Evening Star Newspaper, January 14, 1937, Page 23

FINANCIAL NEW YORK CURB MARKET CURB LIST TAKES . UNEVEN CGURSE » Slump in Few Industrial, Specialty, Power and Mine Issues Seen. By the Associated Press. NEW YORK, January 14—Sharp declines in a few industrials, spe- cialties, power and mining shares con- wributed to numerous cross-currents ‘n the Curb market today. Aluminum of America broke 5 points 2:30 Stock and Acme W vte (2) ... Aero Supply (B).. Agfa An3co. . ... Ainsworth (al) ... Alr Investors Ine. Air Inv Inc war... Air Invest cv pf_.. Ala Grt Sou (13).. Ala Pwr pf (8 Alabam Pw pf (7) 1! Allen Indus (t1) Allled Prod(A)1% Alum’n Co of Am Alum Good sad0c. Alum’'n Ltd Am Afrlines, Ino.. Am CP&L ww2¥ . Sales— Dividend Rate. Add 00. High. !a'. i;:l. 808 13 3 @ 834 408 K 00r 84 4 2% 1 2235 2600172 2214 Alum C A pf al1% 400s 11634 116 1 173 1736 174 108% 1113 80% Am Cit P&L (A) 3 B0e 4134 413 41y 4 31% 8034 2 47 464 By private wire direct to The Star 2:30 Stock and- Sales— Dividend Rate. Add 00. Ford (Can) A (1). 26 Ford (France).__. Fox (P) Brew 80c. Froedt G&M (20c) - 34 | Froedt't ev pf 1.20 16634 160} 15 [y AlloyS . Firepr'f t40c. Gen G &Elcvpf B Gen [nvest Corp... Gen Inv Corp pf.. Gen PubSpfals.. Gen TeleC'pal.3s 6 Gen Tire & Rub .. 32 Georgis Pw pf (6) 26 Gilb't(AC)a62%c. 1 Glen AldenC (1) 9 Godchaux (A) al. 2008 Godchaux Sug(B) 1 Goldfield Consol.. 80 Gorham (A) .. 2 Gorham vtc ex(1). 1 100 h, % Low. 3:88. 4! 2% 35 4% 4 10% 18 18% 3% 19% 6L 15 8534 8 22 20 9434 9% 14% 48% DECLINE APPEARS |NE INBANK GLEARINGS Total for 22 Leading Cities Remains 5 Per Cent Above Year Ago. By the Assoctated Press. NEW YORK, January 14.—The volume of bank clearings in the United States turned downward during the latest period, but surpassed the turn- over of 1936. ‘The total for 22 leading cities, as re- 1936 @igh. Low. 23% 20 2:16p.m, . ___Dividend 10° U 8 Distributing bf. 13 US&Forn Secur_. US&ForS1st (6)- 24% U 8 Freight (n,))..- 21% USPlpe & Fy(13%). 7% U S Realty & Imp._. 16% U 8 Rubber.. 47 U 8 Rubber 1 % 724 U S Bmelting 46% 9% U 8 Steel. 154% 115% U 8 Steel pf 144 131 US Tobacco (15).. Utd St Yd (a12%c)- and Bales— Rate. Add 00. High, 108 18% 19 97% a4 124 1% 80% 2 44% 1132 5 8 1936 Low Low. Close. Chge. 18% 18% —1% 18% 185 9% 9% ~ % 32% 32% -1 24 124 - 4 1% 17% 3% % 15% 96% 64 Webster 91% West Pa 87 WestPa 96 West Pa 116% 111% West Pa 1241 116 West Pa. 12% 8% Western 23% 15 Western 4 1% Western 9% 5% Western 96% 50% 153% 160 1 33! 1 23% W'g'e El % 144 132 Th 32 35% T%h = % Etock and Dividend Rate. 19% Waukesha Mot (1). 33% Wesson O&S(160c).. 78 Wesson O&S pf (4). % 22% West'n El Lnst as5c 19% Westvaco Chlor (1) 31% Westvaco 5%pf 13 21% Wheeling Steel_ 18% White Motor .. FINANCIAL 2:16 p.m. Bales— Add 00. High. 10 37% 2 84 4 49% Y% 1 83 160s 102 4 29 06 15 Efsenlohr. Klec A (7) Elec pf () Elec of (1) Pwr pt (6) Pwr pf (1) Maryland. Md 2d vf.. Paoific. ... Pacific pf.. 7 10s 1 43 9% 12% West'n Unlon (a2). 34% Westinghse A B (1) 94% Westh'se El (ab% ). 1st pfasl W YORK STOCK EXCHANGE (Continued From Page A-22) Net Low. Close. Chge. 35% 8% 48 83% 102 29 105% 114 208 121% 121% 121% +.% 9% 3 7% 8% 48% 151% 155 27% 25 34% 39'% 37 +1% 814 48% — ¥ 83% 102 99 106 114 -1 9 + % 19 + % a3 COPPER BOLSTED TO TRGENT AR Second Increase in Week Brings Highest Price Since 1930. By the Assoclated Press. NEW YORK, January 14.—The price of copper was advanced 1; cent & pound today to 13 cents for domestic delivery, a record since 1930. This is the second increase by American producers this week. On 5 United Stores (A) . 67% Unit Str pf $14.81%. 57% Univ Leaf Tob (13). 50 UnivPiotlstpf .. 3% UtilPw& Lt A (d)- 1 Vadsco Sales Corp .. 30 Vadsco Sales Co pf. 16% Vanadium Corp ... 28% Van Raalte (ad%). 40 Vick Chem (12) ... 4 Va-Car Chemical... 28% Va-Car Chem 6% pt 14 ValronC&Cof .. 70 Vulcan Detin (a8)_. 137% 120 Vulcan Detin pf(7). 4% 2% Wabash (4) ... oo 10% b6 WabashpraA (d)... 19 9% Waldor? Sys 11.20. 39% 30 WalgreenCo(3).. x 49% 26% Walker (H) (3).. . 20 17% Walker (H) pf (1) 12% 5% Walworth Co.... T% 2% Ward Baking B ... 1056 47% Ward Bak pf (a7)_. 18% 9% Warner Bros Pict.. 2% % Warner-Quin (d) ... 12% 4% Warren Bros. 38% 15% Warrena Broscv pf. 37% 21 Warren FAy&P(11)x BITUMINOUS OUTPUT RISES SHARPLY IN WEEK! ‘The National Coal Association, from ¥ % ™% -4 825 821 825 83 83 83 + % 102 102 102 4% 2% 54 31% 40% 46% Monday the price was lifted to 1215 | cents. The new price marks culmina- 1 | tion of a steady rise which has brought quotations up from 9% cents at the beginning of 1936. All leading producers participated in the increase, trade circles said. — PREFERRED IS CALLED BY RELIANCE BOARD By the Assoclated Press. CHICAGO, January 14.—Reliance | Manufacturing Co. directors yesterday called 750 shares of 7 per cent pre- ferred stock for redemption as of April 1, at $110. They also voted the usual extra dividend of 10 cents and the regular quarterly of 15 cents on the common stock, payable February 1, and the regular quarterly of $1.75 on the pre- ferred, payable April 1. 10 8 % 1% 16 843 4% 343 268 13435 1346 13436 8 4% A 3% 50 2415 2435 2434 2 8% 41 a1 76 1103 1105 1105 1 10 103 10 50s 40 26 1% (9 103 3 973 5935 3 | ported to Dun & Bradstreet, for the week ended January 13, was $5,947,- 182,000, against $5,661,718,000 in the similar 1936 week, & rise of 5.0 per cent. This contrasted with a loss of 2.7 per cent in the same comparison for the five days preceding. At New York City there was virtually no change, the amount being $3,759,~ 808,000, as compared with $3,759,416,~ 000 a year ago. Outside centers ag- gregated $2,187,374,000, which was 15.0 per cent higher than the $1,902,302,000 in the same week of 1936. At all cities, with the exception of Omaha, advances appeared over the 1936 comparative. The largest of these, one of 36.2 per cent at Rich- mond, was closely followed by a gain of 34.4 per cent at Pittsburgh. ‘There was a decline of $591,013,000 from the total in the five-day week preceding, and one of $1,059,122,000 in the corresponding two weeks a year ago. 27% 6 44% 4% 9 Am CitP&L B a20¢ Am Cynam B t60c Am Dist T NJ pf 7 Am & For Pw ww Am Fork & H (11) Am G&E (1.40) ... Am G&E pf (6) __ Am Gen C'p (a50¢) Am Gen of (2%) .. Am L& T (11.20). Am Maracaibo __. Am Meter (a2%). Am Seal Kap a30c Am Superpower . Am Superpw 1st 6 Am Superpwr pf _ Am Thread pf 25¢. Anchor Post F Angostura (t20c) . Apex Electric(al) Arcturus Radio T. Ark Nat Gas Grand Natl Films. Grt A&SPTnv t6_ Greenfleld T& D_. Guardian Inves Gulf Oll Pa new._.. Hall Lamp (80c) ... Hartman Tobacco. Harvard Brewery. Hat Corp (B) Hecla Min (a 5 Helena Rubenst'n. Heyden Ch (t2) ... Hollinger G t6dc.. Holophane (a90c) ‘Horn & Hard (2)-. % | Hudson BM&S (1) Humble Of] (t1) Hussm’'n Lig (11). Huyler's(Del)(d). Huyl pf stpd (d) . 508 Hydro Elec Secur. 4 Hygrade Food ... & Il Pwr & Lt §6 pf 11000 Illum Shrs(A)(2). 26s 1lmp O1) Ltd t60c. 13 Imp Oil reg (150c) 2 Imp Tob Grt Brit &Ireal.18 1-10c § Ind'n Ter 111 O(A) Ind’'n Ter 111 O(B) Indiana PL (t+40c) Ind Service 7% of Ins Coof No A t2 Intl Hold&Inv Ltd Int HE Sep A war (ntl Hy El 8 cv pf. Int] Petr (t13)__. Intl Product Intl Util (A) Intl Ut (B)._ Intl Vitamin 50c__ Interst Ho M 123 Interst P(Del)pt._ Inv Rovalty (3¢) Iron Firemen(t1) 210s 6% | Irving AirCh (1) 1 Ita) Superpwr(A). 7 Ital Sup’'pwdrts.. & Jacobs(FL)Co(1). 9 Jeanette Glad0c . 25 JerCen P&Lpf 5% Jer Cent P&L pt 7 Jonas & Naum __ Jones&Laugh Stl. Kans City P S vte. KanCity PSpt A Ken RT&L A a75¢ Kingsbury Brew . Kingston Prod 40e Kirby Petr (20c) . Kleinert Co(t40c) Knott Corp (a40c) Kress(SH) pf 60c. Kreuger Brew t1_. Kreuger (G) rts__ Lake 8h M (14) _. 14 | Lakey Fy & Mach. Lefcourt Realty _ Lefcourt pf(a75c) Leh Coal&N a60c_. LeonardOfl ____ Lion Oil Ret (1). Lit Brothers __. Locke Stl Ch t80c_ Lockheed Afrcraft Lone Star G a60c_ Long Island Ltg_. 99 Long 1 L pf A(7)_ 100 Loudon Pk’'n t50c.. La Land (40c) __ Lucky T (+12¢) _ Lynch Corp (i2).. McCord Rad (B) __ McWilllams D (+3 Majestic Ra&Tel_ Mass Util Associ: Massey Harris Mead John (13)_ Mem Nat G(a50c). ; | Mercantile Stores. 55 | Merritt Chap & S Merritt C&Spf A Merritt Chap war_ Mesabi Iron . _ Metal Texile(40¢) Mex-Ohio Of1 Mich Bumper C. Mich Gas & O11 Mich Steel T 21.09 Mich Sugar Mich Sugar p: Mid Sta Pet (A Mid Sta Pet (B) _ o, | Mid-W Abras Midvale Co 61 at one time, while Lake Shore Mines, - . American Gas & Electric and New- mont Mining skidded for losses of 1 to more than 2 points, cancelling all or part of gains in the last few sessions. Some issues, on the other hand, pressed forward for gains of fractions to more than a point, among them Cities Service, International Petroleum, United Gas, Wayne Pump, Pan-Ameri- can Airways and Quaker Oats. CURB BONDS DOMESTIC BONDS. - 3% White Sewing Mch. 16 White Sew Mch pf.. 2% Wileoz Ol & G 6% Wilson & Co (60c). 70 Wilson & Co pf (6). x 44% Woolworth (2.40) .. 23% Worthington Pump 80 61% 40 92 3 84 2 119% 3% 53 28 134% 444 T6% 109% 4o 20% 13 B4}§ 10 2% 9734 5634 % 5% 6% 83% i 934 10% 62% Wright Aero (a1) 63 Wrigley W ir (13).. 33% Yale & Towne 160c_. 8% Yellow Tr & Coach- 163% 83% Yellow Tr&C pfa3s 55 42 Young Spr&W (13). 87% 41% Youngs'tn Sheet&T 122 106 YgstnS&T pf(6%). 42% 21% Zenith Radio (b50c) 3 35% 354 35% + % 9% 5% Zonite Products 40 84 B 8% -— W Approximate Sales of Stocks on the N. Y. Stock Exchange. 830,000 12:00 Noon. 2,030,000 2:00 P.M.. Dividend rates as given I the above iable are ihe san: payments baseo ou the latest quarteriy or half-year:y dec: s Unit of trsding iess than 100 shares. tAnnua) rate—not including extras 3 Accumulated dividends. & Pald chis year. o Paid last vear d Oomoanies reported in receivership or being reorganised. x Ex dividend. % 4 20% -1 3% + % 9% 164 + % 38% + % 46% — 4 19% 18% +1 12 120% 1. 3% 9% 16% 38% 2408 135% 5 45% 12 8% 1109% 4 +2 + % +1% 15 1 Hizh. Low. Noon. - 943, D43, 943 1063 1063 1069 1063 106% 10634 1043 104% 10458 7 10442 104% Ala Power 4 Alum_ Co 55 Am G & E 55 Am P & L 6s Appalach E P Bs ' Ark P & 'L 55 56 El Ind 4%as 53 Ark Nat Gas (A).. ArkP&Lpf (7). Art Metal W t60c. Ashland O&R f40c AsEl1a297-10c.. Asso Gas & Elec.. 2| As50G & E (A) . AssoG & E$5pf.. Assoc Invest (12) 100s Atl Coast Fisher . 10 Atlas Corp (a80c). 62 Atlas Corp war 72 AtlasCrppf A(3). 1 Atlas Plyw'd(13) Austin Silver Auto Products___. Auto Vot M(t50¢) Ax-Fisher(3.20)A 30s 96 As As 1 2 GOODYEAR EXTENDS TIME. NEW YORK, January 14 (#).— Goodyear Tire & Rubber Co. an- nounced it has extended from Jan- uary 15 to March 13 the period within which the company’s second preferred incomplete car-loading reports from | stock may be deposited for exchange th pnrondu ”"m:'” I:tumlnous: Loew's, Inc.—Common share earn- . into new senior $5 convertible pre- . e 3 the week ended December 26, 1936.’1“3, 12 weeks ended November 19, | ferred and common stocks under the coal production in the United States'and 8600000 for the week endedi were $2.14, against $1.08 in 12 weeks ' plan for rearrangement of capitaliza- for the week ended January 9 as ap- January 2, 1937. ended November 21, 1935. tion. NEW YORK BAR SILVER. NEW YORK, January 14 (#).—Bar silver ea lower at 44%. MONTREAL SILVER. NTREAL. January ] futures ~opened ' easier. | March. 44.90b; May, 44.85b | b—Bid. proximately 10,225,000 net tons. Pro- | duction for the corresponding weeh| 1936, 9,095,000 tons; 1935, 7,837,000 tons. . ‘The report of the Bureau of Mines shows production of 7,900,000 tons for | MO 2. —Silver 10" lower. | 3 = 44.85b. Cin Str R 528 Cin Str_Ry 6s Cities Svc 5s Cit 8 P & L 5135 5 L 528 '4 ‘8L F 2:30 .. Stock and Sales— Dividend Rate. Add 00. High. Low. 2:55. Prosperity Ball 9 16 16% 16% Prov Gas (80c) . 60s 11% 11% 11% Prudential InaS0e 10 13} 13 18% PubSvcindpf___ 40s 36 35} 36 Pub Svc Ind prpf. B0s 681 67} 6734 | PubSvcOklap17 60s 1063 106% 1063 Pub Ut Sec prpf_. 60s 4 4 4 Pug Sd P&L pf(5) 26s 8335 383 883§ Pug Sd P&L $6 £-1000s 57% 554 57 Pyrene Mfg(ad0c) 1 83 8% 8% Quaker Oats (14)_ 20s 124 124 124 Quebec Power (1) 226s 23})§ 23 23 Ry & Lt Sec a1.55. 1758 Raymond Con a50¢1 Raym'd Con pf(3) 60s Red Bank._______ Reed R B new 130¢ 8 6 2 8 4 1375 3% 423 (0702 7% 97% | Baldw L bd rts(d) Z106% 106 " 106 * | Barium Stain St T 7943, 94% "94% | Bell Afreraft o Bellanca Afre Bell Tell Pa pf 6% Berkey&Gay F Co Berk&GF pur war | Bliss Co (EW) __ | Blue Ridge C a10¢c Blue Ridge cv pf 3 Blumenthal S. 10 Bohack (HC)._.. 30s Bohack HC 1st pf. 4 Borne-Scry al% ... 50 Botany Cons (d).. Bourjols (a75¢) _. 2 | Bower Roll B (2) - Bowmn-Bilt 24 pf Brazil TL&P 40c .. Bridgep't G L (2). 312 10322 103 Bridgep't Mch al. - 10 1033 1023 | Brill Corp (A)- 107 ~ | Brill Corp pf .- 9612 | Br-Am O cou #§0c. 534 | Br-Am T B a%sc. Brit Celan Ltd rcs Brown Co pf _ Brown F & W al5c Brown Forman .. 20 Buff N&E pf 1.60. 3 2614 Bunker H&S (12) 100s 113 Burco Incwar __ 1 Burma(al2 9-10c) 2 Cable El Prod vte. 12 Cable & Wire(A) 7 Can Hydr E1st pf 10s Can Indus AlcoA. 2 Can Marconi ... 3 Carib Syndicate... 14 Carrier Corp £ Carter (J W) 160c. 9 Castle A M&Co 13_ 80s 54 Catlip Corp (a40c) 10 9% Celanese 1st pf(7) 100s 109 Celluloid Corp 1 10 Cellul'd Clst pf a8 10s 95% CentOhio Stial.ll 1 18l Cen P&L pf 3.06% 50s 87 4 |Cent&S W Utll . 241 5% Cent States Elec.. 151 2% Cent St Elevpf _ 176s 33§ CentStElcvpfn. 50s 26 Cent St E16% pf F00s 273§ Cent St E17% pf 100s 51% Centrif Pipe t40¢c 9 6 8% Chesebrough (+4) 100s 11414 114 Chi Flex Shaft t2. 750» 65y Childs Co pf. 6e 17 514 5944 % 18% bl 1024 5 24 % &% 7T 4 20 4 5 10 635 6% 208 12234 12234 20 2% N 17 1% 1y 28 22 o ¢ 1 464 39 17% 1 % 143 187 8834 9 9 9 8% 84 8y 10035 10034 10035 This is net an Offering Circular. The offer of these Bonds is made only by means of the Offering Circular. $50,600,000 Great Northern Railway Company General Mortgage 3%,% Bonds, Series I Dated January 1, 1987 Due January 1, 1967 Interest payable January 1 and July 1 in New York City u:‘ D oonta 9 99 % 4 4202 4ui; 42l - 1067 106 108 2105 105 105 10334 103% A8V, BRIL ORVL 21057 1057 10578 10t 106% 106% 1 e 19 % X% 3 3 3 0 22 2% 2y 7§ 6% T 6 105 105 183 1514 1215 1234 18 18% %X % Reybarn Co ¢ | Reynolds Inve: Rice Stix DG bs0c. Richm'd Radiator. 4 | Root Petrolm (1) .. Rossia Intl Corp_. Rustless IT&Stl._. Ryan Consolid’d__. Safety Ch&L (14). St Anthony Gold_. St Lawrence Corp. iss PW&L 55 2% Redeemable, at Company’s option, in whole or in part (in amounts of $5,000,600 or more) on any interest payment date on 9 weeks’ notice to and including January 1, 1942, at 105%, with successive reductions in the redemption price of 1% during each successive 5-year period to and including January 1, 1962, and thereafter at 100%. Also redeemable for the Sinking Fund on July 1, 1939, and on each July 1 thereafter to and including July 1, 1951, at 102/3%, and on each July 1 thereafter at the redemption prices above set forth for optional redemption. A__ 8Rls BR RE 106 1061% 106%% 10 s 56 10074 10014 1001 105%2 10513 105% “110% 110301103 96 96 A 96 A-100 100 100 11815 11K13 11815 144 1% 2614 125 s &% bl 13 8% % 2% |8 % Savoy Oil Schift (The): Schulte R E(d) Secur Corp Ge: Segal Lock & H_ Seiberling Rubber 7 | Selected Indus . 19 Sel Ind all cfs 5% 1608 Sel Ind pr pf (53%)350s Sent Saf Control.. 2 Seton Leath a50c_. 1 Seversky Afrcraft 12 8| ck Den Min 18 rwin-Will (4). € Sher-Will pf(5)n_. 40s Sher-Will (Can) .. §0s | Shrev-E) Der PAL 2 9% | Sioux C G&E pt 7. 50 Smith Cor v ext t1 % | Sonotone C (a10c) 42| So Penn O11(+1%) 8 | SoCal Ed ptpt13% 64 |SoCalEdpfB1% 14| SoCalEdpf C13%. ‘s | South’n Colo P A 5% | Southn Union Gas. 3% | Sou Royalty t40c. 344 | Spanish&Gen rcts e D of A 2.20400, 1 Mver Inec.. 1 d Brewing___ 2 | Stand Inv cum pf 400s 614 | Std Ofl Ky (11.40). 8 1% | Stand O Neba2sc. 1 374 | Stand Oil Ohio t1. 4 78 |Stand Pwr&Lt._. 66 Stand P&L (B).. 8 Stand S1&Ld (4c) 120 | Starrett Corp vte_ 14 Stein A& Co (t1). 1 Sterchi Brosaslc 28 Sterchi Bros 2d al 50s Sterling Bra7sc . 1 Sterling Inc(ase). 45 Stetson (JB)b50c_350s Stroock Co(a213) - 750 Stutz Motor Sullivan Machine. Sunray 01l (a10c) Sunr'y O cu pf 2% Sunshine Min (3) % ° 7% 134 8% 7% 2% 234 3 1% The issue and sale of these Bonds are subject to authorization by the Interstate Commerce Commission.7 o In the epinion of Counsel, these Bonds will be legal investments for Savings Banks in the State of New York by virtue of amendments to the New York Banking Law of April 5, 1929. - 5 28 . 1 15 X, & % % 1y 6% 8% 18% 181 13675 135 11235 11234 11236 263 253 26 36 % 100 100 31y 30 2 Great Northern Railway Company has summarized as follows certain parts of its letter dated January 11, 1937, describing this issue. The entire letter and Exhibits thereto contained in the Offering Circular should be read prior to any purchase of these Bonds. The net proceeds from the sale of these Bonds will be used, together with additional funds from the Company’s cash resources, supplemented if necessary by short-term borrowing, to pay, with accrued interest thereon, $61,028,000 maximum principal amount of prior lien bon as follows: (a) at or before maturity on June 1, 1937, $10,185,000 principal amount of Montana Extension First Mortgage 4% Bonds, (®) at or before maturity on July 1, 1937, $10,000,000 principal amount of First Mortgage Bonds of The Montana Central Railway Company, end (c) upon the redemption at 101/3% on July 1, 1937, $40,843,000 maximum principal amount of The St. Paul, Minneapolis and Manitoba Railway Company Consolidated Mortg 5% Bonds. Subject to certain terms and conditions, Morgan Stanley & Co. Incorporated has agreed to purchase these Series I Bonds at 95%4% and accrued interest. EARNINGS The following summary of earnings of Great Northern Railway Company for the years 1927 to 1935, inclusive, and for the 10 months’ periods ended October 31, 1935, and October 31, 1936, has been prepared from the Compeany’s Condensed Income Accounts, Exhibit 2 to the Company’s letter, and is subject to the notes forming an integral part thereof (particularly the note which states that dividends paid by C. B. & Q. R. R. C:.‘ were "l.x‘h'i"uvlum.‘ in certain recent years) and to the information in and notes on the Statement of Profit and Loss, it 3. Railway Calendar Operating Year Revenues 1927 $117,904,005 1928 126,737,091 1929 125,932,508 1930 104,996,076 1931 77,087,455 1932 55,549,246 1933 61,923,891 1934 70,752,877 1935 81,188,858 1935 69,150,682 1936 } 1Mo 757762661 *Loss. The Company estimates that its fixed charges, based upon its capitalization after giving effect to this financing and to the retirement of said $61,028,000 maximum principal amount of prior lien bonds, will amount to approximately $14,900,000, which would have been covered by its reported Income Available for Fixed Charges for each of the above years except 1932. Tpran L) 3 5 S nnmeg® 007 "ol 2 g , 1 2 .l T o) 10834 1034 ”" 18% 6% 6% 2 I3 .y 40% 287 2734 8PN e n e Chiie M B 6s *31 mat _ Cuban Te 7!3s ™ A Pcnm Mt B_5: 72 ix. 99 sarco Hyd El 75 52 ed El 6138 60 A -Soc 6'2s '53 A INSURANCE STOCK NEW YORK January 14 (#.—New York Becurity Dealers’ Alsocllhen.n Aetna Cas (2a) Aetna Ins (1.60) Aetna Life (.80a) Am Equit_(1.60) xd Am Ins Newark ('2) Am Reins (i) __ Am Reserve (1a) xd_ Am Surety (212)_ utomobile (1a) alt. Citles Service p! Cit Sve P&L $7 pf 2009 City Auto S(t60c) 27 Claude Neon Lts_. 2 Clev Tractor Clinchfield Coal .. Club Aluminum._. Colon Dev Ltd . Colon Dev Litd A Colon Dev 6% pf_. Colo Fuel&Ir war. 2 183 184 Colt'sP F A t13 1 62 62 Colum G&E pf(5) 7000104} 1013 Columb O& G a20c 32 9% 9% Comwlth Edis (5). 1131 131 Com'with& Swar 63 % % Com'u’ty P&L 1st 50s 64 Community PS t1 100s Community WS . & ComSM stc vte t1. 2 | Cons Afrcraft 18 Consol Biscuit 60c 2 Consol Copper 30 Cons Gas(Bo)3.60 2 Cons Min&Sm t2 276s Consol Retail Strs 2 Contl Oil (Mex) Cont'l Roll & SFy Cooper Bessemer. Copper Range 2 | Cora Corp = Corroon & Revn __ Cor'n&R pf A(ad). Cosden Oil Me (d) Cosden(Me)pf(d) Court'lds a35 2-5c. Creole Pet (a50c). Crocker-Wh al0c. Croft Brewing Crown Cent P aée Crown Drug (40¢) Cuneo Press (2) ._ Cusi Mex Mining._. Darbv Petr (50¢). Dayton Rubber___ 6 Derby Ofl & Ref _ 17 Derby O&R pf a4 _ 100s Detroit Gasket t1. 1 Det Gray Ir t20c.. 12 Det Pap Prod t25¢ 4 Detroit Steel (f1). Dohler Die C (a1 N D e ’eml 834 Railway Operating Expenses $78,355,580 83,235,116 82,862,910 72,565,878 55,285,954 45,655,672 41,545,224 48,610,180 50,061,214 41,912,523 47,588,498 Income Available for Fixed Charges $41,810,412 44,067,701 44,183,846 36,970,872 24,481,024 6,101,995 16,273,500 18,497,685 26,468,087 21,332,198 21,440,958 Net Income $22,985,922 25,168,230 25,668,551 18,036,748 5,325,907 13,40 Fixed Charges 318,824,490 18,899,471 18,515,295 18,934,124 19,155,117 19,507,434 19,461,260 19,572,165 19,328,227 16,146,173 15,108,529 Operating Ratio 66.5% 65.7% Mohawk H 2d pf Molybdenum Corp Monroe L S(A)32¢ Mont Ward A (7) Montr HLt&P 1% 15 | Moore Dist (t50c) : Mount Prod (60c). Mueller Brass t1._. Nat Auto Fib t1% Nat Bella Hess __ Nat Bd&Sh(as%). Nat Contain a50c.. Nat Fuel Gas (1)_. Nat Gyps A a2% _. Nat Investors Nat Invest war. Nat Leather s | Nat P& Lt p: 1508 Nat Rub Mcha20c 32 Nat Service 22 Nat Service pt. Nat Sugar N J 535 | Nat Tea pf (55¢) 2008 7 | Nat Transit (75c). 4 Nat Union Radlo.. 26 Nehi Corp .-- 6 38 38 Neisner Br pf (7)_ 26s 1105 110 1103 Neptune M A a60c Nestle-Le Mur. N J Zine (12) New M&A Ld Newmont M a3¥ _ N Y Auction a25e. N Y & Hound (1) N Y Merch (2.40)_ N Y Pw&Lt pf (6) N Y Shipbldg N Y Water Sve pf. Niag Hud Pw a40c Niag HP(A) war Niag H P (B) war Niag 8 Md B aéCc. Niles-Bem-P (al). Nipissing (a50c) . Noma Elec (at0¢). 2 % North AmL&P . 54 North AmL&P pf 1508 N A Rayon A t13% 10 North Am UtSec. 1 4% North'n Burop Of] 259 % % | No In PS6%pf143% 20s 95 No IPS 7%pf a5y . 60s 100 North States P A 11 383 North'stEnsall% 6 2635 Novadel Ag (2) 1 84y Ohio Brass B (1) 100s 45 Ohio Oflcu pt (6). 1 110% Okla NatGasCo.. 6 14% Okla Nat Gas pf_. 400s 32}4 Oldetyme Distil__ 17 6 Overseas S (a50c). 1 9 PacG&E1st (1%) 3 2% PacG&EDpf137% 1 29 Pacific Ltg pf (6) 26s 107} Pac Publie Service 9 83§ Pac Tin spec (12) 1608 4t Pan-Am Air (t1). 8 176} Pantepec O11 1 9 Parker Pen (1.60) 150s 29 Pender Gr(B)as0c Penn-Mex F ab0c. Pennroad (azsc).. PhilaCo (1) .. Phoenix Secur . Phoenix 8 pf A(3) Pierce Gov (a0e). % | Pines Wintfrt(n). Plon'r GM Ltd 80¢ 29% | Pitney Bow(t40c) Pittsbgh Forging 10 |Pitts& LE 2% . 2834 | Pitts P1Gl (26) . 313 | Plough Ine (1.20). 38% 39 | Potrero Susar % | Powdrell&Al t60c Pwr C'p(Can)az5e Prutt & Lamal% Premier Gold *)2e Pressed Met (12)_ & 4 4 1 10s 150 1 37 20 . 13 i 1,074,480* 7,139,860 5,186,025 6,332,429 [ 3314 1% 1634 8% 104 8% 1 2 17 Piremen’s Nwk 2 ank_Fire (1a) len Reinsurance 2 len Falls (1.60) 109% 109% 10:% 154 14 1Y% 41 40 g0} 2 2 2y 4 4l 4y 2% 21 214 5% 6) ‘Taggart Corp _ Tampa EI (2.24) Tastyeast(Del)A ‘Tavlor Dist (30c). Technicolor a50e._. f | Tech Hughes t40c Texon Ofl & L 60c. Tilo Roof (+50c) .. Tob Prod Exp 15¢ Toledo Edis pf (6) Tr-Lux DPS +20c.. Tri-Contl C war _. ‘Tubize Chatillion.. Tubize Chatl (A)_ Fung-Sol Lamp n_ Tung-Sol L pf 80c. Twin-Coach a1.40 Ulen & Co 7% % vt Unexcelled Mfg il 7 5 4 sECURITY Upon the retirement of said $61,028,000 maximum principal amount of prior lien bonds, and after giving eflect to this financing, there will be $249,422,400 principal amount of General Mortgage bonds outstanding in the hands of the public, $10,700,000 pledged and $1,300,000 in Company’s treasury, all of which secured, in the opinion of Company’s counsel, by a second lien on 4562 miles of gocd: aub}gct only to First and Refunding Gold Bond Mor , & third lien on 2209 miles of road, subject to prior liens, in so far as they attach, securing bonds in the principal amount (including the First and Refunding issue) of $128,750,909 (of which $77,600,515 principal amount will be outstanding in the hands of the public, $36,332,000 principal amount are pledged directly under the General Mortgage, $14,813,394 principal amount are pledged thereunder subject to pledge under prior lien mortgages, and $5,000 principal amount are held in Company’s treasury), and a first lien on 580 miles of road; a first lien on $82,933,700 par value of the capital stock of the Chicago, Burlington & Quincy Railroad Company; end a lien upon 31,813 units of equipment owned by the Company bject to the liens in so far as they attach of prior lien mortgages. The General Mortgage, under which The First National Bank of the City of New York is Trustee, permits the issuance of additional bonds thereunder for a wide sariety of purposes as set forth therein, but does not permit additional bonds to be issued by the Company under prior lien mortgages. The General Mortgage permits the extension of prior lien bonds at any rate of interest to not later than Januery 1, 2000. gs Pire (1.80a) ‘estchester (1a) a—Also extra or extras. 26 10 4o 26 1 i 3 44 4y 2 134% 1321 13434 nt :: a: .: Unit Air war 1 444 44 a4y | Unit Chemical 108 106§ 10834 10634 111 1 on |0 5314 5214 624 18} 173§ 3 . BUTTER—8! < %,-pound pri; ound prints. 6, Market et lamb, 19: pork lol: moked ham, 28: acon. 28: com) LIVE S und prints. 38: 90 score. 1= ints, 38; tub, The foregoing is merely a brie/ eutline of certain information contained in the Offering Circular dated January 14, 1937, and is subject to the more detailed statements therein. The entire Offering Circular should be read prior to any purchase of these Bonds. Copies of such Offering Circular may be obtained from the undersigned. Price 97%% and Accrued Interest Morgan Stanley & Co. Incorporated has agreed, on the terms and conditions set forth in the Purchase dgreement, to purchase these Bonds, when, as and if issued and accepted by it and n.ubj_ect to the approval of its counsel, Messrs. Davis Polk Wardwell Gardiner & Reed, and subject to authorization by the Interstate Commerce Commission of their issue and sale. It is expected that delivery of Bonds in temporary form, exchangeable for definitive Bonds when prepared, will be r_nad‘e at the office of Messrs. J. P. Morgan & Co. on or about January 29, 1987, against payment therefor in New York funds. ] Morgan Stanley & Co. Incorporated is authorized in agreements with the Sub-underwriters to purchase and sell Series I Bonds, in the open market or otherwise, either./o'r long or s{wrt account, for the respective accounts of itself and such Sub-underwriters, within the limits and during the period set forth in certain egreements referred toin the Offering Circular. , 3 120 1 1 104 175 | Utd Gas pf (a3 34| Onit Lt & Pw (A) 244 | Unit Lt & Pw (B). 14% Unit Lt & Pw pf__ « | Unit Mol b11%e_. s | Unit Prof Shaioc. 1034 | Unit Shipyds B 36 Unit Shoe M 235 . 4508 USFoll (B) (1).. 82 US & [nt] Secur.. 29 97 23 . u 3 8 2% uY% 46 3 1054 1% 6% 2% % BewBabodBBuann 2uatsndas heavies, 6a8'z: calves. 5al3; lambs. 0. Prices paid shippers. net f.0.b. Washing- ton. By the United States Bureau of Agri- cultural Economics: S—Market steady to firm._Prices % ent higher on United States exiras. large. ther grades unchanged. = Current re- 2313a24: hennery whites, 24%a25. ceipts, 23'3a24: QGovernment graded and dated white eggs shipper. { Wash 44 1435 uz W% e 208 9% 9 22 58 5 5 3 2 2 " Driver Harris1%. 8 Dubelier Condens. Duke Power (3) .. Duval Tex Sa50c. Eagle Pitch daé0c 24 East'n G&F Asso 10 East'n G&F pf(6) 100, East G&F p of 4% 126s East'n States Pwr 23 East'n St Pw (A). East'n St Pw (B). Kasy W M B t60¢. Economy G Sal} Eisler Elec (abc). Elec Bond & Share Elec B& 8 pf (5)-. Elec B & 8 of (6) El Pwr Assoc a25e El Pwr As(A)albe Elec P&L opt war. Elec P&L2dpt A 40» Elec Shareholding 26 Elec Sh pf ww (6) 602 Empire Dis El pf.. t0s Emp G&F 6% pf.. 100 Emp G&F 7% pf.. §0s Emsco Derrick 1. 4 Equity Corp(a2sc) 32 FEuropnElbdrts. 7 Evans Wall Lead. 132 Evans Wall L-pf._700s - | Ex-C-O A&T t60c. 69 Falstaff Br (a1%) 9 Fanny FC (t50c). 2 Fedders Mfg (a2). Ferro Enam(a3).. ¢ Fidelio Brewery 16 Fire As(Phila.)t2 7vs Fisk Rubber 20 % 100 100 LT3 3184 26 2634 3% 344, Grie wall Paver.. Y% 406 Uiy Pictures . 1 110% 110% | yniy Prod (a2%).1008 5% Utah Apex Tt bl UtahP&LDI32.91% 768 [ Utllities P& L (d) 27 2 UtIP&LB (@) .- 7 a2l Utll P& L pf (d)_.800s 29 Utllity Equities . 10 Utility Ea pf (a7). 60s Util & Ind (new) . 14 Utility & Indus pf. 38 Venesuela MexO. 2 Venezuela Petrol. 302 Va Pub Sve of (7). 20s WagnerB vtct1.60 Wait & Bond (B! Walker Mining Wayne Pump ( w LIVE POULTR’ et ices higher on fowl and chickens. Fow) lored, heavy. 18a20: Leghorns, 12al Chickens: Virginia Rocks, broilers and fr: s.” 19a21; Delaware ' Crosses. 1922 unds and up. 40 eac! 130_each: old guine : Youne hens, 19 r 19 poun: 16: No. 25, 12: old hens, FEDERAL LAND BANKS NEW YORK. Jenuary 14 (P.—PFederal Land Bank bonds: Bld. MORGAN'STflgEY & CO. BROWN HARRIMAN & CO. Incorporated THE FIRST BOSTON CORPORATION LEE HIGGINSON CORPORATION BLYTH & CO., Inc. _ Asked. Jas Nov., 106; a8 May, 59 [3 3 100 20 100 100 2 20 J. & W. SELIGMAN & Co. EDWARD B. SMITH & CO. WHITE, WELD & CO. KIDDER, PEABODY & CO. LAZARD FRERES & COMPANY 2SS e 2RSERRSS WRE 18 22 16 5 195 Bt e It a2 fan.. 1956-46 1956-46 S U. S. TREASURY NOTES. (Reported by Chas. D, -Maturity. 3 . 15, 1937_ 100 6-32 . 18 101 2-32 8 &, AE 5¢)- West Au Sup A t4 7008 Willms R C (60c) - Will 0i1-O-M ab00 Wil-low Cafeteria. Wil-low Cafe pf... 314 | Wilson Jona3% . 105 | Wolverine Port C. 2733 | Wolverine T t60c_ 35 | Woodley Pet t40c. 44 | Wright Harz t40e % 32% | Ygstn ®tl Door 11 3 ' Yukon Gold(allec) aSuufBusan . g 82 1 % BeE3323980a0el PP PR ANA PN A Fla P& Lot ___ 3508 *rl Ltdalsi-106 2 P-8x oo S8anmnnan bt e, ¥