
97,194
601,754
1,524,395
108,083
225,499
74,613
24,215
Total.
1935
1,479,167
36,452
248,288
49,217
21,748
Canada
a
Commodity
commodity exchanges
3,792
Other Europe
>>•
New York Cotton and New York Mercantile
41,474
34,052
22,990
28,275
4,876
7,540
18,216
,«
1936
Japan
Steady
Steady
meeting of the Board of Managers held Sept. 17, Kalyanji V.
Mehta of Bombay, India, was elected to membership in the
New York Cotton Exchange.
Mr. Mehta is a director of
Chunilal Mehta & Co., Ltd., who do a brokerage and
—Six
Germany
Spain
Belgium
Tone—
Six
61,159
29,968
10,922
.
11.93
June...
New
1935
.
Note—Linters exported, not included above, were 10,585 bales
during August in
1936, and, 10,662 bales in 1935; 240,549 bales for the 12 ,months ending July 31 in
193(J and 205,246 bales in 1935. The distribution for August 1936 follows: United
Kingdom, 4,629; Netherlands, 707; Belgium, 22; France, 444; Germany, 4,150;
Italy, 300; Canada, 333.
*
WORLD STATISTICS
The preliminary estimate of the world's production of commercial
cotton,
1935, as compiled from various sources was
25,894,000 bales, counting American in running bales and foreign in bales
of 478 pounds lint, while the consumption of cotton (exclusive of
linters
in the United States) for the year ending
July 31, 1935, was 25,283,000
exclusive of linters, grown in
bales.
.
The
total
number
of
spinning cotton spindles,
both active and
idle, is about 154,000,000.
New
York
Cotton
Exchange Fixes Limitation of
Managers of the New York Cotton
Exchange voted on Sept. 10 to set the maximum limit of
interest by any member, firm, or corporation, and his or its
affiliations, at 250,000 bales for delivery in September, 1936,
and in all months up to and
including August, 1937. Two
months ago the Board of Managers of the Cotton
Exchange
Interest—The Board of
lowered
the limitation
of interest
250,000 bales; this action
July 18, page 453.
was
from
noted
in
1,000,000 bales to.
these
columns
of
Rain
Activity About 12% Above Average for
Level—The cotton manufacturing
Mill
Cotton
industry of this country is operating at close to the highest
rate on record for this time of the year, according to statistics
issued by the New York Cotton Exchange Service.
With<
allowance for seasonal variation, cotton mill activity is cur¬
rently on a basis of abBut 12% above the average at this
time of the year recorded in the pre-depression years of 19221927 inclusive.
The Exchange Service on Sept. 14 said:
PalestineParis-.
San Antonio
Taylor
New Orleans
Shreveport.—
3.64 in.
0.36 in.
—4
3
2
5
Weatherford
Amite
Pensacola__
Atlanta
-
North Carolina—Asheville__l
Aug. 1 to Aug. 31
Raleigh
Chattanooga
252,834
Arkansas
201,921
102,451
143,385
—
Louisiana
Mississippi-Texas
All other States...
United States
*
Includes seed destroyed at mills but not
22,581
38,820
45,437
12,355
1,887
33,430
15,281
15,752
47,907
11,579
82
low 68
mean
low 70
mean
65
83
low 64
mean
77
82
low 68
mean
low 70
mean
83
low 72
mean
low 70
mean
82
83
84
low 68
mean
low 69
mean
80
low 65
mean
79
low 74
mean
low 72
mean
82
84
low 66
mean
79
low 70
mean
81
low 70
mean
80
low 68
mean
80
low 68
mean
79
low 70
mean
80
low 74
mean
81
74
low 72
mean
low 70
mean
low 70
mean
80
low 66
mean
78
low 66
mean
79
low 64
mean
77
low 69
mean
79
74
79
low 60
mean
low 66
mean
low 64
mean
81
81
low 64
mean
79
low 62
mean
79
low 66
mean
low 66
mean
78
82
low 68
mean
81
low 62
mean
78
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
V'rfV-'.-.'.;; '<■:
of gauge.
Sept. 18, 1936 Sept. 20, 1935
Feet
ifj'f
Feet
1.6
3.4
New Orleans
Above
Above zero of gauge.
1.3
Above
of gauge.
9.3
8.2
ShreveportVicksburg
Above zero of gauge.
Above zero of gauge.
1.7
—0.9
8.6
13.9
tions.
from
zero
zero
7.8
(
'
Plantations—The following table
the
planta¬
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.
The
Week
148,111
168,145
78
mean
The
Receipts
22,275
'
mean
indicates the actual movement each week from the
1935
24,229
_1
Nashville-
State
Georgia
1
Wilmington
Tennessee—Memphis
Aug. 31
17,284
7,439
0.10 in.
day
0.56 in.
dry
0.26 in.
day
dry
0.11 in.
day
dry
dry
dry
0.60 in.
day
mean
low 66
Nashville..
Aug. 1 to Aug. 31
21,940
1,692
38,693
7,564
15,369
43,141
14,986
1
Weldon
On Hand at Mills
11,703
3,326
17,471
10,431
14,351
43,224
1,945
0.30 in.
81
low 62
low 64
high 100
high
92
high
98
high 102
high
96
high
90
high
96
high
96
high
92
high
96
high 100
high
90
93
high
90
high
95
high
92
high
92
high
90
high
92
high
90
high
90
high
88
high
86
high
92
high
90
high
90
high
92
high
90
high
88
high
88
high
92
high
95
high
94
high
96
high
90
high
94
high
94
high
94
high
Memphis
Crushed
35,225
1,170
49,955
21,482
18,109
68,636
7,344
0.62 in.
0.22 in.
•0.74 in.
dry
1 day
0.01 in.
Macon
crushed, and on hand (tons)
28,296
10,153
39,845
32,440
51,067
81,280
9,753
0.30 in.
South Carolina—Charleston_1 day
Received at Mills *
_
1.07 in.
0.25 in.
4 days
0.49 in.
5 days
dry
Augusta--
Cottonseed Oil Production—On
Sept. 12 the Bureau of the Census issued the following state¬
ment showing cottonseed received, crushed, and on hand,
and cottonseed products manufactured, shipped out, on hand
and exported, for the month of August, 1936 and 1935:
Alabama
3.92 in.
2 days
--3 days
1 day
Tampa
on
1936
0.73 in.
-2 days
1 day
3 days
Charlotte
1935
4.38 in.
0.19 in.
dry
Newbern
1936
1.98 in.
dry
Georgia—Savannah
position of cotton mills has been reflected by the fact
1935
2.46 in.
days
days
days
days
_
Miami
goods have risen more than costs of the raw material
months, thereby re-establishing more favorable manufacturing
margins.
Most divisions of the industry have become well sold ahead, and
supplies of numerous important classes of goods have become so limited
that distributors and consumers have had difficulty in obtaining desired
•deliveries.
It is generally believed in cotton mill circles that the mills as
a whole are provided with sufficient forward business to assure a high rate
of activity for some months.
1936
1.94 in.
dry
recent
cotton [seed received,
0.12 in.
Vicksburg
Alabama—Mobile
Birmingham
Montgomery
Florida—Jacksonville
that prices of cotton
Report
0.04 in.
Mississippi—Meridian
in
Census
04 in.
days
day
days
days
5 days
-
Louisiana—Alexandria
a
The strength of the
5.66 in.
86 in.
2 days
3 days
5 days
Luling
Nacogdoches
571,000 bales
of all kinds of cotton during August.
This compares with only 408,000 in
the same month last year and 419,000 two years ago.
The largest con¬
sumption in August was established in 1927, when tne mills used 635,000
bales, and the next largest was in 1933, when they used 589,000.
Average
August consumption in the past five years was 449,000 bales.
The extremely high rate at which domestic mills are using cotton is all
the more remarkable considering that the industry is running for the most
part, on the basis of five days a week, compared with 5J4 days prior to the
institution of the National Recovery Administration.
In consequence,
average consumption per working day was larger in August this year than
in any previous year on record.
It totaled approximately 27,200 bales,
compared with 25,400 in 1927 and 25,600 in 1933.
Consumption in August
this iyear worked out to an exceptionally high daily rate also because of
there being the maximum number of Saturdays and Sundays during the
...
5
1
6
2
Longview
•
We estimate that domestic mills consumed approximately
month.
4 days 1
Lampasas—
Thermometer
Rainfall
3 days
Henrietta
Kerrville
Season—Nears Record
19, 1936
Sept.
Chronicle
Financial
1904
Receipts at Ports
Stocks at Interior
Receipts from Plantations
Towns
Ended
1936
1935
I
1934
1935
1936
1934
1935
1936
1934
]
17,762 tons and 89,575 tons on hand
Aug. 1, nor 2,776 tons and 2,746 tons reshipped for
June
1936 and 1935 respectively.
Nil
6,431
12-
cottonseed products manufactured,
v.-..'on hand
:
.
;;;;
32,597
14.317
34,833 1,517,933 1,244,8201,284.177
Nil
19..
39.972
13,466
47,623 1.465.3621,218,9311.262.078
Nil
Nil
25,524
26-
shipped out, and
21,698
8,706
59,054 1,424.6121.201,295:1,236.729
Nil
Nil
33,705
Nil
Nil
35,853
Nil
July
3-
Produced
On Hand
Aug. 1 to
Aug. 1
Season
Item
Aug. 31
Aug. 31
21,952
9,188
10..
Shipped Out
Aug. 1 to
13,381
13,918
Aug. 31
17..
16.973
20.715
24..
•
On Hand
28,419
37,205
50,199 1,384,1541,181,3531,222,383
34,622 1,349,502 1,161,421 1,203,873
51,435 1,301,7651,145.0081,179,660
50,608 1,255,3641,133,5631,164,839
46,866
62,636 1,206,417il, 121,54611,145,796
31_.
29,786,952
43,122,688
&22,725,242
38,184,421
46,774
64,597
27,615
38,273
22,109
28,470
22;954,050
41,808,421
70,118
85,475
29,021
43,840
29,795
38,543
177,489
24,872
71,037
37,100
61,219
70
226
50
246
' 1935-36
1,332
1.725
1,756
1,301
1936-37
2,902
795
1,554
2,143
1935-36
5,966
1,278
3,010
4,234
1935-36
Refined
1936-37
oil, lbs.
1935-36
H
Cake "and
1
*26,547,188
27,880,367
a237,220,369
342,818,200
*18,707,199
28,262,543
a319,014,573
444,833,215
68,905
198,367
26,278
76,604
44,786
71,292
1936-37
Crude oil, lbs...
1936-37
meal,
1935-36
tons..
Hulls, tons
1936-37
..
1935-36
Linters, running 1936-37
1935-36
HulUfiber," 50(£
lb. bales
,
1936-37
"
45,561
Grabbots, motes,
&c., 500
'
bales,
*
-
lb.
j
6,139,285 and 4,917,952 pounds held by refining and manufacturing
establishments and 4,111,300 and 6,339,720 pounds in transit to refiners, and con¬
sumers Aug. 1, 1936 and Aug. 31, 1936, respectively.
a Includes 15,147,906 and 10,104,373 pounds held by refiners, brokers, agents,
and warehousemen at places other than refineries and manufacturing establishments
and
Includes
9,060,418 and 9,734,546 pounds in transit to manufacturers of lard substitute,
1936 and Aug. 31, 1936, respectively.
24,584,207 pounds of crude oil.
oleomargerine, soap, &c., Aug. 1,
Produced from
-
EXPORTS AND
IMPORTS
OF COTTONSEED
PRODUCTS FOR
\
Cake and meal, tons of 2,000 pounds..
_
1,231,434
3,695,244
2,773
205,246
131,320,088
50,751
7,278,548 pounds refined, "entered
directly for consumption," and 6,993,902 refined "withdrawn from warehouse for
P
* Amounts for August not included above are
consumption."
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening denote that showers in Oklahoma came too
late^to materially help the cotton crop.
The moisture thus
far received has not been adequate to the needs of the soil,
which has felt the drought and high temperatures.
Texas
rains'arelalmost general and are too heavy in some sections.
Louisiana got scattered showers.
In that part of the belt
east of|the Mississippi River little rain is reported.
In the
northwestjof the belt temperatures are abnormally low.
Rain
Texas—Galveston
Amarillo
6 days
3 days
Austin
4
Abilene
4
Brenham
4
Brownsville
6
Corpus Christi
6
Dallas
4
Del Rio
4
El Paso
1
Oklahoma—Oklahoma City_3
Arkansas—Eldorado
Fort Smith
_2
Little Rock
Pine Bluff
Rainfall
2.23 in.
0.48
days
2.50
days
5.18
days
1.92
days
4.50
days
1.74
days
2.38
days
1.40
day
0.01
days
2.74
dry
days
0.62
1 day
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
0.06 in.
dry
—Thermometer
high 89
92
high
92
high
96
high
94
high
90
high
88
high
94
high
94
high
92
high
98
high
98
high
98
high
96
high
high 100
82
low 74
mean
low 58
low 68
75
mean 81
mean 84
mean 83
mean 81
mean 81
mean 82
mean 82
mean 76
mean 78
mean 84
mean 84
mean 82
low 68
mean
low 70
low 64
low 72
low 72
low 74
low 70
low
70
low 60
low 58
low 69
low 70
35,787
43,693
Aug.
Nil 46,569 38,119
55,6321,167,4011,111,5321,128,283
14..
30.140 47,243; 39,943
61,492 50.64511,144,6501,097,2831,117,581
21..
76,336 96,074 71,8841,132,176 1,094,1241,104,626 63,862 92,915 58,929
28.. 141,365 159,138 122,533 1,140,781
1,119,686;1,102,173 149,970 184,700120,080
Sept.
4_. 201,842 188,943 137,090 1.219,83111,178,879 1,152,815 280,892 248,136187,732
J. (XuU 4/ Lij f\J x 4
11— 271,456 215,017 191,728!1,339,682 1,274,081 1,226,568 391,307 310,219 265,481
i, pi) i iuqI jOOl7 |UOm JL
*C|Uol|X (MiSOyOuu Ool |Ov/i Oiviwlv
7..
38,915
52,891
56,583
•»
18..-340,815265,021230,0701,499,2751,414,6041,339,176
500,408 405,544 342,678
The above statement shows:
(1) That the total receipts
from the plantations sincevAug. 1, 1936, are 1,416,579 bales;
in 1935 were 1,343,436 bales and in 1934 were 1,062,691
bales.
(2) That, although the receipts at the outports the
past week were 340,815 bales, the actual movement from
plantations was 500,408 bales, stock at interior towns
having increased 159,593 bales during the week.
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
obtainable; also the takings
sight for the like period:
1935
403,223
3,129,179
10,505
240,549
*135,405,268
3,272
Exports—Oil, crude, pounds
Oil refined, pounds
Cake and meal, tons of 2,000 pounds-Linters, running bales
Imports—Oil, crude and refined, pounds
16,112
27,222
Nil
'
are
1936
Nil
4,302
25,760
34,849
for the last two seasons from all sources from which statistics
12
MONTHS ENDED JULY 31
Item
39,742
<
Nil
Nil
Cotton Takings,
out of
amounts gone
1935
1936
Week and Season
Week
Visible supply Sept. 11
Visible supply Aug. 1
Season
Week
Season
4,472,066
5,101,666
4,295", 259
4,899",258
American in sight to Sept. 18-
644", 778
2,177,761
479", 854
Bombay receipts to Sept. 17Other India ship'ts to Sept. 17
Alexandria receipts to Sept. 16
Other supply to Sept. 16 * &--
5,000
13,000
54,000
7,000
96,000
60,000
111,200
55,000
7,000
19,000
24,000
5,000
5,825,444
7,399,219
5,006,920
6,286,392
5,541,467
5,541,467
4,791,130
4,791,130
283,977
260,977
23,000
1,857,752
1,408,552
449,200
215,790
149,790
66,000
1,495,262
1,007,662
487,600
Total supply
1,773,533
68,000
76,000
39,600
34,000
Deduct—
Visible supply Sept. 18
Total takings to Sept. 18 a
Of which American
Of which other
*
a
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 885,000 bales in 1936 and 547,000 bales in 1935—takings
not being available—and the aggregate amount taken by Northern and
foreign spinners, 972,752 bales in 1936 and 948,262 bales in
which 523,552 bales and 460,662 bales American.
6 Estimated.
mean
84
or
India Cotton Movement from All Ports—The
1935, of
receipts
of
India cotton at Bombay and the shipments from all India
-ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1936
1934
1935
Sept. 17
Since
Receipts at—
Week
Bombay
5,000
Aug. 1
96,000
Since
Since
Week
7,000
Aug. 1
68,000
Week
24,000
Aug. 1
162,000
Volume
11993365544
1936
Fihancial
143
Chronicle
Bales
For the Week
1935
HOUSTON—To
Copenhagen -Sept. 11—Kentucky, 346—Sept.
14—Tortugas, 650
To Gdynia—Sept.
11—Kentucky, 50—Sept. 14 -Tortugas,
Since August 1
Exports
From—
Great
Conti-
Jap'n&
Britain
ment
China
Great
Total
Conti¬
Japan &
Britain
nent
China
To
Japan—Sept. 8—Sandos Maru, 1,288—Sept. 15—Van
Couver City, 10,192
Sept. 14—Eidsvold, 3,286
1,000
2,000
10,000
6,000
5,000
13,000
11,000
5,000
11,000
16,000
4,000
2,000
4,000
Other India:
102,000
18,000
33,000
31,000
54,000
111,000
To
124,000
89,000
146,000
11,000
7,000
13,000
19,000
1,000
To
60,000
38,000
22,000
36,000
13,000
40,000
210
Sept.
11—Oak310
von
To
67,000
54,000
3,000
13,000
13,000
5,000
12,000
1,000
..
10,000
26,000
30,000
17,000
5,000
11,000
26,000
38,000
17,000
102,000
54,000
111,000
56,000
73,000
85,000
Belgie, 77
Sept. 11—
184,000
165,000
Liverpool—Sept. 17—West Ekonk, 2,496__
1934
To Germany— ?—127...
l._
Exports (bales)—
120,000
Aug.
3,000
This
To Continent and India-_
7I606
Aug.
2,000
4,000
4,000
5,001
To America.
Since
Week
1
7.788
Manchester, &c
125,000
251,183
197,532
Since
Week
To Liverpool
Total exports
31,478
1.051
This
_______
Week
1
5,604
9,652
39,009
onspool, 2,400
Since
Aug.
To
1
_
_
_
_
_.
_
13.772
51.621
600
194
127
10,000
45,318
10,000
54,865
yarn and cloth is
improving. We give prices today below and leave those for
previous weeks of this and last year for comparison:
1936
ings, Common
32s Cop,
Middl'g
Twist
to Finest
d.
s.
d.
8 A Lbs. Shirt¬
32s Cop
Twist
Upl'ds
d.
s.
d.
d.
Middl'g
to Finest
s.
d.
8.
16—
Liverpool
Stand¬
-
12
16—Yselhaven,
--
655
10O
7,555
275
150
75
.30c.
Stand¬
Density
Trieste
.50c.
Flume
.45c.
@93
6.82
9^@11H
8 6
.30c.
Manchester.30c.
.45c.
Antwerp
@
1
@93
7.00
97A@11K
8
@90
10H@11«
9 1
@93
7.18
97A@UH
8 6
9
6
.30c.
.45c.
.27c.
.42c.
Japan
*
Rotterdam .30c.
Genoa
.45c.
@
.45c.
.60c.
Shanghai
Bombay z
Oslo
.46c.
.61c.
Stockholm
6.76
90
6.79
'
9 0
8.85
.42c.
.57c.
,
July—
9 4
10H@UH
@97
7.18
10
@11J4
@1114
mm
11
96
@10 0
7.58
10
17..'.
11K@12H
9
@10
1
7.47
24...
mm
11
9 7
@10 1
7.33
10
@1114
IOH@IIX
10
@12 H
@12H
7
8
6
@90
@ 9 0
@90
8 6
8
6
8
6
8
6
6.94
Density
.65c.
Piraeus
.45c.
.85c.
1.00
1.00
Salonica
.85c.
*
Venice
.50c.
.65c.
*
Copenhag'n.42c.
.57c.
*
*
Naples
.40c.
.50c.
.65c.
Leghorn
.40c.
.55c.
Bremen
.30c.
.45c.
Gothenb'g .42c.
.57c.
Hamburg
.32c.
.47c.
*
Barcelona
•
6.80
mm
10M@12
10 3
@10 6
7.10
mm
105*@12
10 3
@10 5
7.02
9% @10^
8 7
@91
»m.
lonmiK
10
3
@10 5
6.92
914 @1094
8
7
6.56
i0H@uk
10
1
@10 3
6.74
9H@U
9
2
6.21
21...
28...
6.68
1
@10 3
6.70
9J4@11
9
2
@91
@94
@94
\0H@11X 10 1
10 3
10J4@12
@10 3
@10 5
@10 2
6.70
914 @11*
9
2
@94
9!4@11
9
2
@94
6.17
6.98
93^@11
9
2
@94
6.53
Aug. 21
Of which American
4...
urn
ls-.
m
Total
--
10 ViWA
10 0
'
imports
Amount afloat
Of which American.-
The
Shipping
News—As
shown
on
previous
a
page,
the
exports of cotton from the United States the past week have
reached 178,548 bales. " The shipments in detail, as made
up
from mail and telegraphic reports,
are as
—
—
12—Kentucky,
1,008---Sept.
15—
Tortugas. 353
-■
To Gdynia—Sept. 12—Kentucky, 300,
To Antwerp—Sept. 14—Bilderdijk, 100—Sept.
16—Oakwood,
100; Elizabeth von Belgie, 2
To Dunkirk—Sept. 16—Oakwood, 300; Elizabeth von
Belgie,
Saturday
Monday
Tuesday
202
806
1,106
To Ghent—Sept. 14—Bilderdijk, 200—Sept.
16—Oakwood,
301
501
To Havre—Sept. 16—Oakwood, 5,849; Elizabeth von
Belgie,
6,277
12,126
To Rotterdam—Sept. 14—Bilderdijk, 674—Sept. 16—Oak-
-
-
—
150
824
To Ghent—Sept. 16—Elizabeth von Belgie, 453
business
business
Moderate:
doing.
doing.
7.07d.
demand
7.06d.
Steady,
Steady,
2
2 pts.
•
advance.
opened
6.99d.
pts.
to 1
6.96d.
Steady,
dec. 2 to 4
6.96d.
Steady,
pts. 1
5
to
Steady,
pts. 2 to
decline.
decline.
3 pts.
advance.
Quiet but
Steady,
Quiet but
ptadv.
6.98d'.
Steady at
2 to 3 pts.
3 to 5
A
P.
Steady,
pts. 2 to 6 pts. stdy.,
advance.
.
decline.
Prices of futures at
100
Sat.
Sept. 12
1,552
Gothenburg—Sept. 15—Tortugas, 626
advance
5
pts.
3 to 3 to 5 pts. stdy., 2 to
decline.
3 pts. adv.
dec.
Liverpool for each day
are
St'y, unch.
1 pt.
advance
to
Sept. 18
28
13
552
October (1936)..
6.65
760
December
6.55
January (1937)
6.55
1,092
given below:
15,259
151
Havre—Sept. 15—Nevada, 5,101
To Dunkirk—Sept. 15—Nevada, 565
To Bremen—Sept. 14—Duquesno, 1,208—Sept.
16—Koenighberg, 1,294
CORPUS
CHRISTI—To
Japan—Sept. 10—Edshold. 2,873--Sept. 16—Havelland, 2,749
To China—Sept. 10—Eldshold, 100
To Ghent—Sept. 11—West Tacook, 285—Sept. 15—Bilder¬
dijk, 77
To Havre—Sept. II—-West Tacook, 4,232
III
To Dunkirk—Sept. 11—West Tacook, 104
To Rotterdam—Sept.
11—West Tacook, 427—Sept.
15—
Bilderdijk, 469
To Liverpool—Sept. 15—Hartismere, 1,952; Scholar,
7,891-2
To Manchester—Sept. 15—Scholar, 4,406
To Reval—Sept. 15—Bilderdijk, 10-_.
Tues.
Wed.
Tburs.
Frl.
Close Noon Close Noon Close Noon Close Noon Close
Noon Close
d.
New Contract
d.
d.
6.63
-
6.59
6.49
-
6.53
6.50
d.
6.56
mm
mm
d.
d.
6.55
d.
6.53
6.46
d.
6.50
6.41
6.53
«.
—
...
d.
6.52
d.
d.
6.55
6.43
6.52
6.43
5,101
565
6.46
6.46
6.44
6.41
6.44
6.43
6.47
6.44
March
6.52
6.50
6.48
6.44
6.44
6.42
6.39
6.42
6.41
6.44
6.41
May
350
12—Van
To
Mon. i
to
626
To Cartagena—Sept. 15—Margaret Lykes, 552
NEW ORajEaNS—To Liverpool—sept. 9—Colorado
Springs, 760,
To Manchester—Sept. 9—Colorado Springs, 1,092
To Trieste—Sept. 12—Lucia C., 350
To Japan—Sept. 12—Santos Maru, 3,141
Sept.
Couver City, 10.118-_.Sept. 16—Fenglen, 2,000
To Antwerp—Sept. 15—Nevada, 151
Steady,
Market,
1,496
To Puerto Colombia—Sept. 15—Margaret Lykes, 28
To Buena Ventura—Sept. 15—Margaret Lykes, 13
Market
Quiet.
453
To Bremen—Sept. 15—Nishmaha, 1,496
To Oslo—Sept. 15—Tortugas, 100
To Gdynia—Sept. 15—Tortugas, 1,552
To
Moderate
doing.
Futures.
Friday
A fair
demand.
business
Mid.Upl'ds
Thursday
A fair
——
-
wood,
12:15
—-
-
44,000
21,009
194,009
85,009
11,000
149,000
53,000
Wednesday
A fair
Market,
P. M.
1,361
300
52,000
6,000
171,000
57,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot
To Copenhagen—Sept.
50.000
662,000
116.000
203.000
of the
tone
Bales
10,457
4,326
Sept. 18
45.000
669,000
202,000
41,000
each
follows:
GALVESTON—To Japan—Sept. 10—Katsuragi Maru, 10,457
To Liverpool—Sept. 13—Hartismere, 4,326
Sept. 11
44.000
670,000
214,000
70,000
21,000
154,000
31,000
Of wh ch American
'
Sept. 4
54.000
666,000
Total stocks
6.33
Sept.
il¬
Only small lots.
Forward
6.11
6.99
10
10X@UH
z
.55c.
•"V: Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
6.48
@11
Rate is open,
•'
7.02
@90
@90
Aug.—
7..
14..
*
6.94
Standard
High
ard
'
9 1
3,219
1,100
3,379
3,960
pound:
per
High
ard
Havre
d.
June—
9^@11K
10H@HH
3,433
1,300
9,727
1,550
Freights—Current rates for cotton from New
furnished by Lambert & Barrows, Inc., are as
High
Density
Upl'ds
d.
Sept.
-
York, as
follows, quotations being in cents
Cotton
ings, Common
1,708
178,548
1935
Cotton
15—Wildwood,
12—Antinous, 1,550
Ghent—Sept. 12—Antinous, 12
Bremen—Sept. 12—Antinous, 52
Sept.
Cotton
■,
m Lbs. Shirt¬
15
7,921
To Genoa—Sept. 16—West
Cohas, 1,100-SAVANNAH—To Liverpool—Sept. 11—Wildwood, 3,379
To Manchester—Sept.
11—Wildwood, 3,960
To Genoa—Sept.
12—Monbaldo, 655
To Ghent—Sept.
15—Tungsha, 100
To Bremen—Sept. 15—Tungsha, 7,555
To Hamburg—Sept.
15—Tungsha, 275
To Rotterdam—Sept.
15—Tungsha, 150
To Oporto—Sept.
15—Tungsha, 75
Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for both
31..
122
20O
3,598
3.167
74,983
12,000
Manchester
10-
1,050
-
cantar is 99 obs.
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ending Sept. 16 were
can tars and the foreign shipments 10,000 bales.
mm
3,055
■_
._1
_:
'
Manchester—Sept.
Heronspool, 725
To
2,914
Note—A
3...
24
55
20O
To Gdynia—Sept.
15—Stureholm, 1,300-PENSACOLA, &c.—To Liverpool—Sept. 12—Antinous, 9,727
To Manchester—Sept.
6,676
2,000
5,000
5,000
270,000
mm
128
1,196
1,883
.
To
26-
148
747
7.64
-
270,000
555,^68
This
m
187
372
„
This week
19...
518
770
13
BEAUMONT—To Liverpool—Sept. 12—West Ekonk, 1,050
To Manchester—Sept. 12—West
Ekonk, 122
To Dunkirk—Sept. 14—West
Tacook, 200CHARLESTON—To Bremen—Sept. 13—Tungsha, 3,598
To Hamburg—Sept.
13—Tungsha, 15--To Liverpool—Sept.
15—Wildwood, 5,521_--Sept. 16—Her-
Receipts (cantars)—
mm
433
1,772
1,869
1,004
—
.
..j, 1
5,181
1,862
--
SAN FRANCISCO—To Great Britain—?—194
1935
2,496
•
—
the past week and for the
corresponding week of the
previous two years:
Aince Aug.
322
—
213,000
for
12..
384
Sept. 11—
-
14—Elizabeth von Belgie,
1,039
Sept.
11—Oakwood, 4,142
To Manchester—Sept. 17:—West
Ekonk, 1,862
To Dunkirk—Sept. 14—Elizabeth von
Belgie, 433
To Genoa—Sept. 18—Marina
O., 1,772
:
To Bremen—Sept.
14—Nishmaha, 1,869
To Gothenburg—Sept.
14—Tortugas, 1,004
To Venice—Sept. 15—Lucia
C., 518
To Trieste—Sept. 15—Lucia
C., 770
To Susak—Sept. 15—Lucia
C., 13
To Christobal—Sept.
14—Margaret Lykes, 187
To Puerto Colombia—Sept.
14—Margaret Lykes, 372-To Cartagena—Sept.
14—Margaret Lykes, 148
LAKE CHARGES—To
Rotterdam—Sept. 12—Sapeniro, 747
To Liverpool—Sept. 15—West
Exonk, 764-----To Manchester'—dept. 15—West
Ekonk, 128
To Havre—Sept. 15—West
Tacook, 1,196.
To Dunkirk—Sept. 15—West
Tacook, 1,883___
■-NORFOLK—To Manchester—Sept. 16—Quaker City, 24
LOS ANGELES—To
Liverpool—Sept. 5—Pacific Grove, 55
To Japan—'Sept. 7—President
Polk, 200
MOBILE—To Bremen—Sept. 7—Kersten Miles, 3,055
Alexandria Receipts and Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
1936
Belgie, 23
von
To Havre—Sept.
.
Alexandria, Egypt,
Sept. 16
Ghent—Sept. 00—Elizabeth
Oakwood, 299
76,000
------
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's
receipts of
2,000 bales.
Exports from all India ports record a decrease
of 4,000 bales
during the week, and since Aug. 1 show an
increase of 19,000 bales.
To
12—Bildendijk,
100
Antwerp—Sept. 14—Elizabeth
Oakwood ,307--
all—
—
Rotterdam—Sept.
wood,
To
.
2,000
12,000
1,000
1934.
14,766
—
1936
,
996
898
Total
Bombay—
Total
1905
6.47
6.45
6.43
6.40
6.39
6.38
6.35
6.38
6.37
6.40
6.37
July
6.41
6.39
6.38
6.34
6.33
6.33
6.29
6.33
6.32
6.35
6.32
October
6.09
«
6.02
6.02
December
6.04
5.97
5.97
2,502
4,232
104
896
9,843
4,406
10
-
-
6.07
6.02
-_
__
6.03
-
-
-
-
5.98
6.00
-
5.95
-
BREADSTUFFS
5,622
100
362
—
Friday Night, Sept. 18, 1936
Flour—Demand for all flour continues very light.
odd carlots of new business were reported.
tions
were
Only
Shipping direc¬
were fair.
Reflecting minor wheat gains, price ideas
moved 5c. per barrel higher for
bakery grades.
Ad¬
vertised brands of family flour were marked 15c.
per barrel
higher.
Rye and semolina unchanged.
Financial
1906
the 12th inst. ptices closed unchanged to
Fluctuations were within a very narrow range,
with the undertone farily steady.
Liverpool and Winnipeg
markets were firm, but they had little or no effect on prices
at Chicago.
The rise in Liverpool was reported as partly
due to adverse weather for crops in Argentina and Australia.
Cables advised that Italy will have to import about 36,000,-
Wheat—On
2£c. higher.
^
000 bushels of wheat to meet
her needs,
and that the wheat
yield in Great Britain this season is 12% less than last year.
Export sales of Canadian wheat were reported Saturday as
around 500,000 bushels, which appeared to be rather dis¬
appointing to the bullish element.
On the 14th inst. prices
closed 24c. lower to Mc. higher.
In spite of the strong for¬
eign wheat markets, the tone on the Chicago Board was
heavy, with trading relatively dull.
It appeared that the
bright prospects for a large crop of winter wheat had quite a
restraining effect on those bullishly inclined as a result of the
strength abroad.
It is getting to be more and more notice¬
able that the action of the foreign markets is not receiving
or proving the factor it did some weeks ago.
Monday, wheat at Rotterdam closed as much as 224c.
higher, and at Liverpool wheat rose lc. higher, with Winni¬
peg showing a gain of 124c.
Yet the firmness of these mar¬
kets had relatively little influence on the Chicago Board.
The feeling prevails that the United States is less dependent
on foreign wheat, especially in view of the favorable outlook
for a large harvest next June.
Seeding of wheat in the
the attention
On
particularly in western
Kansas.
closed unchanged to 34c•
higher.
Trading was again featureless, largely due to lack
of interest on the part of the outside public.
More rains
fell over domestic winter wheat regions and continued un¬
settled weather is promised.
These rains are generally re¬
garded as highly beneficial, especially in putting the soil
in shape for seeding.
Reports during the late session that
foreign demand for Canadian spot wheat increased, with the
day's sales placed at around 2,250,000 bushels, and a strong
Winnipeg market—appeared to have little or no influence
on domestic prices.
Another item of interest was the report
that Italy was among the leading buyers.
Prices on the
Chicago Board dipped about lc., and while this loss was
Southwest
becoming general,
On the 15th inst. prices
is
recovered, the market had a heavy appearance during
of the session.
On the 16th inst. prices closed J4c. to
most
124c.
This strength was attributed largely to the firmness
markets and the healthy demand for Canadian
and Dominion pits were strengthened
by the continued demand from the Continent and the United
Kingdom.
Foreign news generally remained bullish. Liver¬
pool rallied sharply following Tuesday's setback and closed
234 to 3c. higher.
It is reported that country marketings
are diminishing and some quarters expect hedging pressure
to lessen in the Canadian markets.
The movement Tuesday
totaled 2,064,000 bushels, compared with 3,386,000 bushels
a week ago and 3,156,000 bushels a year ago.
The advance
in Winnipeg has carried all futures to within less than lc.
of the season's high prices.
v
- /
On the 17th inst. prices closed 34 to lc. higher.
Consid¬
erable heaviness prevailed in the early session, prices sag¬
ging at one time about a cent a bushel, influenced, no doubt,
by the late weakness of the Liverpool market.
Contribut¬
ing to th'e early weakness were reports of copious rains in
sections of domestic winter crop territory in the Southwest,
with reports that fall seeding was making excellent prog¬
ress.
In the later trading an abrupt turnabout movement
took place as a result of a vigorous demand, influenced by
curtailed estimates both of Canadian and Southern Hemi¬
sphere wheat yields, together with reports that Italy is
negotiating with Rumania for the purchase of many million
bushels of wheat.
Moreover, arrivals of wheat at Canadian
country stations were reported as having shrunk to the
smallest total since Aug. 17.
A further impetus was given
to the late buying by reports that a large business in flour
higher.
of the foreign
The Liverpool
<vh6at.
Corn—On the
12th inst. prices closed
being done in the Southwest.
one
In
spite of the firmness of this grain, little outside interest
Apparently the high prices of corn is discouraging
is shown.
public speculative buying. The firmness displayed during this
session was attributed largely to the strength in the Sep¬
tember contract.
The value of September corn is being
largely determined by the action of the spot market.
Actual
corn continues to be quoted at slightly above the current
futures contract despite limited demand.
An added in¬
fluence to the firmness of the spot situation is the very light
offerings on the part of farmers.
On the
24 to 34c. down.
The principal
closed
discourage
any
afford considerable
is already safe, and it is indicated that in most
fully 70% will be safe by the end of the month.
Spot
corn was firm.
Almost a million bushels of the grain arrived
at domestic ports from Argentina last week, some of it at
Baltimore.
On the 15th inst. prices closed % to 24c. up.
of the crop
areas
in the late trading and were
Those committed to the short
displayed considerable uneasiness over the excessive
These gains were established
largely due to short covering.
Side
rainfall, which it is thought may prove
professional element were inclined to take profits, which
caused prices to ease and close at about the lows of the
day.
Trading on the whole was relatively dull.
Buenos
Aires advices reported welcome showers and rains over
important parts of the Argentine grain area.
Export pur¬
chases of Canadian wheat were estimated at 1,000,000 bush¬
els.
Cables
were
taking Danubian offerings of wheat, and that Cana¬
dian
wheat
stated
offers
interest in wheat
that
were
was
without
,n
a
PRICES
OF
-
December
May
WHEAT
112%
110%
-
Season's High and When Made
September
December
MaV
116%
115
-116
IN NEW YORK
OF
111%
110%
September
December
May
WHEAT
Sat. Mon.
103%
December
101
102
126%
m%
110%
104%
127%
IN
126%
CHICAGO
Wed. Thurs. Fri.
114% 115
114%
112%
111%
113%
112%
112%
111%
and When Made
now
82%
Apr.
85
May
105%
FUTURES
102%
—103
Wed. Thurs. Fri.
FUTURES
October
May------
125%
Season's
Aug. 19, 1936
Aug.
3, 1936
Aug.
3, 1936
DAILY CLOSING PRICES
,
125%
Sat. Mon. Tues.
\VkX 112%. 113
.
,
OP WHEAT
126
CLOSING
Open
competition.
any
Sat. Mon. Tues.
.
No. 2 red
DAILY
countries
89,792,000 bushels.
DAILY CLOSING PRICES
vr
Continental
European
the crop,
interest of around 5,000,000 bushels in
there is much conjecture as to how this
is going to be covered.
It is claimed that the available
supply suitable for and in immediate position to tender,
is only 180,000 bushels.
On the 16th ii^st. prices closed
%g. up on the September contract; the other deliveries were
unchanged.
Whenever this grain showed a tendency to
advance, pressure seemed to increase.
The recent bearish
weather reports have
dampened bullish sentiment con¬
siderably.
Argentine offerings and arrivals along the coasts,
together with the absence of any important shipping demand
—are factors not helping bullish sentiment much.
Country
offerings also were light/apparently due to the heavy rains
over
Iowa and Illinois.
There were no large operations
noted in September corn, but fairly good buying was credited
open speculative
this delivery, and
to
a
cooperative.
34 to 1%'c. higher.
The
attributed largely to the tight
position.
Heavy supplies of corn are expected soon
Argentine, but how far they will meet the situation
17th inst. prices closed
On the
strength in this grain was
spot
from
remains to be seen.
So far receipts of Argentina corn have
appreciable effect in easing the
three cargoes having arrived this
week at Atlantic range ports, with little or no effect mar¬
ket wise.
Today prices closed lc. down to %c. up.
The
market opened higher,
with prices 34 to 134c. up, and
gained in strength for a time, but some hedge selling de¬
veloped, and this, in conjunction with favorable weather
reports and expectations of heavy supplies of Argentine
corn soon, discouraged further buying and prices fell away,
closing at about the lows of the day.
Open interest in corn
been too light to have any
spot situation,
present
50,390,000 bushels.
was
CLOSING PRICES
DAILY
.
__
„
No. 2 yellow
Tues.
104%
103%
105%
IN
1936
2. 1936
WINNIPEG
Wed.
Thurs.
Fri.
106
104%
106%
107
105%
107%
105%
104%
106%
OF CORN IN NEW YORK
Wed. Thurs. Fri.
Sat. Mon. Tues.
'
—...-.128%
128%
129%
129
DAILY CLOSING PRICES OF CORN FUTURES
127%
131%
IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
113% 113
113% 114% 115% 116
96
95%
95%
95%
96%
96
91%
90%
91
91%
91%
September
December
May..
Season's Low and
Season's High and When Made
September
119%
102%
December
May..
99
Aug. 19, 1936 September
Aug. 19, 1936 December
Aug.
3, 1936 May
When Made
56%
52%
85%
„
June
2, 1936
June
2, 1936
July 29, 1936
Oats—On the 12th inst.
There
was
no
prices closed 24 to 34c. higher.
special feature to the trading or news, the
firmness of this grain being ascribed largely to the firmness
of wheat and corn.
On the 14th inst. prices closed 34c.
down.
The heaviness in this
grain was attributed to hedging
On the 15th inst. prices closed 34 to 34c. lower.
pressure.
Trading
limited and without feature.
On the
closed 24 to 34c• higher. There was nothing
to explain this firmness of oats outside of a firm spot situa¬
tion, and the influence of a strong wheat market.
was
very
16th inst. prices
On the 17th inst.
prices closed 34 to %c. up.
There was
little of interest either in the trading or news concern¬
ing this grain.
Today prices closed %c. down to 34 c. up.
very
There
was
very
little of interest to the
trading
or
news
concerning this grain.
DAILY CLOSING PRICES OF
3, 1936
28!
Sent.
highly detrimental
especially should sudden frost develop.
The
official weather forecast predicted the first frost of the season
for the Northwest, and cooler but unsettled weather for the
corn belt proper.
It is pointed out that a heavy frost on
corn during the current month could inflict untold damage
to the remaining crop.
The September corn contract is
coming in for considerable attention.
There remains an
to
this grain, and with
marked tendency to rise, many of the
It is stated that
substitution for born.
late to help the corn crop, but have definitely
checked deterioration.
This in brief means that present
estimates will be fulfilled without further loss.
About 50%
the rains are too
•
aggressive buying in
the market showing no
14th inst. prices
factor operating
against corn prices during this session was the bearish weather
reports.
More rain over the week-end, the heaviest in
two years over large areas of the Middle West, gave promise
of great improvement in grazing and pasture land, which will
•
Today prices closed 34 to %c, down.
The turn for the
better in weather conditions in the Argentine appeared to
24 to 134c. up.
2c.
time during the session prices rose as much as
At
^
is
1936
19
Sept.
Chronicle
-nt«
9
No. 2 white
DAILY CLOSING PRICES OF
a
.
.
56%
OATS
IN
NEW YORK
Mon- Tues- Wed. Thurs. Fri.
56%
56%
56%
57
56%
OATS FUTURES
Sat. Mon. Tues.
September.
December
42%
May.
43%
43
41%
42%,
42%
41%
42%
42%
IN
Wed.
42
42%
43%
CHICAGO
Thurs.
42%
43
43%
Fri.
42%
42%
43%
Volume
143
Financial
Season's High and When Made
Season's Low and
Septembers^Aug.
December
19, 1936 September
Aug. 19, 1936 December
Aug.
3, 1936 May
46%
48%
May
Chronicle
June
2,1936
May 27, 1936
July 29, 1936
25%
26%
40%
Exports from,—
^
Sat.
,
DecemberZZZZZZZZZZZZZZZZZZZZZZ
Rye—On
the
12th
Mon.
45^
44%
Tues.
4514
Wed.
44%
44%
44%
Thurs.
45^
44||
45%
45>|
New York
45
had its effect also
on
rye.
On the 15th inst. prices closed
l/i to ^c. higher. The strength of this grain was attributed
to a better
spot demand and less hedge selling. On the 16th
inst. prices closed
}ic. down on the spot delivery, while
other
months
were
news or
Fort William
Total week 1936..
trading in
rye
On the 17th inst.
prices closed unchanged to %c. higher.
dull, with spot demand very light.
Today
prices closed % to l%c. down.
The heaviness in this grain
Trading
was
due
was
largely to
generally in
DAILY
the
July 1, 1936, is
RYE FUTURES IN CHICAGO Sat. Mon. Tues.
Wed. Thurs.
Fri.
83 %
83
83 %
83%
83%
82%
82
81
81%
81%
81 %
81%
80%
September
December..
May....
79%
Season's High and When Made
September
December
May
85 %
79
80x8
Season's Low and
Aug. 18, 1936 September.
Aug. 19, 1936 December
Aug.
4, 1936 May
85%
84
.
.
DAILY CLOSING PRICES OF BARLEY
FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed.
Thurs. Fri.
81
.81
81
8024
83
83
73%
74
74
7424
76
'
76
and Since,
July-
-
56
Closing quotations
were as
0.v
56
56%
follows:
56%
.
-131%
60%
57%
/
No. 2 white..
56%
Rye, No. 2, f.o.b. bond N. Y.._ 75%
Barley, New York—
4724 lbs. malting93%
Chicago, cash
115-146
of the last three years:
Chicago..
Minneapolis.
Wheat
155,000
619,000
215,000
38.000
"lb'obb
57,000
27,000
2,000
22,000
107,000
75,000
60,000
21,000
138.000
Toledo
Detroit-
Indianapolis..
St.
Louis-
Peoria
35,000
City—
108,000
450,000
10,000
Omaha.,
207,000
55,000
97,000
St. Joseph
Wichita
Sioux City
6,000
Buffalo
2,821,000
Tot. wk. *36
Same wk.,
Same
Oats
466,000
157,000
434,000
26,000
Duluth..
Milwaukee
Kansas
Corn
'35
wk., '34
Since Aug. 1—
1936.1935
1934
Rye
"eTbob
84,000
36,000
243",600
178,000
218,000
94,000
125,000
11,000
4,000
13,000
668,000
389,000
49,000
23,000
2,000
1,000
29,000
Barley
285,000
228,000
192,000
870,000
4,000
47,000
78,000
84,000
54,000
50,000
28,000
38,000
17,000
11,000
27,000
"8* 000
"3" 000
Kingdom
5,121,000
15,017,0^0
2,294,000
1,204,000
9,240,000
5,691,000
4,000
Continent
So. & Cent. Amer.
64,000
17,500
Brit.No.Am- Cols.
-
Baltimore
The
10,774,000
64,505,000
Flour
Wheat
Corn
Montreal
Boston
384,000
19,000
69,000
14,000
100,000
7,000
3,000
12,000
1,007,000
6,907,000
1,720,000
555,000
716,000
383,000
26,729,000
46,255,000
12,519,000
3,848,000 25,001,000
4,147,000 14,055,000
1,797,000 15,256,000
Since Jan.* 1'35
Rye
Barley
"4,000
4,000
"i"bob
96", 000
2,000
372,000
3,778,000
113,000
96,000
16,000
4,937,000
3,463,000
3,510,000
2,204,000
239,000
12,225,000
251,000
10,767,000
29,000
4,029,000
36,000
13'bbo
97,000
936,000
266,000
SinceJan.1,'36 10,449,000
Week 1935—
Oats
3,808,000
87,065,000
609"b66
Sorel
Fort William.
wk.'36
Wheat
.
United States—
1,204,000
19,313,000
12,252,000
10,000
100,000
1,000
8,000
3,589.000
2,092,000
32,182,000
14,941,000
242,000
8,560,000
34,275.000
New York.
2,429,000
*
on
The exports from the several seaboard
ports for the week
ended Saturday, Sept. 12,
1936, are shown in the annexed
1,000
45,000
-
Detroit
Buffalo
7,261,000
Philadelphia
Baltimore
New Orleans
Galveston
Hutchinson
Kansas City
Omaha
Sioux City-.St. Louis
Indianapolis
Peoria
Chicago-—
i
-
Minneapolis
Duluth
afloat
On Canal
Total, Sept. 12,1936— 77,999,000
Total, Sept. 5, 1936
78,232,000
Total, Sept. 14,1935
65,977,000
*
Oats
Bushels
115,000
1,034,000
1,432,000
2,000
815,000
3,692,000
1,571,000
5,322,000
1,918,000
18,420,000
5,776,000
497,000
4,721,000
2,125,000
19,000
10,732,000
228,000
579,000
6,434,000
*5,086,000
220.000
Rye
Bushels
Barley
Bushels
Bushels
144,000
39,000
9,000
5,000
78,000
7,000
,104,000
'
18,000
28,000
39,000
518,000
139,000
1,000
1,000
3,000
1,000
186",000
246",000
2,000
17,000
37,000
108,000
61,000
•21,000
32,000
63,000
215,000
62,000
121,000
~4Z0OO
25,000
84,000
262,000
396,000
49,000
148,000
568,000
5,000
23I",666
bT.obb
42T,bbb
2,007,000
4,683,000
474,000
1,203,000
1,002,000
10,000
1,060,000 10,913,000
2,010,000
244,000
42,000
1,901,000
1,335,000
14,000
339,000
28,000 20,225,000
101,000
7,074,000
3,000
5,000
455,000
1,738,000
108,000
43,000
145^000
3,832,000 50,598,000
4,063,000 50,504,000
4,688,000 34,569,000
2,000
1,748,000
1,989",000
5,914,000
2,256,000
125,000
807,000
6,808,000 13,324,000
7,245,000 13,054,000
7,557,000
9,216,000
Duluth—Includes 192,000 bushels feed wheat.
grain not included above:
Note—Bonded
Barley—Buffalo, 32,000 bushels;
Duluth, 685,000; on Lakes, 65,000; total, 782,000 bushels, against
148,000 bushels
in 1935.
Wheat, New York, 1,496,000 bushels; N. Y.
afloat, 332,000; Buffalo.
6,663,000; Buffalo afloat, 448,000; Duluth, 6,098,000;
Erie, 1,605,000; Albany,
2,874,000; Chicago, 106,000; on Lakes, 529,000; Canal, 388,000;
total, 20,539,000
bushels, against 7,852,000 bushels in 1935.
Wheat
Canadian—
Corn
Bushels
Oats
Bushels
Rye
Bushels
Bushels
Montreal
5,543,000
Ft. William & Pt. Arthur 32,091,000
Other Canadian & other
360,000
117,000
2,112,000
1,363,000
Barley
Bushels
194,000
5,090,000
25,345,000
1,994,000
249,000
621,000
Total, Sept. 12,1936— 62,979,000
Total, Sept. 5, 1936—1 57,817,000
Total, Sept. 14,1935
121,967,000
Summary—
4,466,000
4,091,000
4,215,000
1,729,000
1.596,000
2,853,000
5,905,000
4,793,000
2,465.000
American
-
___—
—
Canadian
.
77,999,000
62,979,000
3,832,000 50,598,000
4,466,000
Total, Sept. 12,1936-140,978,000
Total, Sept. 5, 1936—136,049,000
Total, Sept. 14,1935
•
6,808,000 13,324,000
1,729,000
5,905,000
3,832,000 55,064,000
8,537,000 19,229,000
4,063,000 54,595,000
8,841,000 17,847.000
4,688,000 38,784,000 10,410,000 11,681.000
187,944,000
The world's shipment of wheat and corn, as furnished
by
Exchange, for the week
Sept. 11, and since July 1, 1936, and July 1,1935, are
Broomhall to the New York Produce
Wheat
Corn
Week
Since
Sept. 11,
July 1,
1936
1936
1935
Bushels
Bushels
Black Sea
4,677,000
3,552,000
Argentina
1,333,000
Since
Since
July 1,
■
Week
Sept. 11,
July 1,
July 1,
•
1936
1936
1935
Bushels
Bushels
Bushels
25,374,000
6,240,000
27,429,000
15,825,000
456,000
7,792",000
519",000
11,059,000
91,025,000
82,660,000'
8,485,000
Australia
India
Since
49,625,000
11,128,000
10,689,000
11,807,000
608,000
7,168,000
969,000
72,000
.
Oth. countr's
1,000
587",000
7,379,000
1,000
5,472,000
64,948,000
2,467,000
69,002,000
3,615,000
6,936",066
73,916,000' 78,406,000
Weather Report for the Week Ended
Sept. 16—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended
Sept. 16, follows:
As for a number of preceding weeks, abnormally warm weather
obtained
practically everywhere east of the Rocky Mountains, with the plus depar¬
tures of temperature in the interior States
considerably greater than in
recent weeks.
The weekly mean temperatures were from six
degrees to
as much as 15 degrees above normal in all sections from
the Great Plains
eastward, except in the extreme North and extreme South, where the
departures were smaller.
Temperatures were below normal in the far
Northwest—an area extending from central Montana westward
and southwestward.
In
these sections some stations reported
of five degrees or more.
Receipts do not include grain passing through New Orleans for
foreign ports
through bills of lading, a Argentine corn.
statement:
"i'.bbo
sbbZobo
Corn
Bushels
Boston
1.888,000
3,928,000
2,490,000
a25b"000
Churchill
Btishels
at
Exports
20,000
75,000
10,000
1,694~000
Bushels
shown in the following:
bush 19616s bush. 60 ibs. bush. 56 lbs. bush. 32 lbs.
bush.50lbs. bushASlbs.
149,000
26,000
11,000
1936
Bushels
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Sept.
12, were as follows:
North Amer.
27,284,000
July 1,
1936
visible
Saturday, Sept. 12, 1936, follow:
19,000
47,000
Tot.
■666,260
Sept. 12,
1936
2,374,000
Since
July 1,
12,
Week
26,703
1,170,051
38,098
granary
Total
Philadelphia
l"l45
89,087
Other countries-
ended
Total receipts of flour and
grain at the seaboard ports for
New Orleans *
505,393
161,955
171,500
293,500
11,000
16,942
10,500
West Indies
Sept.
Since
73,000
lllZoOO
4
2,920,000 65,350,000
2,515,000 111,904,000
57,673,000
the week ended
New York—
Bushels
43,000
_
Week
Bushels
323,000
417,000
417,000
2,475.000
Receipts at—
Barrels
Barrels
United
i4"bbb
246,000
Corn
1936
water points
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushMlbs.
bushASlbs.
.
1936
On Lakes
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
Flour
July 1,
Milwaukee
FLOUR
|
13,000
Wheat
1936
.
Spring oats, high protein.7.65@7.95 Rye flour patents
5.00@ 5.30
Spring patents
7.21 @7.40 Seiminola, bbl., Nos. 1-3
9.85®J0.00
Clears, first spring
6.25@6.55 Oats, good
3.25
Soft winter straights
5.25@5.45 Corn flour.
3.35
Hard winter straights
6.6)@6.90 Barley goods—
Hard winter patents
Coarse
6.75@7.05
5.00
Hard winter clears
5.50@5.75
Fancy pearl,Nos.2,4&7 7.60® 7.90
Receipts at—
33,000
Sept. 12
.July 1 to-—
St. Joseph
Oats, New York-
No. 2 red. c.i.f., domestic
126£
Manitoba No. 1, f.o.b. N. YillO
Corn, New York—
No. 2 yellow, all rail...
.
Z Z'-'x
GRAIN
Wheat, New York—
58%
75,000
171,000
Since
Wichita
OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
57
57%
58%
58%
59%
October
89,087
38,098
Week
Fort Worth
September
December
May
DAILY CLOSING PRICES
I3Z666
GRAIN STOCKS
May
4, 1936
June
3, 1936
Aug. 11, 1936
DAILY CLOSING PRICES OF RYE
FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs.
Fri.
October
693^
08%
08%
00%
69%
68%
December
08%
68
6824
68%
68%
07%
,
75Z666
below:
as
When Made
49%
55%
75%
47,000
Exports for Week
Total 1935
CLOSING PRICES OF
41,087
1,000
Flour
:
Total 1936
grains.
Barley
Bushels
The destination of these
exports for the week and since
weakened spot demand and heaviness
a
other
Rye
Bushels
3,587,000
2,092,000
Same week 1935.
unchanged from previous finals.
surprising. There was nothing
worthy of comment apparently.
Oats
Bushels
609,000
1,694,000
936,000
97,000
Montreal
Churchill
The failure of this
grain to sympathize with the strength
of wheat and oats was rather
in the
Flour
Barrels
ib'ooo
Sorel
44%
inst.
Corn
Bushels
234,000
Baltimore
New Orleans
Fri.
prices closed irregular,
down to y%o,.
up.4' There was nothing worthy of comment
concerning this grain.
On the 14th inst. prices closed l/&
to lc. down.
Hedging pressure was also a factor in this
market.
The general
depression all along the line of grains
the
Wheat:
Bushels
DAILY CLOSING PRICES OP OATS
FUTURES IN WINNIPEG
October...
1907
When Made
Rainfall
minus temperatures
again widespread and largely in substantial amounts in
the Lake region, most of the northern Ohio
Valley, the upper Mississippi
Valley, and the eastern Great Plains.
The rain area extended, in com¬
parison with recent weeks, farther south into eastern Kansas and north¬
western Missouri, while good showers occurred rather
generally over
extreme northwestern and the southern half of Texas; also in western
Okla¬
homa.
Most south-central sections of the country had
very little rain.
In the Atlantic States falls were generally light and
scattered, though
good showers occurred in much of the east Gulf area.
was
Financial
1908
While
some
interior
sections
of the
country remained
extremely dry,
large part of the original drought area east of the Great Plains was
rainfall of the week.
The soil is now mostly
plowing and seeding prograssing well in the
Lake region, most of the northern Ohio Valley, the Central-Northern
States, and the upper Mississippi Valley.
In fact, parts of the upper
Mississippi Valley are now too wet. with fall plowing and seeding delayed
locally.
In Iowa the rainfall for the first half of September averaged
more than the normal for the entire month.
Over the Great Plains the drought is not yet generally relieved, though
substantial rains have been decidedly helpful in Kansas, and showers were
beneficial to the northward.
From Nebraska northward and northwest¬
a
further relieved by generous
in good condition, with fall
ward
general rain is still needed, with some sections very dry, especially
South Dakota, eastern Wyoming, and eastern Montana.
Most
now in good shape so far as topsoil moisture is concerned,
and good rains have fallen in extreme western Oklahoma, while at the
close of the week decidedly beneficial showers occurred over the southern
a
western
of
Kansas is
half of Texas.
areas
of considerable magnitude remaining dry include
most of Oklahoma, much of Arkansas, southwestern
the southern portions of Indiana and Illinois.
In these
there has not been enough rainfall to materially improve conditions.
The situation is especially bad in Oklahoma, where crops, in general, are
the poorest in the State's history. ^
In the more Eastern States the previous favorable condition is largely
maintained, though a good general rain would be decidedly helpful, as
localities, principally New York, New Jersey and Virginia, are needing
moisture rather badly.
From the Rocky Mountains westward the out¬
look continues favorable, as a rule, though moisture is needed in the interior
of the north Pacific area.
There was some local frost damage in North¬
western sections; killing frosts were reported at the close of the week in
western and central Wyoming.
Considerable snow occurred at the higher
elevations in the northwestern section of the country.
The
interior
northern
Texas,
Missouri,
Small
Grains—In
much
of the
winter
wheat
belt
recent
rains
have
Corn—Additional
have improved late corn in the eastern and
Ohio Valley, the upper Mississippi Valley, and
parts of the lower Missouri Valley.
In Iowa
corn that survived the drought is much improved, but is very backward
and will require a late fall for maturity; much down corn in this State is
molding.
In northern Illinois about half of the crop is now safe from
frost, but in I ndiana one to four weeks more will be required.
In the middle
rains
northern portions of the
the Lake region; also in
Atlantic area conditions continue favorable.
Cotton—The weather continued dry in the northwestern cotton belt,
but showers were fairly general in other sections.
Temperatures were ab¬
normally high, especially in northern districts.
In Texas cotton deteriorated in the northeastern portion, but showers
occurred over much of the State at the close of the week; picking made
good progress in much of the State, but was stopped by rain the
In Oklahoma cotton has deteriorated to very poor condition.
Picking made good progress, with much snapping, and is nearing com¬
pletion in some localities.
In the central States of the belt progress was fair to good in localities
where rains have recently occurred, but many sections remain too dry.
Most mature bolls are open, with stalks dead, in much of western and
southern Arkansas, but progress was fair to good in most of other sections
of the State.
In the Eastern States conditions continued generally favor¬
able, with early bolls opening well to northern portions of the belt. Picking
fair to
latter part.
generally good progress, the crop
far north as southern South Carolina.
being about
made
Weather Bureau furnished
The
Sept. 19.
Arkansas—Little
Rock:
1936
of cotton fair to good in most por¬
tions due to rains and warmth; most mature bolls open and stalks dead
in west and south, except on low ground; top leaves green in most other
sections and plants supplying food to green bolls.
Late corn, meadows,
pastures and truck, where not dead, improving where rains occurred. Fall
and winter truck, feed and cover crops being planted where sufficient
moisture.
Progress
<
Progress of late corn fair to very good, except
in large part of cental and east; condition of early corn fair to very
good; late fair to rather poor. Cotton unproved; condition averages fairly
good; some being picked,; worms damaging.
Early tobacco mostly cut;
late being suckered and topped; favorable for curing. Pastures and all late
crops improving where good rains fell.
Much hay saved. Fall seeding
Tennessee—Nashville:
poor
progressing.
v
Kentucky—Louisville: Generally dry weather, with high temperatures
checked crop improvement.
Progress and condition of late corn fair tp
very good; except in bottoms, much early cut for fodder; feed content
generally poor.
Tobacco fairly good; some excellent in dark districts;
cutting general. Pastures green, but drying; clover, lespedeza and alfalfa
Gardens poor.
short.
,
and
conditioned the soil for plowing and seeding, and the sowing of wheat is
progressing in more northern sections.
The areas most favored are the
eastern and northern Ohio Valley, the Lake region, the Central-Northern
States, the upper Mississippi Valley, and most of Kansas.
More moisture
is needed in the Plains north of Kansas, in southern Plains, and in the
lower Missouri and lower Ohio Valleys.
Early seeded rye is coming to a
good stand in most north-central sections.
In the eastern Ohio Valley much ground has been prepared and is now
in fine shape for seeding.
Most of Kansas is in satisfactory condition for
seeding and germination.
In the northern half of the State the soil is
mostly moist to a depth of 6 or 8 inches and seeding is under way; in the
west, early seeded wneat is coming to a good stand.
The soil continues
too dry in eastern Montana, eastern Wyoming, and the western portions
of the northern Plains States; also in Oklahoma, northern Texas, and
some central valley districts.
In the north Pacific area seeding is pro¬
gressing favorably in most sections, though parts of the Washington wheat
belt are too dry and seeding is awaiting rainfall.
as
Chronicle
one-half1 harvested
the following resume of
conditions in the different States:
Virginia—Richmond: Temperatures seven degrees above normal; rainfall
Favored harvesting and fall plowing.
Cotton picking
Peanuts maturing, but few tubers
per hill.
Cutting tobacco near completion in south. Potatoes poor; sweet
potatoes fair.
Tidewater truck excellent.
Corn cutting advanced, but
later plantings will be cut for silage.
Meadows and pastures mostly dry.
Nortti Carolina—'Raleigh:
Warm, with some light to locally heavy
rains.
Generally favoraole for growing crops, though some localities need
more rain, especially for late corn, garden truck, and pastures.
Progress
of cotton good; opening well in east; picking making good progress.
Reavy
tobacco sales in*east; curing continues in upper section.
Much hay and
other forage saved in good condition.
Considerable land prepared for
THE DRY GOODS TRADE
New York,
Friday Night, Sept. 18, 1936.
Protracted hot weather in
some
sections of the country
during the earlier part of the week continued to retard
active consumer buying of fall merchandise, and retail
trade fell below expectations.
In the metropolitan area
department store sales for the week were not expected to
and in some instances a slight
may be shown.
Hopes are
expressed, however, that the advent of more seasonal tem¬
peratures may yet' cause a general pickup in the sales
volume and a substantial gain over last year, especially
so, since some districts particularly in the South and New
England, reported continued good customer buying.
An¬
other factor that is expected to improve sales figures, is
seen in the public's increasing preference for higher-priced
goods.
■ 4'V:.;v: ■
Trading in the wholesale dry goods markets made a
fairly good showing.
Although re-orders and new com¬
mitments fell somewhat short of expectations, particularly
in view of the larger number of out-of-town buyers, and
activity during part of the week was curtailed by the
observance of the religious holidays, some impressive gains
were
registered.
Wholesalers, on their part, confronted
with steadily rising prices and increasing delivery diffi¬
culties, continue to cover freely.
Price advances on towels,
ranging from 5 to 734 %» were announced by a number
of mills.
Printed tickings were likewise raised 34 to 34
cent a yard, and quotations for chambrays and cuverts
also advanced 34 cent per yard.
Prices of spring percales
which are scheduled to be announced by corporation printers
on Oct. 1, are expected to reveal a similar increase.
Busi¬
ness in silk goods quieted down but prices held firm. Trading
activity in rayon yarns continued unabated as the expected
seasonal decline in demand did not as yet materialize.
Although orders by dress mills may soon show a decrease,
the call by mills producing staple fabrics is expected to
remain heavy and to absorb most of the November and
December production.
*
do much better than last year,
from
decline
the
1935
level
.
„
mostly negligiDle.
started, but some fields extremely poor.
winter wheat.
"
Warm with local rains and abundant sun¬
harvesting early crops, with late crop prospects
South Carolina—Columbia:
for
Favoraole
shine.
pastures ample in most
localities.
Cotton opening rapidly; picking and ginning making good
advance; about one-half harvested in south.
Fair progress in picking late
cotton in north; becoming active locally.
generally
good.
Haying progressed
favoraoly;
Normal warmth in south, above normal elsewhere,
Georgia—Atlanta:
moderate rains in most places, heavy in extreme southwest.
Generally favorable for cotton picking which is nearly finished locally in
south.
Sweet potatoes maturing rapdily.
Peanuts, apples, and pears
being harvested.
with light to
Condition of cotton good;
Warm; light rains.
Florida—Jacksonville:
picking completed locally.
Planting potatoes beginning; sweet potatoes
good; being harvested.
Beans and squash being planted; celery, egg¬
plant, caboage, and tomatoes being set out. Citrus excellent; fruit ripening
and shipments beginning.
Alabama—Montgomery:
Light to moderate rains.
Cotton picking
made good progress, except only fair to mideastern counties because of
frequent rains; ginning very good progress.
Pastures and vegetables im¬
proving steadily and in good condition. Consideraole hay cut under favor¬
able conditions, except in mideastern area.
Harvesting corn, cane, sweet
potatoes, and misdellaneous crops.
Progress of cotton picking and ginning gen¬
Mississippi—Vicksburg:
erally good with rapid opening continuing; staple somewhat damaged by
locally in south and central.
Early planted corn being housed; lateplanted deteriorated in north, but fair to occasionally good progress in
rain
south.
Progress of forage, gardens, and pastures mostly poor
in north and
fair to good
in vmth.
Louisiana—New Orleans:
sections; continued
"warm
in extreme north; normal elsewhere.
Condition of cotton fair to
good; nearly all open in many areas; picking made good progress, but
hindered locally by rains; practically completed locally in southwest. Good
progress harvesting corn and rice, but rice threshihg delayed locally by
rain.
Much fall plowing and planting.
Cane making excellent progress.
Sweet potatoes fair to good; some being dug.
Caterpillars becoming nu¬
merous
in
some
rains
in most
southwestern fields.
Texas—Houston:
to
Beneficial
Cotton
excellent advance
over
deteriorated
most
in
of State, as
picking made fair
did ginning until stopped by
northeast;
rain latter part of week; picking first crop about completed in south. Winter
wheat seeding under way, but progress slow account dry soil.
Pastures
and ranges unproved by rains in many sections, but extensive areas in
west
and
north
still
too
dry, though feed still adequate in most
sections
and livestock continue in fair condition.
with only widely scattered
much snapping; this work
nearing completion locally; heavy shedding where heavy rains fell; crop
poorest of history.
Good progress in plowing and planting winter wheat
in two western tiers and eastern Beaver counties, but pastures slow to revive
in this area and gone elsewhere. Stock water scarce in most of State.
Live¬
stock poor to fair; many being shipped out. Grain sorghums very poor and
rains of no material benefit. All crops poorest in State's history.
Oklahoma—Oklahoma City: Another hot week,
Cotton picking made good progress with
rains.
Domestic
Goods—Trading in the gray cloths
normal character after last week's
Cotton
resumed
market
its
buying spurt.
Notwithstanding the religious holidays,
however, sales about equaled production.
Prices held
strong in all divisions, and attempts by some buyers to cut
under present quotations met with scant success.0
Growing
interest manifested itself in early 1937 deliveries, and some
fair-sized orders on various numbers were reported.
Busi¬
goods expanded moderately.
A good deal of
into the market, and buyers appeared more
inclined to cover against their requirements.
Actual sales,
however, did not quite reflect the volume of inquiries as
buyers held out for lower prices but were unable to obtain
them.
Voiles, carded piques and slub yarn broadcloths
moved in good volume.
Closing prices in print cloths
were as follows:
39-inch 80's, 834c.; 39-inch 72-76's, 734c.;
39-inch 68-72's, 734 to 734c.; 3834-inch 64-60's, 634c.;
3834-inch 60-48's, 534c.
ness
in fine
inquiries
came
Woolen
rather
Goods—Trading in men's wear fabrics remained
spotty, partly under the
influence of the religious
mills were increasing their production
somewhat, and a few larger producers received some orders
on
spring goods, clothing manufacturers in general refrained
from placing any substantial business, although their stocks
of suitings are known to be light.
Reports from retail
clothing centers indicated fair consumer buying.
Business
in women's wear continued moderately active.
Sport and
dress fabrics were in good demand, with broadcloths moving
particularly well.
Garment manufacturers were busy on
dresses, but orders received on coats and suits so far left
holidays.
While
Retail business continued to make a
much to be desired.
fairly satisfactory showing although adverse weather con¬
ditions interfered somewhat with consumer demand. Foreign Dry Goods—Trading in linens remained active,
change in the tight raw material situation was reported.
as no
The
demand
resort
trade
for
high-styled dress goods
showed
a
further
increase.
for the winter
Business in bur¬
laps remained quiet, despite the fact that domestic August
consumption was higher, and shipments from Calcutta
increased appreciably.
Scattered demand existed for spot
Prices ruled slightly easier.
Domestically lightweights were quoted at 4.00c., heavies
goods and nearby shipments.
at 5.35c.
j
.'k
Volume
143
Financial
Chronicle
■
1909
MUNICIPAL BONDS
Specialists in
Dealer Markets
Illinois & Missouri
Bonds
*
WM. J. MERICKA & CO.
INCORPORATED
Union Trust Bldg.
STIFEL, NICOLAUS
105 W. Adams St.
& CO.,
314 N.
DIREGT
CHICAGO
WIRE
One Wall Street
135 S. La Salle St.
NEW YORK
CLEVELAND
Inc.
CHICAGO
15,000 Town of Hinton, Caddo
County, Okla., 4% water bonds of 1934
of the Town of
Hinton, J. E. Piersol Bond Co., Oklahoma
City,
Okla., $982.65 per $1,000.
555,000 City of Shawnee,
Okla., 4% water works bonds of 1934, C. W.
McNear & Co.,
Chicago, 111., $986.40 per $1,000.
34,000 The State of Oregon
by the Department of Higher Education of
the State of
Oregon, acting through the State Board of
Higher
Education, 4% Oregon Normal School Gymnasium
bonds, Blyth &
Co., Inc., New York, N. Y., $993.80
per $1,000.
27,000 School District of the
Borough of Chalfant, County of Allegheny,
Pa., 4% elementary school bonds,
Singer, Deane & Scribner,
Pittsburgh, Pa., $1,022.72 per $1,000.
36,000 Borough of Sykesville, Jefferson
County, Pa., 4% water plant
extension bonds,
Singer, Deane & Scribner, Pittsburgh,
Pa.,
$1,012.72 per $1,000.
66,000 The Commission of the City of
Brownsville, County of Haywood,
Tenn., 4% sewer bonds of 1935, Cumberland
Securities Corp.,
Nashville, Tenn., $996.01 per $1,000.
I
25,000 Mayor and Aldermen of the Town
of Camden, County of
Benton,
Tenn., 4% sewer bonds of 1935, C. H. Little &
Co., Jackson,
Tenn., $973.00 per $1,000.
59,000 Lake County, Tenn.,
4% public building bonds, Burch, Sternberger & Hicks, Inc., Memphis,
Tenn., $995.70 per $1,000.
25,000 Town of Smithville,
County of Dekalb, Tenn., 4% water works
bonds of 1935, C. H. Little
& Co.,
Jackson, Tenn., $967.50
per $1,000.
37,000 Road District,.No. 26, of Brazoria
County, Tex., 4% road bonds,
second seriesf Fenner &
Beane, Washington, D. C., $990.38 per
$1,000.
•
61,000 Hardeman County, Tex.,
4% hospital bonds, James,
Stayart
& Davis, Inc., of
Dallas, Dallas, Tex., $1,040.70 per
$1,000,
15,000 City of Kilgore, Tex., 4% sewer
bonds, James, Stayart & Davis,
Inc., of Dallas, Dallas, Tex., $1,028.70
per $1,000.
6,500 Town of Weimar, Tex.,
4% water revenue bonds, series
1934,
Hill Bank & Trust
Co., Weimar, Tex., $1,035.50 per
$1,000.
Broadway
ST. LOUIS
.
RECONSTRUCTION FINANCE CORPORATION
Official Statement on
following is the text of
the above Corporation
48 issues of
municipal
offering on Sept. 10, a
Awards
of Municipal Bonds—The
public by
regarding the official award of the
bonds to the best bidders at the
the announcement made
tentative report on which
in these columns at that
time—V. 143, p. 1748:
appeared
48 issues of bonds offered
by RFC at public sale on Sept. 10, 1936 have
been awarded to the
highest bidders.
The face amount of the bonds sold
$4,255,250 and the sale price
$4,460,798.96, a
548.96, representing an average price of
104%.
The bonds, the successful bidders
and the prices
was
net premium of
paid
$205,-
were:
$967,000 Los Angeles County Flood Control
District, Los Angeles Countyt
Calif., 4% % bonds, Lazard Freres &
Co., Inc., New York, N. Y.,
and associates, $1,112,799
per $1,000.
60,000 The City of Prescott, County of
Yavapai, Ariz., 4% water works
improvement bonds, Bosworth,
Chanute, Loughridge & Co.,
Denver, Colo., $1,032.66 per $1,000.
"
74,000 Hot Spring County, Ark., 4% court house and
jail bonds, Walter
R. Bass Co., Little Rock,
Ark., $990.00 per $1,000.
30,250 Lakeside School District No. 9 of Garland
County, Ark., 4%
school
bonds, The Arkansas National Bank of Hot
Springs,
Hot Springs, Ark., $1,000.00
per $1,000.
20,000 City of Siloam Springs, Ark.,
4% sewer revenue bonds, BrattWasson Bank* Siloam
Springs, Ark., $1,002.00 per $1,000.
29,000 City of Seal Beach, County of
Orange, Calif., 4% water works
system bonds of 1935.
Redffeld, Royce & Co., Los Angeles,
Calif., $1,003.10 per $1,000.
21,000 Town of Louisville, Boulder County,
Colorado, 4% water works
improvement bonds, Coughlin-McCabe &
Co., Denver, Colo.,
$1,035.60 per $1,000.
15,500 Village of Downey, County of Bannock, Idaho,
4% water bonds,
series of March 1, 1934,
Sidlo, Simons, Day & Co., Denver, Colo.,
$950.00 per $1,000.
123,000 City of Aurora, III., 4% water revenue bonds, The First
Cleveland
Corp., Cleveland, Ohio, $1,135.20 per $1,000.
42,000 City of Lawrenceburg, County of
Dearborn, Ind., 4% sewage
works revenue bonds,
City Securities Corp., Indianapolis, Ind.,
$1,031.42 per $1,000.
58,000 City of Des Moines, County of Polk, Iowa.,
4% swimming pool
revenue bonds, Shaw, McDermott &
Sparks, Inc., Des Moines,
Iowa, $1,023.48 per $1,000.
23,000 City of Linn, Washington County, Kan., 4% water works bonds
Baum, Bernheimer Co., Kansas City, Mo., $1,080.58
per $1,000.
11,000 City of Onaga, Pottawatomie County, Kan.,
4% water filtration
plant bonds, Baum, Bernheimer Co., Kansas
City, Mo., $1,•
"
•
040.94 per $1,000.
51,000 City of Bessemer, Gogebic County, Mich., 4% serial sewer im¬
provement bonds, Wm. R. Stuart & Co., Chicago,
111., $1,039.10
per $1,000.
119,000 City of Ludington, County of Mason, Mich.,
4% sewage disposal
system bonds, Stranahan, Harris & Co.,
Inc., Toledo, Ohio,
$1,045.60 per $1,000.
6,000 City of Ely, Minnesota, 4% water works plant bonds, The South¬
ern Ohio Savings Bank & Trust
Co., Cincinnati, Ohio, $1,060.00
per $1,000.
37,000 Town of Hernando, County of Desoto, Miss., 4% sewer
bonds.
Union
Planters
National
Bank & Trust Co.,
Memphis, Tenn.,
$1,005,716 per $1,000.
13,000 Town of Sardis, Panola County, Miss., 4% water works
improve¬
ment bonds, The First National
Bank, Memphis, Tenn., $!,-
010.39 per $1,000.
57,000 State Board of Education of the State of Montana, 4% Montana
State Industrial School bonds, Brown,
Schlessman, Owen & Co.,
Denver, Colo., $986.26 per $1,000.
9,000 Village of Ceder Bluffs, Saunders County, Neb.,
4% water bonds,
Kirkpatrick-Pettis-Loomis Co., Omaha, Neb., $1,034.60
per
$1,000.
14,000 Village of Nehawka, Cass County, Neb., 4% water
bonds. The
United States National Bank of Omaha,
Omana, Neb., $1,029.20
per $1,000.
193,000 County of Middlesex, N. J., 4% tuberculosis
hospital bonds,
H. L. Allen & Co., New York, N. Y., and
associate, $1,120.40
per $1,000.
46,000 Board of Education of the Borough of Ridgefield, N.
J., 4%
school district bonds, H. L. Allen &
Co., New York, N. Y.,
$1,013.90 per $1,000.
407,000 The Board of Education of the Township of
Teaneck, Bergen
County, N. J., 4% school district bonds, Edward B. Smith &
Co., New York, N. Y., and associate, $1,028,199
per $i;000.
39,000 Capitan Union High School District, Lincoln
County, N. M.,
4% school district bonds, Brown, Schlessman, Owen &
Co.,
Denver,
$1,000.
Colo., $1,011.76 per
32,000 County of San Miguel, State of New Mexico,
4% Court house
and jail bonds. The Southern Ohio
Savings Bank & Trust Co.,
Cincinnati; Ohio, $1,020.00 per $1,000.
66,000 Common School District No. 9, Town of
Babylon, Suffolk County,
4% school building bonds, Geo. B. Gibbons &
Co.,
Inc., New York, N. Y., and associate, $1,067.00
per $1,000.
Union Free School District No. 1, Town of
Harrietstown, Franklin
County, N. Y.,4% school building bonds, Geo. B.
Gibbons &
Co., Inc., New York, N. Y., and associate, $1,073.50
per $1,000.
Town of Mount Pleasant, Westchester
County, N. Y., 4%
water works improvement bonds,
Rutter & Co., New
York,
N. Y„ $1,064.00 per $1,000.
Town or Yorktown, Westchester County, New
York, 4% town
hall bonds, Rutter & Co.,/New York, N.
Y., $1,044.00 per $1,000.
Board of Education of the Norton Township Rural
School Dis¬
trict, Summit County, Ohio, 4% school
improvement bonds,
Saunders, Stiver & Co., Cleveland, Ohio, $1,095,599
per $1,000.
Board of Education of the St. Clairsville Village School
District,
Belmont County, Ohio, 4% school improvement
bonds, Saunders,
Stiver & Co., Cleveland, Ohio,
$1,050.45733 per $1,000.
Board of County Commissioners of Summit
County, Ohio, 4%
county road improvement bonds, Assel, Geoetz &
Moerlein, Inc.
Cincinnati, Ohio, $1,057.92 per $1,000.
City of Toledo, Ohio, acting by and through the Board
of
New York,
'
23,000
15,000
18,000
-
54,000
11,500
428,000
166,000
Di¬
of The University of the
City of Toledo, 4%
University
improvement bonds, Siler, Carpenter & Roose,
Toledo, Ohio,
$980.10 per $1,000.
15,500 The City of Dayton, Yamhill County, Ore.,
4% water bonds,
E. M. Adams & Co., Portland,
Ore., $1,005.80 per $1,000.
rectors
'
,
4
Report
on,
made public
Loans for
Loans to Districts—The following statement
by the above named Corporation on
was
Sept. 16:
rehabilitating one irrigation district and one
irrigation com¬
in California, and for
refinancing one drainage district in Florida,
aggregating $366,500.00 have been authorized
by the Reconstruction
Finance Corporation.
This makes a total to date of
$122,976,342.18
authorized under the provisions of
Section 36,
Emergency Farm Mortgage
Act of 1933, as amended.
pany
The districts and
company are:
Cordua Irrigation
District, Yuba County, Calif
Moreno Mutual Irrigation
Co., Riverside County, Calif
Melbourne-Tillman Drainage District, Brevard
Co., Florida
(The loan of $100,000.00
previously authorized to this
rehabilitation purposes has been
rescinded.)
$4,000.00
10,000.00
352,500.00
District
for
News Items
Arkansas—State
Comptroller Removed—Governor J. M.
Futrell on Sept. 4 removed State
Comptroller Griff en Smith
from office,
explaining his action only with the statement "I
removed him because I wanted
to," according to a United
Press dispatch from Little Rock.
In August the Democratic
nomination for chief
justice of the State Supreme Court was
won
by Mr. Smith in the primary. He was appointed State
Comptroller by late Governor HarVey Parnell in 1932.
Roy
W. Spence, Secretary of the State
Highway Commission,
was named to fill Mr.
Smith's unexpired term.
Kentucky—Railroad Assessments Held
Dependent Upon
State Tax Commission—The State
Railroad Commission is
without authority to assess railroad
property, either tangible
or
franchise, for taxation purposes, M. B.
Holifield, Assistant
Attorney General, told Robert Webb, Chairman of the Com¬
mission, in an opinion made public on Sept. 9.
He stated
that by virtue of statutes enacted in
past years the State
Tax; Commission alone lias
the
to
power
either
assess
or
equalize railroad properties for taxation.
We quote in part as follows from
the Louisville "Courier-Journal" of
\
Mr.
Webb
sections in the
commission to
on
Frankfort dispatch to
referred the Attorney General's
office to a group of
Kentucky Statutes which he thought
might empower the
make the taxation
assessments.
He asked for an
the question.
Mr.
a
Sept. 10:
had
Mr. Holifield prepared
Webb during the day.
"
opinion
a
formal opinion which went to
*
For many years assessment of
railroad property has been made
by the
State Tax Commission.
This applied to both
tangible and franchise assess¬
ments.
Distribution of the franchise valuation
among the local taxing
districts also has been made by the Tax
However, several sections of
Commission
Commission.
the statutes which
authorized the Railroad
remained in the books.
These have
to make the assessments
been nullified and repealed
by subsequent enactments, Mr. Holifield
told
Mr. Webb.
Maine—New Governor Elected—Final
unofficial tabulation
of returns cast in the State election held
that Lewis O. Barrows,
succeed Governor Louis
on
Sept. 14 showed
Republican, had been elected to
J. Brann, who was
unsuccessful in
his attempt to gain the United States
Senatorial seat of the
present incumbent, Wallace H. White,
according to an
Associated Press dispatch from Portland on
Sept. 16.
The
Barrows had received
172,113 votes
compared with a total of 129,132 for F. Harold
Dubopd,
his Democratic opponent.
In the contest for United States
Senator the tabulation showed
157,981 votes for Mr. White
and 152,950 for the Democratic
Governor.
count showed that Mr.
as
Minnesota—Proposed Constitutional Amendment on Aboli¬
of Property Tax—A proposed amendment to the State
Constitution, designated as Amendment No. 2, will be voted
tion
Financial
1910
abolish the tax on property
This would make a cut of
about 10 mills on the basis of the current levy.
It would
effect a reduction of about 25% in the taxes in the average
township and make proportionate savings in towns and cities.
in November, which would
State operating expenses.
on
for
Municipal Bond Analysis Course Again Offered by
York University—The Wall Street Centre of New
York University at 90 Trinity Place announces a course in
the Analysis of Municipal Securities to be given on Wedesday evenings from 7:15 to 9:00 beginning Sept. 23.
New
This
course
will include the field of domestic public securities, including
State, county, city and district obligations from the investor's viewpoint.
Financial statements of municipalities will be analyzed in the light of
assessments, tax delinquency, debt structure, revenue sources, debt and
tax limits.
Individual bonds are examined with repect to authority,
and restriction of issue.
purpose, process,
A discussion of the tax position, eligibility for trustee invest¬
studied.
are
Default records and remedies
ment, and marketing methods are included.
Current developments in the
field of municipal finance will be considered at each session and special
attention will be devoted tb the problem of municipal debt adjustment
and refunding, with special reference to the bankruptcy law.
The course will be under the direction of Dr. Bert O. Goss, instructor in
Finance at New York University and a staff writer for the "Journal of
Commerce."
Sept. 19. 1936
Chronicle
Bond Proposals
and Negotiations
ALABAMA
DOTHAN, Ala.—BOND SALE POSTPONED—It is stated by I. P. Scar¬
borough, City Clerk, that due to an error in advertising the sale of the
$52,000issue of not to exceed 5% semi-annual refunding street and sidewalk
bonds, previously scheduled for Sept. 15—V. 143, p. 1437—it has been
postponed until Sept. 29.
It is reported that sealed bids will be received until noon (Central Standard
Time), on that date.
Denom. $1,000.
Dated Oct. 1, 1936.
Due on Oct.
1 as follows: $2,000, 1937 to 1946; $3,000, 1947 to 1954, and $4,000 in 1955
and 1956.
*
GOODWATER, Ala.—BONDS VOTED—It is repprted that at anTelection held on Sept. 8, the voters approved the issuance of $11,000 in sewage
system bonds, to be issued in connection with a Public works Administra¬
tion
'
/
grant.
BOND OFFERING—Sealed bids will be received until 2 p. m. on Sept.'22,
by the Town Clerk, for the purchase of the above bonds.
Interest rate is
not to exceed 6%, payable M. & N. Dated Nov. 1,1936. Due $1,000 from
Nov. 1,1939 to 1949,
optional after Nov. 1, 1937.
New Jersey—New Edition of Municipal Bond Hand Booh
Prepared—Ira Haupt & Co. are distributing the fourth
edition of their statistical hand book on New Jersey mu¬
nicipal bonds, which contains an analysis of the debt state¬
ments of over 200 New Jersey municipalities; total gross
debt of the municipalities and the percentage of this debt to
1936 valuations; total tax; levies for the past four years,
together with the percentage of taxes outstanding at the end
of each year of levy and the percentage of taxes outstanding
on June 30,
1936; and other new data including cash on
hand in the current account of each municipality as of Dec.
31, 1935, and tax title liens outstanding as of June 30, 1936.
State—Comptroller Seeks to Drop Budget Local
a condensed report of the financial operations
of the State for the fiscal year ended June 30, released on
Sept. 13, Morris S. Tremaine, State Comptroller, recom¬
mended that appropriations for State aid to localities be no
longer included in the State's budget, according to Albany
press reports on that date.
New York
Aid Items—In
Pointing out that State aid appropriations had increased from $48,120,009
10 years ago to $136,753,940 for the fiscal year just ended, while the amount
available for the general purposes of State government was $193,789,834
in the year ended, Mr. Tremaind held that the inclusion of aid appropriat¬
ions in the budget "gives a misleading impression of the cost of actual
State government."
He noted that, in addition to the $136,753,940 for
the last fiscal year, a total of $35,864,894 was distributed in State aid from
the
proceeds of emergency unemployment relief bonds, and that the locali¬
ties also shared in the State-collected taxes to the extent of $60,925,475,
and benefited as well from Federal aid for unemployment relief, to the
$86,169,184.
amount of
-
,
Carolina—Debt
North
Statistics
Towns Prepared—A
debt statistics of towns in this State having
populations of more than 2,000 has been prepared recently
by Kirchofer & Arnold, Inc. of Raleigh.
The statistics,
which should prove of interest to investors in North Carolina
municipal obligations, include per capita direct net debt,
ratio of direct net debt to assessed valuations, per capita
total net debt load, and the ratio of total net debt load to
of
bulletin covering
assessed valuations.
North Dakota—Mayor of Fargo Heads League of Munici¬
palities—F. 0. Olsen, Mayor of Fargo, was elected president
of the North Dakota League of Municipalities at the closing
session of the annual State convention, it is reported in a
recent Associated Dress dispatch from Mandan.
G. J.
Manning, City Commissioner of Dickinson, was named
Vice-President; H. W. Swenson, City Auditor of Devils Lake,
was
made a member of the Executive Committee, and
Myron H. Atkinson, Bismarck City Auditor, continued as
secretary.
Virginia—Supreme Court Decision Clears Way for Century
Refunding—The "Wall Street Journal" of Sept. 15
a report from which we quote on the State Supreme
Court decision on the proposed refunding of the outstanding
Bond
carried
"Century" bonds, scheduled for definite action at
sale to be held
on
Sept. 28,
as
a
public
reported in these columns
recently:
Petition of holders of Virginia century bonds to prevent the refunding of
$11,600,000 of these obligations at lower interest rates in accordance with
of State officials was dismissed by the Virginia Supreme Court
of Appeals, sitting at Staunton.
The State has called for bids on the $11,600,000 bonds for Sept. 28.
Under provisions of the act which gave authority for the refunding holders
of the present obligations are allowed until noon, Sept. 18, to notify the
State officials that they will exchange their current holdings for the new
refunding bonds at the price paid by the successful syndicate.
Bondholders, in the application for a mandamus, contended they should
be given 30 days' time, after the.opening of bids, to permit them to ascer¬
tain maturities and rates of interest.
This, they contended, would allow
them time to determine whether they wanted to exchange their old bonds.
the program
The
Virginia century bonds
were
originally scheduled for sale earlier this
year, but investment houses informed the State that they would not bid
on an unknown quantity of bonds.
At that time, the plan for setting a time
limit within
which current holders could exchange their bonds lor new
obligations had not been decided upon.
The present setup will give prospective bidders an opportunity to esti».<mate the amount of bonds to be refunded, although they will have no way
of knowing how many of the exchange bonds will come into the market
after their
own
reoffering.
ARKANSAS
ARKANSAS,
MENT TO BE VOTED
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL BONDS
Francis, Bro. & Co.
ESTABLISHED
1877
Investment Securities
ST. LOUIS
TULSA
EXEMPTION
AMEND¬
for tax exemption on homesteads up to $1,000 valuation.
It will be sub¬
mitted at the November general election along with a proposal for free
textbooks.
Estimates are that the homestead exemption would cause a tax drop of
$500,000 annually and to offset this, Cazort has proposed that the general
sinking fund be diverted.
It was created in 1932 to clear up a
deficit of $800,000 and 20% of general revenue income is credited itAll
the general revenue obligations will be paid by July 1, 1937.
Gov. J. M. Futrell is reported to be campaigning in behalf of the Nyberg
amendment, which proposes to strip the legislature of its power to levy
new taxes, and to transfer such authority to the people.
revenue
CALL
FOR
TENDERS ON HIGHWAY,
TRICT REFUNDING BONDS—Pursuant
BRIDGE
AND
ROAD
DIS
of
to Section 37 of Act No. 11
Extraordinary Session of the 49th General Assembly of the
State of Arkansas, Earl Page, State Treasurer, will receive in the office of
the Treasurer of the State, until II o'clock a. m. (Central Standard Time)
Oct. 7, sealed tenders of State highway refunding bonds, series A, and B;
State toll bridge refunding bonds, series A and B; De Vall's Bluff Bridge
refunding bonus; road district refunding bonds, series A arid B; refunding
certificates of indebtedness and funding notes or bonds issued to contractors.
When tenders are received and a greater amount of obligations is tendered
at the same price than funds available for purchase (after the State Treas¬
urer shall have purchased all, obligations tendered at a lower price, if any),
the Treasurer will purchase the obligations tendered at said price in the
the
Second
order in which the tenders are received.
Certified check or exchange in the sum equal to 3% of the face value
payable to the State Treasurer, to guarantee delivery of bonds, if accepted,
must be attached to this offer.
This check will be returned to the depositor
when bonds are
accepted and delivered to the Refunding Board.
If bonds
accepted, this check will be returned.
If check is not attached,
prompt delivery of bonds must be guaranteed by a bank or trust company.
In the event funds are insufficient to purchase all of the obligations covered
by any tender otherwise acceptable, under the provisions of said Act No. 11,
the right to accept any part of the obligations so tendered is hereby re¬
served.
All tenders must be at a flat price not exceeding the equivalent
of par and accrued interest, and no accrued interest will be paid on bonds
tenders of which are accepted.
The above described obligations eligible for exchange into State refund¬
ing bonds above listed under the terms of said Act No. 11, in the hands of the
State Treasurer for exchange Oct. 1, 1936, will prior to the payment for
purchases made by the State, be exchanged for the proper refunding bonds,
and no tenders will be considered of bonds not actually exchanged prior to
the date of receipt of tenders, or in the hands of the State Treasurer for
exchange.
Tenders of bonds in the hands of the State Treasurer for ex¬
change into refunding bonds must state the full name and description of the
bonds so held by the State Treasurer, the interest rate, date of maturity,
serial number, amount and receipt number.
Tenders of refunding bonds,
which have been delivered prior to the date of tenders to the holders of the
obligations refunded by said Act Nol 11 must state the full name and de¬
scription of such refunding bonds, the interest rate, date of issue of the old
State highway or toll bridge bonds, maturity date of new bond, serial
not
are
number and amount.
Immediate confirmation of purchases will be made of all bonds purchased
and payment for the bonds purchased will be made on or before Oct. 27,
1936.
All tenders must be submitted on a form prescribed by the State
Treasurer and may
be obtained at his office in Little Rock, Ark.
KEO-ENGLAND DRAINAGE DISTRICT
Ark.—BONDS SOLD TO RFC—It is stated
NO. 4 (P. O. Lonoke),
by B. B. Morris, Attorney for
the
District, that $23,500 refunding bonds have been purchased by the
Reconstruction Finance Corporation.
ST. FRANCIS LEVEE
DISTRICT
(P. O. West Memphis), Ark.—
BOND CALL—It is stated by M. W. Smith, President of the Board of
District Directors, that the said District is calling for payment as of Jan.
1, 1937, the following described bonds:
Nos. 201 to 250 incl., of series B
in 1943, optional in 1933.
6% bonds.
Nos. 151 to 250 incl., of series C 6% bonds.
in
Dated Oct. 1, 1903.
Due
Dated April 1, 1905.
Due
1945, optional in 1935.
Bonds will be paid upon presentation at the National Bank of Commerce
Memphis,
on or
WANTED
of—HOMESTEAD
UPON IN NOVEMBER—Carrying 27,021 signa¬
tures, or twice the legal requirement, Lee Cazort, candidate for the Demo¬
cratic nomination for Governor, is' said to have filed an initiated petition
in
OFFERINGS
State
or
the Central Hanover Bank & Trust Co., New York City,
after Jan. 1, interest to cease on that date.
CALIFORNIA
ALAMEDA COUNTY SCHOOL DISTRICTS
(P. O. Oakland),
Calif.—NOTE SALE—It is stated that the Anglo California National
Bank, of San Francisco, purchased on Sept.'4 a total of $1,610,000 tax
anticipation notes, at a rate of 0.19%.
The notes are divided as follows:
$900,000 Oakland High School District; $500,000 Oakland School District,
and $210,000 Berkeley High School District notes.
Denoim $25,000.
Dated Sept. 4, 1936.
Due on Dec. 21,1936.
The second highest offer was a bid of 0.35%, tendered jointly by the Bank
of America,
apid the American Trust Co.
Lamons & Co., Ltd., of San
Francisco, submitted the third highest tender, a bid of 6.365%.
Volume
143
Financial
»
Chronicle
at
CALIFORNIA MUNICIPALS
$5,000
Long
Beach
Park, &
5's 6-1-62 @
Playground
CONNECTICUT
3.45%
GLASTONBURY,
Conn.—bonds authorized—The
Board
of
Selectmen recently voted to issue
$50,000 bonds against delinquent taxes
the 1935 grand
list, according to report.
CBooike&illeite&Co.
634 SOUTH SPRING
ST.
1911
price of 101.146, a basis of about
3.38%. Dated Jan. 1, 1937.
Due
from April 1, 1938 to
1956.
The next highest bid was an offer of
100.187 on 3 M % bonds, tendered by
Engle, Adams & Co., Amos C. Sudler &
Co., and Sullivan & Co., all of
Denver.
a
LOS ANGELES
on
la
teletype
566
member los angeles stock exchange
FLORIDA
California Municipals
PIERCE-BIESE CORPORATION
JACKSONVILLE
DONNELLAN & CO.
111 Sutter St.
Tampa
Orlando
'
Teletype-S P 396
CALIFORNIA
Florida
CALIFORNIA, State
of— warrants sold—The Anglo California
National Bank of San
Francisco, is said to have been awarded a block of
$93,653 4% registered State warrants offered
by the city and county of
San Francisco.
The purchaser is said to have
paid a premium of $2,099
for the entire lot of six items.
It is reported that the warrants were issued
to the city and
county as State revenue subventions.
Oflando, Fla.^HMJacksonville, Fla.
Bell
COUNTY (P. O.
Bakersfield), Calif.—bond sale—The
$17,000 issue of Rio Bravo School District
bonds offered for sale on Sept. 8
—V. 143, p. 1437—was awarded to the
Bankamerica Co. of San Francisco,
as 3s, plus a premium of
$149, equal to 100.876, a basis of about 2.82%.
Due as follows: $2,000, 1937 to
1944, and $1,000 in 1945.
The second best bid was an offer of
$119 premium on 3s, tendered by
Orlando
"Of this amount, $516,869 has been
which showed a heavy
delinquency
or
impounded in the cases of districts
pending completion of arrangements for
for
are:
the purchase of bonds.
Various classes of districts to
.
.
"Thirty-five
Los
Angeles County acquisition and improvement dis¬
tricts have been allocated
$315,847, of which $158,430 has been withheld
for fourteen districts for
refinancing or retirement purposes.
'Eighteen road improvement districts in Los Angeles
County have been
allocated $167,203, of which $46,784 has been
impounded for five districts.
"Forty-nine districts in municipalities in Los Angeles
County have been
allocated $612,052, of which $311,654 has been
impounded for 27 districts."
MONTEREY COUNTY (P. O. Salinas), Calif.—BOND
SALE—It is
by C. F. Joy, County Clerk, that the $12,500 issue of Santa
Rita
School District bonds offered for sale on
Aug. 20, as noted here recently—
V. 143, p. 1268—was awarded on
Sept. 8 to the First National Bank of
Pacific Grove, at par, as follows:
$7,500 as 2Ms, maturing on Sept. 1:
$400, 1937 to 1941; $500, 1942 to 1946, and $600, 1947 to
1951, the remain¬
ing $5,000 as 3s, maturing $1,000 Sept. 1, 1952 to
1956, incl.
NEWPORT BEACH, Calif.—BOND SALE—It is
stated
stated
It is said that the bonds were reoffered
yield from 1.75% to 4%
for public
subscription at prices
according to maturity.
PACIFIC SCHOOL DISTRICT (P. O.
Redding), Calif.—BOND
OFFERING—Sealed bids will be received until 10 a. m. on
Sept. 21, by
Errol A. Yank, Clerk of the Board of
Supervisors, for the purchase of a
$2,500 issue of 5% semi-ann. school bonds.
Denom. $250.
Due $250
from 1937 to 1946, incl.
A certified check for 10% of the amount
bid,
payable to the County Treasurer, is required.
SAN FRANCISCO
(City and County), Calif.—BOND OFFERING—
The Clerk of the Board of Supervisors will receive
sealed bids until Sept.
21,
for the purchase of a $482,000 issue of
4% semi-ann. sewer bonds.
Due on
Dec. 1 as follows:
$37,000 in 1936; $10,000,
1937; $17,000, 1938
$10,000 in 1963.
:
to
1962,
•
In
connection with the above offering, it is stated
by J. S. Dunnigan,
Clerk, that bids will be received until 3 p. m. on the date of
sale.
The
approving opinion of Thomson, Wood & Hoffman of New
York, will be
furnished the purchaser.
A certified check for 5% of the amount
bid,
payable to the Clerk of the Board of Supervisors, is required.
JOAQUIN COUNTY
DETAILS—It is
(P.
O. Stockton), Calif.—BOND
SALE
now reported by the Clerk of the Board
of Supervisors
that the $10,000 5% Terminus School District bonds
sold on Sept. 8 to
the Farmers Mutual Protective Fire Insurance Co.
of Stockton, at a
price
of 111.00, as reported in these columns—V.
143, p. 1750—are dated Aug.
1, 1936.
Coupon bonds in the denomination of $1,000. Due $1,000 from
Aug. 1, 1937 to 1946 ipcl.
Interest payable F. & A. Basis of about 2.82%.
The only other bid received was an offer of
101.01, by the Stockton Savings
and
96
reported that
of school bonds will be
placed before the voters at the general
November, providing the Public Works Administration
allotment.
an
issue
election in
approves a
$763,000
jacksonville, Fla.—BOND offering—It is reported that the
City Commissioners have set Dec. 15 as the date for a sale of
$300,000 in
refunding bonds, consisting of $100,000 in water works;
$100,000 electric
plant, and $100,000 street paving bonds.
Due in 1957.
LAKE WALES SCHOOL DISTRICT
(P. O. Lake Wales) Fla.—BOND
ELECTION—It is reported that an election will be held
on Sept. 25, in
order to vote on the issuance of
$42,000 in 4% school bonds.
MOUNT DORA, Fla.—BOND CALL—It is
reported that refunding
bonds numbered 20, 59, 70, 77,
147, 154, 157 to 159 and 164, are
being
called for payment at the Chase National Bank in
New York, on Oct. 10.
TRENTON, Fla.—BOND ELECTION—It is reported that an election
will be held on Sept. 22 in order to have the
voters pass on the
proposed
issuance of $19,500 in 4% semi-ann. water revenue
bonds.
Dated Sept. 1,
1935. Due on Sept. 1 as follows: $500, 1937 to
1951, and $1,000, 1952 to
1963.
/:
"Volusia
county (p. o.
The
County Commission
$338,000 in bonds.
disposal bonds were purchased at private sale by a
group headed
by the William R. Staats Co. of Los Angeles, as 4Ms,
paying a premium
$2,528, equal to 101.264.
Due from 1937 to 1956 incl.
SAN
No.
ESCAMBIA COUNTY SPECIAL TAX SCHOOL
DISTRICT NO. 16
(P. O. Pensacola), Fla.—bond election—Its is
is
Deiand), Fia.—bonds authorized—
reported
to
have
approved
the
issuance of
GEORGIA
of
and
Teletype
Jacksonville
that $200,000
sewage
to
System
10
FLORIDA
Dean Witter & Co. of San Francisco.
LOS ANGELES COUNTY
(P. O. Los Angeles), Calif.—report on
allocation of motor vehicle tax
revenues—The following
news item appeared in the Los
Angeles "Examiner" of Sept. 5:
"Over $1,175,000 has been allocated from
gasoline taxes and license fees
to 105 special assessment districts
(primary and secondary highways and
parks) in Los Angeles County toward principal and interest
payments for
1936-37, a compilation by Gatzert Co., specialists in California
municipal
bonds, discloses.
Municipals
LEEDY. WHEELER & CO.
KERN
benefit
Miami
San Francisco, Calif.
Telephone Exbrook 7067
refinancing
BONDS
Loan Bank.
TRINITY
COUNTY
(P. O. Weaverville), Calif.—BOND SALE—
The $2,500 issue of
5% Weaverville Elementary School District bonds
offered for sale on Sept. 11—V.
143, p. 1594—was awarded to a private
investor, according to the County Clerk.
No other bid was received.
GLASCOCK COUNTY
HAPEVILLE, Ga.—BONDS VOTED—At the election held on
Sept. 9—
V. 143, p. 1438—the voters
approved the issuance of the $35,000 in bonds
were sold as 3s, subject to this
election, as noted in these columns—
V. 143, p. 1595.
The bonds are divided as follows:
$20,000 sewer; $10,000
water, and $5,000 school improvement bonds.
The vote is said to have
been 317 "for" to 43 "against."
SAVANNAH, Ga .—BOND ISSUANCE NOT SCHEDULED—We are
informed by E. R. Banks, City
Comptroller, that at the present time he
cannot say when bids will be received on the
$85,000
ment bonds since the
on
the matter.
jail and fire depart>city is waiting for the Federal Government to
pass
HAWAII
HONOLULU
(CITY AND COUNTY), Hawaii—BOND
SALE—The
$500,000 issue of 3}^% coupon semi-ann. flood control
bonds offered for
sale
on
Sept. 17—Y.
143, p. 1438—was definitely awarded on
Sept. 18 to
a group
composed of the first Boston Corporation, the
Bankamerica Co.
of San Francisco, and
Whiting, Weeks & Knowles, Inc., of
Boston, at a
price of
108.75. a basis of about 2.605%.
Dated Sept. 15, 1936.
Due
Sept. 15 as follows: $36,000. 1941 to 1953, and $32,000 in
1954.
Edward B. Smith & Co., Blyth & Co., Inc., the
Anglo California National
Bank and Dean Witter-& Co., both of
San Francisco, was
second high,
with an offer of, 108.6099.
\
on
bonds offered for investment—'The
successful bidders reof¬
fered the above bonds for general
subscription at prices to yield from
1.75%
on the 1941
maturity, to 2.70% on the 1953 and 1954
maturities.
IDAHO
ADA COUNTY RURAL HIGH SCHOOL
DISTRICT NO. 1 (P. O.
Idaho—BOND SALE—The $35,000 issue of school
Meridian),
ARIZONA—COLORADO—IDAHO—MONTANA
—
Go .—bonds defeated
that
Rocky Mountain Municipals
NEW MEXICO
(P. O. Gibson),
—It is stated by the County Clerk that at
the election held on
Sept. 9,
the voters defeated the proposed issuance
of the $8,000 in jail
construction
bonds.
bonds
offered
WYOMING
for sale on Sept. 14—V. 143,
p. 1595—was awarded to
Sudler
Wegener & Co., Inc., of Boise, as 3^s, paying a premium of
$100, equal
100.2857, a basis of about 3.22%.
Due on the amortization plan
over
a 20-year period.
to
DONALD F. BROWN & COMPANY
DENVER
Telephone: Keystone 2395
—
Teletype: Dnvr 51
IDAHO FALLS, Idaho—BONDS TO BE
OFFERED—It is reported
that the City Council will place on the market in
the near future a
$35 000
issue of 4% Special Improvement District
No. 17 bonds.
Dated Oct. 1
1936. Due in 10 equal annual instalments.
.
RIGBY, Ida.—price paid—In connection/with the sale of
the $25 000
refunding bonds to Ohilds & Montandon, of Boise
water works
COLORADO
CHEYENNE WELLS, Colo.—bond SALE—A
$5,000 issue of 4^%
refunding water bonds is reported to have been purchased
recently by Amos
C. Sudler & Co. of Denver.
Dated Sept. 1, 1936.
Due on Sept. 1 as
follows: $1,500, 1947 and 1948, and
$2,000 in 1949.
DENVER
(City and
County), Colo.—bond CALL—It
is
reported
that various storm sewer,
sanitary sewer, surfacing, sidewalk, improve¬
ment, alley paving and street paving bonds are being called for
payment
at the office of the City and
County Treasurer, or on notice received 10
days before the expiration of the call at the Bankers Trust
Co., New York.
TRINIDAD SCHOOL DISTRICT NO. 1
(P. O. Trinidad), Colo.—
bond SALE—The $195,000 issue of
coupon refunding bonds offered for
sale on
Sept. 14—V. 143, p. 1594—was awarded to a group
composed of
Collins, Croke & Co., Peters, Writer & Christensen, Inc.,
Sidlo, Simons,
Day & Co., and Brown, Schlespman, Owen & Co., all of
Denver,
as
3>£s,
which appeared here recently—V.
143, p. 1595—it is stated
Clerk that the bonds were sold as
4s, paying a premium of
100.004.
ST. MARIES,
notice of
by the City
$1, equal to
Idaho—bond offering—Sealed bids will
be received
City Clerk, for the purchase
until 8 p. m. on Sept. 26 by Walter
Boberg,
of a $65,000 issue of coupon water
system
exceed 4%, payable semi-annually.
Due as follows: $4,000, 1938 and
bonds.
Int.
rate
is
not
to
Denom. $1,000.
Dated July 1. 1936
1939; $5,000, 1940 to 1944;
$6,000, 1945 to
1947, and $7,000 in 1948 and 1949.
Prin. and int.
payable at the City
Treasurer's office, the State Treasurer's office or
at some bank or
trust com¬
pany in New York City.
These bonds were approved
by the voters at an
election held on Aug. 25, as noted in these
columns at tnat
time—V 143
p. 1595.
A certified check for 5% of the amount bid is
required.
'
VIRGINIA SCHOOL DISTRICT
(P. O. Virignia),
Idaho-—bonds
sold—It is stated by J. T. Dahlke, District
Clerk, that $6,000 school
construction bonds have been purchased
by the State of Idaho.
Financial
1912
Sept.
Chronicle
1943; $80,000,
$30,000.
ILLINOIS
CHICAGO, III.—
BOARDSCHOOL WARRANTS—CM has
CALLS
been issued by the Board of Education for the redemption on Sept. 22 of a
totaljof $618,000 of 1935 tax anticipation warrants. Included are $518,000
from the education funds, Nos. E220-591; $100,000 building fund, warrant
No. B2; and $10,000 from the playground fund, No. P2.
COOK COUNTY
(P. O. Chicago), 111.—WARRANTS NOT SOLD
$1,000,000 corporate fund tax anticipation
IOWA, State of—COUNTY ROAD BOND
WARRANT CALL—A total of $445,000 tax
been called for redemption,
released on Sept.
from its office at Ames:
—Date of
Osceola
Sept. 25 10 a. m.
DISTRICT NO. 124, 111.—REFUNDING
& Co., 208 South La Salle St.,
COMPLETED—Lansford
together with a grant of $76,779 already promised by
Administration, will be spent on various sewer projects.
FALLS, Iowa—BOND ELECTION— It is said that an election
proposed issuance of $65,000
IOWA
GALESBURG SANITARY DISTRICT (P. O. Galesburg), III.—
ELECTION—At an election to be held on Sept. 29 the voters will
issue of $100,000 bonds, the proceeds of which,
city hall building bonds.
County Treasurer, for the purchase of a $500,000 issue of primary road
bonds.
Dated Oct, 1, 1936.
Due as follows:
$15,003, 1938 to 1942;
the Public Works
$30,000, 1943; $80,000, 1944; $225,000, 1945, and $45,000 in 1946 and 1947.
Interest rate is to be stated by the bidder.
Other details on this offering
are similar to those given under the Ida County bond notice shown above.
(P. O. West Point). HI.—BONDS SOLD—
Vieth, Duncan, Worley & Wood of Davenport purchased last May an issue
of $23,500 4% coupon gravel road bonds at a price of par.
Due serially
from 1937 to 1945 incl. Interest payable J. & D.
MALLARD SCHOOL DISTRICT (P. O. Mallard),
—A $20,000 issue
INDIANA
OSCEOLA
OTTUMWA, Iowa—BOND SALE—The $25,000 issue of sewer bonds
on Sept. 10—V. 143, p. 1439—was awarded to the Carleton
Beh Co. of Des Moines, as 3s at par, according to the City Clerk.
Due $5,000 yearly from 1939 to 1943, inclusive.
offered for sale
D.
Clifford of Indianapolis.
'
1942, incl.
Principal and interest payable at
Huntington.
A certified check for 5% of the bid
to
Other bids received were as follows:,
Ind.—BOND
the First State Bank,
must accompany each
Wheelock &
(P. O. Avoca),
VERNON, Ind.—BOND SALE—The $12,500 4M% sedi¬
mentation basin refunding bonds offered on Sept.. 11—V. 143, p. 1269—
were
awarded to the Fletcher Trust Co. of Indianapolis at par plus a
NORTH
of $1,171,
equal to 109.36, a basis of about 3.39%.
Dated
15, 1946.
Other bids were as follows:
Premium
Jackley & Co
White Phillips
Bidder—
$1,089
863
517
—
250
.1
(P. O. Valparaiso), Ind.—BOND OFFERING—
Ezra Stoner, County Auditor, will receive sealed bids until 10 a. m. (Central
Standard Time) on Oct. 5 for the purchase of $74,000 not to exceed 3%
interest court house reconstruction bonds.
Dated July 1, 1936.
Denom.
$1,000.
Due as follows: $3,000, July 1, 1937; $4,000, Jan. 1 and $3,000,
July 1 from 1938 to 1946, incl.; $4,000, Jan. 1 and July 1,1947. Bidder to
name one rate of interest on the issue, expressed in a multiple of M of 1 %.
Interest payable J. & J.
A certified check for 3% of the bonds bid for,
payable to the order of the Board of County Commissioners, must ac¬
company each proposal.
The approving opinion of Matson, Ross, McCord
& Clifford of Indianapolis will be furnished the successful bidder.
No
conditional bids will be considered.
The bonds are direct obligations of
the county, payable from unlimited ad valorem taxes.
County reports a
net assessed valuation of $44,514,110.
PORTER COUNTY
$285
3H
Co.-j_COUNTY
'
O.
Pocahontas),
Iowa—BOND
Auditor that a $60,000 issue of refunding
v.
POLK COUNTY
is stated that
250
225
(P.
purchased on Sept. 3 by the lowa-Des Moines
Trust Co. of Des Moines, as 2Ms, paying a premium of
was
100.126.
275
3M
3M
- —
SALE—It is stated by the County
bonds
National Bank &
$76.00, equal to
.
(P. O. Des Moines), Iowa—BOND OFFERING—It
be received until 10 a. m. on Sept. 25, by Allen
bids will
Munn, County||Treasurer, for the purchase of an issue of $143,000 funding
bonds.
Due on Sept. 1 as follows:
$100,000, 1941;_$25,l000, 1942, and
$18,000 in
1943.
The county will furnish the legal approving opinion.
3% must accompany the bid.
A certified check for
Sept. 15, 1936, and due Sept.
City Securities Corp
Indianapolis Bond & Share Corp.:
Jackson-Ewert, Inc
——
First National Bank of North Vernon
Premium
3H
,
Cummins
POCAHONTAS
Ind.—BOND SALE—The
$12,000 4% coupon school building bonds offered on Sept. 11—V. 143, p.
1595—were awarded to the Bedford National Bank and the Stone City
National Bank, jointly, at par plus a premium of $447, equal to 103.72, a
basis of about 3.25%.
Dated Aug. 1, 1936 and due $1,200 annually on
July 1 from 1937 to 1946, inclusive.
premium
Rate Bid
Bidder—
Shaw, McDermott & Sparks
proposal.
MARSHALL TOWNSHIP
(P. O. Oto), Iowa—BOND SALE—It is
the Board of Education that the White-Phillips
$17,500 school bonds as 3Ms, Paying a
SCHOOL DISTRICT
OTO
Corp. of Davenport, has purchased
premium of $30, equal to 100.17.
WARRANT SALE—The First National Bank of East Chicago has pur¬
$42,000 3M% tax anticipation warrants, due Nov. 13,
OFFERING—C. E. Byers, Superintendent of Schools, will receive sealed
bids until 1 p. m. on Sept. 24, for the purchase of $11,000 4% coupon
school bonds.0 Denom. $500.
Due $1,000 in 1937 and $2,000 from 1938
Iowa.—BOND OFFERING—
24 by Geo. E. Brunson,
offering shown above.
stated by the Secretary of
chased an issue of
Legal opinion of Matson, Ross, McCord &
Sibley),
$30,000, 1943; $80,000, 1944, and $216,000 in 1945.
Legality to be
approved by Chapman & Cutler of Chicago. The other regulations dealing
with this offering are similar to those given under the Ida County bond
CITY, Ind.—BOND SALE—The issue of
HUNTINGTON SCHOOL CITY (P. O. Huntington),
O.
(P.
County Treasurer, for the purchase of a $396,000 issue of primary road
bonds.
Dated Oct. 1, 1936.
Due as follows:
$14,000, 1938 to 1942;
$220,000 school improvement bonds offered on Sept. 16—V. 143, p. 1595—
was awarded to Jackson-Ewert, Inc. of Indianapolis as 3MS» at par plus
a premium of $4,550,
equal to 102.06.
Second high bid of par plus a
premium of $4,530 for 3
s was made by B. B. Robinson & Co. of Chicago.
1936.
COUNTY
Sealed bids will be received until 3 p. m. on Sept.
(Eastern Standard Time) on Sept. 28 for the purchase of
$45,000 4% school building bonds.
Dated Sept. 25, 1936.
Due July 1
as follows: $3,000 from 1938 to
1949 incl.; $4,000 in 1950 and $5,000 in
1951.
Principal and interest payable at the Citizens Bank of Michigan
City.
A certified check for $2,500, payable to the order of Billy Kemper,
Township Trustee, must accompany each proposal.
m.
EAST CHICAGO SCHOOL
Iowa—BOND SALE
of refunding bonds is said to have been purchased recently
2Ms, plus a premium of
by the Carleton D. Beh Co. of Des Moines, as
$140.50, equal to 100.7025.
COOLSPRING SCHOOL TOWNSHIP (P. O. Michigan, R. R. No. 3),
Ind.—BOND OFFERING—N. T. Jenks, Trustee, will receive sealed bids
p.
(P. O. Rock Rapids), Iowa—BOND OFFERING
bids will be received at 10 a. m. on Sept. 25, by the
COUNTY
LYON
—Both sealed and open
ST. ALBANS TOWNSHIP
until 3
2 p.m.
1,
will be held on Oct. 7 in order to vote on the
in
BOND
be asked to approve an
Sept. 25
payable annually—May 1.
Bonds optional for payment on
1942, or any interest-paying date thereafter.
Buyer furnishes
blank bonds ready for signature.
County furnishes approving opiniop by
Chapman & Cutler.
Certified check amounting to 3% of issue,to accom¬
pany each bid.
i
Interest
May
Chicago, advise that they have entered into a refunding contract with the
district to refund all its past due and future maturities and to pay tip all of
the delinquent interest.
Bondholders are asked to communicate with the
refunding agents for complete details of the plan.
,
500,000 10-1-36
396,000 10-1-36
500,000 10-1-36
500,000 10-1-36
Sept. 24 10 a. m.
Sept. 24
3 p.m.
Sioux
first delinquent date, Aug. 1, 1937.
COOK COUNTY SCHOOL
PROGRAM
of Issue of Bonds
$5C0,000 10-1-36
p. m.
Lyon
Ida..
SCHOOL DISTRICT
207, 111.—WARRANT SALE—Bartlett, Knight & Co. of Chicago
recently purchased $100,000 educational fund tax anticipation warrants
of 1936 at par plus a premium of $30.
Reoffering will be made at prices
yield 1.60% to 2% to the
2
by Thous.—
1938-42 1943 1944 1945 1946-47
$15
$30
$80 $225
$45
15
30
80
225
45
14
30
80
216
15
30
8
225
45
15
30
80
225
45
Amount. Date of —Proposed Maturities
Sale—<
Hour
County—
Day
-Sept. 23
Sac
NO.
to
12 by the Iowa State Highway Commission,
State was
.
OFFERINGS SCHEDULED—
scheduled bond sales by counties in this
The following official statement on
and
COUNTY MAIN TOWNSHIP HIGH
furnish the blank
will furnish the approving opinion of Chapman &
Sealed bids snould be submitted on bidding blanks which
can be obtained from the above Treasurer or from the Iowa State High¬
way Commission, at Ames.
The purchaser will be required to accept
delivery and pay for the bonds at the office of the County Treasurer, or
through a county seat bank.
A certified check for 3% of the amount of
bonds offered, payable to the County Treasurer, is required.
bonds and the county
Cutler of Chicago.
offered on Sept. 16.
anticipation warrants have
including $300,000 from the 1935 corporate fund
$60,000 from the 1935 highway fund, the first of the 1935 warrants
to be retired.
The balance of $85,000 is the remainder outstanding of the
1933 corporate warrants. The 1934s have been retired. The 1935 corporate
warrants called are Nos. 1-300, and the highways Nos. 1-60. Interest on the
warrants will cease to accrue on Sept. 21.
The purchaser must agree to
M of 1%.
multiple of
No bids were submitted for the
COOK
1945; $45,000, 1946 and 1947.
basis of par and accrued interest or better for
the same interest rate, such rate to be stated in a
Bids should be made on tne
all of the bonds bearing
-
warrants
1944; $225,000,
1936
19
REMSEN, Iowa—BOND SALE— The $60,000 3% semi-ann.
light plant
refunding bonds offered for sale on Sept. 14—V. 143, p. 1596—was awarded
to Jackley & Co. of Des Moines, as 2Ms, paying a premium of $175, equal
to 100.291.
Due on Nov. 1, 1936 to 1950, callable on or after Nov. 1, 1941.
SIOUX
We
are
ELECTION NOT CONTEMPLATED—
V. Moone, City Clerk, that contrary to current
contemplated on the issuance of $3,000,000 in dock
had been noted in these columns recently—V. 143, p. 1751.
CITY
Iowa—BOND
informed by Edgar
reports, no election is
bonds,
as
SIOUX COUNTY
(P. O. Orange City), Iowa—BOND OFFERING—
received until 2 p. m. on Sept. 25, by the
Both sealed and open bids will be
County Treasurer, for the purchase of a $500,000 issue of primary road
bonds.
Interest rate to be specified by the bidder, in multiples 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.
All
other details of sale are as listed under the Ida County offering shown above.
KANSAS
ARKANSAS
Kan.—BOND SALE—The $20,000 issue of 2%
CITY,
semi-annual refunding bonds offered for sale on Sept. 14—V. 143,
1751—was awarded to the Columbian Securities Corporation of Topeka,
coupon
O. Indianapolis), Ind.—BOND
building bonds was sold on Sept. 10
and Robinson & Co., Inc., of
Chicago, jointly, at par plus a premium of $4,737, equal to 108.45, a basis
of about 3.58%.
Dated Aug. 20, 1936 and due semi-annually from July 5,
1937 to July 5, 1955, incl.
This issue was originally scheduled to be sold
on Aug. 20.
SPEEDWAY
SCHOOL TOWN
(P.
SALE—An issue of $56,000 4M % school
to
Jackson-Ewert,
Inc.,
of Indianapolis,
p.
for
a
OcL
premium of $175, equal to 100.875, a basis of about 1.87%.
1, 1936.
Due $1,000 on April and Oct. 1 from Oct. 1,1937 to
The second best bid
was an
Dated
April 1,
offer of $104.10, submitted by the Ranson-
Davidson Co. of Wichita.
DODGE
CITY, Kan.—BOND ELECTION—It is reported that an elec¬
issuance of $40,000 in
tion will be held
on Sept. 22 in order to vote on the
auditorium construction bonds,
Iowa
Municipals
Polk-Peterson Corporation
Des Moines Building
Waterloo
A.
Iowa City
T.
Sioux
Davenport
Ottumwa
Cedar Rapids
& T.
that the
SHAWNEE
MOINES
DES
Kan.—BOND ELECTION—It is reported that a second
proposal to
already been sold,
956—but it is said
original election was declared illegal.
LEBANON,
election has been called in order to resubmit to the voters the
issue $16,500 in water works bonds.
These bonds had
as noted in these columns early in August—V. 143, p.
City
Sioux Falls, S. D.
Teletype: DESM 31
OFFERING
will offer for
Bonds and
O. Burlington), Iowa—BOND
attorney's opinion will be furnished by the county.
DUBUQUE, Iowa—BONDS SOLD—It is reported by the City Treasurer
bonds were sold recently for a premium of
$100, equal to 106.66, a basis of about 3.85%.
Due in from one to 12
that $1,500 5% semi-ann. sewer
years
from date.
Ida Grove), Iowa—BOND OFFERING—Sealed
until 10 a. m. on Sept. 24, by Ed. Lindsay, County
for the purchase of a $500,000 issue of primary road bonds.
Open bids will be received after all sealed bids have been filed.
Denom.
$1,000.
Dated Oct. 1, 1936. Due as follows: $15,000, 1938 to 1942:
IDA COUNTY (P. O.
bids will be received
Treasurer,
SCHOOL
Topeka),
Kan.—BOND
SALE—A
Due in 10 years.
DISTRICT
NO.
,
3
KENTUCKY
DISTRICT NO. 9 (P. O. New
Iowa—BOND SALE—The $2,500 issue of 3M% semi-ann.
school bonds offered for sale on Sept. 4—V. 143, p. 1595—was purchased
by the First National Bank of New Hampton, according to report.
Hampton),
DES MOINES COUNTY (P.
O.
(P. O. Whiting), Kan.—
BONDS SOLD—It is reported by Giles Gibson, District Clerk, that $11,000
high school building bonds have been purchased by a local investor.
IOWA
—It is stated by Jos. P. Haffner, County Treasurer, that he
sale at 10 a. m. on Sept. 21, a $75,000 issue of funding bonds.
(P.
102.801, according to report.
WHITING
DEERFIELD TOWNSHIP SCHOOL
„
COUNTY
$60,000 issue of poor relief bonds was sold recently by the County Com¬
missioners to Stern Bros. & Co. of Kansas City, Mo., as 2MS. at a price of
GLASGOW, Ky.—BOND ELECTION— It is reported that a $200,000
issue of light and jMwer plant bonds will be placed on the ballot at the
November election.
KENTUCKY,
Stat©
of—WARRANTS CALLED—John
E. Bucking¬
14, a
ham, State Treasurer, is said to have called for payment on Sept.
total of $523,547 in State interest-bearing warrants.
LOUISVILLE,Ky.—BOND SALE—The $4,400,000 issue of 3% coupon
semi-annual bridge revenue refunding bonds offered for sale
V. 143, p. 1751—was awarded to a syndicate composed of
15—
Blyth & Co.,
on Sept.
Inc., of New York; Stranahan, Harris & Co., Inc., of Toledo; J. J. B.
Hilliard & Son, Almstedt Bros., the Fidelity and Columbia Trust Co., all
of Louisville; Stein Bros. & Boyce, of Baltimore: O'Neal, Alden & Co.,
the Bankers Bond Co., W. L. Lyons & Co., all of Louisville; the Security
Trust Co., of Lexington; W. E. Hutton & Co., of Cincinnati; Reynolds &
Co., and Granberry & Co., both of New York; Dunlap, Wakefield & Co.,
and Wakefield & Co., both of Louisville, at a price of 101.68, a basis of
Volume
about
143
Financial
Chronicle
2.89%, to maturity.
Dated Nov. 1, 1936.1 Due'onVNov. 1, 1955,
redeemable at varying call prices,
according to maturity, from 1937 on.
The Second best bid was an offer 101.31 tendered
by the BancamericaBlair Corp., Graham, Parsons &
Co., B. J. Van Ingen & Co., all of New
York; James C. Willson & Co. and Smart & Wagner, Inc., both of Louis¬
ville; Burr & Co., of New York; the Metropolitan St. Louis Co., of St.
Louis; William R. Compton & Co., Inc., of New York, and Dering &_Co.,
Inc., of Lbuisville.
.
:
call attention to the fact that the date of the
—
193645
LYNN, Mass.—BOND
building bonds of 1936 offered on Sept* 17—V. 143, p. 1752—were
awarded to Faxon, Gade & Co. of Boston as
2s, at a price of 101.263, a
basis of about 1.83%.
Dated
1937 to 1951, incl.
high in the bidding, with
Other bids were
Bidder—
19356
1936
and
due
Oct.
1
NEW
follows;
as
with
as
Barr Bros &
offer of 101.039 for 2s.
0.42%
0.45%
0.46%
Faxon, Gade & Co
0.47%
Bank of the Manhattan Co__
0.475%
First National Bank of Boston
0.48%
WEST
SPRINGFIELD, Mass .—FINANCIAL STATEMENT—'The
following report on the condition of the town's finances as of Sept. 1, 1936
has just been issued by Henry E.
Schmuck, Town Treasurer:
Int. Rate
—
Bros. & Hutzler, New York
Lamport & Co., New York
First National Bank of Boston, and First National
Bank at Portland, jointly
Newton, Abbe & Co., and Hornblower & Weeks__
Washburn & Co., Inc., Boston
Edward B. Smith & Co., Boston
Brown Harriman & Co., Inc., Boston
Burr & Co., Inc., Boston.—
E. H. Rollins & Sons, Inc., Boston
Frederick M. Swan & Co., Boston
_____
Cash
_
_
.
2%
2%
2%
2%
101.039
100.579
100.533
100.521
2%
2%
2%
2%
2%
2M%
2M%
2M%
100.51
100.253
debt (including this issue)
100.236
100.1766
»
*
100.0799
101.257
101.166
100.6599
$4,917,000.00
Total debt
$4,954,620.58
(incl. $10,412.84, cash on de¬
posit;
$111,405,
appropriated, and $31,135.64, bank
deposits impounded)
Assessed valuation, 1936
Debt limit 6M % of valuation, 1936
—
37
Tax Levy
-—$3,670,116.87
3;710,808.15
3,806,128.16
*3,792,239.94
Due Oct. 1, 1936.
Tax deeds held by city, $235,097.72.
70,810.
Tar lKTnfp*
outstanding against 1935,
We
1936, $800,000.00.
Buy for Our Own Account
Cray, McFawn & Company
DETROIT
Telephone CHerry 6828
152,953.48
Uncollected
A. T. T. Tel. DET347
CITY OF
Bought, Sold and Quoted
Sept. 9,1936
$493,252.62
407,840.3 8
376,265.16
$6,922.61
7,513.19
9,606.53
McALISTER, SMITH & PATE, Inc.
3,222,790.30
67
Population (U. S.
census
BROAD STREET
on
Oct.
GREENVILLE,
S. G.
YORK
CHARLESTON, S. C.
MICHIGAN
Oct. 15 for the purchase of
$1,500,000
15, 1936, and due serially on Oct. 15
WASHINGTON SUBURBAN SANITARY
DISTRICT, Md.—BOND
SALE—The $400,000 3M% series KK water bonds offered on
Sept. 11—V. 143, p. 1596—were awarded to Washburn & Co. of
New York and
Kelley, Richardson & C6. of Chicago, jointly, at a price of
105.07, a basis
of about 3.24%.
Dated April 1, 1936.
Due in 50 years, redeemable in
30 years.
Other bids were as follows:
Bidder—
Rate Bid
Robert C. Jones & Co., Inc., and Burr &
Co., Inc
W. Craigie & Co.; Phelps, Fenn & Co.;
101.26
Eldredge & Co., and
Mackubin, Legg & Co
Brown Harriman & Co., Inc. and R. W.
Pressprich & Co
Graham, Parsons & Co.; First of Michigan Corp., and
Lowber Stokes & Co.
102 25
103.329
Edward
103.52
MASSACHUSETTS
ESSEX COUNTY (P. O. Salem), Mass.—OTHER
BIDS—The $10 000
flood notes purchased recently by the Gloucester National
Bank at 0 249%
discount, were also bid for as follows:
Bidder—
Discount
Beverly National Bank, Beverly
Gloucester Safe Deposit & Trust
Co., Gloucester
National Bank, Gloucester
Trust Co., Manchester
Merchants National Bank, Salem
Whiting, Weeks & Knowles, Boston
NEW
Telephone WHltehall 4-6765
1930),
MARYLAND (State of)—BOND OFFERING—Sealed
bids, addressed to
the State Treasurer will be received
DETROIT, MICH.
to
MARYLAND
F.
none;
MICHIGAN MUNICIPALS
.
2M% emergency bonds, dated
from 1939 to 1951, incl.
$29,223.14
*822,308.45
-
—---$81,710,525.00
5,106,907.81
Uncollected
End of Year
.
IIII"
Cape Ann
~
Manchester
I
_
.43%
25%
'41%
*45%
'44%
"
',45%
EVERETT, Mass.—BOND SALE—The $60,000 municipal relief
bonds
on Sept. 18 were awarded to
Faxon, Gade & Co. of Boston
as lMs, at a price of 101.074, a basis of about
1.55%. Dated Sept. 1. 1936
and due $6,000 on Sept. 1 from 1937 to 1946 incl. Other bids
were as
of 1936 offered
39,281
849,980.20
939,618.57
Payments npt due until Nov. 1, 1936.
*
•
None
—
$4,831,667.10
—
-
965,000
57,000
321,817
61,500
,
Tax Collections
Total
Deductions—Sinking funds
-
$25,108,191
hand—
Total uncollected taxes for all years prior to 1934
None
Year—
Levy
Uncollected to Sept. 1, 1936
$865,968.30
None
37,620.58
-
s.
Tax titles held
Rate Bid
Floating debt
1934----
on
Borrowed against
Welfare costs (to date)
Financial Statement, Sept. 1, 1936
1933
Debt Statement
Assessed valuation, 1936.:
Bonded debt (including water bonds)
Water bonds
Co., Inc., of New York
Salomon
Net debt
Discount
s
National Shawmut Bank
1936 tax rate
A. M.
Totafbonded
revenue antici¬
on
0.414% discount.
Bidder—:■
follows:
Bidder—
Barr Bros. & Co., New York
First Boston Corp., Boston—
■
&
Co. or
issue of $105,000 wharf and pier bonds as
2s.
Whiting, Weeks & Knowles
Me.—BOND
an
100.91
•
Harriman
Merchants National Bank
SALE—The $150,000 coupon permanent
improvement bonds of 1936 offered on Sept. 15—V. 143, p. 1752—were
awarded to Lazard Freres & Co., Inc., of Portland as
2s, at a price of
101.056. a basis of abput 1.86%.
Dated Sept. 15. 1936, and due $10,000
second
SALE—Brown
Sept. 17 were awarded to the First Boston Corp.
Dated Sept. 18, 1936. Due $100,000 each on Dec. 15.
1936, and April 15, 1937. Other bids were as follows:
and bridge bonds to group composed of Halsey,
Stuart & Co., Inc.; Banacmerica-Blair
Corp.; Kidder, Peabody
Co., and Stone & Webster and Blodget, Inc. at a price of
102.908.
Dated Sept. 15, 1936 and due Sept. 15, as follows:
Sept. 15 from 1937 to 1951, incl.
100.646
100.624
100.059
Par
QUINCY, Mass.—TEMPORARY LOAN—The $200,000
at
&
Other bids were
a new
Rate Bid
2%
2%
2%
2%
2M %
BEDFORD, Mass.—BOND
pation notes offered
$100,000 from 1937 to 1944, incl. and $75,000 in 1945.
500,000 highway bonds to Lazard Freres & Co., Inc. of New York and
associates at a price of 102.419.
Dated Sept. 15, 1936 and due
$50,000 on Sept. 15 from 1941 to 1950, inclusive.
Associated wiui unzara Freres & Co., inc., were Bank of the Manhattan
Co., B. J. Van Ingen & Co., E. H. Rollins & Sons, all of New York;
Schoellkopf, Hutton & Pomeroy, Inc. and the Manufacturers & Traders
Trust Co., both of Buffalo and Charles H. Newton & Co. of New York.
on
:
Int. Rate
Boston have purchased
875,000 highway
were
offer of 100.833 for 2s.
follows:
Hornblower & Weeks
Burr & Co., Inc
R. L. Day & Co
$75,000 from 1937 to 1955, incl. and $100,000 in 1956.
Red.
in whole or in part after five
years from date of issue at a price
of 101.
PORTLAND,
an
First National Bank
bonds offered
bonds to a group composed of the Chemical
Bank & Trust Co.; Hallgarten &
Co.; Kean, Taylor & Co.;
Hemphill, Noyes & Co.; George B. Gibbons & Co., Inc.; Rutter
& Co.; F. L. Putnam &
Co., and Starkweather & Co. at a price
1,
as
Newton, Abbe & Co
$1,525,000 improvement
Oct.
Sept. 1, 1936 and due $4,000 on Sept. 1
Tyler, Buttrick & Co. of Boston were second
from
MAINE
Dated
100.65
100.057
SALE—The $60,000 coupon or registered land
and
1937 to 1951 incl.
101.178.
2%
2%
Denom. $1,000.
Due $15,000 each year from 1937 to 1941, incl.
Principal
(A. & O.) payable at the Merchants National Bank of Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
PARISH SCHOOL DISTRICT; NO. 8
(P. O. WinnsLa.—MATURITY—In connection with*the sale of the $15,000
a local investor, as 5Ms, at
par, as noted here recently—
V. 143, p. 1596—it is stated that the bonds
mature $1,000 from Sept. 1,
of
_
and interest
FRANKLIN
on
—
OFFERING—Lionel Bonvouloir, City Treas¬
urer, will receive sealed bids until II a. m. on Sept. 22 for the
purchase of
$75,000 coupon or registered improvement bonds.
Dated Oct. 1, 1936.
boro),
for sale
——
HOLYOKE, Mass.—BOND
$66,000 court house and
143, p. 1752—has been
(State of)—BOND SALE—The $2,900,000 2%
Sept. 16 were awarded as follows:
..
_____
school bonds to
MAINE
.
Hornblower & Weeks
CAMERON PARISH (P. O.
Cameron), La.—CORRECTOIN—We wish
to
100.876
100.073
^
SALE—The issue of $50,000 municipal
relief bonds offered on
Sept. 16 was awarded to Tyler, Buttrick & Co. of
Boston on a bid of 100.799 for
lMs.
Dated Sept. 1, 1936 and due serially
from 1937 to 1946, incl.
First National Bank of Boston was second high
in the bidding, naming a
price of 100.698 for 1 Ms.
Other bids were as follows:
\
Bidder—
Int. Rate
Rate Bid
Newton, Abbe & Co__
1 % %
100.277
Burr & Co., Inc
1M%
100.145
Estabrook & Co
1M%
100.076
C. F. Childs &_Co_
1M%
100.056
R. L. Day & Co...
Due serially to 1944.
jail bonds, scheduled for award on Oct. 12—V.
changed from Oct. 1, 1936 to Nov. 1, 1936.
100.069
2%
2%
FITCHBURG, Mass.—BOND
postponed
Dated Sept. 1, 1936.
100.899
100.647
100.219
1%%
l%%
_
Bank, Everett
is stated by H. B.
Bean, City Clerk, that the sale of the $40,000 issue of not to exceed 5%
semi-ann. paving and water works
bonds, previously scheduled for Sept. 14,
as noted in these columns
recently—V. 143, p. 1439—has been
Sept. 28.
Rate Bid
1M%
1M %
——
First National Bank of Boston
Hornblower & Weeks
Newton, Abbe & Co
Everett National Bank
Middlesex County National
BOGALUSA, La.—BOND SALE POSTPONED—It
to
Int. Rate
Tyler, Buttrick & Co
f MAYFIELD, Ky.—BOND SALE AGREEMENT—The
City Council is
reported to have agreed to sell to the Bankers Bond Co. of Louisville, a
total of $115,000 4% funding and
refunding bonds which will be used to
take up outstanding bonds and an issue of
6% city warrants.
LOUISIANA
1913
Bidder—
follows*
.
DETROIT, Mich.—BOND SALE—The $19,952,000 non-callable refunding
bonds offered
Sept. 14—V. 143, p. 1597—were awarded to a large bank¬
ing syndicate managed jointly by the First National Bank and Halsey,
Stuart & Co., Inc., both of New
York,,on a bid of par plus a premium of
$100 for $13,182,000 general refundings as 3Ms and the other
$2,600,000
as
3s; the entire $3,351,000 street railway refundings as 3Ms and the
$819,000 water issue as 2Ms.
The financing was negotiated by the city
at a net interest cost of 3.1707%.
Others in the purchasing group are
Ladenburg, Thalmann & Co., Stone & Webster and Blodget, Inc., Shields &
Co. and J. & W. Seligman & Co., all of New York;
Stifel, Nicolaus & Co.,
St. Louis; Spencer, Trask & Co., Dick &
Merle-Smith, George B. Gibbons
& Co.. Inc., Hemphill, Noyes & Co. and
Bacon, Stevenson & Co., all of
New York; Marine Trust Co. and the Manufacturers & Traders
Trust Co.,
both of Buffalo; Anglo California National Bank, San
Francisco; Braun,
Boswtorth & Co., Toledo; Otis & Co., Cleveland; Burr &
Co., Inc., Adams,
McEntee & Co., Inc. and Schlater, Noyes &
Gardner, Inc., all of New York;
Bosworth, Chanute, Loughbridge & Co., Denver; Rutter & Co., New
York;
McAlister, Smith & Pate, Inc., Greenville; Charles H. Newton &
Co.;
Boston; R. S. Dickson & Co., Charlotte; Suplee, Yeatman &
Co., Phila¬
delphia; Mississippi Valley Trust Co., St. Louis; Singer* Deane &
Scribner,
Inc., Pittsburgh; Robinson, Miller & Co., New York; Piper,
Jaffray &
Hopw.ood of Minneapolis; Equitable Securities Corp., Nashville;
Campbell,
Phelps & Co., New York; Ballou, Adams & Whittemore,
Inc., Boston and
William R. Staats Co. of Los Angeles.
The
issues:
on
offering included the following
$13,883,000 series F general refunding bonds.
Due Oct. 1 as follows:
$250,000 from 1937 to 1946 incl.;
$629,000,1947; $717,000 from
1948 to 1961 incl. and $715,000 in 1962.
2,826,000 series C street railway refunding bonds. Due Oct. 1 as follows:
$150,000 in 1938 and 1939; $250,000,
1940; $251,000, 1941;
$150,000, 1942; $375,000 from 1943 to 1947
incl.
1,899,000 series F general refunding bonds.
Due Oct. 1 as follows:
$73,000 from 1937 to 1961 incl. and $74,000 in
1962.
4
819,000 series D water refunding bonds. Due Oct. 1 as follows:
$20,000
from 1937 to 1946 incl.;
$23,000, 1947; $37,000 in 1948 and
1949; $38,000 from 1950 to 1959
incl.; $47,000 in 1960 and 1961
and $48,000 in 1962.
;
$
Financial
1914
525,000 series C street railway refunding bonds.
Due Oct. 1 as follows:
$52,000 from 1938 to 1946 incl. and $57,000 in 1947.
All of the.bonds will be dated Oct. 1, 1936.
Denom. $1,000. They will
be issued in^either coupon or registered form and bonds of the former type
will be exchanged for registered certificates at any time on the application
of the owner.
,
The bankers new issue offering appears as an
advertisement
on page
IV.
ECORSE, Mich.—BOND SALE—The following issues of bonds offered
on^Bept. 5—V. 143, p. 1597—were awarded to Grouse & Co., Inc. and
McDonald, Moore & Hayes, both of Detroit, jointly, as 3Ms, at par plus
a premium of $141.43, equal to 100.28:
$40,972.36 special assessment paving bonds, the greater portion of the
special assessment takes for the improvement to be levied on
property in the industrial section of the village.
Issue will
mature in approximate equal annual instalments in from 1 to
4 years from date of issue.
7,300.00 paving intersection bonds.
Due in approximate equal annual
instalments in from 1 to 4 years from date of issue.
1, 1936 and mature serially
The bonds are dated Sept.
T4*t:'**r
Chronicle
Sept. 19, 1936
Aug. 1, 1936, cash balances:
City general fund
Cemetery perpetual care fund
Special bond sinking
Special refunding sinking
Library
On hand Aug. 1, 1936
Investments (city's own bonds): Special refunding sinkingCemetery perpetual care
$269,161.77
30,532.32
47,958.78
42,475.13
9,776.17
576.63
*
19,000.00
131,469.90
STAMBAUGH TOWNSHIP SCHOOL DISTRICT
(P. O. Stambaugh), Mich.—NOTE OFFERING—A. E. Anderson, Secretary of Board
will receive sealed bids until 7:30 p. m. on Sept. 21, for the
purchase of $15,000 6% promissory notes.
Due May 1 as follows: $5,000
1937 and $10,000 in 1938.
Notes will be issued, as provided by law,
against delinquent taxes for years 1931, 1932 and 1934.
A certified check
for $200, payable to the order of the Secretary, must accompany each
proposal.
of Education,
in
,
Sept. 1 from
on
1937 to 1940, incl.
Northwestern Municipals
ESC AN ABA,
Mich.—BOND SALE—The
Barcus-Kindred
Co.
of
Chicago has purchased an issue of $35,000 4% special assessment paving
bonds at par plus a premium of $700, equal to 102, a basis of about 3.29%.
Dated Sept. 1, 1936 and due $7,000 on sept. 1 from 1937 to 1941. incl.
HARBOR
BEACH,
payable at the Huron County State Jbank, Harbor Beach.
approved by L, D. Thompson, City Solicitor.
MONROE,
Mich.—BOND OFFERING—Helma
bids until 7:30 p. m.
Legality to be
Guettler,
City
Clerk,
Sept. 21, for the purchase of
on
$95,000 4% self-liquidating revenue bonds.
Denom. $1,000.
Due Aug. 1
as follows:
$2,000, 1938; $1,000, 1939; $2,000, 1940 to 1942, incl.; $3,000,
1943 and 1944; $4,000, 1945; $3,000, 1946; $4,000, 1947; $5,000, 1948;
$6,000,1949; $7,000, 1950; $6,000 from 1951 to 1956, incl. and $5,000 from
1957 to 1959, incl.
Principal and interest (P. & A.) payable at the City
Treasurer's office or at the Irving Trust Co., New York City.
A certified
check for 2% of the bid must accompany
each proposal.
PORT HURON, Mich.—OTHER BIDS—The $93,000 refunding bonds
on Sept. 10 to the Harris Trust & Savings Bank of Chicago as
awarded
2s, at par plus premium of $369, equal to 100.39, a basis of about 1.91%—
V. 143, P. 1752—were also bid for as follows;
Premium
Int. Rate
Bidder—
Shannon, Kenower & Co., Inc., Detroit
Martin, Smith & Co., Inc., Detroit
First of Michiagn Corporation, Detroit
Halsey, Stuart & Co., Inc., Chicago.,
Braun, Bosworth & Co., Toledo—
$50,000 (1937-1941)
43,000 (1942-1945)
Hood, Truettner & Thisted, Inc., Detroit—
$80,000 (1937-1944)
13,000 (1945)
*
,
Stranahan, Harris & Co., Toledo
Cray, McFawn & Co., Detroit
Watling, Lerchen & Hayes & Guy G. Wedthoff &
Co., Detroit—
$20,000 (1937-1938)30,000 (1939-1941)
43,000 (1942-1945)-------- —
Crouse & Co., and Paine, Webber & Co., Detroit—
$40,000 (1937-1940)
20,000 (1941-1942)
20,000 (1943-1944)
13,000 (1945)John Nuveen & Co., Chicago
Win. R. Stuart & Co., Chicago
Prudden & Co., Inc., Toledo, Ohio
Bancamerica-Blair Copr., Chicago
McDonald, Moore & Hayes, Inc., Detroit
First Nat. Trust & Savings Bank, Port Huron, Mich.
$122.76
2
2M %
2M %
234 %
507.00
60.45
595.20
234%
2%
|433.00
1210.50
2M %
2%
2%
2)4 %
-
334.80
28.10
4.70
1
2%
2%
1.77
\l%
2
2
%
3%
234%
252.96
985.80
161.00
77.50
52.00
25.40
2%
2%
234 %
Statistics
„
„
'
$1,417,663.87
.
430,000.00
School bonded indebtedness
City's portion county bonded debt
230,952.00
—
History of Tax Collections
Amount
Collected
Collected
to
to
Aug. 1
1936
$458,150
142,941
516,836
$408,454
92,814
451,961
399,400
111,474
347,958
375,409
83,598
323,975
432,100
82,767
334,983
56,053
283,904
1932—
$521,365
183,940
585,935
.$526,200
189,886
Special assessment.
School
594,713
...
.
Special
School
1933
Regular
.
514,117
521,150
Regular
-
187,594
617,740
179,571
605,322
Special
.
531,850
493,848
Regular
.
Special
180,760
154,606
Special
608,940
565,011
School
539,150
170,175
487,637
Regular
428,100
126,782
528,807
Special
69,214
359,564
.
School
School.
1934—
1930—
Regular
Special
School
.
-
372,778
.
Special
.
-
.
538,950
School
340,441
41,820
284,803
Tax Rates
Total {Inc.
Debt Service
Total City
Sch.
County & State)
$4.40
$13.76
1936.
1935.
.4.35
$32.25
1934.
13.82
4.91
34.18
1933.
1932.
12.68
12.78
4.31
4.06
13.60
3.26
12 96
3.76
30.78
34.29
42.16
32.29
1929.
13.72
———'
.
193524 19354
annual school building bonds.
HENNEPIN COUNTY INDEPENDENT SCHOOL DISTRICT No. 53
O. Wayzata), Minn.—INTEREST RATE—In connection with the
of the $30,000 school bonds to the State, noted in these columns
(P.
sale
recently—V.
bonds
were
143,
sold
p.
as
1597—it is stated
by the District
Clerk
that
the
3s.
MINNESOTA, State of—BOND SALE—The $4,000,000 issue of coupon
or registered trunk highway bonds offered for sale on Sept. 14—V.
143, p.
1597—was awarded to a syndicate headed by the Bankers Trust Co., the
National City Bank, and Edward B. Smith & Co., all of New York, as
2Ms, paying a premium of $13,664, equal to 100.3416, a basis of about
2.22%.
Dated Oct. 1, 1936.
Due $1,000,000 from Oct. 1, 1948 to 1951,
inclusive.
members of the successful syndicate were:
First Boston Corp.;
Brown Harriman & Co., Inc.; the First National Bank of Chicago; the
First National Bank of St. Paul; the First and American National Bank of
Duluth; the First National Bank & Trust Co. of Minneapolis; the Northern
National Bank of Duluth, the Wells-Dickey Co. of Minneapolis, and
Piper, Jaffray & Hopwood, of Minneapolis.
The second highest bid was an offer of $7,964 premium on 2>£s, tendered
by a syndicate headed by the First National Bank of New York, and
Salomon Bros. & Hutzler, of New York.
Receipts from motor vehicle licenses during the year ended June 30,1935,
were $6,787^107.08, and for the year ended June 30, 1936, $8,061,911.42.
Exclusive of this issue the highway bond and interest requirements during
the ensuing four years will be: Year—
Principal
Interest
I
Year—
Principal
Interest
--$1,000,000 $1,240,750 1939
$1,675,000 $1,197,250
1,000,000
1,219,50011940
1,525,000
1,150,500
During the business year ended June 30, 1936, tbe State
received
$136,176,214.12
It disbursed126,368,731.16
And had
-
a
cash balance
on
-
July 1, 1936 of
The State's bonded indebtedness
as
of Sept. 1
State armories
,
1936, is
as
Red Lake game preserves.-,
State office building
Military camp construction
Spanish War veterans
'
State
buildings_
State Hospital No. 4
33,000.000
Rural credit bonds carried in the State's trust
funds and certificates of indebtedness
^
•
$13,525,914.00
2,474,845.87
Rural credit bonds
™
follows:
$369,000
132,030
70,000
474.529
365,000
150,000
500,000
10,218,000
276,855
870,500
100,000
Marshall County reforestation
Teacher's retirement
Reforestation and flood control
$25,601,633.47
■
32,820,000
65,820,000.00
,
Trunk highway bonds
33,150,000.00
9,251,966.68
-
Highway reimbursement bonds
Total.
$124,222,726.55
Actual value of taxable property in the State of Minnesota
in 1934
Assessed valuation 1935:
Personal property
4,680,978,394.00
Real estate
1,238,226,937.00
155,548,331.00
559,565,672.00
—
Money and credit..
State Tax Collections
Levies
1931
.$14,857,772.97
«
13,491,171.37
17,868,044.19
16,683,886.81
18,854,371.74
Collections
1932
In
$13,857,210.88
12,738,357.37
15,995,996.35
15,776,014.74
-
course
of collection.
BONDS OFFERED FOR INVESTMENT—Successful bidders reoffered
the above bonds for public subscription at
prices to yield from 2.10 to 2.20
%,
according to maturity.
They are said to be legal investments for savings
banks and trust funds.
The bonds, issued for trunk highway purposes, are
general obligations
of the State of Minnesota.
In addition, under constitutional
funds derived from motor vehicle taxes must be
applied first to the payment
of principal and interest of the trunk
-
5U2.000
170,066
430,800
direct obligations of the city,
1936—April 30, 1937---
Appropriations (city) May 1, 1936
Under city charter all Port Huron bonds are
but water bonds, which are also direct
provision,
highway bonds.
(city, general and special assessments)
Bonds maturing fiscal year, May 1,
obligation, are paid out of Water
Department receipts.
Sinking Fund
Special refunding sinking, Aug. 1, 1936
$61,475.13
(This fund was established for the retirement of term bonds for which
sinking funds had not been provided when the said bonds were issued.
On Jan. 1, 1932, $100,000 bonds were retired, and the balance of $166,000
for which this fund was set up, will mature in 1943-44.)
Special assessment sinking (cash Aug. 1, 1936)
$47,958.78
(This fund is for the payment of special assessment bonds and represents
the amount on hand of special assessment collections which are payable
over a period of years during the life of the assessment roll, or may be paid
in advance.)
-
BINGHAM LAKE COMMON SCHOOL DISTRICT NO. 135 (P. O.
Bingham Lake), Minn.—BOND OFFERING—It is reported that sealed
bids will be received until 8 p.m. on Sept. 26, by Adrian Backman, Clerk
of the Board of Education, for the purchase of a $5,500 issue of
3% semi¬
$1,104,188
Net decrease since 1927
Aug. 1, 1936
warrants will mature as called for.
$2,521,852
1,417,664
1925—
City's bonded debt, 1927
Aug. 1, 1936
Total delinquent taxes
Foley), Minn.—PRICE PAID—It is now
reported by the County Auditor that the $25,000 3% poor fund warrants
sold to the Guaranty State Bank & Trust Co. of St. Cloud, and the State
Bank of Oilman, as noted in these columns recently—V. 143, p. 1597—
were sold at par. Denoms. $500 and $1,000. Dated Sept. 16,1936.
These
a
1935—
1931—
Regular
MINNESOTA
BENTON COUNTY (P. O.
Municipal bonds
Regular
1929—
School
Aug. 1
Levies
1936
Levies
Teletype—Mpls287
State Board of Relief--
Amount
1928—
19378
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic 4201
Other
4%
2%
2>4%
Incorporated 1857.
Fiscal year, May 1—April 30.
Population, 1910,
18,863; 1920, 26,000; 1930 . 31,361; 1936 (estimated), 35,000.
•Assessed valuation, 1936
$31,345,010
Valuation city owned property (non-assessable) (est.)
13,000,000
Bonded indebtedness Aug. 1, 1936:
■
General obligation (not incl. water bonds)
1,188,036.28
Water bonds__!
115,000.00
Special assessment bonds
—
—
114,627.59
Regular
Oregon, Washington
Mich.—BOND ISSUE DETAILS—Harold Bunt¬
ing, City Clerk, states that no date has been set for sale of the $25,000
3% water works bonds recently approved by the voters.
The issue will be
dated Oct. 1, 1936.
Denom. $1,000.
Due as follows: $2,000 in 1938 and
1939 and $3,000 from 1940 to 1946, incl.
Principal and interest (A. & O.)
will receive sealed
Minnesota, North and South Dakota, Montana,
,
,
MONTEVIDEO,
Minn.—BOND OFFERING—Sealed
bids
will
be
re¬
ceived until 8 p.
m. on Sept. 21, by A. E. Swenson, City Clerk, for the
purchase of a $5,000 issue of 3}4% park improvement bonds.
Denom,
$1,000.
Dated March 1, 1936.
Due on March 1 as follows: $2,000, 1942,
and $3,000 in 1943.
Public offering will be made on these bonds and no
award will be made to any bidder not
actually present at the sale.
will not be sold for less than the par value
plus accrued interest.
bonds are part of a total authorized issue of
Bonds
These
$15,000.
MISSISSIPPI
9
—A
COUNTY (P. O. Port Gibson), Miss.—BOND
SALE
$40,000 issue of birdge construction bonds is reported to have been
purchased by Lewis & Thomas of Jackson.
ELLISVILLE,
refunding bonds
Miss.—BONDS SOLD—It is stated that $30,000
Weil, Inc., of New Orleans.
were sold to Dane &
5%
Volume
Financial
143
Chronicle
1915
MISSISSIPPI MUNICIPALS
H. LAlle
Bought—Sold—Quoted
Scharff & Jones
N. Y. 1-528
A.T.&T,
TELEPHONE RAYMOND 1189
New York
100 Broadway
New Orleans
MISSISSIPPI
MUNICIPAL BONDS
HINDS COUNTY (P. O. Jackson), Miss.—BONDS
SOLD—A total
°t $140,000 refunding bonds was sold recently to a syndicate composed of
e_Whitney National Bank of New Orleans, the Leland Speed Co., Lewis
*
ipal Bonds
'or 2-7333
Telepho
INCORPORATED
A. T. T. TEL. N. O. 180
V Company
New Jersey
New Jersey and General Market
Issues
.
&
Thomas, the Capital National Bank, the Deposit Guaranty Bank
Tnist Co., the Jackson State National
Bank, the J. S. Love Co., Wiggins
& Walton, the Federal
Securities Co., all of Jackson, and the Union Planters
B. J. Van Ingen & Co.
Bank
& Trust Co. of
Memphis, as 3s. The bonds are divided as follows:
$89,000 First and Fifth Supervisors' District and
$51,00Q general county
refunding bonds.
57
A.
Miss.—BOND SALE—We
are informed that an issue of
pin-chased recently by a group composed of
P-Hickman, Inc., of Vicksburg; John R. Nunnery & Co. of Meridian,
and George T. Carter, Ind., of Meridian, as 3.90s.
$152,000 refunding bonds
PASS
CHRISTIAN, Miss.—BONDS
SOLD—It is stated that
MISSOURI
ST.
LOUIS, Mo.—BOND SALE—The $382,000 block of coupon or
semi-annual refunding bonds offered for sale on Sept.
17—
V. 143, p. 1753—was awarded to the Wm. R.
Compton Co., Inc., of New
registered
2^s, at
price of 100.569,
basis of about 2.215%.
Due on
1, 1953.
These bonds are part of an $882,000 issue, the remaining
$500,000 being reserved for purchase by the Police Retirement System.
The second highest bid received was an offer of
$100,297 on 2Ms, ten¬
dered by the Harris Trust &
Savings Bank, of Chicago.
a
a
Oct.
BONDS
offered
to
OFFERED
the
above
FOR
bonds
INVESTMENT—1The
for
successful
public subscription priced
bidder
re-
to
yield 2.15%
Mo.—BOND
ELECTION
maturity.
ST.
LOUIS
COUNTY
(P.
O.
Clayton),
AOT CONTEMPLATED—In response to our
inquiry regarding current
reports that an election would be held in the near future to vote on the
issuance of $1,000,000 relief and funding bonds, we are informed
Miller, County Clerk, that
by W. E.
no such election has been
proposed.
"
MONTANA
bids will be received
until 7 p. m. on Oct. 3, by Earl J. Summers, Town Clerk, for the
purchase
of a $5,000 issue of armory and auditorium bonds.
Interest rate is not to
6%, payable M.
either amortization
or
& N.
Dated Nov. 1, 1936.
These bonds are to be
serial in form, with the former being the first choice
of the Town Council.
Whether amortization or serial, the bonds will be
redeemable in full on any interest payment date from and after 10
years
from date of issue.
A certified check for $500, payable to the Town Clerk,
must accompany
the bid.
NEBRASKA
7
WANTED
OTHER
NEBRASKA
OF
years.
is
reported
that
the
$76,180
right-of-way bonds approved by the District Court in August—V.
143,
1121—were purchased by the United States National Bank of Omaha.
NEBRASKA, State of—DECLINE IN ASSESSED VALUATIONS
STOPPED—The decline in the assessed valuation of property in the State
has been stopped.
The consolidated report made by the State Tax Comsioner from the returns of 51 counties out of the 93 shows
$13,445,768
INCORPORATED
Raymond Blvd., Newark
New York Wlr
:
MArket 3-1718
A. T. & T. Teletype
NWRK 24
:
REctor 2-2055
NEW
JERSEY
ATLANTIC CITY, N. J.—NOTE SALE—The GuaranteelTrust Co. of
Atlantic City recently purchased an issue of $100,000 2% bearer notes,
dated Sept. 15, 1936 and due March 15, 1937.
Proceeds will be used by
the city to finance relief expenditures up to Jan. 1, 1937.
f
BAYONNE, N. J.—BOND SALE CANCELED—The city canceled the
sale scheduled for Sept.
15 of $800,000 not to exceed 4% interest coupon
registered Port Terminal bonds—V. 143, p. 1598.
Unsettled litigation
concerning the project is said to have caused rescindment of the offering.
The boods are dated Sept. 1, 1936 and due Sept. 1 as follows: $10,000,
1939; $70,000 in 1940 and $30,000 from 1941 to 1964 incl.
or
Financial Statement
'
Assessed valuation of real property (1936)
Assessed valuation of personal property U936)
$124,024,338.00
21,801,332.00
-
Total
-$145,825,670.00
debt evidenced by permanent bonds (including
$52,000 emergency relief bonds, $288,000 school bonds,
and $1,000,000 port terminal bonds to be presently issued):
'
Water bonds
->-$3,400,000.00
School bonds
4,492,500.00
Other bonds-6,260,968.49
.
-*
$14,153,468.49
Indebtedness evidenced by temporary bonds or notes:
Tax revenue notes issued against tax rev¬
enues of 1935 and prior years
Tax anticipation notes issued in anticipation
of 1936 taxes
a
—
$543,944.40
875,000.00
5,000.00
1,423,944.40
—
'
$15,577,412.89
$3,400,000.00
net increase of
or
1.7%.
'
The high point in assessed valuation started in 1921 when
property was
for the first time listed at its full value instead of one-fifth value for taxation
.
Purposes. The peak showed property to the State listedtotal dropped from
'here
slight drop from then on in 1929 when the at $3,312,000,000.
was a
$3,167,000,000 to $3,030,243,533 in 1935.
Of the increased net assessed valuation of $13,445,768, motor vehicles
in the 51 counties account for an increase of 38%.
The 51 counties have
listed motor vehicles at $13,282,904 while the total in 1935 was
$8,281,156.
The grand total of all property in the 51 counties thus far
reported is
$791,066,007.
108,282.67
3,508,282.67
$12,069,130.22
—
-
Tax Collections
"
Uncollected at End
' ""Total Levy
$7,805,562.33
7,080,932.64
6,607,090.31
6,731,280.89
Year—
BRIDGEPORT, Neb.—BOND SALE—The $8,000 issue of water de¬
partment building bonds offered for sale on Sept. 11—V. 143, p. 1753—was
awarded to the Kirkpatrick-Pettis-Loomis Co. of Omaha, as 3s, at a dis¬
count of $63.25, equal to 99.209, a basis of about 3.05%.
Due in 20
Neb.—BONDS SOLD—It
1, 1949-51 to yield 3.50%
Colyer, Robinson $ Company
1180
Net debt
A. T. & T. Teletype OMA 81
NEBRASKA
FREMONT,
193654
November
Sinking funds now on hand and held for the
payment of bonds other than water bonds
OMAHA
First National Bank Bldg-
Due
obligations
:
:—
Deductions from such gross indebtedness:
Water debt, included above
ISSUES
The National company
P.
Market 3-3124
Gross indebtedness evidenced by negotiable bonds or other
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
Newark Tel.:
1-730
Other bonds and notes
MUNICIPALS
OFFERING
\
•
Y
Bonded
BAINSVILLE, Mont.—BOND OFFERING—Sealed
exceed
&. T.: N.
Inc.
John 4-6364
:
$54,000 Teaneck Township, N. J., School 4% Bonds
3625,600
a
bonds was purchased
KANSAS CITY, Mo.—BOND ELECTION—The City Council's Finance
Committee on Sept. 11 approved an ordinance
providing for a vote Nov. 3
on
a SI,000,000 bond issue for
improvements at the municipal airport.
The City Manager is reported to have said that an
increase in the city's
tax levy would not be
required to pay for the bonds.
as
T.
Telephon
was
issue of 4}4%
coupon water works improvement
recently by Dane & Weil, Inc., of New Orleans.
York,
WILLIAM STREET, N. Y.
—
-
of Year of Levy
$2,088,472.29
1,775,201.02
1,458,588.98
—-
Uncollected on
Aug. 31,1936
$643,849.68
717,878.48
957,100.86
2,190,738.44
Other
Information
The city's population, according to tthe Federal Census of 1930, is 88,979.
The $800,000 port terminal bonds now offered for sale are part of an
authorized issue of $3,000,000 port terminal bonds, of which $1,000,000
of bonds are to be presently issued.
The other $200,000, bearing 4%
interest, payable $70,000 of bonds on Sept.
and
1 in each of the years 1937
1938, and $60,000 of bonds on Sept. 1, 1939 are to be purchased by
Emergency Administration of Public Works.
the Federal
BRICK TOWNSHIP (P. O, Laurelton), N. J .—BOND SALE—The
$68,000 coupon or registered general refunding bonds offered on Sept. 16—
V. 143, p. 1598—were awarded to the First National Bank of Toms River
and the Ocean County Trust Co. of Toms River, on their joint bid of a
price of $62,805.
The bonds were offered as not to exceed 4&s.
FORT LEE, N. J .—TAX COLLECTIONS—The following figures have
been taken from the minutes of the Sept. 4 meeting of the Municipal
Finance Commission in behalf of the borough:
Collections of 1936 taxes to date amount to
$249,223.46
or
40.27% of
$618,848.42.
For the same period in 1935, collections of 1935
amounted to $254,542.82 or 38.37% of the levy of $663,443.26.
Total collections of 1935 taxes now amount to $397,187.75 or 59.87%
the levy of
taxes
NORTH
PLATTE, Neb.—REPORT ON PWA ALLOTMENT—An addi¬
tional loan and grant of $465,000 for the
hydro-electric development at
North Platte, Neb., was announced by Public Works Administrator
Harold
L. Ickes.
Of the amount $335,000 was a loan, to be repaid with
interest,
and $130,000 was a grant.
The additional funds were allocated to provide increased protection for
the canals and reservoirs of the hydro-electric generating system and for
the purchase of maintenance equipment.
An example is construction of a
house for
a gate tender.
Slope of canals which now must be closed during
severe winters of the section, is to be changed from 1.5 to
1, to 2 to 1,
better to provide against seepage and damage to banks.
Allotment of $9,700,000 previously had been made for the North Platte
the
project.
Of this $2,450,000 was a grant and the balance of $7,250,000
loan, which is to be repaid with interest.
was
a
NEW
JERSEY
ASBURY PARK, N. J.—SEEKS COURT APPROVAL OF INTEREST
suggested in a resolutions adopted by the Municipal
Finance Commission on Sept. 4, the city has applied to the Supreme
Court
for an order directing payment by the city of $310,000 on account of
interest
in default on the principal debt of the municipality up to and
including
Dec. 31, 1934.
The city previously adopted resolutions providing for two
payments of $155,000 each, subject to approval of the finance commission
The latter, as above noted, refused to sanction the disbursement unless it
had been approved by the court.
A show cause order, returnable before
the Court at the Guaranty Trust Bldg., Atlantic City, on Sept.
29, 1936
has been issued by the Court, directing creditors of the city to show
cause
why the payment should not be made.
PAYMENT—As
,
of the levy of $663,443.26.
Total collections of 1934 taxes now amount to $493,838.06 or 73%
of
the levy of $676,482.16.
Collections of tax title liens in
1936 to date amount to $46,645.11 as
compared with $59,781.47 for a similar period in 1935.
Collections of assessment title liens in 1936 to date amount to $22,710.19
as
compared with $25,028.75 for a similar period in 1935.
Assessment collections in 1936 to Aug. 31 total $11,549.77 as
compared
with $31,612.28 for a similar period in 1935.
GARFIELD,
N.
I.—FINANCIAL
STATEMENT—'The
following
statement has been prepared by MacBride, Miller & Co. of Newark which
recently participated in the public offering of $180,000 5% % school bonds
at prices to yield from 2% to 5.10%, according to maturity.
Legality
approved by Caldwell & Raymond of New York.
Financial Statement
!
Actual valuation (estimated)
1936
$33,048,570
Assessed valuation
19,829,159
Total bonded debt
6,020,284
Less: Water bonds
$1,621,000
176,873
197,000
Sinking funds.
Bonds in 1936
budget
Net bonded debt
4,025,412
Population, 1930 census, 29,739.
included in the total debt listed
above, tne city having no separate school district.
Not included are the
overlapping debts of Bergen County and the State of New Jersey which
have power to levy taxes upon property within the city limits.
Bonds issued for school
purposes
are
119933465
1916
Financial
Tax Collection Data
*
Bank
Collected
Year
Tax Levy
Year of Lew
Levy
$592,260
786,805
699,554
699,554_
*512,290.3
$1,363,567
1,583,770
1,312,297
1,162,938
Uncollected
Aug. 31, 1936
$91,985
163,599
248.783
%
43.3
49.7
53.3
KEARNY
The
6.7
10.3
18.9
COUNTY
Valuation, as determined by State Tax Commission
MONTCLAIR,
N.
DEBTS—Collection
(P.
O.
New
Brunswick),
J —DELINQUENT
of
$1,909,545
.
estimated,
763,818
79,000
not
political subdivisions which have the power to
levy taxes within the district.
N.
J,—BONDS
PUBLICLY OFFERED—H. L. Allen & Co. and Morse Bros. & Co., Inc.,
both of New York, are offering today $193,000 4% hospital bonds due
April 1, 1954 to 1963, inclusive, at prices to yield from 3.05% to 3.15%,
according to maturity.
These bonds, in the opinion of counsel, are valid
and binding obligations of the county all the taxable property within which
is subject to the levy of ad valorem taxes to pay the principal thereof and
interest, without limitation as to rate or amount.
They are legal invest¬
ment for savings banks and trust funds in New York and New Jersey,
according to the bankers.
(
)
/
550.
The
above financial
does
statement
include the debt of other
owned total tax tile liens of $742,735.
15, 1936 and is due serially from 1937 to
Interest payable J. & J. 15.
Coupon in form.
Denom. $1,000.
Dillon &
Legal opinion of Clay,
(Officially Reported)
Assessed valuation, 1936-37
Total bonded debt Sept. 9, 1936
Population,
issue is dated July
new
New York City.
Financial Statement
Taxes—Suffolk County collects taxes under a special Act which
(P. O. Arlington), N. J.—BOND EXCHANGE—Graham,
MIDDLESEX
Sept. 19, 1936
Trust*Co.,
Vandewater of New York City.
Parsons & Co. of New York are reported to have exchanged $142,000 4%
bonds for a similar amount of new 3s, at par.
Denom. $1,000.
1942, incl.
&
%
Collected to Aug. 31, 1936.
As of Aug. 31, 1936 the city
Chronicle
delinquent
TAXES
USED
TOTMEET
1934
taxes has improved to such an
extent since the announcement last month of a tax sale that the city was
provides
that the total amount due the Supervisors of the various towns (including
the amounts due the school districts) will be paid to them before any pay¬
ments are made to the
County Treasurer.
BROOKHAVEN
(P. O. Patchogue), N. Y.—BOND OFFERING—
Havens, Town Clerk, will receive sealed bids until 11 a. m.
(Daylight Saving Time) on Sept. 23 for the purchase of $86,165.10 not
to exceed 6% interest coupon or registered public works bonds.
Dated
Sept. 15,1936.
Lastjbond for $1,165.10, others $1,000 each.
DueMarchl
as follows: $10,000 from 1938 to 1945 incl. and $6,165.10 in 1946.
Bidder
to name a single interest rate on all of tne bonds, expressed in a multiple
of M or l-10th of 1%.
Principal and interest (M. & S.) payable at the
Town Supervisor's office.
A certified check for $2,000, payable to the
order of the town, must accompany each proposal.
The approving opinion
of Clay, Dillon & Vandewater of New York will be furnished the successful
Andrew D.
bidder.
Financial Statement
while $200,000 of
The assessed valuation'of the property subject to the taxing power of
the Town, is $41,013,856.
The total bonded debt of the Town, including
the above mentioned bonds, is $377,390.10 of which none is water debt.
The population of the Town (1930 Census) was 28,291.
The bonded debt
also
above stated does not include the
able to make payment of $140,000 of the $190,000 in tax revenue bonds
which matured on Sept. 16.
The remainder were renewed at 6% interest,
19356
the $350,000 in 1935 tax notes which were due at that time
were
refinanced.
New financing authorized comprised an issue of
$150,000 tax anticipation notes to meet the present year's budget appropria¬
tions and the disposal of $80,000 emergency relief bonds to finance that type
of expenditure from July 1 to Dec. 31, 1936.
SECAUCUS, N. J.—BOND OFFERING—Adrian Post, Town Clerk, will
Saving Time) on Sept. 22 for
receive sealed bids until 8 p. m. (Daylight
the purchase of $10,000 not to exceed 6%
interest coupon or registered
Dated Oct. 1, 1936.
Denom. $1,000.
Due
$2,000 in 1937 and 1938 and $1,000 from 1939 to 1944
incl.
Bidder to name a single interest rate on the issue, expressed in a
multiple of
of 1%.
Principal and interest (A. & O.) payable at the
First National Bank, North Bergen.
The price for which the bonds may
be sold cannot exceed $11,000.
A certified check for $200, payable to the
relief
emergency
bonds.
1 as follows:
Oct.
order of the town, must accompany each proposal.
The approving opinion
of Reed, Hoyt & Washburn of New York will be furnished the successful
bidder.
STANHOPE, N. J.—NEW SALE PLANNED—J. J. Shaw, Borough
Clerk, informs us that the sale of $18,000 water bonds to M. M. Freeman &
Co. of Philadelphia has been canceled and that a new offering of $20,000
bonds will be made about Nov. 1.
A misstatement in the borough's bonded
debt served to nullify the original transaction, according to report.
SUMMIT, N. J —BOND OFFERING—Frederick C. Kentz, City Clerk,
will receive sealed bids until 8 p. m. on Sept. 29 for the purchase of $85,000
not to exceed 3% interest coupon or registered sewer bonds.
Dated Oct.
1, 1936.
Denom. $1,000.
Due $5,000
Oct. 1 from 1937
on
Rate of interest to be expressed in a multiple of M of 1 %.
to 1953, incl.
Principal and
debt of any other subdivisions having
all of the property Subject to the taxing
Jan. 1.
The amount of
1, 1933, Jan. 1, 1934 and
Jan. 1,1935, was respectively $980,732.88, $1,106,737.48 and $1,181,045.93.
The amount of such taxes uncollected at the end, of each of said fiscal years,
was respectively none, none and
none.
The amount of such taxes remain¬
ing uncollected as of Sept. 9, 1936, is respectively none, none and none.
The taxes of the fiscal year commencing Jan. 1, 1936, amount to $1,143,250.64 of which $1,143,250.64 has been collected.
upon any or
power of the town.
The fiscal year commences
taxes levied for the fiscal years commencing Jan.
DELHI,
MEREDITH,
BOVINA,
KORTRIGHT,
FRANKLIN CENTRAL SCHOOL DISTRICT
Y —CERTIFICATE SALE—At the offering
& Co.
CITY, N. J.—BONDS PUBLICLY OFFERED—J. B. Hanauer
Newark are offering for public investment $15,000 4}4% play¬
of
ground bonds, due Oct. 15, 1955 and $10,000 4%%
March 1, 1950,
They are priced to yield 4.15%.
funding bonds, due
DENMARK, HARRISBURG, PINCKNEY, CHAMPION AND RUT¬
DISTRICT NO. 1 (P. O. Copenhagen),
Y.—BOND SALE—The $48,000 coupon or registered unlimited tax
school bonds offered on Sept. 1&—V. 143, p. 1599—were awarded to the
Bancamerica-Blair Corp. of New York as 3s, at par plus a premium of $201,
equal to 100.418, a basis of about 2.955%.
Dated Sept. 1, 1936 and due
$2,000 on June 1 from 1939 to 1962 incl.
Second high bidder was George
B. Gibbons & Co., Inc. of New York, offering a premium of $263.86 for
N.
3.10s.
bids
Other
were
follows:
as
$68,824,603
years
Gross debt
8,107,647
5,502,508
Legal net debt, New Jersey Laws
and
Levy
Delinquent
Taxes—Levy
Year
$3,402,516
2,813,751
3,192,516
3,161,159
...
$2,569,876
3,119,851
Delinquent
%
as of
Delinquent
July 31, 1936
July 31,'36
$111,864.95
3.29
7.13
20.16
62.45
200,776.04
3,118,395
(Est. $3,822,528)
643,757.68
1,974,274.71
Total Gross Debt
As of Dec. 31, 1934
As of Dec. 31, 1935
As of
$8,657,209
8,427,226
8,107,647
July 31, 1936
This
municipality is operating under Chapter 60, New Jersey Pamphlet
Laws of 1934. the Cash Basis Act.
UNION
TOWNSHIP,
CUTS—At
N.
•
J .—VOTE
ON RESTORATION
OF
PAY
special referendum to be held
on Sept. 29 the voters will be
proposal to restore salaries of school teachers to the
levels which prevailed prior to the reduction of 10 %.
The proposal has been
defeated on two occasions in the past.
Restoration of full salaries will mean
adding $20,640 this year and $25,800 next year to the municipal budget.
asked
a
consider
to
WEST LONG
Council has
a
BRANCH, N. J —BONDS A UTHORIZED—The Borough
voted
issue $55,000 not to exceed 5% interest refunding
1, 1936 and due Oct. 1 as follows: $2,000 from 1937
to 1962 incl. and $3,000 in 1963.
About $27,000 of the proceeds will be
used to pay past due State and local school and county taxes.
bonds.
Daley & Co...
J. & W. Seligman & Co
-
-
253.92
213.60
125.00
to
Dated Oct.
WEST LONG BRANCH, N. J —BOND OFFERING—J. Russell Wolley,
Borough Clerk, will receive sealed bids until 8 p. m. on Oct. 1 for the
purchase of $55,000 not to exceed 5}4% interest coupon or registered re¬
funding bonds.
Dated Oct. 1, 1936.
Denom. $1,000.
Due Oct. 1 as
follows: $2,000 from 1937 to 1962, incl.
and $3,000 in 1963. Rate of
interest to be named by the bidder in a multiple of H of 1 %.
Principal
and interest (A. & O.) payable at the office of the Borough Collector-Treas¬
urer or, at holder's option, at the Continental Bank & Trust Co., New York
City.
A certified check for 2% must accompany each proposal.
The
approving opinion of Hawkins, Delafield & Longfellow of New York City
of the
account.
sewer
N.
Y.—BOND OFFERING—Charles
Financial Statement
.
________
P'The
assessed
valuation
of
the
property
______
subject
to
New York State Municipals
County—City—Town-—School District
Gordon Graves 8l Co.
YORK
power
water debt and $ None
paving or
sewer
obligations issued prior to May 22,
1934, to pay all or any part of the cost assessed against the property bene¬
fited. the net debt is $2,000.
The population of the village (1930 census)
was 677.
The total debt above stated doas not include the debt of any
other subdivision having power to levy taxes upon any or all of the property
the taxing power of the village.
The fiscal year commences
The amount of taxes levied for the fiscal years commencing
1933, March 1, 1934, and March 1, 1935, was, respectively,
$5,932.51, $5,587.38 and $5,614.57. The amount of such taxes uncollected
subject to
March
1.
March
1,
at the end of each of said fiscal years was,
respectively, $780.12, $441.15
and $526.93.
The amount of such taxes remaining uncollected as of Sept. 10,
1936 is, respectively, $64.18, $184.50 and $292.60.
The taxes of the fiscal
year
commencing March 1, 1936, amount to $5,613.38, of which $4,636.27
Said taxes for the current fiscal year become delinquent
has been collected.
Feb. 1. 1937.
GENEVA,
N.
Y.—BOND
SALE—'The
$35,000
coupon
or
registered
on Sept.
16—V. 143, p. 1754—were
awarded to Stranahan, Harris & -Co..Inc. of New York as 2s, at a price
of 100.159, a basis of about 1.98%.
Dated April 1, 1934, and due April 1
special appropriation bonds offered
as
follows:
$7,000, 1954: $11,000, 1955: $12,000 in 1956 and $5,000 in 1957.
and were sold at par.
1937 to 1942 incl. ■
Y.—BOND SALE
STOCK EXCHANGE
Whitehall 4-5770
Dated Aug. 1, 1936 and due $1,000 on Aug. 1 from
HARRIETTSTOWN
Franklin
B.
N. Y.
WP5'
.
the taxing
DETAILS—The $6,000 fire Apparatus bonds purchased on Aug. 20 by the
Mattewan National Bank of Beacon—V. 143, p. 1443—bear 2H% interest
Offerings— Wanted
MEMBERS NEW
Record.
of the village, as it appears on the last preceding village assessment roll,
is $504,755.
The total contract debt of said village, including the bonds
herein advertised for sale, is $37,000.
Deducting $ None tax notes, $35,000
GLENHAM FIRE DISTRICT (P. O. Glenham), N.
WALL ST.,
F.
Village Clerk, will receive sealed bids until 2 p. m. (Eastern Standard
Time) on Sept. 24, for the purchase of $35,000 not to exceed 5% interest
coupon or registered water system repair bonds.
Dated Sept. 1, 1936.
Of the bonds, 32 will be in denoms. of $1,000 and 6 in $500 units.
Due
Sept. 1 as follows: $1,500 from 1938 to 1943, incl. and $2,000 from 1944 to
1956, incl. Bidder to name one rate of interest on the entire issue, expressed
in a multiple of M or l-10th of
1%.
Principal and interest (M. & S.)
payable at the First National Bank, Forestville, with New York exchange.
The bonds are general obligations of the village, payable from unlimited
taxes.
A certified check for $700, payable to the order of the village, must
accompany each proposal.
The approving opinion of Clay, Dillon &
Vandewater of New York will be furnished to the purchaser without cost.
will be furnished the successful bidder.
1
86.40
FERRY, N. Y.—PROPOSED BOND ISSUE—Mayor Joseph J.
bonds, backed by de¬
linquent taxes totaling $41,768, to finance resurfacing of Ashford Ave.
An issue of $10,000 disposal dump addition bonds was taken by the trustees
FORESTVILLE,
Collection—Current
1934
B. E.
$263.86
3.20%
3.20%
3.20%
3.25%
Northern New York Trust Co
58,659.
Tax Collections
.
3.10%'
-—
Walker recently suggested the issuance of $25,000
Average assessed valuation three next preceding
Year—
Premium
Int. Rate
Bidder—
George B. Gibbons & Co., Inc
DOBBS
Financial Statement
Population 1930 census,
AND
on
LAND CENTRAL SCHOOL
Manufacturers & Traders Trust Co
UNION
HAMDEN
NO.
1 (P. O. Delhi).
Sept. 10 of $7,000
certificates of indebtedness, the Delaware County Masonic Gratuity Fund
(E. O. Harkness, Secretary) purchased $4,900 worth as 3)^8, at par plus
a premium of $8.40.
Dated Sept. 15, 1936.
Denom. $700.
The entire
$7,000 mature $1,400 each Sept. 15 from 1937 to 1941 incl.
Bids of par
for 3j^s were received from O. S. Flint and the Delaware National Bank.
N.
interest (A. & O.) payable at the City Treasurer's office.
A certified check
for 2 % must accompany each proposal.
The approving opinion of Hawkins,
Delafield & Longfellow of New York City must accompany each proposal.
levy taxes
power to
ment
to
UNION FREE SCHOOL DISTRICT NO. 1,
County, N. Y -RE-OFFERING OF $23,000 BONDS—George
Gibbons
a new
&
Co., Inc. of New York recently offered for general invest¬
4% coupon or registered school bonds, at prices
issue of $23,000
yield from
due
1% to 3%, according to maturity. Dated Nov. 1, 1935 and
serially on Nov. 1 from 1936 to 1958, incl.
Principal and interest
(M. & N.) payable at the Chase National Bank, New York City.
opinion of Clay, Dillon & Vandewater of New York City.
Legal
Financial Statement (Officially Reported)
NEW
YORK
ALBANY; N. Y.—TAX COLLECTIONS UP $500,000—The city col¬
lected in
excess
of half
million dollars
Sept. 1 than during
period last year, according to Frank O'Brien, City Treasurer.
During the first seven months of 1936, $5,683,240.43 was collected, com¬
pared with $5,088,521.18 up to Sept. 1, 1935.
Last year 78.97% of the
total tax levy had been collected
by Sept. 1.
Mr. O'Brien said.
This
year 88.33% has been collected.
the
a
more
taxes up to
same
BABYLON COMMON SCHOOL DISTRICT NO. 9, N. Y —BONDS
PUBLICLY OFFERED—George B. Gibbons & Co., Inc., of New York
public offering recently of the issue of $66,000 4% coupon or regis¬
tered school bonds purchased by the bankers at the last sale held by the
Valuation, as determined by State Tax Commission
valuation, 1935-1936
June 30, 1936
Population, estimated, 8,000.
Total bonded debt,
Reconstruction
to
on
3.25%.
Finance
Nov.
Corporation.
Principal
and interest
The
issue, dated Nov. 1, 1935,
incl., was priced to yield from 1%
(M. & N.) payable at the Chemical
1 from 1936 to 1960
-
_.
$ 14,5557505
9,621,258
475,000
Above financial statement does not include debt of other political sub¬
divisions having the power to levy taxes within the district.
Taxes
Under
Section
provide
435,
the district
collection each year.
Education Law, Franklin County is required to
with any balance needed to accomplish 100% tax
State Aid
made
and due
_
Assessed
Anticipated State aid for this district is $73,000
budget of $174,724.,
or
41.78% of the 1936-37
.
MUMFORD
FIRE
DISTRICT
OFFERING—Daniel P. Harrigan,
(P. O. Mumford),
N. Y.—BOND
Secreatry of the Board of Fire Com-
Volume
Chronicle
Financial
143
fiscal
years was respectively $1,253.75, $1,787.77 and $1,426.40.
The
amount of such taxes
remaining uncollected as of Sept. 7, 1936, is respec¬
tively $158.27, $492.56 and $900.30.
The taxes of the fiscal year com¬
mencing March 1, 1936, amount to $32,858.32 of which $29,185.46 has
been collected.
sioners, will receive sealed bids until 3 p. m. (Eastern Standard Time) on
Sept. 21 for the purchase of $9,000 not to exceed 6% interest coupon or
registered improvement bonds.
Dated April 1, 1936.
Denom. $500.
Due $500 on April 1 from 1938 to 1955 incl.
Bidder to name a single
interest rate on the bonds, expressed in a multiple of \i or l-10th of 1%.
The bonds are general obligations of the district, payable from unlimited
taxes.
Principal and interest (A. & O.) payable at the First National
Bank of Caledonia, or at the Chase National Bank, New York City.
A
A certified check for $200, payable to the order of the District, must accom¬
pany each proposal.
The approving opinion of Clay, Dillon & Vandewater
to
SALE—The New York State National Bank of Albany has pur¬
an issue of $2,500
4% water bonds at a price of 100.20, a basis of
about 3.92%.
Dated July 1, 1936.
Denom. $500.
Due $500 on July 1
from 1937 to 1941, incl.
New York State National
YORK, N. Y.—BANKERS AGREE TO REDUCTION IN TAX
RESERVE—Mayor LaGuardia announced Sept. 14 at a special meeting
of the Board of Estimate that in negotiations between the bankers and
Comptroller Taylor and himself an agreement had been reached for cutting
down the bankers' reserve of the city as against uncollected taxes to $12,000,000.
The reserve next year would have called for $20,000,000, so
that the reduction actually means a difference of $8,000,000.
The Mayor stated that this saving effected in the city's finances would
go to restore part of the cuts of city employees' salaries made at the begin¬
ning of the depression.
It is understood that the restoration will amount
to about 50%.
Before the reduction of the bankers' reserve is made effective it will
require the approval of the State Legislature.
The Comptroller praised the committee of bankers for "its instant co¬
operation and response" and stated that the reduction was chiefly due to
the improved condition of the city's finances.
NEW
YORK
STATE
WORLD
WAR
MEMORIAL
AUTHORITY
(P. O. Albany), N. Y.—BOND ISSUANCE CONTEMPLATED—We are
informed by Edward N. Scheiberling, Chairman of the above Authority,
that the said Authority has an application pending with the Public Works
Administration for a $4,500,000 grant for the construction of the New York
State World War Memorial at Albany.
He says that the Authority pro¬
poses to issue its bonds in the amount of approximately $8,000,000, making
the total cost of the project not to exceed $12,500,000.
The Authority is
authorized by law and by a resolution passed at a recent meeting to issue
$12,500,000 of its bonds.
He goes on to say that the Authority is now
endeavoring to get a firm commitment for the purchase of its bonds in
order to obtain
a
Government grant.
NORTHPORT,
N. Y.—$420,000 SCHOOL ISSUE VOTED—At an
Sept..3 the voters ballotted 197 to 142 in, favor of the
proposal to issue $420,000 bonds for the purpose of financing the construction
of two new elementary schools.
Jesse Carll, President of School District
No. 4, presided at the meeting.
election held
on
Principal and interest (J. & J.) payable at the
Bank, Albany.
Legal opinion of Clay, Dillon &
Vandewater of New York City.
TARRYTOWN, N. Y.—BOND OFFERING—Edna J. Magnor, Village
;
Clerk, will receive sealed bids until 3:30 p. m. on
.of $100,000 not to exceed
6% interest coupon or
as
follows:
Sept. 30 for the purchase
registered bonds, divided
v.
$80,000 street improvement bonds.
Due June 1
as
follows:
$3,000,
1938; $5,000 from 1939 to 1951 inclusive, and $4,000 form 1952
to 1954 inclusive.
10,000 equipment bonds.
Due $1,000 on June 1 from 1938 to 1947 incl.
10,000 sewer bonds.
Due $1,000 on June 1 from 1941 to 1950 inclusive.
the bankers.
NEW
STILLWATER WATER D STRICT NO. 1 (P. O. Stillwater), N. Y.~
„
BOND
chased
of New York will be furnished the successful bidder.
NASSAU COUNTY (P. O. Mineola), N. Y.—$698,000 BONDS OF¬
FERED FOR INVESTMENT—Adams, McEntee & Co., Inc., of New York,
are offering an issue of $698,000 coupon 2%% bonds dated July 15, 1936
and due July 15, 1948-53, inclusive, at prices to yield from 2.60% to 2.65%,
according to maturity.
These bonds, issued for county road and refunding
purposes, are, in the opinion of counsel, valid and legally binding obligations
of the county, which has power and is required by law to levy ad valorem,
taxes on all the taxable property therein for the payment of the bonds and
interest, without limitation as to rate or amount.
The bonds are legal
investment for savings banks and trust funds in New York State, according
1917
Each issue is dated June 1, 1936.
Denom. $1,000.
Bidder to name
single interest rate on all of the bonds, expressed in a multiple of M or
l-10iof 1%.
Principal and interest (J. & D.) payable at the Washington
Irving Trust Co., Tarrytown.
A certified check for $2,000, payable to
the order of the village, must accompany each proposal.
The approving
opinion of Reed, Hoyt & Washburn of New York will be furnished the
a
19345
successful bidder.
Financial Statement
Assessed valuation
Total bonded debt (including current offering)
$19,018,711
-
-
979,000
-
Population, 6,841.
,
Tax Collections (Fiscal Year Begins March 1)
Uncollected
,
Year—•
1933
-
1934—
1935
Uncollected
|
End of
Levy
$281,098.51
Fiscal Year
$34,510.38
27,993.87
23,403.48
V-
246,157.34
243,015.59
—
Sept. 14, 1936
$4,226.21
5,529,91
12,858-21
Note—Levy for 1936 is $243,439.50, of which $140,258.73 has been col¬
lected
as
of Sept. 14, 1936.
TROY, N. Y.—BOND OFFERING—Lawrence J. Collins, City Comp¬
troller, will receive sealed bids until 10. a. m. (Eastern Standard Time)
on Sept. 29 for the
purchase of $470,000 not to exceed 4% interest coupon
registered bonds, divided
or
as
follows:
$250,000 general city bonds.
Due July 1 as follows:
$20,000 in 1938
and 1939, and $30,000 from 1940 to 1946 incl.
185,000 debt equalization bonds, series of 1936.
Due July 1 as follows:
$35,000 in 1943 and $50,000 from 1944 to 1946 incl.
25,000 public building bonds.
Due July 1 as follows:
$2,000 from
1937 to 1948 incl., and $1,000 in 1949.
\
10,000 park bonds.
Due $1,000 on July 1 from 1937 to 1946 incl.
Each issue is dated July 1, 1936.
Bidder to name a single interest rate
all of the bond?, expressed in a multiple of M or 1-10, of 1 %.
Principal
on
PORT
JERVIS,. N. Y.—BOND OFFERING—John F. Cleary, City
Clerk, will receive sealed bids until 1 p. m. (Eastern Standard Time) on
Sept. 25 for the purchase of $100,000 not to exceed 6% interest coupon
or registered bonds, divided as follows:
$75,000 series C of 1936 relief bonds.
Due, Oct. 1 as follows: $7,000 from
1938 to 1942 incl, and $10,000 from 1943 to 1946 incl.
25,000 series B of 1936 relief bonds.
Due Oct. 1 as follows: $5,000 in
1944 and $10,000 in 1945 and 1946.
Each issue is dated Oct. 1, 1936.
Denom. $1,000.
Bidder to name one
bonds, expressed in a multiple of Hor l-10th
Principal and interest (A. & 0.) payable at the City Treasurer's
office.
A certified check for 2% must accompany each proposal.
The
approving opinion of Hawkins, Delafield & Longfellow of New York will
rate of interest on all of the
of
1%.
be furnished the successful bidder.
v
SALINA COMMON SCHOOL DISTRICT NO. 3, N. Y.—BOND SALE
—The $24,000 coupon or registered school bonds offered on Sept. 14—
V. 143, p. i755—were awarded to the Manufacturers & Traders Trust Co.
of Buffalo as 2.90s. at a price of 100.419, a basis of about 2.86%.
Dated
Sept. 1, 1936 and due $1,000 on Sept. 1 from 1939 to 1962 incl.
SCHENECTADY,
N.
Y,—BOND
SALE—The
$885,000
coupon
or
registered bonds offered on Sept. 16—V. 143, p. 1599—were awarded to
a
syndicate composed of Pheilps, Fenn & Co.; F. S. Moseley & Co.;
Schoeilkopf, Hutton & Pomeroy, of Buffalo, and Campbell, Phelps & Co.
on a bid of 100.26 for 1.80s.
The sale consisted of:
$640,000 debt equalization bonds.
Due Sept. 1 as follows:
$25,000, 1943;
$40,000,1944; $75,000 in 1945 and $100,000 from 1946 to 1950 incl.
150,000 general municipal bonds.
Due $15,000 on Sept. 1 from 1937 to
1946 incl.
■
65,000 series B public improvement bonds.
Due Sept. 1 as follows:
$5,000, 1937; $6,000 from 1938 to 1940 incl., and $7,000 from
1941 to 1946 incl.
30,000 series A public improvement bonds.
Due Sept. 1 as follows:
$4,000 from 1938 to 1940 incl. and $3,000 from 1941 to 1946 incl.
All of the bonds are dated Sept. 1, 1936.
Public reoffering was made
by the bankers at prices to yield from 0.35% to 1.85%.
The following is
a
complete list of the unsuccessful bids:
Bidder—
Int. Rate
Rate Bid
B. J. Van Ingen & Co., Inc., and Stranahan, Harris
&
Co., Inc.—
& Co., and R. H. Moulton & Co
Gibbons & Co., Inc.: Stone & Webster and
Blodget, Inc.; Roosevelt & Weigold, Inc.; Bank of
the Manhattan Co.; Kelley, Richardson & Co., Inc.,
1.90%
100.533
1.90%
100.319
1.90%
proposal.
The approving opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
Financial Statement
Assessed valuation
Total bonded debt (including current offering)
Water bonds (included in above)
Population, 72,763.
$74,876,237
7,930,605
700,900
;
Tax Collections (Fiscal Year Begins Jan. 1)
Uncollected
.
Year
Levy
$3,826,967.64
3,833,124.94
3,739,969.74
End of
Fiscal Year
$195,083.19
207,253.67
234,022.85
■
&
Uncollected
Sept. 15, 1936
$111,647.04
147,821.96
194,687.45
Note—Levy for 1936 is $3,782,875.78, of which $3,077,250.41 has been
as of Sept. 15, 1936.
collected
WEST SENECA WATER DISTRICT NO. 1 (P. O. Ebenezer),
OFFERING—Arthur J. Witzig, Town Clerk, will receive
N. Y.
sealed
21, for the purchase of
$30,368,93 not to exceed 6% interest coupon or registered water bonds.
Dated Sept. 1, 1936.
One bond for $368.93, others $500 each.
Due
March 1 as follows: $1,368.93, 1937; $1,500 from" 1938 to 1951, incl. and
$2,000 from 1952 to 1955, incl. Bidder to name one rate of interest on all
of the bonds, expressed in a multiple of
of l-10th of 1%. Principal and
interest (M. & S.) payable at the Ebenezer State Bank, Ebenezer, with
New York exchange.
The bonds are general obligations of the tpwn,
payable from special, assessments on certain of its property, although in
the event of a deficiency in the primary fund, the town will be required to
levy unlimited ad valorem taxes in order to service the issue.
A certified
check for $700, payable to the order of the town, must accompany each
proposal.
The approving opinion of Clay, Dillon & Vandewater of New
—BOND
bids until 4 p. m. (Daylight Saving Time) on Sept.
York will be furnished the successful bidder.
WHITE PLAINS, N. Y —BOND SALE—The $250,000 coupon or regis¬
tered, series of 1936, debt equalization bonds offered on Sept. 17—V. 143,
p. 1755—were awarded to Stranahan, Harris & Co., Inc., of New York
as 2ii8, at a price of 100.589, a basis of about 2.44%.
Dhted Sept. 1. 1936,
and due Sept. 1 as follows: $30,000 from 1943 to 1945 incl.; $50,000 from
1946 to 1948 incl., and $10,000 in 1949. Lehman Bros, of New York were
second high in the biddihg, with an offer of 100.09 for 2^s.
100.279
1.90%
—
Harris Trust & Savings Bank and R. W. Pressprich
& Co
Manufacturers & Traders Trust Co.; Kean, Taylor
and interest (J. & J.) payable at the City Treasurer's office.
A certified
check for $9,400, payable to the order of the city, must accompany each
100.199
Geo. B.
and Washburn & Co., Inc
Lehman Bros.; Estabrook &
&
-
Co.,
Co., Inc
$15,000.00
RANDOLPH COUNTY, N. C. Rd. Br. 43^
and Morse Bros.
-
„
The Chase National Bank and The Bankers Trust Co.
19.0%
1.90%
100.169
100.04
2.00%
100.556
2.00%
100.44
2.00%
100.431
2.00%
100.429
Bacon, Stevenson & Co.; R. L. Day & Co.j and
Equitable Securities Corp.
...
1
Lazard Freres & Co.; Goldman, Sachs & Co.; Hemphill,
Noyes & Co., and Shields & Go
Edward B. Smith & Co.; The First Boston Corp., and
Brown Harriman & Co., Inc
!■Blyth & Co., Inc.; Dick & Merle-Smith; MercantileCommerce Bank & Trust Co., and First of Michigan
Corp.
Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp.;
Graham, Parsons & Co., and Spencer Trask & Co..
2.10%
100.599
Due
100.349
Salomon Bros. & Hutzler
2.00%
—
-
-----
_r_
SIDNEY. N. Y.—BOND OFFERING—Harold R. Hoyt, Village Clerk,
will received sealed bids until 2p.m. (Eastern Standard Time) on Sept. 28
for the purchase of $38,000 not to exceed 6% interest coupon or registered
water bonds.
Dated Oct. 1, 1936.
Denom. $1,000.
Due $2,000 on
Oct. 1 from 1938 to 1956. incl.
Bidder to name one rate of interest on the
F. W. CRAIGIE & COMPANY
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
Phone 8-9137
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
KIRCHOFER & ARNOLD
issue, expressed in a multiple of H of l-10th of 1 %.
Principal and interest
(annually on Oct. 1) payable at the First National Bank, Sidney, with
New York exchange.
The bonds are general obligations of the village,
payable from unlimited taxes.
A certified check for $1,000, payable to
the order of the village, must accompany each proposal.
The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
INCORPORATED
RALEIGH, N. O.
A
NORTH
successful bidder.
Financial Statement
February 1, 1947 @ 4.00% basis
T. T. TELETYPE RLGH 80
CAROLINA
CABARRUS COUNTY (P. O. Concord), N. C.—NOTE SALE—The
village is $2,086,175.
Wachovia Bank & Trust Co. of Winston-Salem, is reported to have pur¬
chased recently a $45,000 issue of tax anticipation notes at 1%, plus a
above-mentioned bonds is
premium
The assessed valuation of the property subject to the taxing power of the
The total bonded debt of the village including the
$233,040 of which amount $153,900 is water
The population of the village (1930 census) was 2,444.
The bonded
debt above stated does not include the debt of any other subdivision having
debt.
levy taxes upon any or all of the property subject to the taxing
1.
The amount
1933, March 1,
1934 and March 1,1935, was respectively $32,803.89, $30,480.81 and $32,909.94.
The amount of such taxes uncollected at the end of each of said
power to
power of the village.
The fiscal year commences March
of taxes levied for the fiscal years commencing March 1,
of $1.24.
DURHAM, N. C.—NOTE SALE—A $25,000 issue of park bond antici¬
pation notes was sold on Sept. 8 to the Mechanics •& Farmers Banljj of
Durham at 1% plus a premium of $28.50, according to a news dispatch
from Durham.
FUQUAY
water
SPRINGS,
N.
C.—BOND SALE—The $65,000 issue" of
and sewer bonds offered for sale on Sept.
15—V.
143, p.
1755—
1918
was
Financial
awarded
Chronicle
to
McAlister, Smith & Pate, Inc., of Greensboro, N, C.,
as 5s,
paying a premium of $12.65, equal to 100.0194, a basis of about
4.99%.
Dated Oct. 1, 1936.
Due from April 1, 1939 to 1957 incl.
fcaThe second best bidder was R. S. Dickson & Co. of Charlotte,
offering
a premium of $504.40 on
5M% bonds.
SANFORD, N. C.—COUPON PAYMENT
by Harvey Kennedy, Town Clerk, that
the town
that
CAMPBELL,
REPORT—We
are
119936--450287
WAKE COUNTY
(P. O. Raleigh), N. C.—BOND OFFERING—
Sealed bids will be received until 11 a. m. (Eastern Standard
Time) on
Sept. 22, by W. E. Easterling, Secretary of the Local Government Com¬
mission, at his office in Raleigh, for the purchase of a $96,000 issue of coupon
school bonds.
Interest rate is not to exceed 6%, payable A. & O.
Bidders
are requested to name the rate of interest in
multiples of }J of 1 %. Each
bid may name one rate for a part of the bonds
(having the earliest ma¬
turities), and another rate for the balance, but no bid may name more than
two rates, and each bid must
specify the amount of bonds of each rate.
Denom. $1,000.
Dated Oct. 1, 1936.
Due on April 1 as follows;
$6,000,
1939 to 1947; $8,000, 1948 to 1951, and $10,000 in 1952.
The bonds are
to be awarded to the bidder
offering to purchase at the lowest net interest
cost to the county.
Prin. and int. payable in lawful money in New York
City.
Delivery at place of purchaser's choice.
The bonds may be regis¬
tered as to principal only.
The approving opinion of Reed, Hoyt & Wash¬
burn, of New York, will be furnished the purchaser.
A certified check for
$1,920, payable to the State Treasurer, must accompany the bid.
Financial Statement, June 30, 1936
States census, 94,757; estimated present,
Population 1930 United
(incl. bonds of all road
by the county)__
districts
$63,000 bonds, payable Oct. 1 as follows: $6,000 from 1938 to 1944 incl.
$7,000 from 1945 to 1947 incl.
Hnjet
32,000 bonds, payable Oct. 1 as follows: $3,000 from 1938 to 1945 incl.
I
and $4,000 in 1946 and 1947.
Each issue is dated Oct. 1, 9936.
„
>:
CINCINNATI, Ohio—ISSUE ELIMINATED FROM OFFERING—
Henry Urner, City Auditor, advises that the issue of $360,000 grade cross¬
ing elimination bonds has been withdrawn from the offering scheduled for
Sept. 29—V. 143, p. 1756—reducing the amount of bonds to be sold from
$5,955,000 to $5,595,000.
;
(
BOND
Savings Bank &
Co., Cincinnati, of the following described Cincinnati Southern
Railway refunding bonds:
$4,595,000 bonds of $1,000 each, dated May 1, 1906, due in 1956, optional
on or after
May 1, 1936, numbers 1 to 3,745, incl. and from
[3,751 to 4.600 incl.
Trust
municipality will be¬
The City Council has approved annexation of
reported to have a population or 5,000 and comprise a
square mile of territory valued at more than $5,000,000.
The council
waived the matter of submitting the question to voters of the
city.
been •>,'
have
,
School District Debt Assumed—
Bonds...
_
State of North Carolina loans
State of North Carolina—School loans incurred by
county—
Bonds now offered
a
part of Cincinnati.
the town, which is
$2,896,500.00
—_
CALL—Charles L. Harrison, President of the Board of Sinking
Fund Trustees, announces the call for
redemption on Nov. 1, 1936, after
which date interest accrual will
cease, upon presentation of the obligations
at the Irving Trust Co., New York, or at the Provident
come
which
assumed
on
of Cincinnati
MAY ANNEX ELM WOOD PLACE—Voters of the Town of Elmwood
Place will decide at the Nov. 3 election whether the
100,000.
Outstanding Debt
209,500.00
69,625.00
238,295.00
96,000.00
Financial Statistics Sept.
1, 1936
Population, 460,100.
Date of incorporation, March 1, 1819.
outstanding
$91,062,853.37
*
Street improvement notes
_■
142,400.00
Notes issued in anticipation of the
receipt of Government
grant payments._
2,988.09
Note issued in anticipation of collection of current revenue.
500,000.00
Bonds
_
Total debt
$3,509,920.00
Maturity of Debt Including Bonds Now Offered
$196,065
1945-46
.$96,900
1954r-55
$90,000
216,065
1946-47
85,400
1955-56——140,000
219,065
1947-48
225,400
1956-57
88,000
111,165
1948-49
142,000
1957-58
89,000
-
104,765
114,265
160,515
453,015
189,300
1940-50
1950-51
104,000
98,500
124,500
89,500
119,500
1951-52
1952-53
1953-54
,
1958-59—
1959-60
1960-61
1961-62—
.
Bonds advertised for sale Sept. 29,
Total indebtedness...
*
Real property
i
1934-35
1935-36
.85
-
NORTH
COUNTY
COMMON
830,849.54
142,129.73
.75
•
703,678.31
131,431.84
120,000,000.00
DAKOTA
SCHOOL
93,457,890.00
70,200,000.00
DISTRICT
NO.
17
(P.
'
O.
Fargo), N. Dak.—-BOND OFFERING—Sealed bids will be received until
Sept. 28, at the office of the County Auditor, for the purchase of a $3,500
issue of school bonds.
Denom. $500.
Due $500 from Oct. 1,1938 to 1944.
A certified check for 2% of the bid is
required.
EDEN VALLEY SCHOOL DISTRICT NO. 1
(P. O. Mohall) N. Dak.—
CERTIFICATES NOT SOLD—The $5,000 issue of not to exceed
7% semiann. certificates of indebtedness offered on
Sept. 14—V. 143, p. 1443—
was not sold as no bids were
received, according to the District Clerk.
POWERS LAKE, N. Dak.—BOND OFFERING—Martin
Skredsvig.
City Auditor, will receive bids at the office of the County Auditor in Bowbells, until 2 p. m. on Sept. 19, for the purchase of a $6,000 issue of 5M %
improvement bonds.
Dated Oct. 1,1936.
Due from Oct. 1,1939 to 1956.
Prin. and int. (A. & O.) payable at such place as the
purchaser may request.
A certified check for 2% of the bid is
required.
(estimated)
Total valuation of taxable property Dec. 1935
Tax rate.!
*
$74,864,962.00 $76,746,093.00
Rate per $100
$636,978,440.00
—
TflTP*:
Amount levied
Amount uncollected
Estimated actual property valuation
Public utilities.
Personal property
$257,905.17
382,800.65
137,500.00
...
•
$97,663,241.46
improvement bonds incl. in above_.$4,208,750.29
...
$150,320.12
Sinking Fund Investments
Assessed valuation
Street
11,492,400.00
above_21,832,000.00
Par value of water works sinking fund
6,220,648.16
Par val. of Cincinnati South.
Ry. sink. fund. 8,614,054.70
Par value of all sinking funds
33,153,378.18
8,000
8,000
Debt service and sinking fund cash
$91,7f 8,241.46
5,955,000.00
1936
Water Works bonds included in above
Cincinnati Southern Ry. bonds incl. in
8,000
1963-64
1964-65
_
.
89,000
50,000
45,000
45,000
1962-63
.
First mortgage real estate loans
Real estate owned
State of North Carolina, municipal and
county bonds
CASS
Ohio—BOND SALE—The $95,000 refunding bonds of¬
Sept. 14—V. 143, p. 1443—were awarded to Middendorf & Co.
as 3 Ms, at par
plus a premium of $125, equal to 100.131, a
basis of about 3.48%.
There are two issues, as follows:
fered
informed
any coupons detached from bonds
matured
prior to Dec. 31, 1935, will be paid if sent to
the National Bank of Sanford, although the town cannot
pay any coupons
after J&n. 1, 1936. at this time.
Bonds
A certified check for 10%
BRUSH CREEK TOWNSHIP RURAL DISTRICT (P. O. Ports¬
mouth), Ohio—BOND OFFERING—Oscar Allen, Clerk of the Board of
Education, will receive sealed bids until noon on Sept. 30, for the pur¬
chase of $6,250 4% school bonds.
Dated Dec. 15, 1936.
One bond for
$250, others $500 each.
Due Dec. 15 as follows:
$500 from 1938 to 1949,
incl. and $250 in 1950.
Bids must be unconditional and accompanied by a
certified check for $625, payable to the order of the district.
NORTH
CAROLINA, State of—BONDS APPROVED—The Local
Government Commission is said to have approved the issuance of
$75,000
Charlotte Park improvement
bonds; $80,000 Robeson County school
bonds, and $118,000 Stokes County refunding bonds, the latter as part
of a refunding plan previously approved.
or
Sept. 19, 1936
payable at the Cleveland Trust Co., Cleveland.
must accompany each proposal.
These
bonds and notes
....$800,636,330.00
,
or
interest.
,
;
..
CUYAHOGA COUNTY (P. O.
Cleveland), Ohio—PUBLIC OFFER¬
ING OF $700,000 BONDS—A. C.
Allyn & Co., Inc., is offering $700,000
3M % refunding bonds dated Oct. 1, 1936 and due April and Oct. 1,1943-51.
The bonds are priced to yield from 2.75% to 3% for the 1943-46 maturities
and 3.10% for the 1947-51 maturities,
issued for refunding purposes, they
are general obligations of the
county, payable from a tax which may be
levied against all the taxable property
therein, within the limits imposed
bylaw.
.'/■
CUYAHOGA COUNTY
(P. O. Cleveland), Ohio—FINANCIAL
STATEMENT—The following is given in connection with the recent award
of $3,800,000 refunding bonds to
Field, Richards & Shepard of Cincinnati
and associates as 3Ms (not 3Ms)
100.132, a basis of about 3.23%.—V.
143, p. 1600.
Financial Statistics
Assessed valuation, 1935, real estate and public utilities
and estimated personal tangible..
___$1,731,223,130.00
Assessed valuation
•
100%
of actual valuation.
Funded Indebtedness
of Sept. 1, 1936
as
Purpose of Loans—
Buildings
Amt. Outstanding
;
....
.....
Bridges
OHIO
700
MUNICIPALS
CUYAHOGA
AKRON
.-
Poor relief
MITCHELL, HERRICK & CO.
CANTON
Roads (County portion)
COLUMBUS
SPRINGFIELD
!...
8,081,700.00
13,004,750.00
1,500,000.00
2,267,000.00
Gross funded indebtedness
public utilities.
--$4,732,600.00
AKRON, Ohio—pCT. 1 DEBT SERVICE CHARGES TO BE PAID IN
FULL—For the first time in three years, the city will be able to meet all
on Oct. 1.
This was revealed on Sept. 4 when Finance
Director Don. H. Ebright announced that final
arrangements had been
made with the Sinking Fund Commission for the
payment.
Due to the delay in tax collections, the
city has not yet received any
money from the second half settlement making it necessary to sell with
repurchase agreement, investments from the sinking fund totaling $1,577,000. It is estimated that tax collections
during the rest of the year will be
sufficient to complete the repurchase of the securities
by February of next
year. The rate of the loan will be 2% and Akron and Cleveland banks will
handle the transaction.
It will also further effect
city in preparation of
Legislature last July.
a
a control of these investments
by the
general refunding plan outlined in bill passed by the
Since the first of the year, the city has done much to set its
financial
house in order....On Jan. 1, last,
approximately $4,000,000 bonds were in
default, and the floating debt of the city was over $1,200,000. In
addition,
the general fund had shown deficits for the
past three years.
Now, eight months later, all defaulted bonds have been paid in full and
money has been appropriated to wipe out the general fund deficit of
ap¬
proximately $600,000, thereby cutting the floating debt in half. It is ex¬
pected that there will be a surplus from this year's fiscal
operations.
As maturities during the next five
years still are too high to be paid from
current receipts, plans are
being completed to alleviate this situation
through an exchange which is provided for in the provisions of House Bill
656.
This voluntary exchange, it is
believed, will give the city adequate
operating funds in addition to placing the city in a position to meet current
maturities.
BROOKLYN
cover,
HEIGHTS, Ohio—BOND OFFERING—Harvey IBetsiVillage Clerk, will receive sealed bids until noon on Oct. 5, for the
Surchase of $6,000 from 1941 to 1950, incl. Principal and interest (A.$5,025
Due Oct. 1 as follows: & O.)
11940 and $65,025 4% refunding bonds.
^11,679,879.01
Less notes issued in
anticipation of collection of
taxes
i
<
1,500,000.00
Less notes issued in
anticipation of collection
of delinquent taxes (scrip)
■;
2,267,000.00 22,903,179.01
Net indebtedness
!_
Population: 1920 U. S.
a
The Sinking Fund Commission also has announced the
purchase of all the
refunding bonds of the city issued in 1936 to the extent of $728,508. As a
result, there will be no necessity of any public sale of Akron
refunding bonds
2,723,700.00
Less bonds issued in
anticipation of collection of
special assessments
its debt services
$51,738,750.00
Less poor relief bonds payable from excise tax
Less poor relief bonds payable from selective
sales taxes
OHIO
3,598,179.01
...
Refunding
Tax anticipation notes.,
Tax anticipation notes (scrip)
BUILDING, CLEVELAND
CINCINNATI
$2,998,000.00
7,977.500.00
8,751,300.00
3,560,320.99
Roads (property portion).
Sewer and water
on
this year.
21.12
...—
paid by special assessments levied upon
property abutting on streets improved by paving, sewers, etc.
The water works and Cincinnati Southern
Railway bonds are selfsupporting.
The City of Cincinnati has never defaulted
payment of its bonds, notes
are
_
_
census,
$28,835,570.99
...
943,495; 1930 U. S.
census.
1,201,455.
CUYAHOGA FALLS, Ohio.—BOND OFFERING—J. E.
Preston, City
receive sealed bids until noon on Sept. 25 for the
purchase of
$230,000 4\i% refunding bonds.
Dated Oct. 1, 1936.
Denom. $1,000.
Due $11,000 on June 1 and
$12,000 on Dec. 1 from 1940 to 1949 incl.
Callable on June 1, 1939 or on
any subsequent interest date.
A certified
check for 2% of the bonds bid
for, payable to the order of the City Treasurer,
must
accompany each proposal.
Auditor, will
LIMA,
Ohio—BOND SALE—The issue of $115,000 refunding bonds
Sept. 16—V. 143, p. 1756—was awarded to McDonald-Coolidge
as 3s, at
par plus a premium of $328, equal to 100.28.
Dated Sept. 15, 1936 and due
April 1 as follows:
$4,000, 1938 to 1941,
incl.; $9,000 from 1942 to 1944, incl. and
$12,000 from 1945 to 1950, incl.
Second high bidder was
Stranahan, Harris & Co. of Toledo with an offer
offered
on
& Co. of Cleveland
of par plus a premium of
$212.85 for 3s.
Bidder—
Stranahan, Harris
Int. Rate
& Co
Nida, Schwartz & Seufferle, Inc
G. Parr Ayers & Co
Grau&Co
Breed & Harrison
Weil, Roth & Irving
Ryan, Sutherland & Co
BancOhio Security Co
Seasongood & Mayer
i
Premium
3%
3M%
3K%
3 H%
3H%
3M%
3M%
3K%
3M%
$ 212.85
LAKEWOOD CITY SCHOOL DISTRICT (P. O.
BOND SALE—The
$105,500 refunding bonds offered
p.
1275—-were awarded
to
Prudden & Co. of Toledo
1,357.00
1,219.00
989.99
701.50
207.00
1,311.00
471.50
461.85
Lakewood), Ohio—
on
as
Sept. 14—V. 143,
2Ms, at par plus
'
Volume 143
Financial
premium of $567, equal to 100.53, a basis of about 2.16%.
Dated Oct. 1.
1936 and due Oct. 1 as follows: $10,000.1938 to 1943
incl.; $9,000 from 1944
to
1947 incl., and $9,500 in 1948.
Otis & Co. of Cleveland, second
high bidder, offered a premium of $169.10 for 2Ms.
Other bids were as follows:
Chronicle
a
~
?idodeZr~
Premium
Int- Rate
„
Otis & Co., Cleveland
2M%
2M%
2K%
2M%
2M%
2)4%
Johnson, Kase, Cleveland
McDonald-Coolidge Co., Cleveland
Field, Richards & Shepherd, Cleveland
Lawrence Cook & Co., and W. J. Merica & Co.,
Cleveland.
Braun, Bosworth & Co., Toledo
Nelson, Browning & Co.; Fox, Einhorn & Co., and
Grau & Co., Cincinnati
Mitchell, Derrick & Co., Cleveland
First Cleveland Corp., Cleveland
Provident Savings Bank & Trust Co., Cincinnati
Cleveland Trust Co., Cleveland
:
Hawley, Huller & Co., Cleveland
Stranahan, Harris & Co., Toledo
BancOhio Securities Co., Columbus
Ryan, Sutherland & Co., Toledo
Assel, Goetz & Moerlein, and Edward Brockhaus &
Co., Cincinnati
Borton, Bates & Co., Cleveland
Nida, Schwartz & Scufferle, Columbus
$169.10
755.00
707.00
707.00
YOUNGSTOWN, Ohio—BOND SALE—The $537,000 refunding bonds
offered on Sept. 14—V. 143, p. 1601—were awarded to a syndicate com¬
posed of Fox, Einhorn & Co., Graw & Co., Nelson, Browning & Co., Edward
Brockhaus & Co. and Bohmer-Reinhart & Co., all of Cincinnati, as 2Ms.
at par plus a
premium of $485, equal to 100.09, a basis of about 2.74%.
Dated Sept. 1, 1936 and due Oct. 1 as follows: $53,000 from 1941 to 1943
incl. and $54,000 from 1944 to 1950 incl.
Second highest bid of par plus
a premium of
$6,337 for 3s was submitted by the Weil, Roth & Irving Co.
469.00
571.79
1919
of Cincinnati.
U.;The bankers made public re-offering of the obligations at prices to yield
from 2.10% to 2.75%, according to maturity.
The following is an official
list of the unsuccessful bids for the issue:
Bidder—
Int. Rate
The
221.55
2)4%
2M%
2)4%
2)4 %
2)4%
2%%
2%%
2%%
2M%
_
213.00
191.00
147.70
89.82
1,081.00
875.65
675.20
627.00
426.22
2%%
2%%
3%
221.55
1,297.65
Weil, Roth & Irving Co., Cincinnati-Stranahan, Harris & Co., Inc.; Toledo; Graham,
Parsons & Co., New York, and Hawley, Huller &
Co., Cleveland
—
Seasongood & Mayer, Cincinnati; First Cleveland
Corp.,
Cleveland;
Prudden
&
Co.,
Toledo;
Van Lahr, Doll & Isphording, Cincinnati; Assel
Goetz & Moerlein, Inc., Cincinnati
Stifel, Nicholaus & Co., Inc.; A. C. Allyn & Co.;
Chas. A. Hinsch & Co., and Johnson, Kase & Co.
McDonald-Collidge & Co.; Mitchell, Herrick & Co.;
Otis & Co., Cleveland; Ryan, Sutherland & Co.,
Toledo; and Butler, Wick & Co., Youngstown-..
MECHANICSBURG,
Ohio—BOND SALE—The Peoples Bank of
Indianapolis is reported to have purchased an issue of $57,000 bonds,
authorized to finance acquisition by the
village of the privately-owned
Mechanicsburg Water Co.
The bank, it is said, owns the company's out¬
standing debts.
This issue was previously reported sold to Magnus & Co.
of Cincinnati.
NORTH
CANTON,
Ohio—BOND SALE—The
$22,389.60
coupon
bonds offered on Sept. 14—V.
143, p. 1600—were awarded to Ryan,
Sutherland & Co of Toledo as 2%s, at par plus a
premium of $94, equal
to 100.419, a basis of about
2.67%. The sale consisted of:
$13,300.00 general impt. refunding bonds.
Denom. 10 for $1,000; 6 for
$500 and 1 for $300.
Due Sept. 1 as follows:
$1,300, 1937;
$1,000, 1938, 1939, and 1940, and $1,500, 1941 to 1946.
Tax
levies to service $11,500 of these bonds are outside all limitations.
9,089.60 special assessment refunding bonds.
Denom. 1 for $1,089.60
and 8 for $1,000.
Due $1,089.60 Sept. 1, 1937, and $1,000
yearly on Sept. 1 from 1938 to 1945, inclusive.
the bonds are dated Sept. 1, 1936. The following is a complete
,
bids submitted for the bonds:
Bwder—
Int. Rate
Bliss, Bowman & Co
Strannahan, Harris & Co
Middendorf &
Grau
& Co
Geo. D. Harter Bank
$60.40
77.25
24.00
140.00
23.00
3%
Johnson, Kase & Co
Saunders, Stiver & Co
181.36
3M%
60.40
3%
Weil, Roth & Irving Co
Seasongood & Mayer
14.00
45.90
3%%
NORWOOD, Ohio—BOND SALE—The $7,000 street
sweeper bonds
Sept. 14—V. 143, p. 1600—were awarded to Saunders, Stiver
& Co. of Cleveland as 2)4.8, at par
plus a premium of $7, equal to 100.10,
a basis of about
2.225%.
Dated Sept. 1, 1936 and due $1,400 on Sept. 1
offered
from
to
second high
1942 incl.
Charles A.
bidder, named
SHAKER
a
Hinsch
&
Co., Inc.
premium of $5.55 for 2Hs.
of Cincinnati,
HEIGHTS,
Ohio—BOND SALE—'The $450,000 refunding
bonds offered on Sept. 14—V. 143, p. 1275—were awarded to a
syndicate
composed of the First Cleveland Corp., Cleveland; Charles A. Hinsch & Co.,
Inc., Weil, Roth & Irving Co. and Bohmer-Reinhart & Co., all of Cin¬
cinnati, as 3Ms. at par plus a premium of $1,710, equal to 100.38, a basis
of about 3.205%.
Dated Oct. 1, 1936 and due $45,000 annually on Oct. 1
from 1941 to 1950 incl.
Second high bid of par plus a premium of $1,506
for 3Ms was submitted by an account composed of
McDonald, Coolidge &
Co., Mitchell, Herrick & Co., Otis & Co., all of Cleveland and Vanlahr,
Isphording, Inc. of Cincinnati.
Public offering is being made by the purchasers at prices to yield from
2.70% to 3.10%, according to maturity. Principal and interest (A. & O.)
payable at the Central National Bank, Cleveland. Denom. $1,000. Legality
subject to approval by Squire, Sanders & Dempsey of Cleveland.
One
other bid
was
received for the issue.
Bidder—
,
3M%
6,177.85
3%
1,644.70
■
_
2,315.00
3%
Brown-Crummer Co. of Oklahoma City, as reported in these columns re¬
cently—V. 143, p. 1756—were sold as 4Ms.
Coupon bonds maturing over
period of 19 years.
Denom. $1,000.
a
FAIRVIEW, Okla.—BOND SALE— The $20,000 issue of water works
on Sept. 15—V. 143, p. 1756—was purchased by the
the
City Clerk. Dated Sept. 15, 1936. Due $1,000 from Aug. 15, 1941 to 1955
bonds offered for sale
Farmers & Merchants National Bank, of Fairview, as 3s, according to
incl.
V
•>.
KONAWA, Okla.—BOND SALE—The $15,000 issue of
coupon
water
system bonds offered for sale on Sept. 15—V. 143, p. 1756—was awarded
to C. Edgar Honnold, of Oklahoma City, at par, as follows: $14,000 as 6s,
and
$1,000 as 5Ms.
Dated Aug. 1, 1936.
Due $1,000 from Aug. 1, 1941
The second highest bid was an offer of par for all 6s, tendered
by the Oklahoma State Bank of Konawa.
to 1955 incl.
MUSKOGEE, Okla.—BOND OFFERING— Sealed bids will be received
until 7.30 p. m. on Sept. 16, by R. L. Davis, City Clerk, for the purchase
of six issues of bonds aggregating $85,000, divided as follows:
$19,000 park inprovement bonds.
Due as follows: $3,000, 1939 to 1944,
and $1,000 in 1945.
24,000 municipal building bonds.
Due $3,000 from 1939 to 1946 incl.
5,000 airport improvement bonds.
Due $1,000 from 1939 to 1943 Incl.
25,000 fair grounds improvement bonds.
Due as follows: $3,000, 1939 to
1946. and $1,000 in 1947.
.
10,000 hospital bonds.
Due as follows: $3,000,1939 to 1941, and $1,000
,
^
^
in 1942.
on
1938
767.91
Premium
5%
3%
3)4%
3%
3%
'
Co
3%
OKLAHOMA
„
„
$6,337.00
BETHANY, Okla.—BOND SALE DETAILS—It is stated by Arthur
Beaver, City Clerk, that the $30,000 city hall bonds purchased by the
.
Hstof the other
Premium
3%
2,000 jail improvement bonds.
The bonds will
the bonds shall
Due in 1939.
,
be sold to the bidder bidding the lowest rate of interest
and agreeing to pay par and accrued interest.
A
bear
certified check for 2% for each issue bid for, is required.
OKLAHOMA,
State of—OLD AGE PENSION PAYMENTS
TO BE
MADE—With the adoption of an additional 1 % sales tax to finance such
Oklahoma Welfare Board is reported to be preparing to
inaugurate distribution of maximum $15 monthly old age pensions.
The
payments will also go to the indigent blind and smaller gratuities are pro¬
vided for dependent children under 16, it is said.
The additional sales tax
levy is carried in the Social Security Bill approved at the July 7 election.
The State Welfare Board expects that State payments will be matched
payments, the
from
Federal funds.
CITY, Okla.—BOND CALL—It is stated by Jay G. Paris,
City Treasurer, that various street improvement district bonds are being
PONCA
called for payment on Oct. 1, at the fiscal agency of the
facturers Trust Co., New York, and at any Ponca City
State, the Manu¬
bank.
POTEAU, Okla.—BOND ELECTION—An election is said to have been
6 in order to vote on the proposed issuance of $50,000 in
to exceed 5% reservoir construction bonds.
Due as follows: $3,000,
1941 to 1955, and $5,000 in 1956.
called for Oct.
Int. Rate
Premium
Johnson, Kase & Co.; Lawrence Cook & Co.; Prudden
& Co.; Grau & Co.; Seasongood & Mayer; Nelson,
not
,
Browning & Co., and Fox, Einhorn & Co
Financial Statement {As
Assessed valuation, 1935-36 (2-3 of actual
Bonded debt—General
Bonded debt—Special assessment
Less:
.
;
3M%
value)
$61,253,940
$608,040
3,232,027
17,783; 1936 (est.), 22,000.
as
to
Okla.—PUBLIC
OFFERING
OF
BONDS—Offering
is
being made of $430,000 4% water works bonds by a group composed of
C. W. McNear & Co. of Chicago, Brown Crummer Investment Co. of
$3,687,426
-
census,
The above financial statement
ROGERS COUNTY (P. O. Claremore) Okla.—BOND SALE—The
$25,000 issue of court house and jail bonds offered for sale on Sept. 8—V.
143, p. 1444—was purchased by the Brown-Crummer Co. of Wichita, as
follows: $10,000 as 2Ms, maturing $5,000 in 1941 and 1942, the remaining
$15,000 as 3s, maturing $5,000, 1943 to 1945.
SHAWNEE,
$3,840,067
152,641
Sinking fund
Net bonded debt
Population, 1930
$1,445
Officially Reported Aug. 1, 1936)
Wichita, and R. J. Edwards,
Inc., of Oklahoma City, at prices to yield
3.10% to 3.60%, according to maturity.
Due from 1943 to 1959.
are part of a $555,000 issue purchased on Sept. 10 from the
from
bonded debt does not include the
overlapping debt of other political subdivisions which have power to levy
taxes upon all or any part of the property represented by the above assessed
The bonds
RFC,
as
noted here at that time, the earlier maturities having been sold..
valuation.
SUMMIT COUNTY (P. O. Akron), Ohio—LIST OF BIDS—The followis an official list of the bids submitted for the $734,000 refunding bonds
Co. of Toledo and associates as 3s,
at a price of 100.42, a basis of about 2.93%, as already noted in these
ng
Oregon Municipals
awarded recently to Stranahan, Harris &
columns:
Bidder—
Int.Rate
,
Stranahan, Harris Co., Toledo; The Provident Savings
Bank & Trust Co., Cincinnati; Van Lahr, Doll &
Isphording Inc., Cincinnati, and McDonald, Coolidge
& Co., Cleveland
3%
Otis & Co., Cleveland; Assel, Goetz & Moerlein, Inc.,
Cincinnati; Lawrence, Cook & Co., Cleveland; Hawley,
Huller & Co., Cleveland, Mitchell, Herrick & Co.,
Cleveland, and Seasongood & Mayer, Cincinnati-3%
Johnson, Kase & Co., Cleveland; Weil, Roth & Irving &
Co., Cincinnati; Chas. A. Hinsch & Co., Cincinnati;
Middendorf & Co., Cincinnati; Bohmer-Reinhart & Co.,
Cincinnati; Widmann, Holzman & Katz, Cincinnati,
and Lowry, Sweney, Inc., Columbus
3M%
Grau & Co., Cincinnati; Fox, Minhorn & Co., Cincinnati,
Nelson, Browning & Co.; Edward Brockhaus & Co.,
and Nida, Schwartz & Seufferle, Inc., Columbus
3M%
Field, Richards & Shepard, Inc., Cleveland; Brain, Bos¬
worth & Co., Toledo; First Cleveland Corp., Cleve¬
land; Graham, Parsons & Co., New York; Breed &
Harrison, Inc., Cincinnati, and G. Parr Ayers & Co__ 3H%
Premium
TOLEDO CITY
_
CAMP & CO., INC.
SCHOOL DISTRICT,
—
$3,185.00
-
—
3,009.42
Portland, Oregon
Buildingj
OREGON
COUNTY SCHOOL DISTRICT NO. 29 (P. O. Bandon)
Ore.—BOND SALE—The $1,000 refunding bonds offered for sale on
Sept. 11—V. 143, p. 1756—were sold as 4s, at par, according to the District
COOS
7,860.00
Clerk.
"
JOSEPHINE COUNTY SCHOOL DISTRICT NO. 7 (P. O. Grants
5,011.77
Pass), Ore.—BOND OFFERING—Sealed bids will be received until 4 p.m.
Sept. 21, by Lillian Forsbery, District Clerk, for the purchase of a $28,000 issue of refunding bonds.
Interest rate is not to exceed 4)4%, payable
A.
&
O.
Denom.
$1,000.
Dated Oct. 1, 1936.
Due $7,000 from
Apr. 1,1937 to 1940 incl.
Prin. and int. payable at the County Treasurer's
office or at the fiscal agency of the State in New York.
The approving
opinion of Teal, Winfree, McCulloch, Schuler & Kelley, of Portland, will
be furnished.
A certified check for $1,000 must accompany the bid.
It
is stated that these bonds are issued to refund a like amount which are
subject to call on Oct. 1, 1936.
on
3,157.00
Ohio—BONDS PARTIALLY
SOLD—The $600,000 refunding bonds offered on Sept. 15 were awarded
as 3s to an account composed of Ryan, Sutherland & Co.; Stranahan, Harris
& Co.; Braun, Bosworth & Co., all of Toledo; Provident Savings Bank &
Trust Co., and the Weil, Roth & Irving Co., both of Cincinnati.
Dated
Oct. 1, 1936 and due Oct. 1 as follows:
$26,000, from 1938 to 1948 incl.;
$27,000, 1949; $26,000, from 1950 to 1959 incl. and $27,000 in I960.
Reoffering is being made by the bankers at prices to yield from 1.50% to
3%_, according to maturity.
The $550,000 school building issue, due $22,000 annually from 1938 to
1952 incl., was withdrawn from the offering, due to some question concerning
the Public Works Administration grant for the project.
High bid on an
"all or none" basis for the two issues aggregating $1,150,000 was made by
the Bancamerica-Blair Corp. of New York and associates.
This group
offered to pay 100.61 for $600,000 2Ms and $550,000 3s.
Others in the
account were E. H. Rollins & Sons of New York; First Cleveland Corp. of
Cleveland and the Wells-Dickey Co. of Minneapolis.
The second highest
tender of 100.14 for the same combination of coupons was entered by
Mitchell, Herrick & Co. of Cleveland and associates.
The bankers paid a price of 100.713 for the $600,000 refunding issue, the
basis cost being 2.94%.
Porter
MALIN,
Ore.—BOND SALE—The
$16,000 issue
of sanitary
sewer
bonds offered for sale on Sept. 14—V. 143, p. 1756—has been sold locally,
according to the City Recorder.
Dated Sept. 1, 1936.
Due from Sept. 1,
1940 to 1956.
OREGON,
State
of—SUPREME
COURT
TAX
COMMISSION
DECISION STANDS—The State Supreme Court on Sept. 10 denied a
motion to clarify its previous opinion holding the tax supervising and con¬
servation commission act unconstitutional, according to a news dispatch
from
Salem.
The court is said to have
legislative powers.
held that the commission
was
advisory and without
SALE M, Ore.—BOND SALE—The $20,000 issue of coupon refunding
bonds offered for sale on Sept. 8—V. 143, p. 1444—was awarded to E. M.
Adams & Co. of Portland, as 2Ms, at a price of 100.34, a basis of about
Dated Oct. 1, 1936.
Due $2,000 from Oct.
optional on any interest paying date after five years.
2.16%.
1,
1937 to 1946;
1920
Financial
WILLAMINA, Ore.—BOND OFFERING— Sealed bids
until
19, 1936
18, by H. W. Flanery, City Recorder, for the
7:30 p.m. on Sept.
int.
Sept.
GEORGES TOWNSHIP SCHOOL DISTRICT, Pa .—BOND SALE—
The $65,000 4% coupon, registerable as to principal, improvement and
funding bonds offered on Sept. 14—V. 143, p. 1444-—were awarded to
Singer, Deane & Scribner, Inc. of Pittsburgh at par plus a premium of $3,371,
equal to 105.18, a basis of about 3.11%.
Dated Oct. 1, 1936 and due
Oct. 1 as follows: $6,000 from 1938 to 1942 incl. and $7,000 from 1943 to
1947 incl.
E. H. Rollins & Sons of Philadelphia, second high bidder,
Surchase of a1,$16,000 issue of 43^ % water works 1938 to 1953 incl. $1,000.
Denom. Prin.
>ated Aug.
1936.
Due $1,000 from Aug. 1, bonds.
and
Chronicle
will be received
(F. & A.) payable at the City Treasurer's office.
must accompany the bid.
A
certified
check for 5%
offered to pay a premium of $3,307.
$180,000 Allegheny County, Pa.
To
Prices:
Net
Sept. 2—Y.
Dalmatis.
2.35%
1943 incl.
JONES
Moncure Biddle & Co.
1520
Locust Street
TOWNSHIP
SCHOOL DISTRICT
(P. O. Hcrndon,
3H% school bonds offered on
143, p. 1444—were awarded to the Farmers State Bank of
Dated Sept. 1, 1936 and due $500 on Sept. 1 from 1937 to
JACKSON
R. F. D.), Pa.—BOND SALE—The $3,500
2%% Bonds due Dec. 1, 1962 and Dec. 1, 1966
TOWNSHIP
DISTRICT
SCHOOL
(P.
Wilcox),
O.
Pa.—
BOND SALE—The $8,000 4%
school bonds offered on Sept. 4—V. 143,
1444—were awarded to the Ridgway National Bank of Ridgway at a
price of 103, a basis of about 3.63%.
Due $1,000 each April 1 from 1956
to 1963, inclusive.
p.
Philadelphia
GROVE TOWNSHIP SCHOOL DISTRICT (P. O. West
Pa —FINANCIAL STATEMENT—'The following is given in
with the offering on Sept. 21 of $59,000 not to exceed 3^%
refunding bonds, which were fully described in V. 143, p. 1757:
LONDON
Grove),
connection
CITY OF PHILADELPHIA BONDS
interest
Financial Statement
BOUGHT—SOLD—QUOTED
Assessed valuation
as
of Sept. 1, 1936
(100% of actual) 1935-1936, real property.$l ,203,550.00
64,000.00
Gross bonded debt
Sinking fund—cash
YARNALL & CO.
3,160.85
—
$60,839.15
1,990.31
6,825.22
Net funded debt
A.
T.
&
T.
Teletype—Phila. 22
1528 Walnut St.
Tax deductibles—Taxes prior ot 1936
Tax liens (75%)
-
Philadelphia
(75%)
$52,023.62
4.32%
Net debt
Net debt ratio
PENNSYLVANIA
FASHLEY SCHOOL DISTRICT, Pa.—BONDS NOT SOLD—No bids
were submitted for the $25,000 not to exceed 3% interest bonds offered on
Sept. 10—V. 143, p. 1444.
Dated Nov. 1, 1936 and due as follows:
$2,000 in 1937 and 1938 and $3,000 from 1939 to 1945 incl.
CHELTENHAM
TOWNSHIP
(P.
O.
Eklins
Park),
bridge and improvement bonds.
Dated Nov. 1, 1936. Denom.
Due $10,000 on Nov. 1 from 1946 to 1955 incl.
The bonds may
be registered as to principal only and bidder is required to name a single
interest rate on the entire loan.
Interest payable M. & N.
A certified
check for 2% of the bonds bid for, payable to the order of the Township
Treasurer, must accompany each proposal.
The bonds will be issued
subject to the favorable legal opinion of Townsend, Elliott & Munson of
coupon
$1,000.
Philadelphia.
COAL TOWNSHIP SCHOOL DISTRICT, Pa.—MAY ISSUE BONDS
—Stephen L. Gribbin, Solicitor, has informed the school board that it
may be necessary to issue tax refund bonds to provide for the return of
excessive tax payments made by three coal companies.
The bonds, the
Solicitor advised, can be issued with approval of the bonds as the proceeds
would be used to meet an obligation imposed by the State Supreme Court.
COPLAY, Pa.—LEGAL OPINIONThe $40,000 not
to exceed 4% interest
coupon street paving bonds being offered for sale on Sept.
noted in these columns, will be issued to the favorable
21, as previously
legal opinion of
Townsend, Elliott & Munson of Philadelphia.
DORMONT, Pa —BOND OFFERING—Harold L. Cloud, Borough Secre¬
tary, will receive sealed bids until 8 p. m. (Eastern Standard Time) on
Oct. 9 for the purchase of $70,000 2Vi, 2\i, 2% or 3% bonds.
Dated
Nov. 2, 1936.
Denom. $1,000.
Due as follows: $3,000, 1941 to 1943
incl.; $4,000, 1944 to 1947 incl.; $5,000 from 1948 to 1956 incl.
Interest
payable M. & N. 2.
Bidder to name one rate of interest on all of the
bonds.
A certified check for $1,000 must accompany each proposal.
ERIE, Pa.—TO REDEEM $55,000 PAVING BONDS—'The City Council
Sept. 1 adopted a resolution authorizing the immediate redemption
on
of
$55,000 paving bonds.
The bonds are part of the total of about $600,000
which have been the subject of court action since May, 1935.
The initial
payment, it is said, will be made under a plan arranged by Finance Director
Thomas Mehaffey, which provides for assumption of the bonds by the city
the city is negligent only when the court tells us so."
Prior to adoption of
the resolution, Finance Director Thomas Mehaffey declared in a prepared
statement, which was prefaced by a history of the case since its inception,
that legal opinions throughout the State and also those gathered from three
leading lawyers, none of whom had clients interested in the paving bonds,
guided him and City Solicitor Edward M. Murphy in recommending the
settlement to council.
He said bondholders have agreed to settle the bonds at face value,
3% interest, rather than 6%
as
plus
the bonds called for.
In his statement the Finance Director said:
"I
am
Bonds authorized but unissued
(this issue to refund above)
(per capita levy, $5)
Amount of tax duplicate (levy), 1935-36:
12,500.00
59.000.00
__
16
Tax rate fin ills)
Real property
Per capita
$19,256.80
2,655.00
21,911.80
Pa.—BOND
OFFERING—Harold C. Pike,, Township Secretary, will receive sealed bids
on Oct. 15 for the purchase of $100,000 2, 2 Y\, 2% ,2% or
until 8 p. m.
3%
—
„—
Bank loans
of the firm belief that
eventually the City of Erie will have to meet these obligations, and it will be
opportunity passes, and the city will have to pay
ihe full amount of the bonds plus interest at the rate of 6%.
"I have personally interviewed a great majority of the bondholders, and
all of them are willing to reduce the interest to the amount of 3%, which
will eventually save the City of Erie $200,000.
very unfortunate if this
Tax collected to Sept.
1; 1936 (82.4%)
began July, 1935)
Debt service charge (1935-36)—Interest
Principal
(Collection of this
18,349.87
tax
$2,740.00
2,635.01
5.375.01
789.21
Assessed value per capita.
Assessed Value
Net direct debt burden
4.32%
4.60%
..
Net direct and indirect
Per Capita
..
$33.93
36.08
Township, per capita net debt burden
County, per capita net debt burden
School district, per capita net debt burden.
$00.00
..
2.15
33.93
..
Total.
$36.08
Tax Collections
Year-
1931
1932
•
1933
1934
1935
.22,861.21 22,684.89 22,183.96 22.227.19 22,254,14
Levy
Amount collected in fis¬
cal year
Percent
20,894.26 18,872,64 17,061.76 17,809.21
78.6
-
17,481.91
81.7
79.8
227.16
86.2
94.2
Amount out Sept. 1,'36
2,426.59
Tax
rate—Usually set prior to May 1 of year of levy.
Duplicate is
delivered to collector for collection about July 1. •
Rebate—No rebate.
Collected flat from July 1 to Oct. 1.
Penalty—5% penalty from Oct. 1 to the first Monday of May in the
following year.'
Delinquent taxes—Delinquent taxes are liened by filing with the County
Prothonotary not later than the first Monday in May of the following year.
The school district levies its own taxes and is,independent of any other
taxing authority.
OAKDALE.
Pa.—BOND
OFFERING—A.
W.
Conley, Borough
Secre¬
tary, will receive sealed bids until 7:30 p. m. on Oct. 5 for the purchase of
$13,000 not to exceed 4% interest coupon bonds.
Dated Oct. 1, 1936.
Denom. $1,000.
Due Oct. 1 as follows: $1,000, 1939 to 1943, incl.; $2,000
in 1944 and $3,000 in 1945 and 1946.
Rate of interest to be expressed in a
multiple of ^ of 1%.
Interest payable A. & O.
A certified check for
$500, payable to the order of the Borough Treasurer, must accompany each
proposal.
Borough will print and furnish both the bonds and the favorable
approving opinion of Burgwin, Scully & Churchill of Pittsburgh.
PENNSYLVANIA
(State of)—$45,000,000
TAX NOTES RULED
INVESTMENTS—At the request of Dr. Luther A. Harr, Secretary
Pennsylvania State Banking Department, for an opinion on the new
issue of $45,000,000 Commonwealth of Pennsylvania Tax Anticipation
Notes, Attorney General Margiotti has ruled that the notes are legal
investment for trust funds in Pennsylvania.
The law under which the notes will be sold Mr. Margiotti said, pledged
LEGAL
of the
the
new
current
revenues
year fiscal period ending May 31,
and that the
raised by laws enacted at the special
of the two
1937 for the payment of principal and interest of the notes
loans will be paid out of new revenue
session.
The
Attorney General added that the notes "are also secured by current
of every kind accruing to the general fund, except those required
of tax anticipation notes.
"Although the loans in question are payable out of revenues of a specific
fiscal period, the notes are, nevertheless, 'interest bearing obligations of the
Commonwealth of Pennsylvania.' "
The counsel for the committee on trust investment of the Pennsylvania
Bankers Association has also rendered an opinion that the notes qualify
as legal investment for Pennsylvania trust funds.
The notes will bear 1 Yx% interest.
Cash settlement of the sale is to be
made to the State on Sept. 28 by Dougherty, Corkran & Co. of Philadelphia,
the banking firm that purchased the entire issue.
The loan is dated Sept. 1,
1936 and matures May 31, 1937.
The bankers paid a price of 99.52 for
the loan and recently made public re-offering priced to yield 1 %.
revenues
No
Preferment
for the payment of a previous series
■
"In my opinion, not to accept the compromise offers to bondholders at
time will be very poor business management.
By purchasing these
bonds, we are not extinguishing them, but simply taking title to the same
and leaving behind them as security the same liens against the abutting
properties, upon which we are entitled to collect 6% interest.
Therefore
we are not taking upon ourselves the full payment of all of these bonds."
Mehaffey reiterated in his statement that all court cases now pending
will be postponed providing some cash settlement is made on the bonds.
No preferment is to be shown paying off the bondholders, Mehaffey said,
as the original plan called for them to be
paid in the order of their issuance,
and that will be followed in the $55,000 to be retired.
Mehaffey told council he had conferred with Charles H. English, W. Pitt
Gifford and Ritchie T. Marsh, in order to check all legal points involved.
None represent any bondholders.
this
FAYETTE COUNTY (P. O. Uniontown), Pa.—BONDS OFFERED
FOR
INVESTMENT—The
Bancamerica-Blair
Corp.
of Philadelphia
recently offered for public investment $100,000 4>£ % coupon funding bonds
at a price of 116.26 and interest, to yield 2.70%.
Dated Feb. 15, 1929 and
due Feb. 15, 1949.
Denom. $1,000.
Principal and interest (P. & A.)
payable at the County Treasurer's office.
Legal opinion of Townsend,
Elliott & Munson of Philadelphia.
Financial Statement,
Assessed
valuation,
1936
June 11, 1936
$94,645,000
3,853,000
679,073
4,532,073
1,573,676
2,958,397
-
Total bonded debt
Total unfunded debt
Total gross debt
Less: Sinking fund
Total net debt
Note—The above statement does not include the debt of other political
subdivisions which have the power to levy taxes against the taxable prop¬
erty within the county.
Population,
United
States
Census,
Tax
Year—
1930—198,542.
Collection Report
1933
1934
1935
Levy
$1,282,964
$1,253,628
$1,239,666
505,809
508,459
423,963
as
273,533
388,576
423,963
Per cent—
21.3%
30.9%
34.2%
Taxes due first Monday in July; taxes become
delinquent Oct. 1.
Uncollected
Uncollected
at end of year
of levy
of Jan. 4, 1936
FREEBURG
SCHOOL
DISTRICT
(P.
O.
Freeburg), Pa.—BOND
OFFERING—Charles A. Reigle, Secretary of the Board or Directors, will
m. on Sept. 25 for the purchase of $11,000
3% coupon school bonds.
Dated Oct. 1, 1936.
Denom. $100.
Due
$500 on Oct. 1 from 1937 to 1958, incl.
Interest payable semi-annually.
A certified check for $100 must accompany each proposal.
receive sealed bids until 7 p.
EMERGENCY
TAX
RECEIPTS
CURRENTLY EXCEED
$50,000,000
—Estimated
to yield $125,000,000 during the two years ended May 31,
1937, the special emergency taxes enacted by the 1935 Legislature, brought
in $50,566,779 to the end of August, Secretary of Revenue Keily announces.
August collections totaled $3,197,243, of which the gasoline and cigarette
levies brought in the bulk, the former $1,016,431 and the latter $873,487.
The largest yielder to date is the corporate net income tax with $13,818,541 collected. The 1 cent, a gallon special levy on gasoline has returned
$12,783,133 and the 2 cent levy on each 20 cigarettes $11,530,921.
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—The fol¬
lowing is the latest report of the local issues approved by the Department
of Internal Affairs, Bureau of Municipal Affairs.
The details include name
of the municipality, amount and purpose of issue and date af approval:
Date
Municipality and Purpose—
Luzerne
Approved
County—Funding, floating
Amount
indebtedness,
$200,000; constructing a home for delinquent
women, providing for elimination of grade cross¬
ing, $300,000-North Franklin Township School District, Washing¬
ton County.Funding floating indebtedness
Jackson Township School District, Northumberland
County—Constructing and equipping an elemen¬
tary school building in conjunction with WPA
Greene County—Funding floating indebtedness
Ferndale Borough, Cambria County—Payment of
operating expenses
Sept.
$500,000
8
8
Sept.
12,000
Sept. 9
Sept. 10
3,500
46,000
Sept. 11
7,000
PENNSYLVANIA, State of—GOVERNOR MOVES TO LOWER POWER
RATES—Contending that electric rates in Pennsylvania are "producing
more than the
6%" net profit allowed by law. Governor Earle on Sept. 15.
requested the Public Service Commission to proceed immediately for the
reduction of all electric light and power rates for the benefit of the consumers
PHILADELPHIA, Pa .—MAY ISSUE TAX NOTES—Mayor S. Davis
Wilson recently indicated that the city may be forced to issue delinquent
tax
anticipation notes next
year
to finance a prospective
/
deficit in the
;/
Volume
Financial
143
1937 city-county budget.
Chronicle
1921
The notes have been authorized by the Legis¬
SOUTH
lature.
RENOVO, Pa.—BOND ELECTION—At the general election in Novem¬
ber the voters will be asked to
approve an issue of $15,000 street improve¬
ment
bonds.i
up
ROCKWOOD,
to sell
a new
^
Pa.—PLANS BOND ISSUE—1The borough proposes
$23,000 bonds toj*efinance floating and unfunded debt.
issue of
SCHUYLKILL
COUNTY
(P.
O.
Pottsville),
Pa.—PLANS BOND
{SSUE—The County Commissioners recently approved of the sale of
BRITTON, S. Dak.—BOND SALE—The $10,000 issue of 5% coupon
municipal improvement bonds offered for sale on Sept. 11—V.
143, p. 1602—was purchased by the First National Bank of Aberdeen,
according to the City Auditor.
Dated Sept. 1, 1936.
Due from Dec.JL,
semi-ann.
1938 to 1955.
$150,000 court house building improvement bonds.
SCOTT TOWNSHIP SCHOOL
DISTRICT, Allegheny County, Pa.
—BOND OFFERING—Sealed bids will be received
by Lloyd Burnside,
District Secretary, unitl 7:30 p. m. on Sept. 29 for the
purchase of $35,000
not to exceed 4% interest
coupon bonds.
Due Sept. 1 as follows: $5,000
from 1939 to 1945, incl.
Rate of interest to be expressed in a multiple of
M of 1%. A certified check for $1,000 must accompany each proposal.
SOUTH
WHITEHALL
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Allentown, R. D. No. 3), Pa.—BOND OFFERING—Edwin H. Dorney,
District Secretary, will receive sealed bids until 7
p. m. on Oct. 5 for the
purchase of $32,000
or 3% coupon or registered school addition bonds.
Dated Oct. 1, 1936.
Denom. $1,000.
Due Oct. 1 as follows:
$2,000,
1942 to 1944 incl.;
$3,000, 1945 to 1947 incl.; $4,000 from 1948 to 1950
incl., and $5,000 in 1951.
Bidder to name one rate of interest on all of
the bonds.
Interest payable A. & O.
A certified check for 2%, payable
to the order of the District
Treasurer, must
accompany
TROY, Pa.—PROPOSED BOND
to issue $28,000
bonds.i
ISSUE—rThe
>
UNIONTOWN
iCITY
SCHOOL
1
EUREKA
INDEPENDENT SCHOOL DISTRICT (P. O. Eureka),
Dak.—BONDS VOTED—At the election held on Sept. 1—V. 143, p.
1277—the voters approved the issuance of the $25,000 in 4% school build¬
ing bonds.
,/
- M d m 2
-ad
S.
LAKE
PRESTON, S. Dak.—BOND OFFERING—Sealed bids will be
received until 8 p. m. on Oct. 5,
by G. J. Dahl, City Auditor, for the pur¬
chase of an $8,000 issue of 4J^% coupon semi-ann. fire protection bonds.
Denom. $500.
Dated Oct. 1, 1936.
Due $1,000 from 1937 to 1944, incl.
WAUBAY, S. Dak.—BOND
SALE—The $4,000 issue of 4% semi-ann.
Sept. 14—V. 143, p. 1758—
purchased by the State Bank of Waubay, paying a premium of $10.00,
equal to 100.25, according to the City Auditor.
Coupon bonds, dated
Aug. 25, 1936. Due $1,000 in 1940, 1945, 1950 and 1955. Interest payable
annually.
water main extension bonds offered for sale on
was
.
TENNESSEE
[borough is making.plans
CHATTANOOGA,
received until 11
Pa .—BOND SALE—
The $220,000 coupon, registerabie as to
principal only, improvement and
funding bonds, series of 1936, offered on Sept. 16—V. 143, p. 1445—were
awarded to Stroud & Co. and Edward Lowber Stokes & Co., both of
Philadelphia, jointly, as 3j^s, at a price of 101.92, a basis of about 3.34%.
Dated Oct. 1, 1936 and due $20,000 annually on Oct. 1 from 1946 to 1956,
Incl.
A group composed of Singer, Deane &
Scribner, Inc., E. H. Rollins &
Sons, Glover & MacGregor and S. K. Cunningham & Co., all of Pitts¬
burgh, were second high in the bidding, with an offer of 101.18 for 3>£s.
DISTRICT,
a.
bonds.
The bonds
Writ IE
were
HAVEN,
authorized at the November.
Tenn.—BOND
m.
on
OFFERING—Sealed
bids
will
be
Sept. 29 by F. K. Rosamond, City Auditor, for
the purchase of an $8,000 issue of 4% public works bonds.
Dated Sept. 1,
Due $1,000 from Sept, 1, 1938 to 1945 incl.
Principal and int.
(M. & S.) payable at the National City Bank in New York.
It is stated
these bonds are full faith and credit obligations of the city, issued
under the authority of Chapter 10, Public Acts of Tennessee, 1935.
BOND SALE—The $9,700 issue of 4% semi-annual public improvement
bonds offered for sale on Sept. 9—V. 143, p. 1445—was purchased by the
Interstate Life & Accident Co. of Chattanooga, at par.
Dated Sept. 1
1936.
Due $1,000 from 1937 to 1945, and $700 in 1946.
1936.
that
TENNESSEE, State of—BOND OFFERING—Sealed bids will be re¬
ceived until
11 a. m. on Sept. 22, by the State Funding Board, for the
purchase of an $81,000 issue of funding bonds.
Interest rate is not to
exceed 4%, payable semi-annually.
Denom. $1,000.
Due in nine years.
The proceeds are to be used to refund a like amount of general funding
bonds, due on Oct. 1.
Principal and interest payable in New York or at
the State Treasurer's office.
The approving opinion of Thomson, Wood &
Hoffman of New York, will be furnished.
A certified check for 2% of the
face value of the bonds bid for, payable to the State Treasurer, is required.
WHITAKER, Pa .—PROPOSED BOND ISSUE— The borough is pre¬
paring to offer for sale an issue of $30,000 sanitary sewer construction
'
.
each proposal.
TYRONE, Pa.—BOND OFFERING—J. H. Horklerode, Borough Sec¬
retary, will receive sealed bids until 7 p. m. (Eastern Standard Time) on
Sept. 18 for the purchase of $110,000 2,
2H, 2% or 3% coupon funding
and improvement bonds.
Dated Oct. 1, 1936.
Denom. $1,000.
Due
$10,000 on Oct. 1 from 1938 to 1948, incl.
Bidder to name one rate of
interest on all of the bonds.
Principal and interest (A. & O.) payable at the
Borough Treasurer's office.
The borough will pay for the printing of the
bonds and the favorable
legal opinion of Burgwin, Scully & Churchill of
Pittsburgh.
A certified check for $1,000, payable to the order of the
borough, must accompany each proposal.
Issue will be sold subject to
approval of the Pennsylvania Department of Internal Affairs.
DAKOTA
AURORA COUNTY (P. O.
Plankinton), S. Dak .—BONDS DEFEATED—At the election held on Sept. 8—V. 143, p. 1600—the voters
are said to have defeated the
proposal to issue $66,000 in court house bonds.
TEXAS BONDS
1933 election.
Bought
Pa .—BOND
—
Sold
—
SALE—The White Haven Savings
Bank has purchased an issue of $5,000 registered sewer bonds.
Due as
follows: $1,000 in 1937 and 1938, and $3,000 in 1939.
■
■■
■
A.
—
Quoted
H. C. BURT & COMPANY
RHODE
r
ISLAND
Incorporated
Sterling Building
CRANSTON, R. I.—TEMPORARY LOAN—The issue of $100,000 notes
offered
Sept. 15 was awarded to Faxon, Gade & Co. of Boston at 0.72%
They mature May 21, 1937.
The First National Bank of
Boston named a rate of 0.764%, while a Providence bank bid 0.875% plus
$3 premium.
Houston, Texas
on
discount.
PROVIDENCE, R. I .—BONDS PUBLICLY OFFERED—Adams, McCo., Inc., and Washburn & Co., Inc., are offering an issue of
$871,000 coupon 3% school bonds, due Jan. 1, 1953 to 1965 incl., at prices
to yield from 2.05% to 2.25%, according to maturity.
Issued for school
purposes, the bonds are valid obligations of the city, payable from unlimited
ad valorem taxes which may be levied on all taxable real estate and tangible
personal property and from limited ad valorem taxes on all taxable in¬
tangible personal property in the city. The bonds are legal investment for
savings banks and trust funds in New York, Massachusetts and Connecti¬
cut, according to the bankers,
'
Entee &
TEXAS
•
BEAUMONT, Tex.—BOND SALE DETAILS—In connection with the
sale
of the
$80,000 3%% refunding bonds to Fenner & Beane, of New
Orleans, as reported here recently—V. 143, p. 963—it is stated by the
City Secretary that the bonds were sold at par, and mature $5,000 from
Sept. 1. 1937 to 1952 incl.
BELLAIRE, Tex.—BOND ELECTION—It is reported that
will be held
on
an
election
Sept. 29 in order to vote oh the proposed issuance of $60,000
in water works bonds.
FORT WORTH INDEPENDENT SCHOOL DISTRICT (P. O. Fort
Worth), Texas—BONDS OFFERED FOR INVESTMENT— Public offer¬
an issue of $1,300,000 4% bonds was made on Sept. 14, by a banking
group comprising Lehman Brothers; Blyth & Co. Inc.; Kean, Taylor &
Co.; Eldredge & Co., Inc.; Equitable Securities Corp., and Dallas Union
Trust Co.
The bonds, dated Aug. 1, 1936 and due Feb. 1, 1952-66, are
priced to yield from 3.25 to 3.45%.
The bonds are part of a total issue
of $3,000,000 authorized in 1933 of which $2,690,000 are to be presently
ing of
RHODE ISLAND (State of)— BOND SALE—'The $1,200,000 3% public
loan of 1935 bonds offered on Sept. 15—V. 143, p. 1757—were
works
awarded
to
Goldman,
account
an
Sachs & Co.,
composed of the Chemical Bank & Trust Co.,
Hemphill, Noyes & Co., Foster & Co., Inc., all
of New York and F. L. Putnam & Co. of Boston, at a price of 112.157, a
basis of about 1.825%.
Dated Dec. 2, 1935 and due $150,000 on Dec. 1
from 1944 to 1951 incl.
A group composed of the National City Bank,
Stone &
Webster and
Blodget, Inc. and L. F. Rothschild & Co., all of
New York, second high bidder, named a price of 111.41.
outstanding.
The bonds are payable from ad valorem taxes, within the limits pre¬
scribed by law, and a special tax of 10 cents on each $100 valuation of
taxable property is specifically pledged for the payment of bohds by reso¬
lution of the Board of Education.
RHODE ISLAND (State of)—PLANS NEW SALE—It is Reported that
Percival De St. Aubin, State Treasurer, plans to receive sealed bids about
Oct. 1 for the purchase of a new issue of $600,000 voting machine purchase
bonds.
The District has agreed also to pay into a sinking fund not less than $75,000 each year until the sinking fund is equal to 10% of the total amount of
bonds then outstanding, at which level it is to be maintained.
HUDSPETH COUNTY
SOUTH
CAROLINA
(P. O, Sierra Blanca), Texas—BOND CALL
It is stated that Emma Brashears, County Treasurer, is calling for payment
Oct. 10, at the office of the State Treasurer, Nos. 16 to 40, of the 5H%
on
CHARLESTON, S. C.—BOND CALL—R. G. White, City Treasurer,
is reported to be calling for payment at par, at his office or at the Bankers
Trust Co. in New York City, on Dec. 1, on which date interest shall cease,
various paving
and S,
bonds of 1932, series B, C, D, E, F, G, J, K, L, M, N,
Dated Dec. 1, 1932.
CHERAW,
S.
C.—BOND
South
Carolina
National
Bank,
Charleston
Cheraw,
Payment will be made thereon at any time after Sept. 15.
or
on
Oct.
15.
1
~CONWAY,
S. C.—BOND OFFERING—Sealed bids will"be received
noon on Oct. 3, by C. H. Snider, Town Clerk, for the purchase of a
$25,000 issue of coupon refunding bonds. Interest rate is not to exceed 4%,
payable M. & N.
Due on Nov. 1 as follows:
$1,000, 1941 to 1961, and
$2,000 in 1962 and 1963. The bonds will be awarded to the bidder offering
the lowest rate »f interest.
The bonds will be delivered on Nov. 1, and are
said to be full faith and credit obligations of the town. A certified check for
$2,000, payable to the town, must accompany the bid.
until
TO PUBLIC—'The $300,000
without success on April 30
in these columns at that
tipae—V. 142, p. 3903—is now being offered for general investment by
Johnson, Lane, Space & Co., Inc., of Savanah, as 4%s, priced to yield
from 4.00 to 4.50%, according to maturity.
Denom. $1,000.
Dated
May 1, 1936.
Due on May 1 as follows:
$5,000, 1941 to 1952; $10,000,
1953 to 1955, and $21,000, 1956 to 1965, all incl.
Prin. and int. (M. & N.)
payable at the Chase National Bank in New York City.
Legality of issue
and form of bond approved by J. N. Nathans of Charleston, S. G.
FLORENCE,
S.
C.—BONDS OFFERED
issue of refunding bonds that was offered for sale
and remained unsold up until June, as noted
Financial Statement (April 30, 1936—as Officially Reported)
Actual value of property (estimated)
Assessed valuation 1935--
/
Bonded indebtedness April 30,1936
$1,262,000
300,000
Bonded indebtedness this issue-
$24,000,000
3,459,490
Net debt
LANCASTER, Tex.—BONDS SOLD—It is reported that $18,000 water
purchased recently by the First National Bank of Lan¬
caster, as 4s.
SAN BENITO INDEPENDENT SCHOOL DISTRICT (P. O. San
Benito), Texas—BOND REFUNDING LOAN AUTHORIZED—In a tele¬
from Frank J. Keenan of Washington, chief of the Drainage and
Irrigation Division of the Reconstruction Finance Corporation, to I. R.
Gilbert, Secretary of the San Benito Independent School District, official
notice was given that the application of the district for a loan of $365,000
to refund the outstanding bonded indebtedness of the district has been
gram
authorized.
E. C. Breediove, President of the School Board, said that the
$365,000 was intended to provide for the refunding of $483,000 in bonds
plus about $7,000 in delinquent interest, making a total of about $490,000.
Additional interest has become delinquent since application was made for
the loan about a year ago, so that the refunding would be on the basis of
something slightly less than 75 cents on the dollar.
Donald O'Neil & Co., Dallas bond brokers, will represent the school dis¬
trict in efforts to have the bondholders accept the settlement made possible
by the RFC loan.
STEPHENVILLE, Tex.—BONDS VOTED—At the election held on
Sept. 7—V. 143, p. 1445—the voters approved the issuance of the $35,000
in swimming pool, recreation hall and golf course bonds, according to the
City Clerk.
TEXAS, State of—WARRANT CALL—Charley Lockhart, State Treas¬
said to be calling for payment a total of $935,934 of State general
urer, is
revenue
-
1936.
It is reported that this call
deficit at $9,369,244, or $500,000 less than at the
warrants issued up to April 5,
leaves the general fund
previous call on Aug. 20.
$1,562,000
— — —
The Woodmen of the World, fraternal organization,
of the local district bonds.
holds all except a few thousand dollars
$1,154,095
-
Geo.
W.
COUNTY
other sub¬
division having power to levy taxes upon any or all of the property in the
City of Florence.
On April 30, 1936 the City of Florence had a floating indebtedness of
$296,251 but this is to be entirely liquidated by the proceeds from the
sale of this issue of $300,000 bonds. /
„
,
(P.
O.
Mount
Pleasant),
Tex.—BOND CALl>-
McLemore, County Treasurer, states that Nos.
$140,000,
of 5H%
16 to 155, ag¬
are being
called for redemption at par and accrued interest at the Capital National
Bank
in
Austin, on Oct.
10,
on
which date interest shall cease.
gregating
$231,000
176,905
road refunding, series 2 bonds
Dated April 10, 1935, and optional on
Population (1930 census, 14,774; (1936 estimated), 20,000.
The above financial statement does not include the debt of any
Denom. $1,000.
O. Stinnett), Texas—BOND SALE—
works bonds were
TITUS
Total bonded debt
Waterworks bonds included in the above debt
Assets in sinking fund
bonds, dated May 12, 1919.
HUTCHINSON COUNTY (P.
The $65,000 issue of semi-annual hospital bonds offered for sale on Sept. 14
—V. 143, p. 1445—was awarded to C. J. Moore of Dallas, as 4lis, for^a
premium of $100, equal to 100.15, according to the County Auditor.
CALL—All
outstanding bonds (excepting
$19,300 refunding bonds recently issued and bridge bonds taken over by
the State Highway Commission), are being called for payment at par, at
the
court house and jail
April 10, 1936.
UTAH
OGDEN,
Utah—PWA ALLOTMENT SOUGHT—It is reported that
the City and County Commissioners have
tion to the Public Works Administration
agreed to make a joint applica¬
for a $600,000 loan and grant
With which to construct a city and county building.
/<
1922
Financial
OFFERINGS
Chronicle
Sept.
1936
19
$107,500 refunding bonds.
Denom. $1,000, one for $500.
Due on Oct. 1
as follows: $23,500 In 1942:
$17,000, 1943 to 1946, and $16,000 in
1947.
The basis of determination of the best bid will be the
WANTED
lowest interest rate bid and interest cost to the city.
The bonds
will be sold at not less than par and accrued interest.
Prin. and
int. payable at the City Treasurer's office.
The bonds are being
issued to refund the principal of a like par amount of valid out-
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPALS
.
standing bonds of the city which have been called for payment on
Oct. J., 1936.
The refunding bonds will be issued simultaneusly
with the presentation, payment and cancellation of the bonds
authorized to be refunded.
The bonds are to be issued subject
to the favorable opinion of Chapman & Cutler, of Chicago, which
will be furnished together with the executed bonds to the pur¬
chaser.
A certified check for 2% .payable to the City Treasurer,
must accompany the bid.
40,000 intercepting sewer improvement bonds
Denom. $1,000.
Due
$4,000 from Oct. 1, 1942 to 1951 incl.
The bonds will be sold to
the bidder offering to purchase them at the lowest int. rate which
shall not be less than 95% of the par value and accrued interest.
The city will furnish the bonds and interest coupons duly executed,
and accompany such delivery with the legal approval of Chap¬
man & Cutler of Chicago, on the bonds.
Interest rate is not to exceed 4%, payable A. & O.
Dated Oct. 1, 1936.
-,t
FIRST SECURITY TRUST CO.
SALT
LAKE CITY
Phone Wasatch 3221
Bell Teletype: SL K-37
UTAH
BOND DESCRIPTION—In connection with the ordinance passed by the
City Council on Aug. 26, providing for the issuance of $2,600,000 in 4H%
semi-ann. light and power revenue bonds,
as noted in
these columns
recently—V. 143. p. 1758—it is stated by W. P. Fisher, Deputy City
Recorder, that the bonds are in the denomination of $1,000, are dated
Sept. 1, 1936, and mature in varying amounts on March and Sept. 1, from
1939 to March 1, 1960.
Payable at the First National Bank of Chicago.
VERMONT
BENNINGTON COUNTY
MERRILL, Wis.—BOND ELECTION—It is reported that
a
$75,000
issue of current expense bonds will be submitted to the voters at the general
election in November.
(P. O. Bennington), Vt.—BONDS PUB-
LICLY OFFERED—Webster, Kennedy & Co., Inc., of Boston are
offering
for public investment, at prices to yield from 0.35% to 2.05%,
WAUPACA, Wis.—BOND ISSUANCE CONTEMPLATED—It is said
that plans are under way for the issuance of $40,000 in school
according
to maturity, $50,000 2% courthouse and jail building
bonds, dated June 1,
1936, and due $5,000 on June 1 from 1937 to 1946 incl. Principal and
interest (J. & D. 1) payable at the First National Bank, Bennington.
Legality to be approved by Fenton, Wing & Morse of Rutland. Legal
investment, in opinion of the bankers, for savings banks in Vermont,
Massachusetts, New Hampshire, Rhode Island, Connecticut, Maine,
building bonds.
Canadian Municipals
Information and Markets
New York and other States.
Financial Statement
Assessed valuation, 1936 (33 1-3%)
Total and net bonded debt (thisissue)
$15,605,456
50,000
0.3%
$2.30
Total and net debt ratio
Per capital net debt
BRAWLEY, CATHERS & CO.
25
KING
ST. WEST,
ELGIN 6438
TORONTO
Population, 1930 U. S. Census, 21,652.
The above financial statement does not include the debt of other
political
subdivisions having the power to levy taxes on the property within the
county.
CANADA
CANADA
(Dominion of)—.NEGOTIATES $100,000,000 LOAN—The
$100,000,000 offering by the Dominion of 1 % notes and 3 % perpetual bonds
was heavily oversubscribed within three
hours following the opening of
VIRGINIA
NEWPORT
NEWS, Va.—BOND ORDINANCE RESCINDED—The
new City Council is said to have rescinded the ordinance
passed on first
reading by the outgoing council, providing for the issuance of $40,000 in
harbor dredging bonds, as noted here in August—V. 143, p. 1446—and to
have substituted in its place a minor program to cost about $8,000.
PHOEBUS, Va.—BOND OFFERING—It is reported that sealed bids
Recorder, for the
a $23,000 issue of general obligation bonds.
(These are the
were scheduled for sale on
Sept. 8, for which all bids were
will be received until Sept. 22, by F. C. Larrabee, Town
purchase of
bonds that
returned unopened, as noted in these columns recently.—V. 143, p.
VIRGINIA,
State
of—FINANCIAL STATEMENT—The
1758.)
following
official statement is furnished in connection with the offering scheduled for
Sept. 28 of the $11,680,000
registered refunding bonds,
coupon or
a
detailed
report on which was given in our issue of Aug. 29—V. 143, p. 1446:
Assessed
Valuations, 1935
For local taxation—Real estate
$1,176,501,510
Tangible personal property, machinery and
tools, and merchants' capital
Public service corporations
182,463,409
199,868,002
Total for local taxation
For State taxation—Intangible personal prop.
Bank and trust companies stock
$1,558,832,921
$430,706,444
58,566,273
40,789,517
322,344
Rolling stock, steam railroads
Car companies
Total
$530,384,578
Other taxable values—
earnings of public service
tions (1934)
Income of corporations
$146,309,835
54,865,932
39,219,260
61,176,242
Income of individuals
Total
$301,571,269
Aggregate values
$2,390,788,768
The State levies no taxes on real estate and tangible personal
property,
these subjects of taxation being segregated to the political subdivisions for
CANADA
Expenditures
Total
Total
Fiscal year ended June 30, 1934-—
42,899,766
Fiscal year ended June 30, 1935-—x59,495,779
Fiscal year ended June 30, 1936--- 62,960,507
Material increase in
in fiscal year ended June
Beverage Control Board,
Surplus
Expenditures
$46,635,575
53,238,370
47,334,110
43,431,645
44,987,272
x56,956,366
60,705,930
Revenues
Fiscal year ended June 30, 1930™$46,510,795
Fiscal year ended June 30, 1931-.- 48,929,550
Fiscal year ended June 30, 1932
45,462,060
Fiscal year ended June 30, 1933--- 41,131,596
x
NEW LIENS ALLOTTED—Oversubscription of the recent $100,000,000
refunding loan offered in the domestic market was followed by the allotment
of $55,000,000 of the 3 % perpetual bonds, which are callable after 30 years,
and $45,060,000 of4H% one-year notes.
The bonds were priced at 96.50,
to yield 3.11% and the notes at 98.25, to
yield 1.40%.
The government
announced that more than $70,000,000 of the proceeds of the financing
would be used to redeem issues maturing in October and November of
this year, with the remainder going for general purposes.
only.
Revenues and
Deficit,
houses
as
the state of the Government's finances permit, it
proposes to
formulate plans for the setting up of a general sinking and designed to
permit the gradual amortization of the national debt on a scientific basis,
corpora¬
Premium income, insurance companies
♦
on Sept. 10.
Subscriptions to the offering were received
Government by various banks and investment banking
throughout Canada.
The 1% notes, due March 15, 1941, were
offered at a price of 98.25 and accrued interest, yielding 1.40% to maturity,
while the 3% perpetual bonds, which are callable on or after Sept. 15, 1966,
were priced at 96.50 and interest, to yield about 3.11%.
The former liens
were offered in denominations of $1,000 and the latter in units of $1,000,
$500 and $100.
Both series of obligations bear date of Sept. 15, 1936, with
principal and M. & S. 15 interest being payable in lawful money of Canada
at any branch in Canada of any chartered bank.
The Government an¬
nounced that the proceeds of the financing would be used for refunding
maturing Dominion obligations totaling $73,168,200 and for general pur¬
poses of the Government.
The maturities to be refunded include $16,989,000 2% bonds, due Oct. 15, 1936 and $56,179,200 5s due Nov. 15, 1936.
Holders were privileged to retain the final coupon on the bonds and exchange
them on the basis of par for the new liens, with the resulting cash difference
to be adjusted.
In announcing the offering, Hon. Charles Dunning,
Minister of Finance, called special attention to the issue of perpetual
bonds, which constituted a new feature in Canadian financing in the
domestic market.
"The issue of this type of bonds," he said, "marks a
new step in our conversion program in carrying out the plans which we
have in mind for consolidating and simplifying the national debt structure.
"Pointing out that obligations without stated maturity dates, while new
in Canada, are well known in other markets, he mentioned specifically the
large number of loans of that type which have been floated in London on
behalf of the Canadian National Railway System and made note of the
"extensive and successful use" which the British Government has made of
perpetual securities "in the form of so-called 'Consols' ".
After referring
to the 30-year callable feature in the "perpetuals", Mr. Dunning declared
behalf of the
on
that
Gross
pin-pose of local taxation
subscription lists
at Close
$10,168,859
6,026,299
3,889,201
1,854,923
*235,258
2,307,628
4,563,333
and expenditures beginning
revenues
Public
excess
exceed
Public debt of Commonwealth, June 30, 1936-Value of sinking fund assets for retirement of debt
Net debt of Commonwealth
$22,399,338.04
3,861,660.67
l
'
18,537,677.37
Floating debt, June 30,1936
None
due
to
of expenditures,
of
The Government's monthly figures have been improved by inclusion of
C. N. R. deficits among special expenditures, and lumping of relief outlays.
Comparative figures follow:
Dominion Revenue and Expenditure Five Months to Aug. 31
1936
1935
Change
$201,617,000
$173,000,000
+$28,557,000
145,262,000
50.438,000
2,127,000
139.861,000
43.739,000
3,692,000
+5,401,000
+6,699,000
—1,565,000
.$197,827,000
$187,292,000
+$10,535,000
*$3,790,000
$14,232,000
—$18,022,000
$32,477,000
32,097,000
$27,044,000
31,549,000
+$5,433,000
+548.000
*$380,000
$4,505,000
+$4,885,000
Revenue
-
HIGHER—largely
over the 1935 period.
Revenue was $3,800,000
whereas in the 1935 period there had been an
expenditures of $14,200,000.
Increase of slightly over $28,500,000 in revenue for the first five months
of the Government's year is made up chiefly of $11,200,000 in excise taxes
and $15,100,000 in income taxes.
in
to operations of the Alcoholic
of government, which began opera¬
Debt
of)—REVENUES
improvement of $18,000,000
30, 1935, is due
a new agency
tions just before the beginning of that fiscal year.
(Dominion
greater increases in revenue than in expenditures, the Dominion Govern¬
ment budget position for the five months ended Aug. 31, 1936, shows an
Expenditures—
Ordinary
Special...
Capital
Total
Population of State, Federal Census, 1930, 2,421,851.
..1.
Deficit
Month of August
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
—
Montana
Revenue
Expend
Deficit
*
Ferris & Hardgrove
SPOKANE
Teletype—SPO 176
SEATTLE
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
™
—....
Surplus.
CANADA (Dominion of)—ISSUES $20,000,000 TREASURY BILLS—
Charles P. Dunning, Minister of Finance, announced Sept. 14 that tenders
had been accepted for the full amount of the Government's
$20,000,000 Treasury bills, due Dec.
average yield of 0.643%.
15,
1936.
Bills
new
were
offering of
sold on an
DRUMMONDVILLE, Que.—BOND SALE—The $163,000 4% improve¬
ment bonds offered on
WASHINGTON
Bros, of Montreal at
THURSTON COUNTY SCHOOL DISTRICT NO. 319 (P. O.
Olympia, Wash.—BOND OFFERING POSTPONED—We are informed by J. R.
Johnston, County Treasurer, that the opening of bids for the purchase of
the $20,000 not to exceed 6% semi-ann. school
bonds, previously scheduled
for Sept. 12, as noted here—V. 143, p. 1604—has been
postponed until
Sept. 26.
a
Sept. 15—V. 143, p. 1604—were awarded to Hanson
price of 102.08.
The sale consisted of:
$86,000 bonds due serially
77,000 bonds due serially
All of the bonds
are
dated
on Aug. 1 from 1937 to 1951 incl.
on Aug. 1 from 1937 to 1966 incl.
Aug. 1, 1936. ,4
F INVERNESS COUNTY (P.O. Port Hood), N. S.—BOND OFFERING—
John Beaton, County Clerk, will receive sealed bids until Sept. 19 for the
purchase of $30,000 4% bonds, dated Sept. 15, 1936.
Denoms. $1,000
and $500.
WISCONSIN
MADISON,
Wis.—BOND OFFERING—It
is stated
KEMPTVILLE, Ont—BOND SALE—The $38,500 4H% improvement
by A. W. Boreis,
City Clerk,"that both sealed and oral bids will be received at 10 a.m. (Cen¬
tral Standard Time), on Sept, 25, for the purchase of two issues of bonds
aggregating $147,500, divided
as
follows:
bonds offered on Sept. 12—V. 143, p. 1604—were awarded to Gairdner &
Co. of Toronto at a price of 105.27. They are dated Oct. 15, 1936, and
mature
and
serially from 1937 to 1956 incl.
$17,000.
The total includes issues of $21,500
@FedFRASER